Evening Star Newspaper, June 19, 1924, Page 28

fog e TREND IRREGULAR IN STOCK MARKET Many Shares Continue Upward, While Others Enncounter Heavy Selling Waves. RUN-UP IN COCA COLA General Electric Jumps—Tire Price Cuts Being Watched. BY STUART P. WEST. Special Dispateh (o The Star. EW YORK, June 19.—For the sreater part of the time today the stock market drifted along with no general tendency either way. The main movements, however, in indi- vidual stocks were upward. United States Cast Iron Pipe made a new high, crossing 97. Stewart-Warner sold over 14 points above its re- cent low. 1t was officially stated that the company had made a contract with General Motors for the use of Stewart-Warner's vacuum tank on all cars which carry these tanks. There was special buying in Phila- delphia and Reading Coal and Colo- rado Fuel and Iron made a new high. The remarkable advance continued in General ‘Blectric, sweeping it into new high ground. The stock has now attained a fisure which is far out of line with present dividends, and no matter what is said to the contrary, can only be accounted for on the zround that a capital splitup, involv- {ng either a stock dividend or'a de- cided increase in the regular cash dividend, will sooner or later be an- nounced. Run-Up in Coca Cola. The advance in Mathieson Alkali continued on reports that contracts had been signed with the Pan Amer! can and with Cosden for the Hypo- Chloride process for refining gasoline. Inasmuch as this_process compete with silicia_jel, Davison Chemical stock went down as Mathieson went up. Pihe roturn of seasonal warm weather was responsible for the bid- ding up of Coca Cola. There was still quite a short interest to be worked upon, many traders having taken the position a long time ago that the 7 per cent dividend was in- secure. United Alloy Steel went down only moderately following the passing of the dividend, which was set down partly to the slump in the steel trade and partly to the program for factory remodeling by which the management expects to effect consid- erable economies. Maxwell Motors A was the strong feature in the motor group. Hudson Motors came out with its report for the three months ended May 31 and made a favorable comparison with the previous quarter. "Net income after taxes amounted to $2.699,610. against $1,201.263. On the other hand, there was a decrease from last year. when for the ix months’ total net was a little over $4,000,000. against $4.446,000 in the same period of 1923. In tod: markets the rising ten- dency was renewed in stocks, but was checked in commodities Tire Cut Vital Incident. The 15 per cent cut in tire prices announced by the Fisk Rubbert Com- pany was the chief incident in the trade news of the day. Following the passing of the dividends on Kelly- Springfield it naturally laid emphasis upon the depressed conditions in that line of industry. The stocks con- cerned were mostly weak, otherwise the incident had little effect. In the tire trade there is a clear case of overproduction, and the only way the situation can be corrected is through the competing companies, under pres- sure of doing business at little or no profit, cutting down their output. The weekly figures on crude oil production still showed that the low- ¢red prices were having no deterring effect. The increase in daily output was small—only a little over 4,000 barrels—but still it was another in- crease on top of a succession of sim- ilar increases in previous weeks, Forelgn Exchange Quiet. Nothing of importance happened in the foreign exchange. The Bank of France in its weekly statement re- ported a decrease of 150,000,000 francs in note circulation, but this repre- sented no real progress toward de- flation. The present total is still over three billion francs higher than it was six months ago. The extreme weakness in Atlantic Refining remained unexplaimed, so far as any official comment was con- cerned. for there was none. It is reported that an effort is being made to force certain interests from the company and that the current low selling prices were intended to in- duce the liquidation of holdings. The May results of the Interna- tional Mercantile Marine Company were satisfactory in spite of the un- favorable weather. The figures for Atlantic Gulf and West Indies are not available, but it has been esti- mated that the operating income last month again showed marked improv- ment. MARKET CLOSES UNSETTLED. Heavy Selling Pressure in Rubbers Late Trading Feature. By the Associated Press. NEW YORK, June 19.—The advance in stock prices was more vigorously contested in today's market, particu- Jarly by the rubber, oil and copper xhares, which lost ground on unfavora- ble trade reports. Rails moved upward in reflection of increased car loadings, several of the investment issues selling at their peak prices of the year. Sales approximated 800,000 shares. The closing was irregular. Strength of Schulte. which touched & new 1924 high at 1.123% in the late trading, was counteracted by a renewal of selling pressure against the rubbers, Kelly Springfield 6 per cent preferred touch- ng another low at 41. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY SAN FRANCISCO, June 19.—Meat- packing concerns operating in the San Francisco district report a con- siderable increase in volume of trade over last year. Surplus meat supplies in storage eight months ago have been practically eliminated, and as a result live stock prices in local mar- kets are stiffening. PITTSBURGH, June 19.—Many men have been laid off this week in the steel industry here and the period of extreme dullness continues in the pig iron market. Some orders are coming in from makers of radiators, sanitary ware and cast iron pipe. WINFIELD, Kan., June 19.—Bind- ers have begun to hum in the harvest fields here, and a better than average crop will be harvested in southern Kansas. Recent rains have benefited growing crops. MADISON, Wis.. June 19.—The Wis- consin pea canning industry, which leads the nation, has made another increase of 14 per cent this ye An acreage of 104,000 has been planted, with a dozen new factories added to those equipped to handle the 1924 pea harvest. SEATTLE, June 19.—There have been marked recessions in price of Oregon and Washington wool in the last week. Good clips, which sold in May at 38% to 39% cents a pound, are now quoted at 36 cents, while poorer grades are down to 29 to 32 cents. PITTSBURGH, June 19.—The recent drop in oll prices was regarded as " natural_here, and mers are an- consus ticlpating s gasoline price decrease. - FINANCIAL, Open. High. Alr Reduct (4)... 79% 80% Ajax Rubber. 6. 6 | All Am Cab (6) Allied Chem (4).. Allis-Chalm (4).. Allis-C M pf (7). Am Agri Chem. .. Am Agri Chem pf Am Bank N (5).. Am Bosch. . Am Can (16). Am Can pt (7). AmC&F (12 Am Chain A (2 Am Drug Synd Am & F P 25% Am Hide & L pf. Am Ice (73 Am Ice pt (6)... Am Internati.... Am LaF F E(1). Am Locomo (6). Am Saf R (50c). Am Ship & Com. Am Sm: & Re (5). Am St Fays (3). Am Sugar....... Am Sugar pf (7). Am Sumat Tob.. AmT& Tel (9).. AmTel & Tel rts. Am Tobac (12).. Am Tob B (12 Am Tob pt (6). Am Water Wks. . Am W W pf (6). AmW W Ist (7). Am Woolen (7). . Anaconda....... Arm pf Del (7).. Asso Dry G (5) Asso Ofl (1% ) AtT&S Fe (6) AT&SF pt (5). Atl Birm & At... Atl Coast L (18). AtGulf& WI... At Gult & WIpt Atlan Ref (4)... Atlan Ref pf (7). Auto Knitter.... Bald Loco (7)... Bal & Ohlo (5)... Bai & Oh ptf (4). Br'k Edison (8) Br'k-Man Tran. . Br Man T pf (6). BrklynUnG (4) Burns Br (10) Burns BrB (2).. Butte C & Zine.. Butterick Co..... Caddo Cen O & R. Cal Packing (6).. Cal Pet (1%)... Cal Pet pf (7)... Callahan Z Lead. Calumet & H 50c. Can Pacific (10). Cent Leather Co. Cent Lea Co nf. CRR,NJ (11 Cer de Pas C (4). Chand Mot (6).. Ches & Ohio (4).. Chicago & Alton.. Ch & East Il pt. . Chic Gt West. ... Chic Gt West pf. . Ch Mil & St Paul. Ch Mil & St. P pf. Chi & Nwn (4)... ChicR1& Pac. CRI&P Dt (6). CRI&PDL (7). Ch StP Min&O.. Chi Yellow C (4). Chile Cop (2%). . Chino Copper. Cluett, Peab Coca-Cola (7). Colo Fuel & Iro! Colo Southern. Col G & E (2.60). Col Carbon (4). Com Solv A (4)... Com Solv B. Congoleum (3) Conley Tin Foil. . Consol Gas (5) Consol Textile. ContCan (4).... Cont Motors (20c) Corn Products. .. Cosden Co. ...... Crucible Stl (4).. Crucib Stlof (7). Cub Am Suz (3)- . Cu Am Su pf (7). Cuban Can= Sug. Cub Cane Su pf... Dant'Boone M (3) Davidson Chem. . Det Ed Co (8) . Doug-Pectin (1). DuPtdeN (8)... Eastman (161). Eaton Ax (2.60).. El Stor Bat (4).. End-John pf (7).. Erie 2d ptf. Famous P1 (8) Fed Min Sm. FdM&Spt(7).. Fifth Av B (64¢). Fisk Rubber..... Fleishman (3) Freeport-Texas. . Gen Am T C (3).. Gen Asphalt...... Gen Cigar (8). Gen Mot db (6).. Gen Mot db (7)... Gen Petm (2) Gen Refr (4). Gimbel Bros. .... 50% Gimbel Brpf (7). 101% Goodrich. . .18 Goodyear pf. Granby Coneol. ... Gt North pt (5) Grt Wstn Sui(8) . Gulf Mo & Nor. . . Gu Mo & N pt (5) Gulf St Stl (5).. ¢ Hanna 1st pf (7). Hartman Co (4).. Hayes Wh'l (3).. Househ'd Pr (3).. Houston Oll. Hud Mot C (3)... Hydraulic Steel. . Tllinois Cent (7).. 105% 106% 1 Cent pf (6) ... 107% 107% Indiahoma Ref... % Indian Motorcyc.. 16% Indian Refining.. 6% Inland Stl pf (7). 108 i 23% Int Com Eng (2). Internat Har(5) . Int Mer Marine. .. Int Mer Mar pf. .. Internat Nickel.. 14% Internat Paper... 46% IntRysC Am (5) 50 ItT&T (6)...0. T4% Kansas&Gulf... % Kan Clty South... 20% KanCSopf (4).. 63% Kayser Jul & Co.. Kelly Spr Tire. Kel SpT pf (6) .. Kelly Springfd pf. Kelsey Wh'l (6) .. Kenne Cop (3) . Keokuk & Des M. Kinney G R Co. .. Laclede Gas (7).. 8 38% %).... 44 Lig & Myrs (3).. 5% Lig & Myrs B (3). 54% « 159% Louis & N'sh (6, MclIntyre (75¢) Mack Trucks (6). Macy RH&Co... 63% . 26% THE EVENING STAR, WASHINGTON, D. C. THURSDAY, JUNE 19, 1924.° NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. 3% 834 43% Martin Parry (3) Mathleson Alkali Maxwell Mot A... Maxwel! Mot B... MexSeabd ctfs(2) May Dpt St (5)... Metro Ed pf (7). Missourd Migsour! Pacific. . ot Nat Biscuit (3).. Nat Cl & S pf (7) Nat Dairy (3).... NDSlstpf (7). NewO,T&M 123% N Y Air Br (49) N ¥ Central (7 N Y C & StL (6). Ny C&StL pt (6). N Y Dock. .. NY NH & Hart. N Y Ont & West. . N Y shipbldg. ... Norf & W (18)... North Aneer (2).. North Am pf (3). . North Pac (6).. Onyx Hoslery. Okla Pr & Ref. Orpheum (13%) Otis Elev (n) (4) Otis Elev pf (6). . Otis Steel. . Otis Steel pf. Owens Bot (3) PacG& E (8). Pacific Ofl (2). Packard (1.20) .. Packard pf (7).. Pan Amer (4). ... Pan Amer B (4).. Penn Rallr'd (3). Penn Seab Steel. . Pere Marg (4).. ... Pere Mar pf (5).. Phila Co (4)..... Phila&R&I Phil Mor (50c).. Phillips Jones. Phillips Pet (2). Plerce-Arrow. . Plerce-Arrow pf. Plerce Oil Plerce Ofl pf. Pitts Stlpf (7) Pitts Coal (4). Pitts Ut pf 1.65 Pitts Ut ctfs 1.65. Pitts & West Va.. P& W Vapf (6). Postum Cer (4).. Postum pf (8)... Pub Ser NJ (4).. Public Serv rts... Pullman Co (8).. Punta Al Su (5).. Pure Oll (1%). Ray Cons Cop. Reacing (4). Reading rts. ..... Read 1st pf (2).. Read 2d pf (2)... Remington Type. Replogle Steel. Rep Ir & Steel. .. Reynolds Spr (2) Rey Tob B (3)... Roy D'tch (3.46).. Royal Dutch rts... St Josepn Ld (2). St L San Fran. StL-San Frpf... St L Southwest. StLS'thpf (6).. Stmmons Co (1. Simme Pet. Sinc Con Of1 Sin Con O pf (8). Sloss-Sheft (6)... South Pac (6) Southern Ry (8). South Ry pf (6. Spicer Mfg. ...... Std Gas & E1 3). StOINJpt (D).. Std Plate GI(75¢) Stew’t War (10).. Stromberg C (8). Srudebaker (4) Sabmarine Boa Superior Ofl Texas Co (3). Tex Gulf (16%). Texas & Pacifie. Third Avenue. ... Tide Wat Oil (4) Timken (13%).. Tob Prod (6). Tob Prod A (7)... Transcont Oil. . Transue & W (3) Underwood (3).. Un Bag Pa (6)... Un Pacific (10)... Un Pacpf (4).. Un Tank Car (5). Un T Carpf (7).. Utd Alloy Stl (3). Utd Cigar Stores. United Drug (6) . UDlstpf (3%). Utd Fruit (10)... 193% Utd Ry Invest.... 10 Utd Ry Invest pf. 37 Universal Pipe... 18% U S Cast Iron U S Distributing. U S Steel (16) 8% | Wheel & L Er pf.. U S Steel pf (7). 12. Utah Copper (4).. Utah Securities. . Va Ry & Power. Vivadou..... ‘Wabash. WabashpfA.... Wald Sys (1%).. Web & Hellb (1). Wells Far (2%) - West Pen (4) . West Maryland. 6% | West Mary 2d pf. Western Pacific, . 2: West Pacpf (€).. 71 ‘West Un Tel (7). 109% « 60% Wheel & ] Erle.. 9% 19 Call Money..... HOURLY SALES OF STOCKS. 1lam, 284700 13m. | precedence on York Stock Exchange has requested all speclalists to accept “good till canceled” orders and has ruled that ;,Innefllb:; llvlnl‘hllli:h terbdlu should firm them on the las 1 of each month. Orders luo‘tn:o"u‘!:’- firmed will be canceled a on_ specialists’ books. g “Good till canceled” orders which | Holl have been confirmed will retain their ists’ books. Day, orders will be re-|tina, usuad, M HEAVY OFFERINGS IN BOND MARKET Much Profit Taking in Spite of Easiest Money of Any Time During Present Move. FOREIGN GROUP STRONG Liberties Reflect Diversion of Funds to Other Channels. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 19.—The bond market was influenced by two oppos- ing torces today. On one hand, money was even easier than it has been at any time during the present move- ment. Time funds for periods up to sixty days were quoted 2% per cent bid and 3 per cent asked. For six months, accommodation could be had at 3% per cent. Call funds were still at 2 per cent, but the supply was larger than at any time yet. Along the same line was the announcement that the First National Bank had loaned $2,000,000 to the state of North Caro- lina, on sixty-day notes, at 2% per cent. It was held that these condi- tions in the money market must in- evitably result, sooner or later, in a higher price level for investment bonds. Much Profit-Taking Noted. On the other hand, the recent ad- vance in quotations has resulted in bringing new supplies from bond- Nholders desirous of taking profits. Dealers quick to sense this develop- ment were inclined to close out their commitments and await events. The market, therefore, must absorb these new offerings before it can go ahead. The best opinion was that this ab- sorption would be readily accom- plished. There was very little change in United States government loans. Prices ruled around the previous clos- ing. The same condition prevailed In the high-grade rails and industrials. Middle and second grade bonds were relatively stronger. Western Pacific 6s went to par. In the speculative list New Haven {ssues were in de- mand, especially the 7s, which made a new high on this move. Ontario and Western Up. There was a sharp run-up in On- tario and Western refunding 4s to about the high of the year. Reports were current that the New York Cen- tral was desirous of acquiring the property from the New Haven. In contrast to the general firmness elsewhere was the weakness in Kelly- Springfield Tire s, which had a per- pendicular drop of 5 points. In the foreign group City of Co- penhagen 5%s made a new high for the year. Liberty Bonds Quiet. By the Associated Press. NEW YORK, June 19.—Announce- ments that the state of Texas would oppose the proposed merger of the International Great Northern railway with the Gulf Coast lines caused a further drop in the price of the for- mer's bonds. Various other railroad lines moved fractionally lower, al- though New Haven issues were active at rising prices. A sharp break of 4% points in Kelly-Springfield $s following the re- cent omission of the 6 per cent pre- ferred dividend was attributed to fears of a tire price-cutting war. Liberty bonds continued to reflect the diversion of funds into other chan- nels. The first-second 4%s, which reached 103 on the recent advance, were back to 101 today. COTTONSEED SUPPLIES. Cottonseed crushed during the ten- month period August 1 to May 3l. totaled 3,226,257 tons, compared with 3,192,895 tons in the same period a year ago, and cottonseed on hand at mills May 31 totaled 66,127 tons, com- pared with#23.075 tons a year ago, the ceusus burcau announced today in its monthly report. ——— SHORT-TERM SECURITIES. (Quotations furnished by Bedmond & Co.) Offer. Alumtnam Co. of Amer. Ts 1925, Aluminum Co. of Ame: 033, American Sugar 6s 1937...... American Tel. & Tel. 6s 1635, AnscondaCopy 109 & St. Paul 6s 99 . Pacific 5ips 1926. 1 lumbia Gas & El 1st 5s 1927 Du_Pont 7'%4s 1931 1 Fisher Body Corp 6s 1028, Goodyear T. & R. 8s 1931, CoiEoN Comm: of Pu. B%e 838 1 Gul! orp. of Pa. 5 535w 1952 M., Bt P. Morris & Co. 7% 1830. New York Central 6s 1835 Par. Stock of rd. Record. July 1 16 June 30 SRR sabas OHOO0O000000 7 r & U. 8. TREASURY CERTIFICATES (Quotations furnished by Redmond & Co.) 5i4s September 15, 1924 ::2 it s | [oxmr o BONDS somanner] Recelved by Private Wire Direct to The Star Office. FOREIGN. Argentine 5s 81% Argentine 6s Argentine 7 Austria 7s Belgium 6; Brasil 7%s. Brasil 8s. Canada bs 1926. Canada bs 1931 Denmark 6s k Dutch EIb% Dutch East I Dutch East I 6s'62. El Salvador 85 '48. Finland s f 65 1945. 26 9 French Govt 8s. . Haiti6s...... Holland-Amer 6s Ttaly 6%5 1926. Japanese 4s. ..... Japanese 1st 4%s. Japanese 2d 4%s. Japanese 6%s. Mexico §s as: Montevideo 7s 64 Paris-Ly's-Med 6s. 72 Prague 7%s. v g Queensland 6s Queensland 7s. Rio de Jan 85 194 Rio de Jan 85 1947 Rio Gr Do Sul 8s. Sao Paulo State 8 Seine Dept of 7s... 8 Serbs Crotes Slo 85132 Sweden 6s........ 5 Swiss 515 1946 MISCELLANEOUS. Ajax Rubberss... 5 83% 83 Am AgrChem 5s.. 7 96% Am Agr Chem T%s 1 Am Chain s f 6s'3 Am SmIt&R 1st 5s. 30 Am SmIt&R 6s. Am Sug ref 6s. AmT& Tcltr & AmT& Tcltr5s AmT & T deb 5%s.129 AmT&Tcvés.... & Am Water Wks 5s. 35 Anaconda 1st 6s. .. 84 Anaconda cv db 7s. 35 Armour & Co 4%s. 22 Armour of Del 53 8 Associated Oll 6s.. 65 Atlantic Refin 6s.. 20 Bell Tel Pa 53 33 Beth Steel 5%s'53. 6 Beth Steel s f 6s. 13 Braden Copper 65.. 2 Brier HSt 1st 5%s 1 Bklyn Ed gen 5s... 16 Bklyn Edison 7s D. § Calif Pete 6145.... 24 Can Gen El deb6s. 1 Central Leather 58125 Chile Copper 6s... 27 CinG&E5%s" Consumers Pow 5s 1 Cuba Cane cv 7s '30 Cuba Canecvd8s. 3 Cuban-Am Sug Denver Gas Dery (DG) Ts Det Edison ref 6s. Donner Steel 2 Du Pont de N 7% Dugquesne Light & Est Cuba Sug 7T Empire G&F T%s. Fisk Rubber 8 Francis Sug 7%s. . Gen Elec deb 5s... Goodrich 6%8. ... 2 Goodyear 85 1931. Goodyear 8s 1941. Hershey 6s 1942 Inter Paper 58 '47.. KCP &Lt 5s A'52. Kan G & El 6s'52.. L Kayser () 7s Kelly-Spring 8s Lackawa S 5s '50. . Liggett & Myrs 5s. Liggett & Myrs Lorillard (P) 68 agma Cop cv 7 N Y Edsn 18t 634s. NYG EL H&P 4s. .. NYG EL H&P 5s.... NY Tel 4%s. N ¥ Tel 65 '41. NY Tal 6549. Norta Am Ed 6s... North A Ed 6%s Nor Ohio T&L 6s. . Nor States Pow 58 Nor States Pow 6s Northwst B Tel Otis Steel 85 z Pacific Gas & Ei §s PacT & T 18t 55 Pacific T & T 5552 Pan-Am Pete 7s. 2| People’s Gas 5s. Phila Co 5%5 38 30| PhilaCoref65A.. Phil & Rdg C&I 5s. Pierce-Arrow 8s.. Plerce Oil deb 88 Producers & Rt Public Service 5 Pub Serv Elec Punta Alegre 78 Saks & Cosf7s... Sharon St1 H 8s. 2332 Sinclair Oil 6%s. 3 | Stn Crude Oil 6s... 20 Sinclair Oil 7s. Sin Crude Oil 5%s. 1 32 | Sin Pipe Line bi FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbe & Oo.) Nominal - Belling checks gold valoe. today. % [0543 4.8665 1.00 .188 183 w2 228 tritlion. 0a31% 238 ‘183 ‘183 NEW YORK, June 19.—Foreign ex- " Quotations’ (n 4.33; day bills on banks, 4.30 cabl. trillion), .23%. Norway, .1350; Sweden, Switzerland, Greece, .0175; Czechoslovakia, hfi:ll' <011 Austria, 3 jmania, .004 Arrn- 4; Brasil, .1078, o, $1%; ontreal, 198 5-3& & - - % South Bell Tel 5s. . So Por Rico Sug 78 Southwest Bell 5s. Sug Est Orient 7 Tenn Elec Pow 6s. Tide Wat Ofl 6%s. Toledo Edn 1st 7s. Un'on Bag & P 6s. Unit Drug cv 8 USRublstrt U S Rubber 7% U S Smelter 6s USSteelstbs.... Utab Pow & Lt & Va-Car Chem 7s.... Va-Car Ch T%s w. ‘Warner Sug 7s°39. Warner Sug 7s *41. Western Eilec bs. .. ‘Western Union 6% Winchester A 7 Youngstn S& T 6s e Miss Emory Bishop, a London girl of nineteen years, has been ordained a minister in the Primitive Methodist Church, and is said to be the young- sst minister in Eagipad, e vomonnaBelca B2oSaalnmran=B % 00% | Lib 1st-2d 4%+ (Bales are 1a §1,000.) UNITED STATES BONDS. represent thirt; 101-3 means 101 Sales. High. Low. Olose. see 282 101=4 101-1 101-1 101 101=4 101 101 101-30 101-31 101-2 101-2 101-30 101-31 %8..1206 102-4 102 102-3 US4%s1962. 197 10428 104-25 104-27 RAILROADS. Atchison adj 4 Atchison gen 4 Atlantic C Ll 4 Canad North 6% Canad North 7 Ches & O gn 4%s.. 16 Ches & OMo cv 5s. 101 7 3 Chi Great West 4s. CM & Puget Sd 4s. ChiM & St P 4s '25. Chi M&St P 4s'34.. CM&StPdbds. .. Chi M&St P cv 43%s CM&StPgn4ths. Chi M&St P rf 438 ChiM&StPev ChiTH & SE 5s... Chi Un Sta 6% Chi & W Ind cn 4s. CCC&StLrf6sA. CubaRRbs.... CubaRR 7%s Del & Hudson 5% 4 Den & Rio G cn 4s. 51 Erie gen 4s. . Erfeconvis A Erieconv 4s B.. Erie conv 48 D Erle & Jersey Gr Trunk sf db 6: Grand Trunk 7; Gr North gen 5%s. Gr North gen 7s... Havana ERL&P 53 Hud & Man ref 5s... Hud & Man aj bs.. 111 Cent ref bs '55 11l Central 6%s Int Rap Tran bs... 8 Int Rap Tr bs stpd. Int Rap Tran 6s... Int Rap Tran 7i Int & G Nor 1st 6; Int & G Nor aj 6s.. Towa Cent 1st 5s... Kansas City S 3s. Kansas City S 5s Kan City Term 4s. Lake Shore 4s '28.. Lake Shore 45°31.. Lehigh Valley 6s. Louis & Nash 7: Manhat Ry cn 4s.. AN wHHAR T oL N Y Cent deb 6s. NYC&StL6ésA.. New Haven d 48 '57 52 New Haven cd 76 New Haven 7s fr.. 310 N Y Ont & W ref 45 20 New York Ryrfds. 1 NY Ry rf dsctfs. N Y State Ry 4% NY W & Bos 434s. Norfolk & W cv 6s. 10 Northern Pac 3: Northern Pac 4 5 | barrel, FINANCIAL." COTTON PRICES RALLY AFTER EARLY DECLINE Cooler Weather in South and Bet- ter Spot Deamand Abroad Day’s Leading Factors. By the Associated Press. NEW YORK- June 19.—The cotton market opened steady today at a de. cline of § to 12 points under realizing, apparently promoted by prospects for cooler weather in the southwest and belief that the technical position of the market has eased through recent covering. Liverpool made a fairly steady showing, however, and after selling off to 28.75 for July and 26.03 for October the market here rallied a few points. Business was quiet and fluctuations were narrow. Liverpool cables reported the steadiness thero due to a better spot demand and some buying of new crop months by the continent on less favorable crop reports. Cotton futures closed quiet. Low. 28.65 25.92 25.22 24.95 duly .. October 25.16 nom. 26.12; De- March, un- 25.20 October, i Janmary, 25.10; NEW ORLEANS, June 19.—The cotton market had a quiet opening with first trades 5 to 7 points down, compared with yesterday's close. Liverpool was hardly up to expecta- tions and there were private reports of cooler weather in the west. Prices eased off right after the opening call to 25.26 for October and 25.04 for December, or 15 to 16 points net lower, but promptly rallied, recover- ing about half of the initial loss and ruled quiet but steady waiting for the weather report. Cotton futures closed steady at net decline of Z3 to 26 points. Low. 91 July . October . 5 24.87 bid. October, 25.33; De- 25.00 bid; March, GRAIN AND PROVISIONS. BALTIMORE, June 19 (Special).— asparagus, 1.80a3.! basket, 1.25a2.5( beets, 100, 5.00a6.00; kale, bushel, 40a 60; cabbage, crate, 75al.25; carrots, 100, 3.00a4.00; corm, crate, 2.00a3.5 cucumbers, crate, 50al.75; eggplant, crate, 2.0024.00; 1ima beans, bushel, 4.00a4.50; lettuce, 25al.50; spring onions, 100, 1.25a1.50; peas, bushel, 1.25a3.75; peppers, crate, 1.50a3.00; spinach, bushel, 30a60; squash, bas- ket, 1.50a2.00; tomatoes, crate, 1.00a 3.25; radishes, 100, 1.5022.50. packed, barrel, 2.50a6.00; 2.2523.00; blackberries, quart, 8al5; grapefruit, 1.50a3.25; oranges, box, .00a5.00; strawberries, quart, 5al4; pineapples, crate, 2.50a 3.75; peaches, crate, 1.25a2.50; canta- loupes, crate, 1.0023.00; watermelons, 100, 75.002100.00. Settling Prices on Grain. Wheat—No. 2 red winter, spot, 1.17%; No. 2 red winter, garlickly, 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 4.35 per barrel for white; No. 2 corn, spot, 88; No. 3, 85; track vellow, No. 2, at 84 and 95. ne. . 2 white, 60; No. 3 white, earby, 70a75; No. 2 rye, spot, 85. Hay—Receipts, 88 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 of- fered, and for such hay there is a fair demand for full quotations. tations: No. 1 timothy, 29.00 P clover, wixed, 31.00a clover, mixed, 27. light clover, mixed. 25.00a26.00; No. clover, mixed, 26.50a27.00; No. 2 clover, 24.00a25.00. Straw—No. 1 straight rye, 23.00a 24.00 per to .1 tangled rve, 18.00 #20.00: No. 1 wheat, 17.00a17.50; No. 1 oat, 16.50a1.00. _—————— DAIRY PRODUCTS. BALTIMORE. June 19.—Live poul- try—Spring chickens, pound, 30a37; leghorns, 30a37; old hens, 20a26; leg- horns, old, 20a22; roosters, 15: ducks, young, 28a30; old, 15a22; pigcons, pair, 40a45. : Eggs (loss off)—Native and nearby firsts. free cases, per dozen, 26%; southern, 25%. Butter—Creamery, good to fancy. pound, 39a44; prints, 43a45; nearby creamery, 35a36; ladles, 30a32; rolls, 28a31: dairy prints, 28a3l; process butter, 34a35; storepacked, 28. — e CHICAGO GRAIN MARKET. CHICAGO, June .19.—Although re- ports of hot winds in Kansas, said t be the worst this vear, led to a m: Apples, box apples, during. early profit-taking _sales about sharp setbacks. On the down- turn houses with eastern connections became ageressive sellers; besides, the technical position of the market was weakened by the recent bulge of 1312al4'%; from the low point a week ago Monday. Today's opening Northern Pac 5s D. Nortnrn Pacriés. 44 Ore Sht L cn 53 '46. Ore-Wash 1st rf 48 Pennsyl con 4%s.. Pennsyl 6%s. . Pennsyl gold 7 Peoria & E inc 4s. Pere Mrq 1st 4s'56. Pere Mary 1st bs. PCC&StLb6sA Reading gen 4s. Sou Pacific 4s 29 Sou Pacific clt és. Southern Ry gn % | Southern Ry 1s Tol StL & W ds... Union Pac 1st 4s. Union Pao 1styf ds Union Pacev 4s... 5% | Union Pao 1st rf 5s Union Pacific cv 6s Virginia Ry 1st 5s. Wabash 1st bs... Western Md 4s.... Western Pacific §s. ‘Weat Shore 1at 4s. Whel & LErf ¢%s TOTAL SALES (Par Value): 1la.m.. 3485000 12 noon 6540000 1pm.. 8501000 3 p.m..10158000 —_———— COPPER PRICES SHADED. NEW YORK. June 15.—Copper easier; electrolytic, spot and futures, 12%a12%. Tin easy; spot and futures, 42.62. Iron steady and un- changed. Lead dull; spot, 7.00a7.25. Zinc easy: East St. Louis, spot and nearby, 5.72. Antimony spot, 8.50. RATES ON BAR SILVER. June_19.— . o} Senxsomn oUars, B e prices, which ranged from %al% higher, with July 117%al17% and September 1181 to 1.18, were fol- lowed by declines of as much as 3% from the early top figures. Corn showed independent weakness, owing to better weather conditions for the corn crop and as a result of corn having been put up to an un- profitable feeding basis as compared with hog values After opening un- changed to % higher, July 86%a86%, the market dropped back 2 or more all around. Oats eased down with corn and wheat. Starting %a% higher, July 47%, oats later went well below yesterday's finish. Weakness of hog values and of grain tended to depress the provision market. WHEAT— Joly ... September . DQchE"r Open. . Low. TG 1T 1% i 118% B4 B4l 8% L R 1075 1072 o7 1100 CHICAGO LIVE STOCK MARKET. CHICAGO, June 19.—United States Department of Agriculture: Hogs— Receipts, 35,000 head; uneven. mostly steady to 5 lower; heavy-weight butchers show minimum decline; few light-weight and lower grade offer- ings 5 to 10 off; light lights and slaughter pigs strong to 10 higher: bulk good and choice 250 to 325 pound butchers, 7.40a7.45; top, 7.55; bulk, de- sirable, 160 to 225 pound averages, 7.10a7.35; better grades, 140 to 150 pound weight, largely, 6.75a7.00; bulk packing _sows, 6.3586.70: majority good and choice strong weight kill- ing pigs, 6.0026.33; heavyweight, 7.30a 7.55; medium weight, 7.20a7.45; light- weight, 6.75a7.40; light lights, 5.90a 7.15; packing hogs, smooth, 6.5526.80; packing hogs, rough, 6.30a6.55; slaugh- ter pigs, 5.25a6.35. Cattle—Receipts, 10,000 head: killing classes dull, raggy: little done; few early sales;’ fed steers steady to weak, enerous water fills considered; talk- ng unevenly lower: killing quality, fed steers and yeariings, medium to good moderate springling, good to choice welghty bullock: tured steers early, 10. average welght 1,580 pounds; several loads long-fed steers heid above 11.00; earlings moderately numerous; out- ot narrow for all grades youngsters: fat she stock on catch-as-catch-can basis; unevenly lower in spots: bulls weak' to 15 off; best heavy bolognas, 4.8525.00; vealers steady to 25 lower: plainer les showing decline; bulk, 8.2529.00; veal, 9.50; stockers and feedes nerally steady. eep—Receipts, 13,000 head ; very slow, very little eariy business; most bids on fat lambs fully 50 lower; no action on cull natives or top range lambs; sheep scarce; steady ; feeding bs 25 lower; fow medium to 13.00; feeding.lambs, 11.0( good hnmxu fat ewes, lam! 3.00; rr: 625, - U. S. SAVINGS WILL TOTAL $250,000,000 Mellon Economy Plan Results in Large Cut in Many Leading Departments. OFE ITEM OF $46,000,000 Railway Common Highest Ever on Local Exchange. BY CHAS. P. SHAEFFER. A saving of approximately $25 000,000 in ordinary operating co Wwill be effected by the United States Eovernment for the fiscal year ending June 30, 1924, provided the present rate of economy fis maintained, a Pperusal of classified federal expendi- tures for the first eleven months of the year shows. The widely-heralded Mellon econo- My, put into operation at the time the becre‘ln.ry took charge of the govern- ment's financial affairs, has thus far this vear resulted in a saving of $233,561,248, total ordinary expendi- tures for the eleven months amount- ing to $2.779.661,847, as against $3.- 013,223,096 for 'the corresponding g:‘mayoz last vear. For the last ear total expenditures aggre- Bated '$3,204,657,525. i) Major factors contributing to the favorable statement for the present fiscal year include a cut of $45,000.- 000 in the United States Veterans' Bureau, as compared with last year: one of $34,000,000 in requirements of the War Department, and a paring of $27,000,000 in the Interior Depart- ment. 98 the other hand, the’ De- ment of Agriculture required about $11,000,000 more than lust year in carrying on its operations. ' Then, too, interest on the public indebtedness decreased to the s proximate extent of $10: 000,000, as compared with the eleven-month pe- riod’ of last vear; postal deficlency was $20,000,000 less, and moretary r quirements for operations in special accounts, namely, railroad and War Finance Corporation, $64,000,000 and $51,000,000, tively. For the month ended May 31 last total ordinary expenditures amount :cblou((o ;6'027)%06{\.7%“9‘ a decrease of AT 4 ,000 over the previou More Rediscount Rate Cuts. Two more federal reserve banke those at Philadelphia and at St Louis, have been granted authoritv to reduce their rediscount rates. The Philadelphia _ action lowers the charge from 4% to 3% per cent on paper of ninety days or less (the rate on longer maturities remaining unchanged), while the St Louis rate covers all classes of paper and makes a basic rate of 4 instead of 4%3 per cent. While reserve board officials here say there are no further applications for rate reductions before them, it is generally believed that one or two other banks will soon ask for like authority. Only four reserve tutions retain their old level of r discount charges, 4% per cent, thesc being Kansas City, Minneapoli¥, Dal las and San Francisco. Banks Declare Dividends. The Citizens' Savings Bank has clared its regular semi-annual d dend of 3 per cent, payable on June & This institution mainta nual disbursement of 6 its capital stock. The National Metropolitan Bank | declared an extra dividend of 1 p cent, payable July 1 to stockholder of record June 21. Rallway Common at New Top. Washington Railway and Electric common stock reached a new high mark on the local board this morn- ing, opening at 76 and closing a quar- ter higher on sales of twenty saares The session was the dullest of th month, with but three issues trad in. Capital Traction stock held w at 92%, and §1,400 of Washington tiu 6s brought 101 and 102. $50,000,000 MOVE BY PULLMAN CO. Firm Forms New Organization and Segregates Big Car-Manu- facturing Plants. the fell off respec- By the Associated Press. CHICAGO, June 19.—The Puliman Company today announced the segre- gation of its manufacturing proper- ties and the organization of a new $50,000,000 corporation, known as the Pullman Car Manufacturing Corpora- tion, which has taken over the manu- facturing plants at Pullman, IIL, and at Michigan City, Ind., and now is in operation. D. A. Crawford, formerl dent of the Pullman Company, is president of the new corporation: Clive Runnells, former vice president of the parent organization, is first vice president of the new compar and C. A Liddle, also a former vic president of the older company, a is a vice president of the new c poration. It was announced that there would be no distribution of stock or asse but that the stock of the new coi poration would be held by the Pull- man Company. The $50,000,000 capital stock of tha new corporation, it was announced, represented the appraised value of the various manufacturing plant taken over. The offiers of the new corporation ziso will be director and, in addition, Ralph M. Shaw is member of the directorate. FANCY CELERY HIGHER. NEW YORK, June 19 (Special).—In spite of the fact that the demand for celery was rather light today a ship- ment of fancy rough stock from Orange County realized $10 per two- third crate, containing from eight to nine dozen stalks. Bunches sold from 75 cents to $1.75, depending upon size of stalks. Vice presi INCOME UP 50 PER CENT. NEW YORK, June 19.—An increase of more than 50 per cent in net in- come for 1923 is reported by the Bes- semer and Lake Erie railroad, con- trolled by the United States Steel Cor- poration. Operation revenue derived from heavy movement of ore and steel reached $20.367.251. compared with $14,511,803 in the preceding vear. Net income was $6,146,304 against §2 942,777 in 1922. —_— WOOL SALES IMPROVE. BOSTON, June 19 (Special).—Sum- mer street raw wool markets con- tinued dull today for the most part. although a few houses were reportec to have made sizable sales of terri tory and fleece wools to big_mills Cable reports describe the Sydnes market, where clearing-up sales are in progress, as firm. RAW SILK GOES LOWER. NEW YORK, June 19 (Special) - Dullness prevailed in the cotto goods market today., with price: about unchanged. Print cloths wer: steady at 9 for 64 by 60 and 10% for 68 by 72. Reaction continued in the raw silk markets, prices declining ! to 10 on most Japanese grades. SETP COMMON DIVIDEND. NEW YORK, June 19.—Directors o1 the United Alloy Steel Corporatior today omitted the dividend of 5t cents on the common stock due ai this time. The regular quarterly divi. end :;.!l." on the preferred was