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.
NSS2
1.
?i
&UM-A'w31$iiii
ifeu
V ...V'?f. fe!., .''
&AiitBK VJm:AE4asaaBW :
. i '.I'aat.uUt'S.MI W , . I'ft.USI "vj
,$