Evening Star Newspaper, June 12, 1924, Page 28

28 * SHARP STOCK RISE HITS HEAVY SELLING Traders Become Cautious After Strong Rally at Opening of Market. RAILS AMONG LEADERS Shipping Shares Gain—Advance in Foreign Securities. BY STUART P. W T, 1 Dispatch to The Star. NEW YORK, June 12.—The stock market started in today with a fur- ther lively advance following the re- duction in federal reserve bank vates heavy realizing sales and became highly irregular. In quarters where he belief had been publicly expressed hat the situation had turned caution uttered against being in too of a hurry to buy at rising was much prices. In the regular leaders there was plenty of U. §. Steel common for sale as it drew across 97. The same was true of Baldwin Locomotive above 112 and of Bethlehem Steel around 48 The market for the steels was bearing in mind that, whatever may happen | later on, it must face a series of de- pressing reports for the second quarter to be published next month. Also there was enough uncertainty bout the position of the sugar trade 0 hold these stocks in check. The oils moved with a good deal of inde- cision. The increase in the weekly fizures on crude oil production, was too slight to be of significance. Railroad Stocks Active. were quite as prom- vere also variation. Railway stoc fnent as the industrials, but bject to considerable Union Pacific made a new high for the year around 135 Southern P cific, New York Central, Atlanti Coast Line and other standard di dend payers were in demand for a time. Southern Railway common crossed 60 for the first time. The husing in the preferred stock ap- peared to be partly for investment account. vidently meeting a Jot of stock above 2§ i Rock Island was conspicuously strong among the low-priced rails, re- flecting_the improved earnings posi- tion. Large transactions developed in Seaboard Air Line, carrying both preferred and common into new high ground. Some special buying made its appearance in Wheeling and Lake Jirie preferred, in Chicago and East- crn Hlinois preferred, and in Ann Ar- vor preferred. Shipping Shares Improve. There was a brief spurt in the shipping stocks—Mercantile Marine preferred, Atlantic Gulf and West In- dies and American International—but for no new reason. The principal effect of this fresh proof of superabundant money sup- plies was felt in the investment mar- ket. Al classes of United States government bonds, with the excep- tion of the tax-exempt 31:s, sold at the highest ever recorded. The de- mand was keen for other strictly in- vestment issues, thase, namely, which are not affected by business fluctua- tions, but which are valmed by chaniges in the money rate. The ad- vance took in foreign government securities, some of which touched the highest of the year. Inasmuch as it has been the more recent practice of the Federal Re- serve Bank to follow rather than ad, the reduction from 4 to 3% per ew York and from 4% to per nt at Boston was really hing more than an adjustment to ¢hanges which had already taken place in the outside money market. The investment community let itself hecome somewhat enthusiastic on the idea that it was another sign of very low interest rates, and conse- quently an advancing tendency in in- vestment values for some time to come. Short Sellers on Retreat. Rut on the stock exchange the news was received more doubtfully. The market had shown on the pre- vious days that it had turned This was evident from the failure of un- favorable trade items to bring out fresh selling, the result of which was to make the short interest seriously concerned about its position. These short sellers were in full retreat at Wednesday’s close. They would prob- ably have kept on buying in their contracts today regardless of the out- side ne But, inasmuch as the fed- reserve action fitted in conven- t was mentioned as one of the back of the early strength in the market. Later in the day, when many of the industrial leaders began to hang fire again, more thought was taken of the fact that Wall street speculation has paid very little attention during the last two years to money market changes. Furthermore, the decline in federal reserve and in money rates mu: looked upon as a symptom of diminished trade demands helping to pile up surplus money supplies. MAREKET CLOSES STRONG. Several High-Grade Securities Ad- vance in Final Trading. NEW YORK, June 12.—Stock prices, under the leadership of representa- tive rails, surged upward in today’s active trading. The advance was ac- centuated by the reduction in New York and Boston rediscount rates and the cheerful tenor of commission Tiouse revie Sa approximated one million share The closing strong. Despite selling of Baldwin and American Can, the market was galvanized into re- newed activity and strength in the final dealings, when high-grade is- es, including Western Union and National Lead, advanced sharpl Illinois Central, U. §. Cast Tron Pi “Nickel Plat nd U. S. Rubber first preferred also jumped ahead. 12.—Stocks new 1924 June rails at NEW atrong: highs. Bonds, vigorous: four government issues establish record highs. Foreign exchanges, steady; French francs easier. Cotton firm, spot houses buying. Sugar advanced; short covering. Coffee lower; trade selling. CHICAGO. June 12.—Wheat higher; light receipis. Corn_firm; weather. Cattle lower; quality unsatistactory. Hogs steady to lower; packers in- active. — NEW YORK EGG PRICES. NEW YORK, June 12.—Eggs firm; receipts, 43,010 cases; fresh gathered, «xtra firsts, regular packed, 29a29%; ., storage packed, 29%a30%; fresh wathered, firsts, regular packed, 28a L2t ; do., storage packed, 29a29%; resh gathered, seconds and poorer, 7a27%; nearby hennery, Whites, Closely selected extras, 36a3s; nearby 2nd nearby western hennery whites, firsts to average extras, 30a35; nearby Jennery browns, extras, 34a35; Pacific <oast whites, extras, 37a38; do., firsts 0 extra firsts, 30a34. e DAIRY PRODUCTS. BALTIMORE, June 12 (Special).— ve poultry—Spring chickens, pound, 5a45; leghorns, 30a38: old hens, 22a 7: leghorns, old, 22a23; old roosters, 16; ducks, 15a22; spring, 28a30; pigeons, pair, 40a45. Eggs—Loss off, native and nearby firsts, 27; dozen, southern, 26. Butter—Creamery, good to fancy, :3a43; nearby creamery, 34a38; prints, 1adb; ladles, 30a32: ' rolls, 28a3l; : fore packed, 28; dairy prints, 29a31 \gprocess butter, 34a3d. b YORK, several prediction unfavorable FINANCIAL, After the first hour it ran into | NEW YORK STOCK EXCHANGE Received by Private Wire Direst to The Star Office Open. High. Low. Closs. 6% 6% % 76 6% 6% 1% 1% 1% 71% Open. High. 7 T3 82% 844 14% 14 80 80% 48% 48% 3 8% 75 12% 5% 16% 82 20% Low. Close. 7 7% 82% 334 14 14 80 80% 4T% 8% 73 184 8% Td% 12% 123 “UN 45y 16% 16% 82 82 20 20 Int Mér Marine. .. Int Mér Mar pf... Inte: "at Nickel Inte>.Nick pf (6). Inteth:at Paper. .. Tat 135p pt st (6). Int T &T(6)..... Invistible Oil. , . . Iron Y roducts (6) Jewei Tea. .. Jewef Tea pf. Jones Bros Tea. .. Jords+ Mot (3)... KCFAL1st (7). Kan ity South Kan & Sopf (4).. Kelly<pr Tire. Kelly Springfd pf. Kel S/ T pf (6) Kenn+ Cop (3). Keys'ine T& R.. Lee I53b & Tire Leh Val (3%) Leh Val rights. Lig & Myrs (3).. Lig & Myrs B (3) Lima Loco (4)... Loew Inc (2) . Looe, Wiles Bis. . Lorr)ard (3) Loul® & N'sh (6 Ludl®a Stl (2. Mclreyre (75¢).. Mack Trucks (6). MackT 1st (7) Mack.T 2d (7) ... Magr a Copper. .. Man i modgtd 4. t Shirt (3) Mani}t Su pf (7). Mars'aibo Ofl. ... Markit St Ry Mkt = Ry pr pf. Mari~ud O} Martin Parry Matbuson Alkali Maxwell Mot A, . Maxv* 1l Mot B... May +'pt St (5)... Mex b¥aboard(2). Mexfizabd ctfs(2) Midd}e St Ol Minn & St Louls. . M Ste®SSM pf 4 Mis K n & Tex... MisK % Texpf... Miseciiri Pacific. . Misscrl Pac pf. . Montgom Ward. . Moon Mot (3).... Mother Lo 37%e. . Nash. Mot (18%) . Nat Hiscuit (3) Nat Dairy (3).... Nat Dept Stores. . Nat Fn & St Nat L-ad (8). Nat Supply (3) Nev Cons Cop. ... NewO.T&M 123% N YA Br)... N Y Central (7) NYC&SLL (6). Ny.C&StL pf (6). N Y Dock..... NY NH & Hart... NYOnt& West.. N Y Shipbldg. . Norfolk South. Norf & W (18). North Anver (2). . North Am pf (3).. North Pac (5). Ohio Body & B Otis Elev (n) (4) Owens Bot (3)... PacG&E (5).... Pacific Mail Pacific Oll (2).... Packard (1.20) .. Pan Amer (4).... Pan Amer B (4).. Penn Railr'd (3). Penn Seab Steel. . Peop Gas Ch (7). Peoria & East. ... Pere Marq (4) - Pere M prpf (5). Phila Co (4). . Phila& R&1. Phila & R&I ctfs. Phil Mor (50¢) ... Phillips Pet (2)... Pierce-Arrow . Pierce-Arrow pt.. P-Arprpf (8)... Pierce Ofl. . Pierce Ofl pf. Pitts Ut pf 1.65. Pitts & West Va.. Postum Cer (4) Press 5ti C (4) . Prod & Refiners Pub Ser N J (4) Pub S NJ pf (8) .. Pullman Co (8) Punta Al Su (5). Pure Oil (1%) Pure Oil pf (8 Ry Stl Spg (8). Ray Cons Cop Reading (4) Reading rts. . Read 1st pf (2) Read 2d pf (2). Remington Type. Replogle Steel Rep Ir & Steel Rep1&Spf (7).. Reynolds Spr (2) Rey Tob B (3) Roy D'tch (3.46).. Rutiand pf. St Joseph 1d (2). St L San Fran. St L-San Fr p! St L Southwest. .. St L S'th pt (5) Savage Arms.... Schulte (8) . Seaboard Air L. Seab'd Air Lipf. Sears Roe & Co... Sheil Un Ofl (1) Simmons Co (1).. Simms Pet...... Sine Con Oil (2) Sin Con O pf (8). Skelly Ofl....... Sioss-Sheft (6). South Pac (6) So P Rico Su (6) Southern Ry (5). South Ry pf (5).. Spicer Mfg. .. Std Gas & El (3). St Oil Cal (2). 6T% StOINT(1). 35 StOI N Jpf (7).. 117% Std Plate GI(75c) 34% Stew’'t War (10).. 65% Stromberg C (8). 624 Srudebaker (4) 344 Sabmarine Boat.., 8% Superior Oil. . 6% ‘Tenn C & Ch. 7 Texas Co (3). 38% Tex Gulf (16%). 60% Texas & Pacific.. 31% Tex&PacC&0O. 8% Tide Wat Oll (4) 123 Timken (13%)... 34 Tob Prod (6). ... Tob Prod A (7)... Transcont Oil.... Un Pacific (10)... 134% Un Pacpf (4).... 72% Un Tank Car (5). 98% Utd Alloy 8t1 (3). 25 Utd Cigar Stores. 44% United Drug (§). 76% Utd Fruit (10). 85% 82 23 67% 94 Adv. Rumley. Air Reduet (4). Ajax Rubber Alaska Juneau. Allied Chem (4).. Allis-CMpf (7). 924 2% Am Agri Chem... 8 8 AmAgriChempt 23% 23% Am Bank N (5)..110 1o AmBrS&F (5). 83 &3 Am Can (16)...." 109 107% AmC&F (12).. 160 160 Am Chain A (2).. 22% 22N Am Chicle. 16 18 Am Express (6) . 92 Am&F P 25%(1) 95 Am For P £ pd(T) 94% Am Hide & Lia.. 9 AmHide & Lpf.. B5% AmIce (7. 6 Am Internatl. 21 AmLaFFE(1). 10% Am Linseed..... 16% Am Linseed pf.. 35 Am Locomo (8). 73% Am Loco pf (7).. 119% Am Radiator (4). 101% AmRollMpf(7) 104 AmSaf R (50c). 6% AmShip & Com. 11% AmSm & Re (5). 63% Am Stl Fays (3). 354 Am Sugar. . 43 Am Sumat Tob.. 9 AmT& Tel (9).. 124% Am Tobac (12). 143% Am Tob pf (6)... 103 Am Tob B (12).. 140% Am Water Wka. 68% AmW W pf (6). Am Woolen (7)., Am Wool pf (7). m Writ Pap pf. Am Zinc. . L Am Zinc pf. Anaconda...... Ann Arbor. . Ann Arbor,pf Arm pf Del (7). Arn Cons & Co. Asso Dry G (5) &% DG 2d pt (7). Ass0 Oil (13%). AtT&SFe (6). . AT&SF ot (5). Atl Birm & At. Atl Coast L (18). Atlan Fruit cfs. . AtGulf & WI... At Gulf & W Ipf Atian Ref (4)... Atlas Tack. Austin-Nichols. Auto Knitter Bald Loco (7) Bal & Ohio (5) . Bang & Arpf (7). Barnsdall A. B'ch Nut (2. Beth Steel (5)... Beth Stlpf (7).. Beth Stipe (5) Br'k Edison (8) Brk-Man Tran. . Br Man T pf (6). BrklynUnG (4) Brown Shoe (4).. Brown Sh pf (7). Brunswick Term. Buf R&P (4). Burns Br (10). Burns Br B (2) Burns Brpf (7). Bush Te pf (7)... Butle&Superior Butterick Co. . Cal Packing (6).. Cal Pet (1%)... Callahan Z Lead. Can Pacific (10) . Cent Leather Co. Cent Lea Copf... Cent RMpf (7). Cer de Pas C (4). Chand Mot (6).. Ches & Ohio (4) Chicago & Alton Chic & Alton pf.. Chic & EastTIl. .. Ch & East Il pt. Chic Gt West. Chic Gt West pt Ch Mil & St Paul Ch Mil & St. P pf. Chi & Nwn (4) ChicR1& Pac... CRI&P pt (6) CRI&PDI (1) Chile Cop (2%). - Cluett, Peab (5) . Coca-Cola (7)... Colo Fuel & Iron. Colo Southern. Col So 1st pf (4). Col S0 2d pf (4).. Col Carbon (4).. Col G & E (2.60). Com Solv A (4).. Com Solv B. . .. Congoleum (3) Consol Cigar. ... Consol Gas (5) Consol Textile. Cont Can (4).... Cont Motors (20¢c) Corn Products. ... Corn PrRpf (7). Cosden Co. . Crucible Stl (4) . Crucib Stl of (7). Cub Am Sug (3).. Cuban Cane Sug. Cub Cane Su pf. Cub Dom Sugar. Cuyamel Fr (4).. Danl Boone M (3) 23% 24% Davidson Chem.. 49% 49% Del & Hud (9) ... 116% 116% DelL&W (6)... 122 122 Det Ed Co (8)... 105% 106% Dome Mines (2).. 17% 17% DulSoSh& Atl.. 2% 24 DulSS&Atpf... 4% 5% DuPtde N (8)... 120 120% DuPdeNdb (6). 87 87 Eastman (16%). 106% 106% Eaton Ax (2.60) 15 15 El Stor Bat (4).. 656% 56% End-John (5).... 6% 60 End-Jobn pf (7).. 110 110 28% 28% 84% 34% 29% 29% 28 284 8% 8% 80 80 4% 4% i1 1 185 185% T% Th 44w 51% bl 0% 0% S 39 39 38% 89 6% 78 85 86 224% 225 11 1n 13 134 81% 81% 94 94 39% 39% 48% 49% 100 36 19% 74 43% 92% 13 4% 59% 264 6% 16 60% €8% 863 86 44 33 65% 23% 23% 72% 924 8 254 110 83 09 {Gl% 22% 16 924 95% 94% 9 21 204 E6% 86 224 10% 16% 35 74% 119% 101% 104 6% 12% 63% 35% 43 10% 124% 143% 103 140% 106% 24% 98 95% 15% 19% 83 22% 3 146% 12% 43% 92% 45% 49 8% 4% 10% 25% 41% 4% 14% 12% 23% 544 28% 70 82% 27% €3 69% 40% 33 56 47 45% 37% 54% 44 40% 14% 66% 3% 4% 6% 6% 85% 86% 120% 120% 2% 2T% 52% b62% 89 89% 30 30 12% 13 68 b8 % 4% 58% 60% 109% 25% 98 95% 15% 19% 83 22% 3% 146% 12% 43% 92% 45% 49% 80 4% 10% 26% 43% 5 14% 13 24 54% 29% 724 343 27% 63 70% 40% B4% 56 47 45% 37T% 55 44 40% 14% 66% 3% 50 104% 122% 650% 21% 96 113 10% 56 21% 35% 34 39% % 45% 85 11% 68% 50 37 25 284% 4T% o Erie 2d pt. Fairbanks-Morse. Famous Pl (8)... Fed Lt & Trac Fed LI&TT p£(6) . Fifth Av B (64c). Fisher Bdy (10). Fisk Rubber. Fisk Rub pf A. Fleishman (3) Foundation (§) . Freeport-Texas. Gen Am T C 3) Gen Asphalt. Gen Asph pf (5) . Gen Cigar (8)... General Elec (8) Gen El spe (60¢). Gen Mot (1.20). Gen Mot db (6). Gen Mot db (7). Gen Petm (2). Gimbel Bros Gimbel Brpf (7). Gold Dust. Goodrich pt (7).« Goodyear pf. G'dyear pr pt Granby Consol Gray & Davis. Gt North pf (5).. Gr Nor Ore (3) Guantan Sugar. Gulf Mo & Nor GuMo& N pf ( Gulf St 8tl (5).... Hartman Co (4) Hayes Wh'l (3).. Homestake( 7). Househ'd Pr (3). Houston Ofl. Hud Mot C (3)... Hupp Mot C (1).. 11% 12 Tllinois Cent (7).. 104% 106 O1Cent pf (6)... 106% 107% Indep OHl (1) % Indian Refining.. 6 6 Inland Stl (2%).. 82% 83 Inspiretion Cop.. 23% 23% Interb Rap Tr.... 22 22 Internat Agri. % Internat Agnew.. 3% Int Bus Ma (8) 9% Int Cement (49 4“ Int Com Eng (2). 23% Intern & Gt Nor.. 28% 59% 2% 9% 86% 92% 13 4% 69 26% 6% 15% 59% 68% 35% 34% 44 33 65% Vulc Det pf (7) .. Wabash. . . Wabash pt A. ‘Wabash pf B..... Wald 8ys (1%).. Web & Hellb (1). ‘Wells Far (2%) . T 8% 4% 4“ 23% 28% ‘lnurnll Har(5). 6% ‘West Pen (4).... BOND PRICES SOAR TO RECORD LEVELS Year's Best Quotations Reached Soon After Opening—Many $100,000 Transactions. ALL LIBERTIES ADVANCE Four U. S. Issues Hit Highest Marks for All Time. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 12—Response to the announcement to a cut in the re- discount rate of the New York Fed- eral Reserve Bank to 3'% per cent came at the opening of the bond market today in the shape of sharp advances in all investment securities under vigorous demand. With two exceptions opening prices for liberty bonds were new high records. One exception was the tax-exempt 3is. The other exception. the first 4% 1ib- ertys, joined the rest in making a new high soon after the opening. The advance in the Treasury 4%s was the most spectacular. War Issues at New Peaks. Every United States government war and post-war loan is selling at the highest since its issue with the single exception of the liberty 3%s. There was some reaction under profit-taking, but dealers expressed the opinion that in the present money market libertys ought to sell on a 3% per cent basis, which would necessi- tate some further price advance. Buying spread rapidly to the high- grade rails and industrials. New highs for the year were made by such issues as United States Steel stnking fund 5s, American Telephone and Telegraph _collateral trust and debenture 51s, Atchlson General 4s and New York Gentraf 5s. Freach Issmes Advance. One of the most interesting inci was the advance in foreign notably the French issues. French 8s were at a new high for the year above par and French 7ls at 961 were selling at the record for 1924 made late in April. French mu- nicipal and provincial issues were also strong. There was buying of Cuban 5%s at the best price of the year. g Activity in the speculative rails covered a wide range with special strength in Seaboard 6s, Wheeling and Lake Erie 4%s, Missouri Pacific General 4s and Missouri Pacific Erie prior lien 4s made a new high on this movement. H. & O. converti- ble 4%s were in demand around 50. LIBERTIES HIGHEST EVER. By the Associated Press. NEW YORK, June 12—With the public investment appetite whetted by the reduction in the New York and Boston federal reserve rediscount rates to 3% per cent bond prices today soared to the highest levels of the year. Trading was the most active in many months as numerpus trans- actions of $100,000 or more were re- corded. All United States government obli- gations established new 1924 top prices and four of them achieved new high records for all ime. Overnight accumulation of orders for Liberty bonds quickly carried the second 4% s to 101.9, the third 4% to 101.29, fourth 4%s to 1025 and the Treasury, 4%s to 104.5. Many Standard investment bonds, including United States Steel 5s, leading railroad issues and Euro- pean government obligations sold at 1924 peak prices. Broad buying of speculative rails and industrial liens carried values up 1 to 4 points. Money rates continued easy. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY 12—New England mills have resu:ied selling cotton on the ground tb .t curtailment fidi- cates little use for the staple %his year. They are protecting themseives by buylgs futures, which are jow enough to give them a profit. NEW ORLEANS, sugar market has suddenly galvan- ized activity with a good demand for refined. Consumers are placing or- ders for future delivery for the first time in sixty days, owing to hot weather and possibility of fur:her price advances. FORT WORTH, June 12.—The re- cent sudden advance in the pricé of wheat is expected ta bring an addi- tional $500,000 to growers in West Texas. Harvest is now in full blast in half the belt and farmers exuect to sell on the improving market. JUNEAU, Alaska, June 12.—Conper production in Alaska showed a fall- ing off in May, according to John C. McBride, collector of customs. Ex- ports amounted to 6,375,463 pounds. as against 6,538,827 in April. Most of the output came from the Mother Lode and Kennecott mines. CHICAGO, June 12.—Steel mills in the Chicago district have been more active recently, with indications that the slump in production may l'ave reached bottom. Pig iron is seling at $22. SAN FRANCISCO, June 12— The packing season for California as- parsgus will end within the ext three weeks with the smallest pack re- corded for several years. Almost the entire crop has been sold on advance contracts at an advance of 25 per cent. — PLAN TRADE PARLEY. ATLANTA, June 12 (Special).— Twenty-one Latin American coun- tries have agreed to send representa- tives here in October to attend.the Pan-American Commercial Congress now being arranged to cultivate bet- ter relationships between southe:st- ern shippers and merchants of those sountries. RATES ON BAR SH.VER LONDON, June 12—Bar silver, 3411-16d_per ounce. Money, 1% ver cent. Discount rates: Short bills, 215-16 per cent; three-month bills, 2 15-16a3 per cent. NEW YORK, June 12.—Bar silver, 66%; Mexican dollars, 51. e West E1Dt (7). .. 114% 114% 114% 1343 West Maryland.. 9% 9% 9% 9% West Mary 24 pf. 16% 16 16% 17% ‘Western Pacific. . 20% 20% 0% ‘West Pac pf (). 67% 68 West Un Tel (7). 108% 130% ‘West Air Br (6).. 89% 9% West E& M (4). 68% % W E 1st pf (4) 6% T6% Wheel & L Erie. . 9% _19 ‘Wheel & L Er pf. 18% T 19% ‘Wh Eag Oil (2).. 23% 23% 52% 2% % 1% (R Th 84 6T% €3 86% Ei% 24 A% 87% 83% 10% 13% % W% 64 & e Call Money..... HOURLY SALES OF STOCKS. 230,600 12m. 519,400 2 pamesees78L200 THE EVENING STAR, WASHINGTON, D. C, THURSDAY, JUNE 12, 1924, [ o BONDS moxmenn] Received by Private Wire (Bales are in §1,000.) . UNITED STATES BONDS. (Fractions represent thirt; conds. Example: 101-3 means 1013-32.) Sales. High. TLow. Close. 624 100-28 100-23 100+28 12 101-20 100-28 101-20 - 312 101+28 101-22 100-26 772 101-9 101-3 1016 Lib 3d 43 230 101-29 101-25 101-28 Lib 4th 414s.. 2164 102-8 100-31 102~ US4%s1962. 1211 1048 104~ FOREIGN. Sales. High. Argentine 6s'37...382 90"/‘- Argentine 7s...... 20 1024 Austria 7s . 42 91k Belgium 6s. 55 100% Belgium 73 - 17 104% Belgium 8s 23 103 Bolivia 8s. .. .20 921 Bordeaux 6s. 36 83% Brazil 7s. .49 83 Brazil 8s.. .. .30 97 Canada 5s 1926.... 23 100% Canada5s1931.... & 101 Canada 55 1952. ... 25 101% Canada 5%s 1929..161 102% Chile 751943...... 24 96% Chile 85 1926. . 103% Chile 83 1946. . 105% Chinese Gov Ry 42 108 Christiaala 8s ... Copenhagen 5%s. . 91 90% 90% 96% 964 96% Cuba b%s. . .2 Czechoslovakia 8s 96% _ 96% _96% Sy = 96 964 Denmark és Denmark 8s. 109 109 Dutch E 15%s. B6% 86% Dutch East 1 68'47. 94 94 Dutch East I 6s'62. 12 93% 934 ElSalvador 8s'48. 1 1014 101% Finland s f 65 1945. 3 89 89 Framerican 7%s.. 35 89% 89% French Govt 7%s. 225 96 96% French Govt 8s. . ..168 100 100% Haiti 65 el 90% 90% Italy 6%s 1926. 12 100% 100%: Japanese 4s....... 36 76% 78 Japanese 1st 4%s.. 2 97 9TH Japanese 634s. .. ..216 89% 90% Jergens UM 65'47. 6 78% 8% Lyon 6; . 30 83k 83% Marseille 6s. .47 834 834 Montevideo 7s. .. .. 10 894 B9 Netherlands 6s.... 22 92% 927 Norway 6s 1943.... 26 94% 95 Norway 6s 1952 5 95% 95% Norway 8s. .. . 1 111% 111% Orfent Dev deb 6s. 32 83 Paris-Ly’s-Med 68.151 76% Prague T%s 8% Queensland 6s..... 23 100% Rio de Jan 88 1946. 9 94 Rio de Jan 83 1947. 9 92% Rio Gr Do Sul 8s... 1 96 Sao Paulo City 8s.. 16 997 Sao Paulo State 8s. 9 102% 8% 82 82 103% 95% 112% 107% 102% 109% Lib 1st-2d 4%+ Lib 1st 4%s. Lib 2d 4% Low. Cless. 90% 102% 90% 100% 103% 102% 91% 83% 82% 96% 100% 100% 101% 102 96% 108% 105% 424 107% 96% 106% 42% 108 7 6 1 3 4 9 Seine Dept of 7s... 34 Serbs Crotes Slo 8s 71 Soissons 6s. ... 1 Sweden 63 10 Swiss 5145 1946. .. 295 Swiss Confed 8s... 1 Ud Kingm 514s'29. 1 Ud Kingm 5%s5 '37.235 102% Zurich 8s. 2 109% MISCELLANEOUS, Ajax Rubberss... 6 83% 81% Am Agr Chem T%s 24 87 86 AmChainsf6s'33. 6 93% 93% Am Repubdeb 6s.. 17 92 92 Am SmIt&R 1st5s. 75 94 93% Am SmIt&R 6s. 13 105 104% AmSugref6s. ... 14 99% 99 AmT&Tcltrds.. 35 96% 964 AmT& Tcltrbs.. 59 100% 100 Am T & T deb 5%5.100 102% 102 Am Water Wks 5s. 904 90 Anaconda 1st 6s. .. 96% 96% Anaconda cv db 7s. 96% 96 Armour & Co 41s. 86% 86 Armour of Del 533 87T BT Associated Oil 6s.. 25 100 99% Atlantic Refin 5s. 98% 984 Barnsdall s f 8s. 97% 97 Bell Tel Pa 5s 99% Beth Steel pm 58 90 Beth Steel rf 5s 94y Beth Steel 5%s '53. 90 Beth Steel s £ 6s. .. 96 Braden Copper 6s.. 9 104% Brier H St 1st 535 9644 Bklyn Edison 7sD. 1 108% Bush T Bldg 58 '60. 94 Calif Pete 6148 974 98% 101 99% 9944 9914 103% 95% 112% 107% 81% &7 93% 92 93% 104% 99% 96% 100% 102 90% 96% 96% 86% &7 99% 28% 97 £9% 90 944 89% 96 104% 964 108% 94 974 983 100% 994 99 994 98% 891 89 107% 977 89 106 82 108% 106 4 104% 91 100% 96% 1156% 1024 9R% 96 103 84 87% 93% 7% 98% 90% 81 97% 17 97% 117 110 97% 103 104% 105% 874 974 6% 992 111% 85 100% 95% 106% 108% 4% 98% Col Gas & El 5s. ... Col Gas & El 5s sta. Commonwth P 6s.. Con Coal Md 1st 5s. Consumers Pow 5s Cuban-Am Sug §s. Cuba Cane cv d $s. Denver Gas 5s..... Det Edison ref 6s. . Donner Steel 7s. Du Pontde N Ti4s. Dugquesne Light 6s. Est Cuba Sug 7%s. Empire G&F T4s.. Fisk Rubber 8s.... Goodrich 6%s Goodyear 85 1941.. Hershey 63 1942... 7 Humble O&R 5%s. 55 Illinois Beii 1st 55.142 Indiana Steel 5s... 6 Int Mer Marine 6s. 19 Inter Paper 5s'47. 115 KCP&Lt5s A'52.123 an G & El 6s'52.. 74 Kayser (J) .. 15 Kelly-Spring 8s... Lackawa S 55 '50 Liggett & Myrs bs. Liggett & Myrs 7s. Lorillard (P) 5s. Lorillard (P) 7s... Magma Cop cv 7s.. Manati Sug sf Tk%s Marland Oil 7%s Marland Oil 8s'31. Mexican Petrol 8s. Midvale Steel 5s. Montana Power 6s. Morris&Co 1st 4%4s New Eng Tel bs. N Y Edsn 1st 6% NYG EL H&P 4s NYG EL H&P 5s NY Tel 4%s.... N Y Tel 6s'41... N Y Tel 6849 Norta Am Ed 6 North Am £d 6% Nor Ohio T&L 6s Nor States Pow 5s. Northwst B Tel 7 Otis Steel 7%s. . Otis Steel 8s.... Pacific Gas & E1 55 19 PacT& T1st5s... 85 Pacific T & T 65’52 36 Phila Co 5%s '38...108 PhilaCoref 6sA.. 16 Phil & Rdg C&I 6s. Pierce-Arrow : Pierce Oil deb 8 Pub Serv Elec 6s Punta Alegre 7s. Sharon Stl H 8s. Sinclair Oil 6%: Sinclalr Oil 7s. Sin Crude Oil 5% Sin Crude Oil 6s. Sin Pipe Line 6s... 14 South Bell Tel 5s.. 16 So Por Rico Sug7s 3 Southwest Bell 5s. 219 Steel & Tube 7s.... Tenn Elec Pow 6s. 57 Toledo Edn 1st 7s.. § Unlon Bag & P6s.. 5 USRub lstrfbs 25 11 25 10 19 27 6 5 93 102 9% 2% 96% 9444 103% 108% 100% 90% Va-Car Ch 7%s Vertlentes Sug 7: ‘Western Elec bs. . 197 ‘Westinghouse 7x. . 45 ‘Wickwire Spen 7: Willys-Ov 6%s '33. 16 Wilson & Co 1st 6s. 38 Wilson & Co cv 6s. 14 Wilson&Cev 7%s. 3 Youngstn S& T 6s. 55 9% 94 9844 108% 58 98% 83% 45 49% % 1084% 57% 98 82% 44% 48% 4% TODAY’S METAL PRICES. NEW YORK, June 12.—Coppe: Easier; electrolytic, spot and fatares 12%al2%. Tin—Steady; spot and Yu- tures, 42.00a42.25. 1 s prices, unchanged. Lead—Steady: spot, 7.00a7.25. Zinc—Easier; St. Louis spot and_nearby, 5.15a5.30. Antimony—Spot, $.35 , Direct to The Star Office. RAILROADS. Bales. High. . 6 63 .192 89% 15 82% 74 86 13 91% 15 99% 3 86 35 90% 53 85% 102% 85 99% 70 8 88% 13 13 81 96% 98% 884 95% 89 96% 60 36 88% 100 k) 54 554 19 1 22 Low. Closs. 61% 63 88% 89% 82% . 82% B4% B4% 91 9% 95 99 85% B85% 89% 89% 84% 85% 102 °102% 84n’ 85 99 © 99% €8% : 69 77! 8 83 88% 113 us 13 113 80% - 80% 96 . 96% 8% 98% 83 884 94% - 95% 89 89 96 . 96% 59% - 59% 35% " 35% 88% B88% 99% 99% 13% 53% B5% 78% 71 531 59% 2% 56% 98% 110 106% kd . 82% 81 81% L 91% 17 6% 103 29% 105% 89 834 2 101 Ann Arbor 4s. Atchison gen 4 Atchison adj 4: Atlantic C Licl Atlantic C L Ist 48 B&Oprin3k B & O gold 4s B&Ocv4%s B&Orefbs.... B&O6s B & O PLE&AWY B& O SW div3ls B & O Toledo 4s... Bklyn-Manhat 6 Buff R&Pitt 4%s. . Canad North 6% Canad North 7 Canad Pac deb Car Clinch & O & Car Clinch & O 6s. Central Pacific 4s.. 1 Ches & O cv 4%s. . 187 Ches & O gn 4%s.. 19 Ches & Ohio cv 5s. 195 Chi & Alton 3s .~ 4 Chi & Alton 3%s. .. 26 Chi B&Q gn 45 '58. 14 ChiB&Q 1strfbs.. 5 Chi& E1ll gn bs. .. 68 Chi Great West 4s. 48 C M & Puget Sd 4s. 10 Chi M & St P 4s '25. 58 Chi M&SL P 45 '34. . CM&StPdbds Chi M&St P cv 434, Chi M&St P rf 4%s Chi M &St Pcv bs. ChiM&StP 1 Chi& W Ind cn 4s. 16 CCC&StLrf6sA. 61 Cleve Term 51 .6 Cleve Term 5 18 Colo & Sou 4%s.... 11 Cuba RRB5s... 2 8 Del & Hd Ist rf 48 Del & Hudson & 10 Den & Rio Gcn 4s. 69 D & Rio G imp 5s..142 D&RG1strf5s.. 76 Det United 4%4s... 62 Erie 1st con 4s.... 79 Erie gen 4s 112 Erie conv4s A 158 Brie conv 45 B 45 Erie conv 48 D 87 Erie con ext 7s.... 12 Erie & Jersey 6s 3 Gr Trunk sf db 6s. 14 Grand Trunk 7s. . 10 Gr North gen 5%s. 56 Gr North gen 7s... 53 Havana ERL&P 5s 15 Hud & Man ref 5s.. 91 Hud & Man a) 5s..132 111 Central vef 4s.. 13 1 Cent ref 5s'55.. 9 11 Central 6%s.... 1 Int Rap Tran 5s... 29 Int Rap Tr 5s stpd. 81 Int Rap Tran 6s..., 11 Int Rap Tran 7s... 34 Int & G Nor aj 6s..174 Int & G Nor 18t 6s. 144 Towa Cent rf 4s. 2 Towa Cent 1st 5s... 11 Kan City Ft S4s... 64 Kansas City S3s.. 5 Kansas City S5s.. 45 Kan City Termd4s. 5 Lake Shore 45'28.. 2 Lake Shore 4s°31.. 11 Lehigh Valley 6s.. 19 Louis & N uni 4s 1 Louis&N6sB.... 10 Louis & Nash 5%s. 13 Louts & Nash 7s... 4 Manhat Ry cn ds.. 2 Mil EIRy & L 5s... 69 M &St Llstrefds. 2 Mo Pacific 6s. Montrl Tm st 5s. . N O Tex & M in 5 N Y Centcn 4s°'98. N Y Cent deb 4s. NY Centribs. N Y Cent deb 6s... 49 N ¥ Cen LS cl 3%s. 10 YC &St Ldebds 2 NYC&StL6sA.. 42 New Haven d 4s '57 29 New Haven c d 6s. 118 New Haven 7s..... 47 ew Haven 7s fr. . 290 NYOnt& Wrefds 11 NYRyrf4sctfs.. 1 N Y State Ry 4348, 2¢ N Y W & Bos 4%s. 132 Norfolk & W cn 4s. 9 Norfolk & W cv 63132 Northern Pac 3s... 24 Northern Pac 4s... 17 Northern Pac 5s D.128 Northrn Pacriés. 41 Ore & Calif 1stbs.. 4 Ore Short L ref 4s. 30 Ore Sht L cn 5s°46. 18 Ore-Wash 1st rf 45 33 Pennsyl con 4%s. . Pennsyl gen 4% Pennsy! gen 5s. Pennsyl 6%s. . Pennsyl gold 7s... Peoria & E inc 4s. Pere Marq 1st 5s. . PCC&StL5sA.. Reading gen 4s. . Rio G West 1st 4s. Rio G West cl 4s RIArk & L4%s.. St L TM&S 4s°29...160 St L IM&S R&G 4s. 77 StL&SF pl4sA. 204 StL&SFoprinss. 5 StL&SF5%sD.. 38 StL & S Fadj 6s.. 140 StL & SF inc 6 265 StL&SFpl6sC.. 2 StLSW 1stds.... 1 St LS W con 45'32. 58 StP & KCShL 4%8#.129 St P Un Dep 5% San A& Am P Seab'd AL 4ssta.. 15 Seab’d A Lirefds.. 89 Seab’d A L.adj s..135 Seab'd A Licon 6s..221 Sou Pacific 48°29.. 11 Sou Pacificref 4s.. 52 Sou Pacificcit4s.. 2 Southern Ry gn 4s.202 Southern Ry 1st 68 24 Southern Ry 6s ct. 148 Southern Ry 634s.. 73 Third Averef4s... 6 Third Ave adj 5s.. 21 Tol StL& W 3%s. 6 TolStL& Wis... 22 Union Pac 1st 80 Union Pac1strf 4s 15 Union Pac cv 4 2 Union Pac1strf5s 5 Virginia Ry 1st bs. 43 VaRy&Plstbs.. 16 Wabash 1st 6s.... 49 Western Md 4s.... 79 Western Pacific 5. 35 West Shore 1st 4s. 42 Wheel & LE cn 17 Whel & LE rf 4%s 58 Wisconsin Cent 4s. 16 TOTAL SALES (Par Value): 112a.m..10028000 12 noon 16 202080 1p.m..19597000 2 p.m..23 152000 —_— TRADING VERY HEAVY. NEW YORK, June 12.—Although the reduction in rediscount rates by the New York and Boston federal re- serve banks did not come until after the close of yesterday's market, this action was preceded by unusually active stock and bond trading. Total .stock sales for the first time in many weeks approximated a million shares and bond transactions exceeding $23,- 000,000 were the lary of any day this. year. Financtal circies weey confident that the lower bank rate would provide the needed stimulus to enable the markets to maintain their latest display of strength. FINANCIAL. JULY COTTON JUMPS 70 POINTS DURING DAY Later Months Fail to Keep Up With Advance of About $3 Per Bale By the Associated Press. NEW YORK, June 12.—Active cov- ering and trade buying of July con- tracts today emphasized the bullish- ness of the statistical situation on the cotton market, and advanced that contract to 28.92, or 70 points over yesterday's close. Later months were quiet and only 15 to 20 points ‘higher. . The opening was steady at a decline of 1 to 10 points. Slight rallies right after the call met increased offerings, active months selling about 10 to 17 points net lower. July declined to 28.12 and October to 25.90. Selling on the better weath- er was checked to some extent by ex- pectations of bullish midmonth condi- tion figures, however, and there were rallies toward the end of the first hour. Cotton futures closed steady. High 1o 28.20; October, 25.80: De- 25.02; March, 25.11. NEW ORLEANS, Juno 12.—The cot- ton market opened quiet and slight- 1y easier. Liverpool was hardly as| g00od as due and weather and crop | news was favorable. First trades | showed losses of 14 to 18 points and prices eased off immediately after the call, July trading down to 27.94; October. 25.01, and December, 24.79, or 19 to 21 points below the pre- vious close. The reactionary trend was held in check by the lowered federal reserve rediscount rate and the active stock market. Catton futures closed steady at net advanee of 7 to 53 points. Low. July . Oetober December Jaouary March . Opening—July. Zi. cember, 24.80; January, 24.80; March, bid. LIVERPOOL. June 12 Spot, quiet; prices steady. i e T Aty middling, 17.64; middling, 17.14; low middling, 16-2_5. good ordinary, 15.29; ordinary, 14.79. Sales, 4,000 bales including 2,800 American. Receipts, 21,000 bales, in- cluding 7,700 American. Futures closed barely steady. June, [17.09; 77; September, 157 Octo- 15.21; December, 14.82; January, .60, May, 14.45. GRAIN AND PROVISIONS. BALTIMORE, June 12 (Special).— Potatoes, white, per 100 1bs, 75a2.00; 150-1b. sacks, 1.50a3.50; new potatoes, bbL, J.nozs,;o. ‘B;i:;saubufipan: bdun 4.00a4.50. "an.u. 100. 2.00a8.00. K. bu., 50a65. Carrots, bu. 1.00al.25 Cucumbers, crate, 50a1.50. Corn, crate, 2.00a3.50. Eggplant, crate, 2.00a3. Lettuce, bu.. 50al.00. Spring onions, 100, 1.25al.75. };ou‘llasabu 2. Peppers, crate, 2. .50. S = 50:7‘? Radishes, 100, 1.00a2.50. Squash, | basket, 1.50a2.00. Tomatoes, crate, 1.50a3.50. ‘Apples, packed, bbl., 2.50a5.00; bu.. 1.00a1.75: box apples, 2.503.25. Grape- fruit. box, 1.25a3.25. Oranges, box, 4.0084.75. = Strawberries, qt, ° 6als. Peaches, crate, 1.50a3.00. Cantaloupes, crate, a3.75. Pineapples, crate, 2.50a3.7 Setiling Prices on Grain. Wheat—No. 2 red winter, spot, 1.14; No. 2 red winter, garlicky, domestic, 1.14; no quotations on No. 4 or No. 5 red ‘winter, garlicky. Sales—None. B b, new, 4.2584.30 per bar- rel for yellow and 4.10a4.15 per barrel for white; No. 2 corn, spot, §7; No. 3, 84; track corn, yellow, No. 3, 9L Sales—None. A Oats—No. 2 white, 53; No. 3 white, new, 58. Rye—Nearby, 70a75; No. 2, Tye, spot, 815% Hay—Receipts, fifty-nine tons. Re- ceipts of hay are more liberal and the tone of the market is casy under accumulations on spot. Markets on unsound and off-color hay is weak and hay of this sort is hard to move, even at sharp discounts. uotations—No. 1 timothy, 29.50; 2, 28.50229.00; No. 3 timothy, 26.00 1 light clover, mixed, 2 light clover, mixed, . 1 ciover, mixed, 27.00 clover, 24.00a25.00. . 1_straight rye, 23.00a 24.00 per ton; No. 1 tangled rye, 15.00 220.00; No. 1 wheat, 17.00a17.50; No. 1 oat, 16.50a17.00. Another advance of 10 cents per barrel on all city-milled brands and western grades of flour was an- nounced at the chamber of commerce this morning. e CHICAGO GRAIN MARKET. CHICAGO, June 12.—Fresh strength quickly developed in the wheat mar- ket today after a wavering start Owing to showers in Canada and to the fact that Liverpool quotations were unresponsive to vesterday's ad- vance in prices on this side of the Atlantic, first trading here showed a downward tendency. ~Offerings, how- ever, were quickly absorbed, and the rise of values thereafter, with active buying based on likelihood of greatly reduced production, carried the mar- ket to well above vesterday's finish. Opening prices ranged from % to % lower, July 1.09% to 1.1034 and Sep- tember 1.12 to 1.124, and were suc- cceded by rallies of one cent or more all around. Despite warmer temperatures, corn sympathized a little with the wheat advance. The corn opening. which varied from s off to % up, July 79% to 80%, was followed by a slight gen- eral sag and then by small gains. Provisions were firmer, owing to absence of any aggressive selling. Open. Low. Close. 1.00° 109% 111k Lk L% Cotton— Good mid- 1037 1052 . 10.62 10.82 i e S CHICAGO LIVE STOCK MARKET. CHICAGO, June 12 (United States Department of Agriculture).—Hogs— Receipts, 35,000 head; mostly steady; early sales 5 to 10 lower; big pack- ers doing little; bulk good and choice 270 to 350 pound butchers, 7.10a7.20; top, 7.25; bulk_desirable 180° to 250 pound weight, 6.85a7.05; better grade 140 to 170 pound averages, largely, 6.2526.80; bulk packing sows, 6.25a 6.50; killing pigs steady; bulk good and’ choice strong weight, 5.75a6.00; bulk of sales, 6.76a7.15: top, 7.25: heavy welght, 7.00a7.25: medium weight, 6.90a7.15; light weight, 6.50a 7.10; light lights, 5.50a6.80; packing hogs, smooth, 6.35a6.55; packing hogs, rough, 6.15a6.35; slaughter pigs, 5.00a S attle—Receipts, 14,000 head: very little done; few early sales beef steer yearlings and fat she stock, 10al5 fower; bidding 25 lower in numerous instances; killing quality less desir. ednesday; ely e, oo T1ab Did Jon ehoics mac tured steers; several loads held around 11.00; bulk early sales, 8.50a10.25: n fed cows scarce; grassy kind neglected: few early sales beef heif- ers, 7.008.25; some held around $. both slow: about steady; best welghty bologna around 5.25; plain light kind downward to 4.65 and below: vealers fully steady; bulk, 9.50a10.50 to pack- ers; outsiders, upward to 11.00; stock- ers and feeders scarce; trade firm at week's 25 advance; weighty feeders to_country late yesterday, 9.25 Sheep—Receipts, 13,000 head: fairly active; range lambs, i5a25 lower; na- tive springers mostly 25 lower; cull springers weak to 50 lower; sheep scarce; steady: best range springers. 17.10; native, 16.00a16.25, mostly; culi springers, 11.00a11.50; best clipped lambs, 14.50: good medium weight, fat ewes, 5.50. RICHMOND RESERVE BANK T0 CUT RATE RBediscount Chauge Forced by Ac- tion of Federal Banks in Boston and New York. BAILWAY COMMON Bell Telephone Rights Traded in on Local Exchange. HIGHER BY CHAS. I'. SHAEFFER. Action of the “ew York and Bos- ton Federal Rese've banks in mark- ing down their rediscount rates 1o 3% per cent yesierday causes closc observers of the money market believe that a goneral reduction of the rate of 4% jor cent maintained by eight of the twelve federal insti- tutions is immincnt. Both Cleveland and San Francisco reduced théir ratc Lo 4 per cent a short time ago. An endeavor tc stimulate business recovery tedly the motive . From the prac- the change means b as the banks arc 4 in - BoTlona oW from” (helr PoInt of busines: psyehology, how. ever, it is believed the cut may . spire a degres of confidence and 1 sult in greater business activity. (f course, the earning assets of the in stitutions will be materially er hanced. The reduction: are expected force similar action, not necessarils to the same extent. throughout thy entire reserve svstem. The reason for this is that i* will tend to diyer: balances from sections maintaming the lower rat \d at the same tima attract borrowers. Thus credit con ditions elsewhere will become easin- The Fifth Federal Reserve Bank located at Richmend, and which nurm bers in its membership all loca banks, will shortly follow in turn is believed, but District bankers ar not looking for a reduction below 4 per cent inasmuch as the local cer tral institution ix one of the ‘“weak sisters” of the system. Call for monev on the banks has been slack for several months, s me of them a~tually operating at a loss during this time Bank Officers Elected. The board of trustees of the E Washington s =5 Bank has e ed the following oflicers for the enst ing year: John (. Yost, president Samuel H. Walker, first vice presi dent: Lewis Flemer. second vice president. and Charles A. McCarths. secretary’ and treisurer. In addition to these officers, the fol- lowing constitute the hoard: John ¢ W. Beall. James A. Donohoe, Gratz E. Dunkum, John Ford, P, iC. Hazen, Michael . neh, William A Lynch, H. H . Marris E. Mar- low, William e, jr., and John Weedon. New Financing Allowed Acquisition by the Missouri Pacif Railroad Compary of one-half the common stack of the Denver and Rio Grande Western Company has been authorized by the Interstatc Commerce Commission. The Denyer carrier was authorized to issue $29,805.000 of general mort- gage bonds as comulative income bonds for the period from February 1, 1924, to February 1, 1929, and to issue $16,445,600 of preferred stock This order is an amendment to a for- mer decision Purchase of the stock by the Mis- souri Pacific was opposed by the state of Colorado, but was supported by several states through which the Missouri Pacific operates Railway Common Higher. Common stock of the Washington Railway and Electric Company co tinued its upward march on today exchange, twenty shares changing hands at 75% and 715%. It closed very strong with 75% bid and 76% asked. In the meantime the preferred issue was strong but unchanged at 73% and 73%. A feature of the day's trade was transactions in rights of the Amer- ican Telephone and Telegraph Com- pany. A total of 1,675 of this paper sold at 3%. Capital Traction was firm _at unchanged prices, Washington Gas at 483 2 thaler was slightly above its previous close, fourteen shares selling at 152%. and an_odd lot of Lanston brought 72%. Real Estate Title Insurance Company had sales at 160 and frac- tionally under. standpoint but little, inasmu« now not borr reserve the last COAL TRAFFIC SHRINKAGE HITS RAILROADS HARD B. & 0., Pennsylvania and Western Maryland Suffer Slump in Earnings. Special Dispatch to The Star BALTIMORE. Md., June 12.—Shr afe in the movement of coal bed 1 the most important factor in the falling off in earnings of railroads particularly of lines which realize their largest recaipts when the coal trade is active. The drop in coal tonnage has affect- ed the earning power of the Balti fore and Ohio, the Pennsylvania and Western Maryland to a greater ex- tent than the average person sus- pects. The Western Maryland estimated earnings for May, just made public, show that loss in roal re- ceipts accounted for 79 total decrease of $62! 44 reported in earnings for that h. Receipts from coal traffic Jast month amounted to $591,397.36 against $1,074,876.45. for the corresponding month a year ago. This is a decline of $4S3.478.12, or 45 per cent. Earnings from railway operations for the month showed a comparative loss of 30 per cen PARIS MARKET QUIET. PARIS, June 12— Trading quiet on the bours Three per cent rentes, centimes. Exchange on London, 81 francs centimes. . = Five per cent loan, 67 francs 75 centimes. S The dollar was guoted at 1§ francs 80 centimes. 12 of the was francs 65 70 U. S. TREASURY CERTIFICATES (Quotations furnished by Redmond & Co.) 5%s September 413 December 48 March 15, : 4%s March 15, 1925, .. 4i3e Jume 15. 1925 438 December 15, 19%. 450 Maren s, v, s September’ 15 4%s March 15, 1 4348 December 13, 100 27 3 100 25.32 100 29-3: 101% 101 D 101716 101 916 101716 101 9-15 102116 102 316 1015 108 102 Stoek of abie. Record July 15 June 30 Joly 1 Jume 17 Jor 1 Juert ug. 10 Jaf 1 Jamelo 1 Jume Car Air ration. nction ST 3 3 PR AR aam" { ]t R Int Tel & do .. Mich _Central. Nat Biscuit. do pf. N Y Centrai Pitts & L, E. R H Macy Stand G & Un Bag & United Shoe. ARS8, . 15 Bep. 30 “31 Aug. 18 et B e v pa s WPl i v if you want work read the want columns of The Star.