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HAVE YOU
nd your Will
aad Ukn advanUg
et Ulfaf new
HOWr
BY WHOM
YOUR ESTATE
will fc MUM and
properly managed
IVk Company offer fifty
two yean of practical
experience
Corporate Management
and Perpetwd Life
when named in Your Will
M Executer and Trustee of
YOUR ESTATE
I
VnPIMMuwS6r ?
GOSSIP OF
THE STREET
Every ence In a wlilta Mm hi Amur.
enn t'orperHllons dctnniiNlrnted tliev nre
-2 1 f!t0,";llier tlie M)iiUc88, heartless
and bloodless creatures generally pic
tured. few night nge the cxrctf
five efflelnls of the Metropolitan Life
insurance Cempnny Jetirneycd ever from
New Yerk te Philadelphia te give u
dinner at the Bellevue'Stratferd In
honor of ene of the agents, Jehn It
fox, who had been In contlnueiiN scrv
ice with the company for forty ycarH.
Haley Flke. the prcxldent, tool
charge of the ljttle party and preside preside
eh tenstmnKter. Besides, he delivers
n very beautiful eulogy, praising Mr
ter for his faithful nnd untiring serv
Ice, starting with Ills tippelntmcnt n
an agent In Camden en May SO, 188'.'
te his present position us manager e
i iiu i-uiinucipiim iniuuic district. Tit
speech was made unusually Intcrestln
-- l . - - - - """"" ""
mm
.s?wi jat"vv x?r y,.wm
-; rM$h$$jM
WgggmtmnB
laituMMMzml
Meney Flies Faster
Than Time
Don't give it chance. De-
Ctit yours en payday night,
fore you go home. We are
open until 10 o'clecfeevery
weekday, ae there's plenty
of time.
REPUBLIC
TRUST. COMPANY
29 CAestnut Street
HOURS pAM-iQPM
l BBBBBBBBBBBslrj r I
12 ELHI'S'bbbbbbbbIiOI I
WE OWN A
Railroad bend, guaranteed
by one of the Province of
Canada, which we offer en
a baiU te yield 5.90.
F. P. Ristine & Ce.
WiJmr Beildiag, Pkiltdelfkla
Yerk EUsibsth, N. J.
Mtnbera Hew Yerk and PMladelvMa
Sleck Exchaagtt
Preferred . Stocks
nay, in many instances, be
purchased te advantage.
Investors in high-grade bends
frequently diversify their hold
ings with securities of this na
ture. When care and knowledge is
used investments in Preferred
stocks can be made where se
curity of principle is as unques
tioned as in the best class of
bends and income is consider
ably higher.
We will be glad te suggett a
few of such Preferred stocks
together with detailed informa
tion for your consideration.
Chester B. Cook &Ca
42 Broadway NewKbrk
afapfaena Bread SMS
because Mr. Flnke, In iertrn lug M
Fex's progress en the ladder of eiicrcs
simultaneously drew attention te Hi
corresponding remarknhle srewth of th
company and its operation in the mini
forty-year period.
In addition, nt the conclusion of hi
address, he pinned en Mr. Fex's brei
a handsome geld medal, showing hi'
ears of service, which was ndernci'
with precious stones. The Plilhidclphii
Underwriters' Association. Manngcrr-'
Association or l'Uiiaueipnia ami hi
personal staff also honored him witl
handsome gifts.
Buying Power Very Small
"The recent decline In security price
resulting in a major reaction." snld
of the local brokers yesterday, "has 1
late sessions been attended by demand
for mere marginal protection, home
whirli could net be produced. Wit
bulng power very small, professietin
no doubt will rentlnue te tight any r
cevery and renew prcssure against t!
weak issues. With the InduMrlu'
greatly handicapped by heavy cxpciiH"
I de net expect te see the gencm
margin of profit te increase materiall
In the next few months. Examinatier
furthermore, of a number of report
covering the first quarter of the ciirrcr
year confirms the theory that profit
during this period have been very smu'
with many companies showing i.
deficit."
Sugar Situation
"Statistically," nib Lntnbern '
Ce., "there is much feed for UieurI
in the fact that Cuban stocks of rn
sugar are today only 131,000 tern
which will be consumed by the end
the year. Yet, nt the opening of 11(22
the trade waS worrying ever a carry
ever in Cuba of 1,300,000 tens, and
in addition, has since then witnessed
it crop of 4,000,000 tens, or, in ether
words, a total available supply of
5,300,000 tens, virtuully nil of which,
as stated, has bcru consumed.
"What a change in the situation
en January I. 1023, from the prevlou prevleu
j car J Ne Cubun carry-ever nnd a
smaller domestic beet crop, which,
moreover, because of prevailing 1ukI
prices, will have been marketed te u
greater extent than usual before the
end of 1022. Even if there should be
another 4,000,000-ten crop in Cuba the
coming season and in view of possible
reduced sucrose content mid smaller
plantings of new cane there arc these
who believe this limit will net be
reached there is bound te be en eager
demand from Europe as well as from
American refineries."
Rumors of Distress
Fer some few days the market dis
trict has been full of eiled rumors,
coming by the famous grape-vine route,
of distress resulting from conditions
that prevailed at and around the boom
period of 1010, when stocks were ac
cumulated at extravagant prices and
en which severe losses have gcncrully
been accumulated.
It is stated, however, by reliable
authority, and who should be in posi
tion te knew, accounts in which these
high-cost issues hute been curried were
practically placed in discard long nge.
They con hnfdly be considered mnrket
influences, In consequence, except for
regrets nnd memories of these who
lime been imelved in the losing eper
atiens.
Net a null Argument
Ne better illustration of tlie radical
chance In the temper of speculative
sentiment could be presented than In
the iccwater bath glvet,' te (lie an
nouncement of the Uuthlvlicm Steel and
Mldwile Steel merger.
Nut many weeks age this bit of news
would lme started off a big display of
bullish iij ret f clinics, it Is argued new
that, while the taking eer of Mldwilc
I bv lietlileliem Steel will no doubt place
I the parent company in a better posi pesi posi
tien te compete with the United States
Steel Corporation, the fact that a large
stock issue will be th" menus employed
te acquire the Mldvale company would
seem te place the lietlileliem Steel divi
dend in jeopardy.
It is also felt ether Independent steel
companies, such as Crucible Steel, lie
public Iren nnd Steel and Sles-Shef
field, would seem te have little oppor
tunity te compete successfully with the
Slecl I orperntlon iiiiUit present condi
tion!!. Copper-. Merger Rumors
The Improvement In the copper metal
market Is credited by some authorities
of the trade directly te the reports of a
merger of the Anucenda Copper Milling
empaay and the Chile Copper Com Cem
any. Wille nothing official has come
ut, It Is admitted in usually well-In-'erracd
quarters that such a deal Is
being considered and may be closed in
net distant future.
This, arenrrilnv fn miu mm wuiU
be one of the greatest stabilizers that
has come Inte the copper metal market
for years. Consumers, they say, have
apparently realised the Importance of
such n combination, as indented In
their willingness te cover their future
needs In the red metal.
It Is virtually certain that the eon
summation of such a consolidation
would mean the end of price-cutting for
tome time. The Chile Copper Interests,
lecnuse of the low cost of production,
ave alwnys been- nole te undersell de-
nestle producers end have dene se, ae-
erding te trade report, every time the
utirltct bus become sluggish and the de-
mind hns fallen off.
With the American Brass Company
is an outlet for production, the Chile
empany would he virtually removed ns
I Seller Of retincr III Mm nnnn mll.
"lie American ItritHH (Inmlninv'i nnla
Ight along have been larger than the
uuius et me Anaconda company, and
t least part of the Chlle production
euld be consumed by the brass com
pany's plants.
Anether Severe Test
Yesterday's stock mnrket was called
n te stand another iicule test of Its
tiylng power mid underlying strength,
lopes of u fu 1 attendance en the fleer
entrastlng with Saturday's nbsontce nbsentce
sin made many confident the new week
would martt a vigorous recovery. This
feeling was reflected In advances during
the early forenoon, when many stocks
made gains ranging from 1 te mere than
S points, and for n time there was en
absence of pressure and n scantiness of
supply.
The afternoon market, however, was
a reverse of the first .half of the day,
stocks again being thrown en the mar
ket in large volume nnd gains looked
en with such satisfaction were quickly
turned Inte severe losses. The reces
sions were grtest in stocks in which
there h:u bee.i u high degree et specu
lativA liiterext. tneliiHItiff Tlnldwln Le
cometive, Htudcbakcr, l!ern Products
nnd a number of the oil shares. United
States Steel was watched with special
Interest because of a theory that its
movements would indicate the general
market situation. When It yielded te
a new low for the movement It helped te
unsettle the speculative situation gener
ally. Rallies came from low levels of the
afternoon, but the upturns were net
regarded as of Importance, but looked
en as simply recording the usual varia
tions which carne in downward move
ments. THE TRADER.
EX-KINQ 8EEKINQ NEW HOME
Copenhagen, Nev. 28. The Pelitlken
says It learns a Danish friend of former
King Censtantlne of Greece Is negoti
ating en behalf of Constantine the pur
chase of the beautiful Bakkelund Cas
tle, forty miles from Copenhagen.
TACNA-ARICA PACT ADOPTED
Santiage, Chile, Nev. 28. The Sen
ate, by a vote of 16 te 14. adopted
me lncna-Arica
vatiens.
SIGNS $3,160,000 CITY LOAN
Meney Will Ee Used Chiefly for
Paving New Hlghwaya
The ordinance which passed City
Council last week authorizing a lean
of ,;i,100,000 has been signed by Mayer
Moere, fn paving und Improving streets
S.1,000,000 is te be expended and $160, -000
for additions te the steam heating
system nnd constructing concrete tun
nels for the Philadelphia Institution for
Fecble-Mfnded, new in course or con
struction nt Byberry. Tbe money for
improving the highways will be used
te meet the new building conditions
end increased traffic.
An ordinance was also approved au au
teorising the construction of a building
for tubercular women patients at the
Philadelphia General Hospital. The
measure carries with It an appropria
tion of $300,340.
MAN KILLED BY TAXICAB
i u iu n. uuuiicu
protocol with reser-
Driver of Machine Carries Victim te
Hospital, Where He Dlea
Charles De Jeseph, twenty-two years
nl.l nf 1S01 Seuth Chadwlck nt.
was killed last night by a taxlcab which
struck him at Bread and Dickinsen
streets. De Jeseph was crossing Bread
street when the accident occurred.
Hurry iieacnstcy, tweniy-nve years
old, or Tnira street ociew tjatnarine,
driver of the tuxicab, took De Jeseph
te St. Agnes' Hospital, where he died
of a fractured skull fifteen minutes
later.
COTTON
We Solicit Orders in
Cotten Futures
ISAAC STARR, JR., t CO.
1M 4
Eit ll0
StaieB) Sti., Pkilsdtltkia
Hndtn Nn Yerk Celfen Bscftange
met llll.3llt.9IU Kte 7MSVTHI
Imm a i Leg,, Valley Ry..4tt't 1133
"utea Rsilwsr Ce. Gea.....7't 1125
!' City, Heb. A Ptt.nea.4-, 1141
gtittsi Get ft Electric Ce.. . .' 1931
raff Sf" F,,, "e. 5'. 1840
WhiUe HI. c Ukt s, 192,
"lh Service Cera, N. J. All luau
SAMUEL K. PHILLIPS ft CO.
mbtM rhiitdtlrtu aueh Excbtnst
vHutaur gii,i
Victer Talking
Machine Ce.
M0RLEY, WOOD ft CO.
Keu.1,, jf, v. note, mob Sink's.
Little Benny's
Nete Boek
By JL Papm
Newspapers
If you wnnt te knew wnts happening
all ever the world nil you luifl te de is
buy u " cent newspaper and save nil
theso trundling ipeiises. If somebody
leans jeu llietr newspaper it went even
cost jeu that mutch.
Ne matter hew bud the weather is
roil can nllwnis tell if its celilK te cet
better by looking ut the paper, the only
danger being that jeu are libel te find
outs Its going te get werse Instcd, eny i
then jeu dent linn te ncieeve n n jeu
dent wunt te, prewng its a free cenn-
'Newspapers are mere uefill than
books because they run be took apart
se different Pf""H of ,,m fu'ul'y "
reed different parts of the paper at the
snme time without pencilling it from
still being u imper, being mere than
jeu can say about a book In case you
ever did that te a book. Thus jour
father can be reeding the speartlng page
wile your mother is reeding the ladys
page und you ure looking at the funny
page, unless jour fattier dent wunt te
sepcrnte it, wieh he generally dent. This
urines the best way te ateld axldents
is te nllways hmn U newspapers cen if
they are tlie same paper.
Vr mutter lirm- much veu are enjoy
ing a newspaper it nllwujs makrs you
feel funny te leek at the date and Una
lout it li KstlddujH lusted of todejs.
, If it peisin is looking nt it paper the
wcr-t thin M t"11 de te spoil their
liiJeMiient Is te go up nnd b art te leek
at it with them, espeshllly if ou dent
Kvcn if " JX'Per Is I" f0rin Ing Ing
wldge jeu can still use It te rnpp
things up In and set ea in case you
Mile catch a cold aud dent want te,
QQIHsbiIBbBRBH y
EQUIPMENT TRUST CERTIFICATES
We Offer Subject te Prier Sale and Changs fn Price
Company Rate
'Canadian Pacific Railway .... B'e
Chicago it Northwestern Railway . 6 J j ','e
Chicago, Milwaukee A St. Paul Railway 6','e
Delaware & Hudsen Company . . 6e
"Erie Railroad, Series "HH" . . . 5c
Erie Railroad, Series "HH" . . . 5
Erie Railroad, Series "HH" . . . 5'e
Erie Railroad, Series "HH" . . . 5
'Illinois Central Railroad . . . . 7re
Kanawha & Michigan Railway . . 6','e
Michigan Central Railroad . . . 6
New Yerk Central Railroad . . -. 7
New Yerk Central Railroad . . . 7'c
.New Yerk Central Lines .... 5rr
New Yerk, New Haven &. Hartferd R. R. 4 ','c
Pacific Fruit Express 7
Pennsylvania Railroad ..... 6cc
St. Leuis-San Francitce Railway . . 5'r
St. Paul Railway 5'r
Maturity
Oct.
April
Jan.
Jan.
I.
1.
IS,
IS,
1927
1925
1929-34
1926-27
May 15-Nev. IS, 1925
May 15-Nev. IS, 1926
May 15, 1929-
Nev. IS, 1933
May 15, 1934-
Nev. 15, 1935
Seaboard Air Line Railway
Seaboard Air Line Railway
Seaboard Air Line Railway
Seaboard Air Line Railway
Southern Pacific Company
Union Pacific Railroad .
8J49J.
5i'e
6
Te
V'e
Oct.
Jan.
March
April
April
June
June
June
Jan.
Sept.
July
Oct.
1,
IS,
1.
IS,
15,
1.
I,
1,
15,
1.
15,
15,
1927
1933-35
1929-32
1924
1925-33
1930-33
1923
1927-35
1933-34
1933
1926-35
1924
Apl. 15,-Oct. 15, 1925
April 15, 1927-31
Feb. 1-Aug. 1, 1927
June
June
1, 1926-27
1, 1926-27
Yietd
5.15
5.20
S.SOft
5.05re
5.40
5.50
5.60
5.50
5.10
5.50
5.20
5.15
5.20
5.00
6.00
5.20
5.40
5.00
5.20
5.30
5.50
5.70
5.75
5.10
5.10
'Issued under the Philadelphia Plan
JANNEY & CO.
133-135 SOUTH FOURTH STREET
PHILADELPHIA
Telephone, Lembard 4320
STEELE IDEA
EXPERIENCE
The theory of business te meet the need, must develop
te such a point that the executive, who will make the
necessary effort, may learn effectively from the experience
of ethers in the past what te avoid and hew te act under
the conditions of the present. This applies particularly
te construction problems. The Steele Organization has
had 59 years' experience in creating complete industrial
plants and commercial buildings.
l4livLfiiuces
ESTABLISHED 1S64
ARCHITECTS ENGINEERS CONSTRUCTORS
PHILADELPHIA AND TORONTO
j
T
NEW ISSUE
Subscriptions hiving been received for an amount In excess of
this issue, this advertisement appears aa a matter of record only,
$1,500,000
The Whitaker Paper Company
First Mortgage 20-Year 7 Sinking Fund Geld Bends
Nen-Callable for 20 Years
Due November 1st, 1942
Dated November 1st, 1922
Interest payable May 1st and November Irt at the Guaranty Trust Company of New Yerk. Coupon
Bends of $1,000 and $500 denomination; $1,000 Bends rcgisterable as te principal. Nermal Federal Income
Tax net in excess of 2 assumed by the Company. Pennsylvania Four-Mill Tax refundable.
GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE
.Vr.
A . L. Whitaker, President of The Whitaker Paper Company, tummarizes hi Icttet
te the Bankers a follews:
HISTORY AND BUSINESS;
The Whitaker Paper Company, of Cincinnati,
Ohie, had its inception in 1903. The Company
h regarded as one of the leading jobbers of
paper products in the United States, jobbing
practically everything in the paper Hup. Its
principal warehouses are in New Yerk, Cincin
nati, Baltimore and Detroit, having in addition
8 divisional homes and branches and 32 sales
offices located all ever the country,
SECURITY t
These Bends are secured, in the opinion of
counsel, by a First (Closed) Mortgage en all of
the Company's present real estate, warehouses,
office buildings and equipment, in New Yerk,
Cincinnati, Baltimore, Detroit, and ether prop
erty hereafter acquired.
The buildings are centrally located in estab
lished business sections in the respective cities.
All buildings are of modern construction, brick,
stone, concrete and steel, equipped with ele
vsters (freight and passenger), tube conveyers,
private telephone exchange and ether modern
conveniences; they have a total fleer area of
approximately 375,000 square feet, or ever
t acres.
PURPOSE OF ISSUE t
The proceeds of these First Mortgage Bends
will be used te reduce the Company's current
indebtedness as well as te provide additional
working capital.
ASSETS;
The Cempanv'i Balance Sheet as of June 30,
l22, after giving effect te the new financing,
shows as follews:
Permanent Assets $2,117,656.71
Net Quick Assets (Current
Atteti Icm Current Ll.bllltlt.) 2,763,217.03
..$4,880,873.74
..$1,500,000.00
3,253.00
Total Assets
This Issue (closed)....
Timw, Ql AAA TlmA
5
EARNINGS t
Frem a small beginning nineteen years age thla
any has built up a large volume of bull
Net profits available for Bend interest for
Company has built ut
tiess. ret proms avail
the past six and one-half years ended June 30,
1022, averaged $340,257.03 per annum, or morn
than three tunes the maximum annual interest
charges of $105,000 en thrse Bends. These
earnings are after depreciation and all charges
ether than Federal taxes and after crediting
6ft en the proceeds of this financing.
SINKING FUND;
The Company covenants te pay te the Treated
en or before November 1st of each year, com
mencing November 1st, 1923, sums sufficient
te purchase or retire annually $75,000 First
Mortgage Bends, Bends te be retired at net t
exceed 102 and interest
MANAGEMENT;
There will be no change in the present manage
ment, which has been responsible for the growth
and success of the Company.
Ltitl details by Mesvs. Chadbeurne, Hunt & Jaeckel. Audits by Messrs. Marwick, ifitckcU (x Company
Appraisals by The Lloyd-Themas Company
Price IOO a?id Interest, Yielding ?.00
Merrill, Lynch & Ce. West & Ce.
Members Niw Yerk Stock h'xehange
120 Broadway, New Yerk
Members .Wy Yerh und Philadelphia
Stock Kxchunijcs
1511 Walnut Street, Philadelphia
The (alfmctiti creaenttd abeie. uliilc net ewnraiilcrd bu in, arc ehtalucd from ceurcta which ice VcUcvc te 6 rtliahle.
" ffSHSSa- i i Hew
--fl' TESTS IIB
Public Utility HSPT3I
Bend v I MM
"Z&Z&i
err '
HI2
A Library of
Investment Information
INTELLIGENT investing requires an under
standing en the part of the investor, of the ele
ments of safety te be looked for in the selection of
securities, the technical terms used in bend descrip
tions, the various types of bends and the functions
of investment banking
Te afford investors a simple explanation of these
subjects, we publish a list of booklets and circulars
which comprise a rather complete library of invest
ment information, presented in non-technical form.
The mere important e ? these publications are listed
and briefly described below. We shall be glad te send
copies of this literature te investors upon request.
Cheesing Your Investment Hecst.
Thai boeUft fraph.iics the importance
ruched te the sejectien el the Investment
Heuse upon whose recomratndatiens the
Invester can rely. The point ire enunci
ated hrh -heuld Ktvt as a (vide in
catkins lhi selection.
A Sure Read te Financial Indepen
dence. Ahummly intcrKtin,; presenta
tion et the surprising accumulation hjch
results from ntcmjtit investment and
reinvestment, ru.ijc graphic with-iiuni
and illustrations.
flencs Queaticnt Amieered
Term Defined. A reference boel for
bend buyer, covering questions which
our experience inJiCAtcs are most lr
quently asked, nen-teihrnca! diiuuuen
el bend terms ue included.
Ten Tettt of a Sound Public Utility
Bend. In this pamphlet are given ten
simple tests by v. nich the worth of such,
lends may be mcuured.
Hew te Judge Municipal Bend$.
The lactershich make municipal bend
Btuacuve and th" points which should
be considered in wlccung them, are ana
lyzed in this pirnphlet.
Bend Catales- ksued at frequent in
lcrval, fivinj a tzwev of our cunent
eflcrincs v. ith comment en Umely invent
mini subjects.
Loeit Leaf Security Recerd. Aeon Aeen
venicnt boel. for recerdine bend hold
ings amounts, interest dates, maturities,
price!, taxalle stilus, etc also indudinR
a chart el mlerminn en all issues el
Liberty nnd V ictery Bends.
BONDS
DIVESTMENT
TT
Halsfy, Stuart & Ce. ,'A-"'
Please send the following book
lets checked:
2 Cheesing Your Investment
Heuse.
n A Sure Read te Financial
Independence.
u Bends Questions An
swered TermsDciintd.
D Ten Test of a Sound Pub
he Utility.
D Hew te Judge Municipal
Bends.
n Bend Catalog.
Li Loese Leai Security Recerd.
Xante.
Street
Cilv
HALSEY, STUART & CO.
INCORPORATED
Land Title Bldg., Philadelphia. Phene, Locust 7410
CHICAGO . NEW YORK PHILDGLPHIA BOSTON DETROIT MILWAUKKB ST. LOUIS MINNEAPOLIS
HIGH GRADE
SECURITIES
Yielding from
5l? te 6
ROBT. GLENOINNING & CO.
r.MiiMlsbul 18S
400 Chestnut St.
IT'S NOT AN INDIVIDUAL
sun ur ilt-ullne silth hen
the .t'nlipt nf llil nm
jiiiii art u Hi cl mi, lint th
i iiiiililin 1 ulillits mill I til
.ilce if our ihnle jirrmi.
iii'l, ulilili liiilmlei .i liniti'il
nf illreiturt of hreiul e
perle in I
Real Estate Trust Ce.
Bread and Chestnut Sts.
Atlantic Refining Ce.
Common Stock
Bought Sold Quoted
GARRISON A CO.
wiBiNin uiioiMe. rmiADiintu
lutll.
rWI.4. MI lt taMS)
klta Vl "' l'"-f
TltlMMfl
Wi rm mwI
EXCELLENT OPPORTUNITY
or .veiiiiir iiisii, I'xpf rh'Mi el n. t
HinlntT of tirlffa of tllli., efTerul hy
cslalilWu'il Iriut Cemiany. i.lvu it
rierlenec, use nl mlurjr deilrc.l. ll
telle rcurlileutlal. li 104, UU. till,
I MR. EXECUTIVE
re itl 1 el, ,; ' un n -,1'int hu 1 11
Millnie luiril jrki u i i kii' et t
TltlC t rintjfll t IiihI uImi l is llin nltlllU
te Imiidli) men mul jii rrnulres miiIt "
moilf-rate lueomeV AiaeiKSD lunrrleij.
Hi tiilrnt nf I'lills
b m. t.rnerit ntTici:
Twxrc:
C. S. IVUTOlN&CO.
U i. llir.MTNUT HT.
BANKERS
Hueetmtarm tm
, HiII.r.K hTKVKNiO
nsnaii una Mern ueuini
"""' ,1"-
01
J
I
2
l
JA
V
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