$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
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