ma IPRsIH! y'"" i0 B Brire MrS i'M'-mC 'ij..,' itau era cm am left at Lenla.li M WlB ( i 9.... 108' '6 09- f0B C Tab A It 6a Il.TtW.j 105 .1... ,ii !" Tl. ,!-,' t08 Cent'd, Ceal 0 104 Md Ba'" 1V.. ,v- 1 S Mexico' 10 I 0 BTM Cent'd Oaa 7a 4 40H It... 108. 2.1.. 107 .2 n..--.;.45 Cem TATS. a 40 s ul B8' 1..... B3. Dal Hed-M 1 1...... 88 Dan tKUN 1 48 - a: .... 46 27. 11. '48 a SMexlen tie !.W.. DTK 8 -ST 4 Mtt ACM M'cv B AJax RUb'r Hi Dan B O 4a El;.. IDS 6.1... 84' Am'n Affe , D A B Q 4 Chm TW, 1....MMH 8.... 101 It... MS 2 88 Det Kdt Ba Me a.i... dsu Dat jSdl Cem l-i. 101 1.... 101 1.... 108 Dat U R'4a 71 1 6...WM 1.... 101 3 77 "4 77 B 77 '4.... 101 .'... 101U D Hatch 7a Amn BAREa 0.... 102 8.... 107 1.... 107 1.4 1 SBU 1 80 3 8 Diatli Security American , Bat cerp'n B 9 ,44 D da Nemeura Rwdr 7 1,... 104 1.... 104 1.... 104 Here t 1 1 08 it 1 08 1 88S 1 08H 1 88 Am T A T oil 1 88 4 80 Dua Litht 7 1. 1. 102 A T T c.4 1 88 1 88 1.. A Tat A Tal Be 3.... 8.... 1.... 1 88 S 08 102 1 06 E Tann Va, A A Tal A Tal U Georgia en ' 1 064 10.... 114 8.... 114 Si... 114 Erie Uanl Lien 6... e... 1... 1... 1... Am'n W P On 8 83 2..... 82 Ana, Cep'r 4 a ..... Ul Ann Arber 1 4a 3... 45 Erie ItKcVA 1 68 1 68 1 80U 4 ma t. I. 3. II. If. 4. . . 2. B 84 Armour 4Uf Erie R a cv B 04 H 84 H 84 H 84 H 2 81 1...'.. 87 10 80 A An A T A S Fa 4a 1. ' ea KrU KAcrD B 87 84H 04 84 B 87 1 8714 1 87 1 42 1 42li Flak Rub'r Ce Ba rcta 3 imu D Canada A coast h clt 4..... 084 2 88 D Canada 'SO 1.... 100 1 09 1 eeTt 1 SOU rrnm'n Induat Aire Fruit 7a 68 88 ev 7a wl 1 88 3 en 80 88 80 sew Oene'l i:iee Sa 1. 10. B. 0. 1 1 99 '4 10 88 a ea Dutch E Ind'e Oene'l Elee 6a fi rcti 1 It 1 1 1 It I OHM B4 84 H Allantla Rets 1 inn Goedyrar T A ct 0a 2.... 108 84 04 H 94 84 HUD'r 'SI A Pwd'r 7W 3. 00 1.... 108 87. 1. 1. 1.... 108 Atl'a Knox A 04 tdale) 84 K ft 84U cm 4a 1 80 Dutch E Ind'e Ualt A O 8J 7(e.ile) i wl 1 Bl 2 84Ti T 84 1 84H 1 84fe 1 94 H 8 OITL Bat A Ohie 4a 4 20 3 70 Bait A OhW 3 Ooedyear J 80 1 80 6(aale) 80 Rub'r '41 Here't French 1.... 114 1.... nau. It J He rcta 4,..t 102 8 80V Ot N'n Ry l IV Si 1. 102H Bait A Ohie O. 1 RH. 10.' 103H 102 102V4 102 J02K &.. 08 08 08 Great Nerth'n 1... I... I... J... 4... 4... 1... 1... 1... "! 6a 06 08 D8 06 86 06 06 86 00 110 961. S. 08 XW- 102 102 B A O P L E A W Va 4a 1 78U M est 102 OcWt F K ' Bait A Ohie B a.... 100 I.... 106 .11.'... 106 l,r7t... 106 1.... 106 1.... 106 OVa Trunk ei Can rcta 19.... 101 JipOee't in wen 8 a 6 80 1 Stu. ,Grt N'n II 7a 108 Beech Creek 8.... 9.... 10.... 20.... 107 , 107 107"j 107 107 R R 4a 2 88 Bell Tolepben or pa 7a 2.... I07 1. O Bay A IV b i 0 (K . . . . 0 88 10 10 10 S 10 Hud A Man M 4 80 1 80 1..... nn Beth Steel la! 1 8 11 8fl 804 It 80 10 0 a Steel Ba '86 8 SOU Bkn Edl Ce Bi toOeven't 4a 1 04 4 74 B Udia'n D 7a 1.... 107 Bread' y A 7th 1 74 ...... 7B l..i.. 74U Ava en Hud A Man In X Belt lum 6a 1 eau 1.... 108 I.... 108 1.... 103 B Union E let 1 81 u S.. 00 3.. 8f. . 1.'. 1.. .. 1.. 80.. 4.. 60 e 60 60 60 60 -6011 00 14 60 Ctl Leather Be -Birm "i 10 80 C A Ohie 4a 1.... 108 2.... 108 Katie) 108 Htalt) mnu e 80 10 84 t C'k A O cv Ba 1...... 87 Chi A Alten 8a 1 S7 Chi A Alt 8a Xlnsdem Den- mark ct 6a 07 60 Ilia central fd 10 07 1 8.1 u III Cent'l Ba UT'i Xlntdem Den' nark ct 8a v en 1 48 1 48', 2 48 2 90 1 884 3 00 B 60 s m; ... 100 v 100 Chi B A Q am 110 no 1 87U CHI B A Q Ba Info Met 4a . 8 , Int H ct 4e 1.. 110 110 H 2 08 axe... til... LB f Nether C B A Q 6a e 12 6 v'U nai 6a w 1.... 108 ;'.... 106 1.... 106. 10.... 106W J.... 10H 8.... letiit :t,. 04 Intb'e R T- td 1.. 1.. .. 1.. 2.. 11.. it.. 84 04 t'i 04 04 3 60 e,. 60 60 0 60 80 80 60 60 60 60 flfU. CAB I 6a 'Bl 10 10...... 10aale) 8 1 1 2 U4 04 04 ...... i7 " 77 , 77 10 77 8 77 t, Klnrlem Ner y Ba . 1.... 111 Chi A O W 4a 8wid,ti 81 01 8 61 1. . '.... 100 Intl Atr C Ba m a .. Chi Mil A Ptt 1 TAU Jrla-Lyen M oeuna it : itu I M Marine 6a W '! 8JH 4 03 1 88 B 08 t fi.Mi Chlcace Mil A "' " 4a 'as B 7u : m 1 & Chlcaae Mil 'a Invincible Oil 9uMn'd . ..1 . . - 1 011- cv 4a f 64 -J. 04 Cerp 8a '-' 03 S 98 1 imu. r-".. .. net. ? B0'4 -' 00 Wd Klt (.nicaie Mil A Iowa Cent'l 4a a...... aeij Tewa Cent'l Be e- ra 8 60 4 B0 2 88 1 nn !.. 108 108(4 , ! iehu 3..... 74 1 74 3 IK ''. 108 In'"' !?H Chicago Mil A Jameat'n K A at F ev Ba 2 66 1 AH Clcarrd 4a 1 as te&ii'i? Kan c A B 5a C1V Nwn am 8 sa C A Nwn 6a J 85 1 ana: K C T Rly 4a 10 HI ... ies Chi A Nwn 7a Kelly Sprlnt'd .'".. 108 Yt n H'r e.... lenu. c n 1 a p 1 5 lire 8i 6.... 106 1.... 108 4. 78 i 76 ; 70 8 70 ' 70 B TQU Lake Shere M 70 Ct 8. an fa '26 1 na "S'fd Cen. Lake Shere M Chlcae Union H'n 4a '81 20 niu. ! 117 ci a 2.... int.. Lex'n A B Ba Chi A W I Am B na Ui5::: a " J 73" ; 72 7 T91I L A Myer Ba 3 nr.v. Le A Naah 4 ltFV Chile Cep'r 6a 1 nnrz L A Naah AH VJ Brit 1. 80 86 , 12 J'". 104 '.., 04 1... I... 1... 4... 3... 10... B... 8... 1... .... 102 10.... 02 1.,.. 102 11 lh-ju' 86 86 88 80 80 84 86 Lerlllard a Te I I'd 1B5U H4 Market St Rl a iran lat 6 8 lCXaale) 88 1 aau. 88 Chile Cep'r 7a ... 101 1.... lniu Marland Oil ' C'r N Y 4a ward 8a 3 nnti May '67 J.... 105 K,. . 108 Mx IrrI 4a 4 JI8U Mrx Petrm a iMit'f. 1081 1 ,,..yj3 ' i'Kthv: ' iq- wffBwaTO..i pTTt JVgty KQgiir BQNbS; '',-: Mich B Ti St N Paelfle R 'if. 80...'. 100 100.'.,. 108 81..,. -103 10,...- 108 .'8.... 1(8 .It,.,. ,108 r s.'..i 108 6.... 108 )S.... 108 . 1...W 87 MM B A Or 8a I,,.. IDT 4.... 108U 2 86 .11 86 Mln a St L'4a ' 40 MA Bit id ea Ore A Calif 0a 0..... 07 Orecen B,L 4a a;.... ,8 1 .'..'.. Mtl . 1 80' M BtP A fl Bta Dretjn 8 Line .08 tvra Ba fd Ba t . 00 00)4 . I...'. 108 , 3... 108 1.... '103 3.... 108 S'n PaelOa td 17 8,1 li.... 86 17 UiH 1 asTi wane ga' "l...."J02H 8.... 102 !... 102 JIKATaJ wl 12 iB0 2..... -,BO '10..... B0 2..,.. 80 s;.... BOii 4 60 10 s 11.... 100 0 88 13 JOO Oreton R R A Navl Ce 4a 3 jOr.W R R fe Be'n Paelfle 4t ixavi co 4a .,1'.... ,81 6'n Pae ev A 7..... 78 B BOU 1 78 .17.... 76 .!.., 80 7(aalt)88 1? 69 l...i. aeu Me K A Ti4a 16 77 1..... 78 -70 1 78 3 70U 1.... 1.... 3.... 8.... SO.... 16.... 6... 7.... 8.... 1... .77 77 T7Ta H 77 77 8n Railway 4a 1 62 .,. 63 1 63 l..w. 03 1 68 Otta dteeMala 1..C. OTU Pae O A K On 77 .4 88WI 77 77 Pa R R 4a 4h M 2. i . . , 68 8n Railway 3a 8 88 Pa Rd en 4 1 06U 7 1..... 04 1 04 3..... 04 U M K A T Be Wl B.w.. 81 11.... aiu Pa R am 4a 1 88 17..'... M 18 Rallw'y 8a M K A T 6a wl '3 04 10 Mi 8 04 11 01 u I'enna R A 8a 1. 04 ,B 03 04 8 OB 83 20 06 1 ID844 3.... 28.... 1.... 3.... 8.... 40.... 10.... 10.... MKAT,netf, Penna R 6 iv irau 1.... 106 .1... 1011 Me Pae RR 4a 68H !.... 62 8 82 8 02 8 63 6 62 B...1. 62 3.... 62 4 fleix Penna R R 7a 8 in Peoria A E lat 08 en 1.... 78 B 7B 1 70't 1 70 1. S'n Rly Mobile A O ctfa 4a 1 73 Per Marqt Be Btand'd Oil et 107 102. 102 102 10211 8 04' 3 08 calif Ba 1.... 10BU Me Pae Bar 'S6 9 SB 10..;.. ea irr. . ie 8 BBS Pierce OH 8a 2. 1. 1..... 08 ;" PltU C Cht'A j ( u m carle 4a . 1 106 Bt U aBa -1 . OS" Third Av aj Merrla A fcom fcem pany 4f 7 84K B.... 84 3 82 1 62 1 R3U. Pub Berv Cerp jay ea 48 14 4B 4814 48 48 1 78 3 78 1 78 Third Ae 4a fi UT'I A T 4 8 (14 U 2 7S 8 tB Tidewater Oil Reading Ce it Ce ct 6a 10 84 fi 84 101 101 101 101 101 101 101 New Or Tex A Mexico a 2 60 Rep I A 8 Ba 1 03 N T Cent'l 4a 8 88U J 87 f T Cfl 4a neca ira A a ieura4a' 1 7011 1; 87t 2.... 101 6(aale)101 6(aale)101U St L I Mt A 3 8.. 4.. N Y 11., 1., 1.. 8., 1.'! 1,. 8.. ' 3.'! ... 80 .1. 87 Rwy sa SB OS Cent'l 6aJ Teledo St L A at L A S F aj .. 101 .. 101 .. 101 .. 101 .. 101 .. 101 .. 101 .. 101 .. 101, .. 101 .. 101U w-n 3a 10 nn 1 78 1 78 2 78U Teledo St L -A weat'n- 4a C GSU St L A 8 P In 3.. 62 Union Pae cv 4.. 4.. 10.. 1.. 3.. 1.. 1.. 1.. 62 2 83 10 03 10 D3T4 82 62 62 02 02 Union Pae fd 3 86H 6 87 8 86 7 80 t'nljn Pae 4a 1 00 U Tank C 7a 4.... 103 Unt'd Drue 8a 1.... 100 1.... 106 6. N T Connect', n n 4a 1 87 C2 62 N T Edl'n CO St L A S Fran 80i 00 011 00 00 00 08 00 60 00 T A 0a rcta 1.... 107 1.... 107 aenea A 1... 1... 1... 1... 1... 8... 1... 70 70 U 1.... 107 B.... 107 N Tk LUht H 70 70 70 A Pwr 4a 1 81 8 81 70 Ut'd Rly I Ce 70 8 Fran Ba I 1 83 St L A S Fran New T N H A Banea B U 8 Realty A H 4a '86 1 84 1 84U Impvt Ba 14 84 8 B4U 3 40 New Y N H A St L A S Fran Hart'd 6a Series c tl Oftu U 8 Rubber Sa 1 60 1 60 New Yerk O A Weat'n 4a 1 71 87 8t L Sew'n ' 3 87 2 87 B '74 2 74 U 8 Rubb'r 7a Ft U 8w'n la 101 N Yk Rye 4a 1..... 76 '(He) 78 3 76 US Rub 7a 3 83 N Yerka State Rlya 6a 1 66U I.... IOB 1.,.. 105 1.... 10B 3.... 103 3t L Sew'n 81 1 TO N Y Tela 4a St Paul A K C 17 8 Smlt R A 1 83 N Y Tela'e '41 Mln'B 6a 1 04 7(sale) 04 6 05 C 78 B 78. 4.. 102 1... 1... 1... 8... 2... 3... 1... E... 1... 1'.'.'. 1... 1... Santa Fe Pret 103 102 103 103 102 103 102 A P Ba S 00 U'd B Steel Ca 100 100 101 100 100 100 Seab'd A L aj 3 10 fi 18 B inn 8... fi... 1... n 10.' .' '. 3... 4 A L 4a eta 103 10.1 1 84 101 101 101 Seab'd A L 6' 102 102i ins 103 10a 1. 1. 40 40 s... Va.C Chm lat 8.. 10,. 4.. 48 40 6 07 20 07 Va-C Ch 7a 6 05 1 03 fi 05 8 05 1 98 2 03 Va Rly Ce A 1 93 4.. N Y Tala'e MP, 40 1.... 103 40 8h Steel H 8a 8.... 103 1. 2 84 3 84 103 3,. O.. 1.. 103 103 Sinclair c oil Cerp 7a wl IMS 08 08 '.'.... 103 2.... 101 N Tk W C Beat 4a B 42 10... n 1::: 1... 8... 2. b..; 8... 1... 6... 1... 1... 10... 08 88 08 Wa'n tier 2.... 100 Weat'n Md 4a 1 02 4 62 1 02'i 08 20 42t r. 43 00 V 88 88 88 88 88 88 ...V 43 We'n Pae lata Nfk S'n R e 8 88 1 6B 2 an Weat Shere 4a North Weetern 80 W Union 6e Bel T7a 88H 1.... 107 6 107i S. 107 107 107 107 107 107 inTfti 3. 88 1. 1. t 1.' 1. Sinclair C Oil Weatlncha'a B corp 7a A Mf 7a 8.'... 106 1.... 106 1 106 128.... 108 108 108 103 103 103 103 103 1031, 1. Wlckw'e Spne N Pacific R Be 1..... 61 N PaclOe n, 4 2 sr. ' 85 8 8fi 1 88. 4.. R.. Steel 7a 1 0(1 WIlBjn Ce cv 1 86 It...'. SflU I.. Wllien Ce lat 1 en'i nigh 08.00 Lew 11 A.M. Liberty SV,s . l7.00 07.00 08.08 08.10 07.70 07.00 00.04 00.24 Liberty I6t4i4s.. 08.12 Liberty 2d 4Ua. . 07.00 Liberty .Id 4Us.. 00.24 Liberty 4th 4ls.. 08.SO 08.00 08.28 Vic Notes 414s... 100.80 100.70 100.'80 LOCAL MINING STOCKS TONOPAH STOCKS Caah Bey 03 J m Butler en MucNamara 11 Creecent ej Mldwaj 07 Mlipah Gxtenalen 00 Mentana 08 North Star 03 Reecue Eula 20 .03 .07 .11 .03 .00 "I .10 ,03 ih" .01'i .03 .01 .01 .02 .08 .01' .115 .14 .08 .12 .02 .12 .08 .01 .04 .03 .02 .08 .OJ .Ul . .113 .01 .11 .01 .03 .01 .27 .0.1 .02 .02 .04 ,U3 .03 .01 .02 .00 .03 1.03 .11 .03 .21) .03 '2 Tonopah Exlennlen 1 West End .Jj.u West Tonopah 02 DIV1DIJ BTOCKS Allied DMJll 00 Alte Divide OOM. Hatcher .01 .01 .04 .13 ,0i .01 .01 .It .0J Ilelcher Extenalen Ken llur Breuah Dlvlde , , , Divide Extenalen . Divide Cen Dividend ........ Kaat niv'de Marmlll Haabreuck Uhlde ..., i.riua .............. ,. Knox 03 llevert Dlvlde 02 Itene DUIde Ol Reeela .., ej Hlher Kins .' lel Sutherland O0!i Tonopah Haabreuck ,.,,,,. .02 Victory Divide eitti Verde Divide 09 GOLDPIKLD STOCKS) noeth 03 Comb Fraction ej Dlamendneld Blue Dull - (Ml CHIT ...... ........... Oeldneld Cen , , Ueldneld Dev Oeldneld Deep Jumbo Extena'en Kewama ....,,., I.ene star .08 .01 .01 .0.1 .0.' .IK! .oeu 01 . ..., 68 02 ure Red Hllle Silver rick Spearhead MISCELLANEOUS Amparo Arltena United Caledonia , . , . Eden Emma. H'lver , Eureka. Crneaua Eurrka Helly . Heel ....1 .00 ,011 ,08 .10 .0.' .2.' 00ft 6.73 Ueth.r Led. .::. ..: !M.M,ttl, ,avada,HUla ,,., ,M6a , , .11 ." " f . v ' ' i 1 il'i i' ' m :.:tiMsrxi w-yv ; :. vsss&zsmg's? ' Ms jiw ' n 1 saia sua 'mi nei am a as. n unuar .j......... a 1 . m--mt wm jirjfTTjfu CnrEBT -.,, FitiMiAi m&s ,. r t?R. I. Wldehbechr has become ns 'ecJated'Wlth JJIalr A Ce.. Inc. flfonen's loadlnge 'the first week of Mtifch IncrMaeil RM ner- cent. -"he frver price'ef.thc twenty nctlVe indastrl4t'iiterikil.i1dlnefl (r.aODcr cent yeiterday'te 80.00, while, the twenty raureaas acc.meu u.aa per cent te tv.m. K. V. 'Carry, nresldcnt ef-tlifi Pull man Company, lays there In absolutely rui truth In the report that the Pull man Company would absorb the Lima Locomotive Works. Several 'Important ferclfen lenns' will nreDnbly be offered seen. At least turns Issues are new under consideration' by New, lerk banking houses- Competition has. been active, several names being mentioned in connection wun cacn lean. r-rVlec President and General Manager Jcnney.'-ef the Delaware) Lackawanna aiul Western Railroad Company, said this ' morning that there wrig absolutely nethlngtln the. reported railroad consol idation se far as that property Is con cerned. . Anether French railroad will enter the Is'cw Yerk market within a few days,' A dollar issue of Orleans Rail road,' amounting te 'about $25,000,000, will be offered there probably the early part. of nest week. Norfolk stiil Wcatprn hnn nlaced or ders for 4000 seventy-ten coal cars. Of these Pressed Steel Car Company will rtmlld-. 2000 and American Car and Foundry Company and Standard Steel Car Company will build 1000 each. i The General Gas and Klcctrlc Com pany' has 'submitted n 1)1 nn for the ic- classification of Us securities te it stockholders, te provide for the graduul elimination,, of its bended Indebtedness and the resumption of dividends en its preferred stock. The preliminary statement of the 106 IPnclfiC Ge's and Electric Company, cov cev 106 erlng. 1021 operations, shows gross revenues of ?37 ,0011,707, nn increase et 92,523,015 'ever 1020, nnd 'net Income of $13)230,622, an increase of $1,702, 470. Official announcement is given that en April 1 the St. Leuis, San Francisce Railway Company vlll pay the itemi annual Interest of 3 per cent en Us adjustment mortgage bends. Payment will be made at the office of the com pany In New Yerk. A syndicate is renerted te be nege tiating for nn Issue of $25,000,000 te $30,000,000 bends of , the Paris and Or leans Railroad Company. The bends, It Is expected, will be 0s, maturing in twenty-five years. They will be offered en approximately the same bnsls as the recent offerings of Paris, Lyens and Mediterranean bends. The consolidated income account of the Missouri Pacific Railroad for 1021 shows total operating revenue of $109., 785.040: net revenue. S18.O02.004: op erating Income, after tax accruals, $13,- UUi,oue ; net corporate income, after deductions, $3,537,010. The balnnce sheet showed cash of SI. 041 .000: nreflt and 16ss, $33,010,094. " H. N. Brown, chnirmnn of the Beard of 'the Perc Marquette Railroad Cem pany, issued the following statement this merning: "Newspaper articles and rumors nbeut the Pcre Marquette pur- cnasing tne Ann Arber uaiirenu are en tirely unfounded and I desire te make a flat denial of our intention of trying te nuy tins property." The White Eagle Oil and Rcfinlne Company, for the venr 1021. reports gross rales of $0,251,382, against $14, 012,138 for 1020. Net profits, after al! charge?, Including depletion nnd de preciation, were $700,607. ngnlnst $782,085 in the previous year. The general balance sheet shows net current assets of $2,108,030 and net currernt liabilities of $1,227,802. St. Paul's order for 4000 box cars will Involve $6,500,000 and calls for delivery ey July 1. Cars iu require 13,600 feet of lumber, 10,000 tens of wheels and 5400 tens of axles. War peak price for' box cars was $2800 and pre-war price S1000 te $1200. Pull man's 1000 car order wll be filled nt Haskell & Barker's Michigan Clty plant. Fer the year ended December 31, Gulf Ol! Corporation nnd subsidiaries report net Income of $0,008,787 after all chntges, depletion, depreciation, taxes and Inventory adjustment, equiv alent tt $25.03 n share earned en the $36,235,500 outstanding capital stork. This compares with net Income of $2S, 543,157, or $78.06 a share earned en the $30,145,100 capital bteck in the previous year. Clinchfleld Cenl Corporation reports for year ended December 31 net earn ings before fixed charges totaled. $008. -648. Fixed charges amounted te $120. 023. leaving Income after fixed charges $177,725. Of this $43,544 was paid Inte sinking fund te retire preferred stock, $04,252 paid as preferred divi dends, $327,321 Jnald as common dli dendc, and $130,081 ct aside as reserve for 1021 Federal tax, leaving surplus ter year et $;:, u.). The subscriptions nllettcd for the four-year 4 per cent Treasury notes, dated March 15. 1022, were divided among the several Federal Reserve dls. tricts as follews: Bosten, $51,003,800; New Yerk, $314,050,200; Philadelphia, $47,004,000: Cleveland, $40,705,000; Richmond, $13,252,200; Atlanta, $4. 112.500: Chicago, $05,004,800; St. Leuis. $20,745,000; Minneapolis. S7, 747,300; Kansas City. $I),OUO,000 ; wuiias. .Ti.uui.uuu; wan Francisce. $31,180,000. Total, $017,707,700. The .Middle west Utilities Company. '?', "iv-i "r& ; mi total earnings of $3,035,530. nn in crease' of 38.0 per cent compared with th6 twelve months' of 020. The 00111- Dineu surplus earnings ler the cnr were jl,-Ml,wv, equivalent te $8.22 a share en the outstanding common stock. Gress earnings of the operating subsidiaries were $20,348,234. nn Increase of $3, 618,311 ever 1020. The net Income from construction companies was $117, 457, making n total gross inceme for the year of $26,465,601. BANK CLEARINGS 'Dank rlearlnaa today compared villi p.ime day last two eare: 1022 10"! toil. Vhlla... 8tiS.000.000 Deaten.. 4S.000.OOll HelldHV ' '" N. Yerk 60'.',300,UOO GUARANTEED 1 APSOLUTtiypURE-J WHITE LEAD 100 lbs $10.75 25 lbs 2.75 12: lbs 1.40 FLAT WHITE 1 gal .. ...$2.50 j gal 1.30 lA gal 75 SHELLAC White, per gal. ...$3.00 Orange, per gal. . . 2.75 Linseed OU 85 Pure Turpentine. . .95 B. FRANK SHINN 302 S. 52ad Zlit and Seuth Belnent (ON gpruc 4 no DitMrifM Evrywhirm TTflMTi '-T-7 ;. 'Tl REACTION IN WOOL BUYING Inquiries and Limited Purchases Are Meetlyef.the Finer Grades Limited activity In the local wool market Is ascribed ty dealers te a re action in buying, according Je the weekly review of trade ln"the Philadel phia district' by R. O. Dun ft'Ce. 'In quiries and buying arc mostly for the finer grades. Prices show a softening tendency, although, nt present, fairly firm. A waiting policy appcnrs,te pre vail among buyers and future better ment of the business appears te be de pendent en tariff action. v Yatn dealers report little change dur Ing the week. There hal been little buying and prices ere unsettled, Deal ers are' generally eptlmlsltc' and feel that business will Improve in the near future. Prices will gradually, 'become firmer. It Is believed mucbi-higher prices will pftvnil In the fall. Continuing, the review gees en te say: , "Manufacturers of men's and boys clothing, due te the Easter trade, novo Increased their business te a fair vol ume. Prospects appear mere favorable. "Shirt manufacturers report euiue Improvement. Many plants are work ing te capacity, sales are larger nnd considerable Improvement Is noted. "Ceat, suit and dress manufacturers report sefne Increase, although buyers arc placing small orders for immediate needs. "Wholesalers and jobbers of pottenn nnd piece goods wiy there hns been some Increase In the last month or two, al though conservative bujers are net placing any future orders. Orders are snmll and for immediate delivery. "Wholesale grocers predict a steady improvement. The market, particu larly en canned goods, had a heavy de cline. Canned tomatoes, in a large 1 job bing way, have declined from i.em 10 $1.0 p5cr dozen for Ne. 3 tins and from $1.25 te $1.10 .for Ne. 2. Packers are nlrendy naming prices for 1022 packing en basis af $1.15 for Ne. 0 and eighty cents ner dozen for Ne. 2. These, fig ures show n heavy reduction In price nnd tend largely te increase consump tion. Canned corn declined from $1.20 te ninety cents In large jobbing ways. General trade In canned fruits and drlitt fml tu imvn nnMxeil necessary re construction period nnd healthy demand at normal prices is predicieu. "Coffee opened nt n decline of two te four points, owing te easier conditions in Rie exchange. The market closed two peirTts higher. Sales are moderate. Spot coffee is quiet, with no fresh offers in cist and freight market. Tea is fnir. with prices firm, owing te scarcity of supply In hand. Tea Is considered geed property. Consump tive demand Is normal. Raw sugar Is strong, with spots unchanged at two nnd a half cents for Cubns. Refined Is firmer nnd unchnnged' te ten points higher. Fine granulated is listed at $5.40c te $5.50c. Demand is active, both for domestic and expert. Three re fineries have ndvanced their prices te $5.50 en refined. The leaf tobacco trade has been com paratively quiet during the last week nnd few Inquiries made for old grades of Pennsylvania nnd Connecticut, which are still held at high prices, but there is said te be a falling of prices In the new crop. "Perte Rices are being inquired for and prices are said te have declined. Sumatra and Havana are only in fair demand for Immediate uses. "The large cigar manufacturers are doing n moderate business, but only a few are working te capacity. The .smaller manufacturers are compara tively quiet nnd net thought te.be mak ing any money. "The local retail cigar trade Is in fair condition. There is n tendency toward lower prices of standard goods, but cutting continues te Berne extent and profits are net very large. Collections are slew. "The leather market snows improve ment. Orders for sole leather are in greater number and volume. Prices re main steady. Glazed kid dealers Are doing about normal business. Raw ma terials, however, arc high and prices continue firm. "Shoe manufacturers report Improve ment, shipments exceeding these of the same period last ear. Orders ahead are net lnrge and there is n tendency among retailers te held orders later than usual." Special Meellncw nrSpCOBN KXCIIANUK NATIONAL BANK Of PHILADELPHIA NOTICE IS HERE11Y C31VEN that a special meetlnc of the ahareheldera of the Cern Exchange National Bank of Phi lade), phla will he held at the binklnir home. Northeast corner of Second and Chestnut htreets, Philadelphia, en April 18th. IMS, at 11 o'clock A. SI., for the purpose of etln In appna! or dlaappreal of an agreement providing for the consolidation of the Cern KxcTinnRe National Bank of Philadelphia and nittenhouie National Bank of Philadelphia Inte one national bank under the charter of the Cern Exchange National. Bank of Phila delphia, under the title of "Cern Exchange Mnflenal Banit of Ph llndelrtila ." l .'Ti.V nnce with the previsions of Act of Cenareaa approved November 7. 1018 The agreement I has been executed , by the directors Itm 1 officers of tne said associations and a eenv of It la eh tile and may be tnapected at said bi.nklng house. ' ",a AI-.I.KN M. MATTHEWS. Cashl.e. (JSP THK RITTKVIIItllNK NATIONAL--B5 BANK OF PHIIDELPIIIA NOTICE IS HEREBY GIVEN that a an., rial meetlnc of the' shareholders of thv niTTENHOIISE NATIONAL BANK np miir.inrct.PIlIA Mill h i,.ih -. Vt1" . P I house. 1512 Chestnut street. Killndelphia 5 I April 18. 1022. at 11:00 ,o'clerk ! inthe fore. . neon, for the purpose of ,etlng In approval niihlch National i" "' nuaueipnia im0 ::: national bank, under the title of "ceiiv vv CIIANCin NATIONAL BANK OP Till??' .fit ""3- DBLl'HIA." in accordance with (h i?Jz visions, of the Act of Cena-ree," .'JS . i, luie. ine agreement hki h.. y the director and officer. "!?" said oaieclatlona and a copy of It . in nl and may be Inspected i Inspected at said tanlilnar h"' W. C. FITZaERALD. Caahig" Annual Meetings BSP'" W'!" OF THK 1M1AUI) OK of the PlIILAIIKU'lIIA CITY INSTITUTE. FRKK i.iiiii.mi . mm nn riecuen rer ne (5) tnaimBi-rs te sere for the ensulnjr four (i M-a'rs will le Held 't the MRRAnr IIUILil INO, at th" N. i: Cor. 18th & Clieatnu, streets, en Mandit). Murch 27 i a;w , m Annual Elettlens US?" CAMIIRIA IKON COMPANY' At thu annual meetlnc e' ii.. holders of 'merm iron Company, hM M.nh 31. 1022. the following; directors ?r2 elected te sere for thn ensuing sear" David Ueees Kflllluliam h, Merrl. It. Franclt Weed lldward h. Walah inwell stacliheuse rieer v .:"" Jehn W. Ten.;nd :hrl.Men c.'Wffi Teblifer vs iiiH7y P. B, Burma, Secretary. nixlriende Automobile Banking Corporation Preferred Dividend Ne. 4 The Heard et Directors hae this a. declared n quarterly dividend nn the Pr. feried Hleclc of tills Corporation 0! April 1. I9. en all Preferred Sbar', if tecerd Marrt) 31. at Iho rate uf -ilh58?i cent per annum, checks will b rnii,i Philadelphia. Pa.. p. n' .NB?A'IeJ' Tebruary 20. lu.'2. Tr..... '. CONSUMERS ELECTRIC LlliHl 5c reWER CO. , m:veki.kanh Nt.n PAfflftlaH nils nBlaa .11.. I ft '.u ,cHu., .luanvitr (iiviaend of en. find Ihraewiuarters Dr rent lla.n.V .Tne ? ferred Hteck of the rempiny 'ha? been i re. dared, nuiulile March HI. imV, " ."""."." heldrs of record Murch JO. 1022 'tiT. iriS." f.r. iii fnr ih,. iirK.'-.il.'.-.4.ne 'rans- rer tne 1'rnrerred Hteclc will ii. the close of business si,Xh' 10 lll 1 l reopened en April l.ltls'. the Preferred 1 lesea at IH J 2. and " '"ure r. l lie lt..iinl. nATItlNAI. DANK 111 I'llll.AIIKU'HIA n.t ti Philadelphia, March 23 10"" & ,ir.T." IW JW day 'declarri' inn wircciera uiu this day declarril dlMdend of four (1) imt crnt. Si, ,,, udjust the dividend periods 1 tn i,. l!?L..,T,n tear, payable Mnreh Slat. II...I. .-& . '' ...cuytr of record Kfarch -6th cfc5Slt. -iir,ffkheW,M AR.VV rrxV A. u& t New Issue, Dated March 1,1922 Net redeemable prier te March 1, 1947. On and after that date, and up te and including September 1, 2016, redeemable as a whole or in lets of net lets than $1,000,000 at the option of the Company en any interest date upon 30 days' published notice, at llOand accrued interest; thereafter at par and accrued Interest. Interest payable semi-annually, March 1st and September 1st In New Yerk. Coupon bends in interchangeable denominations of $1,000, $500 and $100 registerable as te principal only. Fully registered bendt of $1,000 and $5,000. Coupon and fully registered bends interchangeable. Trustee. Central Union Trust Company of New Yerk. Tha Company trill pay Interest without deduction of the normal Federal Income Tax payable at ths aeurc up te 2 and will refund, en timely application theState Tax in Pennsylvania te the extent of the present rata of four mills. Frem a letter of Mr. F. G. Sykes, President'ef the Company, we summarize as fellows; Buiines Territory Proviaiens of luue: Earning$: Equity: Franchises: Management: All tef al matters In connection with the Issue of these Geld Debenture Bends will be passed upon by Messrs. Simpsen Thacher tt Bartlett of New Yerk, for the Company, and Messrs. Murray, Prentice flt Aldrich.ef .New Yerk for the Bankers. Temporary Bends exchangeable for Definitive Bends will be delivered when, as and if issued and received from the Company. TJie tafcrmarten contained In Proposals DETARTMKM OF PUBLIC WORK,S BUREAU OF CITY PROPERTY Phlla.. March ID, 1022. Sealed proposals will be recehed at Roem 316. City Hall, until 12 o'clock neon, en Tuesday. April 4. 1022. and opened at that time In sime room, for 1. Repalra te Independence Hal! Repairs and alterations te entrance atees (Specifications may be obtained en deposit et five (IS 001 dollars at City Archi tect's Office, 1211 Chestnut Street). 2. ImpreUns plot bounded by Cressen, Cotten, SlUerwoed and Hecter Streets, in tha 21st Ward, by suppljlnc and plantlnc treea and shrubs. S. ImpreWnc Melan Park, bounded by 25ti St . Diamond Ht . and pro perty lines, In the 32nd Ward, by , luppblns and ercctlne chain link screen fence. tHans and specifications mav be obtained en Ne. 2 and Ne, 3 at Roem 117. City Hall, en deposit of the (13.00) dollars). 4, Improving MtfTtln Square, In the 30th Ward, by the treatment of soil, auppblng and sewlnr erase seed and aupplslnE and lajlng sod, E. ImpreWnt; Wharten Square. In the 3th Ward, by the treatment of soil, supplilne and sewing; grass seed and supplying; and laying; aed. fl. I.alng or repairing: Neuchatel or' asphalt pavements,' concrete Daie- ments ulth brushed pebble finish: I (tranellmlc finish pavements, cop ings, curbs, etc.. and resurfacing walks with TarWa. and pebbles for the ear 1022 Specifications for Ne. 4, Ne, P. and Ne. fl. mav be obtained at Roem ah. ,iiy uau. Fer further Information Inquire at Roem W. Clt Hall ' al (Signed) FRANK H. CWEN, Director. THE PITTSBURGH, CINCINNATI. CHICAGO ! & ST. LOUIS RAILROAD COMPANY Treasury Department ' Plttaburgh. Pa.. March 1 lO"" Consolidated Mnrtgnga Henda of VAM DALIA RAILROAD COMPANY te total cost of $168 740 00 will b purchased IS the Sinking Fund, Marth 81. 10827 at t hi 1 Agency of the Cempam . The Farmers' lean and Trust, Company, New Terlt Cltj" under the following prevision of the mertgig,. "Sealed proposals for 'the sals of um bends will ni received at the Agency nf I V aald Railroad Company In the city of New Yerk, and bends offered at ti price which. excluslNe of accrued Interest ' thereon, ahall be the lowest percentaei 1 of tha principal thereof, ulll be Mcep'Jd "? .";..' "-.": .., !VLUJ"" Pr and accrued Interest, bheuld bends of dlf?r flit holders be offered at the same price the number of such bends Purchase snau v- w" - ' '- '"i. as nearly aa practicable. In proportion te the "hole number of bends offered at the "S,nJ intef."at te Vprllist. 1022. " bV'wfld'K tiAtiil. anranta llAMl4- - -V ." I'alQ Oil deverad en April 1st or sVcurit? twiUl", en that day. If required, that delivery T be made within ten daya. iirjr win T. II. D. McKNinilT. Treasurer. WfHY has no Intester ever leat del ' prlnelpul or Interest en nj J elt of H. WV Nlruua Cu.? Hrlta for our booklet X-Q and leurn Ika rs why 8. W. STRAUS CO. wca ximis ,ld.. W FINANCIAL ' ! t I a ' " Proposals te sell benda te th. ei...- Fund must be In the hands of the Farm-r.' Lean and Trust Company, New TeVk ?-!f! before three o'clock P. SI., en ThnnVi March SO. IMS. and must ita", ths h.mJ' Letter of the bends effered. 'ai'iiS!.?'!! f v $3,000,000 9- Southwestern Power & Light Company ' s 6 Geld Debenture Bends, Series A Nen-Callable for 25 Years and Southwestern Power & Light Company owns or controls companies furnishing a diversified public utility service in 113 communities, including many important cities, among them Fert Werth, Wace, Deni son, Wichita Falls, El Pase, and Galveston, situated in the richest and most rapidly growing sections of Texas. Based en the 1920 U. S. Census, 'the total population served is in excess of 724,000. 85 of the Gress Earnings of the combined properties is derived from the sale of electric power and light in 110 communities. 3 is derived from the sale of gas in 5 communities, while the remaining 2 comprises the total of the railway, water and ice business. These Bends will be the direct obligations of Southwestern Power 8s Light Company and will be issued under an Agreement te be dated as of March 1, 1922. The Agreement will provide, among ether things, that no additional Geld Debenture Bends may bib issued under said agree ment by tne Company unless the net income of the Company, a defined in the Agreement shall have been net less than twice the annual in terest charges en its total indebtedness, including the Geld Debenture Bends then te be issued. . Earnings for the year ending Dec. 31, 1921, applicable te interest charges of the Southwestern Power 8b Light Company, were ever 3.2 timet annual interest requirements en the total Funded Debt of the Company, including this issue of Geld Debenture Bends. The Company has paid regular dividends since 1912 en its 1 Cumula tive Preferred Stock new outstanding in the amount of $4,387,000, and also pays dividends en its Common Stock new outstanding in the amount of $15,125,000. Only one of the franchises under which the subsidiary companies operate expires prier te 1935. Most of them de net expire until 1950 or Jater and some are unlimited as te time. In the opinion of counsel they are satisfac tory as te terms. Electric Bend and Share Company is fiscal agent for the Southwestern Power fit Light Company and the operation of its properties is under the direction of that Company, assuring efficiency in operation and vigor ous development of new business. Tha abeva Celd Debenture Benda are offered when, the approval Price 89 and interest, Bonbright & Company 437 Chestnut Street this advertiiement baa been obtained from source De Yeu Want te Help Philadelphia Grew? It's geed te knew that se many Philadelphians have signed the "PIciIkp of Civic Loyalty." But Philadelphia won't progress en geed wishes only! Philadelphia needs homes new offlce bulldlnKs. factories etc. will ou help her te get them.' Jhats the business of this Corporation ana the men be hind It, Shew th.it ou are Interested by wrltlnc for book. ftt V' KlvlnK full details of our Help Philadelphia. Proposi Preposi tion. GENERAL MORTGAGE FINANCING CORP. Ridge db Girard Aval. MCown&Cet Land Title) Bldf. Members, Phlla. Hteck stiebi Lee, Higgpnsen &Cj Established ISIS IIOSTDN NEW YORK CHICAfJO 1306 Finance BIdg., Philadelphia AUTOMOBILE INSURANCE LU1F.UTY MUTUAL INStRCU CO. Thenei Locust 8070. '.'O-ai se. I3tu ,,. Unlimited Funds Fer First, Second, Third or Building Mortgages QUICK ACTION ABE K0LSKY & COMPANY, Inc. N. W. Ct-. Mi u Wahmt SU. asm ii StftiArfSjX 'i&i fTl . - ( m aa and if issued and received by us of counsel at te yield ever 6:70 Philadelphia which we consider reliable. While net guaranteed, It We Recommend for Investment PORTLAND RAILWAY LIGHT & POWER COMPANY l$t Preferred Stock 6 Cumulative Par $100 PRICE TO YIELD 8.50 Earnings and Assets Justify Higher Prices NEWHALL, GROSS & DIFFENDERFFER REAL ESTATE TRUST BUILDING Bends Up or Down.? K you new held or contem plate the purchase of Bends as a long swing investment by all means read Babson's REPORTS Barometer letter just off the press. It gives yen the plain un biased facts and shows you what must happen te the Bend Market before the year is out. n,.?pert 0.n Request TW Barometer Utter amfBoeklet- iitt"v,iht, M9" " Yr Menty" I tereated investors, trratls. Tear out the Meme new and hand It ijaawffssi? when a aaaaaa a T!l It M . j in H m U i rer Your Secretary HlllUlm 3Jf-.'7 BCTTa9iH 5 Hulletm 34 rz ?.I!.d.i,0,'"','' Gttttnt ih Most from Your Afen"-gratij. aaaaaaaaaaaaaaaaMBB.a..a &n Senttnueu ZBiiuncA ou tfeai MOYER r CO. Bankers & Brokers 301 Chestnut Street B 'tdStelsMHaamar' 1 I i ' 'mM whwftr JPMmMwM9Fy&rW ? .j .. ' if Due March 1,2022 and subject te la accepter by ea n accurate. Traders interested in NewYerk Curb Exchange stocks should read Traders Handbook It explains cencisely: -the essentials of geed brokerage service -hew customers' transac tions are handled -hew te give instructions te your broker -market terms se often misunderstood -hew te open an -account ThU booklet sent en request Jenes &. Baker Membtn NewYeik Curb Market Dlret'p7WateWl'ree"" New Yerk Chlciee Beilen Pbllid.l.hli i,.l,.?uI.1 n,Ue elllmere Cltlsn4 PHILADELPHIA OrTICE Widcncr Building Telephones S'" " L"cu,t 4'30 Keystone . lUte 3861 BALTIMORE OFHCE 433 Equitable Building Telephone I'laia64Sl I Alan A. Alexander & Ce. Stocks and Bend LBIIUII irutl Hlalari VkMa. tu, ..,. .t .awau.fty u 4 w , 3 -A w 8&MmBma8ffli$..& H ' 3T SSSmmsmmmmmmmSmmmmm Wv " M. . 'V . t , art fr &.?i -1 . . i' K1A ti?. 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Significant historical Pennsylvania newspapers