t;
lift ' kirannirftrln
10WLTCUR6TRADE
Market Display 8urprllng
Strnfth Outildt Interest
en Increase
wtw Yerk, Mnrch e.Altheuth there
s Yteneral expectation, thnt bustncw
, the curb would be restricted en nc
lt of the long I t of Insolvencies of
SSL who Seal ' market, the mar mar
iSVhewed Hurprlilnjt firmness and thcre
', evWence of d pronounced- increase
jfiMeWU fairly active nnd
..".V? . .trenrth at Intervals during
STdeV. Durnnt - Meters of Indiana,
iff.F Tlcltllng te 11, moved up'te abevej
After tic" , ,-. i,i .fev. wnsl
?'.' Tin at 25 doedVcar Tlri was
Irlj well heM with sales at 10 nnd
iau 'intercontinental Rubber was
Jrtln In supply nt 8.
"some of the tobnece stocks were In
SflMced by weakness of tobacco stocks
'K iw Verk stock exchange. R.
TBRneldS B sold off from 43 te 41
tni la iale of Scbulte Stores was made
''petroleum stocks generally were
Itttey "' r,j i.;.,-. rilva
Ullliiniiu, ;"-, ,.-.. .-..-
nrletl.
XnA strong and meven up irem e- w .
tlaracX ranged from SHA te, 20.
Petroleum sew nr, w nnu i.
fllmml
1 .30
Hlh Lew P. M.
A" F's?? ...... 10 10 10
BE1!,!!!! U .'
fee.:::::-, -. 5
Owarear liref. . 27.,
BfflchV"..::::::::J Je 00
SSmial ' Tobacco HH US 11J4
Jby.MtNfiii 2 S 8
Wnceln Meters A ....... ,, 2 2
WiteMlIeathernniU... 2H 2 2(4
Philip Merr'a llj? 11' 11
PMiutn Ctrwl 10U na neli
KSSSresl Pt 102? 102W lejg
fuflie Cem flz ai? "H
ffiS-?H::i: ; i JS
Jihutis Bter'i SA S an
Sesil Iren 97 07 07
R5B::::::!ii;!ii f ?"
US Ship Cerp R B B
Untanit "Biiiriw:::: Mh x1a "a
Bailed B't Candy n tf s
Wtyiw Ceal 2 0.1 OS
WMt End Chm 74 72 72
United Profit Sh ntw. .. . 6K (Hi. avj
STANDARD OII.8
tlatte I-obea 0i 014 OH
gaJ::!:M,::;::'r' r fttt'l
UiW-V.aiLVJi JMUisea I. ...108 102 lb-jit K
KIIiZ-Yi-.r '"211 ?il
Bis sinn
i j
:?." .4
inaiana r r at
Seuth PI ., ,,,.,, 08 98
lud Oil of Ind 8714 f
Bland OlleJ Pj.w Tork ee ?e
Fmn Mex ;. 39 28
INDKPKNDBNT OILS
neon qu is is
Uoiten i Wjremln .' e., 64
CMIbflyni, 8M
v.iii Brvic ivia; ......ibv
iiii urvic -u-' qui
Cenllnenul Ret
Ceiden Ce prct
Croeto Bynd ...,.,,,,,,
Cuhln l'et
Detnr Oil i.....
Edmonds Oil
Enflnetr Petrel
Federal Oil
Fenelsna ;
O'lllUnd Oil
100
e .
214
847
2811
,Hk
St)9
841
23
1
l
n
2S
se
?
18
84
I'd
OH
Olenreek Oil
Huoeen en . . .
Int Petrel ...
Klrbr Pt ...
Llvlnieten Pet
l.yene Pet ...
Msrecslbe Oil
Merrill oil ...
Meridiin Pet . , in
Mexico Oil 2V
Mes Besbeurd 80
Mutual Oil lift
Nobl. 20
Nerthweit Oil 24
Ohie Hunter ............ .0
Omar Oil 70
Red Bahka , 29
Ryan Cene 4
Salt Creek Pred .,,, 18V,
Sapulpn Kit 'l
fl'tnme Pet lnj
Bkelly Oil n ,
Heuthem Pet It Ret 2
Rtanten Oil 24
Texon 62 .
Tidal Ounce 1H
Wilcox Oil 8H
T Oil 18
MIMNfl
Alaeka Br Columbia 2K
Anale Am Cornn 24 Vi
nil Ledre 2.1
notion A Mentana 40
DeHt Ment Cene 84
Calumet A Jereme 28
Canada Cep 20
Candelarla M 23
Cene Ced M 1U
Cortex Hllver 02
reason Held 2
Divide Ext ......... X... IS
Eureka Creeeue 21
Ooldneld Florence 2ft
Cleld Zene S
Hard 8hell 48
Harmlll Divide 18 ,
Hecla Mlnlns BJi
Helllnecr flH
Hews 8eund i
Independrnt Lead 18
Jereme Verde Dlv 4li
r, none Mlnlnc 41 ,
McNnmari (I
Mas ma Copper . . . r 2ni
.Mil ran Mining
Maaen Valley
Mether Lede clt ....."...
National Tin
Nevada Ophlr '
New Cernelia
Nlpliilnr
Rny Hercutea
Rex Cene
Silver Tick
He Ant P A G
Toneoah Caeh Dey
Tonepan Divide ,
Tonopah Extonelen
Teek Hushes
Unltv Oeld
United Kartern
Went End Cen
BONDS
Alll'd Packer 0
Aluminum 7a 1823
Alum'r-jm 7 1083
Amer Tel Os 1022
Anaconda Oa
Anaconda 7a 1020
Armour 7s,
Ilarnedall 8f u..
Reaer Beard 8
Beth Steel 7s 1028
Ileth Kteel 7a 1033
Cent fltrel 8a
Cene Textile 8a
Cene Ceat Ce 8a
Copper Expert 8s 1023....
7ti
82
82
tl
IT.
n
no
si
4i
78
70
101S
100U
102VJ
ins'i
nu
im
ion;
102 N
IIKiJ
07H
snvi
102
m.i4
IIR'4
nn
ini'i
102
0HVt
!&
102
loe'
R
5:Iil:
darat fnA nnu a....iii.j
"uiuesn i,int ss ...... 104 104
Ooedrkh pr .7e ujH is
Oulf oil 7e mitt les
Heed ftu')ber 7 i.. BUK SB1
IIUIIIDIS , ,
Karaer 7a '.
l.ukene Bteel 8e ....,,
MbbyMcNrUI T
AlarlAnd 7ua fia
ManitobaPewer 7s 04 4 04
Merris fHj 108T4 108 .mitt
NatAemetys , 94 tf 04 '
Nat Cleak Sa !lei 101., 101,,
3,y1s.,!i,r .: s e "k
Phlla C .............. vi 05H B8
.......101
us
mm
r 10i
ft ?
ifa ueM
BS BO Mi
dears Roebuck 7e 1S22.', ..leeti lue
Hears Koabuek 7e 1028... VVA W
Heuthweet Bell ti 1023 lw
ranegiin j is iuzd..,104'
Bun Oil 7a .' loe
Hwltt 4k Ce fa 1VS1 103
Texas CO 7a let
Tel Kd aan 7a 104
UnlWd Oil Pred 8a 08
Vacuum 7a ' , H7 u
Wan.-Jr 7 00H
I04H 104H
100 100
K 101M 101V4
lestf iesh
K 101U 101H
104 104'
(I ua os
107 , 107H
SflH v
financial Briefs
Burlington's February loadings were
134,087 cars, nn Increase of 17.5 per
cent.
Calumet and Arizona MInlnr fVim.
pany In February produced 2,402,000
peunus ec copper ana new Cernelia
Copper Company 1,450,003.
The average price of the twenty nctlve
stocks, dec lned 0.55 per cent, en Satur,
day te 85.01, while the twenty rail
roads declined 0.31 per cent te 77.70.
Sale of treasury certificates of the new
Issue during February totaled $11,003,
0118 In maturity value, nn IncrcuHC of
about 1480,000 ever January.
Herman marks valued at $1,320,220
and geld bars of $2,484,807 In value
were part of the cargo of the steamship
Htocknelm arriving at; New Yerk today
from Swedish ports
Graham Roberts nnd Andrew W.
Perter hnve formed n cepartnership
tinder the name of GrnJinm UebcrtH &
Ce., with offices in the Franklin ltnnk
Uulkllng.
In 1021. St. Leuis' Southwestern
showed nbeut $0.10 n shnre for com
mon nfter allowing, for 5, per rent pre
ferred dividends, compared with nbeut
Ull. 72 for 1020 as shown by revised
figures.
British currency notes outstanding at
the end of last week show nn Increase
of 540,000 te 207.130.702. which
cempnrcs, however, with 323,830,000
in the last week of 1021 and with the
1020 high record of 308,231.000.
Pittsburgh Railways receivers have
usked Federal Court te nnnreve nuv-
fhase of forty new trolley cars te cost
$400,000 from AVestlngheiisc Klcctrlc
and Manufacturing 'Company, delivery
te start in lini tinys.
Statement of Standard Oil of Ne
braska ns of December 31 shows total
assets nnd linbllitiett of $5,384,080,
against $5,840,188 In 1020. Prellt and
less surplus was $1,047,772, against
$3,780,400.
In accordance with the lease of Wet
vated, semiannual dividend 'rental of
$1.75 en Welt "End common, will be
pld April 1 te stock of record
March ,18.
' i
Chicago surface lines report a gross
of $5,0,5)301 for January and a net
operating income of $1,020,008. Fer
the twelve-months 'period ended Jan
uary 81, aggregate gross wan $00,343,
733 and net operating Inceme $13,
878.C83. The Treasury estimates Income and
profit tales te be collected this month
at nbeut $400,000,000. About $530,
000,000 treasury certificates mature this
month nnd nre acceptable in payment of
taxes. Ifyth issues of Victory notes arc
also rccclve'd for tax payment.
Operations of the Mldvnle Steel and
Onlnanco'Cempnny for 1021 resulted in
a net less of $5,313,513 after all
charges. There were net earnings from
operations of $1,215,000 and ether In
come of $1,044,407, but depredation
Charges tetnled $5,108,068 and bend in
terest $2,000,001.
The annual report of 'the General
Meters Corporation Issued today, shows
net Income of $5,784,782. for 1021 after
all ordinary charges. Charges for ex
traordinary losses and adjustments,
however, totaled $44,405,552, se that
operations for the year resulted 1 1n', a
charge of $38,080,770 against snrp'ut.
The Erie Railroad sought Interstate
Commerce Commission permission today
te sell $5,000,000 In 7 per cent, eight
year notes, which are new held ns se
curity for leans made te the rnllroedby
the Government. The application pro
posed te Hiibstltute with the Government
new collateral In the form of bends held
by the railroad's treasury.
When the Interest rate en the bends
dc la defense Is reduced en Mnrch 12
by esc-half of 1 per cent, the reduc
tion In the official discount rate of the
Bank of France from 5 per cent te
8 will be n consequence, according te
advices from Paris. The HVj per cent
rate has been unchanged since the gen
eral lowering of European bank rates
last summer.
Dew, Jenes & Ce, index number for
February, based en average price nnd
jields of forty corporation bends, in
cluding high nnd second grade rail
road, public utility nnd Industrial
bends, advanced .40 point In Febru
ary te 70.71. High-grade railroad
bends receded slightly nnd the second
grade. Issues -were almost stationary.
Public utilities showed largest gain.
1.27 points. Industrlnl issues gained
sllgthly.
Special .meeting of stockholders of
Rlttenlteuse Trust Company will be
held March 15 te act upon proposed
conversion of company into nntlenal
banking association under the tltle of
"The nittenheuM National Bunk of
I'liiiaueiplilu." This Is the company
which is te he merged Inte the Cern
Exchange Natlennl Bank provided plan
is approved by stockholders of both institutions.
NEW OFFERINGS
Exempt from Federal. State',' Municipal and Lecal Taxation
i
Issued under the Federal Farm Lean Act
$1,300,000
Dallas
Joint Stock Land Bank
(Operatisf in Texas and Oklafceaa)
1 5 Bends
Dated November 1, 1921 Due November 1, 1951
Optional November 1, 1931
Price 104.50 and accrued interest .
Te yield about 4.90 te the optional date
and 5 Va thereafter
$3,000,000
California
Joint Stock Land Bank
(Operating in California and Oregon)
5 Bends
Dated November 1, 1921 Due November 1, 1951
Optional November 1, 1931
Price 101.50 and accrued interest
Te yield about 4.80 te the optional date
and 5 thereafter
$500,000
Des Moines
Joint Stock Land Bank
(Operating in Iewa and Mianeieta)
5'2 Bends
Dated November 1, i921
Optional November 1, 1926
Due November 1, 194i
Price 102.45 and accrued interest
Te yield about 4.90 te the optional date and 54 thereafter
.. ..
3teW ' $&wav&' ''.-' ''&m '- u i vfl?'v't?$!ffl
mikwmmmmmkmmmmmmmtmmmtmmmmammmmmmmmimmmmmmmmmmmmmmmmmmmmmmmmfm
WwWievTtTnTimVTvTn
r-. i ; a ' r.". n.'.iii.i t 3 1 (.t'rrrv i w u. . , Kifiv jm ji .r
I, . .!;. ' i .-i-.- -: , . ,
V,. ,, ,,., -'TTO
Redeemable at par and accrued interest en any interest date en or after optional maturities. Coupon bends, fcHly registerable
and interchangeable. Denomination $1,000. Interest payable semi-annually, May 1st and November 1st.
Principal and interest payable at the Bank of issue or through any office of the undersigned.
i
Authority By Act of Congress these bends are declared instrumentalities of the Government of the United
States and arc prepared and engraved by the Treasury Department. By a decision of the
Supreme' Court of the United States, rendered February 28, 1921, the Constitutionality of this Act and the
tax exemption features of these bends were fully sustained. An amendment te the original Act of Congress
creating the FcderalFarm Lean System has been passed by Congress which permits until July 1, 1923, of
the issuance of bends bearing interest at the rate of 5J.
Security Obligations of the issuing Bank, shareholders,' liability being double the 'amount of their stock,
and collaterally secured by cither first farm mortgages or United States Government bends or
certificates of indebtedness.
Government Supervision These Banks operate under Federal charter and Government supervision. Their
bends and the collateral pledged as security have been approved by the Federal
Farm Lean Beard, a bureau of the Treasury Department of the United States Government.
A legal investment for all Fiduciary and Trust Funds under the jurisdiction of the
Federal Government and acceptable as security for Postal Savings and ether deposits
of Governmental funds, and the Banks may be designated by the Secretary of
the Treasury as financial agents of the Government and depositaries of public funds.
William R. Compten Ce.
14 Wall Street, New Yerk
J Halsey, Stuart & Ce.,
Inc.
Land Title BIdg., Philadelphia
I
j '
New Issue
$27,000,000
GOVERNMENT OF THE ARGENTINE NATION
Five-Year 7Geld Bends
Dated February 1, 1922
Due February 1, 1927
These Bends are net callable prier te maturity
Interest payable February ,1 and August 1. Principal and interest payable in United States geld coin in
New Yerk, free of Argentine taxes, at the offices of the Chase National Bank and Blair fie Ce.
Coupon Bends in the denomination of $1,000 each.
DIRECT OBLIGATION: These Bends will constitute the direct obligation of the
Argentine Government.
FOREIGN TRADE: Argentine is the leading euth American country in the volume
of foreign trade; preliminary reports for 1921 indicate experts of approximately
'$648,000,000 and imports of $613,000,000, a total volume of about $1,261,000,000
approximately the same volume as the five-year average reported for the years 1916 te
1920 and about 45 greater than the average reported for the three pre-war years,
1911 te 1913.
NATIONAL FUNDED DEBT: The total net outstanding national consolidated or
funded debt, as of September 30, 1921, was reported at approximately $486,000,000,
which, together with the non-consolidated debt reported as of the same date, shows
the equivalent of approximately $80 per capita.
GOLD RESERVE: Recent published figures show a total of approximately $463,000,000
geld against notes in circulation, representing a ratio of about 80 and indicating
tha Argentine currency is one of the soundest in the world.
PURPOSE: We are advised that these Bends are te be issued for repaying leans thus re
ducing the floating debt.
GENERAL: Area of Republic is approximately 1,100,000 square miles, exceeding one
third that of continental United States, exclusive of Alaska ; national wealth has been
estimated at $13,800,000,000.
All offerings are made "when, as and if issued and received by us" and subject te approval of counsel. Delivery
may be made, either in the form of interim receipts or temporary bends.
Price 99 and Interest te Yield about 7.25
BLAIR & CO., Inc.
WHITE, WELD & CO. CASSATT & CO. HALSEY, STUART & CO., Inc.
BANKERS TRUST COMPANY THE EQUITABLE TRUST COMPANY OF NEW YORK
THE NEW YORK TRUST COMPANY THE UNION TRUST COMPANY OF PITTSBURGH
SPENCER TRASK & CO. GRAHAM, PARSONS & CO. KISSEL, KINNICUTT & CO.
THE UNION TRUST COMPANY, CLEVELAND THE CLEVELAND TRUST COMPANY
FIRST TRUST & SAVINGS BANK, CHICAGO ILLINOIS TRUST & SAVINGS BANK, CHICAGO
CONTINENTAL & COMMERCIAL TRUST & SAVINGS BANK NORTHERN TRUST CO., CHICAGO
The statements presented above are based en information obtained partly by cable from official and ether sources
and while net guaranteed, we believe them te be reliable.
All statistics relating te money are expressed in United States dollars at par of exchange.
Income Tax
Returns
Until Mardh 15th
a representative of
the Internal Revenue
Bureau will be at
this office te assist in
making out your re
turn, accept your af
fidavit without charge
and receive payment
of your tax.
COMMERCIAL
TRUST COMPANY
Member Federal Recrvc Svetem
City Hall Square
iiirea
The above statements are edkial, or based en information which we regard as reliable, and are the
data upon which we have acted In the purchase of these bends.
.
iJiiiiiiii'iii'iiiiiiiniunuuniDiiiiLiiiiiKiii
ESTABLISHED 1865
BIOREN & CO.
BANKERS
410 Chestnut St., Philadelphia H
Government,
Municipal, Railroad
and Corporation
Securities
Memlrra New Yerk emt .
Philadelphia Stock Exchanges
UNITED STATES SHIPPING BOARD
Emergency Fleet Corporation
Offers the following
Mortgages en Real Estate
At Private Competitive Sale
News, Va., "Hilten
On March 20, 1922
Shipbuilding Realty Corporation, Newport
i uiagc," $4,050,1 S7.
These mortgages coyer 473 dwelling houses and one building containing
5 stores and auditorium.
Shipbuilding Heusing Corporation, Newport News, Va., "Washington
Avenue Apts.," $1,672,664.
This mortgage covers four brick apartment buildings, divided into 330
npurtments.
North Chester ' Realty Company, Chester, Pa., "Sun Village" and
"Sun Hill," $5,139,193.
TAe," ert&agea COVer 712 d,wcllng houses, and 18 apartment buildings,
containing 56 apartments and 20 stores.
Newburgh Heusing Corporation, Newburgh, N. Y., $1,548,379.
Thene mortgages cover 127 dwelling houses. 12 apartment buildings con cen con
steTe"8 aPartmcnts and 1 building containing 2 apartments and 2
The interest rate en the amount advanced under the above mortgages
is five per cent.
TERMS OF SALE: Mortgages ill he sUl ,,u the following cash basis
I en per ,ciit ia-.li p.ij.ible upon Muninp the- contract of -,,'c te ilm s,,c
cestui bidder 1 h , be cn-1,,,.,1 e the purely,, price ,f.m"rd
. ma. e te he .., r ..r i In- retried l the beard en account of dam
iKCh i Mucessi,, bulder fails te complete the purchase Balance payable
a- and when moraines are- delivered. pajauic
I he inertBUBes may be examined at the office of the I'nited States
HiippiiiK leaid KiueiKincy Meet Corporation. Keun. 1706, Xe v N' avv
plllim?ii,V'lll!,r v " v' Cw .fic1 cI,ics tf s'l"11 "wv be Mcn
. i m V . . 1,,g?'lu-l- Nl, Wk City, or Roem Nil. HO Xerth lima.
M , 1 luladelphiu Inclination may also he obtained by letter from any of
tile ahee sources. uui
AH etTei-, received en ei bef-.ie March 20th. 122, will ,c considered
and no award will be made hclerc that date. censi.itrcu,
The United States ShippinK Heard hmerKency licet Corporation
leserves the iiht te reject any and all offers; rauen
Uiivelepes should be marked 'Hid-, en real estate inertKajrcV and
addressed te h " '
HARRY S. KIMBALL, Vice President in Charge 6( Finance, United States
Shipping Beard Emergency Fleet Corporation, Washington, D. C.
C. S. PATTON &"ceT
I 31) t! t'UKSTNUT hl'S.
BANKERS
. SAII.K NTJ6VKN80N
GEO. A. HUH N & SONS
KTOrK ,M IVONDS
Mcratirra ul tbu riilluiltiitlilii, .Vew
ieik nnd t'lilctiicn sii.k i:rliun.
Nf- lark Cetlnn Kvrliinxe
Cmmli.lnn Ordsr Excut.d la
Alt tha Prlnclnal Mnriata
I.lb.rty Bends Bought and Sold
UcUtvua Court lllilc, 1 1 IK Uiilnut Ml.
N. V., lit Ureudwar
NEWBUhUER,
HENDERSON & LOEB
Members Netv Yerk and
Philadelphia Stock Exehangu
1410 Chtstnut St.
I Offer
$5000
United Fuel Gas 6'f 1931
95 and Intcratt
m
. 41 s ..'.
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