-v v,r
?-. (J
VBNiNGT PUBLIC LEDGERPHILADELPHIA, TUESDAY, SEPTEMBER 30, 1919
i-
,1-fi
19
jj
lr
re
it !
J-
L
cWhy Are
the Oils
Booming"
Our new vest pocket
booklet not only gives a
clear explanation of the
whole oil situation the
supply, demandj new
fields, new uses, opinions
of large operators, etc.,
but' also .
Condensed Reports
on 22 Going
Companies
whose securities arc
well worth considering to.
day. Every investor and
trader about to enter the
market should get this up-to-the-minute
booklet
without delay.
Ask for No. T.U.-626
JONES & BAKER
SECURITIES
WinVner n.du IMiiladrfDitU
Phones Bell, Walnut 6065
Keystone. Race 2290
Nfw York Detroit rittsburib
Cblcaso Olrecl JY(tate Wtrf lloitoj
The Bargain
Counter
Current conditions in
the financial markets
vmake it possible to
purchase securities of
companies with long
records of stable earn
ings and with ac
tively expanding busi
ness at prices to yield
upwards of 7. In
some cases the prices
are the lowest on
record. A study of
such securities will
. present obvious op
portunities. For further partic
ulars send for Circular
Letter No. E-44.
-6HANDLE3& Company
WM ?
Franklin Bank Bldg.
Philadelphia
Nair Tun Bottom
Labor Tide
Turns
We have reached the turning point In
labor. Babson's Barometer Letter of
September 29th carries a message of
vital Interest to every employer.
BABSON'S
reports based on fundamental condi
tions forecast Labor's moves with un
canny accuracy. They enable you to
keep one jump ahead to take advant
age of every change.
Report on Request
A few copies of the Barometer Letter
'"Labor Tide Turns" and full details of
Babson's Service for executives are
available for distribution to interested
employers, gratit.
Write on your Irttcrhcad for
Bulletin 3t-A
Babson Statistical Organization
Wallealey Hllla. Mass.
Largest Organization of Its Charadtr
, m tht World
nSASCtXL
STEVENS OIL AND GAS CO.
PITTSBURGH, PA.
J. NOTICE
TO ALL NOTE-HOLDERS OF
RECORD
Tn fluarterly Interest coupon on Sterens
Oil ft Gas Co. S-year 17, (Convertible Oold
Hotes Is due October 1, 1910, and payable
t Exchange National Bank. Muskogee,
Oklahoma.
J. M. SHIELDS, Treaa.
V, September 45, 1010.
United Drug Company
first rrrf erred Ptock Dlrldentl No. 1(T
Tha Dlrectora of United Drug- Co. have
declared a regular quarterly dividend of
Wi't on the first preferred stock of United
Drug Co , payable November let, 1019, to
fSckholders of record October 15th, 1010.
JAMES C. McCORMICK. Treasurer,
v Boston, September 23, 1010.
Special Meetlnga
ItSS" NOT1CK 1(4 IlKniilli- U1VB2 THAT
Kt at Special Meeting of the Stock.
boldsre of the BANK OF COMMEttCE. btld
en the 18th t day of September. 11. at
which 2592 ahares ot the 8000 shares out
standing were present, eltner In person or
by proxy, and voting, a resolution authoris
ing and directing the Dlrectora and Ofncera
4h Tl&nk to convert tha Bank aF Pam,
meres Into a National Bank, and to make
the certificate required therefor by the laws
if the United States, was unanimously
pistto-
JOHN P. KOLB.
, Cashier.
Ykss- noticb is nrotEBV given that
VSf at A Special Meetln of the Stock
holder of the Drovers find Merchants Hank,
held on the 21st day of August, 1919, at
which 3807 shares of the 4000 shares out.
Standing ware present, either In person or
y proxy, and voting, a resolution authoris
ing and dlrectlnc the Dlrectora and Officers
of the Bank to convert the Drovera and
",irchsti Bank Into a National Bank, end
to make tha certificate required therefor by
the law! ot the United States, waa uoaol.
" ERNEST IU PATTON.
Cashier.
Dividends
" WEST1NGH0USE ELECTRIC
MANCFACTUBINO COMPANY
A Quarterly Dividend of ?. (31,0(1 per
sdiare) on the TOEFBIIUKD Stock of tbls
Company will be raid October IS. 1910,
A Dividend ot V- (31.00 per share) on .the
COMMON Stock f thla Company for the
nuarter ending September SO, .1910, will be
paid October 31, 1910,
Both .Dividends are. payable to Etockhold
eia of .record aa ot October 8. 1910.
r , II. F. BAKTZ. Tr.easvrer.
New Tnrlf. Benlemher 24. 1019,
EAST COAST FISHERIES CO.
9 Wall Street, New York, September tt, 1019
D?YIDBND MO, 7
The Board of Dlrectora ot The Eust Coast
" jr)ehrr!ea Company has declared tbe regular
' 'quarterly dividend of 1H onlthe, Preferred
.Ifctock, vayabla, October 1st, 1919, to stock-
,$ reoord Beptember th, 19WI,.
S4 ','T50',!?
w . . ; .. .. 6 , . . a .
--l,,vlliw'.-. -.ntiiMffi-iMiriiriiNfnii IIIMl
.RREGULARITY MARKS
TRADING IN CORN PIT
Drop in Hogs, Foreign Exchange
and Lack of Outside Interest
Market Factors
Grain belt wearier forecast
Chlrnjo. Sept, 30. Illinois Probably
showers north, partly cloudy south tonight
and Wedneedav. Missouri, Kansas. North
and South Dakota and Nebraska Partly
cloudy tonlxht and Wednesday, warmer.
Wisconsin. Minnesota and. Iowa Probably
showsrs tonltht and Wednesday, warmer.
Montana Partly cloudy east, probably
show-era west tonight or Wednesday, cooler
Wednesday Wjomlng' Increasing- cloudl
neaa probably showers neat tonlsht,
warmer east and south tonlsht. cooler
Wednesday.
Chicago, Sept. 30. Dealings in corn
were uninteresting today nntl prices
moved Irregularly.
The market uns under pressure nt
i periods from loenl trnders. who were
I Influenced by further recessions In bogs
i and rntes for forcigu exchnngc as well
' ns continued lack of outside Interest in
i tho grain.
There were occasional recoveries on
covering by shorts and buyiDg due U
assertions that the Edge bill, designed
to finance European purchases of Amer
ican goods, would soon become a law,
but hard spots led to freer offerings
which caused setbacks.
Toward the cloe, distance positions
rallied smartly on rumors thnt wartime
prohibition had been abolished, while
September, which had held well, lagged.
Reserves of old maize on farms arc
supposed to be liberal, but owners arc
not pressing theth for sale. Smaller re
ceipts were looked for tdtnorrow. News
of the crop wnscxcellent, particularly
from the Northwest, where It Is now
out of danger from frost.
Oats also were erratic. The market
turned weaker shortly after the start
ou offerings which came principally
from bouses with connections nt the
seaboard. This stimulated selling by
local traders and prices declined easily.
Later, the support improved, on asser
tions that the seaboard was after the
cosU article.
In the fiunl dealings, the market
sagged, after having been quite strong.
Leading future ranced aa follows:
Corn (new delivery) Yes'day's
ODCn Hlirh T.nw Plnnr, rlnA
nee. .
May
Oa ts-
1.24V1 1.284 I.2SW I.24S M3
1.22
k.JOTn J. -17 l -'-Vi i:i.
Dec .. (lDi 70S HUH
May 7254 73V4 71T
lo rk
60 i
72S
mm
(JO 74
Oct 84.80 34. 7S 34. SO Ml 50
Jan. .33,65 33.63 33.00 33.25 ....
I.ard
Oct- .. 26 00 27.83 26.90 27.30 27.10
Jan. ...22.40 22 77 22.40 22 70 26 85
Rlba
Oct, ..IS.00 10 00 18 80 IS S5 11100
Jan. ...17.05 18 10 17,00 18.10 . ..
Bid.
Liverpool Cotton
Liverpool, Sept. .10. There was ouly
n limited request for spot cotton today
with prices firm on the basis of an
advance of GO points for middling nt
10.f)4d. The sales were 3000 bales. The
receipt were 17.000 bules, including
lO.GOO bales American. Futures were
steady in the early dealings. Spot prices
were: American, middling fair, 22.79d:
good middling, 21.14d : fully middling,
20.04(1; middling, 10.0 Id; low middling,
lS.OOd; good ordinary, 10.44d; ordi
nary, 15.01d.
Financial Man
?,
Returning officer, now hold
ing high executive office in
financial department of
Amor ican Expeditionary
Force, deallnc with highest
American and foreign finan
cial institutions, will bo at
liberty for similar position
with commercial house
after October 10th. High
est references. Not averse
to foreign connection.
WINFIELD DONAT1
CHELTENHAM, PA.
Willys
Corporation
8 First Preferred Stock
Authorized and to be issued $15,000,000
When, mi and if Issued,
and received by us-
Price 100
and accrued dividend
Montgomery & Co.
Philadelphia New York , Chicago
MILWA'JKEC
CHICAGO
W. G. Sojuders So Co.
( k
( - Investment Securities -.
Oetlrw to announcothe opening of a -
NEW VORK OFFICE
inth.
BANK OF CpMMERCE BUILDING,
31 NA8BAU STREET. TELEPHONE RECTOR 2738
e- - ' ( "' ' b
MONEY.UENDINQ RATE8
NEW YORK Money on call, both
mixed collateral and alt industrial col
lateral, opened today at 0 per cent for
lending and renewing.
The money market for fixed dates
was dijll today, with demand somewhat
larger than of late, but with ery little
business except loans for limited
amounts up to ninety days. Recent
offerings have been about absorbed for
the momeut.
In prime mercantile paper offerings
show a modcrntc increase. The inur
ket is 3Vi per cent, with occasional
transactions at -5 per cent and G',6 per
cent, according to quality ami matur
ity. Prime bank acceptances stand at
J'i per cent. Up to the early after
noon tho only rate quoted on call
money was 0 per cent.
PHILADELPHIA Call, 5 (SO per
cent; time, u'ftvjtu per cent: commer
cial miner, three to six months. 5Vi(i?
5-14 per cent, and six mouths, 0 per
cent.
Reserve Banks' Discount Rates
Official discount rates nt the twelve
Federal Reserve banks were ns follows:
(The first column gives rates for all
periods up to and including a fifteen
day maturity, the second for a period of
sixteen to ninety c!as. Tbc third and
fourth columns give the rates for dis
counts of collateral loans secured by
government bonds or notes.)
Com 1 paper
Oo't paper
ID lo oil
lfi days diiva
4V1
10
to no
15 daa
days
rtoslon . . .
New York .
.. 4
1?
4
4
i lr
rniiaueipm
Richmond 4H
Cleveland 4lt
Atlanta 4'i
4
4
fhlrncn
4
4
I
4
St. Lout
Minneapolis . .
Kallsna City .
Dallas
San Francisco.
4'i 6'3
r
4H OS
5
4'J
FOREIGN EXCHANGE
V- 1--1. Q.nl Hft Tho fnrplt-n
exchange mnrkct opened excited and
uncertain, ine various icnaiup inter-
H.ll.nnl (.nnlrura t orn nf VJirlnnPP OH
quotations. The market reflected in
weakness the great strike in drear
T!.! .1 ,l.n nllmtnnllnn nf tt fltnil
iiniiuu uuu it- iiiui.i..u - - --
many short contrncts incidental to the
end of the montli.
Quotations were:
Demand sterling 4.1SH, cables 4.10
1.1 c 1U ..l,o,Vs R"H? lire
irilUC IHWIi-n '.ju, v..v.. .-.--., ---
cables 0.00, cheeks 0.02 ; Swls cables
5.00. cheeks 5.02: guilder rabies 37,
cheeks 371-; pesetas cables 10.1.".
cheeks 10.10; Stockholm cables 24.55.
cheeks 24.40: Christiania cables 23.2.1,
l.l. Of 1D, fnnnkflirmt n'llilriU Zl.lil.
Il"(l 4), il'( 11'' . - - - ,
cheeks 21.00; Ilelgian cables 8.23,
rheeks S..i : marns. uoraumi, i's
Austrian kroner, nominal. Ii75.
At the noon hour there was a fur
ther decline in sterling and French ex
change, while lire were nominally a
shade better. Quotations were: Do
mand sterling 4.17. cables 4.18 V2 ;
franc cables S.20. checks 8.22; lire
cables 11.58, checks 0.00; marks, nom
inal, 4.00; Austrian kroner 1.6.".
NEW YORK COFFEE MARKET
New York, Sept. 30. The weakness
in the primary mnrkets causetl the local
coffee market to open nt declines of 11
to 24 points, with trc.JIng fnirly active.
Conditions arc very much unsettled
In Brazil and Rio continues to sag,
the spot market todav declining 125 reis.
In the local market. December sold
off to 13.00, or within 20 points of the
low record touched on September 10,
and 155 points below the best price
reached on the rallies since the mid
Peptember break.
Yea cjooo Open 11 a m.
September 14. ;?
November 14 2 ..;,
December 14.10 M3.0O
13 00
February ........ 14. in ....
March,?. 14.10 13 00 M3
April H-08
May 14.C6 M3D2 M3
June los
July 14.05 13 00 13
AUFUHt 14.05 S ....
Bid.
on
1.02
00
BANK CLEARINGS
Psnk clearings today compared with cer
responding ttevMast -t. ynnt
Phlla . .72.808 170 S07.120.107 $67,006,461
NY. .1.020.881 000 776.101 068 787 575,731
Boston. 60.022.521 40.802.662 54.428.701
Chicago. 102.608.317 00 001421 .. .
8t. Louis J6.450.182 23,704 700
DETROIT
S '
EARLY TRADE ACTIVE
ON COTTON EXCHANGE
Buying Chiefly by Overnight
Shorts and Commission
Houses
COTTON BELT WEATHEH CONDITIONS
New York. Sept. 30. The follow In tern
rerature. era recorded In the co((on twit
thla morning! Knoxvltle, CO; Meridian.
Montgomery and ChatUnooca. RSi Pen
ftaeola. Macon, NaaMllle and Thomaa
Mile, R2s Atlanta, H4g Shreeport and
Vlckaburc, OBi Abilene, Oklahoma Cll.
Fort Smith. Aucuata and Jackronvllle. (IS;
Han Antonio, Little nock. Memphla. New
Orlrana, Satannah and Wllmlneton. 70i
Charleston. 72. and OalvcKon, 7S. There
a .01 Inch of precipitation at San An
tonio and .02 at Jacksonville,
New York, Sept. GO. The cotton
market opened active today, nut not so
strong ns due on the cables, first prices
being only 18 to 34 polfits higher.
It was the impression that the strong
Liverpool showing was due to purely
local conditions incident to the restric
tion of shipping because of the railroad
strike.
In the South favorable weather con
ditions were noted, with" prospects of a
continuation for several days. The
South sold here and the buying was
in tbc morning and, after telling about
mainly by overnight shorts and commis
sion houses.
Trading was comparatiely quiet later
35 to 40 points net higher, prices sag
ged off several points under realizing.
December sold ap from 32.28 to 32.47.
or Into new high grounds for the day.
The receipts at the ports for the day
arc estimated at 22.000 bales. acninM
10.127 bales a week ago nnd 32,3110
baicA a year ago.
Yesterday's
close Open
It
a in
32.34
32 4.1
32.S0
1 30
p in.
31. OS
32.30
32 38
32' S7
October
December
January .
March
May
Julv ....
nid.
.12 O.I
. . . 32.00
. .. 32.1R
. . . 32.30
.... 32.40
. 32 23
32 31
32 4B
32 112
32 .12
Silver Hits New High In London
Commercial bar silver touched an
other new high record in London to
day when the metal sold at Old an
ounce, an upturn, ns composed with
jesterdny's price, of i In New
York the quotation was ?1.18, m
l'se.
I '"I'"" I j
ll "
Ti
1
'I
RAILROAD EARNINGS
WABASH
(DID tnereate
Auruit BTnaa .
Deficit after
Net operating
Elaht monlha'
3,147,.1.VI 12.021.642
taaea
3S4.:
l.SSD.MK
l.B2H.!M
deficit
cross.
642.(131
30. 012.0:1
1,4111.(1(18
131,034
sni.sia
2.SJ0.73S
l.nsT.sao
IlaUnre after
taxea
Not operating deficit.
DEUWAKB. LACKAWANNA
WESTERN
August gross . .
Balance After takes
Net operating Income
Eight months' gross
Balance after taxes
Net operating Inmme
1(1.9.1(1.1137
1. 141.318
1 10H.5H5
4n.7fll.204
S.1HS.534
7.S3R.30S
n43.24.1
4 470.1128
cnirAoo obeat western
August gross . (2,2.14.317
Balance after taxea 531. 4S9
Net operating Income 403.S.12
Eight monlha' gross 13.nm.047
Balance after tnies 1.201.8(1.1
Net operating Income C14.UH2
NEW YORK,
ONTABIO AND WESTERN
August gross
lufance ntter taxes
Net operating Income
Eight months' gross
Balance after taxes.
.1.4MM20
IK10.S41
5S7.440
7.43K.4M
non.ui
1.(111,8.10
Net operating Income
ATLANTIC COAST LINE
August gross . ... J4 0.1(1.711 11.303.314
Deficit after taxes. . 43,061 1,608.834
Net nnerattnr deficit S.I. (Ill 1 1. 822. 031
Eight months' gross. 41.S22 311 4.00S.1U6
Balance after taxea. 4.6S.1.,I38 vl3.llBI.28n
Net operating tncomo 4.lon,ri22 3
IMTTSBURaif AND WEST VIRGINIA
August gross .. . 1120.718
Deficit after taxes . 23.7SS
Net operating deficit. 23. so
Eight months' gross. S77 1.11
Deficit after taxes . 518.888
Net operating deficit. 401 .1i"
CHICAGO. BURLINGTON AND Qt'lNCY
August gross . ...IIR.1B3.B27
Balance after taxes . 4.800. n(0
Net oper Income . 4. 124. .1.13
Eight months' grois dfl.717.im8
Balance after tax... 10.893.740
Net oper. Income 1.1, 2.1.1.160
CLEVELAND. CINCINNATI. CHICAGO
AND ST LOUIS
August groe .. $7,057,218
Balance after taxes. 2.130,130
Net operating Income 2.0BO.O27
Kleht months' gross. 41.A17.37.1
Balance afler taxes S.837.730
Net operating Income 8 210,572
LOUISVILLE AND NASHVILLE
Auaust crnis .
111.312.5711 ! ISI
1-alance atler taxes l,75.ui4
Net operating Income 1,722,327
Eight mouths' gross 58.746.001
Balance after taxes 6.8.13,451
Net operating Income 0,500,201
CANADIAN PACiriC
August gross 315,383,051
Net after expenses 3.778,107
Eight months' gross 107.720,232
Balance after exp 18.061. 348
'. (l.'H.l
2 120 :
COLORADO AND SOUTHERN
Third week Sept M36.470 $S7 :
From January 1 17 7117.710 2.M.1.1
CHICAGO AND NORTHWESTERN
August groxx 1I 736.338 Ml.MU.f
Balance after taxea. 1.617,(176 '511.:
Net eper mcomo l.e'.'.x.STT '436. f
Eight months' gross. 67,608. 200 V,u26.l
Great Events
Cast Their Shadows
HE WILLYS CORPO
RATION, headed by
Mr. John N. Willys, has
recently added to its resources
the magnificent manufactur
ing plants, patents, equipment
and manufacturing talent of
the Duesenberg Corporation
of Elizabeth, N. J.
New construction will
greatly increase the size and
capacity of this large plant.
The Willys Corporation
needs this immense plant for .
the production of a new and
remarkable automobile a
Six cylinder car which marks
a great forward development
in the industry.
The new Six is fully devel
oped, its m'ost important fea
tures having had over 200,000
miles of the most painstaking
and strenuous road tests, ex
tending over a period of more
than two years. The car con
tains engineering features not
embraced in any other six
cylinder car. It is a climax
of long experience in the man
ufacturing and distributing of
motor cars ; is standardized and
The Willys Corporation
52 Vanderbilt Avenue, New York
V
N. B. This is one of a series of advertisements to acquaint the public, automobile trade and buyer
of motor cars in general with the present scope and important plans of the Willys Corporation
r f Ke ' -'
s
S, 034. 002
8.377,(161
OREAT NORTHEn.N
August gross . IS 6&P.021
Balance after taxes. . 1,820.H1
Net oper. Income . 1.7oft,Pfll
Right months' groaa flil,137.M
Balance after taxea.. 7,A18,(1S2
Net oper Income . 7,301, ftdl
Decrease..
Balance after taxes
Net pper. Income
1428.307 B
102,000 jg
43 334 H
8,5,10,042 C
4.83.1.010 m
3.067,625 H
t - g
514, n,n fa
3,56.1.852 i ii m
1,241.3611 ll; X -, ill S
1.746.165 I ' ' ' 1 1 1 1 S
1141.400 LTl fJI p
6.022 LSI rriJ P
'11,837 r
1,687.8i0 III S
SifcSS Our booklet: 1
"SafcEuardine Your 5
1156,043 T . Z. II S
imi.105 Investments is
20O6I6, ,-if . 9
44.8oo i filled with interest- g
8o:iioo ing facts aVid valu- J ffl
the investor. 3
ll ll
II Te ic e.n,( I,,ln,1,t III . K
adapted for dls-
V)0,H2 ll vitiiiuaiMi 'iirvo- mi 2J
.Ml'? tors who wish to B
366.876 protect their in- I
477.02.1 c , . j
415.337 ' vestments and g
insure permanent S
n-186 yet liberal income m
-n'-ii return. B
G.701..1M) m
3oi:o(i2 . Shall wc mail H
you a copy.'
'$870 100 in H
1 t!l2,2.13 III b
1.32T.074 IB
1 208.334 S
727,014 g
367 170 I H
Ask for Uauklet PPI..2!if 1
H7 ' ll
5.3,10.467 II III i
6 086.049 I If
7.53.1.317 III H
m
K UffZ Holli"sTerTiite & Co, 1
0.210,078. II .,-owm Ml ?
1.124 270 S
North American Building 3
II ,Uf, ITIL'ttlUt, III
128' rJ iiiiuuiua L jjn
r77 1 , frl . . . . Lhl B
j r" 'josion rrovioence springileld T s3
Ml i 1' JT" l'l ' 1
1.11 1 U r- -iJ' H
Before
will be produced in large
quantities.
New principles of construc
tion give the car unusual light
ness of weight with perfect
balance, and exceptional road
ability. The car is fully
equipped. Heretofore, engin
eering and manufacturing re
strictions have placed a price
upon six cylinder cars which
'has kept them out t hc
reach of thousands. For thii
reason, the New Six has an
enormous field.
WILLYS
CORPORATION
The Willys Corporation is
one of the largest manufac
turing concerns in the automo
bile industry. It owns and
operates the Electric Auto
Lite business and also the New
Process Gear business.
The Electric Auto-Lite
business is, in itself, a vast
industry, having to date man
ufactured and sold more than
1,400,000 sets of starting and
lighting systems for automo
biles. Orders and specifica
tions are in hand for 4,000
2.12J.324I !
MSMro'mu.nnaiia
THE
FOURTH STREET
NATIONAL BANK
offers unexcelled facilities to corporations,
firms and individuals.
Import and Export business financed
1
promptly and on favorable terms.' Direct
connections in all parts of the world.
CONFERENCES INVITED
Capital, Surplus and Profits
over $10,000,000
131-145 South
MMMllllMIM
outfits per day, beginning Jan3
uary, 1920. This Corporation
also manufactures the well
known Willys Light house and
farm lighting outfit which has
the unique advantage of being
operated by the Willys Knight
Motor. Orders for 20,000
Willys Light outfits to be de
livered in 1920 were received
in the month of August alone.
The New Process Gear
branch of the Willys Corpora
tion is one of the largest pro
ducers of gears in the country,
manufacturing many types of
gears used in automobile trans
missions and differentials.
A third plant owned and
operated by the Willys Cor
poration is located at Pough
keepsie, N. Y., formerly owned
All these plants contribute
as sources of supplies for the
new car.
Booklet giving further in
formation about the plans and
the new car program of the
Willys Corporation will b
sent on request.
r 4
,i. i1,.
,
Fourth Street
m
" -., .-4
-, V-
-f ffl.fcYI.1
&
1 J- ? i " :
to
'
(tl
-i-Aii-3SL.,.
i I
"4. fwflPfc
V
sHWlilrfrisfeal
tt
?v
.1