Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-12-05
1nan Rcports Discontinued

There was a disposition In market
e,rries yesterday to attach consideraple
s.nortance 10 the action OF the STOCK
r.rbange In disseminating reports OF
tsotsrs' call and time money borrow
Fhis ruling eliminates an order that
-.rt into effect September U, 1O1S, at
~ Instance of Governor Strong, Of the
Esderoi Reserve Bank and chairman OF
IN so.called Money Committee OF
Mock Exchange formulated a com.
s,ittee Of five to cooperate with the
Woney Committee in curtailing loans.
A. Tint time brokers cO.Operated by
,,odering loan reports. but 1t was soon
evident that little progress was being
rsde In loan contraction and further
sfeps we're necessary.
'1 1"tsr the Money Committee took
a,.stic action of recommending to banks
hs raisinp Of margins upon Stock Ex-
change ioans from 20 to 30 per cent as
: means of checking expansion. This
requirement was effective November 4,
That progress was made in remedy.
N, situation was soon evident. ns on
Dteember 4, 1918, Money Committee.
n the urgent request Of president of
stock Exchange, restored old margins
an loans. whereby banks loaned so per
cent instead of 20. thus reducing
amount brokerage houses had to put up
from 80 to 20 per cent.
The wuiving of this order eliminates
ruling that has been effective for more
than four years and emphasizes that
credit structure Of the Nation Is thor.
oushly sound, irrespective of volume OF
money recently being used In Wall
Street.
Tho Central Indiana Power
The Central Indiana Power Com.
oany, who subsidiaries operate ono of
tis two electric light and power com.
panies In indianapolis. and also do the
entire electric light and power business
N seventy other Indiana communities,
Aas sold 81, 34S, 600 of its first mortgage
collateral and refunding q per cent gold
bonds, due July 1047, to n syndicate
headed by Halsey. Stuart & Co.. and
Including A. Il. Leach & Co., Paine,
Weber 4 Co., Stone & Webster and
Spencer Trask & Co. The bonds nrc
Wing offered at O5 and interest, yield.
Ing about GAO per cent. They are non.
sllable until June 20. 1882. and will
BE secured by n first lien OIL the out.
standing bonds, except 81 1854, 900
divisional bonds and on not less than
u per cest Of the issued voting stock
Of the six operating companies.
Consolidated earnings for the year
ended September 30, 1922, nre reported
q follows: Gross, S5,126,35S; net,
N,740,5lS; annual interest require.
ments on all first mortgage collateral
and refunding gold bonds and divisional
bonds not pledged, S7S7,73O.
American Sugar Income Fattened
Declaration Of 81 n share dividend,
II continued quarterly, on the new $50
Nr value stock Of Great Western
Sugar Company will mean an increase
IN American Sugar Refining Company's
annual income from its investment In
Great Western of S5S3, ,936, equal to
M:@ n share on Americans $45,OOO,-
The new Great Western stock is
quoted around $50 share, giving Il
market value of $11 ,67S.72O to Amer,-
can Sugars holdings Of la. .0s4 shares.
American also owns s., 5,150. 100 OF
Grsat Western per cent preferred.
Payment OF 81 apparently places
sleOOO,OOO Great Western common Of
~ par on IL per cent annual basis.
UUuring period Of high sugar prices
useat Western paid regular dividends
\ per cent and extra dividends
@0ling 40 per cent annually. The 10
pei cent rate on the common will re-.
Quire ~ 400 900 annually.
%teat Western preferred, non.
Hnaole cumulative I per cent stock,
d" outstanding to amount of $4,000.