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FRANCE OPTIMISTIC DESPITE U.S. REBUFF Factories Running Well and Material on Hand for Big Boom. Special Cable to Tub Yobk Hbbald. Copyright, JOtt. by Tub New Yokk 1Xrhai.ii. New York Urrtilil Bureau.) furls, March IS. i Notwithstanding constant rebuffs, sucb a.-; tho refusal of the United States to aiinul French war debts or to attend the Genoa conference or to relinquish even temporarily her claim for a share in the first billion gold marks paid by Ger many, the French Bourse manages to keep up Its traditional optimism. Al though business in all lines is decreasing week by week, leaders arc pointing out that the situation is not so serious here as In other countries; that factories are running here almost as fully as in 1919. and that with the raw material on hand for a big boom, when it does come France will be enabled to lead the world in production. Coupled with this the fact that France since the war Is losing her hold on the woolen stocking more every year is evident because not a sin gle financial flotation, whether purely monetary or industrial, has failed in the last year for any lack of subscribers. During January of this year more than 241,000,000 francs' worth of shares in new companies or increases in capi talization were subscribed here, in ad dition to more than 500,000,000 francs' worth of bonds, the averago interest on t lie latter being C 2-3 per cent. The Mine remarkable confidence in France's ultimate, even early, recovery was mani fested throughout the last year by French laborers and farmers, who al though not diminishing their saving do posits ,cut down their expenditures to such an extent that they were enabled lo subscribe 2,333,000,000 francs' worth of industrial and commercial shares, and nearly 11,000,000,000 francs' worth of bonds, thus supporting the Finance Min istry's contention that the nation's in vestment power, whether for new indus tries or the rehabilitation of the devas tated regions, may be taken as some where between ten and twelve billions. Tho only interest shown in the Bourse this week was in Turkish and Russian financial quotations. Both these showed slight improvement, the first because of the approaching settlement of the Sevres treaty problem, with the representatives of the Constantinople and the Ansrora Governments already conferring in Paris and London and likely to hold a meeting in common at any tirno; the second be came of tho apparent Intention of French industrialists and financiers to glvo certain support to a consortium for bringing back Russia as a peaceable world market, and a reopened outlet for French production and Influence. Interest in the Russian consortium clearly is due to the wise choice of M. Schneider, the steel manufacturer, as the French expert to work upon ita forma tion. Realizing that Russia will need metal for the restoration of her rail ways, it Is expected here that M. Schnoider himself will be a substantial competltoi with German and British firms anil the United States and that there will be no lack of smaller indus trials trailing along in the hope of shar ing in tha eventual big profits. THE WEEKLY CUKB MARKET. Wcelt ended March 11, 1922. INDUSTRIALS. Net Sales High. Low. Last. Chge. H200 Acme Coal.... 1ft 1 V? ? A 23500 Acme Packing 30 20 25 ?1 100 Am Tpe Fdry. 521i 524 524 .. ISO Amer L & T..125 120 125 +10 200 Aluminum ... 10% 10% 1H% .. et'i'O Amal Leather. 12% 9% 12 +2% 100 Amal I.eath pf 38% 384 884 +4% ."(Ml Am Thread pf ?!H? l 4.<j .. 100 lteav Brd pf.. 21 21 2t 11 mi Bradley F P.t 80 80 8(1 1100 IJuddy Bud*..t HO "n 7(1 491'II Hr-Am T coup. 14% 14% 144 + % 4ini Br-Am T reg. 144 14'i 144 ? 4 B7(K) Be'ford Anto.t 45 22 35 +10 15 Car 1- L 7% pf 00 90 90 +14 67 5(1 O L & I'ow. ,f 08 BO 00 +22 3<iO Carlisle Tire.. 2% 2% 24 .. 20 Celluloid pf...l094 100 100<4 +1 2(H) Cent Ter Sur. 1% 1% 1% .. 000 C Ter Sub pf. 3% 3% 8% + % 1500 Chl Nipple A.. 2% L! 2 200 Chl Nipple B. 2% 2% 2% .. 100 Charcoal Iron 11* 1% 1% .. 2101) citve A'lto 32% 31 32% +1% 4''.00 Colom Rmer.f 75 0(1 61! S00 Conlev T Foil. 15 144 15 +1 8(100 Cunt Motors... OH 5* 04 +* 200 f'olnmh Mot.. 44 4% 44 .. 15 I), L. \V Coal 88 87 88 300 1 'avies. Win A 31% 31 31* .. 000 I) & B Or pf.f 00 00 (.0 +5 .300 Port Mot Car 20% 204 20% + % ?torn I mini)? Motors 31 25% 30 +44 ISOfO 1> Mot Ind 1?% 11 14% +1% 100 Karl Motors.. 2% 2% 2% .. <?'?<1 Kastmn K w 1 09',4 fi.s% 69 41% ITimi Klec St B w I. 37% 30 37% +1% 000 I'ederal Tel... 54 r.4 r.4 .. ?00 (Jardner Mot... 1?% 14 144 ? % llMH Carland SS...f 72 03 72 200 C.lbson-Howell. 104 15% 15% ? 4 V.I C.ll Saf U.ir.or.ISS 185 INS +1 1500 c.ien Aid Coal. 45% 4414 45 11000 Coldwyn Plct.. 0 4% 54 + 4 38(MI (iO'ldyear Tire. 114 104 10% +1 200 Ooodyear T pf 274 27 274 + 4 840O ilriuit Motors.tlOO B5 00 +4 200 Hall Rlffnnl 24 24 24 .. 2500 llnyden Chemt 05 60 05 +10 2(50(1 Hudson ft Man 5% "4 5% ? 4 120O Hudson Co pf. IO'l 10 104 + % UK' Iowa Cent pf. 7 7 7 4(mi imperial Tot... 11% 11% 11% +4 100 i.iland Steel... 494 494 4f>% .. 77 I Inter Bubber.. 8% 7% 7% ? 4 1200 .1 Kayser w 1 23% 20% 20s; ?3V 1000 JKayser rts wl 3 4 100 Klrby Lumber. 28 28 fl-HMI Lib McN A L. 0% r.% 4400 Lincoln Mot A 24 2 2'i 000 Natl Leather.. 10% 104 10% 1200 N Leath'r unst 24 2V4 2% .. 108 N Jersey Zinc.14(1 139 146 +0 Si'O N V Transpor. 20 1!) ^0 +1 10 Nor Ont LAP. 0% 914 pv4 .. 700 'ackard Motor 0% 0% 8% + 4 500 Peerlees Mot.. 34 , 34 31 ?1 200 Perfection Tire .14 '('J 34 ? u 100 p S N.T (flat) 99 P'l f.O .. 1500 Philip Morris.. 11% 11% 11% _ % 3500 Postnm Cereal 01% f.s?4 01% +2% -'(HI Postutn C pf. .102% 1024 102% .. 125 Pyrene Mf?... 10 0% 10 MO Bock B Mills.. 3 3 3 98500 Radio Corpn... 3% 3 34 + U 0300 Badlo pf 3 'Jfl 3 + A 1000 p.. public Rub.t 43 4.'l 43 4] 25 ft< pile By A- I.t 33 35 35 27900 H.I neyn Tob II 11% 4t% 414 4 2 50 Schulte Co 38 35 85 200 Sagurnay PAP. 24 2 2U .. 200 Bmg'n'y PAP pf 24 24 24 .. 2!)(M? So Coal A Ir.. 08 87 Otl -l-l I'") Standard Mot.' 3% 3% Ji% ?U 8'"'i Swift Intertill. 23% 22% 22% *: fiOO Tonn By 1WIP. 1% 1 1S ' 12'Ml Tob Prod Kxp. 0% .1% r,!U _ !? 870 Todd fihlpjds.. 77 75% 77 + 1% 7'*t i'n (i a !?: 1 pf i'(>4 :>o jnii _o-r ?"0 I'll C? A K 2 pf 34 2 s% JlV 1530? IJnl peor Fhar 1)4 1 A- 1% 4. j. 2100 i.r prof sh w I ??, r.% it; + 1. G54? l.tnl Bet Candy 54 .p. -i- ? j 4oi? tfnion Carbide. n:i% rsu 5"<i IK'ltlO IT S I.t * Ht.flOO 7S 1W'* 43 ?00 I' R L I 11 pf 14 1 ,14 ?100fl I S Stennishlpt 11 10 10 " 180(10 ITS Ship Coip 8 (I ? 200 V fl Toh w I. 4B 4<1 4i| " 40(i Utah Ida Hur. 3 2% 3 2imXI Wnynn Coal..f 100 M 05 MO) West End Ch.t 74 70 7'( 4.1 100 Willys 1st pf.. 7'4 714 714 ? 100 Wilstle Co... 7 7 7 * STANDARD OII.S. S7oo Anglo Am- O.. 17% 17 17 ? u 3 8)0 Atlantic l.nbos l?% 94 9*4 lt5 Buckeye 1' L.. 01 P04 PI ,, 10 Crescent P I... 334 334 83u _ 14 50 Kureka P L.. 90 04 90 +j 375 (ialena Rig O. 40 434 Vi j.| WW Illinois P L..175 173 175 +t O-i: imper O fCan).lon 1004 1004 ?4 fO Ii dlnna P L.. 15% 94 954 +2"j 14900 Inter Petrol... ir>4 14% 14% ? 7(KI Nat Transit.. 18 274 17% ?1% 10 N V Transit. .107 107 107 +0 130 Ohio Oil 271 BM> 171 HI 700 Penn M Fuel.. "2 27 32 +9'4 20 'Prairie P L. .23(1 235 J3? ?3 20 fralrlo O * 0.547 543 5(5 ?5 10 Solar Bef 3(Wl am 3(t0 20 Southern P L. 93 M on + 4 tiO Smith Penn O.I85 184 185 +5 10 KW I'n P L. 58 5(1 50 lO^'.O H O Indiana... 87% 804 874 + 4 T> fl (? Kentiioky.48'1 401 ISO S.v> SON Vei k. 381 303 375 4 (1 Wl VH'.liuin U11...UM 311 oil +1 BONDS IN NEW YORK STOCK EXCHANGE Continued from Proceding Page. I.ow- CI os- Vet est. ins. Ch'ge. 85 X +14 0 + X vi + X /8>< 4- X 03X oix OX ?OX .8 3X 70X + 1 + X + X + X ? X + X + X +3 + X SJ o X ioox 3X f X ?IX + X + X + X 40 ? HI ? ox + X 35 x ? X 3X ? X 53 ?IX 05 +1 S5X ? X HlBh Sal??. wi' 3 St Louis ft Cairo 4a 1031.. 85)4 8tX 99 ht 1, Iron Mtn Jc S3* 1031 06 5X ?7 fctLlron Mtu ft 3 U 1920 84X 35,' 09 StL I M ft S 14 k } 4< 1933 8)4 7X 1 St Louis Mrr Bridge .'is... 03X 03 .'a 0 StL Kooky Mt ft Pac 5s.. 83 SJ s:i 1 St Louis ft.J Faun Oil 031.102 '4 lQSX 102X 8 St Louis ft S Fkoo ta 1031. 7 'i H't ~X 26H St Louis ft S F 4s A 1950. . 0?X OX OX 123 SI Louis ft dF SaU 1030. *3)4 83 X 314 06 St Louis ft 8 F (U O 1923. 8 djf /X 106 St Louis ft S !?' adj Us 1935. 9 . 7X 517 fctLoulsftSFinc6j lflCO 02X 61 21 StLSoutliweat 1st 4s 1989 .7 7IX 2 St L Southwest 3d 4s 1089 66 X 66 X 48 St L Southwestern 6? 1933 <8 .0 09 1stLSootliwaat 'at 4s 1033 .4 3Ji 1 St Paul & Dulute 4s 1063 . "OX 70 X 119 6tP* tvOSh (X* lrfll 8 Vj 17 >4 2 St Paul M ft M Mou ex Is. 89 89 10 St Paul M ft M 4 Xs 95X 0 X 2 St Paul ft N'orth PacIRc Os.tOJ X "*Qbi 35 San A Sl Aran t'a.? 1? 1043 314 3 .'4 148 frtabcard Air Line Us 1043 495* 48$; 50 ? ruboard A Lad, 5a 1049. totf .8X 77 Sealwiard A L ref t< 1050.. 86 X 35 10 Seaboard Air Lino 4 < 1950. 53 X 53 X 21 seaboard A L 4s stp.l 193 > 54 53 41 Sharon Steel Itooy 1941 3X 04 1 Sierra Power 5s 853* 85X 1643 Mirlaii tunuii. i< 1025. 3 102 X 102?* 1 Sinclair Con Oil 7X*re*. .103 103 103 2 .-outh Car ft Geo 53.^ 29. 0614 0014 0>iX +? X 20 touili Bell Tel ot 1' > 1941 05 X 93 X 3X ?1 X 5 Southern Pacificrtv H 1931, 06X 96 X 6X +1? 223 S out hern Pacific cv 4 1929 0 ?X 89 84 South PaciHc ref t? 1935.. 5)4 4X 5V4 36 South J'aeiflcclt Is 1949.. 79X 9 "OX 03 1 o I'ac S Fran "IVr l 1950. OX 80X SOX 44 fo PK Sugar 1? 1911 r .. 5J4 4X 6X 305 Southern Ry 0>4s 1056. . 5 9-1 *4 04J4 CO Southern llallw;?y 5i 1991 1 Wri 91 130 Southern Rwy xen 1056 3 3 f3T-4 10 So ily Mobile ft O I 1038. 71.X 69 2 Southern Ry St L Is 1951. 6.'-4 -0>4 2 S-'tandard Millins 3s 1930 96 V4 06' 4 96 fetaodrd Oil or Oal 7, 1031. OJi 32 Heel ft Tube 7s 1901 98H -Hi 2 Tcrml Assn St L5s. 1941.. 95)4 95)4 1 Term! Assn St L 4 Hs 1039 03 02 73 Term! Assn St L 4s 1953... 78 77 X 1 Texas .^-Oklahoma 5s 1943 35 25 6 Tex ft I'ac I st 5s. 2000.... 02X ?l 1 Tex ft Pac La 5s, 1931.... 85 85 489 'third AvenueHdl o? 1960. 51X 49X 53 Third Avenue ref 4s 1060.. 03 61 24 Tide Watr Oil 6X*ctf* 31.102X ><'2 18 TobaccoPfoducta 7s 1*31 905? 08X 7 Toledo St L &W 4s 1950.. 63? 63 39 Tol St L ft W 3X? 1935.. 88 87X 10 Trl-Clty Ry ft Lt 5sl923. 00 09X 24 Union BacftPaper 3s 03 OO 02 3 Union El Lt ft Pr 5a 1933. 99 98 08 20 I nion I'aciQc 6s 192j 103 102X 103 07 Union Pacific 4s 1947 0OX 00 OOX 60 Union Pacific cv 4s, 1937.. 03X 90 02 X 41 Union Pacific rer 4? 2008.. 86 83 85 X 26 I niun 'l ank Car t* 1930.. 1-3)4 L3 103X 52 I'nlted DrupSs 1941 ..Ml 103X 105X 11 Tnitod Fuel Gas 6s 1936. . 93 95 u5 2 UnitedK Lft P 1st 5s 1933. 87X ?7X 87X 35 I lilted Ry lnve.st.? 1926. 82 81 'i 81 H 22 t 8 Realty ft Impr "w 1021 >4 93 X 3X 43 C 8 Rubber 7X- 1930 1 ?X lt'4X ' 5 13 U S Rubber 7s 1923, 103X 1"1 X l^3X 185 U 8Rubber5s 1047 f#X 86 6X 5 U S Sraeltlnj? 6- 1020 97 97 07 256 I S Steel ta 1963 100X 10"X ?">X 1 U 8 Steel 5s reg 1963 100 100 100 1 V tah ft Northern 5s 1936.. 98 08 98 23 L tah I'wr & Ll3ht uj 1944 90X J^X 90 1 Vandalla 4s Series A, 1953. 78 83X 83 X 1 Virginia Mid 5s ser B 1926 97 97 97 317 \a-C aroC'boni , vj 1932. jOX VI ISX 38 Va-CarChew 5s 1923.... i/7X OX 0?X 2 Va-(?arollna Caem Js 1024 J4X "4 V4X 1 Va Iron Coal ft Coke 3s... 01 91 91 25 Virginia Railway 5s. 1962 . 93 01X 93 95 95 87 87 , 1022 > ' High. Low. 85 X 84 i<i 4 JtX 8 4 >4 93 X 93 J 3 83 78 103X 101X X7 X M 70 63 84X ilX 9* 04 X 0 71 63 X 54 8 60 X 78 8 64 X 71 4X 79X 70X 00'i i 88 03.'4 93 X 100X 109 3!4 '?> 52 X 31 Vi :!8X 54 X S5X OO v, 86 41 13*4 31)4 50 ISX 03 85 I 3 103 103 96 X 96 X ll 89 X J 95 X 86 X 71 X +3 6X ?1 90 X 1 6X + x 98 X + X 95 X + X 02 78 ? X 25 02 X + X 85 +5X 60X + X 01X ? X H'2X + X 99 X ? X 08 X +ix 87 X + X 68 X ? X OX 83 If 81 78 X S3 79 X 95 X 04 90 04 X 91 X 87)4 r,\ 01 71 x 05 X 77 X < 3 07 X 94 107 X 105 X 09 X 0? 93X 88X 02 X 86 79 76 X 2j 2 0 02 X 85 83 79 X 57 X 44 X 03 66X 103 X I OOX 10 >x 97 X 63 X 59 90 84 99 X 96 +ax + x ?IX + x +1 ? X ? X +4X ? H + X + X +3 ? X ? X + X + H ? X +1 88 X 98 103 84 H 89 81)4 1J2 \ 1JJ 03 87 X ? i 9 J 103 X UJX 89 06 89 X 00 X 06 X a7 X +5X 83 X 78 X + 1X 97 05 X +5X >5X 01 + X 07X 03X + u J4 x 92 01 03 93 99 103 X 02 92 X 87 X 105H 107 X 07 87 X 83 X ">" X I03X 88 '4 OOX MIX 93 X 08 01 87 88 25 Wabash Ut. 1939 95X 2 Wabash 2d. 1939 87 1 Wabash Tol ft C 4s. 1941.. 76X 41 w tmrtt Ifilec 1st is 1922. O0X 59 West Maryland 4s. 1053. . 63 31 Western aclOcds 08X 40 Western Pac 1st, 1946.... SO 2 W??t I'onn I'ower 7s 1946.104X 17 West Shore 4s. 2361 80X 07 V\ est urn Union OH* 1036.108 18 Western Union 5.s 1938 .. 05X 2 Western Union 4 X* 1950. 02 X 103 IV cattiouse E ft M 7s 1031.nn. X 97 X 87 76)4 70 X o*X "-'X 02 62 X 98X 08X 86 104 80 85 104 80 I07X 108 04 04 2 X 1.6 ? X + X ?IX 78 10J ? X 03 ? X 100 + X 87 + X 93 X 81 X 68 99 58 X 98 X S4X 03 X K-6X ?1 ? X 104x 103X 82 >4 77 108X 106X 93 X 90 X 03'< 83 X + X ?or>4 113 Salt*. 60 Wheel A L Erie 44s, I960. 0 Wh it Lake Erie 4s 1940... 23 VV ck-l?D<wicer .swdi 7S 1035 2 Wilkes-II & East 5s 101X. 320 W Uaou .-i Co / 4* 10 Ji 33 Vt ii*on <Al Co 1st Os 1041 122 W UMjii & Co cv 0* 11(28 39 Wiicoimla Con 4s. 104J. .. 2 W to C 2> & Dul 4a. ly^ib. . . Htgh t'.st. 60 04.4 74 584 00 V? ? 7*4 tow- C'os- Not eat. ing. Ch'ge. 674 69 + Jt (.34 C44 ? H 7 4 -7 If 584 684 ?14 54 ?7 + 4 ?5 "5?f + H 884 884 ?11; 70 <<i?i + /* 784 784 +1 , 1922 High. l/ow. ul4 5J 05 j'JU 00 ?7 lit 4 62 J4X ti 03 00 44 77 Jf 744 aO 7SJ? Fal?s 1844 V. S. GOVERNMENT BONDS. rtlgn- lytiw- Clos- Not < 10" * est. est. lug. Ch'ge. Hlcb- Low. Liberty 3 4s 1947 07.00 90 <10 06.90? .14 67.90 94.8ft Liberty 3 4* rt? 1947... . 90.H* Liberty 1st 4s 1947 97.20 22 642 3 4558 00 7487 4 9093 20 5G32 293 072 6 00.84 97 00.88 + .04 9^.98 84.82 97.20+ .10 97.00 90.00 Liberty 2d 4.s 1042 9731 97.05 97.18+ .OB 97. SI 95 01 Liberty 1st 4 4s 1947 97.18 Liberty 1st 4 4s 1947 re?. 97. 0 97.1C 97.40+ 04 08.38 90.02 97.01 97.04? 02 07.60 93.80 98.50 . 99.10 98.00 Lib 1st 2d cvtii 4Us 1947. 98.53 98.50 Liberty 2d 4H? 1943 07.44 97.18 97.40+ 24 9^.44 95.74 Liberty 2d 4 }fs re* 1942.. 07.98 97.00 97.20+ .18 07.90 95.08 Liberty 3d 44s 192S 98 42 98 10 08.40+ .20 98.42 90.20 Liberty 3d 4 4s 1928 ro;.. 98.10 08 04 98 04+ 02 08.10 90.72 Liberty 4th 44s 1938. . .. ?7.fiO 97 34 97.54 + 08 98.20 95.80 Liberty 4th 4 4s 1938 re*. 07.40 97.22 97 30 08.08 95.70 Victory 4 4s 1923 100.90 100.26 100.78 + 52 100.90 100.02 Victory 4 "is 1923 rvf.. . . 100.74 100.14 100.70+ .54 100.74 99.88 Victory 34s 1923 100.10 100.02 10U.02 100.30 99.90 United SUtea 4s reg 1025.. 1054 1054 1064 ? 4 1054 105 104 53 10BK 89 Jf 89 4 87 79 FOREIGN BONDS. High- Low- CIos Sales. est. est. Ing. 491 Argentine 7s 1927 w 1 994 99 99H 47 Argentina 6? 1945 82 80 82 89 Belgium 8* 1941 recopts... '084 1074 1074 141 Deigium 7}$s 1945 109 1074 1084 353 Belgium 6s 1925 1044 1024 103!* 21 Bergen 8s 1915 1104 108 109}$ 53 Berne8s 1945 1114 1104 1104 293 Bordeaux Os 1934 80 85 }$ 85 }$ 100 Brazil 8? 1941 10-14 104 104 4 151 Canada 54s 1929 100 90 '4 99>, 059 Canada 5s 1920 100}$ 084 99'i 88 Canada 5s 1931 084 084 C8 4 110 Chile 8s 1920 recoipts 101 4 101 4 101 4 90 Chile 8s 1941 1044 103 104 210 Chilean 8s 1946 receipts... 104 1024 70 China llu-K 5i 1951 664 63 10 Chrlstlania 8s 1945 109.4 109 73 Copenhagen 5 VjS 1941.... 'JO 4 89 4 2 Cuba 5s 1904-44 894 89 25 Cuba 5s 1914-49 87 87 8 Cuba 44" 1949 79 784 82 Denmark 8s 1945 110 1094 110 426 Denmark 6s 1942 ctfs. 08 4 07 4 084 68 Denmark Mun 8s A 1040.. 1094 1084 1004 00 Denmark Mun SsB 1940. .1094 IO84 1094 465 Dutch E'ndles 6s 1047 wl. 05,4 05 954 475 French 8s. 1945 104?f 1034 1044 612 French 74s. 1941 10! 4 1004 1004 15 Italy 64s 1925 034 034 934 190 Japan 1st 4M? 1925 90 89H 58 Japan 2d 4Hs 1925 S'.)H Wi 111 Japan 4s 1931 75Ji 75 268 Lyons 0? 1934 80 85 VJ 269 Marseilles 6s 1934 80 85}$ 500 Mexico 5s 1054 CO 66 60 Mexico 5s 1954 large 55 64 253 Mexico 4s 1954 46J? 43Ji 671 Netherlands Os 1972 wi.. 9}>j 94 65 Norway 8s 1940 110}$ 109M 110}$ 214 Queeonsland 7s 1941 cert. .109 107>i 108Ji 302 Queenslund Os 19-17 wi.,100 09>i 99}? 118 Bio de Janeiro 8s 1940 lOlJtf 101 101 Ji 230 Bio Grade do Sul 8s 1940.. 101 X 100}$ K>1 33 San Domingo 6s 1068. 9588}? 90 121 San I'aulo (State) Ss 1930.102H 102 102H 185 8 Paulo (City) 8s "52 w i.101 l-i 101 101H Oil Seine 7s 1942 04!? t2Jf l)3J< 632 Sweden 6s 1939 100 'A flOH 100}.j 02 Switzerland8s 1940 llSJ* 115 115}4 21 Tokio 5s 1952 75 74 74 632 L'nlted Kiilg5}$s 1922 105}$ 103 TS 103?f 404 United King 6Ms 1929 105}? 103 J-i 104'4 619 United King5Hs 1937 100 09 H 99Ji 10 Uruguay &s 1940 107^ 105 107 54 Zurich 8s 1915. 112 110?f 111 Net , 1922 Ch'go. High. Low. 99}f 99 + H 82 4 77 + H 108J? 104 H + H 109 103H + H 104 W 94 H 110}$ 105 ? H 112 V$ 106'f ? U 86 M 80H ? }f 10-t ??? 102 H + H + 4* J -2t$ 100 1004 OSi 102 00 }$ 96 94 08 104 "f 1004 104 1004 58 44 + }*' 1004 100 + 1) 91 90 67 79 a + H 110 ? K 984 854 84 % 77 78 107 04 ? 4 1094 1054 ? 4 1094 1054 894 684 76 M 854 854 654 f>4 434 044 ? 4 054 +14 104 4 + 4 1014 004 004 90 764 80 80 ? 4 ? 4 ? 4 + 4 + 4 ?14 + 4 ?14 + 4 60 94 4 094 94 924 864 80 724 804 80 4 61 50 39 4 94 654 47 4 4 044 + 4 110 X 103 + 14 109 100 + 4 100 97 + 4 1014 994 + 4 1014 99 + 14 004 854 + 4 1024 1004 ? 4 1014 ioi +1 944 904 + 4 101 94 + 4 1164 1124 ?1 754 67 ?14 1054 100 1 ?14 100 984 ? 4 100 06 108 103 + 4 1124 107 NEW YOKK CITY BONDS. High- Low- Clos- Not Bales. est. est. ir.g. Ch'go. 12 NT City 4,4s 1957 Nov ...101 1034 103Jf -- 4 24 NY City 44a 1903 1044 1044 1044 ? m 10 NY City 44s 1963 reg. . .104 104 104 +4 20 NY City 4 4s 1965 10-14 1W4 1044 13 NY City 44s 1967 1044 1044 1044 ? 4 10 NYCIty 44s 1971 104!$ 104 4 1044 5 NY City 44? 1060 09}$ 994 09 4 ? 4 1 NY City 4}fs 1960 994 904 09}$ + 4 1 NY City 4s 1957 954 05 4 954 +14 10 NY City 4s 1959 95 04 4 05 ? 4 Net Sales. High. Low. Last. Chgc. 100 Wash Ore.... 15 15 25 *?4 INDEPENDENT OILS. 7000 Allied Otl....f 3 3 3 2200 Allied Oil new 23 23 23 +1 200 Am Fuel Oil.. 2(4 2% 214 .. 2600 Ark Nat Gas. 9% 8% 8% ? % 29800 Uoone OII....f 20 14 20 47 44000 Host ft wyo.t 70 64 08 +4 4700 Caiib 8yn 4 3% 3* 4 % 935 Cities Serv.. .194 18(1 194 43% 8000 Clt 8 B ctfs.. 21% 20 20% ? % 1000 Clt Serv pf... 60V* 60 CO ?1 41900 Columbia Pet.. Hi 1% 1% .. liOO Continental P. 17 14 14 6000 Continental II 314 3 3% 4 % 100 Consldlne M O 2 2 2 12100 Cosden pf 4*4 4% 4% ? % 580*) Creole Synd... 214 2>k 2*4 4 % W"K? Cushins i'et.. II 5 ? +2 4000 Deuny Otl....t 0 5 0 .. 300 Dominion OH. !)% 9 9 ? % 100 Edmonds OU.f 25 25 25 71800 Knglneers P..f 62 04 62 48 22400 Federal Oil... l',4 1 1,1. .. 200 Fensland OH.. 9 9 9 -f '4 18200 Gllllland Oil.. 9% 8% 8',I .. 6500 Glcnrock Oll.tlOfl 87 100 +6 500 Granada OH.. 2% 2% 2% .. 101400 Hudson Oil. .f 50 30 38 ?5 1*100 Keystone ll'gr 85 60 65 37 400 KIrby Petrol.. 241i 2J|% 22% ?1% Lance creek..t 6 11 h 4**oo Livingston Pet 1V4 I'i l*.i .. 18200 Lyons Pet....t 90 82 90 +8 100 Margay oil.... 1H 1% 1*4 .. 775 Magna OH IV* 1 1% .. 24800 Maracaibo Oil 27% 25 25V? ? *4 100 Marine OIL... 1 1 1 .. 100 Mar Oil Mex.. H4 1% 1% .. 50n Marland Itef.. 3 2% 2% .. 8:u.00 Meridian Pet.f 19 9 18 +5 31*00 Merrltt OH.... !>K 9*4 9% 4 % 2!>on Mexican Scab. ."JO"', 28% 29 200 Mexico Priiuco 1*4 1'4 Hi ? *4 288500 Mexico Oil 2H -X 2% 4 % 300 Midwest Oil.... 2*4 2% -1- *)4 2800 Mountain Prod 11*4 10*4 II _ *4 8800 Mutual OIL... 0% 6'i 6*4 + *4 800 Not! Oil (N J) 2H 2 2% ? % 100 New Mex L'nd I'i 1*4 1% .. 700 New York OH. 14 ll * 11 +2 B8500 Noble Oil 22 IS 2^ 4-4 200 Noble Oil pf.f 57 55 57 +11 200 Noco Pet 5 5 5 1400 Nor Ami r OIL 2 I V 1* ? u 20500 Northwest Oiif 27 21 22 +2 30000 Ohio Ranger... 10 8 8 ?l 1000 Osage Nation.t 12 12 12 .. 11400 Omar O ft G.f 75 61 67 --3 1300 Pennok OIL... f.% 5% 5*4 ? >4 BOO Prod ft Kef In. 5*4 5% ft*. .. 84600 PO pf ri w l.tUS 80 l(m 792**0 Ue<! Bank OU.f 29 22 24 ?3 500 Ryan Gonaol... 4*4 454 4% 3300 Fait Creek new 13% 13% 13',4 u 2200 Snpulpa itef.,. .'I 274 3 +14 14500 Slirnn Pet 1014 10 lOU . 25 .Sinclair O 8%pf 98% 98*4 ps* .. 100(K> Skelly Oil 5*4 5 BV4 .. 28000 South p *. R.. a% 2"4 2% ? *4 3000 Stnnton O oldt 3 3 3 .. 200 8p?ne?r P?t..fl00 98 |i ?3 12000 Stanton O n..f 24 lit J6 ?7 1000 T?x-Ken 1*4 1*4 1*4 .. 130*00 Texon O ft L t 52 47 48 ?5 200 Tidal O Oil.... 11% 11?i 11% ? 300 Vlvtorla Oil. .f 90 75 75 -10 IOOO 'Vhelan OII...I 30 30 30 100*1 V'?st Stntes.. f 30 30 30 25200 Wilcox <">11 5 3*1 4>4 4. ?' 4000 Woodb OH....f 70 70 70 ?10 267UOO "V" Oil ft O.t 24 10 21 +3 MINING, 1*00 ABC Metal*.. 2?4 C% 2% 4 U 300 Alvarado Min.. 0% 0 0 ?1 6.300 \r\K A C. Ltd. 21% 23% 2;!% .. 10*10 HI* Jim t 5 5 5 .. 6*>.'i00 Plir Ledr-e, ...f 23 18 22?1 1800 Boaton ft Ely.f 68 62 68 2818*0 Hos Mont for. H% 3% 3% .. 209900 Ilos ft M T*..t 4? 39 44 4B 1100 Butte N V...t M 40 40 -10 40**0 Caledonia M..t 5 5 5 41 10500 Calum ft .Ier..t 25 20 2.1 ?1 1(000 Candelarla S.t 24 23 23 ?I 12000 Canadn Cop. , t 21 17 18 ?2 2000 Cosh Boy fl 5 5 +1 8000 Crmlagns Mln.. 1A 1A 1A .? 1000 Conn ArlC....t 2 2 8 .. Bdoo Cone rop M.. 1A 1% 1*4 ? A 1900 Cop Canyon..tioo 90 90 +6 2000 Corp M Am..t 5 5 5 ,, 22000 Corte* Silver, t 9'! 89 90 7IOO Crew on Gold.. 2(| 2?| 2[| +% 3x000 Divide Ext...t 17 12 IT 4 4 IOOO Dolores E*p..t 98 98 98 ?2 3000 El Salvndor..f I 2 4 4-2 10f*0 Emma Sllver.t 3 2 3 41 731**0 Eur Croesus..t 21 10 24 42 NOO First N Oop..+ 02 60 00 ?5 xono r.oiii D M....T 2 2 2 2W>"n Goi-1 Elor t 25 23 It 43 3000 Oold Zone t 9 8 9 .. 3000 Green Monster 21 12 12 ?3 9KI00 llard P1> M..f 45 17 23 ?11 IfKiO Hash DfV. ...t 1 1 1 2t000 llarmlll DiV..f 13 12 12 .. 3::o<* Hecia Mln.... r.% r,-4 r,% .. 600 tloUlnger Gold 9 8"* 9 4 % 13200 Howe Round... 3*4 3 fl+J ? ft lOfMi Hull Copper.t ."o .10 30 .. 125000 Ind Lend t 20 * 12 18 4S 7>nn iron Rlo? ? 20 1* 19 48 JfWOO Jer Vinle P.. t'i lT? !"4 _% 1400 Kerr La!.e..,. J JW .. 18 2% tt% la 27 3 1H n 1? r, 1 10 3.1 1% CI 1*4 i% 2% 5? 4% 2A 27% 4S 73 +a -t 4 +? Net Sales. High. Low. Last. Chge. .r00() Kowanas Mln.. 3 " 5 Y? 2000 Knox Plvlde..t 5 ?> +? 8700 I,a nose Mln.t M 41 Vi* 1000 MoK-Darrach. IS IS IS ?J irooo McNamara.. .t 7 3 ?> J1 l.'OOO McNaniara ..t " 5 ?. + 1., 1400 Mag Copper... 3014 28% 2#H + H 11000 Marsh Mlt?..t ? [> " + \, 19200 Mason Val -'4 la<* ? % 8000 Mohican C?P-t 23 20 l\ ? 7900 Mothcrlode clt. 8 "?4 i% ? % 300 Mothorlode old. 114 1V4 1% ? ? lit N Y II 4 R... !H4 5,A 17"'00 Nat Tin 52 M 11000 Nev Ophlr...t 3? S? "1 81000 Nev Sll If...t ? , 400 New Cornelia. 18 li% 1600 New Dam Cop 2% 2 3450 Nlpls Mines... #% 8% KtfiOONlxon Nev C..t 18 10 30110 I'ltt & Mt Sll.t 27 20 1000 Porcu vip....t 22 22 3000 Ray llercnl .t * 3 100 Hay II M w 1. I1. 1'4 28000 Rex Cons t 0 7 1000 Rochester M..t 1" 1" 2000 Silver P1ck...t ? ? 1000 Sliver r)ale...f 5 3 5150 S A Tint ?? C.. 5 4* 200O Stanil 8 Lead.t 15 1"' Stewart Mln..t 4 2 1000 Success Mtn..f 1 1 S W Metals... 10 10 8000 Tf-ck Hutches.t 33 33 2300 Ton Belmont.. 1% 1% 33900 Ton Divide...t 61 50 11*00 Ton Kxtuinlon. 1% 1% 3900 Ton Mining. -? Ml '!? 100 Trinity Oop? 2% 214 800 Tuolumne ....f 50 50 100 Unity Gold.... 4% 4<4 17000 United Kastern 2A Hi 300 1'nl Verde Rxt 28', 27'j J08500 Volcano Mln. t 12 44 2900 West E Cons, t 78 73 200 Yukon Cold... 1% liV BONOS. 1 Aetna E?s,'41B 7rt 7fl 130 All Hackers Bs 70 tif 'i 11 All Pack ctfs.. 58 T.4 14 All Pack 8s, 39 8rt 82 28 Alum 7s, '2.1.. 101 % 101 ?'? 32 Alum 7s. '38...102% 102% 198 Am .L. & T As .103 99*4 17 Am C O Os. '24 88% ?"?% ?4 Am T Bs. '22.. 100% 10o'? 63 Am T ?s, '24..101 100% 8 Am T 7s, '22...101 100'% Am T '23 .1024 101% 37 Anaconda C fis 98% 98% 12B A Cop 7s, '19..103% 10214 32 Ang-A O 714a..103% f.l? Arm & Co 7?..10:i>4 KM 34 Barnsdall 8-.. 98% 98 15 lleav BrU 3s.. 03 '>3 37 B<th S 7s, '23.101% lot 41 Beth S 7s, ?83.102*4 10174 no can N Rv Us. 99', 88% 11 C N R ecj 'S8..100> 10rt% 100 Can I'a'flc 0*1011, 100% 30 Cen Stl 8s, '41 98% 98 1 Charcoal I 8s. 92% 82% 4 Clt R 7"74 PB ..110 110 3 Clt 8 TftdebC. IK) 88 49 Col Or 8s, '25 41) 39 2 Col Or ct dep 33 83 r.2 o Coni r.s, 'io son so 4.". C C.as 7s. *22.10114 101 r.2 COEL*P7a,'81103 10274 14 C Tea 8s, '41.. 97% 90'% 0 Cop i:x 8s, '23.10'Ji, P'2 5 Cop R 8s. '24.103 102% 43 Cop E 3s, '23.104'4 10", i M Cu T 7",?, '41.10* loi 31 cud p 7s, 101 ',4 100% 13 DecrcACo 7%a 98 97% 5 fMiqU* P 7'4s.IO414 10) 10 EFJtO 8s, '24. 98 98 183 1-' t, B r.s, '41.103 10274 7000 R Galr 7a '37. !K1<4 !?) 3000 Oetf Asplt 8s ..103 108 8DOO0 Oooflrlch T 7s. 98V, 98% 18000 Or Trunk 014?.10? 101'? 120<v> Clulf O Os '33..lO'i'4 103H 66000 Oulf Oil 7s.... 103% 10314 12000 lfeln* * Co 7s. 101', KM 14 47000 Hnort Ruh r.s., 96% 90 104000 lltimhle Oil 78.101 <4 100% t'.iMKW Hit 11 T 8s '22 . 82>4 8ot, 30000 .llHl 8s'30 s I1102'4 102'i 1WKK) .1 Kayser 7s '42 99'i 99'4 20000 Kenneertt C 7s.102X 102% 61000 K O ft R 8s '32 8014 1*"'* r.r.ooo l.arledn Oa* 7s 9T :i 90H 39000 L McN * t, 78.100 09'4 2000 I.Ukens ftt 8s... 98 98 32000 Man P 78 *41. 91 9 1 ir.noo Mar O 7'4s '31. Ofl'4 90 I8000 Mor A Co T'4*.104 108% .'toooo Nat Acme 7'4? !"''4 f?3\ OOOOO Nat O *? S 8a. 102*4 IOO14 7.">OOo Nat T.eather 8s 98'4 98 307000 NV.NH *' H 4s 8174 "7 70000 NV.NH * II 7s '23 w 1 80-4 77 80^ ? 8 Ohla O 7s '22.10014 100 lg'/i .. 128 Phil Co Os '41 90 9.',\4 90 4 18 Will* Klec Hs.101% 101 <4 101% - Vs 28 Phil P 7Us'3'< l"."i 101 10". '4 130 P H N .1 7s '41 ')Vi 87% + % 20 Hears-R 7s '22|O0% 100', IOOI4 63 Senrs lt 7s "J3 "9% 99U 99", + % IK S fl M 7s '31 102% 101H 103% ? % 1 ? 11 ;' 1 '.:t 101 mi in 4. ?I 1? JJulvut vt C 8u.ly.'!i 10204 IW ^2 + +1 .'?8 Ml 101% 10204 103 85% 100% mi 101 102 nsi4 10214 HU14 1'8 04 101% 101% 891, 109'? 101 98% P2',i 110 t<s% 40 8<i'.4 101 10:1 97 102'4 102% 103% 101% 10114 97% ? ?? 104' 1 +14 98 103 + % 9.1% + % 103 .. f*% 105 + % 103% .. 108'.4 .. iot'4 - % 90% .. 101 81 - \ 102% .. 89'i .. 102% - % 90% .. 97% -fl% 100 4- H 98 .. 94 + % 98 103% - % 93% ? % 102'4 +1U 98% + % 1 TO THE HOLDERS OF AMERICAN TUBE AM) STAMPING CO. First Mortgage 30-Year Gold llunils dated October 1-t. 1902. ! THIS IS TO CERTIFY THAT In accord ance with the First Mortgage or Heed of I Trust of THE AMERICAN TUBE AND | STAMPING COMPANY to Colonial Trust ! Company, now THE BQUITABLE TRUST I COMPANY OF NEW YORK, as Trustee, dated October lrt, 1902, the following bonds, . No*. 142, ,'.0(1, 40.",, ri.-.O, 50o. :.97, ?5T.. 751, "79 I and 793, have this day, February 2lth, 1922, at the office of the said The Equitable Tru?t Company of New York, been designated for redemption at 105% and accrutd Interest on the 1st day of April, 1922, upon pres-ntation and the Kurrender thereof, with ali unpaid ' coupons, to said Trustee. Interest on the above bonds will cea*e on April 1st. 1022. THE EQUITABLE TRUST COMPANY OF NEW YORK. Trustee. By II. A. HHiBBRD, Assistant Secretary. THE AMERICAN TUBE AND STAMPING COMPANY. By EDMUND C. MAYO, President* C. A. KI.ADY, A-? i-tant Tieasurer. I hereby certify that the above bonds were drawn as stated. WITNESS my hand ana seal this 24th day of February, 1922. J. T HELM3TADT. Notary Publlo No. 400 New York ' minty. Ctf. No. 2421 filed in Register's office. Com mission expires March 30, 1922. In accordance wltii the above certificate, the undersigned will redeem the above num bered bonds at 105 and accrued lnterost to April 1st, 1022, on and after that date, when presented with all unpaid coupons at Its of fice. No. 37 W'nll Street. New Torlt City. : TIIK EQUITABLE TRUST COMPANY OF NEW YORK. By LYMAN RHOADES. Vice-President. BIG LOSS BY WILSON & CO. The annual report of Wilson A Co. ' for 1921 shows a deficit of $8,462,052, ; after charges, Ac., and a final loi.i of | $9,206,270, after payment of dividend.* I on the preferred stock. In the preceding I year tha deficit, after distribution* on the senior stock, was $1,691,551. The | fallowing table gives comparisons: ASSETS. 1951. 1920. Investments 910,819,244 9*4.843,434 Inventories IB,219,7(12 17.2.:n *,-1 Receivables 19,392,038 21,993,r.20 Cash B,643,291 7,001,103 ! LIABILITIES. Notes payable 98,270.907 9-1,702,Uo Accounts payable, *c. 1,519.294 .1.112,?r.7 Surplus 1,1211,432 lil.:..;'..;?2 In his annual report Thomas 13. Wil son, presldont of the company, said, that although current monthly operations were profitable ft* a whole in 1921, further declining Inventories changed those i.roflts into n oet deficit for the year. Ho declared also that better con dition* began to prevail in the latter part of 11)21. and their cumulative ef fect on results at that year would li we been apparent In the statement had it not been for the general strike in th' Industry. Salss. Hlph. T.ow. Last. Cliff*. 79 South Bell 7s.l(l2'i 1024 102% t ', ?rt H O N V 6%s.lfl8% IMP. ? IS SON Yts ?2,.104'! 104 U - K !? SONY 7s ?SM.lfirs'.i inr.'i in*. , + ?, 3 SONY 7n *"7.1 or,'i lotlH lur.w + i, 15 SONY 7s '28.100'* lor.?. |?w,>. f, 8 8 O N Y 7s'29.107',4 M 107 - , 4 H O N Y 7s '30.108'% 107% lOH'i -f 7 S O N Y 7s '31 .108% Ki7' . 108% + B Stew Warn 9*. 102)4 101', ln2 ?+? H 20 Sun Oil 7s lOO', |(l,i j,Hlu + OB 8 * Co 7s '29.101% 101* toi . ? 51 H A Of Ti *11.10,1(4 in.{ 103.4 .. l:!il Texas Co 7s..l(H(? 10114 tori -f (1 Tidal O 7? '91.101 ldl 101 4. 'ki 27 Tol Ed 7s '41.104% 104% lo|U ? M Un O Prod 8s. 03% 93 0:1 in U n Hav 7y&s.10214 101% ifvjtj 4. 2;$ Vacuum O 7s.l?7<4 J07 10714 _ 102 Warner 8 T%a !??:> DO jw;^ + B1 West Blsc 7*.107H 100% 100% ? B WS8*8 (Is,'47 !? 114 0114 ot'4 .. 62 Winchester 7s 98 0(1 OS +1% FOREIGN BONDS. 51 r p ai n.t.'m.ion^ 10C14 4. s; 2 French Vie B*. OH i;.->% 06% .. 10 Hnnibuiit 4'4". ?? 4 4 ?'18 'Ph Is 5%s, '41.107% lorm 10 % 1- % 1577 It of A 7s, ':,1 90% ('>-4 fijrii _ u nr. It of A 7s. -at 90't 90' i 9i>u .. 10 fttt (l 6%sFAA t'4 4", v, .. 27 Il'is Oov 19ni m j8i, | u 4 l!ns Go fiV4? cl-rt 0 1:4 is -. t/, 12 Bus do 0%S... Iff 18% 1**4 ? *, 4 Rus O ?%s cfS 18'4 1814 18<4 ? *?, CflR Swiss O r%?. .100% 100 100% ? t, tCtlel CvtitS h . Itau. '(.Mid lots. $10,000,000 Framerican Industrial Development Corporation Twenty Year 7Vz% Debenture Bonds Dated January 1, 1922 Due January 1, 1942 Interest payable January 1 and July 1 Principal and interest payable in New York City in gold coin of the present standard of weight and fineness. Unconditionally Guaranteed as to Principal and Interest by Endorsement on each Bond by SCHNEIDER & CO. (Schneider tt Cie.) Redeemable, at the option of the Corporation, on or after, but not before, January 1, 1927, as follows: On January 1, 1927, and thereafter to December 31, 1932, at 110% and accrued interest; the premium thereafter decreasing 1% per annum. Coupon Bonds in denomination of $1,000 CENTRAL UNION TRUST COMPANY OF NEW YORK, Trustee The following is summarised from information communicated to us by Schneider Co.: Framerican The Framerican Industrial Development Corporation was organized in Corporation un<*er the laws of the State of New York for the primary purpose 1 of facilitating the business in the United States of the French company of Schneider & Co. Schneider & Co. The industrial business now owned by Schneider & Co. was com menced over 100 years ago, and the operations have been under the control of the Schneider family for the past 35 years. Business of The plants of Schneider & Co., which include the famous Creusot Works, Schneider provide the largest productive capacity in France under one control for the manufacture of electric machinery, locomotives, engines and steam turbines. Through affiliated companies in France, Luxembourg and Czecho-Slovakia, the company is a large factor in the production of iron ore, coke, pig iron and steel. Dividends and Since 1835, when the present company was organized, regular annual Earnings dividends have been paid cn the shares of Schneider & Co., the present annual rate being Fes. 120 per share, or about 33%. The current mar ket price of the shares is about Fes. 2,400 per share, yielding approximately 5% at the present dividend rate. During the last ten years, net profits, after charging off mainten ance and fixed charges, but before allowing for betterments and improvements, were equivalent, at the exchange rates prevailing during such years, to not less than $6,000,000 in each year. THE ABOVE BONDS ARE OFFERED FOR SUBSCRIPTION, SUBJECT TO ISSUE AS PLANNED, AT 99% and accrued interest, to yield about 7.60 Per Cent. Subscription books will be opened at the office of J. P. Morgan & Co., at 10 o'clock- A. M., Monday, March 13, 1922. The right i9 reserved to rejcct any and at! applications, and also, in any cc?e, to award a smaller amount than applied for. The amount due on allotments will be paysfble at the office of J. P. Morgan & Co., in New York funds, the date of payment to be specified in the notices of allotment, against delivery of temporary Bonds exchangeable for definitive Bonds when prepared. J. P. Morgan & Co. Guaranty Company of New York The National City Company Bankers Trust Company Harris, Forbes & Co. Lee, Higginson & Co. Halsey, Stuart & Co., inc. New York, March 13th, 1922. LONDON JOINT CITY & MIDLAND BANK LIMITED CHAIRMAN: Tho Right Hon. R. McKENNA JOINT MANAGING DIRECTORS, F. HYDE E. W. WOOLLEY December 31stf 1021 Aafhatlaad Capital - - - ?45.200.000 Sahtcrlbad Capital - - - - - 30.117.103 LIABILITIES ? Paid-up Capital - 10,800,852 Reserve Fund ------ 10,880,832 Ourrent, Deposit St other Accounts {Including Profit Balance) - - 378,678,579 Aootptsncss A Engagements - - 18,848,322 ASSETS Ooln, Notes St Balances with Bank of England _____ 58,989,012 Balances with, & Cheques in course of Oollection on other Banks In the United Kingdom - 12,802,707 Money at Call St Short Notice- - 11,801,487 Investments ------ 58,758,303 Bills Discounted ----- 72,118,034 Advances ------- 178,779,261 Liabilities of Oustomers for Accept ances & Engagements - - 19,848,322 Bank Premises ----- 4,942,299 Shares of Belfast Banking Co. Ltd. & The Clydesdale Bank Ltd. 3,1*9,605 HEAD OFFICE: 5, THREADNEEDLE STREET, LONDON, E.C. 2 J OVER 1600 OFFICES IN ENGLAND AND WALES Orerteas Branch : 65 & 66, Old Broad Street, London, E.C. 2 > AFFILIATED BANKS: BELFAST BANKING COMPANY LIMITED OVER 110 OFFICES IN IRELAND THE CLYDESDALE BANK LIMITED OVER 160 OFFICES IN SCOTLAND ? SHIP EXPERTS OPTIMISTIC. Rf-nppcaraiiof) of I.lrcly TImra I< Prfdlftfil, The reappearance of lively time* In the marine flold Is predicted by the Marine Engineering and Shipping Age In the lnte*t Issue of its tmkly bulletin. I The optimistic outlook Is based rartly on tho construction of two new pnt-> noiiRcr ahlpe for the Eastern Str*.tni<hln Company, Boston, to coat about $1,000, 000 each, and the reconditioning of tho Motion line *te.ams'i!ps Huckeye Stntc, Havkeyo Htato, Oranlte State nn<l Uluo Hen tfta'e., for the accommodation of third cabin paasenwers and the chanr 'uf of the oil-burning sjsum. t I?TVIT>r\n?! ASV Pltr.ltI ST. United Shos Machinery Corporation Tim I>!rer?nr? 0f this Corporation hivo declared a dlfldend of 1 ?.t' on the Pre* f? rrt il capital Mi ck. They haw a><> de clared n dividend of BOc per wh.u-- on tho Common <-n[>ital *?ock TTie dividends on b?th Preferred and Common . i>^k are payable April 5, 1922. to stockholder* of rw ord sit the c!o?e of bustll' >a March 14, 1922. T,. A. OOOLlDor:, Trr.isurer. An aAvertla*mn\t In tout and Found rolvmnt of TSB NEW YORK Til Ka\d offert a real pottibiUfy of tceov*~*!tg yovr lost properly. THE RCI1KROID CO. Not In- of Redemption of liond*. Notice is hereby given that THE RTTR. EROID CO. lis elected to pay off nn.1 re di m on .V !. 1022. all of its Firm. Mort gage Flft n \nr 8% Sinking Fund Uoli! Uouds, da' <1 M. y 1, 1021, now out'tani'liic nnil v. ill on May 1. 1022, at the offiru of Thci Clin.* National Rank of the City c! N'w York, No. ."7 Broadway, Horou;;!i of Manhattan, City and State of New York, j;iy ?' ! redeem nil of fal l bonds then out : :an<:imr, at 10714% of the face amount ! ; thereof and the accrued Interest then du?, j upon the surrender of ruch bond* with al! la- rent coupon* thereto appertaining matur ing on a:s.i after raid date. All such bonds j an- hereby required to bo then ami their I I presented for payment and redemption. From ai d after Mich redemption dale, to wit. M:ty I. 191J!. Interest ?n all ?urh bai'd* t>liall ren?e. Dated February 1". 1022. tub nuBEnom co.. i Hy MAX Dr.EY, President. I FET.IX JE1.LEN1K. S - rotary. INT WITNEFS VI1 i:nEOF, I have hereunto | | *et my hand and ran ed the corporate us! i rf -al"'1 < opota'ion to bo hereunto afflxcJ this 13th day uf February, 1922. I Real] FELIX JEL.LKX1K. . Secretary. KIFfTlONS \ND MEETINGS REPUBLIC IRON 4 STEEL COMPANY ~ The Annual Meeting of t!ie Stockholder* of th" It public lrnn A Steel Company will be h.'id ?? the offir,. of the Company, 15 Ex- . ei,ai Place. .larscy City, N. J.. on Wednes iln\, April 12th. 1022. ut II o'clock in the f. re?inon, fct 'he transaction of anv and a!. Im-in-ia tli ?t nmy properly come before tin ineetln*. Transfer books of the Company i. -:h Common and Preferred, will bu ctosurf j :: p. M. Man ti IStli, 1022. atid reopened ? nt 10 o'clock A M on Afirll 13th, 1022. H!< ! I \ III? JONES. JR.. Secretary, , ! K. L da PONT de \KMOlUS POUOKft COMPANY Wilmington, Delaware The Annual Mt '.Ing of the Stockholders of lie K. I. du Pont di Nemours Powder ! Con tian)- will b.- held on Monday, the 20 .1 day of M trch, 10"--. at twelve o'clock non , it the principal office of the Company, No. . .1 N vnrk Strct, Hobo ken. New Jersey, (or th< purpose of (lectin* a Hoard of Directors anl r>*"e|ving and acting upon tho reports of , ,f,. fn-'M*. and for tho transaction of su->i i orh r business ai may proporly coma befors tiu> nieatlnc. ' MAttT'r-p cQT'F.T^ANP. Secretary NOTICE IS WERERY r.lVKV that a Hpe< |al Meeting o.' th?- Mt or It holders of Hoffman T,iot|i"r* Realty Company, Incorporated, *111 I held on the 22nd of March, 192.'. et tw.lvs o'clock noon of tltnt ilsy, at tho Office < f the ?'Hni .n.v, >?" 2 s Hin.'idnav. Horouir'i Of Manhattan, N"v? York Clt . fur tiic purpose I ? f v itl'ie upon a proposition that such cor I poration l>? forthwith dissolved. luted New York. Feb. Kth. 1922. ,T. F. C. Vli'AT. Secretary. | | The Tevns and Pacific Hallway Company. Notl"<j is li reby given that the annual! mc.timr of the stockholders of The Texa* * i Pacific ''.all' iy I'ompany will be held at tho I | office of th" Company, No. 149 Broadway. | | N?'-v York City, on Wednesday, March 10, | , Hl22, at one o'clock r. M. .1 I? I.AN''ASTER, President. C. W. VBITCH. Her- 'a t v. ! N w York, March 4, 1022. j NOTICE I* hereby niven that the Annual] Mi" ting of the stockholder* of the Saucer-I tic i Orchard* Company, Inc., will b? iieid to Ho . u No ion. ?o Maid- n I<ane, New Y >rk city, N V., on Tuesday, March 14th, 1922, at five o'clock In he afternoon. ItFNUV CQ1.MN.". Secretary. limitFVm AND INTEREST. TYTIN CITY RAPID TR VNHIT t tiMPANY Til" Honrd of DtrectOf* of the Twin City Rapid Tran-'t Company have declared the j rejtuiar quarterly dividend of One LKiPar an l S vonty-flve Contis '?! ".*> per share up -i the 1'n f 'rrcd Capital Hto-k of th'i Company, payable April 1st, l'l/S. to slock hold' of r- -ord st the ''Ioha nf bti?lne<?s Mr>! h Itith. 1022. Dividend cho.'Ks will be t V> I by Tho Fart/vr*' I.oa-1 a'd Tmet Company, Transfer '1Agent*, No*. 10--2 ?n'tlllam Htreet, New *Vork City, to ftock" holdera who hsvs filed nalllig ? *d? rs , A. M. RtlRFRTHON, Secretary. Dated, Nv? York, X. >.. ;4u. U i, 1922. I HI IDENDS AND IXTKKEST. BETHLEHEM STEEL CORPORATION Notice nf IMvtteml* on right Per Cent. Ciimn litlvc (oriersible Preferred Stock) Seven Per < i'i J. Non-Cnmulative rnti-rrrf Stock; < "nunon Stock and ? Insa It ( (mi nt? stork. T!. t r*' ! i ?'tllfwnt of 2*i of tho right P>? i- c ' di, Id'nrt tiroB th- Bight Per Cent. Cumulative C< nvi r'lbla Preferred Ft<? :k an ! th" fir t !? itullmtnt of 1-V% of the seven pot rent. dividend upon tho Seven Per Cent. Non Cumulath ? Preferred Stock of Be'He'ieni Stul C'jrporutloti, were declared on .i.-irr.- ? :<!. 1322. awl the IUr* reaular dlvl d. ? uj n tl." Common St?-k and Cla-i B Cort-moR S?o'k of th" Corporation, whlcli were inr .1 on the *am< date, ?i I Im pay* able on April 1. l'.iilS, to tho reap. etlv- !i?id er? of r. urd of four of ato?k at ? i'ii i' of bu I:.'** c.'i March 14, PC he date which 'he bonk" for ?;?? trans r. r said S??von IVr Ctent. Hon-Cumulative 1 "i fern Stock ari'i Common Stock will he ? ! I I r tin Animal Meeting of Stockhold r:? to t , held on A|.-!l 4, 1P22) : the : <.ond 1:> (n!lni?'nt of said dividend* on said Right IVr C.. Cumulative Convertible Prihrrt* ..- it i.i. "-alii Seven Per C nt. Non Cimnlatlve Preferred Stock *111 bo payable - i Jrly 1, !M2, to the respective holdor* of record tliereof, at th" closo of bu?lneaa on .'tin !"?. :"22. tii third, on O tob?r IDS, to ? !? !?'?'rivn holders of r-cord theraWw ?? tho ct if- i f b' tness on September 15. I?r:; - i th ? fonrt cn January 2. i#z" 1 re respective holder" of r> r ird thereof, at the !<jm f? business on I>ec?<nber l.\ pi?5 ? . -a ' b.. ?r ' H. McMATlI, P^cretary. Hated March 1. f>22. tub mouth amkkican mxrjunr. ti'.1 Br iatl ?y, .\i v York. v ivh 8, IPS? DlVn>K.\'D NO. 3 ON* PREKPnp.EH 0TOCK. A qttarK rly dividend of I','J (nerenty-flve cent r i>?? ? > on t!i?? fl.N PBK t'ENT ? ' Ml i. rri.K PHEPSFlRED STOCK ?til > . : -id April 1P22, to stockholders vf record on March lfl. IDS!, 1'IVIi :N|| No. 73 <|.N rOM'.TON STO'-K. 1 <1 tet :>? dividend of 2 ione dollar and twenty five nta p'T aliara) on :hv , M'loM ST' TK " A be paid on A;> ?: t. to <ti itholder* "f ? cord on Mat'h 16. If1!!, of ? h 1 '? i seventy - five c?nta p?r in i will be paid by chock n-"l 1% iftftv r ? ? ?ha; > will b" paid In SI* Per C?! t. Cum lat rm Prefei r -1 &?<???. at par. f'or the purpot" of p- '-mlflnir trantiore be f re tj-.e ri '>ril d*'- f?' t ie divlden 1* the H" 1-1 T- If-f r Bl>< '.:? will bo at ten o'cl.Tck A M. on Pildoy. March in, 1922 ,t, r f** fJARl V. secretary. MOl'NTAIN Plt?)l>l < KI15 rnRPOKATtOM* IV'Hv?r, Colorado, Mar<h #, 1932. Quarterly dividend No. (J of 20 centa per ? ' rn ha* I" n %a??* 1 payablo ApiH ' ilri, to ?' kholder* < ' record at the tlote of b'Ulee < Ma- h I'"3-. Th trn i>" I" ? ka do not eloae. 411 ? tmmui.i'ntlt ? cardlnx payment or -'la* "??? of a'Mri??s .'?"ulJ i?? f.-nt to MouMaln t'rndnCon oration, HtocV I'-'partment, ftlO Pit t b'ntl'"ial tinnk IMMIlUt, r>?-iv?r, Colorado, not lal. thtin Marth 13, 1P22. J.J. WAJR.I:r;X. Treaaiirer. KP.I.l 1 ?-l ftlNt.l 1IKK tOMTAjTi A quar rly 'lvldend of on" dollar and flftv i' ii' <1 rm i?' ?h.tr? on the s:< Per Cent. I'r. f'lt d Stock of thl* Company hn? b< "n <!? la red. payable April 1. 1!>23, t" * r- ' Ord at the clone of bu? Incf . M ir h "*>. tPUJ t P. BTiwVi'.VRT-SUTlIBrU.AND, Sec t et a rv. Jfaw Tor't. March T. 1022. _____ \MKHICAN A ?natierl.v dividend of oiim and three-<^?a? (era p? r cc it. ha? been declared on the Pre ferred k of thla f"tnpa!.y. t^yable Apr!', l t, 1022. to Stockholder* if record at th? clote of htiaitief i 'larch 13'b. I!?22, Transfer Hook* will remain open. Checks mailed. p.. H IBM1 'N, Si? i-etary .<? T'cai"-rer. Till; WKUKH I'UMMH.' f TH C< NSPCPTIVE HIVIOEND. The Ho.'rd Of 1 - '"is haw d?'!ared till regular quar!" > dividend of l-^'l cn the Preferred Stock i ? >' lo Mat 'i Slat, 192S, to stoci h- Iders of reoor.l on Mar ii 20th, H>22. P W. HK.y31N._Tr. ?!?_ tTSe AROi.lA!* toMIHVT,"" 44th poNsiB.-'trrivtt nivmR.vn ft Tli" l!i>ar*i of IMrector* b'n deajjtt-r^ rraular quart -r dividend "f l%1% on tho I'rnf.-r-ed ??oet n#vab:a Maroh Mat, 1#5J, to etockboldera of rword on March 2fttli. 102?. F. vr. V.r.:-:;n, Triaj.