Newspaper Page Text
r s To Holders of Foreign Govt. Bonds We have prepared a comprehensive list of high coupon foreign government bonds cov ering: 1. Maturity 2. Call Date 3. Call Price 4. Market Price Copy cn rcqucft. Sutro 6? Kimbley Memberi New York Stock Exchange Sixty'six Broadway New York * N. Y. reserve STATEMENT. niOSOURCBB. March 1. Feb. 21. | GoM ami sold eminent. - JU83.460.P07 ?-J8j,043,00?) ; Gold settlement fuuU-r.It. Board 52.088,04;i 71,979,000 j Total gold held by banl; 336,149,310 307,024,000 Gflld with Fed eral Reserve ast. 741,193,878 741,396.000 Gold redemption fund 10.000,000 10,000,000 Total gold re serve 1,087,313,188 1,108,420,000 Legal tender notes. silver, Ac 35,130,815 38,271.000 Total reserves.. 1,122.444.003 1,144,601,000 Stt 1 la discounted : Secured by U. S. Govt. obligi ng 61.530,34.% 54,168,000 All other 28,703,411 40.S00.00O Bills bought In ?pen market.... 32,034,366 23,007,000 Total bills on hand 122,338,123 123,980,000 tT. 8. bonds and notes 53.fl70.750 30,622,000 U. 8. certificates of Indebtedness: One year ctfs (Ptttmaii act). 31.000.000 32.400,#0o All other 70.714,500 61,857.000 Total earning as sets 284,543,373 24S,8"'S?.0<>0 I'aiik premises ... 7,352,!>8!t 7,271,000 5*1 rrdemptlon fund against F. R. Bit. Moles 1,508,060 1.506.000 Uncollected items. 102,600.160 100,785,000 All other resources 3,750,971 2,697,000 *1,522.203,5.-,8 $1,505,809,000 LIABILITIES. Capital paid In... $27,0>i2,25O Huiplus ti0.ID7.127 Reeerved for Gov. franchise tax... l>c posits: Government .... Member banks Reserve acct.. All other Total F H. notes In actual circulation F H. ban I; notes In clr.?Not llab. Inferred avail ability Items.... All other liabili ties $1.522.203.o5S $1.505.809.000 | Ratio of total re nerves to depo?!t and K. R. not* liabilities com bined *1.11 87.11 Contingent liablll t.v on bills pur chased for foreign correspondents.... $12,002. inn $12,004,069 DIVIDENDS Stock of Pay- ] Rccord. abie. Am. Steel Foundries q.. 75c..Apr. 1 Apr. 15 : Am. St. Found. pf.. 0- $1.75.Mar. 15 Mar. .11 Armour ft Co. pf.. q.. $1.75..Mar. la Apr. 1 Puff. Gen. Klec. Co.. q.. $2..Mar. 15 Mar. 31 I Jluah Ter. Bldg. pf., q.. $1.73.Mar. 20 Apr. 1 Cambria Iron Co.. q.. $1 ...Mae. 15 Apr. f Celluloid Co.. q.. *2 Mar. S Mar. 311 Colo. Tow . CO. pf.. q.. $1.75.Feb. 28 Mar. lo | Consumer* Power Co. t>1 pf.. q.. $1.50 . Mar. 1.. Apr. 1 ! Consumer* Power Co. 71 pf.. q.. Mitr. 1.t Apr. 1 t Cont. Can Co. pf.. q.. $1.75.Mar. 20 Apr. 1 lilec. Storage Bat. Co., q., $.';.Mar. l.< Apr. 1 Klec. 8tor. Hat. Co. pf.. <|.. WMar. 13 Apr. 1 Finance Co. of Penn. 1st pf.. q.t $1.7,-> Mar. 18 Apr. 1 General R. B. Signal Co. pf.. q., $1.30 Mar. 20 Apr. I Jiid. 1'neu. Tool Co.. q.. $2..Mar. 20 Apr. 1 F. II. Knee ft Co. pf.. q.. 11.75 Mar. 20 Apr. 1 i l.R Rose Mines. Ltd.. 10c Mar. 2,1 Apr. 20 | Mas lean Petroleuh ft Trans port Co. pf.. q . $2 Mar. 15 Apr. 1 Mexican Petroleum ft Trans port t o . q. $3 Mar. lo Apr. 10 National Breweries, q. (1.. .Mar. 13 Apr. 1 National Breweries pf.. q. *1.73 Mar. l.? Apr. 1 I'an-American Petroleum ft I Trans. Co.. q. $1.50 Mar. lo Apr. 10 . Pan-American Petroleum ft Trail*. ?'o. P. q $1.50 Mar. 1o Apr. 10 j Bt. Joseph 8outh Bend-South- .. , em R. R. Co.. a. a $1 Mar. 10 Mar. l.> I ft. Jot?plt Sou'li Rend-South ern P.. R. Co. pf.. a. a. $?,r.O Mar. 10 Mat. IS , Slierwln Williams Co., Ltd.. [ (|, $1.50 Mar. 13 Mar. ?1 Slierwln Williams Co.. Ltd.. t pf., q. $1.75 Mar. 13 Mar 31 Southern R. B. Co.. s. a, $2 on Mobile ft Ohio stoolt l rust certificate* Mar. 15 Apr. 1 Pnlted Light ft B. R. Co. ... , 1 pf . q. $1.50 Mat. 1.1 Apr. 1 | Utah Copper Co.. q. 50c.. . Mar. !?*> Mar. 31 , EX DIVIDEND TABLE. March 3? | Taai Co T5 \larrh 4? Mergenthaler Linotype Co 2.5$ J?r?pir Corporation :,.m I March ft? l .deral Light ft Traction pf. stock ... 421 Federal Light ft Traction pf. $1.50; March General Lleetrlc Co 2 00 March 10? A'tvriean Tobacco Co. pf 1.50 Uomlnlon OH Co 30 Jtutsrlal Oil Co 30 1 Imperial Oil Co pf 20 Wnolworth (F. W.) pf 1.73! FOREIGN INTERNAL BONDS. Loans not Issued In American dolls i ? alues Rate. Due. Bid. Aak. A'(<>ntlna 'unllati, 5 Sept., 1013 7H'i 77'? !<? iglan (rcstnr *? 5 Option 1984 7:. 7* British Victory... 5 Isauetl 1919 36H 379 <*t>nada 3H Nov... 1P2I 1*i;* 97"i Canada March M.?7 97 v [>*', Canada 5l*j Nov.. 1931 97', 0*", Colombia 0 Issued 1913 ft* 71 Costa Ri''a 5 Option in">8 51' tM French Victory... 5 option IWI #17'* ft*'. French Loan.... 1 Option 1013 St.'s 5Tty | French Premium.. 5 *<> 82H | French Loan 0 Option 10*1 *0 82U ! Italy War Loan... 5 41 4'J J'elotas rRrazlll... 3 Issued 1P11 5.1 57 Fruguav 5 Issued into 71 '4 72'? It IS II Rds F ft A. OH Feb... I9V0 U. S. CERTIFICATES AND NOTES. | Per Wed. Appro*. Month. Cent. Rid. Ask. Bid. field. , A?n. ion ton LIU inn 3.25; . .411 10)1 t-.'12 inn I * ton 1 82 3.70 ? Iune ..3H 100 9-8 I'm l 2 inn 3-* 3.0'J An*. .. *'?? 1000-10 1001116 irmn-10 375 ?Sent. ..4', ion "MO inn.-,-in looS-14 3.91 ? >t#nt ...v, inn .*?* ton3-4 ion 5-* 8.711 ?nee. . 4', 100 5 10 100 7-in 100 3-m 5 80 ioM. Msy ... 4", 100 20 100.28 100.20 4 51 .11'?$. ? fnne 3"; 102 3-8 102 3-1 102 5 * 4,ifl ?Hrpt .5' 102 1 1 |0.>3.^ 10;! 1-4 4 4* ?if*! 100 It III intl 13-Hi list 3 * t.4?! In t?" inept r>f Federal t?*e.i of maiurity. J Company Preparing to l'ut Out 830,000,000 or More Long Term Securities. The Sinclair Consolidated Oil Cor poration Is discussing with its bunkers ;>n issue of $30,000,000 or more of long, term bonds, the proceeds to l>~ used for the retirement of approximately Si 15, 000,000 convertible 7 per cent, notes, due on May ill. 19J.">. Announcement of details are expected in a few days. The Sinclair corporation is in a strong rash position and has no need of additional working capital; in fact, it w ill be able to liquidate part of the notes from its bank balances. A long term bond issue in the present state of the investment market could be marketed at a rate which would reduce the corporation's interest charges below the 7',i per cent, paid on the notes. An interesting phase of the pending transaction has to do with the sale by the Sinclair of a half interest in the Sinclair Pipe I^ine Company to the Standard Oil Company of Indiana a year ago. The total investment in the pipe line from Oklahoma to Chicago was in excess of $30,000,000. The pipe line stock was among the assets pledged to secure the 7 >?? per cent, note issue and for that reason a clear title could not be given to the Standard of Indiana for its interest so long us the present note issue was outstanding. The Stand ard of Indiana reported yesterday In its balance sheet for 1921 an item of $16. .'.89,914 of capital liabilities, which had not appeared in an annual .tatement before. It included, presumably, the amount involved in the pipe line transac tion. Average Bond Prices March S, '9K. Titers- Net Meek ?ar da?- Change. Ago. \b?. 10 Rails HI.HO >.o:t 81.58 M.21 10 Indastrials. ?a.53 ?.50 *a.:.i 5 Puh. UtU.. HI.05 -.40 79.W 5 Foreign .. .102.98 ?.01 102.93 M.S5 10 Bond* 89.? ?.11 H9.54 79.8* V J BOND NEWS AND NOTES. A Dig Lnnn Expected. The grapevine route in banking cir cles disclosed yesterday that a big loan, say from $40,000,000 to $50,000,000, was being groomed for public ottering early noxt week, possibly on Monday. Just what the loan would be was not ascer tained yesterday, but the recent rise in the outstanding- Dutch ICast Indies bonds caused dealers to suspect that at least a part of the balance of the $100,000,000 Dutch Kast Tndian loan, of which $40,000,000 has been sold in this market, would be offered to the public soon. Denial that a Dutch Fast Indies, Belgian or Peruvian loan was. in immediate prospect, however, was made at the offices of interested bankers. Bankers not within the immediate discussion are puzzled as to the nature of the forth coming loan, but admission that a big loan will be put out enrly next week was easily obtained. Montreal Bond* Offered. Wood, Gundy <?- Co. are off"rin? $1,000,000 of the city of Montreal's ten year 5% per cent, bond?, due on March 1, 1?32, at 100 and interest to yield 5V4 per cent, for Canadian payment. As Canadian funds were at a discount of 2 Is per cent, yesterday, the price is equivalent to 07Tfc and interest. New York payment for the bonds, which are non-callable. The last previous public offering of Montreal bonds was In Sep tember, 1918. Government Financing Expected. In about ten days announcement by the Treasury Department of a new offering of certificates of indebtedness and three year notes to care for the maturities of March 13 not covered by the payment of taxes as well as for other Government requirements on that date is expected. Probably no definite news will be obtainable in advance of official Government announcement. Willys-Overland. The Willys-Overland company's bank loans of approximately $16,000,000. which fell due on March 1. have been extended for another three months, ac cording to arrangements consummated yesterday, and by June 1 the company hopes to have enough cash on hand to retire a large part of the aggregate and enable Toledo hanks to carry the bal ance, At present the company has about $*.000,000 in cash on hand and Is adding to the total gradually. There seems to be considerable opposition to permanent financing In the form of a large first mortgage bond issue, although it is known that bankers have prepared ;? plan and that circumstances may '?ause its Issuance. Belgian I.nan \eaot latlona. A report to the effect that the Belgian I negotiations in New York and London I for a loan was circulated yesterday. i .Should a loan materialize, the amount is expected to be considerably smaller lan the previous outstanding flotations. Greece In the Market. The Government of Greece 1b nego tiating actively in the London market for a substantial loan, say about $15. 000,000, but it has not been eloiwfcU Hankers said yesterday that it was! doubtful if New York bankers would be interested In loaning money to Greece at this time, but I?ndon. of course, is iri a position to do the business. Krle f'onnty Offerlna. Lamport. Barker & Jennings. Inc., and Jelke, Hood & Co. are offering a new issue of $*45,000 of 4per cent, serial bonds of Krle County, New York, at prices to yield 4.20 to 4.05 per cent. They are dated February 1. 1922, are due $15,000 annually in 1027 to 1935 Inclusive. The Issue is ?split between <500>%"' of penitentiary bonds, matur Irc in 1942 to 1961 inclusive, and $345. 000 of highway bonds, maturing in 1927 | to 193(5 inclusive. They are exempt > from Federal income and New York j taxe?. ant are legal investments for j savings banks and trust funds In New York and several other States. t'hlnese I.nan Hvtenrietl. At the r^fient of the Chinese Govern ment the Pacific Development. Corpora- ' tlon ha* extended until June 1 Its loan of I *5,B00.00o. which matured on March 1. \ The conditions of the extension provide : for a payment of $160,000 for Interest' and on account of principal to be made ! out of th<- Salt Administration's current j revenues. The Pacific Development Company's bank loan, for which the Chinese notes are collateral, la for $1,000,000 and matures on June 1. S.KU.ono tar Trnsts Hold. The PIrertor-General pf Railways has sold *581.000 of the Iidke F.ric and Western Railroad's equipment trust cer tificates of 1923 to 1935 Inclusive, 25 per cent, cash paid on the cost of the equipment covered by them and held by the Government, io Alfred Borden and the National City Company of New York at par and Interest. The Govern ment has "old $219.<;:t0,700 In ear trust at par and interest. \ BONDS IN STOCK EXCHANGE TIURSDAY, date MARCH 2. 1922. .. I20.17JJW . . 737,686,000 1921. St>. 144,000 j21,771,000 - < 'losi u _ Bid. A.sked. Yield 96.98 97.04 3.6S 97.26 97.40 SO.96 97.10 97.36 f7.44 97.12 97.14 4.1^ 4.22 4.42 4.46 UA.VGB OP' I.lBERTt BONDS Salt's in $1,000. 392 3>.ts ' 1932-47).. 2 J at rv. 4? 1 2d 4s (1927- 12 > 229 1st ev. M.4H (1932-47) 97,30 1.313 td CV. 4'4s (1927-12) 97.00 ()pen. 96.96 97.02 96.96 4.57 4 I* 4.30 I 2d 762 3d 6 3d ev. 4'/is rcg 4',s (1928) flish. 97.04 97.30 96.96 97.40 97.14 96.S4 US. IS 98.00 I .l>W. 97.00 97.02 96.96 97.26 97.00 96.84 98.10 98.00 100.00 100.116 3.7; 96.84 98.12 _ 98.00 . . 1st-2d 41., s I 1927- 12 ? 2,891 4tli t'is (1933-38)... 97.44 97.50 97.36 153 Vic. 43,.s < 1922-23)..loO.26 100.28 100.24 36 Vic. 4-%s reg 100.26 100.26 100.12 31 Vic. 3-'<s (1922-23).. 100.00 100.00 100.00 t .as'. 97.00 97.30 96.96 97.33 97.14 96.84 98.18 98.00 97.40 100.28 100.12 100.01 Arrenttne s? " i Ro:? 1 ?t Celmuni Si 1941 lertipt* S !07.m ?i 10s 1 107-4 1 10s Ueleluiri J' ?? 41 2 1081s 2 10s I 1..C. . 1071* 3 ton 2 1081s n 10s | 3 lOHls I'eli'lum 1919 2 10178 2 1013a 1 10l7g] ?1 lOMal 5 lOlBg' 10 10134; 9 ioi7a 17 102 0 lOJlgl ie 1021.1: 64 1021*1 Betven IMS I 13 109 . .100U| ..1091* 3... . ?eroe 1... fS 194 ..11034 Bordeaux ts 34 6 8514 1 8ni* 1 S538 12 86I3 5 8o3g 1 8514 nr.T7.ll fs 1941 5 IO4I4 4 1043s 1 10412 1 10438 1 1041a 2 10438 1 104 U 1 10418 7 104 C2 10412 1 104U Canada 3* 1 993? 1 997g 3 9934 7 99 7g 1 987? 28 09'8 5 100 16 99?g Canada is 1929 2 93 Canada ts 1931 8 961*1 2 965*1 2 967gl 7 97 | Chinese H t U.v fs 1951 1 SO , 2 58131 Chile *s 19261 leceipts 1 10111 1 101 :: iitn4 63 101 26 IOH4 1 1 tOtUji ...101V ?V 10:! 1 1 2 101-lj I 101-8 Clitls Is l''4l 1 IO8I41 1 1031-j 4 103U I 1031 s Chile Fs ltf4u 1 receipts 1 1031/1 2 103 1 10234 2 105 5 10213 4 10234 1 1021 o 2 1031a Christian! t t> f Ss 191. 2 109 C opeuhagen r f 6J'8 194? 1<5 901 ( 1 901g Cuba 5s 1914-4.) 10 8534 Cuba 4>js l?4't 1 79 Denmark ** 4S 1 109U 49 10912 15 10934 5 109"8 6 110 3 10934 8 1091a 2 110 Denmark (a 43 certificates 7 9S 2 9814 ? 981s 2 98ia 1 983d1 2 981*! 1 981.il 7 6SI?! 6 9811 1 9S::? 18 9813 3 981 \ 2 981a 1 983g 4 9S13 5 SWlg 7 9SI4 1 981a ? 9814 1 983* 13.., 98U 2 983g 4 98U, 3 083g 2 9813' i'uki: Denmark Mun trr A W4U 1 108 2 t(JS' . 5 , ... 109 108I3 t io<> Denmark Mun ? er U 1941 23 ins 1 a 5 109 Dominican CA In 1953 2 8RI4 Dulcb Pa l ln<i 1 iiyr eit K 8? , receipt* 8 9."f*g 21 96ia 3 95 V ? .s 961* I 953g ! 3 951 > 14 95Sg 1 . . . . 95lg fi 9S3g 5 ?31a . tO . .953g 13 9.">l3 ! 3 9,'ag 10 9.VI4 5 951 a 2 95^8 ? ia?ssflg 1 951 * 1 9.V)g ; 18 951* 48 956g 13 U8| 1 10 953s : 5 9534 3 9.V>g 7 9534 , Krench fs 1944 J 44 10418 1 10 .... 10* I I3. . .10434 6 104 5 1041s 39 104 | Crencii7Hs 1941 1 IOOIr ! 39 100 ! 10 .10018 26 10<> 1 lOOlg 2 100 2 1001s 2 100 26 lOO's 13. . .100 4 lOtllg 9 tOO 1 lOOIg 32 100 8 lOOIg Italy ?Hs 19J1 1 9:113 1 933* Japan lst4 u? a) 5 90 2 8HA? S9.I4 S9.''g 90 1CV. ?Inpan Id 4' s -5 2 S9.>g a .y.?in Jj 8911 1 *u.;8 I 8914 1 .S'.i3r 4 8911 Japan I'd 4?; MSI 1 75#g 2 751 a ">'">8 ^iieenslaud f1147 i-ci'tiflcattw " |BO 10 28 25 * i'.'i1,41 1. ... .9834; 1^ 98"'a 1 . . . . 09 fi !>87gt s 99 : 9878 2 ... .09 '? ?8"g 1 751* 2 99 7 7.">3g 2 9h7g. 1 99 10 98"g 7534I ;t 99 757g' Norway i* 194'' 5 70 7 110 ! 31 7."?34 1 2 IIOI4 6 70 4 110 39 7534 3 llOlg 4 75"g Klo d*. Janoirj! g:. 76 ? ft; .s 1945 ! 5 76U I' tOlU1 M 7111s 10 llg 7814 I 1013s! 30 70.18. 12 1011a. TOru '? 1934, i? .1.011 t 5.. . .855g & 10138 7 8;.34 A 101 1 S.">lyj Bio Granrln Uo 10 s."?3g] em 8s ]J4? 8 wis 4 13... Tokio 85ia C 853g Marseilles 9s ^ 1 8.M4 19 851 *> S5U 1 8538 7 S.Wg ? 831a 4 7001( 1 1003g l iooi3! 4 1 003g : 1 100l> 1 10014 2 1003g 9 lflp'4 .10012 Mexico is 195? -'an I'aulo 8s 3t) 15 60 ! Mexico 4s 1954j ?r> 43Sg| 1 431a 1 43341 Ketherl mds is 1972 when issued 1 2 94U 1. 1021 s 102 .10134 102 ' 1017g 102 10134 102 .. .1017g 6 9 j:is!San Paulo Ss 5-' 94U| when issued 16 14 943g 33 94 :>k: 0 9414 16 943g 1 0 1Mlt 26. ... 9<3s 40 9414 7 943g: 20 94U 1 0438 1 1 94U 9 9438 10 94U 79 94 lg 24 94U 2 941 g 313 94 Wneenglan'l K I B 1941 certificates 1 107 1001a 4 1005g 13 100:14 5 10058 2 100?8 a mo34 3 101 2 10114 1 lot 1 lOllg Heine 7a 1942 3 921.1 1 921a 11 9238 2 921a 2 923g 1 9213 21 923g 3 92U 10 923g 36 9211 21 9218 19 921* : 1 9211 { 2 9:M* ! a 9?i4 j 13 921* 4 921 t I I*....93 | Sweden Is 19".1 9 99U i 2 991* | 5 9014 i 13 991* j 9934 ' 13 991* ? 17 993g 1 2 991* | 1 0 99*4 1 991* I 5 100 , 1 991* . . lOO is 1940 . . 1 1434 1 . .114^8 I . .11434 . .11478 ; ..115 1 Is 1M> ' ...741* ! I nited klngd ?Ms 1921 ! 8 1051a 2 105U 1*...105 41.,.. .10512 60. .105 9-16 50 105.">8 84 105314 I..105 11-lM 17 10568 United Klncd CT i;2S 1929 5 1063B 5 10514 r. 1053g 4 1051* 1 1 10.V>8 10 10534 50 10538 28 1051* 7 10308 lft.. . . .10534 1 10568 19. 10534 1 2 1057g United Klngd rtyl 193/ 26 100 3 997g 75 10(1 5 997g 10 ... 100 2 9 997g 28 100 52 997g Uruguay 8r 1944 7 107 1 10634 Zurich to 19", i 1 112 I*...110 ^ I New York City ?M* 199? 7 10412 Nerv Yorlt City 4V?'s 1960 10 ?03g J eou 4s 1956 registered 10 93U 4s 1983 t 1 98 A damn Exp Co clt 4s 1944 3 75 Amer Ag Ohem :'^s 1941 20 inw? 1 1003s 1 1 3 100 1 100U 3 too Amer Ag Cliem cv deb ts 1924 1 80.g Am > fi Kftc HI A is 47 6 SO 6 8834 .ri S8I3 I sou 5 881a Am Sinai- <u ff 1937 3 6778 .8 98 Atlantic Refng (Ha 1931 3 104 16 1033* 2 1031a Atlas Powder cv "Vj? 3# DOMESTIC. Cent I eattiu." tulle 1st OS 1925 10 9.Va 1 953* 1 05'a 2 .... 96 .9olj 3..... 10212-Central I'adflo 1 103 I ter 4? iii4'i Baltimore & O 1 831s fs 1929 , Central PactBc 1 nr,n4! TSL 1st 4s 44 5 97 1 ft 801a 2 96314 Cer de **?? <-X?p ... .97 97ig 97 97U' ....97 CV sf lis 31 2 Ill Chi-sAOhio ref I 5s 1929 1 941 a j 6. 12. 97. 25. 40. . .97141 Cbes A Ohio lOOlai Baltimore A U, ?* I* 1940 1003s ref A is l#9i 3 8630 2 7918 Chesa 4 Oh o 2 791.) r Y 4' ,'S 1930 I 79 15 84 1 79U ? 83 7g 1 79V 22 83a? 4 79U| : hes ft Oblo 1 791*! pen 4H?. 499J 9 79I4 2 83-14 Baltimore ft Oi Chic Alton cr i'i 1931 f"js 1950 1 77I41 ? 407g 22 771s 5 41 ? 77:* 7 411, 4 7714 2 41314 1 "I* * 417* 3 77-V * 411a 7141 _ 2 41U Alton .977s' Baltimore ft O Chic ft .98 ? 977g I .98 .981s ' .98l4! 1st 1948 I ..7R-V ..78U ...78 i SI4 ref J8 1943 1. >'8 6..... .983s1 flultlmore ft O ft 9sia, i> 1 3>ji 4 98U 2 1 9*V 3 ... 2 981a 4 9h:<?, 2 981a { Baltimore ft O Am Tel Ac Tei M W 1H* 1023 CT Cm 1921 4 112 35 11214 1 112 25 11214 1 55 1 66 ? b?c Bur ft y ?s 1971 1995 33 97 92141 Cbl Burl ft Q 921a' pen 4s 193* .. . .92141 2 87 6 92 CHI Burl ft Q III 4s 1958 1 881s 2 88 1 Chi Burl A Q Baltimore ft O Neb ex 4* 1*7 V L r. A W V ref 4k 1941 30 75 ... 1121s. Baltimore ft O 10 112U TolftC 4s 1153 Am Tel A Tei ? It U 1?<6 II 96 2 P6Ir Am Tel ft Tel | IT 4HS I9:i3 .84.14 .99 2 648s fell Tel of 1'a1 JMa 1949 2 108 1 J 077$ 1 108 3 107:U Retb steel 5s 1933 Am Tel A Tel < It 4* 1929 17 881g 10 881a 1 s*% 1 881a Am Writs rap 1st 7 3? 1 817S 1 82 4 $8 1 8|7S! 1 RSI 4 5 82 2 SSSg Ann Arbor Peth Ft eel 1st 4S 1901 ni 6s 1941 4 6II4 2 9? ft 61 1 9214 Armour A Co Bra den Top M Jkt 4?a 1939 I coll 6s 11 6 87 V; 1 9534 a 87ia Bkta Ed Co Atrh T ft S l ei Ce A 1941 sen 4a 19M < is 9212 2 87U Brook Kdlson 10 87la| bs B 1330 1 87U 2 101 Atcb T A S Ke 1 102 cv 4? 1935 Brook Edison 1 7.814, fto C 1930 2 781a I 104 Atcb T ft S Fa ri.. 1041? arlj 4s 1991 HI.In Ed Oo I stamped 7s D 1941 ?j......8o?s m I Atrh T A H Fe Hkln Hap Tr, O-A lat, ref A; 7s 1931 10 96 Chi A East ill 5s I9S1 ?r? 743s 45 74lj 6 741* 2!i 741 a 1 743s 17 74la 9 7418 23 74la Chic Ot West ?s 195 I 601s 6oia 1... . .108 1 Chi tnd A Lou 1 107.14 ref 5s 1947 2 10S ft . . 01l4 1 10744, Chi Mil A V ?d 4' s 1162 2 90 1 901,. At. h T 4 K Fi ll Mt 1st 4s r.j r. 8M4 Atrh T ASF. TSL 1st 4s M A ft 76 <*rtlBrat?it alamped 16. 149 2 6614 3 ?6 ' ?>61S t 66I4 Chi Mil A St I' CT?s 2014 3 6r?lj ' 2 6.",.Is 2 65 | Chi Mil A Bt V \ ren 4H-< 1989 3 81 1 hlc Mil ft SM> i ct 4't 1032 10 643s 131 ?4ia ! Oil Mil* 8t I' ; ref A 4'is 201t I 9 5814 t^I Mil A Bt I' 1 rolrt 4s 19?J 12 74 Chicago ft NW IS-JT I Sh 36 , 12 . . ions*1 ChlcawoAV W [ gen 5s Ktpd A7 | 10 ...101 fhlrauo AN W gen 4a 19*7 ?* K'l fMcac.i Ky? 1st la 1?27 1 781 j 3 7814 12 7RI, Chin H I .* P C?n 4s 194* IO ..71 1 .82 (II,In tin l-.ler AH ft Thar A I 1st 5s 1951 1st A 41-. <? ri , 1 2 S?l2 | 831/ Atl < oaat l,ln? lliish 1 erm 1 ? ? ? ? in-yr 7s I93?? .ton la M tl"2 r L* 1 1 lor. 4 88 "J 4' W Alt <'rmat Linn 1 87 JW4 cv 4Ha IK! nusli Term BIk 1 81a t 3 WW4 i |a?. ?m I960 A I OMSt Line .1 so Chi BPMft O |?| 4S 193; I S!il4 d,,h ?" MJ 10 ...>,714 Canada North ,0 Atl Coast. I.ltie, .o-yr is 1941 ; Chl On Btatlnn LAN 4s. M 4 110 I lat thn IMS 1 7834 2. 10M|: 1 11978 3 7s'a Canada North ?... Atlsntlc f 11111. ht-,s l?4s I... 7? 17.14 4 . . .100 I.. . 20 .... 34lv Can I'acllie Chic A ft 34-1,1 4n perpelnii lll-yr 7< a 1931 ft #41 a 1o:i 7s 1 101 17 8. ft 78'si 10.... 1011s t."> 841a Canada South ?o IOII4 Copper is 19 iJ 1 85141 3 8ft3g 3 83le 2'J 8514 3 8518 c c c a at 1. ref ? j Ser A V 1 98 r, 98i 4 1 98 3 9SI4 4 98 1 98U o o c ft at l deb 4M? 1911 ?_? 861a C C) C ft 8t 1. 4s *er A 1903 2 77381 Col ft Routbero est 4Hs 1933 > -861a I 1. C olorado ft 80 1st 4s 1921 7 90.14 2 00'2 Ccn Gas N ^ r-yr CT g 7s 25 21 106 28... IO6I4 Cuban Am S11 1st coll Is 31 2 105 8 l&Ug Cuba Cane 8u cv deb 7s 30 1 78 1 7814 4 771a 1 78 I 77 3 78 II 781a 7 79 natnped 1% 1 76 4 77 2 7634 Cuba R R Co 71?s ser A t* certlBcatel 5 1017B 9 102U 2 10213 7 10218 3 102U 2 102 1 1021a Cuba R R Co 1st 5s 1952 2 79U 1 79 I 1 78?8! Climber Tft T 1st A gn 5a 3i j 1 90 Del A Hudson conv la 1935 | 1 91<V 5 91la! ft 9lfts! ft 9Hai ft 91 fin ft 9Ha 6 91 .'is Den A Rio O 6k 1913 3 747? 2 74*s Den A Rio <1 IstAref Js 54 11 4ft 7 4fiU 6 45 2 4.M4 5 4li Erie cv4s I> 53! 1 411a trie Gen 4.119?<< - ? 447H 6 Uia! ?t 44-ls 447s! 1 4Hr> 2 447r 1 443r lfi 44iai Erie A Jersey lat 69 1955 | 5 76lo Flsk Itubber 1st nig &s 1932 6 IOII9 1 10188 4 1011a: 2... .,10138 6.....101V 1 llll'sl Ft Worft DCy! lat 6s 1921 certificate 5 .100 Gnl Kleft Co In db 1941 1 10-tia 1 101 Onl F.lec Co deb 5a 1932 8 98141 11 9S!i" 1. ... 983s I 0 98141 Gdyr TAR (K 1911 4 977g 17 9734 1 98 9778 .98 loterboro Met 4Ma 56 7 15 2 1>'4 7 14 cert) flea tea 3 1234 10 13 10 121a 2 12 1 121a 32 131a Intern Cement 8s 11)26 2 106 Intl A Ut Nor 7s 1922 22 971 a Interna M M lat Act 6s 1941 R 9312 2 f?4 3 9313 4 9314 7......" 1 1)3.14 1 93ia 2 ... ,93Hi Interna Paper UtArfB Sa 47 2 S3C>8 2 8:134 10 831a 8 8.W4 Invincible Ull 8s 1931 2 90 1... . ..9<Wi4 * a. 3.. 23. . 13. 15... 17... 12. . . 7... 12... ? .4514' 45881 . .451?! ..45841 .. 3'a. . .4.1341 .46 4.. .11234 .1127* . .11234 W tnd enn A 6s is*:* 1 hie A W inii 9.11? 1 o 4s IS.1 ? 10. I 1 -"'1 Copper i ? 3.'U4 Cent of Genres j t hil .34 1st m 1945 1 I v 7s If. : 1 071 m 10 P0I4 r'rnt of Georgia J ino l#?yr 6a l?29 Col Ga? A- Blc 3. 0-.'ls! lairs H17 1 2lla! 9114 . ft. 97 1 atamped ' i ?7la 5 ttlUI .45.I4 7 .... 457s 1 45.141 40 40 ! 4 46141 15 .. 46 certlflcjstea 1 416, Des M A Ft ll 1st 4s 1939 I .43 Detroit Edison IN l?4J 9 100 ^s 1 1OO84 IOOI4 . imiis .looia i .. 10084; 3 .. iooia Detroit RdJeon 1st A ref 5s 41 1 921 s l)rl nirer Tun lHt. 4'jS 196 r 1 8314 flet Tinlted Hy 1 1st con 4iy> 32 1 74l8! 2 7V7S Dlam.l Match sf 71<a 1936 i 5 ... 1OSI4 1 tosia D|. ^ecnrltlix 1st cv I* 37 3 ... 40 dnl'ont. KId?iIS f'-yrTH* 1431 36 104 Du<m*Kne l,i 1st fs 1919 4". 10? 'Tie Istcn ?? 1* 97^? ? 977s 973? -977fi ? 5 731? 9878 .98 2 9778 3 98 Gdyr T A R 1st Is 1MI 2 113 2 11238 3 113 2 11234 1 113 1 1127s Grnd Trunk Ry 7a 194'J 3 109 1 11191s 1 100.'l4! GrndTrunk Ky - Cs 1914 6 1011-}! 2 I01">8, 1 101.14 2 10I&8 13 IOI.I4 i 1016s Great North Hy 7s A 1936 1 107 ! 1 1073s 3 1071a 12 1073s! 6 10734 GtNorth 6Hs 4 961a 2 965s 8 961a 1 965s f. 961? lft 96ag 7 9?la Havana Rlec 5s 1052 2 86I4 Hudson* Man 1st Iftrf A fs57 2 781s 1 783b 9 78 3 ... . ,783s 10 .7sla ft 783s 5 781s Hudson* Man srl| Ino 5s 57' 24 BSIa 1. 13... A IO . 3... 2.. . 13. , .58 ...581, . ? 581H . .. 58 ...57% .5734 III Cent SWs s* 1 9884 5 OS's III t ent, 4s 19,3.1 8 7914 III Central ref 4a 1955 1 84-18 Illinois Central rstL A NO 5a A 63 13 93.1, 2. 9413 Illinois Steel deh 44a 1941 1 .... 89 1... . . .89lSl tnd 111 A Iowa 4s 1950 1 85 Is Indisna Steel 1st la 51 1 98ia 1 98^8 ?si a Interb IIap T Ht ft rf 5a fl* I O8I4 .:i4?s .34:14 -3?l7 .? I ?sis I r|e c? 4S A 5,1 1 391, "is II 5,1 . . .3914 ' 17..I s 1 -5. . 1 . . a.. 13. 1 24.. ,.8f . .6314 ...63!a . . . 03U .. .63ia . . .6314 I . ,63lij . 6814' ...631a -.90 , . 905r ooia 906s , .9014 5? 90 9 91 Iowa t'entral 1st, 5a 1933 6 "<ra Iowa Central 4s 1951 4 38 K C FtSc A M 4n 1936 ft 76% 1 76.1s Kan C Soutlin 3s 1950 21 64 3 6II4 Kan C Term 4s 60 1 8OI4 1 801 s : 2 80 | Kelly Ppr 'lire h fSs 1931 1 103!j ! 6 103f* t 1031 > Kentuckt Cent i 4s 1987 1 813, 1 Lackawanna 81 1st. Is 192a 2 987* 2 9KI4 Laclede Oas Li ref 5s 43 1 843s I 1 8.33s : 2 8514 L s ft M su deb 4s 192* 10 oris I 10 9234 L 8 A M So deb 4s 1931 12 901 a is 90-v; 1 .. 9oia i Lehigh Val Kit ] con 4'js 2001 I 16 883s | l.enigli Valley gn con 4a 2011 I 1 78>a 1 L"hlghVal Coal ' 6s 1933 I . 9*5h I/ex A Eastern lie 63 10 97 ; Liggelt, ft MT , fs 1*151 20 94la Lon* Island ref Is 4# 1 74 Long Islsml unified 4s 49 10 74 Louisiana AAr lis 27 1 881a ! Louisr A Nash 7k 19.1 3 1071-a 1 107 Lotlis A Nash 1 IHs 200a 50 1017s | .! 102 I 1ft . 1017,s 15 102 Louisv A Nash HI 5s INI 1 997s Louis ft Nash 4s 194'i 9 896* trills ft Nnsh Atl h ft CI 11 4s 1935 3 8214 Man IIy of N V 4s 1090 63la stamped 64 Market S6 lty lis l?J4 10 ?3<4 t, n?4 98ia FEDERAL RESERVE BANK STATEMENT, j by United States Government obliga tions were $3,400,000 larger than they were a week earlier. Other discounted t bills en hand declined $17,100,000, while acceptances purchased In open market increased $13,200,000, largely in the Now fork and San Francisco reserve banks. __________ | Holdings of United States bonds and notes increased $39,000,000. the New .. . .. ? ~ I York, the Cleveland, the Chicago and lloldllliiS of Government heCU- the Kansas City banks reporting the largest increases. rities I ncrease?Earning' * Assets Down. A'p'iiuf IhKftatch Iii The Nk? York IIhkaid. New York llcrald Bureau. | \\ a?liineti>M. I>. C.t March ?. ( Aggregate increases of $jx.OOO.COO in I > o I ? i 111?.s ol Government securities, slightly smaller incrcuso in total earn ing assets and increases' of $46,200,000 in totul deposits und of $23,7)00.000 in re serve note circulation aVe indicated by the Reserve Board's weekly bank state ment, issued as of the close of yester day's business. For the first time in this year the statement discloses no incre&Re in total cash reserves, a gain of $1,600,000 in gold for the week being offset by an equal loss of other reserve cash (legal.? and silver). The reserve ratio shows a decline from TS.l per cent, to Tfi.T per cent. Reserve bank holdings of bills secured < OMIWK.VI'M i: STATEMENT OF Since January 1 reserve banks have increased their holdings of United States bonds and notes from $00,000,000 to $163,300,000, largely through purchases of Victory and Treasury notes. -Their holdings of Pittman certificates show a slight reduction, and those of Treas ury certificates, held largely under re purchase agreements by the Hoston, New York and Chicago reserve hanks, increased n^.uOO.oOO for the week and $X3.SOO.OtX) since January 1. Total earn ing assets In consequence of changes indicated increased $57,400,000 and on March 1 stood at $1,216,400,000. in con trast to $l,023,500.<j00 at the beginning of the year and $2,789,100.000 about a year Gold and sold certiflc Hold settlement fund Government paper held under redis count increased from $280,000,000 to $2So, oiO.OOO. of which $-27,700/100. or 70.8 per cent., was secured by United States bonds. $23,200,000, or 8.2 per cent., by Victory notes; $20,000,000. or 7 per cent., by Treasury notes, and $14,300,000, or 5 per cent., by Treasury certificates. CONDITION OF RESERVE BANKS COMBINED. RESOURCES. March 1. 1022. Feb. 21. 1922. March 4, 1921. Federal fleserve Board $380,400,000 521.273.000 Total gold held by bank* $901,679,000 Cold with Federal Reserve agonts.., 1,982.061,000 Gold redemption fund 07,694,000 $902,886,000 $780,862,000 1,977,602,000 1.236,560.000 06,847.000 103.678,000 Total sold re*erw* Legal tender note*, silver, Ac ,9." 1 .-KM ,000 129.309,000 $2,1140,8,".-.,OOO 134,006,000 $2,163,090,000 212,673.000 Total reserves Bills di.- ' ounted: Secured bv I.:. .c. Government obligations.. All f.tbei Bills bought in open market :'.,0?0,703,000 $3,080,841,000 $2,375,763,000 28.-1,317,000 ?I22.200.00o 95.730,000 Total bills on hand $803,27 United States bowls and notes. United States certificates of indebtedness: One year certificates (Pittman actl All other Municipal warrants 95.466,000 134,250,000 102,000 Total earning assets $1,216 417,000 Bank premises 5% redemption fund against Federal Reserve Bank notes Gold abroad in custody or in transit Uncollected Items All other resources Total resources 37,232,000 8,362,000 605,782,000 15,759.000 281,994,000 439.289.00O 32,564,000 $803,847,000 121,299,000 96,906.000 133,743,000 191,000 $1,159,046,000 36,930,000 981,840,000 1.359,665,00<l 161,004,000 $2,505,509,000 25,867.000 254.373,000 3.318,000 488,018,000 f4.S13.00O $2,789,069,000 19.733,000 12.199,000 3,800,000 631.268,000 9,269,000 $4,864,343,000 $4,788,987,000 $5,810,601,000 LIABILITIES. Capital paid In $103,736,000 $103.68.1,000 Surplus 216,398,000 216.398.00O Reserved for Government franchise tax 1.849.00O 1,317,000 Deposits: Government 60,770,( Member barks?reserve account 1,725,063, All other 82,607,1 Total deposits ,....$1,818,4-12 Federal Reserve notes In actual circulation.. 2,196,983, Federal Reserve Bank notes In circulation? net liabilities 80,065 Deferred availability items 432,241, All other liabilities 16,101, 1.000 1,000 1,000 1,000 1,000 '.ooo ,000 000 000 ooo 000 63,910,000 1.677.011,000 31,260,000 $100,865,000 202,036,000 56,941,000 1,706.364,000 24,064,000 $1,772,181,000 2,173,514,000 81,165,000 425,437,000 18,290,000 $1,786,369,000 3,042,611,000 Total liabilities $4,864,345,000 $4,788,987,000 $5,840,601,000 Ratio of total reserves to deposit and Fed eral Reserve note liabilities combined 76.7% 78.1% *50.8% ?Calculated on basis of net deposits and Federal Reserve notes in circulation. NO DYE MONOPOLY, HE SAYS. Frini'lii P. Garvan Oeclaren Cut throat Price War In On. Washington. March 2.?Francis P. Ganan, president of the Chemical Foun dation and former Allen Property Cus todian. entered an unqualified denial of "any and all charRes" that-a monopoly exist? among the dye and chemical man ufacturers of America- in testimony to* i day before the Senate committee investi gating the charges. "On the contrary," said Mr. Garvan, I "there is a bitter, violent price wer on. ' with competitive conditions so keen that : tho destruction of the industry Itself ie i threatened. This war, of almost cut- I throat nature, has been on for nine months and this committee cannot get evidence that will substantiate In a court of justice the charge that there is 1 a monopoly." i Mark At m. Ry1 Montreal ion us 1934 1st A 5s 1041 ] 2 S8 I 10 853r I 1 *>7% Montana Pwr 22 .88 1st A As 1M3 1.' . ...87%! t ?43? I ... ?8 I 1 041a 5 . 87/8| Morris ft Kssex Marland OU ! Ut 3Hs 2000 1'rral Nor ft Westn CV Ca 1929 10 10534 Nor t Westn 4S 1999 8 865g Norfolk ft West dlr 4s 1944 .84% lc-yr Ser A 31 ] 1 7#7? j Nor * Westn w'thwarrants National Tube ~ 2 00 An 1952 Mex Pat of Del I 3 97 en f? 19-19 New Orl Term 16 101 lg, lit. 4s 1933 2 101% 5 7aia a ion, n o r & Mo* 1 101% 19-i Mien Cent, fl 2 r,? deb 4s J929 N Y Central 7 8834! 7* K'jj Mich State Tel I 16 106 1st As 1924 | N Y Central Poca 4s 1941 1 84 1 841j 1 8312 Northern I'ac 3s 2047 I (WU No P Ot N Jt. rr t!ss 1939 11 106% 1 1061a 3 10658 2 .10612 3 07 Millv 8tl & Orl col As 1939 0 861a; Minn & si i 4a ]?43 2 38121 1.... . <4834! 2 38% | 2 30 1 3912! Minn ft. St L. ref 5s 1992 3 30 i M St CASMM CHs 1931 5 10112| 100 IOU4 ??? deb 93 193Ai Nor Stati 74 OOI2 3 00% 2 OOI2 4 OOfy N Y Central Pwr 1st 6s A 1941 5 8OI2 deb 4s 1935 1 87l4 3 8634 N Y Central con 4s 199V 0 7# Nor States Pwr 9s B 194r 0 00 : c rarest Bell T lit 7s 1941 1 10758 27 107la 7 1073g 1 1071a Mo K ft East N Y Edison As 1942 1 83 Mo Kan & lex Is Mr A 1992 wben Inued 1 81 12 8078 SO% NY Chi ft St L 1 Ont Pwr of Nr to 1043 5 027R Oregon ft Calif As 1927 1 07la 1 07U 1 071a drb 4s 1937 4 83 N Y Dock 1st 4s 1951 7 78 ? 1941 II 1061a <>re*on ShortL. cons 5a 1949 guaranteed 14 00 2 98% 10 0878 6 . . . 00 .IO6I4] 1 1061 a 3 10638 10 1061a 4 106!* 10 i06ial 1. SOR4 NYGKLU ft I' Oreiton ShortL sola . 80'8 81 4s 194) 2 ref 4s 1923 7019 - 78% 10... .80% W V ft Jersey <>re-WsH .v. 8034 SOla N 1 80*8 i l?t to 193J 6 81 1 02*8 Mo Kan ft Tex1 N Y N fl ft II Ser B 1992 when Imu*(1 5 67U 10 6734 Mo Kan ft Tax llMO 191: wbenisaued 2 9312 0:134 28 03to a 0338 1 03ia Mo Kan ft Tax 3d) As t0?7 wbau Issuer! r.114 deb 9s 194S .681 a 39. 1. no NYMHft H Stta 1954 2 44 N Y N H ft II deb 4s 1959 6 51 NY N H ft H Cons 4s 1955 10 .7734 .78 ? 77.14 2.. Otis steel Oo t* A 194I 2 081a 1 98 Pirn Gas ft Mec ten A As 1942 5 88 2 877g 1 88 N y'6 ft west Pac Pwr ft L?t 38.. a.. ir? . . .51%' ief 4s 199J 1 60% 4 60ia 25 6034 .511^ N Y Railways As 193t) 5 I'ackard H INI 11 ? 89ia Motr 20 33 .5114 .61% I 1..6II4 . . .fills . . .5114 .519* 194/ 71,! ad)lac 24. 10. 26 71*1 rerllflcatea fl 7 3... ,ooia 0034 ?0078 .09% .00.% 16 fills N Y Railways 3fi 39 20. 813* .511? .513gi 5Ha ..51-18 ..51U ,811a . .5114! 5138 . A1 >4 . 5118 . 51U lat 4a 1(42 7. 35 ? .851 a I .3538 rau-Ani P ft T 1st euuip 7s .10 1 97ia Pennsylvania :? 1(33 4 10714 . .107 351, Pennsylvania 9 2 3(1 851? 3534 certificates 53 .... 34 16 a-"'* 3413 ?Ha 1939 1 10578 1 IO.VI4 I.... 10578 1 10534 . 1057g .5138 NY State Hy 51U Mo Kan ft Tat lat 4s 199 > 7 76% 2 76la 10 76 1 0 76-V Mo Kan A Tex ;4 4s 1991 cert Ideates 1 1 591a 5 5834 Mo Kan ft 'lex ref 4a -004 1 7834 Mo Kan ft let notes exM 17 601a Mo PaelflQ to tl j 4 OW4 Mo Pacific As 29 2 95 Missouri Pacific pen 4s 1973 Pennsylvania fen II As 1993 28 06 Pennsylvania rn A 4>;s 91 80 87la 1 05% PeoOftC Chic ref As 47 1 87 4'<s 199: S 651? 3 653, 1 7534 f* ser A 1941 3 102*8 10 102% .*102% ... 1021*81 3.. . .63U C.3 631a 6314 631? . .63 .18 . . 63I-/ . ,6-iU . ,6:us 6314 ?'318 . .63ia 6314 a 10234 1 11RWs 4 102% N Y '1 elptions fs 1941 ft 103:ia 10. . . . .10178 a 10.138 1 104 2 NY Telephone )?t 4Hs 1919 r? 013, 13 Oil? N 1 W ft ho-. 4'-s 1949 3 4|ia 2 tllj 1 Ill" I 41 Sin* FIs I'osr rfftirn Ss 19 VI! 1017a1 102% in2ft? f coila ft Kasl 1st 4s 1941 3I4 ? InPeoria A Kast Inc 4s 90 a 25 I'ere Marnuet A 5s A9 6 noi, 3 0014 6 001* 2 901a Philippine Uy ' 1st 4S 37 4 '5 Pierce Oil s r deli St nil 1 9T7a .97 .96 Port Rwyl.t * Pwr 7} ?s ifM'i 1 IfU Portland l.ftT' .is 194 J 10 *4 6338 Norfolk t W net I'rt Rlc-A lob .?W 03U er 4>4a tsn 1.... Oil j| 91 .106 I t'rodft Refiners |3tPAKC8h Lo (<< 1931 with warrant* ' 3 101 ! 3 10134I Pub 8er C N J 1 5s 195J 2 76-V 1 70f* 1 76121 4Ks 1941 ~ 777g Shar Stl Hoop s f ?? 1941 941 a 1.... 3 7.... 3 ?4I8 .94 .?:?2 .93 1 763? South Bel TAT .701a! IltPtRCtl Ken 4s 97 5b 41 1 94 1 041* * 831a| south Padflo cr 4s 29 12 3 825g Kepub Ir A Stl i 12 RKIa tMO | 4 ag6? , ' ?0 I 6 S8y4 1. 1 Art A: i>a I South Pacific 4K? 34 ref 4s 1*85 10 7s | 1 S434 2 "rig; 12 sr. StLI MASn4*? South Pad He 3 9.-.US 8 P T 4s 61 St L ! M ft An! I SO.y R ft G 4s 1933 ' 2 81 18 7734 8oPRSu*arNJ St li ft 8 F Kyi 1st 7? 1941 gm 6e 1931 I receipts 8 . 102la ?4 951a 4.VaK'm| "2PZZ Rwr 2 fiO.% S 098*,1 091 a I J 0934; 22 ?i?1?l 4 095g fit 1< ft San Pr i fp 8er U 195) 1 83 1 831% 4 83la s saag St L ft 8 P Ity Cs **r C 1938 ?Hs 1959 31. 3.. 63 1.. .907? 9012 1 97 2 96la 1 9?V.S i flea* St i, ft a r uk 6s 1953 ?771j 3... 0. 20.. 24!!!!!.*7 S L ft 8 P ire ?a 1991 777g 78 78l8 4.. 1... 1... .83 .6234 .02?? .03 . fl'-'3< 63 .6278 021 a .H2T| 621 a 0204 . 1... 13... 30. . St I. South we <t ?s 1953 1 75l? St L Southwest ron 4s 1932 4 73 1 7314 SI I'Southwest 1st 4s 19*9 8 77 8t I, Southwest Is 1952 1 78 Seaboard A I f? 1941 ,fiOS4 94*8 94.14 946(1 94lj 94>i 943? 943* 1 94la r> 9434 Southern R.v 1st cod 5s 94 10 90I2 3 91 14 A 1. 2 6008 Southern Hy gen 4s 51 1 0234 23 03 1 62581 1 027g j 1 021a Southern Ry United Rys In k 192S 2.,... 82 CI 8 Real ft Ira fe 1924 2 93Sy 1 93 U 8 Rubber 7Ks 1930 1 TIM 6 IO4I4 V 8 Rubber 7s 1923 2 101 3 100:4 3 100*8 O 8 Rubber fa 1947 1 8?n4 12 S0V8 1 8668 1 sola 2 8634 2 80?8 1 86I4 I 1 881*} | 1..... . 8634 2 8078 1 8058 i US Sm R A M conv 6a 1926 ( 1 97 D8 Steel 5s 1963 1 14 IOOI4 1 7 1001s 1 103*8 1 IOOI4 j .100 I .10O18 | 2 tOO 1 1 1001* 10 .... toou Utah f'ow ft l,t 5h 1944 1 8914 10 90 , 3 90U J!5?? i V ll* CCIHali 24... -905s ? 9IU 9t 9ita ?ll4 I Va C C cv 6s 24 I 2 9334 Vlr* C C 5s 192;; I . . . 9 .V14 34 96 t 9??4 1 90 Memp 5s 1396 Va Midland 3 91 , Standard Mill1 1st 5s 30 4 90 | t 901 a Stand Oil of Ca! 7s 1(31 10&7j 10? 'J ubi fis E 1926 3 9.V*4 Vlnrlnlao 5s 6: 1 Steel ft 7s 1911 7 1.... 1.... 2... 3 . 1... 1. . .92 . .917, . .9iia .91.8 . .92 . ,911a . .92 Va ft Southwst 1st 5s 2003 10 7634 Tea A Pacific ? 983, .98la ? 983?|l Wabash 1st S9 8Ala 1st con 5s 20031 Wat Maryland t 92 ! 4s 1952 Third At Ry1 3 62 ?<U luo h> 6) 1 1 01 la 18 2.... 99... . .50 >JV .301s West Paoiflc 6; 9834 .30 28. 49341 VVewt Pac 1st 41 10. . .fiOla1 . . 3034 301s ?".<>3* 493* 4914 ? 491 3 ?80 ? 30!a| .30 ; .301 a, . 30.34 1. 847s .83 3 831 h 4 8314 3 8311 West Shore 1st 4s 2361 7914 .,11 Seaboard A I. 1st 4i sdj ?s 194' j | ,2 '?'? 1 12 1914 Tide Water u ?"?Ola west tin 6'is 36 Wf*1 1 ... 1077* ???'a 4 108 ?034 Westh** E A M "s 1931 1 106 105*8 '0<8 . . .51 A V i.y I960 . . .62 0134 3 106 .. 41 191a |3 19 4 181% Sral-osrtI A 1. ref is .??> 4 37 ..1034 ,30ia . 30:14 A LI 3... 2.... Veaboard A 4s 1950 stamped 23 Mia Slncl Con Oh IN" 1925 10134 ?Ma <931 certificate 1 3 1013d 101 if 2 10134 1 obsccn Pro.! I s 1911 9914 Tol st I. A W 4i 1930 1 02 W ? M tISa ;? i9ii s lOAiU I WAIF, KI.K 1>* rer A 4' js 66 I ...38A(, s. . 3?l-, vV he A r. Krle 1st ron 4s 49 9 .\04la '2 03 Wick wire Spen Steel 7s I9JS 971a Tol St I. A W Wilson A Co | 3)<js 1923 I 2. Iri-rty ti a l 1st 5s 23 99 U 13 1017$ nnfrin Par 6s ii> 101.341 .103 1017*1 tlnton Pao 4? 4. 194. I . lO^ ior-8 20 101 10^ .1017; . 102 . !0|7| I01/ 12 901a 11 mon Pan.u i t 4s 19.-: 7Si 1931 10 906* "4... 9634 W llson ft I'o 1st 6s A mil 3 9318 3 9314 1 933* 12 9314 43 92 Union Padflc fd 4s 2008 2 ?4ia 1021s L'nion TU Car , . 102 *f| tr 7? A 39 1021s | 1 1031, iri'l, I'mtad l>ru* i ??r%i *vt | . 1021a* .1 , to/ I 9312 Wilson ft Co conv 6s 1928 4 88*8 3 88iU 14 88**8 FOREIGN DEBT "-?the cancellation of debit?international debt!, contracted in war?i* one of the foe* of peace." LABOR AND THE RAILROADS "The United State* ha* been made great by the exchange* within her own bor der over her iron highway* at the lowest cost for rail transportation the world ha* ever Ken." "The profiteer of the war was unionized railroad labor, and unionited railroad labor i* holding and making that profit today. "For prosperity you must unshackle both water and land transportation." Read C. W. BARRON'S Speech "The Better Outlook for Business" This address was made by Mr. Barron on January 30th before the Economic Club of New York at the Hotel Astor. It contains a most illuminating resume of the economic problems confronting the world, together with their solution. It has received such widespread and favorable comment, with demand for copies, that it has been pub' lished in pamphlet form. 15c per Copy - at your News Stand or of the publishers DOW, JONES 6? CO., Publishers. The Wall Street Journal Building 44 Broad Street, New York E. A. Manice & Co. Members New York Slock Exchange 15 Broad Street New York Telephone Hanover 9740 CTOCKS and Bonds listed on the New York Stock Exchange bought and sold for cash or carried on conservative margin. 7o Holders of Temtor Corn & Fruit Products Company Class A Shares la view of the appointment of ? Receiver of the Company tn the United States Court, the undersigned have agreed to act as * Protective Committee in the interest of all holders of the Class A stock who shall deposit their shares with the Committee under a Protective Agreement now in course of preparation. Stock certificates, duly endorsed, may be forwarded to any of the following Depositaries, namely. Bankers Trust Company, No. IS Wall Street, New York City; Central Trust Company of Illinois, 125 West Monroe St^et, Chicago, TO.: Mississippi Valley Trust Company, Fourth and Pine Streets, St. Louis, Mo.; and The International Trust Company, Denver, Colo., which will respec tively issue their transferable receipts therefor. Copies of the Protective Agreement may be obtained from any of the said Depositaries or from the Secretary of the Committee. Dated March /, 1923 SAMUKl. L FULLER. Chairman Kwael. Kinniru tt a Co., New York City PAUL H. DAVIS, Paul H. rHrris a C? . Orient?. TO O E Sacratarr HUM* LEWIS. 14 Wat) Street, BoKtcher. Porter a Ca.. New York City f>enver, Colo. SHEARMAN a STERLING. Cottnial HARRY POTTER, S5 WairStTcet. Potter. Kaufman h Co.. New York City s*- t>o?ri*. Mo i Wilson Trnrirra InvKrrl. The Guaranty Trust Company of New York invites tenders by holders of ten year convertible sinking fund 6 per cent, gold bonds of Wilson ft Co., Inc., due on December 1, 1928, until 10 A. M. On March 13 for the sale to it as trustee under the provisions of their trust in denture. dated December 1, 1918, for not exceeding 103'fc per cent, of their principal amount anfl accrued interest to March 14 to an amount sufficient to exhaust $1,500,2(14 now in their sinking fund. Ttnll* Seek Federal I, own*. The. Interstate Commerce Commission has received application for Govern ment loans to railroads as follows: From the Chicago. Peoria and St. Louis for $1,000,000 for ten >ears to meet its maturing Indebtedness: from the North en ft Oklahoma for $50,000 for five years: from the Memphis, Dallas and Gulf for $246,782 for len years; from the Xarragansett Pier for $50,000 for , fittecn yarn; from the Sherwood of Georgia for $15,000 for ten yearn. The ' Cadiz Railroad of Kentucky has ap plied to the commission for authority ' to extend Its note to the Illinois Central Railroad for 140,000 for five veers from ! February 1, 1922. l?mne Oversubscribed. P. W. Chapman A Co. announred yes terday afternoon that the hooks of th? $'.'.230,000 of the l-iggett-Winrhester j Ivy Realty Corporation's guaranteed 7 per cent, gold bonds had been closed ss that Issue had been heavily oversub scribed. Allotments of It will tw? made this morning and It is expeefed that they ivill be In the neighborhood of 50 per cent. RXPORTI mOH JtKW YORK. Experts from New Tork yeslerrtsy: Whes'. 2.11 ,PS<1 bu.; OHt?. RO.OOO bu lirof/ 25 hht? h?"r>ns. lb*.; flour. '.'.IPO Mtekt. j xrssa serri. \(Vl 1>arv com, 111,inrt hit.; h?r I fey, 42,nm bu.; be?f. 1". tr?., Urrt, 1.M4.9M ih?.: rorninesl, r>,20<> hbts.; lubricating ell. I W,7<*> Kn)!i. UNITED STATES TREASUEY STATEMENT. Kti'Pial nifpatrh to Thi Niw To?k Hmtto ?w York IVralri Rnrraa, ) Wa?hlor1?n. I?. C., March 9. 1 Rcvmiie r#cHpl? and 'ipendlluras nt Ih* flnv of business on February 2*: Corresponding Corresponding This month. period last year. *21,132,M5 ?Fiscal year 1021. *'.07.011,1ST rtmripm ordinary: Customs . 71 'ntcrnal revenue. fnromn and profits tax 3.".,'06,71'-' Mlsrellaneoils SI ,.">0R,."V7tl Miscellaneous revenue 2<t,4.Vi,IH(. Panama Canal toll* ttr S.'M,fiO!? Total ordinary 17.*i,A"i1,44 I Knees* of ordinary receipts over ordinary dislHirncnu'iit* I Excess of ordinary disbursement* over ordinary recclpt* *,554,4*7 Total ordinal ? tlt?b>ir*cments ? o">,ft:!I ,'>."'1,10C.OCiO 2,2M,il*iO,SM 3,247,1B.'>,I rielamo in-day. ??MMi.fWO.JIIII. ?Receipt* and disbarments tnr Jun* '??ching the Treasury In .fuly trt Included. 70,511,047 111 .."fin,Ml) i'..i*n,0i!> ?J,si?,r.?n 2iH,5A.'i,ft14 102,115 :t1. ine,o:io 1,319,351,703 i7*. 201..W.248 7.0M.PR2 2.M1.115,?fi5 42f>.754,!W?5