'qtSSiytiiftv ySnS!
This Season of the
Lives ph&n W&& I
SUjoJibSLJdM
1431 Chestnut Street
Fid
Trust
325 Chestnut Street
Capital .
5,200,000
Funds held
For January Investment
To Net
About
U. S. Liberty Loan 4',, 1938 5.60
Pitts., Cinn., Chicago & St. L. Rwy. Co. Cons. 4 1942 5.907,.
Oregon Short Line Rwy. Co. Cons. First 5, 194G 5.90
Georgia Rwy. & Power Co. First and Refunding 5, 1954 7M
Oregon & California Railroad Co. First Mortgage 5, 1927 7.50
Western New York & Pennsylvania R. R. Co. General 4, 1943. . . 7.60
Virginia-Carolina Chemical Co. Sinking Fund Deb. 7'i, 1932. . . 8.00
General Asphalt Co. Sinking Fund Convertible 8, 1930 8.20
Metropolitan Edison Co. Refunding and Improvement 8, 1935 . . . 8.50
Baltimore & Ohio R. R. Co. Convertible 4 '2 , 1933 9.40
We shall be glad to reserve any of the above upon deposit of the proper
security for delivery during the first week in January next.
HARRISON & CO.
BANKERS
106 SOUTH FOURTH STREET
PHILADELPHIA, PA.
Members New York and Philadelphia Stock Exchanges
Bonds for Investment
Circular Ttnnn nenuet
i The National City Company
. Corrrspoudeiil Offictn In Oirr 10 Cities
riill.ul lphla 1121 ClirNtnut St.
Atlantic CltyIS2S IlonnlwnlU
Dividends
DUQUESNE LIGHT CO.
DIVIDEND No. 24
I'lttdliuriTli, I.i . Nov 17, iu;'0.
A quarterly dividend of
ONK AND TIIBKIM'Ol'ltTlI.S 1T.B CKNT.
(1. 1) on' the 7'J Cumulatlvo 1'rrfcrrnl
Capital Hteck, lins thin day bfen derl.ired.
Biijalilr lVbruurr lt. 1021, to atockholders
of rocur.l January Int. J0S1,
ChtuUfB will be mailed.
C. J. riUAt'N. Jr., Treasurer,
Till: WILLIAM rilAMI S. SONS SIIU' AND
iNdiNi: urii.Di.vo co.
I'hUadrlphla, I'n
DiPemlier 23, 1020.
divii)i:m) MiTin:
Tl rionril iif Dlnrtors li.m this day
4rlard ft iunrtvrl dUldend of in (11.00
pr h.ir.'). Iiayiibln .laniilry IS, 10J1, to
t' liholilcrH uf record lit 3 p. m. on Do
"inVr 31 11120. The trnimrer lioulm of
Hie . .meanv will tic cIos.mI for thn purpoau
r his dlvldrnd frnm .1 p rn. Ducrmlwr 31,
1020. until 10 u rn. January 17, 1021
CHAHI.ns T. TAAT.OK,
Tr usurer.
UNITED GAS & ELECTRIC C(X
Gl Broadway, New York
December 23 1020
The Hoard of Director have thin do
fleei.irr.l the r-Kiilar nemlannu.il ill idem! of
two and one-half per inn (2i'r) on the
outMandlnc rapltnl Hloek of thn compnny
pnynulJ J.inur.v IB. 1021. to Htockholdem of
rti'ord Decemlwr 31 1020
Dividend checkM will he in illed
JA. .MeKKNNA, Heoretnry
i-iiiLa. a jyi:ii:is.N itAii,VvAY"tb
PiorrlHtown, I'u,
Dec.rnlier 20, 1020
rrrfcrreil Hloik Dlrhlend ,0. o
The Hoard of Dlrei tor has rli.a ,t i.
eltred a dividend of one and oil"..iuarter n.i
cent (lV.r() un the Prefcrrnl at.'rk of thlS
Cimpany. imjnlile .laundry IB, 1021, to tire,
ferrcd Htockholderr. of rviiui ut the. riosA
of liulneii D cemhor 31, 1020.
Chcckn will I'O niMlled
Sll.SHi:K IIKHIC'KSO.V. Treasurer.
illAMU.l.N NAT1II.NA1, llJtNH
I'hrKniit Mtrci't wet of Ilrond
I'hlladv'lplila D. cembie au. in-T)
At the recular imeilnir of the Board o
Directors of thlH nnk held thla day
ouartcrly dividend of al per cent (0) .,
declared, free of ataie t. und pnyahi
Jim. r 1 lllil to e' IJ.o ilcra of lecoM .,
the close of hualneca December 01. lu-'o
Checks will be mailed. "'
J. 'Vt ItARDT Caahler.
MANAVl ! NA'I'IONAI. HANK
Philadelphia. I'n., Dtc. 21 in
The Hoard of Dlrectom has thin day d
r'ared u regular semiannual dividend of 7r
nnl nn extra dUldmd of 2 on lh.. -',.".
Htuck payable on and after JnnuaVy 3d
next unill which da e tranafer booka will
run tin clouoJ
mnaenu checka will b
r. J MOnitlB. fnahi.r
mullod.
nrncii oi' H'Ki.Miini tompanv '
(llaurmter. N. .1. D-cemlier IS, 1020
The Directors huvu thla day declared
nenilanuual dividend of 8Vj (3.0 per
ahar.) on the Preferred Stock of tlili Com
l-Hliy payable December 31, 1020, to holder
of l'r ferred Btock of record at the cIo.a '
nf laialnaaa December 20, 1020, Cheek!
Villi- "lllleil I M nW IV Twii
III K1.H CITV WTIONAI. HANK
Dividend No. S3
I'hllii.leliilila December 17, 102(1
i m 'Hi B nf thn ll'iard of Dheitnrsi
' i ih lav a reaulnr aemlaniiu ij ilhldepl
llir.. ..,.1 i(in.l.!ilf .r i..,nt . a In i. I ntul '
m .1 Mil " 1 "f i ne per (en! (lr; '
i u n d' rll.,,1 rn1 share. viih il. uml
r.yalo ,luniiiir I, 1021, to ntot kliul.i.-i h ui
. ai ord at the loae of liii"lneaa December 3u.
J020, Checka will lm mailed
C. P. HAND. L'uslil. .
is an appropriate time to
suggest the following reso
lutions :
i. "To save a little more
than was saved last year."
2. "To learn a little more
about the services rendered
by the Trust Department
of a modern trust company."
ipi inrv
Company
6324 Woodland Avenue
West Philadelphia
in trust more than $246,000,000
1
How To
Trade In
The Market
and other rules ami
methods of interest to
traders are given in our
free booklet, "The Inves
tors and Traders Guide."
It tells:
The General Rules of
Trading.
The Rights of Stock
and Bond Holders.
The Deposit Require
ments for Carrying
Stocks.
How to Give a Broker
Instructions.
Broker's Commission
Charges.
How to Indorse a
Stock Certificate.
How to Group Invest
ments. Call, phone or write.
Ash for No. TU.32S
JONES & BAKER
Specialists in New York
Curb Ularkct Securities
Widencr Bltlff., Phila.
Phones: Bell, Locust 4730
Keustone, Race 2290
Offices In 8 Principal Cities
Direct Private Wires
; I
Safe Bonds fir Investment
HALSEY, STUART
&. CO. Inc.
Ar xcr-
V U II S A L i:
Pfiinstltnnl.t niiniifiiftiirlne charlei
mid inriiori'e fri.nihUe. I'i'lil l bonus
wr $2 mm opn i.ipl -.1. llrormnUril.
Sicll nnhili' ul..e.
IIYIIUN. LllNtiHiu ' .V'1;.'
20 me'dicii (.Irir.l lllila.. I'l'H ' I'.
1121)
j Li
? ft 3-j-Vit
Year
1431 Chestnut Street
Surplus
16,000,000
Animal Mcetlnga
'J-jZ?-, FKANKI.IN NATIONAL UNK
(ilmtuut Htrecl. west of llrtm.l.
Philadelphia, December 11. 1020.
The Annual Mvetlne of the ahareholdera of
thla bunk will be he. la at the Itiinkliiir llouae.
on Tucsiluj, January 11, 1021. between the
houra of 12 oclok noon and 1 p. m . lor
thn election of directors to sere durlnit the
enMuinir year, and to take iiUl'm upon a
propoacd amendment to tha Arttcl.-H of As
sociation by auhHlltutlrts for lh eecotid
sentence of Article VI whlth now reads as
follows1
"The directors shall havo power to elect a
vice president, who shall alco by a. rminler
r the llour.l of Directors, nnd who sh.il' be
authorized In the absence or Inability of thn
president from anv cause, to perform ail
.( ta and du'les nertalnlnir to the office of
pres'den", except Much as the president unly
is nuthorUed by law to perforin, and to
eiect or appoint a. cashier, and auch other
officers and clerks as may be renu'red to
It ansae! tne imaineas or tnc asaociation: i
1... rfl..Mnr. uhnll It.iva nnu tr, l..,.t
one 01 mor. vlco presldenta who ahail have I
such powers and m-rform such acts nnl
duties us the directors shall direct by by-
aw and hi elei t or appoint a t ashler, ar-1 (
such nther officers and clerks ns may be r 1
mired to trinsiiit the business of the as-
aoclatlon, to llx tho salaries to bo paid ;
th.m. and continue them In office, or t
illsnilss them ns. In the otilnlon of a 111.
Jor y of the Iward the Interests of the ..-
aoclatlon may demand
j. vin.i.i.i.ii iiAHiii 1
Cashier
iKeS-- Till! CKNTHAL NATIONAL IIAMt
9-ZjW nan Illlf 1lr 1I1IT1 1
fix the an arles to im paid to them, nnd 0111 ( ir tne e""1 l"j'", ill n',.,,y" n '..."
tlnue them In ofTlM or to dismiss them us. niiml'-r of bonis of "'; lf D' '";"'
In -he opinion of a majority of the board h inroad ''";'"' nfu'd X". ll,;,eCotn:
the interesta of the uaaoclutlon mav demand ,,,! it. d M 0 rt ir sre- o r .'"ci "i er 1 lh7.i. to
tlw follow hue ' r. nume the uin of J() ls(107. thn avail-
Philadelphia. Dec'eml.'r 27 1020. Li,,!!, M-und1 TineS.VN PrefirrH Mnek
The annual meetliiK of the niorkliol.l-r ',M Pursuant to In" isri'nient "f l " d l.vu'-
T,'; K:rMr Ii?,1,ni,nali w ."'h ,h'lW.' I ten's ""ns'com'pa,, 'ndThe'un.l. rslVned , .1.
will bo held at the bank'ni; house V I1. 1 Tiust... of the UlnkinK Pund. the undi r-
rV.nir'Sh "i"11" i"a F'fth..,,rt"; I'liHn'1'1- I lt.-n.il herel.v kIn.s notice that It his re
nhla. Tiirsday. .Innimry 11, 1021. betwci n , ,., j nntLe from David Luplon's rtona Com-
11 a m nn.l II i., for the e ectlen f irlv ,la, tnlll c'ompani will deposit lih
dl'ectors and for the purpose of taking-action I the underslened on er before .la.111 .rv 3.
ipon an nmendment to Article 3 nf the Ar- 11121. the sum of Thirty-one Thom.in.1 Two
ilclee of Association which treats of the Hundred und Klftv Dollars ($.112301 In th
numb-r of dlrectoru to be elected at enfti vinlilnii Fund, pruvld d und. r tlw Acnenient
annu.it meeting the proposed amendment 1 und. r which 'Im ald Prefeired stuck was
IwIiib as follows: 1 snued and that It Is Ita Intention to aPP V
"3. The I1oar! of Directors shall Uald sum to the purchase of shans nf th
consist of not less than eleven or Preferred stock aforesaid Offers of a.ud
more thnn nineteen stockholders." shures lie hulled a. a price not n et,e.d
and for the transaction of such other husl-n.ii und an rued premium uf ten Pir "nl
. 'ss as may pioperly come liefore the meet sealed tenders In ! a.ldrrssid to the Phil 1-
Inv. A. D HW'irT iilelehla Trust I'limpany, Trustee of tlie
Cashier ) Mnklnic Pund ufmesalil Ilroad Street Otllc-.
n f Till1' pi'iii;7iiii1vt"i tee tilTriir!!? ' "road and Chistnut Sireeis. N 1. ( orn. r,
3' elM.lvV ( J Sll'f SA tJinra,U T I Philadelphia Dll. h offers Mill be ri.elwii
J'""ANi OI PHILAnELPIHA until thne o'.'l.iele un .lanuarv 3. toil
The rfo-mith Annual Mtlns ef The, UI" ', ' ul' piha TIlfST COMPANY
rrnvldent Life and Trust fnnipitnv of Phila- ' "'LADl.l.l HIAIIU hi iujua.i
ib-lphlit will bn held at tta nfrle-. reiirth ml
i'lnnnut S'reo-e. on Hernnel-Dny (Mnurlavl
(lie Tenth Dill nf First Mnntli .Innimrvl.
1021. nl 10 o'clock it. m. An olec'lon of five
Directors to serve for three years will be I
Iw.l.l k.lu.n ttit lin, Ira nt .A .. ... .....I '. i
,,t-... -..nvw. .... ..wh.u ... ,w t ,,,, HIU
p. m.
LEONARD C. AfHTOV
Secretary
ITSTHH ANNl'AL MKKTINfl OP Till'.
-1 Htockliolders of the K -nslnetnn Trust
Company will bo held nt the otllce of thn
company, N NV Cor, KenslnKton & Allegheny
Avenues, on Tuesday. January IH1I1, 1021,
between is i .oca noon una 3 p, 31, for ttio
eleitloii uf 111 Dlr.ctora and tho truniaillun
of audi other business ns may comu la-fore
tlie meetlntt
t-UAH. L. MARTIN Secreta-
jVvT'oli mhia am:nii: tkikt ioaT-
-v PA.NV J'r0,"'1 '. "t roliiinbbt te
J-niiaoeipma. llecemner 21 n2l
ANNl'AL MDHTINO of the sh.il
holders of this company for the eleeilon of
Olreetors to serve durlnit the ensulnu eir
lll I. held nt the llanklna- House on IVI'I'
NKSHAY. JANIAII 12. 10il. between t'.e
el Im 11 eiiien ouoii ana J p. m
"'U-'JAAl AAjuuiJnH,1.,,,.,rv
HJIJ siockhol.lers of the PlilbuMuh'a
Wholesale Drue rpninany. 01B. 47-40 North
Ilroad atreet Philadelphia, will be held
Tuesday rveiiliur. Jnniinry IH, 1021, at 8
o'clock In the drill room nf Parkway Ilulld
lur Ilroad and t'herrv streets
A T Pni.l.Min Hecteturv
'.'.'"iTIli: ANM'AI. MI'.CriNfi OI' Till:
"- ' Xtnerli-i'ii HhlnliullilirK ned li -
owners V mil li.snr inc. '..
at the oidte of the company, 220 Walnut I
si i-nimiieipniii. nn tniirsei.tj. .lanuarv -,-o,
1021, at 12 ei'el.iek, imnn. I
iii:niiy r cum;, sucutury.
European Exchange Closed"' .
toiirfon, Pea- 27. The stock excfihncM
remained cloied todny.
Mrerpoof, 'Deo. 27. The cotton cx
clmnKe was not open today
Ititvre, Lite, 27. The local coffee mar
ket wnf) closed today
U. S. Government
Railroad & Public Utility
BONDS
for
Investment
Boles & Westwood
Member! Pbils. Stock Exchange
Land Title' Bldg., Phila.
To Net
7
Tax Free in Penna.
A First Lien
Long-Term Bond
Interest Earned Over
Vi Times
Information Upon Request
Baker, Ayling & Young
JOSEni Tf. SWA'N. Jr.. Manmcr
Land Title Bldg.
Boston Philadelphia
.InmeMoivn. IVnnlelln A ClrtirllcM 4s, 10,19.
Umpire liellnlwc t'nnumiiy flu. 10.57.
Cimntir !iin & Kleetrlc ('ninu iny Bi, 10IH.
S. 8. Wtille Ilentiil Mfir. Company H, f)3U.
frew I.etck Conuuiny (In, 1031.
Aurora, Klein o, rhlriiica It. It. lief, fn, 1011
lnillnna, Ceilunilms & Ristern True, fls, HC'll.
r.wlli.natinliii ll'iitei- IVorles Kernr. (i. In He
HIinlTer OH KrfltiliiK Camimnr (in, 1030.
Amrrlrnn Itullttitts Company Sh, 10.11.
Ainrrleun dim Klrrtrlc Conumny (Is, 2014.
Imllaiia Unlun Troetlun Comtmuy tin, 1033.
Uiilteil Oo llleetrlc Comimny fls, U)3K.
Munlstee. & Northeastern It. It. Serial (in.
Nnnhvllle tint A lle.itlnic f'omnany 8s. 1037.
(lenrglA Rnlltiity A lMertrle Co. fin, 1010.
ClllrrnV htrrrt Hi. of Inelnts. flu. 103S
Imrrlran Itoitil .Miirhlnrry Co. (In. 1038.
I'nltrel dan IL I'.lrrlrle Coriximtlon (In, 101(1.
Vlrxlnlii !talluti Comimnv fis, 1034,
liiilliimt Service Corpomloln fin A adj. (Ik.
Kmplrr (In & I'nel Company (U, 10 in,
st. Clnlr County linn & Klretrle St. 1030.
I'hlln. lnrretlfonl St. Ky. B. 10.13.
Oieiiter County 1'uhlle Mervire Sh. 1011.
Clilruio Western IniU.inn Cons. 4. 10.15,
Samuel K. Phillips & Company
siemiikrs niiux. stuck i:xciiaxoe
607 CHIiSTNlT HTIttSKT
We Have for Sale
Chic, Mil. & St. Paul 4s, 1925
Knoxville Ry. & Light 5s, 1946
Long Island R. R. Deb.5s, 1934
Indiana Lighting 1st 4s, 1958
All at attractive prices.
Reed A. Morgan & Co.
Writ End Trust Tilda.. Phila.
Member uf the Phll.i Stock Dxch.
J. M. SAILKIt V. S. PATTON
Sailer & Stevenson
3D AND cnr.STNUT STS.
BONDS
Tax Tree, Yielding 4iro to 8
Moore, Leonard & Lynch
Cushman Newhall, Manager
limel Department Hoard liumn
1 1' Walnut Htrcct Rltz-Cirlton Hotel
lu PHILADELPHIA
Proposals
ml Vllinili: IIKIWAIIK H.MI.ltO.VD
('(IMPANV CdNsoi.IDATr.D jioinaAiu:
(,) " SIMUNI1 I'l'ND
iirnad Street .Station Philadelphia. Pa
Ilroaa . December 20 11211
.enled proposals will bo recelied at thin
e.umll IN ' JANI'AIIY 3. 11.21.
..... nr iSlnklniT 1UnU pUTPO'ri
nMKIICIAI. Till 8 r I O OI- PHILA.
V1 mni5i.iniAn.
J. P. I'AHM.STOCIC
Trustees.
-
iniorosALS roil IIKI) HIIKLTM
n, , o th(. n,.,,,,) duartirinaster
"',. s, Arn,y, Phlhulelphla. Pa.
, ,pl, ropj.ai, win , re.eUe.l hern
u n). i)Nl.mhcr 31). lO.'ll. for fur-
mshlnL- all or any part of 2f,0 OD.i lied
si'eets (slnuln). Infcrinatlon upon renin st.
U
l'INANC.'IAL
JOHN C. WAI.LACK
Treaeunr
Phll'idelpliM December 23. 1 020
I
I S. lill.lll'KN CnilPOIIA'llON
Suiled Pmposils for tho il- to KIDI'LITY
TIll'ST COMPANY. Trusti'o ut a nrlee not to
exesd 102' j per ionium nf p.ir and accrued
In'erest of a siillleles'it u.nouiit of tin: Plrst
Mur uratei Twenty-Y ar il'l rtlnklnit Kund
Hold llonds of the Hale & ICIlburn Cm pora
tlon to exhaust thei sum of SI01..I im will
he receHed lit the oltl.-e of m .1 I Idelltv
Truat Conipuii. Trustis. 32." 3!U .'lestnut
SlnkliiK riintl .Millce
30th, 1020, at 12 o'clock M
t I'nila lilpllla, unill I i.ure.l.t) . tfeieniurr
PIDIII.ITY THl'MT f'UMPANY Trustee
wai 1- ur;?ei i-.esiueni.
1'hilitib InM 1 I'ei ember 1.1 1020
AnnuaJ I'lectlnns
illl7 PIULADi:! PIHA
IINK
Ir7"
NATIONAL
Phlladilphia Deeemlsr 10. 1020
Th, nnnu.il le. Hon for directors um bo
held at tin b mklim hous. on Tiiesdit, .lain..
nrj II, 1021. belv.oe-n tho houra of 12 noon
Iti.l 1 O III
A spt.lul meetlnu of the stnekho'ders has
also been called nt lb. same time an, I place
to paas upon su. Ii malt-is us may properly
come before the nieetlna-
(I lliiWAHD WOl.?i:, Tashlor.
crxr' -nn: pknn jii;ti'i. i.u'k
2& INHIIIIANt'K rilMI'ASV
Philadelphia. Dec. iiiIst IS. 1020.
Th. Annual !lectlnn for nine truitHaa ,n
s-rve three ih'h will bo held at the home
oill.o of tin ."i''.-",'v In ' '" l'"i" Jluttit.
llldn.. till' '"I Walnut sis r II ,delphi 1
Pa., un Jliiuil.ij , Jniiu.irt J, I0il, belwettn
im noun m . . 'oViImAV .'"-,..
. SVDM.Y A. HMITIT,
Assistant Sccictary.
CO&IR OF
THE STREET
T.nKt weclc further dcinonntnitcd Umt
Wall Kttcet nt lrnt wim olio plum in
Hit' count i-y ulirrc money could lie lind
"Tlllj v. hen something wim to lie m1I.
Stocks, bonds, cotton, grnln nnd seiitu
mi' .New Voili block uM-lintiKi' "'"''
viiriously disposed of nt prlc'cn wliicli.
m most cum's, ri'iiri'spnti'd MilMiintinl
bucrilirp. All tliOHo wcru rclluotivu of
forced selling in a ierioil of utiiKtinnt
lnislneiM mid strinsent credit conditions
for which no iminudintc ruilef was In
riRht.
With rrsnect to utocks, it wns nornw
iiiry to imiKe u distill' thui between the
Ktaudnrd uliiires, which wcio ren.onnbl.v
well Absorbed, iinil tha mlscollnticous
nird specialty Ismicm. which were highly
vulneriihlc to attnek from tlie proli-h
nlonnl liiir trndtTH. The nbllity to re
nlflt pressure in vlrtunlly nil of them lind
been sndly impnlrcd prior to OiIh wck
nnd the remit wns to innke the RriP
nn them exceedingly precnrloiiM,
On the other linnd. n lnrge short in
terest wiin created mid this nmde itselt
felt in the Inter sessions when the
bears sought to eovcr ncilnM u week
iinl extended by the holiday rccesn.
Dullness in Copper Trade
(londltioiiH in the copper market con
tinue unusually dull. Apparently, two
(auscs contributed to this The first,
and probably the most important, wnH
tne tendency of consumers to witnnoiii
placing iirders becliue or tlie price
nhmllnif liv sinnll ilenlet'M nnil flip see-
nnd wn- tlie fact that this is the season
for taking inventories, nnd some users
might have been kept out of the market
for this reason.
Leading selling agencies and large
producers, so far n can be learned,
did not shade fourteen cents per pound
tor lirst fiiurtrr copper, but smni.er
dealers were offering tlie metal at thir
teen and it half (cuts per pound in mod
crate qunntitliM, and while it is not be
lieved that the big consumers eou'd
iov"r their requirements nt these low
ligures, it Is true that this price shading
caused considerable hesitancy on the
part of users.
Itond .Market Improving
If the urtion of the vnrlous invest
ment houses in putting out large
amounts of new securities may be ac
cepted as n proper criterion, the gen
eral expectation in the trade is for Im
provement in the bond mnrket, or nn
effect is being made to pave the wav
for catching some of tlie .Tnnunn 1
interest nnd dividend disbursement
money by presenting attractive issues
to tlie public well in advance.
In the face of what has taken place
in the securities mnrkets rrcontlj. it
might seem reasonable to expect that
the January 1 investment demand this
nr will not be of as much importance
n has been the case in numerous pre
vious years.
Those who follow investment affairs
c'nsely, howccr. maintain that, at the
present time, there is a good sound in-r-stment
demand for securities, but this
pel tains more particularly to stocks,
which, by reason of the pronounced de
clines which have tahen place, are
looked upon as distinct bargains.
Stool Trade. LsnoUIn; Up
Although the best authorities are not
highly optimistic regarding the imme
diate out.ook for the steel industry, it
must be admitted that hero lias been
MMne improvement in conditions. Orders
have been larger than heretofore, and
many of the independents have received
business for early delivery.
Those who handle the export busi
ness of tlie steel companies: are Iook
ing forward for some improvement in
foreign demand. One nf the lending
authorities on exports has expressed
the opinion that the indications point
to a gradual improvement in buying
from abroad, hut admits that competi
tion for business will lie more keen thnn
ever before.
Iu this connection, it is learned, that
an older for MJ00 tons of steel rails has
been placed, or is about to be placed,
in this country for China, ami other
business is pending. On the other hand,
n rail order for lirazil went to some
Itelgiun mills recent . indicating that
these makers are competing for South
American business.
Herder & Co. Sentiment lias
been much encouraged bv the turn for
the better iu the market, liest opinion
Is that in the absence of some uin-x
. .
e- iui'. -
peeled adverse news, the bear movement
has culminated for the time being nt
least nnd there should be gradual im
movement. The low prices have dis
ow prices have (lis
hat is unfavorable 1
counted so mil. h t
would seem that it is coing to t
some entirei.v new adverse developmeni
to cause a hrcak below recent lows in
cases of good stocks.
Chandler llms. Co. There are
only sixtj-ntiie days jet, but how In
boriously they i reeii alone. To he
sure, the hl.uk niaiKet hitK n way of
discounting good an. I had iilif.nl. some
times months, sometimes weeks. Mav
t not hop to think that I'ebninrv 1
is a good (iiseoiitil iliij. It seems fairly
certain that -.111 f the gic.it hanking
minds of tl
t-oiiutr.v me wiestling Hi-,
readv with -he two all -important
problems, Ik w to iinproi the foieign
exchange sitiriti'm and how to extend
such ci edits to Europe ns are consist
ent with our -afety. and thus set our
expott tinde in iiiotinn. We have faith
that Mr. Il.irling is not overlooking
these gteat ueussities, and thai lee '
h cortrngeoiis enough to announce a
method. Theie uiniiot be imagined nn
thing more siip:nil liidiffereiir to cst
lug trouliii's an. I doing anv less to cor
rect them, than the occupants of the
administration I mldlnc- now In Wash
ington. Wall htrect Is entitled to rat'
more considci.ttiini after the enormous
sairiflees it has mule to uniform with
national needs.
Jones - li.ilur Iloldii-s of oil so
curities, seeing pines tumble on nil
sides, are askin,' if crude oil prices are
also going lower '1 he iccmt lietivv
ciirtnilnient iu oil .lulling is expected
hv a majority of prclmeis to stabilize
prices around picscnt levels. Oil in
storage is still neur a icioid low mark.
With new produitloti cuitaicil dining
the slack wint.'i mouths, followed bj
u wage reduction, n1 pi'iHtoi'i. are ex
pelled to stage a ieviv.il of 111 tlvit.v nest
spring to care for th- peak petiolcum
demands in stimni'
Xewliiirger, lleinleisnii .t l.oeb
"The lonj overdue I I'll lUovement
from the prolonged d in se. uritv
values 1 mm. Inst week u ii an out
pouring Of stocks Us llll- VMtllOhC'l on
Tuesday und WedncMln. the biggest
siine last April, pnni.l to he the fa
miliar phenomenon which generally
appeals at the bottom ..I .1 long pei i. d
of a declining movement .lust as at the
top of bull movements one slock is
taken up and given a wlml upward to
facilitate selling elsewlien so at the
bottom an individual to. k is purged
bv bis speculators to f.i. il late covering
other issues There is not yet nnj
means of determining whetliei the sharp
. 'cowry is a peruianenl or n tempor
nrv movement. Nevcithel.'--. I01 tin
moment the market has been found tt
lie Iu a badly oversold condition. Ac
cording to the opinion expressed by
prominent linanchil interests, much of
the adverse conditions now coming to
light, including suspension and reduc
tion of dividends, have been hugely ills
Minuted by the severe nun king down
of security values. It is the consensus
o'' opinion Hint much better market con
ditions will prevail with the turn oi
the new year, which is backed up in
some extent bv the known necessity of
the repurchasing uf 11 huge volume of
,.,. .
p-T
dt5clcs which recentlr Wrr(' liquidated
for tin purpose of MtabliHliIiig lossei
fori income t Ax statements. For the
Innir null, tie believe, investors will
seldom have the oiinortiinlty of lie
quiring hlli grade ccuilties on suet
attractive Iihoiiic ba-ls is offered at tb.
present
West (o, -"Our New York cor
rfsiioiiileiils all report that the odd l"t
nnd nli Imuiiiii-id k vi.rv Inl ife indeed
Tlie credit slraln W t'ifiik rench'sl it-
peak about two w ks hko and we would
not be sin prised at " per cent inimcj
around the middle of I'ebriutrj. Oik
or two swallows do not, of coutse, mean
that spiing has arrheil. Thej are.
howiner. hiublngers. and we tliiuk tin
above are encouraging signs of a busi
ness spimif, or better diijs for luii
nesfi I luring most of the early spring
and HtimniiT of this ,ear we cxprese.i
quite often the opinion that fommoililx
prices could not remain nt their then
high pro os, that the bu.xiiig power of
tlie public was 'shrinking, due to the
ending of the period when labor had to
be hud at au price.''
thi: TUADKK.
AFTER BIG YEARi
M n. I r I x
"u wnuicii r.iiu uiuiuaau iu
Bo Asked, Says Chair
man Cuyler
Washington, Dee. 27 Atiieriinn
railtoa.ls are ((iinpierini; 11 lecord yenr
iinl linte im intent inn of asking fur nn
other Kcncral inctense in nites. Tlinmns
DeWitt Cuyler, clmiitaun (if the Aso
.,;ntinii uf iinlhvnv l-'reenil.-.. , tlecliirej
Inst night in a statement review ing tht;
iiilrria.I situatidii fur 1020.
The year just emllng. Chairman
Cujler iisNertisl, wnvv American rail
roads placed ncain tinder private opera
1I011 and miller micIi direction saw them
move a larger gross tonnage than ever
I efore and also cstahli-h new records in
tlie amount of transportation gotten out
of each car. These records. Mr. Cuyler
itldeil. v, ere not achieved h the rail
roads alone, hut with the aid of ship
pers in unloading cars nnd with "the
day and night, rain j whine, work of
hundreds of thousands of employes
The Itail'Miy Kv,ecutives' Association
. hah man referred in his review tu ic-
poits t liii t the railroads plan to tik 1
for further increase in rates, ainl in I
that connection 111I1I, "I know of no
liioM'iiient on nT nart of the lailrond
for a geneial increase in rates nor do
I expect an. It is true that the rail
road companies are not jet receivm-
from the increased rates nut thing like
the I! per cent return needed, but the
rnilwjv executives realize thin thev urn
trusties of a great public interest in
Ill
reiluct 1011 of nillrouil upeiatiiii; ex
penses to the lowest possible figure, and
no effort will he spared during the com
ing fnr to accomplish this by further
economics nnd olliciencv "
The achievements of the railroad com
panies since return of their Hues to
piivate operation last March were set
forth as including the follow ing :
"Increased tlie nveiage movement per
freight cur per day (!..' miles from liii.!!
to HS,(17 miles. Increased the average
load per cur 1.7 tons from lif.. to !0
tons.
' lleillte.wl tlw. nentifiinlnl !,m r lnndtiil
hut unmoved freight cars from 1(I.'!.'J.J7
on .March 1. to '21 .Wl on Decembei H,'
of which only (i.'SMi were detailed he- ,
cause of the inability of the railroads 1
to move them. 1
"Kolocated approximately W),000
box cars from tlie Kat to the West foi
the movement of fnnn produce.
"Relocated approximately lsO.OWi
open-toii cars fiom the West to the.
ICnst to keep up the prodm tion of conl.
"Moved the third highest coal pro
duction in the history of the country.
"Moved with a deteiiotated plant,
under disturbed labor and business cm
dilions the largest volume of trallic
iver known In a single year, with the
highest eliiclcncy et ik hieved "
"The railroad companies." Mr
Cuvler's review added, "have manu
fin tured Increased transportation n-
- - - . - .11
.......... ... ..... ... it,.,, , Mi.- Mini in. 11 11 1
' l"'; "ul ""- "', "' " "', ni .
lives, but out of iiierea-nl ellicieutj.
1
FOREIGN EXCHANGE
New York. He.1 JT - Tin local fi.r. mil
. eh.11iBe market. v I't for .v.s,
opined hither all in. .ml. but iU.j 1
tlons on account of "1. for. Inn n 1
ilav.s, did not poesesK tl - r usual HlK'iII
11,11111 Sterllnii was .pi '-.I 't all v
last Frldav'.t llnnl. at ' '' '. f''r ''""
man.l and 3 J2 for en'il. 1' " hIuw- 1
,, irnln of n nollit -t .'. s I..r e.ilil. s
111.1 .I S7V. for cliii'i'1 1. '
wen
point iilKlnr. at 3 in'j fm 'M'" 1"'1
.1 k, for clucks. Swiss v.. 1. 111. p.. in.
lower nt 15 20 for e.ibl' 1 l 'J-1 '"'
chtcKs
(itlor (luotations wt-
(illlliler calliesi .ilJB.
, 1,.
p.
11 '
S' 'v
I'hr -
I ',111 1-
I . Ill-
10 l! K
. ' ill'
1 . ... .1.1.,.. 1" II" !
,0i,n r.,i,i,.s r.i 7f.. cli i'
ti.tnl.i ihl'S 1" "'. clie'Cl
Hi cm ilil"K " 1,&. ''"" K" ' '
t: in t.ililes t'.Jt:i. cluvhs '' .
1 v
Tho i,r, niluiii on Now Y.'lk '
Ir Moiitreil today wns no-n n i1
low. st ni.nl uuol.UloiiH 1.'. V '
The r. nt high teeoril vv.is ' ,
cent Th ill-, mint on r.in.nl 1 '
In New York was easier .11 ' -1
ent
ritiDAt - riwi. yt'DTATi n-
si.-rl ns' Friin.'H l..r. .,
TnDW . 1. 1 I. SIN. I Wl'OrAII N-
T.-r' lis I i.ui' s l.ll.'
ri. in ind .1
1 10
l"al'e
a -.J'a -.
3 in',
BANK CLEARINGS
ll.r.K .'en pes t 'lev iinnnred will,
' J'" ";, ';, l"" l,' ,.
I'U. 1 1 Tl"' 'm-" '"- s" s,s "s" ,, 7'17 ' '"
MONEY-LENDING RATES
M.tt ltltli M un 1 "Il 'ill 1 'I
el.is-i s of 1 oil it r il .,.i.d toil iv 1 ,
pei ..lit tur Itnditi' ao.1 leiiewing
The til 111 'II" V IllllS.-i WMS 1.U.1I 1
as h-r t f.'i-e ci 7'. I" 7 '1 per ..i
without l.usi.ie-s
T.i-i wen- ii" t'.iiiui - ii fit. 1
. 1 .In I 'i pi ' iiitlh- p i r
II line li.llll. .U. 1 pi in. -
run ni.i rin . '..u wr n m
time 1 p. 1 e nt . c 'Mi in l l.ll p.i
tin. to hi n..mtlis I. 1 1 1 i nt
iN.te Hi. 11 iv in " 1 immii. 1
it,t.iliti .is th I 11. il ii "f Int. 1
in till Slit.' nt I'eim-vh.i'ila is l!e.l ,
r, m r .'lit I'lus t.tein urns ,111, 1 .in
nilss'nns time in..n. v tm llilttv
nlmuv il.ivs is I1..1I1. d nl 8 to S'.. .
cilit whih .' uiiim l'i l.il luili-l ti 1
Hire, in is in .nt h-. is Ij, ing ofteii.t
S to S'., p..1 ..nt. 1
Reserve Banks' Discount Rates
m
SAHSHED
tlflL ul i II un riit situ t 1
eral II. mil I .11.11- ..! .is (nil .us
l'i. if l.il .' 1
. lis. It. 11 I I'.u 1
II.lSt.ll! nLJ ' 7
!, , ,', ;.'i .. 7
l'lll 1.1, 11 III I "1 "'- 'I
I 1 il 1 'Il ' t I"
lilt Inn 1 .1 "1 '. i
All 11 t.i '' "'. 7
I'llll e " I' 7
M linn 'lly ,'i'j n
Mini ui. Is ".' 11 7
K u.kiis 1 in "1 11 .'
liiill.is oi '.1. n
Sin rrnm ise.. il il 11
'. h per . 1 nt nil inn r h-iuihI he ".'4 im
re nt ier in. it. nnil n 11. r nt 1 1 n. r
eure.l lis 44 per cm' ainl S P r nut curt Hl
oates TliHin'jiit i.ii.- 1 urn stimni iliti til '. -
rile in 11 in ei nun in 1 1 1- 1
er il. IV 1' Ii in liillljlil if .' ir nt in ih. 1
if l'i lil 'eluii aiihmii K sit, 1
Im1 ' e . . ,. 1 '
I1.1t I I.
yw ... - tijiTf r-wA
' REAL "ACE" NEAR ARREST,
n r
Wckenbackei- Has Hard Time Ex
plaining Ho Is Not Florida Impostor
Columbus, O , lif 2" IMdU Ubk
etibacker. premier Aim riean ace. came
"within nn an" of pn-iiig ( lirNt'im
In a ('hlingo Jail, instead oi ui,i his
inolhcr in tills city, be loir frif nil- here.
I'm route Ihixt from Cn ifornhi. Kick.
'lilifnl.fi leg'stned at fi f'hlcngo lintel.
The 'leik. believing bim to be the fake
"IMdie Itit'kenliiii Lei ," who was mar-
V-'-4frtkrjp''
rlcd in .lin bsonville. 1 ii... Inst werkji'i
and who was iillcged ' .iai
,1 ftit.. I
pea red later, afn
I.nvlnu' cnili,.M.M.i'
'I'" !
elen.1 thotlul I.',...- i.ilV.1 i.,
house (letecliw to arrf bun.
An. . , . .-. k.iii.i.knr";"1"' J" ',' ," T",'" "'."
col.vi.ufd II." ,.. ,. feat h- was the '"' 'l-'"' !' '' ", ,r ' ' ' "7K a
real IMiIk It . i.i.i "" ' '" "' '- f,,r r""" fr on
"i i Msim MiTir rs
(H
rWHITE Sim UMEti
Nearby
OLYMPIC, DEC. 29
C Der. 20 .Mur. 23 iir.20
New nrl. to Mi.r,i. ,,l
Celtic
.Tnn. Itll'plt. 30 Apr. 2
!-'"r (v)
Jan. 201
rniric IVh. .5Mnr. 13'
American um:
New York Clierboiirc Siiiitliitmpton
(( oninirtirlii),. Dec. 31, New York,
PlMnoutli 1111,1 ( hcrlii.urg)
Hri.oiiltini! .. Dee. :illl. fi'VIiir. 12
Litplnnil j. HKrl. 1'ilMnr. ID
J "iliinil .it. ir, Pel.. lOlMnr. 2(1
eelniMl Inn.Si III.. 20Apr. 2
Kcrt Star Uno Meiimcra en route
Antwerp.
New York Hnmliurc
Direct Service
Mniirliiirla Jan. 13 Peli. 21 pr. 7
Mongolia j,,,,, q- jr, in Apr. 21
Philadelphia Liverpool
West Clierow .Inn. R
Hitverfnr.l Jim. 28
Phllndelplila Olnagovr
A Mtenmer Dee. 30
West rherow .tnn. 8
West N0I10 Jnn. 20
Philadelphia I! niiilmrc
()-ilwat.mile . . . ., Dee. 31
Wiiurousii J in. "
Wutliena Jnn. 20
IDEAL WINTER CRUSSES
IVhlle Star Line ,s. r. M tt.intle I irirest. Most ( nnifiirt ihte (r.il-llu.- s,..meri Knllrelr
Devoted to Cruise Passcni:rs: .pieiillt ,.''. t.d l'i r.s of ( nlli No ( Tiro: 2.1 to 20 Days.
I.iutliut New nrk .Inn 2i. I.I. 21. Mir. .11 1021 l-llliu; ll.trlindus, Cnbi. .lainilCH,
MiiRstnn (Pert An nolo). Martinique. Panama (anal (Panama (It,, I'nrto Kleo, Trinidad,
Ycmzurl.1. Mrcln M unl. en
INTPIIN VI'lIN VI MIII(NTIII MMt'NP (IIMPvv
Insrni;pr (Hare. 1310 11 .lent ! . Pli'll Preluht (llllee. I(i.1-tl Il.mrse llid., Phllu.
CUMMINS LINES
U. S. Shipping llaard Stocl Steamers
KcRular Froit'lit Service
PHILADELPHIA TO ROTTERDAM & ANTWERP
SS "BONNIE BROOK" Dec. 30
S'S "ARIZPA" Jjn.10
PHILADELPHIA TO HAMBURG & BREMEN
S S "GATEWAY CITY" Jnn. 5
For space and rates apply
A. D. CUMMINS & CO., Inc.
139 South -lib St.. Phila.. Pa.
Lnmbnr'i 1127-tl2r,ir,7 : Main 13IS
NAWSCO LINES
Dlreel service Yillhnut Trans-shipment
Between PHILADELPHIA and LOS ANGELES HARBOR,
SAN FRANCISCO, SEATTLE, TACOMA, PORTLAND
S.S.Artifjas Loatlinc
S.S. Lehigh Jan. 13
S.S. West Torus Feb. 5
I'ur n.ites, etc . i.nly m
NORTH ATLANTIC & WESTERN S. S. CO.
13G S. Fourth St.. Phila. Phone Lombard ."fll-S-'i: Main :!202-3
(MUNS0N STEAMSHIPUNEl
rW'sinnn,trnnwin V Y- ,0 Rl" r Janjro. Montet'deo, Buenoi A rn I
ll1
Ulilil' 'il'llii 'I1' 1 ".' "' s' v''"'";;
iti
tKitLADELE
vni I TO 1 y -"Yi
ffri - fJbujaasasa -
RIO JANEIRO. MO.NTtViLft- '
AND ELENOS AIRES .
S.S. "Lake Fannin" Saii:J
i.S."Lake i:agundiis" Sailed
S. s. "ttesi Ja'iiro)' Jan. id
U. S. bhipp.ng Board
Steei int-amera
johu 5. limery x v-o., Inc.
Bost-
Mm
rtiegee, Stew Si Co., Ayt3.
Orcr.el Building. I'hil ldoip'i .
Lomb-vr.l ?" 'JSCn
UNITED Ai.TAN
1 iiypc
jvree foe iti
jointser icr. wirn
' IAMBURC- NMEKICAN
UNE
Philadelphia" to hamblru
S S KT.Rl.EV . J.:. 4
S S MTTTP. ,rV"'-' N ."in ri
1 II HI) ( l.ll llll I.s ill I MUSI. I
ll ll'lll !(. l'-t !) I" Ml
Sen-" tnn ri. Pntli- Porti
mi- - ' tmoii'i 1 vtTirri rs
iv i'.iri thin Hi
Uii RiVAflPNAL
fp ::utiN(;
Cn,fJPRTON
Ic'dtrll' Birr Tel LomliirJ 30JJ
U1N1 1 t4UA4V4fc4"KlcAN
LINES
INrilllPOi! TKl
Freifjlit Trnft'ic Dcjiarlment
39 BROADWAY, NEW YORK
ti:i rriiQNK smiiikii m i. mio
327 SOUTH LA SALLL STREET
CHICAGO
(1., :w
v. 1 1 'i , - i
ill1 y'"""'"
mm-'
If
1 i
Jlllt
-SjfWd ayJSSHMSManMBWM
V V r' T;i4rV'Stf,'',
INAUGURATION ROOMS HjdH
Many 'Visitors to Capital for Core
mony to Bleep In Pulltnans
WashltiRlmi, Her '2." So (?icUf luti
grown the demand for rooms forr tlui
week of March !. thoiiiainls of would
be sitors to Wn-liiiigt'di for the (lays
o' the liiauirMi'nUon of 1'iesident elect
Harding in nlrondr faced with the
priep"''t "' oe,iitig in l'dllmau'wrtiH
nun otb' ' diifl ciiiartei s.
Two of "I . eivliiiir hoti Is the Shore
hn in and Wilbird, a.uiouin ei eslerdny
I, . i in1 i ri .' hi f'lrtlii r n si-rvntinti
', of the iiiatig'iiiitimi Ir-
' .nn' i'
. ..ii.
otcls i el ue to make icser-
. ..,i
" ;""-' ' ., '.. V.7.. ..' 7'" """ " "c
. ..! I '- 1.. .f I .1 - ..
,"..,,,."r ""' """" '
, , '.,"' ""' ",n ""' M" ', '" wni
i'V WICK
aro
one
pi i -mi
si I i M-'tll1 MiTIf t'S
Sailing!
to Cherbourg and Seulhanrtjlon
w,
s v
,'
New lurk ( lierbollri; outhnin)lnli .
' IDItl l l( Jan. Ill I . Ii. 10 MurU
1 .Sen orli tin 11, , si.... lores
(ilbnilllir ipie. '.erma
f'linntilr . .. Per. SH'Wnr. 3!JMjr 1'
frelle .. .Jan. ,'. Inr. 3Ifir
RED STAR LSNE
eiv orl f'lierl.oiirir
s 011 1 lianiilnn Antwerp
(CiiinmeiH Hut Die. 31, New York, Plj
iiiniilli, Clierboiirc nnd Antwerp)
'.ri.oi.liiiiil ... Der. 31 Pell. C Mnr. II
I.aplutiil Inn. S Pel). 1" Mnr, 19
I Inland Inn. 1 .1 I'cb. 10 Mnr, 29
ecliiiitl ,lnn. 2111'eli. 20 Apr. 3
New ork Dimrlic tin ltitinliiirc
Thlr.l-rlass p tsretrer . -It
(iitliliinil Inn. 1 2I'rl. 'in Apr. IS
Pl.llnilelplilii iitw eri-
(Isitvt tilouiie . Dec. St
Irlnrious Jnn. IM
utlienu Jnn. tV
ATLANTIC TRANSPORT LINE
Philadelphia London
Mtiliiipnr Dec, 30
Ma.l.lniiiv Jnn. SS
HOLIAND-ArIERICA LINE
I'lilliidplplilii Iloltrrilum
sloterdvk Dec. IS
s.S. Hrtish
1 S.S. Yalza
S.S. West lsleta
.Feb. 18
..Mch. 5
. .Mch. 15
- " ' ';"," 'a) ,. , r"1'' u
1 , 1 1
nil n irtliel 1 . uncle
-eni;e- n 1 . nr m
1 'r r"o
1 . 1111 I'
MUXPON STSA3ISIIIP LINE
J."" P....,,.- S(r..,.t V',.w ,!,
Drevrl K'.ii.fHntr, T"i;l"fl"liibia
iirrwiTTM ists i b mmi 111 1 1 iiiwiiMim m.
JTE.8CH ARLES
!T.Rf!EGEEC0.
,an!s lor U. S. Shipping Hoard
r- L, J,4p jBS,: ft -IrPOlj
t G :2t?S!pUM iOsafSOA,
fidriaiic & Black
Sea Ports
Piraeus, Fatrttj, Snlonica,
Venice and Trieste
1 .- j. ror( itrinitroax . . . Losmof
1J A vienTST U. 1. 1921
1 loedinj Uetlh: Seclb ": Pier 73, S. W.
r rates nnd spn -c t.pply to
lhe ChurGs T. Mo se Oo.
JDrcxel Euiiiiing, Philadelphia
l.umbi -1) S100-1.2-.1
mi 30Pi
!!hii?d8.ph!3 .0 0.hr3lbr
Valencia 4arc3.ona.
Rlarseilles
3 S Weule.iii i.aadinx i
i'or n ti mm r : rwna- s apply to
James ft. c.a3 ft Go. !no.
j 1 17 3U.u bt.. New Yorlt
1 s ys i't., . 7 ni n
j ciirj 'i'ii t;o s , iT.-uSviv. uUi
i Drexvl i-uiulir.n, '"li-'ladelphiji
S LoirtbutU -.'(w-j..a Mam 3091
,B
DIXIE STEAMSHIP LINES
I'lin.t. in miisiui, cinwri, i'outo,
MM Ill.'-ll ll M (.1 S(.UIV
IIIUMIII. I. h I)l)s(l (dirjiij
llll. te.l hit He 31 lO'O
MlN' II. s.1 Kit HLA.-vioW -HHIHTOl
h .I Mi'MHIAi' Im- I. us! Ii. I'lmbtt
Stf I'AN in lifT iu, i.-jiiy jnurr
HUH MM! IKIAIILI JIA11.H
IIARniSS, MACILL & CO, INC
r.3 i,.i .i;ni: in ii.dinu.
I'llll.AIIIJI.l'IIIA
i.mnii .ui f.;:-i
Muln 187fl
ff
?
M
.
)
i
m
il
M
'i I
SI
n
1
4
i
tm
1
Isfl's
M
I
I
?A
7
f.S.
A
AM