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Carolina, Clinch field & Ohio Railway Equipment Trust 6% Cbtf Notes We offer the 1924 to 1935 maturities Ht prices to yield about 5.50% to 5.75% According to maturity Circular on request The National City Company Main Office: National City Hank lUiltr. Upton n Office: 42d St. A. MadUon Ave. r United Lt.&Rys. Co. First Lien & Consolidated Mtge. 6s, 1952 This company controls and operates proper ties furnishing a di versified public utility service in 77 prosperous communities located in the middle West. Price to yield over 6.40% Bonbright & Company Incorporated 25 Nassau Street, New York .EXEMPT FROM ALL FEDERAL INCOME TAXES City of Charleston, S.C. 4'/2% Direct Obligation Bonds Due Jan. 1, 1962, optional 1C42 Legal opinion of John C. Thomson, Esq. Price 102 and Int to y'e d about 4.35% B.J.Vanlngen&Co. 46 Cedar Street, New York Telephone John 6.164 y fO* Time Tested | First Mortgage Bonds (Underlying Issues) To yiold 5% to 10% Complete information upon request F. J. LISMAN & CO. Member* N. Y. Sloclc Exchange ?ince 1895 61 Broadway, New York r4?CWCK*0-C? 0??1 Babcock & Wilcox Co. nil Childs Company Geo. W. Hcimc Co. Illinois Traction Co. |J N.Y. & Honduras Ros. Min. Co. lijl Niles-Bement-Pond |f? Cedar Rap. P. & Mfg. 5s, 1953 f\ Mid. W. Util. 8s, 1935-40-41 Ontario Power 5s, 1943 ljl! P. S. of N. Illinois 5s. 1956 W United Lgt. & R'way 6s, 1952 Private Wirt* to CHICAGO MONTREAL TORONTO -??v> AND N. ?. COTTON KXt'MANOK tt nk)4K'm*wmkhnI Kirby Lumber Com. & Pfd. J.K.Rice, Jr. & Co. I'hnne'* 1000 to 4010 John. 36 Wall (H.. X. \ . Title Guarantee & Trust Guaranty Trust Co. McCLURE, JONES & REED Mimitrt .v?tr York ffnclt Kxehongt IIS Hrondn?jr. Phon* IM1 Rector FINANCIAL NEWS AND COMMENT Rapid Absorption of New Bonds Features I)aj; While Stock Trading Is Heavy. Bond market history wa3 made yes terday and in the process the other mar kets were crowded into the background. No more complete demonstration of the ease of money rates and the hunger of investment capital for work to do haa been seen this year than in the day's rapid subscription to new bond issues and strength of existing securities. The absorption in a little more than an hour of $100,000,000 of the Canadian Govern ment's 3 per cents, at par?the smallest yield returned by any foreign offerings In the domestic market since before the war?and the oversubscription of $40, 000,000 of the Empire Gas and Fuel Company's "lis of themselves would havfe stampel the day as memorable. But it required the $43,000,000 of the city s 4per cents., oversubscribed nearly six times, to cap the clirrfkx of & truly remarkable day. The 2.76 per cent, premium over par, which the city re ceived, was the largest ever paid by bankers for an issue of equal coupon and approximately equal maturity, this be ing an earnest of New York's high credit position and to a greater extent a proof of abundant money available for stand ard investments. Another session of heavy business in stocks brought forward more obvious signs of distribution than were seen last week. A midday reaction of a point to 2 points among many Industrials, how ever, was blanketed pretty well by strong upbidding of rail, public utility and oil shares, and a rally in the last hour left the market's final appearance one of strength rather than of weakness. The railroad issues, especially stocks of the caliber of Kansas City Southern, Missouri, Kansas and Texas (new) and Texas and Pacific were in demand all the way along. A fractional advancc of the United States Steel Corporation's stock indicated that its followers were not perturbed by the imminence of the company's quarterly report. The state ment for the first quarter, issued late in the afternoon, was significant less be cause of the large deficit reported, all of the common titock dividend and more being taken from smpius. than by rea-| son of tiie progressive Increase of net earnings from January to March. It had been a foregone conclusion that the known expansion of mill operations in March would not lift the three months' result out of the red ink column, but the financial community was interested espe cially in the extent to which the third month had improved compared with the first. The record was impressive. Febru ary, with fewer working days than Janu ary, disclosed a 32 per cent. Increase, while March brought a 37 per cent, ad vance In net compared with Febraury. April earnings are running better than those of March, and an average of the March result of $8,303,000 would see the common dividend more than earned in the second quarter. It is too early to forecast May and June income, however, ijs the coal strike is likely to have a bearing on the situation. A reaction In German exchansc prac-1 tlcall.v eliminated Monday's advance and the other Kuropean -rates Influenced di rectly by the Genoa conference were easier. The reaction of sterling, how ever. amounted to the barest fraction and it could hardly be said that the conference had any new and pronounced bearing on the market. The signs point toward more interesting developments in the pending conference of bankers, including J. P. Morgan, over a loan to Germany than have come from events in Genoa. A break of 3 cents a bushel in the May wheat option Reflected thet. undoing of largo speculative contracts for the rise. The months which are thought! now to reflect more clearly speculative! opinion on this year's supplies are July and September and they receded no more than a cent a bushel. Cq|ton was Ir regular. FOREIGN EXCHANGE. Parity J4.8C48 19.30 19.30 10.30 19.30 23.80 "6.80 26.80 26.80 19.30 19.30 40.20 51.46 20.26 23.80 20.30 20.80 19.30 20.26 19.30 ?4 40 MIS.32 78 00 48.66 40. #4 32.44 42.4.% 103.42 30.50 Saw mturn ?11.39 19.43 19.47 5.444 5.45 Tuesday, a run, 25. 1922. f.KKAT BRITAIN. Tues- Mon Htcrling: day. day. Apr. 18. Demand *4.42', $4.42?; >4.414 Cable# 4.4." 4.43% 4.414 Banker*. 00 d*. 4.40 4.304 Bankers, 90 ds. 4.38% 4.384 THE CONTINENT. Trance, ccnts a franc; Demand.., 9.31 9.344 Cables 9.314 9.35 Belgium, cents a franc: Dematld 8.554 8.00 Cables 8.36 S.604 Switzerland, cents a franc Demand 19.44 Cables 19.46 Italy, cents a lira: Demand 5.40 Cables 5.404 Germany, cents a mark: Demand 38 .42^ Cables 38 .42% Sweden, cents n krone: Demand 25.95 25.95 Cables 26.00 26.00 Norway, cents a krone: Demand 18.83 18.85 Cables 18.88 18.90 Denmark, cents a krone: Demand 21.20 21.25 Cables 21.25 21,80 liroece, cents a drachma: Demand 4.55 4.55 Cables 4.37 4.57 Spain, cents a peseta: Demand 15.55 1.1.62 Cables 15.57 15.04 Holland, cents a florin: Demand 37.95 37.95 Cables 38.00 38.00 Russia, cents a rublei 10O rubles 07 500 rubles * .074 Austria, cents a crown Demand 01*? Cables 014 Poland, cents a mark: Demand 02% Cables 03 Hungary, rents a crown: 4.37* 4.364 9.26 9.264 8.554 8.56 19.43 19.45 0.424 u.43 .344 ?344 25.85 25.90 18.85 18.90 21.22 21.25 4.55 4.57 15.55 13.57 37.90 37.95 .07 .074 .014 .014 .084 ?07*j .084 .014 .014 .02-; .03 Demand 14 .134 Cables 15 .15 'ugn-Slavis. rents a crown : Demand 41 .41 Cables 42 .42 Finland, cents a mark: Demand 1.9" 1.95 Cables 1.96 1.90 O.echo-Slovakla. cents a crown Demand 1.97 1.97 Cables 1.98 1.98 Rumania, cents a leu: Demand 74 .75 Cables./ 75 .76 Turkey, cent* a pound: Demand 72.00 72.00 Cables 74.00 74.00 FAR EAST. shanghai, cents a tacl: Demand 76.00 76.00 Cables 76.50 70.50 Hongkong, cents a dollar: Demand 50.25 56.374 Cables 50*50 50.624 Bombay, cents a rupee: Demand 28.00 2? 00 Cables 28.25 28.25 Yokohama, cents a yen: Demand 47.TO 47.50 Cables 47.75 47.75 SOI TH AMERICA. Rio da Janeiro, cents a mllrei .124 .14 .324 1.90 1.91 2.04 !.0f. .754 ? 764 "2.00 :i.oo 74.50 rs.tst 55.25 35.75 28.124 28.37M Demand 13.81 Cables 13.87 Buenos Aires, cents Demand 35.75 Cables 35.81 13.81 13.87 peso: 35.75 35.81 Uruguay, cents a dollar: 13.75 13 81 85.75 35.81 78.50 78.624 11.25 11.31 79.00 79.124 Demand 78.75 cables.,.......78.87' Chile, cents a peso: Demand. 11.81 Cable? 11.57' CANADA. York funds In Montreal. 111.74 pie i ll.rtoo. Montreal funds In New Yurlr, discount a $1,000. NEW YORK STOCK EXCHANGE QUOTATIONS. TUESDAY, APRIL. 25, 1922. Day's sales 1922. ,| r-Cloiln*'.-,' |I liv.j Low. | Bid. | >sk. |ln>.j Sales. 1922. 1.304,481 1921. 87ti,006 1920. 1,200,998 T_>pen- I High- | Lo\v-| Cloa-| Net bis. | est. ! cut. lug. ICh'ngi'. 12! 19% IOTA i 18%) 19V*! 57% 45%' 55%! 66 ! 13V 17% 18 I % *i %! %: i% %\ i I mi 69% 55%! 66%! 66%! 52 37%! 56%; 61*4 100 86*41 98%! 99 : 41% 29%' 40 I 40%! 70% 55% 67 1 68 49 31 Vi| 45%! 46 : 63% 51 | CI 63 50% 32%! 48%! 48%: 105% 93 %' 105 1106 164% 141 |162 ! 163 | 120% 115%: 1J7% 1119 13% 7 | 12% j 12%' 27% 19%! 25%1 25% ?%! 4%' 6%' 6% 17% i 12 15% | 16 72% 58 ! 69%' 70 114%i 78 I108%!109% 82%j 72 : 79 | 80 47%i 38%! 46%| 46% 12% 9%: 12 i 12%: H M% 29%I 33% 33%! ..| 117% 1102 Ill5%lll6%! 6! 92%| 82 ?! 92 I 93 | 4: 8% 3%; 7%l 7% .. 18%! 5%| 17%! 18 .. 59 % | 43% t 57%! 58 I ..! 98%I 86%| 97 I 97% 7' 138 |109%il33 :134% I 12! 40% i 30% i 3? i 39% 76%: 54% 75%: 76 100 84 j 100 100% 36%! 23%: 34%! 35 124% U4%1122%!123 142%!l29%il39%|140 138% !126 i ;36 136% 102%I 96%!W0%: 101 32%! 17%! 30%: 30% 95% j 78% 1 92 % I 92 V>! 37%! 22%! 34 : 34% 18% 56% 18% % 1% 66% 51% 99% 40 68 100 Adv Rumely . 18% 2500 Air Reduction. 54 6700 AJax Rubber.. 18% 100 Alaska G M. .. % 5400 Alaska Juneau 1 2800 Allied C & D.. 66% 4000 Allis Chalmers 51 400 Allis Chal pf.. 99 i 200 Am Ag Chem. 40 I 400 Am Ag Cll pf. 68 ! 700 Am Bosch M.. 46%I 100 Am Br S & F. 62 62 2700 Am Can 48%; 48% 100 Am Can pf.... 105% ! 105% 200,Am Car & F. . 162%I162% 100 Am C & F pf.118%1118% COO:Am Chicle ... 12%! 12% 400 Am Cotton Oilj 25%; 25% 500'Am Drug Syn.l 6% 6% 400;Am Hide & L.| 16 16 300 Am H & L pf.l 70 I 70 200!Am Ice 1108% 108% 200!Am Ice pf I 80%I 80% 2000! Am Int Corp.. 46% i 46% lOOO Am La F F E.| 12 ! 12 100!Am Linseed ..f 33% 33% 18% 54 17% % 1 66% 50% 99 40 67% 18% 55% 17% % 1% 66% 51 % 99% 40 67 % I? + + 46%! 45%| 45% 62 I 62 |? 47%i 48% + 105% !105%! + 162%,162% ? 118%|118%| + 1% 12%| 12% .. 25%I 25%|+ % 6%! 6% ' ? % 15%: 16 |+ % 70 70 ! .. 108% 108%,? % 80%! 80%! .. 45%! 46%!+ % 12 | 12 I .. 33% 33%!+ % 3100!.Am Loco |115% 1116% i 114% : 116 % 700 Am Radiator.. 400!Am Saf Razor| 2400!Am Ship & C.! 17001 Am gm & Ref 500 J Am S & R pf. lOOiAm Snuff .... 5800 Am Steel F... 92%, 92% 7 % I 7% ! 17%! 18 I 58%: 58t;j 97% 97% 91 ! 92%[ + 7 % i 7 % + 17%! 17% ? 57%: 58 I . 97%: 97%!? % 133% 133%|133%!133% 39%! 39% 38%| 39% J? 800 Am Sugar ... 76 ! 76 j 75 ! 75% ? 300 Am Sugar pf. 99% MOO ! 99% 100 + 300 Am Sum Tob. 34% 34%! 34%| 34% ? 2300 .Am Tel & Tel. 123% ! 123% ! 122% (122% ? 600 Am Tobacco ..140 140 ,139% 139% ? 800 Am Tobacco B;136%136% 136 i 136 ! ? 400i Am T pf new. |100% i 100%! 100% 11^00% ? 100;A WW&E6% pf! 30% | 30% 30% 30%; ? 19% 44% 54% 51% 57% 83% 11?% 102 91% 5% 103 5% 34% 28 85 r 12%! 19% |26 j 43 47 53% 29 I 47 43 J 56% 75%j S3 99 113 91 % 100% 85 % 83 19% 44 53% 48% 56% ?4 115 101% 3400,.\m Woolen 1500 Am Writ P pf 800!Am Z. L & S.. 200! Am 55. L & S pf 4300'Anaconda .... 1400lAnn Arbor pf. 91%j 91% 3% 4 101% 102% U73 2%j 4%; 4% . .1 1050 900 11040 1100 20 23% | 32% I 33 ..! 9% I 25% I 25%1 ..; 68 1 84% 1 85 I 71 , 3%' 4% 5 ..I 119%! 92%|11?%!116%! 7i 49%! 33% j 48 I 48% { ..I 92% | 92% 91% 92% 35 35% 34 34 ? 19% 19% j 19% 19% ? 43%j 43% 43% 43% ? 53% 53%! 53 % 53% ? 48% 48% j 46^ 48 ? 55% [ 57%: 55% 56%: + 82% I 83%; 82% 1 83%,+ 113 % (113 % 113 % 1113 % |? 101 ?% : 101% 11 00% '101 % ? 91 % I 91% I 91%! 91%! . 4% 4%! 3%; 4 + 102% 103 102%4102% - ? fcl%I 52%; 60% 53% 40 I 50 56 I 19%> 52% 36%! 19%: 33 78% [ 51 73% 101 90%: 98% 113 (104 ! 112 80%' 55%! 78% 61 51 %l .. 53 ! 33%i .. 74 %i 5j 99% 7 114 ! 8; 78% 3200 Ai-fO Dry Gds. 700 As D G 2d pf.. 100 Asso Oil 2400 Atch, T & S F. 300 A. T & S F pf. 1400 At. Birm & Atl 300'Atlantic c L.. 5700;Atlantic Fruit. 4%] 4%| 4% 4% 15! Atlantic Ref.. 1040 1050 1040 '1050 1 + 25 700!A. Gulf & W I 33%j 33% 32% 32% 18001 Austin Nichols 25%! 25% 24% 25% + 1001 Austin Nlchpf 85 ! 85 P 86 85 100|Autosales | 4%| 4% 4% 4% - 12200|Balclwin Loco. (117%[117% 115% !ll6% 5100iBalt & Ohio...| 48 | 48% 47% 48%! - *4 % % % % % % % 1% 11, % % % 100 Bait & Ohio pf; 60% 60% 100 Barnet Leath. 51 I 51 9500 Barnsdall A... 53%! 54 800 Barnsdall B... 33% 33% 1400 Beth Steel 75 75 100j Beth S 7 pc pf! 98% 98% .'00:Beth S 8 p<- pf 113 j 113 1% % % 1 1% 1 8%! 4%I 6%i 6% 2*: */s 76%! 58 ! 70 24%! 6% j 22%! 23% 23% 5%I 19%: 20% 103% 70 1101 1102 6' 92% 70 : 89 I 91 %j 71 134 115 133 Il34 101 42% 28% 41%; 41%; 2 97% 71% 97 ! 97%: 7, 34 i 27 % I 27%! 27% j ' 7%: 5% 7 ' 7% .. 31%! 20% 29%! 30 ' .. 15%! 11% 12%! 13 ! 80% 68 ! 80%( 81 6, 68 j 43%' 54% 55%| ..; 7% 5% j 7%; 7%| .. 145 |1J9% ! 142% 143 I 10 81 ? : 68 ! 82 I 85 I 7i 40%| 29%: 38 ! 38%! ..! 74 ! 63%j 72%' 72%, ,.| 37% 32%! 37 37% 79% 47%l 76%! 76% 66'4! 54 ! 65%! 65%! 9%I 1%! 8%! 9 1 19%| 3%! 18%: 19 I 34 %j 12%: 34%' 34% | 52 31% | 51%! 52 I 8%! 5%I 8%I 8%! 23%' 14%! 22%! 22% | 29%; 16%I 27%! 28 I 47 I 29 '45 ' 45% 76%: 59 I 75%! 75% 71 i 59 J 67 I 67% 4! 48% | 30%! 46%' 46% 83%' 70% j 83% ! 84 6i 96%i 83%! 96 : 96% 65 I 51 | 03%; 64% 9S ' 83 1 96 tlOO 19% 15%! 19%! 19% 29%: 25%! 28%; 28% 90 72%' 87 | 90 I 5! 60% 43 ' 53 : 54%! ..! 58% i 41 ! 5; % ! 57%' 4' 33%! 24 31 |,32 53 38 I 51%j 52%: 3 87%; 64%: S7% I 87% | 6! 5%! 1% 4%! 4% ..I 20%l 13 | 19%; 19%1 ..I 79%! 55%I 78%I 79 j 4' 118% j 109% :11V ! 117% 1 7) 15%! 12 | 13 i 13%! ..! 2% % % - %i .: C8 ' 45%! 64 1 65 I ..J 108%: 91% !l03% '104 : f'6 116% 111 1 117 1119 I 7: 43% I 31 %i 40%! 40%|2% | 67%! 52%| f.3%! 64 .. 88%: 80 I 87 I 88 I 7 26%: 14% 22% | 22% I ..I 94%! 78% 94 ! 94% | 19%! 8 % | 16 ! 16% I 40%. 15% | 35 | 35% | 65%f 48%! 61%: 61%| ..I 22% 15%| 20 '25 .. 122% 106% 121 122 I 9 119% 110% 115% 116% fi 28% 18% 26%| 27 1 6 2%! 5% 6 1 ..! 10% 7 i 10 ! 10% 80 80 75 I S7 1?9% [125 172 ! 17 4 12 22 % I 14%! 21%' 22 87% I 76 U, 85 : 85% 110% '104 110% 1112 14% 1 7 14%! 14% 4%' 11%' 24% 24% 16%: 7%; 15% i6 8r.%: 75%: 82 I 82% 99 I 91 %i 94%; 95% 14 9 i 12 14 46% I 37 45 ! 46 i 4! 97%I 76%! 96 ! 97%i 8! 19%j 11%; 18% 19 ! .. :e%! 12% 1 17 ! 17% .. i%; % %i % ..I 63 45% 67 J 55% 76%' 65 166 |136 7S% 6%! 2%! 73 23% 20% 102 90% 134 41% 96% 27% 7% 30%! 31 13% 13% 78%! 80% 97001 Beth Steel B 2100iBooth Fiah ... 2590!Brook Ed rts. 1001 Brit E S 1st pf 14300 Brooklyn R T. 4600|B R T ctfs.... 100'Brook Un Gas 100; Brown Shoe pf 800 Burns Bros ... 2100! Burns Bros B. 400|Bush Term pf. 600; Butterick .... 1200,Butte Cop & Z. 1400!Butte & Sup.. 700 Caddo C O&R 4300!Cal Packing... 600 Cal Petrol .... 55 6200:Callahan Z&L 7 400 Canadian Pao. 143 1001 Case T M pf..! 81 ! 4400'Cen Leather .I 37% 700!Cen Leath pf.l 72% 500|Cerro (le Pas.. 37% 6300 .(.'handW Mot.| 76%i 1800 Ches & Ohio..] 65V* 500 Chi & Alton... I 300!Chi & Alton pf 17700iChi & East III.: 5900|< 'hi & E 111 pf.! 300 Chi Gt West..! 1400 Chi Gt W pf.. 2200 Chi. M & St P. 28 4300 C, M & St Ppf| 45%: 1400 Chi & N W...! 67%! 100 Chi Pneu Tool 67%: 15200 Chi. R I & P..I 46%! 200 C.RI&P 6pc pf 83%: 200:C,RI&P 7pc pf| 96 : i!00!C, St P. M & O! 64 ! 100!C,SP,M & O pf 98 5700!Chile Copper..! 19%! 1000!Chino CoPi>er.i 28%: 100IC.C.C & SL pf 89 I 100|Cluett. I' & Co 54 56% ? 102 90% 134 41% 97% 27% 7% % 60%: 60% I? 51 51 ? 51% 52% ? 33 I 33 ; ? 73%! 73%,? v% 98%: 98% ? 1% 113 1113 j .. 78%; 77%: 7814 ? % 7 i 6%: 6%! .. 2% 2% 2% .. 73 ! 73 73 23% 22% 22% .. 20%: 19% 20 ? % 102 102 ? 1 90% 90%!? % 133 !? 41 % j ? 97 (+1 27%:+ % 7%:? % 30 % 12%? % 80% + 1% 5? .! ?? ' V4 ? a 142% 143 ? % 81 ! 81 1+1 37% I 38% :+ 72% | 72%:+ 1% 37 I? % 76%:+ % 65% 9 | 9 | 8%| 9 + % J9 1 19 18%i 18% ? % 29% 34%! 29 | 34% + 5% 48% 52 48% | 61% ; + 2% 8%, 8% 8% | 8% +- % 22%: 22% 22%: 22%:+ % 28% I 27%: 28 !? % 46%I 44%i 45%; - % 76 ! 65%! 75% ? % 67% I 67% ! 67>4 '? % 47%| 46% 46% f % 83%' 83%: 83%,'+ % 96%< 96 ! 96% f % 133 40% 96% 27% 7 30 12% 78% r%; 55%: 55 I 7% - 1143 I 81 39 I 72% 37 % j 37 ' 77%I 75%! 66% 65 3800 Coca-Cola 400|Col I'-uel & Ir. 32 1700!Col & South...! 13900!Col Gas * El.. 33500|Coluni Graph. | 4400;Col Graph pf.| 6500iComp Tab R.. 6700;Consol Gas ...! 64 ! 63% 63%| 98 I 98 98 -I 19%' 19 19% ? 28%; 28% I 28% ? 88 ! 89 i 89 1?1 54 | 54 i 54 '+ 1 57%; 5b% .j?** j- ] 32 31%! 31% 52%| 52%! 52 86 ! 87%! 85%! 87% + 2% 4%! 5%! 4%! 4%,+ % 19 20%! 18% 19%+ % 76% 79%! 76%; 78%' + % *8 116 ! 117 % 1115 % 1117 U + 1% 13% 13% 13 34200 !Con?o1 Textile.i 13%' 13%! 13 I 13% 100 Consol Dlstrib.! %i %' %j % 200jCont Can 64%, 64% C4 I 64 ! ? 2600|Corn Prod Ref,103 104 102%! 103% + lOO Corn P Ref pfill6% .116% 116% 116%! . 4500:Co8den & Co..| 40%' 40%, 40%! 40% ? 2500;Crucible Steel.! 64% I 64%! 63%: 64 |? 400,'Crucible St pf! 88 ! 88 ! 87% 87%|? 500 Cub Am Sug.. 22%! 22%! 22% 22%'? 300|Cub Am S pf.l 94% 94%! 94 94 2000:Cuba C Sugar. 16% 16% 15% 16 1100|CubaC S pf.J 35% 35%! 34% 35 67001 Davison Chem 62 62 I 60 61%! 800 De Beers M A. 22%1 22% 21 I 21 lOOjDel & Hudson. 131%|121 % 121% 121% eoo'Del, L &. Went 115% 115%|116% 115% 2uu;Dome Mines..' 26%' 26% 26% 26% "OOlDul. S S A Atl! 5% 6 5% .",% 700 D. K S & At pf! 10 ! 10%: 10 ! 10 70; Dui- Hob M B. 80 80 J 80 | 80 SOO'Elec saor Bat. 175 175 173 173 1200jEik Horn C... 22% 22% 21%' 1100'End Johnson.. 85 100 End John pf.. 110% 15000'Erie 13% 12000!Erie 1st pf.... 23 2600,Erie 2d pf 16% 4700jFam Play-Las! 81% % % 1% 6: 61% 62 63%l 64 74 j 74% 163 '163 % 1x12 13%! 8% 12% 12% I 81 ! 69 79 80 | 6 81 1 67%' 79% 79%! 6 42%| 34% 41 %1 41% .. 91 80%: 90%: PI %! 7 ??%! 26 26 | 26%! .. %! %;..).... 80%i 75 76%: 45% 31%' 41% 41% 32 25% I 31 82 j 14%' 6% 11%I 11% 16%! 5 15% 16l41 ? ? 39% 16 38 39 ' . . 90% 41% 82% 82% ..' 3% % 2% 2% .. 21% 15 . i0%i 21 75 ' 55 | 7,? I 74 SI 19%! 10%: 19% 19% 1| 9% i 3%: 7% 7% .. 82%! 70 1 77% 78 , . . 109%' 97% 106%1107% 7j 4%' 3%! 4 ! 4%' .. 10 I 5%: 6%' 7 I . . I 42% >7% 41 ! 41% . . 5 I 3% 3% 3%' ..! 12%: 5%' 9%! 9% ..| 36% 26 ! 86%| 36 |2% 28%l 22 | 20 ! 26% 2 98 ! 79%i 96 ' 96%' 51 28 ! 13%: 22%I 23 I ..! 85 j 62%! 8.'. 84%! 6. 19%' 11%, 19^,1 19%! ..| 83 : 60 ! 82 85 6l 52 1 43%1 48 48%: ..I 600:Fam P- Las pf 94% 600 Fed Min & Sm.! 13% 4000 Fed M & S pf.! 46 200 Fisher B O pf. 97% 9500 FIsk Rubber.. 19% 3900 Freeport Tex.. 16% 800 Has, W & Win' % lOO Gen Am T C.. 61 5500'Ocn Asphalt.. 65% 800!Gen Cigar ....! 73% 600:Gen Electric.. 163% 20600 100 400 2800 400 200 Gen Motors., Gen Motors pf Gen Mot deb.. Goodrich I Goodrich pf.. Grant.y CMAS. 500 Gran by rts ... SOOGreat Nor pf. 12% 79 79% 42 91 26% % 75% 4. 1200|Great Nor Ore 41% 85 : 84% 85 ' ? 110% 110% 110%! + 14% 13%! 14%! + 28 15% 81% 94% 24% 16 >4! 82% 95%| % 24% + 1% 13% 13% 46%! 44 97%! 97% 19% 18% 17%! 16% 61 61 65% 63 74 73% 163 %;163 12% 79 79% 42 91 26% % 75% 41% 31% 11% 16% 39 82% S* 79%! 41% 9o%; 26% T?g 41 31 11% 15 37 81% 161 82 + 95% r 13% ? 45%! + 97% + 19 - 17 + % + 61 1 ? 63% ? 74 f 163 ? 12%;? 79 1 79% 1 41% ? 90% ? 26% ? 1% % 1% 400'Greenc Can C. 31 100 Guan Sugar.., 11% 1800 Gulf. M & Nor.: 15 300 Gulf. M & N pf1 38 2800 Gulf States H. 82% 100,Habirshaw EC 2% z', SOOiHendee Mfg .' 20% 20%' 20% 200lMomestake ... 72% 73 i 72% 4600'Jlupp Motor . 19% 19%: 19 | 600 Hydraul ?teel.| 7% 8 7%! 200 Houston Oil ..! 77%f- 77%' 77% 900,Illinois r\?nt..'107% 107% 106%|107 74% - 41 ? 31% . 11% - 16% + 39 + 82%r - 2% ? 20% + 73 ^ . 18%i - 8 + 7% + u% 59 67 68 6 20%! 12% 18% 18% M 8%! 85 ' 3 i 21%, 10 70 j 38% 67 43%! 34%: ii ?9 2C 9 29%1 % 20% 70 42%; 1000'Indiahonia ...I 4%! 4% 100 Indian Ref ...! 6% 6%| 400!lnspiration C. 41% 41% 2700 Interboro t! .. 8% 3% 5100llnterboro C pf 9% 9%' 4700 Int Cement .. 34% 36 1300 Int Comb Eng 26% 26% 200 Int llarv Co.. 97 97 16200!Int Mor Mar.. 22 23 I 6600; Int Mer M pf.l 84% 84%; 6300' Int Vlckel ... 19% 19% 60O(Int Nickel pf. 80% 83 13001 Int Paper .... 47% 48%| 300! Int. P pf stpd. 67 67 7300!Invincible oil.. 18% 18% 300 Iowa Central.. X s 200!Iron Products. 29% 29% 20001 island oil & T % % 700 j Jewel Ten .... 20% 20% IOO!Jew?l Tea pf.. 68 I 68 | lftOO Jone? Bros T.J 41%, 42%' 4I4| 6%: 6%i 40%. 40% ? 3% | 3% I 9% 9% + 34%! 35%; + 25% i 26 ~ 1 97 ! ? 23 84% 19% 83 48 67 18% 97 21%, 83 % I 19 i 80%! 47% 67 is ; % % % ? % - % + 1% 29U 41*1 42%[? 1% % Year to date. lU-il. ,i r-Clo?in?.-, ;Uiv.| Hlgli.l Low. | Bid. ! Auk. In*., S:tl.?. 1 1922. 1921. 39-0. 2.108,605 52,892,902 95.142,279 |Open- ; lllgli-T Low-1 <"los-| f*'*1 | wig i eat. I ??t. I Ing. ICh'nge. 7V41 4%: 6%: 5%| ..I 30V! 22 : 29%I 30 j .. 59%| 52%: 58% i 59%! 4 51 Vi ! 34 % 60%' 51 | .. | 102%| 90%1102 I102%| 8 111 : 61 |.'.07%|108% .. 32% 2544s. 31%: 32 j .. 22% [ 15%! 22% i 22%! .. 171 jllO (141 144 ' 6 57%: 44 55% I 56%I .. 34% 26%} 82 ! 33%: ..j 35%| 26%! 33%i 34 i 2 65% 56% 62% 61! 3% 113 | 91 111 111% 7; 18% 11 17% 17% .. 3 3% | # : 12% 12% i 1 51% 36 i 49 50 1M% 10X 118 12U 7 49 % 25%: 46% 4f% 85% 68%1 85 85%! 7 79 54 78 79 7 91% 72 ! 91 95 , 6 64% 57 63 64% 4 -3% 15%; 20% 21 54 33 , 52 62%; 7 *69% 41 67%' 68 4 43%: 32 38%; 40 1% 11 i 3 8% 9 .. 50% 17 39% "14 I ..! 32 i 5% 27 29 I .. I 67 1 35 63 63% ? 6 ? 4 20%! 31 31% 21 26% 5%j 18 19 21 % 22%| 29% 30 ..: 69 46% 68% 69 21% 11 20% 20% | .. 121% 101 120% 121% 8 21% 13%l 17% IX 1 135% 106% 131% 131% 12 29% 25%. 29% 29% 21 16 11%, 14% 14% 1.20 89 2 7%/ 38%! 38% 13%j 5 12%: 12% 19% 10%, 20 22 I 7 20 : 10% 20 22 .. 10% %! 10 1 10% . . I 17 7%| 16% 17 .. 41%I 24% 41%, 41% . .! 251,^; 16 i 24% 24% 59%! 43%' 58% 58% I 72%: 63 i 70% 70-% 22%: 12 22% 22%' 34 | 19%| 30%I 31 | 21% I 10%! 19% 20 , 145 ; 123% i43 145 4%| 1 : 3 il 3% 43%! 30% 41% I 41% 91 i 81 '89 : 90 94%; 85 ! 92 i 92% 16 I 7 I j3 I 15% 6%' 3 I 5%! 6 I 18%l 13%| 1" I 17% 69 54% 67 j 68% 92% 72% 91 91% 68 ; 51% (.6%: 67% 73%; 61%! 71%! 73 35%! 28 33%! 34 ,2 61 I 53%; 59 ! 61 29% i 12%| 28% ! 28% 30% 19% 28% 29 20%I 8%, 19% i 19% 10S 96%;107%!107% 60% i 44% I 55% 60 43% | 38 i 42 42% I 8%! 3%1 7%: S 1 82% I 74%| 76 I 77% 14% j 11 ! 12% 13% I 3% I 2% | 3 3%l 9%' 4% I 8% 8% I 20%| 12%; 18% 18% i 143% 1116 !1S5% 140 | 16%! 9% I 14% 14%) 3* ! 24%l 35% 36 12%l 6%j 12%! 12% 73 62% 72% 73 60 44%| 57% 58 66% | 48% I (.3% 63% 59% 44 | 56% 56% 12 ! 7%I 7%' 8 17 I 11%' 14% 14% 43 33% 41% 41% 11 % 6 % ' 10 % 1 (l % 87% 59% I 87 S7%' "1 19 SO % 30:,i 68% r,0% 67 68% 76%: 63 ! 76% 77% 50 ! 31% 39% 39% 102%! S2 I 92% 94 % 89%I 28% 29% 40 24%! 13% 24 ' 24% 49 ! 27% 46% .7 9001 Kan & Gulf... 29300 Kan City So.. 1400:Kun C ?o pf.. 1700o;KeUy Spr Tire 200 Kel ST 8pc pf 200 Kelsey Wheel. 3000 Kennecott ... 26500 Key Tire & K. 100'Kresge tS S). 250i? Lack Steel ... 100; L E & W pf.. 1700(Lee R & Tire.. 2900'Lehigh Valley. 1001 Lima Loco ... 7200, Lews Inc ... 8001 Loft Inc ?>-? 27% 58% 51 % 102% 5%! 30 % 59% 51% 102% 5%i 5%: .. 27%' 29% + 2% 58%) 59 1+ 1 49% ( 51 | .. 102% 1102%! + % 107% 107% 107%!107% - 32 S 32% 31% 32 | . 21% 22%! 21% 22%! + 143 1143 i 143 143 |? 56%l- 56% I 55% 55%'? 32 32 | 32 32 |? 34%j 34%] 33% 33% ? 62%' 62% 62% 62% + 111 111 '111 111 ? 17% 18%! 17% 17% + 12% 12% 12% 12% % 1% 1 600 Looxj Wiles B 19% 49% 49 49 85% 79 91% 64 21% 54 68 40 8% 38 39 10= 10% 58% 60 63%. 68% 63 %' 64 6."% 71% 72% 31% 3 87 ! 90 I ?l 22%I 22% 1%' 82% 82% --I 35%' 35% ..[ 40% 1 41% 7Or 90 ! 90 % 6 i V 34 32% 8% 57% 35 % 23 90% r I 6 2.3% I 14% S3% 63 o ?> % 2 4 42 % I 36 90 s* 66 %' % 129% 105% 128 -128%' 43% 30%, 39 ' 39% 38% j 29%: 33% 33% 102%! 99 102 102%! 17 13% 16% 16%' 80%! 71% 78 ' 78%' 4.8%| 43 ! 43%' 44%j 61% 45% 48 ' 48%' 42 24 32% 41 25% 32 1 % %! . . 9%I 4% 8% 59 | 46% i 57%, .. _ 87% 74 S5 I 85% 48%! 43 47% 47U. 21 I 8% 17 ! 19 I 66 47% 62% I 62 % 41% 17%! 40 40% 14%1 12% 1 14%, 14% 31% 20%: 30 30% 32 % 20% 31% 32 48 , 32% 47%' 48 24%: 11%: 22%! 23 4% 1% 3%| 3% 10 2%! 8% 8%' 14%, 3%l 13%, 13% 77%! 76%' 77 23% 10% 13%: 14 | 9%! 7% 9% 9%' 47%: 35% 45% 46% 34%! 18% 32%( 32% ! 46% 3443 44 91% 78% 90% 90% 25% 17% ' 25%!.25*. 59% 45% I 58 59 91 : 83% | 89 90% 184 |169 17f 179 115% 113%! 114% 115 109 91 % 10?% 106%. 42% 24%! 40% 41 59% 35% 56%! 56% 124% 79% 122% 122% 10?% 1100 :109 110 6%' 4%; 5% 5%l 39%' 26 ! 36 ! 37% 5 ! 3% I 3% 3% 12%! 9%[ 51% 12 48%: 42 ' 45%! '16 5.20 46%' 38%' 43 > 43% f2% 30%! 23 ! 28%! 28% I l! 36 ! 24% 3E%i 35% 415 I SIS 365 '430 25%; 14 I 24% 24% ; 71% 58% 69% I 70 95 I 88 | 91% 98% 32 ' 15 I ?l 44% 27 13 31*1 43% 13%' 7% 11% 11% .. 50%! 32% 49% 50 3 11 % .??' fi I 66 ' 6 22 I 17% 10% 21 140% 125 138 % 128% 10 105 102 104 105 7 35 I 25 ? I ! 35 ! . , "3 60% C9 70 148 119% 141% 143 ? 15% 14% .. 19%i 7%' 16%' 16% . . 3(5%| 20% 31 .12 86% I 43% I 51% 51% .. 38% 16%' 35 35% 70 50 68 69% 5 30%! 2%' 5% 5%i .. 49%: 37 1 4T 49% 96% 90 : ! 1 95 7 67 55%' ft 66 % I .. 67%! 51%! 65%! 66 ' .. 106 I 99 |103% 104% * 42 ! 32%: 40 ! 40% .. 100% 82 ' 98% 98% I 6 118% 114% 119 120 7 46 45% i 45 15?">, . 68 ! 60%! 6566'^ 2 17%1 9% 16'i 17 45 30% 42% 4", 86% 2 7% 34'..' 31% 82 67 77 % 7f> 91% 42 52 18% 6% 13 13% 3001 Louis & Nash. 121 6300 Mark Tr Inc..! 48 1000 Mack Tr I l pf1 85% 400 Muck Tr I 2 pf 79 j 300 Mackuy Coa... 91% 100 Macgays C pf.1 64 200'Malllnson & Co 21% ' lOlOOlMan Elo Guar, 50 1300'Man Elec S...1 68 1300, Man hat Shirt. 39% 100;Market St Ry.l 8% 100 Mkt S R 1st pf 38 ' lOOIMkt S R 2d pf 27% 27% 500 Mkt SRpr pf.: 62%, 63% 33001 Mart-Parry ... 31% 31% 700 Mailin Rock..i 17% I 19 5600 Marland Oil... 31 31% 3100iMax Motor A. 68% 69 500(Max Motor B. 20% 20% 300 Mays Dept St. 121% 121% 1800 Mclntyre For. 18% 18% 17600 Mox Petrol ... 131% 132% lOOOiMiami Copper. 29% 29% 7300 Mid States St. 12300 Midvale S & O 2100 M ft rft L now. 200 M, K & T war. 1500 M.K&T war pf 700 M, K & T 37300 M. K & T W i. 121% 121 !l21%j + 1% 48 I 46%! 46% I? 1% 85%: 85%; + 14%; 38 : 11% i8 : 19% 9% 1 ?> %' 79 91% 64 20% 50 67 39 8% 38 27% 62% 30% 17% I 30 I 68 Vg 1 68% 39% i 19% ? 120% 120% 17%: IS ? 130% 131 % ? 29 % j 29% ? 14%, 14% + 37%; 38%; 12%| 11%! 12%! + 18 18 I 18 ? 20 19%; 20 ' + 10% 9%: 10% 15 38% -r 4 79 |+ % 91% + % 64 ? % 20% ? % 52%,+ 3% 67%'? % 39 ? % 8% ? % 38 ? 4% 27% 63 ! 31%j 18% + 1% 30 !? 1 1% 3% 1% 6500 7700 2400 Mo Pacific pf. 200 Mont Power... 10500 Mont W & Co. 200|Mullins Body. 3800.Nat Acme ... 500 .Nat Biscuit .. 300| Nat C & Cable! 140001 Nat En & St.. 2001 Nat E & S pf. 400'Nat Lead .... 700|NRR of M lpf 2300 NUR of M 2pf 1400!Nevadu Con C 100 N Orl, T & M. 2500 N Y Central.. 700IN V, C & St L 200|NY.C&SL 2 pf. 1900i-N Y Dock SOOiN Y Dock pf.. 47600!N Y. N H & II 1300iN Y, Ont & W 100 Norfolk South. 1600 |Norf & West. 3100' North Am Co. 700 North Am pf. 7300 North Am rts. 1700'Northern Pac.. 200]Ghio B & B Co 3800!<>kla P & Kef. 300Ontario Silver. 300!0rph Circuit.. 17 ! 15%: 17 1+1% .119/ j on 1. A t.V .*}\L M.K&T pf w i 89% 41% 39%: 11% + 2% Mo Pacific ... 24% 25% 24%! 24% + %. 58% 59% 70% 70% 22% 22 % 31%' 31% 18%| 21 % 144% 144% 58% I 58% 70 j 70 ? 1% 21%I 22%!? % 31 ! 31 1?1 18%| 20 1+ 1% 142% 1144 I? 1 3%; 3%!? % 41%l+ 2% 89%j+ 4 % 98%! + 3% 3% 39% 41% 39% 89% 89% 89% 92% 93% 92% 15% 15% 15 ! 15%l+ % 6% 6% 6 16%+% 17% I 17% 17 j 17 !? % 67% 67% 67% I 67%!? % 90%! 91% 90%! 91 | .. 66% 66% 66 ! 66%,? % 73 | 73 73 ! 73 ! .. 34%1 31% 33 I 34 !? ?% 60%! 60% 59%: 60% ? % 29 ! 29 27% 28% ? % 28% I 29 28% 28%! .. 19% 1119% 19%! 19%:? % 107% ! 108 jl07% 107% !? 59 59%; 60 42 i 42 | 42 7% i 8% 77 | 77% 12% ? 13 3% 3% S%l 8% 18%! 18% 8| 100 Otis Elevator. 1140 !140 300;0ti? Steel ISOOlOwens Hottlo.l 150001 Pacific DeveL.I 16001 Pac Gas & El.| 80001 Pacific Oil ...I 4200 Pan Am P & T 2100i I'an A P ft TP. 400 I'an'dle P & R 600'Par & Bing...' TOO Penn R R i 77 12% 3 8% ( 18% j 140 % 4100|Ponn Seab St. 10%. 100! Pimples Gas ..' 87 2400 Pore Marq ... 30%1 900|l'ere Marq pf. 68 100 pere M pr pf.. j 76 1300 Phi la Co 88% 100'Phillips -lones.' 94 \ 7000 Phillips Petrol! 38%' 4s00 Pierce Arrow..' 24%. 1100 Pierce Ar pf.. 47 I 28700 Pierce Oil 9%' 10%: 2900fierce Oil pf.. 55 I 59% 9% i + 42 | 8 I 77 j 13 I 3%i .. 8%i+ % 18%!? % 140 I .. 14% I? % 35% ? 1 12% + 1% 72%;+ % 68 ? % 64%: C4%; fi3 63i^ _ u, 57% I 57% 56%' 56% ? % 7 % ? 7 % 7 % 1 7 % 14%' 14% i 14%: 11%: + 42 I 42 I 41%i 4 1 % 10% 10%! 87 30% 68 14 % | 14%! 14%| 37 37%! 35%! 11 I 12%: 11 ! 72% 73 | 71%! 58%' 58%! 57% 7% 14% 42 ! 10% 87 I 30%) 68%' 76 1 39% 94 I 39%! 24%; 47% % I 7 87 | .. 30%; .. 68 .. 76 ! 39%!+ % 94 + 1. 39%;+ 1% 24%:+ % 38% 94 38%' 23%' ?*?%! -? 9%i 10% + 59% + 3"i 10400 Pitts Coal Of PI 62% 63%i 61%! 63%!+ 1% 1900'Postum Cereal 72%! 72%! 71 %! 71% I? % 5200' Pitts ft W Va. 34%! 35%: 34 ! 34%!+ ?% 200!Pitts & W V pf! 90%! 90% 90 ! 90 ' .. 9800 Pond Cr Coal.. 22%' 23%' 22%' 22%!+ % 600 Press Steel C..I 82% I 82% 82%: 82%!? % 27800 Prod & Ref.... 33% 35% 33%; 35%'+ 2% 200!Prod &. Ref pf. 40%! 42%' 40%i 42%!+ 2% 1400 Pub Serv N J.I 90% 90-'1h' 89% 90% ? % 2900 Pub S N J rts. % % % %! 2600 Pullman '127% 128%'126% 128%! + 400|Punta A1 Sug. 39 39% 39 39 !? 3800 Pure Oil 33% j 33% I 33% 33% ' ? 200!Pure Oil pf.... 102% 102% '102 ! 102 !? 3000 Rajr C011 Cop.. 16% 16% 16% 16% 3200'Heading ; 77 1 78% 77 : 78 + 100 (trading 1st pf 44% 44%! 44% 44%? 100 Reading 2d pf. 48i,? ; 48%, 48%! 48%: + 500 j Rem Typo 31% 32% 31% 32% + 2800 Reploglo Steel. 32 32% 32 32' %: 8500 Keplop'le St rt.? 1 1800 IJep Motor Tr. 8" 170o iiep Iron & St. 57s 3001Rep Ir & St pf: 8; 2400.Reynolds TobBl 4^ 100 Rolx-rt Rris.. . 17%! 17% 9100,Royal D N Y.. 61% 62% 800 Rutlund RR pf 41% 41% 800lSt .Io? Lead... 14% 14% 3300 St, 1, & San F. 30% 30% 1500|St Louis H W. 31 I 32 1600 j St L S W pf. .! 47% ' 48 100 Savage Arms..: 22% 500 Saxon Motor..! 3% 1600 Sral> Air Line. 8% 1000 Scab Air L pf.! 13% 5800 Sf?rs Roebuck 77 200 Seneca Topper 13% 100 Shattuck Ariz. 9%' 400 Shell Tr A Tr. 46 3360O Sinclair Cons . 32% 300 Sloss-Sh S ft l! 44 4600 Southern Pac.' 90% -1200 Southern Ry..j 25% 900 South Ity pf.. 59 100 Stand Mill pf. 90%| 1%. 1 : 1%,+ 8%. 8% 8%' ? 58% 67% 57% ? 85% 85% 85% ? 47% 47 I 47%; ? 17% 17% ? 61% 1 62% ? 38 1 40 j + 14%! 14% 29%: 30% + 31% + 48 + 22%;? 3%:? 8% ? 13% + 76% ? 22% 3% 8% 13%. 77%' 13% 9%' 46 I 33 44 ' 90% j 25%' 59 | 90 31 47% 22% 3% 8% 13 75% 13%' 13% 9% 45% ; 31%' 44 ?o%: 58 90% 9' 45%, 32 % 44 90%' 25% 58 - 90 % - 178 1% 500!St Oil of N .1.. 179 % , 179 %117R 1500 St O of N J pf! 115% 115% jl 14% '114 1600'St Oil of Calif. 107 1107 106 106 900 Stew War Spej 41 i. 41 ! 40%' 41 . 1500 Strom ('arbur. 55% I 56 0456 62900 Studebakrr ...123 1S4% 121 122% 100 Studebaker pf. 109% 1109% . 109% 109% 3| 500 Superior Oil 1001 Superior Steel 37 lOOSweets Co Am! 3% 700 Tenn Cop & Cl 12 5500 Texas Co ....' 45% 4400 Tex Gulf Sulpl 42% 1700 Tea P C ft Oil. 28% 4700 Texas St Pac..! 35% 56 Texas Pfec L T 400 7800 Third Avenue. 23 1200 Tobacco ProdJ 69% 100 Tali Prod pf..' 92 200 T.Sf^iW ctfsB 31% 100:T.SI.ftWpf cfB| 43% 6200 Tranw',>n Oil..! 11% 100 Twin City R T 49% 100 I n Ha (r ft Pap 64 7600 1 Hlon Oil .... 20% 2800 I'nion Pacific. 13' 5%l 5%' 5% j .. 37 (37 | 37 ! 3%' 3% 3% | .. i2 1 11% 11%: - a, 46 I 45% 45% + % 43%: 42%: 48%I + % 28% I 27% I 28% .4- % 35% 34%! 35 |+ % 410 ;390 410 1 + 10 25%| 23 24%;- 1% 70 | 69% 69", r- % 92 I 92 92 - 31% 31 %1 31% r %* 43%: 43%, 43%'-- % 11%' 11%' 11%? % 49%' 49% 49% - % 64 I 64 64 - 2 21% 20 % 20% - 13h% 137% 138% % 100 i n Tank C pf 104%! 104% 104%1104% 700 I "nit Alloy St.- 34% 34%' 34%! 34% 69 69% 69 69% 142% 142% 142% 142% 16% 16% 15% 15% 16% 17 | 16% 16% 82 32 32 3.' 51% o2 51 % 51 Tj|' 35%; 35% 34%' 35 ' 68% 6H% 681.. 68% 5%! 5% 6%i 5% 48% 49% 48%' 49% 92%' 92%: 92% 92%' 65 65% 64T(i 65 66% 66% 65-% 65% 500 i nit Drug Co 100'I'nited Fruit . 1001'n Paper Hi I. 700 l 'nit Rj- Tnv. . looifn Ry Inv pf. 6HOO Cnlt Retail St, 2O001 f s C. T P ft F 100.CSCIP & F pf ?-?sooll S Food Pr.. 1600 1' S Ind Alco. 10011* S Ind Al i?f. 600 U S R A- Imp. 3500 r s Rubber... 100 r S Rub 1 pf. 104% 104% 104% ' 104% 400 IT ? S. R &? M. 41%' 41%' 40% 40% 20800 !' S Steel 98% 98% <?7%l 98% 900 1' H Ste^l pf..11?%lll9 118% 119 ?6% 45%| 45% [ 45% 100!f S Tobac 300 I'tah Copper..' 600 I "tali Secur ... 1900 Vanadium .... ?too Va-Car Chen. 40 \*-C 1 h pf - 1,5 300 \ .1 I run. 1' ft (' 1000 Vivaudou . ...' 65' 17% 42% 31% 77% 50 13 66% ' 17% 42% 34% 13% 65 % 16% L'% 34% 771; 60 ' 12% 66 % 16%' 42% 24% 77% 51 13% Continued on Following Page. TOPICS OF WAIL STREET. I'rnnkjlvnnin'M Dividend. The Pennsylvania iUtilroadV director* will meet to-day in Philadelphia for action on its quarterly dividend. Inter ests close to the company expect that no change from its 1 per cent, disburse ment paid in the last four quarters will be made. The road's management has stated that its first ambition is to restore | its 6 per cent, yearly rate and its earn ? Ings in the first quarter of 1922 have I been running in excess of th?t anuual rate on its stock, but operating econ omies are still being rigidly applied in the operation of the system, and. in the view of its managers, the company's roadway and rolling stock should be re stored to good condition before the div idend be increased. It Is believed, fur thermore, that the board will await the outcome of substantial issue;- affecting freight rates and railroad wages before taking up the question of a larger dividend. St. I.nnin-Sonllinpiiti'ii. The St. Louis-Southwestern Railway's earnings since the cessation of Federal : control have given rise to belief In more than one quarter of the financial com munity that the road soon will be In a position to pay dividends on Its pre ferred stock, on which there has been no disbursement since 1914. It is esti mated that its 1921 earnings were suffi cient to cover a 5 per cent, dividend ' on the $19,89:1.650 of its preferred stock ; with a margin of approximately $9 a i share to spare for its common shares. ] Operating for ten months without Oov- 1 emment guaranty In 1920, the Cotton j Belt earned the equivalent of SI 1.70 a share on its junior stock. In the first | two months of 1922 the road showed a surplus of $H4,485 after fixed charges against a surplus of $22,544 for the eor xesponding period of 1921. It is prob able that dividends will not be consid ered seriously, however, until the physi cal condition of the property be bettered. Its roadway and equipment were in more than ordinarily bad shape when private management was resumed in 1920. Columbia Uraphoiihimr. The market for the Columbia Grapho phone Manufacturing Company's shares has been featured lately by buying by | interests talking of the company's pro- ! posed entrance into the radio field. Two ? stories have been circulated. One I* that the company is planning consoli dation with a present big radio company, probably the Radio Corporation of America, and a combination of the busi- | ness Interests of each. The other story | is that the company will go into the radio field independently and that it is investigating several patents, from which certain apparatus will be sc]eef<d j for manufacture in its present plants. ' Such a step, it was said, would not , interfere materially with Its production of phonographs and would permit the j company to obtain a share of the earn- < ings available as a result of the wide- ! spread craze for radio telephone. Of- | ficials and banking interests 1ndentlfi"d with the company decline to discuss either proposal. Steel Jfer?er Meetings. Meetings of representatives of the seven Independent steel companies dis cussing a big consolidation are being held continuously In New York and l! was declared yesterday that negotiations were nearer conclusion. The rough waters of the valuation period have been navigated almost safely, with a minimum of friction, it was asserted, and present indications are that future negotiations will have smooth sailing It waj? pointed out, however, that there was an enormous amount of detail, tech nical and otherwise, which would have to be straightened out before any defin ite announcement could he made and it was Intimated that it might be months before the public would be given any thing In the way of official information concerning the progress of negotiations. AIIIm-C hiilmers. The Allis-Chalmers Manufacturing Company is booking new business at the rate of $2,500,000 a month, or $30. 000.000 a year. Its March bookings were more than $2,0(10,000, in contrast to less than $1,500,000 in January. Con tinuation of Its present rate of bookings will give the company earnings for 1922 considerably In excess of those of last years in which Its gross business was $24,685,258. and Its net earnings equiva lent to $4.07 a share of its stock. International Nickel. Recent, strength in the International Nickel Company's shares and yester day's move of 4 points in its preferred stock are said to be reflection of prac tical assurance from official quarters { that it* preferred stock dividend is safe j once more. Columbia (ia? anil Elfetrlo. The Columbia Gas and Electric Com pany's shares advanced sensationally yesterday on publication of the an nouncement that it won a complete vic tory In Its light for higher rates In Ohio. Tho turnover in the stock was around 15,000 share*, covering a rang- between 85V6 and 87%. At the higher flgxire the stock showed a net gain of points. The case in which the victory was won was in the Court of Appeals in Ohio, which denied a petition request ing an injunction restraining the opera tion of a new gas rate contract between the company and the city of Cincinnati. That rate, which became effective in I)eccmbcr for live years, provides for a price of 50 cents a thousand feet, with a sliding scale upward during the win ter, in contrast to a previous rate of 35 cents. Report* ? Hl l.SSO .?inrplii, The report of the Cerro de Pasco < 'up per Corporation for 1921 shows a surplus of $2,404,889 before depreciation and i!? plctlon. but after expenses, interest ami i taxes. Deductions for depreciation of plant nnd equipment and depletion of mines, however, were $5,09?,590, maklir.- j the deficit for the v<ar $2,191,701. Rc ceipts from snlee were $17.592,"SO and from dividends $160,093. Freight and passenger earnings were $1,173,035: op-j erating expenses, $9,946,053 ; < ustom ores at the end of the year. $2,808,739 ; taxes, $477,964 ; Interest charges, $635,570, and i dividends, $149,115. Inventories were I Written down from $7,00$,177 to j $4,357,183. I.Illle fbsncs In Money, The money market was in no way dis turbed by tiie Government's withdrawals of deposits yesterday. The call money market duplicated its movement* of Monday, the rate In the New York Stock Exchange opening and renewing' a,t 314 p*r cent, and advancing to 4 per cent. Just before the close. Trading In j time money was only moderate, both classes of collateral for all maturities <?p to four months commanding 4', peri cent. Prime commercial paper con-: tlnued to move at 4>', and 4 1 j per cent. The tiermmi t.nan. The acceptance by Mr. Morgan of the j invitation to go to Paris and discuss with European banker* the possibilities of a loan to Germany aroused consld- ; erahle discussion in banking circles as to > the size of the loan should It be put | through. Estimates of the amount of I German bonds that could he soi.i in this 1 country ranged higtii f than |100.000.nQft. j it was general 1 y believed that properly i to secure a large bond issue by i Hen on taxes or customs the Germans would have to lie tImwn more leniency hy t'te Reparation* Commission. It was ?<#?' serted font the Nm?rli"tn Sinking rep. resentstive vv otiitl have to Insist on r-r te.iii changes In th? reparations plan he. fore he could littrtge On,tn?ini support i^from the United Mates, T?X FREE LEGAL INVESTMEMT Amount Municipality Rgt? ?)*(? YI?I4 <ITV BOXUH*" 198.000 Rot hnlrr, N. X. 5 1B3S-45 4.00% 05,000 RurKrotrr. N Y. 4 1933-45 4.00% lO.tMMi Buffalo, N. V. f;]M1 4.90% 9,000 Hufrulo. N. V. 4 1941-42 4.00% 11,000 Sjrracuae. N. V. 4'? 1937-47 4.00% 5,000 Syracute, N. V. V ?? 1932-36 4.00% 53.0041 S,lienrctud>.N.V. 5'4 IS3O-30 4.05% 5.000 Schenectady,N.Y. 5 1833 4.05% 6,000 Schenectady.N.Y. 4'i 1938-35 4.05% 19,000 Rurlienter, N. V. 4'i 192* 29 4.10% 4.000 Sjrraraor. X. \. 4>, 108S-31 4.10% 3,000 ,\. I toe lit-lie, N.Y. 5 1942 4.l?*i 17,000 Schenectady.N.Y. 4'i 1927-31 4.1V,, 2.000 Biaghainlon.N.Y. 4V* 1988-89 4.10% 10.000 Mt. Wniwii, .N.V. 4'i, 1932-34 4.10% 15.000 Mt. \ ernon, N'.Y. 4'i 1087-JI l.l.V^ 4.000 Yonkrm. N. V. 4 1923 4.15% 5,24t Oneida, N. 1. S 1923-38 4.85% 8,000 tilmrrnvllle.N.V. 5 1933-30 l.l.Vi 13.000 I.aelcport, N. Y. 5 1929-31 4.15% 19.000 (ilotrrat'ille.N.Y. 5 198*-32 4.20% 10,000 Oloverailtle.X.Y. 5 1923-27 1.25% I ni NTY , TOW v A \ IIXAOE BOXDH ?4.(MK) .-carsdalc. X. V. 5 1938-45 4.8K; 12,000 l.iv'catn < o..N.Y. 5 1930 4.10% 4.000 .leffriVn Co.,N.Y.5 1940 4.10% 3,000 Herkimer, N. Y. 5U 1911 4.85% Descriptive circular? on the abort ishucs furnished o;i rrquent tor II 26 CHEIMMflUIJ) kJPECfAUSTS INI XUNIDFAL BONOS PHONJf i/TSVr HfCTOR 135 BROADWAY NEW YORK 5% Gold Bonds of Western States Gas & Electric Company Due 1941 To yield about 5.90% Increasing demands for utility services from a population in cxcess of 110,000. in 35 cities and towns of California, be sides extensive agricul tural and mining districts, insure the growth of this Company. Afor Circular A H-68 H. M. Byllesby and Co. 111 Broadway, New York New Haven Boston Frovidenc* Chicago Central New York Gas & Electric Co. Fir?t Mortgage 5s, due 1941 The mortgage securing these bonds was closed in 1916 when the Central New York Gas & Electric Co. was merged into the Empire Gas & Electric Co. Property covered is in Geneva, New York, and is valued on a pre-war basis at about 160% of the outstand ing bonds. Price 88 & int. To Yield 6.05% Inquiries Invited WC.Lan?leyS Co. Investments 115 BROADWAY. NEWYORK MEMBERS NEWYQRK 5I0CK EXCHANGE Richmond Terminal Railway Company First Mortgage, Thirty-year 5% Guaranteed Gold Bonds Unconditionally Ruaranteed bv the Richmond, 1'redericksburg and Potomac Railroad Co. and the Atlantic Coast Line R. R. Co. Pricc to yield about 5.20% CALLAWAY . FISH6-CO. J[emb*n\ y Stock Crchanqt 37 WALL STREET NEWYORK American Lt. & Trac. STOCK ?nd N0TF5 Am. P. & L. ( o. ( om. Com'ealtli P.Ry.Sc Lt. North. Ohio Fl. Pfd. (lent'l Petroleum (^>. Gillette Safety Razor Liggetts Intern'l A. National Sugar Rcf. STOCKS MacQuoid Coady Afrmhrrs iVtw York &to<k Kxchnnon 14 Wall St.. N. Y. "Rcctor W70" I Imperial Oil I.in i'rd C. C. lierr & Co. js ? Rrrinr St., N Y 67*1