si?.7rm h ... " , ' i'iWM v ;, if. i T ai ; , x. - u ' lj J V ' . , 20 EVEaiXU PUBLIC LBBEIir-PHILADBLPHlA, WJiJDJflSDAT, JAOTAKY 18, 1922 Tl "-F"' Bir h : "Wf $r'tf kill .,-" H Pjss. m X "tX'" F&4 it I B'7 1Lb F . Si ? 1922 The year 1 92 1 has been a period of readjustment in which commodity prices have declined, wages have been lowered, losses have been written off and general conditions have been much improved. While it must net be assumed that this process has been completed in all directions, there can be no doubt that the new year sees conditions infinitely sounder than they were a year age. Streng evidence of progress appears in the investment market of the last quarter of this year, money rates have gene down prices for investment securities as a corollary have gene up, and there seems te be every reason te anticipate a long-continued period of low money rates. Such conditions accompanied by lessened supply of domestic financing and increasing demand for investment possibilities should result in a level for the investment market cntirclv different from anv hae seen since pre-war GOSSIP OF THE STREET we days. II., .L.. I... .1. 1 1 1 : i i 1 I .Ml I ii. mm me mgii-giuae long-peneu iiivcsuuciu uuna may sun dc purchased al puces te yie lent income leturn is evidenced In the following efferings: Id exce CORPORATION BONDS I'rice Te Yield r Rate Maturity ' And Interest about 't Penn. Public Service Cerp. 1st & Ref 6 Dec. 1, 1929 96.00 6.65 B. E. & R. Knight, Inc., First Mortgage 7 Sept. 1, 1930 99.00 7.15 Pacific Gas & Electric Ce. of Calif. 1st & Ref 6 Dec. 1, 1941 Mkt. 6.00 Gevt, of Newfoundland 6V2 June 30, 1928 102.66 6.00 Southern California Edisen Ce. Gen. & Ref 6 ' Feb. 1,1944 .Mkt. 5.92 The Shelton Looms, First Mortgage 7 Dec. 1, 1936 96.50 7.40 New England Oil Refining Ce. First Mortgage 8 Mar. 1, 1931 100.00 8.00 Great Ve3tcrn Power Company, Debentures 6 Nev. 1, 1925 96.69 7.00 Louisville Gas & Electric Ce., 1st & Ref 7 June 1, 1923 100.00 . 7.00 Moere Drep Forging Ce. Serial Geld Notes 7 Jan. 1, 1923 te 1925 100.00 7.00 MUNICIPAL BONDS City of Cleveland, Ohie. 5 Mar. 1, 1969 te yield 4.35 City of Manchester, N. H., Tax Exempt . . .5 Oct. 1, 1922 te 1935 " 4.50 (Sept. 1, 1927' te 1937 " 4.90 Pierce County, Wash 5V2 Feb. 1, 1933 te 1934 " 4.90 July 1,1929 te 1937 " 4.90 Wallowa County, Oregon .5Va Mar. 1,1936 te 1939 " 5.00 Town of Stratford, Conn . . 5 Jan. 3, 1923 te 1930 " 4.50-4.38 Les Angeles, Calif., Scheel District. ... .5V2 Nev. 1, 1927 te 1960 " 4.75-4.60 State of Leuis-ana 5 Jan. 1, 1936 te 1959 " 4.60-4.50 State of North Carolina 5 Feb.15, 1942 te 1952 " 4.60 CANADIAN BONDS rrev. or Alberta ... ... .5 May 1, 1925 Prev. of Manitoba 5 Mar. 1, 1926 Prev. of Ontario. .. . 5is Jan. 3, 1937 Prev. of Saskatchewan 6 Aug. 1, 1S27 City of Terente 6 July 1,1948 City of Terente 5 July 1, 1939 Indiana Hydro-Electric Power First Mortgage . 7 Dec. 1, 1951 Circulars descriptive of the above offerings will be sent upon 96.29 6.25 95.48 6.25 99.75 5.50 99.42 6.13 105.49 5.60 93.38 5.60 97.50 7.20 request. E. H. ROLLINS & SONS 1421 Chestnut Street, Philadelphia Spruce 5460 Rext Y )' Yuri; ChiiCfn I) in i r ai Frunncr Las Aiiyrfix The tiruless Studebnkcr peel, which bns been caring for the destinies of that orcr-rireniliicnt speculative football, fecnis te hc wen the blue ribbon as eng the. daddy of nil peels. It lins been tnnnv inrsi slum Mm Rfrcpt liaH been treated with surfi unmTcrful nretui gamin concerning any particular stock, and tln publicity manaecr of the com blnatten mtwt spend many sleepless iiigiitH in producing mien plethora et convincing, and otherwise, arguments. . Yesterday the stock get within the balling distance of 80. It sold as high as 03 last fall, when the peel was work ing overtime, and then broke nearly 30 points. Se it Is nulte probable It wHl recover all this le-w, and unless Heme cogs slip, the stock will be carried te a new high level. According te one of the financial news bureaus: "Thcre Is an Interesting story going around (hat two atreng peels have been operating in Studcbukcr lately, one tnndc up of old peel members, that worked In stock during the war period, and the ether consisting of Interests who hae bought into Studcbakcr heav ily during the last jem and u half. TbeM! peels have recently found' that they were getting In each ether's wuj, and latest iresli Is it has been virtually decided te amalgamate the two Inte one peel. It this is true it win probably represent the biggest peel operation since Studebakcr was admitted te trad ing en the Stock 1.change. Members w the two peels new In operation belIeu they litue pleat) of ammunition upon which te base a demonstration. "if production schedule for first quar ter Is lled up te Studebakcr seems llkcl te ctablUh a new earnings record In three months that wilt end Mai eh .'11 next. Then there Is always the no-- sibilltj of an extra dividend, although FIVE FLEE JAIL ES- DODGE BOUGHT NECKLACE IN WILK A E 1922 Bargains Threo Men Recaptured After Sawing Bars and Scaling Twenty-Feet Wall WARDEN HAD BEEN WARNED WHIte.-,-Ilnrre, .Tan. 18. Tore Tere warned that nn attempt would be made te deliver Antheny I-untarle and 1'eter Enrice, convicted of the murder of Sam Lucchlne, ,u detective, In 1'ittsten six teen months nge, Michael Wbnlcii, warden, and ether officials of the Lu zerne County .Tall were taken by sur prise when five ether prisoners, three of them under sentence, broKe iall and weaped. Three have been recaptured and the ethers ur htlll at large. Twe weeks age District Attorney Tames was notified in a letter that an attempt would be made te free l'un- Death Followed Purchase of $1,o6e,-. 000' Pearls of Catherine II New Yerk, .fan, 38. Frem the pur- pie robes of n Husslan empress, Cath erine II. the me$t valuable strluc of nearls In the world, the Sl.000.0tMl penrl necklace InvnUed In the court fight' - . r . ' between IScngtilnt Hrethers, of 1'arls, I trreat IOftUneS are marl and Cartier. Inc., New Yerk jewelers, dnrincr nprinrle ftfJ 1auj has ceme into the possession of the fam- QUnng periOdS OI depress On 11 of the late Heracq 13. Dedge, auto-1 aS Well aS dtirillGr tierinrle 2 mobile manufacturer of Detroit. , " " Jr. "U1,US penOfJS Of The history of the famous pearls, ene 'PrOSpenty. of tragedy witn raen ciiange et owner ship, lias been repented in Its latest change of hands. Less than a year' after Mr. Dedge purchased the gorgeous I circlet for his wife, who had been it country girl from u small Michigan I town, he died. New Involved In court precredii the outcome of their purchase by Dedge, the live strands of pearls, lliei origin n great mystery but unsurpiiH-i In sheen nnd luster even by these of th Maharajahs of India, new arc sacredly hidden from view by Mrs. Anna Thomp son Dedge, widow of the late niautifac-' turer and mechanical genius, who is , credited by some with having started llenr Tord ei his read te success. I Tin; death of her husband fnllmv,.,! I within n few months the gift te her of the beautiful necklace. , Msen's Reports PRIEST QUERIED ON MURDER tarle nnd Enrice nnd sae them from , ' the electric chair. The jail officials I Called as Witness in Death of His were notified, Despite nil tin; cautionary, meaMires, fie men last night sawed through the bars of the cast wing of the jail In their excrcise period, and by scaling the twenty-feet wall escaped. -These who broke jail aje: Trunk Tlnzlzllle, convicted of blchwa. rob bery and ficntcnccd te live years In the Tastern Penitentiary: I.ennnrd Wit- Half-Brether in Montreal best opinion seems te lie that! nothing I keiski, convicted of breaking ami en will be done along this line until snrlne. ' tcrl"B hmises and scnteuccd jesterduy Ilv that time Studebakcr will probably,? seven yenrs in the Eastern IVnltcn We haw purchased from the Director General of Railroads $3,894,000 The Pennsylvania Railroad Compoy 6'' Equipment Trust Geld Certificates Ishued under the Philadelphia Plan '- ' l - l(,J"c ' i. e .or ft e ts"- aula at u.e tp' e ' 0?, ''Onar'w, Dividends January 15th and July ISth. Pn J. a., l-'ia-. p'':iee " 501. m New Ye-v at the e'tice of the Guaranf Ce-ii-r " N'"w. (j',-. Injp. terti'lcates 'n cenominatieTi e lfi 1 h ih p-i I'gt. 0' regiT.it'e- js .e principal. P. f; T' Total Isue 58,4 10,000, secured by a direct hen en the following Menderd railway equipment 165 Locomotives 3,300 Hepper Cars 9,900 8ev Cars 3.250 Gondela Cam Htbiect fe pr or sale we otter Amount Matuntj Price '.S3, 894,000 .lanueiy 15. 1925 100.81 & interest Te yield 5.70 ln . ir en; i h ( i : " i n -h Imntj Siitienal Mun tt hi 'm 'i ; 1' ' 1 ' 1 1 1 1' ! PMENT BONDS ' J&J NH , nn v I IIVNf.K Freeman & Company 34 Pine Street, New Yerk Knewing hew In market trading it is a distinct advantage advantage te understand the proper procedure and the mean ing of technical terms. Jenei& Baker ."iriybri;ii(iui( headquarter' for New Yerk Curb Uxchange stocks, hac compiled a "TRADLRS' HANDBOOK" It gives at .1 glanc c themi themi pertant points of trading and brokerage service thc hew and why et many things you should knew. This handy boeV. will help ou in your market trms trms aaiens; send fir a copy Jenes &. Baker Members Nca Verk ( urb larktt "")l7fCt private Wtr? New Verk CSrafrj But I " i' p 1 Putibu,tgh tJftre I Diuirerf t 4 1 PHiLADEnpiiiA ernci; , jWidentr liuildin ,. .. Belt - I-ei.u,t4T10 Ttlephenei Kcene . Rice 58(), BALTIMORE OFriCH 433 EXiuituble Building Telephone . I'U:i4Sl MUNICIPAL BONDS vifi niisir. 10' SUturlne l'reiu I In V. W. MILLS & CO. Stock Exchange Building iii 1 1 uiM.riuv c euit HEWBURGER. IENIERSON & fcOEB '. '' Mmbert New Yerk and tkUivielphia Stock Evchangi C. S. PATrON & CO. i ( 111 srsi 1 ST" BANKERS iuitMiri In -VII hU X -)M,IAMN Ituiidte unU HtiKkrt Iteiijlit unU itlil Niiiri MfTIiblTM 'l1l. Kxriiitijc Centicd National Bank of Fliiladelpliia Chestnut Street at Fiflli i,Ul . J 1 'ijJi'.i(-".;(.t-ii BONDS Blodget & Ce Real Estate Trust Bid?., Pbila. Additional Capital 'J' I ii toriiermlon for tii" m.iiiufiii t ir tit u nt JIe V M.i. L'UKii Ollli Frederick Peirce jsn lACei OK 3IKST StOckwell rCHl777D PUBLIC WK...JKr ACCOUNTAHTS 1., A ,Leng Recerd of Substantial Earnings is always considered one of the best reasons for confidence in the securities of a corporation. Havana lilectric Railway, Light & Power Ce., since its incorpo ration in New Jersey in 1912, has ehtablibhed a reputation for consistent earning power which can be duplicated by but few public utility corporations. Recent earnings htatement in dicates total interest charges earned about S'2 times. We offer secured notes of this company at a price te Yield 7', Write for Circular Hemphill, Npyes C& Ce. Mtmbttt Naur Yerk Stock Bxahanie Franklin BkvBldg., Philadelphia NewYeiU Debn Bcrwiten Buffoie Jbaejr Srcu4 ' linvc iiepiuniil.itcil between SI 2.000,000 uml $lu,00O.00O in cadi. The company will lune iki particular need for thin Ipreer amount of nrancy, nntl nn extra I dividend distribution In citsli is mere I likely tliiin Hteek dividend." AVill HUlerj- ncjieal I Dii ii"Mni; .Meniln's Miildi n inpid ' iidMinec in call money jpMcrdn, there 1 wcic (iiitc (lucrRcnt opinions epued 1 by lmnKiiie intercstM. Mnn seined te thinU il mus it tt'iupenir condition und ciim.v menc would seen ireMilI nun In Oilier-, wuc net unite miic tlml M.eli would t' the ciim. It was pointed en I that it frmieiitl. occurs that nienej !- er. 1 heaji durluR the ln-t two wtel.-i I of .iaiuiaij . and then rrj often, with- I out anv appmeiit geed run-en, nnd di'iih tiKhtuis up us It did 011 Monday. I The p'tthein of fund In tin- e.ir. psut of the month are cplnhurbh' in tlu le- I turn of inti'ti.t and ilhidcnd dlbuiM inents which, around .Tnnuar 1, are 1 usuiill tie lnrisiM of the je.ir Whin this siii pint is nb-erbed tin- real supph 1 seen inn short et' the actual dimaiid. cspecliilh when the lutei-ier bexini te witlidi-iiw funiN that ceuhl be cm- I 'nleMil nt mere iidwintn&eeus termn nt 1 home. Tin- 1 nornieiH eliime of new limine , Iiik a' e tool, out a crc.it dial of mene hlnii tin- opening of the new jear. a! a! tlieiiKli it Is generally nuppesi d that n peuslileralilc part of this liuiiiieiiij; i- e!' a li'fundllii! iharacter. theiebj iclens itm 11 Iiul'c Milunie of fre7wi eredit. In et In i- word-', the leans are being sliltti iVnin the hank- te the imeMur-. l"i tcr iih-a of i' e leal sltlliUietl will b oh eh I'lln ltde ill a few da-). Maturities Hphj Next .Menth I'oipeintc beiuU and notes maturing 11 IVliriiin arc uiuiMiiillj large ng gMgaiing Sirj.-JlM.l".". -is agultiM NM "it 1 1 2211 in .laiiiiar.v . and Sl.TSMI 22." Iii-t IVbruurv. This does i,el nun ImwcMi. new linnaeliig will be laii th -vt liientli. Musi f the l.irgi is-ui -uiiuiig due have alreaih been pieiih 1 iiir Among llu-c lire Oiegen Sinn i l.ln Iiim Ii- for SI t.'.i:tl. 'Kid, din- I'ibriliii. I Canadian Ne! tin in lt.iihwi.i S.'i ("I. nun ii p p ! nt 1 1 . t.-- . l'hihidi-lpht I", etric M2..MH).(MHI 0 per cent neti ami IMiseti I'li'i iiic fllumluatluK ( eiu- ii, v of Kn Hen. Sln.lMin.iiOll " jier mil ini'h. ill1 1 1 n l In inn J. .M1mi in Kansas ami Ti is Itnilwaj ('empnii' 2.2ll,0i)t ti pit- iciit rictlrerslup ici tiiicates, dun lVbiimry 15, nrc pio pie iild for In rhe i-iotgnnlzntleii plun which will beceiiii iffeetle seen, 'I he limited amount of maturing is sues life It hae te be lefunded wi11 hu' the advimtagi of a geed nuiiket and the rempnuict- ptobebly will ebt.iii. leans at miicii mere fineruhle rates thaii h ive pi-evniled for several years, llioel. Imi Itapid Tiansit Cempiiiiy Sl.s.tiOO (10(1 ll per cent rieehets' ei nitiruti s fal dm- reliruary I. An the eempiui.i, i- in the hands of a icpeUir appointed b the 1'i'deral Court. lhcr.c certlhcntes will piebahl be eiti'ndcd until the credit i. the I'empany Is restored Steel Greup In Put or I lie tpel lndustriuls lentiliued te Ii t warded as in pesiuim fei ti -ii.irp iehanei, but meat Interest In thnt group was attached te the lie ruining demnml ler (iulf Stnleii Steel, which Meudu) und M-sienliiy led the gieup in the extent et' advances. CireularH, in ceniiwllu.i witli the expeeied transfer for (oiitre of i hi propel t, had a geed dial Le de with the dmrp nilMince, hut il,(. (;in ei.il liudei-stnuding is that scu'iil in I teiestw ant ceinpetlng for 'the eontie ' of the eeneern and vieh in iiiUance-. nri looked for during the remmidcr of tin w eeK Water Power In 'I Ills Ceuuirj l'eiti pn- i nt of the ie iti i d watei i pew.i- of the world is in i he t nite Siniir whin wnti r wm. is lm in e 'iip.uit of !).2-l.').(K)0 hnisepiiwi r have inii installed, according te a btntu- llieui e till) Pllited Stlllen (ifoleglClll Suiiej, Htpnrtment et the interior. The leading States in d rcloped Aintci pewei nn New erK. with 1, .'00,000 iir in'pewer. nnd California, with Ji ll 1,00(1 Thi'H' Suite totals rempaic in ei ably with these for home el the n i st pregicfHive ccnintileu in wafer wafer nei.er ilMelepment in ruiepe, wheri l-'iance leedb with 1,100.000 hoio heio hoie power. Nerwnv Iiiir LlineOOO liorse lierse liorse pewer, Sweden 1,20(1,000 horsepower i uml Switzerland 1,070,000 horsepower. 'Tim lingest percentage of power has been developed in the Nm I2ngliind States, where the cnpaiit of the wuter wheclrt Installed is 1.8S1.000 horan heran horan pewei und the estlmnled peteutinl new ' er nt low water without storage in 80S,- 000 horsepower. In the I'urtflc Cenct States Washington, Oregon nnd Cnll Cnll fernin the caimcltv of water wheels Installed In 1,8011,000 horsepexver nnd the potential power itf low water with- , out storage is i,miu,uuu Horsepower. 1 The lnrgcsr water-power development I in the world Is at Niagara Falls, where the plants in operation lme u capacity I of 870,000 horb.ipeuer, of which :S.",- 000 horsepower Is en the I 'lilted State? ' side. The cntiaeit of the plants ril Nlngnra Is being ineruahed by 114.WK) hersi power In the Pnlted Htatts nnd 1 1100.000 horsepower In Ciinnda. Other InrgH plents are ene of 170.000 I horsepower en the Mississippi nt Ken- Unit. Town, from wljleh power is trims I luittcd te St. T.eiiIh, and two plants ng 1 grcgutlng 208,ri00 hoiscpewer en the i rjt, Muurlce River in Canada fiem which power Is transmitted te Men treal, Quebec mid ether cities. Cnnudn ranks next te the United, fitntts in wnter-pewer development, with 2,U6,r 000 hprcnewer, or ever 10 per cent of the world's total. TCurOne 1ms elin third of th& ilevelnncl f I...I. .. .. .7 - t --. ' wtjier rower in tne worm, tlary; Mike Senklst, cemlcted of auto mobile thefts and sentenced te seven years In the Eastern Penitent inry, Uoese I'rlcfjtmnn. convicted of larceny nnd awaiting sentence; .finnes Mnnga Mnnga nnre, convicted of breaking nnd enter ing nnd larceny and nwnltlug .sentence. Ne effort wus made te liberate l'untarle nnd Cnrlee. j Miingnnnre, SenkKt nnd IVlcstimm' wvre reenpttired. .Montreal. .Tun. IS. Corener Me Me inuhen j esterduy called the Rev. Adelnrd j Uelerme nH n witness nt the adjourned Inquest into the denth of his half- ' brother, Rneul Delermc, an Ottnwn I student, who was found shot te death In the outskirts of the city January 0. The prleet wns ticstlencd concerning his purchase of n revolver and the man ner in which his wrist had been in jured, lie explained he hnd (dipped nnd fallen te the tddew'nlk en flip day the body had been found. The Corener explained that ipipbtiening of the priest had been preelpltnted by n newspaper interview he had given. m Barometer Letter just off th -W, I REPORT ON REQUEST ested Invester, gratis. ,M Tear out the Memo-ie((,-anti(,... e0myZlnWhenyeudi Mint? Aik far BatUtln C4AS Dabson's StatUtlcal Orcankatien WelU.l.rHllkBZ.M,",. ,,en (Satatbef Onion) mlralmmmJmnllll! &'P Off Here J ATnjrr Ter' iyM.ELVlJ Sccrctnrv Write Reirer W. Babjen. pres dent of lUK. Hills, 82, Maj8..a follew: Pleasei.r5! uuiiMin ise. iuh nn mi and booklet, "Gfflnjr me Mett jrem Your Meney" gratis. IIIIIIIMHIftiim -, iunOB iur i our AUTOMOBILE INSURANCE l.Ilir.UTV ail'TUAI. insuhanci: -e. I'linnri lirimt (1U70 20-22 He. lClli t. I n"2rssm iiiiaiiiBaniiniMinMiiiiimmJhiiiinn,'!;" Fer Bend Buyers A list of Selected Bends of .icell established companies yielding from 5.65 te 7J0. i Reed A. Morgan & Ce. West End Trust lildg., 1'hUa. Mrmbers of the Phlla. block Eidi, j-i3 e ited ' 1 ' 4 Chartered 183 i 1 sz- 'A m ; 0 ISli IP I Corporations Contemplating the Issuance of Bends almost invariably select a Trust Company as trustee in stead of an individual, or te act with the individual'where the law of the state under which they are chartered requires an individual appointment. The total amount (i.e. face value) of Trusts under deeds of trust or mortgages executed by corporations te the Girard Trust Company as trustee te secure issues of corporate bends, including equipment trusts, exceeds one and a quarter billion dollars. Among the duties assumed by a Corporate Trustee are: 1. Fiscal Agent for payment of coupons and registered interest. 2. Withholding Agent under Income Tax law. , 3. Custodian of collateral under collateral trust mortgages. J A. Registrar and Trunsfer Agent. 5. Helding in trust of funds for retirement of bends. 0. Certification and delivery of temporary cer tificates. 7. Exchanging of bends for temporary certifi cates. The officers of the Company will be glad te confer with corporation officials or their attorneys concerning these and ether services which the Company is rendering te its corporate clients. Girard Trust Company HROAD AN!.) CHKSTNUT STREKTS, PHILADELPHIA Capital and Surplui $10,000,000 CHINGHAM ti. MORRIS, Ptttident Member Federal Reserve System jictw.... fflgrarers-fifisa IkW. .HA'SHI''ikWCT WT'I-pV Jl Z-' ZAft SKitVM C- Sw ft Ksj L" I J b$ i ' : m i I in I I ' i "vjt"'j - if . i mum witf n W4. fini'iN r ' i' r i i i i m m taas,ririisvM1. e catTi .wni ii i uiuiujur u i ii i . i ra imrmiriiwra-ib-.T r TvwiTTBk? &. wv.uiin , I I i; -""uiiixuiiMiuMiiuiiiiiiiiiaii,ii.iip IE a. & )Ev MpImui U. S. VICTORY 3V, DUE MAY 20, 1923 "At Market" Yield 3.20f, ' U. S. LIBERTY FIRST.3y2'.f DUE JUNE 15, 1947 i'At Market" Yield 3.70 We recommend the sale of Victory 3's nnd the purchase of Liberty First 3y2's. Bell) of these issues are exempt from all taxation. i.tuiiiiinii m;,u . ISAAC STARR, Jr., & CO. SPECIALISTS IN U. S. GOVERNMENT BONDS 16th & Sansom Sit., Philadelphia Mtrebtr. fhUartelphia 8t,k xaB f At l IJIthll. Iiolewl I'e till Wlnlh. Iwn l i. .. Li lieri ?prui 9tt hstnwfcv .UiUTkkBMrfelft, U ""r IXl rhllsdrlphU r L.L 9W" W , '1'li.U TiUX'ttik Bsaa r: 'l&
Significant historical Pennsylvania newspapers