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Dominion of Canada
30-Year 5r<; Gold Bonds
Due M?y 1, 1952
Payable in United 5tatrs Gold irr New York
THE confidence of American investors in the
inherent investment value of Government and
Provincial Bonds of the Dominion of Canada is
amply demonstrated by the remarkable response
to the recent issue of $100,000.000 5% Bonds, due
1952. Subject to prior sale, we offer a limited
amount of these bonds at
100 and Interest
Wlven. rs anc" \f i$,Ued
Inqulric* invited
Canadian Bond Corporation
of New York
100 Broadway
Phone 4863 Rrcloi
Quid
uicic an
ure
is the finding of letters filed by the
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I OB8K9, CHAIRS. SECTIONAL FILING CABINCTS. WOOD AND STIHL
[OLOBE SAFES. OFFICE 9 U P P L I E S, S ECTI O N A L BOOKCA6?
4SI BROADWAY NEAR GRAND ST.
^ROADWAY-STANDARD ARCADE
30 CHURCH ST HUDSON TERM.
6 EASI^I^?H STREET
Our trained FILE CLERKS ."-avo employers monev. fall or
phone STANDARD SCHOOL OF FILING AND INDEXING
*t the abovp address.
-FINANCIAL MEETINGS
?5?^ MBE ' ? ' ' ?
? ''"'?,' ,:""" Auto Clocl C Incorpo
; '?:%.-' :" ' - ? ? May,
; *?_?_ ?iB1Tn '? '.he ??:?.?
? NTsbJL ? ' ' "i!''- N*? 248 v>'"**' ?'?''
:*?. for':2'ih of Ma ? ? ?' ? . ? N'e-.v
?<b ??a v PurP?*e ''" voting upoi a re
"???Xti? .i*n ?' r''* Present name '
f*nt?A , K*"- *-" ?''? '' ' ? k Co., In
k ?.*-,,;?.?' Ph - '
J U? i?. " Propoaea to aasu
??M? r,^*1"**''' 0n 0l v; ' .??.
wop.. y come before Bald . ,
' E I'KHKV,
President.
FREDERICK PH1N SET,
*?<?.?_____ .-?? ??-? ..? ?
ry^-K9?^J'Al- MEETING OI THE
_P' " .i'.DERP of The Standard Ga?
Wot%_?? n.J * ?' !h" ?"?"?' of New To?
r5* !-,> *.,V '*"** '"'' e nf the ? on r ??
9?oj&ri, ?- ?* K,M l6,r- l-''r"'"
S : ?,..'''? Vi dn? a? Mk - 10th,
;'"????"??aim?i? " *' ??'??
""??M ?. ' :" ""?'-' of auch her
4'???>. B. SAN BOB: ecreti
Mcrritt Oil Shows D?ficit
The 1921 annual report of the Merritt
0 I ' (?rporation. issued to stockholri
ei yesterday, showed a deficit for the
year of $260,869, after depreciation
ami depletion of $1,260,325 and provid?
ing for reserves, The company paid
two quarterly dividends aggregating
$386,257. The current a s s e t s amounts
to $1,941,790, of which $1,501,256 was
represented by cash on hand. Current
liabilities $165,340, consisting of cur?
rent accounts payable and taxes.
Wheeling Steel Has Lost*
WHEELING, W. Va., April 25.?The
Wheeling Steel Corporation during the
year ending December '31 last, sus
. taine?! :? net loss of $2,794,853, accord?
ing to th? ; ' ' repo 1 submitted To
the. stockholders to-day.
Cotton Overcomes
Early Weakness;
3 to 16 Points Up
May Notices Promote Liq?
uidation at First, but Mar?
ket Turns Firmer as They
Are Stopped at Premium
whirh l-.a?l *
rnlng milled to 17.7
vlth thu general ma
n n?-t advance of
There were fully the expected num?
ber of May notices issue?! in the cot?
ton market yesterday morning. Esti?
mates placed them at slightly above
25,000 bales, anil their circulation
through the Street caused consider?
able commission house liquidation.
Before midday, however, it became
evident that the notices were being
stopped at a premium of :<.?! to 35
points over July, and the general mar?
ket was firmer during the afternoon
on btiylntr promoted by unfavorable
weather and crop advices from the
Southwest.
October contracts, which h.i?l s'.hl <->(r t,>
! 7 ?Pi- durir.K ( h? mi
and closed at 17 77?.
I et ..'.?.KitiK su ori^- a
to 16 point?.
The market opened ?(*?;-?!?. ,?? an n.i nncc
of 3 to 18 pointa, lut qulcklv weakened
under the near month liquidation and
?'?attnred selling of new or,.), positions, In?
spired by n loral report pointing t.. an In?
crease of IP per cent In acreage. Offering?
thon tapo?-".! off on reports tnat the not!? fa
?vere b?>ln?: taken care of hv the Interest?
supposed to hold the hull?. m remaining
May contracta ami more numerous crop
Complaints from Texan
Th? earlier ?-able? from Liverpool mud?
rnther an easier allowing, which private
advice? r.i'lri was due t,> A?,.i ??'.in ?e'l'.ni;
on Increased estimate? of th? acreage The
Nam? cables, however, reported an Im
provement In Manchester, with a fair spot
demand, and later advices star.-.I that th?
tAiicashlre wage dispute had been settled.
Southern spo? markets as nfnclnlly report.
?-,1 w< re unchanged to 13 point? higher,
most of them being unchanged with a
comparative!; ?n-.nii business
Th? local market for ^n? cotton uns
?tend-,- ni.il 10 points higher, n ? 18.25c for
middling No sales wore reported.
Cotton Futures.?The ranpe of prices
Saturday ?
Open. High, l,o\v, Close
May 18.12 18.12 17.81 IS.07tgr 18.00 17 l'1*
.Tun? 1 7 90 ij 1 7 ?W
July ...17.70 17.74 17.61 17.730 17.74 17.64
August .17.68 17.38 17.58 I7.80?g !'. 74
Pont. . .. ?? 17.7. g 1 7.66
Oc( . 17.09 17 7' 17.49 17.73 .? 17.74 11 66
Nov. . . 17.72? 17.66
Dee. ...17.70 17.73 17.50 17.72 tip 17.73 17.65
Jan. . . . 17.63 17 66 17.47 17 ?? ? 17 61
Feb. . - - 17.66 ? 17.63
March .17.69 17.70 17.51 17 695;? 17.66
Southern Spot Markets?flalveston steady,
unchanged at 17 40? sales710 bales. New Or?
leans steady, unchanged al )',?'. r??!,.s 968
'bales. Mobile nominal, unchanged nt 16 50c;
pales nil. Savannah steady, unchanged al 17?
sales 285 bales Norfolk steady, 6 higher, nt
%7.25r; salen, 1,167 briies. Auguptu quiet,
13 higher, at 16.?4c; Bales, 376 bairn. Mem
phis pteaiiy. unchanged, at 17c; sales, ! I5(
Houston steady, 6 hlghei al 17 30c; Bales,
2.026. Little Rock quiet, unchanged at 17c;
sales 2H? bale? Dallas steady, unchanged
at lf>.75c; gales, 1,790 hales Moil
firm, unchanged nt If! i''1': sales 50 balee
Kort Worth steady, unchanged at 16.75c;
sales, 100 bales.
Cotton Statistics
T?*ste^
Last
iln
rort Rereirr
Ex-ports
Exports sens,
N V. stocks
Port stocks
Tut receipts
Int. shlpm? -.
N. V. arrival
.886
4,669,616 4,572.638 4.011
Last
year
23,141
5,104
81 196 77.?.S4 125.294
??4 6, ! 86 965,1 84 1,497,866
I 2.88!l 11,14 0 14.210
13,224 13.147 14.200
16,1 -'? 2,10!
Liverpool tables Spol cotton quiet n
! 3 points d? cllne ; n Idd InR 10.1 Id. Sales
5,000 bales, American 4,0(10 bales Imports,
27.000 bal< -, An eri? a n . 0,0 ? i bales I .;
?.ures opened qt lei and stendj
points lower. Closed stead al 6 to ?
points decline. Ma? ,10.1 2d .lu to. lad;
? K tobet , 10.07?.! . .lanuai r . ' Sd March,
9.95d. Manchester: I'arns, sir- r and un?
changed Cloths, quiet
t oltonseed Oil
The m<i ? : for cottonseed oil 'an: g.n r.
? : Inacil - " bul prl es re? i -, ??: ? ,; part of
? ml ' ?iv!v .!? ? . ne el .. to 10 points ., nd
closed net unchanged to 1 point lower
Total sales 1 m th? la ere 2.300 bb !
After th? close the Census Bur? . i nb
lished n r vi.< m In ; ho Bto? its of crude
oil, reducing the total about 5 million
pounds, which Is equivalen! lo about 12,000
bam!? n( crude or utwut 11,600 barrels
Of refine!.
Th? r n nge of pi ??.s ?
Open High. Low
J un?
July
\ ug.
! I ? I
11.40
11.4
' ' ?o ; : to 11.
? ; "7 ' ;.; ; n
11.31 11.3611....
11.21 : : - i r 22 i l.si ??i 1 l.'i:
10.50 10.50 10.50 10.50 i I ''
I?
1 1.
ig> 11.4 6 '.1 4 1
I 1 30 fil 1.43 1 1.
.... . . ,
11.41
; .
I O.bO
Sugar and < !offee
Han Sucar Futures Thi I ?-. ; ?? '
! to 3 points low?r on pressure from Cuban
; Interests, who sol? Octobe freely. Ihen
prices rallied on buying by the sam?
terests In the Julj ? .sitio th s havl; g
il"- eff-i ' to steady the ll? t, ti"- markt I
closing 2 points net higher to a ne! decline
of 2 point s The streel n irket seem?d to
i be holding steady, with no free offerings
of Cubas, and the !;,. : that ;? local re?
finer was ?? buyer ,>f Porto Ricos !?"! some
??, believe that a renewal ol demand (or
??Juba was close al hand.
Th?> ra?;,*.-- of pi I? ??>? Mon.
Open High < Close .-los?.
May. 2.3S 2.39 r . ' :
June. 2.53
.Tul). 2.62 2.64 2.6 1 2 63
August 7 7 2.75 7 4 1-7 4
September., , . . 83 : 83 Rl
October 2.82 2.82 2.82
November . .
1 ?? cember . . 2.85 2.87 2 85
"a nuary
Februarv . . -?
March.
toffee Putares The rang" ,-f
?: 82
7 8 3
2 86
2 S 5
!' "> I
- 62
" R2
'. ? 5
2 57
?
: 87
J 8 7
Open. High. Low ' lose i lose.
April . 10 06 ?0.03
May. 10.05 1" 00 10.i : 0 16 10.03
June
Julj .
August . .
September.
i .. fob? i
November.
I ?ecember.
?I a n ua r y...
February..
March. . . .
10.03 I 0 03
?? 83 9.8.:
9 7 2
'? 69
?? 66
10.01
9.99
:? 79
9 7r?
: 07
!? 6 7
9.67
Loth]on Market Firm
LONDON April 25. Gilt edgo secu
! rities were active on the Stock Ex?
change to-day. (?il shares were rather
irrefrular. but price- generally were
firm. Bar cold was quoted at 93s;
! money was loaned at 2 per cent Dis?
count rates were: Short and three
month bills, 2':; v'?.%>-? ir, per cent. Con?
sols for money were quoted at 59 13-16.
British 5 per cent, loan at 104*4 and
?ritish 4% per cent loan at 9(1.
toting stock quotations were:
Atchlson
B *i O.
('ana Pac . . ? .
Y: & O.
"hg Ort Wstn
St Paul .
Denv & Hio O.
Erie.
do 1st pf. . . .
?"?.rand T: i< . .
Ill central -
Louisville . .
! '. 3 '? ?j
7 4
46 ?a
M K ft T.
N' V ??? ntl
Sort & Westn
Ont .-.? \V?stir.
Pennsylvania .
Rending. 8 7
Sou t hn R.y . '. 7 '??..
Southn Pac . .H \\i
Union Pac . . . . 1 5 5
t: s -?..,>:.to
n?. i?
10
?1 Ml
Exchange Firms to Dissolve
Announcement was made yesterday
that the Stock Exchange firms of ? iv
ingston & Co. and E. & C. Randolph
will dissolve on May 1. A new firm
? will be formed under the name of Li\
I ingston & Co.. with offices at 111
i Broadway. H. K. Evans, W. W. Price,
; G. M. Livingston, V. C. De Veau, W. S.
. Gilbert and F. E, Thompson will com
' pose the new firm a* general partners,
with Crawford Livingston as a special
partner. G. M. Livingston and F. C. I,r*
Veau are members of the New York
Stock Exchange. The new firm will also
have memberships in the New York
Cotton, Coffee. Sugar and Produce ex?
changes, the Chicago Board of Trade
and an associate membership in the
Liverpool Cotton Association.
Orescent Pipe Earnings
The 1921 report of the Crescent Pipe
Line Company showed net income, af?
ter taxes and depreciation, of $lt?S,66<".
equivalent to 52.81 a share earned on
the S3,000,000 capital stock of $50 par
value. This compared with net income
of $146,102, or $2.43 a share, in the pre?
ceding year. The profit and loss sur?
plus carried for the -.oar totaled *99S.
445, compared with $304,779 in 1920.
What Things (Amt
Quotation? are muh priren in primary marktli
1920 ranc?
High. L?
1.50 .60
16.25 9.00
28.00 20.00
*L00 29.50
OS
e ommmlilr and unit. Previous
POODS? Ve.ite.-day. day. ...... ,,--.
Wheat (No. 2 herd) l.u $1.53% $159', .$3.50 $1.70
Corn (No. 2 yellow) feu. . .79 .80 2.21% .84'/;
Oat? (No. 2 white? ho.49 .49' 2 1.50 .60
Plour (spring pat.) bbl S 50 8_5 16.25 9.00
lleef (family) bbl. 16.50 16.50
Pork cmem-i bbl. 26.50 2C.50 -
Suiter (granulated! lb.0525? 05.1 .0525(9 054 .23
Coffee (No. 7 HI?) lb.11 1-16 .11 1-16 .16% .08
Hulter dreamer?-, firut ) lb. .37 f_,39 .36' 3<? .IV 2 .77 .51'
Kggi (frejh, llret) dor.28 t_.281 , .28 (?p.Z1, 8n .?MM.
TEXTILES?
Cotton (middling upland) lb .1825 .1815 .43% .145
Tiint cloth <;l8-in. 64-60) lb... .07'^ .07% .26 .07'/
Silk (raw, Kansal No. Il lb. . 6.40rg|fi.50 6.40*S6.5O 1/.45 5.00
Wool ?fin? Montana srourrd) lb. LOO? 1.03 1.00(81.05 3!.00
METALS?
Steel billets (Pittsburgh i Ion .. 29.00 29.00 65.00
RUBBER, BIDES, ET(
Rubber (rib-smoked eheetsi lb .1 ?'/?** ?,6i<
.80
, ? - - ?.?.w- 431.00
Iron (No. 2 fdy., Phila.? ton... 21.20 21.20 5S 50 3J 00
I^-ad ,,pot) II,.0835 .0515 'rial.- '0<-K
( ?pper (spot) lb. .12'? .127, .191/ 12i/
Tin (Straits) lb. ?>,0 .10 651 ', ?2'"
.54', .15'
illrf-s (calfskins, city) 9 to 12 lb?. 2.65 i?.5r, ?0 50 2 10'
I rude oil (Pennsylvania) bbl. 3.25 3.25 6.10 5 OO
"?"I (furnace) Ion. 12.8.3 12.85 15.75 14-30
Wheat ?.s Driven
*/4c to 5<4 Lower by
Persistent Selling
Drop Accompanied by Re?
ports That Private Scttle
ments Had Been Effected
on Large May Contracts
CHICAGO, April 26, Persistent
selling on the part of houses with
KiiRtern connection resulted in a de?
cided drop in wheat prices to-day and
was accompanied by report** that pri
vate settlements had hern effected on
laige? contracts calling for '?delivery of
win at here during May,
: :"- irkcl closed unsettled n ' % to C
cents net lower, with May at ?1.40% to
il 11 ?m.1 Juli' $1 7% in 81.27H rum
lost % ?i 1 to 1% cents, and nut? % ? % to
?'"', c?.|it. In provisiones the outcome
wan unchanged to IO cent* lower
It was currently estimated that privat??
settlements Involving as niurh as i'i.oon.dOl
bushels ?.nd rendering actual delivery here
.?f thai amount of when: unnecessary In
May had been brought about
Reporta of (hi? kind, together with talk
:1ml some leading lulls w?ic letting go
of th<?ir holdings of May, did much to east?
?Ii" Kirn i. which has recently been uppiir
? ?m in the market in connection with fore
cus?s of ?i huge shortage of supplies of
ivhea ; in 1 hi. ago next month.
Smaller holders of May wheat hastened
(?? realise profil 1 or t.- ai old i..*?..<, as the
i'".- mlghl bo, with ihe market meanwhile
descending rapidly ni times mid showing
a( one stage an ?ntreme fall of 5% cents
as compared with yesterday's finish Mes?
sages from th< ? aboard saving that fullv
3,000,000 busnels had been taken for shin
ment to Europe led to something of a
rallj in prices, bul fresh down-turns en?
sued in the last hour, and 11 seemed evi?
dent lhat numerous longs In May had no
furl her Intent Ion of pnyl ..-. ?.? st< ? p ra tes
foi ai - 'i.i : dell '.'.-i :? ..'' '?? heal neu I 1. ill
' '.un and ...i. ?. declined 1 - ipa ? hy with
a)i a; Besides, there was considerable
tn Ik of lai 1: -1 . eceipts of corn aft? r plain
?ng is ovei
Provisions were ea?!or owing to down
turns .?1 1I1- value of hogs and grain
?'?rain Price?
M hc:K
' 1 ' irda?, s Pi ce ious T?,, r
New . lose. close ago.
N... 2 hard, . .SI.53?% $1.69% $1.56
( liicugo Kungc ,,f prje, s
M or,
. ipen. H.gh. Low 1 :iose < lose
? Sl ??? '% $1 ?7 % 51.40% $1 41 Si 4:, ?>.
.''?.- 1.29% 1 298? 1.27% 1 317 % 1.28 '*
Se p? MOTfj 1.20% 1.18% 1.18-1; 1.19%
Corn
V'esl ei day's Pre ?. Ious Ye,, r
New Tor! 1 lose. close. ago.
No 2 v.-'i. - .$0.79 ?0.76 ', $0.78%
' 'hi. ago :
Ma> ... .n'-, ., ; :? , ... y,
lui . ?;4 ', .151. 1; 1 .v
Sept ... .???;% .07%
No 2 white
chica? '
MA
H.'
ion ,
'? ' - W 7 -. b $] 31 % Si 23 % SI.50%
I lour and Meal
'"' ">?? rdaj '? Previous Year
ClOS? . IHR" nKO
New fork
S. pat S y $g ;,.i ,V ; 7-,-g>i- Oj?
ea] - ! 7" 'a 1.80 1.70 if 1.80 1 85(8 1.96
):.? ?. 'i 0 'i 1. :. ?: 00? 6.35 ? 00?S 25
Bin . 1 ..: - 32.00 i'|. .73 b0 y ?j. 0 0
Country Produce
Butter -Receipts wem 10,372 packages.
Croi hlghc than extras n, . 40?.
40%c: extras, S)2 score, 39%c? firsts. 37((T
'':? . seconds, 34%?36%o; lower irrudes
:,-; ;i 340; nentrallz .J cars, l1" score 38o:
?'. soon 37% ? 37 %c: -1 score, 36 %'(*?>37c 1
85 '.1 ? : scori . .? ... unsalti d, higher
than extras 41 % if?-tue ; , tras. :<'? score,
Ml firs is 17 % (?"40c; seconds, .in ft
lo ? - grades, 32% r? 34%c; state dairy
lubK, finest 38?39c; good to prime, :)6??
:'7?..- ciimmoii 'o fair, 30?35c; ladies,
current make, ?virus, 27?28c; first.". 24(3)
21 ' .11 2 ' ...'. . . lower grades, 20?
:;.'??: pocking stock, currenl make, N?> 1.
23 . .. 21?22c; lower grades, 18?
20 ' ' .
(Iieaxie Receipts wore 2,SOG boxes. New
fork State Hats, fresh specials, I7%(g)18c;
averagi run, 17c; twins, fresh specials,
17% f?'I Sc ; average run 17c; nuts, held
.'. ? ?- 34c; twins held special?. 23(8
21c; Wisconsin, fresh double Daisies, 1 7 %'?1
. ? ngle 1 lalsles, I 7 % ? 1 8c; Voung
,\ 1 . ricas, 31 % ig 22c.
Eggs- Receipts were 61,942 cases Fresh
gathered, -jeas dozen, R0??f30%e; ?torage
packed, extra firsts. 29?29%c: firsts. 2??
28%c; regular packed, extra firsts, 27%tS
28%e firsts, 26?27c; seconds, 24?25%c;
triide eggs, 22@24%c; dirties. storage
-.',. *. "i ; regular racked. No. 1
23%c; No. 2 and poorer, 19?23c; checks.
.? to choice, dry, 19?23c; New Jersey.
heimerj white, candled extras, 39c; un
candled ixtms. 3C?37c; nearby and near
by Western hennery "hlt.es. average extras,
.:..:. extra firsts, 32?3Re; firsts, 30?
31c: nearbv gathered whiles, firsts to extra
firsts. 30?33o: under grades, 28(8>29c; Pa
r 1 lU- 1'msi '.'.lines. .-Miis. 36@37c; extra
firsts, 34? 35c; firsts, 31@32c; other West?
ern and Southern, gathered whites. 27(9
nearb> and nearby Western hennery
... ,.?.. extras. 31 ?9>321 nearby browns
and mixed colors gathered extras. HO?
0%c; firsts to extra rirs:s. 26@28%c; duck
eggs. Baltimore. Maryland and Virginia,
,. ,. ... . Western .in.1 prime Southern. 28
@ 32 ?
Potatoes Slate and Maine, old. 1 ")
pounds. ?2.75@$3: K*;. pounds, $1.26 ? $2.25 ;
150 pounds, $1.26(8182; Long Island, barrel.
83?$4; Florida, new, barrel. ?l 7r. 'ii 85 60 :
Bermuda, new. barrel. $6@$7.60; sweets.
Jersey, basket, S::. -:? '<> f 3 , Delaware and
Maryland, $1 50?$2; yams. South Carolina,
crate. $L20?S*$L26- Ht-orgia. basket. $1.50
i?$1.76 asparagus, California, dozen
bunches, $4.60?$?1 26; .South Carolina. L'y'
?. ;. ? Maryland, $6eg)$7 ; Jersey, $3.50@$6;
Pennsylvania, 300 hunches. $5 <?i $9.
livestock, .Meats, Provisions
yesterday. Tear ::t,o.
S ? ? e i s, fair to
prime, 100 lbs. $7.25? 8.60 -<8>
:' ?idoV :y" beef' .n@.i5% is? .is
1.. 01
1 ?'no" bs ' ? 6.60? 11.00 7.00? 13.00
(Dressed oal,
.nn frf. ,:i .12? 23
4 00? 8.50 6 00? 7.0?
'!.... .-?.. es
lbs -
Dressed wethers.
lb ?'?*?! ?'-'
. 1 iressi ?: mutton,
? .-. y- .... .10? .IS .12? .1
, 1. ??.? lambs, fair
(.? prime, 100 _.,,,.,
;;... . 13.00? 15.00 10 . 0? 12.oC
1 .- . -?? : . a m b s,
ci y, Ib . . ... .30? .3q 10? ..
I S \i ring la mbs,
100 lbs. 17.00? 19.00 -K
? Hogs. 100 lbs... 10.60?11.36 3 - 7 r? '?> 9.2?
?Li e ss e d hogs. .?.?,.,
bacon, lb. 16? .17 .13*4 ?.14 %
1 pork bbl . . 27.00? 28.00 :.8.*,0@2. 0C
Meas' beef, bbl.. 16.00?17.00 16.00?18.0i
I Lard, Middle _.?.,.
West, 100 lbs.. 10.20? 10.30 10.0a? 10 1:
To <lut Canadian Rail Rates
WINNIPEG, Mnr... April 26.- Reduc
; tion ol Canadian railway freight rate:
j bv about 40 per cent, to the 1919 level
! will be made before the 1.-22 crops be
I gin to move, Premier Norris, of Mam
1 toba, announced to-day in an addres1
before the provincial Liberal conven
lion,
!
U. S. Steel Earns
$19,339,965 for
First Quarter;
Slightly Less Than for Pre?
vious Period; Announces
Regular Dividend Declara?
tions; Changes in Roster!
The United States Steel Corporation'
?
! for the quarter ended March 31, 1922,
reported n<*t earnings of $19,339,965,
after operating expenses, taxes and
interest on bonds of Btihsidiary com?
panies, compared with $19,612,0,13 for
' the preceding quarter and $82,286,722 '
for the corresponding three months of
i 1921.
In addition to making publia the1
[financial results of operations for th??
I first quarter at yesterday's meeting of
1 director-?, the first sine? the annual
j meeting, announcement was mad?* of
the declaration of the regular quarter
| ly dividends on the preferred and corn
. mon stock and several changes in the
I official roster of the corporation. Elbei't
' 11. Gary and James A. Farrell, however,
?were re-elected chairman and presi
| dent, respectively.
The turpius available for dividends
for the .March quarter was $5,909,23:.'.
Tin's sum fell short by $395,687 of
meeting the dividend requirements on
the preferred stock. The entire
16,383,781 declared on the common wan
j drawn from surplus, which with the
i deficiency on the preferred, brought
i the total deficit for tiie quarter up to
i $'?,749,468, compared with a deficit of
$0,280,900 for the preceding quarter,
and a surplus after dividends for the
March, 1921, quarter of $2,810,90.:?.
A favorable feature of the latest
j earnings statement was the ascending
scale of revenues, March showing net
earnintrs of $8.505,160, contrasted with
$6,1,80,685 for February, and $4,654,134
for January. In the December quarter
?earnings pursued a downward tendency,
' December being the poorest month
with an aggregate of $4,967,237,
airain-.t $6,440,438 in November, and
. $8,204,358 in October. The earnings for
the March quarter, compared with those
: for the corresponding quarter of 1921,
as follows:
1922. 1921.
No! earning;!" ... . $19.339.986 $32,286,722
Depre and sink, fund 8,364.289 11,630.383
liit?r?.,t and premium 6,066,464 5,180,734
Dividends . 12.SOS.703 12,608,703
Ijeflcit . 6,749,468 ?2,816,905
"Surplus.
The changes announced after yester
' day's meeting of directors included the
election of W. J, Filbert, controller of
: the corporation, to membership on the
; finance committee to succeed the late
George VV, Perkins. W. B. F%lmer,
president of the American Steel and
' Wire Company since the organization
of the Steel Corporation, was elected
a director.
Frederick M. Waterman, who has
: been acting treasurer, was elected
1 treasurer to succeed Richard Trimble,
1 who has occupied the position of both
j secretary and treasurer for a number
of years. Mr. Trimble's retirement is
due to ill health.
George K. Leet, who has been assist?
ant to Judge Gary for the past eleven
year.., was made secretary. Before
coining to the Steel Corporation Mr,
i Leet was an assistant in the Treasury
Department at Washington. Gordon
Edwards was appointed assistant treas?
urer and assistant secretary and John
: Gewecke was appointed an assistant
treasurer. Francis Jester was ap
. pointed an assistant secretary.
?Railroads Show (rain
In March Earnings
Southern Pacific Only One U:
Report a Decrease in ^ ester
day*a Reports
The Southern Pacific was the <>nlj
1 important railroad reporting its earn
i inga yesterday for the month of Marcr
' to show a decrease in net. The I'nioi
Pacific, the New York ("entrai, th?
,; Delaware, Lackawanna and Westen
i and th? St. Louis-San Francisco all re?
ported substantial increases. The Xeti
1 ?>rk ('entrai was the only one of th?
group to show an increase in gross.
Southern Pacific drop in net com
pared with March a year ago wai
$98,615, while the Union Pacific, wit!
a falling off of $437,267, saved enougl
In operating costs to leave a gain o
$208,248 in net operating income. Xev
York Central's increase in gror;
'amounted to $1,272,123, while the gaii
I in net was $1,482,984. Ma toil report
made public yesterday follow:
Southern Pacific
Increase
March cross .$:o,446,9:18 ?$2,663,60
Operating expense?.. 15,619,300 ?2.770 s?
I Three mos. gross. S?,414,934 8,314.34
Operating expanses. 45,328,06<i ?.030,4?
Net opo-rvt. Income. 6,866,049 ?726 ?7
Union I'oelflc System
' Mareli cross .$15.104.9'.'? ?$437,26
Operating expenses 10,832,197 ?592,*. t
Balnnee after tuxes 3,136,051 Rfl.it.'!
Net operating Income 2,971,615 208.24
Throe mos. gross.... t ? i . ? s o ? '? r - ? '
Operating expenses. 30,737,4*7 ?6,188.40
i Balance aft.T laxea ?.701.l9o *...??.
Net operat. Income. 0,140,334 2,93t',,C
Ne?- York Central
? Mar,-!) frrnss .$27,59*.74fi S?.?7?.*
Net operating income 4,556,930 1,482,9!
? Three tnos. gross... 76,781,650 ?.'>??.',Mi
I Nel operat. Income. 11,612,442 8.603,81
I).. I,. * W.
March ktos? . ?7.084,53'; '$42,64
Balance after taxes. i.4t",2.34n 1.057.;:
, Nel operat. income. 1,666.092 1,074.6?
' Threh mos. gross. . 19,361,076 ?879.81
1 Balance after taxes. 3.096,323 2.116,31
Net operat. Income. :;.175.570 2,023,6!
St. I^>uis A: Sun FYiiiiclsco Syntem
March gross . $1,761.442 ?$4.86,6
?ipr expi-nses . 5.163,440 ?563,4
: Taxen, ?to . 33.1,25* 1*1.4
Balanace. 1,264.748 51,4?
.1 months' (tross. IS.960,071 ?2,684,3
i Opr. expenses . 14.390.044 ?2,633.1
Tuxe,. etc . 837,304 ?163.2
I Balance. 3,73:'.723 162,2
Thir?! Avenue Railway System
I Murch gross . $1,179,273 $42,0
I Bal. after tar.ee. 234,096 102.2
Surp. after charges.. 23.51'; 106,0
'j months' gr-BS. 10,441,202 626,8
Bal. after tax??... . 1.833.036 701,9
Surp after charges . 20.216 739 3
American Kallwny Fixpreis
I per opr. revenue... $10,390,310 '?9,055.7
I IVf aft-r exp. 1 ?14,048 1.7S3.7
! Opr ?loir-it . 1,260,OtO 1.470.9
?'*2 mo, thu' opr. rev.. 184,886,7*2 '10.768,2
I Hal. after exp. 2,631,479 41.871,8
Opr. Income. 507,714 41,871,8
1 ? | ?ecrease.
( leve., 4 Inn.. Chi, * St. L.
1922. 192).
, Starch gross . . ? ,$7,374,n.io $8,949,C
Transportation er.p. 2,681,000 3.277,0
Maintenance ?vp l,944,OU*l 3,288.C
Total operating exp 4. ?-i6.?>0 6.867,r
il n s i n e s s IN e w s
Women's Apparel Market More
Active as Season Progresses
Retailers Ready lo Purchase
Large Quantities of Hand
Picked Goods; DressCom
bine Removed in Trade
Retailers from all over tin* countrj
are registering a fairly (rood demand
for women's spring and summer gar
mer.is in lire local wholesale market.'?.
All factors in tiie trade report n
broadening of demand, but it appears
to bo keener on the lower priced mer
chandise than on the more expensive
goods.
Wash drosses airead) am imginning
to move in good quantities, although
the retail season for them has not yet
begun. Manufacturers are offering
more attractive styles in this type of
garment than for many seasons past
arid prices are considerably lower than
a year ago. In some quarters of the
market dresses of imported ginghams
are being offered as low as $30 a
dozen whole! ale.
Several of the larger retailers
throughout tho country are in the
market for ?nri/e quantities of both
men's and women's apparel with which
to conduct early spring .sales. These
stores are offering cash, in many ernes,
for large lot* at low prices. Although
buyers are having no difficulty in ob?
taining plenty of merchandise, th?
broader market has curtailed much of
the price cutting and underselling that
usually characterizes a dull period in
the garment trades.
Efforts are being made in ?he dress
industry, it is rumored, to form a large
combination of small contractors to
deal directly with retailers and to
itandardizo and finance production in
such a manner as to ?>iiminat<-, the
forced selling that results when the
small factors in the trade are unable
to properly finance themselves
Commercial Credit
The commercial money markets show
little change. Demand for new money
with which to carry on current pro?
duction and merchandising is light,
which results in small offerings of
commercial paper. Prime paper is
discounting at l'a and 41*** per cent.
Some less desirable paper discounts
at 4\ per cent.
The American Acceptance ('ouneil
yesterday quote?! the following dis?
count lates on prime hankers' accept?
ances eligible for purchase by Federal
Reserve banks:
Bid. Ask.
Thirl y days . . . .': n :>,\
Sixty days. 3% Shi
Ninety days . 3;;k ;;'i
120 days .. 3% 3*r>4
Call loans against acceptances, 3 per
cent.
From Underwear lo Outerwear
Many of tho upstate manufacturers
of kriitte?] underwear are now produc?
ing knitted cloths for outerwear, or
complete outerwear garments, such as
knitted jackets, skirts, knickerbockers,
etc. In a few of the mills machinery
used for the making- of underwear is
used for producing the new fabrics ?>r
garments, while in others special ma?
chinery has been installed.
Central Leather Mus Deficit
The quarterly report of tin* Centra!
Leather Company for the period ended
March 31, 1922. showed a deficit of
$230,217, after taxes and inter?s!
charges. This compared with a,deficit
of $3,961,579, for the corresponding
period i'i ?921. The profit and loss as
of March, ,'? 1, was $7,124,035, compared
with a deficit of $6,893,818 on December
8.1, 1921. and surplus or* $233,297 on
March 31, 1921.
Brooklyn City Railroad
March earnings of the Brooklyn
City Railroad Company, showed net
corporate income of 5197,744. compared
with $72,096 in the corresponding
period in 1921. The statement listed
passengar revenue as $979,790, against
$93tl,338 in March 1921; operating ex?
penses of $7t'4.,t''18. compared with
$834,154.
Financial Item?
Th-. directors .?:' Ihn Metropolitan Life
Insurance Company elected Hon. I .?,.
Taschereau, Prime Minister ?.f Queb tnd
?.;<>rdnn Abbott, ??f Boston, t" membership
on that boaid.
Announcement ?vss made yosl rrduj of
the formation of :< r:. .?.- pnrtn? rshlp of
Be- nett, Palmer & Rebhann, for the Iran
?action of B general bond and inv 'at ? <;??
bUBlness, The partner: are I! (.'??????
Bennett, Franklin \V. Palmei M an I I l'
1!. Rebhann, all of whom wei ? f? rmerlj
connected with llerrlclt i*s (3 nnett, now
dissolved.
tallarles B. Gardner of llemphlll, N'o es
i Co., has been elected a director of the
Fort ? ?ran?- l'a p r Com |>H m
Dean, Onatlvla ? Co have taken over
p.ud will conduct the business of Benjamin
it. i'ahn ??- Co., of Chicago, members
the S'ew fork Stock Exchange. Mr ?'ahn
has been admitted as a general partner
h" ? rm of 1 ?can ? Uinl lvln & Co.
Guy W. !.. vy, Henry .1. Zoeller and
Donald C Catlln have puruhased s,-.)?i on
the New Tork Curb Market, the considera
tlon being $5,000 each, a now h'.rh figure
for the year. The last Rale took place on
April 15, al Sl.'iOi'. They purchased the
b? t.ts of Harold J. Pierce, William Wheat
ley arvl .1. 1'. .1. Murphy respectively,
The committee on listing of the ".'??????
York Curb Market admitted to trading,
pending listing, fl.000,000 shares, par value
$1 eaeh. of 'he Turman Oil Company. 5.000
sharea of preferred stock, par vain- $100
sr.d IBO.onn shares of common st,,.r!t of no
par value. Pot h classes on a "when, as and
If Issue?!" basis, of th?j Dublllor Condenser
and Radio Company.
Tho board of directors of the Gen ral
Motors Corporation, at n meeting held
yesterday, raised the membership of Ih
tlnsnce committee from ten t., eleven mem
bcrs, electing Alfred P. Sloan .. , ?
president In charge of operations to Ci
the place. All of sir* directors were re
ele, ted. ,
Curtailment Saved
I*rice Drop, View
The ?den that the enforced cur?
tailment of cotton goods production
by tho strikes in New England ha??
saved dry goods wholesalers and
retailers ei considerable los?. in
money through retarding price de?
clines is held in the latest market
letter of the National Whole aie
Dr-,- Goods Association.
"In addition to the evidence pre
sented in our last letter, concern?
ing large inventories held by
wholesalers," Secretar;,* Thomas
Fernley also writes, "we are In
formed that retailers likewise have,
more dollars' worth of goods now
than they had a year ago, and with
tho consuming public in a e ritical
tato of mind, it. is making it ?lif
ficult for merchants to induce the
active merchandise movement for
which they had planned ar.d
worked."
I-_i
Fancy Furs Dull
Sable and Fisher Weak at Auc?
tion Sale Here
A 'air demand ?ir.d good price? for
'-'a p " furs, but weak prices for most
fancy furs, was registered yesterday at.
the second flay of the New York A ;
?ion i'nmnany's sale of raw fu-* at the
Masonic Temple.
Sable and fisher, two of the better
class fancy furs, .showed dechr.es from
open market prices, with but little in?
terest among bidders. Chinchilla, ?in
. other fancy fur, was fairly steady.
. Prices for otter and heaver, which are
largely used for trimming, were good,
and skunk prices were about fair, with
interest shown only in the best lots.
As on the opening day. bidder?
showed a disposition to avoid specula
tive advances and a desire to obtain
goods a-, cheaply as possible, regard?
less of the effect of low prices ;.p in
:iic general market. Consielerable buy?
ing back of furs by shippers, who had
put them in the sale because bidding
failed to bring prices up to the ?hip
' ?ler's ideas, was apparent to experi
| enced observers at the sale.
Small Reaction t4> Prie?* Rises
Recent price advances in primary
cottons and woolen and worsted goods
have failed to disturb buyer- to any
extent. Some lines of worsted goods
have been advanced this week, the aver?
age increase figuring around 10 cents
?i yard. Although the demand for
worsted goods is growing better, il*.e
worsted business is still fa.- from satis
; factory. In the opinion of some of the
! conservative mill men the new demand
for worsted goods has been over esti
. mated in some quarters. In genera!.
however, demand seems to be gradually
i switching from the low qualities to
the belter fabrics. Mens clothing
buyers for retail shops who have in?
spected manufacturers' fall lines re
porf a better quality than was appar?
ent last year, although prices ar" the
same or under those of a year u;e.
Shoe Orders Increase
Orders for women's high-grade
received by one of the prominent
Brooklyn manufacturers from its road
, salesmen on Monday Were the largest
in volume that the firm '-as received
in any ?ingle day in the last ten
months, according to the general man?
ager nt" the concern. "Whether th:>
?s a forerunner of a real revival of
demand for high-grade footwear or
not, I am unable to determine," he said,
"but we have had a great, number of
inquiries regarding our line recently
from retailers who have been handling
! cheaper makes of shoes."
Colored Shoes Selling
Colored leather shoes, introduced as
a novelty for spring and summer wear,
: are meeting with a good reception from
? women, according to local retailers.
The -;ioes are made of colored side
leather, or smoked elk, as it is known
in the trade. The leather is one of
the lower qualities ?mi the shoes in
the main are retailed at prices under
. $10 a pair. Most of the colored shoes
come in sport models for matching up
tweed and homespun suits or skirts.
1 Leather soles are given the preference
over rubber soles. A few models of
the .sandal type have been ready sellers,
according to one retailer.
Dissolve Yarn Clearing House
The Yarn Clearing House, 110 East
Twenty-ninth Street, a large operator
in artificial silk, cotton and other
yarns, has been dissolved, it, was an
? nounceii yesterday. Louis H. Gruber,
; of the firm, has incorporated the Grtiber
Yarn Corporation, with offices at 130
East Twenty-fifth Street. In the divi?
sion of the assets of the old corpora?
tion Mr. Gruber acquired the firm's
two mills at Paterson, N. J.
Silk Firm to Move
Salembier &? Clay, silk manufactur?
ers, with mills at Central Fall and
Valley Falls, R. !., and Fleetwood, T'a..
will remove their New York offices
from 229 Fourth Avenue to -ii'4 Fourth
Avenue on May 1.
Transad ions Yesterday in Listed Stocks
(Continued from Page Slvieen
Low. D?T,
1922. in ?
50 5
453 4 _
2% ?
37 ?
89' ., 7
553-4 -
',15,. _
99 8
3234 ?
82 5
1141/4 7
60*b 2
9.? ?
30? 4 ?
271 j ?
44 6
6'3 -
6
19'? ?
12'4 ~
103.4 1
66' 4 2'
8'., ?
13 ?
13-"., ?
Bl?a 6
89 7
80 4
49' 8 4
? ?
12' 4 --
35'8 4
71 ? ._
13 ?
41 - ?
24 ?
27', ?
25 ?
, 43*-R 4
643, 6
1 I
Ho pf
I" S Tobaren .
1" S Food Produett- .
t S Ind Alcohol
?lot?!' .
c S Realty & Impvl
I S Rubber .
do 1s?. pf .
V S Smell & Ket
(J ?* Steel .
do pf .
Itah topper .
1'tah Sei-ur Corp
Vanadium Corp ...
Va-t'ar Chemical
Va Ir, (oui & Col,?
", ?vaudou
Wabasli .
Ho pf A.
do pf B.
Weber & Hcilbroner.
2 Wells-Forgo Exp.
West Maryland.... .
do 2d pf.
West Pat ?He .
Ho pf.
West Union Tel. . .
Westinghouso Air K
Westlneliouse Mfgr..
Wheel & Lake Erie.
do pf.
White Motors.
White Oil.
Wlckwlre Spencer.. .
Willys-Overland .
Ho pf.
Wllaon Co.
Wisconsin Central . .
Worth Pump & Mach
do pf B.
25 Wright Aeronautical
FIXA Ni TAL
HENKT T L?AKE, Auctioneer
l!E?;r?,Alt AT ?"Tlii.V f?Ar,K
STO< KS AM> BONDS
?V ADRI\-- Il Ml II KK t *>OV.
OFFl? '!' .'*? WILLIAM S?TP EET
WKl)NE3r>AV, APRIL "'iiti, 1922,
... 'i |0 < . k ?? at I ha
EXCHA? OE f ' A r ? ? -- ? ? ' M ??'
OS r ? ? | , , .
, ,. \.
10 sha
"?'. Bh? . ? ??-- '. . ' ,, : I . ? '? ?
0 ans ' iamero ? ? ir ? ?
? ? aiia y ? ? - ?
i.ref i
9o s),? p" ilrl' i , .
i ..'i ni,? Dtindei ,erg Mil
2,000 ah. ? "
ta
Mines r
7 0 ah ? Bm M . tah)
ISS ai-- Frai ? ?t ' '<->
10 0 ah a i?ua na " *
HI Ing ' n
1 ?ha
M '?-, aha .
For Ac rount "f '.'? hom '?' ? ? ?
2B0 ahs. First ' ?? ?
181 sha. Hi . ? j
IS.'j?O Rrhlth [prlngftel
?
| '??-.. ' % '. r
irv lat ? ona ; fis, 195*
DO ahs. A
i ?? - i '???. : ' ?
400 aha ' ? aftan
MO sha " ? ?? " ?
187 sha ?? I Avenue 1 R. Co
?i ..... - - ?.
Mtg I'!
7 sha ; ?
; 2D0 ?1 -, p*, ty-F'.fth 4
? irpi
10 ah a. Ho
500 ah paid II
1O0 ahi National . - ? ? <"o
jr,o ,ha i 'a n ' fiei ? pf
100 ans Stonewood R tmmon
11 3 Ameriean ?t Rrttli
' ?
s. ' 900 Win ? . S Southwestern R'wa C?
192?. ] - pal i
$14.0 ?0 I';..:. ? . te Of ? lot! f '
?t, d .??.'.
900 al a. Shreveport
lr?n Co
BOO ahs. Baltimore ? Ohio T' ;?
name of l >eu? a? he Ba n
18 ahs Mooser Modern Methods, Ltd.,
common
0! 7-15 ahs l... Chrlaty Clay P
? -,, , on
T? . I HE fi? iLDERH - ??, PER
CENT RINKINO Kt'ND ' RTOAOE
??.' !!'. :?-. VEAR GOl R S D? F
THE I VI i: < LAY < OMP VM ' '
M A V !" : ?. ?
N? ?TU K ? I for
> ? ? ? : , f t h e a ?a u? o f
h e face vaIu e o f $ 10 4 ? ' g
<?? r a numbei x :
:;.?-> i.. ?? drawn r - - redemp?
from , he ? mi ?-??' ? .? ? ! ?
ng Fun 1 and wl be paid foi it thn nt?
of S100 per bon ofl ' . . 1 -
signed TRUST DEPARTMENT,
?...., y, N? w V.,rr. . ?? ? .... i; ? *
May, ? '- la? ? - ... r
will ceaae ?,, bear Intvrea
COLUMBIA TRUST COMPANY.
- : raaor ' rusi ee
'?? GE? ?R? iE E '.. ? !' REN
I .-.
Oat ; Vpi !
FINAN! I \L MEETINGS
MISSOURI PACTFH RAILROAD (OH
PANV.
Vprl 193
The annual - at ho dars
of M issourl Paclf l?a pan
?' . . orp? : .??. v. ' held at I
gen?ra I ofTi? the Ra ? ? - Exchang?
Build ng, in t f SI , '?.-.
on Tuesday Ma ? [322 , ? 9 ,,....
A M. for the ?? -. of Direct ra of said
I pan; ' tnsuing ye,
ind the (ra , ' ??;. h or he?
buatness is rnaj pi , i ? . f . - ? <?
.r - ..
The ? transfer ? inarss of
' he preferred . ' romi of .-i
Railroad i'otnpa! ? ? '. :
noon on ...? . , ? ? ?
be re pei ed at 1 V. M. oi Vedn?s
da Mai 10 1922
MISS? il-R' P *.? ! RA] ;.?: i D C? 'M
I ' A N V
; B ! RUSH ; - ss ! il r
H '. r ITER, Se reta?
THE MICHIGAN rTCNTRAL RAILROAD
( OMP \NY.
Detroit Ml ii . April ?. 1913
NOTICE ?S HEREBY GIVEN that *.h?
Annual Mj-.-:- - ??re ?'
The MirhiBan Central Rallr ??*. ? ompsnjr,
for ?'-? ? ectlon ' Dire - ira and three In
ape ' >rt t the ? ext ??'- lion nd for the
trn r;?H.~?rinn 0f ?,j. h other bua '?*- ** may
lawfully r? brought before tne :rr <? ? ? : t ?
??.?.!, * - hel I at the i ? ITice of the
con ,i r-. Room 30 VII h sin Central
Bu ng r of Del ro I
Ml higan the First Tbursiay ^f-cr ih.
;',:-?? Wednesday (be rr^ 'h^ ?th .lay) ?'
l!i;.- !'.!. ?<.- 10 o'clo a A. M.. Eas'er-i
?'.' lard Time
Tne Poll shall be open n' 10 o*? ?oc'^ A. U
?-,-1 ontlnue r in for one i nur
3y order of the Board f P recto.?
EDWARD F STEPHENSOV. Secretary.
rilK NEW 1 (litk \M) HARLEM
RAILROAD I OMP *?NY.
?v.-..- I r '? April 21 19rT?
S'OTICE IS HK'r ? . EN *^m- the
. ? ? lal -.!???' ng of ' .?? S. '?.
hi Idei a of The and Hi ---i T?a!!
: ,ad ? 'ompa : ? : ?? ? ? I
u:-. i the transaction nt su h "r ior bua!neas
an may lawfully be brought before the ir.ae'
!r.g. will bo held at the , '11 e of tl ? .?:.'
So ??'?" Lexington Avenue in the City ef
New Tork, on Tuesday, the 16t ' :???>,
I 9 2.'.
Tir? poll - ,!' be open it -. ? oon
jntii ue ??, ? r ' 11 ? v ho ??- aft?r
Th? Ti anafer Books will ? I - ? : -,
... ; r, ;? \. 01 T leed ? ? 1 35th da o
April, 1922 and reopened on the morning or
Wednesday the 17th dav of Mat 192!
? VRD F STEPHENRON Secretary.
PLEA?E TAKE NOTI<"E rilAT 'W?E
ANNUAI MEETING of ? q .ekhold
era of the St o ^ ration w
1 ?? he] r .:' its office \ I Street.
Borough 0 ' Manh ttan
on the third day ? ' May 1921 at
rsuant to the i;" * "? wa of
the Corpora? 11, f? I ' *hr"
Directors foi ? of tl ree y?ar^
and for euch other business ah ir-.a,- ho
deemed necessary to ,r,ir-i.' I .. said
n.r...trr,K
E . D '?'-- Secretary
New York \; r '
DIVIDEND NOTICES
(
B?n?ficiai Loan Society
Semi-Annual Dividend
Pursuant to reaolution of ' *i<i
Board of ' rs. ? r?gulai semi?
annual dividend of three .iri.l one
Ira!:" per 1 ent 1 '? ' ?? ''- ? on ihe ? ipita
Stock of tli" Society will be ; ble
May 1 'o stockholders of re . ! a*
th-* c!'.se of bus;:i?s:? April 29
Stock transfer books will be
closed between April 29 \-.\ May 1,
THOMAS "?V. (I I.LKN. Secretary.
;!?-.?'?!. it, 19-"-'.
THE AMERICAN EXCHANGE
NATIONAL BANK
New '.irk A;*-!! 25, 1933
At . meeting of the Board or Directora 0
-Urs Bank, held to r.i- a quarterly dividend
of Three p.n i er-." Half per cent on ths cap
? ? st k ??. s !?? !?:vi payable May I 1922
to stockholders of recoi 1 al the c'.or? ol
; ?-. ?ipril . :. ir:
W VLTER B. TAI.I.MAN Cashier.
PACIFIC GAS AND ELECTRIC CO.
FIRST PREFERRED DIVIDEND NO '
ORIGINAL PREFERRED DIVIDEND
'?" '?
Th? rofru!ar quarterlj " dend of JI.S1
per ?hare upon the full paid First Pre
f.-rred and Original Preferred ''.?;>i'a
f the will be ' ?'
May 15. : r'.':'. to Bhare hold era of re rd <
buslne Is > l1 urd ij *. : : ! : 9t '??
1922 The transfer books will not l.?e
c.osod and checks will r>? mailed from the
office ? f the company time to reach
stockholders on the date they are pavable
A F. HOCKENBEAMER,
Vice-Pr?sident and Treasurer
San Francisco, California
PROPOSALS
TREASURY DEPARTMENT. BUREAU 0>
Engravins and Printing, Washington, 1*
I ?'.. April 8, 1922. Sealed proposals <,r? ?,.
' vtted to furnish this Bureau with I'ostig"
j Stamp Paper anil Internal Revenue Pape'
: Brass anil Iron ?.'aatings. Cleaning of VV,n
; dows, Purchase of Pulp, 'nk Scrapings
i Distinctive Paper Shredded Trimmings an
! Postage S'ampanl Internal Revenue l'ap?
' rrimmings, during the ris,;il year begin
r ning July 1, 13-2. Proposals to be re ?
! not later than 2 P. M . Mor.day. May ! ?
1 ;;;?.'. Blank forms with specifications ior
; proposals tor the Bcveral sch? lules and
I further information will be furnished o->
application to Louis A. Hill, Director.
TREASURY DEPARTMENT, Supervlslnr
Architect's Office Washington. D. C., Apr!'
17, 1922?SEALED PROPOSALS will be
opened In this offlc? ;?.' !i p, m . May s, 192l
for ?-onstructlon (except mechanical 'equip
mem) of alteration and addition to bolle
honre; also separate proposals for mechanics
equipment of bol!?- h,";s-". Including fire
iine??. steam and water connections to lauta
dry machinery, and transformer substation,
at the l'nlt'"1 States Quarantine Statics
Hoffman lnlan*. New York Drawings air
specifications may be obtained from the o*IV ?
of the Supervising Chief Engineer, Room 731.
Custom House Building New "-'ork. N V
or at this off!' e In ill" .':??? on of th-'
Supervising Architect. JAS \ *-".:TMOR!
Acting Supervising Architect.
