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W.fUlKV ' s
LEDGER-- PfflrJADELPHIA; TUESDAY:
DECEMBER VI, 1022
potatoes under a little gravcy, vats for
ilizzert? I fed.
Dldent I jest speek te jeu en thnt
bUleck? ma 81.
Ne mnm, you ned wen somebody ask
ed me If I wanted morn meet, you
dldent say mn?li potatoes, T snld.
Well de you vunt en; thing mere or
dent you, ter goednlss i,aKes? ma ned.
Well, let me see. Im net sure, I sed.
Theres mulling Id like better that te
sit heer nil day waiting for jour royal
anser, ma aed. Mecnlng she .weuldcnt,
and lest then Nera came in from the
kitchln baying te me. Im afraid the
bread pudding Is n little bernt main, lu
fact half of it is nil black and the rest
Is kind of brown.
Ill take a little mere of everything,
I giiees, I sed, and ma nl. Yeull de
nuthing of the kind, yeull jest wait for
Le: The Ceal Men
T KNOW that T nheuld have a heart, Fer T am mindful of the pleas
- lien fellow tellers in the mart
(Jet walloped en tlie tall terrain
That keeim the brews off the brain.
And truthfully I often feel
A Mulness through my clmsis ftnl
Whfn en cf them i neatly plucked
Or banged en his theralc duet.
Hut I 111 candidly confer
loeVs like a punlt Christmas for
hands." remarked n trader in one
C the beard joems jeslerday. Tue
market leeks te me as if It wan get
ting ready te take a long nap and you
are likely te get hung up whatever
lde of the game you play."
The thought was prompted by per
ceptible narrowing of the trading,
which followed the confusing upi and
downs of the Ji.ernlng operation".
TVill a turn-ever en an average of
2.'i0,000 siare) an hour would have
been censidemd fairly nethe n few
years age, htlll today, became of the
much expanded list of securities dealt
In. represents practically a dull mar
ket. Hvidentlv, the market is net yet out
of its trouble. At least this is mir
gested In the statement made yester
day concerning the lean position. It
true, it Is nlmest certain the readjust
ment process must be stnrtcd all ever
t.!n iinrl the recent shakeetlt was
nly a makeshift te temporarily uriUBe -e symiimnctir iremera press
ver an untenable condition. , I'pen my cardiac repose
The statement as made: V hen jeuriINli lines disclose
"Despltn the reported teeciit dr.itl That all cozeoks who deal In enl
liquidation of tpeculntie aeieunt.s. Are getting peppered en the pole
broker.-.' leans arc again mounting te And ever? thing has joined te Miutc
high proportion, notwithstanding the ISltumineiiH and anthrncilc.
recent Miakeeut in some q i.irters hh- -rrrr-TrT:
timalins tl e amount le u near the
Malice or Slculflcatue
Ter some few weeks, there appears
te haM been n persistent effort te
undermine the market position i n.
number of the low -priced railroad
stocks. It, therefore, has become n
question Ashether these uttacl.s are
prompted -elely by malice, or have
A few weeks :tye. the Kiie hsiies
retc 'Ingled out for th daughter.
All nrts of disquieting stories were
In circulation. These were promptly
and emphatically denied by tee com
pany's officials. Within the last few
days the St. Paul issues have been
Ingled out. Yet there does net appear
te have decleped an thing in connec
tion with this property than that
The serious results te the railroads
Of the two strike- of Inst summer are
only new beginning te be generally
realised. It has been estimated the
tribe ceft the St. Paul S8.000.000 and
turned a small surplus for the jear into
n deficit. Hut It was the sudden drop
in the bends which caused the most
apprehension and only naturally such a
perpendicular decline created susp.cicn
there is a nigger in the woodpile.
the bred pudding, if ether peeple can
ent it it little brown, who nre you?
Aw heck, I fed. On account of me
net liking bred pudding ens hew. no
wnt must It of taisted like bernt, eny
COAL TAX TO INCREASE
I ate n little cnywnya en account of net
wuntltig te feel as if I bad miBsed dl.i
zert. WILL REPRE3ENT WILDWOOD
Wlhlwoed, N. J., Dec. 12. MIk
Hutb Jehnsen, Tast Montgomery nvo nve
nue. this city, will represent Wildnoed
at the charity ball Tuesday night nt
Vlncland. Miss Jehnsen was Beleeted
by the Advertising Committee of the
Heard of Trade because bhe had wen
the popularity contest at the baby car
nival last summer.
-By J. P. MeEVOY
I used te make en bended knees
i Fer just enough of coal te save
I My carcass from u frigid grae:
And iiew thej 1 laugh in raucous glce
Hnha, hobo likewise tee her
And lnw It hurt te hear them scoff
Till one glad day my ears froze off!
Se though I should be full of dele
Te bear that tlioe who deal In coal
Hae get a wallop cm the nut
However, still, and nl-e hut.
My indignation will trot glow :
Somehow the salty tear won't flew ;
I manage te restrain my wee.
And is it such an effort? Ne!
State Official 8a Higher Price of
Anthracite te Advance Levy
HarrUburg, Dec. 12. Increasing
values of coal- during the latter part
of this year, according te quotation
recently received, will retult In n
higher average of tax per ten of an
thracite for 1022," sys a statement
Issued by the Auditor Oeneral'B De
partment en the coal tax. Ceal com
panies heve begun te make payments
following the decision of the United
Slates Supreme Court nnd it is ex
pected hundreds of thousands of addi
tional dellarH will be received before
the end of the year.
The Auditor General's office figures
show the highest average tax n ten
assessed for 11)21 was 5.110,", based
! ' en the average n ten for steve coal.
The department has calculated nver
iage taxes n ten en various grades of
coal for 11121 as follews: Unbroken.
.5.1125: broken, $.1103; egg. $.1115:
stove. $.1lfl.V. chestnut, $.1142; buck
wheat, $.0470; rite. $.0307; barley,
$.U18S; culn., $.0122.
j BACK BROKEN, RECOVERS
ItnntlrU. Pa.. Dec 12. T.1n-,1
Campbell, twenty-two years old, of '
Neeepeek. has recovered trem a broken
back which he received In an automo
bile accident last summer. Pressure
en the spinal ceiun.n wna relieved by
an operation nnd be is new able te
walk about with the nld of crutches.
(Incorporated under the Laws- of the State of New Yerk)
Cumulative Preferred Stock, par value $100
15,000 Shares Cemmor) Stock, no par value
15,000 shares 8ft Cumulative Preferred Stock of $100
e.xh, callable at 110 and accrued dividends upon
thirty days' notice $1,500,000
Common Stock, no par value 45,000 shares
Dividends Payable: January 1st and July It
Authorized Outstanding at Com Cem Com
pletien of this financing
The Corporation has no Bended Debt
A nilllnn-Dellar Day I
Friday will be a "SI. 000.000,000
day" at the I'nited States Treasurj.
The Natien's finance department en that
day will disburse in cash or fceurities
$700,000,000 te hnlden of Victory notes
wl'Mi hae been culled for ledemptien, ,
$200,000,000 te holders of maturing
Treasury certificates of indebtedness
and 8100.(100.000 in interest en the
public debt, l'riday will t-et the lw-t
nuarteilv payment of income and preliU
taxes this jenr, and Secretaty Mellen
estimates the payment will b around
The Treasury has about an equal
amount in the general fund, and this.
ith the tax receipts and the funds de
rived from the sale of the notes and new
certificates of indebtedness, will be
mailable te meet the $1,000,000,000
outgo and leae something te htlp pay
off the war-savings certificates issued
in 1'JIS and maturing January 1.
Ne Meney Plneh Expected
"Much has been said of the possibility
f an inerease in money rates etr the
present levels, but prominent bankers
profess te believe tins is quite out of
the quistien for some time te come. In
fact, some assert there will be an open
break in money rates within a com
paratively fchert time.
llecently the trend of funds has been
toward the interior, presumably for the
purpose of tinancing farmers' require
ments, but with the turn of the New
"Year nnd a resumption of commercial
activities along broader lines there
should be a return flew of money with
a consequent lowering et interest rates
for both time ,ind e-ill accommodations.
Likewise. gesli in the (.treet has
ben tha' institutions h.m been selling
bends mill snort -tetm note., hut dealers
ay In their opinion the amount et
liquidation of this ebaraeter h.is been
()u the ether hand, there has been
geed buying of bends bv insurance com
panies,. "Within the last two or three
Tears one Ieadng dealer has sold a
large amount of bends te three or four
leading insurance companies,
RevamnillC of canitnl utrtieture. of
Nath Meters Company n.eana a return
te common stockholders of mere than
double what they have been receiving
en their ptesent holdings. Dividend
rate en the ,"4, COO old shares of common
outstanding has been $10 aunuaiiy since
The three shares of 7 per cnt pre
ferred stock which raeh prev-nt com
mon stockholder will receive under the
plan te be eted en December 10, will
yield $21 nnniiully, em the live shares
of no pnr -value common, en a $2 ."0
annunl basis, $12..Vi, n total of $33.50
en each Minre of old steek. The com
pany will inerease dividend disburse
ments ?7l0,r.fKI annually, .is dividends
en me new mock will call for $1.S29,
100, against Sl.llS.COO en the old pre
ferred and common. Original $:i,.r00.
(100 7 per cent preferred stock will be
retired I'ebni.irv 1 nt 110.
' narnlngs te "the end of 1021 since
Incorporation in 1010 have averaged
."SH.rdH.sOO annual!;. Current fiscal
year's net was around $0,000,000, nnd
surplus account at the end of the Tear
, was around $20,000,000. With main
tenance of uvernge nnnual earning
4 lower, the new common stock will net
us restricted te the $2. .10 dividend te
be inauguiated in February, although
fhc management has always been con cen con
crvative in dividend payments.
Authorized new stock will consist of
22.1,000 shares of preferred and 300,.
000 bbarcs of common, of which 103,
SOO and 27.'1,000 shares, respectively.
Yflll be outstanding.
Guaranty Trust Company of New Yerk
National Americai Bank of New Yerk
HAMILTON I'ISII, JH., New Yerk
Tcc.'realJctif Je7m c l'agc Ce
JULIAN M. GERARD, New Yerk
t'rt s Xatleual Aufjccn Ilunk of X.
GEORGE W. GITTINS, New Yerk
i'reaWent llatcy-W'clte Corporation
JOHN IT. TOWNE, New Yerk
The Ycle . Teunc At fa. Ce
WILLIAM J. WEUSTLrt, Wilmington, Del.
iVrriilent Atlas Powder Company
t'he information gnat below is taken from a letter from Mr. Geerge II'.
of the Cempany:
The Estey-Welte Corporation, through hi subsidiaries, the Estey Piane Company and the
Welte-Mignon Corporation, manufactures the iistcy gratia, player ami tipriRht pianos and
Wclte-Mignen Autograph pianos and Philharmonic pipe organs. The Estey Piane Company
has been established fifty-three years and occupies a large modern factory and nlant in New
Yerk City. Its instruments enjoy a sale in every state, and abroad in nearly every com
The Welte-Mignon Corporation, successors te M Welte & Sens, Inc . owner of the Welte Welte
Mifjnen inventions, acknowledged as basic and fundamental by all manufacturers of pianos
that produce tV musical performances of a pianist en the keyboard of the piano, was orig
inally etabhsbed in Europe in'1832 nnd subsequently in America in 1865. This Corporation
owns patents uhicli affect every reproducing piano action manufactured in America, The
principal ethces, showrooms and studies arc located en l-'ifth Avenue, Nevv Yerk City.
The Estey Company of Philadelphia occupies a seven-story buildingf !p that city where
its business has been successfully conducted for upwards of fifty years, and the products of
the Estey-Welte Corporation arc displayed and sold.
The Welte basic and patented inventions are the fundamental means by which the playing
of pianists and organists arc accurately reproduced en a piano or an organ. The Estey
Welte Corporation controls these patents and also the copyrights of the performances of 285
e the world's greatest artists, reduced te mere than 3,900 master music records, from which
fdaer rolls are made for use en reproducing player pianos and organs.
'1 he recent unification of these three corporations wi'I greatly reduce manufacturing and sell
mv; costs, standardize operations, and will further effe t great savings in the conduct of the
The company agrees te make application te list this stock en the New Yerk Stock
Legal proceedings ' com ectien ruth this issuance and sale of oteclt have been approved by
Messrs. Phillips, Maheney & Leibcll, Si Chambers Street, New Yerk City
DELIVIRT WII.T. HE MADF5 W TUB rOMIOP TEMPORARTCERTtFICATns. EXCHANGEABLE
rOB ENQBAVKD CKKTXFICAtLs .WHICH AIU5 IN COURfirT OF PnErAltATION.
A large part of this uaue haying been old te our own clientele, we offer the
balance, subject te prier sale, (or public subscription in units of one
y,. , share of Preferred and two shares of Common Stock
Price $150 per unit
Descriptive Circular en Request
Members I'hUadeivMa Utecls Exchange
Land Title Ouilding, Philadelphia, Pa.
r5 1formtUeti cen'.ilnM !a this Kltertiirisciit, M1 aet ruanntetd, b" l"n cbuiatil from eurti nt rttird at rtUibl
By Lie Pap
We was eatlnc mippir, being roast
beef nnd matdi potatoes und loose corn
In nn eiter saucer, and I had 2 helpings
of everything and I wan thinking about
unethcr one, saying I dent knew whe
ther I wunt eny mere meet or net.
. Wall if you dent knew Jin aure I detit
mn sed. Meenlng I was the bout judge,
' nnd I ed, Well vvats for dlzzert. Think
ing if It wasent home kind of bum dis
xert like rie pudding or bread pudding
Id leeve u et space for It and net eat
cny were meet, nnd ma ted, Never
mind, 1 hone if jeu were out cny ware
you weuldent Hk about the dlxzert
wan you were asked if you wanted mure
yftXl, maybe'IU Jest'have mere mash
January 1st, 1923
until further notice
Interest allowed en Savings Fund
Accounts (net subject te check) will be
Fidelity Trust Company
325 Chestnut St.
6324 Woodland Ave.,
Funds held in Trust mere than $30Q,000,000
1431 Chestnut St.
Vertientes Sugar Company
(Compania Azucarera Vertientes)
Firtt Mortgage Sinking Fund 7 Geld Bends
Dated December 1, 1922
Authorized issue $12,000,000
Due December 1, 1942
Interest payable June 1 and December 1. Coupon Donds In denominations of $1,000 and $500, registrable as te prin
cipal only. Redeemable in whole or in part at JOS en any interest day en thirty days notice. Intereit
payable without deduction for Nermal Federal Income tax up te 27c. Beth principal and interest
payable free of present or future Cuban taxes.
Four mills tax in Pennsylvania and Connecticut refundable upon proper application.
Application will be made te list these Bends en the New Yerk Stock Exchange
Beth principal and interest payable in New Yerk in United States geld coin at
THE NATIONAL CITY BANK OF NEW YORK, Tnutee
or in Montreal in Canadian currency at the
BANK OF MONTREAL
Mr. Geerge H. Housten, President of the Company, summarizes his Utter te us as follews:
The Company owns two thoroughly modern mills in the Province of Camaguey, Cuba, and
owns or controls superior cane growing lands aggregating 345,000 acres, of which 124,000 are
owned. The mills, which arc modern and economically operated, have a present capacity of
600,000 bags a season, and the Company's development program calls for a capacity of
1,000,000 bags for the 1924-25 season.
A recent appraisal gives a value of ever $17,000,000 for the lands, buildingB, machinery, rail
roads, rolling stock, deck and ether equipment of the Company new owned.
The bends will be secured, in the opinion of counsel, by a direct first mortgage en all the
Company's mertgageable property, and will constitute its only funded debt. The mortgage
will provide for sinking funds which it is expected will retire the entire issue by maturity.
It permits the issuance of the remaining two million dollars bends of this issue only under
Owing te the quality of its lands and the design and location of its mills, this property is
potentially one of the three or four most valuable sugar properties in Cuba.
A circular descriptive of this issue and giving important information
regarding the position of the Company will be sent upon request.
Hands arc offered, if, as, and when issued and received by us subject te approval of all legal matters by ceutuel.
It ii expected that delivery of temporary bends or interim certificates will be made en or about December 10, 19SS.
Price 97& and interest, te yield about 7.25
The National City Company
National City Bank Building, New Yerk
Philadelphia 1417 Chestnut Street
Atlantic City Chalfonte Bleck, 1225 Boardwalk
Offices in mere than SO cities in the United States and Canada
The aTiere Information Is based en official etatements and statistics en which we have relied In tl c purchwa of these Bends.
We de net guarantee but believe it te be correct.
national eirv !
THE investor owning the
following bends should
receive a coupon, every
month in the year.!
Wilke i-Barrc G K 15
Lehigh Valley R. R.
Chic. Reck I. &Pac.
American G 8C E
N. Y. Central,
'$50 J a J
Jnceme 320 Yearly
A purchase of these Bends
will ce$t you approximately
5790 and accrued interest..
Graham Roberts &. Ce.
Franklin Bank Building
TAX FREE MUNICIPAL BONDS
Exempt from all Federal Income Taxes
6 and 6y2 en
New issues of Straus first"
mortgage serial bends, yield
ing 6 and 64 offer the at
tractive combinatienof safety
and geed Interest yield te
Write today for our January
Investment Guide, describing
safe bends in $1,000, $500
and $ I OO denominations and
S. W. STRAUS S CO.
ixconrePATiD stausmd itlt
1617 Walnut St., Philadelphia
Telephone Spruce 6387
40 years without lest
te any investor
1?:: s.w. s.&Ce.
9400,000 Pottstown, Pa., Geld Scheel
300,000 City of Chester, Pa., Geld Scheel
44,000 Borough of Bridgeport, Pa Scheel
160,000 Twp. of Upper Darby, Pa Scheel
263,000 County of Bradford, Pa Read
33,000 Borough of Farrell, Pa Scheel
45,000 City of Scranton, Pa Imp.
18,000 Bore. of Parkslde, Pa Scheel
63,000 Borough of Patten, Pa Scheel
186,000 Town of Wast Orange, N. J Scheel
122,000 Bore. of Chatham, N. J Scheel
680,000 County of Cumberland, N. J.... Read
33,000 City of Woodbury, N. J .Sewar
76,000 VUIaga of Ridgewood, N. J Imp.
498,000 Lakawoed, N. J Scheel
184,000 Cranford Twp., N. J Scheel
56,000 Town of Belleville, N. J. Scheel
40,000 Twp. of Little Falls, N. J Scheel
24,000 Twp. of North Bergen N. J Scheel
10,000 City of Burlington, N. J Imp.
30,500 Bore. of Kenilworth.'N. J Sehoel
19,000 Bore. of Woed.Ridgo, N. J Scheel
Lasal In Psnnylvnl
J Lf 1 In New Jry
N Ltf I In Ntw Yerk
CABLE ADDRESS. DORMELLO
4Ms Dae. 1, 1927.51 4.06
4H Ner. 18, 1952 4.05ft
4Hi July 1, 1932-47 4.10ft
4U Jan. 1, 1953 4.10ft
5s Oct. 1, 1930-43 4.125ft
4)-js June 19, 1926-38 4.15ft
5s Aug. 1, 1939-49 4.15ft
4M Aug. 1, 1942 4.25 ft
4g Oct. 1, 1929-46 4.25ft
4s Aug. 1, 1942-56 4.15ft
4Ua Mar. 1, 1928.60 4.20ft
5s Dae. 15, 1923-29 4.25ft
4Ha Juna 1, 1928.58 4.25ft
4!aa June 1, 1828-45 4.26ft
4Ha Aug. 15, 1928.60 4.30ft
4U July 1, 1933-61 4.30ft
6s Aug. 1, 1928-48 4.30ft
4Hs Jan. 2, 1942.81 4.30ft
44S May 1, 1924-83 4.40ft
5s July 1, 1928 4.60ft
5s July 1, 1928-64 4.60 ft
4?t Sept. 1, 1938-52 4.60ft
TELEPHONE LOMBARD 0710
M. M. Freeman & Ce.
421 CHESTNUT STREET
are safe investments
On requeBt, we will
prepare a list for
" your consideration
Franklin Bank Bldg.
Mltiilfhli Sink Etthnm
Gas & Electric Ce.
Gen. Mt. 6ft, Due 1909
Guar, by the American Cat Ce.
Price, 95 and Interest
Te Yield 6.30r
Information Upen Request
REID, McCLURE & CO.
Members of Phils. Steel Eithsnj
1418 Walnut St., Phila
Ttlepbans Xxwutt 6230
Wm. Steele & Sens Ce.
Budd Wheel Ce.
(Preferred & Common Stock)
1433 Walnut St., Phila.
Scran ten & Psttstec. Trsc. Ce..5'i 1923
Georgia Rwj. & Elec. Ce 5's 1932
Firesteaa Tira & Rubbir Ce...7's 1937
r4""00 5's 1927
Gambnll Mf. Ce 7, is.
New Cke,,r W.U, Ce. l,C'i' 1943
Laacte, Ce. Rwr. k U. Ce.s 1951
Lefsn Ce. Lt. & P,. Ce 6'i 1934
rails. & Wil. Cr. St. Rwr. Ce. 4Vt 1934
itemhers I'htla. Btack Uxchange
Franklin Bank Building
We offer a
rnnijlTnl Industrial 3
bend callable at 110 en basis
te yield ever .
F. P. Riitine & Ce.
WWsaw Isilalag, railaaalaaia
Mw Xcrs niMksta, at. .
Utnbtrs Neva Terh 44 fMJedsiakM
5K te 6
MBT. GLENDINNIN6 & CO.
400 Chestnut St J
t at. j
.!-. -1 w.,.
.!.., ..' -'