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Electric Light and Power Bonds Adirondack Pr. & Lt. 6s &950 Alabama Power 6s. . 19S1 Central Maine Pr. 6s. 1942 Idaho Power 5s 1947 Penn Public Serv. 6s. 1929 South'n Cat. Edison 6s 1944 Texas Power & Lt. 5s 1937 Union Elec. Lt. & Pr. 5s 1933 Details and prices on application Harris, Forbes & Co Pine St., Cor. William NEW YORK Exempt from all Federal Income Taxes $80,000 CITY OF Flint, Mich. Coupon 4s Legal investment for Savings Banks and Trust Funds in New York, Mascachusetts and Connecticut. MATURING OCTOBER I, 19--H-3* Price to Yield 4.40% Descriptive Circular Upon Request T5ARR and? J-SCHMELTZER. Members New York Stock Exchange 11 WALL ST. NEW YORK Tel. Rector 1500 A Stone & Webster Incorporated Investment Securities 120 Broadway, New York BOSTON CHICAGO $35,000,000 N. Y., L. & W. NEW ISSUES PLANNED Stockholders to Vote on Plan April 25. The New York, Lackawanna and Wostern Railroad, which Is leased In perpetuity to tho Delaware, Lackawanna and Western Railroad, has called a special mooting of tho former's stock holders on April 25 to approve a pro-; P'.^ed Increase in its capital stock from $10,000,000 to $13,000,000 and a bond in?ue of $30,000,000. The now issues will be used to meet capital expenditures ami pay or refund $22,000,000 of matur ing bonds and a note for $1,640,000 held by the lesseo carrier. Tho bond maturities consist of $1 r."00,000 of 6 per cent first mortgage bond?, which matured on January 1. 1921, and wero taken up by tho Dela ware, Lackawanna and Western; $5,000,000 of construction and improve ment bond?, to mature in May. 1 23. and ' another $5,000,000 in bonds of like de scription to mature in August, 1923. $2,000,000 of which are owned by the }<L.ss<"0. Tho oplan is to reimburse the DOlaware, Lackawanna and Western for advances by means of the new issues, but whether or not It will moan a public offering the company's directors have not decided. BORDEN INCREASES EARNINGS. Hie Borden Company's earnings of 1921 Increased compared with those of 1920 in spite of the strike which inter rupted Its local business. Its not in come. at tor charges and Federal 'taxes. *?? %?.!i24,746, or, after payment of! toneforrofl stock dividends, $11.44 a share efcrnod on the $21,368,100 of?its common stool;, as contrasted with $2,818,860, or $10.95 a share, in 1920. Bnnk loans were reduced from ? 12.750,000 In lV.'O to $4,434,719. and purchase money notes were decreased S20(i,000 to $200,000, according: to the report. The company's current assets at the close of : '?21 totaled $1.86 fop Ji of current liabilities, in contrast to $1.64 to ? I In 1 r?20. 1 Ttnnda' Permitted, Wasitinoton. March 27.-- The Now Jl-iv, Railroad T\,ts given to-day per mission hv tho Interstate ?'ommerc Commission to .soil SI.796,000 In <w'p-->?nt trust certificate at par. The reoipta will lie used to pay promis sory not"'- The commission, by an order ^implementing Its recent approval ?>f TCric Railroad rofundlng plans, speolfl i ally authorized that railroad to extend for a year a note hold against It by the ?War Finnn'o <'orpoiation and due on April 1. The Kilo was authorized to ls*ii? ?n additional $2,500,000 In 6 per cent, not? . which will bo delivered to tho War Finance ?'orporatlon ir> lion of other se< initios of tho Krl<: *hlch m? tui ? ? on April 1. A loan 'if $100,000 nought by the Wyoming Hallway was refwf-ed by 11< commission on the ground1! tint tin security offered the i Government wa Insufficient, <nd th.it a IditFns and 1? :torments which the Corporation sought to mnlta with funds obtained from t o loan were not ab solutely neoortsary. $44,000,000 NEW BOtfD OFFERINGS Wide List of Issues Put Out To-day Includes $14-.000.000 of North American Edison. Easy money condition* and an active j Investment market will bring before the public to-day more than 144.000,000 new bonds, comprising1 a wide list of corpora tion and municipal Issues. The largest is a block of $14,000,000 of the North American Edison Company's thirty year 6 per cent, secured sinking fund gol<l bonds of Series A. dated March 15. 1922, and due on March 15, 1952, Which will be offered by Dillon, Read & Co., nt 92 % and interest to yield 6.60 per cent. | The company is a subsidiary of the North American Company, and will pledge with th<* trustee as security for the bonds the following collateral, repre senting control of two Important electric utility corporations: $10,940,100 of com mon stock of the Cleveland Electric Illuminating Company and $11,015,200 of common stock, the entire outstanding Issue of the Union Electric Eight and Power Company of St. Louis. Those stocks, pledged at less than 64 per cent, of their par, will represent an aggre gate value of ? $24,559,415, or 175 per cent, of the' par of these bonds. The combined earnings of the Cleveland Electric Illuminating Company and the t'nion Electric Light and Power Com pany of St. Louis, available for divi dends on the collateral pledged under these bonds, after all fixed charges, taxes, &c, was $2,900,057 for 1921 and averaged $2,308,541 for the three pre ceding years. ^ Average Bond Prices Murch 27, 1022. Mon- Net Week Year <l:iy. limner. Ak?. A*? lORnlN 82.41 +.?? 83.15 72.08 10 Industrial* WOO ? .23 ?S.?5 88.30 5 I'ub. I til. 80.25 ? .55 HO.82 65.25 | A Foreign ... 104.32 ?.40 103.(7 fll.7.1 I 30 Bonds 80.43 ?.11 90.18 7!?.?2 ' V__ J BOND NEWS AND NOTES. D. and IT. Sell* *7,500,000 Bond*. Kuhn. Loeb & Co. and the First Na tional Bank of New York have pur chased from the Delaware and Hudson Company, subject to the approval of the. Issue by the Interstate Commerce Commission, $7..">00.000 of its fifteen year 5Va per cent, gold bonds, due on May 1. 1937. The bonds will be offered for public subscription at 98 and accrued interest to yield 5.70 per cent. The bonds will not be redeemable during their first ten years, but will be re deemable at the company's option as a whole on May 1. 1932. at 106 and ac crued Interest, or on any of their sub sequent interest dates at 105 less % per cent, for every six months from May 1. 1932, to their redemption date on sixty days' notice. Offer *8,500,000 Steel Honda. Lee, Higginson & Co. are heading two syndicates which are offering a new issue of $4,500,000 of the Whitaker-Gless ner Company's first mortgage 6 per cent. sinking fund bonds, dated April 1. 1916, and due on April 1. 1941. and a new issue of $4,000,000 of the La Belle Iron Works' first and refunding fnew first) mortgage 6 per cent, gold bonds dated December 1. 1915, and due on De cember 1. 1940. Both issues are offered at 99a4 and interest to yield more than 6 per cent. Annual sinking funds will retire at least two-thirds of both issues before their maturities. $3,700,000 I,o* AnRrlfn Offering. The National City Company of New York is offering $3,700,000 of the city of Los Angeles' serial 5 per cent, bonds, maturing in 1926 to 1961, inclusive, at prices to yield 4.60 to 4.50 per cent. As sociated with the National City Com pany In the offering are William R. Compton Company and the Bankers Trust Company. $2,500,000 Charleston Bond* Sold. The city of Charleston lias sold $2,500, 000 of Its 4'i per cent.' bonds to th?i Bank of Charleston, which purchased them for the account of William K. Comp ton Company and the Bankers Trust Company at 98.6K. The bonds mature In 19??2. but are optional In 1942. They will be offered probably about the middle of the week. $1,000,000 School Unlit. A syndicate composed of Staccy & Braun, Blodget & Co.. Halsey, Stuart & Co.. In<\, and the Detroit Trust Com pany is offering a new Issue of $1,900,000 5 per cent, city school district bonds of Columbus, Ohio. Provision has been made for levying: and collecting annually by taxation an amount sufficient to pay the interest on the bonds to provide a sinking fund for redemption at their maturity. They mature serially In 1943 to 1952. Inclusive, and are being offered at a pri'-e to yield 4.35 per cent. Kl.ROO.OOO Cement Flotation. The Union Trust Company of Cleve land is offering $1,500,000 of the San dusky Cement Company's first twenty four to thirty-seven year mortgage fi 14 per cent, bonds on approximately a 6% per cent. basis. The company manufac tures Portland cement and has been In operation for thlry years. It has plants In Ohio, Illinois and Pennsylvania. Ksnrx Cnant)', Mau? Award. The treasurer of Essex county, Mass.. awarded yesterday ?it 100.1S plus $fi.25 premium $1,500,000 of Tuberculosis Hos pital renewal 4 "i per cent coupon notes, dated April 1, 1922. and payable to April 1, 1923, to Grafton A Co. Philadelphia Honda Sold. A syndicate consisting of Prexel & Co.. Brown Bros., the Guaranty Com pany of New York and the Union Trust Company Of Pittsburgh was the suecesF ful bidder, at 101.2678 and interest for $1,050,000 of the city of Philadelphia's 4' 1 per cent, twenty-fifty year loan, dated March IS. 1922. The hankers re offered the bonds at 102 and they were quickly sold. New Municipal Offering. ? 'urtla & Sanger and H. N. Whitney &? Sons are offering an Issue of $4 03,000 of 4 Mi Per cent, bonds of the town of Rye, New York. Union Free School Dis trict So. 4, dated March 1, 1922, and !?? mature serially on March 1, 1923, to March 1, 1162, Inclusive, at prices to yield 4.40 to 4.20 per cent., according to their maturities. Huntington Jackson & Co. Railroad Bonds 43 Exchange Place New York BONDS IN STOCK EXCHANGE MONDAY. MARCH 27, 1922. 1922. 1921. 1920. Day's sales $15,503,000 $7,118,000 $9.183.000! Year to date 1.154.299.000 733,479,000 920,837,000 RANGE OF LIBERTY BONDS. Sales Net in $1,000. Open. HiKh. Low. Last. ChKs 1.663 3^s (1932-47) 97.96 98.18 97.96 98.18 +.24 21 3>4s reg 97.90 97.90 97.82 97.90 ?.02 .. let ev. 4s 13 2d 4s (1927-42) 97.90 9S.00 97.90 97.90 ?.10 142 1st cv. 4>?s i 1932-47) 98.1? 98.30 98.16 98.26 +.06 5 1st ev. 4 ',4 s rep 98.00 98.00 98.00 98.00 ?.20 1,259 2d cv. 4Vis (1927-42) 98.02 98.22 98.02 98.20 +.18 5 2d ev. 4V4s yog 97.82 97.86 97.82 97.86 +.04 2.428 3d 4*4s (1928) 99.32 99.42 99.32 99.40 +.10 4 3d 4V4s rear 99.14 99.18 99.14 99.18 +.0H .. lst-2d 4'is (1927-42) 1.365 4th 4Vis (1933-38).. 98.28 98.42 98.28 98.42 +.10 1* 4th 4Vis yog 98.14 98.18 98.14 98.18 +.(?? 1,041 Vie. 4%s ( 1922-23). .100.70 100.80 100.74 100.80 +.04 4 Vie. 4s?s yog 100.60 100.80 100.60 100.60 ?.04 22 Vic. 3*4.s (1922-23). .100.02 100.04 100.02 100.04 +.02 ?'Cloning? Bid. Asked.Yield. 98.10 98.18 3.61 98. i() 98.30 4.ii 98.00 98.20 4.10 98.26 98.30 4.36 98.20 98.22 4.37 99.40 99.42 4.35 98.50 99.50 98.40 98.44 4.37 100.80 100.82 3.97 100.02 100.06 3.5i Argentine 7*?7! Canada Js 1931! ? 90' 1 ? 98 I 00% FOKKir.N. Denmark Mua j Italy GVjs 1925 17 9734! Cbilo 8s 1926 receipts C 101% lOHa! . .101%; 7... 6.. . 8s 1941 10378! 10 9914 7 99 % 2 nvij 2......99% Argentine 5* 15 1 at 1 (s2.% Chile Pelplum 8a 1941 j 1 receipts ? ...104 1 1 . . 10ft 2 1037H 5 IOKI4 fhHo 8* 1M0 25 1081s: receipts 1 108%; | 101I3 Belgium 7Hs 43 Chlnnse H K Ky I 4 10ft es 19il 1 lOftUl 2 54 13 100 I 5 531a! Belgium 1925 1 5 . .",4 3 1(131 s Cbrlstlanla 2 10314 bf 8s 1945 12 10 iH ?? no 2 103% 1 looia 6 103 Copenhagen Bergen 8s 1945 j t f SHs 194 > 8 100 2 110 1 . 1091s 5 1011 I'eriio &n 1945 2 114 OUo 9! la. 9t ia; Mr B 1946 1 lll>4 1 una 1 .. 111I4 rutchKast Ina I SS-yr fls 1947 recrlpta 15 04% 6 IMU 1 ?. .04ia 3 94 *8 i 5 941) 3 047(4 Mufeh Kastlntl 40-yr Cm 1902 ? hen Issued 6 047? 1 1 94)4 8 947r j French 8s l'Mi 1 1067s 7 10034 1 1067s ] 49 107 1. 41. .04 1 037m Japan lst4Hs 25 11 897S 1 8034 Japan 2d 4H" 25 891s 12. .89 2 113.2 i 1 113 j Bordeaux fl* 31; 16 86% 2 8Cla lil 2.. . 12. . . 9 9iia: Cuba Is 1904-44 'a - ? .90 .9014 OO 7. 93. 35 a...'. Brazil 8 10... . 10,... 8 ? 868r . . 861*> . 86% 8684 ..861a . 86.5s ..MW4 I 1941 . io.->ia . 105 .10514 ? 1<618 8 105 1 10518 5 IC8I4 17 105 Canada 5Vyi 29 1 100 1 997r 1 0934 1 007S 15 OO34 2 10O Canada 5s 192:1 7 9834 2 09 1 9834i 12 98?81 .00 4 9014 Cuba 4H? 1940 1 78 Denmark 8s 43 1 111% 2 HHa la. 11114 3 HHa Denmark 6s 4i certificate* 6 971a ?84 971a 97% ....07ia 9758 971a ....973s 97ia 9738 ...97U ....9738 .. . 97U 97 Denmark Mun rrr A 1945 4 ...ItlU Dominican OA 5s 1958 1 OOI4 20 2. 10. 2. 21 26. IS .10714 107 10714 i 4 ....1073s : 1 107 2 IO7I4 i 18 J07% 1 10714 2 107% ( 20 1071 a 5 10734 , 5 107:i.i ft 10778 10 1P8 5 10712 2 1077$ 4 1071a 2 10734 rench 7M* 1941 1 1027* ; 7 102U 41 10234 1 102% . 8 10234 1.. . . .1027r | 2 1025k 2... .10234 12 Kr.'la ? 1 102% Mexico 4s 1951 7..... 102I-. 10 4778 Japan 2d 4s 1911 3 747m 21 7434 4 7ft 3 747s 8 741 a 7 7434 Lyons 1934 2 861a 3 *638 17 861a 1 863s 35 861 j 3 86% 5 8634 4 861a 10 86% 2 . . .. S634 Marseilles ft* 54 2 861a 4 86% 4 861a 2 863s 2 861 a 4 86% 5 863? 5 .. . . 861a 3 S6% 1 8613 2 86% 2 8?34 Mexico 5k 1951 ft.. N orway Sr 1940 I 5 112 1 117341 Queensland s f K Ta 1911 certificate* 4 . . ,1081a 5 1081s1 5 108 ! I neensland ta 1947 rcrtiOoaVw 29 IOOI4I 4 . . .lOOIjj ft 100% 1 10014! 1 looia1 II lo Crandn do Sul 8s 1946 i ? 2 101%! 7 101% | Rio de Janeiro 1 if g 8s 1945 4 103 | 2 . 1021a 0... 3... 16.. . 19.. . h .,571a ..?714 ,ft7 ,ft7ia . 56ia it 571a 20 5734! 5 57io' inrge 531a| 1 20. 7. 4. 1. 102% .10234 ,1021a . 102% . 10234 . 1027S 25 103 1 latin 4 1031.1 8 103 2 1031* 8 10234 26 1 4714 31 471a Netherlands f* 1972 receipts 2 Ot 1 941? 10 Ot 2 041a 38 94 25 Oil g 1 10214 1 10212 1 10214 2 1021a 1 10214 2 1021a 2 102%! San l'?u!o City % 1952 15 10134 | ft 10178| 3 102 I 1 . . .1017S '* 10134 I 2. ...1017S' 4 101341 ft 10178 4 102 2 IO2I4 Sml'auloStato 1938 11 104 h. '031a Seine 7s 1942 38 95 ft 0518 ?J l>ftl4 88 05 ft Oftlg 21 95 ft 0514 0 05 1 9434 40 05 23 0518 2 flftl.j 11 Oft 1 047s 1 04.(4 .9434 ."?weden lis 10:19 ft 1003j I 16 IOOI4 i 1 100% 4 lOOlj 3 100% 23 loots : Swiss 8s 191 ? 2 7 119 3 119U 2 1181a 2 118% 1 11.8 1 IISI4 j 1 .1181s 1 II8I4 5 118 2 ... . 11814 I Toklo 5s 1952 ! ft 71 UnitedKlng'lm . 1922 126 10434 I 2 1047s I 156 10434 2 104% | 25 1041a ; (:nlted Klnndii cv ?h? 1929 15 105 ft 10-1 u 8 1(M7k , 1 10434 12 io47?; 34 105 10.... 1051s 0 105 6. . . , 1047s I 1 K4<'ij ! 2 8 I017h | 1 lOl^s t'nlted Klnicum IH? 1937 3 907s 63 100 2 !!97S 1 100 1 9<I7S 6 IOO 18 997s 2 100 10 9978 2 IOO 1 997s 10 O9.I4 Druftuay 8s 194 2 1061a 2 10578 1 1061rt Zurich 8s 19".t . 1 11414 6 114 1 1131a 1 .114 Now York City 4Kb 1660 1 100 4k 1953 1 06 AJax Rubber m 1930 15 100 3 W's Baltimore A O 12 10O 7 1001s 1 10014 10 1001a 10 101 Alan Gold Mln cell A 6k -5 1 II Alas Gold Mln deb B 6a 1926 1 Ola Amer Ag Chem 7 Hs 1941 1 lOUa Baltimore A O ; Ches ct 4M* 1933 cv 4Hs 193(1 7 7Hla! 3 R-'.u 1 78Iri 16 85% 5 7M.i Chns A Ohio 1 7838 grn 4Ha 1992 1 7Hl4. 1 841a 1 7x1 H 1 S4% Ml4 Chi A Alton ref 3s 1949 1st 48 1948 2 57 6 7S?4' 1 fiS 1 7?7S Chi Bur Sl Q Baltimore (. o| tn 1971 S W 3H? 192* 1 Mils 2 89 10 &0J8 1 DOMESTIC. A Ohio Comp-Tab-Ro ] Onl Elen Co | Ran C Southn 6.1 1941 deb Ss 1982 3k 1950 0 M1I4 Baltimore A O1 PLKkWV ref 4a 1941 14 0634 7 007r 7 OM4 3 967r Chi Bur & (J 1 03%: 5 Con (laa N Y Gdyr T A 6-yr cr it 7* 23 It* 8b 1941 1 108 7 10712 7 107 6 10714 Consolidation Coal 5s 1911 90 ??1141a . . .1143., .. 1141a .. .114 . . .114U H4ia 10 K71, Ornd Trunk Ry 2 87:i4 7a 1(49 Cuban Am .s.i| 1 10734 Grnd Trunk Ry 6" 1930 gen 4a 1958 2 861a 4 87 rertsivti I 5 861a 11 761j Chi B A Q 111 1 lOlUjBell Tol of Pa 3H? 1849 1 1013s: 7? 1945 ! 2 801a 4 1011a 10 1071a Chl A Eaat 111 Am 8 A Rfk Beth Steel 1st A Ks 19471 1st ext 5k 1926 1 8OI4; 5 07ng 2 8018! 1 97 1 89 Bethlm Steel 5a 1951 1 HOI4 1 80 Am Sugar Co in 1917 5 OR! 2 12 O8I4 5 081a 5 08% fd 6s 1942 3 0l7g 1 ?2 1 0104 Bethlm Steel 5s 1936 1 80 15 801j 1 OO'm Bos A N Y A L 11 0S%| 1st 4s. 1955 7 081a , 65 9S^. Braden Cop M Am Tel A Tel coll Os 1931 CT 6a 1925 Q oft I... .*.11388 1 ...114? 0 114*4 1 11418 13 113 Am Tel A Tel clt 5s 1940 1 0>'.I8 1. 1 77l? 10 7714 1 77lg 3 77I4 7 77 0 773e 4 771a 15 7714 1 77% 1.L....7718 Chl Gt West 4s 1950 1 61 1 60% 1 60ia 7 61 I Chi MilAPSd Bkln Edison Co ** 1M? 5s A 1949 | 0 0-t3u Chl Mil A St P 7"**.!'04 CT 5s 2014 Bkln Ed'Co 1 > 2?_ 6s B 193" 1 10158 Bkln EdlsouCo ift coll 8s 11 2 10434; Cuba C'ane Su ct dob 7s 30 2 S3 ; 5 f.3ia stamped <?% 1 83 , 1 82 4 83 a 8278i 1 82:14 1-* 0514 Kelly Rpr Tir?? s f 8s 1931 1 IO6I4 22 1061a 6 IOOI4 Lackawanna St 1st 5s 1023 2... 003s 3 OOI4 Laclod Gaa Lt rers<i 1934 5 88 2 80 102 L 8 A M Ho 101 rt, deb 4s 1928 102 1 0:1 10134; Lehigh Vallqy 1 102 I Clt (Is 1928 1 1013, J 102 3 102 2 10i:4 2 1017s Long Island 3 10134 deb 5s 1937 i::::: Sis!K>' LoHHarri-is'? . 1071jj 4... 6. . . 1.. I 7s 01930 O'IIr 7 |05 , , .00 Bkln Edison Co 1 ? -??4| 7s I) 1940 0<"8 2 10714 L.?6l4| 5 ..1071a Am Tel A Tci nkln t/n c.iov CV 4Ha 1933 2 0034 Am Tel A Tel ct 4a 1938 2 83U 1 83ia Am Tel A Tel dt 4s 1929 0 80 6 *l? Am Writ* Pap lit 7-6s 1939 1 81'a 1 3 82 ? 8Ha Ann Arbor 1st 4b 1995 1 67 6 671a; 1 68 1 677r I 3 68 7 6778, 13 ?s Armour A C01 1st 4HB 1939 8 88 l?t (a 1953 10 80 3 MMa 1 81 1 8H2 Bkln I'n Gas cn 5s 1945 1 03 Burl C R A N cou 1st 5b 1934 7 96f Bush Term Big 1st Is 1980 3 80 Cat (las Jt 1-1 rf 5* 1937 1 05 1 04ia Canada North 20-yr 7s 1940 1 . 1. 2 llOlj 1 11034 Canada North ?tts 1946 1 100U gen 4Hs 1989 2 84 I 1 83% 8 84 Chl Mil A St P CT 4 Ha 193? 1 64% 2 641 3 643j 2 641a 1 6H4 I Cbl Mil A St P I ref A 4Hs 2014 I 1 50 ! 1 687? I Chl Mil A St P I deb 4s 1934 1 60 Chl Mil ASIP gen 4a 1989 1 741' I Chl Mil A St P rela 4s 19:5 10 731 j 7 73U I 10 7338 Chl Mil A St P fen B 3 Ha 89 1 65 2.. 32.. 1.. 6 10<:i4 Ot North 5 Us 52 1 061 j 5 OH?* 2 061 a 0 065s 4 o<iia 2 065g 2 ? ofi'a 26 0658 DudsonA Man 1st lArfAS* 57 5.... 2 15... 12... 877g 1 88 | .1 87841 Atch T A S Fe gen 4b 1995 i 1 877? 1 87ia, 1 8734! 5 871a Atch T A St Pu CT 4s I960 1 071a Atch T A S Fe C-A 1st ref A * ? - 1962 5. 30 Atlanta-Brm 1st 4s 193.) 1 6.11a Atl Coast Line 1st to 1952 5 IOOIr 5 1001, Canada Pacific 4n perpetual 2 7734 2 771a 2 77U 1 771a J J Hi8 i Chicago A N W 1103d ,0.^,. 7? I#M 2 IO634 Chicago A NW 16-jr SHs 1938 1... 1087? 3 i08ig Chicago ANW gen Is stpd 87 5 102 Chicago A NW gen 4s 1987 36 841a Chicago A N gen 3Hs 19*7 10-yr ?? 1924 I 08 4 OKI, 5 O8I4' 0 08 ? c""io Cent of Georgia Atl Coast. Iiltie ,#43 1 77l4| 6 741? Chicago Rys t nr CI Sc Ohio! i?t M 1M7 lit oh IRis t s0 f i:::::.7oia J ! 1 70 1 8..I4 Chl R I A P Cent of Georgia, K?n u ,M8 L A N 4s 1952 ir, so 4 sou Atlantic fruit 7? 19.71 10 3038 18.., I.. 2... 2... .08 Cent l.eatiior i?t e* io25 3 0678 3 07 rent New 1 n t 4s 1901 1 ftO '?W - V-Chl A W I rid t . .381J C!"*l?l.?"Cl'V Con to 1952 *38; rof 1949 j rt 721a 8 8218 Chl It I A P ref 4a 1934 12 70 15 7014 5 "01 s 1 70l4 1 4 70Ih CM I7n Station ! 1st 0H? IM> 1 j Chl Cn Htarlon I 1st 4H* A 19M 1 0213 3 84 Cuba R R Co 7Hs Hfr A 6s certificates 5 1021a 12 10234 Cuba R U Co 1st 5h 1952 11 801a 2 81 4.. . . 801* 2 81 Del A HudsoD conv to 1935 1 0-t Del A Hudson 1st A ref 4s 43 2 89 Den ft Rio O Imp 5s 192S 10 .80 3 7034 Den .v ltio <? con 4H" 1990 t 10 8OI4 Den A Rio G 4s 1930 5 7634 Den A Rio <> 1st A ref 5e 55 1 46la ft 45i a Detroit. Edlsuu Ok 1940 7 102U Det RWer Tun 1st 4H* 1901 1 851' Det United Ry 1st con 4 Ha 12 1 777b 7 78 Dlamd Match Sf 7Hs 1930 1 10734 2 108 2... .IO8I4 duPont F.IdeN 10-yr 7)to >911 2 1043s 1 104ia 4 1043s 3 10411 Indiana 18 1041a 1st 5s 1 10438 Duquesne Lght 7>js 1930 1 10478 1 . 1&134 Duquesnn Lt 1st to 1943 1 1017g 6 102 6 10l7g 4 102 3 1017b Erie ext 7s 1930 15 104 10 IO4I4 5 104 I 1 10434 8 104 I Erie 1st cn to 90 0 61 4 6IU Eric ct 4s A 5.1 1 30 Erie cr to B 51 I. 301/ 1 39181 Erie ct to D 5i 1 427a 2 421 j 1 423r # 4214 15 42 Internatlonl At Erie gen to 19?r, latAcl 7?.A deb 5s 1951 11 1""8 I J4I. ? "Zi" 10. . .". 04a< J Lou Ac Jeff ?I2Z?8 <? >9? 1 781? 1?Z 4 ! OUIST A Nasli 7s 1930 2.. . 1075s Louis A Nash 5Ma 2003 2 1021a 16 1023a 1 1021a 10 1023s 1 10214 1 1023h 2 1021j 3 IO2I4 5 1021a .7014 Louis A Nash .70 to 1940 .7038 2 01 ? 787s Manliat 4s 1990 0 703s 7 .W?s 10 701 >, Manila El R A Hudson A Man i LiKht 5s 1953 ndj lnc 5s 57 1 741a 45 601 h Market St Ry 6fHa con to 1924 . .6014 . 601 a 0 ?0l8 1 6014 111 Cent flLjs 30 1 10814 10 10734 Illinois Central ref to 1955 2 8514 1 85ia Illinois Central CStL A N O 5s A 1903 10 0418 1 0t7? Illinois Central Litch 3s 1951 1 6714 Illinois Steel deb 4 Ha 1940 5 01 Steel 5 885s 2 881 a Slarland Oil lC?yr See A 31 vlthwarrsntj 1 PO Mex Pet. or Del cn to 1936 3 103*8 2 10314 Mich Cent 3Hs 1952 2 761 a Mich State Tel 1st 5s 1924 1 0734 Mldv Stl A Or col to 1936 1 86^ 1 8634 16 861a 2 8634 ISt OB 1953 87 5 003, Milw El RAL Interb Ran 'I rfAext 4Hs 31 l?t, A rr 5s 00 5 8434 26 fiola Minn K St I 15 <>OI ?/ 1st con 5n 1934 3 601s' 5 7434 3 60 Minn A St I, 5 onl 4 rcf 5s 1902 II 001 a I 3 :ioia 11 601?: 8 3<? 1 60 ; Minn A St L 0 6014 4s 1946 1 603a 2 41 5 60ia! 2 40<a 1 6014I 1 4114 5 0038 4 41 4 ... 601a 1 41' 1 1 ?038, 7 41 8 OOla M St PASS M Intorboro Mot OH" 1931 4t0 19*9 10 10134 6 14 1 .102. 2 13'8 Mo Kan A Te* 4 131, fs ser A 1902 26 ,14 when Issued certificates 4 12 54 111, "34 2 ma 22 113, 1 6 44 V | .. .4484 441 Rubber 1st gm to 1911 11 risk ref to 1949 Atlantic ReflTO! r-Jl'n rKjl " 7211 OH? 1921 ? 1' 1 Colo Fuel A T T. .104 fvrh,J,o. ??n ??? 1 10418 2 1}?!4 1. . ? ? 4 1041, i i CW1" Cc*?ptr Atlas Powder ^"T * ct 7s 193? CT 7Ha 1930 1 .... 00%, ]4 |0,,8 1 . . 10314 chcaa A flhlo Chile Copper I . . 1035* ref Js 19J9 I On 1933 Baltimore AO I . 05 11 86 os 192) ches A Ohio. 15 851, .081, cv 5s 1940 16 851a t 8778 11 873, 614 _ ?ia Interns'* M &l lot cM to I9tl 3 051 a 8 0518 6 103<?|, 1-? ? ? ?-GftU 2 IO.'Mj Interna Paper 5 lOI ^ H 1947 FlaKCoaalRy t ?7? 1st 4Hs 1959: ????? ?**.. 2 861a' Invincible Oil rt Wor A'it J ^ 4 s 1928 . n "ft'a h ...80 1 lowia Central Pramerlcan ID ,93*_. 7Ms 1943 | \ J? 55 00 , 4... .78?j Iowa Central 0818 i 5. . . OSI4 2 0838 ? osia: Paltlmore A < > I (ef A to 1995 2 81 2 811,1 1 8178 Baltimore .v 11 < hi 16... 16. 13... .851, P I 3 Ha 1911 8 01%, Baltimore A <)j TolA C 4l I959i 2 66ial 4 87!( C V C At St I. 4... 871, ref to Ser A r? I 87^: 1 OOftg B 88 r r c a st. 1, 3 875g to ser A 199.1 ' 87718' 1 70% 5 . ks Col A Southern Alton! ext 4Hs 1935 Gal II A llend 5s 1931 7. 871a Onl Klec Co to deb 1940 3HB 1910 I ... h7% 8 45-14 ?' 87% 3 45% Col Gm A KIc 1 4M, 1st to lOtf 5 45% 11, 6 01 to 1951 1 40 K C KtSct A M 4s 1930 10.. . .77*4 2 1<h>8 k C Southern Gdyr TAR ref Os i960 8s 1931 6 8.VI4 10 OOli, 0 8tl 8 rrn.3), Kan O lerm 6 00lal 4a 1980 1 00% j 2 811a 12 O'llJ 2 81 I . , . 00% ; 4 8Ua 8178 .81% ? 8|7S 5 82 0 817, \ 82 Mo Kan A Tat rs ser C 193: when Issue'I 10 01'? 1 04'4 Mo Ran A Tex ad] to 1907 when issued 10 507a IO MM 1 8 50% 1..... 50% 10 50/8 7 50% 42 50% 2 50% 10 501 a 10 50% 2 50% Mo Kan A Tex 1st 4a 199) 3 771.1 1 .. . . 771, Mo Kan A Tex 2d 4s 1990 certificate 5 581 j Morris 5r Cu 1st 4 Ha 1939 4 8434 Mo Kan A Tex notes extd 10 ooia Mo Pacific Ss ? 1 10 C07a Conliulied on FoUoMliifr raff. NEW ISSUE Exempt From all Federal Income Taxes $1,900,000 Columbus, Ohio 5% City School District Bonds Dated December 19,1921 Due Serially 1943 to 1952, inclusive Principal and semiannual interest (June 19 and December 19) payable at the National Park Bank, New York City. Coupon Bonds. Denomination $1000. FINANCIAL STATEMENT?SCHOOL DISTRICT (as officially reported) ' Assessed valuation (1921) .... $388,000,000 Total bonded debt (incl. this issue) 7,568,000 Sinking fund 777,379 Net bonded debt .????? 6,790,621 Population (1910 U. S. Census for city)-181,511 Population (1920 U. S. Census for city)-237,031 Ratio of net debt about 1%% of assessed valuation These bonds were authorized by a vote of the qualified electors and constitute a direct general obligation of the School District, which includes the entire city of Columbus and certain additional territory. Due provision has been made for levying and collecting annually by taxation an amount sufficient to pay the interest on these bonds and to provide a sinking fund for redemption at maturity. COLUMBUS, the capital of the State of Ohio and county seat of Franklin County, was incorporated as a city in 1834. It is an important commercial distributing point and has an unusually wide diversity of manufactures. MATURITIES Amount Pus Amount Duo $100,000 December 19,1943 $250,000 December 19,1948 100,000 44 44 1944 250,000 44 44 1949 100,000 44 44 1945 250,000 44 44 1950 100,000 44 44 1946 250,000 44 44 1951 250,000 44 44 1947 250,000 " " 1952 Price-any maturity-to yield 4.35% Legal opinion of Messrs. Squire, Sanders & Dempsey, Cleveland Stacy & Braun New York Blodget & Co. New York Halsey, Stuart & Co., inc. New York Detroit Trust Co. Detroit All statements contained in this advertisement are based upon information which we consider reliable and upon which we based our purchase of these bonds PRODUCE. APPIAS?King, bbl., ?r..r.<v?7.r>0; Mann, $7<i7.30; Baldwin, Wagencr, $.">'& 7: Northern spy, $tVf/10.30; Ben Davis, $4.30 4H!: Russet. ?.VS"?'?0: ordinary undergraded, $.-.l?3.:>0; Newtown 'Pippins, Western, box, $2.2.'V>i3,75; Jonathan, B. C.. box, 9S.M9S.63: Mcintosh, $.'! 'J.Vil:{,30; Wlnesap, $L'.2Vl 1; Spitzenberg, $2.23#4; Rome Beauty, $2g4; Delicious, $2.2305. BKANS?Marrow, choice domestic. 100 lbs.. $0.7307; pea, $7: medium, $7; Kotena shl, $34?3.nO; red kidney, $8; Imperial, $8.30; white kidney, $10. Bt TTKR?Creamery. higher than extras, 37',i?38c.; extras, 92 score, 37c.; firsts, 3-Vrt .?(ti'-i .: seconds, 33Qj34'/ic.; lower grades, 3>>'n centralized ears, 00 scou\ ,'irtc.: 80 score, 3514035HC.; 88 score, 3414?33e.; 83 to 87 score, 3.'W34V4c.: unsalted, better than extras, .W'g'SBHc.; extras, 02 score, ; firsts, .UW.TT'-c.; seconds, 33?33c.; lower grades, 30?.'!2^c.: State dairy, tubs, finest, 3<i03tiVic. ? good to prime, 3403<V4c.; com mon to fair, 28@.'S3c.; ladles, current make, extras. S7^4J?28c.; firsts, ?4\4023Vfcc.; sec oncts, 22H<?23c.; lower grades, "JO^'J^c. ; parking stock, current make. No. 1, U.'tc.; No. 2. 2tc.; lower grades, IS^Slc. CHKKfclC?Now York State flats, held spe cials, 24023c.; fresh specials, -0'Aigv 1c.; average run, fresh, 20020HC.; State twins, held specials, 231V5f24c.; fresh specials, 20';'? 21c.: average run, Ift'n^Oe.; Wisconsin double daisies, colored, fancy, 23^2?e.; single daisies, colored, fancy, 23?$24c.; young Amer icas, 23'?024c. , BOGS?Fresh gathered extras, doz., 30e.: storage packed, extra firsts, 28</4'?20c,; firsts, 271f28c.; regular packed, extra firsts, 27<&> 28c.; firsts. 2.V?281/4c.; seconds, 2414c.; trade eggs, 2.tvt'(?24,,4c.; dirties, regular packed, No. 1. 23,4lS24c.; No. 2 and poorer, 22?23c.; checks, fair to choice, dry, 22#23c.; New Jvrsey hennery whites, candled extras, 37c.; uncandled extras, 3403ftc.: nearby and near by Western hennery whites, average extras, 34c.; extra firsts, 32033c.; firsts, 20031c.; ivarby gathered whites, firsts to extra firsts, 2fW?3'Jc.: under grades, 2fl028c,; pullets' eggs. V4?2H4c. I Pacific coast whites, extras. 35c.: extra firsts. 33034c.: firsts. 3<V932c.; under grades, 28020c.: pullets, 23',4ffT2t>4o.; other Western snd Southern gathered whites, 27fl,30c.; nearby and nearby Western lien ncry browns, extras. 30<S3tc.; nesrby brown and mixed colors, gathered extras, 30r.; flrs(s to extra firsts, 2.V/iW28c.; duck eegs, llaltlmore. Maryland and Virginia, 3fl(fffW\ Western and prime Southern, 50053c.; far Southern, good to prime, 30c.; goose eggs, *1. ivfn.no. POT,\TOKS-Maine, 180 lbs.. $3 r<01H: KB lbs. $3W3.2?: State, 180 lbs.. $3.0093.(10: State and Maine, 130 lbs.. $2 7."If3; Jersey, 1.V? lbs., $1.rl0ff2: I-ong Island, bbl., $43 4..10: Virginia, second crop, $2.7*'ff3: Bermuda, hhl.. mi4; Florida. $4fl10, Florida. 130 lbs.. $3.3Ofi7.50; Cobblers, hhl., in.WfW; sweets, Jersey, basket. $l.73*Wn 7.": Delaware and Maryland. $1.73; Virginia, bbl.. $l.30fi3.30: vams, Virginia, bbl., $1.3003.25: South Caro lina. crate, $1.23; Oeorgla, basket. $1.73. POt'LTRV. DRKSMFD-Chickens: Froxen broilers, 27043c.; fryers, 27W32c.; roasters, 28^38c.; fresh stsgs, 20^'.i7r.; fowls, fresh. Western, boxes, t3W34c.; hbls., <|r.v. 230.TV frozen, 22fl33c.; old cocks, fresh, 2ft02."l? frozen. 20025c.: capons, fresh Jersey, 4'Vfi 30c.; frozen, Western, Mil f*e, ; turkeys, fresh, best, ?204flc.; frozen. No. 1, 47*".ie poor to go"d. 3.VT43C. old tnms, 33fl42'\ old liens. t Off 48c ducks, frozen, l.ong I?l snd, 30W32C.: Western. 20ff21c.; r^ese, frozen. Western. 13020c.; squabs, fresh, white, dor., $5011.50, POIJI.TRV. 1.IVF?Fouls, freight, 2V ex press, 25ff27c.; chickens, freight. 22fMOc ; express. 28032c.: spring broilers. ITO1T0V ; old roosters, freight. Iflc.; turkeys, freight, 2.V?i30e.; depress. 35ft 40e,; ducks, freight, 28iff ,10c : ducks, old, express, "2W33c.; Mils covey, 17c.; gees", freight, 10c.; express, I04i22c.: sw ans. 10c.; pigeons, pair, B.Vt73c ; guineas, pslr, 70c.: rabbits, express, 2"02Hc I.IVE STOCK AND MEAT PMCES. common to prime steers, 100 lbs. $,*>..V>f|i 8.7," < 'ommon to choice bulls, 100 lbs. 4.0CHT 3.B0 common to choice, rows, 100 Ihs. 1.J50 common to prime veals, 100 lbs. 7.00012."41 Common to prime ewes, ino lbs.. 5.000 a im Common to prime lambs, 100 lbs. 14.00010.30 T,Ive hogs, 100 lbs 10.7!Vg 11.30 Dressed beef, steer sides, lb IIV'1""" City dressed veals, lb l(i'<f'J0c Pressed mutton, lb 11W14C Dressed wethers, lb 1tVff20c Dressed lambs, city, lb 20?32c $3,000,000 TKI.RPMO*K IW1T? Nkw JIavev, March C7.?The South ern New {Cngland Telephone Company'* directors declared to-day Its regular quarterly dividend of 2 per crnt. and decided to offer $3,000,000 of new stork to Its stockholders of record at th? close of business on May 1, payable not. leas tlian f>0 per eent. on July 3 and the balance on October 3 A letter jjlvInT detail*, with warrant^ will Im' mailed to th? stockholders on May 1. Safe Deposit 'Boxes zAn Ounce of Prevention $190,000 Fund Gone; Speculator Misting; Yourifr Clerk of Evans i Dental School Sought PHlUlDniJ>HlA. March >.-???. Uaa valvad at $100,000 ir? raining from 4he /and of the Dr. "Thorn?? W. JBvana Denial Hchool and Muhuid of the Unl 1tjf of PtnQgylvanU. tt ?u leernad iearch la balng made for WaJ Ungar. Asalatant Trgaaurcr of d. who d!i?rD??rH a waek ago. >ocl. founded through a $1,500, ey of Dr. TTiomea W. Evan*. loan dentist le-ftf a resident of conduftad aa ? part of the m ?tyarttnant of tha university. ' ( of the tve inatltutieha a>^" md tha utdvoraitjr ? *a? yV^VOd. -? ,?f * oontalne* I1TS.005 in miscellaneous etocKa au| bond- m04 $U.u00 In Utorty bond*. ?u found empty Tha containing H.'-OGOO la morig. on rraparty la Ne? *orV, un touched. / Ungar la 27 ^ anld that THE present "crime wave" imposes on every individual en trusted with the care of securities the responsibility of tak ing precautions for their safety. An ounce of pre vention against loss by placing them in our care may mean the saving of many thousands of dollars. Our safekeeping service includes not only the custody of securities, but the collection of income and rendering of regular statements as well. Any of our officers will welcome the oppor tunity to fully explain this complete service. *SftCember Federal Reserve Syste? 192 2 Storage '/ "Valuables CentralUnionTrust Company ofNewYork PLAZA OFFICE , 42ND ST. OFFICE Fifth Ave. & 60th St. 80 BROADWAY, NEW YORK Madison Ave. &42nd St. Qapitaly Surplus and Undivided "Profits oher ^1 ^Million "'Dollars EX DIVIDEND TABLE. March 31 ? Air Reduction Co 1.00 Pf-troll Edison S.W New York Central l.Jj" Pacific i;a* A Klevctrlc 1.2* l>a<lflc Cas f. Klectrlc pf 1...0 Prairie Oil * Can 3.00 Pralrlc Oil & tias pf 3.00 I'ralrle I'lpo Line 3.00 If. 8. Industrial Alcohol pf 1.73 April 3 i rmdcn I Co fl-' i Com I roducta Refining l.Ou ? "orn riortiirts Rpflnln*. nttra i:: Corn l'roducta Refining pf 1,73 April 7? I'ittpburc Coal Co 1. Pittsburg Coal Co pf I..VI DIVIDENDS. PtocV of Pay Record. abla. Central Coal * C#V? da., <v, ?1.v Mar. 31 Apr. IS Central I'oal & Coko Co., q., l>f , ?1 2* Mar. 31 Apr. 13 Flrat National Bank. Brook lyn, *3 Mar. 24 Apr. 1 Franklin National Bank M)% atocu Mar. 31 Apr. 1 Franklin National Bank, q.. ?<< Mar. 31 Apr. 1 Melnty Porcupine Mine* Ltd., ilio Apr. 1 May 1 S-'outhem Nl* Fnnland Tele phone Company, q., $'J LONDON WOOI.. LONDON, March ST.?1There tvaa a large attendatire at to-day'* wool auction aalea. Competition waa active for the beat greasy nnd iMiperlor mcrlnoa, but there waa lea* d< tnatid for Inferior grade*, and some were ?Hhdmwn. La*t week'a prleca were main U. S. CERTIFICATES AND NOTES. Month. Put. Appro* 1022. r.C. Bid. Aaked. Bid. Yield. ?June... I'i 100 18 100 7-32 100 1-R JUT. Mum... 100 13 .12 100 1-3 100 13-32 3.11 A up 5'j 100 21-32 100 3-4 10031-32 3.25 ?Sept... ?Vj 100 3-8 100 1V12 1003-8 3.49 ?Sept... T/'i 100 1116 100 13-lrt 100 11-16 34.-. ?Dec.... 4VJ 100 9-10 100 11-10 100 0-10 3 ".I 1933. ?March. 4<i 100 0-10 100 11-16 100 0-16 3.51 May 1^4 100.70 100.80 100.78 4.00 1924. ???unc... fty? 103 103 1-4 103 4.10 ?Sept... 8% 102 7-8 103 1-8 102 7-8 4 18 1025. ?March. 4^ 101 3-l? 101 5-16 101 3-16 4.27 1026. ?March.. 4?i 101 11-16 101 13 10 101 11-16 4.2 ?Acceptable In payment of Federal taxes on the datei of maturity. FOREIGN INTERNAL BONDS. Loana not litucil In American dollar \alu*'. Hate. Date. Due. Hid. A*;<. Argentine (unllsti. 5 Sept.. 194"> 79 V* 81 Belgian (reetor'n). ."> Option IftH VI 7." British Victory 4 I?Hued 101 r? r.K'i 37? Canada BVfc Nov... in*j 1 mv4 o. ? Canada March 1917 ?7'4 P* . Canada 5H Nor... 19.14 97 P* Colombia rt I* "tied inn OR ; i c:osta Rica 8 Option 19:>H 8# OH French Victory ... 5 Option mm 0714 04 U Fraoeh Loan 4 Option 1943 M*i W\4 Francn Premium.. ." sn'j p! French Loan B Option 1981 POi, j?j Italy War l,oan... 5 3914 40 Pclotn"! (Brazil)... ( Issued 1911 65 57 Uruguay 5 Issued 1019 7114 7"21? Bus B Bds F t A. 5H Fab... 1928 4 6 PENNSYLVANIA OH.. OIL CITY, March 27.?Credit balance. 93.115. Runa, 101,141; average, 52.814. Shipment*. 0.1,901; average, 42,321. UNITED STATES TREASURY STATEMENT. Kpeclaf ruspalch to Till Nww Yo*k Mvwtiri. New York Herald RiriWi ) Washington. D. r.. March 31. I Tlevenuc receipts and expenditure! as at the close of huslncsa on March 21: CorrcepondlnB Correspondln* Thl* Receipts ordinary: month. Custom* $30,711,000 Internal revenue: Inconi" and proflta tax 3S0.497.117 Miscellaneous 07.6.11.110 Miscellaneous revenue 23,489..1.1,1 I'anstna canal tolla, Ac r>28.l9fl Total ordlnnry 480,to7,390 Bxcsss of ordinary receipts over ordinary diatmrseiilMla 262.826.133 Total ordinary dlaburaementa 218,031,242 liHlanca to-day. 1420,804.377. ?Receipts and llsburssmsnta for Juns reaching the Treasury In July ara Included. prlod ls-t vear. I-'S.MIIS.SI? ?VTsr-al year 1021. ?23S.rtU2.747 #60,813,ro.1 |.676,7?,S21 K.i.oia.ano rj.i..ion,34n 19,210,877 J14.800.00l 071..-.8I 8,482,128 7WI.811,881 3.161.072.6",1 414,103,.190 aaa.Mi,i48 352.738,482 2,4?9?191,r.02 period fiscal year lO'JO. l2r.MI33.tl I 3.421,751.8S.1 |,(lfl.036,W2 :.oo,8?:..oi i 8,906,424 4.M&I288.023 610.218.pf>4 3.000fai4,lli