davidaulloa/AmericanStories huggingface dataset:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
LIKE SUPERIOR
UNDER PRESSURE
Noms Of \ew Canadian Steel
Combination Partly Respon-
Tble for Fresh Liquidation

All rincl movements aud develop
ncnrs in III" local market were com
plrtelv ovprShadOwed by the renewed
heavy liquidation in Lake superior Cor
! Grafton From the outset the stock wa
hard pressed. suggesting urgent selling
If ~nocularivp marginal accounts i'm
.naircd Nv tn" recent draStlce slump IN
the Iurprr market. \ great deal OF
selling apparpntly was also provoked by
the announcement of the new Canadian
steel combination which. il was feared.
WOULD seriously cut into the business OF
rho >tcol plate Of the Lake superior or
Doration The stock for considerable
parr Of ,hp time was absolutely without
support. which resulted in further de-
&, line TO l47s a new low for the move
mpnt and the lowest since 1918. Around
midday supporting orders were sent in
A birh STAYED the downward movement
and raised the quotation fractonaIiE
above the lowest.
The weakness Of LAX" Superior was
rithnut effect unon thr general list.
" Nhihr. A. whole. stood up remark
abIy we'll in face Of the surrounding
nn>crtling influences. The market.
nowover. was again extremely narrow.
a, Indicated in several wide declines
r,ade on relatively small offerings ot
stock. !. &. Brill, for instance. ran
of 81 to 46. ON smalI odd lot. On a
.,ale Of 100 shares Philadelphit Co. was
on nearly ~ from the previous sale at
3il.
Compararivcly small transactions dg
pressed Electric Storag" Battery rs
points 10 llHig. On tn" other hand
United Gas Improvement. Philadelphia
Electric and Philadelphia Rapid Tran
sif were steady 10 firm. g. ]. ad
ysncnd 30 cents above Fridays tina
sale to ~. PENNSYLVANIA Railroad wa
again sold in small lots shading undei
81 10 %97s. American stores aud tnloL
TrnrtiOu Wpr" unchanged.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
MARKET PENDULUM.
AGAIN DOWNWARD.
Prices Sink to Lower Levels as
, Selling Pressure Against
the List Increased

<o,, >orL uoro r.u., e,,,. -
,',,i "n, H, inu' VI .nt nun ,uu
witb .;nIina' r,ar.", @ 10, !TL.ru .TLu.a
,yas notbiny rartIc,IarIy J;s,urh;rc
a,ho, ,La P"t.;o' ,t;oL Wau u,s,u.o.us, l.,, &
"iar .'Iu ,nnL VII a." 49, wa
%.r;,ia in,,'I'ts, % ,a ~. wv
nJno"So in,,or,lm ,,as .ho , 90
hn,,L s,at"p,ar, S, .rh;y ;nSigp'ni pVnu''"e
',o,,,ir,,a,i,,, g 49,. ,i,'tt 49,.
~ Co., .,,i. ,,o,La, r',,',,,.,',I. 'a' ,''
~ 10, ,o,,'I s. -, q" .ii,,'
-, ,r,, s,,.;nan,,, 80, ,,n,t.o,
.,ii,i,,,' ,,.a,.o,. 80 aI"naI,.
i...I..'. ","'. ,Ls' - III, "S!
EoII hng" ,,.;.io "nu ,nr ,h, f,.,h"r o'
'D.m ,,,.a,I " ,hm bonrish ,,arLn, son';
, nra,"" W NV ''"'" nv
"'
hroughonl the ga! ine matASt sus
tanned series of SINKING, sPehS ana
each succeeding one carried the a'tlNe
stocks 10 Stili lower irNeiS' AS III most
Of the preceding Sessions tue Weaher
period was around miadaN' lraulng
became dun as prices NieIde9, lnSlca
ing completion, Tor th' tltne oelhE'
at least. OF the more urgent uqulua
tion ot over extended Spr'mlatVe a'-
counts. While tins >upernrlalE re
hcrtrd selling movement had spent ts
force. tho market a Wn"M >hoWSo
feeble raiying power and an"ut ths
only sustaining influence vas derived
from tho dc>ultory covering OF lh' SHUT
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
lack OF SUPPORT
IN CURB MARKET
Stocks Break Abruptly Under
Moderate Offerings.
Oils Firmer

New York, May 3.--Some OF the
stocks traded in on the Broad street
curb this morning reflected democrat
lied trading position, breaking abruptly
under moderate offerings and hnding
little support, even when disastrous de-
clines occurred
General Asphalt attracted most at
tention, yielding from 73 to 6S. There
was pressure against the Carib issues.
which may have been due to fears that
cnange in the Mexican Government
may interfere with the rights OF that
company in Columbia.
The packing stocks were also heavy.
although the downward movements in
those issues were more moderate than
in the other weak features.
The petroleum stocks acted in n
firmer manner than the industrials,
some Of these issues being in good de-
mand. with brisk demand for Domin-
ion Oil.
Houston Oil ranged from 30 to 81.
White Oil was steady with sales at 20
to %. Oklahoma and Texas Petro-
leum, one of the lowest priced issues,
was in good demand
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
East Buffalo. y. y. May

East Bufalo. \. =, May 3 -CATTLE-
Is: iSe yeariings. sI2 30 a i5' SsifeTs ssblc 50;
COWS, 4gi0h0; bulls. sIqlO; stocksrs and
none offered. Calves receipts, 300 head.
HOG IHHoGSGs%Receipts. 1900 head. Active. firm.
Heavy, Sl5dih75. mixed, 3ie l0ql8, %:
yorkers, sl8. - a IL SO; light workers., Sl8Q
SHEEP AND lambs Receipts, 5000
head strong clipped lambs Ss@20
earrings, fl2Ql7; ,wethers. ti4ql4, 80;
ewes. $0ql3 80: miNed sheep, Sl3,SOG1i.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
MoNeY.LENoING RATES

sew YORK Money on call oo'
asses of collateral, opened TO-DAY a.
yrr cent for lending and renewing
If anything the time money ihaLh". int,.
today was duler than ever MotieH
could be loaned at per cent on mus
trials and 81 per cent on good mixed
II available 49,. ,,,iri,,r,
I-ading bankers expressed the opihlo!
rrar Indications pointed to continues
eru,ness in money until the greal mass
Of material now held up through a., GT
laved transportation and lack OF iaclH-
ries can be moved and delivered
4 feature Of today's market ~ hIsneI
ratas for prime mercantile paper fot
sevrral months, the minimum discouh L
HpIirq has been per cent, WIN little OF
M inquiry from local hnanclal lhsIIIu-
ions II Is now stated that no apPre-
,iahle amount Of paper can be moved az
per cent and IA q ia per cent -
4'T9 IN nrIme bank acceptances, good
inoriirT is reported at per cent, Idi'
InanE on choice acceptances are uh
changed at 81. per cent
PHIIADELPHIA--t. per CEN
lime per cent; commercial paper
three to six months, per cent
LoNDON-Money is quoted at -
peI cent Discount rates, short bills.
S5s per cent three months Ses
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03

LOSDON-Money is quoted at ~
81 per cent; three months SIS.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
Lehiah Valleys Small Net

A decrease OF Sl,6l6,62l,29 IN The mel
income is shown In the annual report CT
the Lehigh Valley Railroad Co. made
public yesterday. The 1919 net income
was $4,s77,2l2. compared with $6.592,-
sS4 in 1918. yielding approximately SAL
per share, compared with S6.4f, in
Guiding federal standard return, The
federal compensation In 1919 was SlE-
3l6,l95, a slight decrease from the
year before, when the compensation was
Sll,321,233.
we're ssSi5iS,SoS while the operstISg @ IS
expenses amounted TO S60,08s.665, Ieav-
ing a net revenue from railway opera
tions OF sb.b43,ss6. The company ex-
pended during the year for additions
and betternents OF road ana equipment
a total OF tf,ee4.647
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
PittsburKh, Nav

Pittsburgh, May 3--CATTLE-Receipts
Zoo TsS HsSs ss5s d'E5~i5 Gast Ms
receipts 1900 head STEADY Top. $3.50
HoGS-ReCelpts, 46OO head STEADY.
Heayies sl6a i6E0: heavy workers. and IGht
yorkers Si7Gi7.26: pigs, $i6dl6,5O.
SHEEP AND I.AMBS-ReCeipts. 1000
head. Steady Top sheep, $3.50; top
ambs SIS.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
Commodity Markets
COTTON MARKET

New York. May 3.-Private reports
of heavy rains in Georgia. Alabama aud
tho Carolinas started fresh buying
movement in cotton this morning which
advanced prices as much as 90 points
AT the start on some of the new crop
positions, increasing the rise later on
continued good support from Wall
street. the South and wire houses.
Later there was withdrawal Of
buying, attended by recessions of about
% points from the top, due, in part
TO casiness in securities,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03

william q. Ehni has become asso.
cIated with the contract department OF
the Phiis deIphia ONCE Of Ernst q Ernst
Ernst.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03

BITTER, EGGS ANo CHEESE

New York, May 8 -BUTTER-EUs EUsettied
Rers4T,,s 5I6I tubs treamery, higher tha .
rxtras. 6a'q HGIc: rresmery. eHtEds I82'
~ nreI ~ a n a. creamery hrsts iss 10 81
-,oreJ 5Vis n O2c. packing stock. current
make, NJ - 81 u ~
EGGS IrrsguIar Receipts, y 32S ass
arss 4Sq47igc Frssh-gathersd, extra
Nrsts 46[a Gl47ig trsts. i3u iBG state,
psnTs, anna and nearby western hennery
whites frsts to extras. asa 58c; state. Penn
srisanIa and uearDy hsnnery. browns. extras.
lgu zoo. do gathered browns and mixed
..n.,rs rrsts 20 eN'ras, asa ISc,
"HEEsE-FiTn. Receipts lS.l p"hrs ,"Sr,.
and coIorrd. 3Oig SIC. do. average run, ~
q 8Oc. state Nhole-miik, current make sps'
tails white and cOlOTed, @I'g u 2Se. DO d 'eT
age run 2Tg27zc
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
Todsy's Range In Liberty Bonds
DIVIDENDS DECLARED

Continental Paper Bag Co, quarterly OF
u per cent on common and ~ per cent on
MAY 9. '''''N
Colorado Fuel and Iron Co, Quarterly of
both payable May 20 to stock OF record
y a. white Manassmsnt co,nor.,,.,
quarterly Of sI7S on preferred. payabp.
June l 10 stock sf record May IS -,'
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03

LIVESTOCK QUOTATIONS

Chicago May 3-HOGS--Estlmated re-
ce pts, 15, 900 head leftover. 446l head. FIRST
sales on light and itFhf "a butchers mostiS
cost Saturday, Sl4,40,
CATTIE-Estimate ated receipts. II 900 mead
SHEEP-Estimated receipts. $4,000 head.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
FOREIGN EXCHANGE

Sew York. Ma 3 -.Nomlnal 4uo.S
mango market this morning showed
European exchanges generally stronger
Quotations were ,r,
Demand sterling 83S, up J GeHI Ge *
sterling cables 3.s4 y franc Ga9Ies hcI's 1oITS
S9eTHe @9i7: Belgian aS'gi 'abIss 1850, checks,
1861 swiss cables 5.6l, checks S,oS
guiider cables SO T.. checks 36%s pesetas
cables -, checks l6 s3 StocKholini "a "a
hIrs 9I3O. checks 2l.l5; ChrlstiaLla
cables 1880. checks 1915; CoPenhaseh
cables 1906, checks 1920 marks t,'''
SATURDAYS FINAL QUOTATIONS
sterling Francs Lire HulIti7
Demand . 3h2't ~ y Xxx 3SI,
. bies 3.N3 ]" ~ ,,->..,
TODAy5s OPENING QUOTATIONS.
Usf%sso Us6Iss ... .' asa, 1875 22.to 3'r
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03

July opened at S0isr to SOC. against
3. at the close Saturday. and advanced
70 0O6sc. September started at ilC
higher. at 76c. and moved up to 7GTsc.
Receipts of wheat here today We're 3
cars, against 3 cars last year; at Min
beapolis 301 cars. against lao cdrs AT
Duluth 80 cars, against nOue, and al
Winnipeg 228 cars, against 3l7 cars.
Leading futures ranged ss follows:
Chicago timc)
Open High Low Close sat
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-03
BANK ClEARINGS

Bank clearings today compared with cor
responding day last two years
1920 1919 1918
PhiIa ISL ,37G, S04 SIS. 48s, 405 S64. So 20
baltimore ID, 227, Gao l2T37, s64 ......,.
=, Y. 685 035, 39S 4b2 573, O67 4a7 Az O9s
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-27
STOCKS STRONG
NDULL MARKET
Street About Evenly Divided as
to Immediate Future Price
Movement
SHORTS ARE NERVOUS

New York, Jan. 27.-The New York
Evening Suns closing financial review
today says:
The stock market was strong today.
but trading continued so restricted that
it was difficult to draw definite de-
ductions from current price movements
as to the probable course in the near
future. The street appeared to be about
evenly divided between bullish and bear
ish opinion; the one citing the tech
nical position within the market, that is
to say, the large short interest and the
limited offerings made in response to
bids of a more or less urgency, and the
other pointing resignedly to the dubious
outlook for money.
A good deal may be said for both.
enough indeed to suggest to an impartial
observer of market conditions that the
seal may be about evenly divided for
considerable time to come.
However, this may be the shorts at
the moment have none too much conf
dence in the security of their position
and this feeling was not materially
allayed by obstacles encountered when
it came to covering.
The situation ir Washington seems
bad from every angle whether it con.
Germs the peace treaty or the railroad
matter, although the latter has appear
ed a bit brighter than last week, but it
works both ways so far as influence
marketwise is concerned.
The bears have gone a long way in
disCounting the worst that may be fore
seen while the bulls have apparently
been disturbed only TO the point of hesi
tating to increase their commitments
until the atmosphere shall have cleared.
Hence the demand from shorts suffering
from nerves very nearly balances offer
ings from longs who have listened to the
advice to take their profits, if they have
any, and await whatever opportunity
there may be to get stocks back at lower
prices. Today's demand exceeded sup
ply from the beginning.
The steels were somewhat backward
by comparison with the remainder of
the industrial list because of the United
States Steel quarterly report. which was
issued at the close of the market. The
report was expected to disclose indif
ferent earnings because of the strike.
Crucible was the only feature in that
group which displayed bullish initiative.
Baldwin Locomotive did well also.
The oils and motors were we'll bought
and the list was generously sprinkled
with strong speciality and individual is
sues such as Virginia Carolina Chemi-
cal, Retail Cigar Stores, Stromberg
Curbereter, American Linseed. Ameri-
can Woolen. New York Airbrake, Con
tental Can, Worthington Pump and so
on.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-27
CURB STOCK USED
TO HELP STERLING
Proceeds of British American
Tobacco Sales Go to Purchase
English Remittances
ISSUE FINDS GOOD MARKET

New York, Jan. 27.-An important
feature in the trading on the Broad
Street Curb today was the development
in British American Tobacco. which
has been used for over week past as
a means of steadying the sterling ex-
change.
Sales of that stock reached more than
10000 shares in the first few days, the
proceeds all being used to buy demand
sterling, similar to the use made of the
proceeds of sales of Canadian Pacific
on the exchange.
That this stock found a good market
and in spite of this supply was regarded
as significant of a strong and broad
underlying demand.
General Asphalt moved up from
11S1a to 100. Simms Petroleum was in
good demand, advancing to 55A.
New York Shipbuilding was another
strong feature, advancing from II to
~: Submarine Boat was traded in at
l55s to 16. Carib Syndicate sold at 45
to 46. Montgomery Ward yielded from
3S12 to 81. Marconi sold at 53i to 55s.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-27
EXCHANGE MAKES TICKET
William o. Grange Heads officers
Voted for on March

The committee on election of the
Philadelphia Stock Exchange advises
the following nominations for officers
and members of the governing commit
tee to be voted for at the annual cleo
ton of the Stock Exchange. to be held
on Monday. March /.
For president. William d. Grange
for secretary and treasurer. Horace H.
Lee; for chairman, Samuel T. David
son; for vice chairman, Henry +.
Ancker, james T. Lazarus.
For membership OF governing COM
mittee Frank II. Bachman. Charles
II. Bean, Frederick T. Chandler. Jr.,
bride, NJ. T. Middleton. Jr., Cushfnan
Ristine, John W. Sparks, Albert +.
Turner.
William D, Grange, who is nomi-
mated to succeed Charles II. Bean as
president, has served in this Office be-
fore, including the fours years 1914 to
March, 1918. Mr.. Grange is a member
of the firm OF De Haven & Townsend.
Mr.. Lee has been prevailed upon TO
reconsider his previously announced de-
termination TO resign and has permitted
his name TO be used again as candidate
for secretary treasurer.
Joseph II. Straub declined the nomi-
nation Of chairman and in his stead is
nominated Samuel T. Davidson, former
vice chairman. There are two nomi-
nations for vice chairman: Henry Z.
Ancker and James T. Lazarus.
For membership on the governing
committee there are eleven nominations,
and eight are to be elected.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-27

FUR THEIR IMPROVEMENT ON
MODERATE SHORT COVERING
Fresh Decentralization in Foreign Exchange and High Money
Rates Was Entirely Disregarded

New York, Jan. 27.-Conforming ia
yesterdays course today's stock market
dfsregarded the further break in foreign
exchange and high money rates and
continued its upward or recovery move
ment. The chief factor was the scant
supply Of stocks, rejecting the acutely
oVersold conditions which were a ma :
tural result of the liquidation that had
been in progress for over two mouths,
coupled with the three weeks of almost
continuous hammering by the bear con e
tingent.
The covering movement, while the
most important factor in elevating
prices, was by no means extensive. nor
was the demand apparently as urgent as
noted yesterday. This, however, would
not imply the complete rounding up
Of the short interest, but rather reflected
the indisposition on the part of the
constructive leaders TO force the cover
ing movement.
1t is reasonably certain, if any con
centrated drive was made against the
over extended bear account prices would
be sent soaring and bring about fresh
outburst of speculative enthusiasm.
which. because of the money market
conditions, is furtherest from the hopes
of the bull leaders.
Perhaps the most significant feature
of the day was the appreciable increase
in buying orders from many outside
points. The quarters from which many
of these were received would SEEM
ingly indicate the powers to be were
keeping in close touch with the market
situation. 1t also showed that the
public which held aloof for weeks were
to nibble.
In many respects the morning move
ments were almost a complet repeti-
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-27
LOCAL PRICES SHADE OFF
ON VERY SMALL DEALINGS
continued Moderate Selling Of Philadelphia RAND T,n,.
Bank Credit Situation Improving ''

A general lower range of prices was
established in the local market on a
comparatively small volume of dealings
The yielding tendency of the greater
part OF the list stood out in bold con :
trast with the pronounced strength OF
the New York market. The price
shading was not because of any ap-
preciable increase in volume of selling,
but IN most cases was the result OF sneer
inertia. ~ ''''
Renewed liquidation appeared in
rniladefphia Rapid Transit. depressing
ment at 24ss, from which It Il subse e :.
quently rallied to 24A. No definite
explanation was offered for the free
offering of the stock in the last forty
eight hours. The effort to place the
responsibility either on the decision of
the Mayor to retain Director Twining
at the head of the Rapid Transit De
partment, or on the report of the valu-
alton to be made by the Public Service
Commission was ostensibly more in the
nature OF an excuse than a cause. The
real motive possibly will be disclosed
later.
The extreme narrowness of the cur
rent dealings was typified in the un-
usually wide price fluctuations in what
could be called inactive issues, although
the same rule applied to heretofore
popular favorites. Alliance Insurance
on limited dealings receded So to %.
American Gas lost u on a small odd lot
and a single transaction in Electric
Storage Battery was made at decline
of 81 so to 129, although 81 of the loss
was subsequently restored.
1t was in the Philadelphia National
Bank warrants the widest decline oc-
Cured. In the withdrawal of the recent
buying orders the price dropped back to
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-27

ton of yesterdays program, except the
advances were not quite SO pronounced.
There was the same uncertain ten
denotes manifested at the opening,
which this morning were due largely
| to further Generalization in foreign ex :
change, all the leading remittances
| falling to new low records.
This collapse which later extended
to the Scandinavian centers, however,
was ignored in that technical conditions
continued to exert greater influence
than outside news or developments.
The market quickly steadied within
the first hour on the renewed cover =
ing movement. Copper. food and chem
ical issues were added to the list of
moderately strong stocks, but motors,
oils and the steels, the latter includ-
ing several equipments, continued to
lead the advance.
United States Steel, contrary to ex-
pectations, moved within the narrowest
limits, giving 70 intimation of the char
the final quarter of 1919, and for the
year of 1919, which is to be issued
after the close Of the market today.
There was the familiar slowing down
around midday, after the renewal call
rate had been fixed at s per cent,
against per cent yesterday,
Trading continued very dull during
the early afternoon, but prices mounted
steadily. The movement continued to
center in high priced industrials and
specialties at extreme advances of . to
ii points. Rails were the Only issues
to make no appreciable progress.
Shippings we're included among the
higher quotations recorded in the last
hour, the market again disregarding the
further break in exchange.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-27

1904, or $11.75 under yesterd,u.
sale, and nearly $34 under the ter nnal
scored last week. It was. bop bbop price
SiO.7e above the initial price and dsssyer, sSo y.
above the low water mark, @~@'Zo
American Stores was the feat,,,
strength making a further advsnnee o.
9I.yo 70 81 70. 1t is understood. ,hn VI
preliminary earning statement for ,ose s1e
over the preceding year. Nv prons
In Philadelphia Electric. I,.,o O..
perior, United Gas Improvemen. on,
Pennsylvania Railroad It was q ~. ana
OF "a on either side. About tba na.ter M
feature of note in bond den,;nss only
the advance of per cent In tbe =, ,.ss wv
Service of New Jersey SIS. naouDDllc uuDllc
in the Liberty Bonds were much nss sn,nMs
The credit situation came in for a,m.' o.a
siderable discussion at the weekly to.u tson,
meeting OF most of the large, ;nai, "va,o
tutions today. Never, perbans h0s.i. msn.
ID the history of the local bankiny. .e.ots o0n
ceins has such close stud, been r;uu. SUa,
to the matter bank credits than ia s.;sa ssisn
given today by the ditect,rs NJ Aug
institutions. The position of the hoasS .,ssS
Ut managers. of most o; the bnnkir. aa ;,,
stitutions these days is anything n,, l
y sinccurL vat
1t was the general testimony Of ~.
officials of the larger downtown h,.Ie %e
that the situation is rapidly being uss -
stored to what could be called q rns. ~.
comfortable position. There is bom v,e
ever, they stated, no indication of sm. sm.
immediate material easing OF monsy y
market conditions. The readiustmosut,
of loans is progressing satisfactor;lv' ~
and in most cases wherever it is noss;'
BILE and plausible, renewals are subiect
to reduction. 'u''ee'