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20
AJAX
Oil Company
Tleporis follnulng wells In
(Dally rroducllon)
Initial Production, nliout 1,000 libit.
Aug. lSlh well n " 1.80a
An. 14th
6,000
I
(tj Interest)
Sept. 0th
It
S.500
(U intei est)
Stiit. Hilt
3.100
(l4 Interest)
Seven wells now rirllllnt.
.Dividends payable on Cla.s " V"
stock at rate of f!rc per year.
Slock paid for before October Slli
will receive 1 monthly 11U
dend payable October 13th
Tail details on request
Farson,Son&Co.
Jlembers New Tork S'orl, rtclwrne
1 IS Broadway, New York
Fairman & Co.
Drexel Bldg., ThiU.
rstnb!tsh.i !'"-
SenJ for detail of
A Cumulative 7
Preferred Stock
To Yield 7.29
The business which this companv
operates was established oer 100
years ago Its products jr well
known and popular .md It has nt
the present time Net Quick Assets
totaling oer 300cr of this i-u
Investors who desire n reasoned
investment with a substantia!
yield to meet tho requirements
bf present high lHlnp cos's
should send for our circular and
Investigate ih.s Issue
GEORGE H. BURR & CO.
421 Chestnut Street
Philadelphia
1301 reuplea Hank llulldlnx
riTTSBUltGU
Main Office: 120 IlroHdiray
SEW TORK
TOR SAlE
10,000 Shares
Peruvian Copper
& Smelting Co.
nt fi3c per thar
DAWSON & CO.
40 Wall Street New York
Jbiecker & Co.
Uembrs of PhiUd!pbtn nd Now Tork
.. Btock Eiohanicis
y g. COR. GTn AND ntlTNVT BJR.
riNANriAf.
SINKING 1TND OK I.I.NCIIIlt'Itd WVTKR
POWKB COMl'AY
The Heat EBtate Trust compan Trustee.
under the mnrtssfre of the Lrnrhburir IVater
Tower Company, dated Julj 1. 1H02, tn ee
eare an Issue of JSOO.000 First .Mortgage
B per cent Gold Bonds, wjll receive offers of
said bonds up to and Including 12 o'clock
noon, orember 1. 1919, at not oer pjr and
Interest, sufficient to absorb the sum of
J7194 SO for account of Sinking Fund due
October 1, 1919, the lowest offer of bonds to
be accepted. Address all rommuntcstlnns to
Jb Ileal Estate Trust Company of Thila
lelphla. Trustee.
LTNCHnilRO WATKR rOWT.n COMPANY
WALTER, W PERKiNS f!crelar
BfEtcmbr IB. 1019.
SINKING FUND FOB T,YNCnni'nO TRAC
TION AND LIGHT COMTANV
The Real Estate Trusr Company Trustee
tinder morteaee of the T,xnrliburir Traction
secure an Issue of t). 000.000 first Mortfragn I
5 per cent Gold Bonds, will recele offer"
una usnr virrnpanT. aain Aia l ini i.
It S per cent Gold
.V of sald'bonds up
PT """ noon, November
Cfi and Interest, suf
P Ttt il2,SS7,. the
to and Includlnr 12 o'rloik
1, 1919. at Tint m nor
sufficient to absorb the sum
tile Inueiit nffr nf h.nrf.
he accepted. Address all communications to
the Real Estate Tnn.t Company of Phila
delphia, Trustee.
Company" traction ao light
WALTCn, W. PERKINS, Secretary
September 29. 1919 5'
Special Mettlnis
NOTICE IS IIERElir GIVEN THAT
at a Special Meetlnr of th. Sfii?
Bolder vt the BANK OF COMMEBCK hoTd
h-.15u,SaJ' l Septsrnber. 1MB. mt
stblch 2593 shares of the 8000 shares out
tindlnr were present, eltner In person or
By proxr. .and vetlnr. a resolution author!
lor "O directing- tho Directors and Officers
sf the Bank to convert the. Bank of Com
snorce into a National Hank, and to make
th certificate, required therefor by the laws
f th United States, was unanimously
passed. JOHN P. KOLD.
; Casbl.r.
Proposals
AT.TFRATIONS AND ETCTKNSMVS np
SEWER riPE LINER. CITY OF lVOOn"
IHJKY. NEW JERSEY' """"
Sealed propossls marked "Proposal for
Sewers." addressed to -Mr Clinton s
will be received at the mettlns: of the T irv
Council of the city of Woodburv New ." "J
if the Council chamber City h.'iT jMJ.
bury. New jersey, i-uesaay. lletuber T loii
at 8 o'clock p. m.. for construction of J'.
teratlons and extensions of sewer Pipe iin?
ranslstln of about three mil., of ,""'
to 24 Inche vitrined sewer pipe, with mini
bolt, branches etc "" mn"
Drawings and specincatlons mav be ...
amlnrd and Information obtained at thi
office o' Mr . JVII'tam If Hoardman i
iftesr. 428 Walnut street Phliadeffi,, J;
at tb office of the undersln,,d ' or
A certified cheek for 2so, drawn t
th. order of the city Treasurer or the et!
each proposal ""'
The City Council reserves ih, ri.h. .
VJS'L JSE.,0',.?' .hrSSSft!' " !-"
Si the work " ",,y P""""
CUNTON S. DAVIS City Clerk
Woodbury. K..g.r
PBOPOSAU;.--FAIRVIElV UEATTYfi7vr
n PANV. Administration Ildlg- '
Oetaron South. Yorkshire VlllaiV, Cam
en. N. .
Sealed proposal addressed to th .w.
will D. recelre until 2:00 p. m. WednetSaT
Ortober th. 1818. at the abaw add??aj i and
opened mt ; that time, for the construction of
Kllsy and rear house walks iimSSli?.!
ri,"" ..."-.... .mount or work
0t)0 aur yard Concrete Alley raving
Bn! o.uar feet Concrete Alley Walks fllfio
square feet Concrete Rear House Walk.
Tln. .nfl .Twrlflr.tlnna ..on i. ' . .
i;bov offlce and copies of same, with blank
,.di, blidirV. who mu.T K"S ,',.?-i ,n:
experienced In this class of work
ffio oia, win iwr conaiaerea unless .fM.
banlcd by a'certined check for Ft" Jnd2i
?' 'i'-X, IHtny reserves the rlxht to reject any nt Hi
l' ? er to accept any bid, a it may deem
e J ksM for It interests. "' oeen
( TT 'WARTIN MOlxaNY. General M.n.r.r
.i.hdAiiara tiauu?. kao rairvi.w nB.t.. r-j
. nuj raurouALM marked Rnl
,-TwiXM XII I'URCIf ABE BONDS,"1 win
eiveo oy ueorae y. hiuu, Duraesa of
rousn ot mai.y rark. Pa., until
r. Cetober 14th. 10IO. .' f,"-. .,?'
.. for th. PUrchjiB. nf Wnr Th..--?T7
,J'ft!A..H0.000) of four and one-halt per
' eT(4M) thirty 0j year bonds. " r
ir.Jt W'to-comp'Vach bid.u"na Dl'"r,
M, ,' CoupcJ! reserve the rleht to reject any
f ,tU4.Tl bid. JBId. opened at a mtln of
tu '( Council en October 14. 191B. at ago p. m.
I j For lurtner lnrormittun apply to Frank D.
Kane. Clerk of Council. Ridley Park. Pis.
'3JT.'",
Dlrldeodu
imil af the ttnlfed Ca Irapreremenl Co,
. N. TY. Corner Broad and Arch street
?sa ., Phlladslphl. September 10. 11.
hav. this day diclared
xwo , pee . cess, c ai.
tecjtr IS. JHK. to
jU Ik lMe of httsV
Wff WMtVVs
rtiwuAnw. iijur.
Ililllillfflliliilill
ANNUAL STATEMENT
of (he
September 30, 1919.
I - -
ASSETS
'"ash and neserve
Investments and Jjoans
Jt 230.665 84
i,6D328S.ti4
finTooQ oBi'o
lU,yzy,OJ1.0
iiariiitipq
.., . ,.,
laplial Slock $1,000,000 00
Surplus . . l.ono 000.00
rmllvlded Profits, $110,093 15
DpUdemtNox lt so 000 00 140.053 R
tr"H's - 8.T89 7B7 B3
$10,929,851.48
Trust Funds (kept
separate) ..$21,059,897.03
Wm. T. Murphy, President.
Clarence C. Brinton, Treasurer.
Investors read
TkWallStaeiJoiinia!
$50 $100
LIBERTY BONDS
nOUOIlT AM) SOU)
! Biddle & Henry
i 104 SOUTH FIFTH STREET
!mbers I'hilad-lrhta. Stock l?xchang
A mm ill Mrrtlnc
IJ TIIK NM M MKKTIM. 01' T1IK
I WJSs sto khoM ri nf ih itrrinnntown
Trut f'onipnti.T will b h i c ill offlre of
.the i nrapan rhfUfn nnd t, rtnanioun av
nu rhllnrlrlt'hla un Tin lisy or '
rum rt 1I.TH 101J. i,r 1 311 mm. v w m
to r'i' mrl nt nnnn II i- r port of the
Hoard of Ttr.f tor to t f,,ur lMi(tnrc
To Hrvf for a irrn cf thio Mart and a
Trpwurr ii to for om . ai ami 1o J
trnnnnri surh othr Imiaiii ah ,i m i om
, bfor ih mt tiriff
Th iranfr bnoki nfll be ( lospd f om
Octobrr (lth to 1 Or h both intliihif
jamks a ui;r 1
ApHHtant Sprrtir.
?e,'l.!i Nntleea
rSr" fVHt.U ' IIKAKIMi " II iiiju
-' In-arlnif will bo held at th I'nlted
fitates Lnslneer offlce, Koom J7 l'edrml
Bulldlnff, corner Thiuns and rranklin sts ,
Newport. H. 1 . at 10 o'clock a tn.. Octohrr
4, 1919. on th aubjct of the nei'es.lty for
nd location of un nncliorage area west or
aouthwest of Winss Neclt t.lchlliouao In
Buzzards Bav Atass . at or near tho en-tr-anrn
tn tlm Buzzards Bav anDroarh ih,n.
I nel tn the Cape Cod CanRt. All Interested
; parties nre Invited to be present or to bo
I repiesented at tho lipartn. While for accu
Irscy of record, all Important facts and
arguments should be submitted la wrltlnc,
oral evidence will be beard
iiJitiiiiiiiitiHi'iiinfiiiiitNiiNiniiiiiiiiiii'iiniiiiiiiMJifiififiiHiiiinMiiiJtinii'iifi-iiiniiiiiiE
i'niwiiHi;iiigHgi!iinwiuiiiiii!iiiinii:iniiiiiHiiuiU!iiNiilNlluiluiHlllll
ft ' "fri -mm PimSVsa ift. '
TV " XL-M TU-
ANNOUNCEMENT
JOHN H. BLODGETT retires from our firm as of
this date, October 1,1919. PAINE, WEBBER & CO.
ALBERT P. EVERTS. FRANK R. HOPE and
FRANCIS WARD PAINE are admitted as partners
in our firm as of this date October I, 1919.
PAINE, WEBBER & CO.
ocaoE
30E30E
30E30I
Important to
To better protect the owners of power plants,
this Company is now writing
Engine Breakage Policies
These policies coer all property damage caused
liy accidental breakdown of engine serious enough
lo prevent operation, including explosion of. fly
wheels or cylinders.
Ask t' or Your Insurance Broker for Information
The
rhe Oldest in
A. . IVIckham.
Mnnaser
'Phone: Lombard 1800
Q30I 1QE3QI I
THE REAL ESTATE TITLE
INSURANCE AND
523 CHESTNUT STREET TRUST CO
OF PHILADELPHIA
At the Close of Business, September 23, 1919
RESOURCES
Cash on Hand and in Banks $1,508,291.42
Call Loans With Collateral 2,703,878!97
Time Loans With Collateral 60,20o!oQ
Loans With Mortgages as Collateral 40,796!l4
investment securities iswnea
Real Estate, Furniture and Fixtures . .
Miscellaneous Act
Capital . .... ;
Surplus and Undivided Profits
Deposits
Bills Payable Secured by U. S.
Bonds .... .
Miscellaneous Liabilities
Trust Funds kept separate
Asse'ts of Company
FRANCIS A. LEWIS
President
IMS
EVEtflKG PUBLIC
TLA ws in cummins
BILL FOUND B Y REA
i
President of Pennsylvania Railroad Company Tells
Bankers Many Amendments to Pending
Measure Are Desirable
St. lOtiii, Ucl. I. Samuel Ken. pres-
inenr. or. me .rrnnsyivBnia itaiiroau
, Company, today addressed the. saving
i bank section of tlie Ainerlean Hankers'
Association, In session hero in their
eighteenth annual convention. His sub-
wt tns "Our Railroad Problem How
I" Kettle Tt Effectually in the Public
I T ....
! Interest.
The speei h was in large measure a
, rPtH!.m 0f tne Cummins bills pending
in the fnlteil States Senntc.
tter a graeeful tribute to the sov
nigs hank section for the manner in
which its members have guarded and
aided in the investment of the savings
of thrifty people, Mr. Ilea plunged into
tne main tneme ot nis nauress, reviewing
nt length the solution of the problem of
restoring railroad credit presented , bv
the Association of TUilwny Kxecutives,
. representing stock nnd other security
holders and inanngers ot roads earning v,hru confronted with world-wide war
about !V? per cent of the operating rev- ' ,.0rr:1itl,ins. the five-cent fare proved lo
enues of the country, which he Indorsed tallj inadequate compared to costs nnd
as essential lo nn rational plan of taAr. o that public utilitv companies
achieving the desired object. ,ir( .. bad a problem for the country
As a result of close contact with theto adjust as the railroads
Executive With
Capital
Itusiness man with capital in
ited to take active interest in
established business of world
wide scope; capita to lie used
solely to accelerate inevitable
doeiopments. To the right
party this i an exceptional
opportunity: he may he di
rectly associated with his in
estinent. An opportunity
challenging comparison as to
.standing and business. High
est references exchanged at
outset. Principals only. Ad
dress 13 9, Ledger Office
Investors read
The IVcdl Street Journal
30C-O
Power Users
Hartford Steam Boiler
BS HMtTmifta
Inspection & Insurance Company S
the Covntry, The Lamest in the World"
112 S. 4th Street
IOE
30EXOI
30E3O
'3,848,507.65
621,010.38
323,595.89
$9,106,280.45
LIABILITIES
$1,000,000.00
2,246,458.77
:
Liberty Loan
, .
5,381,278.50
470,000.00
8,543.18
'
$9,106,280.45
and apart from
$18,681,387.95
DANIEL HOUSEMAN
Treasurer
4
sss
LEDGER - PHILADELPHIA, WEDNESDAY, OCTOBER 1, 1919
railroad problem hete and abroad, nnd
with the results oC past experience of
the national nnd state governments with
public works nnd railroads before us,"
said Mr. Rea, "we felt that government
ownership or n government guarantee
was not desirable for the railroads of
the country.
"In its Inst nnalysis a government
guarantee means government operation,
as, if the government is to supply the
fund. it must have n controlling force
in expenditures for railroad operations.
The situation today is practically that
of n government guarantee.
"F'uithrr, the danger of maximum
earnings may be illustrated by the rx-
pcrieme of many of the street railways
'of tlm country nnd their franchises,
vhcn"the five'eent maximum fare wiis
recnruVji ns nrovidino n n,n;,.innt mn.
siM nf profit to meet all conditions, but,
Tiirniug tn the Cummins bill, intro
duced in Congress ns n solution of th,-
taihoad problem, Mr. Hen found among
Us beneficial features:
neturn oi the railroads to pmate
onneiship.
I'uuding of indebtedness of the road
to the government for capital expendi
tures made during federal control but
(enainly it ought to be for not less than
ten iniirs rather than five jears, con
sidenng financial conditions generally,
and the annual requirements for capitnl
bv the railroads, while, for general in
debtedness, some speuritj other than
demand notes should be provided, other
wise credit will be imperiled rather
than helped by such funding This is
equitable because the government as
sumed control, nnd should leave the
railroads in at least as sound physical
nucl financial condition ns when they
were tnken over, nnd capable of carrj -ing
on the transportation business of
the country. Capital expenditures were
made to assist in protecting the life of
the nation, anil the roads should ilso
line transportation rates sufficient to
heienfter sustain them.
Inclusive federal regulation of so
entities; reduction of rate, suspension
period from ten months to Cue months;
cicMinn of a transpni tntion board
charged with oversight of tuilroad phys
ical conditions and administrative
questions nnd general ciedit ; n more
detailed definition of what elements
shall be considered in deciding n reason
able rate: prevention of strikes that
would interrupt interstate commerce;
pooling of earnings mid traffic: cloth
ing the Interstate Commerce Commis
sion with power to prescribe minimum
as well ay maximum rates."
Objectionable Feature '
Objectionable features of the bill as
crruuipratPtl by Mr. Ilea included lnck
ot authority in the Interstate Commerce
Commission over state rates; labor pro
visions too diffuse to be effective; pur
poses for -hieh voluntary consolida
tions can be made are too restrictive in
scope; commnndeerinK of so-called ex
cpss earniiiRi of individual companies
nnd penalizing the same if used to pro
vide better uiilroad facilities described
by the speaker ns "a decided blow to
operr-tiiiR initiative and conservative
financing"; while railroad valuation in
its pi cent form, lie contended, cannot
be used for the various purposes pro
posed, nor completed to cuable the com
mission or the carriers promptly to car
ry out the various provisions of this
proposed law
Confusion of authority for r.cquiring
propertj nnd authorizing additions auti
betterments was also declared objection
able In Mr. ilea.
Of the Cummins bill's provision that
the right . of eminent domain cannot
be exercised without a certificate of
the tiniisportatiorj board nnd the In
terstate Commerce Commissipn Mr.
Ttea said he regarded it as detrimental
to business because industries, he held,
cannot defer the establishment or ex
tension of their plants on such a di
vided and dilatory process to determine
new branches, sidings or station im
provements. Labor Provisolns Criticised
Dimissmg the labor provisions of
the Cummins bill, Mr. Ttca said :
"Vote that they primarily concern
not nnlj the management and invest
ors but the welfare of 1,000,000 em
ployes and affect the payment of ?2,
.S00.000.000 in wages.
Any suggestion as to standard
uages that takes no account of the
Mirjing living costs and conditions as
between Xew York, Florida, Califor
nia, Kansas and Maine is contrary to
economic experience. No equitable
plan for the avoidance of future dis
putes as to wages will be complete or
protective against strikes, unless a
sliding scale Is adopted, whereby
wages will bo adjusted to living costs.
Settlement of wages under pressure or
s a compromise is bound to produce
dissatisfaction.
Favors Consolidation
Mr flea declared himself ia favor of
(onsolidation and revising the provisions
of the Cummins bill, dividing the rail
loads into not less than twenty nor
more than thirty-one separate and dis
tinet systems, each to be owned and
operated by a distinct corporation; said
the existing systems have been formed
under a competitive system and follow
the lines of the natural traffic routes,
and the necessity for absorption, merger
and consolidation of smaller corpora
tions Is apparent.
He quoted figures from the Interstate
Commerce Commission's report of 1010,
which he called the "test period," and
expressed the belief that until earnings
nre increased wholesale consolidations,
as porvided by the Cummins measure,
would prove unprofitable.
"The railroads want laws that will per
mit the existing ra"way bj stems to ab
sorb and eliminate the affiliated com
panies now owned, operated, leased or
efhllated with their systems. Such fur
ther connecting roads may be added as
may be required to round out these
systems on a basis that would be ap
proved by the federal commissions,"
Mr, Ilea here described at length the.
Pennsylvania system, including about
140 live companies', consisting of rail
road companies, ferry companies, bridge
companies, water; ewapanles and ware-
t ...... - ', ..M .f a
BHuee rumuagjaf! 'in' canvmiai, nr
High Lights in Rca's
View of R. R. Problem
Government ownership or n gov
ernment guarantee not desirable.
lloads should promptly be returned
to private ownership.
Fixing maximum returns on In
vestment a mistaken policy unless
income taxes, interest, etc , arc
fixed.
Hailroad earnings and credit must
be created sufficient to support exist
ing investment and attrort additional
capital.
Objectionable feoturcs of the
Cummins bill include:
Lack ot effective authority over
state rates.
Diffuse and ineffective labor pro
visions. Ttcstrictlon on voluntary consoli
dation. The commandeering of so-called
excess earnings Is a decided blow to
operating initiative nnd conservative
financing.
transportation purposes. They are
leased or opernted, wholly owned, or
owned in part by the parent company,
he said, adding :
"Therefore, nn absorption law to
clear up the barriers in the existing
chnrters nnd divergent state lnws that
prevent the absorption of such affilinted
companies, to round out n single system
and leac the name nnd securities of
the parent companies unchanged, seems
desirable. No such absorption of small
compnnies by the large systems can
proceed on any large scale without
reasonable earnings to enable that
course to he pursued, and thereafter
leave the Mstcni in n strong position
to do its financing on leasonable terms.
"The big systems hae absorbed many
weak lines, and are now supporting
other weak lines, nnd they have about
reached the limit in that respect."
"The Cununiu.s bill ns it stands,"
was Mr. lien's conclusion, "gives us
no definite or prompt assurance of ade
quate rates, nor does it get us away
from conflicting state legulatlons. To
make it a truly constructive measure it
must be strengthened nnd amended."
Against Commandeering Earnings
Tim provisions relative to com
mandeering and using for other railroad
companies and for railroad emplojcs
tho so-called excess earnings of in
dividual compnnies. Mr. Hen said,
would throw ninny railroad invest
ments again into a condition of uncer
tainty, because a fair return is not
prescribed or defined. There 'will be
no incentive lo nnj carrier to earn any
money in excess of the payment of an
ordinary dividend. If the system is
once established for the railroads, he
contended, it vull in time be applied
to all public utility companies nt the
outset, nnd later to industrial and
manufacturing concerns, because their
products are just as essential for the
daily life of the citizen as railroad
transportation.
"The Pennsylvania system is a fair
example. Its property cost and market
able securities, not including holdings
of s-ecurities of companies forming iart
of the system, exceeds the lotnl out
standing securities in the hands of the
public to the extent of more than .f.jOO,
000,000. "If the company instead of following
that practice had distributed nil its
yearly surplus in dividends, and had
sold securities for all additions and
betterments to its property nnd equip
ment, it would now require ?.10,000,000i
per annum of additional net income to
pay its ft per cent dividends, or the
company's stock wofild have been re
duced to a l per cent dividend, nnd its
bonds would have had to carry a much
higher rate of interest because of weak
er credit.
"It would have been impossible for it
to have sold its stock on the market,
and that would have been to the detri
ment of the country and industry, lis
well ns the companj s security holders
and aw ners.
"What I object to is: (1st) the rep
rehensible feature that what a company
earns under fair and uniform rntes
through good management and efficient
transportation can be taken from it and
gien to others, thereby sapping tlie
spirit of initiative and competition, nnd
CM) federal legulntion that ultimately
will create a situation in which no sur
plus earnings over a fair return can
exist, and that absolutely penalizes the
railroads if thej invest any surplus
earnings in the property for the bene
fit of the public. If these provisions
nre allowed to stand then the least 1
can ask is that an allowance of some
surplus over a fair return 'in good years
should be made mandatory and not per
missive, to assist in lean years. Other
wise in bad cars rates would have to
be increased when the shippers could
lenst afford to pay them.
"If the Pennsylvania Hailroad Com
pany nfter paying its fair, dividends is
not to have a surplus to sustain ,tht
credit and operations of weak roads'in
its system then several hundred miles of
railroads must stop operations and Im.
provements nnd communities must suf
fer.
"The railroad piobleni hns not
IWJg'T &
Market and fourth Sts.
d PHILADELPHIA a
FAILURE
vs.
SUCCESS
OF ONE HUNDRED
MEN who attain tho
age of ai xty-fi ve
years
90 re de- 10 r in-
pendent upoa dependent be-
o t h r s for chi of tkeir
tieir inpporL thrift.
Save here, receive 4
compound interest
and assuro independ
ence and happiness.
CAPITAL, O SURPLUS
$I,375,.O0O.2
hanged; nor Is It shrouded in myg'
r." .Mr. Ilea snld tn couclusiOu. "It
Is this: Itallroad earnings and credit
must be created sufficient to support.tlic
existing railroad Investment nnd at
tract the additional capital the trans
portation business requires In the public
interest. New capital cannot be com
mandeered. Therefore, adequate rates
made under public npprovnl, with op
portunity for competition, Initiative nnd
Incentive, Is the effective remedy for the
whole problem, In my opinion. If nde
Jiunto rates had been granted in the
last decade, there would not have been
a railroad problem
I, , -
desire to see the Cummins bill
nrle.l I ,lnl.l n.i. .u-.
amended to definitely accomplish that
rcsuic. it that mandate Is not positive
ly forthcomirlg as tho result of the new
congressional legislation, nil the bonrds
nnd machinery created for regulatory
purposes will be useless.
"National reconstruction ennnot be
accomplished while railroad investments
and credit nre left in an unsatisfactory
condition. This should spur Congress,
the commissions, the Investors, the em
ployes, railroad management nnd the
public to work together for an equitable
nnd prompt solution of this great prob
lem. To that end the railroad execu
tives are prepared to devote their wbolo
time nnd attention, if the congressional
committees so desire. Further delay is
extremely dangerous lo nil concerned."
BUSINESS NOTES
The shoo industry of Great Ilritain
is forming a NntionM Kxport Selling
Agency, as a limited liability company,
to develop the foreign trnde of its mem
bers, according to a report contained
in the latest advance news bulletin of
the American Chamber of Commerce in
London,
Iteporls from llio lace trade have it
that one of the most active items nt
the moment is "baby" Irish. This
lace is being taken in a liberal wny by
the manufacturing trades, and, ns the
supply available is not large, there is
n scurrying about in order to locnte
the material in any quantit. The
lace is niachine-niiide, but is snld to
embody much of the beauty of the hand
made article.
Crude rubber prices in this market
have eased off somewhat in the last
week, due paitly to the fluctuations of
sterling exchange and partly to n slow
ing down of the demand on the part of
the manufacturing trades. The prices
of botli Ilrazilinn and plantation rubbers
showed the effect of these factors.
Raw silk lias advanced $25 in the
lokohama market, according lo cable
grams received from Japan jesterddj.
Sinshui No. 1, which had been steady
at Jp 1 1 r0 for more than n week, was
quoted jestcrdav nt ?117.1 and Kansai
No. 1 at ?IlS."i, llujiug was said to
be on a very large scale, especially for
American and Kuropenn deliver).
LIVESTOCK QUOTATIONS
Chicago, Oct 1. HOCK Estimated re-
cflpts 12.000 head; left over. l(),r.1tl Slow;
few earlv sales 2.V louer than yesterday's
general trnde. ski 75 bid Aierage cost les-
ttsrdav. $1(1.10
CATTM5 Kstlmated receipts. 12,000
31IEEI' Kstlmated receipts. 14,000.
T:ut,.,.t, rw 1 uncci rt...in,n iia.
I ittshtirgn, Oct 1 -HOGST necelpto. 1000
head Stendv Itenvles. $17. 17 2r: 1irv
nrkers. $17.nni17.75. light jorkers, $10 30
17. pig", $lll.2!Sii1B r,o
SHKKP ANIJ t.A.Mns Receipts, 000 head.
Steads Top sheep. $10 r.cl, top Iambi. $10.
CAI.VKS Rptcipte, 100 had. bleadj.
Top. $22 50.
Kansas Clti. Oct 1 HOGK Rcclpts'.
DOOO head
f'ATTI.K Receipts 10.000 bend
Hlllini Receipt. 10.003 head
East St, Louis. Ill . Oct 1 HOCIS
Receipts. 2500 T,nwer Hulk, $10 25W
in CO. henvy $13 7."i100, medium weight,
$10rlll 7.-.; Unlit $ 1 B. 50 1 (1 75, light, lishls.
$1515.75, heavy packing sows, smooth
$13 2514.5(l. packing srus, roilgli $11 75
13 2.1. piss. $13 AO ft IB 50
ATTLR Ricelpts 7000 Wcjk Reef
steers, medium and heaM, choice and prime.
$111017.23: meil'um and uonil, $11175010
conimnn. $S75(10 73. light, good nnd
choice. $1417 common nnd medium $8.21
14, butcher cattle, heifers. $ .1(19111.
cows, $711. cnnnetM nn cduttern, $.17
enl cahe light and bandv weight, $lfl(?i
20 2.1; feeder steers. $7 5011 50, stocKer
steers, $0.50(90 75
SHEKI'-Receipts. 3000 Strong T.amb.
$12.2515: culls and common, $011,50;
enrllng wethers, $P.5i)fiii5o, ewes med
ium and ihoice, $57, tulls and common,
$34.50
Knt IIulTnlo. X. Y.. Oct 1 ( ATTL.n
Receipts, 150 bead Steadv r'nlves, re.
elpts.' 75 head. Steady, $7$i23. a few
$23 2.1
HOtlS Receipts. 1300 lie-id Active 1(1
2.1c lower Heltvj, $17.-10 17 SI mixed nnd
orkers, $1fi, light orkers. SI Tft 17.25, pigs,
$17: roughs. $1414 50. stHgs. $l(l13
STUKKP AND UAMRS -Rereipta. (100 head.
Lambs, 10c lower: lambs, $8 10.50, ear
lings, $711; others unchanged
XvvvvvvkkvvvvvvwvvvvvivM'wvtvv
I Receiver's Sale
In m tbuil ol (uuiiiioii Pirns So. t tor tht Countu o Philadelphia, Commonwealth of Peunsulianla. Juno ltrm. 1HS.
Zo. 33 J, In Zquitu. "Spatola vs. St. Jo?ne ifotel Co."
Sto James Hotel in Philadelphia
The St. James Hotel property embodies three buildings the Hotel at the southeast corner of 13th
and Walnut Streets the Annex tho Power House. The Hotel is a thirteen-story property in tho
very heart of the shopping and theater district. It is one block from Wanamaker's Department Store
one block from the Bellevue-Stratford one block from the Ritz-Carlton, It has two passenger
elevators, one service elevator, one sidewalk lift and one storeroom lift Fire-proof construction.
The St. James Annex, at the corner of Walnut and Camac Sheets, is a thirteen-story resident build
ing, with two Otis plunger passenger elevators. The St. James Hotel and Annex iogether have
014 sleeping: rooms, with 231 private baths, and 35 rooms with running water.
The Power House for tho building is located at the corner of Camac and Chancellor Streets, in a
building separate and apart, but connected by a tunnel with tho two main Hotel properties. This
is a five-story and double-bascment buildup, with the equipment for the lighting, heating and
water nnwer tnr tlin ltcn nf Thrt TTntpls On Klin aonnnA nnAH : - t i. . . , &l ''" m
8000 pieces daily and a large
ISRAEL HECHT, Receiver, St. James Hotel Co.
Further particulars will be furnished by receiver's counsel, or auctioneers;
SUNDHEIM, FOLZ & FLEISHER I FURTH, SINGER & BORTIlV
Real Eitnto Trut Bulldinc, PMI-. P. ' . Bailey Buil'ding, PblU., P.
V-iLi-il
PHILADELPHIA MARKETS
GRAIN AND FLOUR
VVIIEAT rtscslpts, lSS.KtlO bushfls Th
tnarktt was unchanxetl, Quotation followi
Car lots. In export elsvator. irovsrnmsnl
standard Irsnsctlon, stsndsrd prlcs fo. 1
red winter, 12.801 No. 1 northern sprln.
I2 89J Ko.'l hard wlntsr. I2.JDS No. 1 red.
yJn,r' t-arllckv, 2 87i No. 1 rd, smutty.
2.SHi No. 1 red. garlicky and smutty (2.34.
united States Orsln Corporation's purchases
of wheat were based on the followlns; sched
ule ot discounts: No. 2 wheat. 3c under No.
li No. 3 wheat, no under No. It No. 4 wheat
10 c under No. 1 1 No R wheat lie under No.
1. For all wheat otherwise ronfnrmln to
the ixclltcatlons ot No. a or better, but
tlenclent In test weight, the discount from
"c aiv, ,, .-run win ow c per uusuct " ..r"v"
on pound deflclencv In test weight Wheat
I "".ding below No. B. for ressons other than
pendency in test weights will be tiougnt on
Its merits. Smutty wheat will be discounted
according to the degree of smut, but In no
case lees thsn 2c per bushel under the cor
responding resulsr frrnrln. flarltckv wheat
will b discounted Just ss heretofore, 2c per
bushel from the regular grade. Mixed wheat
will be discounted from 2c to tV, according
tn quality ,nri condition of mixtures, but
unless otherwise Instructed the trade mav
count on our taking No. 2 mixed wheat at
Philadelphia Just as heretofore. I e., 2c
under the corresponding regular grade.
CORN Heeelpts none. Supplies were
smnll and the market was dull and nomi
nal We quote yellow, in enr lots for local
ran. s to quality unit location, to arrive
11 IUW1.70. spot nominal. 1 701 75 per
bushel
OATS nerelntn. .11 nnft Imthelfl The
market ruled nrm and He Wither vnder light-
imermKH ana a moderate aemann isola
tions: Car lots, as to locstlon No 1 white.
7IIH8(H4c No 2 whlt. 7SV470'ic: No. 3
white. 77'47S'ic, No. 4 white. 7.V4 it
70'4c.
. KI.OUIl Ileclpte, 400 barrels and 2,301..
utin lbs. In sacks. The market ruled nrm,
but demand was only moderaf. Tho quo
tations ranged as follows: I'cr 11)5 lbs.
packed In 140-lb. Jute sacks: Winter straight,
western, new, 110.to10.40: do. nearby, new
t.7.110, Kansas straight, new. $11.28
It. 110, do. short patent new. Ill.rinfHS!.
Spring, nrst clear, new, fn.ncwiot do. pat
ent, new. Ill !WII2. do. short patent, new,
112012.211. Fancy spring and city mills,
patent fnmllv brands. U2 7n13
. ItTB FLOltn sold slowly at former rates,
we quote at S7 6007 00 per bbl In sacks,
as to qusllty.
PROVISIONS
The market ruled steady, wlih a fair Job
bing demand. The quotations. Deet, In stts
smoked and alr-drled, 4c; beef knuckles
and tenders, smoked and alr-drled. 55c;
pork, family, nsc; hams. H. P. cured, loose,
31V4324c: do, skinned loose, 30j 33Hc;
do, do. smoked, 32Vfe33',4c. hams, boiled,
boneless. 4ci picnic shoulders, S r. cured,
loose, 22c; do. smoked. 23c, bellies. In
plckie. loose 80c, breakfast bacon, 33c;
lard. 30c.
REFINED SUGARS
The market was unchanged on a basis of
0c for nn granulated.
DAIRY PRODUCTS
CHlinsn Choice slock net with fair
sale, and ruled firm under light offer
ings. The quotations ranged ai follows:
New York, whole-milk, flats, fancy. 31K4i
32c: fair to good, 30t4amc: Wisconsin,
whole-milk fancy, 31Uc: fair to good, 30
31c: Jobbing snles of. fancy goods. 32U0.13C.
BUTTCIl The market ruled firm and lc
higher, with demend readily absorbing the
limited offerings. The quotations: Creamery,
fancy, high-scoring goods, (IflOllSc: extras
.', extra firsts. 02(Sil4c, Units, fi'30c,
seconds, r0r3c: sweet cre-amen, choice to
lencv, r,7nic; fair to good. r,s70c: prints
Jobbing at 718173c for fancy and CSdp7oc for
fair to good
IXKIS Fine fresh eggs were el cletned
tu nnd ruled firm nt tho late advance. The
quotations: Free cases, nearby firsts, $ls
per crate, nearby current receipts. $17.40;
loir to good $lH.20WlflS0: western, estra
firsts. 1S; nrsts. J1H sofl 17.40, nearby and
western seconds. $1.115H0 Inferior lots
lower, fancy selected eggs Jobbing at 6T
Gfle per doz-n.
POULTRY
l.lvn wns freelv offered, quiet and weaker
Quotations: Fowls as to quality, 2R.')2i .
thickens as to quality, 2832c; roostets,
24 02flc, ducks, white V'ekln, 3uc: do, Indian
Runner. 2720c; pigeons, old. per pair. 80
3"ic: do uung. per pair. 2.,i2ftc.
nUESSRI) Receipts were light and values
were well sustained with demand equal to
the offerl lgs. Following are the quotations.
Fowls, fresh-killed, dry-picked. In boxes:
weighing 4 lbs. and oer apiece, 311; weigh
ing 4 ids., iji(a;i3c; weighing a ids
I tf?'29c: smaller sizes. 2II32GC. fowls, fresh
Viii.,i i i.hi. Hr.nii,. .ihi,, a. ih.
killed In bbls . riry-nlcked. weighing 4 lbs.
and oer nplece, 38c: weighing 3vi lbs..
.10.12c. weighing 8 lbs. 2l1(lt27c! smaller
sires, 2323c; old roosters, dry-picked,
24c, broilers. Jersey, ice-packed. 408Kc;
do other nearby, choice ice-packed, 3(1
38c, ordinary to good 3035c: broilers,
western, ice-packed, weighing l1 2 lbs.
npiece, 35(3s.i!c: do, western, Ite-imcked,
weighing 2' 2" lbs, apiece. 2830?;
western, milk-fed. chickens. 12 to bo, 17
lbs., and under to doz . per lb., 43
13c, 18 to 24 lbs. to doz., per Ib ,
t2(i 43c: 2.1 to 30 lbs to du:.. pur lb., 35
Among Its Friends
Are Big Users Who
"Repeat" Year
After Year
hecausc it gives uniform satisfaction and . splendid results
wherever used hard, durable finishes on all solid inside surfaces
at a pronounced saving over other paint.
Let ws prove it to you. Write for FREE sample and list of big
users. White and color. By the bbl., 7c lb.; smaller quantities,
8c lb. Special price to contractors.
2-Lb. "Household" Cartons
AT DEALERS 20c
JOHN C. OETERS,
starchwork department. Two other
SAMUEL T. FREEMAN & CO., Aiwtionw
xs.l&2.:A..ll3X. . ..fflr.J
..,
Suet at to 3A lbs. to doz .
(bs. to do... BirTbr 3i6sioi'4S l"Wli?
'. '"v.c
lite: 43 to
I lba. mmf
IK S4.. ft
lbs. to do,, per lb.
to do , per
dos 3S&4C
ir in..
antJ37ct 4$ lbs. mnd orsr tn
oi 8p40ei spring ducklings, nearby. s . J
to auIlly, S4M0c: squabs, per do.7. white"
weighing II to 12 lbs. pfr dc., $.B00.2S: (t'2
whit, weighing 0 to 10 iSs. per do' $f.Brf,'
...., nun., mriauina o
5.76t do, do. 7 lbs. to do
J.281 white, weighing 8 lbs. per do. IB
"lot op, no. - ID, to do. 14.n0WB.Z3i do.
do aaRU ib,. to doi. $2.r.oa.RO: rf.rk.
si.00W2.25i small and No. 2. 00c!2.
FRESH FRUIT8
Prices generally ruled firm on choir stock,
with offerings moderate and demand fair.
Quotations: Apples, per basket, norfi-il n.v
ao
bbl .
dp, per bushel hamper. 11 62.3ft! ,7-. e
in ,Ann. ..- -. - ." " . J-.-
I8IL cantsloupei
II. 2n 1.40: do,
3.2ft; peaches Ne
. wi cranoerries, yersey, per Dbl.,
wuyra. western, per Iiat crate.
per stam-Nrd cratn, 139
aw Vhl ia V.. ... kis
8.2B; do. Mountain, per bushel. ia.85.6n:
i-curs, usriieu. per Dusnel. I2.sn4.2ai 09
Seckel. per bushel. J2.B04 grapes CoTP
cord, per pony basket. 2023c: do. Niagara.'
er pony basket. 2022c: plums. New fork,
'amson, per basket. BO&OOc: do. New Tork,
Oreen Oaf per basket. OOOtisc: lemons.
Ill b.',?Wlf..T'11S! orns, California, ptr
VOX, )J.3t VftUU.
VEGETABLES
Demand was fair and values generally
-Ti"S.i WJ ' klnd. with sweet potatoes
slightly higher. Quotations: White potatoes,
nearby, per basket No. 1, 00cl I3 lower
grades, 600113c White potstoes. per 150-lb.
!a.'3e4'2,",! d0' Pennsylvania, per cwt
i.702.l)0. Sweet potatoes southern, per
bbl No. 1. J33.B0 No. 2. $2S.S5.
Sweet potatoes. Jersey, ner banket- 7ns
tl 10 Clhhjlra V.u. 1a, ... l,..i I
5P7Jc: do, New Torlt, domestic, per ton.' j
.,i,ft.i; uo Uiniiin, ID3VAH. Unions, W
Jersey, per bushel hamper, $l2s do. per
100-lb. sack, $2.6003.20.
SECURITIES AT AUCTION
The following securities were sold St
auction today by Barnes & Loflaud:
STOCKS
Shores
47 The Pinellas Estate, Inc . pre
Cfrrel, 25 shares Tho PineJIa
. ., E,It. Inc.. common .....Tlot $89
4 Philadelphia Bourse common; par
$B0 o
10 Insurance Company ,0 North Amer-
lea; par $10.... J0'4
2 John H Htetson Company common;
par $100 840
s Fidelity Trust Company; par $100. 500
5 West Philadelphia Title and Trust
Company; par $60 148
6 National State Hank of Camden.
par 1100 8iu
20 rirst Nations! Bank of Woodbury, ,
. N J ; par $B0 15B
IBOermantown Passenger Railway
Company . 85
70 Mlnehlll & Schuylkill Haven Hall-
road Company: par $50 B1H
1 Philadelphia, Oermantoun & Nor
rlstown Rsllrosd Company 118
1 American stores preferred: par
10 Ryan's Ticket Agency: par $100..
1 Library Company of Philadelphia.
10 Pennsshanla Railroad Company..
BONDS
$5000 American Oas Company. 7 per
cent; convertible notes: cou
pons January and Julxl dua
1928 ..,. ..?.....
6000 Little Falls Fire Clay Company,
0 per cent: first mmtgage;
coupons April and Octcbsr:
due 1020 (bond numbers 127
to 131. Inclusive
733.34 Pittsburgh Hallway Cnmnanv.
1 11111
go
.
44
97tt
II
C per cent: general mortgage:
coupons April and October:
due 1053 40
3000 New Jersey and Hudson River
Railway and Ferry Company,
4 per cent: first mortgajrw:
coupons March and Septem
ber: due 1030 (,
1000 Newport News & Hampton Rail
way, Oas and Electric Com
pany. 5 per cent: first and .
refunding mortgage: coupon
January and July: due 1044,. 72HV
3000 Suburban Oas Company. of
Philadelphia, B per cent; first
mortgage: coupons April and
October: due 11)52 81
0000 Southwest Oas and Electric Com
pany, ft per cent; debenture
mortgage; coupons June and
December; due 1022 Oft
2O0OSracuse Oas Company, B per
cent: first mortgage: coupons
January and July: duo 1B4I1.. 88
4000 Pennsjlvanla Coal & Coko Com
pany, 5 per cent: first mort
gage; Series A; coupons Jan
uary nnd July; due 1832 it
2000 Falrmount Coal Company, B per
cent, first mortmge; sinking v
fund: coupons January and
July; due 1031 8K
Extra Dividend by Carbon Steel
New Yorfc, Oct. 1. The Carbon Steel
Company declared the regular tiar
teriy dividend of 2 per cent and an extra,
of f! per cent on the common stoelt,
both payable October 15 to stock of
record October 10.
The Perfect Water Paint
Mfr., 1242 N, 31st St.
vW;
floors are used for barracks for
me sleeping quarters for employees
and the fifth floor for the carpentry
and upholstery departments. These
buildings aro all in good condition,
TO BE SOLD
Monday, Nov. 10, 1919 '
, . at 12 M
At the Real Estate Salesrooms
1519-21 Chestnut St.
Philadelphia, Pa.
The Real Estate and Personal Prop
erty, including the furnishings, will
first be offered as an entirety nnd
then as two separata lots.
Application for confirmation Friday,
November li, a); 1 P. M., in Court
of Common Pleas No. 2, for tho
County of FhUadelphia.
ft
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