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September IS, 1972
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NEW ISSUE $1,000,000
The Autecar Company
8 Per Cent Cumulative Preferred Stock
Preferred at te auetand dividends
(Par $100 Per Share) (Callable at f 115)
In due ceurte application will be made te Hit this Preferred Stock en the New Yerk Stock Exchange
THE COMPANY, which was incorporated in Pennsylvania in 1899, wan established in 1897, and is engaged
in the manufacture and sale of commercial automobile trucks of y te 6 tens capacity. Over 90 per cent of
the Company's output is sold direct te customers through its Branch Sales and Service Stations, which arc located
in 35 cities. Autecar trucks are in use by mere than 10,000 owners.
Over 600 of the present 680 stockholders are employees of the Company.
Capitalization
First Mortgage Sinking Fund 7 Per Cent Convertible Geld AUTllORirKD
Bends due in 1937 $3,500,000
8 Per Cent Cumulative Preferred Stock 5,000,000
Common Stock '. 10,000,000
OUTSTANDIMd
$2,500,000
"5,072,866
Properties
The Main Plant of the Company, located at Ardmore, Pennsylvania, embracing its real estate, buildings
and machinery, is carried en the Company's boek3 at a valuation of $2,840,504.78. Day & Zhnmermann, Inc.,
under date of April 19, 1922, appraised the reproduction cost of this plant, less depreciation, at $3,499,275,
and thi3 property is subject te the First Mortgage Sinking Fund 7 Per Cent Convertible Geld Bends, of which
there are new $2,500,000 outstanding, due in 1937.
In addition te the above, but net subject te the lien of the above mentioned mortgage bends, the Company
and its Subsidiaries own land and buildings csed as Sales and Service Stations, which, with their machinery,
etc., are valued at $1,287,624, subject te mortgage liens of $403,500.
Net Quick Assets as of June 30, -1922, amounted te $2,995,597, ever all current liabilities. Copy of state
ment will be sent upon request.
', Net Factory Sales have grown steadily from $1,017,052 in 1909 te $9,373,480 in 1921, and for the 8 months
of 1922 have been in excess of $6,500,000.
, Net Earnings
Net Earnings for seven years ending December 31, 1921, after deducting all in
terest, depreciation and inventory adjustments, and the net less of $635,000 during
1)21, but before Federal taxes, were $3,850,847
,. Less Federal taxes, including Excess Profit taxes 1,025,674
$2,825,173
Yearly average for seven years (available for dividends) '.' 7 7 $403,596
The first 8 months' operations assure us of a satisfactory profit for the year 1922, ever and above all interest
charges and dividend requirements.
An issue of $5,000,000 of Eight Per Cent Cumulative Preferred Stock, par value $100 per share, was
authorized en July 17, 1922. Of this issue $3,500,000 is reserved for bondholders' conversion privilege;
$500,000 is reserved for stockholders' and employees' subscriptions. The Company is new offering the
remaining $1,000,000 te the public.
Price $102 per share
All paid subscriptions received en or before September 15, 1922, will be issued as of September 15th, after which
certificates will be issued as of the date of receipt of payment. Dividends payable quarterly, December 15th,
March 15th, June 15th and September 15th. Any certificates issued and which have net been outstanding a full
quarter will be entitled te their proportionate share when dividends are declared.
All subscriptions must be accompanied by checks and will be given preference in order received.
Subscriptions should be addressed and checks drawn te the order of W. T. Saveye, Treasurer,
The Autecar Company
Ardmore, Pa.
Manufacturers of Moter Trucks
established 1897
J
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Mry Pesial ITeeetuiph
becomes mm ayeswyjer
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jLaiet Line A
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.CCESS
keless
eemm call-box
iegrams
Radiograms are new made available te the public everywhere.
The Radie Corporation of America, whose stations are the most
powerful and modern in the world, has concluded an arrange
ment with the progressive Postal Telegraph-Cable Company,
which gives the American public everywhere the full benefit of
international radio communication.
Beginning immediately, every Postal Telegraph office in the 1
t" United States, wherever located, will receive Radiograms for '
all parts of Europe, Africa, India and the Near East
Whether from this country te foreign countries, from shore
te ship, from ship te shore or ship te ship,
JMark your message "via ICjfl
Every Postal Telegraph office throughout the United States becomes an
agency for the Radie Corporation of America. The Radie Corporation will
continue te maintain its own offices and complete collection ana distribution
service in New Yerk, San Francisce and Washington.
The arrangement gives bankers, merchants, manufacturers, and the
public generally, throughout the country, complete use of the Postal Tele
graph service, with its land lines, call-boxes, and all ether facilities for
collection and distribution of Radiograms.
Yeu can telephone te the nearest Postal Telegraph office, ring one of their
call-boxes, or step into one of their offices and send your message by radio.
Radiograms arc a new business asset for men of action and modern sales
methods. They reduce distances, quicken communication, stimulate foreign
trade and insure accuracy, as well as economy.
When President Hnrdtnft sent
Rndiegram of geed -will from
IUd(e Central nt Recky Point,
Leng Ialand newest and most
powerful radio jtntien in the world,
constructed and operated by the
Radie Corporation of America
twenty .ene foreign countries re
ceived and recorded it butanta
neeuily.
That Radiogram made radio
history. It dgnalized Amerlca'a
complete participation in the field
of IntsrnMlenal communication
anil 1 vherj tha national interest
of the IJm::cIS:at hitherto had
hna jubetdmttt tn the interests
ei'frtlj$n ceuitiles. It meant that
no fet'iljn siatien ever again could
intwfiM with Anwrica'i frce inter inter
cemmutiiaticn with the rest of
duvrald.
diolwCerboration
. w. t m
ei America .
333 Broadway, New Yerk
IU1 wt. ..... rr. s Tstmsm
a nm i ir it it n traj rAimtwrvv
fi I It TU Medtn Way n KtU
I I 333 Broadway, New Yerk te
: ML .
v qJCSSSSiSiiiSi
''fr- ' J ' 1- i J 1
GOSSIP OF
THE STREET
money
been a
Although It could net be Bald that
aciunny "E"W -e, -,
y dlbtlnctly firmer local
money market ler Bcverni ui " -
There Is virtually ,Jtm,0.m0Veyutr
4t per cent and alt nixty te ninety
day leans have been made at that rate.
Meney up te sir months commands ?
per cent. Some leans have been re
ported recently nt 4Vi Per ccht. but
these were either special caw, or ter
short-term maturity, mostly thirty-aa
""in'beth banking and business circles
this Is rcRnrded a favorable ymplitn.
bcrauM It Is the first direct Klectle
of nn lncrensInK deinnnd of funds from
commercial nnd Industrial Interests, it
confirms the predictions made earlier 1 J
the summer by bnnk efflclnls, who statetl
the settlement of the labor troubles i vwi
rcrtaln te be followed by n RC"""1
qiilckenln of business activity, .wh'cii.
In turn, would wen absorb .whatever
Idle funds there would be in the banui banui
ef the leaning institutions.
Iren Industry Coming Hack Fast
nnt..t t.,mnn rnmmntlen by steel
tempanles Is coming mero "npldly
I limn in me mew .; - .", ..,i,u
lH.s the Iren Age in Its weekly review
,of the steel Industry. ' ,lltrlturIf'Vl
Youngntewn. Cleveland, Chicago nm
1 Hastcrn Pennsylvania report flftee
' furnaces started In the pnst week nntl
Indications are all August l"fef,c?;
ty-slx furnaces will be made up ny
iinnther week or ten dm 8.
, "Such nn Increase In plK Iren pro
duction points te n corresponding
easier situation in the tienr future in
tehpect te steel deliveries. awi.
handicap of Insufflcient car ; supi r for
moving of certain rolling mill Prod"f Pred"f Prod"f
"nmbargees nnneunced by various
railroads in the past week have had no
Impertunt effect as yet en steel Miip-
"In the past week special efforts haye
been made te expedite delivery of rail,
read steel. With much equipment in
bad order railroads are urging car
works te make deliveries, since new
equipment will operate for ; a consid
erable period without needing attention-
. , .n
"LocemotUe works also arc expe
diting deliveries en the unusual vol
ume of business they have booked re-
CC"'sVeel Corporation Inget production
this week Is nt mere than 00 per cent
(apncltv. nnd several independent com
panies are again clese te CO per cent,
with prospects of tome further increase."
S. O. After Traducing Properties
Apropos te the stntement published
In this column yesterday, relative te
the negotiations for the purchases of
the Producers nnd Refiners prepcrtv
by the Standard Oil Interests through
one of the underlying cempnnles, it
was stated yesterday by a usually re
liable authority that negotiations arc
under wnv for several ether prominent
oil-producing properties in this coun
try, particularly these with light oil re
serves. It is stated offers have been
made for Philips Petroleum, Cosden nnd
Mnrland. ,
The aggressive policy of Standard Oil
in booking control of oil-producing prop
erties fellows the disclosure nt the Scn
ntn'a nil Invpstlcntien that Standard Oil
nunq nnlv nhmit 20 ncr cent of the oil
production of this country, where 80 per
cent of the world's oil is produced.
This percentage Is regarded as tee small
vnen ceinp.iircu un mnmiuru -mi n ic-
fininir nnd marketing onerntlens.
tellupse of production in .Mexico,
where Standard Oil In recent years lias
secured large quantities of cheap oil for
its Gulf nnd Atlantic seaboard refiner
ies, mnkes it imperative that the re
lining inpnclly be safeguarded by secur
ing production in this country.
It is bcl!ced that several of these
negotiations will be closed shortly, pnr-
'tli'iilarly ns the Royal Dutch-Shell
Ureup, wnicn is also snort et oil as a
icsult of declining Mexican production,
is competing with Standard Oil for
acquisition of American producing prop
erties. Widening of Teel ActMtles
If was n matter of gener.il comment
after the clc-c jesterda that the
market, te a great extent, had again
become one directed by peel activities,
nnd these stocks in which concentrated
efforts were made for thc-e recently
formed peels must be expected te tnke
a prominent position in price move
ments for some tllne te come. Leading
Interests, however, insisted these peel
nitlvltles constituted only a small por
tion of security trading and the grent
volume of bullish ncthlty lb conducted
In important Mecks for dertnlte purpose
These who hnve been .cencrrncu ... l .
cent trad'ng in rumnnn vjiui"j v--r
Btcady nnd continuous buyers of that
S although there were occ"len
when nrefit-tnTtlng entered Inte the sit
uation te a substantial degree, supply
ing the demand from strong wurcfiin
reusing recessions after advances were
""These rcccs-lens nnd profit-takings
were welcomed ns furnish ng ei'P'";
nlty by which desired additions could be
made te present holdings, of "locks In
The hands of controlling Interests, and
predictions were mnde before n sui
stantlnl reaction occurs Pullman win
sell far above lf0. .i...
It was brought forward thnt these
concerned In the movement In VMman
arc net making any effort te Induce
outside buvliiK becnu-e they de net de
sire nny following or the creation of
any extensive speculative ncceunts in
It at the present time.
New Street Railway Equipment
cj. i,..ii,nitnn nf the manner In
which public utilities operating inter- I
urban nnd suburban railways each year i
take care of the traffic demnnds placed
upon them mny be had In n recent com
pilation of figures which shows thnt be
tween .Tnnunry 1 and the middle of
Tune. 1022, mere than 1000 pnssenger
enrs were ordered bv r-trcet ritilwn.v
companies. Tins is yjrz cars meru uum
the number purchased In the cerre- i
spendlnc period last yenr. and induu induu
tjens point te n mere extensive purchase
of new equipment from new up te nnd
including the fall seiiMin.
Of the equipment ordered, the pur
chases were split into the following
classes: -14:1 safety cars, 107 special
type one-man enrs, 401 ether types of
cars te be used In cities, twelve intcr
urban cars and fifty elevntcd cars.
The district north of the Ohie and
east of the Mississippi River has pur
chased the greatest number efcars, the
total being 1124. while the Mississippi
district purchased 271 cars, the New
England district 241 cars nnd the dis
trict heuth of the Ohie River nnd cast
of the Mississippi 17fi cars.
Orders have been quite genernlly dis
tributed eer the country. This Is con
sidered as one of the best indications
of the improved earnings position of the
street railway industry.
Lew-Priced Rail I)rles
There Is considerable diversity of
opinion as te the motive behind the re
cent periodical drives against the lower
priced railroad shares. The Erie, group
came in for a pounding yesterday, nnd
en Monday the Chicago and Great
Western issues were subjected te a fce
vere attack.
There is no Information whatever
Mint micht account for the vicious
drives against tills claf-s of stocks. The
Chicago and Great Western met the
September interest payments promptly,
and no ethers nre te be met for some
months. The Krle. from all reports,
is nlse in position te meet all the In
terest obligations The case of the
Chicago nnd Alten was n different prop prep
osition, ns the read had been in default
en its general mortgage bends for ti
long time prier te the receivership decision.
In the opinion of some market inter
ests, the spasmodic attacks en the low
priced rails are part nf the uregram
of the bear element In their efforts te
force a general reaction. It was pointed
out the'e unsupported spots nre se
lected with a fixed purpose of pieclpl
tnting n geneinl celling movement. The
maneuver-, thus far hnve been entirely
unsuccessful. THE TRADER.
ii iite.
F TIB
"I
CONTINUITY:
Uninterrupted connection In time, operation, or development.
Niw Standard Dictltnary
CONTINUITY OF
POLICY and PERSONNEL
AN oak many times transplanted will
jf. never attain the same sturdy
growth that would result were it allowed
te develop unmolested.
The history of Provident Trust Company of
Philadelphia and its predecessor has been
marked by unusual continuity of policy and
personnel. In fifty-seven years, for example,
the two offices most intimately affecting the
management of their Trust business Presi
dent and Trust Officer have had but two
incumbents each.
Today this institution, modern in organization
and outlook, still adheres firmly te the wise
and conservative policies of its founders.
We invite you te make use of our complete
Deposit, Safe-Deposit, and Trust facilities.
PROVIDENT
TRUST COMPANY
OF PHILADELPHIA
Fourth and Chestnut Streets
(Successor te the Deposit, Safe-Deposit, and Trust
Departments of The Provident Life a
Philadelphia
A
X. it I
I ' .VS. Departments of The Provident Life and y l
'VS. Trust Company of Philadelphia)
:umiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiSs
Lake Superior Corporation
Firnt Mtge. & Cell. Trust
5s, Due June 1, 1944
Authorized 110,000,000. Outntandine Jan,
I. suit 1S.M7S.000. Itetirtd ti.73l,000
I Ktd'cmablr M I0S and interrst en our
u tik' notice,
Secured bv a firnt Urn en a portion of tnr
Aloetna Steet Corporation and bu deposit of ZZ
iSS eoe 000 Atoema Sled Corporation Pur-
cfimc ilenrv bend
At prr'rnt market price the vitld Is mere
fiat fl per cent. Z
ISAAC STARR, JR. & CO.
16TH & SANSOM STS., PHILADELPHIA
Mriiibrri rhtlnilrlplita Hleck nxrhuncr
'm nrU C otten Kxchance
UNUSUAL
INVESTMENT
OPPORTUNITY
Philadelphia manufacturer with
International distribution of Its
product offers unusual financial
opportunity te pnrtles with $5000
te $10,000 te Invest
Tlloreuph ln estimation Invited,
bept bank reference Bien. Prin
cipals only Address manufacturer.
Bex A 534, Ledger Office
iiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimmiifn
r
PTriAMMIIP NOTicr.s
HTi:MSIIIP NOTirKH
3000 ENTER STATE COLLEGE
Late Registrants Expected te In
crease Total te 3300
State Cellcce, Vi Hcpt. 14. I'cnn
Bjlvnnin State CeIIckc opened rester
dav for If Hixty-ciclitli ear with mere
thhn 3000 men and women Rtudentfl
nlrcnih en hanil and with lnte reen
trants' expected te swell the total te
MOO. One theiiMii d freshmen have
been admitted.
The openlnc convocation wna held
in the auditorium. .Jehn SI. Themas,
president, welcomed the students.
Cs2
,,
tw
FatHtCTlmt
Ac rat thm
fmclfie
APAN in JO clrS
CMIEA in 14 days
TZRngAty MANILA in l8 clays -
" Frem Vancouver, B. C, via Victeria
3r majniflcent great Canadian Pacific Ocean Fliers
' Empress of Canada Em prow of Australia
Empress of Russia Empress of Asia
Apply te leatl aenf or
CANADIAN PACIFIC
v'
WILSON PSICHBTT 8t CO,
rNCOFOAT10
DON!) ASH STOCK ISSUES OV
ATIONS V'M)KHWBITTr,N
1 Nenb Ameneut BulUinj, PhUelpbJ rJ
afssrxssdj
It. C Ct-ATTON. City Fm Art.. C20 Ch.itnut BU. rUledtlpbi
1. STliBULNO. Un. Asx., 1'lu. iJte., AUOUea Av. at 44U St., N Ya
$545,000
City of Johnstown
Cambria County, Pennsylvania
4Vz Per Cent. 30-Year Sewer Bends
Dated July 1, 1922 Due July 1, 1952
Interest January 1 and July 1
Coupon Bends $1,000 Each, With Prevision for "
Registration of Principal
Tax Free in Pennsylvania
Exempt from all Federal Income Taxes
Ne Certificate of Ownership in Collecting Interest Required
Legal Investment for Trust Funds in Pennsylvania
FINANCIAL STATEMENT
(as officially furnished)
Actual Value of Taxable Property (estimated) $100,000,000.00
Assessed Valuation (1922) 68,013,675.00
Total Bended Debt
(including this issue)... $2,561,500.00
Less Sinking Fund
(Cash and Bends) 375,502.35
Net Bended Debt 2,185,997.65
Population (Census of 1920) 67,327
The legality of this issue hns been approved by Messrs.
Hurffwin, Scully & Buirwui, of Pittsburgh, Pennsylvania.
Price 106.85 and Interest
Te Net 4.10 Per Cent.
Biddle & Henry Harrison, Smith &Ce.
1 04 Seuth Fifth Street 1 2 1 Seuth Fifth Street
Philadelphia
Seuth Fifth Street
Philadelphia
CROWELL & THURLOW
INTERCOASTAL LINE
Will Dispatch from PHILADELPHIA
SS "WILLIAM A. McKEMNY" September 20
te LOS ANGELES HARBOR, SAN FRANCISCO,
PORTLAND and SEATTLE
Thnt Dills of Lading issued for San Diege, Oakland
Asteria, Tacoma, Everett and Hawaiian Perta
Leading Pert it: Phila. & Reeding R. R. Pier 21, North Wharves
LAVBNO SHIPPING CO., AGENTS
Bullitt Building
Lembard 5G00
STEAMSHIP LINES
Philippines East Indies
Service
DIRECT SAILINGS FROM
PHILADELPHIA
TO
DUTCH EAST INDIES
and PHILIPPINES
Penang, Belawan Deli, Pert Swet-
tenham, Singapore, Batavia,
Samarang, Seerabaya,
AND
MANILA and ILOILO
S S "Mobile City" ... .Oct 13
S S "Steel Traveler". . .Nev. 15
Fer rntr nnd pnrtlrtilnr npplj tn
NORTON, LILLY & CO.
GENERAL AGENTS
Bourse Bldg.. Philadelphia
Lembard 0076 Main 2445
BALTIMORE LINE
Regular Service
PHILADELPHIA te
GLASGOW & AVONMOUTH
SS "Monmouth". .Sept 15
GEYELIN tk CO., Inc.
108 S. 4th St., PhiU.
Lembard 5144 Main 779 J
I'lill wlrliitiln rrnt for
BALTIMORE STEAMSHIP CO.
Operating U. S. Gevt. Shipi
fBLAKE LINES'
Regular Service
PHILADELPHIA te
MANCHESTER
' it (xrtninnk Oct.
UUItLin m tU,, Inc.
108 S. 4th St., Phllu.
Lembard 5144 Main 770 1
l'hll irtrlplile cfnl for
III Mil' A (CI In,.
Operating U. S. Gov. Ships,
m
The Information and MntlMIca centalneil herein ha ben
obtained from sources which we believe, tn be re'lah'e
SOUTH
AMERI
m
jPfMX
QAjslwfjL
n&k gffimmv
Mmsmmmm :
ra
ALLORY
TRANSPORT LINES, Inc.
Operating U. S. Gov. Ships
GENOA. LEGHORN, NAPLES
MARSEILLES
S S "Sintinnwn" .... Oct H
GENOA, NAPLES, BARCELONA
S S "Cnrence" Sept. 23
S S "Luxpallle'' Oct 2H
GEYELIN ft CO.. Inc. -Mta.il;
108 S. Fourth St , PhlU.
Lembard 6144 Main 77B1
I
FORTNIGHTLY SAILINGS
H.iunittl bf f.ineui "S.nU" Sl.mri
Flne.'t Kntet erlc te I'Emi and
CHU.i: vu the ranama f anal. All
euilile run mi -- unex'-elled ruUlrn
flaifur.if lnl iinwi'l Suulh-Amtrica
Teurt
5rl. Tft.i,'rt 21 S.nta I llli, Orl 11
inula Ane, Orl i nl I uli,Ner
GRACE LINE, Inc.
10 llnndeter Hnnnre Na Yerk
O- Irl Aeent.
MOLLANf
1 1 AMERICA UNI ft
NEV YORK TO ItOTTGRDAM
Via riineutli, llonlemie,Hur.Jlt
Amaltrilam
im
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a sT .
hetttrdam , .Bfef. t Nn; J
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