.,.-!
it"3.afcif
BTlBtaMaBaaTeMKa
V r
S5sra
KMOmtXM
CMlHtdywiSSite'Mniiu
Income Tdxu)niuiun
DIVIDUAL
ATTENTION TO
YOUR PARTICU
LAR PROBLEM.
A Ceniultatlen Xnvehii Ke
Obligation
Bfal EttateTrtttt B,Pti1fRi.
COTTON
Wc Solicit Orders in
Cotten Futures
ISAAC STARR, JR.. CO.
Ztt. uw
ICtb A Saaiem Sti Psitidslssia
Nimhtrt New Yerk Cotten Excfttnge
8!:u:l S881-3IM-3883 Racii 7838-7889
"Z ! N
OPPORTUNITY
in . e!d entabtUlied Banufacturlnc
cavern. eUlua only te urn btst re
tail r" In " u. fl.. flMlras te emrj
f .rrlcei of a yeuns man of rwM
bttilli( and eICC" Ilt petiMtinllty,
St b well educated, Intilllifent ami
liirH". hating had nt leajt 6 rtars'
national iale Mperlcnce preferably, M
an a.luul al manager with the
nltlisaw object In tlew e? placlnf him
In rtectitlte rapacity. In anwerln
funilili In detail both irainal and bu-Iih-w
reference, experUticv. age and
education, an I any ether Information
arlcn ye!l tiilclit think if interest tJ
T,,: f-ittiy; "CjaiBi -,
X' -t ,... V-'M .-
1 GOSSIP. OF
THE STREET
Railroad and
Terminal Bends
SHEAR, BARTON & CO.
0 NASSAU ST., NEW YORK
pkiladclpMa Tel. -Vete Yerk Tel
Lembard 7957 Recter 6761
Heater of tlie Philadelphia, New Yerk
end Chlcaea St.cl: IrcMna-ef,
?Jcw Yerk Cotten Exchange.
STOCKS & BONDS
ieiisht ar.d acid fur caeb or curried
,n reiieriitlTe iniirjlii. . .
Stt'.-tr.s Court 8H . Ml Wdnut St
Salesmen Wanted
A snTifiiI tiatl'mil flnnnclnl ln.tltutlnn
trl'u niiniiTmi ttnlilMid rilw ImWi.'i
ftw 'a I illrvi'tPrati of prominent bank
tri an I liKelni'M tnen can placii a f,
note - I ertipii. wttli tiuuaml uiertinllv
f r f'l en ."mint aud pviiiiiinuiicy. J.1W1
emi'-riitlt'ii and thorough ce-nprratlun.
'.fr'.lfi wll' be rnrntUr-il fnfldintlal.
A Ml, MDOZB OXTICE
b Continuous Buriness
80 touts?
MOVER Cr CXX
Banket & BneKRRS
801 Omwi wfr
J
Alan A. Alexander & le.
Stocks and Bends
Colonial Trust Bldg., Phila.
ttul lur lepr of Ou.- Weekly Markaa
Utter. "Upa and Downs'
fel..OuU Uic IniUIancA mi
Age 35 for $10.08 Per Menth
bed Teut Djte'eTBlrth anS Lean
Wtat IW a Meuth Will 0 forTeS
PEARL & SUDLOW AGENCY
,J" fWANOE SUO,.PKIt,A.
"Oiprnnall' Inauntie. tin'- 11M"
Biwnnnnewnnnnnnneinnnnnieifinnewn
MAINmd COMPANY
CvrtlHed Public Accountants
FlNANCSBlillDINO PMIlAOttPHlA j
miUimuumiUUbUUblilaMiljbUUliUUUGdi
NEWBURGER,
HENDERSON & LOEB
Member Ne Yerk hwJ
fhxladelphia Stock Exehan
1M2 Walnut it.
StOckweU ' CEMF1ED PUBLIC
Wilsen & mwwms
linvill LtTitun.r,p.iia.
Unlisted RnnH
Fabian F. Levy
Drexel Building
ell Ui.t, :M8 Keriien. M.i. ui
Frederick Peirce
& Ce.
(MINUS
u
IMVRltT
HB.NT
eai u,i. -..
... ...... rineenia Nireet. ralladelphla
EXCELLENT OPPORTUNITY
aalt'n.,iu,,n' rlneed aa ei.
p'rl?n l.ir r', Company, ulve !
"rtU. Xi.SririSirSSi. Off!
clrSwl
v- viir,) wii-r mTm
fcT.
BANKeRs'','
PXTcrSfTth & co.
Ceriic.j D..r,r.nin w
Ji: CJJ ' S- E- f
. ' ""-! W. f. A,
nWARDtOWIER STOKES ft CO.
wwetW nwitewiita
.hllthit.
It has bfeti fiome time nlnce the
market 'would leek upon ft scbsIeh of
Cengrcw as it possible ruling (actor.
Such In the caiie at the moment. Fere
cnets of what mnjr or what may net
linppcu In H)e present extra session
have preblqiimtlcnl values, but Wull
street, from all Indications, Is getting
keyed up a point it wilt be greatly
disappointed if the legUluters new as
sembled at Washington de net give
many thrills befere they call off action.
In all events. It is almost unani
mously conceded by all recognized ob
servers that Washington, starting with
the reading of the President's message
yenterday, became the key of the finan
cial universe.
Strikes Costly te the II & O
Daniel Wlllard, president of the
Baltimore and Ohie ltallrend, In IiIh
report te the stockholders mtld, in pint :
"At the beginning of the present .venr
10122, a budget for tlie year was pre
pared, based upon an assumed biiflnescs
5 per cent In excecs of the business
handled in 1021, and also assuming u
reduction in freisht rates of 10 icr
cent, with the continuance of the then
existing ' rates of pay. The budget
prepnrcd nt the beginning of the year
contemplated a net railway operating
Income of $32,000,000 at the end of
tlie year, which with ether Income
would have provided, after deducting
fixed clmrites. SO.000.000 or 87.000.000
surplui applicable te the common stock
niter paying the preferred dividend' and
providing for thu 83,600,000 hinliing
fund.
wm titieillll'liljg mi; iuvi limb iwuiv
than three-fourths of nil the coal milieu
located en the linltimere and Ohie
ceased production April 1, due te the
coal strike, which, of course, affected
very seriously the business of the com
pany, we were able te show at the end
of the first six months' period net
operating revenue of mere than $2;000,
000 in excess of the amount set up in
the budget for the same period, and
there is every reason te believe that if
conditions had continued im they were,
the company would huvc hed net less
thnn 5,000,000 surpluf at the end of
this year applicable te the common
stock."
The "shop Mrike coat the linltimere
and Ohie in lout revenue and increased
expenses between $10,000,000 and
$11,000,000.
New Scheel Misleading
' Millitnpt tvtili'li tu mijt,i(. twit m
little neml-humoreiiM comment ut the
moment," Mtid.thc head of one of the
commission houses yesterday, "is that
of the self-styled new ticlioel of buui-
ness experts.
"Nearly every publication one picks
up carriee somewhere in Its columns
1114a iinu spcciuc directions te tne uusi
neis men and captains of Industry with
lilinite predictions ni te when ull de-
velenmentn nt lnfrrnuf tn Hipm will
"l occur, i'hese nredtctlens en se far as
e state that securities will reach turn
ing points en definite dates, or within
tieitndu of certain months. Just as
.'een r.s a buflieicntly large number of
people shall have become impressed
with theHe Ideas, they will find them
selves landed high and dry. The fac
tors swaying industry nnd budnegti anil
nnance remain just wimt iiiey have
been through the centuries."
' Mldvale Merger Story
Seme one dug up the old i-tery yes
terday of the merger of the Midvttle
Kteel Company with the Hethlehem
Steel. Ever since the tri-conselidu-tlon
was abandoned, there has been a
tlprillctpnt nfFnrt r.n tlin rifi,f .. , .n.
tain element te link thu Midvale up
wmi juetniencm.
In yesterday's story, they had the
deal completed with uir exchange of
100 shares of Midviile for 100 shares
of Hethlehem, which would give Mldvale
un approximate matket initie of $34 n
hare. This must have been dismnl
news for these hooked up ut much
higher figures. In the pn-iieus pro pre pro
,iencd trl-conielidntiou, Mldvale figured
out about forty-five en the deal.
been hanging en tenaciously only caught
n glimpse of daylight and when the
i?3'l va 11c was worked out in this
new mcnrnl ilvnl mnnv 111.-., tn.. Afv.
ican, "Felt berry xcaUl"
Mere Weak Spots lft
Action en the market the last few
days Indicates the recent shake-out
has net been effective in cleaning out
all the weak hpets. While the bear
contingent is blamed for uncovering
fresh Milncrnble upets, it is iulte evi
dent the liquidation of speculative ac
counts is net yet complete. It Is also
apparent many of the peels are find
ing It hard sledding, because of the
niore discriminating attitude of the
leaning Institutions in the acceptance
of collateral. The slump has made
quite a number of only recent active
speculative footballs iiudeMrnble tin.
less leans nre generally hweetcned with
much mere acceptable collateral.
It Is always a handy excuse te blame
a big break en the mercileps bear, hut
any one with intelligence recognized
tlie collapse of the speculative struc
ture this month was due te bemcthing
much mere FerleiiH urn) fur reaching
than the proverbial short si-lllng. If
only half of the recent selling was for
the short account, the market i.eme days
age would have come back with n
bung likely te make the whole bear
amp dizzy. On the contrary, some
no, and many some ones, were do de
Irerlng the real ge'uls,
TIIC TUADEn.
LIQUOR MEN INDICTED
Federal Jury Returns Bills Against
Fifty-nine, Including Llpke
The I'ederal Grand Jurv has returned
inill.tlllVIIIO HgHtllOl till , IlltlV nilt'fUII
keepers and twenty-Mx Irnvtenders for
viuiaiien 01 tne prouiuuieii :uw, 151113
against nine saloonkeepers were ignored.
The jury took a recess until De
cember 4.
One of the saloonkeepers indicted la
Ernest l.lpke, of Natrona and Yerk
streets. Llpke recently had a long-drawn-out
legal battle for "his broth
er's business,7' which led te the United
Htates Supreme Ceurf deciding that the
Internal lteveiuie Commissioner had
no authority te luipnxp penaltle.i under
section iifi of the VeMeiul law upon
saloonkeepers accused of viuhitlng the
law Lefere they ncru convicted.
As a mult of the decision 11 lnr'e
quantity of liquor which had been
i-eizeu at i.ipite s Place was ordered re.
turned te him, hater his place again
was raided by prohibition agents. Llpke
said at the tiue of the arrext that he
had nut violated the law and IJiut the
prohibition agents wcre merely "rub
bing it In for spite."
Police Band en Radie '
ltudle fnnt. of I'hiladclphla and lit '
vicinity will have an opportunity to te
night for the first (line 10 near thy
Philadelphia I'ellce Hand by wireless.
it llw. f.ifUiillftn ,.P fluf.tliiv, tT ltr..
tJU IMIIIUMVII Ml WM.Vtl.? ... .Vlir
burten, Jr., grandbeu of Jehn Wnnu-
iiiuacr, me iiiiiiu win ku " rifuia
WILL HASTEN EXTENSION
OF SPRING GARDEN STREET
-. ' .,
Mayer Signs Petition "Relative te
ends Cevering Damage
Mayer Moere has signed a petition.
prepared by the City Solicitor, for
permission te file a bend te cover dam
ages that may be awarded through the
opening of Spring Garden street from
Sixth street te Delaware avenue. .The
petition was hastened nt the request
of the Mayer, who desires te see the
opening begun te connect with Delaware
avenue, which Is new being widened
north of Kensington,
Other petitions te file bends In trie
ease of street openings made necessary
by building developments wcre signed
by the Mayer as fellows : ,
Northwest side of Woodland avenue
from Seventy-second street te Gebbs
Creek.
Seventy -second street from Woodland
avenue te Grccnway avenue.
Tremont street from Bensnlem avenue
te point westwurd 120 feet.
M street from Ter rend ale avenue te
Wyoming avenue.
0 street from Wyoming avenue te
Leuden strict.
1 street from, Venango etrcet te Tor Ter
resdale nTenu
Geerges lane from Columbia avenue
te Montgomery avenue.
Klngscsslng avenue from Sixty-fifth
street te sixty-sixth street.
WOMAN JUROR SCORES
MEN'S IDEA OF JUSTICE
Telle New Voters' League of Flip
ping Coin te Reach Verdict
Itelng n member of a mixed lury l
net te the liking of. Mrs. l'lillln. ,T.
Mitchell and he told I he League of
Women Voters of the Twenty-second
Ward about It yesterday at n luncheon
in the Germnntewn Y. W. J. A. She
raid she had served en several juries In
the Federal Court nnd protested ugalnet
one certain man who had served en
three Juries with her because he tossed
a rain te see which way he weu'd vote.
She said the man did net understand the
English spoken in the court nnd by the
ether jurors and en her pretest he was
removed.
"This man," said Mrs. Mitchell, "re
fused te vote for conviction in a con
spiracy rase because he had flipped a
coin and it had te'd him the man wus
innocent. In the jury room he wanted te
knew what conspiracy was and I told,
him It was what is going en In Ireland.
He said: 'We have geed things there
and I knew this man is net guilty be
cause my coin nivs se.' "
She told of another mnn en 11 Jury
with her who voted egalnst an In
ventor because he had himself mode u
machine once that would net run.
$3,500,000,000 IN RISKS
Expert Telle Credit Men of Big
Business in Life Insurance
Life Insurance, within thirty years.
Will hi till f?rpntf'.lf llnnnMnl hiiulfinwi
In the world, members of the Credit
Men's Association were told yesterday
at their meetins in the Hetel Adelphla.
The speaker wa? Solemon S. Hiiebncr.
professor of insurance at the University
of Pennsylvania nnd ndviser te the
Government.
"heonemistn nre wrong," lie said,
In exphirllni? inaiirnnpa nu n mmmnWIru
lii their three-fold classification, pro
duction, distribution nnrl xnn.iimnflnn
They should add a fourth factor and
call It elimination of risk. In 1021
there was S3.fi00.000.000 invested in
the United States In premiums alone,
und recent figure show that one-twentieth
of the wealth of the United States
Is in assets of Insurance companies.
SABATINI RETURNING HOME
Philadelphia Artist Bringing Strik
ing Collection Frem Paris
Paris, Nev. 22. KaphacI Sabatlni.
a rhilade'phla painter, who has been
iivinu in rnns. is new en route te
Philadelphia with the striking collec
tion of paintings nnd sculpture designs
which caused a mild sensation ' irliig
the cypositlen ut the American Art As
sociation. Mr. Sabatini's work covers n wide
variety of subjects. His ultra-modern
conceptions nnd color studies nre much
commented en in the modem artist
groups.
MOTOR DEATH8 DECREASE
Unlontewn. Pa., Nev. 22. Corener
S. II. Paum, of Fayette County, in his
October report noted an Increase In
homicides nnd n decrease in automo' autemo' autome'
blle totalities, as compared with Sep
tember. He Investigated forty-four
cases, including eight homicides, two
suicides and one death as the result
of an automobile accident. Four per.
sons met death in mlne accidents and
a like number In railroad accidents.
STATE SUES SILK MAKERS
Several Plant Accused of tmpley
.' leta Mlriftesi' ' ' A'K
PettsTlHe. Pa 'Nevr22.-The Tilt
BUk Mill, operated by the Phoenix Silk
Company, was the subject of a lawsuit
yesterday when officials of the Stat De
partment of Laber brought an action
against the management, alleging thK ft
schedule of the hours worked by fessa'e
empleyes was net posted according te
law and that several miners are em
ployed In violation of regulations.
Other firms. Including the Metre
pelltnn Manufacturing Company and
the M, & G. Ice Cream Company, also
are charged with technical violation of
the regulations.
Nearly forty prosecution bare been
brought.
Methedlat te Mt
Bishop Hcrry and four ether Bishop
of Methodism will attend the annual
meeting of the Heard of Heme Mis
siens of the Methodist Episcopal Chnreh
this evening in the Wesley Uulldlng,
Seventeenth and Arch streets. Bishop
Berry will preside.
Bishop Edwin II. Hughes, of Bosten.
Bishop Itebcrt K. Jenes, of New Or
leans; ltishen CharYs Wesley Uurmt,
of He cna. Ment. ; Bishop .Luther U.
Wilsen, of New Yerk, and Bishop
Charles L. Mend of Denver, will ttk
part in the proceedings.
Five Year Geld Nete
Te Yield Over Six Per Cemt
Secured by a direct tnertcaif M at
property with bonus of common stock of
atabllahed rrl company. Mints owned
ind operated In Pennaylraela and Weal
Virginia. . Itall frcm Company direct
wiucut M)ll"atlfn.
A ell, I.EDOER OITICE
CtUi. HOTEL OR RESTAURANT
Clip Thia Ad Teu Xay Ifaad It
Hanaser-ateward open for cniammtat.
80 s-earV exiicrlenee. A-l references. A
prrdiicer nnd cer. mlat. ca anywhere, tal
J.E, nedate. . '. Ta?t. Hetel Walten.
1'hlla.. !'a until Dec. lt. utter at lis
W-nt Ot'h St.. I.'er Yerk "'tr.
WIEQNER,ROCKEYtCO.
Certified Public AcceunUmt
Drexel Bufldbt . Phihdtlda
RCtMCAi.AuVWJlfcTMlr1IAap
Means 25 S",n
Peetnylvaaia ladcnattjr ExcUage
, Bread St ft Sa. Penn Btnara-
New Yerk
Curb Exchange
Securities
We have prepared up-te-the-minute
reports
en
Armour Leather
Goodyear Tire &Rbr.
D Gulf Oil of Pa.
OHeda Mining
Mammoth Oil -Philip
Merris & Ce.
Salt Creek Producers
Tobacco Products Ex.
Check the stocks in which
you are interested and
reports will be sent tp you.
Reports of this kind en
any active NewYerk Curb
Exchange stock are sent
free en request
Tenes &. Baker
Members New Voik Curb Esxhenj
Direct Private Wires
He T.tk Chleace Ben.i PaSaaftpMa
Cleeeiaa
Plltburtl Detroit Baltim.re Clari
PHILADELPHIA OFFICE
Widen. Building
TelrpW. " . fm
I BALTIMORE OFFIG8 if
I - Emersen Hetel - II
I Tdaptteae Fku4lt T I
I LOUIS T. KLAUDER ' I
H CONSULTING ENGINEER M
IE eNN8VUVANIA BUILDING, PHILAOBLPHlA I
I POWER A INDUSTRIAL, PLANTS 1
I CONSTRUCTION lE.OHT8AL I
gj .j. . , I
Learning Your Three A's
Mant reitliee late in lifebut net tee late the
utter felly of attempting fortune-making
through speculation.
Others speculate without realizing that they de.
They are net impartially informed en the securities
they held nor guarded against the resulting less as
are investors guided by Meedy's three A Rating.
They have net the protection provided through
Meedy's Ratings and Service.
It is never tee late te learn. If you will ask for our
t free booklet " The Art of Wise Investing" you will
learn much te benefit you in your investmenta.
Moedts Investors Service
35 Nawau Street, New Yerk City
BOSTON PHIUDHLPHIA CHICAGO LOaANCtn.
tOIMOaS.. Rari.raKdsTttN.lH,, Nr NatfJ fcLk BW rlKS,.
t
,n
.
NEW ISSUE
$2,800,000
Erie Railroad Equipment Trust, Series "HH"
5 Equipment Truit Certificates
Te bt imed by tkt Trustee uader an Eqtu ment Trust Agreemeat te be data Hmater IS, Ittf
(Wailadelphla Plan)
Gvmmwtdal Tmat Company, Phikdelahk, Trua
Dated irevember IS, 1922. Payable semi-annually in serial instalments May 15, 192J te Kevembtr 15, ItlV
both incluslre. Payable te bearer (with optional registration) in denomination of 91,000
Cettiflcatef and dividend warrants (May IS and November 15) payable at the efflci
of the Trustee
atjtct te the aipreval of the Interstate Cernmerce Ommsmtem
We "are advised by P. D. Underwood, Esq., President of Brie Railroad Company, aa Mltwi
The Certificates are te be Issued in part payment for standard railway equipment consisting of
40 new Mikade type locomotives, equipped with boosters, and 20 new Pacific type locomotives te be
constructed at a cost of approximately $3,321,000. The face amount of these Certificates will represent
approximately 75 of the total cost of the equipment.
The title te the equipment 13 te be vested in the Trustee and the equipment ia te be leased te Erie
Hai'read Company at a rental sufficient te pay these Certificates and the dividend warrants and ether
charges s they come due.
Amount
994,000
94,000
94,000
94,000
94,000
94.000
94,000
94,000
94,000
94,000
93,000
93,000
93,000
93,000
93,000
Maturity
May 15, 1923
Nev. 15, 1923
May 15, 1924
Nev. 15, 1924
May 15, 1925
Nev. 15, 1925
May 15, 1920
Nev. 15, 1926
May 15, 1927
Nev. 15, 1927
May 15, 1920
Nev. 15, 1929
May 15, 1929
Nev. 15, 1929
May 15, 1930
MATURITIES AND PRICES
imelated Dividend te be Added in Each Cat,
Price Tield Amount Maturity Ptfeej ftM
100.12 4.75 993,000 Nev. 15, 1930 96.17 540
100.00 5.00 93,000 May 15, 1931 95.99 540
99.64 5.25 93,000 Nev. 15, 1931 95J0 5.60
99.53 5.25 93,000 May 15, 1932 95.63 5.60
99.08 5.40 93,000 Nev. 15, 1932 95.45 5.60
98.91 5.40 93,000 May 15, 1933 95.29 540
98.43 5.50 93,000 Nev. 15, 1933 95.12 5.60
98.23 5.50 93,000 May 15, 1934 95.79 3.50
97.64 5.60 93,000 Nev. 15, 1934 05.65 3.50
97.41 5.60 93,000 May 15, 1935 95.52 3.50
97.19 5.60 93,000 Nev. 15, 1935 9540 5.50
96.98 5.60 93,000 May 15, 1936 95.29 3.50
96.79 5.60 93,000 Nev. 15, 1936 95.16 sjfe
96-W 5.60 93,000 May 15, 1937 95.05 3.50
WJ7 5.60 93,000 Nev. 15, 1937 94.94 550
We offer these Certificates, subject te sale, when, as and if issued and received by at, and subject
te the approval of our counsel, Messrs. Morgan, Lewis & Beckius, and te the approval of the
Interstate Commerce Commission.
, Temporary Receipts will be delivered exchangeable for definitive Certificates when recivt.
DREXEL & CO.
fhuadelphla, NfreaOer, 1919,
Jamaica Water Supply Company
Firet Consolidated Mortgage 5 Sinking Fund Geld Bends
Due July 1, 1946
Redeemable t lOa and accrued interest. Interest payable January 1 muc
July I without deduction of the normal Federal Income T u? (te 2&
THE EQUITABLE TRUST COMPANY OF NEW YORK, TRUSTEE
Pennsylvania Four Mills Tax Refunded
W. mmn from m .Mer ct Mr. H.rh.rt Kirkwood. Secretary of the Company, tetl..
CAPITALIZATION upon completion of the present financing:
rwauaeis. '': v-- ,0"
lUIOOO of fU.ee BuEJa ar d.t.tt..l t,t. ,L , .T. ,"uu. . JOO.000
Beaila. "" l"" t c i te-. i caie;.attj Ucrtgage
"BTi'"'
IUB.0TO tlre4 ty Elrt'jj 1'jj.
ffiSHS13
SBCUR1TY: These Bends ere secured by mertenee en rt,. .n, .,.
epesited with the Trustee of this im. ciebet.
luiner hnnrle nta...ji
,Tir-i 7 v"nu,n6 ,n tne nancls et the public. $936 000 of
underlying issues are deposited with the Trustee of this issue.
.v.xvv.u ui V.JJ1S IbbUU.
HEPr.ArPMfKT iriTn
1916 by Stene &Webster;inrarse2 r-ightS, r 8eil1 vah' "Elated in
PreJemS & ?KSi SSSXSl
Nharsl 30. 1922, were mere than twice inters
XImrrntnONDS " "" Ud "vative restrictions.
2rfDtU?l a"-al "" "d. -hich it :s est.ma.e, wti;
LegdUU. in connect t,M the Usuanc of . lieud, haxc ltin u
by Mttarn. Roberts, Men tgemcry tC MeKeehw.
Price 901 and Interest, te Yield About 5.759
7c
Janney & Ce.
133-135 SOUTH FOURTH STREET
PHILADELPHIA
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