Newspaper Page Text
BONDS IN NEW YORK STOCK EXCHANGE WEEK KXDED MARCH 4. 1922. 1922. 1021. 1920. I 1922. 1921. 1920. Sales for week.. $108,258,000 $62,002,000 $74.077.000 I Jan. 1 to date.. <784.780.000 $580.#15,000 $709,708.00? High- Low- Cloa- Net Pains. eat. est. Ing. Cli'ge. 8 Adams Kxpreaa 4* IMS .. V5'? 73 75 1 84 Aja* Kubber Ssctr# 1036.. 994 99 994 + 4 4. 1 Alabama Midland 5s 1928 98 4 98 4 98*f i 2 Alaska Gold cv tt? A 1925.. 10 9 9 ? li t 3 Albany A Susou 3 Vjia 1940 784 784 7S'{ 4- 4 133 Auaer Ag Cbeiu 7J"js 1941.1004 lOOH 1004 ? H l 4 Am AgrChemdeb53 1024. 86 95 95 ? 4 J 10 Aire Cotton Oil 5? 1931.. 84 4 8t 84 ? H I 217 AmSm?ltinzARefl 5s 1947. 894 88'4 884 ? X ,886 AinSugar Ke8 lib 1937 ?' 1. 064 974 98'* +1 1201 AmTel ATelcvCal935. .112?* 1114 111.4 ? *1 , 140 Am Tel A Tel clt 5a 1946.. 0U4 96 96 ? 4 i 5 Am Tel A Tel cv 4 4 s 1933 99 9'.) 99 ( 148 Am Tel A Tel clt 4s 1929.. 884 88 S84 + 4 \ 35 Am Writing Pap 6-7? 1939 82 81 82 4-4 27 Ann Arbor 1st 4s 1995 62 61 614 4- 4 4 86 Armour 4 4* 1939 88' 4 86 ?{ 80 4 ? 1J% / 18 Atch Top ASF CV 4s 1953. 784 78 4 784 ' | IIS AtubTop A8F4s 1995... 874 87 4 87 4 ? 4 \ 36 AtTASKadJ4sswU905. 80.4 80X 804 \ 6 AtTA SKOall'iiA 1962 91 904 904 4- 4 I 5 ATiSK ItkyMt Is 1905 814 814 814 4- 4 , 7 AtTASFSbLiac Is 1958 83 82 82 ? 1 4 > 1 AM A Birmingham Is 1933 62 4 02 4 624 , fi Atlanta A Charlotte 44s.. 88,-i 884 884 + 4 t SO Atlun Coaat Line 7a 1930.. 105 4 104 HS'i +1 \ 6 Atl Coast Line4 ! a* 1964 . 86 ? 864 804 + 4 1 46 Allan Coast Line 4s 1952.. 884 80"4 804 J > 37 AtlCoast Llueclt4* 1952. 79 784 79 4- 4 ' 203 Atlantic Fruit 7g 1934 35 28 33 +4 | ?4 Atlantic Koflu 6! is 1931. .104'4 103 4 104 \ 19 Atlas Powder 7J>s 1939.. . 103 1024 103 ? 4 ' 2 Baldwin I/oconvo 5s 1940.. 100 100 100 420 Haiti more A Ohio tta 1929. 974 90 4 964 91 Baltimore A Ohio 5*1995. SO 78'? 80 4-14 218 Baltimore A Oh 4ss 1933. 77' J 70?; 77 4 4- 4 1Q1 Baltimore A Ohio 4, 1948. 7H 'i 78 78 ? H ' SOS Baltimore A Ob 34* 1925. 934 914 92 + J, 30 B AO 1'itJ A M 34? 1925 S94 88'* 884 4- 4 59 BAOPLK A W V4i 194175 744 74;i + '? 104 BaltAObio8W3Ss 1?5 88>i 87?* 88 4- 'j 44 Bah. A Ohio T ft C 4* 1953 65 64 4 05 + 4 73 Bell l'eieph of Pa 7s 1945.. 108 H 10. 4 107 4 13 Bcthleb Steel ref 5s 1942.. 93>? 92 UJ ? fi 45 llethlaiiem steel 5s 193) . 8S'J 88 88'i ? l? 4 Bethleh Stoel 1st Sa 1920.. 90 95H 96 1 Big iiaudy 4s 1911 77 "7 77 +1 29 Itradeu Copper Ss 1031. .. 90 95!* ??> + ' 4 10 Broadw.vA7thAv541913.. 63 02 63 + 3Vi 25 Brooklyn Kdison 5s A 1919 94? j 9292J J + U 12 Bklyn Kdhon 6k B 1939... 102 100^ 102 +1T? 7 Bklyn Kdfson 7s C 1930... 104 104 101 'i ? U 22 BMyg Kdlson 7? D 1940...107H 100*i l?7 112 Bklyn Ha > Tram 7s 1921 . 70 09 75 +0: 4 55 Bklyn KapTr7?ctfs 1921. 70 08'j 72!i +5 430 Ul.lyn UT 7srtfs std 1921 73 ?5', 70 +5'? 1 Bklyn Kap Trans 5s 1915. 39 39 3'J 11 6 Bklyu I tap Tr 5s ?^f? 1915 30 3* 30 6 Brooklyn Union K1 5? 1950 8il1J 82'4 83'j +1 8 Bklyn Uuion K15e?t 11950 83 82?? S2"j ? ?( 5 lli-klyn Union Oas 5s 1945 88 88 88 ?1 U Buff Beta & Bit* *s 1957. S? 1 i 89 ? 89'i + 7i 2 EurCedarKap A N 5s 1934 90Ji 90 90'? 10 Bush Termin il 6s 1955.... 88 87 87 10 B\:sh Tcnn Bldug 5s 1900. 894 88:'t 89 16 < alitor tias A Lloc 5^ 1937 15 JM ' ? 72 CaNiatCa XnrOHa I94?. 1U>'? :m) ? ?u?da Northern 7s 19K>. llw K-fc?* ; 640 <*n l'a< ific 4s perpetual.. 78) i 7t 21 t'ac?dn^out in5fil962. 90;? 95 ?? 13 ' :ir t.'linch & Ohio 5-. i:>3jf. J4 lS!-j 40 t ctli-al tf CiffrKla o- 1929 !"J? 90.? 4 Central ol Ua con 5a 1945 . 91 91 87 Central I.eutUer us 1S25. . 16 ' 5! j 3 Cent New Knclanr! 1 1901 59.'i C9'i 5 <'cntral Oiiio 4'aS 1930 . 90?t 90Ji $3 Ctl'tral l ucldi 1st 83,'i 83J4 4 t rt'lral l'?ciflc3X? ^7 IJ 87 'j 15 Central BaUQc8 Line Is.. 80'^ 80 1 < uitial H I! of N J 5s H5)j IHOH So 1 'mo i<e I'ast o Copper Sj ? 1*2 1 o; j 23 Ckexapeal.e ?VObio 08' j i>'~! i ?i C lmapeal.e & OfeioJVI .r>5.. ''5 1 Ibj 23?i <, h< i. .V Ohio coov 5s 19-10 lO'i ?' 6 14^ CbCMk A Oftioeonv 4Jv*. ? >?' 1 3' j 30 < 1 ?fa 4 < >bm 4 ' '.I >3' ?'i 2 t bes A Ohio It A A 1 at 82'i 82;i 2.>8 ?. Laavo A Alton 3 ,'?s 4l'? ??o'J 12 ChkagoAitol) 3s 50 <-5!i 102 Chi Bur A y 5h 1971 ?T .. . U7! i t.'7 19 Clil Burl A Quincyyen I*. f8 8? '4' 20 C'ili Burl A Oulucy 1U 4a.. 88"j 88'? ,?1922 lligll. I.OW. 76 75 99 99 9S"i 98*4 10 9 78 76/4 102 1*0 96 92 84 ?4 81 89*4 86 H 98?4 97 112 *4 10H 96 \i 91 a 99 95^ 89 >,i 86'4 84 80;? 63 58)4 89 86 H 80,4 76 91 85 78 y? 91 81 86 86 It 78 79*4' 624 02,'i . 89 87 107 104 88?f 84?< 89 li 854 80 734 35 23 4 105 103 4 1014 1024 100,4" 954 97 4 94H 80 77 77 4 74 764 88,4 794 93 S94 87 78 72 "4 89,4 85 ?4 66 62 7 t 107' 90 109 93! 89 80 90 '4 92 4 77 96 102 103 76 93 4 50 89 100 102 1084 1064 70 51 76 57 Jj 73 51 394 31 36 4 26 4 83 4 'a S3 73'j 91 874 90 4 88,4 96 M 9t? 89 J 86 4 His .8.4 '8! 19 *( 00*4 <3 ?? . I'H 107 74 1 j ".?4 1 < M Burl A Quiivv 111 1 CM Burl *Q til 3 rag.. 77 4 11 Cbi Burl & Ou'm y N? > Is. l*> 3 < 'hi 4; Kastern III00n Us. . 10 f11 WJ2 ?. 1)1 & L III5s 1951 -5 1 I hi' a go 4. I*" lie I it 87 54 Ckkugo Great We*t?rt 4?. ** I 15 Chi Ind A Louis 5i 1 >17... 914 111 < 'hi Mil A Pttret Sound 4t f?4 75 cbi Mil A si Paul con v 8* or. 4 35 4 bl Mil A St P gen 4 W?.. . 81 4 131 Chi Mil A 8t P cunv 1 K< 102 < bi M il A St I' fd 4 4-s. ?. 75 <*lii Mil ft 8t l'auldco4s. 66 Chi Mil ft Sf. 1'aul 4s. 233 Cbi Mil A >-t Caul 4s 1925 0 Chi Mil A St Paul 3 4*... 3 I liUav? A N W 7s 8s C hii?)ro A N W 6K* 15 <1 (rxffo A N ">V pen u* ?tp*l II 3 9 Cbi AN VV a f deb to 1933. 97 4 7 < li.?-H4,-o A N \v gen . ... 83 15 Cbkfcgo A X W goo 3 4' ISO ( hii'aao liailwava 1<m5s. 38 < hl(7ign llock 'a! ft Pao Is 257 < bi Bock Is' A !%.? r.l ?4 1 Chi St L A Pitls .Vi 1932. . 99 10 Itk-M V !k A*? 5< ttt'M.. 15 ?J ciilTrrro llauto A S li 5j. 88 27 ( lii I niir Milioii ii'jl...l.U 87 4 lit Unlrit ^l?ik/U 4 4*. ? : I 40 < hi*. VV Irxliol l.-sf 7 4*.W '4 1 Cbi ft Western loJiana On. 5U3 4 111 1. hi ft Weaicm loauiiia 4* .1 65 < l'iie< opiiW 7?. 1* 0 4 1|J8 4 hileCowwO* f8 148 CCCftiJtLtK t?4 12 CC4.'A8t l.4t?c >64 7 C CCA St LSI. L 4* 77'a 2 C|p\elan l Vhoi v l.!n? IHs. 92 1 Colorado Kitel ft Uxin *n 5i 35 5 Colorado Industrialolt 5") ? 2 3-1 Co'oradti Sou! h?*rii e* 4 4s 87 9 4'oforailo tjoi'tbwn 4s <? 4 27 i.'okinliUUisi Mien .'rs . vl 4' ft" < Vdnmiiia < f ft K 5s stmp<l. CI' i 15 CoinnieriWI Cable Is 73 4 22 Caiiij-ulltiS Tai> Itn'lh . . 9'J i?7 4 'oli^'ol Coal of M'.l 5? .Sl -'j 340 3l.rolidated tias 7a. l?'71, 37 4 'ul>au American Su-^ar 8s 1< 5 '? 123 Cuba 4'ann Sugii'conv 7?. .9 , 157 4'ul)? <"aoe Siupircv Ssstp 80 so 4 ul.a T: ft 7 >js 1930 c* A.. II 2,4 21 < iiba Bailroad 5s *94 9 Cumberland Tal A Tel .j*. 90 8 Dallas ft Waco 5s S3 10 I el ft Huuron 7s 1930. . . 107 1 i 72 llel A lliHlxon <:v 5s 1C35.. "14' *5 Den A Bio Orailda 5s I92S 79'? 9 Oenter A flio Gran It* I 4 < :s4 IM IVnft HioGrande 1< 19?0 74 4 652 i 'en A Hk? Gr ref is l*.?5"?. 47 7 DenA H O raTAietfi I9t> 414 Pes M A K lk>d<? 4s I93.i 43 63 I 'ctrolt Kdlson Os 1910. 101 4 11 UttrnH IMis)ii jtlUCI. . 134 21 Detroit RIvTnn 41 j* 1961 H4 4' 44 UeOolt United 4 ' is 193J 744 2t ll^amitd Match 7 4s 1930.1'84 35 IBtWIIeeM*nctirltIV27.. 44 4 5 Dumth A Iron Rant* 5s 95 4 l>u Po'itdu's ? ; s? 1911 . I'jt 4 Dufiut-afl? Utht tit 1919 I'M .'8 ? 59 4 ?2.4 llU 11*4 14 1 95 + ) j 1(9 + !j K94 .8 90 4* 4 .34 ? .4 974 + y, 94 95 4 "i* 4 59.4 +1 904 83 4' + ,4 87", + 4 80 4 +14 1'5.4 ? 4 I 2 +IJ4 984 94 1 i 8'' ? 1 34 + 4 -34' -?? 4 82 4 -t 4 414 +14 ?vi + 4 97 +4 8 74 ? 4 88.4 ? ,4 .84 ? H 774 95 1024 ?14 75 +24 ?7 + 4 104 + a 91 '4' 1:6 4 + 4 65 4 + 4 81 64 J>84 + 4 60 + 4 -.374 + 4 73 ?2 64 4 + 4 II 7 ? 4 111,4 ? 4 h 3 +2 974 : 83 9S 914 110 4 107 4 1104 1US 4 784 -,-H 904 93 84 4 83 07 4 934 944 85 4 904 934 60 614 904 904 85 4 81 4 87 4 804 80 4 70 4 1074 B>3 4 lit Ii04 ! 101 964 95 111 80 *4 M4 ^.5 x 82 4 V. 83 4 83 81 40 37 4 5S 524 i 97 4 H 894 864 90 7 4 >34 774 77 4 774 90 4 93 1634 103 '?I 87 614 59 93 67 63' 68 85,4 87 4 634 6J S4 79 65 60 :9?4 344 604 54 .5 714 '.5 4 09 4 65 '4 64 1< 8 10> 97' 76 814' 88 1 3 4- 4 + 34 + 3 4 105 10.1 994 97 81M 824 77 73 : 9,4 67 8-14 79 73 4 !?9 99 ' 1 IC3??' I'O + 1 + *i ? \ ? )'? It 3'4 ? 04 + ' ?I0 4 ? ' ?5 4 + 1 '.8^4 + ' ?6.4 + ,' 774 + 1 93 85 91'4' 88 <34 1114 1114 91 67.4 lo: 1004 101 103 744 6SU It).' 99 ss ' i 98.4 84 9i-1 8*4 !< 9>l 4 90 85 4 S3 71 4 ?54 + >6 4 ? 0 4 91 4 91 91 4 ? ! j v ,4 73 4 714 834 *64 *s'< mi1; ?8'< 147 11*4 ;i?.t B 3 lt>7'? II 4 <j '?94 80 H 2 ! i 79 SO 83 "?8 4 4 40 4 414 43 |IA>4 ?34 *4 ? 4 s<? ? 4 +-I 4 117 4 I' 5 4' 134 :oi 4 79 4 OO ho 31 4 J02 ? IOO 79.4 77 90 881; 744 4 94 l 4 *3 109 91 so 4 79 73 4 414' 161 4 ? 104 46 4 80 107 4 89 4 43 4 36 99 89 83 03.4 101 103 t Kd K.l III ?'o of Bklyn Is.. *34 1 1 d on Kl 13 X > 54 UW3 ?s 2 Kl^iu Joliet A I'iastssril l^i. Wi 33 KrlecoU l? 19.VI :.8>4 19 Krtocv 4* A 1951 39 4 30 Kilecv 4 ? M 195-1 41 33 liriecv 4a U 1953 42 1.52 Kriege?4< 1996. ... 45 8 Krl?A.'er-.eeos 1933.. ?64 4 Trie l'enn?yi?mil? 4s 1951 814 119 l ist. KtiblWrS* 1941... . I?M * I- lerida Cen ft 1*6.4 en i ."K . S5 5 1 t W ft l)eu C 54s 1961 . too 8 4leneral Rlectrio61 I9i0.. |?5 73 I lereml l.lerlr.c 5? 1933 984 11 Grar-aco Ill?nr0< 1957.. 854 3 t leor^'a A Alabama con 5i.. 71 3 Georifia MHIIaiid 3s I9'.'l.. 60 95 (loo4iyi'TllSI A II 8s 1911 . 11.14 ?80 (.oodyr Tire A It 8s lv?.?l. 5 iiranbyCstn Slin 8s 1996 Craml Trunk 7s I'JIo. .. Grand 'I rnnk Cs l?>;46 ., I firal. Kails l'?r 3s 3s 1940 964 Great Northern 711936. . I"4 (?rent North 34* 196? W'i tireal Northern 4 4s 1961. >9 l.rren Bay A WWde 1 H 8 9*14 .-8 4 '44 Ml 81 4 1094 .10 81 160 3 361 6311 12 8 9 Banana K'e "rlc5- 1951 *7 1 B.iv Kl II l.t. A P 5S 1954 81 67 I lock inn V sltw 4 4s I99 > *14 11l? Hudson A Man ref 3^ 1'?.-,; s', 261 Hudson A Mau adi 5s 19.17 84 19 Illinois Central 6 4s 1916 108 4 83 Illinois Central ft 4? 1931 W? 2 Itllnula.? ?m?l 4s 19M. . . *14 ?8 111 iioisCeulral 4s 195 1 ."4 17 lllifoinl >ntrslrer Is I9M *'? 32 111 Ccu C SlLftNO 5a 1963 94 4 tot I 7 91 "4 ?i?;4 101 t?4 no*; 94i 1 4 II .1 IOI 81 4 974' 95 54 4 34 4 a?H 4l>4 - 4 MI'J 79 814' 79 4- 4 1014 100 -14' 166 4 101 90 4 4' 60 4 -I 4' 40 I 41 4 -14 43 1-34 11,9 I'd 4 lt'7 4 96' , 93 70 4 11:14 1194 99 4 97 4 ?8't' 86 II04 1117 4 1034 100 co4 94 4 l??H 1064 974 U9 4 11 89 ? 8.4 *34 S34 814 ? 9 4 474 109'f 111 I '81 96 4 >.91* 804 77 S4 ? 4 83 H Ulli 90 S?lcs. eat. 1 IU Ceo Louisvilla3*s.... 73 17 Illinois Stee! 4 *?* 1940... 39* 1 Indium Illinois ft Iowa 4s. 85>4 15 ludiana Stool 6s 1932 O'l 30 Ins Irrisr Agri 4*s 1943.. 31* 613 Inter Kupi'l T re' 5m 1963. IX OS Interboro-Mct 4 *4 1 '.?.>??. ltf 132 Inter-Met 4*.s etfs 1964.. 13* 13 lnt?r Agr ("hem 3s 1932.. 74 2 Internat Cement Ss 1936. 106 25 later A. Ureal Nor 74 19.13 07 * 95 InterMer Marino 6s 1011. 94 9 Internal Paper 5s 1917 A.. 83'< 270 inlet tut I'a per 5s B l'J17 84'4 137 Invincible Oil Ha 1931 92* 9 Iowa Central 5s 193S... .; 71* 22 Iowa Central 4s 1951.... 38 1 j 66 K C Ft Scott A M 4'j 193'i. 77 40 Kan City Southern 5s 1950 85 43 Kansas City South 3s I960 64 K A3 Kansas City Term Is I960 80'4 121 Kelly-Sprtnf Tire 8s 1931.103* 1 Kentucky Central I* 81 * 2 Ktok ft 1> Moines 5s 1923. SO* 1 KOE1 LAPS* 183ft 101 5 Kings C El L ft P 5s 1936. 91* 50 I.artawsnna Steel 5s 1923. M 10 Lackawanna Steel 2s 1950. SO 20 Laclede Uas Light 5s 1934 >'0 1 j 1 La'.e Erio & VV 1st 5s 1937 . 89 * 1 Lake Erie AW 2d 5s 1911. 78 4 79 l.al.e Shore ft M a 4i 19*88. 92* ?14 l ake Sitore A M S 4s 1931. M 25 Like Mlu>r.> A; M So 3 *s.. 77 * 1 Lehigh Valley Coal 5s.... 9S* 19 J.ehich Valley 0? 1928 101 H 4 LehiflU Val OS 1928 ret. ? 100 1? Lihigii Val con 4 l<js 2003. 8S* 27 Lehigh Valloy cou Is 2003 78* 16 Lexington & East 5s 1965. 97 5 Ligpert A Myers 7s 1941. . 115 35 Liggett & Myers 5s 1951.. 95 8 I-ong Island 5s 1934 SS'i 21 Long Island 5-s 1937 75* 20 lone Wandrof Is 11)19. . 74'4 10 Long Islut! unified 4s 1919 74 1 lorillard 7s 1941 114 4 I orilard 6? 1951. . 15 1 Louisiana ft Arkansas 3>.. 88! J 5 Lou A .lelf Bridge -Is 19-16. 79 * 51 1 otiisvilieA Nash 7s 19(10.107! j 231 1 oitis .V iVash5,is20(Ki .102 9 Loulav * Ifaalkdt 5s 1931. 99 * 16 Louisville ft Nash 4s 1910. 89* 13 I. ft N Atl Knox A Cin *s.. 82 * 1 Lou AN NO & Mobile 1st 102; ? 33 LAN Sou Mouon Is 1952. "<9 33 Manhattan Is 1999 C3 ! j 20 Manhattan 4s sUimpel. . . ( 4 1 Manhattan 2d 4s 57 72 Market .Street tlyttsll'24 t'4 "4 140 Market Street By ftl 1921. ?8 21 Marl Oil 8s with war 1931. 99 126 M ex Petro of Del 8s 1936.102 10 Michigan Central dei 4<.. SO* 17 MicUlcaa 3l?te Te ot> 1921 97 * 117 Mkivale 8t?ei & Or 5s 1936 *7 5 MH El Ry A Lt 4' js 1931. 84 4 Milwaukee lins 1st Is S'> 3 Mil L S A W Mich 1st... 101 If 52 Min A St Louis ref os 1902 3914 75 Minn & St Louis 4s 1949. . '?> * * ItS MStP&SSMOlJs 1931.IOI* 8 MKIP4SS M con 5s .. .. C8* 13 Minn St P At S S M 4s 1938 87* 1 Mo Kati A Eastern 1st. .83 2 Mu Kan & Oklaho 5 1912 81 410 Mo Kan AT Ss A 1962 w t 81 155 Mo Kan A T 4s B 1962 w i c-8 464 Mo Kail 4 T 6s C 1W >v I '.-3:; 2745 M K & T adj 5s A 1987 w i 51?< 3 Mo Kan A Tex 4 <41 193 I. 59Ji 175 Mo Kao &Thk Is 1IM.. .6 '? 1 Mo Kin&T4J 1990stpd. 68 60 Mi, Kan Jfc.Te* 3.1 Is 11*99. ,?9'^ 5 Mo l\ A T'Jd 4S :tfs 1991. . 9 4 Mo Kao A Texas fd 7H'i 175 Mo Kan A Texas twites est 70!4 34 Mo Kan A Texasof Te*5s 80,' ? 5 Mu Pac 3d 7s est at 4%... 79 '4 55 Missouri I'acMc 3s 19J3... 19 124 Missouri f'aclllc 5s 19215... W7 S MifHM.rl I'aclQc 5s 196 ?... t8"j 1109 Miisoitri Pacific Is 1975.. ?3*4* 5 Mot> tle& Ohio 1st 5s 1927.101 'j 3 Mobilo & Ohio la OS' j ?12 Montana Power 5s 1943. . '.4'4 20 Montreal Tram 5s 1941.. . ?14 Morris A Co 4 |?s 193'). . 1 Morrto A Essex 3;4s 2U90. est. n tti 83 M t-8'i 31 t3 13'< 13 74 106 07 S 13 85* 83 S 71 Ins. 78 81X 64 ??H li 3 SI* SO* 101 91J< V?M S4 S4H 39* 78* 92 1 It 90* 77* 98* 101 100 t8H 78* 95* 114* 93* 88 76* ' 74 74 114 93* 88 * 79* lOtt'4 IOI* 09 '-i 89* 82* 102* 78* 86* 981, 34 ?3* 13* 12* 74 100 97* r.n . ' 83*4' 84!< 92* VI* 38 78* 84* 64* 80 103'4' 81 H 80* 101 91* 1*8* F4 85'j 891 j 781 i 92 91 77S 98* IOI* 100 8?* 78* 05* 114* 9-1 'i 88 Cli'se. Hljii. ? * V* + 4 90 + * 80 90 ? 34* 05 19* 17 75 ?a* ?x* ?1 ... + 1* 10a OS 111 88* ? 9* 106* 1(2 99 U 89* 102 * + * +4* + * ?I ? * ? * + * ? * + * + 3 + 1* + * ?I* + 1* ?1* + * + * + * + * + t + * + * + ? 'i + 1 * + 1 1-ow. 73 6Q * 85 96 31 51 ?H 7 *< 73* 102 97 89 84 83* 84 H 09 t'4 87* 87 ??* 7314 39's 3 i 77 72 ?< 86 84 65* 63 81* 79} 4 104* 101* 82 81 81 72 101 98 91* 91* 99* 88 00 90'4* 79 94 92* 79* 100 102* 100 88* SO1* 97 113* 95* SH 73 75* 74 IIS* ra 88'4 + 3 + 4 101 <i 88* S4* 89 101 * * 37* 101 * 67 * 83 81 ?6 <i 1.2 S 49* 61 ".6 r.H f2 ? < 2 ? 57 +13% 94* +3'4 87 * t ? ' 'j 9!? 11 1C1?4 + * 88 '4 ? '?' 97 ? >i 88* + * 84 < j +5<4' 89 ? * 101* +3 L'8 < i C8^i ? Tj 101 ?4 + * 9814 +2 >* 87* + ?4 ,83 +4 ?SI + * 8O* +1* 67", + * ?3't' + * 50* +1 01 +17? ?6* ? * 08 ;?* +2't ??9 +2* 78* +3* 6914 -f 3 67 300 99' 51 >5* M'i 76* Nassau Klectric4s 1931... 30 Nat KB of Mex 114s 1926 31 * Nat Rys of Met 4 v,s 1957 25 4 National Tube 5e? 1932 ... S?7 ? New Or A Northeast 4 ?4s. 80' j New Orl Terminal ts 1951 73* New Orl Tt A M?x 611925 9?l* New Orl Tx A Mex 5s 1931 C7 ' i N V Air Brake 6s 192* 97 New York Central 7s 1930.106 J t N Y Central 0.S 1935 99 * 13 N V"?'entr.il 4'4s 2013.. .. 87 36 N Y < 'entral dob 4s 1911.. 88" j US N V Central con 4s 1994. . 79 1 j 23 >" Y < on I ral 3'js I S?97.. 75 u 4 N Y Cwi Lake S 3*s 1998 ;2* 4 N Y < 'en Mich C 3 *s 199S 72' i 9 N V * hi< ago A St 1.4s.. . . 86 11 X Y Cb & St Ldeb 4s 1931 !-3 US New Vork Dock 4s 1951.. '.h (I N ? UdiM>n#*s 1911.... 109* t NY Uas E L ?l .V P5s I91S a*. 16 NY Uas E L H A P 4sl?49 79'i 4 X Y A Jersey 51 1932 93 4 N V lack & West 5s 1923. <1 N VNIIk Hart 6s 1914 . 14 N YN H A Marl 4s 1933.. 7 K Y N II A Marl ?* 1954 2 N V N II A Mart 4s |9">.".. 50 '? 9 V V V H a H .I'js 1931. . 1 10 N YN H A II Cons Ky4s. 40 47 NY On* ft West it 19 H. ?' ? 7 N Y Railway*a<lj 5s 1911. *'{ 11 N Y Kwysart) f ? clfs 1912 7 , 96 XV Hallwayarer4s 1912 .0 NY Hwyti rvt' I i ctr? HM3 34'4 N Y A Rnrk It' ll 5s 1927 . 52 49 K Y' 8late Mwy< t'fM I 9?M ttl 1 NY Stw A. \V e?t t??r 5s 1943 83' 4 R > N VTMI?fts Ivll . li 2'4 <3 N Y" Teleoh e'eb 6a 1919.. . in ' , !>r N Y" Telepliona 4 *s 1939. kit1, 89 N V Wa?t A I to*. 4 'is 1919 42 ;i 4 Niagara I'a 11* PowerOs .103 5 Niagara Palls Pwr 5? 1932. ?/'-4 1 Niagara I-ft Ont Pwr.Vs. . 94 Nerfolk Southern *s 1961 Norfolk A TV est <-v On 29. Norfolk West nv 4 ! js.. Norfolk A West Li 199 i.. Norfolk ft W rllv 4s 1914. Norfolk A W f"nc* 4 s I'III 85' j Northern Pacific 6* 2017.. 106* Northern Pacific 4 Ss 2017 88 r.?,rtbem Pa-iRc 4s 1997 . t.', N?.r1l>eru l"acino 3? 2047 .. I O'i Northern Pnei%: 3s r?*t. . . 00* xp-?;n?'b*<j iii,< i9<4.io7 Nor States IViwer 5s 1941. Sa'i Nor States "1 >?er 6s 1941.. 1>9 Northwest. Bell T 7? 1911 . 107" i 79'*' '9* 13* <2* 101'i 68'.; 94* :3'4 ?"?1'i 76 'i :<5 *4 31'4 25 16* 79* 73 98 H ? 65' j 97 105* 99* 86'4 Sl"i l4 80 79'4' 1!9* rs'i 62* 101* 68'; V4'? ?1? 76", 35* 31* + 1* + f* +3* + * + Ji !( + * +3', + 1* +5*4 91 '4' ts 99* 102 89 * 9^ 87* 84* 89 !4 101 * 40 40 102* IOI 61 77* 78* 70 * SO* 79'4' 99' ? 07* 89 ?< I 3* nt.' 1 est * 9*i 85* 8A'i 78H 36 31* + * 25* 80* 73 88* 07* ?7 IIXV4' 99'4 **.* 87 '4* 79'i 7." *4 72', 71* 80 82* 84 + 1* ?3 + * + * + 1 + 1 ' ?i; 9914 67* 100* 107 100 8S 89 ' 4 80 * 78 73 06* 82 84* 85 77 89* 88* 78 96* 100* 100 83 77* 93 111* 01* 87 73* 73 73* 113 92 * 106* 101 74 67* 67* 43 * 90* 81 96 99 88* 04* S3 79* 87* 101* 30 31* 100X 96* 85* 77 78* 78 63* 89 43* r, 2* '.3* 68 48* 48* 73 58* 70* 97 91 84* 69* 101 '-4 07* 93 83 75 68 27 24* 2114 8<l MX 95* 62* 97 105* 98 85* 83 :1 78?i 74 * 09 * 71?4 81* 80 I'16* + .-4) = 4 . It 6'4' 92 ! 4 87 84* sa , 53 15* 8.1 '4 148* 118* no', 41 101* MM 1M 106 *4 92', K.8 'f 179 rMHi 20 195 1 133 67 31 I 72 115 13 OtilKfio Power 5? 1943 . ". 2* 91* 10 Ofivop At^al 1445s 1927. 97'i 97 ' j t> Orecon Short IJne5s 1946 '2' j t'2* 2'4 Oreswi sh l.,nr .Ks ;tJ m# vo', t? 1, 19 lj|e,f,? ;?h l.lue ref Is 1923 f9*? *)', 175 OrWasi, ItllftN'jr Is 1961 78* . 7', 19 Oti?Mevl8a 1311 1* 4 1/7 4 5 I'irllcCtail Is' ? 78 78 '4 ;4 l*Htc< 1.- A I e p Tn 1313 s t, v ; I I'arlfls-of MhnniirlW I9T8 91 '4 91'4 7 I'ni iPr Power .'s l.l 54 1930 89 4 88', 29 I ?? ?li< Tel A. I'el.1. 1137.. ?.41, tj* s;i ; ei krt Motor ?*arIs 1911. ??? , w-??4 44 fiti-Atw f*:. A Tr "? t930 97 "4 97 31 I'mnajIvania7x IOT0.. .io7* inti'* 110 J'thmt'lvanfci ?*? 1936 . Ii.'i 1 wiif I:m I'enirrKanln3aIWi '?"?'4 230 I ?imsslsan a 4t,s\ 1963 k< J4 7'4 I IfwprltuIMI 4 tf? 1 Mj. 9">*4 93* 1 )'HM>l) l\ ?*'.? 4' 1914. . 87 >7 4 I'onna Ileal t'statois. . V* , WH'4 3 I coi>K sO is v ref. 1917 - f i 40 I'torto A 4s 1^1?. 71 7.1 68 ffo-M A Etsl III; 4 ' 19.JJ. 9 2"> 82 PereMarriatts3? 1331.. 91'4 *9-4 7 I rro M.t? itiiHt* It !9..<l,. . (V 731* 98 l*hlfl|ii>ine IS s.sr Is 19 i. . 's 4 ' j 53 1 .ettt-UlISl 1331 . 98'; 96 31 I ? ( A KtL As A 1870,.. 01 2>4 6 P C 4'A St!? I *4 S?r'i?s \ 9.1't' 93'4 2 Port-lan I lla'lway 5s 1911. 84 81 * I < i.lu ?l Lft PJ'-ia 19(4.1 t 1't.l* 29 1 orfisnd t<y I. ft l*5i l.MJ si >3', * I'ortu lilro A'ltTohSs ..1 n'4 1 o 20 m.? lidlftln; 1 ? h. 101'4 34 Pvb ?fn lce of N .1 .?< 195 > .7 .6 71 I'mdrPA It?' A I 1 1897 ?3* '( I f;e??lin<-Je"?av <"ei lull 1. ?1'j -I , 1 I'err'MIe Img.t-.ii>in?? 99 1 BioOran l-'.let.is 18(18 s i>; mo'4 21 I*4llintfl4 6'it4 It 1939 0 .3 1.', litotlr.itt I* W ,'U |< |'M9 #' , ".l Am i:e.k >?lAr* 1^4*1 |?li J Koiuc Waior A O it l#J3. Jj* 93.a 88* O'l* &1 51 30 4,1 10 ev'i 7 * 34', 33' 4 .*>3 65'4 83 1 , 102' ?; MS* ?O4 13* 101 ,* 97', 94 w* 1 on 92 ', >8* 84* VI'4 106 *4 : 8 fcft ro'i 60 108* SO *4 + 1 +4 ?( + 4 ?? 41 "4 +3'4 + 1"* +2 + 3'4 107 95*4 09'4 71 61* 50'* 7054 9* 105* 9J.'-4 76 93 98 56* 41 41* 31 38* 38 ! 4 69 IOI lt'4 21 61 !4 83' j ion >4 1 it 1 ? ss u 42* 33 ?4 102'4 + ', 10614 +1 '4 81* S5 '4 108 90* 87 "-4 62 * 6->* + l"9 ? '4 + * + ft 89'i 90*4 108 <4 + 1 '4 12 4 W?'4 ;9>4 '? '4 i 97!. w'4 97 '.4' 98 "4 87 + 1* I- ' '? 98'4 78 91 '4 III I "8 14 1 os '-4 lial 4 97'? 88 w7 -3 + 3< 11? r i nt ' 3'? 81 ? I II , 100* 94 93 51 IOI* 91 l&H 83 14 83* 105* 81* 68 60 104 8S* 98 107 90 85'4 90* 97 Ml 4 7/ 06 If 91 '4 87'4 at * 94 ?4'4 I.I-, ? 103 9?'4 ' j 9JW *.1 '4 97* I 114 98 88 <( 84 I0J '? * 183'4 10' I0i 7.1 si '4 "? 1 so '4 ? 1 i 61'4 American Banking Service in Foreign Lands At no other time in the history of commerce has intelligent, careful and energetic banking service been so essential to the merchant engaged in for eign trade as now. This institution, with its own branches in the Far East, France and on the Pac fic Coast, as well as special and carefully selected correspondents in all other parts of the world, renders a comprehensive service to its clients based on experience, a keen appreciation of present day requirements and a spirit of active co-operation. We handle drafts drawn against shipments in foreign countries, buy and sell exchange, issue travelers' letters of credit and checks and com mercial letters of credit and obtain accurate in formation on trade conditions, market possibili ties, shipping requirements, tariffs and other data pertaining to foreign commerce. Park-Union FOREIGN BANKING CORPORATION 56 Wall Street, New York OFFICERS Charles A. Holder.... President T. Fred Aspden, Vice-President E. B. MacKenzie Secretary Irving V. Scott Treasurer GENERAL MOTORS lo ^ ntm Big- 1921 ii ?\vs Effect of Drastic Write-Offs in Had Year. The General Motors Corporation's re port of its operations in 1921, probably Is the most noteworthy exposition of the extreme depression which affectcd the automobile industry last year thpt has appeared. This report shown that not only was the total business done by the company cut clown $262,82$,OCO, compared with thRt of 1DC0, but also that the cor poration suffered a net loss for tho year of $3S,680,770, after huso inventory and other adjustment?!, and a final deficit of }CG,4i9,0C<5, af'er payment of dividends on Mil classes of its stocks. In other words, the surphis of tl3ti213,S7, which the com pany reported at the beginning of last year, had shrunk to $55,811,161 by Decem ber 31. The following; table Rives compari son.; of the chief items of the corpora tion's income account for 1320 and 1IS1. 1921. if>_o. Net fialos *304,487,343 ?3f>7..rJ0.603 Expenses. Including depreciation 1101,247.2!Ni 4* I..V.S..MD Net from operation*! 13.2:10,9Itl 82,762,00.; Employees" funds ... 2.174.0S0 9,408,847 Interc.it .".u'Sl ,<W5 5,604,00(1 Net incotriB 5,784,782 67,779,710 Special write-offs, In cluding reserve for contingencies 4/tt>5.55t 36,002,180 Net Ions oS.tj80.77') ?49.277,521 Taxes, Ac 3,881,000 Dividends 26,778.286 33,513,715 Final deficit 65,459,056 *14,230.660 l'roflt and loss sur plus December 1... 55,811,181 121,2731217 ??Surplus. The balance sbeet as of surplus De cember 31, 1921, does not appear as un favorable as the income account. All tho tremendous write-ol'fs. which had , such a bad effect on the earnings tended i to put the corporation Into a. better | financial position at the end of tho year | reflected in the balance sheet, a com parison of which with that of 1920 is 1 made bolow: ASSISTS. 19-.'I. IKS*. > Cash 940.007,401 $47,332,842 i 4,i>77," II 9,667.5110 ?i,7?i.rr7!> ? 18,944,844 2*Z.!3::.8?i 108.7112,825 164,884,679 j 56,377,0R t 07,985,160 , 248.593,751 - I8,788.7"V. ; Goodwill. rntcnls, &c 22,43#,40l 2",til,SIS 1 LIABILITIES. Account* payable ... $13,640,429 $27.WO,0$| | Notes payabl" . Taxes, Ac., not dun. fft.938,541 15,230,7.18 1 5,475,303 tl.489,070 60,4.14,9(13 52,410,1.V, 310.379,975 303,34,745 Sight drsfts Notes receivable Acc'ts r>* elvable, Inventories Investments .... Tteal cstat"' N'olei and bonds Hes'-rvi's capital mock Surplus ov?r $10 per share on common stock 65,SI4.16# 121.273.217 il'crre S. dn Pont, president of the company, in hi.i preliminary report to its stockholders divided the corpora tion's units into two classes. In the Iliztl Saies. eet. 30 St L Iron Ml n A S It 1931 !?0 lit St I. Inn Mtu A 8 ti 1921 I t'.9 SIM 'Its'! %r??ll?TI 7H' j 1 St I, Poor A N W 5a tf>w 101 ft St Louis A S h'KonfW l'jri!.U2 1 StLouisASKgmfe 1931. OT'i .'MS P? Louis AS f \ t9jO. . 70 too St louisA S F5? It 1*30 *3<| IK) MUstaAS/rnC l9:-< -7 R74 St Loan A HP* I) il< 19V-,. :*'< t>G2 fct l.ouls kSK I no (i< I fttiO Ci?'? 10 f>t I, floi?Ul ?*?*', Itf 4-. 19S3 77'? 18 St I. Southwestern 3i 105: 70 31 MLSolltfeVtUamt Is 1933 ?<'< 42 St 1*4 K C rfh I. t 1 Ml ."8'4 15 :-*n A A Aran I'm t< 191J 3 477 traboarJ Air IJnwOs 1913 3'2>, s< faabourd A Ladi H low. lU'i 150 Sralmarrt A I. rnf 4< 1959.. .'17 '4 55 Keyboard Air Mae Is 19.V). .".t'i 71 i-?ahpartl A L4/i?tp 1 lO-'i* S4!ii 38 Hiarou Steal Hoop S. 1941 t'i 3077 ftlMtehr Uult Oil 7 14< 1925.1' 2r4 .8 South Car A <!?o *'<? 10 y<i?UlH?ITMA I" ?. 1*MI ? 4 ? Southern I'* -ill-rv .v? 10 it l'.'O fcocthara 1'arlfVcr 1-1920 '? 187 t'ftvtli Parifle rff 11 10.VV, "?'4 4t> South PfeitOticlt %\ 19'? 79,4 47 s? l*a<- M Prao Vm v- lftjO. I 40 S? I'll Suitar 7* IV11 r .1 't 667 iMlkfrn K? 0V4? 19VI. .. ' .".'4 199 f r i lh.i-n I tall way 5* 1991 ' 1 t 299 Sout'iern 14 n v ?i>i I9.V1 3 ?2 Southern Kjr M?'? 5-t 1991 91 2 Southern Hy St M . 1951. . 714 fi Flauriard Mlllln* 34 1930 SO i 71 Handed Oil of C*l 7? 33 Steel A Tubs 7< 1931 OS <? Low- C1"J ??t. Inj. ?"?'? ;3'J ?3S T7 >1 s tut 101 101'?* 102 !f W - j 17 09'4' f.?'4 HJt'i ^'-4 ?M'i Wi MM 03 ta i 71 0 73 :r. ?UK <7 > <'7 | ;* t< 4914 4914 IH!+ 19 35 ?* 31 ;.ii'4 .'4 .vi 14 atx 93 4 4 IOO 102 '? 90 9c, 94 4 I 5'4 95 , ?1$ 8SJ4 "??'? <9-4 M'i ?0'i ' ?" '4 ' ?"? t MM M 90'i Ul ? 2 <3 91 91 -,7'4 .74 9A Mi ;?? 1j5'< !?.*??< Net Ch'Kf ? +i?? + s- J< + 1 i + ?< +154 ?2 + 1 "MU ?I J4 + !4 + 1 + ?S + 3 4- '4 + 2>4 + 2>i ?l'i ?- 4 l-l + ?4' 7.0.*. 23 9 HI 94 711 37 IS A4 03 33 33 23 133 3 339 3* 1 Terml Ami 1. 4 >4* 1939 92 'l'?i4% A Oklahoma !i? 1943 23 T?>x A l'mc Is. 5?. 2000 92 'I bin! AM inm.t I) s< . 0 'I hlr'l Aventra rrf 14 19C0. *l'id? Wfttr Oil 0 H*Ctf* 31.I<>2 '4 '1'OlMM.t ul'milUCU 7? l?31 100 ToU~ln St X, AW" 4s 19i0.. ?2 Tol S? L A W 3>4?193S.. K71, '1 n-l'Hy Ky A i.t 54192 I. l9 '4 Vnderground of I.on inc.. M '4 Union 8?MP>'Mr .li *9'4 I nlon f'aclfl: 6n !9Jf M l 94 25 91 '4 49 '4 9S ?2 25 92 49 "i G1 < 2 101 H 2 98<( 100 f.2 ?2 H744 87 'i rtl'4 M'i H??4 89 *4 102 14 102*4 12 1.3-4 l t'n on P?c<n ? 4s 1947 I iihin r?cifl :cv 4?. 1927. I'nlon I'a'jiHi- rn14? 2004. 111N1U Tank Oar 7* 193'). I iilteil lirmKa 19'.! t'D!f?*| 11/ Inietlai IW. S3'4 I' H llMlly A Impr t. WJ1 ? 4 L1 S It.il.lH f 7 - IWJ.... 104 % V n Hubliw 7< 1923 .... 101 t SRilbtw 04 1947 Pi lv .4 SnmlUn* 1994 .... 97 T4 C f? Htrfll ?? 1*1.1 HO?4 Vlah l*wr .V Li<kl )< IMI 90S Utk't Geo .V K rrf 4* 19.">7 81'? Vlrtlate MM '?? <mt K 1*3* ?JH \ a-t4l0 i 'i* I'*3J. 1 1 '4 \a-tiar 3* 1023.... '?*? Va-f'arol'n 1 tJoe n 0, |9'.'I ' 3 't Vlnrinin Railway i?. I9?J. 92 Vlrwnla )'.v A I4f>war .k? .4 Vlr A .?o-.ilh*< ;t lat 5? 2?03 *? 90 "4 91 <i 93 K 3' 1*1'4 105 Jj ?t', ?: ? )> ??3'4 ? \ lr4'? + \ |(8P, H.0<? J- H M?'*' Hi 14 9i ?/?{ ? '? I'M l?4>l? f '< >9>4' 90'4 + *4 S??4 84 '4 95'< VI Ik'i <4 1.3<< 9:)'4 95'4 91 ;o-4 ?3'? rj 74 89 OS '4 99 S4 '4 *>:? ?4 10314 IP3S 79'I so 12 Waha?h lat. I?KI?. .. 95 4 93'4' ?3'< 7 *V?ba*h 21. 193?. 90S Mt 80 , 5 NVasIi W?tT IV)'?r 5< 1039 9 '. '4 0"? 95 43 Vir?i?rn riM' ?< IUJ2. 'i,ri 9rfT? *' *? 25 West Marylitrl 41 I (?5 2 t? ', 0I'4 *?'? it Wwi N V A I'.i nn ti . .. 01 4>ra?r.n ifiB ? Oa 53 Western fan 1st. 1(.'40 1 4?>*?. I'enti I'nn* !? ]9?0 7."> West Shotv lr 2301 5 Short' 1* fev. 23 il "?S <8 #s no Unurutn?n'>!k IW !*? it.7 1 1 h 3 Weatoro 3a 1938 '.*'4' t". f> 10 >m? 11 Un)o? 41,1 19*>). n.. 2'i '-2 '4 90 K A \r I "?.il. ??> , I tK* ?4 l'0'i 17 WM A I. KH?4 I'fi . -S-, M', .s , 18 WitAl^tk?l:rl?4< 101 ' .07. (I 12 1 A-Spunw tM.11 J. 74 1935 ?J4 4,7 4 ' 7'4' t4 Wllk?a-B A Ka*t .'Ml 1912.. ?o o? 10 I2?> >? itw.n *. ? .1 . ?? 1 ? . '? 11' i ' ' ' 1 81 W tfiaiM A 4 To lat 0? |041 '?''*?*( 5 ;I9 w ihion A Co11 o? I".'?. 90 '4 90 2 W Mri>n?tn t Vn 11, t ?i > . ' t '*?' i 4 VNl. C J A Uiit 4*. IWJ J. . . it H ?' i , 102: , HiKh. l.ow. Ji 4 "H it 7JJ* ?H 4 * >4 101 tut to.i'4 lot1; 97'4 9 i 70 03 S4S 814 ?? at'4 H'4 ;i 03'< 54 78 72 :# 71 7-i '< A4H 79.4 ;? ?3'f 73 62'( 41 21:. 13*4 ?8Vi 31 !4 M <i 50 ?3'4 18 1-4 91 4 03 l?2rt 04 90 90 ???j 'A 93 97 05 ? i so'4 so ?0.4 s3U St 7S14 ?4.' 79'4 ?3:4 94 90 m?4 914 S7V4 04 01 91<1 89 77>4 73 07 H 91 Ittf '?/% 10314 ?J9U 9/ 92)4 SO 35 35 02 85 H >4 4?W C3 30 !4 103 4 M3U to >f4 07 T4 02 50 OO 84 99'4 91 0^4 09 91 s8'4 103'4 101 VI M'? 92'{ 89 *r'? hi'4 i 3*4 1 '< '? lt)7*4 III S3 4 73 ?? 01 mi ; 103? 4 I0t?i l.?J?, ss'4 m vt fDi 00 101 4 89 14 ?0 4 ???* MS S4",' 9.T,' ?5 <4 ?? 4 01 m?'4 0314 - 14 04 0! 'I 92 *4 ?1'4 75)4 7 1 8?? 70*4 9714 t<3 '4 I ?7 SI 14 03 <i 91 In ?i > ', r. 1 38'4 -1 '?? 7? .r.'i I I0<? 98*4 - *? 8/ SIS - , IH ltM'4 h '? IS 7"l?4 i s ? :<w11 + 1 )3 , 9 <4 - "? J< 1^'4 + lt? , 11, 1 r.i 14 52 + I'| 15 III ? ' t '4 f I 00 51 ?3 90 11 ( ' 1 ? ? i 7 11 J 2 X J J I J ft i ?014 + 11 +1! +?!< + r* + 1 '4 1864 Safe 'Deposit "Boxes Before Sailing Deposit your securities with us and we will collect the income and credit your account or remit to you. Safe Deposit Boxes are available at our offices at 60th Street and Fifth Avenue and at 42nd Street and Madison Avenue. We will send to your home for your valuables, silver, etc., for storage during vour absence. Cftember Federal Reserve Syttim Centpal'Union TrustGdhpany plaza office 42N'D ST. office Fifth Ave. & 60th St. 80 broadway, new york Madison Ave. ?4 znd St. Qapitalf Surplus and Undivided ''Profits o\>er zJftCi/iion dollars first class he put the thoroughly estab lished divisions, the products of wliich are standardized and do not require radical division. The other class con sisted of divisions undergoing reorgani sation and rearrangement of products, Including cases of complete abandon ment. The divisions' sales represented In the first class were $225,261,110 for the year, with net earnings of $29,671,- j 184, while the sale# of the second class I wero only with losses of $16, 131.018. "The automobile industry, in common with many other important industries," Mr. du Pont's report reads, "has passed through a year of unprecedented diffi culties and handships. 1321 having marked a period of drastic deflation from the extraordinary expansion which began in 1919 and extended through the first half of 1920. During tho period of this exponsion the corporation extended Its manufacturing facilities and provid ed for production on an enlarged scale to meet demands which It was ex pected would continue. "Tho plans and policies which have Glided the management have meant en tire abandonment of certain of the corporation's former products and change of design and improvement of rjuallty of other lines, which have in volved heavy losses in liquidation of stock and obsolete material, lixtraor rlinary adjustments have also been made irr inventories and material commit mcnts. w that the corporation's books r?t the close of 1921 show these Items at current market values and normal In volume with respect to nearby pro duction requirements." Salt*. IHJ Liberty 3'j? i?>?7 133 f.ibwly re? 1947 "> I.ilierty I at. 4s 1947 M l.lherty 2d 4s 194/ 13 Uberty2d-UreT 19<2 ... 1308 l.lberty l?t4;?* 1947 4 l.lberty l*t 4 Us 1M7 re*. 15 I.lb let 9| cvul 4 \? 1947. 6198 Liberty 2d 4 '?? 1912 23 Liberty 3d414?rerl04J.. 17212 Liberty 3d 4 H? * 192S 31 LR?rtjli4UiUKHre;.. 1 MM Liberty 4t.li t '?s 103* . . 40 Liberty 4th 4>t * 1938 ras 41 '-0 Victory 4 ><? 1923 106 Vhlnry 4 'is 1033 ro? . . 108 Victory 3*??' 1083 29 United HiiMi 2ji ret 1930. I L' atted Mam Can Us rej ?. iiinr.n,>.u.>i nv.'w. Low- Clos- Net , 1022 j eat. Ins. Ch'ge. lllgli. Low. j 90 84 97.04 +- .OH 97 98 94.84 | 0O.SI + .04 00.00 S4.82 07.10+ .10 97.90 08.00 97.10+ .41 07.8t 95 09 00.60 + .10 07.08 95.53 P7.30 +? .28 98.38 90.02 97.50 05.80 .MO 90.10 98.00 97.10+ .30 98.10 93.74 06.HS 97.02 +? .50 97.'10 93.IW 97.53 CS 23 f .70 08.26 90 28 97.50 OS.03 + 8t 00.030*73 07 40 f .22 08.30 05.80 97.30 f .33 98.OH 95.70 100.21 100.26 . 100.37 100.02 tOO. 12 100.18+- .04 100.28 09.S8 100 00 100.02 + .02 100.30 99.06 1U0J4 103 M? 't MM ?<?'? 79 7# +3 79 79 ITIfh eit. 97.10 98.84 97.20 97.13 96. HO 97.54 97. 8 MO 08.80 97.00 08.70 98.38 97.14 97.01 87.08 00.0<> 0*50 07.28 96 82 97.08 08.28 98 02 07.61 97.3<1 110.30 100.28 100.03 tmu 07. 14 07.00 Kale*. 53 AqMiM ?? 1M FOKFICN BONDS. HI#h- low- Clos est. rat. Int. . . . 8170 HI i, i2i rriiKii8ift itrur rr f"'f i"7*< tor1; < r, IHlBlllUlT"; i If If 10811 107?i 108'* 341 Helgium 1925 103 101 102J, 23 l>r*en 8? 191 "> 100' , i08'? 10? 14 Net Cll'ne. +a a i- .'j + * ? + a 55 Flerue 8a 1945. 313 llorileaui ft? 1951. 112!j 11.-V , lit 80' S3 y-'-U + 208 Bn/U 104"t IN>| |Ot'? + \ 513 CkMdtS'ilin* 100 DO , 0V?4 ? (.21 Canada 5m 1925 100 97 100 111 Canada 5* 1931 08'* IX ', 0K'a 27* ChlleS* 1928i*cn?pt.? 109 10>t?; 101 117 ITiiteSa 1941 104>? 103 1U0?4 482 < hlten n 8a 19411 receipts... 103 hi 101'i 103 .It!. 85' i 44 '( 109 90'; 89 ?? 85 *4 73 China Hi?-K 5* 1951 t8 18 Cbrlntiania 8s 1945 I00'< 10? 127 <'oponban-n V ,? 1044 91 80 10 Ctibs fri 1904-41 ?? 89 12 Cubs 5s 1911-49 85*< 35 Cube 4 ' ,s 1949 70H 187 l>enm?rk Hx 194". 110 118 ? Denmark fx 1942 ctfa 90?? 47 Denmark Moil Si A 1918. lOOV-^ >1)7 \ I0?'i W l)pim.V4 Man 8s (1 1048. .10*'} 197 !? 1107 Dutch K n>IW-> (in 101J w I. OA94 tOOS 1' '9' j 118 14 109', 4 104 ?f 103<< |l?'. . 100 , MH loo , mm ?.*8)i 00 85 f< 8 i'i 88 '* MO riKNich si. 104." ,.. 1412 rmdk7' ,t. mi.. 27 Italy8'(t 1925 1 ts l.in 1*4 4 'J* 1925 170 .l.ii:aii 2d l' ,i 1025. 8.V4 .Japan I'.Kll .... 2'S t.jons iv. 1031. 253 M .1 rneiHe-i ft* 1934.. 2?? Mmlnh IIM 57'? 12 * o .V. 19&1 largv .'>3'. 165 Me?l-*? 1- 1051 13.3.1 N'plhiM-laiii? 'V* 1073 w I. . H i 154 Norway .** 1910 110 ', 112 Uuoeen^tan I 7? 1941 rer?.. 107 '; 88?t yo T-iwfartil 0? IM7 W I.. 00 ' , 197 If.o i|e J.inriro S* 1946.. . . 101}? US Ulo t?rn?Jei|i? 8iil 8s 1940.. 100' j II*) 38 VKT| Dowlnfj .'1 1958 89 88 i in **b cauiwisutei 8n 1*30. iol"; f.(3 8 I'nu'n 'Cl?| ' ><?< '.".j w I 101 i I or, I 8eine 781042 m 4S-' k ?r<|pf' IW 1939 101 171 S*H*?rl?ml8? 1940 II,.', TiAki *Vi 1852 75 ^ *080 .,'nlteil Kitw 5?i* 19U2 105 , IIM ' 1.121 VnttMKlM??'>? 193#.... IOO 1??5 1095 tnltid Klo?5'j? 1037.. I'm 09' 531'fiena.'- 1018 108 105 O.t iurk li 8s 1945. .. . H2't 110' 83 ? < NOt + 2U +t'i + + + i H + 2?< + >i + H +24 + 1 + 2?-< + i'i + 2 + M i, + ; i ?4;? K.5'( 44 ?< IU0' , 109 , 108 ' * 107'? 08 ' , I00'4 101 14 l?i, 88'. 182 <4 101 4 ??8:. + \ lOI 100 03 M'i K8? 114>i 115 7*j i r.-. 10. Illjth. 81 ? 108' 4 108 ' 4 101 lot'* 112', S6'. 104 '? too 100 08!< toe l(V ?? 103! i 58 109 01 00 85 H 70'j MO 9M'?' 100'i 100'i 05 ?? 104 'i 100'i 88*| 91) 'i 90 -'?'i S5 ? 4 85?? 51 17'< 91', 110 , 108 !K? Lj 101 , luo'i 89 102 ' i 101 i + '4 + 3 It.v'i too * I (IH !IW> 108 112 '4 l.ow. 77 104 f-i Wl!i ?4W 105 lOti'i' Mll'4 102'? 00 ? 1 96 94 *4 Ok , 100'? 100 W 44 108 S5'.j SI'. 78 I07 01 105'i 100*4 !M '? 09 ^ 04 03 , 80 80 72??: so t 80 i 5t 50 33 V 94 'i 104 ? 103 97 99 H 03 03: i 100 "yf 101;? OK 1 j 01 112 H 87 101 1 0->'i !K 103 10/ M W \0lth ( ITY BONIK. Sali"- **?. 3 >'VC(i* 1 " 1* Kit 2 VYI'ltl 4S<105. N-.v . MM I I ? V t ItV i 1,1 t'lUJi MM , 7 'v'Y I'll) 4 1985 I(>3 XV '' !/??' ?l98,".. .|>I , 3 V Y City I007 rot KM It N Y I if j ' i ? I *n m.?i, I S'Y( .?. 11, to ?.? nf? , lit ." \ I'll; I - Irrv 9" , It \V ? ity la 1 II \ V ? ii la t'jj ? 05 , l(>3 4 lOI 104' i 104 ' ? MM , ill W 1 V ? 09 9514 0. In*. |l.. '4 101 I'M , 1114 101 v 104 Cli'r''. High. I'M 1 , I'M 194 ?, 105 101 , 194 STOCK EXCHANGE TRANSACTIONS Continued from Pane Fourteen. Range TK!2 lilgh. I L.OW. 100 Vi | 34 114% j 108% 19% 15% 70% 48% 61% 35% 67 55 41 8% 56% 87% 9% 55 54% 14 % 30% 50% 29% 41 % 3% Ulv. lUlv. Yield.|in J. 13 V 71% 44% 46 24 55 50 25% 4% 46'/* 74 8% 49 47% 12%! 20% 36 ; 20% 31% 1% 6.14| 7 5.93 1.35 ??I 5.4Si 4.44 j 4.20 15001 Railway Steel Spring...) 97%l 95% 200!Railway Steel Spring pf. 114 [112% I | I I N.t jjuch.l i-ow. 1 ui;. 1 c:n?. iT< 400 Rand Mines 2300 Ray Consol Copper 33000 Reading 800 Reading 1st pf 2600 Reading 2d pf 10000 Remington Typewriter .. lOOiRemlngton Type l?t j>f.. 100 Remington Typo 2d pf... 8.971 1900 200 11300 2600 100 600 Replogie Steel IRepublic Motor Truck... Republic Iron & Steel... Republic Iron & Steel pf. Robert Rcis Robert Reis pf 9.52'5.20 26000.Royal Dutch of X Y 14001st Jos Lead.. 22%: 21% 14 % i 13% 7.50! 47200 1900 9600 4000 5300 1?%! 11% 1% 2%. 4% 9% 70 1 94% 23% <1 i 43 3100 i "* 3% 59% 91 10%! 7% I 35% St Louis A San Fran... St Louis Ac Sail F pf... St Louis Southwestern. St Louis Southwest pf.. Santa Cecclia Sugar.... 200 Savage Arms 7.53! 23% 18% 75 57% 91 86%' 78% 21% 17% 54%! 45*; 183 1169% ?83 1169% 98% 91% 2.48174c. j 8.79: 7.14 2.78 2.78 4.17 9.66 23 I 24%| 5.80 45%! 35% 102%! 7*% 106 .100 6% I 3% 6%| 5 31V 3% 7.18, 7.84, 26 1% 42%, 38% 11% 4 46% 2S% 33',' 24% i:;so rso 3so 24 ! 14 135 127%' 6".',i 17% 95 I 8S 30%: 15 ' 39 27 11 7% 42% 32% 130 <1% 20% 135 74', 102 !or? 29 .25 110%'lot % 73 | 60% | 46V 4t% 32 j 32 70 70 3 45 10a, 29% 29* 61 6.53) Saxon Motor 1400 Seaboard .Air Line 700 Seaboard Air Line pf... 168O0!Sears Roebuck 100 Sears Roebuck pf...... 22000 i Seneca Copper ? lOOiPhattuck Arizona 2000 Shell Transport A Trad. 105000'Sincfalr Consolidated .. 18100!sloss-Shcf Steel ft Iron.. 200 Sioss-Shef St ft Iron pf.. 1W0 South P R Sugar 200 South P R Sugar pf 24600 'Southern Pacific 5C?:>00 Southern Railway SOOOSouthern Railway pf... . 6! 4200,'Standard Oil N J 5 4?00 'Standard Oil N J 4i 2700'standard Oil of California 7 M'O |Steel A Tube pf 2| 4700;Stewart "Warner Speed. . t200'strombtrg Carburetor... 7 32J.'20U Stuf'fbaker 7' COO'Studebaker pf 18000[Submarine Boat ?500'Superior Oil 200: Superior Steel 1S404 Sweets Co of Amer JOO Tcmtor C ft F A 2200 T<>nn Copper ft Them.... 403( 0 'Texas Co 5.56jf2 % | 31700|'Texas Gulf Sulphur 1 76% 47 51 35% 63 55 31% 4% 49% 78% 9% 55 54% 13% 30% 50% 29% 41% 3% 14% 2% 4% 7% 70 93% 14% 7% 43 23% 39% 71% 57% 91 86% 21% 54% 183 114% ?7% 73 34% 45% 102% 102 5% 5% 2:.% S% 10% 46% 46% 26% 73% 44% 46% 31% 63 55 29% 4% 46% 76% 9% 49 52% 13% 27% 49 27% 40% 1% 14% 1% 4 7% 68 92% 11% 7% 40% 23% 35% 65 52 89% 84 20% 52% 179 114 95% 72 33% 41 97 101 % 4% 5% 29% 3% 97% 114 22 % i 14 i 73%' 44%l 34%! 63 | 55 30%! 4% 48%: 78 %i 9%; 55 ! 52% | 13% I 27% 49 I 27% | 40% 1 3% 14% 1% 4%i 7%l 68% 92% : 14% 7% 40% 22% 37 65 67% 91 84% 20% 52 179 114% 96 72%. 34% 44 97% 102 5 5% 29% 3% 125 62 , ,7^ 125 i 7I'* 95% ! 102 6.0s io.r>4t 7.82; 7.00! 7.76 9.301 7.61 j 5.4 t 6.S6 C.73! J 8 *? 10% I ? 96'?? 61 '?'? 51% I CM >, 37', 4? M% lis 65 % 14% M%i 92%' .14 94% 8% 17% 20% I ;.s 9t% 5 7 % I l#i 40 10% 1?%| 119%: 7 % 26% *3 % I 16%' 5" 6% I * a 37 j ;?o I *??! % 51% ! 99 32% <2% 82 ' 8.11 3% 18.75 t; lo.oo! 7 5.71; 8 S n'OO Texas Pacific <1 & Oil 4600o'Texas & Pacific I 33% lOVTexa-i I.and Trust ct B..I400 :60(Texas Pgc L T ,290 2600,'Third Avenue I 21% 6401 Tide Wafer Oil 133% 130 2400'Tobacco Products 62",. 57 7C4[Tobecoo Products pf ?. ?. ? 9114 58 200'Toledo. St Louis A W.. . 28', 27 1900 Tol. St Louis * W pf ct P., 37% . 1114000'TrauiContinenli.l Oil 10'* 3[ 700 Twin City R Tran 12% 101 200 ? Underwood Type write'-.. 13o 4| 10001'Union I4ag ft Paper....! 44% .., 11000'Union Oil 10 2_*000 'Union f%cifl< 4 500 'Union Piclflv pf 7( 10<> r'nion Tank Car 340[Union T:>nk Car pf... 130o'l*nited Alloy Steel.... 140 United Cigar Stores pf.. .<144% 104 % 101 % S&CO'rnMrd Drug Co 67% 60% 62": 200 l'olted Drug Co 1st pf.. 43% 43 100!United Dye 32 32 100 United Dye pf 70 70 ?;00 United Fruit 141% 138 ..I . H% . 135 . 74% .102 .103% 28% 58% I Sl'% 27% 27%! 36 36 % :% :?% 40 42% 129 129 62 6 '?', 17 % 17% 130% .131% 73% 73% ? 96% 102 [ 103 % 143% 281 7.92 8.05, 5.2 "? 3W 115% 6 03 60% 3.17 30% 92 37% 67 48 h% 6 19% 12% 10% 66', 8% 13 13% 51' , S9 ?9% 6 *.61 12.50 3.17 2M Ma 7.1 ? 35% 10.26 7 % 13% I % V ? .(- . 1 ?f7% 1 ill 46 8.97 :;o% 152% 137 48 13 S\% St 70 61 2900 United Railway Invest ! .>000 I* S Rjr Invest pf 5'tooo 1 n Retail Stores ' 29000 use tr Pipe A Fdy 1500 *U S C I Ilpe A F pf 100 U S Express *fc00 u S Food Products 102'0 U s Industrial Alcohol.. 100 C S Industrial Alcohol pf. ?<200 r s Realty a ImproT... ifoco I" S Rubber 800 U S Rubber 1st pf 1444IU S Smelt. R it M 100 U S Smelt. It & M pf 166700 'US Steel 5004] U S Steel pf 1400<>|utah Copper 4700 Utah Securities 17200 Vanadium ste?>I 100 Van RatMc 1st pf 57.OO Virginia?CariB Chemical. 900 V irninia-''.iro f!hem pf.. inn Virginia Iron. Coal A C.. 6600 \ i' ;i')d'?U 1 14360'Wabnah ! ^0000 Wabiush pf A 700 Wabash pf H D00 Wrlier A Heilbroner 700 Wells Fargo Fx press Co. 2844'Wertern Mary 2JOO W? st^rn Maryland 2'1 pf. 1 .'3O0 Western f "a,<-i IL- i 5600 W< .?t?-rn P > *ift?: pf 2600 Western I 'nion Teleg... 6t?i>0 We^tinghotise El A. Mfg. 1900 Wheeling A I<akc Krie...! 3404 wheeline A Lake Krie pf 1*04 White Motor 6400I WhSo *>41 2200 Wicl.w ir'- SPCtver Steel. 15000 Wil. * 0*< riand 2500 Willys ' >T<tlan4 pf |j0d Wlls<in A Co l"0 Wilson ft Cn pf... J200 Wi?<nnstn Central S'?o WoolWW' tli 1 F W> 10^, 29% 18% 63^2 6Ti, t 45% 96 U 61 :.t% 101 >, 31 r.% 93>i lls% .,3% 1 1% 1 . !>2 31 2S%! t3% 25% 61 H%? 3 43%; 96'? 43 32 70 144 10% 2S% 44 -9% 42 % 6 ? a 44% 9S>? 54% 58 99U 11)| 115' 31 431 9 I 116 62' 14 . :<? 16 13% 80?, 9 % 17%! 29% 58 | 9114 14% 30%' 9%l 15%; 5% I 39% I 41 8% 30% ?f> U I ? 7 ' Vk 7% 1 23"? 15% 12%; 16% 17% 51%. ?3%' 1?% 4% ?T, 39% 78% 28% 23% 1 ; 13% 7"% 0" t 17 19% 56% 94 15% 39 | 9% 1 ?' . % 29'1 40 78% 2*' -1 *K\ <M N'i ?T K t I "oo Worth mc ?it 7 io Woniiingt'm * ;'f?i Weir 1 hlnniMii 500 Wt sbt Aero licbit. In -??rip. \ IrtiiiMi (inn* ire not 148% 148% 10%j 10% 45% 45%, 44",' 44%! 26 %r 26 %' 30% 1 31 % j 330 !-10O ; 390 390 , 18%' 18% 131%! + + Puinj 46*, I'unip ,.f A vv', Pump pf l! 6.':? Pur ntiM'<. ?1 il.-<i In wore mad? at piicc OUtslUc of tin. tegular lot rang* sv%' . 69 --1% . % f Part < \trn, ? u 11 leas j>*ies