Newspaper Page Text
EYENINQ EPgBBPHILADEIiPHIA, MONDAY, SEPTEMBER 20, 1015.
)REIGN EXCHANGE RATES ROSE
UJN JKUUKESS MADE ON LOAN
Report That Syndicate Will dandle Huge Issue
Regarded as a victory for American Bankers.
Sharp Gains in Specialties
NEW TOnK, Sept. 20. Favorable over-Sunday news regarding the progress
.In made In the arranging of a huge loan for the Allies waa responsible for
firmness in foreign market early today. Although there wne no vigorous
upward nit m mies, wiy were .inner man at the close on Saturday, and the
Uerlngs of bills were not as large. There waa very little actual business
r As the day woro on mo inns lor exchange became larger and there were
further recoveries In all quotations, demand sterling, for Instance, at one
lime being up 8i cents from the final of Saturday. Brokers said that there
Vos a very light supply 01 commercial bills over the week.
That great progress has beon mads Is the geneal opinion throughout tho
Street, although ofnctal Information Is still conspicuous by its absence. ne
lsons to the effect that the proposed loan will be underwritten by h, syndicate
of American bankers and financiers la regarded as a distinct victory for the
American bankers who have been taking part In the negotiations, as tho
commission MHcn is representing Great DrlTain and Franca had, (according
te the reports current In the Street from time to time, been opposed to a syn
dicate taking ever the distribution of tho bonds.
Their principal objection, it has been pointed out, was that the commission
acted would be ery large. This point apparently has been gotten around, and
fjt is said that the payment of the syndlcnte.wlll not bo large. The amount heard
Ma that It would prooaoiy do a half ot 1 per ecnt. Members of the syndicate will
rtcehe the 5 per cent, on bonds at a discount sufficient to cover the cctual ex
penses of floating the loan. The bonds will then be offered to Investors nt pa,
the Interest to be payable In American dollars
P Nothing definite can be learned as to the actual amount of the loan, and
I estimates run an me way irom 600,ooo,ooo to 11,000,000,000, It Is also re
ported tnaj mo luiuib" i uiiiMusBiuiii'iH nnvcj reuucea meir nret request, wnicn
was for the larger nmount, to J800.000.000. Tho news from Washington that
the Advisory Council of the Federal Reserve Doard, which meets there to
ft morrow to consider the big loan, nnd which Is very much in favor of It, tended
,to show -which way the wind is blowing with regard to the progress being
mde. The opinion was expressed in many quarters that the negotiations had
rone1 much farther ahead than meagre reports would indicate, and thero were
even those who ventured to say that probably only minor details still re-
l malned to be agreed on.
One of the biggest stumbling blocks In tho negotiations Is the desire of the
i Anglo-French commissioners to have the stlpulatlonylnserted in the final
agreement tnat tn0 money raised can either bo used for commodities, such
4 as grains and cotton, etc., or wnr materials. This some of the American
bankers are at odds about, but It is thought that this obstacle can bo ocr
'come by the raising of separate funds to take care of this.
War specialties were tho features In the stock market throughout the day,
several making new high records, notably Willys-Overland, Studebaker nnd
1 General Motors. Advances ranged from one and two points to 17 points, the
Utter being scored by Wlllys-Overland. Studebnker was up nround 12 points,
as rs New York Air Brake. Thero was talk of new war orders, particularly
for Air Brake. The opinion was expressed that with the conclusion of nego
tiations for tho loan for the Allies a large amount of new orders would bo
Fewer Cars Stored in Shopf Pennsylvania Railroad
There was a decrease of 4876, or 14 per cent., In the number of cars stored
in the shops of tho Pennsylvania Railroad lines enst and west of Pittsburgh
en September U according to figures given out today. The actual number
of 'cars was 29,381, compared with 34,256 on April 1 of this year. At tho
latest compilation there were no good order cars stored on either the eastern
er the western lines, while on April 1 there were 19.247 on the lines enst and
M.74J on the lines west. The 23,381 Bhop cara on the entire system on Sep
tember 11 compares with a totul of 78,245 shop and good order cars on April 1,
a decrease of 62 V4 per cent.
New York Bond Sales
imports ot Wheat Into irancc Larger in Last Year
PfUnPft llltrlnr. ,la.a nnmmnnilnl a. ... .,ll.. .,.,- T... a a m j
fc ........, u...... mo luu.iniiua, joai uiiuniK wjin July, imported OO.OHS.UUU
, bushels of wheat, compared with B4,6O8,O0p bushels during the preoedlng year
t f 1913-14. Thero were lmnnrtpr! this Rusnn fni nmmt nt v. n... innn
l ----- ...-,----. - a.-. - .. w. aawwa.aa.av ... .,,W W.I..J O,0a,U,UUV
bushels additional. The month of heaviest Importation was October last year,
Lwhen 8,646,000 bushels were taken. The, current year's requirements for 1m-
ff- an t tan. .a lina. ll..l.J ,, ,, a a I nnn ... a . . a a
- . .u a.vc ucwi cnmimitu umciuuy at ui,uuu,uuu DUBneiS.
More Gold on Its Way Here From London
In view of the negotiations which are going on here to establish th
large credit for trie Allies, tho Street received with Interest todav the nw
from London that the Bank of England was shipping 356,000 ($1,780,000) in
pverelgns to the United States.
NEW YORK STOCK SALES
.. Last close. High. Low. Close
AhsUGolil Mine,.... 33U 33IS 3J 3351
Allls-ChjImersMfe.... 44 46i 43H 43 j
Allis-Chalni M.Copf. 71W T2H 72 71!
Am Ag Chemical eUi 63U 01 63
Am Beet Sus-ar ml', 07Ji fiBtf OOH
Am Brake 8 & F.tr lt)3 10J 103 101
Am Brake 8 & K pf tr 178W 170 170 170
AmCaa bOJi (Vi QO'f tKHi
AmCwpf 104X 105H 105 1MM
An Car & Foundry.. 71 7111 70i 70K
!". liIiT ' -,10H 1,6' w noH
. vu j-jwjucu imk i63j laa -lsa
an i.-oiion uu 6Uf 61K BIW
am janreii 103M 103 101
Am II W 4 Leather... 8W !H, 9
Amilldt ALeat pf... 40 41W 4U4f
AmLlnseedi so'i V)H 20
Am Unwed pf 384 35t 35
AmUcomotlYe 67 fi8U 67H
An"lt 6)f 6H 0'i
AmBmeltARef 81M 84W 82
Am Erne t & Ref pf . . , JOSH 107 107
Am Bmelten pf B 81 80 80
Am Steel IToundrles.,,. 59 fis 68
AmMWI 160K 160 160
Am Kl!!7.r liaflnlna mul ...nr wan
f'Sf'.',?"1"111' PMMH 114J IWi U4K
i Am Tel i, Tel
! Am Tobacco pf ne w,.
r Am Woolen
. Am Wooles pf,.,,...
ilah H aa B U
fUl tint 11 r i. nhu on
V BilttaoreftOWopf... 711?
t BeUltrn8tel 344
BeUiVeuea Bteel pf...,l80
BwoklToRapTran,., si 84M
"l Baperlor 60W 00
Cl rstraleom pf is 47
SSi'i".'!'1 IMJ m
wet LeaUiM 43 4B5(
y?" ixuar pi ,,.108
IMctfOOreat West,,. 12
CtkKo Ot West pf . 30K
CkfcMO Ot West pf U .
CM Mil & st 1'aul . . 85' i
OOCiStL , ,.32
lWNMUue.1 ,.,, ,ja7
Coteldo JTut4 & I AMI m
voiABoutbern , .... 28M !i85f
"Cowtoclc Tunnel 10 15
JWau 128 128
r-I i, ? ioa ion
CrlM Rti .1
nw aSISlIIIlSl tit list
- "H HMD , 41
rwrrtitactrlo nut i7j
ESLh?" ., 2S?..
fSl!? Bf....,iiow now now iiH
"Wt St MB Ea Ma ... ' ... J ...2 .... ...
...w.i J." .,wf' OJi 4t) 40l
K'Ot .. 65J 89H 65 645
AJiKiti"." "VS., lSP" sn
l-Jala a .' ' "' ,U, JU' 't
A'l VIA 1241
228 227X 227H
108 108 103
Am 48 48
04 03H 04
725 i 71 H 71 M
102U 1011$ 102M
08'f 08H 08U
127X 127 127H
.iur .'o;. 21
. 81)f 85
. 03H 06H 031. ViH
108 107)i 108H 10C).
1I4. 110 114 114
Leblch Valley 145U 146
ixoso-wiles niscult. . . 20 ZM
cIom. Klsh. Low. Clou.
I outs & Nashville. .
Manhattan El etd
Maxwell Motors . ,
Max Motors 1st pf.
Max Motor 2d pf
May Dept Stores.
Mexican I'etroleum pf
M Bt ! 4 8 8 M..
Mo Kan A Texas... . 8)f
Mo Kan & Texas pf... 14H
Missouri raclflc 3.U
Montana rover RR
Montana Power Co pf.105
... 80)4 02).
.. ma 40
. . 85' 80
Pf. 87 80
. 70 77)t
. 31W 32)(
?'H IH g'U
ioju tojj; 10214
S! SlS Sift
m 2ag Js
MS WH MJi
2 100 100$
. 1 p.ya f-7
ran it'irt lu'ia
w 8H .no
llljog Amr Tl clt 4a
ljw Amr Tel el 4Ha
,T0OO Armour CoHn
11WO Atchlmn AdJ ?.,
1W0 AtchKon tr 4a 105J
'12!!!! '."n Lo L'n it 4.
.yopo Halt a Ohio H
MS2 UMI .P.t aV
1000 ltrookn HD ft As 'U.iOO'
JS?0 c'nt I.wthr t s, . W'
lOOtA) cnt Ite Ut 4s ... .. BV
Jw'O thill Cop U, . ,,,, Jl
orrno Chea 1 Ohln .11. .101
40XOCht ot t .. . OH) 1
CM 11 A Q joint 4s,. 6V
00 fan it. ,,..,,,,, . MV
0o 4 ,,,,,, M
OaX St P 4s,,..,,, l
p,o ep OB..,.,,, 11
Col & flauth 1st ....
rOOO Dal A Hud 4s 1010 ,100U 1001 JOUH
ifefi " 4i.' !'S !H ?i
SOX) do 4 ,,,.,, ,,,,,. 13 . T?
litooo du ront Powd 4HS...10JH
K30O0 i.ru eonv 4a 8tr A.,. 4
10000 do 4a Bar 11.... JjH
I200D do prior 4a. ,,,.,... tltt
10UU qn Motor 0,.,, ,100)4
80000 nan 1SI.0 dab S lOlU
1000 Hud. Man rtd 6a ,.,. T
8004 do In 0a SS
lluxiO lm Cop cv tla 1010 ,14
44vuu ,10 cr rti aa prat oa.
1000 lnterb Met 4Ua ,,,,
nooo Intofb U T rat B ,,
a.u inier jwor mr
wwu interni 1'aptr
ovuu japantaa ibi
1VOOU do Pa
100U Laka t
80UU da dnh
1(00 Loui A Nnh . IIO
2SOUQ Manhattan na 4 V)
1000 Mo J'.n en! a 1D1T -. ?0U 7VU 711V4
.2000 !o 81 IBJO ?3H ISM '?H
... pis v.iy iiy
17000 do 41 ,, 8Va M' HI
coou on 4 Ha ht ?r ;
IW0 NV City U 1B37 ....HI. l'"'U KJH
10i Bo 4a 10 0U nij m
MHO do U 1PS I'4 IiMi lijll
.... IOIU 1U1 1U1N
, f,W H TJ a
: Ba ,, M $0H 9J
...fig .fe .a
let 4Ua .. 7H Wl H
HtfM 8a 11123.. 04 04 04
a 1W0 .,..,,., 8IH 8i 81 ,
8hora .Ilia . Bit 81 81J4
Jb 4 1MI IKIH UOU Sjii
imou do conn ua , IMS v.iy
2000 N Y C-il O col H... J OT
JM000 do Oa ret. .7..... loll? lfaty
I tea Corn'n
r Can IV. r
l HKT N J Sf
.... 38). 30 38)4 30
. . 20H 20W 20X SOU
. . 741 74) 74 74)
.107 lOO)? 106)4 100 W
IWI HI HI HI
20 20W 20)i 20).
10)4 10) 10) 10W
35). 35W 85 35W
27 27J 27 27
69 mi 60) ( 60) (
. 1M W
MlO do 4
WOO do 4
2000 tin 4
a Nov J03T
lOOO N T ltwv adl Sa
050O0 N T Tel ftn -H
1000 Norf Wcit cvt 4Us
1IKHX) Nnr 1'ao prior 4a..,.
0000 do can .In
6000 Ore Khort I. 4a ....
2000 Ora Ily A N con 4s
14000 faelrta Tel 8i ..
1O0O 1'tnna, ov .T4i . .
7000 do (tn ct ,) .
iv do en 4t.a,. .
10OO Fhibllo fiorv N J Ba..
1000 nap Ir & S Be. .
1000 hock Iiland i
1000 do rfd 4a 01
lnooo do Sa .. .. . 48
mm st Paul M & it t W,i
MOO Raaboard A I. adj Sa 1111.
8000 Routh I'ae 4s .. 80
10.1000 do lv 4 a . . HIV.
20000 do cv ret r p 5a iui tin)
2000 dn rid 4l ... . 84
10O00 South Itwy sen 4a 02
1000 Aa can Aa
400O Texas Co cv Oa 101'
noor) Third At a now 4a . 80
1,000 do adj 6s 70'i
SSOOO U B Btel Ba 103W
lftflOO Union Pac 1st 4a . Kltt
6000 do cv 4s . . . 80'i
80O0 dq rfd 4a 84U
looo va. rtwv sa ... 02',
2000 Wabaah lit 8a .100
4000 do .'1 Sa .00
lOOO!. TL'tall pan rt . 4a.. It)
noOO Wat Uec cv 6a .lOIVj 10)s
2000 do 8a , .. ..IUI iui
20SO00 et EUlUHlw ).U8V4 1174; 118)4
Total ealaa, tl.U0.0UO, compared with 13,
811,000 last Mnnd i
LOANS AND DEPOSITS UP
Former Advanced $1,256,000 nnd Lat
All Items In the weekly statement of
the conditions of the members of tlt,e
Philadelphia CleniinB House Association
for the week ending today, with the ex
ception ot circulation, showed an In
crease over tho previous weeks. IndMd
ual deposits leaped 13,013,000, while loans
advanced Jl.IM.OOO. The surplus was
11,742,000 above last week. Detalle fol
Bspt. 20, 11)13
Duo from banks. .
Deposits ot banks...
Ex. Clearing; House
Kcserva held ...
11,100 IK IO
13. 41V,, 000
I2S a.1,1 000
Surplus under old formi September 22 ion,
sn.411 1.000. Be
September 2.1, 1U12. .1(0l00(:
till, ta,ia,iw. beptemtar IP.
NEW YORK CURB MARKET
Nat Cloak & Suit. .
Nat Knamel 4 S ... 27 27W 27 27
sal Knaru & s pf ... 80 89 80 89
Nasn 0 ft St L....
Nevada Coa Coo. .
New York Air Brake,. 145
New York Central .... 04
NTClli Bt L
N YNH H..
NY 0 & W....
Norf & Western.
North American ,
renn II It
reoples das Chi 117
I'blladelphla Co 87
ntUburgn Coal 32)
riitipurtr uoai pi,...,,ioo
l'KUburch bteel pf,.., 00
Pressed bteel Car, 02
lty Bteel 6p'f 40
Itay Con Copper 3D
Jleadlnr ..161W 152
Heading- 1st rf 82W 82
l(eadlnK2d pf 83
itep iron a ateei...... 45W
itep iron ft Bteel pr...ioo
Hock Island Co H
ltumely At. Co,..,.,.. t)W
IlumelrM. Coof,,.,. 01
Seiboard Air Line 14)4
beatward Air Une pf . 33W
bears Itoe & Co . ,,,151
bears Itoe & Co pf..,.124W 124 W
Bloss-Stuf a & I Co.,, 55 65W
Southern raclflc SOW 00)4
tJoutberoRr 165 10W
bouthern Ry pf.. ...... 63 60)
BtandardMlUlai 03) 03 W
SUndard Mlllinrpf ... 70W 77W
Studebaker Co,. ,,,..., 120V 141
Tenn Copper 55)( 67W
Tesas & Pacific ,,.. 10W UH
'I bird Avenue 60W OOW
Twin City IUpTr... . 02f B2)i
Under Type... ....... .79s 78
Union Paclflo 131 131W
Union 1'acUlo pf bOH 81W
U B lnd Alconol BMW OOW
U B Ind Alcohol pf.... OOW 1O0W
U B Cast I 1' ice... . 22ft 22W
United Kyi Invest .... 2J 23!
United lty Invest pf,. 3S) 30
U S llublwr 621 51)
U B Hubber 1st pf . .103 105
U Bbuel 76! 70)
U B Bteel pf 1134 Hi
United ClearMfrs . . 64W 54)4
United Cigar Mfrs pf-. 104 104
UUb Copper.. ... . OOW 07
Ve-Caro Chem 38H 39W
Vt-Caro Obem pf .,, lot) 107W
Va-lroa Coal t. 0 02 OJW
West ii AM USW HOW
Western Maryland 29) 294
Wesurn Union Tel.. -.77 7SW
Wheel & Lake Krie.... 1) 1W
Willy Overland (.103 210
Woolwottn V W CO...106K 100
Ctr.t par shara. .
aarv) t divide.
TotilV '. 038.700 vharcs, compare with
J51.0WJ alurts Utt Monday,
Uraden . . t
do new ,,,
Greene Cananea ... .
Kennsi.ott ,Cop . .
Lxhlsh Vel Coal Sales
Uaama. Cop . .
do pref ...,.
Tobacco Products . .
United Clear Btcres ,,
do praf .........
United Profit Friar new
. s b'u
MINING STOCK QUOTATIONS
Jlm liutler ...
Mlspah Kittnklon .
Tonopah llslmont ..
Tonopah Mlnlns ...
Hescua Kula ......
Illue Bull ...
n. o. D
, . . . i , , . .0-1
Dlamonfleld 11. O.. .,,., ,, .pd
Klorence , .43
Qoldnald Cons ..,,.,,..,. ,1.30
Ooldfleld Merger .)
Jumbo Ktnlon ..,, 1.88
Oro ..) .j.... ..!.,.. 07
Bandstorm Kendall , .11
Silver Pick ... 07
Fairy Aateo .,,, ,..,., ,.,...,.
Nevada iiui ..........,...,
111 ' '
Sterllns; Opt. lllsh Cloe. dole.
Demand . 4.09V4 4 71', 4.70 4 B74
Cahtra 4.09', 4.71 4.7 1H .SM
Demand . , 8 82 (I 82 8.88 R 8tV
Cable 8.82 S 81 8.78 8 BIVs
Demand . 81V4 83 H 83V4 MV4
Cable 83 H 81V4 83) 81Vi
September Wheat Sold by Pit.
Cnnarln May Remove
CHICAGO, Sept. 20 After openlnjf
steady to "n aliade firmer today, wheat
weakened and eold bolow Saturday's close
on Rcnernl AelllnR. There was talk ot the
probability of Canada removing the Im
port duty on wheat, which would auto
matically give free entrance to tho Do
minion product Into America. Of course,
the United Kingdom will take the Cana
dian Htirplus In preforenco to any other.
An announcement of the consummation of
the nlllfd lonn wua unxlously awaited by
September showed tho most weuknee.
Hlcvator Interests hae about rilled their
urgent contracts, ntYcctlnir the posltlorfT
The pit crowd wns tho principal teller.
Later tho market rallied, on active
coloring, but rash houses sold on the
bulRc. Prices nt tho close were mostly
Corn, after openlni? Inegular, with
September n little lowor and December
nnd May slightly higher, became uni
formly eney. Following the publication
of the weather foiccast predicting culdcr
weather and light fronts In parts of tho
belt, how over, It developed strength. Th
tendency of prices nt Liverpool was down
ward, parcels oft 114 pence, and plate
offers liberal Tho receipts here todu
wero 212 cars Oats were engj on pros
pects of larger receipts The arrivals
here today were IS' cars
The receipts nt Minneapolis and Duluth
today were 17S3 cars, against 2181 cara
last year: at Chicago, 16S cats, against 239
cars; nt Winnipeg, 1810, cars, against 2116
Shipments from North Amerlca,or the
week went 8,203,001) bUHliela The quota
obtained by the I'nltcd Kingdom was
small, 1,925,000 bushels, and till', with n
decrease of 176,000 bushels to 3,So6,000
bushels In stocks, sustained tho market nt
The Imperial Goxernmcnt has refused
to purchase the wheat ciop of Australia.
France Is making Inquiries abroad for
Loading futures ranged as tollows
wneat open man
Septimbcr . 1 (US 1 oi'4
December n 114 til'J,
liny 117 U7)4
i,urn inew aemery
Sales in Philadelphia
40 l'hlla Blee .... 2ft
200 1'lilla It T ... 10)4
2723 -do tr ctfs ... lu
ISO Tonopah Helm.. M'4
810 Tonopah Mln. . i
891 Un Trao 3il'a
K11 I'nlted Uaa Imp hr.
11777 U B Steel 734
20( do pref ....
10 V a llubber ..
41) Warwick t ft H. 1014
600 Cramp & Hans. 8'tUj
Pt eloae lllsh. Low Close
1.10 AMIS ChStm , 44V4 48U 4414 43
23 do pref
400 Am Can .,.,.,, ..
10 Am Oas ... 101
II Amer Mllllnt... OH
83 Am ftallwais , 24 VI
180 Amer Smelting.. ..
100 Anaconda Mln.. ,,
1280 llaldwln Loeo .. 80
B Drill J a 43
23174 Cambria hteel.. 82
400 Col l-uel
20 Catawliaa 1st Pf 8014
10M Klectrle Storage 74
310 Hrle 3014
60 (it Nor Ore .. ..
30 (len Asphalt pf eOH
200 Key-lone Tela.. 14H
OC'S Lake Sup Corp. 10'i
21 I.ihltth Nav , 7U
Oil Ihlah Valley.. 71
T42 Uh Val Transit 1T4
113 do pref S3
100 N V O A W
723 1'cnna H It ... Bl
IB I'enna Steel . . . 404
8 do pref . . MH
"0 l'hlla O cum pff 41V4
$15,000,000 OF ALLIED LOAN COULD
BE TAKEN IN PHILADELPHIA
Amount Would Be Divided $6,000,000 to Bnki mhI
$9,000,000 to the Trust Companies Lake Superior
Shares Weak Cambria Steel Strong
HRH, 1 1I1V
May . ..
The New York banks gained 33,932.000
from the Subtreamtry Saturda, nnd
since last Friday gained 5600,000 -
Charles J Ilhoids, governor of the
Federal Reserve nank of rhiladclphln,
has returned from his vacation, and was
at his desk today lie was absent a
month, during which time ho made on
extended tour of the Canadian Itockies
and western Canada
.TV,tal "lea. 81,477 eharea. compared with
24,013 aharea laat llonJa).
Last pre, sale High Low Close
I20OO Am 0 E 8s K7 87 87 7
1000 Uild lio 1st 8a 102H I01S 101 101
.17 Cam Bll acp '10.100 100 100'4 100
87 do Fob 1017.. 00 P0 Wi 001,
UK HI Interata Itys 4s (0 M 38 88
llKXX) Key Tel 1st 3e 04 01 W 0I'4
KKW Leh Nv ens 4s 00 liO Ofl Oil
3000 1'a cons ! .1024 102 10J 102
.1000 I'a B'n 4Vis .. U7 07 07 07
2000 l'hlla Co cons 8s 8.1'i 81 M 8.1
21 da scrip 19ia..l00 100 100 100
IM do 101S .. .08 PS OS t8
100 l'hlla nice 4s . 78 bO so M
HX) Heading- gen Is. 91 1(2 02 92
1000 l'n Itwy lnv 5a. 70 70 70 70
Total sales, 8.13,201, compared with 310,200
Local Bid and Asked
Duff A Sua t o
do pref ... .
do pref . . . .
do t c
Lake tiun L'orp
t.ehlrh Na ,
l.elilllh alle Tr
Pennsylvania .. ..
rtilla Co ..
do 1 per cent pf.
do u per cent, pf , .
l'hlla It T
do t c
Tonopah Ilelmont .
1) O I
17 H Bteel
W Cramp t c . . .
44 4 ifi
41t 41 44
lOfl 10 1(1
10 l(li 101
Progress being made by the bankers
conferring In New York In arranging a
big credit to the Allies, ranging In
amounts all the way from 1300,000,000 to
(1,000,000,000, has raised the tfuestlon In
this city as to how much of the total
amount the banks and trust companies
here will be askod to take. As et local
bankers have heard nothing, either offi
cial or unofficial, as to how the nego
tiations aro shaping themselves, other
than that they know that much has been
It Is estimated that the banks here,
under tho lawa, could not take) more than,
say, JIS.OOO.OOO of the loan This figure Is
arrived at from the statements ot the
members of ths Philadelphia Clearing
House Association, and tn divided as fol
lows: 8,ooo,ooo for the national banka and
$3,000,000 for the truat companies. The
largest amount, It (.estimated, that could
be handled here Is 136,000,000. Hankers
BRree that with a surplus of upwards ot
$'7,000,000 they would not taro to cut It
down any moro than half.
There has been some talk In various
quarters of tho financial district today
that the banka would be nsked to take
V 00,000,000, but this amount, It Is polnfd
out, Is too large Under the laws the
larseat bank In the city cannot lend more
than 1150,000 to one borrower, and It was
tald It cannot be seen where nny more
could be loaned In a case like the present.
The national banks ore not allowed to
lend more thnn 10 per cent of their com
bined capital and surplus at one time.
but can continue until the amount reach-
.10 per cent, of the combined, cartel aM
In the stock market today (Jamtrrte.
Bteel was the most active feature, mef
than 23,000 shares changing hand ttitrliteT
the day, the price tislnsT to within a,
fraction of t points abqve the final et
Baturday. There wa no news accom
panying the strength Aside frorn thin
Issue Laka Superior was the most active,
at declining; prices, that stock losing rere
than 2 points before midday The stock
was tinder heavy liquidation and the
selling seemed to be due to the repeft
from London, dated August 18, from the
Bondholders' Committee there, which rep
resents the first mortgage holders of tM
110,030,000 first 60-year I per cent, bend
of the AlKoma Central and Hudson Bay
Railway Company, which Is an Important
subsidiary pf the Lake Superior Corpora
tlon Ruperlor came baek a. little from
the low In the afternoon.
The London, report shows that a drastis
reorganization Is necessary and a new
working policy adopted by the company
over the present difficulties. The report
goes on to say that $03,000 must be spent
on the rsllway. The 1300,000 receivers
certificates cannot be sold until New
York hankers are satisfied that certain
litigation can be avoided. It la admitted
that the Algoma Steel Corporation, which
on August IS was working only on part
time, retards the progress of the com
pany in a large degree, and that the as-,
sots of the Lake Superior Corporatloju
outslde of the Interest In subsidiary and
other companies, aggregates only $869,41,
LOCAL BANKS' DEPOSITS
GREW $44,000,000 IN YEAR
Actual Figures Were $379,194,686.
National banks In this city held Slt.llO
910 morn deposits on September 2, the
date of the last call for condition by the
Comptroller of the Currency, than thev
had on September 12. 1914, an approxi
mate year. The actual figures, according
to the Commercial List and Price Cur
rent, this year was $179,191,686, compared
with $355,059, 776 last ear.
The cnrnlngs of the banks between the
two dates were $2.253,6.7, and the divi
dends paid amounted to $2 628,100. The
surplus and undivided profits were $46 026,
4S1, a decrease of $3i9,iS3.
HUGE LOAN NOT
London Feels Confident Ar
rangements Will Be Con
TO CONSIDER BIG LOAN
The London Stock Hxcliango will
closed next Saturday
Dank cUarlngs today compared with cor
rsspoodln, day laat .two ye.r..
r.orn,.,.,i1:l?I:JS ftUffiig $Hii
New York? 0 Me,317 ll,7u6,tni 3,TUd 6W
lUUlmore '. 4 H08 870 8.1178 888 ' S, 7V). IIS
ia;,o.n,an,i iuw.Wtf 01,taM,laT
12.731 IM 14,807,?ll
"Valna-aM ... O.
01 ..outs . 18,2.'3.(t
KATES FOR MONEY
Philadelphia ,.,...,, 06i
New York ,.,.. 1V-
ItOltOn . a. a ........ ......
Commercial paper, three to la months, I'hll
adslphla, (84 per cent.
Electric Company Passes Dividend
NOW YORK, Hept. 20 The Demarara Eleo.
trie Company, Ltd., directors have decided to
paaa the Quarterly dividend due October 1.
Vha company has paid ,1 per cent, quarterly
oa ts aleck for soma time.
Big SUrer Purchase for Mint
WABIIINOTON. Bspt. SO. Demand from
nanus ana mrnme ioi- iicwiy.mintea half-
n uiiitva iiaa le
of the Mint Voolley to
purchase since the
Additional shares of arious companies
have been placed In the regular list ot
the Philadelphia Stock Lxxchantte as fol
lows: J161.3O0 American Telephone Mid
Telegraph and $00 American Milling Com
pany. There has been struck off the reg
ul.ir list 857,000 Pennsylvania 3H per
cent, guaranteed trust certificates, series
A. canceled by operation of sinking fund.
The amount ot Philadelphia and Heading
Hallway first scries consolidated mort
gage 4 per rent coupon bonds listed has
been reduced by $3000, converted Into
A dividend of 60 cents a share was de
clared by the North Iluttc Mining Com
pany, an increase of 10 cents.
There has been thus far more than $2,
000,000 Wabash-l'lttsburgh Terminal Hall
way first mortgage bonds and certificates
deposited with the Olrurd Trust Company
under the coll for deposits by the com
mitteo headed by Charles Kcuron, of
Charles Tcaron & Co , bankers, In op
position to the reorganisation plan.
WIRE PRICES ADVANCED
NEW YORK COFFEE MARKET
NEW YOIIK. Sept 20 -Irregularity charac
terized trading on the Cofrie Exchange at the
opening; today. The close found prices un.
changed to 1 point advents Total sales
amounted to only 0210 bag Prices follow
Todai'a Today's Saturday's
opening close close
September . ., .... n,01il0!
October , .... notftfirtl
November B OlsJn 01
December 'flOO It 01470.01 C.OHK. IM
Januari no r. nans tw aoisinici
February "8 10 !1.11n.H 0 1280 11
March . (118 II 101! 8 20 (1.17(711.10
April (121W8 21 112111(128 0 2lJfl21
May ... . H. .Oil 11.13 tl.-IOftfi'll fl2UH10
June . n.niin ii ii.:i.nn ki ii.uiid 15
July .. (UOflll ,10 (1404.0 11 0 3860 40
Dig Shell Order From Russia
SlAl.TIMOItE, Sept. 20 -The Iool Manu.
facturtns Company, of this city. Is engaged
tn the task ot turning out .100,000 shells ror
the Csar army Kaclt shell will cost iIS.
the whole contract being for 17,500,000 Tha
Toole Company had to design apsclal ma
chinery for tha shells, a new tie, the In
vention of a Russian oxpert when com.
pleted tho shells are ehtpped to ths du l'ont
plant and there Oiled.
Advisory Council of Federal Reserve
Board Meets Tomorrow
WABIIINOTON. Sept 20 -Tho Advisory
Council of tho Federal Reserve Hoard,
which meota here tomorrow, is expeoted
to consider the general aspect of the
Anglo-French loan aa It affects the banks
ot the United Ktates. It was stated nt
the Treasury Uepaitment that J. 1
Morgan, who Is a member of the council,
will probably be on hand,
The board Is a unit In favoring tho
loan, because It claims that It will check
the danger of Inflation and will afford on
opening for bringing Into tho open tho
millions of surplus reserve cash, now
lying Idle In vaults of the country'a banks.
READY TO EXCHANGE STOCK
Actual Trangfor Will Be Made on
WILMINGTON. Del. Sept. :0 -Formal
letters wero sent to tho stockholders of
tho U. I. du ront de Nemours Company
today that arrangements have been com
pleted for tho exchange of the stock of
the old company for that of E I du Pont
de Nemours & Co
The books will close on Beptember SO
and the exchange will be made about
October 15 The transfer of the S per
cent, preferred stock of the old company
for tho 6 per cent debenture atock of tha
new will be made throuah the nankers'
Trust Company of New York. The letter
explains the transfer of the larlous kinds
In London bar sliver was quotsd at 28 8-18
pence, In New York, 48i cents.
Total Increases This Year Run From
I'lTTSUUnail, Hept 20. Effective to
day the American Steel and Wlra Com
pany advanced all wire products (2 per
ton. The trade has been expecting such
an advance about this time and inde
pendents aro quite ready to concur In It.
Plain wire Ii now 00 cents, wire nails
11.75 per keg, painted barb" wire II M and
galvanized barb wire ii 60. The total ad
vances this year amount to 16 per ton on
wire, 15 per ton, or 15 cents per keg, on
nails, and 111 per ton on galvanized barb
wire, the extra advanco on the last
named being due to the advance In
spelter. Plain wire Is now as high as at
any time since 1010, and wire nails within
5 cents a keg; as high. The wire mills
aro more crowded with work than any
other branch of the finished steel trade
except the steel bar mills
NKH YOIUC, Snt, 20. Cotton opened steady
this morning with prices unchanasd to 4
taolnts lower, with the exception of October,
whl.h was down 8 points. The selling on the
7-.H Va. scattered, with Wall street and
Hodthcrn Interests operating on the buying
side What offerlnee were made wera quickly
taken. Ikilh war smaller than they had been
for some time. Liverpool came about 2 to a
nolrts lower, enured by realising and hedge
sslllnc. After thenrst 13 minutes' trading tC
miik't here rallied from ,3 points, with
Ounber sailing up 10 Baturday's close. Tha
HHStl.er In the belt continued favorable. In the
afternoon seraion further advanres wera iiotod
The market finally closed atrong. with futures
17 to 28 poinia aiovo naiurunv a ciuii.k jiri ea,
Bt. close, Oj2
first of Auaust 4.37S.OOO flfta ouncea of adv...
almost as much as was purchased during the J
,NBW YORK, Bspt. SOi-Th metal market
LIVE 8TOCK QUOTATIONS
Temple coal company, rea-uli
Mr cent, on preferred, layable
lar quarterly 2
ucuwar J2 to
stockholders of record October 2
Dodia Manufacturing company, regular
Suartsrly H par cent, on rreferrod. payable
.jtobtr 1 t stock of record BeptamUr SU.
ZIm FrtDM UgMtK4j
MIAMI. Plau Sept. Se.-S.lao ore prices ars
Orclancad. tkw top price being m a ton base,
afreduciten but beasi cwWaVeif by haavy rales.
.inninn Kant. 20 II 0(38-Keceluta. 2VOOO
Market steady. Mixed and butchers, ta.'Wtf
TOO good heavy. 39 36W7.4S. rough Jeavy.
toql2S llgnt, 1768, Pigs, 1007.23. bulk!
c'AT-rlSj-Kace'P' 28,000. Market 104223c.
towar. lleaves, 43 33Q10 40, cows and bailors,
3j. Tssans. tCKs4sj calves, 10 &&
''bHEEP- Receipts. 10,000. Market steady.
Native n Weatarn, 1303.75, (amba. I6.4J
M week Bent. t, 3417,700 141.000
f-iV July I 8.1O0.000 6,0,700
CULVlvAiA nv puuiiii.nn
2d wMkB.Pt ffHVii
from July 1,. .,,,....., 2,17,J61
GRAIN AND FLOUR
WHEAT. Receipts, 03,111 bush. The market
opened 1c. lower, but atterwarda recovered
the loss and closed Arm with demand fairly
active, quotations. Car lots. In export ele
vator No. 2 red, spot and beptember, l OsW
1 10 No. a red W'estern, 11.14121 10; No. 2
Honthcrn red. UOCUl.iiH, steamer No 2 red.
31.03171.07. S-'o 8 red, $1 03l 07. rejected A,
Jl W'itriOHi. rejectsd 11. tl.OlOlOJ.
CORN. Receipts, 3000 bush. The market was
dull and lc. lower under eaeler outside ad
vices. Quotatlonal Car Iota for local trade, aa
to location No 2 yellow, ss.isoc.. steamer
yellow, 84?8Cc,; No. 3 yellow, 82ifB3c.
OATH. Receipts, ISS.BBd bush. Thsre was
little trading- and the market ruled weak, but
without quotable change. Quotations: No. i
white, none here, No. 8 white. lOyalte'i o.
white, SUVtflSSe , sample oats, 32033c,
FI.OUR. Receipts. 10.13 bbls. and 1.01B970
lbs. In sacks. Trade waa slow and the market
was largelv nominal Quotations per 108 lbs.
In vvood-Wlnter clear, now. tl M01 00 Jo..
straight, new, 1 SoaJlO. do. patent, new,
JlloWlOi Kansas, clear, new, lute sacke,
tl OOiftB 10, do , straight, new, Juta sacka,
13 2106 30: do, patent, new. Jt seeks, t3V)
efi.7: sprng. first clear, navy. t (l.".4 10: do.
straight, new. 80S 10, do. patent, new,
Jl IOSbW: do., do .old. I 1tT i . .fa
vorite brands, old, f(j83fl7.10: city mils,
ctolc. and fancy patent, .l SSc.lO. city mill.,
rrsular grades Winter, clear new, 14,7303;
ao ', straight, new, 33.23; do,, patent, new,
13 2303 30.
HYE YlJnVn waa quiet and unchanged. We
duoto at $10 30 per tbl , aa to quality
The market ruled steady, but there was
little trading Following aro the quotatlonal
City beef, In sets, smoked and alr-drled,
2ljf2Rc.J Western beef. In eete, smoked,
2lii.IV . city beef, knuckles and tenders,
smoked ' and alr-lrd, 2nfc27c., Western
bef knuckles and lenders, smokod, 20O
27?: to "hams. S28UJO, pork, la rally. U6
2130, hams, B. P. eure-d, looae, llWOlSc.t do.,
.sinned, looee. IWW8W do. ?,. mld;
iTstUUe.. other hams, smoked, city cured, as
to" rand and average. Weilc.i hams, smoked,
Western cured, llUllc.. do. lolled, boneless,
21W22C. picnic should.fs.B.1'. cured, loose.
SvMiOSui do. smoked. OWBM.c t belllee. in
nickle, according to average, loose 12012We.l
breakfast bacon, aa to bland and average, city
curtd. 13V.C111C.. breakfaat bacon, Western
urid lRWftlOc.i ard, Western, refined.
fiiiSs. 8?60eY do . do:, do , tuba, ly.eoc.i
lard I pure oily, kettle rendered, In tierces.
KToOe i Urd, pure city, ksttls rsndered. In
tils. K00e ,
The market wss quiet and without Important
-lino We quota rartners' list prices Bland
v2 irenutltrd. 3 253.38c , extra fine gran
SiA.5 6 .SoSiSOe i powdered, S 30ti3.4i)c ,
Mnfrillonefsr-A. S.10aK2Oc. soft grades, .j
ntiTTBR Offerings were moderate, and the
irirkat riled steady, with trade fair, Quo
tattons Western solld-nacked creamery, fsney
i-Vial. 2SC.1 extras, 20c,, extfa firsts, 230
specials. '" -.f-oii, ,"..MAda. 224123c.
's'K:' ,,.ia' fancy. 2nc i do . averaaa extras
vraSc i do.. Tfirats. 'Zbittte.. do, seconda. tf
HOlSc.i pigeons, old, per pair, 130200,; do.,
)Oung. per pair, 17018c.
DHKF8H1). Offerings wero moderate and
ths n arkrt ruled firm, with a fair demand
for desirable atock. Following are the
quotations Kreah-kllled poultry, fowls, 12
to box, dry. picked and dry-packed, fanoy,
-.elected 10c; welshing 4taQ! lbs. apiece,
IM-ic.; welshing 3HC lbs. apiece, I (He;
weighing 3 lbs apiece, loir 17c; under
T lbs apiece, HHITIO'M. i ice-paeKed v ast
ern. Y) lbs. and aver apises, Wa; do., smaller
old roosters, dry-picked
broiling chickens, Jersey, fancy, 24C2UC.;
oiner nearoy rancy, .ir-ic. ;
low. iiunoie. weiKiung a ids.
2( lij 21c; other Weitern,
aquabs, white, weighing 11
titjl 73, whits, weighing U
fanoy Isras yel
and over aDleca.
weighing 3 lbs. and
fie; Western, welshing 1jJ2H ibe.
ISftlOt.; do. Inferior, lCtlTc: spring
vearby, lOtfl.c; do. Westsrn, 100 12c;
wniie. wcianina iitii iub. oer uoz..
ilbl 73, whits, weighing 0010 lbs. per do
-listr.l.ns; while, weighing 8 lbs per doi.:
2&3U2.73; do., 7 lbs. Per dos , t7.10B2.J1;
do., dtjOVi lbs. par dos., 11 tO01,7S, dirk, 1..V
OljT3; small and No. 2, tl.
Chol-e stock met with fair sale and values
Us, per bbl
generally were well sustained, aa follows ap
j.a, vvr uui rao, f JV): uiusn, J 0O'l
Iraveuateln. t2 2n3 73t Wealthy. 32 23112 73
Orln.es' Uolden, f2O2,B0; Bummer Rambo, titp
2 50, rippln f22flO; Bmokehouee. f.'e2 30,
per crate, eoc.tisi
Virginia, western Marylsnd and l'ennsylvsnta.
11,73112 231 other varieties, l,10.';
les, tlfll.30, crab applee, per bush .
IttTM.: reaches. Vlralma. West Vlrainia.
ectem Maryland. and t'rnnsylvanla. Klberta
I peaches. Virginia. Waat
Elbertsa, per basket, 25Y40cj peaches, Dela
ware and Maryland. Elbertaa. nar carrier. !di
(10c. ; peachea, Delaware and Maryland, Rlber
artlett, J1.23J4 60; Beckel, f1ti3 30
n, tl.tVOHSz. grapes. Delaware, Moore
and Concord, per carrier, tvouttSe.t
Fa.kleimjeii-.ei Mnvre'a Patlu aatmd pHxaiA.
taa, per baaket. 2tvUSoe. peaches, Jeraey,
fancy feiecna. per nuuin. uasaec. ounuuc, ,
peaches, Jersey other kinds, per basket, Ifrrt
Kic.i ixiarhes, New York, per basket, JOS 33c ,
peaches. Ohio, per hush . 401773c . pears, per
I.Kl Harriett. S4.2.1-i4 Mlt H.rbl tlt,jl
araoas. Delaware. Moora'a Earlv and Concara
per 4-lb. basket. 80c. grapes. New York, per
4-lb. basket-Delaware, l2tflc t Niagara, lo
12c . Worden, 00 10c, lemons, rer box. 213,
pineapp(tfa, nar cmit-rono ji
uanberrles. cape uoa
rles. CaDa Cod. Dr era
' .-.- f. -- - a. 'U
Binia. vaiirvi. . u ."'iw, Mwaaai.
pluma. New York per 20 lb baaket. 20630c ;
plums. New lork per 8-lb. baskst Bradahaw
and Nlasare, 1 off 20c ; Raine Clauds. lBtfAic ,
bUckberTlrs, Delaware, Maryland and New
JJJ. Jobbing sales ot fancy prints, MCHk).
EOOB Bvricuy una iieau -i. ".,
reauest and firm under small supplies. Ws
ta as follows! Free eases, nearby extras.
8o pil 'lot., Brats. t7 800 8.1c- per atsndard
J-ta.pewby 'currert receipts, tTWifTM per
Western exirav nraia, ao ., ur
i Arsts. IT.OOUJ,
andled eggs wera
vase, .".. ,, sjvfilr HA ntr rau fancy aalactad
r.l.,.lr..,SSI Kili it 32S.S4e: ser dos.
r.vimr.811 Bold fairly and rvilsl steady
under moderate offerings. QuoUllona follows
New York, full cream, fancy, new. lBVOS
rjUe.1 spsclala, higher i do., do, 'sir to good.
Jllwri5fRe'. Prt v"n' e'I'
L.1VB was la cwd request and Arm, with
moderate offerings. Quotations Fowls, as to
alia and ouAllty, UHOlSUe roost.rs, II Jc.i
slrtng cbfcksBS. according to quality, Uuilcj
difckai 1'ekln, old, Wile., do Indian Runner,
eld, 12tfl3c, do., youag, attuidlng to sis.
per bbl , S508; crant ar
te, tl 7M72 plume. Vlr.
20.1b. basket, aottnOc,,
20 lb bssket, 20630c !
Relne Claude. lBtfAlc ,
i, . Maryland and New
Jersey, per qt., 4080 i huckleberries, per ot ,
U?tc , cantaloupes. Colorado, per flat crate, t)
4(1.21, lantsloupea, Colorado, per stsndsrc
crate, 8303.23, cantaloupes. Maryland, per
watermelons, per car, tlC-i
atandard crate, f 101 23
per baskst. sue of i;
Supplies were fairly liberal and prices gem.
ereliy favored buyers Quotations White po
tatoes, Jeraey, per basket No. 1 Rose, BOW
81c , do., No 1 other varieties, 230.100. ; do.
No. 2, iCUK-c. , sweet potatoes, Jeraey, per
basket-No. lBSffMet w.Sf S0s.l
onions, per 100.1b. bag. ll.25ttl.B0. do, Jor
sey, per -buihel basket, 33040c ; mushrooms,
per i'lb. basket, COc.tltl.
WAYNB AVKNUt! AT BCHOOL UtNIt
ultse of T and rooms and t bath.
Belarlum ooverlM satire tMuee.
Maid earvloe by Ibe kveur. itUerater
U. J JOUNBON. 108 Halley Bultdlag
By FRANCIS W. HIRST
Editor of The Economist.
Special Cable fa (he fivenlsp Lttsit,
LONDON, 13ept. W.-Everythlng here la
subordinated to the conscription policy of
Mr, Lloyd-George, Lord Curgon nnd Win.
aton 8. Churchill. According to reports,
they meditate forcing the adoption of
their compulsion views or demanding a
dissolution of Parliament. II. Thomas,
the railway men's representative, hag
warned the House of Commons In a pow
erful speech that conscription would pre
cipitate a revolution.
Popular opinion will eventually prevail
over the newspaper press, and 1 still be'
II eve that Mr. Lloyd-George hag lott his
hold on the working claspes. Lord Kltchr
ener's optimism about Russian resistance
contrasts with Mr. Lloyd-George's melo
drama. lc pessimism.
Tl.n bank returns last week showed a
temporary setbaok in tha gold reserve.
The beat opinion here regards your Ml
lion-dollar credit, If granted, as applica
ble only to Government purchases ordi
nary trade exchange being left to right
itself as for as possible. Confidence 1
felt generally here that fairly satisfactory
arrangements will be concluded.
Tuesday'a budget statement Is now be.
lng anticipated with anxiety, but the
country can afford to pay now mora
easily than atter the war, for huge ex
pendlture produces fictitious prosperity.
Moreover, harvest reports everywhere
point to reasonable food prices. The
Chancellor of Exchequer, Mr. McKenna,
probably will lay on taxes for the pur
pose of diminishing luxurious consump
tion and avoiding a fiscal controversy.,--
I may ray, In reply to your question
whether there are any objections to gelling
bonrtr to Americans of alien or enemy ex
traction or nationality, that all trading
with enemy cltlgens Is Illegal, whether
buying or selling.
The Russian Duma adjournment need
not affect the gold export policy, which
might assist exchanges, as the Russian
gold hoard is very large.
In answering a Question In the House of
Commons about Germany's exports and
our blockado, Sir Edward Qrey said, "It
must be borne In mind that our object Is
not to Injure neutrals but to Impose mate
rial disadvantage on our enemy." This
rebuke was well earned and significant.
Premier Asqulth's expenditure figure
are staggering nearly double the French.
Hence the budget must be secure. All
belligerent debts are now growing faster
NEW YORK BUTTER AND EGGS
NEW YORK, Bopt. 20.-llUTTKII.-Harkst
firm; receipts, iid'iu packages: estra, 2(K4c.,
higher scoring. 2727,c.. T'tHte dairy, S8.jP
2flc i imitation creamery, 22'.,2nc.
EUOB Market steady to firm, receipts. 8347
cases; extra firsts. 2X20c , regular packed;
firsts, JtmsjVic ;, nearby whites, 2330c , reg.
ular packed; mixed color, 201731a,, gathered ;
reirlterator firsts, 24S23C,; nearby browns
Receiver for Electric Company
WllAJINOTON, Del., Bept. VO.-Henry K.
Miller has been appointed receiver for the
Morris Electric Compsny, of Wilmington. The
assets. It Is believed, will exceed the liabilities.
Lumber anal Tlmbar can
bought anywhere) any old
grade, at any elel price, but
Good stock is mora satisfac
tory and cheaper In the end.
Edward F. Hens wi 4 Ct.
1'opUr Btreet Wharves, rati.
132 , IStat St.
rr- MAUMOfK VtHN COAL AND IMeJN
General OeSce. K red-teg TTessalaal.
Philadelphia, HeptewWer JMrth. lMt,
The annual meeting pf the rtoealte4e)sre
and an election sor rive utrtae ta serve
for the ensuing year win i a
f-harter of the Company and la a
with tbe bylaw, at tate CsMch. I
Terminal, rhlladelpbia, oa Waaler,
litis, let, at inns c.orw a an,
"WO, JIHOWN, Mretarr
muvrnntv w .ftoyyy jAety
Ibi- V. u . ' ""' av" ""