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EVENING PUBLIC LEDGER-PHILADELPHIA. THURSDAY. OCTOBER ,19. 1922
aaMTmrTTTS
GOSSIP OF
THE STREET
While Hie benrtr rooms of most of
thr crtinmlwleii lieiifcs nrc ovcrcrewdi'il
these tiny", brelirrs nrr cinpliilnlng of
the small nnieimt or liuslnmi being
done.
The answer Is net hard te find, a.
' jiest of the stocks coming wllliln the
fnanulnl resources of (lie nverngc sieck
market trader nrc net doing anything
te speak of, or the movements In them
ire co thert-IUcd ni te leave little In
Ctntlve fbi speculative ventures. It
It cry dlllnclly n rich mnn'H market,
is the cpci'iiliitivp football gume, while
replete with exciting tilnyn. is eenflnetl
Keliifihel.v te nil the very lilgli-tiriral
itrrkN. A" most " the'e elected favor
ites are rolling well aleve $100 n share,
with unite it few hovering nenr or above
$20(1, II Is readily Been thr margin
Jnrrulnter would find the.e tee expen
se toys te play with. The Industrial
lock dividend Ha? in being wnved before
the cm'i of the bs speeulater.M and
cnnseu'uently tletrnein attention from
ether l.Mies. '
The xtneks. which linve been the cen
ter of attraction may become conipitra cenipitra
tlvelj dermiint at almost nnv time, find
cthef' brought forward te stimulate, tlm
fpfciilatlve appetite, but nlinnst every
one Mgnes at the moment, nt lcat. It Is
I geed market for the little trader te
Ifate serleiily alone.
Modernizing lju'kawautia I'lant
Tn an interview given the Wnll Street
Journal. Kiigene ?. (Jrnie. president of
the Uethlehem Steel Company, making
M lirst efficinl visit te the firm'H newly
arqulrerl Lackawanna plant nt lliiffnle,
outlined an extensive program of ex
pansion for the lecnl plant.
"first Important work which we have
In mind for Lackawanna." Mr. (trace
Mid, "Is modernization of all depart
ments, with additions In many te the
ntl of accomplishing complete rounded
nut business, in all lines of steel thnt
re being produced. Tills program has
been developed and In a general way
approved te n point requiring tlie ex
penditure of mere than $15,000,000.
This work will be gene ahead with a
rapidly ns plans enn be developed and
physical work established. Progress
Trill depend in the main upon available
liber." , ,
Lackawanna is producing iron nt a
rite of 00 per cent of capacity and steel
it 70 per cent, Mr. fJrace said. "There
Is no reason ,wh.v both aheuld net be
brought te their mnximum In the nrnr
future, ' lie said. "It Is only a matter
rf getting railroads te handle our raw
materials and finished products. "
WrMinj(lieu Hooking Increased
The WestinglieiiFe Kleetrie and Man
ufacturing Company in the quarter end
ed September "0 booked new orders
villi a alue of ?37..'W:,,.L,27. an in
crease of 4ll.fl per cent ever the corre
sponding quarter of ID'JI. New business
taken during the quarter "was reported
te be in excess .if .ri.2.".000 better
than that of the previous quarter.
Hillings for the September quarter
ere ,.rIO.li"7.."IS. compared with $21,-
141,5,17 for the corresponding quarter
of 1021.
Specialties Continue in Fmver
According te current gossip, and
there is lets of it, many of the. stocks
clashed as industrial specialties are
looked en with favor bv interests con
cerned in their affairs, iind predictions
are freely made n large number will
fellow flic precedent of National His
cult and ethern which recently have
been sky-rocketing.
There Is said te have-bcen significant
buying of Cern Products for mere than
n month, with n geed part of the offer
ings being tnken by beuses prominent
in bullish operations of the Standard
Oil .shares before stock dividends were
announced.
It was stnted csterday by en of the
leading wire houses that Cern Products
is about te start en an upward move
ment, making- it rank as high ns Na
tional IJisciilt. This Vredlctlen was
confidently made, despite the disparity
of mere than $100 n share between the
prices of the two stocks.
Steel Situation Improving
"Prices and supplies of finished steel
have been working toward easier con
ditions," says the Iren Age in the
weekly review. "Accumulation of
rolled products at Pittsburgh and
Vnunjstewti mills arc still large, proba
bly upward of ,100,(100 tens, but ac
cumulations are net increasing and th
week has brought eight mere blast fur
naces into action,
"Transportation difficulties premise
te continue, hut producers and con
sumers of steel nrc accepting a 70 per
cent output ns close te probable maxi
mum for remainder of year. Mean
while, in ceiitrjist with their action dur
ing the enl strike, consumers are doing
little, for prompt dclhcry.
"Fair-sized orders for plates, shapes
and bars can new be placed mere read
ily at 2 cents. Pittsburgh, and some
mills will make early deliveries en
that basis.
There nic indications thnt the dupli
cate buying figured te an extent in pro pre
ducing price peaks of coal strike
mouths. Amount of such buying will
determine In part the course of prices
In the next two months.
The fuel situation Is stcrMily mere
favorable te buyers.
Ferm implement makers nre still n
small figure In the bar mnrkct mid new
leek for a quieter manufacturing sea
son than was indicated in the summer
months. On the ether hand, mnnv auto
mobile plants are holding their high
rale of production ami some arc plan
ning increased capacity. Trend of pig
iron prices is still dewnwnrd nnd the
week has been one of limited sales."
Mammoth Oil
I In connection with recent offering of
I a block of Mammoth Oil stock which
. r.iii'iii.,, -. i win IF,,,', i u, niui'lilir il
canvass of several Wall Street beuses
indicates while all subscriptions for
200 ghnres or less were filled, allotments
en larger subscriptions were cut down
."0 te SO per cent. It Is net known
hew much stock was invehed in tbe
offering but It Is known n large part
of total authorized stock lsue is tied
up in strong hands ami in addition
mere than half of the issue nt leat Is
definitely out of the market. It is
understood that in due course applica
tion will be mndc te list eustnndlng
shares en the, New Yerk stock ex
change. Crude Rubber Prices Rising
The. rubber 'Stocks have made, only a
half-hearted response te the rising ten
dency of the cmde rubber market. A
further sharp advance carried tbe price,
te 2.1-7i cents, which Is mere than 10
cents n pound from the year's low
quotation. Higher crude rubber prices
are net bullish for the tire companies
ns many traders in these shares seem
te think.
With one or two exceptions, tire
manufacturers have been carrying only
limited sunnlles of crude rubber nnd In
ventery appreciation therefore Is net
large.
Deposit Time Extended ,
The following letter is being mailed
today te stockholders of the East St.
lieuis and Suburban Company who have
net yet deposited their holdings under
the offer for purchase of their stock for
the North American Company :
"There have been deposited under
the offer of nurchnsc mndc by Messrs.
Dillen. Head & Ce., 08 per cent of the
preferred stock and 0.1 per cent of the
common stock ef1 the Knst St. Leuis and
Suburban Company. The time ttrigl
nally fixed for deposit of stock expired
October 10. 1022. but in order te give
the few outstanding stockholders tin
opportunity te take ndvnntnge of the
offer, a short extension has been ar
ranged. "Your stock should immediately be
forwarded for exchange te the Central
I'nlnn Trust Company of New Yerk.
SO Broadway, New Yerk. If, for any
reason, you prefer te sell you stock we
will pay the mnrkct prices of $iiO per
share for the preferred and .$!) per share
fur the common stock. This offer is for
immediate acceptance nnd may be with
drawn nt any time.
"In case of either exchange or sale
certificates should be endorsed in blank,
witnessed nnd guaranteed by n broker
or bank efficinl." TIIK TUADKH.
15,000 PUPILS TO VISIT
HOME-BEAUTIFUL SHOW
1 Will Receive an Object Lessen In
Efficient Heusing Methods
Pupils of public schools will get n
practical lessen in heine-mnking when,
they attend the Heme Hcnutlful Kxpn- '
sltien in the Commercial Museum today
and Friday.
Fifteen thousand pupJN from tlie
seventh, and eighth grades of tlie grain
, mar schools and the high school of the
city, representing the civic conference
groups, will nttend the exposition under
tlie direction of Prof. ,1. C. Feete,
principal of the Itelment Scheel, and
chairmnn of the civic conference, held
weekly nt Central High Scheel. I
The purpose of the visit is te afford
the pupils nn opportunity te get mi
object lesion in the newer nnd mere
efficient methods of housing, mid the
Intest development i In furnishing nnd
housekeeping in the modem home.
Teachers from thr- various schools
wil Inccempniiy the pupiN mid help
them te understand the various prob
lems Invehed In these changes.
WE DEAL IN
Vacuum Oil
NEW STOCK
(When lnucd)
$25 PAR VALUE
Wm. C. Orten & Ce.
54 Will St., N.Y. Tel. Hinevcr 9690.9697
The East St. Leuis
& Suburban Ce.
Stockholders who have
net received notice of
the offer recently made
te purchase the stocks
of this company should
immediately communi
cate with us.
E. W. Clark & Ce.
$100.
ae
opens a checking
count, with full benefit of
SERVICE, SAFETY and
STRENGTH, at
NORTHERN TRUST COMPANY
SIXTH AND SPRING GARDEN
Herihcy Chocelite Company 6i....l94Z
Shaffer Oil & Refining Ce. 6i 1929
Linn Elee. Ry. & Light Ce. 5i 1925
Rockferd Gn Lt. & Coke Ce. Si 1959
Buffalo & Like Erie Tract. Si 1936
Cem. Traction of N. J. 5i 1933
Scnnten Ryi. Ce. Refg. 5i 1947
SAMUEL K. PHILLIPS & CO.
Member FnilarlMpiil. Stock Exchange
607 CHESTNUT STREET
C S. PATTON & CO.
IU & CHESTNUT ST3.
BANKERS
Snrrtmnr te
S AH. Ell ft hTF.VF.NSO!
Bend nnd ntnrka beacbt and Mild.
Mmhfr I'hlla. Hterk Krrh-ni.
icw Issue
$14,000,000
Consumers Power Company
Firs -Lien and Unifying Mortgage Geld Bends
Series "C" 5, Due 1952
Dated November 1, 1922
Due November 1, 1952
interest payable May 1 and Xcnemlier 1 in New Yerk City without deduction of the normal I-eilcra! Income Tax
up te 27c coupon bends in denominations of $100, $509 and $1,000 each rcgisterablc as te principal only.
Hilly registered bends in denominations of $1,000. $5,000 and $10.0UO each interchangeable ith coupon
bends. Redeemable as a whole or in part at the option of the company en any interest pavment date
en thirty days' prier notice at 105 en or before November 1, 932: at 104 thereafter te and 'including
November 1. 193": at 103 thereafter te and including November 1, 1942; at 102 thereafter te
and including November 1, 1947, and at 101 thereafter prier te maturity.
THE NATIONAL CITY BANK OF NEW YORK, Trustee.
Four Mills Tax in Pennsylvania and in Connecticut Refundable Upen Appropriate Application
Tax Exempt in the State of Michigan
Issuance Subject te Authorization by ths Michigan Public Utilities Commission
The letter of Mr. Gee. F. Hardy, Vice President of the Company, giving farther information re
garding these bends, has been summarized by him as follews:
The Consumers Power Company, operating in lower Michigan, serves with gas and elec
tricity one of the most important industrial sections of the entire country, having an esti
mated population of 775,000. Over 66 re of the electric energy generated in the past year
was produced by the Company's hydro-electric stations.
First lien and unifying mortgage bends will be secured by a direct mortgage subject te the
liens of underlying mortgages en all the physical property of the Company by the pledge
with the trustee of $7,839,500 underlying bends and by the similar pledge of all the first
mortgage bends and stock of a subsidiary company which will own certain gns and elec
tric properties, including a large steam-generating station te be constructed."
The proceeds from the sale of the present 5 re issue will be used te retire $11,545,000
funded debt bearing 7re interest and in addition will provide for property expenditures.
Additional first lien and unifying mortgage bends may be authenticated only under con
servative restrictions. The mortgage will provide for a strong sinking fund and a general
rescrvefund for the adequate maintenance and renewal of the properties.
Fer the past ten years net earnings have averaged 2 times the interest for such period en
funded debt, and in each of these years bend interest charges were earned at least 2V
times.
EARNINGS
Twelve Months Ended September 30
1921 1922
Grea Earnings $14,384,413 $14,715,566
Operating Expentea, Maintenance and Taxes 8,826,299 8,177,652
Net Earnings $5,558,1 14 $6,537,914
Annual Interest Charges en $41,427,500 bended debt
(including this issue), bearing Sre interest 2,071 375
Blnc $4,466,539
"- NET EARNINGS OVER 3.15 TIMES ANNUAL BOND INTEREST CHARGES
The value of the property is very largely in excess of the outstanding bends, which are
followed by $32,294,200 par value dividend-paying capital stocks.
Application Will Be Made te List These Bends en the New Yerk Stock Exchange
We offer thrbe bends if, aa and when issued nnd reeeiued by ua subject te the approval of our counsel
expected that interim certificates will he ready for delivery en November 1, 10CL
Price 92 Vz and Accrued Interest, Yielding Over 5'2 Per Cent.
It is
v-. ,
The National City Company
Cassatt & Ce. Graham. Parsons & Ce.
MX itsttmeati herein, while net f usraatted, tn efltctst or re ttsda tntornittiei which w. regtrd si nllabU.
'i . I
Kl
$2,500,000
(CLOSED ISSUE)
Pierce, Butler and Pierce
Manufacturing Corporation
' First Mortgage &h Sinking Fund
Twenty-Year Geld Bends
Dated October 1,1922. Due October 1,1942. Interest payable April 1 and October 1. Coupon bends in interchangeable
denomination! of $1,000, $500 and $100. Regitterable aa te principal only. Redeemable at the option of the Corpora
tion in whole or In part at 107 and interest en anjrinterest payment date te and including October 1, 1927;
said premium of 7H decreasing H t 1 en each April 1 thereafter. Principal and interest payable
at the Equitable Trust Company of New Yerk, Trustee, or at the option of the holders at Central
Trust Company of Illinois, Chicago. Interest payable without deduction for Nermal Federal
Income Tax net in excess of 2 per annum en the income derived from the bend:.
Pennsylvania and Cenneticut Personal Property Tax net in excess of Four Mills, Massachussetts Income Tax net in
excess of Six and One-half Per Cent, en income derived from these bends, and Maryland Securities
Tax refundable te holders resident in these States, as provided in the Mortgage.
The following information is summarized by J. T. Duryea, President, from his letter en hie in
our office and from auditors' and appraisers' reports and ether reliable seurces:
BUSINESS : Pierce, Butler and Pierce Manu
facturing Corporation manufactures cast iron
boilers and radiators for steam and het-water
heating, a full line of pressure gauges and ther
mometers, and a special high-grade packless
steam valve, all of which arc used in the heat
ing business. The Corporation also manufac
tures Ames high-speed engines, Stumpf Una Una
flew high-speed engines and Ames high pres
sure boilers. Through its jobbing houses it dis
tributes a full line of plumbing fixtures and
materials. The Corporation is among the larg
est organizations in its line of business and is
the only one in the United States making all
classes of boilers used for power and heating.
SECURITY: These bends arc te be secured
by a direct closed first mortgage upon all real
estate, plants and equipment of the Corpora
tion, including its modern manufacturing
plants, office buildings and warehouses located
at Eastwood, Syracuse, Oswego and New Yerk
City, New Yerk; Newark, New Jersey and
Huntingdon, Pennsylvania.
ASSETS: An appraisal recently made of the
land, buildings, machinery and equipment te
be covered by this mortgage showed a sound
depreciated value of $4,105,540. The balance
sheet of the Corporation as at June 30, 1922,
after giving effect te this financing, shows net
current assets, after deducting all liabilities ex
cept these bends, of $3,776,892. Net tangible
assets, exclusive of goodwill, patents and con
tracts were $7,882,432.
Net tangible assets amount te $3,152 for each
$1,000 Bend, fixed assets representing $1,642
and net current assets $1,510 of this amount.
EARNINGS: Average annual net earnings
available for the payment of interest charges
en these bends for the six years ended Decem
ber 31, 1921. before depreciation and Federal
Taxes, were $737,279, or ever AJ2 times interest
charges en these bends, and after depreciation
and Federal Taxes, they were $576,953, or ever
Zyz times such bend interest.
The Corporation operated at a profit during
each of these years. It was in no sense a "war
industry," its business being chiefly concerned
with the building trade. Its plants arc running
at full capacity and the unshipped orders en its
books at the present time arc the largest in its
history.
SINKING FUND : On October 1, 1925. a sink
ing fund payment of Va of the total princi
pal amount of this issue will be made, and
thereafter semi-annual sinking fund payments
will be made at the annual rate of either 22
of the total principal amount of this issueer
10 of the net earnings of the Corporation for
the year ending the preceding December 31,
whichever amount shall be the greater. Sinking
Fund payments are te be made te the Trustee
under the mortgage and are te be used for the
purchase or redemption of bends at net te ex
ceed the then redemption price as provided in
the mortgage.
expeete
delivery
Bends are offered for delivery when, as and if issued and iecetved bv us and approved hv our Counsel h l
rV abe'ut NeZmV?,.0' PtS f Th8 Kquitab!e Trusl Company of New Yerk ,ll be ready for
O
PRICE: Par and Interest, te Yield 6J2
Descriptive Circular B2236 en Request
A.C ALIYN COMPANY
ESTABLISHED IQIZ
Investment Securities
I Wall Street, NEW YORK - Phene Whitehall 2438
CHICAGO MI1.U AUklX MINNEAPOLIS- BOSTON
Theiftatemcnt herein mde are net urnteed but they ate based upon report! nnd ether informant.-.. 1.1.1. 1. . .
believe te be reliable, belnc the data upon which e have acted In purchasln, ?thei "eeur.tTe, f"Sur en c'e'n
t'
I
RAILROAD EQUIPMENT TRUST NOTES
WE OFFER. SUBJECT TO PRIOR bALE AND CHANGE IN TRICE
525,000 American Refrigerator Transit Equip. 6's
20,000 Bosten 6k Maine Railroad Equip 51 :'s
146,000 Illinois Central R. R. Equip. 4' 2's
69,000 New Ycrk Centra! Lines Equip." 5's
28,000 New Yerk Central R. R. Equip. 7'
43,000 J New Yerk, N. H. ck Hartferd R R. EquT- 6's
30,000 Pacific Fruit Express Equip 7's
59,000 Pennsylvania R. R. Equip. 6's
94,000 Seabeaid Air Line Railway Equip. 6'
30,000 'Seaboard Air Line RaiUvcy Equip. SVi's
25,000 Sr. Leuis-San Francisce Rwy Equip. 5's (DWI)
26,000 J Texas &. Pacific Railway Equip 6's
10,000 : Wabash Railway Equip 6's
51,000 "Western Maryland Railway Equip. 5's (DWI)
lnucd under Phil.delphi. Dm 5 Se'd b D rertet deneul
Commercial Trust Company
Mnji" r T' ' ' i i
Jan. 1926-33 5.5i
Auc. 1030-35 5 3 5 ft
Oct. 1034-37 4.', 5
June 1928-37 4 V7
Apr. 1927 35 5 C0
Jan. 1931-32 5.707b
June 1931-35 5.0Cr"
Jan. 1928-34 5 20S'
Jan. 1924-32 5 25.70?e
Oct. 1923 5.007"
Sept. 1930-37 5.00"
Jan. 1932 5.709e
Jan. 1935 5.459
Oct. 1933-35 5.10ft
ofRjilreid,
Xf
Member Federal Reserve System
CITYALL SQUARE
V
FINANCIAL
GENERAL ASPHALT COMPANY
I Ishl lr (rnl Trn.lfar MnKliiR Fuml
(ninertlbl- fluid llnad
-- . 'ift.'sii ,,, Tru1,'- unir Trut
t -inn h.i i Onmi t'iait i'nnipnv
; i HnnUtir Trust Lempun t Trunin.
l..r. j LitrFinr-- I nvn turfl" uh nelir
' ' w ''I rr-l f-ild offerj for tilt,
'i- .n.i .:curii or tb blnklmt Fund of nuf
'.ft.,' it liii mentioned bends te .
'.fill Mm mm n fVllllD.Te new en deposit
''h n -m ,ii-h Truite Ail tender inunt
iw for nil r. am rait of th bends offned
miit .at tu- pr.i- a u-M h the bends ar
'tr-el. i Jt ..vtc-Jinic 103-. f,f their p-ln.
Pi aineunt n'l ar. njel interest mi1 niut
i. ic-ifI u th i 'rierat Tiut D-iu'"
mi. ..r .r. 1-ui.,.,. if, S d i hIr , N, ,
!n '!. J 7f0" ' ,'rl"l,, I'. M.. en Ortelirr
' J' . "nr"1' t "ptil nra.i b dinil
t Mill m nail ..- en V,imlir .1. llCi,
.ii.l u ierv .i Hr -,url benl , CM nn
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hr ''uvi r---s ,h. rKh n teJ'ct in
e -tl erfen ,n w re a op In part
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ri ruttr
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- llr.t MnrlKigr n,. r,r ftit
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i'Ui:n "ii' kmhi:u i n"e."
e. h u V"r Kly pur.uiint te lh
,-. ,!!.-. f 'hr m .'ts ie (..rinnntnwn
" i '! t.itnitin. rti-M Iwrritih.- ip(
tit tr it- l.-ts"r i t'enipunv aa TrutM
., , r.n. i .. t.t .ilt I nr renl up tn 1ri.
ii'ilnrk neon, rn siiiirdny (Irtnhrr SH, JOtl
r . .h. nk t . 'of bend. , il.icrlhrjd
,tf at i pr net .ri..dmir nn. hundr.d
.M t' pt - l " .' and ariru"d In.
rrii,' ruflnrnt te .tchatlrt hn tifftrly aa
ii.jtuh. th. uin e' It3 A73 0 4 no' In lh'
i nn ns find I'-if. r.'iir. te b. etun by
. -.. Trutr tn t. n'lM erf.r. I t tha lewtat
i.r.HMNins' IIU'ST (UMiunt TrmtM
i I 1U' I. K HrtlMf)N Traaaur.r
'rnnniewn Ph. .a Pi
Illildrnda
FEDERAL SUGAR REFININg'cO.
Tf. i.s-ilar iiiMrlrb dlnd.nd of On anil
Dnr-lmH wr cnl 'lH) nn ihe I'raftrred
sher R'i.1 On. ttnd rlirt-riiiurlrra yrr rent
tl'i'rl e'i t'i ('eintnnn flhan of till Cem-
, pan -a n b rml e 1, 1022, te ateekr
(inl.r ' record at lha etna, nf bualnaaa
net W. I2'J Tranaftr hoeka will net cleta.
I IM ICnnK .1 HMJ1' L Tratura?.
UH'.MI'.N TBI'ST f'OMPANV
A4II li.rmanleun Ateniln
'.frmant..'n Phlla i)cteli.r IT, 1P2J,
I h. HeJul i'f Dlr.clnrs ha declared
vldmd of four t Iter rrnl upon the aterk
rf the. I emp4ii j.ajabla te atorkheldara nf
ieenr.1 at th rle of huilneaa en Wfularnbrr
Iltllll. h-rki will I), mailed " W
liKOKHK W I'MrTB, Treaaurtr
t it 11 i"iV ti rt.
ty- r ivr.n r I 1 1 r
NnilTIIRRN I'KNTRAIi TRUHT COMPANY
...""A'aWl'l.ee'"'.."..."?!
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