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Stocks Spurt Qn Railroad And Strike News Securities of Carriers Rally After Days of Depression; Gommodities Are Firm on British Development Tha impact of favorable news that waa onexpected on the market-place yesterday resulted in a sharp turn about of quotations. After two days of falling security prices the effect of constructive developments in the world outside was precipitate. Railroad and irdustrial shares, in a session of h^fgntened activity, rose without re sistance and those shorts who tried to cover found it costly to do so. Tho decision of the Railroad Labor Board that the national agreements with labor made by the railroad admin? istration in 1918 be abrogated on July 1 next was seized upon by traders as a signal of a fundamental improvement ir. the financial outlook of the carriers. Some of the executives pointed outthat in- -fche negotiations with their men each road would be hedged in by new conditions.established by the board, but in the stock market only the favorable a ipact of the development was stressed. Rail securities, which were driven to the lowest prices of the year on the two previous days, came back with sharp rebounds, and gains of as many as four points were not infrequent. The strength at the opening indicated that there was enough in the news outside at the British strike cancellation to cheer speculators, for definite informa tion' regard ing the British situation was not available until at least twenty minutes after trading began. Buttressing the railroad decision, *hich was of primary influence, was the sentimental effect of the action of the, Federal Reserve Bank of Boston in fteducing its discount rate on commer? cial paper from 7 to 6 per cent. Being the first break in the policy of credit repression since November, 1919, the action was regarded as constructive nnd helpful to business. On the top of these two influences cume the announcement that the strike ?f the Triple Alliance had been ealled of. This relicved the financial mar kpt of a heavy feeling of disturbance which had been overhanging it for days, To the impulses to buy stock, which were already formidable, it aided fresh power. Of all the news in the day's bndget rhe British cables were of most in? fluence in the commodity markets. Cotton quotations, which had been heavy for several days, leaped buoy aTitly, and gains amounted to $2 a bale. And the foreign situation checked also the period of sharp declines in g^ln prices. Wheat, despite a later -inaction, closed with gains amounting toi3r? to 1% cents a bushel. . Sterling exchange itself advanced more than a cent. On Thursday, when the other financial markets were de .uressed by the prospects of a breach ir Britain, sterling was firm, advane iftg,,a cent. Evidently financial London had the situation well sized up. The action of sterling was due directly to strike developments, and, there'fore, Continental exchanges, subject to other influences, moved independently, slumping instead of rallying. '?' *? ? Money and Credit Call money held firm at 7 per cent at the Stock Exchange throughout the session yesterday. Offerings of money were fairly liberal: Yester- Year day. ago. Dn mixed collateral. 7 7 On industrial collateral. 7 7 Time money (mixed collateral"!: Sixty days .6%@7 8<<r8i,2 Ninety days .6'^'?.7 8@8% Four months . 7 8@8% Four to six months.1. . 7 8@8% -Bank Clearings ? Bank clearings at New York yesterday were: Exchanges, $^12,797,337; balances, $54,549,382. Silver?London, 33%d; New York, do mestic, bar, 99Vic; foreign, b&Vzc; Mex? ican dollars, 44V2C. The Dollar in Foreign Exchange An irregular trend in foreign ex? change rates prevailed in the local market yesterday, with chief interest attached to the advance of more than a cent in sterling, reflecting increased confidence that a satisfaetory solution of the industrial crisis in England is nearer at hand as a result of the can? cellation of the strike order by the Triple Alliance. Continental rates failed to follow thc lead of sterling, French, Belgian and. Swiss francs being slightly lower. Italian lirc dropped back perceptiblv. while the Rumanian leu also sagged snarply. Greek exchange recovered, however, and Central European rates were slightly higher. Thc feature of trading in the Amer ifjid group was the continued weakness of Chilean currency, the peso drop ping_ nearly a cent to 11%. Dispatches ;*'.tnbuted the weakness to speculation in Chilean government gold certiti C *tes, which failed to advance as ex? pected. Argentine rates were lower, fyit Brazilian were higher. There was no change in Far Eastern exchange. BCROPJE Tester- rrevlous T??r day. day. a?o. GREAT RR1TA1N (par $4.88 a soverelBn> Pemand . 8.91% 3.904 3.9s Cables. 3.92% 8.91% 3.96% 'SO-day bllN_ 3.88 3.X7 3.91 SQ-day bills.... 3.86 3,8494 ".89 I'llANi'E (par 19.3 centa a franc) Pemand . 7.12 7.13 6.10 Cablea . 7.13 7.14 8.11 JIKUHI'M (par 1S.3 ren's a franc) pemand . 7.39 7.49 6 52 Cablea . 7.49 7.41 < 53 SWITZERLA.VD (par 19.3 conn a franc) Demand .17.2s 17.30 13.93 Cablea .17.30 17.82 18.09 ITAliT (par 19 3 cents a lira) Demand . 4.794 4 89 4.35 Cablea . 4.71 4.894 4.38 HOL.I-AXD (par 40.2 ront.i a florin) IVnund .34.SS 34. 6fr 37.IS Cables .34.70 34.87 37.43 GERMANY (par 23.8 cents a mark) pemand . 1.59 1.5S?; 1.73 Cablea . 1.594 1.59 1.76 At'STRIA (par 20.3 cents a crown) pemand .29'i .29 .54 Cables .29*4 .294 .58 NORWAY (par 26.8 cents a crown) Pemand .16.05 1605 20.30 Cablea .16.10 16.10 29 40 9WDDBN (par 26.8 cents a crown) Pemand .23.65 23.S3 21.95 Cables .23 70 23.88 22 00 DENMARK (par 28.* centa a crown) Pemand .18.02 18.05 18.40 Cables ...18.07 13.10 18.45 SPAlN (par 19.3 centa a peseta) Deiiiatid _...13.92 13.994 17.45 Cablea .13.94 13.924 17.55 PORTfJOAL (par 108.05 centa an eacudo) H'-jnand . 9.25 9.124 46.21 Ca.bles . 9.S0 9.37 Vi 48.31 GRBECBJ (par 19.3 cents ? drachma > Pemand . 7.05 6.98 11.28 Cablea . 7.10 7 00 11.30 P-H.AN'P (bar 23.8 centa a mark) Pemand .13 .13 .58 Cables .134 .134 .69 CZKCHO-MLOVAKIA (par 20.3 cents l crown) Demand . 1.38 1.39 160 gjAle* . 1.39 1.40 1.65 4TttC50-.SI.AVIA (par 20.3 cents a crown) Demand .714 .714 .88 Cablea .71 ?i .73 .70 RUMANIA (par 19.3 cents a leu) Dwnand . l.f/ 1.70 1.75 , Cablea . 1.62 1.71 1.80 Transactions Yesterday in Listed Stocks Summary of Stock Exchange Dealinss (Copjrrlsht, 1921, New York Tribun? Iae.) , STOCKS ?ar Year January 1 tt date. TmlfriliT. Railroad stocks . 141,200 Other docks . 547,700 All stocks . 688,900 Yeatardar. tT. S. rorernment bonds. $6,688,000 Railroad bonds . 1,861,000 Other bonds . 2,155,000 All bonds . 10,704,000 J?!VZ. *'"? 1921> 19Z0- 1919. 91,900 301.500 11,679,800 21,602,300 14,409,800 465,900 745,900 37,214,600 62,021,400 45,367,900 557,800 1,047,400 48,894,400 83,623,700 59,777,700 BONDS January 1 to date. r?ST before. Tear aga. 1?21. 1920 $4,655,000 $16,041,000 $590,101,000 $798,844,000 1,641,000 2,186,000 133,214,000 158,761,000 2,016,000 2,604,000 148,091,000 177,984,000 8,312,000 20,731,000 871,406,000 1,135,589,000 Record of Stock and Bond Averages (Copyrlfht, 1921, New YoTk Tribune Ine.) Yester? day. 20 Railroad stocks . 61.25 30 Indnstrial stocks . 74.53 50 Stocks . 69.22 10 Railroad bonds . 73.55 10 Industrial bonds . 83.08 5 UtIUty bonds . 73.40 25 Bonds . 77.33 STOCKS Day before. 59.25 73.33 67.70 Year ftffo. 65.30 104.50 88.82 Kenir* Jan. 1 to date. High. Low. 66.60 69.25 70.80 71.70 72.12 67.08 Range t*X\ year 1920. Hls-h. Low. 73.80 58,80 110.30 67.67 92.05 64.30 BONDS 73.43 83.08 73.45 77.30 70.12 87.70 72.56 77.04 76.23 84.53 73.70 78.41 73.43 82.06 70.13 76.31 76.97 91.45 74.53 81.71 66.73 81.30 67.44 73.94 Sales. Adams Express . 200 Ajax Rubber. 200 Alaska C.alt* Mines... 2200 Alaska Juneau . 1400 Allied Chemical _ 900 * AllU-Chalmert . 1500 do pf . 200 Amer A?r Chemical. 200 Amer Bank Note.... 100 American Beet Surar 1200 Amer Besch Mar.... 200 American Can . 1200 Amer Car & Fdry... 600 ' do pf . 200 American Chicle .... 100 Amer Cotton Oil_ 200 Amer Drug Syndlcate 500 Amer Hidc & L pf. 200 Amer Icc Securities.. 100 do pf . 100 Amer Inter Corp.... 1600 Amer La France. . . . 200 American Linseed . . 4200 Amer Locemotire . . 2500 American Radiator . 200 Amer Safety Razor. . 3500 American Smelting.. 5600 do pf . 200 Amer Siuelt See pf A 100 Amer'Steel Foundry.. 900 American Sugar. 1900 do pf. 100 ' Amer Sumatra Tob.. 5600 Amer Teler & Telep.. 6600 ? Amer Tobacco . 600 ' do B . 200 ' Amer Woolen . 10600 Anaconda . 1600 Ann Arbor pf. 100 Aaso Dry Goods 2d pf. 100 Atch, Top & San Fe.. 3900 do pf. 500 Atlan Coast Line. 900 Atl, Gulf & W 1. 18700 do pf. 600 Baldwin Locomotire.. 38600 Baltimore & Ohio.... 6200 2'2 Barnsdall, B . 300 Bethlehem Steel .... 400 do Class B. 36900 do 8% pf. 300 ' Brooklyn Rap Tran . . 400 Brooklyn Union Gaa. 200 Burns Bros . 200 Butte & Sup Cop . . 200 Caddo Oil . 500 California Packing . 1400 California Petrol . . . 14600 do pf . 200 Calla Lead & Zinc. 400 Canadian Paeific ... 11600 1 Central Leather .... 4900 do pf . 200 Cerro de Pasco . 300 Chandler Motors . . . 3400 Chesapeake & Ohio. . 1900 Chic & E Illinois .. 1300 do pf . 1200 Chic Great Western. 400 do pf . 3200 Chic, Mil * St P_ 3500 do pf . 2200 Chic & Northw'n . . 1800 do pr . 500 1 Chic Pnea Tool ... 200 ? Chic, Rk Isl & Pac. 10900 do 7% pf . 200 do 6% pf . 200 Chic. St P, M & O. . 100 C C, C & St L. 100 Chile Copper . 2600 Chino Consol Copper 600 Cluett-Peabody . 400 Coca-Cola . 2600 Colorad* ft Southern 200 Columbia Graph ... 5800 Columbia Gas Jb Elec 400 Consol Cigars pf_ 100 2'/2 Consol Distributori . 200 Conselidated Gaa .. . 2700 Consolidated Textile.. 200 ContinenUl Can .... 200 Continental Candy .. 500 Continental Insurance 400 Corn Products . 2500 Cosden & Co. 3700 Crucible Steel . 39100 ' do pf . 100 Cnban-Amer Sugar . 3100 Cuba Cane Sugar_ 4600 do pf . 200 Dclawnre & Hudson.. 2900 Denv & Rio Grande. 500 do pf . 200 Dome Mines . 3200 Elk Horn Coal. 200 Endicott-Johnson .... 1600 Erie . 3700 do 1s? pf. 2200 do 2d pf. 700 Famous Players .... 9600 do pf . 200 Fisk Rubber Tire_ 1600 Freeport Texas . 800 (iaston Williams .... 400 Cencral Asphalt .... 31900 General Cigar . 200 Oneral Electric Co.. 400 ('eneral Motors .22700 do 6% deb. 800 Goodrich, B F. 1200 Great Northern pf... 12400 Creat North Ore sub 200 Gulf States Steel_ 400 Hendee Mfg . 1400 Houston Oil . 4200 Hopp Motors . 800 Illinois Central . 300 60 Indiah,oma . 400 India Refining . 400 Inler Agriculture . . . 300 do pf . 900 In.xpiration Coppcr . 500 Inter-Cons Corp .... 1200 do pf . 1400 Inter Harre-Ster .... 1700 do pf . 200 Inter Mer Mar . 600 do pf . 900 Inter Motor Track . . 200 Inter Cement . 100 Intsr Paper . 1.9900 do pf ntpd . 200 Inter Nickel . 600 Invincible Oil . 4600 Uland Oil . 3700 Jewel Tea . 200 1*f 10 <8.6? 48.75 47.6a 4; FINLAND (par 19.3 centa a mark) P?:riaml . 2.25 2.36 .'. 6 ?* ( ables . 2.28 2.38 5.70 I AR EAST CHINA (Shanghai par 106.."> cents a ta?l) Demand .6<?.75 68.76 128.00 Cablea .67.37V4 67.37Vs 128.50 CHINA (Hong Kong par unsettlod.) Demand .50.00 60.00 93 00 1 'a b!-s .50.50 50.50 3 \I'AX (par 49.8 cents a yen) Demand .4? 25 48.25 I'ahl's .48.50 48 :.0 IM'lA (par 46.65 cents a rupec Pemand .26.00 26 00 Cables .26 1-5 2S.25 ,, ,,, STRAITS SETTLEMENTS (par 56.8 cent a dollar) Pemand ..:_45.75 45.75 _ Cablea .46.00 46.00 _' THE AMERICAS ARGENTINA (par 42.44 cents a paper peso) Pemand .32.126 .12 60 43.125 Cables .32.25 32.625 42. 30 BRAZIL (par 32.46 centa a. paper milrcia) Demand .14.125 14.00 26 50 Cablea .14.25 14.12 26.625 PBRU (par $4.86 a pound) Checks. 3.53 3.53 4 75 ECUADOR (par 48.?o centa a Micre) Checks (nom). .83,25 32.25 _ CHll.K (par 86.6 centa a peso) Checks .'.11.626 12.50 23.10 L'RUGUAY (par 103.42 cents u peso) Checks.67.876 68 00 _ VENBZUELA (par m .; cents a bolivar) Cheoka .16.26 16.26 _ Canadian Eichuiige Xew Tork funds ln Montreal 13 3-16 per cent premlum. Mont? real funds in Xew York. 11.65 per cent dlacounr. Bid and Asked . Following are the closing bid and I lT*? quotations of Btocks listed on tho ! Mock Exchange in which there were jno transactions yesterday: Bid. Asked.| iii.i ?.,..j I Ad? Rumely .. m; 17%iBrowa Shoe R3 ?"* I do pr . 48H 51 I do pr rn -i Air Reduction. 34Vi 87 |Bu(T n *"r" H'U -n A O Dje. pr. 88 89 do pr R? ? All Am Cable.104 lOjti'BulT & Sus" Alll Realty .. 70 - do pr ' 7[ l tau^*vVtl prI^ "HBurna Brs"prl04 I A Bk Note pr V%. 50 iBush Term 65 I Am Beet S pr 65 80 ICan Southern" 3^> 90 80 43 108 100 45 do pr . 85 Am Can pr.. 8'JH 85 Am Oot OU pr 63 66 Am Express. ..122 127 Am I.a FTince 10Vi 1 aVi A Llnseed pr 78 84 Am Ixjoo pr.106 108 Am SnulT _10'. 101 d" Pr . lg\b 83 A Sum T pr 83 85 Am Tel * C. 51 55 Am Wool pr. JC^ 97 }J London Money Market LONDON', April 1*5.?Bar silver, 33'*id per ounce; bar gold, 104s llrj. Money, 6U per cent. Discount rates? short bills, 5**s per cent; three months' *>ills 6Y* per cent. Gold preraium at Lisbon 140. z * h pr. .. I Ann Arbor .. 8 16 do pr . 15 30 Assets Kl Co. 2H 3 j A D G lst pr 62M, 64 ! At Blr & A. 3?i 4 i Atlantlo Rof. ,900 950 <"o Pf .107 108 Atlantic Frult. 6 Atlas Taclt .. 12% Austin Nk'hols 91* do pr . 60 'i Auto Sales Co 34 do pr . 94 Bald Ixwo pr. 9S Barnett Lea.. 34 do pr . 70 Barnsdall ... ? Batopllas 51.. % Beth Steel pr 80 Bkn Edison,.. 82 Brunswlck ... 4H Case J I pr., ?a Cen RR v j.I?0 _ ? Urtalnteed ... ? 44 do lst pr... :o 80 do 2d pr... ? 7? Chl * Alton. c; 7 do pr . u .ifl CSPM&O pr.. 80 85 CCC & S L pr 60H 62 ClUOtt I'l'Hb... 41*;, 44 do pr . 83 _ C P * I pr !i7 108 O as S lst pr 51 53 do 2d pr... 43 45 Col Graph pr. 39^ 42 Con Chiar pr 65 70 Cont Pan pr. 75 90 Cont lu? Co. 61 63 Corn Prod pr. 101 ?i 104 Oei Carpet 100 6H Cu Am Su pr 92 82 94 18 iUar Chem WOe Beers .. 67 |Deere t'-y pr 4 jDet Edlson. 12 iDet *! Mae < 100 | Uo pr . 50 Det On RR.. _ jD 8 S t ,(.. 4 26 do pr . 5U % Dul. & Sup.. ? 91 Ihirham Hos, 24 95 I *> pr 80 28 tn 4?4Ba5t Kod"prl02t(, in 6H 17 34 84) Hig-h. 1921. 26?8 52 4934 54 21 1738 M51/4 58'2 48 28 291/2 56ii, 211-2 12% 1033B W, -z 21 7!? 12 3[/a 9138 167'4 20 15'2 33 J 2 13 3 20?a 4134 56/4 30 11534 120 5% 65 74 12 77J. 2 89 74' ', 29 23' 2 1047; 88'4 4 28'a 16 54* , 49 41'/2 451/a 7938 7134 4134 17 44I/4 1934 35' 2 31' 2 35% 117e 78 63 3i: 14'8 96 104 11 H, S1!2 36I.4 8934 1438 89'4 55 73'4 69'4 24'8 30'-4 41 7'8 12 9834 20'2 46'4 '255, 101 24% 60 110 82 37 423,4 80 103g 109% 48 9/4 45 2% 247 8 36% 20% 573,4 91 12J/2 20 12?a 55i 2 75 122 6734 207 26 183,4 27'4 72 5134 58% 74% 103% 35' 2 85 112 59'/2 41 42'2 8% 23% 11% 19% 29% 94 49% 62i/a 47 11 19 17% 423 4 9 40 36 1171/2 52% 651 4 Low, 1921. 18'/j 45i/fl 351/4 35 16 8/4 130 47/a 40 19 17/a 47% 15 9% 87 45'/, 14'8 2/4 7 3/4 65/a 135% 1534 11% 25% 9 2 16 33% 571/2 20(2 102 106 1 49% 6934 9 60 72'2 66 20% 1434 923^ 68% 3% 24% 1234 43 % 46% 27) 2 ? 38' 4 64% 58'/4 32% 8% ? 33% 1534 31 % 23'% 19% 934 69 56% 24/4 12% 81% 8738 101% 39% 31 82 1.1 65 37| 4 58% 56% 19% 23% 35 5% 8% 65% 1234 38'/2 19% 70 19 53% 105% 77 26% 27% 43% 7% 85 36/2 38 l% 16", 21 13 45 79 8 16 6% 36% 68 11234 645a 97% 19% 11' 2 19 64'4 41% 48 62'j 101 26 773.4 107 4534 26 29' '? 7 18 9% 15 23% 84 42% 60 38 8/4 ' 14% 123, . 35'j 5% ? 30 30 ? 108! 4 43 61 Dlv. Rate. 2 3% 2 1 7 7 2 8 .12 2 1.60 .40 8 5 1 8 7 8 5 4 8 4 2 6 5.20 Salei. Kansas City South.. 3600 do pf . 200 Kelly Sprinrfield . . . 2600 Kelsey Wheel Co ... 200 Kenttecott Copper . . 800 Keystone Tire . 3900 Kresre, 8 8 . 100 Lackawanna Steel .. 1400 Larlede Gas . 300 Lake Erie ft W pf. . 200 Lee Rubber & Tire. . 600 Lehltrh Valley . 500 Luew'n, Inc . 1600 Loft Candy . 200 Louw & Nashville. ... 500 Manhat Elevated _ 200 Martin Pnrry . 100 Maxweil Motor . 200 do 1st pf. 100 do 2d pf. 200 May Dep't Store.s. ... 800 Mexican I'etrol . 49800 Miami Consol Cop.... 1200 Middle States Oil. . . . 3700 Midvale Steel . 2400 Minn ft St Louin. . . . 200 Mo, Kan & Texas_ 100 Missotiri 1'arihr . 2200 do pf. 2400 Montana Power . 200 National Acme. 200 National Hiscuit .... 1200 do pf . 400 Nat ton & Cable. . . . 500 Nat Enamel & Stamp 200 National Lead . 100 Nevada Con Copper. 900 New Orl, Tex ft Mex 200 New York Arr Brakc 100 New York Central... 8000 New York Dock. 600 N Y, N H ft H. 3500 Norfolk ft Western.. 1600 Northern Pacific . . . 13700 Okla Prod ft Ref... 6900 Orpheum Circuit . . . 400 Otis Steel . 900 Owens Bottlinr Mach 600 Pacific Gas & Elec. 700 Pacific Ot! . 8900 Pacific Tel ft Tel... 100 Pan-Amer Petroleum. 7600 d? B . 200 Pennsylvania R R.. 16900 Penn Seaboard Steel. 12600 People's Gas & Coke 2400 Pere Martjuette .... 500 Philadelphia Co .... 200 Phillips Petrol . 200 Pierce Arrow . 8100 Pierce Oil . 600 no pf . 200 Pittaburtit Coal .... 500 Pitts & W Va. 600 Pond Creek Coal . . . 200 Pressed Steel Car . . 200 do pf . 200 Pullman Co . 6900 Panta Alejrrc Sucar. 1600 Pnre Oil . 2700 Railway Steel Sprinc 200 Ray Consol Cop .... 1500 Readinir . 8900 do 1st pf . 400 Rep Iron & Steel . . . 22700 Royal Dutch . 13100 St Louis ft San Fran 6600 St LouLs Southw'n .. 1900 do pf . 400 Seaboard Air Line... 400 do pf. ioo Sears Roebuck . 8900 Seneca Copper . 1500 Shell Trans ft Trad . 900 Sinclair Oil . 9600 Southern Pacific .... 19100 Southern Railroad . . . 4603 do pf. 200 Stand Oil of N J pf. 700 Steel ft Tube pf. 200 Stewart Warner .... 200 Stromberjj Carb . 400 Studebaker . 54300 Submarine Boat .... 1200 Stern Bros pf. 500 Superior Steel . 600 Tenn Cop & Chem. . . 200 Texas Company. 4900 do Rights . 39600 Texas Pacific . 200 do Coal & Oil. 1900 Third Ave Rway. 600 Tobaeco Products . . . 700 do pf. 200 Tol, St L & W ctfs. . 200 do pf ctf. 200 Transcontinental Oil. 30600 Twin Cily Rap Tr . . 200 I'nion Bae & Paper.. 100 I'nion Pacific . 6900 do pf. 200 I'nited Kruit . 3400 I'nited Rway lnv pf 300 U S C I Pipe ft Fdy 500 U S Food Products.. 1900 U S Ind Alcohol. . . 2903 II S Realty & Imp. .. 2500 t nited Retail Stores 2700 l nited States Rubber 19100 do 1st pf. 400 U S Smelt & Ref. . . 500 I'nited States Steel. . 39700 do Pf . 200 lUah Copper . 1900 Yanadium Steel .... 3200 Virrinia-Car Chem . 1300 Wabash . 200 d? Pf A. 800 Western Maryland .. 4100 do 2d pf. 200 Western Pacific .... 200 Western Union Tel.. 1200 Westing-house Mfg- . . 1900 do 1st pf. 200 Wilson Co . 200 Wheel ft I.ake Erie. 300 do pf . 200 White Oil . 500 White Motors . 2100 Willys-Overland . 1900 do pf . 200 Wisconsin Central .. 200 Woolworth . 200 Worth Pump & M. . 200 do pf B. 200 1% -( *Ex dividend. Bid. Asked En.-ll John pr 90 94 Elec St Hat..mo lin Klkhoni C pr 394 t"x-i Kni llran1. ..7 s ?I" pr . -J.-, ?/.; F.rle ft i'itts.. 45 53 Famous Play, 72'4 ;:"?: ;io rr . sa% 8? Falrbanks ... 3; 40 I'Vd M & S. o'Vi 84 do pr . 234 24 I'lsher B7 pr 97 9$ ? liian Sugar . . 124 134 On Asphalt pr 96 MO Cien Clgar pr 92 100 do lat pr... 75 s-> Gen M 7 po pr 7514 78 Gt No Ore... 29 "914 G M A No.. 84 V do pr . 22 o6 Gray Davis... 14 18 Hartman Corp "0 :?> Haskell ft h 53K 584 Home Mines. 55 39 Hydraullc St. 114 i'? do pr . _ c 111 Cent 1 1. 504 _. I M T lst pr 73' 74 do '-'d pr... 61 63 Int Nleke! pr Sl $' Int Paper pr 94 un Int 8a.lt .... 49% ._ lowa Central. 4 a Island C C.. 53% 544 ?lol ft East.. 90 _ Jones Tea ... "0 "3 KCFSftM pr.. 60 4 _ Kayser J ... 72 S0 do lst pr... 96% ? Kel Spr pr.. 73 SO do 8 pc pr. 83 85 Keok &D M. 4 10 do pr . 20 ? Kress ft Co.. 7". 8")' do pr . 90 ? Kre*ge S S. .145% 1494 do pr . 9s*4 1034 !.*<* Steel .. 49 494 Lako B ft W 104 124 Llw ft M T..138 143 do pr .102 105 do B .l.il 143 I.lraa Leoo .. 724 74 do pr . 9o 9654 Bid. Asked. l?-? H st. pr 96 99 1 I do 2(1 pr Lorlllard V 1 do pr .. Markaj Cos tlo pr Mali Coal ..143 150 ..102% 1054 nson pr .350 . 14 . :'. R > 700 154 64 44 984 ;s Manall Sugar . . ; do pr . ... _ Mar Kookwell. 5 -Mat Al W... 154 ,May He st pr.102 Mm Pet pr.. Sf. {MSPft S s M 63 i do tsd lin?s. 5.1 |M K & T pr 4 Mont Power.. 53 do p-- . 91 Mont Ward 1" Morrls ft E?! H4 wulllna By pr 90 jNash ft Chat. 90 |Nat Cl ft 8. 3i ; do Pr . ?9 N B & S pr 89 ?" Lead pr.104 :MIR M lst pr S N Y C & S h 44 do lst pr... fio do 2U pr.. j7 N T h & \V(|V, 99 -N T Doclt pr :,l)i, 51 N" Y O & \v 164 K N Y 8hlpbldf.'26 ; 1 Vorf & W pr 66 69 North Am .. . r.S -9 Nova Scotla st 35 30: Nutiisally _ n jg Ohio Body .. 9 ijj Ohio Kuel .. 45 4g Otis Bleva....l234 139 do pr . so' jjjj Otis Steel pr. 70 73 Owens Bot pr ?- 100 Fai-lBc Coast.. 12 21 do lst pr... 60 100 r.d0 iM. J""--- 40 ?0 Pac Tel * T 40 4", ParrUh Bln?.. 13 141 Penney .1 C pr 82 86 I'ere Mar "pr 34 sg do prior pr. 49 55 118 nt 103 ii 4?* 74 61 Bid. Asked. Peoria ft E.. 94 HU Pettl Mulll... 34% 62%' do pr . ? ns Pliil Jones .. ;-0'i 33 do pr . 71.1 7R Pli-roe Ar pr. S0 PCC* s r, etfs 63 T ft P | t.200 Trans ft w s :;?) T C K T pr 73 Ln Tank ... 10:; .do pr . ps Un Clgar St. 120 do pr ..... 99 ,.,. I) Unig lst pr 4.;31 44W, Un l!v in? .104 11 " I'nderwood T. 143% 155 do pr .101 ' 120 t SCIP& P pr 48T4 494 I }r s Express.. 5% 6U ; <> & I Al pr 94'i 9oC i V a ft M pr 40>J 43 i J!a f'^Ch pr 9:,4 944 ; *? I C 4 c 84 V Raal lst pr 75 I Wauasli pr B 13 Weber ft Hell. 11 IVesl'sa A B. 91 \i 84 ?-64 250 414 9"i 108 100 200 107 90 13 K 12 92 _, , , Bid. Askod. Wtckwlre Sp. 14 17 Wilson Cn pr SO 85 WoolwortU. pr.104 10s .?P ft M pr A 76 S0 'Pitts Coal pr 85% 87 P ft W Va pr 73 7-, Ry St Spr pr.102 lon Ryo Sec .... 50 56% ? Kt'adlng 2d pr 41 44' ';K'!s ft Co... g q j do lst pr... 48 ?g |Rem T lst pr - 88 I do Ld pr... ? st 14 iK I ft s Pr 904 93 iKeploglo St... 24 "-, Rep Truck ..17 Ig f" I' * S F pr 29 32 Sears Iloe pr 96 joo S-S 3 ft I pr 70 S8 |S F n Sugar 684 70 I do pr . _ 1034 Standard MHI.106 1"0 L,ll? P-" . 15 S0 iStudeuaker pr. 93 9614 |Sup Oll . 74 g"1 |S"P Steel pr 97 4 ? Temtor B _ 5'a _ : r"AKIb, April 15. - Prices were im? proved on the Bourse to-dJJ Three I Lxchange on London, 54 francs 9? ???% Fire per cent Ioa" 83 nn?f?^ ! centimes. The dollar was | Quotcd at 14 francs 2 centimes. JAppoint Nominating Committee i v?rE r ?f4Pd ?J I"ana^ers ot the New I ii. # 1?tt0-n Exchanee has appointed | the following nominating committee j to present candidates for the annual election in June: Philip B. Weld William N. SchUl, Elwood P. S? I Enany, Marcus J. Parrott, J. Chester | ^uPPia. A. B. Gwathmey jr. and J. C. In Wall Street A Stronger Market The few remaining bulls in Wall Street had the first real day of cheer yesterday in a long time. For once tho ncwB broke right for the confetruc tivo side of the market and a general advance in prices?the list showed real buoyancy at times?wbb tho result. Two major dcvelopments were mainly rcsponsible for tho turn upward in stocks. They wore the announcement of the decision of the Labor Board to permit railroads to abrogate their na? tional agrccments with railway labor and the London news of the cancella tion of the order for a general strike in Great Britain. A minor develop ment which also helped sentiment wus the announcement over night of the reduction in the commercial rediscount. rate by tho Federal Reserve Bank of Boston. Railroad Btocks responded to the news from Chicago with pro? nounced vigor and prices ran forward in thc early trading with great rapid Jty, indicating a small floating supply and ,an avid demand. Industrials also joined in the general uplift, and all in all it was an extremely unhappy ses? sion for tho short traders. Merger Story Denied A report that negotiations were under way for a merger of the United States Mortgage and Trust Company with thu Metropolitan Trust Company in circu lation in the financial district yester? day was denied by Harold I. Pratt, president of thc latter irfstitution. John W. Platten, of the United States Mortgage and Trust, referred inquirers about the report to Mr. Pratt. International Paper Officials of the International Paper Company who were, informed yesterday of the report that interests outside the management were seeking to obtuin proxies to vote at the annual meeting on April 27 said they knew of no fight for control of the corporation. The | management, it was stated, had sent i out proxies as usual and had received a I gratifying response. The purpose of ! outsiders in seeking proxies was re j ported to be due to dissatisfaction over the failure of the management to put the common stock on a dividend basis despite the record earnings of the com? pany. It is expected that the question | of why dividends have not been in j augurated will be discussed at the an I nual meeting. Canadian Paeific Financing The annual report of thc Canadian ! Paeific Railway, recently published, in | dicated that the company would do j some financing in the near future. Ac? cording to a report which reached | Wall Street yeBterday the company has j applied to the Canadian Government Railroad Commission for permission to : issue .$50,000,000 of debenture stock. Canadian Paeific stock was a strong ' feature of the rail group yesterday, | advancing 2Ba points net. City Bank's New Branch j The first step toward merging the i Commercial Exchange Bank into the j National City Bank, which recently ac I quired control of the smaller institu j tion, has been taken in the application i to the Comptroller for the conversion of the Commercial Exchange into the Commercial National Bank of New | York, with $700,000 capital. According to the present program the merger will be completed about June 1. This will give the City Bank three branches, one of which will be located in the old Man ; hattan Hotel building, in Forty-second ?Street, recently purchased by "the Na? tional City Company. Disconcerting the Bears Action of Mexican Petroleum proved decidedly disconcerting yesterday to the bear operators who have been ham ; menng away at the stock off and on : for several weeks in an effort to force . it to lower levels. Contrary to expec tations, the announcement of $10,000, 000 in new financing by the companv resulted in a striking rise in the stock. which mounted o'-a points to 142^4. lt was the most active stock on the list, taking precedence in this respect over United States Steel common. Acceptances for Insurance Companies Anent the suggestion of the Ameri? can Acceptance Council that life insur? ance companies be permitted to invest a portion of their funds in bankers' acceptances, it was pointed out yester? day that the state law on this point is somewhat ambiguous and very lit? tle change would be necessary to make such bills eligible for the insurance companies. The present law places in the eligible class "bankers acceptances secured by adequate collatoraL" Theo retically all acceptances are thus se? cured, it is stated. practicallv onlv a small proportion of accepted bills hav? ing documents attached giving bank? ers control of the goods until the bills are liquidated. According to the American Acceptance Council, the Leg? islature, which designated all classes of bankers' bills as eligible investments for savings banks, would not have to stretch a point to extend the same privilege to the insurance companies. Boston's Cnt in Disconat Ratoa The best opinion in the financial dis? trict yesterday seemed to be that the action of the Federal Reserve Bank of Boston in reducing from 7 to 6 per cent its discount rate on commercial paner did not mean that the other banks in the system would necessarily follow suit. Officers of the. Federal Reserve Bank of New York were silent when it came to talking about discount rates But bankers who keep themselves in? formed upon general credit conditions reiterated that conditions in the New \ork and Boston Reserve districts are not comparablo. Wild Rumors Some wild rumors are going the rounds these days. One of the wildest in circulation yesterday hinted at financing by the United States Steel Corporation. The story was branded as absurd in responsible circles, where it was pointed out that the latest balance sheet of the corporation showed cash, demand and time loans and marketable securities aggregating $342,000,000. Britain Pays First Installment Under arrangements made between Great Britain and the United States Treasury the former paid into the Fed? eral Reserve Bank of New York yes? terday $25,000,000 on account of pVin cipal and interest of the first install? ment of the special loan of $122,000,000 made to Great Britain by the United States for purchases of silver during the war under the Pittman act. Chandler Motors Shipments of the Chandler Motor Car Company are now said to be runnine at a rate of close to 1,000 cars a month, compared with less than 300 in January. Unofficiad estimates place earnings for the first half of the year at $2,000,000, or approximately 70 per cent of the entire year's dividend re quirements. Earnings for the first quarter and liquldation of inventories have been more than sufficient, it is stated, to care for the April dividend payment and the March 15 tax inatall ment. *-"?-? ? ?-.-_?. London Metal Market LONDO**-, April 15. ?Standard cop? per, spot, ?69 2s 6d; futuws, ?69 7s li; i}?c**o?ytic, spot, ?71; futures, ?74. Tin, spot, ?160 l?s* 6d; futures ?164 7s 6d. Lead, spot, ?20 lOa- fu. tures, ?21 2s*6d. Zinc, spet, ?35 10a: futures, ?21 lOa, J Strength of Oils Features Trading ; On Outside Market j Standard of Indiana Moves Up More Than a Point and Several Independents Gain; Indu?trials Quiet -<- I Strength of oil stocks featured trad- j ing on the curb market yesterday, Standard of Indiana being one of the ! leaders as on thc previous day. Mara? caibo also was in strong demand. The former advanced more than a point to 73%, while the latter was up j neariy a point at 29^, closing at the I highest point of the day. Simms and Carib Syndicate both held practically all of their gains and clost-l at 81/*. I Industrials were quiet with most i.i I tereBt attached to continued selling of i Bethlehem Motors, which eased off fur j ther, tho final transaction being made j at 2. Trading in petroleum bonds featured i this group. a disposition being shown j to sell holdings and switch to Mexican j Petroleum's new isBue, which was j offered below par to yield more than 8 per cent. As a result of this trcnd I many older issues showed slight losses. Industrials galeq Open. ITtgh. Low. L??t. 2700 ?Acrrie Coal... " % ' % " % *% 4000 Amal Leather. " *% 7 8"* 100 Auto Fuel 8.. 40 40 40 40 1800*Beth Motors. 2% 2% '.'f)00 ?Hr-Ani Ch C. 12% 12% 2600 'Br-Am T cou 32% 12% 400 *ilo reg. 32 % 200 ?far I.t & P. . 2 0 ?Ollulold ....102 2800 'Knip Kood Pr 100'Farr-Ml Coal. 1 ?o *Oardrier Mot. 100 'C-arland 8 S. 100 *Goldwyn Plc 200 ?Itorcules Pap 400 *Int Cul Co pf 200 *lnt Rubber. . . loo'I.ln M C'l A. 200 'Market .St" Ry 200 *Nat C & lee. :;00 No Am P & P 1000 Perfec Tire. . . 1000 'Radio Co_ 1 500 *ilo pref. ... 1100 Sc Coal &- T.. 9% 9% p'i 9% 100'Stand Oas pf. 34% 34% .14% 34% 600'.Swts Co of A 2% 2", 2% 2% 2000 ?Tenn Ry. P, 1 %, 1% p, 800 *do pref.... 6 6% 6 6% 100 ?Un R St Can. 7% 7% 7% 7'* 2O00 t'n Profit Sh. 1% 1"., p4 ]i,; 600*1' S Met Caps 1% 1*4 l\ l % 1000 *TT S Steamship % 11 n. ii 1000 *C H Ship Cor A % JL !??* 100 *Wm Davies.. 27% 27% 27% 27% Standard Oils ; Sales. Open. High. T.ow. T-ait. *on *Ang!o-Am Oil lfi% 17 i.;6$ i; 200 ?Chesebro pf. ? 101 >.. 1"1 1"1 10*So Penn OU. -- 228 ' "S "'8 40'S O of N T. ? 348 212 248 I 2000 *S O of Ind.. 73*i 73% 73% ' K Other Ois S?!^.. . Open. High. T.ovr. I.ast. 0000 ?fAlUed Oil .. 30 n io p ] 1800*Boone Oil ... 1 ?< 3"; 1 ij ; 5; i 2500 ?fRost-AVyo O. >? li- le 1 . 6500 *Carib Synd.. R 8% s \" 300 *Cit S B T Sh 27% 271% 27?i "--1 ! 4500 ?i.'ol Emeraid. 2% 3 Vi "K "" ! 4000*i'reole Synd.. 2% 3% "-; 314 j 3300 '('ushing Pet. A, A Jl S00 'Dennv Oil . . 1 1 Tt ' 300 *Blk Basin P. 8 % s % 8&T s r* 400 'Emerieh O C 3% 3% :, 1* x*% 1700 Engineers Pet. 1 ,\ 1% 1 ." 16i 3600 *Pay Petfol .. % .-* * V 3000 Federal Oil .. 1", 1 t. 1-, 1 :" 1000 ?Glenroch Oil. 1% iu {** a* 3500 *Ouff-Gil O c. 12% 13 l"t l'-V, 500 ?Hend I'm Oil i>4 1 ?. 1 J? j ?; ; 5700 *Hudson OU.\ % ..-. A 1* 000 ?Infrnat Pet. 14% 16 " lt>t ti-t, 100'Manhattan O 3% .''.? 3 tt ;i ? i 200 'Maracaibo O. 29 "01., 09 ?r\\x 200 *Mex Eagle O 24 24 :4 "4 i 3300 Mexico UU ... 1% 1% pi ",,.? 4200 'Midw Texas. P, p* p, p* ' 40000 Noble O & G. 46 46 41 44 200 Oinar O & G n 2% 2% "V ai?. 100 'Panh P & R. s g ? ? ' 200 ?Pennok Oil.. 5% 5% BU 5'' , 3 500'Prod & Ref.. 4% 4>. 4 4 " 400 'Red Rock O. % t* :.; 1 100'Ryan Cons... r,.? g ts g,? g7'^ 1000 'Salt Crk new 13% 13% 13V 13W . 1000'Simms Pet.. 8% 8% S^ s' 600 Skelly Oil _ 51.. ns! '-, 1 k, . 7700 *Texon O & I. ?, 2 i* V I 700 Tntd Royalty 2 ' "?* " ? 2400TJntd Tex Pet A, % "a "j? !?00 ?Victorla Oil ?i ?:? * . 300 ?Y Oil . A ,s ?* ?? T? n 14 ,4 Mining s'?''>?'?? Open. High. I.ow La?t 600 Al-Br Col Met % ".. ^ u I ?500 'vAtlanta .... ?>,, 1 i? , a ! 2'tOO 'tBelch E (ap> 2% 3 '2 3 1750 ? + Uclch 1> la p) 2 4 3-4 ' 2000 Bi^ L^dffe ... y. . i * 6 2800 'tBooih . 3 -j 1^ 3 '* ?>, ; 10000 tBost 4- Mont. 05 66 " C:; o'l :!?>00 'tCaledonia .. 11 1) 10 p 2500'Candelaria S. 17 18 '4 1; 11 3S00*Cars Riv C p 1% IU "i; 3 500*+Cashboy ... 0^ ,j B 6 10 Cons Vir Silv. 7 7 7 7 3000 'CorteK Silver. 71 73 70 73 OOOOresson Con O 1,*, 1% , j, ' p.; 4j00 Oiv Ext (a p) 33 34 33 33 2000 Eintna Sllver. 2 i 5000 *Eur Cr ii C. 8? g<" $7 57 600 *tEureka Hollv 1 ,?. i ? 1 ? ' | ? fir.OO'ttlold 7. Dlv. 37 ' lSL, 17 ig " , 2800 '-ri'.oldf Cons.. h 7 " 6 fi ' 3200 *tGo]df Dev.. 2 -".4 114 ?? 12000'Goldf Flor... 28 29 "7 ?>% | 1500'tGreat Bend. 2% 3 ?>% "s 3000 *THarmill D "M 10 12 10 p iliiS,TIeL'la- MnB ?? :u^ 3? 3** s% 1000 Howe Sound.. 2% 2% ">? " 1; ? 3600*tJlm Butler. 7 it ~ % ?? C200+.!umbo Exten 5 6 5 s a00 Kerr T.ake ... 3 3% s p, ; 7300 ?tKnos Divide 1 tj \- 3511. 1 g u, ' 25000'T.one St C M 4 4% 3 3 C j 3000 *f MacN' Cr 11, 1| 11 10 p lOOO'+MacX Mng., 14 14 34 14 500 Magma Cop... 19% 39% 39 !? 2400*tMarsh Mng. 6 6 5 6 ! 100 ?Mother T, C o 4% 4% 4% 4% 1 2000 *Nat Tin Corp lj ll 11 g| 500 ?XY *. llon M 4 ' 4% 4 iC ! 25 *N Jers Zino.128 128 126% 126% I "00 Nipipsinur M C C% 6% 6% ?*.. 200Ophlr Sil M C 1 ?'. 1?? H. 1*4 "100 "Plat Pall Pr. 6% 6&! 5<v; 5? 500 Prince Con ... 14 A u i ; 2000 Rex Consol ..7 714 7 ii 500 St Crolx Silv. U 3 1; J? | 2700'S A O * Plat 6 5% 5 6 * ! 10000*Sllver Hills.. 44 45 44 4r. I 1700*tSilv Kir Hlv 1% 2 IU 2 , 2000 ?fSil M of Am 78 7?) 77 71 I 2300'tsilver Plck. 5 6 5 6 200 Stand Silv T,d /a A ^ . ! 3700'tSucceBS Mng; 2V4 3 "iZ ?<** I 700 ?Tallapoosa. S. ^t A jl ?. I 1500?Tono Belmt.. 1 ?g ijl p^ jV 2800'Tono Divide. 1% ] 1,. jX iu' 760Tono Exten... IA p., i.t: .r 365?Tono Mng .. ]?.; i,i iU jl 3850 Untd Eaatern. 2% 2* 2?i in lOOOUSConnwl A ?i ? B2 3200?tVict D (? p) 2% 3 28 3 760 fW End Con?. ll 1 % ? 1100 ?Wn Utah Cop 24 "4 '4 04** 1500 tWh Caps Mg 7 7 "7 "7 1500 Wllbert Mng-.. 3% 4 3% 4 Bonds Sales (009 omltted). Open. High. I.ow. I.ast. 110'Alum Mfg 7s.. 97 97 90% 96% 10?Am Ag Ch 7%s 97% <J7% 97% 97% ****,? '4a?.U ** *7* 97*? 97^ ?7% 5 *do 1924. 90% 96% 96% 96% l'Anaconda 6s... 86% 86% 86% 86% I./d0.'BA. 93% 93% 93% 93% 5?Ang-A O 7%s..l00% 100% 100% 100% ,o.?;rmour ,s. 96% 96% 96% 96 % 1:-!leajr Bd 8s '33 76*^ '5% 74% ?6% JI?eth ?'!.7; '35 9r^ 95% 95% 95% 40 ?Bumsdall 8s... 96% 97% 96>4 97 75 *C t\ E 111 5s... 61% fiiu ?P l'lx, 10?ConOas8s.100^100* 99% 9^% 1 *Con Text 7s wl 64% 94 w 94 u llv 1?C Ex As 8s '22.100 100*^ 100 * loj* 0 122 la \W*~> 29* 99% "* 9*4i i? t^? !" **I*? 99% 99% 99% 99% ".n.ol8^1?25*-- "^ S"* 99% 99% Z.rllt?. Mv,7,s'-102'* 1<>2% 102% 102% ?. !?en .A9?11*11 ?? 10T 101 101 101 l JMexlca^Petl.i^ U l>% "|3S 2 ?Ohio C Gas '22 87 87 9?^ ?? " 5 ^ *do 1924 . 94 Si ,1 J7 2 ?Ohio Pwr 7b '6i 95 95 li V ?0-P*ckd Mot 8s::i00 100 An ,n? 5 -Sj.r. R 7. 1-yr 9?% 99% "2% J^? " .^? l* VyT"' Pfi^ 9?5 96% 96% uss^.V??::::!?^ {?? tt* SS 1 Jdo 7s 1927...1?l?ioiClOP?"IJ? 2 *do 3s 1928.. .101% 101% 101% o? ,X !^? I" 1?')0--102% 102% i?s?u m2 1!-^ do 7s 1951...103% 104 103^ lo"t* 3 ?Swift * C 6s '21 98% 99% SS ?|3 2 ?do 79 1926... ??.J ??3 9s2 J^S 2 'Swiss Gov 5U| gKi? ii"? i?J? *"r* 50-Un Ry of H?V." 9?H 5|H |gH \*'* ??y???n? Oil 7...109 ]N1i, jJJ 4 ?W??t?rn Bleo 7? M% ??%??% 99% "UaMjted, tlii-imtinrtkKt, Stocks - Bond; Grain - Cotton Bought and soti on comrnission ExUmfa private t>lre tSstem ftacf] Ihe principal Crain and Cofto, Market ccnten. Trade AlociaU Members ef MtenwoICortou \SstKia(i0B 20 Broad Street, New York Branch Ofcet 25 W 33rd Street, New Yorl. Cit, Liberty Building, Phiiadelphi. Woodward Bldg., W?,hi?Ktoil Amaterdam, Holland SchathamIp^ (?) NATIONAL BANK ?UnK 1? Broadway, Si?fer kC Borden Co. Brooklyn Trust Co. Guaranty Trust Co. McCLURE.JONES&REED Uembers Xe? Ytrk ateek MstMtat IMi Brwdway l*h.?, 3321 J^ Peruvian Exchange Low Eeuador Acts to Improve Finan oial Position LIMA, Peru. Apri! 15. -The PeruTiti pound was quoted to-day at S3.53, wh;cb is said to be the lowest point it hai reached in many vears. This fact < attributed largely to decreased espor;. and an increase in imports. A Guayaquil, Kcuador. dispatch r. ccived here say* the Ecuadorean gov? ernment has issued a decree permittir.c the free exportation of articles V prime necessity. This step was taken in order to alleviate thc financial crls; resulting from the high quotation cm the United States dollar. ?-?--.?, Shows Decline in Revenue Chicago. St. Paul. Mineapoli* & Omalia Report The Chicago, St. Paul. Minneapolis & Omaha Railway Company reports for 1920 gross operating revenues of $-ti. 489,816\_ compared with $27,732,019 in 1910. Xet operating revenue amounted to .$2.722,73o. against $4,445,554 the ptt Ceding year. The report says that operatin? ex renses of the company were largely at icctcri by the increased cost of locon>". tive fuel, the average price for the ten months ended December 31, 1920, t>e\ng $5.77 a ton compared with $4.34 dur? ing the corresponding period of 1917 or an inceased cost of $933,671. Th? earnings of the company were consid erably depleted by thc "distribution of commercial coai from the head of thc lakes on account of tl.c- lack of fuel supply moving through that gateway. Financial Items The contemplated closing of the N>? Tork 'office of Parkinson <t Burr, of Bo* ton, ar.d the transaction of th#ir New T? business through Callaway, Fish * Co.,y. New York. as their correspondenta are ????? tonded to bring about cloaer reiations br tv-een the two companies. It If >?'? that Robe-t II. Cox anJ William -) :hc preaefit N'?w Torli partners of f*?* son & Burr. will become partnera et Call* way, 1'ish A- Co. Krank A. Klmball ha? sold his nw.bn-. ship m the New YorW Cofjtee and Kxchatige to R. M. Wilson for J^.900, .et resenttng an aJianr- of M00 over ine nat previoUB sale. Tide Water Oil Sal-s Corporation h?? iusi announced lowered prices to the o>?, ers on Veedol motor oi!?. effective u Jj April 1. Reductions laus" from Ij 10 " per cent_ Monthly Earnings (Changes from corresponding months ?? 19'JO shown) St. Ixiuis-^an Francisco System February gross . .$6,924,178 Dee. ??"?- "." Bal. after tax-8.. 1,323,021 ln". Net op. Income... 1.261.843 Inc Two mos.' gross..14,303 K 43 Dee Bal. after taxes... 2.621.703 Inc. >??; . Net op. income... 2,386,386 Inc. Mlsaonri. Kansas & T?ow S-T,tt" February gross .. .|4,770.3??ec |T?.J Bal. after taxes... 602,6?t lno. ;'; ? Net op. income... 429.922 Inc. <w.' Two mos.' gross.. HU83.036 Dee. l.??.? Bal. after taxee... 1.262.623 Inc l."?-? Net op. Income... B86,?S4 lno. !.!??" Kansas Clly Southern B3T*tWai February gross .. .$1,816,535 Inc. >;]; , . bal. after taxes... 429.767 ? ? ... Net op. income.62.67J >nc Two mos.' gross... 3.795.3a0 Inc. ?J j? Bal. after taxes... 915,065 Inc. - . Net op. Income... 804.191 fnc. ?*.' Dividends Equipment Bonds (Quoted on Income pereentae* Hold'" of re-' Apr. ^ b*?!?) N'ame. Tlate. Matttrity. BI4 *'., At! Coast Um m, l"2"!* I'U ijl Balt&Ohlo... 4", 19:!'.:I Ita '. W Beth -Steel ... 7 **i\-*A 1'lt %M Boston * A... 4* 1 ?:'?,?? |-? J'jl Buffalo K & P. 4Vi-5 v'"l\il I'lc ?:' do . 6 1921-J3 7.? JJJ Canadian Nat. 7 19.1a ??B" :?i Canadian Nor.. 4S-5-* l?24-'3? ??" '?? Canadian Pac. C i92lm,ll ?i! ?'?' c c c k st \a. ir:l-.it Al i I do . < 1921-;! IH ?';. Ches & Ohlo.. 64 l***',li ,?ft |'H C R I & P... 4H-5 1921-'27 7.60 "J Chi A N W... 4V? l*?!-,!! i'u |'il C St L * N O. 5 19.1- -4 ! ? :i Del * Hudson. *% 192-' .. J'g < <i Erie. 4^-6 1921-27 i.W J ft do . < 1922-28 f-W :., Kan City So.. 5 1*11-*M \\\ ,,,? Louia A Naah. 5 l921-'22 TJ? ' ? do . Itt 1922-3* ?.?? %, MSP4S8M. 4^-1 1921-2* 7S? ^ de- . ?4 ?-*:il 'A\ i>* do.7 ""-!! J'J! tS Mich Central.. ? 1921- ij J.Zo f N T C Linea.. 4 4 1?J-? \l\ ' I do . 7 ls21-i* :'}? fM N T Cent R R 44 1922-3-' .-'? J;i NTCtStL. 44 1921-'3? ..j-J K do . 5 1931 J.M ?? NINHiH. 44-S-6 1921-28 S.j? ';i Norfolk &W.. 4 4 l93!".,"* I'?, Ul Nor Pacific .. 7 1921- 36 7-?? K Pac Kr Kxp... 7 1925- 3? J-9J ?-}| Pennsylvania.. 4-44 1921-23 7.l? J(1 rtitsft I-Erle. 6 4 '19'-1\it 1*1 I ;?? Reading Co... 44 1921-'27 7.M ? Sraboard. 44-5-6 1921-'S7 7.69 J. Southern Pac. 4 4 I921-'2? 7.M ?} do . 7 19"f-.''? JJJ LM Southern Ry... 4 4-6 1MJ-W Jj? ,|? Union Pacific. 7 3924-'36 ?lt J-JJ VlrglnlanRy.. ? _ l?21-'3> 7..* Stocks Ex Dividend Date. Company. Apr. 16?Amal Sugar Co. lat pr ter v Apr. 16?Aaaociated Dry Oooda Cor| Apr. 26?Brown Shoe Co, Inc, pf Apr. 16?Cons Coal Co. Apr. 20?S H Kreas & Co.'-i; Apr. 16?Loew'i, Inc.fi ? A.pr. 1??Looae-Wiles Biscuit C ? Apr. :??Milwaukee El Ky * J"?j3 Apr. 14? Mulllne Body Corp, ? <r Apr. 26?Phlllipa-Jonta Corrn j Apr. Jl?Be?<tl*g Co.,.,t^ , t ;:.M