How Bankers of State Philco Expansion Picture 1949 Outlook ... 23/Philadelphia PA...a d THE...

a d THE PHILADELPHIA INQUIRER. MONDAY MORNING. JANUARY 3. 1949

How Bankers of State Picture 1949 Outlook

Chairmen of the various group* of the Pennsylvania Bankers Association were asked by The Inquirer to state briefly the outlook for 1949 in their sections of the State. Their views

§mam: Group I

B, CRARXES 8. KECTOUNE President, Liberty

4tTrmtCo.

pated M well as aoraa decline for"

Group 4 By LINDLTT S. HUH FT President, Firtt Milton

national Bank 4,

Penna, Bankers At this writing it would

that there will be some business oar* rection during the early part of t t f t . Employment in this area has been at a relaUvely high 1 m l but there are signs of easing In several indus-tries. The farmers' Income will be lew IB 1*9* and areas depending •pen farm hutonam will no doubt a ^ S m a a BBNIPPF ^SBB^a^Bras'̂ s^Bt' taPta W**wtB9B* ^e^S^as^*^*pSRew*p^s» * • * »

it which these and other in-will have in lMfl should off-

a considerable degree any de-be registered by

will be a level-and prices in the

. Just as is indicated sections of the country,

because of the many dif-of Philadelphia indus-

U tea this city, for the foreseeable fut»9re. sBouM have Uttie to fear

Group 2 D. •rr Trust Co.

Qrtmp f. Assn.

decern ral-the area tnciud-

of banks hi a point where they feel

all the loans they can ^ • ^ i f m i | believe will adopt B more cau-

esneciaHy toward to) flffltitTT inventories.

to be an attitude on the part of the public to resist the present high -prices and as eav-

j ings are used up it seems reasonable to assume this attitude will increase.

Savings deposits have leveled off during IMS and in some instances declined during the year. It would seem that this trend might continue unless there is a break i s the price structure.

X believe banks In Orotip 4 are well ehte to care for all the legiti-mate needs for credit in their com-munities during 1840. but think a «ore eauttout attitude on the pert of bankers fenerally to Indicated.

Its Ogata of * 9a

tng 19*.

of plants and Several of the larger eor-and public utilities have building plans for next

which run well into the hun-dreds of millions. While this trend continues the outlook fot banking end business will improve, despite so-called soft spots in other sections of the country. According to pi eaent estimates it to stats* Beakers will Be ca led upon for onrv 1% af this capi tel exi on how up in

Group I

with the net •round of around the will continue h igh. He of the wage-earner hat however, with tinues to Be

As long a* there to no

continue to their machinery is aseltoB tojcreeea of pronto *M

tth an air of w W 1 ^BatosT BO ssiw WS

year with

t ssjpssssei ssssi ^w !™Bjy^p

s » * • * • o^wsjia#ia!S»#!SfBB^e

I Bssl p BRasl a tV*. a ^ ^ " wswWst • a y SB>

By RORIRT a. President, First National

* Bank, Kingston Chairman, Group 3,

Penna. Bankers Assn.

G. DO WNII PraskUut, Peoples First

National Bank it Trust Co., Pittsburgh

Chairman, Group t, Penna, Bankers Assn.

The general outlook for UiaJnees in IB* to food, although there to a dow n werd trend in prod uction and eoapseytBBBt In many lines, particu -a _ f̂ kan*. IfraA^aBftWî v as aŝ rfft saw**, vasts i swains* Sarv̂ aflnra a

While the bask Industries. includ-ing steel. continue at a high rate. there tre indications that the gap be-

d demand Of man v wtU Be materially

by the latter pert of l t l i . the inflationarv solral V S r i ^ i ' t*s»*a*B*PaW't™''*^eveysm**W:|Ss^ ^ssjaawsa ^ma»

rard In lew. Be*

ahd the Oengrees Until the program of the President is announced and the action of Congress on appropria-tions for military, European aid, social benefits, etc. is known, busi-ness will continue In a state of un-certainty. If the Administration en-courages a fourth round of wage Increases, prices generally will of necessity be higher.

On the whole, we believe that the In Oroup g oaa leek forward

FULL SWING PRODUCTION IN TRUCKS AND TEXTILES T h e h e a v y d u t y truck i n d u s t r y recent ly re- a cab on t h e c h a s s i s of a n e w l y a s s e m b l e d diese l loom at t h e plant of t h e Coll ins & A i k m a n Corp.

g>rted a n increase in demand . H e r e A n d r e w model a t t h e plant of t h e A u t o c a r Co. A ve lve t T h e f r a m e in t h e foreground holding t h e bob-andolph, 84 Greenfield ave . ( l e f t ) , is p lac ing fabric is be ing woven ( r i g h t ) on a Jacquard bins or spools is known a s the creel .

I'lliIu. Business Highlights of 1918

BANKINO—Ceotrai-Fenn National Bank elected Horace P. Llversldge, fhatnrtn of board. Phiia. Electric v.. and William Park, president, l a m l s a e Stores Co.. directors and George R Schults a vice president . . . City National Beak increased dividend . . . Fidelity -Phil*. Trust Co. split stock 5-for-1 Bad increased dividend . . . first National Bank named Alexander Qunther and Stephen P. Saver vioe presidents . . . Frankford Tne t Co.—Emmett O'Neill, president, died . . . Gtrard Trust Co. elected Oeoffrey 8. Smith president to succeed James E. Gowen, named board chairman . , . ladwatrial Trust Co. named H V. Hyde treasurer . . . Land Tttte Beak * Trass Oa. declared extra dividend; issued 1,000.000th title policy . . . Liberty Title * Trust Co. declared extra dividend . . . Market St. I f flaasl Beak declared extra dividend . . . Northeast National Bank de dared extra dividend . . . North rhila. Trast Co. declared extra divide™

western National Bank declared extra dividend . . . Penna. Co. for declared first extra dividend in its history; announced plan to

Boom Is Ended, Outlook Mixed

By E. S. BANKS

Continued from Page 25

for IMS until they had a definite idea as to what Congress planned to do in the way of corporate taxes and an excess profit tax. And it la in this holding back that a number of fin-ancial men feel lies the greatest

By JOHN W. SNYDER

Coatiawei from Page U cedure. It has kept our economy on a "pay-as-you-go" basis. Thus we have largely avoided drawing on the future to support present economic levels.

The effect of this cautious attitude, combined with Government actions with the same objective in view, to

_ _ danger f:,r MH». For from what j quite clearly evident in the healthy vw«h"i»X!iil" T»Jiir7^~ruTiaViiit i-rtra rmirir"nil i Democratic Congressional leaders; situation revealed by current bua-No. ihrhti . r r u . t c o . d * ! have let drop, it wUl be at least the lness stetistics-and here, I feel, to

middle of April at the earliest be

Nation's Economy Held In Basically Sound Condition

acquire SeeaiHj Beak to Trust CV . . . PBIla. National Bank—Frederic A. j f o r* *«? to* measure is introduced, Potto, president, was named Federal Advisory Council member to repre- ~ " W well be June before Con

Provident Trast Ca. de-tent Third Federal Reserve District for IMS dared extra dividend; acquired Northern Trust Co. . . . Real Estate Trust Ca. moved Into Its new building at lath de Sansom sts Second National

elected W. O. Semisch president to succeed R. L. Hilles, named board Phila, National Bank declared extra dividend . . .

Tradesmen* National Bank St Trust Co. declared stock dividend; H. W. Goodall resigned as vice chairman but remained as director.

• • •

FOOD CHAINS—American Stores Co. declared extra dividend; sales up 8% over 1947; continued modernization and improvement of re-tail outlets and expansion of warehouse and other facilities . . . Food Fair Stores sales $140,000,000 against record 1947 volume of $121,765,206; carried out biggest construction program in its history, opening 12 super-

1948 Retail Sales 6% Above I W

By HOWARD C JOHNSON

Janu-

and other lines ta delay buying

toward old-tome bargains In try.

WO predict the January clearanee* wli! provide notable values.

to a 10 to 12 BIB

BIB

at the '•ssaPkif at™*- BisSHa BHBBs*wa Bg99ews*a a^SBa ^stor ŝasBBsse ,F ^swwa

aa aii-ume high of s « V topping last yoar by $4,-At the same time eniploy-

» record total of

withe

TBO lucres** la Income in Phila -will continue for at least six

Pood price* will decline. perhaps 10%, and such reductions therein will encourage sales of other consumer goods, especially in textile

- s a - S T P 2T2 m& j ^ ^ / I & n E . £e*?.ui 'wmt*m?a ?S*T*S cheapen because of the large quan-

P n ^ M 2 L " £ l i TZ ' "ty of hides resulting from the pros-? C ZlZrJZl I *«»' killing of beef cattle.

In capital foods, machinery and some equipment will be in . excess

and prices will decline,

m the

coal for heating pur-a a a w w *«» »e»»*«« »"** j production is expected to maintain ap- j p^ujm,- m wom% increase in unem-proximately the same tonnage aa j pjoyment m these lines, which may

in lOtt, provided *ea*onal j mMk9 available more workers for u experaeooed ^ « « J f « retail store*. QuaUty in th« middle

two months wtoKh would Bfmg l E n d i o w e r priced merchandise is bet-reduction of stocks above ^ ^ w l u encourage consumer

ground. Under those conditions, buj-ing. To summariiie, the general con

I NDUSTRY-ACF-Brtll Moears Co. deliveries 1090 vehicles against 3024 in W7 . . . AMnatte Refining Co. set aside $30,000,000 for expansion in thto area; completed $2,000,000 production laboratory at Dallas; plans $10 000.000 pipeline construction in Texas . . . Autocar Co.'s production of

1% times last prewar year of 1*41 . . . Baldwin Locomotive shares to Wee4ta«hoaae lleetric Corp.; elected

Marvin W. Smith executive' vice president and directorV.. Budd Co. organ-ised new department tor manufacture of Its new railroad disc brake . . .

Co. enjoyed record year with gross revenues exceeding of $127 .$00.000 in 1$H7 . . . fOoetrte Storage Battery Co. built

pleat at Atlanta, aa,, and acquired Fairfield. Conn.. of lead plates and as assembly u n i t . . . Penna. Salt

10% over 1MT; developed new type technical grade DDT; new Calvary City, Ky„ plant; organised Peaaaalt Interna-

OorB. ee subsidiary to Import end export chemicals and raw ma-, . . Pkilco Corp. declared special year-end stock dividend: an-

nounced plan for acquisition of Blactraeaastcr. l a c ; will build $1,000,000 addition to Sandusky, O.. plant for television set production; elected Wil-liam Balderston president to succeed John Ballantvnr. named board chair-man . . . Scott Paper Co. increased common dividend; sold $4,000,000 notes to repay short term Bank loans and for added working capital; boosted capacity af Marinette. Wis., pulp mill by 23% at cost of 1900.000 . . . San Oil Co. sales and earnings at all-time high; spent 270,000,000 to increase production; set aside $20,000,000 for expansion In thto ares; started con-struction of pressure-main tens nee and hydrocarbon recovery gss plant at Coke county. Tex.; completed marine terouhels at Ingleslde, Tex., and Detroit; added four tankers to fleer.. Warner Co. declared extra common dividend; volume of bustitees up 30% over record 1947 total of $12,540,000; acquired I t new trucks to Boost number of vehicles servicing mixed con-crete department to 140. highest oa record . . . 8. S. White Dental Mfg. Co. dec tared extra dividend.

• • • R.R. estimated 1141 gross operating rev-

_ Bt $l,0ttoa4o»B44 agalOBt $004,440.0M in 1247, increase of $9fl,» Mto.Ttt, or 10.1%; placed orders for new equipment costing estimated

ordered 141.900 net tons of new steel roll for 1249 delivery at cost af $9,100,000; concluded $25,241,104 purchase agreement with Penn-

Corp. for letter's holdings of Detroit. Toledo * Iranian RR. common W. S. Franklin executive vice president. . . Reading Co. est l-

mated 1949 gross rtvonuoa at $129,200,000, up 9.3%; increased common divi-dend; estimated capital expenditures for yoar at 91,919,000 including $3,938,-999 tar road and M.997,000 for equipment; ordered 19,090 tons of steel rail to be toid in 1949.

• • •

UTILITIES—Bell Telephone Co. of Penna. reduced common dividend; estimated 1948 earnings at $7.85 on common against $8.64 in 1947; applied for rate increase; expended $72,000,000 for expansion; calls in 1948 estimated at 3,648,000,000, up 9% from 1947 . . . Phila. Electric Co. raised estimate of necessary expansion over 7-year period to 1953 by $87,000.000 to total of $331,000,099; spent $47,000,000 for expansion in 1948 financed in part by issuance of $25,000,000 in new bonds and $15,000,000 in new pre-ferred stock; plans $19,000,000 financing early In 1949 in connection with $4.,400,000 new construction planned for year; 1048 electric output esti-mated at 8,050.000,900 kwhs.. up 6.4% for year . . . Phila. Transportation Co. 1948 riders estimated at 1,035,466,000, off 4% for year . . . United Gas im-provement Co. declared extra dividend; entered into agreement to acquire gas properties in Lancaster county, Pa., and Carlisle, Pa., from Penna. Power A Light Co.

R

sumer leaf on a five-day week. good', which has already and has bean hi a state of

flux since early fall, will continue spotty until surpluses have been used up and new price levels estab- i social Security. But even if hshed that will instill confidence in < m 0 ves be adverse, the tremendous the buyers. Merchants have been 1 1 9 4 8 income and the present high

complex, caused by oa business By

politicians, will either lrflsrease or diminish as Congress may disclose its policies on taxation, labor and

Busy Year Seen for City

cut ung their Inventories In antldpa uon of some price changes.

Some disturba nee in the economic field due to increased costs and wage demands and a shorter work week (no overtime* to expected.

The agricultural area will experi-Uttle change during the coming t | o n t .

tana income re

employment will spill over into 1949 and, for at least six months, depart-ment and specialty store sales should approximate their 1948 volume. The net profits will be considerably lower, due to increased operating costs and keener competitive condl-

pederai subsid̂ Farm R e c o r d P r o d u c t i o n subsidy. to not over-ex-

fanners are in very financial condition.

The summer resort business is ex-pected to continue the trend of last year Bt which children's camps were fnJriy steady with a dropping off In

and boarding house Hotels in the Poeono

look forward to a season providing there

to tuossgh snow for winter sports. Efforts are being made to develop this area for winter sports. 2 v » « . f A . C_ _ _ » . .

In summsry. industrial activity D ig T e a r TOf r a r m e r and employment should remain at a i CHICAGO. Jan. 2 (UP).—Richard tahiy hsgh level; farm income to ex- > F. Uhlmann. president of the Chi-pectei to Be food; resort patronage 1 cago Board of Trade, predicted that fairly well sustained, with a slight reduction la deposit balances antici-

By ABTHUR C. KAUFMANN

Continued freaa Page 88

agencies working to achieve world recovery.

Continued caution on the part of business with the result that there has as yet been no serious over-extension of credit or build-ing of excessive inventory. Our nation is currently witnessing

the belated arrival of a buyers' mar-ket in many lines. This return of competition is eminently desirable in a free economy and the best guar-antee against a return of wartime government controls.

I t seems probable that the strata Ob industries processing taw mate-rials and natural resources will Be furtherveduced m 1949. Lumber end petroleum are already in more plen tlful to continue short and rationed. Oen erally speaking, 1949 should witness a better balance between supplv and demand and a return of many out-of-line prices, such as foodstuffs, closer to the average.

A brilliant new Industry—tele-vision—has gained major stature during the past year. A laboratory plaything in 1946, television set* are now installed in nearly a million homes. With the lion's share of pro-duction centering in or around

1949 will be a bumper year for the j Philadelphia, this infant Industry U. S. fanner. ' promises to takt up any slack in

1949 Packard Goal DETROIT. Jan. 2.—Barring "a

general economic upset" in 1949. Packard Motor Car Co. should shat-ter the production record of 109,518 cars which it set in 1937, declares Oeorge T. Christopher, president.

Output for 1948 will be slightly less than 100,000 units for the second best production year in the com-pany's 48-year history, he said.

employment that may develop locally in the year ahead.

Petroleum refining is another Phil-adelphia industry which is expand-ing as rapidly as cracking equipment can be installed and oil tankers can be constructed. All the major pro-ducers are adding to capacity. Gulf's new $40,000,000 project will center refining and storage facilities on 360 acres leased from the City along the Hog Island waterfront in South-west Philadelphia. Crude petroleum will be shipped from Persia in a fleet of huge tankers, costing $6,000,000 apiece, now under construction on the Sun Shipbuilding ways in Chester.

gfess passes a tax bill. Financial men declare that busi-

ness and industry at this time cannot afford to "remain in a stagnant state." To do so. they feel, may well turn the present adjustment period into a serious recession. NEW WAGE INCREASES

Still other matters that tend to this feeling of uncertainty arc* the I possibility of a fourth round of wage increases; the extent of the aid that, will be required under the European : recovery plan; how far the United States wtU go in helping Europe to] re-erm, and the extent of the arma- i ment program and its effect on the] still short steel supply and on the j labor force.

Yet, underlying an of these uncer-tainties, The Inquirer round a spirit of optimism regarding the future. One could even say a strong spirit of optimism. Even Charles B. Wilson. president of General Electric Go., was highly optimistic even though he pointed out that "should higher labor and material costs force prices to the point Where consumer buying will re-fuse to absorb the added cost—and we are about at that point now—the answer is likely to be cutbacks and unemployment." SOME GOING AHEAD

There was a surprisingly large number of industrial firms who told The Inquirer that they were going ahead with their expansion and mod-ernisation programs. Some were in-creasing their expenditures. Phttco Corp., for example, has a 95,000,000 program scheduled for thto year.

There are some industries and lines that see production at capacity for all thto year, or loafer- But the ma-jority of the firms look for e drop in output, even t hough it may be alight. They see smaller profits thto year, a still further easing of prices and a narrowing of the already slim profit margin. Many of these views atoo are voiced by the Federal Reserve Banks in reporting to The Inquirer on the outlook in their respective sections of the country.

The retail food Industry, for one, is highly optimistic over the future and going ahead with increased expan-sion and modernisation plans. It is optimistic, even though some com-pany presidents state frankly that price-cutting already has made its appearance and that, if it grows, can have serious consequences not only to the industry but to the farmer as well. FAITH IN PUBUC

Surprisingly, many executives re-marked that they had faith in the public to do the rleht thing at the right time. Secretary of the Treasury John W. Snyder, in the article he prepared for this issue, said he had faith that the American public, if told of the true conditions and what must be done, would be ready to "do what needs to be done to pre-serve our present prosperity."

Perhaps the most outstanding thing in the Secretary's article is his statement that the United States Government has been operating on a "pay-as-you-go" basts and that it would continue to eo slon* In th« same manner—With a balanced budget and a progressive reduction of the public debt. GREENS PROPOSAL

Still another encouraging factor is the proposal of William Green, presi-dent of the American Federation of Labor, for what he calls "coordinated action." He urges that labor, man-agement and the farmer sit down to-gether and work and plan and sacri-fice to check those factors tending to

Heating Equipment ieum are aireaay in more pien- {* j • i supply. Steel, however, is likely; o c S 1 6 $ l O I m p T O V e - iHnn» o h n r t anst r a t i n n » H ttm. StarrUbttra. eawa«.*a-U i , MMt depejatttac tat amount Mated aboie, wktt* etpoalt will bb.lwStwded OKLT upon -ho receipt of a bona fide bid. AMD return of U » plana and specification* la food order within ten (10> dare a/tar tha udanlm af bee*. «**•*•-wtw.

P a a i i M of cnart* M •awl I— • •rtr a oa atreata,

•The t ta* neat to._ at tttjeat tmt (Mas at MJwbJt.

&BG$T1%/9fty • €

vwsr ayWaala Ckelme*. I I rVanoytvanla. until S e O r If. l l era Ttaeei. T * « 1TTH DAY 0 !»«», and ie»w««dtet»:* therea/lei tw ta* e*Mc Ottttty OaauniHMefa I H* 1, natta Office Sad*., arlvanta ffd tawwedtaiety p> rwa* btaeaS. for in* foltawlne. t •truettajb *f tradtn*. dratnaa Twrnpf** aacTIOtt *

•rnwrtsHir IA**CA«TS ***rtb at e»n»»ytv«nie> Thi« •tad aa totlwwa Si i f neat * a*a**l» 13** f t * ) waat * t « sjt*Maa Mt/se, aaar a t CMBty. thane* I* ft* i m B P a t " * — • " V - m raatar Connty a

a * Sfla*n**>l SfSta are I vwie* a l l SOI Cwftv 1

' *^iaee"c*w*i*v\»er%ftw>^ oitf erat*. aoe* (Twbtt Yftfdjv S**at SSwM t*er» ffW -A.

000 1M fabricated structural at«at. tO*,*** Iba Coptee of plana, enattfltattaeu and **S«tr contract aoeumenta, Ineiudtna. ataaa teaneeu, are on 'He and open to nubile tnapaatw* ai in* office* of the Pennsylvania TurnjHbt Caennue. alon located ai Harrtebura. Penturivensa at* lanuary .1, 1049 Copies of ernes-ee«H**» may be purchased from the Pennsylvania Tuntntt* Commission for the sum af fifty Doilara fSao.eoi b*r e*4. npc-ificetiorw and vaeHraa* daearnanU exolwatve of croee-sections, may a* obtainad from the Commission uyoo deposit af Tan DaOara f S i a o o i for each eat. ewen « e . wot its to be r*fw*aed In full to any actual bid> dei upon return of such document* in too* eon. dltloti within five enrlty ta bt furnished by biddwr la stated Ml tb* Infraction to Bidders. Mo bids away bt wtU»-drawn for thirty (30) days after t*w aetsaduMst etnainc tana far ratatpt of bide. PEKasTLVAJOA TTJWMP1KE COaaTsrHsWOtt. JAbCBS P. P ANCat. Sevrttarv Pcnysaytttuata. i"

paanSSTLVAIttA _Hai i lawun. Pwa^srytrsjam. Srttjaw bt BS— Brnlad prepanaie wtll bt t*sjatt*d by test Pwoo • ayrvaata Twrmaifca Cajatenbjî ar,. _ tapetsSjfc tb* Vrt * * * • * • Sat • • l l a t^ a, n H a * w bysTt-OT tpytjsT^e^swaa> e H •

Pennsylvania, nnttl 8:** P. at, fw*ils*liJbaa*V. ard Tlav*,. THE 14TS DAT OP JAJ»OA«V. 1*49. ewd itt*teanatety thereafter wt l bt takata ta tb* Public OttsKy Ctsntalaiiit,-* awattJtt B«a*e Mo I, North OffH* Bid*.. Sa^rastjan*. Ptwat-aytvaata. and fae*Metta*aty ejetSBtaty ea*tttS ejejsj

VW Loetava*

half and we were able to show some president of Burroughs Adding Ma- : higher than the average for the Na- j pects for the industry's 1949 sales small profits." | chine Co. itton, i volume are good.

etrtanttw* *f_̂ _ _ »«s~

rthia" Eattetirt*. to txittiwAoo Towwemre TT. AKD man™ LOtm, SHIP. LEBANON COUNTT. Pesaniiltabla. T e a enrttwa ,

t ait . . wf

Towns* tn at Stater* 'hence :rt tt -.tanon S/ tS^i^bia io^ Obwr^yTiT. of 4 31 aitlat Apprxtmait aijmttmt_ot pr.nclpl' Hems are as follows: Clats I. EBBtva. tlon. 3fi5 000 Cubic Yarda. Claaa n . Eaeava-tion 15 000 Oioic Yards. Claaa A. Cwsertt*. 2%00 Cubic Yard* Claas B. Conerett, «3S* Cu-bic Yards Plain Steel Bars, 001,000 lbs. Pab-

i rlcatod Structural Steal. 135 000 lbs. Copies af '. plans, rpeelflcations and other contract aata-I ments. Ine!id1nt cross-eections. ara an Ole and i open to public Inspection at tha ofOcaa of the i Pennsylvania Turnpike Commission located M ' Harrtsburf. Pennsylvania on January 11. 1B4B.

Copies of croaa-atctlon may be purchaeed tram the Pennsylvania Turnpike Commission rartfca sum of Fitly Dollars (S50.00) per tat, apatari; cations and contract document*. e*ewatve af cross-sect Ions, may bt obtainad tram t ^ C a a t -mission upon deposit of Tan Doilara for each set. such deposit* to bt refunded in f*B to any actual bidder upon return of such *— m e n s in good condition within flea (9> after tha date of the opening af tb* bids. fund will be made for all plana, contract ment* and croea-sectloiui returned. If tha prolate, t« withdrawn from letting, by the Pennsylvania Turnpike Commission Remittances art payabs* to the Pennsylvania Turnpike OwaUttaaaaad must accompany requests for drawing*, fatalfl-callons and ero**-*eetlon*. The character ard amount of bid security to be furnished by bsd-red St'm Milk: 172 X-ray Generator * Oaa-

rol Stand: 173 Rescue Squad Apparatus WTtb -rrwioeed Body: 174 Shoe*. 179 jn* I**d: IV* -k.d Chalne: 177 Paper * *£*