lS
PW1 Wrfifflffiynm ii$Pf A': . "'. ; BTaTaaTaTMaTaTI$M
t ,;,..jULaaj..A.... -.. .,J.' ft,-, N ,7?irgWgPT' w, hub
9
ssKsiam
neas
FTS
FitvT
THE STREET
... .i piliit atavtaA tin.
-.T? nS: th. rweVk W, Will
SKSl immediately beeatm lenteus MtU
SS? buHlih. All sorts of possibilities
' Sm adranced as the reason f6r a Ren-
SSneward movement of considerable
SiUJSens. When the" chllHng news
ranneune'ed en Friday with reject
, !?!. Belltlcal sltuaten In the Near
sUhrsnme'ellment Immediately be-
, inually bearish and advised the
2hMe dumplnK of stocks; Irreapec
w of their merits or otherwise.
U Seme one took the teks thus thrown
- some eiiv . stree rn,e avet.
SI. Individual running a trading be.
Jnt In a brokerage house pays little
den te the merits of any par
' i.- ..mirltr or group of securities,
i'buy. sell" wlSdry, often being
Md I either by suggestions from an
$ manager or by the action of the
tap.
Railroad Consolidations
One of the factors In the rttt&
rfuntlen which It Is hoped will lend
assistance In the development
I? mere favorable conditions 1 the pos.
bMH of consolidations which will
wrrnlt the weaken reads te be taken
&jTby the stronger systems.
1 While the financially strong wad, are
f averse te such grouping of activities,
Hi" will known the Interstate Com Cem
meres Commission favors such action,
?Bd therefore It Is retarded as likely
itat constructive developments mny fnl
iw Already one Important merger has
fcm taenght te the public's attention,
Sw doubt ethers will fellow later en
Seme careful observers of the market
lluntlen entertain the opinion railroad
Stocks may be purchased at the present
T.mIs nl heugh admittedly It Is any
rtllread group, as a whole, will touch.
Jt. nnnd Market Expected
The feeling In Investment circles Is
that bend prices are en the yve of a
Sit .degree of recovery from the lower
Jetton. This assumption Is based al
most entirely en a feeling of money
being easy throughout the remnlnderef
the present calendar year at lenst, al
though lest week rates were firm, It
being stated demand for commercial
' ourneses Increased materially.
Business throughout the country Is
gradually getting better and the out out
leek Is for a continuance, unless de
velopments of an unfavorable character
tnke plnce In the meantime. The
Eurepcnn situation has, became slightly
mere alarming by reason of the activi
ties of the Turks, which were entirely
unlooked for, following the recent agree
ment with the Allies.
Foreign Government bends are lr
mulnr, influenced te a censidrnble ex
tent bv the reactionary tendency In
exchange rotes, franc declining sharply
j all through the week. French bends
told off te the lowest point en record
and there was a heavy turnover In these
maturities.
Mere Government Financing In Sight
' Ever since the United States Govern
ment 414 Per cent Treasury bends
were put out a fortnight or se age, the
trend of prices of Liberties has been
downward. Such rallies as have taken
place have net been well maintained
and the dnlly turnover has been quite
a xub'-tantlnl one.
It is well known ihe Government
will be compelled te enter the market
again within a reasonable time for addi
tional financing, but the manner In
which this will be accomplished has
net vet hpnn determined. Seme pre-
smmsM&
11 A. - ST3 .." T-.TTTT".
mm hi put bui a raen-itrzn note une
rather than long-term bends, but It is
impossible te obtain any Information
in this connection from the capital.
The fact remains the Government has
large total of maturities falling due
within the next year and they wlllhave
te be financed through one medium or
another. This doubtless will be gov
erned largely by the money market as
well as the condition of the bend mar
ket ever a period of the next several
weeks.
Weakness of the Fraae
The great mystery among the con
tinuous foreign exchange problems last
week was what happened te the French
franc. There were any number of
ak assffie'ii'isteifr-'' sTssilfcWaBei
leek attractive." "
. Nnrkamr. Heaaersea m Lstftt "In
the week's conflicting tad at times con
fusing variations there Is te be found
llttle direct testimony which could be
accented as indleatin an nniltlve or
permanent change in the fundamental
position or tne security maraets. xnere
is stiii lacaing tne assurance or tne ac
complishment of the adjustments found
imperative te correct the ever-extended
speculative account. The weaker ele
ment of the market structure no doubt
haa been te a large extent eliminated,
but it is obvious the market house
cleaning Is yet unfinished. Signs are
present indicating the position of the
peels and ether speculative combina
tions are net any tee strong and the
aj
ate
mere or less intelligent theories as tevttltude of the banking institutions re
Jra?f Viih 5. wM..a0 ,"? fluted in the distinct firmer tendency of
9"9i ?" iJZr, S,L"' ",nu,d money rates foreshadows retrenchment
mii ait .TlfiES W?1 of ,0n account. We are going te
SnVLfli7.vWifh - .Ainf L.m-?dJelhav Prosperity inr this country" but it
?rMlii,rltViA ?fl0in(,i?lw,n take time for adjustments te be
?M .S3drW atlrtewJ . i w believe the market has
ihm. In nnin. en S wi.v a .f "dvanced sufflclently te warrant a mn mn
r&MfAeSt'm ne'fnt's &A i?r"d!en of iSng stock, and think
the franc. Belgian exchange suffered ILJ th 2. a JTw . .Ce'iYi nnried
equally, afeanwfille, sterling Is changed I f rfrrnafh .r,j $i2Bm PM P
Ai . .id,, .nniAn tnnrC. n. .!... or strength and activity."
enlv a slleht fraction, marks are down
3-10 en the week, and lire, which rallied
te the highest figure en this movement,
are, up nearly 10 points.
The theories for the decline in
French exchange Included a reiteration
of the previous peller of the British
treasury in utilising the france te pre
vent decline in sterling, in connection
with the payment of the second $r0.
000,000 Installment en the British debt
te be made en November IS. Alse the
confused, and at times somewhat threat
ening, situation in the Near East as a
result of the alleged growing arro
gance of the Turkish Government. Then
a pessimistic speech by 31, Leucheur
was cited as .causing the weakness,
together with the possibility that no
reparations will be received from Ger
many ler an indefinite period.
There has also been a theory in
some quarters that the British Govern
ment might have been bringing political
pressure en the French Government
by strategy against the franc in the
foreign exchange market. There can
be no question but that speculators of
high caliber were behind these and
ether movements in exchange, and the
prospect ef a French budget deficit
JJJE .SEP1." ycar estimated at
4,000.000,000 francs would account for
a geed deal of pressure against French
exchange. It was reported that French
orders for merchandise were being can
celed in Great Britain and in some
cases transferred te Germany. In
French financial circles there was ap
prehension that the pound sterling
would rise te seventy -five francs, the
highest quotation ever reached in ster
ling with regard te francs.
Brokers' Opinions
West & Ce. "The months of Sep
tember and October have each witnessed
sharp rallies and subsequent declines In
the stock market. We believe there Is
new a much greater tendency en the
irnrt of the public te play safe, and con cen
ipqucntly leek for a smaller volume of
trading and less violent fluctuations.
"We adhere te our recently expjgaesed
opinion that many stocks are at such
low levels that purchases can be made
without undue risk, and that ethers
nre being held up by manipulative tac
tics and should be avoided or sold en
bulges."
Hiecker A Ce. "Disappointment
eyer the election returns has been the
chief factor m the market In view of
the fact that the radical clement will
have the balance of power In the lower
body of the National Legislature. Al
though the new Congress will net meet
for a year, threats of bonus legislation,
attacks en corporation and regulation
of railroads are causing much uneasl-
THE TKADEH.
ACQUITTED, OF "MASHING"
Elderly Privy Council Clerk Fined
$25 Wlna en Appeal
Londen, Nev. 18. r8lr Almerlc Fltz Fltz
rey, formerly clerk of the privy coun
cil, who some time age was fined S25
en a charge of flirting with women in
Hyde Park was vindicated Saturday,
when his conviction was quashed en
npneal.
Sir Almerlc, who is seventy, was.
said by the pollen te have accosted sev
eral women in the park after dark. It
was noticed that when the charge was
brought ngalnst him some one else Im
mediately took ever his duties at the
privy council because his presence was
necessary at court.
The question is whether yesterday'ti
acquittal will seethe the Puritan minds
of the royal family sufficiently te bring
about his reinstatement.
PRELATE ASSAILS K. K. K.
Archbishop Says Stupid Population
Tolerates Klan
Baltimore, Nev. 13. Archlblshep
Curley In yesterday's sermon severely
condemned the "divorce evil," the
Public Scheel Bill adopted In Oregon
nt the last election, the Scottish
Rites Masens and the Ku Klux Klnn
for support he said they had given the
school measure.
The Archbishop said:
"America Is becoming Mermen. I
think I would have mere respect for
the Mermen who marries, keeps and
supports four wives at one time than
the man who marries women in tandem
fashion, discarding them one after
another.
"America, I think, has one of the
most stupid populations In the world
because it allows such organizations as
the Ku Klux Klan te exist.
"The Masonic body Is directly op
posed te Catholicism and has at last
thrown off the mask."
Twitty-twe Yuri
Aft
la 1900 Philadelphia
bends sold en a 2.90
basis. Today the City's
4 bends, due 1952,
can be bought at 101J4,
and interest, te .yield'
about 3.935. A Price
Chart and Circular will
be sent en request,
Harris, FeriistCi
Pine it, Car. WIHIam
NIW YORK
PHILADELPHIA OPFIOI
WMener BeJs
Telephone Spruce 7040
m
NBSBBSBBBBHUPjr ., H SPf! I II II TZ'rT. tWA
SSSSSSSSS1 I III I l ''-'" - - - '. -. .-r- ..... .MJ.
rr. ' j .' ' 'i. '. '.i '-. . i .jiw
ra-.vasrr-y.r: i .-; ,.-v.n,t.1w.-,.y -. ,. .--..,,,..,
, Iff rr ,
u iyf v '-i ''Vci
NewJ$tm
$1,000,000
efcijjW?
SPECIALISTS
We eaake atapaselaUa
anarket la all luuee of
' UNITED STATVS
GOVERNMENT
CURITIlt
COMMERCIAL
TRUST COMPANY
Missfcst Mtral Rater SyMtss
Clt Hall Square "
Lien Cellars & Shirts, Inc.
(Oldeet Brand ia Amnim)
First Mortgage Twenty-Year Six and One-half Per Cent
Sinking Fund Geld Bends
DateJ NaTanabew 1. I 22 Dm rleraaabsw 1, 1P4S
Nenmailable for Ten Years
Xtdeemble in whole or rn part ea or after Nevetdber 1, 1932, at 105 and accrued interest apea thirty dayt sartWelni
notice. Regiaterable aa te principal only. Interest payable without adduction for normal Federal
InceBM Tax, net in excess of two per cent Permeylvanla and Connecticut four
mills tax refunded en application by resident holders.
Authored $1,000,000 IemW $ 1,000,000
DoaesniMtrooa $1,000, $S00 aa4 $100
Principal and Semi-annual Interest (May 1 and November 1) payable at
National Bank of Cemhesce m Nkw Yesjc
or
The Mancfactuxexs National Bank or Tbet, Taesta
Mr, ftmtk R. Btme, PrtMtmi ef Uen CeOars 5 SUrU, tne Us nmwmiud tkt eti
at tvuew:
with raaeect f law Cmp$my,
icrsTFAYr&trsrcar-
Bend
NtlKMaer te
SAILER a STEVENSON
r
Mrmhfru Phlla. Wtaffc Ktfhanay.
MONEY
Private investor can obtain
large return by leaning; $26;
000.00 te manufacturing; con
cern. Ample assets te secure
principal. '
Business is a prosperous
one, Bhewing large possibili
ties, will pay reasonable
bonus for this lean en one
year's time. Meney required
for actual orders en hand.
A 721, LEDGER OFFICE
ii'ikiiiiiiiiiiiiiiMiiiiiillllaj,!
wnwiwinnsmnnnnnnfimnmfiwiiwf
100000
MAINand COMPANY 1
CertHed Public Accountants H
TlMAMce Ann riwiDuii AfitiBu
uuatjuuuuuuuuuuuui
NEW ISSUE
"Exemfit from all Federal, State and 7W Taxation,
excepjtng only Estate and Inheritance laxes
$1,125,000
The First Carolinas Joint Stock Land Bank
(North and Seeth Carolina)
5 Farm Lean Bends
ISSUED UNDER THE FEDERAL FAKM LOAN ACT
Dated "ay 1, 1922 Net radeemabk) befera Ma 1. 10512 .....-.. .
2JW-Wite Cipea and retiaterad bend. lntar.ha-.-Ki. -,.,'
aa iNfcasA j.a.-i . - r -----b)-w nBmaumuM AK
HUtmry: The United Shirt & Cellar Ce the immc
"" diate predecessor of Lien Cellars & Shirts,
Inc., was incorporated in 1892, being a consolidation
of several companies operating in and about Trey.
The business being advertised and nationally known .
under its trademark name, "Lien", rather than its
corporate name, the title of the present Com
pany was incorporated as "Lien Cellars it Shirts,
Inc." Its brands are the eldest in the trade in
America.
JEarningtt The Company since the original incer-
notation has had a successful record of
earnings, as shown by the average yearly net profits,
before interest and before inventory losses adjusted
for the years 1920-1921, but after depredation
charges, as follews:
Fer kat 30 years an average of $203,979.31
Fer laat 25 years an average of 224,124.11
Fer laat 20 years an average of 238,335.58
Fer last 15 years an average of 252,209.94
Fer laat 10 years an average of 298,325.44
Fer last 5 years an average of 416.39M5
Maximim mmml hUemt chtrgts en thit issue, f 65000
Manufactured goods new in hand or in process of
manufacture all of which are readily and profitably
marketable are carried at cost or market, whichever
is the lower. Based en orders new in hand and the
demand for future deliveries, the earnings available
for interest are estimated at about $300,000 for the
next twelve months, or equal te ever four times the
maximum requirements of this issue.
Security t The issue is secured by a first mortgage
"" en all fixed assets. As "shown by the bal
ance sheet of September 30th, 1922, after giving effect
te this financing, total assets equal $3,039,616.20, or
ever $3,000 for each $1,000 bend of this issue, and
net current assets $1,557214.28, or ever one and one
half times the total bended indebtedness.
Sinking Fund: Prevision has been made for the
T retirement of this issue through
purchases in the open market prier te November 1,
1932, and thereafter by purchase or call and publica
tion at 105 and accrued interest.
Mmnmgement: Manufacturing has been under the
m same direction for many years and
the managers are recognized as among the most effi
cient in the industry. The sales department is com
plete and well organized, being under the direction
of men nationally known in the trade by reason of
their long and successful records.
Products are distributed from eight centers, with the
executive sales offices in New Yerk City and branch
offices in Bosten, Baltimore, Cleveland, Chicago,
St. Leuis, New Orleans and Les Angeles. Fer mere
than thirty years "Lien" products have been accepted
as representing the best in quality and manufacture.
Purpete: The proceeds of this issue will be used
for the retirement of current bank indebt
edness and providing additional working capital suffi
cient for the requirements of a $5,000,000 gross busi
ness per year, whkh is the immediate schedule of
operations.
par and
(May
Heeds, 11,000 each, felly regiaterable. Canpea and reciatarad bends lntcrth.n.ki. ...
accrued interest en May 1? 1932 or any faSerast dataaaaCfLSplwiS ?!?!!:? "-frg"" a
1 and November 1) payable at ChSLicaT Naeaaal TtaakTrlewer
Joint Stack Land Bank. ChJ37 alllu VS,,??' Tb CareUnaj
, wmu vanMina-
nee betsda are declared te ha iinlimiiaalaliiiaa mi that Cnramma.1 e
the United Stataa, by an Act of CetlaTaaTVrUeh w2Sma3
te bothcentutioShr d UaaKnd.
Court of the United State, rendered February 28, 1921.
These bends are secured by deposit of first mort
gages en farm lands, or United States sbends or
certificates of indebtedness. Pledged mortgages
are protected by an equity of at least 100 of
additional land value. The Bends are further
protected by paid-in capital stock carrying double
liability and paid-in surplus.
The Bank operates under a charter granted by the
Federal Farm Lean Beard which approves all
leans before authorizing the issuance of bends
against them. '
The Territory served is one of the richest, eldest
and most thoroughly established agricultural
territories in the United States and is recognized
as one of the most desirable fields for joint stock
land bank operation.
HSJSFl Carelina8 J0i,nt Stock &d Bank ii
rSSSlJ an "Ty 8trenK management,
numbering among its Directers:
A. F. LEVER, Prudnt, who, aa Representative in
Congress from Seath CareUai, wm aiaaatbw a4 th.
Heuse Agricultural Ceaun f" iKS d 2
1 P5P MATTHEWS. VJc-mMit. President of
the Palmetto National Bank of CehuablaTtTc.
H' !v,Set?0tVTr'm',!fmr'JenaaT Senior Land
Bank Examiner of the entire Farm Lean gynj.
K W,n.MNCAN, Pntidtnt' "" Bank of Lumber
W BSSSfh. frc." National
K M:.ilUMPKlN' m""0 ""PWa, who for
thirty years have been engaged m tbabwaaSntiM
I Fam Lean mortgage mmUe
We recommend that bends for investment emd offer Me tame rjbjttt te the approval of att letm
metUn by our attorneys, and further subject te delhmy U m if, wken and atterned.
Price 97.50 and interest te net about 6.75 per cent.
A
P.W.CHAPMAN&COL
115 Broadway
NEWYORK
116 S. La Salle St.
CHICAGO
dnKf wff$fWStwH
thou stathtks, vhMe net guaranteed, keve been med by m m the Purchase of thorn
and have been approved for publication by Uen Cotters & Shku, In7 ,
til
Jurisdiction efthe Fedaral Gevarnmant and Acceptabia ma Smemritl
for Peatal Savtnge and car tain ethar Dapetita of Government Fund
Wa otter these bend when, no, and it ieeued and received by as
Price 10216 and accrued interest
PTe yield about 4.66 te 1932 and 5$, thereof tr
HAYDEN, STONE & CO.
REDMOND & CO. WATKINS & CO.
SttttaMafej mmae sWi. fat est tsersaNal tat Art Hut mm Ufumilia hUi
as as amnts sa4 missis art um vkWs w7aMt7l7 tksTSmlftasM
xnfe
n m
uUu
, AACH STHCET
DDD
MARKET STR
ULj
nn
in Hn
EET
MAIN OFFICE
FIRST NATIONAL HANK
3B Chestnut Street
SERVING
WHOLESALE OOCERSr. DRUGfcvnaDOCZ TsHDfiS
UNSUSAWCB. TRWSremnON.SHIPPTNO
BANKING
RROATs CTDDCr Arnm.
FIRST NATIONAL BANK
ma Mnsea Streets
.. SERVING
SSJP BUI-D!N0 SECTION
Atrr SHOPPING
"w voweiLB. KAILROAD
, .S, . ,-Liyeg.yrAitr ' e 1
EOTu
I ISI IKl li 1
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WMNUT STREET
nn
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I OWLWiWk n I I I
NATIONAL BANK
OF PHIL AnPTDUT a
BAYUK BROS.
lit i Ml Pli. ttNki
Beuaht Sold Quoted
Stene Presscr & Doty
GE0.A.HUHN&S0NS
810CK8 A BUNDS
UtiN Court TdS.' MIS Wa
Wahnl aa
NEWBUR6ER,
HENDERSON ft LOEB
MvnbtTB Ntw Yerk mud
WW Walnut St
Graad Rapids k lad. Ry.
2d Mtg. 4
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