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EVENING PUBLIC LEDGER PHILADELPHIA, MONDAY, JUNE 3, 1918
i'
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H
GOSSIP OF THE STREET
STOCK MARKET FLUCTATIONS
AT PRESENT DEPEND LARGELY
ON NEWS FROM BATTLEFIELDS
Bankers, Brokers and Traders Place Utmost Confidence
in Allies' Armies and Focli's Strategy.
Gossip of the Street
n fpHE stock market at present Is largely a war market and nearly
everything depends, as far as prices are concerned, on the
news from the front. Even on Saturday during the half ses
sion, when lrtually the whole list showed declines with a few
exceptions, brokers and tracers expressed surprise at the continued In
herent strength In the market In the face of what was manifestly adverse
news fiom Europe. The secret of it all lies in the supreme confidence
which every one seems to have In the armies of the Allies to turn the
tide of battle when a crltls comes and In the ability of Generalissimo
Foch to rise to the emergency when it presents Itself. In discussing tho
nervousness of some persons over the stock market and other security
quotations, a well-known banker, in reply to a man who remarked that
as far as he could see It would make no difference to the value of stocks
whether the Germans took the channel ports or Paris, that Industries
and railroads In the United States would have to go on earning money
anyhowj said: "If the Germans won out, which Is unthinkable, every
stock represented on the board and every underlying bond or other
security would be worth only so much paper."
An Important Decision
The decision of the War rinance Board on the application of the
New Orleans Railway and Light Company, that "the resources of the
War Finance Corporation are not intended to be loaned directly to war
Industries, but only Indirectly through banks." was not only In the nature
of a surprise In'the financial district but was particularly. interesting as
well, especially to those banking and investment houses which are Inter
ested directly and Indirectly In the financing of some large public utilities
which have been looking forward to direct assistance from the War
Finance Corporation.
One banker brought up in this connection the financing of the
Brooklyn Rapid Transit to meet a loan of 157,000,000 notes maturing
July 1, not, as he said, that he was in the least Interested in the Brooklyn
Rapid Transit, but because It furnishes the largest example of a number
of similar smaller utilities which, he remarked, were in a way depending
on the War Finance Corporation to help them out.
lie pointed out that while the decision in the New Orleans case
states that "the resources are not intended to be loaned di
rectly, etc.," the law provides that "in exceptional cases" the corporation
Is empowered to "make advances directly to any person, firm, corpora
tion or association whose operations shall be necessary or contributory
to the prosecution of the war." ,,
It has been argued that tho Brooklyn Rapid Transit Is an excep
tional case, as It conveys an enormous number of workers to and from
the navy yards and other war Industries; but the same argument applies
equally to the New Orleans utility.' The most serious thing In connec
tion with the New Orleans decision, In the view of bankers, was the with
holding of It until the last minute, giving no opportunity to make other
arrangements to secure the monej.
How Additional Taxation May Work Out
In brokers' offices and In the Street the proposed taxation continues
to be one of the principal topics for discussion, the ruling sentiment
being In favor of quick action on the part of the legislators at Wash
ington to buce down to the matter without delay and let the final
results be known to the business and Investing communities ns soon as
possible, so that they may make the necessary preparations to meet the
additional burden, whatever it may be. This, It seems, is being done in
Washington, where already arrangements are being pushed looking
toward speedy action. There seems to be no complaint about the amount
of the proposed taxation; people have come to the stern realization that
It is absolutely necessary. The point which is emphasized, however, is
to have it equitable, and if this is accomplished there will be no objec
tions to the amount, which, of course, Is assumed to be w'.thln reason and
not such a burden as seriously to affect legitimate business.
On this subject of future additional taxation there uaturallj i a
vast variety of opinion as to its possible effect on the dividends, especially
of large industrial corporations. It it true that no conclusions can be
arrived at until it is known the extent to which additional taxes will
be Imposed.
As usual, the United States Steel Corporation is Invariably cited as
an example on which to base a hypothetical case, mainly because it is
the premier stock in the country. If not the world, and partly because
Its principal figures are in the main more generally known than any of the
smaller companies.
Position of United Stales Steel Corporation
t The question which comes up most frequently in this connection is.
Will 'the United States Steel Corporation be able to maintain its current
dividends in the face of revised revenuo requirements of the Government?
Of course, this depends on what the revised requirements will be, which at
the present time Is problematical. A Wall street financial expert makes
the following analysis of this situation:
"The Steel Corporation earned a total income last year of $666,000,000.
It paid 35 per cent of that, or j:33,000,00, In taxes. The total war-revenue
tax provided by the Government was $-1,000,000,000. The Steel Corpora
tion's quota was, therefore, 5.8 per cent of that total. The new war-tax
bill about to bo framed will provide at least $7,000,000,000 revenue, and
It Is fair to assume, for various reasons, that It will be neater $7,000,000,000
than $8,000,000,000. If the Steel Corporation Is asked" to provide the same
proportion of the Government revenue of $7,000,000,000 as It paid on last
year's budget of $4,000,000,000, namely, 5.R per cent, it cannot continue its
common dividend at' the $17 rate, for the corporation's earnings this year
will probably be less than last year. We estimate earnings this year of
$643,000,000, and on such a showing there will probably be available for
the common stock only $10 per share. We believe, however, that, follow
tng an equitable taxation bill of widest Incidence, some such proportions
between the total money to be raised and the total annual savings of the
country (the fund out of which taxes are paid) will obtain as In 1917. On
such an assumption Steel common's dividend can well be maintained at $17.
The estimated annual savings of the country from all sources In 1917 was
approximately $11,500,000,000. The Steel Corporation's net income of
$666,000,000 was 5.8 per cent of that sum. We saw above that the Steel
Corporation's tax was also 6.8 per cent of the total of $4,000,000,000 taxes
provided. The estimated annual savings for 1918 will be at least $15,000-
000,000. We estimate the Steel Corporation's 1918 total net Income at
$643,000,000. This is equivalent to 4.28 per cent of the country's estimated
savings.
"If the Steel Corporation's 1918 tax, therefore, bears the same relation
to the 1918 tax total of $7,000,000,000, above estimated, that the Steel
Corporation's estimated Income of 1918 bears to the 1918 total annual
savings of the country (which was the relation obtaining In 1917), the
company's quota will be 4.28 per cent of tho total taxe3 to bo provided,
or $3,000,000. Even that would mean 46.8 per cent of the total Income con
sumed by taxes against 35 per cent consumed In 1917. It would mean
an Increase of 28.8 per cent In tho amount paid In taxes, which is a sub
etantial increase. Of our estimated net income of $643,000,000 for 1918
the company would have then, after taxes and available for fixed charges
of all sorts, Inventory appropriations, replacements, depreciation and gen-'
eral expense, $$43,000,000. The above items are fairly uniform in capacity
years, such as the last three j'ears, and can be set at not more than the
1917 total of $210,000,000. This would leave $14,000,000 with which to
pay $25,000,000 preferred stock dividend, ar.d there would thus remain as
available for dividend on common stock $109,000,000, equivalent approxi
mately to $22 per share. Whereas this seems a slender marking above $17
requirements, bear in mind that Steel now has a treasury surplus of ap
proximately $86 per share, and will have no such Inventory requirements
to deplete cash resources this year as It had last year, because the War
Finance Corporation will provide ample capital to finance the inventories
necessary to handle Government business, as a large portion of the Steel
Corporation's operations will be on Governmnt business. From tho facts
In the case as known at present, therefore, It certainly will not be possible
for the Steel directors to maintain the $17 dividend, at least -through the
balance of this year."
Taxing Poker Winnings
The New Tork Tribune says: '
"'The Treasury Is said to have decided that winnings at poker are
subject to taxation,' says the' National City Bank In Its monthly circular,
'Korr poker, howaver popular In some circles, Is not a pastime which
ascites national solicitude, but It may serve to Illustrate the point. If the
poker1 player, must stand his losses alone and turn over most of his
' - j .wlanteip.vt8 the. Treasury, there .must
be appoint as taxes advance where
Philadelphia Markets
GRAIN AND FLOUR
WHEAT Firm Quotation Car lot. In
"port elevator (Government standard In
speetion) standard prices No. 1 northern
prlng. 2.nj, No , nard winter, ,2.27 No
I. durum. J2.27: No. 1 hard white. 2 27;
ifn ' f!-'i No. a. 12 22. Minimum orlces
fled winter No. a, J2.21i do. No. 4. 2 1J.
S iSfr ?.li do. sample grade. I2n2
..13. eft. No. 3. J2.10. do. No 4. 12 li
Jo- -No. S. 12.13; do. sample grade. 12.02
nfl ..V".' "' "" "u-
v l ' wheats Mailum pi Ice He under
,n,.' " -v. i rru, . .i, io. UH irui
No. 3 what Maximum nrlce contalnlna
Vo ?erJ.43 D5r cf.nl moisture Rc u.r"r
.Maximum' prScer'contaln1n'no 'over 'A
per Pint molatnre. 7r unit. n 1 or Nn.
red 12.20 No. S aoft red. J2.11. Maxi
mum price containing not oer IS per cent
PVWJUIS- Sc under No. 1. or No. 5 red.
'-JJ V- s "d- 2-17.
Sample whentB Handled on merits but
in no case ahall price be hlcher thnn 1c
unfltr No. 1 of the ubo'aj represented
Smutty nheita Value shlll be determined
n each sample basts of the tins and sub
elapp t-ORN riecelpla. 40 :rr. busriel" Dull
nnd weaker Quotations Onr lota for In:
tradeNo 2 irllou. $1 US1 7U, No 3 vel
low, M 010 1 (Id
. 'T-S "'lelpts, 1S.M2 buihele Utile
trading and prices ucre unchanged wuo
tatlons No 2 white, Mi V 2c. standard
white, Slig'Sli, c, No. 3 white, f0tf8UV.c.
No..,4V.h,'",'7N 7Vic.
H.Oim necelpts. 3Sn.U0 pounds in
sacks The market ruled stendy under
1IR1U offering? and a fair demand Quota
tions follow T.. arrive, per 10(1 lbs parked
in OS-lb rottoti sacks Winter wheat, 100
Pr cent flour J1I1.7.1IM1; Kansas uheat.
100 per cent flour $1111 -JR. spring wheat,
10(1 per lent flour 110,10910 73
llYn fr'I.ni-rt Oti(.t ami har.fv fn,li.
We quote at $10. ",012 per bbl In sacks j
as to iuallt
PROMSION?
The market ruled steady with n moderate
in.iVf ."$', 9'10!K,!0P,J -,!-"" ."'
In sets, smokfd and alr-urled. 3j westvrn
beef. In sets smoked, 3fc illy beef
knuckles, nnd tenders smoked and alr-rtrled.
are. 21)U (Vi 301 r. ,tn amnlrH uectern
cured, 29i9'31,is, do. boiled, boncless.lS'ic.
Picnic shoulders. S. P cured, loose, 2U4c;
do. smoked. 22ltc Pellles. In plcklf accord
ing to average, loose. 32c. Iireakfast bacon,
as to brand and average, cltv cured. 0c. do.
western cured. 40c Lard, western refined,
24 W27c: do, pure city, kettle rendared.
26j 27c.
REFINED SUGARS
The ftla rkf f-1l1 ilanrlv tvltli i4amDnrl
..-.- ,..i. rinjj 'Mill ijv utnirs
fair on a basis of 4Sc for fine granulated.
DAIRY PRODUCTS
ed"VelVmr","mV K.tZSl oiv'Sitli . VonVVerrfrV -m. ? ok
ir' hlh Jil!ih0,.,"r """U'"'?. ln lne whfat U'H adders- mu.f or ttpned to all Inquiries. .
No a .ts1'J?h ,n, "nrrnt It. ..., Tlwie uhleh nrr niiosimoiis must he Ipnored. I
13 I n.r 5f"."'Tjl','Ilmum rrlc ronJi!1i.c aiisuers lo technical oiievlionj u ill he srnf
turi i- T.HI moisture to 13ft ner cent tnols. ou mnfi, other njirtllona irlll be nsstcerrrf
Ni ,1 .fVn5y .?.,.' "T. N. 3 r"1i iZ3,' '" "' column. He moil liilfrrillno prob-
talnln ii RCd. 'Vr1 Maximum nrlfj con- Pmg (ar,r, upi be worm Into the ,
unSir vi i tr V! BV "I11 .mn"tuv?' BS "on of Peter Flint
ir. western oer knuckle arid lendeis, l r.ie T -ver ,.nv"
smoked. 4r. Ueer hams. $4.1 l'orli. fsm- i f. , , , ., .
llv Y.'C13 Hams, s V cured. lnoc. 2s' ou can imagine how encouraging that
30Hc,do. skinned, loose. 2S,WJ!iHc do. sounded to me Jutt stalling out to sell
"."te1.' ..:!?'. ?:c "'hr..!lAn"- lit Then Slddons continued, '.Still you
oiuni-u. , t,i vuieu as vo orann ami arr- l
CHEESB Old was steadllv held but ''"" 'e mosi vvonneriui cooKinR reci
aulet. Ne of tine qualltv was scarce and Pe 'ou 'p'- saw ani' ,n addition to
$,"" ,. Th 'lUiitRtior.s were as follow" I that we give vou a year's subscription I
New lork .. hole-milk choice, old. 'J4tO tn the Kour Points which Is tllht the
25c. specials, hlcher Ne York, whole- x tne pour I oints. which jh me
milk, fair to Rood old 22tl'Jip. nu do. paper for women Kvery month ou get
'r';rih,'J:?.S'-'',c ' four dress pattern designs bv Mmc. Kee-
ULTlMi offerlnK" were moderate and inh who marie rtn-h a fnrnie ln !Jal i a
the market ruled steadv. but trad- was '.' " 'I130 EULn a luie in laiu a.
quiet Quotations Solid-packed creamerv ' f,w years ago.
"t!,i 41r- ,JlKher-s. orln lots, lift til,. " "N'ovv all vou have to do to accept
'rfior.n,n,ilc print': V.' -VJrTV'' I hls wonderful offer Is to register on
fancy brands Jobbltnt nt 4nn.Mc fair to this application blank': and llFteu. fel-'"f-ri-i'rli1.-
,Ii,rll,k 3S,6Bsp. Iowj, neer nbl; n nornaii to sign ,i con-
v.anted'srltSs'ultslviri cnV ' tract blank To her It sound., like
der control. Follow inc are the quotations .putting a mortgage on the old home. '
.Frrd"cHC;eBr"cu?r7nrtbrelce. 'lli?'.0PperStc"a"sle-, ! ';Wh'n '" -" t'f nr6? b,""' tBk'
western, extri ilrsts. ln 1)1 r ease firsts. out Jour receipt hook. aylng. Ill Just,
$10,10 per case. fanc selected rsss were write vou a receipt for the first pav- ,
Jobbing at 4.0 14c per down. ment Mr, . If yo nanaie lt tnat
POULTRY way they will nearly always pay wlth-
LIVB-Recelpt. were light nnd the mar- ou' a lmlrm,'r" ,,,.,,
kct ruled Arm with demand fair. The Suppose trte lady of the bouse re- ,
quotations were as follows Fowls, 34 9 XV, .fuses to make her first navment without
viiiik cnicKens vv ignini.' IWS bs
apbjce. iswnoc, welshing ldilVi lbs nnlece.
5JOSSC. stasgv loiinn nmiiisri "sK
old rooste-s. 22W2.1c, ducks
Pekln. 2SffJ
30c: do, Indian Hunner, 2n27r. cese. 2.1
2Hcj iruinens. per pair $1 .loifl nj, plseons
old, per pair, 4U4."c, do. jouni. per pair!
nn&'aoiM, ti.. . . . - ,
DIlbSSLD The market ruled firm under
scarcitv with demand iqu..l to the offer-
Inss fowls were 14c huner The quota-
drO)n.r,lell0edOW'fancF;'8.Vlec,,'e. iVWiN
lbs and over apiece. 3m c. arnaller ilies.
.13133.1c Old roosters. dry-pickd. 20c Iioast.
Intf chickens. written In l,n. .u-i.i..
nz 4 lbs nnd over anlece .t.-.fai.lT. H
nelehlng4lba apiece 33340 tin. vvelcliilig
3 lbs apiece 31033c. dn. weRhlnB 24 Wo
lbs. apiece 20 iic. roasilng chickens west
rn In hbls w-eiehlnc AH lbs and over
"vvzrri ic. uo weiffninv .14111 lbs uncce
W1VTufkevrhnneKrV"r,,ckVPd"ls,',
33034c; fair to good. 2803P.C turkeys.'
western, dry-picker., best 3234c. fair to
suuu. .-.inic, luraeys. olil toms, 34c: do.
common. 2528c Sprint ducks. I.oni
ntnit.i, i,i,, , uii per aoz -v nue
o vvelshlns ll'4 lbs rer doz . $2 730
8 23. dark. Sl2: aiuall and No. 2. 7Sc$2.
FRESH FRUITS
Demand was only moderate but vnmes
yenerallv ruled steadv Quotations Apn'es,
per bbl Wlnesap, $7n Albemarle I'lnnin
S7ffl. Baldwin tiftf lien nml. u nnirfn
VVlllnw Tw'liF. SAffrill .lt,rtlp u.llcrn nup I
box IVInesnp, 12 .100 I. In Ulnck Hen ':'
3P- .".'J' .DdU." ?-' ooe-1 :,n Newtown Ptu -
pln,$2(i(4 Apples, ne.vms. ier -lamner.
,10c fin ,iu. do do pel H -bushel basket
2Sc312.1 Peaches, (Scoriila per ti-basset
carrier. $1 2582..1ii Lemons, per tioi. .iw
H Ornnres. Florida per box. $.1 .lojf 7 r.n,
nn 1 fliiinrnia nei nov. snin I iiMri.-ritr
Florida, pr box, $3C4 .10 rinenpples, rnrto
Rico, per crnte $31i.1.10 .strawberries.
Delaware Mar) land nnd Hasten! bnore in
13c I'herrlea. Pelawaie. per 10. 70?i
13c, do, Virninla. per qt . 2.1S.i.1c do. rall
fornla. per box $2 2.1ft 2. m VVatermelnns.
Florida, per 100, $33073 do, isj. per car
load, $350.1O(l
VEGETABLES
Potatoes of line iiuallt soid fairly and
ruled a shade firmer Other vegetables were
In moderate request at revised figures Quo
tations White potatoes, per Inn lbs. Penn
slvanla $1.3001 30 New York ll.SOft
1 (,0 do. South Carolina, per bbl 'o. 1,
S50.1 S3. Noi 3 $3 30W4 2.1 do Florida,
per bbl No 1 $.123 0.1.10. No 2. $3..-,0
4 23. do. do per l.ln-lb bag No 1 J.1..10
4 .10, No. 2 $-' SOS'S 21 Sweet potatoes,
Jersev, per "s -bush baskvt (33 lbs). No. 1.
1.10(1H0. No 2 30000c do, do per
hamper No 1 $3 2.102 75 Nn 2 $I21W
1 30. Celerv riorlda per crate $80,1,
Kggplant Florida, iwr box $203.75. do.
Cuban, per box $10 2.30 Cucumbers,
Florida, per bnskt. $13 do. South Oaro
llna. per basket. $l4 Beans. Florida, per
hamper. ,1(ic0$l .10. do. South Carolina, per
hamper, ,1uc0$2 do. C.eorgU. per hamper.
5Oc0$l. do, North Carolina per hamper,
$302 2.1. do. do per 'i -bbl haeket. $203.
Beets. North Carolina and South Carolina,
per 100 bunches. $10.1 do Norfolk, per 100
bunches. $30.1 Peas Norfolk, per ham
per. 75C0I2 3O do. Dclawan- and Mnr
fjnd. per hamper $103 do. North Csrollna
per hamper. 3c0$l 50 Corn Florida, pt-r
crate. $304 Peppers Florida, per irate,
$203 do. Cuban per box $130S3 Toma
toes Florida, per irate $2 3ji0.1 Cabbage,
Norfolk per bbl irate $10173 Onions
Texas new. per crate No 1 7.1otf?$l 2.1.
No 3 ."01T7.1C Waleriress, per 100
bunches $163 Mushrooms, per lb, 30
010c.
Philadelphia Arrivals
at New York Hotels
A C Anthon. Preslln.
W W Cooper. Park Wenue.
j A Hermit Bristol
P.. Dlffenbach. Orand
F n .lohnson Hreslln
C K Marder. Herald Square.
Miss E Mays Longacre
J McGee. Cumberland
S Q Nell, Cumberland
Mrs C K Phillips. Oregorlan.
K M Pletcher, Continental.
I. W Heed Cumberland.
II rtublu. Orand
J S Saunders. Herald Sauare,
T S'chlseall, Hreslln
O II Snvder. Wallltk
Miss E. 12 Wehster Oregorlan.
II. Hausewlne. Wulllck
If A Beall. Aberdeen.
p I, Collins Herald hcjuare.
1, Deacon, Hreslln.
W. Unule. Park Avenue.
.1 II Frederick Broadway Centra!.
W 8 Hood, Park Avenue, .
M I. Kurti. Grand
A Mordell. Albert
i: 1: Bitter, IVaHiek.
C. A. llurapt. nreslln
Mrs K Schoff. rark Avenue.
N- P.. Shronk. Bicsdway Central.
n F. Thompson, arand,
13 11 Welch. Herald Square.
K' 11. Williams Hrojtsll
Mrs E n Williams, "roiteil
I' n Armstrong. Great Northern
K llahn. Endlcot;
V N narrow. Woodward.
A B. McVaughan, Lmplre
Trads Representatives
j Dlumenlhal. novelties, etc.. Hotel Im-
pj)'rrnk t Son N. Frank, piece goods,
Holland House
GOVERNMENT BONDS
welshlnK 11 to 12 Iba per doien. $77 2.1: you In " Whack' went some niaga-
Wil'fs d'rUSAin'i V ff: SrrddS. ?'"" "" to ,,,e ub,t "i"1-'11 he hAd
6.75. do. weighlnc 7 lbs per do.. $404 sn, been holding In his hand "hor the
Bid Aii
9H 9Si
98
99n 100
99s
1U3S 107
10o 107
5s registered 1930
8s coupon 1830,
Sj registered 1918 ,.,.
3s coupon 1918..... .........
4i registered 1935. ,.... .-
Am Mnnon '1S23. ..t '.
as registered l4,..y.e,,.,(t 88
, j s !" ".-.. ?iBBoIr 07'"" oolned'.uilX. unn Biataa Mlnta..
BUSINESS CAREER
OF PETER FLINT
A Story of Salesmanship by
Harold Whitehead
Voririoht. lilt)
Mr. Whitehead nil! nnsutr uour business
Question on buyina. cllino. ndrertlsliiD and
' ImHE lnttrni-tlnn mil Klrirtnna ff.ia US
I , ,. , . . ,,,
for taking a year's ubscrlptlon to the
' Moon by Bllng a year's subfcrlptlon to
Cupboard Comfort Monthly nnd the Four
Points, all for the price of the news
papers, were Interesting. This Is what
he said
"When ou fellows get to a house,
don't waste any time telling who you
arp. When a woman comes to the door
she will just gle ou about two min
utes and If you can't get your story over
p. d. n nothing doln' remember. It's
the first thirty seconds of your Inter
lew that's the most Important.
"If you look right and act right you
make a faiorablp Impression, and If you
look right and act like a dub It's all off.
If you look like a dub well, you don't
get a chance to act.
"When a woman conies to the door
Rtnrt rtirlit It, nnrt oa '(tf,ft,t mnrtiltiff
Madam, do you receive your ropy of
' tho Moon rfeularlv evcrv morning" Sh
will prnbablv sav.' "No."' Here lie broke
, ,., , . , , j , ,
i ln wlth " veering chuckl- .--id said,
i "you can't blame her It's the rottencst
guys needn't worry about that I guess I
the people buy because they get a couple
of magazlner Well, as I was saying. j
"The woman will probably say no she I
don't read It. Then you say, 'Po you
haven't seen the wonderful new offer
they've been making lately By having
the Moon left at our home every morn
ing for one jcar we give you without
I fl tils fnol vt1valdi'At n Vcor'o e1lticrl-tnt1nn
( HIIJ S.UI.TS, II Kllir ii) (i, vias i ivnwi'V,! i'tiwii
to cupboard Comfort Monthly, one of
the best home pipers ever published.
i ..,, .. ... . .. .... ...
Um, assunnce that the renresentatlve
fom assurance tnat me represeniativ e (
' fully autboiizod to receive the
moncv?" It whs (Irnhum who snnke and
,.-lmi , relief It wis lo honr him sneik
' "al n re"pi was to near mm EpeaK
I with that wonderful voice of his atter
Siddotis's high-pitched tones and slang
.,t,im.
expressions.
' Slddons looked startled for a minute.
' ,hf n "vlnB himself said. "They'll
' come across for 50U all right, I guess;
1 nnvhow. If they don't the order Is no
. . ..
gOOQ
Slddons then made each of us "sell
him the proposition Just to see that we
got the hang of It
Graham tried It first. He seemed to
B" '' "' f" "' "'"; the,
fa a" ray aH I'1 ' CAm scond and
began "Good morning, Madam " "What
d'jou want'" snapped Slddons. mimick
ing a woman's tones. 'Van I interest
love of Mike, can't you remembet any
thing? Don't ever ask them If you can
interest them in anything The'H all
say 'No' and there voti're killed right
away Remember, ask them if they re
ceive a copy of the Moon regularly."
Well, I tried a few times and finally
1 he gave a grunt and said. "Guess you'll
Ket bv " Then the other three fellows
1 r,j ,v,-i. ,,,-
, ,,art tnelr ,urn' .
I didn't realize the benefit of this
, preliminary training until I started the
' k
..w...
It wis quite a different piopositloii
selling newspaper subscriptions to selling
books. When selling book for Swivel
I had to call on the best class of peo
ple. Hete the cheaper the class of
folks the more pleased they wete
I'll record one or two ot my experi
ences tomorrow.
TODAY'S USIM:t F.PKIK.VM
Look in tht mirror now what's
the impression t
Wltut dors tills mean M VOl 1
Ji. U'liltciead lull n,nu cr ioiir ounbiess
Olicstioiis on builna, btlltiio advertl&tno nmf
eMplointiiit. Ask uour nutations ilearlu and
oli till the Jacts. Your 1 on ret iiaioc arcl 1
full address tnust be siontd to all tnqulrte. ,
Those uilc ore n'lo.iylnous miiif oc fonored. '
4iisiceis to technical questions utll be etf
by mail. (Hicr questions utll be answered 1
In Idls column. 7"l.e xiost inteiesttup prob I
lems ot inquirer utll be iioccii into the
storu 0 Prtcr flint.
Business Question Ansuereil
Several requests have ben made that
Teter seil Ufa insurance I shall U glad
to l.tai from some readers on this mat
ter If that work is of sufficient general
Inteiest Peter's next adventure will be In
that line Don't all speak at once!
I had quite a few jobs but I couldn't take
much Interest In them I 4m very much
Interested in the theatrical business which
includes motion pictures I would like our
opinion on tie theatrical business I would
UKS IO KIlOW m- umi " w , "1'l.tj tui a
1 Job I havenn't had any experience In the
'work, only what I have read What arc
, the possibilities In the business? Would nu
'advise me to go to a large city and In
I a largo theatre 10 work" I am a oung
man. eighteen sears or age J H F
1 I would suggest that ou attend some
I good night school in our town and bet-1
let equip yourself educationally for your 1
c.iteei, whatever lt mav be If after
'two years' time ou still feel that you
are a future Sothem. no advice any 1
one could give you would keep you from
the stage For every one who makes a
success of It there are about a hundred
who don't You would probably be one ,
of tht hundred
whin I was about our age I felt a
craving for the theatrical life. 1 realize
now that lt was merely a kind of calf .
lnv for romance. I wanted to do it '
fur tl e fun of the thing rather than as
serious means of livelihood
A cung man of eighteen who has al
ready had "quite a few Jobs" Is suffering I
from wanderlust and wants something
to steady him a bit. If ou chop and
change like this jou will do the same
In the theatrical or any other pro
fession Pull yourself together and make 1
,,n vnnr mind to do two year's hard
solid humdrum plugging all in one con
cern. Put your time in reading worth
while books and studying worthwhile
subjects
(CONTINUED TOMORROW)
American Locomotiies for France
New York, June 3. American locomo.
i.a KnllHers nre receiving lirsMnt In.
qulrles for motive power from France)
ana unina. opcuiui-auujia nave uireauy
been prepared for locomotives by the
French Stale Railways and the Paris
Orleans Railroad. The French high com
mission Is asking for 6000 tones of steel
tires for car building, Chinese inquiries
come from the Yunnan Railway and
fiom the Chinese Government railroads
The Guantanamo & Western Railroads of
Cuba Is In the market for ten switching
engines.
! cv !
No Gold Coined m May
Vasliltvann Junak As.'N.n ffnlrl ;
t WW sa 1T . ?Z. a s
AMERICAN CL YDE HUMS
'STRAIGHT TALK NIPS
TROUBLE AT BRISTOL
Traylor Minces 1N0 Words in
Telling Men What to Ex-
peel in Event of Strike
A stralght-from-llie-shouldcr fpeech
to his men by Samuel W. Tralor, head
of the Traylor Shipbuilding Compan,
Cornvvells, Pa., In connection with the
launching of the first wooden ship, Al
vada. Is still the subject of comment.
There had been some trouble with the
mn In the yard, as nt most shipvanls.
An attempt h.td been made to call a
strike, for one thing. All concerned
were dlcharged.
Mr Traylor minced no woids with his
men Saturday He told them all Just
what they might expect if they did not
"carry on." The warning was repeated
time and again In the presence, of the
whole population and hundreds of visi
tors, and tbere were many who specu
lated upon the effect.
No difference was noticeable in to
day's attendance of the men. All were
reported to be ln their places, and this
fact was pointed to as proof of their
loyalty I
(Jovernor Brumbaugh, who preceded ,
Mr Traylor as speaker, declar-d that
the whole State power had been pledged
to 'bear against thoso who foim nt
trouble cm tiovernment works" nnd
Urged the men to leave their differences
to the mediation hoard for adjustment
I have nothing against Inbor unions. ,
said Mr. Tralor, "but 1 am agnlnst all
labor agitators who come into the .ird
t6 vtlr up trouble. There have b-in
men In this place who have tried to
burn It, and there have been machmis-ts
and pipefitters who called themselves,
union men and attempted to hold up the I
company for double time for night work (
We are now paying them time and a
half These men are not jet In the
draft, but I hope they will be soon." i
The yard executive, furthermore, told
the men that some of them wouid have I
to go on a night shift to speed up the
work He promised, after bis ejipcrlenco '
with the first ship, to cut the cost of '
production to the Government 10 per
cent
The Alvada. first wooden ship built
on the upper Delaware for the lioern
mena. and alro the first boat turned out
at the Tiavlor yard, was launched with
case and had plenty of water to spate
appal ently All criticisms of the selec
tion of this region for building and
launching big ships were thus set at
naught
Preparations aie already under wa.
to get the five Idle wavs in operation
Kive wooden shlpi are now tinder way
"MELON" FOR SHIPBUILDERS
Half Million in Back Pay Ad
vnncc at Camden Plant
Moi than $5nn,000 in back pay will
b- tunica over to tic fiflOO emplojes of
the New York Shipbuilding Company's
plant at South Camden today.
This money represents the Increase
in wages granted the shlpworkers last
February bv the wage adjustment
board and dates back to last Novem
ber This pay Increase has not been dis
tributed bcfoie because of a vast amount
of work in gcing over the timehooks
and figuring how much was due each
workman was required.
The tak was completed about the
middle of last week and today was
selected ,ih tht time for distribution
With pay rhecks given out toda the
men will receive cards nsl:ing tnat as
much of the money as possible be In
vested In war savings stamps and Lib
erty Bonds As the emplojes of the
shlpjardi have purchased h record
amount of the stamps In the last nine
weeks, officials of the plant estimate that
fully one-half of the money distributed
today will be Invested as requested.
GLOUCESTER RIVETINGS
Doings and Savings
j
Ot tile .Ut'n at
the Puscy and Jones Yard '
Frank Stewa'rt, one of the Pusey ft
Jones main offloe force, has won n repu
tation for getting on the job bright and
early in the morning.
W F Cotletto, instructor of the cost
accounting night class, Is not worrying
about the lost of tomatoes this year.
Take a look at that home garden of
his. 1
C M. Zane, catcher of the main nfllce 1
baseball team, is at home with an In-
Jured foot.
The boys In the main offlce miss C.
M Clinger, offlce manager, who Is glv-
ing his eyes a needed rest, and wish him
speedy recovery
.
LAUNCH 16 SHIPS ON 4TH
Great Effort to Show Patriotism
of Workers
Washington, June 3 Siiteen vessels
are to he launched on the Pacific coast
on July I, according to the program
nlanred In response to the appeal of the
shipping board to the countrj s ship-I)0er and endeared himself to every
builders to celebrate Independence Day ' . , . D Rock.f-ii,r ,.a OIlp '.
with a heavy output of tonnage This- is J ,(J John u itockereller was one of
designed to refute chat boh that shin-I his congregation. Illness compelled Doc
wotkers iu the West are not putting ; tcr Katon to abandon his wot k there, but
forth their best efforts to speed up the i
shinhuildlnc nrocram
Representatives of the labor depart-I
ment who investigated eoncMions leport
that the coast shipworkers are co-opei - I
atlng to the fullest extent ln producing I
maximum results i
t . I
r iT r f
Latest news Launchmgs
- , Cf J
at IrloUCeSter anipyaraS
. - - i
Peter A. Seddon. one of the leading '
emntoves of the Pennsylvania yard, a
past commander of the Sons of Vet-
erans' camp of Gloucester, on Thursday
nl.ht celebrated the third anniversary i
of his- matriuge and entertained many
of the shipyard employes at his home.
311 Mercer street. Gloucester.
Company K. Twentj'-second Infantrj-.
stationed at the two j-ards. has erected
several tents to accommodate new mem
bers who arrived a few days ago. The
three barracks erected along Charles
street are not large enough
The force of men working on the
tanker started on April 1 declared It will
be ready for launching on the Fourth
of Julv When work started the date
for launching was fixed at 100 days.
The work Is up to the schedule.
The Pennsylvania tJilpj-ard will likely
build a number of minesweepers for the
navy department. The work on the
sweeper the keel of which was laid
last Sunday already shows great prog
ress. The old Gloucester race track property
purchased by the Xew Jersey Ship
building Company, now looks like a
regular freight j-ard. There nre a num
ber of tracks there and cars are con
tinually being unloaded The new
office, building stands on the site of the
hill that was opposite the old fish cabin
Work is progressing rapidly on the
power house and building being con
structed on the old GloucesUr baseball
grounds. The amount of current used
at the two yards is Increasing weeklj-.
The watchmen ana special officers at
the two yards are soon toVtar uniform!
similar to regular police oMcara. The.
company TH !mwa- Jeuoo ;!
SHIPWORKERS' EXAMINATION
REVEALS CROP OF HUMORISTS
Answers to Questions Define Bulkhead as
and Bulwarks as Stable for
Cattle
T HA VI
I exan
C been correcting tome of the
xainlnatlon papers handed In by
i the new class," said the shipyard In
structor, peering over his glasses, "and
J want to say that there are some people
here whose sense of humor Is keener
than their knowledge of ship construc
tion and shipping teims. I will read
a few as this worker has written them
and correct as 1 read
. ' Ain lUMMRIt-Kxnert hot-air artist :
a knocker; long-winded orator
I "To a shipbuilder an Air-hammer Is i
the piston-fitted apparatus driven by I
compressed air with which the hads of
'rivets are smashed down, or 'riveted
IJASn LINK Lines found In Shlbe
Park and used by Ty "obb as a race
track; chassis of it flivver; lines said
by certain alleged vaudeville actors
"This Is a line from which certain
measurements are taken
"BAT RIVET Stage fright of a big
leaguer's first time at the bat
"In realltj- a rivet with a conehead
No. -conehead. not bonehead
"BATTKN Sports page slang for
swinging the stick
COMMANDEERED PREACHER
SPURS SHTPMEN TO SPEED
Dr. Charles A. Eaton "One of
the Greatest Men in Indus
try," Says Schwab
Selected to Enthuse Workers
Following Speech Before
Naval Architects and Ma
rine Engineers
THE So.
Marine
Societj of Naval Architects and
Knglnrcrs gave a dinner In
New York last November One of the
speakern was Jlr Charles A Eaton,
the.i pastor of Madison Avenue Baptist
Church. Thee who heard him will
t not forget cither the man or his way
of saving things: his patilotism or his
religion
After he was through Rear Admiral
f'apps then of the t'nlted States ship
ping board, laid his hand upon the
preacher's shouldrr and said "You are'
commandeered by the shipping board
'for tho period of the war" '
This I." the --ame I Katon (o whom
Charles M Schwab. Director lleneral
of the Emergency Fleet Corporation, at.
' dinner given recently In this city In
the Director General's honor, pointed 1
I and said- "There Is one of the greatest
men In the whole shipbuilding Industry."
I The national service section of the
i I'nlted States shipping hoard, which
I mainly promotes patriotic meetings here
and there and which was recently re
quested by tho I'nited States Govern-
1 ment to extend ItSi meetings to munition
factories and other war Industry shops
and centers, came as an inspiration from
Doctor Eaton s speech at the New York
1 dinner. Doctor Eaton's job was to aiouse
shlpvvorkirs to realize theirs was not a
. job, but the greatest industrial under- .
I taking in all nistoiy Nowhere, it is
thought, could a man have been found
I with better training and experience fori
I the work, and now the national service
section and he are one and Inseparable ,
norn In Nova Scotia, son of a ship
builder who went broke at the game In
I a time of great depression in the Indus-1
' try. uoctor L.aton nan to striice out eariy ,
, in nfp ,,,i PvHt l,c Mr ow n hands. He '
took to railroading and helped construct
the great transcontinental lines It was
his contact with the men there that led
him later on lo his life work building
up the spiritual side of his fellowman. '
The rougher the man the mote Doctor
Eaton liked him for a spiritual subject,
anyway He has often said those rail-'
road construction gangs "comprised the '
sweepings of hell." But he felt his place '
was among them and his Influence wlih
the worst was demonstrated In striking ,
ways. I
Once an embankment caved In and 1
, many of the men were caught in the
niide Eaton was among them and with 4
them In this great misfortune The
,VOISt off of lt lot hl, bodj. frightfully
. crushed and his head alone sticking out
; ;, ci. r-.to mmted ...e r
of n( roUKh comrades and would not
accept anv attention for himself until
the last man was out. Then reaction
took his consciousness away
Doctor Eaton's education began In
those railroad camps, to be finished at
a seminary He had a church in
Toronto for several jears Then he
u,if in Cleveland, n . tuvsma n snlrimui
not until It had been established Ilrmlj
An old tartn just outside of Plainfield.
.V J., soon restored him to health and
he gave up the life there to accept the
Xew York pastorate which he quit to
help win the war Jack Bowman, a
-T- I CI IV
Doctor Kal
Mens assc
Xew York hotel man who had known
aton as chaplain of the Hotel
ssoclation of that city, at once
I i nul a Iln sune oi ruuuis ml me uispusui
.0f the hetd of the new war work The
Mitlonai hervice .--ecuon a work is sun
"eing mrectea irom incse rooms
Dr Katon has personally addressed
i more than 200,000 ahlpworkers, andlProuaiy wears tne gold watch presented
mith what effect can readily be I i? I1'".1 b' Director Schwab, when the
i i i ...i.... i i m-.j .i . i
some of his ha.f-hour meetings in ship-,
yards .attended by every worker, have i
cost the shipbuilders as high as 520,000
Uhe Meeting place
or representative
Amencan Men and
Wfomen rrom every
state in the Union
For ntei, etc,, ice
dvcrtiicment atx
uiiitiiiiiHiiiHniHiiiiBiiMiilijiw xsSigJj j( i sjLi Jr &
WITH NEWS
Highbrow"'
"Wrong; it is a thick strip of wood!
used in making templates.
"BENDING FLOOR Sensation when
taking too much on board
"Partly right, but ln shipyard par
lance a larire Iron floor on which frames'
are bent i
"BREAST HOOK A favorite method
of .tolin t. Sullivan for lnlllnc- an onno- '
: .. .. - - ,
nent to slumber. I
in icaiuy a pjaxe connecting a.
stringer at the bow of a ship I
"BREAK IN-Burglary, entering the
ble leacue on vour nerve, the first oner-
atlon of a good bluffer
wrong uenaing or a pncei nacK oi
a seam by too heavy calking. j
"BLLKHEAD A highbrow , the boss
on me morning alter uie iiignc neiorc
"Insolent nnd incorrect. A steel par
..- , ... . -. --r
tition of a ship
I "HULL RIVETING Getting the hull
across good and hard
"Not ln this case Riveting with a
compressed air or hydraulic plunger riv-
eter
BULWARK Place where hulls arc ,
t
Fianieu
i "Wrong This Is the protection rail
along the side of the ship
1)11. CHr.LF.S . EATON
HcaiJ of the natioitdl erirp eec-
lion of the United Stalce hhipping
Hoard
each in emplojes time and that the
men have returned to their work with
such enthusiasm after listening to Doc
tor Katon that they mote than made
up for lost time that same afternoon
Hence tin- liov eminent' request for
an extension f the national service
section's work Doctor Katon declares
that us a whole there is no liner, cleaner
class of citizens titan our shlpworkers.
and that they will not full in their
devotion to duty "and countrj he is
suie To the Inspiring leadership of
men like Mr Schwab. Mr Hurley chair
man of the shipping board, Mr Plez
and Kdgar S. Mclvalg. In charge of
the Delaware tlvei- district. Doctor
Katon attributes all his succcs ln
"sietdlng-up '
A'cir Right Off the Ways
at iew York Ship Yard
Woik on additions to the main ofTlee i
of the .New York Shipbuilding Corpora-
JMW
comnioaate the Incteasing office force. I
uc iu me eiuurgemeui
of the plant
'"be din being excavated from
the
,,.,. in nunc ii me sue ot the seven
wooden ways being built, is being used
I ttn
,j , Vi. "IC 'iieuaows on the north
side of King street. Gloucester
The new wharf extending from the
wooden wajs, recently built, and extend
ing back to Newton Creek bridge, has
been finished and boats can land there
ami unioaa material Headquarters of ,
the police denartment has nlo h. r.r,.
structed close to the new wharf. t
Wallace Benedict, social director
of the .w York Shipbuilding Corpora
tion. Is looking alter the, construction
of 1000 homes for shipbuilders. .Much
of his time is- spent at the faim, where
buildings are going up rapidly
The new wooden shlpwajs for Gov
ernment vessels, which Director General
Schwab ordeied built by the Xew York
shipbuilding Corporation will extend I
fiom the mouth of Xew ton Creek to a
point close to the Gulf Ilennlng Com- i
pany wharf The Gulf Company will
eucm muve 10 auotuer location.
Thomas Mason, superintendent of the i
w JIB
Wm ?HlPiiiHtvi
iB '-!IlIillB
1 ii.i.i.i.i.i.iH?vlfc& .ilililililH
hull department. Is one of the most ' pnnFTflrsT TNItf
populur men at the shipyard HelIL1vc'1' "v J
lui-Kuiiue as launcnea in iweniv-seven
, wsr'-llVVtftS0
appreciation of his work In the educa.
tional school.
mmmm
mmmlm
tVJ-
iir'
tus-
!?-i5
mm
1W
?
m
BHJ112bis
11
!SBCPH
..-vs.
.'
SPEED SHIPS IS PLEft
,. ,i.a
III HUti ISLAND
HVJ
$. ,
"ii.
Pershine Veteran and Ot
Stir Workers at Flag Ral
llirr F!vrn!sa J.i
-o ...
I
Shins, shins, for flnd'a Rnlte. nid
inai i and otherB like me can (to B
This Is the cry of Sergeant Oeof
Clayton, one of Pershing's veterans,
goes back to the trenches In Krana
morrow, after being on furlough I
borne time because of rheumatic frfrPsftSQl
contracted durlnc nine months of nerrifnJ&gf
iti. u t i -,., -: ".VTl
hii nil- aiiiencan tpeaiuonary rprewvi
ins iiainuiic appeal xor snips sma;r
more snips, was made to several tnoa-yrl
sand Hog Island workers during ' flagr'j.jl
taislng at Yard No. 1 vesterdav. 'If rir'l
. -- rm. r .. - ,vev
"I'm going back and fight until -ifmgfSJ
"wi'ir. -tnj ue in iue u iiiuv; nijfuc!"si
''! be blinded Perhaps I'll never cbroVi'w
uacK But cant stay over here ,ivhljey.i
-H men of my company are over there." i.
Sergeant Clayton shouted to the Jhlp'gJ
.. .nt-ic. j
"My furlough is. up tomorrow',!" h '
""a- ra going uacK I believe ln-;
long there. I havent' forgotten that'flrat, ;
nlirllt In the tronchpH. when 910 Clirnin'ini? sd
were sent against twenty Amerlcajtsvfel
"I haven't forgotten the first three rfw'J
uresham, Enrlght and Hay
in a dugout next to mine,
he fit. but I can fight."
I may -not..":
be fit. but I can light." ft9
"Let ships come first" was the spirit-,:
or an me speaKers, most or. mem yet- ,f
' Ttnuo Ul LI If !, ill. HIV L,CIClJVIVIIe i,WF
Tunnfv lliniicnnil ahlnu'nrlfAr Yt e.i ftt ra J J"H
'rirtiis ui cut war, hi ciic i:eieuraiiuu
..rinx r.r l t- a .! sKsa .xA
, ..tfAH .'.U , .. t.w.-l .. 1stf. ' ' 'fX
1 Lieutenant De Wlerzblckl, of th aS
I Fiench high commission to the United 5fJ
' oirtic-r, ciii ui;it:i icru iici 101a11u.au 01119 ftbl
'of the tvvo impottant placed ln lilstory."..,vli3l
, The other Is the Marne, he said. Menja
woo arc iuu per cent are neeaea-.lO'XgfJ
1 help and to "worK, work, worj:-i-evfryf f$
inlnnt liUc thn men nt thA Mnerti t-,i-.1
an,.T 'irll.
A prisoner In a German camp for &lx
ten months, Captain John C, CurAn,"J
of tin British army, told tho shlpvo.J-k?-gI
eis that any man who is a "Ucktrlg3
in me nunaing or snips "is a muracfvr,Vi
of the boy-- sent over there to fisht h's
battles." A.v:
V.M
REAL ESTATE FOB BENTifgl
.-NKVV Jl.KSr.l SCAKHUHE
tl DAILY IN JPVH
sn fsl tsia A tlA fnn M.
Dished electrle-llthted bnngmiosra f
Stone Harbor Bungalow C
8UIIF BATIIINOl r.OOD FISat
Close to the ocean And boardwaUc.
ventent to naninc grounds, tn the. h
01 a juoucrn, up-co-oace seaside rti
E,acu uuitumuw a preccr summtr
Klectrlc light, artesian water and
ace. rean vegetables, meats. !.
Ilvered to your door. Rates by tlw
nuniii vr f-iinon, zveservv your
modatlons NOW.
BOUTII JKIUSKY REALTY CO.v
Bell Phone. Lombard 110
MIMMKK KESOBTH
"Mil
I'Ot'OXO -MOUNTAINS.
slmw nee-on-the-nelnw are, Tafr 1
w . iSL fci
BUCK mUF
,'ffi J!
wHW v tl
inn
B
?8havme-n-:
1'esDsTlTa
UI'KN FOK -J,"
TIIK HKAfl
ITome of the
ibawnce Golf Con
A. J. k C. V. Murphy, Mfr.,4?jJ
WKKNEItWVILI.K. PA.
GALEN HALL-IN-THE-MOUNTJ
WEKNERSVILLE. PA.ii
Tho btautlful Spring RoMrt-'l
casiern rannayivanla and tlw.a
one of Its class. "j'c
Dry Air. Unusual scenery. Eva
lor long or snort slay, uiujr eon
excellent table. Colt. Tlithy-Mi
larium. Resident Phvsirlan.MfSa I
ap. Lone-distanca telephorea.' ,..JKy, .
Phils, and Read inv K. R-Throsjafc
mans from NewYork and IMilliiliilrtsj
tlCIWAKU ax. vviNa,
ATL.NTIO TITY. . i.
I
'RAYMORE.AT
TORUDS GREATEST 1
"'" ter IIP up wlily. : H up dly. i
CAPE MAY.' Nt'1.
I rl:l Us1 Renovatad i
SWIUlllOl 1 iUtCl Rnnma wriil
uatii, ripiaiur. ifpens xor UTO SI
lfitti. W. H. CHURCH. Owner :
SECUUI3 YOUR COTTAOK
ui,ni.nvauua at
WITH FINEST BATHINC
WORLD
WRITB BOARD OF THAI
VILLANOVA. nr. P. R. Sta..
hotel, farm prod . good tab. Oso.1
OCF.AN CITV. n7
HOTEL BRIG!
OPENS JUNE H.'
juiy is a nne montn in uosaa
of bathing and flshlni, AIws
rrirraiiuiK rt jwJt
wii.nwonn. n
Wlldwoad'a Tai
Hotel. Mod. A core.--'
ntweiai une ratss.
Oood table. J. kT.1
NEW SHELDON wlh
SVi K1eator; private bthJi; 1
liKlt. AUXO. U.JiuwiVwn
Justice Near B.aeb.aa4 h
i - - toil ii inaaTi viabv .
" " " - rwr
"?
ETJUCATIC
Wlrcli
OptntML
Four montna- course Quaita
merclal license ana alia
Army or ?avy at, nun r
pert Instructors.' Low's
Z.M !.... 1A S'Vlf .
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