Evening Star Newspaper, June 25, 1924, Page 28

0ILS THROWN OVER; OTHER STOCKS FIRM Railroad Shares Arouse Most In- terest in Today’s Trading in Wall Street. STEEL OU:I‘LOOK BRIGHTER Advances Well Maintained Up to Closing of Session. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, June 25.—Railway shares continued today to arouse the most interest in the market. No offi- cial confirmation was given of Tues- day's report that the Van Sweringens had secured control of the Erie. But in view of the fact that there was no denial, the street still believed that this was true. Erie shares themselves were not much further affected, but Pere Marquette stock ran up sharply, this road being supposed to figure in the deal. The strect had its mind on other possible railway combina- tions. Ontario and Western made a new high above 21, ti report per- sisting that the New Haven is to sell the controlling interest to New York Central. This control cost New Haven over $40 a share. New Haven at High for Year. New Haven stock made a new high for the vear, above The reason was found in the May ment, which show crease of nearly $1,500,000 in gross revenue, net operating income very little down from the month a year ago. is was accepted as evidence thai New Haven had secured such control of its operating expenditures that it was able to offset gross de- creases by reduction in outlay Missouri, Kansas and Texas stocks were actively bought at ne high figures, although the dividend on the preferred seems remote. There is a much better chance of something being done on St. Louis and San Francisco preferred, which, along with the common Stoc! constituted a “eature of the day. Rock Island crassed 30 and Southern Railway common continued its remarkable Tise. Heavy Selling in Ol Group. Among the dividend-paying issues. New \'u?k Central reached 105. }n\fln acific was up over a point. North- ern Pacific and Great Northe; ferred reached the best th sold at in some time, becau: i improved outlook in the northwest. ‘A moderate advance occurred in the steels, equipments and other lead- ers. But an unsettling influence de- veloped later, when it was nnnnun‘rw-fl that the government hnfil filed suit against a number of the Standard Qil companies. This hruughln I:\;‘?\L - ing group in general. I I e o or more in_ the ofis natu- Tally had an unfavorable reaction in other parts of the list. Grain Market Strons. most significant happening of the ey “However, lay_outside _the stock exchange. It was the grain market that furnished the principal interest. The advance continued in farm prices, which has been alto- gother the most important develop- Ment of the last month. It was not felt so much in wheat, but the July corn option drew across the 90-cent level, and a very sharp rise occurred in oats. The advance in corn since the first of the year now amounts to 18 cents a bushel and in oats 8 cents a bushel. This, coupled with a So-cent gain in wheat, has altered the pleture of agricultural conditions to Zn extent that nobody but self-seek- ing politicians would fail to acknowl- edge. Railroad Stocks Feature. The outstanding feature in the stock market was the persistent Sirength in railway shares in face of What ordinarily would be considered adverse influences. The Republican convention at Cleveland announced itself in favor of lower freight rates. Judging by the speech of the Demo- cratic temporary chairman Tuesday. the Democratic platform will contain a similar plank. Certainly if there is to be a third party, one of its main declarations will be'the repeal of the Fsch-Cummins law, with all that this would mean for the future safety of 1ailway investments. 1t was hard to reconcile the huying of railway stocks and bonds with the political situation, except on the as- sumption that Wall street has figured out the election probabilities, and does not_believe that there is any chance of such an overturn as would result in the rescinding of the present transportation act. Steel Outlook Brighter. The advance in stocks, especially that in rails, was well sustained through the afternoon. Selling of the oils, such as it was, had no disturb- ing effect upon the rest of the mar- Xet. For the first time the two lead- ing steel trade journals in their mid- week reviews agreed that the bottom of the reaction was very near at hand, if it had not been reached. Demand for certain steel products has begun to pick up and prices are steadier, while buying of pig iron has increas- ed very materially. MAREKET CLOSES FIRM. American Can and Baldwin Make Brisk Recoveries. By the Associated Press. NEW YORK. June 25.—Stock prices moved to higher ground in today market, despite a temporary flurry of selling in_the oil group, based on the filing of the government anti- trust suits against a score of the leading oil companies. Rails again gave an impressive demonstration of Strength, more than a dozen issues attainin, new peak prices of the Tear. "Sales approximated 375,000 “hares. The closing was firm. Before the burst of selling in the oil group had subsided a renewed demand developed for the high-grade rails, New York Central and Lackawanna assuming the leadership of the advance. Active short covering developed In other Qquarters just before the close, Amer- foan Can and Baldwin making brisk recoveries. Markets at a Glance NEW YORK.—Stocks—Firm; rails move to new high ground. Bonds— Stable; several foreign issues at 1924 highs. Foreign exchanges—Steady; sterling and francs improve. Cot- ton—Higher; trade buying. Sugar— Quiet, buying limited. Coffee—Dull and unchanged. CHICAGO.—Wheat—Steady; thy with corn. Corn—Strong; bad crop reports. Cattle—Higher: good chipping demand. Hogs—Steady. St DOUBT CUT IN GASOLINE. Dealers in Baltimore Report Sharp Rise in Consumption. Special Dispatch to The Star. BALTIMORE, June 25.—Officials of oil companies here see little likeli- hood of a cut in gasoline prices in tnis section as a®result of a rate war between the independents and other companies in the south and south- west. Since tha let-up in the recent rains, according to oil company officials. there has been a huge demand for gasoline in Maryland and surplus stocks are not piling up as in the south and southwest. J. A. Fricker of the Standard Oil Company said consumption in- this area has shown a decided increase and that he has no information indi- cating an impending cut in price. ’ouls Blaustein of the American Otl Company sees no likelihood of ony reduction under the present sup- ply and demand, 2 sympa- ANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. Open. High. Adv. Rumley... 6% 12 12 Adv Rum pf (3). Ajax Rubber.... AlasGold Mines All Am Cab (6).. Allied Chem (4).. Allis-Chalm (4).. Am Bosch. An Can ( Am Chain A (2). ., Am Chicle. Express (6).. Am & F P 25%(7) Am Hide & L pf.. Am Internatl Am Linseed. .. .. Am Locomo (6). Am Radiator (4). Am Sat R (50c). Am Ship & Com. Am Sm & Re (5). Am Stl Fdys (3). Am Sugar. . . Am Sumat Tob. Am T & Tel (9).. AmTel & Tel rts. Am Tobac (12).. Am Tob B (12).. Am Water Wks. . Am W W pt (6). Am Woolen (7).. Am Wool pt (7). Am Writ Pap pf. Anacorda. . . Arm pf Del (7) Asso Dry G (5).. Ass0 Ol (1%). AtT& S Fe (6) AT&SF pt (5). Atl Birm & At... Atl Coast L (18). AtGult & WI... AtGulf & W Ipt Atlan Ref (4)... Atlan Ref pt (7). Austin-Nichols. . . Bald Loco (7)... Bal & Ohio (5) ... Bai & Oh pt (4) Barnsdall A. . Barnsdall B. . Mullins Body. ... Munsingw'r (3).. Nat Blscuit (3). . Nat Cloak & Suit. Nat Dairy @3).... NatEn&St..... Nat Lead (8)...¢ Nat Ry.M 2d pt. . Nat Supply (3).. 1 N Y C&BtL (6). Ny C&StL pt ( N Y Dock. . . NY NH & Hart. N YOnt & We N Y Stea pf (7 Norfolk South. .. Norf & W (18)... North Arer (2).. North Am pf (3) North Pac (5).. . Nunnally Co (1).. % | Otis Elev (n) (4).. Otis Steel. ... Owens Bot (3). PacG&E (8). Pacific Oil (2). Packard (1.20).. Pan Amer (4). Pan Amer B (4) Panhan Pr & Re Peop Gas Ch (7). Peoria & East. Pere Marq (4) Pere Mar pf (5 Phila Co (4) Phila Copt (3).. FPhila& R&I.... Phil Mor (50c} Phillips Pet (2).. Plerce-Arrow. Plerce-Arrow pt Plerce Oil. - Pierce Oil pt Pitts Sti pf ( Pitts Ut pf 1.65.. Pitts & West Vi Postum Cer (4).. PressSt1C (4)... Prod & Refiners. . Pullman Co (8).. Pub Ser N J (4).. Public Serv rts. Punta Al Su (5). Pure Ol (1%)... Ry Stl Spg (3) ... Ray Cons Cop. Reacing (4). Reading rts. Read 1t pf (2).. Read 2d pf (2)... Reis Robert. Replogle Steel..... Rep Ir & Steel... Rey Tob B (3)... Rey Tob pf (7).. Rossia Ins A (6). Roy D'tch (3.46). Royal Dutch rt Rutland pf...... Beth Steel (5) . Brk Edison (8).. Brk-Man Tran. . Br Man T pt (6). BrklynUnG (4) Brown Shoe (4).. Bush Termn (5). Butte C & Zine Butterick Co. Cal Packing (6).. Cal Pet (1%). Callahan Z Lead. Calumet & H 50c. Can Pacific (10). Cent Leather Co. Cent Lea Co pf. Cerde PasC (4). Chand Mot (6).. Ches & Ohio (4) Chicago & Alton. . Chic & Alton pf. Chic & East 1ll. Chic Gt West. . Chic Gt West pf. . Ch Mil & St Paul. Ch Mil & St. P pf. Chi & Nwn (4). ChicR1& Pac. CRI&P pf (6) CRI&PDI(7).. Chi Yellow C (4). Chile Cop (2%) Chino Copper . Cluett, Peab (5 Coca-Cola (7) Colo Fuel & Iron. Colo Southern Seaboard Air L.. Seab'd Air Lipf. . Sears-Roeb'k (6). Shell Trad (2.06) Shell Un Oll (1).. Simms Pet...... Simmons Co (1). Sinc Con Ol (2 Cont Can (4).. Sin Con O Bt (8) Cont Motors (20c) Corn Products Cosden Co.... Crucible Stl (4) .. Cub Am Sug (3).. Cuban’Cane Sug. . Cub Cane Su pt. Cuyamel Fr (4) Dan! Boone M (3} Davidson Chem. . Del & Hud (9) . Del L& W (6). Det Ed Co (8) Dul S S & At pf. DuPtde N (8)... Du P de Ndb (6) Eastman (16%). Eaton Ax (1.60).. El Stor Bat (4). End-Jobn (5) South Pac (6). Southern Ry (5). South Ry pt (5).. StOINJIpf (.. Std Plate GI(75¢) Stew't War (10).. Srudebaker (4).. Submarine Boat.. Superior Oil. . .. .. Sweets Co of Am. Tenn C & Ch. Texas Co (3) Tex Gulf (16%). Texas& e Tex & PacC&O. Third Avenue. 6% 38 64% 30% 9% 107% 12% 56% 61% 294 86% 32% 27 Erie 2d pf.. Fairbanks (2.60).. Famous P (8) FdM&Spt( Fifth Av B (64c). Fisk Rubpf A.. Fleishman (3) Foundation (6) . Freeport-Texas. Gen Asphalt. . Gen Baking (6).. 101% Gen Cigar (8)... 87 ‘Tob Prod pf (7).. Transcont Oil. Un Bag Pa (6) Utd Alloy Steel.... Utd Cigar Stores. Utd Ry Invest pf. Universal Pipe... Universal P pf(D). U § Cast Iron P.. U S Distributing. U S 1nd Alcohol. . U 'S Rubber. . USR 1st f (8) U S Smelting. U S Steel (16) Gen Mot db (7). Gen Petm (2). Gen Refr (4)..- Granby Consol. .. Gt North pf (5)... Gr Nor Ore (3) Guif Mo & Nor. .. & Mo& N pf (5) Guif St Stl (5): ... Hartman Co (4).. Hayes Wh'l (3).. Househ'd Pr (3). Houston Ol i+« Hud Mot C (3)... Hupp Mot C (1).. 1% Tilinots Cent (7). 106 1 Cent pf (6) ... 107% Indiahoma Ref Indian Refining ... Inspiration Cop. . Interb Rap Tr. Int Cement (43... 43 Int Com Eng (2). 22% Inter Har pf (7). 108% s Int Mer Mar pf... " B0 Intornat Faper. SRy SE S nd rates s TR (o &re the annual cash payments besed on th 3 latest quarterly or haif-yearly declarations. Iniscupe (1140 Tnless otherwise noted, extra or & InvincibleOll. .- dividends are not included. 1Iron Products (6) Kan City Scuth. . Kan C So pt (4) Kayser Jul & Co. Kelly Spr Tirp. .. 17 66% 67% 35% 33% 23% 1% % 8% 23% 22% ingto: 25 Wright Aero (1).. 104 Wrig WJr (3)... 88 High. Low. Last. Call Money. 2 2 2 HOURLY SALES OF STOCKS. 1lam. 205,600 12M 1pm. 621,200 SHORT-TERM SECURITIES. (Quotations furaished by Bedmond & Go.) otter: Kresge SS (8) Laclede Gas (7) Alaminum Co. of Amer. 7s 1925. 108 Aluminum Co. of Amer. 7s 1933. 107 American Sugar 6s 1937.. . 100% American Tel. & Tel. 6s 1925.. 114% Ansconda Copper Gs 1929. 102% Anglo-American Ofl T%s Associated Oil 66 1985.... Bell Tel. of Canada 5s 1925. Canadian Northern 5is 1924 Central of Georgia 6s 1929, Central Lig & Mvrs B (3). Lima Loco {4).... . Loews Inc (2). Loft, Incorpor. Loose-Wiles Bis. . Larrillard @3).... Louis & N'sh (6). MecIntyre (75¢).. 15% Mackay Cos (7).. 110 Man El modgtd 4. 384 Manhat Shirt (3). 33% MaracaiboOil..... '27% 28 Marland Ofl..... {304 Mathieson Alkati Maxwell Mot A Maxwell Mot B. May Dpt St (5) 2 gsfiafii" 2 2Ess R Missor Mont Power (4).. Montgom Ward. . 30n Mot (3).. Mother Lo(756c) L 67% 2T% BOND PRICES GAIN; UNDERTONE IS FIRM United Kingdom Issue Reaches New High Price for Year, Selling at 104 14. LIBERTY LOANS STEADY Low and Moderate Priced Rail Liens Improve Considerably. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 25.—The bond market was strong again today with particularly heavy buying of recent new issues such as the B. & O. 6s, and the New York, Chicago and St. Louls 5%s, both of which are selling | ¢, % |at substantial premiums over the of- fering price. The best opinion was that the bonds were rapidly going into the hands of permanent holders. Except in a few speculative rails and industrials, there was no weakness anywhere. In the foreign list, the United King- dom 5ls of 1937 were the feature, crossing 104 for the first time this year. Thin is a purely investment is sue. In the South American group, Argentine 6s were in active demand at the highest prices since they were listed on the exchange. Cuban 5%s were fractionally higher. The bal- ance of the foreign list was firm. Liberties Trifle Higher. In high-grade domestic issues United States government loans ‘were mostly a trifle higher. Among the rails New York Central 5s rallied un- der investment buying. There was % | €ood demand for such issues as Union Pacific first 4s, Southern Pacific re- funding 4s, Pennsylvania general 4ls, Oregon Railroad and Navigation 4s and Canadian Pacific 4s. Speculative rails were active and strong in sympathy with stocks. Mis- souri Pacific general 4s were in de- mand around the high of the year, discounting a favorable May earnings statement. New Haven bonds were all higher. I G. N. adjustments touched 53 again. Erie issues held a part of the gains of Tuesday. M. K. & T. ad- Jjustments ran up to 60. St. Paul's is- sues continued heavy, and Chicago and ‘Ea.slern Illinols sustained a further oss. New Baltimore Bond Iasue. Among the utilities Tennessee Elec- tric Power 6s were bought on con- tinued good earnings statements. De- troit United 4%s moved erratically, based on the theory that the corpora. most of the buyinb having been tlon must acquire its own bonds to meet. the provisions’ of the agree- ment with the city of Detroit. Hud- son and Manhattan refunding 58 were very strong at u new high for the year. es included $4,500.- 000 Kentucky Utilities 6s. to yield 6.5 per cent: $933,000 Central Tlli- nois Light 5s, to vield 5.47 per cent; $1.850.000 State of Missourl 4%s, due serially, to yield 4.1 per cent, and $1,000,000 Raltimore Counts, Md., Metro- politan District serial 435, to yield 4.15 per cent. Rall Liens in Steady Demand. By the Associated Press. . NEW YORK, June 25.—Bond prices drifted idly in today’s quiet trading, although a firm undertone prevailed. United Kingdom 5%s of 1937 reached a new high price for the year at 104%. Steady demand for low and medium-priced rail liens brought about moderate improvement in Den- ver and Rio Grande, New Haven and New York, Westchester and Boston issues, but a number of the high- 5% | grade mortgages, including Pennsyl- vania 4%s, lost ground. Brooklyn Union Gas '7s mounted 2% points to a new 1924 high record at 127%. Liberty bonds ruled steady. NEW POWER LINE TO COST $1,500,000 Virginian Cormpany Also Said to Have Bought Plant to Ports- mouth, Ohio. By the Associated Press. NEW YORK, June 25—A power line from Cabin Creek to Portsmouth, Ohio, through Charleston and Hun ington. W. Va. to cost about $1,500,- 000, will be built this summer by the Virginian Power Company, which is reported to have bought the Pgrts- mouth Public Service Company for $3,500.000, and plans to build a hydro- ;lectflc power plant at Hinton, W. a. - In addition to the Missouri Pacific $12,000,000 three-year 5 per cent ge- cured notes at 99%, to yield 5.7 per cent to maturity, other new offerings today included $4,500,000 Kentucky Utilities Company first mortgage lien 6 _per cent gold bonds, due 1949, at 96, and interest, to yield more than 6.50 per ocent. STRAWBERRIES SELL OFF. | Cherry Receipts in New York Are Steadily Increasing. Special Dispatch to The Star. NEW YORK, June 25.—Cherries are steadily increasing in quantity but most of the stock continues of small size and not fully matured. Sweet red and black varieties are meeting a fair sale, but white charries move very slowly. The following prices were obtained per four-quart basket: Various sweet varieties—white, 50 to 85 cents; red, 75 cents to $1; black, $1 to $1.25; red sours, 50 to 60 cents. Strawberries were dull and weak on liberal receipts. Prices from 10 % |to 22 cents a quart. U. 8. TREASURY CERTIFICATES (Quotations furnished by Redmond & Co.) ——Noos.—— Bid. Ofter. - 100 23.32 100 25-32 5%s September 15, 192 25 1002732 1001518 43s December 15, 1924.. 4s March {g. 1925, : s March 15, 1826. s Beptember 15. 1925, 4%s Mareh 15, 1927, 4%s December 15, I —_— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks £old value. today. 013 1021832 102: 101 2132 :m:z” 108° 108 102 3182 108-1-16 NEW YORK, June 25.—Foreign ex- changes firm. Quotations (in United States dollars): Great Britain, de- mand, 4.32%; cables, 4.32%: sixty-day banks, 430% France. de- o- Bel- 463. Ge: Holland, demand, 3 demand, .1682. serland; demand, .1774%. Spain, de- mand, .1345. eece, demand, .0173. Poland, demand, .00000012. Czecho- slovakia, demand, .0295. Jugoslavia, demand, .16%. = Austria, demand, .0000143%. Rumania, demand, .0043%. Argentina, demand, .3242. Brasil, de- mand, .1087. Tokio, demand, .41%. Montreai, 9813-16. : I NEW YORK B NDS STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Sales are in §1,000) UNITED STATES BONDS. {Factions represent thirty-ssconds. Example: 101-3 means 101 3-32.) Sales. High. Low. Close. Lib 3%s. 145 101=8 101-5 101-8 Lib1ist4%s... 127 102 102 102 Lib2d 4%s... 869 101-6 101 101-6 Lib 3d 43 321 1024 102-2 102+4 Lib 4th 41s.. 534 102-5 102-3 102+5 US4%s1962. 113 105-3 104-31 104=3~ FOREIGN. Sales. High. Argentine 65°37...321 a b8 1931 Canada bs 1952 Canada 6%s1929.. Chile 75 1943. Chile 85 1926. hile 85 1941. Chile 85 1946, Chinese Gov .3 Czeghoslovakia 8s. Denmark Dutch East I 6s'47. Dutch East I El Salvador 8s '48. Finland s f 6s 1945. Framerican 7% 1 French Govt 7 French Govt 8s. Haiti6s..... R Holland-Amer 6s.. Japanese 4s Japanese 6%s. . 6 Jergens U M 65'47. Prague T%s Queensland 6s. Ud Kingm 5%s°29. 11 Ud Kingm 5%s '37.173 Zurich 8s. 2 Am SmIt&R 1st 5i Am SmIt&R 6: Am Sug ref 6s.. . AmT& Tel trbs Am T & Tdeb5i%s. 14 Am Water Wks 5s. 14 Am Writ Paper 6s. 1 Anaconda 1st 6s. .. 8 Anaconda cv db 7 Armour & Co 4% Armour of Del 5%s 6 Associated Oil 6s. Atlantic Refin 5 Barnsdallsf 8s Beth Steel 5%s '63. Beth Steel s f 6s. Braden Copper 65.. 5 Brier HSt 1st 5%s 15 Bklyn Ed gen 5s... 21 Bklyn Edison 78 D. 7 Bush T Bldg 65 '60. 5 Calif Pete 6145.... 4 Central Leather 65287 Cerro de Pasco 8s.. 17 Chile Copper 6s... 11 Cin G & E5%s'62. E 14 Con Coal Md 1st 5s. 10 Consumers Pow 5s 15 Cuba Canecv 75'30 2 Det Edison ref 6s.. 1 Du PontdeN 7 8 Duquesne Light 6s. 11 Est Cuba Sug 73s. 26 Empire G&F 1%s.. 7 Fisk Rubber 8s.... 12 Gen Elec deb 5s. Goodrich 6%s. .. Goodyear 8s 1931.. Goodyear 8s 1941.. Hershey 6s 1942. Humble O&R § Ilinois Beil 1st 5 Kan G & El 6552, . Kayser (J) 78 Kelly-Spring 8s Lackawa S b8 '50. Magma Cop cv 18 Midvale Steel bs. .. Montana Power 5s. Nor States Pow Nor States Pow Northwst B Tel 7. Otis Steel 7% Otls Steel 83 < Pacific Gas & Ei bs PacT & T 1st5s... Pacific T & T 5853 Pan-Am Pete 78 People’s Gas b Phila Co 5% Phila Co ref 65 Phil & Rdg C&I - Pub Serv Elec 6s... Punta Alegre 7. Saks & Cosf T Sharon St1 H 8 So Por Rico Sug 7s Southwest Bell 6s. Steel & Tube 7s. Tenn Elec Pow 6s. Tide Wat Ofl 6%s Toledo Edn 1st 7s. U 8 Rub 18t £ 6: Va-Car Chem 7s... Va-Car Ch T%Hs w. ‘Warner Sug 7s "41. ‘Western Elec bs... ‘Western Unlon 6% A JORP - 1. PP - LYo 1) - - Sa Youngstn S& T 6s. 14 —_———— DAIRY PRODUOTS. BALTIMORE, June 25 (Special).— Live poultry—Spring chickens, pound, 35a45; leghorns, 30a36; old hens, 18a 26; leghorns, old, 18a20; old roosters, 15; ducks, 15a20; pigeons, per palr, 40a50; spring ducks, 25a26. Eggs (loss off)—Native and nearby first, free cases, per dosen, 36; south- ern, 25. Butter —Creamery, good to fancy, r_pound, 3 3 Lo N e e rolls, 35a38; store M.fl‘h: prints, 29a31; process butter, 34, you expect? . he married RAILROADS. & Bales. High. Low. Close. Ann Arbor is. 62 62 90% B4% 20% 9% 86% 89% 84% 0% 99% 86% 89% 85 85! 102% 102% 101 Buff REPItt 4% Canad North 6%s. Canad North 7s. Canad Pac deb 4s. Car Clinch & O Car Clinch & O Central Pacific Chi M&St P cv 4%s CM&StPgn 4%s. Chi M&St P rf 4%s Chi M & St P cv bs. Chi M & St P 6 LT StLrf6sA. 4eve Term bs. Cleve Term 53%8 Colo & Sou 4% Cuba R R 6s.. Del & Hd 1st rf 4s. Del & Hudson § Den & Rio G cn Erie 1st con 4s.... Erie gen 4s. Erie conv 4s A Erfe conv 45 B Erie conv 48 D Erie con ext 7 . 1 Gr Trunk et db 6s.. 7 Grand Trunk 7s... § Gr North gen 6%s. 18 Gr North gen 7s... 33 Kansas City S6s.. 11 Kan City Term 4a. Lehigh Valley 6s.. Louis & N6sB.... Manhat Ry cn 4s.. 1 M & St L istref 4s. 2 9 3 0 8. N OTex & M in 6s. 86 N Y Cent gen 3%s. 10 N Y Centcn 45'98. 15 .. 1N New Haven d 45 '57 62 New Havencd 6s.. 37 New Haven 7s..... 50 New Haven 7s fr.. 95 N Y Ont & W ref 4s 30 New York Ryrf4s 7 New York Ry aj 5s 37 N Y Rysadj bsct.. 20 NYRyrf4sctfs.. 8 NY State Ry 4%s. 6 NY W & Bos 4%s. 27 Norfolk & W cn 4s. 2 Norfolk & W cv 63.124 N 2 Nortarn Pacr i 8s. Ore & Calif 1st bs. Ore Short Liref Ore Sht Licn Ore-Wash 1st rf 48 Pennsyl con 4 Pennsyl 6%s...... Pennsyl gold 7s... Peoria & E inc 4s. . Pere Mrq 1st 4 Pere Marq 1st 5s.. Reading gen 4: Reading gn 4%s. St L IM&S 4s 29 St L IM&S R&G StL&SFplisA.. StL&SFinc StLS W con 4 St P Un Dep 5% Seab'd A Liref 4s.. Seab'd A Ladj bs.. Seab'd A L con 6s..107 Sou Pacific 48°29.. 19 Sou Pacific clt 4s.. Sou Pacificref 4i Southern Ry gn 4s. 54 Southern Ry 1st 58 48 Southern Ry 6s ct. 54 - 21 Union Pac1strfds 22 Union Paccv 4s. Union Pacific ev 1 Virginia Ry 1st 6s. 53 VaRy&Plstbs.. 1 w . West Shore 1st4s. 3 83 Whel & LErf4%s 1 63% TOTAL SALES (Par Value): 1lam.. 4633000 12noon 8638000 1p.m..10 870000 2 p.m.. 12646000 TRADE GAINS 10 PER CENT. ST. PAUL, June 25 (Special)— Trade in the northwest increased 10 per cent In the last week and com- pared favorably with the correspotid- ing week of 1933. Bank clearing in twenty large citles shawed a $16,- 500,000 advance. Retail trade has been aided by warm weather and there has been a slightly better de- mand at wholesale for fall and win- ter goods. NEW YORK DAIRY PRICES. NEW YORK, June 25.— Butter— Easy; receipts, 19,656 packages; 2nunary‘ higher than extras, 42%a creamery, extras (92 score), 41%4a do., firsts. (88 to 91 score), 38%a 3. Firm; receipts, 411,014 boxes; state, whale milk, flats, fresh, fancy to fancy specials, 20a21; do., average run, 19al19%. Habit. From the Lovdon Mail. Visitor—Is it true Phipps’ wife has let him?” ‘Host Y-a:nr. But what can he was & oook before % FINANCIAL COTTON EASES OFF ON JULY NOTICES Private Reports Indicating Large Crop Also Pactors in Weak- ening Prices. 1 | By the Associated Press. NEW YORK, June 25.—The cotton market opened easy at a decline of 14 to 30 points today and sold about 24 to 28 points net lower in the early trading owing tc relatively easy Liverpool cables, continued favorable weather and crop,advices and the cir- culation of July notices estimated at about 15,000 bales. Notices were larger than expected and July sold off to 28.05 just about maintaining its premium’ over October. Two more private crop reports were issued, one making the condition 63 and the indicated crop 11,258,000 bales, while the other made the con- ditfon 70 and the indicated yleld 11,470,000 bales. Cotton futures closed steady. 28.06 5 73 Opening—July, 28.10; October, 25.20; Decem- ber, 24.48; Jandary, 24.30; March, 24.39. NEW ORLEANS, June 25.—The cot- ton market opened slightly lower on unfavorable Liverpool cables, first trades showing losses of 5 to 10 points from the previous close. July soon eased off to 27.21 or 22 points net lower, influenced by news of no- tices issued in New York for more than 20,000 bales. No notices were issued locally. New crop months eased off on anticipation of a favor- able weekly weather report, due this morning. ~October traded down to 24.35 or 20 points below the previous close and December to 24.16. COotton fatures closed steady at net vance of 8 to 61 points. Joly October . December January March . Opening—July, 27. cember, 24.26; January, 28.04-08 24.69-70 24 4447 24.3638 2436 October. 24.45; De. 24.20; March, 24.17. CHICAGO GRAIN PRICES. CHICAGO, June 25—Predictions of more raln in the west together with crop damage reports, especially from Illinois, led to a rapid early advance in the corn market today. July de- livery jumped to 91%, going above 50 for the first time this season. Sep- tember also made a new top record. One of the foremost crop experts of the country said the present outlook for corn was desperate, without par- allel in the experience of a great many years. Corn opening prices, which varied from unchanged figures to % higher, with July 89%a%0 and September, 87%a88%, were followed by a swift irregular advance, with numerous temporary setbacks. Wheat and oats responded to corn strength. At first, however, better weather northwest, including Canada, had a transient bearish influence on wheat. After opening unchanged to to 5% higher, with July 89%a%0 and September 1.153% to 1.15%, wheat prices rose all around to well above yesterday's finish. Oats started unchanged to % up, September, 43%, and later showed de- cided general gains. Provisions were firm, sympathizing with corn. High. 119% 95 k1 80 wiid L 115 Rt 80% kit ..7 43 Y 10.80 1. Open. 1.13: ‘H‘: 8 :ng 4T o % fi 1% 1050 1082 102 1110 53 4 R 10.82 1107 GRAIN AND PROVISIONS. BALTIMORE, June 25 (Special).— 1bs, 1.00a3.00; new potatoes. . 1.50a4.00; asparagus, dox, 1.00a3.00; beans, bushel, 2.0023.00; 4.00a7.00; e, carrots, 100, 3.00a4.00; crate, 50a1.25; eggplants, crate, 2.00a ;' corn, crate, 1.25a3.00; kale, 40260; lettuce, bushel. 50a 2.00; lima bushel, 3.50a4.00; spring oniona, 100, 1.50al1.75; bushel, 1.25a2.50; peppers, craf . a3.00; radishes, 100, 1.00a2.50; spin- ach, bushel, 7521.25; squash, basket, 1.50a2.00; tomatoes crate, 60a2.00. Appies, packed, bbl., 6022.00; bushel, 75a1.50; grapefruit. ~ box, 1.50a3.25; strawberries, at., 6al4; blackberries, 8al5; cantaloupes, crate, 1.00a cherries, 1b., 4a13; gooseberries, 5a6; huckleberries, qt., 15a20; peaches, crate, 1.00a2.00; pineapples, crate, 2.50a3.75; watermelons, 100, 50.00290.00. Settling Prices on Grat Wheat—No. 2 red winter, spot, 1.18%: No. 2 red winter, garlicky, do- mestic, 1.18; no quotations on No. 4 or No. 5 red winter, gariicky. Sales, none. Corn—Cob, new, 4.50 per barrel for yellow and 4.35 per barrel for white; No. 2 corn, spot, 93; No. 3, 90; track corp, yellow, No. 2, at 1.03. Sales, . 2 white, 62; No. 3 white, Rye—Nearby, no quotations; No. 2 rye, spot, 83. Hay—Receipts, none. Receipts of top grades of timothy and choice light mixed hay are light and the market rules steady for these grades. Common, assy and weedy hay as well as the heavy dark mixed are in ample supply and the movement is very sluggish. Quotations—No. 1 timothy, 29.00; 28.00228.50; No. 3, 26.00227.00 light clover mixed, 27.00a .50; No. 2 light clover mixed, 25.00 a26.00; No. 1 clover mixed, 26.50a27.00; No. 2 clover, 24.00225.00. Straw—No. 1 straight rve, 23.00a 24.00 per ton; No. 1 tangled rve, 18.00 a20.00; No. 1 wheat, 17.00217.50; No. 1 oat, 16.50a17.00. —_— CHICAGO LIVE STOCK MARKET. CHICAGO, June 25 (United States Department Agriculture.)—Hogs, re- ceipts 25,000: steady to strong on de- sirable grades; others slow, steady: good shipping demand; big packers inactive; bulk good and choice 250 to 325 pound butchers, 7.00a7.10; top. 7.16; majority 170 to 5 pound weight, 6.70a7.00; bulk de: ble 140 to 150 pound averages, 25a6.50; packing ~ sows _largely, 6.2026.40% slaughter pigs about steady. Cattle, receipts, 6,000; fed steers and yearlings and it she stock more active; strong to 15 high- er; spot_more on_ desirable weighty steers, sultable for shipping pur- poses; largely a cleanup market: stale kind from earlier in the week fairly numerous; steer run includes several loads good to choice bullocks; good shipping demand, some long fed lowas held around 11.00: bulk fed steers early, 7.50a9.50; bulls weak to 10 lower, st heavy bolognas around, 4.65; less desirable kinds, 4.40 a4.60; vealers rally steady to tsiders tak- ing_bulk of b at 10.00210.25; few 10.50 and. above; packers, miostly 8.5029.50. Sheep, receipts, 9,00 quality of rang e atandard; fat lambs weak to 60 sheep scarce, steady; early sales lambs, 13.50; few, 13.75a14.00; good 1daho lambs average around 65 unds, 13.50: culls natives largely, 300; fow, 8.50; mixed twos and aged wethers, 8.00. Command Generally Obeyed. From the Boston Tramscript. Asked by her Sunday school teacher to give the Bible verse for that day’s lesson, a little western girl replied: “Go ye into all the world and spread the gossip of all the prople. e -|an address LOCAL BOND ISSUE - ON SALE TOMORROW Washizgton Railway and Electric Offering Will Yield Better Than 6'Per Cent. MORE DIVIDENDS VOTED Popular Stock Leads Trading on Exchange Today. BY CHAS. P. SHAEFFER. With all legal technicalities ironed out, it is expected the syndicate han diing the new $2,496,000 Washington Railway and Electric Company "bond will offer them to the public tomor row morning. The bonds, which are for ten yeare bearing 6 per cent interest ar dated November 1, 1923, and are part of an authorized issue of $10,000,000 Due to the peculiar demand here for securities of this caliber, it is 3 ticipated the issue will be instant] absorbed. The offering is secured by the cor pany’'s properties, including all sul sidiary companles, chief among w! is the Potomac Electric Power Cerr pany. Liabilities of the company, in cluding the pending issue, c of slightly more than $30,000,000 of bonds, $16,000,000 of which 1y railway bonds and $15. capital stock. Earnings of t rowing corporation are such as t provide a safe margin guaranteeing the loan. It is said the selling price has nat been decided upon as yet, but yield to the investor slightly than 6 per cent. Bankers’ Seek Business Stability. Efforts of the organized ban the country to maintain b stability through bringing al increased economic unders were described in Milwauk by Walter W. Head, presiden American Bankers' before Bankers' Association. “We are passing through a perind of business uncertainty, a period of entire na- sion’ has upset the pre ¢ nomic balance. As a result, it h produced a great variety of attemp ed remedies, some of which are - economically unsound in the extreme “In the midst of this chaotic tion the American Bankers' tion has labored, unobtrusive effectively, to maintain sound nomio principles and to devise means of substantial relief. The associa- tion realized that the distur factors of the busness situation tered in the conditions of the agricul tural indu: . For this re n it has devoted special attention to the solution of problems affecting the farmer. Committees Keep Busy. “While its agricultural commission has labored upon this important task the economic policy commission has reviewed the general economic situa- tion and has made a special study of the factors which have exercised a marked effect upon our prosperity. Also the educational commission has compiled material for publication, and has arranged for its presentatic by speakers before the general publ “The public relations comm has published these and other a curate and informative articles. 1 articles have been one of the few consistent national campaigns in b« alf of sound money, sound banking and sound economics.- Conferences of the various divisions and other important meetings held in various sections of the country have done much to overcome unfounded pessim- ism. “Bankers cannot merely be book- keepers, tellers, cashiers, lenders of money, ‘or even a combination of all of these raised to the nth degrer. They must be economists, business men. versed in industry and in com- merce, psychologists knowing hu- man_nature and statesmen under-- standing_politics, with a knowlede: of international affairs.” Local Dividends Declared. Directors of the Washington Me- chanics Savings Bank have declared their regular quarterly dividend of 4 per cent, payably July 1, to stockhold- ers of record Jume 3 Directors of the Washington Market Company have declared the usual sen annual dividend of 3 per cent, pavab June 30, ta stockholders of record the close of business today. The National Union Fire Insurance Company has declared a semi-annual dividend of 5 per cent, payable June 30. At a meeting of the board of di- rectors of the National Bank of ‘Washington, held today, the regular semi-annual dividend of 6 per cent was declared, payable on July 2. In addition to the dividend, the surplus and undivided profit account was in- creased to $910,000. Railway Preferred at 75. Local issues held fairly even on the Washington Stock Exchange this morning with trading restricted to the popular issues. Railway preferred was in_good demand at as_was Riggs National Bank at 290. Ral way common was not traded in ‘Washington Gas Light stock scored a fractional advance to 48%. WALL STREET BRIEFS. More Railroad and Other Earnings Reports Out Today. NEW YORK, June 25—Net operat- ing income of the Chicago Great Western railroad in the first fiv months of 1924 dropped to $495673 from $732,967 in the same period of 1923. ~Net income for Jay fell to $35,516, compared with $14% in May last year. 5 Financial interests are reported to be buying preferred and common shares of St. Louis Southwestern, one of the first rail issues to move up in yesterday's early trading on the stock exchange. Holding the view it was said, that the issues fell out of line with other railroad stocks show- ing similar earnings record and that the poor dividend record must be overlooked in part to give proper appraisal to the value of the prop- erty. Consolidated net income of the Adirondack Power and Light Corpora tion for 1923 was $869,673, an incre: of $203,710 over 1922, —_— ROAD'S EARNINGS GAIN. NEW YORK, June 25.—Net operating income of the Delaware, Lackawanna and Western for May was $1,565.440, a gain of $53,799 over May last yea For the five months of 1924 an in-' crease of $2,496,168 over the same period of 1923 was reported. EXCHANGE TO CLOSE. CHICAGO, June 25.—The board of trade will be closed Saturday, July 5. Following the holiday instead of opening for a half-day session only. it was announced today. It long has, been the policy . whenever possible to dispense with the Saturday half ses slon following a holiday unless deliv- eries are due, it was explained. PARIS MARKET UNEVEN. PARIS, June 25.—Prices moved i regularly on the mourse today. Three per cent rentes, 52 francs 10 centimes. xchange on London, 82 francs 1% centimes. TFive per cent loan, 66 francs 65 centimes. The dollar was quoted at 19 francs 4 centimes, WILL HANDLE BOND SALE. -: TIMORE, June 25 (Special C. T. Willlams & Co. the Century Trust Company and J. A. W. Iglehart & Co. of this cit~ have been awarded the $60,000 issue of 5 per cent Prince rges County courthouse bonds of 1834, The price was $106.18.71, and- the bonds will be offered on a .25 per cent basis, . \ U