Evening Star Newspaper, June 4, 1924, Page 28

FINANCIAL. RAIL SHARES CENTER OF MARKET INTEREST Definite Defeat of Extra Congress Session Promotes Activity of Stock Exchange. | SOUTHERN R. R. AT NEW HIGH | /Endustrials Irregular—Oils Kept Down by Rumors. BY STUART P. WEST. 1 Dispateh to The Star. , YORK, June 4.—With the project for extra ses- sion of Congress definitely defeated, failway shares became the cénter of fnterest in the stock market today, [The buying was directed principally ffoward medium and low priced mem- ers of the group, the leader being Southern Railway common. This stock ran up ¢ points to a new high, above $7. It was a remarkabie movement, #nd bore witness to the confidence felt in the cotton price outlook an in another prosperous season in Houth. Shares r Southern roads were strong, e 1y the Seaboard Air Line riec Common FPushed. FErie common was taken up for the @rst time in a long while and pushed ally large transactions. This was, purely speculati of the othe low-priced rails. The pres and West Virginia orts which one that the Van Schweringers were ng into the property with the Uniting it with the Nickel Plate, the other than a plan for the segregation of coal railroads interests was being out. Yet, specula worked n in Pittsburgh and West Virginia stock was not dis- couraged. Rock Island common, in which there had been no transactions Myesday, was bid up over a poit across 26, and there was active ing for a while in the Wabash in_ Missouri, Kansas and stocks and in St. Louis Southwe Industrials More Irfegular. Industrial stocks were more irr ular. The oils t down rumors of furthe cutting, al- though e origina uarters only. developed in Sumatra, the preferred maki low for all time. The advance continued in Americ Worls, which at its high w points within two days French franes well below the 5 posing of most the which had been made the day before concerning th nk of France and the § it was playing in the mar- ket. Presumably t $£100.000.000 Ame it is intact able for suporting purposes if de- Sired. But it did not look today as any use were being made of fund. Moreover. while too draw very definite conclusions, the indications were that the reassur- ances of the new socialist ministr: about preserving budget stability vphoiding the Dawes plan had fome- how failed to reassure. STOCK PRICES UPWARD. tern. Material Improvement for Wide Variety of Issuss. By the Associated Pross NEW RK. June §—Stock strengthened materially ing of today e variety of leading # to 1 point in active trading ibg was stimulated by the Senate's Wote to adjourn Congress thiz week and defeat of the McNary-Haugen farm bill by the House. Internation- al Paper and American Watel established new high levels year. Further improvement in took place within the first ) as active short coverings were by the view that the latest Wishing- ton developments wolld stimulate business high recor railroad shi at the open- with a wide Buy- for the prices summer had been T Buying extended ordinarily in 1 Continued he rail | ume more | Wall street'sview chief benefits of the Congres: radical that one of the adjournment of islation affecting the and low-priced those of the southern and _Southwestern roads, commanded the most attention. United States Steel, Baldwin and American Can failed to extend their early gains, but American Water Works snapped back to 70. Liquidation of American Sufatra Tobacco drove the cpmmon stock down 2 points, and the preferred 5 to new 1924 low price: Call money opened at & per cent. e | FORECLOSURE IS BEGUN. Proceedings to Protect Virginia- /Carolina Company Bondholders. INEW YORK. 4 —Foreclosure proceedings to protect the of the bondholders of the Virginia Carolina Chemical Company, was placed in the hands of Jast Ma have been all stat Which _the company -ha rge W. Davidso: itral Union hairman of the senting T per aid tod ings followed the s to provide funds to meet the June 1 interest and was said 1o\ indicate that the majority of the bondholders were not satisfied with arrangements b which the commit- tee had undertaken to advance loans te' holders of deposited bonds to cover the interest payments due. The actiof ‘also looked upon as a preliminare xis Jun. ident of Company : mittee re; first mor! the compa; The proc ‘ure of recei the reorganization of the com- y. 4 ———— 1 METAL MARKETS. NEW YORK, June 4.—Copper, aiiet; electrolytic, spot and future: 128a12%. Tin, steady; tures, 41.25. Iron, easy; 5 ; No. 2 northern, 19.05 No. 2 southern, 21.00. ' Lead steady; spot, Zine, stead: Fast St. Louis spot and nearby, 5. 580; futures, 5.80a5.85. Antimony, s:b ) 8.40. LONDON, June 4—Standard cop- per, spot, i futures, £63; electro- Iytic. spot, £67 bs: futures,’ £67 15s; tim, #pot, £211 17 6d; futures, £211 7s 6d; lead, spot, £31; futures, £29; zinc, spot, £31 5s; futures, £31 5s. :Markels at a Glance INEW YORK—Stocks irregular; ral shares strong; oils under pres- sgre. Bonds firm; four liberty issues at year's highest levels. Foreign ex- cHanges lower; French francs drop ‘below 5 cents. Cotton weak; better weather. Sugar easy; lower, spot et. Coffee steadier; firm Brazil- market. = i [CAGO—Wheat strong; buying advance in Winnipeg. Corn firm; crop start. Cattle steady; local shipping demand broader. Hogs ; weighty butchers in active de- lands from the ! and avail- | this soon to | prices | issues advaneing | Works | to many | po interests | Adams Exp (6) Adv. Rumley. Alr Reduct (4) Ajax Rubber. Alaska Junea Allied Chem (4).. Allis-Chalm (4).. 44% AmAgriChempt 22% Am Bank N (5).. 107 | Am Beet Sug (4) 38% Am Bosch. . 24% AmBrS&F (5). 8z Am Can (16).... 104% Am Can pt (7)., 115 AmC&F (12).. 160 AmC& Fpf (7). 121% Am Chain & (2)= 2234 Am Chicle. 16% Am Drug Synd., 4 Am Express (6)., 90 Am & F P 25%(7) 94 AmHide & Lpf.. B5% Am Ice pf (6) 804 AmLaFFE(1). 10% Am Linseed pf.. 34% Am Locomo (6). 178 Am Radiator (4). 99% AmRollMpt (1) 102% Am Saf R (50c). Am Ship & Com. Am Sm & Re (5). AmS&RDf (7). 98% Am Stl Fdys (3). 34% Am Stl Fpf (7)., 102% Am Suga 42% Am Sum Tob pf. AmT&Cab (5).. AmT& Tel (9).. AmTel & Tel rts. Am Tobac (12) Am Tob B (12 Am Tob pt (6) Am Water Wks, Am W W pt (6) AmW W 1st Am Woolen Am Wool pt (7). ‘Am Zine pf. Avacorda.. ... Arm pf Del (7) . Arn Cons & Co. Asso Dry G (5).. Asso Oil (1%), ALT&SFe (6) AT&SFpt (5). 90 Atl Coast L (5). 1234 AtGulf& WIpt 20% £(4).... 1064 chols. .. 19% Gi(7)-.. 82 Bald Loco (7)... 112 Bal& Ohio (3)... B5% Bal & Oh pf (4).. 57% 16% B'eh Nut (2.40) Beth Steel (5) Br Em Stl 2d pf. Brk Edison (8) Brk-Man-Tran.. Brklyn Uné (4) | Burns Br (10) . 62% .. 106 | { Cal Packing (6).. “al Pet (1% ahan Z Lead. Can Pacitic (10). 147 Cent Leather Co.. 12 Cent Lea Copf:.. 42 CRR,NJ (t12). 211 Cerde PasC (4). 45 Clrand Mot (6)... 48% Ches & Ohio (4).. 78% Chic Gt West. 4 Chic Gt West pf.. 10% & StPaul. 12% &St Ppf. 225 1 & Nwn (4) 63%s Ch Pneu T (5) 86 ChicRI& Pac... 254 CRI&PDI(6).. 72 CRI&PDE(7).. 824 Chi Yellow C (4). 42% Chile Cop (2%). Chino Copper. CCC&StL(5).. 110 Coca-Cola (7) 674% Coca-Cola pf (7). 92 Colo Fuel & Iron. 414 Col G & E (2.60).. Com Solv A (4).. bi Congoleum (3). .. 40% Con Cigars pf(7). 614 Consol Gas (5)... 634 Consol Textile. g ContCan (4).... d48% Cont Can pt (7).. 114 Cont Motors (20c) 6% Corn Products. 364 28% 62% 30 12% 57% 175 Cuban Cane Sug. Cub Cane Su pt. . Cuyame! Fr (4). . | Dan! Boone M (3) Devidson Chem. . Det & Hud (9) . Del L& W (6). A Co (8) Dome Mines ( Du Ptde N (8 r, emphasized | Du P de N db (6) Eaton Ax (2.60) Bl Stor Bat (4) would be the blocking of | B Horn Coal | End-Jobn (5) Erie 15t pf. Erie 2d pf. Fairbanks-Morse. Famous P1 (). ... Famous P! pt (8) Fed Lt & Trac... Fed Lt&Tr pf(6). FdM&Spl (7). h AV B (610). Fish BO pf (8) ’isk Rubber. . Fleishman (3) . Foundation (6) % Freeport-Texas.. 8% Gen AmT C (3).. 39% Gen ATC pf (7).. 94% Gen Asphalt...... 37 Gén Cigar (8) 841 General iec (8).. 221% Gen El spe (60c). 107 ! Gen Mat (1.20)... 13% | Gen Mot pf (6).. 80 Gen Mot db (4) Bl Gen Mot db (7)... 93 Gen Refr (4)..... 42 Gen Petm (2) 391 Goldywn Pict.... 154 Goodyear pt. 42% Granby Consol... 13 Gt North pf (5).. 58% Gr NorOre (3)... 26% Grt Wstn Su (8). 20 Gr Canan Cop.... 10% Guantan Sugar 614 Guif St 811 (5) 67K 34% 46 v Hayes Wh'l (3) Homestake( 7) Houston Oil. . 65% Hud Mot C (3)... 28% Hupp Mot C (1).. 12% Tilinois Cent (7). . 108% Il Cent pf (6) ... 105% Indian Refining 5% Indian Motoreye. 18% Ind Ref pf (7)... 62 Inland St (21).. '32% Inspiration Cop.. 23% Interb Rap Tr.... 20% Int Bus Ma (8)... 93% Int Com Eng (2). 28% Internat Har(5). 85 Int Mer Marpf... 34 Internat Nickel.. 13% Inter Nick pf (6). 79% Internat Paper... 46% Int Pap pfst (6). 72 Int T&T (6). [ Invincible Oil 124 Jordan Mot (3)... 24% Kan City South... 19 Kan CSopf (4).. B2 Kelly Spr Tire... 14 Kelly Springfd pf. 41% Kenne Cop (3)... 38% Keystone T&R.. 1% Lee Rub & Tire. 85 Leh Val (3%).... 4% Leh Val rights... 28% Lig & Myrs (3).. 51% Lig & Myrs B (3). 51 Lima Loco (4)... 57% Loews Inc (2). 16% Loft, Incorpor. 5 Loose-Wiles Bis.. 55% Lorrillard (3).... 35% Louis & N'sh (6). 93% Melatyre (76¢).. 2% | 15% . NEW: YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. Low. Close. 65 65 65 65 Mack Trucks (6). 83% 83% 82% 82% MackT2d (7)... 88% 88% 88% 88% Magma Copper... 28 28% 28 28% Mallinson & Co... 23 23 23 28 Manhat Shirt (3). 84 34% 84 34% Maracaibo Ofl.... 27% 28 27% 2T Marland Oil..... :81% 32 30% 30% Martin Parry (3) 82 82 82 82 Mathieson Alkali 33 83 383 838 Maxwell Mot A... 44% 44% 44 44u Maxwell Mot B... 11% 11% 11% 11% MayDptSt(5)... 85 85 8 85 Mex Seaboard(2). 21% 21% 20% 20% MexSeabd ctfs(2) 20% 20% 20% 20% MiamiCop (2)... 204 20% 20% 20% Middie St Oil. 2h 1% 2 M StP&SSM pf 4 58 58 b3 Mis Kan & Tex... 11% 11% 11% MisK & Texpf... 33% 34% 33% 344 Missour Pacific.. 13% 14 18% 14 Missouri Pacpf.. 424 43% 424 48 Montgom Ward, 23% 3% 22% 2% Moon Mot (3) 2 20 20 20 Mother Loi3T¥#e.. T % 7% T4 Nat Biscuit (3) b52% b52% O51% 62 Nat Dairy (3) 3814 334 331 Nat Lead (8).... 13234 132% 131% Nat Ry, M 2d pt W 1w 1% 1% NatSupply (3).. 63 63 63 63 NewO,T&M 1233 99 89 99 NYAirBr(4)... 89% 39% N Y Central (7).. 102% 108 NYC&StL(6). 81 '81% 8( Ny C&StLpf (6). 831 83t 83 N Y Dock. . 32 32 81 NYNH& Hart... 19% 19% 18% zara Fpf (7). 2T 27 2T% Norf & W (18)... 128% 124 122% North Anier (2) 27 26% North Ampf (3).. 4 4% North Pac (5)... 62% 52% Nunnally Co (1).. 7% ki Oh F Sup (215) 32% Onyx Hosiery. . .. 18 Otis Elev (n) (4).. 73% 78% Otis Steel. Owens Bot (3) - Pacific Mail Pacific Oil (2) Packard (1.20 Pan Amer (4). ... Pan Amer B (1).. Par & Bing (2 PennC&C (4).. 215 Penn Railrd (3). 43% Penn Scab Steel.. 2§ Pere Marq (4) Phila Co (4) . Phila Co pf (3). Phila& R&I. Phil Mor (50¢) ... Phiilips Pet (2 TPhoenix Hosiery Pierce-Arrow. Piarce-Arrow pf. . Pierce Oil. . Pierce Oil pf Pitts Coal (4) Pitts Ut ctfs 1.65. Pitts Ut pf 1.6 Pitts & West Va. P&W Vapf (6). 97 Press StIC (4)... 47 d & 26% Prod Pub Se Public Serv rts. 8 v Puliman Co (). W 123% 122 Punta Al Su Bi% 51 Pure Oil (1%) 22 22 2% Pure Oil pf (8) ... %% Rand Min (235) .. 31% Ray Cons Cop. 10% Reacing (4) 55% Reading rts. . Read 2d pf (2). Rep Ir & Steel Roynolds Spr (2) Rey Tob B (3). .. Roy D'tch (3.46).. St L San Fran L-San Frpf. L Southwest. . StLS'thpt (5).. Savage Arms. Scaboard Air L. Seab'd Air Lipf. Sears Roe & Co. Seneca Copper. Shattuck-Ariz Shell Un Ot (1) Simmons Co (1). Simmes Pet...... Sine Con Ol (2).. Sin Con O pt (8) . Skelly Oil. Sloss-Sheft So P Rico Su (6) South Pac (6). ... Southern Ry (5). South Ry pf (5).. Spicer Mfg. .. Spicer Mf pf (8). Std Gas & Bl (3). t il Cal (2). OiLN T (1). Oil N J pf d Plate GI(7. eriing Pr (4. Stew't War (10).. Stromberg C (8). Studebaker (4) Sabmarine Boat. . Superior Oil Sweets Co of Am. Texas Co (3)..... Tex Gulf (16%). 59% Texas & Pacific. . 29% Tex & Pac C&O. 8%, 8% Tide Wat Oil (4) 124% 124% 122% Timken (13%)... 34% 34% 34 Tob Prod (6). 59 59% 58% EOLERTAC) - SRS ERARETE TranscontOil.... 4 4% 3% Underwood (3).. 37% 37% 37% Underwd pf (7). 1174 117% 1174 UnBagPa (6)... 55 55 65 Un Pacific (10)... 130% 131 180% UnPacpf (4).... 72 72 12 Utd Alloy Sti (3). 251 254 254 Utd Cigar Stores. 42 42 42 United Drug (6). T2% 72% 172% Utd Ry Invest.... 11 11 10% Utd Ry Invest p! 3% 3T% Universal P pf(7). 57 57 U S Cast Iron P.. 90% 88% U S Hoff Mach. 1% 1% U S Ind Alcohol. . 66% 65% U S Rubber % 26 26% USR 1st pt 2% T1% U S Steel (16) 97% 96 U S Steel pf (7). 119% 119% 119% Utah Copper (4).. 69 69% 683 Utah Securities.. 314 81% 30% Vanadium Corp.. 21% 21% 21% Va-CaroChem... 14 1% 1% va-CaroChemB. % % % Va-CasoChpf... 4% 44 35 VaRy& Power.. 564 57% 564 vivadou. % 7 6% Wabash. ... 4% 1654 14% Wabash pf A... 4% 45 Wabash p{B. ... 30 30 Web & Heilb (1). 15% 16% West Pen (4) ... . 59% 58 West EI pf (7)... 114 “114 114 West Mary 2dpf. 16 164 16 Western Pacific.. 19% 204 19% West PacDf (€). 65% 65% 65% ‘West Air Br (6. 88% 88% B8B% WestE&M (4).. 57 57 56% Wheel & L Erie.. 8% 9 8% 8% Wheel & LErpf.. 17% 18% 173 184 WhEagOil (2).. 23% 24 28% 24 Wickwire Sp Stl, s 1% 1% 1% Wil&Coptf...... 16° 15 15 .15 Willys-Overland. % Th Th Willys-Over pf. .. 69% 68% 68% Woolworthn (3).. B4k 84% B84% 84% Worthington Pum. 26 25% 25 2b% Wrig WJr (3)... 874 8T% ¥T% 874 Yellow Cab (5)... 4T 47% 46% 46% Youngst S&T (5). 64 64 64 64 artly extra. Payable in preferred stock. Diviaend rates: a8 givenin’ the sbove "tomms are the annual cash payments based on (he Iatest quarterly or balf-yearly declarations, “Unless “otherwise poted. extra or special ividendsare Bot neh 2% Mack Cos pf (4) . 15% 58% 114 16% 19% 65% 88% b6% High. Low. Last. CallMoney..... 3 2% 2% HOURLY SALES OF STOCKS. 1lam. + 242,300 12m. 389,600 1PaD. ... 508,600 2 D.M..sse594,500 ER i A BALTIMORE DAIRY PRICES, BALTIMORE. June 4 (Special) Live poultry—Spring chickens, pound, 35a45; leghorns, 30a40: old hens, 22a 27; leghorns, old, 22a23; roosters, 16a 17. Ducks, young, 28a30; old, 15a22. Pigeons, pair, 40a45. Eges (loss off)—Native and nearby firsts, free cases, per dozen, 24; eouth- ern, 23. , Bood to fancy, , 42 42a44 3, pound, 58 print, ’uum HIGH-GRADE BONDS STRONG IN MARKET Heavy Buying of Liberties of All Maturities—Some Rails Frac- tionally Higher. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 4—The bond market was very strong again today, especially in the high-grade invest- ment list. There was heavy buying of libertys of all maturities, and new high records for the year were made by the firsts 4%s, the second 4%s, the third 4%s, while the fourth 4%s equaled the high for the year. At the same time; the gilt-edge rails and industrials were firm at the top prices of the year, and some of them made new records, notably U. S. Steel sinking fund 5s. Among the rails, Union Pacific first 4s, Atlantic Coast Line 4s, New York Central 3%s, B. & O. first 45 and Canadian Pacific 1s were all higher fractionally. Second Grades Show Advaneces. Bonds of middle and second grade such as St. Louis and San Francisco prior lien A 4s and Southern Railway general 4s and Missouri, Kansas and ‘Texas prior lien A 5s shared the im- provement. Among the utilities, Public Service of New Jersey 5s were firm around the recent high and American Water Works and Electric Collateral Trust 5s made a new high for the vear, the latter doubtless in sympathy with the stock. Hudson and Manhattan refunding 5s held their gein, while the income bonds were again heavily bought at the top price. In the speculative railroad group adyances were the rule and declines thé exception. New Haven issues hibited unusual strength, esp the sixes. There was more buyi ssouri Pacific general 4s at hig! prices and sustained strength in the sixes. As was to have been exp from the stremgth in the stock bonds were also higher today. S board Air Line adjustments had better market than in a long time St. Paul Issues were about steady. Foreign List in Waiting Attitode. As far as the foreign bonds w concerned. the market adopted waliting attitude. The demand for high-grade mu- ipals was demonstrated by the price brought in Tuesday's sale of New York City Corporate stock and bonds. Thexe new securities to the amount of $67.400,000 were offered today to the public at prices to yield from 3.5 to 4.15 per cent. the higher return for the longest maturity FRENCH FRANC MEETS VARIED CONDITIONS Undergoes Unparalleled Fluctna- tions Within Three Months—All Classes Feeling Effects. By Radio to The Star. PARIS, June 4—Within three months the French franc has under- gone unparalleled fluctuations, cascad- ing from sixteen to twenty-eight to the dollar, soaring to 15, plunging again to 21 and rushing up once more to 19. The fluctuations have re- a.ted to the detriment of both whole- sale and retail prices, so that all classes of society have felt the effect and have come to long for stabiliza- tion of exchange. No supject. save pol comes in for a great ount of comment from the written and the spoken word. If everybody wishes stabilization, how- ever, he does not wish it at the same level. Here and there is a definite conflict between industry and the politicians. M. Herriot's Object. M. Herriot and the new masters of parliament want to drive the franc back toward normal just as far as possible, partly from reasons of pres tige and partly from reasons of pop- ular cxpediency. Wages are calcu- lated on a level of approximately 15 francs to the dollar and prices on a level of 18 or higher. The difference is ruinous to the poor man and small salaried employe, who constitute the great mass of Herriot supporters. Big business, on the other hand, sees the crisis differently. It wants to keep the franc at the present level so that it can obtain cheap labor and cheap materials to enable it to_co pete with its foreign rivals. When the franc stood lowest French manu- facturers underjook a large-scale campaign of dumping in Great Briiain and Germany and, to some extent, in the United State: Restricted Business Results. When exchange rose to its highest last month French big business had to restrict operations painfully. Now that money is slumping again exports are prospeHng again. A moot que tion of great interest is the extent to which the fluctuations f exchange has caused the flight of capital. Ger- many almost collapsed under the im- petus of a similar movement. The important point is whether the bulk of credit balances is kept in French or in foreign banks. So far as can be guessed at present, French banks still predominate. FOREIGN EXCHANGE. (Quotations fornished by W. B. Hibbe & Co.) Nominal Selling checks gold valoe. today. 432 London, pound . > kN Montreal, dollar Paris, frane . Brussels, franc Berlin, mark Rome, ' lira . Zurieh, franc ‘Athens, drach Madrid, peseta Vienna, crown .. Budspest, crown .. Prague, crown . Warsaw, mark Copenha; Christiania, crown Stockbolm,” crown : By the Associated Press. NEW YORK, June 4.—Foreign ex- changes easy. Quotations (in United States dollars): Great Britain, de- mand, 4.31; cables, 4.31%: sixty-day bills ‘on’ banks, 4.8 France, de- mand, .0434; cables, .0495. Italy, de- mand, 04333 : cables, .0434. Beigium, demand, .0436%; cables, .0437%. Ger- many, demand (per trillion), .23% Holland, demand, .3732; Norway, de mand, .1351; Sweden, demand, .2650; Denmark, demand, .1679; Switzerland, demand, .1756; Spain, demand, .1343; Greece, demand, .0182; Poland, de: o 81 354 000016 00015 ‘0204 1000016 188 mand, .00000012; Czechoslovakia, de- mand, ~.0292; Jugoslavia, demand, 0121%; Ausiria, demand, .000014% Rumania, demand. .0042%; Argen tina, demand, .3260; Brazil, demand, .1070; Toklo, demand, ,40% ; Montreal, 98 13-32. G RAW SUGAR UNCHANGED. NEW YORK, June 4.—No further changes were reported in the local raw sugar market early today, with offerings at last prices of 509 duty paid for Cubans, Twenty thousand bags of Cubans for second half June shipment were sold.to a local re- finer. Continued liberal offerings in the ot market at last prices discourag- :s fresh buying in raw sugar futures and led to renewed selling for both Jocal and foreign accounts. Prices at midday were five to eight points net I ON NEW YORK BONDS STOCK EXCHANGEI Received by Private Wire Direct to The Star Office. (Bales are in $1,000.) UNITED STATES BONDS, {Fractions represent thirty-second: Example: 101-3 means 101 3-32.) Sales. High. Low. Olose, Lib 3%s. 7901 100-5 100 1004 Lib 1st 4%s. .. 18T 100-25 100-22 100-24 Lib2d 4%s... 579 100-21 100-16 100-19 Lib3d 4%s... 169 101-5 101-3 101-4 Lib 4th 43s. . 1220 101-1 100-31 100-31 US4%s1952. 113 10217 10214 10217 FOREIGN. Sales. High. Low. Close. 8 101% 101% 101% 4 90% 90 80 16 90 89% 90 24 103% 103 103% 13 100 100 100 10 1025 102% 102% 36 9lk 9k 914 3 81%° 81% B8l% 14 81% 81 8lA 7 97 91 97 3 100% 100% 100% 407102% 102% 102% 97100% 100% 100% 1004 100% 100% Argentine 7s Argentine 6s '37 Austria 7s.. Belglum Ti4s Belgium 6s Belgium 85 Bolivia 8s. ... Bordeaux 6s. Brazil 7s. Brazti 8s. teea Canada bs 1926, . . ‘anada Gl%s 1929 . Capada 5s 1931. Ganada b 1352 “hile 85 1946 6% 106 106 Chile 8 1526... 7.0 ‘g 1034 103 103 Chile 851941. ... .. 107 106% 107 Chile 75 1943. ... 96% 96 96% « 42 42 42 Copenhagen 6. 90% 90% 0% “uba Gigs. ... 457 947 94vi 9% Czechoslovakia 8s. 6 96% 96% U6 Danish Munic 8s A. 1 107% 107% 107% Danish Munic 8s B. 2 107% 107 , 107 Denmark 8s 6 108 108 ° 108 Denmark 6s. . 2 95k 947% 954 Dutch ET5%s 86% 8 85% Dutch Bast I 63'47. 93% 83 93% Dutch East I 6s'62. 92% Finland s f 65 1945. 88% Framerican 7%s.. i 89 89 French Govt 8s. 99% French Govt 7% 950 Italy 615 1926. . . 100% Japanese 1st 4%s 9% Japanese 2d 4 97h Japanese 4s. 4 7% Japanese 6% 143 90 Jergens UM 65'47. 34 Lyon 6s 96% therlands 6s. Norway 6s 1943, . Norway 6s 1952, .. ent Dev d. 6s. Puris-Ly's-Med 6s. Queensland Queensland 6s. .. Rio de Jan §5 1945, 2% 9 Rio de Jan 83 1947, 1% Rio Gr Do Sul §s 97 Salvaqor 8s'48. ... 2 102 a0 Paulo City 8s.. 100 a0 Paulo State $s. 2 102 eine Dept of 75. ... 87% Serbs Crotes Slo 8s 81% weden 6s. 7 108 wiss Confed 8s... 18 112% 112% vise 5168 1946. .. 95 95 Tokio 5s..... €0% 60% Ud Kingm 525" 101% 101% Zurich 8s.. .. .4 109% 10 MISCELLANEOUS. Ajax Rubber sy Am Agr Chem 5s. . Am Agy Chem 7%s Am Repub dgb 6: Am SmIt&R 1st 5s. Am SmIt&R 63 Am Sug ref 6x. Am T & T cv 6s. AmT& TeltrSs. . AmT&Tcltrds.. 39 95% Am T & T deb 5%s. 78 101% Am Water Wks 5s. 55 90 Anaconda cvdb 7s. 33 96 Anaconda 1st 6s... 53 957 Armour & Co 4%s. 12 & Armourof Del 535 8 86% Associated Oil 6s.. 11 99% Atlantic Refinbs.. 3 984 Bell Tel Pabs..... 6 89% Beth Steel 5335 °'63. 16 881 Beth Steel rf5s.... 1 93% Beth Steels{6s... 5 96% Braden Copper 6s.. 34 104% Brier HSt1st 513 8 854 Blklyn Edison 3 109% Bkiyn Ed gen 1 100% Bush T Bldg 58" 4 w3 5 974 2 9% 8 98 7 99% 6 9u% 4 9% 4 88% s. 3 B8% . 35 107% 26 97 1 Det Edison ref 6s.. 23 106% Donner Steel 7s... 2 84 5 1084 85 105% . 23 104% 36 89 1 99 Duquesne iZst Cuba Sug. Empire G&F 7 “15k Rubber 8s. Hershey 6s illinois Beti 1st os. Illinois Steel 4335, 16 . 9245 2 95% 8 87w 3 92% 5 96% 4 110% 5 98 41 102% 1 103% Kan G & E! Kelly-Spring 8s. Lackawa S 5s '50. Lorillard (P) 5s Magma Cop cv 7s Manati Sug sf 7% Marland Oil T4s. . Mexican Petrol 8s. Midvale Steel bs. 14 88% Montana Power 5s. 4 964 Morris&Co 1st 4%s 6 76 New Eng Tel 55... 45 99% NY Edsn 1st 6%s. _ 4 1114 N Y Tel 6s'41. =9 105% N Y Tel 6s'49. 1 106 NY Tel 4%s 31 95 North Am Ed 6s 14 92% North Am Ed 635, 2 98 Nor Ohio T&L 6s 14 91 Nor States Pow 5s. 5 92% Nor States Pow 6: 4 103 Northwst B Tel 7s. 7 108% Otis Steel T%s..... 1 8% Pacific Gas & E15s 16 92% 52 924 Phil & Rdg C&I1 5s. 95% Phila Cob5%s'38... 6 92 Pierce-Arrow 8s.. 11 74 Public Service 5s.. 89 92% Pub Serv Elec 65, . 14 100 Punta Alegre 7s... 5 108% Sharon Stl H 8s 1 100 100 Sinclair Oil 7s. 6 89% 89 Sinclair Oil 63%s... 1 8i% 84% Sin Crude Oil 5%s. 16 99% 99% Sin Crude Ol 6s... 73, 99 98% Sin Pipe Line 6s... 21 84 83% South Bell Tel5s.. 4 96% 96% So Por Rico Sug s 4 101% 101 Southwest Bell 55. 25 94k 94K Steel &'Tube 7s. ... 38 104% 104% Tenn Elec Pow 65.£36 96 96 Tide Wat Oil 6%s. -1 103% 108% Uniop Bag & P6s.. 1 93% 9334 USRublstrfbs.. 16 80% 80% U S Rubber 7%s... 23 1004 100% U S Smelter 6s..... 4 100% 100% U SSteel s£5s.... 73 104 104 Utah Pow & Lt 5s.. 8 90 90 Vertientes Sug 7s. 5 94% 94% Va-Car Chem 7s... 68 60% 604 Va-Car Cb 7%sw. 19 30 80 ‘Warner Sug7s’41. 5 102% 102 Warner Sug 7s°39. 2 94 9 Western Elec 6s...133 9T% 974 Western Union 6% 32 111 1104 Westinghouse 7s.. 5 108% 108% Wickwire Spen 7s. 4 69 59 Willys-Ov 6%s°33. 8 98% 98 98 Wilson & Co 1st 6s. 25 82% 82 82% Wilson&Ccv 7%s. 3 blk blk 61% Wilson & Cocv6s. 2 49% 48% 48% Winchester A 7%s. 1 101% 101% 101% Youngstn S& T 6s. 32 94% 94 94 RAW SILKS WEAKEN. NEW YORK; June 4 (Special).— Weakness came into the raw silk markets today and wiped out the 5 to 10 cent gains made by most grades of silk on Tuesday. The XXB grade now is qquoted at 5.20 a pound, extra at 5.15, best No. IX at 5.10, Best No. 1 at 5.07%, XXA 20-22, denier at 5.20, Canton 14-16 at 5.20 aud Canton 20-32 at 4.90. The cotton goods mar- [Kets” wers quiet, ‘with prices un. 9% m-'_ 64 by, 60 and 10% RAILROADS. Atchison gen 4s...0 15 8| Atchison adj 4 2 82 Atlantic CL 1st 4s. 36 89% B&Oprin3i 33 98% .62 85% 58 101% 68 88% 16 84% 28 83% & O SW div3%s. 16 98% Bklyn-Manhat 6s..146 76% Canad North 7s.... 6 112% Canad Pacdeb 4s.. 76 80% Car Clinch & O 6s. 95% Car Clinch & O 6s 97% Centof Ga 6s. ... 102 Central Pacific 4s.. 3 86% Ches & Ohlo cv 5s.. 95% Chj & Alton 3%s. . 33% Chi B&Q 1st rf 5s. Chi & E 11l gn 5s. Chi GrWest 4s (n). hi M&St Prf 4%s Chi M & St P cv bs. ChiM & St P 45 '25. CM&StPdbds ChiM&StP6s.... Chi &N W 6%s.. ChiRys5s........ ChiRI&Prfis. ChiTH & SE bs. Chi Un Sta 4%s. Chi Un Sta 6%s. hi & W Ind cn 4s. JC & StLrf6sA. “leve Term 51:s Cleve Term 5s Colo & Sou 4%, Cuba RR6s..... Del & Hudson 5%s. Den & Rio G cn 4s. Det United 43%s. . . Erle 1st con 4s Erle gen 4s irie conv 4s Evrieconv 4s B Vrie conv4sD.... Gr Trunk sf db 6s. and Trunk 7s. .. North gen 7s... orth gen 5143, ven 13 & W db B. Hud & Man ref 5s Hud & Man aj bs.. 11l fentral 53%s. Int Rap Tran 5s... Int Rap Tr bs stpd. Int Rap Tran'6s Int Rap Tran Ts. .. Int & G Noraj 6s. . Kansas City S 5s. . Lake Shore 45 '28. Lake Shore 4s'31. Lehigh Valley 6s. . Louls & N uni 4s. Louis & Nash 7s. . . Louis & Nash 5%s. Louis & NosB.... Manhat Ry cn 4s.. M & StListref 4s. 3 SSM 616s. 13 M StP & S5M cn 4s. 10 MK&TprinbsA. 12 MK&T4sB...... 3 MEK&T6sC 15 MK & Tadjbs.... 93 Mo PacHic 63 24 Mo Pacific 21 Mo Pacific gn 4s...108 N O Tex & M in 5s. 24 N Y Cent gen 3} 7 N Y Cent deb 65... 66 N Y Centdebds... 2 ¥ Y Centrib 68 NYC&StL 15 New Haven c d 6s. 51 New Haven d 45'57 1 New Haven7s..... 4 New Haven 7s fr.. 153 ¥ Y Ry rf 4sctfs. . New York Ry a N Y R E N Y N Y W & Bos 4 Norfolk & W Norfolk & W cv 6s. Northern Pac 48 Northrn Pacri6s Sht L cn 5s'46. ort Lref 4s. Ore-Wash 1st rf 43 Pennsyl gen 5s. Pennsyl gen 4%s Pennsyl 6izs Pennsyl goid Pere Marq.1st bs.. PCC&StLbsA.. Reading gen 4s Reading gn 4148 Rio G West cl 1s.. RIArk & L4%s.. St L IM&S R&G is. St L IM&S 45 SUL& S F pl 4 StL& S ¥ prinSs. StL & S F inc 6s. StL&SF54sD Seab’d A L con 6e.. Sou Pacific 4 ‘29 Sou Pacificref 4s Sou Pacific cit 4s. . Southern Ry 1st §s Southern Ry gn 4s. Southern Ry 6%s. . Southern Ry 6s ct. Third Ave ref 4s... Third Ave adj bs. Tol$tL & W 4s. Tol StL& W 3%s. Union Pac 1st 4s... Union Pac 1strf 4s Union Paccv 4s... Union Pacific cv 6s Union Pao 1st rf 53 Virginia Ry 1st 5 Va Ry & P 1st 5s Wabash 1st Wabash 2d 5s Western Md 4 Western Pacific 5s West Shore st 4s. 815% Whel & LErf 4%5 36 624 TOTAL SALES (Par Value): 11a.m.. 3878000 12noon 5777000 1p.m.. 6962000 2p.m.. 9047000 = SHORT TERM SECURITIES. (Quotations farnished by Redmond & Co.) —Noon.—, Bid. Ofter) Aluminom Co. of Amer. 7s 1925. 102% Aluminum Co. of Ame: . 1083 American Sugar Gs 1 9913 American Tel. & Tel. 118 Anaconda Copper 65 1929. 1015 Anglo-American Copper 65 1959.. Associated Oil Gs 1933 5 Bell Tel, of Canada Gs 1935 Canadian Nor. 514 Central Leather o Ch., Mil. & St. P Chi., B. I & Pac. 5'%s 1926, Colimbia Gas & KL Ist 56 0 Gulf Ol of Pe Humble Oil 5% Kennecott Copper Ts 1 g Libby, MeNeill & Libby 7s 1931. M., St P. & 8. 8. M. 6ls 1831 Morris & Co. Ths 1830. .. 5 New York Ceniral 6s 1835. .7 Oregon Skort Line #s 1929.... Penna.-Obio Power & Lt 85 1926 Penna. B. B. 75 1950. Swift & Co. 5s 1082 Tidewater Oil 613s Union Tank Car 7s 1930. U. S. Rubber 7148 1930. Western Union 6%s 1 Westinghouse E. & M. ‘Waeeling Steel 6s 1926. BOURSE PRICES FIRM. PARIS, Junp 4—Prices were firm on the Bourse today. . Three per cent rentes, 52 francs. Exchange on London, 85 francs 10 centimes. Five per cent loan, 67 francs, 25 centimes. The dollar was quoted at 19 franes 54 centimes. at. NEW YORK MONEY RATES. NEW YORK, June 4.—Call money steady;: high, 3; low, 2% ruling rate g G s ‘commereia paper, 4%a a4 FINANCIAL. OF BUSINESS OUTLOOK By the Associated Press. BOSTON, June 4.—There are many reasons “why we should be cheerful rather than depressed,” said James A. Farrell, president of the United States Steel Corporation, in an address be- fore the convention of the National Foreign Trade Council, which opened today. Mr. Farrell is chairman of the council. “As business men,” he said, “we know that emotional reactions arc temporary, that as a nation industry and agriculture will not for long thrive on the medicine of pessimists, There are indications that we are getting out of the mood of unjustifi- able depression. It has lasted lons enough and a reaction to considered optimism is not far off.” Speaking on ‘“wider markets for American products,” Mr. Farrell said that the success of this country in expanding productien carried with jt a necessity for constant and ready access to foreign markets for the sale of u steadily growing portion or American products. In the markets of South and Central America, he added, there s opportunity for greater expansion. COTTON MARKETS. NEW YORK, June 4.—Reports of improved crop positions in the south and weakness in the Liverpool mar- ket, accompanied by heavy llquida- caused a break equal to about a bale in the cotton market in the early trading. Cotton which had been purchased on the unfavorable crop report of last month was evidently being re- old, and when an unfavorable re- view of last week's weather condi- ns failed to bring in fresh buying the offerings became even h October_sold down to 26.0: cline of 72 points from close, and of 14X points, or nearly half cent a pound from the high mark tonched on publication of low end of May condition figures last Monday. The opening was easy at a decline of 17 to 28 points. Active months sold 45 to 50 points net lower before the end of the first half-hour, July declining o 2034 and October to 26.. Reports that the weather wasx generally clear and warm in Texas were accompanied by selling orders from the southwest. while there was further liquidation of cotton bought on thelow-end May condition figures. Cotton’ futures closed easy. July Oriober NEW ORLEAN ton market opened easler with rather | liberal selling on poor Liverpoo! cables and much better weather in the interior rst trades showed losses of 24 to 22 points compared with the close of Mond Prices eased off further immediately after | the opening call until July traded at 9.25, October 2555 and December or 34 to 50 moints met lower. After the first pressure of selling prices rallied slightly on expeciation of an unfavorable weekly weather report. Dry goods news proved e couray New York reporting fairly large sales of picce moods. Cotton futures cloned at get dectizes of 87 1o 100 points. ’ i High Juy Oetober Opening. ember. . bid, LIVERPOOL, June 4—Cotton—Spot quiet; price: sier; good middl fully middling, 13. middling, good ordi- . Sale . including 3,600 Americ: ceipts, none. Futures closed bai steady; June, 17.76; July, 17.24; Octo- ber, 15.41; Dec January, 14.86; March, 14. CHICAGO GRAIN MARKET. CHICAGO, June 4 —General misgion house buying due more or less to higher prices at Winnipeg led | to a material upturn in the Chicago | wheat market today during the early dealings. The broadening of demand was _explained in some quarters as chiefly the result of the proposed substitute for the defeated McNary- Haugen bill. Other observers ex- pressed opinions that the buying re- flected more confidence in the normal functioning of the market, the 1 hood of new legislation having been {diminished. Opening . prices, which ranged from ls decline to lhal ad- July 1.021 to 1.03%a1.033 and | piember 1.0515 to 1.05%, were fol- wed by a rise all around, more tha a cent a bushel for July and Septem ber. Unfavorable weather tended to lift of corn and oats. After open- t 15 lower to an equal advance, corn scored moder- com- | ate” general gains Oats started unchanged to a shade higher, July 43%, and later showed an_advance for all deliveries. Provisions were easier, sympathiz- ing with weakness of hog values. WHEAT— Open. Low. Close. July ........... LOBY 1.0 September 1061y December ... LoT33 CORN — oy September . Decémber OATS— July September .. | December BALTIMORE Potatoes, white, 100 pounds, 150 pounds, new’ potatoes, barrcl, 2.5 5.00; asparagus, dozen, 1.80a4.00; beans, bushel. : ‘beets, hun- bushel, 50a65; cabbage, crate, 1.50a2.00; carrots, hundred, 5.00a7.00; corn, crate, 2.00a 4.00; cucumbers, crate, 75a1.50; egg- plant 0a4.00; lima beans, Dbushe .50; lettuce, bushel, 1.50; Spring onions, hundred. peas, bushel, 1.25a2.00; pep) crate, 2.00a4.00; spinach, bushel, 40. 75; squash, crate, 1.50a3.00; tomatoes, crate, 1.50a4.00; radishes, hundred, 1.50a2.50. Appies, packed, barrel, 3.00a6.00; bushel, 1.00a2.00; box apples, 2.00a 3.00; grapefruit,’ box, 25a3.85; or- anges,” box, 3.75a4.75; strawberries, quart, 7al5: pineapples. crate, 3.00a 4.00; peaches, crate, 3.0023.50. Settling Prices on Grain. _Wheat—No. 2 red winter, spot, 1.11; No. 2 red winter, garlicky, domestic. 1.07%; no quotations on No. 4 or No. 5 red winter, garlicky. No sales. Corn—Cob, new, 4.25a4.30 per barrel for yellow, and 4.10a4.15 per barrel for_white; No. 2 corn, spot, 843; No. 3, 81%; track corn, yellow, No. 3, §3 asked. ' No sales. Oats—No. white, new, , JRyeNearby, No. 2 rye, spot, Hay — Receipts, 170 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 draggy. Quotations—No. 1 timothy, 29.502 30.00; 2, 28.50a29.00; No. 3 timo- thy, 26.00a27. No. 1 light clover, mixed, 27.50a28.00; No. 2 light clover, mixed, 25.00a26.00;: No. 1 clover mix- ed, 27.00a27.50; No. 2 clover, 24.00a 25.00. o Sgtraw—No. 1 straight rye, 23.00a 24.00 per ton: No. 1 tangled rye, 18.00a 20.00; No. 1 ‘wheat, 17.00217.50; No. 1 oat, 16.50a17.00. A reduction of 5 cents a barrel on western grade of winter patent and winter 'stralght flour was announced #his morning. . 58 asked; No. 3 —~— ASKS FOR DESTROYER.. The American minister at Tirana has asked that an American destroyer be kept in readiness to proceed to TO HOLD CONVENTION Will Combine Business and Pleas- ure in Annual Meeting at White Sulphur Springs. WILL LEAVE CITY TONIGHT Attractive Array of Speakers Scheduled for Session. BY CHAS. P. SHAEFFER, Approximate! 200 local bank bank directors and guests will leave on a special train tonight for White Sulphur Springs, W. Va, the of the sixth annual convention of the body. Tomorrow morning at 9:20 o'clock Harry V. Haynes, president of the organization, will call the associa- tion together for the first business meeting. These morning sessions will be continued thereafter up to including Saturday, when the ass ation will organize for the ensuing year. Su ¥ will be giv recreation, the delegates for Washington No business the afternoons, these periods assigned to sport, golf, te ming for the men. with mah-jong parties for the Prominent Speakers An attractive arr; been selected for E. Roberts, vice tional City F scene and iat nig) s will be bric introductory tomorrow morr On 1ors v of the Federal Reserve K Richmond will be heard, followed t et t' preside r taking the p ston, under: who w Party Personnel. Those who have signified their tention to fude the fol Francis G. Addisn, Mr. and Clsde B. Asher, Ra 7. Bar ard, Hugh W. Barr, Mr. and Mrs, R Behrend, John Benton, J. Me- nney Berry, Dion nd Mre. Y. K. Booker, ne Booker, B - s. Charles D, B omas W. Bra Mr. and A Cox. Mr. Lashmutt, B Nr. and Do B. Brown. Drury, irs Dulin John and Mrs. A A. S. Gatley, Benjamin Arthur B. Ha Holander, % r Horne, John D. Howard, W. W ton, Mr. and Mrs. Frank J. Mr. and Mrs. V LA and Mrs. John W. Hulse Mr. and Mrs, ¥ Heff, Mr. & Mrs. Harry Kaufr W. Kech Carter B. Kee Asesee Mr. M M.T Hov- Hughe Hughes, Mr {son Kurtz, H. Lee, John D. Leonard, Mrs. Donald H. MckK P. McLachlen, ' Mackall, jr. W. MacKenzie, The Mr. and Mrs. Theodore and Mrs. Samuel Milie Howard Mora Ralph P. Ne and Mrs. Joh Nve, George H ir ou B. O rice Otterback Mr. and Mrs McQuads Mr. and Mrs. F E M. Riord W. Roberts, T. Mr. and Mrs. E. F. Mrs. Joseph Sa 1Mr. and Mrs. 1 P. Shaeffer, Mr. i 2 erbert Shannon, W v, Ha L. Selb, F. P. H. Siddon, Mr. and Mrs. Morr Simon, Mrs. Arthur J. Sinnott. Mr.and Mrs. John H d: Mr. and Mre John Lewis th d, Mr. and Mrs. George I.. d Sidney W, Howard Sutherland, Mr. and Mrs. Edward i Swan. Mr. and Mrs. X L. Taylor, Mr. and M Taylor, Corcoran Tham, H. Tompkins, Geor Varela, Kenneth £ W |1er. 3r. and Mrs. John Mary E. Waller, W. T ©O. Walson, Mr. and X J. Frank White, F. and Mre. E. Percival J. Wise and Joseph FREIGHT SM/. FACTOR IN LIVE STOCK PRICES Bureau of Railway Economics An- nounces Results of Survey Made of Four Large Markets By the Associated I" Freight charges on live stock : a relatively small factor on the pric: paid to the seller, the bureau of ra way economics concludes in a study announced today covering the four large markets between Octo- ber 15 last to March 10. The principal factors influencing the seller's net proceeds are the qual ity of the stock and marketing con ditions, the bureau statcs, —while transportation costs permit the fre. movement of live stock to the variou marketing centers from a consider- able range of territors Out of each dollar paid to producer of live stock freight charges : found to take .7 cents and othe marketing charges 2.9 cents, leaving the net proceeds returned to the ship- per 91.4 cents. An analysis under- taken by the National Live Stoclk Producers’ Association for the vear 1923, which was quoted in the repori, placed freight charges at 3.78 cents other marketing costs at 2.67 cents 2nd the net prooeeds returned to the shipper at 93.55 cents. —_— “RAMSAYGRAD” IS TABOO. Too Horrible to Replace “London,” Says British Premier. LONDON, June 2. sreat Britain has received the assurance of Ram say MacDonald that Ramsaygrad shall never supplant London as Len ingrad had replaced Petrograd, which at one time was known St. Pe- tersburg. At a dinner the other which the British prime minister spoke, it was humorously mentioned that such a possibility existed. Mr night, at Durazzo, presumably to protect Amer- ican lives and property endangered by the Albanian revolution, and the Navy Department has instructed Vice Ad- miral Andrews, commanding Ameri- can naval forces in European waters, 1o hold & sbip in readiness, MacDonald quickly quicted th of the diners, saying it had been painful duty to listen to and read of many of his own possible “crimes,” but he had never heard it suggested before that he was capable of in- venting or_applying such “a horridle name” &8 grad,