Evening Star Newspaper, May 7, 1924, Page 28

- 28 FINANCIAL. UPTREND IN PRICES DESPITE OBSTACLES Copper and Smelting Shares Again in Demand on New York Exchange. DEALINGS IN RAIL ISSUES| Market Throughout Day Exhibits Mixed Price Chang 5 | BY STUART P. WEST, » The Star May T.—Without ment from the out- amd with professional opinion in the ain hostile, the market continued its upward tend ¥ ; Dispateh NEW YOR special encour sid wper and ting American Pasco the first melting cross- | 16 and Ken- | time this | Cerro de t 39, all for % | tual quotat the copper I have n vet risen. but as in view the in the latest figures surplus it also the effect hav the | as in o view hich a G pon the f would and. In the 3 Smelting has > high return offer the unusal jon and the very n over dividends. | into Missouri, wing The 1 scarcely afforded r o this t rked ar out ne basis show a the viou a deficit of supplus of vrred dividends 15 not impressive tive back of the report that Misour : o T the from | of ial in- Festern, Western Pa- | of cash | vy trading in American around 41, where v 6 points from the to the cov short interest was unfavorable American Can Above 104. n hid_un time on the present 1 Studebaker old | e dealt in on May | remnant of the short interest | getting in its sets. Dee- | ion of anothe dend | imken Roller B | surprise, but was reflected in erate advance in the stock Price Changes Mixed. | 1ges were very much mixed “a moderate display of | I during the first two-thirds of | Then selling broke out in | res. and this, along | that would have ordi- the 1 lis iprovem when there $600,000. But | pre- fund, | likely in the vas e $11 and The more lay ific ze- | 1d extrem in of an ¢ The trad was above la on session, some of t with the re narily occury brought abou! time, but arp recoil reduction in sugar prices comprised the other im- portant incidents of the day early upturn in e to less favor: ditions. was d along by any er in the goods t The only as it now appears, that the v unpleasant situation at the Nes ingland textile centers can work itself out is through w reduction on the one hand and lower prices for cotton staple on the othe As for the 1924-25 cotton supply. together too early to form an nt. But the reasoning sound that after three successive years of very short crops a fourth such year is improbable. Advance of No Importance. The fact that the French francs promptly lost the greater part of Tuesday's gain showed that this ad- ance had been of no consequence. 1y have been caused by further or by anticipation the French with which naturally led t Bank of France : t0 Keep the down until French industry | ould have accommodated itself to higher level ! he decline in sugar brought prices 1o the ©st of the year so far. Os- | tensibly, this fitted in with revised atés of the new Cuban crop, ing the total ‘substantially highe han it was fixed a_month ago. Heavy selling of Sinclair Oil at new | ow prices for the year was the fea- ture the afterndon. Some of the vther oil shares were dragged down | with Sinclair, among them Cosden | and Marland. | EARLY PRICE RISE VOIDED. certainly for the it ud th Late Reaction in Market Virtually Cancels Advances. By the Associated Press. Late reactions today virtually can- celed an earlier rise in stock prices. Throughout most of the day there was a good demand for a variety of industrials and railroad shares, which | scored average adyances of a_point or more. Heaviness developed in the | oil shares, an attack on them in te | final hour unsetiling the rest of the list. Sales approximated 600,000 shares Continued accumulation of copper shares, carrying Amcrican Smelting and Kennecott into new high levels | for the year, coupled with a widening quiry for’ tobacco issues and sev eral seasoned dividend-paying including Lackawanna, Norfolk an Western, and Atlantic Coast Line, im- parted considerable firmness to the carly ding. Recognized leaders alpo were marked up briskly, Ame can Can_advanced 1% points and General Electric 2, while gains of a peint or more were registered by American _Smelting, Air Reduction, Tebacco Products “A” and Central Leather, preferred. Oils, which were weak at the opening, developed some recuperative powers. Foreign ex- changes opened steady. Although initial buoyancy in in- igstrials later vay to an irreg- r trend, ste of speculative avorites encouraged operations for the rise in various sections of the list. Brooklyn Union Gas moved up 1% to amew high price for the year at 63%. ¥Rvorable earnings influenced buying of Air Reduction and declaration of 4710 per cent stock dividend helped Ofis: Elevator, both more than 2 points. Coppers con- tipued to give a good demonstration of group strength and Western Pa- cific, Northwestern, Canadian Pacific and Louisville & Nashville led an ad- vance in the railroad list. Realizing sales brought about a three-point loss fa Fisher Body. Independent weak- ness cropped out in-Kelsey Wheel, which dropped 3 points to a 1924 low at 76, and heaviness developed n and American Water Call money opened at 3% per The closing was irregular. The mar- ket's trend was reversed in the final dealings, ‘when large blocks of Sinclair were sold, forcing the stock down to 18%, the lowest of the year. Cosden, Marland and Davison also were heavy. EEses e NEW YORK, ~—Seeking an sxplanation for the recent strength of St. Paul and Pere Marquette rail- road securities, Wall street has pro- duced reports that Henry Ford is ne- zotiating for the purchase of one or both of roads. Des; automobile manufacturers ass that he was through buying railroads, e fact that he could use them 1o wdvantage has Jent color to the rumor. stocks wet Iy . | Cont Motors ( of which gained | Ady Rum pf (3). | Air Reduct (4) { Al Am Cab (6).. | Allied Chem (4).. AlC&D L (7)., Am Agri C Am Beet § AmBrs&F (5). Am Can (16)... Am Can pt (7). Am Chain A (2) . Am Chicle Am & F P 25%(7) Am Hide & Amlee (7). Am Internatl. Am Linsced. Am Sm & Re (5). AmS&RDL (7). Am Tob I ( Am Tob pf Am Water Wk Am W W pf (6 |Am W W 1st Am Woolen (7).. Am Wool pt Anaconda rm & At. At Coast L (7)... Atlan Fruit efs. . AtGuif & WI... At Gulf & W Ipf Atlan Ref (4).... tlan Ref pf (7). Auto Knitter. Bald Loco (7). B dhio (5). hopf (4). jall B. . n Tran | Br Man T pf (6) BrklynUnG (1) Brown Shoe (1) .. Burns Brpf (7). Butte C & Zinc. . Butte&Superior addo Cen O & R. 1 Pet (1%) u & Ariz (2).. (10). . Cent L Cent Lea Copf. ... Corde PasC (1. Chand Mot (6) . Ches & Ohio (4) . Chicago & Alton. Chic & Alton pf. . Chic Gt Wi Ch Mil & Ch Mil & $Chi & Ch Pneu T ( | ChicRI&F CRI&PDI(H).. CRI&PDE(T). Ch StP Min& 0. . Chi Yellow C (4). Chile Cop (212) Chino Copper-. luctt, Peab (5). Sola (7). ... uel & Iron. uthern. & 12 (2.60). . Col Carbon (4) ® | Com Solv A (4) { Congoleum (3). .. | Consol Cigar. ... | Con Cigars pf(7). | Consol Gas (5). Consol Textile. Cont Can (4) .. Cont Can pf (7).. | Cont Ins (6) ) Corn Prod (10).. Corn Prod net . Cosden Co. Crex Carpet. ... Crucible St (4).. | Cub Am Sug (3).. CuAmSu pf (7). Cuban Cane Sug- Cub Cane Su pt. . Danl Boone M (3) Davidson Chem. Del L& W (6). Det Ed Co (8). Dome Mines (2).. Doug-Pectin (1). DuPtdeN (3)... DugqLtstpf (7).. Fast K (15%). . - Baton Ax (2.60).. El Stor Bat (4) Famous P1 (8). amous I pf (8). F'd M &S pf (7).. Fifth Av B (64c) . Fisher Bdy (10) Fizk Rubber. Freeport-Texas Gen Asphalt. . Gen Cigar (8) | Gen Elec (8) Gen El spe (60c). Gen Mot (1.20). Gen Mot db (6) Gen Mot db (7). . Gen Petm (2). Gimbel Bros. Glidden Co. Gold Dust w. Goodrich pf (7). Goodyear pf. . G'dyear prpf (8). Granby Consol. Gt North pf (5). Gr Nor Ore (3)... Grt Wstn Su (8) . Gu Mo & N pf (5) Gulf St 8t (5) Hartman Co (4).. Hayes Wh'l (3). Homestake( 7). Houston Oil. Hud Mot C (3) Hupp Mot C (1) Hydraulic Steel Tllinois Cent (7) 11 Cent pf (6) Indian Motoreye. 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. . . Invincible Oil. . Iron Products (§) Jewel Tea. . Jewel Tea pf..... | Jones Bros Tea.. KC P&L1st (7). Kan City South. Kelly Spr Tire Kelsey Wh'l (6) .. Kenne Cop (3) . Keystone T & R Kinney G R Co. Leh Val (3%) Leh Val rights. Lig & Myrs B (3) Lima Loco (4). Loews Inc (2) Left, Incorpor. ... Loose-Wiles Bis. . Lorrillard (3) Louis & N'sh Mclntyre (75¢).. Mack Trucks (6) . Mack Cos pf (4) . Macy & Cpf (7). Afallinson & Co. . . Maracaibo Oil Market St Ry Marland Oil. . . Martin Parry (3) Mathieson Alkali Open. High. 304 76% 98 34 114% 5 4015 8% 102% 112% 22% 15% 9414 545 &8 284 13% 977 134 64% 100% 43% 148 414 47% 106 9% 6% 173% 5% 9% 37% 12 38 12% 48% 17 82% 22% 95 19% 15% 76 39 1% 57% 1% 2’ 50 60 16 6% 554 353 91 15% 80% 64% 804 112! 0% 90% 44% 11% 195 6% 46% 509 69 10% 87 833 222% 10% 13% 83 96% 42 50 9% 37% 72 42% 1% 13% 583 27% 91% 56 69 36% 36 49% 65% 23 12% % 104 106 19 25 22% 9274 41% 23% 87 93 3% 12 3% 12% 18% 18% Low. 30% % 98 724 114% 5 40% 78% 102% 22% 15 941 b4ty 827 . 28% 95 20% 15% 76 39% 1% 58 Kresge SS pf (7). 112 112% 41% 28 50% 60% 16% 6% 55% 35% 9% 15% 81% 6434 95 15% 76 29 1% 57% 112% 41 27% 501 60 15 6% 54% 35% 91 15% 804 TBen 111% 111% 111% 18% 28 7 52% 34% 30% 20% 29 7 3% 36% 30% 18% 28 7 2% 34% 30% Close. 30% 8314 220% 10% 13% £3 96%.) 41% 50 9% 37% 72 95 15% 76 39 1% 58 112% 41 27% 5014 604 16% 6% 54y 35% 1% 15% 81% 64% Ul 20% 28Y% 7 32% 6% 30% ] Maxwell Mot A, . THE EVENING 48 87% 19% 19 21% 3% 2 324 May Dpt St (5). Mex Seaboard(2). MexSeabd ctfs(2) Miami Cop (2) . Middle St Oil Minn & St Louis. M StP&SSM (4) . Mis Kan & Tex. Mis K & Tex pf. Missourl Pacific Missouri Pac pf. Montgom Ward. Moon Mot (3). . Mother Lode (1) . | Munsingw'r (3).. Nash Mot (1812). N Nat En & St.. Nat Lead (8) Nev Cons Cop. NOrT&M (7). N Y Air Br (4. N 'Y Central (7).. NYC&StL (6). N Y Dock....... N Y & Harlm (5) NY NH & Hart... N Y Ont & West. Norf & W (+8) North Amer (2). North Am pf (3). Okla Pr & Ref. Otis Elevat (§) .. Owens Bot (3 fie Develp. c G & (S). fic Oil (2).... rd (1.20).. n Amer (4).... mer B (4).. nhan Pr& Re. . nn Railrd (3). Pere Mar pf Phila Co (4) 1 : Phila & R&I ctfs. Phil Mor of (6). Postum Cer (4).. Press StiC (4). 25 424 3% 19% 56% 22% . 112% T'ullman Co (8). . Punta Al Su (5).. Pure Oil (1%). .. Ry Stl Spg (8) Ray Cons Cop. Reading (4) . Reading rts. Replogle Steel. .. | Rep Ir & Steel Reynolds Spr (2) Rey Tob B (3)... Roy D'tch (3.46) Rutland pf. St Jos Lead (12). Savage Arms. Schulte (8) hulte pf (8). aboard Air L. . b'd Afr Lpf. . ars Roe & Co. neca Copper. . . Shell Un Oil (1).. Sheil Un pf (6) .. Simmons Co (1) . Simms Pet...... Sine Con Oil (2). n Con O pf ($) elly Oil. . Sloss-Shef? (6) So P Rico Su (6) South Pac (6). .. Southern Ry - South Ry pf (5) Spicer Mfg St 0il Cal (2). Stew’t War (10).. Stromberg C (8). Studebaker (10) Studebaker (4)... Submarine Boat Superior Oil. Texas Co (3).... Tex Gulf (16%).. Texas & Pacific. . Tex & PacC&O. Timken (13%) Tob Prod (6). ... Tob Prod A (7) Transcont Oil. Underwood (3) Union Oil Un Pacific (10). .. 131 Un Pac pf (4). 71 Un Tank Car (5). 101 Utd Alloy Stl (3). 26 Utd Ry Invest pf. 32% USCastlronP.. 89% USCIPDf ()... 914 U S Ind Alcohol.. 68% USR&Im (8)... 99 R&IDL (7).. 104 U'S Rubber. . 29% USR 1stpf (8).. U 'S Smelting. U S Steel (6) 98% U S Steel pf (7) .. 119% Utah Copper (4).. 68% Utah Securities.. 29% Vanadium Corp.. 22% Va-Caro Chem... 1% Va-Caro Ch pf 6% Vivadou..... % Wabash 16 ‘Wabash pf 45% Wabashpf B..... 30% Web & Heilb (1) 1T% Wells Far (2%). 36% West Penn pf (7). £9% West EI pf (7) ... 116 ‘West Maryland. . 8% West Mary 2d pf. 16% Western Pacific. . 18% West Pacpf (6). 62% West Un Tel (7). 105% West E&M (4).. 56% Wheel & L Erie.. 8% Wheel & LErpf.. 17% Wh Eag Oil (2).. 24% White Mot (4)... 52% Wickwire SpStl.. 2 Wilson & Co..... 6% Wiliys-Overland. 8% Wiliys-Over pf... 7% ‘Woolworth (8) .. 326 Woolworth wi(3). 82 Wrig WJr (3)... 36% Yellow Cab (5)... 51% 67 63% 851 34% 9% % 41 60 30% 9% 354 59 86% 1% as % Unless otherwise noted, dividends are not included. Call Money. .. 173,400 330,800 1lam 12m.. CHICAGO, May dealings. small new upturn. higher, July, 78% to terday @ finish. Open. High. 43% 87% 20% 20% 21% 3% 2 324 11% 32% 13% 41% 23% 20 8 34% 101 6% 524 33% 27 132 66% 13 114% 40% 102 7% 24% 141 20% 16% 128% 24 455 53 8 1% 1 147 106 56% 9 17% 24% 52% 2 6% 8% 68% 328 8214 36% 52% High. Low. Last. 3% e CHICAGO GRAIN MARKET. 7~In sympathy with higher quotations at Liverpool, the wheat market scored something of an advance today during the eariy Reports, however, that the Argentine strike had been virtually settled acted as a check on the up- ward tendency of value. mand here lacked volume. ing, which varied from % off to % in May 104% and 107 to 107%, was fol- lowed by a slight sag and then by NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Low. Close 43 87 19% 19 21% 814 2 a2% 11 a2 12% 41 23% 19% 8 24% 100% 6% 52% a3 27 131 65t 13 114% 40% 101% 7% 24% 138 19% 16% 123 23% 45% 1% 8 3% 1% 147% 43% % 93 48 tPartly extra.. tPayable in preferred stock. Dividend rates as given in the abdve' table are the annual cash payments based on the Istest quarterly or half-yearly declarations. extra or special 3% HOURLY SALES OF STOCKS. 1p.m. 2p.m. 415,200 -61,500 Besides, de- ‘The open- Corn and oats were relatively easy. Buying was of only a scattered sort Atter “opening, unchanged to a% $%a78%, the | coym market’ underwent a little' set- b Qats started unchanged to % up, July 443, and later held near to yes- 434 87 20% 20% 21% 3% 2 32% 1% 324 18% 41% 23% 20 8 34% 100% 6% 52% 33% 27 132 65l 13 112% 40% 102 T4 24% 141 19% 16% | 123 23% 45% 53 8 1% 1% 147% 43% % 93 48 10% 49% 4T% 24 43% 1% 94 475% 63 445 41% 1% 3% STAR, WASHINGTON, BOND MARKET STRONG TOP GRADES IN FAVOR All Attempts to Buy Large Blocks Result. in Price Advances. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 7.—The bond mar- ket was almost uniformly strong to- day. It was not especially active, but any attempt to buy large blocks of desirable securities invariably result- ed in an advance in the price. The market for new issues was better. Western Electric debenture 55 brought in in March at 96% sold back to the issue price today. They had declined fractionally ppon the dissolution of the syndicate, In the same way Beth- lehem Steel 6s, which weakened on the offering the other day of $30,- 000,000 additional bonds, sold up a half point today with a subsequent reaction. All Libertys Firm. high-grade list, Libertys were all firm and the Treasury 4%s higher. Baltimore and Ohio first 4s sold above 85. Atchison adjustments went up to 82 and Toledo, St. Louis and Western 4s above 79. More in- terest was taken in ordinarily in- active issues such as West Penn Power s, secured by first mortgage upon the property of the largest subsidiary of American Water Works and Electric. Today's price was a Lew high for the year, but still low enough to_yield about 5.7 per cent. American Water Works and Electric coilateral trust 58 sold within a frac tion of the high of th tention was also att firmness in Central Leather ports were current of some pending development in the affairs of the company. The bonds are due in April, 1925, which makes the yield to maturity at today's price around 10 per cent. They were up today 4 points from the low of the year and practically at the high. Speculative Rails Feature. Missouri, Kansas and Texas adjust- ments were the feature of the Spec- ulative rails” Interest on this issue is not cumulative until after January 1, 1925, payment of 5 per cent was made April 2, Assuming the 5 per cent di t to be continued, the y at today's price is over § per New York, Westchester and Boston 438 also sold at 45 again today. In- asmuch as this bond depends for its rating entirely upon the New Haven guarantee it moves in accordance with sentiment toward the outlook for the parent road Among trac tions Detroit United 4%&s were point higher. Funds for the pay ment of this issue will be provided through the moneys deposited by the city of Detroit in_acquiring U municipal railways. Portland Rail- way Light and Power 6s had a sharp run-up above 93 almost to the high of the vear. Foreign bonds were quiet. Depart- ment of the Seine 7s advanced 2 point. Today's news issues included $1.350, 000 United Power and Light of Kan- sas 65 at 971% to yield 6.2 per cent. SHORT TERM SECURITIES. (Quotations furnished by Redmond & Co.) —Noon,— Bid. Offer. In the Aluminom Co. of Amer. Aluminom Co. of ‘Amer American Sugar fa 1957 American Tel & Tel Anaconda Copper fis 19 ‘Anglo-American_ Oil Tigs 1 Associated 011 6s 1635, Bell Tel. of Canada Canadian ‘Northe Gentral Leather & Du_Pont Tigs 1931... Federal Sugar Ref. Gs 1 Fisher Body Corp. 6s 1 Fisber Hody Corp. fa 1 Goodyear T. & inlf Oil Corp. of Humble Oil 5as 1982. . Kennecott Copper 7s 1980, Libby, MeNeill & Liboy 7s 1031 M, 8P &S.S. M @ 1 Morris & Co. 7148 1830, New York Central 6s Oregon Sbort Line 4s 150 Penna.-Ohio Pow. & L. G 10 Westinghouse E Wheeling Steel 6a 1926, 91 U. 5. TREASURY CERTIFICATES (Quotations furnished by Redmond & Co.) 1924 100 116 1001 Ciwizie 100916 100 316, 100 13-16 1003, 100 13.32 10114 4s June 18, 5%s Juve 15, 158 Reptember 15, 458 December 1 4s. March 15, 43(s March 15, 43s June 15 3 4%s December 15 4%s March 15, 4i¢s September 43s March 15, 434s December 15 STOCKS EX-DIVIDEND. \Date. y May May May 9 I May 10 100% 100 316 1007 10085 1005, 10074 100 1316 100% 101 816 100 21-32 100 2332 102 102116 101916 101% Central R R Co of N J. Consol Gas Co of N Y. Tilinois Central R R C Amer Smeit & Ref Co pf. Amer Tobacco Co. do class B. May 10 Cleve & Pbgh R R Co gtd.. May do gl EW........0.... May Inter Harvester Co pf..... May Pure 0il Co .. Studebaker Corp do (8100 par) do pt . 7 8 5 Stock of record. June 14 Jupe 14 Jupe 14 June 14 May 15 May 20 June 13 June 13 May 19 Aay 1 2y May 31 May 31 Greenfleld Tap & Die 8% pf. do 6% pf. Hartman Cor Timken R B. FOREIGN EXCHANGE, (Quotations furnished by W. B. Hibbs & Co.) Nomin: Sell checks. gold value. today. . 48605 4.38% IR “oso1 0531 30 trillion. 0450 ‘1782 o242 1385 £000016 00016 Londop, pound . Montréal, dollar . Madrid, peseta . Vienna, crown Budapest, crown Prague, crown | /Warsaw, mark . Copenhagen, crown Christiania, crown Stockholm, crown By the Associated Press. NEW YORK, May 7°—Foreign ex- changes easy; quotations (in United States dollars): Great Britain, de- mand, 4.38 3-16; cables, 4.38 7-16; six- ty-day bills on banks, 4.3515-16. France, demand, .0647; cables Italy, demand, .0443; cables, Belgium, _demand, .0522%; .0523%. Germany, demand (per tril- iion), 23%. Holland, .3747. Norway, .1390. * Sweden, .2646. Denmark, .17. Switzerland, .1780. Spain, .1384. Gréece, .0215. Poland, 00000012, Czecho- slovakia, .0203%. Jugoslavia, .0124%. Austria, .000014%. Rumania, .0051%. ‘Argentina, .3325. Brazil, .1140, Tokio, (40%. - Montreal, 9811-32. NEW YORK MONEY RATES. _NEW YORK, May 7.—Call money steady; high, 3%: low, 3%; ruling rates, 3%; closing bid, 3%; offered at 3% ; last loan, 3% : cail loans against Provisiong were firm in line with Aog values. acceptance, 3%. Time loans steady. mu’ collateral, 60-90 days, 4%a4%; 4-6 mowths, 4% ; prime commercial paper, 4%. ¥ D. C, (Sales are in $1.000.) (Fractions represent Example: Lib3ys Lib 1st ¢ thirty 98-3 means 98 Sales. Hizh. 53 99-28 38 10012 5 100 406 100-8 100 Lib 4th 43 3583 100+15 US4%s1952, 245 100- 101+28 101 FOREIGN. Argentine 7s P Argentine bs. Argentine 6s°'37. Austria 7 Belgium Belgium 6s. Belkium Bolivia a. . Brazil 7s. Brazil g8 Brazil 7% Canada 5%5 1 Canada 65 1931.. Canada 5s 1952 Chile 83 1946. Chile 8s 1925, Chile 851941, Chile Ts 1943.. " Chinese Gov Ry 58 Christianta 8s Cuba 534, Czechos, Denmark 8s. Denmark 6s Dutch E 153, Dutch East I 654 Dutch East 1 6s'62. Finland s f 63 1945, Framerican 714, French Govt 8s.... ench Govi Fi0) oo 1,“' italy 6%s 1926. Japanese 1st 4145 Japanese 4s. . Japanese 6%s w 1. | Jergens U M 65 '47. | Lyon 6s.... | Mexico 4s. Montevideo 7s. Netherlands 6s. . Norway gs. .. Norway 6s 1943 Orient Dev deb 6s. Paris-Ly's-Med 6 Prague 7%s Queensland 7s. Queensland 6s. ... Rio de Jan §s 1946. Rio de Jan $s 1947 Pio Gr Do Sul 8s. . Salvador 8s'48. .., Sao Paulo City Ss. Sao Paulo State 8 Seine Dept of 7a. . Serbs Crotes Slo 83 Sweden 6s..... wiss Confed 83 3wiss 5%s 1946, Tokib 5s. ... Ud Kingm 5%s5'29 Ud Kingm 535 '3 Zurich $s. .. 8% 904 8 - o S0w omnEe o= nBomm= e a0 Cenm@2 iy o -2 MISCELLANEOUS. Ajax RubberSs... 2 80% Am AgrChem5s... 2 95% Am Agr Chem 7%s 10 85% Am Chain s f 62'33. Am Repub deb 6 Am Smit&R 1st 6 Am SmIt&R 6s. Am Sug ref 6s AmT & Tcv6s. Am T &T cl tr 5 AmT&Tcltr4 Am T & T deb 5% Am Water Wks 58 2 Anaconda ev db s Anaconda 1st 6s. .. Armour & Co 4%, Armour of Del 53%s Associated O1l 6s. #tlantic Refin 5 Barnsdalls f §s Bell Tel Pa 5 Beth Steel 5% Beth Steel rf 5s. Beth Steel pm 5s.. Beth Steel s f 68 Brier H St 1st 5% Bklyn Edison 7s D Bklyn Ed gen bs. Calif Pete 6% Central Leather 5 Cerro de Pasco 8s. Chile Copper 6s. .. Cin G & E 5%s '62. Colo Industrial 5s Col Gas & El 5s. Col Gas & El 5s sta. Commonwth P 6. Con Coal Md 1st 58 Consumers Pow 5 Cuban-Am Sug Cuba Cane cvd 8s. Cuba Cane cv 7s ‘30 Det Edison ref 6s Donner Steel 7s. .. Du Pont de N 7%s. Duquesne Light 63 Est Cuba Sug 7%s. Empire G&F T%s. 11 Fisk Rubber §s.... | Gen Refractres 6s Goodrich 6%s ' Goodyear 821931 .. Goodyear 88 1941. Hershey 6s 1942 Humble O&R 5% Illinots Bell 1st Indiana Steel 5 Int Mer Marine 6s. Inter Paper Gs '47... KCP&Lt5sA 52, Kan G & El 68'52. Kayser (3) 7 Kelly-Spring Liggett & Myrs Lorillard (P) 58 Magma Cop c¥ 7 Mexican Petrol §s. Midvale Steel 5s.... N Y Easn 1st 6% NYG EL H&P 5s... 0, = North Am Ed 6s. North Am Ed 6%s. Nor States Pow 68 Nor States Pow Northwst B Tel Otis Steel 73%s. Otis Steel 8s.. Pacific Gas & E19s Pac T & T 1st5s. .. Pac Tel & Tel 5s. Pan-Am Pete 7s Phil & Rdg C&1 68 Phila Co 5%4s'38 Phila Coref s A.. Pierce-ArTew 8s Producers & R 8 Public Service 5s. . Pub Ser Elec 6s wi. Punta Alegre 7s Sharon Stl H 8 Sinclair O1l 7 Sinclair Ol & Sin Crude Oil b%s. Sin Crude Ol 6 Sin Pipe Line 5s-.. South Bell Tel fis. . So Por Rico Sug 78 Southwest Bell 5. 140 Steel & Tube 7 Tenn Elec Pow Tide Wat Oil 6%s. Toledo Edn 1st 7s. Union Bag & P 6s.. U S Rub 1st. rf bs. U S Rubber 7%s USSteel s £ 58. . Utah Pow & Lt 58. Va-Car Chem 7 Va-Car Ch 1%8 W. Warner Sug 7s '41. Warner Sug 7s'39. ‘Western Elec 5. West Union 6% Westinghouse Wickwire Spen 7. 16 Willys-Ov 6%4s '33.. 2 Wilson & Co 1st 68 86 Wilson&C cv 7%s. 22 Wilson & Co cv 9 Winchester A 73%s. 15 Youngstn S&T6s. 9 95% - ' ® BruBuibebre vabasnelnkewavabicmnaoneas 2 19 4 1 14 47 7 4 303 1 5 64%; Mexican dollars, 49%. pence per ounoe. Money, cent. Discount rates, 2%a3 per cent; three monf 3a3 1-16 per cent, 101% 101% 101% 101% WEDNESDAY, [~ vorx BONDS o sz Received by Private Wire Direct to The Star Office. UNITED STATES BONDS. seconds. 3-32) Low. Closa. 99425 99-26 -8 100-10 100-5 100-22 100-20 10021 <11 100-13 =24 10128 Low. Close. 101% 8% 90% 904, 101% 99% 1017% 91% 811 95% 994 8% 90% 90 99% 91 8114 95% 994 101% 99% 99% BAR SILVER QUOTATIONS. NEW YORK, May 7.—Bar silver, LONDON, May 7.—Bar silver, 33% 234 per short bills, the' bills. MAY 17, 1924 RAILROADS. Sales. High. Low. ‘Ann Arbor 4s 41 59% Atchison gen 4s... 35 88 Atchison adj 4s... 40 82 AtlanticCLelds.. 2 83% 12 98% 87 85% 10 102 20 884 22 86% 4 B2% B &OSW div3%a. 49 984 B & O Toledo 48 3 Bklyn-Manhat 6s.. 82 67 6% 113 112% 804 94% 97 8614 9414 92 87% 584% 364 86% 98 Canadian North 7s Canad North 6%s. Canad Pac deb Car “linch & O Car Clinch & O 68, Central Pacific Ches & Ohi. cv 58 Ches & Ocv ats. Ches & O gn 4%s. Chi & Alton 3s. Chi & Alton 3%s. Chi B&Q gn 4 Chi B&Q 1st rf 58 Chi & E 111 gn 5: Chi Great West C M & Puget Sd ChiM&StPre4%: Chi M & St P cv 5 Chi M & St P 4s°25. Chi M&S P cv 4% Chi M&ST P 43 '34. CM&StPdabds... CM&StPgn4dks. ChiR1 & Pacrf 4s ChiT H & SE bs... Chi-Un Sta 4% ChlUn Sta 63%3 i & W Ind T8 CCC&SLTL6s A..., Cleve Term 5%s. . Cleve Term 6s Colo & Sou 4%s Cuba R RGs.. Del & Hd 1strf 4s.. Del & Hudson § Den & Rio G cn D&RGstrf5s.. Eris con ext 7 Frie gen 4s Erfe conv4s A. Erie conv4sD. Gr Trunk sf db ir North gen5i4s . Havana ERL&P 58 Hu< & Man ref Es, Hud & Man aj 5s... 11l Central ref 4s. 11l Cent ref 5s 55 111 Central 5% Int Rap 1ran 58 ntRap Tr 6s stpd. Int Rap Tran Int & G Nor aj 6s. Int & G Nor st 6s Iowa Cent rf 4 Kan City Ft 8 Kansas City S 3s. Kansas City S 5s. Kan City Term 4s. Lake Shore 4s'28 Lake Shore 45 '21 Lehigh Valley 6s Louis & Nash 53 Louis & N 5s 5. Ffuoe = afios Manhat Ry cn 4s.. Mil E! Ry & L 55 M&StListref4 M StP & SSM o }s. Mo Pacific Mo Pacific 58 '65. Mo Pacific gn 4s. Montrl Tm 1st 5: N O Tex & M in 5s. N Y Centgen 3 N Y Cen deb N Y Cen deb 4s. N Y Cenribs. Y Cent cn 4s'98. YC&StLEsA. . N Y C&StLdebds New Haven c d 6s. New Haven d 4s " New Haven 7s New Haven 7s fr. NYOnt& W ref 4 vew York Ry rf 4 N Y Ry rf ds ctf: New York Ry aj 58. N Y Rys adj 5s ct. N Y State Ry 43%s. NY W & Bos 4%s. Norfolk & W cn 4 Norfolk & W cv 6 Northern Pac 3s. Northern Pac 4s. Northrn Pacr i 6w. Northern Pac 53 D. Ore & Calif 1st 5s.. Ore-Wash 1st rf 4 Pennsyl gen 58 Pennsyl gen 4% Pennsyl 6%s Pennsyl gold 7: Pennsyl con 4%s. Pere Marq 1st 58.., Reading gen 4s.... Reading gn 4laswi. Rio G West 1st 4s. Rio G West cl 4s RIArk & L4%s St L IM&S R&G St L1 M&S 4s°29. StL&SFpldsA StL & SF prin bs, e o © BuomronSuraBoaSa Semomico®momes B - 9 BoRwartronSe » StLSW con 4s'32, St P Un Dep 5% San A & Arn P 4 Seab d A L 4s st Seab'd A Liref 4s.. Seab’d A L ad] 5 Seab'd A L con 6. Sou Pacific 4s 192! Sou Pacific ref 4 Sou Pacific clt 4s. Southern Ry 1st 5 Southern Ry gn Southern Ry 6%s.. Southern Ry 6sct. Third Ave ref 4s. Third Ave adj s Tol StL& W 4s Union Pac 1st 45 Union Pac 1st rf Union Pactfic cv 6 Union Pac 1st rf 58 Virginia Ry 1st 53. VaRy & P 1st 58 ‘Wabash 1st 5s. Wabash 2d 5s. Western Md 4s Western Pacifl West Shore 1st 4s. Whel & LETf 4%8 61% Wisconsin Cent 4s. 1. 80% TOTAL SALES (Par Value): 1lam.. 3468000 12 noon 5772000 1p.m.28089000 2p.m... 9435000 LIGHT DEMAND FOR SUGAR. NEW YORK, May 7.—Raw sugar Wi easier early today, but demand was light and no sales were reported. Cubans were offered at last prices; or 5.90 duty paid. The snarp decline in refined and the more liberal of- ferings in the spot market led 10 re- newed selling pressure in raw sugar futures, with prices at midday 8§ to 15 points lower. i ot aetinnd fopan wers s list ranging from 7.40 to 7.60 ror fine granulated. Retined futures were nominal. e ‘WOOL MARKET FEATURES. Special Dispatch to The Star. BOSTON, May 7.—The interest of the wool traders here was centered in Utah today. Buying of new clip wools now is fairly active in that. state and the rejection of all bids for the Jerico pool, although some ffers are reported to have been as Righ as 30% cents is taken to in- dicate a firm level of prices for the western output The local market also was strengthened by the firm (:im of the London and Australasian sales, o @ wnSa0 6 661 53% 68% 79 045 8744 82% 99 72 104% 99% 55 42 9% 901 844 103 102 95% 89% 29% 92 62% 85 80% 614, 80% 78% 90t R4 103 102 954% 89% 9914 915 62% 85 80% | Bramhal, | reports of lower temperature in the | from builish view | in | closed steady. | 3.00a4.50: FINANCIAL. DEMANDS OF FASHION COSTING'MILLIONS Bureau Official Tells Dry Goods Dealers of Expenditure in Spe- cial Shades of Materials. By the Associated Pres CHARLOTTE, N. C., May 7.—Amer- ican industr es are losing $10,000,000 annually through the demand for spe- clal shades of dress materials, A. E. Foote of the division of simplified practice of the United States Cham- ber of Commerce today told the an- nual convention here of the Southern Wholesale Dry Goods Association. He also declared that narrow widths of dress goods were going out of demand as both home and trade dressmakers were finding the wider material more economical. Mr. Foote told the wholesalers it up to them as to whether or not e large sums tied up ariety of slow-moving goods. The twenty-six-inch dress material, he sald, was “inherited” from the time when wool goods were produced in that width, and fifty- four-inch material w unknown. fforts are being made, he said, to reduce the 900 color shades on the market to 44. The National Associa- tion of Finishers of Cotton Fabrics and Textile Color Card Association are working on the idea. Various topics of interest to whole- ale dry goods merchants were dis- cussed at today's sessions. Among the speakers, besides Mr. Foote, were John R. Summers, Dallas, Tex.; C. C. 1 %in, Huntington, W. Vi W. C. Stitt, Youngstown, Ohio; . Me- Nair, . Cambridge, Mass.; Jacques £ ew York, and W. Arthur ,\}:‘4 1ton, Washington. The annual report of Norman H Johnson, Richmond, secretary and tre ad. Itenborn, editor oklyn Daily Eagle, Brook- will speak tonight on “The port.” I D. W. Daniel nt of Clemson College, Clem son College, S. C. will speak. MARKETS. YORK, May 7.—The cotton showed increased firmnes: in toda early trading because of | strong 1L rpool cables, renewed covering by mear month shorts and a great COTTON NEW market south. The opening was firm at an advance of 7 to 19 points and active months soon showed net advance of 16 to 24 poin ling at and October at vate cables in_Liverpool to hs by New Or terests and a b The official cab, sales of 10,000 bales market. The buying movement later broad- ened on bullish private crop reports the southwest and rather a | of the weekly weather | contracts sold up net higher, 4.2, P uted the ing of ne ns and trade tter spot demand. reported ot the Liverpool report. figures but the murket 3 1s steady 0 to 12 points of the best at W ORLEANS, May 7—The cot- | market opened quiet and first | trades showed gains of 7 to 11 points, which was poor response to rather Liverpool b The tone me firmer, however, in an- ticipation of a bullish weekly weath- er report and on_private reports of unngeded rains. Cables also reported a good demand for cloths in Man- chester. May traded at 20.84, or 34 points abov. advanced to higher, while new crop months gained 18 to 19 points, October trad- ing up to 94, LIVERPOOL, M. increased demand od middling, 52: middiing, 17. good ordinary, 7; ordinary. 1467 “Sales, 10,000 bales. including 8,000 American. Receipts, 19,000 bal including 6,500 American. 5, or 2] 7.—Cotton—Spot, prices steady. | v middiing, middling, October, 14.; uary, 13. P GRAIN AND PROVISIONS. BALTIMORE, May 7 (Spec Potatoes, white, 100 pounds, 150-pound sac 1 potatoes. barrel, sweets and i asparagus, dozen, 2.00a5.00; 0a4.00; lima beans, beets, hundred, 5.00 ket, 43.00; car- ; celery, crate, crate, 4.00a6.50; eggplants, 2.50a5.00; kale, bushel, 20a20; lettuce, hamper, 1.50 24.00; onions, per 100 pounds, 50a1.50; spring _onions, hundred, 1.25al. peas, hamper, 1.50a2.75; pepper: cr: 1.50a4.00; radis basket, 75 ;' spinach, bushel, 75a1.00; squash, . 2.50a4.00; tomatoes, crate, 2.50 a6.00. Applés, packed, barrel, bushel, 50a1.25; box apples, 1.50a2.25 grapefruit, box, 2.00a3.25; orang box, 2.50a4.00; strawberries, quart, 20a25. Settling Prices on Grain, ‘Wheat—No. 2 red winter, spot, 1.13% ; No. 2 red winter, garlicky, domestic, 1.13% ; no quotations on No. 4 or No. 5 red winter, garlicky. Corn—Cob, new, 4.25a4.30 per barrel for vellow and 4.10a4.15 per barrel for white; No. 2 corn. spot, 87; No. 3 corn, spot, 84; track corn, yellow, No. 3, 91. No sales. beans, bushel as.00; cab! rots, hund 1.7524.50 581za59; No. 3 rye, spot, T4 Hay—Receipts, eighty-three tons. There is no separate offering here of the better grades of timothy, light clover mixed and No. 1 clover hay for which there is a more or less constant demand at full quotations. Low grade, damaged or unsound hay is in ample supply and slow to find favor even at relative values. Quotations—No. 1 timothy, 25.00a No. 2, 27.50a28.00 ; No. 3 timothy, No. 1 light clover, mixed, N 2 light, 25.00a26.00 ; er. “mixed, _ 26.50a27.00: 2 cloyer, mixed, 23.00a24.00. o, 1 straight rve, 24.00a 25.00 per_ton; No. 1, tangled rye, 18.00 220.00; No. 1 wheat, 18.00a18.50; No. 1 oat, 17.00a18.00. No. Russia Led in Bells. Prior to the war and the overthrow of the old Russian government, that country led the world in the manu- facture of bells, In Moscow before the great fire there were 1706 large bells, some of which had been cast centiries before. Some of the world's leading great bells are huge. The “King_of Bells,” in Moscow, weighs 443,732 pounds; one in Peking 120,000 pounds; the one at Rouen in St. Peter’s, in Rome, 18,600 pounds. LONDON WOOL SALES. LONDON, May 7.—A miscellaneous selection amounting to 11,773 bales was offered at the wool auction to- day. There was a good demand for fine wools at unchanged rates. Medi- um and coarse crossbreds. Cape of Good Hope and Natal and Punta Arenas were unchanged to 5 per cent lower. EASTMAN KODAK nmem. NEW YORK, May 7.—Directors of the Bastman Kodak ‘Company today declared an extra dividend of 75 cents on the common stock, in addition to the regular quarterly dividend of $1.25. —_—— PLANS NEW OIL PIPE LINE. NEW YORK, May 7.—Standard Ofl of Louisiana has purchased 28, 000 tons of iron pipe from the Na- tional Tube Company to construct a pipe line from the Louisiana field to Texas | hoiders | pe | market at | and 80, | Sicians, BANK DEPOSITS DRO} OF $13,146,300 1S DUI Depletion to Extent Noted Wil Be Shown at Close of Busi- ness Tomorrow. ‘B.EPOB,T COVERS ENTIRE U. ¢ Review of Business Today on Lo cal Stock Exchange. BY CHAS. P. SHAEFFER. Bank deposits throughout the coun try will be depleted to the extent . $13,146,300 by the close of busine: tomorrow, Secretary of the Treas Mellon having asked for this amo this morning. The demand is for per cent of the proceeds of the Marc| 15 sale of Treasurs one-vear 4 pe: cent certificates remaining with tn institutions on deposit. The government obligation totale $262,925,000, and $137,365,000 of ex changes, leaving 9,778,000 with the banks. This is the first draught on the new issue. Local Stock Exchange Features. Strength and activity in Natior Mortgage and Investment preferr.( stock featured trading on the W ington Stock Exchange toda security, which is rapidly forg the front as the local leader ume, sold to the extent of 350 scoring a net gain for the quarter point. It closed at 87 Capital Traction stock remained wes 933, cl aggTes: common was as was the preferred Gas continued to display w 48, sixty shares changing Riggs' Bank sold at 2881 and and Continental Trust Company brouci 56 The bond side of the market was more ual, Georgetown gns at par and three-eighth: Potomac Consolidated 5 were unchanged at 97, and $1,000 Ana. a and Potomac Railroad 58 changed h Durant Capital Stock Increase. The proposed increase in the capiti ck of the Durant Motors, Inc., from 3,000,000 shares of no par be acted upon by is for the pur. tar Motors, In: terprise. adopted by nt Motors will make Star Motors, Inc., b an exc »f one.share of Duran for cach two of Star Motors was “w York in offer first inco January it ware. In June, increased 100 per cent, and it is n proposed to_increase it further by cent. The stock has been sold t the public through the Durant Cc ration almost continuously since i was first brought out, and on the curk one time sold around 7§ The stock has been gradually however, and is now sel at th balance sheet at $21,069.- v reported a net in- come last year of $2,715.226. and the surplus at the end_ of the year amounted to 341,646,178 New Offeringx on Market. E. H. Réllins & Sons are today of fering at 80 and accrued dividend. to yield 6.67 per cent. a new issuc of $10,000,000 of 6 per cent cumulative preferred stock of Southern Cal fornia Edison Compa This stock is redeemable in whéle or in part at $115 per share and has equal voting powers, share for share, with all other stocks of the company. Personal Mention. . Herrell, president of tis ynal Finance Corporatior who was seriously injured in an automobile accident last Saturday night, has successfully passed the crisis, in the opinion” of his phy it w aid at his home 1 night. He, however, is still un to receive callers. e PORT BUSINESS GROWS. Baltimore Shows Exports and Im. ports Exceptional, Past Week. BALTIMORE, May 7 (Special) Business through the port of Bal was exceptionally large la According to the report of th collector of the port imports on the free list totaled $1,167,753, and thos on the dutiable list were valued a: $881,478. Imports, as usual, consisted of large shipments of raw sugar, iror ore, mahogany, toys, matches, copp rags and chemicals. Exports, which for the first time in several weeks fell below imports in value, totaled $1,721,763. Heavy ship- ments of manufactured articles char- acterized the export list. It included full shiploads of steel products, grain. lumber, coal, tobacco and agricultursl machinery e STEEL OUTPUT REDUCED. Marked Drop in Operations Noted by Trade Journal. NEW YORK, May 7.—“The has brought a more marked reiu tion in steel work operations than was seen in the final week of Aj Iron Age says, “the estimated ingot output being now at the rate of about 36,000,000 tons a year. & compared with 40,000,000 tons a ves: as May opened. Our pig iron stat tics also indicate a pronounced tailment, with a net loss of 40 in & tive blast furnaces in April. This figure compares with a loss of 28 in August, 1922, under the combined it fluence of ‘the coal and raiiroal strikes.” —_— NEW YORK PRODUCE MARKET. NEW YORK, May 7 (Special). Bar reled receipts from New York ial were light today, but boxed app the west were fairly heavy and market was dull. “A” grade 6%-in baldwins continued to bring mos 33 to $4 per barrel with a few fancy at '$4.25, and the poorest as low a3 $2.50. Carrots from up-state were in i receipt and in the early mornng hours practically none were sold. Th* price, however, was steady at from $7.50 to $8 a barrel. Potatoes were dull under heavy re- ceipts for No. 1, round whites brought $2.50 to 2.75 for 150-pound sacks und § to $3.35 per 180-poands in bulk. Supplies of rhubard were fairl! heavy but under a fair demand priced held steady at from four to six cents per bunch. P e Baltimore Dairy Prices. BALTIMORE, May 7 (Special) Live Poultry—Winter chicken pound, 40a45; springers, 45a55; horns, 40a45; old hens; 27a29; horns, old, 25; old roosters, 1 20a27; pigeons, pair, 40a50 fowls, each, 46460, Egg loss off—Native and firsts, free cases, per dozen, southern, 21%. Butter—Creamery, good to prints, 40a42; nearby creamery, ladles, 28a30: rolls, 27a28; store ed, 26a27; dairy prints, 27a2% ess butter, 34. atstandi ried in th 2. The compa Interna tha ch ack proc —.—— WORKING HOURS CURTAILED. SPRINGFIELD, Mass, May 8. nouncement was made {oday thu American Bosch Magneto Comy: has reduced its working from six to five days a week o hours, as an alternative to layinw off workmen. The company employs 2,200. The new schedule will cor= tinue until business improves.