'A . Ka1!' - ') ) f f H Wi bl GOSSIP OF THE STREET V VA n,.i ,a 400 nor cent stork dividend hf the Standard Oil of New Jersey ceme .. B .urnrlne te the Street, there prob preb tiw weul'i I haw been "fireworks" In !. nck following the nnneuncement. &Vh5s nre, however, this Inrae dlvl ind nrtlen was known well In nd & Sc the official nctlen by the .Heard I? Directors and. therefore, with the !Ll news out. the customary selling Kened with the result of mere thnn Kntv-pelnt break. Thyrere ether fmnnrnht developments of this char iTr new pendlnir. net only with some f the ether Standard Oil Corporations, St numerous Industrial concerns hnv in law surpluses which It is desired SRcBlze. Frem the notion of eer Mn clocks It Is apparent Initial dlvl & nre about te be declared. fl American Can was one of the strong t and meit nc,,ve ,wm?s ln hcJht STrcmrH In circulation this com mi" will shortly declare a substantial ?", dividend. It Is learned en hlSh mitherltjr the cemiinny's enrnliiRs are "' Vcferd-breaklpe nropertion nnd K inniineniicnt feels fullv unrrnnted In tK neffer! en the dividend at this ''(entinehtnl Can also was n decided Iv J.(.,mff feature, the 1sup having nd- need several' points within the last m iilelit It is stnted buyltiB of tills Issue has been bv stremr groups of ln tirHs which arc new tnhlnjc n mere nc tlve lnterft ln the affairs of the com cem rmnv 1 linn, heretofore. This venr. It Is stated, the cempanv ,111 porn between $22 nnd $25 n shave ,n id steik nnd indications new favor J resumption of the 7 per cent divi- Scnil. Dividend Prospects clIen of the Southern ltnilwnv dl iiitnis In Hie restoration of dividends In Hi- preferred stock was Intel pteted is lmllcntltiK similar action en the part nf ether raileards. It is understood the Delaware. Lackawnnna and estern hnilinad Is rentcmplntlnf: a distribution : ' ...i.i,nl,l..rM nf substantiiil tironer- tlen-.. nltheush ns yet no details nre poi illen hns n larce surplus which may I'ennsjlvnnin Railroad directors nre ct ported' te Increase the dividend te fl per ent at the nest meeting. New Ynrk Central nie is kjiekcii cu iikpi.v , i...,rinnn Its rnte te 0 ner cent be fore the end of this year, nnd there me murmuring of dividend nctlen by ether rnllread rorperotlons wliich mny come as semewiiai ei n nuriura wuvh am eunccments nie made. , Bend Market Outlook n-imrn la bv no means n unnnlmltv e' opinion re'lntlve te the outlook for Hie l)eii(l mantel, u uciir; iminicu eui .i!m te thn United States Govern ,'t ii. nor cent S.'OO.OOO.OOO bend jfferlng would take from the possible IrtUltv of the market bv reason of ts absorption of se Inrcc an nineunt of irmnev which inleht otherwise have found employment In the absorption of corporate securities. These who are inclined te this be 1m ?te the heavy ever subscription te the Government Issue may be Inter preted as Indicating there will be thou sands of $5000 nnd $10,000 subscrip tiens i rum lniuviuuni investors, wnien otherwise probably would be utilised in inn purcnose ei corporate issues. There nre ether bend dealers and bankers who feel Mint the liberal nnv. ucipntien in tne uevcrnment ettering will bring about n situation nulte the contrary. They assert the success of tnis encrlng unquestionably will net as a backlog for. the market of this fu ture, nnd activity, strength and broad ness will develop during the coming months with n better feellmr in evl- denec thnn for some time pnst. xnese wne entertain .this conviction assert In their opinion the stiff money rntcs In evidence Inst week were of but temporary importance nnd within a comparatively short time the call level win ue nt or below 4 per cent. Germany's Paper Meney Qcrmnny stilt continues te furnish the extraordinary spectacle" of un limited nnd unparalleled issue of paper money. The Imports by Oermnny In August were double theso of last yenr. Seme reports of n slackening In the Herman industrial boom are disputed in ether quarters. The discount of Ger man Treasury bills in the first week of October is reported te hnve exceeded the total bills outstanding In 1020. It Is n matter of general knowledge, and illustrates the extraordinary situa tion, that large industrial concerns ln Germany have been autherised te issue their own currency. Tlie mnrk from 05, August 25, this enr, rose te .08 Vi, September 0, and last week an extreme new low record of .OJl'j whh reached, with only n slight fractional recovery. Nearly 100 Per Cent Efficient William A. Law, chairman of the First Nntiennl Dank, discussing the busbies and financial outlook says: "Development of the Turkish crisis has emphasized the truth of Sir Regi nald McKcnna's statement te the New Yerk reporters the ether day "that nothing nppreachlng the present condi tions hns happened within the memory of living men and we hnve te face a new and strange state of things With out nnv elenr bedv of exnerlence te guide us." The American dellnr is beins used ns rurrcnev In German home trade trannctlens, the degradation of the mark lias reaencu n point wucre mere thnn 8000 have become the equiv alent of one pound sterling, nnd world finance hns been greatly unsettled by the disturbance in Southeastern Europe. Despite these incidents, however, the general outlook Is reassuring, for our rnilroeds are handling un enormous business nnd Industry everywhere Is bclns strengthened. It Is an altogether evtraerdlnnrv situation, but the United States, with nearly half the world's geld supply and the only Industrial organism capable of a magnificent out nut, is In n position te come through as nearly 100 per cent- efficient ns Is humanly possible ln this age of dis turbed world finnncc." Brokers' Opinions Newburger, Hendersen & Leeb: "Violent upblddlng of industrial spe cialties for the. last tf, ?.)' questionably placed the market jlnwa Tulnerabta position Speculate : thutlasm has developed a fever heat the possibility or an nimum I nt Ntnrk dividends, thereby pre- j.u.i n KMhaniHiv aitnntlen. and we V...V..... ... ...r.v. -"--:-"' ,.,. irtBrnrnp ippi it in lime iu uec '- mrA'nml untU no rlhuiiiifitiincea ncruld rt r mrm, w 'x-w UjM'K"y y" : -l "" ever Serled ntna therefore feel It is time te use ....'ami ..tiildifl. nn pllni1llistflnce3 8 AtmU.rtAMtt nn Iia Intiir Ride be CZ- n,ii,i iminHB iinimuftllv large margins nre behind them. On the contrary, we unhesitatingly strongly urge reducing ei long line nnd prent-taKing en u ' i,n. n.ti.1 ii1iiii.h. Itpsardless of divi dend prospects, industrial Improvements or future outlook for big business, it Is certnin the Inside or technical position of the market must be corrected before the major swing can be continued with iij ivki;c ui eis..j Hccker & Ce.: After the oils have ceased sporadic llucatlens, attention will be turned te these stocks which are less Influenced toy manipulations. euu stocks ns U. S. Steel hnve gradually risen In price, as nave emcr -trlnsic value, but these moves have In a way been lest eigne ei wmie ; n .,.!, .iit.iati.ip nnd ennltal read- l...l.. thn !! linrn heell in the juKuiau. ui !" """.," ... foreground. Tlie siiuntien m w j caution when buying specialties, but standard stocks, particularly rails, nre the best te buy In view of the large business which they nre'handllng. West & Ob.: "There Is nn old say ing that the market is never se strong ns when prices nre low and never se weak as when prices are high nnd speculation rampnnt. This appears te be true today despite the apparent great strength nnd rapid advances made in many stocks, nnd ns the advance in the market ns n whole lias, we 'be lieve, almost "entirely discounted nny expected improvement In business, we strongly advise caution In market com mitments nnd the sale of stocks en bulges. TUBXiwvumi.. PASSPORTS TO U. S. FALSE Vast Organization Dlspeslnp, of Counterfeits Found In Italy Reme, Oct. 10. Vast organizations for the falsification of Itnllnn emi grants' passports te America have been discovered by Vice Censul Ralph Boern stein here. His detection of n counter feit pnsspert handed him by n pensant desiring a visa led te the discovery 01 forty ethers stnnding in line who held similar documents, nil of whom were arrested by the Italian police. A search is new being made for the counterfeiter, who apparently Is work ing in nil parts of Italy. The rush. te emigrate te Americn Is se great that consular authorities believe the Italian quota for the yeur will be filled by the end of November, a month sooner than last year. GRAY GABLES SOLD fl-twa-flu ITavf luett Ctni. 1 ft Gray Gables, the "Summer White Heuse," where Grevcr Cleveland passed most of bis vnontleno while, President. and comprising 100 acre", near the Cape Ced Canal, has been sold te n syndicate and will be divided into building lets, It beenme known yester-day. ,iix itif Ikiitn and flee -- a V" : Prisoners .'- Way te Llbtrty In it. Leula St. Lotte, Oct. 10; Six prisoner, all described by .police as desperate criminals, sawed their way te freedom from the. St. Leuis County Jail late yesterday. The men beat the jailer, Wil liam Grupp, into Insensibility and fled ln nn' automobile belonging te the Aluvallable deputy shertffs'and con stables In St. Leuis County Immediate ly organized a hunt for the escaped men. A lt and Refunding Hydro-Electric 5 Sinking Fund Geld Bend Due Oct 1. 1940 The company serve, without competition, the power neces sary iA rapidly growing and prosperous manufacturing dis trict. ' Ftti l Nermal Ftiml lft Tax Price te Yield 6 Baker, Yeung & Company JOSIPH VT. SWAIN. Jr.. Uiupf Land Title BIdg. Botter Philadelphia Beles &WEsrwedb Ueoteets Phila-ieck, Exchange INVESTMENT SECURITIES LaniLTitieBiaMaaelpjila PHONE JjQCU5I4-7ai GE0.A.HUHN&S0NS Htmberi of the PhtUdelrJiti, New Tork and Chlotre Stock Exchinitei. Nw T'rk Oet'nn Vjelnf, STOCKS & BONDS -bought nnd sold for ranh or carried en conservative margin IHIInuc Court IJIrtf., 1418 Walent St. NV. 11 ilreiawi nnnnnnnnnnnnnnnnonnntwrninnnecinni I Cortlfied Public Accountants i Finance Builoine Phiiadhphia blibUUBUUUUUbUbUIJbUbUbUbbUbbUbbUl New Issue Exempt from all Federal Income Taxes - $3,822,000 City of Norfolk, Virginia Direct Obligation Bends $1,172,000 4y2 Bends $650,000 4 Bend Dated Oct 1, 1922 Due Oct 1, 147 Dated Sept 1, 1922 Due Sept 1, 1972 Interest payable April 1 and Oct 1 Interest payable March 1 and Sept. 1 $2,000,000 5 Bends Dated May 1, 1922 Due May 1, 19S2 Interest payable May 1 and Net. 1 NON-CALLABLE Coupon Bends In denomination of $1,000. Fully refisterable or registerable as te principal only. Principal and semi-annual interest payable at Bankers Trust Company, New Yerk City, Eligible at Security for Postal Savings Deposits FINANCIAL STATEMENT True value of all taxable property (estimated) , r $220,(504,175 Assessed valuation of taxable property 159,941,570 (Total bended debt, Including this issue 27,233,000 Water debt ...M $8,355,381 Sinking Fund ... - 2,428,638 Net bended debt..... .... ... KJtM, 16,448,981 Population, 1920 Census - 115,777 Thara la be aeparata school district or oeanty dabt la Norfolk and the abore rapraaaata tha total bended Indebtadnasa of the City, THE CITY OF NORFOLK is the second largest city in the State of Virginia and is one of the most important seaports en the Atlantic coast. It has been officially stated that the tonnage of its harbor is second only te New Yerk. The City is served by eight trunk line railroads which are con nected by a local belt line. The industries are well diversified as the City is unusually favorably located as a manufacturing, commercial and shipping center. THESE BONDS constitute a direct and general obligation' of the City of Norfolk and are pay able from an unlimited ad valerem tax levied against all taxable property therein. The proceeds from these bends will be used for the following purpeses: $1,000,000 (par value) te enlarge and improve the City's present water system, $1,650,000 for the construction of City-owned and operated decks and terminals, and $1,172,000 for general City improvement purposes. We comprising 6hewn abc and about $5,000,000 in personal property. The population of the annexed territory is approximately 32,000 people, which makes the present population of the City of Norfolk slightly ever 155,000. The indebtedness which the City is required te assume by this annexation is slightly less than $1,000,000. This act brings the City a considerable increase in valuation accompanied by only a moderate increase in debt and is financially a benefit te the City. Lcial opinion of Messrs. Reed, Dougherty & Heyt, of New Yerk City, PRICES 4V2 Bend due 1947 - 1014 nd interest te yield about 4.40, 412 Bends due 1972 - 102 and interest te yield about 4.40' 5 Bends due 1952 - 108 and interest te yield about 4.50 are advised by the City Attorney of Norfolk that the City has recently annexed territnrv about 22 square miles, which property is net included in the City's financial statement as ve. This will result in a Rain te the City of ever $18,000,000 assessed value In rl -.f. HAYDEN, STONE & CO. WILLIAM R. COMPTON CO. LEE, HlGGINSON & CO. Brown brothers & Ce. Btatemtats contained herein are net guaranteed but are based upon Information which we bellera te be acevrata sad reliable, fT.f.JyjiL r V 9 - . . (i. . ' ' - -a ii ' U - -J-J-aLJaMaramMrrJs;WrMM' ' ' "" EEIails - a i Naw Offering v l 1 . &&' HI J !T ' V ). $10,000,000 Southern California Edisen Company General and Refunding Mortgage 5 Geld Bends Dated July 1, 1917 Due February 1, 1944 Issuance authorized by Railroad Commission of State 'of California JAX PROVISIONS i The Company agrees te pay Interest without deduction for any Nermal Federal Income Tax up te 4 which It may lawfully pay at the source. Under the present law the Company paya the 2 tax deductible at the source. Exempt from personal property taxes In California. The following information is taken from official seurces: The Southern California Edisen Company owns or controls and operates properties for the fen fen erateon, transmission and distribution of electric light and power. The Company operates m ten counties in Southern California. The territory served, either directly or at wholesale, has an area of ever 55,000 square miles and a population of about 1,500,000. Among the 312 cities and towns served are Les Angeles, Pasadena, Riverside, Leng Beach, Sante Barbara, Redlands and Porterville, Earnings and Expanses (Year ended Aufttat 31, 1922) Gress Earnings -. .---.. .$18,770,962 Operating Expenses, including Taxes, Insurance and Maintenance.....,......... 6,880,431 Net Earnings .....-. m.mwnMw.n.M.r. ) 9,890,531 Annual Interest Charge en $75,099,700 Mortgage Bends (including this issue).. 4,134,055 Balance available for Interest en Debenture Bends, Amortization, Depredation and Dividends.. M..$ 5,756,476 i Net Earnings ever 2 ttmee shears hUeteet The system includes generating plants with a present total capacity of 376700 h.p., of which' 249,600 h.p. is hydro-electric. The substantial equity in the property ever and above the outstanding mortgage bends is repre sented by $6,000,000 of debenture bends and $50,480,272 of dividend-paying capital stocks. Previously issued General and Refunding Mortgage Bends are certified as legal investments for savings banks in California and application will be made for a certificate covering the $10,000,000 new offered. The bends are also a legal investment for savings banks in New Hampshire. It is anticipated that Interim receipts of the Harris Trnst h. Savings Bank will be available for delircry about October 25, 1922, te be exchanged for definitive bends when ready, -" info reeemntevtal llieee s?estsle Ter fenfeexntesn Price 95 and Interest, yielding about 5.40 Complete Circular os Request Harris, Ferbes & Company New Yerk Philadelphia The National City Company New Yerk Philadelphia E. H. Rollins & Sens New Yerk Philadelphia Coffin & Burr, inc. New Yerk Philadelphia $8,794,000 City of Philadelphia Thirty-Year 4 Bends Dated October 11, 1922 ""' "-"p- - Due October 11, 1952 Nen-callable before maturity Principal and semi-annual interest (January 1 and July 1) payable at the office of the fiscal agent of the City. Coupon bends in the denomination of $1,000 registerable as te principal, or fully registered bends in the denomination of $100 or multiples. Coupon and registered bends interchangeable. Tax free in Pennsylvania and exempt from all Federal Income Taxes Legal investment for Savings Banks and Trust Funds in New Yerk, Pennsylvania, New Jersey, .and all New England States 4iii&B Eligible as security for Postal Savings Deposits Price 101 Vs and interest, yielding about 3.935 Harris, Ferbes & Ce. Bankers Trust Company Kissel, Kinnicutt & Ce. The National City Company Janney & Ce. Graham, Parsons & Ce. 7&a rA i l- f" All . mi) .aisiissi' SMsaTi nm r -vt iJ . .? r kteif vrl, (7wL 2iBf ..qfrie1,. jj.wMt vftwjK
Significant historical Pennsylvania newspapers