'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