FST&iSSa "HiW-, r t vvsfl '"tfil WtyJ&Mtfif&'"f' ,v' " "' ' :. -st i " " t,i-w HST-" ' ,.r . I .. j1? .(jn e5lV - ,'f r-r '? : t'. EVENING PUBLIC LEDGER PHILADELPHIA, JFK1DAY, DECEMBER 31, 1920 15 The Fall in ;Prices of Commodities and the establishment of more permanent values for practically all merchandise will enable manufacturers to con duct their operations on a safer basis and with greater confidence in future profits. The re adjustment of business to more nearly normal conditions 'enables in vestors to select with increasing confidence those securities which are sound. Write for our recommendations. Hemphill, Noyes CBJ, Co. Afemfcsrs New York Slook tcianse Franklin Bk. Bldg., Philadelphia New York Boston Seranton ulTelo Albany Syracuse Baltimore Combines Safety ml High Return Cities Service Company Preferred Stock Backed by lares and growing quillet. Dividend earned 4Vfc timet over. 24,000 Holdere ol record Indlcatee wide dlstrlbu. lion, broad market and confi dance of Invettort. Ritirns, at present prlco more than 9 Priee at marktt Circular "I"' on request Henry L. Doherty & Company 604 Morris Building Philadelphia, Pa. T.klephones Locust 1440 NOW SAVE! Open an Account Today in THE FIRST PENNY SAVINGS BANK of Philadelphia John Wanamaker, President Depositors, 39,000 Deposits over $7,500,000 4y4 Allowed on Deposits Deposits Received From lc to $5000 Home Office 2Iat and Bainbridge Stt. Central Branch (Liberty Bldg.) Broad and Cheitnut Stt. Specialiitt in OHIO MOTOR, RUBBER AND STEEL SECURITIES COMPLETE SERVICE In All Form of Investment Main Departments Investment, Brokerage Acceptance, Liberty Bonds Foreign Exchange Statistical, Ohio Securities Extensive Private Wire Connections Members of New York and Other Principal Stock Exchanges OTIS& CO. Investment Banker CLEVELAND Hew York Iloeton Detroit Cincinnati Colombo Toledo Akron Younirstown Denver Colorado Spring YEAR END REVIEW An opportune, general discus aion of the Industrial, Finan cial and International aituation and It effect upon iccurity value! it now in the procet of preparation, and will shortly be ready for dlitrlbulion. Only n limited number of copies iirtll be available to supply early requests and vHll be sent gratis. ASK FOR "REVIE.W" Meaaben Mladelphl Stock Kiefcanei 1622 Cheitnut Street l-bootsi Pell. Spruce 0I17-41SO Keystone. Bao 760 ft Broadway A Sth Ave., W. T. HiamfoTd, Conn. Moore, Leonard & Lynch Cuthman Nevrhall, Manager Bend Department ,. Board Room Will Pay 65 and Interest for Grand Rapids and Ind. 2d 4s, 1938 CHARLES FEARON & CO. ft 033 Chestnut Street VsrocKT B0NPt GOSSIP OF THE STREET Tio senior member of ono of tho 'nrgost commission houses In talking nuout the speculative situation last night said that, In his opinion, we must revert to tho conditions which Prevailed before the beginning of tho war and stand ns we were In 1013 when tho great bulk of business was In railroad stocks and when a. largo part of tho transactions on tho exchango con sisted of dealings In high class railroad Issues. In his opinion, there will bo a stead ily growing demand for the dlvldend Pjiying railroads which arc now obtain able nt prices giving a return from 8 io over 10 per cent on the Investment and that it will be one of the bullish 'actors when these stocks move, up to a ,'iir Jrom ,whlcl1 Ul Investment return IwA? r(1H?cd t0 Per cent. While bullish on the railroad stocks, he was averse to taking n long posi tion on tho industrials which had de pended upon war activities for a profit, nolo business and stocks of such cor porations. ln his mlnuV could not be expected to sbaro in any Improvement that might occur In leading railroad stocks. h Stabilization of Business The Franklin National Dank in its January issue of the Digest of Trade Conditions, takes a rather favorable view of the outlook for general buslnew) for tho Incoming year. Discussing tho situation the forecast has this to nay : Changes In business conditions which, during ordinary times, would bo considered unfavorable factors may not In the present situation provo to be ro unfavorable as they might appear on the Burfacc. The tendency toward a smaller volume of business and lower prices Is n necessary movement for tho stabilization of business. Partlcultrlr favorable factors reported this mouth are u heavy gain In merchandise ex ports and favorable trade balance, heavy canal trnfflc, n gain ln both gross and net earnings of Btcnm railroads, heavy Iron ore shipments and satisfactory fuel production for tho year to date. A Turn Bound to Como "Undoubtedly the foremost question in the collective mind of commerce and industry today," says the Janunry let ter of tho Mechanics and Metals Na tional Hank of New York, "is how long the present depression will last, whether it will become more severe and what time will mark the beginning of a re vival. "The answers to these questions de pend ipon n multitude of factors, psy chologic na well ns economic, and an swers cannot be given with any finality. But we do know that trade cannot re main long ln Its present position. "Abnormal conditions correct them selves. If the pendulum swings too far in one direction. It will swing in the other. Just as the rate of burinc a year ago was abnormal, so the present rate is subnormal, liecnune the former rate of spending was too fast, it brought exhaustion of resources and savings. It is these violent swings in buvinir de mand that unsettle business. Business mm, sometimes becoming over-san-gulup, assume during a period of ex travagance that tho rate of spending will continue; they produce to meet It. If it falls suddenly, there Is a condition such ns the present a surplus of goods, lower prices, n wiping out of profits, smaller production, part time, closing mills ana factories, unemployment." Electric Storage Battery One of tho lending local brokerage houses has Issued a special letter giving n comprehensive and interesting rrview of the operations of the Electric Stor oge Battery Co. "While the comnany naturally felt the dcnresslon in the automobile trade." the letter states, "the general business is reported excellent. Storage bat teries arc applied ln many ways to com mercial uses and the product of the company ure ho diversified that its business prosperity does not depend altogether upon the state of the nuto mobile Industry. Some employes hnvo been laid off, as is true of other in dustrial plants, but this has not been done on n large scale. Work on the new plant is proceeding in a satisfactory manner. In reliable quarters, It is stated that the company will continue to pay its present dividend rnto in definitely." Slam Ilico Export Embargo Lifted Acordlnc to a telegram received by tho State Department from tho United States minister at Bangkok, tho exist ing prohibition on tho export of rice from Slam Is to be lifted on January 1, 1021. During the first six months of tho coming year the Siamese Gov ernment will permit the exportation of 400,000 tons of rice. This prohibition had been in effect since July 12, 1010, when, due to the shortage of rice in the country, nn em bargo was placed on tho exportation of all rice products except that previously contracted for. On December 1, 1010, the almost total fallare of tho 1010 crop necessitated tho extension of this embargo for the entiro coming yoar, with the possibility of cytenslon Into Rice constitutes the principal article of export from 81am and in normal years the value of rice and rice product exported constitute about 88 per cent pi tho total exports of tho country. The exports of rice from Slam for the last five years have averaged about 1,272, 000 short tons, valued at about $23, 392,000. but in 1010 this amount fell to M0.O0O short tons whllo the value rose to $43,(500,000. Tho raising of the embargo on ex portation should greatly Btlmulatp the export trade of tho country, which has been depressed for moro than a year. Bank of England's Low Reserve The Bank of England In tho weekly statement yesterday reported a fur ther drop In its proportion of reserve .. iii.tii.te.. ff. 7nn ner pent. This 10 iiuuuiw-3 .v -- ,--- "--" r: l- .1.- 1.wnat nuvir1 ronpnwi Kitim rnfl IB U1U iUM"- VV"- ...-.. -.... .- i Tv 1RIHI. whnn thn reserve puuic "'-"j'1:n a ;: percentage w --- v;-j ago tee yervcumao nun v .ui requirements were rsflected in this ... 'i.i,. .i,i.mnt There tens n lame Increase ln deposits of about 30,000, 000 poundB. Bullion holdings were holding!i to 128,207,000 pounds, n now ';";'"? '"l tV,. IPr-noY. hunk Hfntft. ment disclosed u slight Increase In gold and a 457,000,000 franc expansion In "rcnlntlon. THE TRADER. NEW YORK COFFEE MARKET New York, Dec. 81. The coffee futures murket opened 5 to 0 polntB higher thla morning. Wall street and Europe furnishing the demand, while selling came from scattered trade sources. No onirmi cbdicn iroin mo South American markets bad been re ceived up to the opening time. Yes. Close Open .arch B.ZnW3S O.B3W33 CiJJ0" 8.T0OT8 0.7H&78 n.lv T.0NW1Q 7.1UWTO September 7.83OS0 7.80 .. ma Liverpool Cotton .a i Ttnsi 41 Knnt svittnn vanm generally neglected today with prices RllSlf r Ufl VJIv liC u a ukuii wa wi "i.L . mMlllnir nt S RSil Thn Rnlns wore 2000 bales. Tho receipts were 41,- 000 bales, inoiuumK v,duu oaies men can. Futures were quiet in the early middling fair, J8.40d) good .middling, mon.i! fullv middling-. 9.90d: middling'. S.6Sd; low mlddllnb, e.DOd; pood or dinary, 6.Oi n oruinury, i,y. INDUSTRIAL PEACE URGED IN MESSAGE Chamber of Commorco Now Yoar Appoal Asks Labor and Capital to Co-oporato SAYS FUTURE IS BRIGHT The New Year'B salutatory of the industrial relations committee of the Chamber of Commerce to Philadelphia employers and employes, as drafted by Ernest T. Trigg, chairman of the com mittee, follows: "With the beginning of a new year the industrial relations committee of tho Philadelphia Chamber of Commerco sends Its greetings to the employers nna tho employes In the Philadelphia district nnd expresses the sincere hope that tho coming twelve monthB may bo free from industrial disturbances of every nature. It hopes, too, tho new year may usher in an era of greater understanding be tween employers nnd employes, nnd a true appreciation of the dependence each has upon the other, with a full realiza tion of the fact their basic alms and In terests are mutual. "Labor is dependent upon capital for employment, tor management, for tools with which to work and for tho mnrhcts Into which the products of toll are disposed. Capital is dependent upon labor for the production with which to supply the demand It creates. Industrial Relations Improve "The old saying, 'United we stand, divided we fall,' applies nowhere with greater force than In tho relationship between employer nnd employe. "It Is cncouroirlni? tn nntn tho in. creasing number of industrial plants where employero and employes are jointly working out their own problems ln n spirit of sympathy, fairness nnd juRxness. xoe recent conference be twecn certain officials of the Pcnnsyl vania Railroad, headed by General At tcrburv. and reDreBcntntives of thn em ployes of that great system Is tho most outstanding example of tho moment. "After all, It is a fact that the problems and details of operation in each plant or unit of employment arc poculiar to It and the adjustment of dif ferences therein can only be effected intelligently and permanently by a mu tunlly sympathetic understnndlne. "It is greatly to be hoped employers who nave not aircaay tanen upon tncra selves tuo responsibility for a nroner typo of leadership with their employes win, in the coming year, make this their first business in an honestly human way, taking the time necessary to study nnd understand the viewpoint, the de-, sires nnu the necessities of their em ployes. tor various reasons, which may have seemed good and sufficient, too mnny employers have neglected to glvo proper consideration to the human rela tions with their employes; they havo failed to provide proper Incentives and encouragement and have done little or nothing to the end that their cmployej should become more loyal, taking an in terest ln the welfare of the business and thinking along constructive, healthful lines. Arbitrary Acts Deprecated "In the absence of this type of lead ership emanating from the employer the vacancy thereby created has too fre quently been filled by tho radical spokesman who has found nn pntrance and a more or less fertile field for antl production nnd anti-American propa ganda. Employers facing this sort of a situation should examine themselves and the course they have pursued be fore they criticize their workmen too severely. "It has been reported that some em ployers, charging that their employes took advantage of them during the war by curtailing production nnd constantly demanding moro money, Intend now, when they have what they call 'the whip hnna,' to make their employes pay the penalty. We cannot too strongly deprecate this nttitudo and condemn any attempt to put it into effect. While it is true that there is unmployment at the pres ent tlmo, it is our mncere hope that no employer will attcmnt to take ad vantage of it for his own personal gain. "If in tho general liquidation of values in any industry a reduction in wages la necessary to continue opera tion, It should come only after all rea sonable effort haB been made to main tain the present level through the prac tice of economy and through greater production on tho port of labor itself. Keep Employes Informed "We earnestly urge all employers to mako the first step In the liquidation of waxes through encouraging their work men to secure greater production and to continue paying the present rates so long as it is possible to do so. We urge upon employers, too. that they, devise satisfactory meant) within their own es tablishments for Informing employes with regard to the general conditions in the business, and that when wage re ductions become necessary, If Uiey do. that the reasons for it are frankly and fully given to the worttern. This Bhould be done In a dear, understandable way, bo each employe has a correct apprecia tion of the situation, and thereby is encouraged to put his best efforts Into his work. "We furthermore earnestly urge that every effort be mado by employers to prevent unemployment by making work for thler employes in every way possible until greater Industrial activity is re sumed, and that employers and employes co-operate unselfishly and in tho Interest of tho public, ns well as In thler own in terest, to securo an early resumption of Industrial activity. "If both employers and employes, ronllzinir their deneuaence unon one an other, will quit finding fault, one with the other, and in place thereof put forth an honest effort to understand and ap preciate the other's problems and view Eolnts, and endeavor to help, Instead of indor, then, and not until then, will we reach a satisfactory and permanent adjustment of all labor difficulties. "Whca we rach that place, then all of the time and money wasted today ln needless disputes or misunderstandings will be turned Into productive perform, ance to tho benefit, the honor and the glory of tils great nation and every one of its cltlrens." LONDON STOCK MARKET Realizing Made Oil Qroup Flabby. Mines Neglected London, Deo. 31. Notwithstanding moderate provincial commercial failure, the etock exchange markets ranoratly were steady today. The undertone cava evidence of etablllty, A holiday feeling prevailed, runllilntr auide tho oil irrouti llubby. Amsterdam resold Itoyal Dutch Shell Transport was G 16-16, Mexican Raglo w&s 6H. ex-dlvldend and bonus. Hu mors about various new Issues of capi tal unsettled the Industrial section. Mines were neglectod. Dollar descriptions were Irregular, ioIIowUih- mixed movements at New York. Homo and "JTWUntlno rails were Arm, although changes in prices were narrow. OUt-edgca scored further gains. Foreign loans were checkered, BAR SILVER Bar silver was Tid lower In London today at 40d, iVcto York Bonds SALES IN 11000 Am Cot Oil lit Del A Hud (d 77 8 T2U 2 70 Fenna nn Ba A flmlt A n St Den A R Q fd 0 RBU 4 NO B 73H a 73U 3 .... T2M 3..,.. 73 1..:.. 72 a 7a 4 72U 10 41U 1 42 B 80V4 D Can Br '21 (pnna n n 7a S 00 U 1.... 103 10.... 108 1.... 108 Erie Oent I.ttn 2 42i B 42 14 42 People Oaa I, Am T A T clt t C Co 01 8 02 1 73 Crle n It ov A 3 73ttl 1 37 ReAdlns Ry 4t 8 72 H 10 72 Erie ft 11 cv D 0 70 42 42 nem's Type en Am Tel A T Bs 1 0B 1 70 10 70 41 VI 4IV4 It I A A t, 4 u, 2 04W 1 04 1 04 ATiSFi 4 42 42 0.. R.. 2,. 6.. 10.. 10.. 4.. 1.. 78 78 78 78 W 78 M 78 78 Erie Hy Co 4 Bt I, l'n Mt A 4 81 S'n niy 3s 10 S3 Gov't F R rcte 2.. 2.. 2. 3.. 8.. 00 Ti 80 Bt I. A S K n) 8. ... 04H 1.. . (18 1 (13 i or. 1(10 00U 09 78 Atch TAB re PV 4 '00 1. 100 Bt It A 9 K In 10 80 HO Swltt'd rcte 10 48 A T A H hji 1,.., 102U 1. 1. 1.. 2.. n.. 2.. 2.. 20.. 10. 2 . 1. 5" 48 4 40 40 49 49 40 80 no B0 80 60 80 SO 2 00 Od Trunk rote 3 00 S 4, 0, 100 Armour 4'A" 1 73 .. 100 .. 100 .. 100 A Man (tl ... 87 1. 8 All'o Fruit 7a 8 03 Hud Unit A Ohln cv 16. 1 07 1 07 8 07 8. 87 Hud A Man Ir 10 22 1 i 23 Halt A Ohio 4a 1 08 HI Cen'l 4a .IS 2.. a.. 2.. 1.. 1.. oo 07 CO 00 1 (IS 18 08 10. Bt U A B Fran Ill's Central L Serlea A Dlv 3 2 03 0.. 0.. 61 07 01 fll 02 01 01 01 01 01 Ilalt A Ohio Sa lll'a Strtl 4a 10 07 8 08 3 (17 2 08 1 78 10.. a.. 2.. 10.. 5.. 6.. Intborn M 44 20 IB 18 10 10 10 10 IB 0. 10. 10. B. 10. 10. 0. DaltAOhlo da 1 00 Bel Tnl 7a rcte Bt It A S Fran 8.... 102 Serlea D Drkyn R T Se 1.. 10.. 8.. 4 . 3. 1. 78 74 78 73 73 74 74 74 3 28 10 Duah Rids 8s Int Met ot 4 l no 1 OS 2 08 Canadian N'n Rwya rcta 7 00 10 00 1 00 23 00 Ctl raclflc lei 10 13 10.. .. 14 0 14 Inboro R T fd 2.. 48 48 4.... Bt L. ft B Fran 48 48 48 48 48 Serlea C 1 84 10... 4 .. 1... 14.. H.. 3... 17... 0... 8... 20... 2... 10.. 10. . 2... 20 4 .. 30... 8... Seab'd A It iJ 3 38 1 72 Beab'd A I. fd 2 72 48 1.... 40 O'n Pacific fd 14 78 1.. .. 78 2 7S 10 78 Chos'k A O fd 40 3 00 40 Ch'k A O 4H 49 49 40 49 1 78 7.. .. 74 C'k A Ohio Sa 6'n Pacific 4s 8 80 40 40 40 40 49 09 C0H C'k A O cv Ba 1... 82 B'n Pao ov 4a 7 . 8.. 6.. 8.. 6.. 28.. 1.. 1.. 83 2 78 II 78 B 78 3 70 82 82 82 82 49 49 I M Marine Ot 1 77 4 77 B'n Pao cv n 83 10.. .. 90 80 83 Bo'n Pao Ter'l iowa Cent'I 8a 8 08 6. 83 3.. .. 00 -n Rallwa 4a C A O Rich A Jap Oovo't 4 a 9 OR 6 B0 A Dlv let 1 88 1.. . 88 2 CO Chi A Alton 8a B'n Ra'lwa Si Kan C Ft S A J 83 2 88 1 43 C A Alton 3 7 38 Memp 4 s 1 64 Terrn'l R R A Kan C A H 3a ot St L. 4a 1 72 Chi 13 A Q sro 10 84 12 64 0 84 1 77 Chi U A Q 4a 6 00 0... 08 Third Ave aj 24 K C T Rly 4a Union Pac fd 1. .. 70 0 77 C SO IK Dels 0a '25 1.... 77 H CM A Erie 1st 1.. 80 21... 77 4 70 1. 80 (Union Pac 4a Chi A O W 4a L 8 M H 8s 8 80 2 49 Chlcaxo Mil A, St I"l 4a 1 7B Chtoaro Mil A Bt P'l d 4a B 03 Chicago Mil A Ot V 4s '28 8 72 Chlcairo Mil A BtP cv 4a 4.. .. 08 1 CO 1 00 1 00 1 08 3.. .. 80 L S Mto S '81 U K of O llrlt 0 81 6 80 A I'd 1921 1 07 2 97 Lorlllard C 6a 4 77 U IC ot Q Brit Lou A Nash 4a A rd 1922 8 04 1 04 1.. .. 04 16 70 LAN Mono 4a 1 00 Mid B A O Sa tu k of o nnt 8 72 1 72 A I'd 1929 10 .... 88 2 . .. 60 1 72 Mo K A T 4a U IC of O Brit 1 08 :B 58 A I'd 1937 6 83 a 83 !...-. 82 1 88 B 63 Chlcajro Mil A stp ra 4 Mo Pacins 4 a 2 68 6 88 6 03 ; 1 63t 4 64 2... . 64 Chleaa-o Mil A BtP am 4a ,U S Rubb'r So 2 74 Mo Pao 6s '20 6. 8 8. 1. 12. 8. 6. 10. 74 1 74 2 82 74 -4 ; 74 74 74 74 Cnlcaco MU Al Natl Starch 8s flt P cv 3 8 88 1 ... 03 New Or Tex A CM A Nwn am Mexico 4 a 1 00 3 .... 78 Chlcaeo A Nth N Y C A II n 74 W'n 8s 'B7 1 Dill R R 6s U S Rub 7s 6 10 3, 6, 10, 2. 88 1 98 3 08 2 OS CM A Nwn TBI 88 1.... 102 1 108 88 89 TJ'd S Otrtl 8a C R I A P fd 88 88 6 00 2 01 l.... 01 1 01 8 93 2. 4. 10. 10. 1. a. 87 87 07 87 07 07 N T C 1 11 n n R 7s rcta 1.... 101 0.... 101 (Utah V A L 6s New Twrk Cfl 0 78 Chl O 8tB 4 4 77 L S 8 (Va Rallw's 6s 1...,. 60 1 82 1 88 2 83 Chl A W I 4s N T Connect'' a 68 R R 4s 10 78 10 78 Chlkt Cop'r Ha Weat'n Md 4 a B.... 00 1 62 N Tli Laxlt A WVn N Y A City Uord'x 0 Weat'n 6s Pa R R 1st 4..... 68 8 70 1...,. 88 N T Tolo 4s CKr krone Ce West Shore 4a 9 78 0..... 73 1 76 10 70 3 7D 1 78 10.... OBU 1 68 1..... 88 1.,. 68 City Mara'a 8a N T TeHs 6s 8..... 78 City Paris fls 1 04 C Zurich rcta 1 94 CTd Cln Chl A Bt I. am 4a 1 88 1 03 1 08 S CS CVd Cln Chl A Bt Xt 4o 1 70 CI'd Cln Chl A flt Louis na .a!!!."! 88 C Tab A R 6a 10 78 1 M a es Now T W O A We'n Union Bs Boston 4s 3 83 1 78 W EJ A Mfr 7 N-k A W'n 4s1 5.. 1.. 1.. 0 l B 78 04 04 H 0t 04 ; 04 Nfk A Weat'n cv 4s 1910 38 70 0. 9. 6. N'n Paclflo it 48 64 WLr1- o N'n Pacific 4a' 3... . B0U 3 78 4 78 20. . . 70 4 70 24.. . 78 W ft It B Y, 2 4TH Wilson Co cv 8 70V 8 80 12 80 3 70 Orogon S t. atttVUson Co 1st 8 84U Cons' a Oaa 7s Pa nil en sHa 1... . 84H IS 84U I.... 100 0 87 U Cuban C 6 cv Pa II cm iV,: Wis CantrM 4s 1. ... 70 1 .... 70 10 78 8. TO 11.10 a m. 80.00 85.10 81.70 87.60 85.00 05.14 05.50 Liberty a y2s ..1)0.00 80.70 liberty 1st 4is.. 85.20 85.10 Liberty 2d 4aV4.. 84.70 84.00 Liberty 8d 4Us. , 87.50 87.18 Liberty 4th 40. 85.00 81.80 Vjc Notes ajls... 05.14 05.10 Vic Notes 4g... 05.50 03.10 New York Central to Issue Notes TVashlnston, Pec 81. The New York Contra Railroad wua authorized today by the Interstate Commeroa Commission to Iotuo $31,213,000 in notes and bonds to securo government loans of $28,778, 000 mode recently to t subsidiary llneu, tho Michigan Contral, tho Dig- Four, the Lake Brie and Western, the Toledo nnd Ohio Central, the IDuiawha and Mich igan, and tho Zaneavllle and Western. The neouritlMi to be Issued by tho road and pledged with the secretary of the treasury wilt Include $6,494,000 of re funding and Improvement mortgago bonds dated next April 1 and t8.42o.oon worth of t per oent equipment trust gold certificates and $18,299,000 In notes. Washlnctan, Deo. 81. Tho Cincinnati, New Orleans and Texas Pacific Railway Co. was nuthorlied today by the Inter state Commoroe Commission to assume ns lessee of the Cincinnati! Sonthnm Hallway the obligations of paying, as additional rental, tho Interest on $3,800. 000 of 8 per oent cold bonds of tile city of Cincinnati and of paying1 annually 1 per cent ot the principal of the bonds to provide a linking fund for their redemp tion nt maturity JOHNSON PREDICTS PROSPERITYFORU.S Chamber Prosidont, Speaking in Boston, Declares Business Doprossion Is Over SAYS PRICES MUST DECLINE Albn 11. Johnson, preflldenl of thn I'tiuiMidpnia i;nnmbcr ot Commerce, Hprnking to nn audience of 1000 busi ness men ln IloKton lnnt nlrht. ilerlnrpil the worat of the business depression Is over nnd touched optimistically on the lll-l OUtlOOK, After civlntr n enncrnl rovlew nf rnn. (lttloriH now existing nnd confronting tho country, he asserted the time to buy is . now, In order that wheels of industry be Itcpt In motion to relieve unemployment nnd to spread the im provement of conditions over n Ionizer period. "Tho woret Is over nnd wc can henr the first lapping of the waves heralding the oncoming llood of prosperity," he asserted. "The readjustment Is more than half completed. Two things must be entirely rendlusted the prices of commodities nnd the prices of labor, and it is nn inevitable condition that as commodity prices decrease labor must accept its share of the reduction. It is worse than Idle to sny that labor must accept no reduction until nftcr the cost of living Is normal," he continued. Mr. Johnson wns the guest of the uoston uiinmber or uommcrce nnd se lected ns the subject for his address "The General Business Situation and tho War Out." "Tho dccllno In prices throughout the country in nn essential preliminary to the testoration of sound, nctlve busi ness," he said, "Do not be alarmed at the failures nnd the extensions which hnve born ir.rvlrnblc. They arc part of the medicine cssentinl lor complete re covery. "Tho whole industrial nnd comtacrcinl world Is undergoing a purging process How long will It last? This largely de- pends upon business men nnd upon their attitude. "Whilst recovery from business de prcsslon usually requires a longer time than we estimate, they are sometimes unduly nrolonged because business men continue pessimistic, ns they do not realize that the time for optimism has come. The railways of the country form the first line of defense ngatnst the advance of 6tate socialism, he declared In the course of his speech. ihelr mainte nance under successful nrivatc manage ment means the continuance of that freedom of individual citizen to develop the blithest nowcrs of which he is enna- ble, and to enjoy the rewards of genius without political domination or con trol." To obviate the possibility of this he mndc three suggestions to business men. First, the present high rates hnve been established to allow of renlctlon of de teriorations. "It seems to bo apparent that the only means, not only of avoid ing constantly rising rates, but on the contrary of ultimately justifying a lower rate level, is heavy investment In audi tions and betterments," he unld in ex- plnnntlon of this. He nointcd out. in tho second place, that the roads themselves must exer cise care In seeing to it that bond issues do not gain too great a preponderance over stock Issues. Further, he urged heavy buying of railroad securities for tho purpose of helping to improve rail road facilities and thus of assisting the business man in the handling ot his freight. Hla final injunction was that in saving car-uavs nnu increasing car loads, the notion s transportation prob lem would bo solved. COTTON MILLS PROSPER Firms In Spartanburg Section Dis burse $8,000,000 in Dividends Hpnrtnnburs;. 8 C. Dec, 31. Twonty ono cotton mills In Spartanburg county, having a total capital stock ot $8,908. nnn nn .Tnnuarv 1 laiit. hnve Dald Etock dividends nmountlnir to (8,068,000 and cash dividends amounting to $2,184,- 049.00 during: the yoar ended today, ac cording to iUrureu compiled by A. It Law A Co. for tho Spartanburg Journal. Included ln tho cash dividends Is $888, 170 paid tn semiannual dividends today. Tho stock dividends represent for tho most part profits aocumulatod durlntr tho era of hlijh prices prevailing since 1916, but which were not distributed un til after the United States Supreme Court declared early last summer that stock dividends wero not taxablo. DIVIDENDS DECLARED Lima Locomotlva Works quarterly 1 rxr cent on preferred, payable February 1 to stock of record January 15. Drovers and Merchants' National Rank, semiannual 2M cr cent, payablu Janunrv 1 to Steele of record December 81. IF THEY WONT WORK WB nKPAIB TIIEM Batlsfaetlon Guaranteed Olotrttt Wringers, Carpet Sweepen, Washing Maohlnot, Vacuum Cleaner8 E. G. FORD CO. 181 N. 8th St. rhUa., Pa. CUSTOM Rit-Mur Shirt Co. fiOIChtttnutSt. 8th Floer rsksIUeTstortiamples Sot Upon Request nSB((aBB(jsassSBsas(SBt((aaaAasaasaasaa(aj(Bai bywcfcA! WM.U.MAYBC1WY1 5..WWAIMUT ST., BIMqFECiAUil Manufacturers and Dealers IN Plumbing and Heating Suppliei 44-00 N. fith St. COO Arch St. Philadelphia Camden Ilranch. ISIMtl Federal St, West Branch, Lonsdowne. ' Boxes "Jtofc " nnn KAilllna' and Milling Tabes I EDWINJ.SCH0ETTLECO. 533N. UthSC PhlUdclphls TextileSpindles fpfjjlfi P0 For Silk. Cotton I and Woolen Manufactures Excelsior Forge & Mfg. Co. 6th and Allegheny Ave. rhoaest Tioga e0. Park 923 (SBSBJPVVKS HrttHKiISE I MORE DIVIDENDS DEFERRED Vulcan Detlnnlng Passes Disburse ment Due at This Time New York, Deo. 81. At a mcotlns; of tho board of dlrectorn of the Vulcan Detlnntne Co. It was resolved that It woo wlso to conserve the cash resources of tho company nt the present tlmo and hat action as to the current qunrtcrly dividends on tho preferred stock nnd the preferred stock "A" of the company he postponed until the next meeting of tho board. New York, Dee. 31, The General Mo tors Corporation hon omitted tho stock dividend of one-fortieth share, which has been paid quarterly since March, 1920, on tho common stock, and han de clared the rcKUlar quarterly cash divi dend of 26 cents a share on the common Regular quarterly dividends or J1.00 n share on the preferred, $1.80 a share on the 6 per cent debenture n'nd 11.76 a shnre on tho 7 per cent deben ture stocks nleo were declared. All divi dends nro pnyable February 1 to stock of record Janunry 10, The board of di rectors has been Increased from twenty eight to thlrty-ono with tho election of IC W. Zlmmeracheld, C. F Ketterlne nnd F. D. Brown. Detroit, Dec. 31. Directors of the Palg-e Motor Co. have decided to discon tinue dividends on tho common stock "for the present" The company, earlier in the year, had paid 3 per cent monthly, butof late hns been paying but 1 per eont So far this year, tho company has paid a stock dividend of 33 1-8 per cent nnd cash dividends amounting to 27 per cent. Tho reason given for the action was that tho company desires to conserve cash resources to meet existing general business conditions. BANK'S EARNINGS LARGE Federal Reserve of New York Re ports Total of $51,500,000 New York, Dec 31. Total eamlnns of the Federal Rcservo Dank of New York In 1920 amounted to $81,500,000, Its monthly review of credit and busi ness condition disclosed today. This Is approximately 210 per cent of Its capi ta) stock. Stockholders received approximately $1,500,000 In dividends of 6 per cent and about $11,000,000 wan added to tho bank's profit and loss surplus as pro vided by tho federal reserve act To morrow the bank will pay about $39, 000,000 to the United States treasury in llou of a franchlso tax. A Ten - Year Call on Stock is possible at a price considerably below the average annual quota tion for the past six years, through pur chase of Cerro de Pasco Copper Corporation Ten-Year Convertible Sinking Fund 8 Gold Bonds which sell at a Price to Yield 8 Write for circular which gives full particulars. Bonbright & Company 437 Chestnut Street Philadelphia New York Chlcafo Dcston Detroit 1921 WE GREET YOU AND WELCOME YOU AS THE BEARER OF GOOD NEWS. YOUR PREDECESSOR IS LEAVING WITHOUT RE GRETS AND IT IS DE V0UTLY HOPED HIS KIND WILL NOT RETURN FOR A LONG TIME. OUR VIEWS REGARD ING THE INCOMING YEAR ARE EXPRESSED IN THE CURRENT ISSUE OF OUR WEEKLY LETTER. REQUESTS FOR COPIES WILL RECEIVE PROMPT ATTENTION. Smith, Redpath & Co. .Members Phlla. Stock Kxchsute 1524 Walnut St. PniLADKLrillA Phone: Sproee 08tu ' - FINANCIAL Dtrtdrnds FRANKLIN NATIONAL RANK Chestnut Htreet west of Jlnmd Philadelphia. December 20, 1A30. At the reaular meeting of the Board of Directors of this Hank, held thla day. a quarterly dividend of six per cent (8) was At dared, f tea of ctftt tax. and payable January 1. 1021. to stockholders ot record at the close of buslnoss December SI, 1620. Checks will be mailed. j wm, jiAiutr, tashler 1UUUTII NATIONAL HANK umacnu no, 11V Philadelphia, December 20, 1020 At a Meeting of tho Board of Directors held this day it regular semiannual dividend ot Ten Dollars per share and an extra dividend of live Dollars per share, making In all Fifteen Dollars per sliure, was de clared, payable January 3. 1021, to Stock holders of record at tho close or business December 29, 1820. Checks will be mailed. CHARLES B. COOKE. Cashier rinLA. WEHTKBN RAILWAY CO. Norrlstown, r, December 20. 1020 inferred Stock Dividend ?. ' in "' The Board of Directors has this day d clartd a dividend of one nnd one-quarter S!Z riot (lU'A) on the Preferred St5?5 o7t,u Company. PMhle January 15. 1ML to p?i! farrea siockiiuiu,. u. tvv. m tn, g '. w..-in-e rletmtw-r HI. 109O w Cbscks will be mailed. Blunif.B. civiuuivnuff, Treiinrt, MANAYUNK NATIONAL lunr v,kit..ii n. .... 'Tj X'i .. eo, Jl, 1020 JUDsMu. . aisatll lhlrh gtatd trtanafsae ...a.' Viroaln closed. Dividend ohecka will ra K J. MOnnia, Ca.hl.r. Prsposals SEALKD FROl-OeJALS .WILL RK RR. cXid by the Roord of Managers of the PsnnsylvanU Industrial Reformatory, t Iluntlngdon. Pa... Jt their regular monthly meetings held on the seoni Thursday. or January. April. July art October. l?i tor the furnishing of supplies of various kinds for a period of three months from the S"d day of the month named and award mads of same previous to that date, consisting In the main of flour and feed groceries, pro ldone. dry and salt meats "ru proposals tire also asked for from time to time during the year for such other articles as msy be necessary In conducting the Reformatory. """ Proposals will be asked for July l for fur. nlshlng the Reformatory with bituminous coal for a porlod of one year from July 20 1031. Any desired Information will be furnished and opportunity to bid on same will be glveS any parties who make request to bs fur nished therewith. The Hoard of Managers reserve the right to reject any or all bids offered. Address T, II. PATTON, Others! Huperlntendsnt. Huntingdon Pa The Board .of Directors has thla day -. dared r1iL,mlnnu-,i dividend of iZ and an extra dltldsnd ot ify on the Capital r,..jr naihl. on and after AmVrJL"'! E n.VANClAI, ., DAMn MJITON'rt SONS COMI'tNY Klnklnc Fund ruritmae of Preferred Ntoele Pursuant to tho agreement of David Imv ton s Sons Company anil th underalsnrd, as TrusUe of tho Hlnklnu Kund. tha under elsned nreljy glvfn notice that It han re ceived notice from I)vld kupton's Sons Com pany that snld ComoAny will dctxtt with silS. underslimed, on or beforo Jsnunrr S. Iri "l9 mlm f Thirty-one Thomand Two Hundred and fifty Dollarr ($31 230) In the Hlnkln Fund, provldfd under the Asrecjnent tinder which the paid Preferred stock wan Issued and that It Is Its Intention to apply said sum to tho purchaea o( ehares of th Preferred stock aforemld Offers of sH snarfa aro Invited, at a price not 'o exceed par and accrued premium of ten pr cnt. Mealed tenders to be addresn-d to the Phila delphia Trust Company. Truatee of the Rlnklnir Fund, (.foresaid riroad Street Office, Ilroad and Chestnut streets. N R Corner, rhlladelrhli Much offers will b received un,lU!P.r.oe; o'clock on January n. lbJl. PHILADELPHIA TJIU8T COMPANY Trustee JOHN C. WALLACE, . Treasuror. Phlladnlphla Decemrer 23. 1020 TK PKTKIWIU'lH) OAR COMPANY riitsT MoitTOAdi: rivr. pkh cknt OOI.II IIONDH It'K 10SI Pursuant to the provisions of the tnt Ksge from The Pi trmliurx Oas Company tn The Ileal Ketsf Trut Company of Phlla Olphla. Trustee, datnrl April 1, 11)01. securing- an Issue nf t2iy.ino Flrnt MorUsev Five Per Cent Oold Ponds, tenders of aald bonds nmounttnit In the aifKrrgate at their par value to the um of 17.500. at ft price not nxceedtnit 1103 and ac-rued Interest for every 10O of tho psr value of said Bonds will b ricelNed bv the Trustee at Its office, S. E. Cor. Ilroad A Chestnut Rtrets, Phlla detphla, for redemption and cancellation. In accordance with tho terms and provisions of the mortiragB, on April 1. 1D31, at which dte Interest on accepted Hands will cease lende.rn must bo dellverod to the Truntee In wrltlnc v,lthln ten days from December 31, 102O THE PUTEnSllI'rtO OA.4 COMPANY Hy W L. FOX. Recrelary Annual Meetings &api FRANKLIN NATIONAL HANK Chestnut street, west of Ilroad. Philadelphia, December II 1D20. The Annual Meotlnir of the shareholders nf this bank will rw held nt the lunkinsr lloui on Tuesday. Janunry 11. 1011, between the hours of 12 o'clock noon and T p m . for the election of directors to s;rve durlnv the enaulntr year: nnd to taue action upon a praposen amendment to tne Articles ox a sedation by substituting for the second sentence ot Article VI which now reads as follows: "Tho directors shall havo power to elect a vice president, who shall also b a, member of the Dorm of Directors, and v.ho shall be authorised, In the absence or Inability of the president from any cause, to perform alt acts and duties prtalnlnr to the office of pres'd-ns. eent such as the president only Is authorised by law to perform and to elect or appoint a cashier, and sueh other officers and clerks as may be required to transact the buelness of the association: to fl th salaries to bo paid to them, and con tinue them In office, or to dismiss them as. In the opinion of a majority cf tho board. th Interests of the association msv demand ' the follovrlna" "The directors shall have power to elect one or moro vice presidents who shall nave such powers and perform sjch sets and duties as the directors shall direct py by law, and to elect or appoint a cashier, and such other officers and clerks as may be re quired to transact the business of the as sociation: to nx tho salaries to he paid to them, and continue them In office, or to dismiss them as. In the opinion of a mi lorltr of the board, the Interests of the as sociation may demand." J. WILLIAM IIAJIDT. ''ashler. J3S3 MEnCHANTS' WAREHOCfiE " COMPANY Philadelphia, Dec. SO, 1P20 The Annual Meeting of thn stockholders ot this company for tho election of directors and such other business as may come before It will be held ln tho Directors' Iloom of the Commercial Exchange of Philadelphia the Pourse, noom 2lfl. at 11:30 a. m , Turadajr, Jannarr 11. 1031, Polls open from 12 noon to 1 o'clock p m S. TOWNSEND ZOOK. Secretary. fc37TIIE ritOVmKNT I JFK AND TTtCST " COMPANY OP PHILADELPHIA. The riftr-sixth Annual Meeting of The Provident Life and Trust Comrxuiy of Phils. (Vlphla will be held at Its office, fourth and Chestnut 8ri-s. on Second-Day (Woodsy) the Tenth Dur of First Month (January), IB31, at 10 o'clock a, m. An election of firs Directors to serve for three years will be held etvreen tha hours of 10 a. m. and 2 LEONARD C. ARIITON. Secretary rj-srprfTHE ANNUAL MEETTNO OP THE ' Ptockholders of the Philadelphia nnd tVeit Chester Traction Company will be held at No. 010 Commercial Trust llutldlnr, Fifteenth Street, and South Penn Square, Philadelphia, Pa. on Monday, January 10th, 1IW1. at !l o'clock P M. for the purpose of holding an (lection for Directors to serve for tho ensuing ysar, and thn transaction of sucn other corporate business as may properly come before tha Stockholders C. L. P.IHL. Secretary. KZr NOTICE 18 IIKREUY OIVEN THAT " the annual meetlmj of the contributors of the Hospital ot the Protestant Episcopal Church In Philadelphia will tt held at 3 o'clock Tueeday afternoon. January 4, 1921, at the hospital. KTont street and Le high avenue. Philadelphia, to elect man agers for the term of service expiring Janu ary. 1P24. It. II. HAItTB. Secretary KS NOTICE -I RANK OP E.ST TALLB Ridge and Mldrale Are. Phil.. Pa. Tne Annual Meeting of the stockholders ot this Dank for the purcoiv of electing the new uirecioraic (or win ensuisg year win b hald at the Ranking ItouAe on Tuesday January 11. 1K1. nt A n'eloelt p. 'm. liAiHynu w. yrcnawia, cashier & THE CHILIiUEN'H HOSPITAL OP PHILADELPHIA Recembor 2fl. 1020 The Annual Meetlrur of the contributors tr- tho Chlldrsr'( IIOTOltal of Philadelphia will be hetd at the hoepftal. Eighteenth nnd Daln- brldga itreots. on Friday, JaDUary 14, at 4 P "'' JOnN CADWALADER JR , Secretary K PlHIelDELVIlLt ORTHOPALDIC " HOSPITAL AND INFIRMARY FOR NERVOUS DIHP.K The Annual Meeting of tha Contributors will be held at the Hospital. N W Corner fleventeonth end Summer Rtrjets on Monday, January M, 1W1. ot P. M to elect three manairors to serve four yearn " CHARLES fiflNKLBR Rwretarv 1-31 THE RANK or NORTH AMERICA is? Philadelphia, December 10th, 1820 The Annual Meeting of the Stockholder of this Ilank for tho election ot Directors to' the eniulrur year will be held at the Banking House, on Tuesday. January 11th, istl, between 12 o'clock noon and 1 P. M. K. S. KItOMER. Cashier. p2 BOUnnVESTEHN NATIONAL RANK -1 The Annual Meeting of the Stock. crs of this bank, for the election of Dr reotors. will be held at Its llankln Itouso on Tuesday, January 11, 11)71, from 12 noon to I P. M EXJOENE WALTER Cashier. Spertol Meeitngs OFFICK OF IIKNHY DISSTON 1 PONS. INC Taoony, Phlla . Novomber 12, 1BJ. NOTICB 18 HEjtKllY GIVEN that by a resolution of the Doard ot Directors a spe cial mteUrur of the stockholders ot Henry pUstos ti 8ous. Incorporated, will be held on Monday, Jnjioary IT lfrtl, at II o'elotk a. m., at the offlce of tha '-jmt.ini', Tacony, Philadelphia, Pa., to take Action on approval or disapproval and to vote for or against tho I acre as o of the Capital Stock ot ths company from fn.D3O.0lH) to in. 000.000 My order of the Hoard of Directors F. R, ROI1BRT3 Secretary KSBP PIOL-UIKLPHU INSULATED WIRK . . .. Pecernbsr 80. 1B20 At a. special meeting of the Hoard of Dl rectorn, held this day, a dhldend of II BO wr share for tho three months ending De cembeif 91. IS.J0. has been declared by the (llrectoTa, payable January 13, 1021, to stock holdere of record January 10. 1021 A. A. WIRIMACK Treaeurei , SS-rHK rKNNSYI.VANM. COMP.1NY FOB The Annual Meeting of the stockboldsrn of this Company will take place at Its office, 817 Chestnut Strest, on Monday, January 17: lWl. at 13 M.. at whloh tlmo an election will b held tor thirteen dlreotora to serve for tho erurulng year. NHi'WHALL. Becretary. (r-WACTONAL 0KCUIUTY RANK IK&i Philadelphia. Decembsr S, IBIS. The AnottAl Kleotjon for Dlreotora ot this Rank tHu be held at the Paoklris; flouVan Tneedoy. Janooir ij. IMI, between thi hours ot 13 to. and s p. tn. W K McKBH Cashier. Annual Kleetlans p3f THE rHIL,DEU'IIL NATIONAL Philadelphia. December 10, 1D20 The annual eleotlon for dlrectora will be held at the tanking house on Tuesday. Jami iy U. be'vwn the hours of 12 noon and 1 D. nu A special mealing of the stockholders has also been called at tho same time and place m nan upon such matters as may croD.Fi coms before ths meeting ". "" ".' ""it.. waenier. tStP TUB rKNN, MUTUAL 1JFJB VXf t INSURANCE! COMrANY Philadelphia, December 1H. 192 The Annual Blectlon for nine truate.te s.rve three years will be held at ths home mee of tho company In ths Penn Mutual Illdg.. oth and Walnut sts Ihlladelphla. Pa on uoudsy, January 8, mi, bstwesa the hours uf 10 a, m. and Op. tn. U,,10r BYDNea. BMITTL Assistant Secretary. 35 HIXTH NATIONAL HANK. THR nank will bs held at the Hanking House Tnrsdar, January 11, 1621. between hours 12 M snd'g P. M. .wil.l,iaii SALTER, Caihlir What; & Com mm r 102 111 Will prices continue to drop? Ho-rr about wage.? II uusinesa better or worse durinjr winter, spring, summer and fall? Mwifs fcpite Jr Sped si Barometer Letter off the isnusiy in, uuuuies rannn tlona for tou. With thn its inro: you can see what's (head your year accordingly, It contain forecasts of Tltal lottrtat to rtry DuimeM msn. REPORT ON REQUEST This Letter and Booklet "Iiu.iemhM NrtFrtfiU," will be sent to fatvasted executives) without charge. Clip out the Memo rwwtml hand it to your secrsurr ween yoii cictiM tho raorntns'a mil! hl JkfsrsfV Ash fer MmlteUm IfZS The Bibson Statistical Organisation Wellesley Hills, 82, Boston. Mast. Tto Lmrrnt Oillga tfpmUum Atwin to tits WtH L. . ,J a 0ff " SI Memo lcZ Writs The Baboon SUlartkalOrarrlsatloa. Roger W. Bsbeon. rVeeVUirt.WeiCelcyHnis, tt, Boston. Mass., s follows: pi e sepoy me a ctmrrpt Bulletin MZ8 'TVAsl's Cot tne m 1931 f and Booklet, "Incrtttina NttPmfU" eratis. Chile Copper Chile, the young porphyry Lc vlathan, not only Is a radical departure In ths metallurgy of cop per, but the shares have the dis tinction at current levels of having the lowest market valuation per pound of copper In ore reserves of any of the porphyry Issues. The current number of our Mar ket Review contains a complete analysis of Chile Copper, In which this point Is Illustrated In tabular form. In comparison with such porphyries as Kennecott, Utah, Ray Consolidated, Chlno, Miami, Nevada Consolidated, Inspiration and New Cornells. Among other stocks discussed are: Lackawanna Steel Anglo-American Ofl United Verde Extension Corn Products Salt Creek Producers Loew's Inc. MerrfttOil Sent on request for i-3 Hughes & Dier Phlla """ I Chlca I New Phlla. 8tecb Hicham Plrtebargh Stock KxriMtis Urn nicssv nesro ui -jrrai xors rroaoce l&ehsmas 1435 Walnut Street Philadelphia Spruce MS Koce MM New Yort, Pittsburgh, Clerefa4 Cerro de Pasco Corp. Conv. 8s Due January, 1931 Convertible Into Stock at 33 1-3 a Share 100 and Int. to Net 8 '. Circular on Request Townsend Whelen & Co. .VcmbcTs N. Y. and PMIa, Stock Exchange 505 Chestnut Street Safe Bondsy&r Investment' HALSEYt STUART &. CO. Inc. StcRocraphers Ir New York Bank JCjcellest optwrtunltr.ln lar downtown bank for capable, experienced stenoarraBhera under 25 years. Permanent positions, ei cellent working conditions. Good salary aua lunchss Stats age, education, czperleaoa and salary expected. Write r.. v. o room 7oi IS VC.ll 44th Rt. New YorTt nte The Best Free Book for Wall Street Traders It clearly explains: The General Rules of Trading. Tho 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. Edition Zixnltett Can, phone op wrtto-tateraco Askforfi. T.UJ29 JONES & BAKER Spedutht, in Nrna York Curl Market Secuskhm WIDENER BUILDmO PHILADELPinA Telephones Bell, LoevstotTM KsvatoDo, Rocs 23.(0 OrTicaa in PrindfasI CSWss tXreet Prlrat. Win jCJl "P lil ccrae rrt LJ.13R- l I ! . I I I -v- '! .' 1 J ' tl I I : ' i t: I i w M nmjf t w xS,tf,."U ,k-t- H T-"? ?.? ,-U -JSJ
Significant historical Pennsylvania newspapers