wmmwwrr?''f, -a -tm ".ft 1 ,!. t " I1 ..V . "of.Su T' - . F "! TVWt.' ""V''fr '.nM 1 ll r i "' ' I. M I. ' .. Cut V ? h1 .V ! - V, 'l' ., '" 'I, - ,i 10. EVENING PUBLIC LEDGEH-PHILADELPHIA, THURSDAY, JAfUAHY 15, 1920 MS ' Mf i v ', . l.TU" II B&itl! l 3? Ht I Ml m m W'l m m i r m 'm 'A" ? ,r.- . Y"a(' ffa11 is m m. ;f v theWorld Over MANY PROBLEMS MET BY EXPORTERS European Dilemma Generally Bolieved to Have Been Greatly Exaggerated QUESTION OF CREDITS RIGHT HERE IN PHILADEL PHIA you have the advantages of the unsurpassed services of a bank thor oughly equipped to handle with efficiency and dispatch your export and import business though it be to the UTTERMOST PARTS OF THE EARTH orthelSLANDSOF THE SEA. For evert there does the ' " dependable and efficient arm of our service reach, always helpful and re sourceful andequaltoanycontingency. If you arc looking for strength, range of experience, foreign con nections and progressive banking service, you need seek no further than Philadelphia. This bank is an institution of acknowledged capacity and influence in the banking world. Its customers cjprive confidence from the knowledge that no matter where else they might seek they could find no better nor more comprehensive banking service than they receive from THE PHILADELPH NATIONAL BANK 4.21 CHESTNUT STREET Free: 2 Valuable Books: "Inflation and Prosperity" (58 pages) "The Meaning of Property" (106 pages) With our whole country perplexed by the abnormal commercial conditions which prevail, and an understanding of these con ditions obscured by so many conflicting theories, these two practical books should be read by every manufacturer, jobber and banker. The books contain no advertising. They arc not dry nor academic. They discuss big, vital, fundamental economic problems with convincing logic and refreshing style. They are books you will want to read and keep hand', for frequent reference. Copies of both will be sent free upon re quest. Write or phone for yours today. CAMERON CREDIT-INDEMNITY CO. Of NEW YORK E. M. TREAT, president W. J. Morphy, Manager, J. F. McFadden, Gen. Afft. Mutual Life of New York Building Phone Filbert 5503 Philadelphia, Ta. I While the new year is but n few weeks ' rtlr? ni.n.f..a Am nvn.pil.nnJni nil tllflllV handicaps ut if not more thnn. they met in 1011), which will alwnys he looked upon us one of the most troublesome) twelve months in the country's history, A great many of the problems which eonfrouted the foretell trade last year remain unsolved. The more import ant of thes.c is the seriously adverse ex change, which is greatly handicapping trade with some of our best foreign customer."!. This u now supplemented by the cloudv political and financial outlook in Europe and doubt as to the position which the United Stntrs will take in straightening out the post-war af fairs of the world. The serious con dition of wnr-rldden Europe has been pictured rather gloomily by Kir George Paish in recent addresses nt different banquets. A great many nre of the opinion that Sir George has nverdwyn his picture and perhaps exaggerated the European dilemma. This idea has grown since the frank statement made by Mr. Hoover. . . Hcgardless of the diversity of opinion of these nccepted experts, the fact re mains that Europe is sorely in need of moncv nnd raw materials. It simmers down' to a question of credits nnd how these credits will be arranged. Sir George asserts Europe's needs in the next ten years will approximate ?10, nnn nnn tt likewise pointed out that lank- further break-down in the foreigu excnange win urins "" mnv short of n world calamity. Those who believe that the fnll in the exchanges with certain European coun tries must bring about n collapse of our export trade with these nations have not been backward in spreading their mes sage. In truth, there nre already rea sons for believing they have overdone it, and the real situation, as Mr. Hoover points out, is not quite as black as it has been painted. , As the Philadelphia Commercial Museum says in reviewing the foreign trade situation : "New financial machinery has been provided, for example, which makes it possible to extend credit and trade to 1 wortnv out temporarily nuauciuiiy vm- barras'sed foreign customers. This i rredit.mnkinrr machinery has not been designed to provide any sudden spec tacularly large credits to Europe, nor is anything of the kind to be expected or desired. As the weeks and months go by, however, it will be surprising if every desirable result is not nccom n1ilirl nnd the foundation laid for n I laree and lasting foreign-trade growth Passenger aud Frelrht Serrte commensurate with the size, wealth and NEW YORK to LIVERPOOL population of the country. Vauban tan. 20 1 Looking at the foreign exchange Xau ban. i""?oiM t1 situation more directly, there are cer- Uarmania .Jan. Z9IMar. , tain othor afp(,cls of the situation which kaisenn Auguste Victoria. . .Feb. 23jgivp mln encouragement. In the first NV YORK to PLYMOUTH, Placc tp hKe November exports tes- CHERBOURG and LIVERPOOL Ufy t0 thPi p.URPic'on. t,h?t CXI,r,ts,to i. . . a , r . i it Europe are bning affected to a inucn less kauenn Auguste V.ctona. . . Jan. 17, .,',. bv th ellallRe depreciation NEW YORK to CHERBOURG and i than was generally expected. It is in- SOUTHAMPTON creasingly evident that Europe must Mauretania...Jan. 28Mar. I0Apr. 7 I ,,!"c e"lairi goods now in spite of the Imperator Mar. 61 Apr. 3 'May temporary hardship of an adverse cx- ' i change. NEW YORK to PLYMOUTH. I "On the other hand, should the food HAVRJS and SOUTHAMPTON need of Europe decline with the passing Royal George. Jan. 24 Mar. 9IApr. 10 IA oft ticiiin vnf tf rro r ij-uinilii nitVj-L.r of the. current winter the exchnnge market will soon be relieved of bills totaling to large amounts, with con sequent encouragement to recovery. Moreover, any tendency toward further depreciation should bring into play nd- ; ditionnl counteracting forces. It must noi ic overiooiseu, lor msuiucr, wiui NEW YORK to PLYMOUTH. HAVRE and LONDON Sa.xonia Feb. 7 NEW YORK to PATRAS. DUBROVNIK und TRIESTE Fannonia Jan. i , England. France nnd other European N Y L'DERRY GLASGOW I countries hold extensive investments m Columbia Feb. 7Mar. 6 i South Americu and elsewhere. Should 1 there be any further decline in the cx- PHILADELPHIA to LIVERPOOL change with. these countries, it may be Vellavia , ...Jan. 12 j found advisable to transfer such in- Verbania Jan. 3 I Mnr. 7 ' vestments to American ownership. A uuii xnniDUiA . i -,vt-,n movement of this kind Vvonld do much PHILADELPHIA to LONDON to remedy the adverse condition." hTinan Late Jan. .. Vennonia Jan. 25Mar. 10 I t- t r I PHILADELPHIA to BRISTOL I Financial Briefs (AVONMOUTH) Z Z 7, 7T7 Vestalin... Feb 12' Tosepl, C I-TKUn. "d, formerly nOONHOLM '.'.'.'.'.'.'.'.'.'. '.'.'. Peb.' 28iwith t1"1 G,nml 'rust Co., has become p. ,, - , ' i associated with the foreign department ,00 ,va..nu" n n.iL,1Mm!rf U,e Crn h Xational I3ank' 'Ilie LlanK ot England minimum rate ot discount remains nuelinnged nt 0 per cent, 30 Years in Export Banking State Bank of Philadelphia i' IT til ana JSainDriaCe StS. The Hand output of gold for Uecem- STEAMSHIP TICKETS ' ber totalc(i CSO.OdO fine ounces. INTIMATE KNOWLEDGE of the needs and habits of the people, acquired by years of experience and actual residence in the countries themselves, is essential when transacting busi ness abroad. Our 23 branches in South America, 8 offices in Europe and direct connections throughout the world round out a service broad and comprehensive in every detail. , Anglo-South American ANJCLIMITED New York Agency, 49 Broadway Head Office F. C. Harding. Agent Capital and Reserve London W. M. Dawkin, Sub-Agent Over $32,000,000 MALL0RYS.S.C0. A STEAMER From Philadelphia Sailing About JANUARY 25, 1920 for Marseilles and Genoa Apply to MALLORY STEAMSHIP CO. MEDITERRANEAN SERVICE G29 Chestnut St. Ilrll. Markrt 8080 Krjstoof, Main S3S3 New 1'orW Office. I'ler 36 North Iilier Telephone, Surlnc 88UU i The average price of twenty active industrials declined 2.5;) per cent yes- j terday to 102.00. while twenty rail- roads declined 0.G0 per cent to' 71.40. i The net income rfter expenses nnd I taxes of the Northern Securities Co. for the year ended December 31, 1010, j umoiintcd to $2.r)6,021. That is co,uiv l nlent to ?0.49 n share, os compared j with u net income of ?22o.l(15, or $7.f,0 1 a bhare, in 101S. I For the year ended December .'11, HIIO. the National Iliscuit Co. rc i turned net earnings after taxes of .t."i-- :!49,SG3. equivalent nfter the payment of $1.7o0,31.r in preferred dividends, to ,$12.20 a share earned on the $29, 230,000 common stock, which compares with S11.G2 in 1018. Holders of the common stock received S2,010,f20 in dividend disburtements. leaving a $1, 507.02S surplus, an increase of 9214. -(124 over the preceding year. Profit nnd loss balence amounted to S10, :!2S,S12. James Dobson. Harry It. Itos-enpartcn nnd Svdnev L. Wright were re-elected directors nt the annual meeting of the htoelclioldcrs of the :urlheru Trust Co., Sixth and Spring Garden streets. Thej will t.ervc for four years. The comnan'v recently announced u profit-sharing pian lor us imj employes. International Freighting Corporation .vwxW Regular Sailings n Through Bills of Lading LIMES Issued f PHILADELPHIA to SOUTH AMERICA Pv' .. Colllor al rminbiieo, nahla. Rio Janeiro and Jlonlerldro. yfi lliimoK A,r'iJ-J,,l,J'i tiff ,,,, nnnmo PHILADELPHIA to f KfcWttl ailawiii, ruKia Bordeaux. Ilarre, Unnklrk. ete. fi.. J.'41'iv. rilrrl'B&dIntf, PWI.delphU. TeleohanB LowbarJf33. 3634 EARN-LINE lneDnornll 1801 U. S. Shippintr Board Steel Steamers General Cargo Regular Service dl:ij1U. m l r. r IlUdUCipum mam.UUi.ier i making a cash net gain since Friday of A Steamer Feb. ix;w.i.oou. Dl,:inJalnU;3 UN, At a meeting of the board of directors x uiau&i)juiu ia.vailcl iof the central atloual Hank todav SS "Lake Galera" . . .Jan. 22 1 (:hBfr,M ,T- Rhoads was rL,'f,,,,(,t'''l pre'l SS "Coquina" Feb. 5 For rates and particulars apply to Earn-Line Steamship Co. Philadelphia, Pa. The New York Subtreasurv ruined $1,130,000 from the banks yesterday, i dent. Philadelphia Markets GRAIN AND FLOUR WHEAT rtecclplR. 10.080 bu.hcl The market wns unchanged, Uuotutionas Car ots In export elevator. Kovernment utandnrd Inspection standard prlrn, No, 1 red winter. 2.SI); No. 1 northern eprinit. JB.80: No. 1 hard winter, $3.31); No. 1 red winter, itnr llckv, 'J.!,7i No. t red smutty, 2.:idl No J red. narllcky and smutty, $2.81. The united States Ornln Corporation's purchases of Mheat aro bused on tho followlntr sched. iilo of discounts: No. a wheat !'.c under No. 1; No, 3 whoat Be under No. 11 No. 1 wheat 10c under No. li No. 3 wheat He under No 1. CORN Tlecclpls, 17,011) bushel". Trad nai slow, but the market ruled firm under mail supplies. We q.uote new, as to nuallty and location, at Jl.Silffl fl, the latter for No. a yellow, CMTS neeelpts. 5RS7 bushels. Trade was quiet, but offerings were light and values were well sustained. Quotallor Oar lots as to location No. 2 white. 0754 (fflOSc: No 3 white. PflOnOlies No. 4 white, nr.SJOOHc FI.Ol'R Hecelnts. 1.041.01.1 11,. 1 pmrkrf. Trade was quiet, but mill limits uenerally were steadily held. The, quotations follow i-er iini ion. packed In 1 JO-lb. Jute sacks Soft wlnt-r stralKht westorn. jfo.7.1WU S5. do. do, nearby, JlO.flSsMl; hard winter stralKht, SI 4014.no: do, short patent. 14 no ?!&: mrnv first olenr. tin 7.MW11 '2Ri do pajnt. JI4.nO1.1.25: do, short patent, i.i iiiiw .': rancy spring and city mius pMent, fnmlly brands, Sin.sr, srirt "0 It 1 K KI.OIIll U'na niilal nn4 tinhuncert. Quotations; JlO.4R10.(10 per barrel, Inl sacks, ns to quality. ' PROVISIONS Trade was quiet and larKelv of a Jobbing! character, but prices ruled steady Quota-. tlons; Deef. In setn smoked and alr-drlcd. uoc: beef knuckleM ,nl lanrlrn Hmnkeri and nlr-drled. Bc; pork family. Mcs hams, R. P. cured, loose. 21J27c: do. skinned, loose. jf'W-Mc: do. do. smoked. 24ti2(lc, hams. boiled. hnnnle. in 'n1j.nl. hnnlil.rH S. P. cured, loosn. 28Vic: do. smoked. 24Ue;' bellies, in pickle, loose, 2Sc: breakfast b. con, n2c: lard, 27c. DAIRY PRODUCTS of both solid-packed creamery and prints ad aneed Ic, Influenced by firm outside advices. Quotations: Molld-packed creamery, fancy nicn-scorlnir irimdR. enffa.,.. ,,!,. ive: Mtrn .firsts, nu80c: nrsts, fiflQ.ISc; secondR, I Vu"S' sweet creamery, choice to fancy, (llOBilc: fnlr to good, SB03c: prints Jobbing , at ,0(ff J2c for fancy and al ."SiSXlOe for fair, to choice. I fclllls Trade was slow and with Increased pressure to sell prices declined (10c per case. Quotations: Free cases, nearby firsts, 123.10 per crate; nearby current receipts, SiiS.lifl; western extra firsts, J23.10: firsts, $21.20I7i 22-.P: cold-storago eggs, ns to quality, J14.10 HPHLhO: Inferior lnta lnu'.p. fnn.v MAleeted fresh eggs Jobbing at 83,1Rc per doien. ynisKSK There waa llttlo trading ana prices favored buyers. We quote: New ..'I wnuiq-miiK nais. neia lancy, .1. w 33c: fancy h'tld specials, hUher: held, fair to good. 31Vi Jf32c: fresh-made best. 32 .12W-T: do. fair In ir.n atlTTatUr.; WlRPnn. Sin. Whole-mllU (lata h.,'M fnnrv 32l (ff33c. held fair to good. 3m W32c; Jobbing sales oi ihiicj- neiu goons, 3j(il3uc. POULTRY T.1VIV I-'InR HewlruhlM.Klnrl KlnnL r:is well cleaned up and firm, but medium and poor siock continued quiet at Inside nguref. The quotations worn an fnllnwa: I'OIS. fine fat, weighing r, ibs. and over apiece. 30W3Sc: fowls, medium stzc. good quality. 32(31ci do. poor, 27(ff30c: broiling chickens, lancy soii-meateti, weigning lta- os apiece 3S(M(r: spring chickens, averago soft-meated, 3234c do, Inferior. 273nc; old roosters. 22fl23c; ducks, white Pekln. 38J?40c! do Indian Runner. 3lliB3Sc: do. Muscovy, 28039c: geese, 3031c: turkeys. itaw-ioc: pigeons, old per pair, 4irrtic: 00, 3'oung, per pair, 3r,40c; guineas, young, per pair, weighing 2 lb3. and over apiece. Plump, ii.inei.srii weigiilriB iia " apiece, 1 1.10; weighing l"i W2U Ibs. apiece, 73''Jn0c: culls. 4O60c. guineas, old. per pair, 75c DIIESSED Fine desirable-sized stock was well cleaned up nnd ruled Arm. Quotations: Fowls, fresh-killed. dry-picked, in boxes, weighing 4 lbs. and over apiece, 38c; weigh ing 3'j lbs.. .12034c: smaller slr.es. 2713 310; do. fresh-killed, in bbls . dry-packed, weigh ing 4 10s. and over apiece. a,c; wcignms o;a lbs. 30SJ32c; smaller sizes, 2662!ic: old roosters, dry-packed 2flc: broilers. Jersey, dry-oacked 434fc: do. ordlnarv nearby, dry-packed. 8."42c; do, western, drv-packed. weigning 1 tp-- ins. apiece, dnivc; rurtyi ing chickens, western, dry-packed In hbls.. welehlnir 4 lhs anil over Tvnlece. 3.,5?.,'io: weighing 3Va Ibs. apiece S3if34o: weighing -'V4 gu;i ins. aniece, .iiiwiiiic; western corn fed chickens. 13 to box. 17 Ibs. and under to dozen per lb.. 44f4!c: 18 to 21 Ibs. to dozen, per lb. 43(frl4c: 25 to 30 Ibs. to dozen, per lb . 3537c: 31 to 3C lbs. to doz en, per lb , 33B34c: 37 to 42 lbs. to dozen, per lb.. 3435c; 42 to 47 lbs. to dozen, per lb.. 34tft3."ic- 48 lbs. and over to dozen, 37ffl3Sc: ducks, western, fancy. 3S40c; geese, wejtnrn. fancv. 3032e: do do. fair to good. 2W27c. Turkes. Delaware and Maryland, fancv. fine; do, Virginia and other nearby, fancy. .'ilOnyc: do. nee.rby. fair to good. fnHfriVic; do. western, spring fancy, 5,-iiiTri7c; do, western spring, fair to good, MTioc; do, old toms. 15c. FRESH FRUITS Cold weather checked trade and values wero without Important change. Quota lions: Apples, pr bbl.. as te quality, $4 0.50; do, per box. .l.nn5J3.40. Cranberries, per bbl. SO.5oBiS.50; do, per crate. tt.SO 3. Orangee. Callfornl.L navels, per box. SS.1G&1.20' do, Florida, per box. J2.40fffi. Tangerines, Florida, per Vj -box. S1.T501.1S. Grapefruit, Florida, per box. S2.55w5.05. VEGETABLES Desirable stock was steadily held, but demand was only moderote. Quotations: White potatoes, Pennsylvania, per cwt., 4 255T4.50; df. New York, per cwt.. $4.25. Sweet potatoes southern, per hamper. $1 2.25. do. .lersev. per hskt.. S1.401.75. Cabbage, New York and Danish, per ton, M05(fi'125. unions, per 10O-lb. sacks, yel low. No. 1. SllfR50. Bank of England Statement London, Jan. 15. The weekly state ment of the Hnnk of Kngland shows the following changes: Total reserve in creased 5,10."i.000 : circulation de creased 2,OOS,000; bullion increased H,()(IO.rS4 : other securities decreased 11.f02.000i public deposits decreased 2,SOO,000; other deposits decreased 0, $02,000 ; notes reserve increased 5,110.000; government securities de creased 6,231,000. The proportion of the bank's reserve to liability is 10.70 per cent; last week it was 12.20 per rem. iiu ma' ui uiM'uuui, is u per cent. FLORIDA PHILADELPHIA JACKSONVILLE YAHB ON"B WAV BODNI) TRW $27.55 $49.59 Including mwli and itattroom tccoranwd ttOQp pi''c iiiiift rrir riusx u . m. PSIMIIVH av i vsiiiinii At the annual meeting of the I5rod Street National Iiank retiring directors wero re-elected. Directors re lectel offieerK and Edwlr. S. Radley was elected u vice president. LONDON METAL MARKET JJmr York, Jan. 15 Cable advices received A tho New York Metal Exchanen thU m.m. Ing quoted prices In tandon as follows: Tin 1 Spot. 371 10s, a decline of 8 10s. futures. 1 f!72 10s. a drop of ffl lis. straits. 372 10 a toss nun job. oHien crpoi, ou tons; ru tures, 050 tons. Slniaporo Wednesday), (SSI Bales, 1J5 tons. Standard copper Spot, 119 IBs. a decline of 10s; futures. 122. a drop of IBs, Sales Spot, 100 tonal futures. 1700 tons. Electrolytic copper Hpot. 124: futures. 125, both unchanged. Lead Rpot, 47 5s. an ndvancs of Bss fu. tures. 47 12s ltd. & recession of 2 n,i epsltor Spot, IIS B'i". h upturn of Jtw. fu. How Others Operate In The Market is clearly explained .in this book. Sent with our compliments to any busi ness man who wishes to know: The General Rules of Trading. How to Give a Broker Instructions. nrokcrs Commiahion CluirRes. How to Endorse a Stock Cerlificnte. How to Use Collateral in Trading. How to Group Investments. The Deposit Requirements for Carrying Stocks on Account. The Right of Stock and llond Holders, etc. Written in simple language and easy examples given. No obligation. Edition lim ited. Call, 'phone or write at once. Ask for No. T. U.-676 JONES & BAKER SECURITIES WidencrBIdff., Philadelphia Phonis Bill, Walnut 6065' Keystone, Race 2290 Direct Private Wires Offices In 8 Principal CitieJ It Is Philadelphia's Business to sec that her railroads are protected and encour aged to fully develop their facilities in this Metro politan district. Too much time has already been lost. Our needs arc pressing and our Congressmen should be in structed to see that the Railroads arc not only given protection but sufficient revenue to care for our requirements. Today on the Pennsylvania alone, 3000 cars averag ing loads of 40 tons move in and out of Philadel phia. The products of Philadelphia industry are received through 89 freight handling points of the Pennsylvania, 62 on the Philadelphia and Reading and eight on the Baltimore and Ohio. Through the Pennsylvania's 32 passenger stations in Philadelphia 46,919,000 passengers travelled last year. The Reading and the Baltimore and Ohio carried 28,000,000 more. Philadelphia's commercial development is depend ent on the condition of its railroads. In Overbrook there is a freight yard project that will increase the handling capacity of the Pennsyl vania by 3500 cars. In South Philadelphia a pro jected rearrangement of the freight lines will give quicker access to the piers and foreign trade. Both projects arc held up by lack of funds. The tax on business as a result of railroad conges tion and embargoes cannot be computed. New capital is needed now and public confidence in the future earning power of the railroads is neces sary to attract this capital. This Bank has no railroad account, but we have the accounts of many business houses that need modern railroad service. Help the railroads, to help Philadelphia. CORN EXCHANGE NATIONAL BANK Philadelphia Chestnut at Second Saks Increased Expenses Decreased The Dando Company, Philadelphia, Pa. Gentlemen; It may interest you to know that our books show that our business with jobbers for the past year lias increased I3M, and, notwithstanding the abnor mal conditions of the market, we have been able to reduce our total sales expense on Cough Syrup, for the year, y2. We appreciate heartily the cordial manner in which your organization has worked with us, as well asjor us, on our many campaigns, and the sound, practicable Merchandising and Advertising Service you have furnished us with. Name upm ,, Dando service cuts down costs, increases sales and heeds, as a con. sepience, extra profit. IPc are interested in making your letters brinr more your salesmen earn more your advertising make more. THE DANDO COMPANY HJRNIilllNC A SPECIALIZED ADVEHTlSlNG-SELlrNG SERVICE lO MANUFACTURtRS, WHOLESALER!, JOBBERS A.VD RETAILERS ?33 NORTH ELEVENTH STREET, PHILADELPHIA Kitouttd,,;1 publkhcd by us, h a journal of Information for the mail nrf periodical advertiser. Send for a copy j 1 ' 1812 1920 ! THE PENNSYLVANIA COMPANY for Insurances on Lives and Granting Annuities TRUST AND SAFE DEPOSIT COMPANY Capital and Surplus - - - . 7 nnn nnn r ", uuw nitOAO bTREKT OFFIOK iChntout aud Juniper Btriwli Member Federal Reserve System 517 Chestnut Street Philadelphia 1871 CARTUSfiooloTolocm ff SURPLUS (EARNED) I 49 YEARS of continuous conservative banking experience. Check Saving Fund Trust Safe Deposit and Foreign Exchange Departments At Your Service U. G. I. CO. 6 Notei . .., . m REED A. MOK.TDirJO WEST EtTO TRUST 3UIL.DINU Mtmrxri 01 mo "" t 1? D...IM Me lift- CERTIFIED PU?C ACC01WTAT3 1920 l'llll ITJlWrrrMIFIOil nr T"" MBHrilANTB MINBBH- T. Mar IB U, IHl. At. Ttl, It I ti isu os. a rua ot jm fe':1". '.'T ""r k I: t KJ aak;.i4.'. ,&i-.
Significant historical Pennsylvania newspapers