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feOSSlP OF
THE STRbt-i
T ..u .... h tratclilnt the point
.wru.:.; . .nr yesttnlay's
S"11' .." .-t.1 tt WAM
"" . .lm Wnll Htreet vcrrcd
i Ij mmnlctely in Interpreting ion
Kb ?cvcnt. Ordinarily, such
Keen a Ignal for a Rcnernl smash
8 W ynuntay the B-nernl market
,1 along en n fulrly evon keel,
&rt89nn- .llvcrslt, of
ffiln. exWten. cIM from the
"ST 7thc tev liter attire output. ,
t?h0LX Bnld: "The stnrtlii.K. te
0nnc rcsiltH of yesterday's cleo clee
fiffl 'te , cirrr en their fnce a
lM, Bm tbe wnernl Administration
Bi'VenU character In the Ida.
C fltwpelnt of n security holder,
ff, outcome should be mero favorable
feffiaWt" "Influencca ether than
JR : part? llnVn have brought about a
Mmta! In public sentiment, and prey
Stodlcatlena point te a big change In
Si next Congress, with miiie of the
imlnlitratien's favorites defented, r.
JaStD "llepubllcnn majority In the
Knate and n possibility It may be com cem
Srte ly overturned In the Heuse. How Hew How
KFet de net leek for the election
Sruits te have any special market ef
Hull another mid: "These In Wall
Street who based .tliclr market opera
Seat and opinions en memories nnd
Jreeedents found reasons for selling
fttks as a result of the elections
throughout the country yesterday, nnd
Kire nns enough supply from this
geurcc te unsettle vnlttes te a nu.dernte
farce and make It appear the election
frtu n disturbing f net or."
This was what another said : Iook Ieok Ioek
(g( Inck, the recent reaction, which
Ml at tlie time, tl speculative com cem
Bunlty figures it represented tlie retreat
if stock prices te a level where big
Democratic Inroads upon the ltepubll
tan Tarty In Congress could Imp been
mid te have been foreseen and dis
counted. This theory received sup
port from the transactions during the
(lnt hour and strengthens the belief, If
n adverse meaning might he rend Inte
(he flectien return, the news was out."
Market Street Railway
Fer many years Fhllnrlclphlnns hnve
been waiting patiently for the clear
ing up of the Frisce street railway
problem, which has been a thorn In the
ride of all Interested ever since the
(MthqunKp. The end of the long lane
iew teems te be in sight. In nil
rants, interests In close touch with
'he Frisce situation received advices
reitcnmy Indicating that amendment
e. Ca te the Cfly Charier of that city,
vhlcn would permit the purchase of
he Market Street Hallway lines by tha
'It, will be carried through.
The iimendment te the San Francisce
barter, it v:is pointed out, mnoeths
he way by providing for the purchase
if properties if later decided upon, both
rltliln the city boundaries ami in sub
irban parts. It nlse provides that nny
iiw bends te be issued for tlie purchase
f lines will net be Included In the city
ebt limit.
Limit of the city debt bus been an
kstncle In the way. tin new bend could
et be Issued for taking ever the lines,
ew tlie Market Street Hallway and
formerly the Unite Railroad' of tan
Francisce,
October Busbies Mortality
. The classification of October failures
ijhewe i that 09.0 per cent of the 1708
defaults reported te ft. a. Dun & Ce.
for that month occurred among traders,
while 27.2 per cent were manufactur
ing Insolvencies. The remainder, or
H.8 per cent of the total number, rep
resented fntlures of agents, brokers and
ether similar concerns which cannot be
properly Included In cither manufac
turing or trading. In September, when
nil rnmmerrlnl ilnfnult. tiiimha.l 1KIU1
the trading class supplied 07.0 per cent
ei me nnrrnu, ninniiinciurcrs BH.4
per cent, and agents, brokers, etc., 4.0
per cent. It thus appears that the ratio
of Insolvencies among manufacturers,
and agents, brokers, etc., was lower In
October than In September, but higher
in the trading deportment.
. Beth actually nnd relatively, the
largest liabilities In October were In
volved liv Mm nmniifapliirln fnl1nm
which were cnulvnlent te 45.4 tmr pent
of the total of $84,647,438 for all
classes, ns against 44.2 per cent for the
trading defaults nnd 10.4 per rent for
the Insolvencies among ngente, brokers,
etc. The respective percentages in Hep
tvmbcr were 40.0 for manufacturing,
43.0 for trading and 13.8 for agent?,
broken nnd similar concerns, the total
indebtedness for that month being $:!,.
1)08,120. The manufacturing class,
therefore, alone showed a higher ratio
In October than in September, and the
aggregate Indebtedness of all failures,
despite a considerable Increase In num.
ber. was fully $2,000,000 less than that
of the earlier month.
Iren Production Picking Up
"Pig Iren production In October gives
reed Ruuge of the rapid picking up of
the Industry after the coal strike," says
the Iren Age, In its weekly review.
"There was n gain of 2fi per cent ever
September and mero blast furnaces nre
active today than at any tlme since
December, lliSO.
"Apparently, increase In steel output
has corresponded te that In pig Iren,
and steel companies are operating this
week nt fully 75 per cent capacity,
with rate of -pig Iren production close
te 82,000,000 tens a yenr steel ingot
production is probably net far from
ea.uiHMJtNi lems a year.
"Effect of increased output en prices
of both pig Iren and finished r.teel is
being watched by buyers nnd sellers.
"Car supply for movement of ma
terial awar from mills is better en the
whole and movement of coal te the.
Lakes Is likely te taper off In the next
thrce weeks, further improving car sit
uation. Of 8800 new cars ordered
L. & N. bought 8100.
"Recent price concessions hare net
stimulated buying in pig Iren market
and even $25 price en Alabama iron
has resulted in few sales.
"Hush te get iron and steel imports
Inte the country before the new Tariff
Act went Inte effect rolled up 70,3113
tens in twenty-one dnvs of Hentcmber.
greater than for .any calendar month
slnce tha late eighties."
Copper Situation
Despite the firmer tone te the copper
market, there Is no one willing te pre
dict any sharp advance In quotations
in the near future. It Is felt 14 cents
Is about the highest price that can be
expected for Jhe time being, as the be
lief prevails nny nttempt te get the red
metal above that level would be frus
trated by the Chile copper interests, as
In. the past, when they offered the price
down te discourage any further up
turn. The attitude of the Chile interests
Is being closely watched. Seme trade
authorities are of the opinion that the
Seuth American producers and their
sponsors will take every step possible
te keep the demestic1 ceapaal from
increasing their output at this time,
even te the extent of keeping the Aries
down, beeause of the low costs enjoyed
by the Chile Company.
There Is a feeling In some trade quar
ters the Anaconda Copper Alining Com
pany would increase production If the
men necessary for capacity operations
could be obtained. Thus far the great
difficulty has been In getting the' men
who, nre neiptalntcd with the work they
are te perform, and it Is said that the
supply is growing smaller right along.
Of course, It must be realised that
Anaconda Is one of the exceptions at
present. The requirements of the
American Brass Company, its subsid
iary, are sufficient te take care of all
the eutnut of the Anaconda, and there
fore It Is posslble if the' latter company
could bring up its output It would de se.
Western Meney Conditions
The Western money market new
ihews a normal period of autumn ten
sion has passed, with indications that
the middle of November will disclose
the gradual return te n situation of
steadiness and n definite trend of con
ditions following the actual require
ments resulting from the harvesting and
movement of crops. There are evidence?
en all sides of' confidence nnd activity
In the future: railroad traffic is steadily
Increasing. The restoration of confident e
is also shown in the Increased demand
from industrial and manufacturing
concern, for funds, which has been In
strumental in taking up a considerable
volume of money among banks at the
larger centers.
Interior banks report the demand for
funds equally as strong as during the
last two weeks, with the result that in
addition te the purchase of the Gov
ernment bendH, balances nt the largci
centers hnve been materially decreased.
Interest rntcs new range nt 0 te 0 per
cent en collateral leans, 4 te 5- per
cent en commercial paper and 5 te tl
per cent for business ever the counter.
American Smellers Securities Ce.
As ferensted seme time age. the di
rectors of the American Smelters Se
curities Company yesterday culled u
special meetlng of shareholders for Do De
cember 11 te net en n resolution order
ing the Institution of proceedings for
the purpesa of dissolving the company.
It waa organized in 1005 for the pur
pose of financing the purchase of some
properties by th American Smelting
nnd Kenning Company, of which it is
n subsidiary. The purpeta of Its or
gonlzntlen hnvlng been accomplished,
the directors felt It would fcsscn the
administration cost of the properties
If the cempnny was disbanded.
The Amerienn, Smelting mid Refin
ing Cempnny owns sufficient stock of
tha Securities Cempnny te insure dis
solution. THE TRADER.
FOLDS $1 BILL IN BALLOT
Clayten, N. J., Veter Exercised Care
In Placing the Meney
Clayten, N. J., Nev. 0. Somebody
here teemed extremely anxious te Tete
money Tuesday. In addition te the
borough going strongly in favor of the
bend Issue, thli "somebody" folded a
clean dollar bill in his or her ballet,
and It was placed In the ballet box by
Judge Walter Staulcup.
This must have been done In the last
hour of balloting, because it was the
third ballet taken from the box. An An
other dollar bill wns found In a booth
earlier in the day, but it was claimed
by a woman, who sold it had slipped
from her glove.
Just what will be done with the
dollar in the ballet has net been de
termined, but Stnulcup has it neatly
tucked In his waistcoat pocket.
OPERATING com- '
parties constituting
part of the national
telephone system are
links in a business
chain. All must func
tion at full efficiency,
constantly, in order
that the system, may
maintain the quality of
service the country's
commerce demands.
We own and offer first '
mortgage bends of a
company associated
with American Tele
phone & Telegraph Ce.,
te net 6.
HARPER & TURNER
BfVWfftMfttf
1 Al4rtMfll0getAV tVVWet .
STOCK EXCHANGE KJODIW
, PhiUdrlphia
Alltfkny Vallsy, 4, 1142
Atlantic & Tadkia At, 1941
Choctaw, Oklskeaa ft Gslf Si, 1152
ladlsaa Lighting At, 1158
Lehigh Valley 4i, 2003
Nations! Cat, El., Lt. ft Pr. ft, 1931
Peas-Mary Ceal Si, Oct., 1931
Pnn. ft Nerthwtitsrn 5i, 1931
Pkila. ft IMg. Tml. Si, 1941
Schnylkill Rirtr E. S. 4i, I92S
Wsit Jerisr ft SS. 3af, 1939
Weit Va. ft Pitti. 4i, 1999
STOCKS
American Milling
Cenielidttcd Tracltes N. J.
DeBssr Steel 8 PH.
Nertasra Liberties Gas
ISAAC STARR, JR., & CO.
16th and Saniem St.
PhlUddphlA
A Large List
of Securities
We offer one of tlie 'most com
plete and diversified lists of
municipal, foreign government
Internal and external, rail
road, public utility and Indus
trial securities.
Write for circular L-S2
A. B. Leach & Ce., Inc.
Investment Securities
115 Seuth Fourth St.
S"" -'"
$6,000,000
Camaguey Sugar Company
. (Compania Azucarera de Camaguey, S. A.)
First Mortgage Sinking Fund 7 Geld Bends
Dated October 15, 1922
Authorized $7,600,000; issued $6,000,000
Due October 15, 1942
Interest payable April 15 and October 15. Beth principal nnd interest payable in New Yerk at The National
City Bank of New Yerk In United Statc3 geld coin. Coupon Bends in denominations of $1,000 and ?500,
rcgiiterable as te principal only. Redeemable in whole or in part at 105 en any interest day en thirty
days' notice. Interest payable without deduction for normal Federal Income Tax up te 'l?t.
Beth principal and interest payable free of tiny present or future Cuban taxes.
THE NATIONAL CITY BANK OF NEW YORK, Trustee '
' Present Pennsylvania four mills tax refunded te resident holders.
C. S. PATTON & CO.
SO CHESTNUT STf.
BANKERS
..... .peemr t
M SAILEK & STEVEN80IJ
Bena and .alerka bought, and asti
StOckwdl ' CERTIFIED PUBLIC
Wilsen & ACcemrAm
LinV.ll ,L4TiUB!df.(rilla.
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MUNICIPAL BONDS
Mr. Geerge H. Housten, President of the Company, summarizes his letter te us an follews:
These bends will be secured, in the opinion of counsel, by direct first mortgage en
all the mertgageable property of the company, which comprises about 26,000 acres
of land, three mills, railroads and equipment, and the company covenants te place under
the mortgage all mertgageable assets hereafter acquired. The company reserves the
right, however, te acquire additional property subject te purchase money mortgages
and te secure short term seasonal borrowings by the pledge of growing crops.
The company draws its cane supply from lands aggregating ever 105,500 acres, of
which 26,000 acres are owned and ever 79,500 acres are controlled through long time
leases and cane contracts. Much of this land ranks with the best sugar land in Cuba.
The production of the Camaguey mill averaged 11.76 pounds of sugar from each 100
pounds of cane ground during the year3 1917-20. Thin wns ever 8 mere than the
average for Cuba during the same period.
The capacity of the three mills owned by the company will be 000,000 bags during
a normal season, when improvements contemplated and provided for by this financing
are completed. They are capable of producing raw sugar at an operating cost as low
as' the average of the best fifty mills en the Island. The cane planted and available
is mere than sufficient te supply all the company's mills at this capacity.
A minimum sinking fund commencing in 1923 will provide for the retirement of
' one-half of the entire issue of bends by maturity. The mortgage will further provide
for the application as an additional sinking cf a portion of the surplus earnings accruing
in the year ending September 30, 1927, and each succeeding year. It is confidently
expected that the operation of the sinking fund will result in the retirement of the entire
issue of bends prier te maturity.
Fer the past 9 years the operation of the Camaguey mill shows an average income
available for depreciation, interest and income taxes of $4.28 for each bag of sugar
produced. The income of the company from the current crop, available for these
charges, is estimated at 3.57 a bag, or $1,965,000, equivalent te mere than 4 2-3 times
the annual interest requirements en these bends. This figure of $3.57 a bag is 71c a bag
less than the actual income per bag of the Camaguey mill available for such charges
during the past nine years and is based en a production of only 550,000 bags and an
average price for raw sugar of 3V2c a pound f. e. b. Cuba.
Bend are offered if, as and when ixsued and received by ua and subject te approval of counsel. It czpcc'td
i that delivery in temporary form will be made en or about November 21, 1S22.
Price 97 V2 and interest, te yield about 7.25
The National City Company
National City Bank Building, New Yerk
Philadelphia 1417 Chestnut Street
Atlantic City Chalfonte Bleck, 1225 Boardwalk
Oificca in mere than 30 cities in the United States and Canada
J" The alc lnf&r:EiUa lit c!ti3 e.. .rtn-lni nttim4nt nn.l HLt,rt . rU ;,( n WM iMV. . i.,,. .... -.....- ,,. ... . ,.
5 We -le trt KU!iri.nte but i-u-rj "it je in ' cerrPt. rcKMiw et tin. IJ,na-
as a fa&er in
America's Pregr
A MERICAN communities are mere pleasant and healthful
1 places in which te live than ever before. Improved
sanitation, pure water, geed schools, smooth, hard reads, in
spiring public buildings have made them se.
These improvements, in turn, have been made possible largely through
the issuance of municipal bends, payable at a future date, thus spreading the
burden of payment ever a period of years, and permitting the community te
nave the use of the improvement while tax funds steadily accumulate te
meet principal and interest when due.
just as American communities have progressed through the sale of their
bends, se, tee, a host of investors have registered real progress through their
PwchascMunicipalbondsaresecend insecurity only togevernment bends;
heir income is exempt from Federal Income Taxes; and their yield, while
lower than tha,t of some securities, may really exceed the latter when their
tax-exemption and safety are considered.
During an extended experience, Halsey, Stuart Ce.has contributed te
the progress of hundreds of American municipalities and thousands of
investors through outright purchase of entire issues of municipal bends, and
redistribution among investors. Your inquiry will bring further details
regarding whichever feature of this two-fold service interests you,
Write for Pamphlet PA75
I B3Ks I
WMwfiaBHU4MaaaaM
i
'Hew te Judge
Municipal Bends"
emnarizts In patnplilet
form, the import ant point
te be considered in the
'ctien of Municipal
Bends. The Information
contained wDI be of value
ven te these of coniidei ceniidei
"5POTlencewith bends
rthi type. Investors w h
feel that they de net knew
Municipal Bends should
wnlyrcsdk.
HALSEY, STUART & CO.
0 INCORPORATED
Land Till Buildinir. PhUadaJnhi'ai dl i .-.",' "
-- -. .. - inunt buviui eiu
fCAGOj NBW YORK . PHIIADBLPHIA . BOSTON . DETROIT MILWAUKEE . T. LOUIi . MINNEAPOLIS
uillllllllllllllllllllllllllllllllllllllllllllllr
eaat
First Closed Mtge.
f 20-Yr. 7 S.F. Geld Bends
100 & accrued interest s
" s
1 FJUSINESS has been in
s constant operation since S
3 1854. Average annual earn-
ings for the last five years
2 are ever 44 times present j
s interest requirements. Net
tangible assets are in ex-
5 cess of $3000 for each $1000
bend outstanding. js
S Ptnrui. Gtatt Tarn Refundable 5
2 Further Information en Reqntst 2
I STROUD & i
I COMPANY
S Incorporated 2
5 PHILADELPHIA NEW YORK 2
5 WASHINGTON 2
riiiiiiiimiiiimiiiiiiiiiiiMiimiiiiiiiiiiin
Penn Central
Light & Power Ce.
1st & Cens. 6 Bends
Due Feb. 1, 19C3
TAX l-RHE IN rENXSTIA'ANIA
Price, 100 & Interest
Elkins, Merris & Ce.
Land Title llldg., PhlU.
lt(-mtr.
Utir Tei A. I'tilU. Stets L'ichny
Hi "SirTnLLiTlKTjri '
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J(inPffice rt
325 ehei tmdShttt
ead Street QflTir
lireactcmd Sansom Streets
Deubling a Banking Service
Time being money,
and we interested in both;
our Bread Street office
may save your time,
and WILL CERTAINLY make
your banking transactions
thoroughly efficient
and satisfactory.
The East St Leuis
& Suburban Ce.
Itockheldcrs who bav
Mt received notice of
the eflsr recently nude
te purchais the stocks
f this company aheuld
(mediately common I
cats with lit.
E.W. Clark AC
Charter
Ne.l.
Jm,
NATIONAL BANK
OF PHILADELPHIA
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