r L'?JV Hf,',fVlV K ' S. EVENING PUBLIC LEDGEB- bHIEADELPHU. TtftfilDAY. NOVEMBER ' ii,- 922 26 ISYi VI K $ r' lV.. i GOSSIP OF THE STREET i. H si It wen tli consensus of opinion In the ere cetit crvntite circles yesterday tnnr unless tlie Bleck market It in for n tiMmnnent decline the wnctlennry inevement Is likely te run Its course in n short time. Temtuirurally, at least, n technical rally of substantial proportions should occur In their opin ion, based largely upon the recent severe declines from the high levels pt the year. Tlie average layman, in watching the day te day market move ment, fnIN te take into consideration the real extent of any mnjer move ment. Nevertheless, the general list hat had ii ssere tumble from the peau prices mode this ear. Fer Inetanep. from Its year s high Allied Chemical is off 17, American J.orenwtlw V, American Smelting If Italdwln lO'i. H.iHliiiere and Ohie 1VA, Uethlehem Steel H. Chandler I'd. Heck Island V., Crucible '-Ms, Pevlt Chemical U"1. Asphalt -'UN, Housten 'Jl'i. Marine preferred , JMs. Mexican IVtreleuin 10. Mldvnle 11. Railway Steel Spring U'-i. llendliia 7, Kepublle Steel M)K, Sinclair 0 4. Standard Oil of New . 4liJ. Btudebaker 171. Inien l'acltic ll'j.. Alcohol lO'-;, United States Steel U's and Vanadium 10 Keflned Copper Stocks Stocks of reriii"d copper in the hands of American producers November 1 were uppieUnntel i;...lM K.HMt peui'ds. Tills N les than 'ix weeks Mippl. Stneks nf bll-ter nipper alwive -j the UMial prewiitlun of thiee mniitli copper te transit and in piecc" is net g ever "."i.tlOO, HMO 1 emuls, making stocks tj Of copper, b'ister and rellned upprexi- 1 sfl nwtelv 3(10,000.000 pounds. g This eenipaics with stocks of bliter and retlned May 1. lO-'l. of about 1. ".00,000,000, or approximately th! time when most American copper mines were shut down. Output from North and Seuth Amer ican mines, including Seuth African production, coming te this market for refining and scale is about 140.000.000 pounds a month. Smelter output which Includes scrap brass charges te blast furnaces aletu with the ere is approxi mately 153.000.000 pounds, Hennery output Is about I.V.. 000.000 pounds a month or slishtly mere. World consumption of ceprer exclu exclu Ive of direct brass melting is obeut 10,010, OOO pound of copper n month. Of this 40.000,000 pounds approM appreM matelv is supplied by mines, oilier than the-e in North and Seuth Amcrici. United States domestic con.umiUeii and foreign bujitig in American market comes te about 170.000.000 .eunds a month, of which about GO.neO.OOO inner xpert silts. CrMs in Cotten I.nmbern & Ce.. of New Voik. ill cusvins the current cotton market. state: . .. "Tlie similarity of present condi tions in the cotton Industry with these of the memorable hull -on-en of 1P0.1 04 te which we pointed 111 our last reicv of October t' has been strik ingly maintained during th month since elapsed. Frem -O'j cent' for Detrmbei en October-. u Ices ndxancid nlinest continuously te SiHJ.M) en No vember 0. or mer S."l :i Kile. Th' only reaction of censenueiice occurred near the IM'.'-ieiit mark, when the trade Ilrrt lelt tlie presence of a new factor in tlie uuten wet M the lartn crs' Ce-operative M.nketing Asoiia Aseiia Asoiia tletis, which ha. wyrking organiza tions new in eight Male. Sleeping quietlj until that limit was :ippre.icle,l, these associations Mlrfili'lilv showed lite i etTenng for sale considerable blocks of the cotton held In peel for fanners. I'qunlly suddenl. man bulls with fat pretits" proceeded te sell out, rta-en-ini: that when f.irmer leaders were content with the price the top of the season bad been reached, and the bull mewiuent would oeniu te an end. The advance halted for a couple of daw. hut in spite of unloading of a at quantity or" speculative lungs, prues Jnst 0lll OH points of the gain of four ents a pound. After this brief pause the lipWiilil mevi'tuent wn lesiuneil and preeeedtd, almost without leactlen, SI" a bale furtb 'i' te 'M mi fc,r De ceiuber. "Tlie new- factor the Fanners' MarKeling .Wei'iuti nib deserve, or rather demand. H'lleu's consideration. All previous efterts in co-operation by Krewets failed, prebablv because farm ers and net business men were the managers. In tlie present instance, cotton growers have taken a leaf from the highly Micctsbful hlsterv of the California fruit growers, and their sell 111C organisatien is in tlie hands of men thoroughly familiar with the mill and cpert tiade and with nuinpc. tiens in all American and Kuupejn tensumins i..atij't. Ne Jersey Central Melen Just New W. I. lic-lt r. president i,i' tl,i ( 'e,. tral Itai'iead of New- .rr-c,v and oth eth ers associated with tlie cumpati) s'i there hai been 110 inupe-iil for dis tribution of profits ft 0111 sale of ceul properties and refuse te discuss pesilblu tlisiiistluii of the Sia.SUO.OOO iiretit, which, added te ether surplus, has in creased book value, of stock consider ably. Itoek xulue at tha close of 11)21 bs ,?3U4. Opinion has been advanced that n large e.Uru dividend te btockhelders had been considered before the coal strike, but In view of n net operating deficit this jenr and uncertainty as te hew future earnings will show up without large ether iweme from coal prepetiie., the matter was put nt-ide fur r etisidi 1 nllenlater, possibly .ailv In H'J:. At the November ni'etin the question u,i. net distussLd. Renilngteii Titeu liter Fight Kuded Independent btockhelders' committee has endowed It. L. Wiuehell as piei dent of Kemlngien Typewriter Company and asks shareholders te send proxies te committee composed of 11. 11. Bene dict, V. V. Fitsipntrlek, M. l. Meseley, tleerse K. Warren and It. I.. Win. chell for the coining election of direc tors November IN at Illen. N. Y. i.ener nskiti)- for such proxies says: "Mince the independent committee wns organized, Important changes have been effeited in the directorate and executive management of the company. In par ticular, Iteujamiti I. Wlnchell has re cently become president of the company. 1 lie committee, having confidence in the character, ability und policies e Mr. Wlnchell, new believe that the best Interests of the stockholders will be served by uniting in the support of Mr. Inchcll ns president. "We understand it te be the Intention of that committee te use proxies given it te eiect n oearti or tiirecters wbleli will be representative of nil the stock I nnu wnicn can ue depended upon te insure a uniteii nni ettectlve tnlned. Many of these who had taken part in the selling agreed in the state ment there hud hern en abandonment of bullish activities en the part of many peels and speculative comblnatiena who had much te de with market operations since the beginning of September. It was current report many of these peels decided en Friday te close out their holdings and sonic of them untitled pcet members) te take up their partici partici pateons or order their stock sold through sjndlcate managers. Statements were also made dissatis faction had been created among these concerned In these bulli-ili activities ever the failure te induce outside buy ing after the substantial advances had been established nml it was current gossip en the street that the expenses of many of these peels had reached up into such large amounts us te entail severe losses te the various combina tions. TI1K TRAUint. n linircil find lrnctlln mnnnw: iTinnr. nnnrinr, ntr aim irinnh.i " .... ... wrj ..,i. nuitiiiii, , .ttnnn .,... "Peel Liquidation Heavy I Ne knltht of old ever tncti 10 mtiiT Tim irn, .. s.i.t .!! .11..... ' !ner for his lady fnlr. no modern Killain lucre was 11 great ileal of discus- .would ever 1 an tntft this tevr. Ien In the mnrket district after the whoie xcititut Mprirnceii are folio wm by clexe ever the benrr oellloir nt fhn In., thousands of emui.d frlendi, In the All-Hlsr lese ever me nenvy selling or tne lest Cemle y.ctmn et ths Bundny pl-slie lsoess. three davs nnd the severe losses mis- "Make It a Unhlt." Adv. UNION LEAGUE NOMINEES Candidates Listed for Voting In Eleetten en December 2 Candidates for offices of the Union League were nominated nt u meeting of the T.engun last night. The candi dates, who will be etrd upon tit the annual election, December 1!, tire: 1'resldent, R. T. Stetesbtiry : vice presidents, William R. l,nuin, Charles 11. Miller, I j. Pnsev Passmure, Oinirge A. Wnlker and Charles J, Webb; til til lerters, Melville O, linker, llnield II. Ileitler, Jeseph V. Cooper. Kdgnr O. Cre-s. Lewis It. Dick. William O. Downing. Jehn W. 1 lamer, Rnyard Henry, Florence J. Heppe, S. Penrtc Hollen, J. Warner Hutchins. Jennthnti Jenks, Herace C. Jenes, Kdvvln F. Keen, James 15. Mitchell, Charles A. Perter, Jr., William (. Price, Jr.. Jos Jes eph M. Reeves. M. 1).. Jehn T. Riley. Charles 15. Roberts, Hnrry H. Sharp, William 11. Smedley, Jeseph M. Steele. Edward A. Stockton. Hnrry T. Html dart, Cherlemngne Tower, Charles J. Webb, Edwin It. Winner. m ipi ii i)'iKniii!ii.iBia:in!ini ii ini u mi nmininminwiiJsTBKa n mi t ii'iiiimiiiini'imni: iiiaii!in,riiiiia!!iW'iB Pennsylvania and Maryland State Taxes Refunded, Exempt by Law of the Nermal Federal Income Taxes 6000 Shares Eastern Shere Gas and Electric Company EIGHT PER CENT CUMULATIVE PREFERRED STOCK Shares $25 par value. Dividends payable quarterly en the first days of March, June, September and December Application has been made te list this Preferred Stock en the Philadelphia Stock Exchange i 1 I I 1 i i l 3 i i Fer detailed information reference is made te a letter addressed te us by Day & Zimmer man, Inc., Philadelphia, the managers of the properties, from which we summarize as follews: Eastern Shere Gas nnd Electric Company ws incorporated in 191") us a consolidation of. n number of public utility properties theretofore independently operated. Its services new include the generation and distribution of electricity for lighting and industrial purposes in twenty-three com munities nnd their districts in the States of Maryland and Delaware, with the manufacture and sale of gas for illuminating and heating in Cambridge, Md. The Company's business includes electric wiring and the sale of lighting fixtures, household labor-saving devices, etc, CAPITALIZATION Eastern Shere Gas and Electric Company is capitalized as follews: Outstanding en Autherised July 21, 19ZS Capital Stock, 8c Cumulative Preferred $750,000 $320,375 Common Stock 400,000 ' 073,600 First Mortgage and Collateral Trust 6 Bends, due 1951 1,'J50,000 421,000 Consolidated Mortgage Sinking l'und 7r Bends, due 1955 6,000,000 1,018,000 In addition evor 4700 shares of Preferred Stock have been subscribed te by customers and em em peoyes en a partial payment plan, for which stepk certificates will net be issued until, fully paid. The Balance Sheet indicates a book value of $54.70 for each share of Preferred Stock of $25 par value. EARNINGS During the six years for which actual results are at hand covering the period during which the Company's business was reaching its present development, the sum available for the payment of Preferred Stock dividends has averaged $35,856 per year, or in excess of the amount payable en all Preferred Stock at present issued. During 1921 (without the uie of the proceeds of the stock which lias just been sold), the Com pany earned neaily two and one-half times the sum required for dividends en the total Preferred Stock new fully paid and outstanding. During the ieven months ended July 31, 1922. Income, nwiilaWe for the pavment of dividends en the Preferred Stock and ether charges te Surnlus, amounted te $32,090, of which the Preferred Stock dividends required $S,325. When compared with the same seven months of 1921, Gress In come show an increase of 11 per cent. Net Income increned 20.7 per cent, and the Surplus avail able for dividends increased 34.5 per cent. MANAGEMENT Eastern Shere Gas and Electric Company has been under management of Day & Zimmcrmann, Inc., Engineers, tince its incorporation in 1915. LEGALITY All orecr'v'inr-! leading te '.he present issue of Eight Per Cent. Preferred Stock have been re viewed in our behalf by Themas Raebum White, Esq., and in behalf of the Company by Jnmes Cellins Jenes, Esq. PRICE: $25 per share and accrued dividend We recommend this investment ft B i i d 1-3 ft NEW ISSUE $3,500,000 Louisville Gas and Electric Company (KENTUCKY) 6 Sinking Fund Geld Debenture Bends Series "A," due October 1, 1937 Price 96V2 and interest, yielding about 6.35 The Company will agree te pay interest without deduction for Nermal Federal Income Tax '" up te 2 Te. The Pennsylvania four-mill tax will be refunded en application te the Company. The following Information is summarized from the Utter of BvUcsby Engineering and Management Corporation, managers of tile preperty: CeTHpCtHU! Louisville Gas and Electric Cem-' serves, without competition, elec tric light and power and natural and manufac tured gas te Louisville and adjacent communities, having a total population estimated at ever 300,000. The company and its predecessors have been established for 84 years. SeCllYitUS These Debenture Bends, in the opinion of counsel, will be a direct obligation of the Company and secured by a lien upon the mortgage obligations and stocks, except ing directors' qualifying shares, of its affiliated companies, subject te the lien of the Company's new First and Refunding Mortgage. The trust agreement will provide that no additional mort gage, except purchase-money mortgages, shall be placed en the property of the company, unless these bends and the ether obligations secured by such mortgage shall, equally and ratably, be secured thereby and participate in the lien en the mortgage obligations and stocks of the affiliated companies. Additional debenture bends may be issued only under the restrictions provided in the trust agreement Eaminas: Net earnings for the 12 months nuinuiya, September 3Q ,922 ag applied te the new financing, were, after deduc tion of prier annual interest charges, ever seven times annual interest charges en this issue of Debenture Bends and were mere than twice annual interest charges en the total funded' debt of the Company, including this issue of Bends. These Bends are offered when, as and if issued and received by us. Circular describing the Bends in detail will be sent en request. H. M. Byllesby and Company Chicago New Yerk Bosten Federal Securities Corporation Wakefield and Company Louisville The above information has been obtained from reliable eurcrs, and, although net guaranteed, Is believed te be accurate. ft a ft ft ft K! 439 PENN STREET READING, PA. 530 SPRUCE STREET SCRANTON, PA. HARPER & TURNER INVESTMENT BANKERS 1000-1012 STOCK EXCHANGE BUILDING PHILADELPHIA MEMBERS PHILADELPHIA STOCK EXCHANGE The information i-nntAlnel !-. t' ii irtrfrtlfrnnt h ben ebtalnH from ffflclsl fr ethr soirees rensMernl by us te be rellible. All of the above stock having been sold, this advertisement appears as a matter of record only. i'j Kii ;: i stcu.flsiri H i. ' " : ,: mx : .' iuii m t c .. v it p " m u Kn ' 'imianaiiiMirii:;';' i After-Dinner T rides 5 r-iu l. FIG 2 TWO CORKS &LUE0 TO LID I i ; r-r s 1 1 1 I il '"' '""' I! X. I li I J VI TWO LOOSE COHKS CR0SS-3ECTICH view. 318 Ne. a 18 Mull Iplj ins Cerk A himill l. Ill box is f-hewn. contain lug two corks. Tlie cerKs un runew'il nml then icplared In tln be.. Tl.c box It, lml.cn ami nciilu niienril. The Turks lia v f tleulmtl in mimbir; thrc llin iiiiw four illhlilc the lm. ' Tllt CHUT (if tilt beV l.s jljr-t ' ' r I '.l' ' bottom, a iH'Ctili.irlty of neiirlj .. pi1! boxes. Twe i eris nrt' Blunl le the in in hlile of tlie tout of tlm box (FIr. 1) , which is relumed without disolebiiiK tin inside. Twe loene corks are dropped in the box. In btmklu;; the box It Is I turned ever uml the bottom Is re j moved Instead of the top. Ne one will notice the change, as the top ami the bottom are exactly alike. Four corks will tneu be eeen when the bottom U resMve CeMfHfkMPW, hi Futile Uigcr Company (STEELE IDEAl Attainment Capital and Laber are working together in Philadel phia and are successfully carrying en a construction program which involves an expenditure of almost $100,000,000. The approaching winter has no terrors for either the skilled mechanic or the business executive as a result of this splendid co-operation, and we are indeed grateful that we were enabled te lend a helping hand in bringing about this happy condition. UMcchU ESTABLISHED 1864 ARCHITECTS ENGINEERS CONSTRUCTORS PHILADELPHIA AND TORONTO New Yerk Curb Exchange Securities The furnishing of timely, accurate and worth while information is one of the most important services that a brokerage house can render te its customers. Our information files are most complete en the active issues traded en the New Yerk Curb Ex change. We have ready for distribution up-te-the-minute reports en the following active issues: Angle American Oil Philip Merris & Ce. D Gulf Oil of Pa. D S.O.ef Indiana D Imperial Oil, Ltd. D S. O. of Kentucky D Mercet Meters D Tobacco Products Ex, Check the reports yen wlah and ceplw will be tent veu without charce. or aik for late report en the stock In which you are Interested Jenes &. Baker Members Neu Yerk Curb Exchange Direct Private Wire Ktwrerk CUce 801100 Pblltdcleklt Pltukirfk Ottreit Btltioierc Clmftei Philadelphia Offls Widtner Building Ttltphmtit BQ Lecun 4730 Ktyrtene - Ru 5S61 Baltimore Office Bmenen Heed TsVtfcmiHiaWl Keep Every Available Locomotive in Active Service With every available locemotivo In service, nnd with all in dications pointing te a long period of industrial activity, rail ways and industrial companies using motive power find it the most valuable kind of insurance te carry complete .stocks of duplicate and repair parts te meet any emergency. r10 making of these parts is a most important feature of our business, THE BALDWIN LOCOMOTIVE WORKS Philadelphia INVESTORS who wish te sell SECURITIES will always nnd us ready te help them with their problems. Cadbury, Ellis & Haines Franklin Bank Bldg. tMimhn ftMitfU Slwk Eukin, HK the East St. Leuis & Suburban Ce. Stockholders who have net received notice of the efier recently mads te purchase the stocks f tela company should Immediately coramen. cats with us. E.W. Clark &C Gulf Oil Corporation of Pennsylvania 15-Year 5 Debenture Geld Bends Condensed consolidated balance sheet of parent and subsidiary companies as of June 30, 1922, shewed: Plant and Equipment $195,700,000.00 Current Assets 90,500,000.00 (of which mere than $18,700, 000 is represented by cash and U. S. obligations) Current and Other Liabilities 17,500,000.00 (Ne bank leans) This Issue 35,000,000.00 Equity represented by trie $108,546,100 par value of capital stock, measured by market quotation, exceeds $200,000,000. Descriptive circular en request Price en application Guaranty Company of New Yerk 421 Chestnut Street Philadelphia Main Office: Guaranty Trust Company Building 140 Broadway, New Yerk We flit net nut (hey ii ' siinrmitw the tuttrmmta im.l fliri-n rentnlneil licrfln. n- tfllxu fr...,i fceireis ul.uii wu Inline Tte t' rciiabl". I JB i If ll' I ff-JgflftK 71 I Illinois Csntrsl Traction Ce... ,5'i 1033 Atlantic City Electric Ce 5'i 1938 Anwictn Gsi Company 7' 1928 Ptnn Seaboard Steel Company. ,7' 1923 Amarican Read Msckinerr Qt.. ,6'a 1938 Terrs Hants Traction ft Lt S'a 1944 Union Tracties of Indiana Es..,6'i 1932 Aaaaricaa Pips Sscsrlllsi Pfd. Stock SAMUEL K. PHILLIPS & CO. KtmVtrs rblladalphU Stock Exehans 607 CHESTNUT STREET "yiimniM. MONEY Private investor enn obtain larpe return by lennitig $25f 000,00 te manufacturing con cern. Ample assets te secure principal. Buslness is a prosperous ene, ahewing large possibili ties. Will nay reasonable bonus for this lean en ene year's time. Meney required for actual erders en hand. A 721, LEDGER OFFICE niiiiiiiiiiimiiiii,irnfnT; BOND SALESMEN A large, well-established Philadelphia Investment Heuse has openings for talesmen of proven merits with an established clien tele. Fer the right men the basis of compensation will be liberal A 722. Ledeer Office. C. S. PXTTONC07 BXR-KrW' Hucremiura KM Mr UVV'hi.jn Htlll Klefkl llOllxflt nnd A JtejJiKjfhiin... i MeinirjLX'jijJi Mii rcaravck S II I h . . r&jbA - . - ibi i - . I m m- h -" . u, Cevnfsrfr. v rusne Mater pemyawy : m Biiy mim i..,,.,MMM,;iiM j rjsMssisssssiiawwsMisMssawe ; 'iiaiiitiaiiiirriTiiiiaiMarrrrrTTg ' l-gt-RL""-t-Jl' w"w'1' "ni. II iif ' .- -vL&A t Ji k assssslsssssW f mWWtaJat iitxf- Ssawl 5, , 1 Mm- v . si I dsVssssssssssssWI J I Wt Own and Off It A foreign government bend I by lbs pledge of revenuei store I""! 13 line. Ik. !..... rWarnl. WSK .... a ...... -?,. D0 sain ie yi ; en a Oailt IB ! .1.1 srinc eal and intereii p"- n U. S. geld we offer Betk coin. F. P. Riitine & Ce. Widentr laildisi, PsilsdslssU I Yerk Zllzatwtli'.fil ifrmUra Sv Yerk utfci PMMI Stick Ktehauf' i: I .gti.'tutte'S;.. k
Significant historical Pennsylvania newspapers