Evening Star Newspaper, June 16, 1924, Page 24

F WALL STREET PRICES IN. FURTHER GAINS 0il, Utility, Electric and Sugar Shares Among Stocks Which Go Higher During Day. FRENCH FRANCS COME BACK Sharp Rise in Wheat Helps All Other Market Conditions. BY STUART Special Dispateh o The Star NEW YORK, June 16—The week started out in Wall street with a zenerally high market. For some time it has been reported that the hort interest was particulariy heavy n the oil shares. This statement ppeared to be borne out today by the advance of a point to two points and more in stocks like Pacific Oil. ‘osden, Producers and Refiners, and Marland. The shorts in the oils were driven to change their position by the failure of the market on Saturday 10 be effected by the 50-cent cut in Pennsylvania Crude. Utility Shares Popular. Public utilities shares were favored s they have been for several wecks. onsolidated Gas made a new high as 69. Public Service Cor- poration of New Jersey made a new high for the year, when it got to 50. This stock has risen 8 points sinc the publicatiol »f the new financial lan a month ago. Active trading was maintained in the electric stocks, although Westing- house appeared to be running into a very large supply around 60. Gen- eral Electric, in which the street re- fuses to accept -official denial of a contemplated capital split-up, had one of its cha stic jumps 10 considerably the st yet touched. Allis-Chalniers was taken up in re sponse to favorable reports regard- ing the com ¥'s busines: Pool Boosts American Can. Steel shares started in somewhat lower, with Bethlehem below 46 again. But when the market turned upward after the first hour, the shorts in this sroup were quick to run Th re was also a good deal of cov- ering in the sugars, influenc by the action of the general market and partly by the improved tone noted at the end of last week and ain today in the sugar market The powerful speculative interests at work in American Can made good showing for that specialty. Al- though there was no chang the copper trade situation, there was better demand for the copper Stocks and for American Smelting. Violent Jump in Wheat. By far the most important happen- ing today in its potential effects upon the general situation was the further violent jump in the wheat market accompanicd by a sharp advance in corn. No such sudden reversal has been seen in more than a yea Naturally what all in mind today was firs the wheat advance would bear upon the business outlook to increasing the buying power of the farming dis tricts and second how it would af- tect political calculations through the promise of lessening agricultural discontent. On both these phas Wall street was inclined to take an optimistic vie French Franes Come Back. Investment activity in both bond and stock markets was well sustain ed. Foreign government issues we:! o feature, the French bonds making new highs for the year. The strength in the latter was nof altogether a question of the favorable money con- ditions: it also had something to do with the growing confidence in the Herriot ministry. especially on the part of the foreign capital. Germany and Great Britain and the United States, too, welcome a regime which WE 1 partly it abandons the extreme attitude of ag- | gressiveness of the Millerand-Poin- care government, although standing for the carryving out of the Dawes program to the full. French francs, influenced by the same feeling, continued their recov- ery and were back over all the ground lost in the last month. Allis Chalmers Advances. An advance in Allis Chalmers was due mainly to the opinion that the company cash and current earnings not only justified the maintenance of the four per cent dividends on the common, but favored some additional distribution. In 1923, Allis earned over $6 a share on the common, and net Profits now are running at the rate DEoat least 35 Colorado Fuel's advance to a new high indicated that pool interests were bent upon following up their advantage gained when stories of oil Aiscoveries on the company's prop- erty first reached the street. i was reported today that instead of a cut in crude oil prices, the mid- west companies had adopted the pol- fey of pro-rating at least for the time being. MARKET CLOSES STRONG. More Than Thirty Issues Make New Peak Prices for Year. By the Associated Press. NEW YORK, June 16.— among the industrial specialties were brought forward as stock prices re gumed their upwad morvement day’s session. More than thirty issue established new peak prices for the year, the largest number of any s gle session since the present advance began a week a Sales approxi- mated 950,000 shar! The upward movement showed more vitality in the afternoon, new groups spurting upward as buying orders were executed, especially the copper, shipping, steel, food and local traction issues. fon Pacific, Che: peake and Ohio and “Nickel Plate were among the standard railroad shares that broke into new high ter- ritory for the year. The closing strong. Motors led the advance in the final hour, with marked strength also being shown by a number of specialties, American Bank soaring 10 points to a new 1924 high. Markets at a Glance NEW YORK.—Stocks strong: thirty issues touch 1924 tops. Bonds, irregu- far; French issues at year's high; Liberties react. Foreign exchanges higher. French francs strong. Cot- ton, steady; high temperatures south- west. Sugar firm: advancing spot market. Coffee advanced; buying by commission. CHICAGO.—Wheat strong; outside buying. Corn higher; con- tinuation showers. Cattle, weak; demand limited. Hogs, steady to lower. HIGHER RATES DENIED. Proposed increased rates on lignite coal from mines In North Dakota to destinations in North Dakota, South Dakota and Minnesota were found not Justified today by the Interstate Com- merce Commission. New schedules which previously had been suspended were ordered canceled. 16,000-TON PIPE ORDER. PITTSBURGH, June 16 (Special).— National Tube has received an order for a large supply of pipe from the Magnolia Petroleum Company, for de- livery within the next three months. ‘This order is the largest of the pres- ent month, involving about 16,000 Jons. large INANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Air Reduct (4) Ajax Rubber AIC&Dpf (7). | Allis-Chalm (4y | Allis-C M pt (7) Am Beet Sug (4 Am Boseh AniCan (16). . AmC&F (13 Am Chain A (2) Am Chicle. | Am Drug sy Am Express (6) Am Internati. Am Locomo (6) Am Sm & Re (5) AmS& Rpf (1) Am Sugar. ... Am Sugar pf (1) Am Sumat Toh Am T & Cab ( AmTel & Tel rts Am Tobac (12) Am Tob B (12) Am W W pf (6) Am Woolen (7) Anacorda..... Arm pf Del (7). Asso Dry G (5) Assa Ol (13) . At T & S Fe (6) Atl Birm & At. Atl Coast L (8) Atlan Ref (4) Bald Loco (7). Bal & Ohio (3) . Bai & Oh pf (4 Bang & Arpf (7 Barnsdall A. . B'ch Nut (2.40) Beth Steel (5). Beth Stl pf (7). Br'k Edison (8) Rr'k-Man Tran Br Man T pf (6) BrklynUnG (4) Rurns Br (10) . Burns Br B (2) Callahan Z Lead Cal Pet (1%) Pet pt (7). Can Pacific (10) Case Thrs'g pf. Cent Leather Co Cent Lea Co pf Cent R M pf (7 Cer de Pas C (4) Chand Mot (6). Ches & Ohio (4) Ch&ODpf (614). Chic & Alton of. Chic & East Il Chic Gt West. . Chic Gt West pt. Ch Mil & St Paul s Chi & Nwn (4).. Ch & Nwn pf (7) Chic R I & Pac. CRI1& P pf (6) Chile Cop (2%) Chino Copper. CCC&StL( | Cluett, Peab (5) Coca-Colz (7)... Colo Fuel & Iron, Colo Southern Col G & E (2 60) Congoleum (3). Consol Gas (5). Cont Can (4). Cont Ins (). . Corn Products. Cosden Co. . Crucible Stl (4) Crucib Stl of (7) Cub Dom Sugar. Davidson Chem. Del & Hud (9) . Del L& W (6). Det Ed Co (8) Dome Mines (2) DuPtde N (8).. Eastman (16%). Eaton Ax (2.60). El Stor Bat (4) Elk Horn Coal. End-John (5) Erie. .. Erie 1st pf. Famous P1(8). . Fed Lt&Tr pf(6) Fed Min Sm. Fisher Bdy (10) Fisk Rubber. . Fleishiman (3) . Freeport-Texas. Gen Asphalt. . GGen Baking (6) Gen Cigar (8) Gen Cigar pf (7) Mot (1.20). Gen Mot pt (6) . Gen Mot db (6) Gerf Petm (2] Gimbel Br Gin.bel Br pf (7) Gold Dus Goodrich Goodyear pf Goldywn Pict. G'dyear pr pf (8) Gray & Davis. Gt North pf (5) Gr Nor Ore (3). Gr Canan Cop Guantan Sugar. Gulf Mo & Nor. GuMo& N pf (5 Guif St Stl (5).. Haves Wh'l (3) Homestake( 7) Houston Ofl Hud Mot C (3). Hupp Mot C (1) Ll Cent pf (6) - Indiahoma Ref. rre-an Refining. Inspiration Cop Interb Rap Tr Int Com Eng (2) Internat Har(5) Inter Har pf (7) Internat Nickel Internat Paper. Int Pap pf st (6) IntT&T (6).. Invincible Oil. . Jewel Tea. . . Jewel Tea pf. Jones Bros Tea. Jordan Mot (3) Kansas & Guif. . Kan City South Kayser pf (8) . Kelly Spr Tire. . Kenne Cop (3)3 Keystone T & R. Leh Val (3%). . Leh Val rights. Ailied Chem (4) .. | Am Agri Chem.. | Am AgriChem pt Am Pank N (5). Am LaF P E(1). AmT & Tel (9).. AT&SFpt (5). AtGuIif & WI... AtGulf & WIpt 24% Bald Loc pf (7). Chicago & Alton. Ch & East Il pf.. Mil & St. P pf. CRI&PDL (). Ch StP Min & O.. Dul So Sh & Atl. . Du P de Ndb (6). End-John pf (7). Erie2d pf....... Fairbanks-Morse. 27% Famous P1 pf (3) ' M & S pf (7). neral Elec (8). El spe (60¢). Goodrich pf (7). Hartman Co (4).. Int Cement (49. .. Intern & Gt Nor... Int Mer Mar pf. .. Inter Nick pf (6) . Kan C Sopf (4).. Kelly Springfd pf. Open. High. ) AmBrS&F (5). Am & F P 259%(7) Am Radiator (4) Am Stl Fdys (3). Am Water Wka. | . 101 91t . 2% - 125 16% 100 111 114 87 57% ). 91 .. 109% 17 . 624 Butte&Superior’ Caddo Cen O & R. umet & H 50c. o Case Threshing. . . 103% 4w 1% 284 46 6 15% 13 23 . 56% . 107% 314 3% 844 33 27% Consol Textile. .. Cont Motors (20¢) Cub Am Sug (3).. CuAm Su pf (7). Cuban Cane Sug. Cub Cane Su pI.. Dan! Boone M (3) 2% - 119% 8% 106% . 13% 57 11% 59 109 28% 35% 29% . 6% 964 .74 9 43% 38% 97% 864 . 103% 229% Gen Mot db (7). .. . 100% 36% 18% 75 44% 13% . 93 5 60% . 26% 11% 6% 16 ) 6o . 66% 36 _ 36% 43 64% 23% 12 Iilinois Cent (7).. 106 107% % 9% 8 73% 116% 49% 93% — - 23% 43% . 23% 29% . 86W . 108 33 13% 804 . 46% . 13 73% . 12% . 1% 824 20% . 25% . % 20% 53% 90 . 4% 43 37% . 1% . A% Low. 7% % 724 116% 4% 93 Bii 24% 118 39% 24% 85% 108% 160 22% 164 Lig & Myrs (3).. Lig & Myrs B (3). Lima Loco (4). Loews Inc (2) Loose-Wiles Bl Lorrillard (3) Louis & N'sh (6) . McIntyre (75¢).. Mack Trucks (6). Macy R H & Co... Magma Copper. Mallinson & Co. .. Mallinson pt (7). Man EI Sup (4).. Man El modgtd 4. Man El gtd (4)... Maracaibo Oil. Marland OIl. . Martin Parry (3) Mathieson Alkali Maxwell Mot A. . Maxwell Mot B May Dpt St (5) Mex Seaboard(2). MexSeabd ctfs(2) Miami Cop (2) Middle StOil. ... Minn & St Louis. . Mis Kan & Tex... MisK & Texpf- .. Missouri Pacific. . Missouri Pac pf. . Montgom Ward. . M3on Mot (3).. .. Mother Lo 37%c.. ash Mot (183%) . t Biscuit (3).. Nat Dairy @3).. .. Nat Dept Stores. . N DS lstpf (7). Nat En & St . Nat Lead (8 Nat Ry.M 2d pt. Nat Supply (3) v Cons Cop. ... . NewO,T&M 123% N Y AirBr (4)... NYABra® N Y Central (7). . NYC&StL (6). Ny C&StL pf (6) . N Y Dock. . .. NY NH & Hart N Y Ont & West. . gara Falls P.. Norfolk South. Norf & W (18)... North Aneer (2).. North Am pf (3). North Pac (5).. Onyx Hosiery . Orpheum (1%) Otis Elev (n) (4) Owens Bot (3) Pacific Develp. PacG & E (8) Pacific Ol (2).... Packard (1.20) ... Pan Amer (4). ... Pan Amer B (4).. Park & Tilford. .. Par & Bing (2)... PennC&C (4).. Penn Railr'd (3). Penn Seab Steel. . Peop Gas Ch (7). Peoria & East.... Pere Marq (4). .. Pere Mar pf (5).. Pere M prpf (5). Phila Co (4).. Phila Co pf (3) Phila& R &I Phil Mor (50¢) Phillips Pet (2).. Plerce-Arrow. ... Pierce-Arrow pf. Pierce Ol Pierce Oil pf. Pitts Coal (4). Pitts Stlpf (7) Pitts Ut pf 1.65 Pitts & West V. Postum Cer (4).. Press St1 C (4) Prod & Refiners. . Pub Ser N J (4).. Public Serv rts PubSNJ pf (8). Pub S El Po(7)pt. Pullman Co (8).. Punta Al Su (5).. Pure Oil (1%)... Ry Stl Spg (8)... Ray Cons Cop. ... Reacing (4). Reading rts. . . Read 2d pf (2)... Replogle Steel. Rep Ir & Steel... Rep1&Spf (7 Reynolds Spr ( Rey Tob B (3)... Roy D'tch (3.46). Royal Dutch rts. . Rutland pt... St Josepn Ld (2). St L San Fran. St L-San Fr p St L Southwes St L S'th pf (5).. Savage Arms. ... Schulte (8)...... Schulte pf (8) .- Seaboard Air L. Seab'd Air L pt. Sears Roe & Co. Seneca Copper. .. Shetl Un Oil (1).. Shell Un pf (6) Simmons Co (1) . Simmes Pet. .. Sinc Con Ol (2).. Skelly Ol So P Rico So Por R S pf (8) South Pac (6).... Southern Ry (5). South Ry pf (5).. Spicer Mfg. . Std Gas & El 3). St Oil Cal (2). StOUNJ (1).... StOIINJ pf (7).. Std Plate G1(75¢) Sterling Pr (4)... Stew't War (10). Stromberg C (8). Studebaker (4).. Studebak pf (7). Sabmarine Boat. . Superior Oil. . .. . Sweets Co of Am. Texas Co (3).. Tex Gulf (16%). Texas & Pacific. . Tex & PacC&O. Third Avenue. Tide Wat Oil (4) Timken (13%) Tob Prod (6). Tok Prod A (7) Transcont Ol Un Pacific (10) Un Pacpf (4).... UD1stpf (3%). Utd Ry Invest. Utd Ry Invest Universal Pipe. .. Universal P pf(7). U S Cast Iron P.. USCIP pf (7)... U S Distributing. U S Distrib pf (7) U S Ind Alcohol. . USR&Im (8) USR&IDL(T).. U S Rubber. . U S Smelting. ... . U S Sm'tpf (3%) U S Steel (16) U S Steel pf (7).. Utah Copper (4). Utah Securities. . Vanadium Corp. . Va Iron Coal & C. ‘Wabash. .. ‘Wabash pf A. Web & Heilb (1). Wells Far (2%) . West Penn pt (7). West Elpf (7)... West Maryland. . West Mary 2d pt. Western Pacific. . West Pac pf (€). West Un Tel (7). West E&M (4). Wheel & L Erie. . Wheel & L Er pft. Wh Eag Oll (2).. ‘White Mot (4). .. Wickwire Sp Stl., Willys-Overland. Willys-Over f... Woolworth n (3).. Wor Pum ‘Wright Aero (1).. Wrig WJr (3)... Yellow Cab (5) Open. High. 54u béw 69 16 58 37 93% 16 85 61% 15% 34% 8% 23% 1% 27 604 96% 124 5% 50% 46% 254 497% 10 103% 984 124 [ 2i% 114 10% 56% 22 837 % 44% 82 12 0% 48 6% 3Th 25% 23% 47% 40% 61 65% 103% 108 10% 25 88% % 16% 927% 24% 14 18% 13% 69 100 91% 59% T30 9% 35 57 34% 119 83% 58 65 614 82% 9 6% 24 39 63 31% 9 10% 123 34% 60% 88% 3% 134% 73 47 10 35% 18% 59 95 92 25 102 €8 93 w2k 26% 381 a 65 54% 60 16 59 37% 95% 16 85% 63% 27% 23% 86% 43% 37% 57 28% 31% 82% 86% 484 13% 89% 21 20% 20% 2% 2% 18% 883 3 103 4 104 0% 10 20% 23% 1% 8 68% 104 25 11 885 o Low. Close. b54% b4% B54% bd% 59 60 16% 16% 68 b8W 37 3714 93% 98% 16 16 B3% 85% 61% 63% 26% 27% 22% 22% 85 86% 42 43% 87 8% 57 67 28%W 28% 29% 31 82% 82% 36% 86% 44 4% 1% 13 86% 89 20% 20% 20% 20% 20% 20% 2w 2% 2% 2% 13% 13% 37w 38% 17 17% AT% 48% 24% 24% 20% 20% 6% 6% 103 53% 64 331 33% 881 884 93% 93% 25% 25% 137% 138% 1% 1% 68% 68% 13 18 99% 99% 44 48 50% 507 104% 83% Ba% 84% 86% 34 34 21% 21% 17% 19% 27 27 17% 17T 122% 122% 26% 26% 4T 4T% 66 56% 18% 18% 18% 18% 68 68 2 4z Y~ % 94 4y 47 48% 10% 10% 50% 52 49% 50% 25% 254 14 14 24 24 44% 44% 2 24 96% 964 13% 18% 50% 60% 65 654 74 74 47% 48 4% 44% 47% 48 15% 16 33% 34% 8% 9% 28% 26% 17 1% 27 2% 60t 604 96% 964 12 12% 4% 45% 50% 61 46% 46% 2515 26% 49% 50 10 11 103% 103% 98l 984 124 124% 49% 50% 21% 21% 114 114% 10% 104 56 56 22 224 83% 33% % Th 44n 4% 82 82 1212 70 70 T 48% 6% 615 3% 384 20% 25% 22% 22% 474 47w 40% 40% 61 61% 53% 65 1034 104 108 108 10% 10% 24% 24% 87Th 8% L3 % 6% 1% 92% 83 240 24% 13% 18% 18% 19% 18% 20 69 69 100 100 91k 91% 59% 59% 73% 73% 9% 9% 85 35% 57 58 8% 84% s 119 33% 334 58 58 64% 65% 61 62 82% 84 110 110 8% 9% 6% 6% 2% 2% 38%% 39% 63 64% 3% 314 9 oy 10% 10% 123 123 4% B4% 60% . 60% 888 88% a% 8% 184 134% 73 T4 47 474 10 104 35% 364 18% 18% 58% 68% 93% 95 92 92 24% 25 102 102 6T% 67% 94 95 102% 102% 26% 26% 20% 20% 38% 384 96% 974 121% 122 68% 68% 29 204 21% 21% 38 38 15 15% 4% 4% 17 17T% 37 37 92 92 115 115 9% 10% 17% 18% 22% u3% 70% 7% 109% 109% 9% B9% 9% 9% 20 20 28% 23% 53% .54% 1% 1% % 8 65% 68% 97% 102% 2 25 11 11 @ LIBERTY BONDS RUN INTO PROFIT-TAKING Reaction in Today’s Trading Cov- ers Entire List of Govern- ment Issues. FOREIGN GROUP STRONGEST Belief Grows in Chances for Adop- “tion of Dawes Plan. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 16.—In some parts of the list, the week in bonds opened with an easier tendency. Profit-taking was in evidence after the phenomenal rise of last week. This was particularly true of the lib- ertys and specifically of the Treasury 4%s. It was the best opinion, how- ever, that this slight reaction was only a momentary interruption in the progress toward higher levels. Forelgn Group Strongest. The strongest group today was the foreign bonds. New high records for the vear were made by French 8s and French 7 At 102% French 8s were up three and three-eighths points from the low of the month. At 98% French 7%s were up three and a half points from the low of the mgnth. French Cities 6s were steady. In the mid-European group the fea- ture was City of Greater Prague 7%s up more than a point ‘o a new high for the year. Brazil 85 were strong at the top of the present movement. The last named is one of the few long term high coupon, non-callable, foreign bonds. If the trend toward lower money is fo continue, more attention will be paid to callable provisions. Corpora- tions and governments are likely to take advantage of the privilege of redeeming high coupon obligations in order to refund them at a lower rate when conditions are so favorable for new financing. Ralls Remain Firm. he reaction of Liberties did not ex- tend materially to the high-grade rails and industrials. Many of these issues sold higher. Speculative rails were irregular. Missouri Pacific gen- eral 4s and Seaboard 6s were Strong. International Great Northern adjust- ments and Missouri. Kansas ~and Texas adjustments reacted. Of the speculative industrials, Pierce Arrow 8s gained a point and a quarter. Ajax Rubber $s jumped 2% points in re- sponse to favorable reports of op- erations. The most important new issue was the $35,000,000 Federal Land Bank 4% per cent bonds at 101. Dawes' Plan Outlook Bright. By the Associated Press. NEW YORK, June 15.—Strength of forelgn government and domestic railroad issues, many of which re- ‘corded new high prices for 1924, oon- trasted with the reaction of Liberty bonds on a wave of profit-taking in today’s early trading. Prospects that the establishment of a new government in France would load to an early application of the Dawes plan promoted accumulation of both French and Belgian issues, which sold at the years highest level Northern liens were in demand in the railroad list, achieving 1924 peak prices. While Denver and Rio Grande obligations responded readily to the announcement that the staté of Col- orado would interpost no more objec- tion to the reorganization plan. Although the Liberty fourth 4%s attained a mnew record on initial transactions, subsequent eclling was effective in forcing declines through- out the entire government list. GENERAL MOTORS TO CUT SHARES TO 5,161,600 By the Associated Press NEW YORK, June 16.—Stockholders of the General Motors Corporation. meeting today at Wilmington. Del approved plans to simplify the com pany’s capital structure by reducing the number of common shares out- standing from 20,646,400 to and consolidatir = the three issues of senior securitie: into one issue of 7 per cent preferrcd stock. Under the recapitalization the company's total capital will bo increased from $445.- 556.083 to $426.254.523 Present common stock will be ex- changed for the new on the basis of four shares for one. In consolidating the senior securities the existing 7 per cent debentures will be exchang- ed for the new preferred stock on a share-for-share basis. WHOLESALE PRICES STILL ON DOWNWARD TREND Downward trend in wholesale prices, which began late in 1923, con- tinued through May, the bureau of labor statistics announced today, based on information gathered in representative markets. Decreases in farm products and metals were chiefly responsible for the drop in the general price level, aithough all other groups except foods showed a decrease. There were substantial reductions in many farm products, among them corn, oats, rye, cattle, sheep. hay, milk, wool and tobacco, while in metals, iron and steel products, cop- per, lead, tin and zinc averaged less than in April. Many other important raw commodities showed price de- creases. In the food group increases in fresh meats, flour and certain fruits offset the decreases reported for other articles, leaving the general price level unchanged — SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Aluminum Co. of Amer. Ts 1925. Aluminum Co. of Amer. 7s 1933 ‘American Sugar Gs 1937, g American Tel. & Tel. 68 1935. Anaconda Copper 6e 1029 American 01l Tis 1 Canadian Northern Central of Georgia 65 1929 Central Leather 5s 1025...... Chi., Ml & St Paul s 1834, Chil, R. 1. & Pacific 5lss 1926 Columbia Gas & Fl. 1st 58 1927, Du Pont Ths 1031, .. Z aga: Fraver Body Corp. 6a 1927 t . Pa. guif 0il Corp, Pe. 5 7a 1930, M6 Swift & Co. 5s 1t Tidewater Oil 6%: Union Tank Car U. 8. Rubber 7is 1530, Western Union 6%s 1938, Westinghouse E. & M. 7s 1 Wheeling Steel 6s 1926. U. S. TREASURY CERTIFICATES (Quotations furnished by Redmond & Co.) ——Noon.—— Bid. Offer. ter. bt b 180%516 180%.52 100 15-16 101 1-16 101 101 101 Tr1e 101 11-16 1024. 15, S3ps Septarber o s December 15. 4s March 15, 1825, 4%s March 15, 1825, 4138 June 15, 1825, 101918 101 916 1y 101716 101 9-16 108 108 Partly extra. $Payable in preferred stock. nnu-a'm Seteeas given i the stove — s on :. F ur-nfl“ s nless uoted, ex wpecial dividends are mot included. High. Low. Call Money..... 2 2 HOURLY SALES OF STOCKS. 11em. . 430,900 Last. 2 [orwvoo BONDS moemens] Received by Private Wire Direct to The Star Office. FOREIGN. Bales. High. .. 23 81 174 92% . 102% 81 Argentine Argentine Argentine 7 Austria 7s Belgium 6s. . Belgium 7%s. Berne 8s... Bolivia 8s..... Bordeaux 6s. Brazil Ts Brazil 7% Brasil 8s 2 Canada 55 1926. . Canada 5s 1931 Canada 5s 1952 Canada E%s 1929. . Chile 78 1943. Chile 851926. . Chile 851941 .. Chile 85 1946. Copenhagen 5% Cuba 5%s. . Czechoslovak! Danish Munic 8s A. 19 Denmark 6s . 42 Denmark 8s. Dutch E15% 34 Dutch East I 6s°47. 84 Dutch East I 6s'62. 45 Finland s f 6s 1945. 37 Framerican 73 30 French Govt 7%s. .199 French Govt $s....188 Haiti 6s..... . 6 Holland-Amer 6s.. 10 Italy 6%s 1926. 1 Japanese 4s. . 29 Japanese 1st 434s.. 1 Japanese 2d 4%s.. 2 Japanese 6% .202 Jergens UM 6s'47. 15 Lyon 6s. . Marseille 6s Montevideo 7s. . Netherlands 6s Norway 6s 1943. Norway 6s 1952 Norway 8s.... Orient Dev deb Paris-Ly's-Med 6s. 74 Prague 7%s....... 24 Queensland 6s. 34 Queensland 7s. . 8 Rio de Jan 83 1946. 2 Rio de Jan 8s 1947. 17 Rio GrDo Sul 8s... 8 Sao Paulo State 8s. 8 Seine Dept of 7s... 22 Serbs Crotes Slo 8s 57 Soissons 6s. . 8 Sweden 6s 14 Swiss 5%s 1946. .. 325 Swiss Confed §s... 11 Tokio bs. . . 8 Ud Kingm 5%s '29. 10 Ud Kingm 5325 '37. 62 Uruguay8s....... 6 Zurich 8s.. 4 91% 100% 104% 110 92% 85 86% 98 98% 100% 101 102% 102% 97% 103% 106 106 91% 97 96% 108% 97% 110% 87% 95 94% 89% 1% 99 102% 91 T4% 100% 7% 9% 97% 90% 8% 85 85 89% 93% 96% 96 112% 844 79 88% 102 107 95 94 97% 102% 89 834% 85 104% 96 113% 60% 107% 103% 105 112% Low. Closs. 80 91% 102% 9% 100% 104% 109% 92 84% 85 98 97% 100% 101 101% 102 97 103% 105% 106 91% 96% 6% 108% 96% 110 86% 9% 94 88% 91% 97% 101% 91 74% 100% 1% 9T% 97% 90 8% 845 84% 89% 93% 95% 95 111% 84 78% 86% 101 106% 95 3% 97% 102% 894 83 85 104% 95% 13 60% 107% 103% 104% 112% MISCELLANEOUS. Ajax Rubber »... b4 Am Agr Chem 718 27 Am Chainsf6s'33. 1 Am Cotton Oil bs. . Am Repub deb 6s. . Am Smit&R 1st 55. Am SmIt&R 6s AmSug ref6s. ... Am T& Tcltrds.. AmT& Tel tr5s.. AmT & T deb b%s. Am Water Wks 5s. Am Writ Paper 6s. Anaconda st 6s Anaconda cv db 7s. Armour & Co 414s. Armour of Del 5%3 Associated Ol 6s. . Atlantic Refin 5s.. Bell Tel Pa 55 Beth Steel pm 55 Beth Steel rf 5s. .. Beth Steel 535 53. Beth Steel s f 65... Braden Copper 6. . Brier H St 1st 518 Bklyn Ed gen 5s. . Bklyn Edison 7s D. Bklyn Union G 5s.. Bush T Bldg 55 '60. Calif Pete 632s.... Can Gen El deb 6s. Central Leather 55 Cerro de Pasco 5s. Chile Copper 65 Cin G & E 5%8'62. Col Gas & El 5s. ... Col Gas & El 5s sta Commonwth P 6s.. Con Coal Md 1st 5s Consumers Pow 5s. Cuba Cane cv 7s ‘30 Cuba Canecvd 8s. Cuban-Am Sug 8s. Denver Gas 5s. Det Edison ref 6s. . Du Pont de N Ti4s. Duquesne Light 6s. Est Cuba Sug 7%s. Empire G&F Fisk Rubber §: Gen Elec deb 5s... Gen Refractres 6s. Goodrich 6%s. . ... Goodyear 85 1931 . Goodyear 85 1941.. Hershey 65 1942. .. Humble O%R 5%s Tllinois Bell 1st 58 Indiana Steel 5s. ... Int Mer Marine 6s. Inter Paper 58 °47.. KCP &Lt 55 A'52. Kan G & El 6562, Kayser (J) 7s..... Kelly-Spring 8s. .. Lackawa § 58 '50. . Liggett & Myrs 5s. Lorillard (P) 5s. .. Manati Sug sf 7%s Marland Ofl 7%s. . Marland Oil 85 °31. Mexican Petrol 8s. Midvale Steel bs. ... Montana Power 5s. Morris&Co 1st 4%s Nat Tube 1st 55. New Eng Tel 5s... N Y Edsn 1st 6%s. NYG EL H&P 4s NY Tel 4%s. . N ¥ Telbs’41. N Y Tel 65749, Norta Am Ed 6s... North Am Ed 6%s. Nor Ohio T&L 6s. . Nor States Pow 5s. Nor States Pow 6s. Northwst B Tel 7s Otis Steel 7%s. . Pacific Gas & El bs Pacific T & T 58 52 Phila Co 5%s’38 PhilaCoref 68 A.. Phil & Rdg C&I 5s. Plerce-Arrow 8s.. Pierce Oil deb 8s. Public Service b Pub Serv Elec 6s. . Punta Alegre 7s. Saks & Cos f T Sharon St1 H 8s. Sinclair Ol 6%s. Sinclair Ol 7s. Sin Crude Oil 5%s. Sin Crude Oil 6s. .. Sin Pipe Line b: South Bell Tel 5s. . So Por Rico Sug 7s Southwest Bell 55. Tenn Elec Pow 68. Tide Wat Oil 6%s. Unton Bag & P 6s. Unit Drug cv 8s. USRublstrfbs.. U S Rubber 73%s U S Smelter 6s U S Steel s £ bs. Utab Pow & Lt Va-Car Chem 7s Va-Car Ch 7%5 w. Warner Sug 78°39. Western Elec bs. ‘Western Union 6% Westinghouse 7a. . Willys-Ov.6%s '33. ‘Wilson & Co 1st 6s. Wilson & Co cv 6s. Wilson&C cv 73s. Winchester A 7 Youngstn S& T 86% 86% 95 90 924 ' 94y 105 99% 963 100% LaaBasnue @ wao 95 99% 907 92% 103 108% 88% 94 93% 94 102% 98% 6% 96% 94 103% 108% 104% 100% 85% 92 99% 100% 84% 97% 102% 95% 98% 103% 96% 114 80% 102 101 104% 93% 64% 32 91% 98% 110% 108% 98% 84 46% 48 101% 5% » - Snnuinha & wnS8a 8374 £6% 95 90 92% 93% 106 29 96% 100% 102 89% 45 96% 974 86% 88 99% 98% 99% 89% 944 893 96% 104% 964 102 108% 99% 95 97% 105 984 135 100% 9948 99% 99% 93% £8 90 925 7% 107% 884 106 108% 1067 104% 9145 101 102% 100 96% 103 116 102% 99% 96% 103 84% 87% 93 98 97% 90% 91% 97n 9% 98 103 104% 105% 89% 9% 6% 101% 100 111% 85 9634 105% 108 24 98% 90% 92% 102% 103% 8% 93% 93% 94 102% 98 3% 96% ” 93 102% 108 104% 100 254 90% 99% 29% 84% 9644 102% 95% 97% 103% 9% 114 804 101% 101 104% 93% 64 30% 1% 98% 110% 108% 98 83% 45 48 101 95% 81 92% 102% £1% 100% 104% 110 92 85 86% 98 98% 100% 101 102% 102% 97% 103% 105% 106 1% 7 96% 99% 96% 103 85 87% 98 1% 98 98 98 103 104% 105% 89% 7% 76% 101% 100 111% 86 96% 106 108 94 99% 907% 92% 102% 108% 87% o4 93% 94 102% 984 6% 9635 94 102% 108 104% 100 85% 92 99% 100% B4 97% 1024 954 98% 103% 95% 114 80% 102 101 104% 93% 64 32 1% 98% 110% 108% 984 84 46% |- 48 101 5% RAW SUGAR ADVANCES. NEW YORK, .June 16.—Better in- quiries in the raw sugar market early today were attended by an advance of % cent to the basis of 5.15, duty paid. (Bales are in $1,000.) UNITED STATES BONDS. {Fractions represent thirty-seconds. Example: 101-3 means 101 3-32.) Sales. High. Low. Close. Lib 3%s......1148 101-17 101-10 101=10 Lib 18t-2d 4%+ _ 1 101-16 101-16 101-16 Lib 1st 4% s... 292 102-10 102-5 102-5 Lib2d 4%s... 716 101-16 101-7 101-8 Lib3d 4%s... 316 102-5 10130 102 Lib 4th 4%5..2061 102-16 102-6 1027, US4%s1952. 613 105-16 104-28 105 RAILROADS. Sales. High. Atchison adj 4s. 1 83% Atchison gen 4s...105 90% AtlanticCLel4s.. 13 85% AtlanticCL 1st4s. 5 91% 9% 864 0% 861 102% 84% 9914 69% 9% o 105 88% us 113% 81% 98% 103% 88% 95% 89% 96% 36 80% 9% 81% 90% 5% 55% 5% 80% 2% 63% 61% 81 63% 58 99% 107 1% 83% B1% 92% A 103% 1034 100 Biny 83% 101 1% 89 42% 677 b8 594 59% 66% 107 98% 9% 106% 113 101% 109% 84 85% 66 103 1025 64 64 664% 874 97% 53 16 Low. 83% 90 84% o1k 99% 86 89% 85% 102 84% 9914 69% 9 110 105 88% 13 113% 8L 98 103 88% 95 89% 96% 35% 90 99% 81% 89% 75 54% 55 9% 72% 63% 61% 80% 63% 67% 99% 106% 1% 824 8% 924 77 103% 103 99% 884 3 101 76% 88 41% 6T% 57% 69% 59 664 107 98 9413 105 13 101% 2:30. 83% 90% 854 91% 9% 86 920 864 102% O SW div 3%s. 21 B & O Toledo 4s. .. Bklyn-Manhat 6 BkIRT 7821 ct... BKIR T 7521 ct st. Buff R&PItt 4%s. . Canad North 6% Canad North 7s. Canad Pac deb 4: Car Clinch & O 6 Car Clinch & O 6: Central Pacific 4 Ches & O cv 4%s. . Ches & Ognd%s.. Ches & Ohio cv 5 Chi & Alton 3%s. . Chi B&Q gn 4s '58. Chi B&Q 1st rf 5 CB&Q-Ill 3%s C B & Q-111 div 4: Chi & EIll gn 5s Chi Great West C M & Puget Sd 4s. ChiM & St P 25. Chi M&St P 4s°'34. CM&StPdbds Chi MESt P cv 4%s CM&StPgndk%s Chi M&St P rf 4%s ChiM & StPcv Chi M & St P 6s. Chi&NW7s Chi Rys 5t ChiRI ChiTH & SE ChiUn Sta 4%s... Chi& W Ind cn 4s. Chi & W Ind T%s. . CCC&StLrf6sA. Cleve Term b5 Colo & Sou 4% CubaRR bs. Del & Hudson 5%s Den & Rio G cn 4s. D & Rio G imp 5s. . D&RG1strf5s.. Erie 1st con 4s Erie gen 4s Erie conv 4; Erfe conv 4s B Erie conv 48 D Erie con ext Ts Erie & Jersey 6s. Erie (Pa) clt tr 4s Gr Trunk sf db 6s. Grand Trunk 7s... 10 Gr North gen 5%s. 33 Gr North gen 7s... 79 Havana ERL&P 5s 2 Hud & Man ref 5 33 Hud & Man aj 5s.. 25 11l Centref 55'55.. 4 11l Central 5% 22 Int Rap Tran 6s... 64 Int Rap Tr 5s stpd.114 Int Rap Tran 6s Int Rap Tran7s... 3 Int & G Nor 1st 6s. 20 Int & G Nor aj 6s..233 Towa Cent rf 4s. Towa Cent 1st 55 Kansas City S Kansas City § Kan City Term 4s. Lake Shore 45 '28. . Lake Shore 4s'31.. Lehigh Valley 6s. . Louis & N uni 4s Louis & N6sB.... 6 Louis & Nash 7s... 20 Mil EIRy & L 5s... 20 M StP & SSM cn 4s. 13 MStP & SSM 63%4s. 3 27 &TprinbsA. 21 MK&T6sC... Mo Pacific gn 48 Mo Pacific 55 '65 Mo Pacific 6s Montrl Tm 1s ew Or Term 4s O Tex & M in 5s. Y Centgen3¥%s. 5 ¥ Cent cn 4598 Y Centdebds... Y Centribs N Y Cent deb 6s... NYC&StL6sA.. 29 New Haven d 45 ‘57 2 New Haven cd 6s. 13 New Haven 7s..... 16 N Y Ont & W rat 4s 23 vew York Ry aj5s 10 N Y State Ry 4%s. 4 N Y W & Bos 4%s. 16 Norfolk & Wcn 4s. 9 Norfolk & W cv 6s. 25 Northern Pac3s... 5 Northern Pac 4s 8 Northern Pac s D. 41 Northrn Pac r i 6s.105 Ore & Calif 1st 5s.. Ore-Wash 1st rf 48 Pennsyl gen 4% Pennsyl gen 5s. Pennsyl 6%s. Pennsyl gold 7: Pere Mrq 1st 4s Pere Marq 1st 68.. PCC&StL6sA. Reading gen 4s.... Reading gn 4%s. Rio G West cl RIArk & Li4%s.. St L IM&S 4s '29 St L IM&S R&G 4 StL&SFpl4sA, StL&SFprinbs StL&SF5%sD.. StL&SFadjés.. StL & SF inc 68 81 9% 99% 93y 93 70% 81 1% 83% 1% £6Y% £38, 6% 6614 102% £0% 854 80% 100 8% 69% 69% b4% 59% 81 €6% St LS W con 4s’32. 11 StP & KCShL 4%s. 19 St P Un Dep 5% San A & Arn P ds. Seab'd A Lds. Seab'd AL 4ssta.. 12 Seab'd ALref 4s.. 78 Seab'd A Ladj 5s.. 60 Seab'd A L con 6s..162 Sou Pacific 48'29.. 18 85 80 100 78 69% 6915 b4% 59% 80% 96% 96% 90 75% 100 1024 107% 82% 57% 48 834 92% 874 9815 106 104 9% 100 95 64 89% 824 70 64% 8% Sou Pacificref 4 2 Southern Ry gn 4s. 51 Southern Ry 1st5s 2 Southern Ry 6s ct. 81 Southern Ry 6%s.. 13 Sou Ry Mobile 4 3 Third Ave ref 4s 5 Third Ave adj 5s... 80 Tol StL& W 4 2 Union Pac 1st 4s... 79 Union Pacistrfds 2 Union Pacev 4s... 2 Union Pac1st rf 5s 11 Union Pacificcv 65 1 Virginia Ry 1st 5s. 10 Wabash 15t 5s.... 2 Wabash 2d 5 .24 Western Md 4s. ... 47 ‘Western Pacific 5s. 24 West Shore 1st 4s. 12 Wheel &L E cn 4s. 86 Whel & LETS 4%s 11 63% Wisconsin Cent 48. 1 813 TOTAL SALES (Par Value): 11am.. 4041000 12 noon 8678000 1p.m..13 169000 2 p.m..15 463000 ——e s NEW YORK EGG PRICES. NEW YORK, June 16.— Eggs, irregular. Receipts—16,7" crates. Fresh gathered, extra frsts, regular packed, 28a28%; do., storage packed, 29a29%; fresh gathered, firsts, regular packed, 27%a27%; do., stor- age packed, 28a28%; fresh gathered, seconds and poorer, 26%a27; nearby hennery whites, closely selected, ex- tras, 37a39; nearby and nearby-west- ern hennery white, firsts to average extras, 30a36; ncarby hennery browns, extras, 33a38; Pacific coast white, ex- mll: 4o, firsts to extra firsts, 90 75% 100 101% 107% 824 57% 47 83% 92% 87 984 106 103% 97% 100 95, 63% £9% 82% 68 | a5.00. FINANCIAL COTTON OPENS WEEK AT LOWER LEVELS Good Weather Reports Bring About 30-Point Drop—Good Trade ‘Buying Reported. By the Associated Pruss. NEW YORK, June 16.—The cotton market opencd easy at a decline of 24 to 230 points today under a continua- tion of Saturdav's selling movement and in response to relatively easy Liverpool cables. July sold off to 28.57, and October to 25.55 In the first few minutes, but at these prices the market steadied and renewed covering by near month shorts and buying of new crop posi- tions on reports of abnormally high temperatures in the southwest. July rallied to 28.65 and October to 25.73, and the early market worked hack to within 15 or 20 points of Saturday's closing quotation. Private cables re- ported importers selling in Liverpool, but with considerable trade buying to fix prices. Cotton futures closed steady. High. Tow October. 25.60: De- 1 24.61; March, 24.80. NEW ORLEANS, June 16.—The cot- ton market opened down on lower Liverpool cables than due and con- tinued favorable crop reports. First trades were 38 points down on July and 22 to 26 down on new crop. July eased off further right after the call, trading as low as 25.08, or 55 points below Saturday’s close. October clined to 24.78, and December to 24.57, or 33 and 27 points net lower. The market rallied slightly toward the end of the first half hour of trading owing to continued high temperatures in the west. Cotton goods reports wed no improvement. R tten futures Closed steady at 28 poiats down to 11 up pet Close o 28.40 18.20 98 2490 pe 24.85: De- 2457, bid, March, January March Janusry, GRAIN AND PROVISION BALTIMORE, June 16 (5 Potatoes, white, 100 1bs., 75a2. 1.50a3. ew potatoes, bl Asparagus, doz. 1.75a4.00 bu. Beets, 100, 3.00 Kale, bu., 40a60. Cabbage, bu., Carrots, 100, 3.00a4.00. Corn, .00a3.50. Cucumbers, crate, 50 Eggplants, crate, 2.00a4.00. Lima_beans, bu. 4.00a4.30. Lettu Spring onions, 100, 1. Peppers. bu., 40a65. Tomatoes, 100, 1.50a crate, Squash, crate, 1.5023.50. Radishes, Packed, bbl., 3.00a6.00; bu 1 s, 2 4.00a Pine- Peaches, antaloupes, crate, box, al6. fruit, 1.50a3.25. 5.00. Strawberrie apples, crate, 2 crate, '1.50a3.00. 1.50a3.75. Settling Prices on Grain. Wheat—No. 2 red winter, spot, 1.17; No. 2 red winter, garlicky, domestic, 1.17: no quotations on No. 4 or No. 5 red winter, garlicky. Sales—None. Corn—Cob, new, 4.50 per barrel for yellow and 4.40 per barrel for white; No. 2 corn, spot, 88; No. 3, 85; track llow. No. 3, 90 and 91. Salés—None. Oats—No. 2 white, 59 ; No. 3, white, Rye—Nearby, 70a75; No. 2 rye, spot, 843, Hay—Receipts. 85 tons. Most of the hay on sale here now is of an unde- sirable quality of clover mixed and heavy clover, the demand for which is indifferent. Very few straight cars of No. 1 and No. 2 timothy are offered. and for such hay there is a fair demand at full quotations. Quotations—No. 1 timothy, 29.00: No. 25.00a28.50: No. 3 timothy, 26.00a : No. 1 light clover, mixed, 27.00a 1 clover, mixed, 26.50a27.00; 24.00a25.00. Straw—No. 1 straight rye, 23.00a 24.00 per ton: No. 1 tangled rve, 18.00 220.00; 1 'wheat, 17.00217.50 ; No. 1 oat, 16.50a17.00 e DAIRY PRODUCTS. BALTIMORE, June 16 (Special).— Live poultry—Spring chickens, pound, 5a45; Leghorns, 30a37; old hens, 21a Leghorns, old, 21a22; roosters, 15; Qucks, young, 28a30; old, 15a22; pi- geons, pair, 40a50. Eggs—(Loss off), native and near- by firsts, free cases, per dozen, southern, 26. Butter—Creamery, good to fancy, pound, 38ad3; print. 43a45; nearby creamery. 35a3 30a32; rolls. 2%a31: dairy prints. : process butter, 34a3 3 s CHICAGO GRAIN PRICES, CHICAGO, Jume 16.—Unexpected strength of the wheat market at Liverpool, together with high tem- peratures in Texas and other states Southwest, led early to & material fresh advance here today for wheat. All deliveries rose quickly to a new high price record for the season. Profit-taking sales were heavy, but were without much effect as a check on the upward swing of values. Opening quotations, which varied from unchanged figures to % higher, July 1.12 to 1.13%. and September 1.14% to 1.15, were followed by de- cided gains all around. Sympathy with wheat carried corn and oats up grade. After opening % to % higher, July 81% to 81%, the corn market continued to ascend. Oats started unchanged to 3 up, July 47 to &' Later all the months showed some gain. Provisions were responsive to the strength of grain. WHEAT— Open. e iis 1aes Ur':;:l“l'r 1174 118 CORN— Jul; 8115 September ; December O3S Juty Septentber December LARD— July . September FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Selling checks today, Brussels, franc Berlin, mark.. Rome, lira . Zurich, franc ‘Athens, drachma Madrid, pese Vienna, Stockbolm, crown By the Associated Press. NEW YORK, June 16.—Foreign ex- changes _ irregular. Quotations (in United States dollars): Great Britain, demand, 4.32%; cables, 4.32%; 60-day bills on banks, 4.28%. France, demand, .0553; cables, .0554. Italy, demand, [0432; cables, .04324. Belgium, demand, [0481; cables, .0482. Germany, demand (per trillion), .23%. Holland, demand, .3733. Norway, demand, .1351. Sweden, demand, _ .2655. Denmark, demand, .1686, Switzerland, demand, .1769. Spain, demand, .1348. Greece, demand, L0174, Poland, demand, ..00000012. Czechoslovakia, demand, -0294. Jugo- slavia, demand, .0119. Austria, demand, .000014%. Rumania, demand, .0043%. Argentina, demand, .3262. Brazil, de- mand, .1070. Toklo, demand, .40%. Mon- Before You Invest—Investigate, It's queer how careful a man can be after he's lost his money. Abe Mar- tin says that a man who is not satis- fled with 6 per cent and his money are soon parted. R R N Last year Canada produced more coal, lead, cobalt and asbestos than in any other year. $35,000,000 IN FARM LOAN BONDS TAKEN New Offering Sold at 101 in Record Time—Yield Will Be About 4 5-8 Per Cent. ISSUE REDEEMABLE IN 1935 B. & 0. Obtains Right to Put Out $4,000,000 in Notes. BY CHAS. P. SHAEFFER. The new issue of $35,000,000 Fed cral Land Bank 4% per cent bonds offered to the public this morning. were disposed of by 9:15 a.m., (New York time), local participating brok- ers reported today. The offering wa sold at 101 and interest to yield about 4% per cent to the redeemable date 1934, and 4% per cent thereafter to redemption or maturity in 1954 The bonds are exempt from fed- eral, state, municipal and local tax- ation. They are dated July 1, 1921, and are redeemable at par and interest at any time after ten years from date of issue. Figures made public in connection with the new offering show that in 8ix years of active operation the twelve Federal Land banks e been built up until on April 30, 1924, their capital was $46,19%,442: reserve, $4 ; surplus and undivided profits ,992, and total assets, $944,889.- Every bank shows a surplus | earned from operations. The United States government, a of April 30, 1924, owned approximate $2,000.000 of the capital stock of the banks. The Farm Loan Associations during the vears 1 quired approximate! $19. Federal Land Bank stock, part of t procecds of which was u tire stock owned by the go as required by the farm loan act United States Treasury has purch and now ho] over $100,000,000 eral Land Bank bonds. While these bonds are not goverr ment obligations, and are not guaran teed by the government, th. he secured obligations of banks operat ing under the federal charter with Eovernmental supervision, on whose directorates the government is repre. sented B. & 0. Bond Insue Granted. Authority was granted the Balti- more and Ohio Railroad Company b the Interstate Commerce Commission this morning to issue $4,160.000 refunding and general mortgage & per cent bonds., to be pledged from time to time, as collateral security for notes. The Great Northern Railroad re ceived authority to assume obliga- tion and liability as gu: spect of $4,400,000 of W, Express Company equipment tru certificates to be issued by the First National Bank of New York. Busincss Turn Predicted. The latest bulletin of the Brook mire Economic Service offers dis tinct encouragement and support for those who believe the worst of the business depression has already bee witnessed and the bottom reached in present stock exchange quotations Trading on Local Exchange. Range of prices on the Washington Stock Exchange remained relatively even this morning in trading well diverisfied but of small volume. Mergenthaler Linotype was outstanding is: 69 shares hands at 153 National Banx was unchanged at 290, as was Wash ington Gas Light at 483z, Trading on the invesiment side the market was confined to utiliti at unchanged prices. Bank 112 Years Old Toda Today is the 112th anniversar: the founding of the zation of the National City Ba New York. R [ Washington Stock Exchange. sALES Capital Traction 5s—$300 at 97, $1,000 at 97, $1.000 at §7. $2.000 at 97. $500 at 97. Wasbingion, Alicandria & Movat Vernon 3¢ (fiat)—$1,000 at 30. ‘Washington G B8s "33—$1,000 $1.000 at 101%%. $1.000 at 1014, hipgton Gas Light- st 101%, Capital Traction 5s—$1 C.'& P. Tel. 5s—$1.000 at Washington Rws. & Elec. £2.000 2t 73, $8,000 at 73, & at 3. Potomac_Electric Cons. 5s—$§1,000 at 9 Bid and Asked Prices. BONDS. PTBLIC UTILITY. Bid. American Tel & Telga. 4s.... 96 Amer. Tel. & Telga. 4 R Am. Tel. & Tel. etl. tr. 1) Am Tel. ‘Tel. ronv. 6s.... Anacostin & Potomac 38, . Anacostia_& Fotomac” guar. C'& P. Telephove 5 €. & P._Telephone of Capital Traction R. R. 5 Georgetown Gas 18t 3s... Metropolitan R R 5e 6 Foto e, deb. Potomac Elec. 6s 1933, Pot. Elec. Pow. g. m. Alex. & Mt Ver. ; Ver ctf. Washington Wash. Rwy. & Elec. 45 S MISCELLANEOUS. ‘Wash. Wardiman Park Hotel 6s.. STOCKS. PUBLIC UTILITY. American Tel. & Tel s American Tel. & Telga. N 5 Wash. Rwy. & Wasn, Bwy. & Elec. pfd- Terminal Tazi com Capital Dietnier FParmers & Mechanic: Federal American Liberty Lincoln National Metropolitan Rigzs Second Natiooal TRUST COMPANIES. American Becurity & Trust. 302 Continental Trust o, Bank Washington SAVINGS BANK. Commerce & Savings 17 320 30 Columbia Title. . Real Betate Title MISCELLANEOUS. D. C. Paper ptd... " Transfer & Storage. & Invest.. 0ld Dutch Market com. 01d Duteh Market pfd. Lanston Monotype. Mergenthaler Linot Security Storage. Washington Market . Yellow Cab.. *Ex qividgnd. e kgLl DETROIT, June 16 (Special).—In- dustrial employment last week fell oft to 204,211 as against 228,658 a year ago. The drop. however. was not 8o marked as In the preceding week.