The evening world. Newspaper, November 17, 1922, Page 30

wov.-Elect Takes Up Three ~» Important Issues at Chamber Dinner. By Joseph S. Jordan. Gov.-elect Alfred B. Smith Inst Might made his first public speech Since the Smith landslide of two Tuesdays ago. He was the principal Speaker at the 151th annual banquet Of the Chamber of Commerce of the State of New York “You have three big things that t Thay speak about to-night,” he told the gathering, “because they como into my mind first—the proper use of the canal, the Port Authority and the Teotganization of the State Govern- Ment. And the Chairman of the Pub- Me Service Commission smiling up at Me, suggests that we have a big Problem here in transit.” ‘ine banquet was held-in the grand ballroom of the Waldorf-Astoria, and ‘mever has the American flag been reathed into such a wealth of beauty ‘aS was revealed by the silken drap- fmga of the walls, the boxes and the Ballerics, Irving T. Bush, owner of Bush Terminal and the 42d Street Building and President of the Cham- Der, presided. Besides the Governor. “méet, the speakers wore Senator-clect Dr. Royal 8. Copeland and the effer- Fewcent und ever enjoyable Jols “Hodges, Receiver of Ratlrouds and Mispenser of Lonmots. The flowers of oratory spread from Bash to Hedges ee Mr. Bush is a toasimaster with the st buttered on both sides. He has Splendid presence and lis keen nse humor finds an outlet ty int expression. He kidudtd ‘Al, Find made the ex-Governor and the ext Governor laugh when he sa “Hr was explat very frankly to oy, Smith that at the last minute WreiA had been received from the Mrevident that the he of Mrs. hot pe him the wit would And ) brought down the d wit | GREAT AFFECTION FOR SMITH | BECAUSE OF HIS SINCERITY. i “And © all f 1a great Wfection for Gov. Smith because ot B tAve know from experience that PWiether Gos r arned to Al Magy, or whether Gov Grned to Albany, we w eis, sun’. sincere and honest man Mt the State Capitol S4icind to be a bus man,” sale BERD Governor-vlect nd KAW mnyselt Feith true nd routes which would mke the railroads 1 sich Rutt Veeiildn't stay wit t They called me ee pa te’ cal oe Shin's. heen there before. f gor Ke congratitation from Migrend up devondt Middletown. ‘Did Pou see the way re ty went? he ay, will you want any hay for the m before you lnave?” en, the canal is (nished. i it le | up 1 vou merchants to keep It going Hie upkeep |p about $140,000 a yenr Me the State ple—are 10 get | 4 EXECUTIVE. Ateany CHAMBER OF COMMERCE the benefit of the canal you must pro- vide business for It. canal, “There is the Port Authori The essence of the plan is the o operation of those most interested in it, The trunk lines are most interested. “Have they co-operated? Are they helping out? They are not. On the contrary, they take the position that they would rather see New York lumber along, and the result was that the Port of New York was crippled at a time when it was vitally needed by t! whole United States. The State has done all that it could. The Chamber of Commerce can help. They started it and they can fin- ish i€ if they will. That's a job ! give to you. It is only when you have the driving force of public ion behind you that great things are accomplished. You can furnish the driving force, CHAMBER QUIT ON PROGRAM OF STATE REORGANIZATION. ol ‘ommerce that the Chamber fell down on Its program, Thoy saw tt 16 per cent. through and they qui Several yolces: “Which program?” Gov. Smith; “The 5! D tion program. They stood behind it One of the members of the Recon- struction Commission who was Chair- man of the Commission on Reorgan\- zation of the G mer Pr ident of the chamber, Mr, Marling, and whem we had it 75 per nd cent. through everybody laid down jet it dle and postponed the whe government reform for three or four years. Now we ave going to start it again “Now let the committee get busy that p after up there. [ represent did not expect very much from (aughter), and it gave me an oppor tunity In view of that to broaden out and help try and serve the whol State, and that {s the reason why, Bu *, that In time I was promoted ow these mon want to do the right thing, but they want to hes from the folks at home once in while, They want to know how big business organizations feel about it and we are all more or less prone t underestimate our own strength, Don’ ind ate th ‘ ne Chamber of Commer it od ) legislative matt means eut deal fa man ean go In botore a committee of the Legislature wit) letter or in business men; it fect. It really means so I think the Cha to be backward in the exe power that it really has alc that are 1 to the eity a ful to the ate hinery with to elect 8 1n pos jok for two yeur rn a yenr and a w again. Unless he has had many , ea in the Legislature he doesn't kno on in his Sinith’s auf { own rolere Get them to build canal boats and put them in the Ww I want to say to the Chamber vernment was a for- 1a district that me a whieh we run CHAMBER OF ComMMERCE SALES ON RALLIES HOLD PRICES DOM INMARKET TO. Despite Encouraging News Professional | Operators Hammer at Weak Spots. Although there a number of influences to-day which ordinarily would have had a very favorable ef- fect on the stock market, prices again seemed unable to respond owing to the determination of large holders of stocks to liquidate thelr rallies, operators. who hav veurately gauged the present market situation continued to search about the list for weak spots sult was that the ma xtremely nervous tone, wit de- clines more than counterbalancing such advances as occurred The market had as new a decided improvement in the Near East situatic which resulted in further rive iit the important foreign exchange rates, a noticeable increase in the supply of funds available for purposes of stock speculation, decid- edly encouraging reports, improved ratiroad traile returns and furth evidence of increased liber- ality with regard to dividend pay- ments by managers of big corpora. tions. In the latter conncetion the New York Transit Company declarod a spe- cial cash dividend of $80 a share, the Northern Pipe Line Compe extra cash dividend of $15 eral Motors Compan after the close of resumed dividend common stock and Company more or were holdings on Professional The re- t displayed an influences business t last night, ntx on the Pacitle On unexpectedly t] announced that its regular rato of dividend payment would not be re \ | Yet off stocks traded in un the New York Stock ange were unable to make headwa and, in f Pactfic Oi) continued to lose In tors, to early i stantial fractions to than point, but these gains were not main tained and absorptive power waa so small that it required only a ¢ tively small volume of selling quotations back to or below th ing figure of Jaat night Rallroad shares we Null, and as in OM. nm satisfied we tan have na) the case of industrial, copper and ol Feel und perianeot economy until scene displayed marked irregularity, is reor ed. Some form of execu- = tive budget is as nec y ‘© tho|tranait was to say he would ape State as to the Federal Government.| proach it with an open mind. “There should be an amendment to Dr, Royal 8. Copeland, making Increa: term of Govern his first public address «ince his ection to the United Statos Benate, attacked the Immigration Law a crucl farce, favoring a molectlve ay: tem with all examinations made in Burope. “shoddy goods," he con- tinned. substitutes, fradalent oducts and impure foods and . ty P 0) Ate Reedy 2400 Allled 200 Alllad Chem 3400 Aro. 100 Am 600 Am 100 Am 100 Am Fe 100 Am 100 Am 000 Am 800 Am 100 Am 800 Arn 300 Am “900 Am 100 An § 1000 Aim 1400 Am 100 Am § 200 Am 300 Am 100 Arn 100A W 1900 Am W 100 Am Zine 800 Anaconda 800 Asso 100 Asso D Ge 300 Aten Tel & ‘Too . 100 Atl Fruit . BOO ANG & WI 100 Allan Tack 7400 Bald 14000 Beth 1000 Beth 400 Beth 0 Bu 10) Ad Rumely pf Tob DB .. 1) Good: eel: cial THE EVENING WORLD, FRIDAY, NOVEMBER 17, 1922. Smith in First After-Election Talk Raps Railroads on Port Authority Stand) STOCK QUOTATIONS Ign. Low, Laat 46% 46% cera BAM wy ran Tei Steel No. Steel pt 8 pe 100 Brit EH St 1st pt . 00 Bkiyn Rap Tran . Bkiyn RT cts. 100 Burns Brow A 2 Brom pt. 400 Butte C & Zine , Butte Sup « 1600 Caddo O11 500 Cal Pete + 400 Can Paw 400 Gent Lea 100 Cent Lea pt « 800 Cerro De Pasco 700 Chan Motors 500 Ch 500 C & Bast 1 000 ¢ 2000 Chile 200 Chino . 5100 Coca. 200 Col F & 1 00 Col & Bou 900 Col Gas 200 Col Graph . 000 Cub Am Sug 100 Day Chem 400 De Beers . 100 De} Lack & We 100 Detroit Ed 800 Dome M 700 Du Pont & Ohio ) Chi Pneu Tool. 700 CM & Bt Paul M & 8 WP pt 400 Chi M Bt P & O. 800 Chi & Northwest 0 Ch RI & Pac 100 Chi RI& PT pe pt BM 1K 13% UX 11% 11% 32 1g2 132 102 40a TM 7% 20% 204 * i% 48% 48 wat a, BM% 94% TM 71M ST 37% one sod, Made’ 10% 70% . go 30 78% 78M 2% 35 58% 39 % 15 SB By 45 95% 9% 9% 700 Fast Kodak . 500 Bt 100 Elkhorn 900 Endicott-J . 8 400 Fisher £00 Freeport T . 100 Fisher B of en Asphalt n Blee « 800 Gimbel Hrow 800 Gimbel Hrow 600 Houston Cigar deb Motora . 19% 2a 43% + 104% 175% 16% © pf pe 400 Hudson Mot, 100 Hupp 300 Hydraulte 8 BROADWAY STOCK SALESMAN ARRESTED IN JERSEY FRAUD Failed ¢ William 1. to Jersey Cit alleged defrau Alleged to Have Collected §260, Bat ive Certificates, Woodene, No, 2465 Broadway, Manhattan, was rested in Paterson last night and taken in connection with the ing of Mrs, Mary E. Con- fifty nolly out of $260. Mrs. Connolly alleges she gave Wood- that amount to cates after solicitation and that he had not produced the stock. Woodene denied ul Intent any erimt for @ honring Criminal Court. of beverages A. Edison, Gen, Robert miral Enright, Gen. ederick Cunliffe-Owen, driven out of exiatence. Among othors present were Thomas Bishop Manning, Lee Bullard, Vogelgesang, buy He was to-day in every sort Com George W. stock certifi- the Second ol 161 1% 10% 92%, 02% seven, of locked up must be Major Rear Ad- nmissioner Goethals, Darwin P, ugenius H, Outerbridge, . Baruch, Jules 8, Baon Cortelyou, George Gordon Battle, Cornelius N. Bliss jr., Austen Colgate, George B. Seymour L, Cromwell, Lewis L, Delafield, Elbert H, Gary, Eugene G. Grace, Will Hays, Theo- dore Hetsler, Adrian Iselin, Otto H. Kahn, Clarence H, Kelsey, Thomas ‘W. Lamont, Adolph and Sam Lewi- Gustaye Lindonthal, L, . ¥, sohn, Loree. John D, Rockefeller fr., Adolph 8, Ochs, Mortimer L. Sohiff, Charles M, Schwab, Finley J. Shopard, Francis HH, Sisson, R. A. C. Smith, Edward T. Atottinius, Henry L, Stoddard, Molville B®. Stone, Lonis W, Btoten- bury, Felix M. Warburj Paul M, Warbura, Welter 1. Frew and Gates MoGarrahy ddim BANKING AND FINANCIAL. | Se Phares 809 Benroa 0 Sinclair tun!, 11 3-8, up 4-8; Nat, Biscuit, 37 May Dept., 6218, off 7-8; Impl. Tob. : f Gt. Brit, and Ireland, 164-2, up 2500 Bketly © ° § § 00 Bou 1! Nh aug, 1-4; Schulte, 6, off 1; Vacuum, 1800 Bou ithe 411-8, up 1-8. Bhare High, Law. Last. | Shares rigs 100 Bow Railway LIBERTY BONDS, 100 tit Coe 100% "100% 100% 1 200 Nat Cloak & 8 ‘eer we Liberty 31-28 opened 100.14, off .02; 1000 Int Comb i ’ 24 | 200 Nat Sptoer Mtg 200 Nat Taed pe 1000 Stand Ol of © 8 Int 41-48, 98.50, off .08; 24, 98; 54, Cons we ia Stand U of NJ... for zy dow | 98.88, OF 8 Vie Inter Cons pt 200 8 O of NJ pt.... U8% 18% BK] tory 43-4i6, 100.28, of . Called, Int Cemen 800 Bterl Prod . 8% 858%) 100.04, up .04 Tr. 41-48, 99.60, Inter Har pt 1200 Stewart-W i OTM off .08 ; : 900 Stromberg .. 37 " san P ee 204 10600 Studebaker". ug aso |FORKIGN EXCHANGE OPENED ei 100 Studebaker pt ne us 16 FIRM. Inter Paper .. 500 Ni : 700 Bub Boat Cy ° tnt Rap Tt wr. penal Pht 300 Bup Ol . a am], Sterling, demand, 4.47 8-4; cables, wineible nd 200 Bweets of 2 ° 4.48, up 1-2. French francs, .0697; Invinelbi 800 North Am pf Fe - Tron Prod 1500 Nor P cables, 71-2, up .0008 1-2, Lire, Inland On sd ates, ie. pr At anos weecee oe, aoe any] demand, .0467 1-2; cables, .0468, off jones B Tom Sey tier Gata és 18%] 7000 Tex Guie Buln toy @2,|-0001. | Belgian francs, demand, 3 Kayser N 194, | 1800 Texae Pac 20% 20%] -0652 1-2; cables, .0662, up 0010. 0 Orpheum ... * “ 000 ©: 31% | 00 Texan C @ Ol... 19% 19% 19%] Marks, .0001 9-16. Greek drach., de- zone * mand, .0168; cables, ,0160. M0 Kelly-8prin 1200 Pacific Dev ...... francs, de cables 100 Kelly-Spritig Baal age rancs, demand, .1842; cables, 100 Kennecott up .0004. Guilde: demand, Kroner « ee cables, .3982, up .0004. Pesetas, de- 9000 Ton 6400 Pan-Amer Pet B mand, .1628; cables, .1580, up .0002. 100 1 1100 Penn RR Swedish kr., demand, .2686; cables, 100 Leo Rubber .2690, up 0008. Norway, | demand, 2100 Lehigh Valley 200 Lima Loco . 400 Loews Ine 109 Loft Inc 100 Lou & +1830; cables, .1834 mark, demand, .202 -0006, up .0004. Den- cables, .2024, up nae CAR RUNS WILD, CLIMBS FERRYBOAT, INJURES MAN Speeds Down Ft to Slip, He A runaway motor car sped down the hill to the Fort Lee ferry slip at Dage- N 100 Plerce-Arrow 400 Pig Wir 900 Pierce O11 . 300 Pitts Coal 500 Pi Ww 500 Pond Creek 200 Postum ...... 800 Postum pt . 100 Prem Bteel Car 100 Mack T Inc. 100 Mack T Inc lat pf 100 Mackay 500 McIntyre . 300 Magma Cop 200 Pres Steel Car pf. 100 100 100 N. du i 100 Mar 8t Ry pf. Safes a nate sty atm aig | 2000 Ver Stent water, N. J., last night, struck the aide 500 Mar St Ry pr pf. 1000 Pub S of N J... 96% 041% 96% cele . of the ferry house, caromed to the etip . 200 Pullman . 110% 116% 116% | 2200 Vivaudou and ran upon a» ferryboat, hitting 400 Punta Aleg . “a a “3 1100 Wabash pf A 26% 24) Richart Green twenty-six, of No. 52 800 Pure O11 27% 27% | 800 Weber @ Holl 1% 114%] East 132d Street, New York, a Negro 1500 West Mary 12 12%] chauffeur employed by the Warner 1000 Ray Con . 12% 32%] 200 Went Pac . w 3a | Sugar Refining Company, and fractur- 1100 Mex Seab > 8000 Reading .. wm! 7 100 West Atr oT 07 Jing his leg, according to witnesses. rl Record Pope ed 1100 Repiogie .. 2244 22%) a800 West Mte 68% 83% ]Green was taken to the Englewood 2000 tid States O11. 1300 Republic . 48% 47%] 100 Whee! @ ls 16h. 366 | Hospital, The rosawey cav apparcety 1800 Midvale 800 Reyn Tob pt B 8 57% | 200 White Engle 20 30 | went to Manhattan without any record fonts eae eel cae 1400 White O11 & 9 Jbeing taken by the police, 1900 Mo Pac . 900 Royal Dutch 600 Wickwire » © | At Edgewater Police Headquarters it a0 Me) Fas’ 9. eee didand = was stated that Green had been stand- 200 Mother Lode 200 St La s F ing between two cars when the ferry- Sou Maen Metara 00 St L & Bwest . g,, | boat struck the slip and that the jolt _ 3 Banta Cec Opened irregular. 0S. G. Ind., |threw him to one side, causing his leg 100 Nat Acme 2500 Saxon Motor 116 5-8, up 1-8; Ph. Morris, 171-8,]to be fractured. The police here denied 300 Nat Biscuit 100 Sears-Roo . off 7-8; Nnt. P., 21 off 1-8; Mu- they had heard of a runaway car. ~ a | BANKING AND FINANCIAL. | BANKING AND FINANCIAL. } BANKING AND FINANCIAL. All of this Stock having been sold, this advertisement appears as a matter of record only. $4,000,000 Phoenix Hosiery Company Now known as Phoenix Knitting Works (A Wisconsin Corporation) Seven Per Cent. Cumulative Preferred Stock Preferred as to Assets and Dividends Redeemable in whole or in part at $115 per share and accrued Dividends before J 1, 1924, and annually thereafter, from out of surplus and net earnings, at least 37% the ir st amount aloo of tn peetoceed sock aad shall ans Geos it ony one ts aniiande a a Company redemp' or purchase at not to exc , per share and accrued dividends. ‘Application will be made to hist both the Preferred and Common Stock on the New York Stock Exchange. CAPITALIZATION SEVEN PER CENT CUMULATIVE PREFERRED STOCK (45,000 Shares, Par Value $100 each) ... Dividends payable quarterly, cumulative from Dec. 1, 1922. SEVEN PER CENT CUMULATIVE SECOND PRE- FERRED STOCK (5,000 Shares, Par Value $100 each)... 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. To be presently therined $4,500,000 To be presently fesued $4,000,000 $ 500,000 $ 500,000 Information in regard to this issue and the business of the Company is given ina letter from Mr. Herman Gardner, President of the Company, from which we summarise in part as follows: Business and The Business was founded in 1890 with a capital of $75,000 as the Phoenix Knitting Ma Works, which manufactured a general line of knitted goods, gloves, mittens, etc, With the exception of the original amount paid in, all of the present net worth has been accum- ulated 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 chil- dren’s silk, mercerized and woolen h ,etc. The Company is generally regarded as the largest 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 Profit. 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 @ oe ‘on $1,500,000 new capital to be paid in as a result of this financing, certified by Messrs. Marwick, Mitchell & Company, Public Accountants, have been as follows: Net Profits before deduetin, rt and Profi Year ended December 31st, 1918 ....... Roeeraber Sit, 1919... «+ Decem| Sist, 1920 ..... ale December 31st, 1921 ........--- 16,300,220.35 ,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 30, 1922, computed on the above basis would have been $1,136,999.00, or over four times the annual dividend requirements on the $4,000,000 of Preferred Stock presently to be issued. N $8,552,892.54 11,153,572.06 16,290,857.52 $771,390.32 1,567,297.72 153,529.23 1 it legal t hth 1c will be subject to the approval of Messrs. Sullivan & Cromwell and Messrs. Guggen Senegal meters Ts Marshall sepraceuting the Bankers, and Messra. Rose & Poshus, of New York and Messrs. Bettum, Hudnall Lecher and McNamara of Milecaubee, Vis. representing the Company, and this offering is in all reapecta subject lo such approval Price $100 per share and accrued dividend Thie offering is made, if, when and as issued and accepted by us, and subject to approval of counsel i " ill be made on or about December 14th, 1922, on two da: previous notice. iene TEHMAN BROTHER 95 Williams Btrect, New York, N. Y., in the form of temporary stock certificates (or interim recelpts) exchangeable for definitive stock cert{Acates when prepared, We reserve the right fo reject any or all subseriptions, to allot Jess than the amount applied for, and to close the subscription books at any time without notice, LEHMAN BROTHERS November, 1922. GOLDMAN, SACHS & CO. <The ators stotaments one pet guarentee’ bul pre based on isfesmation which we believe ve be seeurale