Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-09-01
NEWS FOR INVESTORS

The average price OF the twenty ac-
tive industrials advanced DOB per cent
yesterday to 100.7S. while the twenty
railroads declined O.20 per cent to
02 As.
The directors Of the Pelham. Trust
Company declared an extra dividend of
l per cent in addition to the regular
semi annual 3 per cent.
Frank IIedley. president of the In
tcrborough Rapid Transit Company,
announced yesterday that funds for the
payment of interest due today on the
three year : per cent notes had been
deposited with J. p. Morgan for pay
ment to nOteholders. He stated that
the company is unable at this time to
pay any part of the principal, also due
today, and it will seek n further ex-
tension of the issue in the United
States Court.
The Southern Pacific Company dur
ing the current year will expend a total
of 500 900, 900 in carrying out it's cX-
tensivc program calling for new con-
structiOn, bcttcrments and additions to
facilities and equipment. The work ut
present under way calls for expenditure
of about S11 300. 600 for new rails, ties
and ballast. 81 800. 600 for new loco
motives, S12.5OO. 900 for new rolling
stock and 500, 900 for plant facilities.
Certificates of capitalization of the
Electro-Car Corporation. of Philadrl-
phia, were filed at the State Depart
ment of Delaware increasing the stock
from 100000 to S33 3,000.00O The
charter was filed by the Corporation
Trust Company of America.
A new loan of 5000. 900 900 for the
Government of Argentine will be sold
in the New York market during the
next few weeks. 1t was reported in
New York that syndicate Of bankers,
headed by Blair & Co., Inc, had pur-
chased that amount of twenty five year
Gh per cent bonds at o.. This report
was not confirmed by bankers, who had
no late advices from their Argentine
representatives. 1t has been known for
several days, however, that such ncgo-
tiations were under way. fol lowing the
rejection Of all bids one month ago.
--Rrdmond & Co. and .Ianney & Co..
of Philadelphia. will offer next week
poratiOn 7 per cent twenty year bonds
at par. The mortgage will provide for
semi annual sinking fund. commencing
March l. 1923. BY its terms, bonds to
be called will be drawn by lot and paid
off at 40.
-German marks were quoted at 800
to the pound sterling in London today,
compared with ZOO yesterday.
The Autocar Company is Offering
81 ,OOO. 900 of the new issue of s per
cent cumulative preferred stock at SiO2
per share. Stock certificates will be
issued on September -. Temporary
receipts will be issued bearing interest
at rate of 6l3 per cent per annum until
September IL.
The New York Curb membership of
Claude w. Peters sold to Z. Il. Rich
ards for $4,000 unchanged.
The Committee on Commissions on
the local exchange rules that the COM
mission on American Telephone and
Company warrants shall be
the same as charged on the stock of the
company.
Formal announcement Is made that
Ben iamir West Frazier and Howard |
J.. IIanscll. Jr., have resigned as part
i,ers from the firm Of Redmond & Co.
Kenneth +. Hicks, formerly with Il. |
B. smith d CO., has associated himself |
with The bond department Of Parrish |
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