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ftVMC LEDGER COMPANY
NtTJaV H. K. ctnvni; PaaanmN
8., Martin, Vie Praaldmt and Traaaurarj,
Sk . 8crUryi Charles It, !.udln-,
mjL Ceillni. Jehn H. William. Jehn J.
i, uvenr -. ueiaimun, eavia e. Bmiitz,
RMlT.KTi
.Editor
' C. MAn.TIt.-,.inencral pgtnm Manar
WH'iKAy.j .-.. -. t r .. ..
pv 'Jir """B ""7 ruuLie i-renici uuiiamg
t'....rL- .'ndewndenca Square, l'hllaildplila. J
L.lt '.ASuKTta On. k . . . r r.r.'in niii,nn.
I t JJWT' Tet ) ,...,..304 MHdlnen Ave.
' VMBOtT:......i ...70l Ferd nulMlns
;tr.'tiew.. ,013 alone-Democrat nulldlng
ivyiMMMiwit Prate, ,,..
7 .Si 'itTJ;. -or. t-ennarivama, jve ana ntn St.
'1J,,!f'TWK Hctr.i.;....,,...Th l?n HulMlns
S"ilMmi BDU1B Tnfitfir rtnllillnr
Ei J&t2j'v suna'cnirneN TFmi3
K VlTM;lKifiira Pcblie Ltnern It nervM te eub-
v.W?"'' u raiiaeeipM and lurreumnc tewni
i,i'H.JP ,'t of twelve (12) cents pr week, payable
Vil.'"lfcm,'J t0 Plats eutalde of Philadelphia In
, tit United Rtateft. C?anailn. nr ITnllnil Mibim rm.
VS S!"il5.f 'JPt free, flttr (.101 centa per month.
fjt ! "' Hra per' year, pajalile in a.lvnnce.
g(3 ' Te all ferela-A countries ere ($1) rtnllar a month.
niniw-euracnmn wuninf nniirens cnanteu
Bunt give old aa well an new addreas.
Kit. 1000, WALNUT
KEYSTONE. MUX KOI
KTAtdrttt all communications te Evrnlne Public
Ltdatr. Independence Rquarr, Philadelphia.
I Member of the Associated Press
TUB ASSOCIATED PRESS It exclusively en
VMUm te lh u or rrsmMleatten of all news
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fj thif paper, and alto the local news published
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mrtt art alie reserved,
Falladtlphla. Frtdar, Mirth K. 1932
THE CONVENTION HALL TANGLE
THE way of public Improvements in I'lill
delphla is bard. It 1 en the record
that sylts regarding the origin nnd cutting
of (tone for the Free Library delnyed the
commencement of that project for itcvernl
years during which the ce.ts of construction
were enormously increased.
Taxpayers' litigation is a traditional and
frequent check upon the Initiation of enter
prise. Questioned constitutionality of en
actments is another.
This last is new brought forward In con
section with the War Memerial Convention
Half undertaking en the Parkway. Coun
cilman Devclln suspects that the Legisla
ture's, net authorizing the County Commis
sioners te levy n tax for the memorial is
Illegal. Hi contention mny be well founded,
since in 1854 the taxing power was trans
ferred from the Commissioners in this
county te the City Council. The point
should be rlenred up by the City Solicitor.
Minnwhile, however. It would seem un
aecessary te halt the victory convention
hall undertaking. There is new mere than
91,300,000 -available for this work and hence
It Is unlikely that nsscst-ments by the County
Commissioners will be required te augment
the funds.
This was the view prevailing In Council,
which approved an appropriation of S10.000
for the collection of dntn upon which re-a-ulremcnts
for the hull enn be based. The
danger of calling upon the Commissioners te
act under n tnxntien law of disputed va
lidity is net immediate.
PRACTICE SUSTAINS THEORY
THOSE who urseil the establishment of n
small City Council of a single chnmbcr
in place of the twe-chnmbercd large Council
will be gratified with the conclusions of the
Bureau of' Municipal Itesearch that the
change has justified itself.
'The present Council handles routine busi
Bess much mere expeditiously thnn the old
Council and handles it just as well. On
"ether matters it is no worse than the old
;- Council. It has failed te act en the gnM
"r ml Irnnait ouestlen. but it does net need n
long memory te rccnll the delays en slmilii'r
subjects of which the large Council was
guilty.
But the City Legislature is far from per
fect. Its members with few exceptions nre
of the same type as were elected te the old
Council, It was hoped that, n different sort
of men would be chosen, but men of the
right kind did net seek the office. If the
reters cheese they can nominate next year
A. group of men for the Council who will
command the respect of the whole com
unity. THE SHOCKING MR. PlNCHOT
fnilE rashness of Ulfferd l'incliet lias long
X been conspicuous. His reckless exclu
sion of polities from the Forestry Depart
lent of Pennsylvania bespenks uu integrity
of purpose which, In this Commonwealth, is
little short of startling.
That he has no Intention of abandoning
vhb notorious method is n fact new revealed
in his headlong warning te his subordinates.
Mr. "Plnchet has told these jobholders in the
Forestry Department that he will impose no
assessment against their salaries In support
of his announced bid for the gubernatorial
nomination.
But net content with this" sensational nov
elty.' the chief State Ferester addresses his
subordinates in these amnzlng terms: "As
members of the department you' must net
make use of your official position for or
against any candidate, nnd especially net
for me."
Dees Mr. Pinchot realize what he is doing
and where he is? He is In Pennsylvania,
where "the boys" co-operate almost auto
matically. Dees he despise such mechan
ism? As It seems se, the conclusion mny be
drawn that Mr. Plnchet is out of his head,
evidently preferring te be en intimate terms
with his conscience. The conception is one
calculated te impart n creepy sensation te
upholders of Pennsylvania political tradi
tions. Whnt geed Is politics anyhow if it Is
te become honest nnd straightforward?
THE' LONDON AMBASSADORSHIP
WHETHEH Senuter Pepper Is the mun
te succeed tieerge Harvey ih Ambassa
dor te England is net of se much Interest
as the general agreement thnt Mr. Harvey
should be succeeded by some one. lie Is net
the kind of man we have been in the habit
of sending te Londen. Jehn Hay and White
law Reld and Jeseph II. Chente, te say
aefhlng of Walter II. Page, were representa
tives of whom Americans could be proud.
And Bayard, of Delaware, was another of
the same type.
When President Harding is nt leisure te
consider the Londen pest he would de well
te, give Colonel Harvey an opportunity te
resign gracefully and then appoint te the
pest a man qualified te fill It with credit te
the Government".
DEFEATED DEFEATISTS
THK treaty dcbtructlenlsta already are
beaten. This Is the cheering slgnlli slgnlli
cknce'.ef agreement in the Senate upon limit
ing debate am fixing the date for balloting
upon the four-Power cempuct. Itcpuhlicnn
leaders are convinced and there lN ample
Jtrttiicatien for their. forecast that the Ail.
MSit. wWstratlen will have nn iron-clad margin
E"ttJ"fi three for ratification, with possibly n
aWWIrth favorable vote,
ite ranus or tne majority party the
unionists nre jteran, J -a Follette,
ten and France, un inviolate quartet.
1' apparently failures ns preselytise.
-L m'Z' ..." xi. n .ll . I .. .1 1 l ., ., .
iif.f jjerpii" ie iiuumb ui iMiuaniiiiuii nun nicir
IOT' vehemently expressed fears, they have gained
f aa.Kepuuiican rfcrunn.
i' Jt is, plain that Underwood will carry
: with- Mm fnr the treat v at least a nunrtnr
fe' ml .thm Democrats. Narrow partlsniishln
t.r "i" 77 -" :' . - - .
'? nwM fpverh the balance, of his party ,v who
Kl vtM-'M' negatire vote. . Werej tbe tables
!Mlt',f t'
Hi
turned and did the treaty emanatVfretn a
Democratic Executive, most of these rotes
would' also be. reversed. Jehn Bhnrpe Wll
.Hams has exhibited the case In his most cut
i ting nnd brilliant style; nnd nothing can 'be
added te the acuity of his candid analysis.
The early roMepse of the irrecencllablcs
linpllcsTnet only the passage of the four
,1'ewer pact, but of the ether- treaties framed
In thu Washington Conference, The ex
pected, Indeed the assured, vote of March
24 may be taken as a sign that the de de
strurtlenlsts have been championing n' lest
cause.
'It is safe te assume that their sorrow
will be. cither blgetedly partisan or strictly
personal. The Natien ns n whole Is out of
sympathy with methods which wrecked one
Administration's foreign policy nnd streve
te ruin that of its successor.
IS FIRST AID FOR BOOTLEGGERS
r NEW WASHINGTON CHARITY?
The Dismissal of Mr. Walnut Brings
the Attorney General'e Office Head
long Inte the Prohibition Scandal
ACTING ATTOHXEV (5FNEKAL
GOFF'S explanation of the dismissal
of Special Assistant District Attorney Wal
nut, at the moment when Mr. Walnut was
engaged in letting daylight In upon the head
quarters of the Pennsylvania Whisky King,
Is n wnnten insult te common intelligence.
The Washington telegram which ordered
Mr. Walnut out of the Federal Building
could net have been better timed If Intended
te frustrate the efforts of n Federal Grand
Jury which has been trying te get nt the
truth about the underground liquor business
In this Stale nnd the men who have organ
ized it. It was it monkey-wrench in the
machinery of the Federal courts. It will
be generally viewed as n shocking cxnmplc
of the brutnl and cynical misuse of official
authority in the interest of lawbreaficrs.
The Incident is by no means closed. Mr.
Dnughrrty will hnve te' add nn explanation
te Mr. Gelf's. And If the Attorney General
himself ennnet clear the nlr immediately nnd
prove that the tactics of ward politics have
net become fashionable in Washington, the
question raised by Mr. Gelf's telegram will
grew and survive te haunt the White Heuse.
Fer It is n question larger than prohibition.
It Is a question that Involves the honor of
the Administration and the Integrity of the
Government.
Can the office of the Attorney General of
the United States be used as an agency for
the frustration of law? Cen it operate
boldly in the open ns n sort of first aid
te bootleg syndicates without exciting the
nnger and derision of the country nnd the
disgust of all people, whether they be wet
or dry?
Isn't It time te admit thnt the spectacular
sleuthing after "half-pint men." the little
raids en muggy little bars and the jailing
of vagrant whisky peddlers comprise u far
cical and ridiculous nnd shamefully mis
leading business se Ions as there appears
te exist, close te the seat of the Federal
Government, suspicion of a conspiracy of
some sort for the protection of tbc Big Ones
of the bootlegging gnme?
A long time age the worst that was feared
by thoughtful observers of the prohibition
experiment happened. Whisky ami whisky
money became almost hopelessly tangled with
politics In this State. It hes.been plain for
months thnt If the truth became known, if
the facts of this ominous partnership of In
terests were revealed, nt least n few men of
large political and social pretensions would
go te jail. The Investigations directed by
Mr. Walnut nnd carried out with the as
slstnncc of that part of the State enforce
ment organization which has remained in
corruptible were lm?artlnl, Intelligent nnd
relentlessly thorough.
What the Federal officers nnd the Special
Assistant District Attorney learned about
the men higher up would have been revealed
te the Federal Grand Jury yesterday. Mr.
Gelf's telegram arrived In the niek of time.
Se unexpected, se without justification or
reason was this stroke from the Attorney
General's office, nnd se flagrantly opposed
te the public interest, that It can be ex
plained only upon the assumption of panic
in the region of Harrlsburg and consequent
intolerable pressure exerted through politi
cal chunncls upon Washington. And it is
worth remembering thnt orders recently
issued out of Washington made It impossible
for enforcement agents in the field te step n
flood of alcohol that has been pouring un
restrained from some of the biggest plants
In the country.
Hns the ferment of corruption created by
mingled polities nnd whisky spread at last
te Washington?
The precedent established by Mr. Gelf
Will help, of course, te nullify the Velstead
law and te confuse nnd thwart the efforts
of gcnerul enforcement agents. It will de
mere thnn that, nt It is te be ncccpted as
n guiding principle It will encourage law
breaking, revive the whisky business nnd
concentrate it exclusively in the hands of
privileged peliticnl groups.
The rights or wrongs, the wisdom or un un
wiseom of Velstendism hnve nothing te de
with the case. What we need te knew new
is whether the chiefs of the bootleg Tings
were right when they boasted that they were
making enough money te "rench" any offi
cial In the law departments of the Govern
ment. Mr. Dougherty must take the witness
stand new. It remains te be seen whether
his first nsslstant acted under his Instruc
tions or without his consent.
GHOSTS: NEW FASHION
RETUIINING from his vigils in the ghost
house nt Antlgenlsh, Dr. Walter F.
Prince, director of the American Institute
of Scientific Research, virtually admits, In
the cautious language of a weigher and
measurer of realities, thnt there nre such
things as ghosts. He believes, for example,
that nn external or disenrnnte spiritual force
possessed little Mary Ellen at Intervals and
moved her te start attractive little fires in
the house.ef her fester-father, Mr. Mac
Donald. Dr. Prince Is reasoning upon ground worn
hard by the feet of exploring psychologists.
Many scientific men no longer doubt thnt
mysterious forces may influence the
mental nnd spiritual processes of some sensi
tive individuals. They hnve traced back
word, as a matter of fact, until they nc nc
tuelly arc ready te acknowledge the sound
ness of the ancient theory that men .and
women may be "possessed." Seme students
of occult manifestations the late Dr.
Ilyslep for one have seen In the manner
isms nnd even In the temporary and phe
nomenal dexterity of an occasional medium
the dominant ami pci-uiuir cmiracieristics or
men or women long uruu. xntis it lias been
believed by Mime of the enthusiasts of spir
itualism that what artists cnll inspiration
the desire and the ability te work success
fully through ,nj sudden and unexplalnable
creative mood due te the return of a
JN JdN Ufa? K tJ
mm
spirit te a' transient ahHatfe. In eon
genial individual whynaMMas .without
knowing it te be VmedlaW vV .
Dr. Prince, with his eaeculatiens upon
Antlgenlsh, opens !a Tatt'aM for troubled
speculation. If, as be Days, Mary, Ellen is
net in the least te blame, though Wic started
the little fires and frightened her fester-par
erits half te death, the people who started
the $15,000,000 conflagration in, Chicago
might summon Dr. Prince te defend them
when they ere brought te' court, . They
could blame It en a ghost. .Any one who
does anything wrong could blame his crimes
upon nn evil spirit and mere thnn one
scientific man of standing, would willingly
fly te his nld. .
, It is'ne longer fashionable te laugh nt
these who believe In telepathy. If a voice,
'can be carried .through a. thousand miles of
space by electric energy ordinarily imper
ceptible, It is net tee' much' te assume that
deeper wonders may be revealed before long'.
"They won't let me ulerie7! cried Mrs.
Eddy, wringing her hnndsr She was' talking
of people n thousand miles away whose
enmity, 'she said, she could feel. Thereare
se litany wonders under our own, and' ether
suns that It Is foolish te deny what merely
seems Improbable, , , .,.,..,
Only people who, "knew very little profess
te knew everything. Scientific men nre ac
tually demonstrating the possibility of mira
cles. They are net cynics. ' They nre merely
trying te examine some of the miner-rbMles
of life in the light of new .knowledge. The
attitude of the wisest men of science was
clearly suggested by one very nble investi
gator who, when he was asked whether he
believed in Immortality, said: "I don't
knew. I only feel thnt anything is possible.
Anything may be true!"
THE HOUSE OF COWARDICE
WHAT the Heuse of Representative lend
ers think of the Fordney Benus Bill
is indlcntcd by the plans which they nre
making te jam the measure through next
Tuesday.
The bill was net completed until yester
day. It wns reported te the Heuse today.
As Speaker Gillctt will net co-operate with
Fordney nnd Mendcll In getting unanimous
consent for Its pnssnge en Monday, it is
planned te hnve the Committee en Itulcs
make n special rule te bring the bill up en
Tuesday nnd te provide thnt there may be
no amendments, nnd te limit debate nnd te
permit no motion save te send it back te tne
committee.
Here, is a bill which involves the possi
ble expenditure of $.',000,000,000 which is
te be passed without serious discussion by
the Heuse, nnd passed merely because the
Representatives arc afraid of the political
effect of their failure te pass some sort of n
bonus bill. When they have voted for It
they will be, clear en the record, se far ns
the service men are concerned. It cannot be
charged against them thnt they did net "de
something" for the soldiers. That Is nil
they enre about. Indeed, one of them hns
said that If n secret ballet could be taken
the bill would net get mere than thirty-five
votes.
The task of killing the bill is te be put
up te the Senate, nnd If by nny chnnce the
Senate should refuse te nssume this respon
sibility nnd pass It for the same reasons
thnt Influence the members of the Heuse,
the President himself will be compelled te
nssume the responsibility of protecting the
Trensury nnd preventing the creation etWw
obligations which will make It difficult for
the Government te meet the old obligations
amounting te $0,500,000,000 which fall due
before Mny of next year.
DIMINISHING INCOMES .
IT WAS expected thnt the Income tnx pay
ments en Wednesday would be smnller
than en the corresponding day Inst year, but
no one thought there would be se great n
slump ns the estimates indicate.
In Philadelphia and New Yerk nnd Chi
cago the amounts received by the Internal
Revenue Collectors are 40 per cent less
than a year nge. At this rate the returns
for the yenr will be only $1,800,000,000,
while the Government was expecting at least
$2,000,000,000.
But even If the Government cxpectntlen
Is renllzed, the returns will be the lowest
since 'the War Revenue Lnw wns passed. In
1010 the sum of $2,000,000,000 was col
lected. In 1020 it rose te $.1,050,000,000,
nnd In 1021 it fell te $3,000,000,000.
Seme experts nre estimating that the yield
of the tax this year will net exceed $1,000,
000,000, or only a little mere than one-half
the amount collected last year.
There are two reasons for this fnlllng off.
The first And most influential Is the stagna
tion, in business last year. Incomes which
were large In 1020 were radically reduced
in 1021. Factories were closed nnd earned
nothing for their owners. Men were out
of work nnd had te curtail nil their ex
penses, and this reduced the Income of the
retail merchnnts. Many of them had great
difficulty lust year in raising the money te
pay the taxes en their incomes for the yenr
before. As business has improved somewhat
since January 1, they will find It easier te
pay their smaller taxes en tbc business done
Inst yenr.
The second reason for the decline In rev
enue lies in the transfer of wealth from
taxable securities Inte Federal, State nnd
municipal securities which arc untaxed
This transfer hns net diminished the amount
of outstanding taxable securities, but it has
taken these securities from the possession
of men with Inrgc Incomes subject te n
surtax of from 25 te 50 per cent nnd put
them into possession of a much larger num
ber of holders with smnller incomes en
which the lnx Is 10 or 15 per cent, Ne
man, if he can get rid of it, will continue
te held a 5 per cent security when the Gov
ernment tnkes by n tnx se much of the In
come from It ns te reduce it te a 2V& per
cent security. And no amount of damning
by n demagogue will make him de It.
Hungarians In Vienna
A Jeb for Charles arc raising money for
former Emperor Charles,
said te be In destitute circumstances In
Madeira. Outsiders will persist in thinking
thnt the money could be better spent at
home. It should net be hard for the deposed
monarch te get n job in his Island rctrent.
He might make n lilt ns a hotel clerk. That
is, of course, If he were nble te assume the
necessary majestic air.
What the Scnnte seems te need Is u
dictionary. Already there has been debatw
concerning "between," "among." "alli
ance" nnd "treaty," and every debate has,
shown some lack of knowledge concerning
"courtesy" supposed te be distinctly sena
torial. Words nlc potent. The phrase born ei
nn Iden makes an idea. The child Is father
te the man. When Otte II. Kahn speaks of
new national boundaries and spite fences he
presses and melds Inte n compact phrase
a complete economic principle,
A Pale Ponte, Tex., septuagenarian is
serving thirty days In Jail .for having
"quietly approached a young woman and
kissed her." After this the old rascal had
better hire it brass band and au announcer
when he gees n-kUslng.
There is reason for the declaration et
the telegraph and telephone officials that the
radio will new wholly supplant wire serv
ice. The automobile has net wholly sup
planted the horse. Each fits into its own
particular niche.
Laughter is one Infection that shouldn't
be laelated. -.,
MaTwlrV ' A' Fa. TsCTT'-'sffcHl'A . J
mvm&wmmft
At ONE. WOMAN SEES IT
Idloayneraalea Innumerable Manifest
Themtelvae In tha Matter of In- i
Vmt, ajavlnai and Expendlturea
By SARAH D. LOWRIR
A BROKER belonging te it well-known
, and'1 leng-estnbilshed firm remarked the
ether dny that for the life of him he retttd
net Imagine from where nil the money came
which tb wild -cat and plunging and even
tually bankrupt brokers were squandering
Instead of Investlnr Ivcltlmatclr. He said
I with considerable glumness thnt tils' investors
iwi norsiiewn any sucn rcauy cssu ter manj
a month.
Yet every dnyNer twewhen there is a
smash, and. ene or mere "buckct-shopsV-Ue
Inte the .hands of n receiver, it appears
that they hnve been Intrusted with millens
from Investors that have anywhere from
$500 te $80,000 easy cash lying round loose
te be pluiiked'dewn en nny mahogany counter
that leeks solid and that has a brass.cnge
with smiling man back of it. N
'But most of the'brekers that have fleeced
their clients have been out te fleece, and
could have been pretty well sized up, by a
few careful questions elsewhere as te what
was 'a safe rate of Interest te expect'en an
Investment' and whnt were the actual .stock
dealings of that firm for the day or week.
BUT," the pcrsens thnt Invest with these.
chaps de net apparently nsk questions,
except .of the smiling men themselves back
of the brass fittings of the solid mnheinny
counter.- Lets of them from ether cities
Invest here or in 'New Yerk with' entire
strangers rather than through their home
brokers.
I think the reason for it is very obvious,
and probably the brokers that nre out te
fleece count en their knowledge of human
nature when they send their prospectuses te
the men and women of distant towns. Per
sons who havr n little money te Invest, from
$500 te $50,000 saved up, or Inherited, or
f;et as a gift en the qulft. nre net keen about
inving it known by the people at home, or
even by the agents et home who usually de
business for them. They invest It sons te
make a quick turnover with the Idffl that
they will say nothing about it until it suits
them te'.
IT SEEMS te be just as instinctive for
.the genera'ltv of people te conceal thelt
savings and their gainings ns it is instinc
tive for n deg te hide a bone.
"A woman who was left n very large for
tune, by her husband nnd a most complicated
business te settle told me that his sole
Instruction te her was:
"Never tell any one what your income
is!
The income tnx ha somewhat cross cress
sectioned thnt .ndvlce. but beyond the In
ternal Revenue official, I doubt if she has
ever taken even her sons into her confidence.
There nre numberless icnsens why that
secret should be better kept than most.
Men nre afraid if their wives knew thev
will want mere. Wives nre afraid If their
husbands knew they will allow less. Children
nrp afraid if their parent'' knew tlicv wll
criticize the way the money Is used. Rela
tions keen the matter from ether relation
.for fear they will be thought stingy or at
east uniiDcrai.
Business men keep it from the world ut
large for fenr. they will be dunned by
business associates and philanthropies. Em Em
peoyes keen it from eimile,-ii,s for enr their
wages will be lowered. Employers keep it
from empleyes for fenr these thnt work for
them will nsk for mere pay for their work.
And se lt'gecs ! Even the beggars de net tell
the ether beggars .hew much their cornet
is worth n dny.
OF COURSE, there Is the reverse side of
the secrecy. Meq nnd women and even
children nre just ns apt te bt secretive,
about owing money nnd losing money nnd
spending money, nnd for every boastful
spender of money there are a score of reti
cent ones.
In fact, It leeks as though, with nil the
Importance of money, It Is net n subject thnl
I even nn ngreenble one between nenr nnd
cTcnr friends. Ne one vnlnes menev in
quite the same way; no one saves it or
spends It in quite the same way nnd one
Is very sensitive of criticism spoken or un
spoken concerning one's economics or one's
extrnvagnnces.
A lawyer who has had much experience
in divorces told me that there were mere
separations due te money differences than te
unfaithfulness. And one of thamnst devoted
wives thnt I ever knew once said with a
little' sigh thnt wns n hnlf sob -of rcinlni
cencc that she hnd thanked Ged she had her
own inherited income many n time, when
between bcrluisbnnd and herself there loomed
up some threntcned rift en the subject of
expenditures.
VERY few men "let go" .their held en
their fortunes enough te prepare the nni nni
er the ones who ere te Inherit se thnt they
mny inherit wisely. If one is going (e tiu-i
one's children or one's wife or one's near
of kin with the expenditure of one's snvlm;
nnd gainings nfter one's death, why net at
least observe their ways of doing business
before that separation, se as te rectify some
of the mistakes of Ignorance !
I was amused net long nge en being tin
recipient of confidences during the same vMl
from a man nnd his wife, ills wife ten!
me thnt during the war 'they had net eniv
spent their income but gene a little beyond',
I assured her It was a very common fate for
most nersens en snlnrics or divine en n fixed
, nnd invested income. But she could net be
comforted, because sue explained her liu.
band was' se humiliated and worried. "lie
has always lived within his Income," she
said, "nnd it has nged him very much te
feel himself slipping behind.."
Somewhat later in the snme day her hus
band, nettled nt something I had said about
money and the spending of it, read me a
lecture en the felly of net saving regulnilv
"Why," said he, glancing hnlf-uncnii
sclet'sly at the deer te make sure of net
being overheard "I de net consider that
you can cnll It living within your Income
unless you can save."
"Hew de you mean save?" I said.
"Yeu should decide what sum you can
save yearly nnd consider thnt ns part et
your budget."
,'Oh. come, who does thnt?" sold I.
"I de!" he snapped. " nnd'I would he
mighty ashamed if I hnd net put back some
Inte capital every year. Every year but
this year." he amended gloomily. "This
year I have just come out even, and 1 con
sider it living beyond my Income."
"But," I said, thinking of his wife's
nnxlcty. "you really nre still nhend. for you
have nil these back savings and nil the
Interest en them."
"Thnt is new capital, and I treat it as
such," was his firm rejoinder.
SOME dny he will die and leave nil these
savings from income te his wife, who will
net differentiate It from the rest of the In
vested capital, se she will never guess hew
many qunlms he gave her all for nothing en
the subject of living within their Income.
He probably would have told her the
truth about nny ether thing he did but just
that, and yet just thnt would have made
all the difference between anxiety nnd pence
for her.
A MANX times millionaire enmc down te
his breakfast tnbleNnet long nge nnd
during the cmirse of the meal began te
lecture his wife en the cost of the rolls.
The eggs from his fancy form probably cost
five dollars each, and the cream from his
wonderful herd way worth its weight In
geld, and the cress from the het house and
the oranges from his Herldn place all be
longed te the snme cntegery, but the rolls
were from n French bnkery nnd delivered
fresh out there cost five cents each. And
it was upon the ruinntlen of Jiving beyond
their means en these that he waxed elo
quent. It ensed his mind te threaten bank
ruptcy because of the rolls, pertly because
he knew se ridiculously well It wasn't true,
and partly because he chose te consider It
" last, straw" in a money crisis Involving
some millleM. '
-
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NOW MY IDEA IS THIS!
Daily Talks With Thinking Philadelphia en Subjects They
Knew Best
M. F. MIDDLETON, JR.
On the Bucket-Shep Problem
THE Philadelphia Stock Exchange will
make every possible effort- te wipe out
the many bucket-shops new existing In .this"
city, says M. F. Middleton. Jr.. the newly
elected .president of the exchange.
"I took up the matter the firt'l thing
nfter our organization recently," snld Mr.
Middleton. "The bucket-shop problem is
n serious matter in every' .lnrgc city new
and it will take. a great amount of. time,
eFert Olid-energy te .stamp It out. .. r
"The .evil is, se widespread and bin at
talned te such strength thnt t.nni' con
vinced thnt It cannot be eradicated by nny
one mnn nor by any one' group and it cannot
be accomplished nt once. In my opinion,
publicity Is the grcntest wcupeu that can
be used in making this fight.
"But there nre several ways in which
much can be accomplished. One of the
mostimpertunt, if it could be brought nbeut,
would be te hnve the newspnpers refuse te
take the advertisements of nny known
bucket-shop nnd nnether, nnd perhaps mere
Important one, would be for the banks te
refuse te accept the accounts of these men
or firms.
Twe Important Measures
"It fellows thnt If the advertisements are
cut 'oft the patronage of the bucket-shops
would be curtailed, and, en' the ether hand,
if these men nre unable te obtain thinking
facilities, it will .be impossible for them te
carry en u brokerage business.
"Anether equnlly impertnnt feature is u
enmpaign of cducntien for the juibilc. car
ried en through the press and by talks by
bankers and ether financial men whose
statements will carry weight with the people
ns n whole. These speakers could tell the
people the differences between the bucket
shop nnd thu legltlmnte brokerage business,
tell whnt the bucket-sh,ep does nnd what it
does net de. A little Information of ti n
kind would go n long way with people who
have n sufficient regard for their money te
de a little thinking.
"One of the strongest points that 1 make
te persons who often complain te mu that
they nre unnble te get stock which they
hnve ordered through their brokers is that
they ought te be glad in one way that this
is se, because it shows beyond nny doubt
that their brokers are honest. If they were
dealing with brokers who were net strictly
en the level there would be no difficulty In
petting a ccrtlllcnte saying that the stock
had been purchased.
Public Largely Ignorant
"Tim public ns a whele Is tremendously
ignorant as te the functions of the bucket
shot) nnd hew It works. One thing strongly
In favor of the bucket-shop getting a large
amount of business Is thnt It will give very
much mere favorable terms than nny legiti
mate broker will de. Almest any bucket
shop will accept a 5 or 10 per cent margin,
whereas the legitimate broker will demand
20 per cent nt lenst. This feature appeals
te fliesc who like te play t(he market with with
eutlputtlng up very much money in actual
cash.
"The buckcters have discovered a trick
which we cnll the 'new bucketing,' which,
technically, cornea within the lnw. The old
style, of bucket-shop operation wns te simply
take the money nnd mnke no pretense of
buying the stock. The 'Improved' method Is te
take the money of the customer and then go
te n legitimate broker and purchase the
stock. Almest immediately, nnd always the
same day, the stock is sold en a house
ncceunt or In the name of n dummy, and
the money comes back Inte the possession of
the bucketcrs.
"The rules of the stock exchange nre
strict ns te dealings of Its members with
known bucket-shops. 'crv often this
dummy, or 'steel pigeon will Vc summoned
and Investigated, but he simply insists tliut
the account is his nnd often It Is impos
sible te prove te the contrary, although we
hnve every rensen te believe thnt this is the
case. When It is cleurly shown that anv
member of the stock exchange hns had
(killings with n proved bucket-shop that
member Is Immediately expelled. Hut fre
qucntly this is a very difficult matter te
prove. '
Runs In Cycles
"The bucket-shop evil runs in hjierj
periods or cycles about live or six years
upart, as will be found if the nnanclnl Ms.
tery of the country be examined. It a' wins
comes when, the market is a declining one,
because that is the only time when n bucket
shop enn make any money; when thu market
gees up the bucket-shop automatically gevs
out of business,
.The bucKet'saep tne money of
y '
. ...,-,. . ...... J. n.v r,.. mi Maw whip hi i I i aa
the customer nnd buys the stock indicrttcd,
selas te have a record that the order was
actually filled. Then, ns I said, the stock
is immediately sold en a house account or
in the name of some one actually but net
nnparently affiliated with the buckcters nnd
tne latter get the money back again. They
nevers actually buy nnd held the stock sub-
ject, to,the;,ordcr of the purchaser. If the
!'I? 5tK0?fl:,e,wn t,la margin, of the cits-
!mi T.'i 'wn?.(1 ,out nml tlie' bucket-shop
People keen' nil tin. mnnnv ., .i.-.. - ..
S?it?'Vuwl"1.,s ',lny ',re,,S1' ,hp Immediate
sale of the stock. If the market gees" up
and the .customer dcmaWdShis profit there
,U, "J "f tW0 "!'"' ta ' ' tW'cr get the
menej from j,en,e iutcr ncceunt wh, h ,
come in or. else fall, nt ...,; Vi" '".
'rf mnklft " TCrVe f,1",, for " Prpe.4
IfliT,800'1 en ncennt" .which show u
,; , ' ,'". v . aenerniiy rising market
i.V ,?Jfl. lnCl n.bl("- LCC",W! "' """TO te
madeI,themseli?h ,,,C' ,,aM "0t ',ct,'fll
"With each return et widespread bucket
shop operations the evil becomes greater
than the last time. This time it witsnet
only carried en upon n larger sci lc, bl It
was'made Infinitely worse because of 'the
modern 'method' of which I have s eke".
T is feature has made it additionally dlffl
cult for us te wipe out this evil feature of
our financial system, despite the fact tha
he bankers and the legltlmnte brokerage
houses are bitterly opposed te the bucket-
ltlnn,A M tl!?f U 'n'ntH and will de
everything possible te eliminate It.
Largely Public's Fault
"But in the end most of the blnnic for
these conditions must be placed une i thl
public Thousands want te dial 1th he
bucket-shops because of the ensier tens
they offer; they want, te put up the smallest
margins possible and would rnther put up ,-,
or $10 a share and take the chances of losing
their money than te pay $20 n ahnr t S
legitimate- broker nnd Lve the "tort "carried
for them nnd whatever profits they ,ak0
absolutely guaranteed. And the liersnns
who tnke these long chances are the eZ
who howl the loudest when they lese
"One of the things which should be" par
ticularly stressed In the cducntien of the
public is that any person contemplating e
purchase of stock of any kind should go
te n banker, preferably ).! wn. but nny
banker Is qunllfied nnd willing te g ve "ih "ih "ih
informatien, nnd find out whether the broker
te whom he Intends te go Is sound and a
member of the stock exchange ,nnd hence
subject te the rules mid regulation.! ' of tm?
exchange for the protection of investors
"It would net be strictly true te s,,v
that every dealer in stocks who Is ,,et a
member of the exchange n bucket shen
man, but It s nearly 100 per cent true
There nre n few exceptions, M.eh ,, 1:
meters and some of the bend houses, who
occasionally buy stock -as nn ncconimela l n
te their customers, whose business is aV,u
,the,exce,ptlen,:eH"' b,,t """ '
Failures te Continue
"We have seen whnt n rising market will
de te the bucket-shops in thest m u b r
of failures of firms net membera e, the
stock exchanges which have eccurreii in
the country in the last few months J1!
these failures are likely te con. ' In", e' as l" g
ns the bull market continues, of ,L ?"k
some of the strongest ones will weather Mi
storm, but these net se well fertlfir.i n.2
likely go down, as se many' effa'ShlE
"The Philadelphia Stock Exchange i.
working hnrd en the problem lecnllv ni.,i i
believe that we shall get geed resu ts wl
certainly shall if the three things which i
have mentioned con' be brought nbeiitii,
newspapers refusing bucket-shop advertiL
lug, the banks refusing bucket-shop necnnnV,
and n campaign of education for the. m il
as te the two different methods of trail i.J
the bucket-shop method and that e ' uZ
legltimute brokers." u,t
Today's Birthdays
Lady Patrlcln Ramsay, formerly PrlncesH
Patricia of Connaught, born thlrty?sN
years age. """y-six
Charles V. Brush, inventor of tin. i,..,
arc light, born nt Euclid, ().. eveiity.thSS-
seventy. three
jvnm UKUi
Dr, Stephen S,- Wise, the eminent New
Wk rabbi who H..VH modem society etVI
moldy nnd deformed, born in it,, ! Is
Hungary, fifty years ugel ""dapest,
The Ut. Rev. Edward p, Allen. (Wi,,.!,
Bishop of Mobile, born ut Le we , Mns"t'
sixty-nine years na-e. ' """,,
Themns M. 1 ell, Representative in Cen
greys of the Ninth Georgia District. born
at Cleveland, Ua alxty-eue years nge
years age.
Ctf Ain''Vriri .
OTtsjw VV9 , .j
Cracking Walnut iii only going te show f$
wuai'is in. nun.; . ,aj
. : r- i-T-. .' . Mm
Financial nete: 'Even n year of dolor. 'J
tins ieur quarters. . s,i
: 1 : '- .rv-K
The only possible crop from bonus free,, ''.i
seeds Is discontent. ' - la
. ,
Tip te Belfast and Limerick: St' 3fl
.uii4.i nns ii BCJiiieiiiuii.
Doea .the; hint of n.dark horse presage al
eiiiuie Kuvcrumi-iii ia unrriauurg ;
The Pettsvllle woman who smelled a ; ;
burglar at work had u nose for news. ' ' "1
' May the ships lying up' aTHee Islaae'
be spoken of appropriately as a floating VJ
It tnkes the slew of nnrrleHsin 1mm of
-. 7. .. i-T.:v"- ,:"".. jt
i .si viutiRtuijr iu uinKe nn .income tax Aim
popular. Jl
The' average citizen ttetH nn W nf ijh
the fact that his .income- tax grows nute- M
mnflrnllr 1cm. ' " ifa
Wonder If Dr.'Prlnce jeuld be induce; tlM
ti ti.it lt.nf !. Mt... . II i .1.- , .
.w .. iiiui i.n: iiun. nuina in me cuaix
regions nfter April 1? Z
.. :!
i &l
Insurgent directors, slowly receverlngfflli
.... x, einnnt mc iiiiwv luitrtuuuu lucre wi ym
n brick In that Mitten. i J
. J..M
President Ilardlnv hint unnCnn unfttv' Itf ' 'Vl
the matter of the bonus. Congress Is neW;r '.?
Congress Is peWl'r '.ill
ready for the big stjck
-M
"In union there is weakness," sighs tar
deposed directors, "and the P. R. T. is
greater than the whole."
a'
Police nre listing the names of these. '.
who pntrenlze Camden saloons. Why aet
close the places at once? ' ', ',
The drop In the nmeunt received by the
Government by Income tax Is net Without, '
its nppllcatien te the Benus Bill.
, , '
1
In order te enforce prohibition earnest
Pennsylvania believe te bring te book the .'
running Brooks law is as geed us anything. ''-,
The boy serenaders of West Chester- r
who were pinched because the girl they sang,. .'
for hnd the toothache new don't care howl
much It hurts. ','
i . , , . ' i
.
There is a feeling here and there that'
Dr. Prince has net knlvnri llie nivsterr nf' r
Antlgenlsh, but that he has simply glren i
.h M..w.v. .iniiiu. ff
t
In the matter of our" demand for psO
for our troops en the Rhine, it is net exactly '
njini no muiu inni appears te nave Hurt i'
Allies as the bloeinlngway we said it.
What De Yeu Knew? ( 'i
QUIZ , .
1. Where ts Mount Hecl'n? '
. Inte wuut two great sects are the ad-
nei"nt8 te ln Mohammedan rellgleu'
3. Who wrote "Mr. Sludge, the Medium"? 'n J
4. Name two Important treaties passed by,J
mu ncnuie unaer me present AammrA
titration. . -
C. What Is a pterldoleglat? . . S
. wnat la spikenard t. S ,,,"; I
7. Hew many legs ,had,' or. 1ms, a plil-'..
8. In what' century did .Macuath, King et'-
9. Who we Murllle?: - . A
10. Hew muclibjgger la the earth than the ,'i
moon 7 ' v ' , vt
. -r - ') f:
Anawara te Vaitariliu'a Quiz
1. The prefix "sesqul!'. Jh auch words at j
r- ocenuiconienniai aim. 'Sfsquiicuiui,i ,
. . niespa one and a half. l .f 'f
2. The Bayet Bengal -Is that' part of tMU
Indian Ocean which. lies between Jnji!
3. The Hues Canal was ebened In '1869. TV
A. Tarrnnftn l& a ninni' 111..1 in norm' .',
Weed, nnd tin1 In ''mnlclna' tnrraaQQ
vinegur. '' "' ". ' ' .Vjt;
5. Merlin was .the mvthlnnl enchanter or,, v.
maglclen who- figured' In the cycle eiyr
C. Tbree British generals prominent In tht'
Wnr of lata were 'Procter, Breck, na
- ...Pakenham. , , ...jl.Vi
7. '.'Men are imt children et a 19?'. ji
. Growth" Is from Orj-den's play, ""
a, itoeert nruis Is. the present pem srim
. rente of England. ' ,; . f ,u vtuittSl
v. ii'' uamxy in in neavens I ' fv;
10. h ,fnremba' efr a, vihnle.nrf
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