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mPSFSfPT
t.j-! - cgj Hdjiaai
r
W " " . ' teVBanutt public iMteata-PBixMiLBBiA,
WJlllJXiXiJQVAl, nj rjai3rjs e, xv "
The Best Test of a
Corporation's Strength
' U Its ability te earn
vear after year a sub
stantial surplus ever
fixed charges of all
kinds.
We own and offer ae
cured obligations
yielding Sa , e
gi, of corporations
which have main
tained for a long pe
riod satisfactory earn
ing records, ana are
te-day in a most pro pre pro
pereus condition.
Wrtt for our Meet
rteontmtniatteni.
Hemphill, Noyes C& Ce.
Hombett New Yerk Stock Btehtftf
fttnklin Bk. Bldg., Philadelphia
vk Mtnburik. Boetea Bereasaa
RTUUa Albaav rraqiM Hi
wnaiwi WMvmn
THE DAILY NOVELETTE
Uncle Abner e Will
By tea Meredith
LH Rollins & Sens
ii
Investment Bends
tat Chettnut St., Philadelphia
rnwnc -" ii".;;.
iWh Nete I'erK YUKti-aam
laWmore Chicago
San Francttce
Southern California
Edisen Company
5 .Bends, Due 1944
h yr hM Cemp,ny
faUad te ikew substantial in
ctmm in grett or net earnings
ertr the previous year.
Current net earning are at the
rat of ever 2 1-3 timei bend in-
ttreit charges.
Price 95 and Interest
Yielding about
5.40
Ducrlpttve Circular en Rtquttt
pETTT LASHER waved her hand as
""' the smart blue car iwung around
I the corner a straw hat waved geed
by si tha rar vanished, Betty was still
smiling when she entered the cool living
room and blinked her pans1 brown eyca
at Uncle Abner. The elderlr umtleninn
looked ejer his spectacles and frowned.
"vne was mat young man, ueiiyf
"Geerge Fnmum, Uncle Abner."
yawned Hetty, pulling off her bright
hat and tossing It en the Inble. "We
had a perfectly gorgeous ride out te
the Fall.."
"H-hm I" Uncle Abner alwara clear
ed his threat when he was about te say
something disagreeable. Betty sat down
primly en the comfertaole sofa.
r,H-hm," repeated Mr. Cery, "Am I
te understand that you have broken
your engagement te .Tnck?"
Betty twisted the diamond en her left
hnnd and blushed warmly as she rnlwnl
her eyes te meet the fierce blue ones
of her nearest relative. .
"Broken mv encasement te Jack?
Ne indeed, uncle dears but Jack is
away en in Kansas new, ana u is aun
Geerge has been se geed te take me
around."
"nim la Una fellow."
"isn't ne7"xnea uewy wwn ran
g eyes. "Se clever, tee, and he's the
kindest old thing in the world."
"Jack. Is a fine fellow, .tee," jraraaed
Mr. Cery, dryly. . .
"We knew that." mnrranred Betty.
blushing furiously. She picked up her hat
nna turned toward me nan.
"EHsnbeth," called Uncle Abner
coldly, "does Jack knwe that you have
been receiving attentions from Geerge
Farnum?"
"I have told him about he ride,'
ild Betty .as she marched upstairs,
her eyes full of tears. It had been lone
some after Jack's departure for -the
West te Install some special machinery
and upon the 'success of nls first com-
in a large manufacturing-plant there,
ens ei
i rfenci
roc's advancement with the great house
mission for his firm depended Jack Men
of Latimer & Latimer. Mr. Abner Cery
fasSSaifaaaill
SHli11nl""SSSnw H
We Own nad Off or
Electric & Peeples
Stk. Tr. Ctfs.
4s, 1945
70
F.P.Ristine&Cp.
WitW Baildiag, FailaeflaUa
yw Tort ElltbeM. M. 7.
Jftmtere tfeie Yerk ai&t PMIorftlpMe
Slack BxcltangtB
was a large stockholder in the Intiracr
works, and he had looked with approval
upon Jack's engagement te his little
niece. He rather distrusted Geerge Fnr
num's idleness and riches, although he
liked the young man personally nnd
considered that he had the making of
a man in liim if be would only get te
work.
But he wanted Jack for Betty, se he
said. '
A few days Inter Hetty sat en tne
front Dorch knlttlmr a car sweater. In
side the library Uncle Abner was talking
te his lawyer. Daniel Smith. Their
voices row and fell in endless discus
sion of stocks nnd bends and mertgnges.
Their tones dropped te n low rumble,
and Betty's wandering thoughts were
halted by the bound of Mr. Cery's thin
voice, speaking with the slew distinct
ness that nlwayB marked his dictation.
"All the rest nnd residue of my es
tate I Rive and bequeath te my
halnvAjt ntana TCIIftfthAth T.nnhr
Wl.VV.!. ....-.., 4....rV.. MMW..
Allsgleay Valley, 4i, 1141
Atlutic t Yadkin 4s, 1949
Miiu Llintini 4i, 195S
Uiik Villtr 4tts, 2003
Ktiieul Gts, El., Lt. & Pr. 6i, 1931
Pen-Mirr Ceil 5i, Oct., 1939
Piat. t Nertkwtitcrn Ss, 1930
fliU. & Rdf. Tml. 5s, 1941
Sdwtlldll Rim E. S. 4s, 1925
Wtit Jeriey & SS. 3s, 1936
Wut Va. Pitts. 4s, 1990
STOCKS
Aaerieu Mllliif
CsiHtiditsd Tnctiea N. J.
turn SUe t M.
"mini Lisirtiii Gis
BAAC STARR, JR& CO.
16th and Sansera Sti.
ruuasipBii,
I
Unlisted
Stocks & Bends
Cwmpendenct Invttti
Chester B.Coek&Ca
Broadway Newlerfc
! Bread 360S
Metropolitan Edisen Ce.
R,f. Mtg. 6 Bendi
PRICE TO YIELD 6
RSE5fBROS.6VCa
1 Cheitnut St. Philadelphia
Bayuk Bres.
Ul 2nd Pfd. Stocks
Bought Sold Quete
Stene, PresserS Doty
"Willi., st. N.Y. Hmmma m
provided she necemes the wife of Geerge
Humphrey Fnrnum " rumble,
rumble. Betty heard no mere. She had
overheard that much because Uncle Ab
ner had spoken louder, as if te impress
his Inwyer with the words. Pale and
trembling, afraid of she knew net what.
Betty crept away from the perch and
ran down te the orchard, where she
sat down en the grass te think things
out, as she had done when she was h
small girl.
What a chaotic thing life was!
She had nlnn.vs believed that Un
cle Abner favored Jack Menree and yet
he had made his will, leaving the bulk
of his estate te Betty, provided she
married Geerge Fnrsum the richest
young man in Blessington !
What about Jack Menree?
"Well, what about him?" thought
Betty, as she pictured herself proceeding
up the aisle of St. Matthew's Church
en Uncle Abner's arm, if he were
still alive, te meet G cer go Humphrey
Furnum Geerge, smiling and blend,
the pink of perfection in husbands, rich,
hnndseme, clever and the "kindest old
thing in the world." There would be
town and country homes, camps and
bungalows, travel and the allurements
for society spelled with a capital "S."
In fancy Betty Lasher married Gerge
Farnum and was proceeding down the
church aisle te the familiar strains of
the wedding march when something in
terupted. A weed thrush high in an old tree
sang bis evening hymn.
Team came into the glrl'a eyes. The
thrush she Uked te believe ft was the
same bird had witnessed her betrothal
te Jack the tender song always made
her homesick with longing for her lever.
New she listened with tears running
down her cheeks. She would go te Jack
new tonight they would be married
nt once and she would work se hard for
him. Uncle Abner could leave all his
money te Geerge Farnum and wel
come. A very tearful looking Betty walked
Inte the house and ran plump into
Uncle Abner in the front hall.
He looked at her ever the ten of his
spectacles. "Well, my dear," he aald
mildly, "where have you been?"
"8ittlng in the orchard lt is se cool
there," said Hetty, lilting weary Drewn
eyes te his.
"Geerge Farnum telephoned te you
1m flfitrtuf frA Tiava vmi vlnv nfm
..w ..,. .... . w m
up
something about a barn dance
nt Colonel PbiDDs' nlace."
-ueineri" muttered una
atrang
COMMERCIAL AND
Real Estate Mortgages
Negotiated
WIWlsen&Cq
"17 WALNUT qt
saWSSLUiflllUUniimii m
-"'"iiiiuJnjiiimiiniiiimiiiitunimiTOutiiTtiasTtantnw
rm- n. rniLljpK m, m
S'ttL?
Betty, who loved te dance and who
nners
"Yeu will call him up?" inquired Mr.
could dance the soles from hsr pretty
Rllnners anv tlm. "IWhemitlnn."
l.t. -.: ::.'- - ;::t "."" .
Cerju
Betty flashed around en him. "De
you want me te go with him?" she
asked.
"My dear child, please yourself," said
the old man, smiling benignly en her.
"It is a beautiful night and"
"I will net go," interrupted Betty
feverishly. "I must confess, Uncle Ab
ner, thnt I was sitting en the perch
this afternoon nnd I overheard a few
words you said te Mr. Smith that
about your will nnd leaving me aeme
money provided pre-vi-d-cu I married
G-geerw Farnum!'
"H-h-mml"
"Yes, I did, and then I went down
te the orchard. I have inade up my
mind te go te Jack at once te
morrow and get married and we
will live in a hut en c-c-ranncd beans
am t-tlilngs. Meney isn't everything.
Uncle Abner, and I de appreciate all
jour leve and kindness te an orphaned
irlrl but I love Jack and money
doesn't count."
"My dear! My dear I" Unde Abner
pnueii tne urignt nenu leaning ngalnst
the newel pest, "Why why you hove
made ma the happiest man in the world
I wnt afraid you would murry Geerge
and I wasn't aura which one
you reully loved ami se I had Smith
call, and I dictated that changn in my
will en purpose se that you could hear
it but it doesn't mean anything.
Yeu and Jack are my children and I
hope you are coming here te live in my
lonely beused" Betfy wna in his arms
new ana tear were wetting his immac
ulate besom,
The telephone interrupted, and Mr.
Cery released her te answer Its Insist
ent Jingle.
"Oh. Geerge sorry, but Betty has
decided net te go out tonight we are
eipectlug Jack home tomorrow and
eh, yw, geed-by," and aa he turned
t.w,lrifr2m A Instrument, be added.
"That ehenld teach Geerge net te cut
at ait tort trttadwe '. tU
Jack about It, child, or he wilt lese
faith in Geerge."
"Is Jack coming home tomorrow?"
demanded Betty, radiant with Jey.
"Here Is his (elegrnin and a Sep-
remeer wedding would he Just the
tiling, my dear!" rumbled the old men
as they mounted the stalrn teellier.
Out in the orchard, in the afterglow,
the thrush unng of love triumphant.
sue"harvard""recital
Seprano Qivea Interesting Program
at Wltherspoen Hall
Sue Harvard, soprano, Inte of the
Metropolitan Opera Company, 'gave a
recltnl In Wltherspoen Hall last eve
ning under the auspices of the Welnh
rhureli t'helr. There was a good geod goed
sl.ed audience nrceiil.
MIsm Ilni'vfitil Ming nil her program
well, hut mnde an w.pccinl hit with the
beautiful Welsh folk xungs with which
she interspersed the numbers. These
2le M.ng in the Welsh tongue. She
divided her program into four parta,
the first beginning with Bach in Ger
man, followed by 'Torgi Amer," of
Meiart Jn Italian, anld then three
welsh Benn. The second group wna
in French In tha language of which,
as well as the spirit of the music, Miss
Harvard appeared te be much at home
as In the Italian, which was the back
ground of her operatic work. .
The third group was In English and
was made up of neiikh by Walter
Kramer, Corrine Moere J.nwnen, Mar
len Bauer and Pearl O, Outran, and
the-last group was the classic German
lleder of Schubert, Taubert and Hum
mel, It Ih difficult te sny In which group
Miss Harvard excelled, as all tho;eng
were given with excellent enunciation
and with the spirit of the composer
and the tlmcn which they represented.
Hhe was in fine voice nnd the voice,
though net robust, Is of very pleasing
quality and excellent range, besides
being under perfect control. The
nlnnisslmes were especially flntjy done,
being exceedingly soft without any iem
In color or quality.
WILL' TRAIN BIG SCOUTS
Business Men te Get Course at
Temple University
A Scout Lender's Training Scheel,
for buslnefs nnd professional men who
are engeget' in promoting the Bey
Scout program and for elder Scouts who
intend te become assistant scout
mnsjers. will held Its opening session
lentsht In the Temple University
gMnn.it-lnm. Itnvul nnd llcrlt rtrcets.
Tim rnme U lielng conducted by
limple I'lilversity In co-operation with
the rhilndelpliiu Council of lfev Scout
and cldSHen will be held every Wednes
day evening until December 20.
The course is designed te nrdtlure
training needed by leaders and Is open
te any man micrestea in Deys.
Msrb the rMen "Few leaped dth
at th hands of the hunttri Is thi fact that
he left month before they were permitted
te,. hunt bis came. Anyway, he Is beck.
ef end pound, still blundering Ms wey
muelnffly through life, tn fh j.rfm.B,iAi m.
thocp'whe Inviutnhlv turn flret te the Comic
Pace of the CrtMi I't'intu t.rrxiKn. "Make
It n llnblt." .IdV,
"Tin Bex Treasures"
Regularly investors come te us with long lists
, of securities heritages most times seeking
our opinion of their present value. Frequently we
find among them securities that have ornamental
value only.
These "tin box treasures" are net se much the
result of peer choice, but lack of contact with
developments in the companies and proper super
vision. Changing conditions affect the most stable
issues.
Our clients are guarded against such losses through
our Service. They are helped in many ways te
make mere satisfactory investments. Our free
booklet "The Art of Wise Investing" will explain.
Send for a copy.
Moodys Investors Service
35 Nassau Street, New Yerk City
BOSTON
101 MOk ft.
PHILADELPHIA
feci! Ertit. Trait Hit.
CH1CACO
Ftrit N.ieB.I B.ik BM.
LOS ANGELES
Peeifie Marat BU.
Mercer
. Meters
We have ready for
distribution a special
letter en Mercer Mo Me
eors dealing with its
New car
Expansion
Organization
Finances
Properties
Management
Te the man who is inter
ested in the automotive
industry this special letter
en Mercer Meters, which
produces one of America'
really fine cars, will be of
special interest.
Aak for this wetVs
tpedal IertOT
Jenes &.Bak$r
nfe.??Mrt' Exchangt
Direct Private Wires
JjrTetk CMeife Beetee PellUelikle
Hurting DttreTi andmert cirFtleae
- lnLADELPHIA OFFIeT
Wldeear Building
'eJtSStf.?
BALTIMORE OFFICE
Emsnen Hetel
Telephone P!iuS4Sl
$50,000
at Fifty!
Are you systematically
building an estate and an
assuredinceme?
Babson's
REPORTS
If you are interested in a work
ing plan for your money that
will build a S50.000 annual
income (or a multiple or a frac
tion, according te your drcunv
stance but a tafm, atmnd
income under all rirnimitancm)
-then-
Tsar eat tke Msaw-away put
hind It te your secretary whin
you dictate the nwrnien' mafl.
mm" MEMO -
Fer Your Secretary
BaDe.UaBdsnpBenMBV").
i
New latue
$4,000,000
Bosten & Maine Railroad
Mortgage 61 Geld Bends
Dated January 1, 1923
DueJanuary 1. 1933
Coupon lendi, 91,000 dcneminnHan, regMerable a te principal, coupon ant rcpMtrcd bendi
interchangeable. Jntereil payable January t and July J in New Yerk and Bolten
014 Colony Trutt Company and ft, Farkman tlhaw, Jr., ttoiten, Trutteet
The following is summarized from a letter from Mr. James H. Hustis, President of the Bosten
& Maine Railroad :
Property Mortgaged These $4,000,000 bends are part of an issue of $11U,985,979 and are
secured by a First Mortgage en 1651 miles of lite owned by the Company, subject only te
$2,838,000 underlying bends en 153 miles. In addition te the above mileage the Bosten & Maine
operate under leaae agreement, trackage righta, ete., 636 miles of line, making a total operated
of 2287 milea. Other property en which these bends are secured by a First Mortgage includes
railroad repair shops, one of which cost nearly $8,000,000 and is said te be one of the best
equipped in the United States, and valuable freight and passenger terminals in and about the
City of Bosten, and at ether important industrial centers. The Bosten facilities comprise very
extensive freight yards and some of the most favorably situated and best equipped shipping
facilities en the Atlantic seaboard
Ratie of Property te Indebtedness The tentative final valuation placed en the Bos Bes Bos
eon & Maine and leased lines by the Interstate Commerce Commission, including additions since
date of valuation, amounts te ever $273,600,000. In arriving a't this valuation, the Commission
deducted approximately $50,000,000 for depreciation. As the funded debt, including equip
ment notes, and the par value of stocks of leased lines, amounts te only $138,201,079, there is
practically $2.00 of property value for each $1.00 of indebtedness"
Earnings Fer the se-called "Test Period" the Bosten & Maine had a balance, after fixed
charges and after allowing for normal dividends en Preferred stock, of $1,735,029, equivalent
te 4.39 per cent en $39,505,100 Common stock. The net corporate income for the "Test Period,"
before fixed charges, was $10,202,825, equivalent te 1.44 times the present fixed charges of
$7,070,815, which include increased interest charges due te refunding operations and te large
capital expenditures since the "Test Period." These capital expenditures amount te mere than
$21,000,000 for additions, improvements and equipment, and should materially increase the nor
mal net earning capacity
The "Test Period" above referred te was used by the United States Government in determin
ing a fair 'compensation for the railroads under Federal control and the earnings of this "Test
Period" were considered an indication of normal earning capacity.
The Bosten & Maine is rapidly recovering from the depression of 1921. Fer the first eight
months of 1922, Net Railway Operating Income was greater by $7,554,717 than for the cor
responding period of the previous year and is new in excess of fixed charges
JT offer the above bendt, lubjcct te prier tale, te approval of our ceuntel, itenarg. Ropes, Gray, Heyden J
Perktnt, and te authorisatien by the public autheritiei having jurltdlctlen
Price 95 and interest, yielding about 6.62
It is expected that temporary receipts of the Company exchangeable for definitive bends when issued will
hertly be available for delivery.
Merrill, Oldham Ce
BOSTON
Blodget Ce Cyrus Peirce Ce Reilly, BrecK Ce
Paine. Webber 3 Ce
BOSTON CHICAGO NEW YORK
BOSTON CHICAGO NEW YORK
LOS ANGELES SAN FRANCISCO SEATTLE
PHILADELPHIA
WJVS.'
BV
I
Five Year Geld Notes
Te Yield Over Six Per Cent.
Secured r n direct mortgage en ell
PWpertr with bentu of common eteck of
vetjtDllalied ceel enmrnnr. Mtnee owned
end operated In Penneyhenla end Wcet
VlrilnU. Detail) from t'euipnuy direct"
without obligation!.
AMI. LEDOER OFFICE
Railroad and
Ttrmlnat Bendi
SHEAR, BARTON & CO.
Phttadelphia T$k New Yerk Tel
Lembard 7957
Recter 6781
NEWBUROER,
HENDERSON & L0EB
Members New Yerk and
Philadelphia Stock Exehanaee
1512 Walnut St.
High Grade
Public Utility
Preferred Stock
Yielding 8
We offer at $100 per share a
limited amount of the Preferred
Stock of a well-known Lighting
Company operating in Greater
New Yerk. This prosperous
Public Utility for the 12 months
ending August 31, 1922, earned
the dividend en this stock mere
than three times. This security
in our opinion is sound and
should appreciate in value.
Circular en Request
J.ILRlce9Jr.&Ce.
ieMteMIeaa
W Wan St. tt. T.
$650,000
New Yerk State Gas & Electric Corporation
First Mortgage 5V2 Geld Bends
Due October 1, 1002
Net redeemable before October 1. 1932. Redeemable October 1. 1932. at 1 0 7 and
mtereat and thereafter at a premium decreasing V4 every twelve months until maturity.
THE EQUITABLE TRUST COMPANY OF NEW YORK. TRUSTEE
The issuance of these bends ha. been authorized by the Public Service Commission of New Yerk
PENNSYLVANIA FOUR MILLS TAX REFUNDED
W .ummera. from a Utter of Mr. S. J. Mageo, Pnmdent of the Company, - fellow,,
CAPITALIZATION: Flrat Mert.... cm rj.
8'4re Series, due 1962.
87c ' Series, due 19S2
Btf, Series, due 1947
Divisional Lien Bends
.,
9880,000
700,000
1,298,000
89,800
Preferred Stock
Common Stock
$2,734,800
3,113 shares
.46,484 shares
Alan A. Alexander & Ce.
Stocks and Bendt
Colonial Trust Bldg,, Phlla.
fcttt".?!
In Continuous Business
80
m
WOYfiR r CXX
e emttmmu mmmi
PAWKams & Breker
-
ana
l"i
- .
STOCK ISSUE WANTED
-iW1UJ!.mE0 trtUshed enterprises
tarwiaa tke ssle of tbirti.
WLKDOKa ornei I I
GEO.A.HUHNAfinNS
itw Yerk Cotten EicCSJeT
STOCKS & BONDS
RUtm bexnt bW! mu WaUal ae.
THraM
REPLACEMENT VALUATION of the property is estimated at $5,967,808
"""WW 1922 1-ing -mings of properties
bends outstanding, including this issue " a"nual intere8t charg" $147,190 en
ADDITIONAL BONDS may be issued only under conservative restrictions
Price 97a and Interest, te Yield 5.65
Janney & Ce.
133-135 SOUTH FOURTH STREET
PHILADELPHIA
Thl. lnformauen and the.. ..atUtlc. are et auar-nteed. i,u, ,,. u ......... '
" "l",neu ."em eune.we believe te be accurate.
. , "Jf:
7r
t ", .13
&&
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fftHt- j,'.
. ' ., .,.?-...
i
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