Evening Star Newspaper, October 31, 1931, Page 14

FINANCIAL BUSINESS OUTLOOK FORECASTS DIFFER Prospects in Various Lines Viewed From Standpoint of Statisticians. Current indications of the trend in Warfous divisions of industry and trade #re summarized by the Standard Sta- tistics Co. of New York, from its lst of November resume of the outlook for $mportant lines, as follows Advertising—Little relative improve- ent In aggregate advertising is looked for during the remainder of 1931 Agricultural Machinery. — Recent strength in prices for farm products may afford a moderate stimulus to Pall sales of agricultural equipment, but any pronounced revival of activity is nm in early prospect. reraft.—The policy of restricting mlput to sales requirements is an en- couraging factor and should largely eliminate the substantial inventory Ir‘lw-ofll found necessary in previous Applrel Expanded consumption of spparel and furnishings has been large- 1y offset by lower seliing prices and profit margins in the trade have nar- wed. Automobiles—Drastic reduction of nses has been effected by the more lenv. roducers during the current depressed demand, placing ?e mmptnien in a favorable ition o exact considerably larger profits with the inauguration of general trade im- provement. Automobile Parts—A gradual expan- sion of equipment outturn is indicated for the final weeks of 1931 Automobile Tires —Longer term pros- pects are clouded by the unsettled con- ditions resulting from excessive pro- ducing capacity and unsound distribu- tive practices. Building.—For the industry as a whole, there is no prospect of a coun- ter-seasonal trend during the late Fall snd Winter. Chemicals.—Refl ecfln( vldely diver- mand and op-mu ex #hould continue to b ~—Hand - to - mouth purchasing policies on the part of consumers likely ‘will prevent pre-stocking of full season’s requirements, although indicating a fairly steady demand throughout the ‘Winter months for anthracite. The outl for operations of large consum- bituminous does not indicate in- creased takings during the early future. Print Cloths in Demand. Cotton Goods—Recent price firm- ness in print cloths will ulate net returns to some extent. Electrical Equipment. — Profits in many instances are being obtained only through very rigid control of manufac- turing costs, and e"nlnn for the full year will be the loWest in years. Fertilizers. — Manufacturers’ opera- tions in this field doubtless will remain at unprofitable levels ror some time to_come. Food Products (Other than Meats) — The industry as a whole is making an outstandingly favorable showing. Pro- ducers of package foods, dairy ucts, flour and biscuit will come fairly close this year to duplicating the high level of earnings recorded in 1930. Bread bakers and canners of fruits and vege- tables, depressed by low prices, will make unsatisfactory showings. Lead and Zinc. ——A]thonlh prices re- cently have weakened, the statistical position of both metals is trending toward improvement. Leather.—If shce prices can be sta- bilized around present levels without sacrificing volume, earnings of the leading producers should be fairly well maintained. Machinery —Any significant advance in trade activity must await the turn of the year. Metal Containers.—Leading can com- panies will probably report profits this year at least 25 per cent smaller than those of 1930. Several how- ever, point to a gradual recovery of earnings, particularly the of a smaller carry-over of canned goods into 1932 Office Equipment.—Earnings recovery in the trade, broadly considered, will be_relatively slow. Paper. — Generally, the outlook throughout the industry is for full year earnings of extremely small propor- tions Petroleum.—Earnings of practically all oil companies will be unsatisfactory this year. Status of Radio Trade. Radio.—The majority of manufac- turers undoubtedly will record net deficits from Tull year 1931 operations. Railroads —Freight car loadings are running about 20 per cent below those of a year ago. although the compara- tive spread with 1930 totals is showing some tendency to narrow. Railroad Equipment.—Return to sub- stantial earning power in this fleld maturally must be preceded by a funda- mental uplun\ in railroad traffic and | Rayon.—Although recent price ad- on 150 denier rayon of knitting | y on cones may widen profit gar- girs somewhat, this action has been | offset to some extent by corresponding | Treductions on the smaller sizes Retail Trade.—Full year earnings win be benefited by the comparative stabil- ity of commodity prices, through the non-recurrence of large inventory | losses; together with operating econ- omies effected, these factors will per- mit 1931 tterment by ing a lower ag- than in 1930, any improvement can be expectea in- ¢ prices have nar- | Was shingion C 8 G - (l returns wage prese ¥ of producers Sugar Outlook Brighter. Next year considerable im- t d be shown in profi quotations uqmmx progress for the full { Waa 30 | Wash. Rwy than for 1930 of more normal o ns. cigarette with. drawals will avorable Vear Ago. and for elec- s preventing WSt companies from ope most efficient basis poss! costs have bee nting Capital st of manufactured gas companies have been relatively well ed and profits this year will be very close to 1830 levels Consumption of gas so far | 10 per cen be recorded in earnings for the full | current year. better ‘managed tele bly will be but s t year. Profits of telegraph companies. how- ever, will probably be the lowest in hone companies | Woolen Goods.—Indications of early earnings improvement are lacking and the majority of woolen mills will re- m sizeable deficits for the current i AR Although priced beyond the buying power of mwany ice cream is be- g Fd esume their ex- | 5, gar cons\m\mmnj com- | L THE EVENING STAR, WASHINGTON, THE PERIOD OF ADJUSTMENT NOW YOU SEE WHAT YOUVE DONE BY YOUR. -~ MONKEY BUSINESS $5,2~ NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page _ Stock and . Sales— 15% 86% 65% 615 1% 15% 8% 9 68 1% 45% 17% 21% 6% 72 152% 150 1134 Sweets of Amer (1) 15 Texas Corp (2)..... 20% Tex Gulf Sulphur(3) 2% Tex Pacific Coal&Oil 4% Tex Pacific Land Tr. 5% Third Avenue 1% Thompson Sta 3% Tide Water Asso Oil. 20% Tide Water As pf(6) 19% Timken Roller B(2). 8l Transamerica Corp.. 3 Tri-Contl Corp. . 24% Trico Products(2%). 3% Twin City Rap Tran. 2% Ulen & Co. . 24% Under Ell Fi 4) 274 Union Carb & (2.60). 11% Union Ofl of Cal (2). 28% Unit Fruit (4). 19% Unit Gas&Im(1.20) 95% Unit Gas&Im pf(5) 10% Unit Plece D W (2) 20% U S Indus Alcohol. 11 U S Pipe & Fdry (2 9 US Realty & Imp. 5% U S Rubber. 9% U'S Rubber 1s 12% U S Smtg & Ret (1), 35 US Smtg&Ref pf3% 62% U S Steel Corpm (4). 114 U S Steel pf (7) 1% United Store 13.) Net. Add 00. High Low. Close. Chge ) 12% 12 12 % 72 106% | stock —1931— High 3% Low. 57w 24 31 8 6% Stock and Dividend Rate. Univ Pic 1st pf (8).. Uti] P&L(A) e12.16. 13% Vanadium Corp. Net. . Hieh. Low. Closs. Chige. 41 41 =6 13 12‘- 13 19% + % Sales— % Va-Caro Chem. . Va-Caro Chem pf (1) Va Elec&Pwr pf (6). Vulean Detin (4). ... 94 39 su. Wabash RR. 4 Ward Baking (B)... Warn Bros Pictures. Warner Warren Wesson Quinian Bros. .. 0il&Sno(2). West Pa El pf (7T)... West Pa Pwr pf (6). Western Dairy (A). Western Dairy (B % Western Maryland. Western Pacific pf. Western Union (6) . White Motors. " White Sewing Mach. White Sewing Ma pf. Wilcox Oil & Gas. Willys-Overland . 80% 30 19 _Ygstwn 1 Zenith Radio. g 7 Zonite Prod Corp (1) ‘Woolworth (14.40). Worthington Pump. Wrigley (Wm) (4).. 124 Yale & Towne (2)... 3% Yellow Trucl Young Spr&Wire(2). 27% 67% 15 5 13 22 1% 8% 5 13% Sheet&Tube. 22 1% 8% Dividend rates as given in the above table chsh payments based on the latest quarterly or half-yeatly addiare: | ons. xEx-dividend Plus in gfléss than 100 shares, {Partly extra iPius tock. a Paid last v lar rate. Plus 50c in_spectal prixema ! Tesular rate. stock. m Pajd this year—no 5 Pius 2a% in stosk. WASHINGTON STOCK EXCHANGE QUOTATIONS AND. DAY’S SALES Real Estate Mtge. & Guar. pfd.—25 at 61¢ SALES. The Carpel Corp.—25 at 15. Washington Gas 6s “A"—$100 at 100, (‘w Me AFTER CALL. $100 at 10015, 90, | Columbia Sand & Gravel pfd.—10 at 10 at 90 Washington Gas 55—$500 at 100%. Bid and Asked Prices. Amer, Am. Tel rany | Al BONDS. PUBLIC UTILITY. Tel. & Tel I & Te |city & sul ban A Georgetown Gas 1st 55 1110 W N Po Pot Dist Fed be' [ ton Gas 4as PUBLJC UTILITY. & 102G Fe Rwy SAVINGS BANKS. t | Bank of Betnesda (65) & Sa (10 i, B | Dnited States (30) The year's profits of the larger and | Wash Mechanics (30}, FIRE INSURANCE. htly lower than | american (123 Tan (9) Ratons ‘onton (183 Columbia TITLE INSURANCE. (6h) Real Estate (6h). MISCELLANEOUS. * Bid, Asked. | Woodwara e L Woodward & Lot *Ex. dividend bBooks closed. | €11 extra 102 90 86 (A Mtge. com. (6) Med, Bldg. Coip. (7). 0D com. (130} o ped. (7). Unlisted Department. (These securities not ted under Exchange | | Special Dispatch to The Star. A NEW YORK, October 31.—Partly in rs)mpamy with strength in stocks and ! grain, cotton prices advanced 10 points | or more in early trading today, but the rise brought cotton on the market from various directions which closed the | list unchanged to 3 points higher than yesterday. Outside selling toward the close wiped out the greater portion of the | early improvement and December wid- ened its discount to 7 January. Spots were unchanged at s 70 Decembe Market Near Record Low. NEW YORK, October 31 (Special).— The decline in the stock market in | five of the last seven sessions hu brought the average down to a point where there is again fear that the low figures of October 5 may be violated. The industrial average is still about 14 points above that of October 5. Public utility shares today were less then a point above the previous low. Railroad stocks were only 4 points from ctober 5 average. Quite a few jual issues have his week touched prices for the year, among Pennsylvania, Ilunols Central and Louisville & Nash- ville STOCK AND BOND AVERAGES By the Associatcd Press. Month ago Year ago Three years ago. Five years ago High, 1931 Low, 1931 High, 1930.. Low, 1930 High, 1929 Low, 1929 Today. . Previous day. Week ago. . Moenth ago. . SATURDAY, OCTOBER 31. STOCKS. 50 Industrials. « Bl 20 Utilities. 1212 120.6 126.6 110.8 180.7 160.4 100.6 203.9 101.5 281.3 1465 353.1 20 Rails. 19.2 49.1 51.3 51.0 105.2 122 points under ; B D. C., SATURDAY, OCTOBER 31, 1931. FINANCIAL, BONDS ARE STRONG | (oo vonc BONDS socx eecmusce] BSINESS OUTLOOK INAGTIVE MARKET Prices Develop Firm Upward Tendency After kregu- lar Opening. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, October 31—Bonds were strong today, after an irregular opening. 1In the high-grade list there was some adjustment to money market conditions which caused slight declines in Liberties and higher coupon Treasuries, but Treas- ury 3s advanced to a new high on the recovery. Junior bonds were well sup- WM Foreign dollar issues were from to 2 points higher in most cases. Large insurance companies were re- ported to be in the market for first and second grade railroad bonds. The advance in such isSlies as Missouri- Pacific 5s, Erie 5s, Denver & Rio Grande Western 5s, Alleghany 5s, Baltimore & Ohio Convertible 4lis, Rock Island 4%s of 1952 and other junior issues paralleled a strong upturn in carrier stocks. High- le rail bonds, like Atchison General 4s and Norfolk & Western 4s were slightly easier for the most part. There was also some active buying of industrial bonds. Morris & Co. 4148 advanced 2 points. Armour 4';s were 2 points higher and Armour of Dela- ware 5!3s were firm. Dodge Brothers 8s a point. Other firm issues were National Dairy Products 5%s, Texas Corporation 58 and Warner Brothers Pictures 6s. ‘The strength in wheat and other commodities, the unexpectedly small number of defaults likely to occur on November 1 coupons and some unex- pected interest payments, such as that on the Chicago & Eastern Illinois 5s, proved st®engthening influences for the domestic list. advance in wheat was also re- flected in the price of Argentine 6s. South Americans generally were firm, with lnw payments on some Colom- bian I-xu aue No- nmbet 1_ announced ived by bankers. Brazil's obumiom shared the strength. In the European group, German is- sues were outstandingly active and gen- erally higher, though the priee advances ‘were small in most cases. Great Britain 51¢s hung around their best price on the recovery. Sterling was lower, but its decline was explainable by the repayment of advances to the Federal Reserve Bank and to the Bank of England’s efforts to check any ris- ing tendency just now. French issues were firm. Belgian, Italian and Scan- dinavian bonds improved. Canadian issues were generally firm. ‘ Markets at a Glance NEW YORK, October 31 (#).—Stocks, firm; high-grade issues in demand. Bonds, strong; rails score largest rise. Curb, firm; oils advance. Foreign ex- changes, irregular; French franc steady. Cotton, barely steady; trade buying. Sugar, holldly Coflee‘ ho]ldly CANADA'S WHEAT BONUS PLACED AT $10,635,000 By the Assoclated Press. Canada’s bonus to wheat farmers dur- ing the current year will total about $10,635,000, according to Camadian es- ates tonurded to the Commerce Departmeni Alberta Xlrmm will benefit to the extent of $5,065,000 from the 5-cent bonus on wheat. This is an approxi- mate figure estimated from preliminary surveys of crop ylelds in the various districts, after deducting quantities for feed and other purposes. It represents an estimated quantity of 101 ,300,000 bul&he:‘..ho‘ Wih:lb " n the opinion of Canadian agricul- tural leaders, the disastrous extent of the drought and crop faflure in Sas- katchewan will be realized when only 83,300,000 bushels are estimated for that province with a bonus ef $4,415,- 000. "In normal times that province aanuwal | vields about 230,000,000 »ushels. In Manitoba it is ;:pected a bonus of $1,- | é55 003‘ will paid on- 23,100,000 INVESTMENT TRUSTS NEW YORK, October 31 (#)—Over- the-counur market: Big, Asked. | | A : war & Pac Int units.. | Atl & Pac com ww Corporate_Trust ... Crum & Equity Tnvest ! Equity Invest pf. Y Bk Tr Shrs Nor Am Tr Shares. s@BunBun. yo Eba Selected Income S| Selected Manare Trist i o | Tristee Stand. 10v .. | Truste stand Iny D Trustee St Ofl A wagesSBuanun | Int Rap Tr 783 UNITED STATES. (Sales are in 31.000.) 4 2. 4X%533-47 68 101 10 4% 8310 101 13 92 25 93 10 nSh 4 30 8 agaaaaart wmnmnLen, ... 458 10118 US4%ndT-52.. 63 105 ADItibl PAP 58 '53. Alleghany Cp 58 '44 Allegheny 58 '50. .. Am F P 53 203 Am Metal 5% Am N Gas 6%s Am S&R 1st 53 Am Sug Ref 6s Am T&T ¢ tr 6s ‘46, Am T&T bs s £°60.. Am T&T 5%s'43... Am W Wks 55 '34.. Am Wat Wks 65 '75 Arpentine 5348 '62. Argentine May 6 1t nE AUNANAL ANV OAR AN RANC RO NORE NSNS S Atl Ref db 68" Australia 4% Australia 58 '55. Australia Belgium 78’5 Bell Tel Pa5s B 48 Bell Tell Pa 5s C'60 B Ind Loan C 6s'46 Berlin Cy El Bklyn Elev Bklyn Man Bklyn Un 1, Budapest Bush Ter con 88 65 Calit Packing 58 Canada 5 Canada 58 /52 Can Nat 4%s 5 Can Nat Ry 43%s'56 Can Nat 4% ‘67 Can Nat 4%s '68 Can Nat 58 July’89. Can Nat 5s Oct Can Nor 4348 Can Nor 78 db "40. aE‘.n»Smm [UyopeTiTe.| Can Pacific 435 46 Can Pac 4%s '60 Cent 111 G&E 55’51 Clrl-td db 5 !6 's Corp 5s 147, CROQ’AIB'DE. CB&Qgen 4s'68. CB&Q4%s'T7... C B&Q 1st rf 6s'71. CB&Q 11dv 3%5'49 Chi & Est 111 55'51. Chi Grt West 48'59. Chi M & St P 45'89. Chi M&StP 438 E. Cu&suu!a-'u CM&St Pad. C M StP&P 5s°'75. . Chi& NW en 4%s. ChiRwys 5s'27. .. Chi RT& P rf 4834 Chi RTcv 4%s60. ChiRI&P4%s'52 Chi Un Sta 43%s '6: CM Un St bs '44. Col G&E El lhy 3 Col G&E cou 53 '61. Colo & Sou 434 0. Com Inves 5% CCMd1strf SI'EO. Con G NY 4%s ConGNYG Cuba R R b8 Cuba 5%8'45. Denmark 5% s '55 Denmark 68 '42. Denver Gas 5s 5. RG W bs 5l Erle 58°'75. Finland 5%s ‘58 Finland 618 '56 Fla E Coast 5874 French T%s '41. Gelsenk'hen 65'3: aking 5% Motors 6s Goodrich cv Good 15t 6% Goodyr Rub b GrandTr sf db Grand Trunk 7s'40. Grt;Nor gn 53352 Grt Nor gn 7 Greek 65°68. Hait1 6s°52. Hock Val 4% ‘99 Hod & M adj oa 57 Hud & M rf 58 '57.. Humble Oil 65 '37. . Hungary 7%s '44... 111 Cent 4% "66 Ul Cent 6%s Int Rap Tr 5s '6 Int Rap Tr sta "66. Int Hydro El 68 ‘44 Int M Co 5sret'¢l. Int Match 5547 ... Int MM col tr 6s 41 Int Pap 65 '56. IntT&T 4%s Int T&T cv 434539, Int T & T68'55.... Italy Ts 51 Italy Pub S 7. Japanese 5148 '65. . Japanese 6%s '54. . Kan City Sou 3s'50. Kan City Sou 58'50. Kan City Ter 45'60. Kan G&E 4%s '80.. Karstadt 6s '43 Kend 5%s 48 ww.. Kresge Found 6536 Kreug & Toll 58'69. LacG StL Laclede 5% Brar-wane soanacs awoo PoenD o 28 SBeormanBun-Rrenw Ha Sales. Hign. Low. Close. | Mo Pac 55 A ‘65 20 9 98 20 mo 30 101 10 1012 1019 923 9225 934 '9310 96 16 9630 9622 9628 9614 96 26 99 18 1019 10114 104 15 105 % | Texas Corp 51 1 | Toho El Pw 68 '33. 101% loz 921 92% 101 101 ME&T prin 5sA'63 Mo Pac gn 43 °75. Mo Pac5s A Moblle-Ohio & Mont Pow 584 Montevideo 6s ‘59 Montevideo 7 ‘52 Mor&Co 18t 448" POTPRSEM-I-8- 1998 1 P+ 39 N Y Cent 43482013, 10 NY Cnrf4%s2013. 16 NYCrf im 68 2013, N Y Cent db 6: NY C&StL ¢ %s NY C&St L. NYEd1ste Nia Sh Md 5%3 °50. Nord 63 '50. Norf South Nor Am E 535 '63. Nor Pac 3s 2047..... Nor Pac r1 68 2047, Nor St Pw 55 A *41. Nor St Pw 6s B '41. B h 4s "1 3 Orlent devs % e'68.. 10 Orient dev 68 '53... Pac G&E 58 '43... Pac T&T 1st 68 '37. Paris-Ly M Paris-Or 5% Pathe Exch Penn 4148 D Penn gn 4%s'65... 10 Penn 4%s 70 -Sa. TSI TS - TP Port Gn El 4% Por RAm T 6s'42.. 1 Pos Tel & C 5s'53.. 13 Prague 7%s '62. 10 Prussia 6s'62..... 3 Public Serv 4s'71., § Queensland 7s "41.. Rem Arms 6s A '37. Rem RI%IA '1'!. Sao Pau 7840 ret.. Sao Paulo 85 '50. .. Saxon P W 634851, 26 Sep All Fla CI.A‘I‘. 17 Serbs-Cr-Sl1 7s '62.. 34 SlnuCrOE%l'l Sou Bell T&’ SW Bell T 5 Sou Pac col 48 '49. . Sou P 4%s'69 ww. Sou Pac 4%s°81... Sou P&Or 4%s 77, o - - StOIIN Y 4%s 51, Sweden 5% '54. Swiss5%s Tatwan E P Hfir'fl Tenn EI P 6 - BenBantoRon~ Gnavle~ien anaSnanme e Tex & P 58 C 7. Third Avrf 4s Third Av ad{ 6 Toho El Pw 75 '66 Toklo 5348 '61..... Tokio El Lt 68 °53. - Uta Kmli* 3., U S Rub 1st 58 *47.. Un St W 6348 A'47. Ud St W 5%4sC'51. Uruguay 6s u e - - Util Pow 5%m *47 Vanadium St 5s’41. Vienna 6» 52 Va Ry & Pw b8 '34. Wabash 43%s°78 Wabash 1st 6s ‘39, Wabash 53%s '75... Warn Br Ple 6839, NaE e NN N GETS BIG CONTRACT. subsidiary of Pl.\hwaerfl: oflmcd Public Service tion of New Jersey, has a conts Kull_ Bridge, connecting and Staten Lsland. Staten son Corporation will mrn.llh the othzr of the current. Holland Tunnel. 75 47 65% 631 63 63 51N 26 100 26\ 30 % MY % been awarded ract to furnish half of the elec- tricity for lighting the new Kill van New Jersey Island Edi- Bridge and the DIVIDENDS DECLARED NEW YORK, October 31 (#).— Rate. noJ able. at Mass) .. 31 Am_ Choice 25c Trepca Mines Ltd. Woolwth (FW) Co Lid 6% pf......2%% Do 6% pf (Am <% .. dep rcts) . Reduced. Westvaco Chlor Pr.doc Q Omitted. Lake of the Woods ills pf ... Noyes (CP) inc Andover Nat Bk (Andover ~Mass) Am . ¥ =3 B Do RER K pOR® DOOOOOOOOm Pay- e, 1 Hidrs. of record. . 35 b 7 Nov.16 7 Nov.13 1 Nov.1s P & 3! S5 FEvERRNER ¥? ¥RY B3¢ e e . INSOUTH IS BETTER Encouraging Signs Are Noted in Various Lines of Trade. BY MARK TEMPLE, Assoctated Press Staff Writer. ‘The Chesapeake & Potomac Tele- phone Co. has expended $2400.000 of the $3,100.000 to be spent on plants and equipment this year. of the new building of '-h! $2.500,000 Marine Hospital, a quu'nmcm my-w ect in Louisiana, will be occupied with. in 30 days. ’ plant in Every —major itory s in oper-.* indy K'mmlk, ‘Tenn,, te ation. The M Barge Line Co; per ating on the Onia and M Mississippi Rivers from Cincinnati through Memphis to b d New Orleans since late in 1930, shows » its first profit month in September on fast express inland waterway barges. . Tobacco Warehouses Completed. Leading merchants and credit men of . i Macon, Ga., say Fall 10 per ‘cent ncrease over last year with will give employlnent to several theu- sand men. Print cloth mills in the Carolinas and . other parts of the South are reported working steadily, with products sold well ahead. Cast Trom Fipe ‘c'o"‘n‘:fi..'&......“‘m“““ ron Pipe ting under a modified is bbing maintained: Pmm.n of the Coca Cola Co., At-. lanta, for the first half of 1931 were higher than for the same 1930. -.nnouncl-ent of I ha em low prices, have re-o A le storage gw@f' '"\’«”“w u::'m-v- et ‘The new 4,000-car and - treight on the Industrial Canal at' NnOr ben-aym-u...,.. lxmlmrkfiouhemumor has been completed, T r e Texekelo Pecan Shells Memphis Industey, eapiye b0 ey employes 500 ers folloy doul of 1 mmm bling flupluteu- nntco.h'nn-' ducln[ 1.700 M’film Y t‘ VIRGINIA APPLES _ TO BE ON DISPLAY By the Associated Press. WINCHESTER, K Fancy v Deu'olt wnmp&" CONSTRUCTION LOSSES HEAVY DUE TO FIRE Special Dispatch to The Star. & & 1 TH £ L] §§§§§§§§’f’i LN %, f e : o S g i §s§§s ] ; 28 & 2! i—n 9 ] 3 £3 i 58 g R 2! & R §E§sss§§§§§§ g (i m ¥y 3 3 ' 20 e Ewen o o W Sk '3‘&' ¥ T "3°EE o o8e5eiises i EE is’;'?:;fia - i TSeeat AW’ W F F eg it 373 & =:§§ L = o R R