4'T V H?HW t -? "A Wffimtt KX '&' .r txt fy ff., w VfJrV mwm-sm'mWwffmlm -n-rvn-iTk-r.r . l TtmAtsn TTTTT A TWT ll4lT A TUTk1tfT A V VnVI?.1WTlTiM. OiV 100ft Hi V JEJUNI FUDliAU 'iJCJlWJ2iJ JTXlXlXtXAJCiJLuriij-e. iavi.wa v t Wf -- t " i t A ' ,fW;?OTW3 , - ri -t.j,i GOSSIP OF THE STREET .....lnna ? mud nM tha 4n.ft of the week that, as a result of the tironeunced declines sustained In the STOCK nuuj, " "' """ "r -....Mnv whan iMMirltUll mV hrt nh. orbed with safety. In fact, It, was currently reported in teii eircec mere bad been buying by substantial interests of a number of issues which hara re acted in sympathy with the list as a whole, the group including the best class of stocks, namely, these possess ing real merit and stability. These vrhe study the market situa tion closely express the opinion Ide next upward movement would be led bv cop pers, oils and rails; and, whlle the Situation ruiuiiTe . ...d vi jiu tlens represeniniK eui But.-ur41.11.-B m the moment would appear te possess Uined as te their future outlook. The Foreign Situation Much was said regarding the im portance of the foreign situation from n stock market point of view. Condi tions in Germany admittedly arc bad and mny grew worse. This Is nn ele ment which has been a retarding In fluence In the securities markets for some time past, although it appears te be a foregone conclusion en the part of market observers the reactions recorded thus far were overdue owing te a top tep heaw condition by reason of fourteen months of advancing prices with little mere than trivial reactions in the mean- The technical position hasybcen mate rially strengthened in the last three or four weeks: Wall Street leans have teen reduced te nn appreciable extent; money rates have declined and predic tions ere made that unless the money market is "rigged," call and time rntc will fall te even lower levels than theso recorded near the close of the week when call funds were freely offered at 4 er cent ana time leans were maue at per cent or a iraciien unacr. frhPTa has been some criticism ever the manner in which money rates have been marked up with practically none of the banks In the Federal Reserve n borrowers, notwithstanding the, avail ability of this medium for obtaining Imch accommodation at comparatively ew interest rates. I Institutional Switching Bend market operations last week were such ns te create a greater di versity of opinion as te the outlook thnn for some time past. Theso who usually freely express opinions are disinclined te commit themselves one way or the ether at the moment. Although there has been a great deal of discussion as te the selling of bends by institutions, attention is called te the fait that, ns of November 1, the reports of mere than 700 Institutions of the country indicated a decrease in Government securities of around $15, 000,000 and an increase in holdings of corporate Issues of around $13,000, -000, indicating a net change of between $2,000,000 and 93,000,000. Naturally, there has been some switching of se curities by banks, insurance companies, etc.. but these best posted in the matter profess te believe selling from this source thus far has been comparatively small. One leading bend denier stated dur ing the last two or three days he had sold te corporations fairly sizeable amounts off corporate securities, which was the first time in mere than three weeks he had noticed a demand from this source. Corporations are stated te be doing larger business than in the past, but it is evident the -majority are hold ing large totals of investment Issues and in some instances are finding it expedient te employ idle surplus funds in the purchase of high-grade securi ties in order te keep their money em ployed and derive a satisfactory income therefrem. The Cuban Lean Cuba proposes te put out a .$50, 000,000 bend issue and a rather novel plan will be adopted in connection with the offering; namely, that of asking ter sealed bids, thereby placing all bankers desiring te participate in such a transaction en an equal footing. Seme surprise was caused ever the announce ment the lean would be handled in this manner. s While it is impossible te obtain any accurate Information as te the exact terms of such a lean, it ia thought te bs likely that It will be a serial issue, possibly running from one te twenty years, calling for heavy amorti zation during the first five years, par ticularly as a part of the funds de rived from the offering is expected te be utilized In the liquidation 0f deficits In budgets of that country up te July 1 of the current calendar year. It will be recalled that President Kayas en July 1 last announced that Government activities and operations would be conducted in future as of that date, previous deficits remaining te be disposed of through One medium or another later en. Since that time the Government Treasury has shown a small surplus ever expenditures, and the outlook there Is new viewed with greater favor than for a long tinie past. Brokers' Opinions Kewburger, Hendersen & Leeb: The heavy liquidation and severe de de preelatlen of security values' of the last fortnight unquestionably have gene far toward correcting the unhealthy speculative position and bate resulted in a substantial reduction of the seri ously extended lean account. The. mar Ket, therefore, is in a much healthier condition, bulr apparently the adjust ment Is net ct completed, nor is the ynd of the liquidation in sight. We fee , however, if rare is oxeiclsed by ""iking careful study of earning position and future prospects, there nre te be ;?und Jjany bargains for a long pull among the representative 'seasoned dlvl-"fnu-pnying issues. Mnny such oppor tunities, we are certain, enn be picked 2 m J"0"1 t" standard railroad shares, y.ien novo displayed a mere consistent .JeB ,' resistance than any ether fPH i,ur,n8 the downward swing. mS?. tt0 movement of the general JuJf,ket l" Hljr te be feverish, con cen I2.SF ""J co"""!" It would be In- 2 .! $1 ,he market have a rest period which would enable making "n? Jtu.tle9n."0n8,derftt,0n the eX,St' 5k Ce, 1 "The week ended wth a dull market showing that the bull . J?A,lrfeE?8 deadlocked for a5KSl,l, The Section results were Kff,r,iteiif,iP!ca8t "" amount of maS m. dlKC0Unt wht might happen E2EI -? li? 1tn.r nence' especially as se wet H th,n8 most feared have a ImSL-f Jh ?utloek w" "lt n n "JPrevement I n prices -after the dull- wears itself out." . TUB TRADER. Warn County Drlv Called Off YsViewn' N'wJ'i Ner- 20. After aaZSi'y WB8 ftbeu ' opening CeSffi! &r.Diw me" the Salem w?Sfc&MV ?f Commerce, which niti 8'5!",d fe.w months age, the st&Jrn nea ea by the organ! ":T""VT "! - Bureau naa bum an the MI maenlns eat nlaaa Paid te. gt a tkeaaaad muif L 1 GIRLS ACCUSED AS UNMANNERLY "Bett Pushira Get Lunch Flrrt," Sayt Norrittewn Weman Scheel Director PRAISES 'BOYS' CONDUCT Special Bttpateh te Evenine PuiUe ttdetr Norristown. P. Nev. 20 A mild sensation has been censed here by a V""? J JJr8' S0. K- Urceht. n school director, thnt the girls of the Norristown High 8choel ere unman nerly at luncheon time, in striking con cen ,trast with the boys. Mrs. Urerht said : "Director Mrs. Weber and I went te the high school lunch room the ether day after we 'had received complaints from several mothers thnt their girls wenld net go te the room because they had te fight for their luncheon. We saw Just what happened. They acted like a let of cattle. These who came first were often pushed down lnt, and the first serving was obtained by the best pusher. "While we were there we saw a girl who had ticket Ne. 63 get her quota be fore a girl who had Ne. 2. There was no such confusion among the boys, who filed into the room in nn orderly man ner and the first te arrive was the first served." Mrs. Brecht also asserted the Jani tors were overworked in cleaning up the debris left by the girls. The Executive Heard of the Valley Trnrffft TTtafnplnnl 0nlAr tin si amiamaiI nn offer of the Daughters of the British r.mpire 10 presents nrenze mist or uev. Dr. Herbert W. liurke. rector of Wash ington Memerial, te the society as an appreciation of his services nt Vnllev Ferge for the American nation. The bust will be designed by Mrt. Charles r . i-t'iii, 01 Animerc. xne1 presenta tion will be en next Washington's Birthday, which wllj mark the twen tieth nnniversarv of the restoration work at Vallev Ferge. The member ship of the Historical Society is new about 15,000, including Juniors, The Bishop of Nevada, who is assist ing in Pennsylvania during Bishop Rhlnelander's leave of absence, con firmed a class in "St. Jehn's Episcopal Church last evening and preached. Bishop Tucker, of Japan, preached Inst evening en "The Mission ef'Japana" In St. Themas' Episcopal Church, White-marsh. Rebuilding of the DeKalb pike from the borough line te the Sumneytewn pike has been completed, but it will net be opened for Several weeks te allow (the concrete te harden.. Marriage licenses have been issued here te Daniel Leughlln and Helen Swarts. both of Philadelphia; Frank Dnblnk, Philadelphia, and Margaret Remlch. Pottstown, and Albert Col Cel lins, West Norriten, and Henrietta. Reese, Radner. Announcement line been made of the marriage of Raymond W. Hoxworth, son of Mr. and Mrs. Raymond W. Hoxworth, of BIB Green street, ami Miss Hedwlg A. Carlsen In New Yerk. The eridc Is a graduate nurse of Hlycr view Hospital, Norristown. Mr. Hox worth is n former Bey Scout execu tive here and holds a similar position at Leck Haven, Pa. 1 The second annual Bible and mis sion conference began yesterday in the First Presbyterian Church, te continue all week. The speakers nt the open ing ssleni ere Dr. Hareld I10A. Robinson, general sccrctnry of the Beard of Publication and Sabbath Scheel Werk, and the Rev. Jehn Bally Kcllv, score e.y of the Beard of Heme Missions. Samuel T. Reedcr, son of Mr. and Mrs. Alfred S. Beeder, of East Green vllle, Mias been elected a member of the press club of Fwfhklln and Mar shall College and associate editor of the Oriflamme staff. a Jeseph Lee Lcvlnc, twenty-four years old, under nrrcst nt Yerk, Pa., en n Minrge of issuing bad checks, is wanted here en the Bame charge-and local police believe he married a Mont gomery County girl recently under an other name. The Garden Club has given Inyo memorial trees te the lawn of Wash ington Public Scheel. Mr. nml Afre., Justin Onssel. of West Mnrshall street, were injured when their touring car collided with another near Trouper. THIEF FOILS PURSUIT Yonkers, N. Y Nev. 20. "Let me chase him for you," said a passing motorist te Mrs. Mary T. Wbeatley, yesterday ns she pursued a thief who had snatched e pocketbook. She thanked him and abandoned the chase. When the machine overtook the fleeing robber he jumped aboard and the car sped away. Uncommon Sense' By JOHN BLAKE "Order Takers? "W E WILL need," said a man about te establish a considerable business," a few intelligent men for direction, and fifty 'order takers' te send en the read." The man started the business, but it didn't. last long. The directors were intelligent and highly paid. But the "order takers" hired at ran dom didn't find any orders te take. wrRDER takers" are of little help vS te a business, whether it is a going concern or an Institution which has te fight its way in the commercial scramble. Any one can write down an order that is given him, as any clerk can sell goods that a customer comes in te buy. But it is the "order getter" net the "order taker" who helps a business along, thereby doing something for him self as well as for the firm that em ploys him. THE man who gees en the read with something te sell must knew what he Is selling, and believe in it. He can then net only talk about It Intelligently, but point out te the pros pective customer why it is worth buying. Business based en mutual benefit is the only business that is en a flue foundation. w There must be something In tne transaction for the buyer as well as for the seller. The farm machinery salesman who can show the farmer that he can save money by the purchase of a tractor or a harrow will make a sale. If he has the energy and intelligence te leek up farmers who need these appliances ana talk te them about them, he will make many sales. But if he depends wholly en the knowledge the farmer may have of a particular appliance, his rivals will de most of the selling. "ORDER takers" are mere numerous in business than "order getters." But they remain "order takers" all their lives. "The order getters" can show the firm results, and results lead te pro motion. Most of the men at the head of big industry were "order getters" at one time. And they are still "order get ters." for Industry consists of getting business, which means net selling, but making something that will profit the customer. OewrteM. i "JUST A MINUTE, PLEASE," SAY PENN ALUMNAE GIRLS Performances at Academy te Aid New Clubhouse Fund ' A dress rehearsal of "Just a Min ute, Please," this year's production of the Alumnae Association of the Wil liam Pcnn High Scheel, was held yes terday afternoon in the Grand Opera Heuse, Bread street and Montgomery avenue. The performances will be given to morrow nnd Wednesday in the Acad emy of Music. Mere thanslxty former students of the school are in the cast. A dance In the foyer of the Academy will fellow each performance. This, the tenth annunl play of the association, will be given te aid the building of a new clubhouse. The costumes were mndc by members of the association under the direction of Miss Nan Vinsen. The libretto is by Herman D. Lcvinsen. Walter O. Wreo and his daughter, Miss Edna Wree, arranged the dances. The pro duction is directed by Miss Ellen R. Krenbcrgcr. The play tells of n contest among three women te be the queen of the Mardl Gras, The scenes are laid in Louisiana, and produce n medistes' show, a plantation and ballroom. The cast includes the Misses Bess Davis, a daughter of Ress B. Davis, Chief of the Bureau of Fire: Helen Tappcn, Helen M. West, Rese Meadow, Sue O. Piatt,' Harriet W. Hall, Mn tlldn Marks and Cllda Yeung. Miss Tlllie Bnrmach will sing and MUs Minnie Thocnebe will dance. Beles tWEsrwoeb Membeft Phila.j5teck, Exchange INVESTMENT SECURITIES landTitteBld-WiUadetpjiIa PHONE' L0CUSryr72P KEWBURGER, HENDERSON & LOEB Members New Yerk owl Philadelphia Stoek Exthanm 1512 Walnut St. GEO. A HUHN & SONS Kimttri of the Philadelphia. Mew Toik end Ohieate stock Zzchentei. Mew Yerk Cotten Xzehanfe. STOCKS & BONDS bought and eeld for eaib or carried onceiuervatlTe margin. BeUerue .Court Bid la Walnut St. W. Y., Ill Broadway r MACKIEA InVMtMMt CROUSE Ce SeenritiM BKAL KSTATZ TS. BLDO, Hi 1 eJ Bend for Invetten Reed A. Morgan & Ce. fmtiir of the Phil. Stock Bich. west End Trust Dide.. PhUa. WIEGNER.R0CKEY&CO. Certified Public Accountant Drexel Buildbf , Philadelphia B l.ejSSSSfbxeBlceaaaatlB(f3te I I kV JfGMJfr "(F JH The Pulse of Business The pulse of business can be read by one who has knowledge of the structure of business. The First National is keenly alive te changing conditions. The banking service that it renders is colored by a spirit of constructive co-operation. Merchants and business firms rind that .we. talk their own language. Charter Ne.l. A fe NATIONAL BANK flMNSS VJptt 315 CHESTNUT 8TRBBT '1- OF PHILADELPHIA ' 9rsdStTHtO0ice BROAD ft, tANSOM STREETS .,... ,...smmmmt Nx;;fci;,. .ite New Item ' v $1,500,000 Tide Water Power Company 15-Year 7 Sinking Fund Geld Debenture Bends Dated October 2, 1922 Due October 1, 1937 Redeemable as a whole or in part at the option of the Company en six (6) weeks' published notice up te and including October 1, 1927, at 110 and accrued interest, the redemp- v ' tien price decreasing 1 for each year thereafter. THE CLEVELAND TRUST COMPANY, CLEVELAND. OHIO, TRUSTEE The Company agrees te pa the normal Federal Income Tax net te exceed 2. It also agrees te refund, when paid and claimed br holders, the Massachusetts State Income Tax net in excess of &, nd the Penn ' jrlvania, Maryland and Connecticut personal property taxes net exceeding four mills. The President e) the Company summarizes Ms letter te us concerning, the Company and its Debenture Bends as follews: Business The Tide Water Power Company does all the electric light and power, gas and elec tric railway business in Wilmington, North Carolina, and suburbs, and through its subsidiary, the St. Petersburg Lighting Company, all the electric light and power business in St. Petersburg and Clearwater, Flerida. Wilmington, a city which with its suburbs has a population of ever 40,000, is one of the important seaports of the Southern Atlantic Coast. It is a distributing and manufacturing center of local importance. St. Petersburg and Clearwater, t Flerida, have a population in summer of some 20,000. which is trebled in winter. St Petersburg occupies the peninsula between Tampa Bay and the Gulf, while Clear ' water is just te the north en the Gulf. Beth are rapidly growing resort and resi dence places in one of the best citrus growing sections of the State. Earnings Fer the year ended June 30, 1922, consolidated net earnings were $612,435, as com pared with total annual interest requirements en the entire funded debt new out standing, including these Debenture Bends, of $315,000, which includes $10,700 interest en bends in the sinking fund. Earnings available for interest charges en these Debenture Bends were equal te ever 3.8 times such annual requirements. Value of The value of the properties of the Company and its subsidiary, as reported by Messrs. Property Sanderson & Perter, Engineers, is substantially in excess of the entire funded debt and Equity te be outstanding with the public at the completion of the present financing, includ ing this issue. These Debenture Bends will be followed by $905,000 par value of referred stock and $600,000 of common stock. Dividends have been paid rcgu arly en the preferred stock since the inception of the Company and en the common at the rate of 7V per annum since 1912. Sinking A sinking fund is provided commencing January 1, 1924, equal te 1 per annum of Fund the maximum amount of the Debenture Bends at any time outstanding. This sink- i ing fund is payable semi-annually tn cash or in Debenture Bends at their face value. All cash deposited will be used for the redemption of the Debenture Bends, a'nd Debenture Bends acquired by the sinking fund will be cancelled. Previsions The issuance of additional obligations of the Company is carefully restricted in the of Issue trust agreement under which these Debenture Bends are issued. AU lefd tkUis tn connection vita Ms issm ere beknt Passed mpen by Messrs. Tewnstnd, Elliett d tinmen, of PkSedtipkia, mnd Messrs. Ropes, Cny, Boyden & Perkins, of Bosten, for the Benkers, and Messrs. Ckodbeume, Hunt & Jaeckel, of Nev Yerk, for the Company. The properties of the Companies have been reported en by Messrs, Sanderson & Petier, Engineers, The books Of the Companies have been aniited by Messrs. Easkmu & Sells, Certified Public Accountants, These Debenture Bends are offered for delivery when, as and if issued end received by us, subject te approval of counsel. Temporary Debenture Bends exchangeable for definitive Debenture Bends, ,' when issued, should be ready for delivery about November 22, 1922. Price 97 and interest, te yield ever 7.30 r Stroud & Ce., Inc. Howe, Snow & Bertles, Inc. Otis & Ce. R. E. Wilsey & Ce. Tae ftsfonnatleo at net guaranteed, bwt has beea ebtamed fhna we beBevt te be New issue $500,000 Oregon-Washington Joint Stock Land Bank Dated November 1, 1922 5 Farm Lean Bends (Portland, Oregon) Due November 1, 1952 Interest Payable May and November 1, at Oregon-Washington Joint Stock Land Bank, Portland, Oreg., or at Breeke, Stokes & Ce., Philadelphia, Pa. Callable at par en November 1, 1932, or any Interest Date thereafter Denomination t $1,000 EXEMPT FROM FEDERAL, STATE, MUNICIPAL AND LOCAL TAXATION These bends are the obligation of the Oregon-Washington Joint Stock Land Bank and are secured bv lE. BnrV?ZX Lan RCgiStrar ltS?tinS the U'cS' Treasurv Department? through the Fann hSSa rf,at.tLamiam?r TS? efU-S. Government Securities, at least equaling thl amount of bends outstanding. Each of the deposited farm lean mortgages must be for less than eneVhalf th appraised value of land and improvements en which it is secured. The bends are Sac Dretected hi hl .nd7e.erve PaIWn " 8tCk f the CErrying duble 7t 2 SSSt The Bank restricts its leans te certain choice farming sections in the States of Oregon and Washington. The average appraised value of land en which it has placed leans is $60.00 periwe, wh the Si. thereon average only $26.00 per acre, or 43.3 of the appraised value. The bank fMevthat in addition te the regulations of the Federal Farm Lean Beard respecting security .11 leans are judged from an income basis, no leans being accepted unless the earning Tfltf,kl t 21 conclusively show, that it will produce in addition te interest?pric ample funds for ivbg expense, for the borrower. Nearly .11 the officersef the Smk have iVdfarmrt gage experience in Oregon and Washington for periods ranging from ten te thuyear " The bends are engraved by the Treasury Department, and it is stated en the face that thev "Shall h deemed and held te be instrumentalities of the Government of the United States aJ,. V,!X u 5 the income derived therefrem shall be exempt from Federal SuS?MunJd,Ju are legal investments for all fiduciary and trust funds under the jurisdiction of the Pedltti A. ? and are acceptable at par for deposits of Postal Savings and ether deposits of SSSStT"'' PRICE: 103 AND INTEREST Yielding 4.62 te Callable Date and 5 thereafter BROOKE, STOKES & CO. Members Philadelphia Stock Exchange 140 Seuth Fifteenth Street Philadelphia 734 Fifteenth St, N. W. 30e N - r. . .. Wellington, D. C. 3 gSL- S" TW. information U thsss statistics, nblte net luaraetsed. ar obtained from source, w. belley. te bs'rsllabl.. WE OFFER in Water IN. rvAw i fpuftm vT ! Hi 1Bav.1IV!f4WLkilt?i. AtetttB-UIlBVtt Sa?"HfC J ft JIMP WmUf. B. RANKIN fjaajj aaii - c. s. PATTornreer-" "fcXHkm 111 "fM flyTegffLjS.flM I lr f?Kj EDWARD L0WBER STOKES I CO. Cemtrvmtiva Invettmtnta , 7niUmmiXMtA f'iiUi 41 'x . IB i e m .SI a. i S3HiaHf anucKweu ' cornea nmx il fa tfejesaUSaSSS a uasBaa TIlmMM wX "SWW.I gkK , i.-lt'iiijiiil"'T:iS: M S?J !?! VS ' H iii -. j . ' ; t? h II h i S