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$100,000 Rochester, N. Y. 4'/2% Registered Bonds Due April 1, 1944 Exempt from all Federal and New York Income Taxes. Legal Investment for Savings Banks and Trust Funds in New York State. Price to Yield 4.00% Remick, Hodges & Co. 14 Wall St. New York Carrrkpondrnt* It. L. Day Co., Boston GULF OIL CORP'N HUMBLE OIL & REFINING MAGNOLIA PETROLEUM IMPERIAL OIL, LTD. STANDARD OIL OF INDIANA CARL H.PFORZHEIMER & CO Dealers in Standard OU drraritln 85 Broad St. rhoncs 1890-1 -S-3-4 Broad. Income Tax Information Our customers and friends arc invited to take full advantage of our Income Tax Department. WC.Lan?ley6 Co. Investments 115 BROADWAY. NEWYORK MEMBERS NEWYORK. STOCK EXCHANGE Chicago, Milwaukee & St. Paul We have prepared a com prehensive 24-Page Re view of this important railroad which should prove of special interest and value to present and prospective holders of all Underlying Bonds Gen'l Lien Bonds Convertible Bonds Equipment Bonds Write for Booklet 607 Rutter & Co. 14 Wall St. 57 Lewis St. newyohk MARJFORP General Baking N.Y. Mutual Gas Light Royal Can'd'n Oil Syn. J.K.Rice.Jr.&Co. rtiones 4000 to 4010 John. Wall Bt.. N. Y. < Tennessee Ry., Lt. & Pr. COM. & PFD. KIELY & HORTON 40 Wtall St Now York PHONC3 J CRN 0330-41SI Del., Lackawanna & Western Coal Bought, field and Quoted. C. C. Kerr & Co. 2 Rett* St., N. Y. Phone <578? Rector FINANCIAL NEWS AND COMMENT I All Signs Point to Larger Pro duction aiul Sale of Goods This Year. I EVENTS ABROAD IGNORED ? i Confidence in Business Aug ! men ted by Treasury's Action on Victory Notes. Figures and facts are sufficient to I show that, barring unforeseen handi caps, the production and sale of goods ! will be larger this year than in 1321. i 1 The basic Industries all point that way, ! even allowing for the problematical ex | tent of foreign purchases of materials 1 in this country. Railroad car loadings, | which supply an excellent measure of j distribution, have been running ahead of last year's weekly totals pretty steadily since last December. The dally average of pig Iron manufacture In Feb ruary was nearly 10 per cent, larger than January's and the largest for any ! month In a year. A number of furnaces were put into operation after several weeks of idleness, signifying that the current demand supported expectations that spring business would expand. Steel mills last week held abreast of their late February ratio of 65 to 60 per cent, of their capacity, compared with ?M) to 60 per cent. In January and 20 to 28 per cent, last July. These evidences of business growth have been considered of more Impor tance than any other developments this year, excepting, perhaps, the trend of n oney rates, foreign exchange and farm products. But these last named factors have supplemented the other influences in strengthening the industrial outlook and have not had a detached bearing of their own upon the situation. Low money rates mean that manufacturers can finance their requirements when the need arises without making costs ab sorb profits on the scale they did In the monetary stress of early 1921. The rise of foreign exchange makes easier the way of foreign buyers in our markets, as their money goes further than six months ago. Rise In Farm Products. The rise of 26 to 40 per cent. In values of grain and other products of the farm has added probably J200.000.000 to $250, 000,000 to the market worth of such goods over the value they represented at the quotations of last November. Not only has tlio upturn Increased agri cultural purchasing power, but It has titatwi renewed confidence among pro ducers that their crops will command good prices next autumn and winter. | The outlook at home has appeared sound enough lately for the markets slther to Ignore the outstanding events abroad Or to view them placidly. Polit ical troubles which Britain has been contending with are examined In aca demic fashion when domestic business Is looking up. The refusal of the United | States to enter the pending conference ! of nations at Genoa, which when first 1 propoa:d after the armament confer | -*nce aroused ide hopes In many breasts. Is received by the markets with rather remote Interest when the man ufacturing outlook Is Improving. A r: actlon of 10 cents a pound sterling at New Tork is scanned aJ a bit of proof that speculators sell out after accumu lating large paper profits; It is not I viewed as a sign that any impairment has occurred in the international trade and monetary situation. Confidence In affairs at home was aided last week by the Treasury De partment's decision to replace as many as possible of the Victory per cent, notes with new four year notes bearit g the same rate of interest. This was the second important step In the pro gram for spreading out broadly the great Government maturities of ths | next few years. The advance of the j Victory notes in the market upon this | announcement showed that many own ers wens more than willing to make the exchange, and It seems certain that by the due dote of the $3,000,000,000 of paper on March 20. 1923. there will be relatively few notes to pay off in cash. Problems Wisely Handled. The way the short dated issues have been handled this y?mr shows that wise consideration of money market reflexes ; is held in Washington. If the program : Is continued to the end there should be no convulsions of money rates and an overextended Government security mar ket in those future years when business demands upon credit promlso to be heavy. The full Import of foreign events of | last week cannot be determined until they have come to their conclusion. The refusal of our State Dopartment to take part In the Genoa meeting wan not dis turbing to financiers because It had been pretty well forecast by what was hap | penlng overseas. The news dispatches I from the first announcement of the plan | indicated rather plainly that Russian So l viet repreacntativps would have much less of economics to discuss than world I politics tinged with their Ideas, and In j tlmationa were strong that Germany's chief purpose would be to put. measures | for rtllcf from hrr reparations obliga tions ahead of everything else. The public did not need In wait for the ! State Department's note to determine that politics would so far dominate the i counsels that " United States could be j of little use in the meeting. By the ; time a really hf-neflclal conference to I consider what shall be dene to aid In the world's economic stress can be arranged ! the foreign exchanges will have done mtieh to help the situation. They have shown few signs of roaction of a pro longed extent, despite th^ recession of ; last week, and thnt,' means much for the I underlying status of commerce and I trade. TOTAL TRANSACTIONS IN THE NEW YORK STOCK EXCHANGE WEEK ENDED MARCH 11, 1922. Sales for week nlingo"ibssT | Dlv. IDtv. l High. | Low. lYkld.lln |.| 66 1(55 4,458,201 1921. 3.706,865 18% 47 Vi 56 17 % % 59% 1063-4 47% 93 417ii 69% 65 40% 72 40% 62% 103% 45% 48 j .. 10% | .. 31% | 6.32 45%' 8.00 13% t ?? % 55% 101 37% 86% 29% 55% 57 31% 61 31% I ?? 51 I 6.56 98% I 6.86 6.84 6.57 8.40 7.611 6.20| 8.63 32% | 104%! 93%i 6.76 156% 120% 12% 26% 56 6% 139% 15% 70% 103% 82% 45% 11% 34% 59% 111% 117 89% 8% 15 50% 92 89% 138 34% 96% 74% 100 100 35% 71 54% 122% 142% 138% 102% 9% 28% 79 S9% 108% 29% 14% 50% 20% 141 115% 7 19% 41 4% 127% 12 58 78 38% 9% 29% 54% 102 112 82 3% 5% 43% 86% 87 109% 30% 91 54% 84 84 23% 52% 54 114% 129% 126 7.69 5.8S 6.02 6.90i 7.50 9.09 5.43 5.98 4.55 7.69 6.67 9.52 7.12 7.00 9.26! 7.41! 8.76 o n*> 96%| 5^88 6 17% 67 78% 102% 22% 12% 47 10 48% 29 1% 56% I 79 78% 75% 104%l 99 '00 I 95% 88%! 85 1 % I % 90% 4 1020 117 18% 31% 23 2 534 83 2% 900 114% 13% 23% 16% 9% 68 8.87 7.871 6.48! 7.41, 7.60! 8.97I 5.831 6.19 5.821 9.09 92% 1 6.48! 104 6.42! 0'/8 81 1-09% '09 38%] 33%: ..I 55% 52% j 7.271 47%! 40 | ,.| 90 ! 89%) 7.S2 i 22 I 19%! ..( 19% .. % .. 51 ! 8.401 90%! 7.69' 104 1 7.27 24 61 93 110 % 66 8% 36 67 24% 130 110 12% 9% 85 3% :i7% ?10% 97 92% 34 6% 28% 18% 75% 54% 89% 6% 60% !40% 15% 4 72% 35% 12.071 7.92 7.84 O.I 74% 60% ?% 10% 13% 40 55%I 7.691 4%! .. 36 I - -1 58 20 100 100 6% 5% 70 2% 115 28% 94 ! 7.22 87% 7.66 28% | .. 5% .. 20% .. 10% I 68 j 43% 83 | 5%! ..j 58%] 3.39 119% 7.36! " i :: 68 1 9.72 59% .. 70' a 63% 1 32% 47% 54 1"'. 8.16i 3.33 12% 31%; 7% I 5% 18% 1 14% | 24% | 16%' 38% 29 ! 69% I 59 | 110% 100 ! 69 42% 80% 94 63 90 9ft 18% 28% 59 82% 59 30% 70% 83% 51 82 82 15% 25% 54 72% 60% I 43 91%! 87% 46% 41 29% I 24 47%; 38 58% 55 65 49 80%' 64% 6.19 6.42 6.06 7.55 7.61 8.13 3.33 7.73 6.13 7.69 2.25 i 6.25] I 6.78J I 7.451 2% 12% 5 55%! 30%] 18%1 107 85 I 15 I 12 ! %! %! 60 I 46% 103 100% 69I 66 !07%' 91% ii5%;iii 37 31% 67% I 52% 80% 80 24% | 14% 90 78% 13%! 8l-? 36% I 15% 63%! 48% 19 ! 15% 72 I 61 114 1106% 119%'110% 107 1100% 107 ' 100% ! 58 I 18% ! 2% ! 3% !600 '107 149% 125 18 14% 9 j 2% 28 I 22 82%' 76% 109 104 11% 7 1?%! 11% 11%! 7% 19%' 19% 84% 1 75% ?J'J 1 91 % 7.821 7 2.221 ro 6.031 ~7 10 5.05i 2 8.22 7.82! 200|Adams Express Co 6300|Advanco Rumely lOOOjAdvance Rumely pf 1100;Air Reduction 12200 Ajax Rubber 800; Alaska Gold Mines 800;Alaska Juneau Gold Min. 11300'Allied Chemical & Dye.. 1600;Allied Chem ft Dyo pf... 134001 Allis Chalmers l_Hlgh.| LiOW.|Last. | 61%! 62 Allis Chalmers pf Amer Agricult Chemical. Amer Agri Chemical pf.. Anier Bank Note Co.... Amer Beet Sugar ?Amer Beet Sugar pf.... Amer Bosch Magneto.... Amer Brake Shoe & Fdy. Amer Br Shoe & Fdy pf. Amer Can Co Amer Can Co pf Amer Car Ac Foundry ? Amer Car & Foundry pf Amer Chicle Co Amer Cotton Oil Amer Cotton OH pf 300 11800 8000 300 4200 200 3700 2200 200 40900 1500 6700 50 3100 10000 1800 laOOjAmer Drug Syndicate... 700 ?Amer Express Co... 900 Amer Hide & Leather 3000 Amer Hide ft Leather pf. 16400 Amer lee Co 800 Amer Ice Co pf.... 12600 Amer International Corp 9500 Amer La France Fire E. 64001 Amer Linseed Co 15001 Amer Linseed Co pf 16700!Amer Locomotive Co.... lOOiAmer Locomotive Co pf. 600'Amer Radiator Co 34100! Amer Safety Razor 30500 Amer Ship & Commerce. 8700 Amer Smelting ft Rcfln. 900 Amer Smelt ft Refill pf.. 200 Amer Smelting Sec A.... 600 Amer Snuff Co 11600 Amer Steel Foundries... 800 Amer Steel Foundries pf. 23800 Amer Sugar Refining Co 1244 Amer Sugar Refining pf. 44 Amer Sugar Refining pf. 5600 Amer Sumatra Tobacco.. 100 Amer Sumatra Tob pf... 200 Amer Teleg ft Cable 17400 Amor Telephone & Teleg. 8800 Amer Tobacco Co 42001 Amer Tobacco Co B 200|Amer Tobacco pf new... llOOlAmer Water Works & El 3500 Amer W Wks ft E 6pc pf 200 [Amer W Wks & E 7pc pf 22200lAmer Woolen Co 1001 Amer Woolen Co pf 400'Amer Writing I'aper pf. 62 18% 47 % 51% 16% % 58% 56% 106%|105% 14 40 50 14% 47% 92 41% 69% 65 40% 72 40% 61 102% 45% 104% 156% 119% 11% 26% 56 5% 135% 14% 69 103% 80 45 11% 32% 56% 111% 117 88% 8% 15 50% 92 89% 128 34% 96% 74% 99% 100% 30 60 54 18 47% 50 16 % % 58% 106% 46% 92 40% 69% 64% 40 69% 39% 61 101% 1101% 40%' 44% 103% 1103% 149%; 155 % 119% Ill9% 10%| 10% 45 91 35% 58% 64% 39 69% 37% 23% 53% 5% 133 14% 67% 97% 79 42% 10% 30% 54% 107% 117 87% 5% 12% 47% 90% 89 % 125% 32% 96 71% 98% 100% 27% 60 54 122% |119% 137% 134% 102% 9% 28% 79 S i?5 5% 133 14% 68 101% 80 43% 10% 31% 54% 110% 117 88 8% 15 50% 91% 89% 126% 33% 96% 72% 98% 100% 30 60 54 122% 130 102 8 23 77 Amer Zinc, L & S.. Anaconda Copper Ann Arbor Ann Arbor pf Assets Realization Associated Dry Goods... Asso Dry Gods 1st pf.... lOOlAsso Dry Goods 2d pf.... 1001 Associated Oil 8600lAtehison Top ft Santa Fe 1700lAtchison Top & S F pf.. 400!Atlanta, Birm & Atlantic. 200 16700 2300 8400 200 2600 10 26-1 13% 49% 20% 48% 1% 54% 79 78 102% 97% 86% 1% 90 4 900 116 18% 30% 22% 25% 77 108% 109 37% 55 100|Barnet Leather I 42 lOOlBarnet Leather pf 89% 100]Barnsdall "A" 22 400iBarnsdall "B" 23% lOOOIBatopilas Mining % 71515!Bethlehem Steel 59% lOOOlBethlehem Steel 7 pc pf.] 91% SOOlBethlehem Steel 8 pc pf.'HO 26300'Bcthlehent Steel B 65% 1100|Booth Fisheries 7% 100(Booth Fisheries pf ; 36 2001 British Emp Steel 1st pf; 58 200|British Emp Steel 2d pf] 20 200lBrooklyn Edison '101 10'Brooklyn Edison 1102 12000|Brooklyn Rapid Transit.! 11% Atlantic Coast Line.... Atlantic Fruit Atlantic Refining Atlantic Refining pf Atlas Tack Atlantic Gulf ft W I... Atlantic Gulf & W I pf.. Austin Nichols 100]Austin Nichols pf 615001 Baldwin Locomotive ... 500lBaldwln Locomotive pf. 9000iBaltimore ft Ohio 500! Baltimore & Ohio pf. 300 1800 1000 200 1900 31500 1600 23900 89% I 86 >4| 108%; 108% lOi 5.56' 6.6" 6.80! 7 7.30' 5 5.7l! f 6 i 6.14 6.85 2%i 6.84 4 8.22 8.82 4.201 7.69 I - 58 25 4 7 700 108 .51 8! ! 7.51' 8[ 117.24 eio: ! 4.08' 11 ; 3.70 fS5! 6.69] 6! ' 8.11 12! ] 5.13 1 6.45] 9.47 8.601 1700 Brooklyn Rap Tran ctfs 3000!Brooklyn Union Gas 2600 Brunswick Term & R R. 11700] Burns Bros A 22800i Burns Bros B 500 Bu. lis Bros pf lOOjBush Terminal 7 pc pf.. 1000'Butterick Co 700,Butto Copper & Zinc.... 3400! Butte & Superior 4900'Caddo Central Oil ft Ref. 1800|<''aliforni.. Packing Co... l9100!California Petroleum ... 400 California I'etroleum pf. 6700]Callahan Zinc & Lead... 8400 Calumet ft Arizona 20300!Canadian Pacific 1600'Carson Ilill Gold 400jCa.se (J I) P W 200[Case (.1 I) T M pf 1390o'Central Leather 6700]Central Leather pf 3100jCcrre do Pasco 61000;Cha.ndlcr Motor 3700|Chesapeake ft Ohio 58251<'hicago ft Alton 3500]Chlcago ft Alton pf 10100U'hicago & East Til 7300] Chicago & East III pf.... 2000 Chicago Gt Western 2300 Chicago Gt Western pf. 5800'Chicago, Mil & St Paul... U500|Chicago, M & St Paul pf 13800 ""hicago ft North went.... 600 Chicago ft Northwest, pf. 300 C'hicago Pneumatic Tool. 39600 Chicago, R I & Pacific... SOOjChicago, R I & P 6 pc pf. 1400]Chicago, R I & P 7 pc pf. 1700[Chicago, St P, M A O.... 100 Chicago, St P. M A O pf. 50lChicago, St P, M & O pf. 18000[Chile Copper 8900]Chino Copper 1300 Cleve, C, C & St Louis.. 200|cieve. C. r ft St Louis pf 500jCluett, Peahody ft Co.... 100 f'luett, Pewhody & Co pf. 9700'Coca-Cola 21fto Colorado Fuel ft Tron.... ; 000 1 Colorado A Southern 100 Colorado & South 1st pf.. 100'Colorado & South 2d pf.. 22900!Co1unibla G & Elec 11800(Columbia Graphophone.. 240oTol Graphophone pf 7300 Comp Tab Record SOft'Consolldated Cigar 64500 Consolidatcd Gas 17400.Consolidated Textile 4700'Cons Distributors 2700'Continental Can 100 Continental Can pf 200|Continentnl Insurance... 56700!Corn Products Ref 900]Corn Products Ref pf... 30100 t'osden ft Co 291"0 Crucible Steel Co. 600 Crucible Steel Co pf 27600;Cuban Am Sugar 100 'Cuban Am Sugar pf.... 27700jCuba Cane Sugar 36800'Cuba Cane Sugar pf 35500!Davison Cb??mlcal ...... 30ii;i?r> Beers Mines Am too' 1 >p<-re, ft. Cn pf 8001 Delaware ft Hudson ... 1 .'00!Delaware Lack ft West. 300lDefroit Edison Co 2ft'Detroit Edison Co 100|Detroit United Ry 280011 HiTne Mines 900lDuluth, So Shore ft Atl. SOOlDuluth, S S ft Atl pf... 12|Eastman Kodak 11'Eastman Kodak pf 14000:Flrctrio Storage Battery. 1000;Elk Horn t'oal 6001 Emerson Brant Ing Brantlng pf.. Johnson Johnson pf... 100 Emerson 6600; Endicott 300j Endicott MOO Erie ... 4900 Krle 1st pf 1600 Frle 2d pf 1001Fni*4?nnks <'0 41100iFnmoun PI. 1,vers- Lesky S00]1'iuiioua I'layeis-L pf.. 9% 85 3% 127% 40% 97 92 34 5% 26 % 12% 73% 53 % 89% 6% 59 137% 13% ^3 % 35% 70 35% 73% 60% 5% 10% 18% 40 7% 17% 23% 37% 70 11"% 66 41 79% 92 63 90 90% 17% 82 55 91 44% 27% 47% 58% 55 80% 2% 12% 72 25 107 14% % 60 103 68% 107', 114% 37 58% 84% 24% 90 13% 36% 59% 18 24% 13% 48 19 38 1% 53% 79 78 102% 96% 85% 1% 88% 3% 900 116 17 26% 18% 20% 77 104 108% 36% 54% 42 89% 21% % 58 90% 106% 62% 16% 36 58 20 100% 102 9% 8% 74% 2 ' H 124% 38% 95% 9? 31 I 25% 10% 72% 50% 88 5% 58% 134 12% 132%H36% 133% 102 9% 28% 79 89 108% 24% 13% 49% 20 48% 1% 53% 79 78 102% 97 85% 1% 89% 3% 900 116 18% 29% 21 24% 77 108% 109 37% 54% 42 | 89% 1 21% I % 59% 91% 110 65 7 36 58 20 100% 102 11% 8% 84 3% 126% 39% 197 92 31 5% 25% 12 73 52% 89% 6% 59 136 13 3%l 34% 68% 34 71% 58% 4 8% 16% 36% 6% 1C% 21% 36 67 109% 65% 38% 79 91% 56 90 90% 16% 26% 56% 81% 53 % 91 35% 70 35 73% 59% 5 9% 18% 39% 7% 17% 23%. 87% 69% ] 109% 66 40% 79% 91% 61% 90 90% 17% 27% 59 81% 53% 91 43%I 44% 26%! 27%j 47%J 58 %1 43 % 58% 55 74% 9% 68% 23 96% 12% % 57% 103 68?. 102% 113% ; 34% 55% ! 83 I 21% I 84% 11 33% 114 110% 115 114 106% 106% 106%! 106% 55 80% 2% 12 72 24% 106% 14 % 59% 103 68% 105% 114% 36% 58% 84% 24% 89 13% 36% 58 % 17%' 17% 71%! 71% 58 24% 4 7 675 105% 149% 18 9 28 82% 108% 1108% 10%| 10 17% 11% 19% 81% 58 24 2% 6 670 105% 142 16% 6 25% 81 15% 10% 19% 111 114% 106 % 106% 58 24% 3% 675 105% 147% 16% 9 28 81 % 108% lO^i 11% 19^ 8? 181 % 92% I 93 ? I ? % + % + 1 1922. Year to date . ? ? 40,696.584 fianc" lUlli 69% 65% I 103 I 73% 99% 157 , 10%' 73 I 73 | 85 1 110.66 8.60 6.31 10 ri'i^TTETvT High. | Low. |Vltld.Hn i 41 I 37 110.53 i ~4 94 75 94%! 76% 15%: 11 *4 20% I 12% % 45% 55% 90 65 94 136 8% 69 67 % 79% 45 34% I .. 80%' 8.24 26%| 5.41 8.82 7.04 7.69! xll ' s?le?. | _ lOOlFederal Min & Smelt pf.. 34001Fisher Body 1800iFi*her Body Ohio pf.... 38200 Fisk Rublwr 273001Freeport Texas 7800! Gaston, Wins ft Wlgmore 300|General Amer Tank Car. 40600!General Asphalt lOOjGeneral Asphalt pf 3700 (General Cigar 200!General Cigar deb pf.... 4500!*General Electric .194500 8.33 8.39 8.43 2.86 40% | 87 ! 30%! 19% I 12 78% | 70% 36% 28% 12 86 11% 25% 90% 90 2% 102 21% 61% 15% 6% 79% 103 4 Vi 10 41 3% 9% 11% 41 % 31% 25% 92% 110% 16% 72% 34 74 59% 13% 71% 17% 35 3 20% 70 40% 7% 27 55% 45% 93 30% 18% 174 50 58 16% 33% 32% 61% 104% 104 165 170 116 14% 12 41% 99 109% 153% 115% 82 20% 51 SO 49% 43% 8 38 19% 60 34 10 29 33% 16% 11 115 101 15% 13% 127 1106% 86 79% 28 | 25% 13* 32:t 9.30 8.97 1% |11.59 25% 6% 77% 5 16 44% 90 % 15 55 10% 3% 70 97% 3% 5% 37% 1 3% 6% 33 26 22 79% 105% 13% 62% 25% 68% 64 11% 60 43% 59 12% 24 1% 10 ss% 34% 52% 34% 61 25% 15% 110 44 43 10 26% 26% 56% 91 98 153% 150 107% 11 9 26 97 109% 147% 108 72 15% 30% 79 35 *3 17 6% 35 20% 5 % 22% 7.78 7.04 4.96 6.67 6.93 8.33 8.00 5.41 6.42 8.57 9.59 11.86 9.23 9.68 300 3700 600 7.21 4.44 5.95 5.93 6.80 6.73 7.27 7.41 6.03 8.33 7.07 6.36 7.85 6.19 7.36 19.451 5.15 2 3% 7 7 12 12 12 1% General Motors General Motors pf General Motors deb 'Genl Motors deb pf 7 pc. 61 Gilliland pf 6800lGoodrich Co 500|Goodrlch Co pf 700 Granby Consol M & S... 2200!Gray ft Davis 4800|Great Northern pf 4800iGreat Northern Ore.... , 1000 Greene Cananea Copper 8400!Guantananio Sugar ???? 400 Guantanamo Sugar pf. 800 Gulf. Mobile <ti North.. 1600 Gulf. Mobile ft North pf. 28500 Gulf States Steel.... 100 Gulf States Steel 1st pf. 3700 Habirshaw Elec Cable... 1400 Ilartman Corp 7200 Hendee Manufacturing . 200 Honiestake Mining 6500 Hupp Motor Corp 300 Hydraulic Steel 4500 Houston Oil 800 Illinois Central 1700 Indiahoma Refining .... 1100 Indian Refining 8600 Inspiration Copper 5100 Interboro Cons Corp 5100 Interboro Cons Corp pf.. 3300 Inter Agricultural Corp. 5200 Inter Agricult Corp pf... 200 Inter Cement 21600 Inter Comb Engineering. 1300 Inter Harvester Co 200 Inter Harvester Co pf... 2600 Inter Mercantile Marine. 15200 Inter Mercantile Mar pf. 10500 Inter Motor Truck 1600 Inter Motor Truck 1st pf 1100 Inter Motor Truck 2d pf. 16900 Inter Nickel 1200 Inter Nickel pf 18200 Inter Paper Co 4900 Intel Paper Co pf stpd.. 31300 Invincible Oil 4200 Iron Products 27800 Island Oil ft Transport.. 7700 Jewel Tea Co 1300 Jewel Tea Co pf SS00 Jones Bros Tea 6800 ICan.'ias & Gulf 4000|Kansc. i City Southern... 600)Kansas City Southern pf 22200 Kelly Springfield Tire... 6200 Kelsey "Wheel 13700!Kennecott Copper 96001 Keystone Tire & Rubber. 2600|Kreage (S S) 4100'Lackawanna Steel 30001 Laclede Gas 4600|Lake Erie ft West 3000 Lake Erie & West pf 25300 Lee Rubber & Tire 6100 * Lehigh Valley 13900 Lima locomotive 600 Lima Locomotivo pf 400 Liggett ft My Tobacco.. 200 Liggett ft My Tob pf B.. 100 Liggett & My Tobacco pf. 11600 Loews lnc 3700 Lot't lnc 200 Loose Wiles Biscuit 200 Loose Wiles Bis 1st pf.. 100 Loose Wiles Biscuit 2d pf 13000'Lorillard P 70OiLouisvillc ft Nashv... 200l*Mackay Cos 200 Malllson ft Co 5300 Manuti Sugar 1000 Manati Sugar pf 3600 Manhattan Elevated.. &09|Manhattan Shirt 200 Market Street Railway 800 1200 2200 7700 1921. 32.173,242 I Htgli.l bow. "38 "1 62. 71% 15% 11% 27% 12% 34% 23 % | 65% 70% 105 | 15% 30 13% 137 121 44% 86 2% 43% 91 9-1% 4 15% 64% 67% 81% 66% 33% 18% 22% 16% 101% 75 60% 43% 8% 81% 28% 10 14 48% 3 5% 17 12% 47 34% 100% 9 67% 15% 50% r.7% 52 % 12 16% 37 10% 767<, 19% 57% v6% 21% 64% :s3 ii.'.% 9S% 70 8#% 46% 1f>3% 106 10ft 5% ?% ai% n% 11 u I 16%] l?% I 63 10% % 1% 7% 24% 16 43% 63 100% 12 19% 10% 123% 113% 26 69 1 30% 81 85 3 13% 54% 57 72% 61% 28 12% 19% 13 8% 96% 8 75c 12 8 7.14 5.56 9.44 9.41 7.41 i 2 8.9611.20 11.11 4.&1 6.67 5.15 5.97 8.24 8.2 ? 6.74 9.62> 6.17. 7.691 8.33| 8.89 19.04 7.00 5.48 5.17 6.901 44% 38 3% 74% 2i0% 9% 11 47 2% 4% 12% 9% 40% 24% 98 <5% 62% 11 44% 48% 44 7% 11% 33% 6% r.9% 10% 43 I 78% I 7.06 17%l .. 45% .. 1160% j 2.84 113 % 91% | 68 I10.2r?! 21% 6.48 35 % ..I 79% I fi.ooj 100 ! 6.801 Market St Ry 1st pf Market St Ry 2d pf Market St Ry pr pf Martin-Parry OOOjMarlin Rock 4500jMarland Oil 900!Mathieson A W 42001Maxwell Motor B 1600jMays Department Store. 2800jMcIntyre Porcu 64500(Me\ican Petroleum 3001Mexican Petroleum pf... 2300 Miami Copper 22900 'Middle Stales Oil 10600 Mid vale Steel ft Ord.... 2200jMinn & St I. new 1100! Minn, St P & S S M 500 j Missouri, Kan & Tex war. 2400 Missouri, Kan & Texas... 300 Missouri, Kan Tex pf.. 21800(Missouri, Kan ft T w i... 6700{Missouri, Kan & T pf w i. 12200jMissouri Pacific 9700jMissouri Pacific pf 200!Montana Power,. 100|Montana Power pf 8700j Montgomery Ward & Co. 900|Mullins Body 2 lOu, National Acme 300 National Biscuit Co 100 600 300 100 27400 800 400 3000 3000 6200 500 19000 2600 38 94 94% 10% 20% % 67% 62% 92% 68% 99% 157 10% 71% 83 70 40% 85 29 18% 78% 34% 27% 12 86 11% 25% 73% 90 2% 101 21% 61 15% 5% 77 101 4 7% 40% 2% 8' 11% 41% 31 25% 92% 109 15% 71% 32 73 69 86 84 13 16% % Tisat. 38 93% 93 15% 19% % 66% 56% 58% I 61 ? 92% 68 99% 156% 92% 65% 99% 152% 8% 70% 67% 79% 70 37% 82% 28% 17 I 74%) 34% 26% 10% 84% 10 23 68% 90 1% 98 18% 60% 14% 5 74% 100 3% 7 39% 2% 6% 9 I 10% 71% 83 70 40% 85 28% 17% 78% | 34% | 27% i 11% I 86 11% 25% 71% 90 2% 100% 19 60% 14% 5 76% 101 I 3% i 7 I 40 | 2% I 7 I 10% I 30 23% 90% 108% 15 68% 27 70 66 13% I 12% 37% I 41% 6 47% 63% 17 V\ 32% 1% 20% 67 40% 6% 25% 55% 45% 93 29 16% 137% 48% 58 16% 33% 33% 60 104% 104 165 160 116 14% 12 37% 99 109% 153% 114% 82 20 51 80 43 34 8 37% 19% 60 28% 10 26 32 15% 112% 14% 127 84% 27% 64% 43% 59 15% 29 1% 18% 62% 30 24% 92% 109 15% 70% 31% 73 59 12% 65 4? 62 17 29% 1% 20% 67 35% i 39 % 5 21 54% 41% 92 28 15% 133% 46 53% 13 29 28 5S% 94% 102 oVs 25% 55% 45% 92 29 16% 135 47% 56% 16% 33% 33% 58% 102% 103% 163% 1165 160 116 13% 11 37 99 109% 151% 113 81% 19% 49 80 33 32 7 36% 11% I 55% | 27 7% i 24% | 31 14% 110 13% 122% 84% 27 I 68V 15 5% 6% 12% 34% 22% 54% 66% 105 15% 30 13% 137 National Biscuit Co pf...1121 National Cloak ft Suit...| 42% National Cloak & Suit pf! 86 13%i 13% 30% I 29% 9% I 7% 160 116 14% 11% 37 99 109% 153 113% 81% 20 50% 80 36% 34 % 37% 18% 60 27% 9 25% 31 14% 112 13% 127 84% 27% 13% 30 9% 63 % 15 5% 6% 12% 31 22% 63% 14% 4% 6 11% 32 21% 52%| 64% 66% | 66% 8.65! 6.21 13.56 14.90 6.88 7.00 7.62 6.00 10.34 11.64 6.41 6.68 6.09 4.17! Nat Conduit ft Cable Nat Enamel ft Stamping. Nat Envncl & Stamp pf. National I>ad Nat R R of Mex 2d pf... Nevada Consol Copper... New Orl. Texas ft Mex.. New York Air Brake.... New York Central New York. Chi & St L... !% 1 (MlNew York Dock 132O0|New York. New H * H.. 1200jNew York, Ont A West.. 200 New York Ship Co 2100) Norfolk Southern 4200! Norfolk ft Western 100 Norfolk ft Western pf... 9800! North American Co 3j 1200! North American Co pf... .. 900 North American Co rts.. 7| 14400!Northern Pacific 6001 Nova Scotia Steel & Coal 200 Nunnally Co lOOOiOhio Body ft Blower Co. 2% 200 Ohio Fuel Supply 6100i0klahoma Petrol * Refln 200'0ntar1o Silver 1400|0rpheum Circuit 600 i Otis Steel 400|Otis Steel pf 21 15900 Owens Rot tin 7! lOOlOwens Bottle pf ..! 900o!Paciflc Development .... 0| 3100 Pacific Ga.s ft Electrio... ..I 8001 Pari fin Mall 31 28500'Pacific Oil 100 3% 5 26 3% 1% 9% I 42%! 38%! 7.00! 6.67! 3 6.68jf2% 3.70! 1 31% 24% 400 316 24 ( 14 ( 19500 Pan Am Petrol ft Trans 6300 Pan Am Pet ft Trans B. 200 Panhandle Pet ft Ref... 300 Parish ft Bingham 26000 Pennsylvania Railroad . 8700 Penn Seaboard Steel.... 4400 Peoples Gas 9100 Peoria ft Eastern 200 South P R Sugar 22000'Sotit.hern Pacific 1200n!Houthern Railway 260f> Southern Railway pf..., 2309:Standard oil N J 4860 Standard Oil N J pf... 4100lStandard Oil of California 420!S1r*-l ft Tube pf 480') Stewart. Warner Rp"ed.. 4400 Htromberg Carburetor . 236000|Studebaker 7001St udebaker pf 25 Htudebnker pf 930o! Submarine Boat 4300'Superior Oil loo'superlor Steel 24O0lHweeti Co America lOOlTenitor C ft FA 12000jTenn Copper ft Chem... 32600'Texas <""o 9300 Texas Gulf Sulphur 1240't Texns l nc c ft OH 1270OJ Texas ft Pacific j 32% 601Texas Pacific L T 386 3800|Third Avenue, [ i.0% 1% 40 85% 89% 4 14% 63% 66% 81 Vi 65% 30% 18% 22% 21 16% 101 73 58 I 43% 7% 81 % I 23 9%: 13% 48 2% 5% 15% 10% 47 j 34% I 100% 7% ?7% 15 60% 67% 52% 8% 15% 37 7% 76% 19% 56% 85% 21 53 181 116% 97 70 36% 41 103% 103% 9!'% 6% 5% 28 3% 2% 11 45% 44% 105 14% 27% 12 135 121 39% 85 1% 33% 81 89 3% 14 62% 63 77% 61% 28% 16% 21% 21 13% 99% 73 66 lOi 15 30 13% 136% 121 39% 85 1% 37 84% 89% 3% 14% 63 63 81 64% 30% 18% 22% 21 15% 100% 73 57% 42% i 43% | 7 78% 22% 9% 12 48 2% 6% '% 81 23 9% 13% 48 2% 5% 14% 14% 9%! 10% 45 I 47 31 I 31 100%; 100% 6%! 7 65%! 66% 14-? 47% 65% 50% 7% 14% 35% 7 74 14% 65 I 83% ?!! I 62 175% 11 114% 94% 68 33% 11 95% 100% 99% 4% 5% 28 3% 2 % 10% 44% 43% 26 % I 21 30% I 31% 380 !380 18% j 19% 14% ! ' ? 57% 52% 8% 14% 37 7% 75% 17% 55 85 20% 2% 5% 115% 95% 68 36% 44 103 103% 99% 6% 6% 28 3% 2% 10% 4". 43% Coutiuued on ruliuwlng Tare. HOME RAILS SOARING IN LONDON MARKET Investment Securities Still Boom?Industrials Quiet and Mines Idle. Special Cable to Tub New York Herald, j Copi/rlght, 1922, by Tub New York Herald. ; New York Herald IJiireuu. ) I.undoii, Sliuvli 1?. ( [ Tho po'ltlcal < risia notwithstanding, the boom condition continues to prevail ( in investment securities on the Stock Exchange, with the result that four ex tra pago-s have been added to the official list of quotations. In the last two day? reaction has. developed, but at tho ex treme finish of the week the sentiment was rather more cheerful. The war loan 5s, which had touched DS',<i, finished a point lower than most of the other British Government bonds. Loans failed to maintain the best posi tion,, although the conversion of stock resisted the (scleral tendency, owing to the Impending operation of the sinking fund of 1 per cent. In each half year. Home rails continue to soar and gains were distributed freely throughout the list, though here again the best prices were not held. Foreign rails also rallied and rubbers improved, but industrials were relatively quiet and mines were idle. Although the news from India prompted the professionals to take their profits at the end of the week In oils, the tone of the market was not unsatisfac tory, and leading shares were absorbed without difficulty. The proposal of the Chancellor of the i Exchequer to offer & per cent, treas-! ury bonds by tender met with rather a frigid reception. The tender system. It Is recognized, worked well In the case of treasury bills, and Its adoption enabled the Government to provide for Its week to week requirements on Increasingly favorable terms. But It Is one thing to make the system a success when the ap plicants are big banks and financial in stitutions, skilled in the art and practice of tendering, and quite another thing to induce the Investing public generally to apply for bonds at a price that Is left to their own discretion. In any case, the bonds now offered will appeal. In tho first instance, at all events, only to big Investors, since their minimum applica tion, which must he made through a London banker's discount house or broker's, is fixed at. ?&,000. Some experts nre of the opinion that the market Is becoming more sensitive. Whether this can be taken to signify the passing of the boom Is doubtful, but cer tainly those who benefited thereby would do well to take steps to consoli date their positions. FOREIGN EXCHANGE RATES. March March March March WEEK ENDINO MARCH 11. LONDON. Demand. Irish. Low. ? $4.30% $4,894 $4.39% $4.42% 7 4.39% 4.37% 4.374 4.434 4.35 4.36% 4.34% 4..WI 4.:?% 4.35% 4.35 4.35 8 4.36% 9 4.3814 March 10 4.364 March 11 4.33% 4.4214 4.42% 4.39 4.41* Year's Range. High. 4.41%. March 1. Low, 4.17. Jan. 5. Cables. HI eti. March ft...... 4.40% March 7 4.39% March 8 4.374 March 9 4.39% M arch 10 4.36% March 11 4 .304 Year' s High, 4.44%, March 1. Prsv. W'k, Ijast. Final. l/ow. 4.394 4.37% 4.33% 4.3r,i4 4.85% 4.35% Raw. Lvw, 4.17%, Jan. 8. 4.40% 4.37% 4.37% 4.30% 4.36% 4.35% 4.43% 4.43% 4.42% 4.42% 4.39% 4.41 % PARIS. Demand. 7. 8 9. March M a rch March March Maivh 10... March 11... High. 9.24%. Htjh. 6 9.084 9.054 8.984 9.02 8.98% 8.924 Low. 9.02 8 95% 8.87% 8.91 8.11,'% 8.90% Prev. Wk. Last. Final. 9.08% 8.964 8.974 9.004 8.9r>% 8.904 9.15 9.16 9.15 9.11'4 9.024 B.114 Year's Range. March 1. I ?w. Cables. March March March Ms rch March 10. March 11.. High. 9.23 High. 6 9.09 7 9.OB 8 S 99 9 9.02'4 .. 8.99 " .. 8.93 Year's March 1. Low. 9.02% 8.96 8.88 8.91% 8.96 8.91 r.anc*. T?ow, r.93%. Jan. 8. Prsr. Wk, 7<ast. Final. 9.09 8.97 8.98 9.01 80<! 8.91 9.15% 9.16% 9.15% 9.12 9.03 9.12 rerun. Demand. March B... March 7... March 8... March 9... March 10... March 11... Hlfrh. .404 .39% ,40'i .41% .39% .39 LOW. .37*4 .384 .38% .4014 .384 .38% Prer. W'k. Tjist. Final. .39% .38% ? 40'4 & .38% .43* .44 .43% .414 .424 .39% Year's Range. High. .89%. Jan. 9. Low, .39%. Maroli 4. Cables. 6 7 8 9 March 10 39% March 11 39% Marrh March March March nigh. .40% .39% .4<>4 .41% Irrx. .38 .38% .39 .40% .39% ? 39 Prer. W'k. Last. Final. .404 .38% .4014 .40% .394 .39 .444 ?44*4 .1.3% .41% .42% .40 Year's Ranee. High. 80, Jan. 9. Low. .39%. March 4. SWITZERLAND. HO LI, AND. Demand. Cable*. Demand. Cabins. March a 19.80 Marrh 7 19.40 March 8 19.42 March 9 19.39 March 10 19.40 March 11 19.40 March March March March 6 8 224 7 4,904 8 .09 9 fi.104 Marrh JO .".no March 11 5.02 19.52 19.18 19.41 19.11 19.42 19.12 5.28 4.97 38.13 37.90 37.90 37.83 37.77 37.70 38.18 37.or. 37.93 37.88 37.82 37.75 SPAIN. 18.92 18.94 15.78 [March 8 March 7 8.41% I March 8 8.114 i March 9 8.414 March 10 8..'194 1 March 11 8.334 5.09% 15.73 5.11 15.72 5.00% 13.70 B.02% 18.05 BELGIUM. COPENHAGEN. 8.87 8.57% 21.15 21.20 8.42 21.20 18.80 15.75 15.74 15.72 15.70 8.42 8.45 8,40 8.3(5 21.0", 20.95 20.00 20.93 21.25 21.10 21.00 20.95 21.00 CHRISTIANIA. March March March March 8 17.88 7 17.70 8 18.05 9 17.95 March 10 17.80 March 11 17.60 STOCKHOLM. 26.85 28.40 1 High High I tow HUrh Low 17.60 17.75 28.30 28.35 18.10 26.15 26.20 18.00 26.00 2li.nr, 17.65 26.20 26.25 17.65 ,26.13 20.30 WEEK'S RANGE. GREECE. YOKOHAMA Demand. Cabl?s. Demand. Cable-. .... 4.63 4.85 4 3,37V. 47.82V .... 4.58 4.'10 47.15 47.50 BOMBAY. HONGKONG. ,...28.12% 28.374 83.80 83 87' 28.00 28.25 52.00 52.50 BCENOS AIRES. RIO. ,...37.50 37.564 14.25 14.30', 26.024 26.674 13.874 13.93% SHANGHAI. URUGUAY. I Hl(h 70.25 70.75 82.87% 82.50 l,ow 69.75 70.23 81.37% 81.60 CANADA. ?Montreal Funds In New Terk. High $48,301 Low $31.48 tNow York Funds In Montreal. High l44.75ll.ow (82.BO I "Discount per $1,000. tPnemlum oer $1,000 New York and Hartford Insurance Stocks. Rid. Ask. Aetna Casualty and Surely 310 330 Aetna Life Insurance Co 58i> 590 Assurance Co. of America 150 .. American Alliance 265 City of New York 170 180 Continent 68 70 ('oiiimnnwealth ?>oo Fidelity Phenl* 650 ^T. Franklin 82 87 Hlens Falls 43 80 f;ioho and Rutgers 12<W) riveat American, new stock 250 25.', Ilanover 90 Hartford Fire Insurance Co 565 f.7:. Home, new stock 389 ,'(92 National Liberty 160 170 National Fire Insurance Co 4 10 4 .0 Niagara 142 1J7 North River 3}j Northern ' ''"J ?? Pacific ?? Phcnl* Fire Insurance Co 47,1 4*. Standard Fire Insurance Co ?? 1 < biuyveiaut ??0 ?u Direct Wire Connections TO Philadelphia Pittsburgh New London Scranton Chicago Boston with all facilities for handling orders and quotations, enable our New York office to render Bankers, Brokers and Inves tors a prompt, efficient and accurate service iu Listed and Unlisted Securities Inquiries inolteJ Edward B. Smith & Co. 165 broadway new york Argentine and Uruguay Exchange Nearer Par The appreciation of the value of pesos in terms of Ameri can dollars facilitates the selling of American goods in Argentina and Uruguay. HRANOUEB IN A.ROKNTIN V ltuotioft Aires Itosarlo Mrndiwi Han K?(nd Ualiin Itlamn Trelow Sun JuHau r<ieid> I>e*nuil<? j Rio OUIeiioi Santa Oil/. Cwmodoro lUv.nl.win ItKANOH IX URVtiUAV Montot Ideo Head Office, London Anglo-South American "Bank, limited New York Agency, 49 Broadway CALLAWAY FISH6-CQ /frmbenff-TJ- Stock Cnhangt 37 WALL'STREET NEW YORK INVESTMENT SECURITIES J Burns Bros. 7% Cum. Preferred Listed on N. Y. Stock Exchange Yielding 7.30% Quick Assets - - 190% Combined Assets - 370% Dividend requirements earned ten times over Circular on request J. S. BACHE & CO. Members N. Y. Stock Exchange. 42 Broadway New York HENRYHLEWS&CO. Mrmhrr* New York Stck I'xrhanfr. II to 19 1lrn?d Street. A General Banking and Investment Business Transacted. LETTERS OF CREDIT ISSUED. Rranrli l .1"n ITfth Avr. SB I nlnn "iqnnrt Office* S C3 Uiinnn ??t. 05M Third Ave. 1? court st.. nrookij". * TOBEY & KIRK M?tnbei? N. Y. SlOCk LlCUANIiii Unlisted Securities Mac Andrews & Forbes Co. Wcyman-Brnton Co. Geo. W. Helme Co. FREDERIC H.HATCH & CO 74 Bway. NY Or 1220 B95TQN CHICAGO JMIU* MOHfHEAf ?TT3HJ*4H