Evening Star Newspaper, May 14, 1924, Page 28

FINANCIAL, INDIVIDUAL STOCKS ON DOWNWARD TREND ‘Variance in Price Movements, Sugar Declines Bringing Fresh Stock-Selling Orders. SOME ISSUES SHOW ' GAINS Sharp Rise in Atlantic Coast Line Analyzed. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, May 14—In today's stock market most of the individual price movements were downward. Raw sugar prices continued to de- cline and this brought fresh selling into the sugar stocks. Punta Alegre 5i ome time was off 2 points and Cuba Cane preferred over a point. Notwithstanding the weakness in sugar stocks, their sponsors still stood their ground on the proposi- tion that the larger part of the new Cuban crop had been sold at prices well above the present and that earn- ings for 1924 would measure well up 1o those of 1923. Held to Anticipate Dividends. In connection with the sharp rise in Atlantic Coast Line, the gossip was that a stock dividend” would be de- clared at a special meeting called for Thursday. 1f this was not done, the alternative, it was thought, woul be an increase in the regular cash dividend. The advance in Louisville and Nashville was to be set down as mainly sympathetic, growing out of the close relationship between the two companies, Louisville could, how- ever, increase the dividend, which is now 5 per cent. Last year, nearly 12 per cent was earned on the stock, and so far this year earnings have been running at the rate of ap- proximately 10 per cent. Motor shares again reflected the Wall street view that the profits in the automobile industry are on the down- ward grade. The new Studebaker stock, in spite_of strong support, dropped below 32. Chandler Motors was quoted on a 14 per cent basis. s before, anc? the 36 dividend has still been maintained. Villys-Overland preferred and Max- well Motors A lost ground. Selling broke out again in the United States Rubber stocks, in Kelly Springfield and in other of the tire group. The deficit reported by the Lee Rubber for the first quarter was evidently making a bad impression. Lee Rub- ber stock sold at a new low record price as it dropped below 8. New York Dock Issues Advance. A further advance occurred in New York dock issues. The explanation for the recent rise cannot very well lie in earnings. Things have picked up somewhat for the company during the last few months, but the margin over preferred dividends is none too large, let alone anvthing for the common. The basis for the recent buying is the rumor that some rafl- road is after a cowkrolling interest in the property. The name of the Baltimore and Ohic has been men- tioned in this connection. A similar report was circulated a year or so ago, and nothing came of it. If negotiations were then under way, they were broken off. Shares at New Lows. The decline became more general in the late afternoon. Baldwin Lo- comotive made a new low under 106. American Can broke par, and Norfolk and ,Western sold below 120. Motor stocks continued under pressure, with active selling of General Motors around 13. Electric Storage Battery broke sharply in the last hour. BEAR SELLING RESUMED. Stock Prices Decidedly Reactionary in Today’s Market. By the Associated Press. NEW YORK, May 14.—Stock prices turned decidedly reactionary in to- day's market on a resumption of bear selling by prominent Wall street traders. More than a score of issues sagged to new low prices for the vear, while Reading Coal showed out- standing independent strength. Sales appro. ated 700,000 shares. against e selling pressure Baldwin, which ran off 1% points to 106%, a new low figure for the year, and acute weakness in a variety of specialties caused a withdrawal of the support which had been extended to the popular industrials in the early dealings and the whole market dipped. American Can and United States Cast Iron Pipe were supplied freely, also General Electric, United States Rubber first preferred, 'Central Leather pre- ferred and Associated Dry Goods. Phil- adelphia and L.-ading Coal and Irom, however, continued to creep up, touch: ing 47, Early Prices Prices pointed upward _ in the early trading. Atlantic Coast Line extended its gain to 3 pointsand Louisville and Nashville moved up 2% to a new 1924 top at 94%. New York Dock common and preferred climbed 3% and 1% points, respec- tively, to new high prices in_antici- pation of increased earnings likely to Tesult from the extensive improve- ments planned for New York harbos Gains of a point or so were regi tered by more than a dozen issues, including Marland Oil, Stewart-War- ner and Philadelphia’ and Reading. Losses of approximately a point each were registered by Punta Alegre, Cuban-American and Cuba_ Cane Sugars, the first-named touching a new 1924 low at 53%. Dupont broke nearly 3 points to a new low at 115% and Lackawanna and Chesapeake and Ohio each fell back back 1. Trading Quiets Down. After the first batch of overnight buying and selling orders had been disposed of trading quieted down With price movements showing con- siderable irregularity. Chief activity centered in the rail and coal shares, Philadelphia_and Reading Coal ex- tending its gain to 3 points and Le. high Valley and Reading ‘“rights" each moving up 1%. Illinois Central also was pushed up a point. Early heaviness of Chesapeake and Ohio was attributed to speculative disa pointment over the failure of the d. rectors to increase the regular divi Wilson Company common and preferred dropped to new 1824 lows at 5% and 20 respectively, and Punta Alegre and South Porto Rican sugars each extended their losses to 2 points, Maxwell A and United States Rubber first preferred also dropped a point or %o." Call money opened at 3% per cen Upward. Closing In Weak. The closing was weak. Short sell- ing operations became more aggres- sive in the late trading. Norfolk and Western, Dupont, Stromberg Carbu- reter and Associated Dry Goods drop- ping 2 to 3% points, and National Enameling preferred breaking 9, to a new 1924 low. Markets at a Glance NEW YORK—Stocks, lower; Reading Coal independently strong. Bonds— Irregular; several U. S. government issues at new 1924 highs. exchanges — Higher; French rebound 30 goints. Cotton—Firm; bullish weekly weather report. Sugar~— Steady: better inquiry from refipers. Coffee—Dull; ng features- less, CHICAGO—Wheat steadier; bullish crop reports. Corn—Advanced, un- favorable weather. Cattle—Strong and active. Hogs—Higher; light re- ceipts. v YORK MONEY RATES. NEW YORK, May 14—Call money ; high, '3%; low, 3%; ruling ate, 3%; closing bid, 3%; offered at 3%: last loan, 3%; call loans against acceptances, 33%; time loans easy: mixed collateral, 60-90 days, 4; 4-6 months, 4% ; prime commercial paper, 4%ad%. THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. HIJL Low. Close. Adams Exp (6).. 79 19 79 Adv. Rumley i Air Reduct (4)... 75 Ajax Rubber. 5% Alaska Juneau Allied Chem (4) Allis-Chalm (4). . Am Agri Chem pt AmBNpt (3)... Am Bosch. . AmBrS& ¥ Am Can (16) . Am Can pt (7).. 11 AmC&F (12).. AmC&Fpt (7). Am Drug Synd. . Am Express (6) . Am For P f pd(7). Am Hide & L pf. . Am Internatl. . .. Am Linseed pf. . Am Locomo (6) . Am Metal (3). . Am Radiator (4 Am Saf R (50c). Am Ship & Com. Am Sm & Re (5). AmS&RDpf (7). Am Stl Fdys (3). Am Sugar....... Am Sugar pf (7). Am Sumat Tob. . Am T & Cab (5).. AmT& Tel (9).. Am Tobac (12).. Am Tob B (12). Am Water Wks. . Am W W pf (6). Am W W 1st (7). Am Woolen (7).. Am Writ Pap pt. Am Zi Asso Dry G (5) Asso Ofl (1%) AtT & S Fe (6) AT&SF pt (5). Atl Birm & At... At Coast L (7). AtGulf & WI... At Gulf & W Ipf Austin-Nic (7). Auto Knitter. Bald Loco (7)... Bal & Ohio (5). Barnsdall A Barnsdall B B'ch Nut (2.40) Beth Steel (5) Beth Stlpf (7)... Br Em Stl 2d pf. Br'k Edison (8).. Brlyn Edison rts. Br'k-Man Tran. . Br Man T pt (6). BrklynUnG (4) Butte C & Zine. . Butte&Superior Caddo Cen O & R. Cal Packing (6).. Cal Pet (1%)... Callahan Z Lead. Can Pacific (10) . Cent Lea Copf... Cerde PasC (4). Chand Mot (6)... Ches & Ohio (4) Chicago & Alton. . Chic & Alton pf. . Chic & East Ill Chic Gt West. Ch Mil & St Paul. Ch Mil & St. P pf. Chi & Nwn (4)... Ch & Nwn pf (7). ChPneuT (5)... Chic R1& Pac. CRI&P pf (1) Chi Yellow C (4) Chile Cop (2%). ‘Chino Copper. Coca-Cola (7) Colo Fuel & Iron. Col G & E (2.60).. Com Ir Tr (63c).. Com In Tr pf (7). Congoleum (3). Consol Cigar. Consol Gas (5) . Consol Textile. Cont Can (4).... Cont Motors (20¢) Corn Products. Cosden Co. . Crucible St (4) .. Cub Am Sug (3).. Danl Boone M (3. Davidson Chem. . Deug-Pectin (1. DuPtdeN (3)... 1 Duq Lt st pf (7) EastK (15%).... Eaton Ax (2.60).. El Stor Bat (4).. End-John (5) . Erie 1st ptf. Famous PI (8) Fed Min Sm. . FAM&SDPL(D.. Fifth Av B (64¢). Fisk Rubber. . Fisk Rub pf A. Fleishman (3) Freeport-Texas. . Gen Asphalt..... Gen Asph pf (5). Gen Elec (8)..... 2 Gen El spe (60c). Gen Mot (1.20) Gen Mot pf (6). Gen Mot db (6) .. Gen Mot db (7). Gen Petm (2). Gen Refr (4) Gimbel Bros. Goldywn Pict. Goodyear pf. Gray & Davis. Gt North pf (5).. Gr Nor Ore (3)... Grt Wstn Su (8) . Gr Canan Cop. Guantan Sugar. .. Gu Mo & N pt (5) Gulf St Stl (5). . . Hartman Co (4) Hayes Wh'l (3) Houston Oil. ... Hud Mot C (3)... Hupp Mot C (1)... Illinois Cent (7). 11% 103 108 106 105 33 38 22% 21% 5 . 90 Int Cement (4)... 41% Int Com Eng (2). Internat Har(5) . Inter Har pf (7). Int Mer Marine. Int Mer Mav pf. Internat Nickel. Internat Paper. Int Pap pf st (6). Int Shoe (4) Int T&T (6). Intertype (11%). Invincible Oil. .. . Iron Products (6) Jones Bros Tea. Jordan Mot (3). Kan City South. .. McCror C pf (7) Mack Mack T 2d (7). Macy RH & Co. . Y | West Air Br (6] Manati Supt (7). ‘Man E! Sup (4).. Maracaibo Oil. ex ( Miami Cop (2) jddle St Oil. . StP&SSM (4) . Mis Kan & Tex Mis K & Tex pf. Missouri Pacific. Missouri Pacpt.. Montgom Ward. . Moon Mot (3). ... Mother Lode (1). Munsingw'r (3).. Nash Mot (18%) . Nat Biscuit (3).. Nat Cloak & Suit. Nat Dairy (3).... Nat Dept Stores. NatEn&St..... Nat E&Spf (7). Nat Lead (8). .. Nat Ry,M 2d pf. . Nat Supply (3).. Nev Cons Cop. NOrT&M (7). N Y Air Br (4) NYABrA .. N Y Canners (2) . ¥ Central (7).. Y C&StL (6). Y Dock N N N . N Y Dock pt (5) . NY NH & Hart..., N Y Shipbldg. ... Norfolk South. Norf & W (18)... North Aner (2).. North Am pf (3) North Pac (6).... Ohio Body & Bl. .. Orpheum (13%). Otis Elevat (8).. Otis Steel. - PacG&E (8). Pacific Mall. Pacific Ol (2) . Packard (1.20).. Packard pf (7). Pan Amer (4). Pan Amer B (4).. Penn Railrd (3). Penn Seab Steel. Pere Marq (4)..... Pere Mar pf (5) Pere M prpf (5). Phila Co (4) .. Phila& R&I. Phil Mor (50c) . Phillips Jones . Phillips Pet (2). Phoenix Hosiery. Pierce-Arrow.... Pierce-Arrow pf. P-Ar prof (8) Plerce Oil. ... Pierce Oil pf..... Pitts Coal pf (6). Pitts'Ut pf 1.65. .. Pitts & West V: Prod & Refiners. . Pub Ser N J (4).. Public Serv rts. ... Pub SNJpf (8).. Pullman Co (8). . Punta Al Su (5). Pure Oil (1%)... Pure Oil pf (8). Ray Cons Cop. Reading (4). Reading rts. ... Read 1st pf (2).. Read 2d pf (2)... Reis Rob pr (7). Remington Type. Replogle Steel. Rep Ir & Steel... Reynolds Spr (2) Rey Tob B (3)... Roy D'tch (3.46).. St Jos Lead (12). St L San Fran.. St L-San Fr pf. St L Southwest. StLS'thpf (5).. Shell Un Ol (1).. Shell Un pt (6) .. Simmons Co (1).. Simmons pf (7). Simms Pet...... Sinc Con Ol (2).. Skelly Oil....... Sloss-Shefr (6).. . So P Rico Su (6) South Pac (6) . Southern Ry (5). South Ry pf (5).. Spicer Mfg. St Oll Cal (2 StOINJ (1).... StOil N I pt (7). Stew't War (10).. Stromberg C (8). Studebaker (4).. 6% | Submarine Boat. Superiog Oil. ... Sweets Co of Am. Tex Gulf (16%).. Texas & Pacific. . Un Pacific (10). .. Un Pacpt (4).... Utd Alloy Sti (3). United Drug (6) . UD1stpf (3%). U S Cast Iron P. U S Ind Alcohol. U S Steel (16) U S Steel pf (7).. Utah Copper (4).. Utah Securities. . Vanadium Corp. Va Ry & Power. Vivadou. . al Web & Heilb (1) 22% | Wells Far (2%) . ‘West Penn pf (7). ‘Western Pacific.. 18 ‘West Un Tel (7). 1:‘ 56 Willy Willys-Over pf. .. Woolworth (8) . . Woolworth wi(3). 84 Wrig W Jr (3) 6% 36% Yollow Cab (5)... 46 46% 45 45% {Partly extra. $Payable in preferred stock. Divigend rates ‘s given in the above tuow are the annual cash payments based on the Iatest quarteriy or baif-yearly declarations. Unless otherwise noted, extra or special dividends are ot included. High. Low, Last. Call Money..... 3% 3% 3w HOURLY SALES OF STOCKS. The Maryland and Delaware Coast | X railway applied to the Interstats Commerce Commission today for per- M mission to {issue 17,500 shares of capital stock of no par value and $350,000 first mortgage twenty-year 6 per cent refund gold bonds, $300,000 of which are to be used to compiete payment for forty miles of road from Denton, Md., to Lewes, Del., for- merly owned by the Marylana, Dela- ware and Virginia Rallwgy Company. — STAR, WASHINGTON, D. C, WEDNESDAY, MAY 14, 1924 [ vorx BONDS o i ] BOND MARKET TODAY DEFINITELY STRONG Increased Activity/Shown on Ex- change and “Over-the-Counter Trading.” BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 14.—The bond market turned definitely strong today with Increased activity both on the exchange and in the “over the coun- ter” trading. Tuesday it was dull and even heavy. Almost overnight the atmosphere changed and dealers became optimistic. The first sign of the altered feeling was a burst of activity in United States government bonds, carrying the long term Treas- ury 4%s to a new high for the year and to a new high for all time above 102. The previous high recoré was made the morning after the an- nouncement of the cut in the redis- count rate of the New York Federal Reserve Bank. Until today, this high Wwas not equaled. At the same time, the third Liberty 414s went to a new h for the year, while advances were recorded over yesterday's prices for the second 4%s, the fourth 4%s and the tax-exempt 3%s. High-Grade Ralls Stromg. Almost equal strength was ob- servable in high-grade rails and in- dustrials. There was heavy trading in Reading Company 4%s around the high of the year. Selling to return 6 per cent, they were apparently out of line 'with other first mortgage railroad issues of equal strength. Reading General 4s, the old bonds, also went higher, equaling the record for the year. Pennsylvania railroad consolidated 41%4s was another bond to equal its high record. The same was true of Oregon Washington Railroad and Navigation 4s. Inactive, underlying railroad bonds, particular- 1y the unlisted issues, were in de- mand. Inquiry was also noted for terminal bonds of intermediate ma- turitles. Birmingham Electric 68 brought out last month at 87%, had a particularly good over-the-counter market today. In the foreign list there were frac- tional rallies in the French issues, par- ticularly the French republic 8s, which went above 99 again. The balance of the foreign list was without particu- lar feature except an advance in Bra- zil T%s coffee secured sterling loan. Speculative Industrials’ Record. Irregularity marked _ speculative industrials. Virginia Carolina Chemi- cal 7s broke sharply to a new low, but American Agricultural Chemical 73%s advanced. Sugar bonds were heavy in sympathy with sugar stocks, some of the convertible issues get- ting down to a point. In the utilities, Detroit United 4}%s went up more than a point and there was active trading in New York railways ad- justment 5s on the expectation that the readjustment plan would be fa- vorable. Speculative rails were quiet, but generally firm. New issues included $1,000,000 New York and New Jersey joint stock land bank 5s at 101% and $2.500,000 Saline County Coal Corporation 6%s due 1944 at 94 to yield over 7 per cent. U. S. MOTOR CAR COST IN EUROPE DECREASED Agents Drop Prices 20 Per Cent, Anticipating Removal of War- Time Duties. By Radio to The Star. LONDON, May 14.—Agents of Amer- fcan motor cars in the United King- dom today reduced prices of their cars 20 per cent, in anticipation of the removal August 1 of the war- time dutfes. During the past four years Ameri- can cars shipped to England were taxed 33 per cent of their value, mak- ing their price here seem exorbitant, as compared with the prices ruling across the Atlantic. Removal of the duties in August was decided upon following a debate in the House of Commons, which revealed this coun- try’'s deep-seated belief in free trade. The Liberals and Socialists combined against the Conservatives In their desperate attempts to maintain the duties. Soclalist Majority, 65. When the final vote was taken the Socialist government secured a ma- Jority of 65, thus sustaining its de- cision to allow motor cars, fabrics, gloves, glassware, clocks and watches to come into the United Kingdom from other countries duty free. Little importance is attached to removal of the duty on gloves and watches. The /principal interest is centered In the motor industry, which now must face the grinding compe- tition of great producing countries, such as the United States, France and Germany. It is almost a foregone conclusion that some British producers must suf- fer heavy losses, but according to the free traders, where one manu- facturer loses the country as a whole gaina. England will soon take fts place alongside the United States and Canada as a great motor using na- tion. Today she has only one motor car for every 110 persons, due largely to the fact that small light cars cost twice as much here as in the United States and France. Slack Demand for Carm. Three years of trade depression_and private shortage of money also have held back the demand for cars. With 33 per cent chopped off the market price there is no doubt that one of the greatest boom periods in the his- tory of the motor trade is ap- proaching. 1f anything, French cars of the lighter types will find a greater de- mand than those of American make, This is due to the fact that French manufacturers produce a type which appeals to British users. It is built with low clearance, small cylinder capacity and small wheels, all of which reduces operating costs to a point far more satisfactory than those of American cars. Great Britain taxes cars on cylinder capacity, which makes the yearly tax on Ford cars close to one-sixth of their market price. If American pro- ducers intend meeting the competi- tion in England they must alter their cars materially for the export trade. SHORT TERM SECURITIES. (Quotations furnished by Redmond & Co.) - T, e Ofter. Aluminum Co of Amer. 7s 1925, 102% Aluminum Co. of Amer. 7s 1933, 106% 44 | American Sugar 6s, 1987 American Tel. & Tel. 6s 1 Anaconda Copper 6s 1929. Anglo-Afnerican Oil 7%s 1925, Associated Oil 6s 1935.. Bell Tel. of Canada Ss 1925. Ganadian, Northern 3%s 1924. er Gs 1925. 1882, Libby 7s 1831, 99 S Be 1L 1% Received by Private Wire (Bales are in §1.600.) UNITED STATES BONDS. tions nt thirty - seconds. Example: 98-3 munl":l'l-ll) Sales. High. Low. Closn 96 100 90-29 99-30 10 100-8 100-8 100-8 355 100-13 100-10 100-13 3! Lib 4th ¢Xs. . 1320 100-17 100-18 100-16 UBS4%8e1952.. 536 102+ 101-29 102-2 FOREIGN. Sales. High. Low. Clese. lo1% 101 Dutch E15%s. Dutch East I 6s'47. Dutch East I 6563, Finland s 6 1945. . Framerican 7%s. . French Govt 8 French Govt 73%s.. Holland-Amer 6s. . Italy 6%s 1926, Japanese 1st 43 Japanese2d 4xa.. woa® Norway 6s 1943. .. - av-Sna alhan Prague 7% Queensland 6s. Rio de Jan 85 1 Rio de Jan 8s 1947. Salvador 8s '48. Sao Paulo City 8 Bao Paulo State Seine Dept of 7s. .. Serbs Crotes Slo 8a Swiss Confed 8: Swiss 5148 1946. Ud Kingm 5%s "29. Ud Kingm 6%s 37, Uruguay 8s. Zurich 8s 110 110 MISCELLANEOUS. Ajax Rubber8s... 21 78 Am Agr Chem T%s 7 Am Chain s f 65'33. Am SmIt&R 1st Am Smit&R Am Sug ret 6 AmT&Tcv AmT&Tcltr Am Water Wks Am Writ Paper 63, Anaconda cvdb 7s Anaconda 1st 6s. .. Armour & Co 4%s. Armour of Del 5% Associated Oil 6: Atlantic Refin 5 Barnsdalls f 8 Bell Tel Pa 6s..... Beth Steel 5%s '53. o aSERasan - Bklyn Ed gen Buzh T Bldg 55 Calif Pete 6%s Central Leather Cerro de Pasco $: Chile Copper 6s. .. CinG & E5%s"62. Colo Industrial 5s. Col Gas & El 5s...... Col Gas & El 5s sta. Commonwth P 6s. Con Coal Md 1st 58 Consumers Pow bs. Cuban-Am Sug $s. Cuba Cane cv d 8s. Det Edison ref 6 Donner Steel 7s... Du Pont de N 7%s. Duquesne Light 6s. Est Cuba Sug 7%s. a8mBascnanne Y o Be & i1 1 ORI Y Gea Elec deb bs..... Gen Refractres 6s. Goodrich 6348..... Goodyear 8s1931. . Goodyear 88 1941.. Hershey 68 1943... Humble O&R 5%s. Illinois Bell 1st 5s. Indiana Steel 58 aSma Kayser (J) 1s. Kelly-Spring 88 Lackaws 8 bs '50. Liggett & Myrs 7s. Liggett & Myra Gs. mnnargo(r) 51. =5 Magma Cop cv 78.. Manati Sug st T%s Marland Oil 7%s.. Midvale Steel 5s. .. Montaaa Power bs. Morris&Co 1st 4 %8 - - - PuNooRavabem~S0 Nor States Pow 6s. Northwat B Tel Ts. Otis Steel 7%s. Phila Co 5%s'38... PhilaCorefGs A.. Producers & Rf 8s. Public Service 5s. . Pub Ser Elec 63 wi. »~ prpBaelnBolorwln nalla Southwest Bell 5s. Steel & Tube 7s.... Tean Elec Pow €s. Tide Wat Ofl 6%s. Toledo Edn 1st 7 Union Bag & P 6s. U S Rub 1at rf 5s.. USSteelstbs.... Utah Pow & Lt 5s. Vertlentes Sug 7a. Va-Car Chem 7s. Va-CarCn 1% w. B, pen nEE SR AR RS mnw Willys-Ov 638 '33.. 4 Wilson & Co 1st 63 36 Wilson&C cv 7%s. 15 Wilson & Cocvés. 8 Winchester-A T%s. 6 Youngstn S & T 6s. 21 —_— Atlantic Sugar Refineries had net $606,931 in 1923, com- n 1922, but profit 7,840, 50 101 % Direct te The Star Offics, RAILROADS. Bales. High. Ann Arbor 4 9% Atchison gen Atchison adj és. Atlantic CL 1 B&Oprin3%: Ba0osoldds. 98% 5% 89 2 80 94% 9% 86% 4% B8% CM & Puget Sd 4s. ChlIM & St Prf 4% lf Chi & W Ind 7%s.. CCC&StLrf6s A... Cleve Term 5%8,~. 2 Cleve Term 5s. 16 Erie conv 45 Erie conv 43 B. Erie con: A Gr Trunk st db Green B& WdbB. 14 Hu4 & Man ret Ss.. 45 Hud & Man aJ 111 Central ref 4s.. 111 Central 6%s. 111 Cent ref 53 '55 Kan City Term Lake Shore 43 '31 Louis & N uni 4 Manhat Ry cn ds.. Mil El1 Ry & L 5. M StP & SSM ol 81% 81% 102% 102% 87 87 N Y Cent cn 4s'98. NYC&StL6sA.. 16 NYC&StLdebis 2 New Haven 7s. 5 New Haven 7s fr. . 24i NYOnt& Wref4s 19 New York Ryrfds. 3 NYRyrfdsctfs... 49 New York Ry aj 5a.1 £2 82 101% 101% 9054 90% 80% 80% 9% 79% 62% 62% 374 374 36% 37% 22 2% 3% 4 2 3% 58 58 4T% 4T 119% 119% Northern Pac Northrn Pacr i Northern Pac 58 Ore-Short Lref 4s. 11 Ore-Wash 1st rf ds 141 Pennsyl gen b 5 108% 108% 96% 9T% . 94% 95 Pere Mrq 1st 48 '56. 9% 9% Reading gen 4s.... 91% 91% Reading gn 4}aswl Rio G West 1st 4s.. Rio G Westcl 4s... RIATk& L 4% StLIM&S4s’29... StL&SFpl4sA.. StL&SFprinbs. 1 StL&SF inc 6s. StL&SF5%D. % 100% 100% 8% 80 82% 8% 5% 66% 521 56 Southern Ry 1st Ga. Southern Ry gn 4s. Southern Ry 6%s.. Southern Ry 68 ct. Third Ave ad) bs. Tol StL & W 4s. Tol StL & W 3%; Union Pac 1st 4 Union Pac 1st rf Union Pacific v Virginia Ry 1st 6s. 12 62 Western Pacificss. 7 85 TOTAL SALES (Par Value): 1l1a.m.. 3301000 12noon b 346000 1p.m.. 6986000 2p.m... 7969000 FOREIGN EXCHANGE. ‘(Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks goid value. Athens, drachma Madrid, peseta . Vien Copenhagen, crown . Christiania,’ crown Stockholm,” crown . By the Associated Press. NEW YORK, May 14.—Foreign ex- changes firm; quotations (in United States dollars): Great Britain, de- mand, 4.36%; cables, 4.37; sixty-day bills ‘on banks, 4.34%. France, de- mand, .0593; cables, .0594. Italy, de- mand, .0446; cables, .0446%. Belgium, demand, .0499; cables, .0500. Ge many, demand (per trillion), 23 Holland, demand, .3732; Norway, d mand, .1385; Sweden, demand, .2654; Denmark, demand, .1694; Switzerland, demand, ' .1770%; ~ Spain, demand, .1388; Greece, demand, .0204; Poland, demand, .00000012; Czechoslovakia, demand, .0294; Jugoslavia, demand, Austria, demand, .000014% PARIS. May 14—Prices moved ir- regularly today on the bourse; 3 per |cent rentes, 52 francs 92 centimes; Texchange on London, 74 francs 25 centimes: 6 per cent loan, 68 francs 10 centimes. The dollar was quoted at 17 francs 5 cintimes FINANCIAL COTTON MARKETS. NEW YORK, May 14.—The cotton market opened firm today at an sd- vance of 11 to 25 points on buying promoted by bullish private weekly Teviews of crop progress, firmer rul- Ing of foreign exchange rates and expectations of bullish domestic con- sumption figures for April. May sold up to 31.40 and October to 25.16, making net advances of 18 to 25 points, but the circulation of May notices representing about 1,900 bales caused scattering liquidation % | and unsettied the general tone of the market. May reacted to 31.00 and October to 24.96 during the early trading. Liverpool reported a small mar- ket, with some hedge selling of old crop months, but London and con- tinental buying of mew crop deliv- eries. The market steadied after the early offering of May had been ab- sorbed, but was rather irregular later in the morning. The report of the census bureau, showing domestic mill consumption of 480,000 bales for April against 484,000 for March, was a shade below the recent forecast, and the weekly report of the weather bureau appeared to have been dis- counted. On_the whole, however, prices were fairly well maintained toward midday, with May _selling around 31.38 and October 25.02, or about 10 to 20 points net higher. Cotton futures cloged steady. igh. 3152 3100 200 2880 2520 2492 D2481 2431 ry L2425 2398 Opening: May "31.40. July 28.90, 25.05, December 24.25, January 24. NEW ORLEANS, May 14.—The cot- ton market opened silghtly higher, although Liverpool was only about as due. The first trade in July showed a gain of 24 points over the previous close and there was a sin- gle trade in May after the opening call at 31.09, or a gain of 34 points. New crop months started 13 points net higher. The market was in- fluenced by private reports of rains and the near months were firm on the revision report of certificated stock here, which showed only 3,150 bales, a minus correction of prac- tically 5,000 bales. The market was steady at the end of the first hour, awaiting the weekly weather report. Cotton futures closed steady at net advance of 6 to 25 points. Low. Close. 31.00 310004 61 24.24-26 23.95-06 L 24 24.10, Opening 30.85, bid: July 28.70, Octo- ber 24.25, December 23.99, bid; Janaary 23.90, LIVERPOOL, May Spot, good business done; prices steady; good middling, 18.46; fully middling, 18.06; middling, 17.56; low middling, 16.71; good ordinary, 15.71; ordinary, 15.21. Sales, 6,000 bales, in- cluding '5,100 American. Receipts, 16,000 bales, including 6,300 Ameri. can. Futures closed very steady May, 17.61; July, 16.92; October, 14.76 Deember, * 14. January, = 14.18; March, 14.02. High. 31.20 14—Cotton— CHICAGO GRAIN MARKET. CHICAGO, May 14.—Wheat prices chowed firmness early today owing to scattered buying based on unfa- vorable crop reports from Illinois and adjoining states and on higher quotations at Liverpool. Advices that strikes in Argentina had been re- newed tended also to lift values. Be- sides, selling was restricted by un- seasonably cold weather northwest and the uncertain outlook regarding farm legislation at Washington. Opening prices, which ranged from a shade decline to % advance, with May 1.04% to 1.04%a% and July 1.06%a1.06%, were followed by slight gains all around. Veather too cold for planting and sprouting gave an upward trend to the corn market. After opening at % Ooff to % advance, July 76%a76%. prices sagged a little and then scored gains. Oats were firm in sympathy with other grain, starting unchanged to 3 lower, July 43% to 44, but then hardened' all around. Opening in hog values steadied the provision market. Later wheat was eased down by resting orders to sell which were in the hands of commission houses. Setbacks, however, proved transient. In subsequent dealings corn paral- eled the action of wheat, Open. High. Tosh 10w 107 Low. uly September . GRAIN AND PROVISIONS. BALTIMORE, Md., May 14 (Special). —Potatoes, white, 100. pounds, 75a 1.75; 150 pounds, 1.25a2.75; sweets and yams, bushel, 1.50a4.00; new potatoes, barrel, 6.00a9.50. Asparagus, dozen, 1.50a4.50; beans, bushel, 2.50a4.50; lima beans, bushel, 4.00a5.00; beets, hundred, 5.0029.00; kale, ket, 2.00a3 hundred, 4.0026.0 5.00; cucumbers, eggplants, crat .00; lettuce, hamper, 75a2.50; , 100 pounds, 50a1.50; spring onions, hundred, 1.00a 1.25; bushel, 1.25a2.00; peppers, crate, 2.00a5.00; spinach, bushel, 25a50; rad- ishes, hundred, 2.00a3.00 squash, bas- ket, 1.50a3.00; tomatoes, crate, 3.50a 6.50. Apples, packed, barrel, 1.75a4.50; bushel, 50a1.25; box apples, 1.75a2.25; oranges, box, 2.25a4.2! grapefruit, 2.0023.25: strawberries, quart, 12a20. 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. No sales. Corn—Cob, new, 4.25a4.30 per barrel for yellow, and 4.10a4.15 per barrel for white; No. 2 corn, spot, 85%; No. 3 corn, spot, 82%; track corn, yellow, No. 3, 90 asked. No sales. Oats—No. 583%a59; No. 3 white, new, 57%a58. Rye—Nearby, 70a75; No. 2 rye, spot, T5%. ;ga)'—Rec!ipts. 113 tons. The bet- ter quality of timothy, light clover mixed, No. 1 clover hay, In fairly good demand, at full quotations, and for good hay the market is firm. Lower grade, damaged and unsound hay still slow sale at irregular values. Quotations—No. 1 timothy, 29.00 No. 2, .00a28.50; No. 3 timothy, 25.50 a26.00; No. 1 light, 25.00a26.00; No. 1 clover, mix!d,°27,00l.27_50: No. 2 clo- 0. .01 ver, 24.00a25.00. Ve Straw—1 1 straight rye, 24.00a 25.00 per ton; No. 1 tangled rve, 18.00 220.00: No. 1 wheat, 18.00a18.50; No. 1 oat, 17.50218.00. NEW YORK DRY GOODS. NEW_ YORK, May 14 (Special).— Raw silks took a slight downward trend today in a market characterized by its_quietness. The declines were from 214 to 5 cents a pound. The cotton goods markets were quiel at Pprice levels mostly unchanged. Print Cloths were quoted at 8% for 64 by 60 and 10% for 68 by 72 ———— BOSTON STOCK MARKET. BOSTON, May 14.—Following 18 a list of today's highest, lowest apd closing _prices for the most active stocks dealt in here: h‘vzv“ Close, b Calumet & Calumet & Hecla Cont A variable B battery will help to get the correct plate voltage, but a potentiometer will do better. ! |and joint stock land bank bonds. $47,458,0001S TOTAL OF DEMAND ON BANKS * Secretary Mellon Calls for 20 Per Cent of Proceeds From March Certificate Sales. PAYMENTS DUE TOMORROW Transactions on Local Stock Ex- change Today Noted. BY CHARLES P, SHAEFFER. Secretary of the Treasury Mellon has again called on national banks of the country for funds, this thme for 20 per cent of the proceeds re maining on deposit from the Marcl 15 male of one-year certificates. The call, which is payable tomorrow, wili aggregate $47,458,000, leaving a bal- ance of $189,331,800 untouched. The obligation, which was in the form of 4 per cent paper, totaled $400,290,000, fncluding $137,365,000 of exchanges. Including the current call, 27.8 per cent will have been paid back to the government. The Treasury Department will, however, be unable to operate for any great length without calling on the public for funds. Despite the fact that the second installm. income taxes falls due the mid next month, this sum is held in dated June 15, 1934. the loan and its governing terr depend entirely on the money mark« prevailing at that time. Investment Bankers to Meet. The spring meeting of the south eastern group of the Investmen Bankers Association of America wil be held in Baltimore on June 12. Th meeting will be more or Jes informal social affair. The southeastern group include members of the association residen in Maryland, District of Columbia Virginia, West Virginia, North Carn lina, South Carolina, Georgia anc Florida. In all, there are about fo members in the group. ‘Winning Essayists Named. Joseph D. Yerkes, William M. Seay and J. F. Hillyard, the first two o the Federal-American National Bank and the latter of the National B: of Washington, have been announ: as the successful compatitors in essay contest of the local chapte American Institute of Banking, an will therefore attend the annual c: vention of the District Bankers' As sociation as the guests of the institu- tions they represent. The papers, which treated on “Serv- ice versus Service,” were adjudged Ly Victor B. Deyber, Maurice Otterbach and C. H. Pope. The prize-winning efforts will be read by their authors at the annua conclave and carried in full in th p‘uhli!hed proceedings of the conver tion. Business on Local Exchange. A comparatively large volume o well diversified trade, at unchangec to slightly lower prices, predominated on the local Stock Exchange this morning. Washington Gas_ stock failed to hold its recent advances dropping back to 47% on sales of fifty-four shares, while Railway pre ferred was also slightly easier a: 74%. Lanston sold at 73% in small volume and Mergenthaler was un changed at 152. National Mortgage and Investment preferred sold to the extent of 300 shares at 8%. and Security Storag Company stock was strong at 345 Commercial National Bank ruled un- changed at 140, as did American S curity and Trust Company at 302 Bond trading was confined to f varode utilities at previous levels. New Bond Issue Offered. A new issue of $2500,000 Sa County Coal Corporation first mor: gage 6% twenty-year sinking f gold bonds, series A, is being offerc by a syndicate composed of the Ba ers’ Trust Company, Stone & We, ster, Inc.; Graham, Parsons & Cc Curtis & ‘Sanger, liam R. Comp- ton Company and the National Cit Bank of Chicago. The bonds are t be dated May 1, 1924, and to matur May 1, 1944. EVERYMAN’S INVESTMENTS By George T. Hughes of ar Seventeenth Article. LAND BANK BONDS. Grading very high among conservative investments are the bonds issued under the federal farm loan act. They are two classes, federal land bank bonds There is a sharp distinction between the two. The federal land banks, twelve in num- ber, are jointly liable for the bonds is- sued by any one of their number. Thers is no such joint liability among the joint stock land banks. The federal land banks are operated for the benefit of the stockholder borrowers; the joint stock land banks are operated for pri- vate profit. Loans made by both classes of banks are strictly regulated by law. Mort- gages must be secured by first lien, and must not exceed in amount 50 per cent of land value and 20 per cent of the permanent insurable improvements. Securities Exempt From Tax. Income from bonds of both banks exempt from all federal and state tax tion. There has been some criticism the policy of allowing tax exemption (0 bonds issued by the joint stock banks on the ground that such exemption subsidy to a private enterprise. Thi however, does not touch the merit of the investment. For investors who re- quire a high degree of safety, and (o whom exemption from taxation is an object, these land bank bonds are vers attractive, the obligations of the fed- eral land banks being entitled to the slightly higher rating. One other important point should be considered in connection with these banks and their securities. That is investment status of the shares of (b Joint stock land banks. These have been offered to investors in all parts of the on an attractive yield basis. Un- doubtedly they have merit, but such should not be bought without clear understanding of just what kind of an investment it is. Should Show Good Promit. A well managed joint stock land bari and, as far as the writer knows, they are all well managed, ought to make a good profit on the money invested, but there is no guarantee expressed or im- plied on the part of the government anybody else of any profit at all. Tt stockholders are partners in the ente: prise, and take the same kind of a risk as stockholders in any other business ‘And, moreover, some joint stock land banks are more profitable than others Finally, there is a double liability at- taching to the holding of stock in these banks, just as_there is in stock in na- tional banks. While this does not seem now ever likely to be of any practical importance it is well to keep it in mind. V. 8. TREASURY CERTIFICATES {Quotations furnished by Redmond & Co.) ——Noon.—— Bld. Offer. 100182 100332 %! 4% i@ 15, 1827, 4343 December 15, 1927. BEReEs; Southern ' railroad earnings of $65,311,414 since the first :f'the year show a decline of $3,516,~ 101 19-32 101 21-32 The system's