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EVEXTXG TUBLIC LEDGER PHIL ADELPHIA, TUESDAY, DECEMBER 19, 3022
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GOSSIP OF
THE STREET
Uncommon Sense : ' hv High cw . iimr
Itj .IOII.N UKKH
"I'lrar. The wero built chcnplr nml I
' e titer liml te lip built In n liurrj-.
..
rptinriC Is nnl.v n hrlrf tlmp nllelpil te
man en flip nirlli. I till lbi lime i
P' KKIIAl'S h tlilr.1 nf iIip Inber in tli.. ht. if Hum .luin'i lumpen wlipn slip nn'jn'nt te de wlint lie lini le iji wpII.
-.. - v. . W-.H.1 W unnerp.,,, v Inl.nr. I- ' il."-is.i..l n.il.;s fnj, ,l,nre. , Vc Tl I '"n'Xr" If I p ru'lics
tH-lk, of l,f... 1,,, ,1,, f ,U...i.e..t. n IV-Ihmim half of Urn .,,P, .,1k.,, nrc ; - ; -;J 1 .5.1 ...n Imrrle-lv .J? , ftX'' .0 I In. IM "be
scrti.se of i PMw.-t..l . hill r iK.t .. tni..l .pe,,.,,., ,, ,,lx .l..t... ,.ui. '"" '" '""Ih1 ... tbpin in! TeaxcM tb" Cbl tCt Z 1 I b'rn
riiiluitinMii ripihid. t'ii(. wi tin. .in
iiouiicfineiit of tbp Imbue iif inn. of tb
InrRcst brel.i r.i"p utul beii'l hi'iir nijj,,,,,
tln Seiithwxt iind tin- etbi'r vii v
rrductinn of t!ii' di ub tul rate en tJti'iit
btferi" it mil lip uilii"! ieniipi'd
And tin- trnvin I lb .1 mnt iH'nplc-
imtiilil. tin' liuirM
- trfu
hn'ii in I. n-i t a
,..' .-. ' 'u J
n nas:pr.ittil (etiilitbin
"NewspaiuT rrni' . .tin n Imm '
reform! "iviiitl t ' ib- 1 ti tit' I
amount et '1111 he 1 - it u" 11
tlip inrrlv' " m Iiiilm l!i ;. 1'
in tl 1 ir liiM-'nii I. ii i ' It
quite IiI.hIi tli it 1 1 1 fi w 'ill n
Iiiim 1 piui I'ui-ilir lilx m.i.i ,.'i . i-imp-in
uiuii nuimu n I'.' -'ii'. ' -
tnbir.iiK lnii-, iliilii tin 11' 11 ii
iimeiim ! i'iuriHt mi ilnir ' ',
"A nw ri roii-niiulile pliti .tin
tlip merti 1 of tln bmul 111111l.it i'f ' .'
Inst t ik i the t.n '. pointed e.
by piui ntiPtMr t '.at prlce nt ienu
hap bei-n 11-111.: tt!met wit' mt r
torni.tieti i:ii-p .luh. VCl. irniiili.-
wlrit li 1- ' iii'i.i!il Ni'ti
Ml 1 ! il I' 1 11 .I'm
Of tin .1 'l
' III 1 111 li I - " 11 1 HI
in ,h iii - 1 1 ' ii ii 'i .
u'sinl 11,1. .i . 1 t 1 1 '1' 1
it u'i. i. it 11. ii n.il Mi' . hi n .1 1.
net. 1 11 titi nli 1 ru" i -liuiilii be iio iie iio
perm miti .. 1 it it '
Mndits anil the ute be
An pleinint of tin- pr"fiiN.eunl ppp'
ttbiturM .111' 1 in' In 1 lii. !eii mi 1
rub-t 111tl.1I fnrw 1 I -w 11 . 111 'li Hint r
slinri'- iti 1 11 11 t' 11 nli i' . 1 in
mitu -1 1 n ' .1 ii 1- ti t'lH-i n
nuiii
Imiiri 1 1 i in "' 1 n'1'1 1 ) r ".1
ppllll.'l' .! t' I .1 I 111 til K'.til a!..
iiui i-iiu .l'titj 11 et.n.t t.nr
bptvif tlii' .1 1 irn - Tiii " ;
show this i'ir -j coin j te le en 1
Kr'.itei v.il. imii cii-r befi r at. '
the .tutomebib itnlntr 1- cone '
hnM hm liintn. u m 1IC 1 fi'li -baker
lias bifii pi k'd it i th" lea itr
Cotten I'lintins;
"In tbp 'ic'i f ji '.-ii' jip "P"--
It h ililln 1 Ir te . turn tin ' in-.;'
peiiilirinii et tbe 1 utnti ii.'Mtr 11
Fprin.', " is I. iiuli.v fn". .1. -.
vteni'i,' tl.' potteii .t i.itieii, lnjr v
niaj le pirdeiHMl f .r lmlul.'itu 11. n
trespei t, it' only fur vnjejtnint i
the rli.'inje
"Uurdeneil nitli ibbt f-em tv n li--astreiw
eiiMeti. thi Southern inrtiiir
Itlmut ttnicU 01 ipdit and witb u 'li-it;,-
but bis i-tl,. 1 wiiMwl thi. t.i-l,
of Kieupnu 'ii' ,i.4i . He jriipuii 1
ns main ium's ni .i,it..ii a i 1. 1 -renuh
pessilib . Inn l'i.i l.lei.ie in
tei'M'iH I with 1 I'm ihi.n nun-. wIih
held i'ewii the an 1 plaiiti-.l witlen m.i m.i
cennble lieimdM
"Wi.itlur '1 furn er' liepe nil I
desp.ilr. m.i In- iii'ilitiiil w it li 'n-ekin.'
the len ibilnii. and lir-i. 1111: up jirn
ns thi' tinii' fur pluntnu appre iclu'd.
Altbeiish bountiful 'niiti-r r'untnll hi hi
elunis ),.(.n the pnier of th' W.-.I
eni farmer, for e.k Iih u'et tm tun. li
of n u'i e I thiin:. It tin. till aha.. 1 i.i -tinueiiMh
In 'I mis iini 1 1! il ..u t .1
fixe months up 1 tin smiiiil , , 1
.Tutu, li i'mii.' h ni.h , uj. . 1. .1 p.
tinii. t.i 1 1 tn .. tn pi-, 11 it tin ., , 1 1 , 1
pur into the irreiin.l
"l'luttnllx the 'iuii- !,Mt siiffi ri I
te lesser litem. ... 1 l,ni plm,, t,,r
bis aerene Mere iImhi'iiI. ,111 tl.
total an 11 -i e! ! . . . I tlnmii' 1 .
W per i.nt jrmtir tl in the p.i.
year.
Ceppir statl.thal I'i'sltleii
The st iti.ii il 1 . -1 1 11 ,.f
nu't.ll is tr .! . nil,
estitn it, d 11 ti 1 - 1 ,. 1 1 ,, per
the 1 ni - 1 1 1 1 1 1 , 11' j r s
no mere llm 1 .,1 11 nun nun , ,
vbn h 1 InllllliU J.'i llllll Mill) peinds i.
refined end 7" ihiii nun peinds I hs'i 1
This is little ti ii tli in 1 lie Hiili s s 1 .
plj et lelined. is . iisiiiuptiun 1 1,
nieiith is likl te n 1 eh nenrh 2i.ii .
000 (11.11 pounds
Sum. lilltlieriln s '1 li nr there s 1
ter et f 1. n.e-sllulii' ,f , IhIIiu,. . fl
111 tin' bin nit: in Mi 1 t fi ' weel,-"
As a nut r et fi tl,. ndinnie m
fUOl I'lells s U 1 . , , s, I l., ,J H I I Ssf .
tnui in tin il mi. int. Iiit mi ui no
()f si.lli ieti' pi 1,1011 01 te .1 si. iinv
niiMctj in the tn.le .inn iisi the deal
ers. It i juunterl t with tli" hull pii
Reason tippre lelim.' the imiintfm turir
ceiisiiiiH rs in I1 tn i' 1 ma ii-ii i ni
" initut tiKin: in' this will heip tle in
out et tlie 1 epp 1 innkit for 11 tune
lit bust IIiiWimi it is liilieiei hllrl
fiftei tin tnui of tin- Kin, wlnn iin I
taking h i ben. leinpletid, the li.ii
lllit will be 11 sin ni et. 1 1110-t -at s.
fill ten m ule
Iftllif Mi.isiins tut I iniipe
Nen 1 U nil 1 1 1 . 1 1 1 I 1 1 1
trlets ii inti dilii 11 1 . si,i 1.
tien in i in 1 . -. .1 1 1- !' t ir 1
relit f , tun. in ml in. I 'ni 1-1 1 ml ds
tltSh 111 I'lllepl 111 hi. I .tl.t . eiinlri.'s
Tin re was ,1 ...... I di il et disi'ii--iiui
ifi tn the mill, 1111. et the Micitesteil
mensuii- en bit-unss rmnlil Inns tm
era 1 1 tliioiiH'heui thi weld. TIiem
who tool, it blend 11 v et tue plus
JiectlM' lilnf l.li.lsliliM Win iellle,
T 1 1 ll tl. l llilpitn- sin li 11 111,1 111111
flelll an iitfieetiH nt In lie slim...
ceuiitiii" te hilp tin-,, in iiiiesiti
there mi- in" ' --ui 1 1 In 11 'inland
for i.iw 11111t1r1.il nit. I -emi-llni-dii d
piediuls in this i . hi 1 11 1 , width uiiist
lirbt fellil tUe Illlsls nl llhlllstl inl tit tn I -tll'H
ill et In 1 hi etleliH
Ce)iper htm'kM weie looked en tis
beiiiK ill the best pesl.lntt te flllllisli 11
respouse te this epi'Lii'i1 deuiiind. l.
titiuteH w 1 u- utiiile alieut iibility et
Kotue of thei-p te hew prulitN 011 pin pin pin
iluotieu lit pnsint inMt It wim 11
inutlcr of Kelienil iiudetKl indiiiB hi n -ever,
n fiutber uilMitne will be n.itile
in the prkc et t upper iiietul, und Hint
new utriiiiKenieiitH iimi closer reuuieiii
between xurleiiN gtetipH of copper ennv
pnnles rt'diK'e epprntiiiz cnt.
, 'rinjTJJAUi.il.
in litter fiiiluip tis one of Its iiiluib-
nMII 1 mi that is Imri 11 .11 v lini'dit 1 1 :i tl t .
' ,,VM', '" ' lr I .... I'. I........I Is nixer re- r0K,rW. ,
!'.:"."'." '.;' ... '.'.. ':"!... !'.V.. ''."'r' """" Popularity Winners Named Tonleht
.f the li ub tul rate en tlient . TJASTIJ and liim de net s .ei c 1, ,,,. ,, . .... ,lt M ....., .rp wtnuer.M in the North riiil.i.lel-
Kerlhern priferinl fieiu .t 7 ten e tier1 XX ae-ee. tine puttiifs die idle tnui m .he limv 1 it nt life it is usually pIK.i I'npulniit.v t'enteft will be tin
cent bails. The-e two untileris.nt de- "- -lt t i.iii about ihninr tinihinc. ten lute 1 . le.in it npiin when the neiinreil tuul;lit b) the beiitd of judges,
mcstie penl ireppe.l out JiiMt when nil ""t w,en be does wnrl. Ins he bn le test eni. - ni.1 the lime spent en It ' einpnspd of Arthur l.tidfeif, cbnlunnti.
hands weie bpsinnins te e UkIu et u if be dei-n t wnnt t.i statxel. he mi- in tl.. in -1 1 weisp tluin wanted. IMwnrd Api nnd ('ImrlPH Stprllne. from
better Kurepeun situit.eii. 'niulliteh e.riiim t.i hum. s.i tint ,e Win 11 . fnieftthets huilt houses the Mage of the lilt theatre. Iltintins
Seiitinient ilh. the ie.lu.ti..n et tle'i'un "n through' and be.-tn te bun the Inn! p. m et tune, nnd the houses l'.irl. nxeiuip nnd hivtli htrepf.
Great Northern prif.-m-l dnnletil did iir'im I'm 1. I -,,11 stimdlin;. unless - ; , ...
the most il imiis. . "n'x 1 t.w d.MsiUn It 1- "ih I m t' .' I'm ,..., ,.,!,.. ... , lie w U of process AVlueupi -VSnS"'. ,
I Itnest pnsline iissui nip wn mi.M 01 l'.'il .' 1 in Hill. 1 ir e Mi , .'ii 1 ,,, in, t.i i!m 1 Lnilins their efforts te cruite still me.a
tlm intuit 1 tun: nt tin "t.rient i-.iti ' r 11 ii-ii.i. , 1 ,, , 1111 h 11- s hint tednx i-rnirnt for thi Uirlstnum helMii. Ymi
Th.?ein,,un V'ts,.,.,! , .',.1..,'. 7 p., 1 1 s, , , ,,, ,,.,' .,, K. ,,. . , Z,X i&WSX?'-.,'"!,. 'n,,
ie.it ill ,1 ( -in 1 ivi'i ii, Mann ' ' I ' s , , ,n 1 1 1 ,, i s 1 1,1 nn iM.ini mem s hih1ii riiui. li.ix.eii .nai.e ji a iiuuit
of tli s e.ir the di. pit. .is difnti'd t!
fpiartelK ib blend nnd inlnpt.d the
(teini-anniuil dutib ml peiteil In .lun
thej de aired 1 enii-aMiuiil diMilend nt
3'2 per tent liuiktii? ' per tint pi. id
t'aM yc.it
(5re.it Nertherns , tiling from
milreil nj 'iti ist, 1'ij.j will aii aii
pieMinitp 1 T itHt i. nnt wlili-n tn
teie't of ;. Jim 11 hi in 11 be dul 11 ted
lenMtiir M1I.111.1 ,1 . '" per 1 1 nt ..n
the SL HI. 117 l."n t . '. Tli s irp1u.
With lilt ether 111 nines of l InlllMU.
in.ikeM aim nt .iviili'le ter divi.ii id
Mil .'li.tmu or 1 in p( r .'nit u'i -t.i. 1,
le I'.i-'l riiilr.nl net ti.is nlm t
Sl.'i ikhi.iiih) 1 nd nx.it il tries. V,.,-,ii .
000. le.lMll.. M, l.ln.lliHI, or -.10 1" 1
Ptlt 1 ' s-n, I, 1! It nil ,1 1 mint of 1 .1 l."
. ti i . I11 lliH iiij'en 1 t n'h
l 11 le s sjl in Hi mil . l'i . lle n'
inli 1 -. ) .t . , I' 1 ' itid 1. 1
fc-e m 1 ' in I" 1 - .r mi 1'. 1
Tills Ml - 1 1 I 1 il 1 in Its .
nmeli nmri . , 1 t I ' v r 1 lm 1 I
operitieiiM 11 1 trm.i . tiii-r Uu. un
than was the ,11 IP. I.
il
We Recommend
Fer Investment-
Yielding
about
Gretil rei1iicrn Railway Company
iiuic Ij 1 .s "' 1 I'l. 1. d. A. iluc i0,
'IT"
Chicago & Wester.. Indiana Railroad Company
v. en, lnl ru! M I, . !.(..!! Hend. due lf52
Cincinnati Gas and Electric Company
r r Lun .ni 1 ki 1. Mi.
J'-.tiiK Li. .hi, l'el
Leuisviilc Gas and r,!cctric Company
j. .- J'.i 'nl. A. ilui- 1V52
Ml. ii
Northern States Pener Cemnanv (Minnesota)
I-ir-t .ti J K M-s,'.- 5' Ui.tuN. iluc l'l
.Tene. & Lauhiin Steel Corporation
umul i' i "' i.'i'r ' s; ik
The Brie "i;ii .eei (miwii .
1 111 M. -s. " I U'I" ill s 1 "I-'
Gulf Oil Corporation of Pennsylvania
l;-sit 3'i Ii "tun 1 n l'l P. .ii'l. dm l''.v
American l.epubiict Corporation
ir.Hil 11 - ' h t'1tt '1 nl 1 ' tul. dm lr.i,"
'City of Phihidelphia
51 ' J'miiki. 1 x V 71
City of Terente Harber
j. -n;
1"53
5.S6
3.77
5.G19e
3.59
5.()(9e
.409e
:.se
5.30
7.11
4.10
5.25
nliri-,l L'.r;upt fruiii nil lcdtu.1 Ixcet.w y'c.Yes
"( 'jijcr tin u' "i7i sub'hit le prier sale and change in
price Detailed intornuitien uill be furnished en request.
Guaranty Company of New Yerk
Main Office:
Guaranty Trust Company
Building
140 Broadway, New Yerk
421 Chestnut Street
Philadelphia
- is&tMunsua.
"tmjs
STEELE SDEA
?.
Of
'. cart
S
VICE
varus.
rJ . .-J F
ujSLajfL
Fer mere than half a century we have concentrated upon the
development of The Steele Idea of Industrial Construction. The
success of our methods is attested te by hundreds of firms that
employ us as their building counsel. If you contemplate the erec
tion of an industrial establishment or a commercial building we
invite you te investigate our construction methods.
("W
ESTABLISHED 1864
ARCHITECTS ENGINEERS--CONSTRUCTORS
PHILADELPHIA AND TORONTO
,
New Issue
$8,000,000
Carolina, Clinchfield and Ohie Railway
First and .Consolidated Mortgage 30-Year 6 Geld Bends
- SERIES "A"
Dated December IS, 1922 Interest payable June 15 and December 15 Due December 15, 1952
Redeemable in whole or in part en any interest date en or before December 15, 1937, at 107VS and interest, the
premium decreasing Vt of 1 each year thereafter until maturity.
Interest te be payable without deduction for any Federal Income Tax up te 2 per annum which
the Company or the Trustee may be required te withheld. Pennsylvania four mill tax refundable.
Coupon Bends in the denominations of $100, $500 and $1,000. Bends in the denominations of $1,000 registerable as
te principal or fully registerable. Total Authorized Issue, $50,000,000. .Te be Presently Issued, Series "A" $9,500,000.
THE EQUITABLE TRUST COMPANY OF NEW YORK, TRUSTEE
Fer information regarding 0u issue of Bends, rve refer te a letter dated Dec. 16, 1922, of Mr.
N. S. Meldrum, President, some of the items of which he has briefly summarized as follews:
PURPOSE: Te retire $8,000,000 indebtedness te the United States Government (bearing
6rt interest).
SECURITY: Te be secured in the opinion of counsel, by (a) First mortgage or first lien
en 84.68 miles, comprising the Elkhorn Extension, constructed at a cost of about
$6,000,000; (b) Second mortgage or second lien eri 234.06 miles additional, subject
te net exceeding $15,000,000 First Mortgage Bends, of which $13,950,000 ar"e new
outstanding; (c) General lien en 7.5 miles, subject te $195,000 outstanding underly
ing Bends and the lien of the Company's First Mortgage Bends making a total of
276.24 miles covered.
Prevision is made in the First and Consolidated Mortgage te refund all underlying
Bends (including $1,055,000 in the Treasury), the underlying mortgages new being
closed. '
JUNIOR INVESTMENT: The outstanding junior securities represent an actual invest
ment in excess of $30,000,000, an amount equal te 33 times the present $8,000,000
First and Consolidated Mortgage Bends.
EARNINGS : The condensed income account since January 1, 1920, compares as follews:
nr I.iii'i il t,',i IiKem" Intcre-t ( lnrt;i" Nrt Inrnm ercr
n i I in i. fnr I'lmiici' iti lljtil l ImnM
Dec. 31, 1920 $2,799,991 $1,914,767 $ 885,224
Dec. 31, 1921 2.608,545 1,622,117 986,428
Oct. 31, 1922 2,119,577 1,583,953 1,535,594
The gross income available for interest charges, etc.. for the twelve months ended Octebci
31, 1922. was a'-out twice the above interest charges.
Present annual fixed interest charpes. after giving effect tq the issue of these $8,000 000
Sends amount :c S1.548.7"0 Tr- aeve interest charges for the twcl-c months ended
Octebs' 3.. 1922, show ar. actual decrease of $316,33G. as compared with 1920.
e
GROWTH f earnings " .'.lustrated by 7creasc in total operating revenues from $2,515,650 ir.
1912 te $7.5eS,73J :or 12 nienthi ending October 31, 1922 and by increase in net income in
the same period from $528,807 te $1,535,594
The ten -year record shpws fixed charges earned in eafh year by n substantial margin and in
addit en the accumulation of profit and less surplus of several million dollars. Total oper
ating revenue ;r. 1921 was at the rate of $25,600 per mile, indicating a high traffic density.
PROPERTY The Company speratc- j thoroughly modern ra'lway from Elkhorn City. Ky.,
through the coalfields of seulhucsterr. Virgin a across eastern Tennessee and western
North Carolina tc Spartanbuig S C. Connections are made with Chesapeake & Ohie,
Norfolk 5t Western. Southern Railway Seaboard Air Line and Atlantic Coast Line
Systems. Including branches and trackage rights the total mileage operated is approximately
' 300 miles. It is a highly important cea! carrying read, about 55 of the operating revenue
durtnt the past two years being derived from coal It also forms a most direct and service
at'e gateway between the Centra) West and Southeastern territory for miscellaneous
traffic
ff i' eipecfec' that application iv:.'.' be mace tc list' these Bends en the New Yerk Stock Exchange
Interim fecetpts et lemperars bends will e. flehverab'. ir the first instance All offerings arc made "when, as and if issued" and
received by u. nc ubject tc approval 3' counsel and subjee : authorization by the Interstate Commerce Commission.
Price 96V2 and interest, yielding 6.25
BLAIR & CO., Inc.
LADENBURG, TKALMANN & CO.
SPENCER TRASK & CO. REDMOND & CO.
CASSATT & CO.
A. G. BECKER & CO.
The statements pu-acnted above, while net guaranteed, are obtained from sources which we believe te be lcliable
In view of the popular
interest in
Standard Oil
of Indiana
we have prepared a special
letter covering the record
and prospects of thU com
pany with latest develop
ments and analysis of
financial condition.
Ask for copy a
Nete: Reports en this and any
ethrr active New Yerk Curb
fxchange stock will be sent
free en request.
CtU, phtnttr writ!
Tenes &. Baker
Jvlemfceri Netv yerk Curb Exchange
Dlrt PrlT.te Wlr'ei"
NtvYetk Chlciie Doner PblltiUlpbli
FHIIADELPHI A OFFICE
Wldener Building
I'D I
I 1
1 I
Safety
TrtM.hn... U "LOCUK47JO
BALTIMORE OFFICE
Bmcnen Hetel
Tckpkme . PWuS431
The East St Leuis
& Suburban Ce.
loci-jieiaMi wee anf
net tccctved neuce e4
the eiier rccenUy mad
te purchase the Medu
A this company iheuld
kamdiately corarnooi cerarnooi corarneoi
wte with m.
E.W.CUrk&C
Backed by a
Reputation
I
In 40 years, thousands of investors have bought hundreds of
millions of dollars of Straus Bends. In no case has any bond
holder ever lest one dollar of principal or interest or been de
layed one day in the payment of either.
Today, with trust in this record, our greatest
asaet, thousands of bend buyers are investing
their surplus funds through us.
We underwrite and offer for sale the highest
class first mortgage bends secured by prop
erties in the leading American cities. The
yield is the highest consistent with safety,
6 and 6V4.
We would be pleased te send yen a booklet describing these
sound bends, in $1000, $500 and $100 denominations.
Write for
"BOOKLET 917-L"
S. W. STRAUS Sc CO.
CIAOIIMIBD Itm . OrflCKO IN TJIIRTT CITIES
1617 Walnut Street, Philadelphia, Pa.
INCORrORATTD
TelepheneSpruce 0387
40 YEARS WITHOUT LOSS TO ANY INVESTOR
1 1922 S. W. S. & Ce.
piiiii.T'nf.vfsr i.rfirvf MnTifi. TaaafcKg.sU
iriitii-n iin imi-nuy ?- - r