Evening Star Newspaper, June 28, 1924, Page 14

14 * COPPERS SUDDENLY ADVANCE SHARPLY Feature Active Trading To- day in Wall Street—Chain Store Issues Climb. ciated Press. NEW YORK, June 28.—Revival of speculative -interest in the copper shares. which have becn lagging be- hind the rest of the market, was the outstanding development in today's brief but active session of the stock market. Several of | the coppers touched new, peak prices for the year. Nickel Plate moved up 2%. to a new 1924 top at 94%, and there was a good demand for the oils, but the other standard raile and industrials showed little change. Chain stores and merchandising is- cues continued to give remarkable displays of strength, Kresge Depart- mi Stores, Jewel Tea preferred, Schulte Stores and ociated Dry Goods climbing 31 to 5% points, ail at new peak prices for the year. The closing was strong. Sales ap- proximated 500,000 shares 0IL PRICE WAR FEARED. By the Bhorts Boost Quotations by Heavy Covering Move. BY STUART P, WEST, Speal Disparel 1o The Ster NiEW YORK, June movements The tock ind the gen- ched a new cipal in the ker today were upward, eral price average T high for the yeur. The sudden taking up of the copper and smelting stock was the surprise of the se There was no trade news to a Apparently it v merely an attempt to enliven in- irring up a group in which for years has been h v ily committed. ~Anaconda, which for weeks had been hanging dismally around 29, was rushed up around Kenn Ttah or the The South American coppers very much in demand, especially Cerro de Pasco. which was up nearly 2 points. American Smelting bore its share in the upward movement Shorts Cover in Oilx. There was nothi either, in the oil trade, but a short interest had accumulated in oil stocks in conse- quence of the unfavorable statistics ©of demand- and supply. and the idea that this might lead to further price | cutting. Lriving in of these shorts was what caused the advance _in stocks like Marland, Pacific Ol Phillips Petroleum, Houston, Cosden and the pan-Americans. Traders who went short on the nnouncement of the government an rust .xfill found the operation unprofitabic i Steel stocks did little, and the rails did not attract the interest they on other day ve for Nickel which rose n 3 P ts, and burgh and West Virginia, whic mentio A as likely to mo into the Van Sweringen system. The remark- able advan continued in chain store and retail company stocks. Stock Scores New High. Coincident with the publication of May traffic statement the Pitts- burgh and West Virg Railway to- day, the company's stock rose to a new top for 1921. However, there was nothing in the earnings comparison to stimulate the market for the stock. In May both gross and net were lower than in the month last year. while for the first five months the surplus after charges was $634.662 as against $1,196,536 In the corresponding period of 1923. Evidently the buying today was due to further discussion of link- | ing the road with the Van Sweringen Interests of Cleveland. Columbia Gas and vance to a new high wi ablic utilities group. The re- cently issued May earning. showing continued improv an influence. as was the confidence ex- official quarters that' Col- ‘was facing its most profit- Markets at a Glance NEW YORK.—Stocks higher: copper {ssues at new top prices. Bonds firm; interborough liens strong. Foreign exchanges steady; trading light. Cot- ton lower: poor cotton goods trade. Sugar holiday. Coffee hollday. CHICAGO. — Wheat _easy southwest. Corn steady: ceipts. Cattle dull, poor Hogs steady to strong. - S WALL STREET BRIEFS. Further Earnings Reports Made by Big Railroads. NEW YORK, June 38.—Declines of $2,340.179 in net operating income and $8,245.828 in gross earnings are re- ported by the New York Central rafiroad for May compared with the same month_last - year. Ixpenses were cut. 35,004,841 to 299. Gross revenu months of 1924 dropped 1 and operat- ing income v $6.000,000 ir. com- parison with the corresponding period 1923 prin- mar- new, of ectric’s ad- the feature rains ight re- demand Northern's earnings in May . 41 compared h May, 1923 et operating income in- creased $179,938. Gross revenue for the five months dropped about $5;600,- 000, while net operating income showed a gain of $1,410,559 compared with the same. period last year. Net income of $15,571,015 was earn- ed by the North American Company in the year cnded May 31, euivalent after preferred dividends to $5.60 a! share on the common stock out- standing before deductions for depre- ciation. Gross earnings were § $64,279, a gain of 17.73 per cent. WOOL;UY‘[NG }ui;ons. BOSTON. June 28 (Special).—Busi- ness in the Boston wool market to- day. was spotty, but the trend of sen- timent seemed improved. Mills are gradually picking up various lots of Wool here and dealers have taken considerable quantities in Texas and Montana when they considered prices advantageous. e WEEKLY BANK REPORT. NEW YORK, June 28—The actual wondition of clearing house banks and trust companies for the week shows ian excess in reserve of $13,416,120. This is a decrease of $39.557,300. SUGAR MAGNATE DIES. :_SAN FRANGISCO, June:25.—Adolph B. Spreckels, nationally known su- !gar magnate and manufacturer, died at his home here toda 0 FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, SATURDAY, JUNE 28, 1924 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Adams Exp (8).. Adv. Rumley. Alr Reduet (4) . Ajax Rubber. Allied Chem (4).. Allis-Chalm (4).. Am Agri Chem. .. AmAgr! Chem pt Am Boach 5 Am Can (16 AmC&F (12). Am Chicle. Am Express (6). Am & F P 25%(7) AmHide & Lipf. . Am Jce (73, Am Internati., Am Locomo (6). Am Metal (3). . Am Radiator (4). Am Saf R (50c). Am Ship & Com, Am Sm & Re (5). Am St] Fdys (3). Am Sugar....... Am T & Tel (9). AmTel & Tel rts. Am Tobac (12).. Am Tob B (12) Am Water Wks. Am W W 18t (T). Am Woolen (7). . Am Zine. . Am Bine pt. Anaconda. Arn Cons & Co. Asso Dry G (6 Ass0 011 (1%) . AtT&SFe (6).. AT&SFpt (). AtGult& WI. Atlan Ref (4)... Austin-Nichols. Bald Loco (1) Bal & Ohio (5) .. Bai & Oh pf {(4). Barnadall A s Barnsdall B'ch Nut (2.40) Beth Steel (5) Beth SU pt (7). Brk Edison (8).. Tr'k-Man Tran.. Br Man T pf (6). BrkiynUnG (O Burns Br (10) . Burns BrB (2).. Butte&Superior Cal Pet (1%)... Callahan 7 Lead. Calu & Ariz (2).. Calumet & H 50c. Can Pacific (10). Cent Leather Co. CRR,NJ (112). Cer de Pas C (4). Chand Mot (6).. Ches & Ohio (4) Chicago & Alton Chic & East Ill. Chic Gt West. Chic Gt West pf. Ch Mil & St Paul. Ch Mil & St P pt. Chi & Nwn (4). Ch Preu T (5) Chic R1& Pac. CRI&P DI (§) Chi Yellow C (4). Chile Cop (2%). Chino Copper. Coca-Cola (7). . Colo Fuel & Iron. Col G & E (2.60) Col Carbon (4) . Com Ir Tr (63¢).. Congoleum (3). Consol Cigar. ... Consol Gas (5). Consol Textili Cont Can (4) . Cont Motors (20€) Corn Products. Coeden Co.... Crucible St1 (4) Crucib Sti of (7). Cub Am Sug (3).. Cuban Can= Sug. Cub Cane Su pf. Cuyamel Fr (). Dan! Boone M (3} Davidson Chem. . Del & Hud (9) . DelL& W (6). Det Ed Co (8) DuPtde N (8). astman (161). Eaton Ax (1.60).. Stor Bat (4) End-John (5) | Erte. | Eri it pf. FdM&SpL(D. Fifth Av B (640). Fleishman (3). Foundation (6) Freeport-Texas. . Gen Am T C'(3) Gen Asphalt Gen Cigar (8) General Elec (8).. Gen Mot (1.20).... Gen Mot pf (6) . Gen Mot 4b (6) Gen Mot db (7)... Gen Petm (2). Gimbel Bros. Gimbel Br pf Glidden Co. Gold Dust. Goodyear pf.- . - G'dyear prpf (8). Gray & Davis. Gt North pf Gr Nor Ore (3). Gulf Mo & Nor. Gu Mo & N pf (5 Gulf St 8t (5). Hartman Co (4).. Hayes Wh'l (3% ‘Homestake( 7) Touseh'd Pr (3).. Houston Oll. . Hud Mot C (3). Hupp Mot C (1) Tilinots Cent (7). . Indep Off (1)..... Indian Refining Inspiration Cop Interb Rap Tr Int Bus Ma (8). Int Cement (49.... Int Com Eng (2). Internat Har(5) . Int Mer Marine. . Int Mer Mar pf... Internat Nickel Internat Paper. IntT&T (6). Invincible Oll.... Iron Products (6) Jewel Tea Jewel Tea pf. Jones Bros Tea. Jordan Mot (3) Kan City South Kan C Sopf (4).. Kelly Spr Tire. Kelsey Wh'l (6). Kenne Cop (3)... Kresge SS (8) . Lee Rub & Tire. Leh Val (3%).... Lig & Myrs (3).. Lig & Mvrs B (3). Lima Loco {4)... Loews Inc (2). ... Loose-Wiles Bis. . Lorrillard (3).... Mack Trucks (6). Macy R H & Co. Magma Copper, .. Manhat Shirt (3) Man Ei modgtd 4. — 'CHICAGO STOCK MARKET. . . CHICAGO, June 28.—Following is a Teport of today's sales, high, low and closing quotations at the Chicago Stock FExchange: Bales. 30 Armour of Del i 49 Com Edison 25 Continental M 30 Hupp Motor . - 30 Mid W _prior-lien. - 5 Mid West Ul .. 1 850 Mid West Util pf 1200 Montgomery © 675 Montzom Wi High. pfd K5 . 127 Maracaibo Oil. May Dot 5t (5) MexSeabd ctfs(2) Miami Cop (2).. Middle St Oil. Midl'd Prod pf(8), Mis Kan & Tex... Mis K & Tex pf ‘Missouri Pacific... Missour! Pac pf.. 33 Montgom 375 Stewart Warner. 850 Swift & Co . L 430 8wift Int .. 2 U ypsum 1810 ;lhl . 370 Wrigley, 2840 Yellow Mfg B. Total sales, 17, Mont Power (4) . Montgom Ward. . Mother Lo(755¢) . Munsingw'r (3).. | Nash Mot (18%). Nat Biscult (8)... sge Dept Stor. | Kresge DSt (2), Mallinson & Co... Mex Seaboard(2). Open. High. 824 82% 8% 9 80% 80% 6% 3% 50% 8 25% 81% 112% 163 19% 104 41% 1485 68% 3% 83 6% 34% 26% 534 88 30% 14% 61 68% 24% 48% 117% 124 103% 119% 107% 12% 56% 61% 28 36% 48 1274 554 704 8% 397 41% 8814 237% 13 84 83% 9% 39% 53 36 927 5 61% 274 18% €9 0% 37% 33% 37 53 68% 23 12% 106% ™% 6 23 25 94% a% 28% 88% 8% 34% 16% 48% 4% 12% 4% 12 82 * 89% 416 59% Ed 9 43 56 85% 160 16% 62 - 86% 874 64 2% 35 22 41% 28% 81% 45% 49% 13 - 92 20% 20% 21% % 5% - 14% 41% 161 46% 66 294%° 7 1% 31% 81% 8% 9% 6% 2% ATH 56 55% 60 16% 62 36% 874 63% 27% 85 22 40% 28% 30% 42 49% 12% 0% 19% 20 20% 1% 6% 14% 41 16% 45% 65% 28% % 1% Low. Close. 81% 9 9% 6% 2% 50 8 26 31% 111% 163 19% 108% 96 56% 90% 21% 4% 43 103% 6% 11% 66% 85% 44% 121% 3% 144% 141% 84 96 2% 8 27 €31 9% 95% 29% 104 921 16% 88% 22% 114% 584 59% 21 16% 53% 46% 90% 112% 22 69% 66% 109% 25 15% 2% 3% 4 12% 225 83% 4% 28 6% 60 16% 62 6% 63% 28 25 22 40% 28% 30% 49% 12% | 0% 20% 20% 21% 1% 5% 14% 41% 16% 45% 65% 29 7 1% 108% 106% 106% 106% B6% 5% 56w 56 + Open. High. Low. Close. tCloak & Suit. 50% 50% b60% bO% . 8 33 33 39 38% 88% 24% 24% 24% 145% 145% 145% 1% 14 1% 1% 13% 13% 44% 43% g:u 60% 50 105% 105% 105% 9416 93 94% 87% 87% 874 20% 2% 24% 21% 21% 21% 119% 118% 118% 2T 2w 2T% 48 4TH 4% 69% 69% B69% 19 19 8% 8% 50% 50% @2n <% 4% 4% 48 B52% 48% 52% 20% o) 5% 29% 2% 6% 45 49 24 52% 34% 9 5% 24 1% 27 Nat En & St Nat Lead (8). . Nat Ry,M 2d pt. Nev Cons Cob. N Y AirBr (4). NYABrA (4 N ¥ Central (1) N Y Ca&StL (6). Ny C&BtL pf (6). NY NH & Hart... N Y Ont & West. Nort& W (18). North Aner (2) North Am pf (3).. North Pac (6) Orpheum (13%). Otis Steel .. Otis Steel pf Owens Bot (3). PacG & E (8) Pacific OIl (2) Pan Amer (4) Pan Amer B (4) Park & Tilford. ... Penn Rallrd (3). Penn Seab Steel. . Pere Marqg (4). Pere M pr pf (5). Phila Co (4). 8% 24% Phillips Pet (2) Plerce-Arrow. Postam Cer (4) Prod & Refiners, Fub Ser N J (4). Puliman Co (8) Punta Al Su (5).. Pure Oil (1%)... Ry Stl Spg (8). Ray Cons Cop Reacing (4) Reading rts. Read 2d pf (2). Remington Type. Replogle Steel. Rep Ir & Steel. 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 Frpf. St L Southwest. St L S'th pf (8) Savage Arms Schulte (8) . Seaboard Air Seab'd Alr L pt Sears-Roeb'k (6). Sheil Un Ol (1) Simme Pet. Simmons Co (1).. Sinc Con Ofl (2) Skelly Ofl.. Sloss-Sheff (6)... South Pac (6).... Southern Ry (6). South Ry pf (5).. Std Gas & E1 (3). St Ol1 Cal (3). StOIlN J (1). Stew't War (10).. Stromberg C (8). Studebaker (4) Submarine Boat., Superior Ofl. ..... Texas Co (3).... Tex Gulf §16%). Texas & Pacific, Third Avenue. Timken (13%)... 17 13% 19 68% 23 3% 86 87 5% =3 34 9% 5% 39 5% 31% 12 33% 61% 89% 5% 136% 78% 22% AT% 79% 39 94% 69% 96% 27% 76% 22% 99% 121% 18% 70% 28% 23 20% 13% 42% 16% 42% 663% 23% 61% 9% 19% 23% 54 1% 18 8% 681 111% 25 10% 58 93 634 3% 5% 56% 4 654 62 34 % b% 38% 654 31% 1% 33% 61% 89% 5 136% 3% 22% 47% 9% 39 943 69% 95u 2% 76% 20% 99% 121% 18% €9% 28% 23 20% 13% 420 15% 42% 663 23% 61% 9% 19% 28% 64 1% 18 8% 68% 111% 24% 104 26 57 65% 62 4% % 6% 89 66 1% 12 83% 62 89% 5% 136% k23 22% 4T% 9% 39 95% T0% 95% 27% 77 221 99% 121% 18% 0% 28% 23 20% 13% 43% 16% 42% 66% 24 62% 9% 19% 28% 64 1% 18 8% 68% 112% 25 10% 884 384 88y Un Pac pf (4) Utd Alloy Steel Utd Cigar Store: United Drug (6) . Utd Ry Invest pf. U S Cast Iron P.. U S Ind Alcohol. . USR&Im (8 U S Rubber. . USR 1st pf (8) U S Smelting. . U S Steel (16) U S Steel pf (7). Universal Pipe. Utah Copper ( Utah Securities. Vanadium Corp. . Van Raalte. ..... Web & Heilb (1). Wells Far (2%) . West Pen (4).... Western Pacific. . WestE& M (4).. Wheel & L Erle. ‘Wheel & L Er pf. ‘Wh Eag Oil (2) White Mot (4). Wickwire Sp Sti.. Wil & Co pf. . Willys-Overland. Willys-Over pf... Woolworth n (3).. 111% Worthington Pum 24% Wright Aero (1). 10% Wrig WJr (3)... 88y Yellow Cab (5)... 54 54% 54 bd% {Partly extra. tPayable in Dividend raies as given in- (he coore ion are the annusl cash payments based om the R R e dividends are not included. = HOURLY SALES OF STOCKS. 1lam..... 249,100 12ML... 469,300 MAY IS POOR MONTH ON WESTERN MARYLAND Special Dispatch to The Star. BALTIMORE, June 28.—Dull coal business affected Western Maryland's gross earnings in May, causing a de- crease of $597,799 from the corre- sponding month a year ago to $1,535,- 610. This compares with $1,560.310 in April and is the lowest for any month this year. Total operating expenses, however, were reduced $505,365 to $1,142,539, bringing the gpperation ratio down from 77.24 t0®74.40. Despite these economies, an increase in equipment rents was responsible for a sharp re- duction in the surplus shown after fixed charges, which amounted to $3,924, as against $161,884 in May last year and $4,393 in April this year. The total net revenue for the five- month period ended May 31 was slightly ahead of the same period last year, totaling $2,106,706, against $2,08,660. - Gross during the same time was $8,174,357, compared with $9,646,543. CHICAGO GRAIN PRICES. CHICAGO, Juns 28.—Wheat prices showed a downward tendency today, owing chiefly to rains in the spring crop belt, both sides of the Canadian line. In this oconnection special notice was taken of .Minnesota re- ports that the outlook for wheat was almost ideal with no signs of rust or blight. Offerings on the declines, however, were well absorbed. The opening, which ranged from, % to % lower, with July 1.14%al.14% and September 1.15%al1.15%, was follow- ed by something of a rally and then by a downturn lower than before. Untavorable conditions for farm work together with scantiness of receipty gave remewed strength to the cofn market. After opening at 1% cent decline to ¥ cent advance, July 94 to 943% and September 91% to 92, the market scored gains all around. i Oats sympathized with corn, start- ing unchanged to 5 higher, Septem- ber 45% to 45%, and later showed a general advance. Provisions were quiet but steadd. WHEAT— July .. September December CORN—v w December OATS— July ... Beptember December BONDS CLOSE WEEK| Coxxew sor BONDS sroce excmusci| Received by Private Wire Direct to The Star Office. AT PEAK FIGURES Foreign Group Again Among Leaders—Liberty Loans Also Very Strong. BY GEORGE T. HUGHES. Epecial Dispatch to The Star. NEW YORK, June 28.—The week in the bond market closed with prices at the peak of the -movement. In numerous Instances new high records Were scored. As has been the case for the past six days, foreign issues were among the leaders. About the only foreign bonds to show declines have been the high coupon obliga- tions, selling at or above the callable prices. such as Swiss 8s, Zurich 8s and Noiway 84. On the other hand, bonds selling below par and those cither non-callable or selling below the callable price have udvanced al- most without exception. Foreign Iusues Stromx. The South American group has been conspicuous for its strength, particu- larly the Brazil issues. Brazil 8s to- day made a new high, while Brazil s the Central raflway electrification loan, equaled the record high estab- lished this week. Both these issues, however. sold substantially above their present prices in 1 when money conditions were not as easy as they are now. while Brazilian finances are in as good condition today, if not better, than two years ago In the French group today's new Figh was made by Department of the Seine 7s, which even at this quota- tion show a maturity yield of over § per cent. In domestic speculative rails and tractions attention was centered upon irdividual issues. Norfolk Southern refunding 5s es- tablished a new top, responding to the favorable May earnings report. Another high was reached by New Orleans, Texas and Mexico income 5s. Libertys Again Strons. All the United States government loans were firm today, with special strength in Liberty second 446 New highs for the year has been established this week by the first. second and third 4%s The second 4%s surpassed their previous high today. Much new financing is scheduled for next week, the most interest of which will be the Hungarian loan. The London flotation is set for Wed- nesday, but no official announcement Eas been made as to the time for of- fering the American participation. The reception by American investors of these Hungarian bonds will be a decisive test of their attitude to- ward foreign securities. Meanwhile new domestic offerings are easily absorbed. The total this week was more than $105,000,000. B.& 0. MAKES DRASTIC CUTS IN EXPENSES Railroad Has Covered All Divi- dends So Far This Year and Has Surplus. Special Dispatch to The Star. BALTIMORE, June 28.—To change a shrinkage of $5,249,822 in railway operating revenues into a loss of only $907,666 in net railway operating is what the management of the Balti- more~ and Ohio accomplished last month. To obtain that were cut drastically. _This item was reduced $4,185188, Maintenance of equipment accounted for $3,318,378 of the saving, while transportation fur- nished $953,956. Operating ratio was 75.37 per cent, against 76.34 for the corresponding month a year ago. Notwithstanding the big drop in earnings for the first five months of the vear and the expected loss this month, the ecompany will round out the first half of the year with the dividends on the preferred and com- mon stocks earned for the period, with a small balance AMERICAN EXPRESS CO. REPORTS BIG EARNINGS By the Aswociated Press. NEW YORK, June 28.—American Express, according to belief in the street, is being purchased by some of the same interests which put the price to $162 a share in 1922. Re- sults are beginning to be shown already by the new president of the company in the form of earnings at the rate of $12 a share, or double dividend requirements. The greatest influence-behind the shares of Ameri- can Express is the $4,418,000 express and railroad securities held as in- vestments. SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) ~—Close.— Bid. Offer 108 result, expenses Aluminom Co, of Amer. Ts 1925. Aluminum Co. of Amer. 7s 1933, American Sugar Gs 1937. £ American Tel. & Tel. 6s 1935 . ‘Anaconda Copper 6s 2 Anglo-American Oil 7 Canadian Northern 5is 1924. .. Central of Georgia 6s.1929..... Central Leather 5s 192: = Chi., R. I. & Pacific 5%s 1026, . Columbia Gas & EL 1st 5s 1927 Du Pont 7%s 1831.... Federal Sugar Ref. 6s 1 Gulf Oil Corp. of Pa. 5% Humble Oil 5%s 1962 = Kennecott Copper’ s i 4 . & B. 8. M. 6148 1031. 1080’ s U, 8. Rubber 7 Western Unlon FOREIGN EXCHANGE. (Quotations furaished by W. B. Hibbs & Co.) Nominal Sellin £Fold valve. g v g Budapest, crown NEW Y%eex, June 28.—Foreign ex- gular. Quotations fAm T & T deb 5%s. 25 (Sales are in $1,000.) UNITED STATES BOND! {Fractions l’esrelant thirty-seconds. Example: 101-3 means 1013-32.) Sales. High. Lib 3% Lib 1st 4% Lib2d 4%s. Lib3d 4%s Lib 4th 4% s U S 4%e 1962, 444 102-15 1 FOREIGN. Bales. High. 65 B2% 43 944 1024 93% 100% 106% 104% 110 92 Argentine s Argentine Argentine 7 Austria 7s Belgium 6s. Belgium 7% Belgium 85 Berne 3s. Bolivia 8; Bordeaux 68 Brasiize... razil 7%s. Brazi 8-‘i Canada 581931. Canada 5s 195 Canada 5% s 192! Chile 75 1943. Chile 41. Chile 8s 1946. Chinese Gov Ry bs. Copenhagen 5%3s.. Cuba 5% Czecho; Danish Munic 8s A. Danish Munic 8s B. Denmark 6s . Denmark 8s. Dutch East I 6s'47. Dutch East I 6s'62. El Salvador 8s48. Finland s f 63 1945. Framerican 7%s. French Govt 7is. . French Govt 8 Haiti 6s. Japanese 4s....... Japanese 1st 4%s.. Japanese 2d 4%3 Japanese 6%s. ... 102% 92 78% 9% 97% 921 80% 86 86 93 4% 97 98% 111% 85% 78% 89% 101% 98% 97% 99 101% 904% 85% 96% 113% 60% 109% 104 106 Lyon 6s. Marseille 65 Montevideo 7 Netherlands 6s Norway 6s 1943 Norway 6s 1952 Norway 88 Orfent Dev deb 6s. Paris-Ly’s-Med 6 Prague 1%s Queensland 6s..... Rio de Jan 85 1946. Rio de Jan 8s 1947. Rio Gr Do Sul 8s... Sao Paulo City 8s.. Seine Dept of 7 Serbs Crotes Slo Swiss b%s 1946 Swiss Confed 8: Tokio bs - Ud Kingm 5%s 29, Ud Kingm 5%s '37. 12 Urugr: 8s... 54 101-26 101 . 22 102=10 102-8 102-8 1090 101-25 101-19 101-19 229 102-10 102-8 102-9 Low. Close. 2 10124 11 102-11 387 106-8 106=3 1053 Low. Close. 82% 93% 102% 928, 100% 106% 104% 110 92 85% 87% 98% 99 101 102% 102% 9% 105% 106% 46% 4% 964 96% 109 109 98% 110% 96 95% 102 91% 93% 994 102% 1% 78% 9% 9% 924 80 85% 85% 93 94% 97 984 111% 85% 8% 89% 101% 98 6% 98% 100% 90% 85% 96% 113% 60% 109% 103% 106 MISCELLANEOUS. 2 80% 86 88% 2% 93% 100 96%% 100% 102 ! 114% 913 4% 96 97% 86 88% 98 100 £8% 88% 96% 104% 102 108% 95% 98% 105% 995 140% 101% 99% 99% 93 88 1% 9935 89 1057 83 108% 105% 106% 91% 100% 102 Y64 103% Ajax Rubber ss... Am Agr Chem T%s 14 Am Cotton Oil 5s Am Repub deb 6s Am SmIt&R 1st 5s. Am Sug ref 6s.. . AmT& Tcltris AmT& Tcl trbs AmT&TeyS6s. ... Am Water Wks 5s. Am Writ Paper 6s. Anaconda 1st 6s... Anaconda cv db 7s. Armour & Co 4%: Armour of Del 5%3 Atlantic Refin 5s. Bell Tel Pa 55 Beth Steel pm b3 Beth Steel 5%s '53. Beth Steels Braden Copper Bklyn Ed gen 5s.... Bklyn Edison 7s D. Bush T Bldg 55 '60. CRlif Pete 6%s.... Can Gen El deb 6s. Central Leather §s Cerro de Pasco 8s.. Chile Copper 6s. Col Gas & El 5s.... Col Gas & Fl 5s sta Commonwth P 6s.. Con Coal Md 1st 55 Cuba Canecv s '30 Cuba Canecvd 8s. Denver Gas 5s..... Det Edison ref 6s.. Donner Steel 7s. Du Pontde N 7% Duquesne Light 6s. Rst Cuba Sug 713, Empire G&F 7%s.. Fisk Rubber 8s.... Francis Sug 7%8.. Goodrich 6%s..... Goodyear 85 1931.. Goodyear 83 1941 Hershey 65 1942. .. Illinois Beii 1st 5s. Illinois Steel 4%s. Int Mer Marine 6s. Inter Paper 65°47.. K CP &Ltbs A'52. Kan G & El 63'52.. Kayser (J) 63 Kelly-Spring 8s. Liggett & Myrs 5s. Magma Cop cv 7s.. Marland Oil 8s'31. Mexican Petrol 8s. Montana Power bs. New Eng Tel 5 N Y Edsn 1st 6% NYG EL H&P 4 NYG EL H&P 6s. NY Tel 4%s. N Y Tel 6341 N Y Tal 6849 Norta Am Ed 6s. .. Nor States Pow 5s. Nor States Pow 6s Northwst B Tel 7s. Otis Steel 7% Otis Steel 8 Pacific Gas & E: 53 PacT& T1st5s... Pacific T & T 6552 People's Gas 5s. ... Phila Co 5%s'38... PhilaCoref 6sA.. Plérce-Arrow 8s. Pierce Oil deb 8s. Public Service bs.. Pub Serv Elec Punta Alegre 7 Robins & M1st 7 aBanomnaunSaman 9 wRaE® - - NG NHESan-naa® - 17 102 97 9% 85 84% 93% 97% 100% 1 98¢ 2% 104% 103% 97 100% 12 85% 100% 9614 106 108 4% 93% 103 108% 87 5% 93% 29 93% 93% 93% 102% 6 96% 94% 101% 108% 79 104% 101 864 92% 100% 100% Bl 98% 26 104% 98 104 81 101% 104% 29% 93 94 111% 108% 66 98: 86% Adls 101 5% Sinclair Oil 6%s... Sinclair Of1 7s. ... 11 Sin Crude Oil 5%s. 17 Sin Crude Ofl 6s... 37 Sin Pipe Line b 5 South Bell Tel bs.. 1 Southwest Bell 53. 174 Steel & Tube 7s. 1 Tenn Elec Pow 6 13 Tide Wat Ofl 6%s. 1 U 8 Rub 1st rf bs. U S Rubber 7% USSteels 16 Va-Car Ch T%s Utab Pow & Lt b Vertientes Sug 7s. ‘Weatern Union 6% Westinghouse 7 Wickwire Spen Willys-Ov 6%» "33, Wilson & Cqlst 6s Wilson & Cocv 6. ‘Winchester A 7% YoungstnS& T 80 804 &6 88% 92 93% 100 96% 100% 102 114% 9% 4T% 96%. 97 86 884 97% 100 884 884 96 104% 102 108% 954% 98% 105% 994 138 101% 9944 99% 92% 87% 945 99% 89% 105% 83 108% 105% 106% 1% 100 102 96 « 101% 116% Q116 102 96 9% 85 B4% 93% 9% 100% 91 98% 112% 104% 103% 97 100 12 85% 100% 96% 1057% 107% 94 93% 10274 103% 87 95% 3% 99 93% 93% 93% 102% 6% 96% 945 101% 108% 79 104% 101 86% 2% 99% 100% 84% 98% 95% 104% 97% 103% 80% 101 104% 29% 93 2% my WK% 85% 7% 86% 44% 10t 5% 821 93% 102% 92% 100% 106% 104% 110 92 85% 87% 98% 99 101 1024 102% 97% 105% 1064 46% 4% 6% 96% 109 109 98% 81 29% 93 % 111% 108% 66 97% 86% 44% 101 95% DRY GOODS MORE ACTIVE. NEW YORK, June 28 (Special).—Cot- (in |ton goods were somewhat more ac- changes United States dollars)—Great Britain, | tive in today’s week end market, but there were no price changes of note. demand, 4.32%; cables, 4.32%; 60-day bills on banks, 4.29%. France, de- mand, .0539; cables, .0530. 'mand, demand, .0461%; cables, .0462%. Ger- many, demand (per trillion), 23%. Holland, demand, .3764. Norway, de- mand, .1345. Sweden, demand, .2653. Denmark, demand, .1638. Switzer- land, demand, .1775%. Spaln, de- mand, .1342. Greece, demand, .0173. Poland, demand, .0019 56-16. Czecho- slovakia, demand, .0295. demand, .0114. Austria, demand, .0014%. Rumania, demand, .0043%. Argentina, demand, .3360; Brazil, de- mand, .1100. Tol demand, 41%. Montreal, .98 §1-64, 72 Ttaly, de- | Print cloth quotations stood at § cents 431% ; cables, .0432. Belgium, | for 64 by 60s and 10 cents for 68 by The raw silk market showed more strength, prices rising 5 cents all along the line, 43 NEW OIL ‘WELLS. SHREVEPORT, June 28 (Special).— Jugoslavia, | Daily average oil production in Ar- kansas and Louisiana increased 186 barrels this week to a total of 213,590 barrels. Forty-three new wells add- ed 8,565 initial production. |NY W & Bos 4% RAILROADS. Bales. High. 83% 86% 9% 87 90% 102% 101% 84 81 113% 13 81 98% 102% 103 88k 95% 88% 97% 37% 29% 83 2% 56 80 2% 60 52% 57 99/ 109% 82% 824 91% 103% 9% 84 89% 101 1% 0% 45 90% 68% 59% 59% 59% 69 100% 105% 12% 101% 109% 7% 674 90% 102% 674 67% 69 90% 99 543 90% 103% 93 103% 106% 60% 99'% 86% 88% 81% 71% Atchison adj 4s. ... Atlantic CLcl 4s.. 47 B& O PLEEWV Bklyn-Manhat 6s..297 Canad North 6% Canad North 7s Car Clinch & O bs.. Car Clinch & O 6; Cent of Ga 58 Central Pacific Ches & O cv 4%s. . 132 Ches&Ogn4%s.. 5 Ches & Ohio cv 5s.. 68 Chi & Alton 3% 38 Chi B&Q 1st rf bs.. 53 CB&Q-1123Y Chi & E 111 gn b Chi Great West . 6 113 Chi M&St P cv 4% s Chi M&St P rt 4%4s ChiM &St P cv bs. ChiM &St P 6s.... Chi& NW 6% ChiRI&Pgn ChiRI&Prf4 Chi Un Sta 43 CCC & StLrf6s A. Cleve Term b CubaR R 6s. 57 82% 82 NN 84 B9% 100% 1% 90% 45 90% 68% 59 59% 59% 68% 1004 106% 112% 101% 109% 87% 66% 90% 102 66% 66% 68% 87'% 98 53% 90% 103% 93 103% 106% 60% 29% 86% 88% 81% 71% 60% 86% 101% 61 8% 98% 91% 85% 99% 106% 90% 101% 46% 5 86% 85% 66% 2% 62% 52 904 614 86 95% 105% 1003 100 94 102 110% 109% 3% 8L 97 92% 81% 91y 83% 70% 85% 4% 7% 67% 101% 84% 100 8% 64% 69% 80% 961y 90 Ti4% 100 102% 106% 48% R6% 104% 104 964 100% 63% £89% 82% 63% BUTTER IS LOWER ON HEAVY RECEIPTS Increased Production K Weakens Market—Huge Packs Break Storage Records. Del & Hudson 5%s. Den & Rio G cn 4s. D& Rio G imp bs. . D&RG st rf bs Det United 4% Erie 1t con 4s. Erie gen 4s Erfe canv 43 A. Exle conv 45 B. Erie conv 48 D. . Erie & Jersey 68 Gr Trunk sf db 6 Grand Trunk 7 Gr North gen 5 27 Hud & Man aJ Bs.. 46 11l Centralvef 4s.. 12 11 Central 6%s.... 3 Int Rap Tran bs... 266 Int Rap Tr s stpd.352 . 42 1103 Int & G Nor 1st 6s. 44 Int & G Nor aj 6s.. 87 Kansas City S 5a.. 21 .26 Louls & N uni 4s... 19 Louls&N6sB.... 3 Louls & Nash 6%s. 39 Mo Pacific gn Mo Pacific bs Mo Pacific 6a NOTex &M in 5i N ¥ Cent cn 45 °9! N ¥ Centri5: N Y Cent deb 6 NYC& St Ldebds NYC&StLés New Haven d 4s New Haven c d 61 New Haven 7s. New Haven 7s fr.. 108 N Y Ont & W ref 4s 53 N Y Rysadj5sct.. 20 N Y State Ry 434 o 14 47 5 46 50 5 26 26 24 Norfolk & W cn Northern Pac 3s... Northern Pac 4s... Northern Pac 5s D. Northrn Pacr 1 6s. Ore & Calif 1st 5 Pennsyl con 43%s. . Pennsyl gen 43s.. Pennsyl gen 5s Pennsyl 6% Pennsyl gold 7 Peoria & E inc Pere Mrq 1st 455 Pere Marq 1st bs. Reading gn 4%s RIATk &L 4% St L IM&S 4s ‘29 St L IM&S R&G 48 StL&SFpldsA.. StL&SFprinbs. StLS W con 4s'32. StP Un Dep 6%s.. Sou Pacific 4s°29.. Sou Pacificref 4 Southern Ry g 4s. Southern Ry 1st 58 Southern Ry 68 ct. Southern Ry 6% Third Ave adj bs.. Union Pac1strf 4s Union Pac 1st rf 68 Union Pacific cv 6s Virginia Ry 1st s Wabash 1st b Western Md 4. ... ‘Western Pacific 6s. ‘West Shore 1st 4s. Whel & LETL 4%s By the Associated Press. CHICAGO, June 28.—Butter produc- tion continues to increase and con- sequent heavier receipts were respon- sible for the weak condition of the market this Wweek. Prices were bare- ly steady, and trading quiet. Quality showed the effect of hotter weather, which put pastures in ex- cellent condition and increased the flow of milk, with continued increase forecast. The movement into storage, which had broken records, continued. Foreign asking prices were too high to interest domestic importers and domestic markets were unaffected by arrivals from abroad. Closing whole- sale prices and range, 92, score butter, follow. Chicago, unchanged at 39; New york, unchanged at 41%: Boston, half lower at 413, and Philadelphia, un- changed at 42. e ROMANCE IN SAVAGE ARMS Company Grows Faster in One Year Than in Half Century. NEW YORK, June 28.—Wall street has to_turn back to the war chapters in_its financial history book to dupli- cate the commercial romance of Savage Arms, which in the short period of one year has developed a.business in electrical household appliances that exceeded its arms and gun business of half a century. Revenue from this new department is running ahead of its gun profits. On an investment of omly about $50,000 for equipment the company is doing an annual gross business of $3,000,000 on electrical devices. e RATE CHANGES HALTED. Proposed new railroad freight rate schedules restricting the combination ruje used in making through rates on lumber and other forest products from points in the northwest, and re- sulting In a gemeral increase, were ordered today from June 30 to October 38 by the Interstate Commerce Commission, FINANCIAL, COTTON SELLS LOWER IN TODAY’S MARKETS Private Reports Factors in Trad- ing—Quotations Under Yes- terday’s Close, By the Amociated Press. NEW YORK, June 25.—The cotton market was quiet in today's early trading. With Liverpool closed, there were no cables to influence sentiment here and after opening steady at a decline of 7 to 12 points, prices held within a comparatively narrow range, .1;!)}; selling around 29.16 and October Two more private crop reports were issued, one making the conditicn 63.1 and the indicated yield 11,700,000, while the other placed the condition at 69.3, but gave no figures on the indicated crop. Cotton futures closed barely steadsy. High. Low. July . .28 October . Decegiber . January Opening: July. 20.20: October, Der. 24.32; January, 24.08; March, 2430, NEW ORLEANS, June 28 —The cot- ton market had a quiet and easier opening, first trades showing losses compared with yesterday's close of 7 to 10 points. july traded at 27.35; October at 24.30, and December at 24.02. Three more condition reports were issued this morning ranging from 66.4 up to 69.3, with indicated yields of 11,770,000 to 12,000,000 bales Cotton_ futures closed steady at net declines of 2 to 15 polnts. Tow. 23 24.18 =95 %0 Close. oty .. 27,404 October . A 239768 90 bid. 190 bid. October, 243 . 23.94 bid; 3 Do March, CRAN PRCES SR N WD MARKET Position of Corn Said to Be Without Parallel in Great Many Years. By the Associated Press. CHICAGO, June 28.—Skyrocketing prices for corn and oats have almost monopolized attention in the grain trade this week. Field conditions were so unusual, high authorities de- clared, that anywhere near a normal crop of corn this season would be out of the question, except by means of an exceedingly late fall. Compared with a week ago, the corn market this morning showed 4% to 7 cents a bushel advance, with oats 1% to 6% cents up, wheat at one-hali-cent de- cline to an equal gain, and provisions varying from 7 cents lower to a rise of 20a22 cents. Conditions Without Parallel An official report from Iowa, the greatest corn-producing state in the Union, sald that even the best of future conditions would be without power to overcome the lateness of the Towa corn crop. As to the outlook in the country as a whole, one of the leading experts here sald the position of corn was desperate, without paral- lel in a great many years, if ever. Long continued cold weather and ex- cessive rains were given as the chiet drawbacks. With information of this character widely circulated, buying of future deliveries of corn was on an immense scale, and day after day the market reached new high-price records for the season. Profit-Taking Very Heavy. Scarcity of corn available for imme- diate delivery here forced the price of No. 2 yellow up to 1.01 a bushel. At about that juncture, however. big profit-taking sales of future deliveries led to violent breaks in July, Sep- tember and December prices. Never- theless the market level still re- mained far above where the advance had begun, both for corn and for the allied feed grain, oats. Harvesting in the southwest and slowness of export demand failed to depress the wheat market in the face of corn strength here and adverse conditions for wheat in Canada. Provisions averaged higher, owing to sympathy with the corn market. EVERYMAN’S INVESTMENTS By George T. Hughes Thirty-Sixth Article. “SAFETY” A RELATIVE TERM. The question I am constantly asked about specific investments is whether the stock or bond under considera- tion is Bafe. The Jnquirer is almost sure to say that he wants the highest possible return on his money, but that the first consideration must be safety. Now, it is very hard to know what to say to such would-be inves- tors, for “safety” is a relative term. There is no such thing as absolute safety of investment unless it be in a United States government bond. That comes about as near being absolutely safe as any security can be. After that, investments grade all the way down until they cross the line which separates them from speculations, and even that line is indefinite. Various investment authorities have rating systems whereby they grade securities according to their particular notion of their relative safety. No two authorities agree in all respects as to these ratings. Exceptions to Rule, Securities with an active market may be roughly classified according to the return they promise on the money invegtea. In a general way the higher the return the greater the risk, aithough to this rule there are exceptions. More important still, this question of relative safety is never permanent ly settled. These same rating e perts continually revise thelr esti- mates. A bond they grade “A” may be reduced to “B” six months hence, or vice versa. Perhaps the point can best be illustrated by taking two stocks, one the New Haven and the other United States Steel. Twenty years ago the New Haven sold around 3200 a share, and was considered a conservative investment, while Unit- ed States Steel was selling under $10 a share, and considered highly specu- lative, and at that time both these estimates were correct. Today the situation is reversed. Where to Get Adviee. The moral to all this is that every investment list ought to be periodic- ally revised, certainly once a year, and preferably once every six months, 1t is not necessary to make constant changes in your investments. It is necessary to take stock, from time to time, and consider whether changes in financial conditions may not have made advisable the sale of some .se- curities and the purchase of othe Obviously this review can be under- taken only by some one well quali- fied for that purpose. That is the business of an investment banker, and ordinarily he should be the one to consult, but as has been sald pre- viously in' these articles, you should use the same care In the selection of your {nvestment adviser as you do in picking your lawyer or your doctor. Take advice only from those fitted by training and experience and with long records for conservatism. (Copyright, 1024, by the Consolidated Press Aseociation.) ) GASUGHTINGOVE ABDVE Y, 13 $20,000 Gain Due to Demand ang Lower Costs—W., B, ' & A. Defers Dividend. BY CHAS. P. SHAEFFER. The Washington Gas Light Compan was operated at a net corporate incom: of $74,871 during May, 1924, an increaso of approximately $20,000 over the $54.- 495 reported for the corresponding month of last year, officials of the utility re. Ported this morning. 5 J A brick demand for th for the companmy's product, coupled with lessened operating expenses, was entirely responsible for the favorable showing for the month . Operating revenues of the utility dur- ing the period in question amounted to l:l:.fl!. With expenses aggTegating $273.266. Deductions from total net rd‘l‘x (‘-?un z;vmunu—d to $27,447, while de ctions from gross co e totaled $43.710. e N Liberty Declares Dividend. Directors of the Liberty Nationa Bank yesterday declared a semi-annial dividend of $350 per share, payab daly 1 to Stockholders of record June 28." The s for Tiot be Sleay T transfer of stock w W. B. and A. Defers Dividend. Directors of the Washington, E more and Annapolis electric rai yesterday decided to defer nnti] later date action on_the dividend di. on the company’s outstanding $1.760 500 6 per cent non-cumulative pre ferred stock. It is said the compar has not earned its preferred dis dends during the first six months of income the vear. In making known its decicion, directorate, through President ( T. Bishop, said, In part: “Owmng to increased cost of operation, expeciall increases in wages to emploves, thr dividend has not been earncd for the first six months of the year. Th company has asked for an increas: In rates, which, if granted, will placs the electric line rates more near a parity with those of the stea roads. Until it is known whether th application will be granted, and, it is, what effect it will have on thr revenues of the company, the direc- tors belleve no declaration of dividend should be made.” - NEW HIGH AVERAGE - BY 20 RAIL SHARES Week Also Sees Industrials ' - Go High—0il Stocks in ) Brisk Rally. th ore: By the Associated Press. NEW YORK, June 28.—Stock and bond prices continued their move- ments to higher ground in this week's market. Trading in stocks slowed up somewhat earlier in the week cause of the uncertainty regarding developments at the Democratic na tional convention, but there was burst of activity in both stock and bond markets in the closing sessions Professional traders made several attempts to unsettle the general lit. basing their attacks on unfavorabl: trade news, but prices were carricd upward by the steady demand for railroad shares, more than a score « which sold at mew peak prices for the year. The average of twenty leading ra road stocks also moved into new high ground. while the average of twent | industrials made a new top on the current up-swing. but were still wc below the peak for the year cstab lished last February. Strength in Rails Explained, Buving of the railroad shares wa attributed to a variety of causes which included relatively high cur rent earnings, possibility of favorab dividend developments, rumors consolidations including the appa ently well grounded report that th Van Sweringen interests were seck ing control of the Erie in order t corporate that road into a gigant ‘Nickel Plate” system, and a stead investment demand for some of t high-grade carriers, which failed t assert itself until after Congress had adojurned without passing any a railroad legislation. 3 Most of the steel shares held rel tively firm despite the continued lack of any definite indications of either an increase in demand or rolling mil operations. Bethlehem sustained i temporary sinking spell on rumors questioning the safety of the cf mon dividend. Motors and motor cessories were inclined to heavin Chain store issues were buoyant or reports of large current earnings Oils in Brisk Recovery. 0il shares were vigorously attacked on the filing of the governmen! < anti-trust suit against fifty of ti leading oil companies, but they mad- brisk recovery later. 'Public utilitic= developed marked strength, with Mon tano Power, Consolidated Gas and th: Brooklyn-Manhattan issues selling a their best prices of the year. Several strong spots also developed among the specialties, particularly amoni the mail order issues, buying of which was Influenced by the re- sumption of dividends on Sears Roe- buck commo ot IS DAIRY PRODUCTS BALTIMORE, Md., June cial).—Live poultry: Spring kens, b, 35a45: leghorns, 30a36; old hens. , 18a26; leghorns, old, 18a20; old roos ers, 1 s, 15a20; pigeons, per pair, 30a pring ducks, 25a28. Eggs —Loss off; native and nearby first free cases, per doz.. 25%:a26. ‘Butter—Creamery, good to fancy. Ib, 38a43; nearby creamery. 35als prints,. 43a45; ladles, 30a32; rolls, D8a31; store packed, dairy prints, 58a31. process butter, 34a35. U. S. TREASURY CERTIFICATES (Quotations furnisbed by Redmond & Co.) Bid. o 100 2132 100% 100% 101 101% 101732 101 101% 101 1116 101 131 101116 10113 4% March 15, 102% 415 September 15, 1026.. 101% _ 101% 43is March 15, 1827....00 18116 103318 148 December 15, 1027... 108118 106316 i ol e BOSTON STOCK MARKET. BOSTON, June 28.—Following a list of today's highest, lowest and closing prices for the most active stocks dealt in here: Am Tel & Tel . m Wool ... u & Hecla Carson Hill Min . Coanor J T . Copper Range New Eog T & T NYNH&H St Mary's Land _ Superior & Boston . be- (Spe- 5%s September 15, 1024.. 42- Decewsber. 15, 1624 High. Low. % RATES ON BAR SILVER. LONDON, June 28.—Bar silver, 34%d per ounce. Money; 114 per cent. Dis- count rates, short bills, 3% per cent: three-month bills, 3 5-16 per cent. = LIVE POULTRY LOWER. CHICAGO, June 28.—Poultry, alive, lower; fowls, 19%a21%; brollers, 3ia §6; roosters, 14.