Evening Star Newspaper, June 11, 1924, Page 28

FIN RAIL LIST HEADS | ADVANCE IN STOCKS Several Issues Score New High Marks Today on New York MUCH SHORT COVERING Reduction in Crude 0il Prices Ap- pears to Be Discounted. BY STUART P. WEST. Spacial Dispateh to The Star NEW YORK, June 11.—Improved feeling over the political outlook and recognition of the fact that un- favorable trade news was ceasing to liave effect were the two dominant motives in the stock market today. There was a great deal of short overing in stocks which during the | ast few s had been objects of professional attack. There was also h fresh buying, especially in the railway list. A number of the rails eithier made new highs for the year or came close to doing Union Pacific, with an advance of mora than 2 points, was the leader of he old line dividend-paying railway Atchison, New York Central, Pennsylvania and Southern Pacific were Dot far behind. All these stocks were unusually active, the absorption ©f large blocks of Pennsylvania iround and above 47 being especially fotable. Investment buying had i zood deal to de in this | quarte uthern Common Reaches 60. Railway common reached for the first time. Kven at this figure, the return was more S, per cent, and considering > outlook for continued prosperity > south and for continued large stock was still ed as a with the rise Southern . cla: | AlasGold Mines ¥ Exchange. | | Am Linseed pt. . ANCIAL.’ Adams Exp (6). Adv. Rumley Air Reduct (4) .. % 6 74 % 1 % 44% 21% 39% 24 Alaska Juneau Allied Chem (4) Allis-Chalm (4).. Am Agri Chem pt Am Beet Sug (4) Am Bosch....... AmBrS&F (5). 82% Am Can (16).... 105% AmCanpt (7)., 115 AmC&F (12).. 158 Am Chain A (2). Am Drug Synd.. Am Express (). AmMEF P 25%() 94% Am For P £ pa(7). 943 Am Hide & Lea.. 9 Am Hide & Lpf.. b5 Am Internatl.... 214 AmLaFFE(1). 10% 34 Am Locomo (6). 73% AmMetal (3)... 441 Am Radiator (4). 101% AmSafR (50c). 6% Am Sm & Re (5). 62% AmS&Ropf (7). 95t Am St Fdys (3). 35 Am Sugar. . 426 Am Sugar pr (7). Am Sumat Tob.. 8% AmT & Tel (9).. Am Tobac (12). . Am Tob pt (6)... 102% Am Tob B (12).. 141 Am Water Wks.. 704 AmW W pf (6). 83 Am Woolen (7).. 69% Am Writ Pappt, 2% Anacorda....... 30 Ann Arbor.pf 28 Asso Dry G (5).. ®8% AssoOil (1%)... 28% AtT&SFe (6).. 103 AT&SFpr(5). 90 AtlBirm&At... 2 Atl Coast L (18). 124 AtGuit& WIpt 23 Atlan Ref (4)....102% Austin-Nichols 19% Auto Knitter. 3 22% 3% 93 n's investment.” o an Francisco | sland, the St. Missouri | s stocks and Pere| i in demand at ris. | ing prices sourl Pacific preferred | made a new - high abo although | it was hard to see ho ere would ification for early dividend payments. e_accompany - nx advance in Texas and Pacific and | w Orleans and Texas and Mexico | Fevived interest in the reports of a| combination including the Missouri- | Pacific—reports which have not been | denied. Steel Goes Among_the industrials, the cipal gains naturally occurred stocks where short selling had bee most_active. The bears were intim dated /by the refusal of stocks <0 down on bad trade news. reception orded s port on United States Steel tonnage had made a particularly strong im- pression. Steel common crossed 96 today, and other steel shares were hid_up under short covering. The oils were higher. but were not as conspicuous as other groups. ialty class a sharp jump lead. active buying of Mack Trucks. strength of Savage Arms and a risc of over a point in 7 ola were features. Special appeared in United ~States Industrial Alcohol on favorable trade reports. Davison Chemical had one of its characteristic upturns, and thers was further short covering in Stewart Warner and other of the motor supply stocks, Mack Trucks' Earnings Up. Buying of Mack Trucks was in- duced by preliminary reports that the earnings of the company for the first six months will fall very little below the record figure of 1223 a share on the common in the first half of 1523, For the full year. Mack's halance on the common is expected to be only about $3 a share under last year's results. The motor truck industry, as trade reports have in- dicated, has fortunately escaped much of the recession which has occurred in the past several months in the pas- senger car business. The 15-cent-a-barrel reduction in Smackover crude oil, announced late Tuesday, received little attention in the stock market, although it was in line with expectations. Those who had been predicting further lowering of crude prices since Magnolia Pe- recent price cut, regarded the Smackover action as an indication that bottom had been struck in both the crude and refined oil price move- ments. However, with the feeling toward the oils as well as other quar- ters of the industrial list deci - more favorable, Wall stre was that this latest reduction had been fully discounted The Wilson & Co. bankers' commit- tee has secured agreements for re- newals of $1.500,000 more notes, which brings the fotal renewed to date up (0 $26,500,000, against $31,000,000 out- standing.' Tt was reported that the reorganization plan has not been defi- nitely drafted, but is expected to be completed in time to avert a receiv- ership. MAREKET CLOSES STRONG. Above 9. prin- in| The Pivotal Stocks Extra Strong in Day’s Final Trading. 'Ry the Associated Press, NEW YORK, June 11.—Speculative sentiment was decidedly bullish in today’s market, which was the most active session in weeks. More than @ score of issues touched new high levels for the vear, includirg Union Pacific and Atchison, while pool op- crations in minor issues were en- couraged by a continuance of easy money rates, Sales approximated 500,000 shares. The closing was strong. Pivotal shares took up the pace in the late trading, United States Steel moving up a point and Baldwin, Gulf States Steel, American Woolen, American an and United States Industrial Al- cohpl selling 2 or more points above yesterday's closing price. Markets at a Glance NEW YORK.—Stocks strong; over twenty Issues touch new highs in ac- tive trading. Bonds buoyant; rail licns and liberty bonds at 1924 top prices. Forelgn exchanges higher; francs rally on Millerand's resigna- tion. Cotton firm; trade buying. Sugar declined; liquidation. Coffes lower: commission house selling. CHICAGO. — Wheat higher; milling demand. Corn casy; improved weather. . Cattle frregular; buying limited. Hogs generally lower. g i EXTRA DIVIDEND VOTED. NEW YORK, June 11.—Directors of Devoe & Raynolds Company, In. vorporated, paint manufacturers, de- clared 2n extra dividend of 25 cents on the common stock today, in addi. ilon to the regular quarterly divi- dend of $1.25. Quarterly dividends of 13 per cent on the first and second preferred also were declared. TODAY'S METAL PRICES. NEW YORK, June 11.—Copper 1niet; electrolytic spot and futures, 123 ; tin, easier, spot and future, 42.00. Iron, easy; No. 1 northern, '20.00a 21.00; No. 2 northern, 19.00a20.00; No. uthern. 20.00a21.00. Lead, steady: spot, 7.00a7.25. Zinc, quiet; East St. Louis, spot and nearby, 5. mony’ spot, 8.40, s e Y CALL MONEY RATES. NEW YORK, June 11.—Call money better Bald Loco (7)... 109% Bal & Ohio (5)... 65% Bal & Oh pf (4).. b8% Barnsdall A. 16 Barnsdall B. . 13% Beth Steel (5 Beth Stl pf . Booth Fisheries. . Booth Fish 1st pf. Brk Edison (3).. 108% Brk-Man Tran.. 16% BrManTpf (6). 6l% BrklynUnG (4) 62% BurnsBrB (2).. 23 Cal Packing (6).. 82 Cal Pet (1%)... 224 Cal Petpf (7)... 95% Callahan Z Lead. 34 Calu & Ariz (2).. 44% Can Pacific (10). 145% Cent Leather Co.. 11% Cent Lea Copf... 42i4 CRR.NJ (112). 282 Cerde PasC (4).+ 45 Chand Mot (6)... 47% Ches & Ohio (4).. 78% Ch&Opt (63%4).. 103% Chicago & Alton.. 4% Chic & Alton pf. 10% Chic Gt West. . Chic Gt West pf. . Ch Mil & St Paul. Ch Mil & St. P pf. Chi & Nwn (4). ChisR1& Pac... CRI&P pt (6).. CRI&PpL (7). Chile Cop (2%) Chino Copper. Coca-Cola (7).... Colo Fuel & Iron. Colo Southern Col So 1st pf (1). Col So 2d pf (4).. Col G & E (2.6v). . Com Ir Tr (63c). Com In Trpf (7). Com Solv'B. Congoleum ( Consol Cigax Cousol Gas (3). Consol Textile. Cont Can (4) . Cont Motors (20¢) Corn Froducts. Cosden Co. . Crucibie Stl (4) Crucib Stl pf (7). Cub Am Sug (2).. Cuban Cane s};. Cub Cane Su pf. .. Cub bom Sugar. Cuyamel Fr (4) .- Danl Boone M (3) Davidson Chem. . Del & Hud (9) . Del L& W (6). Det Ed Co (8) Donre Mines (2).. Doug-Pectin (1). DujS S & At pf. DuPtde N (). DuPdeNdb (6). 87 Eastman (16%). 106 El Stor Bat (4).. .56 Elk Horn Coal 12 59 27% 4% Erie 2d pf. 29% Fairbanks-Morse. 27% Famous P1(8)... 76% Famous P1pf (8). 96% M FdM&SDPL(D).. 42 Fifth Av B (64c). 10% Fisk Rubber. 6% Fisk Rubpf A. 42 Fleishman (3) 51k Foundation (6).. 704 Freeport-Texat 8% GenAmTC (3).. 38 Gen ATCpf (7).. 94% Gen Asphalt. 36% Gen Asphpf (5). 176 Gen Cigar (8)... 85 General Elec (8 Gen El spe (60c). Gen Mot (1.20) Gen Mot pf (6) .. Gen Mot db (6) .. Gen Petm (2).... Gen Refr (4) Gimbel Bros. Gimbel Br pf (7 Gold Dust. Goodrich Goodrich Pt (7). Goodyearpf. . ... G'dyear pr pf (8). Gr Canan Cop. ... Gt North pf (5).. Grt Wstn Su (3) . Guantan Sugar. Gulf Mo & Nor.... GuMo& N pf (5) Gulf St Stl (5). Hartman Co (4 Hayes Wh'l (3).. Househ'd Pr (3). Houston Oll. . ... . Hud Mot C (3)... 28% Hupp Mot C (1).. 11% Illinots Cent (7).. 104 Ll Cent pf (6) ... 105% Indep Oil (1) % Indian Motoreye.. 17 Indian Refining.. 5% Ind Ref pf (7)... 70 Inland Stl (2%).. 32% Inspiretion Col 23% Interb RapTr.... 22 Int Bus Ma (8)... 92% Int Cement (49 434 Int Com Eng (2). 23 Intern & Gt Nor.. 28% Internat Har(5). 84% Inter Har pf (7). 108% Int Mer Marpf... 38 Internat Nickel.. 14% Internat Paper. 48% Int Pap pf st ( 72 Int T&T (8) 5 Invincible Ofl.... 12% 20 26% 11 13 81 81 39% 42 48 100 85% 18 73% 43% % 12% 58% 90 % 16 58 66% 85 34% 33 64% easfer; high, 2; low, 2; ruling rate, 2; closing bid, 2; offered at 2%; last loan, 2; call loans against.accept- ances, 1%. Time loans easy: mixed collateral, 60-90 days, 3i%; 4-6 months, 3% ad; prime commercial pa- per, 4ady, Jomes Bros Tea. .. Jordan Mot '(3)... 96% % 2% 13% 40 KC P&L 1st (1) 3% 1% 2 % Kelly Springfd pf. Kenne Cop (3). .. Keystone T& R.. Laclede Gas (7) Lee Rub & Tire, 74 108% 115% 160 22% 3% 93 4% 4% 9 554 215 10% 34 3% 4% 102 6% 63% 98% 854 43% 86 8% 124% 142% 102% 141 125 23 103% 21% 3 12 b6% 58 16% 131 475 91 3% 22 109% 16% Gl 62% 28% 24 223 96% 3h i 146% 12% 43 232 45% 48% 79% 108% 4% 10% 4% 14% 12% 28% 644 277% 697 Bl 21% 2T% 52 89% 30% 12% b8n 4% 604 23% 49% 116% 4 122% 105% 1% 9% 4% 119% 87 106% 56% 12 28% 51% 0% 9 38 94% 38% 1% 85 221 ,224% 11 13 ¥l 81 89% 42 48 100 36 18% 78% 48% 92 12% 58% 20 6% 16% 59 68% 85% 4% 33 65% 23% 1% 106% 106 % 1% [ 70 821 23% 22 94% 438 23% 28% ¥7 108% 33 14% 48% 8% 7 12% 20% 26% r Open. High. Low. Close. % 6 " % 1% Tl 44% 21% 29 24 82% 105% 115 158 AmC& Fpf (7). 121% 121% 121% 22% 3% 3 94% 4% 9 85 21 10% 84 3% 44% 101% 6 62% 98% % 102% 82% 14% 48% 72 4% 12% 20 26% 96% 20 52% 13% 40 3% 1% 92 % % 6% 6% % 1% 1% 45 23 39 24% 83 108% 115% 160 121% 22% 3% 93 94% .94 9 E5% 21 10% 34 8% a4y 102 6% €3 93% 854 43 86 S% 124% 142% 140% 96% 20% 53% 1% 0% 28 o My Leh Val (3%). Leh Val rights. .. Lig & Myrs (3).. Lig & Myrs B (3). Lima Loco (4) Loews Inc (2).. Loose-Wiles Bis. Lorrillard (3).... Louis & N'sh (6) . Mack Trucks (6). Mack T 2d (7)... Mack Cos pf (4} Magma Copper... . Mallinsgn & Co. Man El modgtd 4. Manhat Shirt (3) Maracaibo Oil. .. Market StRy. ... Marland Oil..... Marlin Rockwell . Martin Parry (3) Mathieson Alkali Maxwell Mot .. Maxwell Mot B May Dpt St (5) Mex Seaboard(2). MexSeabd ctfs(2) Miami Cop (2) Middle St Oil M StP&SSM pf 4 Mis Kan & Tex Mis K & Tex pt Missouri Pacific. Missouri Pac pf. . Montgom Ward. . Moon Mot (3). ... Mother Lo 37%c. Mullins Body.. ... . Munsingw'r (3) .. Nash Mot (1816) Nat Biscuit (3).. Nat Datry (3). Nat En & St. Nat Lead (8).... Nat Ry, M 2d pf.. Nat Supply (3).. Nev Cons Cop. ... NewO,T&M 123% N Y AirBr(4)... NYABrA@.. N ¥ Central (7).. N Y C&StL (6). N Y Dock. . . NY NH & Hart N Y Ont & West.. Norfolk South. .. Norf & W (18)... North Anier (2).. North Pac (5).. Orpheum pf (S).. Otis Elev (n) (4) Owens Bot (3)... Owens Bpf (7).. PacG&E (8).... Pacific Oil (2).... Packard (1.20). Pan Amer (4).... Pan Amer B (4).. PennC&C (4).. Penn Railr'd (3). Peop Gas Ch (7). Pere Marq (4). ... Pere Mar pf (5).. Peoria & East. Phila Co (4) . Phila& R&1I.. Phil Mor (50} Phillips Pet (2).. Pierce-Arrow. ... Pierce-Arrow pf. Pierce Oil Pierce Oil pf. ... Pitts Coal pf (). Pitts Ut pf 1.65. . Pitts & West Va.. P& W Va pf (6). Postum Cer (4).. Press StIC (4)... Prod & Refiners. . PubSer NJ (4).. Pub SNJ pf (8). Pullman Co (8). . Punta Al Su (5).. Pure Oil (1%)... Ry St Spg (8)... Ray Cons Cop.... Reading (4) Reading rts. . Read 2d pf (2)... Remington Type. Replogle Steel. Rep Ir & Steel. Reynol Rey ). Roy D'tch (3.46). h La {2; St L S'th pt (5) Savage Arms. Schulte (8) . . Shattuck-Ariz Shell Trad (2. Shell Un Oil (1).. Simmons Co (1). Simms Pet. ... Sinc Con Oil (2).. Sin Con O pt (8). Skelly Oll. South Pac (8).... So P Rico Su (6) Southern Ry (5). South Ry pf (5).. Spicer Mfg. .. Std Gas & El (3). St Oil Cal (2). StOIINJ (1). StOll N J pt ( Std Plate GI(75¢) Stew't War (10).. Stromberg C (8). Studebaker (4). Submarine Boat. Superior Oil. . Sweets Co of Am. Tern C & Ch. Texas Co (3).1.« Tex Gulf (16%). Texas & Pacific. . Tex & PacC&O. ‘Third Avenue. Timken (13%). ‘Tob Prod (6). Tob Prod A (7). Transcont Oil. UnBag Pa (6) ... Un Pacific (10).. Un Pacpf (4). Utd Alloy St1 (3). Utd Cigar Stores. U 8 Distributing. United Drug (6) . U S Express. .. Utd Fruit (10) Utd Ry Invest pf. U S Cast Iron P. U S CIP pt (1) U S Hoff Mach U S Ind Aleohol. us u R&Im (8). S Rubber. USR 1stuf (8).. U S Smelting. ... U S Steel (16) 58% 13 99% 39% 49% 103% 814 35 20% 17 17% 122% 264 63% 4% 66% 42 108 93 47% 10% 1% 50 24% 43% 95 b51% 64% 1% 46 47 16% 34% % 20 2 28% 99 12% 45% 97 51 47 25% 43 104 122 80 2i% 111 10 b4 21% 34 38% 7% 444 11% 6T LI 244 22 a7 40% 60% +52 103 104 23% 84 47 83 16% 23 14 19% 80 19% 89% 68 59 2% 9% 36% 56% 33% « 117% 34% 63 614 83% 8% 6 2% 39 60% 31% 8% 9% 3% 8% 88 4 50% 131% 2% 25 43 224 8% 9034 17% 654 92% 25 2% 20% 95% U S Steel pf (7). 119% Utah Copper (4) Utah Securities. Vanadium Corp. Va-Caro Chem. ... Va-Caro Ch pf. Va Iron Coal & Va Ry & Power.. Vivadou ‘Wabash. Wabash pf Wabashpt B. ... Web & Heilb (1) Wells Far (2%) . ‘West Pen (4) . West Maryland< . West Mary 2d pt. Western Pacific, . ‘West Pac pf (€). West Air Br (6)..% WestE& M (4). Wheel &L Erie. . Wheel & L Er pf.. Wh EagOil (2).. White Mot (4). .. Wickwire Sp Stl Wrig W Jr (3). Wright Aero (1 Yellow Cab (5). ‘Youngst 8&T (5). 68 20% 20% % 2% 36~ B4% % 16% 45% 30% B 39% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Dividend rates as given lg the are the annual cash paymests based ea ¢ latest quarterly. or”balf-vearly Tnless videndy are zat inclided, NEW HIGH RECORDS IN LIBERTY BONDS Government Issues Continue Up- ward Movement* at More Rapid Pace. BRAILS AISO IN DEMAND Large Blocks of Industrials Bought During Advance. BY GEORGE T. HUGHES, Special Dispateh te The Star. NEW YORK, June 11.—Bonds con- tinued the upward movement today, with the pace even more rapld and the tone of the market even stronger than on Tuesday. New high records were again made in United States governmenguebligations, the Treasury 4%s, the @t 43 liberties and the fourth 43, liberties selling above the previous best prices this year. As the issue with the longest time to run the Treasury 4%s made the largest advance. Other Issues Also in Demand. The high-grade rails and indus- trials were almost equally in demand with the liberties. Large blocks were wanted. There was especially good demand for Western Blectric 5s. There was good western Bell Telephone 5s. American Telephone and Telegraph collateral trust 5s sold at par and General Elec- tric debenture s at 101. In the rails, Atlantic Coast Line 4s touched 91, and Atchison general 4s sold just below 90. All these guota- tions” are around the best of the movement. ~ A noticeable feature of the market was the easy way in which bonds, generally inactive, ad- vanced on small sales. Liggett & Myers 5s, for instance, ran up today to 98 on a single string of transac- tions. ~Cleveland Union Terminal 5s sold at 991 Tuesday, and today on the sale of only sixty bonds touched 99%, a new high record. Improvement Is General. Middle and second grade bonds | shared the improvement. Erie prior | lien 4s sold at the high of the 3 | Wheeling and Lake Erie 4s and the same road’s 414s were in demand at higher prices.” Baltimore and Ohio | convertible 41s were traded in large volume above 89. In speculative issues, New Haven bonds were all higher, notably New York, Weschester and Boston 4%e. Of the utilities, Commonwealth Pow- er 65 made a new top. Interborough issues were all strong and Hudson and Manbattan refunding 5s sold at the best price for 1924. Only in the industrials was there any heaviness. Rubber bonds failed to gain. In the foreign group, French bonds were a shade higher. Cuban 5%s continued their gain. Japanese 6%s were about steady. Nickel Plate Offerings Taken. Evidence of the strength of the in- vestment demand was at hand in the prompt sale of the New York, Chi- cago and St. Louis 51 per cent bonds, offered at 9412 and which promptly went to a premium on the curb ex- change. Evidently the yield at 5.84 per cent appeared attractive. BORROWERS LACKING, | $17,000,000 IS IDLE Record Low Rate Fails to Put Huge Sums in Action in ‘Wall Street. By the Associated Press. NEW YORK, June 11.—Millions of dollars, offered on the stock ex change call market at 2 per cent and on the outside market as low as 1% per cent, found no takers yes- terday as the flow of money from the interior continued to swell Wall street’s flood of funds. Although call méney opened at 2 per cent, the low- est renewal rate since August 6, 1917, and held at that level all day, it was reported in the afternoon that $17,000,000 was still unloaned. Big Help to Bonds. Diversion of a large portion of this surplus into investment channels was reflected in one of the most active bond markets of the year. The av- erage price of domestic issues forged into new high ground, with many railroad, foreign and United States governmaent obligations achieving 1524 high records. lis Relaxing commercial credit de- mands, due to slackening business activity, the diminishing supply of Eovernment and other forms of short term paper, increased gold imports and the reduced supply of bankers' acceptances has contributed to the current plethora of money. New Records Established. Short-term time loans were con- tracted at 3% per cent, the lowest level of the year. Call loans against acceptances were quoted at 1% per cent, the lowest rate in ten years, and’ bankers' acceptances of ~from thirty to ninety days eased to 2% per cent, establishing a mintmum quotation’ for this market. WALL STREET BRIEFS. New Nickel Plate Issue—More Dividends Announced. By the Associated Press. In addition to the $26,058,000 bond issue of the New Nickel Plate Rail- road systqm offered today at 9%, to yield about 5.8 per cent. $1,000,000 Chicago, Indianapolis and Louisville Railway Company 1st and general mortgage 6 per ocent gold bonds, series B, were put on the market at 9815, to yield about 6.10 per cent An initial quarterly dividend of 1% per cent on prior preference stock of the Standard Gas and Electric Com- pany and the regular quarterly divi- dend of 75 cemts on the common have been declared, both payable July 25 to stock of record June 30. A quarterly dividend of 621 cents a share on the common stock of the United Shoe Machinery Corporation, was declared today. Previously 50 cents a share had been paid. Little change in the money situatiopn is expected before the end of the month, when a slight stiffening may be expected ay a result of month end requirements, which are ordinarily heavy at the end of June because many dividends and interest payments fall due at that time. S b PARIS MARKET HEAVY. PARIS, June 11.—Prices were heavy on the bourse today. Three: per cent rentes, 52 francs 95 centimes. Exchange on London, 81 francs 10 es. e e%r cent loan, 67 francs 45 cen- Hee dollar was quoted at 18 francs 84 centimes. ‘W YORK. June 11—The Federal Rflzerve Bank of New York today re- duced its rediscount rate from 4 per cent to 31 per cent, effective tomor- row. ~ CallMomey...... 2 2 .2 HOURLY SALES OF STOCKS. o100 1im.... (500 2 paBese s+ 737,400 Cuba 5358. he knew of som Bales. High. . 18 102% Argentine 7: Austria 7s Belgium 7%s Belgium 6s. ... Belgium 8s. . Berne 8s Bolivia 8 Bordeaux 6s. Brazil 7s Brazil 8s Brazil 7%s. Canada 5s 192 Canada Gigs 192 Canada 5s 1931. Canada §s 195 Chile 85 1946, Chile 85 1926. Chile 881941. .. Chile 78 1943, . Chinese Gov Ry bs. Christiania 8s. Copenhagen 5%, Czechoslovakia 8s. Danish Munic 8s B. Denmark 8s Denmark 6s Dutch EI5%s. Dutch East I 6s'47. .27 fiag Argentine 6s°'37...139 47 18 8 2 16 52 9 .10 4 10 15 . 84 4 3 10 10 4 142 14 6 83 Dutch East I 6s'62.114 Finland s f 65 1945. Framerican 7%s. French Govt 8s. ... French Govt 7%s Haiti6s. ... Ttaly 6145 1926. Japanese 2d 414s Japanese 4s c Japanese 6% s inquiry for South- | Tergens U M 6547, Lyon 6s.... Marseille 6s Netherlands 6s. . Norway 8s... Norway 6s 1943 Norway 6s1952. .. Orient Dev deb 6s. Paris-Ly's-Med 6s Prague 7%s. . Queensland 7s. Queensland 6s. Rio de Jan §s 194 Rio de Jan 85 1947 Salvagor 8s *48. Sao Paulo City 8s Sao Paulo State 8 Seine Dept of Ts. .. Serbs Crotes Slo s Sweden 6s. Swiss 515 1946 Ud Kingm 5%s "2 Ud Kingm 515 '37. Ud Steam Copen 6s Uruguay 8s. Zurich 8s... 10 1 35 .79 30 5 2 90% 90% 103% 100% 102% 108% 9% 834 82% 97 98% 100% 102% 101 101% 105 103 106 96% 41% 108 91 964 96% 107% Low. 102% 20 9014 103% 100% 1021 108% 91 82% 82 96% 98 100% 101% 101 100% 105 103 105 96 41% 107% 90% 95% 96% 107% 108% 95% 85% 83 93 88% 88% 997 95% 90% 100% 97% 6% 88% 78% 82% 824 924, 1115 94% 95 82% 5% 85 107 100% 934% 91% 101% 99% 102% 87% 81% 103 94 112% 107% 102 87% 104 1097 MISCELLANEOUS, Ajax Rubber 8s. .. Am Agr Chem 5s. . Am Agr Chem 7i%s Am Repub deb 6s. . Am Smlt&R 1st 5s. AmT& Tov 6 AmT & Tl trbs AmT& Tcltrds. 27 5 9 2 24 6 14 3 43 35 Am T & T deb 515.139 Am Water Wks 5s Am Writ Paper 6; Anaconda cv db 7 Anaconda 1st 6s Armour & Co 41s. Armour of Del 5%3 Associated Ol 6s. . Atlantic Refin 5s.. Bell Tel Pa 5s. Beth Steel rf 55. .. Beth Steel pm 5s.. Beth Steelsf6s... Brier H St 1st 5%s Bklyn Edison 7s D. Bklyn Ed gen 5s.. Bklyn Union G 5 Bush T BIdg 55 '60. Calif Pete 634s. Can Gen El deb 6s. Central Leather 58 Cerro de Pasco 8s. . Chile Copper 6s. ... CinG & E 5%8°62. Col Gas & El 5s. ... Col Gas & El 5s sta Commonwth P 6s. . Con Coal Md 1st bs. Consumers Pow 5s Cuba Canecvd 8s. Cuba Cane cv 7s ‘30 Denver Gas5s..... Det Edison ref 6s Du Pon{ de N Ti%s Duquesne Light 6s. Est Cuba Sug 7%s. Empire G&F 7 Fisk Rubber 8s. Gen Elec deb 5s. .. Gen Refractres 65- Goodrich 6%s. . Goodyear §51931. Goodyear §s 1941, Hershey 65 1942... Humble O&R 5%s. Illinois Beii 1st 5s. Indiana Steel 5s. .. Int Mer Marine 6s. Inter Paper 55 '47.. K CP & Lt 53 A52. Kan G & El 6s'52 Kayser (J) Ts. Kelly-Spring 8s Lackawa S 55 '50. . Liggett & Myrs 7s. 35 3 6 12 1 21 n 40 30 19 17 42 1 2 Liggett & Myrs bs.137 Lorillard (P) 5s...106 Magma Cop cv Ts. . Manati Sug sf 7%s Marland Oil 7%s. . Midvale Steel bs. .. 1 3 24 10 Montana Power 55 196 Morris&Co 1st 4%s at Tube 1st 6s. . N Y Edsn 1t 6%s. NYG EL H&P 5s. . G EL H&P 4s.. N¥ Tel 65 °41. N Y Tal 6549 N Y Tel 4%s. . Norta Am Ed 6s Nor States Pow Nor States Pow 6s. Northwst B Tel 7s. Otis Steel T%s Otis Steel 8s. .. Pacific Gas & El 53 Pac T & T 1st5s. .. Pacific T & T 58 '52 Phil & Rdg C&I 53 Phila Co 5%8 '38 Phila Coref 65 A.. Pierce-Arrow $s.. Producers & Rf 8s. Public Service bs. . Pub Serv Elec 6s.. Punta Alegre 7s. .. Robins & M 1st 7s. Sharon Stl H 8: Sinclair Ofl 7s. Sinclair Oil 6% Sin Crude Oil 6= Sin Pipe Line % - South Bell Tei os.. So Por Rico Sug 7s 4 4 5 -9 Sin Crude Oil 5%s. l','g 6 8 2 2 10 13 12 12 78 8 . 86 14 4 34 5 34 B 1 2 Southwest Bell 5s. 145 Steel & Tube 7: Sug Est Orient 7s. Tenn Elec Pow 6s. Tide Wat Oil 6%s. Toledo Edn 1st 7: Union Bag & P 6s. U S Rub 1st rf 5s. . U S Rubber 7%s U S Smelter 6 + |USSteel s 5 Utah Pow & Lt 5: Vertientes Sug 7s. Va-Car Chem 7s... Va-Car Ch 7%s w. Warner Sug 7s '41. ‘Warner Sug 7s'39. ‘Western Elec bs. . .117 Western Union 6% . 2 Westinghouse 7s. . ‘Wickwire Spen 7; Willys-Ov.6%s Wilson & Co 1st 6s. Wilson&C cv 7%s. Wilson & Co cv 6s. Winchester A 7l4s. Youngstn S& T 6s. 7 1 19 5 5 28 . 16 5 40 1 1 35 24 5 1 2 3 13 6 5 14 34 26 83% 96% 85% 92 93% 105 98% 116% 100 96 101% 90 43% 96% 96% 8 86% 99% 98% 99% 94% 90 26% 96 108% 101% 99% 94 9714 105% 9844 135 101 99% 994 99% 92% 88 89% 97% 93 884 106 1084 106 104% 90% 100% 102 100 96% 103 115% 102 987% 95% 102% 46 101 9% 102 101 92% 97% 110% 108% 57 98 824 49% 45% 101 uY% —_— A Fool and His Momey. The fact that a stock certificate 13 than ordinary wallpaper. saved ful investment. Closs. 102% 90% 90% 103% 100% 102% 108% 91% 83 82% 97 98 100% 102 101 101% 105 103 106 926 41% 107% 91 6% 96% 107% 109 96 86% 9 93% 89 8% 99% 96 901 100% 978 6% 89% 8% 83% 83 92% 1% 95 5% 2% 5% i 107 100% 93% 92 101% 100 1024 87% 81% 108% 95% 1124 107% 102% 87% 104 110 83% 96% 85% 92 93% 105 98% 1165 99% 85% 101% 90 43% 96% 98% £5% 86% 29% 984 9% 94% 90 96% 96 108% 101% 99% 94 97 105% 98% 135 101 993 99% 99% 92% &9 89% 97% 93 881 106 108 105% 104% 0% 100% 102 9914 96% 103 115% 98% 954 57 82% 49% 45% 101 ui printed in fancy green scroll work is Bo proof that it is worth any more of people in Washington would have heir money if the; H 83ked their bankar to tell them what o supposedly wonder- P simply had (8ales are in $1,000.) UNITED STATES BONDS. {Fractions represent thirty-seconds. Example: 101-3 means 101 3-32.) Sales. figh. Low. OClose. Lib 3%s - 411 100-15 100-12 100-13 Lib 1st: %s 1 100-18 100-18 100-18 Lib 1st 43¢s. .. 183 101+22 10118 100-21 Lib2d 4%s... 455 101-4 101 10l Lib 3d 4%s. .. 1829 101-21 101-16 101-20 Lib 4th 414s. . 2916 101-27 100-21 101-24 US4%s1952. 783 103+25 10315 103-21 RAILROADS. Sales. High. Low. Close. Ann Arbor 4s. . 16 59% 61 Atchison gen 4s.,. 76 88% 88% Atchison adj 4s 82% Atlantic CL 1st 91 B&Opriniks. 99 85% 101% 9% 844 84% 29 68% 1% 87% 112% 113 80% 96% 984 101% 87% 95% 95 35% 834 99% 89% 73% 53% Bily 101% 101% 89% 89 844 84 84 84% 89 98% 68% 68 7% 6% 8% 8T 1127% 1125% 113 112 80% 80% 96% 96% 99 984 1013 101% 87% 8% 95% 95% 95% 94 85% 385% 884 884 99% 994 90 89% 74 3% 54 52% B4% 545 b2% 62 56 63l 8% 8% 58l 58 70% 70% b2% B24 985 98% 110 108% 6 5% 81% Bl% 80% 80 814 81% 92 92 76% 75% 103 103 103 102% 100 99 105 105 83 &8 83 83 101 101 881 88% 101 101 2% 72% 90% 90 68 67% b7% b7% 59 58 59% 59% €6 65% 98': 978 105's 104% 112% 1124 109 108% 100% 100% 9% 9% 83% §3% 85 84% 65% 64% 102% 102% 102% 1024 62% 624 62 61% 63% 62% B5% &5 52 49% 974 96% 16 16 617 61% 80% 80% 70% 70% 20 89% 967% 96% 95 95 103% 102% 106% 106% 102% 102 59% 59% 8¢ 84 102% 1023 80% 80 87 86% Tl 100% 100% 59 o8w 98% 85 597 82 91 . 7% 7% 107 106% 93u 93 98% 98% 83% 83 4% 123 3 PLE&WVd4s & OSW div 3%s. 69 B & O Toledo 4s... 14 Bklyn-Manhat 6s. 304 Buft R&Pitt 4 9 Canad North 7s. .. 18 Canad North 6%s. . 20 Canad Pac deb 4s.. 54 Car Clinch & O 5s. Car Clinch & O 6s. Cent of Ga 6s. Central Pacifl Ches & Ohio cv 58 Ches & O cv 434s. i & Alton 3% Chi B&Q gn 45 '58. 11 Chi B&Q 1st rf bs.. 30 CB& Q-111div 4s.. 12 Chi & E 11l gn 5s. .. 60 Chi Great West 4s. 62 4 I M&SLP rf 438 26 Chi M & St P cv 6s. 10 Chi M & St P 4s Chi M&St P ov 4 Chi M&St P 45 °34. . CM&SLPabds. 164 ChiRys 6s... Chi RI& P gn 4s. ChiRI&Prf4s. Chi T H & SE 65 ChiUn Sta 4%s... 7 Chi& W Ind cn 4s. 33 Chi & W Ind 7%s.. 2 CCC & StLrf6s A. 26 Cleve Term 5s. Cleve Term 5%s. .. Colo & Sou 4%48. .. Cuba R R bs CubaRR T Del & Hd 1st rf 4s. Del & Hudson 5%s. Den & Rio G cn 4s Det United 4%s Erfe 1st con 4s. 284 101 2% 904 68 57% 58 59% 65% | 98 1054 | 112% | 108% 1002 9u | 83% 84% 654 102% 102% 624 62 63 854 49% 97 16 61% 14 . 95 184 =y Erie conv 4s 46 ErieconvisB irie conv 48 D. ie & Jersey 6s. Gr Trunk sf db 68 and Trunk 7 orth gen 7s... 44 North gen 5%s. 12 GreenB& WdbB. & Havana ERL&P 551 Hud & Man ref 5s. 314 Hud & Man aj 5s..133 Il Cent ref 65°55.. 1 111 Central 5%s. 1 Int Rap Tran bs... 22 Int Rap Tr bs stpd. 35 Int Rap Tran 6s... 38 Int Rap Tran 7s... 32 Int & G Nor aj 6s..311 Int & G Nor 1at 6s. 42 Towa Cent rf 4s. . 9 Towa Cent 1st 5s. 5 Kan City Ft S 4s. .. 48 Kansas City S3s.. 36 Kansas City S 5 8 Lake Shore 45 '28.. 12 Lake Shore 4s'31. 4 Lehigh Valley 6 Louis & Nash 5%s Louis & N6sB.... Manhat Ry cn 4s.. MilEIRy & L5s M StP & SSM 6%s. MEK&TIst4s. ... MK&TprinSsA. 79 MK&T4sB...... 3 MK&T6sC 1 MK & T adj 5s....223 Mo Pacific 6s is Mo Pacific 55°65... 22 Mo Pacific gn 4s...186 New Or Term 4s... 7 ¥ O Tex & M in 5s. 159 N Y Centgen3%s. 1 N Y Cent deb 6s...156 N ¥ Centdebds... 41 N Y Centribs.... 293 N Y Centcn 4s°98. 30 Y CenLScl3%s. 6 N Y C & St L.debds 58 NYC&StL6sA..101 New Haven cd 6s. 63 New Haven d 4557 2 New Haven.s fr.. 402 NYOnt& Wrefds 1 New York Ry rf4s 8 Y Ry rf dsctfs.. 12 NY State Ry 4%s. 10 N Y W & Bos 414s. Norfolk & W cn 4s. 7 Norfolk & W cv 6s. 6 Northern Pac3s... 12 Northern Pac 4s... 25 Nortarn Pacriés.119 Northern Pac 5s D. 40 Ore & Calif 1st 5s. . 21 Ore Sht L cn 55°46. 15 OreShortLrefd4s. 8 Ore-Wash 1st rf 4s 45 Pennsyl gen 5s.... 15 Pennsyl gen 4%s.. 13 Pennsyl 6%s. 5 Pennsyl gold 7s... 27 Peoria & Eincds.. 4 88 11 0 5 9 2 H 43 1234 1234 60% B9% 83% 83% 105 104% 93U 928 100% 100% 103% 103 96% 964 83% 82% 102% 102 93% 93 110 109% 109 108% 31 31 7% 97 801 80% 9%, 9% 93% 93 924 91% 79 8% 69 68% 9% 179 83% 83 914 90% 1% J0% 86s B6u 65% 65 93% 9274 6% 76% 102 101% 80% 79% 8 84 79 8% 99% 987 78% 78' 544 63y 58% 58 79% 179 95% 95% 88% 854 S4% B4y 100% 100 74% 73% 106% 1064 101% 101% 81% 81 56 B55% 44% 44% 88 82y 98% 98% 2% 91% 85% 85K 9814 98% 104 103% 103% 103% 97% 96% 100 99% 94w 9315 62% 6216 884 874 82% 82 68 67% Rere Marq 1st 5s. . Pere Mrq 1st 45 '56. PCC&StL5sA.. Reading gen 4s.. Reading gn 4%s Rio G West 1st 43. Rio G West cl 45 RIArk & L4%s.. St L IM&S R&G 4s. St L IM&S 45 °29 Moo Rukpppre KCShL 4%s n Dep 512s.. San A & Arn P 4s.. Seab'd A Lyref ds.. Seab’d A Ladj bs.. 74 Seab'd A L con 6s.. 78 Sou Pacific 45 '29.. 12 Sou Pacificref 4s.. 42 Sou Pacificclt 4s.. 2 Southern Ry 1st 53 32 Southern Ry gn 15255 Southern Ry 6%s.. 47 Southern Ry 6s ct. 171 Sou Ry Mobile 4s.. 6 Third Ave ref 4s. Third Ave adj 53 Tol St L& W 4s. Tol St L & W 3%s. Union Pac st 48. .. Union Pacistrfds 5 Union Paccv4s... 7 Union Pacific cv 68 12 Union Pac1strf5s 5 Virginia Ry 1st 6s. 55 Wabash 1st 5s 18 Wabash 2d 5s..... 32 Western Md 4s 12 ‘Western Pacific 55. 49 West Shore 1st 4s. 3 Wheel & LE cn 45. 19 Whel & LErf 4%s 10 -62% 62% Wisconsin Cent 4s. 28 82 80% TOTAL SALES (Par Value): 11a.m. 6779000 12 noon 12 676000 1p.m..16359000 2 p.m..18314000 i e e PHONE BUSINESS PICES UP. NEW YORK, June 11.—Business of the American Telephone & Telegraph Co. picked up in Aprjl. Gross income of $6,142,250, being $205.057 more than in April, 1923. Net opérating income of $2,615,226, also was slight- 1y larger. - For the four months of cuEBEn 15 17 88 2 o =) 854 98% 104 103% 97 100 24 6244 88y 82% 67% 62 82 1924, gross income totaled $24,685,- 541," an increase of nearly $3800,000 over the lod last_year, but net operating income of $10,503,550, Was | a drop of $280,720. ‘MHE E\'EN[N& STAR, WASHINGTON, D. C., WEDNESDAY, JUNE 11, 1924.° FINANCIAL. | N NEW YORK BONDS STOCK EXCHANGE Received by Private Wire Direct to The Star Office. FOREIGN. COTTON PRICES AGAIN FIRM ON EXCHANGES Better Mill Con;umpfinn and Bull- ish Crop Reports Help Day’s Trading. By the Associated Press. * NEW YORK, June 11.—Prices ad- vanced at the opening of the cotton market today on rumors of bullish private crop condition figures and re- ports that private estimates pointed to a larger domestic mill consumption for May than anticipated. First prices were steady at advances of 9 to 25 points. Active months sold 25 to 30 points met higher during the narlg trading, October advancing to | Early cables from Liverpool were easier, but there were rallies there on rumors that private report showed crop deterioration of about 3 points as compared with end May figures. A private authority estimated homeo consumption for last month at 478,000 bales. Cotton futures closed steads July . October December January Maren© . Opening—July, 25, . cember, 25.02; Japuary,’ 24.75; Mareh, . NEW ORLEANS, June 11.—The cotton market made a strong opening, first trades showing gains over the previous close of 11 to 18 points. Prices continued to gain after the call, untii Juiy traded as high as 93, October, 24.95, and December, 3, or 20 to 26 points above the close of yesterday. Liverpool was bet- ter than due. A prominent southern authority reported condition 3 points lower than two weeks ago, with an indicated crop of 10,400,000 bales. New Orleans cleared 19,900 bales for Russia. The market was steady near the high points at the end of the| first half-hour of trading. Cotton futures closed steady at net ad- vances of 44 to 49 points. High. Low. 27.55 81 Close. 28,1417 22.24 2408 99 2494 2494 24.57; De- March, 24.57, anuary March Opening cember, 24, bid . LIVERPOOL, Spot quiet; prices easy: good m diing, 17, fully middling, 17.4 middling, 16.95; low middling, 16.1 £ood ordinary, '15.13; ordinary, 14.6 Sales, 4,000 " bales, ' including 3,300 American. Receipts, 1,200 bales, all American. Futures closed stead June, 17.06; July, 16.71; October, 15.20; December, ' “1481; January, = 14.70; March, 1459; May, 14.40. CHICAGO GRAIN M;BK.ET CHICAGO, June 11 —With talk cur- rent that export bids were nearly ©on a workable basis, the wheat mar- ket averaged a little higher in price today during the early dealings. Trading was active and December touched a new high-price record for the season. However, there was much pressure from ' profit-taking sales on account of a big advance since Monday's close. Opening quo- tations which varied from unchanged figures, % higher. July, 1.05%a 1.08%, and September. 1.09%al.10%, were followed by a slight sag and | then something of a rally | Warmer weather tended to case down corn and oats. After opening vnchanged to 3z lower, July, 80as80%, the corn market underwent a moderate general setback. Oats started at % to % off, July, d7a4 and later continued to de- cline, Provisions were weaker pathy with hog values. WHEAT— Open. High, July . . Tos% ATy Reprember w114 Detember B 18 o m R 24.55; June 11.—Cotton in sym- Low. Close. 110% 11om 114% s W% 3% 10, 1060 0.07 270 1060 210 970 . 10.30 10,60 CHICAGO LIVE STOCK MARKET CHICAGO. June 11 (United States department of Agriculture).—Hogs— ceipts, 32,000 head: slow; mostly : light lizhts and pigs. arge receipts; bulk good 0 to 240 pounl butchers, 7. desirable 180 to pounds, 6.50a bulk better 140 © 170 pound averages, 6.25a6.85; pack- ing sows, largely 6.20a6.50. Cattle—Receipts, §4.000 head: fed steers, yearlings and beef heifers apening 15 to 25 lower; very little | done: largely steer run, killing qual- ity fairly good, water fills liberal i most buyers holding back: early top mature Steers, 11.00; few loads vear- lings and fed steers, $.50a10.50; some weighty fed steers held above 11.0 few loads hay-fed Montanas to feed buyers, 8.40a9.00; some going to killers at 8.65; fat cows, steers weak | to unevenly 'lower, excepting few early sales to outsiders; bulls steady; bulk heavy bolognas, 5.00a5.15: some higher; vealers steady, at 9.50210.50 to packers; outsiders paying upward to 11.00; stockers and feeders moder- ately active. heep—Receipts, 13,000 head; lambs moderately active; 25 to 50 lower; best range spring lambs, 17.25; bulk native springers, 16.50; fod iambs, 14.75: cull native springers mostly to smali killers around_steady, 12.00a 50; sheep scarce; bidding around ady; no early sales. GRAIN AND PROVISIONS. BALTIMORE, Md., June 11 (Spe- al).—Potatoes—White, per 100 1bs., 5a2.00; 150-1b. sacks, 1.503.50; new potatoes, bbl, 2.00a5.00; beans, bu., 5a1.50; asparagus, doz., 1.80a4.00; eans, bu., 4.00a4.50; beets, 100, 2.00a 4.00; kale, bu., 50a65; carrots, bu., 1.00 al ; cucumbers, crate, 50a; crhite, 2.00a3.50. Eggplant, crate, 2.00a3.50; lettuce, bu., 50a1.00; spring onions, 100, 1.25a 1.75; peas,’ bu, 2.25a2.50: peppers, crate, 2.00a3.5 spinach, bu., 40a7 radishes. 100. 2.00a3.00: squash, bas. keto 1.50a2.00; tomatoes, crate, 1.50a .50. Apples, packed, bbl, 1.00a1.75; box apples, .. fruit, box. 1.50a3.00; oranges, box, 3 a4.75; strawberries, qt., 6a10; peach crate, 1.50a3.00; cantaloupes, crat Settling Prices on Grain. Wh@}l—NoA 2 red winter, spot, 1.15; No. 2 red winter, garlicky, do- mestic, 1.1% no quotations on No. 4 or No. § red winter, garlicky. Sales—None. = Corn—Cob, new, 4.2524.30 per bar- rel for yellow and 4.10a4.15 per bar- rel for white; No. 2 corn, spot, 873 No. 3, 84 ; track corn, yellow, No. 3, 90 and 91. < Sales—None. Oats—No. 2 white, 59; No.. 3 white, new, 58, Rye—Nearby, 70a75; No. 2 rye, spot, Hay—Receipts, 111 tons. Receipts of hay are more liberal and the tone of the manket is easy,”but the accu- mulations ‘are on spot. Market on unsound- and off-color hay is weak and hay of this sort is hard to move, even at sharp discounts. Quotations—No. 1 timothy, 29.50: No. 2, 28.50a29.00; No. 3 timothy, 26.00 1, light “clover, mixed, No®2 light clover, mixed, 25,0022 No. 1 clover, mixed, 27.00 a27.50; No. 2 clover, 24.00a25.00. The Pennsylvania railroad today placed an embargo' on further ship- ments of hay to Baltimore, owing to accumulations at freight terminals. Straw—No. 1 straight rye, 23.00a 24.00 per ton; No. 1 tangled rye, 18.00 420.00; No. 1 'wheat, 17.00217.50; No. 1 oat, 16.50217.00. An advance of 10 cents per barrel on all city-milled brands and western grades of flour was announced at the chamber of commerce this morning. 1 [ U. S. MAY OFFER NEW LONG-TERM BONDS Local Financiers Predict Such Is- sue During Present Year at Very Low Rate. SAVINGS BANK EXPANDS Railway Common Touches New High Level. BY CHAS. P. SHAEFFER, A rumor is now being circulated in local authoritative investment cireles that the Treasury Department con- templates, either in September or De- cember, an offering of long-term bonds at the lowest rate of interest vet attempted. The rumor is based on the comparatively small current offering of government certificate which mature in six months. Provision would be made through such an offering for meeting the costs of the soldier bonus, taking up liberty bonds nearing maturity and for meeting ojher federal financial re- Qquirements. Experts of the bond market em- ploved by the Treasury Departme: will pay close attention to pri movements during the next = few months, it is asserted. and if the trend continues upward an issue of long-term indebtedne: 4 per cent flat against the war loans at 4% per cent will be undertaken, This consideration qualifies tigr fact that only $150,000,000 of new certificates are to be ued in the face of Treasury disbursements. on June 16 which will exceed half a bil lion dollars Government _securities are no ielding from 3.45 to 4.04 per c y and it is pointed out that a further ad vance of only half a point in thes: bonds would decrease their yield 1o a 4 per cent level. In the event thi price is reached the governmen: could accomplish long term financir at terms quite as satisfactory f their maturities as the 2% per ce: return on the current issue. Savings Bank Expands. The Washington Savings BDank 10th ana Grant place northwest, ha aken in the adjoining store room at 21 10th street, which will be utilized by the bookkeeping department, the space formerly used for this purpose providing additional teller cages. This _institution has recenyy put in force the machine bookKeeping system with monthly statements to its depositors. It has nearly doubled its deposits, now approximating $800.- 000, since Thomas E. Jarrell took the the presidency about eight months ago. Payment in Gold Likely. high level of Liberty hond has caused co: derable specu lation in the local financial fleld as to the probable means to be emploved by the British government in meeting its semi-annual payment of $68,000.- 000 due June 15 under the debt set- tlement plan. Close observers of mat- ters financial aver these bonds will not be used in making settlement, as little evidence of buying for British account has been noticeable. In the absence of comment from sources who have definite knowledge of the method to be employed, it has been suggested that the steady con- signments gold to J. Morgan & Co. fis agents of ~the Britis may be at the instan of the British government account. Railway Common at New High. Common stock of the Washington Railway and Electric Company touch- ed a new high level in this morning's trade on the local exchange, ten shares selling at 75. Meanwhile the preferred issue of the company. which now is quoted below the com- mon for the first time in years, made a strong effort to lessen the gap, es of 1390 shares resulting in dvance of a quarter point to 73 Selling in this latter issue included two fifty-share lots. Capital Tractfon was firm but un- changed, thirty-five shares selling at 843 and 9%, with Washington Gas changing ands at 481, Lanston brought 721 American Security and Trust Company was quite stro and active, 100 shares selling at 30 an advance of 2 points. Two hundred shares of Columbia Title Insarance brought 9 and fourteen shares of National Capital Bank sold at 232 Bond trading was firm but re ed o favorite ntilities $40,000,000 Bond Issue Planned. Preparations are reported under way 1o sell $40,000,000 of Federal Land Bank bonds within a few davys. The de £ the loan are mot definitely established as yet, it was said The prices Treasury Issue Subscribed. Acting Secretary Winston of the Treasury announced today that the latest issue of certificates of indebt- edness, offered at the lowest interest rate since the Panama Canal bonds were sold, had been subscribed and the subscription books will be closed tonight. The Treasury asked for about $150,000.000 on 2% per cent interest for six months, Approximately $445,000,000 in se- curities mature June 15, and the Treasury expects to retire them from proceeds of the new sale, together with balances on hand and receipts from the June 15 tax installment, & . U. S. TREASURY CERTIFICATES (Quotations furnished by Redmond & Co.) ——Noon.—— Bid. Ofte 100 11-16 100 25-32 1008 100 13-186 100 25-32 100 2932 101% " 1014 101716 101916 101 7-1 5 14w September 15 43,8 December Mareh 1 4%s December 4 March s Septer her 4%s March 15, December ' 15, STOCKS EX-DIVIDEND. Payable June 14— Adams Express €0, .............. Advance Rumely Co.. Tnc.. pfd American Sugar Beet Co, pfd. American Radiator Co Siladd American Rolling Mill* Co. ‘pfd. American Woolen Co. ........ American Woolen (v. pfG. Armour Co. of Delaware pfd pres ugar Co. Sugar Co Wit States Steel Cor .. oI States Steel Co. ist Tndependent Gas & 0il Co. Iniand Steel Co. pfd. Jardan Motor Car Co., Tac Tehigh Valley R. K. Co.. Larillarg. Co. Lorillard Co! nnnaily Co. Owens Bottle Owens Bottle Co. pfd... Ture Oil Co. 5%% pfd- .. 00 Remington Typewriter Co. 2d4 pfd Pure Oil Co. 8% pfd....... ... Republic Iron & Steel Co. pft Schulte Retsil Store Corp. pfe Corp. A Br Sh & F.. Am Exc Sec BR of NY T 4 Fam P-L O pf. Nat Bank June 20 Jupe 20 June 20 June 20 June 2 Juze 1si C_Coal pf. Met Edison pf. Natl Licorice Pa_E: Tide W