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12 r ' THE SUN AND NEW YORK HERALD, THURSDAY, MARCH 18, 1920. 0, KIDDER.PEABODY&CO. FINANCIAL HEWS AND COMMENT IHDtvoiufilfoSL BOSTON 1WJllSL NEW YORK Investment Securities Foreign Exchange Letters of Credit Correspondents ol Baring Brothers & Co., Ltd. iondon Munds Rog, ers cr Stackpole Stocks Bonds Cotton Grain Members N. Y. Stock Exchange N. Y. Cotton Exchange Chicago Board of Trade 25 Broad St. Uptown Office 16 Vandcrbilt Ave. Reserve Oil Lands are as important to a producing oil company as Reserve Troops are to an Army Through vast reserve acreage in United States, Mexico and South America, Cities Service Co. has made certain its future position in the oil industry of the world., Send for Circular "31" Henry L. Doherty & Company Bond Department 60 Wall Street, Now York FOREIGN BONDS German Government Prussia Special Prices 5,000 to 1,000,000 Marks Bremen Berlin Coblenz Cologne Danzig Dusseldorf Darmstardt Dresden Frankfort Hamburg Leipzig Munich Mains Manheim Stuttgart German General Electric Phone Rector 3130 3131 3132 British Government French " Italian " Belgian " DescrtpHtt Circular and Prices on Request. Farson,Son&Co. Members New York stock Exchange. 115 Broadway, New York Buying of Equipments, Steels find Motors Continues in Most of Session. new york Stock exchange prices. Wednesday, March 17, 1920. 1920. Day's sales 1,045,881 Yoar to dato 65,981,741 1919. 896,964 37,845,457 1918. 212,698 30,177,890 GOSSIP OP WAIL STREET. LARGE GAINS NEAR CLOSE r-ClosIng,-, IDIr.l I .Bid. I Aak. lln $.1 Sale.. 1 39 2V4 43 82 93 40 86 113 Coppers, Although Showing ul Bettor Undertone, Arc Not Active Either Way. The excollont buying of tho equip ment, steel and motor stocks,, which wns first noted In tho midst of the weakness In tho Inst hnlf of Tuesday's session, con tinued for tho best part of yesterday's trading. Dut It was not until tho laHt hour that tho market had an opportunity to demonstrate Just how pood this buy ing had been. Then the plan of Secre tary Houston for making up tho Gov ernment's losses In consequence of the decision In tho stock dividend case was made public nnd tho wholo list started forward vigorously ngaln under the leadership of Baldwin Locomotive, which closed the day well above 130. The motors Joined In tho movo along with tho steels and by the closing the market had gained very great momentum. Tho way some of these IssueH went ahead was suggestive of a revival or specula tion on a larce scale, but under the cir cumstances It will probably be found that tho rise was a llttlo too ram to be maintained without somo reaction. Tho advance, however, coming is It did on top of further weakness during tho morning and early afternoon, un doubtedly caught a large part of tho floor contingent napping, but It was en tirely Justified under the circumstances. Money was easy, opening and renewing at 8 per cent., as compared with 9 per cent on Tuesday and 10 per cent, earlier In tho month, and sterling ex change ngaln Improved, no doubt In con sequence of the overnight report to the effect that $25,000,000 of British gold wns already on Its way to this country via Canada. Tho Street was not Inclined to believe this story at first although It was obtained In semi-official circles. But It will bo remembered that tho very same people who now doubt the plausibility of resumption of gold Im ports were predicting further crashes In foreign exchanges at tlie low point last month nnd saying nil sorts, of things as to what was likely to happen to the country's credit system If somo way was not found to stop the outflow of gold to South America, i Now It appears that not only have the gold shipments to South America ended, but that the coun try Is preparing to receive a large amount of gold from Great Britain. In tho meantime sterling -exchange Is up more than 50 points from the low. There was a considerable scramble of the shorts at the outset In Crucible In consequence of tho overnight announce ment of the stock dividend, but with the shorts covered and tho news out the stock soon dropped back, carrying the entire list along with It. The weakness was also further accelerated at the outset by heavy .eelllng of the low priced oils, particularly Middle States, which was a very heavy feature of the preceding day's session. In the meantime, how ever, good buying continued In Baldwin, the steels and the motors, although the full effect of this buying did not make itself apparent until tho final period. Then tho whole list spurted forward under Baldwin's leadership, closing prac tically at the high of the movement as well as for tho day. Baldwin finished up more than 15 points on the prospect of announcement shortly of tho com pany's plan for recapitalization. The motors and steels gained proportion ately, although nothing like Baldwin, which was the featuro of tho whole market. There was a better undertone to the copper shares, but they did not do much one way or the other. The money market boro out all that had been said about It with respect to easy rates. The low of the day was 6 per cent., which was as favorable as could be expected under tho circum stances. It now appears, however, that Wall Street is likely to have to undergo another flurry around the first part of tho week. It is understood that the certificates of indebtedness being of fered by the Government are not going as well as expected and that In conse quenco tho Government may be forced to withdraw part or tno tunas, wnicn it received from payments 'of taxes at tho first of the week. But this will not bo moro than a temporary flurry at the most, and so Wall Street 1b not worry lng very much about it. The Improve ment in the foreign exchange market continued, sterling making further prog ress, along with francs and lire. Tlre was nothing of special Interest in the other rates. 46 81 13 107 24 112 48 64 98 13 83 94 105 25 69 46 130 114 97 0 250 95 65 135 49 19 60 4 42 S3 8; 162 134 99 36 80 122 28. 110 90 11 15 11 95 18 9 26 2m 81 39 122 86 102 51 52 84 149 57 10 9 25 39 40 O s 43 84 93 43 87 116 FAf BUf 141 47 85 13 112 113 48 65 98 13 84 96 105 25 69 46 131 116 98 09 65 u;s 66 135 50 19 60 4 42 84 8 165 135 100 37 82 124 30 112 92 12 16 12 100 106 20 9 26i 23 81! 40H unit 87 103 53 80c 10 10 3 10 10 7 I 5 MONEY AND EXCHANGE. ' Mixed Collateral. Hllh Low Last s Renewals 8 Year's With IS Year's low CALL MONEY. All Industrials. Ulxh Low i Last e Renewals 8 i ears hlin 25 Year's low ( TIME LOANS, Mixed Collateral. Sixty days . !K Ninety day Stt Foiu months TO Five months 8V4! Six months SH I All Industrials. Hlxljr days , 9 Ninety days 9 Four months 9 Five months 9 Six months I COMMERCIAL PATER. Six months.. ..6407 1 Other Names. Three In six months K67 Prime Indorsed Bills! Receivable. ' Rlity days 6iB7 Ninety days 6467 CLEARING HOUSE STATEMENT, Clearing- House exchane-es, SS5S, 093.859: bal ances, S10LO74.883 : Sub-Treasury debit bal ances. 1100.078; Federal reserve credit bal ance, P3.C47.CM. DOMESTIC EXCHANGE. Boston, par; Chicago, par; St Louis, 253 Kc. discount; San Francisco, par; Montreal, J1S3.75 pr 11.000 premium; Cincinnati, par; Minneapolis. 10c. premium. SILVER -PRICES. Bar silver In New York, JI.21, up jc.; n London, 6S4d., off 2Ud. ; Mexican dollm MKC UP Ke. , FOREIGN EXCHANGE. 47 65 77 18 34 100 35 39 25 59 43 69 85 17 31 85 10 94 105 233 425 101 47 99 95 180 7 14 104 1 109 14 23 76 35 106 36 26! 2 15 15 150 58 10 9 26 40 58 37 66 77 18 34 102 36 30 25 60 44 70 86 IS 31 86 11 94 108 34 435 110 47 101 100 193 8 14 107 3 110 14 24 77 35 107 ilia 10 1 i 1 3 5 1 6 7 O 3 7 1 4 7 12 10 7 400 100 400 2100 100 100 ,100 y4300 100 23600 2300 400! 100 3000 700 900! 4700 1500 300 7100 200 2400, 300 19200 800 3900 2800 3200 200 5400 3000 300 300 15800 42200 300 300 2700 200 500 900 100 2700 164400 200 1000 1100 100 16200 1001 7600! . 900 200 200 100 200 200 300 800 1500 400 1900 1100 2700 200 1600 100 100 8100 400 100 100 700 1000 400 5300 200 100 1400 300 100 800 1000 200 200 6800 3000 700 300 3000 200 200 16800 200! 16700 400! 100 10SOO 100 100 100 200 Advance Humely Alaska Quia J I Alaska Juneau O 51.... Allls Chalmers Mfg.... Allls Chalmers Mfg pf.. Am Agrlc Chem Am Bank Note Am Boot Sugar Am Bosch Magneto.... Am Can Am Car & Foundry Am Cotton Oil Am Cotton Oil pf Am Druggist Syndicate Am Express Am Hide & Leather Am Hide & Leather pf. Am Ico Am Ice pf im International Corp. Am La Franco Firo Eng. Am Llnsoed Co Am Linseed Co pf. Am Locomotive Am Ship & Commerce Am .Smelt & Kef Am Steel Foundries.. Am Sugar Hef Am Sugar Ilef pf Open- 40 2 42 83 93 42 85 116 49 139 47 85 13 110 24 110 46 65 97 12 83 94 101 25 69 45 131 115 Am Sumatra Tob I 97 Hixh. S3.7314 3.7 Sterllnt Demand. Cables... Francs-Demand. Cables 13.42 Marks Demand. Cables... N'ormal rate of exch. 4.8W5 Rterllnr 1A44 L34 .S5 Low, J3.7114 172 13.82 13.60 1.14 US Last 13.714 3.724 11(3 13.61 1.27 1.2J Prev. close. 83.724 S.7J14 13.37 13.2S 1.3S 1 j 5.1513 19.30 40.30 3:.4I Oil 50.00 Paris 13.C5 Marks 1.27 Belrlum J2.97 China Hongkong; 91 Shanghai 1.45 Greece 11.13 Holland India Bombay Japan 4 Yokohama. Philippine Islands ilia :.. Yesterday's Close uemana or Checks. Uli Manl 5.1lt2 Italy 2S.S0 S-candlnaria- HtocKnotm 264 49U 1S.45 20.23 Winchester Co. 1 Common Stock S.K.Rice, Jr. & Co. Chrlstlania. ll.u 17.50 CToni K0 to 4010 John. 36 Wall St., N. Y. Copenhagen South America 41.42 Rio 264 00.50 Argentina (gold).. SSH 42.84 Buenos Aires 43, 19.30 Spain 17.SO R.lSft Switzerland E.SI 103.43 Uruguay , 1,0214 Czrcho-Slovakla,..' 1.30 5L4J Russia (Currency) 100 rubles..'. 3.00 200 rubles 2.40 TIME BILLS ON LONDON. Bankers. I Commercial to Days... 90 days... Cables. 81.7214 13.63 1.23 12.95 m 1.4S 11.25 345i 7 "54 .43 20.(3 13.35 17.60 27 9SH s 17.90 :.S2 1.0314 18 183 67 162 324 32 74 87 71 40 82 39 34 28 68 37 62 17 55 4 .15 23 80 129 35 91 102 102 60 21 88 75 17 40 46 125 30 36 73 19 34 3. to 2.M 33.67H 60 days 3.7U .J.t3!490 days l.ts 30 19 63 47 23 128 190 22 32 47 16 0 28 46 66 44 36 66 86 11 77 98 80 5 15 107 .75 35 23 92 54 83 62 45l 49 5 29 61 68 51 192 192 69 163 325 32 74 83 71 42 82 39 35 30 71 39 62 17 56 4 15 24; 81; 129 36 92 110 110 63 22 88 76 18 42 48 126 31 36 74 22 35 Am Tel & Tel im Tobacco Am Tobacco pf now.... Am Tobacco Sec Am Woolen Am Writ Paper pf . ...... Am Zinc, L & Smelt.... Anaconi'' Cmiuer Assets Realization Associated Dry Goods.. Atch, Top & Santa Fo.. Atlanta. Blrm & Atl.... At, Gulf & ' W I S S Baldwin Loco Works... Baldwin Loco Works pf. Baltlmoro & Ohio , IJarnot Leather. Barrett Co Bethlehem Motors Bethlehem Steel 8 p c pf. Bethlehem Steel B Booth Fisheries Brooklyn Rapid Transit. Bklyn Rap frctfq of dep urown tsnoo , Burns Bros Butterlck Co Butte Copper & Zinc..., Butto & Superior Cop. . Caddo Cent O & R California Puck Co California Petrol Canadian Pacltlc Central Leather Central Leather pf Cerro do Pasco Cop Certain-teed Prod Corp. Certaln-tced P C 1st pf. Chandler Motors. .' Chesapeake & Ohio Chi & E 111 pf Eq Tr ctfs Chicago Gt Western Chicago Gt Western pf.. Chicago, Mil & St Paul... Chicago, Mil & St P pf.. Chicago, It I A Pacific. Chi, R I & Pac 6 p c pf.. Chi. R I & Pac 7 p c pf.. Chile Copper Chino Copper Cluett.- Peabody & Co pf . Cocn-Cola Col Fuel & Iron Colorado & Southern... Columbia G & Elec Columbia Grnphophone, Consolidated Cigar Consolidated Gas Con Interstate Cal Mln Consolidated Textile.... Continental Can Continental Candy Corn Products Ref Corn Products Ref pf... Crucible Steel Co Cuban-Am Sugar Cuban-Am Sugar pf. ... Cuba Cane Sugar Deero & Co pf Delaware & Hudson.... Del, Lack & Western... Denver & Itlo Grande... 800 Denver & Rio Grande pf... 16 Detroit Edison Co 100 Elk Horn Coal Corp.... 500 Endicott Johnson 900 Erie 200Erie 1st pf lSOOiFamous Playern-Lasky. 500! Federal Min & Smelt pf 100 1500 1300 500 200 65 100 900 14800! 14000 600 200 31 19 63 48 30 129 191 23 32 47 17 0 29 .47 66 45 37 67 87 11 78 101 82 ,6 15 107 76 35 24 97 55 83 63 46 53 5 29 62 72 52 Fisher Body Corp pf. FisK iiuoucr 'Frccport Texas Gaston W & Wlgmcre. . .General Chemical Co... General Chemical Co.. General Cigar Co. 99 200 95 66 132 49 18 60'. 4 44 84 8 163: 125 100 37 65 123 29 112 91 11 16 12 98 105 19 9 26 23 81 40 123 86 103 52 32 90 148 57 10 9 25 40 58 37 63 1 1 18 34 102 35 3S 25 59 42 67 86 18 31 85 10 93 107 242 425 102 45 99 9S 193 7 14 40 1 M 43 " 83 93 42 88 116 50 141. 48 85 13 112 24 113 48 65 93 12 84 94 105 26 buy 46 132 115 198 100 260 95 06 135 49 19 60 4 44 81 8 165 135 100 37 SO 123 30 112 92 11 16 12 98 105 19 9 27 24 81 40 123 87 103 52 90 150 57 10 9 25 40 58 37 65 77 18 34 102 35 38 25 59 43 70 87 18 31 86 10 94 107 242 25 102 47 J J ft 98 193 7 14 Lowest. Clos- 40 2 2 42 83 93 42 85 116 48 138 47 85 13 106 23 110 46 65 97 12 83 94 99 25 68 45 130 115 96 99 200 93 64 130 49 18 60 4 43 83 8 162 123 100 36 65 123 107 1107 23 23 106 108 14 23 77 35 107 36 26 15 189 192 67 General Electric Co 163 General Motor Corp, General Motor Corp ctfs, General Motor Corp deb. Gen M Corp deb pf 7 p c. 1000'GoodrIch B F 3.50 4 4 4a 1.20 10 1.20 4 3 4 3 7 6 7 5 4 2 40c 200 Granby Consol M & S... 700 Great Northern pf , 4800 Great Northern Oro ctfs, 100 Greene Cananea Cop..., 100 Gulf, Mobilo & North pf . 1900 Gulf States Steel 300 Hcndeo Manufacturing . , 1200 Haskell & Barker Car. . , 9200 Hupp Motor 800 Inspiration Con Copper. 2800 Interboro Con Corp 3C0 Interboro Con Corp pf.. 600 Int Agrl Corp 200 Int Agrl Corp pf 900 Int Harvester Co new.. . . 800 Int Mer Marine 2100 Int Mer Marine pf 200 Intermit Motor Truck... 100 Int Motor Truck cash..., 200 Int Motor Truck 2d pf... 1800 International Nickel .... 17900 International Paper .... 100 Inter Paper pf stpd 200 Jewel Tea 200 Jewel Tea pf , 200 Kansas City Southern pf. 1300 Kelly Sprlngftsld Tiro... 600 Kennccott Copper 3200 Keystone Tiro & Rubber. 1600 Lackawanna Steel Co.... 100 Lako Erie & Western pf, 700 Lee Rubber & Tire 100 Liggett & Myers Tob rts, 800 Loews Inc 100 Loft Ino , 100 Mackay Cos pf 400 Manhattan Elw guar..., 400 Maxwell Motor BOO Mays Dept Stores 17800 Mexican Petroleum .... 100 Miami Copper 80100 Middle States Oil 1900 Mldvale Ht;el & Ord 100 Minneapolis & St L now. 200 Missouri, Kan & Tex.... 3000 Missouri Paclflo 1400 Missouri Pacific pf 600 Montana Power 100 Mulllns Body , 100 Natlonaf Acme Co 1300 National Aniline & Chem 100 National Anl & Chem pf . 600 National Conduit & Cable 300 National Enam & Stamp. lOOiNational v.n & St pf.,.. 400 National Lead Co 100 Nat R R of Mex 2d pf . . . 300 Nevada Con Copper-.... 600 New1 York Air Broke... 1100 Now York Central 8900 N Y, N H & Hart 300 Norfolk Southern 300 Norfolk & Western 100 North American Co.... 600 Northern Pacific 300 Nova Scotia S & C 1300 Ohio Cities Gas 100 Ohio Fuel Supply 2500 Oklahoma Prod & Ref. . , 500 Otis Steel 100 Owens Bottlo Co.- 100 Pacific Development . . . 100 Paciilo Gas & Electric. . 326 32 74 88 71 40 S3 34 28 69 39 61 16 55 4 15 24 81 128 36 91 103 105 60 21 88 76 16 40 4S 123 30 37 73 20 34 .31 19 63 47 30 128 190 22 33 46 17 10 29 45 66 44 37 65 87 11 77 100 80 5 15 107 75 35 24 96 53 84 63 46 49 5 29 61 63 51 14 23 78 33 107 37 27 15 190 192 67 165 127 32 74 88 71 40 83 40 34 28 70 39 62 17 56 4 15? 24 81 129 36 92 103 105 60 S8 76 17 40 43 126 30 37 74 20 35 16 31 ft , 63 48 30 129 191 22 33 47 17 10 29 46 66 44 37 66 S7 11 78 100 81 G 15 107 75 35 24 96 53 84 63 I 46 49 5 23 61 68 61 112 90 11 15TI 12 98 105 19 9 26 23 81 39 123 85 103 51 52 90 146, 57 10' 9 25 39 58 37 65 77 18 34 102 35 37" 25 69 41 67 86 IS 31 85 10 92 107 231 425 102 45 99 9S! 193 1 7i 14 107 23 106 14', 23 76 35 107 .in-, 26 15 189 ' 190 67 163 316 31 74 40 70 40 82 39 34 28 69 39 60 16 63 4 15 24 81 128 35 90 103 103 60 21 87 76 16 40 48 123 30 35 72 20 34 16 30 19 63 4MII 30 128 186 22 29 46 17 0 28 45 66 44 37 65 87 Ml 77 100 80 5 15- 107 ,75 34 24 96 63 83 62 45 49 5 29 61 63 61 2 43 83 93 42 87 116 60 141 48 85 13 106 24 113 43 65 98 12 84 94 105 25 69 46 131 115 98 100 260 95 65 135 49 19 6P 4 43 S3 8 164 135 100 37 80 123 112 92 w. .11 12 98 105 19 9 26 23 81 40 123 87 103 51 52 90 150 57 10 9 25 39 68 37 65 77 18 34 102 35 88 25 59 43 70 87 18 31 86 10 94 107 233 5 102 47 99 98 193 7 14 107 23 108 14 23 76 35 107 37 26 15 190 190 67 163 325 32 74 88 71 40 82 40 34 28 70 39 62 17 65 4 24 81 129 35 91 103 105, 60 Net Changs. - - - - 2 4- 1 2 2 2 - 3 " 3 -K2 1 2 6 1 1 2 7 5 2 Wn.Hlnston Tarn, tho Market. Wall Street Is turning moro and moro to Washington theso days for market Incentives. In tho tax problem In par ticular tho Street Is groping around rather blindly, not knowlnir lust ex actly whore it stnnds. So any bit of nnnnrfnflv niiMin.Un4t.M. lnHmn.iAH I . seized and construed as tho markot hau-1 ..J-.10?-".. Salcs ln pens to eeo fit. Such was the coso yes- 'a.ASKed. Yield. ?l,000s) teraay. xno market was in tho dol- drums, casing off Irreirularlv. when ?-&0 00.56 4.60 Secretary of he Treasury Houston's let- ;-40 tcr to Chairman Fordney of tho House 0- Ways and Mean? Committee, nnnounc- 89.94 lng his stand on tho tax problems, was 97.00 prinieu. it took heart mmedlatcly. paying particular attention to tho Sec retary's recommendation of a simplifi cation or repeal of the excess profits tax. During tho balance of tho day tho market was strong and somo sizable advances weio made. BONDS IN NEW YORK STOCK EXCHANGE Wednesday, March 17, 1920. 1920. 1919. Day's sales $11,061,000 $10,827,0.00 Yoar to dato ,.. 829,479,000 682,239,000 , 1918. $5,517,000 216,290,000 RANGE OF LIBERTY BONDS, 1 13 18 i:s 1 1 1 1 - 3 5 2 1 1 1 1 3 1 1 2 1 17 3 53 1 1 " 1 3 2 3 11 Accessory Stocks. Now that the motor stocks have had their share of tho movement, tho Streot is commencing to look about for fresh leaders which have been neglected. In mis connection it wns learned yester day that there has been very good buy ln in tho motor accessory Btocks, par ticularly tho body stocks. Fisher Body. which bus been nrclected since tho movi last year, has been well bought recently and thero has been especially good buying of Mulllns Body, listed last year, further evidence of the pros periiy ot tno uouy companies was reflected in tho announcement of an Initial dividend of tho Ohio Body and mower company of 62 cents,, or at tno rate ot j.'.su a year. It is under bioou mat, tno Dociv comtinnlea tiran. tically are snowed under in tho attempt to keep up with tho demand" from auto mobllo companies. Many of them, it will bo remembered, wero forced to forego their usual exhibits at the automobile shows throughout the country because they were so far behind on their con tracts that to tako any additional new business would have becen out of the question. A 11 Jpr Demand for Stock.. Tiaders were stepping on each other's toes last night trying to borrow stocks which had been cold -during the day and tho short Interest Is declared by good Judges of the market to bo about as large and nctlvo as At has been this year. Rates wero 6 ,per cent, for tho Industrials nnd 4 p'er cent, for rai'roaus, a 2 per cent, reduction from tho ruling money rate. General Motors. Texas Company, Baldwin Locomotive and Cruclblo wero In particular demand, aunougn none or them loaned fiat. llnldwln and Amerlcnn Woo. Somo profits rolled up In the advance In Cruclblo t.-ere switched yesterday Into Baldwin Locomotlvo and American Wool, and under this shower of buying both stocks responded buoynntly, in the case of Baldwin even violently. Tho two stocks were - purchased on the thc6ry that their assets are In much tho same shape as thoso of Crucible and that both are In a position to tot- low Crucible's lead In tho declaration of a Ur stock dividend. After open ing at i25 to 125T.. ud 35i to poirtr, Baldwin shot forward without a halt to 135 and closed at the toD or tl-o day, an advanco of 13 points. un:y a part of the favorable news on Baldwin has come out. The report that Its directors will ugree to the nlan for a recapitalization and the i.-wuutiue of two shares of new stock for one of old Is given general credence. Out side of any stock rearrangement Bald win, and for that matter all tho equip ment stocks, appear to bo In n post tlor to do In 1920 the biggest year's business In their histories, because railroads from cast to west and north to south ore fairly crying for equip, ment. Handing? a Itond In 'Pern. Tho Vanadium Steel Corporation, which declared an Initial dividend of $1.60 a share on its stock yesterday, soon win start, uio construction of a railroad on Its property to aid In get ting out its ore, according to J. Leonard Keplogle, tho company's president. Vice Prcsldont Baker will leave for Peru on tVprll 1 to superintend tho construction, Mr. Beploglo said that a contract has been let to tho foundation company for the construction of a road from tho mines to Lake Pun Run. a distance of twelve miles, the most difficult part of the company's transportation. "The railroad will b completed about July 1," ho said, "after which tho company will be able to doublo or triple the out put of ore, of which wo"lravo a large stock mined and ready- for shipment Our oro shipments In February were the largest on record." I 1 88 70 17 40 48 126 30 36 74 20 34 16 30 19 63 48 30 128 191 22 32 47 17 28 46 66 44 37 66 87 11 78 100 81 5 15 107 75 31 24 96 53 83 63 46 49 .5 29 61 '68 61 " 1 1 ! ',; l i i t 1M s Philadelphia Company. The stook tax dividend has opened tho way for the Philadelphia Company to consider the segregation of Its woven units, consisting of the Philadelphia Oil, the Philadelphia Traction Company, the J-.y-lToducta company, the Philadelphia Natural Cos Company, the Philadelphia Artificial Oas Company, tho Duquesne Electric lgnt and Power Company and tho Philadelphia Coal Company. Tho segregation of theso properties, of course, would enable the Philadelphia company to pay dividends on all of these Individual units. One of Uie rea sons for tho recenl strength In Phila delphia Company has been develop ments in connection with the extension of the Philadelphia Oil Company. The Pittsburg Traction Company, also a subsidiary, has recently increased Its earnings on account of tho higher fares granted by tho Public Service Commission. I0.0 ' 97.64 ' 97.60 89.50 91.00 89.86 97.50 92.86 90.04 97.60 97.62 4.74 4.85 4.98 5.34 5.11 5.42 4.47 Open. 1,057 3s (1932-47) 06.12 BO lSt.CV. 49 (1932-47.. . UU.OU 182 2d l3 (1927-42) 89.48 73 1st cv. 4s (1932-47). Ol.ffO 905 2d cv. 4s (1927-42). 89.88 . . lst-2d CV. 4- (32-47) 2,035 3d 4s (1928) 92.76 1,791 4th 4B (1933-38)... 90.00 1,739 Vic. 4s (1922-23).., 97.56 637 Vic. 3a (1922-23)... 37.54 High. 96.90 90.60 89.50 91.00 89.90' Net Low. Last. Chgfl. .1! 90.60 89.40 90.90 89.82 92.88 92.68 90.06 90.00 97.60 97.60 97.68 97.50 96.90 90.66 89.60 91.00 89.86 92.88 90.04 97.60 97.62 .80 .04 .00 .10 .04 .04 ' rr-,04. .02 .02 United States, Foreign Government, Railroad, Industrial and Other Bondi. Seabd A L ad l B77a AnrtoFrench ts A 076s 2 071a IZ....V7 0-16 in 0713 2... .07 0-16 1 070a si 0713 2..., ...075a 8 0713 10... .07 U-1U 1 O70s 128... .-...071j taty or Bor deaux 6s 1 SOU utyorranscs a 00 1 ooIb united KMffdm 6K 1131 29....... 1 O.Mg 1 053 uo Hs 1922 rets .02l8 .......: 6Hs 1929 rets 22 005u 1 ooia 0 oo3a IMS 1937 4 8778 v atj. r 87 O H 1 8778 DmUanada6is 1921 I O8I4 0 0734 0 077g Dom Canada i 1921 10 O7I4 1 U71g 193S 2 02 1929 1 037 S 03a 8 0378 2 0334 1931 8 OII4 0 0138 2 OII4 itcp or (,-uua ss 1904 12 0078 USor Mexico Si 10 317g City of Copen hagen SKs 1 7034! ChlnecaOovtSa 1 447s1 1 4fi Japan eselst4Hs 3 70 10. .130... 7504 3 77 3 70 3 7014 J 70 4 70I41 10..s30...76l3 10..k30...7l4 3 7M4 10..S30...75U JapnHM3dl iu.. . . ..Ill 10..830...7S 12 7Ul 2 7BI81 7S 3 76I V 7434 1 76 Japanese 4s 2 0114 6..s30...00l3' cn&Q Joint 4s 1 04ia 7 041 1 043f) 1 04)4 1 0414 12 0403 2.1 041a Chl&EaitlU 61 (luarTrctfa 1 70 OSI4, Chllt Eastlll 41 q 3 jv certificates 2 20 Cbt Ot West Is 2 5.1 1 4 0 &M3 OM&Stl' cv 6s 1 71 O M ft StPgm 4s B 70 C M & St P cr Mt AmT&T cv 6s 5 0713 1 970s 0 071j 1 07U 14 07I3 0 078 3 0734 28 08 I 0 0734 6 OSIh SO, 38 OS AmTATcv4Ks S4 8134 10 82 AmT&T clt 4s 27 78 2 7734 AmWrltlngl' 7s 2 70 Arraoar 4H 6 82 2 8214 AT&SKcen4s 2 771al 2 72.i 8 77U' 7213 1 773a 12 72 1 7712 11 717 AT 4 8F art) 45, S 7II3 stamped 1 7l7g 1 O8I3! 8 7HS AT4SFCal4s O M & St 1' til 2 70 ' 4Ks OH8 8034 2, O, 3 61 1 oils O M&StI'deb 4j 2 61 CblMll&SU' 4s 1 67Sg 5 O7I3 ChlBI4Pref4s 20 (17 B 6714 1..S30...07 ChlAWIc.Hs 1 6034 ...'...cois Chile Copper 7s 1 103 2 10234 8 1021a u .1U.S11 ClnlndStUlCts 0 77U ClevoShL4fs B 82 CCC&StLgmts 3 0408 1 030a Col So ext 4Hi z 72J4 3 72I3 1 73 ComTabltec 6s 3 83 Beth Bti Hr 6s M nnl' 22 843jl 1 ?90'3 1 8412 BetbuStl 6s 1926 1 8S 1 7fi78 6 70 Atl CL Clt (I B 68 B 6712 Bait & Ohio 6s 8 887g 1 sola Z 87 15 80 Bit 0 6s 1996 4 647g 4 uios . A.I. , I. ...... UaUCT 4hS 3 65 B OII3 3 0434 4 647s Bllt&O gold. 4s 3 04 12 O4I4 7 641a Balt&Oblo 3Ks ii &a 0 83 Balt&OSWlK 2 7378 3 74 Dalt&OI'LE & W Va 4s 2 B7 2 B678 B&O Tol&C is 1 49 3 B8I3 1 BSD 1 68I2 ntid&Man ad ' 2 187H III Central SVfs 7 020a 111 Cent 4s 19S1 1 67 III Cen rf 4s 6S 7 7134 1 72 2 7134 InrilanaSteel 6s 1 B134 Interb B T ref fcs 1966 3 E6 2 BSI4 1 6r3a 10 SAI4 Interboro-Jlet col trust 4Hi 1 18I4 1 isofl 4 18I3 certificates 1 18I4 a 18 Int 11 Marine 6s 2 '...80 KanO Sorer 5i 1 6OI3 Kan City So 3i 2 SJ 1 6SI2 KanCltyTer 4s 10 7014 NYTelgmtHs 1 70 NYWestchest'r & Boston 4Ks B," 4Uj 1 41 NorrfeWrr 6s 0 1021a 11 102 2 1023a 1 1021a Norfolk 6c W 4s 2 7S18 NorthernPac4s IB 7478 14 73 NortbernracSi 2 53 14 a o;i 2 -.B33a 10 03 Or Sh L tag 4s 3 BOJi 4 8013 Ore Wash Hit NavreMJ 2 0858 3 0x34 2 6S8 Pacific Gas 6s 4 7078 4 80 Pae Tel 4 T 5s 4 8B13 Penna 6s 196S 11 sols K 80 1 8M8 Lack Stl 5s 1923 Penn cm 4Hs A B 0313, 2 811s LeblghValfu 1 8078 B 10034 1 81 I-eta Val tec 6s Penna 44 1921 5 04l8 4 0078 L 2CCtt& 61 5S 2 7 1 8C3a 0 0714 Long hi rug 43 3 7ai 1 03 Penna 4 lis 1960 Lou A Jeff B 43 1 8078 1 63 Penna 4s 1946 Lou & Nash 4s B 82 4 8034 Poo Oas&O con Lou&NStL3s 2 881 H 4 4013 Pere Marq4s II L Ac N So M ts 2 oyi3 1 6313 P Lorlllard s Mil LSctW 1st 2 80 1 09.I4 Pub Serv Corp Mln&StLfdESs 1 62I3 4 CM Ms trass m 4s 2 7814 3 79 Minn & St L 4s 8 4338! of N J 5 1 62 Readlcg gm 4s 4 70 ItloOWcoltr4s B... ....4034 Rochi Pitts en 3 OOI4 ..6078 ..nou ..6078 ..rwi8 . .61 .62 3, 68..I30. 8 6 2 la. .. 10..S30...6O 2 603j Tokyo 6S 07 NY City 4Hs S7 Kov 1 06 NYCity4Hs67 1 U038 NY Clty4ks60 1 OOls AmSmelt&R 5s 2 8234 3 821a 1 823j AmT&T clt- ts 3 821j 2 82U Blcn Ran Tr 7s certificates stamped B, 4214 Dkn Un El 1st 5 621a Cal Oas & K 5s 6 SU Cent of Oa 6s B 80 Cen Oa cn is 2 83I3' Cen Leather 6s, 3 Olio 1 9434 0 100?a Den & R O 6s 1 (HI3 Den& Rio O 4s 3 6178 1 04 DentROref Ss 8 42 Det Ed 6s 193) . 1 941a Det Ed Is 1940 6 88 Detroit Vn 4Hs S 6734 Erie 1st con 4s 2 83I3 1 Ms 2 553s B BSla Cent Pacltlc 1st Erl; ,-, A ; 1 307a - VJ.' "? Erie cv 4s ser B Cbes& Ohio ts 4 91 1 Ollg 2 OOI3 O & O cv (s 46 1 7978 IS. 7013 3 70 24 7034 U ft O CT 4HS 2 731a 1 71 10 73ig 10 7314 31 73 Cues & O 4 Ms 1 77 1 76U 1 767s 8 763 ChlAAIton 3Hs O. ... ...33 CblB&Q gn. 4s 1 773 0 78 1 7713 2 40U 1 30 1 40 1 30 Erie cv Is ser D 1 423a I.......42I3 1 42 Erie sen 4s 5 4634 Gen Electric 6s 2 88I8 6 8734 Oen ElecJKs 2 67 2 68I3 Green Baric W deb ser B 2 10 nock Tat 4Hj 3 70ls Hud & M rdg 6s Series A 3 B8I3 1 6S34 1 fisoa UoK&TtNHs niArk4U4K 1 2538 3 0!78 Mo K A Tex 4s. 4..s30.. .6H3 7 6713 17 6178 fi 67I4 StL&Irnn Mt 7 B718! RIv&QulMs 10 671a1 0 O8I4 Mo K&Tcx2d 1 31 Mo Pac cm 4s 12 1.66I4 10 60 6 B6I4 Mont Pwr 5s 1 85 1 85li NO Tex & M6.1 10 B478 N Y Oen deb 6s 1 02 2 O2I4I II v 1 ei78 1 02 N Y Cen con 43 4 70 N Y Cen am 1 U53U Stl. & flan Fran Series A 7 BSI3 10 6$V 3 681a 1..S30...B8 4 BSI3 1 BS3a 3 B8I4 1 ssia 3 883a 1 S8I4 3 88 4 BSI3 BtL SanFran Serin B 1 6898 16 60 StL&SFgmta eertes a 12 861a NYChl&StL 4s 8tL& BanFran 2 731a NYC&5tUlU43 1 03 N Y Dock 4 2 62 N Y N II & II cv 6s 2 76l3 3 ,7618 2 76 NYOas EU H &IM3 2 04 N Y Rys rer 4s 2 266a 10 20 6 263a certificates 2 265a N Y Rys adj 83 N Y'Teid'etftsj 1 0A6a adj 6s OBJs 3 6513 I..S30...65 6 65 1 3 3. 6514 StL & SanFran Inc 6s 4 403a .1 U 23 41) 1 48 6 4834 8. 487s 7 40 StLoulaaW 1st 1 63 2 63 StLoulsSW 63 4 5678 StP M&M 4Hs 2 01 StP &N Paces B OBAll 10 IOOI3I 1 38 17 3778 '1 3713 SeabdAL rer 4s 2 4S78 1 4 Ms SoBcllT&Tclb II 8113 SoutnPae cv 6s 1 10278 11 1021a South Tao cv 4s 3 70 1 7834 6 788 1 7878 3 70 8 787s Soutbl'acref la, B 7414 2 74a 1 7B Southern By 5i 1 8518 1 85 SoutbRygmts 6 0813 n B.14 1 6t 11 fisis SoutbByStL 4s 0 umw Term RR Aan or St L 4s 1 70 Texas Co cv 61 25 1040a 38 10H3 10 10134 IS 1017a Cn PaclO-yr 63 1 101 I 1 lOlUl Union Pacine4 B 821a 3 81 13 a 82 1 82I8 UnlonPac cv 4s 3 8II4 b 84 1 8II4 On RR SF rdg Eq Trust ctft 10 30 Un Trust ctfs 10 30 United RylnvM 1 08 4 OSI3 0 OS UBUealtylcI5s 11 785a 13 781a 3 7S34 U 8 Rubber 7s 1 102U U s Rubber 5s 1 81 1 8418 2 8II4 3 84l8 B 843a 6 841a U S Smelting 6s 6 10 C S Steel sf 6s 0 0OI4 S 963s 1 OOU - 1 ooia 1 ooia 0 ooia 10..S30...0534 12 ooia UtafcdNorth 6s 7 OOU Utah Power 5s 1 8214 3 811a 1 8IS4 Va Caro Ch Ui 1 040a 4 O3I3 049 6 OU3 Va & SW cn 5s 2 70 Wabasb lit 3i. 88 la VVhcLErlecnt.i 1 641 3 West Md 4s 2 8213 2 823a 10 62I4 Wilson Co 1st 1 97 Wilson Cocv 8 02 West Pacific 1st French Government Bonds can be bought today at about the following Prices: ,.000 Franc 4 of 1917, $5G Victory Ss ...f70 Now Ss of 1020.... Mkt. The redemption value ot these bonds with French" exchange at par would be approxi mately: 4a of 1917 $193.00 Victory 5b 193.00 New 5s of 1920.. 289.50 Carries 50 premium In semi-annual redemption by lot. Qrcular F-67 en tttpiuU HANDLER & QGkWtitf ' nam 35 Fine Streot, New York Philadelphia New Haven . .Boston Baltimore 1. 0.. 0.. ..8134 ..8i78 ..82 BID AND ASKED QUOTATIONS. X. V. STOCK EXCHANGE QUOTATIONS. Bid. Ask. UNITED STATES GOVERNMENT BONDS, Bid. Ask. ...100H 101 ...IWb 101 ins m Terns Company, Th Texas Company1 has called for redemption In July, 1920, 414,798,000 of C per cent, debentures, which mature in 1931, but aro callable on July 1 at 105. The new noto Issue, thercforo. means a net Increase In debt of ap proximately $20,200,000. Tho liota sale has oeen an unqualified success. Of the amount not absorbed by the syndicate tho allotments will bo only 15 per cent. Indicating a 'Very heavy oversubscrin- tlon. Crucible's .Market Action. There waB more than the usual in terest In the opening In Cruclblo KLeel yesterday because tho, 50 per cent, stock dividend declared by the directors came too late to affect the market on Tues day. The opening was 1.200 shares at 240 to 242, against Tuesday's close of 2J2. This was an overnlpht advance of 7 to 9 points On this bulge, however, there appeared some heavy realizing: by speculators who had car ried tho stock ovor night and mo further extension of existing; abort lines In the stock. This continued pressure made Itself felt all day and opening prices for Crucible were practically the than Tuesday's close after working er-1 Jv5SL?,tf1g1'4 ratlcally back arid forth. The market ' m Arbor, mi took tho view that ''the news Is out In I do pf 2414 Cruclblo." In other stocks with stock A Dry O lpf 65 dividend possibilities the speculative op- ' .do P'Yiuu ,,ni(v ofin ,tf Tt, Assoda 011.1141 Waldorf crowd has fought every Inch of Crucible's advance and still Is heavily short of the stock, according to report rerislered Is, coupon 4. rpriti.rri . , 4, coupon 106 2j, Panama, 1W6, rerlstercd 100 Js, Panama, 136, coupon 100 Js, Panama, 1936. reflstrcd 100 Is, Panama. 193S, coupon 109 Ss, Panama, reirlstercd.., 63 3s. Panama, coupon ....,t 8? Phil. Is!, land purchase 4s, 1MI.... 90 PhlL Isl. public works 4s, 1933 90 Phil. Isl. public works 4s, 1336 90 District ot Columbia 3-65S 97 FOREIGN rfONPS. Anzlo-IYcnch Extern. Os. 1K0 97W Aritentlne Intern, oa. 145 72 Canada, Dominion of, notes. 1921.. 9714 Canadv Dominion of, 6s. 193 97H (hnada, Dominion or, 1M6 -93 Canada, Dominion of, 19 931 Canada, Dominion of. 1931 Oltt Chinese Gov.. Hu Kur Ry. 6e, 1951. 44J Cuba Extern. 6s. 1944............ W Cuba Extern. 6a, series A, 1940 S4 Cuba Extern. 4b, 1919. J3 Dominican Rjp. &. : !H City of Lyons is yr. 6s, 1931 89U City of Marsellloa 15 yr. 6s, 1934... sH City of Bordeaux 15 yr. 6s. 1931.... 89Vi City of Copenhwon 25 yr. 6HS 1914. 79 French. Paris City 6s. 1921 M . Jimivm Gov. 444s. uteri, loan, 1IC. 7U Japanese Gov. 4V4S, 2d series, IMj.. 74H Japanese Gov. 4s, sterl. loan. 1031.. 60H Japanese, T0M0 City Es. 1962 66H U. K. a B. & I. B yr. ttis, 1921.... 0ST4 U. K. O. H. 1. jr. mh. iK.... i U K. O. B. A 1.10 JT. 6WS. 19... Mi it v a n. A 1. yr. 6V4s. 1937... srnk Mexico. Extern, eterl. Cs ol '99. 1945. 30 Mexico Extern, rold 4s of "Ol. 19o4. 3 106i 101 101 101 101 91 91 93 93 97A ?zia 87!j 9714 9214 93)4 SIS 45 914 9214 .4 80 son 894 1 90H 73 T4H Wi !4 64 93 M4 8SH 32 29 Closlnr prices of stocks in which there were tw . Md. Ask. Adams Exp 3314 Adv It pis Alax Rub.. 74V4 A A Ch pf 91 . Alb It Busq .. ADkN pf. 44 Am n 3 pf Am Bk Bh.lM do Pf."v?f Am Can pf 83 Am O F Pf.113 Amer Coal. 85 Am Linseed 83ii Am Loo pf.lOjj Am M & O 3014 A Smelt pf. 9514 Am H Sec A SO A St Fdy Pf 59?i Am Bnuff..U0 do pf..... SO A 8 Tob pf Vi Am Tel o 3 American Urnss, The Street yesterday had a report that tho .American (Brass Company's dlrec- tors might declare a stock dividend of 100 per cent Such a dividend would leave tho corporation a profit and loss surplus or $7,502,212. In the last six years it has distributed 113,075,000 In 3414 69 7S 96 100 4S 91 104H 230 99 11 S9 Stli 106 84 W S3 n UH4 00 8914 53 101 C7 IS a 67 70 11614 79 8914 67 ATiSK pf.. T7 At Coast L SS ARAWI nf. S3- At Rcnrinr.lKO IS SO do DI.....112 112 Auto Sales 1314 do pf 2514 llatopllas... 1 Ilalt&Opf 47 BarncttL pf 83 Barrett pt.lW It 2614 a 10s Bid. Ask. Beech Crk.. 2S14 27U Beth Steel.. 83 87 do 7T. 7 103 Bkn Edison 9S 97 Bkn Un Gas K SS Brown 8 pf 95 S Brunswick. 7 8 But & Susq .. ( Buff II & P 50 do pf 100 Burns Bpf.103 115 Bush Term .. 100 GalPack pf.117 IX Cal Pet pf. 6$ 7014 Cal & Arlr. 1 63H Oan South.. 41 U) Oaao pf.... 94 93 Cent Fdy... IS 30 do pf 36 56 CRB of NJ.1S5 HK C S A Tel. .110 11114 Cert Pd 2d SI Chi i Alt. S 10H do pf M14 1714 Chi A NW.. S9T4 do pf 110 11S Chi Pneu T 90 6 Cleve&PltU .. SO O 8 1 P 4 O M do pf 90 CCCtStL... 43 do uf 63 Q Peabody S9 Col & 8 lpf 51 do 2d Pf.- 43 OolGrphpf Mli Comp T El Con Clf . . 82 Con Gas B. 37 Con Can pfJOl 70 105 5314 63 95 53 M m a S3 8714 10s Con Insur.. "S CrexCarwt M Cru 6tl pf. 9614 Cuba Cn pf SO Det & Mck.104 Det United .. Dlam'nd M.115 Dome Mln.. 11U Dul 88 & A 414 do pf 7 Durham II. S4 do pf 9 Elk II F pf SS Elec Stor...ll0 Emer Bran. 21 do pf 8!14 Endlc J pf.lOOH Erie 2d pf.. IS Fed M 4 S 14 FmPLaspf SS Fairbanks., .. Fisher Body.126 Oen Ch pf. 93 Oen CJjs pf 97 do deb pf 87 Goodrich pf 95 Gen Mot pf 80 Gray & D.. 32H Gulf JI1N H Gulf Stllof SOU -llartmann.. SS14 Harv pr.... 11014 11154 iiomesiaice. M 60 Illinois cen 90H Int M T lpf 'li Int Nick pf S3 Int Pad pf. S3 Int Salt.... 67U Iowa Cent. 5 Jones Tea.. 24 Kan O S... 17 Kayser .,..103 do 1st pf.107 Kel 8d T pf 93 r Ml', in; Eel Wheel. 92 99 do Df 96 97 Keo & D M 4 7 do nf..... SO Krcsje S S.l 151 do pf 10214 10S Kress H II.. 76 do nl 100 Laclede Gas 40 Lako B&W 11 Lettish Val 46 Lit? & M..167 do nf 144 Lorlllard ..ur do or lot Looce-Vflles 57 do 1st pf. 93 do Id Dt.llO Louis 4 N.10514 10H an ueacn ft :i Martin 17. 3H Man 8hlrt. 30 Mackar.... 6611 Mao Sutw.lllJi do pf 93 Marlln It... 53 Math Alk.. 23 May DS pf.10114 154 so 63 984 8014 106 10014 130 12 514 10 60 101 43 125 25 S3 102 ,17 1014 89 72 130 OS 100 92 97 SI14 33S 10 97 9014 91 73 S7 109 70 7 27 18 113 IIS 9914 NRyM lpf BW- do Id pf.. 5 N O V & M 46 NYLackAW 83 NYC&8tL.. IS 54 do 1st pf. 61 do 2d pf.. 47 N Y Dock.. 35 do pf MJ4 NYO&W.... 2DU Nlsf F p.. do pf NorfJtWpt 68 Ont SUtct.. SH VU Oil pi. Ask. 15 6 47 90 14 . 63 (1 33 55 5114 101 101 7114 814 301 43 12 414 172 106 162 113 60 102 in 1614 S114 70 116 10114 C014 Maxwell... . 23 do 1st pf. 53 do 2d nf.. 20 Mex Pet pf. 95 .Mien cent ss MPSSM.... do Dl MS8MLL... MK&TdL.. Mot & Es.. Mon P Df., MulllnsB pf 97 n u Biuioe Nat Biscultll614 do pt.....llt Nat Clk&S. 63 do Df 97 Nit Ld pf.,10t4 TS 91 a 15 91 30 58, 2S 10O si 96 IS IS 69 100 113 120 11414 73 100 103 Owens It pf soy 101 do ist pf. 0 do 21 pf.. 43 Pac Mall... 34 Pac T4T do pf i Parish A B 41 Penney vU 9t Pere M pi.. 4S Pet-Mul,... 40 do pf 95 PierceAr pf.101 PiercePll pf 94U Pitts a pf. 83 PPW40 pf.120 Pitta Stl pf 88 PiVTVapf, 73 Pond Crk.. 18U Pr St O pf.,loi Pub Service 65 ItyStSp pf10314 Hen & Bar.. 102 Read 1st pf 24 Rem 1st pf 96 do 2d nf.. 03 Seab A L... Sli da Df nu Sears R pf.no oo pi 114 St L 8 W.. 16 do pf 23 S Porto Sup.200 do pf 106 Stand M of so Stew War.. 4014 40 10) 60 J314 42 6254 43 93 50 62 113 10454 96 92 121 91 79 1S 103 66 108 109 3154 PS 9S 9 IS 535 11874 17 29 223 112 90 42 Constructive Court Decisions. A Better Outlock. Reading the Wall Street Barometer. Discussed in this week's issue of THE BACHE REVIEW The REVIEW U Issued weekly and Copies may be hdd upon request. J. S. Bache&Co. ESTABLISHED 1S92 Members Xew York Stock Exchange 42 Broadway New York Branches and Correspondents throughout tho United States. Miller & 60. .Membera vNevork Stock Exchdncp Securities Bought for In vestment or Carried on Conservative Margin 320 BROADWAY Bunch. Offices 212 FIFTH AVENUE' swcon.ie-STRtrr LONGAOREBUILDINO (M.EXOH 42rvl ST ir 13 ROAD VAYJ NEWXDRK. Studeb pf..iooH 110 do pf 10014 Tex PacLT.2S3 TStL & W 9 do pf is do ctfs... 11 do p c.... IS Twin City., so do pf Underwood 1ST do pf Un BsrAP S3 Un CSr 8t.llS do pf 107 Un Druc...l3t do 2d pf..lJ0 U 8 Expr.. 39 USClPpf... 46 US TnAl nf 9 USRub lpf.liiu 112 u:an sec... w ion s-0 j? pyiw "i it 103 COO 16 21 15 23 35 85 1754 120 S3 216 140 117 'h CO 101 J.K.K.ce, Jr.& Co. Will Sell 10 Aluminum Co. of America 100 Amer. Chicle Com. & l'fd. 100 Amer. I'junnnild Com. St Pfd. 100 Air Induction 100 Atlantic ltoldlnir "5 Atlim Portland Omeut Com, ROIIiink of Mnnlmttan "Rights" 231liittery Park Nat. Hunk lOOHonlcns Co. Com. 7S Chllds Co. Com. Tfd. 10 Del., Lack. West. Coal no K. W. llllss Com. 200 tlscmnnn Magneto 'l'fd. 10 First National Hank SO flrent Amer, Insurance 23 Humble OH & Refining 25 Ingersoll-Knnd Com. 100 .Toilet Ss Chicago It. R. 100 Klrby Lumber Com. Si Pfd. no Lehigh Valley Coal Sales 100 Lord H Taylor Com. and td Pfd. 100 Mahoning Coal R. B. Com. no Molmnk Valley Co. 30 Nat. Bank nf Commerce 25 Nut. Fuel Oas 100 Nat. Oil of N. J. Pfd. 200 N. Y. State Hys. Com. & Pfd. 33 NUes-ltemcnt-I'ond 100 Venn Con I & Coke 200 Peoples Trust "Rights'" 2fl Royal Type. Com. SO Smpt-Solvnv 1100 81 li iter ."Manufacturing 10 Htate Rank 100 Texas I'ac. Coal St Oil 23 Tidewater Oil 7S Winchester Co. Com. J.K.Rice,Jr.&Co. Phones 4000 to 4010 John. Wall St.. N V. Standard Oil Stocks Morton Iachenhmc3L & Ca 42 Bxtocuistrvjcfc. 'Nervvt'i&rlu ancAflo terEDrr Philadelphia prtsbukoh Va IG&nu Wabash ... 9 Wab pf B.. IS WelUFargo 55 West 1st pf 64 West A B..111 West M. 2pf 15 West Union S3 WBiAUSpf aw, Wll Over pf 17 Wis Cent... 23 Woolworth 121 do pf llo Wthrtn pfA 83 do pf B.. 73 Ex dividend. S9 10 21 S7J4 63 21 19 S954 :m 8114 82 126 112 93 TS 1 Continued on Follotctng Page, Offer Slnino Honda. Harris, Forbes & Co., E. II. Rollins & Sons and Coffln & Burr, Inc.. are oCer- dlvidenda and has added SH.4E3.008 lo'lnr to vield from 4.80 per cent, to B.25 Ills surplus Account, bringrlnjr' that fund per cent, according to matuprlty, a new rp to $23,602,212 at the end of lOU.i issue of 5 per cent. Malno highway and This Is approximately J150 a share. Jbrldgo bonds, due- serially from 1321 to 195-1, ,boUi Inclusive. They uro exempt from Federal Incomo taxes and tax exempt In Malno, legal Investment for savings banks and trust funds In New York, Massachusetts. Connecticut and other States and eligible as security for postal savings deposits on a 100 per cent, basis. City of Cologne 3s Cltyof Dresden 3s Pttct on Application Kiely&Horton 40 Wall SUN. Y. Phone John 6330 American. Lt. & Traction Western Power American Pr. & Lt. Pfd. Standard Gat & Electric H.F.McConnell&Co. Members A. )'. Stock Exchange 05 rt'nay, N.T.Tel. Howl. Greeu 030.89 1