X.'
t
' s
vvt
V7
s. .
. ,A .
EVENING; PUBLIC
-f'.
BW A) J II i.ii. P ,! satyewa IIIHHIMIIII
Sfo.
It Is Often
the Case
that people think of a bank
only as a place to deposit
money. Good enough.'but
You can Ret a . 'banking
sorvice here that Vill prove
helpful to your business.
Counsel on any subject
is given and .we cheerfully
Invito you to nvajj your
self of our facilities.
Whether you have an ac
count here or not and want
advice
Pay U.t a Visit
Ttvird
National Bank
In the Center of Thing '
Opposite Broad St. Station
ALL. FOREIGN
V ' "
CHECKS
BONDS
M
CURRENCIES
N
T
Bankers and Brokers
Can You Answer Them?
If your customers were to ask
any of the following questions,
could you answer them? .
1. Why is a 5 French
bond for 1000 francs ,
marked on its face for '
only 50 francs?
2. Which coupons from
French and Russian ,
bonds are good and t
which arc .not?
3. Why are the French Ss '
of 1931 and the French I
4s of 1943 not due in j
the years mentioned? -When
are they due? ,
These and many other vital
questions answered in our new
booklet:
"Foreign Bond
Statistics"
Sent free upon request.
R.A.SOICH&CO.
10 V.ll St.,N Y. Tel. Rector 5289-92
Investment
Banking
House
wants young in a n
with credit experi
ence to take charge
of statistical depart
ment. Write quickly,
giving qualifica
tions, to
C 429, Ledger Office
Attractive
Short Term Notes
Yielding from 7 to 8
l.it upon rrv'r '
Reed A. Morgatf& Co.
West E"I Trut tllilg . I'hiia
P 3Jmbr of the Poll mock, Uicli.
h.lln K.iulP. 4H, 1025 nd lll'.'O
Alleiheiiy Vuf. ien. t. IU42
iflVm", "vtrr(n A (l.den.liurr 3s. 10SS
,1'. Ver A I'r. . 1010: .
O'ne.4. l!i.l!ln M-l fl.' I0M
HENRY D. B0ENNIKG & CO.
" STOCK rACJIANIIK Hl'II.UINO
Direct rrll Telephorie li "w orli-
JUinlH.rn I'lUla. blcKk Ktclwns.
( North Penna. R. R.
I - .ii - i
Charlefe Fearon & Co.
333 Chestnut Street
BECUmtr PAI.KSMAN
, f
a proposition wrrnntln th at
nl nthusUsm of Ho hlsliest-c Uss
..llln first Tssuo of olditab
w .
ti
uiL eovrlloin if,f" "IT. ."!
4Ki
:$jB0m
.oi.
EY
SENISTOCKSUP
Forward Swing Embraced a
Wido Variety of Issues,
With Stools Loading
New York, April 0. Assurances of
easv mouev wliiidt were borue out by
the oneniuc or renewal rate, of 0 nor
'ctjiit for calf loans' gnvo'IrV.sh Impetus
to the recovery movement in rwlay'H
..stoejj market. During tbc forenoon fur-.
thcr substantial utlvances were mnua -or
he leading speculative (arorltes-wftH
the fdrtford movcme.ut later extending
to the shipping and inctuj shores Kud
Inter hLo to tbc railroads, . The mar
ket leadership, however, centered
around the steel and equipment shares,
which for the tlmo being, at least, linve'
supplauted the motors and oil shares hi
popularity. The market was purely and
absolutely a professional affair from
start to finish as public interest still
continued at an extremely low ebb.
. A few leaders were .slightly lower it
tlu qpening. but in general yesterday s
late rally was materially extended.
Apart from -the superficial improvement
in the money market there was nothing
' partfi-umrly Invigorating in the over
1 uiRlit developments or the morning
I news. The forelgu developments con
(renilug Germany were, treated indif
I ferently. more interest, being attached
; U the rnort!j of further, gold .engage
ment for Import or'of other large sum
I heltig hi transit. The continued strength
nf foreign ext'hnugc nlso .wns. regarded
p fnviirfihlv.
The constant -shifting of inrercsTfrom j
! one group to another indicated clearly
that the market is still in. a trading area
: and it is likely to continue In that posl
, tion until more definite evidence Is ob
i tainnblc to confirm ncrmanent'lmprovc-
... t !-l. ........... 2ltf.'.frt... TI. ,,-
biddlng, however, of the various groups.
at the same time reflected increasing
1 confidence in the position of the con
' structive party. While, on the other
hirnd. it Was noticeable "that the short
I interest Experienced considerable difli-
culty in covering outstanding commit -.
went. This was particularly notlte
ablc in the steel and equipment groups.
Baldwin Locomotive aud Crucible Steel
were the accepted leaders of these re
spective divisions. Crucible Steel mak
ing a new top figure while Baldwiagove
one of its sturhooting wtuntsin quick
rise within a stone throw of 140. There
wan steady buying of Uepubljc, lrou
and Steel and American Car aud
Foundry. The railroad displayed great
vr strength during the luid-fossiou,
the transcontinental, grangers, coalers
nud trunk lines sharing alike In the ad
vauce of 1 to - points. Klsewbcre grad
ing slackened to a marked ctent, but
gains among representative industrials,
especially the equipments nnd motor
specialties were iucreased. General
Motors was the only oue of the recent
leaders to hold back.
New York Curb'
INDUSTRIALS ,
HlBh Lovv
Mm Coal ,. .. J..-. J'.
Aetna. Kxplo t i . . &t- J'
Allied I'acklnc 2j . 2 .
Am Safely Hazar , t. .tlj -J'l
Ifrlt ,lm,r Tobcco lT. . . SO 'SO
Last
- -.
24
1'H
211
h"
HI
Ml
ion
1'4
31.
Cleveland Auto .......... JO , TS
Columbia. Emerald ....... lo' lh
Cuban Amor Hug-ar. .
Urneral Asphalt
&0
no
. .tuOH
.. 1'.
. .- 3D
:: .3$
.. 1IU
. . 4.'.
.. SW
.. 3m
v4
14
31
10'i
4.-.
as
314
s
Orate Ola
Hercules Papr
Nqr Am rw: .
"Orpheum Circuit
Perfection Tire .......
ItKdfo Com Pt
nuckaway Mills
S". If t International ..
S.vrets Co
f S lllk-h Speed Tool.,
fnltert 1'lct Prod
'f
3V-
.21
114
k
314
H
2 ',4
i Vulled rroflt Sbarlni..... -!
! hTANDABO OILS
Anitlo-Ain Oil 27
Prairie J L, 22
Kouth Penn Oil .'.. J22
Htandard Oil of i T.,. ...8H .
Union Tank Line 123 '
28s4
j no
i5i,
125
27
2HII
322
43l
123
3
lOv
.. i'
irV
3114
S
144
INDIit'ENDENT OILS. .
I Allen Oil '. .
Allied Oil ::.i:.
P.uo.ne.911.
I Koaton WyomniB
I Carlb Syn- .-.,...
f'osden & Cu . .
I rinmlnlon OH . . . ,
3
3
4H
.1
l."
31m -.
fj
if.
i
211
3U
3U .
30
3t,
2R:
lingineera j-eiroi
Ksmeralda OH
Federal Oil
Kerciland
CI hi rock Oil . . ..
fluffey Glllrspln .
Homo OH . . ,.. .
Home Tetroleum '
llud.-on Oil ...
Int Petrol
Island Oil
1"
a
3
34
2
k
'
U
.1.
1W
34
HW
. .1
14
il
1
ti
. 12
.41
1 l,i v tons lo 11
'Merrill. OH
t retrunulltn Pr
Men I'An ...
Midwes't nf .
t Morten) Pel .
No Am oil
Omar Oil
. I'.
. 14
.'
. HI
HI7 :
4'
. Ml
"
7
. 114
14
20'i.
14
.i2
.. 'S
. l'-j
. 4
. 1
. 304
. 1.4
. 134
2'
14
r;4
1
4S
an
11
14
20
14
r.is
1
i'.i
i:
. 1.
30
1S
2!,.
10
13
' Iteil Hock Oil
I Sa t 'rek Prud .
SImnia Pr-t
Skelly i',
.tulhTn Stat'-H ....
Sp'n fr l I
Texa Itanver
, Texas ift 1
l'n Texa Oil -.,
Victoria "ll new
Vulcan Oil
1 Wbelan oil
I tvnlt Oil
IT Oil
MINES'O
Alasaa Ilr Columbia, ... .
i!nti
Ull.'hr l)lvid
Morcher Bxteirslnn
nle Ledve . .
fr.jnrli . .
Pout L Mont ,
I'aled Mln . . .....'..
( anclelaria M,
i"iii '"on M
' 'ri'Con Oold . ...
rlide Kit
I. f.tlv.id"r ....
JVntu fller
KurekasCro-isns ....
Golden Rate Exp ...
. fJiddCons
iill'nel
3d', I
ll'
14
204
14
,'i1 4
'ft
, tf
r304
1H
.?
1 1
It
(HI
31
A
14
III!
33
4
44
'.:
34
II
1.V
4
. 12
0
24
3
111
J
14
t
&S
r.4
7
R
4
4
1 .
4
o
m
till
31
i
i
34
12
13
II
10
US
ii
13
fjold Ke"a
IiOoldf tlirr
Oold Silver I'i'.l
Ould Zone . ,
. I l.i la MlmnB
1 .IllPlhO KXI'llSl"!
M. K.n f'sr
MutV r l.iid.
!nlh"r lr-"le ll'
Mutrav Mne
Vnrth Hiar
Oplilr Silr .
lt. i un
Km hi hit .Mines . .
Hone 'iroup
Han Toy
i r K'lni "' Aril.
v u. r K'" f'l'-' 'l
-,. m.s Mln . ..
IminjMh rt.-lHK.ru
Tiumpali Casli Hoy
Tono Divide
7H
li
4
lb .
17
24
111
n
21
23
II
ft
14
IT
10.
Tonopah extension
rno Jim It
J I
23
!l
11
14
fonopali ItPM'Ue.
f rt f'uiil . .
i.-iorv . '. . . . .
WVst End C . ,
W lille Caps
While Cntis Kxt
Wllben . .
I Verlngion
Hula
1
I
100
0114
PS's
7-
1 .
, r
100U.
VH
OS.
I
nOM).i
Anelo Am i
Ooodrlcb 7s
ino'.
. '.
. ns'i
(idW
i
Tx to is
LIVESTOCK QUOTATIONS
Chlro, April fl HOCIB Kstlmated Te
cipVi :8(i h.sd. left over. i.lSO held.- No
ea.r,y salve, apnii'i. .i'". w H....... ...m..
er faw early bids bi- speculators .about
slearty Asraa cost yesterday. lg.00.' .
rATTI.B Estimated receipts, tO0 head;
81IBEP Esttnwted receipts. 2000 head.
IMttlmrfli. April 0 -JOO nec.lpt,
1 SOO head lllslier Heavies. .11,1 7,'. 111;
hea?y y.ukers! I 7.MO 17.78) llsht SPfkers.
I17B17M. tls, ll.55ffl0.75. . , .
' HllEkp AND LAMlta Receipts. BOO liead,
117.23.
CA1.VK8-
Top. 1.
Receipts, 80 head, Stesdy.
TUt lluffalo, N.Y.
Aorll . CATTLE
nmta. 475 head nteaqy . vir.-.
;'WiVt.,"4?.r00r0nh.r,rritA..rro
1 1. mi ".'". '. ,V ',.,;.-' 1 " T , n JM 1 .riMia b eu
rtffa.l:S?l,.iiSVitf
In and talk' to
"SilEKp" AND" iATMBSVnM''.
x
EASIER IN
. miwtisrwss:"
NEW YORK STOCK EXCHANGE TRANSACTIONS
niv,
In
FAles
. 0
:S0 Nat .
Low CNTtnW Chirr. Si
1 , t Ji
li 3J4 . ..
70 70 4. U
'V. '.."
24 34 ..
45H 454 la
1H 2M 1V4
14315 145K Sli
484 W H
14 14 - U
150 153 -f 3
27 27 4
n-ji 1144- 1
l$ 5lS 1W
loo 10314 lit
131i 1314 14
S015 8SH 3
IS JSi3
105 105 . ,
23 .2315- 15
8K 69J4 214
0515 0515 V
1104 1104- 11 .
47l3 1
133 134 114
1815 10014 314
6J4 8J4 ..
260 2(0 -10
0714 7W 114
133 134 H 314
is" m k
02 as 114
s s
44 47J4 44
C614 6615 15
C6 66 14
11515 11515- I
8315 MJ4 l(i
784 7814 ..
R8J4 8B
171 1735 3
112 113 -15
135H 140 S
33 H 344 1
40 40
40 47 - 114
12814 12814- 1
27H 2715 14
96 074 1
112J4 112H 1
till U ..
125 127 2
10 10 14
27J4 28 hi
25 254 ,
81 82J5
38 39 H
12414 12415
074 874 ..
87 804 34
5315 5494
150 16915 1
6615 6815 14
0 ..
014 91i ..
84 84- !4
2415 2415- 94
304 3755 14
824 55 24
86 "4 8614 15
10215 113J4 M
S44 355 ?4
6414 0415- 14
75 75
184 18Ti 94
3614 3014 H
36W 37 15
3815 4015 Hi
C4H 0415 14
614 62 - 4
55 55 i
81 93 3H
"101 101
1015 11 .- 14
8015 no 1
C8?4 084 4
18 1814 4
3114 3114-
08 9094 1H
10514 10514 - 14
274 376 54
0015 8615- 114
52 5214 1
" 3S4 H
4S5 485 - 9
80 86-15
1315 134 H
237, 23J4 Ji
13 Ti 14 14
22 2315
844 8514
904 804 14
384 33H- H
3H 3715 14
26?i 2715 115
68 69-15
15714 157 - 24
314 .3! 54
38014 3S5-4
28 384 14
77)4 7715- 1H
804 904- 194
" C0I4 7154 1J4
04 ti 0414- 'A
7815 7914
38?4 38
35?4 S?4 - 14
69 68 174
9114 0115 15
1-4 C515 115
3SJ4 384 ?4
0015 0015' 'A
17 174 14
915 ?4 H
414 4-H .14
10 H o"o . 4
23 23 .
SO 80 ' 14
13t 13314 '3
r.0'i :i- 14
gt 95 114
, t;6 156 - 14
8014 8115 1
CSU 6814 V4
23 23J4 !4
. 1315 86 3
14 14
17 1714 !4
133U 13515
, 31 3214
, 39 33J5 1
'rt
on am 0 uxrrss , 1J4
.. Advance Rutnelv .... 4i
8 Ad-anca Itumely pf. 70
.. Alaska Gold Mlnca ., 2(4
.. Alaskn Juneau O M.. Vi
.. AlllB.Chftlm.r ...... 4814
8 Am Beet sugar 0?ft
10 Am Hosch Magneto ..12214
-1 Am Can
7 Am Can vt f 07(5
12 Am Car & Viy US ft
4 Am Cotton Oil , . 40
0 Am Drug Syn 149$
6 Am Express 114
.. Am Hide & Leather .. 27
eon
J 00
460
, too
tioo
t.100
0)0
GOO
.lino
too
1CO0O
.100
400
IPOO
100
7U0
700
in oo
' 100:
' 3300
nno
100
coo '
1300,
100
100
2000
1200
1800
200
1(10
8100
.8400
800
200
0A0O
100 ;
1400
100
100
too
N00
.100
200
rujo
loo-
Am Hldo & Leath pt.,114
Am Ice. ,',, 51 Jj
Am Internal Corp ...102
Am-I.a Franco Eng .. 13U
Am I.lnsced ...1 RrS
Am Locomollva .....1P5
Am Looomotlvo pf...iosH
Am Ship a Com 2tVi
Am Smell & net 70(4
Am Smelt & lief of.. 0514
4
0
t
3
a
7
.i
7
S
im snuic
lin)i
3 Am .steel Foundries ..17'
? Am sut-ar rtef 1.14
10
Am Sumatra Tob ....100 1.4
Am Tel & Tel ,. 87 N
Ain Tobacco 2S0
Am Tob Seo temp ctfs 07
Am Woolen 1SH
Am Zlno Load eV'Sm.. 20
Am iJIno Lead & Sm pf 51 1
Anaconda Copper .... rsfa
Assets" localization... ."
Asfo Ury Goods 48 li
Ab.o nry Gds It pt .. C0J4
Abso Dry Gds 2d pf . . 60
Aosoolated Oil 1I5J4
Atcli Top & Santa Fe 3
A tell Top & S V pf .. 78 &
Atlantic coast Line .. 80 JJ
All Gulf & W I S S..175
ah rtcrminE7rc u ...112
Baldwin Locomotive .140?,
Haltlmoro & Ohio ... 34H
Baltimore- & Ohio pf.. 40
Barnsdall, Class A... 47
narrett 130
Bethlehem Motors ... 27J4
Bethlehem Steel B... SSU
Bethlehem Stl 8 pf.H2W
Booth Flsliej-les 11 i
Burns Bros 127
Butto Copper & Zinc. , 10
Butte & Superior Cop. Z8',i
Caddo Central O & A. 75H
California Packing .. 83H
California Petroleum. 30&
Canadian Pacific . . . .12415
Case J I Thresn m pt. 874
8
20
5
7
6
4
'4
C
7
4
r.
5
7
10
7
6C00O 3 3U
,00
100
300
3100
70'J
VJ309
' 100
. .490
1300
too
1100
400
3000
300
400
100
iona
20S0
2006
300
100.
100
200
200
1700
2100
too
700
10
'
4
8
"4
Central Leather 88 H
Cerro do .Pasco Cop.. 65
Chnndler Motors ....161
Chesapeako & Ohio .. 5B&
I'hi & K I pf E T ctfs 0
Gl;l & E 111 Eq T ctafs 0A
Chicago & Gt West .. 0
Chi & Gt West pf .... 23J4
Chi Mil & St Paul 38
Chi Mil & St Paul pt. 55
Chi & N'orthwestern.. 60U
Chi Pneumatla Tool ..1(34
Chi Rock Isl & Pao . . 38
Chi B 1 & Paa 6 pf. 414
Chi B I & Pac 7 pf. 75
Chile Copper 10
Chlno copper 3714
8
5300
100 fi
10O 7
1390
000 1.50
2Q0
S00
4310
3700
U'OO
700
103
400
COO
300
'4)0
700
1730O
300
15300
100
7Q0
3200
400
' 100
COO
100
. 310
100
1100
100
100
1100
830
100
509
10CO
23)0
0110
. 100
330
32)0'
100
19D0
'" 100
100
100
100
1B0O
200
190
400
. 010
3)11
5100
201)
400
,2100
Coca-Cola
37
Colorado Fuel & Iron 404
Columb Gas & Elec. . . 03
Col Graphophone 52 H
Comp-Tab Record ... 55
Continental Can .... 03
Cqnt Can pf 101
Continental Candy .. 11
Consolidated Gas .... 80
Consolidated Cigar .. 0S?4
Con Interstate Cal M. 1815
Consolidated Textiles. 3115
Corn Products Ref..l001
3
4
7
12
7
Corn Prod Ret pf ....105
Crucible Steel .......277
Crucible. Steel pf .... 01i
Cuba Cane Sugar .... '3
Cuba Cane Sueur pf. 63?
Cuban-Amer Sugar ..485
Delaware' & Hudson.. 86
Denver & Rio Or pf . . 13Ji
Elk Horn Coal 23 Ji
Erie J
Erie 1st pf 52
Famous l'laycrs-L ... 85
Famous Players rts.. 90
Federal Mln & Sm pf. 39
Flsk Ttubber S715
Frecport Texas 2715
General Clwr 8
7
10
9
0
8 1 General Electrlo 157?
. . Gen Electric Rta.... 3Ji
70
35
a
7
6
7
General Motors 383
General Motors ctfs... 38?,
General Motors deb ..7715
Gen Motors deb Vu, .. 904.
Goodrich B F 71 Ja
Goodrich B F pt W
1 Great Northern pf .. 7915
4 Gt Northern Ore ctts. ;
. Greene Cananea Cop. . 354
. Gulf SUtes Steel ....
Hnrtnian Corp "'re
Haskell & Barker Car 515
Hendee Mfe Co
3015
0015
17?4
94
4'i
noi's
23
HoTncstaUe Mining .
H,upp Motor. Car
Indlahorpa Ref Co..
lnterboro Con Corp .
Inspiration Con Cop .
Int ARrlcul Corp ...
Int Aurlcul Corp pr
Int Harvester ....
. . fiO
..1341,
. . 56J4
. . 95?,
6
Int Mcr Marine
Int Mcr Marine pf . .
Internat Motortruck
Int Motortruck 1st pt
Intl Motor Tr 2d pf.
7J0
HOT 0
1300
2000 3 50
I0J
1010
5400
200
200
latH
h2'2
, 08U
ii
.. International Nickel.
. . International Paper .
. . Jewel Tea
Kansas City South..
4 Kelly-Spg Tire
3 ICennecott Copper . . .
1 .20 Keystone Tire & Rub
in,k
I4H
1714
1354
soft
2400
5100
32 H
30 ;i
ncninst Olc at the end yesterday nnd
dropped to 00. July s r ted un-.-hanged,
at 33c and declined to
CT' ,.
Commodity Markets
' "llec'clpU of wheat today were 7 cars,
ot I at Minneapolis 100 cors, and at Duluth
COTTON MARKET
.. n ft'l. .Htni
Veu- Villi. April "":"" fl rnm.
tho ,-otton market Rve tnaicBiwM"' ,.orn ,., delivery
..;, nver wratin'J '""V,,J
!i"t ,.rl?;S being 5 points lower to
Open
1.(111
1.60
M
noints hicliei- . . ......
trm- iJU'
1 Wnnlint to pnvntr nivicvs I'. oats-
- -" ha . or. Imbi- niirtir inn iu
M-.V ... ...ntlnnB wrro noted in the , JUU ,.
84 U
StVKc "" T s 'led to considerable ,Ju ,"T.8.oo
wilWni Lore, the , trade taking the j ..rd-
,tiTorini-. ..... ' Jlllv ... 21.0-
JU- s..-f-- ... .M.Uarl7ni TMP I THW.M
o. .!.,. 11 wnllinif niHU tJIIIHUua-.. - .w-
'in oo
l:Ko
pu,,,,,.-,.. n... :r - - iraDrvlng. May
WnU "trUt was on both sides of tho -"".W M.ked.-
nii sin ,.,.,.. i,...lci,t the lira
market nun nm-ir- ---
Cft "the end of tho first fifteen mlnutM.
!,; inarknt wbh easier am about 13
FOREIGN EXCHANGE
New Yorlt, April 0. The opening
tmiuts under nisi uib'" " "-'"
figures of the
Tho woipts Ht the ports for the day Hhowf,i gPncri
wore rrSmatrcl at 20,000 bales. ai Inst chal) . A f,
"8 018 bales n week ago, nnd lO.lu-i .Scandinavians
28.018 bales
marks. Demand
hales n year "go
(N T.
11:80
a. in.
40.10
37.55
31.58
33,88
l"? M ! of - rent nt
r '" 1 Onntntlons
Prev close.
10.24
. . S7.70
Open
40. IS
S7.-M
3 1. 'IS
34 OS
33.40
May
July.
October.
reemttr
japuary. .
3T 47 1 j.'ranp cobles 14.50. cIipoks 11.01 ; 1 re
33 '78 I rabies 20.58, checks 20.00; 8w hs cable,,
8 n.M; checks, 5.55; gui der cables, .I7.
checks 37-: pesetas cables 18.00, cheeks
17 00; HtockWlm cubl-a 22.:jr,. c.blei
no! ni,lQtlmi n rubles 20.2.1. checks
3l.7a
31.01
33 15
' GRAIN KlARKET
riiicaco. April (I. Shncp recessions
20.10; Copenhagen m'-h" lS.O.i, checks
18.80; Belgian cabl, , 1.1.7.1. checks
i:j.75; marks currency. 1.70; ruble
notes 500s 1.80, and Austrian kro
nen .-in.
In tho second hour, the market de
clined from the best figures in sympathy
with a reaction In demand terlinB of
lic to 4.01U. Krancs a-lso. declined
U centimes, to "j" ty "L
14.72 for checks. Lire dropped off 10
Points, being quoted at 20.60 for cob eg
and 20.B2 for checks. Belgian 'cables
were 13.75 and cliecks 13.77. .M'
were very strong, malting a gain or
liolnts, to 1.80. '
TEBTEnnAY'B FINAI QUOTATIONS
Sterlln rrno I.lr. Oulld.rs
Demand .... 4.04 14.47 20.4T SS
Cable 4.04i 14.45 20.45 88.
TODAT'S OPENINO QUOTATIONS
' MnoM QUOTATIONS
"1 ., in Wb bulge, but offerings through
L. lonK houses Uamued the buyers.
"'The" d.re'rorHfiof Mhe ' board of trade
nrs exprrtffl to tak up the .lay light-
-. nit SI (WH nt thn end yesterday,
r.naf,?r;";:.;4,ing.ri.0j. .lecnued to
!..
.Iitl stiirieu ui .., " r. :'
P'f .-a ,iikl 4. thn all
against wn "i. September
dThderte0wn1.a wild scramble for May
..V'Ti. nutlet, but the entire market
nr tne enti ?rwiuj
iawaVfteV lie opening. In Hjrropaiw
t.iMrrririr und tiu-a break in rye. The
Merlin
eipt. ..nsno nrrivuln here today wer C?'r"'ia,
Wort imrjjity Juried ttt 2'4c ia,9i!
Cable, .-...
JJemaad,.;
niv. .
iIm In I itlth
1200 6 Lackuwurina Bteet.,. 7014.
409 Le Rubber &Tlro... 3615
100 3 50Uhlh Valley 434
2:30.
Ixjw (NTtm)
714 7815
33
3Vif
43 K- W
204 ..
31V4 94
714 ,
105 H
133 4
4815- 2
36 24
3114
S Vk
13374 37i
101 14
18314 3'
24 V
35
47 14
15
0
2771 1
44' '14
68 1
471
37- 14
6714- V
87
115
1114 ..
7714 114
43 U
2015
.31
714.
105
128
68
38
3114
65
133
102
196
2315
3415
46.
1515
815
264
43
67
46
374
67
8714
116
Ili
77
87
10m
72 14
144
31
4755
43
317a
9315
70J4
78
04
5474
45
614
915
140
3114
5t
101
84
32
4234
32
424
0314
3715
48
67
3014
6015
1034
ouu
600
1300
200
600
200
280
200
290
2000
100
7500
700
4100
18R0
200
3380
2400
1400
200
2600
100
500
400
100
100
200
6000
1000
1200
200
300
Loft Corp 21
Loewe Co 3114
Lorlllam Tob Rts... . 7
Louisville .& NaslivlUMOS
Manatl . Sugar ...... .133 14
Marlin Rockwell' Corp. 5814
Maxwell Motor ...... 37
Maxwell Mot ctfs ... 31 H
Max Mot 1st pf ctfs., SSU
May Dept Store.i . ...18374
May Dept Stores pf..l0V
Mexican Petroleum ..1894
Miami cobner 2414
7
7
10
3
1 20 Middle States Corp. . . 35
4 Mldvalo Steel & Ord.. 474
.. Minn & St L new .... 15
.. Missouri Kan A Tex.. 9
3 SO Missouri Paclfto . .... 18
.. Missouri Paclfto p( ..44
a Montana Power 68
4 Mulllns Body 4774
.. National Acme 374
.. KratAnallne- & Chem . 67
7 Nat Anallne A Ch pf . . 87
7 National Biscuit 115
.. Nat Conduit ft Cable 1114
Nat Enara & Stamp.. 7714
National Lead 1 89
10 New York Air Brake. 11 14
..New Tork Central .. 34
1 00 Nevada Con Copper . . 16
8 New York C & St L. . 32
5 N Y Chi & St L 2d pf 49
7 New York Dock 43
1 New York N H & H.. S37a
7 Norfolk A Western... TO 15
41 Norfolk & West pf... 7014
7 Northern Paclflo 70
5 Nova Scotia S & C. . . CO
2 60 Ohio Fuel Supply .... 55 14
4 Ohio Cities Qas 437s
,8U '1
lit 0
73J4 114
15 14
32 115,
403
43
3374 1
CO 2
70
70
05 114
654
43
614- 54
015 ..
148 3
314 f 34
31 - 15
10315 3
H5J4 U4
32 - 115
4334 ?
3415 14
42 J4- ii
04 1
28 14
40
87 1J4
3914 J4
71 314
10714- 14
200
100
1500
310
100
2000
600
400
400
700
200
300
1200
600
12080
1000
100
1400
1200
2100
200
2300
I0O
200
4300
7500
2700
100
090
280
4500
4000
4000
700
200
16700
200
8700
100
100
300
7700
800
1400
100
100
2600
400
3800
8500
200
3500
500
2300
480
38
600
J300
35300
100
1290
300
700
200
SO 80
t'400
4200
400
3500
200
700
1000
100
200
400
100
200
1200
800
1800
2500
7500
3000
16000
600
600
76100
100
3100
100
1700
1100
7200
300
1400
400
1600
2C0
100
400
1200
2700
1700
300
300
40
Okla Prod & Ref .... 614
Ontario Silver Mln... 9
Otis Elevator 148
Otis 3teel 3174
Paclfto Gas& Eleo.... 51
Pan-Amor Petrol .....10315
Pan-Amer B ........ 86
Pacific Mall 32
Parish & Bingham . .' 44
. Venn Seaboard Steel . 34
. Pennsylvania R R ... 4274
. Penny J C 04
. Pere Marquette 29
. Pere Marquotto pf . . 49
S Pero Marq.prlor pf ... 68
3 Philadelphia Co .38
. Plercc-Arrow Motor . 71
. Fierce Oil
Pierce OH pr
5 IMttsburgh C of P . . ,
. . Pittsburgh ft W Va ,
S Pressed Steel Car .
8 Pullman . ...'
S Punta Alegro Sugar
20
0214
82)4
8214
C3J4
31
103ft
124
0315
. 31
31
.1C3J4
.124
102
119
0115
19
98
J0714
9814
83
81
4615
527s
10534
83
1614
1614
242 .
2115
15
8114
43
73
f815
250
13
68
790
11114
4714
110
100
9015
fO
1234
4514
2C015
181
' 42
72
7514
31
3234
11014
60 15
6015
200
1214
26
78
2315
374
35
t415
C3
'1UJ4
112
68
104
112
7714
r.
75
80
6014
8
2 14
COii.
1015
3015
11315
62
II
6614
2434
85
7315
7015
0274
9254 1
20
083
11014 3
9814
84 14
81-3
4015 1
6274- 114
1C015
83-1
Ray Consolidated Cop 20
Rwy Steel Spring pf. . .
Republic Iron & Steel. 110
Republic Iron & St pf 0814
Reading .-. 84
Remington. Typewrit. . 81
RepMgle Steel 4015
Repub Motor Trufck. . S374
Royal Dutch NY ....10615
Savage Anns -i &34
S)ron Motor 10
Seaboard Air Lino pf. 1614
Sears Roebuck 233
St Louts San Fran ... 2274
St Louis Southwest... 10
Shell Trans Trading.. 82
Sinclair Consol OH... 4374
Sloes Sheft.fi A I..... '.314
Southern Paclflo .... 100
So Pprto Rico Sugar. 205
Southern Railway ... 2874
Southern Rallwav -of. . 8
Standard Oil' of N J. .785
SUridOll of N J pf... 1114
Stewart Warner Sp.. 474
Studebaker 11114
Studebnkcr pf 100
Strombenr Carb 02
Superior Steel 6
Tcnn Cop- A Chem . . 13
Tentor Fruit Prod A. 4515
Texas Co ....... .....20874
1614-
1614
"2274 'i
15 - 1
8115- V4
437, 74
-.314 114
100' 134
365 40
1374 34
58 ...
785 - 5
11115
474
111 14
100
.9015
M
12-
4515
208 74
108
4415
7?H
25
31
S3
12t?4
6615
6015
201
J4
20
80
24
64?4
3774
10
. Texas Co Full Paid . l
,.. -Texas &;Paclflp . , ., ... 4415
Tobacco rrdduct8',,v 1 V 53
.. Transcontinental Oil. .i4
S 50 Twin Cltv R T ...lw 33
.. Union Oil 33
10 Union Paclflo 1214
4 Union Paclfto p ! 68&
3 50.Unlted Drug 1st pf ... 60 15
J3 United Fruit ...2014
r. United Ry Invest .... 1214
.. United Ry' Invest pf.. 20
3 United Retail Stores 00
. .' USCIPJi Fdy. ... 24
..US Food Products.. 644
..US Express .'. 3774
8 U S Ind Alcohol 9015
8 U S Realty & Imp.. 664"
8 U S Rubber' 11315
U S Rubber 1st pf ...112
U S Smelt & Ref
U S Steel
U S Steel pf
Utah Copper
Utah Sec
7015
.10534
.11374
7015
. 074
Va-Carollna Chem
7615
Va. Icon Coal A Coke. 80
Vanadium Corp
71
834
27 Vi
6714
1074
3t
Wabash'
Wabash pf
Wells Fargo Exp
Western .Marylhnd
Western Paclflo .
31
11315
63
Hf4
07
24
80 -74
8115
Wcstlnghouse A Bralcll3J5
WestinEhouse is it .11. ca
. . Wheeling A L Erie
1174
4 White oMotr
I Willys-Overland ...
7 Willys-Overland pf
5 Wilson A Co
6 Worlhlngton Pump
C7
2114
80
7t
8115
1400
Ex-dlvWtnd.
t Ewlsbts.
BANK CLEARINGS
Hank rlesrlngs today compared
responding day last two yearn
IB-JO 11)10
Boston .. 171, 008, 701 52,2AH.31
nultlmarii lfl.6l',S.:,l'. 11. .'131.030
N. York. 874,7110,031 804,802. 813
Fhlla.... HO.n.'iX, urn M),sx,.47r
Chicago. 111.002.71S 80.M0.-t70
Tes.
1 10.30 close
1 fl.Vl 1 flS
l.BOti 1.60S
lllKh
1 7
1.01
low
l.4
1.3b
MONEY-LENDING RATES
NEW YORK Money on call, both
classes of rollatr-rnl. opcnrtl today at C
per cent for lending and renewing.
riiii..ni;i,Piti.Call, 6 por cent;
time, C per cent ; commercial paper,
three to nix months, C per cent.
fl2K
Sl'.i
f0
nii
83i
38.00 t3LJ t3T.T5 37.B3
"n.Ro
1 0
:n.nn
21.40
(i.sr.
'1.12
JO. 05
21.12
IP."" tis.02 i.02
toiSO 110.12 tlO.42
tin. no
19.45
Reserve Banks' Discount 'Rates
Official discount rates ut the twelve
Federal Reserve hankH wera as follows:
The first column gives rates for all
periods up to nnd Including, flftoen
day maturity ; the second for a period
of sixteen to ninety days. Tho third
mid fourth columns glvo the rates' for
discounts of collateral loans secured by
tChlc.so time
foreign cxrunugr i
pnerai uuvuiur.i "" -7
A fenlum wns the strength in
:..o n,l tho advance in
government lionds or notes.
Com'l paper
to tono
sterling showed a gain
1.03 nnd cobles at 4.iy,
IB dais
days
Hoitpn
New York .
Philadelphia .
a
il
were:
BH
Richmond
Cleveland ..1
Atlanta
Chicago
Ht. I.ouis . ,
Minneapolis .
Kansas City
Dallas
Han Kranclseo
IUiten on outMandlnr crrtltlcates of
Indebtedness continue unch&rtfed at 6
per cent, with tho exception of Minne
apolis, where the rato la i per vent.
RAILROAD EARNINGS
GRAND TIlUNlv llAIMVAy SVBTKJl
in:n Increase
fourth week March.. 13,001.115 llOo.SSO
CANADIAN PACIK1C
Fourth week Msrcll, , IB,SS2,(K)0 I, I58T.OOO
From January 1 4:.38D,000 0,500,000
UNION TACIKIC BTBTPM
February arose .,,S4.9Bl,(ifl t3,n3,D0R
JliFance after taxes. . .OMlsni 'l,17:STR
Net oper. Income.. .i.Mi.OOl 1,311,183
Two months' ross., ;.78,;TII 8,B34.87rt
Balance after taxes.. JO, 817, 70 4,&tt,noo
Net oper, Income., 10,085,615 4,623,358
ciiicaoo, hock iriand and tacihc
- u 8T8TKM
February xross v... .$10,274, MR
usiance aitsr. taxes
a.'T.r.u
Net oner. Income
4n8.nna
J3.27n.T4H
rJ,n4e3
TrimR. ttV.WU&i&te
Two months', rcs,
M'K itSTiU ' MI"
jtIn, after 'axe.
': fr.Td: -".i -r
l r vhi utevm
" '( .
. i
LOCAL TRADING
LITTLE BROADER
Net
Che.
m
Ihtorost Contorod in the New
Financing Plans of the
Pennsylvania Railroad
Interest localwlse centered Tery
largely in the proposed new flnauclng
plan of tho Pennsylvania Railroad. It
is understood that' tho officials in charg'd
of the new financing hs.ro virtually com
pleted negotiations with tho company's
bonkers, but no announcement will, be
made for tho time being. According to
the statement of- local banking Inter
eats who ore known to be in close touch
with tli.j management, the new. financing
will be made in the form of teu-year
notes,, secured by general mortgage!
bonds, and the amount will probably be
S-JO.000,000. instead of $50,000,600, as
first reported. '
Tho outcome of the floating of such
an issue is awaited with a great deal of
Interest by local banking interests in
the way of a test to sec how the invest
mrnt market will absorb a high-grade
railroad issue. While the employment
of the proceeds of the sale of such an
Issue of notes is, of course, only n matter
of conjecture, yet it is believed that'n
considerable portion will bo. used to pro
vide funds for the $10,321,000 Philadel
phia aud Erie bonds maturing .Tilly 1.
The balance of approximately $20,000,
pOO will bo added to working rap I till.
Thoro was an appreciable broadening
aud expansion in the dealings in the
local market. The results, however,
wcro mixed, in that the market devel
oped both weak and strong spots. The
latter fortunately outnumbered the for
mer. The utility' shares wero the softer
spots, with continued liquidation of
United Gas Improvement being tire
foremost feature of the trading in that
croup. There was Bomo nersistcnt sell
ing of the stock, which, with tho buying
power limited, resulted in a further
concession in price to 47Ji. Philadel
phia Electric at the same time was
freely supplied, dipping to the recent
low water mark of 24$. Philadelphia
34
115
114
374
6
Rapid Transit was depressed to 23,
but later met support and rallied to 24.
union xi-action at the same time recov
ered H in an advance to 31J4.
Offsetting the heaviness of tho utility
group n vigorous demand developed -fof
American Stores carrying the price up
to -If). There was also a good demand
for tho Philadelphia Co. shares, with
the common advancing 2 points from
tho previous snlc to -10, while the
cumulative preferred was elevated
point to- .13. At the same time Elec
tric Storage Battery showed some of
its old-time form moving up $1 to 117.
Now tops wero likewise made by In
surance Company of North America full
Said receipts and old stock at 80 and
1 respectively. Lake Superior Cor
poration was kept pegged at 10 with
quite n largo line of stock picked up at
tbat figure.
Vk
Philadelphia Stocks
- 14
I
1
- 15
- 15
1
15
3
4
K
1
14
3U
..
..
4
114
114
115
3
1:30 Nat
p. m. elite.
21 'ft..
Itlrh
10 Allia Ins 21?i
875 Am Strs.. 45
30 Am GaS.. 48
Low
21
25 Am Ity pf 50
r.o
5(5
10 tBald Ii.lSOU 130 Vi 130'1l,i
u uam iron -hi iu -hi . .
325 El Stor.,117
70 I Co N A 31
1UU rets 10 p L'O
ion Tvr.v!T.!i 1(1
815 Lake Sup 10'
ii in rsav. iki
78 Leh Val. 44
43 Lit Schyl 40
ICO Pa II it. 43
25 tPicr'cOil 20
110 Philn Co. 404
CO do cm pf 33 Vi
C94 Phil Elec 24
103 Phil R T 21
lOOtltcading 84
110 Ton Miu. 2
2 Un Trac. 81 Vi
608 U G I... 45
11 Or, 117 1
2i ;n-;
9 "".. '"'TV " n
12. iruZ mil.
5 in 10(5
05 05 . .
43 44 ..
40 40 . .
42 43 --
20 20 --
40 M)iA2
24$ 21..
3 "4
84 84l
toi5 a
3- 214
113)5 3J4
112
7015 115
10534 115
112 7i. 14
7015 274
0J4- 14
7015 315
86 - 114
71 Vi
8 Vi
2715 114
C6J5- 314
1074
11 Vx
47tt
IOS'4I
8
SCO tU S Stl.105 104
1 War I&S 8 8
tKet cliantrn made by comparison with last
sale In New York Stock Kxcbance.
Rales In nONDS
S1000 lllch !
4 Chi Xwn 5s OO't 00 Vi
1 Elec & Peo
Tr 4s.... 02 02
4 Keyst Tele
1st 5s. ... 77 77
3 Lib Bonds
1:80
p. m.
00 Vi,
02 ,
Net
che.
3VaS .... 0(1.02 1)0.02 0(1.02. 02
is an -I'is. vuu ii-'.iw icuo .o:
73 11-20 4th4M 80.01 80.80 89.80 .0:
15
14
34
34
'
134
S
1 2d 4s ... 80.00 80.00 80.00. 20
:ki vie in 'is ur.uu uf.&u ut.&o
1 Pcnna Co
cons 4ls.
4 Pr-nna gen
-IVsB
7 Phila Elec
1st 5s...
20 Unl Itwy
Inv 5s.. .
31A 31
47
00Vi OO'j 00Vi Vi
70 70 70..
00VS SOVj 00 Vs
OOVi 00 00 Vi
with cor
1918
,
Philadelphia Markets
PROVISIONS steady. Beef, In sets,
smoked' and alr-drled, BOo; tef, knuckles
80.1,0,13, (1(15
and tenders, smoked and blr-drieu, 51c; pork,
family. 00c: hams, B. 1. cured, loose, 200,
lllc, do, skinned, loose. 30S0Hc; do, do,
smoked. 3232Vio: hams, boiled, boneless,
49c; picnic shoulders, B. P. cured, loose, 21c;
do. smoked, 22c; bellies. In pickle, loose.
I'l'ir: breakfast baton. 32c; Inrd. 23Hc.
C1IEISSK nrm. New Tork whole.tnUk,
Hats held, fancy. 80H W3lo: speclsu hlrher;
held, ordlmry to sood, 23W20c; current
make, nominal: Jobblnc sales of fancy cooda.
323Sr.
L1VK POUI.'rnT Fowls, fnncv, fat, 45
4Sc; do, medium. 420140; do, Inferior. 40l
41c; broiling chickens, fancy, soft-meated,
weighing 1Vj02 lbs. apiece.' 55 ftOc; spring
chickens, average soft-meated, 424tc: do.
Inferior, 3S40oi staggy young roosters. 30
0S2o: old roosters', 25026c; .ducks, white
Pekln 444(lc; do. Indian Itumrir. 4243c;
do Muscovy. 8032n: turkojs. 40JM6ci
pigeons, per psir. OStfOOn,
KltllSH I'llUlTS AOPles, per bbl . ss to
quality 4408I do. per box. tl. 5094,23.
Oranges. Florida, per hnx I2.757.85 dp.
California. ,. per lJ. '2.J5W7.50. Orape.
fruit. Florida, per box ll.25WS.00. Straw
berries. Klorlda, per at., 2Bcll. .
VKOKTADLKS White potatoes, per cwt.,
ik.taar.9H. Sweet potata. southern, per
oi.mu.i.o
hstnper. 1101.23; dn. Jersey, per bekt..1 73c
Gov't paper
10 to 00
15 daa days
'11 75. Cabbage, New York and uanisn,
Ser ton. $3040; to, Florida, per hamper,
IrtLV Onions, per 10Mb. sacks, yellow,
$1 3008.50.
nv, 5v
BROKER GOES TO WALL '
Chicago House First Failure in Grain
Trade Since War Began
Chlcapo, April 0. (By A. 1'.)
Kugcne M, Hoyno &.. Co., a brokeroKo
liouee, yeHterdny nnnounced inability
to protect opon trades la tb gruin rrfur
kot und tumpcndpd operations.
Tl0 falluro wutf tho flrxt In the gruin
trade dlnco thp begliiulug of th war,
This firm Is composed of Kugeno M.
Iloyne and Kagcno II. De Uronkbort
ami succeeded that of Perry, I'ricn &
Co. lh 1018. Mr. Iloyiio said lack of
capital was tho eatiHo of tho failure
and that an attempt would bo made to
satisfy all' creditors
tr, Hoyno Is a member of the New
Tork Stock Kxcjiunge iih well us the
Cblcago Board of Trade,
Prices Steady on Paris Bourse
Varls. April 6, Prices were steady
und on tho Bourse today 3 per cent
rentea wore quoted at 67 francs SB
.sntlnien: ' excriwice,, on. London, v50
francs 73 conUmeat B per cent loaj.l
franca 40 centime. Tlio dollar 'Wm
,lMoua,at 1 paw 7B cenUMts, 'j
J2.410.47l
- mw
mm
siv.erv,'
ti. . . - .', t
.4 ' ' I V, .,
r.ti
5ft m-i
M nii
5ft 514
B-i 54
5t, ftVi
. 1
April Investment
Offerings
THE wcll-divcrsificd ' list of
bonds, notes, and preferred
stocks contained in the April issue...
of our monthly booklet, Imx'jt
' 'ment "Recommendations t will assist
you in making opportune invest
mpnts -vith attractive yields.
Our Bond Department will be
pleased to send you this booklet .
on request, and to consult with "
you . concerning youf individual
investment requirements,
1
Griiaranty Trust JCompkny
. of New York
Glaytoh F. Banks, 'Philadelphia Correspondent
. 421 Chestnut Street
I
2 New Forms of
Credit Insurance
Every manufacturer and wholesaler should
investigate the. American's two up-to-date
policy forms:
STANDARD
U.S. A.
This policy provides for continuous protection
on sales made during the full policy period.
STANDARD . "''
V D. O.
This form of policy provides protection on
losses occurring during the policy period.
Both Policies provide for our Special Service
on Accounts and fdr abnormal, ,nforsccn
credit losses. Adjustments on both rjiay be
had during the policy period whenever ex
cessive losses occur. Write or phone for
full particulars.
AMERICAN CREDIT-INDEMNITY CO.
or NEW YORK E.M. TREAT- president
ISSUIB STANDARD UNLIMITED POLICIES
IV. J. Jlorpliy, Manager
J. 1 McKudden, Gen, Aft.
. Mutual Life of N. Y. Illdr.
riione, Vllbert 0303
1'hlladelphlB, l'n.
MUNICIPAL BONDS
State of Maine Highways 5's . .
Assessed Valuation $577,442,020
Net llonded Debt 0,180,800
State of Minnesota 5's . . . . .
. 1932-33
1922-2$ 5.00
Assessed Valuation :,010,45I,B4X ,
Net Bonded Debt . 7,000,000 '
City of Bayonnc, N. J., Water 52's 1926 5.10
Assessed Valuation
Net Bonded Debt .
(70,834,451
3,745,043
Montgomery Courtly, Ohio, S'j's
1922-31 5.23
Assessed Valuation
'et Bonded Debt .
04,000,000
1,702,310
U. S. Liberty 3d 4 's
U. S. Victory ' W
1928
'1923
Bonbright & Company
MORRIS WISTAR STROUD, Jr, Manager
437 Chestnut Street, Philadelphia
NEW YORK BOSTON CHICAGO DETROIT
Safe Investments ' ' "'
YOUR money invested now In the Preferred Stocb
issued by well .established manufacturing companies
'IS iifely invested.
Btcaue it b SECUREP by the entire assets of corpora
tions who have produced vital neceaides ' for a long
period and have an situred market for their product.
Wt have a etrtfullj ubcled Hit ef
PREFERRED STOCKS
riELDING Sfo
tchlch tie tan uctmmenJ t the
mul totutrvative inpattr.
Atkjor Booklet P. P. L. 357
IiollisteiWhite& Go.
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North American Building '
PHILADELPHIA' . .
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