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 * *£*
