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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
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