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THE SUN AND NEW YOBK HERALD, THURSDAY, APRIL 8, 1920: JKIDDER.PEABODY&CO. -ittDwoMhlra St t BOSTON i to wwmst. NEW YORK Investment Securities Foreign Exchange Letters of Credit ',: CwttpcndcntJ l Baring Brothers & Co., Ltd, ONDON OIL PRODUCTION and INDUSTRIAL GROWTH CO hind In hind, is prestnt day industry einnot exist with out oil. Pteitnt industrial expansion has, been rsalirad it the ex pense of rtterve oil supplier, now materially itd'iced. CITIES SERVICE COMPANY today occupies i itnteclc posi tion In the. petroleum Industry. Circular '31-A" en Rebuilt, Henry L. Doherty & Company Bond Department 60 Wall Street, New York Investment Securities NEW BOOKLET ON INDEPENDENT OILS Free on request 27 Pine Street-New York FINANCIAL NEWS AND COMMENT Stocks Continue Upward Move, but Old Favorites Meet Profit Taking. NEW YORK STOCK EXCHANGE PRICES. Wednesday, April 7, 1920. :4 GOSSIP OF WAIL STEEET. 1920. Day's sales 1.602.SC1 Year to dato 74.G72.70t NEW LEADERS TO FHOXT Specialty Issues Feature Ses sion Sensational Gains Near Close. Munds Rogers & Stackpole . II Hi I STEELS and COPPERS Of tttrr, iml tUcuitu I k frtOKU (Jvi OdmfrlM Member N. Y. Stock Exchange N. Y. Cotton Exchange Chicago Bord of Trade 25 Broad St. Uptown Ofliea ' J 16 Vanderbilt Ave. jj The upward movement In stock? made further notable proirress during yester day's sesMon on tho Stock Kxchnntre without any special Indications of a 1mvim- down of the speculative enthu- ulnnm, Tlio hlKh prlc-d upoclnltlcs and, Industrials met considerable prom tan Inn In the afternoon after they had roached new liteh ground for tho move ment, but no soon as the old line fnvor lies showed any signs of loslnff their I popularity, traders rtiihed new leaders 1 to tho front with considerable hucccs. This' wer mostly stoi'ks of tho spe ciality type. Includlnc such Issues as rttrombunr, American Vanadium, Hosch Maijneto nnd others, but they enjoyed nubstantla! rises and nt tho tame time rave tho rest of the market an oppor- .... .11 . .(.I...... M.Mn. I tunity io rcaujuMi iuv.u wimuu,. .u....& it necessary a jirouuwe unj ii vu. iw.nl nnnenrrtneo of wenkness. The ; epoju'.atlvo leaders, therefore, could not bo cald to nave mauo as mucn prure:w nr. thn snt-clnlties. but they acted per fectly logically and did not prevent the averages from making a new high record. Thn market had rained sulllclent mo mMitnm on tho nreeedlns day to have continued unward all day yesterday any way. but It was undoubtedly helped very greatly by tho Kpccl.il ftock dividend on Studebakcr. This enme as a distinct surprise to tho short Interests, which had been relying on the money situation to check the bullish activity that devel .ihv thn first of the week. Hut even tbla money continued easy ycslcr day. notwithstanding tho large Increase in nrtivitv on the constructive side n.wi nntu-lthatandlnir stories that were Moated In tho forenoon to the effect that r,rm..v mlcht i:o higher In tha last hour. Nothing happened In the money market out of the ordinary, nowever, anu con sequently the shorts had nothing else to think about except the Studcbaker divi dend. The action In this case came so suddenly that it must have set thoso who have frowned on mo siock uivmeim !! in various stocks thinking very se riously whether the samo thing might happen Just a3 suuacniy in casu m win. Republic Steel. American Car and rvinmirv Amarlcan Locomotive, Steel common and all other stocks which have been Included In tho gossip of tho last fow wpfllts on account of the strong rvmiwhilltlM that tlulr olllclals will dis tribute part of their large surpluses as stock dividends. A fairly accurate measure of the ex tent to which the Studcbaker directors surprised professional Wall Street was seen at tho. outset. Studcbaker opened at 119, an overnight gain of almost 10 points, and carried the entire list along with it. All of the stocks which have .. mntinnrd us having stock dlvl- ,v.,i r,nlhilttlcs shot forward again, inMnHinv steel common. In which thcro was excellent buying all day. American Linseed, whoso directors i.vnpeted to take some action on .v.. -onniinilMtlon nlan. made almost ..r.niintijil an .advance as did Stude baker. With tho Initial outburst of en thusiasm In these Issues over, profes sional Wall Street turned Its attention to specialties. American Vanadium had i sensational rise In consequence and Stromburg, which Is ono of the stocks .,.,. ,n,,i hv tho same interests which I were responsible for tho movement In Stutz Motors, was nnotner ono m . stocks featured In the last hour. The fact that theso stocks moved forward 4V... vnot linnr was undoubtedly re sponsible for Fomo of the selling of the standard stocks, inasmuch as there riimnra throughout the .t thnt the Stock Kxchango au thorltlcs did not look with favor upon ,v, vwv thn campaign In theso issues ivaa holntr conducted. V There was no change In thn money u....ii .inrin!? tho day. Call money opened and renewed at 6 per cent, and '..i,..i n fhnt fitrjro to the closing. Tho cold which was reported as having arrived on , steamer late Tu-riay night was taken to the Assay Office yes terday and will be Included in th, bank reserve to-day. according to Inform J tlon received in banking circles after tho closing. It is expected that another shin will arrive to-day with an addi tional "l0000.000 from tho British Government. A further shipment of about 110,000.000 will be made to South America by local banks on Saturday. , but this is not expected to Interfere ' with tho money situation. Inasmuch as tho gold imports in tho last few days have been greatly in excesa of any amount that will be shipped uy mat country. There was nothing of special interest In tho foreign-exchange mar ket. Sterling was slightly lower, selling oft probably on profit taking- MONEY AND EXCHANGE, r-Clolll,.-, blT, I T Hlt. I Ark. lilt t.l S!ri. 1 43 75 2?i !5Vi 45 U'3 01 43 Vi 111 CO 62 li 27 IK 51 102'10., 13 13 DO 91 or. oj 105WI106 lOren-I 1919, 1,1107.315 52.272,300 1918. 189,305 BONDS IN 414 13T&I 7S 2"i 4fl 1 47 n 121 101 u 49 Ti 145 50 13T4 154 27 llC'.i CO1. 47 131 112 100?', OCT'S1 70 6S 138i 4S 19 'i til't, 47 llfi 83 111 173 07 140 101 34 U 234. 47 29 !)4 100 11 95 15 n 101 12 4 iOc C 7 4 C 1 3 CAJA MONET. Mliei Collateral. Htt-h Ivw Lait Renewals Ter'i ti'rli Tear loiv AU fndnitritlJ. iniru riw r.it iVnl TMr"ii hirh Trir'n low J. K. Rice, Jr. & Co. Buy & Sell ;Amer. Cyanamid Com. & Pfd. ;Bank of Manhattan Rts. KChilds Rest. Co. Com. & Pfd. Continental Insurance LW.BliCom.&Pfd. Franklin Fire Insurance PGIens Falls Insurance Great Amer. Insurance flYIohawk Valley Mechanics & Metals Bk. "Rts." Manufacturers Trust Metropolitan Trust 'Mahoning Coal & R. R. Com. National City Bank N. Y. State Rys. Com. & Pfd. National Fuel Gas Penna. Coal & Coke Singer Mfg. Winchester Co. Com. J.K.Rice9Jr.&C. l'ltonei 4000 to 1010 John. 33 Wall St., i. T. timt. LOANS Mixed rolU'eral J A'.l Industries. RlrtT dTi '3 l-l3rtr dTi W Ninety Jus l NlneW d"' "!. Four rnon-ln iFour months... .SJ409 Five months rn Fire months IW3 Sir monthiv SO ,V,S9 fvWMBH'l.ViTj PAPER. Prime fndor'M BlUsl Other Names. HeeeWable. 'lty dsr 7 Sixty dsss '. linstT dTS 7 Ninety ilsys 7 ISir months 7 Six moMhe " ' Cleirinr Itoue exchsntM, JS01055.Ul: anres, J71,8,(iS3: SubTresnury creitlt nce. &7.51&: Fefleral reserre credit anofi. 168.71.1 vol. DOMEFTIO EXCHANGB. TJostivn. r!-: rhleiij-o, mr: St. Lnnls. 153 15e disrnunt: Sa Frandco, nar: Montreal, tsi.15 per J1.0AO premium: Clidnnitl, ptr; ilinnespoll". 10c. premium. FOREIGN EXCHANQlf. hal bl bal. Bonis for Investment Harris, Forbes & Co. Pin itrt. Carnir VTIIIisBv. NEW YORK Prsr. Strrllnr TIteh. Iow. T.sl riot-. nrnvant.'... 1.SH V.r, Jj.S't; Clbles 3Ki 3 57'; :.ST?; 3 53 Franci l)emand... 15 07 13.12 15.10 14.11 Cables 15.05 1S.M 15.CS IMS Mrk- Demsnd... 1.54 1 51 l.M l.SS Cables 1.57 1.52 ICO 1.57 Normal Testerdas's Gose rate Demtnd of rxct. orChecls. ChV. 4.r.'.er. Sterlim J1J7 11 7; 5U13 Pari 15.1 15.M S.S Marks 1.5 l.m 5.1S1: Bolrluin 14.17 11.15 19..") W2S S2.4t O.M MM 5.U13 41.41 s.r. 42 S4 t.nu 103.43 Chins ITnnrkonr Shsnshal llrrece Holland Indla- BombJr Jsnn Tniohsma rMHp"!ns Island Menila Italy Snnd'pirl lolhnlm Chrlitlanla Coprnhsyen South America Itlo Arxentlns (tcM).. Buenos Aires ftK'a Swltcrland uroruaj S7'i 1.4.'. 11", ::. 4:14 7i 4h 31. $0 u.oo 1J1 1S.7J f 1 r s 5.J4 1.MU SI 1.4S il'i 4nj 41 :i.ts :i; 1S.S5 11s .'"4 41.?-. ir.i t.K .: 27 19 U 10 27i; 23 -s 24 70 48 132 113 101 97 275 6Si 139 49 20 65 5 48 H9 83 112 171 OS 13 141 102 34 129 4S 29 T, 97 100 12 96 15;i 12 102 70 128 21 IOV4 27?4 23 10 r. 3U S 2 39 123 00 55 57 159 56 37 54 S5 101 35 75 19 31 4S 36 i 40 23 63 51 08 Vi 89 ! 18! 34 4 91 ll! 101 272 07 480 ISO 53 81 06i 4 13 12 23 117 99 T 13 82 i 14 39 120 37 27 16 70 157 ISO 3854 75 71tj 93 36 79 39 35 8 70 92 33 65 60 18 90 8 61 4 15 23 132 38 97 170 S2 70 23; 36 5 49 11 37 133 73 32 41 80 35 41 31 20s; 56 105 64 135 28 35 59 40 121 001, 53 5S 160 57 37 54 80 105 33 76 19 36 52 37 40 21 03 51 90 18 35 92 12 101 273 974 494 49 ( 54 83 4 14 12 23 118 100 100 14 22 83V 13 40 130 37 - 'A 17 71 157$ 385 38 77 71 95 3S 80 37 10 71 03 S9 65 61 18 91 9 61 4 15vi 24 135 3S 07 174 82 133 200 24 36 47 14 74 8 27 43 46 37 67 87 115 73 12 79 85 6 H 110 73 32 44 54 33 oti 7 49 14 33 136 SO 32 42 81 36 41 21 57 100 64 137 29 36 60 23 134 " 201 24 36 4S 16 73 9 23 43 45 37 67 8S 116 SO 12 80 85 C 15 111 74 33 45 56 23 23 10 1 5 10 lOOUlAdams Mprci!H 600Advanco Ilumcly 1500 AJax Unbher 1300Alaska Juiiciii i M C400IAI1IS Chalmera Mfff..... 300 Am Hanlc Note i'OOOiAm lleot Sugar S300 Am Hoecli Mavnoto 100 Am Iirnkc Siico rdy 4400 Am Can esoo'Am Car & VAy SlOOiAm Cotton Ol! 2600! Am Druggist Syndlcato. 2354 Am Kxprcsa 400,Am Hldo S: Leather 1400)Am Hldo & Leather nf.. 600 Am Ico ISSOOlAm International Corp.. HOOlAm La franco tiro Kng. 13000IAm Linseed Co 700lAm Llnsued Co pf 12!00'Am Ixvcomotiw lOOOlAin Ship & Commercn... G100 Ani Smelt ft Ilet 3200Ani Stool Foundries 11200 1 Am Sugar 1W 100Am Sueur lief pf 5000 1 Am Sumatra 'fob HOOjAm Td & Tel 400!.m Tobacco 36300!Ain Tobacco Sec 26100iAm Woolon SOOlAm Writ I 'apt pf lOOjAm X.ino L & Kuielt 11200;An;;i-oud.i 'Avpt r lOOiAssots Heallr.ition SOOiAssoelated Dry ooda.., 100 Associated ull Co 1800' Atch. Top & Santa Fc... rOOlAtlnntlv Rellning pf C200 Atl, Ciulf & W IS S 50 Atl, Gulf & WISS pf... 400 'Autosnloa 66900 Ilaldwln Locomotive Wits 100l Baldwin Locom Wits pf. 13001 lUltlmoro & Ohio 2700lllnrrctt Co 40o!Harnsda'J Corp A 10300!J5othlchem tutors 1400!Hethlehem Stetd 63000' Urthlehem Steel B 1300jliooth Fisheries SOOUlrooklyn Edison Co 500 Brooklyn Hapld Transit. 100'Hklyn K Tran ctfs of lcp 100!llrown Shop lOOUluffalo & Susq'hanna ctfs 2(100 Ilurns Ilros 100 Uutterlck Co 1600,Hutto Connor & Zinc 1500 Butto & Superior Copperi 3000 Caddo Cent O & R 700jCallfornla I'ack Co loOO'Callfornla Petrol 200iCanadlan Pacific 7900Central Leather 3900 Cerro tie Pasco Copper... lOOO'Ccrtaln-terd Prod Corp.. 3500 Chandlor Motors llOOlChestipcako AOhlo 2100lChlcago, Ml', & St Paul. . . 1700 Chicago, Mil & St Paul pf 100 Chicago & Northwestern. 3000!Chlcago Pneumatic Tool. 12300 Chicago, It I & Pacific... 200 Chi, K I & Pnc 7 p c pf.. 43UO'Chllo Copper 1900.Chlno Copper lOOlClev, C C & St Louis pf . . 1000 Coca-Cola 900'Colorado Fuel & Iron.... 200Colorndo & Southern.... 4400iColumbia Gas & KI"C... 7600 Columbia Oraphophonc . 3400 Consolidated Cigar 800 Consolidated Gas 400Con Interstate Ca'. Min.. llSOOjConsolidated Textile .... SOO'Continrntal Can 6900:Continental Candy 33900 Corn Products Hot 11700 Crucible Steel Co lOO'Cruclble Steel Co pf 300Curan Amer Sugar 200 Cuban Amer Sugar .1 13 f 15700'Cuba Cano Sugar 800'Cuba Cane Sutar pf 200!Delawaro & Hudson 100 Denver & Itlo Grande. . . . 1100'Denver & Uio Grande pf. lOOjDome Mines 200 Elk Horn Coal Corp 2500Endioott Johnson 200;Endlcott Johnson pf 79jEndIcott Johnson pf.... 200 Erie 600 Erie 1st pf 2000 Famous Players-Iisky. . 100 Federal Mining & Smelt. 400'Federal Min & Smelt pf.. 3 00 'Fisher Hody Corp 1000Flsk Rubber t 1600lFreeport Texas SOO.Gnston W & W Igmore 900 1000 2162 2400 10 43! 70 46 47 9J 121 97 43 143 49 14 150 27 113 51 102 13 38 41 41 77 .. . 46 47 124 97 148 51 14 161 27 110 52 104 13 05 96 siiViT 13 76 2 45 17 92 121 Pf 43 141 49 13 160 27 116 51 101 13 SS 95 f;tos tin. i05V.unnio,-. 60c 6 1.20 6 iGeneral Cigar Go. General Electric Co General Electric Co rts.. General Motor Corp llSOO'Gencral Motor Corp ctfs. 400,GtnrTiil Motor Corp deb. 1200Goodrich (B F) 200 Goo'drirh (B F) pf 200'c.ray & Davis lSOO'Great Northern pf liOOIGrcat Northern Ore ctfs. '.'OO'Gifne Cananea Copier. . JOOlOulf. Mobl'.i & North SOOlGulf SUtes Steel 200lHartman Corp lOOiHendeo Manufacturing.. 2400tHaskel & Barker Car.... 100 Homcstako Mining 10200 Hupp Motor 300 Illinois Central 600 Indiahoma ltef 8700 Inspiration Con Copper.. 1800 Interboro Con Corp 200 Interboro Con Corp pf... 2001Int AgrI Corp 3300 Int Harvester Co new.... K100 Int Mer Marino 1100O Int Mer Marine pf 2700 Int Motor Truck 1400 Int Motor Truck 1st pf . . 1200' int Motor Truck 2d pf... r.900lntcrnatlonal Nickel 10200 International Paper 100 Iowa Central lOOOiIrun Products Corp SOOjjewol Tea 200iKansnn City Southern... 2000 Kelly Springfield Tire... 200 Kelsoy Wheel Co 6400 Kennecott Copper 13600 Keystone Tire & Rubber. 11200 Lackawanna Steel Co. . . 2200 Lee Rubber & Tiro COO Lehigh Valley 3S00ILoewH Inc lf.00jl.oft Inc 100 Loose Wiles Biscuit 1200 Lorlllard, P, Tob rt 100 Louisville & Nashville.... 200 Mnckay C03 pf 5200 Manatl Sugar 100 Martin-Parry Corp POO Maxwell Motor 200jMarUn Rockwell Corp... 200 .Maxwell Motor ctfa 500 Maxwell Motor 2d pf 1100 Mays Dcpt Stores 24900lMc:cican Pctroloum 1300MlamI Copper. 1.60 33S00IMlcMle States Oil. G500 000 400 1100 2100 4 3 6 t "ij 10 5 ! 2 1 Mldvalo Steel & Ord., Minn & St L new.... Minn. St P & S S M.. Missouri, Kan & Tex. Missouri Pacific 2400 Missouri Pacific pf... 1400MullIr.s Body........ Irtfl VntlAnnl Arnln 22001 National .Aniline & Chem 100lN.it Anllino & Chem p 300 National Biscuit Co. 100 1200 6700; 3000 100 300 700! 1600 200 100 200 c:oo National Cloak & Suit.., Nat Conduit & Cablo..., Nat Knam & Stamp National Lead Co Nat R n of Mcx 2d pf . . Nevada Con Copper , New York Air Brako..., New York Central New York, Chic & St L, Now York Dock New York Dock pf New York. N II & Hart., 70 47 133 113 99 97 270 07 136 48 19 00 47, 11 117 83 112 173 68 13 140 31 120 47 28 92 98 11 90 16 11 101 69 127 20 10 28 25 82 30 124 S9 56 55 101 56 37 54 SO 101 36 75 19 37 66 36 40 23 64 61 6S 90 19 31 92 10 100 271 97. 493 " 4S0 61 83 96 7 13 12 23 117 100 100 It 22 84 13 40 130 37 27 16 09 158 3 382 38 70 71 95 36 79 39 37 9 69 92 39 63 60 17 91 9 61 4 15 23 135 36 95 156 81 68 24 86 0 49 14 17 133 79 33 42 79 35 44 31 20 56 7 105 G4 133 23 36 60 31 26 134 199 24 34 47 15 73 S! 27 41 47 37 67 87 116 73 12 7S 86 6 15 112 73 32 44 54 24 70 4S 13 1 113 102 97 274 09 143 4S 19 66 4 43 117 SI 112 170 !( 13 142 101 34 69' 47 131 113 99 97 270 67 136 4? 19 66 4 47 117 83 112 173 68 13 139 101 31 130!128 200lNorfoll; Southern. 47?. 29 00 101 12 06 16 11 101 69 129 20 10 29 26 S3 40 121 90 56 f.S 162 67 3S 35 86 105- 37 75 19 37 66 30 41 23 64 51 69 00 19 357i 03 12 102 278 97 485 480 64 83 97 7 14 12 23 120 100 100 It 22 85 15 40 130 37 27 16 71 158 3 3S6 38 76 72 05 37 70 "39 37 9 70 02 39 60 60 18 02 9 61 4 15 23 135 39 99 170 82 69 24 S7 6 49 14 17 136 79 33 43 81 36 41 31 21 56 7 105 64 138 28 36 60 31 27 135 204 25 37 48 16 74 8 28 45 47 37 68 S7 116 73 13 80 86 6 15 112 74 32 44 65 34 23 47 27 92 OS 11 96 15 11 101 69 127 20 10 27 24 82 39 124 89 55 55 169 56 54 86 103 36 75 19 36V 66 36 40 23 63 61 68 89 18 31 92 10 99 269 97 483 480 53 81 96 7 13 12 23 117 100 100 14 00 83 15 40 130 37 26 16 09 157 3 377 377S 73 71 93 36 79 39 37 9 69 02 39 64 60 17 91 9 61 I 15 23 134 36 93 152 81 68 23 36 6 43 14 17 134 79 32 41 79 35 44 31 20 56 7 105 64 133 28 35 60 31 20 131 199 24 34 47 15 73 SHI 27 44 40 37 C7 87 116 73 12 77 85 6i 15 110 73 31 44 64 33 23 39 44 77 2 45 47 92 12 J f-7 19 144 50 13 154 27 110 51 103 13 90 90 105 I 24 69 47 131 113 100 97 271 68 138 4S 19 65 1 ! 47 117 S3 112 174 0S 13 101 34 128 47 29 96 100 U 06 15 11 101 69 128 20 10 27 23 82 39 124 90 55 57 159 67 Illirher Price All Around. With half a dozen potent bullish fac tors at their backs traders went Into hn nvrvr'.tot vestnnlav mnro confidently 34.C66MD3 than on any other day In a month nnd 'cur to date... Net ouiaineu results preuy mucn lutuoiau Cnnnte. tory nil around to everybody but pro fessional bears. Tho pools also seuca tho opportunity to provldo further win dow dressing, and before tho day was over tha market had enjoyed a healthy 1 advance, taken as a whole, and a spec NEW YORK STOCK EXCHANGE Wednesday, April 7, 1920. 1 v, 1920. 1M9. ... 114,292,000 12,579.O0O Day's coles , on 346 000 893,243,000 RANGE OP LIBERTY BONDS. Closlnr;. Salcs(ln Bid. Asked. Yield. 11,000a) 96.84 96.93 3.68 1918. $3,127,000 353,368,000 I ft 1 2 u 1 - 3 Hi 37 54 86 104 36 75 19 36 66 36 40 23 63 51 09 89 1S 34 02 11 101 72 07 4S5 480 31 81 07 7 13 12 23 118 100 100 14 22 83 15 40 130 37 27 16 71 157 3 379 38 73 71 95 37 79 39 37 9 70 92 39 65 60 13 01 9 61 4 15 23 135 3S 97 170 82 69 23 86 G 49 14 17 134 79 32 41 80 35 44 31 21 66 7 103 64 136 28 35 60 31 27 134 201 21 36 47 16 74 S 28 45 46 37 67 87 116 73 12 79 85 6 15 110 74 31 44 55 33 23 CouKtd on Following Post. K ,v 1 2)., 1 1 u 1 5 2 1 1 taciilar ndvnnro In n few specialties. Tho stock dividend In Studebakcr and the arrival of a blK shipment of gold from Europe were tho principal factors. Also there waa tho factor of 6 per cent, money and tha general Improvement In Investment and speculative nontlment, not confined nlono to tho district, but also throughout torlor. Two factors, ono cropped up durlnu tho day, mlGht bo regarded In any other market ns un ei fnctlvo brake. Ono of them wna tho evident tension In tho situation abroad and tho occupation of German towns by French troops. The other was tho withdrawal of $10,000,000 In gold for shipment to Arirenttna. Tho market paid but passlnc attention to either fac tor and only slackened when profit tak ing sales started near tho close. Tho turnover exceeded 1,500.000 shares for 1 , the first tlmo in considerably nioro than i a month. 14. IlrpubJIc Iron nut! Steel. Next to United States Steel, Republic li v.nn.v A,,np,lnv iinl In pnnnoetlon with y this buying It w.i3 ledrned In an au- il thorltatlvo source than nn Important , ny announcement to stockholders would bo ' V ,mndo at tho annual meeting two weeks " ' from to-day. What this announcement 'will contain could not bo learned olll- clally, but enough information was ou talmd from various sources to make It almost certain to contain ono of two minus first, either tho taking over of tho Youngstown Sheet and Tube Com pany of Youngstewn, Ohio, or an an nouncement concerning a rtock divi dend. It lias been known for consid erable tlmo that Republic has been In tho market for tho Youngstown plant, and Inasmuch as much of tho buying that took place yesterday was traced to Youngstown sources it is believed In re liable circles that the real foundation for tho activity in tho stock Is the In formation that some people hold, that tho deal or merger will go through this vimo As for tho nossioiuty or a biuwu i dividend it has been pointed out that Republic coubl easily pay a siock h.w dend despite Its poor showing last year. During the last thrco years the com pany has carried approximately SjO a share, to surplus, and conservative sta tisticians flguro the book value of tho stock at not less than $2S0 a share, con trasted with J222 for Bethlehem Steel II, .,i nnnroximatclv $245 to $265 for United States Steel. Besides, tho com pany has put back In new construction In tho last tnreo or im amount estimated at approximately $107 a share. Ynn'aillnm nnd Stnimlmrir. When tho staid old team of horses suddenly stick their respective tails over the dashboard and rusn aown mu .uoi. i ,.innl nf (lust at a pace uuuuuj would ever believe possible there Is gen erally considerable excitement and gos sip among tho villagers who stand on the sidewalk and watch them rush past That is exactly what Vanadium and Ptromberg did yesterday, and they Jerked the t-horts throuch the dust at such a pace that all of them haven t recovered their breaths' yet. Stromburg. It will bo recalled, had one preceding ...v,ir, .nnvn in tho bull market last fall. Since then It has been as quid and peace ful as the family driving nor.-r. dlum. since its introduction on the big hoard, has never shown much of a pice. But thev were taken in hand yesterday, evidently nt the same time and by the same pool, and rushed nlong enthusiasti cally. .Stromburg. for instance, after idling around 93 for a few moments at the opening, started a move which cul minated at 110. and It closed with a 13 point advance. Vanadium shot from 71r'M to 79. and closed with a gain of C points. In Stromburg. as In a nadlum. almost half of Its capital stock was turned over during tho day. The funny part about tho move I that those who would dearly lovo to go short of both stocks aro literally scared to death to take the chance. The stories that Strvmhurg will go Into General Motors and that Vanadium is about to be taken Into Bethlehem Steel, both of them aged and gray, were industriously circulated. 91.30 89.10 i 91.30 89.56 97.00 92.72 SihSO 97.76 97.74 9,1.60 89.46 91.50 89.60 98,00 92,70 89.60 97,80 97.80 4.53 4.74 4.86 6,00 6.30 C.14 6,32 4.32 Open. T.a'., iaio7 ao.80 60 st cv 4a (1932-47)... 01.20 0.7.9,1 4i (1927-42) 89.6s "19 1st cv. 48 (1932-47). 91.48 .. J8t-2d CV. 4B (32-47) .. 1.??? 1 (1028)........ .0 7.56 '.63 High. 97.00 01.60 89.00 91.00 89.76 g: 1 002 VIC. 4R (1022-23)... 0M L237 Vic. 38 (1922-23)... D7.S 92,98 89.91 97.90 97.90 Low. 96,80 01.20 89.30 01.32 89.52 92,70 89.64 07.70 97.74 Last. 96.80 91.60 89.46 91.50 89.64 03.70 89.60 97.70 97.80 Net ChB. .10 .20 .12 .18 .30 .14 .10 i neniiiiiciiv. . j t Wall Street fjn;.Bj Slates Foreinn Government, Railroad, Industrial i :ut0flhwh.'cnh JSSJ2r? v v ciocA s. .Nn . might bo S;:i 'KSSAni r ot ns an ef- so!. . . . . .(Wai I. . .... . .? Chos O 4Ws M. . . .w Hyo , Ityofltor- in,,30,..O4!a U City ucaux ii 25 89 CltjrofLyons ts 17 City of Mar seilles (s 16 SO City of Paris 6s l on fl B0l n . or.lu U. oou NVCity4HsJ7 17 (tola Hay city or Oip-ii. l 0(34 listen i' NY Clty.4Ws0 S 71 v, I OW 3 20 6t3i! 2 10 S 043H a,..-. ...Mia 3..IJ0...64 2 114 13 63 1 3 1 n4ia I etu 12.. 13 .. 1..., a. . . 2..., 11..., 2 ... 0... 1.... 17.. .01.1(4 .04.1s ...04ia ...oig ...i'4a , , .IMSg ...OUS ...B4Sd ...04ia .04S8 ChlU&Q gm 4s o 7oia 18 7034 UnltodKlnitdm NYCIty4Ws0 ciiiuuiim RU. VMI I Vi t '" 10 "s 2 3 i.i T u 1 u 3 1 1 1 1 1 r 4-21. "hi 2 H " 1 -J. U 1' i f 174 1 2 14 1 1 ' 1 3 1 1 The llnlilsvln I'lnn. Further Information regarding the 1 i 1 3 1 1 1 1 - 1 Ts 'i J- 4 plan of tho directors of Baldwin Loco motive for declaration of a stock divi dend was obtained yesterday. It was learned that the finance commltteo had definitely approved n recommendation that a stock dividend of CO per cent, be declared nt the next meeting of the board and that another stock dividend of 50 per cent, be paid three months later. Tills Information was not reflected In the movement of tho stock yesterday, al though the prlco roso 1 and tho last sale, at 140, Indicated that tho short Interest wno trapped. The decision to declare a s,tock dividend reached by the financo committee followed tho surprise action of tho Studebaker boar, In de claring a stock dividend ot 33 1-3 per cent. Tho action will result In a lessen ing of tho taxes to bo paid by Baldwin, as It increases tho exemption, and Im mediate action Ib necessitated by the possibility that Congiess may pass a new law regarding stock dividend taxes. Once llltten, Twice Shy. Tho promlncnco of tho so-called Ryan stocks yesterday, especially Strom burg, Vanadium Steel and Consolidated Textile, brought out an interesting echo of tho Stutz corner. Tho echo Is tho de cision of any number of Stock Exchange houses, particularly tho odd .lot houses, not to sell a share of theso Ryan stocks slort. In other words, sales wero ex ecuted by theso houses only In cases In which tho customer could produce tha stock offered for sale. Tho safety first houses seo no reason why If Stutz was cornered tho samo thing could not hap pon to any of the other closely held spe qlaltles. and they aro unanimous this tlmo. In wanting to be at the ring sldo looking or. rather than an active par ticipant in tho squeeze. SoinethlnB Eiitlrclr Nesr. Tho gentleman who declared that there was nothing now under the sun had no opportunity to view tho wheels of Wall Street go around. Thero Is something now under tho sun. It Is a protective com mltteo for short, former when the Stutz corner became excruciatingly painful. Wall Street haa on record many a pro tective commltteo formed for stockhold ers, but never before has It heard of a protective committee for thoso misguided persons who now form a hopeful little band of havo nots. Niblillnir nt the Unit. Tho upward rush of prices In the last few days haa been tho best advertise mcnt that tho stock market could have, and people who would not touch stocks I ten or twenty points down from this, lovel aro commencing to Inquiro of their brokers about the outlook. Tha middle i West, which has been practically out of I the market for a time. Is again an active factor, and It was reported yesterday that out of tho 46s, 000 shares turned over In the first hour of trading 200,000 of them originated In that section, or, at . least, outsldo of New York. Detroit, ' CVvelnnd, Chicago and Buffalo -ero good sized factors In yesterday's market, and the cmplojees of wire houses who Ia week ago wero twiddling their thumbs and Idly matching nickels now are busy from early to late. 10... 3.1... l... I... 10... o in!!! 44... io . . a. mi. - 1J ou .OfioJ Adams Exp 4s O M JtStl'gm :.osu 68ia H ...O.M3 Alh&SusqJMs . . .S18 AmSmeltA-U ts 1 ...??! . !!!!t..,".5 ...051a 'l " ,7 ' 1 S15 1 8Ha AmT&T cv s 4 VMi 0318' 2 00 031 1 2 UMfl tl M33 A una in 0334 4 9S'4 3 OUa AtnTJtT clt is (1 0334 8 oi) 10 . . . . 03la 7 707a IKs 1(30 rets 17 .no .US ,017a 0.1 Klt:.rcts I.. 15.. C.. 18... 1... 3U... 4... 1... a.. ..01 lAraT&T clt 4i . OIU' 1. . . . i, i , 01 Armour 4!s , .Ollg 2 fil ,.0il4 1 SUs 4Us 2 GOSfl lo 9ia 6 003.1 O M fc StI' deb 4s 1 02 1 6034 1 0O8 chiiiNWsrei i.. . 100 Chl&NWsrss 0 013d 1 01 OJtNWgmls 1 747S 1 74 His 1037 n.. . c... 11... ... 01 AT& SFRen 4s i;ni os OUp 7 7Slj 0 C5lj 12 . . . . .'O-TJ i B l3v B7IV IS 7.1a 6 u. .'8-Ss la 2 ,,5, 871j 37 7J5W ChlBItl'By 4S .87.1n AT& HFadJ 4s 6 "1 35 S7-I4 Hiampru il.iuni.rmn fl K77g 1 70 1 J 2r. 8734 AtCoastUne4i. 1 .'7a 2 8778 1 74.14 21 OVU 22 ...88 , 2 75 ! 6,1a 1 SUlR 10 7614 Chi A: W led 4s Dm nd4H 2.. .'...7fila 3 M 1921 Atl O h clt U I 1 MU in ...0,1 ! 1 67 I 1 69 21.! 077 DjldwinLoco -s Chile Copper 7s 11 0734 4.. . . , . ,UI.'4 ia iuj'4 1 voia -1 .wo.. Ball 1 bin M - 'O'Ws 1 8.V?8 24 101 10 851a Chile Copper ts 1 and Other Bonds. ...wi. am MjtM 1U 731a 1 80ll 1 Cencon4s SanAsArass4S 4 An! 2 . . . . Am NYCcnLSSHs Soabd A I ndj a os a N Y N II & ILSeabd ALref4s ll ud ft M rdi a Berlea A 1 60la on' ' nOI' CV 09 2 605BI 733 1 ..6l. NY.V.NJ Tel li 3. ....601s1 1 ?,5. 7 .v.-.. W V 11 v. .HI Si 1 603. 4 7 1 4634 1 o 14 46 3 4Sla Southl'ac cv In 0 iona a 01) ifli ivys u, . 1 " C '.6OI9 0 0'3' 3 0'a4 Hud&Man adj NY Tel d.h 23 103 3 2214 0 M- vv."10:t 2a 7 OMs SouthPacref 4s 13" ! ! . . .221a N Y Westchesfr B 731a l! 22I4 ftUoston 41(sl fl T3 11 223a 14 40 1 ""J ji , 221a 1 40U1 40 7309 12! ' ! ! . . .2 14 Norfft W cv Os 20 73J4 2 ....221a 2 lOISs 1 731a III Central -Us 2.. . JOW South Pac 4s 7 ocm 10 lOHa 1. ...... TO III Cent 4s 195J 2 . . . . I01U Southern By s 3 . .O11I3 Norfolk ft W4S IB 83 4 III Cen 4s 1951 1 2 73"a 0..-. B3'3 1 rt6ln 4 733a South nygm4s III Ccn rf 41 J3! 1 738 1 8s 10 70 I 1 73lg, 1 ; IndlanaSteel 8s NorfftW dlv 4s, 87 4 4 OOU 2... 7flla. B 67 a 0 uo , norm rac im- u 1 Miai " Northernrac4s:8outhBy3tI. 4s H elping Investors to select suitablo socuritloi is tho primary duty of a rcliabio investment banker. Obviously such n servico con bo rendered to tho beat advantage by bankers who own nnd offer a diversified list of Government, Municipal, Railroad, Public Utility and Industrial bonds and notes and a selected list of preferred stocks. Write for our Investment Suggestions No. BX-85. A.B.Leach&Co.,Inc. Mt'es'tmen. Bccuritits 62 Cedar Street, New York Cbleairo Hoiton Buffalo Cletelwa I'bllidflphla Mlnaespolls Ealtlmors Interb B T rcf Is 199 24 68 2 6S3i 33 661a! 1 65 4 O.lla Interboro-Met ' col trust 4s 1 ..isia 1 73 6 73U 1 73 25 7314 NorthcrnPacJs 14 5238 6 82I8 10 03 IntMMarlnoOa Nor States Pirr 4 OOI4 isttsSerA! 1 0034 1 81 ; 1 Ol fVUhnrttJnR Al 7 OUa 1 0914 1 00.14 2 0(i3s KOFtS ft M 4s Or Sh L fdd 4s 1 sua 2 so KanCltyTer 4s Ore Wash KB 2 601s ; Nav rcf 4s Kings Co 4s I 1 Sls 1 ,...66 .1'aclOc GasSs stamped 10 771a 1 . 6.1 Pac Tel T s Lack StUs 1030 2 R4Ia H sola' 6 847 I.ako E ft W 1st, Penna ts 19S ' 1 ... 70 1 85 , LS&MS 4s 1P2SI 10 841a 3 83)41 12 8158 LRftMS4sl931' 3 8413; 1 827 CO 84U 4 8213 l'ecngnj4HA 3 631g Teias Co cv ts 1 . ...i047g Tetftrac 1st t 7 sua TblrdAv adj ts 26 ....28 , ThirdAv ref 4s , 1 471a 1 48 tJnPac 10-yr 12.. 1 6, .s30. . 10. . . . 1 O 1 10. . . jn .s30.. 10OT4 I 10013 .093 100I4 .0034 .O'Jlj .097g .0934 .001a .09ia, 3 00 1 0834 6 90 09..S30.. .08 Cnlonradflc 4s 1 sua :i 8U4 2 sua a si fl 8034 98 10 971a Dom Canada Ss 1931 25. 1... . 2 10.!! ; 102) 3... . ..973 ..07I4 ..07. ..073a .O.II4 B.llg 95 BSI4 . .05 . .901a' ..9034 . .9078 Ol 20. 3. 6 1931 2.... H 11.... ... Dotuln Bcp ti K S'l J hflU 8, 1 85 Bep of Cul'S4m 1 73 IJHof Mexico ts 2..S30...37 2 37lj 2. fc30.. .'17 ArgentlneOvts 21 7113 1 72 1 717g 6. 8.II4 . . . . I ...84 ..85 ;s 1993 ...r.3i9 2 03 1 O.H8 II ft O cv 4hi 6.. 1 12... 15... 17... lift O 10... 14.. 1 . 24. 13 , 71., 10.. 10.. 1. 1. 79 .70U .79 .791a .791a .79U .70 .7918 .79 1... I. .. 2... II. .. I... 6... 4... .fllSg CCC&StLpmls 0178, 1 07.14 (52 I Col So ext 4Ws 01341 8 73. OUa Con Oast-yr ti 4 . .. 8II4 L S ft MS 314.1 2 0l4 Lehigh Val i 3 VJJ4 10. 10. 11.. 1.. 0. .7fllj Unlonrac cv 4s 7014 i B. 70 1 84U 7S7gl 1 843g 7.',tg DnlonPacref4s French Victory Loan 5s A purchase of these bonds would cost Amer ican investors about $62.50 per 1,000 francs. If they should sell at par and exchange return to normal a profit of over 200 would be realized. Circular F-70 on request 38 fine Street, Now York Boston Baltimore Philadelphia New Haven ..flla 2 10039 ....C17S 2 10034 (U3i 4 looia . ...ClU 1 101 8.II4 Ilalt&O gold 4n 5 IOOI3 7 Ul J 4 0134 1 101 2 nilj Delft Hud 4Hs 1 We 1 oou 1 61 I)en&nio0 4s llalt&Ohio 31 1... . 0378 2 82Ss DenftBO rerts 5 823s 2" ...4Sla 12. . . . S2 3..S30...4814 Balt&OSW 3h' 1 4li 4 ..71So 1 4S3g 7113 BftOP Jen 3V5i 6 4134 2 72 ! 3 ''3 1M Chlne&oOovtts Bkn Bap Tr 7 Detroit Un 41js 3 407g 35 48tB 5 .. . .64'8 10. . . 4fil3 ll) 'Vv .DulftlBlstSs JnaneseUtlHi'Butr BftrittsSs' 7 89 I JBJ4 1.. . 6... 1.. . 6... 8. .79131 .7914 .7918 .79 .7S3s 79 Japanese 2d4Ks 1.. 1 7 1 la. . 10..I30, 6. 2..s30...781j 13 7B 13 7SI3 79 . .7S34 ..7S78 . .7834 . .79lj ..7812 7814 6 R93j Er elthoxt Busk T Illdu Ss! 1 05I3 1 7(1 Erie 1st con 4 Cen Dls Tel 5s' 1 631a 1 OOlg r.rlucvlsscr u Cen Leather 5s 2 41U 2 96 I Erie nen 4i 1. ..431a Oen Electric Os It IUI3 Cent K B NJ 5s, 13 08 20 9734 Cent Pacific at' 6 7034 3 71U 1 70U Ches ft Ohio 5s 1 01 8 781s 11. 1.. 1. O 4. 1. 1. 7. 11. .99U ..OlWs ..9913 . .9914 . .9913 . .993g .9913 . .9939 ..09U nnin n il. tain In . . . 7111 i!.".!!'..8U s oo .i!! 72u' LVofPaconls PcoOftO fdn 3s1 8. . . . . . . 134 1 72 2 62 Un BB BP fdr 4! !'.'.. . 71 Tere Marq 4s D Eq Trust ctfs Liggett ft M to 1 938 2'C 4 ..81 Pub Serv Corp, Cn Trust ctfs LouAJeffUts ofNJts 1 1 27 1 . . 01 3 02 I 1 2" Lou ft Naali 4 Beading rm 4s UHBealty&I J 8 SII4 6 60'a 1 8OI4 1 BO Mldvale StI 6a a 7814 i 7834 10.. ..78U RIArkftld 4H1 4 62la 12. 82 I .1 6234 MllElecBALts 1 62I4 1 93 1 1 625g Minn ft St 1. 4s 3 6234 0 427g StI. ft SanFran MlnnftStLfdSs Series A 4 60 1 677g MStPftSBMls 13. .. 1 771? 1. 1... .821, ...83 ...8234 ...83 ...8248 ...823s .8213 1 .. 10... 1... 10... 2... 8 Bubber 7i 2 100 8 1001a U 8 Bubber is 10 8t 5Rla U 8 Steel sf ts 677g 1 VW3 'So 5 678 1 "'8 771a StL ft SanFran 6 96Jg Mo K ft Tex 2d Series B I 6 90 3 5 30 3 . ...6734 1 OOU Mo Pac ts 1905 StL ft San Fran 61 068 1 . . . . 79 Series O Va Caro Ch 1st Mo I'ac gm 4s 1 8534 4 3la l..t 6.II4 2 86 Virginian By ts 2 S51g 7 8.W4 1 7s'a 2 .. .6538 StL ft SanFran 1 JO Montl'wrts adj Os 1..., 834 4.. 85 1 61M1T5 70 Nat Emanicl 3s 6 0184 Wabash 1st 3 9034 R OKs 10 87 Nat Tube ts 12 6134 10 86I4 6 901a 1 OUa 6 80 NO Tex ft M ta 8tL ft SanFran WesternElec ts 80 1 6018 3 60 NY Cen debts 12 91 3 llg 7 91 N Y Cen 4Ks 4 7534 3 70 3 70l4 Inc Os 2 40U 10 40 1 4534 1 46 10 4614 StLoulsSW is S . .641k Stl'ftKCSL4.s 2 01 3 6034 3 95 WestPaclOc 1st 16 SlOg 5 8134 WestUnlonlMs 1 78 WllsonftO li 1 ...9434 Wilson ft Co cv 2 0214 BID AND ASKED QUOTATIONS. A Destructive Tax System anS the Remedy. Discuued in this week's iue of THE BACHE REVIEW Tht REVIEW It htued toetkfy and Ctptu mag bt had uptn nquul. J. S. Bache&Co. ESTABLISHED ISO Ittmberi A'eto 1 urk Stock Exchange 42 Broadway New York BraaehM aad CorrstpoBdmts tUronfliout tht UoittJ Bum. UNITED STATES GOVERNMENT BONDS. Bid. Asked. 102 102 107 187 102 102 102 102 St 19 ! 93 i :s, rwistered 00U 2s, coupon MP. 4s. reristered l01 Is, iMupon 1064 2j, Panama, IKi, reslstered 101U 2, Panama, 19Tl. coupon 101i 2s. Panama, 1933, renstered 10m 2, Paiuama, 1933. coupon 101!4 ,s. Panama rertstered f Is. Panama, coupon Phil Is land pur 4s, 1934 80 Phil Is pub wk, 4, 1935 5 Phil Is pub wk, 4s. 1KM J District Columbia 3-fias 7 FOREIGN BONDS. Anilo Preneh Extern ts, 1920 SS'-i Artntlnn Intern Cs, 1SK5 Tin Canaili, Dom of, note. 1521 ( ranada, Dom of, Ca. 1321 7S Canada, Dom of. 1033 1S Canada, Dom of. 1929 9j Canada, Dom of, 1931 Chine Govt Hu Kus lly ts, IML. 4i Cnba Extern Cs, 1914 50 Cuba Extern Ds, scrips A, 1M3 t34 Cuba Extern 4Hs, 1319 731. Dominies n Bep Ss, 1533 JjU ilty of Lyons 15 it 6s, 1931 M lily of Marseilles 15 yr 6s, 1934.... ts City of Bordeaux 15 yr Os. 1934..... M C.ity of Copenhagen 25 yr 54s, 1344. 1SV1 French. Paris City 6s. 1921......... SOVi Japanese Govt 41. string In 1925. . Japanese Goit. 414s. 2d ser. 132,.... .1 Japanrsa Govt 4s. fltrlny In, 1J31.. Clt, lapancse Tokyo City ts. 1M2........ Wi Un Klnr Ot Ilr h Ir 6 yr 64s. 1321. 4?i Un Klnr Gt Br ft Ir 3 yr DHs. 1922 MJ, Va Knur Gt Ilr ft Ir 10 yr 64s. 19 914 Un Kini Gt Br ft Ir 9 yr 64s. 1937 S7fc Mexico Extern, etrl, ts of '. 19'i.. 37 Mnlco Extern rold 4s of '04, 1904.. ii Closlnr prlcei of stocks In which there irere no transactions yrsierooy. O'A 72 97T4 4 K KM UK 44 JPi W4 73i H SO to MV4 "9 74 614 M SS 3i 01 II ;i 31 Did. Asked. A.U It Pf.. M AlGlvM Df.. 52 Am A Chm. si AmACli pf. Albi SU9i. .. Am Bk pf. 44 AniBH pf.. 85 Am nk pf.210 Am Csn pf 97H Am CP pf.USH Am Coal . AmOotO PfM Am Ice pf. 63 Am Loc pf.KC AmM ft G..354 Am Fhtpb.. .. Am KSecA. S3 A8t Fdy pf 91 Am Snuff.. 105 do pf 0 Am Suir pL113 ASum T pf 87 Am Tob pf 90 AmTel Att. 61 AmWool p.l00i AmZlno pf. 64 Ann .Vrbor. 11 do Pf 3211 ADO 1 Pf. 7 do 2 pf... 67 AtUlriA .. At Coait I S7 At Retlnlii.1400 AutoSales p .. natoptlas . 1 BaltftO pf.. 46T4 TO 84 fltt K 160 44 tl ai 93 11c fC 83 Co 1CC4 43 123 S5 92 llt!i W 113 f 97 MV1 101 U 16 13 CI CS4 C9 S 89 1160 lVi 464 Bid. Asked. nariwl Lth. 63 BarnetL pf. S3 Barrett pf.,100 Iicoch Crk.. 2fi'.4 Beth S 7. 95 BethB"!"; p.lU Bkn UnOas C5 nrownS pf. 57 Brunswick . ,li Buf Rusq . .. Buff BAP.. M do pf 7J Bnmsn pf..l0O Bush Term. .. Cal Pck pt.117 Cal Pet pf. TOVi Can Sou .. 41 Case pf .... W Cen Lth pf.103 CBR ofNJ. 131 OnSAI Tel.. 110 Cert Pd 1st. K41. do 2d .... 81 Ch ft Alton 714 do pf 12Vi Chic El rt. 4 do 1 pf.. CANW pf..H7 CGt West... Wt do pf 24i O St PftO.. 62 do pf S3 cnip Mi... Mi CfX'4 StL.. 43 Here Pit. .. OolGrph pf. SS 70 K VA 27H 102 113 CO 93 3 70 110 924 120 71 to 9S4 1014 205 115 W',4 15 10 13 113 9 23 974 f-6 62 fO 914 Bid. Asked. duett Pby. 91 do pt 93 ColSo 1 pf. tl do 2 pf.. 40 Comp Tab . CO Con Clr pf. S24 ConC&n pI..101Vi ixki insur.. 74 CornPB pfW Vrrx Carpet CO Cub AS pf.102 D Ii ft W.180 Deoro pf .. 99?; Det Ettison.104 In ft Mck 101 Det United. .. Dlamd M...113 Dul SSftA.. 4 do pf 6 Durham H. 54 do pf 93 ElkHF pf.. 39 Elt Stor...llO Emer Bran. 23 do pf 82 Erie 2 pf... 15 FraPLas pf R&tt Fairbanks . 66 FisherB pf.100 flaston .... 14 GenCh pf.. 91 GenCIrs pf 95 do db pf 804 Gen Mot pi SS do 7ft Granby .... 4.7V4 G1IM4N pf GulfStl 1 pf 4 Harv pf ..111 Homcstake. ft) IntArr pf.. SO IntNlckl pf 87 Int Pap pf 9t) Int Salt .. 674 Jewel T pf. ." Jones Tea.. U Kan OS pf 46 Kayeer 110 do 1 pf..l07 Kel3p T pf.107 do Wi 1014 Kcl Wheel. M do pf 96 Keo&Ds M. 4 do pf 20 Krcsite E3.145 do pf 80 Kress 8 II. SO do pf 1014 Lac Gss .. 40 Lake EftW. 8tt do pf 14 lira Mysr.160 do pf 103 Lorllard pUNtf Lse-W t pf. S64 do 2 pf. .Jll Malllion ... 41 do pf SO Manbst .... 43 Jdan llch... M Man Shirt.. 20 Msckay .... 06 Mnnati S...1264 do pf 95 Math Alk.. 23 JI Dp S pf 1024 Maxw 1 pf. u do 2 pf.. 22 Mex Pet Pf. SO Mich Ccn... Si MS1M nf... 9J MSSMXL .. 63 VKT4T pf. 15 Mont Ward. 834 94 131 r3 43 ti 834 108 78 105H 66 110 185 101 103 105 109 130 6 10 CO 193 43 125 6 864 10 ii 90 85 106 17 96 101 874 87 Wi 40 68 97 114 61 83 83 109 70 31 24 4.3 116 US 11B 106 SO 97 64 M 160 44 12 234 165 1064 U0V1 tSli Ul 434 81 62 24 31 70 137 1024 31 106 60 224 YJ Bid. Asked. Mon Pour... C3 684 do nf M 10O . MtUllnsB pf 97 .. .Msnunftsu.ioj ii: ; Nat B1S...11S4 lis do nf 113 1KU NatC&8 pf. M 1004 aitJS pr. ki 100 Nat Ld Pf..l07 103 NatRyMl pf 14 NIXackW.. S3 90 NYCSL 1 pf 55 tS CO 2 pi... 47 CO KYOftW.... 1SU 5flii Klas F P 104 do pr 104 KorUW pf. 70 71 for me... 79 so Nov 9c StL 63 Mli Ont SHlver.. 9H 94 Otis Stl pf. .. 101 owns B pt .. f)3 Pao Coast.. 25 40 do 1 pf... M 100 do 2 pf... 43 60 Pac Dev.... C3 CSS Penney pf.. 93 f4' Peoria ft E. It 13 rctMu 20 40 do pf 97 110 Phillip J.... 60 65 do nt so no PlerceArpL.1004 1034 rCCftStL... 73 73 1 Pitts CI nf. 89 90 I PfttiFWCp. .. 128 PAWVa pf . 77 SO Pub Serv... 67 70tt . jtyoiatj pi,,iut iui Read 1 pf.. 35 JJ do 2 pi... W54 37 Rem 1 pf... S3 S3 do 2 pf... S3 07'; SUotephLd. 18H lft-4 Seabd A L. 84 14 do pf 10 164 8-Ubk pf...m my, Elos-S pf.. 92 35 S I. ft 9 W. 1S4 164 SPrtoSup...l0S 116 Stand HU1.1304 145 do pf M 90 : Ktudeb pf.. 95 lOoy Sup Stl pt..ion; 103 I Temtor B.. 40 .. Tx l'o LT.32S tOO 1 Third Ave.. 13 154 ' Tide Wat C 210 225 . Tob Pd pf. 90 97 TStL&W.... 9 13 do pf 15 25 do c 11 15 do pc 1J 23 , Twin City.. 33 S3 do Pf 15 1 TJnderwd ..170 ITS?; do pf 1M Un Clr Sta.,123 200 do pf 110 124 TJn Dnur....l2S 113 do 2 Pf....ll0 UKCIPipe... 23U UsSmelt pf 46 VtO O pt.,109 wib pf n.. i4 esi 1 pi., w Miller & 60. Membera Neislork Stock Exchange Securities Bouglit for In vestment or Carried on Conservative Margin 120 BROADWAY Br&nth Offices 212 FIFTH AYENUB' svcon.2S'STatrr . I0NGACREBUlU)INt5N (N.1XOR; 42n4 ST 4-BRI3A0WAY1 Wcstlt 2 pf 17 West P pf. 64t; Whl I, E pf 19 Wllion pf... 09 Wll Ovd pf S? Wis Cm 23 Woolwrth...l224 do pf Ill Wnth p B.. 704 Si 44!i 113 1 79 SO 63 194 91 S7 31 125 lit 73 Inorennea Dividend. Directors of the Middle Statco Oil lor poratlon announced yesterday that they had lncrcnsed Its annual dividend from twelvo per cent to sixteen per cent by votlnir ft quarterly dividend of four per cent, payable on July 1 to stock of rec ord on June 10. Dividends on Middle States heretofore have been paid month ly at the rato of ono per cent. nrltlah Trenanry Offer. London, April 7. Tha British Treas ury announces that nfter April 12 It will be prepared to offer prices for certain American dollar securities deposited with Uie QoTernment. State of Minnesota 5 Bonds Doe 1922-23 99K & INTEREST Exempt from Federal Income Taxes Graham, Parsons S Co. 435 Chestnut St. 115 Broadway Philadelphia New York Rector 9112-5 0ur Revised Chart en Sugar Stocks Now Ready. Copy on Application. McCLURE, JONES & REED bftmbtrt .Veu? York Stock Exenancs 113 Broadway 'Phone 7602 Hector -M-a-MSSVMHtHHnSMSaHMSSnMHSBBSJMBSSBBB9s5 (