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jatSt
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. freih butch of' kMMT
Jits te the patiaitoe.,
?VL-.J;' itiMten found e6n-
whfch wte a-apeed- iavD
S'wai Preceded by the tow!
, $3 wr cent ateck dMdend
i Btadebaker directors bm tne
!K atement of the dlwcteM
Ttb
Kanylnir statement of the diwctet
("'J?, ih-t nrninM of the ter
tln.i ii. nrnanccta are attch tha
ffawMemeBf bellevea the prewi.
, of 10 per cent en me mm
'yi-? . Tner cent annual bnala. That
$Su maintained until lart July.
SfcMhe dividend rate waa Increaaed
NiVSrSlO ner annum e.nd an extra $1.00
ralfwM declared. ,
V! . vr MlMOtiri. Kansas and Texas
A The reonaniiatlen plan approved by
fe'Jlnterrtfte .Commerce Cemal., en
,BW. -- .-,,
.win " ". """'.r-i-
..J Tmhb H0IIWB.T yv""f""J "
Kunsrw
opera
$K with capital flabllltfea $46,376,000
Mm thi" "theSe carried by It predecea
tZ and annual Interest chnrgea alae
U'E than these of the former corpora cerpora corpera
fl'Sn by $1,700,000. Tue new company
3n have total stock and tend laities
r-tr. - -I. . .r sum kihi inhi nnri
:iim.noe shares of common ateck
without par value. " '
r "i,YT. In L uiatii nf l null-
. . WMIfl HII LIIU UlUltllJ m. Hiu ,.
W Utaeurl-Kansas-Texaa ia acquired
. nw, in. uei ?- ,"- rMa"K
ftus and Oklahoma, which the old
itmpany operated, will net go into the
L new system. Tli? commission gave no-
UeB was net te be construed as grant
f'laf authority for the abandonment of
V taete lines. Most of them, it Hvns
', ladlcated, would be acquired by. ether
MJlreadS or persons mm nuuiu ire
YHBUUUCU HI Wliwmiwm
i
Western Freight Movement
Bubstnntinl Increases were reported iu
movement of freight'en many of t-
ii... vuiih tnillriillllcr thorn la Rt ill
f' considerable surplus of goods te be
V -BJeved this enr In both the east and
c . , .....1 .wiffij rAn.tMntllfv Inltilmva
of the Chicnge, llurllngten and Quincy
ilkew an Increase of 25 per, cent ever the
tune period Inst year. Total movement
M Reck Island was 12 per cent heavier.
. On the Atchison. Topeka and Santa
Sa 57 per cent increase was reported,
e total number of leaded cars en the
Northwestern wns 43 per cent in excess
of a year oke. St. Paul reports a gain
of 37 per cent and Illinois Central 32
ttr cent.
Tremendous, Buying Power
"Periods of prosperity and depression
are often the product of men's Imagina
tion as much us they arc of ncutnl
tangible conditions," says the monthly
'review of the Mechanics nnd Metals Na
tional Bank of New Yerk.
"Three years age prosperity pre
vailed throughout the Unlted States;
.there was an intense industrial and com-
)' laercinl activity, and everywhere prices
"
MMere. bnelntM meted, 4emnd tot
www nil BBen m tne rnppiy, ua
prfcee cellapeed. Lately there dm been
a renewal or InHimtriai mnA mMmniii
etlrlty, and though human neede are
net vastly changed buvlnghas Increased
n.pnccB eare mevea upwara.
;' "In the ahert period which bM
Itpttd since last spring, when the
period of deflation, which began In 1020,
ran its. course, it has been made re
markably dear that the force of the
barilla1 bower of tha rank anil Ala hf tha
American people, when that buying
power te operating, ia tremendous. The
American, temperament is exemplified
by the contrast which the present cur
rent ex euying Dears with that of as
recently as six months or a year age;
either We take fright nil together or
fltltr 11 ,A0fttllM MM.1 J.M MIM. ll.M
-j vwb'j.hh i auu juab iiuw iv
spirit of buying has changed the bust
nees aspect of the country from one
of sagging prices, accumulating stocks
ana unemployment, te one or nrm
prices diminishing commodity sup
plies and full employment of labor.
"On the whole, the recent business
situation Is one thnt is marked by n
fair measure of prosperity, and though
slgna of caution and reactionary tend
encies are seen here and there, virtu
ally every trndn InHer ahnwn tha Im
prevement of the autumn months fairly
well maintained."
Anaconda. Chile Merger
Although officials of the Anaconda
Copper Mining Company and the
Chile Copper Company have refrained
from openly discussing the merger pos
sibilities, it Ja learned In reliable quar
ters further progress wes made and
thus far there- has been absolutely no
bitch in the negotiations.
This merger would be the most Im
portant development in the copper in
dustry in several decades. It would
bring about increased stability, because
ltweuid remove from the enen market
the production or n low cost producer
such nrtjiuie, and te this extent would
strengthen the situation.
' The purchase - of the American
Brass OeniDnny by the Anaconda Cen
ner Mining Company was one of the
big steps in the Industry taken In the
last year and eliminated one of the
lareest consumers from the eucn mnr-
ket. The step was the, subject of bitter
discussions nt times, especially as some
of the ether producers, aside from the
Anaconda, bad numbered the Brass
Company among its lending customers.
Naturally, they were disappointed te
have such n consumer taken from their
books, and tills -is believed te huve
caused considerable price-cutting at
times. As a matter of fact, there were
reports in the trade Only a few months
nge the market wns being hela down
by the action of the Chile Copper In
terests who were increasing production
nnd underselling the ether producers In
this country.
THE TRADER.
RtteHitleh InertaMt Maximum
Outrahttta'Undirthft
FaeHMMAet
OTHER FOREIGN BUSINESS
ninri
V
1.5T I
$7,000,000 IN DRUGS TAKEN
Canadian Police Find Huge Stere of
Morphine'
Montreal, Dec. 0. Morphine shipped
from Switzerland te Canada for llieirnl
distribution in Canada and the United
States, and valued, at peddlers' prices,
at $7,000,000, was seised at a local
commission beuse yesterday by Cana
dian mounted police. -
Londen. Dec., 6. , The Heuse of
Commens yesterday passed n resolution
'autherising amendment of the Trade
Facilities Act te 'renew It for one year
and te Increase te 50,000,000 the
maximum guarantees provided by the
measure. ,
Bt. ieJm, N. B. The New Bruns
wick Power Company, controlling the
electric light and power, street car
and cas services here, has reipctedlha
municipal offer of $2,577,055 for its
Ottawa A new nestal agreement fw.
tween, Canada and the United HtnR
will be prepared by Uanadlan postefflcc
emciaia, it was announced today at the
close of tne nrst international pestai
conference. The new convention, which
will supersede that of 1888 and will
embody the decisions of the conference
Just closed, Is te be made effective
fanuary 1. ' '
, Santiage The majority group In the
Chilean Senate at a private meeting
passed a resolution asserting thnt It
weu'd net authorize the contraction of
further leans by the Government or
new issues of paper money. The Sena
tors also favored the adoption of new
legislation giving the Government new
sources of income. '
"" "" i
Londen Asked in the Heuse of Com Cem Com
eons concerning the debt incurred
for the sale of silver 'during the war
from the United States, and whether It
had been reduced since the 1st of April,
Stanley Baldwin ( the Chancellor of the
Exchequer, replied thnt the total debt
was approximately iz;,vn),vnr, ei
which $81,000,000 is still due, nnd ar
rangements had been made te repay thl
amount within two years.
Santiage. Chile A lockout Is re
ported te have eeen declared tn the arti
ficial nitrate nlnnt at Ontmu. Germany.
Twenty thousand men have been left
without employment.
LondenThe British Rubber Grow
ers' Association has accented an invi
tatien from the Rubber Association of
America te send representatives te the
United states in January te confer en
conditions in the industry.
Londen An exhibition of feedstuffs
prepared by Canadian manufacturers
will be a leature of the British indus
tries fair which will be held concur
rently in Londen and Birmingham enrly
next year, says the Americnn Chamber
of Commerce in Londen. .
'ms&sawpx
I4mt vMiMOT.aMa rhmtmmfMB
Setf St Yerk WIUkM-Jarr
altftiiere Chicago Ban Fnnettoe,
rw( Aevrnf in PtnntytHMm
Tlrri DtytM Ptwar
" utA liflit ftayaiy
Fine 6 Rafa-MUnf Mettfaga
' 5 aWndU, 4m 1141
M aftrnlnai far tha year ended Oete
l " mT .aA tlMI ill ..
than JI&, tlmaa tha antira mertgaga
bend interest cnargaa ei tja.wv.
Pfke 3V4 umI kitarMl
YlaWmg about
5.60
Duertpftye eireutar en requett
Alu A. Alexander & Ct.
Stocks and B.endM
Cddhlal Trust BtdH Phttm.
A fa Cm of Weakly M
VVTTahai - geaafjafjaarv
ww rw aa-
lu:
mfrqwr
it
it
$445,000
,'; v j
i '
,
Dominion Iren and Steel Company,
f.'W'' ,v
, l i'V
.s
Gonselidited Mertga.e 5 Bends
T - - r.ii.z 'j
ii?3f
VtWM
. vim
v V s,
AWN and COMPANY
CtHifhttPubUcAecewlmts
FlNANC BUItCMNO-PHttADttPta
A Salesman
ia kA,. ...a.
Haekt mera dralrabl. connection
an STeraae true.
An 82.
anrrflafnl alllnw and ezectitlre
experience. Valuable entree Ira New
Jener. Eattern PenrntTlTanlaJnllniilrUI
; Atmm wmvttiwf-m r
.
field. B
ieoe:
e entree In r
itTlranln Inflniit
tt 01T1CE,
Railroad and
Ttrmlnal iendt
SHEAR. ARTON J. CO.
WAUATJT.. XZW Y0SX
PMledtlpMa Tit: tHeu Yerk 7.1
Lembard 79S7 Recter 6761
HORACE P. GRIFFITH & CO.
Certified Paftlic Accountant.
FINANCE BCILDINO, FhlUdalphla
Heranca P. arlffltti. C. P. A.
Wllllard It. atnder, C. P. A.
Vm. Lewl. McQee, C. P. A.
O. T. MALLERY REAPPOINTED
Hanisbtirg. Dec. 0. Otte T. Mnl
lery. of Philadelphia, was reappointed
a member of the State Industrial
Beard.
Guarantee Trust and
Safe Deposit Ce.
316-1820 Chestnut Street
1415 Chertant Ht. 9 S. BM HI.
WIEQNEB,ROCREY-Cv.
Certified Public Accountant
Drexel Bufldbf , Philadelphk
1
NEW ISSUE
$1,150,000
Ht V Hf J.JLX1li3 1 1 JV INCORPORATED .
First Mortgage 15 Year 7 Sinking Fund Geld Bends
(Closed Mortgage)
'Dated November 1, 1922 v Due November 1, 1937
Interest parable Mar l.and Nerember 1. at The Flr.t National Bank of Be. ten, or Uie Central Tru.t Cempaar of llllnela,
- Chloape, wltboet deduction for normal Federal Income Tax net In exreaa of i'c.
Citable, a rhale or In part, en any Interrft date, en 80 dars neUee, at 108 and arrrurjl Intere.t an te and Incledlnt
November 1, 1926,. the premium reduclna 1 each .Mar 1 thereafter up te nnd Inrliiilliif Mar 1. 103S.
and thereafter at 10 and accrued Intere.t. . rcnnwlTanla Four M1U Tax
Refunded. Caupan band. In Intarehanteabla denomination, of
$1,000, SeOO. and S100, rettrterabl. aa te principal.
' THE FIRST NATIONAL BANK OF BOSTON, AND CHARLES B. BREED, TRUSTEES.
Mr. B. T. Martin, Pren'Jent of the Company, summarize the salient features of the issue as follews:
BUSINESS. Everlastik Incorporated, a Massachusetts corporation organized in 1915, is the largest
manufacturer of elastic fabrics in the world, and owns seven long established and successful fabric
mills, as fellows :
T. Martin & Bre. Mfg. Ce Chelsea, Mass. ' 1871
T. Martin & Bre. Mfg. Ce.. Lewell, Mass. 1893
Hub Gere Makers Brockton, Mass. 1883
Lcelastic, Inc Bavenne, N. J. 1908
Bridgeport Elastic Fabric Ce Bridgeport, Conn. 1903
Mansfield Elastic Web Ce Mansfield, Ohie. 1892
Smith Webbing Ce -.....'... .Pawtucket, R. I. 1899
The Company produces staple goods in universal demand distributed te manufacturers, jobbers,
and the wholesale dry goods trade throughout the United States and Canada.
, MORTGAGE SECURITY. The bends will be secured by a closed first mortgage en all the Company's
plants, as well as by assignment of its valuable patents and trade-marks. In a recent indepen
dent appraisal the Company's plants have been given a reproduction cost of $4,759,500 with sound N
depreciated values of $3,544,000,, or in excess of three times the total authorized bend issue. The
appraisal value 'of the land and buildings alone is $1,300,000. Insurance aggregating $2,700,000 is
carried upon the Company's plants.
ASSETS. The Company's balance sheet as of September 30, 1922, as "verified by independent audit,
adjusted te give effect te the sale of the bends and the appraised instead of the book value of
the Company's fixed assets, shows net tangible assets, after deduction of all liabilities ether than
these bends, of $5,319,261, equivalent te $4,625 for each $1,000 bend. Current assets in the bal
ance sheet are in excess of three times current liabilities, with net current assets equivalent te
$1,367 for each $1,000 bend.
EARNINGS. Average annual net earnings for the 7 years and 10 months ended September 30, 1922,
(including the readjustment period of 1920 and 1921, in which the earnings for 1920 were reduced
te $95,511 and in 1921 showed a less of $761,353) after interest and depreciation, but before Federal
Taxes, were $308,642, equivalent te 3 times the maximum interest requirement upon these bends. '
Fer the 5 years and 1 month prier te the 1920-1921 readjustment period, average annual net earn
ings were $632,500 or ever 7 times interest requirement en the bends. Fer the first 9 months of
the current year net earnings, after depreciation but before interebt and Federal Taxes, amounted
te $103,902. ,
SINKING FUND. The mortgage will provide for an annual Sinking Fund equivalent te 15 of net
earnings after operating expenses, taxes and interest, with a minimum 6f $60,000 a year, the
first payment te be mad6 te the Trustee en March 1, 1924, and te be used for the purchase of bends
or their redemption by let.
MANAGEMENT. ,The management is thoroughly experienced, a large number of the, officers and
employees of the present Company having been for many years in the service of the constituent
companies which were established ever a period extending from 1871 te 1899.
Appraisal by the Amiriean Appraisal Company
tarnst, Legal manors ww ee pastta upon
Jehn Abbett, JSeq,, of notion, for
t
Offered when, as and if issued and received by us and nibjeet te approval of counsel. It is anticipated that interim ' -
receipts of The First National Bank of Bosten will be ready for delivery en or about December ltth. ,
; PRICE 100, AND INTEREST YIELDING 7
Spatial rjtrcalav SM Baaeaat.
B. J. Baker & Ce. Inc. Central Trust Company r
20 Wt4ari-tea Street . y 0f IlVnOIS
BOfTON CHICAGO" - -
Tha ahaya ataUmaata an haaaa U"ntUi vpea which wa hava railed In our purchaaa el than aacaritlaa. aa4 wall. .
. 'v i "i m t ' T r T" tt a. . wvT . ft t f ,
RSS" "5r IFfFf TittufjTjjrC
il iVifeS &WiJ
m
?.v
(.'i 5 , cr
rAtt J..-.L, aMjMMJatBMwlirflU . ..- ViAX. .' attftHAfc. iB :JJK)ty5rfAffWAit . 4M
Guertnietd Principal and interest by Dominion Steel Corporation, Limited
Datedune" . loot, Due September ,, .e3q
, Interest payable March i and September i In United States VtefWt
New Yerk, or In Canadian currency In Montreal, or In Sterling In Ijonden. f odsef I1?? gSSmv
iim f..ii reuef.We RaJemahfe at ie and merest en any Interest date. National Trust (company,
. , ' Limited, Terente, Canada, Trustee.
U. 8. Nermal Federal Income Tai up te 2 peld fcjr tha Cemeeay
CAPITALIZATION
. $5,74 1,M s.
h'
Ar
Flrat (doted) Mortea8Jle-lB,t1iia July, IW ' '',...
CwiaeH-tated (etetaal) Mertiaia 5 Betida, due SeptatBktr I, IfM. pybU la Ualte4
' - Statea told anal guraata) by Dominion Steel Coraenitlen, Ltd. (thle laaiM)
CoaaelldatedJcleaed) Mertgaie 5 Benii, due Septeatber 1, IW, payable la Sterling
f?
4,4S,tN
n il2.- .....N amI. .
v,- or tanuuiBii cuiTCTu.71 vbj
Income k Benda
' Preferred "Stock, 7 Cumulatlre, f IN par
Common Stock, $199 par
7,94,14
a 3t9VvfVW
. . . . . . 37.tee.tH .
SUMMARY
The Dominion lren& Steel Company, Limited, incorporated in Neva Scotia in t8qq, owns the largest
iron and steel works in Canada, located at Sydney, N. S.
It owns a sufficient quantity of iron ere te supply its works for ever a hundred years. This is in the
famous ere deposit-at Bell Island, Newfoundland, which yields about 50 metallic iron.
' All of the Consolidated Mortgage 5 Bends (closed issue) arc secured, in the opinion of counsel, by
a direct mortgage en the entire property new owned or hereafter acquired, subject only te the
closed issue of $5,741,000 First Mortgage Bends, for refunding which an equal amount of Consoli
dated Mortgage 5 Bends has been reserved. ..
The prevision for payment of these $4,645,000 Consolidated Mortgage 5 Bends in United States
geld In New Yerk (net being included in the mortgage) is contained in a Supplemental Indenture,
dated November 15, iqi2, and is inscribed en th'e-bends and coupons.
""The $4,645,000 Consolidated Mortgage Bends are unconditionally guaranteed, principal and in
terest, by endorsement by the Dominion Steel Corporation, Ltd., which owns the entirecornmen
stock of this Company, the Dominion Ceal Company, Limited, and ether companies. This guar
anty is provided for in a covenant dated November 1 5, tqiz and applies only te the Consolidated
Mortgage 5 Bends.payable in United States geld.
The Net Tangible Assets, after reserves for depreciation and depletion and including only a nominal
sum for the large ere holdings, equal $3,340 for each $1000 mortgage bend outstanding.
The Sinking Fund of $200,000 a year will be used te purchase the First Mortgage and the Consol
idated Mdrtgage Bends at the market price thereof; net te exceed their respective redemption prices.
Fer the past 10 years and q months, the yearly average of net earnings after depreciation and de
pletion was 3H times the present interest requirements of all mortgage bends.
Fer the same period the yearly average of consolidated net earnings of ,the guarantor company and
its subsidiaries was ever 44 times the interest en all mortgage bends of subsidiaries, the guarantor
company having no funded debt.
v
These Benda are Hated en the Bosten Stock Exchange and application haa been
made te Hat them en the New Yerk Stock Exchange
legal proceedings in connection with this issue of bends will be passed upon by Messrs. Mclnnes, Jenks, Levett and M.i
alifax, Neva Scotia, for the Company, and by Messrs. Reet, Clark, Buckner &i Hewland of New Yerk, for thi- I
We offer these bends when, as, and if issued and received by us and subject te the approval of counsel.
Interim bends of the Company will be issued pending delivery of permanent engraved bends.
The
of Halifax,
Price 85 and interest yielding 6.46
Hayden, Stene & Ce.
Statement contained herein are net guaranteed but are based upon Information hlch are ha
Uerc te ba accurate and reliable and upon which e have acted in the purcheac of thtae Benda.
V
r; Engineer's Repert by Sanderson and Perter i Audits by Ernst and
by Hopes, Gray, Bevden & Perkins, ej aosien, for ins trustees; ey
tne uempany: and by Jehn W. MeAnarney, Esq., ej action, ana votten B franie
lin, of New Yerk, for the Bankers.
The Business of
ENGLAND, WALTON & CO., Inc.
has-been known te Philadelphia for 70 years. It is
the largest business of its kind in the) United States and its
products are recognized as the standard of quality. The
$1,500,000
FIRST MORTGAGE 6 BONDS
have back of them
Net assets of $5,927,305, or $3,951 for each $1,000 Bend
In 70 years of operation the business has never failed te earn a profit
except in 1920 and 1921, when inventory adjustments resulted in net losses.
Average earnings, 1912-1921 inclusive, were ever 7 times present in
terest charges.
Ws offer bends of this issue at
98 and Interest. Yielding 6.15
i
FREE 05 PENNSYLVANIA STATE TAX
Circular en Request
Ersly Bres. & Ce.
1421 CHESTNUT STREET
PHILADELPHIA
rOCK EXCHANtl
INVESTORS
WHO EXPECT TO MAVB
FUNDS AVAILABLE FOR IN.
VESTMENT IN JANUARY,
8HOULD, WE BELIEVE, MAKE
THEIR PURCHASES NOW.
Wc shall be glad te reserve
bends for delivery en or before
January 3rd.
REILLY, MOCK CO.
SM CHESTNUT STREET
PHILADELPHIA
h Continaent BtJbm
seynu
MOYlfeCrCC
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?. A. M. & Ce.
Our
December Circular
contain Investment
niggeetient of value'
te I nveetere.
Reed A Merge it Ce,
West Mn4 trust M4g., PkUm.
Mtatkara af tha rklte. Black Back.
', awiwaaaHHaa u
TB
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ntiKISOl I
D5Mri New Yerk and
PhUadelpMm Stock Exchangee
M12 Walnut St,
Fire Year Geld NeUb
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PERIODICAL
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a Coaaaltatlen laralfaa
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