wwmm y:eicMffl I " nce ki Three r ears mam likely five a eeculiar . tum in market conditions off era a most remarkable opportunity 'for profit. Such development has already begun! absen's II, REPORTS Speculative euiicun jusi en inc prett, fives you the .plain unblaaed fact en the sltuatJi. and outlines the peculiar opportunity afforded by this sudden change. REPORT CC' REQUEST This Bulletin and Hoeklet "Getting tht Matt Frem Your Menty "It available fordistrtbutlen te Ititereited inrettera, gratia. ' Tear out the Meme t.ew and hand It te your secretary when you dictate the morning's mail. Mtrtly Ath for Bulhtln sir. J Babson's Statistical Organization Wcllsiley Hills, 82, Man. (Suburb of Hetter.) TUtArsilt Oipanttnllitn ttf 1U CharatUr III IA H'erU MEMO Fer Your Secretary Write Reger V. Babaen, prccldent of Bibsen's Statistical Organization. Wclleii!ey llllle. 2. Mass., n follews: Pleaee ar- -e Bulletin 8 1 113 and booklet, "Glltlng the Most from Your My"-KTMi. feaasifi3M jnaiiniiiii'iiii';iiiiiiiiiimiiiiiiiiiiicMi:iim'iiiiii',.i.iiir.':;iiiiiiiiuu YOUR INCOME TAX RETURNS can be filed with the DEPUTY COLLECTOR who will be assigned at this Bank from MARCH 1ST TO MARCH 15TH te assist the public in all matters relating te INCOME TAXES IT'S NOT AN IHlIIYIDUAL Jim ure ileiiling villi when Hie serilcen of this company lire culled en, bill Hip combined nlilllly nml Knowledge of our whole personnel, which Includes ii beard of direc tor of lireiiil cvperlence. The Real Estate Trust Ce. Bread and Ciicstnut Sts. riKAxri i. ... enice ei IUE UNION TIUINT CIIXIPANV OF PITT8 llUKtill. TULSThK Plttsbursh. Pa . January 31. 1022. Netice te Helders of STANDARD TANK UAH 0 C.lU XUUST ci:itriritATii4 hl'.KIKH II Dutrd hrptembrr 1, 1010 Notlee Is htrcby slven that puim.ant te t'le trov.ilens of Artlil. IX' of the Irust Agree jnent betuten E Clarcnta JIIIUt et. al . tile union Trust Cumpaiiy of putsbumli, Trus '. and but.dard Tank Cai Company, dated ieptimber 1, loin, under which um issued us Standard 'lank Cm Company O". Car uuit Certldcalcs, ,s. ries II. 'lha Union Irust Compaie of Plltsburiih. us Trustee tnireumkr. did. -oil January l, 1022. sell all ?L VI? i1." refesred te therein al the srlts ipsclfled thereby. and that bata 'lrustee will PPly the proceeds uf eald sale te the pay yBt and itdemptlen en March 1. 1022, IS. f ,he aivldcnrt paying datt nsxt eccurlns ''Jt Ins than thirty das alter the receipt ".'aid purchate inenuy. et all of the ccr VH JM. '"usd and outstanding under said .,,..' . Agreement, esiluslve of cerllllcates iVllng en -March 1. 102J. at Iho prise of "J? thousand tin (JKilOOil) dollars for each iJIl.ct8' l'lu b amount uf all dividend I. u11'." ihtrcen maturing en nr before March i, 1022, upon vvhlih data said icr. ir,. . Jw"1 dividend warrants shall beceme Slf. '?(1, liable, and I rum and after said iT.?lvitI.l:n',!l "li eald certlllcalea will ccise. srB "'. Presentation and surrender, at in. n. Pf "al,i Iruatia, 337 Peurili ave nus. Pltttburuli. Peiinsilvanla. en or aftsr Ji. i.. V. 10-'-'. uf said certlllcules matuiliiRi ?, or. after Beptember 1. 1U22. together vvltn mil..."!."'"'1 xs'upuna appcrtalnlniu- thtretn ' is. .. ' ." u,m aner Jiarcn 1. 1P2. ntiii.. .T' "wnsrsntp rcrtlllcata requ.reu heM.r. .s1 federal Incemn Tiix Act. th. ium'J,h"ee'. wl" ' entitled te receive the rffi iLem ,10"'"''l tn (MOtO.OO) dollars.' thsfenn,"?,0?nt .nf ,,le dividend vvarranta "ThTc"; 7I,.1,',?F. 1:0.'?.". .??. ! will v.. V-.. "'v" maiwimg .larcn i. iv imeunr ?5i'i "J1 aaUi ,la,e nt h" Prlnc(pal thi?Mn 'mlT00' wU" h aivUends accrued iiiam.U'! presentation and aurrender at "rllc7,c.8 "' A", Trustee of the respective 'N TrtliaT COMPANY OIT PITTS- nunan. thustub. l?ONH riPtJ't&Eir"1T,r-, CORPORA. m.v,''u.';Vt,,0.A,'tlc''' VI of the Trust Arras. Khiihl,ii.ea Auu,t ' "" mid" by ths ie)hh .Power Securities Cernnrnnn .iV. T.n.Y;rtTn"i! ,Triislea. te secure th ef th. lit,. ,x .V'E S'nl Sscured Geld Nete ?f.In' Lld Lehlizh Power Hecurit... K.S umriiiii' ' i..Tru,t,' the, writing for the 'erich'lf, J0le"' Jruicl lnteree(. 4.-..-I. --- ."' ".iM4 iiuiira run nntv nsfi?ifl'i,rai?'IL-.alJi . race v?l by "th'e .Vk'M ? 5IU..V,.- UAI WF OP NKW YORK D.I., f'.oeol'TKn; PreIldTn,nK &!SS&tfi.MW Li.&,o.eooiv0nvror tfoKSe,bl"?j'0VK t. It. UcALMSTHR rrsi AaMattsjfjjajjJ&ZiMaSakL.A CAP!TALS500,00O0O If SURPLUS (EARNED) U II $2.250.000.00 1 Jl N'ew Yerk ciiv ,,7,i.i ,V' fP- ,llu "roadway, enVrsrcVn Pl,"nrt0thS,? "'" ta ""' muit U .l.ii!.;r.'. "".th" .nu,.wi ." Purchased i thi eir... nr- (...... t" "iiniiersienecl b.fore Special X(ee(lnr Sci er.'h. ill.,.,.,,'ff9r' ?.. at th. Fhlls,l.i.i.T- -.. w, sjiu lnnjirnut utraiai 1t. ' . New Yerk bends Condoned fnm prretdlnt rage union Pe 4s 1.... 104 1.... 104 (!... 10014 a 03 x a.2 1.... nt et 01 no i.i neH (1014 80 H We'n 1'ac lata UM B Steel OS 2 MH 8 S4', 1 4i i.. i.. r.. is.. 1.... ioei; 2.,.. lOflH 4,... 100',i 2.... loon; 1.... 100 20,,.. 100! !.... 100 J 1 fiUT a.,.. ioevi 7,... 1001,4 2.... ioeu a.... 10014 Utah v & 1. r 1 00 Vn-e Chm 1st n nru v-c Cn 7Hs .W Ta l'wr 7s I.... 10.1 u 10. no .West Shere) 4a Unftin Pae lis 20 70U 1 7Di: 3.... 1021 V'n Tank a 7 .... 1031, Unt'd Mruit s Union Pas Its loe W Union 4VjS inflU 2.... 03S 1 03 1 na?4 107 f07 1071; - u. W Union 111,4 1? ie7r 107 1117 1' (1 10T4 iWrallngha'e U ,2.... 107U V Itct'l fllerni Cerp 81 .... 10R1J .11.... 100 V S Ilubb'r r,s 01 Mfc 7s a.... 100 1..., 103'-i 11.... 10(1 no nt ni'i nit, 1.. . ion 1. .. 103 ni 1. fin? niH'W ( I. U !in I.. .1.. 1.. n 1.'.' a., n. 1. em 1 SB's Sll'l 8(1 H TH Te Riy C" r.nWlcha' Bpncr niit. rimI t pji Sl 7S "I1' .-."' ' 01U Wilsen Ce y Pl'41 Tt 2. 4.. il!. ... ! . . 1 ; .'" ;:: l. U 3 P.ubh'r 7 imw.uii,ij ..a 1... . nut' 2 n, , 1.... 100" ' 1 .. IDOt, ! 1 loot, 2 ... lllll. Wabash 11 Vine 2.. .. P.". 1 kiH! Wilsen O 71. a Weat'n Klee fill .' PI)1, 1 11114' 2. . liOU. V H Hub 7t,sJ iWnste'n M'l Is! 1 .. O0S 1.. 104 4... . M's 2. HO', l.T,',,n,, 'T ".".1.000. romnnreil wllh 20,. ' .Vo's'.eoi ,"'te,,l,, Thu" far llll W"1. '',,, High l.w ('less Ulierty aV-s. .. Mliurty 1st -Is. Uhertv "il !... 07.0S H0.H2 17.()8 07.00 O7.0O 1)7.00 .R2 wi.sa fm.sa tir !tn nr 'ii fir n Iiihcrty Jvt 4Vts I I. herty 2d '11',n..n17.04 l)(t.S2 !U)0 117 fid lilt S' '.111 w: ;j' wriy :ii .. HS.fKt 117.70 "S.00 liiuenv lilt 1',ii. II7.;t(l 1)7.20 117.24, ii ."sotei :.. loe.(K) 100.00 100.00 Vic Notes -104m.. 100.28 100.20 100.20 Philadelphia Markets W,It?"l,.''cl't. 12.1.001 bush. (Inn and 1,. WtXlX."' ArL''Y"' '""". ,"r" . .. inicr. car lets 11 rd v,lntr. I,43f later Ne. ni.V3 .,.v,,n,''r..,,59,',: Ne- 2 1 mi i fol,ewl' schedule of I HI. Wl srsdfs , tJATS llccelpts. nens Plrm hut enlt. i ar lets, ai te location Ne. 2 vhlte. 7'e a IS-: 7i,.,." .'"'; .'"1 ,".'.' r. . n : 1 sa h s ail its a a ( r ---- R4n ii;. iTIWc,,,," 140 bb- n't 2.SR1.. m.n. Vl!'ni" '"lCl"i UU!' DUl ""' 'rhn L "i''l , V0 " follews: rer 1H'l lbB packed ! 140.b. jutf rac'f soft winter stralsl.t. v.i,i. n.. ... """ de .nrirm. fi(i.2e."hV;:i t,'.,r, ."'",'; -..v.. 7 rr. .... -. .... . .1. . .'.., '..', .in, niiri mifttn. i7.H.ffiM ar. iK. Jf.ii , l!!?er.'j. ameUed and atrtlrt-d ii n, isaiiiiiv a,a: nmi vi u, ...- "- "i - " -.., U-.7. u.unc: riir. nrsiB. AZitM or... tnmnA7 .-:-" -it WlltC' s-vest creamery, choir. , ...- 80HO4OHC rair te reed. II0H3SV-c: kmmla n.fl.lr.. LL.,. .11.1 7,. .. ' , "'.1... fca ., .ill :.i.i" '"" 's.c; jiiDMmr salr of candied eurs te retAtfura. fsni... Q.tnw.. ... cartttis. and n637c loose; fair te geed. 300P ate ClIEKflE--nrmly held. New Toik. whole milk, fiats, fame. held. S3n. de, de. fresh. 21 tt 22c: de. fair te send. 10 20c Lonehorns '111. Itl'l,.r ulneU ril.l. I I J .t.l t.T -71 a.i--ji . niiiain A'Hinii-ss, UtJHli jZt HM .1 ', O de. fresh 22'4saci Itbblni sales of fans? iieei Ktiaei .aiu.ui'. I1V1! lHIUI.TRY rewls. fnrrv. f.i, ..I. O sceun ,. k- , " "t.c.i, i,'j un ait rfu win-lh:.u-1, ,,hti.Bc undr Ne. 2; Ne. 4 A II flat tn iiiiiIac XA e. v .i . . unoek)irfi..ffimW!.,ff.05,'W ! 0H'y-. vki'ims. iiii. 111.1 11 lvMeiH. liaranr 17 snir S,sBi-rSt.Cl""'L " 10011.30! du. ptnl. f .""U. . ,1' 'hp',t patent. !4 .'.liti h 7n: ,?Sn! p.f,",W?.,1..tl,,nl" I'atTt. fknilly n.f :.v!:,aNf', " SlMv lisld. fjuntatlmis: 1.-. niii.ir.i. 4 . i. : .i.e. ? 3r,"i0Mei, 2l?,:;.'"': '"" balled, "bem: 'i. ,41c-,f,"'"le heulil,.r.. K. J, rt.rnd. loons, 1..0. no. alilnii.l. lc. bMllea. In plrVlc loe 1T,'-,toh,St,,'cen ?lc: lard. 12c. im ...Hi 1 ,J tte,,0' but quiet Quotatiens: ? iV.?cSP""P" ?". 8THci lebbln. ue 2Sc: seconds. 23 il SSc; Westtn. "itri urni?. 3C! i r.iu. "ti.i" m r,(.i.kliiiiid. B0V31H. fair te noed, 27 1 Hena Si tind . .. &2lie: )elew-sltliinl Plymouth Hecks. )tdrndent Ind welahlni; B lbs eaeh and ever. Riit J.rmre Verd.i Dlv 83c: fair te geed, 2UW3tc: taeg7 ynunit Kirr J.nke loesters, 2.'25c. old loestetn. 20(2I : Knox Divide . turkei. B09140C duel.. hIii:. Pchlii. r.s,'L(l nee, Mlnlnr . 40c: de, mlxtd coleu. 34J(lc, de, Slnscet r, McKlnlvl)arraali 24v26e; ntese. 20iUI?r; miltims. leuns;, tr MiNamaea .. pair. welsliltiiT lfi2 lbs. apiece, (I 40'(( ' jtnrma Cnpter 1.S0. welk'l.ln 11?IU lbs. sniere. ziai.ie; ' j.ZZi, Vnl i.v . . milnnna it. I ii f rial- 7.1 f7 iin.i uIi,aii,i nnr l,yitiuei mni j'v (ns svtiiw iyihwiia( iv ;i pair, old, Mc: euiif. riOSOec. DiinssEii i'em?ny--r..H-iB. freih.MUed. dry-Picked. In boxes, welahluc fi lbs apiece, ;:lc: wilKhliirf 4 iba.. ieftaic. Me'srhlns 3'i lbs.. 2Htf2'ic: nelghlna 3 lbs . iaW.'iic; teln, ircsh-kllicd. !e Lair.lc, dis-plcked, ivclKhlny' 4l4 4t.1 lbs. uplec, 30c; wefshlnr -4 i,s . 2IK0 :.0c; wtlKblnit nil lbs, I'llTiiHc; wclshlnc 4 lbs ami under, 22V2.1C mastlre (hlcketm, Wt stern. (Iry-plcLeJ. In bu.t, elEhlnu 'v S3 lbs, and ever aple. R6r'. wclKhlur I ;I.r. UDltce, !lSe. xelirlilnc 3W lbs. unleiv. "S 130C. uelvhjn 3 Ibi. apiece, 'J4(4a"n', ivastlne ilikkcns. Wfiatein, fane. soft - it.ealcd !n buricls. welchllitf 41.. lb- and ecr plese, 3ea"32. reaitint chlrkens. Western. i-eree and 1tsv. In barrels, u.iisnu.K iied in u mi ewr itnu, :'HfiN( rvasttnif chlrkene. Wvatetn, welgbiiia .I1. , lis. apt.e, 2(llT23c' bielltni, .'lilrkei.s. Veel- ern, wel3hlr.K lliff2 lbs. aple. '.I'ittati:' chickens, Weittrn wslnhlrii 2J&3 lbs. (plese, 22I2S' reJX.nit chickens, in-nrbv, 21? 'OTATOK.H lVhlte nctateei. nr cict tl.7SU2.20. wct potste-H. Jeriey. per sheep snd jearllnw slsaily Inmbi weak. Choice fed Western lamb", SIS 60; bet net .n il ..iriv: slieice n. -yuu.nl n nui... euritnica, J13.7S: shorn wethers, all 2'. vveuled ene top. earlj-. is w. I'lttsbi.rah. Pa., 1b. 2J. HOOS r.e celPts 1000 head. HUrher Heavits, SU.2J 11 2B: heavy und liBlH lerkcis J11.75M :Ki.JS!B,-.t,JrVB.QJWW2: Ultkup'.XN'n 1JVM1IS Kecelpts. 200 Mad steuclv Tep ahecp. 10.30: top lim.bs. IHI 2S. . I VCri KewlPts. SO head. Mead. Tep, 1 "" nn i - - ..., s. i euls. IVb. 2 -CATT'.i:- P.e ,,,;?.t nlOO 1 rid 1tef sleeie and aMrlceis c"''.'; " ,tre,,g. bull' of bef steers. 0 7.VJ VW XbMf cows, lUht learlUigs nH bulls !,?.?dvcann7 cows, .10. le IBc higher, ieai calves opened sifseyi laier mjrwi .k Je Me e"r:Tu!k. soed and choice vcalet. ,,?,?JiV'BalP.a,.P,Js head Active, meitfy IBc te 2fle, higher Tep 111. SS. bulk, nin ii. U10 pound aversgus. 111. 2W 11.80: 'Se te 0 round welgpis. 1UCU.20I packer Jewl I 23e lilMtter. IBC0.40; pigs, strong- te Wrh&CP Itecalpts. 2000 head. Steady, ere d.e Treen te ehelrti fed Western, lambs te ?ltybuUhers. lB.7n: medium grade natlr... I14.B0; KOO-l ewes. 7,S0(ii!7.7S. raat IlulTale. rah. 29. - C .TTl.r: Its Its Its oefe'u. 100 head. Jltrenit. L'alvee. receipts. Pe.pv.S' Vw ui, Rrtft lower. l.tilS R.l. 230 head . ' n..n'tii. h'oe head. Kteidr t'i -. ""-. n - . ''.-.... .,, Knfil 41 .. .,...... ine nisi"" ..... n..ii..T... .Aii,..-... ahsr. .'" A'., VV." ',X.".-'l,,"'V.. .nri -.nrkers. n.e"u ....v, ni.. .' .' rVtere. ( Stag's. Ura Bin:.-".' and .!'"" ' ' I.AMBS Hecelpts, 800 head, tirlces unchanged, Lambs, alew. VV efftr a Selecttd Utt et Municipal, Railroad and Corporation Bendt We are prepared te purchaf sound iaauM of Corporation Bend which have an titabliihtd record of earning STROUD & CO. tf-jfi Wnlnut St., Philadelphia 13 Eaehange Place, Nxv YeaV AtfCewvCi UaxsJ TitU Blalc. ibfara ralle. fk Bsakassje "ri,. .UK iy" ,wr' -"j '' .'tit, iiic.i.i'-; Aluminum 7s, ii'2e . iyiB4 inin jei. ie..stl.. eldckens. iiearb,-. w-ishlng (!', lbs. Aluminum 7s. 13.f.. . iwvj 1eJ2 leji iipliMa, 27(q30e, brellllir chlrkers. neerl". aichf Cotten Oil e U5i 03 OR"! lghlii l'i 03 lbs. aefece. 353sc: ch)ck. 'r "." e" Jeb-' . l") .! ieilI l(i(ii lens. narb. vvaliflilnc SM fi.1 lbs nplete. 24 ' vnacoiiel ei US'. liS't esft idlTSile. old rpestera. drs-pfclied, Weatsrn. 24c. i An?rendi 7 12U 1V'I le'v! ln'ij de. de. Huuthtrn. JJW23J. tprlne tur'.ie g I .nm7" r 7s ' 1 03 2 l.iTi! jeii. iienrby. fancy. r.0S2c: Western, fanev. SO . fti?.'" Biani'Sa ilS iilil nui? ! Slf, fair te Reed. 404'.c,iild ten. iurkH, ,'ftJ't.J1,1 -H it'V" .' xeitt i it i,iilil 40Vle. diiebs. fancv, aeA.'l.lj. de. fair te ,J 3'"! i?' ' 'iViC. I ! u,li '"Jned "0?f ' f,,rM.Viit Steel bs IIS'.. PS 08 I PDTATbrJrl ' XVhlte nctatees. nsr cict . V.?!' '. h" ?:i. "i ?'.' buenei eieaei ise. i, ii.-em-a' i.u: ke 2, ;-."; ;,"- .,,- ; , ; ,' i),, "," """ " "".. .....w.v . .I'v.-.i.. .... in c year weiiiii ne iixiie mere iimii tne in .h cr,.ni ..,.r i,,,ier"encx l'i ri ' , .v,COTrsu- n,,,n., wssz: sits" !: isss ;?,? WiN !": te"l t !"r?"cf:J ,L ",., i ''" -irI pnient ..t ti.? bPm (0S, Mmh hnfc , M :yfn s''"''n swKinnwiw ,-VXXTr, ' i,;; '-i. ." ' "" JnJi JlTji Vk'ii i"'"" """ .' "" " "" ... uu. - tievernnietit sponseriliK mc ines una i,,nriicd te he stir, but the eutsfin.linc Mn ..?.':R..T." :? ' W !?W :fLv.?h"-T.'r.iSV"?""f guaranteeing the.estnf their opetatleii. n .J'llultX' iexernmH cannot ' THE nu.my Plain. n.'Vly nV. iS''bulk. TiTft ciXn'a "? . ." '.':.' K e? ei ' ions a. d rVers were i a e c I r """ propose,! .plan will Miner-eil- prefitablv niauiie ir merchant ship- 26 Broadway .te,,aSf i.Tvrr'siSv;- "d ftri" xKj'u .L " : : : : ssi ; s ftptXieSi "ii wLrhr.nll:i. :"" .",ml,r ,!,mb- zju"; .,,:,",!.,,t!, .!",.,.,Rs..I,,,! HOOS Receipts. 2S.U0O head. Valrlv ac ,,edRubber 7J . "tiiji' n()I 'njij In Jirellts and private lntciests xveve -(""' "" '-( ""'i-,' V" ii i l . ' "' """ "JS'-e'ci.c ....u... n.,., ; ; Jta ?e.rjiyF. a'r"gem0Tei' Vil axef RawWeOil 7 ... Iei IM in?' pai. te make the experiment, though '"'.t'," ,a'''1 ' 11''t fl1'ts' " ',f 1'ave us struggling with a policy funda- nn, n.DAr, acl)Xir 1 ?,nminid ! i7ii t5 tse ie'''nd ax er.se 'bulk imerbore Ss, 102.' bet, 7U 70W the Government was te bear all the I 1vlm'h eembliieil are fast growing te mentally and practu-.i v impossible. COOK'ii 1 RAVEL bEKVlCE W.tXuil V "ateadv trVsTnlSiYt ft"" fKr T" .SSl? .1S ,!' esses ' PPnliiiatel $.-..tHR.0H0 nunuall). It, ..,, . llei, MU,n onermf,u, Ov-r iju em.es 'hrebc-t -he we-ld. Sulkj a...rW.. 100,0 10 round,. i..SS(r j- Js .... .. ;ln,u .j, 10 les.es. ,,l,i,imtely lake ,he .levernment C0St!'T Zng ,ou t'he .Vt'opesaT which T1""' C""' f,anV.:,'n,r- """" "" 1 aill-PP necelnt.. 1ft 000 head. Hlen-. l.!b),V McNeill ,S fl'A, P0H OV'i mlanrlfnillllPA vvnj iin iiiifnrlniiiil, fl.nt'OUt Of tt l)lsjneSS W III.' 1 lllis Ueep. ailll ,,,..,. 1,M1.,, .1... i.ln.i. ,.. (mil, lilnel ' EVENING BtfBLIC I Ncew Yerk Curb ' INDVSTRtAl.S Ia)1T 20 144 no 2W 70 T.ast 144 no 32 H Acm Ceal .... , Actne I'urklnit ., ii.ri';?.'. 'fe1' teup.. Muddy uuj, " Car I.laht ....' rKrllsl T(r , . . ; ,, ClsveTen.1 Aute ..., ,',.. Celumblfl, Kmsrald .... CentlhMiiai Tlrs JJuinnt Meters . . . Ouriint of inrtlana .. Knilmin Kodak OferKes Clethj. H Oln Aldn Ceal Oltxen llnuell r;llltt Hafcty nszer.. JJoeilysar Tire (leldwtn ricture (Irant Moter UeiMlyear prst Muilsen Ce prst Iludjen L Man ....... Hexlfh Cliem Imperial Tobacco Inur Mublxr Julius Kysr ., ... I'?.1'.' Toriile . . . , i.itiiiv MrNein .;;;.. (.Inoelrj Moter A., Nat, Klrenroef . . . . , Nntleiml lathei' National Stamp Hi 14i no 70 24 e4 24 la'i r.'i 2II 24 IV' 1:1 JtMli RHli nn1 ! IOU 454 4r.il 4'-ii i:. in 184 11 10.H 4i 75 27 10., na 21 oe mi 10 a 7r1w H4 20 no n ni 10 a ni B.I 114 "S 21 i O".. n'4 2 i 10 n iur rtm i'apir 24 rackard Moter (iI r ,14 ward Moter met . . M ,4 fle I'yrcna Mfu pi! na; ,rlra Moter . Bfl H3V 84?t ;'h1 p Merris InjJ 10t 11U I l(ami .-rtm iia.ne com Vm'.' "' "li n . 4?" r,J .luh' . 4 . SO . H : i,; 1 . 70 2 a'i 4114 404 S5i Bf.'i fi'Qflium cereal . ItODUbllQ Tlrn II.iKh.. 40 Heuiljrii Ceal Iren.! Htandsrd Moter ?..".. tntiirnatlenal .. Teb Pred l:np ... . . Tedd 8h(p ... , ' J! S I. L II . . .... . U H Hhlp l"erp ...... I'nltcd 1'reilt Hlmrlnjc Unltml Mnuii candy ajrne Ceal West End Cl.em , K'.l 4 21 it 7R'.i ' 7 n 1 3 " 82 r.ii r. 1 70 STANDARD OILS . Anale. Amur fin . 18 .. 04 .. no ..101 ..270 . . 01 ..237 . . 20 . . 29 17 'i .1 e 1R eh no A"aItn"0. w" 1 impfrfal oil Canidi:. ewo mi ; 1 !.'"rk J' 1 lea'i 101 210 270 u.i 28I s7'4 20, 2 ' Ht.mi nu Htand Oil of 'Indiana" 237,, 29 ( ?..."?' INOKPENTJEXT OILS ' Ar-klrni,L'""Na"ciai'f .. 1H 0 . . Ill . an .111a .. 21 'J :: 2? .. S', rj . 1.V !! . iH . . 2r . . ill . . 7S . 2R .. U . . S"i '! . . 294 .. 11 J . Ill . . 1'.' . . II l' Sit in 8.1 a; 19.. Ri C4 1 S'4 33, 1S4 i'MH l's 7.1 22 M s; .'A 2U 11; t 'I't in 12 n 7(1 J.T Hit 111 til mi . uoerit, i'u I , IiuMen Wyernliiar . . . I ,'siib flyn Cltles H-ntc old .. 1 U'ltlM KerMce II ctfs. 1 1 -.- -. i eanpii te pier .. . ':.,. ?,y 5k W? .P Cuxhlnir 1V!1 aillllmid ( ,J.-rRl t. oil Ivirel . . . B ' ?ri' ...'" en riilllland 111 Hudsen (111 Ir,tr Tftrel Klrby Vl I.UInttsten Pit I. ens I'et Maracalbe Oil Merldan Tet .Mcrrlit Oil Mexico Oil Mexk'an Heabeard .. Mountain Products . Mutual Oil .Neble N T Oil Ohie Itar.y-r . . Omar Oil Prnnek Oil I(d Ilnnks Utan Conn Suit Ci.rk Prr.d .. Sni'llp- list ... , Hlninis Pet . . Skllv el Southern l't S. Iter Rlanteti Oil .... 1en ... Vli'MirI oil mnv Western tutds . . Wil-ex Oil Wne (burn . Y Oil . is 7S 0 20A 111 12 II .1 71 i .r, 2 M;4 4( Mi 13'i i:.. ,i. "I 4". "If in MINl.Vd Alnl;& I3r Columbia ... .:..i. . . 2d, .en 23 . 3i 2iJ 2:i 02 l'i 01 2i 1 si: 21 li 2IU ,ii iis a. 211 n 2.1 02 l'i 00 2t 1 2 1 1 I HIl- .Tim .00 23 ae 2'e'i r, 23 02 l't en r: 2:1 (Vi 21 II 41 13 III.', i5T" au 4 .in 1R HIS l.Kir.t uiieii & inninna Hest A Ment cons Canada Coe t'nl.len!a Mlnlna .'endclarln M'nlnn I'n,..u ,r.nvA,i . I ' WKV. I.UH.UII .. I Cens Cen 31 r........ Jh...... Crssen" Oe'd Cresi'ent McNnir.ara l;urca cresus . . . . First NhI Mlnlnc .. ileldne"d 1'leiensa ., Celd Zet 23 (.1 24 II 13 7 I Hard Shll 41 14 I ni .-.... I.M.,1111.1 .'. U, .... 2 :' i an is 21) 'i 12 i' r.e is rt 2114 1. ' 2J H $ ti..i.i. .'... i. Miihlran s'eLtep 2?n "?. lieUier JJde. Clt ... Nattenul Tin . , Nevada Orhir . . . , Nu.'artu Silver Hern New Dominion . ... Nlpleslns; Nlliun Nv Itay Hercules .. ., nec Cens . s,i Am I 4- U Turiepah-llcimdiiL 31 2 'I 3.1 k H li I. l. SI u; si 3 111 7s A 31 .1 h r, s s r, r.ft ii .. se t'i i'. as lcV IN SO v": 7s 3 ronepau j.uiur 'lotiepfth Krternlen ' Tunep ih Mlrlns I Tue'.uir.me t'l.lty fleld t'nlted EuMern i West I, ml Cen '.Vhltu Caps . Allied Packer Allled ctfs .. IIO.NDS TO .10 S3 70 S'i r,.i; Man,l'H1V UlI' "' i Msvrland Itef 74 a ... 1 rt t. 11 i -J : 'ML "V. 1 i nil i nt. na ------ mi i. iii kit i('m.b fitm ?u 1.. 11. ,fi,1; ,...,. 'iieu ...,1i... .. l-,ii.,..ti.iir..il iii nl.i.lmn,il .i. 11 i.. i;..,. ... ...... ... ' i". ''.L., P gaKS- A ....... -... . ,.v, ...' T 1'.. ,'.'''. ri4'-i ni ii CJ 1l mi till 114 I4 pt 25 fnij (i Ts'j 7s 7S', " . PS 11'1'i Hit', tniH KU 104 101 ni'. P7'-i n7ii l"l P.I let " no nu " let. I0I. Idint I'-'li ieii. in" mi ti mi c, mTi: .103 10S JOS iev4i ii si, te-,.' ie:. 1071, JnK .lflilix iikiu inftti ..v -." '.- Vat Clealc Re N V N- II K It 4s PhlU Ce Oi . . . Phlla i:ic As Pbllltna l'et 7k' i ; Pub Hen Pi J .s Oi l.t .tnlr 7s ... .sei.i-llncbu.Jt 7s of .'...rr llnebueti 7s of . mr ibeen 7 I Urdu S, ... ' :euthv.et Hell 7s u .1 V V 7. Lf 2S flllS' V Tit of '27 H e H Y 7s of 2S . H O N Y 7s of '31 . H O N Y (1'i.a Huri cii . hvlft Ta of 23 tlwlft 7 of 'SI T.jcas Ce 7. Tidal Oaigc 7s 'fel Ildisen 7a ,,' lln Ay ljivvar.a iKi . X'acuum . ........ Warner Burar 7 . . . , Western clsfi.Ta ... . Winchester 7WA.... Ainentlns 7i vt '23 . . City Aleitrej ,8a ...... King Netherlands 0s , .sv.'Isa S'ia ..10". llll. lillV ..ifsu less; leflw , tei i-, iei j; ir,p ..iei iei iei 105. 104 10,1 iei 'i ion; iei it injS liitsJ int.' . ,I0s letn, ieiiii .lOOXi 100 JVIli BUTTER, EGGS AND CHEESE New YerU. Feb. 28. BUTTRR rirm. He- -T" ri'w. -..a . ceicis, id.u.i mm Creamery, higher (hen ultras. !I7H38c; creamery, extra. 03 ireeru, (7e. firsts, BH te 01 sexne, SStP liMKai pick. Inr sleck, current make. Ne. 2, 20 B2lc. 13CIGH Firm necelpts, 23,l'0 caees Statu and nearby gathered browns and inurd ....-. ". 'T"J. iiolers. firsts te extras. 2S33!tc CIHJI'.ar Steady. Receipts, 1371 boxes, luuuiallens uncbsncfd. I ' Charters Filed I Dever. IM.. V1. 21. A charlei was rtln at the ht.-vte Oepartment teiUy ter the Maui Maui met OI Company, capital f lOO.OOO.ope. ,vT.W!.V i nald. A charter was alie men .or in nnu i lirt Iheatrlcal Company, capital $33,000,- uiiO, fcutlierUIng It w ceiuluet places of i .iiiiiisni-ut Reth chartits wsre fllml by the Corpeiatlon Trust Company of America Movements of Vessels Neir YerU. Feb. 28. Arrlvid: T. Iii- JfVJtlx. 1-ib. 88. Arrived: Empress of L&F'r. 20.-Hall.d: Arabic. New Yerk. ..... UuronsteiTD, Feb. 28. Ealiia: Camerenla, New Yerk. Flaxeeed Delnth, 'sb. SB.-Flaxseed en traeli, S2.SSHJ2ai,i1 te arrive. 12 SS'i 2.0' ; May, fiVOSVs asked; July, 12.80. tEl&ERrHlLADELPHlk, -TOESBAX HARDING URGES SHIP SUBSIDY IN MESSAGE TO President Urges Subsidy eti Ships renllniifrt from I'ase On Tlip litrgcr employment. ly le and n half '(line. ns In non-dutiable alilti men(. "Cnntliiiied Irntle mus( be ruclpreeal. Wc cannot leiig; maintain koIes where we de net buy, In the promotion of theie exche'iigex w alimild lmre nn much concern for the proin6t(en of 1.1I04 n fop the fitcllltutlen of our purchases. There Is net a record In nil hlxtery of lenK-inalntalncd eminence in expert trotle, except ns the exporting iiaileni developed their own carrying capacity. "Ne htery of nntterml dceleiment Is mere fni-clnnllnt or re full of romance an that of developing rapacity for the exchange of commerce, I'.rpnndlng civilization may be traced ever the ave nues of ccchnnKtng earned, Commerce anil Olery Linked "Ne matter hew materlallRtle It mar 1 sound, nations have developed for them- ' scUes and have litflutnc'd the world 1 almost preclfely as they lime promoted 1 'their cennnerce. AVe need net .efcr te lite armi'.i cennicts which nnve eecn in- cldent thereto. When enmmerec has been dcstn.jed fading clerlea have at- tended. ,. .,, ... , ,. . . U..w .,""" " '.I' '" ""' even inc urieivsi rvuiiin 01 our own efforts te re-establish that American importance in commerce carrying en tlin.lilgli seas wincii was recorded in , cmis. it is piope-ei. te rnnc . iw ceiit . -'""'" imv..., .- ...i ,...,,.. ,-- , 1 ... .. ..uw.,,. .-. m-i.-iuim the earlier days itt the republic. The of all duties collected en imports trade which is quite in harmiin with limnne." aspiration Is nationwide. brought te us in Ameilean or foreign , the pe Icy of most maritime powers. ! whether Waiise of ,h subject or "The conflict between two schools of bottoms and create Hipn-frem n mcr- I hew Is nu he ;rlt' no"' ' i"r'"''' ' ".' lncl; of notice ns te (iie len..lte i,,,,,.. political thought heretofore has ,e. chant mni no ttind. Te this fund shnl 1 li' ,CiI,V "u ,, 'Vs),,bni ..nV '" sallcries were net mere than two fen ted all efforts te employ the cev-, be added the teiunge charSes. taxes and , we need ... thirds fill.. 1 while th- President spoke. .-1 i.i ...1....1. ..!,.. ...ii e 1 I ru iiiiunuful mi iesels i.nierlii'- fb tirelier facilities te j'iillv the Inclusion advantageous while we held nloef. and lerts of continental 1 tilled States, also of our commerce with the Wands In the terms 'subsidy' and '.subvention' ' nuch sums as are pa able te American ur coastwise previsions. I he free were niaile mere or less hateful te the. e.ssels by the Posteflko Department !mi of our continental markets Is well Amnrlenti iiiiliHc. Hut the tintlnn.u'liln -" " . ------ .....,., 'desire te rcstote our merclient murine !l"Y? ,,utUved a11 dcf,'ntw nml evcry w"ls "Kight years age the nspliatlen i found expte'sslen in a movement te have I tlic (teveinment sponsor an enterprise :., .,.1,IK linlivliliinl .renins seiTiilm.lv I ll ........ r' ., " 'p.,' u failed. Jt would De dimcult cer- reetlv te appraise the policy, hccnii-e the world war put an end te all normal activities. ! S Sl.lnnliiff Knrirte Ilt re.l - . ... ,-,. --- "ltefere we were Invelvid our Milp- vnrds were suddenly turned te feverish iiii.l cestlv actiltles by the call of the nllieil lV.uers for fhlniiliiz. without I II I10H rowers nir rieiMiwi.. lvuneui: which the could net Imiii' te survive. .. i'l..!.1. i.Vi-i.'L .h-.. V.,.H...i .. ..I...: :V,;,,r..w ,.,l,erU- ... .. l,e.l ,,..(..,. 'U -asivt' ..t... -.- ...... .v.. dreiimed .1 delnc for ourselves. nnd! "There was the call for shins, and yet mere shins, am! we en lnrgcd old yards und established new ........ ... I. !... Am.,l, ltn ....- Wa 11.11 .. ...llll.S H.I...I.I1I. IIIU .'111.. ... imils .en.llv. ii.irnsntlv. Imnmcti- national defense, ungrudgingly expend- cd at five times the cost of normal cer.- btrttclien. and appropriated billions, where millions had been denlid Lcfeic. nl,.j vm T... Acquired ast lenuage "We acquired vast tonnage. Seme of it. much of it, is suited te the peace service, of expanded cemi!iere. Keine e It. much of It. maj he . Imrgeil te tlie error's and extrnvagiiu. es of war- time nnxiety aim nns'c uie war pre- 'gram, und thnt 1 ui.. iellen of con- 1 tracts which followed l.e-nuse suijh a ! TrlZft ! !ltJliLrJu' nui ,i'umuiS nu- inn (u mu huiiii . in - stnictieii. at a total eucla.v of appiuxi- maiely $.,S..'i00.0iM).(H)0. B,s ' " "When we Inter engaged we iiebled1 maximum s lenthed at 'J.!, ecus fir"'1", i'1 "v '" , '"I"' ," cnu- ,H'4 ,S'; IF!'1 and .Va'lrn.!e.l the out mt ...,, r own each gr.j.s , per HH. mile, tnu-led. st.uc M,m ,h,y,,,.in,,e.l b , l"g .t nw-r-. .v. mi .! , neceuiit. Allied lcseuiccs weie fiuleil ' "'i'l 'l attempt the detnilh of re- ,linii . lni s , In ne gunrantj et.i 5' Si 5?, u.en huh ..... "the .lestn.ctien bv niilrrments or limitations, save , suv ,;"! " ' J l"'"1 ' .1 Id 3R',i "k '.n't Mibinnriiitt warfare, and ships were se that all ue thus remunerated shall "l 1, no at en m Nm- I..M if AS 7.S "r-wMlnl that malcrlal for them was carry the t nlted States '"i N .''y''!' . ! , fu - ' 1 ,Z If J J1 - -" given priority exir arms and muni-' 1 "" l1". free of cost, and that all.'" be assured nt adequate defense. ., .. such remiuieintien must i nil whenever. i.e,i. i..,it-. am . llOHH. cu.iy, aim ct ii.iriicineus.ij . out we met 1 f , ... .- , ,. .. . t ..,' ,.1. :,,., te .1 per centum et tlie trelglit paid en Xln neC'1 UUJ ,,Crf0rnW!,, a srMlIR AeS- rSteivc iet rncd e 1U "f'V '"V ",' AMer,cen ,M,U,T"i service. . leurce 1 rl,e lienents can have no geographical "A people Indifferent te the vital ne- I " ' ,1 retri-tleiis mid It offers Its advantages cesslty of a merchant marine te the I ' 0,IlP.1' w-erds. It Is proposed te tr, American ."ti.eiters ns well us these VV e UIU.S tieeail.e p05sesel et UK niii-nicni le iukm-dimiu vi',rri ,'lllil vehicles of n gieal merchant ui.tilne. 'he eiiluigement of the merchant niu niu Net all of it was piacticnl ter use in line te a catiai itx ceiiipiii'jble with our the IrRtis-eie.iiiic trades: liitle of It xvi i ceminerce. the total outlay innv iciuli built for the speed which gives the the limits of ..'(i,lNHI.U(i(). but it is con coveted cluss te outstanding setvlie. f.dei.tly belle i.l tiuit the scale inii In "Hut heie whs vast tonnage for large due time thereafter he turned, until the service: nnd tlie lievernment. in the linger lelmb.iiM'menis aic lestered te exceptional call nf i emmeree which Im- the treasuiv. medllltcl.V follexvcd the Wur. .-ought the . ... . . . .. , .. . establishment of ahrpplng lines in every direction CHhulated te enhance n.n for- elgn trade and further cement our lrlendly lelatieiiH. Governmental Kveerbnent l.exc-1 ..mental hei luirnt f he movement Inched in most m ei that inhetent ebsenlini te sticee-s w-hieli Is found in indivlduitl initiative. U when the present Administration came into lespeiislbility the lebses were up- .nine rinii tiiiii iiiin nivnii. ainiii nf ammi. T""""" ""' '"" ""- . "":', icon tonnage was mainly 1. spensible foreurablltv te shaieli, thcgoedior- .... 1 ,. i. 1. 7 11 ''.1 : xeera Immediately following the war. In all probability, the losses we have sustained lu our shipping nctixitle.s were fully compensated te the American people In 1 he saving of ocean freights in that period. "rCedny wv ete pepscKfc.l et xesl ton nage, large and veiy cealy experience, and the conviction of failure. It Is fair te say thnt a mistaken policy was made inore difficult by the unparalleled slump In nhipplng which canye, late In 111.0 and prevailed tlirougheut the year -a lecently clewd. HeaxT Less In 0 iterations war costs took the slump lu prices be- lexv the normal levela of neip ce. "Hut xve nave our snips, the second largest tonnage lu the weild, and we have the aspiration, aye, let me say, the determination, 10 chiuuiihii h mer- murlm l,01,"",, "l"' "'" commercial imnertniice. "Our iirehlein is te turn the shins nnd our e&perience and aspirations into the effective development nf nu ueenn. going sliipping service, without which there can be no assur.iiice of main- talned commercial eminence, without which any future conflict at arms will send us building again, wildly and ox ex trax'ugniitl.v, when the proper concern ter this necessary agency of commerce In peace will be our guaranty of defense in cese that peace la disturbed, "Out of the Htery of the making- t great merchant marines and out of our own' enerlencfl we" ought te find the trV'tical solution. Happily, we are rilj. n.l ...i' ................ . ..- ......i ...u.,, . . i i.. , .. .......i - ,-..... ...- .....,, ... ..,.,,, .I.,. ., ll.vllnn t filer KIIIIIIII1IIIIII n tinili nsi.l l'l.ll nt, r-itW-tt.1 l l i ' l " "' ' I ' " i .') .1 n I n t ..nieil, I ...n, 11 .1 .,. .....,..-.!... Ill W 14141(1 VI J f l W,WVV',""I' IV JIM 'II I il It ill! .( I a .t , I 1I..I1.... 1 J. ' i' ni t H" I (I9III 111. I 1 1" IHUHU'U'MI . .s tr. the cesl of fnllnre w..s u.l.lr.l the i te. shipping again, that Individual i'l- f ,....,.. .,.,,. ,,,,,i ,i ,. ,u..ntn- T .nr . ,1, .,... . ,.. . ,.t ... 1 .. . l.ilinl wh eh . I lie verv seu or I " ...... " . , r. " M m sm'M JT AW U iiumiiiutieii 01 su.ps uec.e.i in ierci?u V , - -- T. ., . ,,i,i, me nope 1 1 prei tan c iiixestment. xvnn'ii m m m swrF Sa M SM1kA' ports. ,es,fu enterpi.se It s heul I en. hie U(1,,,.,IU, ,f ntit llt ,mt(,,nr - jfiT TLlmm "In selte of all the later losses in V '.eve.riiii.ient (e hep date Its vr t ..... , , , CrLsflX' nasWrWWIIBl operation, however, it is eulte hevend "' ""' '"S"'-' I,"s",ul" ""'"-- .,., ''"""., "J . : : ; ' ' " ' '" .-:" "It was the inevitable reflex of (he , t la ger invest u.ent.1 ?lW Wrter Vt ! events w-e,-e combining te admonish readjustments which fellow a great war. I 0f 1, sun. ice outlay, even though the H '.'? ,n ,a" ,'0Wi ' r,''-srt ''"''V,''' nnd there were heavy losses in opera-1 rut"s t. Hame. Theie are higher In- ."", nnnantle daxe .01 xx.i.h en hulls. tleiv? which had te be met by long- tm,st eharscs. Our problems in 1,,. 1 whltcneil sails and the sturdiest men established and heretofore successful , in nrn yery tnuch the same as aru , 0 the .ca. we eutsailed the world, car shinning linen, and shins built at teni Ji.,,5. ,.f m,r in,i.,trie. ..shore, nnd we rled our own enrgeen and revealed our i provincial than we enee v, ere ; hop-1 en Government mission, at Jievern. for American edilnence en the ocean SHU pily, we have come te knew hew Insep- incut expenw ought te tracl en u',.,.,, ,!! "1 "Vi". 1X...1 In .nt there were many vacant nentu, lueHMRlBRH .arable are our varied Interests. ( American n hlpa. iifmuuilnic that they .f- I W r I ave centlj jel 11c 1 II K real t ere were i u:UM t "Nobody pretends any longer .Wn; tTSTJL ' ". l" 'p it? n" nil VSSlV coin Ktlen , Murt r! W ..ri ThjAHgJIH Plnif Is a matter of concern only te the .. "' f". l "in n uIcm of world I "' imval urun1111e.1t and reduces the'ney (leiiernl Ihiiiglirrly n'"Vi,h2iiiill I-ertR nvelved. Commerce en the se is Uatlen e the 11M11 n uu or wer world., but adds te (Jei.eral llnys xvere an.011.-r -the Cabl?W Is ijiiltc n vital te the great Interior tiAVrt ti.e argi: nieiit 1 in r , nonfldence In nuilntaliic 1 iieacc. Thelefflnew preseiit. .8H ns t Is te our eeaxt territory, Kant, . upuunu is Hrmise cmpnai ee. j umm , ., . . ... ... p,JWCrH , Ilcfure thc-l'rcaldent arrived the l(fB Seuth or West. Hl.lpplns U no mere we aheu 1.1 d: Heen mic, he far txn prnc- ea he r i-lreug th a , f' ' '" dlence rose and applauded when MH.U sectional Interest than In ngrleuture tlral. he trnnM,,,rt m ces in the in he xumiiy 01 01 ;nn , 1Unil aPcnip,feil by In. C01H or manufncturlng. Ne one of then, arm, , n i nv) , and '" ,mr '" r. ,rlne im,.llMntl. for 10 flltr(.. , idge. Mm. Alice Lonswerlh and S4 can be prosperous alone. , cj .ant 11 ml pa nj ger h hips ".e flge.n ) 1 mlrr enprM gyer entered he IrJH "We have had n new mnn!fctat.en of hwIc pe ' '" "J "uVlnble ' ''"" The war nn.l our enfeice.l out- ,uthe ijallery. Mm. Ilnr.llng nM&l3n of this broadened vision In the nlliu. 1 W alii 11M ' 'f ' nu'nff0" ,", , lay hae already Htrtased that point, acknowledged the greeting.. . AttMB asm of the great Middle U et for the at no greater eon tiinn lHnneriKii i .... 1. .,.... The President besan his nddreN ilHCH proposed 0?eat I.-ilies- St., Lawrence Rhlps under competing Hags, and we J he merchant marine Is unhersnlly J ev",)0k. The first applaiweciMraliH waterway, by which It Is Intended .te can and will mak.t (ffcctlve the spirit or reeepnized ns ihn ecmd line of naval i-. " l ' ," m,Mug 1 fteen ml-CP9 fennect the Oreat Lakes ports with Section 28 of the Jenes act of KC'O. ,, lrfei.se. It Is Ind iMiei.M.ble In the time at u ' V'"u J''c", ..,.,, Imt Amerlni f fli enncet the martH of the world. nce4ug vision. Kar-. Seeing Vision in Proposal "There is far-seeing vision in the proposal, and this great and commend -able enterprise, deserving of your fa vorable consideration, Is Inseparable from n great merchant marine "What, then. Is our problem? I ( enrd of American tuiivittes mah-es ler , " nm thlnkini; of the merchant ma brlng te jeu the suggestions which j common Amerlcnu geed feitune. rlnn of pence, ('.jiuincree is Inseparable have resulted from n .einprehcnsive v italhvay Ownership of Ships lflem I-"sres .mil attainment. Cem- Ktndv 11111I are recommended te me by ..,..... . ". .... .. ' . 'inree mid Its handmnldcns have every member of the Pnltc-il States Shipping Heard. It is n program of,"" '""; ' "" ' ," ' , "' " "'" direct and indirect aid te shipping te ' me it te the InterMnte ( emmeree Act. be conducted by private enterprise. It I Is proposed te apply generally thebenc. nts which u h-pikim'ii u, umin from discriminating duties te all ahlpal engaged In foreign ..emmeree. with such limitation en remuneration ns will I elmllenire everv cbnree of nrometlne f ee n? Interest at niinlle m" 8 ".- --- "In lieu of discriminating duties en imprrts brought te us in American net ' for the Irilllsportatiell by water of for- - - . - - . ...., . , clgn inane, pane, pests excepteu. I Itasls of Compensation "ut of this fund shall be paid (he dliect nld in the development and main- tennnce of an American merchant ma - i rinc. The comiiensutieil shall be based . . ,. .- . . "" ene-nim 01 one icm ier vacn gross i ten of any vessel, regaidlcss of speed, the merchant marine nnnl leserve. Tlie for each KM) miles traveled. H hen the I remission of it proportion of income "I'ecil Is thirteen knots or ever, but.tnXe Is wholly eempatlbk? when the li.wc flinn fmirleen. tU'rwfenfliR or n eenf , i i . ,.... ... . p ..... . - i "'" ".,."". :; "V'n i" '.i.i. .,.."". I'll rtli II frt 'lr ,MI nil III I li- (IC'tl l , iUl feuiteeti knots, thrre-tfnths of a cent: for fifteen knot-, feur-tenlhs of a cent : '' Mxtcen knots. fi4e.teiiths: for se . ciitccil llltel-. seven-lentil-; ter eigiif. - .-' ', "n knots, tune-tenths: ler nineteen knots, ileven-tenths: for twenty knots, thiilcen-tenths shall he added te the .. . . a . .t. 1 . . ' rote, i-or rweiuj -ini.ee Knets tee ,'lt' owner of any vessel or vessels shall hitxe derived a net operating income in excess of 10 per cent per annum upon ins actual investment; ami thereatter .. 1 ,. iw.x . . I the owner ahull pay 50 per cent of such , encourage the shipping 111 foreign trade ""til the enterprise may earn 1(1 per, f,,,t "" actual lne-tment. whereupon I He illrett aid extended id te ceae and the aineuii! ii. vailed Is te lie returii.sl , f ,lli.-l..n with the (Im eminent of prentiHii e. e,s of that 10 per cent. 1 thf prevision makes Impossible the en-1 1 riehinent of anv special interest at pub- ' '1'' expense, puts an end te the (,evcrn- meut a assumption of all losses, and 1 iccn-i 10 pruau- nm -riiriw me pros- pe-tlve preiits of siicccssiul manase- ment. n YMr' V .. JirrilX0! , . ............. estimute.l m. the largest possibilities of he present Heel. Willi larger rtfim- "I'ven II vve nc.enr Ihe pTtmm i.ns. . , itrei kti ii.irii 1 nus. 111 ii it iriiireninir 1111a viiua ' .. . ...,- .... t, . ,i, .n I' U ,l.'- 111.. im. .IIYIblllVIlL ..... slblUty that we shall expend the mnxl- vshh-h we deal in promoting permanent , mi:tn und no return will ever be inude, service ' which Is te confess our inability te es- ' , , tahlish an American merchant maiine nxiMriment er tently , ""'i1!'' (:tlK,"'lltUI', weul1 '"' vastlx pref- "if I ,w.re t deeply con. erne.l with i trable te the prevent untertunate bit- . upbuilding of en, merchant maiine nutlen, with our dependence en mini -heuld iievertiide-s miii"1v ure cenn eliters for the deliver.! of our prod- Congress te facilitate tlie dlsp.i'al of Mets. Moreover, the cost for (he en- ,i, ...... , ,ie.i ..,. , ,.,,,.,..,, f.i HV"' 'Y7'!"sm'1J '"";, """ .'' Vi.V. I T . . I ., V t. .. m J . - rai. lit a. ii .- n.A. ....... viore I ll:lll liireci .nil .vrmsir) , ..,,., ml,1(tn , n Mic.eMmi Amcil- '.,, ,,,,, ,,,1,,... which mustiu.e ' the siiiTc-i possible lompi-tltien b tlie fleets of tlie mailiime nallnus. rtciuitcs lutieu et miiwu.v tinnsportallen we bemethlng mine than the duct aid te haxn revealed the vital relationship of which I have alluded. The dliect au! ur mil iraiispettatldti te both agri agri agri propesed, even though it ultimately cultuie and commerce. Vx e have been runs te S.'tt),000.tM)0 nniiually, Is in- expending for niativ .ve-irs large sums 1 HUlIleient nliie te eusel the ndvantagcj for deepened channels and better hur hur ef cemiictlug HeetB. There are. mere- bers und improved inlund vvaierwa.xs, ever, werc costs nnd working cendl- ami much of it has found abundant tleiis and the higher costs of rationing, return in enlarged commerce. Hut xxe which no considerable American dentl-ihave Ignored out merchant marine 1 he ment will consent te have lowered tolerld War revealed our weakness, our competing standards. unpreparedness for defense in war. our ' "TI10 men who sail the seas under our ' unreadiness for self-reliance in pence flog muht he permitted te Hand erect in the f-illness of American opportunity. should be os realeu in promoting the one as we are in protecting the ether. re in protecting tne outer. ... ..,.,. Indirect Aid Needtsj "We maj and must aid indirectly us well 11s uireitiy. xve need a favoring siilrit. nu nxx. turned American 111 ide. and .in avowed American drtciminotien ti,..r kI.i.11 become. In the main din canlers of our own commerce, in spite ..f nil . oineetitloii nml nil iln,emirn. ' inents, With direct and indirect old I bring te jeu a ieliilte program. TIiemi who oiipese it ought te In till fairnim te nreiHise tin acceptable alternative. There can be no dispute about the end at which xxe am aiming. "Of the indirect aide there are manv, practically all without draft upon the imblic treasury, and yet all highly helpful in promoting American ship ping. It Is a simple thing seemingly It ought net require the action of Con Cen grena but American officials traveling FEBRtARt -. 1922 There is far- 1 providing for preferential r.a I and or grent national emergency. if is - . "' :.-, " ' , ,iMen.,lnntliin Si 1 Ml Hteamshlp inte- en through sblpmentHlcemmendnlile te i.plmlld ami maliilalii, ""'.",n ,,,, A n infeliniit innrlne com- l3 r en America.. vcMla. American rail- J because It Is the highest ngencj of peace r m ',,,;'," 1 I:K 1 ways must be breughl into ro-epent-' and nmlty. und beari no threat ami In- "''' "1"'t,. vul" our l0""lu-,c"" '". (! $ Hen with American steamship Hiiey. It cites 110 -ispleleu. And yet It Is n su- ' l" .""'J' ...., nnifll wi,rn ,e aidi" li is net in accenl will, either wrnrlty preme, nHvurnnce .h;,t wh b;h we lh. e "s a a e rn -I 4 nr set. tin miHUies tirn milwairt furthering the Interests of foreign ahlnniiiz lines, when the eon- , ' entempintms tim eompiuiie 1 te wnieu i 1 p-nnr i.....? e ,n,,B, - b nnd opera e s can . Hue - - - . ... r .i..,..,,,... 1.. ,i. There is n.easure ess ud antnK. I the l""",'rlnX.!.W l 1 nldinnie,! n T transportation arc co-erdinated net alene In the service, but In the Kellelta- tlen of cargoes which ever attends .... , I expanding commerce. 'We may further extend our long- worth such a favoring oelic.v te Ameri can shins wlieneer the facilities are suited te meet nil requirements. "Other indirect aids will be found in the ie(tilrement thnUimmlgrntlnn "hall join, wherever It Is found te hi; prnc- tleal, In nlding the merchant marine ..r imp tlm- umler which rlt lnnuliln lu tr. 't --. ....r. - -.--.-.. -..--......,, ... ... .,p huirlt. anil in tne estalillstimcnt of amppiiig ( nii'i-j.r'i- mi mreri y,v eminent mneern. Tirmiding that such remissieit is applied te the cost of new ship construction. "feligre's has :iliraii previdfil . fmul in em mir-i",. ,.,iih.Iimi,.iIi.,i Ti lean iiinii te enieur.i,.- (onstiiictien. It might, well be made applicable te sMl S: al ie,iuir.ments , reci.tiilitlenliic 'It Is also wet th our eenaiderntinn eiy effective Indirect aid, n "lib itu for a discriminating dim. which ,.,",, , y J. V' shall inure te the benefit of the Ameri can shipper, will he found in the pio pie pio pesetl deductions en incomes amounting I j10 t.nuage in import trada. "(lur xl(ing ships eh.inld b sold nt prii es prevailing In the world maiket. 1 nm t iiniiiinilful of the hesitancv te sacrifice the values te current pri.-e levels. We cmMrm tcl at (he top k f war whin necessity impelled, when the building lesnurces of warn nations w-crc drawn upon te the limit te meet :i firent eniergeun . If (here hnd come no depression, a letuin te approximate normal cost would have been inevitable i!t the great slump in -hipping 1ms I sent tonnage prices te the ether extreme, t f A-UITO Ill(iriI, hut throughout ' "" -,held ...tir snips ,0 await the rccevciv we simiiii eiilv make mere dlf- fi.,,.lt . r,,.. t "unit v-. liif ..f e te beckoning eptnir the ("itstandliic bnr- llers te general rca.lju'lment is the tendenej te await meie faxeritbli )iice eendltlnns lu the wide-t view (he Natien will ultimately preiU hv seilint; new. We ma end our lesn-s in an en-terpri-e for winch we lire net equipped und which no ether (ievcrnment has '.uteeisfully unilcrtuken. and tlie low I .,.-.... . 1....1. .. , ..!! ..... ....II ...nt.. 1,....,- l i... ............. i.l. ll li .--. Ul l 11.1 .4 , il.l.lt AUtt llll.UJ M..1 initiative and private enterpiise aided te " cetieerxatlxe stteee,s, v herein we .1 . . lliul we slu,nli. XX e Iiave long pre claimed em- mtetest in maniifaeturing. which is thote.ighlx seii.nl. ami helpi.l te umUe us what we are In the co Karly Daxs Itccalled 1 lag te the marls el 'the world. ' (pi" no-- ,.ui... ....i . rie n ' . .1 P ' ne xena xv ar we vxe ' ueiiter nation uiir oeugiuions xxere , ,iel(, j0r6eiy j)V ti. maritime I'ewers. AP" In"" te aiivauiagert 111 1 arrving the) sought our ship- i""r ".'" ', m.r' ." .''' naiiiiiees iu.. re niem. Ihere is a clincrcnl condition new. They are ceinci-ncd with shipments t,( Us. hut net hn inteusted in our sliipnieiits te I them. It is our higli purnese te ion- tiuiid our . xchanges. both bu.vliig and Jli x ILII n I 111 selling, but we shall be surer of our selling. iHKabl.v our feedstuffs, if vvu . .111.. .1 maiuuiiu laeiiiiies ier ineir transper tatien "Contemporaneous with the awaken ing we have (he proposal te tarry our ocean-going facilities te the great 'tin salted seas,' which bhall place the farms of the upper Mississippi Valley en a mar ket. way te the marts of the old world. We should fall te adjust our vision te trie possibilities If we hatted in making fttft Mill I all Ail tif Itt lll Intl In (lilt emidHVluA ...t.t.l. lu ittil Isi fi nn'l.n'u ,1 .. . !.. ... ..1.1 . An. .... l,n..nl. .,....... t .. ww t tinheeiliuc of our need te teiitlnued growth mill nmintaii.ed Influeneu. wrought the greater intimacy among nations, which .nils for understandings and guaranties of jieiic". However we I work It out, whatever our adjustments are te promote li.ternutlei.nl trade, it Is Inevitable Unit the hundred miliums here, outstanding In genius ut.rt un rivaled In industry and iiicnlculablc in their lesnurces, mut be conspicuous in the world's exchange. We cannot hope te ciitiipet! unless we carry, ami our concern and our itillueiuie nre sure te he measured by thai unfailing standard REMOVAL NOTICE HAUCKMFG. CO. MANUFACTURERS OF PORTABLE OIL-BURNING EQUIPMENT TORCHES-FURNACES, ETC. HAS REMOVED TO 1726 SANSOM ST., PHILA., PA. Bell, Spruce 5626 Address All Communications te This Address WINTP.n IMXllil" TOl US BAHAMAS ANY levers of Outdoor Sports are enjeyincr Gelf, m Tennis, Riding, Sailing, Fishing under ideal con- ,: anions at Nassau. from New Yerk. 18 hours from Flerida. FREQUENT DEPARTURES Munson Line: S. Fri.. xvccklv. Ward S. "Munartre," N'exv Yerk each Sat. P.&O.Line: Miami (Fla.) Men.. Wed. Line: New Yerk each Sat. Raymond Raymend Raymond Wlntcemb Teurs: in Feb. and Mar. The Development Nassau, Bahamas BY I ,- ' .A I ' ROYAL MAIL or I ix XTI.ANTir ( 111 N KS044 ATLANTIC CITY. N.J. jDircctlyoRlKeOceaiiFreiit lAiAmnifauP!anllotclefI)i5tHu:ti3tj I CAPACITY OO ., -. -.JB ssasiiisaiMiaiassa'aaisiiaaiiasiis'laii THE BREAKERS Atlantic City, N. J. On Ocean Frent Fireproof Hedurnl ratt-H d urnc erei 1' ,-a!i .n tr.e-ean an i i'-i iis-sn Cans I.OMIIIN. csii "" IIOTKI, ('i:(ll I ll.MKIV 17neinalle.l rsinlpuieut und pcreHt cnislne TOl R mise te PORTO RICO 16-Day trio te and around Pnrtn Rle,s " " - -. Vi - ""a r"ur" te New Yerk. $180 antl VP covers all necessary expenses. Bi. in nnn . . .-.. . t 10,000-ten steamers esnrciallvmiilrriM4 for tropical service. Comfortable state rooms at minimum, rates; suites with private bath. A sallinc every Saturday, Stnd (or iltu'ttafd Uttrmturm PORTO RICO LINE MBtfMdway Na-Yattj kJ s-ruwi Ageat ljT9SaiiiVaKnaBaVsnaTfaVBVH BERMUDA"! ymt ny'ih CONGKR American shlin. Hrlef applause also i vv followed statements unit American rnllwiijs should net further foreign,, shipping Interests mill slieu'd be nlleweill() in mier.ite shins II. ether than coast- i'J wise t raffle. ' 'fe Vtl 'IM... ll..fl.lA..I ,i.nM.t,..t n 1 fill' A Jill' I UTIH. IH ...... .1,1,. (.1 .--. -. ....!. ...1. ...! ,1... ..,i,l.... tiiillii,ii'A Yrttt 'I d , ni.plaiided n.s he shoeU hand ,, prK,Hria eltlcets and ethers n ,10 ,.)iiimher. 11 nuns uuu 111' ' ....' .'.'..- ... , a wv ib t k hrin.H with i'(i r' "Male Tour Jeb (. We Have Just Ct Our 5000th Cm Since 1871 "Make Your Jeb Our Jeb" " Completed intract re FAYbuilder j N22.Se.MOLE ST. 3 davs Beard ROYAL MAIL "The Comfert Reute" 1". i Sa' (Ms week te Ile-n u.la '. han,ab.e neaihsr I he eesn J I ' IK .. OK xvinttu Rinur jfj TOI'IIS " el - . n rBMNHB'it Q1I:: ,aJtu. bfMMM,rel -kssssWl Kajmoed k Whitcanb Ce. 11 133S Walnut At. Philadelphia j2 Flerida E. C. Hettl C. S 248 Hfth Ave., New Y.rk Mnaien S. S Lata liMl 1 Wall St., New Y.rk HI lm Apply te the ( abeie for detailed 'J liiormaf(en. 2 I ;:; Mi Ml m trln ' .i. ini. a-, ,r(iirilr Mntc. Te thene seekln ejxati.iii .he ba.my em.d all of thi, gem of th i (Hi s will appeal, and i' use eeeklr.g- diversion will .' " mil tni.!s bathlnc. fishing, beatlnr under Palatial Transatlantic Liner ARAGUAYA .VdiV.' Every Saturday Vim Vew irk I'l.r 4J, N. rtb It . Tin U .et imJ ni il lukuriuujlj appem j , ea-ner Pe miiua Ne pis.nr.rt required. STEAM PACKET CO. 117 W. Washington St., Chicai Bl .igrnis fmum Sailings Twice Weekly .lrnm N. v. Kierj rl h .. J ran. IJerm,.,'la''K7r, W.'.Vd''. nrl?erV.'::etX';; S. S. "FORT VICTORIA" S. S. "FORT HAMILTON" J w.r-l-ren' 11,000 ten. I.n' fair arrWax FURNESS BERMUDA LINE 34 Whlteln.ll fit.. N, Y. Fumeis Hlller A Ce.. l.lV.. 'll'irie Ud," fills ne in. Tei.ri.t Irjnl .ImI.I. ( This Cruiie Includes Berme.l. Leaving New Yerk, March 4 tax v a Pa.a"il l.rln vr... no 11...-1 S. S. "FORT ST. GEORGE" . 14 000 Tens llliplaceinunt. Ne I'Sf.perle Itenulrm for flrulsa. L, FURNESS BERMUDA LINE Wit if, A Ce.. I.icL, 'itlin. Htjr.i" I'Ulla.. r any Taurlst AgtatV S 3W1TZBKL ANO ,-..-r. v.o..irecf le.fn tlmnda Gevt.) Special Eaater Trip 1- '!"V s- xS,',r"sLl!V r Ist- '!t'""ir." J. 1 . a rrlipnN Y. Apr. IS tatiletit Steamers te Bermuda r.e i.iliitml burning .learner. ,,f ii.i.eii..r i.n.l bairituip dlrc.tly nt ';:l"7n'i U. '.voiding the .1 .ceu. landing X d""y '" WW I ft .. ---- Will-ill Bermuda c fieri all oetdoor iperti. A Dc Luxe Cruise of 25 Days ?-n..if "" A,,y."i .Hnmln en, liiinilap.ipe. Mmtliilenr. St. 1 ll'l . Iblrliedn. nnri T.IMl.l..t l I Pspd for cempllmfmlair rj,ve4 Mk Mi m r -iesarn nr 1 "i .w nfc-M-ai -f I 1 M 1 , - .aaiiiiH M nd lefc j ;j .11 2 5 i-t .'.a a IS a ft 1 VM e la i ia Its 'il I'l IS. . Ml i5 IS l 14 M H A St is a g ii I'S is s s n . a . ' 'a a I s IV II It I l't 5 I SI I S! hJl i I Ml HII i :hi c atf L Ian Mi 5$ 'e iS " l- s, H " l-S i 1.4 ,' ( 3t h JiJ 't'.tf 'Mm . rm (1 i I'M1 Jl wBwmvH - 1 a -4 -"""" """J . r ' .4.- 'i.i-irwai-sAv 7 . . X tf ti$iil y ..t.s.uWxy &MSte8b&Tl&& ,,i!i)ttvXa.-,vv, tf'fi ifvix s''t -v-n-;.-?.i!n.e.3,,. ..ft .,.;,, ,r. a ,Au&-Si! f'...SHKiV aW! ATifm .
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