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Union Electric Light and Power Company St. Louis, Missouri Ref. & Ext. Mortgage 5% Bonds, due 1933 Cover part of property by first mortgage and balance by gen eral mortgage. We have been identified for nearly a quarter of a century with the bond financing of this Company and its prede cessors. 91 and interest Yielding about 6Vs% Circular upon request Harris, Forbes & Co Pins St., Cor. William NEW YORK | Exempt from all Federal Income Taxes Tax Free in the Slate of Maryland. $200,000 CITY OF Baltimore, McL Registered 5% Bonds Legallnvestmentfor SavingsBanks and Trust Funds in New York, Massachusetts and Connecticut. Maturing March 1, 1926 Price to Yield 4.50% Descriptive Circular Upon Request ji Members Nr\v York Stock Exchange 11 14 WALL ST. NEW YORK Tel. Rector 4500. 11 EQUIPMENT TRUSTS. (Quoted on a perc?nta"T? basis). Maturity. Rata. Did. Ask. Atch., Top. * S Fe.1923-35 0 5.?S 5.33 Allan. Coast I-lne... 1923-35 ti 5.80 5.30 Atlan. Coast Line... 1923-16 fa'/4 5.75 5.60 Baltimore &- Ohio.. 1922-27 V/a 6.00 5.05 Baltimore * Ohio... 1923-35 0 5.95 5.05 Bethlehem Steel 1D22-30 7 0.75 0.25 Buff. Roch. A P . .1922-35 4H-5-6 5.75 5.30 Canadian Pa^Hlc"... 1922-32 4%-6 5.85 5.55 ?out. It. R. of M. J. 1923-35 R 5.70 5.35 rhesapeake A Ohio.1923-35 0-04 5.85 5.00 rhlcago. Bur. 4 Q. .1923-35 6 5.65 5.35 Jhlcago It N. W 1922-23 4'4 5.70 5.25 Chicago & N. W 1923-35 0 5.85 5.00 Chicago * N. W 1925-30 6>4 5.S0 5..I0 ( 111.. R. Isl. ?? Pac.1922-27 4'4-3 0.05 5.70 Chi.. H. I. A Pac . .1923-35 0 5 90 5.00 Chi.. SI. L. & N. 0.1922-24 5 5.85 5.50 C., C.. C. 4 St. Ii. .1922-29 5-6 5.K. 5.50 I>tl. 4 Hudson 192.1-35 0 5.75 5.00 Klic Railroad 1922-28 4',i-5-6 8.20 5.75 C!rt. Northern Rwy. 1923-35 0 5.75 5 90 Illinois Central.... 1922-27 4'4-5 5.70 5.25 Illinois Central 1928-35 0 5.75 5.60 Illinois Central 1925-30 6'4"7 5.70 5.50 Louisville A Nash .1922-2'! 5 5.10 5.25 LouUvlIla * Nash.. 1923-35 0 5.75 5.30 Louisville 4 Nash.. 1922-10 0.70 5.50 Michigan Central... 1922-35 5-0 5.85 5.50 M.. St. P. i- S.S. M. 19.2-26 4'4-5 ?.W) 8.65 M.. St. P. 4 S.S. M. 1922-35 6-6)4-7 0.00 5.70 Mo.. Kan. 4 Texas. 1922-24 5 6.50 6.00 Nat l Steel Car ti.. 1922-28 8 8.50 7.50 New York Central.. 1922-32 44-3 5.75 5 50 New York Central. .1923-15 0 5.85 5 00 New York Central.. 1923-35 7 5.80 .>.00 N. Y.. N. H. 4 H... 1922-29 t'i-3-6 6.60 6 <K) Norfolk 4 Westorn. 1922-24 t',4 5.70 5.2* Norfolk 4 Western. 1923-35 6 5.70 5.35 Northern Pacific... 11)22-30 7 5.80 5.60 Pac. Fruit Express. 1925-35 7 5.75 5.50 Per.n. Gen. Freight. 1922-23 I?1)4 5.75 V?5 Penn. Rail road 1923-35 0 5.85 5.00 Peri! Marquetto.. ..1923 35 0 5.90 5.05 Pitts. 4 Lake Ki lo. . 1923 35 0-6V4 5.85 5.50 Reading Company.. 1922-27 4V4 5.75 5.40 Seaboard Air Line. . 1922-27 4 ,-5-6 0.30 5.99 Southern Pacific.... 1922-21 4'.. 5.75 5.-5 Southern Pacific 1923-35 0-7 5.70 5 50 Southern Railway.. 1922-26 4'4-3 0.10 f,.70 Southern Railway.. 1923*35 0 5.90 5.65 St. I,. A San Fran. 1923-35 0 5.00 5.05 Union Pacific 1924-35 7 5.05 5.37 Virginian Hallway.. 1922-35 G 6.00 6.05 SHORT TERM NOTES. ..7 -.7 H . .7 . .6 . .7 . .7 Rate. AlumOoofAm.. .7 Alum<^o.of\m. ..7 AmOottonOll.... 6 AmTel&Tel .... 6 AmTel&Tel 6 AmThread 6 AmTobacco 7 AmTobacco 7 AnacomUCop. . .6 Anaconda Co p. AngAihOil.Ltd. Armour.Oonv.. BAGKRColl.. BeliTelofan.. Bethleher.iHi.l,. C'a u Northern Ry, 5 )4 Can Northern Ky. 5 >4 Can Pacific liy. . .6 CentArgentine... 8 ConaGasofNY.. .7 CopKxp.Vwn, I do. 8 OopE xp Aasn. Inc. 8 CopKxpAsso.Inc.8 Cudivhy Packing.. 7 FederulSugRef...? The 11 FGood.cn v7 UulfOIICorp.... .0 OulfOilCorp 7 IIJ limn/. 7 HockingValley.. .0 JIumbleGAR... .7 1RT conv 8 KanCltyTerRy. .0 bennecottCorp.. 7 LacledeG L1 Arof. 7 Philadelphia 8 Procter AGarnble. 7 RJReynoldsTob. o Sears Roebuck... 7 Sears Roebuck . .7 Holvay 8 8o u t h west. Bel ITel 7 HPl aDopotUu. .5)4 HtandOilNY 7 UtandOiiNY 0)4 Swift 7 Swift 7 TbeT exaaCo.... 7 li tahSecCorp.... 0 Yacuuuiuil 7 WeatKlec lJouv.,7 V* laconsin K<' coo 0 Due. BH. Aske I Nor. 1925 101 H 101 Oct. 1933 102 "4 102 ?4 Sept. 2.'24 95 If 95 )4 Oct. 19X5 100 7-10 100)4 Feb. 1924 100 H 101 Dec. 1928 Nov. 192J Nov. 1923 Jan. 1929 Jan. 1929 April 1935 July 18.'30 April 1921 April 1935 100)4 100'i 100 H 101 H' 101>< 102}% 98 y, 102? j 103!, 1031(M 103)4 103'4 98 98 '4 101 101 )4 July 15/33 101 M 101 Dec. 1923 99', 100', Dec. 1921 991* 100>4 Mar. 2,'24 100?4 101 Feb. 1927 93 '-4 94 Dec. 1/22 101*4 10114 Feb. 15/23 102 102' 4 Fob. 15/24 102 Ji 103 If Feb. 15/23 104 104 )? July 15/23 100i>4 101H Nov. 1921 100 >4 April 1925 July 1923 Feb. 1931 Dec. 193J Mar. 1924 Mar. 15/23 Sept. 1922 98*4 100)4 100 H 103 t* 103)4 104)4 104)4 99 )? 99 "4 loo74 ioi H 80)i 81U Nov. 15/23 100)4 100)4 Feb. 1930 102*4 102 >4 Jan. 1090 97 97)4 Feb. 1944 95)4 90 Mar. 1923 101 H 101 H Aug. 1922 100)4 101 Oct. 15/22 10b<4 10014 Oct. 15/23 99)4 9914 M 1937 102*4 103?4 April 1925 100)4 102)1 Dec. 15/23 100 103 >4 Jan. 1925-31 104 IO84 May 1933 IOO '? 100)4 Get. 15/25 101)4 101)4 Aug. 15/31 102 74 103'? Mar. 1/23 101)4 10114 Sept. 15/22 99 % 99)4 April 1930 107 107)4 April 1925 100*4 107 May 1924 94 90 BRITISH l ORKK.N TBADK. T/ONPON March 11.?Board of Trade fig ures for February were: Imports Cf.0,37ft.Ofio Brportn of British product* M,.'130.000 Re-exports 10,17",Of 10 Kxporta OS.r^O.OOO Excess of Imports 870,000 Horthnrilfm Pacific Nntei. Lamport. Darker A Jennings hnv? purchii^ed flTjB.OOO of tlie Northwestern Taciflc Hnllwny Conipntiy's 6 y>cr ccut. (fold efjuipnuiit truat notes from the Ilallroad A'lmlniatrntlon nnd ure offer ing them at prices to yield fi.50 to h.75 per cent., according; to maturity. The M|n mature $12,000 annually In 192.1 10 iSSi, Uivluai\?. FRENCH RAIL ISSUE WILL BE SOLD HERE Negotiations Nearly Com-; ploted fop Offering of New $:{0,000.000 Bonds. Negotiations for the oiferlng In this market of $30,000,000 of 6 per cent, bonds of one of the largest railroad systems in France, marking the second step In the Introduction of Internationally known securities in the New York mar ket, are about completed. It is probable that a leading international banking | house will complete its distributing syn- i dlcate In time to offer them to-morrow j athough the offering may be postponed another day. They are likely to appear at better than a 7?4 Ppr cent, basis. The time for a French railroad bond offering is ripe. The eight times sub scription for the Framerican Industrial Development Corporation issue indicates investment response to a security offer ing in behalf of France, which is an attitude much changed from that of a few months ago. Complete details re garding the new issue, which will con tain an exchange speculative feature, adequate sinking funds, &c.. must await formal announcement. f A Average Bond Prices | ? i March 13. 1923. Mon- Net Wrrk Year day. Change. Alt". Ago. ] ! in Kail* 81.76 ?.06 81.8* 72.15 | 1(1 Industrial 95.80 +.23 95.68 87.88 5 Pub. I'tU. 79.53 ?.53 80-18 Fnr.'iL'tl 102.60 ?.25 102.115 111.07 30 Bond* .,.. 89.54 -.08 89.64 79.8. V -? J BOND NEWS AND NOTES. Northern Ohio Traction Offer. The Northern Ohio Traction and Light Company has sold 57.500.000 of Its gen eral and refunding mortgage gold bonds series A 6 per cent., due in 1?4 7, to tht National City Company of New Yoiifc which .e offering them at 96 and Interest to yield about 6.30 per cent. The pro ceeds from the sale will reimburse the traction company for the retirement of an underlying issue of $1,145,000 of the Canton Akron Railway Company's first mortgage 5 per cent, gold bonds, which matured on March 1, 1922, and for con struction expenditures In the last two years. Funds will be provided to call an outstanding issue of $2,454,200 of secured 7 per cent, sold bonds and retire other funded debt. In twelve months ended with February 28, 1922, the com pany earned its bond interest charges with a surplus of $1,092,473. New Haven Kqnlpments. Dillon, Read & Co. offered yesterday and practically sold a new issue of $1 864,000 of 7 per cent equipments Class A series EE of the New Haven Railroad at prices for serial maturities to vield about 6 Vi per cpnt- The total outstanding issue is $2,664,000, of which the Government subordinates a percen tage. It Is a lien on equipment costing $3,500,000. f3,BOO.OOO Saks lone Sold. Saks & Co. have sold to a group of bankers composed of J. & W. Seligman & Co., Kissel. Kinnicutt & Co., Ilallgarten & Co., and Tucker, Anthony & Co., $3, 500,000 of their twenty year sinking fund mortgage 7 per cent, bonds. It is expected that a public offering of them will be made soon. Sell All Kramer leans. Subscription books on the $10,000,000 of the Framerican Industrial Develop ment Corporation's twenty year 7 Ms P*' rent debenture bonds, due in 1942. were closed fifteen minutes after their official opening at 10 A. M. yesterday. The Issue was about seven times ovcrsub ??cribed. It is understood that the $4.', 000,000 issue of the Sinclair Consoli dated Oil Corporation's 7 per cent, gold bonds had been oversubscribed at the close of business yesterday, although the books will not be opened officially until 9 o'clock this morning. It was estimated unofficially that Its oversub scription exceeded $30,000,000. Lnan to SnlMOBi. Negotiations are reported to be un der way for the offering In this market of a $6,000,000 loan to the city of Soissons, France. No confirmation of the report was obtained yesterday. Ne gotiations which had been under way for a loan of $15,000,000 by the Na tional City Company of New York to the city of Antwerp are said to be off, at least temporarily. LrhlKh Connty Award. The Comptroller of Lehigh County, Pa., awarded yesterday $300,000 of Its? 4'i per cent, twelve and one-half year average Improvement bonds to Brown Bros. & Co. and Newbergor, Henderson & Loeb, Jointly. Toledo Terminal Plan* Issue. The Toledo Terminal Company yester day applied to the Interstate Commerce Commission for authority to Issue $400, 000 of Its firs* mortgage gold bonds at 4'j per cent, to reimburse its treasury for expenditures. Activity Aornmpanln Advance. The turnover In listed bonds yesterday was the heaviest in ma-j^y sessions. Prices adhered to their upward trend, gains for the most part being frac tional. but. nevertheless several new high record prices were registered, especially among foreign government Issues, in eluding Argentine 6s, Norway 8? and | Swiss 8.?. At 85 Argentine ."is were up i 3 points from Stiiurday's final level. The FYamerlcan Industrial 1% per c'-nts., j initially dealt in yesterday, were quoted 1 above their offering price of 39 from the market's opening, suggesting that Investment absorption of the Issue has been unusually rapid. Sinclair 7'. per rent, notes moved into new high ground above 103, the price at which they will be redeemed on November 15 next from the proceeds of the fifteen year 7 per cent, bonds Just floated. Cuba. Cane bonds rounded out a remarkable re covery. the 8s selling above 8 0. up more than 9 points from laM. week's low, while the 7s crossed 87. There Was heavy sell ing of Interborotigh Rapid Transit 6s. ' sending the price down to 58, off about 2 points, or a. total decline of G points from the high of a few days ago. TTnWed Kingdom securities were un < t tled by the further break In sterling a.n-l closed a point or more lower all around. American Telephone convertible bond* moved up in sympathy with the atock, which established a new high price The convertible ?s advanced nearly 2 points. Ont of Town lasnea. The Palmer Bond and Mortgage <"'om pany of ?alt f/ake City la offering $176, j <ino of the Juab county, Utah, .Tu?l> j School District's r. per cent, building ttonds. maturing In 1923 to 1942, In j elusive. n? prices to yield 5.76 to 6.3." ! per cent. The company is offering $133. , ooo of Sanpete county, Utah, South Ban pete School District's 5 per cent, bonds, due in 1911, at Rri.SC. to jrleld fi.35 per cent. The Liberty Ontrnl Trust Com ]>any of st. l/ouis is offering 91,940,000 of 5 per .<.nt. bonda <>f Saint ?'la.ir county. III..maturing In 1923 to 1939, In clusive, and $160,000 of Poinsett, county, Ark.. Hay Road and St Francis River lio trt Imiirovement District's Merlal 1 pef nt ro-id bonds, ^le In 1923 to 1942, in clusive. f BONDS IN STOCK EXCHANGE MONDAY. MARCH 13, 1922. 1922. 1921. 1?:0. | DaVs sales $15,244,000 110,818.000 $13,470,650 Year to date S77.97S.OOO (112,110,000 793.1C1.650 RANGE OF LIBERTY BONDS. ?Cloning-- S.-ileh Net : RM. Askod.Yield. In 11,000. Open. High. Low Last, Chgs. 96.80 96.90 ::.70 619 3i,ss (1932-47) l?ti.80 96.98 96.80 96.80 ?.10 I 97.36 97.50 4.19 . . 1st cv. 4* I 97.28 97.48 4.18 2 2d 4s (1927-42) '.'7.31 97 34 97.34 97.34 +.16 97.46 97.50 4.41 50 1st cv. 4%s (1932-47) 97.48 !*7.50 97.36 97.50 +.10 97.46 97.50 4.43 6X1 2d cv. 4Vi? <1927-42) 97.36 97.50 97.36 97.50 +.10 98.66 98.70 4.17 2.204 3d 4Vis (1928) 9S.42 98.90 98.42 98.68 +.28 6 3d 4?4s reg 98-30 98.46 98.30 98.46 +.42 98.50 99.00 .. .. lat-2d 4'<s (1927-42) 97.68 97.76 4.44 2,227 4th 4'^s (1933-38).. 97.50 97.76 97.50 97.70 +.16 10 4tli 4Vis reg (7.48 97.52 97.46 97.52 +.22 100.80 100.84 4.00 1,420 Vic. 4%s (1922-23).. 100.74 100.S4 100.72 100.80 +.02 34 Vic. l->is reg 100.64 100.72 100.6 1 100.72 +.02 ; 00.04 100.10 3.73 121 Vic. 3%a (1922-28). .100.02 100.04 100.02 100.04 +.02 Canada 6s 1ti.11 5.... .98% Cbilo 8s 1924 receipts 5 lOI'lfi a ioiSh 1 10U2 1 101&8 l lJtae 3 ioua 1 101% Cbilo 8k 1941 1 10414 1 104 2 10414 10 104 Chile 8s 1948 receipts 6 ionn4 a 10378 Chinese HKRy 5s 1951 1 53 10 M 3 .">3 5p 2 531^ Copenhagen s f 8Hs 1945 2 90 1 S934 Christian!* s f 8s 1945 1.. ..100 Cub* is 1904-44 2 89 Cuba 5s 1914-49 4 971a DenrmirK 6s 42 certificates 3 98 2 98)8 2 98 20. 1. 981g 98 977s 97;l4 9778 10 973* Denmark 8n 45 13 110 1 1 ?? Dominican CA It 1958 2 9038 FORK Denmark Mun oor A 1948 1 109 1 1001s 1 1.....too ; Ser B 1948 6 109 Dutch Baxtlnd 35-jt ext k 6s receipts 6 W>U 2 05% 10 O.M4 1 9.Mg 18 95 2 O.Mg 5 95 ' French 8s 194". 5 10434 2 104% fi i04ia 2 I'M 3 IO4I4 3 1041a 1 10458 1 1041a French 7yp. 1041 10 ioo7k : is 100%! 5 10O7h . 7 101 ; 1 10078 I 6 101 I 31 1007s 1 10014 1 101 12 1007H 3 0 10034 a ioo7g 2 10034 4 101 1 1007g 7 101 1 10078 4 101 3 10034 2 1007s 'Japan 1st 4 Us 25 ? 8914 5 8(1% 3 1 801a Japan 2d 4'vs 25 51 89 31 88<8 ;ion. Japan 2d 4s I9;il .751% 1: 7">l8 Lyons 8b 1934 4 85ia a 8.V14 6 857g 5 8."i4i 5 8.">la| Marseilles 8s 64 0. .86 2 S.11a ? 853* :i sr.ig 3 8r>% 6 8.r?la 1 854* 1 851 a Mexico 5s 1954 40. 55.18 largo 5 521a Mexico 4s 19"'4 1 4:1.14 1 431a 5 431g ? 5 43 Norway 8s 1940 1 110% 1 HOia 6 110% 1 1103? 1 ill 5 llOSi 1 1107g Queensland s T K 7s 1941 certificates 4 109 1 losia 1 lOSfU 4 1087g 1 1083? Rio Grande do Sill Ss 1940 5 IOU4 1 ions 25 IOH4 1 1011a 3 10114 3 iona 2 10114 Queensland tw 1947 certificates 2 907? 15 9934 7 9058 8 9flla 8 907S 2 0934 1 0978 11. 093? Nut herlands 6s 1972 receipts (! 9438 0 9414 2 941h 8 94U 6 941? 2 94U 1 941S 22 94U 1 94 % Rio de Janeiro 8 f g 8s 1948 4 1017g 1 IOU3 7 1017g 3 10134 2 lorlla San I'aulo City 8s 1952 when issued 2 1011a 9 1013b 12 10113 5 1013g 5 IOH4 San PauloStato 8s 1938 2.... .10214 1 1021s 2 102U 5 1021a 2 1023s 1 1021a 1 0 10234 2 1021a 4 1025s Swedon 8s 1939 30 100 2 10014 3 1001a 9 IOOI4 1 1 100 DOMESTIC. Pan Canal 3s 81 87 New York City <4s 1965 i 1041a 44s 1967 3 1041a I960 4 99.14 4s 1959 5 0534 4s 1959 3... ? ? .95^4 Adams Exp Co Clt 4s 1948 1 75 Ajax Rubber 8s 1938 1 99Ia 1 09 Amor Ak Chotn 74* 1941 1 1017S 4 1011a 1 1017# 4 102 1 1011^4 1 102 1 101*8 2 101.14] 2 loiia 2 10178 Am S & Rftsj 1st A 5s 1947; 7 881a 1 883* ft 88I41 4 88.I4: 2 8878j 2 89 2 881a' Am Sugar Co 6s 1937 3 B87r 13 fl8.1| I 7 9s78| 4 99 6 98114 2 9878 Am Tel A Tel CV 6s 1925 12 115 2 11484 1 115 4 II&I4 1 115 1 11534 Am Tel A Tel clt 5s 1946 8 9fl 3 9014 1 90l8 Baltimore ft O S W 34o 1925 2 8838 0 88I4 Bet him Steel fd 5s 1942 1 907fi 2 90I4 3. ('hi Mil &atF fold 4s 19 1 7334 22 731a Chicago & NW 15-yr 64* 1938 3 106.34 Chicago ft N W 6. .90 6 957B Am Tel ft Tel CV 448 1D31 5 1003s, Am Tel & Toll cv is 1936 1 80ia Am Tel ft Tel clt 4s 1929 1 8Mb 2 88ia| 1 88% | 1 88 Ay Am W W A El col tr 5s 34 2 72?8 11 73 Am Wrltg Pap 1st 7-8s 1939 4 82 Ann Arbor 1st 4s 1995 1 ?57g 5 H? Armour ft Co 1st 44" 193? 0 8714 *7 87 AtCh TASK* Ken 4s 1995 1 8714 4 871 j 1 87 ig 3 8713! Atcb T A s Kv I CV 4s 195". 1 79V 3 791a 1 791, Atrh T A St Ke a<U 4s 1995 stamped 1 ?o?a| 1 8034! Atl A rharlAl.l 1st B 5s. 1944, 2 05 | Atl Coast l.lne, 10-yr 7s 1930 | 5 100 Atlantic Fruit 7s 1934 1 .Hia Atlantic Reign #4* 1921 20 1037s 1 10334 Atlas Powder j CV 741s 1936 j 1 . . . .10234 Baltimore AO 6k 1921) 1 07I41 a "7 I 2 9714I 2 97 I 2 9714 Baltimore A O ref A 5s 1995 2 90.I4 Bway A 7th Av con 5s 1943 3 ?4la 2 05 Bkln EdlsonCo 5s A 1949 1 9414 Bkln EdlsonCo 7s C 1930 1 105 Bkln EdlsonCo 7s D 1940 4 107 1 106.14 Bkln Rap Tr 7s 1921 5 731a 4 74 7 73 certificates 5 74 21 73 certificate* stamped 15 70 MVIn On Kiev 1st 5s 1951 ?tamped ! ?0 Canada North 20-yr 7s 1940 5 IIOI4 9 IIOI3 2 Ill Canada North 64s 1946 1 109 1 9 1093ft 6 IOOI4 4 1091a Canada Paclflc 4n perpetual 2 77.I4 2 771a 1 775h 8 771a 1 7734 2 0 775s Car CI A Ohio 1st 5ti 193(1 2 84I4 Crat or OeorKt'i 10-yr es I92? 5...... 9714 2 97 Cent of Georgia con 5s 1945 1 941a rent leather 1st Ss 1925 3 96 901s! Ken 5s spd 87 1 IOH4 ChiraKo A NW gen 4s 1987 9 831a ChlcOKO A NW pen 3 4s 1987 I......74I3 ChicaKo Rys 1st, 5s 1927 3 77 1 7678 1 77 Chi R I A P Ken 4s 1988 6 82 1 8U3 Chi R I A P ref 4s 1934 ?'? 7834 1 7878 3 78.I4 27 787k 2 7834 1 7878 Chi SP MAO deb 5s 1930 3 921a Chi Un Station 1st 8 4s 1983 1 11413 Chic A \V inu lf-yr7V?s I93" 4 1017g Chi A W Ind con 4s 1952 3 701a 2 707S Chile Copper cv 7s 1923 I IOOI3 22 ICOI4 1 1001 a 10 lOOIg 25 1001a 6 10038 Chile Copper 6s 1933 18 8514 2 .85-18 6.., .?. . 851 a 2 8514 Clnn HAD 4'js 1937 6 851a C C C A St I. ref 6s .Ser A 29 7 981a 5 9834 2 9813 8 9S3? 4 081a 1 965R1 C C C A St Ii 9034 96I4 Central Pacific ref 4s 1949 10 831a Or de Pas Cop cv sf 8s 31 5 1121a Ches A Oh 5s 39 2 3 99 Chesa A Ohio ref 5s 1929 1 94 1 0.11 a Ches A Ohio CV 5? 1946 6 8618 4 . . 8OI4 Ches A Ohio cv 41 js 1930 25 85 1 84*r 24 847k 16 8434 Chi-s A Ohio K?'ll 4' jS 1992 2 841a 6 84<*>h ChestOhioKft Alleg 1st 4s 80 I *2lg Chi A Alton 34s 1950 1 4138 3 41 2 5 405(( 6 4lia deb 44s 1931 7 86.I4 45 87 0 C C A St I, 4s ser A 1993 5 78og 4 781# 2 78^8 Clev Short LI a 44s 1961 ft 92 (,'oloradolndus 1st 6? 1934 II 7114 Col A Southern KKt 44s 1935 .80 3. . Chi A Alton ref 3s 1949 39 SO Chi Bur A Q Ss 1971 7 97 ? 971S 7 ... n7 Chi Bur A Q Ren 4s 1958 4 871a ('hie Rur A V III 4s 1958 I# 88.'H? Chi A East 111 5s 1951 12 75 Colorado A So 1st 4s 1929 2 91.% Col Oas A BUS 1st 5s 1927 1 91 1 903* Con Gas N Y 5-yr cv k 7s 25 9 108 3 IOSI4 1 1081a 4 1071 5 108 1 1083# 2 lr8ia 1 108.18 1 IO8.34 15 1087s Consolidation Coal 5s 1950 11U 2 80 4Ha| 1 sou 41(781 Cuban Am tfu 8s 1931 15 1047), 1 104-14 Cuba ?"an cv deli 7s 1930 . 80 17. ,7978 1 7934 3 SO 9 79.14 Baltimore A O CV 44s 193.1 1 77 9 77U 16 7718 Baltimore A O 1st 4s 194f 2 78 Baltimore A O p I 34s 1921 6 92 Baltimore A O P I E ft W V ref 4s 1941 1 74N Baltimore A. <> TolA C 4s 1959 1 0 (V478 1 6434 1 ?47S 1 6-4 Bell Tel of Pa 7<#| 1145 n if* Hra'len <"Vip M coll 8s mil 4 Vti . . 22 4.. .. , 17 10 82 10 .74'8 . 7.1 I . 7478 J 0 80% 13 87 1 80 stamped 8% 25, . . . ,,8. 34 25. 3 8S1? 23 H8I4 25 881 a 1(1 88-ti 50 89 1 8SI3 ft.., 89l4 I 5 89 | 2 88ia i lft 89 H8I3 I 75 Chic A I'.rlo 1st 5s 1983 ? 74781 Cuba Tl II Co 88 West ..60 .A97h I. Chi fit 4s 1950 10... . 1 Chic Ind A ref 6s 1947 2 93 Chi Mil A P Sd 4s 1949 14 6613 1...... 67 Chi Mil A St P cv 5s 2014 12 65 4 . . 051.1 Chi Mil A St (? CV 44s 193? 1 64I4 2 041 a 2 6438 Chi Mil A, St P ref A 4?4s 2014 2 MM* '"'l 1st 5r 1952 8 79 2 781.; ?J . . ,791-,. I Cumber T A r 1st A gn 5s 37 5... .90 r>H A- Hudson I conv 5s 1935 1 92 l>el A Hudson ! 1st A ref 4s 1 861a I D?*l & Hudson Int. 4Hi IM2 :< 7s I i D*n At Itio < 1 Imp 51 1924 ?mpi & Rio 4* 1911* 701 ?, 1.... 7*.''4 74 V* ? uttijlj 10 7511 t)m M * Ft. I) M 4s |m 1.* ...41 Don A Rio OJ IstAref 5s Si 1 4 46I4 20 46 Detroit Kdlson 6s 1940 3 lOlSg 1 loa-ig 1 102 Detroit Kdlson 1st A ref 5s 40 * 0184 2 0318 ? 1 98 Dot River Tun 1st 4!$s 1961 20 85 Dot United Ry 1st con 4H? 32 22 70 s rou ii 80 ?> 81 3 80 * ??i2 7 80 1 HON 2 80 Dlamd Match sr 75*8 193ft 5 109 DIs Securities 1st cv 5s 1927 J 0 47 duPont KIdeN 10-yr 7MjN 1931 3 104 ?'> 104l4 *2 104I8 ? 2 J04 Duquosne t>t 1st 8s 1949 2 ,0"8 2 102 2 10214 a 102 Edsn El II Bk 1st cn 4s 39 ? ,1 83la Erio 1st cn 4s 96 I ??ia ? s?78 1 50 1 -.914 _J0 58 Erie cv 4s A 53 ?7 38 Erie cv 4s B S3 _J0 381? Erie cv 4s D 53 _ 3 40la Erie gen 4s 1996 ? 3 43la Erie A Jersey 1st 6k 1955 ? 4 85I4 Risk Rubber 1st tnR 8s 1932 0 I041 j ? 1043b 3 IO4I3 -J lfM>? 1" lOlljj Ft Wor & R o 4s 1928 ? 1 70 Frnmeriran I r> 7tj? 1942 when issued 20 6 99l4 /' OfWg 1 5 991^ 10 99.% 7 90l2 2 0 99.lT 8 991* 2 00% 0 OOI4 ' <??| ^ 99I4 ? W% ' 9914i 1 P91u 14 9<ll, 1 09*8 ? 2 . . .091j' 5al If A liend; Is 1933 2 87 :i? Genl K|oc Co 6s deb 1940 1 10412 2 If 4)4 | _ 1 1041-jl Got Elec Co deb 5s 1952 10 98 GftOaro Ac Nor 1st 5s 1929 * 84 Gdyr TAR fe 1931 25 993. 2 1 99 34 99% 3 997r 3 9934 2 097s 1 100 * .99% gtfg GtNorth S'fr 52 22 OtiSs 16 9634 15 065s 2 9634 fi 90% 4 9634 12 965s 24 9634 Great North My 4ks 1961 1 89 15 881a 12 8734 Green Bay & W deb B 15 7 Gulf & Ship lid 5s 1952 1 73 Havana Eiec 6s 1952 2 87 Hudson Si Man 1st lArfASs 57 1 7R12 2 7818 6 781a 8 783s Hudson A Man adj Inc 5s 57 2 58I3 1 58 III Cent 6V4* 38 1 108 Dl Cent 5Hs 34 2 9913 111 Tent 4s 1953 1 79 1 7834 Illinois Central ref 4s 1955 2 841 g Illinois Steel deb 1940 1 8S34 Inst for Kn of Auri 4^s 1943 4 331a loterb Rap T 1st A rf 5s 66 1 60 6,,, , ,,601^1 7 60 I 10 5034 15 6OI41 2 601s I 30 6OI4I 6 60131 5 60l4 2 - 603y 20.. 38.. 10. 3. ..60 .59341 .591 a| .5914 59 ! .5x14 ,58ia| .58141 581 -j .5814 r.sia .5*13 . 6S>k .5 ni4 ..riH34 .5838 .5814 ?581a. . 5878 .50 .5813 587&I I I.ackawanna St 1st 5s 1923 1 0 091* 2.? 091g I 6? OTU 2 9912 | Lackawanna St ls-tSs A 1951 2 8414 L Erie A W us' 1st to 3' . . 89% L s'& M ?o| deb 4s 192H 92 023r Lake 9 A M So deb 4s 1931 1 1 I Lehlffh Val RH con 4H? 200.1 8i34 5 87 ?s LifOtett. A MT I 5s 1951 4 941 g Long Island deb 6s 1937 ' 1 74 1 735s Long Island ref 4s 1?? 5 737r Louisv A Nash 7s 1930 4 10734 Louis A Nash SI* 2003 15 1021r I Louis A Nash 4s 1940 1 ... -90 5'.'. . 89% Louis & Nash Atl K A Cln 4s 1955 1 821.1 I 10 8213 | 7 8234 30 . 83 10 s3,2 15 8* Manhat 4s 1950 10 *>0U 1 ^ stam pert I I 59 Market. 9t R>' 8s 1924 10 ?:l<? I Market St R>" con 5s l?-4 4 8734 Mex Pet of Del cn to 1936 1 ...103 1 10213 OS 103 29 . . ? ? 10314 Mich State Tel 1st 5s 1924 6 07 ; M idv Stl A Or 1 col fis 1936 21 *<*? Minn A St 1. ref 5s 1962 5 sola I Minn A 9t h 4s 1946 0. .40 SI 5813 j 10 58341 Interboro Met J 1959 [ 21. ? ?. 13I4 2 M St PASS M 64s 1931 3 1017g 1 102 ? ior<? 51 St PASS si If 193S 1 H77? 2 8S 871a .13 .88 10 121a 2 12 V 43 12 1 121 j certificate-. IUh It .. .10 j 1 20 yia intnational Ag< IstAcI 5s 32 3 75I4I 1 7:.3h 1 751a Interna M M 1st 1'It 6s 1941 4 "M-! 2 94I4I 3 941 1 94>h 2 94I4 1 9134, I '.141* Interna Paper 5s Ser B l?4Ti 2 ?7l3 Mo Kan Sl Tex fis ser A 1962 when issue<l 2 KO"s 5 S0?8 3 81113 Mo Kan A Tex I-, Ser B tMtJJ when Issued 5 071., Mo Kan A Tex 6s ser C 19:i3 when issued 13 933| 10 931. Mo K:m A Tn\ adj 5s 1967 when issue<l 23 51 5?7? 18 3. ? M 1 9934 1 9'1?k 21 .0031 2 ... .997H 25 9934 4 907h Gdvr T A R 1st Rs 1(41 2 115 3 I I.Vis 0 1 r.i4 2 115 2. . UM? 2 115 :i 1151a lt> 11* 2 IK.l# Granby 11 1925 8. ...88 GrndTrunk Ry 7s 1049 0. . ,a?u Ini incible Oil 8s 1931 ? 931s 6 93 I 2 9234 Iowa Central | 4s 1951 58 :ih Kmii A Mich 2d 5s 1927 1 93 KO KtSct A M 4s 1(136 0 77% ? 771, ? 77% K fi Southern ref In 19.V) S5i a io imt1 Mo Kan A Tex 1st 4s 1990 4 7?1> 2 705(1 | 13 7?ly 2 .769h Mo Kan A Tex adj ta 1967 when IsMieil 22. 10 0. .11018 3 IIOI3 2 11'I* 2 IIOI3 25 IIOI4 GrndTruiui Ry IK 1938 1 103 Great North Rv 7s A 1936 40 10S\( 25 1081a 1 10?% 10 ... .IIIHI4 8 108 1 IOHI4 2 ... IOXI3 10 10*3* 1.. 80 5 835* 1 8513 1 80 5 8534 1 8.Va Kan G Sotithn 3s 1950 4 04% 3 ?H3s Kan 0 Tertn 4s I960 I 79l| Kelly Apr Tire s r?M 1931 1 10034 1 looij 1 10014 0 10034 18 1061a" Kinds C KLAI' p m IH97 1 108 S 51 Mo Kan A Tex | notes exti' 5 H0l,l Mo Pacific Ss 13 4 90% ! Mo Pacific fis 65 a 1*014 1... .Wis Missouri Pacific gen 4s 197fi 10 821a 1 02% 2 025h 10 621-1 3 627? 5 6334 2 02's 1..... .6?% 3 021, 2 ?2?4 1 02f* Montana I'wr 1st. A 5* 1943 2 941 a H 941.| Mont real Trtn 1st A 5s 1941 1 M% 2 8.V<4 1 naia Morris A Go 1st 44s 1930 1 fMIn ( ontliiucd ou J ullo? iiig I'tiic4*. COTTON DECLINES AFTER EARLY GAIN Late Increase; of Long Liqui dation iiiid Outside Selling Depresses Market. A late increase in long liquidation and outside selling carried yesterday's inac i live cotton market to lower levels after ; prices liad been lifted 'about 10 to 15 points In the flrat hour. The contract list sold off 19 to 26 points in the course of the last half hour and closed at Its bottom. Generally speaking. the 1 market yesterday was a repetition of its last nine or ten sessions. It was I Just as dull and narrow in price range as were all last week's markets and i the majority of largo operators con I tinued to do little or nothing. Crop preparations have not advanced ! to a point at which decldcd opinion as | to the size of the next crop can be i formed. The weather was about a standoff yesterday, the map showing clear and slightly warmer weather over the eastern belt, but rains at several Texas points included a fall of more than two inches at Amarillo. Central sections were cloudy and unsettled and i the forecast for the East was for cloudi ness with the possibility of showers to-day. The market opened 2 points net higher! to 2 lower and soon after the call ad vanced slightly from Saturday's close with support from Wall Street shorts. Liverpool and Japanese Interests, Longs were not particularly disturbed over the political situation in Europe as Liver pool's cables reflected nothing start ling. Futures prlcos in the English market were about as expected and spot business abroad showed a decided increase. 10,000 bales hanging hands with an advance of ,12d for middling at 10.69(1. Bulls were helped by the National din ners' Association's estimar? placing i mill consumption of cotton in February j at 849,100 hales In contrast to only 395.000 bales consumed the same month of last i year. The Census Bureau's official re-1 port on consumption will appear to-day r.nd probably will he lower than the as sociation's estimate, due to late curtail ment in demand caused by the textile strike. Several mills have announced that they will shut down for an ln definit* period. Spot interests were among the prin cipal late sellers, offering the market down on curtailment reports from the North Carolina mill district and the i possibility of large deliveries on con-t tracts. Wall Street lonjjs also sold, chiefly on revolutionary disturbances in India and South Africa. The local spot market declined 20 points to 18.45 cents for middling. De liveries on contracts here were 1.200 1 bales. The New Orleans spot market was steady. 25 points lower at 16.75 I cents for middling. Sales there were 771 bales. Range of nrlceg: Pre\ Open. Hl*h. Txiw. Close. Close. March.. .. 18.31 18.42 18.10 18.11 -14 18.32 I May is.or. 18.10 17.84 17.84-80 1R.0:i July 17.28 17.44 17.04 17.04-00 17.30 October IB.07 10.77 10.40 10.40-41 10.00 I Pecember.. 10.43 Ifl.rrf) 10 20 10.20 T 10.4." January 10.30 10.38 10.20 16.02 B 1H.28 LIVERPOOL. Spot cotton ?tnod demand but business mod erate: price* 12 point* higher at lO.Oitd. for ; middling. Sale* 10,000 bales. Imports 8,000, all American. Futures opened steady at 7 to 15 points decline. Closed steady, 2 higher to 7 points lower. March, 10.47d.; May. W.35d.: July. 10.21d.; October. 0.82d.: Jan uary, 9.55d. Manchester?Yarn, fair busi ness doing; cloths good demand. STATISTICS. Last Last Yesterday. Week. Year. Port receipts 15,070 lO.OOtl 14,440 Exports 1.1,274 .11,440 io,:>oo Exports season.. .3,817.480 3,822.H.-.I 3,532,341 New York stocks. 7!>,107 70,380 127,197 Port stocks 1.058.705 1.071.71.". 1,442,203 Interior receipts.. 10,180 11,120 13,700 Interior shlpin'nts 10,043 12,175 0,078 N*. Y. arrivals 3,100 4H2 015 I FOREIGN INTERNAL EONDS. Loans not Issued In American dollar values. Rate. Pato. nue. Bid. Auk. Argentina tunUst) 5 Sept... 1045 77 78 BMsian (restor'st 5 Option 1934 72 7"i British Vlrtory.... 4 Issued 1919 300 379 Canada 5H Nov... 1954 95*. 9?H Canada March 1937 97\4 98 Canada 5<h Nov... 1034 9.V% ?l?i Colombia fi Tiinwl 1013 68 71 CoHta Rica 3 Option 1058 50 6ti French Victory... 3 Option 1931 63 tui French Loan 4 Option 1943 33 5H French Premium.. 3 "HV, 8n French Loan (1 Option 1981 7H1 v 80 Italy War Loan.. 3 .'!7'j TWj Pelotas (Brazil).. 5 Issued 1011 G5 57 ITruffuav 5 Issued 1919 71'4 7'2'i Rus It Bds F 4 A. 3'.4 Feb... 1920 4 3ft U. S. CERTIFICATES AND NOTES. Frl. Ap'ov Month. T.C. Bid. Ask. Bid. Yield 1922. ?Juno.. 4 >4 100 1-1rt 100 5 32 100 1-10 3.55 ?June... R'4 100 13-32 100 1-2 100 13 32 3.40 Aug 5V4 100 5-8 100 23-32 100 5-8 3.55 i ?Sept.. 414 100 1-4 100 3-8 1001-4 3.70 ?Sept... 5'i 100 5-8 103 3-4 100 5-8 3 HO ?Dec 41,4 100 3-8 100 1-2 100 5-8 3.80! 1923. Mav 4*4 100.8C 100.80 100.78 4.00 1924. ?June... 5*4 1 02 3-4 1 02 7-8 1 02 3-8 4.40 'Sept... 314 102 7-18 102 0-1(1 102 3 8 4.40 1025. ?March. 4?4 100 3-4 10O 7-8 100 3-4 4.44 1*28. ?March. 414 100 7-8 101 100 3-4 4.40 ?Acceptable In payment of Federal ta*e< on tlio dates of maturity. EX DIVIDEND TABLE. March 14? B?tlilehern Steel "A" $1.23 Bethlehem Steel "B" 1.23 Bethlehem Steel, 7%. pf 1.75 Bethlehem Steel. 8%, pf 2.00 N. 1'.. Lackawanna A Western R. R.. J 23 South Fenn Oil 1.50 Marcli 15? Allied Chemical A Dye Corp. pf 1.73 American Car and Foundry XOO ; American Car A Foundry pf 1.73 1 American Steel Foundries pf 1.75 | Crucible Steel pf 1.75 < General American Tank Car pf 1.75 Ciulf States Stoel 1st pf 1.715 I Manhattan Shirt pf 1.7,1 , Standard Oil of Kentucky 3.0Q March 1(1? Lehigh Valloy Coal Sales j.00 March 17? American Telephone A Telegraph 2.25 Pennsylvania Water A Power Co 1.71 Railway Steel Spring -J,00 Ms n il 20~ California Petroleum pf 1.7-, chandler Motor Car Ct 1 ,0 Western Pacific R. R. Corp pf j.x) Mnrch 21 ? IVttibone Mnlllken Co. 1st pf I 75 Pettllmno Mulllkcn Co. 2d pf 17.-, March 22? Universal Leaf Tobacco It.on Universal Leaf Tobacco pf ji iki DIVIDENDS. Ftock of Pay* Record. able. Aeolian Co.. q.. pf., $1.73. ...Mar. 20 Mar. 31 Canadian Loromotlve Co., Ltd., q., 12 Mar. 20 Apl. 1 Canadian Locomotive Co., Ltd.. q., i>f., $1.75.. Mar. 20 Apl. 1 Famous Players Las key Corp. '!? $3 Apl. 15 May 1 Howard Smith Paper Mills T. ending March 31, $? .... Hupp Motor Car Co., <1., pf., $175 Mar. 20 Apl. 1 International H-irvester Co.. <1 . *l"3 Mar. 25 Apl. 15 McCrorv Store* Corp.. q., > pf.. $1 75 Mar. 20 Apl. 1 Mississippi River Powe. Co.. q , pf.. $1 50 Mar. 17 Apl. 1 Weber I'lano Co., n<? pf.. $1.75 Mar. 20 Mar. 31 Worcester Consolidated St. Ry. pf., $2.50 Apl. 1 wool. AUCTION SALBft. I.ONIiON, March 13.?The offerings at to dsv'r. wool au'Mon 'sloe were 11,082 bale*. f I ".- " :i ? 'i but'.- ?.!(? rid,-ip, ni'1 hlddlnr 1 ? iplrlted f?n all rlai?r >. \merlcne '"juglit a few hn,i uf iiupciloi iiuilnos. For Your Business with Europe AMERICAN houses doing business with ? Europe have at their service American banks in \mportant centers abroad. The Guaranty Trust Company maintains branches in London, Paris, Brussels, Liverpool, Havre, Antwerp, and Constantinople. Each is a complete banking unit. Our officers in these cities know American business needs and meth ods and at the same time are thoroughly familiar with foreign business conditions. Current and inactive accounts may be opened at these offices, interest being paid on balances. There are many ways in which the facilities of our branches can be of special value to you. We invite you to make known your needs and we shall be pleased to give you full information. * Guaranty Trust Company of New York LONDON PARIS BRUSSELS LIVERPOOL HAVRE ANTWERP CONSTANTINOPLE National Surety Company NEW YORK Financial Statement, December 31, 1921 ASSETS INVESTED ASSETS: ?I.lbertv Rondi t Includ ing Kmpl?)?' t' n p it I d Kalanir) 83,8CS,0M.60 ?Stocks and Bonds and XoriirtlM ' l5.7l0.lBK.9t Ileal Estate 17.379.70 C l HItKN T ASSETS: < ash on Hand Accounts Rfofhablf OuMlundinx Premiums DEFERRED ASSETS: Accrued Interest (M.37H.H8.5.03 1,0#3.A30.30 3.0.H3.H3?.HO RI0.3tl.004.3f 0.043.3,51.01 ii;,.?u?,w LIABILITIES CAPITAL AND SI RPLES: Capital Stock a5.MO.000.00 Surplus ?'5,763,1 <7.33 CURRENT LIABII ITIBS: \ccovnts Pat able iNot Du?> IMilJfnd Declured 'Pa> alile January 3. 1933) , SI77.174.30 1.50,000.(Ml DEFERRED LIABILITIES: Accrued Commissions (Not Due) *10.703.347.33 037,174.30 730,378. IB RESERVES: For War-Income Tax and Pr.-mlunt Tax for ConlIndent Claims For I'nearned Premium*.. For Premium* o>er 90 \ ila?l past due Aniliwl i . the*!* premiums ther? Is I up* erShrlefl* carried In. the unearned premium t reserve t he. sum of " ?-.M.9I0; ' H39S.790..50 3.S33.S7B.71 8.401,030.70 A79.M3.4t 13,100.103.1.5 TOTAL ASSETS $25,607,102.22 | TOTAL LIABILITIES $25,607,102.22 ' * Insurance Commissioners Convention Values used. World's Largest and Strongest Surety Company 115 Broadway, New York Brokers Branch: 89 Maiden Lane FOREIGN MARKETS. London, March 13.?Trading was dull on the Stock lCxrhangn to-day. Quota tion! at tho clone of the trading follow : Mar silver, 33%d. an ounce. Har Rolrt, l*"s. Pd. Money, ;i per rent. 1 tlai'onnt rate*: Hliort blllf, per cent.; thren inontlio bill*,'.'Vt p<r cent. ? H per ront. Consols, "-tn(. Hrltlsli "> per ectit. war loan, IKfl. Hrltlsli 4',4 p'r ctiit. ?*r loan, 1*4. I >f llwra, 10*',. Hand Mlijea, 2.? t'Atns, March 13.?Price* Improved on the Bourse to-day. Quotations at the closo of the trading were as follows: Franca. Cent. 3 per cent, rentes Ml 2A ttX'lifinBr on Tendon Ill 10 per miit. loan 7* !t."i U. a. ilvllm U A2 Huntington Jackson & Co. Railroad Bonds 43 Exchange Place New York