Evening star. [volume], September 20, 1919, Page 10, Image 10

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
r HEDGED IN BY OIL
' LAWS AND CODES
Mass of Authorizations Sub
mitted in Support of Pro
posed in Mexican Statute.
MEXICO C'fTY. August 27 iCorres
pondence of the Associated Press). ?
I.egal precedent for the republic of Mex
ico to nationalize its lands which are
now devoted to the production of pe
troleum is claimed in a statement re- j
rently furnished to the Associated Press j
by l.eon Salinas, subsecretary of ih. !
department of commerce and industry. ;
which has this question in charge.
Laws and statutes governing the de
velopment of coal and oil deposits date !
back to the days of the viceroys in j
Mexico, the statement says, and since j
that time there has been a series of de- i
crees and laws that firmly establishes j
the rights of the republic in this regard, j
Before Mexican Congress.
The question is now in the hands ot* j
the Mexican congress for revision, with ?
p view to adjudicating claims made by !
foreign companies with vast interests j
in Mexico.
As early as 1793 the Spanish srovern- !
ment. b.\ laws known as "mining!
statutes -of New Spain." established the
absolute dominion of the crown over j
tnmes and their products in Mexico, i
says the statement. Renito Juarez. !
President of Mexico, decreed in 18t?3 j
that the nation has direct dominion j
over coal beds.
In 1S81 the supreme court of justice j
decided that the coal mines were sub
ject to be denounced and that the
"mining statutes of New Spain'* were
still In force. Two years later the con
gress of the union amended the federal
constitution, establishing the right of
that congress to issue mining and com
mercial codes which should be binding
throughout the republic.
Mining Code of 1884.
Based upon such authorization and I
exercisine the authority granted by j
the legislative power, the President in i
1*^4 issued the first mining code of
the Mexican republic, which declared i
in substance that the coal and oil of
the subsoil belonged to the owner of
the surface. This principle was fol
lowed in the mining laws issued by
congress fn 1592 and in 1ft 10.
The statement declares that later in
1017. article 27 of the constitution, the
proposed amendment to which has
been submitted to congress by Presi
dent Carranza. recognized the domin
ion of the nation over the hydrocar
bons and the systems of concessions
for the exploration and development
of petroleum. It is claimed that the
law which is now proposed is found
ed upon the principles of the constitu
t ion.
American Mining Engineers Meet, i
CHICAGO. 111.. September 15.?Mine j
owners and mining engineers from ?
every section of the country Svill pre-j
sent opinions to government repre- :
sentatives on the taxation of mines at |
the meeting of the American Institute;
of Mining and Metallurgical Engi- :
neers, which will he in session here I
during the week of September 22.
Mine taxation at present ranks with
the subjects of most pressing impor
tance to the mining world. At their
meeting the mining engineers and
government officials will discuss meth
ods of determining mine valuations
with a view to establishing tax laws
for the mines, which will take into ac
count the wasting assets of the min
ing industry.
The meeting is being held at the
request of the commissioner of in
ternal revenue, who will be Vepre
sented by Dr. L. C. Graton of the
valuation section of the bureau. In
addition the mining engineers will
hold important discussions on coal ?
supply;
THE WEATHER.
The District of Columbia?Generally j
fair tonight and tomorrow; slightly ?
warmer tomorrow; gentle to moderate !
southerly winds.
Maryland?Generally fair tonight j
and tomorrow; slightly cooler tonight ;
in west portion; warmer tomorrow;!
gentle to moderate southerly winds.
* Becords for Twenty-Four Hours, j
The following were the readings of
the thermometer and barometer at J
the weather bureau for the twenty- I
four hours beginning at 2 p.m. yes- j
terday:
Thermometer?Yesterday, 4 p.m., 76; j
% p.m.. 71; 12 midnight, 70; today, 4 j
a.m.. 6S; S a.m.. 68. Maximum. 78. at j
4:50 p.m. yesterday; minimum, 68, at S J
a.ni. today.
Temperature same date last year?
Marximum. 70: minimum. 47.
f.rometer?Yesterday, 4 p.m.. 30.02; j
m.. 39.01: 12 midnight, 30.01; to-j
4 a.m.. 30.00; 8 a.m., 30.04.
Tide Tables.
?(Compiled by United States coast j
d geodetic survey.)
Ti&Ly?Low tide. 12:22 p.m.; high J
tide, 5^42 a.m. and 6:09 p.m.
Tomorrow?Low tide. 12:44 a.m. and !
1:13 p.m.: high tide. 6:41 a.m. and 7:04;
p.m.
I
The Sun and Moon.
Today?Sun rose 6:53 a.m.; sun sets
7:10 p.m.
Tomorrow?Sun rises 6:53 a.m.; sun
?etb 7:0^ p.m.
Moon rises 3:14 a.m.; sets 5 p.m.
Automobile lamps to be lighted one
half hour after sunset.
Condition of the Water.
Temperature and condition of water
at 8 a.m.: Great Falls?Temperature,
71; condition. 20. Dalecarlia reservoir
?Temperature, 70; condition at north j
connection, 16; condition at south con- ]
nection. 30. Georgetown distributing I
fjtaertolr?Temperature, 72; condition j
at influent gatehouse, 17; condition at
effluent gatehouse, 19.
Up-Biver Waters.
Ppwil Diapatch to The Star.
HARPERS KERRY, W. Va.. Septem- |
ber 20.?The Potomac and Shenandoah
livers both were clear this morning.
Weather in Various Cities.
c: Temperature.
? -M ? -- -? B ?
? 2.T-2 -2. State of
Stations. c - leather.
Abilene. Tex.
All>iy
Atlantic* City
}lalttmorr .
Xnnarck
P.-.aton .. . .
Jtuffalo
? narleatuu .
Chicago ....
? incicnati
? irTHnri'l
l?en*er . .
J?etroit
11! Pa*'-. Tex
?isii estoB
JMena
.lark soon lie.
Kansas < ity
Jot Angele
"CouisTille
Miami Kla .
JSrw Orleans.
? w York . .
?'klah"ma
Philadelphia.
Phoenix. Anz
Pittsburgh
Portland, Me
Portland. Ore
Salt I*fce C.
San Antonio,
han Diego .
8 Franciaco\
st. L?<ns ....
*t. Paul . .
MA?H.. D.t.
Tti
aif.oti
no.ot
29 i
3". 10
IS*. K*
;t?MW
jj>7s
:s?.9rt
29.90
lll.Mi
JU. 7 i
30.o|
jy T??
?. JsrTH
^ ??*
:;o.w>
LVJM
30. OK
1!9.74
ao.iiK
29.
?js* on
3O.10
30.22
29.84
29.80
29 7*
20.7?
29.82
29.54
SO. l>4
74
9K
64
74
74
KS
7U
92
88
tttrj
0.01
0.01
O.lS
? MS
O.-O
1 1_*
??.0l
7K
HL'
K4
t'.H
K*
? ifi
74
M
Cloudy
Cloudy
< loudv
Cloudy
Cloudy
I loudr
Cloudy
i lear
Cloudy
Pt rlou<l\
i lear
< I far
Ciear
< lf-ar
I't.cloud V
? lear
i l?*ar
Pt .cloudv
t loudv
Pt .cloud*
< lea r
Pt.cloud*
Cloudy
< loudy
Cloudy
Clear
Clear
Rain
cloudy
? le?r
Cloudy
i loudy
< 'ea r
F\ eloudv
Cle. r
< l0',?,/
From the N. Y. Evening: Post Fintncial Bureau.
NEW YORK. September 20.?New Is
sues were regarded with different de
grees of favor in Hie past week in
the trading on the Broad street eurb.
Among the weak features were: Vi
vaudou, which started at C3 and de
lelined to 28^; Union Oil, which rang
I ed from 40*?. to ; United Kail
Company, which sold down from 24
to 20*4. and Indian Packing, which
declined from 29 to 26. In contrast
with these stocks. United Pictures,
stated to r< present the largest pic
ture corporation in the world, was in
good demand and moved up from its
initial trading price of 12 to above ] t.
There were some dealings in Maxwell,
Chalmers new stock at 60 and Chan
cier new stock, when issued, at 97 to 94. ,
Newman Erb. chairman of the board j
of directors of the British-American j
Chemical Company, confirms the re- j
port that that company, barring un- |
foreseen accidents, will go on divi- j
dend-paying basis beginning the last
quarter of this year. Based on earn- (
ings, which are said to be at the rate j
of $400,000 a year, increasing monthly !
because of orders now in hand, which !
will tax the capacity of the plain, it j
expected dividend disbursements I
."ill be at the annual rate of 12 per
Produce Basic Chemicals.
i
The plant of the company was dr- |
signed for the production of basic j
chemicals, which prior to th-- war were
almost all produced in Germany. Food
products stock showed weakness dur
ing the week, many of those issues
being under steady pressure and some
of them declining to material extent.
The motor stocks were irregular.
Peerless ranging from 44 to 40%,
while Madison Tire moved up from
57^4 to the new high of 659s. Martin
Perry sold at f>2 to 30.
The feature of the petroleum group
was the continued strength in Brazos
Oil. which moved up to 30%. Buying
was based to a great extent on author
ized statements that the stock will
soon be placed on a dividend basis and
application will be made to list the
stock on the sU>ck exchange. Cosden
was another strong feature, advanc
ing from 11 to above 12.
Declared Quarterly Dividend.
The company declared the regular
quarterly dividend of 2*,2 per cent in
cash and extra dividend of 2V2 per
cent in stock on the common stock.
This action explains the recent per
sistent buying. Shell transport was
heavy during the week, falling from
71 to GS%. Sinclair Gulf, selling at j
70. declined to 57%.
Mining stocks were generally heavy, j
Tonopath Divide selling from 6Vx to J
5%, and Mason Valley from 3*4 to
21*. El Salvador was exceptionally
string, advancing to 4>g.
STOCKS REACH LOWES!
PRICES OF THE WEEK
XKW YORK, September 20.?Stocks!
recorded lowest prices of the week |
during today's two-hour session oil I
further selling precipitated by labor j
conditions. United States Steel fell a
fraction over a point, allied shares
broke 1 to 5, and motors, which are
dependent on stable industrial condi
tions. lost 3 to S. Sympathetic reac
tions of 1 tc> 3 points were made by
equipments, oils, coppers and leathers,
rails also losing 1 to 2. Tobaccos and
a few specialties, notably American
Linseed and National Lead, were con
spicuously strong.
Rallies in the later dealings re
duced some of the mo-re extreme de
clines. The closing was heavy. Sales
approximated 4"iO.OOO shares.
Pressure against leading issues, es
pecially steels and equipments, was
resumed at the opening of today's
short stock market session, the more
acute labor situation causing further
liquidation and short selling. United
States Steel lost only a fraction at
the outset, but soon extended its de
cline to more than a point. Among
motors and allied stocks losses ex- ,
tended from 2 to S p&ints. oils and i
tobaccos losing 1 to 4. The reaction
made further progress on increased
offerings before the end of the first I
half hour. i
Liberty bond final prices today were:
99.96.
CURB STOCKS.
Quotation? furnished by W. li. Hibb* & Co.
, Close.
Bid. Aak'd.
11 11",
A'lna Kxplosive
Allied Pac"
Atlantic Petroleum 3,'*
Iiil- -
Itoone Oil f--1 '
Boston and. Montana '? ...
Boston and Wyoming.... ?? AJJ,
Braxos oil ~ .- ?oui
British-American t hem ? J -
Butterworth Judson
Caledonia
4U 43
?-? !? I
Calumet and Jerome * *'
Canada t opper 1Qi J 1S0 '
Carbon Steel ..
Car Light and Power
Charcoal Iron.
Chevrolet
? S
200 300
Cities Service "(mwl 4# ?j|*i
Cities SerTice iold* 4>jft 41W
Cities Service pfd V0
Coca-Cola ?
Colonial Tire......... i '
Commonwealth Petrol ,
jl
IVi
Consolidated Arizona IVi
Consolidated Copper
Cosden Co V"
Cosden *
cosden ',fd ? 170 4 200
Cresson Gold.
Curtiss Aero.
Cramps ?.... ' 2% 2^
ii'aVi's Italy 1JJ 'j
Klk Basin ?
Kmerson Phone 6V2 '
Kx.*l)o Tire B
Federal Oil
General Asphalt S?Vt ?
General Asphalt pfd 130 13o
Glenrock Oil *.-?>
(itlffey-Uillespie -? -7
Hecla .*??
Houston Oil 10-' 12?
Howe Sound ' J* ?
Hudson Oil J*
Hupp Motors 10'/4 }?%
Imperial Tobacco -? -?>
Intercontinental Ilubber tv -2
International Petroleum ?>"
Island Oil
Jerome Verde *>q'"
Jim Butler 1
Juinbo Extension.. ? 11
Lake Torpedo ' *
! ima I A.Wt
- *
95
2Vi 2%
Lima Ix>co
Livingston Oil ? ? ? ?
MacNamara Mining
Magma Copper i
Mason Valley r<*. . I
45 49
3V
1-16 :
.lla^ou * *1 . -
Maxim Munitions *?*,
Merritt Oil -}?* ~;
Metropolitan Petroleum - N ,
Midwest Oil com } j
Midwest Oil pfd - ??
Midwest Reining -r -1
Motherlode ? new o- ;
Nevada Ophir . -J ?*"
New torneila . -- -JJ
N4pissjng Mines Co a-'? ?t.4
North Amer. P. P
Northwestern Oil DU
uklahoma Oil Co ^ rj i
Okmulgee Oil -
overland Tire -? -? --
fta.v Hercules ~.;
| Ttvau Oil 4*
Salt ? rei k ?>*
Supulpa j j. t?
S.quu.vah Oil H
j Sinclair Gull ^ ^
. -lau-Jar-' Motors ? ?
Submarine Corporation . J - j'?
' Swift Iniernatiunal oft
! Tonopah Oivide . -'V*
j Tonoi?ah Kxtension -)+
| Tri Bullion
I'sited K?stern ? ;) '* * ?
U. S. Light and Heat com -% -Tu
I . S. Light and H?*at pfd 4--s .f t
C nit.m1 Motors 4;J,
Cnited Profit Sharing^
F. S. Steamship ^^
1 nited Verde ^
f'xold Tire -Ja
Victoria Oil JJ*
Wa viand Oil
Wayne Coal }
West Knd Cons ? w
Wright Martin Aero \ &
CHICAGO- o
laibby - ,r,5'4 iri,.
Swift * Co, 123
L'oion Carbide ?*Ha
78-y4
Latest News and Comment Relating to the Financial World
j Expansion of Local Business
j
Kept Institutions at Top
Speed All Summer.
?
| FEW BUILDING LOANS
! The Washing-ton banks are as busy
j as though the season were midwinter.
They have been busy all summer, and
even last month. August, which is
generally a dull and drowsy month,
found the banks full of patrons and
the bank men working hard.
"I never saw anything like it," said
an oflicer of one of the great trust
companies today. "There has been no :
slack season this year in the trust
companies, and my understanding is
that the national banks have been ex
traordinarily busy. The long session j
of Congress, the crowded city, the
expansion of local business, the steady ;
growth of the city and the abundance I
of money are the causes which, in my ;
opinion, have kept and are keeping j
the banks so busy." '
This condition in the banking busi- |
ness is the more remarkable because i
of the flatness of one field in which |
many of the financial establishments
lend heavily in normal times?real i
estate and building loans. The busi- 1
ness of making loans to builders for j
the setting up of homes is very dull. 1
There is relatively little building be
cause of the cost of materials and the
wages of mechanics and because of
the uncertainties as to whether prices
will remain around their present level t
or drop.
Commercial Paper Active.
The business of lending on commer- !
cial paper is usually heavy, anci the I
I usiness of making collateral loans is j
greater than ever before known in ;
the annals of Washington banking. A
<?ood deal of the borrowing on col- j
lateral is on liberty bonds, and one i
view or' this is that holders of that j
class of collateral are borrowing to
keep up with the high cost of living. I
But there is also heavy borrowing on i
gilt-edge collateral by people who
generally borrow on their rail and in
dustrial stocks and bonds for the pur
pose of investing in other or the same
securities. There are many securities
r.i" long-interest or dividend-paying
record selling so low. and their re- J
turn enables a man to pay bank in- j
terest on his collateral and make a |
profit on the new purchases, besides
getting advantage, as that person
hopes and believes, of the speculative
"kick" in the security.
Steel Strike Main Topic.
The main topic in brokers' offices !
today was the impending strike of:
steel workers. Men who have followed j
the situation find it impossible to j
make an estimate as to the serious- [
ness 01* the strike menace, but the i
tape shows that so far there has been j
no throwing of steel stocks by fright- I
ened owners. The tips and downs of
the stock market in recent days is
attributed to professional operations.
The claims of those labor leaders
who have ordered the strike and the
counter claims of the employers read
very much like the claims, estimates
and forecasts sent out by ihe political
campaign managers on the eve of i
election. Each side is positive and
absolutely contradictory ef the other.
The action of the steel workers on
Monday will probably tell the "storv
of how far the plants of the United j
States Steel Corporation have been
unionized, and what the degree of I
strike fever is among the men.
Opinion difTers as to whether the
pending strike will turn out to be a
small anil quickly settled affair, or
whether it is the beginning of Ar
mageddon between employes and em
ployers. The truth probablv lies be
tween these extremes. .Monday will
tell the story.
business Expansion Great.
Kvidenee grows stronger of a sea
sonal expansion of business activities
but the gain is clearly smaller than
it would be if industrial unrest were
not conspicuously present, is the way
Dun A: Co., In their weekly review
of business, sum up the situation
They say that the bad influence of
the pending and the impending strikes j
may be plainly seen in the business
world. Xot only is there less disposi
tion among some interests to close !
pending deals while the future is so I
uncertain, but enforced suspension of
operations through labor controver- |
sies tends to restrain production at
a time when the fullest possible out- '
puts are essential to reduce the dis- j
proportion between demand and sup- i
ply which exists in many quarters. '
Railroad Problem Cited.
Maintenance of way is one of the
many problems that beset the rail
roads. Roadbed has deteriora I ed. The
work putting down new ballast, set
ting new tires, '?tamping" them, level
ing: up the track and replacing worn
rails has been neglected by the gov
ernment, according to the views and
figures of corporation railroad men.
ihirv MARKETS,
Special Diapatrh to The stir.
BA.IVTJMORE, Md.( September 20
(arrivals by boat).?Live poultry?
Chickens, spring, large, pound, 37a3S:
do., small and medium, pound, 35a36; j
do., white leghorns, 35; old roosters. I
pound. 23a24; do., old hens, over fouri
pounds, 37a38: do., small, pound. 35a j
36; do., white leghorns, hens, pound,
35; ducks, muscovy, young, pound, '
27a28; do., white pekins, voung! ,
pound, 30: puddle pound, 27a28; do , I
smaller, poor, pound. 24a25; pigeons,
old. pair, 25a30; do., young, pair, 25a '
30: guinea fowl, young, over one and
a half pounds, each, 65; do., smaller,
each, 40.
Eggs?Western Maryland and Penn
sylvania. nearby, per dozen. 52; east- i
ern shore of Maryland and Virginia,
dozen. 52: western Ohio, dozen. 50:
West Virginia, dozen, 50; southern
I North Carolina, dozen, 49a50; loss off.
Butter?Creamery, western separator,
extras, 5Sa59; do., prints. % pound,
extras. 59a60; do., prints. 1 pound, ex
tras. 5Sao9; nearby creamery, extras.
55a56; dairy prints, Maryland, Vir
ginia and Pennsylvania, extras, 43a
45; store-packed firsts. 4ua42; rolls
I Maryland and Pennsylvania, extras)
|45a47; do.. West Virginia, extras. 43a
I 45; <lo.. Ohio extras, 43a45; process
j butter, 51a52.
NEW YORK. September 20.?Butter
?Steady; receipts,, 7.660 tubs. Cream
ery. higher than extras. 59a59U- ex
- 'ra (92 score) 58a58*.i; first. 51%a57'A
I packing stock, current make Xo.
j Eggs?Steady; receipts. 9.556 cases
I Fresh gathered extras, 56a5&: do ex
tra first, 53a 55: do., first, 48a52; state
, Ppnnsyjvani and nearby western hen
\ nery white, fine to fancy, 70a78; state
j Pennsylvania and nearby hennery
i white, ordinary to prime, 60a74; do,
] brown, 63a6S: do., gathered brown
! and mixed colors, 56a58.
! Cheese?Steady; receipts. 6.954 box
j es. State, whole milk flats, current
| make, specials SO'/jU'il ; do., average
run. 29>_a30; state, whole milk, twins,
j current make, specials, oO'^aSO'j; do.,
average run. 29>,4a30.
Poultry?Live, steady; chickens, 32;
fowls, 32a35; old roosters, i9; Turkeys,
25a30. Dressed steady and unchanged.
WHOLESALE BEEF PRICES.
The following are today's whole
sale market prices for beef cuts as
quoted at the Washington market of
Swift & Co.:
No. 1. No. 2.
RiIm ..... ... . 33 2!S
I.olns ............... 35 25
Rounds ............. 25 22
Chucks IS 14
Dates 12 10
NEW YORK STOCK EXCHANGE
Received By Private Wire Direct to The Star Office.
j Open, liigli. liow. Close.
! Adv Rum ley.... 37 37 36 35
' AJax Rubber S3 884 87!* 884
! Alaska Gold 2?4 24 24 24
j Alaska Juneau.. 2 2 2 2
i Allls-Chalmers.. 43 444 43 44
j Am Beet Sugar. 854 85.4 8?4 854
I Am Bosch 110 110 110 U0
! Am Can 56.4 56,4 ?5Vt 56
Am Cari Fdrjr. 131 131a 130?4 1304
Am Cotton Oil.. 56 56 56 5G
Am Hide & Lea. 324 32 y SPt 3 J'*
Am Hide & L pr. 122 122 121*4 12i?i
1 Amice 447? 45 444 45
j Am Internatl.... 97)* 97.4 95 954
Am Linseed 794 8> 784 824
I An; Locomotive. i04>* 1054 1034 1034
! Am Ship * Com. 3i 364 ZSBi 3;H
j Am i-m &. Kef... 754 ?5! * 74'* 75
A ni ft Fy ctf.... 39 o9 38 3?4
; Am Sugar 129 129 125)4 129 j
I Am Sumatra. 8J4 9^ 8^4 88; t
Am Tel A Teleg. 9* 99 974 93.4
; Am Tobacco.... 174!* 176 16\4 2744
Am Woolen 113.'s II !4 112'* il-'4
Am Wri'g Pa pr. 56 56 >>6
Am Zinc & Lead. 21 21 10.4 104
?\nnconda t>>Vi 66,4 t>5 (6?g
Atchison 89,4 894 89 89
Raliir i Loco... 12S5* .294 1254 126>*
Ralto* Ohio 40-s 404 40 4'J
Barrett Co 1-24 1224 120 121
Uelhlehem St. B 97 97 954 954
Beth Stl 8% pr. 1124 1124 1124 1124
Booth Fisheries. 17'* 174 174 174
Brooklyn Rap... "44 244 24 24
Brunswick Ter.. 104 104 104 1^4
Burns Brothers.. 130 130 130 130
Butte Cop St Z... 10.4 11*4 '0)4 llH
Butte Superior.. 244 244 144 244
Butterick CCo... 274 274 254 25
Caddo Cen Oil... 353* 354 la11 35!'*
California Pkg.. 67s* 67)* 674 67)-*
California Petm. 48s4 48 >4 47}? 47)4
Cal Petm pr 79'.? 794 794 79K
Canadian Pac... 15D4 151 50 1504
Central Leather 95 954 94 94%
Cere de Pasco... 52 52 .'2 o2
Chandler Motor.. 274 275 174 2? 5
Chi Gr Western.. 104 104 10) j 104
ChiGrWnpr... 254 25' \ 2"> 25
Chi Mil & St P... 41 41 404 40,'*
Chi M & St P pr. 624 ?2,4 624 ?24
Chi & Northw,,.. 904 90', TO GO
CU14PI%pr.. 72 72 72 72
rn;/ .nr/ ? <15 ' ' 03,\
'"hile Copper... --4 -*.?8 ?'*
Chlno Copper... 40/* 404 40:'* 404
Col Fuel & Iron.. 43 43 43 43
Cuiumbia Gas... 614 614 614 614
Con Gas of NT.. 924 924 I'iii 924
..ontinental Can. 90)* !0!4 90 10
Con In Cat Min.. 174 l'*i '7.4 j
Cont Canc.y 11 '' H
Corn Products.. 84.4 ^54 H;* 84)4
Crucible St5el... 181 181 ?76 1774
Cban Ca'.ie Sug. 33 33 33 o3
Cuban Cane S pr 78,4 784 ''4 774
Den fi: Rio Gr pr. 16 16,4 16 16)4
Erie Railroad.... 154 15?* 15)*^ 154
Kam Play-Lasky 9S 98 98 93
Fisher Body 12) 120 118 118
Fisk Rubber 44,4 444 434 ^34
Freeport-Tex Oil 4 )'i 46*4 46? i 464
Gas'.-iW& W.. 234 28 4 284 284
Gen Cigars 79)'j 804 794 ^^4
General Klectric. 164 i64 163 163
General Motors. 23) '-35 .30!i .314
Gen Mot deb stk. 857g 854 85.4 8574
Goodrich (B F).. 774 '7,4 '7 7774
Great North pr.. 8454 844 J454 845-4
Great Nor Ore... 41)a 414 414 <14
Greene-Cananea 414 41r4 41J* 41J-*
Hartman Corpn. 83 83 83 83
Haskell & Barkr t>0 g 01 60 (04
Inspiration 58 584 57)-* 584
interborough. 6 6 6 6
ir.terborough pr. 19 19 16 16
Int Agr Corp'n.. 25 15 15 25
Int Agr Cor pr... 82 82 82 82
lnt Harv (new). 130 130 130 130
Int Mer Marine.. 57 57 554 5S?*
int Mer Ma pr... 1174 11'4 1164 1164
Grain, Produce
and Live Stock
9p*>r-iul l>ispau-h to The Star.
BALTIMORE, Md.. September 2U.?
Potatoes, western Maryland and Penn
sylvania. No. 1, per 100 pounds, 2.70a.
:s.00; eastern shore of Maryland and
Virginia. -\o. 1. do., 2.7Sa3.UO; native,
do., nearby. No. 1, 2.75a3.00; all sec
tions, No. 2, do.. 1.30a2.00; do.. No. 3,
do., 75al.OO; sweets, North Carolina.
No. 1, per barrel, 2.75a3.00; eastern
shore ot' Maryland and Virginia, do.,
2.75a3.00; yams, all sections. No. 1,
do., 2.25a2.uu; sweets and yams, No. 2,
do., l.Uual.50; do., native or nearby.
No. 1. ao.. 3.00a3.50; do., native, per
basket, 50a60.
Vegetables and green fruit?Beans,
native, green, per bushel, 75al.OO;
strlngless, per bushel, S?0al.l0; hulled,
per pound, 12; beets, per bunch, 2a3;
I cabbage, native, per J00, S.OOalO.Oo: car
rots, native, per bunch, 2a3; oelery.
per crate, 4.00a.r>.00; corn, native, per
uozen, 20a35; cucumbers, New l'ork,
per bushel basket, 1.50a2.25; egg
plants. native, per basket, 40ati0; let
tuce, New York, fancy, per basket,
1 1.254.1.50; native, per bushel, 50al.00;
| onions, Maryland and Pennsylvania,
No. 1, per 1U0 i>ounds, 3.50a3.'<5; New
York and west. No. 1. per 10U pounds,
j 3.50a4.00; all sections, No. 2, per 1UU
: pounds, I.o0a2.50.
! Pumpkins, native, each, 4aS; _pep
1 pers. native, large, per basket. 25a50;
1 needle, 60a75; spinach, native, per
! bu-shel, 20a50; squash, native, per
I basket, 25a30; tomatoes, native, per
I basket, 60a85: packing stock, per
bushel. 1.20a 1.50; yellow, per basket,
7Ua85; turnips, native, per basket, 50a
60; apples, large, smooth. No. 1. per
bbl.. 3.50a4.00; ordinary, mixed. No. 2,
per bbl.. 2.50a3.00; western Maryland
and Pennsylvania, packed. No. 1. per
bbl., 6.00a8.00; No. 2. per bbl., 4.00a5.00;
per hamper, 1.50a2.25; crabapples. New
York, per bbl., 10.00al2.00; canta
loupes, Colorado, per crate. 3.50a4.00;
damson-s, per lb., 6a8.
Grapes, per basket, 1.00al.2.>; < on
cord, per small basket, 20a23; Niagara,
do., 20a23; Delaware. do., 2oa23.
Peaches, mountain, as to quality, per
crate. 1.50a2.50. Pears. New York.
Bartlett, No. 1. per bbl.. 10.00al2.00;
per basket. 3J)0a4.fr?: Seckles, per bbl.
12.00al4.00; Seckles, per bushel basket.
3.50a l.oO: other varieties, per bushel.
2.00a3.00. Plums, per basket, 40ao0.
Watermelons, all sections, per 100.
'i0.00a35.00; primes, per 100. 10.Oua
11.00; culls, per 100. 5.00a6.00. Quinces,
pel- basket. 1.25al.50. Pineapples, IS
to 48 per crate. 6.00a7.00.
Flour?Quotations, per bbl., in !>S
lb. sacks (carload lots): Winter
straights, new, 9.75al0.00: spring
straight, new. ll.25all.50; rye flour,
i medium to choice, 7.fi0a8.50; corn
?meal, per 100 lbs., 4.90a5.10; city mills'
winter patent. 12.15; do., winier
straight, 11.90; do., blended patent,
li65; do., spring patent, 12.65.
The above quotations on city mills'
flour on Jobbing prices.
Receipts. 10.568 barrels, including
7,186 barrels for export.
Wheat sales?Cargoes, No. 2. red
winter, 2.35% per bu.; cargoes. No. 3,
red winter, 2.33 per bu.; cargoes. No.
4, red winter, 2.25% per bu.; small
bag lots, samples. 1.95, 2.00. 2.12, 2.13,
2.14, 2.15, 2.18, 2.20, 2.21, 2.28 and 2.30
per bu.
Cob corn quoted at: "White. 8.00a
8.50; yellow, 8.00a8.50 per bbl. for car
Open. Until- !?*? Uo_"e;
Inter Nickel i!3H 25J4 - '4 25??
Inter Paper 53?4 IVi ?3)4 53)4
Jones Bros Tea.. 37 37 37 3i
Kan City Sou.... IS IS 1<>< 17'?
Kelly Tire Co 132 132 13Ulj 131)4
Kennecott 35 35)? ^5 35V?
j Keystone Tire... 57*4 57)4 52)4 o-'i
I Likawjnna Stl . 81 81 80)4 80)4
i Lee Rubber Co.. 29 30 29 33
, I.ehigh Valley 47:g 47;4 4i?4 47J4
Liggitt & Myrs.. 2?)!4 25924 219?* 23^54
I-orlHard P 22 V$ 227 -25!>j 226
Manhafn Shirt.. 33*4 3))4 30 30
Maxwell Motor.. 4jJ4 45*4 4434, <5)4
i Maxwell 1st pr.. 74 74 74 74
! Maxwel' 2d pr... 30 Lfi 30 30
j Mexican Petr'm. 233 20>)4 201V4
| Miami Copper... 20'2 20 1 26)4 26)4
: Midvala Steel... 49$' 4)'g 45} 3 43)4
j Mo Kan & Tex.. 12* 12)4 '2)4 i-J*
1 Missouri Pacific. 2i * -7)4 27 27)4
Missouri Pac pr. 4i'g 46'.g 46 40
Montana Power. <?t 03 t2'i 62J4
Nat Acme Co.... 3 <!?> 36)4 35; s ?> >1i
Nat Aniline Ch.. 4>)? 40'-* 40 40
Nat En & Stpg.. 74;$ 74'? <4 ? <4;*
National Lead... 81)g blvji 81*2 81?4
Navada Copper.. 174 17)4 '7?;4 li 4
X Y Air Brake... 12J 1203-i 123 l?0Va
NY Central 71)4 71 7i)i 71)4
NYNH&HarL. 31 31 30)4 30;4
Norfolk Sl West. 9SJ4 98'4 9S)4 SS)4
Northern Pacific 861 j ?6)g 80 86
Nova Scotia SU.. 75)4 73^
Ohio Cities Gaa.. 50>4 50J4 ?0)g 50)4
Oklahoma Pro... 10)4 10)4 9'* 9H
Pan-Am Petr'm. 116)4 116Va 114 114)4
Pennsylvania.... 4243 42; g 42)4
Pere Marquette.. 17'? j7; g 17'/j 17)4
Philadelphia Co. 34 34 34 o4
Pierce-Arrow .. 61)4 61.'g 58?4 5 it
Pierce Oil 21 i:l}i -1 -D4
Pittsburgh Coal. 02)4 62! 3 62 C2
Pitts & W Va.... ii'/t 32)4 32 )$ 32)3
Pond Creek Coal 22.2 23' 22)? 23
Pressed St Car.. 91 91:g 91 01J4
Ry Steel Springs 95'. j 95'g i 5)4 95)4
Ray Copper 22) t 12) j 22'A 22)4
Heading Kwy.... '8)2 '8."j 77)4 "54
r.ep Iron & Stl... 83:'4 89)4 87)4 89
Royal D tera ctfs 94)4 i'5 93?4 95
St L, & San Fran 17yj 17)g 1 lii 17;?
StL&Sownpr.. 27 27 26?g 26H
Saxon Motor.... 18'4 18)4 !''? 1?:'*
Seaboard A L... 9)4 9)4 9)4 9)4
Shattuck Ariz... 13)4 13)4 13 13
Sinclair O & R... 57?i 53 57J4 58
Sloss-Sheffleld.. 63 63 61)7 61)<
Southern Pac... 99)^ 9JJ3 93 4 98j4
Southern Rwy... 24' % .4)4 24)4 -43-4
Stewart-Warner 117 1 7 116)4 116)4
Stromberg Carb. "1 71 i9'4 69/4
Studebaker 112)4 113 I 0V* 111
Stutz Motor 107 107 104 104
TennCop&Ch.. H H
Texas Cob 264 .64 259) 2 -t0
Texas & Pacific. 48; s 4S;t 47)$ 47;4
Tobacco Prod... l'Jl 101 93'J 9 */?
Trans-Cont Oil.. c5'4 55H M 54>4
Transue & Will.. 56 56 55J/2 55)^
Union Pacific.... 121 JSl'a 120^4 120J4
Ltd Alloy Steel.. 4% 49)5 ??? 49)/,
United Fruit.... 181 181 181 181
Ut Retail Stores. 10')4 107J-4 105' g 100
U S Cast I Pipe.. 29 29 28 28
U S Food Prod... 83)5 83H 83 83
U S ind Alcohol. 131 131 131 131
U S Realty & I.. *3 43 43 4}
U S Rubber 112^112X112 112)<
U S Steel 101)4 lOUi 100)4 101
US Steel pr U3K 113H 113)4 U3J<
Utah Copper*.?? 81^4 82}g 81?4 82
Wabash pr A.... 30 30 2914 29)4
Western Md 12 12 12
Western Union.. 8354 8354 ?3?4 83)4
\\ estinghouse... 53) j f3)4 ? 2)4 53
Wheeling & L, B. 14'4 14)4 14)4 14)4
White Motor.... 60 60 58)4 58)4
Willy-Overland 31 ;4 31 ~/t 31)4 'iVA
Wilson & Co f0.;? bO'/i (08054
Worthington P.. 80 80 79 79
leads; track yellow corn. No. 3, 1.73.
Corn sales, none.
Oats?Sta ndarrl white, 75a75)i; No.
3 white. 74Ha75.
Rye?Range of prices: Bag lots of
nearby rye, as to quality, l.OOul.SO
per bu.; No. 2 western export, spot,
1.54.
Hay?No. 1 timothy. 32.56a33.00:
standard timothy, 31.00a32.00; No. 2
timothy. 30.00a30.50: No. 3 timothy.
i'6.(MJa2!?.00; No. 1 light clover, mixed,
30.00a30.50; No. 1 light clover. 32.50a
33.00.
CHICAGO. September 20.?Corn
dropped decidedly in value today as a
result of the impending steel strike.
Settlement of the Chicago building
trade tie-up failed as an offset, and
so. too, did an advance in hog values.
I Selling, however, was not of an ag
; gressive character. Opening prices,
which ranged % to 1% lower, with De
c< mber -.22a 1.23 and May 1.20^al.21.
were followed by a moderate additional
setback.
Oats sympathized with the weak
ness of com. After opening ^ to 76 off,
the market continued to descend.
Provisions gave way with cereals
Strength in the hog hog market was vir
tually ignored.
Potatoes?Steady; arrivals, 74 cars.
Minnesota round whites, sacked and
bulk, best, 2.50a2.60; Wisconsin round
whites, sacked. U. S. grade, No. 1,
2.50a2.65; Idaho rurals, . U. S. grade.
No. 1, 2.75
I Hogs?Receipts, 2,000 head; mostly
j steady, with yesterday's average;
I heavy, 16.GOalS.00: medium, 16.75a
'18.25; light. 17.25alS.25; light lights.
! 16.00al7.75; heavy packing sows,
: smooth, 16.60al 6.50: packing sows,
1 rough, 15.25al5.75; pigs. 15.00al6.!>0.
j Cattle?Receipts. 600 head; com
j pared with week ago. beef steers,
stockers and feeders, steady, to 25
lower; she stock, to 25 higher; bulls.
I 50 to 75 lower; calves. 50 to 1.00 higher.
I Sheep?Receipts. 2.500 head; com
] pared with week ago, killing grades
? irVeguraly, 1.00 to 2.00 lower; choice
I western lambs declining least; breed
ing and feeding sheep and lambs,
. 1.50a2.50.
CORN? Open. Iliirli. l>ow. Close.
December ... l.^-J l.as'/fi I.21U 1.22*
May 1.20% 1.211, 1.18', 1.20%
OATS?
December ... ,?8*i .(Wii .fiR'i
M?r 70'i .71 \ .701.. ,70*i
PORK ?
October 34.75 34.7S 33.80 33.80
LAJ!D
October 21..-,0 24.GO 23,8,-. 23.85
.January 21.80 21.80 21.15 21.15
KIRS
October 1?.00 Trt.oo 18.55 18.57
January 17.82 17.82 17.45 17.45
j NEW YORK, September 20.?Flour?
(Unsettled; spring patents, 11.50al2.00:
I white corn flour, weak, 3.90a4.00. Pork
| barely steady; mess, 49.00a50.00. Lard,
'easier; middle west. 25.25a25.35. Other
j articles unchanged.
H. B. BUTLER*TO PLAN
j FOR LABOR CONFERENCE
H. B. Butler of England, secretary
I of the organization committee of the.
i International labor conference, set up
jliy the Versailles treaty of peace, ar
rived in Washington last night and is
staying at the Powhatan Hotel. He
' will establish an office at the Depart
ment of Labor and make preparations
for the conference which will be held
here October 29. Mr. Butler arrived
in America last Saturday, but has
/been attending the national Industrial
conference at Ottawa, Canada.
Drop in Exchange Attributa- j
j ble to Currency Inflation
and Low Taxation.
! From the N. Y. Evening Post Financial Bureau.
I LOXDON, September 20.?Whatever
I the temporary causes may be. like de
lay in ratification of the peace treaty,
' in aggravating the decline in foreign
j exchange at New York, the truest
i view of the situation is obtained by a
| consideration of the perfectly natural i
I conditions which have brought about I
I the slump in the belligerent ex- !
j changes. The slump varies in degree
j according to the extent of the actual
! losses of individual countries and the
' extent to which unsound methods
were used in financing the war.
The Case of Germany.
Thus, apart from Russia and Aus
tria, the maximum depreciation of the
German mark is due not merely to
Germany's loss of the war, with the
consequent indemnity payments, but
to the previous inflation of credit,
watering of the currency and failure
to exact taxation from the people.
Moreover, it is now evident that im
mediately following the armistice the
German government, in order tempo
rarily to maintain the national credit,
created millions of marks which were
used to support government loans. It
is generally believed here that the
mark w ill go much lower. The French
franc has also been affected not only
by the war losses and the devastation
of great areas, but by inflation of the
currency and by insufficient taxation.
Unless fresh credits are forthcoming
from America, French exchange will
probably decline further.
End Not in Sight.
Sterling has been affected by similar
conditions, but in minor degree.
Nevertheless. the view here is that
the dollar will appreciate still more,
probably to the mutual embarrass
ment of America and Kurope.
These conditions hold the perms of j
acute trouble unless corrective steps
are taken. These would naturally be
(first) the ratification of the peace
treaty, and (second) the closest in
telligent co-operation between Amer
ica and Britain in financing Europe's
reconstruction period
There is an acute controversy here
as to whether our financial problems
can be best solved along the lines of
easy money and further expansion of
credits pending increased production,
or whether gradual deflation should
be quickly applied, with inevitable
discomforts, resulting, however, in
sounder conditions. Best opinion fa
vors the latter policy, skillfully ap
plied.
Absorbing Gold From Mines.
The South African gold output is
being steadily though slowly absorbed
for your account, the price being
based entirely on the rate for sterling
at New York. The "standard" quota
tion has given place to the fine gold
quotation according to your require
ments. Some 12,000,000 pounds ster
ling of German gold recently arriving
here also belongs to you. represent
ing accumulations in the banks of the
Netherlands and Belgium paid on Ger
man account to the American govern
ment grain concern for wheat. It was
bought by the federal reserve bank
and shipped here.
Columbia Plant Working at 100
Per Cent Capacity?Nearly
All Employes Back.
The big plant of Columbia Grapho
phone Manufacturing Company at
Bridgeport is now working at 100 per
cent capacity and is turning out a'
greater amount of goods than at any
! time in its history. Practically all
of the 6.200 employes are back at
work under the wage scale and work
ling hours which prevailed before the
I company locked o\it the employes.
! following the strike.
Considerable attention was attract
ed to the strike when the company
announced its intention to move the
entire plant out of Bridgeport, due to
the intolerable labor conditions out
side agitators tried to force on it.
City officials and business men be
came alarmed over the move, which
threatened to throw out of employ
ment more than 6,000 people and take
a payroll of $8,000,000 in wages a
year out of the town.
In an effort to adjust the situation
the mayor of Bridgeport called a se
cret meeting of the strikers, from
which the agitators were excluded.
He explained the situation to them
and called for a secret vote on wheth
er or not the strike would be contin
ued. The strikers voted two to one
to return to work under the old con
ditions.
The company then agreed to reopen
the plant, provided the mayor and the
police would guarantee that rioting
would cease forthwith and the work
ers be protected at the shop and in
their homes against intimidations of
the radicals. The next day the lead
ing agitators were hustled out of
town by the police, rioting was pu.
down and work resumed. Today the
per capita production in the plant is
higher than ever.
The company has introduced a sys
tem of shop committees by which
committees of employes are named
1 from each department by secret oal
J lot to discuss shop conditions with
the officials. This does away with the
condition where fifty agitators could
disrupt an organization of six thou
sand employes.
Officials of the company feel that
the successful conclusion of the af
fair is a body blow to the radical ele
ment which succeeded, by threats and
intimidations, in getting the real
workers to quit the plant.
building stbike ends.
Chicago Employers Agree to Pay
Carpenters $1 an Hour.
CHICAGO. September 20.?Chicago's
building strike and lockout, which for
more than two months had made idle
more than 100.000 workers and halted
construction contracts aggregating
$50,000,000, was announced as ended
last night, when the construction em
ployers yielded to the demands of the
union carpenters for $1 an hour.
British Coalition-Liberal Wins.
LiONDON. September 19.?In a 4>y?
election held today in the Pontefract
district of Yorkshire, the coalition
liberal candidate. W. F. Forest, won
the seat over I. Burns, laborite. For
est polled 9,920 votes as against 8,445
for Burns.
SOLVENCY OF THE ALLIES
IS PRACTICALLY ASSURED
Larger Portion of Their Obligations Is
Internal, and Therefore a Purely Fiscal
Problem?External Debts Vital.
That the present resources and pro
ducing power of the four principal Euro
pean allies are ample to enable them not
(only to meet all war obligations, hut re
gain their normal position in the world's
business as well, is brought forth in the
illustrated booklet, "The Solvency of j
the Allies," a comprehensive survey of
Kuropean financial conditions just pub- I
lished by the Guaranty Trust Company j
of New York.
The booklet presents an impartial
analysis of the war debts-internal and
external?of Great Britain. France. Bel
gium and Italy; an especially vital sub
ject in this country, since our own gov
ernment is the largest creditor of the
'"in introduction. the booklet says, in
P3"The larger portion of the war 'lebt
of the allies is internal. TheabihUto
meet an internal debt is purely a fiscal
problem, because there are no ?fddl
tions or subtractions to the national
wealth and the payment of mterest on
the debt implies the taxation of the peo
ple as a whole, interest being paid to
present holders of the bonds, which
affects only a partial redistribution of
the national wealth.
"The problem of meeting external
debts is of vital significance to the na
tional wealth of the country. It means
the actual shipping out of products. ;and
does not add to the wealth of the coun
trv. However, during the period of war
finance, the creation of an external debt
is of material benefit, because it in
creases the power of a warring nation
to obtain supplies of materials produced
bv other peoples, thereby adding to its
war-making power. This is a burden
rightly to be borne by future genera
tions."
Great Britain's Position.
Great Britain's expenditures growing
directly arid indirectly out of the war
greath" exceed those of any other allied
nation. Eighty-two per cent of the debt
thus accumulated is internal, and ln
\olves no transfer of wealth to other
countries. . , ,
Of the external oebt the booklet sa>s.
"The interest and amortization ot
the other IS per cent of the debt,
which is owed abroad, will amount to
approximately $360,000,000. As an
offset, the interest due Great Britain
on advances made to allies and do
minions amounts approximately to 1.3
times the total interest on the ex
ternal debt. Payments, in the main.
will have to be made in the form of
commodities or service, which, in in
ternational trade accounts, contribute
to the credit or export side of the
ledger. To what extent England s
export trade will be stimulated ^b>
this situation is problematic. For
many years the United Kingdom has
imported more goods than it has ex
ported. but this so-called unfavorable
balance of trade has been offset by in
ternational payments which do not en
ter into the reports of foreign trade.
Foreign Investments a Factor.
"Chief among these counterbal
ancing items in the case of Britain
have been the returns from invest
ments abroad and the receipts of Brit
ish-owned ocean carriers.
'It is estimated that British foreign
investments before the war amounted
to $19,464,000,000, and that they now
approximate $14,500,000,000. Broadly
speaking, then, the returns from for
eign investments that may be relied
upon in balancing the international
account have been reduced by about
one-fourth during the war. Neverthe
less. the remaining foreign invest
ments exceed the external debt by
about $s.000.000.000 and the yield from
these investments at normal rates
would not only pay the interest on
that debt, but also leave a large mar
gin to England's credit."
As an offset to England's loss of
man-power in the war, the booklet
tites the manifold improvements in
the industrial organization of the
country during the war. particularly
in the manufacturing industry, where
old-fashioned machinery and ideas
have been replaced by foolproof
products and processes has also made
tools capable of manipulation by un
skilled labor. Standardization of
the loss of man-power in industry
] less keenly felt.
"Much depends upon the spirit and
temper of a people. Their record of
achievements in industry and finance
has amply demonstrated the capacity
I of the English for doing big things
I in a big way, and for meeting emer
gencies with the requisite energy and
ability. In vie-w of the advantages
accruing from a century of progress
in the realn.s of industry and finance,
it may be expected lhat Great Britain
will again recover from the effects of
war no less quickly than it did a cen
tury ago."
France Will Recover.
France, though heavily burdened by
the internal debt contracted during
the war, will be able to carry her ex
ternal debt with no great difficulty,
it is predicted.
"Of the total debt, about $ri,78.>.
000.000 is external. As offsets to the
external debt, there are French in
vestments abroad estimated at $8,100.
! 000.000. The peace budget of France I
I will require approximately 16.000.000,
,000 or 17.000,000,000 francs, which is
I tttree times the budget of 1914. The
service of the debt, which it is esti
I mated will be 200.000.000,000 francs in
1920 is placed at 10.000.000,000 francs.
I "France recovered rapidly after the
overwhelming defeat and loss of im
portant territory in 1870. Now. heart
I ened by victory and with productive
I equipment enlarged, it may be expect
ed that recovery in the present period
| of reconstruction will be no less pht
| nonrenal than in the earlier period,
i The fundamental economic situation
1 appears to be on a sound basis. With
j some outside assistance in the form
I of capital and labor, there may be
built up a great industrial nation?
the new France, sharing in the ex
panding world trade on a scale com
mensurate with the country's re-1
sources and advantageous location."
Belgium's Case Unique.
Belgium's case is unique in that
the country was almost completely
overrun by the enemy, although the
sudden invasion hindered mobilization
to such an extent that the depletion
of man power was less proportionate
ly than that experienced by any other
belligerent nation.
The proved industrial capacity and
, dependable character of the masses
i C)f the Belgian workers are the na
' tiori's best assets in the present emer
gency The record r* the nation s
; achievements in the r.-si and its quiet
and confident grappling with present
difficulties are the surest guarantee
that Belgium can and will conquer in
peace as she did in war.
Italian Unity Completed.
'?The definite completion of Italian
unitv as a result of the recent war
afTords "ltalv the first opportunity to
use the country's economic resources
freely in the creation of a modern in
dustrial svstem. This achievement
has been made at great cost to the
Italian people, of course. While the
national debt lias been greatly n
creased. at the same time the coun
try's economic power has been en-j
ha"the debt of Italy on March 81.
1919. Including paper money, wa*
$13,079,918,807, of which about threa
'fourths was internal The extern.il
| debt. amounting: to $3.330,141.7R
consisted entirely of credits extended
during; the war by the United State?
government and allies. The prewar
debt was approximately $2.631.748.00o
| The annual interest on the entire
debt as of March 31. 1919. is approxi
mately $577,234,230 -
j following* a detailed discussion of
i industrial changes brought about in
jlta.lv by the war. the booklet savs
J "Italy is well situated to serve as
| the principal entre-pot between the
far east and central and southern
j hurope. Italians, with their histori.
I maritime supremacv and
their proved initiative, will not fai!
'to avail themselves of the opportun
ity to develop Italian industrv and
commerce."
America's Obligations to Europe.
| In closing. the booklet sets forth
lAmtru-a's oMiuations in the r<non
| struct inn of Kurope, saving;
America stands in a position of pecu
liar responsibility respecting- the work n'
reconstruction in Europe Th* situation
.there, without reference to our na
tional interests as involved in the r?
? cent war, calls for America's help
We have a great fund of loanahie
wealth, and Kurope has need of the
credits and materials which we can
supply. Our productive equipment is
much greater than before the war
and its proper utilization will involve
a distinct recognition of the present
needs of the peoples who sacrificed
more than we in winning the common
victory.
I /?)o?tYpen.dous a? are Europe's finan
cial burdens, titanic as are its eco
nomic tasks, one of its paramouni
| problems is essentially psychological
i order to recover rapidly from
j the effects of the war Europe needs
quite as urgently as it requires ma
chinery and raw materials, a revival
of industrial will power. We should
remember that, in the final analysis
the products of the mines, fields and
lactones won the war and that tile*
alone can win the greater victory of
peace. It is for the purT,OSP of P|1.
anling Europe to obtain sufflcien'
quantities of these vital products and
| to regard her industrial will power
[that we must do our full dutv in the
| present world crisis.
J Able to Do Its Part.
"The United States is abuiidantiv
equipped to perform its proper func
tion in the peace era. This countrv
produces 20 per cent of the world s
si,pJ?,Jr JTold. 25 per cent of the
I or the world s iron and steel, 40 per
of the world's iron and stel. 40 per
cent of the world's silver. 50 per
^n' of the world s zinc. 02 per cent
or the world s aluminum, 6ft per cent
of the world s cotton. 66 per cent oT
the world's supply of oil and 75 pc
?lf'0rlds corn' This coun
try refines 80 per cent of the world's
copper and operates 40 per cent of
the world's railroads.
"But most valuable of all. the stimu
lus which the dire necessities of war
supplied to American inventiveness
resourcefulness, productiveness, cour
age and spirit of adventure consti
tutes a national asset which not onlv
transcends the bounds of material
computation, but challeng-es the bold- 1
est imagination. In brief. American
and fommon sense
sriiitstvKSjvssj'ftt^:
BETHLEHEM STEEL CO.
SHOWS GOOD EARNINGS
Based upon results In the first three
quarters of the current year, the
Bethlehem Steel Corporation in the
full year 1919 will make a better
showing in the matter or surplus
available for the common stock than
any other steel company.
While no official statement ha>
been issued, it is estimated that
Bethlehem Steel this year will earn
more than J20 a share for its $60,000.
000 common stock. This showing will
be much better than a majority of the
, steel companies, which will do well if
| they show common dividends earned
I in the first three quarters of 191!'.
, Bethlehem's good showing will he
i largely a result of the. activity of its
| shipbuilding plants.
I Bethlehem Steel earned J2I a share
[ for its common stock in 191$. and the
' urrent year promises to be as good as
if not better than, last >ear.
In the four years ;915-1?18. inclu- '
earned a total of ?
j 5163.90 on its present common capital- ,-!
> ization. and after the payment of
; dividends there remained a surplus of.
I $*0,498.71 .. equal to $135.39 a share on {
I the present common stock. This year';
| there u'll be a further addition of. "sav ?'!
j ''?> share after dividends, making t'
a total of over $150 added to the valu?~
of the common stock in a period or
I five years, or approximately $:.,". a
share in excess of the present market '
price.
Bethlehem Steel's addition to the.
value of its common stock from earn!
ings is, no doubt, much greater thair
the above figures indicate, as vast,
sums were charged off for deprecia*
tion. etc., before the surplus available
for dividends was arrived at.
SALE OF MOTOR C0EPS CAES.
i Eesults of First Auction of Con
demned Vehicles at Camp Holabird
I Fifty-eight motor cars, five trucks.
! eight motor cycles and five sidecars
I brought $12,027 in the first sale of
j condemned government motor ve
i hides, which was held yesterday by
I the Motor Transport Corps at Camp
Holabird. Md.
I Announcement was made that the
| second sale at Holabird will be held
I Thursday, when sixty-eight trucks
: and eight ambulances will be sold.
POWDER STOCKS.
Quotations furnished by W. B. Hibtw & To.
Bid. Asked
Atlas fnm 135 24
Atlas i.fd
l>u Pont cow 310
Pont pfd 5#> 90
Hercules coin 210 220
Hercules pfd 107 ll0
Races Today
AT
Havre de Grace
7 Races Dsuly
Including a Steeplechase
Special rennsTlcania Kailroad una le*?t>
111 o'clock noon.
ADMISSION: G rands tand and Paddock.
Ladies, $1.15?including War Tax*
FIRST KACE AT 2;J0 P. M. )