Evening Star Newspaper, June 15, 1924, Page 49

STOCKS IRREGULAR ON PROFIT TAKING Some Recessions Noted After Six Successive Days of Ris- ing Prices. LOW-PRICED RAILS STRONG Silk Shares Francs Bound Upwerd. Improve—French By the Associated I'r NEW YORK, June 11.—=Profit tuking after six successive rising Drices broughi irregularity I today’s brief session of the stock market, but it failed to halt the ad- vance in several low-priced rails and a number of industrials and specialties Teported to be under pool control. Bonds continued to show impres- h with new I records ar beinz recorded in all sections of the list Lackawanna was one of the outstand- ing stronz spots in the rail group, climbing nearly points to 1267 a new peak price for the year. Addi- ticnal new hizh records also were es tablighed by Rock Island 7¢; preferred, Pere ~ Marquette prefe Pacific common and Northern preferred, b Chicago ar in moxst small nearly 2 . und heavi- ness “also noted aware and Hudson and Southe American Can Climbs. American Can led the so-called pivotal stocks by climbing more than & point to 109%. U. S. Steel common advanced fractionally to but Bald- win and Studebaker recorded slight re- cessiong United States Cast Iron Pipe, which has enjoved a remarkable ad- vance in the last few weeks, fell back more than a point on realizing. Among the specialties, Woolworth continued to respond to reports of high current earnings, moving up 5 points 1o a record top at 99, or 16 points above the closing price last week. Kresge, an- other favorite chain-store issue, added § Points to its recent gain. Davison Chemi- cal moved up more than a point to a half—century. Other ‘strong_spots included F. . United Fruit and American Car and Foundry. _A fifty-cent cut in Pen oil prices had a_res trading in the oil share to bring out any large liquidation. Atlantic Refining, Was under pressure rece snapped back more than fening of the market for raw silk brought good b into_the silk shares, Mallison standing out with a &ain of 21z points. French Francs Above 5 Centx. Interest in the foreign exchange mar- ket was confined chiefls to French bounded up about 15 points to just above 5.04 cents Demand sterling held steady around 4.31%, and other rates showed little change. The atement showed anges in the principal items. ._discounts and investments in- creased §131,662.000, largest change in that item since Cash in own vaults dropped $1.5 of member bank incre mand deposits were $122.407,000 and time deposits increased 314,64 Aggregate reserve totaled leaving ex: decrease of § GOVERNMENT ISSUES SHATTER RECORDS Scramble for Attractive Invest- ments Unabated During Brief Saturday Session. days of hout some commion instances beinz but it failed volume _ of which . actually points. Stf- By the Associated Press. NEW YORK, June 14.—Under the leadership of United States and for- eign government issues bonds today again shattered previous price rec- ords as the scramble for attractive investments continued unabated. %s, popularly known as with an advance of almost a point, one of the widest on record in the government list, mount- ed to 105.18, approximately 3 points above the closing quotation of a week ago. All active liberty bonds, with the exception of the 3%s, also at- tained record high levels, with gains for the week ranging from 1 to 2 points. With the crisis in French govern- mental affairs safely passed by the election of a new president, the way was opened for a vigorous rally in French bonds. The general belief that the establishment of a new gov- »uld facilitate operation of s vlan also stimulated buy ing of other foreign obligations abling Belgium and Austria to reach new 1924 top pri along with the French. Argentin® 7s also sold at the highest level of the year. WHEAT PRICES SOAR. Danger to Crop and Better Export Demand Cause Spurt. CHICAGO, June 14.—High tempera- tures endangering the wheat crop in the southwest lifted the wheat mar- ket today to above any price which September or December delivery had heretofore touched this season. Clos- ing quotations for wheat were strong &t % to 11cal% net gain, with corn unchanged to 112 up, s varying from %al decline to % advance. and provisions unchanged to 7 higher. Notwithstanding heavy sales to realize profits, and despite other sell ing on belief that a reaction was duc after a week's advance, the wheat market showed a decided up- ward tendency throughout the day. Highest prices were reached just be- fore the finish of trading and after strenuous efforts had failed to stop the advance from overtopping $1.14 for September. Special attention was given to reports that the bulk of the wheat crop in the big producing region of Kansas and much of west- ern Oklahoma was in either the milk or dough stage of development and Was extremely susceptible to shrink- or blight. B ord of better export demand at the seaboard tended somewhat to ac- celerate the upward swing of the wheat market. GILLETTE UP 15 POINTS. Many Other Curb Stocks Make New High Records in Week. NEW YORK, June 14.—Many strong features_deveioped in trading on the curb exchange the past week, a num- ber of stocks moving up to new high records. Hazeltine was _especially prominent in this ggoup, moving up 2 points to above 21 on continued ac- cumulation. Dubilier also sold at a new high on its advance to above 27 and Lehigh Valley Coal new, when issued, was irf the same list, moving up 6 points to above 34 on heavy dealings. Gillette Safety Razor had the widest range, advancing 15 points 280. o e utlity stocks continued ex- tremely aotive. Appalachian Power ranged from 30 to 85 and Common- weaith Power from 90 to 96. l.emgh Power sold above €9, against 677 o iow rice for the week. Adiron- ‘au:k Power moved up from 31% to Hudson issues after strength in ke Oret half of the weck reacted. Ford Motor of Canada was exception- ally weak, vielding 15 points, while Durant Motor made & moderate galn, Northwestern, the gains n dropped | 3674 6874 49y 60 881 107% 115 106 189 348y 25% 203 1% Ba, ™ 4 1431 a7 51% 39% 17% . Bate. High, Chge. Div. Wui ending June 14, 1924. Net. 6 %+ % — Advance Rumley. 3 Advance Rumley pr 4 Air Reduction. ~—— Ajax Rubber. .. 4 Allied Chemical & Dye. 4 Allis-Chalmers Mg —— Am Agriculture Chemical. —— Am Agriculture Chemical pt 4 American Beet Sugar. . —— American Bosch Magneto. 5 Am Brake S & Foundry +6 American Can. 7 American Can pf 12 American Car & Foun: 2 Am Chain Class A. — American Chicle —— Am Druggzist Syndicate 6 American Bxpress. 7 Am & Foreign Power 25%. Am Hide & Leather pf. American International. — American Linseed - American Linseed pf. 6 Am Locomotive (new).. 4 American Radiator. . Am Ship & Commerce 5 American Am Smelt & Refining pf. an Steel Foundry. . -— Am Sumatra Tobacco 9 Am Telephone & Teleg. 12 American Tobacco. . 12 4 & ~ Arnold Constable & Asso Dry Goods crated Oil (new) ison, Topeka & S Fe Atchison Topeka & S Fe p —— Atlanta, B rmlnghlmL At.. —— Atlantic 4 Atiantic Refining. ... 7 Atlantic Refining pf. — Atlas Tack —— Austin Ni 7 Baldwin Locomotive. 5 Baltimore & Ohio. 4 Baltimore & Ohio pf —— Barnsdall, Class A 2 40 Beechnut Packing 5 Bethieher Steel 7 Bethlehem Steel pf new 8 Hethlchem Steel, $% pf. . —— Booth Fisheries 1st pf 8 Hrooklyn Edison Electric —— Brooklyn-Man Transit. 6 Brooklyn-Man Transit pf. 4 Brookiyn Unior Gas. 4 Brown shoes. . 10 Burns Brothers. 2 Burns Brothers Class B. . —— Butte & Superior. . —— Butterick Compan 6 California Packing 1% California Petroleum (new) 7 California Petroleum pf. —— Callahan Zinc & Lead 2 Calumet & Arizona. 50c Calumet & Hecla. 10 Canadian Pacific. . —— Central Leather.Co. .. - Central Leather Co pf. ... Central Railroad of N J Cerro de Pasco Copper. Chandler Motor. Chesapeake & Ohio. . .. apeake & Ohio pf 450 & Alton —— Chicago & Alton pf. . —— Chicago & East lllinoi —— Chi & Eastern lllinoi Chicago & Great W aukee & St Paul Milwaukee & St P pf. ago & Northwestern. cific 6% 1& Pacific 7%, . Paul Min & O Chicage Tellow Chile Copper. hino Copper. —— Colorado Southern. 4 Colorado Southern 1st pf. . 260 Columbia Gas (new) . 4 Columbia Carbon. 4 Commerci —— Commer 3 Congoleum Company. —— Consolidated Cigar. 5 Consolidatcd Gas new —— Consolidated Textile 4 Continental Can. 20c Continental Motors. Z— Corn Products Refining —— Cosden Company 4 Crucible Steel. 7 Crucible Steel pf. : 3 Cuban-American Sugar. Cuba Can Sugar. . —— Cuba Cane Sugar pf. 5 —— Cuban-Dominican Sugar. 4 Cuyamel Fruit 3 Daniel Boone Mills —— Davison Chemical. 9 Delaware & Hudson. 6 Delaware, Lacka & West. 8 Detroit Edison. 2 Dome Mines. . 8 Du Pont de Nemours 06% Eastman Kodak. —— Eie Railroad 1st pf.. —— Erie Railroad 2d pf 4 Fairbanks, Mor: 8 Famous —— Fisk Rubber. < —— Fisk Rubber 1st pf. . 3 Fleishmann Company. . 6 Foundation Company. — Freeport-Texas. .. 8 General American Tank. 7 General Am Tank pf —— General Aspha 5 General Asphalt pf 6 General Baking 8 General Cigar 8 General Electric. % 120 General Motors 6 General Motors pf. 6 General Motors 6% deb. 7 General Motors 7% deb. 2 General Petroleum 4 General Refractor! —— Gimbell Brothers —— Gold Dust..... —— Goodrich (BF) Cemnw 7 Goodrich (BF) Copf. . ~—— Goodyear Tire & Rubber DI 8 _ Goodsear Tire & Rub pr pf. - —— Gray & Da 5 Great Northern pf... .. 3 Great Northern Ore ctfs 8 Great Western Sugar. —— Greene Cananea Copper —— Guantanamo Sugar... —— Gulf, Mobile & Northern 5 Gulf, Mobile & Northern pf 60% 5 Gulf States Steel 4 Hartman Corporation. 3 Hayes Wheel. 47 Homestake Mining. ... 3 Household Products. —— Houston Oil. 61 20% 8 Hudson Motor Cai 100% 7 104 Hupmobile Motor Car. Illinois Central. . 6 lliinois Central pf.... —— Indian Motorcycle. —— Indian Refining. 2% Inland Steel. . 4 —— Inspiration Copper. . . —— Interboro Rapid Transi 8 Internat’l Bus Machines 4 International.Cement. . 2 Internat’l Comb Engin, 5 B4 — 62% 6 €6 6 1% — 39% 6 21% 3 17% — 51% 4 12% — 40 — 24% 15% 57% 48% 624 20% 108 78 Internatl & Great North. . International Har, new. ... Inter Mercantile Marine Int Mercantile Marine pf.. International Nickel. .. International Paper. . Inter Paper pf stamped. . Inter Telephone & Teleg. . Invineible Oil Iron Products Jordan Motors Kansas City Southern...... Kansas City Southern pf.. Kelly Springfield Tires. . Kelly-Springfield Tire pf. 168% 35% 45 29% 39% 800 177 360 89% 75 96% 34% 8 Kennecott Copper. ki 287% 8 Kresge (88) Company. Low. Close. [ I o o o o T o b o I o [ S [ o e S RS [ 4ttt tdadttttbtbttsts +4t 4144 +444 bt 4 L T ol [ o I L R R R R Lk L o e ar Y +§ B A S A I S O S ey 3% Nmul I wane 3 g um-rww MR Low. Chge. Week nd.(u June 14, lnlu Net. Lehigh Valley. Liggtttt & Myers. Liggett & Myers (B). Lima Locomotive.. Loew’s, Incorporated. . - Loft,Incorporated. Loose-Wiles Biscuit. .. .. Lorillard, P Louisvilie & Ludlum Steel...... MeclIntyre Porcupine Mines. . Mack Trucks. . 8 . Mack Trucks 1st pf. Mack Truck 2d pf. Magma Coppgr . Manhattan Elec Supply. . Manhattan Elevated gtd. Manhattan Shirt. Maracaibo Oil.. Market Street Railway Marland Oil & Refining. ... Martin-Rockwell Martin-Parry Mathieson Alk, Maxwell Motor, Class A. Maxwell Motor, Class B May Department Stores. Mexican Seaboard . Mexican Seaboard ctfs. .. .. Miami Copper. Middle States Oil Minneapolis, St Minneapolis StP & SSM vt. Mo Kan & Texas new. Mo Kan & Texas pf new. Missour) Pacific. . . . Missouri Pacifis pf. Montgomery Ward. . Moon Motors. . 37'/ic\lolhtr Lode Coalition 18% 3 Nash Motors. National Biscuit. at Dairy Products. —— Nat Department Stores. 3 National Supply . tzsv;\k-w Orleans, Tex ELErYS Al Y S | aaql s o wol |enanmonns|on 2] [®] 88| senan| e ¥ a e |® | & a - Sadlamne & - a1 & |»-ea[qau|!m.||.m = | | § IIIIIIHI‘W;I"I"IH“Ii"” F3 2% — 23% — 3% 3 4% 5 Jsmww—w IEENE New York Ail Bruke N ¥ Air Brake Class A #vew ¥ark Central. . New York, Chi & St Louis. N ¥, Ontario & Western. Norfolk Southern. Northfolk & Western. North American. North American pf Northern Pacific. Nunually & Co Onyx Hosiery Otis Elevator (new). Otis Steel Otis Steel pf Owens Bottl Pacific Gas & EI Pacific Mail fic Oil. . .. Packard Motor Car. ... Packard Motor Car pf Pan-American Pot Trans. .. Pan-Am P Trans Class B. Park & Tilford Penna Coal & Coke. . . Pennsylvania Railroad. People’s Gas, Chicago. . Peoria & Eastern Pere Marquette. . Pere Marquette pf Pere Marquette pr pf Philadelphia Company Philadelphia Co pf Phila & Reading C & 1. Philip Morris & Co Phillips Petroleum. . - Pierce-Arrow Pierce-Arrow pf. Pierce- Arrow prior m Plerce Oil. ... Pierce Oil pf Pittsburgh Ut Producers & Refiners. Public Service new Fublic Service 8% p Pullman Co Punta Alegre Sugar. Pure Gil Railway Steel Springs. . Reading. . ko Remington Typ Republican Iron & Steel. . Reynolds Spring ds Tobacco, B l Duteh ctfs (NY). Rutland pt. Joseph L. Louis Southweatern pf. vage Arms. . chuite Stores. Seaboard Air Line aboard Air Line pf rs-Rocbuck Shell Union Oil. . Simms Petroleum Simmons Company . Stnelair Con Oil Sinclair Con Skelly Oil. Sloss-Sheffield St & Tron South Porto Rico Sugar. . Southern Pacific Standard Gas & Electric. . Standard Oil of California. Standard Oil of N.J. Standard Oil of N J pf. Sterling Products. Stewart Warner Speed Stromberg Carburetor. ... Studebaker. . Submarine Boat. Superior Oil. . Texas Company. Texas Gulf Sulphur. Texas & Paci Texas & Pacific Coal. Timken Roller Bear. Tobacco Products. Tobacco Products Class Transcontinental Oil ‘nion Bag & Paper. Tnion Pacific. . Union Pacific pf. United Alloy Steel. United Cigar Stores United Drug United Railway Invest pf. U S Cast Iron Pipe & Fdy.. U S Cast Ir Pipe & Fdry pf. U S Distributing Corp'n. .. 94 U S Realty & Improvm’t D! 101 United States Rubber. U S Rubber 1st pf. U S Smelting & Ref United States Steel United States Steel pf. United States ‘Tobacco Vanadium Corporation. Virginia-Carolina Chem. Va-Car Chemical pf. Virginia Railway V Vivadou Inc. . Wabash. ... Wabash pf A. ‘Wabash pf B. Waldorf System (new) . Weber & Heibroner. Western Electric pt.. Western Maryland. ... . Western Maryland 2d pt. Western Pacific. . ‘Western Pacific pf. Western Union Teleg. ... Westinghouse Air Brake Westinghouse Elec & Mfg. Wheeling & Lake Erie. ... Wheeling & Lake Erie pf. White Eagle Oil White Motors Wilson & Co. ... Wilson & Co pf. ‘Willys-Overland . Willys-Overland p! ‘Woolworth (new) ‘Worthington Pump. Wrigley (W) «eees Yellow Cab.oo.o- basod 534288 R SR 0 4 e e U o) o Peyners on rly or half year] leclarations. 'nless oth: poted, extra or special dividens are not dRaruy snto [ R S S R I A [ e A S S o e S o S R o Y B R e A R e S A Y o f 101% 86 101% 9874 102V| HEV. 109% 8% 83% 109%, 102% 104% 100 921 85% 8 75 98% B4% 111% 106 102 93% 105 84% - EExFrxafesrs CL T~y —102—— High. Low. 19 328 101-28 98.22 Liberty 3%s 1932-47 . 101-28 1008 101« 1017 9 102-11 98-8 U. 8. BONDS. High. Liberty 2d 4s 1927-42... 101-7 Liberty 1st 4%s 1932 99-8 Liberty 3d 4ls 1928.... 1027 berty 4th 4 3-38. 102-15 101-17 10 98-8 Liberty %8 193 106-18 1081 Prev. week's Close. Treasury 4%s 1947-52 FOREIGN. 190% Argentine 7s 1927. 85% Austria s f 7s, 1943 6% Belgium 7%s 1945. 71% Bordeaux 6s 1934. 92% Brazil 8s 1941 99% Canada 58 1926. 100% Canada 5%s 1929 99% Canada 5s 1952. 102 Chile 8s 1946. 102% Chile 8s 1926, 102 " Chile 8s 1941. 39% Chinese Govt Ry 5s 1951. 87% Copenhagen 5%s 194 93% Czechoslovakia 8 1951. 107 Denmark 8s 1945 93% Denmark 6s 1942... 92% Dutch Bast Indies 6s 1 92% Dutch East Indies 65 1962. 84 Framerican Ind Dev Tis 1 92% French Govt 88 1945.. 89% French Govt 73%s 1941. 6% Japanese g 1931. 8814 Japanese 6%s, 1954 73% Jergens Utd Margarine 6s 1947, 72% Lyons 6s 1934 72% Marseilles 63 193 89% Netherlands 6s 1972 109% Norway 8s 1940 ¥ 65 Paris-Lyons-Med 6s 1958. 104% Queensiand 7s 1941 > 99% Queensland 6s 19 87% Rio de Janeiro 83 1946. 98 Sao Paulo, State of, 85 1936. . Dept of. Ts. veden s 1939.. 111% Swiss Confed s f 106% United Kingdom 5 INDUSTRIAL AND MISCE 82 Amer Agri Chemical 7% 92 ' Amer Smelt & Ref 1st & 96% Amer Sugar Refining 6s 1937 97% Amer Tel & Tel cl tr 53.1946 94% Anaconda Copper cv deb Ts, '38 94% Anaconda Copper 6s, 1953 83% Armour & Co 4%s 1939 96% Atlantic Refining deb 5s 1937 973% Bell Tel (Pa) ref 5s 1948 % 871 Bethlehem Steel p m 58 96 Bethlehem Steel s f 6s 1943. 107% Brooklyn Edison 7s D 1940. 923% Central Leather 5s 19265. 125% Cerro de Pasco 8s 1921 Chile Copper 6s 1932... 104 Detroit Edison ref 6s 1940. 106% Du Pont de Nem 7%s 1931. 89 Empire Fuel & Gas 7T%s 1937. 100 General Electric deb 55 1952.. 921 Goodrich (B F) 6%s 1947 100% Goodyear Tire Ss 1931 114% Goodyear Tire $s 1041 96% Humble Oll & Ref 5s 99% Indiana Steel 5s 1952.. 79% Inter Mer Marine 6s 82% Inter Paper 55 B 13 86% Kelly-Springfield §s 1931 88 Lackawanna Steel 5s 1950. 95% Liggett & Myers bs 1951. 97% Manati Sugar s f 7%s 1042 85% Midvale Steel 55 1936. 97% New England Tel 5s 195 109% New York Edison Ist 6%8 1941 98% N Y Gas E L H & P 5s 1948 104 New York Tel 6s 1941.. 93% New York Tel 43%s 1939. 91% North American Edison 6s 1952 90% Pacific Gas & Elec 55 1942 90% Pacific Tel & Tel 5s 1952.. 99% Philadelphia Co ref 6s 1344 77 Public Service 55 1959.... 87% Sinclair Oil 7s 193 97 Sinclair Crude Oil 5%s 1925. 100% South Porto Rico Sugar 7s 1941 93 Union Bag & Paper 6s D 111% United Drug cv 8s 1941. 78% U S Rubber 1st & ref 5s 99 U S Rubber 7%s 1930. 1024 U S Steel s f 5s 1963 2 £7% Utah Power & Light 5s 1944 52 Va-Carolina Chem s f s 1947 29 Va-Carolina Chem 7%s '37 war. 107% Western Union Tel 6%s 1936 79% Wilson & Co 1st 6s 1941.. 48 Wilson & Co cv 7Tis 1931 RAILROAD. 85% Atchison gen 4s 1995. 863 Atlantic Coast Line 1st 4s 1952, Balto & Ohio pr In 3%s 192 Balto & Ohio gold 4s 1943 Balto & Ohio 6s 1929.. Balto & Ohio cv 4%s 1933 Balta & Ohio ref bs 1995 B&OPitts LE & W Va 4s B & O Southwn alv 31s 1925.. Brooklyn-Manhat s f 65 A, 1968 Canadian Northern 6%%s 1946 Canadian Pacific deb 4s... Carolina Clinch & Ohio 5s 1938 Central Pacific 4s 1949. Chesapeake & Ohlo cv 5s Chesapeake & Ohio cv 4%s 193 Chesapeake & Ohio gn 4145 1992 Chicago & Alton 3%s 1950..... Chi B & Quincy 1st ref 5s 1971. % Chi & Eastern Il gen 5s 1951. Chi Great Western 4s 1959.... Chi M & St Paul ref 43%s 2014, Chi M & St Paul cv 55 2014. Chi M & St Paul cv 4%s 1932. Chi M & St Paul gen 4%4s 1989, Chi & Northwestern 6%s 1936. Chicago Railways 5s 1927.. Chi R T & Pacific ref 4s 1934. Chi Union Station 6%s 1963. Chi & Western Ind con 4s 19 C CC & St L ref 65 A 1929, Cleveland Term 5%s 1972. Colorado & Southern 4%s Cuba B R bs 1952 Delaware & Hudson 5%s 1937, Den & Rio Grande con 4s 1936. 4 Den & Rio Grande 1st ref 5s 1955 Detroit United 43%4s 1932, Erie 1st con 4s 1996... Erie gen lien 4s 1996.. Erie cv 45 A 1953. Erle cv 45 D 1953.... Grand Trunk s f deb 6s 1936 Grand Trunk 7 Great Northern gen 7s 1936 6% Great Northern gen 5%%s 1952. Hudson & Manhattan ref 5s 1957 Hudson & Manhattan adj 58 1957 Tllinois Central 5%s 1934...... Inter Rapid Transit 55 1966, Inter Rapid Transit cv 7s 1932, Inter & Great Nor adj 68 1952 Kan C Ft Scott & M 4s 1936 Kansas City Southern 3s 1950.. Kansas City Southern 5s 1950. Lake Shore 4s 1923. Lake Shore 4s 1931. Lehigh Valley 6s 192 Louis & Nash unified 4s 194 Mil Elec Ry & Lt 1st ref 55 '61 MStP &S S M 6%s 1931 Mo Kan & Tex 1st 4s 1990, Mo Kan & Tex pr In 5s A 1962 Mo Kan & Tex adj 5s 1967. Missouri Pacific 65 1949 Missouri Pacific gen 4s 1 N O Tex & Mex inc bs 1935. New York Central deb 6s 1935. New York Cent deb 4s 1934... New York Cent ref imp 58 2013 NYNH & H cv deb 6s 1948 N Y West & Boston 4%s 1946, Norfolk & Western con 4s 1996 Norfolk & Western cv 6s 1929, Northern Pacific 3s 1947. «Northern Pacific 4s 1997 Northern Pacific ref imp 6s 2047 Ore Short Line gtd §s 1946. Qra-hort Line ref 4s 1929, Jre-W sh 1st ref 4s 1961 Pennsyivania gen 5s 1968 Pennsylvania gen 4%s 1965. Pennsylvania 6%s 1936. Pere Marquette 1st bs 1950, Reading gen 4s 1997 Rio Grande Western clt 45 1949 R IArk & L 4%s 1 72 4% 43% Seaboard Air Line adj 5s 1949. 68 Seaboard Air Line con 65 1945 92% Southern Pacific cv 4s 1929.. 85 Southern Pacific ref 4s 1955. 81% Southern Pacific col 4s 1949 95% Southern Ry lst 5s 1994 69% Southern Ry gen 4s 1956. * 101% Southern Ry dev 6ls 1956. 89% Third Ave adj 58 1960.... 88% Union Pacific 1st 4s 1947 96% Union Pacific cv 4s 1927. 92% Virginian Ry 1st 5s 1962 96% Wabash 1st 5'[:1:” . 102-11 101-8 102! 98-4 Liberty 2d 4%s 1927-42. 101-17 100-26 101~ FINANCIA Low. Last. Yield. 100-29 101-7 855 101-10 102-4 High. Low. 102% 101% 91% 90 104% 103% 100% 100% 102% 82 96% 100% 101% 100% 105 108 105% 108% 95% 93% 92% 106% 102% % 103 112% 107% 101% 85 93% 98 99% 95% 95% 95%% 85% 98 99% 89% % 96 108% 98 133% 100% 88 97 105% 108 89 100% 954 102% W 99% 111% 100% 105% 95 93 92% 2% 101% 92% 874 99% 101% 93% 113% TEH 99% 103% 90% 60% 29% nu % 110% 112% 108% 74% T9% 10 391 14 374 105-10 890 Last. 102% 9% 104 100% 108% B4 98 100% 102% 102 106% 103% 105% 110% 96% 944 914 107 102% 89% 104% 113 108% 103% 86 94 993, 100% 964 9% 96% 86M 98% 994 90 6% 1085 98% 133 101 88K 98 105% 1084 91y, 102 96% 103 99% 111% 100% 105% 96% 94k 3% 93% 102% 94 913 99% 102% 947 114 804 101% 1044 934 64% 30% 110% 48 90% 1 112% T 82% 66 105% 104'4 104% 113 112% 109% 108% 101% 100 85% 9% 88! 120% 4 58% 82% 103% 103 95% 824 101% 13 109% 101% 50% 86% 1234 62n 84% 105% 104% 96% 836 102% LIBERTY BOND GAINS MAKE MARKET BOIL Week Finds All But One Issue Reaching Highest Prices Ever Recorded. MUCH FINANCING LIKELY How Long Movement Will Last Is Puzzling Financiers. BY GEORGE J. HUGHES. Bpecial Digpatch to The Star, NEW YORK, June 14. Sustained strength has characterized the secur- ity investment market all the week. The underlying influence was easy money, which was emphasized by two important developmen First was the fixing by the Secretary of the Treasury of a 2% per cent rate on the government's June 15 financing. The second was the cutting of the rediscount rate by the New York and the Boston Federal Reserve Banks to 3% per cent. The reduction of the New York bank was one-half per cent and that of the Boston bank was one per cent “’Om the previou: prevail- effect upon the bond market and upon the quotatons for money was immediate. Call mones Stock Exchange loane down to per cent, and on the -called cutside market 1% per cent was s obtained in a4 few f{n important still, time 4 to a new low hi a 03 e quoted at 3 m'rr..”n‘der:L]r:("- Lt to 4 per cent for the I turities, QERCEE I on t Money Eaxiest in Seven Years. Altogether it was the ea . ernment financing. wi successtully accomplished at the lowest rate Sincs before the world war. While the & retary asked for only $150,000, ’)’J" on ok PO cent certificates sup: fetiptions up to around It 'was hardly sur, prising, the investment bonds re: 'sponded so Y:)l:’:?’t ‘1) As_might have been expected, nited States gove rnment loans were the first to be affec ted. The market for the old Liberties and for the Treasury 4%s, the long-term issue popularly designated as ons.” fa"ll()' boiled At the week every Libert. Esue at the highest price of llh“‘“cdr and €Very one except the tax-exempt at the highest price ouer recorded. How long this move ment be con- tinued is a matter on which opinien \'! divided bhut som well informed pond men were predicting that moe erament obligations, long term. oaght to sell on a 2% per cent b High Grade Rails Picked. The buying overflowed f Liberties into high-grade r and industrial bo Here ward movement was not rapid. but was equally Many seasoned issues so cured as to move the trade outlook also mad: ords for the year. Judging record of previous vears, the in_ these securities could further without ove money situation. Exa; price record over a se shows that there are Zfdfl: bonds <elling b points of 1917 and in some ins even below the highs 'f‘V i more noticeable in ra of the savings bank strongl independent regarded as the premier 3 its kind, sold in July, 1922, more 5 points above prese Sl Money Trend Factors. There remains, of course, t . #bIlity of w hait in the dowavoecd movement of money rates and of a reversal of the trend. As to that there are two factors to be consid- ered: First, the business outleok, and. second, the gold movem sharp revival in the prog: money for commercial would result in the rate charzed for accommodation. Sooner or later this is bound to come, but how s00n no one can sav. As to the gold movement there is as vet no sign of a check to the incoming tide, Because of these two unknown quan- tinties the banks are still giving pref erence to short-term investments of évery description, of which the sup- ¥ is not equal to the demand. It the history of advancing bond markets. however, that the rise goes on a long time after the original cause hak ceased to operate Foreign Securities to Front. One of the most interesting inei- dents of the week was the renewed interest in foreigm securitics dently the high return was b ning to look more Important in tha eves of investors than the political urcertainties _in ope. At any rate, new high recomds for the vear were made. not only in the United Kingdom bonds but in French obli- gations as well. Liguidation hy timid holders had apparently entirely stop- ped. The same phenomenon was ob- served in South American bonds. which had been selling to traordinarily high yields. domestic_bonds generally speculative joined i movement on the theory that the re- turn was greater than the risk war- ranted. Railroad bonds were particularly favored, less attention being paid to earnings than to advantages to be cxpected from proposed consolida- tions. It may be that May stat ments will cast a damper upon this hand of speculative enthu Car- loadings and weekly reporis of gross earnings suggest such a possibility but there was no evidence of any doubts this week. It i3 reasonabie to suppose that the volume of new financing will ma- terially increase now that conditiuns are 8o favorable. The reception ac- corded the new “Nickle Plate” bouds was Very encouraging to the invest- ment bankers. TRADE REPORTS MIXED. Chain Stores Appear to Give Fair Index of Nation’s Business. NEW YORK, June 14—What Wall street considers a fair index of the natfon's purchasing power has com to light In comparative figures of re- tail trade in which chain-store oper: tions and mail order houses ha maintained a Jjoint showin b that of a vear ago. Individua however, indicate a slowing d ni some directions, although current statistics reveal a somewhat mixed exhibit in this respect. Three leading mail order houses in the first five months of this year have increased by 5 per cent their com- bined sales over the corresponding period of 1923, and this in facawof the fact that Sears, Roebuck. doing the largest business, suffered a loss of 2.6 per cent. On the other hand, a gain of 18.6 per cent by Montgomery ‘Ward overcame the others decline. Consistent gains were made by all of the chain store systems in the period to June 1 over a year ago, al- though these were irregular in their extent. The Woolworth stores jump- ed their five-month's sales 131 per cent over the same period of Jast year and the Kresge system ineroased its total business by 12.9 per cent in the same period COTTONSEED OIL DROPS SW YORK. June 11.—A fow liqui- dating saley in July ard locnd seiin of September on favorabls weath news carried old crop imsitiuns n cottonsecd o1l lower todsy, sio Dt losses boing 3 to 10 Doiita, while distant months were quoted § to 5 points net higher. Sales, 4,300 barvels. P R e g il ‘The man does not exbt who cannot ®se Star Mant-Ads to his profi,