Evening Star Newspaper, June 14, 1924, Page 12

RAIL SHARES AGAIN MAKE NEW MARKS Cut in Crude Oil Prices Cause of Hesitation in That Spe- cial Group. MARKET CLOSES FIRM Wholworth Climbs Five Points to Highest Record to Date. Dy the Associated Press. NEW YORK, June 14—Speculative interests in today's stock market again centered in railroad shares, several of which attained new peak prices for the year. The rest of the st, though firm, did not participate extensively in the advance heretofore, although there were sev- cral independent points of strength among the specialti Oils were hesitant as a result of a Ivania crude prices. High priced 1 carriers were ir- Lackawanna touching a new Delaware and Hud- < and Western falling back on -taking. N Woolworth (new) climbed 5 points| to 99, a record peak, and 16 points above last Saturday’ sing r‘u:'ur‘ei Kresge and Fisher o soared 5 points each » The closing was fi proximated 550,000 shar! POOLS VERY ACTIVE. profi Sales ap- Operators Play Big Part in Today'’s Further Gains. BY STUART P. WEST. 1 Dispateh to The § . P EW TORK, Juno 14.—The market for the most part went higher in to- day’'s short session. Its action fitted with the idea which has been spreading all week that the stock exchange had begun to discount an improvement in the business situa- tion, even although this might be de- ferred for some time to come. The rise was by no means general, but it included enough individual stocks ta make it quite apparent that the ency was upwara Seen E = =pectal strength {n Delaware, Lack- awanna and Western, in Missouri, Kansas and Texas preferred. in the rn Pactfic, which made Chicago, Great in Pool Operators Active. Pool operations were active in va- rious specialties. Davison Chemical Was rushed up above 50. The ¥ Woolworth stock had another markable jump. Mallinson NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Adv Rum pf (3). Air Reduct (4) .. Ajax Rubber.... Allied Chem (4).. Allis-Chalm (4).. Am Agri Chem. .. Am Agri Chem pf Am Bosch. : Ani Can (16) AmC&F (12 Am Drug Synd.. Amé& F P 23%(7) Am Hide & L pf.. Am'Internati. Am Locomo (6. Am Radiator (4) Am Saf R (50c). Am Sm & Re (5). AmS&RDf (7). Am Stl Fdys (3). Am Sugar....... AmT & Tel (9) Am Tobac (12) Am Water Wks. . Am Woolen (7). Anaconda Asso Dry G (5).. Asso Ol (1% AtT& SFe ( AT&SF pt (5). At Gulf & W I pt Atlan Ref (4)... Bald Loco (7). Bal & Ohio (). Bal & Oh pf (4). Bang & Arpf (7). Barnsdall A Beth Steel (5). Br'k Edison (8).. Brk-Man Tran. . Br Man T pt (6). BrklynUnG (4) Brown Sh pf (7). Burns Br (10) . Burns Br B ( Cal Packing (6). Cal Pet (1%)... Callahan Z Lead. Can Pacific (10). Cent Lea Co pf... Cerde PasC (4). Chand Mot (6) Ches & Ohio (4).. Chicago & Alton. . Chic & Alton pf. Chic & East I1l. .. Ch & East 11l pf. . Chic Gt West.... Chic Gt West pt. . Ch Mil & St Paul. Ch Mil & St P pt. Chi & Nwn (4).... Ch& Nwn pt (7). Ch PneuT (5). ChicR1& Pac... CRI&P DI (6).. CRI&PDf (7). Ch StP Min& 0., Chile Cop (2%). . Coca-Cola (7). Colo Fuel & Iron. Colo Southern. Col So 2d pf (4).. Col G & B (2.60).. Congoleum (3). .. Sonsol Gas (5 Consol Textile Cont Can (4) 6).. [ bought on the marked improvement ich has occurred within the last | few days in st ices. Among the motors the Pierce Arrow were notably _strong. | short covering | Public Service of New Je: a new high above 49. Uni Distributing _Corporation highest in response to the tion of an initial semi-annual divi- dend. Investment stocks continued to feel the effect of the low money rates. United States Steel preferred was quoted at the highest figure of | the year. International Paper Steady. The $2-a-ton reduction in print for the remainder of the year announced by the International Pa- per Company had no effect upon the company's stock. The new price for news print makes it casier for Intern tional Paper to compete with Cana- | dian producers, and sponsors of the stock still are estimating a balance | of approximately $15 a share on the common for 1924, Woolworth ran up to a new high as the result of continued pool oper- ations. > the stock was selling today the equivalent of close to $400 for the old Woolworth shares. in Woolworth have v a series of remark news able incom ‘Trade Reviews Poor. The usual mercantile reviews h. - out no pecial hope for an early turn for the better. Some increase has occurred in the retail trade. but in primary linss there has been a further shrinkage. For the fifteenth | week in succession the wholesale price list compiled by R. G. Dun & Co. ows a decline, and this author- ity notes that prices in some cases are at a lower point “than at a pravious time since before the war.” In view of the increase of costs, this is only another way of say there are a number of instances where goods are being sold at less than the cost of production. A con- dition like this cannot last long. It will find its cure in the shut-down of mills, such as has been going on in New England, and this will even- tually compel a lowering of wages and a reduction of other expense items. Markets at a Glance NEW YORK—Stocks—Firm; priced rails moved to new ground. Bonds—Strong; many United States and foreign government issues at new highs ForeignExchanges—Higher; ¥rench francs up 15 points. Cotton—Lower: bearish ment consumption report. Sugar—Holiday Coffee—Holiday. CRUDE OIL PRICES _ CUT AT PITTSBURGH Yeading Grades Reduced 50 Cents Per Barrel—New Schedule of Rates. low- | high govern- Dr the Associated Press, PITTSBURGH, Pa., June 14.—A cut of 50 cents a barrel in the leading rrades of crude oil, quoted here, was announced by the principal purchas- ing agents today. Other grades were down from 10 cents to 25 cents a barrel. The new prices were: Pennsylvania grade oil in New York Transit Company lines and Bradford district oil in National Transit Company lines, $3.75; Penn- sylvania grade oil in National Tran- sit Company lines, Pennsylvania grade oil in Southwest Pennsylvania ripe Lines, Pennsylvania .grade oil in Eureka Pipe Line Company lines | and Pennsylvania grade oil in Buck- cve Pipe Line Company lines, .$3.25, « reduction of 50 cents each. Corning grade oil in Buckeye Pipe Line Company lines, unchanged at $2.15 C:bell grade oil in Eureka Pipe Line Company lines, $1.70; Somerset medium oil in Cumberland Pine Line Company lines, 31.80 and_Somerset light oil in Cumberland Pipe l‘ieg Company lines, $2 each, down 25 cents. e 2 o Ragland grade oil in Cumberland Pine Line Company lines, $1, cut 10 cents. R TOR BERLIN BANK REPORT. BERLIN, June 14.—The statement of the Bank og Germany as of June 7 shows a decrease in gold holdings of 3,000 marks to 441,910,000. Silver coin reserve increased 6.960.684,000 marks. f Cont Motors (20c) Corn Froduc Cosden Co. Crucible Sti (4).. Cub Am Sug (3).. Cub Cane Su pf. . Cub Dom Sugar. . Dan! Boone M (3) Davidson Chem. . De Beers Mines. . Del & Hud (9) ... DelL& W (6)... Det Ed Co (8)... Du P de N db (6) Durh Hos pf (7). Eastman (161). Eaton Ax (2.60).. End-John (5). Erie Erie E Erie 2d pf Famous Pl (8). Fifth Av B (84c). Fisher Bdy (10).. Fisk Rubber..... Fleishman (3)... Foundation (6).. | Freeport-Texas. . Gen Asphalt. General Elec (8). Gen El spe (60c). Gen Mot (1.20) Gen Petm (2) . Gimbel Brpf (7). Goodrich. . 2 Goodrich pf (7) Goodyear pf. Gt No pI ( . Gu Mo &N pf (5) Hayes Wh'l (3) Houston Oll. Hud Mot C (3). Hupp Mot C (1). Il Cent pf (6) ... | Indian Refining | Inspira.tion Cop. . Interb Rap Tr. Int Cement (49 Int Com Eng (2. Intern & Gt Nor.. Internat Har(5) . Inter Har pf (7). Int Mer Marine. . Int Mer Mar pf... Internat Nickel. . Internat Paper... Int Pap pf st (6). INtT&T (6).... | Invincible Oil Iron Products (6) Jones Bros Tea Jordan Mot (3) Kan City South. . Kayser Jul & Co. . Kayser pf (8). Kelly Spr Tire. Kenno Cop (3). .. Keystone T& R.. Kinney G R Co... Kresge S8 (8)... Lee Rub & Tire Leh Val (3%). Leh Val rights. .. Lig & Myrs (3).. Lig & Myrs B (3). Lig& My pf (7).. Lima Loco (4)... . Loews Inc (2). Loose-Wiles Bis. . Lorrillard (3) Mclntyre (76¢). Macx Trucks (6). Mack T 2d (7)... Magma Copper. .. Mallinson & Co Man El mod gtd 4. Maghat Shirt (3) Maracalbo Oil. Mariand Oil. ... Martin Parry (3) Mathieson Alkali Maxwell Mot A Maxwell Mot B May Dpt St (5) Mex Seaboard(2). MexSeabd ctfs(2) Middle StOil...... Minn & St Louis. . Mis Kan & Tex. .. Mis K & Tex pf. Miseouri Pacific. . Missouri Pac pf.. Montgom Ward. . Mother Lo 37%¢.. Nash Mot (188) . Nat Dalry (3).... Nat Lead (8).... Nat Supply (3).. Nev Cons Cop.... NewO,T&M 123% NYAirBr(4)... NYABraA®. N Y Canners (2). N ¥ Central (7).. N YC&StL (6). Ny C&StL pf (6). NY NH & Hart. Norfolk South. Norf& W (18)... North Anser (2).. North Pac (5)... Ontario Mining. . Orpheum (1%). . Otis Elev (n) (.. PacG & E (8). Pacific Ol (2). Packard (1.20).. Pan Amer (4). Pan Amer B (4 Open. High. 28% 6 6% 3% 47 8% 25% 24% - 108 161% 4% 95 65% 21 3% 101% 6% 62% 99%4 34% 42% 124% 143 68 69% 29% 91 284% 1057 92 23 100% 111 57 534 90% 15 464 109% 16% 62 6244 84l . 1094 25% 82% 22 3 146 a2h 44 474 9% Py 25 90 14% 3T% 1% ‘56 360 9% 44% 32% 54 53% 119 59 16% 57% 36 16% 86% 91 26% 22 87 856 27 30% 33 35% 45 11% 86% 20% 20% 2 2% 13% 28% % ™ 73% 47% 8% 26% 24% 109% 162% 4% 25 5% 21 73% 101% 6% 62% 100 sS4 42% 124% 113 6834 69% 297 91 28 104 92 234 1034 111% 87 584 90% 16 46% 109% Low. Close. 28% 284 % 1% % % 3% 734 47 4T% 8% 8% 25% 25% 24% 24% 108 109% 1615 4% 95 55% 21 73% 101% 6% 62% Open. High. Low. Close A4 N s s 2 2 2 2 97% 97T% 97 97 50% 50w 50w BO% 65 65 65 ATH 4TH 4TH 4% 48% 49 48l 48W 164 16% 15% 15% 34 34w 33w 84w % B T 8 22 22 22 2 62% 628 62% 1% 1 1% 27 2T 27 12% 124 1% 45% 46 d5w 4T 494 AT 1245 124% 124 50 50 2% 2l 10 56% 224 35% 333 39 % 440 11% 1% 92 48% 25% 23% 414 6lia 1% 56% 1074 25 874% 16% 24% 19 814 Penn Rallr'd (3). Penn Seab Steel. . Peop Gas Ch (7). Pere Marq (4).. ... Pere Mar pf (5). Phila Co (4)..... Phila& R&I N Phil Mor (50¢) .. Phillips Pet (2).. Pierce-Arrow. . .. Pierce-Arrow pf. P-Ar prpf (8) Pierce Oil. . Vierce Ol pf. Pitts Ut pf 1.65. Pitts & West Va.. Pub Ser N J (4).. Puliman Co (8) Punta Al Su (5).. Pure Ol (134). .. Ray Cons Cop. Reacing (4). Reading rts, Read 1st pf (2).. Read 2d pf (2)... Remington Type. Replogle Steel. . . * & Steel. .. nolds Spr (2) Rey Tob B (3). Rossia Ins A (6) . Roy D'tch (3.46) St Joseph Ld (2). StL San Fran... St L Southwest. St L S'th pf (5) Santa Cecilia. Savage Arm Seaboard Alr Seab'd Alr Lipt.. Sears Roe & Co. Sheil Un Ol (1)... Simmons Co (1). Sine Con Ol (2).. Sin Con O pf (8). Skelly Oit So P Rico Su (6) South Pac (6).... Southern Ry (5). South Ry pf (5).. Std Gas & EI (3). StOll Cal (3).... StOil N J (1) Std Plate GI(75¢) Stew't War (10).. Studebaker (4).. Superior Ol. ... Sweets Co of Am. Tenn C &Ch..... Texas Co (3) Tex Gulf (16%). Texas & Pacific. . Tex & PacC & 0. Timken (13%)... Tob Prod (6)..... Tot Prod A (7) Transcont Oil. Un Bag Pa (6). Un Pacific (10) Un Pac pf (6. Ttd Alloy Sti ( UD 1stpf (3%). Ctd Fruit (10)... USCastlronP.. USCIPpt (D)... U S Distributing . U S Ind Alcohol. . USR&Im (8).. U S Rubber USR1stut (8).. U'S Smelting. ... . US Sm'tpf (313) U S Steel (16) U S Steel pf (7). Universal Pipe. .. Universal P p{(7). Vanadium Corp. . Va-Caro Ch pf... Va Ry & Power.. Wabash. .. Wabash pf A West Pen (4) . West El pf (7) West Maryland. . West Mary 2d pf. Western Pacific. . West Pac pf (€). West E& M (4). Wheel & L Erie. . Wheel & L Er pf... Wh Eag Oil (2).. White Mot (4). .. Wickwire Sp Stl 23% 18% 814 18% 69 9k 59% 3% 85 564 344 33% 6414 82% 6% 2% 6% 388% 615 31% 9 3% 604 88% 3% 52 134% 725 22 46%: 193% 94% 3 244 674 94 26% 75 204 38 96% 120% 18 60 28% 214 3% 53 15% 44% 62 115 9% 175 221 69% 59% 9% 204 23% 534 1% 17 % 66% 9615 25 134% 7278 23 46% 193% 95'% 93 24% 68 94 264 T5% 204 338 97 121% 19% 60 28% 21% 3% 53 15% 45 62 115 9% 17% 284 1% 59% 9% 20% 234 531 1% 17 T 66% 978 o 5 38% 381 U8% 9% 28% 53% 1% 17 T% 67% 97 25 Willys-Overland. Willys-Over pf. Woolworth n (; ‘Worthington Pum Wrig W Jr (3) 881 Yellow Cab (3)... 47 47 41 47 {Partly extra. gPayable in preferred stock. Divigena rates as given in the above tadue are the annaal cash payments based oa the latest quarterly or balf-rearly declarations. Uoless otherwiss moted. exira or speciai dividends are not incloded. HOURLY SALES OF STOCKS. 1lam..... 21L800 12m......400.,400 673 99 26 RETAIL TRADE IMPROVES. Wholesale Business Still Drags, Ac- cording to Dun’s Report. NEW YORK, June 14—Dun's re- port today says: “Most of the barometers by which commercial movements are measured show a decrease of demand in pri- mary channels, but a gain in retail trade. These are strictly seasenal phases and do not reflect any unusual or unexpected change in general con- ditions. The chief interest now cen- ters on the probable course of events after the elections, and there is a dis- position in many quarters to await a plainer insight into the future. This ‘attitude is shown in the in- creased conservatism in the placing of forward orders, as well as in the policy of avoiding accumulations of mei In most instances, goods previcusly contracted for are being taken readily, although isolat- ed instances of cancellations still ear. It is the usual time in cer- tain markets for clearance sales at lower prices, yet this fact does not wholly explain the continued excess of declines in Dun's list of whole- sale quotations. R HIGHER CHARGES URGED. Stock Exchange Would Increase Levy Put on Customers. NEW YORK, June 14.—Inereased commission rates on sales of -stocks ranging from $7.50 per 100 shares for stocks selling for $1 to $10 up to $25 for stocks selling above $125 have been recommended to the goverming committee of the New York Stock Ex- change by a special committee ap- pointed last April to consider a read- justment. The new rates on stocks selling at $75 to $125 would be $20 per hundred shares. The present commission rate is $7.50 for stocks !elling below $10 a share, $16 on stocks selling at $10 to $125 and $20 on stocks at $125 a share or more. Under the new schedule the commission is slightly lowered for certain stocks selling below $75, the advances affecting the higher-priced issues. DIVIDENDS DECLARED. NEW YORK, June 14—An initial quarterly dividend of 75 cents on the common stock of the Standard Plate Glass Company has been declared, ‘also_the regular quarterly dividends of 1% per cent on the two classes of preferred stock, all payable July 1 to stock of record June 24. DIVIDENDS. Pay- Pd. Rate. able. F. E. — $L73 July 1 Corporation. la F. 1ne. 5355 R -.;é.....,E% RRRRAAR 5 g Stand. P. G. in Stand. P.G. p; Stand P. G. U. L._Tob. Co. Yie. Talk Ma. p Vie. Talk Mach P, o 2 ] | agRaR R GOVERNMENT BONDS REACH NEW PEAKS Remarkable Advance Keeps Up Un- til Week Closes—Other Issues Also Gain. FOREIGN LIENS IMPROVE Railroad Investment Group Main- tains Strong Tone. DY GEORGE T. HUGHES, Specta) Dispatch (o The Star. NEW YORK, June 14.—Another day of rixing prices closed & remarkable week In the bond market. New high records for United States government loans kave been made almost daily. Lven In today's short session, new tops ware attained by the second 4%s. On the week overy liberty issue is up)/ and nowhere on the list is 4 per cent obtainable on any United States gov,- ernment obl| In the ral investment gToyp there ix hardly a decline, practicalfiy all showing xubstantial advances. /At tho closing prices of last night, 3.d- vances of two points or more kiad been made by many issues. Bond Moves Explained. Light upon this movement is thrawn by the weekly statoment of the 749 member banks of the federal rerisrve system. The report published {oday shows that on the week investrments are up $61,000,000, and of this ajnount $55,000,000° is represented by bonds and securities other than I(Jnited States obligations. The inference is that the banks have not ba.pn re- stricting_their purchases to liberty bonds. This report is for tho week ending June 4, before the rativ on the new Treasury flnancing vwras an- nounced and before the cut {7y the re- discount rate of the New J-ork and Boston federal reserve banks. Un- doubtedly the process jas been greatly accelerated since thy.t time. Forelgn Isswes Surp)-ise. A notable feature of the market to- day, as Friday, was the i7iterest dis- :leld in (grellgn bonds. ¥ioth French ernment issues made new hi Fecords, adding 1o the Eain of Friday: There has been good! buying all the week in other foreigm securities, most of which showeq substantial fains. Among these are the Austrian 7s e more specalati.v. Taited Kingdom 54s ¢ £ 1957 1n the purely investment class. The last named is up two points to a new hlgh for the year. peculative rails ar on o week. " “Toa1’ new Haanting for the week amownted to almost $94,000,000. ‘The larg est single issue was the “Nickel Plat{ " offering. Next in importance was fhe Puget Sound Power & Light refunding 5%a Some very important uty.ity financlng i scheduled for next jreek. e Liberty 3%s H.it New Top. By the Associated Proas. NEW YORK. Jine 14.—Tndimin- ished activity in tedav's bond trading was signalized by the attainment of new high recordr: by United States government obligations, including the Treasury 4%s and the active liberty 4'¢ per cent issue.s At the same time the liberty 3is set a new top price for the year. Heavy buying of Inferborough mortgages, which advanced 1 to 1% points, featured trading in domestic corporation liems, which, with ajl classes of railiroad issues, continued to forge ahead. CALLS AUTO TRADE LULL TEMPORARY Goodyear Chairman Also Doubts Further *Tire Price Cuts—Other Wall Street Briefs. By the Assoctated Press. The recession in the automobile field is only temporary, E. G. Wilmer, chairman of the Goodyear Tire and Rubber Company, said today on his departure for Europe, adding that he did not anticipate any further price cut in the tire industry. The com- pany s now making 25.000 tires daily, compared with 30,000 daily a short time ago. Presgident Woodin of American Car and Foundry said on his return from Europe today he was not retiring from business because he had resign- ed from directorships. but that he intended to concentrate on the man- agement of American Car and Foun- dry, which was now operating at about 70 per cent capacity. The Burroughs Adding Maohine Company earned $17.6Z a share on the capital stock in 1923. Net profits were $4,359,987. Sales for the year totaled $23.404,500, an increase of 271 per cent over 1922. The electrical outlook abroad is igood. A. W. Burchard, vice chairman of the General Electric Company and president of the International Gen- eral Electric Company. said_on his return from Europe today. The sub- sidiaries of the International in Eng- land, France and Italy were operat- ing at capacity, he ‘asserted, with enough business to keep them busy the rest of the year. $30,000,000 LOAN SOUGHT Japanese Interests After More Electrical Equipment in U. S. NEW YORK, June 14.—Representa- tives of Japanese hydro-electric inter- ests are reported to be negotiating with New York bankers for a loan of $30,000,000, secured by a first mort- gage on the properties of the Diado Electric Power Company of Japan, to be used in purchasing electric equipment in this country. The Jap- anese government has no part in the negotiations, it is said. The prevail- ing low money rates in the American markets would make the time. oppor- tune for floating the loan, not more than half of which would be under- taken at present, according to reports in the financial district. Japan's purchases of electrical equipment in this country were said to aggrosate about $10,000,000 annu- y. CHICAGO GRAIN PRICES. CHICAGO, June 14.—Severs heat southwest likely to cause crop dam- age led to an early advance in wheat prices today. It was reported that the bulk of wheat crop in the big producing region of Kansas and to a less extent in western Oklahoma was elther in the milk or the dough stage of development. Bulls contended that therefore the crop throughout the re- gion referred to was peculiarly sus- ceptible to shrinkage and blight. Opening prices, which ranged from % to, % higher, with July 1.11% to 111% and September 1.13% fo 1.13%, were followed by a material ‘further advance. Corn and oats were firmer, owing more or less to the wheat advance. After opening unchanged to % up, July 81 to 81%, the corn market Scored slight further gains. Oats started at %al to % higher, July 47%, and later went up a little more. Advanced heiped strengthen market. WHEAT— July .. September December CORN— Joly September December hogs vision quotations the Close. 112t 114 116% Open. 1115 1185 115% SR TN g =1 - Bha 3@k dzns FRERE TR SATURDAY, JUNE ' 14, . 1924. [oview o BONDS oz memme] Recelved by Private Wire Direct to The Star Office. (Bales are in $1,000.) rrac WITED STATES BoNDS. (Fractioys represent thirty-secon mm lslAJ means 1013-32.) Sales. High. Low. Close. 131 101-28 101-7 101+19 136 102-11 102 102-10 + 257 101-17 101-10 101=14 341 102-7 101-31 102-4 . 545 102-15 102 102-14 US 4381962, 7i7 105+18 104=22 105-10 FOREIGN. Bales. High. Low. Closs. .16 80 79% 80 92 9l% 91% 102% 102% 102% 91% 91k 91% 1003 100% 100% 104% 104 104 103% 103% 103% 92% 92 924 B4% Bd% 8% 85 84% 84% 93 98 98 98 97 % 100% 100% 100% 101 101 101 102 101% 102 102% 1024 102% 97 96% 96% 103% 103% 108% 106% 105% 1064 1% 91 1% 6% 96% 96% 96% 96% 96% 108% 108 108 96% 96% 96% B6% B86% 88% o4% 941 944 9t 94 84% 89 89 89 92 90% 92 98 97 9T% 101% 100% 7% 1% 90% 89% 8473 B4% 8% Bd% 89% 89% 93% 83% %% 95 95% 95% 12 12 83% 83% 79 78 Argntine 5, Argentine & Argentine 7 H.ordeaux 6a. Tirazil 7s I3rasil 7% 'Brasil 8s Canada 5 Canada 5s 1931 Canada bs 1952. ... Canada 6148 1929 . Chile 75 1943. Chile 85 192 Chile 85 194 Copenhagen Cuba 5%s. Czechoslovakia 88 Danish Munic Denmark 6s Dutch EI5%s.... Dutch East I 68°47. Dutch East 1 65'62. Finland s f 65 1945. Fromerican 714s. . French Govt 7%, French Govt §s Japanese 4s. ... Japanese 61 Lyon 6s. Marseille 65 Montevideo 7s. Netherlands 6s. Norway 6s 1943. Norway 6s 195 Norway 8s.. . Orient Dev deb 6s Paris-Ly’s-Med 65.123 90% B8d% 93% 83% 79 Prague 7%s.. 8 Queensland 6s Queensland 7s... 1 Riode Jan 8s 1946. 14 Riode Jan 851947, 1 Rio Gr Do Sul 8s... 16 Sao Paulo City 8s.. 5 Sao Paulo State 8s. 5 Seine Dept of 75... 16 Serbs Crotes Slo 8s 35 Sweden 11 Swiss 538 1 68 Swiss Confed 8s... 6 Tokiobs.......... 1 Ud Kingm 5%s5°29. 8 107% Ud Kingm 5%s°37. 25 103% 1034 Zurich 8s. .. . 15 113 111% MISCELLANEOUS, Ajax Rubberss... 8 83% Am Agr Chem 7%s 10 86 Am Cbainsf6s'3% 13 35 Am Cotton Ol 55.. 1 90 Am SmIt&R 1st 55. 19 94 Am Sug ref 6s. 1 99% AmT&Tcltrds.. 12 96% AmT&Teltr 88 100% Am T & Tdeb5i4s. 37 1024 AmT& Tcvés.... 10 116% Am Water Wks5s. 5 89% Anaconda 1st 68 9614 Anaconda cvdb s 97% Armour & Co 4%s 86% Armour of Del b%s 88% Atlantic Refin 5; Bell Tel Pa 6s.. Beth Steel rf 55 Beth Steel 5%s '53. Beth Steels { 6s... Braden Copper 6s Brier H St Ist 545 Bklyn Edison 7s D. Bklyn Union G 5s.. Calif Pete 6%5.... Central Leather 5s Chile Copper 6s. ... Col Gas & El 5s. Col Gas & El 5s sta Commonwth P 6: Con Coal Md 1st 5 Consumers Pow 5s. Cuba Canecvd 8s. Cuban-Am Sug 8s. Denver Gas 55 Det Edison ref 6s. Du Pontde N 7i4s. Duquesne Light 6s. Est Cuba Sug 7%s. Empire G&F 7%8. Fisk Rubber 8s.... Goodrich 6%s. ... Goodyear 85 1931. . Goodyear 85 1941.. Hershey 65 1942... Humble O&R 53%s. Illinois Bell 1st 5s. Illinois Steel 433s.. Int Mer Marine 6s. Inter Paper 5s'47. KCP&Lt5s A'S2. Kan G & El 655 Kayser (J) is.. Kelly-Spring 8 Liggett & Myrs 58 Lorillard (P) 5s... Magma Cop v 7s.. Manati Sug st Ti#s Midvale Steel bs. Montana Power bs."15 Morris&Co 1st 4%s & New Eng Telbs... 5 NY Edsn 1st63%s. 3 NYG EL H&P 5s... NY Teld%s...... ¥ Tel 65°41. Norta Am Ed s orth Am Ed 6%s. or Ohlo T&L 6s. . or States Pow 5s. Northwst B Tel 7s. Otis Steel 8s. . . Pacific Gas & El §s PacT & T1st5s... Pacific T & T 63’52 People’s Gas 5s. Phila Co 6%s '38 PhilaCoref 6sA.. Phil & Rdg C&I 5s. Pierce-Arrow 8s.. Public Service 5s.. Pub Serv Elec 6s.. Punta Alegre 7s Saks & Cosf is. Sinclair Oil 6%s 87 86W 101% 101% 107 107 95 93% 93 93 96% 96 101 100% 102% 102% 89% 89% 83% 83 104% 104% 96 95% 113 112% 60% 60% 108% 107 95 93 96% 82 85% 943 90 93% 99% 96% 100% 102% 1 116% 89% 964 97 86% 88% 98% 99% 94 8% 96% 104% 96% 108% 100 97% 984 101 99% 99% 93% 884 90 97% 107% 88 105% 1084 105% 104% 814 101 9614 103 1164 102 4 99 96 94% 84% 874 93 97% 97% 90% 97 9714 109% 98 89% 97% 6% 9% 111% 100% 96% 105% 94 98% 91 92% 103% 95 93% 98% 93% 2% 93% 102 7% 73% 93% 103 108% 4 104% 15 8514 3 91 12. 99% 99% 841 102 95 104 974 107% 94% 80% 101% 104% 934% 3% 30% 4% 101 98% 110% 108% 56 98 83% 44 48 101 95 Sinclair Oil 7e. Sin Crude Ol 5%s. Sin Crude Ol 6s... 8 Sin Pipe Line bs... 13 So Por Rico Sug 78 2 Southwest Bell 5s. 110 Steel & Tube7s.... 3 Tenn Elec Pow 6s. 13 Toledo Edn 1st 7s.. 9 Union Bag & P 6 U SRub st rf5s.. U S Rubber 7%s USSteelsfbs.... Utab Pow & Lt bs. Va-Car Chem 7s Va-Car Ch 7%8 w. Vertientes Sug 7s. 1 Warner Sug 7s'41. 5 Western Elec 5s... 27 Western Union 6% & ‘Westinghouse B Wickwire Spen 7s. Willys-Ov 6%5°'33. 15 98% ‘Wilson & Co 1st 6: Wilson & Co cv 6s. Wilson&C cv 7%s. Winchester A 74s. 15 101% YoungstnS&T6s. 6 95% 2 24 6 38 14 .25 34 445 S SHIP YARDS IMPROVE. Baltimore Reports Better Prospects in Various Plants. Special Dispateh to The Star. BALTIMORE, June 1{—A summary of the work done in Baitimore ship- yards thus far this year indicate prospects for a revival of activity, | Raltimore shipbutlders believe. Serious attention given the mer- chant marine by political parties ana organizations in all sections of the country assures continuation of the government fleet, with the prospect of private operation being placed on wa profitable basis in the near future, a shipbuilder declared. ~ The wide spread interest, with the authoriza- tion by Congress of $25,000,000 to con- vert government vessels into motor- <hips. promises a ycar of profitable activity for shipyards, he added, RAILROADS. Sales. High. Ann Arbor 4s 3 63 Atchison adj 4s.... 10 83% Atchison gen 4s... 49 90% AtlanticCLcl4s.. 4 85 AtlanticCL 1st4s. 1 91% B&Oprin3% 9% 86 90 86% 102% 89% 69% 9% 88% 112% 814 100% 103% 88% 954 89% 967 90% 99% 80 75 55, .1 SW div 3%s. 15 & O Toledo 4s... 2 Bklyn-Manhat 6s. 229 Buff REPitt 4%s.. 10 Canad North 6%s.. 5 Canad Pacdeb ds.. 7 Car Clinch & O 5s.. 22 Car Clinch & O 6s. 131 Central Pacific 4s.. 35 Ches&Oevikis.. 4l Ches & O gn 4%s.. 11 Ches & Ohlo cv 5s.. 39 Chi B&Q gn 45'68. 6 Chi B&Q1strfbs.. 3 CB& Q-Ill div 4s.. 32 Chi & E 11l gn 5s... 19 Chi Great West 24 C M & Puget Sd 2 ChiM & St P 4s '25. 28 ChiM&StP 45'34.. 4 CM&StPdbds 5 Chi M&St Pcv 4%s 39 Chi M&StPrf44s 15 Chi M & St P cv bs. Chi M & St P 6s. 80 61 ChiUn Sta 4%s... Chi& W Ind cn 4s CCC&StLrfésA. Cleve Term 5s. Cleve Term 5%s Colo & Sou 43, Cuba R R 5 Del & Hd 1st f 4s. Del & Hudson 5%s. Den & Rio G cp 4s. D& RioG imp bs. . D&RG1strf Det United 4%s Erie 1st con 4s Erie gen 4s.... Erle conv ds A Brieconv 4s B Erie conv 48 D Erie & Jersey 6s. Gr Trunk ef db 6s. Grand Trunk 7s 4 Gr North gen 5%s. 41 Gr North gen 7s...109 Havana ERL&P 55 2 62 24 1z 5 14 20 4 8 35 4 14 86% 111 Cent ref b8 " o%% ILl Central 5% Int Rap Tran Int Rap Tr 5s stpd 266 Int Rap Tran 6s... 45 Int Rap TranTs... 34 Int & G Nor 1st 6s. 29 Int & G Nor aj 6 Towa Cent rf ¢ Kan City Ft S 4s... 38 Kansas City S3s.. 18 Kansas City S5s.. 25 Lake Shore 45°28.. 3 Lehigh Valley 6 Louis & N uni 4s Louis & N6sB.... Manhat Ry cn 4s.. Mil EIRy & L 6s. M&StLrfex5s.. 1 & SSM cn 4s. 13 20 5 63 62% 64 97% b2y 18 814 71 0% 9% 103% 924 102% 59% 87 14 ¥8% 102% 81% 71 59% 86% 100% 61 85 99% 904 82 7% 93 9% 101 101% 43% 1% 83 81% 64% 38 3% 2% 244 594 50'4 895y 123% 62 8414 1054 96 83 944 102 % 110% 109 984 92% 81 9% 84 1% 85% 93% 6% €6 102% 805 854% 99% 8 68% 4% 59% 9% 96% 89% 5% 100% 102 107% 57% 46 834 92 ATl 98% 103% 5714 92 95% 6314 £9% 83 68 63% 814 2 16 s1% 71 90% 974 103% 92% 102% 59% 874 14 88% 103 81% 71 60% 87 100% 614 85 991 90% 824 78% 93 9914 107 101% 444 1% 83 814 €5 38 374 21y 24 60 50% 8954 123% 6214 845, 105% 964 83% 94% 102% 1103 1094 984 923% 81% 9% 844 1% 86 934 76% 66% 102% 80% 854 100 73 69 5415 59% 80% 96% 20 5% 100% 102% 107% 574 464 834 92% 87% 98%4 108% 97% 92% 95% 63% £9% 83 68 63% 81% 1 8 3 3 3 EEREKE ddd3 Ry prinbsA. 18 MEK&T6sC. 7 9 6 17 4 Mo Pacific 55 '65 Mo Pacific 6s. Montrl Tm 1st 5 New Or Term 4s 1 N Y Centgen3k%s. 11 NYCentdebds... 6 NYCentribs.... 110 NYCentdebés... 53 NYC&StLS6sA New Haven d 4s New Haven cd 6s. New Haven 7s. New Haven 7s fr. NYOnt& Wrefds New York Ry rf 4s Y Ry rf 4sctfs.. ew York Ry aj 58 Y Rysadjbsct.. Y State Ry 4%s. Y W & Bos 4%s orfolk & W cn 4. Norfolk & W cv 6s. Northern Pac 3s Northern Pac 4s. Northrn Pacr i 6s. OreShort Liref 4s. Ore-Wash 1st rf 4s Pennsyl gen 4% Pennsyl gen bs. Pennsyl 6%s Pennsyl gold 7s. .. Pere Marq 1st 6s.. Reading gn 4%s RIATKk & L4ks.. St L IM&S 4529 St L IM&S R&G 4s. StL&SFplisA StL& S Fprinbs. StL&SF5%sD.. StL&SFadj StL&SF inc StL&SFplésC. SLLSW 1stds.... StLS W con ds’32. St P Un Dep 5%4s.. San A & Arn P 4s. Seab'd A L 4s sta Seabd A Lref ds.. Seab'd A Ladj5s.. Seab'd A L con 6: Sou Pacific 45'29.. Sou Pacificret 4 Southern Ry gn 4s. Southern Ry 1st 63 Southern Ry 6s ct. Southern Ry 6% Third Ave ref 4s Third Ave adj 6s. . TolStL& W ds... Union Pac 1st 43 Union Pac 1strfds Union Paccv 4s... Union Pacific cv 65 Virginia Ry 1st 5s. VaRy& P 1stbs.. Wabash 24 8s..... 1 Western Md 4s.... 38 Western Pacific 5s. 31 West Shore 1st4s. 2 Wheel& LEcnds. 2 Whel & LErf 4%s 4 Wisconsin Cent 4s. 5 81% —_— - CHICAGO LIVE STOCK MARKET. CHICAGO, June 14.—Hogs—Re- ceipts, 4,000 head; uneven, strong to 10 cents: higher; desirable grade showed most advance; bulk good and choice strong-weight butchers, a7.30; top, 7.40; bulk, desirable, to 225 pound weights, 7.00a7.20; bulk packing sows, 6.40a6.60; good and choice _strong-weight Killing pigs, 6.9026.10; estimated holdover, 5,000; heavywelght, 7.10a7.40; medium weight, 7.05a7.30; light weight, 6.75 a7.25; light lights, 5.75a7.05: packing hogs, smooth, 6.50a6.70; packing hogs, rough, 6.25a6.50; slaughter pigs, 5.25 6.25. Cattle—Receipts, 1.000; compared week ago better grade beef steers and yearlings and lower grade fat she stock, 25a40 lower; better grade fed steers on parity with season's low time early last week; extreme top matured steers, 11.50; best year- tings, 11.00; mixed vearlings, 10.50 canners and cutters, 15 to 25 lower: bulls weak; vealers, 50 to 75 higher; week’s bulk prices follow: Fed steers and yearlings, 5.35a10.50; beef cows, 5.00a7.00; beef heifers, 6.75a8.50; canners and cutters, 2.85a3.75: veal calves, 9.35810.50; stockers and feed- ers, 5.8527.75. Sheep—Receipts, 3,000; today's re- ceipts mostly direct; market steady two loads good native spring lambs, 16.00; culls, 11.00; for week around 13,000 direct; seventy-seven cars fed lot compared week ago old crop lumbs to_around 25 higher; top for week, 15.00; range spring lambs weak to shade lower; best. 5 pative springers around steady; top early in the week, 17.15. Sheep 25 higher; bulk prices follow: Fed lambs,’ 13.50a14.50; range spring 1ambs, 16.50a17.15; Bative 16.00a16.75; range yearlings, 9.50a10.25; fat ewes, :.!ogguo; spring feeding lambs, 12.75a 2 7 5 FINANCIAI STOCKS AND BONDS JUMP DURING WEEK Money Rates and Politics Give Im- petus to Trading After Long Lull. RAIL SHARES ARE LEADERS Trade News Unfavorable—0ils Un- der Severe Pressure. By the Associated Press. NEW YORK, June 14—Unusually low money rates and the favorable interpretation placed by Wall street on developments at the Republican national comvention brought about a sharp upturn in stock and bond prices in this week's markets. Stocks reacted somewhat in the closing day of the week on profit taking, . but standard Industrial, railroad and United States government bonds con- tinued their rise to new high levels for the year. Reduction of the local and Boston federal reserve rediscount rates to 3% per cent, testifying to the marked surplus of idle money, was followed by a further softening of the time money and commercial paper rates, time funds up to ninety days being available as low as 3 per cent, while call money on the stock exchange dropped 2 per cent, the lowest since 1917, with call funds reported availa- tlnli in the “outside market” as low as Railroad Shares Strong. Impressive strength of the railroad shares, particularly those issued which have been associated with merger rumors, was the outstanding development in the stock market More than a score of the rails estab- lished new peak prices for the year, including Union Pacific, the Rock Island issues, Southern Railway, Sea- board Airline preferred, Chicago and Northwestern, Jersey Cantral, Lacka- wanna and Texas and Pacific Trade news, as a rule, was unfa- vorable. The most important item was the May unfilled tonnage state- ment of the United States Steel Cor- poration, showing a drop of neariy 600,000 fons, bringing the orders on hand to the lowest level in ten years Steel shares apparently had dis- counted this reduction, however, as they began to move upward soon after the statement was published Oil Shares Under Pressure. Although crude oil productjon showed only a very slight increase last week, oil shares proved susce: tible to selling pressure on rumo that another cut in mid-contine crude prices was likely. Sugar an copper shares were adversely affected by a softening of commodity prices Several of the specialties showed marked gains as a result of pool the low money rates. FOREIGN EXCHANGE. By the Associated Press. NEW YORK, June 14.—Foreign ex- changes irregular. Quotations (i United States dollars): Great Britain, demand, 4.31%; cables, 4.32; sixty-da: bills on banks, 4.2 France, de- mand, .0541; cables, .0542. Italy, de- mand, .0434%: cables, .0435. Belgium demand, .0463; cables, .0464 many, demand (per trillion) Holland, demand, .3734; Norway. mand, .1351; Sweden, demand, .2653 Denmark, demand, .1687: Switzerland, demand, .1765; Spain. demand, .1345; Greece, demand, .0176: Poland, de- mand, .00000012; Czechoslovakia, de- mand, ..0293; Jugoslavia. demand, .0119; Austria, demand, .000014%; Ru- mania, demand, .00433%: Argentina, demand, .3275: Brazil, demand, 10. Tokio, demand, .41; Montreal, .95 5-16. WALL STREET NOTES. After two weeks idleness, seven of the eight sheet mills of the American Sheet and Tin Plate Company, at the | Mercer Works in Farrell, Pa.. will re- | sume operations next Monday | No_ transactions were recorded Ge: in change yesterday ‘The closing bid Was 375 compared With the last sale on Wednesday at 342. The highest previous price was 34. Kresge also was strong, advancing 15 points to 355. An 3% of U. S. Distributing Corporation was declared yesterday pavable July 1 to stock of record June 20. BUSINESS TOPIT}S‘ PHILADELPHIA, June 14 (Spec- 1al).—There are seventeen public school buildings under construction here most of which will be finished by fall. A survey of twenty-one fice buildings, not including a group recently completed. showed about 42,000 square feet of floor space un- rented. The drop in demand for i dustrial workers has affected the real estate market and the demand for awellings. MONTPELIER, Vt, June 14.—There is some unemployment in the in- dustrial centers of this state, but people seem unworried and are liv- ing on savings rather than making strenuous efforts to find new jobs. Oilcloth as Wallpaper. A durable and sightly wall cover- ing for kitchens can be made from ordinary table oilcloth, says the Pop- ular Science Magazine. It is affixed to the wall exactly as ordinary wallpaper is, with flour-and-water paste. initial semi-annual dividend of and will last for years. —_— PAPER PRICES REDUCED. NEW YORK, June 14.—The Inter- national Paper Company has reduced the contract prices of newsprint from $75 to $73 a ton for the bal- ance of the year to meet similar re- duction by Canadian competitors. CHICAGO BANK CUTS RATE. CHICAGO, June 14.—The Federal Reserve Bank of Chicago today an- nounced that it had reduced its dis- count rates from il. to 4 per cent on paper of all classes, the reduction to become effective at once. RATES ON BAR SILVER. LONDON, June 14—Bar silver, 3413-16d per ounce. Momey, 13 per cent. Discount rates—Short bills, 215-16a3 per cent. Three-month bills, 215-16a3 per cent SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Aluminum Co. of Amer. Aluminum Co. of Amer “American Sugar 68 1937....... American Tel. & Tel. 65 1925 ... Anaconda Copper 65 1929, Anglo-American 0il 7i. Associated Ojl 6s 1933 Bell Tel. of ‘Canada 55 1993 Canadian Northern 5las 1924 Central of Georgia 65 1629.... Central Leather 0s 102 Chi., Mil & St. Paul 65 1934 Chi., R. 1. & Pacific 5s 192 Columbia Gas & El. 1 2 s 1081 Federal Sugar Ref. Fisher Body Corp. s 1927. Fisher Body Corp. s 1928 85 1031 73, 'Sis it 8. 5is 193 932, Oregon Short Line 4s 1929. Penna. R. R. 7s 1630, Pure Oil 5148 1925 (Aug. 1). Swit & Co. 5s 1032 Tidewater OIl 8148 1631. Union Tank Car 73s 1 U. & Rubber 74 Toso, s, 1 Western Union Wikeling Steal s 1021 Westinghouse T. operations, which were encourazed by | BANK’S DIRECTORS DECLARE DIVIDEND ~ McLachlen Corporation Transfers $25,000 Undivided Profits to Surplus Account. RICHMOND BANK CUTS RATE Follows Other Federal Reserve Ac- tion Early in Week. BY CHAS. P. SHAEFFER. Directors of the McLachlen Bank ing Corporation have declared th regular semi-annual dividend of 3 per cent, payable on July 1, and have au- thorized the transfer of $25,000 from un- divided profits to the surplus account This institution is making enviable progress. Deposits now total $1,370 000, with every indication the current ampalign for business will swell thi: half dol the end of the year. The idend rate of 6 per cent has bear | maintained for vears. officers of the institution siderable disburse which to create before a cor increasing nts have completely outgrown the quarters o lotted to them tated the creatic on the ground are now housed Lanier F McLach!, chosen for the new ministration of the D Association Lachlen E: assisted by Vice president vice president Massie, and sec: Lachle Richmond Cuts Rates. The Federal Reserve Ban Richmond today reduced its count rate from 4% to 4 p This action conform sive forecast in thi part of the week, Local Bank Reorganizes. The People's Commercial and Sat tution, liations wi Vacancies on not as yet been filled. Secks Railway Control. The Seaboard Air Line railway to- day applied to the Interstate Com- merce Commissio authority to acqu h lorida West i and Northern raiiroad and to : se ¢ of such acqu COTTON GOES LOWER ON OVERNIGHT ORDERS Today’s Trading Hinges on Report of Census Bureau on Con- sumption Figures. By the Ansociated Press NEW YORK, June 14—The cott market opened steady today at a cline of 2 to 10 nts under ove night selling orders. Buying on re- ports of high temperatures in the Southwest and a private crop report placing the mid-month condition at 66.5, compared with 67.6 toward the end of May, and also covering by July shorts sent the price up from ‘Woolworth old stotk on the stock ex- | per cent on the preferred stock | | first trades showing ga ! |30 It | can be washed with soap and water, | 22.85 to 18.85 to 20.10, or $ points n higher. New crop positions jus recovered the bulg and a the_early | from 26.00 to to_about the Cotton fatures July December | January March Opesing—July, October, 28.03: D cember, 25.30; Janoary. 25.18; March, 25.2% NEW ORLE June 14—The cot ton market opened quiet but stead of 11 to 1 points_over yvesterday's close, W July 28.74 and October 25.44. AsNev York opened lower the local mark eased off in symp: opening calls to lev the previous close. became listless, w: sus bureau's consumption report dus at 9 oclock here, and the weathe man. Crop advices to local trader continued to report excellent pros ress Cotton futures closed b unchanged to 20 points do s Uctober ccember anuary March Opening—July, 28.74 cember, 2515 January, 25.14, bid. LESS COTTON CONSUMED. Census Bureau Makes Public Fig- ures for May. consumed during M 2. bid October, 2.14, Mar. Cotton | amounted to 413,649 bales of lint an 42,481 of linters, compared with 4 010 of lint and 42,289 of linters i April this year and $54 of lint and 55,076 of linters in May last vear, th census bureau announced today Cotton consumed during May amounted to 259,597 bales, compared with 367,031 in April this vear and 392,585 in May last yea Cotton on hand May 31 was held as follows: In consuming establishments, 636.- 619 bales, compared with 784,043 on April 30 this year and 898,385 on May 31 last year. In public storage and at compre. 962,786 bales, compared with 1 on April 30 this year and 1,234, May 31 last Cotton spind numbered 15,7 3 16,113,421 in April this vear and 089,335 in May last vear. U. S. TREASURY éEBTmCATES " (Quotations furnisbed by Redmond & Co.) ———Close. 5izs is 35" Maren 15 $%s Maren 13 413 June 15, 453 December 1 4%s 45 S i%s s . — CHICAGO STOCK MA CHICAGO, June 14.—Following is report of today’s sales, high, low. 1 closing quotations at the Chicago Stock Exchange: Sales. o 40 Armour of TNl pfd.. 5 Com'w'th Bdison 100 Coutinental Motors. Hupp. Motors. . 5 Mid West prior | Middle West Util.. Mid West Util pfd Montgom Ward Natl Leather. Quaker Oats pid. tewart Varner. . * 1004, iy 20% 1004 641 10015 Taion Carb : Un Light & Pow A. Un Lt & Pow A pfd Un Lt & Fow B prd Wahl cenen Wrigley Yellow Mg . Total sales, 12.000 shares.