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Id VEXING PUBLIC LEDGJili PHILADELPHIA, WEDiNEfcSJJAY, Al'lllL 2, .10JLU
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FINANCIAL NEWS CLOSING NEW YORK AND PHILADELPHIA 'STOCK QUOTATIONS
April Offerings
-T7VERY investor will find
,, III our April circular of
interest; 60 issues of bonds
' and short term notes are
listed:
11 U. S. Government
7 Foreign Government
12 State and Municipal
9 Railroadand Industrial
11 Public Utility
16 Short Term Liue
Attractive selections) high yields
Send for circular PE-216
TheNationalCity
Company
Ctrrtspondint Often in O Ctliei
rhitadelpVia 1421 C.eitn.t St.
Telephone 5400 Locust
!-
NEW YORK MARKET SHOWS GOOD
BUYINC POWER AND PRICES GAIN
Midvalc Does Not Turn Weak on Dividend Cut Steel
Becomes Active After Early Dullness
and' Reaches Par
High Points in Todays Financial Ncios
Good buying power developed on New York Stock Exchange and
many issues scored wide advances. Stejgfjumpod to par and oil and
marine shares were prominent. A reactionary tendency was shown on
the Curb. Corn and cotton were higher. Sterling cxchaiiRC wns scarce
and stronger. Midvalc Steel directors reduced the quarterly dividend
from $1.50 to $1.00 a share.
y
Income Tax Rates Are
High Don't Overpay
Yon hive estimated our Income. Wr
and Excess Profit Tales. In order that
yon mar Ket the benefit of nil l'edm-.
Ban and nil the Adjustments nf Invested
Capital to which nu are entitled nu
should have tin o oer your iircomits.
Wo specialize In preimrlni nnd I'llnB re
tornsi and tho hnndllnc or rlnlms. for
Uxes overpaid, with the Department.
J. E. Haas, formerly Head Auditor.
Income Tax Department.
Washington. D. C. .
R. B. Cnrr. former Revenue Agent,
Income Tax Department,
Philadelphia. Pa.
HAAS & CARR
Public Arrounlanli
C.nsoltsnt on nil Income, Tut: Matters
Pennsylvania BuildinK
Spruce 915 Philadelphia, Pa.
mfT
Tk.
Safeguarded
Securi
ties
II, A. STONE & CO
Wldrnrr Hide,
rhlludrlnlilit
CL'
vf
JwT
W
jJUr
U. S. LIBERTY BONDS
$50, $100, $1000
nocciiT. noi.d ami n wo mm en bed
FOR INVESTMENT
Newburger, Henderson & Loeb
1110 CHESTNUT MTRKKT
Metnliers N. Y. unil rhlln. Mock ICtchantes
FINANCIAL
Dltldcnds
New Ytirlt, April L'. -Tho stock market Kavo n Rood uccoutil oC It
self In today's trnillnc liy the manner In which It held nnd mailo fre
quent vluurouM niHaiROM lit splto of tho fact that local Interests were
heavy tollers of stocks from the opening and nil through the day, as
they had been nKo In jestprcliiy's trading.
Tho buying power of tho market was clearly demonstrated by tho
manner in which all these offerings of stocks were continually absorbed,
without permitting nnv net decline of material amount from yesterday's
mage, and many stocks in which thcio was concentrated buying made
gains langlng from 1 to moro than 3 points, while this liquidation was
in progress.
During tho morning the Street was full of boar points about Midvalc
Steel, with the traders waiting for the dividend meeting during, the Ilrst
lin.lt of the day, but that stock llrst made an advance of to 4B and,
after tho dividend i eduction wns announced, simply lost its gain.
I'nltcd States Steel dragged for a time In tho Ilrst. half of tho day,
selling down to 9a"!4, hut somo largo buying aiders appeared in the lato
afternoon nml a rally st irted and carried the price up t" par.
There was a flood of offerings at thai level which checks tho up
ward movement for a time mid n little leactinn occurred from tho
highest price of the dn.
Many specialties reflected persistent accumulation for dcllnlte reasons.
Tlin upward movement In Industrial Alcohol made fin ther progress In
the forenoon, when that stock Fold at 15114, but this gain was also
wiped out by a reaction In tho lato trading.
The marine stocks were In demand at frequoht intervals, with Atlantic,
(Julf and West Indies moving up nunc than 3 points to 22 and Marine
pieferred advuncInC to 11.1.
The petroleum, stocks became strong in the last half of tho day,
when both Teoc Company and Mexican Petroleum showed gains of
more than 3 points.
One of the most prominent features of the trading in tho bond
maiUet was the heavy buying of Interborough-Mctropolltan 4s, whclh
started at .13 and advanced to 3.'., a gain of about 7 points from tho
low level of a few days ago. The refunding 5s advanced to 71.
1 NEW YORK STOCK SALES
rrevlous
close Hlsh Ixiw Iast
Advance Tlumcly. 27! 'iV.i 27 27
Adv numelv pf... MM 01!f Olh'OUf
Ajar Itubber 74 75 74 71
Alaska Gold M... 3H Mi .V. 3H
Alaska Juneau... 2J 23 2H 2J-fj
Allls-Chalm Mfg.. ni!l 30! i 35J 38
Allls-Chalm M pf. 02H 89 80 89
Am Agrlcul Chem.10.1Jf 1033310.1
Am Beet Suear... 75 7fi!i 75 75
nils'
lOIJilOUS 101 101
110 98 8l'i UO
40 W.i 8H '
13U l.'t'i 13 i:i
21). 1.1 21!. 22JJ
lOOJilOl'f 100'f 101
40 r.us oi's am
ran ot ot oi
1 m h
"Ha
81
mi
80
70i
81
Am Can f.lK 52 51
Am Can pf
Am Car & Kdy..
Am Cotton Oil...
Am Drug Synd..
Am Illdo & Ica.
Am It & Lea pf.
Am Ice
Am Tr nf . .
Am Inlemnllnnnl. 711S T'J'S 71 7 U
Am Unseed 4IIU 4fl!t 40.'4 4l,'
Am Mnsecd of... S0.W 0 SOW 00
Am locomotive... 05J GG'f 05U 004
Am I.oco pf 104J
Am Malting ljj
Am M 1st pf cof d. 50
Am Smelt & Itef.. 005 J
Am SI eel P'Hrlea. Kl
Am Sugar Itenn.lLMW 15 124i 123
Am Sugar Itef pf. I llHi
Am Sumatra Tob.lllJj 112!illl! H'-
Am Mum Tnh rf. 01
Am Tel & Tol. . . . l()4J105'i 10i;j 105
Am Tobacco 20.
Am Tob pf new
Am Wnnleti .
Am Writ p j tier nf. :VAl 41!i 40 41
Am Zinc I. & S.. 13f 13't, 13H
Am Zinc Ij & S pf. 43 ...
Anaconda Copper, lll.'i fi'J!i 02
Associated Oil... . ...
ODa 02
ll!s 122H
87! 00
48 485j
48Ji .
120Ji 125 120
l.'i
(OJi
70W
'"Sa? nigh i-w i.t
United Alloy Steol. 44 45 41 wi
United Clg StoreM.T2J 131 133 J33fi
United Fruit ....100 173M 100U 173
Unit tlys inv pf. 241 25H 21JI 25i
U S C Ir P & F. . 10! 20U 20 t'OU
U H Kxpress 21M ., i'.X,,
U S ind Alcohol.. 148M 15IH 148U 148!f
tl s ni.hher K.1K 84U 83! 83J4
U S nubber 1st.. Ill 111
U S Sm Itef ft M. 60J GUS
U S Sm It & M pf. 49K . . .
U H Steel 98H 100
Utah Copper .... 75W 75)f
Va,-0aro Chcm... 67 57,'J
Va-Caso Cherh pf,113JJ ...
Va Iron Coal & C. 51 ...
Wabash 8'f 8'i
Wabash pf A.... S3 , 33
West Maryland... 10,'i 10J
Westlngli 13 & M. 40Ji 46!i
White Motors ... G3JS MU
Wilson & Co". .... S3 84
Willys-Overland.. 2J!J 29?i
Wlllys-Overld pf. 03 .,
Wortlilngton P... 05! CO.'.f 01J 01,'
Worth p pf M... 71
Ill
60! I
'08J
76
67U
Philadelphia Stoclx
111
61H
ooH
75
bV.i
8?
33
10'f
46!
6.-l
82H
2U
8)4
33
10JJ
4fi!i
64! i
825
2U't
lewiilooVilOOJi ioOJj 100'-5
C6Js 5! ." W5t
13!
62!
HO 1'0
no laijj
87i 80! i
48)4 48h
STOCK TRADING TELLS
OF CLIQUE OPERATIONS
MATERIAL REACTION
IN OUTSIDE MARKET
OFFICE OF THK UXITl:l (i,S I.Ml'KOV f
ME.NT CUMIMM'
N, V Cor. Itroml und Arrli Mtrret
. Philadelphia. March li. HUP.
o 'The Directors have this day declnreU n
ouarterly dHldend of 2 per rent (Jl ir
s share), payable April 15, 1918, to Flock
polders of record at the cloen of business
Starch 31, 19in. . Checks will be mailed
I I. W. JtonniS. "Treasurer.
hw
lV.i . '
ISWteii JS
K"..,!Vi;t.- -
&&&$. notified that a genen
i.sSfe'! trlbntors will bo held
Annual afeetlncs
.THK SIEMBER8 OF TIIH I'll II, A-
delphla Contrlbutlonshlp for the
lonsea rrnm i.osn by Fire are
seneral meetlna of the con.
SSJh'fl irlbutors will bo held at tho offlc". 212 Honth
KJSrJ fourth strett, on Monday, the 11th day of
r'Ajs . asm. at s a ciock in ine aiternoon.
3w choose directors and a treasurer. In a
r-cdrdancft with the charter.
i i. au.Mt.iia smith, Secretary.
ljHsreh!ll..l01.
to
Same Quiet Firmness Prevails
as for Week Pa&l Steel
Shares in Demand
mu
SpeelalNotlreM
MSSWKSTMOKEIXD COI. CIIP.N
f OfTlrei 24 South Third htreet
Philadelphia. April S. lOl'l.
At the Annual Mettlnc of the Stockholders
rtf the Westmoreland Coal Company, hriri
April 3. 1M9. the following Directors were
elected to srve three "ears:
JOHN HAMPTON UARN'RS
WILSON CATHHnWOOD
DANIEL 11. WKNTZ
HOWARD n. TCRS1.KV
Scretn r
rABTNKRSIHP.S
NOTICE IS HEREBY GIVEN THAT THE
cn-partnershlp heretofore, existing between
Tushman Newhall. Carl 31, Uaurr and Theo
dore I. Starr, under the firm name of
Newhall Company, ha ben dlssoIel ne
of April 1st, 11. Carl M, Rauer and Theo
dore D. Starr will act as llquldatlns part-
lBer"' CUSHMAN NRWHALI,
CARI, M. RAUUR.
THKODORB 11 STARR
jr
PROPOSAT.S
.
".
-
CAIX FOB BIDS FOR
STREET 1MI-RI1VK.ME.NTN. hte.. on THE
h owurESTKB hoiihim; PR1UECT.
F3 i""" "yfAVjVV" iMUP.
. r it .. ;., v...v::.
nnirrji rtivir." isiiiii'i.-u iiimrd.
vtvinWiV Vt V"l."1 Pfinnnb(...J
f " -ft Ralerf nronnsalM will he rereKerl mt thl r
.. . .TTleei of William IT. Boardmsn. Protect ir.
:WV-Smtmm 4ft Walnut .. PhlUHlnhTs Til '
viir -until IS noon. April 10, IBID, for tho eon.
l-f bi-njctlon of Street Pavements. Curbs, nut.
.W- ter. Storm Water Inlets. Street Walks
lyjt ,ous Wslks and work Incidental thereto.
iiJpn tho Gloucester Housing Project. Norea
, ;Vinar". uenier Townanip. New Jersey, for
,Wnlted States Shlpplne Board Emera-ency
-veiAt Pnmoratlon. aerordlnr In Pa...i-'
,'rsii- Stoa speclflcatlona on fllo with the project
r "nftnser. ana ai mat urns and, place the
tVii proposals will be publicly opened and rdid
Sr.v On and arter flisren 2 .plans, specmca.
??. vlons. bianic torma ana an
nM.,l,a,v
Bftr. formation rnay be obtained from the nrnir
tfij,v,nlnsr. 426 Walnut at.. Philadelphia, ind
3i -aSSr". oinc. on the project. "" """
fv' Tne approximaiB coi oe ine work to h
. ... Imm rtrt. nn v a. wu rv. u D
. y one ia.'
40.000.00. Kach bid must bB ac-
Trailc in Sonjc of Lcniling Its
sues Reflects Realizing.
Swift International Yields
-Min Hoard. Emercency Fleet Corporation.
i JSr.: . rinl vnrlenetd and rannn.hla i.uj
4V"-.til fu'-nnaMararl In MWat-rflno tl,- ..."'
V1 nd biddera may b required to
a X,-dn ot expert mce and financial
the contract,
auom.i evl-
nhlllru ...
'Mont ia warranr rneip untitrfnirin ...
T If i Z .-.,! IT I .-? V1,w
oTtOTX mo muiiu i. uu m euccfBSIUl Com
y!ation. Tha owner doea not obllsate itself
f "c
r
f.-sAV
t
s,
2 't X'
s? f.-y
, j j Coi
Opportunity
;r.
Por saveraJ Investors In air Tnenrnnrni
Company, manufacturlnir machine shop
necessities! aeairea to interest investors.
jt ,' i,u luu.uift u, a. buuiiu uusiiivbb propOSI
..I- tlon with laree future will be furnished par
V 3 , c'vU'ar" on rrvurii. ji m,
2.
Ledger Offlce,
.m
Sft-
BANKS' PROFITS SOAR
mv
twiti
i'rtafll TVnf !-! fll Ttlatltlltlmio T?n
rr" : iv. . . ;-""""" "-
,, -" w port Uig wain in Ueposits
.if s' 'Complete returns from national banks
- -;, tn this city to tho call of the Comptrol-
tfii!r, for report of condition March 4. 1918,
,." jteoir,aeTeBate deposits of .545,C83,763,
' f ,h" 5J,084,4 Jl more than thoy were) one
-.year'- earlier. Donds and other securi-
tr ' 'HUm owned amounted to 218,784,203 as
.' ,:-f ' lnst but .110.870.310, Indicative of
tse large amount oi government war
Meuntles tne oanKS nave nanaied.
,Vn meir tuut chlhuii ut ..too.uuu
bat twenty-nlno national banks In city
I 3,uiu.;oj aiviuenoH. surplus and
UvUed profits at the date of the latest
art amount to 35t.839.748. Of the
tM.ttl lncreaKO. S3.000.000 Is due to
Htenal paid In surplus by stockhold
,Tliese aaonions to surpiua were
aiielphla National Bank, $1,500,000;
-Exchange National Bank. $1.000..
and Venn National Bank, $500,000.
foreeolnir flKures are nrenared bv
' Csimmerclal I,lnt and Plce Current.
MmiRBtlPK iruni inn nivreuoa in sur
i the 13,000.000 new paid In surplus.
earnlnzM for1 tbe last year nnnenr
Sm 17.S12.918. or more than 33 tier cent
, wt i 'combined capital. In the previous
" Sir: corresponding proflts were $0,810,.
"W.,iJj,
Bwl '"' DIVIDENDS DECLARED
EiTliiatM' Truai company of PltUbursh.
X ,9r. own ana ju per cent
.'WJ.i..i ' .
IT fllllll II I I III II BU r i3
, fmrnmmitJ-JL, M,aeK
JS?9f.
.loci. miIch today on the New York
Exchange totuled 833,800 shure.
New lurk, April 2. The Xew Yolk
Evening Sun's financial review for to
day follows:
Todaj's &toi.k market told the same
story of quiet firmness and clique opera
tions in particular groups and individual
"pcclaltlcs as it has been telling for a
week past. The session was in virtually
exery respect a rcpltion of that of
Tuesday. Industrious professional sue
ml take gae sizable olume to trading.
The Heel aharcs were In excellent de
mand from tbe outset, Unlteu tjiniea
Steel running up to close to par. Mid
ale was under s-ome pressure In antici
pation of the cut in the dividend from a J
$C anual basis to $1. This reduction
was expected because of the tenor of
the remarks or tlie prcsiueni in u
annual report Issued last Monday with
respect to tho business outlook In the
Industry as long as tne excess irai
tax must be carried. The best that
could be looked for, be said, was a
healthy trade movement without ma
terial expansion In new enterprises.
The equipment stocks were also bid
up und 'the coppers "Were quite strong
throughout. The Impulse given to In
dustrial Alcohol by the talk of Its patent
on the new fuel ivth an alcohol basis,
oi-rip.l It :ehove 151 and imparted buoy-
ancy to Distillers as well, which, being
ex ilMdend, a total of 2 per cent, sold
at an equivalent of better than CO.
Tho shipping Issues made a good
showing, too. the impulse In that quarter
being supplied by the expectation of an
early removal of restrictions on ship
ping The tobacco and paper groups
were well bought, broad gains being
made In both International Paper and
American Writing Paper preferred. The
rails were but little changed and largely
neglected
There was nothing from the Peace
Conference to affect the market one way
or the other, although there is some
encouragement felt that a settlement
may be reached perhaps sooner than
surface manifestations would indicate.
.r. v, nr, iloubt but that speed-
""" "" .."' .... lv,l nnd
Ing UP tactics are ucuifi ci..i..-
less talk of an Impasse was heard.
.,. ...nu enma IITIKPIL1I.I CI I At. "I-
...i. ihrmieii the afternoon, but the
:.A ' ...i,niA mnrip nrocress unward
until shortly before the closing, when
tradlns became dull and prices fell away
somewhat from the top. Bonds were
fSwy active, interborough Metropolitan
ii," made a further gain, selling to
li' as , compared with MT. at the end
of last week and 33 yesterday. Vir
ginia s. Drown Brothers Certificates
sold at 73'i. an advance of 11 on tho
day, , in-otlno hila
While inquiries anu v"""y
increased, the Iron Age states that the
second week of new Iron and steel prices
has brought little broadening of de
mand Most of tho business coming out
now Is that which had been held bad:
awaiting the reductions. Mill operations
In tbe last week of March showed fur
thelr curtailment In numerous cases,
and already forecasted the month as a
whole made an unfavorable comparison
with February.
In that journal's opinion, the attitude
of the railroad administration In re
fusing to accept the Industrial hoard s
prices on steel, or bound by those to be
fixed on coat anu "'....
erlously threatens Tho entire stabilizing
program. It Is figured that the roads
buy 2Q per cent of the country s steel
production. This situation at Washing
ton Is not regarded as conductive to
i...ii,.i,i.,,,i Initiative In buying. It Is
doubtful, however. If the government will
New York. April 2 Tho Broad street
curb market khowc-d a comparatively
quiet tone In todaj's trading, with some
of the leading stocks reflecting realizing
of profits on a large scale nnd reacting
to a material extent. This was the case
especially with Philip Moris, which,
rfter opening at 14. a new high record,
declined to 13'.4.
Swift International was also In sup
Ply. yielding from G3V. to 61 'i and
Libby. Mc.Veil & Llbby sold at 30 i
10 4.
In the rest of the active list stocks
were in generally good demand, with the
majority making some amount of'ad
ancc. Merritt Oil became active and strong,
adanclng from .ll'.i to 33V,, and there
was accumulation ot Cosden, with a
good part of the buying coming from
Philadelphia and Baltimore, putting
that stock up from 8'i to Ss8. Inter
national Petroleum told at 21',. to 21 ?4.
m
0!i
71
10')
J.VH
nylL
lll'l'
25! i
01'S
G0'
100
121
H U
70 "(Pi
70S 70J-I
10J 100
21 2l'i
1T2K '-3
'Siit 22!S
mo no
22'.
22U
ll
Z2'i
22j
nlJ-i
r,i
l!x dividend Distillers
Transua Williams, Hi.
Securities, Si
Nctv York Bonds
Wt
0'lN ti't't
00.' i OU'i
lo'J!J lfiO'i
1 1 i i o; a
:.8.'i :i7Ji
123J,'12o!5 120H
csw
go;
ffi
24
05
2.Tf
35." i
42
44!"
45;,'
0.'3
Tl
ou;
Ss
09 J i
M
09JJ
2 1U 24J
24
30JJ
45;i
04 V,
77Ji
00
21
"ii1
7"1.
C8M
105 10l!-2
07
U3H
L4!
7-i'i
iW
ll.'l.1
2SU
74
(1
:8U
12 5H
Mi
O0W
'.M.'
'2'i
30.' i
45Ji
'6i
77i
Mi
I0J
LOW
P3K
23)i
74i
Alch Top & S K.
Atl Otilf & W I.
Baldwin Ioco...
Brit & Ohio
Bait & Ohio pf.
Barren Co
Batopllas Mining
Bethlehem Steol.
Beth SI I Class B
Beth Sled R pf.105,'
Booth Fisheries... 21K
Brklyn Itap Tran. 223i
Brklyn II T c of d. 223 i
Burns Brotlicrs...l39M 140
llutto Cop & Zinc. OJi ..
Butte & Superior. '22' i
Butterlck Co .... 21
California Pack... 01
California Petrol.. 'Mi
California Pet pf. C9J
Calumet & Ariz.. . 69
Canadian Pacific. 160! i
Cent Leather Co.. 70j
Cerro de Payco C. H7Ji
Chandler Motor.
Chesa & Ohio. .
Chi M & St P pf.
Chi & Northw'n..
Chi 11 I & Pac...
C K I & P C pf.
Chile Copper
Chlno Copper
Colo Kuel & iron.
Columbia O & El.
Comput Tab Itcc.
Consolidated Gas.
Continental Can. .
Corn Prod Itefln
Corn Prod Itef pf.105
Crucible Steel ... 60
Crucible Steel pf. P3JJ
Cuba Cane Sugar. 23!i
Cuba Cane Sub pf. 74H
Del Lack & West. 170 ...
Denver & Itlo Or. 7M ...
Detroit Edison Co.ll2H ...
Distillers Secur... B5U .34!i
Dome Mines .... VJii 2H
Erie 10; i
Erie 1st pf 2b! i
Fisher Body 53
Flfher Body pf . . . 03 ,
Gaston Wm & W. 31M 30vi 29!s 20!a
General Cigar.... TAii VM bVi 54Ji
Genera' Electric. .150 157 150' 15l!i
Qtneral Motora. ..17I.M 171JJ 170V. nO'f
Gen Motors pf... to;,' QUi 90U UlU
Gen Motors deb.. 9Wt 91 00i 91
uGH tG!i GUJS bOJIi
07
93! i
41
43! i
IStti
45J-.
U9
99
96)1
i03
99
82 H
75
93
97
97
95 'A
8G-?.
117H
78 '4
36i
05
99-
6f;s
"
78
97
G8
79
48
95
43
33 U
70 Vi.
98V4
78
7 5 M
87 'A
89
101T4
2:30
99
97
9 9 ',4
91
103
99
82 ',
75
93
97
97 V,
flSVi
8G
118
78
30-yt
95
99y
06S
97
78
37 i
G8
79
48
95
43
35
70
98
78
75
87
89
101
16,'i
"o'l
t.'l'i
UN
10'
C4
ViVt
Wi
31 B 54
07Ji
91
41 J t
14
G7'
93W
41
43!i
45!
07J.-
93H
41
43'f
INDUSTRIALS
Aetna Explosives. . .
Am-Brit Mfg
Amer Marconi
Am Writing I'aper..
Canadian Car Co....
fan Car & Fdy pf . . .
Charcoal Iron
Chevrolet Motors . .,
Cramn
Curtly Aeroplane . .
Carwen Tool
Carbon Steel T
Emerson Phonograph
Hendee Mfg
Lake Torpedo Boat..
Lehigh Coal Sales ..
Lima Loco
Maxim Munitions ...
.National Aniline ....
V V Shipbuilding
.Vor Amer Pap Pulp.
Otis Elevator
Peerless Motor
roolo Eng
Swift Internet ......
Kcrlpps-Booth
Standard Blotcrs ....
Steel Alloys
Submarine
St Joseph Lead
Todd Shipbuilding ...
Triangle Film
United Profit Sharing
U S Steamship
United Motors
World Film
Wright-Martin Air ..
nid
0
3
.
5
Yest. close
Ask (uh1I
G
190
SO
II '-J
3
90
3'i
17
XII
34
ft
24
34
4
GG
20
G2
20
8
5
13
12'-.
88
8i
Hi
2U
4V
9
4
4
5
35
85
7
220
92
13
9 -"4
'4
8G
36
25
37
4
70
23
40
63
30-
9
8
14
13
93
1
2
40
35
25
35
4
G2
13?i
493a 51M 50 51
4.'. 4!i 4 4
14", UV, 14 1.'i
ltfi 17!i3 17!il 175.
IC fi?h G6' 0'P
125 12GJ4 125!. 125J-.
2Gi 27H 203 i 27H
STi
STANDARD Olf,
Illinois 170
Ohio 332
Prairie Plpo 2G2
S O Cal 272
SONJ
SONY
independi'.nt
Barnett Oil & CJas
Commonwealth, ....
Cosden & Co
Elk Basin
Federal Oil
Inter Petrol
Houston Oil
Merritt Oil
Midwest Itefining . .
Met Petrol ......
Ohio Fuel . . . r. . .
Hapulpa Iteg
bequoyali
Sinclair 45
island 81i
Glenrock 4
175
337
2G7
277
..668 673
.347 350
r 011. vbToci
' ft U
-. 48i 48
.. 8 84
..63; 7
.. 3 2i
...21 21
..77 79
,.. 31 31
..153 156
... 3ft 3ft
... 1G 18
... 7 7i
335
671
48
2
21
78
31
45
8H
4
MINING STOCKS
5
nermlt the railroad administration to
nullify the Department of Commerce s
stabilizing plans. I
In the money market call loirns were
Inclined to cato and lime funds to stiffen
a bit. The former were quoted at 4
i r. nr rent, the latter the renewal
rate. While the trading rate In time
money remained at 5 to 5 per cent.
1.. rWta were credited with trying to
,,OT ner cent. Thts Is 'but anotherj
Indication that the iianK seen to con-
serve funtis as tne who in mo uhciiu.
of the Victory I.oan approaches.
Foreign exchange was distinctly firmer.
Sterling advanced from 4.58 to 414.62.
Both francs and lire more than held,
their own and Uw neutral ejechanges
'. ..Wilv
wns y.
;w?
Atlanta ....
nig Ledge
Butte New York . .
Con Arizona ,..,.,
R F S & Jerome
First National . .
Goldfleld Merger . ,
uciuntia uons . . ,
Goldfleld Florence .
Goldfleld Kewanas .
Green Monster ... ,
Ilccia Mining . . ...
Howe Sound
Independence Lead
Jerome Verdev . . .
Jim Butler-
Jumbo Extension
McKlnley Uarragh
Magma Copper ,
Mother Lode . . , . .
Nevada VVonder .
Nlplsslng .,,.,,,,
Ohio Copper ....
Bay Hercules ..
Han Toy 6
Tonopah Extension . , 2
United, Verde 31
West End Con 1ft
White Cups , , 13
Yerington ,, ,.., 4
BONDS
Bethlehem 7s (noterj.101
Cosden Oil (s ...... 90
Cosden & Co Gs.i.... 90
Cudahy 7s .... .....102
Husalan UoVt 5s(. 51
tl t-ufPm n
1
lw
6 I
18
72
5
3
13
,'45
26
45
N,
1H
G
Si
a
1
ii!
"8
20
1 811
7
5Si
4
5
5
15 -4S
28
48
3
20
G.I
6
'4)'l
"
is
2k
45
Goodrich (BF)Co.
Granby Consol...
GreatuJorthern nf.
Ot N C for Ore P.
Greene-Can Cop..
Hortman Corp. ...
Haskell & Barker.
Illinois Central. . .
Inspiration Cop...
Interboro Consol..
Interboro Con nf.
Inter Agrlcul
Inter Agrlcul pf..
Inter Harv new. .
Inter Mer Marine.
Inter Mer Mar pf.113 1101 113'i 114
Inter Nickel 2GH 2Jf 20 26
Inter Paper 44JS 4G5i 44,'J 40
Inter Pap pf stpd. 71
Jewel Tea Mi 40!.' 39'i 40K
Kansas Cltv So... lbi 18,'i 18JJ 18Js
Kelly Sprgfd Tire. lltJi 118H 117. 118W
Kcnnecott Cop.... 3IJX 3-'H 32 32j
Kresge (S S) Co.ll5Ji
Lack Steel 09H '
Lk Erie & W pf. 17 . .'
Lig & Myers pf.. 110);
Lee Ilubber & T. . 25!
Lehigh Valley . . . C5
Lorlllard (P) Co.. 164
Loose-Wiles Bis.. 4s'j
Man Kiev gtd..., 73 t
Maxwell Motors.. 37H.
Max Mot 1st pf.. 07.';
Max Mot 2d pf.. 3Ui
May Dept Stores. 7b!i
Mexican Petrol ..180K
Miami Copper ... 23!i
Mldvale Steel.... 45H
M St P'& S S M. 85!
M St P &S S M pf.107
Mo Kan & Texas. 0
Mo Kan & Tex pf . lljs
Mo Pacific 23!f
Mo Pacific pf.... OH
National Acme ... 37
National Biscuit.. 118' 4
Nat Biscuit pf...H8
Nat Cloak & Suit, 75." i
Nat Clk & S pf . . 103H
Nat Cond & Cable. 10j
Nat Enam & S... 3
National Lead.... G8
National Lead pf.100
Nat It of M 2d pf. 10
Nevada Con Cop. . lbJa
N Y Air Brake.
N Y Central . . . .
N Y C & St L. .
N Y Dock
NVNII4H
N Y Ont & West
Norfolk & West.
Northern Pacific
Ohio Cities Gas..
Ontario Mining...
Oklahoma P & II.
High
$3000 Amer Agr 5s. 99
32000 Ang:o-Frcn 6s 97
1000 Am For Sec 5s 99
'2000 Am T & T 6s 91
17000 do Gh 103
1000 Am W P 5h.. 99
6500 Atchison 4s... 82
2000 11 & O cv 4s 75
1000 Bradcn Cop 6s 93
18000 Can O 5s 1926 97
1000 do 5s 1931.. 97
GOOOCent I.cath 6s 95
2000 Chile Gs ... 86
33000 Chile Cop 7s.. 118
29000 C & O cv 5s 78
111110 C K. Alton 3 Vis ,iiii
4000 Chi B & Q 4s 95
4000 C B & Q I 5s 99
5000 Chi & St I rfd
4s 66
1000 do cp Bs 97
2000 Col & So 4B. 78
HOOOCIty of Paris Gs 97
2000 Den & It CJr 4s 68
10000 Du Pont I 4H 79
2000 Erie cv 4s Sr D 48
1000 Indiana Stl 6s 95
1000 Iowa Central 4s 43
117000 Intb Met 4s 35
74000 lntb KT ref 6 71
1000 IntMer Mar 6s 98
2000 Kan C T 1st 4s 78
lOOOKy Central 4s 75
1000 Lake Sh deb 4s
1928 87
5000 Leh Val 4s .89
4000 do rets Gs . .101
335000 Lib Bond 3,s 95.11 99.08 99.10
47GA00 do conv 4k I. .93.60 93.50 93.58
78000 do 1st 4s .. 94.72 94.00 94.72
2511000 do 4s 95.52 95.28 95.52
61000 do 1st 4i3 . 94.74 94.70 94.74
974000 do "2d 4s . 93.60 93.50 93. 6G
2948000 do 4th 4s . 93.G6 93.5P 93.64
2000 Lyons 6s 99 99 Vi UU'-a
100O Mo P WL. 5s'23 91
11000 Mo Pac g 4s.. 58
1000 N Y CI. S 3s 65
14000 N Y C & II Gs. 97
1000 NY Cy 4s'65.100
10000 N Y Itwy 5s.. 12
3000 Ore Shrt I. Gs.101
29000 Penna 5s '68.. 94
1000 Pub Srv N J 5s 77
7000 Plwco Oil '24. 06
1000 Beading Kn 4s 83
5000 Ilep Ir & Stl 5s 94
6000 Sinclair Oil 7s 96
6000 SII Kress & Co
4s 68
4000 St L Swn 5s.. 59
2000S A & A P 4s 65
1000 Seabrd A L adj
5s t 48
2000 South Bell 5s. 93
4000 So Pnc cv 4s. . 83
36000 do cv 5s ... .103
1000 do rfd 4s ... 80
4000 South P.y 4s.. 66
140Q0 Texas Co 6s.. 103
1080 Third Ave 4s. 51
7000 do adj 5s... 27
2000 U S Bub 5s. 87
5000 do 7s 103
6000 U S Stl sf 5s.l00
10000 Union Pac 4s. 86
25000 do Gs 103
8000 U K of Ot B 4c
I 5a 21... 99
2.1000 do '21 98
87000 do "37 99
01 000 Va 6s Brown
Bros 73
High
GAm Gas.. 64
160 Am Mill- 12
100 Am H&I. 21
100 Bald Loc 89
210 Brill .1 O 37
310E1CO Stor 69
, 7GInBCNA 28
.115 Lk Sup C 20
100 Leh Val.. 65
11 'PhllaCo
cum pf. H 4
342PhllaEleo 264
45 P KT t o 24
260 Ton Mln. 3
8 Un Tract 39
145U O I... 70
2110 U H Steel 99
400 War I &H 8
30 W Cramp 94
Kv dividend.
BONDS
man
$1000 Con Trac
N J 5s. 80
2000 City Is '39 97
1000 El & Pco
Tr 4s.. 70
3000 Interstate
Hys 4s. 40
2000 Leh V con
6s 1923.102
1000 Leh Val
Coal Bs.100 '
10000 doGs'28.101
3150 Lib Bonds
4th4s93C0
do 2d
4s.... 93.30
do 3d
4s .. 95.44
do 1st 4B 94.10
do 3s 98.80
do 1st
4s.,.. 94.40
1000 PhCocon
5b stp.. 86
lOOOPhllaEleo
1st 5s.. 93
2000 Wolsbach
Co 6s.. 9G
700
5200
250
550
350
Net
l.nw Close chgo.
G4 64 .. ,
i2 mi Jf
21 21 .5S
89 89 1
37 37
69 69
28 28
19 19
65 55
34 34 ..
25 25 tt
24T4 24 .. ,
3 3 ft
39 39
99 99 1
8 . 8
93 93 T4
9 Net
Low Close thac.
86 86 2
97 97 ..
70 70 ..
40 40
102 102
100 100
101 101 'A
93.60 93. GO ..
93.20 93.30 ..
95.10 95.44 -34
94.10 94.10 ..
98.70 98.80 .10
94.40 91.40 .30
86 86
93 03
96 06 M
LOGALSTOCK TRADING IS DULL;
CHANGES SMALL FORttOME ISSUES
y f'"
Slccl Common and Baldwin Make Substantial Gains nnd J
Lake Superior Follows Leader Bond Trad-
V
in'g Shows Improvement
Stock transactions on-tho Fhlladelptila Exclmngo today ,wcro small and,
.,'
1
SEASON'S HIGH RECORD
TOUCHED IN CORN PIT
Statement by. Grain Corpora
tion Scares Frigbtenctl Sborts
to Cover Oats Also Gain
with few exceptions, changes In prices wero unliftportant. United Stntos
Stool common was tho nctlvo leader nnd It developed good strength, ad
vancing moro than 1 point, with tho price again close to par near the
close, whllo Laho Superior Corporation, on a small turnover, reflected, the
wldo, gain for tho leader by moving upward for a substantial Improvement.
Baldwin Loctunotlvo continued In demand nnd was forced up nearly 3
points, although Inactive, with announcement, of n largo order for locomo
tives from the French' Governme'nt a strengthening Incentive.
Announcement of tho action ot Slldvnlo Steel directors In reducing tlio
quarterly dividend from $1.50 to $1 hdd been expected und theroforo cauesd
no surprlso on tho Street. No sales ot IhH Issue appeared onl tho local
board, but In Now York It was slightly higher virtually throughout tho
session. . wsw
UUslncss for homo stocks that appeared, besides Superior, wns small '
and uninteresting, rirlll yielded and Union Traction gained tho samp
nmount, whllo Storage Battery lost a trifle.
Bond trading was broader than It has been for a long time, but pries
changes wero small Third liberty 4Us were In demand nnd mado a -fair
advance. . s
.
Stockholders of tho Franklin Trust Company have voted to Increase
tho capital sfbck'from $600,000 to $1,000,000. Stockholders of record April 1
will be given tho prlvllego of subscribing to tho new stock at $125 per
sharo In tho proportion ot four now shnrcs to each six shares now hold.
Of tho proceeds of tho now stock, $25 per share will bo applied to sur
plus, the par value being $100. rayment Is to be mado $25 on May 10 and
$50 each on Juno 10 and July 10.
Owing to an exceptionally profitable six months' business, the directors1
havo voted to transfer $100,000 from undivided profits to surplus account.
GOVERNMENT BONDS
Parfsma coupon 2s. 1030 . . . .
Pinama registered 2s, 1030..
Panama coupon 2s, 103H
Panama registered 2s. 193b.
Panama coupon Ss, 1901 ....
Panama registered 3s. 1001 . .
rniuppine. 4s, 111.14
Philippine 4s, lim
Philippine 4o. lUill)
II H ilov coupon 2s. 111.111....
U H Gov registered 2s. 1030.,
07 yrf
7V4 Mis!
117
117 ns
87 112
HT 112
1111 no
110 Illl
no no
iih ni
08 08'
CHICAGO BUTTER AND EGGS
2. HUTTER-r-neeelpta
Chicago, April
02c: seconds, ,'t."i5?S0Cj
i:tKM llecoipia.
38 W!10c.
Kra. 03c; firsts, 00 4
3,i22
cass. Extra,
BAR SILVER
Commercial bar silver was quoted In New
York today at l.ot an ounce, unchanged:
In Ijindon at 4 a-ind. off ti.
91
58
65
97
100
12
101
91
77
95",
85'u
94
96
68
59
65
48
93
83
103
8(1
G6
102
51
27
87
91",
68
G5
97
100
12
101
94
77
9
M
' .j
aoVs
63
59
65 ,i
48
93
83
103
8"
66
103
51
27'
87
103H 103
lOIIVs mi)',,
86
103
99
97
98
86
103 8
99
97
99
72
.109
20
2IJ4...
29H . . .
IM ...
104 105
U2!i UJ
38.'.
Hi
fc!i
20 20 20
55 65 55
"49 'jo'i 48J4
75 7 1 75
G7 "tio!."t0!$
31U 30!i ul.U
76!-j 70J4 7bJi
lE3!i 180! i 182
24'i 23J,' 24!i
46 45 45!i
88,4 8S-4 88i
110 110 110
Cii bli iiii
'24 "aij. 'i'4
5i!j am 51H
39 37?,' 37i
ViVjf ihjf ii
"16J4 'i6u' 'ioJ.'
53H 13 53
8 G8 G8
"ion To "16
KH Mi lU'i
"75.'4 "4U 75
20HJ20!J 20! i
UPWARD MOVEMENT
IN COTTON CONTINUES
Developments in. Liverpool
Largely Responsible for Ad
vance Old Style Active
Chicago, April 2. New high records
r- ,v,o .inn for nrcsent deliveries were
established In tho corn market today on
heavy buying by cormnlsslon houses and
covering by frlgntenea snorts ;"
about by an overnight statement by Ju
lius H. Barnes, president, of the food ad
ministration grain corporation, that the
United States would not be, able to sup
ply neutrals with wheat or flour..
Mr. Barnes Indicated that those coun
tries would havo to be content with
corn, oats, rye nnd barley from our do
mestic supplies.
ti. cironcth of r.orn futures was in
tensified by sharp gains In hogw. light
tlocks of the cereal, unsettled weather
In partB of the belt and a Jump in rye
and barley.
Trade was on a tremendous scale, and
although there was extensive prom-iaa-!ng,
the offerings were absorbed readily.
The May option had all the symptoms of
being In a congested position and tho
trade, too, continued to get Into later
months.
Oats also mado good gains on buying
by commission houses and Investors and
covering by Bhorts. The rise In corn
or.,i inrU of offerings made It eaBy to
advance values. There were reports that
a cargo' of oats had been worked for
Sweden.
Maximum gains were scored In provi
sions en buying induced by the stability
of grain and harvest. The lightness of
offerings necessarily restricted business.
Tho visible Ripply of vheat In the
United States' If 100.505,000 bushels, a
decrease of, 8,618,000 bushels for tho
week and compares with an Increase of
10,180,000 bushels a year ago.
Leading futures ranged as follows:
Corn (new delivery) 'fit.
Open High Low Close rloso
Ms y .... 1.05 l.OT',1 1.82 1.r,7'i 1.51 Jj
juiv -:;:: iUiS 1.40 um i.im 1.30
Oats
Mny .... flSW
July ..,, 05
Lard
Mny ...,28.80
July ....28.25
lllbs
May
Julv .,..25.00
I-orK
Mny ....47.3"
.III V ....41.11.1
II1U, TABiieu.
r.x n-, i;i ni'i
00 05 00',i 03
2R.R0 2R.R0 2R.R0 28.30
28.33 28.23 28 35 127.87
2o.10 25.0.1
25.00 25.00 25 00 24.50
47.00 47.00 47-111 -4ft 30
44.53 44.35 44,35 43.33
UNITED STATES
GOVERNMENT
LIBERTY LOAN BONDS
Rate
312
4
4
414
414
4V4
4V4
Cal.nb!
Due
1947
1947
1942
1947
1942
1938
1928
Annroi. yield It
Colled, or ir
Nelllnu nt Par
on Callable1 flat
3.60
4.55
4.95
4.82
5.19
4.86'
Malorlty
3.557o
4.32
4.45
4.60
4.70
4.75
4.85
0, 5 IOC, $500 AND $1000 DENOMINATIONS
FULL INFORMATION REGARDING THE TAX
FEATURES OF THE
ISSUES WILL BE FURNISHED UPON
LIBERTY LOAN BOND
REQUEST
??.. 3
MONTGOMERY & CO.
is:
SOUTH 4TH STREET 14
PHILADELPHIA
GOVERNMENT SICCUKITU28 DEPARTMENT
TEl.ErllUNLM. HULL. LOMBARD 43201 KKVMONIf. MAIN 23
WALL STREET,
NEW YORK
3
38.'.'
Hi
49
31
105
K2.'4'
ot!i
Hi
Hi
48
31
80
Yvi
"tb
Mi
105
UJJ
y
48
34
'ioii
4!i
60
I3Ji
8 7
" ::
101 ,.
93
93 ,,
X03U ..
65 66
45.'4 45 45U
Mi
4bii
30if
OOJa
nmnx Bot MUCh. 47
Pacific Mall ..... 3-1
Paclflo Tel & Tei. -o ...
pan-Am Pet & Tr. SU 81J.
Pan-Am P & T pf.138 ...
Penna Itallroad... 4Ui 4 l.'i
Penn Seab Steel.. 34 '...
People's Cas Chic 5V. i oH
Pere Marquette... IAH 13!i
PhlladelDhla Co.. J l!j . . .
pierce-Arrow .... 45K
niorre. Arrow Dt. . lOi
Plercb Oil 18U JfM 18Jf
Pitts Coal 48u i'JH 48J-J
Pitta & West Va.. 3K 30,' 3-',,i
Pressed Steel Car. G9H GOJj 0Ui
Pullman Co 110J4 120
By Steel Spring.. 77K 7clf
Bay Consol Cop.. 20!f SCH
Reading 83U 84Ji
Bepub Iron tt Stl. 82 t-3
Boyal Dutch .... 02Jf 92
ltoyal Uutch new. 88Ji b9Ji
St I-San Fran... 12'i 125.
Saxon Motor .... 4U . .;r
Seaboard Air L... B-'i hU
s'hattuck-ArUoua. mi JS'f
umclulr Oil IM., 4UJ, m;
South Pao iuiji itcrt luuj joiJi
Southern Itallway. 28J4 UHi 18i 28Ji
Studebaker Co ... (MJ-j Gijj Ui.'t 04;$
StuU Motor 61 ,
Superior Steel ... 39H 41!j 40J 41)i
Tenn Cop & Chem. 13i 13Ji lf J31f
Texas Co 2093J 212J.' 210H 312
Texas & 1'ao U T. 275
Texas & Paclflo. , 344 3-'H 31Jf 32f
Third Avenue ... . 1ft ...
Transue & Wrai, 4iH 42J,' 42J 4W
Tobacco .rroomin, .
Union
New York, April 2. Developments in
Liverpool were largely responsible for
the continuation ' of the upward move
ment on the Cotton Exchange this morn
ing. In the face of the shutting down
of tho Manchester mills for lack of
demand Liverpool prices came higher
than due, accompanied by sales of 4000
bales, all American.
In addition Llvemo&l houses were such
heavy and consistent buyers here on and
after the call, that some believed It
had possible connection with the early
peace developments, which have not as
yet become apparent on this side.
Old style contracts had a more active
apsnlng than yesterday, being 1 to 10
points higher, while new crops were 15
to 24 points higher.
The early advance carried the active
new style months about 22 to 31 bolnts
above last night's closing figures, with
May selling at 25.55c or a new high
record, '
The adanco met scattered realizing,
however, and . fluctuations during the
middle of tho morning were somewhat"
Ii regular. With general business quieL
Receipts at tho ports for the day are
estimated at 17,000 bales, against 18,-
io Daies a weeic ago; J0,39 bales a
year ago and 10,191 bales two years aso.
QLD STYLE
Tesdy's Today's 11:00 1:30 2:30
close open a. m. p. m. p. m.
May 24.43 24.80 S4.CS 24.03 24,70
July I2.4.1 22.43 22.70 22,70 22.30
October ..20.41 20.73 20.78 20,75 20,87
January .,20.00 20,14 20.14 20.14 20.14
NEW STYLE
.21.43 23.30 25.01
.22.45. 22.00 23.00
21.43 21.43
0.41 20.03 21.04
zu.sn u.oo
MONEY-LENDING RATES
'i:W YOBK Money on call, mixed
collateral, opened today at 5 per cent
for lending and renewing. On all in
dustrial collateral, the opening rate, was
5 per cent. j
Nen York. April 2. The position In
time money Is not changed In any note,
worthy respect. There Is a nominal
quotation of 5 per cent on good mixed
Industrial loans for ninety days to six
months without nny business. Such
loans as-.are put through are almost en
tlrely on industrial securities at 5 per
cent for slsy and ninety days.
Prime mercantile paper Is in moderate
supply and the buying for the most part
tt 6 6 per cent comes from the
Interior. This is also the source of. most
of the time money that la being: put out.
. , i..i,tinna ore not keen for naper.
Prime bank acceptances moved slowly J
at recently auoteu immeo.
,
PHILADELPHIA Call, 5 percent;
time 6y6 per cent, commercmi j
per. three to six months. 6 05 per
cent ; six months, G per cent.
110H 119K
!8H 78)f
2tW 2IJ5I
t3H c3Ji
8 Hi 83
91H OIJi
87;,' fc8
12. 12Ji
'til 7)i
8U SW
llli VM
40H 45.
May
July ,
August .
October ..'.
November.
uecember
January ..20,00
20.45
20.35
20.45
20.85
25.51
23.00
21.45
21,04
20.00
20.43
20.33
23.72
23.21
21,45
21,20
20.011
20.43
20.33
HMIIIIIIIIIIIIIIIIIIIIIIIII.IIIIIIIIlllllllllllllllllllflllllllllllllllllllllllllllllllllllllllllllg
&?
V
UNITED STATES GOVERNMENT
Liberty Loans
ALL ISSUES
BOUGHT AND SOLD ON COMMISSION AT
CURRENT MARKET PRICES
Si'.'
'Members
West & Co.
CI
is
BANKERS - '.
1417 CHESTNUT-STREET
ew York Stock Kvchange-
lilladelpkla Stock Kjcliante
JilllllllllllllllllllllllllllllllllllllllllMIIIIIIIIIIUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIlS ;s
:
3
and i
LONDON Money is quoted at
mr K.ni TMscount rates, short
three mjnth bills, 3 per cent.
Reserve BanW Discount Rates
Official discount rate's at the twclvo
Federal Reserve Banks were as follows.
(The first column gives the rates for
all periods up to nd Including a fifteen
day maturity to ninety days. The third
and fourth column are the rates for
rediscounts tt collateral loans secured
by government bonds or notes.)
Com'l paper Oov. paper
in to 00 10 to 00
15 daya days M5 day. day.
.4 4i 4 4tt
4
4U
i
Hanks
Boston ....
NtfwiYork ,
Philadelphia
Cleve'snd ...
Richmond . .
Atlanta ...
Chlcao ....
Minneapolis
(U. Louis ..
Kansas City
Ban Francisco.
Dallas
. 4 44
I!!.. 4 4
...r. 4 4i
..... 4 4H
... 4 4
,... 4 44
!.!.. 4 45
..... 4 4i
, 4 J
t).... 4 5
4
4
4
4U
4
4
4
4
4
YA
Cotton Buyers and Sellers
New York. April '2. Old style May
Cone and Wachsman blil; Brooks, Rus
sell. Stelnbacher, Young and Lehman
offered.
July Geer bid ; Sellar offered,
October McEnery bid; Oeer offered,
N'ew Style May Montgomery, Mc
Kenna. Rosenberg and Cunpla bid ;
Brooks, Newman, Hooper, Wachsman,
Schley. Orvls, p.' Cumoens and S. Hub
bard offered. ,
July Mitchell. Cone, Kleffer. Mc
Kenna. Morrison., fitelnbaclier. McQeo
nnd Johnson hid: Mitchell, Rtld, G.
Oumoens, Wachsman, Lowensteln,
Rosenberg, Moyse nndiNewman offered.
August Slgel bid.
October Jay and Flggatt bid: Rus
sell, Jolinson. F, Hartcorn, a. Uumoeua
und Royce offered.
December Jay, oigei. uiearman and
Wachsman bid ; If. Dwlght, .Russell pnd
Allen offered.
January Brooks and Flggalt bid;
Ranger offered.
The
Elimination
of Chance
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BANK CLEARINCS
Bank rksrlnia today eopar4 rllh cor-
si f. '
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mm
,! I(
FOREIQN EXCHANGE
New York, April, 2. Preliminary
figures this morning appeared to Indicate
a scarcity of sterling exchange. Tbat
class showed decided strength with nom
inal figures ot 4.61 for cables nnd
4.60 for demand. The other markets
were dull, but rainy sieauy, rio
cables were quoted 6,04 and checks 6.06.
Quotations were: .
Lire cables 7.20, checks ,7.2u.
Swiss cables, 6.00, checks 6.03.
Guilder cables 40. checks 40.
Pesetas cables 20.16, checks -0.05.
Stockholm .cables 20.90. checks 26.70.
Chrlstlanla cables 26.00. checks 25.80.
Copenhagen cables 25.20. checks 25.00..
Ruble notes were nominal at 14014.
NEW YORK COFFEE MARKET
New York. April 2. Buyers and sell-.,-
in lha coffee market were again anart
nnd on the call prices were 4 to 16 points
above tne previous close, witn oniy zov
bags changing hands.
Y.terdayi Tod.V.
class DMnc
fckr4t.....ik. 15.?0 15.50
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Safety of principal is the vital ele
ment in your investment.
High rates of interest cannot com
pensate for loss of capital.
Your, only real safety is in the ab
solute elimination of all chance of loss.
- The Guaranteed, Mortgage was de
vised to produce an absolutely safe,
non-speculative investment.
It combines safety, both as tp your
principal and interest.
' . i
PHILADELPHIA COMPANY, '
' . for '
GUARANTEEING' MORTGAGES
Land Titlev Building .PhiuJttphtm
IV. A, NleheUan,
Prtiidtnt
ERNST S ERNST
TAX SERVICE -AUDITS
AND SYSTEMS
PHILADELPHIA
2Q23-20JM- LAND TITLE BUILDING. Telephone-Lociut 2611
NEW YORK
PITTSBURGH
TOLEDO "Olf
., -' HuToM , ' Ifff,
B08TOM
nr nlllft
CINCINNATI
,T' Z ' 1,.
S1 ''.I'
'S'
CHICAQO
CLEVELAND
OETHOIT' '
MINNKAPOLII
43- j.
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