Evening Star Newspaper, May 21, 1924, Page 28

i 1 INDIVIDUAL STOCKS MAKE TURN UPWARD /Selling Flurry Due to Passage of Bonus Bill Apparently at End Today. OIL SHARES MOVE HIGHER Rise in Rails Partly Ascribed to Investments. BY STUART P W The ¥ May 21.—~The selling movement which followed the pa s the soldier bonus bill had evidently run its course ax the mar- ket opened today. here was prompt half point point hefore hour was out NI Tecovery the fi ntly a 1 individual buving which has & O for again apr t whing a new high at Plate kept pace with the rise 0. thercby strengthening th anu subsec further advance ocourred The noticeable stocks. been time stock ckel in . & in C some the opinion thut an early offer of exchange is in} prospect Atchixon Above n_sold above 103 ific above 144 jong with the were set dow! buying direct least upon the a_that t money market conditions would sooner tive to Hudson ran up o President Loree wa the rumors of a ¢ rhe Street ha D. and 1. might separate its railway and < in anticipation of pos- 10 rise f not in wd the new Kk exchan; r around American Telephone and tock, which had followed indement Tuesday. was ¢ Short Covering in raph an- She thie Che ness in the 1 tur Cuba Ca nitely strot mion made some Laration of the regular dividend. Oil shares were generally higher, but compared with other grouy not active. BETTER TONE IN MARKET. - preferred Cuban Ames response to the de Prices Today Show Improvement Over Yesterda ~ K. s Quotations. Assocints <. YO Muy 21 n irregular tone Stock prices at the open- market. 1 lative play cont arriers ay including ake and nd Phila- i Iron. | gene i by nd Hudson folk and W delphin and Reading ted an advance in which accentuat in a number of industrials Cheszpe and Ohio the highest level in ten and Hudson rose ns of 1 o 2 points were Dupont. Republic el United States York Do al and Iron. coverin speciultic hed rs. Delawa and d on Che 1, 1 Alcohol woints, st § Indu: opened s acenmulation of had list and prices slow- A despite the: light Volume of trading, Delaware and Hud- n mounted 4la points to 114, the highest level of the vear. Announce- ment of an in in_ autom | prices in the € Motors nparted a firm to shares and s +1 inde: ent steel. | wil. chemical and equipment red moderate Call hig forged 1% | strong peuke und Ohio and “Nickel | crossed S0 to new high levels year in the final hour, and rs and public utilities also om shott covering. th copp nioved | | Markets at a Glance ; NEW il YORK—Stocks higher: Ohio Ches- and wi mew top; lead nee. Rends frmg ues in demand ake ady ment_rail i steady. f recover otton fir unfavorabie Sugar quiet 3 CHICAGO t Leas crop repo avorable weather. Cattle lowe receipte. Hogs jer: light| ‘mand . i firm: bullish | Corn stead BAL clal).—F T5al.75: new potatoes, )zen, bett she & (Spe- ite per 100 pound sucks, 1.25a 100 pounds, 50al. ndred, 50a1.00: pea: <, crate, 25a radishes, 10 tomatoe: ed. hushel. =rapefruit, Lox. al 1uals. Selling Pricex on Wheat—XNi ed winter. No. 2 red winter, garlic 1.1#3%: no quotation: . 200 = i strawberries. « new. 4 per bar- . nd 4.10a4.15 per b | for white; No. 2 corn, spot, 85 0. 3_corn, spot, 82:: track corn, yel- No. 3 white, . 2 rye, spot, Hay—Receipts, 112 tons. _Although there is_some increase noted in re- veipts of hay generally, there i no Surplus offering of more desirabie quality of timothy or lisht clover, Wixed, for which there is fair demand, i dull quotations. Low grade, damaged and unsound hay has to be Sold on merit, as the market Is very irregular for anything below No. 3 timothy straight rye, 23.00a 1 tangled rye. 18.00 17.00a18.00; No. DAIRY PRODUCTS. LTIMORE, Md., May 21 (Spe- cial).—Live poultry—Spring chick- ens, 1b., 40a50; Leghorns, 32a40; win- ter, 40a45; young stags, 25; old hens, 26: Leghorns, old, 21a23; roosters, ducks, 15a22; pigeons, palr, 4Ua guinea fow], each, 40a60. ggs (loss off)—Native and nearby firsts, free cases, per doz., 24; south- ern. 23. Butter—Creamery, good to fancy, nearby creamery, 35a36; prints, B a| | al | & Adv. Rumley. .. Air Reduct (4) Ajax Rubber. | Alnska Juncau. .. | Allied Chen (4). |AlIC&Dpf (7). | Allis-Chialm (4) ... AmAgri Chem pt Am Bank N (5). Am Beet Sug (4) Am Bosch. . AmBrs&F (5). Ani Can (16) Am Express (6 Am For I f pd(7) Am & F P 25%(7) Am Hide & L pf.. Am Jce (7; 5 Am Ice pf ( Am Internatl Am Locomo (6). 1 Am Metal (3). | Am Republ : Am Saf R (50c). | Am Ship & Com. Am S & Re (5). AmS&Rpf (7). Am Sugar. . . Am Sugar pf (7). AmT& Tel (9). Am Tel & Tel rts Am Tobac (12 Am Tob B (1 | Am Waolen (7 Am Wool pf | Arn Cons & Co. .. Asso Dry G (5).. Asso Ol (1) AtT&SFe (6) . |AT&SFpr (5). AU Birm & At. .. LAt Coust 1 (+8) AtGult & W1 Atan Ref (4). Atlan Ref pf (7 Austin-Nichols Bald Loco (7)... Bal & Ohio Barnsdall A. ... Beth Steel (5). Briyn | Brk-Man Tran | Br Man T pf (6). | BrklynUnG (4) | Brown Shoe (4). | Burns Br B (2) .. Butte C & Zinc. . Pet (1%)... han Z Lead. Calu & Ariz (2) .. Calumet & Hecia. Can Pacific (10) . | Cent Leather Co. ent Lea Co pf... CRR, g Cer de Pas C (4). Chand Mot (6).. Ches & Ohio (4).. t Ch Mil & St I'aul. Cl Mil & St. P pf. Chi & Nwn (4). . Ch Preu T (3) Chic R L& Pa CRI&Ppf(6).. CRI&P DL (7). Ch StI* Min & O. . Chi Yellow C (4). Chile Cop (2% Chino Copper. SCESUL () Colo Fuel & Iron. |Col G & ki (2.60) .. Com ir Tr (63c). | Congoleum (3).. . | Conley Tin ¥ | Consol Cigar. . | Consot Gas (3). Consol Textile. .. { Cont Can 4). .. Corn Froducts Corn P’r R pt Cosden Co....... Crucible Stl (4) .. Crucib St pf (7). Cub Am Sug (2).. Cu Am Su pf Cub Cane Su p: Cuyamel Fr (4) Dant Boone M (3) Davidson Chem Del & Hud (9) . DElL&W (6)... Du PtdeN (). .. Du P de Ndb (5) Ax (2.60). | Stor Bat (4) Eik Horn Coal. Bnd-John (5) krie. ... Lrie 1st pt Exch Buffet ( Famous P1 (8). .. F'd M &S pl (7). Fifth Av B (64¢) . ish BO P (5).. 1isk Rubber. | ®SKRubpfA. ishman (3) ... Foundation (6) .. Freeport-Texas, . Gen ATC pf ( Gen Asphalt. Gen Balsing (5) Gen Elec (8) . Gen Kl spe (60c) . Gen Mot (1.20). Gen letm ( Gen Refr (4). . Glidden Co. Gold Dust Goldywn Pict. Goodrich. . . | Goodrich pf (7) Goodyear pf. G'dyear pr pf (3). Granby Consol. . . Gray & Davis Gt North pf (5. Gr Nor Ore (3). Gr Canan Cop. Gulf Mo & Nor. .. Gu Mo & N pf (5) Guif St Stl (3)... Hartman Co (4).. Hayes Wh'l (3) Homestake( 7; Houston Oil | Hud Mot C (3).. Hupp Mot C (1).. 111 Cent pf (6) . Indiahoma Ref. .. Indian Refining. . Interb Rap Tr. Int Cement (4) Int Com Eng (2). Internat Har(5) . Int Mer Marine. . Int Mer Mar pf. Internat Nickel. . Internat Paper. Int Pap pfst (6). IntT&T (6).... Invincible Oil Jones Bros Tea Kan City South. . Kelly Spr Tire. .. Kenne Cop (3) . Keystone T& R. . Lee Rub & Tire. . Leh Val (3%). Leh Val rights Lima Loco (4). Loews Inc (2) Lorillard pf (7 TLoose-Wiles Bis Louis & N'sh (6). Ludlum St1 (2). .. Melntyre (75¢).. Mack Trucks (6). Mallinson & Co. .. Man El modgtd 4. Maracaibo Oil. Marland Oil. . Martin Parry (3) Mathieson Alkali Maxwell Mot A.. Mex Seaboard(2). MexSeabd ctfs(2) Middle St Ol Mis Kan & Tex. 30a32; rolls, 20a3l duiry prints, 29a3l; process butter, 36; .ore-packed, 28. e Mis K & Tex pf. Missouri Pacific. . Open. K 3% 5 1% 0% 1142 High. T 744 5% 1% 1% 115 Low. Close. 7 Th 3% Té% 5 5% 1% 1% T0% Tim 114% 115 42% 42% 42% 42% 24 105 38% 23 80 92 9415 241 105 39 23 80 92 94% 94 €3 86 80 214 7114 89 36% 6 12 6174 . 100 124% 34 141 i 136 507 721 644 9T 7 2! L] 8844 284 103% 9% 121 16 105 i 1145 39 40% 39% 204 44% 431 781y 110 6514 39%s 36 1% 0% 43, 11 11 12 43 9 34% 13% 20 73 42 894% 13% 4 57% 27 10 12% 56 68% 34% 32% 48% 6414 2% 11% 105% Y% 41% 2214 ey 81 33% 11% 86- 67% 6% 13 21 19 187 3% i 84 40% 28% 56% 16% 114% 54% 92 19 15% 79 21% 5B% 21% 324 33 30 40% 18% 18% 314 10% 31 20 107% £3% 1085 3 15% 60 204 44% 444y 80'% 104% 38 4% 144 25% b4" &3 04 81z 8414 alt 27% 15% 110 [T 41% 367 119% 4633 114 117 116 w7 182 9, 6% 45 49% 5% 8% 9% 35 9415 11 13 1% 106 33, 20% 8% 42 22% ¥6 Bla 84% 11% 36 67% 67% 13% 21 19% 14% 88n 1% 8l 40% 29% 56% 16 114% 556% 93 19 16% 80 22% 5% 28% 23% 33 30 40% 19% 19% 3ta 10% 31% 12% 24 24% 105 105 38% 39 23 23 80 80 . 100% 102% 100% 102% 92 94% 24 £3 86 80 21% 0% 39% 36% 6 10% 61 100 92 94% 94 63 86 80 21% 1% 39% 86% 6 10% 613 100 42% 87 124% 3% 141% 136% 507 ke 64% 9% 7 123% 3 141 136% I 70°% 63% 9Th 7 287 9% 87 29 102% B9 1ih 121 16% 104 114 19 105 52 108% 3 15% 60 0% 204 445 204 44ty 4% 44w B T 10415 1043 35w 38 83 1% 4n 144 2 044 & 2% 0% | 815 84 41% 27% Loty | 110 65% | 0% | Soik 31% 55% T 15% T 2% 47% 35% 1195 | 294 bus 6% 0% 98 | 57 61% | 23 6% 112% 17 115% 87 4% 517 | 12 56 247 B2% 19% 715 a3 43 1 1 169 182 9yl o 45 4915 8% ¥ 941 P 9435 110 5% 39% 56 31 3415 119 28Y% 49% 86% 3078 974 o6 61t 22% 45 109% 17 114% »7 14% b4% 24 sl 1% 0% - 214% 219 214% 217% T 13 40 43% 9 5% 18% 2014 72 42% 8y 13% 4 57% 21 10 13 56 64% 35 33% 48% 647 22 1Y% 34! 13% 194 2 a2% 8y 13% 4 57% 27 10 12% 56 63% 34% 32% 48% 643 224 11% Illinots Cent (7).. 102% 102% 102} 102% 105% 106 W% 3% 3% 20'% 26% 3% 3% 4l 4z 224 224 B 86 8% 81 33% 33% 1% 11% 36 86 67% 673 67% 67% 13 134 21 21 19 19% 13% 88% 1% 8Y% 0% 29 56% 16 114% 55 ¥3 19 16% 80 22% 5% 28% 33 13 30 ” 13 8% 40% 28% 56% 16% 114% 54% 92 19 16% 9 21% % 32 33 30 40% 18% 188, % 10% 31 124 THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office low. Close. 40% 224 18% % Open. High. 40 40% 22 22% 18 184 6% 521 32 45 20% 130 13 us 37% 49% 100% 78 83 3% 51% 18% 118 24 45% 62 Missouri Pacpf.. Montgom Ward Moon Mot (3). Mother Lode (1). Nat Biscuit (3). Nat Dairy 3).... Nat Cloak & Suit . Nat En & St. Nat Lead (8). Nev Cons Cop NOrT&M (7) N Y Air Br (4). NYABrA ). N ¥ Central (7). N Y Cé&StL (6). Ny C&StL pf (6) . ¥ Docii. . .. N Y Dock pt (5). NY NH & Hart. ., Norf & W (18) North Aner (2) North Am pf (3). North Pac (5. ... Otis Steel. ... Otis Steel pf . . .. Owens Bot (3) . Owens Bpf (7) Pacific Develp PacG & I3 (8) . Pacific Mail . Pacific Oil (2] Packard (1.20) . Packard pf (7). . Pan Amer (4) Pan Amer B (4) Panhan Pr & Re Park & Tilford Penn Rallr'd (3). Penn Seab Steel Peop Gas Ch (7). Pere Marq (4) Phila Copf (3) . Phila& R&1. Phila & R&1 Phil Mor (50c} Phillips Jones. Phillips Pet Ph'nix H pf (7) Pierce-Arrow pf. Picrce Oil. Pitts Utpf 1.65. . Pitts & West Va. . P& W Vapr6). PressStIC (4) ... & Refiners Pub Ser N J (4) Pullman Co (8). Punta Al Su Pure Oil (13%) Ray Cons Cop. Reading (4) Reading Remington Type. aan 86 24 20% 35% 594 11 45 106 9% 105 1 RepL&SPL (7). St Jos Lead (1 St L San Fran. .. St L Southwest. . SLLS'thpf (5).. Santa Cecilia. . Savage Arms. Schuite pf (8) abourd Air L. . ab'd Air L p Shell Un Uil (1). . | Simmons Co (1) . Simmons pf (7). | Simms Fet | Sinc Con 0 | Skelly Oil. South Pac (6. - Southern Ry (5). South Ry pf (3).. St Ol Cal (2). Std Gas & i ( StOINJ (D). StOINJpt (7 Std Plate GGG Stew't War (10) . Stromberg C (8) . Studebaker (4) .. Sabmarine Boat Superior Oil. . Tenn € & Ch Texas Co (3) Tex Gulf (1612). Texas & Pacific. . Tex & PacC& 0. Tide Wat Oil (4) Timken (13%) Tob Prod (6) Tob Prod A ( “Tob Prod pf Transcont Oil. Un Pacific (10). . Un Yacpf (4). Utd Alloy St (3). United Drug (6). Utd Fruit (10). .. U S Cast Iron F. U S CIP-pf (7) Utd Cig Stor (n). Un Cig Stpf (7). ! U S HOM Mach U S Ind Aleohol. USR&Im (8) U S Rubber. ... USR1stuf (8).. U S Smelting. ... U S Steel (76) U S Steel pf (7). Utah Copper (4) Utah Securities. . Vznadium Corp. . Va-Caro Ch pl Vivadou Wabash. Wabash p Wabashpf B. ... Web & Heilb (1) West Pen (4) ... West Mary 2d p- Western Pacifi West Pacpt (€) . - West Un Tel West E& M (4). ‘Wheel & L, Erie. . Wh Eag Oil (2)... White Mot (4). .. Wickwire Sp Sti . ‘Wilson & Co. Wil&Copf.... Willys-Overland. 7 Willys-Over pf... 63% Woolworth (8) .. 330 Woolworth wi(3). 53 Wrig W Jr (3) 36 36 Yellow Cab (5)... 45% 45% tPartly extra. $Payable in preferred stock. Divigenu rates given in the are the annual cash payments latest quarterly half-yearly declarations. Unless otherwise noted, exira or special dividends are not inaluded. High. Low. Last. Call Money..... 3 3 3 HOURLY SALES OF STOCK: 11am. - 165,100 12m 1pm.....423,900 2pm. —_———— SOLDIER BONUS, TOPIC. Bankers Discuss Effects of Enact- ment on Bond Market. BALTIMORE, May 21 (Special).— There is a wide difference of opinion among Baltimore Investment bankers relative to the effect the enactment of the bonus bill will have upon the bond market. Some are of the opin- fon that it will not exert the unfa- vorable influence it would have had had it become a law earlier in the year, when funds were not as abun- dant as they are today. Those who hold thix view say that the heavy accumulation of money and the indications that the process will continue unth crop demand for cash begins in August will more than off- set the bad effects of the bill. They do not disguise their belief, however, that defeat of the measure would have further stimulated the market. Others believe that the bonds law will tend to weaken the investment situation in that it decreases the chances of scientific reduction in fed- eral taxes. . Banks find It increasingly difficult to_employ thelr idle unds. * Prevail- ing rates are 5% and 6 er cent for commercial loans, but even . these Tates have been shaded in exceptional cases. Brokers' loans are quoted at 5 to bl: per cent, most of the accom- modations being at 5% per cent. His Great Purpose. From Life. Rastus—What - you-all got such a big pocketbook fo'? Sam—Dat's to encourage me. 28'4 51 13 - 5 18 7 6314 330 82% STAR, WASHINGTON, IS TO HIGHER LEVELS Progress Slow But Sure, With Few Outstanding Prices Noted in Today's Trading. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 21.— The bond market resumed today its very slow but very sure progress toward higher levels, momentarily interrupted by passage of the bonus bill. There were few if any outstanding advances in pri today, but sentiment was im- proved and demand for sound secur- ities appeared to be increasing. Dealers comment upon the small amount of bonds coming into the street for sale. Recent new financing, with a few exceptions, has gone very well. The successful placing of $15,- 000,000 Great Northern 5s without a public offering was taken to indicate a very satisfactory condition. Forelgn Issues Prominent. Foreign bonds were unusually prominent in today's trading, the leading place being taken by Belgian issues. Belgian 7%s sold in large volume above 103, within a fraction of the high of the year. French 8s and French Tlzs were traded in heavily, the §s selling almost at the top ice of 1924. French Cities 6s and Seine 7s did bette There was not much change in lib- 'S, but the draft was upward. The was true of the high-grade rafls industrials. Fractional advances were made in Union Pacific first 4s and American Telephone and Tele- graph collateral trust 5s. Colorado and Southern 4 made a new high for the y puthern Pacific re- funding peak . among advancing in the the in sympathy stock Among the speculative railroad issues the short term St Paul 4s were a trifle firmer. Seaboard Air Line adjustments gained a point. Other Seabo: s found a better market ndustrials were irregular. kwire Spencer 3 ped a point. The prin- akness, however, appeared in borough list. Reported dis- greement with employ over wages responsible. ported that the difficulties of the proposed capital of the Public Service »f N. J. had been ove t the new per cent ruld <hortly be issued. New Central's £45.000,000 equipment was also expected soon now. FRANC DEPRECIATION tment York is | Protlem for New French Leaders IS FINANCIAL WORRY | and of Serious Concern to Retiring Premier. PARIS. May 21.-—The depreciation the franc is beginning seriously preoccupy the government, and it is understood to have formed the | principal subject of Premier Poin- care’s talk with Precident Millerand vesterday. as it will that at the cabi- net meeting at of to the foreign office to- | day. Reports are even current that sev- | eral of |}1 IMOSt promient ministers | favor resigning at once and trane- ferring the task of government to the new smajority of the Left, holding that inactive continuation of office by the present administration until the firgst week of June ie likely to be extremely prejudicial to the financial | sitnation Tn any case, hoth premier and renub led into council when a ure of importance is considered, it is expected M. Millerand wili hoth to call at the Elssee Palace day. the president and to- ee Market for Trading. NEW YORK, May 21.—The French government. it W rned authori- tatively today abandoned tem arily its activities in support o franc. and a free market has been tored for trading in the currency. Inquiries among members of the banking eroup headed by J. P. Mer- gan & Co. which established the credit of $160,000.000 early in March to rescue the franc from a “foreign flensive” revealed that the Bank of France had returned portions of the loan used to hoister up the exchanze. The credit, however, is still available for future use. If necessary The decision of French interests to allow the franc to take its course has resulted in a reaction of more than 113 cents from the high level attained on the upward movement. Recently the currency has given evidences of stabllizing slightly above 5 cents. Ex- cept for a brief flurry of selling after the French elections, the volume of bLusiness has been relatively light DIRECTORS RE-ELECTED BY TOBACCO GROWERS Co-Operative Association in Session at Raleigh, N. C., Announces 10.000 New Members. RALEIGH, %. C., May 21.—Twenty- two of the twenty-five directors of the Tobacco Growers' Co-operative Aseo- clation were re-elected here today when the result of the poll of the 90,000 members was made publie. Three of the directors were reap- pointed by the governors of the three states comprising the association. Tobacco deliveries to the associa- tipn increased from 163,000,000 pounds in 1923 to more than 180,000,- 000 pounds in 1923-24, according to reports submitted to the board. An- nouncement was made of the distri- bution in a few days of another mil- lion dollars to_tobacco growers in eastern North Carolina. Ten thousand new members were added to the association during the year just ended, it was reported to the airectors. ‘New directors elected were as fol- Jows: W. I, Gardner of Danville, Va., to succeed Frank O. McCormick; A. M. Dumay of Washington, N. C, succeed J. V. Cobb of Pinetops, N. C., and T. T. Hawk of Norlina, N C. to succeed Clyde T. Harris of Mapleville, N. C. Directors reappointed by the governors weré Dr. Clarence Poe of Raleigh, for North Carolina; Oliver J. Sands, for Virginia, and E.- C. Epps, for South Carolina. DEMAND FOR LABOR SEEN. Employment Conditions in North- west Reported as Excellent. ST. PAUL, May 21 (Special).—Em- ployment conditions in the northwest are excellent at present. There is de- mand for both skilled and unskilled labor and Industry is active from a production standpoint. Wholesale and retail distribution, however, still is Slow. due to unfavorable weather conditions and caution of merchants. ] Netherlands 6x [AM T & T ev 6= | Kel b @, WED) BOND MARKET TREND Ion NEW YORK NESDAY, MAY BONDS moo rxaaves] 21, 1924 Received by Private Wire Direct to The Star Office. (Bales are in $1,000.) UNITED STATES BONDS. (Fractions represent Example: thirt 101-3 means 101 3- Sales. High. Lib 3%s. . Lib 18t 435 Lib 2d 41;s. Lib 3d 4% Lib 4th 4% US 4181962, . 265 100 209 101 FOREIG Low. -seconds. 2.) Close. 99-29 9830 N. Bales. High. Argentine 7s. . Argentine 6; Austria 7s Belgium Ti4s Belgium 6s. . Belgium 8s. . Berne 8s Bolivia 8s. Bordeaux 6s. Brazil 7s. Brazil 8s. Canada 55 1926 .. Canada 53%s 1929 | Canada 55 1931 Canada 5s 195: Chile 85 1946. Chile 88 1926 Chile 85 1941 Chile 78 1943 . .. 21 '37...159 27 . 48 .. 69 15 wec .25 Cuba 5%s.. ) Czechoslovakia 8s.103 Denmark § Dutch East I 6547, Dutch East I 6s'62. Finland s f 65 1945. Framerican 7%s. . French Govt 8s Foench Govt 7%s Haiti6s........... Holland-Amer 6s. . Japanese Japanese 1s. .. Japanese 6% s Jergens U M 6 Lyon 6s. . Marseille 65 Montevideo 11 i 107 3 .28 .27 8 . 10 Norway 8s. .12 Norway 6s 1943. ... 12 Norway 6s 1952 7 Paris-Ly’s-Med 6s. 98 Prague Tles...... Queensland 7s. ... Rio de Jan 8s 1946 Rio de Jan 8s 194 Rio Gr Do Sul 8s. Salvador 8s '48. Sao Paulo City Sao Paulo Sta: Seine Dept of Ts Serbs Crotes Slo Sweden 6s..... Swiss Confed 8s. .. Sw 5 1946 ... Ud Kingm 3% Ud Kingm 512 Uruguay 8. Zurich 8s. 1 Ajax Rubber & Am Agr Chem 5 Am Agr Chem 7 Am Chain s f $x°33. Am Repub deb 6< Am SmIt&R 15t o Am SmIt&R 65 Am Sug ref 65 11 3 10 9 24 8 . 83 55 Am Water Wks5s. 6 Anaconda cvdb 7s. 18 Anaconda 1st 65 Armour & Co 4 Armour of Del 5 Associated Oil 6 Atlantic Refin 5s. Barnsdall s f 8= Bell Tel Pa 5. Beth Steel 51as Beth Steel rf 5 Beth Steel pm 5 Beth Steel s f 6s. Braden Copper 6s. Brier H St 1st § Bklyn Ed gen 5 Bush T Bldg 5s Calif Pete 6125 Can Gen El deb 6; Central Leather 5s Chile Copper 6 AmT& Tolirds Am T & Telir4s |Am T & Tdeb s Col Gas & Col Gas & Commonwth P &s Con Coal Md 1s Cuban-Am Sug 8 Cuba Cane cv d 8s. Dery (DG) Tx..... Det Edison ref 6s Donner Steel Du Pont de N Tlas. Duguesne Light 6s. 25 Est Cuba Sug 7las. 42 Empire G&F 32 Fisk Rubber S 10 Francis Sug 7% 5 10 1 63 11 6 Gen Elec deb 5s. Goodrich 6'2s Goodyear 8s 183 Goodyear 8s 1 Hershey 6s 19 - Humble O&R 12 Tilinois Bell 1st 5x. 44 Ilinois Steel 41as.. 2 Indiana Steel 5s. .. Int Mer Marine 6s Tniter Paper bs "4 KCP&Lt5s A'52. Kan G & El 6s er (1) Ts. ¥-Spring 8s Liggett & Myrs is. Liggett & Myrs 5s. Lorillard (P) . Magma Cop cv Manati Sug sf 7 Marland Oil Tl4s. Midvale Steel 5s. .. Montana Powe Morris&Co 1st 415 New Eng Tel bs. N Y Tel 6s'41. .. N Y Tel 6s°49 N Y Tel 415s.... Nor Ohio T&L 6s North Am Ed 6s North Am Ed 6%s. Nor States Pow 5s. North Otis Steel 71 Otis Steel 8s. Pacific Gas & El 55 12 PacT & T 1st 5s. .. Pan-Am Pete 7s... Phil & Rdg C&I 5s. Phila Co 5%s '38. Phila Coref 6s A Pierce Oil deb 8s. Producers & Rf 8s. Public Service 5s Pub Serv Elec s Punta Alegre 7s. .. Sharon St1 H 8s.... Sinclair Oil 7s..... 19 Sinclair Oil 6145... 16 Sin Crude Ofl 5%s.411 Sin Crude Oil 6s. ..178 Sin Pipe Line 5s... 22 South Bell Tel 55 So Por Rico Sug 4 Southwest Bell 5s. 121 Steel & Tube 7 Tenn Elec Pow 6s. Toledo Edn 1st 7s. U S Rub 1st rf 58 U S Rubber 7%s. .. U S Smelter 6s. . U S Steel s { 5t Utab Pow & Lt 5s.. 18 Vertientes Sug" 2 Va-Car Chem 7: Va-CarCh7%sw. 8 Warner Sug 78417 8 Warner Sug 7s'39. 1 Western Elec 5s. . .165 Western Union 6% 6 ‘Westinghouse 7s. .315 Wickwire'Spen 7s. 3 Willys-Ov 6 3. 4 ‘Wilson & Co 1st 6s. 42 Wilson&C cv 7%s. 13 5 5 18 7 2 1 s 9 13 13 5 Major industries are increasing their working #orces and highway construction is absorbing many work- ers, while demand for farm hands ex- ceeds the supply. Railroad freight trafic is increasing slow:y. Improve- ment in the banking situation in the northwest is evidenced by the re- opening of six banks In rural dis- tricts within the last ten days. . Wilson & Cocv 8. 4 ‘Winchester A 7% 1 1% 90 90% 103% 100% 102% 108% 89% 82% 81% 96 1 100% 101% 100 100% 105% 103 105% 96 107% 80% 94 26% 108% 25 86 93% 93% 89% 89 100 96 89% 4% 97% 9% 90% 7% 83% 82% 88 91 111% o4 94 8 8415 1064 93t 9ts 26% 101 99 100% £8% 82 102% 2% 97m 1093 101% 103% 109% 5% 95% 88 9314 ol 93'4 104% 100% 116% 991 951 101% Y% 95% 854 86 98% 97% 97 99 8 9% 89% 96% 104% 95t 100 934 977 104% 97% 100% 98 99 99 91 877 88% 107% 99% 87 78 105% 84 108% 104% 104 89'% 99 102% 28% 95t 93 102 84l 8414 9 95% 10115 937 um 96% 964 110% 99% 100 88% 26 7 98% 105% 107% 25 a1y 92% 97! 924 108% 101% 5% 92 101% 95 109'% 88% 99% 1094 100% 90 854% 998 99 83% 95% 101% 100% 103% 20 94% 56% 30% 102%° 94 87 110% 108% &9 98% 82% 52% 50 101 Low. 101% 89% 90 103 100 102% 108% 101% 103 109% MISCELLANEOUS, 95'% 87% 923 91 43% 104% 9% 116 €875 95 101's 87% 954% 95 85t 86'% 98% 9% 97% 9875 88 94% 89 96 104% 9514 997 93 974 1045 9734 100% 98 99 99 91 877 8844 1075% 99 864 78 105% 84 108 104% 104 89% 99 102% 98 95 93 102 84 84 9% 95 101% 91 117% 96% 96% 110 99 997k 88% 96 7 IBY 105 107% 95 90% 92 974 92 107 101% 95 91t 101% 95 109% 88% 99 109 100% 884% 84l 991 98ty 82% 95% 100% 93 100% 103 80 4% 56 80% 102% 94 96% 110 108% 59 98 8% 51 19% 101 Youngstn S& T 6s. 1 96% 9% ¢ —_—— A deficit of uwfuoz for the quarter ended March 31 + 233 100-19 100-13 100-17 555 100-13 100-9 100-11 101 989 100-28 100-25 100-26 43 102-17 102-14 102~16 101 Closs. 101% 89% 90% 103 100% 102% 108% 893 82% 81 85% 100% 101% 100 100 105% 103 105% 95% 107% 90% 3% 96% 108% 94% 86 3% 93% 89% 89 100 96 89% 4% 97% 9% 90% 6% 83% 824 88 907 111% 94 93% 76 B4 106% 934 91 96% 101 99 100% 88% 82 102% 112% 9T 109% 101% 103% 109% 5% 95% 88 92% 914 93% 104% 100 116% €9 25 1012 87% 95% 95 B5% 86% 98% 974 9714 8% 88 943 89% 96 104% 95Y 99% 93 97% 104% 97% 100% 98 97 110 108% 59 98% 81% 51 50 101 96% s reported by the New York, Ontario and Western rail- road against a deficit of $366,852 a year ago. RAILROADS. Saies. High. Atchison gen ds. .. 87% Atchison adj 4s.... 13 81% Atlantic CList4s. 1 89 AtlanticCLclds.. 4 83% B&Oprin3is. 98% 0 gold 4s 85t 6s. . 102 oVl 88% refSs..... .. 86% PLE&WV 43 83 SW div 3%s. 98 O Toledo 4s. ... 66% Bklyn-Manhat 6s.. 73 75% BKIRT 78’21 ctst. 7 102 Buff R&Pitt 43¢s. . 89 99%, 13 112% 80% 95% 98 101% 86% 95% 93 87% 29 89 3% 52 55% 54 57%4 81 60% 81 5614 99% 108 4% 81 79 9% 91 75 10275 104% 98% 88 Low. Close. 875% 87% 8% 81% 89 £9 83% 83% 98% 98% 85% 86% 101% 101% 88% 88% 86'% 86% 83 €3 98% 98% 66% 66% 5% 75% 102 102 89 89 99% 99% 112% 113 112% 112% 80% 80% 95% 95% 97% 88 101% 101% 6% 86% 96% 95% 93 98 87% 87% 98% 99 89 89 73 % 62% 55 54 57 81 60% 81 56% 99% 108 4% 81 79 9% a1 5 102% 1047 98% 87% A 101 873 71 & & & & & & & Canada South 55 Canad North 7s. . ad North 6%s. Canad Pac deb 4s. . Car Clinch & O 5s. Car Clinch & O 6s. Cent of Ga 6s. . Central Pacific 4 Ches & Ohio cv b Ches & O cv 4%s. . Chl B&Q gn 4s '58. Chi B&Q Ist rf 5s. . CB& Q-111div 45, Chi & E 11l gn 58 hi Great West 4. & Puget Sd 4s. Chi M&SL P rf 4355 ChiM & ChiM & Chi M&St CM& S CM& Chi M & St P 6s. Chi& N'W 6%s. ChiRysbs... .. ChiRI&P ChiTH & SE 5s. .. Chi Un Sta 415, . Chi & W Ind cn 4s. COC & SULTf 65 A, Cleve Term 5 Cleve Term Colo & Sou 4 Cuba RR TIK. ... Del & Hd 1st rf 4s. Den & Rio G cn 4s. D & Rio G imp &s. . Erie 1st con 4 Erie con ext Erie gen 4s. .. Erie conv 45 B. Erie conv 4s D irie & Jersey rand Trunk 7s. . rNorth gen 7s. . Gr North gen 5 Havana ERL&P 55 Hud & Man ref Gs. Hud & Man aj 5s.. 11 Central vef 4s. . 111 Cent ref 55 °55. . 11l Central 533s. . Int Rap Tran 5. Int Rap Tr 55 stpd. Int Rap Tran 6: Int Rap Tran 7s. 65% 106%, 12 119 35 - 22 < 1% . 20 15 15 15 Lake Shore 4 Lehigh Valley Louis & N uni Louis & Nash Louis & 4s Manhat Ry en 4<. M &St L 1st ref 4=, M StP & SSM 6 MK & T st ds. MK&TprinssA. MK&TisB. MK&T6s MK & T adj 5 Mo Pacific fs. Mo Pacific 55 6 Mo Pacific gn 4 ontrl Tm 1st 3; O Tex & M in 5= Y Cent gen 312 ¥ Cent deb 6s. Y Cent deb 4s. Y Centribs.. Y Cent cn 42 YC&StL New Haven ¢ Y W & Bos 41,5, orfolk & W cn 4s. Norfolk & W cv 6s orthern Pac 3s Northrn Pacr i Northern Pac 5s D. Ore Sht L cn 5s 46, Ore Short L ref 4s Ore-Wash 1st rf 4s Pennsyl gen 5s Pennsyl gen 41 Pere Marq 1st 5s. PCC&StLIsA.. Reading gen 4s. Reading gn 4128 Tio G West 1st 4s Rio G West ¢l 4s. RIATk & L 4l2s. 100% 101 8% 80 8214 82% 981, 981 6% 6% 715 6714 67 53 86 % o5% 8% 99% T2% 105% 100% 63% it 81 91 84 9714 103% 102% u5% 89% 100 92 82% 985 774 675 67 531 b6% 7% 95% 883 99% 72% 1054% 100% 54 4l 81 91 4% 9734 037% 2% 95% 897 100 9214 624 85% 35 814 StLS W con 4s'32 StP Un Dep 5ls.. an A & Arn P 4s eab’d A L ds. . ab'd A Ldssta.. Seab'd A Liref 4s.. Seab’d A Loadj 5s. . u Pacificref 4s. . uthern Ry 1st 55 10 Southern Ry gn 4s.162 uthern Ry 61:s.. 29 Southern Ry 6s ct. 111 Third Averef4s... 6 Third Ave adj 5s... 21 TolStL & Wi4s... 22 Union Pac Ist 4s... 12 Union Pac 1strf4s 3 on Pac cv 4s... Union Pacific ev Union Pac 1st rf 5s 29 Virginia Ry Ist :s.ug 97% 1037 102% 95 89% 99% 9214 6l 85% 81 ‘Wabash 2d 5s. . Western Md 4s...... Western Pacific 55 ‘West Shore 1st 4 Whel &« LETf4l%s 2 614 61% Wisconsin Cent 4s. 5 80% 80% TOTAL SALES (Par Value): 11 a.m.. 3550000 12 noon 5166000 1p.m.. 6999000 2p.m.. 8026000 BAR SILVER QUOTATIONS. EW YORK, May 21.—Bar silver, 665 ; Mexican dollars, 50%. LONDON, May 21.—Bar silver, 34%d per ounce. Money, 2% peér cent. Dis- count rates short bills, per cent; three-month bills, 31-16a31-8 per cent. 85% 81% 6l% 80% NEW YORK MONEY RATES NEW YORK, May 21.—Call money steady; high, 3: low. 3; ruling rate, 3; closing bid, 3; offered at 3% ; last loan, 3; call loans against accep- tances, 2% ; time loans steady: mixed collateral, sixty-ninety days, 1: four- six months, 4a4%; prime commercial paper, 4%at%. WOOLWORTH PROPOSAL 0. K.'D NEW_YORK, May 21.—Stockholders of the F. W. Woolworth Company to- day ratified a proposal to reduce the par value of the common stock from $100 to $25 a share and to exchange each old share for four of the new. The dividend rate on the new stock will be $12 annually as compared with $8 previously paid: B e s AL O Seventy-three boxes of gold, valued at £548,980 sterling, arrived on the Olympic y, consigned S ‘Morgan & Co., and thirteen boxes, val- uedc.( £100,! sterling, to Kuhn, Loeb & Co. £34% | 61t | ANCIAL. COTTON MARKETS. NEW YORK, May 21.—Unfavorable private weather reports today, both daily and weekly, led to an active demand for cotton at the opening. and an advance of 20 to 25 points in first prices. Subsequntly support from Wall Street and Liverpool in conne tion with active_ local covering car- rid May up to 31.90 and October to 25.78, representing 33 to 45 net advance. Weckly reports indicate that owing to cool nights the crop had not held its own during the past week, and one report declared that it was now ten days to three weeks late over the entire belt. Local profit taking and selling by the south and spot houses was eagerly absorbed and at the end of the first half hour the market was at about best levels. Active covering in the May position at midday advanced it to 32.10 or 65 points over yesterday's close, the general market showing 42 to 6 Doints net advance. Wall Street was an active buyer of old crop positions and there was good outside support of late months based on the continued bullish crop and weather advices. NEW ORLEANS, May 21.—The cot- ton market opened firm despite in- different cables. Although first trades showed gains of only 1 to 15 points, prices soon advanced rapidly owing to reports of rather extensive rains in the interior. July soon traded as high as 29.25, October at 24.96 and December at 24.68, or 38 to 44 points above the closing of ves- terday. Trading was very active and the advance was well maintained awaiting the weather map and the weekly weather report of both of which are expected to make a bullish showing. LIVERPOOL, May 21.—Cotton, spot, prices easier. Good middling. fully middling, 17. . | "42 low middling, 16.57: & nary, 15. ordinary, 15.07. 3 5,000 bales, including 2.900 American. | Receipts, 7,000 bales, including 3,900 American. ' Futures closed steady. May, 17.54; July, 16.91; October, 14 December, 14.54; January, 1444 March, 14.31. CHICAGO GRAIN MARKET. CHICAGO. May 21.—Less favorable crop reports from the southwest and west together with export buying at Winnipeg and an upturn in Liver- Pool quotations, Rave the wheat ma ket here an upward swing today dur- ing the early dealings, Offerings were light the legislative outlook at Washington having a deterrent effect on sellers. Need of rain in Western Kansas and Western Nebraska tracted special attention. The ope ing, which ranged fro 3 higher, with July 1.0 | September 1.07%, was followed by moderate additional gains. Corn and oats were firmer in| sympathy with wheat and as a re- sult of meagerness of receipts. Be- sides, some improvement of shipping demand here for forn was noted | After opening unchanged to half cent higher, July 6%, the corn market gcored a slight general advance. Oats started at a shade lower to 3 higher. July 44, and later hardened all around. Provisions werc weaker owing to a | | drop in values | were siightly lower. WHEAT— Open. 15 1.08: ORN - 106% | May 1018 | Juls September HATS CHICAGO LIVE STOCK. CHICAGO, May 21 (United State partment of Agriculture) —Hogs—Re ceipts, 25,000 head : moderately active mostly 10 lower: spots, 10 to 15 off on lightweight ; quiet shipping demand : bulk, good and_choice 240 to 325 pound butchers, 7.50a7. op. 160 to 0 pound averages, bulk, better grades, 140 to averages, 6.90a7.30. packing sows, large- 26.90 : killing pigs dull, 25 lower: . good and choice 120 to 130 pound averages, 6.00a6.40. Cattle—Rece 12,000 head: most killing class beef steers uneven, 5 lower: bidding 25 off on better grades, heavy steers in spots: liberal re- predominating ; early top matured ste - held higher. numerous lo ceipts ; killing quality fed steers, las medium ; handy and strong weight I | 1 11.40 : sor 8.50a10. o best yearlings early. 10.50 ; ouri yearlings stock about steady: lower canners and cutters. | moderately active: buils, steady to weak ; best heavy bolognas, veal- ers. slow. generally steady: packers paying upward to 11.00. outsiders up to 11 half-fat qualified weighty steers to Mineral Point, Wis., 11.00. Sheep—Receipts, 6.000 head: fat lambs. slow ; early sales steady to weak . new bidding lower: fat sheep, weak to shade lower; desirable clipped laml 14.75a ; spring lambs, better grades, 17.00a17 choice fat clipped ewes. 8.25. NEW YORK PRODUCE MARKET 21 (Special).— | NEW YORK. May Trading on the local wholesale markets was rather dull and draggy Prices on old-crop onions and potato Other commodities were about steady Yellow. No. 1, onions brought imostly | 1.50 to 1.90 per 100-pound sack. Upstate round white, No. 1, potatoes brought mostly 3.00 to 3.10 buik per 150 pounds, with fancy stock as high as 3.25. Sacked stock brought mostly 2 to 2.60 per 150-pound sacks. Florida Spaulding Rose. No. oes brought 8.00 to The carrot market held steady at 50 to 10.50 per barrel for old crop. ew crop brought .00 to 11.00. ‘Asparagus was in moderate supply with the market easier. Most sales ranged from 2.00 to 4.00. Spinach brought 1.30 to 2.30 per bar- rel and 1.25 to 1.50 per 32-quart crate. Rhubarb was in moderate supply, with the market steady at 2.00 to 3.00 per 100_bunches. The department of farms and markets advised purchasers and shippers not to expect an exceptionally active market preceding Memorial day, May 30. In- deed, the department expects a cur- tailed demand. Since the holiday falls on Friday, many New Yorkers will spend that week end out of town. | | | Stock of record. - June 14 May 81 Am Tel & Tel. Hos & Albany.. Brit 'A_Tob..Int Cal & Hecl: Crare & Ci RERR ARNBFEESES cockkeco| Bee Re. Decrease in Operations Noted, With New Business Small. NEW YORK, May 21.—“The de- crease in steel mill operations con- | tinues at about the same pace as the second week in May, and new busi- ness is in smaller volume,” the Iron Age reported today. “Producers of steel find further indications,” it adds, | “that concumers will omit their buy- | ing for some time in the Strictest way, this feature being rather ac- centuated in the past week.” Sharp recessions in pig iron prices points | | be |amounting to $1.60 per share, our loads Colorado fed bui- | today. | RULINGONA.T.&T. NEW STOCK OFFERING New York Exchange Decision Re- lating to $150,000,000 Issues to Shareholders. FARM LOAN BONDS ON SALE Review of the Trading in Local Market. BY CHAS. P. SHAEFFER. The American Telephone a graph Company will offer 14 holders of record June 10 share of additional stock cach five shares now held. The cominomn shares of the company must be quoted “ex rights” on June 10 and trans- actions in rights settied on June 26, according to ruling of the York Stock Exchange handed . morning. The amount of the approximately $1 fercd to over 300,000 making an average about $300. Payment for at for New dowy new jscy 000,001 stockho, investm o ders. the new stock will be spread over a period of cightf months, the first installment of §2u being due August I, ond of $40 on December thind of $40 on April 1. 19 Interest at the rate of 6 por wil allowed on installment payment - fro, the due date to April 1. and w credited on the final payment ing it to $35.40. Stock so 1 will be issued under date of May Pay Subscriptions in Full. Subscribers, however, will L mitted to pay subscriptions in August 1, or, having made th. installment payment when duc the may pay the two remaining inst ments December 1. In such instan they must pay a small amount $ in addition tv make the net ra on the money by the company April 1 6 per cent, the rate allowed on installment payments, instes per ccnt, the current di If, therefore, subscriptions in full August 1, the rice a shar will be par. plus § a total $102.75 a share. and if final instal men of $%0 u share are paid De cember 1, the amount payable the will be $2.10 shary additional, total of $52.10 a share. Stoc o 1 for will be issued as of its date | final payment. and Benk Offers Bonds. Public offering is being made tod by Hayden, Stone & igsue of $1,200.000 of Joint Stock Land Bank farm loan bonds due 1 i} a pr of $100 and acerued interest to yieil 5 per cent. The bonds i deemable before May 1 are exempt from all i and local taxation. and are talities of the United States ment Fulfilling predictions of Sloan. jr.. president of the Motors™ Corporation that tendency of automobiles wo ward. the Chavrolet today increased pric el and chassis. Closed were unchanged D. C. Exchange Trading. | Renewed interest in preferred <t of the Washington Railway and E | tric Company. which resulte | sates of 220 shares. f. tions on the local morning. The selling was accompanied by minor tions in price, the range from 723 at the opening to the_clo! National Mortga eferred total of 8§ low level n odd lot sale . and hington Gas tors of the Mergen rporatior quarter! first Alfred in and Investmer ry active g at 81k | | Anacostiz ! ker, president of the tional, are both confined homes with illness EVERYMAN’S | INVESTMENTS 1 By George T. Hughes Twentieth Article. \ Sharp Distinction. 1t is remarkable how few othicr ntelligent people do not underste the difference between stock bonds. 1 am often asked whether or that stock is & good investme the inquirer adding that he first of all safety of principa strictly speaking there T thing safety of principal stock. 'he only way a can obtain the return « is by sale of stoc market, nd the he ha market price, w ever 1 Sometimes it is higher than the he originally paid. and tin is lower. In either case he ha recourse. There are some mostly high-grade® preferred which are so stable in markel i and in earning power, even under & verse conditions in industry, they may be fairly termed inv ments. Such stocks command a ar ket price which varies only with th current charge for mon but these are the exceptions. an no e the only way to obtain a r roe of the principal is to sell the st it is quite different with a b bond has a definite maturity When that date arrives t must be paid if the corpor solvent. A bondholder is a stockholder is a partner. holder lends his money at upon rate of interest for a e length of time. The stockhold takes all the risks of business 1 haps in return for a share in bustie successes. There no comparfson between t atu; of the two. Ths does not mean that all bonds a good investments and that all stocks are speculations. Partnership i1 one enterprise may be safer than th loan of money to another. Each case must be judged on its merits always, how- ever, bearing in mind the sharp die tinction between stocks and bonds (Copyright, 1924, by the Consolidaied Press, Kswociation.) . of is in tockhold pri A Fool and Hix Money. v The fact that a stock certificate 18 printed in fancy green scroll work is mo proof that it is worth any more than ordinary wallpaper. Thousands of people in Washington would have saved thelr money If they simply had asked their banker to tell them what Be knew of some suppofedly wonder- tul investment. : Bond House in Néw Hands. TORONTO, M.g 21.—The bond house of Aemilius Jar¥is & Co., in business for thirty-two years, was purchased yesterday by J. LeGood & Co., Ltd, The new company announced that it was in no way connected with the old firm, apart from the actual purchase. Aemilius Jarvis and his son are un- der indictment on charges of con- spiracy to defraud the province of Toronto in connection with the sale of duty-free provincial bonds BOURSE PRICES HEAVY. - PARIS, May 21.—Prices were heavy on the bourse today. Three per ce have reduced the Iron Age composite of prices to $21.04 from $21.79 last week. One year ago it was $20.04. t rentes, 55 francs centimes. Ex- change on London. 79 francs. Five per cent loam, 67 francs. The dolly was quoted at 18 francs 20 centimes, | 1Y