Evening Star Newspaper, June 2, 1924, Page 28

STRENGTH IS SHOWN + BY PUBLIC UTILITIES Securities Issues of the Better Grade Prominent in New York Market Trading. SOME SHARES AT NEW HIGHS General List Regular, With No Important Changes. BY STUART P. WEST. Special Dispatch to The Star, NEW YORK, June 2—In all the security markets today public utility issues were prominent. This was true alike of the stock market, the Lond market and the curb exchange. Public Service of New Jersey made a new high and was up four points from where it was selling when the new financial plan was given out. It was premature to discuss the pos- sibility of higher dividends, but friends of the company have always helieved that these would eventually come. North American Up. North American was active also at A new high. For the twelve months “nded April 30 a surplus was report- ed of $15.437,000, against $12,644.000 In the same period the vear before. Constant additions are being made to outstanding stock issue, but as against this these additions are bringing con- tantly increased earning power be- cause they are being uz:d for the acquisition of new property. The sharp jump in Atlantic Gulf and West Indies preferred was due to the report for March and for the March quarter, which illustrated the turn for the better in the shipping industry. In_ 1922 Atlantic Gulf had a deficit of $3,600,000 and in 1923 a deficit of $1,633,000. For the first three months of 1924 there was a surplus of $889,795, and for the month of March a surplus of $389,449. These figures were before depreciation, but still, after due allowance for ' this item, the net result was very unim- portant. General List Regular. The general list was very regular most of the time, with 1o Important changes. Some short covering came into stocks itke Stewart Warner and Stromberg, which had been special objects of short selling in the recent trading. The street helleves still that the Stewart Warner dividend will be cut to either $6 or $5, but it also thinks that this action was discounted by the recent decline. Bald- win Locomotive started in lower, then rallied. So did American Can. Republic Steel made a new low for the yvear under 43. Bethlehem Steel was selling ex the quarterly dividend of 134 per cent. ‘Another sharp jump occurred in Pull- man stocks, anticipating the announce- ment of the segregation of the car-lease part of its business from the manufac- turing end TRADING IN NARROW AREA. Prices on Down Trend in Morning, Some Specialties Excepted. By the Associated Press. NEW YORK, June 2.—Stock prices moved within narrow limits as trad- ing was resumed on the stock ex- change today after an extended holi- day, but the main tendency appeared to be downward. Pivotal {issues showed fractional recessions, with particular heaviness developing in Baldwin, Atlantic Refining and Royal Dutch. Other oil shares, including Pacific and Pan American issues, moved higher. Speculative activities in the early dealings were centered chiefly in the movement of a half dozen issues in which selling orders predominated Some of the standard industri {ssues later registered moderate im- provement, but the general price trend was uncertain and transactions were on a restricted scale. Inter- mittent selling brought about reces- slons In Cuba_Cane Sugar preferred, Internattonal Paper, Willys-Overland preferred and Cruclble preferred and Republic Steel, the latter reaching a new 1924 low price at 42%. Public Service of New Jersey continued its recent rise, attaining the year's best level at 41%. Pittsburgh and West Virginia preferred also touching a 1924 top price at 96%, led some of the rails, including Lackawanna and Canadian Pacific. into highe ground. Woolworth (old) fell back 9 points to 330. Call money opened at 3 per cent. The early afternoon_dealin; more of a diversion of profe terest into specialtie: touched their maximum figures for the . including Famous Players, American and Virginia Railws ._Pullman, Famous Player: Tron Pipe, General Electric and & Co. preferred of Delaware improved 1 to 2% points, Markets at a Glance NEW YORK — Stocks — Irregular; public utilities firm; in sluggish trad- ing. Bonds—Mixed; French issues lower. Foreign exchanges—Lowe: francs break sharply, then recove Cotton—Firm; bullish government report. Sugar—Easier; lower; spot market. Coffee—Lower; commission houses 'selling. CHICAGO— Wheat—Weak: liquidation. Corn—Easier; larger re- ceipts. Cattle—Lower; narrow ship- ping demand. Hogs—Steady; active inquiry. NEW YORK DAIRY PRODUCTS. NEW YORK, June 2.—Butter—Un- settled; receipts, 14,827 tubs. Cream- ery. higher than extras, 40%a4 amery, extras, (92 score), 39 40; creamery, firsts (88 to 91 score), anlflz%: 8mwklng stock current make, No. 2, 2 general Eggs—Weak: recelpts, 36,568 cases, Fresh gathered, extra firsts, -egular packed, 25152263 ; do., storage nacked, 27a27%; fresh firsts, regular packed, storage packed, 26a2614; cred, nearby -hennery whites, lected extras, 33a35; nearby western hennery whites, firsts to average extras, 27%a3 nearby hennery browns, extras, 3 23; Pacific coast, whites, extras, 36; firsts, 30a3l. recelipts, 127,414 pounds State, whole milk, flats, held, fancy to fancy specials, 243 26%: do., average run, 23a24. o BOSTON STOCK MARKET. BOSTON, June 2.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: closely se- nearby and Amerfcan Sugar pfd. Tel & T H Swift & Co. Swift Internat . United Fruit . M 8 Smelt pfd Ventura Ofl .. -y Ajax Rubber.... Al Allled Chem (4).. Allis-C M pf (7). Allis-Chalm (4). . AmAgri Chem pt Am Bank N (5).. |AmBNpr 3)... Ani Can (16) Am Chain A (3). Am Drug Synd Am&F P 259( Am For P f pd(7). Am Internatl. Am Linseed pf. . Am Locomo (6). Am Loco pt (7). . Am Sm & Re (5). AmS&Rpf (7). Am Stl Fdys (3). Am Sugar. 5 Am Sumat Tob. . Am T & Tel (9).. AmTel & Tel rts, Am Tobac (12) ! Am Tob B (12) Am Tob pf (6)... Am Water Wks. . Am W W pt (6). Am W W 1st (7). Am Woolen (7) Am Zine pt ‘Anaconda. . Arm pf Del (7) Arn Cons & Co. . . As DG 1st pf (6). As=50 Oil (1%5)... AtT& S Fe (6) AT&SFpf (5). Atl Birm & At... Atl Coast L (8). AtGuif & WI... At Gulf & W I pf Atlan Ref (4).... Bald Loco (7) Bal & Ohlo (5)... Bang & Arpf (7). Barnsdall A Barnsdall B. Beth Steel (5) . Br Em St] 2d pf . Brk Edison (8).. Br'k-Man Tran.. BrklynUnG (4) Brown Sh pf (7) Burns Br (10)... Butte C & Zinc. . Butte&Superior CaddoCenO & R. Cal Packing (6).. Cal Pet (1%) Callahan Z Le Can Pacific (10). Cer de Pas C (4). Chand Mot () Ches & Ohlo (4) Chic Gt West Ch Mil & St P; Ch Mil & St. Chl & Nwn (4). ChicRI& Pac. Chile Cop (2%4). Chino Copper- ... Colo Fuel & Iron. Colo Southern. . Col G & E (2.60) Col Carbon (4) Com Solv B. . Congoleum (3). Consol Cigar . Consol Gas (5). Consol Textile. Cont Can (4).... Cont Motors (20c) Corn Products. Cosden Co. . Crucible Stl (4) .. Crucib Stl pf (7). Cub Am Sug (3).. Cub Cane Su pt.. Cuyamel Fr (4).. Danl Boone M (3) Del & Hud (9) DelL& W (6) Det Ed Co (8)... Devoe 18t pf (7).. Dome Mines (2) DuPtdeN (3)... DuPdeNdb (6). Eaton Ax (2.60).. El Stor Bat (4) . Erie 2d pt. Famous P1 (8) Famous Pl pt Fed Lt & Trac. Fifth Av B (64 Fisk Rubber. . Fleishman (3) Freeport-Texas. Gen Asphalit General Elec (8).. Gen El spe (60c) Gen Mot (1.20) Gen Petm (2).... Gimbel Brpf (7). Glidden Co . G'dyear prpf (8). Gt North pf (5)..- Gr Nor Ore (3).... Grt Wstn Su (8). Gulf St Stl (6)... Hartman Co (4).. Houston Ol Hud Mot C (3) I1linois Cent (7) 1il Cent pt (6) Indian Refinin Interb Rap Tr... Inspirz.tion Cop. . Inland Stl (2%).. Int Cement (49... Int Com Eng (2). Int Mer Marine. Int Mer Mar pf Internat Nickel. . Internat Paper... 1 AmC& Fpf (7). Open. High, M 6 42% 22% Br Man Tpf (6). _ Davidson Chem. . 11 1 103% 1163 864 85% 218% 10% 13 89 100% 8% 64% 63% 23% 108 105% 5 207 22% 32% 43 23% 8 Int Pap pfst (6). i Int Shoe pf (8) . IntT&T (8)... Invincible Ofl. ... Jones & Lau (7). Kan City South. Kelly Spr Tire. Kenne Cop (3) Leh Val (3%). 110% 18% 13% 384 42h 27% D 66w Lorrillard (3). Louis & N'sh (6). MeCror C pf (7. Melntyre (75¢)... Macy & C pf (7). Magma Copper. Mallinson & Co. Man Elgtd (4)... Man El modgtd 4. Maracalbo Oil. Marlin Rockwell. Martin Parry (3) Maxwell Mot A... May Dpt St (6) Lraxwell ot B, Mex Seaboard(2). MexSeabd ctfs(2) Middle St OM. . Mis Kan & Tex. Mis K & Tex pf . Missourl Pacific. Missouri Pac pf.. Mont Power (4) .. Montgom Ward. . Moon Mot (3). Afother Lo Nash Mot (1835) - Nat Biscuit (3).. Nat Dairy (3).. Nat En & St. . NatE&Spf (7). Nev Cons Cop. ... NewO,T&M 123% N ¥ Central (7).. NYC&StL (8 Ny C&StL pf (6. N Y Dock.. N Y Dock p! NY NH & Hart... Niagara F pf (7). Norfolk South. Nort & W (18) North Aneer (2).. North Pac (5). Okla Pr & Ref. 16% 92 13 13 100% 100% 102 102% 9% 80 25% 26% 62 s2% 2 18 k£ 2 18 ™ a2 54 54 % 1024 103% 122 122 22% 22% %I StouNJ (1). 110% 110% 18% 13% 38 42 27% 56% 16% 85 92 101 8% |of freight by the end of this ) % | Rey Tob B (3)... NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office Open. High. Low. Close. Owens Bot (3)... 40% 40% 40% 40% Pacific Develp PacG&E (8). Pacific Ol (2) Packard (1.20).. Pan Amer (4) Pan Amer B (4) Par & Bing (2). Park & Tliford Penn Railr'd (; Penn Seab Steel. Pere Marq (4).... Pere M prpf (5). Phila Co (4) Phila&R&I. Plerce-Arrow. . .. Plerce-Arrow pf. . Phillips Pet (2).. PlerceOll....... Plerce Ofl pf. Pitts Ut ctfs 1. Pitts Ut pf 1.65. . Pitts & West Va.. P&W Va pt (6). Postum Cer (4). . Pullman Co (8). . Punta Al Su (5). Pure Ol (1%)... Rand Min (233) . Reacing (4). Reading rts.. Read 1st pf ( Replogle Steel. Rep Ir & Steel Reynolds Spr ( Rey Tob pf (7).. Roy D'tch (3.46).. St Jos Lead (12). StLSan Fran... St L Southwest. . Schulte (8)... Sears Roe & Co. Shell Un O11 (1).. Simmons Co (1). FIRMNESS DEVELOPS IN BOND MARKET TONE Trading Not Active, But Prices Steady—No Change in Money Situation. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 2.—The bond market gave a good account of itself at the resumption of business today, after the three-day Intermission. While trading was not active the tone was firm and it was reported that bankers were planning to take ad- vantage of the present favorable op- portunity to make some long-delayed large new offerings. There was no change in the money situation, funds both time and call being supplied with no prospect of any raising of the rate in either case. Feature in Listed Issues. The feature of the market In listed issues was a sharp advance in the Hudson and Manhattan adjustment income §s coinciding with the strength and activity the com- pany’'s stocks on the curb. Today's quotation for the income bonds was anew high record for the year. There are $33,000,000 of these bonds out- standing and one suggestion was that the company might be buying them in the open market. It is probable that the advance represents belated recognition of the highly favorable earnings statements and the attrac- tive yield at the market. Another strong feature in today's market _was Public Service of Ni Jersey s, Among industrial: sharp recovery .in Chemical 7s. In the speculative rails St. Paul bonds held well, the selling which followed the poor April earn- in there reinia Carolina was @ Simms Pet Simmons p 3 Stne Con Oil (2). Skelly Oll....... South Pac (6). Southern Ry (5). South Ry pf (5).. Std Gas & El (3). St Oll Cal (2).... . 341 StOINJpf (7).. 117 5td Plate G1(75¢) 83% Std Plate G pf(7). Stew't War (10).. Stromberg C (8). Studebaker (4).. Submarine Boat. Superior Ol}....... Sweets Co of Am. Tenn C & Ch . Texas Co (3).... Texas & Pacific. . Tex Gulf (163%). Timken (13%)... ‘Tob Prod (6).... Tot Prod A (7. Transcont Oil. Un Bag Pa (6). Un Pacific (10). . United Drug (§) . Utd Fruit (10) Utd Ry Invest. . Utd Ry Invest pt, Universal Pipe. .. U S Cast Iron P.. USCIPpf (7) U 8 Ind Alcohol USR&Im (8) U S Rubber. USR 18t L U S Steel (16) U S Steel pf (7).. Web & Heilb (1). West EI pf (1) West Pen (4) . West Pac pf (€). West Un Tel (7). West E&M (4).. WElstpf (4)... ‘Wh Eag Oil (2).. ‘Wilson & Co. . Willys-Overland, Willys-Over pt. .. Wis Cen ctfs. . ‘Woolworth (8) .. ‘Woolworth wi(3). Yellow Cab (5)... {Partly extrs. $Payable (n preferred stock. Divigena rates ‘as given in the sbove tudic are the annual cash payments based on the latest quarterly or hall-yearly declarations, Unless otherwise noted. exira or special dividends are mot included. T 66% 36% 364 330 330 84 84 46% 46% High. Low. Last. Call Money. . 3 3 3 HOURLY SALES OF STOCKS. ilam. 89,000 12m - 147,100 1p.m. 195,900 M ee e 227,600 ERIE R. R. USING TRUCKS. Establishes Motor Service ' Freights From Substations. CLEVELAND, June 1 (Speclal).— The use of motor trucks in hauling freight from substations to main sta- tions has been inaugurated by the Erle rallroad. The trucks are re- placing ferry or trapp car service. The road expects, through the new system, to save twenty-four hours in handling inbound and outbound freight in less than carioad lots. This 18 the second move on the part of the railroads in this section to co- ordinate rail and truck transporation. The New York Central officials report satisfaction over the way the plan of picking up less than carload freight between Cleveland and Buffalo is working and plans to extend the sys- tem to Toledo. Most of the northern Ohio steel plants are working at 50 to 60 per cent of capacity, CHICAGO GRAIN MARKET. CHICAGO, June 2.—Influenced by unofficial estimates that the 1924 do- mestic crop would be decidedly smaller than last year and smaller than a five-year average as well, wheat scored something of an ad- vance in price today during the early transactions. The estimates suggest- ed a production 103,000,000 bushels less than was harvested last year. Besides, the fact that for the first time this season Winnipeg July de- livery went to a premium today over Chicago tended further to 1lift val- ues here. Chicago opening prices, which ranged from % decline to 1 advance, with July 1.05% to 1.06 and September 1073 to 1.07%, were fol- lowed by a slight sag and then by a rise all around to above Saturday’s finish. Corn and oats rallied in sympathy for ings statement seeming to have abat- ed for the present. Provided earn- ings for the balance of the year come up to the results of 1 the St. Paul still ought to cover fixed charges. There was some activity in Chicago and Alton 3'%s, but little change in price. French Bonds Heavy. In the forelgn group the feature was the heaviness in French bonds. both the 71%s and the 8s showing fractional recessions and correspond- ing losses appearing in the French Cities 65 and the Paris Lyons and Mediterranean bonds. Belgian 7ies were strong. Today's _new offering _included $1,250,000 Peninsular Telephone de- benture 6143 running ten vears at 98 to yleld 6.75 per cent, $2,600,000 Prov- ince of Manitoba 68 due 1944 at 98 and $700,000 Shelby County (Tenn.) 4%s of varlous maturities to yield about 4.6 per cent. MAY COTTON OFFERED IN WEEK 8,000 BALES Summary of Market Conditions at Month End Shows Back- ward Crop. By the Associated Pross. NEW ORLEANS, June 2.—The initial event of the past week in the cotton market was the final liquidation of the May deal. That month went out at noon on Monday with final tenders of approximately 8,000 bales, all of which were promptly cared for. With May out of the way, the atteéition of trad- ers was diverted largely to the new crop positions, trading in which be- came fairly brisk. All interest natu ally centered in weather and crop d velopments, and as the weather was almost uniformly unfavorable the gen- eral trend of values was upward. Although the government's weekly report issued Wednesday was not unfavorable as looked for, it, never- the less, showed that the crop con- tinued to be very backward, with stands spotted and with the plants making but poor progress in the northern half of the belt because of the cool nights. There was, moreover, entirely too much rain in many por- tions of the belt for the good of the growing crop, which now stands badly in need of warm, dry weather. Prices were strengthened to a con- siderable extent during the week by the general bellef that the condition report will prove bullish. Fourteen private condition reports have been i- sued in advance of the govi rnment, the general average of which makes the condition 66.8. Practically all of these reports also make timates of the probable increase in acreage, the increases ranging from 3 to 5 per cent. The general expectation is that the government report will show an aver- age condition of 67. No report on acreage will be issued by the govern- ment until July, nor will there be any crop forecast made on the May 25 condition average. The local market gained about thirty points during New York's closing on the last two days of the week. TRADE LOSS CHARGED TO U. S. COMPETITION Poor Showing of International Mercantile Marine Company Ex- plained by Its President. By the Assoclated Press. NEW YORK, June 2.—Serfous com- petition from government-owned steamships, operated regardless of financial results, was blamed for the poor showing of the International Mercantile Marine Company in 1923 by P. A. 8. Franklin, president, in a report to stockholders today. Mr. Franklin estimated that opera- tions ol the company and its sub- sidlarles, the American Line, Red Star Line, White Star Line, Atlantic Traneport Line and Leyland Line, would result in a deficit for the year of $1,689,921, exceeding the 1922 def- icit 'by about $400,000. On the basis of dividends "received from sub- sidiaries, however, the company wi have an estimated surplus for 19 of $794,968, as compared with $3,699,- 749 in 1922, “Until the political situation in Europe materially improves and the present serious économic conditions with wheat, although bearishly af- fected at first by favorable weather. ;J‘panlnz unchanged to % off, July to 763, the corn market later scored moderate gains, i3 Oats started at 3% decline to % ad- vance, July, 44, and later hardened somewhat. Provisions were responsive to firm- ness of hog values. WHEAT— Low. .08 BRIEF NOTES ON BUSINESS. ST. LOUIS, June 2 Officials of the Missi barge line plan to cari (Special).— ippl “Warrior 1,000,000 tons dar year. The fonnage for May inc . _The, e for n- creased over 22,000 tons compare with the corresponding month of 1923. SPRINGFIELD, I, June 2 cial).—The National Farm Producers’ Alliance {s now preparing to canvass Illinois and uri in an effort to induce farmers to join a price fixing aud output regulating organisagion, - are corrected,” Mr. Franklin said, it is impossible to expect a resumption of normal interchange of freight and passenger _traffic between the countries of the world. As there really has been no improvement abroad, the business of the com- panies has been both difficult and unsatisfactory. “The new immigration bill to take effect July 1, 1924, will still further reduce the number of immigrants that can enter this country, and there will be a_consequent ioss of 'venue to the company. TNt is too early to predict results for 1924, but s0 far they have been more satisfactory. We are hopeful that, with an improvement in condi- tions in Europe, there will follow a general revival of business and trade throughout the world.” Operating expenses in the shipping industry are not decreasing, Mr. Franklin explained, because of the higher labor and fuel costs. The amount charged off for depreciation on the company’s steamships last Year, 35,579,800, exceeded its profits by about $2,000,000. BAR SILVER QUOTATIONS. NEW YORK, June 2.—Bar silver, 6 Mexican dollars, 51% > LONDON, June 2.—Bar silver, 35 1-16d per ounce. Money, 1% per cent. count rates—Short bills, 3 per cent; three-month bils, 3 1-16 pex cenfs _ [ormew v BONDS rozrsen] Received by Private Wire Direct to The Star Office. (Sales are in §1,000.) {Fractions represent thirty- Example: Lib 3%, Lib2d 4s... Lib 1st 48 Lib2d 4¥s. .. Lib 3d 4%s. Lib 4th 43is.. 657 100=31 100-27 100-30 US4%81952. 110 10215 10214 102+14 1 10010 100+10 100-10 83 100-22 100-16 100-22 i 101% 101% Argentine 65 '37. Austria 7s. Braszil 7s. Brazil 8s. . Brazil 7%, Canada bs 192 Canada 5%s 192 Canada 6s 1931 Canada 68 1952 Chile 85 1946, . Chile 85 1941, Chile 751943, .. " Chinese Gov Ry 5s. Copenhagen 54s. . Cuba 5%s Danish Munic 8s A, Denmark 8s. . Denmark 6s. Dutch E 153 Dutch East I 65'47, Dutch East 1 65'62. Finland s f 6s 1945, Framerican 7l s French Govt 8 ‘rench Govt 7 Haitl 65 e Holland-Amer 6s. . Japanese 1st 4145, Japanese 2d 4155 Japanese is Japanese 614s. Jergens U M 65 Lyon 6s Marseill Mexico 4s. . 1 Paris-Ly's-Med 6s. Prague s Rio de Jan 85 1947. Rio Gr Do Sul 8s. ., Sao Paulo City 8. . Swiss 5165 1946 Tokio 5s. Ud Kingm 5 Ud Kingm 5%s MISCELLANEOUS, Ajax Rubber 8s Am Agr Chem b; Am Chain s f 65'33. Am Repub deb 6s. . Am SmIt&R 1st bs. Am SmIt&R 6s. Am Sug ref 6s. AmT& Tcv 6s AmT& Teltr5s AmT& Teltrds Am T & T deb blgs. Am Water Wks bs. Anaconda cv db Anaconda 1st 6s Armour & Co 415 Armour of Del 51 Assoclated Ol 65 Barnsdall s f 8s Bell Tel Pa bs Beth Steel 5% Beth Steel rf 58 Beth Steel pm bs. Beth §teel s f 6s Braden Copper Brier H St 1st 535 Bklyn Edison 78 D. Bklyn Ed gen bs. .. “alif Pete 61is. Central Leather 5s Cerro de Pasco 8s.. Chile Copper 6s. .. Col Gas & El5s. ... Col Gas & El 5s sta Commonwth P 6s. . Con Coal Md 1st 5s. Cuban-Am Sug 8s. Cuba Cane cv d 8s. Det Edison ref 6s. Du Pont de N 7%s. 2i Duquesne Light 6s. st Cuba Sug 7%s. mpire G&F T%s.. Fisk Rubber 8s Gen Elec deb 5s Goodrich §125. .. Goodyear 85 1931 Goodyear 8s 1941 Hershey 65 1942 Humble O&R 5%s. Tllinois Beii 1st Gs. Indiana Steel bs. ... Int Mer Marine 6s. Inter Paper 5s '47 KCP&Lt5s A'S: Kan G & El 6352 Kayser (J) Ts. . Kelly-Spring 8s. Lackawa S 5 '50. . Liggett & Myrs 7s. Liggett & Myrs 6 Lorillard (P) 6s Lorillard (P) 7s. Magma Cop cv Ts. . Manati Sug sf Ti4s Marland Oil T%s. . Mexican Petrol 8s. Midvale Steel bs. .. 1017 964 102% 116 Y Edsn 1st 6%s. YG EL H&P 5s. NYG EL H&P 4s. N Y Tel 65 '41. N Y Tel 65°49. N Y Tel 4%s North Am Ed 6s North Am Ed 6 Nor Ohlo T&L 6s. Nor States Pow 5: Nor States Pow 6: Northwst B Tel 7: Otis Steel 7%s..... Pacific Gas & El 58 Pacific T & T 53’52 Phil & Rdg C&I 6s. Phila Co 5%s "38. PhilaCoref 6s A. Plerce-Arrow 8: Pierce Ofl deb 8s. Public Service bs Pub Serv Elec 6s. Punta Alegre 7s Sharon Stl H 8 Sinclair Oil 7+ Sinclair Oll b _s Sin Crude Oil 51 Snaknl Sacanema - So Por Rico Sug Southwest Bell 5s. Steel & Tube 78 ‘Tenn Elec Pow Tide Wat Oil 634s. Toledo Edn 1st 7s. Union Bag & P 6s Unit Drug cv 8s. U SRub 1st rf 5; U S Rubber 7%s. U S Smelter 6 U SSteel sf5s. Vertlentes Sug 7s. Va-Car Chem 7 Va-Car Ch T%s w Warner Sug 7s '41. Warner Sug 75'39. Western Elec 5 Western Union 6% Westinghouse 7s. . Wickwire Spen 7 Willys-Ov 6% '33. ‘Wilson & Co 1st 6s. Wilson&C cv 7%s Wilson & Co ¢y Winchester A 7 Youngstn S & T & 11,866 R. R. Engines Need Repairs NEW YORK, June 2.—Locomotives in need of repair on May 15 totaled 11,366, or 18.4 per cent of the number on line, an increase of 426 compared with the number in need of repair on May 1, the American Association re- pogta, oBoe el nanrradn - oo RAILROADS. Sales. High. 36 87% 815 88% Atchison gen 4s 83% | new crop developments over the holi- Chi & Alton 3% Chi B&Q 1st rf bs. Chi & E 11l gn 5 Chi GrWest 4s (n). ChiM&StPrf4%s ChiM & St P cv bs. Chi M & St P 4s°25. CCC & StLrf6s A. Cleve Term 5s 12 Cuba R R 68 Del & Hd 1st rf 4s Del & Hudson b D&RG 18t rf bs.. Det United 4%s Erie 1st con 4s Erie con ext 7s. Erie gen 4s. Erie convds A Gr Trunk sf db 6s. Grand Trunk Gr North gen % Gr North gen 5%s. Havana ERL&P 5s Hud & Man ref 5s.. Hud & Man 2] bs.. 111 Cent ref 68 '65. . 111 Central 5%s. 9 e SebhiaSuna ~ Int & G Nor aj 6s.. Int & G Nor 1st 6s. Towa Cent rf 4s. Towa Cent 1st 5s. Kan City Ft S 4s. Kansas City S 3s.. Kansas City § 5s. . Kan City Term 4s. Lake Shore 45 '28. Lake Shore 45 °31. Lehigh Valley 6s. . Louis & N uni 48 Louis & N6s B Manhat Ry cn 4s.. Mil E1 Ry & L 55 M & St Li1stref 4s. MK & T adj 6s. Mo Pacific 6s. Mo Pacific b5 '65 Mo Pacific gn 4s New Or Term 4s N O Tex & M in 5s. N Y Centdeb 6s... N Y Centdeb 4s... N YCentri5s NYCenLScl3ks, N Y Cent cn 45'98. NYC&StLdebis. NYC&StL6sA.. New Haven cd 6s. New Haven d 45 ‘57 New Haven 7s New Haven 7s Ore Short L ref 4s. Ore-Wash 1st rf 4s Pennsyl gen 5s. .. Pennsyl gen 4% Pennsyl 6%s. Pennsyl gold 7s Peoria & E inc 4s. Pere Marq 1st 5s.. PCC&StLSsA. Reading gen 4s. Reading gn 4%s RIATk & Ldls.. St L IM&S R&G 4s. SFplisA.. 5 744 4% 100% 100% 78 7% 98% 8% 67 98 8% 66% 2% 5% % San rn P4s.. Seab'd AL 4ssta.. Seab'd A Liref ds.. Seab'd A L adj 5s.. Seab'd A Lcon 6s.. Sou Pacific 48°29. . Sou Pacificref ds.. Southern Ry 1st b3 Southern Ry gn 4s. Southern Ry 6%s.. Southern Ry 6s ct. Third Ave ref 4s Third Ave adj 5s Tol StL & W 4s. Union Pac 1st 45 Union Pac 1strf Union Paccv 4 Union Pacific ¢ Union Pac 1st rf 58 Virginia Ry 1st 5s. VaRy & P 1st 5s.. ‘Wabash 2d bs. Western Md 4s Western Pacific5s. & West Shore 1st 4s.. 16 Wisconsin Cent 4s. 2 TOTAL SALES (Par Value): 11a.m.. 2772000 1Znoon 5115000 1p.m.. 6008000 2p.m.. 6996000 ——— NEW YORK PRODUCE MARKET NEW YORK, June 2 (Speclal).— The New York wholesale market re- ceived its first two carloads of Georgla peaches today. The fanciest, large sized, well colored fruit met a fairly good outlet. Sales ranged from 3$2.25 to $5 per crate, containing six four- quart baskets. Several small ship- ments of North Carolina huckleber- ries and blackberries realized from 30 to 40 cents per quart for the huc- Kleberries and 20 to 30 cents for the blackberries. Strawberries were in 1iberal receipt, but due to irregular quality, prices ranged from 8 to 16 cents per quart. State barreled apples met a_mod- erate outlet. Prices for A grade 2% inch Baldwins ranged from $2.50 to $5 per barrel. Rome Beautles brought mostly $4 per barrel for stock of the same grade and size, while Ben Davis realized $2.50 to $3. d crop state white potatoes were in very light fresh receipt, but pri showed no material changes under moderate demand. Southern new crop potatoes, on the other hand, sold more readily at slightly higher prices. 6 5 Courting Gets More Arduous. When a group of young swains at- tempted a social call on the fair daughter of Mrs. Augusta Houllhan at Franklin, N. H. they were wel- comed by a volley of birdshot from a gun, well aimed by Mra Houllhan, ing to the young men, scattered. Mrs. Houlihan believes t! young men of her neighborhood are too t;uh. ::d“ l:: :u! mecuum the ughte: N .em] on S o a5 the. men had srrived by automobile, she explained. SHOWS $15,437,324 SURPLUS. NEW Y&RK. June zn:mmrxom; American m] y repot surplus of $15,437,324 tor’(.fi“a year ended April 30 after prefe: lends, but before de- preciation, against $13,644,414 in_the e was $77,-1 20,213, &ain Of RSSHL F13.000,900 FINANCIAL." COTTON MARKETS. NEW YORK, June 2.—The govern- ment’s first cotton crop report of the season, placing the conditions at 65.6 caused an excited advance in the cot- ton market here today. July contracts, which had closed at 29.65 on Thursday, advanced to 30.50 after the publication of the gov- ernment's figures, while Octobers sold up to 27.50, with active months showing advances of from 85 to 105 points as compared with the closing quotations of last week. Reports of unfavorable weather for day and strong Liverpool cables also were reflected by a firm opening in the market. prices were 15 to 53 points higher on covering, rebuying by sell- ers of last k and fresh commis- sion house buying, which sent prices up to 30.07 for Jul 3’ and 27.00 for Oc- tober, or about 42 to 65 points net higher during the early trading. iverpool cables reported that American and continental interests had been buying new crop months in the market there on the unfavorable weather and crop reports and ¢t of July. Three more private reports were is. sued with condition figures ranging from 66.3 and 68.3 and acreage figures from 2.6 to 4.5 per cent Increase. Cotton future closed easy. July Close, + .76-80 October at Lancashire interestr had been buyers |, NEW ORLEANS, June 2.—The cot- ton market opened irregular, despite &ood Liverpool cables and a very pessimistic report on cotton crop conditions by the Federal Reserve Board. First trades showed gains of 17 points on July and 4 on October, and losses of 2 to 4 points on later positions. Prices eased off right aft- er the opening call until July traded at 29.94, October 26.17 and December 25.89, or 9 to 14 points down from Saturday's close. The market then became quiet awaiting the govern- cent condition report. A private re- port made the crop condition 64.4 Cotton futures closed barely steady decline of 230 to 446 points. High. 30.40 26.70 28.35 28.10 25.88 July .. 80 25.868 80.20; October, 26.25; De- 25.86; March, 25.88, LIVERPOOL, June fair demand; middling, 19.14 middling, 18.1 good ordinary, 16.2; Sales, 5,000 bales, American. Receipts, 9,000 bales, no American. Futures closed quiet, but steady. June, 18.16; October, 1 December, 2; January, 15. March, 15.02; May, 14.83. CHICAGO LIVE STOGK. CHICAGO, June 2 (United States 2.—Cotton spot prices easier. Good fully middling, 18.64; low middling, 17.2: 29; ordinary, 15.79. including 4,000 Department of Agriculture).—Hogs— Receipts, 54,000 head; uneven; desir- able grades steady to § higher; most advance on weighty offerings. lower grades slow; active shipping demand: big packers bidding 10 lower; bulk good and choice 230 to pound butchers, 7.40a7.30; top, bulk better grades, 160 to pound weighty, 7.10a7.40; desirable 140 to 160 pound averages, largely 6.75a7.00: bulk packing sows, 6.50a 6.60; killing pigs unchanged: better strong weight, mostly 5.8026.10. Cattle—Recelpts, 19,000 head; beef steer and fat she-stock, very slow. uneven; few early sales steady to 15 lower; narrow shipping demand; kill- ing quality fed steers, medium to good; few choice kind here: yearlings fairly numerous; bulk early sales fed steers. $.25a10.00; some choice heavies held above 11.50; choice heavy grain- fed cows and heifers comparatively scarce, about steady; grassy kind dull, weak to 25 lower; bulls, except- ing light bolognas, about steady; bulk, 4.75a5.00; veal calves largely 25 down; spots more, bidding 8.00 on £00d to choice vealers; few handy- welght to outsiders upward to 9.00: light vealers downward to 7.00 and below; stockers and feeders compara- tively scarce, in fresh receipts, steady to_weak. Sheep—Receipts. 16,000 head; slow; cholce spring lambs, #eady to weak: bidding lower on less desirable kind: clipped lambs around 25 lower: no salcs sheep: prospects, 25 to 50 few good native spring lambs, choice range springers, 17.25a few early sales clipped lambs, —_— GRAIN AND PROVISIONS. BALTIMORE, June 2 (Special Potatoes. white, 100 pounds, 75a1.7 130 pounds. 1.25a2.75: barrel, dred, 5.00a7.00. Corn, crate, 2. Cucumbers, crate, 1.0042.50. Lettuce, bushel, onions. hundred, ~ 1.25 L 1.25a150. Peppers, Spinach. ~ bushel, L S5ate, 150az.00, .5024.00. " Radishes, hundred, 2.09a3.00. e pples, packed, barrel, 3.00a6.0 bushel, 1.0022.00; box apples, 2.00: Grapefruit. box, 2.25a3.25. Oranges, box, 2.50a4.25. ' Strawberries, quart, 8al2. Pineapples, crate, 3.00a4.00. Settling Prices on Grain. Wheat—No. 2 red winter, spot, 1.11; No. 2 red winter, garlicky, domestic, 1.11%; no quotations on No. 4 or No. 5 red winter, garlicky. Sale—Bag-lot of nearby at whart at 115 per bushel. Corn—Cob, new, '4.25a4.30 per bbl. for vellow and 4.1024.15 per bbl. for white; No. 2 corn, spot, 84; No. 3, 81+ track corn, yellow, No. 3, 89 asked. Ne sales, ats—No. 2 white, 58 i N white, new, 57 asked.® ~"red: No. 3 778¥e—Nearby, 70a75; No. 2 rye, spot, Hay—Receipts, 119 tons. Under more liberal receipts the general hay market rules easy on timothy and clover mixed hay of the better grades, while the movements on heavy 'mixed and poor clover are very draggery. Quotations—No. 1 tim - 22 cr: 50a75. Tomatoes, 30.00; No. 3. mixed, 25.00a! ed, 27.00a27.| 25.00 Straw—No. 1 straight rye, 23.00a 24.00 per ton; No. 1 tangled rve, 18.00a20.00; No. 1 wheat, 17.00a17.5 No. 1 oat, 16.50a17.00. BALTIMORE DAIRY PRICES. BALTIMORE. June 2 (Special).— Live poultry—Spring chickens, pound, 35a45 ; leghorns, 30a40; old hens, 22a 27; leghorns, old, 22a23: roosters, 16a old, 15a22. Pigeons, pair, 40, 17. Ducks, young. 28a30; Eggs (loss off)—Native and nearby firsts, free cases, per dozen, 2314 ; south- ern, 22%. Butter—Creamery, good to fancy, pound, 37a42: print, 41a43; ladles, 30a 32; rolls, 28a31; dairy prints, 29a31; butter, 34a35 ; store packed, 25. —_— Betore You Invest—Investigate, It's queer how careful a man can be atter he's lost his money. Abe Mar- tin says that a man who is not satis fled with 6 per cent and his money are soon parted. g WOOL MARKET ACTIVE. BOSTON, June 2 (Special).—Sum- mer street raw wool markets re- sumed actlvity today after the holi- days with a decidedly optimistic tone, but with no great rush of busi- ness. Confidence in the future of the . 1 clover mix- clover, 24.00a process some houses are paying for the new ‘western clips. Some of the new: wools are beginning to arrive and are being oftered freely, either by sample or in volume. FISHER'S INDEX PRICES. NEW_ HAVEN, Conn., June 2 (Spe- cial).—Last week’s prices averaged 144.5 per cent of pre-war level. e purchasing power of the dollar was 69.2 pre-war cents. Average for May, 144.8 per cent and 69.1 pre-war cents, Crumps’ index No, 1§3.1 average, NEW FINANCING PLANS OF U. S. PROGRESSING Treasury Department Head An- neunces First Step Taken in Notice to Reserve Banks. TRADING ON D. C. EXCHANGE Report Made of U. S. Grain Ex- ports’ Past Week. BY CHAS. P. SHAEFFER. The Treasury Department's plan for its June financing, which will in- clude a new issue, are approaching completion. The "first step is the announcement by Secretary Mellon oday that he has authorized the Federal Reserve Banks on and after today, and until further notice, to re- deem in cash before maturity, at the holders' option, at par and accrued interest to date of such optional re- demption, Treasury notes of series A, 1924, dated June 15, 1921, and maturing June 15. 1924, and Treasury sertificates of indebtedness of serfes TJ, 1924, dated December 15, 1923, and maturing June 16, 1924, In the case of the notes, it was sald at the Treasury Department this morning, the maturity date, “June 15, 1924," which falls on a Sunday would be automatically advanced to June 16 The maturing indebtedness approx- imates $446,000000, consisting of $311,191,600 of 53 per cent three year notes, and $135,125,500 of 4 per cent six months certificates, Company Shows Earnings. The consolidated income statement of the North American Company for the twelve months ended April 1924, shows gross earnings of $ 320,274, an increase of 19.85 per cent over 1923, and a net income from operation ‘of $28,250,757, an increase of 21.74 per cent for the year. Balance for depreciation reserver dlvidends and surplus increased 20 per cent to $16,582,470, being equa to $43.44 per share of $50 par valu. preferred stock, and after deducting preferred dividends to $5.55 per share of common stock. The electric output for the period amounted to 2,227,095,291 k.w. hours an increase of 17.73 per cent over the preceding year, and the electric cus- tomers numbered 613.746, being ar increase of 12 per cent. Caplital Traction Advances. Stock of the Capital Traction Com- pany scored a fractional advance to 94 on the local board this mornin eighty shares of the security chan ing ‘hands. The issue was firm throughout the session. Washington Gas Light continued to display weakness, odd lots selling at 48, but District National Bank was strong, advancing to 164 on a sale of five shares. Other stock issues were inactive. Bonds were In good demand, Capital Traction fives_selling to the extent of $6.000 at 97%. Potomac Electrl: meneral and refunding 6s brought 102% and Washington Gas 6s sold in small denominations at 101 and 100%. Gas 55 were unchanged at 9% and Riggs Realty long bs were traded in at 91. Milton E. Alles, president of Riggs Na- tional Bank, returned to his institution this morning after a month's vacation on_his farm. Frank J. Stryker, president of the Co- lumbia, was also back at his desk after a siege of illness. U. 8. Exports of Grain. Exports of grain from the United States last week totaled 2,454,000 bush- els. against 2,379,000 bushels for the previous week. The Commerce Department today an- nounced last week's exports compared with those of the previous week as fol- lows: Barley, 133,000 bushels, against 277.- 000; corn, 508,000, against 589,000 ; oats, 58,000, rye, 1,193,000, against : ‘wheat, " '562,000, against 374,000; total Canadian ns in transit, 3,451,000, against 3,849,000 bushels: United ' States and Canadian wheat flour in transit, 201,000 barrels, against 549,000 barrels. Railway Permit Granted. The New York Central railroad was granted authority today by the Inter- state Commerce Commission to issue $25.050,000 in equipment trust certifi- cates to be sold at 98 per cent of par, and to be issued by the Guaranty Trust Company of New York. against Washington Stock Exchange. SALES. Capital Traction 7 at 974, §! at Wathington at 1001, 5300 Capital Trs atoh, 10 10 at' 94 4, 94, 10 at hington Gas Lig] 48 District National Bank—5 at 164, AFTER CALL. s—$1000 at 9315, L 10 at 9 94, 10 at 94, 52,000 $500 at gs Realt (long) 55—200 at 91. —Call loans, 5 and 6 per cent. Bid and Asked Prices. BONDS. PUBLIC UTILITIES, American Tel. & Telga. 4s. American Tei, & Teigr. 4! Amer. Tel. & Tel. ctl. Am. Tel. & Tel. conv A ja'& Potomac 3 Anscostia & Potomac gu! C. & P. Telephone 5s. C. & P. Telephone of Capital Traction R. R. Georgetown Gas 1st 0s. Metropol R Potomac Elec. st Potomac Elec. con: Potomac Elec. deb. Potomac Elec. 6s 1 Pot. Blec. Pow §. m. Wash,, Alex. & Mt. G, Alex. & M ve Ver. ctfs B MISCELLANEOUS. . 6igs. Cold Btorage bs. ark Hotel 6s... STOCKS. PUBLIO UTILITIES. a Wardman Capital . Columbla Commercial s & Federal-American . American Security & Trus Continental Trust. Merchants’ Bank. ‘National Savings & Trust SAVINGS BANK. Commerce & Bavings Btates Washington Mechanics market is reflected in the high prices | Shracn TITLR INSUR. o8 - 150 MISCELLANEOUS. D. C. Paper pfd Merchants’ Transte 4