Evening Star Newspaper, April 10, 1924, Page 28

o ' 2% » BEARS PUSH DRIVE ON STEEL SHARES Continued - Weakness Shown in Number of Prominent Indus- trials on Change. SOME ISSUES AT NEW LOWS Strength of Pacific Rails Among Market Features. BY STUART P. WEST. Dispatch to The St WALL STREET, New York, 10.—Continued weakness In a ber of the prominent industri with strength in certain and public utilities in tock market today. The decrease 30.094 tons in the unfilled orders of United States Steel Corporatic was in ling with expectations Nevertheless it afforded the ¥ encouragement to Ko its drive -against the Reports from the west that the automobils vas on the incre sue used againsi Studebaker sold b first. time, ticularly land preferred. avs about the pa ch was rumored when 0 points higher. for the year were the steel d mo but in other prominent in- dustrials like American Can, Ameri. can Woolen, Baldwin Locomotive and the sugars. As has been the case all along, oil shares offered better resist- ance, although they did not ape 1he selling pressure. Disappointment over the terms of the Woolworth financial plan was reflected in an- other break in the stock under 300 rading began in the new shares at April num of the mingled I ra p with oks mployment were the ow 90 for a par- in the eguivalent of 300 for the old | sue. Copper shares appeared to be receiving better support in recogni- on of the improved statistical posi- on of the copper metal and the h or a settlement in BEurope. But Na- tional Lead weakened on word that Amerfcan Smelting and Refining had reduced lead prices substantially The feature among the rails was remarkable strength in Texas Pacific, the stock 1ling at new high pri . even while other things were breaking. Missouri Pacific pr red was drawn along 2 tically. In the ¢« acific a sufficient exp! ound in current earnings enough to pay the 5 per the new preferred shares. ued under the reorganization vers pectable nation could which cent to for th street paid more ion port that a merge und which will include besi and Pacific 5 i New Texas and in the Orlean 1s was | ahead | motor | NANCIALL.L | Adv Rum pf (3). Alr Reduct (4) Ajax Rubber. . Allied Chem (4) Allis-Chalm (4) Am Agri Chern { Am Agri Chem p? ] Am Beet Sug (4), [AmMBrS&F (5) | AmCan 16) . { Am Can pf (7) |AmcaF a2 AmC& Fpf (7 Am Chain A (2 Am Chicle. .. .. Am. & ¥.P.257% pa Am Bxpress (6). | Am Hide & Lea. . | Am Hide & L pf Am Internatl. VAMLaF P E (1) | Am Linseed . Am Locomo (§). Am Metal (3) ... | Am Radiator (4) Am Saf R (50¢) | Am Ship & Com ! Am Sm & Re (5» AMS& B of (1), Am Snuft (12) Am St Filys « 3y Am Sugar | Am Sumat Tob {Am T & Tel (9) | Am Tobac (12) Am Tob pf (6) ... Am Water Wk Am W W pr (4). Am W W ist (1) | Am Woolen (7). Am Wool pt (7). Am Zinc pf. Anaconda. Arm pf Del (7). Arn Cons & Co. | As%0 Dry G () | Asmo ON (1%) AtT&SFe (61 |AT&SFpt(5). At Coast I, (7y AtGuif&WI. AtGuif& Wip | Austin-Nichols . | Auto Knitter... | Bald Loco (7). Bal & Ohlo (5) . Bal & Oh pf (4). BarnsdallA..... t (2.405. teth Steel (5). .. { Beth Sti pt (7).... | Brk Edison (8). Br'k-Man Tran Br'k-Man Tr pf Brklyn Un G (4) Burns Br (10) Burns Br B ( Butte & Supe Butterick Co. . Caddo Cen O & B Cal Packing (3). Cal Pet (1% an Pacific (10) Case J I Plow. 1t Leathe Cent Toa Co v Rib M (50c) Td 15t (7). " | Cerdeo PasC (41 4 with the participating preferred elling about where it would be titled to sell as a fulk six-dollar sto Columbia Gas and Electric probably owed its steadiness to the rise in American Water Works, although. of course, there is no connection be- tween the two propertles. The whole keynote of operations * on the stock was that industrial activity the was readjusting itself accordingl The fact that prices were already &f 10 to 20 points from their January high and that this must mean good deal in the way of “discounting was not taken into account. Steel shares were heavily sold. both before nd after the publication of the ton- age results, and one after another 1 industrial leaders were driven cown to new lows for 1924 Sugar Refining at Low Point. The current statistical position in the sugar trade was not the influence benind today's further sharp break in American Sugar Refining. This Stock fell to its lowest for the time, and like other industrial shares pay- ing no dividends and with a negligi- ble.or doubtful earning power it was upparently seeking a level which indicated the permanent unlikeli- | hood of dividends. The margin be- tween the cost of raw sugar and the | selling prices of the refined product has been so slim that even as large a | company as American Sugar cannot earn enough to pay dividends. NEW LOWS RECORDED. the dav's was on By the Associated Press. NEW YORK, April 10.—Mixed-price movements took place at the opening of today's stock market, “strength of the oil, copper and rail shares being counteracted by the heaviness of mo- | and independent stee \Vuvlv‘ i 1 i worth dropped 3% points below 300 as against its recent high of 345 Studebaker and American Can yield- | ed fractionally to mew low records for the year. New Low Records. Later in the day's dealings the per- sistent selling of American , Can forced that.issue below par, and ad-! ditional new lgw rerords were estab- ished by American Sugar Refining, common and preferred, Baldwin, Cru- cible, du Pont, National Lead, Chan- dler and Indicott Johnson, the losses | ranging from small’ fractions to points. Atlantic Coast Line droppe 2% .points, but Texas and Pacific and ! Notfolk and Western moved up 1 and 134, respeotively. American Water | Works advanced 1 point to 50%, a new 1924 top. Otis Steel preferred. Magna Copper and Calumet and Ari- zoma sagged 1 to 2 points. Foreign axchanges opened steady. The market continued to give pri- mary consideration to the trend of business, apparently paying little at- tention to developments abroad. Waolworth extended itsfloss to Ti and Fisher Body broke 5 points. Da- | visen Chemical, American Woolen and Willys-Overland preferred were sdded to the list of new 1924 lows. Independent strength was shown b: the. Brooklyn-Manhattan Transit is- ues, each of which moved up about « point, the preferred touching a new | Top at 60%. Texas and Pacific also ! fold at a new 1924 high, 1% to 29%. Call 4% per cent. N. Y. Stock and Bond| | Averages. Wednesday, April 9. STOCKS. stock sales, | climbing | money opened at Total shares. Twenty industrials averaged 92.90: net loss, .53. High, 1924, 101.24; low, 92.90. Twenty railroads averaged 84.65; net loss, .36. High, 1924, 86.32; Tow, 82.74. BONDS. Total bond sales (par value), $12,922,000. = Ten first grade rails averaged $6.61; net gain, .01. Ten secondary rails averaged 612,000 exchange | Chand Mot (6).. Ches & Ohio (4) . Chic & Alton pi Ch & East [l Ch Mil & St Faul. |ChMii & StPpt. Chi & Nwn (4).. | Ch & Nwn pt (T) ebb and that the stock market ( Ch PoeuT (5) Chiz R 1 & Pac.. CRI&Pp!(6). CRI&PDPI(T). Ch StP Min & O Chi Yellow Cab. . Chite Cop (214 ). Chino Copper. Cluett, Peab (5). Coca-Cola (7)... Colo Fuel & Iroa. | ColG&E (260 { Com In Tr pf (7). | Com Solv A (4).. Congoleum (3).. H Consol Gas (5) | Consol Textilt | Cont Can (4).... { Cont Can pf (7). | Cont Motors. | Corn Prod (10) Corn Pr Row wi. Cosden CO. ....... Crucible Stl (4).. Cnb Am Sug (3). Cuban Cane Sug. Cub Cane Supf.. Cuyamel Fr (¢)~. Dan!Boone M (3) Del & Hud (9) Del L& W (6 Dome Mines (2). DuPtdeN (8).. East K (15%) .. Eaton Ax (2.60). £l St Bat (15%) Em Branting pf.. End-Jokn (6) . Erl Frie 18t pf . Exch Buffet (2).. Famous®4 (§)... FdM&Spt (7). Fifth Av B (64c) Fisk Rubber. Fl'chm'n (13 Foundation (6). Ifllhersdv (10). | Freoport-Texas.. G=n Asphait. Gen Asph pf (5). Gen Baking'(6) .. Gen Cigar (8) ... Gen Elec (8).. Gen Ei spe (60c) | Gen Mot (1.20) .. Gen Mot db (€). Girabel Br pf &) Gtidden Co. Gold Dust w. | Goldwyn Pict. . Goodrich bt (7) .. Goodyear pf..... Granby Consol. .. Gray & Davis. Gt North pf (5).. Gr Nor Ore (3)... | Guantan Sug: Gulf Mo & Nor. Gulf St Stl (5) Hartman Co (4). Hayes Wh'l (3).. Helme Geo H. ... Homestake (6) .. | Housen'd Pr (3). Houston Ofl. . Hud Mot C (3) Hupp Mot C (1) Hydraulic Steel Hlinois Cent (7). 11l Cent f (6) ... | 1ndep Oil (25¢) . Indiahoma Ref. . Indian Motorcyc. Indian Refining.. Inland Stl (238). Inland Sti pf (7) 1nspiration Cop. Interb Rap Tr. .. Int Bus Ma (8).. | Int Cement (4) .- int Com Eng (3 Internat Har (5) int Mer Mar pf... Internat Nickel.. Inter Nick'pf (6) Internat Paper. . int Fap pt st (6) IntT&T(6). Invincible Ol! Iron Prod (1 | Jewel Tea. .. Jones Bros Tes, . Jordan Mot (3)-. . Kansas & Guif 84.88; net®gain, .05. Ten public utilities averaged $7.87; net gain, .15. Ten industrials averaged 93.47; net loss, .19. Combined aversge, gain, 01 Combined average month ago, $7.8Q; year ago, 86.57. ] 88.21; net KC P&L 1st (7) Kan City South.. Kayser Jul & Co. Kelly Spr Tire. .. | Kel Sp T ot (6).. Kenne Cop (3)... Keysto.ue T & R. Lee Rub& Tire.. Leh Val (3%) Lig & My (new. Open. High 82 7% 6l 65'% 4% 9% 24% 32 73% 8% 65% " Low. Close. ! 31% 73 6% o5 i 8 28% 40% 25 78 97 1% 165% 119% 814 3 6% 65 a3 AT% 684 9 26% T3 98 86 209% 1% 14 102 94y 2814 13% % | Sterling Pr (43 | Lig & My B(new) Lima Loco (4).. Loews Inc (2).. Loft,Incorpor. Lorillard (3) Louts & N'sh () Ludlum Sti (2).. Melntyre (1) Mack Trucks ( Macy R H & Magma Copper. .. Mallinson & Co... Man I Sup (4). Man Elec gtd (4) { Maracaibo OIl. . Market St Ry pf. Marland Of “e Marlin-Rockweli Mart-Parry (3).. Mathieson Alkail Maxwell Mot A... Maxwell Mot B. .. Muy Dpt St (5).. Metro Ed pf (7). Mex Seaboard . Mex Seaboard cf. | Miami Cop (2)... Middie StON.. Minn & St Louls. MStP&SteLL(4) Mis Kan & Tex... fis K & Tex pt Missourt Pacifie. Missour| Pac pf... | Monteom Wara foon Mot (2). ., | Mother Lode (1) Mu'lins Body. Nash Mot (6> . Nat Biscuit (2) Nat Cloak & Suit Nat Dairy (3).. Nat Dept Stores. NDS1stpf (7). Nat En & St Nat Lead (8). Nat Ry.M 2d pf.. Nat Supply (3).. Nev Cons Cop. {NorTem (7). INYAIrBr (4. NYABraA®4). N ¥ Central (1), N ¥ C-Ready rts. NYC&StL (6. R StL pe(6) N Y Dock....... NY NH & Hart. . N Y Ont & West. Norfolk South Norf & W (18 North Amer (2). North Pac (5). Nunnally Co. .. Okla Pr & Ref. .. Ontario Mining.. . { Orpheum (1%). Otis Flevat (8).. is Steel pf. ... Owens Bot (3).. PacGRE(8)... Pacific Ol (2) .. Packard (1.20} .. Pan Amer (4)... Pan Amer B (4) | Panhan Pr & Re. <h & Ring Park & Tilford. an 8 Peop Gus Ch (1) “are Marg (4) | Pere Mar pf (5 Phi'a Co (4) Phila & R&L ! Phillips Jou Pl Mor (50¢).. Phillips Pet (3) .. | Pierce-Arrow. Pierce-Arrow p P-Ar prpf (8).... | Plerceoil. ..... Pierce Oll pf Pitts Coal (4) Pitts Coal pf (6) | Pitts & West Va. P& W Vapt (8). Press StI C (4) .. Press SCpf (7). Prod & Refiners. PubSer NJ (4).. Pub S NJ pt (8). Pullman Co (8) .. | Punta Al 8u (5). | Pure Ol (1%).~ | Ray Cons Cop. Reading (4) Reading rts. Read 2d pt Replogle Steel. ... | Rep Ir & Steel. .., Rey Tob B (3).. Roy D'teh (3.48) Rutland pf...... St Jos Lead (12) St L San Fraa. | St L Sothwest. StLS'thpf (5).. Savage Armus, Schulte (§3) Seaboard Alr L. Seab'd Air L pI.. Sences Copper Shattuck-Ariz Shell Cn O11 (1) | StmmonsCo (11 | Sinma Pet...... Sinc Con Ol (2). Sin Con O pf (8). Skelly Oll.... | Sloss-Shefr (6).. Sloss-Sh pL.(7). ‘So P Rico Su ( South Pac (6). .. Southern Ry (5). South Ry pf (5). Spicer MIg. .. ... StOil Cal (3)... StONINJ (1). | Stew't War (10). | Stromberg C (8) . | Studebaker (10) | Studebaker wi.. | Submarine Boat, | SuperiorOll..... | Sweets Co of Am. 1 Texas Co (3).... | Tex Gulf (6%).. ! Texas & Pacific. . | Tex& PacC&O. 1 | Third Avenu: 42 13 5% B56% 30 9 14% 67 3T% | 36 ¢ 60% | 50% 81% 68% 4 13% % 101% 95 19% 22% 14% b2 36 2 11 40 51% | Timken (3% | Tob Prod (8). { Tob Prod A (7). | Tob Prod pf (7) .. Transcont Oll. . - Underwood (3) .. | Un Bag Pa (6). Union Oil. ....... Un Pacific (10). Un Pacpf (4) ... Un Tank Car (5) Utd Alloy Stl (3). United Drug (6). Utd Fruit (10) Utd Ry Invest. jUSCastIronF.. U S Distributing. { U S Distrib pf (7) U S Hoff Mach U S Ind Alcohol... USR&TDL (7). U S Rubber. . ... US R 15t pf (8).. U S Smelting. US Sm't pf (3%). U S Steel (15% ). U S Steel pf (T) .. Utah Copper (4). Vivaudou (2).. Wubash. .. Wabash pf A. West Pen (4) West Maryland. .. Western Pacific. . West Pac pf (6). West Un Tel (7). West Air Br (6) WestE& M West E & M rt: Wheel & L Erle . Wh Eag Oll (2).. White Mot (4). .. | Wickwire 8o 8tl.. Wi &Copf.... Willys-Overland. Willys-Over pf... Wis Cen ctf: Wooiworth (8) . Woolworth wi(3) Worthing Pump.. ‘Wright Aero (1), E _EVENING STAR Open. High. 50% 50% 60 60 16% 16% 6 6 36 36 92 214 9% T4% 37 300 % T Low, 50% 58% 16% & 35% 91 21% 15% 78% 604 EE 19% 37% 3T 274 23 26% 121 33% 321 40 ' 86 91 18% 18% 201 4 27 75 190 8 69% 24 100 17% 64% 101% 28% 79 20 384 95% 119% 6 7% 22% 5% D 16% 5% 57% 9% 17% 625 166 0% 60% 1% B4 25% 52 2% I 8 68% 37 292 3% (| NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Close. 50% 59% 18% 8 86% 91 21% 15% 784 60% 334 19% 88% 3714 27% 28 6% 12% a3l | 824 404 1% 86 91 18% 18% 218 | % 2% 57% 1Y% 314 127 40 2414 22% 84 1% 100% FO% 50 304 89 a3% 30% 1284% il % 44 2 o4 au €% 4 6% 52 60 36% 58 6% 63 89% 85% 8 4% | 2% 1% 58 29% 10 10 35% 54 847 us 4% 39 53% % 130 71 101 27 75 190 8 69% 24 100 17% 65% 101% 26 9 20 38% 96 119% 66% 27% 22% 5% 8% 16% 46%, 69 9% 1% 63 106 0% 60% 1% 9% 25% 62 2% 46 8% €9 37 292 3% 25 2 25 25 % % 9% 9% | IRREGULAR TREND APPARENT IN BONDS Speculative Issues L‘ower, But High-Grade Investments Show Firmness. | BY GEORGE T. HUGHE {Special Dixpateh to The Star. NEW YORK, April 10.—Price changes in today's bond market were very ir- regular, but in the main the tendency of speculative Issues was downward, while the high-grade investment bonds were firm and in a few cases higher. This would be an altogether loglcal distinction once it fs granted that the current talk about indus- trinl depression is well founded. If money is not to be needed {n busines: it must find employment in bonds and in bonds only of undoubted In- vestment merit. At the same time |indications of a movement of this kind were very slight. Certalnly there was no rush today to accumu- late even the soundest of bonds. Lib- jertys were all firm, but not much higher. High-grade rails were steady, with supply and demand about equally balanced. The same was true of the high-grade industrials and utilities, taking the United States Steel sink- ing fund 5s as typical of the former and American Telephone and Tele- graph 5%4s as representing the latter, Nor could it be said that the Dawes {commission report had much effect {upon foreign bonds. French were all firm around the highs of the year, but not especially active. Else- where the list was steady. Speculative domestic issues moved more or less in sympathy with stocks. Railroad bonds held their position better than industrial obligations. There were, however, no outstanding points of weakness, as has frequently been the case in the past month. American Agricultural Chemical 7%s seemed to have discounted whateve is unfavorable in their position, for the present at least. . Rubber and tire bonds sold around their recent lows, but for the most part did not break them. There were numerous points of strensth among the utili- ties, notably in the tractions such as Brooklyn-Manhattan Transit 6s and all the Interborough bonds. Trading in the speculativ. was marked by continued firmness in Erie convertible “D's” and in the Sea- board issues, while there were minor reactions in the New Huven and St. Paul bonds rails |FLOOD OF BUYING . IN COTTON MARKET Prices Influenced by Favorable | Liverpool Cables and Reports of { Rain Throughout Belt. | By the Associated { EW YORK, —The {ton market was full of buying orders l his forenoon &s a result of strong c: ssive rain throughout contracts jumped $3 to while new | months advanced from 55 to 57 points. The trade was a heavy buyer of con- tracts at the opening. Relatively firm Liverpool reports of unfavorable weather in the {south and bullish overnight reports from the spot market led to a re- newal of active covering by near {month shorts in the opening. First prices were firm at advances of 33 to 84 points, with May contracts advan, {In& to 31.95 and October to 26.00 dur- | Ing the first few minutes, or 37 to 93 May Delt points crop % | points net higher. The advance was checked by heavy jrealizing at these figures. There were quick reactions of 20 or 2 points, but the covering continued, with the mar- {Ket active and very steady during the early trading ! The demand from shorts later be- came less urgent. and realizing con- tinued. with May contracts selling ©off to 31.37 and July to 25.67. or about 33 to 38 points from the early high levels. Trading then became quieter, and the market was fairly steady {around midda showing mnet advances of 30 to 50 points ~ Private reports from the Southwest that rains would cause a considerable delay in farm work ex- erted a sustaining effect on the late | forenoon market. Stampede in New Orlea: NEW ORLEA April 10. stampede of buy |ton up $5 a bale at the opening of trading on the exchange here toda May ' contracts ' traded up to 3 cents, or 103 points above yesterda: cloge. The first trade in May was at but as the call proceeded that month sold up to 32.31, or 103 points above the clase’ of yesterday. July traded up to 30.40 during the call, or 93 points up. October advanced to 12580 or 58 up. The advance in A wild short covering due to fears of a squeege owing to a scarcity of sup- plies, The market eased off 41 points on May and 47 on July on realizing and quieted down considerably by the end of the first half hour of trading. A strong Liverpool market enced the upward movement. May futures extended its gain to $5 a bale yesterday forenoon, but the influ- | trading. However, the advance to- a bale higher since Tuesday. Liverpool Trade Moderate. LIVERPOOL, April _10.—Cotton— | Spot, good demand, but business mod- erate; prices steady; good middling, fully middling, 19.28; middling. low middling, 17.98: good ordi- 16.98: ordinary, 16.4%. Sales. 10.- 000" bales, including’ 6,800 American. Receipts, 1,000 bales, no American. Futures closed steady. Closing—April, 18 17.81: October, 1 .69; January, 14.52 The cotton exchange here will be closed Saturdays during June, July and August. On Fridays, from June |6 to August 29, the exchange will re- main open for trading until 4:30 p.m. The corn exchange will be closed April 18, 19 and 21, and the produce gxchange, April 1§ dnd 21, Baster hul- idays. 70 STUDY EUROPE'S PLAN. Tobacco Growers to Seek Points on Co-operative Methods. RICHMOND, Va., April 10.—A com- mission composed of officials and rep- vesentatives of the Tristate To- bacco Growers' Co-operative Asso- ciation, the Burley Tobacco Growers of Kentucky and the Dark Tobacco lGrowers' Association of Kentucky will leave for Europe about May 3 to study the co-operative movement in England, France and other countries, it was announced here at the offices of the tri-state associatian. The com- mission will present to the large buy- ers abroad of American tobacco the aims and methods of the Ameri- can Co-operative Association, which March, 14.37. have a total membership of 250,000 | Y@llowCab (5).. 83 83 821 8% tPartly extrs. §Payable ia preferred stock. Dividend rates &s given in tbe above tabie are the anoual cash payments based on the latest quarterly or haif-yearly declaratiens. Ubless otherwise noted, ' exira or specisi dividends are Dot incloded. High. Low. Last. Call Money..... 4% 4% 4% HOURLY SALES OF STOCKS. 11am.....280 500 1pm..... 584 700 12m......382 700 2p.m..... 745 200 issues | cables, | with active months| & orders sent cot- | Liverpool was attributed to heavy| advance was lost before the close of | day placed the value of cotton at $15! WASHINGTON, 'D. C, THURSDAY, APRIL 10, 1924 v vore BONDS o e (Sales are in $1.000.) UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 98-3 means 98 3-32.) Sales. High. Tow. Olose. . 626 9%.2 99 99-1 Libist4%s 86 99-26 99-24 99-24 Lib2d4%s... 59 99-24 9922 99-23 Lib3d 4%s... 142 100-6 100+2 100-3 Lib4th 4i4s.. 7656 9928 99-26 99-28 US4Ke1952. 10 100-22 100-21 100-21 FOREIGN. Bales. High. Low. Close. Argentine 7i - 4 101% 101% 101% Argentine 68 6 79 79 .19 Argentine 65°37... 59 90% 90% 90% Austria 7s 895 89 B9 Belgium 7 %s 100% ,100% 100% 99 98% 98% 101% 101% 101% 109 109 88% 89 9% T9% 9% T9% 9475 97 100% 1015 99% 99% 1037 103% 96 415 89 9414 | Lib3%s. .. | Chile 8s 1926 { Chile 88 1941 Chile 7s 1943 { Chinese Gov Ry 5: | Copenbagen 5% Cuba 6%s. | Czechoslovakia 8s. Danish Munic 8s A Denmark 6s. Dutch E15%s. ... Dutch East I 65'47. | Dutch East 16s'62. Finland s £ 63 1945. . Framerican 7% French Govt 8s French Govt 7% Haiti6s Japanese 6145 w . Jergens U M 6s '47. Lyon 6. .. Marseflle 6: Mexico 5s. Mexico 4s Be e cafioBonfioan orway 6s 1952 Orient Dev deb 6s. Paris-Ly's-Med 65 Prague 7%s.. | Queensland s | Queensiand és. ... Rio de Jan 8s 1946. Pi5 Gr Do Sul 85 | Sulvador 8s°48. ... 1 Sao Paulo City $s. Sao Paulo State §s. Seine Dept of Serbs Crotes Slo 8 | Sweden fs. | Tokio 5s. | Ud Kingm 5 | Uruguay gs. | Zurich s MISCELLANEOUS. | Ajux Rubber Ss... 86% {Am Agr Chem 5s.. 951, Am Agr Chem i3 { Am Chains f 6 Am Cotton Oil - Am Repub deb 6s. . A Smit&R 1t on A Simlt&R 8x Am Sug ref 6s. {AMT&Tev6s. .. |Am T & Teltrbs.. {AmMT & T el tr 4s | AM T & T deb Gias Ain Water Wke | Anaconda cv db Anaconda 1st 6s. .. 1 Armour & Co 4% Armour of Del 5 Associated Oll 6s. . i Atlantic Refin 5= | Barnsdalbs f ss. { Bell Tel Pa bs.. ! Beth Steel 5%s | Beth Steel rf 5 Beth Steel pm | Beth Steel s f 63 Bklyn Ed gen s . Bush T Bldg 55 '6u. Calif Pete 6%s. ... Central Leather o3 | Cerro de Pasco §s. { Chile Cop ICnG&E | Col Gas & El 3s. ... { Commonwth P 63 ! Con Coal Md 1st 5s | Consumers Pow 5s | Cuban-Am Sug 8s. Cuba Cane cv d 8s. ! Cuba Cane cv 7s'30 { et Edison ret 6; Donner Steel 7. . | Du Pont de N 7%s. & Dugquesne Light 6s Est Cuba Sug 7 | Empire G&F 7 | Fisk Rubber 8s. | Gen Elec deb 5s. { Goodricn 61 - | Goodyear 85 1931.. 3 865 95 s$% £8% 904, 9545 89 90% 1 1044 13 100t 14 1193, 4 9ssy 6 91 84 100% 260, 974 964 85 904, 97 7% 8958 5 891 Goodyear s 1941., | Hershey 6s 1942. .. Humble O&R 5%a. | Dlinois Hell 1st 5. Indiana Steel 5s. | Int Mer Marine { Inter Paper 5s 47 {KCP&LtssAL2 | Kelly-Spring 8s. .. { Lackawa S 58 '50. . Liggett & Myrs Liggett & Myrs bs Lorillard (P) & Lorillard (P) 7 Magma Cop cv 7s.. Manati Sug sf 7%s Marland Ofl 7%s. . | Midvale Steel 5. .. Montana Power &3 Morris&Co 1st 4%s New Eng Tel 5s. .. N Y Eusn 1st 6%s3. NYG EL H&P os NY Tel 68°41. N Y Tel 4% North Am Ed 6s. .. North Am Ed 6%s. r States Pow 53. Nor States Pow €s. Northwst B Tel 7s. Otis Steel 7%s Otis Steel 8 Pacific Ga: Pan-Am Pete 7s Phil & Rdg C&1 5s Phila Co 5%s '38. PhilaCorefUs A.. Pierce-Arrow 8s.. Producers & Rf 8s Public Service 5s. . | Pub Ser Elec [ Punta Alegre Saks&Cos Sharon Stl H Sinclair Oll 7 Sinclair Oil 6%3 Sin Crude Oil 5%s. Sin Crude Oil 6s. ... Sin Pipe Line 5t So Por Rico Sug 7s Southwest Bell 5s. Steel & Tube 7 Sug Est Orient 7s. Tenn Elec Pow 6a. Tide Wat Oil 6%s. Toledo Edn 1st 7s. Union Bag & P 61 U S Rub 1st 1t 5 U S Rubber 7% USSteelst bs. Utah Pow & Lt bs. Vertlentes Sug 7s. Vg-Car Chem 78 Warner Sugar 7s.. West Union 6%s.. Westinghouse 7 Wickwire Spen Willys-Ov 6%s '33. . Wilson & Co 15t 68 @, R R ER B R AP O BN R T R r DO S0 0 105 934 103% 7% 96% 103 107t 95t 81% 102 102% 89%% 5% 61 102% 110% 108 9 64 11 98% 30 9% 7 86% ‘Wilson & Co ev 17 78% Winchester A 73%s 11 101 Youngstn S& T 6s. 10 95% BOURSE PRICES IRREGULAR. PARIS, April 10.—Prices moved ir- regularly on the bourse today. Three per cent rentes, 55 francs 30 centimes. Exchange on London, 72 francs 25 centimes. Five per cent loan, 69 francs 70 centimes. The dollar was quotéd at 16 francs 80 centimes. oo (O BroaEoeBnemtol Ann Arbor 4s Atchison gen AtlarticCLcl B&Oprinay P& O gold 4x. B&OGs... B &0 cv 4%, B & Oref 5s. B &0 PLE&W Bklyn-Manhat Chi B&Q 1st rf Chi M & St I’ 4, Chi M&EST P 4s CCC&StLrf 63 Cuba RR 7 Cuba R R 6i D & Rio G imp D& R G st rf 51 Det United 4% rie 1st cou 4s : con ext Ts rie gen 4s.. Erfe conv 4s B Erle conv 43 D Gi Gr North gen 7 | Hud & Man ret {1l Central 53 Int Rap Trans Int Rap Tran T Int & G Nor aj Towa Cent rf 4 Iowa Cent 1st Kun City Term | Lalke Shore 4s | Lake Shore 4s * | Lehigh Valley | Long Istand rf Atchison adj 4s... Atlantic C L 1st 4s. Canadian North 7s Canad North 6%s. Canad Pac deb 4s. Car Zlinch & O 5s. Car Clinch & O 6s. Central Paclfic 4s. Ches & Ohle cv Ches&Ocvaigs.. Ches & Ogn 414s. . Chi & Alton 3s. . Chi & Alton 3%s.. Chi B&Q gn 4s '58. Chi & E111 gn 58 Chi Great West C M & Puget Sq Chi M &St P rf 4% €hi M & St P oy Cleve Term 5%, Cleve Term bs. Cleve Term 5s w 1. Received by Private Wire Direct to The Star Office. RAILROADS. Sales. High. Low. Close. . 2 7 24 7 12 25 T 18 51 27 4s. s s. 9 6s. 189 6 bs. ag P-4 Ci3=1Y 5s.. 25 Chi M&S P cv 4348, ‘34 ChiTH & SE s Chi-Un Sta 4%s Chi Un Sta 6%4s. Chi & W Ind cn 4s. A.. Del & Hd ist rf 4s. Del & Hudson 5%¢. | Den & Rio G cn 4s. 5s.. Gr Trunik sf db 63. and Trunk 7s 8. Hud & Man 8] 5s. . 111 Central ref 4s. . Int Rap 1ran os... Int Rap Tr 5s stpd. 63 Int & G Nor 1st y FtSds 4s. 285 31. 6s.. s | Louls & N uni 4s. | Louis & Nash ! Louis & Nash § |Louis & Nss B i Bl Ry & L5s M StP & SSM o 4sB. | Mo Pacific 6 Mo Pacific gn 4 OTex&Min Cen deb ¥ Cen deb \ T Cent en 45 Y C & StL6s ew Haven c d ew Haven 7s New York Ry rf orthern Pac 3: Northern Pac & Ore & Calif 1st O Short L en &s Pennsyl gen 58 Pennsyl gen 4 Pennsyl 6%s Peoria & E inc Pere Marg 1st Reading gen 4 San A & Arn P Seab'd A Lcon Sou Paclfic 4s 1. Sou Pacific ref ! Sou Ry Mobile Tol StL& W 3 Wabash 1st bs. Wabash 2d 5s. Western Md 4 Western Pacifi | 11am. N7 ol Al 1 B Burns Bs do. com ¢ Colbn Carbon. Cont Can com. Edi EJ 11l (Bos Fed Sug R com. o, pr....... Glilette Saf Rax. Kress, 5 H com. Sterling Prods. 1ot Comb Eng. | Date. Aprit Apr pri April Aprit April Aprit prinssA. 15 Reading gn 4'2sw! St L IM&S R&G 43. StLIM&S 4s'29. StL&SFplisA |StL&SFprin StL S W con 4s '3 St P Un Dep 5138.. StP & KCShL 414 Seab d A L 4s st Seab'd A Liret 4; Seab’d A L ad] b e M StP & SSMen 4s. 30 | Mo Pacific 58 "65. {Montr! Tm 1st 53. | New Or Term 4s Y Cenrlss. 95, YC&StLdebds A.. 6 ew Havend ds ew Haven Ts fr.. Y Ont & Wref ds € 4s. ew York Ry aj §s. NY W & Bos 4138, Norfolk & W cv 6s s, orthern Pac 4s orthrn Pacr i s D. 5s. 4. Ore-Short L ref 4s. Ore-Wash 1st rf 43 Pennsyl gold 78 Pennsyl con 41as. 4 Pere Mrq 1st 4556, B e LasfanlBelebea-5 4 0 2 929, 4s.. Southern Ry 1st 58 Southern Ry gn 4: Southern Ry 6%s Southern Ry 68 ct. 4s. | Third Ave ref ds... Third Ave adj hs. Tol StL & W 4s Union Pac Ist 4s Union Pac 1st rf Union Pacific cv 6s. Union Pac 1st rf 58 Virginia Ry 1st 5s, West Shore 1st 4s. Whel & L E rf 43%: ‘Wisconsin Cent 4s. TOTAL SALES (Par Vi 8105000 12 noon 1p.m.. 6139000 2p.m. il gl DIVIDENDS. . Rate. NY & H R Min..24"% Woolwh, F W cm.. _———— STOCES EX-DIVIDENDS. Corporation 10—Amer. Coal nf Alleg. 101 59% 87% 81% 8874 83% 28 B84% 101% 8% 86% B1% % 112% 112% 80% 93% 97% 857% 93% 92 86 58% 37 86% 97% 7% Bd%s 59% 66% 60% 83% 64% 73 8l% 67% 9915 106% 767, 80 7% 80 9015 116 4% 102% 103% 96% 97 83 86 100 69% 84% 37 89% 6545 106'% 56% 59% 664 78% 94% 865 9% T1% 104% 99% % 56 43% 78% 97% 20% £315 103% 101% 94y, 9% 901 62 5% 80% 62 9% Puy- able. Lo000ooRRCL000: 10—Pitts. Coal of Pa. 10— Pitts. Coal of Pa. pl 10—Southern Railway. Detinning Co. Detinning Co. pt. A Allisnce Realty Co. .t April 12—R. H. Mi . plLL 59% 874 81% #8 834 7% 84z 101% 88 85% 81% g 112% 112% 9% 93% 97% B85 93% 91% 86% 584 37 8% 9% 7% b53% 59% b56% 60 82% 63% 3 81% 57 99% 106% T6% 80Y% 7 9% 90% 116 73% 102% 103% 96% 97 101 59% 87 81% 88 83 27% B4k 101% 874 £5% 81% 76% 12 12% 9% 93% 97% 85% 93% 91% 86% b8t 364 86% 9% 77 53% 59 56% 60 82% 684 3 81% 57 99% 106% 6% 80 il 9% 90% 116 T3% 102% 103% 98% 97 101 3% 865 997+ 69 54 364 89% 65% 106 66% 59% 65% 1 1027 | 824 | ¢ 684 98% | weight 9% 871 | ight light, 6 104% 91 974 814 89Y% 101% 68 42 £0% 9% 6216 364 454 124% B7T% 81% | % 1037% 9% 99% 102% W 93% 80% 100 91 108 96% 28 4% 8% Sov | basicet, 1.25a2.00 78% 88 684 824 63% 92% | 2% 100 8 824 97 75 5 €4 524 53% 78 e Apr May May v 3y Ap? Apr Apr 2y Apr Ape br May dpr 21 P. 8h 1 i 109% | P H | 411.0821.10 per bushel. | ment i f | { i i Stack of | ©81, 17.00a18.00. record. - 2117; capons, 35ad3. FINANCIAL. CRUDE OIL OUTPUT SHOWS HUGE GAIN Production for Week Ended April 5 Totals 1,915,000 Barrels, Pe- trolenm Institute Shows. By the Associated Press. NEW YORK, April gross crude oil production of the United States increased 2.600 barrels for the week cnded April 5, totaling 1,915,000 barrels, according to weekly summary of the American Pe- troleum Institute. The daily average production east of the Rocky Moun- tains was 1,261,000 barrels, an in- crease of 2,600. California production was 654,000 barrels, the same as the previous week. Oklakoma showed a daily average production of 430,000 barrels, increase of 14,950; Kansa. .200, increase of 100; north Texas, 69,90, decrease of 800; central Texas, 210,600, decrease of 1,200; north Louisiana, 42 crease of 7,300; Arkansas, 1 crease of 1,700 gulf coast, 9 crease of 1,000: eastern. 100,000, in- crease of 2,000, and Wyoming and Munm.nz. 123,000, decrease of 2.450 Daily average imports of petroleum at principal ports for the month of 71 barrels, compared February, a April 2 compared with 235 1 for the previ ous week. Daily average receipts of California oil at Atlanta and gulf coast ports for the month of March were 138,681 barrels, compared with 194,690 for February and for the week ended April 5, 129,000 barrels, com- pared with 112,000 for the previous ere were no changes reported in crude | prices for the lh:]nr dis- tricts—Midcontinent ofl being quoted from $1.25 to $2.25 a barrel, according to the gravity of the oil, Penneviva. [nia crude, Bradford district, $4.50 a barrel, and all other grades $4; gult coast crude grade “A”, $2; grade "B $1.70 a barrel and California crude ranges from $1 to $1.40, depending upon the gravity of the oil SEE LULL IN INDUSTRIES. St. Louis Tradesmen Point to Ir- regularity of Business. ST. LOUIS, April 10 (Special).—The pronounced irregularity of business and trade in this territory continues to make itself apparent and there is evidence of {ndustrial dullness at some points. Hand-to-mouth buying is the rule among producers, tributors and retailers even | in which activity is great ployment, however, is good suniption of goods is at a high rate, as shown by the unprecedented freight movement. The latter has re- reases in the movement of 0al, merchandise and oil, ipments of grain have about g those of the spring of 1923, Nine-tenths of the orders now being booked in iron and steel here call for immediate delivery and production is lines Em- id co being held down to demand, with sur- | plus stocks being slow CHICAGO LIVE STOCK. CHICAGO, April 10 of ' Agr ceipts, 24,000 head; uneven. steady to strong with yesterda: erage; spots strong to o hig interests buying good hoice 160 to 30a7.50; few and topped. 7.55: bulk grades 140 to 130 pound weight 23; packing sows, illing pigs, strong to 25 higher £ood and cloic 6.50; hea meduim, light better hogs, light, packing sows, smooth packing sows, ro Cattle—Receipts, 10.000 head: beef Steers, uneven: most kinds averagin 1,100 pounds upward. steady to szrrflug‘. others and lower grade: light year- lings, spotty and weak: early top ma- tured steers, 0; highest in year; several loads, 11.75a12.3 fed steers, 8.50a10.75: clean yearlings., 9.00 and downward; she stock generally steady; demand for desirable heav good to choice light heifers fairl veal calves. 25 to 50 lower:; lers, 9.00a10.00; other classes ally steady: bulk bologna bulls i few heavies, 5 N Sheep—Receipts, slow killing classes around steady: good fat wooled lambs early, 16.50; more demand for shorn lambs; early bu 14.25a14.75: odd lots fat ewes, 12.23 common kind around. 9.00. e GRAIN AND PROVISIONS. BALTIMORE. April 10 (Special).— 100 1bs. bulk fat shipping cows and w 0! Beans, bu., bu., 1.50a2.00. Carrots, crate, 5 \ Cucumbers, iggplants. crate, Kale, bu.. 23a35. Lettuce, by. 1.5024.00. ‘Onions per 100 Ibs. 1.35a2.25. Spring onions. per 100 lbs. 1.25a2.25. © Spring onions, 1.50al1.75. Oyster plants, 100 Ibs. 6.00a8.00 Parsnips, basket, 60a70. per. 2.50a4.00. Peppers, crate 6.00. Radishes, bu., 1.5023.00. Spinach, bu., 7581.00. Squash. crate, 4.00a4.50 Tomatoes, crate, bu., 35a50. Apples. packed, bbl 50a1.50; box apples. 1 fruit, box, 1.75a3.00 2.2584,00. ' Strawberries, Selling Pricex on Grain, Wheat—No. 2 red winter. .07%: No. 2 red winter, garlicky. 1.07%,. no quotations on No. 4 or No. 3 red winter, garlicky. Sales—Bag lots of nearby wheat at e Cabbage 101 ) . Caulifliower, Celery, crate, 3.00a3. crate, 6.00a10.00. 3.00a5.00. 2.5024.50." Turni Corn—Cob, new, 4.25a4.30 per barrel for-yellow and 4.10a4.15 per barrel for whit . 2 corn. spot, 88%. No. 3 corn, spot, 83%: track corn, yellow. No. 3, 89a89 No ‘sales. Oats—! 56a56 No. 3 e, spot, y—Receipts. ward movement grades of timothy and sound clover. ersupply of such description on hand. L grade and damaged hay in fu and slow to find an outlet price. Quotations: _ No 27.00a27.50 per ton. No No. 3 clover. 23 00a24.00 mixed, 2550a2600. No mixed, 22.00a22.50: No. 1 226,50, Straw—No. 1 straight rye 25.00 per ton; No. 1 tangied rve. 20.00: No. 1 wheat, 18.00a15.30 tons. The rly good for better 24008 DAIRY PRODUCTS. BALTIMORE., Md., April 10 (sSpe cial).—Live poultry—Young chickens, pound, 25a35; leghorns, 5a30; winter. i 40a45; springers. 50a55; old Rens, 25a 28; leghorns, old, 24a25; old roosters, 16; ducks, 24a25; pigeons, pair. 435a '56; guinea fowl, each, 30a80. Dressed poultry—Chickens, pound. 28a35; ducks, 30a35; old roosters. 18a Eggs (loss off)- firsts, dozen, 22 eggs, 42. Butter—Creamery, good to faney. 38a42%; prints, 42a44; nearby cream- ery, 36a38; ladies, 30a32: rolls. 26a28: store packed, 26 268 ative and nearby southern, 212 duck tock | 28; process buttei ABBBRBHSANBEZSEE s NEW YORK. April 10 (Special).—Cot- ton goods markets settled back to dull- ness today after several days of ac tivity, attended by slight price in- creases. Print cloths were quoted at 9% cents for 64x60s and 11 cents for 68x72s.” The raw silk markets also were quieter at unchanged prices. 10.—The daily | the | dis- | Depart- | slaughter pigs, 5.00 ! urrent | light | $o0m BANK SURPLUS FUND : LARGER BY $150,000 Washington Loan and Trust Also: Declares Regular Quarterly Dividend. { | —_— 1 { PLEA FOR McFADDEN BILL Controller Sees in Measure Relief to National Banks. Directors of the Washington Loan {and Trust Company vesterday added $150,000 to the surplus fund of the stitution in addition to declaring { |regular quarterly dividend of 2t per cent. The disbursement be made on May 1, the boo 4 April 24 to May 1, inclusiv This trust compa total surplus of $1, pital & |of $1.000.000 and undivided profits and reserve in excess of $300,000. A defi- nite dividend rate of 10 per cent maintained, this disbursement being aug-* mented by frequent extra declarati Affairs of the institution are adr istered by the following official per sonnel: John B. Larmer. president Andrew Parker, vice president and trust fficer : Harry G. Meem. vice president Boyd Taglor, vice presi- etary ; Charles H. Lio: vice president in charge of branch fred H. Lawson, real estate office arles R. Grant' and Fred M | throng, assistant treasurers: Wil |H. Baden, assistant trust officer. {Carroll Grant, assistant real esta cer, and Arthur Peter, general co Argues for McFadden BI | Henry 27 Dawes, controller of currency, appearing before the banking and currency com terday to urge immediate ena |of the McFadden bill. declared t templated measure one which would afford relief to the national banks of the country. and would, in turn. allow the federal reserve system to live. ! One of the most constructive feat {of the proposed legislation, Mr. Dawes {pointed out. would be a curtailment of the flagrant branch banking prac- tice, which, in his opinion, is injuriou as followed at the present time. Further hearings will be held the subject 1 Seek Law to Avert Frands. §. A bill has been introduced in both houses of the New York state legisla ture. sponsored by the Investment |Bankers' Association, to amend the general business law in relation to fraudulent practices in stocks, bonds and other securities mmarily, it pro ation ny firm dealing curities of its existence and the na- jture of its business in the officia state paper at Albany and in a news Paper in its own locality. In case a firm offers for sale any new of securities, the bill also pro vides for publication of a short de- scription of such issue in the twon places named above. Disobedience of | these provisions would be a misde { meanc Th 0,006, {dent and sec 1 fon favors this act tend 1o strengther , under which the At now convicts fraud romoters. and w considers the of dealing with onl thi Local Change Trading Small. The smallest volume of the ichanged hands on the local i nged pric of the day. ¥ s monopolized uctuated betw 938, a nging hands, w [ferred sold at 74} 1d o the extent board av, e Railway pre- Washington Gas of 000 m ST Unfilled Orders U. S. Steel. | NEW YORK, April 10.—Unfilled lorders of the United States Steel Corporation on Mareh 31, made pub lic today, totaled 4,762,807 tons, decrease o 130,094 tons, compared |'with the ena of the previous montk Asks Permit to Drop Line. | The Glenmora and Western railroaa {asked the Interstate Commerce Com- imission today for | abandon its seventee { McNary to Holdup. L built 1o serve sawmil Ihave closed to from * permission | { Washington Stock Exchange. i SALES. ! Capita! Traction Co.— Washiosgion Rwr. & & AFTER CALL, tion Co.—10 at 831, 2 gt 65 '53—$1,000 at {51,000 o | ¥ Canitt Traction— ac 935 | Moner—Cail louzs— asd § per cozt Bid and Asked Prices. BONDS. PUBLIC TUTILITIES, Bid Was Tel & T 2 Tel. & Teigs | AmTel” & Tel” <l Am Tel. & Tel. cor | Aascostia & Poiom & Potomac gus Telepbone 3s. Amer. | Americ: Capital Traction R. R. 3s. 'y & Saburban A Georgetown Gas 1st Metropalitan K. B, 5 ist 54, Niex. & St Ver. ou. Aler. & b Ver W Rait, & Aap. Ge. siiington 5s .. Washington Gas Ga........ Wash. Rwy. & Elec. 48, H MISCELLANEOUS. D c. Taper M. on ... Riggs Healty S¢ (oo | Riggs Realty ox (sbart) : 1 Was Market Uold Storage 3¢... | Wardman Park Hotel 6...... | STOCKS. { PUBLIC UTILIT | American Tel. & Teiga | Capital_ Traction.. | Washingtos Gas.. Norfolk & Wash mboat out- | Columbia” - | Commercial Distriot . vu rmers & Mechanics'... ‘ederal-American ; Liberty coln ‘ashing! TRUST COMPANY. American Seeurity & Trust ... Qootinental Trust ........... Merchaats' Ba Natienal Savings Usnion Trusi 5 Wash. Loan and Trost 0 SAVINGS BANK. Commerce & Savings st Washington. Security Sav. & Ofm . Seveath Stree | United States. | Washiagtan Mez FIRE INSURANCE. American | Corcoran Firemen' National * TITLE INSURANCE. Columbin .. Real Estatc g Titie Otoe. | MISCELLANEOUS. pld....... Transfer & Mergenthaler Linotype. National Mort. & Taves Lanston Ola Dutch M: 0ld Dutch Market pfd. Security Storage . ashington Market . w Cab... Ex dividend.