PPffW! wSvlllKIRMSKfvifflRHHnWRHHmfifflHMHIIIHffiR&iKMffiMMHImnHHiHRk i t? J81fipfflHnMBlTOSRffi?&MrnPBBl6 "vi twuJSIBSSPMRPBi ppsppwwF-r 'wpryPWWPs' '.'fffP' 'vmr trrwfw iSffl T,'-frVl,-WOVMl'YWWr rff-m "y . " v , v ' EVENING PUBLIC LEDGER-PHIEADELPHIA: MONDAY, NOVEMBER 27, 1 1923 nK t IKER WLL UTTER WHAT HE PLEASES X Clmncaau DaflM Hli Cr,t,c$ In America at He Pro ceeds West ! REFUSES TO BE EXPEDIENT ; Bit Attoctetr Trj Aboard CIhbhmwmi' I'riiate Car, Eii Beele te Chicago. Nev. 27. Dwp In a cainpeljrn for France tint ttlready A lis brmulit nttsr-Ks by Democrat n wtll os neimMlcniw en tlic Hrnnte fleer, i'f and criticism from the Uritlsli Govern- ' went, Gecrgen Clemeneenu. Tiger of lj"rance, twley dcclaicd he would speak I bit pic " ln ,,ls own wny no rant" er whom " && it,, The French Treruler of war days. r,t vm learned today, lin received downs of telegrams from frlendn and V well-wicliera of France, urging hlra te lone down Ms remark te that they will I mA offend any portion of the nation he ,11 time te win. One telegram urged lilm t "miv things that America wanta te hr and be expedient." ' "I did net come hern te he espedl nt " Clemenceau declared when he re i eelved this message. "I came te tell ' the truth. I did net come te nay pleas- Ing things, nut r "c iuuikh iuui. 1 would be of value, In my judgment, te help preserve the peace or the world." Never Is Compromiser "I hnve never been n compromiser. Vew tlmt 1 hne one feet In tlic grave, lst of all will I make u MrrlhYe te be expedient. T don't want a success ef expediency." ' Besides the telegrnmi, Clemeneenu Bt bad personal suggestions from men ef Importance n te hew he ebeuld con duct his colf-impesed tnek of seeking iuerlcnn co-operation In settling the OM World differences. Te one who suggested n plan te him In New Yerk jestvrday Just before he left for Chicago, where he is te speak Tuesile.v. the Tiger replied, chipping bim en the back: "Thnt is n geed mission for you. I mny W wmng. but I must deliver my mcMise in my own way, no matter he dislike it." It whs learned today that Clemen rrau was considering some change;) in hli itinerary. One place that he Is con sidering adding Is the mining town or Clemeneenu. Ariz. Mining men of that town have be sieged him with picas te come, offering t donate the proceed of the run of the topper mines for the dny f hlsi vis-it te n.v charity he names. The sum realized would be about if'JS.OflO, he was chined. "I should like te go there, he -aid. liut whether he will is Mill undecided. rhlrnrn. Nev. 27. (Bt A. IM rhk'u&n tedny expectantly wnlted for Geerges Clemenceau, due te urrlve at ft l M. The only nubile demenstra tien, however, announced was n parade Ihreiigh the downtown district Imme lldtplr nffer his arrivnl. Alens tlic line of nmrch the tri -color of France waved with the Slurs and Ktripcs. In Grant Park two .7."i milli meter suns from the Argonne were nhiied te tire f.ilutcs as thu column, hended by Clemenceau and bis recep tion committee, including Gcueral Per thing, swept down Michigan boulevard. Clemenceau's only public appearance. ln addition te the parade will be to morrow afternoon, when, at 4 o'clock, he will speak In the Auditorium. Ad mittance will be by card only. Ar Muniments bnve been made te bread-csf-t his speech by radio. FEUD WITH POINCARE ENDED, "TIGER HINTS Urnrges Clemenceau, former Premier Of Prance, in an Interview at the North Philadelphia Station last night, Intl mated thnt he nnd Ihremler Polneare have ended their long political feud for the geed of France. "The Tiger." en route te Chicago, met newspaper men when train raehed the North Philadelphia Station. It was jut before his retiring time. "But you and M. Peineare have long becu reputed te be enemies," the Interviewers remarked. "There Is only one who knows about that," he eaid with a twinkle, "and that's le bon Dieu." When It was suggested that the two men had get together en common ground te save France M. Clemenceau replied. "Thnt is the way you put it." He paid that when he departed from France M. Peineare bad seut an under under Jelice official te wish him geed luck. The Tiger expressed satisfaction that America has tent an observer te the Lausanne Conference, but he said there "is u vast dif renec between an ob server and a participant." Asked te comment further en the presence of Ambassador Richard Wash burn Child at Lausanne, and his ud lress en the American attitude toward 'spheres of Influence," he said: "I de net wish te discuss that. It In net for mc te interfere in United States policies. There is much I could jay about observers, but why should T criticize? .President Usrdlng Is mak ing Ills policy .and be may have and undoubtedly has Information that I de net possess.'' Asked concerning the treaty of r-evrcs, with its prevision for a finan cial commission controlling concessions In Turkey, he said : "Why should I eaj anything? It was net my child." Asked te comment en the attitude of the seml-efflclal Pnrla Temps, which aas been supporting him In his contro versy with Senators Hitchcock und Ilerah. the "Tiger" said: "When I was going te leave France, M. Peineare, the present Premier, ob eb Jeeted te my going. Hut when he earned hew my proposed tour wns Ming received In America he sent an "Joer-pellce official te bay te me Imnne chance." Cienieneeau permitted bis interview 's te infer that he and Polneare had nded their long political feud for the Wea of France. BAKERS THREATEN TO CLOSE ek te Force Price Increaae; Op- peaed by Workers - farts. Nev. 127. Indignant ever re Jusal te permit an inerease In the JUlce of breud. the bakers will meet May te consider shutting down all jakefchepM until authorisatien la given wr higher prices. .5. j workers, however, have passefl a resolution against any increase and offered te work for the public nutoerltleH. who assert they are pre wed te furnish the people with an "equate amount of plain bread. fc. i?HP TIRKMWK TIOKR" lU!."1'!0" visit et Oerci Clmncau UL'AVHtM e Yry eltlun. a alvlna "U I GOSSIP OF THE STREET ine se-called "sere speta" are be llved te hare been completely elimi nated during the last fortnight through timely asatanra rendered te houses thnt were experiencing come difficulties m conducting; their affairs. I An opinion prevailed nfter closing Saturday the market within the next two or three weeks would be in a posi tion te resume Its upward movement, net only in certain Isauea and groups, but throughout the list of standard se curities. The present ia believed te be a period of accumulation a period when these of vision pick up stocks. Admittedly there arc a number of bargains new available, and these who study mnrket affairs, ns well as general conditions, profess te believe the foundation U new Inld for a recovery movement that will gel under way within a reasonable time. Foreign Outlook Mere Hopeful The remarks of Charles K, Mitchell, president of the National City Hunk, of New Yerk, relative te the F.urepenn sit uation, were well received in the finan cial community. Ry reason of the care ful study of Kurepean conditions made by Mr. Mitchell, it is felt he is in u position te talk with n complete under standing of the situation. His op timism, therefore was accepted ns n proper Interpretation of general condi tions In that country and has gene a long way tewnrd stimulating a greater degree of confidence in the outlook from this point of view than heretofore. Foreign government securities rallied last week and the level of prices Im.i been rnlsed considerably. This li a factor which should net be overlooked in nny discussion of the stock murket situation. Accumulation Period Whenever stocks are being accumu lated there always Is n reactionary ten dency. These picking up cheap stocks never enter the market us bidders, but accumulate en a scale. This always takes place in downward movements, such ns hns been under way for the InBt six weeks. Therefore, the technical position of the stock mnrket is believed te hnve been materially improved und It is felt in leading banking quarters u buying movement of even moderate propor tions would incite short covering en a bread scale. Quiet Bend Market Expected Pend men say while they leek for considerable betterment in quotations during the next several weeks, they were at a complete less te account for some of the happenings in the trade during the Inst fortnight or se. They also were extremely reticent In the matter of predicting the future course of prices. Majority opinion wan that the mnrket, as n whole, will he a comparatively quiet one until nfter the turn of the year, when Interest and dividend funds arc available for investment. Each year, nfter the January 1 dis bursements, there always is quite a de mand for securities and prices usually stiffen somewhat during the early part of ench January. If the market re mains quiet during the remainder of the present calendar year the technical po sition of the market will hnve been Im proved te an extent that will warrant the expectation of a revival of past history In this respect. Syndicate Members Released Announcement thnt syndicate mem bers of the Jugeslavia $25,000,000 is sue of bends have been released by the syndicate managers nnd were permitted te sell bends In the open market re sulted in considerable liquidation of these bends and a consentient substan tial reaction from previously prevailing quotations. It is understood at the lower levels established buying of an Important character came into the mar ket snd temporarily at least stemmed the tide. It was announced out of the $23, 000.000. $0,750,000 had been returned te the Jngeilnvian Government, leav ing .$15,250,000 outstanding in the hands of American investors. The let ter sent te members of the syndicate giving a comprehensive outline of con ditions in Jugeslavia indicated Indus tries of thnt country are en tne up grade, its railways are making money. Its crop situation is satisfactory nnd the general outlook brighter than nt the time when these bends were orlgl erlgl nnlty brought out. Brokers' Opinions Newburger, Hendersen & I.eeb: "Since there seems te be a mere general sppreclntien of the fact that the rapid depreciation of securitymnrket values the list three weeks was the outcome of conditions within the market Itself, rather than foreshadowing nny mate rial change In the fundamental nnd eco nomic situation, a pronounced reversal in the trend, temporarily, nt least, would appenr te be close at hand. This does net mean te imply the possi bility of i resumption of the con structive movement, but it does mean the market can become ns easily over sold as It was overbought. Acceptable signs appeared during the last week Indicating the renl liquidation was dim inishing In volume, while, en the ether hand, short lines were progressively ex immllnir. The nrofesslennl bear ele- ment has been anticipating much trou treu 1 hie. which is net likely te materialize. I nder the circumstances we feet safe in advising the nicking up of the better grade of both the industrial nnd rail road shares en nny further dips, but would be nt the same time prompt te realize profits en nil sporadic bulges which are likely te develop within the next few weeks." Heeker ft Ce.: "The principal fea ture of the nnrket is the lack of buy ing power. The fenr of adverse legis lation is bringing In new selling eacli day, which Is only absorbed nfter n con siderable concession in prices. The price movements nre also complicated by the usual year-end selling for tax lesse. Just ns the mnrket went tee high in October, It will no doubt awing tee low until some development takes place which will change the complexion of the market." THE TRADER. LEAGUE PACTS RATIFIED Austrian Assembly Alse Passes Financial Reform Bill Vienna, Nev. 27. (Ry A. P.) At n tutmultueus session, which ended at 4 o'clock yesterday morning, th National Assembly passed the sec end reading of the FinnncinI Admini strative Reform Rill nnd rntitied the (Jenevu protocols by strictly pnrtj votes. RIOT AT IRISH MEETING 00, Unable te Hear Mra. Mac wlney Speak, Battle N. Y. Pellet New Yerk, Ner. 27. Four persons were arrested and a score were slightly Injured last night in n riot following an attempt by the police te break up un overflow meeting outside the Karl Carrell Theatre, where Mrs. Muriel MacSwiney addressed an audience under the auspices of the American Associa tion for Recosnltlen eOthe Irish Re public. The meeting followed n parade of pretest against the execution of F.rsklne Chllders by the Irish Free State. About 800 persons were crowded abeut'' Edward Mnillanl, who was speaking from a ladder prepped against the building, when the police ordered him te step. The crowd interfered when Mnlllard was placed under arrest. Reserves were called, but were driven off by the crowd. CHORUS QIRLS 8TRANDEO Lebanon, Pa., Nev. 27. Mrs. Leis Wade, twenty-one years of age, widow of a World War soldier, with her four-year-old son, has returned here te her mother's home hungry and destitute, as the result of the musical company with which she traveled ns'n chorus girl being deserted by Its manager nnd leav ing the women te get along the best way they could. Mrs. Wude declares she Is through with the show business. Church Sealne Jubilee The Protestant Episcopal Church of the Atonement, Forty -seventh street and Kingsessing avenue, began the celebration of Its seventy-fifth anni versary yesterday. The Rev. James M. Cellins preached a historical sermon at the morning service. He told hew ri small group of persons began conduct ing services in 1840 ln the Wills Hos pital, Legan Kqunre. MAINand COMPANY Certified PubUcAcceuntcmts R Finance Dwioine-Phiiaouphia auniRiiiiuinuuvuiJii Bends for Investors Reed A, Morgan A Ce. ltlnibrs of It; Phils. Stuck Bich. West Unit Trust Blite,. PMla. EXCELLENT OPPORTUNITY for ."reiint insn, esiiertenreA 't mlfif of tirl'fs of title, It oft, red hy lnMI(iliil Trust Company, fllte et petlMire. snd itlsrj ileilreti. AH rfplL'S reniilpiitlal. II 104. U'l. Off. Te Helders of City of Montevideo (URUGUAY) Temporary 7 Sinking Fusd Gald Bend, Dua June 1, 1952 The Interest due December 1, 1922, upon City of Montevideo (Uruguay) Temporary 7 Sinking Fund Geld Bends will be payable en and after December 1, 1922, at the office of DILLON, READ & CO., 28 Nassau Street, New Yerk City, upon presentation of temporary bends for the notation thereon of the pay ment of such interest, accompanied by appropriate Federal Income Tax Ownership Certificates. Dillen, Read & Ce. Fitcaf ytyenti Te Helders of Temporary Bends of United States of Brazil (Central Railway Electrification Lean of 1972) Thirty Year 7 Geld Bends, Due June 1, 1952 Temporary Bends of the above issue will be exchangeable for Definitive Bends at the office of Central Union Trust Company of New Yerk, 80 Broadway, New Yerk City, en and after November 28th, 1922. Dillen, Read & Ce. New Offering Tax Refund in Pennsylvama $6,000,000 The Dayton Power and Light Company First andJRefunding Mortgage 5 Geld Bends Dated June 1 1911. Due June 1, 1941. Interest payable June 1 and December 1 at the office of the Trustee in New erk. Callable as a whole only (except in part for Sinking Fund) en any interest date en four weeks' notice at 105 and interest .en or prier te December 31. 1936; at 104 during 19.17; at 103 during 1938; at 102 during 1939; and at 101 thereafter te maturity. Coupon bends of $1,000 denomination, regiiterable as te principal, Columbia Trust Company, New Yerk, Trustee. Issuance authorized by the Ohie Public Utilities Commission Th Company aire. te pay interett without deduction for any normal Federal Inceme Tm, te an amount et Moeding 2, which it may lawfully pay at the wurce. The Company also agroe te refund the pri pri ent PaaasyWaiiia Four Mill Tax te holders of theso Bends residaat la Penatylraaia uaen tira.ly roquett. Th following information is furnishtd by Mr. Frank M. Tail, Presidtnt of the Cempany: Th Dayton Power and Light Company does the entire central atatien electric light and power busi ness in Dayton, Ohie, and in eighty-six neighboring communities in a highly-developed agricultural and industrial territory having a present estimated population of 325,000. The Company's system includes five generating plants having installed an aggregate rated capacity of 110,000 h. p., including an unit of 27,000 h. p. new under construction. These First and Refunding Mortgage 5 Geld Bends are secured, in the opinion of counsel, by a direct first mortgage upon the entire property of the Company, subject only te one issue of $2,432,000 divisional bends outstanding under a closed mortgage. Proceeds of this issue will be used in part for retiring $4,500,000 three-year 7 bends, which have been called for redemption en December 1, 1922, and in part, te provide funds for future property additions. A strong improvement or sinking fund is provided by the indenture. These bends arc followed by $7,242,100 par value of dividend-paying preferred and common stocks. EARNINGS (Ymt m44 OcUfear SUt) 1S22 itil Gret. Earning, S4,454,989 $4,120,055 Operating Expenses, including Maintenance and Taxes 2,653,375 2,735,929 Net Earnings 91,801,614 $1,384,126 Annual Interest Charges en Funded Debt in hands of Public, including this issue . M 848,600 Balance $1,253,014 NET EARNINGS OVER 3H TIMES THE ABOVE INTEREST CHARGES Fer each of the past four years net earnings were mere than twice the above interest charges Dunne the past five years the Company has put back into the property out of earnings, mere than $800,000 in addition te increasing iti reserves by mere than $1,500,000. uv,wuu, m WE RECOMMEND THESE BONDS FOR INVESTMENT Price 93 and interest, yielding about 5.60 Bends are eifirti fcr deliver' delivery when, as and if issued and rrejived by us, subject te the approval ef counsel It is txb,-,A that definitive bends mil be available far delivtrv a !, n.r.ll.. . ej counsel, it is expected Harris, Ferbes & Ce. E. H. Rollins & Sens The Equitable Trust Company of New Yerk Tks abort lateraulisa hat ktta eMilnrU Irta tturcta thai t dttw rcUahla sa4 altataia set aoaraattei, it mom ltd t at tt tcciutlt. Guaranty Trust Company of New Yerk 140 Broadway LONDON PARIS BRUSSELS LIVERPOOL HAVRE ANTWERP Condensed Statement, November 15, 1922 RESOURCES 98,203,265.85 41,469,388.45 31,708,724.32 21,040,738,04 Cash en Hand, in Federal Reserve Bank and Due from Bank and Bankers $ U. S. Government Bends and Certificates Public Securities. .. . ............,..,,.,.., vitner securities ...................... Leans and Bills Purchased 31 1,631, 282.61 Keai tutate Bends and Mortgages 2,541,947.50 Foreign Exchange 15,363,405.82 Credits Granted en Acceptances 31 ,2003 14.61 Real Estate ; 8.535,671.41 Accrued Interest and Accounts Receivable....... 9,415,21835 $571.109,957.23 LIABILITIES Capital $ 25.000.000.00 Surplus Fund 15,000,000.00 Undivided Profits .,. 2,654,620.14 $ 42,654,620.14 375,000.00 4,545,609.76 11,053,300.80 2,956,08820 31,200314.61 Accrued Dividends Accrued Interest Payable and Reserve for Taxes n txpenaca ,, Due for Exchange Bought Miscellaneous Liabilities Acceptances: New Yerk Offices $23,786.18936 Foreign Offices 7,414, 125.25 Outstanding Treasurer's Checks 12.107.2IUI 3 DePwti 466,217,73439 $571.109.957.23 BOARD OF DIRECTORS W. AtekII Harriaaaa CUomie et Boud W. A. Hamman it Ce., lac Aibart H. Harris IViw.PraidW New Yerk Ceatral Railroad Ce. Frederic A. Juilliard A. D. Juillitrd 6c Ce. Cornelius F. Kelley Preudeat Ajucasda Ceppa Mining Ce. Themas W. Lanent of J. P. Morgaa fc Ce. William C. Lane Vice-Preident Edgar L. Msrtlen of Bltii tt Ce., Inc. Grayton M.-P. Murphy of G. M.-P. Murphy & Ce. Charlei A. Pcabedj Presidtnt Mutual Life In. Ce. Chariet H. Allea Truttee A. C. Bedford Chm. Bd. Directan Staadttd Oil Ce. el New Jeney Edward J. Berwind Praident Berwbd-White Ce Mining Ce. Caleb C. DuL Preudenl Liggett & Myett Tobacco Ce. Marahall Held Tnwtee EtUla of ManhaU Field Rebert W. Geclet RetlEiUte Eugene G. Grace Praident Bethlehem Steel Corporation Daniel Guggenheim of Guggenheim Brether) William C Petier Prewitat Jehn S. Runnella Chaamaa el the Beard, PuluaaaCe. Thomaa F. Ryaa t'maackr Chariet H. Sabin Chairman el the Beard Jehn A. Speer Chaimaa el the Beard, Uaiea Stock Yard, fit Tauuit Cm, Edward R. SteMfaiaa ef J. P. Morgaa St Ce. Geerge Whitney of J. P. Morgan fie Ce. Harry Payne Whitney Banker Thomaa E. Wilten Present WiUea fit Ce., lie NEW LOAN Exempt from all Federal Income Taxes $500,000 CITY OF KNOXVILLE, TENN. Tax Anticipation Notes Dated day of issue Due September 29, 1923 Denominations $1000 or multiples thereof Payable at the Chase National Bank, New Yerk City Issued te bearer or in registered form $94,062,556.80 8,686,886.06 FINANCIAL STATEMENT Assessed Valuation (1922) Total Bended Debt Less Water Debt . . . . SI. 473.000.00 Net Debt 7,213,886.06 Population (1920 Census) 77,818 Population (estimated new) 90,000 These notes, issued for current expenses of the City, part of an authorized issue of $2,700,000, of which about $2,000,000 are expected te be issued, are a direct obligation of the City of Knoxville, for the sole payment of which the entire income and collections for the fiscal year are specifically pledged. In addi tion te such specific pledge, the full faith, credit and taxing power of the City are irrevocably pledged. The authorisatien and issuance ar being had under the supervision of Mr. Chester B. Masslich, New Yerk City, whose approving opinion will be furnished Nef wilt be reacr for delivery December 1, 1932 Price te yield 4.7S , true discount A.C.ALLYNCOMPANY 71 W. Menree St. ESTABLISHED 1U CHICAGO Phene State 6440 NEW YORK MILWAUKEE MINNEAPOLIS BOSTON f fl M (, u -1 ri.R4ra.vtwpeint." His ItfiMrsiy witj iLsaarsawa firaBHWS mim ,-.lJZ.'"'n TI - lt-J . " W 4 xkiW. L j.T-a.t v.H .. .j.Vi'.K'. mttmtmMma. r1$b&. V I aaaiBeBBBBji I , 7
Significant historical Pennsylvania newspapers