Evening Star Newspaper, November 17, 1922, Page 29

0 5 Granada O1l . 1000 Vermont Ave. 1433 K 8t. N.W. . 2 -. | very favorable impression, and fits i 2 iers nor e mpression. and ;| Washington Stock Exchange 7 fackard dotor it % i3*|DEPOSITORS CARRY GU \ hsl\;; l;;come 80 lummunuy Imm;el:ad 7 5 | BALES. g :Pm o r;‘in new 41 38 38 w e present greatness and fu- [ Anacostia & Potomac R. B, lst 05—$1,000 at H ip Morrls . & oy 3 ture possibilities of Washinzton that [88%4. 4 S Gy . Received by Private Wire Direct to The Star Office. 10 Foenix:Hoslery o o8 Tt a2 AND DEMAND MON they ‘are real Boosters for the Na-| &ipliaiTacled fo-gso st aghs ®} Frima Radre cre o e e tional Capltal. s 5e—3500 a - > - 24 Redio C: o . plohn R Waller, president of the 1" ibington, Ry, and Elsc. pli--3 t TI.| mY WILLIAM F. HEFFERNAN. | action of Mutual OIl'directors in de-| 8 Radio Corh . 42% 4% 42% | Mexican Police Kept Busy Fol- S e S e e g e e K R A i B owie e e atss. - AL o ort cov- Sleven mational organizations with | District National Baas—10 si 174, 10 at| ¥ TORE. ., November I-—Ab in Mammoth OIl resulted in an & Margay 01} S ) -~ headquarters here, and that the out- |14 5 though the volume of trade on theladvance of almost a point, with Ao P % 3% Ealiure. s . look for the city's financial fnstitu- | 2 Trust Co.—10 at 163%. curb exchange today was small, con- | subsequent reaction when the demand o Mo e % 3 %% By the Asociated Pregs. Lanston’s Bid Price Reduced. | iors,was never Srebisr | "0 7| pomuc cAITER MK sy, | ndurable tntarert was_apinyed In | RO IR 8000Co S, g o BEaEE U By By B AT o o 11 ry 4 writes bond issues, handles mortgage | Mo3e7—Cail loans, 5 aad ¢ per Pips Line shares and several of the|new top for 1922 at 40, Indiana Pipe (4 7 New Mex Land ... 214 2i, 2y |Uneasiness caused by the closing weel List Generally - Steady. |issucs. buys ana sells foreign e: BONDS. motors. Traders discriminated on the|Line was another to advance. The no 20 Noble/Ol & geec 22 1T 22T peadey of the Banque Prancaise de change and is credited with expend o buying side and ted only | Bituation in these two companies is| 1g Trig 281 o el s refiected . yeaterduy, 4 = "ing over $1.000,000 western money in id and Asked Prices. uying side and were Interested only |k "vhay pecial dividend action is{ 4 Cuit Herall Can 2 45 Omar i1 i Ty ] Al BERRCL G cier AT Wi basies The International Bank. the development of this city. Bid." Asked. ) in 8tocks that are expected-to declare | expected before long. o U LEa Heae: [ . 17 Peanock oN 4k | of the capital adopted precautionary The present capital i8 §800.000 fs-], . FPUBLIC DTILITY. extra dividend distribution either in Hoslery Stock Issued. 20 8 Realty Rights 1% 53 Bran Con . 5 5iy Blg mm“;;“de:_gfi{'::’ poseible Tunsiio gued, $1.000,000 authorized, ‘with a|Xmtrican Tel and Teiga. 4%s. 101 stock or cash. ; The new fasues of Phoenix Hosiery | 1 Uta laamo Suxar’ "5~ %™ S Napulga Heln By '3 Mi| The general policy was adopted of There was very little business | sort s ©Fe Selo 500 ATz aatTeE et D mz Announcement overnight that a|Company, common and preferred.| 8 2% 2% T oand Ol 2 3 2wnet buying dacatis on New Yotk A -runsacted on today's session of the Anatostia and Potomac g 885 special dividend of $80 a share in ad-| Were admitted to trading today, the| j, b, JHG J . Banlomolw! 1% Ui B v TAnalers lof_jtuis Dxbirs Twes okl atosk exehanE6 Ches. nnd Potomac Telephons 08 98 Qition to the regular quarterly dis- | first sale in the preferred taking place % 10 Bouthwest 0 012 01 S e Aol ISR A onr bt D S SR inost | GENERAL MOTORS VOTES [S5 RISl & - BB inilion o fy it Ve Gncbfoa by | it 106, % Seaior o, b . BTy O i e S v S e s as a New York Transit was responsible | tion price of par. No sales occurre; 4 Alsska-Brit-Colo 2% 2 0 exan 0l 8. B ladoption of thi fey hat i nge, although the nominal bid o for & jump of ten points en- | in_the common up to a late hour. ) Belcher Divide 2 Tidnl Oxage OM . 1A 1% Ty Pisoniuloads potloy that ail price for Lanston was dropped mate- DIVIDEND ON COMMON % TE. Wwhile Buckeye Pipe Line ross 1% | The action of the General Motors - AT s B U R e T i o atodk DeE ox TVIAEnE 1% R = 06, on rumors that this company will ar- | Corporation directorate in restoring x (in units). . & Wild_ scenes were ena Yo the stoe & ex-dividend 11z 3 96 range for an extra distribution for|the common stov? to a dividend basis 8 Canarlo ¢ e AL A Sales STANDARD OIL ISSUES. Lank-exuil e per cent, while the asking price was |By the Associated Press. "2 the benefit of shareholders in the|Dbrought about a resumption of active 230 Candelaria Min.. . 35~ ag" 700 Anglo-Am 01l 193 19 toee gg,,,‘,"‘:, lR- b jowered in ratio with the dividend. NEW YORK, November 17.—Divi- | Folomac Elec. Pow. g m. v, 98 near future. buying in other motor issues. Durant| 13 Columbla Emera 51 5 | .1 AnkloA Co 3 b1 ] attempted forcibly to enter the bu District National Bank sold at 174 |dends on General Motors have been | Waih., Alex. & Mt. Ver. o 2 Jump of Four Petats. ommon gained almost 3 polnts at| 33680 Minten, 3 Cremept P L. N> %7 553 |ins, but were held back by the policu. 4d Usion Trust shares at 1421 |resumed. the directors declaring a : Jalto. & Annap. B, X.| Northern Pipe Line, another t ™ common reached its best pri g : 39 10 Eureka P Ly ... seis sy aid|ineores of menivera ior g ; 1423 i s 943 961, pe , another to an-|ard common redol 8 best prices| 20 Cork Prov Mines 3 20" | 520 Gal Sig Oil 5y 58 sey [house of congress who Gas was rather weak at 35, disbursement of 50 cents a share on 1045 1543 | nounce an extra disbursement, jumped | in some time. It was rumored that a| 31 Cortes Silver 2 T Samble ol oon% 38 3% positors in the bank were caught in B o ealib| e commensatonics 1t was/aBAGHHGEA % 47 | four points above the previous close | stock dividend distribution is likely 105 Tilinoin P L. 4 i 312 |the fallure. & a1ed : 2] 9% 100 [in the early trading and was quoted | to be made shortly by Packard Motor ~ 25 Dear Cons 275 Imp O of Can. 1 11 neglected. that this payment is not to be re even higher in the afternopn. The|Car Company. 10 Divide Extension 425 Indisna P L. 100 }oi Reserve: Showing. I garded as a quarterly dividend, the M : g b il 3900 1at Pet Go Ll =% 21| BONDS QUICKLY SOLD. The combined showing of the fed-|directors having decided not to put | K o . 10 B1° Salrador il S L S 5 b ng o . 8 NEW YORK, November 17.—Fol- 4 Solvay et Cle Bs.... 105% 103% 106% | 2 , 400 Natlonal Trans 23 23 CHICAGO, November 17.—The Coir- ;\,ot;mhé:nksnn”hvs in lnc[el.\a‘rhb stock on a regular quarterly divi- | b+ lowing is a list of today's highest, 1 Southwest Benl 7a.. 1000 1028 loake Pt E“mm- Biiver 3 \'or‘l’h;r"';:hh 1@ i [ monwealth Edison Company has so 00000 T fidiscounts secured | dend basls until the result of future ¥ 5 lowest and closing prices for the 6. 102 102 7 102 70 Onlai0ls o a0 Bay am len S competitivel BAsI $7:142.0 mment obliw EoSations can ‘bo. safistastorli S ass % most_active ‘bonds and stocks dealt 10215 102 Soldield Deap 3 0 Prairie 01 & o0 ieow 1AIStmONtEAEE Percent gold boudk ted Totalresauts - [certained % STOCKS. in on the New York Curb Market: 2 United Ol Prod i ol th 10 Goia Gone orence. - 3 ; T s | D e motces, wore secerien: creased by $220000,000. aiso Habili-|Tno diractors announced that net | an p TRLIC OTILITT. Im;:_l:d_ Vit Rty of Haw 1 100 106 1057 | 18 Hemictiiver L 18 Nie e adccesstul blader” bought The o<, made p ber of ite merican Tel. elg ] conE oiiinger : The reserve Fatio to Hapiity 18 55.2, carnings for 1922, after deducting, capital Traction [EOREICN BONDs: ; 8 H«-l-'fl:flnfi 1&{&' e o ol D N o - v Y 8 4= idepreciation charges an ederal ington 21 Argentina 7 . 100 995 100 -5 Howe Soun 2 == e = o rem Tk but etill Jarger than (IRICT NI approximate §65.000,000. | Rorfolk & & ! 3 ] ?E‘ of Neth 54 gg’! 9oy | 300 Tndcpendepee ioad 24 0 1400 Vacuy % | wERGENTHALER LINOTYPE co., 3 : e g of Serbs 4 elop N3 th v. 14, 1922 Joins Discount Company. A O e s . 10, | 18 Medlemn Govisuial 10w doy 10| 5 Kaor Divide o new w0 D 1 ,, yApnouncement wax made today |a stalement said, ‘the company wii flflfi_&mflimflfl- g el Bonian S B 1B B% BX] 1o Mc¥amn 08 FORD STOCK ON CURB o Mergenchaier” at Mr. James L. Hanlon has be-|ha a sur of $40,000,000 at the et : 3 1) . o 2 -~ come assoclated with the Waskingtontesd of the o 4 & Tos 241 101 fi ififlflffcf::"; ettt 5 ;\J:l_lm;,-l;j'nlz‘x et 2 i "n R office o the Cleveland Discount “The financial position is thorough 5 Russian Gov 6%: 10 10 A ‘ornelia . 15 15 o - . on ember &, {ompany, with omicss in thel Sunsey |1y satlstagtors.” the statiment co 3 s B ofbrent 10 o m 5 New Dom Copper. an, 34 NEW YORK, November 17.—Shares wilding.. Mr. Hanlon Is well known | tinued. “Since January 1 bank i X 10 Nevada Ophi > -57 " 1of the Ford Motor Company of Can-' n local financtal circles, having been | debtedness has been entirely dis- | EAfmery’ ané, He oo [ T sy 38% | 180 Nevadn Siver Hors 03 12 150n Ten, wero Mated onels New| for many vears the Washington;charged: liabilitles have been re- | fooetl-iNeS Sales In INDUSTRIALS. 4 Niplssing S e e représentative of the F. C. Whitney | duced by upwards of $45,000.000, and ! Liperty oo, % | Lundreds. High. 20 Obio Copper 35 35 | York curh market yesteraay. and for E UITABLE *nterests of New York and Chicagé. |the company now has no indebtedness | Lincoln 12 Acme Coal .. 6 40 Nevada Cons _.... .03 oy [the fitst time 3 stock bearing/ the] In his new work Mr. Hanlon will other than for pay rolls. suppli ational 30 Acme Packing = % 1% Dime 00 H ety Tordiwasibought and! sciated with George A Tlarris,| etc A compirison of balance Sheets ! Liey 2 AmaliLeather i 10 Rochester siiv Corn 18 1%y Ty bt were made, aue ||| Co-Operative Building seneral manager o 11 as S er 30, 1820, Sep- ¢ fecond - - 3 0 02 |14 - ‘ . comprising the District of Colum! $110.000,000 in liubilities.” TRUST COMPANY. 16 Brit-Am Tob Co reg 19% 20 Richmond Cop 2 Teinpera ddinor dnows 1L iag weeny sociahion Virginia_and southern territory. No action was taken on preferred Security and Tru 18 Buddy Buds, 14 2 Baby Rand Atine... 41 Jlisted ana g1a ot secogrise by abe | /" The Claveland Discount Company Jebenture dividends at the meet- | 1 Trust 2 Car Light 15 B0 Bily Minen o Am.;, 13 {abbrevidted itle “that sppssved (on Organized 1678 is e ged in financing large build. | ins. . These will be onalieredar the | avitige 50 Coas Gas N 2% 2 ) 10 Speariceadsoia o thirts s ey 2111'73* fl"l: e el b i ing ope: i i 7 2 % A n 5 2 Chicago Nipple . 31, 8 iead ol 07 rty shares at a share. The| ns operations, and in regular quarterly meeting the latter | \Washington Loan and Trust 17 Contlmental” Motor . 10 100 1053] 10 Stewart Minew 4 Second was twenty shares at $402. ||| Awsets 24,657.959.50 cigage investments. The latest(part of - December. SAVINGS BANK. 1 Curtis_Aero it oa oul om i X | The company, which is not a sub- | Surp L160,850.31 i : o % Tono £ idiary of the parent corporation, is on July 20 last, showed paid in cap- Commerce and Savings. les, 8" 35 8 12 Tovonal Extens ..; 8% G (e o b [t i “urdiis 0¢ wort “(han fo:| PARIS PRICES IRREGULAR. |, Faieosyaoiiis o PRt R By 9| Rrebhencie al o s cnElied a togew shares b ff - SYSTEMATIC SAVING :00.000. and resources of more than Y Beventh _Btree 60 20 U 8 Continental 19 a8 | - MPLISHES 542 PARIS. November 17. — Prices|®e 25 Durant Motor ..... 83! 30 52! 4 s R .18 | imately 18 per cent of the stock. 1 . & s4z000000. moved irregularly on the bourse to- | Gaited Biats, -3 1 Durant Mot of ind 1 139 18 B Sau o A 415 5 ACCO MosT The International Bank. day. Three per cent rentes, 59 francs | & 8o A e INSURANGE, Fidelity Ph Fire Tne o8] 985 oagf | 55 Wit PG Contel o’ G | e _ The tnternational bank does every, 55 centimes, Exchange on London. 64| ymerican . ‘ e Gt faz S e Sy | 9 Viclary Dieide Ay o Mon to m (I e 0wt to oth . B e o el o e | foan. T france 0 centimes, * | Firemes I oo hievrd. By 3% INDErES S o | i i receive deposits. | lean, 7 n ce! . year Tir 25 3 N L - T Is"in investment insti{ution and | The dollar was quoted at 14 francs e iemip Wit B OBt B pae o ; i B evatling tatssest and. commincionr Subscriptions for the employs its ow ita) ‘) c 2 ITLE 1IN ayes el % % 5 ; gmetors s s Seil to e own| ot conthuis . U W B I ] . Joseph I Wetler EFEERmn || 84th lisme of Stock £regate annual business of about $12.- 1 Imperial Tobacco .. 151 181 15131 - 120 Boone Oil < ANOTHER OPPORTUNTTY = Being Received Tt Ton so0, PUSH COAL RELIEF STEPS. jimera T 9 M0 M) RGOl i 4 W Offered Tac instization is oMeered by former| LoIUTH. November 17 (Spectal) — AN AT : o :;“y e Dlnve:tfnr;m . Shares, $2.50 Per Month o e muc! W = ki > 3 F MeN & 2 2 2 ”d ed in the lundu‘rrf)fcll&“::u’fi | Lake navigation will be extended m-:,‘,’f{,‘:‘;{‘h,,,, Linotype. 2} e Elec: 3im LMoy R A Coo. oy oy ey | 3: Ao 7% Notes * i EQU]TABLE BU“-D'NG de hanking institutions, here and|The additional shipments, it is de- | Lanston Movotspe 10 Nhefeld Farm 6 3 Mercer Mot ot ctts 3 | 50 Bagineers Dot .. e e S s LT IOR R 915 F St. N.W. i sowhere, 5 . clared. will give this section €0 per Lo Mot e ™ 1 7 Fetersi i District of Columbiu. JOHY JOY EDSON. President |; n ew years i as been in'cent of the normal supply of anthra. i .v.; Riecuit ax 5 a3 Clinand o8 Wm. H. Saunde“ & co.’ FRANK P. REESIDE. Secy. . Washington the bank has made a cite. All of this Stock having been sold, this advertisement appears as a matter of record only. $4,000,000 $7,143,000 Phoenix Hosiery Company Now known as Phoenix Knitting Works (A Wisconsin Corporation) Commonwealth Edison Company l ‘ First Mortgage Five Per Cent. Gold Bonds Seven Per Cent. Cumulative Preferred Stock Dated September 1, 1808 Due June 1, 1943 Przfcmd as to Assets and Dividends fi“u p!n::bol;:hrch 10.:&:!?“‘%‘3 1 ?’gm“ ik N“{,“’.‘t d‘u“ Sondsitn o Redeemable in whole or in part at $115 per share and accrued Dividends ation of §1,000 each. af and interest on any interes upon 40 days’ pud- On or before Janu: 1, 1924, and annually thereafter, from out of surplus and net earnings, at lshed notice. Previous issues of the Company’s bonds are listed on the Chicago Btock Exchange least 3% of “.:r{";u‘ amount in par valus of the preferred stock that shall have been d Leati PR ton AL aag e at any one time outstanding, shall be acqiired by the Company by redemption or by purchase at not to exceed $115 per share and accrued dividends. Application will be made to list both the Preferred and Common Stock on the New York Stock Ezchange. CAPITALIZATION THE NORTHERN TRUST COMPANY, CHICAGO, Trustes. . Interest payable without deduction of the normal Federal income tax up to 2 per cent. The issuance of these bonds has been authorized by the Illinois Commerce Commission To be presently To be presently authorized fasped VEN PER CENT CUMULATIVE PREFERRED STOCK (45,000 Shares, Par Value $100 each)................. $4,500,000 $4,000,000 Dividends payable quarterly, cumulative from Dec. 1, 1922. SEVEN PER CENT CUMULATIVE SECOND PRE- 5 FERRED STOCK (5,000 Shares, Par Value $*°1 each)... $500,000 $500,000 COMMON STOCK - (175,000 Shares, Par Value $5 each)......!........... 175,000 shares 175,000 shares , Note—The $500,000 of Preferred Stock not to be presently issued is reserved exclusively for conversion of the Second Preferred Stock under the Charter Provisions concerning same. A letter from Mr. Samuel Insull, president of the company, is summarised as follows: Commonwealth Edison Company serves December 1, 1922, and for other capital with electricity forlight and power the requirements. Additional bonds may be ; I entire city of Chicago, with a population issued for only 756 per cent of the cost : of over 2800000, practically without of permanent improvements and new . cflolmpetmont. fiits cum?é%r&umber at property. - e presen e over During : I v T G0 o cimoers wers L ol of e property, exuding oy e e company’s system, an in- N i crease of appro:n'}r’nately 13.1 per cent %m’&%&&gm&?fifin s - over the previous year. 5 = ; c ; t earnings for the year ended Decem- The company’s generating plants, havin, cloar 826 a total capacity of about 99(?,000 electricfi mui}’ir}tem’stwelm o’znoon'll fiul mg:‘: horsepower, are believed to be not only s D ’ ge bonds outstanding (including this the largest, but also the most modern Jgssaue) s $3,048,700. g and efficient in the world. Information in regard to this issue and the business of the Company is given in a letter from My. Herman Gard- ner, President of the Company, from which we summarize sn part as follows: \ Business and The Business was founded in 1890 with a capital of $75,000 as the Phoenix Knitting M 3 — Works, which manufactured 2 general line of knitted goods, gloves, mittens, etc. With Management: - ;. oxception of the original amount paid in, all of the present net worth has been ac- cumulated out of earnings. It has grown from a small plant employing about 300 people in 1910 to the position where it now employs 4,000 operatives in the manufacture of a complete line of men’s, women’s and children’s silk, mercerized and woolen hosiery, etc. The Company is generally regarded as the larg- est single producer of trade-marked silk hose in the United States. The Business will continue under the management of Herman Gardner, President, and John E. Fitzgibbon, Vice President and General Manager, who have acted in these respective capacities since 1908. A member of Lehman Brothers and of Goldman, Sachs & Co. will be invited to serve on the Board of Directors. Sales and Profits: The Net Sales for the four years and nine months ended September 30, 1922, and : the Net Profits before deducting Income and Profits Taxes paid, but after giving effect to taxes at 1922 rates and also adding Interest at 6% on $1,5600,000 new capital to be paid in as a result Ott :llllis financing, as certified by Messrs. Marwick, Mitchell & Company, Public Accountants, have been as follows: These bonds, in opinion of counsel, are Commonwealth Edison Company and its secured by a first mortgage on the entire %nnclpal redecessor, Chicago Edison by of the Com ompany, have paid dividends since 1889 protg e company—and, together oy Sl T with other bonds issued under the same ousi paon. | mortgage and ranking equally therewith, In addition to liberal expenditures for are outstanding to an amount of $59,774,- . maintenancey large amounts have been 000. They precede $60,000,000 par value appropriated fir out of earnings capital - stock, application to increase for depreciation. r the year ended which to $72,000,000 has been .made to December 81, 1921, the amount set aside the Illinois Commerce Commission. The for amortization and depreciation re-- 5 Laten proceeds of_ the present issue will be serves was $2,900,758.00, which reserves, used to retire $5,000,000 7 per cent col- in the balance sheet of December 81, 1921, lateral gold notes, called for payment are shown to amount to $18,192,636.77. Net Profits before deducting Net sales mew capital te be paid in, Yeur ended December 31st, 1918... . coes . $8,552,892.54 $771,390.32 December 31st, 1919.. e 11,153,572.06 1,567,297.72 December 31st, 1920... sisvainie 16,290,857.52 153,529.23 December 31st, 1921... veees... 16,300,220.35 1,407,972.65 Nine months ended September, 30, 1922 13,351,588.63 1,500,555.33 The average Net Profits for the four years and nine months ended September 80, 1922, computed on the above basis would have been $1,136,999.00, or over four times the annual dividend requirements thy $4,000,000 of Preferred Stock presently to be issued. PSS onitee ¢ > WE RECOMMEND THESE BONDS FOR INVESTMENT Price 99 and Interest, Yielding About 5.07 Per Cent. AU legal matters im comnection with this issge will be sudject to the approval of Messrs. Bullivan & Cromwell and Messrs. Guggenheimer, Untermyer & Marshall, representing the Bankers, and Messrs. Rose & Paskus, of New York, and Messrs. Bottum, Hudnall, Lecher and McNemara of Milwaukee, Wis., representing the Company, ond this offering iz in all respects subdfect to awch approvel. . Price $100 per share and accrued dividend This offering is made,'if; when and as isswed and accepted by ts, and subject to approval of counsel. It 1s expected that delivery of the stock will be made on or about December 14th, 1923, on two days’ previous notice, at the office of LEHMAN BROTHERS, 16 William Street, New York, N. Y., in the form of temporary stock certificates (or interim receipts) exchangeable for definitive stock certificates when prepared. ‘We reserve the right to reject any or all subscriptions, to allot less than the amount applied for, and to close the sub- scription books at any time without notice. . | RN R 5 Ail statements hevein are official or are based on information which we regard as reliable, ond, while we do not gusrantee them, we ourselves have relied upon them in the purchase of this secwurity. HALSEY, STUART & CO. = 5 . Land Title Building—Philadelphia—Phone Locust 7410 NEW YORK—CHICAGO—PHILADELPHIA—BOSTON—DETROIT—MILWAUKEE—ST. LOUIS—MINNEAPOLIS LEHMAN BROTHERS | GOLDMAN, SACHS & CO. ' November, 1933. . The above.statements are mot guaranteed but are based on information which we believe to be accurate