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EVENING feBClD lijDGB-PHniAPEEPHIA: , jNEBPAY, PEOfcilBER
1922
zML'piwfiri
. . .1. r ujntLr.a
. ".' Ol i,1
iLAIM iWi,JJ
r.f i"i
m
1 ' t
VON ASKS
I
MORE LEGISLATORS
Cfttzens Committee Wants Five
Senators and Ten nepre nepre
eentatives In State Heuse
WOULD EQUALIZE COUNTIES
" ItrXTSL
K CemmlTtVe en Larger Rcpre.
5!fien for Wilmington in the Oen-
SriwA appointed recently by
fr!lr Harvey will nsk tlie Lcglsla-
L'lTta Increase Wilmington's rcpre
tar te lnc'." , j . n .,.
"?ft nep?esent'atlveB. thus gbins
Kent, u"c "-
ftuntlcs.
Tk. Federal Grand Jury yeatcrday
ine.j itwiirtment nsainst Samuel
? File, former money order clerk In
U, Wilmington postefflce, who Is
,i with embezzlement from the
Jtefflce of ' Gevnment funds amount ameunt
fa te about 530.0UU.
nSSf 0.. Bwcau 'of Municipal Re-
pTtpn, y ... ... .. tomorrow
ISXuts plans for a new city charter
fflttee r f this city. A new charter
'. 1 ' . u... ... mnniiiru wiir killpri
legislature, uuv -
h that bear.
. . .-.vi wliltMneten attemnt-
Lj ettle the case out of court en
PC the trlS of Jennie and Nick
i J fhaied "ith assault and battery.
JOT, cn"b:u .,. t Frank
fcSi!a"",2;
SfaV. i alleged te have been practiced
"eceKle. The defendants were
Kid In $100 bail for a hearing In
Municipal Court.
While Mrs. Alice Handley was being
.moved te the Homeopathic Hospital in
11, oellce ambulance yesterday the
ffiaT Mether a" child "are "doing
jlcelr.
i .a .f hn oTnwtne nnmrir of
teid-ups and robberies in the vicinity of
flanaent and Naaman's. State detect-
...: -i o.nte nletiwnv noliee nre new
Wn Jhe district rlt of
wMcn were ime u.i .."-v. ......
hi oil in the number of crimes re
ported.
Nine thousand "perfect" and SOOO
geed" ettendance buttons hnvc been
lent te public schools of the State, out-
:u. -. UNImlnfrlnn. nH ntvnrda in nil-
ylls who either did net miss a day or
mUSCd nni mnrc iuuu iwu uu(e uiivuu-
uet. The buttons are provided by the
c..rii. ritizpnq te Rtimulate interest
In school attendance.
Controversy ever a penny that failed
te brine forth a drinking cup from a
ilnt mnchlne en the Wilsen Line
e'esmer City of Wilmington terminated
htbe arrest or two ecrees, jenn uay,
ff Philadelphia, and Charles White, of
Chester, when the beat decked at this
city. Day, when searched, was found
te have a .38 caliber levelver under his
trousers' leg with the barrel sticking
under his shoe top. On charges of dis dis
erderly conduct, they were each fined
110 and costs, while en a charge of
carrying a concealed deadly weapon,
Xay was fined $100 and costs or given
the alternative of serving sixty days in
the workheu6e.
HANIHARA WILL BE NAMED
JAPANESE ENVOY IN U. S.
Ambassador Shldchara Retiring Be
cause of Peer Health
Telde. Dec. 13. Masanao Hanlharn.
Vice Minister of Foreign Affairs and
cue of J.'ipim's delegates te the Wash-
lniten Disarmament Conference, will
t appointed shortly Ambabsader te
America, the correspondent learns en
rcel!ent authority.
The well-informed Temlrl states
that Mr. Hanihnra's appointment
bis been annreved by Premier Kate and
H1 be announced in a few days. Am-
Mssader Shidchara is retiring owing
te continued noer health, which for
rema time made his return te Washing-
ion very uncertain.
Meanwhile a growing feeling Is being
expressed by the newspapers that the
Important pest at Washington should
let be permitted te remain vacant any
"naer. If Mr. Hanibara returns te
'be United States he m be greeted
j many friends at Washington, as he
as secretary at the Embassy there for
Bere than ten years and was popular
sjinnj th conference. Frem a source
close te Premier Kate comes virtual
Confirmation of his choice.
i'eicichl TanaUa, chief of the Inform
ation Bureau nt thn Fnrnlrn Afflne
irebably will be Haulhara's successor
here.
GOSSIP OF
THE STREET
Little Benny's
Nete Boek
By Lee Pape
Pnn ,-. l.i . i
." " euiuumiiR ma new raecr
Hati p pe and looking at it every puff
..j i ; " u "a3 siariing ie color yet,
v.. ,'." I'0!1' 's ou Knew
Imi' W' htpla !l fly in the window
"i laying en Us buck and waving its
.- ..-. .. uwtuf, iuiii iur, ijuji l
P Pr,eberly thn last fly of the year
iimf w,,1 the ll'Bh cost of living
Wat. dyingV i sed.
te. . al5;ripiien beunas very much
it, pep sed.
it . 1,Bed- ...And I Keen en looking at
". eajlng, Well pep, de you think it
" alck long?
J?ey statement of mine en that sub
l would be a mcer geps, but if you
Sii'i1 .uu n,n Ixprewien of opinion I
hi. tha.t f.er the lllst 3 or 'I munths
inat part eulnr flv hns bin complaining
rwies in itt. m.Ic, and new I1 like in
i.'.,m' inidUided uttentien te tliu
lop led "f tl1'3 Ulwrf,1,au P'l'1-'"
. Mecnine etinff iihuiif hn fi- a.,,i t
!?JP? 0D w,at(,bin! u n,1(! wondering If
'tier peenln weuM niiipi.t a iin .
0 heaven, and all of n sudden wat did
, -- ,-- e' i u us ubck ana ny
tTn' k Perfcck helth, me yelling, Hay
rD, riav nnn
M. .? 't9 doee Pep sed dropping
meeraham npe, and catching It Jest
M-will sed, Wats you think,
lP. that fly flew away agen.
Oonfewnd it, I allmest break my
1 ..fwH'P'P9 then' Pn ee1i Bn(1
yjsd, Well G, pep, that fly ollraest
did I, pep sed. Ge en out and
" a wawk, he sed, und I sed, Well
ni.PSPi 1 Jest came In, and he sed,
mcttce makes perfcck, go en out
Wlch I di
tklH.0n ANI rROI.ONO I.TTB
B'l1:, But It ! te y tht iuch
3'i!.i5,v1l HiL th iIi.pui ll-ilr
lif SH5"en et 8unay rvtue Liwn.
W&" jacjSiaC1 au u uu,lu
Twe dividend actions te be taken
today are awaited with Intense In
terest both In speculative nnd Invest
ment circles. One Is the United Gas
Improvement and the ether the New
Tork Central. The directors of the
latter company are expected te Increase
the dividend from the present rate of
5 per cent te either 6 or 7 per cent.
The market community yesterday was
net quite se sure of It as they were
several weeks age when the stock was
searing around par. In some quarters
it was felt the dlrectern might find
It mere convenient te postpeno nny
change In the dividend policy until
spring, at which time n clearer outlook
of the transportation would be obtain ebtain
ble. As te the United Gas Improvement,
the matter lies entirely nt the discre
tion of the beard. If the question of
earnings was solely the guiding policy
there is little doubt as te what the
result would be. However, It is gen
erally recognized deliberations en that
score are te a large extent outweighed
ey we iniiuences surrounding the un
certainty of the outcome of the gns
lease controversy.
Lean Pickings for the Bears
"It mny seem unreasonable te say
se, and appear paradoxical en the sur
face, 'but the shorts are getting very
lean pickings out of the current mar
ket. As a matter of fnct, seven out
of ten arc covering nt u less," taid a
broker yesterday.
"I wbb somewhat surprised te find
this when making a casual examination
of our books. On the ether hand, the
long ncceunt was in a strong position
and, while they are hung up, ure net
forced te take losses of theso playing
the opposite side of the ledger. ThU
Is net altogether a new phenomenon ;
en the contrary, Is a condition often
experienced In all the major market
swings. A number or these accounts
had an opportunity te realize fairly
geed profits less than two weeks age,
but the most of them overstayed their
market."
Rising Bend Barometer
Under the caption, "Are Bend Priceis
Going Higher.''' Harrison Smith &
Ce., in a circular letter, present an un
usually Interesting view of the cur
rent investment situation. They say:
"Opinions are expressed from quite
a few directions just new that we nre
likely te see after the turn of the
year somewhat higher prices for bends.
There seems te be quite a geed deal of
justification for this view and there
has already been some recovery from
the recent reaction, particularly in the
highest-grnde issues.
"It Is also well te keep In mind that
If, as has been confidently predicted
by many authorities, the rise In bend
prlefs which started in 1021 was the
commencement of a major swing of the
pendulum, then the pendulum still has
a geed deal further te go. In most
clasbes of securities we nre 6till well
below 1017 prices and very much lower
than the prices of fifteen or twenty
years age, although with such new fac
tors as Income taxes, a return te the
last-named prices Is at be.t pretty un
certain. Furthermore, while the rise
during 1021 wns a very sharp one,
Messrs. Dew, Jenes & Ce.'s figures en
average prices show that during the
last year high -grade railroad bends
have only risen 3.22 per cent, second
grade rails, a. 00 per cent, and the com
bined average rise for railroad, public
utility and indus-trlal bends is 5.07 per
cent.
"All of the foregoing deah with do
mestic issues, and particularly these of
the better grade. The immediate course
of foreign Issues will naturally depend
largely upon political und military de
velopment In Europe, which at the:mo the:me
ment seem te be taking a fnvorable
turn. We are still firm believers in the
security of foreign tesues. Even nt
prices well above their present levels,
they yield se much mere than sound
domestic securities that we feel It maj
net be long before Investors are again
buying tbem In considerable amounts
and nt higher prices.
Great Northern Dividend
Several days age a prominent bank
inc interest, replying te a question con
cerning the Great Northern preferred
dividend, said:
"Personally I feel the 7 per cent
rate will be maintained, but the tape
scema te 8'iy my impression is Incor
rect." Yesterday the tape appeared te
agree with him, and the little machine
under the glass dome seemed te say the
directors at their meeting next Monday
will declare the regular semi-annual
dividend of 3 1-3 per cent, making a
full 7 per cent for the year.
Prier te nine months age Great
Northern declared its dividend quar
terly, but at that time action en the
111 per cent payment was postponed
until June, pending n clearer view et
the fufurc. At the June meeting a
semi-annual dividend of 3'$ was de
clared, being the sura of the quarterly
payments for six months. With the
3V4 te be declared this month, as new
contemplated, the full 7 per cent for
the year will have been declared.
Although this will be in excess of the
year's earnings, Great Northern is
nraply fortified te make this distribu
tion. It Is understood that the manage
ment feels the outlook for 1023 is such
as te warrant dipping into surplus te
maintain Its 7 per cent record' un.
broken.
One of the encouraging phases of the
1023 traffic outlook Is the expected
movement of Iren ere. With the steel
companies operating at high latlea,
Great Northern nlll receive heavy traf
tic between the ere beds and the head
of the lakes, much heavier than it had
thia year.
Anaconda. Chile Deal
While there have apparently been no
new developments In the Anaconda -Chile
deal, these in a Dositien te k,in.
continue certain thn nurchnsn nf .1,..
'latter by the former will be completed.
Thcre has beeu a prevailing belief the
! two companies nre te be consolidated.
This H erroneous. Frem geed author
ity this Is what Is happening, 'i'h
Anaconda ia te cxerclee an ojitieu which
it has for the purrhuse of the Chile
fteck held by the Guggenheim family,
und this, coupled with shares Necurni
elsewhere, will give the Anaconda con-
I tiel.
) Statements of low costs by the Chile
I hnve net been exaggerated, un was
tlmwn bv the company's renert fnr ii,,
quarter ended Septembcr 30. A batance
in excess of SS0O.00O, ns reported nftcr
expenses, compared with a deficit of
mere than $100,000 In the preceding
three months. More interest was shown
iu the production costs, which were
down te (1.35 cents In the third quarter,
and the report stated October showed a
cost of only O.05 cents.
THE TRADER,
PEACE E88AYS WIN PRIZE8
Coiwhehorlien. Dec. 13. A first and
second prize of $5 ami 2.50 were
awarded yeiterday te Helen Klein, and
Themas Baser, respectively, students
In the Oonshekockcn High Scheel, fur
the best essays en "Peace" In n con
test arranged by the Consheckocken
Women's Club, Twenty -five pupils
submitted eetajs. Alice Williams nnd
Vera Kilmer received bonerablo men-tfe.
LPlfi SPralk
Bv ' CMtulB if 3j ju -lliBflll
"litre then en tttc belldlnt"
Broadway and Fifth Atebm
At Madlten Square
New Yerk
THE
FIFTH AVENUE
BUILDING
The best-known office
building in America. Sit
uated at the intersection
of two world-famous
6treets, it Is an easily re
membered location. Be
sides this advantage, oc
cupants enjoy conven
iences, comfort and serv
ice net usually; found in a
business building.
LOUIS T. KLAUDER 1
CONSULTING ENGINEER I
PENNSYLVANIA BUILDING. PHILADELPHIA f
POWER & INDUSTRIAL PLANTS I
DE8IQN AESBll1- I
CONSTRUCTION HEP0HT fD
Successful
Speculation
Strange as it may seem your success in die market depends
mere upon when than upon what you buy.
The great basic law of Action-Reaction geverni both speculative and In
vestment markets mostly as tt governs our mechanical and scientific worlds.
Changes within the concern Itself cause Its securities te fluctuate within
range of the 10 points. These "ripples" cannot be forecast in any way)
Artificial market manipulations are responsible for miner movements
lasting for a few days or a tew week. These "wanes" are unnatural, artlfi.
dal, and are effective only as long as the pressure is kept up. They cannot
be forecast in any way.
Changes In the Fundamental Condition! underlying the business world,
meanwhile, came the whole market te travel iu regular cycle showing an
average rise and fall a fluctuation of around 50 points. These the
"tides" travel with almost clock like regularity. They can be forecast with
temarkable accuracy. 3 &u u e(
The Leng-Swing Method " 3?"10S p?,1 FZt
90 4. Held fund liquid during the
The common sense method is oewn swing.
vident. Instead of gambling en the
ripples instead betting against the
"insiders" Instead of trying te run
cress current or counter te funda
mental conditions, take advantage
of them.
1. Buy at the bottom when funda
mental conditions have forced secur
ities far below their true worth.
2. Held through the rising marker
In spite of miner movements, rumor,
and gossip.
RESULT Yeu enter half amtn te
twice the usual return without the
risk, worry or less involved in ordi
nary speculation.
The Opportunity New
Certain stocks are at or near the
bottom of the cycle and should be
purchased at once. Others are rapidly
approaching a buying point.
If you are a buyer of stocks and
miss this opportunity you may have
te wait three te five yean for another
as favorable.
Send for Booklet Today
A request en your letterhead will bring samples of recent Bulle
tins and booklet Getting the Most from Your Meney" gratis.
Tear out the MEMO new and hand It te your secretary when
you dictate the morning's maiL
Fer Your Secretary fl
, Write Babson's Statistical Organ- 9
I l.ntlnn W1!p1 Hill, ft? H. 3
f as follews: Please send me copy
1 of Bulletin 3Mv and book- g
ict uciunr m ki n.ui.-. ' . e
the Me from I aj AkAm III a
Veur Meney sr - -1
IMcrefy eAtk for VoekUt Tf 4MN
ES& Tt&X sd iTKWIhV!
REPORTS
Babson Statistical Organisatien
LorratOrtanttatifneIaChanictfrlnAttrorU S gratis
a J
THE
INDUSTRIAL TRUST, TITLE
AND SAVINGS COMPANY
1944-52 N. Frent Street
Philadelphia
A
Interest
Paid en
Savings Fund
Accounts
Effective
January 1, 1923.
$12,000,000
The M. A. Hanna Company
7 Cumulative First Preferred Stock
Preferred as te both Assvts and Dividends. Redeemable n whole or In part at 110 and accrued dividend. Dividends payable quarterly
DMrnber March, June and September 20. Par value of shares $100. Total authorized $20,000,000. Free of the present United States
VtttMptttOiiterBMatictptltaitritanee Tax. The Chase National Bank or New Yerk; TheGuardlan
Savin's & Trust Company, Cleveland, Registrars. Central Union Trust Company of New Yerk; The Union Trust Company, Cleveland,
Transfer Agents.
Application will be rnada In due course te list en the New Yerk Stock Exchange
An annual sinking fund of 3 per annum of the total amount issued provides for
purchase up te the redemption price or, if net se obtainable, for call at that price
The following information is summarized by Mr, H. M. Hanna, Jr., President of the Company, from
Tiis letter:
The M. A. Hanna Company, an Ohie corporation, is taking ever the assets and business of the firm of
M. A. Hanna & Company and affiliated interests in iron ere mines, bituminous and anthracite coal mines, lake
vessels and blast furnace plants.
The original partnership was formed In 1867, and since that time has managed and acted as sales agent fet
a large number of operating companies, many of which are controlled by stock ownership.
Since 1885 the average return has been mere than 22 per annum upon the average annual capital and
surplus invested In the partnership of M. A. Hanna 81 Company and in the companies new wholly owned for the
period while se owned. During the latter part of this period, with steadily increasing capital and surplus investment,
the average annual return for 10 years te December 3 1,1 921, was nearly 15, and for 15 years te that date ever 17.
Fer the 5 years ended December 31, 1921, the net income after interest, depreciation and depletion reserves
of the interests new consolidated in The M. A. Hanna Company, as audited by Messrs. Ernst fis Ernst, averaged
$2,407,788. In addition, the proportionate amount of undistributed earnings of companies partly owned applicable
te dividends en shares owned, averaged $786,881. These figures are after deduction of Federal Taxes at the present
rate of 12H a.' tnc taxes actually paid were te a large extent a charge against the individual members of the
partnership of M. A. Hanna 8s Company.
The balance sheet as of June 30, 1922, prepared by Messrs. Ernst & Ernst and adjusted te give effect te the
consolidation and capitalization of The M. A. Hanna Company, shows net assets, after deducting all liabilities,
of $30,127,027, or $251 per share of First Preferred Stock.
In many cases the values shown in the balance sheet represent properties acquired many years age at costs far
below present worth, and excluding the investment in The Hanna Furnace Company, the investments in the
companies wholly and partially owned are (with a few exceptions due te the method of acquisition or payment
therefer) based either en the actual cash cost of the properties or en property valuations as of March 1. 1913. fixed
by the Federal Government for purposes of taxation, all after adequate prevision for depreciation and depletion
The investment in The Hanna Furnace Company is based en depreciated replacement values as of January I 1916.
as determined by independent engineers.
The members of the firm of M. A Hanna 8b Company will continue in the active management of the pro
perties and business consolidated in the new company
We otter the obere First Preferred Stock (or delireryen or about December 20. 1922 when, as end if issued and received ey ue.
tubject te approval of legal matters by our counsel
Price $102 per share and accrued Dividend from December 20, 1922. Te Yield 6.85
Furthet information is contained in 0 circulat which may be had en request
Dillen, Read & Ce.
The Union Trust Company, Cleveland
Brown Brethers & Ce, Cassatt & Ce.
Edward B. Smith & Ce.
The Infenn.tloe eenttlned In this idvertiitment hit been ebtilned from icureei which we consider relltble While net curnteed. It It iceeeltd bv i erurt.
Comparison of
Recent Prices
of New Yerk Curb Ex
change securities with
these of last year re
veals some interesting
situations.
The most recent tabu
lation of facts and figures
available is our
Trice Range"
a convenient booklet re
vised every month.
Aikfirfimefy
Tenes &. Baker
Members New yerk Curb Exchange
DtrtCt Prl.t.Wlr.
HrvTwk Ckkaie BeM.r rklte4bli
fliutwgt Dttrell Btlltmer. ClfIt4
PHILADELPHIA OFFICE
WldenerBuildlag
T,g LecMt4T90
xwmmmm Kennw Rae. SMI
BALTIMORE OFFICE
Emcrtoe Hetel
Tritphoea . FtmcMSt '
In Continuous Business
Master or Slave
Trna old pbetxbb sajs that money is cither nun's
master or his slave. It ia his master when it fills
his hours with care and funshihes eometant anxiety for
its safety.
But money b man's slave when it gives him protec
tion against a future rainy day, and when it is con
stantly earning and increaring his income, without
causing him worry.
This is what we de for the investor. We rtiWaat hia
from the trouble and danger resulting from unsafe
investment of his funds. We show him hew te f W
his money work for hisa, at the sane tins tainjikef
him secure from leaa.
Send for a free copy of ear new beafckt, "The Art
f Who Investing, telling yen all about ear work.
Moodys Investors Service
35 Naeeau Street, New Yerk City
BOSTON
Ml MOk Bb
mOADBLMOA
iTrartBU
CHICAGO
Br NtiiM! Buk Via
LOSANOELSB
' 80pzU "I
MCryER Cr cot J
BANinmB & Brekbw
Ml CtlMtHll NtTWwt
S12.UUU Life Insurance at
Age 35 for $10.08 Per Menth
1 m uia-us. ueapur
out DiU et Birth and tan
Wht 110 t Menth Will Da ?er?J5
PEARL & SUDLOW AGENCY
a. r A3MT ...A
iiui rm.nuii .... j
"Btp.nd.bU IntartBix Blnix ltW
. PH1LA.
nyb
girrfinntmfiiirinrinnncitinnimnrmi
I MAIN and COMPANY
t Cerrlffed PubUcAccoantenta
flNANCI BUILOINO PWILADUPHIA
JUbUUUUUUblibUbliimaiiiUbUUUbUliUCl
Unlisted Bends
Fabian F. Levy
Drexel Building
Btl Umh. 7M Kwtent tfiin OTj
A Philadelphia Headquarters
for Miller Bends
ROLAND F. SCHMITZ
Manager
e
E. K. PLETCHER
Field Manager
for New Jeraey
N. P. GARDNER
Field Manager
for Pennaylvania
N. R. COMPTON
In charge of
Delaware and the
Eastern Shere of
Maryland and
Virginia v
H. S. TERRY
Manager
Investment
Department
H. H. BAKER
Auditor
w
E have opened our Philadelphia
office in the Stock Exchange
Building, thereby establishing in
this city a local headquarters for Miller
Bends, in addition te our offices in New
Yerk, St. Leuis, Atlanta, Memphis,
Knoxville and ether cities.
Investors in this city and community
who demand safety with the most
liberal yield obtainable are cordially
Invited te subject Miller First Mortgage
Real Estate Bends te a thorough
inquiry.
Every iBsue is secured by a closed first
mortgage en a piece of income-producing
property, such as an apartment building, hotel,
warehouse, or office structure. All the
standardized and proven safeguards, such as
payment of a portion of the bends each year
by mnans of monthly payments made by the
borrower out of earnings, protect the securi
ties offered by this house.
Miller Bends arc owned by Investors !n every
State and In mere than twenty foreign countries.
Their safety record Is unbroken. The interest rate
they offer ranges as high as 7, depending upon
the section of the country In which the structure
securing the issue 1b located.
Any of the members of our Philadelphia staff
will be glad te discuss these securities in detail with
you. Call at our office, or telephone or write for our
booklet, "Creating Geed Investments," which ex
P1'" the method by which these liberal-yield
securities are created and eafeguarded.
GjLJVI ILLERfS
""H INCORPORATED " mmgjP
505 STOCK EXCHANGE BUILDING, PHILA.
Telephone t Sprue 0256
NEW YORK. ST. LOUIS, ATLANTA, AND OTHER PRINCIPAL CITIES
HORACE P. GRIFFITH & CO.
Certified Public Accountants
FINANCE Itril.DINO, Philadelphia
Hernce P. Griffith C. P. A.
WlllUrd H. Qlnaer, O, 1'. A.
Wm. Lwl McOf. C. P. A.
Guarantee Trust and
Safe Deposit Ce.
816-18-20 Chestnut Street
2ilSSiSmLmijmmmmJm
H! MA,ib
Beginning January 1st, 1923,
Interest at the rata of
4
per annum will be paid en
Savings Accounts
THE MERION TITLE
& TRUST COMPANY
OF ARDMORE
GEO. A. HUHN & SONS
KSm cViW Pl'fth?n7..V0'k
STOCKS & HOXbs
teniht anil mM f r cmli rr carrlcl
mi -nrneTtlTe margin
D.llevu Court BldR Mis Walnut Ht
" 111 wra Itfif
.Standard (.an A Elec 6s, l!)26
Umpire Gas & Fuel Cs, 1926
Santa Catharina 8s, 1947
LvhiKh Power .Securities 6b, 1927
(Iciv -a I (;;is l'K- lis. 1929
BAUER, STARR & CO.
I mi"! Tltle Bii Idlnr rhlladelnhU
r, r,".vv,. en. "t s H.oter rUrit
Frederick Peirce
& Ce.
BONUS
rea
INVKut
IK.NT
1ST Beeth WftwnUi Street. Philadelphia
Steckweli
Wilsen &
UnviU iiTiihiitrajg.
CERTIFIED PUBLIC
ACCOUNTANTS
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