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EVENING PUBLIC LEDGEB- bHIEADELPHU. TtftfilDAY. NOVEMBER ' ii,- 922
26
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GOSSIP OF
THE STREET
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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
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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
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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.
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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
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FIG 2
TWO CORKS
&LUE0 TO LID
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1 1
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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".
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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'
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