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r.OSSIP OF
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RVMWWMW1 W J4 ,iV?ACT?wSIM7r? W77V??
e a ' ' . - i
THE STREET)
. -i number of trained traders
ta nracUcally thrown u the sponge
j "repeated failure,, te
2 of the current market &.
iZl of the shrewdest men en the street
Ki he prwnt campaign te bejend
CI imply because all the eld-eeUB-Jnd
rules and nrecedenta haye preten
1. . mpiy a question where the
h-meIm la going te strike next" said
Betn,n,' ? nnerater jeeterdaj.
ff.Vnt the only safe thing te de
tu can we Is take up a long peal;
H ,"- tnek where you think
U a'bullUheMlbliuy A calmly
ffuntU the apfrlt mew It. Alw
!1 if eVftre nnywaye lucky you run
?& of picking out a winner new
MflfhaT' ! better than floundering
" v ,iT ...i.. nieW the next
5SSS. B pebble-ha. been
Kd te switch the awlft-runnlng specu
W. WJ.. from the Industrials te
E? . irritt from the Industrials!
eh railroads. Never in an my P"
gL has there been such organ teed
SSiitanda te boost the transportation
8552; They refuse te bull the right
, This Is because you can always
I a better run for your money In the
filter moving Industrials."
Stfll Beem for Inftlatlra
Walker D. Hlnes, former director
cnetal of rallreade, Bpeaklng before the
associated Industries of Massachusetts,
declare. I that new difficulties tn the
as new opportunities for Ingenuity and
taltlatlve and net as excuses for a
stind'Still policy.
He admitted that there te much
mater uniformity of wages and work werk
fa conditions and much mere complete
onanUntlen of lnber than before the
war, which tend te limit railroad In
itiative in the direction of the Inde
pendent action. lie declared, however,
that these conditions call for even
Eter initiative and Ingenuity te ad
railroad practice and labor con
mi te each ether.
Utilities Coming Back Vast
One of the remarkable features at
fending tee recovery in the security
atarkets during uic mm in"u
Seuths has been the radical change of
tntltncnt toward the public utility
shares.
Till class of Investment was pos pes
jm. hl hnnrinr thnn nnv of the Other
Coups during the pest-war period, and
r a time it was feared many would
gever recover rrem ine noueruuu cub cub
aitiens which war produced. Order,
however, was established out of next
te a chaotic condition and these same
tearca are making rapid progress in
the return te favor among the In
vestors. In yesterday's market the public
utility issue were among the mere
stable features of the trading. Brook
lyn Edisen epurted ever 5 points en
expectation of new financing te be rn rn
Beunccd shortly, which would involve
valuuble rights. Consolidated Qaa
Slncd ever 2 points and Brooklyn
ion mera than a point.
National Enameling
Special forward movements In In
ehlduul stocks have been the order of
things for some time past. Each day
the peels and speculative combinations,
big and email, find encouragement te
trot out one of their pets and find a
warmly sympathetic following.
In consequence, making of new
"tops" hns become almost a continu
ous performance, particularly among
the industrial specialties, and mere es
pecially these enjoying peel affiliations.
National Enameling waB one of the
Te the Helders of Bends of
The Republic of France
5 Redeemable National Lean of 1920
GUARANTY Trust Company of New Yerk has been informed that
by the drawing of September 16, 19a, bends of the Republic of, ,
France, c Redeemable National Lean of 19:10, of the following Scrieti
813 tuid 564
have been called for payment en November 1, 1922, and will be re
deemed en and after that date at the Office of the French Treasury in
Paris, France, at the rate of 1,500 Francs per 1,000 Franc Bends.
Interest en the bends se drawn will cease en November 1, 1922.
In order that holders may receive, without delay of-collection, the value
of their bends of the Series te be redeemed, the Foreign Department of
Guaranty Trust Company of New Yerk will purchase the bends at the
current rate for exchange en Paris, if presented at or sent te the
Main Office of the Company, X40 Broadway, New Yerk City, en or
after November 1, 1922.
Bends of this issue, Series 74, 170, 032, 260, 375, 597 6x7 and 64a have
heretofore been.called for redemption.
Guaranty Trust Company
of New Yerk
favorites yesterday, making a new high
and representing an aavance or nearly
80 points from the low reached en
tat passing of the dividends last Feb
nary.
Since Incorporation, In 1890. the
company has paid out only 3t)ft per
cent en common stock, although In nine
ytatB alone, from 1012 te 1821, al al
neit 78 per cent was earned. As a
tteutt the property has been raised In
fears from $25,280,000 te $30,094,
000, and profit and less surplus has
grown from $1,050,000 te 97,003,000.
Profits for six months. 1022, were 8.00
per cent en $16,691,800 common stock.
Fer the last month the plant has
been running at capacity en business
booked te the end of the year at ma
terially higher prices. The recent buy
Jag is In anticipation of dividend re
sumption, THE TRADElt.
J. S. BACHE & CO.
Established 1892
f Announce tbx Opknine of a I
Philadelphia Office
AT
1430 Seuth Pcnn Square
ON
Wednesday, October 18, 1922
MEMBERS
I've Yerk Stock Exchange
Fkiledtlphi Stock Exchange
AYm Yerk Cotten Exckangi
Ckieoge Beard of Trad
end etktr leading Exckanges
MANAGERS
Walter S. Humphreys
Jeseph F. Hickey
Formerly of FranltF.BeU&C.
Bell Telephone Spruce 8550
Keystone Telephone Raca 5421
William Whitman Company,
7 Preferred Stock
-XlCe
Authorized $20,000,000 "ed $7,800,000
Par Value 9100 per share. Dividends cumulative and payable quarterly, January, April. July and October let,
Redeemable, at the option e! the Company In whole or In part, at 110 en any dividend date upon thirty.
I days notice. An annual sinking fund of 3 of the total amount theretofore Issued Is provided te
' retire this stock, but the sums se set aside up te and Including the year 1923 need net be M
expended provided they are carried as a reserve for the retirement of Preferred Btecl,
Dteldtnds xmmpt from the pre$nt Ner mil Federml Income Tx v
Free from the State Inceme Tax in MatsmchtxeetH
TRANSFER AQBNTS
Guaranty Trust Company of New Yerk
State Street Trust Company, Bosten
REGISTRARS
Bankers Trust Company, New Yerk
The First National Bank of Bosten
for further Information, ttftrenct is made te letter of Ur. WUllam Whitman, Chairman of the Beard, from which the foUet
hg is summarized:
The Company was incorporated in 1913 te take ever the business originally established as a partner,
ship in 1887. The present Company, the largest of its kind in this country, markets wool, cotton, and
cotton and silk fabrics and yarns and actively assists in the management of the following group of nine
textile mills in which It owns a controlling or substantial Interest, and for which it acts 83 exclusive
idling agent:
AffUkted Companies (majority interest)
Acadia Mills, Lawrence, Mass. Monemac Spinning Company, Lawrence, Mass:
Kauma Mills, Lawrence, Mass. Mary Louise Mills, Cowpens, Seuth Carolina t '
Associated Companies (minority interest)
Arlington Mills, Lawrence, Mass. Manomet Mills, New Bedford, Mass.
Calhoun Mills, Calhoun Falls, S. C. Nashawena Mills, New Bedford, Mass,
Nonquitt Spinning Company, New Bedford, Mass.
The enterprise as a whole produces and markets a full line of staple articles, each grade or brand repre
senting a definite, reliable standard. The various mills are equipped in the most modern manner for the
production of the highest grade products In their respective lines. The entire group normally employs
about 17,000 operatives.
In addition te strong previsions restricting the mortgaging of property of the Company and any affiliated
company, the Company agrees te maintain Net Tangible Assets and Net Current Assets, as defined, at
net less than $200 and $100, respectively, per share of Preferred Stock outstanding. Neither the Com
pany nor any of the nine mills above mentioned has any funded debt or ether preferred stock and none
may be authorized by the Company or by any stock controlled company except with consent of holders
of two-thirds of the outstanding Preferred Stock of this Company. There is a small mortgage of
$254,000, made by the Whitman Building Trust beneficial interest in which Trust is owned by the Wil
liam Whitman Ce., Inc., which does net constitute funded debt of the latter Company.
As per Consolidated Balance Sheet as at June 30, 1922, Net Tangible Assets, as defined, amounted te ever
$377 per share of Preferred Stock issued and Net Current Assets, as defined, exceeded $218 per share.
Net Profits after taxes for the 6J4 years ended June 30, 1922, Including the proportionate interest in
earnings of affiliated (stock controlled) companies, and only the dividends actually received en ether
shares, averaged 4.69 times dividend requirements en this Issue and including the proportionate interest
la earnings instead of merely dividends received en the minority shares, ever 5.39 times,
Legal details in connection with this issue have been passed upon by Messrs,
Stetson, Jennings and Russell, of New Yerk. The financial statements con
tained herein have been certified te by Messrs. Storer and Bishop, ej Bosten,
Price 100 and accrued dividend
W. A. HARRIMAN & CO.
INOOHPOHATKD
PllllADELl'lIIA
mW TOBK CHTCAO
BUFFALO HTHAOUHB
ESTABROOK & CO:
NEW TORK
HARTFORD
PHOVIDKNCB
BOSTON
wsrw BBDFOHB
BPBIKGFIBLD
We de net guarantee the statements and figures presented herein, but they are taken from sources which we believe reliable,
gINAMClAt,
THE HOLDERS
lAfID TRANHIT
Hwr TUUHx ceaxnricATBd bebjes
OP PlIItADBXPDtA I
COMPANY EUlir.
Heilra t. harHw vm .ha. th. a,IAa,A.
tvitnaiter 0numrniMl. tnau undar t&
Cqulpir.tnt Truat Afrttmnt ter mtnttenJ
Elite cm Wm. P, Qat; Fidelity Trut Cem.
ny, Truite: and PtelUdilphla Bapld Tran
Company. LcatM, dattd Mar 1. 1818.
: In accordant with the terraa and sro sre sro
Jtalena pf laid Axrarmtnt. bsn called for
jaaemptlen and raymant en Nevambar 1.
K:i .?'J '!. """l ertlfleat. being all of
eutatandln Equipment Trust Crt!flet
f ffja lu which will matur aubetqutnl
?.'... .,n V dtt raaardleag of tha dua
S,V.T...t,ltr,l'' n! eivldand warranta
S? i!ln!itT "'a "III baoema void
IJ... .- holder et aald oertlflcataa tjeratn-
tf .,i-Sum"'),t' wl h untitled en preaan
S;J0? "' only te the par value thereof
?hWiiSL,5,mlllm.0i'H thren tethr I
S,V?ei 9.J !'V,J?.")!J dJ.lw en aM date, bat i
fteu,k '.5 alvldendt acerulna thereafter. ,
:K-ih,.!f,rs et ,n- ' certificate are
J13?m!?i.L r,ri1t (! '' payment and
it ,hi'"3H,nl 'Vy?!"1" warranta attached
lithe cffv of Fidel tv Trn.t Camcnnv. I
iSami'5hV,nu Fhlla.. en No Ne
Tt?r. 1932. from and after wWh data
amaena upon the aald M,illlutia -ill
Bayuk Bres.
lit & 2nd P.d. Stocks
Bought Sold Quoted
Stene, Presser & Doty
12 WUliaai St N. T. Haaewr 77M
II
fr
The
First National Bank
of Bosten
Tka iMdinj financUl ImMtuttea
el New England
"i?
Km lae1 tnaVen ?," or rnjptlen are!1
Vi' m !2 !5J?' '"InalTe. doe My 1, 10M
. . -' '"rinaiwF. nnp iirav i. imn
awiiiaTT '
vmmirritl- & t'lilladclplila ar
orftnliatlen that needa the acrrlcea ef
a young man with a geed education,
who bee held public executive m.
tlen for ten ytati. den considerable
public apraklng and writing, t mi fled
eitetnlrelr In the C. B. and Europe,
and abere all la net afraid et hiird
work. A letter addrMaelt te Bnz 0 T8B.
ledger Offlce will briny nlm te you.
rnilBT COMPANY. Truatee
WAT, P. OK8T. rrcaldent.
rhMSfAiZSimfe IMnfcnr Fund
IMiinaneMA. Indiana ni S-.i'X'iVil
Bends for Investors
Reed A. Morgan & Ce.
Member of the Phlla. Stock Hxcli.
Wttt End Truet nidp., I'hila
trone.il. tnr ikm 1 i . .r.'" receiva ruaien
Hlir RS lnShK "" day" of fjeve'mbe'f:
!r:a,rn-d e"?"" the eweat prlei? net
iefti .ri "T. anoriwe intereat. l
Sitr. . h"ar be offered at the
Salt b?""?"'1' of l," " '"'
nail 0 m fl pre rate k,,i n..
xeedln VT. L-i" "' ln! teweat price, net
Ceeatli fil i"d- aeerued Intereat, will be
indii of
e um,
fiMn mm
m m nn m-. .. .IW... www..
riettM ,. "" '"If eaei. a raany aa
& oTOnVefCT"'0" t0 Wtl019 nUm
W. J. DAKTKr.B. Beeretary.
PreriAeala
artmknt ev rrrni.Te nenns- nu
.,., PhUudeluhla, Oct. IT. 1922.
ia J?. t)'',;?l will be reoelved at Roem
at thir1f1-Jl0T"n,,,'r ' l93- n M
i 5! 'Jm ,n ,arn 'e0"" 'or
tfli mf"? .lKrtJn Altaratlena te pro pre
an c n.Vrn,'Stl?n. '?' th Jehn - Jehn'
Rryi?ll?0hVande!phVaa.,n,,n' M0 8eUth BrPd
at h,i, ."J,d H).:";2tlen may be obtained
HHEf" p,rmt 'e eiamlne Johnaen Heuae
5hltee0tJ ,,rMN,,,al00 et r" ' City
CHJ,mpI?lVln Manayunk Park. Creeoen,
S ,,.,BIAV,rw00(I ni1 Heoter etreete, In
2J..a' Ward, by grading. treaUn ae
a ff ,,na "P'nntlng hrubUry.
let. 'S,,:lni'' aawmbllng and Inttallina com.
JL, 'ulum cae for the National M.
Ijutn. Indepandene Hall drnup of Build-"V-eih
and Chtatnut street.
W.ff!li;ta,len 'of Ne. I and Ne. a
."0 J11 Unenl ". City IU1L
UTCltyriuil 0rm,l0n !n,u,r' l ntem
(BUreal) ' TRKHK It. CATlOf.
Maama 25 SlTin
Peansylvasia Indemnity Exchanjs
-- Sread St, Se, Vena Bauai .
Ul BETVRNH AUDITS SYSTEMS
I. Franklin Heward & Ce. I
Csrtlffed Public Accountants I
lauU llll UMg Munaey UUgN I
I'lUlmklvhU, Pa, Waeblngten, I. 0, I
Capital Wanted
trlBtpe"Ine., and leeated In rhUaaaT
Ikla. lata ef erdar en haaa.
eaix rsEsieM mi
pirldenda.
TUB
OOMMONWKALTH TTTUI DfStJaV
AWtii ANU TL.1T IWANT
thint.tinhie. Pa.. October 11. Tula.
Th Dlrectera havj lhl day Uoe.ared a
Quarterly Dividend of JTeur Per CenI (J)
X'im of Tax. payabl Nevambtr Jlfth. u
aiockheldei'i aa reglatered at the cleee of
bualnaa Oetber Hlat. and have tran.
ftrred I2H0.U0O te aurplua, making that
,.u..i.. aasi jjjgt
Packard
Meters
We have ready for
distribution a special
letter en PACKARD
MOTORS-
Its
Plnancaje
Famtiap
Te the man who Is inter
ested In the automotive
industry, this special
report en the company
producing one of Amer
ica's greatest automobiles
will be of great intense.
Aak ter apedal eettSawem
Pmcta-dMaa.w
Jenes &. Baker
Mtmbm New Yerk Curb ttram
Direct Private Wlrea
aw Terk Cbkeg Bene rkbje)eU
Phuxitgk Pttfelt Baltinwr Cimbaa
PHlLADELPinA OFHC8
WWcner Building
Tliwtm SD ' ' UeaM)f0
aviTHax . rue I
ALTIMORB OFHCS
Etnaraeea Heul
IS4S1
i Tmttmmm nan
l!
$12,000 Life Insuranc at
Age 35 for $10.08 Per Menth
in aaeid.unt company
lap Ten Date e? Birth and leara
What 110 a Menth Will D forTea
PEARL & SUDLOW AGENCY
. JTOl fllJANOE B1B0.. tJCtlA.
"DapendaMa Inauranee Blnee It,"
. H. Rollins & Sens
Founded 15JS
Inrestment Bends
1421 Chmetnut St., PhilmdtifMa
Beaten New Yerk XVtVttMm
Baltimore GXtcage Ban tTremeteee
Southern California
Edisen Company
5 Bends
due 1944
Tn no year has this Company
failed te show substantial In
crease in gross or net earnings
ever the previous year.
Current nat earnings are at the
rate ei ever 2 18 tlmae bend
interest charges.
Price 95 and Interest
Yielding about
5.40
Descriptive oircmler en regweet
$25,000
at Fifty!
Are you systematically
building an estate and an
assured income?
Babseiis
REPORTS
If yea are Interested in a wec
tag plan for your money that
will build an estate of $25,000
and an assured income of $100
a month en as little as S50.00
a month merely
Taar awt A Mama
Band it te your eccretary whep
I mejl,
laaaaraaam
you dictate tha mernlni'
MEMO
S far Your Secretary g
I Wrtta tha Babaen Sutiatteal Ornnlsa.
l UeaWallealyilUU.e2,Maaa.,aa follews:
PImm aed aa
A Meet trm
Tear Memmy"
NEW ISSUE
$400,000
Fifty-Five Park Avenue Apartment
NEW YORK CITY
First (Closed) Mortgage 6 Serial Geld Bend
Dated November 1, 1932
Due Serially up te 1935
PUBLIC SALE
Anthracite Ceal Lands tn Main
Basin Southern Anthra.
eita Fields
GUARANTEE
Trust and Safe Deposit Ce.
316, 318 and 320 Chettnut Street
laie, fTem'.nt at, a a wi at.
WIEGNER,ROCKEYCO
Certified Public Accountants
Tbe undaraltneS will effar at public
aaia at tne reruiyivnia Hail Hetel. '
PettavJIle. Pa,, at 11.80 o'elock. A. M
en the Sixth day of November. 1922, ,
all of Ita right, title and Intereat tii
&T4 acre af coal land, mere or less,
located partly In and eaatwardiy from
the City of retUTlUe, fleliuyUtlll Ooenty,
PennayUanlm coreprUlng the tract
locally known as tha farnutn land
Janotlea Tract, and parts of tha trrea-u.
laiity and tha Kranel YarnaU tran
Theae land are oreiaed by tha tracks
of tha faenayltranla Railroad and ei
tha PhUadelphla) and Heading Railway
Company. They are of aumclent area
and of proper conformation te accommodate-a
alntle colliery of large ca ca
paelty. The tracta contain all the coal
measures commonly contained In the
deepaat baalna of the Anthraelte Field
Including tha Boek Mountain, Mam-
metn ana rrimreM rein.
Term i Flfteen (16) per cent cash
when the property la atruck down, and
the balance within thirty daya, upon Uie
tender et the deed te the purchaser at
the office of the Counsel for the under
signed wheae addreaa la atated below
Fer further partleulara apply te the
undersigned, or te the local office of
the Company, Lanaford, Carben County
Pennsylvania, where maps of the land
can be aaen or furnished te Dcrtlea
interested -wwa
Tha Lehigh Ceal and Narration
Company,
i, I fttene, Real Uetate Agent,
SSI Chestnut Street,
Philadelphia, Pn.
Oeo. M. Read, Attorney,
110 8, Centra Ntreet,
ra
MMsnHas- 1 ejatMaBasssssssssssssr'
1 ran...... ...
I
I
I I
ITJil
SBJSr
WHOLESALERS
Bankers and Invcstteent
heutee are Invited te use
our service when desiring
te buy or acll any Govern
Riant Leans.
-4 tUtUm.fUe Ueeet"
COMMERCIAL
TRUST COMPANY
Ucantwf Federal Reserve Si
City Hall Square
Railroad and
Terminal Bend
SHEAR. LAKTON & CO.
S NASSAU ST.. MEW TOBK
Pe4eTpMa TeL Nne Yerk Tel
Lembard 7957 Rncter 6781
HEWBORGER,
HENDEKSON & LOEB
Members New Yerk and
Philadelphia Stock Exchange
1512 Walnut St.
Principal and interest payable at Title Guarantee & Trust Company, New Yerk.
Redeemable at 103. Free from normal Federal Income Tax up te 2fe.
Denominations $1000, $500, and $100.
Security: 48'3"x80' of land, owned in fee simple, with a 15-story
and basement st' i construction apartment building te be erected
thereon.
Valuatien: Land (Actual Cost) $150,000
Building (Architect's Estimate) 415,000
TOTAL COST ....$565,000
Based en these costs there will be a cash investment of $165,000
back of these bends.
Inceme: Estimated annual rental from 118 rooms... ,$102,070
Expenses, Taxes, Allowance for Vacancies, etc. 40,300
Net Income $ 61,770
This is ever 2J times the maximum bend interest.
Management: Apartment will be designed, constructed, con
trolled and operated by the Fred F. French Company of 350
Madisen Avenue, which has had long experience in erecting and
operating apartment buildings.
Title and yslldltv of mortgage guaranteed by the
Title Guarantee Si Trust Company, New Yerk City.
Price 100 and Interest
When, as, and if issued and accepted by us.
Upen rtquent we will send circular A.
Puritan Mortgage Corporation Peabody, Houghteling & Ce., Inc.
100.611 West End Trust Buildint 366 MadUen Araaiua
PhlUdslphU, Pa. IW Yark
SteckweD ' cornnEe rvmc
Wilten & w""
Frederick Peirce
OMDS Jp fl INVEST
rea OC V0 mmmt
Unlisted Bend$
Fabian F. Levy
Drcxel Building
Dell Uiak 714 ' Karesaat Mta n
.'i
. n
v
4.
fi
$
.
.i;
VvttsvlUe, Pa,
UflTiU
.tMiTilUBUfPUs.
u .-....
C
14S1 CsMstaal StiaaS, rUlaWtalaMai
'
X
t,..ty
vr,,
KiM
f.Viv.
H. . 'vJrt-a?