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NEW ISSUE $2,000,000 P. H. Hanes Knitting (Cojnpany 7 Cumulative Preferred Stock Preferred as to dividends and assets Par valua of arutro $100. Subject to call in whole or In part at $113 and accrued dividend. Dividend payable on first days of January, April, July and October. CAPITALIZATION Authorized 7 Cumulative Preferred Stock $6,OOO,C03 Common Stock, par value $10 6,009,000 rrenenlly We summarise from a letter of P. B. Banes, Sr., President of the P. B. Hatut Knitting Co., fol'ows: P. B. BANES KNITTING CO. is the largest manufacturer in the world of men'i and boys' knitted cotton underwear. Its manufacturing plants are lo- cated at Winston-Sale- m, N. C, and have a present annual capacity of 8,000,000 garments. The Company's product is 6old under the weT known \Hanes\ which been widely advertised throughout the country. YEARLY EARNINGS for the past three years were $647,234 more than four and a half times the dividend requirements of the present issue of stock, ' NET TANGIBLE ASSETS equal $273 per share of the preferred stock, of which amount $137 per share represents net quick assets. ANNUAL FUND amountng to 3 of the largest amount of preferred stock issued and outstanding wi 1 be set aside for the redemption of pre- ferred stock at not exceed ng $115 per share and accrued dividends. BOSTON At ell oftht above tioek has been told, at, if and when this adtcttuevunt apptan a natter of record only. TUCKER, ANTHONY & CO. (Members Nete Yorlfand Boiton Stock Exchanges) Agent New N. Y. NEW BEDFORD The above Information Is not guaranteed by ut, obtained fromjourcM ne believe to ba accurate. lis limed as has $350,000 Bohn Refrigerator Company ST. PAUL, MINN. i Cumulative Sinking Fund Preferred Par $100 Preferred as to both assets and Dividends payable quarterly, March 1, June 1, September 1 and December 1. Redeemable ut the option of the company at $105 per shore and accrued dividend. Transfer Guaranty Trust Co. of N. Y. 60 York, but hM beta Registrar Lawyers & Co. Dividends Exempt from Present Normal Federal Income Tax The following is summarized from a letter of Mr. 0. C. Bohn, President of Ike Bohn Refrigerator Companyi This business, which was established in 1900, has been engaged In the manufacture of refrige- rators for household use, hotels and apartment houses, refrigerator-ca- r and dining-ca- r equipment and has recently been manufacturing kitchen tables. Its refrigerators are used delusively by the railroad companies in the United States, Canada and Mexico for dining-ca- r service. Over 100,000 freight cars have been equipped with thi \Bohn\ system. The valuation of the properties of this company, according to appraisal, is $1,172,575. Plants arc located in the midway industrial section \ of St. Paul and have shipping facilities by eleven railroads. Exclusive of trade marks, good will, etc., the balance sheet as of August 30, 1919, showed net tangible assets of $1,699,330, or, after making allowance for first mortgage bonds, assets equal to 314 of this Issue of preferred stock. The net earnings, after all allowances and Federal and ojher taxes, for the last ten years have averaged $122,191. After deducting bond interest this is equal to about three times the dividend requirement on this issue; for the fiscal year, on the basis of sales already made, would be sufficient to pay the dividend requirements of this issue five times over. Orders now on hand amount to over $700,000. 15 of the net earnings of the company shall be set aside each year beginning 1922\and 20?g beginning 1925 for the retirement of this issue. No increase In the bonded debt can be made or liens created without the consent of 75 of the outstanding preferred stock. Net quick assets must equal at least 125 of preferred stock outstanding before any dividend shall be paid upon the common stock. In the event of liqu:daton this stock is entitled to $1 )5 and accrued dividend. All details in connection with this issue hare been passed upon by Panx & IJwd Chicago, (or the bankers, and Davis, Kellogg & Severance, St. Paul, Minn., for the company. Arthur Andcrner & Company, Chicago, are auditors for the bankers and Mariclck, Mitchell, & Co. for the company. We recommend this stock for Investment rnd offer it subject to prior sale and change in price when, as and if issued and received by us. Price 100 and accrued dividend. ' A. D. CONVERSE & CO. Fivo Nassau Street Now York Commercial Truft Bldg., Maryland Trust Bldg., PJlladelp la. Baltimore,. The above information has been obtained from sources we regard as reliable, and upon which we have based the purchase of this stock. We do not guarantee but believe it to be correct. W. F. Ladd & Co. TUaor. UUU A Oao Investment New York Investors read 01 Broadway, P. H. HANES KNITTING CO. Com. & Pd. Bought Sold Quoted C. EDWARD C0NNELL Member N.T. Curb Mtrktt Asm 39 Broad St. New York Phone Broad 5938-9- \ To $2,ft0,000 1,500,000 trade-mar- k, AVERAGE preferred SINKING PROVIDENCE Stock Value dividends. Title Trust legal Peat preferred Securities We mil Buy Aeolian-Web- er Piano & Pianola Common & Preferred J.K,Rice,Jr.&Co. Phornn 4800 to 01Q John. SI Wall St.. N\. T. FRANCE EXTENDS AERIAL MAIL Wcrr Iloutca to England Will Be In Operation To-da- y. Pxaiu. Nov. 9. Tho first offlelal French aerial postal service will heeln Monday with the departure of the mall for Encrl&nd from nmimt D..t. and from Hounslow, near London, for nourcet. Commercl.-i- l jurel in. hn in oneratlon for fnmn itmn trn hainc mado In two hours and fifteen minutes. An airplane postal service to Morocco, It Is expected, will ba Inautruratnl ot nn earl; d&ts. I THE SUN, MONDAY, NOVEMBER 10, 1919. ' 1 I! 1NVESTMENT VIEWS I1TT fnTTTI AnmT A ATT Anii lMUUlLUUK . Recent Shakconts In the Stock Market Load Street to Bo Moro Optimistic IMPROVEMENT JS SEEN Letter Writers Assnrao Moro Favorablo Attltndo Toward Constructive Side. Shakeouts which have occurred In the , last few days of stock market trading havo tended to glvo'pYofeeslonal Wall I Street a more optlmlstlo view of tha future. Last week's market letters displayed a decidedly nervous ap- prehension as to the probable course of securities prices, but tho batch of com- munications sent out this week by j brokerage houses to their customers gives evidence or a tar mors tavoraoio I attitude toward the constructive Bide. I The writers point with one accord to the loan account's decline, which last week's liquidation was certain to brine about, and they feel that .the stock market's technical position la Infinitely better oa a result of recent sessions' sharp reaction . Paine, Webber & Co. say: \There Is no particular evidence Uiat the gen- eral gpward trend of the market has reached- Us culmination, except that prices of Individual stocks cannot al- ways advanco and must shortly And a (eve' at which even those Curdeued with heavy taxes will be Induced to release I some of their holdings. The conditions I are unusual and cannot bo altogether e. i1 tA a vnnrlfinna r t tllA rflut hilt oi tho whole we feel that moro caution J should bo used In making commitments. The sue of the present market is nt guarantee that many profitable openings will bwome available from iau to tlmo.\ Kelson, Cook & Co. say: Notwith- standing the apparent high rales for money New York does not appear to have any difficulty In making a great speculative market, or in biou'n? u prices at will We pretumo tin \ planatlon is that we are passing tliruug.i a period of great Industrial and com- mercial activity and that the people at large are making and spending money. Movements have been confined largely i' securities of an industrial character, but the 'market at times shows broad ening tendencies.\ Lamborn & Co. say: \it is a far cry, .however. In our opinion from a check In tno bull market In volved In hlt'h monoy rates t,o the In ception of a dollnltu bear campaign. There can still be no general selling by tin rich holders of securities because of iho confiscatory Incomo tax, and the public, by and large. Is not operating on shoe string margins. We believe that many of tho Industrials have rather well discounted the future even large stock dividends, possible mergers and like bullish development but before the rise ends the coppers and rails must havo their day in court From present Indications, this will not bo long de- ferred.\ Dank Would Check Speculating. J. 8. Dacha & Co. say: \At the mo- ment, anyaway. there does not appear to be an outlook for supplies which will aid In Increasing speculation. Out bull markets have been known to get used to tight money, piovlded other factors do not unfavorably inflict At the same time It Is necessary to recognize- the fact that It Is the desiro of the banks to check speculation. While tho raise In the Federal Bank rate Is only fractional It Is evident that It could be made much mora potent, and It Is Intended as a warning against the larger employment In speculation of credit, when It Is need. ed In trade. Anderson. Bruns & Co. say: \While high money rates prevail it is only logl. cal to expect that the upward movement lr. the general list will be retarded. The jtock market does not appear to have et discounted the major factors which have Impelled a purchase of Industrials on reactions. After the peace treaty Is signed the steel companies especially ought to be favored with big orders for 1920 delivery, we believe stocks will sell higher this month, but suggest that accounts should be amply margined.\ Merrill. Lynch & Co. say : \The action of the stock market will depend more or less la the coming few weeks on what erica tho banks will allow the Stock Exchange houses to get their money at. We are apt to have from time to time wide fluctuation In the money muiket and that will result In speculators being more cautious as to their commitments. The high money rate this last wcekHias given tho tfears another chance to sell stocks that they did not own, and so far this has not proven very pi ofi table for them.\ The market In the coining week should be rather quiet, where tho principal Interest will be centred In se- lected stocks of the pool variety.\ Markets riefleot Accumulation. Shonnard, Mills & Co. say: \The se curity markets during the past fortnight have continued to reflect accumulation, both for Investment and speculation, based on expanding business conditions In every direction and reserves of earnings resulting from long periods of prosperity which have not yet been dis- tributed to shareholders In any form except perhaps In some cases through subscription rights to new stock Issues. Dividends have not been Increased gen- erally and In many groups, as In, the case of the coppers, reductions were made earlier In the year and still re main unchanged. Another determining factor In the purchase of securities has been the realization that physical valua- tions, tf applied to all Industrial plants based on existing cost of material and labor, would Justify a very much higher capitalization. These are among tho reasons why tho stock market has dis- regarded the turbulent and exacting de mands of labor leaders and the very serious menace In the low economio con- ditions of Europe.\ Richardson, Hill A Co. say: \Many stock market enthusiasts who have made a great deal of money In recent months, and to make still shouia operations philosophy stresres on In ent conditions. Plat slble as this theory It must modified by the recogni- tion that stockholders are Interested primarily In the ownership of earning power, of mausoleums of steel or brick, however magnificent and valued they may be. This market, In the last analysis, will stand or fall on the volume earnings which the cor- porations represented can develop. For this reason the steel, coal and various other strikes hardly can be brushed aside as negligible market factors on the ground thnt they Ultimately will crumple up. They are costing American corporations real money while they last, and Interrupt the Important objectives of big builness, which we bellevo will realised ultimately,\ Gooilbody & Co. ray: \The Is still fnclng forward but Is march- - $15,000,000 $15,000,000 $15,000,000 City of Lyons City of Marseilles City of Bordeaux Fifteen-Yea- r Six Per Cent. Gold Bonds V, '.'V Due November INTEREST PAYABLE NOVEMBER Maurice Casenave, Bsq Dlrector-Gener- al of the French Mission in the; United States, in a letter dated November I, 1919, writes In part. as follows: \Theue bonds are, being Issued to replace the funds used to repay on November 1, 1919, thp Bond3.of these Cities remain fng outstanding the $36,000,000 bonds originally issued, and for other purposes. Each issue will be the direct obligation oi the City issuing the same, and they will be the only external loans of these Cities presently voutstanding. The Bondsfwill be issued in bearer coupon form in denominations of 1,000, $500 and $100, and will bear interest from No vember 1, 1919, at thp rate of Six, Per Cent, per annum, payable semi-annual- ly on May and November 1.\ Principal and inter- est of the bonds will be payable in United.States gold coin of the standard of weight and fineness 'existing on November 1, 19l$! without deduction for any present or future' French Governmental, Municipal or other French 'taxes.. The Government of-th- e French Republic ;has agreed to undertake, In'4 order to permit the Cities of Lyons, Marseilles and Bordeaux, or any of them, to pay the interest or principal amount of the loan in gold in the City of New York, to furnish .them and each of them, if necessary (in exchange for bank notes or other currency), with gold in theamount needed, and authorize its exportation for purpodev As established by the laws of France governing municipalities, the finances of these Cities, and the authority to borrow money, levy taxes and execute 'the annual budgets, are under the control and supervision of the French National Government, Under this supervision the municipal authorities of Lyons, Marseilles and Bordeaux have followed a conservative fiscal policy, establishing the credit of the Cities upon a sound basis. The internal loans now outstanding bear low interest rates. The three Cities-are- , next to Paris, among the largest and most important trade centers of France. Originally established in ancient times on main trade routes, they have grown steadily Jo their present importance, because of natural economic advan- tages. Situated far from the zone of hostilities, their industrial condition, already sound prior to the war, has been strengthened substantially since 1914 by additional facilities provided for the extra war traffic they were called upon to handle, by their Increase in population and the expansion of business. Consider separately:, LYONS ranks next to Paris as a centre of finance, trade and manufacturing. Her chief manufactures are of silk, and in tho production of these articles she leads the world. Over 90,000 looms, employing more than 200,000 hands, are engaged in these enterprises. Lyons is'the capital, of, the Department of Rhone, and is situated at the confluence of the Rhone and Saone, both of which are navigable and flanked by several miles of quays. Ample railway facilities provide her with outlets to the interior. Local industries comprise nietal works, .chemical and soap factories, dye works, tanneries and glassworks. The population of the City has kept pace with her industries, showipg an increase from 523,796 in 1912 to over 600,000 (estimated) in 1918. The total Internal debt amounted in 1918 (the latest figures available) to about Fes. 93,500,000 (at Fes. 5.18, the approximate normal valua of Francs equals $18,050,000). To this should be added the present issue of $15,000,000, making a total of about $33,050,000. MARSEILLES, the leading maritime city of the Mediterranean, is one of the greatest natural seaports of the world, is the southern terminus of the largest railway system in France. Situated on the northeast shore of the \Gulf of Lyons, it con- trols all Meditenanean commerce and sends and receives cargoes through the Suez to and from India. On normal basis, 21,000,000 gross tons of shipping annually enter and clear from her harbor. Seven wet docks, six dry docks, and thirteen milea of quayage afford accommodation for 2,000 vessels at one time. The traffic in merchandise has increased from 4,372,000 tons in 1870 to more than 21 590,000 tons at the present time. Her industries are many and well diversified, among which are metal foundries and plants for the manufacture vegetable oils and soaps. The population has grown from-550,61- 9 in 1912 to about 750.0Q0: (estimated) in 1918. The total internal debt in 1918 amounted to Fes. 157,074,097 (at 5.18 equals $30,323,184). To this should be added the present issue of $15,000,000, making a total of about $45,323,184. BORDEAUX is the principal Atlantic port,.and has one of the three finest harbors in France. It is the European terminus of many lines trading with the Americas, Africa and the British Isles. Shipbuilding is the chief industry, besides which there are considerable other manufacturing enterprises. Wine production in the surrounding country contributes to great extent to the City trade; refined sugar, rope, woolen goods, carpets, paper and earthenware are produced on large scale. Her chief im- ports comprise metals, English coal, timber, grain and manufactured articles. She exports chiefly cloth, chemicals and the products of local industry and large quantities of wine. The pre-w- ar record exhibits an annual entrance and clearance from her harbor'of vessels aggregating 5,228,000 tons. The extensive additions made to her quayage and warehouse capacity to enable the handling of the large traffic during the war have greatly enhanced her opportunities for accommodating even more businesa in the future. The population of the City has grown from 261,678 in 1912 to about 305,000 (estimated) in 1918. Tbe in- ternal debt in 1918 amounted to Fes. 43,442,650 (at 5.18 equals $8,386,612). To this should be added the present issue of $15,000,000, making total of about $23,386,612. Application will be made in due course to list these bonds on the New York Stock Exchange.\' The undersigned offer the above Bonds, subject, to previous sale, at 924 per cent and accrued interest to datt of delivery, temporary bonds deliverable if, when and as issued. At this price the Bonds will yield 6.80 per cent, if held tc maturity. that the big strikes, high money rates and foreign financial troubles will soon abate and cease from troubling for least a few months. The bear pools nro almost The poor bears havi been this year. They got too close to the Income tax E. W. Wagner & Co. say: The out- look for the stock market appears to be for attendant upon the nriltiRtmpnt nnprulntlvA rnnrflffnna Industrial stocks. The Wall f Street market Is a far different propo- sition than that of pre-w- ar days. There are great many new that have changed the of the Stock Exchange roster. The rubber group may boom while the tobacco shares may slump or vice versa. Much will depend upon the price level, tech- nical condition and the, financial resources of the various groups that are now making markets. Taking a broad view, I regard the ma Jorlty of Industrial stocks as having dis counted much of the that will come during the next six or eight months. Investors should exercise great caution In buying securities that are rplllng from 100 to 300 per cent, hlghe-tha- n prices six months ago. The outlook for favorable railroad Is more than at any time.' Ilaydcn. Stone Co. say: \In any such uneven market as that of 1910 Is, of pourse. possible to pick out soma securities which, Judging from their past lecoids nnd future have advances In no way with those of many others. Indeed, the big earnings of this year seem to have fallen largely to thoso concerns which mako finished products and deal directly with tho ultlmnto consumer that produce raw materials have, with a fow notnblo been more or loss neglected. Many condi- tions, however, believe that If the pros perity discounted bv other stocks Is tealliicd. must be shared by theie concerns, and that their securl- - expect more, have .e based their on a ' upwarij of said of. total advance before the general miv.m.nt nnnlflv milmlnnf.. of values which the- book value Certay any oerided reaction In tho of Industrial shares. Their argument neral mar),et between now and the that share prices should advance at fntj of the yeari purchases of these until they parallel book values. wouM pnear to entall comp8r,. which still. many Instances, would be uttlo risk.\ Is. be not under i of be market . \ would New Has and The Oil 'with capital of 250,000 shares without par value, has been In- - upward, hut Is being Interfered with under Delaware laws, ac- - by one bear factor after another. Tno cording to mado last bull pools art stlU &&d hcplng tk. Ajuum- Uim eouMtwl wlU Uu 1, MAY 1 AND 1 , 1 ' , and a a a a at re- - et in volatile a, . & It It 1 i a It ' I 1 The is to any application in or in part. KUHN, LOEB & CO. GUARANTY TRUST CO. OF N.Y. KIDDER, PEABODY & CO. slaughtered Irregularity alignments complexion speculative prosperity prevailing promising possibilities, comparable Companies exceptions, studontsof ultimately OIL CO. IS Exploration Concorn 250,000 Shares Capital Valuable Land. Maracalbo Exploration Cor- poration, rorporated announcement oparailnz 1934. right reserved reject whole THE NATIONAL CITY CO. HARRIS, FORBES CO. WM. A. READ CO. CONTINENTAL & COMMERCIAL TRUST SAVINGS BANK (Chicago) MtoAIBO INCORPORATED Tobacco Products Export Corporation v We hnve specialized in Tobacco Stocks for nearly twenty years, and have never changed our conviction that they are the most satisfactory investments to have in your box. Compare Tobaccos such as United Cigar Stores, American Tobacco, R. J. Reynolds Tob'icco, Tobacco Products, British-America- n Tobacco, Imperial Tobacco Company of Great Britain with investments in any other line of business and the result is overwhelmingly in favor of tobaccos. Peace or war, prosperity or depression bull markets or bear markets, if you own tobacco stocks you know from experience that your investment is safe, your dividends are assured and your in nearly all cases shows an increase. Tobacco Products Export Corporation manufactures and sells tobacco. It has factories in Richmond, Va., Montreal, London and China, all of which with the exception of the one in China which is in process of construction, are working to 100 capacity. Some time ago, we said it was one of the coming companies'. We can now say it has arrived. It isa tremendously successful company. It transacts business in every country in every part of the in Australia, China, all of Africa, Asia, all of Europe with the exception of Russia and Roumania. It is intrenching itself in those countries so securely that every brand it sells is becoming a powerful, steadily growing and permanent asset. Wc recommend Tobacco Products Export Corporation as one of the most promising investments in the United States from the standpoint of security, enhancement of value and future disbursement of dividends If there is anything else you want to know about this company, write us, Bamberger, Loefo & Co. 25 Broad Street, New corporation are men prominently Indcn-tlfle- d with Standard Oil and Interna- tional Nickel Interests and Include Percy A. Rockefeller, E. C. Converse. Ambros Monell. William Wallace Meln. Charles H. Babln, William, E. Corey and Henry Lockhardt, Jr. No announcement has been made as to the officers of the new concern. The Slaracalbo Oil Explora' tlon Company has taken over 750.000 ncrcs of solccted oil bearing land\ In Venezuela, which have been examined and approved by otl geologists, it was announved. The company hu.s begun a cjmpulgn of exploration and development and thai dilv 1U w cuiZm biilixr & & & income Cairo, world, York. by Interests to Join the organization. It Is planned. It was announced, to Im- mediately sink wells ami otherwise ex- ploit the lands as rapidly as possible. The corporation owns all capital stock of the Mara Exploration Company, the Miranda Exploration Company, the Paez Exploration Company and the Perlja Exp'oratlon Company, through which It obtains the 750,000 acres of Venezuelan land. . It owns also options on addi- tional tracts totalling moro than 110,000 nth s, uliicil aru ocini; mwd'uk-lu-- by geologists. It Ih expected that some new flnanc-I- ni tvlll V ('on- -, rt'ii-- to rMnule l:.f jrn .Hum, will give tlio com- pany $2,000,000 in cash avallablo-fo- r 1U proptrUta tcqulriag T holdings that may seem advantageous. All of tho company's properties are within easy reach of water transporta- tion and within only 1,850 miles sailing distance of New York. The Lake Maracalbo basin, where the company's properties are located, lies In the north- western part of Venezuela and covert an urua of iipproxlmately 30.000 square miles. The lake, which extends 100 miles to tha south. Is navigable to smalt ocvan going steamer! nnd gives easy accej.i to the Maracalbo company nnnk nf .Sim In HiiIp Untrs, JIadkid, Nov. i. Tho Hank of Spain has ralibd Its discount rats to 5 per
