BaBBaeaaaBaBaBaBaaaaaflaajBBaanB i f ... .... . . . . ,... V . I - -. . - -- continue tareum; , ,, . , , , GOSSIP OF THE STREET i ... nf the Street, after the ....i- ,.ri1nr. failed te dMclOM (gafldencc ever the speculative outlook i. ,nr great extent, 11 wns generally . "-.j tin. recent lluulrintlng movement iJbeen thorough and security valuei kid dcprcclfltea te wicn n ueireu w e a .ubstnntlal difference In brok brek eri' lenn requirement. The bent tlint was (aid was geed .mIm were a purchase around prwent urll. but.lt was at the Mtae time ad nitted tin readjustment must proceed iiiuit. deal further and a lower level it nrlccs i-nlnbllshed before the market Mnlil be regarded in a position for a frtuniptien of the upward movement. Yt win pointed out rietlilnjt had oc ec rrcl affecting; Inslde market cendl Sim. or business in general, te in in leence any pronounced change In emitntlvc sentiment. Others claimed the steadier tone of the Inst two ders naturally induced Sorts te retire for the time being, but this could only be temporary an this dtmtnt of the traders watt only await, fni a favorable opportunity of putting tat fresh lines. Leral Meney Market Tighter Bank officials testified yesterday te distinct lightening of the local money mirkct. Most of the larger Institutions art net only leaned up, but. for first tin In ninny months, are rediscount let freelv in the Federal Reserve Bank. Tfcls was necessary te meet the lncren. la demand for credit from commercial ud Industrial quarters, despite th ailing in of a considerable nmeunt of call money placed in ,the New Tork market. A 5 per cent rate for virtually nil disscs of leans le being firmly sustained aid It would net be surprising If the Itgtl rate of interest would again be niched before the close of the current Calendar year. Volume of Business Larger .Commenting en the business situation, the (ilrard National Bank in the Monthly Economic Review says: "Interest and discount rates have advanced te 5 per cent and a little tore en the Increased demands, for aeney. 'but business makes no objection te such charge for credit, and, as new Being conducted, is generally yielding profits which render it both easy and profitable te borrow nt the higher cost.' This constitute new a distinct and de ddedly healthy condition in the eco nomic situation of the country. When industry and trade need money in their operations nnd nre willing te nay rca rca tentble rates for its use, the host nnd strongest kind of evidence Is afforded thit they nrc yielding satisfactory re "Almest all business in the country it expanding with steadily rising prices ind Increasing current profits. Bank tleirlngs ninke one record nf the cnlarg IK? ctylti3s of the American people. The dalftr average for November se far equaiea very neatly that for the prevl eus month, with stock market opera tiens considerably reduced In volume, and it was 08 per cent greater than for last August and net before eaualed since December, 1020. in part, the steady Increase in bank clearings re flects the higher commodity prices, but in the main it testifies te the actually larger volume of business being done in me untied mates." An Unexpected Break Acute uniettlement which developed in the late trading-yesterday caused an abrupt change from confident strength te i feverish weakness. The manner in wnicn many stocks crumbled away pro duced a geed deal of nervousness and firempted many conjectures as te the ncentlve for the disturbance, which came as a surprise te nearly every one un inp pireei. Gulf Htntes Bteel was the chief fea ture of this sudden break within n short period, falling from 78 te 00, but it was only one of a long list declining in the same way. The sinking spell had been preceded by bullish demonstration of mere vigor than noted at any pre ceding time In morn thnn three wiH-i. Stocks during the morning were la urgent demand from niuu.. ...mm'., mm gains were made in the first hour rang ing from 1 te 8 points. The manner In which stocks were bought en these ad vances created bullish sentiment in tnanv nunrters unit thfr wim it ffnnnrnl and breud buying movement In nearly erei-Tining en tne list. The favernble developments in Eu rope, Including satisfaction ever the bngush elections mid the modified atti tude of Turkish lenders, together with pronounced strength in French and Italian exchanges, exerted a direct In fluence in inducing bullish activities. The easing off in money conditions, In dicated by a decline in the call money rate from 5 te 4 per cent, was also n factor en the bullish side. These developments were entirely ignored when the heavy spiling started in the last hour. The downward move ment caused a geed deal of confusion, because It had been generally assumed the situation had been essentially strengthened by the reduction of brok ers' leans resulting from the liquida tion of the last three weeks. Tim TRADER. TELLS RAIL STRIKE LESSONS New Yerk, Nev. 17. "The Lessens of the Railroad Strike" was the subject of the address delivered today by Ellsha Lee, vice president of the Penn sylvania Railroad, before the tenth semi-annual meeting or the advisory committee of the Nntlennl Industrial Council In the Hetel Aster. Mr. Lee, In dirctissing the origin of the strike, asserted that Hirer mnn ww needed te keep equipment In repair te every two required te run trains, and asserted that virtually all the railroads nan larger lerces at work than before the trouble occurred. DRYG0ODS MARKET HAS BULLISH T REND Raw Cotten It Center of lnttr est at Finithtd Qoedt Ad vance Slightly Chicago, Ner. 17. Tne advance In raw cotton is the center of drygoedi interest, with talk of thirty cents or higher, but wholesale finished cotton goods advanced slightly this week. The entire production market Is decidedly bullish, with apparent Justification in Drygoeda Reporter's opinion, consider ing the supply end. The prospect of a marked shortage hlngea upon the consumption. , Stocks in all hands are net large, and consumption for ether than dry goods trade is increasing. Liberal bull ncss continues, although primary chan nels are less active. The question it. What level will curtail buying? New ndvances, while only one-eighth te about one cent, ere very general en staple lines. Huyers are resistant, sellers cau tious and competition is keen. In creased Interest is manifested In holi day lines, but mild weather restricts) sales of seasonable merchandise en re order. ' Business In many lines for delivery into next year is considerably mera thnn a year age, but many staple cot ten goods lines are net booked for de livery later than the end of the year. Stocks of finished goods while very representative nnd without pronounced shortages are net large. Jehn V. Farwcll Company's sales are above last year, with collection! markedly better. There is large de mand for cotton blankets for quick shipment. Mills have advanced out ings and shakers two te three cents. Higher prices en percales are indicated. Swiss cables show organdies up. An An other advance In table oilcloth will take effect immediately at leading mills. Many reorders come in for holiday handkerchiefs. Pestmnstcr General Werk here today says the biggest thing he has seen is the growth of the local posteffice. The city's postal needs double every ten years, due te its growth as a center of distribution. American Contractor reports 65,170 building permits issued last month In 204 cities, with valuation of $214, 078,138, or 21 per cent mere than a year age, and the high record for the month. The previous October was 87 per cent ahead and gave the first in dications of this year's great activity, which premises te wlntHfli anil attrttiv. Lumber says fine weather has led i te breaking of ground for new struc tures the last week, and city merchnnta who have kept their stocks low ex pecting a slump and preparing for in-1 vsnterlss are In market for yarn Stocks, Insisting en quick delivery. Hardwood demand has also picked up, with wide range of advances en lower grades and also oak uppers. There is geed, steady Inquiry from all consum ing industries, especially for furniture I and flooring. Foreign demand con-1 tlnues at a geed level, but as a rule Manufacturer turn down expert in- , quiry. The car situation has slightly improved. Delegates te the Association of Weed Using Industries Conference fear scarc ity of skilled labor will prevent them from keeping pace with demand. Teung mm won't fellow , their fathers in the trades. Importation of skilled craftsmen from Northern Eu rope la favored. American Contractor predicts no less scarcity of skilled labor nest spring and no reduction In common-labor wages. Demand for mate rials will also equal supply. , Jehn Lewis says of the Joint coal wage cenference: "We're getting down te brass tacks and something should come of it." The labor market in Illinois from the laborer's standpoint is better than at any time in mere than two years, according te the Illinois Department of Laber. Actual labor shortage is re ported In this and ether cities. GENERAL MOTORS PAYS 50 CENTS ON COMMON New Yerk, Nev. 17. Dividends en Oeneral Meters were resumed today, the directors declnrlng n disbursement of fifty cents a share en the common stock. It was announced thnt this payment is net te be regarded as a quarterly dividend. Net earnings for 1022, after deduct ing depreciation charges nnd Federal taxes will approximate $."5,000,000. After providing for dividends en deben ture and common stocks, a statement said, the company will have a surplus of 950.000,000 at the end of the year. "Since January 1 bank indebted ness has been entirely discharged, lia bilities have been reduced by upward of 445,000,000 nnd the company new has no Indebtedness ether than for payrolls, supplies, etc." Ne acttlen wan taken en preferred or debenture dividends at today's meeting. Charles S. Mett, executive vice pres ident, nnd Fred J. Fisher have been elected te the Executive Committee. Jehn D. Mooney, president of the Gen eral Meters Expert Company, and Jehn L. Crapp, general manager of the Ac cessory Division of General Meters, were elected vice presidents of the cer poratien. $7,143,000 Commonwealth Edisen Company First Mortgage Five Per Cent Geld Bends Dated September 1. 1908 Dee June 1, 1943 aftBrMS!" r&ff&i f?d8nep.W" US 2!P." ! .Yerk. Coupon bend, in denomination Previous issua. of cempas bedV .Ve" listed "X SSS&SmSSUi be made te Hat this issue. THE NORTHERN TRUST COMPANY, CHICAGO, Truatee Interest payable without deduction of the Nermal Federal Income Tax up te 2 The issuance of these bends haa been authorized by the Illinois Commerce Commiuien A letter from Mr. Samuel Instill, president Commonwealth Edisen Company serves with electricity for light and power the entire city of Chicago, with a population of ever 2,800,000, practically without com petition. Its customers number at the present time ever 585,000. During the year 1921, 62,200 new customers were added te the company's system, an in crease of approximately 13.1 per cent ever the previous year. The company's generating plants, having a total capacity of about 990,000 electrical horsepower, are believed te be net only the largest, but also the most modern and efficient in the world. These bends, in opinion of counsel, are se cured by a first mortgage en the entire property of the company and together with ether bends issued under the same mortgage and ranking equally therewith are outstanding te an amount of $59,774, 000. They precede $60,000,000 par value capital stock, application te increase which te $72,000,000 has been made te the Illi nois Commerce Commission. The pro ceeds of the present issue will be used te retire $5,000,000 7 collateral geld notes called for payment December 1, 1922, and of the company, is summarized as follews: for ether capital requirements. Addi tional bends may be issued for only 75 of, the cost of permanent improvements and new property. The value of the property, excluding any allowance for franchise or goodwill, is in excess of the total capitalization as repre sented by both stock and bends. Net earnings for the year ended December 31, 1921, were $8,200,826.94. The annual interest charge en all firstertgage bends outstanding (including '$N issue) is $3,048,700. J? Commonwealth Edisen Company and its principal predecessor, Chicago Edisen Company, have paid dividends since 1889 without interruption. In addition te liberal expenditures for maintenance, large amounts have been appropriated each year out of earnings for depreciation. Fer the year ended Decem ber 31, 1921, the amount set aside for amortization and depreciation reserves was $2,900,758.00, which reserves, in the balance sheet of December 31, 1921, are shown te amount te $18,192,636.77, WE RECOMMEND THESE BONDS FOR INVESTMENT Price 99 and Interest, Yielding About 5.07 All statements herein are official or are based en information which we regard as reliable, and, while we de net guarantee them, we, ourselves have relied upon them in the purchase of this security. HALSEY, STUART & CO. INCORPORATED Land Title Bldg., Philadelphia Phene Locust 7410 New Yerk Chicago Philadelphia Bosten Detroit Milwaukee - St Utils Minneapolis All of thit Stock hewing 6een told, this mdvtrtiasmtnt mpptmra ms m mmtter of rteerd only. $4,000,000 Phoenix Hosiery Company New known M Phoenix Knitting Works (A Wiseeasia Corporation) Seven Per Cent. Cumulative Preferred Stock Preferred as te Assets and Dividends Redeemable in whole or in part at $115 per share and accrued Dividends On or before JasMavy 1, 1024, and annually thereafter, from out of surplus said net cstrnings at least 3 of the largest amount in par value of the preferred stock that shall hare been at any en tfcne eHrtstamdlnf, shall be acquired by the Company by redemption or by purchase at net te exceed $115 per share and accrued dividends. Application will be made te list both the Preferred and Common Stock en the New Yerk Stock Exchange T b prtMiitly utharlMt CAPITALIZATION SEVEN PER CENT CUMULATIVE PREFERRED STOCK (43,000 Shares, Par Value $100 each) $4,500,000 Dividends payable quarterly, cumulative from Dec. 1, 1922. SEVEN PER CENT CUMULATIVE SECOND PRE FERRED STOCK (5,000 Shares, Par Value $100 each) ... $ 500,000 COMMON STOCK (175,000 Shares, Par Value $5 each) 175,000 shares NOTE The $500,000 of Preferred Stock net te be presently issued is reserved exclusively for conversion of the Second Preferred Stock under the Charter Previsions concerning same. Te b prcstntljr iMUtd $4,000,000 $ 500,000 175,000 shares Information in regard te this issue and the business of the Company is given in a letter from Mr. Herman Gardner, President of the Company, from which we summarize in part as follews: Business and The Business was founded in 1890 with a capital of $75,000 as the Phoenix Knitting Management! Works, which manufactured a general line of knitted goods, gloves, mittens, etc. With the exception of the original amount paid in, all of the present net worth has been accu mulated out of earnings. It has grown from a small plant employing about 300 people in 1910 te the position where it new employs 4,000 operatives in the manufacture of a complete line of men's, women's and chil dren's silk, mercerized and woolen hosiery, etc. The Company is generally regarded as the largest single producer of trade-marked silk hose in the United States. Tne Business will continue under the management of Herman Gardner, President, and Jehn E. Fitzgibbon, Vice-President and General Manager, who have acted in these respective capacities since 1908. A member of Lehman Brethers and of Geldman, Sachs & Ce. will be invited te serve en the Beard of Directors. 5aeg and Frefitst The Net Sales for the four years and nine months ended September 30, 1922, and the Net Profits before deducting Income and Profits Taxes paid, but after giving effect te taxes at 1922 rates and also adding Interest 6 en $1,500,000 new capital te be paid in as a result ei this financing, as certified by Messrs. Marwick, Mitchell & Company, Public Accountants, have been as fellows : Net Praflls b(r dtductlnjr Idcmi Fronts Tsjim paid, but after giving affact te Uwi t 1922 Rats and Adding In - - rast at an gl.aoe.OOO "aar sadatf Nat aalaa nsw capital te ba paid In. ;- December 31st, 1918 $8,552,892.54 $771,390.32 I December 31st, 1919 1 1,153,572.06 1,567,297.72 ;f December 31st, 1920 16,290,857.52 153,529.23 December 31st, 1921 16,300,220.35 1,407,972.65 Nine months ended September 30, 1922 13,351,588.63 1,500,555.33 The average Net Profits for the four years and nine months ended September 30, 1922, computed en the above basis would have been $1,136,999.00, or ever four times the annual dividend requirements en the $4,000,000 of Preferred Steck.presently te be issued. All l60el matters te connection with this Utve will be subjected te the approval of Messrs. 5wlMv 4 Cremusll and vm- ...... heimer, Vntermucr f Jfern, representing the Bankers, and Messrs. Rise Paskue New Tort and 'Miisrs.Betium aSdnaii Lecher eml McSamera, of MUuaulces. Wis., representing the Company, and this offering 'is in aXlespeets subjeSi te aiToA'appfevo": Price $100 per share and accrued dividend This offering is made, if, when and as issued and accepted by us, and subject te approval of counsel. It Is expected that delivery of the stock will be made en or about December 14th, 1922, en two days' orevieus netic- -. th eff.ee of LEHMAN BROTHERS, 16 William Street, New Yerk, N. Y., in the form of temporary stock ceruWe? Je interim receipts) exchangeable for definitive stock certificates when prepared. We reserve the right te reject any or all subscriptions, te allot less than the amount applied for, and te close the suh.crln tien books at any time without notice. uij LEHMAN BROTHERS November, 1922 Tha above ttataaeati ire net gutrtntccU tut in bid ea Information wJcb wa baUavs te be accural. GOLDMAN, SACHS & CO. tSSSSSSSSSSSSSSSBSSSSSSSBSSSSS RAILROAD EQUIPMENT TRUST NOTES Wl OFFER, SUBJECT.TO PRIOR SALE AND CHANGE IN PRICE " " MsnirMtt rrkttevuld $30,000 American Refrigerator Transit 6's Jan. 192937 5.75 10,000 Atlantic Coast Line Railway 6'2's Feb. 192635 5.05$ 20,000 Illinois Central R. R. 4Vi'a Oct. 1934-37 4.759b 10,000 Illinois Central R. R. Te June 1925-35 5.009b 45,000 Nashville, Chattanooga 6 St. Leuis 4T2' Oct. 1924-31 4.90ft 25,000 New Yerk Central Lines 5's June 1928-37 5.009fc 35,000 New Yerk Central R. R. 7's Apr. 1926 33 5.10ft 40,000 t New Yerk, N. H. & Hartferd R. R. 6s Jen. 1931-32 5.70ft 35,000 PaciSc Fruit Express 7's June 192835 5.10ft 60,000 n Pennsylvania R. R. 6's Jan. 1929-34 525ft 50,000 Seaboard Air Line Railway 5VV AfcO.1927-30 5.70ft 90,000 .Seaboard Air Line Railway 6's Jan. 192432 5.255.70ft 15,000 St Paul Railway ft July 1929 30 520ft 15,000 Southern Pacific 7a June 1925-35 5.00ft 15,000 Union Pacific R. R. 7s June 193135 5.00ft 10,000 t Wabash Railway 6'a Jtn. 1935 5.45ft 55,000 Western Maryland Railway 5's Oct. 1931-34 5.10ft 'WAV tmd "B-w W'Ws Man t Urutd br Dlttetet General at lUltres-J Commercial Trust Company Member Federal Reserve System CITY HALL SQUARE I After Yeu Leck Up What then. De you leave the cash you've collected after bank Ins hours te a possible pilfering by burglars? Make ure by mak ing a deposit every nluht. We are open until 10 p. M. REPUBLIC TRUST COMPANY &29 CAffstnuc Street HOURS 9AM-iQpf I r jSSSSpjaaji 1 BaaBiKl II GcoigeK.WatseCa Income Tax Consultants Ckkaje WiehlnjUra.D.C. Serantea DANKING IN8TL ftWTlONS AND - B 1 G B U S ;. NESSES EM PLOY OUR SERVICES. A Consultation Invelvea Na Obligation jlE.UtcTruttBIPKlkrV 0223823 2mMMW'WVhww7mi MSfcaMi iisiii rrii Security Salesman AH'pM-CRADE Financial In.tl. tutten daalraa tha tervlce. of te met 'iE?,in w,,h 'tnltle J . fl,e' .SMt and Mil . n ;.. ei prerarred stock. Give fu 19 Information for Interview. " K A 732. Ul... rtc.- mHtMMMMM I NEWIURQFD HENDERSON & LOEB Members New Yerk and Philadelphia Steek Ssehcmee, 1U2 Walnut St. commercial and 1NUUSTKIAL Real Estate Mortgages Negotiated VHVvHseif&Cd ion WALNUT ST. We Own and Offer A high-grade Rnllrend Bend, maturing in 1931, Tax Exempt in Penna., which we offer en a basis te yield 5.85. F.P.Ristine&Ce. WUeaer l-ildiaf, PUUdelpaia etk Elh.b.th. . j. Jfamtera -Vw Tork ej j'MletfalaAts Black MickawM . 5V? ?!? Ge,d Net Te Yield Over Six Per Cent. ntcuMu e a direct merlxti en :;r"""'",...Vv".' HHH'.AIImi. wr-i;c",t-ii.."jaf" wltGest eMittrlxi raiel In PenaMlTaah. i.rf n...n. i '""- "mil. ..v K-nmn.nv Strttrll re. & Ce. Vebltr tHlrty tnrritUa aWxa Mxrajaata a1wUMnfcVtla Schuylkill Elec. Rwy. 6a, 1925 Tidewater Power 5a, 1949 Eastern Penna. Rwy. 5b, 1936 I'heneu Locust 0-,'2.l-t.a-4 Prlrtte I'hsue te New Verk a IU. ' I Savings Dtfertmsnt J I FmtT National Bank I. ajaaBaaaVaVBWBVaaHBBBBBnaBJBBBBSBBaajjSHf 31 h. i I 4 a a eu. 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Significant historical Pennsylvania newspapers