Evening Star Newspaper, May 2, 1924, Page 30

UPWARD MOVEMENT 1. SUFFERS REVERSE Check Follows Operations + Shorts in the Early Morn- - ing Deals. STEELS TOPIC OF COMMENT by Strength in General Metals Is Ir- regularly Distributed. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, May 2.—The upward movement of Thursday afternoon con- tinyed for a while in the stock market teday, but petered out later after there had been soms further short covering und it had been established that there was nothing else upon which to sustain the forward swing. Steel common sold at par again, but ~was plentifully supplied around that Tigure. Almost everybody during the last week had had the hint about the Bethle- Jiem Steel new bond issue, and the short interest in that stock had grown to Jarge dimensions The rally today to around 50 wi therefore, not surprising. But as soon as the demand from the shorts sub- sided the stock slipped back again and the slender margin above divi- dends became once more a subject of discussion. Other Leaders Followed Steels. Other leaders of the list followed the course of the steels. Such stocks as Baldwin Locomotive and American Can were strong for the first hour or so, while the bears were covering, but fell off as soon as this element of support had been withdrawn. Re- ports of poor business, actual and Prospective, accompanied the reac- tion in Baldwin Locomotive. In the case of the Plerce Arrows. more no- tice was taken of the very low sell- ing prices for the 8 per cent bond There was further strength in the metal shares, but it was irregularly distributed. ‘American Smelting was bought on the high return consider- ing the earnings of nearly $9 a share last year and the more favorable out- look for the copper metal industry this year. Cerro de Pasco crossed 46 for the first time on the present move. This company recently re- ported for 1923 a surpius around $6.50 a share, despite the very low selling prices of copper during the latter half of the year. Ratiway Shares Steady. Railway shares continued generally steady, with occasional spurts of buy- ing here and there. Pere Marquette &old at 48 for the first time. There was some fresh buying for +'time in Southern railway common and in Chesapeake and Ohio, the lat- ter on the completed annual report showing $12.80 earned on the common stock last year against $9.09 the year preceding. ~ Atchison sold the quar- terly dividend of 1% per cent. Talk revived of an increase to 7 per cent later in the year. Colorado Fuel and Iron moved con- sistently against the other members of the steel group, indicating a spe- cial incentive back of the buying which did not apply to other steel stock The late trading was dull and quite uneven. Somewhat hurried short covering occurred in the motor shares and there was quite a spurt the shipping stocks which had a logical incentive in the prospective inerease in ocean freight rates. But with these and a few other excep- tons the market of the last two hours did little, TONE OF MARKET FIRM. Besumption of Pooling and Short Covering Boosts Prices. NEW YORK, May 2.—Resumption of pool operations and covering by nervous short interests imparted a firm tone to today’s stock market. Specialties made the best gains, but good exhibitions of group strength were given by the equip- ments and shippings Easier money rates were a factor in the buying move- ment. Sales approximated 700,000 shares. Strength of a number of the spe- cialties indicated the resumption of pool operations, which probably have been inspired by the ease of money rates. American Radiator advanced 2% points, Remington Typewriter 2, and Pressed Stecl Car, General Elec- ric, Allied Chemical, Savage Arms, Truck and Manhattan Electri- Supply moved up a point or so, the last named at a new 1924 top. U. S. Cast Tron Pipe and Davison Chemical each fell back a point on profit tak- ing. Foreign exchanges opened steady. Stock prices continued to move to higher ground until just before noon, when a wave of profit taking brought about slight recessions from the top prices. It was essentfally a specialty market, with Colorado Fuel, Fletsch- mann, American Smelting, Gold Dust and Virginia Railway and Power sell- ing at their highest prices of the year. National Lead jumped points and Loose Wiles 3%, wh Husiness Machine extended its gain 10 4 points and General Electric to 3. Other strong spots includesl Brook- iyn Edison, International Paper, Sav- age Arms and U. S, Industrial ' Alco- hol. Ralls were firm, ~with Atchison the early leader. Call money opened at 3% per cent. Conditions Continue Mixed. The rise got under, way,again when United_States Cast Iron Pipe was marked up to 92, compared with 38 earlier, and Studebaker, Chandler, New York Alrbrake, Reynolds To- bacco B and Great Northern preferred became streng. In the interim, how- ever, several of the steels, oils, mo- tors and varlous specialties were de- dressed_sharply, Chicago Yellow Cab and Yellow Cab Manufacturing each losing: 2 points. The. closing was' firmi. * Shipping shares became more active in the final dealings on reports of expanding ocean traffic. Marine preferred touched a new 193¢ high, at 35%. but Wilson & Co. Dreferred broke four points to a new Jow in sympathy with heavy liquidation of the bonds. Markets at a Glance New York: Stocks—Firm; equip- ments and shippings lead advance. Bonds—Mixed; Bolivian 8s strong on loan rumors. Foreign exchanges— Steady; Spanish pesetas advance. Cotton—Lower; favorable weather. Sugar—Lower: increased offerings. Coffee—Higher; trade buying. Chicago: ~ Wheat—Firm; bullish cables. Corn—Steady; decreasing stocks. _ Cattle—Higher; light sup- plics. Hogs—Active and firm. BABY MUSSELS TAKE A RIDE. Tiny Mullosks Fasten Themselves to Fish During Period of Growth. Tree the Kansas City Star. ‘When a mother mussel has her gill pouch filled with baby mussels, she Dushes them out into the water to make their way as best they can. The infant mussels have their own way of making their way in the werld—or rather the water. They lie in walt for & certain kind of fish— nearly any e fish will do—and then they hcp aboard. just as a suburbanite grabs a street car. They seize the fish's gills, and there they stick, getting nourishment from the fish yntll they are ready to begin life on their own account. It no fish is passing when the baby mussel is'thrown out by its mother, it drops to the bottom and dies, ‘as nature seems to have arranged this fishride as its one long chance of survivel. However, it is sald that the mother mussels sho sagacity in arrangi aecordance with e International’ fl?nyll:n: saving time in New York Y. Open. High. Low. Clase. o e 73 3% %t 1% 1% 7134 114% 43 Adams Exp (6).. Air Reduct (4)... AlasGold Mines Alaska Juneau. Allied Chem (4).. AIC&DpL(T).. Allis-Chalm (4).. Am Agri Chem. .. AmAgriChem pt Am Beet Sug (4) Am Bosch. AmBrS&F Am BS&F pf ( Am Can (t6) . Am Canpt (7 AmC & F (12) | Am Cot Oil ct | Am Express (6) .. | Am Hide & L pf Am Ice (7). Am Internatl. Am LaF F E(1). Am Locomo (§) . Am Metal (3)... Am Radiator (4). Am Saf R (50c). Am Ship & Com. Am Sm & Re (5). AmS&Rpt (7 Am Stl Fdys Am Sugar Am Sugar - Am Sumat Tob.. 12 Am T & Tel (9).. 12 Am Tobac (12) Am Tob B (12) Am Tob pt (6 Am Water Wks Am Wool pt (7). Am Woolen (7). . Am Writ Pap pt. Am Zine. | Anaconda. . Arn Cons & Co. Asso Dry G (5) Asso Ol (13). .. AtT&S Fe () AT&SF pt (5) Atl Birm & At | At Coast L (7). |AtGuite wi. | At Gulf & W 1 p: Atlan Ref (4)... Atlan Ref pf (7). Austin-Nie (7). Auto Sales pf. Bald Loco (7) Bal & Ohio (5)... Bal & Oh pf (4). Barnsdall B..... B'ch Nut (2.4 Beth Steel (5) . Beth Stl pt (7). Beth St pf (5) .. Booth Fisheries. . Br'k Edison (8).. Briyn Edison ris. Br'k-Man Tran. . Br Man T pf (6). Brunswick Term. Burns Br (10)... Butte&Superior Butterick Co. . ... | Caddo Cen 0 & R. | Cal Packing (6). | Cal Pet (1%)... Callahan Z Lead. Calu & Ariz (2).. Can Pacific (10). Cent Leather Co. Cent Lea Copf.. . en Rib M (50¢) . ‘er-de Pas C (4) . Chand Mot (6).. Chic & Alton pf. . Ches & Ohio (4).. . Ch&Opf (63%) Chic & East Ilf. Ch & East Il pf. Chic Gt West Chic Gt West pf. . Ch Mil & St Paul. Ch Mil & St. P pf. Chi & Nwn (4) Ch PneuT (5)... ChicRI& Pac... Chi Yellow C (4). Chile Cop (2%). Chino Copper. Cluett, Peab ( Coca-Cola (7).. Colo Fuel & Iron. Colo Southern. ... Col So 1st pf (4). ColG & E (2.60).. Col Carbon (4) .. Com Solv A (4).. Com Solv B. Congoleur (2). | Consol Cigar. Con Cigars pf(7) . Consol Gas (5) . Consol Textile. Cont Can (4). Cont Can pf (7).. Cont Motors (20¢) Corn Prod (10).. 1 Corn Prod new. Cosden Co. ... Crucible Stl (4) Cub Am Sug (3).. Cuban Cane Sug. Cub Cane Su pt. . Cub Dom Sugar.. Cuyamel Fr (4).. Danl Boone M (3) Davidson Ghem. . Del & Hud (9). Del L& W (6). Det Ed Co (8) Dome Mines (2). . Doug-Pegtin (1) . Dul So Sh & Atl, DilSS & Atpf. DuPtdeN (3). Dug Lt st pf (7).. Eaton Ax (2.60) End-John (5) Efies.. ... ¥irie 18t pt Erie 2d pf. . Famous P1 (8) Famous Pl pf (8). FAM&SPpl (7)., 44 Fifth Av B (84c) N 11% Fisher Bdy (10).. 190% Fjsk Rubber. . v Fleishman (3) . Freeport-Texas. Gen AmTC (3) Gen Asphalt. . Gen Cigar (8) Gen Elec (8). . . Gen E1 spe (60c). Gen Mot (1.20)... Gen Mot db (6). Gen Mot pf (6) ... Gen Petm (2 Gen Refr (4). Gimbel Bros, Glidden Co Gold Dust w.i... Goldywn Pict. . oodrich. . . Goodrich pt (7). Gt North pf (5). Gr Nor Ore (3). 27 Grt Wstn Su (8) . Gr Canan Cop. . .. Gulf St Stl (5) Hartman Co (4).. Hayes Wh'l (3).. Househ'd Pr (3) Houston Oil. . Hud Mot C ( Hupp Mot C (1). Illinois Cent (7).. 103 111 Cent pf (6) 105 Indep OH (25¢) . Indian Motoreyc. Inland Stl (2%) Inspiration Cop. Interb Rap Tr. Int Bus Ma (8). Int Cement (4)... Int Com Eng (2). Internat Har(5) . Int Mer Marine. Int Mer Mar pf. Internat Nickel. Internat Paper. IntT&T (6). Invincible Ofl. . Tron Products (6) Jones Bros Tea. Jordan Mot (3). Kansas & Gulf. Kan C So pf (4) Kelly Spr Tire. .. Kelsey Wh'l (6) Kenne Cop (3) Keystone T& R. Lee Rub & Tire. ..~ % 1% s Laeat, Incorpor.... 6% ¥ | Mack Trucks 7% | Woolworth (8).. 319 Loose-Wiles Bis Lorrillard (3). Louis & N'sh (5) Mclntyre (1). 85% - 80% 15% Mack T 1st (7). Macy RH& Co... Man El Sup (4).. Man Elec gtd (4). Maracaibo Ofl. ... Marland Oil. ... Marlin Rockwell . Martin Parry (4). Mathieson Alkatl Maxwell Mot A. Maxwell Mot B. .. Mex Seaboard(2). MexSeabd ctfs(2) Miami Cop (2) Middie St Oil. Minn & St Louis Mis Kan & Tex. MisK & Tex pf. .. Missouri Pacific. Missouri Pac pf. . Montgom Ward Moon Mot (3) Mother Lode (1) Mullins Body. ... Nat Biscuit (3).. Nat Daliry (3).. NDSletpf (7). Nat En & St.. Vat Lead (8).. .. at Ry,M 2d pf. . t Supply (3). Nev Cons Cop. NOrT&M (7) N Y AIrBr(4)... NYABrA®).. N Y Central (7).. N Y C & StL (6). Ny C&StL pf (6) . N'Y Dock. NY NH & N Y Shipbldg . Norfolk'South.. ... Norf & W (18)... North Amer (2).. North Am pf (3).. North Pac (5).... Okla Pr & Ret Orphieum (1% Otis Elevat (8 Otis Steei . Pacific Mail Pacific Oil (2) Packard (1.20) Packard pt (7) . Pan Amer (4) Pan Amer B (4) Park & Tilford . Par & Bing (2, Penn Ralird (3). Penn Seab Steel. . Pere Marq (4) Phila Co (4)..... Phila Copf (3) . Phila& R&I. Phil Mor (50¢) . Phillips Pet (3) . Pie~ce-Arrow, Pierce-Arrow pf. Pierce Oil. ...... Pierce Oil pt Pitts Coal (4) Pitts Stl pf (7 Pitts Ut pf 1.65. . Pitts & West Va Postum Cer (4). Press SUC (4). Public Serv rts. Pub S NJ pf (8) Puliman Co (3). Punta Al Su (5) Pure Oll (1%) Ray Cons Cop Reading (4) Reading rts. . Remington Type. Replogle Steel Rep Ir & Steel. .. Reynolds Spr (2) Rey Tob B (3)... Roy D'tch 13.46) ... St Jos Lead (12). St L San Fran. .. St L Southwest. . StLS'thpf (5) Savage Arms. Schulte (8) . Seaboard Afr L. . Seab'd Air L pf.. Sears Roe & Co. .. Seneca Copper Shattuck-Ariz. Sheil Un Oil (1) Simmeons Co (1) Simms Pet Sine Con Of Skelly Oil....... Sloss-Sheft (6).... So P Rico Su (6) South F'ac (6). ... Southern Ry (5). South Ry pf (5).. Spicer Mfg. . St Oil Cal (2). StOINT (). St Oil N J pf (7) Stew't War (10).. Stromberg C (8) . Studebaker (10) Studebaker (4) . 71% 11% 59 36% 118% 65% 624 B3 33% 110 9% Texas & Pacific. . Tide Wat Oil (4) Timken (133%)... ‘Tob Prod (§). ‘Tob Prod A (7). “Transcont Ofl. Union Oil. ... Un Pacific (10). United Drug (6) - Utd Ry Invest pf. U S Cast Iron P, USCIP pf (7). U S Ind Alcohol. SR & Im (8) . R&Ipf (7). Rubber ... R 18t pt (8).. U S Steel pf (7). . Utah Copper (4). . FINANCIERS GATHER FOR ANNUAL PARLEY Investment Bankers' Convention at White Sulphur Springs Largely Attended. WASHINGTON MEN PRESENT Reports Affecting Important Bond- ing Houses Under Way. Speeial Dispatch to The Sty WHITE SULPHUR SPRINGS, W. Va., May 2.—The annual spring meet- ing of the Investment Bankers' Asso- clation of America has opened its annual spring session at the Greep- brier, with an attendance of more than 200 governors and ex-governors the largest since its organization. The bankers, gathered here to . pre-- pare committee reports, which will be presented at the annual convention of the organization in Cleveland in September, represent praotically every important bond house in the country and control the annual in- vestment of billions of dollars. Conmvention Personmel. Representatives here include George Whitney of J. P. Morgan & Co., Bu= Eene 1. Thomson of Crane, Parris & Co. and Paul V. Keyser, committes counsel of Washington, George 'A. Celston_of Colston, Heald & Tralil, C. T. Willlams -of C. T. Williams & Co., John G. Brogden of Strother, Brogden & Co, K. H. Worthington and Henry L. Duer of W. W. Lanahan & Co., B. Griswold ,of Alexander Brown & Sons and James C. Fen- hagen of Robert Garrett & Sons, Bal timore: Featares of Program. President John W. Prentiss of Horn- blower & Weeks, New York, opened the program. He was followed by Joseph A. Rushton of Chicago, chair- man of the finance committee; J. Clark Moore of Pbiladelphia, chair- man of the membership committee, and Joel E. Harris, chairman of the irrigation securities committee, who submitted reports which will be later laid before the Cleveland convention. PLEA FOR U. S. SHIPS. Bankers Told of Stabilized Prop- erty Deserving Attention. By the Associated Press. WHITE SULPHUR SPRINGS, W. Va., May 2.—American ships have be- come a stabilized property that banks “can afford to look upon with friend- ly eyes,” Vice Chairman Plurimer of the Shipping Board declared in gn ad- dress here last night before the In- vestment Bankers’ Association. shipping companies has passed, Mr. Plummer asserted it was now for Investors to deal in Ameri- can ships and in the securities of most established American shipping companies.” Only recently, he said, there had been two instances where banks had refused to loan more than 37 & ton on ships that would sell in the market today for at least $40 a ton. “This attitude,” Mr. Plummer de- clared, “tends to centralize shipping in a few hands. That means damage to our transportation facilities and uitimate iInterference with the amount of our ocean-borne commerce.” Warning against further curtail- ment of tonnage in the foregn export trade, the vice chairnfan deciared the recent withdrawal, on account of res duced appropriations, of government ships from the Montreal grain trade already had resulted in increased rates on grain from the Canadian port, through which passes much of ic grain crop. act that today the rate on grain out of Boston, where Shipping Board vessels are operating, is 17 cents per quarter less than the rate charged on grain out of Montreal.” sald Mr. Plummer, “shows the effect of competition by American ships. “Therefore, it is mot from any fear that the Shipping Board may find it necessary to enter this grain -trade out of the St. Lawrence that 1 draw attention to the present situation—I prefer competition through an Amer- ican port.” {BOND MARKET TODA BECOMES IRREGULAR Marked Attention to Foreign List. Review of the Securities Issues. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, May 2—Today's bond market, while still fairly firm, was a good deal more irregular than on the previous day. : 4 The advance that followed on the reduction of the rediscount rate of the New York Federal Reserve Bank rah into a’good deal of profit-taking today. For the most part it was well absorbed, but in some cases there were minor recessions. Liberties were generally a little lower than previous closing prices.. On the other hand strength persisted in the high-grade rails and industrials. A good test of the market was af- forded in the dlssolution of the syn- dicate which brought out the Western Electrie debenture 5s. The offering 8 | Utah Securittes. . Vanadium Corp Va-Caro Chem. Va-Caro Chpt Va Ry & Power. Wabash.... Wabashpf A.... ‘Web & Heild (1) . ‘West Penn pf (7). West Maryland. ‘Western Facific. West Pacpf (6). 61 West Un Tel (7). 105% West E&M (4).. b6 6! 89% 15% 45 18% 90 1% 81 White Mot (4) Wickwire Sp Stl Wilson & Co Wil & Co pf. Willys-Overland. ‘Willys-Over pf.. . Woolworth wi3 Wrig W Jr (3) Yellow Cab (3), T80% 364 B4 2pm... {Partly extra. $Payable in preferred Dividend rates ‘as giren ia_th are annual eash paymen latest quarterly or half-yearly declarations. Unless otherwise noted, extra or special dividends' are not fhcleded. BALTIMORE, Md., lll{ 2 (Sr:ell.l). —Poultry—Winter chickens, Ib., 40a springers, 46a55; horns, 40z 25; old hens, 28a rns, old,- 25a26; roosters, ducks, 22a28; pigeons, gulnea fowls, . Eggs_(loss off)—Native and nearby firsts, doz., 21%; southern, 20% ; duck eggs, 20. Butter—Creamery, good to- fancy, creamery, . 33a3614 36a3: nearby prints, 39adl; ladles, 28a30: roils, price was 96% and the loss today was- less than half a point. This was considered a very good showing and as establishing that bonds have been unusually well placed. More attention was paid today to the foreign list. Bolivia 8s had a sudden run up of more than 2% points. This issue has been neglected for months. The low. price this year was made in January at 85. It sold today between 91 and 92, Today's unusual strength . may have had something to do with an expected new Bolivian dollar loan. Obviously it would be difficult to sell new bonds at any reasonable price while the old issue was quoted on a- 9 per cent basis. ‘While the Bolivian bonds were show- ing strength, the Jugoslav were, selling down. A reaction here, how- ever, was to have been expected after the recemt sharp rise. Good .invest- ment_buying came_into the. United Kingdom 53%s of 1937, carrying them up above 101. In speculative ralls New Haven issues were especially firm, the New York, West Chester and Boston 4%s getting up to 47. New Haven franc 7s were_dealt in in large volume. Sea- board bonds were. all firm, and more than ordinary interest was shown in St. Louis-San Francisco income 6s. Today's new issnes included $2,000,- 000 Great Western Power of California first and refunding 6s _at 00,000 Durham (N. C.) Public ce Company refundings 7s, also at 99%. . Pnonu_F_E'ExcHANGE' HEAD NEW YORK, May 2—J. Barstow Smull, member of the steamship firm of J. H. Winchester & Co. and for- merly yice president of the. United States Shipping Board, was nominat- ed .vesterday for._the presidency of the New York Produce Ixchange. Tne annual election ,will be held June . B.. M. Wunder of the firm ot Harry I White Company, Inc, was -nominated - for.. viee -president and Walter B. Pollock, manager of 26a28; store, 25;° dalry primts, 26a38; process butter dd, e s the: marine. department of the New d Xork Central railroad, for tre: Declaring the day of “fly-by-night” | “prudent | [ xow vorx BONDS oo reemvs] Received by Private Wire Direct to The Star Office. (Sales aze in $1.000.) Erac NITED STATES BONDS. e ctions represent thirty - seconds. Example: 'u-: means 983-82.) Sales. High. Low. Clom. Lib8%s....;0 197100 0928 '99-28 Lib 18t-2d 434. % 1 100-10 100-10 100-10 Lib1st ¢Xs... 71 100-18 100-10 100-10 Lib2d 4%s... 2022 100-13 100-6 100-8 Lib3d 4s... 540 100-19 100-16 100~18 Lib 4th 4., 2270 100-18 100-11 100-12/ US4%e1952. 757 10126 101-24 101-26 FOREIGN. 4 101% 101% Canada 581952, Chile 85 1926 1 Chinese Gov Ry 53 Christiania 8s Danish Munic8sB 1 Denmark 8s. 1 Dutch East I 6s°6: Finland s { 65 1945, Framerican 73%s. French Govt 8s Japanese de....... Japanese 6}4s w i. Jergens U M 65 '47. Queensland Ti Queensland 6: Rio de Jan 8s 1946. Rio de Jan 85 1947. Pio Gr Do Bul §3.. Salvador 8 106 106 99% 99% 92% 92% 91k 91% 954% 954 Ud Kingm 5%s 2! Ud Kingm 5%s 37, Ud Steam Copen 63 Uruguay $s. 104 MISCELLANEOQUS. Ajax Rubber 8s 1 81 Am Chains f 65'33. Am Cotton OIl bs. . Am Repub deb 6s. . Am Smit&R 1st bs. AmT&Tcltrés.. Am T & T deb 6% Am Water Whs 68 evdb s Anaconda 1t 6s. Armour & Co 4% Armour of Del 5% Associated Oll 6: Atlantic Refin 5 Barnsdalls f §s. Bell Tel Pa 5. Both Steel 5% '52. Beth Steel rf bs... Beth Steel pm 5t Beth Steel s £ 63 Brier H 8t 1st 5%a Bkiyn Edison 7s D Bklyn Ed gen 5s... Bush T Bldg 65 '80. Calif Peto §%: Central Leather 5 Cerro de Pasco 8s. Chile Copper 6s. ... Col Gas & El 5s sta. Commonwth P éa Con Coal Md 1st & Consumers Pow 5 Cuban-Am Sug S Cuba Canecvd Cuba Cane cv 7530 Det Edison ref €s. Du Pont de N T%s. Duquesne Light 63 Empire G&F T%s. Fisk Rubber 8s. Gen Elec deb bs. . 105% 105% 107% 107% 104% 104% 105% 106% 90% 91 100 100 101% 101% 24% 94w 2 100% 20 101% 18 95 18 102% 21 116% 10 102% Illinols Bell 1st 58. 25 95 Int Mer Marine 6s.138 £5% Inter Paper bs '47... KCP&Lt6sA52. 2.. Kelly-Spring Lackaws S bs Liggett & Myrs Manati Sug of 7% 85! 105% 105% 106% 106% RAILROADS. Bales. Del & Hd 1st rf és. Del & Hudson 5%s. 2 Den & R10G cn 4s. 11 D&RloGimpbs.. 6 Louis & N un! Louts & Nash 7s Louis&N5s B Manhat Ry cn \fo Pacific Mo Pacific Mo Pacific gn Montrl Tm 1st YC&StL6sA.. 18 NYC&StLdebds w Haven cd 6s. New Havend 48’57 4 New Haven 7s. 36 New Haven 7s fr.. 220 NYOnt& Wref4s 1 NYRyrfdsctfs... 5 N Y State Ry 4%s. 1 NY W & Bos 4%s. 30 orfolk’& W evés. 5 rthern Pac 3s, 5 30 N Northern Pac 53 D. OShort L en 68 '46. Ore-Short Lref 4s. 1 Ore-Wash 1st rt 4s Perinsyl gen 5s..... Pennsyl gen 4% Pennsyl 6%43...... Pennsyl gold 7s... Peoria & E inc 4s.. Pere Marq 1st 68 Reading gen 4s.... Reading gn 4 aswi StL&SFoprinbe. StL&SFinc Sou Pacific clt 4e.. Southern Ry 1st bs. Southern Ry gn 4s. Southern Ry 6%: 2 | Southern Ry és at. Nor States Pow ? Tel 5 Phil & Rdg C&I bs. Phila Co 6348 '38. Phila Coref s A, Pub Ser Elec és wi. Punta Alegre 7s. .. 93 4 ll)lz 15 <96 - 8 10 ‘98! Steel & Tube 7s. 04 Tenn Elec Pow US Rub latrfss.. U S Rubber 7%s...: USSteel s £ 6s. Lt 68 Vertientes Sug 78, Chem 78, .. -Car Ch 7 Warner Sug Warner Sug 7: . w. s 41 3! Willys-Ov %s Wilson & Co 1st 63 Wilson&Cev 7%s. Wilaon & Co cy §s. Youngatn S&T 6s. PARIS BOURSE AGAIN HEAVY. PARIS, May 2—Pricés were heavy on the Bourse today. Three per cent rentes, 54 francs 20 centimes. . Ex~ change on London, 67 francs 75 cen: times. " Five per cent loan, 69 28 10_centimes, ¢ e dollar’'was quoted at 43% centimes, o i 15 franes Sou Ry Moblle 4s.. Third Ave ref 4s. Third Ave adj . Tol StL & W 4s... Tol 8t L & W 33§s. Union Pac 1st 4s. Union Pac 15t rf Unilon Pacific ¢v 6s. Union Pac 1st rf 53 Vieginia Ry 1st 6s. 12 Wabash 1at 5s. Wabash 2d 5s, Western Md 4s. Western Paclfic 5s. West Shope 15t 4s. Wheel & L.E cn 4s Wisconsin Cent 4s. 1 2 101%, 102 61% 100% 56% 82% 86% 104% 99% 101% ... 98 " 99 1% 62% 85 80% 654 9% 65% 9% B5% | warded to mills, 62,000 bal 101% 102 624 101% 56% 82% 94 808 | bushel, 50a65. 100% | Sa 2% 104% 99%. B5n 42 8% 8% 0% 2 101% 185 91% 80% | 2ny other industry In this section. TOTAL SALES (Par Vaiue): Ilam.. 4023000 12 noon 6963000 . 1p.m.. 9675000 2p.m...11432000 ' —_— FOREIGN EXCHANGE, (Quotations furnished by W. B. Hibbe fominal . crown, Chrtiamia, crown. Stockholm, " crown. By the Associated Press, NEw zonx.qlsya'z.—'dnrelxd ¢x- | pence per ounce. cl easy. juotations (in Unite | States: dollars) - Grear Britain: do ,74.38% ; cables, 4.38% ; sixty-day -banke, 4.3 France, de- Italy, de- ’Boltlum. is gon and, mand, .00000012;" Cze: ‘mand, -0294; <Jugosldvia, 0014147 ]}ld 00523 ; Argentina, d 3300; Brazll, demand, JhOi Tokio, | per capi . demand, .40; Montreal, .98- 15-32, $2,918, tria, an mand, .0052 ; Norwi demand, & Go) lling de-, Ger- 235 de- .2640; 89; Switzerland, del{rl:nd. -1382; | 3 new schedule of reduced rates. lovalki, .01 .| ports of small sales of cotton goods ‘| week. The opening was 1 point lower | 150 pounds, 1 e | Cabbage, COTTON MARKETS. NEW YORK, May 2—The ootton market was comparatively .quiet in today's early trading. The buying movement. responsible for yesterday's advances appezred to be checked by relatively easy Liverpool cables, a more favorable weather map and re- in the Fall River markets for the on May, but generally 7 to 10 points higher on overnight buying orders, after which prices eased off under local, southern and some commission house “selling. May declined from .00 to 298.92 and October cased t 24.45 with the market ruling about § t:éb points net lower in early deal- Numerous reports that replanting Wwould be necessary in the southwest and that night temperatures were too low for germination in parts of the south were received during the morn- ing. They evidently failed to inspire much fresh buying, but after easing Off ‘to 29.75 for May and 24.35 for October, or 15 to 23 points net lower, the market ~recovered the greater art of the loss on covering. Trad- ng was quiet at midday with active months 5 to 6 points net lower. NEW ORLEANS, May 2—The cot- ton market opened quiet; first trades showing losses of 5 to 7 points, main- 1y on poor Liverpool advices. As New York opened slightly higher and pri- vate crop advices were bullish, the market steadied up slightly immedi- ately after the opening, but prices 800n settled around 27.91 for July and 27.82 for October, while waliting for the weather map. Fall River report- ©d sales for the week of only 30,000 Ppleces of print cloths and there were reports of further New England mill curtailments. LIVERPOOL, May 2—Cotton, spot, moderate business: prices steady. Good middling, 318.30; fully middling, 17.85; middling, 17.35; low middling, 16.50; good ordinary, 15.50; ordinary, 15.00! " Sales, 5,000 bales, including 4,200 American. 'Receipts, 9,000 bales, including 3,800 American. Futures closed quief, but steady. May (1924),'17.08; July, 1 ber, 14.29; December, 13.8 13.73; March, 13.62. Weekly cotton statistics: Total for- of which American = 33,000. Stock, ; American, 311, American, 15, American! CHICAGO LIVE STOCK MARKET. CHICAGO, May 2 (United States Department of Agriculture).—Hogs— Receipts, 22,000 head; fairly active, 5 to 10 higher; light welght show most advance; big packers doing lit- tle: bulk good and cholce, 250 to 325" pound butchers, 7.40a7.55; top, 7.55; bulk better grades, 160 to 225 pound averages, 7.30a7.50; bulk de- sirable, 140 to 150 pound weight, 6.90 a7.20; packing ‘sows, mostly 6.70a6.85; killing pigs steady, bulk and ce, strong welght, 6.00a6.5 eight hogs, 7.30a7.55; me. 7.2527.50; light, 7.00a7.50: light light. 6.00a7.35; packing sows, smooth, 6.7526.90: packing sows, rough, 6.60 26.75; slaughter pigs, 4.506.50. Catile—Receipts, 3,000 head; active; meager supply; fed eers, yearlings, better grades, fat cows and heifers and_ stockers and feeders strong to 15 highe; 11.60; bulk fed offerings, 9.00ad. few south- western steers, 8.25 and below; four loads choice beef heifers averaging around 750 pounds, 10.25; fat cows and heifers selling above 550 and 6.50, respectively; active; and’ canners and cutters slow; eral loads bologna bulls, 4.50a4.75; odd head weighty bolognas, 4.85 and better; most vealers, 7.00a9.00, ac- | cording to weight and condition: 100/ head Montana-bred short-horn steers. | averaging 1,100 pounds, on country | acoount late yesterday, 9.90: bulk stockers and feeders, 6.75a8.50; sev- eral loads meaty weight steers, 9.00 and better. Sheep—Receipts, 12,000 -head; fat lambs, strong to 25 higher; sheep strong to 25 higher; very scarce; few early sales fat clipped lambs up- ward to 5 to outsiders; good wooled lambs, 16.25; choice medium- weight wooled ewes, 8.75. GRAIN AND PROVISIONS. BALTIMORE, Md. May 2 (Special). —Potatoes, white, 100 pounds, 75al 5a2.65: sweets and yams, barrel, 2.5 bushel. 1.2523.50; new potatoes, barrel, 5.00a0.50 ; bushel, 1.5 a3.00. Asparagus, dozen, 2.5025.00. Beans, bushel, 2.50a4.50. Beets, hun- dred, 4.0026.00. Kale, bushel, 15a25. basket, 1.75a2:75. Carrots, hundred. 4.00a6.00. Caulifiower, crate, 2.50a3.00. Celery, crate, 2.75a3.25. Cu- cumbers, 500a6.00. Eggplants, crate, 2 Horseradish, bushel, 3.00a Lettuce, crate, 2.50a5.50. Onions, pounds, 1.00a2.00. Spring onion: 100 pourds, 50a1.00. Peas, hamper, 3.00 a5.00. Peppers, crate, 2.00a5.00. Spinach, Radishes, bushel, 75a1.50. 3.50a4.50. Tomatoes, Apples, packed, barrel, 2.00a4.50; bushel, 50a1.40; box apples, 1.90a2.50. Grapefruit, 1.50a1.75, Oranges, box, 2.60 a3.35. Strawberries, quart, 20a35. Settling Prices on Grain. Whent—No. 3 red winter, spot, 1.13%: No. 2 red winter, garlicky, domestic, 1.13%; no quotations om No. 5 red winter, garlicky. Imports, Exports, 1,000; all uash, crate, crate, 2.00a6.00. No_sale: Corn—Cob, new. #.25a4.30 per bar- rel for yellow and 4.10a4.15 per bar- rel for white; No. 2 corn, spot, 8 No. 3 corn, sport, 90; track corn, yellow. No. 3. 85. " Sales—568 bushels No. 3 yellow at 86. Oats—No. 2 white, 58%a59; No. 3 white, new, 5714a58. Rye—Nearby, 10a80; No. 2 734, Hay—Receipts, 121 tons. The per- centage of good hay in timothy and clover mixed is small on spot, and the market on top grades of such hay is firm as quoted. Damaged and spoiled and low grade hay is still rd move and of uncertain valu No. 1 timothy, 28.00a28.50: 50a28.00; No. 3 timothy, 25.00 rye, spot, ‘| coverings and household goods 1 1 light clover, mixed, 27.00 a22.50; No. 2 light, 25.00a26.00; No. 1 clover, mixed, = 26.50227.00; No. clover, mixed, 23.00a24.00. Straw—No. 1 straight rye, 24.00a n; No. 1 tangled rye, 18.00 X 15.00218.50; No. 1 oat, 17.00a18.00. TEXTILE TRADE SLACK. Industry Makes Poor Showing in Philadelphia Area. PHILADELPHIA, May 2 (Special). —The textile trades are making a poorer showing just at present than Deémand for shoes, automobiles, floor is good and building materials, paint and. paper are in excellent demand, but with the exception of full-fash- joned hosiery the woolen, worsted and cotton mills report dullness. Tabor is in sufficient supply throug out the district and wages are un- e~apged. T I INDIA'S WHEAT CROP HUGE. India’s wheat crop - this vear is placed at 375,387,000 bushels in the first official forecast of the depar ment of statistics of India, cabled to the Department of Agriculture. That is 6.235,000 bushels more than last year's crop, and indications are that India’'s exportable surplus this year will be about 30,000,000 bushels. BAR SILVER QUOTATIONS. NEW YORK, May 3.-Bar silver, ; Mexican dollars, 49. S SNDON, May silver, 33 . 1% per cent. M nt rates: Short. bills, 2 r comes threc-month bills, ;a‘?bk o cent! R. R. Freight Rate Unjust. Railroad rates on horses and mules from Kansas City, Mo, to points in Texas and Louisiana were declared unjust today by the Interstate Com- merce Commisaion, which prescribed 12239 | wrom” the Totedo Biade. 1a, de- emand,|sinee it was made known that the Everybody ought to-feel prefty good ta wealth of the country fs TOTAL OF U. S. DEBT . 'LOWER BY $9,000,000 Gross Amount Outstanding Placed at $21,614,442,829.25 at End j of April, MONTH'S DECREASE SHOWN Restricted Trade Today on Local Stock Exchange. BY CHARLES P. SHAEFFER. The gross debt of the United States totaled $21,614,442,529.25 on April 30 last, a decrease of approximately $9,000,000 during the month, the Treasury Department announced this morning. To meet this indebtedness the department has a net cash bal- ance in the general fund of $331,725,- 401.58. Figures submitted this morning# show a gross reduction in indebted ness of approximately $5,000,000,000 from the peak in August, 1919, when outstanding obligations totaled $26,- 596,701,648.01 and a decline of ap- proximately $1,300,000,000 in the last twelve months. Of the gross reported $21,353,363 231.29 Is interest-bearing, consisting { of $16,164,393,990 of bonds, $4,046.- 398,000 of Treasury notes, $740 576,500 of certificates and the re mainder of war savings securities. Lanston Monotype Dividend. Directors of the Lanston Monotype Machine Company have declared their regular quarterly dividend of 1% pe- cent on the stock of the company payable on May 21 to stockholders of * record at the close of business Ma: The company has an authorized cap- italization of $10,000,000, of whic! $4,000,000 is unissued. Street Rajlway Earniags. » The Washington Railway and Elec tric earned a net of $29,179, a sligh:, "] falling off from the corresponding perfod of last year, according to state ment filed with the Public Utflities Commission yesterday. For the fivst quarter to date the carrier has earne: $223,620, an increase of approximately 314,345 over the corresponding thres months of last year. Earnings of the street car company's line subsidiaries are in arrears of, those reported for the same period of last year. . Notes of Local Exchange. Unchanged prices ruled today's re stricted trade on the local board Railway preferred was firm, fluctuat- ing downward from 73% to 73% , This was the only stock issue to be sold. On the invesement side of the mar ket, Gas 5s sold at 95; Traction 5s a 98, 'and Washington Gas 6s at 100%., It was noted today that the Penn sylvania railroad’s net operating in come for the first quarter of 1 was $18,581,907 compared with $1 015.828 a year ago. March net was 7.1 35, a drop of 31,745,337 fr March, 1923. Gross revenue for quarter totaled $170,056,680, a de- crease of more than $6,000,000 fror the same period last year. ? Essay Contest Ended. The District of Columbia Banker Assoclation essay contest. participat- ed in by students of Washingto Chapter, American Institute of Bank- ing, closed last night and all paper: must be in the hands of Presiden Harry V. Haynes before the close of business tomorrow. The subject of the essay {s “Service versus Service. Mr. Haynes has named Victor Deyber, C. H. Pope and Maurice Ot terback to adjudge the efforts sub mitted. This committee will be possession of the papers on Monday next and their decision will be hand. ed down on May Immediately thereafter the names of the three papers selected as prize winners will be announced and the respective in- stitutions employing the successful . authors will defray their expenses - to the annual convention, at White - Sulphur Springs, where the papers will be read in open meeting. Mills to Close Indefinitely. ASHUA, N. H, May 2—Th shua and Jackson wmills of e Nashua Manufacturing Company, em ploying 3,000 operatives, will be sh cWn next week for an indefinite riod, the company has anmounced Officials said resumption of wark would depend upon market condi- tions. FRANCE LIFTS PORK BAN.: Permits Entry of U. S. Fresh Prod- | uct for Trial Period. France has agreed, after more ths a year of negotiations, to adm! American fresh pork at Havre, Bor. deau and Marseille for a trial perind + ending September 1 this-year. The* Department of Agriculture announc- ed today that the development by the meat inspection service of methods of exposing the product to low te peratures to make it entirely safe. even when eaten raw, as is customary ' to some extent in France and other European countries, had overcome objections of the French government to its importation. Federal inspec- tors pass upon all meat for export., and a special export stamp certify- . ing that pork exported has been re- frigerated twenty days at 5 degrees Fahrenheit will be furnished by the Department of Agriculture. BUSINESS HELD ‘UNEVEN.* Production and Consumption Good. But Buying Is Hesitant. K ST. LOUIS, May 2 (Special).—Pro- ductlon and consumption continue ] large in this district and underlying | conditions show little sign of change, but the business situation is uneven and buying is hesitant, particularly ' on goods for future delivery. There is a growing dispesition among mer- chants to fill their requirements fro: month to manth, owing to diminish ing confidence and price uncertainty. | Manufacturers are buying materials accordingly. Iron and steel and some other commodities are tending down- ward in price. The International Shoe Company has cut prices 3 to 5 per cent, and excess of production may result in closing of some fx tories until sales increase. CHICAGO GRAIN MARKET. CHICAGO, May 2.—Notwithsta: Ing big new deliveries on May c tracts today, the wheat market scored material fresh gains in price during the early dealings. Higher quots: tions at Liverpool, together with re. cent liberal European buying of (a- nadian wheat, helped to lift values here. Announcement that the emer- gency tariff had virtually put a stop to imports of wheat into the United States except under bond was also a subject of notice. Th which ranged from % % h T with May 1.04% to 7.04% and Juls 106% to 1.06%, was followed by & slight mm:ier advance. rn_and oats derived strength from wheat. After onenfi:‘“fiw changed to % higher, May 77 to 77%. the corn market continued to harden DOI.&MA:‘(;&‘I l.l; lshldb off to % up, May . and late a litile gain all ‘around, = Snoved Provisions were firmer, in line with the hog market. WHEAT— . Open.. High. 1. 1.05% 1063 1074 Tor§ Tosy My Jaiy Sep