Evening Star Newspaper, May 17, 1924, Page 12

12 REACTION IN PRICES FROM PROFIT TAKING Follows Early Period of Firmness Founded on Weekly Mercan- tile Reviews. SPECULATION AT LOW EBB Operators Awaiting Final Dis- position of Soldier Bonus. Rr the Assaciated Pross. NEW YORK, May 17.—Profit-taking cavsed a reactionary tendency in to- Aay's stock market after an eariy weriod of firmness founded on the more optimistic tenor of the weekly mereantile Uncertainty as what take an bonus and th ibsenco ¢ traders over the week end was held responsible for the ck of spcculative interest. Distribu- tion of selling orders in Dupont, Baldwin, Davison Chemical, Pacific Oil, Congeleum and Gulf Stites t0nt these siocks down | to 2 points The closing was easy. Sales approxi- mated 300,000 shares. Lag in Speculative Interest. Speculative interest was at low chb at the opening, prices moving within narrow and ir limits. New 1924 highs were chi- son at at reviews, o action Congress v oldier veto) A ni Yiany Absene: week end Traders Absent. over the appar- ators to pending soldier many tradere d with b unwilii of by o their commitnient disposition of the “ompans cans. Texa 1o a new |94 P oat 1185, Cibin Steel and Willss Overland red advanced approximately a cach Congoleum a1y points on profit taking and Stewart Wirner and Baldwin fel! back nearly A peoint cac Foreign exchanges apened steady mo pre- at a Glance Ana- exchangze, i - decline. Cotton. od weather. Sugar. high- on house buving. Coffee, uropean buyin Wheat thwest. Corn. ¢ v strong: som n. Hogs 5 demand LL STEEET BRIEFS. iated Press Members of the international com- of bankers on Mexico have let known that they do not share ears of official circles in Wash- ent dis- of the an | Bri FINANCIAT HE NEW YORK STOCK EXCHANGE Received by Private. Wire Direct to The Star Office Air Reduct (4) Ajax Rubber Allied Chem (4) .. Allis-Chalm (4) .. Am Can (16). ... | Am Chain A (2). Am Drug Synd. . Am For P f pd(7) Am Hide & L pf. . Am Internatl. Am LaF F I Am Linseed. Am Linseed p! Am Locomo (6). 1. Am Locd pf (7).. Am Metal pf (7). AmRoll Mpf (7) Am Saf R (50c). Am Sm & Re (5). Am Stl Fdys (3). Am Sugar. Am Sugar p Am T & Tel (9) Am Tob B (12) Am Water Wi Am Woolen (7) Anacor Arn Cons & Co. Asso Dry G (5). . As DG 2d pf (7). Asso 01l (112) . ALT&SFe (6).. AT&SFpL(5). Atl Birm & At. At Coast L (7). At Gulf & W I pt Atlan Ref (4).... Bald Loco (7). Bal & Ohio (5). Beth Stee! (5) Blumenthal (7). . Br 'm Stl 2d pf ldison (8 Briyn Edison ris. Brk-Man Tran. . utic&Superior | cal Packing (6). Pet (1%) Cal Pet pf (7)... allahan Z Lead . 1 Pacific (10) . arson H Gold. . . ut Lea Copf... | Cerde Pas C (4). | Chand Mot (6).. Ches & Ohio (4) .. Chicago & Alton. Chic & Alton pf. Chic & East Il Ch & East 11l pf. | Chic Gt West pt.. Ch Mil & St Paul. Ci: Mil & St. P pf. & Nwn (4). Frneu T (5) Chic R & Pac... CRI&PD(6).. Chile Cop (2 Chino Copper. Colo I'uel & Iron. Col G & L (2.60). . Com Solv A (4) Com Solv B. 5 leurn (3). .. 01 Gas (3). . )1 Textile. . . Cont Can (4). . | Cont Motors (20¢) | corn roducts. . . Corn Pr RS (7). den Co....... Crucible Stl (4) .. Cub Am Sug (3).. Cu Am Su pf Cuban Cane Sug. Cub Cane Su pf Cub Dom Sugar. . Cub Dom Sug pf Cuyamel Fr (4).. Jm- | debt | Danl Boone M (3) iven if Mexico is unable | Davidson Chem to meet the next intere tercsted hankers have opinion that the stoppage of ments would be only temporary. | t payment, in- | Del & Hud (9)... expressed the | DyPtdeN (3)... pay- | Eaton Ax (2.60). El Stor Bat (4) ales of the Ford Motor Com- | Erie Ist pf.. wnuary 1 to May 10 total- units. cars and trucks gain of 102 8 period a vear ago. in the first ten days of were said to indicate a new record for the month. exceeding the April record of 211,410. Nat profit of Bros. dropped to § ter ended March $383.193 in the first quarter of 1 aulding & in the quar- compared with a3 Stockholders of the Crucible Steel Company of America have been in- tormed by H. S. Wilkinson, chairman of the board of directors, that earn- ings in the eight months ended April 20 were above dividend requirements and profit and loss surplus had in- creased to $24 Current assets werc more than i gainst current liabilities of 31 . Un- tilled orders exceeded tons. The regular quarterly 1% preferred dividend was declared by the National of Commerce of the motor vehicle output in April placed the total at ,600, instead of 337.000. which i 6 per cent below the fotal for March. Production in the first four months of the year was 4720 cars and trucks, 5.195 in the same period of 1 Revised estim Automobile € Placing of th muisville and Nash- ville shares on « $6 annual basis bas directed attention to the variety of & per cent railroad stock obta able on the stock cxel at strik- ingzly divergent prices kel ¥ ate shares are seclling around 767, Southern Pacific, at § Louis- ville “and Nashville, at and Atchison at 1. The Bethlehem Steel Corporation is reducing working days from six to five weekly in its plants in the Bal- timore district. but is not laying off its men, of whom about 3,000 are af- fected, in all departments except the tin plate mill, which is operating at capacity. Net profit of the Ventura Consoli dated Oil fields fell to $1.001.623 in 1923 from $2,321.904 in 1923, equal to $I.68 a share on the capital stock, against 2 a share the year before, RHINE WINE TRADE HIT. Spring Auction Postponed. Due to Lack of Bidders. ! RUEDESHEIM. Germany, May 17.— The Rhine winc trade suffered a blo: wh the annual spring auction of choice bottled ds was owing to a lack of bidd. his was the first time in the memory of wine dealel that this happened. When the auction opened there were only a few prospective buyers n attendance. All their offers were below the minimum price set by the auctioneers, so the sale was indefi- nitely postponed. The failure of the auction is attributed to scarcity of ready cash among wine dealers and the generally strained economic sit- uation. N N FOREIGN EXCHANGE. (Quotations furnisbed by W. B. Hibbs & Co.) Nominal Selling checks gold valne. today. Iondon. poand . 45665 Montreal. dollar s, franc Tirnesels, franc Rerlin, mark . Rome. lira Vienna Budapest, crown Prague, crown Warsaw, mark .. Copenhagen, crown 1 nrictiania,” crown Stoekholm,” crown R the Associated Press. NEW YORK, May changes irreguldr. United States dollars): ain, demand 4.36%: cables dwy bills on banks, ¥ iemand, .0571; cables, mand, 04443 cablés demand, .0480; (e trillion). 3737, Norwa; Denmark. Spain, .1386, 00000012, Jugosiavia, .0080141s. Rumania, 00495 Jtina, .3 Brazil, .108: Tokio, LMontreal, %% 17.—Foreign ex- Quotations _ (in Great Brit- 4.27; 60- 177 jund. (285 Lo Austri; Arzen- . i tponed | Famous P1 (5) Fifth Av B (64c) . Fisk Rubber. ... Fleishman (3)... Foundation (6). . Freeport-Texas. . Gen Asphalt. Gen Elec (8) . Gen Mot (1.20 Gen Mot pf (6) Gen Mot db (6) Gen Petm ( Gen Refr (4). Gold Dust Goodrich. Goodyear pf. . .. G'dyear pr pf (8). Gt North pf (5) Grt Wstn Su (8 Gulf St Stl (3). Hartman Co (4).. Hayes Wh'l (3) Homestake( Houston Oil Hud Mot C (3). Hupp Mot C (1)... Hydraulic Steel 11l Cent pf (6). Indep Ol (1) Inland St! (2 Inspira.tion Int Cement (4). .. ! Int Com Enz (2). Internat Har(5) . Int Mer Mar pf... Internat Nickel INtTET (5). . Invincible Oil. .. . Iron Products (6) Kelly Spr Tire. Kenne Cop (3). Kresge SS (5) Kresge SSpf (7). Lee Rub & Tire Leh Val rights. Lima Loco (4). Mallinson & Co Maracaibo Oil. Marland Oil. . . Maxwell Mot A. . Mex Seaboard(2). Middle St Oil..... Mis Kan & Tex. Missouri Pacific. . Missouri Pac pf.. Montgom Ward. . Moon Mot (3).... Mother Lode (1) . Munsingw'r (3) .« Nat Acme. . Nat Biscuit (3) Nat Lead (8). Nev Cons Cop. . . . NOrT&M (7).. A Br A (4) ¥ Central (7). . NYC&SL, (6). N Y Docs..... N Y Dock pt (5). NY NH & Hart. .. Norl & W (18) . North Anser (2). . North Am pt (3).. North Pac (5) . Nov Seotia Steel. . Nunnally Co (1).. Orpheum (13£).. Otis Steel. ... ... Owens Bot (3) . Pacific Mail Facific Oil (2) Packard (1.20) Pan Amer (4) Pan Amer B (4)... Park & Tilford. . . Penn Railr'd (3). Penn Seab Steel. .~ Pere Marq (4). . . Pere Mar pf (5).. Phila&R&L Phila & R&I Phil Mor (50c) Phillips Pet (2) Pierce Oil. . Pitts Ut pf 1.65 Pitts & West Va. . PressStiC (4)... Prod & Refiners. . Pub S El Po(7)pf. Pub Ser N J (4).. Pullman Co (8) Punta Al Su (3).. Pure Ol (1%). .. Ray Cons Cop. Reacing (4) Reading rts Open. High. Tow. Close. % 5 115 438 101% 223% A% 944 53% 21 10% 15% 33 72 1193 109% 101% 6 62'% 341 8 9. 1207 19 106% 107% 531 47% Bl 10 110% 16 Sl 149% 1 40' 4415 141 6. 38y Sy 21% 38 11% 41 37 b1% 42 84% ©: 464 64 5413 11815 41% 23 84 35% 11% 63 13% 43 1415 38% 335 114% 8% 29% 41% 195 3% 105 1173 4915 101% 7 29% 264 43% 1% 48% 64 A% 464 16 35% 2 11% 41% 48% 25% 95 43% 17 B34 22% 98 52 75 5 1% 43 101% 22% 4% % 5 1% 43 100% 22% 4% 9y 8315 21% 10% 15% 33 T1e 119% 109% 101% 6 61 4% 42% 87 125% 136% 484 61 29% 9ty 87 92 29% 1027 89% 1% 120% 106% % | Va-Caro Ch pf. | material sacritice Tow. Close. 35% 36% 1% 11% 65% 66 119 120 b4 b4 36% 36% 60 €0 9% 20% 20% 824 Open. High. 36% 85% 1% 11% 65% 66 119 120 64 36% 60 D4 Read 1st pf (2).. Reynolds Spr (2) Rey Tob B (3).... Rey Tobpf (7).. Roy D'tch (3.46) .. St L Southwest. BtLS'thpf (5).. Seaboard Air L. . Seab'd Air Lipf... 20% Sears Roe & Co. .. 82 Seneca Copper 1 Shattuck-Ariz 5 Shell Trad (2. a9 Shell Un Ol (1).. 17% Simmons Co (1).. 22% Simms Pet...... 13% Sinc Con Ol (2).. 19 Skelly O11. . 20 South Pac (6).... 89% Southern Ry (5).. b4% Spicer Mfg....... 9% St Oil Cal ( Z Stand Gas & Elec StOINJ (1). St Oil N J pf (7) Stand Plate Glass Stew't War (10). Stromberg C (8) . Sfudebaker (4).. Submarine Boat Superior Oil. . Texas Co (3).... Tex Gulf (16%) . Tex & Pac C& O. Timken (13%) Tob Prod (6) Tob Prod A (7) Tob Prod pf (7) Transcont Oil. Un Pacific (10).. Un Pac pf (4). Ttd Alloy Stl ( U S Cast Tron | ! Hoff Mach U S Ind Alcohol. USR&Im (8). U'S Rubber. . U S Smelting . . U S Steel (16) Utah Copper (1) Utah Securit! Va-Caro Chem 57% 32 34% 18 815 58 58l 6704 28% 1% 5% 0% T 15% 45% 16% 116 16 19% 106% Va Ry & Pewer Vivadou Wabash. Wabash S Web & Heilb (1) West EIpf (7)... ‘West Mary 2d pf. Western Pacific. . West Un Tel (7). 15% 45 164 115 16 194 107 55m % 8% 1% 4ty 115 16 194 106's 554 76 8% 1% 4% G 63% 48t 48 63t 63 hle in preferred etocl n in the dbove tabi cash payments based on (he orLalf yearly declarations. herwise voted,” exira wpecial are not included Wickwire Sp Sti Wilson & Co. Overlund. Willys-Over pf. Yellow Cab (3). . . Youngst S&T (5) Partly cxtra. 3P Dividena rates us g or High. Low. Last. Call Money..... ' F HOURLY SALES OF STOCKS. 11am..... 108700 m...... 240,500 WEEK’S REPORT ON GRAIN | SHOWS ACTIVITY IN CORN| Most Selling Governed by Reports | of Larger Visible Supply—Wheat Retains Firmness. Dy the Associated Press. CHICAGO, May 17.—Corn h, more activity than this week, but at t expense of a in value. The fact that the visible supply of corn totaled 5.000 bushels in e of the amount a year ago did a good deal to weaken the corn market. Net changes in price for the week in- cluded 1%ally to 1% drop in corn with wheat 's to 3% up, oats 'y to & off, and provisions ranging from 12 decline to an advance of 2 Much of the selling of corn wa based on opinions that the effect o the larger vi supply had bee emphasized by sened demand for | feeding, especially in the west, wher. pasturage this season has been good but last year was the reverse. Be- sides, during much of the week there was selling of corn into store here and shipping demand from the Was reported us slow, it being that some corn was brought here from Boston. Thers also wern reports that corn was being shipped from Duluth to be delivered on May contracts here. Warmer weather that promised rapid completion of corn planting tended further to keep the corn mar- ket depressed. However. as the week drew to an end something of a rally tcok place, for the re pts of corn in Chicago were sharply cur- tailed, and lake shipments from here pointed also to a reduction of the local stock of corn Uncertainty as to farm legislation at Washington narrowed the vol- ume of wheat trade. On the other | hand. inereased estimates of the amount of wheat said to be needed for Hurope, together with adve domestic crop reports, gave firmness to_prices. Oats eased down in sympathy with corn. Provision trade appeared to be on a hand-to-mouth basis. shown other grain ASKS PERMIT FOR ISSUE OF $4,500,000 IN NOTES Missourl Pacific Railway Plans Purchase of 37,500 Shares N. 0., T. & M. Company Stock. By the Associated Press. . JEFFERSON CITY. Mo, May 17.— An application was filed vesterday with the public service commission by the Missouri Pacific Railroad Com- any for permission to issue fifteen- Pionth notes to the amount of $4,500.- 000 for the purpose of buying shares in the New Orleans, Tex: Mexico Railroad Company. The Missouri Pacific has made an agreement. the application states, With @ syndicate headed by W. Al Harriman & Co. of New York, where- by the New York bankers are to sell on June 2 to the applicant outstand- ing shares of the capital stock of the Southern railway. ; it is further agreed by the appli- cant that in case it shall be imprac- tical June 2 to iSsue certain fifteen- vear obligations in payment for the stock to issue in payment $4,500,000 principal amount of its fifteen-month notes. STEADY MARKETS NOTED. Dun's Report, However, Cites Price Declines and Limited Buying. BW YORK, May 17.—Dun's today say ‘Adjustment of production is tend- ing to steady certain markets, and some prices have stiffened because of a better demand. Yet the main condition is still one of limited buy- ing and declining prices, with most of the tests by which business trends are measured showing a contraction of activity. Larger dealings and price recovery in the hide trade, and to some extent in leather, have come only after a prolonged period of quiet, while courtailment of output, rather than increased transactions, accounts for a firmer attitude among sellers in some textile lines. The restriction of manufacture has reach- ed the point in some industries where pressure of spot offerings has been lessened, but supplies of goods are axpected to be available as needed and nothing indicates an early change from the policy of confining pur- chases chiefly to actual requirements. Weekly bank ~ clearings, $7.105,< 5,000, | American el EVENING STAR, WASHINGTON. D. C [=xv vorr BONDS o ] TREND OF PAST WEEK MAINTAINED IN BONDS Liberties Slightly Recede, Renewal of Advance Probably Awaiting Fate of Bonus Bill. RGE T. HUGHES. Special Dispateh 1o The Star NEW YORK, May 17 tained in the two hours of trading today the firm tone consistently dis- played throughout the week. Buying of liberties slackened but prices fell off very little from yesterday's highs. Probably a renewal of the advance awaits action by Congress on the veto of the bonus bill. There was, however, today better inquiry for the Iroad bonds, such as Pennsylvania general 4lus, Pere Marquette os At- chison 4s of Southern Raflway congolidated nd New York Cen- tral of these, it will be observed. just beloly the very ; sification as, for instanc re Marquette and the A Bonds main 90 ne re Atchison Not Wortgage-Sceured. The latter is not mortgage-sccured and so sells to return a little more than the gene Pere Marquette While a first lien on the propeely are not legal investments cxcept in a few states. Other illustrations of the ng this week have ¢ advance 4 Ohio general 11 eral 15, Chi in bonds of a little lo Louis-San Franc and Southern Ohio Outside thy bonds in dema phone Tele 55 and debentu mort power | The strenzih was not impars ds, This wa Iroad list seneral way, New Haven i< Seaboard Al g0 a Western and St. Paul bonds have be heavy and weak. Baltimore and Olio and St Louis and San Francisco, oblig: tions were litile changed until to when the Frisco income 63 show sizns of activity on the buying side nere was the irregularity in > tractions Nervousness Subsides. In the forcizm list the nervous ! over the result of the French e | s evidenced the quotations on | French bonds scems to have subsided Changes on the week are only frac tional ecither way. French Cities were higher today. Investment buy ipk responsibie for the fractional iy in United Kingdom o'=s of City of Copenhagen . usually nel ed forcign bond 4 new high for the week ¥ Testimony (o the abindant money was Anounca- that th New York taken nion ior lien Mobild investment riean Tele- 1 trust and the first of electric light and n the general marke in the in a ific and « firm, but n nee mad. o | haa Washingtonrst.ock Exchange. SALES & Elee, pfd 10 at Company Trust Co.—10 at S5, Washington Titie BOND:! Bid and Asked Prices. PUBLIC UTILITY Rid. a1 Asked & a1 & i Teiga. 4s Teiga 47.s el 1r. 58 American Tel T Anacostia & Potomac Telephone tal Tract getown Gas Tat an K Potomar Elec. 1st & Mt Ver. £ Ve 3 & Anna o % Wash. Ray D.C. Rigzs Res Riggs Real Senthern Rldz Wasi. Mkt Cold Wardmas PPark Hotel ... . STOCKS. PUBLIC UTILITY American_Tel. & Telga Capital Traction. Washington Gas. . Narfolk & Wash Steamboat. Wash. Rws. & Elee. com Wash Rwr. & pfa.... Terminal Taxi com.. NATIONAL BANE Commer Distric z Farmers’ & Mechanics. Federal-American Liberly .......... Lincoln National Me Riggs ...-.. Second Natiooal Bani fropoli t Washington. TRUST COMPANY. American Security & Trast. mcmental TrmsE o Merchants’ Bank ... ...... Natioun! Savings & Trost.. Tnion Trust.. waveieenn Washington Losn & Trust.. SAVINGS BANK. Commerce and Sasings East Washington Kecurity Scventh St < Tnited States.. 120 Washington Mechanies’ . FIRE INSURANCE. American o Corcoran ... 3 Firemen's National 2 e TITLE INSURANCE. Columbis Title. Real Bstate Titie MISCELLANEOUS. 0ld Dutch 0ld Duteh Market pfc Lanston Monotype Security Storage Washington Market Yellow Cab.. *Ex. dividend. GIVES VIEW OF BUSINESS. Otto Kahn Tells President Funda- mentals Are Sound. General business conditions were declared to be fundamentally sound by Otto Kahn, the New York banker, during a conference yesterday with President Coolidge. Mr. Kahn's conversation with the President was mainly regarding do- mestic business conditions, although the two exchanged in passing the hope that the Dawes plan would be adopted and bring about an ad- justment of European difficulties. The New oYrk banker reported that or- ders of future delivery had slowed Somewhat, but that manufacturers Were receiving a steady stream of immediate-delivery orders. Mrs. Cora B. Williams, president of the Georgia, Florida and Alabama railroad, is the only woman, as far as known, to become president of a rail- road company. : | Wilson & Co Istés 3 ATURDAY, Recoived by Private Wire (Bales are in $1,000.) UNITED STATES BONDS, ctions represent thirty-seconds. xample 101 means 101 3-32.) Bales. Hizl Tow. Lib3%s. 36 100 99-29 9 Lib 15t 4s. 100-15 10015 100-15 Lib 2d 48 100-9 100-9 100-9 100-21 100-19 100-1¢ 100-14 10011 100-12 101 100~31 101 100-27 100+25 100- 110 102+20 102-15 102-15 FOREIGN. * Bales. High. Low. 5 101% 101 20 904 102% 100 1025 Lib3d 4%s. Lib 4th 4% s US4Ks1952, Close. 101 89% 90V 102% 100 102% 8914 Argentine 7s. Bordeaux Brazil 7s Brazil 88 Brazil 73s. nada bs 1926, 1004 1010 100 100% 102% 96Y% o 907 3% 96% 107% Canada 53 1931. Canada 5s 195! Chifle §3 1926. Chile 75 1943. . Chinese Gov Ry 58 Copenhagen 5%s. . Cuba 5% : Czechoslovakia 8 Danish Munic Ss B 4 Dutch E 1 54;s. . 4 Dutch Easi I 68'47. Dutch East I 6562, 1004 102% 961y Tlhs. | Holland-Amer 6s.. Taly 616 192 Japaneso 1et 43, | Japane Jupanes Tapanese 6} Netherlands 6s Norway 88 Norway 651943 | Paris-Ly's-Med 6 | Prague Ths 2 [ Queensland 7s. Queensland 6: | Rio de Jan 88 | Salvador 88 '48. | Sa0 Paulo City Sa. 8ao Paulo State 8. | Seine Dept of T | Serbs Crotes Slo 8a Sweden 6s... | Swiss 5%s 1946 Ud Kingm 5 Ud Kingm 5% s "33 Uruguay 8s....... 1 103% 103% MISCELLANEOUS Ajax Rubber 85 2 76 Am Agr Chem 5s. Am Agr Chem 7 Am Repub deb 63, Am Smit&R ist 8s. 10 Am SmiIt&R 6s. i 1047 Am Sug ref 6s 997s AmT&Tcy6s... 1745 1 AmT & Tcltr5s 101 99 1010 s Am T & T del Am Water Wks Anaconda ev db | Anaconda 1st 6s. Armour & Co 4 Armour of Del 544 | Bell Tel Pa 58 Beth Steel 5145 53 | Beth Steel pm 5 Beth Steel s £ 6s. Brier H St 1. ) Bkiyn Edisor Calif Pete 6%s. ... Central Leather i3 Chile Copper 6s. ... Col Gas & EI §s sta. Cemmonwth P 6s Con Coal Md 1st 5 Consumers Pow 53. 10 Cuban-Am Sug Ss. Cuba Cane cv d Sa. Det Edison ref 6s.. 11 Du Pontde N 7%s. 4 Duquesne Light 65 10 | Empire G&F T%s. 18 | Fisk Rubber 8 | Gen Elec deb 53 | Gooarich 6128 Goodyear 8& 1931. Goodyear 8s 1241 ershey 6319 Humble O&R 5%s. 1llinofs Bell 1st & Int Mer Marin, a1 | £5 | 85 al y 105 107% 1045 895 99 | 1015 | . | Inter Paper 5s KCP&Lt5sA b2 | Kan G & B1 6352, | Kayser (J) is. .. | Kelly-Spring Ss. | Lackawa S 53 '50 | Liggett & Myrs Lorillard (F) astagma Copcev T Manati Sug sf 7%3 Midvale Steel 5a. .. Morris&Co 1st 4343 New Eng Tel 58 N Y Tel 6s'4L.. N Y Tel 4% North Am I3d 63 i North Am Ed 6 Nor States Pow 53. 1 Nor States Pow 6s. Northwst B Tel ous Steel 88 Pacific Gas & El 58 Pac T & T 18t b Pac Tel & Tel b Phil & Rdg C&1 5 | Phila Co ref s A. | Pierce-Arrow 8s.. | Producers & Rf §s. Pub Ser Elec 6s wl. 18 Saks& Cosfis... 3 | Sinclair O1l 78 | Sinciair Oll 6% Sin Crude Oil 5 Sin Crude Oil 63. Sin Pipe Line 5s. So Por Rico Sug 7s 2 Southwest Bell 53. Steel & Tube 7s. Tenn Elec Pow Toledo Edn 1st 73.. USRublstrfSs.a 11 USSteel st bs. Utah Pow & Lt 58 Va-Car Chem 7. Warner Sug 78 Western Elec 5s. West Union 6%, Westinghouse 7. Wickwire Spen 7 | Willys-Ov 6%s 33 e LR ST SemE 1 101 5 95% Winchester A 7%s Youngstn S & T 6: | ROME EXCHANGE GLEEFUL Excitement Over Rise of Italian Consul Above Par. ROME, May 17.—Great excitement groeted the rise above par of Italian consols on the Rome Stock Exchange yesterday. The occasion was marked by enthusiastic cheering and cries of “Viva Italia,” “Viva de Stefani.” Con- gratulatory messages announcing the cvent were sent to Premier Musso- lini and Minister of Finance Alberto de_Stefani. y The rapid rise in consols is consid- ered a great achievement of the Fas- cist government's financial policy and as a reflection of the country’s in- creasing confidence in security and Stability in the future. ' Con- Sols went as low as 68 in 1919 and Were still under 90 at the beginning of the present year. Ask Your Banker. How much real value stands back of the stock you are asked to buw Are you sure that the nice, honest- looking stranger is telling you the truth? Ask your banker to look into what he claims. — $825,000 Trust Issue 0. K.'d. | The Rutland Railroad Company was | authorized by the Interstate C ce Commission today to issue 00 of equipment trust certifi- cate: to be sold at not less than 96.96 per cent of par, the proceeds to be used for purchase of equipment. | Den & Ri0 G Manhat Ry cn 4s 5 MK &T1st 4s. 3% | Southern Ry 1st | Union Pac 1st 4s. MAY 17, 1924 Direct to The Star Office. RAILROADS. Bales. High. 2 59% 17 873 81% 98% 85% 102 a8lg 6% 83% 98% 57 Ann Arbor 4s. . Atchison gen 4a... Atzhison adj 4s. .. B&Oprin3% B & O gold 4 B&O PLE&WYV 4s. B &0 SW div 3%s. Bklyn-Manhat 61 BKIRT78'21ct... 1 106% Canadian North 7s 2 112% Canad North 6%s.. 7 1 Canad Pac deb 4s.. Car Clinch & O 6s. 8 9 Chi & Alton 3s. Chi& Alton 3%s. Chi B&Q gn 45 '68. Chi B&Q 1st rf b Chi&E1llgn 5 Chi Great West 4s. CM & Puget Sd 4s. Chi M & St P rf 4% CThi M & St P ev 58. Chi M & St I 43°25.103 Chi M&S P ev4%s. 9 CM&StPgn4lis. 10 ChiM&StPéawl. 9 Chni Rys 68 2 Chi RI& P gn 4 ChiR1& Pacrt 4s1 Chi T H & SE 6 Chi & W Ind en 4s. CCC&StLrf 68 A Cleve Term 5%s Cleve Term 5: Colo & Sou 4% |Cuba R R &s. - Del & Hd 1st rf 4s.. Del & Hudason 5%s. 4s. Det United 4 Iiris com ext 78 Erie conv 43 D Gr Trunk sf db 3. Gr North gen 73 | Gr North gens}s . Green B& W db B Havana ERL&P 53 Hu< & Man ref b Hud & Man a] &s. 111 Central ref 4s. . 11l Cent ref 55 '55. . 111 Central 5%s Int Rap 1Tan 6s. .. Int Rap Tr 68 stpd. Int Rap Tran 7 Int & G Nor aj Int & G Nor 1st 6s. Kan City Ft S 4s Kansas City S 5 Kun City Term 4 | Lehizh Valley 63.. Louis & Nash 7 M StP & SSM b3, M StP & SSM cn 48 MK&TprinssA. MK&T6sC. MK & T adj 53 BERESG - | Mo Pacific 6 Mo Pacific 58°6 Pacific Zn 43. w Or Term 4s... Y Centgen 3i3s. Y Cen deb 6 Y Cenri6s 5 Y Cent cn 4s°98. N Y C& St Ldeb4s New Havencd 6s.. w Haven d 4s ‘57 New Haven 7s fr. NYRyrfdsctfs... w York Ry aj 58 Y RysadjSsct.. Y W & Bos 4%s.. orfolk & W cn 4s. orfolk & W cv 63 Northern Pac 58 D. O Short Licn 58 '46. Ore-Short Liref 4s. Ore-Wash 1st rf 4s. Pennsyl gen 4%s.. Pennsyl 6%4s. Pennsyl gold Pennsyl con 4 Peoria & E inc 4s.. Pere Marq 1st 6s... Readinz gen 4s..... Rio G West cl 4s... RIATk & LAl St 1L 1M&S R&G T M&S 45°29... SiL&SFplasA.. L&SFprinja. L&SFincé L&SF5%D. StL&SFad)és... StL&SFpl6sC.. SULS W con 4333 St P Un Ded 5%s. St & KCShL 4% s. cabd A L4ssta.. Seab’d A Liref 4s.. Seab’d A Lad] 6s.. Seab’d A L con 63.. Sou Pacific 45 1929. Sou Pacific ref 4a.. Sou Pacific cit 4= © Southern Ry gn Southern Ry 6% Southern Ry 6s ct. Third Ave adj s Tol St L& W 4s. Union Pac 1st rf Union Pacific ev Union Pac 1st rf 58 Virginia Ry 1st 6s. Va Ry & P 1st 5. Wabash 1st 5 ‘Wabash 2d bs. Western Md 4s Western Pacifi Whel & LErf4%s 1 TOTAL SALES (Par Value] 1lam.. 3224000 12 noon 6538000 NEW INDUSTRY IN VIEW. Production of Smokeless, Odorless Fuel in Baltimore Proposed. BALTIMORE, May 17 (Special).— A brand-new industry wil go into operation ecarly next month to manu- facture a smokeless. odorless fuel, and it will be the first of its kind in this section. It has been incorporated under the laws of Maryland, with a capital of $350,000. and the company which is called the Anthracite Fuel Corporation. is now booking orders for June delivery F. A. Wevmouth is president: Hay Langenheim, vice president; Doug- las Gorman, treasurer, and Robert France, secretary. Messrs. Weymouth, Langenheim and Gorman, with Sum- merfield Baldwin, jr.. Philip S. Ball, John C. Legg. jr. Joseph T. Martin, Flanchard Randail, Henry N. War- field and Morton M. Prentis of Balti- more, and James F. Matthews of Bethlehem, Pa., compose the direc- torate. The product will be made from anthracite fines, to which will be added a carbon smokeless binder. The plant will have a rated maxi- mum capacity of 80,000 gross tons of the product annually. According to estimates of the United States bureau of mines, this production is about § per cent of the total amount of an- thracite coal consumed for domestic purposes in Baltimore. BONUS VETO APPROVED. Financiers Predict President’s Courage Will Win Him Support. BALTIMORE, May 17 (Special).— Consensus of opinion in the finaneial district on the President's veto of the soldiers’ bonus bill is to the effect that the Chief Executive had shown courage and that his action would win him more votes than he would lose. Bankers and mercantile leaders have never taken kindly to the pro- posal to pay ablebodied men who served in the war a bonus for pe forming a patriotic service. They b lieved that the proposal was born of politics, and that politicians es- poused it, because they belleved it would strengthen them with certain yoters regardless of the ‘merits of the bi @ wheat IR~ SR Bl 611 854 618 | than expected | being affected b | showed | prices continued to ease off after the 921 | FINANC COTTON MEN ANXIOUS FOR NEW CROP START Market Past Week Shows Nervous- ness Over Weather Conditions. Covering Operations by Shorts. By the Associated Press. NEW YORK, May 17.—Perhaps the most prominent feature in the cotton market during the past week has new been crop start. The weather has too wet in some sections and Germination has delayed, and the growth of early planted cottons checked, with the result that further reports of replanting have been re- ceived and during the middle of the week there appeared to be an appre- hension that the movement of early cotton from the southwest might be retarded. with bullish statistical features and well maintained near month pre- miums led to considerable covering by both old and new crop shorts dur- ing the carlier part of the week and there seemed to be some broadening of trade and commission house de- mand for new crop deliveries. Later, however, the near month tension was relieved to some extent by reports that cotton was reaching here for de- livery on contract before the end of the month and today's forecasts for generally fair and warmer weather in the south were followed by some realizing in the new crop deliveries. The response of the market to the prospect for better we iarded by local traders rious impression on senti- ment, and that with good weather from now on, an increased vield wouid be anticipated Arrivals of cotton here for delivery on May, have cluded about 2,000 bales from centers and some further shipments are expected from eastern belt points particular!ly Norfolk. As a result of these shipments sibly, May contract litt more freely at 227 points over July vesterday and this was construed 3 ninz that basis for the final eveninz up of the position had been pretty well estab- ched. No improvement has been noted in reports from the domestic goods mar- ket but the census report showing do- mestic mill consumption of 450.010 bales for April. compared with 483,- 925 for March and 576,514 last vear, wuss generally commented upon as in- dicating a less drastic curtailment Private cabies receiv- ed here have reported continental buving of new crops in Liverpool presum- no premium COTTON MARKETS. YORK., May 17 1s0 reports of an easier spot bas rther declines in tod trading in the cotton marl The opening was ezsy at a decline of 11 to 28 points, and active months bon showed net’losses o to 34 points, May selling off ta October to 24.8 Trade interests were moderate b but there was a good deal of southern, local and Wall street selling, and it seemed thut only the appearance of more favorablc weather conditions in the | south had been needed to revive opt s of new crop prospec vate cables reporting a poor spot @ mand and selling by importers NEW tures YORK, May 17 —Cotton fu- losed steady | Yar Taly October | December . | Jannary Open—May. 24.95; December 2 NEW ORLEANS, May 17.—The cot- ton market opened lower on poor Liverpool cables, the English market lack of spot demand and better weather news. First trades losses of 6 to 14 points and opening call until July traded down | to 2 and October to 24.13, or 22 to 27 points under thg close of terday. ate adVices indicated zood weather in the helt LIVERPOOL —Cotton. spot dull: prices easier: good middling. fully middling. 17.86; middling ; low middling, 16.51: good nary, 13.51: 0. Sales, 2,000 bales 0 American. Teceipts. 1 American NEW ORLI futures closed s | of 15 to 45 points Hizh Mar w0 Julx 31.00; Jaiy. 2394 Jasuary, 2391 bid. CHICAGO GRAIN MARKET. CHICAGO. May 17.—Prospects of showers over the west and southwest lled to a downturn wheat prices | today soon after business began. The decline was preceded by siight gains, in sympathy with an advance at Liverpool. Trade lacked volume, be- ing restricted by perplexity as to farm legislation at Washington. After opening at % decline to % gain, July 1.06% to 1.06% and September 1. to 1073, prices hardened all around, but then underwent a general back to well belew vesterday's finish. Corn and oats paralleled the action of wheat. In corn the opening ranged from %ad decline to a_shade ad- vance, July 75% to 75%. Fluctuations later were narrow. B Oats started unchanzed to '3 high- er. July 44, and then sagged a little. jons were at a standstill, prices nominally about un- changed. Most of the transactions consisted of buyinz of Ma nd selling of July on the cash interests. . Renewal of dry weather complaints from the southwest in particular brought about something of a rally in wheaf. The close was unsettled. Open. High. Tow. Close. 1045, 106 10413 1041, 1.061, 1.06% 1.081, in_corn delivery Dart of ifl:B s ember . OATS— May July September ARMOUR CO. EARNINGS. More Than Dividend Requirements First Quarter 1924. CHICAGO, May 17T.—Armour & Co., during the first three months of ' this vear, usually the poor- est quarter, has earned more than its dividend and depreciation- require- ments and has handled an unusually Jarge volume of business, F. Edson White, president, declared in connec tion with action of the board of di rectors in declaring the rgular quar- terly dividend of 1% per cent on the 3135,700,000 of 7 per cent cumulative Preferred stock of Armour & Co. of Tiinots, Armour & Co. of Delaware. and the North American Provision Company. ON B-II—AY ‘WEEK SCHEDULE. READING, Pa. May 17.—Orders | were posted today 3 shops of the Reading Railroad Com- pany announcing that the various| departments will go on a five-day a week schedule. The curtailment is indefinite, the notice says. The car shops. it was understood, are also affected. The plant emploves about 1,000 men. i been increasing nervousness over the | generally too cool to be satisfactory. | The cituation in this respect | ther was re- | s indicating | | that the recent complaints had made fno v were offered a| | —Renewed | liquidation and scaticred sclling pro- | moted by good weather in the south, 0.85 and | Liverpool was Jower than due. pri- | ordi- | set- | in the locomotive | IAT U. S. SAVING FOR 1924 TOTALS $200,000,000 Treasury Department So Computes Decrease in Cost of Running Government This Year DROP IN INTEREST ON DEBT Prices for Stocks Slightly Weaker on D. C. Exchange. BY CHAS. P. SHAEFVER. 'Dacrused costs of running Fnl!:d States government will resy v in a saving of more than $200,000,0, in the present fiseal year ending Ju 24, over the corresponding pe riod of last vear if the present r. of economy can be mai expenditures from Jul 1923, April 30 issued by the Treus Department this morning, show: During this period ord ditures amounted to § While the ten months' expenditures « ¢ AR R B :?J:x‘:’ n‘?l’; lA:“\' 1 4‘r:.ursemtnL> amogr drop a oXimatel S was a major contrib pecial accounts, nan and the War INnar, resulted in u saving 345 tained, a pr classit 4,005,4: requirements ~ approximate cxtent hile the War and In | partments functioned at a $34,000,000 and 660,600 | tivels | Durinz April expenditures amou about $43.000.000 in exces vious month Radio Brings New Fields. progress made in the th ing of have led talking to alizn themselve | radio manufacturers. a result u the present tima nearly all graph phone companies are now manufs turing phonographic-radio set companies form reorganization *olumbia Graphophone Manufa & Compan operating cor Tonv ihe Columo has not production of phon said although appearing at the broa: tion The lguidad the Ameri Corporation 1 engaged in e large plan boom das d_at Orang of Baltimo nization, ou securities of the old company nged on 4 proportionate bas hares of capital stock in vies. The New «dmitied to voting trost certificates represe these capital stocks, but no tra pr The id Phonograph entered into the g Propert understood to be st Tentative Railway Valuations. The 3 | the_Inte C The tentative vaiue of the Cadi: | road of Kentuc | was placed at $12 An increase of t | ber of failures in | rred t United total rep. being 396. 1 year ago wa , or for cight less ‘than during the preced | week. The east and the Pacific co. each show four fewer defaults thisw. than last week, but these decreases o mors than offset by increases thirteen in the south and fiftecn the west. A less favoral by bank cleari aggregate number a e showing is ma was an 14.6 per cent New Most of ¢ ck_oocurred at po Yor | from the ¢ of 12 Less Ruora rred decid ard in toda for this week n the local b Washington preferred sold « tions involv ipared with 2s Realt 3 evel a drop of two point Trust Company was point. twenty-five s! |85 American Security pany was Washingtan mand quarter. ed at 15 and Trust Con unchanzed at 302 6s were in fair & upward to par and Mergenthaler was unchanz - ey City City Con. Dom. | Dom nv.. 1nv Coal 61 e T.td G Lid. pt. Fair M.. new Fair M. pf. Hood Rub T Pipe Line Tan Mills Take of W. M. Take of W. M. pf MeC. R & M. pf.S4 new P00: ©TC00EH Int $1.50 — e GRAIN AND PROVISIONS. BALTIMORE. May 17 (Sp Potatoes. white, 100 pounds 150 pounds. 1 new potatoer barrel. 5.00a%.30. asparagus. dozer 1.50a4.30: beans, bushel, 2302300 lima beans. bushel, 4.0025.00- beet {hundred, 5.00a8.00: kale, bushel, 2 40. cabbage. basket. | hundred. 00a7.00: cucnmbers 5.50; eggplants ate. 2.50a5.00 tuce. hamper, 75a2.00: onion pounds, 30a1.30: spring onions dred, 50a1.00: peas. bushel, 1. peppers. crate, 23a40: spinach 25a40: radish ndred. 2. squash. bas 52200 crate, 1.90a Apples, p: 100 ed, barrel bushel, 50a1.25; box apples grapefruit, box, 2.00a3.2: box, 2.25a4.2); strawberries, 14237%. Settling Prices on Grain. Wheat—No. 2 red winter No. 2 red winter, garlicky mestic, 1.13%: no quotations on Ne_* or No. 5 red winter, garlicky. o sales. Corn—Cob. new, rel for yellow, and rel for white: No. No. 3 corn, spot, yellow, No. 3, 89 Sales, 1,380 bushels, No. 2 yellow. 4.2544.30 per ba 10a4.15 per ba'- 2 corn spot, § 82%; track co No. 2 white, 5813 No. 3 white, 1. Receipts, 160 tons. No ove supply in the receipts from day to day of said hay in_spot trade of timoth and clover mixed for whRich there is fair demand at full quotations. Low grade and damaged hay in ample sup- ply and slow sale at ali sorts of prices. Quotations —No. 1 timethy No. I straight rye, T _ton: No. 1 tangled rve. No. 1 wheat, 17.00a18.00 30817.00. 18.00 No. 1 Miss Rose Savage. employed in th United States bureau of nsvigation, i< officially known as record kecper of the material readiness of Uncle Sam's § warships. -