ttBHmaM&MMAMAM ' - - - f - - L k.a ak.'aM mmmJ am MaAaMMM! i . wm.m.. emmem mm.mm .aA tJd i HTr liiMTTwri t m rr TnTmnn tuttt1 a -w-wr tittt m " iiriji niTTnaTi - mTriAm'TiffTi lirri im i iivvrw VVXJiJLmi jpS3JY X , X J V JDIDJJR -i7. 17 BVEOTlte. 'PTJKfrC raSbGEB-KnEAibETyPHtA: GOSSIP OF THE STREET There reems te be no checking of Ihs flood of stock dividends, but they Mem te hare lest all attraction no for a the speculative world Is concerned. The newi en this line wns featured a,, the overnight announcement of the extra payment of Atlantic Refining te the extent of 000 per cent In new en graved certificates. Union Oil of Call Call fernls. another 8. O. Bubuldlnry, came 'uten yesterday in Riving Its stock steck hnlnVrn 80 per cent additional new Smwl rtecli. On Mendny the Htond Htend ir5 Oil of Indiana announced 100 per rint extra payment en similar lines. The same generous treatment has been ilren shareholders of nil the 8. . O. units, Indudlnjf the H. O. e( NVw Jenay, 8. O. of Cnl fernla and 8. O. et w Yerk and ethers. The 100 per cent unneunced by 8. O. f Indiana mnkes the third declared bv that company, which him been etic n'f the most liberal dividend paycjB of fhe 8 O. group. At the time of the dlmlutten in 1012. its Initial stock ikldend was S0OO per cent, ralslngthe rnntnl from $10,000,000 te $30,000, 100 The captnl steed at this figure ttnill (he second steek dividend of J 50 or rent In W!20 when the par value TnH reduced from $100 te $V. About that time the. company took nrer. by cxehnwte of stock, virtually im per cent of Midwest lUfintnit Corn Cern tinny. Withr the, payment of the 1C0 Krr cent stock dividend and the ex phann of the Midwest .Refining, the t.Uu -g.ll l. l I k ! 4 'I outstanding cepltnl was brought up te S107.M0.45B. The latest 100 per cent t.rinsn the outstanding capital te $211,- 720,010. New Hnven Valuation A grei- vnluatlen of S.1S2. 707,000 en nil the property enteritis: into the tintupert operations ei ' "" Vrw Haven nnd Hartferd Itnilrend fvslMii nnd a valtiutlen of 201.121.000 en property owned exclusively by the ew Hnven company proper were announced yesterday by the Interstate Coinmerce Commission. Heth figures wete tentative. .The bnlanee sheet of the company, nhlch Is the largest tvaii'-portatien sys tem en which the commUsieii has an-imiitii-.xl vnluatlen figure" thus far. hud jiliiriil the value of total assets of the ijhlem at $4ri4, 10,000. The com-. tiniiv S total bievkh mi" iiimhii tiuucu lit pnr amount te ?Ml,4S7,O0O. In the gross valuation as found by the coininlsieii are iueluded the prop prep irtirs of various Mib'-ldlary corpora tions whlcli tlie New Hnven lenses or owns In uliele or in part. The laigesi of the-e i the Old Colony Company. tiiIiip.I at $40,000,000. These tentative timlinRs of Hip com-ml-fclen will be opened for inspection nnd analysis by the railroad corpora, timi, and Un objections te them will be len fonsldenitlen at open benrinss. The final value en which the rmiiiiiK ciun will thereafter expect te ileal with the railroad will be n-t after the hear- !!.. Trade Conditions In the monthly digest of trade condi tions, the Franklin National Hank mis; "The rmMnmliiig feature of the jiicM'nt business situation is the tre tre ti"inleus freight tonnage b"ingi handled h the rniliends. Trnustioriatieii mn- ?-tinii is fust being relieved :md bust- m is, runuinu smoother as n ivmiIi.I Theie tire many faerable factors in this month's tepeit. but there ate also 'tiilicatiens of some r:'.iiig off in llu'i tittill of eluine of oliei'Mllens: liettilile .iiiieiig these nru n sliglit decicasc in, he consumption of crude oil, a lessen ms; in demand for lumber and structural i sieel ami a Miialler cousuinptieu of wool vi tii.'inufaeturiug, lis well as nunc in- i (teas- in business failures. ' brrPth,m.J,L".,J nnunent is nude Knt i2 .lC!nen.1"mjnt. """. wperls cur- ihfl t "'""- ""I tnnt it will take laMtk.T'J' V?!'""' increase and dec dec larntlen of substantial stock dividend. Pennsylvania Railroad Pennsvn' "nlV of ,J3V m Monday, iiS? fiTnn,tt Railroad shares were at teUrlhM &! ,B"l f 1T( f,r0,n fe0). martSl.'01 ? Mn,Jth? ,,nc"'",e In the X.V rJy. VyJ,Iend "fcclamtleii from 1 tletbtedly been some sellins of 1'enn. Z."i.",?.J,)y. ".Penitatlva holders who Ji wi " T K Pnr,ler in ,he year in the .10s, nnd Bome selllns bv small rnders might be for the purpose of pre- tectlnic nthep uinflt ,.nn,n..' ...... l 17 i significant tl.nt uln,.e ti !i..- . ... .. ..- ....... in,- iiiimucr tji sioeKiiemers reached their penk at 141.. I very active. Indeed, the number of LiT...Y. ;"."'" x '"si, every month ims peri r Tin leVi i iw' I0,.,u en vember 1 fL11!0,1!3"' Jil1." .n ! rP ,,f R"8 from the pPnk. This Indicntes thnt larger Investors are buying Inte the company. .iiiTi nnNylvanla Im expected te show nightly better thnn 0 per cent earned en the capital stock for the current cal endar yenr. Stockholders will receive 4'j per cent In dividends In 1022. the same as paid In 1021, but the charge against this year's earnings will be C per cent, ns the dividend payable en February 28, and which Is being earned at the l',4 per cent quarterly rate. Is payable out of earnings of the Inst quarter of this yenr. Philadelphia Ituslness Conditions Kitmninrlalng business conditions in the Third Federal Unserve District. Itlchnrd Xd. Austin, chairman of the Federal lleserve Hank of Philadelphia, snys : "lluslness conditions In the Third Federal Heserve District continue te be geed, nnd. nltlieugh the rate of Im- i prevement during the Inst month has I net been se rapid ns It was during , but nevertheless total n considerable volume. Most of the business offered, however, is for delivery before the first pf the year. Lnial demand for pig Iren has been slight, ns n result of the heavy receipts of foreign Iren being delivered en old contracts and because bf this nnd of the larger supply of de mestlc Iren new available through In creased blast furnace nctlvity, prices have declined. Mere furnaces lire in blast thnn nt any time slnce December, 1020. 8tccl pi oil net Ien, tee, has con tinned te expand. Steel Inget output in October totaled 2,872,415 tens, the largest monthly total since October, 1020, Although production is hcuv.v, it would be greater were It net for tin decided scnielty of labor and for trans portation difficulties, "Iliiilding in this district is still tnits issued In October in the Thitd Federal Heserve District .1100 was the largest since June of this yenr. Tin estimated value of these permits, how ever, was much smaller. Contractors report n scarcity of labor, and as u result In many of the bulldng trades. ' wanes are the highest eer recorded. Manufacturers of building materials im port n soed demand for their products, although normally this is n slack season ' with them. Iliiilding luniber sales, it is tme, have declined slightlv, but brick manufacturers nre oversold, wiles of slate nre the largest In recent your", and paint nnd electrical supplies are mov ing well. All producers of building . materials nre operating nt as close te capacity ns the labor situation will per .nl. it." THE TRADKlt. INDICTEDJORJUCKETING Brokerage Firm Operating in Eight I Cltlea Charged With Larceny ' New Yerk. Nev. 20. Three indict ments charging grand larceny and bucketing were returned ngninst Hey II. MacMnslers nnd his step-father, Jehn F. MncMnsters. connected with the stetk brokerage house of J. H. MiicMastcrs & Ce.. with efllces In clifiif , cities, which failed Inst February for ' 1 stwo.ueu I MAY HKCOr.M.R TIIK SOVIKT AFunqellfil. Italy's new Dtilttlcnl lenriitr. mv i he cetialilrrinit tlie recognition of the RuiInn TITLE OFFICER A large trait company offers an unusual oppor tunity te a competent man. State age, experience. B 229, Ledger Office. COTTON We Solicit Orders in Cotten Futures ISAAC STARR, JR., t CO. t. IISO IGtfa & Sinseai Si., Pailtdtlpkia Mtmbtrt JVcv Yerk Cotten Extkengt Spruca 3llt.3l82.3H3 BtM 7ll-7t39 Hie preceding two or three months, the situation today is perhaps better than nt any time Since recovery began. Heth retail nnd wholesale trade are mere active than they were a year age. and manufacturers report decidedly geed business. Heme Industries, it is true, hne had n t-onsennl slackening in de mand, but in none of these tins the de cline been greater than was te be ex pected. Indeed, many express surprise , mm uiu uciiiiiiiu iiii net iiiiieu oil I no ceimnrnnB me recoitniuen or (no HuiMttn mere Minrplv. as Is usual with the near lU?iJ2eK,i4r?Sid'?fJiirrtni.-?.,T from i. .1 .i .... t.i i Clarence K. Htrelt. Che 1 inuc l.Gtxjutrn cer- llrueiii:ii ui 1111: inni; lur iunin m- i rePOnuenl venteries, nt l.misannp. rnp ..i,i,ttui.A I fertlBn news, turn te the rarelirii Nevrk ' "Stl hnre nrn sllirlitlv smnllnr. . .p.aK. ?.' WVCUUC bcnaiin. "Make It -'" " ""' w......,. ""' i MUDll. ilUVi GeoigcK.WabefvCo. UrUtitd Wublicleeimtant$ Income Tax Consultants CHete tVjihinjten.aC. Scranton TT-E SUGGEST ' ' a Periodic Attdit. of Your Reeks. Consultation Intnlfci e Obllcatlnn IE'kV vlVatnlSBPasiaHaw vnfr - "mer than an e(T?c building Broadway and Fifth Avenu at Madisen Squara Naw Yerk THE FIFTH AVENUE BUILDING N'cw Yerk lieadquarter.s for leading manufacturers in many line s. This grouping of sales efticcs in one lage commodious building makes it conven ient for the visiting out-of-town buyer. Frequently a season's buying can be done entirely within tlie building. omwaiwiii!OTiiiniiiieraiiiniiifiiiiiii COMMERCIAL AND INDUSTRIAL Real Estate Mortgages Negotiated wnm.wiLS0N&ija a 1617 WALNUT ST. H MMl'MMi' !lilllUll!r.'i!llll!l!ll!l1'll!LMlll'l!.lll':!lir,li,MTIl.K!ig $12,000 Life Insurance at Age 35 for $10.08 Per Menth Xa SDOtl.Llne.Osm! anf L4-i e for Tea aearl Yaur Date ef Birth Wbtt 110 a Menth Will De PEARL & SUDLCYV AGENCY 1701 FINANCE BtDO.. PHI1A. "PepenilsWe trmirtic Stticn ll" I Hnltlwiii Loceinotive . It N Intel etitic te note th.it the re.i'iium "-tuck of the llulduiu Lncnmo Lncnme tfe Weri.s nt the top price made en 8"itemln r 1." Imt was within 11 points ni tlie liiull lermd. l.'ti'i. teiiclied Im im; l. furiniiN Hpeciiliitiii' iMtiii.iiKn nf r.il'.l. At tin1 low iiin;:itiiin iiiuili' en Mundtiy. the Mind; -Imwid a ilecliue of :H"h point-, from the enrs pc;il , vliirli, liiii'i'i', Ictt riin-iili'iuhli' iiinr Bin bctei'i tin' lnw priie i P.'!1'.., na KllTOll Oil ,IilMlllll'. 1.'! of tlie 111 1 flit yenr. A cenllileut feelins presnils n- te the iiiilnieniiiic(. of tlie (ircii'iit 7 per lent liudi'iid. In tu'-r. the fi'ini-aniiilal 'Inlili'iid of Ml,. M n Khnre nil! he lie I'll ifil mi I'riduy. which will he p'iv t iii. mi .liiniinr.v I. 'I'liN will iiial.e the M'venilt dividi'iid ii'ii'iwcl liy tlir junior iiRiehnliler mill u tulal leieneil of :; I. .". I' is eillniiiled tin' 7 in r ii'iir 1 1 1 " -tl nd mi lelli the rni'iiiiiin mid preferied v ill In iMi'Meil tlili- tenr. The itunimnj i- iipei'ttiiiK nt 7(1 pei iciir. mid it 1 li'IKiltcil In have alinut .SI,i,IMIII.(illll llll fillid elder en the hied.-, IVmis mill I'aiillc KeoiKUiiiullen lKciis.iR the hill whlcli has heen In tiniluetil in ('iiiure.N hy Senater Slur fls Slicppiird te uutlierie the Te.ih 'ind I'.t Jlu- Kiiilieitd, whlih epcnite, 'miler a IVdeial iluiiter, te i.sm udi.t udi.t lentil seeiirlMes aniiaiutiiiK te uppro',1 uppre',1 nintelj ST.Illlll.ttllll. ,1. l,iini'ii.tei'. of lllllllls, iecei.tr of tile mild. Miid hat it the iiiciiMiie is putted iihiuit I.IKMI.nt'l) .P.pi.idi(l ill ll.illi.v 'in tfrmlnnJ liiiiineiiii'iiix duiiiiK ll.e 'lext two ,ems. 'Tli" di'M lepnuMit of Teuin, csiie inllj the leirilei,v -ervcil Ii. the Ti'Mis i "nil I'.irilii'. iIiiiiiil' the hist j ,..,r ,. ii ei't'ii wi i npii!, " Mr. ,aiieiiiei nuid. Hint ! h,iM hoi hern tilde te l,n p 1ur'!lM of the Mtilllllell. I'lie KlCilli -I ""ed of the line im hetter lerminnl fit cilitii'M, If the rnml l'i clveii (tilt hoi 't n I'mik. the S7,ttl)ll,IIIMI In IieiiiN, the "'llil will lie s,,. ,.ii,.j fP teniiiiull ipreementl. I "The prcent lieiid limit of the Teii. I "ml I'ncille is S.tl,llii),lil)(l. this Injiii'. I'fl.'lhlMied itiiiier the I et uu iii;.'il h ii ".hi in i, it in,, iiuu'tiiliiieiitii pin nosed jv Seniiler Sheppnnl lire nllewed J I etnrreSH, the siviunl iiieiIkiii hnnili of the Tevtis mid I'uellii', totaling ithetit -'.i,(MIII,linn. will I melted into pie. lerred mei-I; and the aiiieiini for new 'eiids for liiiiioeinriit will nutoniiii nuteniiii '"111 he miide !?L'."i.(lll(l,(ltl0. The Hei "id mnrltttiBP is the Issii der whleh ;ne Ipmis nnd raellie is new in t( 'lands of receiver. "IteoiKtmiulieii of the Texnn tun! 1 nelllc mid ilisHilillleil of the lecehci 'dp will fellow tiipldh upon the pas 'nge of prnpiceil miii'iiili'lils of tlie com cem 1'inj h L'huitrr." rnhllc Serlre Torpor.! I inn of N, ,, A Mieel.il ttieelliir n Mei Muddei's of Utile Service l'oi'iei'iitiou of ew .lei -" has In en i.illeil ler M'uiil.ij. I i- IPr "., "I Vewurli, te -Mile en the ill ill ecters irt fill receiiimciidiitlnii thnt the I'lcferred htiiel. lie dUiilcil Inte twn iniiM's nnd 'lint lie iiirperiitlim icliii. Mllfh its option te i fd n (he Hind, lit ''J. At pii'sent iheie is S.-,ll,(l00,(l(l "i H per cent preferred Mncl; niitlierieil "id It is propest'd te niter the corpora 'ion h char er te miiKe ihU jiL'.'i.fKMl.DOO or H pnr cent Htnch nnd SW.ntiO.OOO nt a new rnte of 7 per cent. Continental Can Continued Mrciit'tb In Continental ' nn romnieii Meri; in tlie fnce of cencrul "eaknent throiiKhent the list In Inter "reted ns Indlcntliiy Important evcutN in lennectimi with the off a irt of thnt cer-pm-nUmi ero Impendlnu. ThoBe grncrnlly well pwtfd asaert it would net te II New Issue - $3,000,000 Ice Service Company, Inc. NEW YORK CITY First Mortgage 6!2 Serial Geld Bends (SAFEGUARDED UNDER THE STRAUS PLANI 0 ft1 li Si ' fll I AUTHORIZED: $4,000,000 ISSUED: $3,000,000 SERIAL MATURITIES, 2 TO 17 YEARS BORROWING CORPORATION: The Ice Service Company, Inc., one of the largest ice companies in New Yerk, formed as of January 1, 1920, representing the merger of five Mtccessful and profitable ice com panies which have been in business from 20 te 30 years. The Company supplies approximately 60 of the office building trade in Manhattan, does a large wholesale business with dealers and maintains 1 28 retail ice routes. The Company is under strong, able and aggressive management. This financing will place it in a highly liquid condition with a ratio of current assets te current liabilities of better than 2 te 1. The outstanding capital stock consists of 42,290 shares of 7 cumulative preferred, and 71,179 shares of common stock, no par value. Under the terms of the trust mortgage $3,000,000 in bends arc issued, $1,000,000 additional being deposited in escrow, for the financing of future improvements, un der proper restrictions. MORTGAGED PROPERTY: The bends are a direct first mortgage en 30 properties, including ice manufacturing plants in Greater New Yerk and valuable natural ice plants and storage warehouses located around Albany. After this financing the books of the Company will show fixed assets en a basis of cost less depreciation of $7,224,070.95. EARNINGS: Average annual net profits of the Ice Service Company, Inc., available for interest, depreciation and taxes, for 1920, 1921, and 8 months of 1922 were $638,290.59, equivalent te mere than three times the greatest interest charge en these bends. These bends are surrounded with all the customary safeguards of the Straus Plan including monthly deposits of principal and interest. We purchased this issue after careful investigation and offer these bends as a safe investment in sums of any amount. Denominations, $1000, $500 and $100. PRICE: Par and accrued interest te net 6'2 Call, write or 'phone for literature describing this issue. Ask for Booklet 683-L S. W STRAUS & CO. KTABIRHED 1882 OPTICM IN THIRTY CITIES INCORPORATED 1617 Walnut Street, Philadelphia, Pa. Telephone Spruce 6387 FORTY YEARS WITHOUT LOSS TO ANY INVESTOR ' imh-5,W.5,CiL $2,000,000 Century Ribbon Mills, Inc. (Erntt St Herman Ltvjr) Seven Per Cent. Cumulative Preferred Stock Redeemable in whole or in part at $115 per share and accrued dividends The Company shall expend each jcar out of net earniiiKs or surplus, an amount equivalent t Wr et the authorized issue te be used as a Sinking Hind te retire Preferred Stock by purchase or redemption fit net exceeding 115 and accrued dividends. Application will be made te litt the Preferred and Common Stocks en the New Yerk Stock Exchange Te be prtitntlr autheriit d and 'Ututd $2,000,000 ' CAPITALIZATION Seven Per Cent Cumulative Preferred Stock (20,000 shares, par value $100 each) Dividends payable quarterly, cumulative from December 1, 1922 Common Stock (without par value) 100,000 shares THE COMPANY HAS NO FUNDED DEBT llcrman Lew, Esq., has briefly summarized his letter of Xetember 27, 1922, as folletis: HISTORY: Century Ribbon Mills is te be incorporated under the laws of the State of New Yerk, and will be a continuation of the business established about 44 years age by Ernest and Herman Levy. The business has shown continued and healthy growth under the management of its original founders and in no year has it ever shown a less. BUSINESS: One of the largest manufacturers of ribbon in the United States. Over 80 ve of the pro duction is of plain staple ribbon, the remaining 20 consisting of novelty and fancy ribbons. The organization is self-contained and complete, handling all of the numerous manufacturing processes with the exception of dyeing which can be done mere economically by ethers. PROPERTIES: The Company will own in fee and operate six ribbon weaving and throwing plants in Allentown, Yerk, Carlisle, Hanover, Portage and Patten, Pennsylvania, and will also operate two plants under lease (the Company owning all of the machinery) in Paterson, New Jersey, and New Yerk City. ASSETS: Net Current Assets, as of September 30, 1922, will amount te $2,814,236, equivalent te 140'r of the Preferred Stock. Net Tangible Assets will amount te $5,286,814, equivalent te 264 of the Preferred Stock. EARNINGS: Net Sales and Profits for the four years ended December 31, 1921, after depreciation and after deducting Federal Taxes computed at 1922 rates, have been as follews: Teir Ended Beeember St Vat 8tle Net Profit 1918 $3,165,024.13 $496,560.84 1919 5,384,367.68 868,584.8" 1920 5,680,607.67 302.996.0J 1921 5,504,641.35 642,439.83 Theia fruret are btfer the payment of an arerifa of $43,707.64 rent for usa of four planU. uhich will hereafter be enned outright by the Company, The average net profits for these 4 years en the above basis were $577,645.61, or 4 times, and for the past 12 years $333,884.76, or 2J4 times the Preferred dividend requirements. Fer the nine months ended September 30, 1922, the management estimates the net profits en the above basis at the rate of 5J4 times the Preferred dividend requirements. The business has shown a profit in every one of the 44 years since its establishment in 1878. MANAGEMENT: The management and control will continue te be in the hands of the same interests who have been responsible for the success of the business since its inception, and who continue te held a predominating interest in the Common Stock. It is cxpeeted that Interim Certificates of The Xew Yerk Trust Company, or Temporary Stock Certificates, will be ready for delivery about December 18, 1922. Thin issue is subject as te legal detaxle te the approval of Messrs. Cravuth, Hendersen. I.eflingwcll & de Gersdorff, Counsel for the Bankern, and Messrs. Sulli van & Cromwell, Counsel for the Company, and is offered when, as and if issued and received by uf subject te prier sale. Price 98V2 and Accrued Dividend. Yielding Over 7.10 J. & W. Seligman & Ce. Hayden, Stene & Ce. The atatementi contained herein art net guir.inteed but are bsed upon Information which believe te be accurate ami reliable and upon which we have acted in the purchase of this stock SL 3 i When Investments Should Be Changed PRUDENT investors realize that, in order te get the best income return consistent with safety, it is necessary from time te time te change investments. Perhaps recent conditions have made it ad visable for you te transfer some of your funds into different investment fields. Such transfers are properly the business of an institution like Provident Trust Company of Philadelphia, which is qualified by experience and equipment te give expert and unbiased investment advice. An account with this institution puts reliable and unbiased investment counsel at your dis posal. Call, telephone, or write for a copy of our booklet, 'Investments Demand Ex pert Advice," which tells interestingly the value of our service te investors. PROVIDENT TRUST COMPANY A First Mortgage 20-Year 7 Bends Secured by direct closed first mortgage en all fixed assets of the McNab and Harlin Manufacturing Ce. Business was started 68 i years age. Quick assets are 3 times S current liabilities. Net i earnings have averaged 4.30 times interest charges for the last five years. Prospects for the con- J tinued successful develop- ment of the business are . bright. I Price te yield lr Hemphill, Noyes C, Ce. Mtmbtrt tlw Yerk Stock Eichunf Franklin Bk. Bldg., Philadelphia New Yerk Pittsburgh Bosten Bcraateat Let Angelr Albany Syracuse Baltimore Wilmington Bridgeport 2l:m!iin-":Hlni We Offer a Bend uliich It a first mortgage en a rnnmylvanla Industrial corporation, uhcre a larga portion haa alr.ady bean rettrni by th Biuklng fund. The benrl l tax frae In r.nna. and aella at a rrtc. te yield 6r,'. F. P. Ristine & Ce. Widciifr Building, Piilid.liii Naur Yerk Elisabeth, N, t. Slrmlets Vru. Yerk and I'liilatlilgMa Sleck Kiihangta tWHMMHli Victer Talking Machine Ce. U ! H K H V I OF PHILADELPHIA I - JX yMMBMaNNamMsf I v Fourth and Chestnut Streets - 'f ' ' M0RLEY, WOOD & CO. 333 Chatlnut Strt Members M. Y. VklU. MmH ZMfc't). s m w '4 VA I vl " .m J V.-..fiVA. ),. i 5 fs ii . .1 l aaaaaa I i 1 i wmjmmmmJXmmmmmmmme
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