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
(