Evening public ledger. (Philadelphia [Pa.]) 1914-1942, January 07, 1920, Night Extra Financial, Page 20, Image 20

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

    J
'b
t4
J
,1
y
EVENING PUBLIC LBDGEK PHILADELPHIA, vWDNteSDAtf, JANUARY
20.
London stock market
Shell Transport to 11 11-10 and Mex
ican Eagles to 10&.
Ilubbcr and Industrial descriptions
were weaker In spots. The gllt-cdgc
section was firmer on easier rates for
money.
- Comptroller Issues Bank Call
Washington, Jan. 7. The comptrol
ler of the currency today issued a call
for the condition of all national banks
at the close of businesi on Wednesday,
December 81.
DIVIDENDS DECLARED
Federal Suear Kilning Co , quarterly nt
1 per cent on common and 1H per cent on
preferred, pnabl reoruary S to stock or
record January SI
American Mitht and Traction, quarterly
of 2V4 Pr cent In cash and a dividend nt
rale of 2i shnres of common on e"ry 100
harts ,of common and quarterly of 1 't. per
Mjv'tvf'f3n
M,
Write for
Information Regarding
BRITISH-AMERICAN
CHEMICAL. .
tlt'Edged Section Firmer on Easier
'Money Rates Home Ralls Flabby
i3Uidon, Jnb. 7. Irregularity cliar-
rUcd the trndlng lu securities on
otock exchange today. There was
rent on preferred, nil pavapie I eurujry ;
sioca or. recnm January 10 .
Hercules Ponder Co, quarterly of l?t .perl
2l2 Cash
and 10 Stock Dividend
nc declared Jan. 2, 1D20
Ak for Circular C-l-4
FRANKLIN AYOES
Share mill Bond nroher '
1021-23 Drexrl Uldc. I'lllln., Tn.
Correspondent, I.. 8. llogcr. & Co.,
Members of
Consolidated, Stock Excliahge
of'N. Y.
Krec from Slate Taxes, and Compulsory Declaration under Massachusetts Income Tax Law;
also exempt from State and Local Taxes in Connecticut, Vermont and New Hampshire. Exempt
general disposition to wait or the
CKtloa of the railway men on the
cent on preferred, pavaoie reoruary n to
tockholdera'of record February ft.
Cupey Bussr Co , semiannual of 8 per cent
on common and 3lj per cent on preferred,
both pajahlo rebruary 1 to stock of record
January 15. ... ......
Union Oil Co. of California, nuatterll Jl f0
and an extra $1 both pajablo January 21
to stock cf reurd January 10
i i
irom Pederai iNorrnal Tax.
41,500,000
A. L. Sayles & Sons Compsuny
(MASSAOUUSETTS COBrOBATION)
8 Cumulative Preferred Stock
Preferred or to Assets and Dividends
Dividends Payable 2 Quarterly, February 1, May 1, August 1, November 1.
CAPITALIZATION
tiZjidTtrnmeiit'B wage offer. Home rails
&i'V$ V flabb.
K i c.. ... ....
VA
After selling off the oil group rallied,
,'
vr -
nuiiiiiiiuimiiiiniimnnniHiin"11"1"11111111
'
tn -iiiiiiHiiMiiiiiHiniiiiiiiiiiiimmimminiijiny a
B,
BSi
K5j
twv
.
fy
n
Ftf,
fr,
3
U
Tl
h
::f-
s
k
WV
vc
fcB
H o
Fv
it t
INCORPORATED
The Philadelphia
National
Bank
Philadelphia, December 31. 1919
RESOURCES
U. S. Bonds and Certificates of Indebtedness $6,899,550.00
Loans, Discounts and Investments 1 04,028,065.30
Accrued Interest Receivable 250,383.47
Customers' Liability Under Letters of Credit and
Acceptances 16,398,947.87
Due from Banks . . 28,666,009.97
Exchanges for Clearing House 1 2,846,896.78
Cash and Reserve 13,989,828.93
$183,079,682.32
LIABILITIES
CapitalStock $3,000,000.00
Surplus and Net Profits 8,304,005.44
Unearned Discount 630,839.06
Reserved for Taxes and Interest ' 814,774.94
Letters of Credit and Acceptances 1 7,943,627.41
Acceptances of Other Banks Sold 5,232,431 .00
U. S. Bond Account ' 823.850.00
Bills Payable with Federal Reserve Bank Secured by
U.S. Bonds 7,800,000.00
Rediscounts with Federal Reserve Bank Secured by '
U. S. Bonds 18,348,795.00
i Individual $81 ,338,045.79
DeDOsitS Bank 34,724,245.34
F U. S. Government .... 4, 1 1 9,068.34 1 20, 1 8 1 ,359.47
$183,079,682.32
LEVI L. RUE, President
CHARLES P. BLINN, Jr., Vice Pfes. WM. S. MADDOX, Vice Pres.
HOWARD W. LEWIS, Vice Pres. HORACE FORTESCUE, Vice Pres.
O. HOWARD WOLFE, Cashier
DIRECTORS:
Pierre S. duPont
Aca S. Wing
Samuel M. Vauclain
William H. Donner
Wallace D, Simmons
Samuel D. Warrincr
George Wood
Alfred C. Harrison
Levi L. Rue
George H. McFadden
Randal Morgan
Samuel Rca
Eldridge R. Johnson
J. Howard Pew
J. Kearsley Mitchell
Henry G. Brengle
S. P. Hutchinson
G. Colesberry Purves
Under Management of Day & Zimmermann, Inc.
Penn Centra! Light & Power Company's
Transmission Lines
Run right through the middle of some of the richest coun
ties of Pennsylvania, paralleling the main line of the Penn
sylvania Railroad, with its stations and substations
located in positions of strategic importance.
rv5?
iiJefc
ty A
POVVIR PLANT
A GAS PLANT
B SUB-STATION
TRANSMISSION LINES
RAILROADS
1 c licrry Tree
'J Uarnun'a Mill
3 Harnsboro
4 Spanslsr
5 Hastlnce
(1 Vat I on
7 HI. tbintdlct Substation
8 Haker Town
0 Oarrolltown
JO Vlnlondalo
It Twin Kork bubstntlon
IS Manly Olo Substation
1 1 r.lirenflrld
n Sumnierhlll
10 Wllmorn
17 Beardal
18 Portate buUslalltm
10 Lilly
20 -Cresccon 8ubtallon
21 Dradlrr Mine
'i Ciallltiln
23 ArnBbry
24 Aehellle Substation
25 DeUney
28 Mlonni
27 toIlhiMllle habitation
2K Duncans villa
29 llolMUaiBburE
V) llorrell
.11 UllllamKhurt:
3J Tirono bubstation
JW tnlou furnace
It Alexandria
35 Petersburg
38 Murrlor IlldtP
37 Huntingdon Snhslatloa
38 Mt. L'nlon Substation
31 Vines ard Substatlun
10 McVo) town Substation
41 Bellavtlle
42 Granllle
43 Lrnlslown
44 Kurntmm
45 Yeasertown
40 Reedavlllo
4T Mllrcy
As with art army, wheie all is dependent upon Us base of supplies, so with an electric
light and power property, the location of whose stations and substations is a deter
mining factor in its Buccess or failure.
As indicated on the chart, the stations and substations of the Penn Central Light and
Power Co. are located in positions of great strategic importance.
Close to sources of supplies and centers of population, they can operate with a mini
mum of expenditure and maximum return.
Brown Brothers & Co.
Fourth & Chestnut Sts.
Robt. Glendiiraing & Co.
400 Chetnut St.
W. H. Newbold's Son & Co.
511 Chettnut St.
Frazier & Co.
Broad & Sansom Sts.
1,
rrVANriAii
TO Till'. STOCKllOl IIEKS OF TUB
HITT15M10USE TUUST CO.
rblladrlphln
Notice Is hen bj Blven that & Special
Meetlne or the Stochhold-rs of tho Rltten
houie Trust Co , pursuant to a resolution
ot the Hoard ot Directors, adopted at a regTi
.ar inectlnc on Noomber 10, 101B. vrtll b.
held on Monday. January 19, 1020, nt noon
at 1323 Walnut t . Phlla., r.. tor th
purpose of approlns or dlsapprovlnc a pro
posed Increase of the capital stock from
two hundred and fifty thousand dollar!
(1250 uOO) consisting of fle thousand shares
of the par value of fifty dollnrs each, to
fHe hundred thousand dollars (1500 000). con.
slstlne of Ave thousand shares of the par
val'i of on hundred dollnrs each
8. W. WATERMAN,
erretarr
Sneelnt Notlre
rrs. THE VETER&lirnO GAS COUl'ANY
ilS&jinxT MoiiTiiE riE i-KB
CENT IIOMJI. DUE 1031.
Pursuant to the prolslons of the Sforl
iraire of The l'eterftbure (lnt4 Comnum to
The Ileal lXnto Tmt Company nf Phlla.
delphli, Truitee. dated April 1 1001. secur
inr n issue of $230 nno 1'lrst Mortcuee rive
Per Cent Dondn tenders of euch Honds at i
price not exceedlnt! 101 and accrued interest,
sufficient to absorb the sum oT tsooo th
amount paab!o to the tUnklnc Pund April
1 neit will be received by tile Trusteo at
Its ofTIco southeast cornvr of Uroad and
Chestnut ttreels Philadelphia PenntM
anla until 3 p in on Jnnuurv 14. for sale
and delivery on April 1 M-0 nt which data
in.rr.t on ntpepleil Itond. will rese
THE Pl.Ttin'.Rl VttJ QAS COMPANT.
Ily W I 1 OX Secretary
Annunl Meetlnes
2r
THE HE VI, ESTVTE TUtlsT COM
IM.M OF rillLADELPlIIV
Januiry 0 1020.
The nnual Meetlnft of the stockholders of
thle company will be held nt Its bulldlnK
southeast corner Broad and Chestnut streets
on Tuevlav. 4nmiir 13. 1020, at 11 o clock
a m at which there will be an election for
successors to thoe directors whose terms
then expire ind such other builneas will be
considered and acted on us may be brought
before the meeting
A1LLIAM n WI'MEn
Secretary.
JKTHE lM VI. UhMIMi 41 THE
fontrlliutors to the r.len Mills schools
will be held on Vednedai, Jnnuarv 14.
10-O, nt 4 o flock p ni . at the ofHr of tho
Olen Altlls Schooli 201 bailey Hulldlns
121s rhestnut etieet The annual report
of the board of mnnacers wil bo submitted
and an election will be held for officers for
the ensuln? ear and six managers to serve
for thrto jear
EDMUND O 1IAMFRSIT
Secretary.
PhllartelnMa Januarv r. 102O
'X?rTIIE AM'AI. MEEHMi 411" THE
3 Mofkholder-' of thf l,ehlch Valley
Coal l! Co will be hell -t .No 11 V.
nn?e nlnoe terev Cll J on Mnndv
Innnarv 20, 1020, at 11 o clock a. in for
the eltction of one director of cli.i No I
and for the transection of such other busi
ness as mas properly come iwfore the meet
ing W J UI'HTOV
Secretarv.
IjSSja JOHN .1. FEI.1N 4 CO.. Inc.
is Philadelphia Januarv Hlh. 1020.
The anni'il meeting of thn stockholders of
Tnhn J fVlln &. Lei lnc will be held In the
office of the company 4152 Oermantown ave .
on Mnndav, Innnnrr 12. at 10 a m , for the
election of directors to serve for the cnsulne
5CSr WILLIAM D IlEILLT.
Secretary
r-?i PKNN
VS7 wiiiinvs
tSr
Asvi.TJM kir iNnir.Evr
AI) SINdl K WOMEN
K. Ntisqncniinin .ve., a. nntrriide t.. I'hllii.
The Annual Meetlne of the boaid of man
n?er board of council and Rubserlbers will
be h-ld at the Instltntlou Thuridav, Janu
ary 8, at 3 p. m Election of officers at
this meetlne
SUSIE A. DOUOHER.
Secretary.
THE ANNUAL, .MEETING OK THE
stockholders of the lV.inLtln iv..
Co. of Philadelphia will be held nt the office
of the comoanv 20 end 2J South 15111 street
on Wednesday. lanuarv 21. 1020, betHeeu the
hours of 2 p m and 3pm at vrhicli time
and place au election will bo held for til
rectors to servp for the en.uine nr
A B DAl'PIIINLE
Secretirv
IKSTlli: ANNU.VI. .MEETING OV 1111"
contributing members of the North
eastern Hospital of Phihidelnhla will be heir)
nt the hospital corner Tulip street and
Uleciheny avenue on Tuewlar, Januan 13.
at 3 n m Election of members of the board
1 of managers aul other nece&9ar bu.lness
DAVID D LUPTOV
t Secrelart
jr I'KVMvLIN NVTIONVI, HAMS
- Chestnut Street west of Uroad
t Philadelphia December -1 1 iln
The Annual MeetltiF of the shareholders
f tills bank for the election of directors to
serve durlnt the cnsulne vea- will be held
ih. b.inkinsr hcu on liifulnv. J.n.. ..
I02O. between the hours nf 1 o clorit noon
I an! 1 v m T VAt IfAHDT iH.Bl.e
I 'K55u"r',r' C"' MEETING 01' IIIF
I ' .tockholders of the Philadelphia ui,ni
calo Drnc Compinr. C1V47 4D North Uroad
I "'" 1 Mii.iKiiiu. io"ii c ,"va Juesdav
ririim. ii.ijii.i " u " 11 n p jfj
Itoseoacn c. i.u ivonn niu street
T POLLARD tecretar
at.
&d2it r- J k .
N ' N.' .k. V JKT (SC Qr--A;' fw n
r hn 1 ti ihl sf f ri -Jtalrfsr, "y-j x. r r y n
j"TEr v -V 11
17 ..
it-5notice 1 nnnruY given or v
K& Annual Meetlnir of the rtallruad Mu.
lual Insurance and Inspection Company at
tho ofiljo of tba Companj, 4.' Walnut
btreet, Philadelphia .lanuarr 22, 1020. noSn
C n JENNINGS Secretary '
'KSTHE ANNUAL MEETIJ.G OP TlTf
t- Morris Vnlmal Itefucre vvllj t ,".':
at 1242 Lombard ttrett on Mondav, Jannirv
It. h 12 o clock for the election of off re's '
snd su h other buslne-s as ni-vj come brforc
&
I1VM
M'L'TIIM VRIv NVTIONVI.
Phlhldrlnlili. Pi
The Viinual Election for n'rerfir.- r ,..
1 ink will b held at the binklnrr I iu .Jin
Tuesday. Jantlao nth, 1020, between the
hours of 10 o clock a in and 12 , rin, k ,,,
Ir 11 W EUT
( alncr
Dividends
PHILADELPHIA COMPANY
DIVIDEND NO. IliJ
Pittsburgh Pa Junuarj 3rd 10.0
A quarterly dividend of eevontv rne tnt8
per haro (being one and one halt per cent
tlWi on tho par value of J50 a urc) on
tho Common Mo'k of this Companv has this
dav bceu declured inablo January 31st
1020 to stockhoIderM of iciord January
15th 1020
Checks will be mailed. 4 '"'""'WinB
C J Jr Treasurer
JOHN J. IT-. I IN A CO., Inc
Philadelphia Jan ,', in"n
The directors of John .1, lVIln A Cc..'iilr
at their meetlne held this day have declared'
an annual dividend of 10 per cent on th
omnion stock of the companv and Hi. r. J,,
lir quarterly dividend of 1-T.j per "ent on
the preferred stock payable Januarv n in
stockholders of record January Hi Lheck
will be mailed ' l necks
WILLIAM D REILLY Fecretary
N V riONAL MCl'KITV "vm7
Philadelphia, Jan 11 i'i;0
Th directors have this da declared h
semiannual dividend o tivelie (12) cirr ,.(
naahle on demand w "'
"1 lial j.-,n 1100 no
SurillUS 1 c-.Cl CIA. r...
I Undivided profits l'iI 4STKT
- mt' ' .NQ K.
w
Office of The United Gas Improvement Co
N wi,S,?ri "rnau "nd Vnh Streets '
Philadelphia December 10. 1010
The Directors havo this day .declared a
quarterly dividend of two per cent m.oo
per share), payablo January IS, 1020 to
stockholders of record at the cioso of busi
ness December 31 nifl Checks will b,
mailed J W MORRIS. Treasurer
PVKTNntSHIPh
(r5S NOTICE IS IIEREUY GIVEN TITAT
"- the corporation known as the Ger.
tnantown Hplnnlnr Co,, exlstlnv under the
laws of the Commonwealth of Pennsylvania
b proper action of Its stockholder ceased
Its corporate business on the Slst dav of
December. 1019, and proper action will be
taken In due course for the dissolution
thereof All claims asalnst the corporation
should De presemtq promptly l us office
The uncJersldT.eil as a co-partnership under
the namt of Germantown rlplnnlnr Co. will
continue tho business of the Girmantown
Etplnnlns Co. under the management of
Prank U Patterson nd Oscar W, Wood,
mtnaflna p&rtpers:
FRANK B. PATTERSON.
OSCAR W. WOOD.
Jl. n. PATTERSON.
ROBERT PATTBUPOM,
" r. JLJHiiSMJ.
Authorized
8 , Cumulative Preferred Stock (Par $50) $2,500,000
Common Stock (Par $25) $2,500,000
The Corporation has no mortgage or funded debt
AMERICAN TRUST COMPANY, BOSTON, Transfer Agent
Outstanding
Including this issue
$1,500,000
$1,328,000
From a letter, on file with us, written by Mr. Albert H. Sayles, Treasurer of A. L. Sayles & Sons
Company, we summarize as follows:
BUSINESS A. L. Sayles & Sons Company has succeeded to the long-established and well-
known businesses of A. L. Sayles & Sons, Inc., and Fred L. Sayles Company, of
Pascoag, Rhode Island; and Sayles & Jenks Manufacturing Company, of Warren, Mas
sachusetts. The Company is a large manufacturer of woolens, worsteds and cotton
worsteds, with an annual capacity of 2,700,000 yards of finished goods.
This Company is the direct outgrowth of one of the first woolen mills established
in the United States, by Daniel Sayles in 1814.
ASSETS
SALES AND
EARNINGS
SINKING
FUND
TheCompany has Net Working Capital alone of $921,330.53, equivalent to 61 on
the Preferred stock outstanding; while Total Net Assets, after deducting all Liabilities,
arc,$3,371,615.57, equal to 224 on the outstanding Preferred stock.
After deducting the outstanding Preferred stock, remaining Net ABseta are
$1,871,615.57, equivalent to 140 for the Common stock outstanding.
Although the Company is the successor of a business which has maintained an
unbroken and highly successful record for 105 years, it carries no value upon its books
for Good Will, or its valuable Trade Names.
For the three years ending December 31, 1919 (two months estimated), total sales
amount to $10,047,438.55, or an annual average of $3,349,146.00.
Net Earnings for the same period total $1,221,004.94, or an average of $407,201.00
annually.
Net Earnings for the four months ended October 31, 1919, were at the annual
rate of $669,000.00.
It is conservatively estimated sales volume for the coming year will aggregate
$4,500,000, with .Net Earnings of $700,000, equal to more than five times Preferred divi
dend requirements, with a balance of approximately $580,000, or 43 for the outstand
ing Common stock.
The charter of the Company provides that after the payment of 2 quarterly divi
dends upon the Preferred and the Common stocks outstanding, beginning February 1,
1921, 20 of the remaining Net Profits each quarter shall be used to retire the Pre
ferred stock at $55 a share.
We own and offer A. L. Sayles & Sons Company 8 Cumu
lative Preferred stock, subject to prior sale, and reserving
the right to allot a smaller amount than applied for, at
$50 a share, to yield 8
Hollister,White&COe
IUCOBBOATD
North American Building
PHILADELPHIA
50
Congress Street
BOSTON
Third National Bank Building
SPRINGFIELD, MASS.
10 Woyboset Street
PROVIDENCE, R. I.
All slateinrntct contained In tills offerlntr, whilo not caaranterd, nre secured from sources which
we retard as oeeurute and reliable jnd upon which te hae acted In the purchase of this Issue,
UK&Ws? y?CvWSvs..YK
2S1
iwvasxtr? !
Continental- Equitable
Title a Trust Company
Twelfth Above Cheslnut, Philadelphia
Capital $1,000,000
feurplu 1,000,000
Ovrr 910,000,000 Deposits
December 31, 1018
ASSETS
Loan, on Collateral SS 22
Mocks anu uona . . -;
United States Certificates of Indebtedness
Mortg-aKee . .
nh on hand, tn Uanks and Ileserve Securities .
Ileal Kstate (Including . W. cor. 12th i. Market Sts )
Accrued Interest
Furniture and Fixtures (Including bafe Deposit
Boxen)
MUtellaneous
LIABILITIES
3,075,878 65
517,000.00
833,040.00
l,IO,SUl.n7
757,631.03
8,0855
23.fU0 65
21,548 39
$13,077,905.30
Capital Stock
Surplus .,
t'udlTtded Prollts . . .
Contingent rteere . .
Dltldends Unpaid .
Heserred for Taxes,
Deposits
mils Fuyable
Miscellaneous
1,000,000 OO
1,000.000.00
311,718.01
50,000 00
G05.00
10,608 26
10,203.106 04
. 417,000.00
i 16,687.00
$13,077,905.30
OFFICERS
John F. SseUr, Preildont WlllUra 3. Fitreatrlek, Aut. Eer.
lereroiib J. Sulliwi. Vtcx-Preutleiit John F. MoMeturaln, Ant. Treuursr
loha M. Csmpbsll. Vlo.Priclent Henry F. StltMll, Trust Oftlosr
John R. Unrated, VlM-Proldrnt Henry M. Keller, Title Officer
John Y. Loushnej, Secy. & Trees Joseph Mulon, Seal Ettita Offleer
tdwiril T. Smith, Ant. Seer, i Treu. Brown V WUtiuns, Counsel
DIRECTORS
Witsoa X. Aloott Cbules 0. Drnedlnc Joan F, Blcelly
EdWd F. Reel. iViS3 '".mlsh J. SulUrs.
Alfred E. Burk John J, Henderson Joseph O, Triiner
John H. CsmpbeU tKjlP.rr O, Loyshlln John R. TJmstecl
James U Dsfy ylu"J J MoOllaa Aubrey It. Welrhtrflsa
Ibomss Berlin Peter F. ICorUn, M, D. Irs Jewell WlUUms
We Invite You to Test the Meaning of
Continental-Equitable Service
TAX FREE MUNICIPALS
EXEMPT FROM ALL FEDERAL INCOME TAX
$45,000 ArJamt County, Pa., 4V2 to return 4.257
45,000 Columbia, Lancaster County, Pa., 5s. ..." " 4.20-5.00
59,000 Up. Darby Tihp., Delaware Co., Pa., 4u " 4.35
17,000 Tinicum Township, Delaware Co., Pa., 5t u " 4.50
62,000 Throop, Lackawanna County, Pa., 5s .... " " 4.50
451,000 Essex County, N. J., 434. " 4.45
130,000 New Brunswick, N. J., 4$ " " 4.60
195,000 Collingswood, Camden County, N. J., 5.." " 4.65
65,000 Bogota, Bergen County, N. J., 5y8s. ..." " 4.70
23,000 Audubon, Camden County, N. J., 6s " " 4.80
75,000 Fairmont, West Virginia, 5s " " 4.85
Full Parlieulars Upon Request
EOT. M. FREEMAN & GO.
431 Chestnut Streot
Tel. Lombard 710
711
PhiladelpMs
1 V.K I
Ls4aiIS8088 1 '
WE TAKE PLEASURE
IN ANNOUNCING THAT
Mr. Walton Clark, Jr.
HAS BECOME ASSOCIATED WITH THIS FIRM
r
Martin & Go.
INVESTMENT BANKERS
1411 WALNUT ST.
ffi
Wc maintain a special department far the convenience of Liberty
Bond customers
Liberty Bonds
Bought, Sold and Quoted
Call, Phone or Write Liberty Bond Department
West & Co.
1417 CHESTNUT STREET
Bell, Spruce 250
Members -
V,IY, 7?r& IW S"Jant Keytone, Race 2900
Philadelphia btoclc Exuhang.
We Alwaj-s IIne on Hand a List of High Orods Bonds
Correspondence Inrlted
Fuel Regulations
A .,nt fTrrt lTii.nllfnrtcirj.ri. tn SAIII.T STFL MARIE. MiclllKnO. f
plant in thnt city operated full time during tho recent col ttrike. WWl
Because they use Hydro-EIectric Power, which is now turning ,u,y?tJ
and factory wheels thero. Power companies in that city have W
irjwuoMiu n. r. aaaittonai on tho mantel tor me oniorpnsiiss,v
facturer who take advantaga of this opportunity. Rates Reaionaci
SAULT STE. MARIE, key port of the Great Lakes, ha. unexcelled lr I
ities, both lake and rail, and U never bothered by railway congestion l
embargoes.
AJJ rrXAlllCrr1 At AeenitArlriKl e..l.i Q
noIt WtllIUVf1l-l tjKwifi vt , ijamu fJio,,,
micitiKan iMorthern rower y.o, or Cdnftn pu
KEUctrioCd.S
TOAtfCsW TA
.TTTS)
R80K,
,-r. , :
T
1 u
4
tt a 11
tf, V'
(!T Tvl
IK,
2 k.' t
iji
" -m