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New-York tribune. (New York [N.Y.]) 1866-1924, May 03, 1922, Image 19

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JR,^iMi^.t;ii^aaT|
The Power Behind
"Old Bullion"
PftCDERIC VV. Stevsns
VV. Emlen Roosevelt
Robert Walton Goelet
Darwin p. Kinooley
Charles Cheney
William FELLOWES Morgan
AWTHL'R ISf.LlN
Gamaud Comly
HENRY A. CAE8AR
FredericA.Juiui.iard
RlDLEY WATTS
CHAnLCB A. CORLI8S
HekbertK Twitchpll
Percy H. Johnston
Edwin s. Schenck
It is a traditiou of this bank that its directors
are in intimatc contact with its acrivitie*. Thcy
meet at thc bank every week and go thoroughly
into its afrairs
A commercial bank-performing every tunction of a bank
?Secking New Business On Our Record
THE
HEMICAL
NAT* O N A L
BANK
OFNBWYORK
Fouoded 1824
BROADWAY AND CHAMBERS, FACINO CITY HALL
^^^^^^^^?^^^^^^^^^^^.^LlW^^^iW^S
1864
3QE
Safeguarding Your Company's
Securities
Saft
Tkptth
ROEBERS LOOT 7 SAF.ES
AND GET $105,000 AT
84 WILLIAM STREET
ilRobbea Wc* Ali
Nfighl m Office*
Conv
THE present
"crime wave"
imposes a heavy re
sponsibility on all
executives and other
individuals entnisted
with the safekeeping of
securities. Our safe?
keeping service aojves
this p?oblem, By pladng your securities in our care, you are
reheved ofthe danger of loss, and at the same time are provided
with a complete service including the collection of income and
rendering of regular statements.
1922
tMtmier FbdBRAI. RbusRVB STaTOM
Storagt
?f
'Valnables
M
CentfalUnionTrust Gdmpany
P-LAZA OFFK F
Fifth Ave U 6o;h S:.
of New York
0 0 B R 0 A D VV A V, NEW YORK
42ND ST. OFFK E
Madison Are. tc A\2nd St.
Cfipital, Surplus and Undivided Trofits o\er 31 tJxCillion "Dollars
P?S?lieUti!itiesSecnritiea
Rttf itrr*r ' *
Kr?V..\iffKvi '
'/ 4 a. U, " ' !
<o pf J? 7. ~ i: * ] .
*'Ctl' it ?ten 100',
ftfc'8 '"' r' ' ' '
ME*| " "W. '?"?:; :
VJ^m ii R7 Ry l 17 1.
!"*---_-* 's <!o rif ns J
?? _ IJ.. ? do n?
?..'.'?!? rr.. ? ^0 pi
'?<b ic ?_t> TR i- & p ;
J'MBis - ' I - I. :7
2_*??Ml ,.'''*"'
; '
Boods
Mfc'!la"?ons Stocks
_r 4| p . ?* 4*:-;?_. lajc?g
.^Sj" !' -- Dr.;, . ,. .Bld. Aaked.
fe !? ;.,?? i
r** ;- v\*:' '
.?irF m :. ^ ^*'-" Pf s
. I ' ? _r*Typf 88
? - ?
" 11' s H
l
:-.
?Ex
??*.. ... So*w Stock*
? S_? ,'. ? '
' Kt
*_i
'
d
la .
?
-.. ayani
Miseellaneo
Trust and Surety Companii
,Lincoln T
Insurance Ctunpanic-s
>us Markets
Tobacco Stocks
Am Car .. R8 70 ?McA <v F103
do pf.. . J>:; J * do pf. . ''7
A M & F.220 240 P R A T. 5 7
*G "W Hel.148 153 Unvrsl LM25
do pf.,.110 1 .'J V S Tobac 46
J S Young ?t 89 do pf...l08
do pf... 93 98 ! ?Es dividend.
Standard Oil Companies
Bld
Anglo Am. 21
Atl Rfg.. 1075
do pf. . . 114
I Borne Str 360
' Buck T L 97
: Chesbrgh. 198
do pl...109
I Contl Oil..146
i'res P [.. ".1
. Cmli P L. 140
1 Burek P I.102
GSO pfn* '.' 2
do pf oirllii?
do corr. 58
111 P I. ...191
Ind P L . 99
' Int Pct Lt 23
N't! Trana. nr, u
X V Trns. 175
1 Nor P L. 107
Ohio Oil. .316
Ps Mex F ."0
Pr O * Q.620
Ask
21>4
1100
116
375
99
206
112
150
150
104
1118
112
60
179
lift
320
32
620
Bld
Pral P L.SS0
fjolar Rfg 865
Sou P LV.104
So Pa. Oil 216
8 WPPL 6.1
?a o coi ih
*S O lnd..li5*??
B O Kan. 0 65
?SOKy niv Sl
?do w I. 81
S O X.b. .195
?5. O X J..188
do pf. . .115
a o x v. 41;
g O ilhiA 460
do pf. . .116
S*van .<: F. 10
Un Tk Cr'00
do rf. . .104
Vacu Oil..407
Wahg Oil. 21
?Par J."5.
47
111
::7.r.
106
220
65
115
1051
205
190
106
Miscelianeoos Oil Companiea
At! Lobos. 1C'\.
do pf... 40
Br A O Lt 30
Oulf Oi! . 4?C
HumO.fr.Rfi.30
lrr.p O Lt 112
Mag Ppt. .180
11
45
32
E 0 0
240
fMerr O Cp 13
Mldv- Rf-.'OO
Mtn P Cp. 16%
iMutnal 0. 8 14
;?S Ck Pr. 17
papul Rf? 4
WStO.fr L .25
?Par $10
17 ?*
Ste.fi and Ordnnncc Stocks
Ulas Pv M2 125 fHarc P pf ! *
C?\t A . 24 27 Xii's B 1'
du Poi 1..1UU H-i ilo pf... 87
do pf. .. 79 11 Sccv Mfg 310
Bast Stei l 33 31 Thmp Irn. 1B
B )l 8 (t J li Wo?dw . . 30
dostpf.. 60 ? WinCnew }0
Here Pwr.150 155 I
Chemlcal Stocka
U 18 |Ky Solvay 15
Am Cj-n...
<J o p f. . .
Casein Cp
, du Pont ...
| Graielli....
30
12!
115
45
14
130
MulTd Co . 40
IMerrirr.ac . SO
I'Mtrr C pf 77
I ?Bx dl-rtdtnd.
Investment
Information
Qi'rsfion, o/ general .Hter... to in
vettort unllbe answrrrd in thi* col
?m?, tn vhwh rnse only initiale ./-.//
,,,,"i ', ?Jhers wUl ''<? anewertd by
mail. ,l _.._-_,-- o.. inquirie*, incloi
I"j7 o atamped, f.rj,.'rr?.?-,f _B_8.W f0
? i'.'i'.r?,/ Editor, Thr Tribune, ISi
Nastau Street, New York City.
<'i!l K.lre for Trust Fund
~c...7,,,.,I ??.,."?- .?? ? - ? f0r
iggestetl ?: f ?-,'.,' .,..'", :"'"'^"- haie
? . I;,.. r '"''? ?H?. I'"". 15.000 MIs
1949 *,Av.r.' .V,"Vl '"v""' '"funding
i. e knovi what , , - k,lnd """"?>i l" l"t
v ,. ,, w"u >ou Uiink of their aafety?
- selling to yiolcl ahnnt
and r" tCP-nt: ChicaK? Joinl Stock
Land Bank 6s, selling to yield slightly
under
?' Per cent; Liberty bonda or
some high grade municipal issue such
a? State of California 6s, selling to
[yield about 4.3 per ecn!.
Knows Ho is Speculaling
Queation -Having herotoforo found ,u,
adAlce to be benollclal 1 now take the llb
17 " ' ' h ln8 ' '-" again foi soi - further
..''.' : "? '.' v purchased 200
'"' " l.>dl.-.hi , ., R, ? ? ng .. B
; .," . c th" raci -.. ? -,. .,,.'..
' .pp. aa e.
????? 11 lh bett, ' ! -. ou .|
''..'..' '? idnl. n ,
. .V'"."1 ; -.' " :' our, hnae.l
.'.' '. ... ?' ??" 8 pull of a year oi
Answer As you say. Seneca and i?
diahoma are entirely speculative.
beneca has never paid a dividend. It
own, almost 2,000 acres of land in
-vitchigan and also owns the entire
capital stock of tho Gratiot Mining
? ompany and 10,000 shares of the
stock of the Lake Milling, Smelting and
Kehnmg (ompany. Its property is
now under development. an.l the com?
pany may avell benefit if the expected
copper boom materializes. The recent
break in the stock was attributed to
a dispute between prominent operators
interested in the stock and did'not rc
flecl any adverse turn in the com?
pany s affairs. The Indiahoma Com?
pany has in operation hvo complete
refinerics, one in _ast St, Louis, the
other in Okmulgce, Okla, with a com
bined refining capacity of 7,000 barrels
daily. Earnings foll off to such an ox
tent in 1921 that the regular quarteriy
dividend of 15 cents was nnid in scrip
in July and the next one omitted al
together. To date dividends have nol
been resumed. The Consolidated
Cigar Company reported a net deficit
for 1921 of $879,286, but the company
appears to be in a much stronger
financial position than the other two.
List .Shoavs I'rofll
Question As you avere kind enough to
gi\-e nae your opinion on the following
itocks a couple of years ago, when I pur?
chased ft e, i should be pleased to liave
you at presenl offer suggest tons as to the
advlsabllity of selling or swit.-hing any of
(he Investments. A 6 per cent Income is
desired, if compatible with aafety. The
llist: Shares, 10 Chesebrough Manufactur
iug Company preferred; 10 Standard Oil of
Xew Jersey preferred; 10 Cruclble Steel
preferred; 10 Bethlehem Steel S per cont
, preferred; 10 1 nlon Paclflo Railroad com
! mon: 10 American Smeltlng and Refining
preferred; io General Motors debenture 7
i per cent preferred; 10 Republic Iron and
I steel preferred; 10 International Paper
; pre.ferred atamped; io Atchlson, Topeka <<
Sarita Fi> Railway preferred; 10 Southern
Pa.-lfte Railway; 10 Pacific Oil; I'i Amerl
: can Telephr.no and Telegraph; 10 AUie.-j
Chemlcal preferred; 10 Alabama southern
| Rnilway preferred. On the whole, as you
i will note, the list showa lome proflt.?AA'.
; R. 11.
Answer?We see no reason for a
: change in your list oi stocks if, ns we
? as^umo without knowing your finan?
cial condition or what other sccuri
ties a'ou hold. stocks are the class of
= ecuritics best suited for you. The
Republic Iron nnd Steel preferred divi
| dend was omitted a short time ago,
but dividends are cumulative and it
is reasonable to suppose that the do
ferred payment will be made when
conditions in the steel industry have
improved sufTiciently to warrant it.
Not Bost Bonds for Women
Questlon -Will you bc ao kind as to ionk
1 o'.ei thia '.lst of short snd lonjr terni bonda
! and tell mo which ere rr.fe and which are
? not .' Are Republic of France external gold
;7'4b a good investment? Short term: Ar
mour ,.v Co 7 per cent notes, .july 15, 1930;
: Morris J>- Co 7% per cent gold notes, Sep?
tember I. :r,5... Wisconsln Power, Light
nr.fi I-Ieal nllatera , - Cr Icago North
Shora ? Milwaukee Ttailroad secured 7a
Laclede C,as ! :eht Companj (lrat mortgaga
ateral and refundiim Vs due January 1,
,192? Long term government and municl
pal bonds; Republic ,,f h'ranco external
: gold 7V.s ' irporation bonda and notes,
long term Pacific States Lumber </om
? pany first inortgago 8s; MIddle AVeat Utill
[ tlea Company seoured 8s. 1935: American
Public Service Company first lien 6s, 1-42.
?Mrs. D. H. M.
Answer?You do not state how many
United States government bonds and
municipal issues you hold. We feel
I that unless the amount is fairly large
you have a topheavy list. With ona
I or -AVO exrept.ions, these are n.,t the
kind of bonds thal should be held by
a woman unless she is in a position
to keeti in constant touch avith the de?
velopment of these companies. You
have a large number of debentures, and
the security for such bonds and notes
is the earning power of tho issuing
companies, hence the necessity for
%eeping in close touch with earnings.
i We suggest that you considor dispos
I ing of the Wisconsin Power, Light and
l Heat 7s and substituting therefor a
good railroad pond, not neceFsarily a
_ilt edce issue, but, somethinsr like
Certificates of Indebtedness and United
States Treasury Notes
ApproT.
: 10
3.00
." 10
3.2
3.22
V .::
3.37
3.4 5
4 15
4 07
4.08
4.21
4.20
'Acceptable in paym?nt of Federal taxes
! on tho datea of maturlty.
New York City Bonds
Form, Rate, Maturlty. Bld. Ask
Inter 4-^s, 1971.106%
do 4 'As, 1567.1
,'.. 4Vjs, l ??'". . . . . 106%
rl.. 4>.-jS, 19 63.in'-i?4
do 4 '. s, 1967.1 in;'..
do 4 Us, 1966 .102>j
do 4 ',.?. 1964. 102 ,
do ' >, s, 1 962.102'
,: . 4 , b. 1960. . .102'a
do 4 '....-? J960--30 . . .ino'a
do 4s. 1959 . . 93 %
do 4s, 195S
do 4s, 1957.
i Reg 4e. 1855-'66
do 4s. 1936. 9
j Inter 34s, 1954. 89
? Coup 3!?s, 1554. 89
Reg. 3>,as. 1950-'54. SS'i
do S^vs. 1840-'60 lnc... 4.20
do 3'~*)K. 1922-'30 Ino.... 4.25
Reg roup (serlall 4Hs.
!S22-'3i lnc. 4.25 -. -. j
do 4%a, 1922-'31. lnc. 4 25 - -
New York State Bonds
Tssued iri coupon an.l reglstered form.
not interchatigeable. Coupon bonds regis
terabl* .
B d Ask Tield,
Canal a ?. . 1 :?_..- .
1922-1930 * r - ,
do 5s, 1931-1940 . . . .4.1b - -
dO 5s. 1944-1970.4 10- -,
Canal Imp 4 '.,*. 1964.. ..111 113>>i ;* 85
Highway Imp 4% 8, 1963..111 113V4 3.83
Canal Imp 4%?, IU tl 5.106 !*, 105% 3.85
Highway Imp 4 Us. 1986.. 106 Vs 108% 3.86
Bargf Canal Ter 4>,*s, '46.104 106 3.86
Highway Imp 4s. 1967...102V4 104 3.8ft
rai ' Imp 4s, 1967. . I02tt 104 1.10
H . 1960- 62 i" ' ?_ 104 3.,i0
to 4?, 1958.102*4' 1?4 3.1*
Canal uuv ?s, i*>fi.102Va 104 *.*?
Forty Years of Progress
Between 1882 and 1022 there occurred a
remarkable development of the railroad in?
dustry of the country. During this period the
population increased from about 55.000,000 to
ovcr 105,000,000. and the railroad mileage from
1 12,400 io over 253.000. These forty years wit
nessed many great engineering feats, and the
development of most of the improvements of
equipment that make for rapid, agreeable and
safe trave! today.
The railroads have been among the most
aggressive leaders in the great development
of this country. The industrial development
of the East. and the agricultural development
of the South and West, are wholly dependent
upon the network of transportation lines con
necting practically every community of impor
tance.
As a class, Railroad Bonds are secured by
properties having an aggregate value. as found
by the Interstate Commerce Commission in
1920, of over twice the amount of bonds out
standing. This substantial equity over the
bonded indebtedness, the indispensable and
public character of railroads as arteries of
trade and commerce, the relative stability of
earnings and their ability to pay interest on
their bonds and even dividends on their capital
stocks in periods of depression as well as
pcriods of prosperity, are some of the consid
erations which have induccd most of our States
to permit funds in the custody of Savings
Banks and Trustees to be invested in the best
class of Railroad Bonds.
Railroad Bonds have long been one of the
popular forms of investment of Savings Banks.
Insurance Companies. Trust Companies.
Estates and individual investors. Because of
their wide distribution, Railroad Bonds. as a
class. possess a higher degree of marketability
than that of most other forms of investment.
This quality of quick convertibility into cash
makes it desirable for investors to include
Railroad Bonds in any well diversified list
of investments.
Orgamzed in 1882, the history of Harris, Forbes & Company has coincuied
with the period of greatest development of the railroad industry. For many
years we have dealt in Railroad Bonds and we have at all times an extensive
assortment of such securities which we offer with our recommendation
Upon request for Circular C-li we shall be pleased
to send a copy of our May Bond Offerings
Harris, Forbes & Company
Pine Street, Corner William, New York
Harris, Forbes * Compan. Harris, Forbes ft Compan, ?arris Trust and ^ ^
Z7on '!rn,te" Bond Department
Pere Marquette first. Bs. 1956, yielding
about 5.8 per cent, or Great Northern
fiVis, 1952, selling recently to yield
about 5.8 por cent. The American Fub- !
lic Service Corporation 6s are a good
investment and suitable for a person in
your position. The Pacific St.atr-s Lum
ber 8s and Middle West Utilities 8s
?re what we caU investmenta suitable
for a business man.
Influenced by High Yield
Question?I would like your opinlon of
the followlng threo bonds wlllch 1 hava
recently bought with the Intentton of hold
Ing ih?m until maturlty: $i,ono Stnclalr
Consolidated OH Company 7?. 1937; $1,000
Saks &? Co. sinking fund 7s, 1942; jl.OOU
Czecho-Slovakla Republic Rs. Just. placed
on sale. If you think it would be ad
risable to ?e|l any of the above now, what
would you ndvlse to buy in its place? 1
buy with th" Intentlan of holdlng until
rnaturity or until oalled. Ta it true tha!
'any llsted bond Is a good bond it hold
until it. matures?" If you advlse a
change what do you think of New York,
Westchester fi Boston l!4a. 11)46, now sell
Ing nI 49? Wouldn'l that make them
yield 9 per cent? Ate thcy a good buy?
--(.'. \v.
Answer?The theory that any listed
bond is a g?od bond if held until it
matures is non;>ense. We can point out
many bonda once considered first class
that. are. now in default and selling for
from 10 to 20 per cent of their par or
nomina] value. We believe that you
are influenced more by prospects of
high yield than by tho intrinsic value
of the bonds you buy. The three you
have. particularly the Czecho-Slovak
8s. are somewhat speculative, though
there is no reason why an active busi?
ness man should have cause to worry
about the new Sinclair 7s. The Pak?
Vs are just ordinary, in our opinion.
Westchcster 4't.s are not to be con?
sidered as an investment. They are
guaranteed by indorsement by the New
York, Xew Haven & Hartford Railroad,
but since this road's own securities
are. selling at a big discounf, we would
not. Iay much stresa on this guaranty.
In the future w? advisa you to im
proye the quality of your holdings by
adding a few 6 per cent bonds of the
type of New York Telephone 6s, 1941,
and Duquesne Light first 6s, 1949.
1
Four full columns of in?
vestment question* and an?
swer s will be published in
The Tribune every Sunday
and Monday. On other days
one full column will appear.
Palisades T S Pk 4s. I3BI . 102Vi 104 3.80
Brg Can Tr 4s. 1942-'43. . 100V4
Federal and Joint Stock Land Bank
Bonds
Bld. Ask. Yield.
Federa': Farna I.oan 6s.
19C8-1923 .100Vi 101 4.00
Federa! Farm Loan Bs,
1941-1931 .193*?i 104 4 47
Federal Farm Loan 4'js,
1939-1934 . S9'i 1004 4 25
Federal Farm Loan 4: ?.
1938-1923.99'-, 100-rj 4.!.'.
i ? ? ra Farm I.oan 4 '?. s,
1937- 1922. 9? ? 100 \i 4 00
.lo:iu Stork Land Bam.
us. 19:'. 1-1931 .100 1? 1 li 4 S0
Jolnt Stock Land Ban!*:
5 t-js. 1961-1931 .102H 104 ??4 4.90
Joint Btock Land Bank
6s. 1938-193* . 93?4 100 i.0?
Chicago Jolnt 6tock Land
Bank 6s. 1961-1931.101 ?*? 102H 4.80
Chicago Joint Ftock Land
Bank la, 1987-1940. 93\? 100% ?-00
Chicago Joint Stock Land
Bank 1.4a, 1 951-1931. .. 104.V4 196tt 4.96
I
a^tllff??^ff,^^
For the purpose of accommodating
the atizens of the State"
From thn Cbetae- of The F?mer?
Loao and Trust Caarpgmf, lfaa
HE ideal trustee is one who com
bines the soundest legal, financial
and business judgment with
unwavering devotion to the best interests
of the beneficiary.
THE FARMERS' LOAN
AND TRUST COMPANY
16-22 WILLIAM STREET
FIFTH AVE. OEFICE, 475 FIFTH AVE, AT 41K ST.
PreitJent: JAMES H. PERKINS
Vice-Pres.aents: SAMUEL SLOAN ? AUGUSTUS V. HHHLV . WILUAM?. CAftOOBO
CORNBLfUS R, AGNEW ? WILLIAM A. DUNCAN ? HORACE F. HOWLAND ? HBNltY IONO SMITH
^lMl||!ll|llil,ill)illi,ili.imiiiiiiiiiiMWii?in.m
m\\\Amv\\\\\\\\m\wmmm\\mmimmmmmmm
<
Short Term Securities
Security Rate. Due. Bld.
llum '.'o of Am 7k. 1926.102%
do 7s, 193.1 .105-.,
Un Cotton Oil *s, 193*1. . . '.Cj
,i.-i Tel * Tel 6s, 1922 H)0 \
do Ss, i-1-'*.101 A
. hread Us. IU28. . .
..; i Toba. co Js, l 923 '' j ',
.naconda t'op *j*>. 1929...1004
do 7s. 1329.1034
inglo-Am Oil 74s. 1926.1034
Irmnur conv 7?, 1930... 104%
3 *. O R R col 6s. 1924 . 99%
3?ll Tel of Can 7s, 1925.102 4
3ethlehem Steel 7s, 1923.104 4
:anadlan No Ry 5 4* "22.100 4
do 5 4s, 1924.100 4
anadian Far Ry 6s, 1924 111 4
leti Ararentlne Ry Og, '27 9 4*t
;ons Gas N T Ta, Iti:.. . lOl-ft
Ask. Tiel.l.
103 Vj, 6.0fl
i Copper Exp Asso Ss?. 1923
do 8s. 1924.
do ?s. 1925.
Cudahy Packing 7s. 1923.
- Fc'i Susrar Ref 6?, 1!>24 . .
1 loodrlch conv 7?. 1925 . .
' Gulf Oil Corp 6s, 1923.,
d.
19;
10 1
100' .
10.14
103 ".
104 4
1004
102%
105
IOO4
100%
1?1U
954
101H
ti.03
6.22
5 95
6.00
2.90
6.00
5.23
5.10
7.10
4.3!
II .1 llein/. Co 7a, 1930
H 11 irrg Va! U r. 6*, '24
Humbl. < .11 7s 192
1 nterboro K 1' coa Ss. '22,
lu'i C Ter Ry 6e. 1923.
K< nnec-ott Cop 7s, 19110. .
Lac 'l L 1st * Ref 7?, '29,
Procter *. O 7s, 1923
Bears Roebuck 7s. 1322..
do 7a, 1923.
Solvay 9s. 1927 ...
s W H' II T* ! 7s, 1926 .
sr r.11.1 U t) (*?'? f*4s. "-'3.
s I 1 ot N V 7*. 1925-01 .
1021,
102%
114 4
1014
110 ',
100
100 5.
104 4
10 4 %
100
111 4
101 4
llfl'l
99 M
101 4
1001*
1014
104 4
102%
100 4
104
1024
103
105
101%
1004
1004
101
104 4
106
1004
101 4
1 01 4
106 4
IO0
1024
)01
101 u
165%
103
1014
4.90
? 39
8.10
p 45
6.90
i 20
5.30
7.00
4.30
4.06
6.75
6.30
5.60
4 *S
Swift 7?^ J9S6.101% RlC *.??
do Ts. 1931.S*S% 19JU !{?
: Toxhb Co 7b. 1923.101% 101% M S
Utah Sseuritles 6s, 1922.lt* 100% 8J ?
Vacutim Oil ?s, 198*.!?*% 187 *.J?
West Elec con Ts. 1936... 101% 1*?% Iti
?-aa
Western Pacific Net Gaing
March earninga of tho Western P*
cific Railroad Company follow:
1933. Increas .
: March croaa rav. |7I<U39 **-tlS6.6'.;
\D?L aftcr tax. 86.100 lo.OSi
; Net op. def . ia.f)?| 11*,|03
ilhree montha* proaa.. 3.11 M2S ?!?* IS7
1 Dnt. uttir tax. . 8?,!T7 ItTJUa
| >>tj>p. def. l.jo-. Jt4.*72
j ?Deoruafca,

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