W
,EVENING PTTRLTn TnaTnTf' PTTTfAT)TTiPTrTA.' PUTT, AT. ,TTTNF a. 1021 25 V .'
WE OFFER
t ..-m
v ,a M
A Questipnnaire
For Executives
Mr.' Edison's catechism is only of academic interest, but the
answers to the following questions arc vital to your business. Can you
answer them all with positive assurance?
1 Is the factory organized on the highest plane of
, operating effectiveness?
2 What is the exact production cost per unit of each of
your) products ?
3 Is your manufacturing cost at absolute rock bottom,
not only as to your specialized processes but as to
overhead and auxiliary operations and appliances not
in four specialized line?
4 Have you now in your possession reports showing in
detail the value of your property, which banks,
insurance companies and your security holders accept
without verification ?
5 What is the exact charge per unit against your pro
duct for interest and replacement on that part of your
plant used in the production of each product?
6 Do you know that if you built or acquired any plant
or facilities contributing to the prosecution" of the war
between April 7, 1917 and November 11, 1918, you
are very probably entitled to a reduction or cash re
fund in your Federal taxes? Have your amortization
claims under the Income Tax law taken full advantage
of the six conditions under which you may be entitled
to such refund?
7 Do you realize that some of your competitors are re
lying upon comprehensive engineering plans upon
which budgets, both for retrenchment and for devel
opment, are based ?
8--Do you fully appreciate that an organized corps of
outside engineering accountants and economists ex
perienced in the examination of many varied plants,
can bring to you a point of view of your own busi
ness that is difficult, if not impossible; to obtain from
your own staff?
These questions cover only a few phases of the comprehensive
service rendered by .tfoft. l&clCOU & qtovttf. We are answering such
questions definitely and constructively for some of the greatest
industrial organizations in the world.
If any doubt exists in your mind in connection with these
questions, we invite attention to the following offer.
OUR OFFER
With a view to widening your operating margin, we will,
for a limited period, at our expense, make a survey of any
business in Philadelphia with a payroll exceeding $500,000
per annum.
We will present the owners with a report of our con
clusions, and opinion whether our services would or would not
benefit the business.
fork ftacon & avte
Established 1894
c4n organization of experienced engineering and management
specialists in public utility and industrial business.
1421 CHESTNUT STREET
PHILADELPHIA
1 15 Broadway New York
Telephone Spruce, 6082
58 Sutter Street San Francisco
jbmmk
United States of Brazil
External 5 Coupon Bonds
(Sterling)
A direct Government Obligation.
Income at preient rate of Sterling 8.38.
Income with Sterling at normal 10.45.
Possible profit if sold nt normal par S507
Coupon cached on light at our offices.
Detaili Bnd price on application.
$ainc, Wtbbtv & Company
Hatablthbrd IRX0
1422 SO. PENN SQ.
I'lilludelphiu
Mem'trrt of (lostc i Chicayo ami S'ew York Stock Vichangea
fcTirxciisiinLimnnuuitiK'mniiimimi'Euintirjiifin.iriantimiiimiirnHiiiHfiiiii.ii.JiiRiii.ti liiiiiiirjr.iHiiiiiiijfii.iPimjnirumirniJirLMtairrmtnjrjijnnjufrfaninj
$500,000
State of Georgia
School Revenue Loan
Payable in N. Y. City Feb. 1, 1922
Various Denominations
Exempt from all
Federal Taxes
Price in yield
6l2 Interest
S. N. BOND & CO,
111 Broadway, New York
1
Cities Service
Company
6,' Cumulative Pref'd Stock
To Return Over
9
1. More than 24,000 holders
of record.
2. Monthly dividends.
3. Monthly statements de
scribing in detail oper
ations of company.
4. Broad, active market.
Dividend requirements
earned several times over
Circular 1or complete
information
Henry L. Doherty
& Company
GOt Morris ItuildiiiR
Philadelphia, Pa.
Telephone! I.orust 1110
Chicago Union Station G'js, 1963
Union Pacific Equip. 7s. 1921
Genera! Asphalt 6s, 1930
U. (J. I. 8s, 1923
HENRY D. B0ENNING&C0.
HTOCK KXCHANGi: UUIUJINQ
Ulreyt I'rlritle Telephone to Nan Ysrm
lietubu rhllu. Stint Kicbangt
C. S. FAITON & CO.
BANkERS
Piireesenra n
BAn,l!R i 8TI5VKNHON
Bond una Nlark bought and teld
Member ThMn. Stnrit Ktrhnno
StocKwell, Wiiison & iiiwill
Certified Public AccounUmU
Land Tide Bid., Philadelphia
NEW YORK BOND SALES
Summary of Individual Transactions on New York Exchange
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Financial Briefs
. Announcement la made by the llond Men'
Club f PhllHilelphla (i,t the Jun.. incetlnit
will be held on Tuesday. June 14. at
luncheon to b a-Heu nt the Motel Wnltnn
at 12:30 o'clock. Illlaha l.e. lcn vre.ildtit
of the I'eniiDlMinln nallroad. KJtern
lies-ion, will epeak un "Tht tlallroad Situa
tion." litter the eaine day. the club
hold Ha nnniMt meeting hIpo nt the Itotel
Waton
The aarc price of twenty acllie Indus
trial atoeka declined .13 per cent seiterrty
to 73.00, whil the wewy railroads declined
.14 pr cent to 71 7A.
Net lncom of the Public Service Itailney
Co. for laat April, k shown In a report
filed with th" Public Utility Commtaslon.
amounted to $11,028, as compared wit'.
1108,000 for April. 1020 The total reenue
from trnairtntli.n ninouniln to t.'.'.j:ij.ir
for April 1920 a reduced to J2 07.. 031
laet April
Copper production In M.n In tlu countri
S'n
1
07 4
07 4
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3 . 73 1 ... 70
St I. A fl Fran u K of o Hrlt
Series O I A I'd 1021
2 804' 1 . 00'i
St P'l A Sloun x ii4
City 7s a 09
1 . 02 4 IA 00
San Antonio A 1 00
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1 . 02
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Liberty 1st . ...87.18
Liberty 1m. V ti. .S7.7S
Liberty 2d -llix. . .sn.80
Liberty .'Id li4. ..flO.SO
Liberty -Itli -J'is. .SG.S2
Vict. Noles :jats..HR.M
Vict. Notes t'l,s..!)8.10
3,.
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80.70
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1 IA
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S0.70
87.48
87.70
80.70
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80.70
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Philadelphia Markets
-Ttccetp'a 130,288 buehels. Mnr
lots
uiii:at
kcl 4r Inw.r Tho nnntntlons: I ar Inlst In
export elentor No 2 red winter. 8l.734i
I .8, No i! ted wltwr carllcky, $l.R4jl.ill i
"Iher sradei quoted at the fnllonlnv hched
din of discount. MUed wheat 0c under rc.l ,
"lntr. No, a wheat 3c under No. 2. No. I
wheat 7c under No 2 No. A wheat lie under
No. 2 Sample atcardlnc lo 'juallty.
COIl.V P.ernlpt" .13 030 buhel Qm et '
ami lower Or lote. In csixirt olevator-i
No 2. 7!is7Oc. No. 3. 77 6 774 c, No I
724 '17 73c t
CATS IterelnlK 7381 buhel. Mirltrt '
fuitlicr decllii.-l 4i Car Iota un to loca
tion No. 2 white. A04 WAIc No 3 whit
154 frAOc. No. while 401tlll4t
KI.OCU Itccilpla. 031 TMI lha In eacka
CJulet at revlnd IlKiirrs (.uotitlfine Per 100
II.. packed In 1 Ill-lb. Jute aack' Soft win
ler stralBht. western J7.A0HJ 7 00. do. .In
nenrb. $7 2.107.7A hanl winter, etralnht
8.7AftjJ0.2r, do. abort patent J'jvn.nn; aprmi
Hrat clear $7 237 7A- do. patent IfltlO.r.O.
do, ehort patent. Slot? 11. fancy parlnur and
city mills, pHteni. famllv brands, Tl 1 V II 30
Itye flour. $0 73 W 10.25.
PHOVISKINS ateadlly held but lU.el Peef,
In act anioked and air dried. 'Alci beef
knuckle and tender, smnkod and air dried
A2c; pork, fnmi1: IJc. haina. S. P. curerl.
lonee, 23$j2'l: ilo Mklnned loose, 224
234c do. l.i moked. 244ft234c. hams
hulled, lionelesi, IK picnic ehoulder. S P
cure.? loose 1,1c du amoked 10c, belllea. In
pkklec loose, 1m , . ri.ikfnnt bjcon, 22c. lard
114c
MCTTHIl Marli adan. d 'iTflr rjm
tatlona Solid pa-.V 1 rrnrn.r hldh-acnrlni;
Bonds 311s if 334' . exir.i. 3il4c n.tra flrte
2HW30c, nrate. 2'lfr2i.c recond. 20021c
nweet creaman (hone lo fancv 324 (111144c
fair to x-ood 214 W314 fancy prlnu Job
bine ot 41'j43.- fair . . holco. 3340c.
KG OS In fair demand ind ateady. Quota
tions: Nearby, Oral 20c. current receipts,
2' 4c, ivosUrn, extra llrle. 25V4ffl20c; tlrat.
244 ff 2.1c, Inferior lots lower, fancy "elected
eeaa Jobbing at a0787c. fair to good at 80
CIIEESK was Ormlj- held. New York
flhole-mllk flats fano freh 10W17c; do.
common to fair, fresh. lfBIAc ljnxhorns,
tieah. IOC 17c, elnitle DaH.ts. fresh, 10&17c,
jobblntf alce of fancy nooda, 10Bl20c.
I.IVD POCLTRY yuntHtiona: Fowl,
fancj. fat. 27(n2Nc Inferior .'AC2ilc. aprliu
chickens, brullers. not l.eihi.rm. c.h.J o.u,l
lt . welBhlf.u 2l?24 lbs m lece. r.2'(iASc,
aprint. chlclienn. hr..llerf nul l.eshorna, boo I
c.uulli, welKhlrie I'd 14 lbs. apiece. 40 V
l.ilc, aprinc chickens le;h'irn- welxnlnir IW
14 lbs apiece 38W43c rorater 1616o,
Duck wnlte P'kip 27'9 2'' do. mixed
i'oIoim 34'i2ilc. pigeons pr pair old 1511
60c, young. 3AW4lc
DRKSHED PHI.TUY - Tow'- freth
kllled. dr -picked. In boxes -We'ulilne 4flA
lbe. apiece, 35c welvhlnii 04 I hi , 81V33c.
woluhlnjr 3 lbs 2aan,-. fowla, treh-kllled
In bula . dri picked, v rlchlnv irA His uplere
dry-packed 34c welshlni; 41 5 lbs apiece
Ke-packcd !)24.' welKhHiB Hi' 34 lha,. 2H
auc. wclghlne under 3 lbs . 24W2ilc, broiling
chlckena. West. rn. 45W5U. lo nearby. Rule
iiuv "Id roostrru dr-plck' I W -stern, 2Sc
do. do. Sou hern 17c
rm:S!I rilUlTS OriiKe ri.irlda per
m $3.35'ci 7 An ilo. California, per box
$2.S.1rn tl.OJ. (Irapotrult I'loildu per li i
Jl50(rtA.A(l IVi'lie.s. UiorRrlu per -rate
II 501(3. Mr..wh.rre. J.-r. - per quatt
Panes. l.llr.'Ar fin In co.l XWItV-
VKUKTA1II. US White pota"e tn bulk
per cwt . .liiiti ORi while potuioua Southern,
r bbl -No. 1 JS.RO'fl .'5 No. 2 il.fluW
2.50, Cabbuire, new, ei .rut. 41 lUW-'RO
onions. Texas nv . K-r ciaie Wliltn, Hat
1.05. M'llow $111 lil i art'-ie new per
hunch. 24W- llii'is. new ni hunch tit
0c. Aspdrak-ua i"r l.unch 5VI".
LIVESTOCK QUOTATIONS
134
r ii
534 .1 734 I M8 MO fat cow at.-l heifers
53'. N I'.icilic It Us! bulls and ralc strong
1
8
1
1
City
I
City
0
0
Clt
3
2
0,1
0.1
0.1
0.1
Heme Hi
.. 07
Hor'x 0s
. hi
80 ,
t .-.14' -
I .VIM 2
4 33 4 Nth
3.14 I
1 ,M Marine its Or
814
814
814
814
no 4
. 004
Pwi 'it
78
Calf 5,
. . SO 4
80 4
80 4
&04
81
81
Iowa Cent' 4s
1 10 4
Jap Uoe't lai
3 8
814 Oregon It II A
MM Co 4a
.1 . 77
A. 77
Oregon S I. 4a
2 .. 70
0
.1 8.1 1 7n
1 81 0 .70
Jap Ooiet 2nd Oiegon H I. (Is
2 S3 1 on
Cuu'n A',4IJap lioie't (s
A
1
1
A
t
1.
illy
1
5 00
O'l iOrg-W'ti rt Co
08 Navl Co 4a
7A I
7.1 I
754 I 00 I 1. . 00
75 A 0K I'ao Q A 13 A
7A 2 . 004 a 77
7B Kan C I't S A 3 . 77 4
7.1 Momp 4s I'ac TAT .'.a
7R'4 1-. . 034 I 83
.75 Kan (' ISJtp M Car C He
l.ons a 1 . 554 1 . . 00
81 1 554 2 0ft
80 Kan C A S '- 1 nn.
1 uy .iiara a 01 , 71 I 004
I 81 I a 714 I'm It xin
I 81 7 (sale) 71 2. 7A 1
l 80 1 74 H S 7.1,
U N VK 4V60tfll Sprlng'il 1 TBVi
2 . . , . 89 fT Co es w Fenna R II Bs
,..4 ..,, f 1 ,.,, 99 ' ..,.. 84U
( hlfjlio. June 3 CA1TI.K tempts.
0000 head. Ileef steer and butcher she
st-iik atea.h lop steers 10 "5 bulk $7 Si
A 2ft w 11 75.
hlvher. nn.
nera and cun--s 1.' aiiw.i.io nulla mrnitij.
$4 50 If II e.i' .alve, larcelv is 75ti 5u,
atocker am feeder sueera weak I'. J5c lower
HOGS - Ilocetpte 25 mil) head Acile
hteady lo l"i lower lights off 1110,1 'lop
$8 10. bull. 17 'kills Pin, $Hk 10 20
lower, bulk denlruble 8
HIIKKP llecelins. aOlX) hejd Sheep
aleuds . lambs Heads to 3.1c htghoi adiances
ihlefly on springe Top nam spring
$13 23 to packnis bulk $12 5itrl3 culls
larjel $77 6o California spilngs figure
35c higher ot 13 85c
Pittsburgh. lune 3. HOGS -Here pts,
17IHI hind Higher Heailes. 18 25 heavy
lighi workers and pigs IS. h.'. till.
Slll.EP AND l.AMUS llcceina 200 head
Steady lop er.e'P ja.ou, top ta.uis sill
CALVES-1
Top. $11
-Uecelpte 100 lie.id
Slad
Kuat Ilu(Talo, N. 1. June 3 CAT! l.K
Itecelpi '.MO head Steady 1 ,ii i.
celpts 21100 he ltd Steady 5ff 11.50
HOGS lleci-lpts, 4800 head Act l.e Pig
25tf,10c higher nthera strung tn 25i hiKher
lleav IHtfS 40 mixed $8.004187:, jQrk
era. $9 7508 85. light orkera and pigs In 1
V.2A. roughs, S0.2fitfOMi. ntags, $4B
SIIISKP AND l.AMIIS Ilecalpta 2000
head Lambs active ewe nd mixed aheap
25c lower Lambs. 18H14B0 yeartlnge. $5
tfll.AH. wethera $.7.1ffB 2Ri ewee 2f
4.50, mixed sheep $l,10tfl75.
Last M. I.011U. III., June 3--CTTI.I-Uece
pta, 1100 head Hleafl) quality com
inon bulk under ei 10 iMw-a mm vearlmai
1 irons 40 1..1I1I fur light uarllnaa null,
Hl.il Blocker alow al (a as $0 50110
HOGS IU- elpl UI.OOli head. A-Ilve. li
1 0i lov.t-r Too 18 im, v tth other odd
l,uiH'he ot llnlii at $8,33) bulk, light wilt hi
and llshla. T.J0,f 8.2Bi bulk mJqluro V. ."
htuvlsa. $7.0007.00: packer govt, ataady
iJiSW.!'"" .P M" "" thn airly "Sm
ia,2Bi QUllty nudlum to gooa.
ted 40.000.1100 organising,
cfiU'llon of ap- J porary ofi
Is estimated lo hs nggrerat
......-. .l.l.l. M.kB&aAM. &A.......IM fcff a,. ' t I..M .
pouil'l. v.l.c.i rriirr-ni . icwh.i.wii w. nr i I','-".' u-'v,"--
proximately AO par cerrt from Aprir copper W. SI, tlrnshnn
production of Bil.000,000. Jloat ahutdowna
In tho rorper Industry were not effc-the until
the early part of April.
has el.cted th follow In
ncer. rtlrhsrd PurdV. pre
nshnn and Johtl A. Thomllg.
i.rlrf..ttta( rtnrmm Wnlf IreaBlireri dC
Klal.il .'lehnll rounlel. and Uomuel F,
In., llnannUI mttrmt m w' Tn.rtnnreV bf
will bo opened at B7I3 llalllmore aiVfi
Tho United States Steel Producta Co . the
export subsidiary of the United States Steel
Corporation, has reieUed an order from Hon
duras for 131)0 tons t steel rail.
Walter fl. Duff la naeoclaled with Harri
son. Hnillli Co In their sale depirtineni.
The Organlrat.on Conimltte cf the Cobb's
I'reek Title and Trust ('. has been formed
with Itlehard Purdy us president W M
Uroslion and John A Thomas, w.e presi
dent. George Wolfe, treasurer. .loseph
K18PP Nlrholle counsel Hnd "ainiiel F.
Ilaxton, financial secretarj Tempi. rat nf-
0cs will I opened ht .17 L llalllmore ,i
line, William V nmr ha hen nude an a
Istant trensurer of the t'entral T-ul and
Saving Co
Th r obb 1 reek TIH and Trut 'o..
I Raw Sugar Selling at 4.76 Cents"
' New York, June 3 Th raw auftar tngrktt
lontlnued pa on th lint I a of about 4.IBC.
In nddltlon to tho transaction repoflefl lt
sesterday there were aalca of1 14,000 bsga
Porto lllcoa for prompt shipment to Bav
'-niili At 1.77c c. I. r, mid 2no (eiti EM
i Domingo for prompt shipment at 3c. c. I. r
i to a local refiner. Arrival of rnwa en
i Thursday Included 22 f.fln baga Cubas to the.
'Warner Sugar Penning Co.; 17.A0O bag of
I'uhna and IO.OiiO bags Porto Illcos to the.
1 ,'merlcan Sugar Heflnlng Co.- 10,000 bag.!
Porto nico tn Arbuckle llros. . 41.000 bag
Porto lllcn to th Federal Sugar Penning .
Co and 5000 bag Porto Illco to lha N
iiAn.i niipr rteflnlnir Co. The local refined
market la somewhat easier a general redue
Hon of A points by local refiner bringing
the price down to 0 30c. less 2 per cent tor
fin, granulated.
"'!v
.i
w
$3,000,000
The Columbus Railway Power & Light Co
(Columbus, Ohio)
Three-Year 3 Sinking Fund Mortgage Bonds
Dated June 1, 1021. Due June 1, 1324.
Interest pajable June 1 and Drcrmb'r 1 Callable at 102 and interest until three month
from the maturity date and thereafter at 100' , and interest on SO days'
notice. Coupon bonds of $1,000 and $r00 denominations.
Harris Trust and Savinps Bank, ChieaRo, Trustee.
Issuance autlionrerl by the Public Utilities Commission of Ohio.
A SINKING FUND of $50,000 par month, to bt used for retiring
Rondo of this issue at or below the call price and calculated to rt
tire about $1,700,000 by maturity, becomes operative July 1, 1021.
The following information is furnished us by Mr. Charles L. Kurt, the President of
the company
The Columbus Railway Power & Lipht Company rloc practically the entire
central station electric lij;ht and power business in Columbus. Ohio, and
vicinity, serving a population estimated at over 280.000. It al-o does the entire
street railway business in Columbus.
These Three-Year So bonds will be secured, in the opinion of counsel, by a
general mortgage on the entire property of the Company and will be addition
ally secured by the pledge of $4,000,000 of its hirst Refunding and Extension
5s, due 1040, which in turn cover as a direct first mortgage, in the opinion of
counsel, the entire electric light and power system proper.
Earnings
Year ended April 30
Gross Earnings
Operating Expense, including Maintenance
and Taxes
Net Earnings
Annual Interest Charges on Funded Debt,
including present issue
Balance $1,507,034
Net Earnings Nearly Three Times Total Annual Interest Charges
Net earnings from the electric light and power business alone, for the year ended
April 30, i!21. amounted to over two and three-fifths limes the annual interest
charges on all First Refunding and Extension bonds, outstanding with the public,
and the present issue of Three-Year 8 Bonds.
Bonds are offered for delivery when, as and if issued and rereied by us and
subject to the approval of counsel as to legal details. It is anticipated that
the definitive bonds will be available for delivery on or about June 15, 1021.
We recommend These Bonds for Investment
Price 98 and Interest, Yielding over 8.75
Complete circular upon request.
Harris. Forbes & Co Elston & Co
New York Philadelphia Chicago
1921 1920
$7,171,605 $5,41S,97ft
4.853.241 3.S01.193
$2,288,364 $1,917,785
781,330
r
'
1
Our monthly booklet con
tains descriptions of a number
of recommended securities,
and, in addition, a mortgage
map of two important railroad
systems, prepared for us by
White & Kemble.
Wc shall be glad to send you
a copy of the June issue
Philadelphia Office
Guaranty Company of New York
421 Chestnut Street
Foreign Exchange
Explained
An Interesting booklet eiplalnlng in
simple language un important sub
ject. Imeilnrs and builneia men
will find It of jrreat aluo.
HJn' free upon renuent for booklet
W'-H.M'Kenna&Co.
221 S. 15tb St., Philadelphia, P.
tJell Telephone) Loruat 1778
NEWBURGER,
HENDERSON & LOEB
Membera .Veu 1'orA- anrf
Philadelphia Stock Exehangia
I4I0 Chestnut St.
If There Is a Market
We Can Find It
We hold Bales ot atocka
and bonda every Wednev
day, charging $1.50 en.
trance fc for each item. Out
weekly catalogues and postal
card service reach every mar
ket. "We take pleasure is
fumiuhinz quotations.
Barnes & Lofland
Stock Broker ana A nation
147 8. 4th St
NEW ENGLAND OIL CORP.
&0 Convertible Gold Notes
due 1925
GARRISON & CO.
1030-32 Widener Building
li-nbru.S 1.4 '.ita ifoc Krrhangu
Gfc0.A.hUJtlN&S0NS
MOCKS AM) HONKS
Member of llie rhlliidefiihlii. .,
ork Mini I Mcagii MtoeU I'xrJiaiYiVJ
New ork Cotton Kxrlinnge
Commission Orders Execultid in
..t.A" 'J?" r"lnelPl,Miket
Liberty Donds Bought nrl Sold
BeUevu I'oijrtUlda-.. 14 IB U'uliiut Ml,
X. V Ill nroadwnr. " Allantto CltV
Business Man
Graduate Engineer
Age 33 recently resigned nmnager of
maililnerj exporting rnmern, unuld like
position In in field requiring re.
annrrefulneas anil energj, together
wiin ricruuiB rihiiij-
II OiT, I.I.IKlKIt
Address
IHTIC'B
Lee, Higqinson & od.
iiyaio.N
KelablUbed Ula
nww igjtK
CUltiAUU
1308 FiH UUz.. PMladelnhl
A Controlling Interest
" .1 mitloiMilj 'tlirrtltterl
iiMnufH' t.jniiK cor in ni tion well
tlnurici-U a Mil uitii h continuous
roi onl of w'eailih iiH'rcniliiK nulon
jikI earniri; for the (mm flftetn
venr mn br avcured on rtiiBW
able term un excellent oppoi
tunitx for tho rlifiit man or irroup
' i.iei to tm ititu u MKorotlK,
crouiiiir r-oiicern llox l' U'3,
I'ublle Ledger
MHE6HER,R0GKEVtM.
I Certified Public AcxouatowU v -
nranro.1 R.JUL., ami tst ..- ; i
.!
M
r
t,ki
lL- ..
. ....t,, .rfiHiuasPiMi , y
(.'l-AH',-!,
si..
.. Mr:'?.
, um