Newspaper Page Text
Executor
Trustee
Chartered 1822
The Farmers' Loan and Trust Company
Nos, 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
London Paris
Foreign Exchange
Administrator Guardian
Member Federal Beserve System and New York Clearing House
t?ru u* }ee^tive experiment in interfering
with short sales, New York returned to common
aw of respecting ways of the bear?an uji
u.Mially interesting and timely article every live
ThT^'V" ,th? .?treet' wi!1 want to 'read?in
Ihe New York Inbune next Monday morning.
?aim
?0
1
Buyers Arrived
Fairchlld Serrlee
ATLANTIC CITY?I. T. Schoen Co.: M.
W. Schoen. men's, young men's suits;
683 Broadway.
AT7STIN, Tex.?E. M. Scarbrough A Sons,
dry goods; E. M. Scarbrough. represent?
ing; 116 "West Thirty-second Street.
AUSTIN. Tex.?Snaman & Co.; Mr. Sna
inan, jobs ready to wear; 305 Fifth Ave?
nue, room 1714.
BALTIMORE?Henry Wessel Co.; Mr.
Kern, ready to wear and children's
wear; Pennsylvania.
BALTIMORE?M. Campbell. laces and
??mbroideries; Pennsylvania.
BALTIMORE?B. Flelschman & Bro. ;
13. M. Sykes. ladies' suits; Marlborough.
BALTIMORE?The Hub: Miss S. Goodman.
?Irefises, skirts; 116 West Thirty-second
street; 13th floor.
BALTIMORE ? Feldman & Weinman
Great Northern Bargain House); D.
Feldman, clothing, notions; Marlborough.
BALTIMORE?E. Kaufman ?St Sons; S.
Kaufman, manufacturers clothing; Ab?
erdeen.
BALTIMORE?O'Neill A Co.; Mrs. O. R.
Parks, ladles' cloaks, ?feults, skirts; The
Annex.
BIRMINGHAM ? Burger Dry Goods Cor?
poration; Sam Phillips, ready to wear;
1150 Broadway; Baer & Lilienthal.
BOSTON?Brldgham & Smith Co.; C. B.
Smith, woolens, tailors' trimmings; Mc
Alpin.
BOSTON?Barron-Anderson Co.; W. N.
Schmidt, woolen piece goods and men's
clothing; Breslin.
BOSTON?S. Katz Co.; S. Katz, tailoring
goods; Broadway Central.
BOSTON?Reliable Skirt Co.; L. Cahan,
skirts: Breslin.
I30STON?Giddings & Burke; J. Burke,
manufacturers straw and felt hats; Cum?
berland.
BRIDGEPORT?Howland Dry Goods Co.;
J. E. Kelly, notions, toilet goods, laces,
embroideries; 404 Fourth Avenue.
CALUMET, Mich.?Peterman Bros. & Co.;
A. Peterman, women's wear; Pennsyl?
vania.
CALUMET, Mich.?P. Ruppe A Son; P. E.
Ruppe, rugs: Great Northern.
CALUMET, Mich.?H. Vivian, tailoring
goods; Pennsylvania.
CHICAGO?Shop of Swelldom; I. E. Fergu?
son, manufacturers men's, women's cloth?
ing; Broztell.
> CHICAGO?Twelfth Street Store; J. A.
Walsh, merchandise manager; 1133
Broadway.
CHICAGO?M. Nev.man A Co. (Gem Tai?
lors) ; Sol Schwartz, tailors' trimmings,
tailoring; Endicott.
CHICAGO ? Phillipsborn's; Mr. Paver,
handkerchiefs and neckwear, gloves;
912 Broadway.
CHICAGO?Harry Bloom, house furnish?
ings; Aberdeen.
CHICAGO?Mandel Bros.; Mr. Mammo
s'T. furs; 13 East Twenty-second Street.
CHICAGO ? Marshall Field AjCo.; G. L
Lineberry. upholstery: 1107 Broa?Iway.
CLEVELAND?Joseph & 1'eiss Co.; Julius
Feiss. manufacturers clothing; 3-15
Fourth Avenue.
CLEVELAND ? E. Erlckson, tailoring
goods: Grand.
COLUMBUS. Ga.? Boyce Bros. Co., Inc.;
F. B. Boyce, toys, china and glassware;
Grand.
DAYTON?M. Marcus Co.; M. Marcus,
ready to wear; 3?s West Thirty-second
Street.
DAYTON?Rike-Kumler Co.; A. W. Mack.
hosiery, underwear; 226 Fifth Avenue.
DULUTH?Silberstein & Bondy; E. A.
Silberstein, coats and suits, furs; Penn?
sylvania.
BASTPORT, Me.?S. H. Kramer, ready to
wear; Grand.
FRONT I'.OYAIj, Va ? B. Montwlll Co.; B.
Montwill, dry goods, clothing, notions;
Grand.
FORT WORTH. Tex.?Snaman A Co.; J.
.Snaman, Jobs ready to wear; 303 "Fifth
Avenu?, ro?>m 1714.
HARRISHI'RO, Pa.?F. Jossel A Co.; Mr.
Jossel, dry goods, notions; Herald Square,
HARTFORD -?". Dillon & Co.; millinery,
gloves, waists, cloaks, suits; Belmont.
INDIANAPOLIS?H. P. Wpiison A Co.:
Mis?, P. McKamey, millinery; 116 West
Thirt v-?ei on?! Street.
KANSAS CITY, Mo. -Rothschild Bros.: L.
P. Rothschild, clothing, furnishings,
h;.?-.. Belmont.
KANSAS CITY, Mo. ? Smith, MoCord A
Tow<asend; Mr. Oelssler, ready to wear,
M Leonard street.
LA ORANOB, Oa_J. T.. Brndfleld. cloth?
ing, furnishings, shoes; The Annex.
Los ANGELES?Loft ub Bros.; W. M.
Lof tun, Oriental rugs, tine furniture, art
i ?,..? , m ; Pennsylvan la.
M'KEESPORT, Pa Rlaftner's; L. Blaft
iier, coats, huits. dresses; Pennsylvania.
Montreal Greenshlold's, Ltd; H.
Walker, notions; Cumberland.
N?WBERN, N <' ?R. Whltehurst, sta?
tionery; Pennsylvania.
OAKLAND, Calif.?Money-Back Smith; H.
?"!ark>-, boys' clothing, furnishings,
Pennsylvania.
OMAHA Byrne A Hammer D. G. Co.; P.
? Byrne, domestics; 43 Leonard Street
PHILADELPHIA?P. Miller, carpet?, fur?
niture; 8t. James.
PHILADELPHIA -Wlernlk. Edelstein A
? o ; L. Edelstein, ia.fr? pants; The
Apr?**,
r If tLA?TBT.PmA?Herman Bachrach A
Co. J T. Feld, infrs. cloaks, suits; The
Annex
PHILADELPHIA? N. Snellenburg A Co.;
Mr. Is*!?: win. upholstery, drapery; 1251
Broad *iy.
PHILADELPHIA?Rots A Smith Mfg. Co.;
M. Sn.ith, ctiks; Pennsylvania.
PHILADELPHIA?8. ?. Cumtnlng?. ready
to w?.?r; Breslin.
PITTSBCROH- Knyston? Cloak and Suit
Co ; U I-evenson. clocIUL suits, llil
Broadway
P/)T5ai7KUH?W. A H. Walker; If
l ?? a",.-?, rhen's, women's clothing, house
L tin iiiitnliiK?. Ill West Twenty ?ninth
j fttr?*i
MTTSBUROH?Kaufman A Baor: E. a
'?'il.ey, Hhae?, trunk?, satchel*; 404
Fourth Avenue.
PORTLAND, M-.- Porteou?. Mitchell A,
Braun; C, W, iivynton, representing, i?,z
Fourth Avenu?.
PROVIDENCE .!, ftamtMl? <V pro.; w.
ftmith. furniture, beddings; Grand
PRoviDE.Vf.-K--1> Tabor, ladles, mit-ses'
garti.'-n1? Grand.
PRO VI DEM >; /? jr. Robinson Co., Inc.;
/. BobltiMo, carpet?, run?, furniture;
Pennsylvania.
?AN D/EGO???-Holzwssser, Die,; J Wickel
hauten, hosiery; tti Fourth Aven'j*.
SAN FRA.ncjm? o Km port urn; P M? ?
Klmiii'iti, dm p??/les, domsstttM, cottons
226 Fifth A ve?,ii-.
SAN FRANCISCO -Emporium; T. Mae.
mnr.oTi. upholstery, drapery, curtains
ZZ6 ntth Avenue.
SAN PRAM fhCO Hal? Bros., Die .1 ,f
Hh*?, slikK, iD?s? f.'it,?i* u<i Union
?'Vit?*.
?EATTLB - poderle k A (foison; M!?? l'?
Ai. ?,U'.>?, luiliine?y; 4?o Fourth Av?nut-,
SPOKANE ? Spokane D. Ci. Co. ; E. R.
Seattle, piece goods; E. G. Nash, hosiery,'
underwear; 4 40 Fourth Avenue.
ST. LOUIS?Marquette Cloak <fc Suit Co.;
Herbert Frank, ladies' fall suits, fall silk
serge dresses; 112 East Nineteenth
Street: room 702.
SF.MTEK, S. C.?J. Denmark, dry goods;
clothing, shoes; Grand.
SVPBRIUR, Wis.?J. Weingarten Co.; J.
Weingarten, wholesale men's furnish?
ings; Broadway Central.
TEURE HAFTE. Ind.?A. Her*'; M. E.
Herz, representing; 116 West Thirty
second Street; A. Fantl.
TROY, N. Y.?C. E. Ferguson Collar Co.:
J. J. Child, mfrs. collars, cuffs; 220
Fifth Avenue.
WACO, Texas?Snaman & Co. : ,T. Snaman,
Jqbs ready to wear; ?02 Fifth Avenue,
room 1714.
WATEKBURY, Conn.?Forrester & Co.; R.
Forrester, coats, suits; Breslln.
.Buyers Coming
BALTIMORE?American Wholesale Corp.;
G. M. t?ytinge, millinery; H. S. Messer
smith, remnants; F. yuellmalz, cotton
piece goods; 354 Fourth Avenue; is ex?
pected April 19.
CANANDAIUUA. N. Y.?G. Bradley An?
derson; C. W. Anderson, ladies' ready to
wear; Breslln. Expected April 19.
a
Butte Earns $2.98
A Share on Capital
On gross earnings of $4,861,170 the
Butte and Superior Mining Company in
1919 returned net profits of $864,990,
equivalent to $2.98 a share earned on
the $2,901,977 capital stock, compared
with $628,348, or $2.16 a share in the
preceding year. This amount was
reached after deducting charges and
Federal taxes.
Operating costs and depreciation last
year amounted to $3,944,897, after
which a $916,273 net income remained.
Other income of $126,266 was added,
bringing the total to $1,042,539. Re?
serve for taxes, contingencies, etc., to?
taled $177,549. No dividends were paid
during the year.
In his report te stockholders D. C.
Jackling, president, said: "Although
the tonnage treated in 1919 was con?
siderably less than that for 1918 and
| the grade of ore lower, the financial re
! suits of operation show an increase
I when compared with the preceding
year. This increase is mainly due to
the high price of silver prevailing dur?
ing the year and the increased working
efficiency which brought about a con?
siderable decrease in mining and mill?
ing costs."
e-?
Associated Oil's
1919 Surplus Gains
On a gross crude oil production of
{ 6,180,571 barrels the Associated Oil and
? subsidiary companies returned a sur
! plus after all charges of -$6,070,344 in
! the year ended December 31, 1919,
j which compares with $4,541,308 in the
| preceding year.
Gross earnings last vear aggregated
! $38,069,129, against $30,977,590 in 191h.
| Other income of $152,037 was added to
! that amount, bringing the total income
! to $38,521,166, compared with $31,243,
! 480. Operating expenses absorbed $27,
721,812, leaving a $10,799,354 balance
j applicable for taxes. Tne latter item was
i placed at $1,683,246. Interest paid dur
, ing the year aggregated $644,377 and
: depreciation $2,401,387.
(.'rude oil stocks at the end of the
! year totaled 4.279,971 barreJs, com
: pared with 2,575,009 in 1918, an in?
crease of ?1,704,962.
Alaska Gold Mines Co.
Show? Larger Deficit in 1919
The annual report of the Alaska
Gold Mines Company for the year ended
December 31, 1 :? 10, disclosed a total
deficit, after all charges, of $S09,979,
which compares with a $617,974 loss
suffered in the preceding year. Gross
' earnings amounted to $1,474,491, or
$338,268 more than in the preceding
: year. ? Operating expenses, however,
! alfco increased, totaling $1,753,119, or
a $519,952 gain over the year before.
After other charges had been deducted
? the total operating loss was $27.1,397.
' Interest paid during the year amounted
to $225,061), while depreciation was
placed at $311,622.
i """ "
Poor Shirts the Result of
Using "Green" Materials
Increasing dissatisfaction with th'e
wearing qualities <>f some of the stand?
ard brand shirts now on the market,
according to shirt manufacturers, is
largely due to the forced use of
"^revn" fabrics in the construction of
Varments. Halting deliveries and pro
? duction of shirting materials, assert
; the manufacturers, have forced them
to use up goods as fnst a? they arrive
1 in the factories, without allowing thern
to age in the warehouses as formerly.
The new goods shrink or pull, and, in
the case of printed or dyed fabrics,
the color? fail to set properly unless
the good? arc permitted to stand for a
period of two or three months after
i.h?-y coma from the mill or converter.
To overcome some of these difficul
tto, ?evirra! of the leading shirt munu
fuc.tumrrn are understood to have re?
drafted their pnttofiia to allow for
shrinkage or pullini
Public Utility Securities
Stocks
Bid. Asked
180
89
14
77
123
:<9
65
25
4
!?
49
38
S8S
70
41>/4
103
15
9fi
93
92
?5
7
47
400
72
2?
Amoricnn Light & Trac com.. 175
do pf . 86
Adirondack Elec Power com... 10
<io pf. 74
American Gas & Electric com. 120
do pf. 37 Va
American Power <& Light com. 60
do pf. 69
| American Public Utilities. ?
do pf.[. ?
| Amer Waterworks! Electric. 2
do participating pf. 6
i do 1st pf . *>''
? Carolina'Power ?- Light com... 35
! Cities Service com.3S3
! do pf. 68 V4
do bankers Certificates. 40%
do 7 p c, serlos B, 1966.154
do 7 p c. series C, I960.100'-i
'?. Colorado Power com . 10
do pf. 92
] Commonwealth Pr, Ry & L com 20
do pf. 4 5
Jienver Cas <fe Electric gen 6s.. 87
electric Hond & Share pf. 8S
'Empire district Electric pf.... 55
? Federal Light & Traction com. 5
do pf. 43
Cas & Electric Securities com.. .300
do pf . 69
Northern Ohio Electric com... ??
do pf. ?
Northern Ontario L & P com.. 10
do pi. 50
Northern States Power com.... ?
do pf. 85
Pacific Can & Electric pf. 83
Republic Ry & Light Co com... 16
do pf. 53
Southern Calif Edison, com... 84
do pf . 99.
Standard Gas & Electric cont. .. 18
. do pf . 38%
Tcnncsseo Ry, Light & P com. 1
do pf. 5
United Light & Rj-b com. 2 1
do 1st pf . ?10
Western Power com . 1(5
do pf . 65
Bonds
Appalach Power 1st 6s. 6 5
Cincinnati Gas & Elec 5s, 1956 80
Col Gas & Elec 5s, 1927. 79
Colorado Power, 195;;. 74
Dallas Elec 5k, 1922. 99?i
East Texas Electric 5s, 1942. ... 75
do 7s, 1921 . 99
El l'aso Elec col 5s. 7 9
Great West Power 5s, 1946.... 7 7
Midwest Utllilles 5s, 1025. 85
Miss River Power 1st 5s. 75
North Ont Light & Power CS...75
Ninth otates Power 6s. 1926.... 83
r Sugar Stocks
Bid. Asked.: Bid. Asked.
Card Am.. 19 23 ?Mat-Am pf 70 76
do pref. 70 80 Michigan.. 11 12
C Aguirre.122 125 (National .167 170
Fajardo ..190 195 |Ni Nii*ueo.250
Gt West..470 485 S Cec new 2lVz
do pref.113 117 do prcf. 80
Guanta'mo.101 104 Savannah.. 67
Mat-Am ..10 15 / do pref. 95
Chemical Stocks
Am Cyan..30 35 |Hook Elec. 65
60
175
100
67H
82
100
83
79
?0
77
80
do pref. 55
Graselii ..155
do pref. 99
By-Prod .. 93
Cossin Co. 45
Dow Ch...230
Du P C p. 8%
Fed.Chem.100
Oo pref. ?
99
do prcf. 65
IKy Solvay. SO
*Mec Co p 91
JMerrimac. 85
IMulford Co 53
? \Nisg Alk p 95
9%|Semet C..175
165 ISolv Poe. .150
99 J
23
85
71
97
70
70
110
96
90
51
100
Steel and Ordnance Stocks
Am Bra?S.223
Atlas Pw. 157
do pref. 80
Bab & W.120
Bliss, E W.450
Can F&F.195
Carb SU.. 120
do 1 pf.100
do 2d pf 70
Colts A... 59
D P Pow.320
228
165
87
123?
500
205
130
110
75
61
34u
East Steel. 87
Emp S & 1 04
do pref. 82
?Here P..220
?do pref. 100
Niles B-P.113
do pref. i'8
Scov Mfg.430
Thorn Iron 45
Win Cor. .450
Wocdwara. 45
Con Foil. .250
G W Hme.170
do pref. 98
J S Young.130
do pref. 90
MacA & F.162
P K-A T.130
To?acco Stocks
R J Roy A.570
doser B.460
*do pref.105
Wcym 13.. 172
do pref. 97
Univ Lcaf.140
176
102
136
luO
1GS
136
Miscellaneous Stocks
73
F R latpf 95
Int Si! pf..94
Lima L pf 90
Nat Cash. 105
N J Z wst.297
N Co 1 pf.100
O'Neill pf. 98
Phelps D. ?
P & W pf 95
Ry Bak 14130
do prcf. 85
Singer Mg.135
S L IM&S 13
Stol! S pf.100
S D F pf.luo
Stern B p.105
T&PC&Op. 90
91 Wnlvol pf.100
100 ?V Raalt in. 40
do pref. SO
W & B pf.100
Yale & T.26?
Am Chicle
do pref. 75
?Am Leath 55
?do pref 91V4
Am Mfg. .165
do pref. 87Va
Am M&F.100
Am Tob pf 3V?
Am Typ F 42
A D T NJ 25
A W C pf 94
Atlas P C 65
BB&S 1 P 85
do 2d pf 65
Bor C Mk.109
Bush T pf 72
Celluloid .150
Childs Co. 86
do pref. 95
City Inves 65
Crk W pf. 95
D L & W.165
Draper C.141
?Ex dividend.
New York Bank Stocks
7*
65
96
175
90
4
46
97%
70
11
155
86
230
103
116
101
450
500
50
600
490
107
178
100
99
98
95
115
300
103
99 V?
'??a
99
175
115
110
88
110
47
105
102
10S
95
104
13
S 2
105
.650
.215
. . 295
,.205
..420
America .
Atlanta .
Am Exch
Battery .,
Bowery ..
Bryant P...150
Bway Cent. 150
Bronx Nat. 150
Butch <fe D. 35
Chase .....450
Chat & P..295
Chelsea Ex.125
Chemical ..590
Citz Nat...305 5
City .385 '-.!
Coal & I...245
Colonial .. .350
Commerce .227 2!
Columbia . . 1T5
Coin Exch. .440
Cf.smop'tan.?2 1!
Com'ciiil E..4I5
Com'wealth. 221 21
Cuba .170 II
East River. .160
Fifth Nat.. 160 V
Fifth Ave..925
First Nat.. .930 9?
Foreign T B 70 :
Trust and So
Alliance ... 80 '
tAm Trust. ?
Am Surety. 73
Bankers . . .380
Bond <fc M.235
Bklvn T Co.490
Cent, Union.404
Columbia . .345
Commercial 1(5
Empire Tr..300
Equitable ..305
Farm L & T.420
Franklin ..240
Fulton _250
Fidelity _225
Guaranty . .365
Hamilton . .265
Hudson T..155
K'n?H Co.. .640
Law Mtge. .125
50e
.275
. 360
.805
.:''?.".
Carfield N.
Gotham .. .
Greenwich
Harriman .
Hanover ..
industrial .
1m & Trad.550
?Irving Nat.390
Liberty _390
Lincoln . . . 275
.Vlanhat Co..230"
Mech & M..330
Metrop'tan .310
Mutual _490
New Net h. . 200
N Y N B A.460
Park ..... .730
Pacific .... 135
Produce Ex.
Public .355
Seaboard ...650
Second ?...440
State .210
23d Ward.. 15)
Un States.. . IS5
Union Ex.. . 1 75
W'chester A.200
Yorkvile . . 275
r?t;
2.30
2.SO
820
580
400
410
L,v-.
240
34 Q
360
700
500
220
195
185
Companies
?OlLawyers T.. 127
? ?Lincoln Tr..175
78 |Manufac'crs.205
890/Mercantile .310
245 Met.ropol . . ,270
510 Mtge Bond.. ?7
410 Mut T of W.105
355 Nat Surety.200
?- tN V Title. HO
? N York T..625
4 ?.0 [Peoples
N Y LI&T.725
290
93
125 I
210
145
745
115 I
250 Really Asso.105
260 Title G&T.380
235 Un States..830
370 U S M S? T.405
265 U S T Guar 80
? Westchester.130
?65 W & BT&M.165
IS5J
tSce New York Title and Mortgage,
tlncludes American Trupt Company stocks
Insurance Companies
Am Alliancp.270 300|Gre?t Am...280
220 Hanover ... 80
325 Home .555
80lNat I.ibert'y.lSO
f/'O Niagara ...230
93 StuyvesanU. 50
City of N Y.2"0
Com'w'Ith .200
Continental. 75
Fid & Plioe.fir.O
Franklin . . S7
Globe & R.900
860
415
85
140
175
299
565
Standard Oil Stocks
Anirlo-Amerlcan oil Co, Ltd.
Atlantic Refining Co .1.150
do pf . 1117
Borne-Rcrymser Co . 4,"n
Ruckeyc I. Uno . 95
Chcsobrougn Mfg Co. 22??
Bid. Asked.
26 2*
1400
do pf runs pf
Continental <>il Co .
Creso i)t Pipe Line Co.
Cumberland ripe Line Co ....
Km 1 ka Pipe Lino ( !o.
Jalena-Slgnal Oil Co., pf new.
do pf, old .
Oalena-Slgnal Oil Co com....
Illinois I'll?. Line Co.
Indiana I'lp? I.in" ?o.
International Pet Co, Ltd....
Vatlonal Transit Co .
Mi w Vor!? Transit Co.
Northern Pipo Lili" Co .
? ti?.
'il
105
190
140
120
102
34
P< 1111 Mf.x Fuel Co . 52
Prairie, oil & ?Ins Co. nm
Pralrlo Pipo Line Co. 2".'.
iv\?.i. Refining Co . 420
H horn Pipe Line Co. 147
4outh Pcnn ??il . ;;ns
?Joui h Ui-Hi I'fiin.-i pipo Lina 7x
standard Oil ?N? of Calif. . 33!?
lin of I ndlima . 740
do Of K.niHiis . lil!.
111 u i-1? y . 4 I ' 1
? f N<
?lir.iHi.i
? r .*\>w
>r ? -hin
I ,1'Tsev . 7?.??
. 107
York . 433
. 4 'J 0
?lo pf .,. 106
Iwan St, Finch Co. 06
'iii.'ti Tank Car Co. 123
Jnlon Tank Car Co pf .. 100
/acutim ?01 Co. 416
Va?hln(fton Oil Co . 35
Mlncrllunronii Oil Companlr*
97
210
107
100
105
?18
iso
IS-.
105
;i ? r.
fifi
?; 1 :,
2 10
? >0
7;".:?
312
x 2
:i 4 ?1
750
636
420
r.:!0
770
10!)
42X
D06
10 H ?
100
126
101
tt Ian tin Lobos Oll Co com.
'I" pf .
'on/1 en A Co .
?lo, new .
Gilt im,.in Petroleum Co .
(ouittoii ' ill 1 :o ?-um.
l.ip' 1 .1 oh, ?,|'| .
46
1 If.
3'l
60
130
4]
10H
I punition . II
U',i
)us Markets
Bid. Asktd.
Midwest Refining Co. 163 165
Northwest O?! Co . 30 4"
Producers A Refiners Corp com 8 % 8%
Sapulpa Refining Co . 5% 5%
N'ew York City Bonds
Security, rate, due. Bid. Ask. Yield.
Interchangeable 4%s, 1967 95% S7 4.69
'lo 4'-?s, 1965. 95% 97 4.69
do 4%s, 1963. 95% 97 4.70
do 4 Us, 1957. 95% 97 4.70
do 4%s, 196J. gf)l4 n, 47.,
I? do 4%s. 1964. 89% 91 4.74
1 dO 4',S. 1!>R2. Sr,,? r,, 47?",
do 4 Us, I960. gjji^ ?i; 4 7-,
?jo 4%s, I960 op 30.... 89% 91 4.75
do 4s. J959. g5 fi7 4 74
<j? 4s. 1958. 85 s; 4.74
? d? .8? 1957. 85 87 4.75
Registered -is, 1955-1950.. 85 87 4.75
. '}'> i?. 1930. 91 92 4.64
interchangeable 3 "?a. 1954 78 81 4.60
? L'upon 3%s, 1954. 78 si 4 ?0
Seji 3%s. 1950-1954 inc.. 78 81 4.60
do 3%s, 19 10-1950 inc.. 4.SO 4.70 ?
? ?eg and coup (serial) 4%s
1919-1930 inc.?. . 5.00 4.60 ~
Keg and coup (serial) 4 % s.
ReJ19"}931 lnc." 5.00 4.60 -
' Fat ?r,?oup/f:eriai>4^9
i?19-1932 inc. 500 4.60 ?
i New York State Bonds ?
i .?TV? '1 oouPnn and registered form;
: ""^interchangeable. Coupon bonds regls
; Security, rate, maturity. Bid. Ask. Yield.
Cana Imp 4%s, 1964.... 1C3 105 4.25
Highway Imp 4%s. 1963.103 105 4 25
: !'?ihi.,,.'n,1> 4!'is' 19C5. 98% 100% 4.24
R,^ o r-V UVrP 1Vis' ?9??- 98% 100% 4.24
H?Xv.\1,n. T'"'';1Us' lrM5' 0SV? 100% 4.24
?ignway Imp 4s, 1967... 95 97 4 15
' n.M1.. ,m"I4R' 1967. 95 97 . 4.15
? 1362 inc. Sr, 97 4 15
Highway Imp 4s, 1958.'.'.' 95 97 415
Canal Imp 4s, 1960-1962
h5?,??-,'A,,??M 97 415
1942 and 1946 . 95 _ _
! Federal and Joint Stock Land Bank
Bonds
! ??,. . ^ Bid. Ask. Yield.
Federal Farm Loan 5s.
Ppder?i?V923. "% 100'i 4t>?
Federal Farm loan 4%s,
! p, i',"}' ,?P ]''2-t. 95 96 % 4.80
, Federal parrn Ij0au 4%
Federal0^!923 S." ?5 9G"3 iS1
! 1,,;,1-'11 parm Loan 4<~',g,
J?Rnt ,%tick Land Bank '3 4'S3
5s, 19.19 op 1924. ?,2 ?,. . ,?
"a?* l??2Ck ,-,,n" Bank 5'3'
5s, 1938 op 1923. 92 96 5.33
Short Term Securities i
Am Ce."*".,.0,11*6'1' 1921" 93 94% 7.45
Am Torh?ad *i J92S ' ' '': ' ' ?? ?S * 6.I0 !
I Am Jobacco 7s, 1920.... 99% 100% 5.95 !
! o 7s' Mil. S2% 100'* fi'6r>:
(? l? ]IU. "% 1?0% 6.80'
An,a?conS?a1^P'?s."l9V9'.'.: 1* *?* ^ gg !
An-AmOllLtd 7 %s, 1925.100 100% 735 j
armour conv 6s. 1920-24. 99 100% ?
doNs18,1^0^ 7S' 1U22' "* "? 7-00'
, 110 is, IHJ3. on ?lili 7 ?>>;
C^JlanPao Ry 6s, 1924 95% 96 "f
f. 5 S y y?lnt) 4s, 1921 . . 94% 94% S 6?)
C C C & St. L 6s. 1929... 82 84 8 50
Cu-Am Sug 1st in 6s, 1921 98 99% 645
Ludahy Packing 7s, 1923. 98% 9.9% 7.35 1
De' * Hudson 5s, 1920... h: ?,,|.% ?7?
Federal Sug Ref Cs. 1924. 94 96 705
la n Jala,- 6s, 1920. 99% 1||(jh ,j 75
?????at .Northern 5s, 1920 98% 99 71?
B F Goodrioh en 7s. ?B25 96% 97 7 7?
"lo ?" io-J? 6s'19il? ;'?'"J 98V* '?"
n,fr'?,K ?"' '* 1924 ?' ?'"?' ?' ?? ?' 8'00?
i- /.?'' 'I co"v "3, 1921. 69 72 _?
Ivan City 1'er 6s, 1923.. 03 qs 7r- ;
Kennecott Cop Corp, 1920 92% ''?:;% 7?
<?"?.' Gas 1st ref 7s. 1929.. 91 03 4"4r, ?
M1&,?tU * M Tob Gs- 1921. 96% 97% 795
Molino Plow 7s, 1920. 99 101 595
do 7s, 1921. no i?1. ",'VL,
s;??,1?".:.:: "' loi :
2? ?? ?,;3. 98 101 6.65
do s, 1924 . 98 i01 6G0i
N \ i entrai t,s, 1920 ?i??' ?(|l, n,Hi
Philadelphia Co 6s, l?!?2" 9 3.4 95* H
do 4%s, 1921
-- - ,-.-* . 95% 96% 7.75
Penna R R 7s, 1930.100 H 100% 6.9H
Proc &? Cam 7s, 1921.... 99% 100% 6.40
do 7s, 1922. 99 ?4 100% 6.85
do 7s. 1923. 99% 100% 6.90
P P C of N .1 con 7s, 1922 86% 88 14.05
R J Reynolds Tob 63, 1922 96% . 97% 7.10
.Southern Ry 6s, 1922. 92 93 9.SO
St P U P guar 6%s, 1923. 97. 96 6.80
Swift & Co 6s, 1921. 97% 98 7.40
Texas Co 7s, 1923. [)?\a 9S% 7.65
Utah Sec Corp 5s, 1922.. 85 87 11.90
Western Blec con 7s, 1925 98% 9S% 7.25
>- ' ?
The third annual minstrel show of
the employees of the National Bank of
Commerce was held last ?venlng in .the
Palm Garden, 150 Bast Fifty-eighth
Street.
Markets in <
Baltimore
Sales Open High Low Last
300 Atlantic Pet . 3% 3% 3% 3%
5 Atlan Coast L 86 86 86 86
6U Balti Tube ... 55 57. 55 55
6 Cosden pf . . . 4 I 4 4
120 Celestlne .190 195 190 155
60 Citizens' Rank 43 43 43 43
32 Cons Power .100 100 99% 99%
270 Davison . 43 43 43 43
12 Fid A Depos.125 126% 125 125%
275 Kentucky Oil. 6% 5% 5% 5%
40 Houston pf .. 86 86 86 86
100 Indiahoma ... 9 9 9 9
73 Maryland Cas. 79 79 78 73
40 Penn Water . 83% 83% 83% 83%
20 United Ry ... 12% 3 2 1-3 12% 12V*
45 VV B & A pf. . 3J 31 31 31
Ronds
$6000 Cons Pwr 4%s 78 78 78 78
>8% 98% 98% 98%
95% 95'
3'iun
1000
1 0(10 _ ...
1000 Cons Coal rf 5s 76 ?.?. 7?i13 76% 76%
6000 Mav Chem 6s. 924 92% 92% 92%
1400U United Ry 4S. 63% 63% 63% 63%
Boston
r.n Ahmeek . 1,7 f,s 67 67
10 Alloue;'. . 33 :;:; 33 33
25 Anaconda .... 61% 61% 61% 61%
4320 Big Heart.... 12% 12% 12 12',
960 Blngham . 9% 9% 9% 9%
125 Calu & Ariz... 64% 64% 64 64
90 Carson . 27-% 27% 27% 27%
135 Copper Range. 44% 44% 11 41
100 Daly West. ... 4'i 4% 4% 4%
268 Davis Duly... 11% 11% 11 11%
35 Bast Butte... 14 Vi 14% 11% H'.*
211 Granbv . 4 1 44 44 44
21 o Helvetia . 2% 2% 2% 2%
r. Island Creek.. 49 49 49 49
50 Isle Royale. . . 32 32 32 32
835 Mayflower o (7 8% 8% 8 8%
15 Michigan . 6 6 6 6
CO Mohawk . 66% 66% 65% 65'
3 %
10
1 8 % 1,8 %
.New Arcadian. .. ^^^^^^^^^^^^
2ii New Cornelia 21 21 21 21
39 New River pf 85% 85'i 85 % 85 V
325 Nlpisslng .... I" ?- * -A -?*
7711 North Butte. . 1
1 ? ' ?sceola . I ^^^^^^^^^^^
120 Pond Creek... 21% 22 21% 22
6 Qulncy . 57 ?7 67 57
:;'.'S''"",r.:i . 11% 14% 14% 14%
25 St Marys. 47 47 47 47
200 South Utah. . . 15 1 r, 15 ]-,
100 Sup <t- Boston. 5 i 5 J
lf?3 u S Smelting ?0% 70% 69 69
??0 1 tah Apex.... 21/. 2''-, 2'i '?V.
95 Utah Con. m 8?,J r'* g
:?25 Utah Metal. . . 2', 21? ?v. ov
12 BOS Kiev pf.. 82'.'i 82 Vi S2 82
"" Bost <i- Main,-. 32 32 31% SP*.
31%
41
11
36
34%
5%
47,
Pf.l ...... ... ,-T,
60 N Y N H ?t H? 31 % 31 % 31%
5 < lid Colony. 86 86 85
l.'J3 West Bn?l. 12 42 41
Miscellaneous
30 Amer Agr- 98% 93% 93% 93%
75 do pf. 90% 91 90 90%
250 Am Oll & Eng. 6% 5% 5% 5%
710 AmOBkeag pf. 82 82 82 82
55 Am Sugar pf.l!" 11? 110 110
826 Amer T & T.. 96% 96% 95% 96V*
?17 Amer Wool pf.101 101 100% 101
50 Anglo Am Cml 11 11 11
10 Art Metals.. . . 36 36 36
6210 Atlas Tack.... 33 34% 33
4 10 century Steel. 6% 5% 5 -4 ., ??
1460 Eastern Mfg.. 36 35% 54 34%
150 Eastern S S.. 25% 25% 24% 24%
Edison .149 14 ?? 119 140
525 Khler . 36% 36% 35% 36
160 (?ray . 35 35 34% 35
2 lut Cot M pf. 93% 93% 93% 93%
1 Ir.t Portland. .17 17 17 17
127>Int Proilucts.. 27% 27% 27%
825 Island Oil _ 7 7 6%
475 .1 T Connor.. 14 14% 11
2?;0 LIbbv . 30 30% 30 .,?-,!
60 I,o.?ws . 10% 10% in% 10-%
lO.Mnss On? ... 74% 71% 71% 74%
20 do pf . ?:0% 60% 60% 60%
206 McEl 1st pf. . 95% 95% 96% 95%
75 M-x Inv . 45'.j 45% 45 45
460 Nal 1.fait her. . 13% 13% 13% 13%
f. N K Tel . 87 87 87 87
740 Ohio Body .. 33 33 32% 32%
3600 Orphoum _ 31% 32% 31% 52%
4 0 Parish . 4 0 40 4 0 40
100 Paclllc Mills. .165 166 166 166
200 Shawmul S S. 25 26 25 25
inn Similis Mag .. 22 22 22 "''
25 St.'wart Mfg.. 47% 47 % 47
28 Swift t?: CO... 120 120 119
29'Swirt Int .... 42
12 I'll Drug 1st pf 60
6%
14%
30 30%
?I 1 %
60
47%
119
260 Un Twist Drill 27% 27% 27 27
156 Culte,1 Fruit..218 223 218 222
170 United Shoo .. 45 45% 45 46%
6 do pf . 26% 25% 25% 25%
330 Ventura Oil.. 16% 16% 16% 16%
1006 Waldorf . 22% 22% 22% 22%
76 Wallham W.. 37% 37% 37% 37%
10 do pf . 80 80 80 80
100 Wal worth ... 20% 20% 20% 20%
6 Warren 1st pf 62 62 62 62
Rond?
110.000 Chi Jot 6?. . ?2 R2 82 82
JOOOMniw (las 4%h 85 8 7, 85 85
2000 Miss River 5m. 76% 7..% 76 76%
limn N K T?-l 6s. .. 8a 83 13 ?3
1000 Western Toi 6s 7? 71? ?9 79
Ryan Plans to
Drive In Stutz
Shorts Monday
(Continuad from paga one)
a settlement mace by Mr. Ryan on
April 5, which stipulated that it must
be without prejudice to his legal rights
and that the exchange should not deny
Stutz stock the privilege of free trad?
ing on the floor of tiie exchange. The
law committee declined to enter into
negotiations with Mr. Ryan, holding
that all questions arising out of con?
tracts relating to the stock should be
settled between the interests directly
; involved.
Suspension Order Explained
"The purpose of the governing com?
mittee in suspending dealings in Stutz
Motor," declared the head of the Stock
Exchange, "was the protection of the
public. The committee know there was
a corner in the stock, which the public
did not know. Knowing that there
,was no longer a free and open market
it was bound to suspend dealings for
the protection of the public. Informa?
tion was then before the committee
that orders in small lots to sell the
stock were coming in from various
parts of the country, obviously given
by people who were ignorant of the
corner, which, if executed, would have
placed the sellers at the mercy of Mr.
Ryan. The suspension of dealings also
afforded an opportunity to the parties
to existng contracts to reach an ad?
justment.
"There is not a word of truth in the
statement that the action of the ex?
change in suspending dealings was
dictated by a desire to benefit the
short interests. The position of the
committee of the exchange, and the ex?
change itself, was that the protection of
the public required that the exchange
should be free to strike the Stutz
Motor stock from the list or to sus?
pend dealings in it and the exchange
refused to entertain or to have any?
thing to do with the proposition made
by Mr. Ryan, which involved a settle?
ment of existing contracts but only
on the condition that tho exohange
would bind itself to allow Stutz Motor
stock to remain on the list.
Denies Ryan's Charges
'Mr. Remick branded as false the
charges of Mr. Ryan that the govern?
ing committee of the Exchange had
been influenced by personal interests
in their action on the Stutz matter, and
added:
"Mr. Ryan has asserted that his pur?
chases of Stutz Motor stock were sole?
ly for the purpose of protecting stock?
holders of the company against attacks
by short selling. The price of the stock
1>n February 2 ranged from 130 to 134.
During the whole of February there
were only 15,500 shares sold. On the
first of March the price was 113: The
volume of transactions in March was
74,800 shares. The price rose from 113
on March 1 until March 25, when it
ranged from 245 to 252. It rose 100
points during the following week, and
on March 31* ranged from 379 to 391. .
"The course of prices of Stutz Motor
stock in February and March demons?
trates that Mr. Ryan's transactions were
not necessary for the protection of tho
interests of the stockholders of the
company."
Mr. Uemick stated that a resolution
of the law committee of the Exchange,
antedating Mr. Ryan's requests that
Stutz ?hares be stricken from the trad?
ing list, had been prepared, asking
the Stutz company to show cause why
its stocks should not be stricken from
the list. ?
"The Exchange has nothing whatever
to do with tho settlement of the con
troveries between members of the Ex
3ther Cities
Boston Curb
Rid Ask/ Bid. Ask.
Ari-i Kxtn.. 9 10 Majestic ...16 18*
Ariz Silver. 1 1 % Mex Metals. 15 18
Bill Hawk.95 9G Mid Moss...CO 65
Bohemin .... 1 V? 1 % Mo.j Tungs. 7 10
Ros & Mon..63 64 Monarch ...? 70
Calaveras ..? 1 '? l.Vat L, & Z. 5 9
Chief Con.. 4*4 4% New Baltic. 3 4
Con Coppar. 4% fi % X'ev Doug... 16 18
Crown Rsv.,30 3S ,Nixon.15 17
Crystal new.24 23 lonondaga ..20 50
Denbigh..- 20 22 Pilgrim ....17 ?0
Eagle R 3.. . 2 rS 2'/. Pioneer . ..80c 1.00
Fortuna .... .1 8 Kariger Pet.? 26
Gadsde? ...85. 90 Rainier. 1V4 1%
Homa OH...12 14 Svn Metals. 13 14
Houghton.. 50 75 S W Mi f p. 5 5*/..
Iron Bloss. .23 40 Silver Reef. 9 11
Iron Cap.... 11 12%Texana ....20 22
?1er Verde..26 .10 Un Ver Ex.35 36
I.a Rose ...40 45 ?Yukon.1 l'i
Chicago
Sales. Open. High. Low. Last
non Arm Loath... 16% 16% 16'i 164
100 do pf. 04% 34% Vl% 94%
Coo Arm & Co pf.100 100 99% 99%
69 Booth Pish. . . 10 10 10 10
200 Briscoe . ?7 ?7 66% 6634
mot: CfcC Rys pr s S 7% 7 V*
70 com Edison..105 lor. lor, 105
5 0 ?"'out. Motor... tt% ll1- 1 1 4 11%
20(1 Eliler . 36*4 ?6% ?'!?% 3(5%
500 Godchaux .... 57 60 57 69%
46 ?It Lakes. ... 82 82 82 82
25 Hart S & 'M. . SO 89 89 89
300 Hupp . 20i8 20 % 20 20 %
lOOO'.I 1 (.Jase Plow 23% 23% 22-4 22% I
50 do 2d pf.... 75*4 75 H 75% 76%
695 Lindsay Right 6 Vi 6 V4 6% 6 Vi
490() Llbbv . 30% 30% 30U 30'?,;
1400 Montgom W.. 37% 38 37% 37%
30 M W 1'tll pf. 38 38 "H 38 I
1300 Nati Leather. 13% 13% 13% 13%
1400 Orpheum . .".2 32% 32 324
100 Peoples Gas.. 35% 36% 36% 36%
45 Reo Motor ... 26% 26% 26% 26% 1
100 Sears R pf... 1 ! 5 115 115 115
900 Shaw . 88 90 88 S9
2100 Stewart War. 48% 1!*% -If? 49
1200 Swift Iptern.. 42% 44 42% 44
600 Swift & Co.. ..120 120 118% 119%
29nnrn Carbide... 6s 68 66 68 ]
5200 Pn Iron Wks. 39 41 39 40%
100 Vesta . 36 % 35 % 36 ?i 35 %
3600 "Wahl . 53 53% 51% 62%
MOO West Knitting 22 23% 22 22'4 '
Detroit
400CoIumbla Pug. 18% 18% 18% 18%
300 Continental_ 11 >3 11% 11% 11%
235 Detroit Edlson.104% 104% 103% 1?4%
40 l-'oi-'l 01 Cana.399 3:i9 39S 398
100 Mleh Sugar .. 12 12 12 12
' 100 .Minn Sugar .. 22% 22% 22% 22%
126 Packard . 25% 25% 26% 25%
125 Reo .Motor ... 26% 26% 26% 26%
175 Lincoln Motor 49% 49% 49 49%
Philadelphia
97 Am fins . 43 4 3 43 4 3
2106 Am Stores ... 44% 4.". 44% 45
lOORaldwIn .143% 142% 143% 14.1%
20 Brill . 51 5 4 54 54
::o Cambria Iron. 39 29 29 39
242? Elec Storage..136 127 134% 136
5 Keystono Tel.. Il 11 il 11
20 do pf . 31 31 31 31
280 Lake Superior. 1 s ?i 18% 18% 1S%
45 Insur N A .. 29% 29% 29% 29%
25 Lehlgh Nav . . 63 63 G3 63
lOl.ehigh Val ..43% 44% 43% 43%
700 Penna R R . 41 11% 41 41%
50 Phil Co <;9 pf. 33 33 33 33
2S l'enn Solt . . . 75 75 75 75
600 Phil elec .... 24% 24% 24% 24%
404 P R T . 22% 23 22% 23
45 Pnlon Trac .. 32 32 32 32
?15 Tono Mining.. 1% 1% 1% 1%
177 U (i I . 46 46 46 46
20 West N Y & Pa 12 12 12 12
700 U S Steel ....106 105 % 11)4 r? 105 %
Honda
12000 Elee ?-. Peo 4s 60 60 60 60
5000 l'enn gen 5s.. 84 84 84 84
2000 Phi! Kl 1st fis 8H 86 86 86
1000 Penn gen 4%s 74% 74% 74% 74%
Pittsburgh
20 Amrr Vit Prod. 16 16 16 16
16 Ainn W ??Is rvT.125 JB6 125 126
6760 Arkansas (?as. 26% 27 ?-i 26 ?i. 26%
60 Raiiisiliill Cor. 46 46 46 46
lOOCarneglo L & Z 7% 7% 7'i 7%
15 Carbohydro. .. 2 2 2 2
76 do i>f. 3% 3% 3% 3%
655 Guff,.y Olliesp, 32 32% 32 32%
305 lllbashaw Kl C 16% 18% 16% 16'^
' 160 independ Brew 6 5% 6 t?%
116 do pf. 14% 14% 14% 14'/,
230 Kay Co Gas... 2?4 2% 2 % 2%
lOLabello Iron...123 123 123 123
155 Rone Slur (1.is. 34% 35 34% 35
6191 Md Refining.., 6% 6% 6 6
10 Ml'rs I.t St Ht. 67% 67% 6-7% 67%
10 Ohio Fuel Oil. 32% 32V* 32% 32%
346 Ohio fuel Sup. 62% 63 62% 63
616 Oklahoma Gas 39% 39% 39% 39%
330 Pgh Browing, . S g 8 8
368 do pf. 18 18 18 18
4260 Pgh Jerome.. . i | j ? in 10
S00 Pgh Ml Shasta 46 <H 46 47
36 Pgh I'll O!i>.sh.170 170 170 170
1000 San Toy.o?i .06 .0? .06
116 Standard s.in.i 11 lit 114 114
60 Trans-Con Oil, 22% 22% 22% 22%
03 u eating a h. .in i i;i na 113
10 W.-ftln-g Klrc. K? ?2 62 62
25 Nat Fli-epf pf. 18 18 18 H
Business News
A DDITIONAL demands for business money are reaching the banks because
of the transportation delays. Goods in trans?t must be financed by either
the buyer or seller, depending upon the terms of the sale. The extended
period during which the goods are held by the railroads prevents their being
turned over in the regular course of business. S.ome bankers report sufficient
lunds on hand to meet the requirements of their customers now. In the
textile industries reports are current that money rates will be advanced in
another month and a half. Manufacturers of all kinds of clothing, because of
oheir limited purchases of raw materials now, are able to finance themselves
irom their own capital, according to bankers who cater to the industry.
COTTONS?Transportation
?Delays Slowing Trading
Belays in transportation and uncer?
tainties concerning the future produc
! tion of cotton mills hava slowed up
! buying and selling of goods, but also
1 have strengthened prices. In many
j quarters of the trade premiums above
the market price arc being paid for
' spot goods, which can be delivered at
once.
Many of the New England mills, par?
ticularly those producing gray or un?
finished goods, are refusing to accept
orders for delivery beyond June 1, as
the agreement with the labor in the
mills expires on that date.
Reports from the mill districts indi
; cate a low production because of the
: continued scarcity of labor.
Trading in gray or unfinished goods
?yesterday was light, largely because of
j the limited number of offers of new
! goods. The prevailing price for the
| standard 64-60, 38"^ inch print cloths
! remained at 26 cents a yard for spots,
shading down to 23% cents for October
delivery.
Linings and cotton clothing fabrics
are in better demand, according to mill
agents. The large shirt manufacturers
are beginning to place orders for ma?
terials for next spring's use after hold?
ing out when new offerings were made
a few weeks ago.
SILKS?Fall Buying
Proceeds Cautiously
Silk ffoods for fall use are beingordered
cautiously by retailers. Most of the
orders are restricted to staple fabrics
of the best grades, according to the
manufacturers.
Within the week more manufactur?
ers who formerly hesitated to take
future business have shown a willing?
ness to accept orders for fall silks.
Several explain their change in policy
by the continued downward trend in
raw silks. Among some of the most
conservative manufacturers it is felt
that raw silk prices will decline or
remain fairly stable on their present
j basis. A few producers of goods still
i own supplies of the raw material be
! low present market prices and are thus
; able to take on new business without
! advancing the prices of finished goods.
On the whole the trade leans to the
! opinion that marked advances in the
? price of finished goods are improbable.
' Buying has not materialized in suffi?
cient volume, it is said, to justify a
j belief in a demand as large as that of
! change arising out of existing con
? tracts for the delivery of Stutz stock,"
j concluded Mr. Remick. "The settle?
ment of those controversies is entire
! ly a matter for negotiation ^etween
! the parties, and if they do not agree
\ to determination by the courts. The
Exchange has nothing to do with nego
| tiations between the committee repre
? senting^ the short interest in the stock
j and representatives of Mr. Ryan. The
I only interest of the Exchange in past
transactions in Stutz Motor stock is
I in the question whether or not in
: those transactions there has been a
violation of its constitution or rules
or of just and equitable principles- of
trade and business. In this question
it has a vital interest.
"The members of the governing com?
mittee of the Exchange are firmly con?
vinced that in all actions taken in re?
spect to Stutz Motor stock they have
been guided solely by their sense of
duty to the best interests of the Ex?
change and of the public."
Mr. Ryan's Reply
Mr. Ryan, after, reading the Stock
Exchange statement at his home last
night, issued the following statement:
"The hypocrisy of the Stock Ex?
change is manifest. While the presi?
dent, on one hand, boasts of the in?
violability of Exchange contracts and
the Exchange explici'ty declares that it
will not interfere with them, the chair?
man of the associated 'shorts,' on the
other hand, who is called into being
by the Stock Exchange and whose
function is only to do unofficially what
the Stock Exchange desires, but dare
not do, has stated that he will fight
these contracts if it takes all summer.
I do not see why the president of the
Exchange fiYids it necessary to repudi?
ate his creature, and yet behind doors
to arm him for the light. What I
have done and what I will do will be
be in the open. I shall say the same
thing to the president as I say to his
man Friday.
"I have never declined to make a
settlement. It has always been my
earnest desire to mak" a settlement.
It was I who voluntarily, as the presi?
dent admits, called attention to the
situation. It was I who loaned Stutz
stock at the Exchange's express re?
quest a'nd it is these very loans made
at their request which they are now
endeavoring to repudiate.
"The public might be interested to
know that this same body of autocrats
who have boasted and still prate about
leaving me to my legal rights, have
only to-day advised the people who
o%ve me stock not to live up to their
contracts, but to lie down upon them
and take their chances. Further, it is
significant that this same invisible
autocracy by processes of ingenious
intimidation has made it worth the
life of any Stock Exchange member
who, as my broker, would dare pro?
ceed on these defaulted contracts as
the very rules of the exchange pro?
vide. Does the presiden?! of the Ex?
change contend that this kind of ac?
tion is preserving the inviolability of
Exchange contracts or docs he pre
t?nd that such action is leaving the
parties to their legal remedies, or does
he expect any one but a 'short' to
believe that this is impartial and not
desigifed to favor those who owe me
stock? I should like to know how he
distinguishes this from flat repudia?
tion.
Contracts Repudiated, He Says
"The ostensible rules of the Stock
Exchange provide that a borrower of
stock must return it upon demand;
that a borrower of stock must render
a due bill for dividends declared dur?
ing the borrowing; that a borrower
must keep his borrowed stock marked
at its market price. For some reason
which I cannot discover, unless it be
that the autocratic powers controlling
the Stock Exchange are countenancing
and fostering it, my contracts have
been broken and repudiated in each
and everyone of these particulars by
a number of linns anfong whom arc
the following: Ilayden Stone & ?Co.,
Lindley & Co., Dominick & Dominick,
II. N. Whitney & Co., Jacquelin & De
Coppet, Decoppet & Doremus.
"Of these firms here enumerated, at]
least five have members who are now
Governors of the New York Stock Ex- ;
change.
"I note that in the President's state- ;
ment, though he assumes to be precise |
in telling about my appearance before
his committee on March 31, omits to
state a very important fact, namely,
thnt after I had appeared before that
committee and given them a full and
complete statement and they had full
knowledge of the condition in Stutz
itock, three firms with members on the
board of governor? actually sold Stutz
itock on the floor 'of the Stock Ex
;hange up until the very lust moment
Jio trading was allowed: Jacquelin &
I last year, and resistance to high prices
j is more,marked than ever before.
! JEWELRY?Strong Demand
| For Brightly Colored Goods
In all lines of jewelry a marked de
, sire for brilliant colors is noticeable.
After more than two years of dark and
i lifeless colors women apparently de?
sire a change and are turning from
somber to sparkling shades. New mod
: els offered in handbags are made of
; brocades and Chinese embroideries,
showing lavish use of greens, scarlets,
femons, yellows and blues, alone and in
: combination.
Bags for day and evening use are
' large and are for the most part mount?
ed on frames. The drawstring type is
; no longer in favor. Bap;s for evening
use are in metal brocades or in Chinese
embroidered silks and show heavy,
straight frames of composition amber,
: tortoise shell or ivory. Bead bags are
still in good demand, and these, as well
as the fabrics, are mounted on heavy
frames of shell or carved silver.
Fabric bags for the street are shown
in black navy or light tan taffeta or
' faille. Long nap satin is also favored
as a bag fabric and is used generally
in combination with velvet. This com?
bination is particularly well liked when
! used in black and tan effects.
LEATHER?Retailers
Feature ?mported Shoes
The general trend in imported shoe
fashions continues to be toward low
: shoes of complicated design. Some
! high shoes also are being received,
< inasmuch as the short skirt is expected
i to be popular throughout 1920. In the
j latter model, black and tan still hold
I the lead, although high laced footwear
in buckskin, in gray or dark brown,
also are expected to be worn.
Black shoes with cloth uppers will
be strongly featured in the fall trade,
\ replacing the black and white combi
: nations. Patent leather shoes with
! dark brown tops are particularly well
j liked by retailers owing to the pre
j vailing use of tan and brown in ail
: shades for costumes. Dealers hope to
j reduce the high cost of footwear as
I much as possible by offering many high
I fall shoes with cloth uppers.
In the low imported shoes, oxford
; ties of colored buckskin, gray or tan,
. are prominent. Colonial ties with cut
steel buckles also are conspicuous and
1 are made up in colored leather, such
. as blue or tan, and in patent leather
on black velvet for afteittfoon wear,
i Sabot styles'will be popular.
DeCoppet. DeCoppet &. Doremus and
Carlisle, Mellick <& Co.
"While I am -and always have been
ready to make a fair settlement with
honest men who recognize their obli?
gations, I refuse to deal with those
who 'welch.'
"If the public, either through its
courts or its Legislature, will have a
chance to see the facts of this situa?
tion, I am confident that once and for
all they will end the arbitrary power
of this little group of men, and that
this great institution, performing so
vital a function in the commerce of the
world, will no longer be subject to
the whims and machinations of a
select group who acknowledge no
responsibility and brook no criticism
of their power to do as they please with
other people's money.
"I am not afraid of the New York
j Stock Exchange. The New York Stock
? Exchange may not ba afraid of me.
But the New York Stock Exchange dare
not defy public opinion."
- ?
Leffingwell to Quit
Treasury Post May 7
Work of New York Man Praised
by President; Asked in
January to Resign
WASHINGTON, April 16.?R. C. Lef
; fingwell, Assistant Secretary of the
! Treasury, has resijmod, and his rosig
nation has been acepted by President
Wilson.
Mr. Leffingwell, whose home is in
New York, wrote the President that he
desired to return to private life be?
cause of personal considerations, and
in response Mr. Wilson said the resig?
nation was accepted with deep regret.
"As a volunteer." the President
wrote, "and later in the important post
of fiscal assistant secretary,' you ren?
dered service of surpassing excellence
in a splendid spirit of patriotic devo?
tion. You have played a la.ge and im?
portant part in the great task of win?
ding th,' war, and il is my pleasure to
add that your real compensation will
be to realize in al! the years to come
that you gave to America all there was
in you."
House to Take Up Move
To Imp.each Post To-day
Committee Member? Galber
Evidence of Labor Bureau
Official's Activities
From Tho Tribune's Washington Bureau
WASHINGTON, April 16.?The Rules
Committee of the House to-day post?
poned until to-morrow consideration of
the resolution introduced yesterday by
Representative Hoch, republican, of
Kansas, proposing preliminary action
by Congress lo?>kina: toward impeach?
ment proceedings against Louis F. Post,
Assistant Secretary of Labor, because
of his attitude toward radicals arrested
in recent government raids.
The committee met late to-day, but
did not reach the Hoch resolution be?
fore adjourning. A meeting has been
called for to-morrow, when the com?
mittee will decide whether the resolu?
tion shall be made a special order of
business.
The Hoch resolution sets forth
charges that Mr. Post prevented the
deportation of all but less than four
hundred of the several thousand "Reds"
recently rounded up by the Department
of Justice and sent to immigration sta?
tions to be deported. It directs the
Judiciary Committee of the House to
investigate the truth of the charges
and to report back to the House. Should
the charges be substantiated, the reso?
lution provides that impeachment pro?
ceedings shall then be brought against
Mr. Post.
Truck Brings Liquor Here i
Contraband Alcohol (lomes From
Philadelphia in Disguise
Federal prohibition agents are seek- j
ing a large automobile truck that came
from Philadelphia early yesterday and
distributed a heavy load of high-proof
alcohol among a fleet of smaller trucks
at a rendezvous in West Street near
Greenwich. The contraband was m
bnrrela concealed in packing cases.
The police of the Bridge Plaza sta?
tion, Brooklyn, learned of this liquor
distribution when they arrested two
men for violating traffic regulations
by driving an automobile truck past
a trolley car that had stopped in Man
hattnn Avenue at the corner of Green
point. An examination of the truck !
showed that tho boxes concealed liquor.
Pershing Evades
Political Issues
In Sociable Chat
General Inspects the Fort
at Governor's Island and
Goes to Providence To
Be the Guest for To-day
General Pershing's sociability showed
itself to be more dominant yesterday
than the question of whether he is 0'r
is not a candidate for President. He
received a Tribune reporter in rauch
the same manner as he would any other
fellow Missourian?the reporter, in this
instance, happened* to be a native of
that state too. Politics was taboo and
the general was on his guard whenever
questions of public interest were men?
tioned.
Asked what was his next move, ha
said with considerable pleasure that
after his return to the city from Rhode
Island to-night he would leave for Co?
lumbia, Mo., where he will be accorded
the degree of doctor of laws by the
University of Missouri. Genera! Enoch
H. Crowder will receive the degree at
the same time, he said.
General Pershing added that he would
then return East and leave from
Washington for Panama on ah inspec?
tion trip in that department. He ex?
pects to be in Panama for two or'
three weeks.
Accompanied by Colonel J. G. Queke
meyer, -his aide-de-camp, the general
took a boat for Governor's Island yes?
terday morning to look over the fort
and spend the afternoon with Lieuten?
ant Genera! Robert Lee Kullard, com?
mander of the Department of the
East. The visit here, he made clear,
bears no special significance and is but
a part of a general tour of the mili?
tary departments.
L and M. companies of the 2Ud
Infantry were at the Battery as the
general passed to the boat. He failed
to notice them as he hurried through
the pier, but on reaching the boat be?
came aware of their presence and has?
tened back to inspect the men.
At Governor's Island he was met by
Lieutenant General Bullard, several
companies of picked soldiers and n
band. The general, as has notably been
his custom, stopped to converse with
several of the enlisted men who bore
wound stripes, asking them about their
experiences in France.
He posed for the photographers with
an admirable gathering of children and
then went to Genoral Bullard's quarters
for luncheon. He returned to the Wal?
dorf at 4 o'clock and left shortly after
midnight for Providence, where "he will
be a guest of the Governor o.' that
state to-day.
The general will return to New York
to-night to attend the dinner to be
given at the Waldorf in honor of Henry
P. Davison, head of the American Red
Cross, who recently returned from
abroad.
General Pershing will receive the
honorary degree at Missouri University
on Thursday and plans to leave Wash?
ington for Panama on Sunday.
?
Smoot Moves to Halt
Waste in U. S. Bureaus
Revision of Departments Asked
to Eliminate Overlapping
and Duplication
From The Tribune'* Washington Iiurr.au
WASHINGTON, April 16. -Revision
of the administrative departments of
the Federal government is provided
for in a resolution introduced in the
Senate to-day by Senator Smoot, Re?
publican, of Utah.
The Smoot resolution would create
a joint committee consisting of three
Senators and three Representative?,
which would be charged with the duty
of investigating the workings of the
various administrative departments of
the government, with a view to recom?
mending to Congress changes designed
to eliminate overlapping and duplica?
tion.
"For five years I have had in mind
to initiate an effort at reorganization
of the executive departments of th ?
government," said Senator Smoot, "and
I will frankly confess that I have from
time to time failed to act on that con?
vict ion because of the stuoendous
charaCTer of the undertaking involved.
"We need a complete survey of the
whole situation by a committee of men
willing to recognize that it is !i task
of day and night for a year aiu! very
likely two years. There must be no
politics in it, but merely n determina?
tion to get results.
"I asked that the resolution be sent
to the Committee on Appropriations,
and intend to speak on it and urge its
passage at this session, and if that is
not possible, then as soon thereafter as
may be."
-?? ?
New Ban on Socialists
Is Offered in Assembly
Rules Committee Hill Provide?
Change in Administration of
Oaths to Legislators
from a Staff Correspondent
ALBANY, April 16.?The Rules Com?
mittee introduced a bill in the As?
sembly to-day to amen?! the legisla?
tive law to provide that rnembers-eleel
of each house must take the oath of
office the day the body assemble?,and
if any objection is made to the ehg'-^
bility of a member-elect a majority
vote shall decide whether the oath
shall be administered to him.
if the vole is adverse the oath shai
not be administered, but. the person so
barred may. as soon as the body te
which he was elected has organ????
apply for an opportunity to qualify
as a member, "and thereupon the
House shall forthwith take action ami
procedure for the purpose of determin?
ing the eligibility and qua'..?ration 0?
such member-elect as justice requires.
The proposed amendment names tbe
Secretary of State or his representa?
tives as'the person to administer the
oath of office. In case objection is
offered to the admission of ? number
elect the President of the Senate or
Clerk of the Senate, in that body, and
the Clerk of the Assembly, in the
?ower house, shall call the meet in* ?
7>rder and preside while the vote i*
taken.
The measure is part of Speaker
Sweet's program to keep ?Socaiis'-*
jut of the Legislature. It is ???<? f.?
will do his utmost to have the bi.l
pHP*. *
Colby Makes Reform Start
Sanies Assistant to Reorganize
the State Department
WASHINGTON. April 16. ? B-tor
ranieation of the State Department,
ecommonded by former Secretary
.ansinp, was begun to-day by Secre
ary Colby with the appointment of
.Viibur J. Carr, director of the con
iiilar service, as assistant to the Sec
etary of State. .
Mr. Carr has been given charge ol
?ersonnel, administration, business
nethoda and general management of
he department in addition to hjs
luties In th?t> consular service. He ?W
nake a systematic study of the de
lartment with a view to such change?
i? may be considered necessary.
