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'
Service and Stability
The Cheerful
Atmosphere
;
of our IJank will con
vince you that the ren
dering of efficient serv
ice h h leal pleasure to
our force.
. We particularly solicit
"bunincs-s accounts; and
in addition to tlio usual
commercial accommoda
tion, wo offer you the
vnried a n r complete
service possible to secure
in a modern Trust Com
pany. Integrity
Trust Company
Fourth and Green Strcta
Capitol $500,000
Surplvt & Profit $1,700,000
MARK
El NERVOUS
I: h -j),,; , ; .,,. . . .. ,.,., . . . ,t ;, - , ,,', ;
AND
UNSETTLED
"WT- T-1 Ji M . .!.. w
..- 1 '"I t fr'i .' ',,.;-.:;..,. ,., .'.'.i. ,,.
f ' - ' - "
NEW YORK STOCK EXCHANGE TRANSACTORS "
"I i '.i ii. ii i ,ii ji jjjft i ,,,'jiii miliaria, in 1
lit '. i i1 HT i i i . 1 1
CominddUy Mtwhbi
Fluctuations Wido and Vtolont,
but Prices Stoadiod in
Aftomoon
Prices of
Foreign Government
Internal Loans
Only American ami Ar
gentine investors arc able
to buy bonds of European
nations at extremely low
prices. The prices quoted
are due, not to ihe
markets abroad, but to
exchange rates. The buy
ers of French internal
loans may receive profits
running as high as 200tt.
Circular E-TC on request
sHANDLEr?& goMPAHY
Franklin Bank BIdg.
Philadelphia
Ntw Tork Bcjton
Complete Investment
Service
We arc in direct touch
through private wires
to our own branches
with the following
cities:
New York Chicago
Boston Baltimore
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(Milwaukee Detroit
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Duluth Houghton, Mich.
Write for our
Weekly Financial Letter
1422 South Pcnn Square
Philadelphia
Commonwealth P. R. & L. Co.
Pfd. Div. Scrip
Portland R. L. & P. Co.
lit & Ref. 5, 1942
BA.NEEB3
321 Chestnut St., Philadelphia
Ktmbtri ftv York and Philadtlthia
Stack EicKanot
K
LIBERTY BONDS
All Issues
Bought and Sold
$50 $100 $500 $1000
t Graham. Parsons &Cct
435 Chestnut Street
Philadelphia
! New York, April 22. -As naturally
would be expected from yesterday's
slauRhtfr of vfthici both the stock mar
ket nod tin- commodity markets were
in n hlclilv nenous condition today.
I'luetuations In stools, grain and cot
ton werp wide and .violent, roUeotlnj the
. continued mental confusion snd the
'grnernl unsettled Matr of the entire
t'mani'lol norltl. Apparently btrotvg jiup
portlg orders uere placed to arrest
fiirther spread of the demoralisation.
This had the effect to check the liqui
dating wne to a rortaln ttent. but the
markets remained in an otroni'"l fe
verish eoudltlon, waes of strength and
weakness following in quick succeslon.
In tho meantime, dealings eontlnuN)
on nn ettniordinarily heavy scale, th
I 'als on the stock exchange by noon
'icnrhlng the million share mark.
I Some effort wat. made to put an air of
i mystery upon the demoralization of the
market jesterday. Thre was nothing
nusterloti in connection with the shaki
ilon ii, union, in brief, nan the outcome
of the banklnc attitude tonrd the pools
nml .-pe(Milutlro oomblnntlonn on the one
side. On the other, the eutmilatlrr ef
fect f a multiplication of adverse in
flueu',es which 1ms o been conspicuously J
before the nttentlon of the market com I
ni inity for ome time. These included
ilio .trntoef credit position of the world ;
labor uttrett : domesHc and forclcn po
litical ii-t iirbnnic ; commodity price
influteti to n bursting point: railroad
problem of most trjing nature; unset
tleinrnt of foreign exchange; growlug
discontent of the masses and a number
of complications which continue)) to
crop up afresh each succeeding day.
j As to tin pools, there are substantial
I reasnus for belieting that a week ago
these spcenlathe combinations Tcro or
dered by the powers to be In the banking
world to reduce tbelr holdings at once.
It is possible, judging from the charac
ter ot eterdaj's -laughter of values,
that the banking orders had goue further
and demanded nbolute distribution of
pool stock-.
The conduct of the market during the
morning furnished ample confirmation
in that pool stocks were ngaln thrown
upon the mnrket in large blocks. The
enornioii'i selling of the Liberty bonds
is likewise easilj explainable. First, It
cnn bo said there hut been liberal mar
ketlng of bond from corporation hold
ings, sold b'caue working capital can
not be borrowed except at rates of In
terest that are little short of prohibi
ts o. Then there hato been heavj sales
bj working people who feel the pinch
of an extraordinar high cost of living.
Adiees receded h banking institutions
confirm recent reiints of enforced sell
ing of Libert bonds ut industrial cen
ters where labor troubles have been
especially prealent.
Liquidation of speculative hnres was
resumed ut the opening of todaj 's mar
ket. much of the pressure emanating
from professional interests. Offeriugs
were well absorbed for a time. Some of
the high-priced specialties which were
hit the hardest ncsterdaj making sub
stantial recoveries, while other of the
speculative division suffered further re
versals. Kresh reaetinnar.v tendencies."
however, developed before the cud of the
fir-l hour. In wbicli mot of the early
gaiiiN were canceled, further weak-
ness of the Liberty bonds being a dis
quieting influence. The decline was
more orderlv. in contrast with' vester
daj's excited dealings, but little support
was maniffstrd ectpt ut marked con
cessions. Pressure, however, relaxed
before noon as call money opened at 7
f per cent.
I Further reco erics during the inter-
' mediate session carried several leading
stocks far above best prices of the
'morning. Actual gains of .'! to almost 15
points were made by General Motors,
Baldwin, T'. S. Rubber, Iteplogle and
Corn Products. Call money was freely
' supplied nt the opening rute.
Philadelphia Market Feverish
The local market was also in an un
settled state in svinpathv with the other
markets. Renewed liquidation appeared
in ditterent quarters ot the list, being
especially noticeable in those of the lo
cal stocks where there had been a
known extensiou of speculative interest.
The market showed increased activity
ufter the first hour with weakness
i throuchout nearh the entire list. This
followed u fairlv steady but hesitating i
opening '
The sellins movement centered virtually '
In about the same stocks which had I
sustained the brunt of the liquidating!
waves in the preceding sessions. Lake
Superior Corporation was particularly
weakfl declining to Id1, an overnight
loss of nearly SI. Llectrle Storaee
flattery was forced down S2 to $120,
but before middav had recovered the
loss. Moderate liquidation carried United
(Jus Improvement down to n new low
record at -in The selling movement,
however, extended to such shores as
Lehigh Navigation Philadclplra Co..
Philadelphia Klectrlc. Cqjon Traction,
Lehigh Vullev and American Stores,
most of which sold nt the lowest prices
of the year. Reflecting the narrowness
of the "market for specialities. General
sphalt dropned $1S to SI. .1. C. Tlrill
at the same time suffered a los,s of
S2 .".0, declining to ."0U.
SMm
ana
ton
:tn
1J0
tos
toa
3.1 jo
sn
5.100
200
2100
too
1300
t
tS)0
1.100
JtOO
:oo
MOO
nioo
M)0
too
A)0
3700
:(oo
eOO
too
.1700
too
:aoo
aioo
1300
0700
MOO
100
100
200
6100
300
000
3610
400
4S0U
too
61300
500
3100
300
400
4700
7600
00
nno
300
A00
300
00
1100
njo
7J0
900
300
1500
100
100
3300
.1740
3710
7500
400
4)0
3300
2000
7M
soo
13000
400
600
3000
1330
100
1300
1710
300
2300
34400
1530
200
SOU
11C0O
SOO
100
4490
600
30700
8500
11600
309
300
-JU
103
1400
100
1000
100
It'll)
0100
100
too
1000
13)0
600
300
7300
40800
703
200
2110
2000
1200
too
200
2000
4700
300
100
33)0
100
240.1
420O
oOJO
000
100
200
1400
3000
3400
100
300
4000
5100
1000"
700
110
niv,
tn$
.118',
.101
. 31
. 44?'.
4'4
137
34 H
Itlrh
.. Advance numilr , ... 3H
6 AJtx Rubber ........ 10
, . Alaska Gold Mines... I?(
., Alaska Juneau Q M.. 2H
., Allls-Cbalmera 3a?t
a Am Arrio Chem .... 88
6 Am Ag-rlc Chm pf.. 8H
8 Am Beet Sugar , 16
10 Am Dosch Mactuvto... 111)4 1
. . Am Can 43
7 Am Can pf 4V4
12 Am Car ft Fdy 134 Ji 1
4 Am Cotton Oil 45
(0 Am Drug Syu 13H
6 Am Impress 133 1
.. Am Hide & Ltathtr.. 21 '4
Am Hide & Leather ptlOt I
Am Ice 41
Am loo pf 60
Am Internal Corp..,, 131
Am Llnceod ......... (Uij
Am Looomottva 01
Am Locomotive pf.,,103 1
Am Safety Raror .... 14
Am Ship & Com 30 H
Am Smett A Ret .... 3V'
Am Smtlt is Ret pf.. MH
Am Smelt Sea A 804
Am Steel FoundrlM... 41'4
Am Steel Fdya pt .... B'
Am sugar Ref 1324 t
10 Am Sumatra Tob .... 814
8 Am Tel & Tel OS
n Am Tob c temp ctfa
7 Am tvooltn It 1
.. Am Writing Paper pf 43
.. Am Zinc Lead Ac Sm. KUi
6 Am Zlno Lead & Sm pf St 'S
4 Anaconda Copper .... 7
.. Asset Realization ... 4a
4 Aeo Dry Qooda .... 40'i
n Atch Top & Santa Fe. 804
7 Atlantic Coast Line. . 87
in Atl rjulf W I H H I I
7 Atl Refining ir, M . 107J4
3,50 Baldwin Locomotive.
1 Baldwin Loco pf ...
. . Baltimore A Ohio . .
4 Baltlmoro & Ohio pf.
2.30 Itarntulale Clays A .
8 ItHrrett . ..
.. Bethlehem Motors...
8 Bethlehem Steel el IS
G Bethlehem Steel B... 80 8'
8 Bethlehem Stl J" pMOS's l"'i
.. Booth Fisheries 10 H 10
.. Bklyn Rapid Transit. 15 4
1 Bro-vii fc'.ioe 30 14 H
10 Bums Bros 11014 !'
.. Butte & Superior Cop. l&h '3l4
.. Butte Copper . Zlno. 0 ft
.. Caddo central O & R IV4 17U
6 California PacUlnr ... "'4 77i
.. Callfonila Petroleum. 32 3U
7 California Petrol pf.. flV ( Mli
4 Calumet A Arizona... 60 60
10 Canadian Pacini) ...1174 1!'
0 Central Leather 70U 764
4 Cerro da Pasoo Cop.. 48 i 4H
' 10 Chandler Motors 14414 13
4 Chesapeake & Ohio..,. 30J4 50
.. Chicago & Gt West... RVi 9'
.. Chi Mil h St Paul 314 3IH
. . Chi Mil & St Paul pf . . .1014 4J
7 Chi & Northwestern.. SI 7
8 Chi Pneumatic Tool.. S3 86
.. Chi P I A Pao 3114 29'i
Chi R I & P 8 pf.. 3i4 63H
7 Chi R I A Pao 7 pf. 71 6t4
.. Chllo Copper 1114 H
l.oo Chlno Copper 33H 3'i
7 Cluett Peabody St 83
1 Coca-Cola 35 34 U
1 Colorado Fuel A Iron. 37 ?5
. Col A Southern 22 33
8 Columb Ga & Eleo... to 484
I Col Oraphophono .... 43 3?
7 Consolidated Gas .... 85 84
6 Consolidated Cigar .. 134 13'4
i Con Interstate Cat M. 16 154
3 Consolldatwi Textile. 41 3SH
1 Continental Can 914 10
7 Com Can pf '
1 Continental Candy ... 124 12
. Cosden Co 41 40
4 Com Products Ilef...l00 0314
13 Crucible Steel 242 '4 324
.. Cuba Cane Sugar ... f34 X0
7 Cuba Cane Sugar pf.. 81 80(4
7 Deere A Co pf t00'4 4
.. DenveT & Itlo G pf... 11'4 1!4
.. Klk Horn Coal 3214 '
0 Lndlcott-Johnson ....106 163
.. Lrle 12'4 2
. . Erie 1st pf 1J4 1S14
8 Famous Players-L. ... 75 75
.. Freeport Texas 13'4 S2t
3 Flsk Itubber 84 33
10 Fisher Body 1M5 135H
Federal Mln & Sm pt. 3514 3514
.. Gaston Wms A IVIg.. 14 13
8 General Electrlo ....151?; If0'4
.. General Electrlo rta.. 214 2'-4
General Cigar 66 3'4
10 General Motors 392 375
10 General Motors ctfs.. 38' 4 -7 '-4
6 General Motors deb.. 714 71 li
7 Gen Motors deb 7 To.. 8 V 84 U
6 Goodrich B F 6614 05
Ii
.2:30 Net
: CNTtm) Ch.
TJ4
70 1?(
14
88
8H
UVt-
111J4
42
4V4
184
45
13H
132 -20H
104
41
60
92
84
7&4
103
13J4
20
6JJ4
04V5
S014
40H
87H
I5J4-
- 11
" . HIk
iveiiy-epg Tire ... .113
2 Kennecott Copper.... 2SJ4
1 !0 Kej-stonelra TAR.. 33 U
6 Lackawanna Steel ... 824
.. Laclede Gas of St U. 3S
.. Lpo Rubber A Tire... 34U
S 60 Lehigh Valley 42
.. Liggett A Myers Tob. 165
.. Liggett A Myers rts.. 1694
2 Loewo Co 3114
.. Loft Corp
12 Lorlllard P Tob ....146
.. Lorlllard P Tab rta.. 7 "4
4 Mackay Cos ..', 0H4
4 Mackay Coa.pt CO
10 Manatl Sugar 133
7 Manhattan Clev guar. 48
2 Marlln Parry 26
Martin-Pa'rry Rta .. Hi
7 May Dept Stores . ...17S1,
.. Maxwell Motor 32'
10 Mexican Petroleum... 170
2 Miami Copper 21 J
1.60 Middle States Corp,.. 33i
4 Mldvala Steel A Ord,. 434
.. Minn A St L new.... 13"
7 Minn St P A 8 St M.. 71
.. Missouri Kan A Tcxaa 714
. Mo Kan A Tex pf.... 11
.. Missouri Pftclflo 2114
.. Missouri Pacltlo pf,., 3814
7 Montana Power pt. 8
. Montgomery Ward . . 34
4 Mulllns Body 4144
3 50 National Acme 3614
.. Nat Anallne A Chem. 6514
7 National Biscuit Co. '.11334
a National Cloak A Suit. 7214
.. Nat Conduit A Cable. 10
6 Not Knam A Stomp.. 71
6 National Lend 82
7 National Lead pf....l07H
1 Nevada Con Copper.. 1114
lo New York Air Brake. 100
8 Now York Central... 0811
soo iNew york Dock ...
. . Now York N 11 A II
1 New York Out & W
rm N.t
h Low (KTtm) Chat.
11014 113 14
27J4 28K- 14
31)4 32M I- 3)4
76 8114- ?4
38 3s 1J4
34 31 - 14
4i)4 42 n
165 165 - 24
164 16K.. )4
30)4 31
17 J7H
145)4 US H
714 li- H
64 64-3
0 CO - 4
13014 13114- 3fS
48 4H 14
20 26 , ..
Ut I!s V4
126)4 n
3
29 V4
17 !4
91
744
60
Nunslly Co 20 'i
7 Norfolk A Western.
7 Northern Paclfio ..
B Nova Scotia SAC.
4 Ohio Cities Gas
.40 Okla Prod A Ref...,
.. Ontario Sller Mlnlnc.
.. Otis Steel 294
3 Owens Bottling Mach. 56 j
4 Pacific Devel Corp,
l Paclfla Mall
6 Pan-Amcr Petrol
)
125H 14
35)4-' 14
13-1
13014 - 21
2)4
65S ?i
200 15
29, 14
7114- 114
8514 - 1
654- 14
40'4
4?
7H
69
33 It
8S
1 Pan-Amer B 94 s
a Fennsylvanl.i R R.... 40'4
.. Penn Seaboard Steel.. IS
.. Peoples Gas Chicago.. 35'i
.. Pere Marquette 35 ?4
5 Pero Mari prior pr pf.,64J4
n Philadelphia Co 87
.. Plerce-Arrow Motor .. 041
.. Pierce Oil 17U
8 Pittsburgh C of P... 59'4
. . Pittsburgh A W Va. . . 4714
1 Pond Creek Coal 18
8 Pressed Steel Car.... 104 14
8 Pullman 116
0 Puntti Alegre Sugar.. 103 M
1 Ray Cons Copper . . IS
8 Railway Steel Spring. 05 '4
4 Reading 10
2 Reading 2d pf 34
.. Remington Typewriter 77'4
.. Replo Steel 76
6 Republla Iron A Steel. 104S
4 Republlo Motors .... 44
0 20 Royal Dutch , lit'.
. . St Louis San Fran ... 3
1 St Joseph Lead U'o
6 Savage Arms ....... 05
.. Saxon Motor 15'4
.. Seaboard Air Line pf. 14i
6 Sears-Roebuck Co....230)
1 Shattuck Arizona .... 10)4
.74 Shell Transport 8414
.. Sinclair OH 3514
6 Sloss Shert 694
8 Southern Pacific S3Ji
8 So Porto Rico Sug pf.110
.. Southern Rail 2114
20 Standard Oil of N J.. 718
7 Stan Oil of N J pf... 10714
8 Stewart Warner Sp.. 43 ji
4 Stromberg Curb 8114
7 Studcbaker 100
6 Superior Steal 50
.. Tcnn Cop & Chem... 11 '4
10 Texas Co 4614
.. Tcxaa A Pacltlo .... 35'i
6 Tobacco Product ... 074
7 Tobacco Products pf.. 8H
.. Transcontinental OIL. 18
A Transue A Wms Steel. 58
50 Twin City R T 32
31
117
13
4414
3094
iyj
.60
6
0
3 60
Great Northern pf. ... 13'4
Great North Ore ctfs. 3S4t
Green fananca Cop.. 33
Gulf Mobile North 12'
Gulf State Steel 62
Haskell A Barker Car 60
Hendee ctfs 3?
Homestako Mining . . 6014
Hupp Motor Car 20
Illinois Central 8514
Inillahoma Ref 81-4
Inspiration Con Cop. 53
Intcrboro Con Corp. . . 4
Inter Con Corp pf... . 13U
Int Agrlcul Corp 22
Int Agrlcul Corp pf. . o
tnil Harvester new.,.125'4
Int Mer Marine 314
Int Mer Marine pf . . . . 09
Intemat Motortruck. .130
Int Motortruck 1st pf. 81
International Nickel.. 2014
International Paper.. 77 '
Jron Product Corp. . . 46
Jewel Tea 114
Kansas City South,. 15H
Union OIL ,
10 Union Pacific
4 Union Pacific pf . . .
4 United Alloy Steel..
10 United Fruit
Unl Ry Invest pf . .
3 United Retail Stores. 7194
.. U s C I P A Fdy.... 18
..US Express 6 14
6 U S Food Products... CB4
8 U S Ind Alcohol 02 i
U S Realty & Imp.... 55J4
8 U S Rubber 103
V 8 Rubber 1st pf . . . . no
6 U S Smelt A Ref.... 6314
BUS Steel 98J4
"US Stoel pf 110 14
fl Utah Copper 71)4
4 Va-Carollna Chem ... 70'4
8 Va-Car Chem pf ,10014
Vanadium Corp 804
Wabash 8
Wabash pf A 23)4
Wells Fargo Exp .... 55'4
1 Wcstlnghouse A BrakcllH4
4 Wcstlnghouso i: A M. 40 Ji
.. Western Maryland... 014
. Western Paclflo 27
.. Wheeling & L L'rlo... to;',
. Wheel A L B pf 154
4 White Motor 58
1 Willys-Overland 214
Wlllyw Overland rts.. 14
B Wilson A Co 68)4
Worthlngton Pump... 7414
Ex dividend.
128
31)4
170(4
2114
1 H
424
12 H
76-
7)4
11
3314
38H
98
S3
41
364
624
1134
7114
0!-i
70
78
1074
l!i
OS
OS
36
28
1714
91
71
58 1 4
104
no 4
4'4
7?4
20
53J4
69
32
01)4
no
404
25
34
;34
644
95
.19
164
5814
3014
1714
93
113
103)4
17 '4
03
70)4
34
75)4
C514
CO
44
107 '4
1994
144
65
144
1414
31814
10
Sllj
f3
CU
13 H
110
30
712
lt7
4214
75 '
104
10
10)4
44l
:s
66
884
17
57
32
20 1 i
116 '4
13
44
:o5
21
6814
18
614
OH
87)4
54
08 Ta
110
65
03
107)4
70
CO !i
109
74 X
8
22)4
55
110
49)4
OH
26)4
84
15-X
5614
20
14
67
11
13"4 114
31)4- J4
14
176
214
32 H
43
13
71
7)4 .
11
71 IA 4. I
39)4 U4
98
33)4- 14
41 - H
304 H
034- H
113M U4
71)4- 14
14 14
10 3
8114
1074 "4
WA - 14
P8 3
6814- V
.16 - 1
39 1)4
1714 - 34
91
7t
684
174 4014
86
69 -33'4-9614
2.1H-
.15)4- D4
134
644 86H
02 20)4-1
115 -101
-17J4-C3
77
31 -7714
07
99)4
44 -108s-20
15
65-3
15', - 14
14)4- VA
219 4
10 - X
8114- 24
T514
?
13tt
110
20
718
107)4 ..
42)4- 4
81)4
104 314
501
0)4-
44)4
14
14
)4
H
"?4
1
3!i
4
1
'4
1
ir.
14
H
"is
6
:
i
4
l'i
1
884
17 58 4-
33 IK
31 14
110)4- 114
13 - '
441
son 4)4
2214 -i
0814- 2
18
14 14
f64 1
714- 34
5514 14
103 414
110
65 -
05 - 34
10714 14
7114 H
08)4 '4
109 - 54
804 64
8
-3J4
55 -
110 -
0J4-
04-
26)4
o-
1594-
68
20H-)4
67 -71
-
A
H
)4
")4
94
14
'A
14
J4
1H
394
LOCAL MINING STOCKS
TONOPAH STOsKS
Philadelphia Stocks
Assoc. Simmons Hard. 7i, 1925
Ball Tel. of Canada 7s. 1925
Cuba Cane Sugar 7i, 19.10
B. F. Co'odrich 7i, 1925
Phlla. Elec. & U. G. I. Note.
Ponna. R. R. 7s, 1930
!Empir Gas & Fuel Ci, 1924-26
.Texas Co. 3-year 7s, 1923
"' Bought Sold Quoted
MCown&Cft
UNO TITI.B llLDl... I'HII.S.
Menber I'hlladrlphU hlorU lArlmnse
Wanufarturers Huter ( nmiimi) 1st An, 1010
njtrrf Oa Imnroirmrnt (ornimnj On, 1021
X'anadlnn mriflr Hj Koulpmrnt (Is, Srrlnl
INew Yerk On I nil It. It. I"qnlc. a, Hrrlal
Cootlnentiil ller fiinnnilnn 7m. Hrrlnl
m, ; Warn 11hIiuIi Vll True ,1.. 11)31,
Hwburban (" l'o. t I'lillrtdflchla Aa, lt5i ,
i.tiipknonTllle C,Rs roinnitiu 1st 3, I9S I
Jshnatown Trsftlon t'otnpttiir llf. 5, IO3
National' Os. ntfrlrlel.t Pr i. mil
(Jft. IVarne, Vn W rrl A I Inn True. 5, 1030
, Samuel K. Phillips & Co.
Members Phllndelphln storl, Kirhanse
' Bl)7 III'.STMT T
Hish
."07 Am Str. 41
" do pref . 01 to
100 Am lee. 41v
7.". Brill .1 G r2'.:
10'Jl Fl Stor. l'-'.'t
'-'00 Lne . I'-'N
10 (Jen An SI
ST I Co N A J0
lrttW Lake Sup 1H
(WO Leh N'av. fl'J
rl Leh Val. IP,
KOI Pa R It tO",
1." Phil To. lC
241 Phil F.lee 24-"V,
110 I'hil R T 22
100 tReadine. 77' ,
J'.OOTon Rel 2's
4tV1 t'n Trn.-. "2
lid r r, i . :.'.
220 iV s Stl. n?
mi
ni.. ,'ifll!.
120 "
?is
"51
20
1015,
11
Mi?
21 M,
221
77ii
2
r.i-i,
in
I7i(j
I .1" Nt I
ni4 U
fiPi..
li9-li'..
not 5 ai
iai -2
124- i,
fil 18
20 ..
10 !,
02
4114
40f . .
P.iPi if.
221,4- ls
77"v- 14
.12 ..
OS
Ch no
Jim Hjilr
Ma 'mr . .
r liN . . ..
M'zpth Ext .
Montana .
North ntar
Ilfaue Euls
Ton r-li l"xt
w-ii Kni
W si Tonopah
Tlld
OT
20 ,
12
08
09
00
20
l'
M
PIVIDC STOCKS
Allied DWVU ...
A n Dl1de . .
llleher
Urn Hur ... .
Ilrotiah DUldo ..
Imlde Ext
IlMd fmdlcato . . .
1 Mn Cons
I) v dnd
rjl Dlv14e . ...
lUsbrouek Dlvlds .
Itlsli Dlvlrt
Il.j art Divide
Iti-no Dlvlda
Itosetta .
sliver Klnr . .
Tonopah, DIUde
lonnpai, Haibrouck
Victory Dlvldo . . .
rd Dlvldo . . . .
Zona
01
04
OT
.02
10
.02
n'J
0
C.2
0i'
Q2
:l
.02
.03
1.'
.OT
12
.01
20
Ax
OR
14
12
.12
OS
or.
OS
ni
a
u.
w
01
01
10
0.1
04
na
lo
.03
04
.04
1A
no
14
OS
isvi rhnc mado by romparlaon with laat
.ale on rew xorn nirv-K r.icnnioi
Sale. In
tl"00
1 F.lee
Tr
Kej
,n
1U1M10
1IIKO I.O-
1
. Pco
is ... nn11,
Tel Iht
fan
p m
rhff
.'0!', ,10 a;
GOt.DriELD STOCKb
Atlanta
11lu Dull ..
Iloolh .
COD
Combination l'raetlon
Crackriacl( . .
niamondfleld 11 11
IVlay .
l"lnriiee
(iMldttrld '.on
Uoldn-ld Merur
r.oldnel'l I'
e
Exempt from .ill Federal Income rcucs
("OhMitnirinal Rnnne at Par
T Mri JtKriplif circular, mi thit ul aiM
rnsU today uiiJi your mun nnd nddnu u
Th Hanchett Bond Co.
Innrjmnit MB
4 Jt Suth Va SalU Strut, ChUago (
f n ...I...U R.b. C B. nOBDI.SS
Trl. Sproc 5341
1
Lehigh Vol
een 1'(i8 . 77
JVajijlU BP'
IM ' 1 fcita"? "! rUUaalfhls
l r
I VB
fMh
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
iii nl-ll. 1'JtTATP; TKUKT llt.Dd.
"5 --; fi..l...t ......!.(. .J
,r ainu .aju., ...ii..u'
,tio prepare u. B.
TSrt"te and adjun
llrm arcounia.
Tax Returna.
I.lh HoikU
2d 41.S. si no si 00 slpo .so
.1 :?d 1'4. 00 (10 00 .VI 00..VI .30
21 1 -10 4th4i,s ST.(l0 Si fiO S."5.00 1.00
115 Vlct'v ls 00.20 00 12 00.14 . 01
tW Ren.l s k Is 72 72 72 1
15 u 2H . on 00 on . .
Liverpool Cotton
Liverpool. April 22 &pot cotton &
dull today with prices eular on the
basis of a decline of 37 points for mid
dling at 25.92d. The solas were 3000
bales. The receipts were 14.000 bales,
Including 11.000 bales American Fu
tures were tjulet In the early dealings.
Spot prices were American, middling
fair 31 17d . good middling, 27 9LM;
fully middling, 26.92d middling. 25 93d:
low middling. 25.6!d: good ordinary.
10 42U and ordinary 1! l!d
f.r.ai Hnd
Jumbo nt
Ka anan
Lone Star
Oro
n.d lllll .
Silver PICK
bpoirtieaa
.05
04
02
0:1
.10
01
02
21
12
02
n
01
OT
0:
"5
01
03
11
OS
02
'3
MIFCKLLA.VKOUF.
Amparo
Arliona United
Edtn . .
Mother I"de
Nevada Hill
Vvad4. Rand
I'romontarlo
Nevadi Wondnr
Tyipa Mines
White Caps
114
13
Hi
02
20
1
15
08
16
03
OH
.03
OS
.12
02
03
n7
ot
in
02
on
04
OT
02
ii
1'a
20
S
A
.04
25
14
20
12
IS
Glrard Ave. Trust Increases Dividend
Glrsrd Avenue Title nnd Trust Co
has declared a semiannual dividend of
6 4 per cent payable May 1 to stock
of record April 21. This Is an Increaso
of 1 per cent In the semiannual dlo
hursement placlnr the stock on n 11
per cent per annum basis.
BUTTER, EGGS AND CHEESE
n.? V,: APr" 22. BUI TEH atront
JWelpib 2AS1 tuba. 1 reun.rv hleh.r than
cxtraa iHWSTTc, etra D2 r-ori TUc.
llrsta (Si 10 PI vure), WH'o raclitna
etotk eurrtnt inaUe No L' ljtnc
h.Oa lrr-Tilar rt-co1U tss; raiei
Storage pac lifd -xtra ttri!i 47'-; m 4hu do
HrM 400470 trtrh-smhrrrj rUm llrat.
4,13 I.e. do llrat 42'43l,'- atotc fenn
lanla and nearby eptrn hnnri Mhlt.,
tirt to itra 4SMr do brovnenra 4KO
0... do patherod lirown nod roU'd colors.
Oral to extra, 4r.9f40c
chuh.sf: Firm No r"-ipta Stat',
whole milk flata. held, white and colored,
epvidja. SICVSlc do av raei' run 2S'3;,lci
biKie .holu ,rlik. fiirrei n(k ,i,it .n,i
colored epeclala, 2V? V SS . do averasa
run 27c
DIVIDENDS DECLAHED
Mrcliantt' Union Trijit r'o n'larterly nf
I per cnt, pa j able April SO to stock ot rec
ora the tame date.
H V. Goodrich Co rjuarierly II ,v on
common, payable Auiruat HI to atork of rec
ord Ausuat S
Pacinc Oa and Kleetrie Co auarterty
tl 50 on flrat preferrtd and ,hn orlslnal pro
ferred both pajnble May IS tu atw.k of rec
ord April .10
Cltlea Service Co uaonthh ' of 1 per
cent on preference n ihe preferred and
common The regular monthly H. per cent
on rommon payable lri rommon etorlt waa
aUo declared All dMdenda are payaula
June 1 10 etock of record laj is
Commercial Trust Co.. quarterly 4 per
cent, pa j able May 1 to stockholder of rec
ord April 30
VlcKlro Spencer Steel Corporation Quar
terly 2 per cent on preferred and It on com
mon Class A atock both injable May 1 to
atock of record April 22
Ilethlehi m Htil 1 nruuratii n quarterly or
1. per cent on A 11110 H -"mmon pajable
July 1 lo atock of record Inn" 15
Amerl'an Ilraea Co ouarierl of 1H per
cent nnd extra of IS pur rnt puabla May
15 to atock of record April 30
NEW YORK COFFEE MARKET
New lork, April 22 The coffeo
market nrwnc.i mMiap r..A..t.u n.u
mornlns and 2 to 7 points below tlio
cloiw of last night Wall street had
I celllnc; orderH nround the rlner and thero
, was fotne tcattered trade fclllne.
1 Later, the nst was a little lieaxy with
May liquidation oontlnultiff to bo a
I factor in tin- easier undtrtone.
I The generallv tiiiBettled conditions
cm hail more or lets of an Influenco
or, cottva. togeiher with the fart that
Rio coffee Has rcportod to bo offerlns
on a cheaper basis.
Trading was not at all actle during
the flrat hour, operators awattlnp de
oloninent8 .. VSLilaV Tday; ope-BN,?-nTnm8
iu,i. H2?!?2U 14 B2a
r,pt iilJ7" H 04966
Dr'.i,, H07fibl H.0Oi02
Hid
14 00302
14.63
GOVERNMENT BONDS
IIM
ranama. coupon 2s 1031 mi
I'inama regiatereo i- luiq 101
Tanama coupon Jj 103 101
Panama reslatered 2a 103 lot
Panama coupon 3. 1061 so
P.n.m reslatered Df IflAI to
Philippine 4, 1031 s
Philippine 4, in . his
Philippine 4s. 10J0 85
U 8 Oovt coupon 2s 1030 101
U H Qovt registered 2. 1030 101
U 8 Clovt coupon 4a 1023 106
U 8 Govt regUtered (a 1025 inn
Dlst of Columbia 3 63a. 1024 07
Aak
10J
10;
102
10J
n
86
J 3
OS
03
102
102
17
10T
Prlceo Firm on Paris Bourse
rarU. April 22 Prices ere firm on the
Course today Three per rent rentes were
auotad at M fr 52e txftiango on London,
4 fr 0O0. 5 per cent loan M fr 60c The
dollar wae quoted at 18 fr 61c
WOMEN TO FARM LAND
House of Correction Lacko Enough
Male Inmates
Women inmates of the House of Cor
rection will fnrm the extensive fields
nrountl thnt institution this year, us
a result of tin- decision made by Dl
rfctor Tiihtin, depnrtment of public
welfare. The director eaid ehortnBe
of prisoners nt the institution is re-apon-llile
for the derlHlon.
"There are IW) inmates nt the Insti
tution, in-luding 24.1 men and 101
women. A jenr ago there were WIS
Inmntes, while in 1017 there were 709,"
said .Mr. Tustin.
8treet Cleaners Parade Monday
The arrangements for the annual
parade aud Inspection on Monday next
of the working force and equipment of
the street-cleaning and auh-collectU;
contractors of the nine districts in
which the cltj is divided hae been
completed. The official revlewine bodv
will consist of .Major Moore, John C.
Winston, director of the Department of
' Public Works, and C. II. Morden, chief
of the Hureau of Street Clcqnlng, mid
iprlr-ex will lie n warded hj Ihe judge,
who will be selected from various busi
ness men's associations.
COTTON MARKET '
Now Yorlt, April 22. There 'was a
renewal of liquidation on a big posle In
the cotton market this morning, which
war, participated. In by Wall street, the
South and Liverpool.
Although the latter mnrket rallied a
little from early weakness, due, to fall
ing exchange, It failed to stimulate, any
support here, especially In view ot ex
tremo weakness In New Orleans and
largo selling order from Hint quarter.
Hliorts furnished about the only sup
port. I'rlcea broke n total of about M
points under last night's close' before this
effected a rally of nbout 20 points.
The list nt the end 'of ihe first twenty
minutes appeared to be a llttlo steadier
with somewhat less pressure.
. . ,V'l.li ume
loasy s u;ao a
a. m
Mar ....
JuUv
October . .
)flembr
January
Test
clots
open
40.63 40 SO
PH. 40
33.00 33,17
3S.R2
33.10
H4.
40. ST
a.P8
03 88. PO S4.1S
13.33 33.40
March 32.04 32.02
p. m.J
83.03
33. lU
34.03
GRAIN MARKET
Chicago, April 22. Under heavy
selling, May and September corn suf
fered further severe losses to the initial
trading today. The pressure In July
was less pronounced. The offerings came
from leading commission houses, known
to be heavily long.
The selling vfss due to apprehension
induced by tbe enormous liquidation of
Mcuritirs, which led to statements that
the. strain on banking credit could only
be reduced by big recessions in commod
ities. The receipts were fifty-seven cars.
May opened nt $1.(15 to $1.02, but
later rallied to SLCOU, compared with
$1.C0V at the close yesterday. July
was quoted at $1.57 to $1.56,
against $1.59Mi at the end yesterday,
and later advanced to $1.58. Sep
tember started at $1.51 lo $1.40, and
Inter moved up to yesterday's last price
ot $1.83. .
Trndcrs In oats were nervous and the
market was weaker in thennltlal deal
ings, but soon sold aboe the previous
close. September led the early decline,
being under pressure from a leading
commission house that recently was
most active on the buying fide. Re
ceipts here were forty-five cars.
May opened at 02a4c to f)2o and later
sold nt y-c above the previous close at
0.TMic. July started at 844c to 831, e
and Inter sold at an advance of 94c ut
8184. September was quoted at 7.,3
to 72c at the outset, against 73Uc nt
the end yesterday, and later sold at
73c
Receipts of wheat hire today were
three enrs.
leading futures ranged aa followa:
Chicago Time
Corn (new delivery) 10:30 Ten.
Open High Low a n, clnea
May ... 1 US 1.61) 1.H2 1 rtlltl 1 664
July ... 1.311s 1.60U l.f.6 1.3SW 1 BSVj
cattle
May . . . 02i 03 02 01 03
July 84i 88 , SIS 81
Tork
July ...30 00 36.30 38 00 36.30 39.fiO
ti-j
Atay ...19.00 19.1B IS 00
JUI
lllbv-
.Vas .
Ju
Kid.
10 13 .10.3.3
10.RO 19.03 19.63 tlO.flO '20.02
IT 77 '17.92 17 T7 I7 02
.is no 18.03 lA.so lti.ua
tAeked,
1R0K
18.73
MONEY-LENDING RATES
snyv' YORK Money. on call, both
classes of collateral opened today at
7 per cent fpr lending and renewing.
PHILAnCLFniA Call. 6 per cent;
tlmo, 6 per cent ; commercial paper,
threo to six months, C per cent.
LONDON Money Is quoted at IU
per cent. Discount raten, short bills,
G'aSjG per cent: three months' bills,
65i 6 6 11-16 per cent.
Reserve Banks' Discount Rates
Official discount rates nt the twelvo
Federal Reserve banks wcro as follows:
(Tho first column elves rates for all
periods up to and Including a fifteen
day maturity, tho second for a period
of sixteen to ninety days. Tho third
and fourth columns Blvo the rates of
discounts of collateral loans secured by
government bonds or notes.)
Com'I paper , Gov't paper
16 to 90 16 in on
13da)s dajs lSdaja dais
Iloaten 6 d 6V
New Tori, . . . . rt 0 54
Philadelphia ... 6 C ftH
Richmond 6 6 04
Cleelund .... 6 6 34
Atlanta 6 6 34
Chicago .i. 6 6 64
ft Louis .1 6 n 4
Minneapolis .... 6 6 r4
Kansas City .... 6 6 r4
Dallas 6 8 r.4
San Franclaco ...S A 04
Rates on outstandlnar r.ertlflcnt.o nr
Indebtedness continue unchanged at 5
per cent, with the exception of Minne
apolis, where the rat In 4i per cent.
FOREIGN EXCHANGE
New York. April 22. Tho foreign
exchange market opening this morning
was fairly steady, thn declines being
small and scarcely noticeable, oxcept In
Belgian exchange, which showed a loss
of 37 centimes. Marka tvero up 2
points from last night's closing.
Quotations were.
Demand sterling 3.00U. cables 3.91:
frano cables 16.40, checks 16.42; lire
cables 22. BO, chocks 22.62: Swiss cables
6.66, chicks 5.68; guilder cables 36'4.
checks 36 13-16; pesetas cables 17.26
checka 17.16; Stockholm cables 22.16,
checks 22.00: Chrlstlanla cables 20.00.
checks 19.85; Copenhagen cables 17.46
checks 17.30; Belgian cables 1B.70.
checka IS. 72! mnrli. 1 fti . a..-i..J
Tronen. .60.
About midday, tho market quieted
down, after fair activity in sterling
That class of exchango reached the low
point of the day thus far 3.88 'a for
domand and 3.89 for cables. Tho gen
eral market was heavy.
Yr.STEKDAT'S PINAL QUOTATIONH
Mt.rllnf. T-.un,. , I ...... .
. "-''m ' in...... i.irc CJUlloera
Cables 3.'J2. 10 33 ?5.nft 'nr '
TODAY'S OPENING QUOTATION?,
. . n.3't 16 4.' 23 32 :icl!
. 3 HI 16 10 V2 35 jw
NOON QIOTATIONM JJ
io," Vr.J'.V" 'lre Guilders
3 S!'t 16 ,-,'J oj 70 ,,.,
3.on i6.-,o a-'ia ,i
"
BANK CLEARING8
Cne T.Arlupa tn.lu. A... ...
refpondlnc day lntt.t'Ao yeara .
1020 mio tnik
Ph. a ISO 64J.n(6 J66 377 131 161 0"4 017
N T. .013.B66.IM1 707.046.0 inn loflili'.
( hlcftgo,,104,9SB,PI4 SI,-823,26 "
nu.iun . w.-i')..".'i r.I P61 003
LIVESTOCK QUOTATIONS
rhlcago, April 22 - HOUR Eetlma.,.,1 .
celp,., 4J.000 head, left o"er ; 67S8 fJw
hf avy. ,16.40 id"A,er.,;"c5ft ylSSHt.
C'ATTLi: Eatlmated receipts 11 oon t,..
MIKEP-Kstlmatcd receipt.; lo.OoS lead
llffavhnTrsrh. !.. anvil nn .
ce'pts 2000 head. Loer Heavies lis 7?ffl
HI heavy yorkers. lalS S3 light VorJ..?
msoeiB, pigs. J17ffl7 80 workers.
Kill. UP AND UMBN- necelnts "Ofto
lamb, Vio'"" I0V'C TP "? M.tSS
loH'Tgrw:""- zo hcd- M"k'
lUat noffalo, N, Y,, April 22
Receipts, TJOO bend rilll.
Calrea receipts, 2300 head,
lower 6C18
IICKIH llecelp's, 41.00 head
173 lower. Heavy. 1KIWI6I
I17CORI8. jorkers, -llgh, do
117 7."i 18.50, rougha 113B13
JStT 10
SIIKKP AND LAMnS- Rec.
neaa easier wool lamns !13'ff
1 12 a 20. Othora unchanjed
Den-and
Cables ,
Demand
Catlt ,
CATTLT3
S0o lower
One dollar
flow lt
''6; mlsed,
and plga.
30, stags.
Ipta, 2600
'. cupped,
URGES BROAD ST. BUS LINE
Councilman Roper Boosta Plan Be
fore Truck Association
Advocotiug a bus line onllroad 6treet
from Olney avenue to the navy yard
Councilmun W. W. Iloper last uight
nddresseil members of the Motor Truck
Association of Philadelphia nt the Hotel
Adelphln. An ordiuanre Is now In
Council authorizing such n line.
"Homo method must be devised to en
able automobiles to relieve the present
trolley congestion," said Mr. noper,
dclphla In that of trausportaUoo."
i. jiSil i.i i.U t'i-v j C'.t.. ' "A O.I'J' """'.i,'-J ' - rV -'f'f ', l., lft ' ' ' j
nevV1 issue
".',"- 'if ,-.
$278,000
CITY OF BIRMINGHAM, ALABAMA
5 Fire Department Gold Bonds
Dated April 1, 1020 Duo April 1, 1930
Free of AH Federal Income Tax
Eligible as Security for Postal Savings .DcponUs nt 00 of MneL.
Value, not to exceed 00 of Par, Value. rkcl
Cfoupon bonds $1,000 dcnotn'inntlon. Principal and ncml-annual
Interest April 1 nnd October 1, payable In Gold nt Ilntm?..
National Honk, Netr York. , ""iiovcr
Legal Opinion of John C. Thomson, Eq.
New York City.
Prico 98 and Interest, to Net 5.25
Kountze Brothers
tnvettment Securities Department
141 Broadway, New York City
1400 Widener Building, Fhllndelphli,
aa a 1 , - ... .
ueil leiephone Walnut 622
Keyltone Telephone Race 2436
John flenry Engllth
Represqntatlve
Your money invested
in Preferred Stocks issued by well established rrttnu
. ficturing companies, earning several times their dividend
requirements, is safely invested and assures you a satis.
factory dividend yield.
Vour money thus invested contributes to the growth
tnd expansion of the industrial life of the community.
Wt have a cartfulfy selected Hit ef
PREFERRED STOCKS
TIELDWG 8
which we can rettnmtnd tt the
mmt tens erva live in v titer.
Aslt for Booklet No. P. P. L.-3J7
IiollisteiWKite&Co.
,HCoaaoaTco,
North American Building
PHILADELPHIA
BOSTON NBW YORK NEWARK SfRINCflELD fROVIDENCK
COMMERCIAL SERVICE
Our Commercial Service Department, in connection
with the extension of foreign and domestic trade,
will furnish merchants and manutacturera with
information concerning trade conditions, and assis
in obtaining reliable foreign representatives. Yot
are invited to make use of our facilities.
The
FIRST NATIONAL BANK
OF BOSTON
Capital, Surplus nnd Undivided Profits. .$37,000,000
Branch at Buenos Aires, Argentina
.-J
Investment possibilities in
local long-established industries.
With all the many new offerings of
securities that have come on the mar
ket during the last year one is apt to
overlook the excellent investment pos
sibilities right here in Philadelphia.
Philadelphia has more long estab
lished industries than any city in
America. The securities of many of
these are excellent investments from
every viewpoint.
In a fciv days wo shall offer a security of
this cltaracter.
GEOWTCENDRICK 3ri tf CO
"J?3jnkers
1431 WALNUT ST.
Mrmlirra New Vorl, nml IMilln
dflphln Mofk Kichuncra
w
PHILADELPHIA.
Trlfphoneat nrll Sprnra 6!!0
KrratoDe It ace 1138
J' Mil ),iui iiiii, ii humhi iiiiiii iiiiii nil I )lf I ifj III I, II ill,, Ii iniliil, 1 1 itilljj
"Ji
GIRARD TRUST COMPANY
Capital and
I
.' .1. i!.!
MMrW "
KJL'tt'' J "UJiUdUI
WJjjfjJ
Chartered 1836
Surplus, $10,000,000
IN ita own Intereata this Initl
tutlon malntalna corpi of
rralty cjperta in the Mfal
Hatnta Department, Tha eapr rl
enco of the ataff, backed by
the integrity of thla Company
la nt the aervlee of our clients
at remarknbly reasonable rates
The account! of large or
mall estates are respectfully
solicited.
DROAD CHESTNUT ST5
Philadelphia
niiiiiliiililinil,,,tii77THT7i7r7m
We offer, well tecured i
7 Equipment Trust Certificates
of a Rnilroad earning in excess of 2M times
its average annual fixed charges, t a price
To Yield 713
Commercial Tru$t Co of PMla., Trustee
BROOKE, STOKES & CO.
Memberi Phllndelphin Stock Exchange,
15th & Wnlnut Streeti
Phllndelphia
102 St. TaulSl.
Daltlmore
I
)
K
J
)
U&:, liteK&J v Aid!.. L hk :;
ii
AiVti
t,r