vrnpfm'' r'-jf
fp''fvrli
aw-r'j"
U" '
M
-u
EVENING PUBLIC LEDGER PHIUADELPHTA, MONDAY, MARCJB 14, 1921
in
it.W
i .
HoW to Trade
in the Market
f ai1d other rules and
A a B ven In our
e booklet, "The In
Sor" and Traders
Guide."
It tell:
The General Rules of
Tradlng-The Rights
of Stock and Bond
Holders-Thc Deposit
Requirements for Car
rying Stocks-How to
Give a Broker Instructions-Broker's
Com
rriission Charges
How to Indorse a
Stock Certificate
How to Group Invest
ments. Call, phone or write for
w No- T.U.-381
tilt for latest available
ntWs on active securities.
JONES & BAKER
Specialists in Neu) York
Curb Market Securitlet
PHILADELPHIA OFFICE
WIDENER BU1LDINQ
Tilephonei Bell, Locust 4730
Ksritone, Race 2290
BALTIMORE OFFICE
J3 EQUITABLE BUILDINO
Telephone St Paul 8431
Offices In 8 Principal Citlt
Dtrsct Private Wlree "
SUPERIOR OIL'
Controlled by the
Atlantic Refining
Company
Our ipecial letter, showing possi
bilities of tliit stock nt present
low price and containing other
important information, furnished
free on request.
Ash for L-5
P. K. Guthrie & Co.
M'nthi ' IM j S'oek Kscheuge
1418 S. I'enn Square
i nt; .inu
'Mi II RACK 2.'1
I'm a i H i tit .Vro Yntk
A REAL
BOOK OF
GRAPHIC
CHARTS
Covering the price
history of all active
Stock Exchange is
ucs has been pre
pared by us for the
me of investors and
traders.
While the edition lastt
"pits will gladly be tent
upon re'tipt of 10c in
itampt to defray cost of
mailing. Wriltl for q.jo.
J. F. McGOVERR & CO.
Member, rhl!. stock Exchange
i.dv oouiu i-cnn sq rhi.
tew
Rim ISM
! ttro4wa
Republic Iron
., & Steel
'l'"l '.sup Cf Olll Mhi
hen.K w ' 1n,""' ' 'ompif
or, J'"' "iterpstiinr nrtlcli'H
"'udmlf' ' ' othcr stocU!i
United Retail Candy
Armour Leather
Kennecott Copper
Maxwell-Chalmers
,V" n" "ueit tor i.-OOa
Hughes & Dier
u Iriim' WKsrliniige
Wr. rhV.'."'.?'. Sn.e
M35 Walnut Street
innge
' hlladelnhia
'.JM.r 11,3
I e" lorL i'i.. i Knee 1895
' 'rl1- "'"'"irgh. leelaiid
H74TPn
ADVERTISER
ilm" K,eat Philadelphia
half 8c5uI',re1u,,1ch '. only
adver ffi atf.f' LarKe "tail
vsts tl '??p Kreut har-
Aiino'renlS1 R.l,,ess wht
e n.wa,nnd"-we Iie n
"int.1" un(Je'- their
I wr,..., C,0M t0 be seen.
US'-od
"' ' ' rilinul ,l!r '"'olnoii
f'M. ii ,01U lttn,r If Inlrr-Jl-JJ
uV 5 up (Qiffln town
' - wn;.
iT'- nirr ptrefl
I I
i
fes(fflbsa
SW
TO NET 7.40',
A Mortgage Bond With 30
Year to Malnrity,
Property Value $25,000,000
Bonded Debt $18,284,500
Tax Refund in Pennn.
Free of Normal Tax to ,2re
BATTLES & CO.
UsInbUlhtil IHd
liiilriirmlenrc Squnre IKaell
atnmniMaiiM3MNi
Spruce 8200
U. S. Treasury
Certificates .
5l2rcjue Sept. 15,1921
50, due March 15,1922
Both issues dated March 15,
1921
We Solicit Subscriptions
Price 100 oc Accrued Interest
SECURITIES DEPARTMENT
Commercial Trust
Company
Member Federal Reserve System
City Halt Square West
Which
Up
or
Down?-
Our analysis of this week tlis- i
cusses the tcchnicnl position, '
price trend and attendant pos
sibilities of the stock market.
C'onw rice Vvon I'eaueU
MiltonHeim&Co. :
STOOCS-FOREKVEXCHAWJE-flOrlDS I
MtHetm .
PHILADELPHIA STOCK EXCHANGE
COIlSOLtDATSO STOCK KOUKGIof HY. i
1622 Chestnut Street
rhonea! Hell. Hpmce S9I7.4390
Keystone, Race 759
14 ItrOfidway
A 89 8th Are.. N. V.
Stiimford, Conn. .Hprluirfleld, Maae.
S to 9
Short Term
& Long Term
Bonds and Notes
A Dozen Attractive Issuei
Send for List D-21 7
Baker, Ayling & font
JOSEPH W. SWAIN, Jr., Manager '
Land Titlo Bldg.
Boston Philadelphia
Boles 5.Westwood
Mem'bei'a Phila-jSiock. Exchange?
INVESTMENT
SECURITIES
T
LaniTitle31dt.. Philadelphia
PHONE' LOCUST 4721
Gulf Oil 7i, 1933
Anaconda Copper 6s, 1929
Georgia Lt. & Pr. Rwy. Ss, 1941
International Rwy. etc Buffalo Ss,
1962
Morton Lachenbruch & Co.
At IIROA1) ST.. N. Y.
I'lilla. Telephone Walnut S491-nace 5050
Private Wire to New York, Chicago, I
St. I.ouls, Plttabureh. Detroit Clevelsnd,
Qrand Rapids
GE0.A.HUHN&S0NS
HTOCKS AND I10NDS
Memlwra of the I'hllndrlphla, New
York and fhlrngo Nlotl. l'.irhanges
New Y'ork t'ottnn Kirlmnge
Commission Orders Executed In
All the Principal Markets
Liberty Donda Bought and Sold
llclletiii' Court Hlilc.
I4IH Walnut Ht.
. y. nrn,e
III Droadway
SELL
80 Shares
Valley Forge Magnesia Co.
98
WM. H. FAUST
Land Title Hide.
Bprure 7913.7516
Stockwel), Wilson & Lin.ill
Certified Public Accountants
Land Title Bids., Philadelphia
Safe Bonds for Investment
HAL5EY, $TUART
. vfc"'Vw,;lnc;.-.
. saWU ffl
I
1
UL
w
I -
I
JTNANMAIi
rrotwsals
TUB riiNNHYI.VANtA ICAII.nOAl) COJII
. . .. t'ANV
,.,'. tt eomptlsnce ttllh HerHnn 10 of the
Clayton net ana with the retulatlnns there
with irecrlbed by the Interstate Commerce
Lommletiun, bids are hereby requested and
Rill tin iccelved hy the Pennsylvania. nU
rmd Company, for
('O.VinACT HKP.IAT, NO. ROOl
, I'arti and (lltlnt for maintenance of
atlnghcus Air nrske. ana Train fllg
il equipment as msy be teuulred dnrlng
the month of April, May and Juna.
co.vritArv sKniAf, no. 11002
llepalr farta for Blectrlo Driven Air
onmressore, hi may be required during
the months 'cf April, itay and June.
i:J.i.,",,,m" l' prepared and submlttea
to the imdei.inned at his omce. -V W. cor
K,nt ,1IJ.h ml ' mrt al. tsevnlh floor',
Phl'ad"lthla. Pa., by 12 o'clock noon. Ksjit
err. Standard Time t Phllndehmla. the l'th
ay of March. 1021. Did received attar
5l ili'V" wl" n0 be conaldered. .
?,i.l"J", mu,t be prepared on forma 'vln,J
Jnh?i -J-tttIIe.1 information, which will
iurnl.,l,rt on nPPllcatlon. Further Informs.
;Mlil',i",,"d " material required may bj
SnAVlTi'1 on application at the ofllce of the
h,1.1-rJlnC'' durinr bualneaa hours '. "
bualne, rlv by any person ttho may aaalro
or propone ta submit bldi ..
.n4 k??8 rlht '" rtfervea to fject any n
Ml bids or to accept any part of any u.ia
'. The successful bidder will be raoalrad
to enter In and oxecuta proposed cnlr5il
aerial numbfr a alove eontslnln '.r'
lerniii snd conditions, which will b "iPf";
to proapectUa bidders upon application to
the i'nderalrne.1 . ,. ,
0 Kvery person, firm or corporation that
L ,',u.b,n,,lt ? J'd l'all accompany his. their
or Its bid vlth the lender of a bond ; In i th
hrnai sum of rive ThouTand Dolltra (IBOOO).
T.lth aufficent mire'y or sureties, to be ap
provea by the undersltned, conaitloned upon
Jne faithful and prompt performance of all
tn5, I'rrn. of i,i contract ,,,,
n.lPJIl,?.J.,,. '' &v o' March, A T, li.
rANlf VAN'IA 1UILU0AD C0U
Moniffomery Smith. Punhaalnr Aaent Kaaf.
ern ltedon, N XV. corner 17th and Fit-
bit ale, (seventh floor). Philadelphia,
Ptnnavlvanlt
THIS 1'KNMJYl.VAMA RAII.dOAD
. . , ('M1'AY
I In compliance with H'ctlon 10 of the
f;laton Act nml with the regulations Iher.
with prcacrlbeil by the Interstate Commerce
Commission, bids are hereby requested and
will he rcceled by the Pennsylvania Railroad
Company, for.
Contract Serlul No. BOOS
luO deiereo carbon or keioene oil
Not less than SO gallons nor more
than 100 xallone.
CO dcarce motor aatolln
Not lesa than 2000 fallons n6r more
than .1000 Ballon".
T.nk waon dllery to nolnta alonr the
Pennilanla Railroad aa may be lequlreil
rturlnc April. May and .lune. 10J1: In the
state of New Jersey between Manunka
C'hjnk. Trenton, Jrsey City, Seaside Park
and Camden. In the state of Maryland !
ween Mauransville and Wllllamsport ela
tion, between Piney Cteek and Frederick,
between I.niKloak. C'onowlnso and Lsndover.
between Waldorf and Treeland. In the state
of West Vlrclnla between Falling; Waters
and nidceway. In the atats of Virginia be
tween C'learbrook and Winchester
2. Hlds must be prepared and eubmltted
to the undersigned at hi ottlce northwest
rorner of .senteenth and Filbert atrceta
(seventh floor). Philadelphia. Pa., hv 12
o'clock noon eastern standard time of phtla.
dflphla. the seienteenlh iHv uf Manh. 1021.
Hid receded after that tlmo will not be
considered
n. Illds must be prepared on forms giving
further detailed Information which will he
furnished on application. Further Informa
tion In regard to material required may be
obtained on application at the office or the
undesigned during buslnese hours of any
business day by anv persons nbo may ds
aire or propose to ejbmlt bids.
4. The right ta reaerxed to reject any
end all bids or to accept any part of any
one bid
8. The successful bidder will he required
lo enter Into and execute proposed contract,
serial number as above, containing general
term and condltlona. which will be supplied
to prospective bidders upon application to the
undersigned.
6. Rery person, firm or corporation that
mvv submit a bid ahall accompany his.
their or its bid with the tender of a bond
In the penal sum of three hundred dollars
rsftnni with sufficient surety or sureties, to
be npproved bv the undersigned conditioned
upon the faithful and prompt performance ot
all the terms or saia contract
Dated tms nrst aav or Msrcn. a i. ivi
TUB PENNSYLVANIA RAILROAD
COMPANY
MONTGOMERY SMITH, purchasing agent,
eastern region.
N. W. corner 17th and Filbert sta. (Tth floor)
Philadelphia;. r.
WEST JERSF.Y ANI SKMIIORtS RAIIs
ROAII CtMIPANV
1 In compliance with Section 10 of the
Clayton act. and with the regulations there
with prescribed by the Interstate Commerce
Commission, bids are hereby requeated and
will be received bv the West Jersey and
Seashore Railroad Company, for:
CONTRACT bKRIAJ, NO. 8004
150-degree Carbon or Kerosene Oil
Not less than 2iOO gallons
nor more than HO00 gallons.
61.degree Motor Oasollne
Not lees then 200 gallons
nor more than SOo gallons
Tank wsgon deliveries as niav be le
qulred during the months of April. May
and June. 1921, to points along the
at Jersey and Seashore Railroad, In
the state of New Jersey between Cem
dtn Atlantic City, Wlldwood and Cap
May.
'.' Bids muat he prepared and subm.tte.1
lo the underslfU'd st his office, N. W
roirer of I7th and Filbert ets (seventh
Poor), Ph'ledelphla, Ia , by 12 o'clock noon.
Instern Standard Time of riuladelphla. the
11th day of Match, 1921. lllds received after
that time will not bi 'considered.
3. Bids must be prepared on forms giving
further detailed Informatlcn, which villi he
furnished on application, Further Inform
tltn In regard to materiel required may be
obtained on application al the office of the
urderelgned during business hours of any
business day by any persons who may dealre
or propose to submit bids.
4 The right Is reterved to reject any and
all bids or to V:cept any part of any one
s' The successful bidder will h required
to erter Into and execute proposed contract,
serial number as above, containing general
termr and conditions, which will be sup
pl'ed to prospecthe bidders upon application
to the undersigned
1. Eery person, firm or roiporstlon that
niav submit u bid shall accomrany his. their
or tta bid with the tender cf a bond In the
vmsl sum of Two Hundred Dollars (1200).
with sufficient aurety or sureties, to be
approved by the undersigned, conditioned
upon the faithful and prompt performance
o' all the terms of eald contract
Heted thla 1st dsy of Marcn A. D. 1021.
WEST JERSEY AND SEASHORE RAILr
ROAD COMPANY.
Montgomery Bmlth. 1'urchaslnr Agent. N.
W, corner lTth and Filbert sts (seventh
floor), Phlladelphls, Pennsylvania
HKAUFJ TROPOrlAlX Wll.I. Ill: KK-
celvad and opened In Room 210, city
Hall, at 12 o'clock noon, Friday, March 111,
1021, for
Uradlng.
Asphalt paving (asseasment work)
Redressed cranite block repavlng
Asphalt block or sheet asphslt repaWng
improvement of Delaware avenue
Furnishing and applying bituminous dust'
Furnishing and delivering wood block i
pilch filler.
Furnishing and deliver ng asphalt tandem
ateam rollern.
Furnishing and delivering 5-ton motor
trucks .....
Furnlsn ng snd delivering ready-mliefl
Portland cement concrete ,
Repairing of bridges I
Furnishing and dellierlng hlockmen's
pan I
Imiulre ut Room 282 City Mall
FRANK ll. CAVEN
Director '
ITOPtxsl.
riiK hoard or TniinrKKs or tiik
lieust Mountain llostdrnl Assortatlon, of
hhenandoah Schuylkill count). Pa., will re
ceive proposals to furnish nnd Install kitcheT
equipment, laundry equipment refrigerator
equipment and the equipment tf .-ftav
lahorator
Seal-d proposals must be receded bv Mi
V. O Qregurv Vice 1'iesldent of the Hoard
of Trustees, on or before March 31, 1021,
Plana and specifications mt be obtained
on reuuest from the Hoard of Trustees Lo
cust Mountain Iloapltal Aasoclatlon. Shen
andoah. I'a . or from I.ouls I, Htockton nn.l
Henry C. Peiton Ass.clated Architects. 37
W 8lh st Nsw York city
ijftr' Ulla OU MAI.K UK laHhK Of
-' Missels. Ufflia Chief of Inland and
Coastwise Waterways Service, Munitions
liulldlng, Washington, IJ. c. Healed bids will
be received here until 10 s m. April 7, 1921,
urd then opened for the purehsse nr lease ot
the following vessels of the New 7nrk Oanal
Hectlon Inland and Coaatwlse Waterways
Hervlce 18 self-propelled barges, H8 (teel
cargo barges, 19 concrete cargo barges, 3
wooden cargo bargea, 2 small tugs 10 j
coal bre of Chesspesjke and Ohio Canal
ipe, 1 fuel oil barge, Further Information
or application.
Annnnl Mtli.
IIIII.ADKI.PIIIA RAI'III IRA.VHU'
I'nmiienv. flenerul Cilttvm Mil, ...
'SSr
liuupnui "IP.
Philadelphia j.n o q2
MrlOE TO STOCKHOI.DKRS
The Annusl Meeting of the stockholder
of the Philadelphia Itspld TransI' Compan
will be held at York toad aniT Luzerne
t on Wedneeday. Msrrh 16, lOil at
11. BO a m . for Purpose of election of
Directors for the ensuing vesr, snd the
transaction of sueh other business as may
come before the meeting
The rtecord ot Stockholders will be taken
at the close of business on February 113.
inl Transfer books will remain open
1 FIUNK K KI.U8. Hecretary
iyJjQlal'' aad MalUng Tube
EDWIN J. KHUpn LI. ty.
SJ3N.UA St. v., rMet
GOSSIP OF
THE STREET
Movements in Iho fotclgn exchutiHo
innrkol continue- nn m.vRtliyinff ns ever.
The presence of violent, counter-cur-tenH
hng served lo iucrense the my
tor? Aside from the ncncrnl theory of
fotelji) government manipulation ntul
speculative operntidns unfed upon io
Htical (leteloptnents, dealers tire much
nt sen as eer in endesvorioK lo diag
nose the eTer stowing Interesting situa
tion. In lonie quarters there was a re
sumption of suggestions Uiur this coun
try should remit at least n part of the
debt, owed by the allied countries. A
contention N mntlo In support of I hit
Iheory thul pery dollar of the principal
of tlii! loans wuh spent in the t'nlted
Htate." to pay for commodities purchased
hero by our Allies. Aho that none ot
in money left the United Ktates and
thai while the legal obligation to repay
Mie debt iN Hear, it is equally t-lpiTb that,
as n iirartical mutter, the government
of the ( nlted Httitcs recovered In the
form of income mid excess profits tntes
about 70 per rent of the amount loaned.
It. is claimed (hat 'we should break
down the, wall of high exchange, which
has prevented peophj in Kurope from
buying our surplus ptoducts. and
thereby enable us to enter into profit
able, ttade lelatlons with them
Thcsa theorists nrrp Ihnf tins could
be accomplished nt once by making the
release of our loans conditioned upon
our debtor ngreeing to use the ctedit
which they would obtain lo placo ex
change at a (ijciiiP much more nearly
normal than it is now. These theories
have been seriously advanced by -ome
of thu most prominent international
bankers, particularly those most largely
interested m French trade.
Scalpers In Itond Market
While il has been jrrnmil yossip in
Wall street that lwud denlor.s itre heav
ily loaded tin with securities which thev
luive beni unabli to bell, some of the
leading interests tdnlihel with the
trade tnke umbi'sge at such assertions.
It is tiue Hint some of tho more te
teiillv offered ecmitics hove not gone
well with investors, but the results in
Mitt main have bren of a satisfactory and
gratifying character. One of the short
comings in the liade has been the nc
tivitics of ".scHlpets." In other words,
dealers who a ( months aiso wete able
to subscribe to it much Inrger inoutil of
securities thun they liAve uold or un
der ordinary conditions wert able lo
cell, quick'ty realised n profit thtough
their ''riding" activities, nod. as a re
sull. when the demnnd for t-eouritict.
eased up to sonic extent many of them
tound they hnd taken on obligation,
wlilcn were quite ueyond the limits or
their finances.
It. was said that some of these popu
larly termed "sharpshooters" found
themselves quits embarrassed on certain
r.ccnuions where they had overstepped
the boundaries of their financial ro
kourcea as well n.s their ability to suc
cessfully place the amounts of hecuri
ties asked for from managers of under
writing syndicate!. One prominent
banker said Unit he hoped the experi
ence gained by some of these unscru
pulous and scheming Individuals would
prove of valuo to them iu the future,
particularly as developments of this
character are not such ns to promote a
truly healthy condition in the trade.
Freight 'tonnage Still Light
Officials of railroads operating east
ftom Chicago and Ht. T.ouis report
about the same total volume of businesb
as the previous w'eek, with gronn ton
nage running 10 to 10 per cent less than
a year ago.
The cotil movement continue to run
much short of u y-eur ago, the result of
nnialler needs for industrial concerns
and lighter fuel reauiremcntM, As this
item is n big one with all of the eastern I
roads, it is u material factor in cutting '
into the total shipments. Lumber and
building supply materials also arc of
fered sparingly, and the shipments from
steei and iron centers show no improve
ment.
There has been a larger movemen!
of corn cast to the seaboard, which has
helped bring up the total tonnage to
some extent the export movement being
of fair proportions. General merchan
dise continues to- fall materially below
a year ago.
Officials of southern roads report ton
nage 11 to Iff per cent short of 1020 in
the corresponding period. There is not
much let -up on the grain movement to
the gulf, corn increasing und wheat
falling off slightly, but the coal move
Fderal Land Bank
Farm Loan Aacc Bonds
Due Mas- 1, 1939
Price to yield about 5.08r
Pitt., Ctnn., Chic. & St. L.
Railroad General 5Vr Bonds
Due June 1, 1970
Price to yield about 6.15''r
General Asphalt Co.
Convertible 8rc Bonds
Due Dec. 1, 1930
Price to yield about 8''c
Copper Export Assn., Inc.
8f'c Notes
Due Feb. IS, 1924
Price to yield about 8.25r
Elkins, Morris & Co.
Land Title Blag., Phila.
Members
New Yolk A Phila Htock KxilunKcs
DUUend.
American Telephone & Telciraph Co.
. atnislfhr. rlaca nt fU.sa.l i . K ? ' "
iu niwuaiivia w. s--i.wsi nt lilts r In at a
business on Friday. March IS. 101
of
On account or tho Annual Meetinr il
transfer books uillbs closed from tJiiuidax
March 10 to Tuesdas March 30. imi both
daya Included. ' uvln
a U MII.INB,
Tieasurer
WILSON CO., ,NC.
NOTIt'K OF
UIVIIIKNII ON. PIIK.I MlRKl RTnnif
saiM rtpss 1iii .
Checks In payment of suoh' dlvldenn um
be nulled by the Company as usiisl d "'"
Dated, New York, March e, 1021
"'""" HHI'KINH. Hecretan
114 Chrklnut .,.. ","'
rMladrlnhla. Fa
Th
he pirectora hate declared the legu'ar
rterly dlvMtndji. ( per, ahar. on thi
ferred atocl:. daVehie Auli a. inoi ..
Ciuar
refi
Mrr,Tl!r.?fb.r5JS.rn.b " p.
. l'.lllliMaTIII.Hirw jTsaaaiis.k
the Hoard of Directors of Wilson Co
Inc. has i declared a quarterly dividend of
one an Ihree-ouartera per rent (Hir-,)"' .".l
Preferred Stock, pavabta April fnji ,!
the Preferred Btockho'ders of record at ,h2
'n. nt hlllKpli in !.., .,, ' .V..V' (t the
ment Is much smaller, and there has
been n moderate slump In general mer
chandise, (he bujlng demnnd generally
in the South being small,
NoMhttrger. Henderson I-ob
While market developments continue ad
mittedly bad and discouraging, il is
the consensus of opinion of leading e
pens tlicro is great danger ot investor
mid others Interested in securltv values
being misled by pronounced pessimism
Viicn seemingly pervades ail quarters
or the financial community, as a mat
ter of fact, there Is nothing new in the
general Mitttntlon ; to the contrary, the
conditions lion cropping out in con
nection with the Industrial, railroad nntl
other corporations have been pretty
clearly outlined ever since the first evi
dence of tho 'business depression be
came manifest in the closing months of
Inst year. The important fact not to
he overlooked is despite the unsettling
surrounding Influences, and the un
checked depreciation of.securilv values,
there has been actually little teal li
quidation While prices hnto fallen bnck dose
lo the low levels of last December, there
has been no evidence of the hjsterhi
which accompanied the downward swing
in that period. To the contrur, all
jelinblo signs point to a material ex
tension f the short interest us result
of the complete and unopposed domina
tion of the professional element, which
.sooner or Inter must be covered Big
strides are being made toward n ies
(oration of norinnl economic conditions.
The curative tetnedles nppli'd have noi
been ery palatable doses, but rnr- i
reaching results are being obtnined The
new.- srlminUtrntlnn is alrendr nt work
lo restate the confidence of the people
of the country. From now on we should
look for constructive and not destruc
tive policies
Hughe X Oler -- Internally, th.
gteute't overshadowing condition nuik
ing for .i pessimistic outlook is the
inilro-id situation, which, ns nil intel
ligent observer. must admit, Is at the
present moment in a distressing and
unfavorable state Haddled with wage
scales, butdensome and almost ltnbear
uble in the manner of commutation and
Hie wme t In- nnid. railroad managc-
iniiits are striitftfline with the problem
in hand which nt the moment seems im
possible of solution,
Tho situation surrounding the rail
roads, while nerplexlng and embar
rassing, is now so serious Mint it seems
highly ptobnbl" that concerted action
will be tnken tending to remove ob
structions and plpre I ne toads on a
basis where operating expenses cm be
paid nnd ;in honest return made on the
invested capital which has piovided our
transportation lines.
.lones & linker With the Mai eh !
taxes soon out of the wnv, ecurities
tire expected to give n better account of
themselves, particularly- if reports of
business improvement continue to ac
cumulate. It is being recalled that nftei
March lfi last year the market enjojed
a substantial raltv
Ileeker Co. - Disappointment in
Mie action of the market hns caused
considerable selling by those. who
thought the market would have an ad
vance after the inauguration. Consid
ering tho large amount of railroad
stocks sold during the week, the decline
were not ns big as might have been
expected. Best opinion is the selling is
being very much overdone in this fun
damental part of the market. If the
general situation was morfc favorable
ttio cutting down of wages Would be
viewed ns bullish instead of bearish.
The Street can only think of possible
strikes, nnd lowering of dividends. As
to the former, there are already too
many men out of work to encourage
strikes. As to the latter, such rumors
are only propaganda to help the decline
along, and ate nnturally doing a lot
of harm by inducing unnecessary sac
rifices. Till: TKADKH.
CITY'S FIREMEN
TO HOLD JUBILEE
Fiftieth Anniversary of Paid
Department to Be Cele
brated Tomorrow
The I'hiladelpliin tiro depiirtment will
celebrate its fiftieth annm-mirr ns n
paid orgnnizatioti tnniorrmv itli it pa
railp and inception to We men who
have been uith the force since March
15. 1871
Sturtinjr from fire headiiuurteis. IIVJS
IlncH street, the parailn will switiR down
Ilrond street to City Hall, the the ct
eterans in flower-lmlen autoniobiles
beinif .surrounded by a Kucird of honor
of those next to tliem in yearH of service
In the Mayor's reception room they will
lie received by Mayor Moore, who ill
extend 1 them the citj's thanks for
their lovnln durins half a centurt
Captain John Rumney, 0834 Hitlice
avenue, is the oldest in years of the
votetrans. having, been appointed fore
man of Knitinn 12 at the ae of thirty -three.
He ha been with that companv
ditrinp bis entile period of service. In
tho name lireliDiise is William l.unnKiin.
157 (Jreen lime, driver of the eiiRine.
who joined the fo'ce at the age of
twenty -seven lie tins been with Kn
Kine VI since 1 SS3 Itecentlj Itiimney
nnd l.anttxiin were given a lmniiicl b
the Twent -first Ward Hoard of Trade,
ill which tliev Mere each preented with
a ptiri-e confiiiniiiR $500
Captain Charles Williams IMS Knst
Atlantic street, of Kiiclne Cnnipunr L'H.
another of tho "charter members" of
the department, haviiig been appointed
to hnglnr l.l ns u fireman when thirty -I
two ears old lie lias been trnn's
j ferred to various companies 'hrmiirhiiiit
i the citj munj times. With .lolin Hum
iiej ho (.erved in the Civil War.
I Driver for Fort) right Years
I William 'rriiliiin. 514 A street, is
I he oungest of those to he honored.
, liavinfca1iei'oint' fireman in the use of
twent -three. For fortv-elglit ears he
l has been a driver for Knt;liio 25, Imv
' intf previousl serif d with Kntrinc Cos.
1 15 nml 2.T
John J Winring Hf7 North Felton
stieet, served with Kncine No 1 hen
he joined the tire-nghters at the age of
1 twent -seven In 1S7H he wns trans
ferred to Truck 5, and since 1000 has
, served with Ktigine 41.
Lacking hut one ear to be classed
nith the ''charter members" is Ilattnl
Ion Chief George W. Vallinger, wlio hits
been with the force since IS, 2
The founding of the paid Fire lie
partmenl dates bark to the old volun
teer da.s, when the rivalry between the
vnrious companies grew to such n paie
as to cause furious feuds, culminating
in the tun notab'c ones of 1S70 be
tween the Good Will and the Philndel.
phia Knpine Cos. nnd the Spring Gor
den and Western Cos., resnectivel.
These orgunlrotlons had freipi'ently
run afoul of each other nt different
h'aes and finally the Philadelphia.
Kncine Co men rapped the climax hv
jiluinping the carriage of the Good Will
l o, into the tscliuvlklll river ofl the San
som street wharf, anil thru setting fire,
.n the story soe, to un old (lour mill
at Ilroad and Vine streets
Retaliate With Similar Tatties
Copying these tuctics, the Spring
Garden Fire Co. threw the carriage oi
the Western Fire Co Into the river anil
then rejoiced at the Weatcrn"n discom
fiture when a fire broke out in their
territory, Hattlcs on the street were
common betwren the fighting faction.
nd finally the authorltlra intervened
after gome men had been beaten over
the: head Svlth spanner" for cotiptinj
New York Bonds
I8M.ES IN 110001
Amn Agtcul dd Trunk ret.O'enne It R
Chem n
I
1
1
Amn I' I
4
I
.imti T
rt
1
Amn I A
d
I
i mi : i n ino4
j tool 2 too'i
sii v ion. i ioo '
! 4 101 U' 1 tOO'l
V , l.O Mil Hl 1st I KlO't
;i n sou I I mos
;gii' 1 so , 2 i.no't
r as' I so m ln0
SI', Hud Msti til ft 10'
MV S Ct 0 too'
mi. I nil. 1' UK Real !
T lis Hud A Mm ml I 't
, t aiti1 I '
901, (1 34i, I'ere Merqt .".
0011' 5 34V J sw i
Alch Tojeka 10 SI 'i, 11m Count' '
H'a Fe 4s Ills Central fd 1 .. B2'
n 77 I I 7.1 I P2
3 77 III Cen I 4s '52 I'ltt Cm On
A U l.lne 4i,s I 71 HI I. a Ss ,
2 7d' Intboro ft T fj I . St '
Atlantic Refg I 62i Reudlng itv r
rl (i,s I M' 1 St
10 09N 18 S2. 4 . 0
Unit 4 Ohio ov I M Marine e,s R Chile wl
I 5i,t S ?'( 1" im
0 5'4 Jaw Uoie r li t M
Halt L Orlo 5s' 1 .. S2'i 2 0
1 604.1 10 SJ'.I ft " 1
11 o I' I. B Jap t)oe t 2.1 4 0"
I XV Va 4s , 3 . S2SIlep Cuba 4',s
n 'oast'Kati crm! : in
Ueil T 7s icts Memti 4s St 1 I'n Alt
4 I02S. ! I 01 8 n Rly 4s
t 102VK C r Rl 4s 1 70
llusn llldg Ss ' I 71 Ht li H I r.J
2 . 71 IK Uelgium (Is H 'l
Canadian Nt'n I S1J I 4',
Iy rets 'ft SO',, 4 'i
I 101', K tleig'm 7'1 HI I. ""
101 1 1 . . . 9 ' gin fts
5 101 K ll-is m ret ft
SO
rt K ii
4.V.
Ct I Pacific 1st I
a 71 i, I
t 7i; i .
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ft SO', 1
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7'j ,SI I.
07 s 3
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1 0'. 13 7
Chi & Alton 3s I (I7i
1 44 Vi K of Italy ',
C A Alton S's 2 81 U
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SUi'lR I. A S b'ran
Chi il
3
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Nur-' series i
171, wa ct Ss
1. 72
t,it 07 S' 10 !i7
Hi I, s s Kraii
Series iJ
4 8't
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H 1. 44
i 3 oa'-j
StlU Hlou
3 07 , S 07
Chi tr Ksst ill f.nng lid R frt
UK Mtg tt :,t 1 (Ifti'j
20 84 I. I .1 R un 4s
Chi A O XV ir J flfll.
r, an 4 osi.
io M l.ou I'.ssih 7 City 7
Chicago Mil A3 103 8
: 3 103 8 94'
Mid .H a Or 5s Sao Paulo of
4 7',i Urssll Ss wl
Str cv 4',s
1 tin
Chicago Mil A I 70 , t
07 1
StP fd 4'ss t 7ft'. !
T 60S 3 71 'Sb d A
Chicago Mil Mm St I, 4s1 a
07 't
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33
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Sll' gm 4'4 , t 40.i 1
4 731, M t Htl. fd !)s 511 lieu i-i o
Chlcasu I Ntn j ill ' 3 1 'i
V n fts 'S7 ..Minn Si t.i Bo'n FacM f'l
02 B of 34 '1 "0,
Cliliagn A Nthl J 70l.3n Pac c 4e
Wn 0',s wl itin rti I' i s"1 3 7R
1 'i0. Hie M 4s 'Blend d Oil o'
12 tiO'l r 7fii.i Calf rets
1 00 Mo K A Tex fd I 101 'v
Chloagn R Il'd' b 301J, 3 101 ;
t- Pac 4 Wn Pacific 4s ' 3 mi's
1 n" I 02Vi! 1 ll'
1 00 3.. . ft2U, 1 101 a
Cll of nergin t BSHITeT A Pac 1st
Ss rets Mont a 1'tvr fts 1 7i.
3 03s;1 t R2'l Tldenat-r Oil
Ct Chile j S, 2 S'J Co ct ',
2 05 , N Y Cntl .Tl". 1 01',
Clt N V 4ls J 0'l 2. 04i
Ma 117 'N V Cut I ', ft 04i,
ft 92 . 3 771,' 2 54;
Cliv 1'arle ns fc- T Cent I 6s 1 4'
1 9(1 3 8S Union Pac cv
1 Ofli. New York Ctl 1 S3 'J
1 0(1 , 7s rets Union Pac 4
City Tokiu fts 5 101 2 SOU
1 SO'iiNew York Cfl 1 SO'.
C Zurich rets I, S 8'ts Union Pac Us
I 041, 1 (12 I 2 90'i
1 94 V,1 4 HI iBKulO Urlt
1 04'; IN Yk Light Hi I'd 1021
C1M Oln Chi tl A Pr Ss
S Lo 6s 1 s'.
99',
119',
SHI 1
99 1
1 7'. t
CiIo Indust fts
S'.
S2
11 A
4'- .
00 Xe V N'
Cons U Uas 7e II Is "ift
4 O'J . I
1 119 1. V T lt'
Culillxiil d Tel
TVl fts N Y llln
8 . 0 . :'
Cubs ltd Co fts N Y Tele
1 70S I
Denmark Con I
ct A 8s t
1 96", Nn Y
9'l 1 I
mi i
991.
99 1
III,.
IS'. I
.1 4"
IS
4'i
79
79 .
79
C
1 . 07 Host 4is
I 06. 10 30',
Denmark Con I 17',
ii ill, Nfi A W ii 4s. U
1 i 1 . 7fl.
Do Can fts 'lit Ml . V cv it.
00 3 !00, i'
D i'sii 6i; '21 7 100'; 4
2 oil. l nil r rt
10 . 99'Norih Western ft
Df Caneils "JO lleli lei 7 L h
1 H3. I 06 . 1
2 H3i, I MP., 3
V 03 Oieiou 1. Is' I' S
Do Canada '8l' I 74 1
10 89i, Pa rt am 4", 1
Duq Light OS 1
2 S9 PennJ !'.
1 SO'. 3
Ilrle lien l.lm '.'
12 40 Pa RT. 0
S 40 2
Erie P. P. ri I .'ft
to 3d '.'ft
Erie It II cv 11 2
3 .lil'i ft
Erie H P. c I) 3
2 39 S 3
Oene I Elec 6 2
4 100
aoiet r n si 1
2 97'. J
7S V"a S wtel M
n -,
sn;
sn
i
93 ,
93 ,
91
93,
I I. .',
7S
IIS L'lan T
IIS I
9s Ve C O I 7',s
IIS 1 0.1
!is ViMt !?hnre 4s
9S t 69
9SH'W A K Mfg 7s
OS',, ft
OS
9S1, 2
9Si, t
'is 2
US', 1 I
'.II'.' t
iiHi, w n a
9sl. 1
lis Wilson
9R 3
9S-.
US'
OS.
9S,
ftS'j
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9S.J
U tsls
ft3',
Co 1st
97 'i
97 .
97'.
O Hwllz d 1. t"
102'
1 1) J
102'
till'
11 I ft
ni
041.04
SI1.54
Sd.RS
htl, 71
00.21
Sfi.SS
07.22
07 22
11. ah
110.04
Ml. 5 1
Mt.04
Stl.74
ftO.ill
.so.ss
117 22
H7 21
I .niv
!KM2
.M1.5I
SH.S.S
Sfi.tJR
00.22
Stl.78
117 22
117 22
Liberty
2d Is
1st 44.
2d 41,4 s
ri IV, s
Liberty
Liberty
Liberty 4th 4s
Vic Notes :ta,s
Vic Notes ls
NEW YORK COFFEE MARKET
New ork. Manli 11 'L'iied longs
weie again sellers ut t lie opening of Hie
local rofTve futures iniuket this morning
.together with sintteied trade selling.
ttistprices shouin.T in lines oi H to i,,
points. .Mav niskin; a new low lecnnl
at 5.57c. The official cab'es from nror.il
made a poor showing the Km and San
tos terminal markets being lower, to
gether witha lower Km i-xi hntige rate
on London
1 d 1922
1 91 .
99
Price chnnjes in 'h' local rnarke'
were unlinportani diirins ll"' morning,
the undertone held steudv nt the decline
am values kept to witlnti u point or
two of initial figures
I'util Ilrazil males u -tt ami fot im
prm "il conditions tlieie seems to be
'little likelihood of unv higher prices
being obtnined in this market Finn I
offers in the cost nnd fiei;tht nmiket me
al the lowest point reached in n lulinlivt'
of ears.
The local
.sikii maiket reports n qmet
the spot in tide mid priic.
demand for
for 111
nre lie and for Xanio 4s
llrtjOV
.luh
m pteicr-et
Pecpinbi'i
i lnr-1
;. .-.7 r ii i
ii m
(1 M 1i ST
il 73 V 70
ft 70T7l
on 1 II
n 4MMll
I e.'Hf Si
DIVIDENDS DECLARED
Interni.tional Jlaneitr Co o ti n. ,,f
tl 7ft on common pajrlile in ' i. i,, Hioti
of lerord Marcn 2ft
Dominion C'anne's I til niiait. ill if i ,
p-r cerit on mrf-ir.il naab'e Suri1' 1 to
strck of record March 19
Canadian locomotive (.. I id iuneri
of 2 per een' ftn common snd IV t. cent on
preferred, both navable prli 1 'o a ock o
Utrrd March 20
Dplrear Hesuv n Paris Bnilrac
ft
otl
rantei
,,..... ...-w -
ris, lueiuii ii."-inwfl ii vtv ttwiii,
the nourse tpday. Tlirea p n
ea. birr ioo: exenange on jt
5fr oo j 8 pee cent loan, surr k-
Greco-Armenlan Banking House Fiflls
.Afllan. March 1 1 Dllslzlsn Hros . n
areco-Amerlcftti house with branches In
the Near least nnd .New York city, werr
declared bank runt today w tth debts es
timated at llfl.OOOOOil lire The nssets
nre placed nt nil 000 nod Hie The chief
creditors nte snld io In- Itullan nnd
Amerlcnn banks The bnnliuptc. of the
concern was said to l,e oue to utifn'oi
nble exchange ralc and general prlc
conditions
Auto Owners
Do you know how to
AVOID ROAD TROr
BLEST 12-leson couise
will befrin Tuesday, March
15. Sessions at 4 and at
8 P. M.
Y. M. C. A. AUTO SCHOOL
1624 Ludlow St.
.lllfIKl.r..IA IINAScK CO.". WKKJIII
m.tn llutldlnr.
Tir dlrfcturo hfr ilec.artNl m i-gu
nilitrtftrlv dlvtUrni nt '2 pr eiii mi hi
prefrr4 A stork sa ift -fru on iJift
pref'trct ' M uh hihI lid pi nhArt on
th com mot f'o k itHb(i in h!i urtH mi
ritfo dividend of i nl on th com
mon ntork ia Able in common Htuck h l
dividend Hiivub! prll 1, 1021. to stock
holdrri ot rccirl Urrli IM IHU1
rheau ni uifl. rrpr?nf niinn m i
dlvldrnd will hr in.tll-d
vrKAMIIIII
N(,n(
VISIT EUROPE NOW
WHITE STAR LINE
m;h oiik i.ii:hi'ooi. i
pr. J ir. SO, Mar 2S CI. HUM' Apr 10. slay II, June H
(3d Claee Onl I Mar. IU Megantle April 1;
WAX lllllll-CIIIIICIIOl IUI SOITII .MI"lN O
CKI.'l'K
Vedlr
OImplr
m:iv
C'nnopte
Mr. 10. pr. 20, M. It
VIHtK Hnd IIOI'ION .()RKft
urll 20
run. aim
MIA
llaserforil
AMERICAN LINE
e, Y riymonth, Cherbourg. Anlwera
Finland . . Alar. 26 Kroonliind Apr.
Lapland . Apr. 2 Zeelnml . Apr. 16
New Tork Ylambnrt
DIRECT SERVICE
Mliinekalida Mar. 31 (3d Clas Only)
Manchuria .. . Apr. llM"y 36
Mnngolln pr. '!H JniieS
New Triple hcrew 17.120 Tons.
Philadelphia Llserponl
West Tarook . -Mar. S6
Philadelphia Glasgow
West Tacook Mar. t
(Inlalind V t -1 1 16
Philadelphia Hamburg
Triumph .March 31
Deranof . April I ft
INTERNATIONAL MERCANTILE MARINE COMPANY
Passenger Office. 1319 Miilnnl t I'hllu
"Ship By Water'
LOS ANGELES HARBOR, SAN FRANCISCO
PORTLAND, SEATTLE and VANCOUVER
S. S. WII.LSOLO (ex Cajacct)
S. S. WILLI' ARC) (8000 Ton-0
S. S.
S. S
WILLPOLO (8000 Tons)
WILLI! ILO (11.000 Ton)
Receiving I'ier
WILLIAMS STEAMSHIP CO
Kor rsie und parwcu.ais apply
GEYELIN & CO., Inc., Agents
106 South luurlh St.. I'hlla., I'a.
l.uinbsil JMI.ft-6 7 R
94'.'' 1 J mT eSu'ar Express, Passenger and'sfp
2 94-, I tK Freight Service
A I'd law II 5,"vC37 7 ,0 Janeiro, Montevideo, Buenoi Aires
m SS . I f " iW)II f niiiii, i 111,11 oils , iiar. .i
.. , 1 II je. ' Vi I s " Af'Ol.l s Jl im. ;ni mi prll
"v u ll llrli' oJVoSil I v"'" nt I HI lpia lluaul
via IDS 7 V 1 itIi fi irtoufi it tin n i inss rfMaiIJv.
mi.?.Vs -lBPH.BaV Munson Steamship Line MjSttw
r":lFBr 82-P2 Hcaxer Street. New York USitJr'
Kubb r fts . 'SkWr rtmmr 1
7si. ,,P! .f?"y Drexel Building, Philadelphia gT
Rub ;m 2ys-a " KJer Bli.. Baltimore Mokile St. Louis Conway Bids-. Caicafa
00 f " "
NAWSCO LINES
Dirftt frvhr Without 1 rftnfcl.)Mii.enl
Uetwecn PHILADELPHIA and LOS ANGKLLS HAItnOK, SAN
FRANCISCO, OAKLAND. SEATTLK, TACOMA.
ASTORIA, PORTLAND
S. S. Val.a
S. S. West lslcta...
S. S. Artigas ...7...
Trelghl
Cenlrnl
LoadinR
March 22
.April 5
recelsril
location
NORTH ATLANTIC & WESTERN S. S. CO.
tdcuts I S Shipitiiu flod.f.
13h S. Fourth st., Phila Phone Lombard ,)79l-2-.,l: Main .1202-3
CUMMINS LINES
U. S Shipping Board Steel Steamers
Regular Freight Service
PHILADELPHIA TO HAMBURG & BREMEN
A STEAMER March 25
PHILADELPHIA TO ANTWERP & ROTTERDAM
SS "BONNIE BROOK" March 15
For space and rates apply
A. D. CUMMINS & CO., Inc.
139 South
Lombard 4127-4
UNITED AMERICAN
LINES
IM Olll'Olt M l II
JOINT SERVICE WITH
HAMBURG-AMERICAN
LINE
PHILADELPHIA TO HAMBURG
S S MT. SIDNEY Mar. 15
SS KERESAN Mar. 26
Tiiiioi mi mi. i.i oi i mum. mv
llMlll ltd 1SSI I 11 IO M 1.
Scandinavian and Baltic Ports
itArFi a' rritTiir.i: pakticu-
1 RS1 ON ippiiniilix Til
INTERNATIONAL
FREIGHTING
CORPORATION
Ltiavtite Bldg Tel, Lombard 3633
UNITED AMERICAN
LINES
IM-OIIPORATKI)
Freight Traffic Department
30 BROADWAY, NEW YORK
TK.r KiMloMit wuiTiiii i i m-n
327 SOUTH LA SALLE STREE1
cuiPA'r.o
,i i .- .-..
J ib , ,xi . . siory, lu
mnm uiib. j-ii. awnar inn iin
,. ,-..... ,, ,,
Capital
rc(uircd to help develop
an cncrKctic younK advcr
Using agency, which Is
growing rapidly. Capable
personnel, with banking
and mercantile references.
B 8 IS, LEDGER OFFICE
City of Detroit (Mich.)
5V2 Bonds, Due 1923
Reed A. Morgan & Co.
Meiniieis or 'he Phils Slock Kiehange
U e, K.irt Tnut llldtt I'hiln-
bonds for Investment
Circular Upon Renuest
The National City Company
Corresroiirfriif 0Teet f Ovrr Kt Cities
I'hlladelphla 14S1 Chestnnt HI.
Atlsntlc Clt 112J Iloardrrnlk
MKAJI-HIII. Ml TICKS
Adriatic s.pr. H, .via I. June i
niHIIAl.TAIlr- AI'I
May II jj
I'retle
I. IV KIII'IHII
prll VI, June 3, July 1ft'
and RED STAR LINE
Phila., Hamburg, Dsnrlg and l.lbaa
(intliliiiid March lvf
f orl. llanilnirg Dantlg l.lban fe
Sitmlnnil (3d class onlj I March JUV
I'hllHdelplita Antwerp
lui kinase Mar. JI.
A Mtenmer 'Pr
ATLANTIC TRANSPORT LINE $
IMilladelpliia London j
Mui'klnan Mar. tl i
MkIiuiiii.- Ip-rll t7 ,
HOLLAND-AMERICA LINE !;
Philadelphia te Rotterdam
i-lilcil?l.
Mar. Iff.
I relght oniie. IU3-III ltonre Ill.lt.. Phila.
if
...
..March 29
...April 18
May 8
....May 28
...
..
3.
South, Phila.
Inc.
Msin :IS1
S. S. Lehifth
S. S. West Torus
S. S. Ilriish
.April 20
.May 5
.May 20
ilsllr. Pier
licit I. In.
19 North
Delivery
4th St., Phila.
Pa
12&-S467 ,- Main 34S
BLACK DIAMOND
STEAMSHIP CORP.
PHILADELPHIA
to Rotterdam
Am S S "Kamesit" Now Loading
Am.S S. '"Chester Kiwania".
About Apr. 13
I A Steamer to Rotterdam & Ant
wn'p about March 24. if
sufficient car?o offers)
W. J. Grandfield & Co.
Philadelphia Agents
308 Chestnut St.
I milliard .M7S-7-S.9 Main n;o.l
SEAGER LINE I
PHILADELPHIA to
Gothenburg, Copenhagen,
Chriiliania, Reval and StocLholm
u.
S.
Mail Steamer
ISSH S Mnrgua About Mar. !
Al' Sjlliri'tMl IIIIAKD ItATRS
Thiough Hills ii f l.rtllng Issiieit all
.Noruegfsn. Danish and fliredlsh rasta.
lllrert .alllius for nil NraniiloavUn aail
Ileitis' 1'iirla a I'liruu nffera. "
SEAGER STEAMSHIP CO., fa.
W. J. Grandfield Jk.TCo.
' PHILA. AQENTII 1
Vms s
DS'IJhaiatsiut'r
y.
- siir
J
'ti
';
K
,H
1
J
ft
il H.iJU..W.i."1
inngLT, miurru.
i.iiLX7,v ,: ,,!r; ""'
1,(MXr,lieT,V M:)i,
uptroiiii. i sir ioti:j ,ji