mm 3r nr, EVENING PUBLIC , LEDGERr-PHILADELEHIA; , MONDAY; DECEMCBB, 4J 1932 w . f saawasssj,rTass 25, M mum , I III mJ H W m I llUlf I ar ll I I ' mi II i t inn 1 1 hi I - Undard of Indiana Up en IpNftyf aklng Paarlesa Metera Oalns en smaii rurenwa ' .. nu A Tha mirh mar Jfartfipd mere Activity after the ?L?nV ltl the general undertone Ware. " "",.,31 k'rlv a SVS5St lffrs&?& ffleff Pra,r, Sered up !f points. Durent after n slight . reaction-, rose t the privle ns high, reerless Metera ttcd mere than S point en small S&bPN. Retail (andywaa frae- ,M finneek oil a SH jt 122 Hpuipa . nor sh stf itt 600 Heabeard .,.,,.,. SH Sit H isssr" UQ,W' ll U !l 8800 fllmtni Pet J8H 1 IS Wi?l:::: if ife l tefcraPei.-:::::: 1ft ft lit EST better. Cities Service Lgrt than 4 points. INDUSTRIALS Hlnh .. STe ..infl aft 14 G2 IH Wl'lt "'"LV m rtIA i?w:;i8i; ,& & . llf IIU1I1IU l'S v. --. - - am - 'i Century. Rlh Mill.. T I UefMAin ;,.., . illt inland me.-l. 41 H 414 Mm Mercer M0,.0,. ' 2 ?, m 114 178 1T2 , lin lle4 W Aluminum pref. 0Amj Jnther . Buddy Dud i ..... CMcace .NIPPle ten Cent Melprs ieeCurtlM Aero ... fei Durnt Moter . . ! Ml' . "'"K... . rose 1:i)0 Lew KM. ilTc 8Tc 108., 108., 'i n a. ejv. fill 02 2 II s k, iM : m Uercer Met v t c. IMMeiaM Iren v Tvl nrf . . . IM Peerlesa Moter . 1 romp aiuriia .. Radie com ...... jM Ree Moter True tOA Srtiulte i Stores .. aaa BMith r A T. . . . TOO Technical Kred AS SO 134 iii.' R&i W Trrnniraii vu ' ...7 IdOTenn Kl.Pwr la'i 1ft Tedd 8hlp Of sa if a r. a tr wmi ti e Mt'n Prof Hhnr new. ,3l tin Ket Candy .... K0Wet End Chem... mewillv corn ctfa... tflOWInther Moter . . . jdOMaj-n Dept Stere.. 1(10 New Fiction J(iPI)eenlx Healery .. SAO Wm naille Ien Repeal Candy . . . . fxi TTniHcniflr 1109 U SUII p'ref . i.i S7a in It's ". 11 S 2.14 AS St 4 ISf, r.x4 8H" r,9i in cs Mia ,n., 11 ! D4 B7 -,0 1 11 Vs im; us se Ht4 4 Or as It roc in 114 4. "? 1" 1 STANDARD OILS eoOAmle-Ani Oil ... 194 SIM All Lobes 7i lOCreecent 48 lJ Bucke PI. .... H" 43 imp Oil Can ....114 J2.1 Indiana Mr .... f'fiV-j N T Tranii SIS SOPralrh O C ...H48 llAPralrla Pine 80fl m H Oil of Kv 121 I200H Oil of Ird ... .111 l S Oil of N V wl . 4li line S Oil of N J wl . . 40 SO Vacuum oil Or.e leni Vacuum Oil wl . . 4 J 200 8 Oil of I'ullf wl. .is'. 101) H Oil of Knn wl.. 4'"'i 400 8 Oil of Kan wl Ii. 4S4 104 74 4.1 118 (HI SI1 II8K .iims ll'OS, p-.' '7U :", :.-: 4'.-t l.VIWEM)K.T P0 Allied Oil MOAtlartlc Oulf .... IViiu noenF mi 100 no We IHOO rarlb Synrt . . . .IMritlea Hervlc . 1inritl Serv vf UII..S . H1" .irii . -J'ia, . Ill 14 4.1 XM ne''i 212 11.1 s aim 12D4 li nil 474 S!'4 114.', nU 4"H 4S4 I" Illy .lll7 "i :'; ll'l MININO ' 100 Canarle Copper . . ' 3S 4000 Candelarla .Mln . , 8Sa 1200 Cens Cep M 4 1000 Cenes silver .... 14 ntmcreiaen Qeid .,,, 24 SOOODIvlrte Ext 12a 2200 Rureks Creeiua . . 80s B0O0 Pertuna. 17e lOOHtcIa Mining .... 8H 300 Howe Bound 2H . ouev inqepanaani beaa . aoe S0UO Knox Divide 4a iron cetk jrevince. . . , 1000 Dean Cena aoeo OeTdflatd Deep , S000 OeldSeld Ore .... 20OO Richmond ..,,... 2000 Ruby Rand 10 no silver Mints Amnr isn 1000 McNnmara Cretcent Oa oe National Tin 2le 000 Ohie Ceppnr ,4"n VSOORny Hercules .... 1H 1000 Heearhead 4e aieuTecK Hucne . S800 Tonopah Bxt . 200 United Eastern 1O0O U M Cent .... : una u ,. .an ? 12a 200 ? 3SO 4a 170 170 800 6Be 10a la 30a 28a 000 West B3e De la . 2Sa 2Sa IKa Oa Sda 4?4 4e 840 i i 120 21a SSe 4a esa 10a 28? 280 ISO (la 24c 47c 14 4e 4 $ A 5 Be liV BONDS llOOOOAm a E Ob....', OSTi fuw Aiumi I'ncHQra na inilfl Aliimlmtm Ta '9ft B04 964 .. .09. . .09.. ..10SH 10SH 108-4 DJU 9K 02 H inn 1000 Aluminum 7a limit Am HAH flu 8901)11 Am Tel Ha. '121 101 2000 Anaconda Cep 0i..l00 MO1 0000 Anaconda 7i '29. .108 , 10S1 (11)00 Ansle-Am Oil 74a,108' i 108 2000 Armour ft Ce 7i..104i 104 1WII All U i V 1 (. . !iinn tittt tttMi fm 'ja 20O0 1!eth Hteel 7i '88..1021 , loencan Mat ny eq 7t.ie' , 2000 Cent Steel 8 ....lead SOOO Clt Serv 7a C! 08 iuuv cena uhj Halt u..iia I 1044 1024 loeoo cena Tcxtlle s lueu ueers co TVt . iueii uaienn n u 7a KhiOO Inter R T Ha ctfa. .jinnn Vnn n it. 100U0 Kennecett C 7! 8000 Laclede Oaa 7a. jvv'. .fc erir JL . 11. 4(100 Det City Ob 1O0i oiieu (iuir nil na ee'4 11000 N Y N II t M 7a. 77 SOOOShcff Karma OHa.lOO' lOOOShuwaheen 7a ....104' 1O0OH O N Y (14a lOfl1 Bngii Bwui ue ea.... as 7000 Hulft & Ce 7a. !81.102 400ltUn Ry Itav 74B..105 noeo wayne ueai ua.... ii , SOOO Kan City L P Ba 004 lOOOSIeaa Sheffield fl. 07 COOOSeu Cal Edlaen Rs. 014 FOREION BONDS 100O0 Argentine niemi Kni 107OUU Kin 2S0UO M Y nnn miHMittn Mm Mir. in floen Swlaa Qevt 84 a.. 1024 874 D4 Od nil tnA 102 1UU" 1UVW 10 J4 105 4 ea or 4 1024 1024 e vsva nev a.. 105 1024 1024 1084 10)4 1034 904 e4 e4 ns os bs .,1034 1084 1084 ..ietu iei4 leiu 111 1004 08 77J '4 1014 10 91 1004 7?a A 100V4 I0(l n 104M iu4 4 K iea KMi Jt eai ps4 4 1024 lmtl 10.1 10.1 '.. 7 . D04 904 07 87 044 644 ntlne 7 fW;4 ; of Neth Ua. 984 of Herb 8a. 724 N II H Fr 7a 004 3000 U H Mex 4a. Oft nfti 72 Mil 10 1024 80? 3ti 0K4 10 10J4 Vt GOSSIP OF THE STREET financing with a view te stimulate mere substantial situation with respect te the market for. Government securi ties. ' The activities of the Secretary of the Treasury thus far In the matter of new financing hiving been of a decidedly constructive cnaracter en eacn occasion when new financing baa been under taken. It la felt whatever new financing measures are adopted by the Treasury Department, the offering will be made highly Attractive te the public, anil earlv In 1D28, It it may be assumed the bend maraet uy tnat time naa recuperated, it would, seem, fair te assume a long term Issue will be put out by the Wash Ington authorities. The laat offering was unusually suc cessful, and while the large amount of money diverted te the purchase of the new 4- per cent (government tonus tin Suestlenably ' resulted In somewhat ampenlng the bend market as n whole, It was n step forward en the part of the Government in that it resulted In fund ing for a long period a substantial amount of abort-term securities. Cuban Leu Offering Postponed Rem interest was shown in thn nn. neuncement the Cuban lean offering had been postponed for a period of at least a week or possibly two weeks, owing te the illness of President Zayas and te a desire of the Washington authorities te further investigate the financial con dition of the Cuban Qevernment. Con fidence is entertained sealed bids will be asked within the neit fortnight, and it appears certain there will be at least three, and possibly mere, bidders for tlu $50,000,000 or $80,000,000 issue con templated by the Cuban Government. This feeling in investment circles is these bends will demand mere than passing attenttqn whep offered for sub scription, and 'little difficulty will be experienced in successfully placing them with Investors. It is 'felt it will, be necessary te offer them at nn attrac tive quotation, particularly if they are presented te the public befere the end of the present calendar year. If the Cuban autherltlcH would held off for another month, bend men are of the opinion a much better price would be realised for the bends, as. It Is re garded as a foregone conclusion after the turn ei tne new year, and tlie .Jan uary interest and dividend disburse ment money is available, there will take place a substantial improvement in tlie bend n.nrket nn,d new issues enn be marketed at prices one, or possibly two. points higher than is possible under present conditions. control that the Interstate Commerce Commission has ever rates and the en eratlen of the reads, kills .managerial initiative, prevents adequate expansion and development, ami resuiia in miner, net lower, freight Mtes for the gen eral public. . , . "When the railroads can carry only bout 00 te 70 per cent of nermnl business It Is about time te ait up and teke notice." Brokers' Opinions HM&er A Ce. "The drastic liquida tien of the Inst four weeks has te a large extent corrected the technical condition of the market by eliminating many peels and overloaded, bull ac counts. The true merit of the various stocks con new better be discerned, with the coppers in the foreground. The visible supply of copper is decreasing and a rise in prices of the metal should reflect advantageously these stocks. With easier money many standard, dividend -paying stocks wili leek cheap at these levels." Newburgcr, Hendersen 4 Ub: "A number of competent authorities arc of .l. t.iu im'trim nrlcM for mnnv of the representative shores In both the railroad ana industrial niv..uue -i-about reached this week, ut least for the present. This does net imply nn Immediate resumption of the ferwnrd swing is probable, but It docs mean the market temporarily nt least is in, or approaching, technically, nn over sold condition, convincing proof of which is te be found in tne perception; diminishing of liquidation; ulse in the removal of the bear pressure in some of the recent mere vulnerable spots. All of which can be accepted ns evi dence of the first stage of the adjust ment process being completed. Uy rea son of the ever-extended position of tit short interest, n sharp recovery is seemingly Imminent. Advantage, in our opinion, should be token or all sporadic rallies te further reduce re maining outstanding long commitments. It is recognized there can be no pro longed reversal of the market trend until all the weak, accounts have bee- elimi nated " K. B. Smith & Ce.: "Liquidation seemed te hove been completed early in the week. A rally of fair preper- Hen. due largely te. short covering, fel-i lowed. The volume of transactions hits i been considerably reduced." j THE UUUCIt. U. 8. Certificates and Treasury Notes inn Feiipral oil sv v Mi. 200 O'ennKk OH H n, i ,i. OOllndenn Oil 12" I! 1?c snnint Petrel i n,..; n (I)(I0 Kev RpTiitnr 2i a "s ItlMfl jnn Kirhy I'cte unnnulf Oil .... llf.nrT 0 ., '.'n MnennUa , , , , lioe Mammoth . . , 1.10O Men. Pete . . jmMarncalb., oil rHInInrhnd Mrx .10 Merrill Oil .. tOOil ji-.t Pan . . . , 101 Mre en . , 2mMnun Oulf ., 500 Mnun Pred . , l Mutual Hef ., toil N" Y nil , . . , lOnoNihle OH ... 1700 Omar oil . . . , M'lj . . r.- !!24!5 . . 42k . . 8ti .. 10 .. fs . . 47" . . Sir .. I.V :: !?' n ;; i4 Ml. '"'.! ' Sill 4J IK" I-'. I si.. I n:. in', in "V .-111, SM-t f'4" 'i' i l"C Me )A, 1fl4 W III There can be no doubt the recent tie .'lining tendency in the stock market was due primarily te the questionnaire of the Stock Kxchange authorities. While it is possible there was no Idea of bringing nbeut such wholesale liqui dation at declining prices, the orders of Hip Exchange authorities with tcgard te borrowing and capital of the various firms started the decline and the Impetus which was gained from ilny te day seen took the entire situa tion out of the hands of the leaders eud brought aheut a condition border ing en demoralization for a time. The general impression in Wnll Street, new the serious period has been passed, and although there may be re actionary trends from time te time, the ilreline ullr"be neither ns drastic nor as . serious jis these which have gene 1 befere. Despite this belief, however, the Heading interests arc following n con servative and cautious policy and it is net likely there will be blind and head long speculation en se large a scale ns wits experienced earner in tne year. 1 Government Financing I Much interest is belnx shown in the possibility of it substantial amount of new linanclng being done by the United States Government between . new and the end of the current calendar year. Lending bend men say in their opinion flic Government will probably undertake no issue of $500,000,000 of short-term Copper Metal Market Firmer Durins the last week the renner mar ket could be said te have been rather lirmly established at fourteen cents u Int. Kite Maturlne Date .; itc, .-... tM4 Dec. 11122... t'44 March. 1028.. . t.ti Jnn. 1028... pound. While it was r.tlll possible for ! l ,& Jjj?- some consumers te place orders nt thir teen and sevcn-eiglitlis cents, tills busi ness was of a special nature, and the sellers were selecting their customers at that price. The distance of delivery and the time of shipment, coupled with the quantity wanted, were the main considerations for the lower price, se the bulk of the nusiness none by tlie leading selling agencies was nt fourteen cents, nnd the Indications are the market will be firmly held at that figure for some time. Reports were again heard in the trade of price shading, but n thorough inves tigation failed te disclose . any large offering at below the prevailing quota tion, except as stated previously, when specially favored consumers were given preference by certain of the dealers, ftet all the dealers were riaking con cessions, however. Handicapping the Railroads Charles 8. Cal well, president of the Cern Exchnnge National Bank. In the current Issue of the Cern Kxchnnec published by that institution in a brief editorial remarks: "It was most encouraging te hear Senater Keed spenk at the Union League in fnver of lrss Government Control of business. He especially ni reused me interstate uemmercu Com mission's control of railroads. "It is proper for the Government te have some supervision of the railroads perhaps such as the Government new has ever national banks, but the close at u.. t44 March. 192.1, 44 Dec.. 1928.. t4 March. 1920, T'44 Sept., ID2II flld 100 100 100., U0 99 S 101 101 A .t,,nfr ln.-, us',. Aakcd Yield 100 1-3S n.:u lOOi 100 105 101 10D4 PHU 8. se .'I 7.-. :i.iiii 4.4(1 4.48 4.'47 4.4(1 4. 4H 4.4.) Ktempt from Fcdral normal Income lax. TACccpiauie ter pa due en date of matur Acceptable for payment et Income tax . DIVI0END8 DECLARED Banger and Aroostook IlHllread Company. Suartcrly 14 Pr cent en tireferred, pavabla anuary 1 te stock et record December 1.1. New Tork nnd Harlem Railroad, eeml nnnunl 12.80 en common and preferred. pa able January 2 te ateik of record Decem ber 1.1. ) Wisconsin Power, Llaht and !!atln Cem rany. quarterly I1I73 en preferred, payable January 20 te stock of record December's). United Dyewood Corporation. Quarterly of 11.ne en common, payabtn January 2 te stock of record December 18. Imp-rlHl Tobacco Company, of Canada, a flnal JUIdenil of 1 per cent en ordinary shares. MR. SALES MANAGER Can you use a man, 27 m. old. with 8 yrs. read asp., proven ability and A-l refer refer enees In your Phila. territory 1 . Experienced In electrical and specialty Ilnsi. Avail able In Jan. Communicate 8 304. LEDOEE OH10E StOckwell ' CERTIFIED PUBUC Wilsen & ww Linvill i LiTitbll(1f.;Plila. NEW LOAN $3,000,000 State of Seuth Dakota 4M Bends Dated November 15, 1922 Due November 15, 1942 Theae Bend are net Callable Prier te Maturity Principal and semi-annual interest (May 15 and November 15) payable in New Yerk City. Coupon bends in denomination of $1,000 with privilege of registration. Intereat 'Exempt from all Federal Income Taxea Tax-Free in Seuth Dakota Legal Investment for Saving Bank and Truat Funda in New Yerk, Connecticut and ether State The State of Seuth Dakota, with a population of 635,839 according te the 1920 Census, has an Assessed .Valuation of $1,977,127,056 and a Total Gress Bended Debt, with this issue included, of $57,470,000, or about 2.9 of Assessed Valuation. The State holds in trust for payment of certain of its bends assets officially estimated at about $43,000,000. These bends, in the opinion of counsel, are direct general obligations of the State of Seuth Dakota, issued for Rural Credit purposes, and unlimited taxes may be levied en all taxable property in the State for payment of principal and interest. Seuth Dakota is one of the conservative agricultural States of the country, and at a recent election defeated by a large majority all prepositions presented te issue bends for addi tional purposes. Price 103 yielding ever 4.50 Legality te be approved by Jehn C. Thomsen, Esq., of New Yerk City, Guaranty Company of New Yerk Stacy &Braun William R. Crompton Ce. Wells JNckey Ce. Bankers Trust Company, New Yerk Ames, Emerich & Ce. Hannahs, Ballin & Lee Mississippi Valley Trust Ce., St. Lew's b v - - f . N " " ,w- f nl u"rntf ataumsnta and mirs oeatalned herein, but they are taken from sources -whisk we believe te t reliable, W r a ' r ' ' ' f ' ' new e r p e k i n e ; ")f .' -.........--T--as-at---s---sjjjjte7asBaTjaTJSaBsssBasaasBlBalWs r j 4,248,000 Central Indiana Power Company SubsldiariM Operate iat the City of Iodiaiupelis and ia Central Indiana First Mortgage Cellatcrtl and Reminding 6 Geld Bends, Series "A" Nenmailable until after June 30, 1932 PRICE 95 and Interest Yielding about 6.40 Dated July 1,1922 Due July 1,1947 a Coupon Bends Denominations 551,000, J500, 100 The Company agrees te reimburse the holder? of Series "A" Bendi, if re quested within sixty day after payment or the Penn tytvanta Four Mill Tax, and for the Connecticut Per sonal Property Tax, net exceeding four mill per dollar per aanum, and for the Masiachuietts Income Tax en the interest net ex ceeding six percent of such interest per annum. Interest payable January 1 and July 1, at the office of Halsey, Stuart & Ce., Inc., in Chicago or New Yerk. Interest payable without deduction for normal Fed eral Income Tax net in ex cess of 2. Redeemable after June JO, 19)2,' at the following prices and accrued interest t en and (ran) July 1, 1932, te July 1,1917, at 107 Hi en and from Julyl, 1917, te July 1, 1942, at 105 1 en and from July 1, 1942 te January 1, 1947, a 102 Hi and en and fc'a January 1, 1947, at 100. FtrJttiUdlnfrntitri rtgtrdingthttt Bndt, stuntim it dirtdti H UHtr tMr. hi. H. Brewer, freiidenttfthtCmpigtfrtmwkiththifiUtwiagUtumMrndt The subsidiaries of the Company serve 70 cities and towns in 25 counties in Indiana, including one of the two electric light and power plants in Indianapolis, with one or mere classes of public utility service. The estimated total population of the communities served is in excess of 500,000. Fer the year ended September 30, 1922, consolidated gross earnings were $5,126,358; consolidated net earn ings, $1,740,518, as compared with annual interest re quirements of $787,730 en all outstanding bends of this issue, and Divisional Becds, net pledged. The aggregate par value of subsidiary companies' bends (or cash in lieu thereof) te be immediately pledged under the Mortgage as security for the outstanding bends of this issue is in excess of all such bends. Ne additional mortgage bends may be issued by the subsidiary companies unless deposited under this Mortgage. The Central Indiana Power Company will own all the outstanding bends and the present outstanding capital stocks, except $1,564,000 par value of bends and Directors' qualifying shares, of six public utility companies operating within the State of Indiana. It will also own all the outstanding stock, except Direc tors' qualifying shares, of the Indiana Electric Cor poration, which company has contracted for the con struction and financing of a central-station generating plant with an initial electrical equipment installation of 40,000 K. W. capacity. These bends are offered for deliver? when, at and If Issued tad facet)! by us. sad seHeet approval of counsel. It Is expected that temporary bends et Interim receipt exchange! rat dSnltt bend will be teadv for delivery en or about December 1, 122. All suisnmii herein are eficial et ere besed en Information which we regard as rtlltble.end while we de net guaraatee them, we ourselves heTetelieel upon them la te purchas of this a Halsey Stuart & Ce lawjtpwMtad Aw Bw Leach &. Ce, Inc Paine, Webber & Ce, Stene & Webster, Inc Spencer Trask & Ce Statistician Investment banking house handling securi ties of highest grade has excellent opportunity for right man as statistician. Reply in confidence, stating age, experience and salary expected. B 414, Ledger Office. Jehn Wantmaktr S's, 1932 Jer. City, Heb. A Pat. St. Ry. 4', 194 lad., CelsabBS ft East Trse. S'i, IK Union Traction Ce. of ladiaaa S's, 1932 Illinois Central Tractiea Ce. S's, 133 Pails, ft Garrtttsferd St. Ry. S's, 155 ub. Serv. Cor,, of N. J. All Issues SAMUEL K. PHILLIPS 4 CO. Member, rhlladelpbla Stock Eickani 607 CHESTNUT BTBEET Steyeai & Thompiea Paper Ce. 1st Mtg. 6 Bend PRICE TO YIELD 6.4BTe ErlRSCTBROS.&GO. 1421 Chestnut St. Philadelphia Bends for Investment teumtmii Upm qm0 The National City Cempeuiy in Mte vsum pirrv ami- Alan A. Alexander & Ce. Stocks and Bend$ Colonial Trust Bld.t Phil, Sea fer Ceprat Oe.- wjaebJ Marks " MM . "Use as DeeWT PteteaeeawAwrawewin tmAtmf Mean 25 Saving PeMiylraaia la.eauitjr Exchaaf mmm9t)ti St, 4 Se. Ins Be,utreBH MACKlE,IWf4J.lil Urwse co UmWH Your Personal Investment Preblen In selecting an investment, safety is the first and foremost, but net the only, conaideratien. An investment may be safe in every respect, and still prove unsatis factory because it is net suitable for you. The extent te which an investment meets your particular requirements determines its suit ability. Investment bends, possessing the same degree of safety, may differ in many ether respects. They usually possess varying degrees of marketability, and differ in regard te maturity, interest return, tax exemption features and ether important particulars. The selection of a satisfactory investment is the problem of cheesing an investment which is both safe and suitable. It can best be made through investment bankers with the experience te judge your requirements, and the wide assortment of issues te properly meet them. During the past forty years, we have studied the needs of thousands of investors and have assisted them in making wise selections. During a period covering two generations we have developed an organiza tion of trained and experienced men whose duty it is te keep in con stant touch with investment conditions and give investors the benefit of their judgment. We offer our services, without obligation en your part, in the thoughtful consideration of your investment needs, and in making recommenda tions based upon your requirements and our long experience. We invite correspondence en your personal investment problems and shall he glad te sand you our December Bend Circular en request. This Circular contains a brief description of ever two hundred bend issues, Harris. Ferbes & Company Pine Street, Cerner William, New Yerk ertwT, retbes lae.rp.rauS . " i Bwasea I. . j. . i . j . l. -r - . . -' UiT.J . nl. Bl r,.ittJ ,iJi t- t.famrjvajtJtJJiit.i . Wldener Building, Philadelphia lUtmrSisjmf t Harris, Perfe a Company ateatisis; Hi y n J?J
Significant historical Pennsylvania newspapers