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A ' $100,000 Virginia & Southwestern Ry. Co. First Mortgage Gold 5's Due Jan. "T, 2003 Outstanding the rate of $10,590 per mile. Followed by $5,000,000 Consolidated 5's, due 1958, which provide for retirement. Controlled by the Southern Railway Company through stock ownership. Price to yield 5.10%* \ ij prince 8c J0l|4telg I Established 117* Mtmltrs Ncto York Slock Exchange 1 52 Broadway New York Uptown Office, 565 Fifth Ave. I Carolina, Clinchfield & Ohio Railway Com. & Pfd. Clinchfield Coal Com. & Pfd. Bought-tBold?Quoted. J.K.Rice,Jr.&Co. riimioa 1000 to 4010 .lohn. .Tfi Wall Bt.. N. Y. Safe Bondsy&rmvestment ] HALSEY, STUART & CO. inc. 14 Wall Street j FAILURES IN BUSINESS DECREASE LAST WEEK Insolvencies Drop From 491 to 408 During Period. Another decrease In business failures In the last week Is noted In trade reviews. Insolvencies dropped to 108 from 491, in the preceding week, according to Daft's TIerleio. A year before the defaults were 333. Brcidstrcct'a declares that failures were reduced from 400 a week beforo tt> 374. In the corresponding veelc of 1931 they were 313. The Pacific coast was the only section which did not show a decrease. There wore last week 233 failures of liabilities of $5,003 or more, or 57.1 per cent, against 273 in the preceding week, In which the percentage was 56, and 185 a year before, when the percentage was 65.5. A decrease of four to sixty-one is shown by the Canadian failures. linn's 1U, view says: |"Several statistical exhibits of the week are highly significant of tho current business recovery. Records of steel output and of unfilled tonnage, which are representative industrial barometers, are unmistakably favorable and returns of car loadings disclose gains in general traffic. With these Indices supporting other evidences of economic progress, It is not strange that confidence Is increasing and that there is less hesitation lu forward operation." Bradatrcel'jf says : "Better weather and crop reports, the Southwest and lUWt'r \HI|ir>V l.'ALCjlLCII , JI1UIV activity in retail trade, though few sections report conditions better than fair; collections still on the slow side: industrial activities In April crystallizing Into numerous favorable measures of movement; a rather better trend of reports as to Kuropean trade and political conditions, chief of these being new high levels for sterling exchange, hut rather quieter and reactionary stoek markets, about summarize the week's happenings." 1,1 A B11, IT I MS INCREASE. WASirtNOTON. May 12.?TAablliUqs in- \ volved In the failures of business con- J ccrns In Argentina during April were : 1 fi,300,000 paper pesos, acording to today's report to the Commerce Department from Commercial Attache h'eely at Wuenos Aires. That amount, he said, was an Increase of 700,000 paper pesos, compared with those of Marrti, and CUIII|#??CU wiui uiyac v/i njun, 1921. O/L P/P? Z/tf? MINIMUM CUT BY COMMISSION Companies Must Accept 10,' 000 Barrel Shipments. Washington, May 12.?The Prairie, Indiana. Huckeye and Northern pipe line oomfjMinU's are required, under an Interstate Commeroe Commission decision Just announced, to accept minimum ahlp- 1 merits of 10,000 barrels from oil wells In Kansas, Oklahoma and Texas for pump. In* to tho Franklin and lacy stations, both In Pennsylvania. The former rules of the pipe tin* companies required a minimum of 100,000 barrels. This rule, as well as the rates 1 charged for tha service, was attacked In a complaint filed by Urundred Brothers, produceres and purchasers of crude petroleum In tha Southwest. The commission held that the rates were not un-1 seasonable. MONET MARKET. Vltl DAY, MAT 12. Renewals ,v?i I.h.i gu lllrh 3% Year's hlsli ti Low ,'IHIYear's low .1 TIMTK LOANS. Mlxrd collateral, 00 le 90 days, 414 Mixed collateral. 4 to 0 months 414 Industrials. 00 to 00 days 4t,*4H Industrials. 4 to 0 months 4Vt94Vt I w.^.Tiriu i/iii i^irnn, I'??t name*. 4 to 0 month* . gu i Other name*. 4 to 0 month* ?(] Pistol NT It AT*, IIK?KRVB RANK. (Commercial p?P**, *1B day*, n>: M to N **ys, 4H; Tdberty vonda and Victory not**, 15 d?y*. 4H: ! to R day*. 414; bankara' acceptance*, 15 to t>0 day*, 4H Fixed November 2. Prevlaua rata, , fixed September 21. OrUN MARKET tATEI. Call lean* and acceptance* S'i* Discount rate* on prim* banker*' acceptance* eligible for purchase by federal Itc>-erve bank*: Bid. A*k. Bid A?k ,10 day*. .'!'i .T?| 00 rt*y? 1', .11, tiO day* 3t, ?H|t20 day* .T, :p, mi-tRINH llOl'SK STATEMENT. Clearing lliume exchange*. l"2fl?'100,0no. balance*. |7k,l(l0,P<k>; Federal Roacr\e credit balances* MS.'.'oo.otw. SI I,VF.lt M ARKT.T. Offtclal bar silver In New York, domestic, P9%c., uncliangod; foreign, 70(*? , off >,< ; T.ondon, il.V.jd., oft "Jd.: Mexican dollais. MVtc., off Uc. Rang* of silver price* this year: Highest. T.n?r**t. T.ondon 33%d., Aprtt IS SSHd., Fsb. 2S Jsew York 70%c? May 11 &2?*c., Feb. 28 I FINANCIAL NEWS AND COMMENT Steel Merger Acts as Tonic to Stock Market?Steel Issues Soar. Tho stock market found in the unexpected Bethlehem - Lackawanna steel merger a powerful influence to check un- 1 settling factors which had been shaping priaes for a fortnight, and heavy dealings caused yesterday _? rapid re- j treat of tjie short Interest In many dl- | rections. The steel stocks naturally oc? ' cupled the center of the stage with gains of 2 to more than 12 points, but j buying broadened out persistently after | the first half hour of business and at the : end of the session there were many advances of more than a point among Industrials. The speculative community always is Impressed by dramatic developments. The latest merger, by itself, reflects producers' desire to diversify their output, reduce overhead costs and intensify selling campaigns j more than the* certainty of large busi ness and good profits In the near future. Mergers of themselves will not Increase business, but buyers of stocks were content yesterday to make use of the excitement of the moment and in consequence the short interest found the going exceedingly rough. The effort to guess the terms which Lackawanna shares would enjoy in exchange for Bethlehem stock carried the former up to 7 points more than Thurs days rinai quotation in me opening saie and 5 points m^re wore added later. So sharp a movement suggested that large blocks had been accumulated In advance of the merger news and that made It all the more difficult for the shorts to extricate themselves. The many rumors of additional consolidations 'which filled the brokerage ofices were natural accompaniments of the big event and the fervor of speculation was abated In no way by Senator La Follette's successful effort to have the Senate Investigate/ the proposed consolidations. With the United States Steel Corporation's experience with the Sherman law as a precedent the financial community Is not easily depressed by legislative Inquiries. The strength of stocks edged over into the bond market, special demonstrations being made by Lackawanna Steel Ss. which advanced 2 points, and several agricultural company Issues Although most of the gains were fractional, the slight movement was noticeable against the background of featureless bond market business since mid April. The easy money situation probably helped runaea securities as much as did the buoyancy of stocks, as Federal Reserve figures for the week showed pretty clearly that with May 1 transactions out of the way liquidation of member bank loans was progressing again. Tho reserve banks hold more than 13,000,000,000 of go>d, a new high record, established In the last week. | The conversion of many millions of hank loans to corporations into bond Issues during the last six months, a process still going on briskly. Is Rctlng to transI l'er a large part of the loan burden to the public. That tact should not be lost sight of when explanations are sought for the contraction of loans and currency at tho same time that buriness demands for funds are Increasing. Call money loans were renewed at 314 Per cent., the lowest figure In several weeks, and the afternoon rale was 3 Mi per cent. The foreign exchanges sacred slightly, 3 but made no noteworthy response to news that France in effect had broken oft further political discussions with 1 Russia In Genoa. Wheat quotations 3 quieted down as compared with Thurs uuy b MiiruiK nisrxci ?nu coiion leu on with only slight changes. FOREIGN EXCHANGE. FRIDAY, MAY 12. 1022. GREAT BRITAIN. , Parity. Thurs| 1.8648. Sterling: Friday. day. May 5. . Demand $4.44'4 $4.44% $4 41% 1 Cables 4.441i 4.44% 4.44% Hankers, HO dya 4.41% 4.41% 4.42 Bankers, 10 dys 4.40% 4.40% 4.40% \ TUB CONTINENT. 10-30 France, cents a franc: Demand 0.1" 0-.13% 0 16% | / Cables 0.10% 0.14 0.17 10.30 Relglum, cents a franc: I Demand 8.30 8.33% 8.38% Cables 8.30% 8.34 8.39. 19.30 Switzerland, cents a franc: Demand 10.27 10.27 10.81 Cables 10.29 10.29 19.33 10.SO Italy, cents a lira: Demand 5.25 0.3(1 8.36 Cables 6.23% 6.30% 5.36% . 23.80 Germany, cents a mark: 1 Demand 34% .84% .86% Cables 34% .34% .30% 26.80 Sweden, cents a krone: Demand 83(13 25.87 25.85 Cables 25.70 2.7.62 25.90 26,80 Norway, cents a krone: Demand 18.63 18 60 18.60 Cables 18.08 18.05 18.63 , 26.80 Denmark, cents a krone: ' Demand 21.25 21.25 21.20 Cables _.21.30 21.30 21.25 19.30 Greece, cents a drachma: Demand ...... 4.20 4.30 4.63 Cables 4.28 4.35 4.57 19.30 Spain, cents a peseta: Demand 16.54 18.52 15.53 Cables 16.36 15.54 15.55 40.20 Holland, cents a florin: i amana w.wi iin.p.: iju.iin Cabin* 3D.<4 38.57 38.4p | Bl.M Ruult. c?nl? a rulila: 500 runlea 0714 .07% .07 I .%?*) ruble* "7!? .07% V07% 20.80 Austria, canta a crown: Daman* 01% .OtU .01% cablea 01% .01% .01% 23 80 7*olan<i, cents a mark: Demand ir.1% .02*4 .02V4 Cubic* 0384 .0284 .0284 20.30 Hungary, cent* a crown: ivmand 12% .1274 .13 i Cable .14 .14 20.30 Jugn Hiavla, cents a crown: I teiuatid 30% .30*4 .3084 Cablea 37V. .37% .37". 19.30 Finland, cents a mark: Drma.nl *.10 2.00 2.10 i "ahles S.I I 2.10 2.11 20111 Cae< lio HlovaWla. cents a crown: Demand 1 in 1.021* 1.1)4 Cables 1.01 1.9314 1 or. 10 SO llumanla, canli a leu: _ Demand 70 w 0 .70 Cable 71 .71 .71 |4 40 Turkey, cent* a pound: ivmand oo.oo on.no on no Cable 71. 50 71.00 72.00 MR KAHT. 100.33 Shanghai. cents a lael: Demand 70 S.-. 74.27 70.87 shies 78.75 18.75 78.75 78.00 Hongkong, centa a dollar: Demand 37.3114 r,7.0214 77.0214 Cables 81.75 58.00 58.00 48 80 Bombay, centa a rupee: Demand 28.25 28.25 28 70 . Cables 30.5ft 20.70 38.70 * 49.84 Yokohama. cents a yen: Demand 47.25 4 7 2.7 47.3714 Cable 47.50 47.6214 MM TH A.MKRICA. 32.41 Bin de Janalrd, rente a mllrela: . Demand 13.04 M.nfl 13,75 1 Cable 11.1214 13.81 42.45 lluenna Alrea, renin a prao: 1 Demand 841.371a 30.31 38.3714 Cables 311.13 ' 36.3714 36.43 103.42 Urvtuay, centa a dollar: Den.and 70.87H, 70 87'4 80.m? 1 Cables S4I.IKI 80.00 80.1214 30 50 Chile, rente a peso: Demand 11.fat 11.1714 11.31 Cablea 11.5(1 11.43 11.3114 CANADA. New Tnrlt funds In Montreal. 811.11 premium a $1,000; Montreal funds In New York, I $11.50 discount""* 11.000. _ THE NEW Y( Day's sales < r,?'"r: ? l r-cioains.-, intv.i I HlSh.l I.OW. | Bid. | A?k. jln?.| Halea. | 18% 13%~itt% 17 .. 700[AJax J % % % % .. 11001 Alaska 1'4 % 1% 1% .. 1700|Alaska 69% 55% 68% 66% 4 1800lAllied 53 37% 18 49 4 300|Allis ( 100 86% 97% 97% 7 300|Alli9 C 41% 29% 38% 38% .. 300 Am A, 70% 55% 65% 66 .. 200iAm A; 44 31% 39% 40 .. 400; Am 11. 49 | Sl%' 43% 44% .. 7001 Am Bi 50% 82% 47% 47% .. 3300 Am Ct 164 141 158% 160 12 500;Am Cs 14 7 12% 13% .. 700 Am CI 27% 19% 25% 25% .. 1200!Am O 6% 4% 5% 5% .. 500jAm Di 17% 12 15% 16 .. - 100 Am H 72%l 58 67 68 .. 300,Am 11 114%I 78 104% 105 7 1100;Am Ic 82% I 72 80% 80% 6 200|Am Ic 48 I 38% 44 44% .. OOO'Am It 13%I 9% 12% 12% 1 17001 Am U 36% [ 29% 32% 33 .. 600' Am I, 117% 102 114 114% 6| 37001 Am Ia 118 '112 Hl? 1117 7 2001 Am I, 99% I 82 07*41 97% 4 1300 Am R 8%1 3% t%! (>% .. 500 Am Su 1814; 514 16% 17% .. 1100\\m SI 59% j 43% 57% 58 .. 1500'Am Sr 98% i 86%! 97% 98 7 1400 Am Sr 40% 30%i 38% 3S% 3 3800.Am Hi 76% 54%. 74% | *4% .. 800|Am Si 36% 23% I 33 34 .. 1400'Am Si 124% 114%ll21%ll21% 9 2100!Am T( 144% 129% 135 % 136 J2l 1100'Am T 139 126 !135%l136 121 1500!Am T< 102% 96% 100% 1101 % ' r: 500! AmToI 95% 78%; 91%; 91%' 7I 2600'AmW 108% 102%1105%'106%! 7! 100 Am \\ 19% 12%! 17%: IS .. 900'Am Z, 44% 36 I 44 ) 43 1 . . 200lAm Z, 54% I 47 52%! 52%! ..! 6100'Anaco 57%| 4ft : 54%i 55 I 4[ 300'<\sso I 84 75%f 83 84%! 7 200'A llry 135%' 99 1125%! 126 I 6 2500'Asso 102 91%' 99 | 99% fit 1600'At, To 91% 85 ! 90%! 91 I 5 500'A. T ? 103 93 101%|102 7 100 Atlant *1& 2%! 3Ji 4 ..! 2600! Atlant 12d 120 1124 i 128 12 lOOIAtlas 38% 23% 33 35% ..] 400[At, Gi "I^i 24%| 25 ..| 200'At, O .'8 9%| 24%f 25%! 300!Austin 120 92% 116% 117 J 71 15200' Baldw AQ1AI OOU I a r ns ' ao ! I ^ a !?-?_?.. ??7Z tu*74 to **IMJ IKI.'t tV 61% 52% 60% G0%! 4 300 Bait & 56% 10% 44% 45 ! .. 1900jBarnix 30 19% 31% 32%! .. 600 Barn6i 1% % % l% .. 8001 Ba topi 60 33 45 49 .. 100 Bayuk 70 j 51 77% 77%' 5 2300 Beth 101 I 9074 94 99 I 7 200 B Stet 114 104 112% 114 ! 8 100 B Stl 82% 55%: 81% 81%! 5 58400 Beth i 274 74 . . I .. .. 480 Bkn 10 2974 19% 26% I 27 .. 100 Brit 17 110 100%' 107 1108% 8 100 Bkn ) 27% 6% 25% i 26 .. 2100|Bkn 1 23% 5% 22 ! 22% .. 60015 11'! 106% 70 101%|l03 .. 300 Bkn 1 51 42 45%[ 47 .. 200jBrown 9274 70 89 90 7 100 (Brown 474 2% 4 I 4%| .. 100 (Brims 138 115 133% 133%! 10 500 Ifurna 43% 28% 40%! 41 2 800|B'urns 34 26 26%! 26% ..| 400lButter 7% 5% 6%! 6% ..I 100; Butte 3 1 74 : 20 % 30% ( 31 .. 2200'Butte 1574! 10% 12%! 1274 400 Caddo 80 74 6.8 7 8% I 79 6 200 Oal T 597.4.! 43% 56 | 56% .2100|Cal Vc 8%| 5%j 7%! 774! 3200lCallah; 145 |119% (140% (140% ( 10( 2400(0an 1 40% | 29% 37 37% ..( 2000'Cent 74 63% 09 70 I . . 200(Cent I 3 7 74 32 % 36% 37% ..I 200 Cerro 79% 47% 73% 74 c( 3200 Chanil] 6674 54 64741 65% 2 1J0O Ohesa 9% 1% 7% I S .. 200 Oh if 1974 3% 15% 16 .. 1000 Chic & 3974! 12% 3774 38 .. 1100 Ohic 1 9% 5% 8 J 874 100 Chic ( 23% 14Vi 21 I 21% ..I 600ichic < 29% 16% 25% 26 ..I 1200|C, M S 47 26 41 % 42 .. 2800J(M i 76% 59 73% 73% 5 600 Ohio ? 48% 30% 4234 43 I . . 4900 C. R] 83% 70% 81 82 ( 0 600 C.RI& 97 83% 95%I 96 7' 10<)!C,R1&] 20% 15% 19%, 19 i. ..I 2400jOhilo 29% 25% 27% 28%' ..I 1100 Oblno 60% 43 83 I 55 j ..) 100 Cluett. 58% 41 57% 57% I 4: 3300 Coca-C 35% 24 35% 35% ..I 6500'CoNYi 53% 28 47% 47% j 3 301) Col & 8934 64%, 87%! 87% o 700 Col (la 5% 1%^%! 4% i .. 4400 Col Or 79% I 66% 61%; 65 4' 7400)Comp 30% 18% 25 (29 I .. 100 Consol 20% 85 116% 116% 7 1900 ConsoI 15% 12 13 % I 13 % ' SCOO'Consol 69 45% 65 66 . . COOiConti ' 08% 91% 100% 1100% fH 3500Corn I 17 111 116 |117 ! 7! 200Corn I 45% 31% 43% - 43% 12% 8700iCosdm 75% 52% 75*41 75% .. 44600 Ciuotb 95 80 94 95 7 100 Crnclb 26% 14% 20% 21 .. 1300 Oilman 91% 78% 92 94 7 300Cutxin 19% 8% 15% 15% .. 7601Cutia I 40% 15% 33 33% .. 700'Cubfi ( 65% 48% 58% | 58741 .. 5000iDaviHo 23% 15% 20%! 21 | .. 200;DeBeei 22%1106% 121% 122 I 9 lOOjDel & 19%1110% 116 |117%! 6 ^OOlDol, % 08T4 100% 1106% 1107% I 8l lOOlDotroil 28%! 18i4| 27%| 27% l! 800'Dome 77%! 76%! 77%! 77%! 6 lBOOiEaat l< .79% [125 >168 ! 172 1 32! lOOjEloc S 22%! 14% I 19 | 19%! ..| 100 Elk Hi 9 I 2*41 7% I 9 I .J- 3001 Em'r 3 87%! 76% i 82 I 82%' 5 1000lEndicc 12-!41104 1110% 111%! 7 100!End! J 14%: 7 i 1274 Iff%l .. 20001 Erie . 25 I 11%! 21% 22 ! .. 2300|Erlo 1; 1674! 7% 14% 14%' .. 200!Erie 2? 85%I 75%' 80% 80741 8 2400 Fam I 99 ' 9t%! 93 94%! 8| 100 Fam 1 46% I 37 I 42% 44 I 4 200! Fed M .27%' 75 1115% '116 i 10i 104 Fisher 19% | 11% 18% I 18% .. 1500 Fink 1 20%I 12%! 1S"H! 18%! .. 4900!VYeepr 1 %!>-. %| %! %; .. 800 Gas. V 6 7 74 ' 46% I ?3 ' 65 3 200 Hen A 67 ! 55%! 61%; 62 ' ..I 1200|Oen A 76% I 65 I 71%) 72% 6| 100)aen CI ,66%'136 162 % '162% xl2l 300lGon ! 13%l 8%' 12%' 12% 8100 (Sen ?l 80 ! R7U ! si I..1 SI I.. C ''An nan \i 05% I 79%j 91 91 % 7! 100|GM do 42% I 34 %' 40 I 40', I ..! 200 Goodrl 30%! 2G ! 38%! 2S-"m ..| 6200 Oranb' 19%i 12 I 17 I 17Vi 400 (Gray i 80=441 70 V? I 74V4 i 74^ 71 1900'Great 45%! 31%! 41 I 41 *<?! 4:136000 Great 32%| 25%1 30 I 307*! .. 200iGreenr 18%! 5 1S ?/4! 14%! .. 10?WGiilf, 9 39%| 16 35 ! 37 I .. 200 Gulf. \ 90%! 44% 84%! 85%| .. 16700 Gulf H 3%l % p- I 2%I .. 300JTablrs 32% 15 19 I 21 ! .. 200 Hentlci 19% 10% ]8%! 18% i 1 1000' Hupp 9% 3% 8% I 8% .. 8700'Ilydrni 83% 70 78 I 78141 1200'llonstc 09% 97% 103%' 103%1 7 1000(111 fen 4% 3% 4% I 4% I .. 1200 In<Mah< 10 ! 5% S ! 8%' .. 100!Indian 42%! 37% 40%l 40 % I .. OOOiInapIra 5 11 2% 3 I .. 2300!tnterbi K'%1 3%' r?%! fi ! ..I 7100' fnterlv 11%! 7%I 10%, 10% ..! 500!Int An 43 % I 33 ! 39 '41 | ..! 10<) Int An 38% t 26 36%! 37% 2% 1100 Inter 28%I 22 25% 26 I 2' 1300 Int Go 98 ! 79% 97 I 98 I 7,1 (00 Int H* 27% 13% 23% I 23%! .. ltOOlliit M? 87% 62 % S3 % I 83 I 6 2300|lnt 31 19% 11% 17% I 18 I . . 4700 Int Ni< 54% 43% 50% 60%: .. 3200'lnt J'a 71% 59 67 ' 68 J 6 200 hit V 20% 12% 17%| 17%' .. 2400'fnvlncl 35 24 30%! 32 f ..I 6500[Iron P 3 j %[ 1% 1 % I .. 10600! Island 22%! 10 I 20% 21 800[jewel 73 ' 38%| 71 71% .. 300'Jewel 43% 31%' 41 % 12 .. 200!.lonoH 7 % | 4%) 4%| 5 .. 1800' Ramon 30% 22 | 27%! 27% .. 2100 Kan C 59% | 52% 57%! 58 1 4, 300 K fit x 47%! 34 ! 43%i 43% 4200|K*y*ir 03 I 94 103 j 103% I 8 i 100 Kavser 53%! 31%: 60%I 50%| ..! 3600 Kelly I 07% 90%! 107 1107%: 8 300 k'tl H ' 34%! 25%! 33 I 83%! ..! ?40o!Kenne. 24%! 15%! 21%l 21%) ..I 5600 Key T ?l nn 'I5TL. I1II 111 inn Kresen 78% 14 78% 78% .. 88100!hack > 43 7!) I 80 | ,.| 800ihaded. 30 2?% 33% 34 ( ..I -(OOlhakc ! 35H 36% 33% 33% 21 100 heo R Hf?% R6% fi1%l 700 I,ehit,rl [!L -?.1 ,0?> N"-* 7 300 Mma 18% 11 l$T?i 16 I ..| 1800|Loe\vs % NEW YORK HERALD, )RK STOCK EXi FRIDAY. M 1922. 1921. 1920r 1,174,399 793,90S 470,363 |Optjn- I inch-1 Low-1 i'los-| Net [ lug. . eet. | >i?t. | tng. Cti'nga. Rubber..! 17 f 17 " 16% 17 + % lGM... % % % % l Juneau 1% 1% 1% 1% + % C & D... 66 66% 65% 66% + % hulmers 48% 48% 48% 48% "halm pf 98 98 97% 97% sr Chem. 38% 38% 38% 38% - % if Ch pf. 66 66 65% 66%!? % ?et Sup.. 38% 39 58%' 39 ! + % o-sch M.. 41% 44%! 43% 44 f+ 1 in 47% 47% 47 47%'+ % ir & Fdy 158 158% 158 158%!+ 2 licle .... 12% 13 12%I 12% + % ot Oil... 25% 25% 26 25%!+ % rugSyn. 5% 5% 5% 5% .. ide A Li.. 15 15 15 15 [+ % 66% 67% 66% 67% | + 1% e 102%|104%!102%jl<H |+ Z :e pf.... 80% I SO Vi ! 80% 80V4! 4- % it Corp.. 43%j 44%| 43% 41%;+ % IFF Eng 12%I 12% 12%i 12%! .. lnseed... 32%! 82% 32%: 32%:? % *com ... 113% 114%|ll3 1114 + 1 ocom pf. 116% 1116% 116% 116% tdiator.. 95% 98 95% 97% -f 4% if Razor. 6/61 6% I 6% (i% + % l & Cnrn. 16%| 17%l 16%l 17 + % n A Ref. 56% 58 54% 68 + 1% ii & R pf 97.% I 97% i 97% | 97% ? % I Foun.. 38 % | 38% I 37% | 38%|-f % igar .... 73%[ 74%! 73%I 74% 1+ % ini Tol). 33%| 33%! 32 32%!? 1% '1 & Tel. 121%|121% 1*1% 121% .. obucco.. 138%! 139%! 138% ! 139% ! -f- 2 :>b pf.... 135 136% 1185 |136%i-f- 1% > pf new 101 [101 j 100%j |.00% I? % oolen ... 91%l 9L%; 91 ! 91%|-f- % roolon pf. 106 106 ] 106 i 100 , L & S. 18%' 18% 18 I 18 1? >4 T.&S pf. 43%! 43% 43% 4;!%!? % Qda, 52% 53 52% 1 52% -f* % ll*y Gds. 53 ;4 54 % u3%' 54% -j" % O 2>1 pf S4 81 84 i 81 ? % Oil 122 126% 121 % 1125%J-j- 4% p 4 8P. 99% 99% 99 i 99% I .. S SF pf 91 ! 91 911 91 ;? % in r? T. , 1 nn.ir.! irtn:u inn3/_ . inn.v.: _i_ 1c Fruit. 3% 4 I 3% 3%!? % Powder. ] 125 125 125 125 + 5 llf & WI 35% 35% 35% 35% + % & WI pf 24 24% 24 24% + % Nichols 25%-f 25% 25 25 ? % in Loco. 115% 116% 114% 116% + 1% : Ohio. .. 46% 46% 45% 46 + % ; O pf. .. 60% 60% 60% 60%? % lall "A". 45 45% 44% 44% ? % laII "B". 32% 32% 31% 31%? 1% 'lis 1 1% 1 1% + % Bros... 48 48 48 48 ?1 Steel 76% 70 76% 77% + 3% 1 7 pc pf 90 90 99 99 8 pc pf. 114 114 114 114 + 1% Steel B.. 79% 82% 78% 81% + 2% dison rts 2% 2% 2% 2%l + % : Stl 2 pf 26% 26% 26% 26% + % Edison... 107 107 107 107 ? 2% lap Tr.. 26% 26% 25% 25% ? % ' ctfs 22% 22% 22 I 22 ? % Tn (las.. '102 102 101%ll01% + % t Shoe.. I 45% 46 45%I 46 + % i Shoo pf 89 80 89 i 89 ? % T & RRj 4 4 4 4 Bros..1133 133% 1133 [133%+ % Bros B. 39% 40%) 39 j 40% + 1% ick ....| 26% 26%I 26 i 26 % Cop & Z.I 6% 6%J 6% 6% .. & Sup.. 31%) 31% 30% I 30% + % CO&Rl 12% I 12 % I 12%' 12% + % fiflr I 70 I 70 70 I 70 trol 5 5% 56%: 55% I 56%+ 74 anZ&L 7%! 8 1 7%' 7%!+ % >ac |139%!140% 139% 140 | + % Leather. 36%| 37%' 36 37%l + % .eath pf. 69 I 69 j 69 i 69 -f % do Pasco 37 | 37 | 37 37 -h % lor Mot. 73% I 7374! 73 73% + 1% & Ohio. 65 6 > ! 6474 65 -j" 7 t Alton. 8 8 ! 8 8 Alt pf. 16%' 16%! 1574 16 + 1 last 111.. 37%! 37 % i 37%' 37% + % It West. 8% s%: 8%; 8% 4- % it W pf. 31 21% 21 21 4+ % c St Paul 26 26 25 25% t St r pf 42 42% 41% 42%!+ % : N W.. 73% 73% 73% 73%? % & Pac.. 42% 43% 42% 43 + % P 6 pc pf 80% i 81 80% 81 + % P 7 pc pf 95%! 95% 95% 95% .. Copper.. 19% 39% 19 19% + % Copper. 28% 28% 27%; 28% + % P & Co 54 54 54 1 .V4 ? 1 'nla .... 5 6 74 5 8 5 6 % 5774 + 74 el & Iron 32% 35% 32% 35% + 3 South... 47',-4 47% 47% 47%! ? . % s & Elec 87% 87%! 87% 87% +\ % apho ... 4%' 4%| 4%' 4% I .. Tab Rec! 66%; 66% 64%' 65 ? 1 Ciftrar. .1 27% I 27%! 27%' 27% ? % Gas ... 116% 116% 116 116% ? %< Textile.! 13 ! 13%' 13 ! 13% + % Pan 6474; 65% 64% 65% + 1 rod Ref. 100 101% 99% 101% + 1% T Ref pf 116 1116 116 ; 116 + % i & Co.. 4274 4344 42 ' 43% + 1% le Steel. 69% 7574 68%! 75% + 6% le St pf. 94% 9474 94% 94% + 1 A SufT. >21% 11% 20% 20% + % A S pf. 93 94 93 91 Pane S.. 15% 15% 1574 15% + % P S pf.. 33% 33% I 33% I 33% .. n Client! 56% 5874! 66% I 5 8 74 + 2% ra M Am! 20% 2 0 74 ' 20% 2074 + % Hudson. 121% 121 % 121% 121% + 74 & West.'117 117 1116% 116% ? % Edit ou 1107 107 1107 1107 !+ % Mines... 27 I 27%I 27 i 27% + % Coclak... 77%| 77%: 77%! 77% + % U>r Hat. 17! 171 117! 171 1 r>rn O... 19Vfcl 19% 19%' 19% + 74 Brant... 8 ! 8 8 j 8 >tt John. 81% 83 81% I 81! + 1 ehn pf.. Ill lit 111 |111 12% 13% 12%; 13 + % <t pf 21% 217* 21 | 2174 + % 1 pf 11% 14%: 14% 14%1 .. 'lay-U.. 80%I 81 | 79% 80%'+ % "lay-Epf 94 I 94 I 04 94 A Mm pt'i 42 I 42 | 42 42 + % Kody.. .1115 i 116 115 116 + 1 Rubber..) 18% I 18%j 18% 18% rt Tex..! Ill I 19%! 18% 18%!? % y & wig' %| %i %| %) .. m T C... 63 | 63 ! 63 | C3 ? % uphalt... I 61 ; 61% | 61 ; 6176!+ 76 Kar I 71 71 I 71 J 71 I .. Ilectrto...1163 % i 103% 1162 % 162%'+ % rotors....! 12% 1 12%! 12%! 13%!+ % ot dob... 8174 817+ 81 %! 8174 ? 74 h pf 7 pel 94 94 I 94 | 94 ' eh I 4074! 4074! 40 I 40 |+ % \f C. M&Sl 26 % I 28% 26 % I 2874j+ 3% t Tin v... j 17%! 17'4i 18% ! 17%!+ % Nor pf..! 74% I 74%! 71 I 74%[? 74 Nor Ore! 39%| 41H 39741 41 %!+ 1% ? Can C. | 80%I 80% 80%! 30%! .. Job A Nl 15 115 IB I 15 ? % T & N t>f 35 I 35 35 1 85 ' + \ tates Stl 8274! 88% 81%l 84%|4- 2v:. haw EC 2%! 2%I 2 I 2 ? % 9 Mfg .. 20 j 20 j 20 I 20 I .. Motor.. 18%! 18%! 17% 18%'+ % tile St... 8 ' 8%I -7%: 8741+ % ?n Oil... 7814! 78%! 77%! 7SVi!+ % tral . ...|l047*'l04% I08%tl03% ? % 3ma ... 4 74! 4%' 4%! 4%t .. KOI ... .V* n n>, *% ? Ml itlon C.. 4" 4(Hi' 30911 40! -+- % ?ro Carp 2% 3 I 2% I 3 '4- % Jro r ?f a 94 6 941 r% r.%,' + % cri Corp. 10% It 10%! 10%' .. r C pf.. 40 40 j 40 ! 40 I? % Cement. 36% 37 Vi I 36%! a7Mi! % mh Eng 2A% 2894! 26%! 28% + 1 irv Co.. 9694 07941 06941 9794 4- % ;r Mar.. 23 23 94 2294! 23% + \ Mar pf. 8194 8294 81% 8294 4- % I'kel .... 17 177, 16% 17% 4- 7, per .... 49V4 61% 49%, AO94 4- 1% pf etprt. 67% 6794 67% 67% + % It.le Oil. 17% 17 94 1 794 17% + % roducIii. 30 32% I 30% 32 +1% Oil & T. 194! 1941 1% 194 ? % Tea ... SOU! 21 20% 21 + % Tea pf.. 69% 7194] 60% 71% + 2% Bros T. 42% 42% 42% 42% + % h & Oulf 5 r.% 4% A 'ity- So.. 26% 27% 26% 27% + % So pf.. A7 F.7 67 67 ? % (.!)& Co 43% 41 43 43 + % 1st pf. 108 103 103 1103 rtpr Tin ! 60 60%' 49%' 60% f % r 8 po pf 107 110794' 107 i 107 % : 6* % ott .... 32%; 83%I 32% 33 + % iro A n.l 21%' 33% 21% 2194 H- % i S H.... 180 139 180 139 + 1 <teel ... 73 ) 7X94 7196 72%J+1294 a (Jas.. 8194 82 79 70 ? 1 : & \V pf 33%] 8 3 94 3 3 % 3394 f % lib & T.. 3.3%I 38% 33% 33% f % i Vnl. .. 61 61% 61 61% + % I.OCO.... 108% 100% 108% 100 94 + 2% Tnc 10 I 16 15741 16 ? % SATURDAY, MAY 13 CHANGE QUOTi AY 12, 1922. Year to date V?-1922.??I r-CUt*Ing.-, | fijvTi ' p" HIgli.| I.ow. I Bid. | Ask. Iti.g-l Salea J 14% | 9 j 12 | 13%! lj 3iJ0|I^oft 159% |147% 159 jl5l ; 12 600|Lorli: 53 25%! 47% 43 %1 .. 700 Mack 93 72. ; 92Vg 92%! g lOOj.Mach 55% 43 j 50% 50%| 7! 700 Man 08 41 I 56% 57 ] 4; 500 Man 43% 32 ! 39% I 40%. 1%i 4011 Man 32 i 5%j 23 25% 300;Mktl 07 | 35 | 60% 62 6, 1200 Mkt 1 34 20% j 31 31% 2 400jMurt 26% 5% 19% 21 .. 100 Marll 3174 22%: 31% 31% .. 2700 Marli 10*M. / - VSs I l-"M 22% 11 i 22% 221* 12300- Max* 21% 13%; 17%! 18 1 300 Mem 135% 106% 130% 130% 12 23200jM'< 30 25%! 23% I 28% 2| 200'Minn 16 , 11% 14% j 11% 1.20 CttOOiMKl 30 i 27%! 38% 38% ..I 238001Mldv 14%' 5 1 12% 13 .. lOOOjM & 12 % % j 11 11% .. 1100' Mo. 13% 7%' 17% 17% ,. 2500]Mo, I 43% 24%| 30 30% .. 300 M, K 25% 16 23 23% .. 1200 Mo I 50% 43% 55% .. 1000'Mo 1 74 63 71 72 3 300 i Mont 22% 12 21 % j 21% ..) 3300!Mont 34 j 19% 30% i 30% .. 100|MuUi 157 i 123% 115 '148 7 100|Nat 121%:il3%;il9%!ilD% 7 300! Nat 1 43% | 30% i 4 0 Vl i 40%' .. 15001 Not 1 04% I 85 I 92%: 93 | ? 800 j Nat 1 113%;i08 110 1 111 I 7! 10" i Nat 1 ti%l 3 ! 5% I 5%j .. 100 N 1111 18% 13%| 16%! 16%' I 500. Ne* a 69 j 54% 65% I 66 ! 6 10o)N Or 80 57 176 77 | ..I 100 X V 92%: 72% i 89 89% I 5 240': X Y i 69% I 51% 68%' C9%' 51 400'NY. C 35% 28 34% 34% 2% 800 X Y f 30%! 12% 29 29%' .. 5700:X Y, I 30%! 19% 27 27% | 2 100. NY, 108 1 96% 105% 105%' 7 400'Xorf 60%I 44% 57% 58 1 X5] 500'Nor 43%i 38 43 43% 3 100'Nor , 8% 3% 7% 8 ..] BOO! Nor > 82% 74% 75% 75% 5 3500'Nortl 14% I 11 12% 12% ., 700jOhlo 3%] 2% 2%; 3 .. 16001 Ok la 9%! 4% 8| 8% .. 100 Out S 21%! 12% 20 I 20% ..! 200|Orphi 143% (116 137 ! 138 81 200|0tis 97% I 93 97 | 99 C lOOjOtls l'i'/fel is>v?j !? }* ..| obU'i;<?us as | 24% 85% 3H 21 SOOIOwi'D 14%| 6% I 9% 10% .. 1500! Pacifl 78%i 62% 69%! 69% 5 1400!Pac ( 69% 44%I 64%! 65% S| 19300!Paclf 66% 58%! 63% [ 64 61 2800!Pan 59% 44 57 ! 57% 6l 1100!Pan.4 43 33*41 40% 41 2 1600!Penri 12% 6%I 11%I 12 ..I 368001 Penn 88 59%! 85% | 86 5| 200|Peop] 32%! 1.9 30%! 31 ..I 9001 Pero 76%! 63 75%! 76 5] 100 P Mi 40% 31% 38% 38% 3! 100 P*il 45% 28% 42% 43 2 3100;Phill 24% 13% 19% 20% .. 9900! Plerc 49 ' 27% 40% I 40% .. 47001 Pierc 12 | 7 10% 11 .. 3600| Pierc 71 I 39 58 59 .. 100,Pierc 65% 58%! 63 63% 5 300!Pitts 79% 66%! 77 77% gl 1400 Post i 109 105% |107% 108 8| 500 j Post i 36%! 23 I 35 35% .. 2400lpittd 23% I 14%! 20% 21 1% 400!Pond 83%' 63 ! 78% 80 .. 500 Presi 39%! 24 1 36% 37 .. 3300lProd 91 66 ! 86% j 86% 6 lOOlPuh 129% 105% 121% 122 Si 1900 Pullr 43%' 30% 39% 40 ..I 600 Punt 38% 29%| 33% 33% 2l 4200 Pure 102%! 99 102 102%' 8J 200 Pure 103%' 94 ! 99% 102 i 8i 100 Rai 17 I 13% 16 16%: . .' 18001 Pay 80% 71%' 77% 77%! 4 2800lRead 48%J 43 j 44% 45 ! 2' 100]Read 51% I 45% 46% 47%[ 2 100 Read 42 2 4 I 31 33 . .1 200lRem 41 I 25% 33% 33%' .. 9900 Repl< 9% 4% I X I S%! .. 200',Rep 68% 46.% ! 6K % I 68% ! ..! 24700 Rep 94 71 90 90%! .. 1000 Rep 48% 43 ! 46 46% i 3 2600|Reyr 21 8% 17% 19 I ,.| 100'Robe 66% 47%: 63% 63% 5.20 3800[Roya 16% 12%) 14% 15 ! 1| 1001 St J, 31% 20%: 9., j 29 % I .. 2100 Ht U 32%! 20%' 28%| 29 I ..I 1300'St Pi 49 i 32%! 46 I 46% ( ..| 700lSt L< 6%j 1%) 3%) 4 j 200'San < 4* V# H V* I 1U "8 ' IV nI .. 1UU fluva) 4%! 1%! 3 | 3%' ..| 200'Haxoi 10 I 2% | 6%' 7 | ..| 400|floab 14"i 3m 10%| 11 ! ,.| ISOOlSeab 77%! r.9%1 73%! 74% ..I 1900!.Sear? 23% 10%! 13 ! 1B% ..I 1100jSene< 34% 18% I 31% I 32 ..I 16500 Sincl, 49% I 34%' 49% | 50 | .. 9200'Hloss 57% j 43 j 4.7 47 100 Ho 1? 93% 1 78 %! 90% i 90% 6 4900 So H 25% I 17% I 24 i 24%! ..1 39991 So Hi f?#%H45% 56%; 56%! ..I HOO'So R 19%! 17 ! 18%! 18% 2100'Spioc 139 1114 1124 1126 j 8' 100?tan<! 49%' 45%| 49% 49 2%| 300 Sterll 198 1169 186%! 188 % 6! 700 S(anc 118% 118% 115% 115%l 7! 900'St Ol 121 I 91%;il2%!n3%' 4 5500!st Oi 85 I 68 | 81 | 84%' 7| 100;Stee1 42% 24% 40 ! 40%! 3| 1600 Htew 59% 85% 53 : 53% .. 1200'Stron 124% 79% ; 117% illS 7 34200!Stnde 7 3% 4%! ? ..I 500'Subm S% 4% I 7%! 7% I ..I 000 Super w.'Vfcl ;:*> of> on ^3 . . HUU fllipei r. i 3% 3 %1 S% ..I lOOlSwecl 12% 9%! 11%! 11 Hi ' 900|T?nn 50%| 42 I '17%! 4X | 3| 7600 Texa; 46*4 ' 88%I 44% 44% !f21 a lOOiTfxas 31% 28 j 29% I 29 V 1 6900 Tox 1 30 24%; 32 I 32%' 700 Texa; 26% 14 I 22%' 23% .. 300 Third 71% 67% 6H 0S%! JG; 4100 Tob 37% 15 37 1 3H I ..! SOOlT.bTJ 46 37 45% | 47 .. 500.T.SU 14 7? 7% 14% 14%! .J 60900 Tran.< 4H%| 32% 43 | 43% I 2! 800!Tr & 24 I 17%' 22% 22% j .. 11100 T'nlor 140% 125 1137%! 138 i 10 2900|i;nioi 70%; 71%! 73% I 74 4 100 Unlor 39 j 25 38%! 39 ..! 4500iTTnit#* 73% I 60% 09 72 . .! 400 Cn L 46% ! 41%' 45 ! 45% 3% j 200 / IT Dr 148 j 119% ' 139% ! 141 i 8 100 1'TlitP 19%' 7%! 15% 16 : 900 I'll n 58 43% 57% 68 i 88700 Cn T 38% I 10%! 35%! 36 ? ..! 5200 1' H i 70 I 50 : 07 I 09 i 5' 200 ITgCI 10% 2% 4% I 5 I .. 500 ir H 51% 37 48% 49%t?.. 1600 IT S 1 0974 55%! 07%! 08 I .. 1400 U S J 67% 51%| OS % G4 .. 3400 IT M 1 100 99 1104 ',4 ' 104% 8 100! 17 S I 42 32% 40 41 . . 800;TJ S i 100% 82 I 98% 99 5 24100[tT H 120 114%lll8 118% 7 300(U S 08 60% 64% 65 2 1400|l*t?h 19% 974 17 17% .. OOO'Utnh 48% 30% 48% 48% .. 22400|Vanm 96 90 94 90% 7 100l\'anR 30% 27% 32 32% .. 2000!Va-Ci 82 67 74% 75 .. 2000, Va-O 94% 43 54% 54% .. 1900|Va Tr 72%) 66 1 70% I 72 6 lOOiVa Ir 14 6%! V8%: 13% .. leoojvivai 11% 0 10%! H .. 1600 VV'aha 31% 19%; 80% | 31 .. 2100; Waba 17 10*4! 14%. 15 1 2 001IV cb 12 8%, 10%1 10% .. 1000! West 24% 13V 21%: 22 1 1000 Wff.lt 99%" 89 I 97%J 98%; 7 ..IWcst 61 49%! 62 62% ( 4 2400'Wplll 27 1 29 ! 2:.U' ITiUl 21 "OO'Whit. 13 ? 11 '41 11*4 .. ?00|wheo 34 11441 21441 2lfi .. aoolwhl , 50 351/M 47% I 48 4 300 Wliit. 11% 7V4 10*4 10% 400! Whit. 21% 13 20% 20% .. 15100i Wick 4% 7% 8 .. 1300] Willy 44V4 24 88% 30 .. lOOlWIUy 49% 27% 45% 47 .. 1900iWll?O 85 ; 60 85 90 7 100 Wi I so 120 117 120 124 7 18001 Wool' 54% 437? 50 1 52 4 '190 Wortl 9%! ?v4 I 9 l! 200, Wripl Kx rllv. tKxrljrht*. Jlnwrip. x N'OTIO ryi.l lot transaction* are n< were made at price outside of the ivjfi FINANCIAL NOTES. Kfhvln It. niKelow, ?||i> Into boon a .?oHaled will. EHIlon n??rt k Co. Rod Its prodfreiiar, Wrn. A. Tt'-ad ft Co., slum 1009. Hr* boon appointed bond of Ibn municipal bond riopartnmnt of Dillon, Itond ft Co., br ot May 1. Chcllla A. AiiRtlri, ttohoit Harbour, II. M IbilMov, IV I, Cone HI, .?. A Plxon, C. It KlllinU. I', r I H. pRtrlck, 11. h? B. c.nr.i tier, 11. 1'aimly, G. P. I'opo and Alexander , 1922. I \tions7 ! 1922. 1921. 1920. I .. 98.288,160 66,439,597 106,546,428 ] IOpen- | High-1 I.ow-1 CJoe-l Net I inn- i i?ft. I e?t. I ti>n IQb'wf. I lnc | 13 %| 13% I 13 I 13 ? % ( lard P...149 ,150 'l48%.150 -I- 2 ; Tr Inc. 4644 47% "4?%j 47% + 1 ,.iy Cos.. 92% 98% 92% 92% ? % , KIov ffuar 50V*! 50%; 50 [ 50% + % 1 Kleo Sup. 56%' 56%: 66 i 56 .. ' Shirt.... 40 40 . 29% 39% + % 1 St fty 2 pf! 23 I 23%| 23 j 23% .. j , St K pr pf 60% , 61% 6o% 61% 4- % j | -l'arry .. 30% 31 30%! 31 + % j in Hock... 20 20 20 20 ; and Oil.. 81%| 31% 31% 31% 4---% 1 veil Mo A. 66% I 72% 68% 72% -r 3% ; vol! Mo 13. 20% 22% 20% 22% -f 2% tyre !1'or. 17% IS I 17% IS 4- 2% Pet 129 130% 127%ll30% + 2 ! .< rv.nr.n- < I 5Sli! "8 I 28Vi. 4- % St a" Oil... 14 % 14 % 14% 14Vi 4- % . ; n!<j St Jc <J 37% 38% 3tf% 33% + '2 . St I. now, 12 I 32%' 11%; 12% + Kun & !'. ? 11 11 I U K ^ T vv I 17% 17%| 17% 17% .. | iz T ?>i w> 39 i 38% j 39 | .29 ? % i 'acifle 23 I 23 22% 23 ? % 'ur pf.... 66% i ?> ''%; 65 55% .. j Power.'. 70% I 73 I 70% 72 + 1 j . W & Co, 2 Mil 31% | 20% 21% .. | ns Body..! 30%j 3i?%l 30% 30%. + % Biscuit. . ,jl45%|l45%jll5% 145% ? % Hi. souIt iJf.fNO ISO 119%:119%!? % , ESnata Si 3!'% 40% 39%! 40% -r 1% j ,eud I 82% 92%l 82%: 92% + % i.oad pf,..|llo no llo ;110 .. i L of M 2 pi 6%: 5Vi 5% ?% .. | da Con C.I 16% 16% 1?%|10% .. 1. T & I'.j 65% I 65% 65% | 66% ? % Air Brake' 76 | 76 76 I 76 .. | - '-mi !. . .1 88%! 89% hi* j? % I ,'hi & St L! 69 | 69 I 68%I 68%!? % Dock 1 34%| 35 I 34%l 31%'+ 1 N H & H, 29% 29%; 28% 29% i .. Ont & W.l 26%! 26%! 26% 26%!+ % & West.. 105% 105% 105% 105%! .. I Amer Co..; 57%' 57%t 57% 57% .. { \m Co pf. 43%I 43%! 43% 43% + % Im Co rtsl 7% | 7% I 7% 7% I .. j i Pacific.. 75%! 75%| 74% 75%|+ % ; iB&IJ Co. 11%| 12 10% 12 H- %! P & Rcf. 3 13(2% 3 + % 1 in... o I a i c I a V. ' 1 sum Circ. 20 20 I 20 20 ? 14 Elev 130 137 1130 137 1+ 1 Kiev pf... 97?4 ?7'4 9714 9714!+ 2 Hteel 14% 15% 14 15 + 1 s Bottle.. 35% 35% 35% 35%+ % Ic Devel... 9% 10 9% 10 + % las & EI.. G9%l 70 69 69% ? % Ic Oil .... 64% 65% 63% 64%l + % Am P&T 62% 63% 62% 63% I + % ,n? P&T B 5614 57 55V* 57 1+ IV* I H ft | 40% 40% 40% 40%!? % ! Seah Stl.l 11 12%! 10% 12 + 1% | li'O (las...| 80 86 | 80 | 80 + % Marq 30% 31 j 30%| 30%!? % irq pr pf. 75 75 ; 75 i 75 ' Co 38% 38% 38%' 38% + % I ips Pet... 42% 43% 42%! 43 + % 1 O Arrow. 20% 21 : 19%| 20%? % . eArpf... 41% 42 38% 40% ? 2% ' e Oil 10% 11 10% 11 + % :o Oil pf.. 59 59 59 59 +1 Coal 03 0314 63 63 .. 1 am Cereal 70% 77% 76% 77% + 1 am C pf.. 107% 108 107%!108 + % 1 & W Va. 34 35% 34 1 35% + 1% I I Or Coal. 2014 20% 2014 20% + 1% I 3 Kteel Co. 79 79 78 79 + 2%! uc & Rcf. 37 37% 36% 37 + % Sorv NJ. 87 87 87 87 + % nan 112014 122%!l20 121% + 2% j a A1 Sug. 38% 40 I 38% 40 + 1% | Oil 32% 33%' 32 33% + 1% Oil 101% 101 % ! 101 % J101 % + 14 j eel Kpr. 100 100 100 100 + % j Co a Cop. 10 16% 15% 16 .. j Ing 77 77%I 76% 77% + % | lug 1st pf 44% 44% 41%' 44% ? % , inv? 2<i jif. 47 | 47 | 47 I 47 | + 74 !j Typcwr. 32 ,33 33 33 ? 174 ' i Tglc at!.. 317-41 33 74 3 1 74 33-14'+ U < Mot Tr. 1. f> j 8 8 i 8 ] Ir & S... 66%: 68% 6474 68% + 2 Ir & S pf. 90% 90% 90 00 ? 1 I ioldw T B. 45% 4674 4 6 74 4 6 74 + 1 rt Rem... 18% 18% 18%! 18% ? 74 1 Dut N Y! 62 74' 61% 68 74 1 6374 + % js L*ad... 14% I 14%! ]4% 14% + 74 0 & .S F.. 28% 20%; 28% 20 + % ouisSwn..! 20 I 2074 2874[ 28%? % } 8wn pf..| 46 I 46%! 46 467* ? % I 3ec SuRttr! 4 14; 374| 374, ? % ; <e Arms.! 20% 20%; 20%| 20% +1% 1 1 Motor..! 3 | 3% 3 I 3%'+ % AirTdne.t 7 1 7 6741 674'+ % 1 Air 1, pf. 10741 10% 107+ 10%. + % j. ! Roeburk! 74%| 74% 73%' 78%!? 1 -a Vop... 1274 1 374 1 2%! 13 1 .. air ('opr. 32 j 32% 31% 3174 + % a S & 1.1 45 I 40% 44 40% + 5% R Sugar! 45 I 45 ' 45 45 ariflo 00%' 00%! 00 90%I + 74 lilwny ...! 23741 24 I 23% 24 + % ail way pf 56 I 56%! 56 ' 56% j r Mfg Co' 18%' 18;+ 18%! 18% + 74 I Mill liar. 125 i 125 125 + 3 ng 1 "rod.1 49 1 40 1 40 ( 49 i+ % I (ill N J. 185 188% 185 1 8874 + 1*4 1 N J Pf.. 115% 115% 11674 116% + % I of Cal.. 110%jll4% 110% 11874 + 1% & Tube pf 84 | 84 84 84 ? % War Spd 38%! 40 38%! 40 1+1% lljrrg Car 52 ' 53% 51% 53% + 1% rmnor n?Mi ui'.viiD + ' ar Boat.. 5 I 5 ! 4?i j 4*4'? % ' lor Oil...; 7% 7% 7 % "%< + 'J I lor Steel.i 3.". 36%' 35 i 36%14- 2% 1 t.s Co Am 3% 3%! 3% 3%! .. ] Cop & C.j 11%' 11%! 11% 11741 h f *0 . . .. 47 45 . 46% 48 14Gulf Sull 42%: 42% 42%! 42% 4- % an C ft O 29% 25)%! 23% J 29 ' + % * ft Cue..! 32 32 ; 31% 32 .. 1 Ave ...j 22% 23% 22%: 23% + % 1 Products.! 67% 687, 67%' 68% 4- 1% ' few cfs B 37 I 87% I 87 ! 37% [ 4- 1% ' feW pf cB' 46 1 46 j 46 46 + % 1 icon Oil..; 1374 1 4%: 13%! 1474' + 1% Wms St.! 42% 43 j 42%! 43 14- 2% i Oil ! 22 ! 22%! 21% 22% 4- % ' 1 Pacific. '137%'13774! 137 ,137% 4- 1% ! l l'ac pf.| 74 1 74 74 i 74 ? % d All St.' 36 1 3974 36, 39 4- 3 )rug Co.. | 7174! 72 71 % 72 4- 3% ug 1st pf. 45 I 45% 45 45% ? % d Fruit.. 138% 188% {138% 138% ? 3 :y Invest.! 15% 15%! 13% 15% 4- % tntall St..) 55% 58 | 55%! 58 4- 3%: 'I P4F 33% 86% 88%! 3574 4- 2% I PftF pf.. 69 69 ! 69 69 14. 1% Pood Prod 47* 5 ! 4% 5 4- %! Ind Alco.. 48 ! 49% I 477* 49% + 174 it A- Imp.. 67% 677* 667). 67% ? % Itubber... 6374 I 64 ' 63 63%l + % tub 1st pf 1M% 103% 103% 103% ? 1% 4. 11 ft M. 89 74 39%! 39% 89% 4- % Steel ! OS ' 98% 97% 9S74 4- 1% Steel pf.. 1118% 118 74 '118 Ills ? % Copper.. 64% 65 >4 64 64% ? % See 17 17% 17 17%+ % Hum .... 47% 4S7? 46% 48%+ %! Aalto 1 pf 95 95 95 95 ? 1 irOhem.. 33% 33% 31% .32 ?1% *r Ch pf. 7771 "7% 77%-i 74%l? 2% ! . 4'AC... 54% 58% 54% 58% +"4% , C&Cpf 71 % 71% 71%! 71%!+ % dou 13%! 13% 13%! 13%!? % iHii io%; 1074 1074! 10% ? 741 iflh pf A.. 30%| 307?I 30%! 30V + % A ITcllb... 15 ! 15 I 14%' 14% .. j Marvld.. j 10% 10%! 10% i 10%!+' 74 Pacific.. 20%! 21%' 20 %: 2I74 - % TTh 'IV1 a7Jt. 1 n??r ' ft"9 t nil 1 . .. .'(-4 i'c-4 r "i nu 1S&M 82% 82%! 61% 62% + % ' ; Ka*l?> O 25 25% 26 25%! .. } i .St r. b.. u nv n u%i + % *T,Kpf. 21 Sim 31 21H ? V4 1 1 Motor... 47 47'., I 47 47% + % 1 3 on io in% io 10% + 14 Spon St.. lft % 2114 1*% 20*41 + 2% s Over..Tt ft X 7% 7%, .. ? Over pf 18)4 *8% 38% 8S%|? 14 n * Co.. 44 I 48% 44 45% + 1% ; n & Co pf *5 I g5 85 Xn worth pf. 120 ' 120 120 120 + 3 1 It Pump.. 51 i 61 51 ?l + 14 , lit A to. . 8161 814 8% 8% .. Part stock, e In stork. fl'art extra, >f recorded In separate lino unless sales | ' ilar lot rang*. P unit Jam** P. Snpar hurl b?en alectefl > | ill tors nf tit* Befety Car Heating ant. ' Righting Co. t'eaeet, Nun"* * Co., memh"r* nf the Jfee I York Shook Esehatnte. hot* I??ue8 for rtl trlbntlon a review of the Republic of Ureill'" external* franc loan*. rF.NNS4I.VAMA OH,. I Oil. rtTV. Pa . May 12.-Oa?1|t balance*. S f.i Run . vn.T'ul; nverasr, i.i/ni ahln I r PT, av?raa-. r.t.Jts, 1 \ \ TOPICS OF WALL STREET. Pool* Tukeu I nanarei. Pool operators were taken as much Uy surprise as were other trailers In the stock market and as a result were tardly prepared yesterday morning for the sharp toadjus tin rot In market conditions When the reaction of Jlmday ran into the next day and again Into Wednesday those operators became convinced that the market was due for a sharp crack and therefore made plans and placed orders accordingly. As a result of tBa unexpected upturn of Thursriuy afternoon and yesterday thej found their market getting away front them and had to do almost as much [ crumbling as did the shorts to regaii control of their particular favorites Pools have been working In nearly al Independent steel stocks In the last few weeks and as a result of yesterday's his move In those shares, the groupi found themselves in a very comfortable position. Pierce Arrow Merger Off. Speculators In Pierce Arrow shares fame in for a big: share of disappoint, ment yesterday when announccineni that the proposed merger between thai fompany and the Ixifa yette Motors Corporation had been abandoned be:ause of failure to agree on terms was made. Those speculators bought the :ommon and preferred shares of l'ierct Arrow in the last three or four weeks iollowlng announcement that the merest leal was on, and sat back comfortably to await the profit that they felt surt would be theirs alien the terms should je announced. Imagine, therefore, theh discomfiture yesterday when It was announced that the dea! was off. There ivas heavy selling of the common and preferred stocks of Pierce Arrow and the latter declined more than 4 points to 38H. recovering before the close tc K/U. Officials and bankers Identified r "h the company declined to discuss abandonment of tho merger plan. Idle Cars Dcclisir Slightly. Freight cars idle on account of busitess conditions were 029,058 on April 30, i decrease of 226 compared with the lumber reported a week previous. Of :he total 371,038 were surplus cars In ;ood condition and the remaining 158,120 ttood In need of repairs. Surplus coal ;ara Increased 5,185 to 235,077. Idle coke :ars increased 5,185. That losses in coal tonnage, however, are being offset to in extent by increased movement in jther commodities was indicated by decreases In the number of surplus stock, jox and miscellaneous freight cars. March Ha II road Enrtiliifrs. The March, reports of 186 class I railroads and fifteen switching and terminal companies showed an aggregate net operating income of $83,511,108 saved out of gross operating revenues of $471.SCO,620. in contrast to $80,807,065 in nol ond $159,048,326 hi gross for March, 1921 Clross operating receipts in the firsl quarter of this year were $1,271,531,383 in contrast to $1,336,329,819 In the cor responding period of 1921. Net railwaj operating lncomo in the former \va: *160,999,429, contrasted with $27,574, Of earned in the first three months of 1821 Copper Shnres Advance. There was renewed activity anc strength in the copper stocks yesterday reflecting the continued Improvcmen md tho constantly brightening outlooli tor that industry. The copper list waled yesterday by Granby Consolidated In which unusually Heavy buying order! ivppeared, resulting in an advance ol more than 3 points. Granby is constructing a new water powerVlam wide1 officials say will permit the use ol hydro electric power the year around It I lie company's operations and save JJJiO.. IMX) to $200,000 annually in operatint costs. It will aid materially In ellminat i,,? to /wi/uiA ? r i ? * Ml* ?..,WV,W.> ui lunua nil a.veiu?t Interest rate of 6 3 per cent., whlcl the company is paying' on borrowe< capital. Utah Copper did not follow the others, but Greene Cananea got ui ii full point to 31% and Inspiration sob above 40. All signs continue to poin toward further improvement in the cop per Industry and copper men aro exceedingly optimistic as to the immediate future of the industry. Culm Cnne Sugar. Notwithstanding its late start thf year the Cuba Cane Sugar Cornerslion's production to date exceeds X00O.XX) bags. Up to May !>. according to reports obtained yesterday, the production totaled about 3,066,ftl0 bags, in contrast to 3,673,754 up to May 17 in th? previous season, Two of the corpora tion's estates, the Socorro and th< Santa Gertrudis, have completed grindng with a total output of about 176.*X> and 136,000 bags, respectively. Uasi year Socorro turned out 304,107 bags and Santa Gertrudis 306,863 bags. In the ivestern part of the island the crops are tinning behind those of last season, as ndlOatfd by the two estates, but in the eastern section production is beini kept up well. J. C. Penney April Sales. The J. C. Penney Company's salei In April were $3,042,629, in contrast t? 13,726,325 in April, 1021. In the first fotn nonths its sales were $ll,60f?.S<>>, in contrast to $12,040,713 in the corrospontilnif period of 1K1. Munrjr Hosier. The money market continued to re"lect the large increase in funds thai lave come In from Interior banks, and tall and time money was plentiful. Ca! noney opened and renewed at 3** pn ;ent. and then declined to 3V4. The ipenlng rate was tho lowest since Apri W. Brokers did not appear inclined o bid morn than 4 per cent, for tlmr noney, and a few thirty day loans vcro arranged at that rate. Plenty o( noney for longer maturities wa: >ffered at 4Vi. I'alil \o Cash for n?ari?. The Chicago, Milwaukee and ft. Paul's acquisition of the Chicago. Terre ftautn and Southeastern and the Chisago, Milwaukee and Gary railroads Involved no cash payments, according to id vices received from Chicago yesterlay. The St. Paul agreed to guaran,eu the Interest on the Terre Hautc'a jutstnnding bonds, and In tho case of he Gary road will mAko no cash exnenrllturo for two years, but there. ifter will guarantee the Interest on it>ond*. Tho Term J Initio gives the St. *3ill all adequate supply of coal, the 'relght charges on which wore U.'iOn,i(io to $4,000,0(0 annually before th*' conrol of the Terre llnuto was obtained tcqulnlttoii of tiie Clary line gives the <t. I'aul valuable trarka*? rights ami onnections, which will reduce by two >r moro days tho delay In getting toniace through the ChlcaKO gateway. DEFICIT INCREASED I* 1021. Tha Steel and Tubo Company oi America reports for 1021 a loaa of $2 671.. L"3 after taxes, interest, depreciation ind shrinkage of oro inventories In ontrast to a net Inoomo of $f>.$16.2flp In 030. The deficit w-aa Increased to $4,742,'IM after rayment of Its common and "referred stock dividends. According to he hatanoo sheet, accounts and notes eeelvable were reduced hy $10,174 to Mtft.fAl and inventories dropped $7,133,>i<* to $!" 2I7.SM. COFFEE. Pr?v open. High. Lew. Close. Clo?e ta ,. to.rtft to.js in.se m.sr ul> 10.20 J0.20 1"20 JO.Jt lo.tli leplemN i . . t? ft* '' 7.1 0 Its 0 7il 0 71 >cemher ... 0.4fl P.:>* n irt r>.:,7 o f.,1 dar'-h l? I". P.45 o I , v it) > ir t 15 ii untington Jackson & Railroad Bonds 5 j '' j 43 Exchange Place New York 11 UNION PACIFIC NET HAS SLIGHT DECLINE ! 5 j ' J 7 [: Revenue Freight Hauled Is 1 Less Because of Change in Some Routing. The twenty-fifth annual rep^jt of fee j r.Viioii Pacific Railroad Company, cor; ering operations In 1331, shows net 1ni! como of $.'11,301,074 from all gourres. equal after preferred dividends and sinking fund requirements to $12.29 a share on its $222,291,600 outstanding common stock, compared with final netincome of $32,674,231 or $12.90 a shajte earned on the common in 1920. I Ita income account for 1921, after , excluding all offsetting accounts between the l.'nlon Pacific, Oregon Short Line and Oregon-Washington Itallrond j and Navigation companies, compared as | follows with that of the preceding year: Gross operating 1021 1920 I ' revenues $191,443,913 t$175,260.9?7 I Government coin" pcnsHtlon *7.096,453 t Operating expenses 131.601,748 1135,803.24.4. Thxe* 11,720,835 110,734,015 i Net Incomo from HR. pror. 34.226,107 35.902,262 Income from in\estnients 13,138,096 1J.2W.W1 T-'lxed charges 16,003,181 15,586,937 . Net Income nil 1 sources 31,301.074 32.074,281 ' Rfd. dividends 8,961,740 3.981,740 Common dividends 22,229,100 22,229,160 Sinking fund 10.173 10,877 durpln* j. .1.080,001 fl.452.4S1 for two months. tFor ten months, i Judge I-tobort S. Lovett, chairman of . the company's hoard, assigned the ret i turn to former channels of certain long; j haul traffic which the Union Pacific, i enjoyed from 1916 to 1920 as one reason , lor a decline of 90.9 per cent, in Urn i i t ct ton miles of revenue freight hauled r in 1921 which drove freight revenue . | ('.own $17,310,669, or 11.5 per cent. Tn I . . ??>?. 11 ill. ?< Villi* ou IMVPI'U t VlO r A3 i'1 r tils? Buffered a heavy traffic shrinkage i in 1931 on account of the general busd r.ess recession. 5 Judge Ix>vctt raid the increase in thV - company's inoome from investments and i miscellaneous income "was duo princii pally to dividend received from tli" I Pacific Fruit Express Company, which' f did not pay a dividend in 1330, and to i interest received on bonds of the Lgi's 1 Angeles and SaUT>ake Railroad Company t required in exchange for bonds of the Oregon-Washington Railroad and Nevf gallon Company. Investment securities l were purchased during the year to re* place those which matured and to make up shortage in reinvestment of funds received from investment securities tliat% . matured during 3313 and 1330. The now' investments bear higher interest rale.* ' than the matured Investments (average current yield on new investments tf.37 \ rer cent., while on matured investments the average was 4.S3 per cent.) and the ' annual income will bo greater, but th.e | entire increase is not reflected In the [ income for this year." During 1931 the Union Pacific reached a settlement with the Railroad Administration of accounts arising out of Fed. oral control under which the company1 received $s,00t>000. Its stockholders , I rumboreri v?,V6 on March 12, an mt i crease of 14*.8 p^r cent, over the numi J Iter ten years ago. MITTAI, Oil, PROSPKRS. 1 Although its refineries were cl?Md during largo part of the first half of 1921, the Mutual Oil Company reports ' a, profit of $1.237.889 for the year. The company's current assets were $3,389.877, of which $788,118 was cash an'f ' $877,397 accounts receivable. WRIGHT AER05AITICAL. Tht Wright Aeronautical Corporation for the quarter ended with March 31 re~ ' ports net earnings after taxes In tho amount of $173,178.71, which Includes, 1 In addition to operating profits, Income 1 j from Investments, &c. rrSTOM HOC9K HECE1PT8. I i Receiptn for duties st th? Custom Routs 1 I -torosy were $n*2.479 s?. or which $! ' ,778.30 was for nicreliandlee withdrawn from bonded warehouses and $777.70.'; 25 for re cnt , i Importations. SHORT TERM NOTES. Roto. Due. RM. A?k?d. AlutnCo.of.Vm . .7 Nov. 1029 in.H< n.1'< AlumCo ofAra . 7 Oct. 1931 10S'< 103 >? AmCottonOll... .0 Sept. 3.21 98 9?\$ AmTelATel 8 Oct 1932 10011-18 100 13-lH AmTelATel 8 Keh. 1024 101 K I'll 14 AmTbrewrt 8 Deo. 1028 101H 1)2 AmTobaero 7 Nor. 1921 103H 102 An^f nndafop.. .8 Jan. 1029 >011; 1 in, Aca-ondaf'op . .7 Jan. 1929 10314 10?V? AngAmOll.Ltd ..7H April 1*U 103W> 10AM Armour, con v... .7 July IS.'.!) lot 111', IIAORRcnll 8 April 1921 9914 lOOlf HellTrloff 'an 7 April 1934 102W 103 IJMblohfniStl 7 July 15.'33 1MM 104 4 OanNorthernRy 5)4 Dec. IOJJ 100109M CanNorthrrnRy.514 I)*?. !?l 100)4 10014 Oanl'mct Belly .A Mar. 3,'J* 101 ft U lilt '4 Cent Arrenline.. 0 Feb 1017 Ot'j 95 I ConaOaanfNY... 7 Dee. 1.33 101J4 10t4| CopKxpAnND.Ino.S !*?!>. 15. 33 10114 103V4 CopExpAaaa.tnc.S Feb. 15.24 103?4 103 CopExpAs.w.tnc.5 Feb. 15.35 103 M 101'4 Cudalty Packing. 7 July 15. 23 101)4 1?? '? FedrralSugKef.. .8 Nov. 1311 100 1? >4 TbeBF(lood.cnv.7 April 1933 99J4 10014 GulfOUCorp ? July 1923 100M 101 M GuiroilCorp.....7 Feb. 1933 104 ?< 101 ?4 IIJHWnJ 7 Dec. 1930 104 lj 105 lIo<'kin(Vtlley.. .0 Mar. 1924 100 lOO'i UumbleO&R... .7 Mar. 15.'33 101 <4 1011* IHTconr Sept. 1933 93 ?4 93 H i\ar<'ltyTerRy. .6 Nov. 13.23 101 UU), Keenrcof tCep...7 1 eh. l?30 106"4 109'4 I aclcrirOI.I Aref. 7 Jan. *?30 99)i 100 I rut terAi 1 amble.7 Mar. 1923 101*4 102 f'ramRpeltuck... 7 Oct. 15/33 100)4 100*4 rearalioebuuk... 7 Oct. 13.33 101 10114 Colt ay. 3 Oct. 1927 I04H''191)4 f nut h west UeUT?17 April 1935 102', MJ 4 M'l Depottcuar. .9)4 Dec 13. "23 toy, lot gtandOUNY 7 Jan.1035-31 lot 101 tandOUNY* 9)4 May 1?33 100 ?< 105-4 tiaifl 7 Oct, 16. '23 101', 101 V (twin 7 Any. 15.'31 103', 102", TheTeiaaCo 7 Mar. 1.33 1011, 101 1 I'tahbecCorp .. .9 Pept. 13. 23 100*4 100 W YaruumOll 7 April 1939 10?X 107 WrrtKlerCo. fti 7 April 1935 107'4 10914 WlaF.dieCoronvO May 1934 V0'4 97'4