iMwwpaPsWPiP
immwmmmQmijm mmmmmwmp-m
i -aiariaa-arawaAvvami i.b. mm m. &h.u amiaBma.at han aaaajHasajiw i. ji a, r n - t we.t r ' . - --- -
i
6DSSIP OF
THE STREET
TnleM veu lmvc n Ug stack of Wue
,k.,, j oil Jmve no "gut l ""' "' ",v
Zmt tut isnmr." snld a downtown
Eir,.ln1iiy. "TIe ordinary trader
L ncltlirr tlie Mscc-Rnry wlicrewltbnli
! r peMMM tlie nerve, te nit in with
leh fart company as Is new rullne the
Sut.tke eamc en the Biff Beard.
X, and ten point fluctuations mean
.Atliinc te tue pewru. ... -
i n i 25,uu
hsu bren waged a long contest. Thers velwd.
arc uve etner committees Known, as inn
Hammend and 1'erklnn cetnmlttM. Th.
Bittre committee lms lnmicd a call for
security holders te withdraw their hc
curltlci front these committees en the
Ground that the committees are net
noting iti thn Interests of the investor.
line of tlie recommendations of Air.
RIGHT TO TEACH GERMAN
ARGUED IN SUPREME COURT
VA Aa Akfa. All. .....
TOITSU. Win H1 MM. UW UBD
quarter! liabilities are 4.8 per cast
below these of the same quarter of 1021,
,lpnHn fh fact that 001 fewer defaults
occurred In tlie earlier year. Tims the Ohie Law Attacked In Hlehsst
insolvencies in ine uiiru quarter et , Tribunal of Land
last year numbered 4471! for $122,01)0,. .. . Tr,bu"al u'" ,
jhm nf liabilities, or nn aternn of Waahlnrten. Oct. 11. Ohie's statute
?27,4.17 per failure. The arerage for , prohibiting teaching of German te pupils
and
cases
Vntermp.ycr.ln that the Interstate Cem- the third quarter of the present year, t,ejew tl), elri,th cra,j8 n prlrnte
lM'i'fe in- ,,,.,. parochial achoels, ai amltel in .
linve been nhnen Hint the Denver & , have numbcrpd 18.41 T nnd supplied n brought by II. II. Brehnlng and L,mll
Itle Onindi! would be acuulrcd either lltlln mere inan ?iw,iw.uw or. in-. Pohl, was argued bv counsel in the
by the western rnclttc, which connects dcDteunew, wmie niuiuL-n ir n ; similar
u
the Denver and llle Brande with the
coast, or by the Missouri Pacific, but
the nutre committee 8 announcement
makes certain that no such action will
. .1 . (.hiI.IIp Yeu Will Observe in . "P iekb mimrai uiiiivsiiiQii. in n
ttn In the sadillc xeu win i , : f e th Hutfe cemmltte1 Jn whl(,h
runnlns your eye eve. tun . " "" , he advised the reorganization tdan,
, a stock new in the ring selling Samuel Untermeyer charged that the
period of last year show 1.1.507 Insol
vencies for about $433(400,000. Al
though this is a considerable expansion
in both respects, recently monthly re
turns have disclosed a steady narrow
ing of the margin of increase in num
ber of failures ever last year's totals,
and the number for September makes
Supreme Court yesterday.
Whether the attack unen the con
stitutionality of the State statute pre
sented & Federal issue which would
give the Supreme Court Jurisdiction was
questioned by aereral members of the
court with searching inquiries.
Contending it was the right of the
te acquire anu et ine tciicner te
education, counsel ter iteniung
old asserted that if the Stutc
vijlinii thej Minulil ue cairjing ami ii.mni.un i.uii nim.mu.u - j.esiBinture in exercising im pence
Iteci" ui.i i,n,l ta T'lmrireH mniln In neiiifi iiuertcrH (lint rnirnnn Tr urcT ADDII Ol I liewcr could nrehlblt the ttnclllna of
mormens in;"MI" ,',,, ,,. .American rallreada nre ever-capitalized cul ,une lu lt:, rnlu ' Oermnr.. it could prohibit the teaching
Cilice the ercnu" . ,, K are refuted by the results se far attained
.01 te cause money rate te chmd. ln t)lft werj. 0( F0(iernl valuation et
'" . ,h.n lri a hhare. These vle- Hammend and I'erklnH committees ate the best exhibit of any month In i fully i (,nV
fet lcss than 5i-e n B" f vrerklne ln the Interest of thee two ' year. 'L'he September liabilities, rupll ,,
let Mercmcnti arc leading " rnllreml,, moreover, nre also the smallest f or a mpart
'" brokers lth mere high-priced . J(.n. rnt. THK TRADER. nn;i p,
i-.n.nn the. Mmuld bcinirjlng and RiillniaiN Liider-Capllall-cd - Lesinla
' ., , , i.Mvini. the i American rnureaua nre ever-capitalized
,he operations are ","l,1l,"! ' nre ri.futcd by the results se far uttaiued
! .. ,in, for every ene te use care and ! currier properties, according te the
11 ,t-.Vii,..ntaiicc carry stocks of pert of the cemmltlea en railroad
Ikstree new demlnDtlng Gpeculatlve at at
Jntlen unless unusually large margins
n behind them.
I lttlc attention is paid te the lower lewer
i.l leu-es as peel managers of these
re-
curltlcs of the Investment Bankers'
Association of America presented be
fore the annual convention at Del
Mente, Calif.
The committee of which Pierpont V.
Davis, vice president of the National
City Company, of New Yerk, is the
i strongly the
'ederal valuation
In
tK cm"""-" - i,vin i,., American railroads nre ever-cap'
Plan for Discussion at Dinner
WashlnQten v
Cleveland. Oct. 11. Plans for a dis
cussion at a dinner In Washington
April 21 of the newspaper In its re
lation te public affairs by n.en of na
tional and International prominence
were made at a meeting of the Beard
f Directors of the American Society
rcitoratlen of the dinner will mnrk the cle of the annual
WIIUU.IU1 vi me meeting of the wciety. which tlie nearu
, vetei te Meld in auitiRten April -u
unniittee lay nml "1
fiat thai In Renuris nt the meeting indicated
Kteel Pioductlen Far llclew ermai jum feun,i K,.neral niidorcapltalizatleii
before lit reaches neruial. Inget pre-I "Frem the reports of tentative val
uatien iiuiH ir Buuiunieu uy me com
mission" the Davis committee states In
its report, "It would appear net only
that the reads are undercapitalized but
that their real valiie is se much in
excess of their outstanding capital ob
ligatien innt tue lesuic inuit lie a
'" in il.Vir favorites. In ray opinion, credit innuinK ni wie run
(main tneir '"''''", .... iu imv(1 eeiintij .
the adaii f ' , p "alt v " Tin .oneluMem. nf the ,,
Un altesether tee inpid te lie m aini Iurtk.ulur Mtl., ,, ll)u
nt anr ether lniiffiinife or subleet.
If the State can In n compulsory edu
cation law prescribe the Htudles which
shall be pursued, Assistant Prosecuting
Attorney Thebaben, of Cuyahoga
County, asserted, in presenting the
cases for the State of Ohie, it also can
declare what shall net be pursued.
SOVIETS WIN IN SIBERIA
Vladivostok Qevernment Troops
Are Demeralised
Teklo, Oct. 11. (By A. 1M The
forces of general Dletcrlch'', head of the
the work done te .Inte the commission the American Society of Newspaper, ma,vostels severnment are retreating.
liters, which was formed in New ucmeraiiica, oeiero in.s ensiaugni ei me.
Soviet troops or tlie lar JJastern lie
public of Siberia, according te advices
received from Vladivostok.
The campaign for control of Vladi
vostok as it is evacuated by the Jap
anese appears, from the reports, te be
going against the present Vladivostok
government, whose soldiers are short of
rifles, although they have plenty of am
munitien. On the ether hand, feed Is
i before It reaches normal, ingot pre -fietlen
in September mw.tR rate of
.nureilmately ai,w,w -!KilV
Maximum capacity of the
IntrV is between CO.000,000 and 60,.
Jaa nan tens. but. it Is unlikely actual
Sten will exceed 40,000,000 nn nn
pregutu" larselv
jiesliy 'or. ".',.,'. ,,tnrrt. Thin in- I enlutary effect en their credit."
i?.B(C.C. Vec II p InB te Tie scarce and
S S wil be ! maintained. Prellts leM llnsinisw .Mertnlify Lighter
in decreased production will be eEct The .lunrterly falliire statistics this
ia large exteut by better prices .for t j car, rellcctlng the improved conditions
tnnlerlal Steel maniifactniers bMlev in domestic business have disclosed a
iciHl be a big enr in Rteil and that. preurebhlMi reduction in the cummer
wins 'from the railroads will be larger ' eni mortality. Frem 7517 defaults in
v?''".,. vu hn ln venrH. 'J rndcrs the Cnlte.l States .lurinir tlie llrvt nnn,-.
1.M hern buvlngatcei snares en the be- ter, exclusive of banking nnd ether
S-J that thev will gradually return te fiduciary suspension."., the number de de
iiter ' ' c,lnc(l t0 r'807 hl thfl sweml garter,
Deiner and We Grande
fiter,
and in the third quarter totaled QO.'tft
Accempaning tbe decrease ln numbei
Tke Stitre Committee has announced , of insolvencies, tlie liabilities reported
lne Ktuirw v""- ,...,, .i, , t ti n..., a- f n - into
plan for ine nw","" "- Xinr;ai';" ..V' ""."":" XS'
& llle liranuB uauiunu, uj.ji,.n.. in me nmi wuuuu mj jiuu,-
lnelndes n call for 703.l)7;i in tue second Quarter and ta
(U
TUr(r
. . . TitVi
2Vini" el'asses of security holders te i $117,108,157 in the three months re
SL f Notional Bank of New Yerk, It therefore appears that the num.
MJliued by Itichnrd Sutro, of Sutro bcr of failures for the third quarter,
,H . " " ' ,, mi.. MnM...il9nllnn nlllimiirti nil nlillnhllicr n nm. mn.lmnM
3n -is developed by Samuel Unter- ( ler the period, is 3J per cent less than
;,,r VeuiiFel for the Sutro cemlttt the number of the lipt quarter, wliiie
Ik. tne ether members of which nre the aggregate Indebtedness is mere than
dl I. rinrlte, president of the 40 per cent smaller. Ken when i-em-imrriean'
Kxchangi National Bank, parlsen is made with the figures of
iiS William I.ecb, .Tr. the .ecend quarter a substantial better-
The Butro committce represents ene ment Is revealed, the third quarter's
fcrtien of these interested In the fate ' returns showing a numerical reduction
if the Denver & Rie Grande, which Is of 14 per cent nnd contraction of
In rpceUcrshlp and ever which there about LV. per cent in the amount In-
Kd:
Yerk last Anril. has had en enceuragiiig
growth. It has doubled its membership
list and Includes many of the leading
editors of Influential newspapers
throughout the country.
Beard members present were Casper
S. Yest, of the St. Louts Glebe Demo
crat, president of the society; II. R.
Halt, of the St. Paul Dispatch : Jehn J.
Spurgeon, of the Fonxie Ledeeii;
Ueerge K. Miller, of the Detroit News
icurRe n, .inner, ei ine jevruiL .non, ------ - , ,. , :; T' .
and h, C. Hopwood, of the Cleveland d te he ecawe in the ranks of the
rinln bcaler. Vhlta trecps of the Far Kastern Re-
David i:. Smllev. of the DvExma pef
Pcm.ie l.Kimr.R, chairman of the
MimberMiie Committee, and SU H.
f'reager, of the Milwaukee deurnal, tai ptcturts of t
chairman of the Committee en Syndl- fVl
catea and l'ress Services, represented tin printed in b
tneir committees.
IF ft KAMA UIIRTn wnn.n
IT-Ial phttngrxpher. tr en the Jeb anil
n rvrni. wnicn promptly
tun only Ilotei;ra-.ure See
y Phll.delnhln nw.Danr.
beautiful Hpla tenca a.
part nr ma Hunney i'cblie L.tvatn. "Mali
ft a Habit." Adv.
LOUIS T. KLAUDER I
CONSULTING ENGINEER
I PENNSYLVANIA BUILDING, PHILADELPHIA jjj la--a a a a-a
POWER PLANTS I
I DESIGN APPRAI6AL ' l1 X
I CONSTRUCTION REPORT
1 Q. bL-f
I i - ... II cX
Guaranty Trust Company
of New Yerk
140 Broadway
LONDON PARIS BRUSSELS LIVERPOOL HAVRE ANTWERP
Condensed Statement, September 30, 1 922
RESOURCES
Cash en Hand, in Federal Reserve Bank
and Due from Banks and Bankers ,. . . .$109,505,518.40
U. S. Government Bends and Certificates 45,673,673.54
Public Securities 35,467,567.15
Other Securities 27,319,884.57
Leans and Bills Purchased 307,281,816.60
Real Estate Bends and Mortgages 2,590,332.50
Foreign Exchange 11,320,326.98
Credits Granted en Acceptances 21,859,481.68
Real Estate. ' 8,535,671.41
Accrued Interest and Accounts Receivable 10,286,779.83
$579.841.052.66
LIABILITIES
Capital ....;t;.7::; i $ 25,000,000.00
Surplus Fund 15,000,000.00
Undivided Profits 2,604,509.41
$ 42,604,509.41
Accrued Interest Payable and Reserve for Taxes
and Expenses 4,465,927.28
Due for Exchange Bought 3,792,061.20
Miscellaneous Liabilities. 2,583,482.09
Acceptances New Yerk Office 15,307,088.48
Foreign Offices 6,252,393.20
Outstanding Dividend Checks 651,472.50
Outstanding Treasurer's Checks 22,664,370.25
Depot 481,219,748.25
$579,841,052.66
at Fifty!
Are you systematically
building an estate and an
assured income?
Babson's
REPORTS
If you are Interested In a work
ln plan for your money thst
will build an cr.Ute of $25,000
and an assured income of $100
a month en as little as $50.00
a month merely
1 etr out the Meme fwur-snd
Ijand It te your (secretary when
you dictate the mornings' mall.
fm, In
WW,
.'!l . Hf
-77'
m
'2
rfr
i 3l
' MEMO
Fer Your Secretary
Write the Habfen Statistical Orginlit.
t Ien Welleeley Hills. 82, Maa., as follew:
PlaaM land rea
BullatiaSiKJ'Ud
boebUt "Gttttnt
tht Met from
Vaar Vn"
trail.
llUAIfcJVh
!r0
sasiasaaif
We fiave our own representation in
the following cities:
Albany
Baltimore
Bosten
Bridgeport
Hartferd
Lebanon
Philadelphia
Pittsburgh
Rochester
Scranton
Springfirld
Syracuse
Trenten
Wilkes-Barre
Wilmington
I
1 Jn addition our New Yerk Office U
connected with direct private teirt
with impetlant investment insti
tutions in
New Offering
The United States Treasury Department
offers
in exchange for
Victory Notes Called and Uncalled
United States Treasury Certificates, due Oct. 16, 1922
United States Treasury Certificates, due Dae 15, 1922
United States Government
Thirty Year 4XA Bends
As these bends cannot be redeemed for
Twentyvfive Years
They will constitute the longest United States Govern
ment obligation outstanding available at e high a yield
We strongly urge all investors te exchange their maturing short
term United States Qevernment securities for these bends, as we
believe this issue will care for the present needs of the Treasury
Department, and that future offerings may prove less attractive.
We offer our HirvU'e$ without chtirg
te effect such exchanges or te enter ctuh
lubicriptient for intentling invftmn.
Discount Heuse
of
Salomen Bres. & hutzler
Members op the New Yerk Stock Exchange
Commercial ItausT Bloc,
Philadelphia
MwrveBK
OITOM miTFAlO
KtCAOO
W 0(fr, Subject te Allotment
UNITED STATES GOVERNMENT 4'4 BONDS
Dated Oct. 16, 1922 Due Oct. 15, 1952
Redeemable Oct. 15, 1947
in exchange for
Victory Notes Called and Uncalled
United States Treasury Certificates, due Oct. 16, 1922
United States Treasury Certificates, due Dec. 15, 1922
Harrison. Smith & Ce.
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PHILADELPHIA
LOMBARD 6104
The facilities of these connection
are at your disposal.
Hemphill, Noyes C& Ce.
Af.tnb.r. Nw Yerk Stock Excheni
Franklin Bk. Bldg., Philadelphia
New Yerk Ptmburth Bosten RcranteB
Lea Anielea Albany BvracuM Baittaw.
Wilmington uridiepert
pntiiimiHiiHiHminnMmmnramiawmnwinwMHi
Can you
reach your telephone?
Thssfft all yea need te
gat the information
jOT want en New Yerk
Carb stocks.
Yen can have lata
market information,
quotations, newa, or
derelepmenta en the
iaanes in which you are
Interested, without
obligation.
Are yuu taklijgadvaiv.
ta j of rapidly fiucroa fiucrea fiucroa
tingprieaa? Jenes &. Baker
Members New Yerk Curb Exchange
Direct PrfvaTeWir.
WtwYark Chlcate Bo.len Pallatalaal.
rituburia Detroit Btltimsra CJer.-f.nrf
V
PHILADELPHIA OFFICE
Widener Building
luapneuas Kerttene . RaccSSCl
BALTIMORE OFRCB
Emersen Hetel
TeUrhena . PUiaS4Sl
liutmiimiiiiiiiimnimiiiitnuiinnintmfiiiittiiitiiiMiKii
Bulletin Ne. 7
The Commonwealth Light
& Power Company
CONSOLIDATED EARNINGS
tOJT-lWl
Ini'liKlre
Fer Fli iri
Trur l-.iided
.lunr 311. iu:i
liretx liariilng
Operating Lxpen
Net Earnings
$G,442.8W.17 $U88,:7fi.&i 51.t",99..0t,
t.509,429.06 901.8S.k81 1.110.111.70
881,210.64 176,212.1.1 2J9.3S.U2
Betterments (year ended June 30, 1922) !)( 1,1)120.77
Maintenance and Depreciation " S2."8,S1S.."5 1
NOTE Above figures de net include recent
(ii(HMfftens in Kansas and Michaw
Descriptive Bulletins en request
".L long ae Cetrununitie Uve and thrive e
long "J t'ubUe I'ttllttrs be a necessity
F AIRMAN & COMPANY
.. ESTABLISHED 1D0
Drexk u.idinj?, Philadelphia, Pa.
"85 w&?A I '''
ijlllllllllMIIIIHHIIIIlllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllj:
i i. 'i f ".'iHj.'ii,i,iiiiiiii1iiiiiiiiiiii iteiMiUWLBiiS'lSI rUW"
Lembard 6521
IVe Own fi Offer,
Subject te Sale
WESTERN MARYLAND RAILWAY CO.
5 Equipment Trust Certificate
(hsued undrr Philadelphia Plan)
Ceiiini? rtinl Trint CernpHnv, PhiladelphiH, l'ruilr.
$10,000 due Oct. 15, 1029, at 08.84 and Internal
10,000 due Oct. 15, 1030, at 98.70 and Internet
PRICES TO NET 5.20
BATTLES & CO.
l.b'abluhed hi '10
Independence Square (East), Philadelphia
.jiru'UiiW'U' H .'WiriiTrffiiftiiiv t
w
. ."iiiisw .ni "ipj. jji'm rwiiii: 'u i w v iiii ,uite,
5 Yc Own and Offer
$100,000 PENNSYLVANIA RAILROAD
6 Equipment Trust Certificates
Dn 1927
Price en Application
STROUD & COMPANY
INCORPORATED
t
Harrisburg Representative
Wanted
A larRc Philadelphia Investment Banking Heuse
desires te be represented in the Harrisburg district,
and offers an attractive opportunity te the one who
is qualified te fill this position. All replies will be
treated strictly confidential.
Address C 534, Ledger Office
lift.
B
Atlanta Columbus Jisj
Augusta Louisville frKTj
Buffalo Savannah ?&
Cincinnati New Orleans ffv'
Cleveland Teledo GJMjr
l
I
III
if
m
I
7Sil
1
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n
S New Yerk
E
Philadelphia
Wathingten 5
r
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