Evening Star Newspaper, May 28, 1924, Page 30

FINANCIAL." NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office INDIVIDUAL GROUPS | |CENTER OF INTEREST Stock Market Shows No Distinct Tendency in Prices on Gen- eral List. SOME ISSUES MOVE UFPWARD Weakness in Coca Cola Traced to U. S. Tax Suit. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, May 28—Interest in the stock market tod rtered in the movements of individual groups. There was no distinct tendency either in the general list. Public util- shares stood out strongly. For- mal announcement that the new financial plan of the public sewvice corporation of New J ad been approved was followe a sharp the stock. Phila Company + point, carrying along stment issues. way rise in went up o the United Railway inv North American at 25. Large blocks of North American were taken at 25 and later the stock went through that figsure. This movement showed the readiness of banking in- Terests associated with these public utility companies to n the mar- ket more attractive for heir favor- Ites whenever possible, Further weak in Coca Cola was directly due to the news that the kovernment 1 a the old company, on income and exc 1919, In showing of Great North disclose April_than those 000 profit s for contrast to the unfavorable ther railroad companies, rn and Northern Pacific net earnings for of & year ago. This Was done despite guite a falling off in gross revenue. It indica flexibility in the handling of op ing account not obta roads in the northwest profit-taking occurred who had sold St. Paul short. was the only reason for the rally the st The position is fun mentally dubious. U. S. Rubber Breaks. i Rubber stocks brok e preferred new low et 1 that the dividend . Steel common sell- terly dividend did independent st substantial — rise; nearly a point drop in raw silk preted to mean -s had fairly well | lves to the depression .. Ol stocks were the most part, dropped over a titde, as Pullman Mallinson in face prices. that M adjusted them in the silk indusi irregular, but fo heavy. 1y Oil point MARKET REACTION HALTED. of the Contrasting Price Movements Fea- ture Stock Transactions Today. By the Associnted Press. NEW YORF 3 price n day w the opening of today ck market. Contrasting movements featured the early dealings, with shares which ad started higher developing a re- i tendency aldwin _and 3 and Western dropped back sharply fr highs, but number of s, includ ing Internati aper and Congo- leum, continued to make good head- in narrow and ir- chout the morn- by the -d Prices wers wit resular limits thre e with ' trading absence of lie Servic to better i < the vear, reflecting the cept & me Justment 3 g with a gain of cated its 1924 top price at 8 vances of more t registered by ucts issues but_the: RIS fubber issu and New Orleans, Texas and M Filing of a government suit to_colle more than_ $6,000,000 alleged back taxes contributed to the heaviness of Coca Cola. Call money opened at 3% per cent " Support was extended to U. S. Rubber erred after it has touched 6614, the lowest of the vear, and it rallied to above 68. St. Paul command and pre- ferred also moved up a point, but Nor- folk and Western ran off rapidly to 1223, compared with the early best fig- 1261;. Manhattan Guaranteed broke four points. All of the four classes of Market Railway_sec- ond preferred rose Phil- adelphia Company and United Railways and Investment common and preferred also gained 1 to The closing was irregular. W price fluctuations marked final deal ings in a number of leading shares. and read- ke and Ohio a point, dupli- | Ad- ns were off: Uni first pref Markets at a Glance NEW YORK.—Stocks, irregular; public utifit trong. Bonds, unsettled; Sw k 3 points to new low. exchanges mixed; sterling lower Cotton, firmer: bearish weekly gov- ernment weather report. ugar rteady; commis n house buying and firmer spot market. “offee stead better spot demand and buyin CHICAGO—Wheat, : less active export demand. Corn w k, due bet- ter weather. Cattle steady: supply heav Hogs easier; demand good. issue s bre Foreign and francs European SEES NO DIVIDEND AHEAD. Atlantic Coast Line Chairman Sets Rumors at Rest. NEW YORK, May 28.—Expectation in the financial district that the At- Jantic Coast Line railroad would de- clare a stock dividend was shattered today by Henry Walters, chairman of the board of directors, who stated on his departure for Europe that as far as he knew there would be none this year or next. He added he was op- posed to such a dividend. The road's net operating revenue for the first four months of 1924 was $8,322,000, he said, $400,000 more than in the same period last year. Net for April was $1,721,000. COMPANY ON NEW BASIS. Southern Cotton Oil Corporation to Be Made Independent. SAVANNAH, Ga, May 28—Plans are under way whereby the entire stock of the Southern Cotton Oil Com- pany will be bought from the present owners, the Virginia-Carolina Com- pany, and the oil company estab- lished as an independent business en- terprise with headquarters in Savan- nah and New Orleans. The disassociation of the Southern Cotton Oil Company from the Vir- ginla-Carolina Chemical Company has been arranged through the Citizens and Southern Company with New York and New Orleans banking con- nections. New York Money Rate. NEW YORK, May 28.—Call money easler; high, 3%; low, 3; ruling rate, 33%; closing bid, 3; offered at 3% ; lasi Ajax Rubber. ... All Am Cab (6).. Allied Chem (4).. AIC&Dpf (7) Am Bosch. . Ani Can (16) . Am Drug Syn Am Hide & L pf. Am Ice pf (6). Am Internatl. Am Locomo (6). Am Metal (3).., Am Radiator (4). Am Saf R (50c). Am Sm & Re (5). Am Stl Fdys (3). Am Sugar. Am T & Tel (9) AmTel & Tel rts Am Tob pf (6)... ‘Am Water Wk Am Woolen (7) Am Zinc Anaconda....... Arm pf Del (7). Arn Cons & Co. Asso Dry G (6).. As DG 1st pf (6). Atl Birm & At. AtT&S Fe (6) AT&SF pt (5). Atl Coast L (8). Atlan Fruit cfs.. AtGult & WI. Atlan Ref (4) Austin-Nichols. . . Bald Loco (7)... Bal & Ohio (5)... Bal & Oh pf (4). Barnsdall A Barnsdall B. .... B'ch Nut (2.40. Beth Steel (5) Beth Stl pf (7). Booth Fisheries Br Em Stl 2d pf. Br'k Edison (8).. Briyn Edison rts. Br'k-Man Tran. . Br Man T pf (6). Brown Shoe (4).. Cal Pet (1%)... Callahan Z Lead. Can Pacific (10) . Carson H Gold. Case J I Plow. . Cent Lea Co pf. Cerde Pas C (4). Chand Mot (6).. Ches & Ohio (4) Chic & East Ill. Ch & East 111 pf. Ch Mil & St Paul. Ch Mil & St. P’ pf. Chi & Nwn (4) Chic R1& Pac CRI& P pt (6) CRI1&Ppf (7). Chi Yellow C (4). Chile Cop (2%) - Chino Copper Clev & Pitts(3 Coca-Ci Colo Fu Colo Southern. . .. Col So 1st pf (4). Col G & E (2.60).. Col Carbon (4).. Congoleum (3) . Cousol Gas (5)... Cont Can (4) . Corn Products Corn PrRDf (7). Cosden Co.. - CuAmSu pf (7). Cuban Cane Sug. Cub Cane Su pt.. Cuyamel Fr (4).. Danl Boone M (3) Davidson Chem. Del L& W (6) Del & Hud (9) Det Ed Co (8)... Dome Mines (2).. Doug-Pectin (1). Dul SS&Atpf. .. Duq Lt st pf (7). Eastman (61). Eaton Ax (2.60) El Stor Bat (4) Emer Branting . End-John (5) - Erie. Erie 1st pf. Famous P! (8) Fifth Av B (64c). Fisk Rubber. Fleishman (3) Foundation (8) . Freeport-Texas. . Gen AmTC (3).. Ger Asphalt. Gea Elec (8). . Gen El spe (60¢). Gen Mot (1.20) Gen Mot pf (6).. Gen Mot db (6).. Gen Mot db (7). Gen Petm (2). Gen Refr (4) Goldywn Pict. Goodrich Goodyear pf. G'dyear pr pf (8) Gt North pf (5).. GrNor Ore (3)... Grt Wstn Su (8). Gulf St Stl (5)... Hayes Wh'l (3). Hud Mot C (3) " 103 Open. High. 5% 97 T 115 24% 4% b4 80% 20% 2% 40 9% 6% 61% 34% a2 126% 3% 102% 554 65% 7 29% 84% 9% 88% 85% 1% 24% 103% 4% 65 80% 20% 2% 40 974 102% 1 90 122 1% 14% 107 20 108% 85 574 16% 13 47 48% 93 3% 103 107% 2% 157 60% 39 14% 149% 44% 44 79% 22% 37% 12% 21% 611 53% 36% 46 89 64% 48% 118% 29 22% 47 118% 116% 102% 16% 9% 4 103 108% 15% 644 1 b7% 36 35% 218% 10% 13% 82% 82% 94% 39% 43% 13% 1 67% 26 82 3% 10% 6% 49% 3% 9 36 35% 219% 10% 134y 2% 2% 944 89% 43% 13% 20 43% 90 57% 26% 90% 64% 84% 4% Illinos Cent (7).. 108% 108% Il Cent pf (6)... Indep Oil (1) Indiahoma Ref. Indian Motorcye. Indian Refining. . Inspiration Cop. « Int Bus Ma (8). Int Cement (4) Int Com Eng (2). Intern & Gt Nor.. Inter Har pf (7) Int Mer Mar pt. Internat Nickel. . Inter Nick pf (6) . Internat Paper. .. Int Rys C Am (5) IntT&T(6).... Invincible Oil. Jones Bros Tea. ... Kan City South.. Kelly Spr Tire. .. Kenne Cop (3) Lee Rub & Tire. . Leh Val (3%). Leh Val rights Lig & Myrs (3) Lig & Myrs B (3). Lima Loco (4) .« - Loews Inc (2). dorrillard (3). Louis & N'sh (6). Mack Trucks (6). Mack T 2d (7). .. Mack Cos pf (4) . Magma Copper. . . Mallinson & Co. Man El gtd (4) Man El modgtd 4. Manhat Shirt (3). Maracaibo Oil. Market St Ry. Mkt St Ry pr pf. Market St Ry pf Market SR 2d pf. Marland Oil Martin Parry (3) Maxwell Mot A. Liaxwell siot B. .. Mex Seaboard(2). MexSeabd ctfs(2) Middle St Oil. Minn & St Louis. Mis Kan & Tex. Mis K & Tex pf . Missourl Pacific Missouri Pac pf. Montgom Ward Mother Lo 37%¢c Nat Biscuit (3). Nat Bispf (7) Nat Dairy (3).. Nat En & St. Nat Lead (8).... Nat Supply (3).. 106 84 % 18% 4 23% 934 43 22% 25% 108% 82% 11% 76 43% 48 68 12% 203 19% 13% 38% 8% 2% 28% 51% 50% 57% 16% 35% 22% 80% 89 64% 28% 28% 55 84% 25 27% 8 48 26 18% 31 82% 42% 10% 21% 20% 3% 2 10% 32 12% 40% 22l % 51% 128 33 24% 182 64 106 8% % 18% 4% 23% 934 43 22% 26% 108% 32% 1% 1% 82% 424 10% 21% 20% 3% 2 11 32 12% 40% 28 % 52% 128 33 24% 182 64 NewO,T&M 123% 111 111% NYAIrBr4)... NYABrA@).. Joan, 3; call loans against accept: ances, 3; time loans, steady; mixed collateral, sixty-ninety days, 4; four- six months, 4aé prime commercial vaper, é%ai%. N ¥ Central (7). N Y C & StL (6) NYDock.....con 39% 49% 102% 9% 82 40% 49% 102% 80 82 Low. Close. 5% 97 T0% 115 24% 102% 4% 64 80% 20% 1% 39% 97 6% 61% 34% 42 126% 3% 1025 55% 64% 7 29% 84% 8% 28 85% 1% 102% 90 121% 1% 1418 187 20 107% 65 57 15% 12% 47 48 9254 3% 10% 10% 82 125 40% 22% % 51% 128 33 23% 182 64 110% 39% 49% 101% 9% 82 5% 97 T0% 116 24% 102% 4% 65 80% 20% 1% 39% 1 82 12% - 40% 23 % 52% 128 33 23% 182 64 111% 40% 49% 101% 80 2 NYNH&BHart., 19% 19%-18% -18% Open. High. 16% 16% Tow. 16 11 14% 122% 24% 463 52% 1% 18% % 40% 92 A% 93% 50% 48% 26 14% 43% 1% 95 49% 4“4 45% 15% 85 7 1% 21% 11% 98% 43 93% 51 110% 47 25% 444 5% 1084 4 120% B1% 21% N Y Ont & West. . NY Shipbldg.... 11 11 Norfolk South. 14% 4% Norf & W (18)... 126 126% North Anier (2).. 24% 254 North Am pf (3).. 46% 46% North Pac (6)... b52% 62% Okla Pr & Ref. 1% 2 Orpheum (1%) 18% 18% Otis Steel... . 7% T4 Owens Bot (3) 42t 423 PacG & E (8). 82 92 Pacific Oil (2). 48 48% Packard pf (7).. 98% 93% Pan Amer (4). 50% 51 Pan Amer B (4).. 49% 49% Park & Tilford... 26% 26% Par & Bing (2) 1% % Penn Railr'd (3). 43% 438% Penn Seab Steel.. 2 2 Peop Gas Ch (7). 95 Pere Marq (4)... 50 Phila Co (4) 45% Phila&R&1 46% Phil Mor (50c) 16w Phillips Pet (2). 85% Pierce-Arrow. .. Plerce Oil. . Pierce OIl pf. . Pitts Ut pf 1.65. . Pitts Coal pf (6) . Pitts & West Va. P&W Va pf (6 Postum Cer (4) Postum pf (8). Press Stl C (4) Prod & Refiners. . Pub Ser N J (4).. Public Serv rts Pub SNJ pt (8). Pullman Co (8).. Punta Al Su (5).. Pure Ol (135)... Ray Cons Cop Reacing (4) Reading rts. Read 1st pt (2).. Rep Ir & Steel. .. Reynolds Spr (2) Rey Tob B (3). Rey Tob pf (7) Roy D'tch (3.46 St Jos Lead ( StL San Fran. .. St L Southwest StLS'th pt (5).. Sunta Cecilia. ... avige Arms. Schulte (8).. Seab'd Air L pt Sears Roe & Co Seneca Copper. . . hell Trad (2.06) Shell Un 01l (1)... Shell Un pf (6) Simmons Co (1 Simms Pet. Sine Con Ol ( Skelly Oil. . eff (6). South Pac (6). ... Southern Ry (5). South Ry pf (5).. Spicer Mfg. . St Ofi Cal (2) StOINJ (1) StOIlNJpf (7). Std Plate Gl(75¢) Steriing Pr (4). .. Stew't War (10). Stromberg C (8). Studebaker (4).. Studcbak pf (7) .. Submarine Boat. . Superlor Oil...... Sweets Co of Am. Tenn C & Ch. Texas Co (3). Tex Gulf (16%). Texas & Pacific Tex & Pac C & O. Third Avenue Timken (13%)... Tob Prod (6). Tok Prod A (7). Transcont Oil Un Pacific (10) Un T Carpf (7).. Utd Alloy Stl (3). U S Distributing. Utd Fruit (10)... Utd Ry Invest. Utd Ry Invest pf. U S Cast Iron P.. U S Hoff Mach. .. U S Ind Alcohol. . USR&Im (8)... USR&LPL (D). U S Rubber...... USR 18t pf (8) SSm'tpf (31%) Steel (16) U S Steel pf (7). Utah Sequrities. Vanadium Corp. . Va-Caro Chem. .. Vivadou... Wabash. . ceee ‘Wabash pf A. Web & Heilb (1) . West Penn pf (7). West Maryland. . Western Pacific.. 19% West Pacpf (€). 664 West Un Tel (7). 107% West E&M (4).. b6% WE1stpt (4)... 5% Wh Eag Oil (2).. 23% ‘White Mot (4 513 Wickwire Sp Stl.. 1% Wilson & Co..... 5% Wil & Co pf. - 16 Willys-Overland. 7% Willys-Over pf... 66% Woolworth wi(3). 86 Worthington Pum 25 Wrig WJr (3)... 87 Yellow Cab (5)... 46 tPartly extra. Divigend rates ‘as given in tue above 1% 6% 16 8 66% 85 25 37 46% 1% 5% 18 % 6615 84y 25 37 46% Close. 16 11 14% 1284% 25% 46% 52% 2 18% T4 40% 92 4% 93% 50% 487% 26 14% 43% 1% 95 49% 46% 45% 15% 36 T 1% 21% 12 98% 43 934 51 110% 47 26% 46% 5% 102% 121% 4% 15% 89 8% 19% 66 108 66% 5% 23% 51% 1% 5% 16 8 667 84y 25 87 46% $Payable in preferred stock. taoie are the annual cash payments based on the test quarterly or balf-yearly declarations. nless otherwise dividends are mot included. noted. extra or special High. Low. Last. Call Money 3k 8 HOURLY SALES OF STOCKS. 12m. 2 pm, 11am 1p.m 138,800 276,500 232,900 350,100 SHORT TERM SECURITIES. (Quotations furnished by Redmond & Co.) ~—Noon.— Bid. 1023 106% 100 115% 1015 1024 Aluminum Co. of Amer. 7s 1925. Aluminum Co, of Amer. Ts 1033, American Sugar 0s 1t ‘American Tel. & Tel. Auaconda Copper 6s 1 ‘Anglo-American Oil 7 Associated Oil 63 10 Bell Tel. of Canuda 5s 1935 Canadlag Northern 5% ‘entral Leather 5 142 & St. Paul 68 1934 & Pacific 5ign 192 & EL 1st 5 Federal Sugar Ref. Fisher Body Corp.’ 68 1927 Fisher Body Corp. 6s 1928 Goodyear T. & R. 8s 1031 orthern 7s 1v36. Gulf Oil Corp. of Pa. 5igs 1925, Humble Oil 5%8 I Keunecott Copper 7y 1630, Libby, MeNeil & Libby 7s & o5 Tage g0 Morris . New York ’galol\l: Orogon Short Line in 1950 Pensa-Ohlo Power & Lt. 6s 1026 R. R, 78 1030. Co. b 1932, ter 01l 85 163 Union Tenk Car 7s 1930. T. S. Rubber Tigs 1930. Western Union 63s 1936, Westinghouse E, & M. 7s Wheellng Steel 6s 1024 - U. §. TREASURY CERTIFICATES (Quotations furnished by Redmond & Co.) ——Noon.. Bid. 4s June 16, 1024 5%s June 15, 1924 Bias September 15, —_— Ofter: 100 1816 100 March 15, 1526, s September 15, 4%s March 15, 1027 4%gs December 15, 1927. S10218 100 1132 100 1983 100 1L16 100: Fum 02 3-32 101 13-16 101% R. R. PURCHASE IN ABEYANCE NEW YORK, ‘May. 28.—Directors of the Chicago, Rock Island and Pacific Railway Company, meeting here to- day, took no action. on the proposed purchase of the Kansas City, Mexico and Orient railroad. Recommenda- tions of James E. Gorman, president of the' "Rock " Island, " Who ' Yecently made an inspection of the property, it was' indicated, might be copsidered at & later m: i IN HIGH-CLASS BONDS Prices Firm, Libertys Showing Ad- vance—Better Grade Rails and Industrials Steady. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, May 28.—Demand for 800d bonds continugd unabated today. Prices held firm in trading over the counter, and no large blocks of high- grade securities were obtainable much below the best prices of the week. Lib- erties were generally a shade higher, and the high-grade rails and industrials were steady or only fractionally lower. Much interest was taken in what the Treasury Department will have to pay for its June 15 needs, probably at the lowest rate In several years, say 3% to 3% per cent. Public Service Corporation of New Jersey 5s were strong, a point or more higher following the announcement of the approval of the plan of readjust- ment. Another strong feature was Hud- son and Manhattan income 5s. Among the speculative rails St. Paul issues were active agaln, and, after making new lows on this movement, rallied substantially. The maturities which were weak- est today were the convertible 4l4s and convertible bs. The new 6s also sold down sharply. There was some reaction in Missouri Pacific general 4s and a temporary run-up in Chesa- peake and Ohlo convertible bs. Of the three large refunding operations, those of the B. and O., the New Have and the St. Paul, the B. and 0. is ex- pected to come first, Official announce- ment is probable any day now. In th foreign list the feature was the drop in the Swiss Gt of more than two points under the offering pric The syndic as dissolved at noon to- day. f this kind is purely a ket phenomenon. Foreign bonds in -neral were lower. Bolivia 8s were an_exception, being strong above 90. The most Important of today's new offerings was $19,680,000 City of De- troit 41gs and 4, per cent bonds ma- turing serially from 1925 and 1954 and at prices to yleld from 1.00 to 435 per cent. CHAN (Quotations furnished by W. B. Hibbs & Co.) Nowinal Selling che Rerlin, mark . ome, Tira ..J Zurich, franc. hens, drachim . . mark erown ... swn crown By the Associated Press. NEW YORK, May 28.—Foreign ex- changes easy. Quotations (in dollars Great Britain, demand, 4.33 3-16; cables, 4.337-16 -day bills on banks, 4.3015-16. France, demand, 053 cables, .0536. Italy, demand. 043914 cables, .0439%. Belgium, de- mand,’ .0460; cables, 0461, Germian: demand (per._trillion), . Hollan; deman, 2650 1681; Switzer, pain, demand, : Polan, lovakia, Jugosiavia, demand, .000014%; , .0044% ] Argentina, demand, .3287: Brazil, demand, .1110; ’71'(1)()". demand, .40%; Montreal, 98- -16. kholm, Sweder, mark, ' demand, demand, Greece, mand, . and APRIL INCOME LESS. Western Maryland Railway Re- ports Big Decline in Revenue. BALTIMORE, May 28 (Special).— Both gross and net income of the Western Maryland Railway for April showed a big loss compared with those items for the corresponding month a year ago. Gross was $505,- 079,85, less than' it was in April, 1923, while net incomes dropped $153,665.08. The proportionate smaller shrink- age in net was due to drastic cut- ting of operating expenses, $396,291. 57 having been lopped off that item. Despite the decline of over 25 per cent in gro; the operating ratio as held to 7613 per cent, against .70 per cent a.year ago. Transpor- tation expenses were cut $215,983.66, reflecting the operation of fewer trains, requiring a smaller number of employes. I. C. C. ORDERS CHANGE. Railway Rates on Coal Held Un- duly Preferential. The relationship of rates on bitumi- nous coal from Lake Superior docks and southern Illinois districts to cer- tain destinations in southern Minne- sota were found unduly preferential of that district and unduly prejudicial to the docks and the preference was ordered removed today by the Inter- state Commerce Commission. The case was brought by the North- western Coal Dock Operators’ Asso- clation against the Chicago and Al- ton and other rallroads. Rates from Lake Superior docks to Sioux City, Towa, on bituminous and anthracite coal 'and on bituminous lump coal from various Illinois groups were found unduly prejudicial and new rates were prescribed. The rates on bituminous and an- thracite coal from Lake Michigan docks to certain points in central and western South Dakota and on bitu- minous coal from the various Illinois groups were found unreasonable and a new basis was ordered. Slack and steam coal rates from the various Illinois groups to certain citles in eastern South Dakota were also found unduly prejudicial and fairer rates were ordered. The relationship of rates on bitu- minous coal from Lake Michigan docks and the southern Illinois dis- trict to certain destinations in Wis- consin were found unduly preferen- tial of that district and to the docks. This preference was ordered re- moved, DIVIDENDS. Pay- _ Company. Pd. Rate. able. AL Cm. & Dye pr. Q 1%% Jaly Auencas jom pot. @ AN July A - Stock of Srecord: June 13 June 13 June 15 June 15 June 21 June 30 June 23 June 25 June 20 June 13 June 14 June 13 June 21 June 16 June 18 June 7 July 15 June 6 Coca-Cola Coca-Cola pfd. . Fed. Motor Truck 1d_& Stock Tel Gt. Northern pfd Tnt. Business M Lodlum Steel Mother L. C. N.. L. & 0. P Petb.-M. 1st&2d pf. Pierce-Ar. Mot. Car prior_ptd. . 8. W. Pa. Pipe L. Union Carbide United Dru; United Gas & STOCKS EX-DIVIDEND. .‘}:',' “28_Delaware and Hudson ‘Hackensack Water . Do, pfd. . U. 8" Stest Corp. A May 20U, 8 X B B2 gaan O>C0 00 cCO>o = e # SenE o, o, Sgg 5t Dt. Elng. R Q1 L3 . Realty & Improvement EEERITTHERIRER: Pi [swwrs vour BONDS o ] Racsived by Private Wire Direct: to The Star Office, (Bales are in $1,000.) UNITED STATES BONDS. (Fractions represent thirty-seconds. Example: 1013 means 101332 Sales. High. Low. Close. 38 99-30 99-28 99-29 1100-8 100-8 100-8 223 (00=20 100-16 100-19 431 100-13 100-10 100-10 1019 101-3 101-1 101-2 1901 100-27 100-24 100-25 71 10214 102-12 10213 FOREIGN. Bales. High. Low. Closs. 7 101% 101% 101% 90% 90 90 90% 90 90% 102% 102% 102 100% 100 100 102% 102% 102% 108% 108% 108% 91% 89% 90% 82 82% 82% 81% 81 81% 96% 96 96% 100% 100% 100% 101% 101% 101% 99% 99% 99% 100% 100% 100% 105% 105 105% 102% 102% 102% 104% 104% 104% 96% 95% 95% 107 107 107 90% 90% 90% 941 94% 96% 96% 4% 96% 107 107 107 108% 108% 108% 94% 94% 94% 86% 85% 86 93% 93% 93% 93% 93 89 88% 88% 88% 88% 100 99% 96 95% 89% 89% 3% T3% 97TY, 9T% 97% 9% 8% T84 90% 90% 7% TT% 82% 824 82% 82% 91% 91% 111% 111% 94 93% 94 93% 8415 8d% 76 5% 84% 84l 106% 99% 92% 914 97 101% 99% 101% 88% 82% 112% Lib3%s.....5 Lib 2d 4s. Lib1st4%s. Lib2d 4%s Lib 3d 4%s Lib 4th 4% s. US4%s1963.. Argentine 7s. .. ¢. Argentine 65 '37. Austria 7s. Belgium 714, Belgium 6s. ., Belgium 8s. .. Berne 8s. . Bolivia 85. Bordeaux 6: Brazil 7s. Canada bs 1931. Canada 5s 1952 Chile 83 1946 Chile 85 1926 fle 83 1941..,.,, “hile 7s 1943 Christiania 8s. . . Copenhagen 5i4s Cuba 51%s. ... Czechoslovaklia 8s. Danish Munic 8s A, Denmark 8s. Denmark 6s. Dutch EI5%s Dutch East I 6s'47. Dutch East I 6s'62. Finland s f 65 1945, Framerican 7%s. . French Govt 8s. . French Govt 7%3 Haitl 6s Japanese 1st 4145 Japanese 2d 4¥%s.. Japanese 4s. Japanese 6155 Jergens U M 65'47. Lyon 6s. .. Marseille 6s. . Netherlands 6s. ay §s..... Norway 6s 1943. . Norway 65 1952. . Orient Dev deb 6s. ensland 6x g de Jan Ss 1946 RI5 de Jan 85 1947, Rio Gr Do Sul 8s. Salvador 8s '48. Paulo City 8s > Paulo St eine Dept of Ts. .. erbs Crotes Slo 85 92 wiss Confed 8s 2 wiss 5145 194 94% Ud Kingm 5} 101% MISCELLANEOUS. Ajax Rubber As... 8% Am Azr Chem L Am Chain s f 65'33. Am Cotton Oil 5s. . Am Repub deb 6. Am SmI&R 1st 5s, Am Sug ref 6s. AmT & T cv 6s. AmT&Tcltrb AmT& Teltré Am T & Tdeb 5%s. Am Water Wks bs. Anaconda cvdb Ts. Anaconda 1st s Armour & Co 4145, Armour of Del 533 Associated Oil fs. . Atlantic Refin 5s.. Barnsdall s f 8s... Bell Tel Pa 5 . Beth Steel 515 '53. RBeth Steel pm 5s.. Beth Steel s f 65 Brier H St 1st 5%s Bklyn Edison 7s D. Bklyn Ed gen 5s. . Bush T Bldg 55 Calif Pete 618, Can Gen El deb 6s. Central Leather 55 Cerro de F Chile Coppe CinG&ES £ Col Gas & El5s. ... Col Gas & El 5s sta Commonwth P 6s.. Con Coal Md 1st 5s. Consumers Pow 5s. Cuban-Am Sug 8s. Cuba Cane cvd 8s. Cuba Cane cv Dery (DG) s. Det Edisor Donner Steel 7s Du Pont de Duquesne L Est Cuba Sug 7%s. Empire G&F 7%s. Fisk Rubber 8s.... 8% 87 924% 88% 91 933 99% 1us 991 95 101% 8714 9415 944 B4% B6Y Gen Elec deb 5s. . . Gen Refractres 6s. Goodrich 6%s. ... Goodyear 8s 1931. . ar $s 1941.. Hershey 6s 1942, .. Humble O&R 558, Illinois Beii 1st 5s. Illinols Steel 413s.. Int Mer Marine 6s. Inter Paper 5s'47.. KCP&Lt5s A'52 Kan G & El 6s'5! Kayser (J) 7s. Kelly-Spring 8s Lackawa S s ‘5 Liggett & Myrs 7s. Liggett & Myrs 5s. Lorillard (P) 5s. .. Manati Sug sf 7%s Marland Oil 73s. . Mexican Petrol 8s. Midvale Steel 5s. . . Montana Power bs. Morris&Co 1st 4%s Nat Tube Ist 5s. ... New Eng Tel 5s... N Y Edsn 1st 614s. NYG EL H&P 5s. .. NY Tel68'41..... N Y Tel 63749 NYTel4%s...... North Am Ed 6s... North Am Ed 6%s. Nor Ohio T&L 6s. Nor States Pow Nor States Pow 6s Northwst B Tel 7s. Chi& NW 6% Otis Steel 8s. . Pacific Gas & El 5s Pac T & T1st5s. .. Pacific T & T 5s 52 Pan-Am Pete 7s... Phil & Rdg C&I bs. PhilaCoref 6sA.. Producers & Rf 88, Public Service 5s... Pub Serv Elec 6s. . Punta Alegre 7s Saks & Cosf 7s. Sinclair Ol1 7s Sinclair Ofl 6%s Sin Crude Oll 5%s. Sin Crude Oil 6: Sin Pipe Line 5s. ... South Bell Tel 5s. . So Por Rico Sug s Southwest Bell 6s. Steel & Tube 7: Tenn Elec Pow 6s. Toledo Edn 1st 78 Un'on Bag & P 6s. U SRublstrfbs.. U S Rubber 7%s U S Smelter 6s. USSteelsfbs Utah Pow & Lt Vertientes Sug 7s. Va-Car Chem 7s.... Va-Car Ch 7%s w. Warner Sug 7s '41. ‘Warner Sug 78 '39. ‘Western Elec 6s. .. Western Unlon 6% Westinghouse 7s. . ‘Wickwire Spen 7s. ‘Willys-Ov 6%s '33 Wilson & Co 1st ‘Wilson&C cv T%s. Wilson & Cocvés. 9 49% Winchester A 7%s. 15 101 101 101 Youngstn S& T 6s. 13 95% 95 95 —_— Almost any pan of redemption will work. Jf mankind will 92% 101 96% 101% 109% 92 99% 109 104 88% 85 994% 98% 84 96% 100% 94 104 96 107% 93 80% 100% 100% 108% 90% 84 54 29 102% 4% 96% 110% 108% 59 98 102 9% 96% 110% 108% 58% 98 81%' 81% 51 61 3% 49% 10 RAILROADS. Sales. High. Low. Close. 58 B8 BTW B87% 9 82 81% 81% 10 89 89 89 15 98% 98% 98% .30 85% 85 8% 22 101% 101% 101% .10 88 88 B8 43 85% B85% Bo% 11 83% 83% 83% 17 98% 98% 98% 60 76 5% 5% 100% 100 100 112% 112% 112% 80% 79% 80 98 9T% 9% 86% B86% 86% 95% 94% 96% 34 Atchison gen 4s. Atchison adj 4s. ... Atlantic CL st 4s. B&Oprin3t B & O gold 4s. B&O6s. B&Ocv4%s.. B&Oref3s... . B & O PLE&WV 4s B & O SW div 3%s. Bklyn-Manhat 6s.. Canada South 5s.., Canad North 7s. ... Canad Pac deb 4s. . Car Clinch & O 6s.. Central Pacific 4s. . Ches & Ohio cv 5s. Ches & O gn 4%s Chi & Alton 3%s Chi B&Q gn 4s " Chi B&Q 1st rf bs. . CB&Q-TIl 3%8. CB& Q-1 div4s.. Chi& E Tl gn bs. . Chi Great West 4s. C M & Puget Sd 4s. Chi M&St P rf 4158 ChiM & St P ev 5 Chi M & St P’ 1525 Chi M&St P cv 4%s Chi M&St P 45734, ChiM & St P 6s. Chi Rys 5s. . ChiR1&Pgnis.. ChiRI&Prfds... Chi T H & SE bs. Chi & W Ind Chi & W Ind 7%s CCC&StLrf6s A, Cleve Term 5%s. . Cleve Term bs.... Colo & Sou 4%s Del & Hudson 5%%s. Den & Rio G on 4s. D& R G Istrf bs Erie 1st con 43 irle gen 4s. ic conv s A. ie conv 4 B. ony 48 D. ie & Jerscy 6s. Trunk sf db 6s. Grand Trunk 7s. n7s. North gen-51:s. Havana ERL&P 53 Hud & Man ref 5s.. Hud & Man aj 5s 111 Central ef 4 111 Cent ref 5 111.C 887 887% 341 34 87% 87% 99 98% 8l% 80% 89 89 72% 52 ¥ E E F E « Towa Cent 1st Kan City Ft Kansas City 5 Kansas City S 5s Kan City Term 4s. Lake Sho; ‘31 Lehigh Valley 6s Louis & N uni 4s Louis & Nash 5 Louis & N 55 B. MK&Tadj5 Mo Pacific 6s Mo Pacific 5365 Mo Pacific gn 4s NOTex & M in N Y Cent deb 6s N Y Cent deb 4s NYCentribs..... N Y Centcn 4s 98, N Y Cen LS cl 3125, NYC&StL6sA.. New Havencd 6s. New Haven d 45 '57 New Haven 7s fr.. NYOnt& W ref ds New York Ry rf 4s N Y State Ry 4325, NY W & Bos 4% Norfolk & W cn 4s. Norfolk & W cv 6s. Northern Pac 4s Northrn Pacr i Northern Pac 5s Ore & Calif 1st bs... Ore Sht Licn 5s°46. Ore-Wash 1st rf 4s Pennsyl gen 5s. Pennsyl gen 4 Pennsyl 6%s. Pennsyl gold 7s. Peynsyl con 4 Peoria & E inc 4s.. Pere Marq 1st 5s. PCC&StLBsA.. 907 105 924 98% 82 74 101% 67% 40% 9% 62%% 36% 58% 47 88 23% 82% 104 2% 100% 102 81% 1017% 93% 109% 108% 96% 304 95% 98% 9% 65% 8% B82% 89 69% 85 64% 93% 93 74% 74% 100% 100% 100% B2% B21p 820 6% T6% 764 981 98 981 % TR 8% 66% 66% 53 63 b66% 56 78 7% 95% 95 875% 8% 99% 99% 2% T1% 106 105% 106 100%°100% 100% 53% b3% 63% A% 4% 41% 98% 98% 98% 91 90% 90% 85% B4 86w 9T 9% 9T 103% 103% 103% 95% 94% 95 99% 99% 9944 61% 61% 61% 86% BB 86% Beaama BonBwa Reading gn 4%s... Rio G Westcl 4s... RIArk & L 4%s. 65% 7% 82% 89 69% £4% 64 StL&SFplisA.. StL&SFprinbs. SFplésC SW con 4s°32 KCShL 415, n Dep 51%s & Seab'd A L ds sta Seab'd A Liref 4s Seab'd A Ladj 5s Seab’d A Licon 6s.. Sou Pacific 4s '29 Sou Pacificref 4s Southern Ry 1st s Southern Ry gn 4s. Southern Ry 6%s.. Southern Ry 6s ct. 26 Third Averef4s.., 6 Third Ave adj 5s.... 32 Tol StL & W 31, 7 Union Pac 1st4s... 1 Union Pac 1strf 4s 12 Union Paccv 4s... 36 Union Pacific cv 6s Virginia Ry 1st 5s. 17 Wabash 1st5s..... 6 Western Md 4s.... 4 ‘Western Pacific 5s. 21 Whel &« LErfil:s 2 62 61% 62 Wisconsin Centis. 3 80% 80% 80% TOTAL SALES (Par Value): 1l1am.. 2330000 12noon 5003000 1p.m.. 7548000 2p.m.. 9041000 —_—— CHANGE TO U. S. COURT. Legal Controversy Between Copper Companies Is Transferred. BOSTON, May 28.—Judge Morton of the superior court has allowed the action of counsel for the Davis-Daly Copper Company to transfer the $500,- 000 suit for the East Butte Copper Mining Company against the Davis- Daly Copper Company to_the United States district court. One of the grounds relied upon for the transfer of jurisdiction was the diversity of citizenship between partles. ‘The East Butte company is an Ari- zona corporation, while the Davis- Daly company is a Maine corporation, The East Butte charged fallure of the Davis-Daly to keep the terms of an alleged contract by the terms of which' the Davis-Daly was to supply the East Butte with its entire copper output for five years. = 39 61 50 GRANULATED SUGAR CUT. NEW YORK, May 28.—Following the recent weakness in the raw sugar market, one refiner today cut fine granulated to 6.75 in barrels and 6.70 in bulk bags, making a new low record for the year. Raw sugar was steadier early to- day and while spot prices were un- changed at 5.02 duty paid, June ship- ments were higher at 5.09. There ‘was a sale of 10,000 bags Porto Rican, June shipment, to an operator at 5.09. There was renewed commission house buying in raw sugar futures at the opening which advanced prices 9 to 14 points, but offerings increased on the upturn and part of the gain was lost, with midday quotations 7 to 8 points net higher. Refined futures were nominal. —_— Hostile submarines probably couldn't reach these shores unless commanded by-experienced rum runners. FINANCIAL COTTON MARKETS. NEW YORK, May 28.—The cotton market recovered part of yesterday's reaction in today's early trading, ow- ing to continued bad weather reports and relatively firm Liverpool cables. The opening was firm at an advance of 15 to 20 points and active months soon showed net advances of 26 to 35 points on rebuying by yesterday's sellers and covering. July sold up to 29.92 and October to 26.98. Liverpool cables attributed the firmness there to the unfavorable weather news from the south and buying of near months to fix prices for spinners. Another private crop report was issued here at the open- mg, making the condition only 65. The early demand was supplied by renewed realizing as prices ap- proached the 27-cent level for October contracts, and the market weakened after publication of the weekly report of the weather bureau, which evidently proved less bullish than expected, "October broke to 26.54 under liquidation and reselling by carly buyers. The tone was rather unfsettled late in the forenoon, ruling around 29.74, or about 9 points net higher, at midday, while the new crop positions were 1 to 5 points net lower. Two more private crop reports issued, one of them making the col dition 67.5 and the increase in acre- age 4.7 per cent, The other placed the condition at 66.2 and the increase in acreage at 3.3 per cent. Cotton futures closed stead High, Low. 20.92 20.4 2608 2 o e lllvv‘hy ceeee 2801 .60 2 Opening —July, 29. October, 26 8:4. De- cember, 26.09; January, 25.88; March, 23.99. NEW ORLEANS, May 28.—The cot- ton market had a good opening, in sympathy with higher Liverpool ca- bles than due and because of further rains’ in the belt overnight. First s showed gains of 17 to 18 point s continued to improve after the opening call on unfavorable crop news and on rumors of a low condi- tion of 5.5 by @ prominent private authority. July traded as high as 29.84, October 26.19 and December 4, or 33 to 34 points above the previous se. The market then ruled steady at the advance in antici- pation of an unfavorable weather map. Cotton faturen closed st 10 20 points down net. s igh 2087 2622 dy. 4 points up Tow. 20.46 e December Janusry . Mareh S Opening —July, 2065 comber. €5.78; January. 25.58, bid. LIVERPOOL, = May Spot quiet; prices steady. dling, 18447 fully middling, 15.49: middiing. 1 low middling, 17.09] d ordinary, 16 ordinary, 1 ., 4,000 bales, including American. _Receipts, 1 American. Futures clo: L 2601 bid; March, od mid- a4; March, 15.02. e GRAIN AND PROV 28 per (Spe- clal).—Potatoe 100 75a1.75; : mew potatoes Lima beans, dozen, 1. , 75a1.25. Beets, bushel, 60a80. 00. _Cucumber: Eggplant, cra hamper, 50al. 1.00a1.50. Peas, hamper, Peppers, crate, 2.50a4.50. bushel, 40a6: Squash, , crate, 1. 100, 3 Carrots, Spring onic 100, Spin- 2.00. ach, 2.00a4.00. 5. Oran Pineapples, crate, rawberries, quart, Sald. Settling Prices on Grain. . 2 red winter. spot, red winter, garlicky, do- ,"1.13: no quotations on No. 4 5 red winter, garlicky. No sales. i Corn—Cob, new, 4.2524.30 per bar- rel for vellow, and 4.10a4.15 per bar- rel for white: No. 2 corn. spot, 833 No. 3, 803 : track corn, yellow, No. 4 o sales. .2 white, 58; No. 3 white, e—Nearby, 70a75: No. 2 rve, spot, The tone market is firm on on_the better nd light clover g supplies Hay—Recelpt: 85 tons. of the local hay good hay, especially grades of timothy mixed, of which cl are light. Unsound, damaged \m)l' slow 30.00; No. 2, 28.50a29.00; No. 3 tim ;. No. 1 light clover, mixe [00: No. 2 light clover, mixe .00; No. 1 clover mixed, 27.00a 0; No. 2 clover, 24.00a25.00. 1o’ sale 24.00 per ton 20.00; No. 1_wheat, oat, 16.50a17.00. —_—- CHICAGO LIVE STOCK. CHICAGO, May 28 (United Department of Agriculture) —Hc Receipts, 26,000 head: good demand for weighty butchers at 5 lower: others slow, 5 to 10 of row; bulk £ood and choic pound butchers, 7.30a7.4 bulk better 170 to pounds, desirable 140 to 160 pound av largely 6.40a6.90; bulk packing 6.5026.65: killing pigs dull, lower; bulk good and choice strongwelght, 5.75a6.00. Cattle—Receipts, 12,000 head; bet- ter grades. weighty fed steers, fairly active fully steady: supply heav. others and yearlings comparativels numerous, very slow: top matured steers, 11.50; average weight, 1,580 pounds; several loads, 11.00a11.35; bulk fed steers, 8.25a10.00; bulls fully steady: veal calves, to 50 lower, largely 9.00; market early on vealers slow; run includes eleven loads hay- and packers; stockers and feeders fed Montanas. Sheep—Receipts, 10,000 head: fairly active; spring lambs in best demand, to 30 higher; old crop lambs Strong to 25 higher; sheep strong: early bulk native spring lambs, 16.50a16.75: 68-pound Idaho spring- 17.15; choice clipped lambs, few choice handyweight fat 7.00a17.50; No. 1 Chicago Grain Market. CHICAGO, May 28.—Influenced chiefly by reports that Kansas has enough moisture for the present, the wheat market averaged lower in price today during the early trans- actions. More rain was reported to have fallen in Kansas late yester- day and last night. Besides, improv: ment of the crop prospects im Ne- braska, was also reported. The open- ing, which varfed from unchanged figures to% lower, with July 1.07% to 1.07% and September 1.08% to 1.087%, was followed by a moderate general setback and then something of a rally. Larger receipts and seasonable weather made the corn market easler. After opening at a shade to half cent off, July 77 to 77%, prices continued to sag. Oats were relatively steady. Start- ing unchanged to 1 off, July 44% to 44%, the market held near to the initial range.. Provisions sympathized a with a downturn in hog values. In the later trade wheat buying support was good on the setback, but rallies were hard to maintain. Some selling here against buying at Liver- pool was in progress. Subsequently selling of corn into store here had a bearish effect and &0, too, did stoppage of covering by eastern shorts. little Close. 1.051 107 108 Bar Silver Quotations. NEW YORK, May 28.—Bar silver, 663 ; Mexican dollars, 50%. LONDON, May 347-16d_per ounce. cent. Discount rates: 31-16a8 % _per cent; bills, 3%a3 3-1¢-pex cent, 28.—Bar silver, Money, 3 per Short bills, three-motah 3.00a | | only experienced @ d LOCAL SECURITIES MARKET DULL TODAY Prices Firm, However, and Some Advances Noted Regardless of Restricted Selling ’ INCREASE IN U. S. EXPORTS Net Operating Income of B. & 0, Railroad Outlined. BY CHARLES P, SHAE iR, One of the dullest sessions of urities was wir ed on the Wash change this morning. firm, and in some gardless of restricted Mergenthaler Linotype stock n dormant around dvanced to 154 on a = ric ases %. Merchants and Trust Company w at 130%, as was Cap! 93, On the investment side of thr railway 4s w 0_selling at 73%. 5s were peggmed Inerease in U American exports ready for tion S. Exportx. of manufacture consumption 000,000 in April month Jast ye analysis of A public the Department tod f crude foodst .000 in April, 1 last month. M n tion ex $147, 493,000 for April, 19 ports were 000 for 000 the same 103,000 for ,000 for April of Imports of foodstu 5,000, against tured foodstu ast year. ued 000, ported 560, Taxes and Bonus Bill Discussed. The Guaranty Trust Company New York sees in the passage of th bonus bill a reduction of the extent of possible relief from burdenson taxation. It is fortunate, however ement continues, that for the art the dole is in the forin nce certific rather t cash payments Only after two years wi of borrowing from the b curity of the certificates become of tive, and the maximum sums that r be borrowed, starting at about cent of the will be on Thus the i totale 000, power, may | gradually and without violent el business in general. The Federal Reserve land has reduced its redis 4 from 41z per cent. It is expected, in local fin: that the Boston and co members will shortly ilar action B. & O. Income Statement. The n of the 30 aggregated 39 this period of the exception of 1 slightly in one o tory of the co That there she marked difference as compared with primarily to the f: there was an_exeeptiof business moving under favorab ditions, whereas t year the F more and Ohlo. in common with oth cd iers in the easte distriet, not cline in_traffl which we th in March ar served by t pterfered wit - and cau her year 1y, 1a° be the between last ¥ but the flood cond particularly severe | n the territory ic Notwithstanding this, the trans tion ratio was held to the basis 39.88 in 1924, compared with 3838 i the preceging vear. Axks Permit for Stock Issue. The Cleveland and Pittsburgh r road applied today to the In Commerce Commission for permis to issue $9.925,830 of special guar teed bett nt stock t delive to the Pennsylvania railro: tial settlement for addit provements made from 1 The Pennsylvania roa mission to guarantee th John Poole, president eral-American National turned to his institution ing afte of the Bank. EVERYMAN’S INVESTMENTS By George T. Hughes X XITL—Customer Ownership. One of the most encouraging de- velopmnents of the times in the invest- ment business spread of th customer ownership idea. So far this new plan has been confined to the public utilities, principally the tric light and power and the gas Ppanies. It used to be the custom wl a public utility needed new capita and they are continually in need of ital—for the officers to £o to the bankers and sell securities, stocl if possible and bonds if This financing, however, w the great centers such as Wall street, where new capital is to be had. The people who bought the service the public utility had to sell had nothing to do with financing. The new idea is to go direct to the utility's custo when new money is needed. Of cou ) It cannot all be raised this way r even the larger part. But enough cx Le done, as has been abun proved, to give the customers utility 'a direct and personal inter in its welfam. For the most part the securities sold have been in the fors of preferred stock, and generally salesmen have been the emploves the company. From the corporatic standpoint the plan has proved success not only in developing w source of capital, but in cultivating a_spirit of good will in the comniunity which has a very real, if intangil value. From the standpoint of customer owner the plan has prove beneficial in that he has been s obtain a sound security with r able return and one with the pro ress of which he is able to keep close touch. The amount of m which can_be ralsed in this way | far beyond the estimates made by those who first suggested the plan. It has also resulted in keeping for the s the necess: don community the capital which might otherwise bave been dissipated buying fraudulent promotion stock It has met the criticism that oppor- tunities for the safe investment ¢ small sums have been king be- cause it was too expensive for in- vestment bankers to cater to the in- vestor who had only one hundred dol- lars' spare capital. The public utility can well afford this expense in re- turn for the co-operation they se- cure from their customers. (Copyright, 1024, by Comsolidated Press As / soclation.) A SN FAIL TO ACT ON DIVIDEND. NEW YORK, May 27.—Directors of the Wabash Railway Company fafled to take dividend action on the pre- ferred A stock at their meeting today. Wall street had heard it was intended to place the stock om & § annual basis at this time,