davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-12-13
INVESTMENT NOTES.
New York TeIephone es.

With many of the best high rate
coupon bonds selling far above their re-
demption prices 1t is interesting to note
that New York Telephone Company
twenty year refunding series A 6s, due
in 1871. are selling only a fraction
above their callable price of los. At
that level the bonds yield investors APP
proximately 5.55 per cent. These bonds
were issued by the company last year
to provide money for improvements to
the property and for acquisition. new
&c. They are not redeem
able before 1881. Under the terms OF
the mortgage the authorized amount Is
limited, so that the amount at any time
outstanding, when added to the out
standing amount of the first and gen.
eral 41hs Of 1899 and thirty year sink
ing fund debentures Of 1949 and any
underlying bonded debt shall never ex-
ceed twice the amount of the then out
standing full paid capital stock OF the
company. This issue is secured equally
with the debenture 6s of 1949 by a mort
gage covering ell the real estate and
telephone plant and appurtenances OF
the company in the State of New York
now owned or hereafter acquired and
also securities of book value of $780,
900. .00O,, including the controlling inter-
ests in Bell telephone companies operat-
ing in Pennsylvania, Maryland, Vir-
ginia and the District of Columbia, as
well as all stocks, bonds and other Sc
curities Of other corporations. There
are outstanding s50,000,000 OF these
series A 6s
The New York herald., 1922-12-13
westinghouse Electric.

An investment stock which receives an
exceptionally high rating is Westing-
house Electric and Manufacturing GU
mulative preferred The stock Is on an
per cent. dividend basis and can be
purchased at prices to yield little less
than per cent. on investment. An un-
usual feature Of this preferred issue is
that it shares alike with the common
stock after both have received per
cent. in dividends For the year ended
March 81 last gross sales of the COM
pany amounted to $99.722,062 and net
income available for dividends totaled
S5.s37,3S9. The preferred dividends
which amount to only $279.900 annually,
were thus earned over eighteen times in
a year Of comparatively poor business.
At the end of the last fiscal year the
company had a surplus Of $42,324.0S5
and net working capital of $S5,352,001.
The company's cash on hand amounted
to nearly s10.00o.000 and United States
Government bonds to nearly $S,000,O00.
The amount of this stock outstanding Is
less than $4,000.000.
The New York herald., 1922-12-13
PACIFIC FINANCING
PLAN IS PROPOSED
Development Corporations
stockholders to Vote on
Reorganization.

Stockholders OF the Pacific Develop
ment Corporation will meet on December
20 to vote on a plan OF reorganization
which calls for the formation of two
finance corporations with s2.500,o00
capital each. One will finance the cur
rent business of the Pacific Commercial
Company by loans. Endorsement or guar
anty of obligations. while the other will
perform a similar service for Andersen,
Meyer & Co., Ltd. whose future depends
largely upon settlement of the present
uncertain conditions In China.
Banking creditors OF the Pacific De-
velopment Corporation win grant a two
years extension of unpaid loans and
accrued interest at s per cent. For a
similar period creditors Of the Pacific
Commercial Company and Andersen.
Meyer & Co, Ltd. trading subsidiaries.
Will grant an extension of Indebtedness
except such as has been fixed as current
Indebtedness incurred since formation of
the pool now financing their business.
This extended indebtedness will bear in
terest of 6 per cent. on American ac-
counts and per cent. on Oriental ac-
counts, payable at tho end OF the extern
. The Pacific Development Corporation
will grant to the finance corporations
options until July I, 1928, to purchase
all, but not part, of the stock of the
Pacific Commercial Company at $40
share, compared with a SAT book value
on December 81 last, and of Andersen,
Meyer & Con- Ltd, for 100000. the
latter representing the book value of
the company's stock as of December 81,
1921.
Supporters of the plan hhve made 1t
condition that each stockholder in
the corporation shall have an oppor-
tunity to subscribe to the extent he
may desire for the stock of the finance
corporations at par ($f00).
The ratio of subscriptions to the new
corporations based upon the amount of
outstanding Pacific Development Cor
poration stock Is one share of stock in
each Of the finance corporations for ap-
proximately thirty shares OF Pacific
Development Corporation.
The New York herald., 1922-12-13
BOND NEWS AND NOTES.

The bord market had number OF
strong spots yesterday. British 1929
got UP above 113 In reflection OF the
further sharp gains Of sterling to new
high records. A number OF other for
eign issues showed sharp advances. par
ticnlarly Seine Is and Anton Jurgen's
6sl In the industrial division the top
pers made the best showing. Cerro de
Pasco Ss rising moro than points and
Chile Copper Is more than point.
Most OF the gilt edge securities we're
firm. Movements in speculative bonds
were less pronounced. the chcap-priced
rails holding fairly steady in narrow
limits. In the United States Govern
ment group interest was small and the
arket for most Of these bonds was lit
tie changed at the finish. An exception
was first AVS. which broke ~ cents to
$3.50. The days total turnover was
$12,432, 900.
The New York herald., 1922-12-13
CHINESE REPUBLIC.
Tho Chinese Government $50 Reorganization
Gold Loan Of 1913.


The following is translation of an an
nouncement made In Paris by the Chinese
Government. under date December. 1927
with a view to protecting the interests
of holders OF Bonds of the Russian Issue OF
the Chinese $50 Reorganization Loan 1918.
tho Chinese GoverpTpent has decided TO have
the Bonds OF the Russian Issue of this Loan
exchanged for new Bonds absolutely similar
TO the old ones, except as to colour, which
will be green. The original issue will thence
forth be cancelled.
The exchange Of Bonds will take place at
the offices OF the Russo-AsIatic Bank, rue
Boudreau, Paris. The exchange may be
effected ON or after the December. 1922.
in order to enable bondholders TO collect.
without delay, the coupon due LIST January
1923, which win only be paid on the new
Bond.
Bondholders are invited, in their own inter-
ests, 20 forward their old Bonds, as soon as
possible. TO the Russo-Aslatic Bank, U rue
Boudreau. Paris. whose offices are at their
disposal from to-day for this purpose.
In order TO effect the exchange. holders
should deposit, at the same time as their
Bonds. documents establishing their rightfui
ownership and give satisfactory proof as TO
the origin of such Bonds which must not
have formed part of those seized I'm Russia.
All Bonds deposited for the purpose OF ex-
change should have attached thereto coupons
from No. 10 due 1st January, 1923. inclusive
In the event of an exchange not being
granted. the original Bonds would be re-
turned 10 the holders, but the accompanying
documents may be retained by the Russo
Asiatic Bank with view to further inVest-
cation.
The examination OF documents deposited
with the Bonds sent in for exchange VIII De
undertaken by n representative OF the Chl-
nese Government conjointly with repre-
sentative Of the Russo-Asiatic Bank who. IN
this connection, merely lends his assistance
20 the Chinese Government.
Holders OF Provisional Certificates are also
invited 10 lodge their certificates which viii
he exchanged for definltive Bonds bearing
Coupon No ~, due list January, lV23, ana
onwards. The question OF overdue coupons
(not yet paid, will be settled later: FOR TINS
exchange. a charge at the rate OF TWO shll-
linrs and six pence per Certificate or one
Bond will be made to holders OF Provisional
Certificates.
This notification only applies 20 that por-
tion OF the Reorganization Loan which was
issued IN Russia. e., TO Bonds numbered
$50 eGs TO 125. .556 and 90 all Provisional Ger,
tificates which have not yet been exchanged
for definitive Bonds.
Special notice Is given 10 the effect that
from Coupon No 10. duo LIST January, 1928.
inclusive, coupons will only be paid on presen-
tation IL same have been detached from the
THE CHINESE GOVERNMENT"
The New York herald., 1922-12-13
Northern states Power.

Among public utility bonds that can
be purchased at a price to yield a little
less than per cent are Northern states
Power Company 1st and refunding 6s
due in 1941 These bonds are rated as
a conservative investment. Under the
first and refunding mortgage there are
outstanding S24,5So.50o 5 per cent. bonds
and S4,492,500 6s. They are secured by
a lien. either by direct mortgage or by
the deposit Of collateral on the entire
system of the company. These proper
ties comprise plants supplying electric
light and power to 319 communities in
Minnesota, North Dakota, South Dakota,
Wisconsin, Iowa and Illinois. The COM
munities served include Minneapolis, ST.
Paul, Grand Forks, Fargo and many
other important centers. The company's
service includes electricity, gas, steam
heat, street railways and telephone.
These bonds underly all other existing
obligations of the company.
The New York herald., 1922-12-13
Power First Is.

The Montana Power Company holds
unique position In the public utility field
because Of its location in territory that
embraces the great timber, agricultural
and mining sections of Montana which 1t
supplies with electric light. heat and
power. The 1st and refunding sinking
fund per cent. bonds OF this company.
due In 1913, offer a comparatively small
yield on investment, a little more than
per cent. because of their exceptionally
good standing. These bonds are the only
important obligations of the company
outstanding I'm the hands Of the public.
They are mortgage on the company's
entire property subject to about $10.-
600. 900 closed prior lien. The Montana
Power Company is hydro electric de-
velopment and only about third of
the company's water power has been de-
veloped. During the recent period of de-
preston In Montana when many of the
mines were shut down the company
maintained the investment position of
its funded debt and also was able to
earn full dividends on the preferred.
Bond interest during the last eight years
has been earned well over two times
each year. The sinking fund is suff1ci7,
ent to retire half this issue by maturity
The New York herald., 1922-12-13

~
Chi Ind & Lou
gen IS 1865
2....... 82M
Chicago Ind (
SO 4s 1886
1....... 50
The New York herald., 1922-12-13
Colorado and soutnern 4Hs.

Colorado and Southern Railway Com
pany refunding and extension AIS due
in 1888 have good rating as to Sc
curity and marketability. They are
selling on the New York Stock Exchange
at prices to yield investors about 5.93
per cent. There are nearly $29.000,000
Of these bonds outstanding secured by a
mortgage on all the property of the COM
pany and including 97S miles Of road. Of
which 374 miles are narrow gauge. The
company's lines extend from Orin juno
ton. Wyo., to Sixela on the line between
New Mexico and Texas. Large blocks
OF the common and preferred stock OF
The New York herald., 1922-12-13
ELECTIONS AND MEETINGS.
STERLING SALT COMPANY.
pq broadway. New York city.
N-OTIGL, on SPEfIAI. MisETlNG

OE NTOAktiOlsbifNNs
A speclal meeting of the stockholders OF
the Sterling Salt Company will be held on
"Wednesday. December 20. at o'clock In the
afternoon, at the office Of the said Company,
No % broadway. Borough OF Manhattan.
city, County and State OF New York, for the
following purposes;
l. TO vote upon a proposal 10 increase the
authorized capital stock of the Company from
50 2Oo, 900, consisting Of 22.o0 shares or the
par value OF 500 each. 70 $500. 900. con-
sis,ins Of $4,000 shares OF the par value OF
800 each.
2. TO authorize the directors 20 issue $3.50.
oOo OF such Increased capital consistlns or
$500 shares OF the par value OF 500 each to
the stockholders of the Company by means OF
n stock dividend OF 25eb ON the outstanding
capital stock.
g. TO transact any other business mat may
lawfully come before tho said meeting or any
adjournment thereof
Nv order OF tho Board OF Directors.
New York. December .. 1922.
EDWARD w. BROWN, President.
JAMES w. BRICE, SecretaryA
The New York herald., 1922-12-13
Adirondack Power Issue.

An issue of s2,5Oo.ooo Adirondack
Power and Light Corporation first and
refunding mortgage gold bonds dated
March 1, 1920. and due March 1, 1850.
will be offered by Coffin & Burr. at
96ss and interest to yield about 5.15
per cent. The bonds are secured by a
first mortgage on property which has
replacement value in excess OF the face
amount of these bonds outstanding
They are further secured by mort
gage on the remainder OF the property
of the company subject to closed divi-
sional liens of s5,150,000.
The New York herald., 1922-12-13
URGE ~. S. NOTE REDEMPTION.

Plans for a countrywide campaign to
bring to the attention OF the investment
public the Importance of presenting for
payment or exchange the United States
Victory notes called for redemption on
December Is were announced yesterday
by the Investment Bankers Association
Of America, which will enlist the aid and
cooperation Of its members.
1t was pointed out that holders Of the
Victory notes who DO not present them
for redemption or exchange will lose
their interest, as interest payments cease
on and after Friday. OF the 100000, 900
notes called more than half have not
been presented for redemption, 1t is
reported.
The New York herald., 1922-12-13
CONTINENTAL CAN WILL.
SELL So, 900, 900 STOCK
To Balance Part of Earnings
Used in Improvement.

The Continental Can Company, Ino.,
has notified it's stockholders that ar
rangements have been made for the sale
of 10000 shares more of its preferred
stock of total par value of s2,000,000.
Thomas G. Cranwell, president, said that
in the last seven years more than ST.
1000 of earnings have been invested
in extensions and other capital improve
ments and that approximately $4,000
600 of this increased invested capital Is
t. be provided by the sale Of the new
preferred stock.
The New York herald., 1922-12-13
Gas Chi { Altonl Chicago NV Consumer.

1st 6iks I.
l.......ll, i,
Chi Union s
Aias 1853
The New York herald., 1922-12-13
brazilian state Issue.

Tho New York allotment of the per
cent $4,000. 900 bond issue for the Bra
lillian state OF Ceara, contract for which
was signed between the Mortgage q
Securities Company of New Orleans and
Senior Idefonso ALBANIA, vice-president
Of the state. will be handled by J. s.
Bache q Co.
The New York herald., 1922-12-13
Salem Loan Awarded.

The Treasurer of Salem. Mass, has
awarded a temporary loan Of s&50,000
n which. s250.0o0 Is dated December
12,l922. and natures June IA. 1929, and
$500. 900 is dated December IA, 1922 and
natures February 20. 1929, to Blake
Bros. & Co. at 4.3o per cent. discount
plus $3.50 for the $25o.ooo issue and
AIS per cent. plus s1.75 for the $780,
600 issue.
The New York herald., 1922-12-13
800, 900, 900 Canadian Loan.

According to reports from Ottawa.
the expected Canadian Federal domes-
tic loan OF s1oo,o00.0o will not be
floated but the financial requirements
for National and National Railway de-
ficits will be met by New York flota-
ton Of not less than $l50.000.000. This
loan probably will be arranged for on
tho return from Europe before the end
OF the year of Finance Minister Field
ing
The New York herald., 1922-12-13
ELECTIONS AND MEETINGS.
TO THE sTocKHoLDERs or THE
l<nI ~TVIAI RANK OF NfgW YORK.

NOTICE is HEREBY GIVEN, that a spe-
cial meeting OF the stockholders of the IN
rUSTRIAL BANK or NEW YORK VIII be
held at its office, No. 3s5 fth Avenue. Bor-
ohgh of Manhattan, City OF New York, on the
A. NJ, for the purpose Of having eubmitted
10 them an agreements6caring date tho 2sth
day OF November, 1922, between the Manu-
facturers Trust Company and Industrial
Bank OF New York. for the merger OF tho
Ind istrial Rank OF New York into the Manu-
facturers Trust Company, and OF having said
stockholders consider and approve tho said
agreement.
Dated, December 9Th, 1922.
sLAuGHToM ~ LlND, President
The New York herald., 1922-12-13
s1os.BOO Lorain 5hs.

A new issue Of s1os.5o0 OF b15 per
cent. Improvement bonds of the City OF
I.orain, Ohio. IS being offered by Sid
ney Splitter &c Co. at a price to yield
A.5O per cent. The bonds are due Sc
rtally from September Is. 1924 to 1882.
Inclusive.
The New York herald., 1922-12-13
Donner steel ~.

The Donner Steel Company, Inc,
definitive bonds will be exchangeable for
interim certificates of the first refunding
mortgage Z per cent Series AA bonds at
tho Bankers Trust Company, 10 Wall
Street, New York.
The New York herald., 1922-12-13
G. r. REGAIN. Cashier.
THE NEW YORK. CHICAGO & ST. louis
RAILROAD COMPANY.
La. o.a1

A dividend OF One aud Onc-Fourth Ter
Cent. will be paid December 30. 1922 10 hold
ers OF the First Preferred. Second Preferred
and Common Stock OF record December
10. 1929.
The New York herald., 1922-12-13
THE HANOVER NATIONAL BANK
ol ilac lilr nl Nc.r lnrL

New York. December 9th, 1922.
Notice Is hereby given that tho annual
meeting Of the shareholders of this hank for
tho election OF Directors TO serve during tha
coming year and for the transaction or such
other business ms may come before tho meet
ing will he held at tho banking house. Nas-l
sau and Pine Streets. Tuesday, january Oh. .
1923, between the hours OF III o'clock A. NJ.
and II o'clock NJ.
w WILLIAM Il. CABLE, Jr., Cashier.
1HE GUARDIAN LIFE INSURANCE COM
PANY OF AMERICA.
The annual election OF Directors Of this
Company will be held at It's principal office.
No. 80 Union Square. In The City .of New
Der. ig2el from II A. ~, 20 T. NJ.
=. A. 0oEcKE. Bscrstafy.
The New York herald., 1922-12-13

the Colorado and Southern are held by
the Chicago. Burlington and Quincy
Railroad Company. which company is
controlled in turn by the Great Northern
and the Northern Pacific Railway Com
pany.
The New York herald., 1922-12-13
NORTHERN SECURITIES COMPANY.
26 Liberty street.

New York. 18th December. 1922.
The Directors have declared tho regular
dividend OF four per cent. (icd) and an cxtra
dividend OF two per cent. t2eo on the capital
stock OF this Company. both payable the 10Th
January. 1928, 20 holders OF the capital stock
registered on the stock ledger on that date.
The transfer books will be closed at three
o'clock +. NJ. the 21th December, 1922. and
viii be reopened at ten O'Clock a. NJ. the 1ith
January, 1923.
NICHOLAS TERHUNE,
The New York herald., 1922-12-13
LONDON WOOL AUCTIONS.

LONDON, Dec. 12.--Offerings at tho wool
auction sales here to-day amounted 60 1880
bales. Tho maphpt was active and firm
with strong competition between home and
Continental buyers for medium and greasy
crossbreds.
The New York herald., 1922-12-13
TTIE IMPORTERS A TRADERS NATIONAL
HANK on NEW work.

New York. December 18th, 1922.
A quarterly dividend OF Six Per Cent aud
extra dividend of Six Per Cent. have to-
day been declared by this bank, payable on
the 2nd day OF January next, 20 stockholders
OF record at the close of business December
2ist, 1922.
The New York herald., 1922-12-13
BIDAND ASKED QUOTATIONS

N. Y. STOCK EXCHANGE QUOTATIONS.
FOREIGN GOVERNMENT AND MUNICIPAL
BONDS.
To the following prices accrued interest
In to be added:
The New York herald., 1922-12-13
RAW SUGAR FUTURES.
$. LAND BANK FARM LOAN BONDS.

4. $. LAND BANK FARM LOAN BONDS.
Yield
hid. Ask. Abt.
trsd 'snd p.-k Farr, Loan
as. Ncv., 1911, on. 81. .....,i03S ioJ7s 5.fJ
tFed. Land BANK Farm, Loan
5s,' Ma, 1871. op. ~ LOGS 1o3is f.sJ
tied. Land Hank Farm Loan
Js May. 1883, op. 23......fo0 1O0k SIS
tFed and Rank EARN Loan
ass May, 1912, op. 81. .1oOh 1oo& 4.3I
tFsd Land Hank Farm Loan
4ibs, May. 1889. cp. 49,. egb 100 40
tFed Land Bank Farm Loan
S,ss, Nov. 1888. op. 2s.... 99h 100 40
tFed Land Bank FARM Loan
ths, May. 1897, on. ~. -. eeb 100 <.6d
sNor listed on New Yori< Stock Exchange.
The New York herald., 1922-12-13
DIVIDENDS AND INTEREST.
American WooIen Company
massachusetts Corporation)
QUARTERLY DIVIDENDS

Notice is hereby given that the regular
quarterly dividends of One Dollar and Seven
ty-Five Cents (S1.7J) pcrsshare on the Pre-
ferred Stock and One Dollar and Seventy
five Cents (SlT5) per share on the Common
Stock of this Company will be paid on Jan.
Is. 1923, to stockholders of record Dec. 10.
1922.
Transfer books will be closed at the close
of business Dec. 10. 1922, and will be re-
opened at the opening of business Dec n.
WILLIAM II. DwELLY. Treasurer.
nz..o,, Nfosa Dec 1922.
The New York herald., 1922-12-13
The American Exchange
National Bank

New York. Dec. IL, 1922.
Al n meeting of the Board OF Directors OF
This Bank. held to-day, quarterly Dividend
OF Three and hree-Quarter per cent. on tho
capital stock was declared, payable january
4 1923. 10 stockholders of record at the close
OF business December 26, 1922.
WAITER Il TAIIMAN. Cashier.
The New York herald., 1922-12-13

chasing prlces OF stocks in which there
...re no trnnanctlons ycstcrday:
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-06-09

confirma ton of her nephew. Burton
Marks, from the Bethel Temple.
DR.. W. G.. Burkett Of Holman
street has postponed his Colorado
frfr
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-06-09
Hammond
Musical College.

For the study of music In all its
branches. Phone 1929. 60
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-06-09

Mrs. Myron Scott, of Buchanan,
Michigan. who has been the guest
of Mrs. F. o. Rick. of Wilcox street.
for several days, returned to her
home this evening.
On Wednesday afternoon one of
the most delightful of the early
summer parties was enjoyed when
Mrs. Frank Berry McIlroy very
charmingly entertained at a bridge
luncheon In her home on Detroit
street T h o 6 h the attractive
rooms were numerous immense bou-
quets of delicate pink peonies, and
pointed tables was a large bouquet
of Columbia roses In q crystal bas-
ket. A most delicious and dainty
course luncheon was served, after
which bridge was played. Honors
In the cards were made by Mrs.
Otto knoerzer. Mrs. B. E. Fischer.
Mrs. ]. II. McC1ay. Mrs. Robert R.
ellis and Mrs. George Hannauer.
During the afternoon delectable
iced drinks and minis were served.
Mrs. W. J. WINERY Of Detroit
street has gone to Lake Forest for
the weel<-end. where she will at
tend the commencement exercises
of Ferry Hall. where her daughter.
Miss Mildren. is a student
Nathan Stiglitz has returned to
his home on Sibley street from the
University of Illinois at Cham
paigne.
Last evening the Brotherhood or
the Pine Street Presbyterian Church
very pleasantly entertained the
n. f. Comets In the church parlors
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-06-09

and sister. of Sibley street, for sew
eral weeks.
Mr.. and Mrs. B. E fischer, of Webb
street Will attend the wedding of
Miss -Eloise Elizabeth Lewis and Mr.
Milford franklin Henlzel, at the
Hyde Park VI. E. Chuch on Black
stone avenue. Chicago. this evening.
Miss Lewis has visited in Hammond
on several occasions.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-06-09

An excellent program, including
orchestral numbers of the North
Side Orchestra, an address by Prof.
Cartwright and one by Rev. Steffey,
was greatly enjoyed by about fifty
men. Eeveral ladies OF the church
served a delicious luncheon in the
dining room. A point of contact
was established between the Broth
erhood and the Comets Club that
augurs well for the future of the
two organizations and the North
Side
The Kings Heralds will hold their
June meeting tomorrow afternoon
at half past two o'clock with jose
phine Otto in her home, S32 May
wood avenue. The steamer race
will close at this time. The Allan
tic and Pacific fleets will try to see
which can bring the most steamers
safely into port. Plans for the pic
mic in July will also be made at
this meeting. A good attendance is
urged.
Lydia wolter Van Glider last
evening took part in a programme
of Frantz Prochowsky in the con-
cert hall of the Fine Arts Building
of Chicago. when she sang a num-
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-06-09

Eaant nanrlan oc -BelIafonta4nas
Ohio. Paul cornel,sen of Chicago.
and Miss Margaret Stinchcomb. al
so Of Bellesontaine. are the house
guests Of Miss Pauline Hill of High
land street Tor the Weekend.