y.w- t i w VtiSStAlW "?- K' mTWmmpfiw&n L -re 'tr -'" rWlH JtfSVV v " j n. H (Swf pw'y ' fetOTriINQ SALES INCREASE .flood Orders Taken Recently In rtmki and 8ults; Leather Imprevee CIO""" . nti.l hma . M!!"rrr"ndil' Increase n t. nccerrtlnR te the weekly review M the Philadelphia district J 0, Dun & Ce., with conditions Kmrable for a Reed volume of buslne-s. nfftlc cloak- and milt ehewa Mib .tsntlnl Incrrane, peme Reed orders hnv R been taken recently. Jobbers In leather and the footwear trnde arc doing soeu uuBinr.ii. -- - mm i are chiefly In demand. The bale .fnnlefl increases and raanufarturern report "" "- - Jnrlnc delivery. Continuing, the review gees en te '""Many chemical and dyestuff- arc in fnlr' demnnd. with firm prices and In Jrinslng business in sight. The paper market continue ' te show Improve .. Ti.nri linn been ft continued In- ?.' in volume of sales, although hiving i" principally In small lets and for Immediate needs. Tiices have, ad-i"-.,i iintu-een fi and 10 per rent. "In th" building trade there were srmlts for l onrrniien-, wiiii un Ltlmnted cost of .$l,8n,830, issued "...i.. iim Inst week, compared with -K nnrrntlens, with nn cstlmnted cost of ,M ,040,50", fev the corresponding perfe.l of 1021. "Cotten varn dealers report an 1m 1m rrevement In the nrn trade. Weel dtelcrs report n mere settled condi tion since the new Tariff Hill hns been In effect. 'Tim local lumber market rentinues irthe: demand for some Items Is mere than the Mippl.v. I he eutlnnK and col cel col Ucliens are geed. "The tenl mnrkct Is active. Demnnd continues for bituminous, with prices about the same. A demand Is Marling (or anthracite. "The haidwnre line nppenrs netlvn ind business in general In this line Is about neirnnl, and It is reported will exceed thnt for the same period of lfllM, with little change in prices during the last few months. "The tr.ide In leaf' tobnece hns enlv been moderate during the week. High prices rule genernllj. The large cigtir manufacturers report a slight increusc In output, but the business is net lu normal condition. "The demand for canned goods Is peer. Tomatoes, lieweer, have ad vanced. I'cas are firm, with the gen eral situntien fair. "Coffee is lrregulnr, although jobbing prices for roasted are unchunged and fiilrly steady. All grades of Ities ai.'l Santes are a shade higher. Actual demand for roasted coffee is moderate. "Tea is active, with the general sit uatien strong, altlieugli nn one is an ticipating his wnnts. There cecins te be confidence behind eurrcnt business." GAIN IN P. R. R. INCOME August Repert Reveals Increase In Beth Qress and Net August net railway operating Income for the Pennsylvania System showed a flight Increase ever the figure for the unine month last cnr, according te figures submitted te the Interstate Com Cem mfrce (Commission. Net for the Penn aylinnln Itnilrend was likewise a bit higher than last jenr's. Kepeits ftem n number of carriers -.hose chief Item of revenue Is coal Inillcnte gencinlly unfavorable condi tions during August, In many cn&es a deficit having been recorded. Trem seurcts in close touch with the situa tion tlie prediction Is made that aggre gate ii t income for nil railroads will be little mero thnn half of that for August. IOL'1, when the total was $1)0, 211.000. Xet Income for the Pennsylvania Sys tem in August amounted te $7,A"9,4 12, an Increase of $XW,400 eer Inst ear. Gress revenues amounted te $(!.'$, 1H3, 6W. nn Increase of SMP.-IO!) ever last year. The cost of the shop strike In August Is Indicated In the expense item, which nt $51.(j27,US1 showed nn Increase of $l,lfi.1,875 ever last enr. Net Income for the Pennslvnnln Sys trm for tlie eight months ended August 31 lust wns ?r.G,320,316, increase of M4.133.2Sl ever the sumo iv-ried of 1921. dress revenues ,wcre $113,232,, 009, a decline of $2.31f,580. while ex penses were S355,.'132,C00, n reduction of $31.(171.2.-.'). The Pennsylvania Itnllread showed nit Income of S.".fi.T).G54 for August, an hierense of J5327.70S ever the snme month Inst jear. Hevenues Increased SI 3'ni i)(), while expenses weie S3, flOS.'HS nlieve these of lat yenr. Ter the eight months ended August net in come was $.1(1.(24,12.). an IiuTen-e of JldllKi.S'll. Iteieniies f,v(isi months! 'ieweil a decline of $4,713.1)74, com pared with Inst ear. while the reduc tion In expenses amounted te $33, 2(!.'!. Crtl. In the ensp of the West Jersey anil Kcahore Itnl read, n subsidiary of the I'dinsjUnnl.t Itnilrend. tlie deei'ensu in net for August amounted te ?j0,0G3. , Phlla. Federal Reierve Bank Th til m-nt rf renilltlnnB of the rhllft fljlphin Pert nil Hecrp Hank hi th Hese of buelncas Sertpmbfi- 27 Is us fellows. EyENING yPUBLIO ' IEDGEBlpHILAELPHJri, FRIDAY.', SEjPTEMBEK ' 29, 922 X ffT.TT M', Vlrf?T. ' . y.E3a.i '' '' $ HBirv'Hi'. ', ? ,.H-vv.w . w E j ,vr $ NEW YORK BOIW TRANSACTIONS : r nW.? Blnc & 102.80 101.40 Soi.en 01.80 00 se 02.00 101.78 lOl 40 let. go 100.S0 ioi.ne 100 R(J 101,20 101.(12 100.08 100 00 fill tav 82, '10 Sent. 22, '22 July 28. 'I'.' Ju v 28. '22 Juiv 24, '22 Julv 28, '2J I'uly 14. J2 inly 2fl. '22 Julv 21. '22 Ju V 24. '22 Ju v 28. '22 July 20, '22 Julv 2(1, '22 July 27. '22 July 20, '22 Mav 10, '52 Apr. 8, '22 of iMua l.nw 80.00 80.14 S3 00 88 80 81.40 sf.ne 60. 00 84 00 S4O0 81,40 sa.ne 85 no 82.40 82 44 82 00 04.70 04.08 LIBERTY BONDS AND VICTORS NOTES ru( June 2. '21 iiv 11. '21 nt in 2ii lav m. "ju May 20, '20 Viv 21. '20 Alav 21. ' ft Ml .Rang. '22 ..Hlh l,nw 101.08 04.84 101.40 0I.M2 101, os flrt.7e ioe se os.ne I.lberty 8 IV , ioe n. 03 se vuu nH JUIV 80, '20 A Mny 21), '20 !)(, 21. '20 Ue. 20, '20 May 10. '20 May 20, '20 Mnv 20, '20 May 20. 'JO Mav 21, '20 102.0 J01.78 101.40 101,00 100 SO loi.ne me se 101,80 101.O2 lOo.es loe oe 00 (10 00 nn.se 04.08 OVflS 00 71 04 72 en se (15.70 100.02 00.84 Iksus 1012.47 I.thertv .lUn. rptrlRlcrrrl I.lhrrtv lit cv 4b 1fl..47 I,lbrtv it cv 4 rpulntered ... MbettV ill Is 102742. s. I.lbfrtv 2d 4 rcin-tei-eil I.lbcrtv 1t 2fl cv 4 Ha leaj-47.. Mbfrty let cv 4'i 1012-(7 ,. . I.lbertv 1st ry (U b rcalstcred. Ulicrlv 2'1 cv 4H. KU7-42.... Liberty L'J cy 4'i " registered . l.lberlv .10 His 11128..., Liberty 4th 4Wa 1013.88 Liberty 8'1 4Vi reBlsteretl. , . . . . Liberty 4th 4Ua renlatercd.... vicinrv ia n'i:--'. registered Jtltrh 100 02 ibblii oe'.oS lbb'.oe lbb'.ln lbb'.ne 100,34 Iw 1 P. M. 100.82 100.84 Ket Chse. lbb'.el ti'n'.sii bii'ei l'eb'i-' lbb! in 100.84 ib'e'.U 'ba'Aft lib' 6 4 l'e'pM4 ibb'.M 100,34 Ar Rtp'e 5a 2 8i Arre nep'c 7a 11.... 101H 1.... 101S 4.... 101H .... 101H City lierd'x il, 1 79 City of Copen Cepen hatten BMs 7 02 City of O.irls. tlana 8a 1.... 109ti City Lyens da 1 70H Cty nie de Ja- nerle ct 8s 2.... 100 8.... 100 1 0BH e.... ioe Cty Rie de Ja Ja nerle 8a 1 00 Cty Sae Paule 8a 1.... 1O0H City of Sela- sons 6a I...... 77 l TTH 4 77 City Zurich 8s 1.... 114 Ccecho-Slevak Rep'e 8s 2 02 10 014 n 014 B..... 014 47.... OlVi Dept Seine 7s B 80 7 80U De Can Bs '20 0DH U Can 5Vts'20 n.... 101 1.... 101 Dt Can Bt -83 (SALEB IN 11000) FOKCION BONDS 1 084 it en B..... 084 7(sa1a) 084 i inau psh 6 1.. 1.. B.. B.. 1.. B.. 1.. B.. 1.. B.. a.. 4.. Oeva't French nep'e 8a 20 054 084 054 OB 0B 00 054 08 H 054 084 00 034 054 23.... 10 9 74 1 10 10 00 08 08 084 084 08 084 081 08 2... n... Hern Republic ct 64 a B 01 'A Dutch U Ind s rtts Ca '47 5... 044 1.. .. 04 3 04 4 uutch E ind t rets ts 't)j I! 044 8.. .. 04H 5 (flat) IHS " 04 4 04H 5 041. 13 04V. aisale) 104 V I. 4. 2. 1. 12 04 4 04 04 V. 04 04 04 4 044 04 1. 1. 1. Fram'n Indust Dev 74 a 3 024 B 03 8 024 Gee't French K 74" rcti in. SO. 8. 7 B 1. r. 034 034 034 034 034 034 2.. 1.. 3.. :.. 1.. 7.. 3.. 1.. B.. 2.. 1.. 4.. 1.. 4.. 8.. 8.. r.. 1. 004 094 n4 004 004 oe 00 004 00 09 004 09 00 99 4 694 00 094 00 004 Queensland 7s 6.... 108 Republic! Doll Dell tin 8s 10 00 1 00 3 00 1 05 1 034 R Chile 8s '30 1.... 102 1.... 1024 R Chile 8s '41 B.... 104 8.... 104 1.... 101 1..,. 103 1.... 103 2.... 104 R. Chile 8s '48 1.,-.. 108 Rtp'e of Uru guay gs 3.... 100 1.... 100 1.... 1004 2.... 100 State of Rie O Du Sel 8s 3.... 100 state of Hai Paule et 8s 1.... 101 B.... 102 2..., 102 1.... 101U Bwlta'd Cen 8s Jap Gevs' t 4 s 79 70 70 70 78 784 78 V 784 784 784 2. 10. 3. 8. B. 25. 15. 20. Jap Qeern't 2nd 44 IB 02 8 01 IC Belelum 0s 0 00 IC Uels'rn 74 a 10.... 102 3,... 1024 3.... 1024 8.... 102 7.... 1014 K Ueldum 8s 5.... 101 Klntoem Den mark Ca 8 08 2 08 1 08 1 08 Klmroem Den mark ct 8s a.... me4 1 ... 100 1.... 1094 k. or Nether lands fls 12 044 10 044 4 04 7 04 S 1 044 Kingdom Ner way ct 8s 8.... 1104 5.... 1104 1 110. K Sweden 0s rt. ... 1034 2.... 103 Paris-Lyens M Rall'y fls B 13 B 73 2 73 73 2 .... 73 73 72 78 78 6(sale) 03 t . .8 1 12. 1.. 1 . 4.. 8.. OS'.PrnBue 74s !... . S04 054 3 80 03 3 804 0541 0 804 03 Queensland Os 03 1.... 10U. .. I 2.... 1014 DOMESTIC RONDS B. 1.. 1.. 10.. B.. 10.. 0.. 121 121 121 1214 122 121 121 U K Qrt Drlt ft I'd S4s'20 10.... 105 1.... 105 10.... 103 7(sale) 108 5.... 103 5.. 10. 8... 8... B... 1... 6... 3... 0. 100 10B 100 100 1004 IOO 10B IOO 1034 U K Grt Urlt A I'd 8s '37 B 10. 1. B. 3. :e. 5. 1. 10. 43. 21. 4. 12. V H 8. 10. 3. B 5, 4. fn'd 101 101 .. 101 .. 101 .. let .. 101 .. 100 . . 100 ,, 101 .. 101 :. mt .. 101 .. 101 Ilraill 7s ... 00 . , 00 ... 00 ... 00 ... f0 ... 00 S Drain 2.... i3i Creat rJerth'n Ilnll'y 54" 1 .. 1024 Oreat Nerth'n Rnli'y 7s 6.... 110 , .... Ill ilud'n A Man sell Bs 1 .... 634 00 r- 1 Hudsen & Man fd 6s 1 85 0.. .. 83 8 834 llt Ctl fd 4s 8 804 Ills Ccn 4s '83 2.. .. 884 I.... 83 Ills Cen'l 0 4s 1.... 110 IndVa Slel r,r 1.... 102 Info Metrnp'n ct st'd 44s 13 134 IB 184 B(sale) 18 10 1BV4 Intbore Rapid Tran fd Bs 10 714 10 71 4 714 Intbore Rapid Tran fd cl 4 71 Intbore Rapid Tran 7 wl 1 07 Intr'1 k Great N a 0s wl B B14 25 St 4 I M Marina 0 l.V. .. 08 2 03 3 03 Int'l Tap b 71s 0 884 Iowa. Ccnt'l Bs 81 Julius Knyser A Ce 7a rets 1.... 103 tCnn C 8 Cs 3 02 K C T Rly 4 7 814 0 834 1 nt Lacka'a Steel Bs of '23 6.... 100 Larka'a Steel Bs of 'B0 3 024 Lake Sheri M S'n 4s '28 1 01 10. .... 044 1... . 04 Lake Shern M S'n 4s '31 B 014 7 034 Leng Il'd R fd 1 81 Leula & Kaah vtlle 54a 5 103 La & N w 3 7 .... 78 Manatt Sugar Ce 74 a 1 08 2 084 Man they'd 4s 1 OS Market Street r.ly 1st Bs 1 88 Z 88 B 88 3 80 Marland Oil war'd 8a 1.... 121 Mldvale meet & Ord Ca 14 80 M Kan H T 4a 7 834 Me Kan A Tex Cs wl 23 834 Me Knn A Tex ndj Bs wl 01 01 00 014 0t 014 014 no 7,,.... 30.... 10.... 3.. .. 13 25 Me Kan & Tex 0s wl 24 .. . 07 Me Pacific Is 1 00 2 05 3 03 1 03 4 Merris Si Cem pany 4 4 1 88 NEWS FOR INVESTORS 74 a rets n 14. 1. 1 1. 4. 10. u s 40. H. B. 11. 11. Ajax Rub'r SslCtl Leather , OMd an l (reld cer tificates Oeld srttlment fund Pf lernl Ro Re line Heard RESOLTICEI Sept. 27 $0 018,000 Sett 20 J3, POO 404 41,522,148 40,839.3:! Tetil geld held by bank $10 571,048 133 811.983 OeM with Ideral Hlserce agent , 140.402,403 148,000 '.'03 O e I d redemption und .... 7 078 423 7.142.770 Tetal geld re , 'rves . 1200,318.087 $211,031,(120 i-effsl tendfp nnttH. uter etc 14.872.071 1 .'.BIO (lilt Tntsl reiere 12JI 421 000 ISUS.flS') flt3 "Ills discounted 'eurei by United MSIf flninm.nl vuuKKUOnS I n (Ml ethtr "ills bought ern market eiai bills e I hand nltd Sintes bend u,n'"l States cer ttflcntm of hi. lebteclnean (.1,!"lr certificates Af lima n Act) A" ether Total naming n7 -.,. .. iteniis-s tin- mptien fund Minn Pcderal fe,ni "'h ViVJIeeitci ll.ms " ether resources 10'1 reseurcfa J28 028, nne 10 1H5,.011 21. 201, 580 03,!)18,l'ns 23,020,200 8 nno.neo 5,,08.fl00 S20 241 400 10.329,528 23 SS2.300 105 1133 518 23 38S 850 3,300 000 3,020 000 en .320,800 JPI.-ITI .T'S t 000 217 250 noe 49,038 nil 4110 318 J00J .'17 230 n 10 52 flSfl.MII 400 201 t.107 770 373 $170 .'04 3.'3 ram, i MAHII.nmH d? ."..,. 17.015 11,1 mb,r Hanl All .J,UQUI" 101) inn ,'12 Ite Jn.l'il IMI 17 015 110 733,131 ,1,107,031 111 1.10 'i7 485. S03 Total depealls 1110 aaT.f.Oa 1117,724,488 Pr,'iV"! nntn r;?lnettialcli. -,-.. rnip (n t mallln ablll rfcultin Ln.'ner II r"l ,!. 75 2 p'r :!.,u ' P" "'"' "f"'uu 2 '08,000 41 003 003 i 031, ni 2 nei ni 10 mil 11.3 I 1101 03 UWORAKm.M feS5ilB,,nt WHty en !'l..U0,7Tl previous , bills purchased for UMk nf SlAr(v.fi,.r Prevleua week. 12,881,710. B.. .. 904 American Acrl Chem 74" 1. . 104 Am'n Smlt A Ref'c Bs 3 OS', Am'n Suiiur Il-f'f 8s 6 70', Vmerlcan buj Ref it Ca 5.... 102 Tel . lei ,f ,3 100 2 .. 00 Hsale) PJ4 1 00 5 . 004 12 . .. 00 Hsale) f 4(sale) 09 Am r.t i ii 2... 85 A i A S 1 ' 3. ... 014 7. . 014 All C I. ti 5.. 01 r.a I & uiil 1 84 Halt A Oil, I cv 44s I 2 854 B . .83 1 84 1 83 2 . . 81 10 . . 84 Ball A Ohlu 2 . .. 844 Bait A Oh 1 1 r 8.. 1 2.. 2 , 1 . 2 1 1014 1014 101 101 1014 101 1014 1014 1U O I' u A W Va 4 2 ... 814 I'ult A Ohie Wn 34s B .... 02 Ilarnid 11 Curp A 8s 5 105 Rell Telepnene of Pn 7 s 2 107 I Steel fd ' 1 074 Reth Steel ei of '38 .. 04 Pnh bteel tl 1 ., 100 2 100 Ilk il tidl C 7s 2 100 1 100 Ckn Kill 1) 7' 2 .v. 107 Ilkn Rup I ! J . 01 I'kn Itap 4 PO'j II IUP I 4 . 00 Ukn V Qnt 7s 1 H5 2 115 Rush Ter'l 3s 0 004 t'anad n Nlhn (14 s rctri 2. in il U3 Ciuiad'n N 7s I "sltSH Cana'n rin1 2 I a -' 3 82 Carel's, lllm-h A Ohie B ' 1.. .. 0t4 en of a As B.... 10041 1.... 1094 1... 084 Central Pacific 1st 3s 1 . . 80 2 . 80 Cere de Pasv Cep'r 81 0 ... 122 2. 122 "hes tiO( 8 894 Ches'e A O 5. 1 00 O cv 5a 1 .. , 034 a. ... i ' 4 S ... 03 0 03 2. ... 03 Chi A Alt'n 1 10 50', 2 ... B0 6 61 Phi I) A Q 3s 5 1014 1. .. 1014 5B 1014 hlcage A B'n Ills Bs '51 5 84 1 .... 844 3 85 8 844 Chi A O W 4s 2 B2 1 51 1 B2 0. . . T.t 1. ... B2 3 62 Phi age Mil & St P d 4s A (15 0.. 01 Chlage Mil f. St P 4s '23 4. ... 82 Chicago Mil i. StP cv 4 "a 0 71 0 10 B 20 5, 30. "1' 71 80 70 70 71 Chlage Mil ft StP fd 4" 20 03 2 (Ont) 115 8 . (1.3 1 . . 03 Chicago Mil StP gm 4"s 1.. . 88 Chlage Mil ' St P cv 5 10 ... 73 3 ..75 2 . 75 Chi A N W'n Ss of '87 2 107 2 . 107 4 107 Chicago A Nth W'n i!s 1 111 Chicago II 1 1 wis Bs I . "1 1 "1 1 81 Chi 11 laid A, Tic Is I 83 .hi lleelt I S. Pau fd H 18 M 1 84 10 I 4 HI 82 Ii hi, am Union 85! Ste 44s 0: -The nvcrngp prirp of twenty nctlve industrial stocks wns .'J.1 per cent lower yesterday et 00.58, w,iP twenty rnil rnil rends were .03 per cent off nt Ml.iW. Middle Stntes Oil leperts for nix months ended June 30. net income $3, 180.708, after, expenses nnd reierve in eludltiB Federal tnxes, but biibjcct te depletion. The ChicaRO nnd Alten Ilnilwnv, tlireiigli its rccelvcrH, will mnkc reiinpMts in Federal Court te pass 11 forthcoming interest payment en its bends and luaue a lean of 52,000,000. According te advices from Londen the united States and General Trust Cor poration is issuinc 2."0,()00 of . per cent debentures nt 871!.. the balance jf an authorized itsue of ."00,000. Atithorbatien has been obtained bv the miinlelpnlity of Uie de .Tnneiie te contract a lean for .$30,000,000 In the I nlted States. AceerdliiR te official et the city this lean will be used exclu Mvelv for consolidation of debt The total debt of Itie du Janeiro new itnnds nt S2.-), 000.000. Six of the Liberty bend Ismics 8)01(1 jcbterdny at prices at which I heir Weld is mere riinn per cent in loinpiirisen with only three jleldinc mere thnn 4 week or 80 nRe. The hicliet M'eld in the list te be found, 11 1 1hh( night's closing figure, in tlie second .p,s. whiih ut the closing price of D!).l)2, icld 4.27 per cent. The Kxenitlve Cemmitteec of the Lnlted States Rubber Company met jesterday nnd. it is believed, "deter mined the dividend policy te be adopted with respect te the preferred Meck at next Thursday's meeting of the full beard. Tt Is the consensus In the Street that the 8 per cent rate will he maintained bv (lcclnr.it Ien of the 1 ecul.tr qiiiirterl.i dividend of 2 per cent. With thu question uppermost in the speculative mind last night whether the reaction in Htecks is ever, tlie statisti cians were busy figuring up the itmiIIs te date. These show that the extent gf the present decline has been just .1 fraction mere ban Cue and ene-hnlf points for the nerage. The high eint was 00 23, readied en September 11. The low point, reached jestcrdui. was 84.01. The National City Company of New mrK wns me successful Mulder for the $16,000,000 lean for the (internment of Ilniti, offers for which were opened nt the Stnte Department. The termsi weic net made public. The bends, whidi are the first series of a $10,000,000 lean provided for in the protocol of October. 1010, between the Culled States nnd Haiti, bear interest nt 0 per cent and will mature In thirtv ears. Seme Indl '.'itien of the impieved con ditions en Western i.iilie.ids was re tculcd In a stnti merit issued jesteuav at the offices of the (ireat Northern Hallway. That read, according te ltalph Hudd, president, has lempletcd its new shop organization with an agreement regarding wnges, rules and working con ditions. AiMces from Chicago said of ficials of the Chicago and North West ern predicted u speed leturn te normal conditions. The Tennessee Central Itnilrend hns been authorized bj the Interstate Com merce Commission le hsue S037.000 first mortgage 0 per lent geld bends and te guarantee payment of Interest and principal for nn Issue of $030,000 In equipment trust (ertltlcates, both sets of securities te be deposited with the Cnlted Stutes TrenMirj as securities for n lean of $037,000 made te the read by the Ge eminent. The company re cently wns reorganized. --Chicago nihices repeit nn eider from Chicago and Alten for 10,000 ten of rails, together with neiessnry track material. Orders fiem Illinois" Ccnttal nnd (ireat Western for 170,000 tens of new rails aie exported this week In steel circles there. Curt her word 00 101 Alten's situation ct present mealed a Den A R i 4" , disagreement tin settlement linns ulih shop workers, hit indicated the prob able acceptance of the reichci's pie I pesnls within 11 diert time I The icpeit of the Vllhs-0crluiid ' Company and subsidiaries, for the si I months ended .lime 30, shows mt less 1 of $1(13,30., nfter depreciation nnd lu st , . . . 80 .... 884 .... 80 .... 884 . .. 884 ... 87 Ilrazll 8s . . 101 ... 101 ... 1014 ... 101 ... 100 ... 101 .. 101 .. 101 .. 101 101 U H Mexico 4s B 40. .3 40 15 40 U h Steam S Ce Cep fls wl 5 .. . 04 2 04 4 10... . 034 Chile Cep'r 7 2.... 107 ft . . 107 4 10 ... 107 3 ... 107 30.. . 107 Cln Gas 54 s 2 100m C N Y 4s -,) 7... . 01) 4... . 004 Cl'd Cln Chi A St Leuis 0s 1 . 101. ,Cleel'd Union Term I S4s 2 104 2 .. 104 0 ... 101 Colerado Kuel A Iren Bs 2 . 014 Cem Pew'r Os 1 . 00 4 . .. 005. 4 . . 00 2 ..00 4 2, ... 004 Crown ("k 0s 4(sa1a 004 "(sale) 00 Cuban A S 8s 0. . 1074 Cuba C'e bus cv 7s 4 ... 80 . 834 2 . SO Cut A H ltd 3s 5 . . 854 Cuhl MR 74s 1 1004 Del S. Hudsen cv 6s 10 . 100 4 5 . 100 D A Hud 34 s 5 . mi Kassau Elec's Rwy 4s 4 02 New Or Tex A Mexico Bs 1 77 N T Ct'l 44 10.. .. 88 N Y cent' I Br 10 07 "(sale) 07 1. 2.. ,1.. B.. 33.. 84.. a.. B.. 1. 2. 07 07 07 07 07 07 07 07 07 08 N Y Ccnt'l fls 104 104 104 1044 1014 1044 lOUi 104 3. 7.. 3.. B.. 7.. 10.. 2.. 1.. 7 Yerlt Hdl'n 04 s rets 1. .. 11 Hi N Yfc Ught II ft Pwr 4s 4 84' New Y N H 4 Hart'd 0s 1 82 N Tk Rl ts 2 374 N Y Rys ct 4s 30 35 11 35 N TV Rlys 5s 2 0 N Y Rs ct 5t 10 84 N Y Tele 4s 2 . . . . 00 is .... nesi New lerk Tel fls of '41 1.1.... 10 N Yk XV C A Rest 44s 2 554 2 55 C44 54 4 54 4 54 54 0. 2. 1 4. 1 Kerth Western liel Tel 7s 1 .. 107 2 . 1074 N'n I'ne 5s wl 2 ..08 2(sjln) ns 5 . 08 N I'nclOc 11 0s 21 10 1. 2 78 Dery Cerp 7s 4 .. 100 Kinu n.u Edl Ce fls 1 . . 101 Pet U R 4s 1 85 I)U l.lBht IN 10 104 Umpire ('is & Puel 7s 34 00 1.3 00 48 00 llrle Oerl Men 5 .. 31 4 . . 51 18 52 Krle Hit c A 1 50 Fl'k Hub r i'ii Ss rtts t 1011. I . 0 Gene' I IJIm 5s mi .fle ilinh U r 04s lets lerest miugcs .tter (lunging out S3,, 000 for con! in,;incies, S'J.-.d.lillO fei Itncnleij losses and S,i70.0(i!i for dl-.-1 eiillt and cicn'e- of cold note 's-aied the deficit was $1.(I1!.''1 I, tiem whbh Wl!,7."0 wits deducted as diwiliml stock of emplejes ninl otler 11 tinned le (0111 pany, leaving the net deficit ler the period SlHILMlil. -The New Yeik Sleck Ichange is ex pected te announce fermallj today the 108 108 ins 10S4 10S4 108 lOS 10SS 1084 Nth S Pwr 5s 7. ... 04 1 04 Ore & Cnllf 5s 2 . ioe Oregon S I. 4s 1 .... 01" Orecnn 8 Line Ruar'd Bs 2 101 Ore-W It K ft Navl Ce ss 82 82 82 82 S2 83 !.... S2 Tacine Ras A Klec 5s 1 04'i 1 .. IU3, 10 ..01 1 . 01 Pacific Tei & Tel Bs '5.' 1 . .. 02 .'I . 02 Packard Moter Car Cu fls 107 ." .. 1'i7'j Pan-A retr'm (. T Ce 8s I .102 I . 101 10 12 JO 7(sale) 101 4(flat 102 Pa 11 gm 4 4s 1 03 a 03 Penna R It "s 1.... 100 4.... 1004 1.... 100 Penna R 04 s 14.... 110 Pere Marat Bs 2 08 Phil Company fd 0a ? 1.... 101H n.... 1014 2.... 101 Pub Perv Cerp N Jsy Bs 1 804 1..... 804 Punts. Alletre Sue Ce 7a 1.... 1004 Readlnc Ce 4s 0 854 Rem Arms fls 11 07 2 07 Reck Il'd A I I.nul'a 44s 1 .... 824 St Joe Rwy & Mi,it Ss 1 7B an, 1 Mt ft a n t a div 4s 2 '804 St I. & 8 K In B. 4. 28. 1. 12. 74 73 74 75 w 7 74 8 74 1 74 1 74 Stt, . 8 Tran Ser A 4s 74 74 744 744 74 4 74 744 1.. 1.. 3,. 5.. StI. ft S Tran Ser U 6a 2 8O4 1 80 10 T 80s 2 80V 10 .... 80 2 B8 StI. ft S Fran 34s wl 2 ... or. 1 05 4 05 St I. Sew'n 5s 1 78 Saks L Ce 7s 2.... 101 1 ... 101 . S Air 1. fd 4 4 43 1 .... 11 1 43 Seabe'd Air L Stn'd 4s 1 . .. 57 2. . . 58 S Air L nl Is 8. , 2fl 2 .. 2tH, SabM A 1. fls 1 . 03 2 ... C.3 115 03 (13 05 05 054 Bteel 1 . . 1 . . . . 15 15 1 ... Sharen Heep 8s 1 08 SlncHIr C Oil Cerp 7s rct 1 1004 ine 4 1004 100 me". 100 mn 101 100H. lern, ion, Pinelilr C oil Cerp 7s 10 1 100 100 100 100 1, c 40 7, Sinclair Crude e r Ce 04 2 08 10 08 2 08 4.,... 00 B 08 8'n Pad cv 4s B P2 S'n Taclfic 4s 1 8S Sauthn Pacifie fd 4a 11. 5.... 1.... I.... 1.... 3.. 00 80 00 80 80 00 in Iful 100 10(1 inr, Se'n reclfle 5a 4.... 101 Seuth Perte R Suiter 7s 8... 101 6.... 1014 0.... 1014 IB. 1.. 1014 Sn Rallwny 4 s 1 004 14 .... (is 5 00 0 08 En Rall'y 04 2 ... 102 ..... IO24 1 IOS4 Standard Oan ft Illco 1st 1 00 Stan Mil C 5s 1 OOi; Te- ft Paclfc cv 44 a 10 . .. 70 Third Ave is 1 08 fl OS rhlrd A al 3s B 05 1 .... C54 1 15 1 05 t'nlen Has- ft Paper fls 1 .. 1004 Union Pae 4s 2 01 I'nlen P cv 4i 5 .... 054 L'nt'd Tuel ft Oas OS 1 . 00 Ut'd Rly I Ce S Kran 5s 80 U 8 Realty ft Impv't Ce Bs 1 . 07 U S Rubli'r 3s .1 . S'i 1 . 804 1 80 U S Rub'r 7s 1 101 U'rt S Mf.fl Bs 5. . 103 U f Smlt It ft Mlnlnn fls I .. 1014 3 101 Ve-C Ohm 1st r. ion 5 1 en , 1 11104 Va-C Chem Os 15.. 1004 Vn-C Ch it 7s . ... 07 Warner Sugar Ref c Ss 0 ... 102 10.' , West'n Md 43 3 . .(10 Kenle) 0't West Shern 4 s .3 . 8V. . 83 V I'nlen 04s 1.1 110 Westlnchs'e K ft Mff 7s 2 107 Wllaeu Coin piny let !!. 1 101 r, Wilsen rvini- inn 74 s 1 108 1 .. 100 Win, heiter R Arms c 7 4s I 103 4 WIhceii Cil In .' 82 LONDON STOCK MARKET Operators Nervous French Leans Dull Dellar Descriptions Quiet Ijeiulnn. Sept. tin. -Increased ap ap piehensieii was noted en ilie stmk ex change tednv eer the growing seri ousness 01 the situation 111 the Nem I'nst, fellow Inc the nihnnce of Turkish forces Inte the neutral zone en the Asiatic side of the Straits of the Dar danelles. Them was considerable nervousness anion;; opcrntets In secur ities and the markets wcie unsettled. N'timeieiis bear drives wetc ui.ttlt thioucheut the list. (illt-edped investment issues were affected, particularly bv the unfnvor unfnver abln news from Coiistnntiiieple, and were weaker. French loins were dull, but fairly well maintained. Heme tails were Hat under sellliiK by benis. There was moderate liquidation in Ar gentine 1 ails. Dellar doseiiptiens were quiet nt emul picvleus levels. I'relit-tnkliiK by the Continent led te rece'slens In the oil sxtlen. Hojal Dutch was .'(S1), Shell Tinnspert and TradiUB 4 7-1(1 nnd Mevican Kngle 2Ts. In the lubber depniimciit, smnll declines worn noted. IiiduMilals wtin irreculnr. but cen- erallv lower Hudsen's Mav was 7 1-10. Knlliis were 111 Mipplj and silBSdl. Standard Oil "Melen" Plan Ready " Niv. nrl(. .set. " l),tails of the pre posed riclen te be dec lerr.l h Iho Stnnrlnt 1 Oil Cunip.iny of New Yerk ire mmted te b mallid te xiOLkhelders with. 1 th iifxt fort ilKht heurf ni cording te npirts yest-idm Dlreitnrs of the ceinpan meet teda, an I It Is ,.XPei tetl that llml nillen will thnn bn tikeu en the proposed plens of the heard I e eniciai ininrmatien wns etitiunnll,. in unci, murk i clt, tea as n whit form i 111,1,11 will le iinneiiiiit-ii but it n genvrillt lellecl dial th, riimpnn i iplt.ll rlnk will ti vllt un Inlo shnres uf 1.5 pir .i!iih ind in th Hin lone u, ( m k will b .lis trlbut.il i, si icUlinldera in i form of n humin If Ihn Inn B nun 1 it te the one proposed In ihf autumn if m.'ii tie te(.l( ,ll. I lend will nineunt tn 200 pei vent At thnt till), n Hpnliil mcetlns of klmlders u.is niridnllN iiilli-d te appree th terms, hut thu propesiij fell through nt the last inin uti. bee.iuse or the opposition of Intluentl il 101 ,, .,f .. ....liit..... n,w.l ,J "" , rE ' u "'iM'"! ". . I""' the (,'inerilillN' (tumulttce loekini; te"u,u "uld Indirectly tax i.tn.1. dividends closer slipi'l vision el slei k "-pi'i Lilihtr-" I and their iictnines 'nils phase of hc ciirit.v deallns '- mid usii ed te have lieen ilildci luvislitfiitiiiii bv lli e. ihilllKC llllll.etlti 's for i-niie weeks. Seme i liinif'es win I c inihii in i(i(, 1 8 2 10 1 101 regulations of the ei liamrc uliMi kev- 101 KM 100 4 101 Goedirar llre ft It fis "11 1 .... Pf'4 1 .... 004 2 ' ' 10 I" 0oed)edr llie ft R II 1(1 115 N. and W. tefRedeem Equipments em spDiiallsts and the uses te which Infotniatlen m their posscsmeii iiiii.v lie pni. Septeinbei copper 'ales aie lentil tlveh estimated at nppiexinmiclv H.'., 000,000 peiindh, an Incunse of '',!, 0(1(1,. 00(1 pounds ever Aukiisi in ,luh sales also totaled r'.,(M)0,ll(l(l pounds. of the total sub's for this mouth it is estimated Iba' 'itbtlv less iimn '",. 11011,000 pnllllils wen, mid H, (',. per l'x ill M( 1 1 i ii Im Ii ! new 1 el -veil III HUM en' IC Hi I I ill Hill, I , ( (Hi l.irai (iiiiiim i tn-e' i mi 'n' en I ll' .11 u I . ...I llllUll l "'I "'I " " " i iiniiurii, iiiiiii i Iu1 unle of ciMiner fur the nine months in i i " lUSu.nr'd Trunk" e'f amounted te l.ISO.000,000 pounds, or ment tuuipmeni". "ft SS! c.V.ut- 'lit the rat. of 1,572,000,000 i.ounU.'fer I SSR'.VJSiST S!i VVt10. luu iiw 4. resem iu in V Cotten Experts Decline VVii-lilnctini. .Sept '."I I xpeita of cot ' ten iliir url in nlum tit ippreHsril In Milim during August as mimred with' ViiBint 1UJ1 rn 11 Hue i f e un tride n pnrts iHsued t dnj by the i i nn rte Iieiuu i m, ill i:xperls uf the i, urn hi tet.ile I .72 80S IjUb werih Ml nn n n u,t month kk ilnst JIl)l biles verll I. U(i) In' AusiiHt 11 Mr iike Pni 1I1 ihi months tide 1 Willi llhf Atltftlst. ,,itl n h 1 i,mi.,. ..a tiled .MsilMl'i b.iles weilh fJIS OOO nri) iKiiliiHt t .sn '. HI tnli iv, 11 1.710)0,1111) during ihe i, rruspenUttiK nni In Mar age rtin iinniiunKtiKiit In u VV lern 1UI nnd llml ,i iMiiijrt t t" in.M 11a ji ii c 1 nun 111 11 I t erlKlni.i il i 1 ill I is I ellevdl , I NerfniH- Hnl 1 leem 1 1 I 11 il 1 ei 1 , nl I I In Mil ' r hi mt f- I 74f!r d I 1021. ( sn 1 eiiliu Ced r i) . 2,ri nni. f ln- 1"J 1 1111 ir I Pt I l( HUH lt ,. mile, ,! ..,1. 1 is i 1 11 11 r. 1111 ini d 11 ' i 1 v u , liny, iiiiiii nt lurii v the wn i tic ,,n,,iu 1 n eimi nit tits m ,1 i , .. . , . It Is tin lu hi iujiI te led.ein Ha deMirn t'.'.'m'.'. 8-4 8.... H3 Of thu 18111 1)00 O00 equip. resold tu th public, reuils lehl l,v tl,A bout 5li.OO0.O00 wcre New Issue e Tax Refund in Pennsylvania $1,500,000 American Wire Fabrics Corporation First Mortgage 7 Twenty-Year Sinking Fund Geld Bends Series "A" Dated September 1, 1922 Due September 1, 1942 Redeemable as a whole or In part en any interest date en thirty days' notice at 107J4 and accrued interest en or before September 1, 1928, and thereafter at 107J4, less Vt of 1 for each full year elapsed between March 1, 1928, and the date of such redemption. Semi-annual interest, March 1 and September 1, payable in New Yerk and Chicago, without deduction for any normal Federal Income Tax net exceeding 2 which the Company may be required or permitted te pay at the source. Pennsylvania and Connecticut Four Mill Taxes and Maryland Four and One-half Mill Tax refunded en application. $1,000, $500 and $100 Coupon Bends with privilege of registration as te principal. THE EQUITABLE TRUST COMPANY OF NEW YORK, Trustee CAPITALIZATION (After giving effect te present financing) Autherlred First Mortgage 7 Geld Bends (this issue) $2,000,000 Capital Stock (Par Value $100) 2,000,000 Outstanding $1,500,000 2,000,000 American Wire Fabrics Corporation (incorporated 1922 in Delaware) is the successor of American Wire Fabrics Company, incorporated in 1911, one of the foremost manufacturers of high-grade wire screen cloth. The plants of the company, located at Mount Wolf, Pa., and Blue Island, 111., are modern and efficient, cov ering an area of about IS acres and with an aggregate fleer space of about 215,000 square feet. The manufac turing equipment consists of screen cloth weaving looms, together with the necessary warp, spool and bobbin winders, and galvanizing, annealing and painting plants. The products are sold direct te manufacturers and jobbers through the. Company's own resident sales agents and representatives, chiefly in the Southern States. A substantial amount of cloth is also sold for expert. All the capital stock of American Wire Fabrics Corporation has been purchased by Wickwirc Spencer Steel Corporation, which has provided the equity ever and above these bends through the recent sale of $1,775,000 of its own 10-Ycar Nete3 and a substantial amount of its common stock. The management which has success fully developed the business of American Wire Fabrics Company will continue with the new corporation. SECURITY In the'opinien of counsel, these bends will be secured by direct first mortgage en all the fixed property of the American Wire Fabrics Corporation. The remaining bends may be issued only under conservative restrictions as set forth in the mortgage indenture for net exceeding in face value 50 of additions or improvements te fixed property. EARNINGS The average annual net income of the American Wire Fabrics Company for the five years from July 31, 1917, te July 31, 1922, after deducting depreciation, but before Federal Taxes, amounted te $615,833, or approximately six times the annual interest requirements of $105,000 en the First Mortgage Bends new te be issued, and in no year during this period (including 1921, a year of acute business depression) has the net income been less than five times these requirements. ASSETS The plants of the American Wire Fabrics Company, including lands, buildings, machinery, tools and equip ment, of which all except a relatively small proportion of personal property will be covered by the lien of the mort gage, have recently been appraised by Messrs. Ferd, Bacen & Davis at a sound value of ever $2,400,000 or ever $1,600 for each $1,000 bend. The balance sheet of the American Wire Fabrics Company certified, by The Audit Company of New Yerk, as of July 31, 1922, with subsequent adjustments te give effect te the purchase by the new company and the present financing, shows total net assets, excluding all intangible values, amounting te $3,601,121 or ever $2,400 for each $1,000 bend, and net quick assets amounting te $1,158,221 or ever $772 for each $1,000 bend. SINKING FUND The indenture securing these bends will provide for a sinking fund sufficient te retire by purchase or call $50,000 face value of bends of Series A, en March 1st of each year from 1924 te 1933, inclusive, and $100,000 en March 1st of each year thereafter. We recommend these bends for Investment Price 100 and accrued interest, yielding 7.00 E. H. Rollins & Sens Spencer Trask & Ce. 1421 Chestnut Street 25 Bread Street Philadelphia New Yerk Bends are offered when, as and if issued and received by us and subject te the approval of ceumcl We de net Eiisrnntec the abeve lnformstlen hut lisvn obtain"! It from effliMal sources which we believe te be reliable. New Issue Exempt from All Federal, State, Municipal and Lecal Taxation Issued under the Federal Farm Lean Act $3,000,000 California Joint Stock Land Bank San Francisce, California (Operating in California and Oregon) 5 Bends $2,000,000 dated May 1, 1922 1,000,000 dated Ner. 1, 1922 Optional May 1, 1932 Optional Nev. 1, 1932 Dae May 1, 19S2 Due Net. 1, 1952 Coupon bends, fully registerable and interchangeable. Denomination $1,000. Interest payable semi annually, May 1st and November 1st. Principal and interest payable at the California Joint Stock Land Bank or at the office of its fiscal agent in New Yerk City. Authority By Act of Congress these bends are declared instrumentalities of the Gov Gev ernment of the United States and are prepared and engraved by the Treas ury Department. Security Obligations of the issuing Bank, shareholders' liability being double the T- , mant c,t thcir stock, and collaterally secured by cither first farm mortgages or United btates Ge ernment bends or certificates of indebtedness. Government Supervision These Banks operate under Federal charter and Government ' ' - ; supervision. Their bends and the collateral pledged as security have been approved bv the Federal Farm T.nnn Rr,.rrl 1,.. .-..,.. c .u t. r "" r j - - - -"... .-w uvut vt ULiiLtj.ii ui Lilt. 1 ! ism v 1 inn irra i r.. - --- --., --v'. ,- tnent of the United States Government. A legal investment for all Hdueiaty and Truit Fund, under the juri. diction of the federal Government and acceptable a. security for Postal Savings and ether deposits of Governmental Fund,. The Banks may be designated by the Secretary of th 1 Treasury as financial agents of the Government and depositaries of public funds. Price 103 and accrued interest Yielding ever 4.60 te optional maturity and 5 thereafter - William R. Compten Ce New Yerk Harris, Ferbes & Ce. New Yerlt Philadelphia Halsey, Stuart & Ce. Inrnriinrntfil New Yerk Philadelphia Bank of Italy San Frcncisce The above statement, are effithl. or based en information v-blcb e regard 05 reliable, and are the aata upon nhich we have acted in the purchase of these bends. n i. r.j ' , Ul S!5TJft,l H- Mf V" 1 'W A if .: smt V,H$ Jr"l I , -fc lt,.Ji tXtt,&Ulj
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