SUGAR SALES Alt CUBAN FINANCES Island Government Undecided Whether It Will Need Loan, Says Morrow. The recent Improvement fn the sugar market has aided business in Cuba and helped Government finances, according to Dwight W. Morrow of J. P. Morgan & Co., who returned from tho island on Sunday. Mr. Morrow, in response to questions, said yesterday that the Cuban Government did not yet know whether or not it would need to borrow. lie talked with President Zayas. tho Secre tary of the Treasury and General Crow tier during his visit. "While I made some study of the financial conditions In Cuba," said Mr. Morrow, "I did not discuss the terms or the time of any proposed loan to Cuba. The $3,000,000 loan which wan made to Cuba In January was for pre venting a default by the Cuban Gov ernment in the interest on its external bond*. It was contemplated ut the time that 'here might later be a permanent loan to take up that temporary loan and provide for the floating Indebtedness of Cuba which resulted from the banking and commercial collapse In the fall of 1920. "The removal of all restriction* on the migar crop and the very large movement of sugar away from Cuba has materially Improved commercial conditions in the Island. This movement of sugar has also helped the Government finances. The publia revenues of February were larger than in January, and the public revenues in March promise to be larger than February. Cuba has not; however, yet balanced her budget. The Govern ment does not yet know hew much of a loan it will nted or whether it will need any loan. This depends naturally upon the extent to which Government economies can be introduced. My call upon President Zayas was purely a formal call while I was passing through the country, and was not for tho pur pose of conducting any negotiations -itith reference to a Government loan." Imported Combination Camera, A recently imported French camera which Is a combination motion picture and still picture machine is winning the approval of amateurs, it is compact, being about six inches high and four inches wide. Its feature is a regulator which automatically controls taking still or motion pictures. Any make machine may be used for projection purposes on the screen. The films used are ef I ttandard width, about eighteen feet long, and coot $1 each. The camera has a cfdck action lens of the F3-5 type, and retails for |225. No. 10??A Seriee Showing the Value Back of Pennsylvania Edison Cantpany Cumulative Preferred Stock Diiideadt $8 per Share per Aaatut Diversity of Business The following is an analysis of the sour< :s of the gross revenue of the Pennsylvania Edison Com pany: Business and Factory Lighting.... 17.6% Domestic and City Lighting 9.4% Camont Industry 17.0% Paper Industry 12.0% Silk Industry 12.0% Trolley Lines (wholesale) 9.0% Iron and Steel Industry 5.0% Paint Pigmente Industry S.O% Miscellaneous Power Salea....... 13.0% 100% The diversity of the business adds to the stability of the company's earnings. Depression in an industry would not seriously affect the company. In 1921, a year of depres sion, the gross and net earnings of the company showed substantial increases. It is our opinion that the Preferred Stock at $100 per share and dividend, to yield 8%, is an attractive investment. Shall we tend you information? John Nickerson, Jr. 61 Broadway 314 No. Broadway New York City St. Louis, Mo. Invest in Guaranteed Security DEMONSTRATE your mental maturity in financial matters by in' vesting in our 5Vi% Guaranteed First Mortgages and Certificates, and obtaining a security, legal for trust funds, where principal and interest are absolutely guaranteed and the yield is one per cent higher than that returned by most other investments, which the law considers similarly safe. Send for our descriptive booklet H-35. New York Title and Mortgage Company 135 Broadway, New York 203 Montague St., Brooklyn Long Island City Jamaica Staten Island White Plains - /'V ri ntv - SECU R EvBIE O KOCKo. NFYV YORk //?//>////< ?>'/? '#A M y M National Bank of Commerce inNewYork Established 1839 STATEMENT OF CONDITION MARCH 10, 1922 Liabilities Capital Paid up $25,000,000.00 Resources Loans End Diicounts $256,691,613.36 U. S. Certificates of In debtedness, U. S. Treasury Notes and Victory Notes. Other Bond* and Securities Stock of federal Reserve Bank Banking House Cash, Exchanges, and due from Federal Reserve Bank 84,609,525.23 Due from Banks and, Bankers Interest Accrued. Customers' Liability under Letters of Credit and Ac ceptances 30,3a 1,803.30 $442,755,259.89 51,198,343.21 4,901.946.02 1,500,000.00 4,000,000.00 8,285,752.20 1.216,276.57 Surplus. A 25,009,000.00 Undivided Profits 10,824,126.32 Deposits 337,147,540.13 Reserved for Interest and Taxes Accrued Unearned Discount Letters of Credit and Ac ceptances All other Liabilities J. HOWARD AROREY JOSEPH A. BRODERICK 8UY EM?RSON HARRY P. SARRANO LOUIS P. CHRISTENSON JAMES I. CLARKE MSWMR ROY H. PASSMORfc JAMES S. ALEXANDER JONN W. DAVIS WILLIAM A. DAY HENRY W. 4* FOREST rOftMKT P. DRYDEN niatour JAMES S. ALEXANDER woa>pff?a?o(?ra HERBERT P. HOWELL LOUIS A. KEIOEL DAVID H. 0. PENNY JOHN E. ROVENSKY mmcomo vtom-rmmmiommrm ELMORE P. HIOSINS ARCHIBALD P. MAXWELL FRANZ MEYER oiftsorofta CHARLES E. DUN LAP HERBERT P. HOWELL 3,289,402.85 1,697,168.92 31,204,72446 8,592,297.21 $442,755,259.89 PARIS R. RUSSELL STEVENSON E. WARD ROOER H.WILLIAMS EDWARO H. RAWLS EVERETT E. RlBLEY HENRY 0. STEVENS ?uono? PAUL B. HOLMES JOHN O. SHEDD VALENTINE P. SNYDER HARRY B. THAYER JAMES T1MPSON THOMAS-WILLIAMS BUSINESS NOTES ! AND TRADE NEWS: t.... _ Fur Auction Offerings to Be Larger Than Those of Sale in February. Figures issued by the New York Fur Auction Company on kind and quantity of furs to be offered at Its auction sale on April 24 show a greater number of1 furs than were offered at the laat sale in February. The new collection, unof ficially estimated to be worth more than $3,500,000, will be on show at the ware-1 house on ami after April 10. when the catalogue will be ready. Purchasers; will be allowed a discount of 1 per cent, on accounts paid before May 34, which is prompt day. The bulk of the collec tion is said to be of fresh good*. The offering Includes large quantities of badger, beaver, civet cat, ermine, red fox, lamb, marmot, opossum and rac coon. Explain Hosiery Buying. A novel explanaUon for present short bauded buying of hosiery dealers is given by a local jobber. He Btates that' uncertainty regarding stylos and color! shades causes the average merchant to hesitate to place advanced orders. The few shades that have popular approval, however, are said to be selling rapidly. The Eaater season is expected to de velop an extraordinary demand In shops for summer Ugh't shades of better grades. Retailers believe that the ex tent to which wool and wool silk hosiery vere worn last winter will react favor ably on silk sales when women start to shop for summer merchandise. More Dark Fabric Cancellation. The effect of the vogue for light sport colors In clothing materials is shown in tl^Nstatpment of a clothing afnufacturer tbat cancellations of orders of dark and *taple fabrics, placed earlier in the sea son, are more frequent. Lack of pros pective business Is given by retailers as the reason. Much embarrassment that usually accompanies cancellations, how ever, has been eliminated, manufac turers Bay, by reorders for garments made up In light colored patterns. De mand for them is said to be increasing, tut few manufacturers are able to sup ply that demand. Ostrich Feathers Inactive. Manufacturers of ostrich and coque feather novelties are experiencing further slack business because of the in ceasing vogue for Spanish and spangle effects. A manufacturer who deals ex tensively in novelty combs, earnings and fans reports the ostrich feather novelty crtlclen as being a dead Issue, with no s.gn of their revival for at least the next two seasons. Spanish radium ef fects In all kinds of novelty effects, however, aro being bought liberally by ou. of town buyers for the spring and the summer seasons. Lace fans in' all colors, trimmed with iridescent spangles, are selling most actively. The demand ia for medium priced merchandise. Clothing; Makers Conservative. The conservative policy being fol lowed by clothing manufacturers for the coming season is regarded by wholesal ers as the one certain method to bring the clothing: industry back to normal and eliminates surplus stocks. Orders for overcoatings are reported as heavy, but suiting lines are lifeless. Manulac- : turcrs predict no immediate change in j prices. The opinion that it any revision should take place it would be on a downward scale prevails, but none be lieves that there will be a precipitate ; drop. Retailers are safe, they say. in placing initial orders for all merchandise tl?at they may need. Hold Rng Auction Sale. The trade awaits with Interest the opening of the auction sale of rugs and carpets, valued at approximately $5, 000,(K>0, by the Alexander Smith k. Sons ?Carpeet Company, to be held in its new ; quarters, 283 to 295 Fifth avenue. The si4e will begin on April 3 at 10 A. M. The offering will consist of 85,000 bales | of rugs and 5,000 rolls of carpetings of ? various Axminster, velvet and tapestry j qualities, including new patterns made j jor the spring season. The selling terms 1 allow a discount of 4 per cent., with July 1 dating. All goods will be sold j f. o. b. mills, and bills of lading will constitute deliveries. Gray Good* Quiet. Little activity was apparent at the opening of yesterday's local gray goods market. 'Trading was characterised as quiet, and most of it was the usual Mon day inquiries. A few spot sales for bu medlato delivery of 68-72 print cloths at 8% cents were made. Pricee for #4-60 print cloths declined another li cent, closing quotations for that construction being 7 U cents. Sheeting lines likewise registered little activity, but prices ruled Arm. Closing quotations for C.la yard ; and 4 yard sheeting were 6 and 8 cents respectively. The specialty lines were j without feature. ATLA5TA CITS DISCOl'XT II \TE. j Atlanta. March 27.?Recent general business Improvement was given to day by Gov. M. B. Wellborn of the ' local Reserve Bank as the reason for j the reduction of its discount rate from 5 per cent, to 4'.? per cent. ? BONDS IN STOCK EXCHANGE Continued from Preceding Page. Missouri Pacific' N Y State KyiI Pennsylvania pen 4a 1978 I 4Ms 1982 I ?Xs 1938 25 92 | 1 6654 i 5 10613 4 6214' 10 O6I3I 7 IO6I4 1.... 0238 N YTalephone 11... 1061a 0 021^ en 1MB , Pennsylvania Montana Pwri 1 101 gen B 5s 1988 1st A 89 1943! 2 103*4' S Gfilj 1 941a; N Y Telephone' l w%i 1st 4Ms im 1 94% 5 03 1 Montreal Trm! 1 0184' Pennsylvania 1st A 5tt 1141 ! Hi Oils' gn4MsA198? 1 Sf.lg'N Y W & Boa, 1 8779 4 961ft C 961a 1 0013 BO asig' Morris & Kssnx' 1st UJjs 2U00 * 77% 1 78 1 N O A North- i cut 4> j? 1982 a... soul NO Tex & Mex1 ?.Ha 1948 7 10 St L.A 8 F Ilv] lot b 1W) 23 ?2I> 1 0*4 j 0 ?21a' 12 62*8 10 6213! 10 .620(1 ft 62:t4 -0 > 621a Southern Ry 6 95%' US Rubber r* 47 2. 9?a . 05%, . 06% .05% .051 a! . 95% I 05% 0534' 1.... 10. .. 1 87*4 *214! 3 SS 42 ; I'arls-Lyons ?4iia Med 6s 1958 41% when issued 1... 411a 10 83 Nor Poutbero' S 831g ref fc 1981 j Peoria A Last 7 64 1 1st 4s 1940 10 0434! 10 761a 10 62% 1 021*1 1 021 j 2 821 > 2 62% i 8t L South it oat fa 1953 1 87 1 8684 X, 86T& 4 1 ... 8t% 1 87 ! 1 867a ! 4 87 8034 let con 5s 1991 Vfr* CO 7Ma 3: 1st A (a 1925 : Nor A Weatn : Pere Marquet 7 081 cw Orl Term 1st 4* 1954 9 75 3 7513 N O Tex & 51x 5s 1933 8 cr to 192? | A 5a 19M 2 IO7I4I 2 78 1 107 | Pere Marquette 4 107141 4n B 1956 Norfolk A Wost 7 77 I cv 4Hs 19M Philippine Ry 1 92341 1st 4a 1937 6834 Nor A Westn 1 K073 N Y Central | 4s 1993 4 51 ">? 1930 1 H61a' 2 501a 3 1061a Norfolk A West 7 61 5 1060s, New R1m 193: Pierce Oil a f 3 107 j deb 8s 1931 4 1061a' 1 90 Northern *"*c 4s 1197 1 847* 1 85 Ol 3 94I41 1 Mlg 6 94 / Southern Ry ften to 1958 5 tinis 1 6314 2 ?278l 1 08%l a 1 62a4 St L Southwest! con to 1931 1 74U' StPAKO ShLu 4Ma 1941 1 781a 0 78% Stand OU ofCal Seaboard A L 7s 1931 fa 1915 8 100 7 49.V 1 1057ft 7 4912 steel A TuUs Seaboard A L, 7, u31 adj is 194A 3 1914! .19 N Y Central cr deb ts 19JJ 0 101% 4 IOH4 60 ioiia 1 101.4 6 10113 1 1010ft 1 101%f 1 101*8 2 10138 N Y Central deb 4s 1935 1 87ia N Y Central ? con to 199s I 0 80 1 3 8OI4' N Y Central I 4s 1943 851a P C C * 8t L ts A 1970 7 ?434 10 04!j 1 85I4! Prt Ric-A Tob 6 85 i ts 1931 Northern Pec1 *?? ? ? fa 3047 , 1 6178| *? 19 1 N? 1,?*. ? Jt rub Ser 0 CV th& JMfl i 5a 1939 1 loeu , . 811fi 2 lOftOij 6..!!..8U2 16 lOflljl 1 gjjq i 106UI o 8U2 1 10634 Heading A I* * ROAI to 1*97 .106% .10013 Seaboard A L ref to 1659 4 307-' 2 37 8 3678! 1 37 Seaboard A I. .8 1950 ttamped 1 83U 4 83% | 10 6334 7 63 Sbar Stl Hoop 6 f 8s 1941 1 05U 2 95 2 O0I4 8 95Io 1 9.M 4 1 951.. Sine Con OH 7 Ha 1925 ? 07\i ? 971a: .97 ..071a 1 5.... I.... 2.... Term Assn OtL 4s 1?? 6 79 X 701 j. Wabash 1st 39 Third Ay Ry 1 07 adj ioc fa laso 5 OOI4 H 523^ Wabash2d 5s 3fl 25 90 2 052U 1 Of. 2..../.6.V* 2 4.9.V a 10 W 3 0578 Va CCcvOn n 10 97l3 1 9SU 1 o?ia 1 071a 3 97 7 971a Vint C C5s 19J3 2 977g 17 971a Virginian 5* 82 2 03 2 94 1 93 2 0.3ft 1 U334 2 937S 2 84 62 53 7 '.234 1 53 Third At Ry 1st to 1980 1 05 64% 8614 861a 1 80 1 86I4 Wash Water P Os 1939 2 951s 0..,.. .OUa 1 Western Elec 1 6434! 1st 5s 4922 TKle Water O 3 100 8.1* 1931 I 4 907g crrtlflcatw , West Maryland 10H4 101V ?<>11 ij 2 077gj 4 107.">8. Orcicon Short L' 11 1071aJ tons 5s 1948 | .107% cuarantteed ! .10734 | 9 097ft; .1071a Oregon Short L! . 10/'lji ref 4s 1929 ? 107%| ? is 1953 8 627g 2 631a 2 6258 8.. 3.. . 1... 3? 1035s1 Tobacco Prod' 2 103341 7s 1931 , 1......02lj 100 103% 13 9S1? West N Y A P 1 1031a Xol A Ohio 5a 35 1st 5s 1937 1 103%i 2..... 821a' 4 95 3 1031a! rol 9t L A NV West Pacific 8s ? 103 3Ms 1923 _ 1 0S13 4 10318 5 91 HC WU 10 103%'?. ,v o t, 1 : "WtPao 1? 22 1031,: Li 1 87% a!!'!!.8784 o?iu 1 ^ 87ia 81H West Snore 1st 4s 2381 4 8OJ3 SlnclalrCoo OU 7s 1937 when Issued 36 9SIa 5 93% io osi3 1st Ss 1923 0 9834: 7 09 ! ........ 08% | . m I i*eiaiwru nui 1 10.11 a O 107.4 C 99 Ulster A Del 1st >X>n 5s 28 registered ..771a 3 96% I to 1981 NVOKLHAP; 2 70 4? 1949 | 4 787g 28 80V 1 70 N Y N H A II {Otis Steel Co Uef> Os 1948 68 to 1929 3 &?% 6 80I4 St L I M A So R A Q to 1933 A 1941 4 79 1 071a' 2 787ft l ac 0as A Klec St L 11 M A P ?en A 5s 1943) Ut 5s 1955 1 8834 1 821a 4 881 a 1 Bt L A S K Hy 2 8814; to ser A 195) 1 801 ft [ 7 70>a Pac Pwr A Lgt j 1 70% 6b 1930 ! 61 701 1 671a 35 67 N y N H A II cr deb 3 Ms H 1 4Ua 3 44 N Y Railway* adj lnc Da 1942 ? 7la certificates N Y Railways 1st to 1942 1 33% 4 83% 15 34 5 337ft N Y Telephone fs ser A 1941 j 0 071a! 1 9S% 2 1027ft! Pennsylvania St I. A S F RR 2 102 ti 7s 1930 I adj fa 1955 3 102-8 1 10714 1 78% 3 102% 1 107 4 781a 1 102% i 10713! 2 rm4 3 102*% 2 10714 r. 781g II 102*<8 2 1071a > 2 7814 3 103 ( 19 107 1 78% 0 102%. Pennsylvania 8t L Southwe?t 3 10214 con 4M* 198) ! 1st 4s 1989 2 1027al 1 05U 2 77% 1031a Union Pac 4s 47' % 2 801a 1 00.4 1 9013 3 00% 1 9034 United Drug 8s 1941 3 106.T, United Rya In fc 1920 0 81 1 S!%| 1 0O18 7 70% 1 90 10 701a Pacific Te) A Tj 8 70% 8s 1937 iSt L A 8 F Ry 2 95 1 5s ser B 1930 Packard Motr 1 84'n I 8s 1931 j 10 8414 I 1 102%! 0 841a' Pan-Am PAT St L A 8 F Ry 1st equip 7* 30; te ser O 1923 08ia 08% 2 08! a South Bel TAT 5a 1941 7 04U South ? Pacific cv to 1929 ? f?7ft 2 89% 1 89ia South Pacific ref 4s 1985 13. 86 South Pacific to 1919 I .80% 1 80 *outt> Pacific 8 P T 4s 1940 g soia 1 80% 80PR Sugar NJ 1st 7a 1941 S 07% I 15.. ..07ia: 4 101% Southern Rwy j 1 IOH3 e.Ma 1358 I 3 102 8 951a' C 101% 30 05% US Steel 5a 1981 107% 1 1077ft WI ... 1 3 n eathne LA M 7s 1931 1 1061a * 106% 1 106U WALKRLKDv ref A 4.'j* 80 3 591a 3 60 Wick wire Spc Steel 7s 1933 U 8 Rubb>ir, 3 96% 7Mb 1930 , WUACo7HM9.ll U 1. 1... 4... 3... 8... 2... 1... S 1923 .07% ?714 7 971a 7 97% 1 9714 7 97 3 97% Rubber Wilson A Co ? 10ft . 105U1 .105 j .10514; .105 ; .10514 105 35.. ? 1... 1... ..osia . .05% ..951 a . . 95% ..05ia . .95% .101 1st to A 1941 2 96 8 951a 1 05 3 9(1 2 95% 3 90 2,.... 1007ft( Wilson A Oj 1 IOU4 conv to 193* 0....-401 | 2 86)4 _ 2 IOII4; 4 8>?a I 1 95% 2 1011ft Wis Cent Ky la Utah Pow A Lt 1st gen 4s 43 2 95% 5s 1944 ! 6 15 951->! 2 00 1 86% j J 0014 36 651a! 1 00% 7014 BID AND ASKED QUOTATIONS K. Y. STOCK ESCBA>GK QUOTATIONS. , To th? following prices accrued Interest Is to bu added: FOREIGN ^GOVERNMENT AND MUNIOI PAL. BONDS. RiH. Ask. Argentina Intern Cs, '40 sa'.j .. | Belgian r. yr 0* 103 10.1U i Belgian fiis, ?? If? 1f?14 | Belgian 8a, ' I" 10S i lOHft ' U?; , N.i* Braxll 8*. '-ll 10-1 ?% 100 ; Canada Til, '28 8!> . Canada Ofta, 'SO 99% M% ! Canada &*. 2l> RTK 08 alio fn, mi ioo<. io3% : lie 8s. '26 10114 lot^ | Chinese C.ov Hu Kug Ry 3s, '01... r.4 I Chrtstlanta 8s, '40 10!"3 110 I Copenhagen .'"'is, '44 f>1 ? j 92 I Cuba Kxtern '4t 89ty 0uV4 : Cutia i:vt.em f.?, series A, *J4 8r,'^ Cuba Extern IKa, '49 77 TS > Denmark 8s, '4a llj'i 112 j Denmark 8s, A. '40 11IU , Denmark 87V? Duti li East IndlCM ti*. '47 <1I'4 114V j Kiamerlinn Industrial Develop... '?1? 99% Prance ?MB, '41 lO'.'H 103% j Trance 8*. '45 107', \f>"% I Italy 5 yr 0>> 93': 01 ' Japan 4s, sterling loan. '31 7 4' > 7IH ! .Innan 4''.a, sterlJng loan, '25 8t>? '.hi Japan 4';*, 2d series, '23... s" l.jona 15 yr fl?, '34 r>>;8>1\ M.trseli:. s 10 vr Oa, '35 86*, 80* Mextso Extern nold 4?, '.">4 -<7'. Mexico Extern rtcrllng &*. '45.... "71 ? ;.7H Mexican Irrigation 414*. '46 :... Queensland (i?. '47 .1001* 1004 | Queensland 7m, '41 108 108'i I Klo d" Janeiro 8s, 'to 108 P?4 , Kan Domingo '08.... 90 f0v4 Rao 1'suln 8a, '36 I'M 1 I00>4 inOVi ! 8wlti*itand 8.<. '40 ..1IM ll*>, Tckio &a TO 1 Uruguay So. '16 106 1'i64 | Zurich 8s, '43 114 111',! United Kingdom .Vis, "22 104* 104',J* Umtod Kingdom Una, '39 ioih )"4v, i United Kingdom 54s, '37 !W? W?* I Netherlands 1*1 MH 8a<> Pauln 8? 102 102'^ I'a 1 Is Lyons Med It It Oe 8.1 S.".* UNITED STATES GOVERNMENT BONDS. Did. AsK. 2s Ifi* ?? 2s 103(4 ?? :ia 8, 3s 87 4s r 103<4 .. 4s C... ... .105* .. Is P'38 r. 1034 Bid. 2s P '36 c,IW4 Ss F '30 r.l03H 2s p '8S r.lOGH 2a I' '88 c.lOB?* ?s P r 83 3 s P C 83 r I 4s '30.. 80% Closing prices of Blocks In which there wrre no transactions yesterday. Bid. Ask. 1 Bid. Ask. AlaskaOold 4 "? Am WWki 11 11% Alaska Jun Us U4 do 7?;... 77 80 A A Cable.107 112 A Whol pf l"i !<2 Amal H 1st .. 08 A til WP pf 27 28 A Hk Note. OO'i 00>, A Kin. pf.. ;(7 38 do pf ... r.2\4 ?8V Art M.tals lV'i 164 A Beet 8 pf 61 71 I Assets Heal IU t% A Ilk K pf.109 1"7H ; A I>r> < i Ipf sort 82 Am CP pf.UTU U*\ d.. 2d J.r. Htiij 82 Am 1.111 pf r.7 50 I At Refln...01o |>.Vi A bOQO pMin J17 ' do pf ..111 1114 Am M i O i". 1"?H 1 A'lto Halts . n API Ilsdlnt 8". 81'n do pf.... 14 IS iln ff....ll.-i Bald I. PM06-U It** AmflSp(B83 10.. . Bartiei Ltli 40 4". AMFdypf 04 do pf. . . *11 00 A Snuff pf 94 lW'! BarnsdsllA S8 80 ASuwTpf. 60 0* ! Hatoplias. . ! J i'4 \m T?t< U.Kiu 13314 BoothP lp( 30 ir, Bid. Bk Edison. 102 Brown S pf *0 I'.uf A S pf. 40 But it & p r.o do pf.... SO Br Emp Stl. 814 do J?t pf Ol do 2d pf. 10% Burns H pf Itij do p Buali Terio .. u T 08 C Rt ]' i O Wi coc*stL.. at'* do pf.... 80ty ci r*ub pf in*, Col Fuel pf ft," ColAH Ipf.. HO I do 2d pf. r.i Co^Ciifpf. .VJH Con Can... "?H?f do pf....102*4 Con Tn?ur.. 19)^ CrexCarpet :;o Cub A s pf ks f?l * Hud.ll.tty t>e Beer*.. IT', Deer<< pf... TO Dftlr Nfnok. 2."t l>et Inlted 02 t>u| KHAA. do pf.... 0 Durham II 20 do pf.... So Emer Itrau * do pf.... an Erie 27 Ooodrl'-li pf 84?? dray A I). Iflty <"!4 1?ohl|tli Yal .Vlt, LIk* A jf.158'4 21',4 an noty so 112 Bid. MSPlJtsMpf #0 do It L.... liU MKATpf.. ?% do wnr pf 14'* Mor A E*?. TO Mont Pow. o."i do pf. ?. ? ttt'ty Mulllnali pf 02 NC A StL.lOOty Nat Iliac...132 Nut CAH pf H3 Nat EAS pf 8? N ll> M Ipf 7 NOTAMex.. 01 NV Air Hr 02 NYCSL, Ipf "5 NY Dock.. 20'* NYBtatelly . NorfAW pf 72 4 Nunnally... 10 Ohio IIA11. 12Vi Ohio Fuel. 47 Otis HI pf. Otti 8?1 Pf. M',4 Owen* B |>f 0?3 l'acl'atlpf 30 do 2d pf. 2o Pac Mall.. 13 Pac TelAT. 50 Panhandle. .. do pf Penney pf.. O.'t llillllpa J.. W'4 lletre O pf W l'FWC pf..133U 1-ltta Htl pf ?" i l'AWVa pf. 7* ! Pri'TteidCar 09 ' do pf 01 I'rod A It.. SO do Df.... 3* pitreosnpf W ltand 2IVj I^SttJp pf.10.! I tan A t?ar.ll? Itoht Held.. II<4 ?lo pf.... 62'? R'ttd 2d pf 4?'j IV m i*t r-f 07 ?lo 2d pf. f.7 Ht.loa l.. ad l.i% Hrats-ll pf.H? Hloaa-Sh pf riPntiuRpf 02u Stand Mlll.120 do pf ... i*"' RfnelAT pf. 77 Stern lk .07 Sup 8t?el.. ?? do pf Te.\m 1- T.-.oo Tide \V o.ii:. TLf?W ot n 22U Tri.n* A W :m>* Twin City. do pf.... H.'I Underwd ..127 rlo pf....l07 Union Tank 01 do pf....l".'l t'nCI* St*. 10.1 do pf....loO'j Vn I'rug.. tr>'? do 1ft pf 44H do 2d pf. 441i I'll Dyewd. S-"i T K fcxpr . 0*4 U H Knielt. 3.*>'4 do pf 44ty Va-C O pf. 72 Va It 'At' pf V? Ity A P VKaali" pf Oo ? VCab pf II.. 1 *'j Wert'ae 1pf An I Tobacco 7 Am Tobacco -. . > .7 AnacomlaCop.... .6 AnacondaCop... 7 AngAniOll.Ltd... 7 Armour, Oon v... .7 UAoKK('oiL....ii UellTelofCan.... 7 1 UcthlebcmStl.... 7 j CanNorthornHy.ftX ? v auNorl hern Hy. 6 X I Canl'aclQcRy... .1 Cent Argentine... 0 * onsUa-ofNV...7 ?. opRxpAaan. I nc.S t opKipAsj-n.IncS t'cpt*pAt*n.lnc.a Cudahyl'ackln^. .7 ^cdetmlttutcKof.. ,0 '1 ljfHK(iood,cnv.7 OulfOlI' orp 0 GuIfOUCorp...." HJUeln/. 7 Rocking Valley.. .0 ilumblcOJtH... .7 iKTcour 8 hanCltyTerBy. .0 K tnnecoUCorp ?. 7 ta?lfdf?lv?y It .-otitbwstnellTcl.7 bl ? li u Dupotgu ar. 5} , t tandOil.NY 7 htandOHN\.... .U)< hvift 7 hwift 7 '1 HeTetasCo..... 7 I UkCecCofp... .? Vacuurt'OII ; tt wlWut'onr.../ \> i:i:oDiiii I'.C rono Due. ?'I'. \*v ? Nov. 1925 102 H 102 i Oct. 1031 10." 4 103 H Hept. 3/24 95'? 03*4 Oct. 1022 100'j 10011-1 <1 Feb. lf>.' I 101 1 10101 >( Doc. 192S 100 101H Nor. 1922 100 \ 101 H Nor. 1933 102 J. 102 >? Jan. 1020 0K'? Oil Jau. 1920 102 ? April 1025 103H 103 ?? July 15/30 102}^ 109,'?? April 1021 OSJi 09', April 192.} 102 1'2V, July 15/23 101 li 101;, Dec. 1922 190 101'? Doc. lost y><< wo Mar. 3/34 101', lot Feb. 1927 02 0.1 Dec. 1/2J I'll H 101 X Feb. 13/23 102 10SH Fab. 16/24 102"* 103 V4 Feb. 15.'35 104 u 104 "* July 15/23 WOii 101 <4 Nor. 1924 90 u 100 :? April 193 j 98)* 00 July MM 100)4 iwii Feb. 1933 103 "4 103 H Dec. 1930 104 J* 104 >? Mar. 1931 MM 100 v* Mar. 10/2) 101 101 % Dept. IMS 79 70'* Nov. 13/23 100',' 10j;, Feb. 1930 102-4 103 H Jan. 1929 V7h 0814 Feb. 1944 MM Wt Mar. 1923 101?, 102 Aug. 19X1 100', 100 i Oct. 16.'22 100 ? 100 . Oct. 15/21 99 t 100 H Oct. 192/ 103 , 101 April 192:. 102'< 102 4 Dec. 15. !J tM I'H) *, len.F>23-Cl lot l 14H May 1933 100 lOO'J Oct. 15,23 101 i 101 % Aug. 15/11 103 , 103 34 Mar. 1/23 l"l. 101M Sept. 13/3J 99*4 90 , April 1930 10bH 10'., April 1905 llHi , 107 May 19*4 94 k 9 FINANCIAL NOTES. William J. Fhelps I* no v nmnarrrr of the unlisted department "f 13. M. Harding & Co., 1 !????.. 2S> liroad etri'ft. John I'. Henwlck, rtcently with B. H. RolUne a Horn, 1* in the bond department ul Ib-V Hold*. I'luli (,? Co. Vllnuiii I'airi.rl" Ewctl, e;?'cUlh.i In New TOI'U < l?y Iracllon bond*. 2 Wall Mre.t, !ri' prepared a *tiwlnU.I'iillttlh de*>?rlbiiig Uie Klng> County Klovatel P.nllroaii.< flrnt mortgage ? |k i ''int. bopda, nrrcrl?| liivrttninit 1 ?t of bat.K and trust tompany ?t(jck?. Ct STOU IIOl IK HK< BIPTS. Time in!b foP dulln nt thf '.'uilorn llon^e yrsti rd?y v?tP 12.01, of which ll't.'s 72<1.*< wna for niprcnandliic \ HI.drawn from iHindrif nn'iioi;-,e? *nd ?" >*,'211.52 Tor reciitl latl'ot tatton*. To the Holder* of the Eight Per Cent, and Participating S? cured Gold Notes of ISLAND OIL AND TRANSPORT CORPORA- I TION dated June 15. 1921: In view of the appointment of receivers of Island Oil and Transport Corporation and of it-; properties, it is of great im portance that the holders of said Notes should be in a posit'ou to take prompt and concerted action. The undersigned, at the request, of the holders of a large amount of said Notes, have consented to act as a committee for the protection of the interests of the note holders. Holders of said Notes are requested to deposit their Notes, with the June 15, 1922, and subsequent coupons attached, under a Deposit Agreement now in course of preparation, on or before April 28, 1922, with Columbia Trust Company, f>0 Broadway, New York City, the depositary under said Agreement, which will issue its transferable certificates of deposit therefor. Copies of the Deposit Aprecment when ready may be obtained upon application to the depositary. New York, March 28. 1922. HOWARD BAYNE, A D. CONVERSE. LUDWIG NISSEN. JAMES L. O'NEILL. WILLIAM P. PHILIPS, B F. TROXELL. Committee. FRED C. MARSTON, Secretary. 60 Broadway, New York City. CIIADBOURNE, HUNT & JAECKEL, Counsel. .. .1 i i m TO 'rill; HOLDERS Ol' NORFOI.K S MKSTKRN RAILWAY (dMI'ANV Four Year *1* IVr ( mt. Vi-riireil (ield Notes l?ne Miiy I, 19'M. Notice Is hereby kIvi n, us provided In Article 4 of tlx* agi i, JPCO, between the .N'orfolk & We?tern Ilall I way Company attd the Ouaranty Trust Com pany ?>r N' York, trustee, tlint the Norfolk t Western Hallway company him iii-cied to redeem ami pny on May ), Ji'ilJ, all of Us outstanding Four Yiar Fix Per Cent. f? partment of th?* ? Juarsnty Trust Company of New York. HO llroadway, New York City, After May I. l?2t, Interest on the nMei will c>-ase aid th? coupon* maturing after *ald date will become null and void. Cou pons due May 1, 1P23. should b?> deta< tied anil presented for pa>ment In the u?i,al manner. NORFOI.K * WF.HTRttM RAILWAY COMPANY. Ttv t!. II. AI.M'.N, Vice-President. Pated February 20, IMS i;\PORTS rn?M \i:\V YOttK. Kx ports from N'ew York yesterday: Wheit, ??d,J?il fettshela; cent, 25S.Se* bushels: beans, bushel;': flottl, T0.7TH sa-i.i, pork. On barrels: brfcors, 4,r.i|,VH) pounds; laid, ),AK>,42*? pounds; a -asi . Ir.s.noo pounds, ii1'"" ? ' nit, 24,00tkiM>tinds. lubrl- aliitjt ot . ?'"**? ?" 1*'A- ?'*!'" oil ? uke, (KW.WU prorata. m MOTH B Or RKDKMrTIOX. To tioldar* of Vlrtarj mtw and oUMt p?nrrrn?!: Nolle* I* baraby Riven *? foll?w?: I?< nil for redemption of 3'i r?r rtvt Victor \ notMi \ . of thf 3?? per ?????it ttiOm ? r'nlt I tftat?a ot At'I'-i' ?? fpr Oold Xolra of 10'.!'.. ?thtrwi?? koown a* BV Per cant \ k-tory Not**, am lierofcr "*>1 IV redemption "'I Juno 15 t!>22, Jnirauant *o tH? provision for redemption contained In th? Nota# mid In Tfiiurv Department clrrtft* 11 nhtr 131, dafd Apt I -1. lf|9, under which tht Notaa _4ti?pen?lwn and Term I no I Inn nf Victory note rnnrvrxloii pHvllcfr Tn view of the e*'1 for th? redemption < f all S*i par can* Vlctoj notaa on Juna 1". and purmiant to *%?< provision* of aalaparlmtnt "lr ctilar Wfciher 133. tUa pr!v' ?*a of a*# e|n-> of Vt''or>- no'M i-f'-r aerlee Into VI 'forv r ?tea , f the other *? ? >i 1- ar?%y auapended from February 0. IBE2. to funa IS, 1WS2, both Inclusive, and cn .lun ? 15. 1'2f ?iil terminate Victory not< a sc<- jrdlnrfjr ceaae to be lnt, 10-2. and on Usui after that Oa'.a ?o Cl?nv raletM nf Uto no:c r*r oent vi* *"f redemption l? civ.-- In Traaauft* f>- partmant rlrculai m mb> ? .'."1, '?,h: t are ?v*llalxie at th? Treasury and tha' Federal HaaarVv BanHa. a if. urr.taif, Mtmi&nt?.' thi JkAHfc' ?