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p II French Bonds Confidence in the rapid recon? struction of France is increased by the report that 1,200,000.000 francs have been deposited in French savings banks between January and October, 1919. The effort to save is national, for it is stated that there is one depositor for each two and half of population. We recommend French Govern? ment Bonds quoted, subject to exchange rates, as follows: 5000 francs French 4s Costs .$345 5000 francs French 5s Costs .$425 Aih) for Revlev No. A-107. Herrick & Bennett Member? New York) Slock, Exchange 66 Broadway, New York Telephon? Rector 9060 E Investment Securities R.CMeg?rgel&Co. 37 Pine Stxeet^eanbaX. MlLLER-fe 6Q Mjsmber? fw-^a-_.E?___?{. Securities Bought for in? vestment or Carried on ConservatSire Margin 32omoADm~ Stanch. Offices 2I2FI-lHA\?r?_B ?v: cent. 86. firmar l -XOR *2n_. or. A-B___*_*_i? URWTTORK. I Raritan Refining Corporation 7% and Participating ? 0-year Gold Bonds At 97|V_ these bonds yield approximately 7.18%, without taking into consideration par? ticipating dividends. Further Information on Reauui HCUWIGftREUTTER Member? Sew York) Stock) Exchange 26 Broad Street, New York TeL Brosd 6230 American International Corporation Stock Circular on requeat. Chandler Bros. & Co. Members N. Y. Stock Exchange 34 Pine St, New York (SH? Oil Industry Henil tor l*u_t t-Utton of thl? |_M_pb__t, whldh contain? d .Uli? of many ell companl*% central condi? tion? of t_u> indU-try, ho. Spoola! artl .1 ?? of lntoroat t? thoaa into.?-, ?d la tho Aioot OU 0__w_y. r?pbl-S 0-T._i.o_i rtqmet. Far son, Son & Co. UombTO ft? w Tort, Stock _5xchanr? US Broadway, New York Clarence Hudson ft Co. SO Cortlaadt St. Eat. 1S?3. INVESTMENT BONDS Specialize in S e c ur itie$ Yielding Above the^ Average Cireulars ?tat on rtMraost America Faces Its Greatest Opportunity Nin?teen-Twenty Should See the United States Started Well on Its Way Into the New Era of Commercial and Financial Prosperity Lying Open Before It ? High Cost of Living Is a Tax on Slothfulness, and Peak of Commodity Prices Has Not Been Reached, Although Luxuries May Topple Soon By FRANCIS H. SISSON, | Vice-President Guaranty Trust Com pony, of New York NINETEEN HUNDRED AND TWENTY promises to be one of the most critical years in the history of the United States. The future of this nation may be definitely influenced for the next several years, possibly for a generation, by the developments of the year which is Just dawning. All the world stands on the threshold of a new era, and all the world looks to the United States for leadership on this momentous occasion. We seem to be indeed "the heir to all ?he ages," the favored child of fortune. It is a glorious r?le to con? template for one's country, but it entails grave responsibilities and de? mands vision and courage and re? sourcefulness in the highest degree Are we equal to our opportunity anc our duty? That is the paramounl question which we must answer ir 1920. The way in which we answei it will go far toward shaping oui immediate destiny. Certainly, we can no longer wrai about us our emblem of freedom anc deceive ourselves into believing tha ipso facto we .became independent o: the world ano], its multifarious prob lema. Such emulation of the ostricl would be as impossible of accom pushing its purpose as it would b absurd and false to the ideals upoi which this nation was founded. I freedom means anything it sure!; connotes service?and that has beei the great living fact which has mad this country what it is to-day; tha must be our guiding light now. An in its illumination we may profitabl; study some of the titanic problem that confront us as we enter the ne^ year. World Policies Mixed With Domestic Politics First of all, we cannot escape th primary truth of the present situs tion, that never before have on domestic problems been so closel allied with and a part of our foreig problems. They are shot throug with the warp and woof of the un versal economic fabric; we canni segregate them, and we must set their solution with a clear unde standing of their relation to wori conditions. The greatest and most destructif war in the hii3tory of mankind can to an end only a little more than year ago, and the world is stagge ing under the colossal burdens imposed. I need not do mare he: than merely recall to memory a fe of the major losses occasioned 1 the World War. The estimated 1( 000,000 dead, the economic cost human lives due directly to the w? computed on a monetary basis, more than $33,000,000,000; a tot property loss on land of practica! $30,000,000,000; the loss of mc than 15,000,000 gross tons of ah ping, of an estimated value of $ 000,000,000, and cargo losses nearly $4,000,000,000, or a total 1< at sea of almost $7,000,000,000, a the indirect cost in production pla( at more than $40,000,000,000; total direct cost in excess of $18 000,000,000 and ?indirect costs more than $160,000,000,000, givl the stupendous aggregate of $3i 000,000,0001 While it is manifestly impossi to reduce the losses of the war douars and cents, if such figures comprehensible at all, they se perhaps as a tangible means visualizing the costs in a m I graphic manner than any other. has aptly been observed, in fact, t they do not and can not "take into count the effect of the war on 1 human vitality, economic well-be ethics, morality, or other phasei human relationships and activi which have been disorganized injured. It is evident from the p ent disturbances in Europe that real costs of the war cannot measured by direct money out of the belligerents during the years of its duration, but that very break-down of modern ecom society might be the price exact War Costs and High Commodity Prices * The figures may, however, help us to understand more fulls present world-wide scarcity of p< time products and the bearing w that has on our most vital dorn problem?namely, the high co? living. They may aid us in con handing why Europe has only 6i ?cent of Its food requirements; it needs more than 4,000,001 bushels of grain, and why the available in all tha world only e 1,000,000,000 bushels. They ma; ?ist us to appreciate the reasot Europe's shortage of coal, in er. of 200,000,000 tons, and the c< qaont decreased production o? commodities, as well as the M suffering which this winter is in Jng opon ths peoples of Eu They may help us to grasp the and its significance that years ! pass before world production again become normal, which m of course, that commodity prices here as well as elsewhere must remain high for some time. These figures may throw a differ? ent light on the far-reaching results of the epidemic of strikes which in? fest this country and which not only greatly lower production in the in? dustries directly affected, but also in? directly and inevitably in practically all other industries, thereby increas? ing the already disturbing scarcity of goods generally and augmenting the high cost of living. They may serve to illuminate some of the consequences of the reduced output of the American workman, estimated at from 15 to 50 per cent in the last year or two, despite, or shall I say, perhaps, partly because of unprecedentel incerase in wages. It has aptly been pointed out that the simplest mind can grasp the meaning of this deplorable situa? tion, to wit, that "if a greater num? ber of people must be employed to turn out the same quantity of goods as before the cost price of the goods must be increased. This '? increase comes simultaneously w?th increase of wages. ' Plainly the country is taxing itself in high prices in or? der that some of its inhabitants may indulge a slothful spirit. H. C. of L. a Tax For Slothfulnes? As a concrete example, the Penn? sylvania Railroad has 14 per cent more employees than before we en? tered the war, but gets 11 per cent less work from them. In other words, it requires 127 men to-day to do the work of 100 in 1917. The fact that the employees now work only eight hours a day instead of ten, as in 1917, does not account for the decrease in results, because even with a 20 per cent reduction in time, were the men to work with the same effort they manifested in 1917, they would be able to move 91,000 traffic units a day instead of only 89,000, the present daily average. The figures apropos the cost of the war also account for the ^in? satiable demands for capital goods which both Europe and our own en? terprises are making now and will continue to make during 1920. There ?3 a vast amount of de? ferred maintenance that must b( taken care of, of which our rail ways, and still more those of Eu rope, afford the most striking am obvious examples. The huge for eign trade of the world needs mor< ships., Building operations hav< lagged far below normal during thi war, and sooner or later this de ficit must be made up. A vast num ber of commercial motor vehicles including agricultural tractors, wil be added to the world's supply. In terest rates, and ' above all the de dining bond market, reflect the sit uation in the capital market, th< growing demand for investmen capital and the shortage of th supply. The cost of money, of course, ex ercises an important influence upoi prices, and money costs, like com modity costs, are determined by th simple law of supply and demanc Interest rates are not fixed arbi trarily by bankers, but are base upon the value which the publi fixes upon money and upon th price at which security issues wi be absorbed. Peak of Prices Not Yet Reached The high peak of prices, then fore, it is feared, has not yet bee reached, though it is by no meat without the range of possibilit? that, thanks to more sensible spenc ing in 1920, prices of luxuries ma topple, while those of some of tr more necessary articles contint high. This may prove the first ste to an adjustment of production thi will bring about increased output < the necessities of life?the only we the high cost of living problem ca be solved. This leads us logically to the prol lern of inflation, with its bearing c the high cost of living. And in th connection we should not forget thi economically the war is not yet ove Nowhere is this better exemplify than in the huge expenditures whi< governments everywhere are st: making. All these government expenditures, with the exception < such items as the payment of inte est on public debts and the operatic of sinking funds, is in competitio directly or indirectly, with priva purchases, and, consequently, the: is seemingly little prospect of i immediate credit contraction an where. Furthermore, European countri have so far made no progress at i in reducing their huge issues paper morfby, nor does it seem lik ly that they will be able to do so the near future. In this connection It must be bon in mind that the United States d not succeed in restoring its gree backs to par until 1879, fourtet years after peace, and our ability resume sp?wla payments kt that th was a coincidence, in that the world's ? j wheat crop had been almost a fail? ure in other countries while we had a large crop which sold for high prices and for gold. Another factor which was a predominant one was the great increase in the volume of business in this country, due to the settlement of the West and middle West. Obviously, England and France do not have such a territory to develop except as colonial posses? sions, and it is hardly to be expected that the net result of their colonial developments will be so influential in the increase of their business as was the development of our great West in increasing the business of the United States after the Civil War. Becoming "Long" On Raw Materials The ability of the world to absorb the amount of inflated currency and war paper existing to-day will be contingent upon improvement in the technique of production, savings from income, the development ot new areas so that the world will be come relatively "long" on sources o? raw materials, and this course wil take a considerable period of time It is hoped, however, that 1920 wil witness a material advance alonj this line. In this country, with trade carriei on at the tremendous pace that nov obtains, attempted liquidation on ai important scale would be nothini short of disastrous. For the pr?s ent, further expansion rather thai contraction seems almost inevitable and it can only be hoped that ever; facility possible will be granted t legitimate, constructive busines enterprise, at the expense of specu lative, unproductive undertakings. Despite the colossal trade balanc which is piling up in our favor th depreciated currencies of Europea countries are militating very de cidedly against us as well as agains Europeans, who are now buyin heavily from us because they ar compelled to do so, but they are en deavoring, and rightly, to restric purchases to absolute necessitiei Even so, however, there must com a time when they shall havo reache the limit of their buying powe under existing adverse circun stances and must deny themselve even necessities. Meanwhile, th present demoralized exchanges aj acting in many countries as an ii visible tariff against American pro< ucts. And lessened demand abroa for our goods must inevitably jeopa: dize our prosperity, for in all bt history foreign trade has nev< played so important a part as it do< to-day in keeping the wheels of ox industry turning. How to Correct The Foreign Exchanges It is absolutely essential, ther fore, considered wholly from tl point of view of enlightened selfls ness on our part, to do two things 1920?namely, take more of Europe goods in exchange for our own ai grant Europe adequate credits finance the purchase here of raw m terials and other necessities in ord ?to increase European production a: restore trade balances. But the stabilization of exchan is contingent on more than tra balances and credit arrangemen It is dependent to a large exte upon the credit and currency con. tions in European countries. The must be decided deflation and retu to the gold standard in those cot tries before the exchanges can ? tirely right themselves. No consideration of the problei which will confront us in 1920 cou cf course, ignore the supremely vi problem presented by the railrc situation, and which, on account world conditions, assumes grea proportions than in the past. The. markets of the world open to American commerce and dustry. If we can produce and c tribute our surplus products e nomically so as to meet the cc petition of the world we can c< tinue American prosperity. No factor enters into this opp tunity of greater importance ti inland transportation. The railro; of this country must be able to f nish the transportation which i assure the production 'and mo ment of American goods if we to be factors in the world's tr? Such efficiency will demand mi millions of new capital, scient regulation and operation, and elimination of the waste and friction which have been for upon the railroads by governmei interference. The Pri?e Necessity Of Commerce New capital can be attracted c upon the basis of adequate earni and fair regulation assuring a turning which will make rallr investments and operations atti tive. Neither brains nor money labor can be commandeered 1 such ?wrviea or obtained with fair compensation. The ran?? ?must have more partners and fewer creditors, more friends and fewer exploiters. Every fanner, every manufac? turer, every laborer, every business man in the country should be vitally concerned in efficient trans? portation as the first necessity of commerce. But if no other factor were con? sidered by the publio the relation? ship of the railroad problem to the coat of living should arouse the keenest general interest and force an expeditious, satisfactory solution of the problem before the roads are handed back to their owners on March 1. Unfortunately, however, there seems to be an insufficient understanding of this vital factor by the majority of our people. There need be no fear of mate? rially increasing the cost of living by allowing railroad capital a liv? ing wage, for increases in freight Tates have but a slight effect on the general cost of living, as compai'ed with other factors. This is demonstrated, to cite only one specific example, by the fact that the item of transportation, computed from the shipping of a steer on a ranch to the selling of a pair of shoes in a retail store, en? ters into the cost of shoes only to the extent of 25 cents a pair. So railway rates cannot be hejd re? sponsible for the increase in the selling price of shoes which former? ly retailed at $5 and now cost $12. The cost of living began its sharp, est increase late in 1915. Taking September, 1915 as parity foi the wholesale price of all com modities, it is found that, in July, 1917, it had reached 187. No ma terial increase in the average freight rate of all commodities took plact until August of 1917. Thus the ad? vance from parity to 187 in th? wholesale price of all commodities had taken place with freight rates practically unchanged. Freight rates advanced in August, 1917, and fron that time on the increase in com modity prices was very gradual reaching only 197 in February, 1919 an increase of only ten points over the prices in July, 1917. Thi: would indicate that the cost of liv ing gained its greatest headwaj without any increase in rates, anc that this headway was not main rained at the same rate whei rreight charges became heavier. The average commodity value pe* ton of freight carried by the rail roads in 1919 was $119, as compare! with $56 in 1914. The averagi freight charge per ton was $2.8( last year, as against $2 in 1914. Th< percentage of the carrying charge t. the value of a ton of freight was 2. per cent, as contrasted with 3.6 pe cent in 1914. But the increase ii the cost of the average ton o freight over that of 1914 has beei $63, while the increase in th freight charges per ton has bee only 80 cents?a mere pittance and the relation of freight increas to cost increase has been only 1. per cent. Freight Increase Would Not Raise Prices To sura up, out of the averag increase of $63 in the cost of a to of freight in the five-year period c 1914-1919 only 80 cents was cause by increased freight charges. These statistics unquestionabl prove the negligible influence whic transportation costs exert on con modity prices, and they certainl sustain the contention that a fai increase in freight rates would nc materially increase the cost of In ing. On the other hand, if ad?quat rates are not granted and the rai roads are brought to the verge c bankruptcy, with the imparied seir* ice which such a plight would ne< essarily entail, the cost of livin would inevitably mount still highe because increased production?tl only way prevailing prices can I reduced?would be impossible, di to decreased distribution faciliti? for raw materials; and even if po sible, by virtue of some miracle, would be in vain, owing to the lac of sufficient means for distribute additional products. The shipper must realize that is much more important for him i get his goods to market than thi the rate shall be just to hin liking. Socialism Now a y Practical Issue There is another great dangi threatening tho railroads and publ utilities as well as business general in this country. And the Americi p?blic must realize that it is act ally facing this danger?namely, tl challenge of socialism, which, f the first time in our history, has sei ously thrown down the gage of ba tie nationally and demands a trial ; arms. Socialism has chosen to for the issue along three distinct liftes the Plumb railroad plan, the natio alization of mines and munleipi state or government ownership publie utilities. Stripped at all Its fine phrasso ai [socialistic rhetoric, the Plumb plan is simply a scheme for class rule and class profiteering. It provides for government transportation of, by and for the railroad brotherhoods. There is no modest restraint of profit-sharing in the plan, because it turns these properties over to the employees on a practically perpetual lease under a scheme of control in which they fix the return to them? selves through their power over wages, and under this lease they ac? cept no risk of the business what? ever. That is to be borne entirely by the government, or, stated more fairly, by the public. There is nc provision for securing a fair rental for the property, no effective control of rates by public authority, and thi control over wages lies in the hands of a board that the employees woulc directly control by a two-thirds ma jority, and completely control bj reason of political influence. What the consequence may be o: this class control over transporta .tion is foreshadowed by the airead; liberal increases which labor has se cured through government contre of railroads and the large additiona advances labor Is now seeking. Private Property Is Challenged From the broad standpoint of put lie interest it seems so obvious as t be beyond argument that the contre of this great service of transports tion should remain in the hands o the public and not be delegated t any selfish class. That mistake have been made under previous syt terns of control, or lack of contro constitutes no proper argument fc attempting this radical departui from the assured bounds of expei ienqe. On this question of the socializt tion of railroads and public utilitie we stand to-day in the first lir trenches for the protection of tr private ownership of all propert; If this position is lost the who! line will be seriously threaten? Men who believe in American ii stitutions, in property rights, i orderly government, mu9t line up i 1920 in opposition to this attack e live to regret the day of their ui preparedness. Another factor which we mu: consider in connection with any a tempt at a forecast of the probab trend of economic movements is thi of the pre-war preparations for ii dustrial expansion, which were tl logical outgrowth of conditions the leading industrial nations ai which, though necessarily deferri by the war, will unquestionably pit an important part in worldwide d velopment during 1920 and the ne few years. Indeed, it may be th after a brief period of readjustme the world war will be found to ha accelerated the fruition of the preparations for expansion. The United States, Japan ai Germany exemplified perhaps mo completely the industrial develo ment which characterized the latt 'years of the nineteenth century, ai because of their relative industri progress these countries natural were looking increasingly for oppc tunities to expand, either throu? ?Tolonization or the enlargement foreign trade and investments. Ai as a further consequence, toward t end of this period, it became nece sary also for the surplus capital other countries, which had co tributed to this industrial growl to seek opportunities in new arel Because of the unusual econon pressure in recent years many pla were formulated for the devele ment of transportation in vario parts of the world. Isolated as th may appear when viewed sing they are more rightly understo when regarded aslso many expr sions of a widespread desire share in the industrial progri which comes with the developme of new countries?the precurs? of another of the world's recurr? periods of notable industrial expi sion. The mingling on the battlefie of men from distant lands has < veloped mutual understanding, a the hard conditions of life to wh the soldiers were exposed in 1 trenches have fitted many th< sands of them for the peculiar tai of pioneering. One effect of t war will be a tendency to bre down the racial barriers that hi impeded the movement of peo between countries, and also, in so instances, the economic barriers Opening Up Undeveloped Areas It is fortunate that in rec< years the achievements of saniti engineering in the Panama Ca zone, Havana, British Guiana i elsewhere have proved that pi tically the whole of the tropi countries can be made healthful the white race. And, besides, b in South America an din Afi altitude largely neutralizes latltu jiving climatic conditions compa ble to those in tifa temperate se The development of the intei combustion engine and its applica? tion to agricultural machinery also will undoubtedly facilitate the de? velopment of these regions. It Would appear, then, that eco? nomic forces of worldtWde scope were laying the basis at the out? break of the war for industrial ex? pansion and that in a general way the main arteries of communication have been constructed, or are in process of construction, to open up the world's undeveloped areas. Dur? ing the further extension of these arteries it is not to be expected that a latg? imm?diate expansion of the world's business will result, It takes some time after transpor? tation lines are laid before regions are developed to such an extent ai to be felt appreciably in the world'i business. But the war has quickened th< spirit of adventure in man, as wel as his resourcefulness and inven tiveness. In other words is hai created conditions which will in duce men to get out into new re gions. Therefore, we may expec a rather earlier exploitation of thi undeveloped areas of the world thai would normally have come, an 1U20 may be noteworthy in th& movement. Foreign Capital Developed V. 9. The rapid de/elopmen*- of th vast new areas of the United State was made possible by the invesl ment of capital from other cour tries. The continued investment o capital in combination with our nt tionalistic policy encouraged the d< velopment of a diversified industr which, during the period of our e_ pansion, found the market for it products within the country. Ou industries grew to such an extei: that many became interested in fo* \eign trade as an outlet for thei products. The recent war led t a further expansion of our indui trial capacity and the estabiishmer of comparatively new industrie: The maintenance of an outlet fc our products in other countries : essential to the maintenance an development of American indui tries. The investment of capiti in other countries is one of the ei fective ways to keep world markel open for American products. Th involves the purchase of foreign s< curities and the development of a international finance market in th country. Ever Bince its discovery Americ has attracted the investment of Ei ropean capital, and in a report mac to the United States Monetary Cor mission in 1910 Sir George Pais estimated that the total amount < foreign capital, including bank loan invested in the United States wi approximately $6,500,000,000. D mestic capital, meanwhile, has be_ accumulating, and while we co; tinue to borrow, our capitalists we; able, on the other hand, to make a vanees for the development of neig boring countries, especially Canad Cuba, Mexico and some of the Sow American countries. At that tin Paish estimated that the total i: vestment of American capital in fo eign countries amounted to aboi $1,500,000,000, leaving America debtor nation to the extent of aboi $5,000,000,000. The capital which America ol tained from abroad was used chief in extending and improving the ral roads of the country. No one ct survey the remarkable growth : the population, wealth and produ tiveness of the United States wit out being impressed by the grei part which the railroads ha' played. They made possible tl cultivation of vast tracts of agrict tural land, the produce of which b fore the war was valued at mo than $8,000,000,000, and. now isesl mated to be worth approximate $14,000,000,000. They made pc sible the opening up of our immen stores of minerals. In other directions the investme of foreign capital here was Inval able. It enabled us to devote o' own savings to the building and fi? nishing of homes, to the equipme of our manufactories, to fitting o retail establishments, and in tl way accelerated the growth of o population and wealth. It is es mated that the increase in the a nual production of wealth in t United States made possible by t investment of foreign capital he has been at least twenty tim greater than the sum paid for i ?terest. The interest paid to foreign ca] talists by the United States has be of less importance to those ca] talists than the Increase In t wealth of this country which th? investments made possible. Such i crease in our wealth has meant i creased buying power and dema for the prod-acts of the lending cou try, so that th? returns from forel investments have been Indefinit? larger than the mere interest pi ments. In the same way every investme (Ofrntinnod m pee* ?, tki$ teeU? New England Fuel Oil Co. of Masiachusstt? CAPITALIZATION! 1360.000 60,000 Shares IB.?6 Par. PROPERTIES: 2916 acre? of promn and producing oil lands on Panuco River, Mexico. PBO0UCTION: Owns four producing yells. Shipping facili? ties of 150,000 bar? rels per day. EARNINGS: Operated by Magnolia (S. O.) Petroleum Co. on a 30 "l royalty basta MARKETt Traded in on New York Curb. DUNHAMen *^ SPECIALISTS ^ ?43 Exchange Place, New York Telephone 8300-16 Hanover The Packing Stocks Brief outline of conditions sur? rounding the affairs of Swift. Armour, Morris, Wilson and Cudahy. Merritt Oil Production, earnings, dividends and prospects. Anglo-Amer. Oil Analysis of business, earnings, financial condition, dividends and general outlook. Amer. Druggists' Syndicate Commonwealth Union United Retail Candy Cons. Interstate Callahan Simrns Petroleum ?Kennecott Copper Nipissing Silver Vanadium Steel Elk Basin Petroleum Continental Candy Pennok Oil Senf on reqmett for JT-4M HUGHES & DIER Stocks?Bond*,?Oral n fPhlla. Stock Exriif'.?,;? Member?-] ?*!tt?. Stock Exeliaiii? (^Chicago Board of Trulo ?50 Broad St., New York Suite 012-620. Te!, l?road 5H0. FIFTH AVE3VCB OFFICE. BOS Fifth Ave. Tel. VaiicIrrMH S5JI. Uptown Office, 67 W. 125th St. FhiladripliJa, 1435 Walnut Street. ?. W. Pope & Co. London Stock Exchange Issuei Bought - Sold - Quoted We have prepared a special letter covering profit possibilities in present Foreign Exchange situation. DeBeer* Cons. (Bearer Share?) Ororille Dredg-ina, Ltd. Argentin? Railways Mexican Eaaie Oil Rio Tinto (Bearer Share?) El Oro Minina & Hallway Tomboy Knperonza Camp Bird Ltd. Santa Gertnidi* Kng-Ush Marconi (Bearer Sham) This house specialized for years pri? ? to the war in English Securities and it prepared to give all the service posiibla with present mail and cable facilities. C. W. Pope & Co. 25 Broad St. New York ! Phons 7110 Broad I C7i*/kvestmentPrvf?tsSCmty ' : lli? Bargain Counter : ? BAILROAD-INDUSTRIAL-FOREr?NOOVT.; -?GrV'*lArVtMisr- ! FJRANKP.WARD : INVHTMENT BROKER ? ; 60 Pine Street, N?ew*brk : New Building Material Is Invented in Sw-eden The periodical, "Swedish Export," announced that A. B. Kronsten has ban newly organized at Stockholm f with a capital of 700,000 crowns. It will exploit an article of interest to the building trade; a material known as "kronsten," which Is said to be an excellent insulator of heat and to have a high resistance to Arc. It is manufactured solely of Swedish ; materials. The advantage to the - builder using "kronsten," is that thi* t< material can be planned, sawed and e nailed like wood. a Mexico Buys U. S. Steel In October a shipment of steil wM made from the United States to Mes ico for the manufacture of dies by the Mexican Mint. Heretofore British an? German ateel has been exclusively used for this purpose. The dies are to be employed for a new issue of 10-ceiit copper pieces, which the government in an effort to relieve tha ahortaga ox currency. a. Potato Crop Damaged Official figures recently publish??* show that about 1.000.000 bushels et - potatoes have been frozen in the ground in Western Canada, meaning ? ? losa of $1,000,000. Aa the estimated yield this year was only 5,000.000 * bushels, or 2,000.000 lesa than that of ,* last year, the seriousness of the loss is apparent. o ?? Britain Trades With Germany % LONDON, Dae. ?.-Great Britain ? has importad from Germany sine* tn? -? Siiatic? material to the value W 7,000 and exported to Qttmsm m*,000 worth of gooda.