Evening Star Newspaper, April 8, 1925, Page 30

r 30 * PRIGES CONFUSED IN STOCK MARKET Gary’s Steel Statement Falls Flat—Packard and Max- well Lead Motors. BY STUART P. WEST. pecial Dispatch to The Star NEW YORK, April 8.—There was another session of rather ingscisive price changes on the stock exchange today. Stocks like American Can, Baldwin Locomotive and United States Steel common did littie 1n either direction, while interest was confined to a tew specialty favorites. The moderately bullish statements on the steel industry by Judge Gary, by the president of the Republic Iron @nd Steel and by the heads of the Bethlehem Corporation fell flat. Steel stocks were more Interested in the midweek trade reviews which were none too good. United States Steel common was a fraction higher at the start, but did not continue its ad- vance. Bethlehem Steel was readily supplied around 41. Other members of the steel group were inactive Packard Makes New High. In response to assurances that the gividend on Chicago and Northwest- ern common was in no immedlate danger, the stock opened up two points. But there was a rush of of- ferings on the recovery which quick- ly swept the price down again. Packard Motor made a new hig] record, crossing 23, the reports per= stNn%' of a deal involving the com- pany despite officlal denials. Stude- baker. Willys-Overland preferred, and Hudson all held up fairly well, but did not show_the same push’as on other days. Maxwell Motors A made a new high at 96. Dry Goods to Divide Shares. ‘The announcement was made that Associated Dry Goods directors had adopted a plan for a capital split-up on the basls of four shares of new stock of no par value for one of the old, and that dividend at the rate-of $10 on the present issue was to be recommended. This expiained the recent advance. General Baking, after a long period of inactivity, shot forward violently, offerings being scarce on the way up. United Drug showed strength for a time. Hudson and Manhattan sold mbove 30 in anticipation of the early declaration of a dividend. Baldwin Turns Heavy. Baldwin Locomotive was decidedly heavy. Oil shares began with some promise under the lead of California Petroleum preferred, which crossed 116 for the first time. In the after- noon it sagged off. Phillips Petro- leum and Pan American B came off a point or more. The recent buying in the tire shares, accompanying the strength in some of the motors, has been influenced by the belief that before the end of April a general marking-up of tire prices would occur, owing to higher crude rubber prices and increased tire demand. Such a development would naturally be looked upon as bullish for the earnings of the va- rious companies, which are reported to have bought quite heavily of crude rubber when that commodity was at low levels. Lately there has been a firmer tendency in the crude rubber market and the president of one of the larg- est tire manufacturing companies a day or so ago was quoted as saying that he looked for higher crude rub- ber prices. CLOSING IRREGULAR. Western Rails and Other Issues Drop in Last Hour. By the Associated Press. NEW YORK, April 8.—The closing was irregular. Western rail shares en- countered heavy selling in the final hour. Pennsylvania fell to a new 1925 low at 44%, while Jersey Central broke 10 points, Delaware and Hudson 4 and Norfolk and Western 23%. Republic Steel slipped off 1% points to a new minimum figure for the year, but Gen- eral Electric bounded 6 points and Wil- lys Overland preferred led the motors with a gain of about 4 points. Nash Motors, however, experienced a sudden break of 23 points. Stock prices moved in confused fash- jon today as pool operations in certain specialties were offset by professional selling and profit-taking in other ‘issues. Business was curtailed by the impend- ing holiday and uncertainty over trade and money conditions. Sales approxi- mated 1,000,000 shares. Markets at a Glance NEW YORK -—Stocks, irregular; motor shares strong; several rails at new lows. Bonds, Chicago traction 1 oreign ex- changes steady; s moderately higher. Cotton, lower; beneficial Tains in Southwest. Sugar, steady; trade buying. Coffee, higher; better spot demand expected. CHICAGO.—Wheat, lower; favorable woather in Southwest. Corn, easy: commission-house selling. Cattle, tircgular. Hogs, steady to higher. MARCH GRAIN SALES SMASH ALL RECORDS Future Delivery Business Never Equaled on Chicago Board of Trade. By the Associated Press. CHICAGO, April 8.—Sales of grain for future delivery on the Chicago Board of Trade for March were the largest for any month for which rec- ords are available. Total for wheat ‘was 2,061,895,000 bushels, and for all grains, 3,219,506,000 bushels, of which 755,197,000 bushels were corn, - 305,- 093,000 bushels oats and 107,321,000 rye. The largest open interest in wheat was 128,766,000 bushels, March 5; the high spot on. corn was 92,924,000 bushels, March 12, and on oats, 109.- 698,000 bushels, and rve, 23,008,000, March 1 and 2, respectively. Total sales of all grains and flax- seed in the nine markets in March were 3,552.884,000 bushels. For March, 1924, total sales were 1,139,516,000 bushels, of which 593,250,000 were wheat. L e STOCKS EX-DIVIDEND. Date. Corporations. Apr 10--Alllance ty Co. Apr 10—Am Coal Co of Allegheny Co. Apr lb—A%:rln: Type Founders Co. 5 hEkEsEENcs —_— Dymamiting for fish is a faverite FINANCIAL, Adv Ruley.... Afr Reduct (4). Ajax Rubber. ... Alaska Juneau. . All Am Cable (7) Allied Chem (4). Allis Chalm (6). Allied Cm pf (7) Am Agricul Chm Am Ag Chm pf.. Am Bk Nte (5). Am Beet Sug (4) Am Bosch Am Drug (60c) . AM&F P 25% (7). Am & For Pow. . Am & Fr P pt (1) Am Hide & Lea. Am Hide & L pt. Am Ice (7)., Am Internatl. Am La Fran (1), Am Linseed pt. Am Loco (118) Am Metal (3). .. Am Metal pt (7). Am Safty Rz (3) Am Sm & Ret (8) Am S & Rpf (7). :m gnu!r (12) m Stl Fdys (3 Am Sugar. e Am Sumatra Am Tobacco (7). Am Tobac B (7). Am WW&ZI 30c. Am Woolen. .. m Wool pt (7). Am Zinc. W Am Zinc pf Anaconda (3)... Archer-Daniels. Armour Del (7). ArmourIllA('_)), As80 Dry G (5).. Asso D G Ist (6). Asso Oll (13)... AtT & 8Fe (7 AT&SF pt (5) AtlanticCL (7). AtGuUUI & WI.. At Gulf & WI pf. Atlantic Refin Austin-Nichol Auto Sales pf. Baldwin L (7) Bald Loco pf ( Bal & Ohio (5) Bal & Oh pf (4). Barnsdall A. Beech Nut (2.40) Bethlehem Steel Beth Stl pf (8).. Booth Fisherles. Briggs Mfg(3%) British Empire. . Bkl Edison (8).. Bkl-Man Tran Bkl Union G (4). Brow= Shoe (4). Broww Sh pf (7). Burns Bro (10). Burns Br B (2).. Bush Term (5) Butte Cop (50c). Butte & Su(50c). Butterick Co.... Caddo Central Cal Packing (6 Cal Pete (1%) Calif Pet pf (7).. Callahan Zinc. .. Calumet & H 50¢c Can Pacific (10). Cent Leather. .. Cent Leather pf. CRRNJ (112).. Century Rib (2). Century R pt (7) Cero d Fasco (4) Certain-Teed. .. Chand Mot (3) Ches & Ohio (4). Ches &0 pf(6%). Chi & Alton. ... Chi & Alton pt. Chl & East Il Chi Great Wes! Chi Mil & St P. ChiMil & SP pt. Chi & Nwn (4).. Chi & Nw pf (7). ChiPneuT (6).. ChiR1& Pac... CRI&PDS (7). ChiStPM&O.. ChStPM&ODI(5) Childs (12.40). .. Chile Cop (2%). Chino Copper. .. Cluett Peab (3). Coca-Cola (7)... Colo Fuel & Iron Colo Southern. Colo Sou 2d (4). Col G & E (2.60). Col G & E pf (7). Com Solv A (4).. Com Solv B. Consol Cigar.... Con Distributrs. Consol Gas (5) Consol Textile Cont Car (4) Cont Mot (80c) Corn Prod (2)... Crucible Stl (4). Cub Am Sug (3). Cuban Cane Sug. Cub Cane Su pt.. Cuba Dominican Cuyamel Fr (4). Cuyamel Frrts. Davison Chem. . Del & Hud (9).. Del LEWR (17). D&R G Wst pf. Detroit Ed (8).. Dome Mines (2). Doug Pectin (1), Dupoat (10).... DuPont deb (6) . Dugquesne pt (7). Eastman (18). Eaton Axle. . Elec Pow w | Elec Str Bat (4) End-John (5)... Endlicott pf (7). . Erle. Erie 1st pf. Exch-age Bf (2) Fairbks (2.60).. Famous Pl (8)... Fed Lt & T (17). Fed Mines pf (7) Fisher Body (5). Fisk Rubber. Fisk R 1st (1)... Fleischmann (4) Freeport-Texas. Gen Am Tnk (3 Gen Asphalt. ... Gen Baking (3) Gen Cigar (8) Gen EI spl (60c). Gen Motors (6).. Gen Petrol (2). Glidden Co. Goodyear pf (7). Grt North pf (6). Gt Nor Ore (1). . Grt Wstn Su (8). Guantanamo Gulf Mo & Nor, Gulf St Steel (5). Hanna 1st (7)... Hayes Wheel ( Hays Homestake (#7). House P (13%).. Houston OI. Hudson Man Hudson Mot (3). Hupp Mot (1). Independ Oll ( Interb Rap T Int Bus Mac (! Lo 14 Am T & Tel (9).. 133% 1 Congol-Nrn (3). Foundation (8).. 109% Frank-Sipf (7). 102% ) % W pf (T%) 103% 3% 1il Cent pt (6).., 113 Indian Refining .~ Open. High. 18% 134 . 100% 100% 126 12% 1% 1% 126% 126% 86% 85% 79 79 118% 118% 16 1§ 4% 41% 176 176 4l % 81% 9% 165% 1184% 201 23 63 5% 115% 27 5% 115% 125 Am Loco pt (7)., 113 58% 94 108 143% 487 66 1487% 487 €6 14% 183% 88% 87% 46% 87 80 8 27% 165% 35% 38 103% 27 145 114% 111 5 64 244 6448 41 110% 4% 88% % 2% 129% 88% Bruns-Balk(90c) 136% 136 35% 29 6 7% 3% 6244 40 115% 14 16% 144% 9644 106% 109 14% 100% 63 644 18 29 37w 16% 36 109% 102% % 10% 46% 49% . 128% 93 Gen Electric (8) 259 11% 72 Gen Mot pf (7).. 1056 b1% Gimbel Br pf (7) 104 15 % 97% 63% 29 95% 5% 26 0% 66% 83 4 36% 63 16% . us 25% 6% 17% 1180 89% us 25% 24% Low. Close. 184 18% 99% 99% 1218 1% 1% 126% 126% 854 854 8% 8% 118% 118% 16 (3 40% 1758 41% 30% 94 164% 117% 201 23 63 5% 116% 27% 88% 9% 65% 80% 143% 484 65% 14 133% 88% 8% 45% 364 9% % 27 154% 35% 83 103 26% 14% 111% 111 T4% 64 23% 643 40 110% 4% 37% % 129% 87% 2% 186% 135 334 29 5% 6% 8 61% 40 115% 13% 16 143% 96 106% 108% 14% 100 02% 64% 118 28% 36% 15% 36 109% 102% % HE EVENING STAR, WASHINGTON, D. C., ! Int Com Eng (2) int Mer Mar pf. Int Nickel. Int Paper . Int Pap pf st (6). Int Shae (5).... Int Tel & Tel (6) Jordan Mot (8). Kan City South. Kelly-Spring. .. Kelly-Spring pf. Kennecott (3).. Keystone T & R. Kresge SS (8).. Kresge Dep Str. Laclede s (8 Lehigh Val (3%) Liggett & M(14). Lig & My B (14). Lima Loco (4). Loews Inc (2). Loft..ccceee Long Bell A (1). Loose-Wiles. Lorrillard (3). Louisiana Oil Louls & Nsh Ludlum (2) Mackay (7, Mack Treks (8). Macy pf (7). Magma Copper Mallinson & Co Mallinson pf (7). Man EI Sup (4). Man Emd g (5). Man Shirt (1%). Manila Electric. Maracalbo Oil. Market Street. % | Market St 24 pt. Market St pf. Marland Oil. Maxwell Mot A Maxwell Mot B. . May Dept St (5). Mathieson Alka. Metro G pf (1.89) Vexican Seabd.. Miami Cop (1). Mid-Continent Mis Kan & Tex. . MK &T pf (5).. Missour} Pacific. Missouri Pac pf. Mont Power (4). Mont Pow p” (7) Montgom Ward. Moon Mot (3). .. Mother Lode 75¢ Murray (2.40)... Nash Mot (#11).. Nat Acme (sta). t Biscuit (3).. Nat Biscu pf (7). Nat Cloak (4). Nat Dairy (3). Nat Dpt Stores Nat D St 1st (7' Nat Distil 4 Lead (8). Nat Supply (3). Nevada Copper.. N O Tex & M (7) N Y AirBr (4).. NYAIrBrA (4). N Y Canners (2) N Y Central (7). N Y Dock pt (6). NY NH & Hart.. NYOn & Wn (1) Niagar Fpf 1%. Norfolk South. . Nort & West (7) North Am (3.40) North Am pf (3). North Pac (5)... Otis Elevator (8} Otis Steel....... Otis Steel pf. ... Owens Bot (3).. Pacific Gas (8).. Pacific Ofl (2).. Packard (11%4). Packard pf (7).. Pan-Amer (6).. Pan-Amer B (6) Park & Tilford. Pennsy R R (3).. Penn Seab Steel. Pere Marq (4).. Phia Co (4).. Phila& RC&1. Phillip Morris. . Phillips Pet (2). Plerce-Arrow. . Plerce-Arrow pt Plerce-A prior 8 Plerce Ofl Pierce Pet: Pitts Coal. ..... Pitts Ter pf (6). Pitts Ut pf $1.20. Pitts & West Va. Postum-Cer (4) Prod & Refiners. Pub SGas pf(6). Pub Ser N J (8). Public Serv rts. Punta Al Su (5). Pure O1l (1%).. Radio Corp of A. Radio C pf (3%) Ray Cons Cop... Reading (4)... Reading rts. Reading 1st (2). Reading 2d (2).. Remington Type Repiogle Steel. . Rep Ir & Steel.. Reynolds Sp (1). Rey Tob B (3).. Roy Duth 4.42%. St Joseph Ld (2) StL & San F (5) St L Southwest. Savage Arms. .. Schulte (*8). Schulte pf (8) . Seabd Alr Lipf. . Sears-Roebk (6) Shell Un (1.40).. sSitmmons Co (2. Simms Pet (50¢) 3% | Sinclair Of1. Sinclair pf Skelly OIL Sloss-Sht pf (7). South Pac (6)... Southern Ry (6) South Ry pf (6). Spicer Mg ... StaGas & E1 3, St o1l Calit (2).. StOIINJ (1)... StONNJIpf (7). 1 86% | Stew Warnr (6). Studebaker (4). Submarine Boat. Superior Ofl. ... Sweets (new). Symington..... Symington A (2) Tennessee Cop. . Texas Co (3).... “Texas Gulf (7). Tex & Pacific. .. Tex & PacC& O Third Avenue. .. Timken R B (14). Tobac Prod (§). Tobe Prd A (T) Transcont Ofl... Transwe & W(2) Underwood (3). Un Bag & Pape: . Un Pacific (10). . Un Pacific pt (4) Un Tank Car (5) Utd Alloy Steel, Utd Cigar (13%) United Drug (6) Utd Fruit (10).. Utd Ry Invest. .. Utd Ry Inves pf. U 8 Cast Iron P. U 8 Distributing USHoff (2).... U S Ind Alcohol. U S Realty (8).. U S’ Rubbe; U S Rub 1st (8) U S Smelting (3) USSmpf 3%). G S Steel (17).... 29% | U S Steel pf (7). 16% us 25 ll;z: 116% 57% 59% Universal Pipe.. Univer P pf (7). Utah Copper (4) Utah Securities. Vanadmum...... Va-Caro Chem. . Va-Caro Chem B ). 160 Opea. High. 37% 3T% 117% 117% 83 89 48 48 80% 30% 17 17% 2% 385% 385% 33% _33% 160 8% 734 116% 116% 140% 140% 104% 104% 62 3 19 16% 36% 364 335 835 L3 5 €8% 68% AT% 47N 4% A% 9T 9T 6244 62 W77 63% 68% 13% 13% 1204 120% 46% 464 %3% B3 824 82y 116% 116% 2 €0 22% 120% 130% 45% 45% 48 48y 60% 61% 104 104 104 10% 60 60 & 45 105% 106% 57% 57% 23 23%, 109% 109% | 6% Vi -Q.l'qchif..~ NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Ofice Low. Close. 6% 28% 27% 27T% 54% B4y % Tok% 49% 49% 4% 44w 66% 664 45% 45k 65% 66% 1% 111% uz a2 36% 36% 152% 162% 24% 24% 86% 85% 22% 22% 18% 18% 7% 117% BONDS N TUNBLE Defeat of City’s Plan to Take Over Lines Is Cause—Other Issues Weak. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April 8.—The incident of chief nterest in the bond market of the day was the perpendicular drop in the Chicago Railway 5s fol- lowing the news of the election, in which the proposition for municipal ownership was rejected. The bonds closed Tuesday night at 81%, and the first sale today -was $40,000 at 75%, down 5% points. The initial transaction was followed by a sharp rally, during which the quota- tlon was carried up above 78. Among the local tractions there was more selling of Third Avenue adjust- ments, a new low for the year being reached. In the rallway list price-movements were irregular. Chicago and Eastern Tllinols 5s were down within a frac- tion of the low of the year, reflecting disappoinfment over poor earnings. Seaboard Alr Line 6s were strong, making a new high on this recovery at 91. In the strictly investment group, Chicago and Northwestern bonds were noticeably heavy. Evi- dently the mere discussion of divi- dend reduction which would auto- matically remove the bonds from the legal class was disturbing. Balti- more and Ohlo-Toledo Cincinnati 4s were again in demand above 72. There were no Important changes in Liberties. French Bonds Again Weak. French bonds were heavy agaln, especlally the French rallway issues. Paris, Lyons and Mediterranean 6s dropped over a point and French 7%s broke below 95 to a new low for the year. French Citles 6s ylelded easily on the offer of a comparatively few honds. The same was true of De- partment of the Setme Ts. The most important new offering was $3,000,000 in State of Michigan 4 per cent and 4} per cent highway refunding bonds, the 4s being priced at 100% and the 41s at 102.80. . CHICAGO LIVE STOCK MARKET CHICAGO, April 8 (United States De- partment of ~ Agricuiture). —Hogs—Re- ceipts, 150,000 head ; mostly steady to 10 higher than Tuesday's average; early sales mostly to shipper yard traders and small killers; bulk desirable 130 to 300 pounds welght, 13.35a13.45; few select- ed 115 to 225 kind, 13.50; little doing on packing sows or elaughter pigs; big packers holding back: heavy-welght hogs, 13.10a13.45 ; medium, 13.15a13.50 ; light. 12.80a13.50 light lights, 12.25a 12.30: ‘packing smooth, 11.90a12.20; packing hogs, rough, 11.35a11.90 slaughter pigs, 11.25a12.75. Cattle—Receipts, 8,000 head; fed steers and light handyweight, steady to strong; spots higher; kinds of value to sell at 10.00 downward showing most strength ; heavies in liberal supply, dul proportion good to choice bullocks aver- aging 1,350 pounds upward, large best- matured steers, early, 11.35; average welght 1,609 pounds, few loads, 10.85a 11.25; top yearlings, 12.00; light beef heifers, 11.50: she stock steady to strong ; bulls steady: largely 9.00 trade on light vealers: good to choice handy- weights to outsiders upward to 12.30 and better; no reliable country outlet for stockers and feeders: bulk, 6.50a 7.50; plain quality light offerings, 5.00. Sheep—Receipts, 12,000 head : desira- ble fat lambs fully steady; some weak. ness on welghty kind; choice 85-pound wool lambs, 16.25; weighty kind, 15.00 a15.75; good to choice handsweight clippers, 13.00a13.50 ; best held higher: welghty clippers downward to 10.60: 0dd lots native springers, 17 H fat sheep and shearing lam unchanged. % —— EARNS $5.16 PER SHARE. NEW YORK, April §.—The Inter- national ‘Paper Co., earned $5.16 a share on the common stock In 1924 after preferred dividends, in con- trast to $11.59 a share in 1923. Net in- come declined to $2,632,656, from $3,809,540. Surplus after preferred di. vidends was $1,032,656, against $2, 309,540. Operating revenues were $7515.504, compared with 38,074577 in DIVIDENDS. Corp Period Atchison ....... Am Silling Stock of record. May 1 Apr 15 Rate. Payabie. ccol lool | besote, Apr 15 Apr 15 SHORT-TERM SECURITIES. (Quotations turnished by Redmoud & Co.) . & 8t 68 1934, Chi; R. 1. & Pacific 5135 192 City of Lyons g 1084 ‘oder I 59% 59y | Goodyear T. & 4% % M 9y % 5 7 7 18 18 21% 21% 8 8k 44% d4% 102% 1083 49% 49% 14% 14% 9 9 40 40 T4% 4% 40% 41% 88k 38% b % 37% 8T% Va Ry & Power. vivadou.. . Wabash........ Wabash pf A(5) ‘Wabash pf B. Waldorf (1%).. ward Baking B. 404 West Pen (4)... 109% 1 West Pen pf (7). 94% W Pa Pow pf(7). 1054 It West Maryland. 123 Western Pacific. 38 ‘West Pac pf (6). 88% ‘West Union (7). 120% ‘West Air Br (6). 99 Westinghse (4). 80 -14% Worthington. .. ‘Wright Aero (1) Wrigley (13%).. ! E1Salvador 8s . WEDNESDAY, Received by Private Wire UNITED STATES BONDS. (Bales are fn $1,000.) oot 155 16y 12 101 14 Lib 336s:... 105 101 16 101 Lib et 4%a 10 10130 10126 10128 Lib2d4%s. 77 1014 1012 1013 Lib 34 43¢s. 165 101 26 101 22 10123 Lib4 43s.. 229 1023 1021 1023 US4s1944. 162 100 26 100 22 100 25 US4%s’53. 55 10428 104 27 10428 FOREIGN. Sales. High. A 26% Argentine 6s B. 96% Argentine s 102% Austria 7s. . 4% 294% 84% 3% 2:50. 96% 964 102% 4% 9% 84% 934% 108% 107% 108% 93% Belglum 6348 w.. Belgium 7% Brazil 7s Brazil 8s = Canada 53 1926. Canada 551931, Canada 5s 1952. ... Canada 5%s 1929. . Chile 7s 1943 . Chile 85 1926 Chile 8k 1941 ~hite 8x 1946, Christiania 6s Christianta 8s POTYRY PRI - e conpenaltan © ® s ‘ Czecho 8s 1952 ct. . Danish Munic &s A “BaRwen o moabk aed DEI5%n Nov '53. Duteh East I 6s°47 Dutch East I 6362 Framerican 7% Finland s f 68 45. . Finlands Montevideo 7s. Netherlands 6s '54. Netherlands 6 '72. Norway 6s 1943 Norway 8s . Orient Dev deb 6s. Paris-Ly’'s-Med s Pa M rt Prague 7'48. . Queensland 6s Rio de Jan 85 1946 Rio de Jan 88 1947. Rio Gr Do Sul §s. . Sao Panlo State 83 Seine Dept ef 78 Serbs Crot Elo 8 Sweden 538 ct. Sweden 6s. . Swiss 5148 1 Swiss Conted Ud Kingm 6% Ud Kingm 5%s'37 Ud Steam Copen 6s Uruguay 8s..... - MISCELLANEOUS. Ajax Rubbergs... 7 99% Am Agr Chem T%s 9 98% Am Chainsf 6s°33. 8 97% Am Cotton Ol 5s.. 6 Am Repub deb 6 = Am Smit & R 1st 52 13 AmSmit&R 6s... Am Sug ref 6s Am T & T cl tr 4 AmT& Tcl tr bs. AmT&Tsfbs... 15 AmT & Tdeb5%s AmT& Tevbs.... Am Water Wks 63 Anaconda 1sf Anaconda cv Andes 7s 20% od. Armour & Co ¢%s. 2 Armour Del 53%s.. Assoclated O11 6 Barnsdall s f 8s. Brier H St 1st 5348 Bklyn Ed gen §s.. BklynEd 6sB.... Bush T Bldg 55 '60. Calif Pete 6%4s. ... Cen Leth 68'45 cfs. Chile Copper 6s... Col Gs & E' 6s sta. Commonwth P 6s. Con Coal Md 1st 63 26 Con GNY 5%s wi. 298 Consumers Pow §s 22 Cuban Am Sur 8s. Denver Gas 5s Det Edison Gs Duq L&P 5%s "4 Duquesne Light N7% Est Cuba Sug 7%s Emplire GEF T4s. Goodrich 6% Goodyear 8 . Goodyear 8s 1941 Hershey 68 1942... 1ilinois Bell 1st Ilinois Steel 434s. Indlana Steel 5s. Int Mer Marine 6s Inter Paper 58 '47. K C P& Lt 55A'S3. Kan G & El163'62.. Kelly-! Dfl;l’ l: - 1 Keystone Te! Laclede G 5%s '53. & Myrs bs Ligge! Lorillard (P) LoulsvG & Ebs Manat! Sug sf T%s Midvale Steel 58.... 1! NYEd N Y Edenlst 61 NYG EL H&P 45 o O Eaaas® Nor Ohio T&L. Nor States Pow bs. Steel 7%8. Steel $s.. ot ous B-Rabont Phil Phila Co ref 65.A. Phila & Rd C&I © e RusSaw 8! SinclairON 7s..... Sin COPL6s’28. Sin Pipe Line Bs... Skelly Oll 6%s........ South Bell Tel ba. . So Por Rico Sug 78 Southwest Bell 5s. Tenn Elec Pow 6s. Tide WatOll 6%s. Toledo Edn 1st 7s. United Drug 8s.... 1 USRublstrtés.. B8RS aBnen APRIL 8, 1925. Direct to The Star Office. Higb. Low. 2:50. 93%: 92% 92% 86% 86% 864 48 47w 4T% 78 18 8 7 99% 99% 994 o 2 107% 107% 107% Willys-Ov 6%s°33. 1 100% 100% 100% Wilson & Co 1st 65 52 97% 97% 974 Wilson & Cocv 6s. 31 76% 744 T4% Wilson&Ccv 7%s. 36 76 144 76 Winchester A 7% 6 101% 101% 101% Youngstn S&T 40 98% 98 98% RAILROADS. Atchison gan 4s. 89% 89 89% 92% 924 92% 87% 87% 87% 106%106% 106% 88% ' 87% 88% 2% 92 924 88 88 100% 101 103 101% 101% 101% 86% B86% B86% 100 100 100 2% 1% 12 85% Bé% 84% 84% 84% 8% 117% 117% 117% 116% 116% 116% 8% T9% T9% 108 107% 108 101% 101% 101% 108% 108% 108% 88 87% 8% 96% 96% 96% B9 £9 102% 102% 90 0% 00% 100% 83% % Va-Car Chem 7s... 18 Va-CarCh 7%s w. 17 Canad North 7s Canad Pac deb ¢s. Car Clinch & O 6s Centof Ga 5%s. Cent of Ga 68 Ches & O gn 4%s Ches & O cv §: Chi B&Q gn 48 '58. Chi B&Q 1st rf 5s. 46% 46% 101% 101% 101% 3% 3% 73% 83% 834 83% 98% 98% 98% 111% 111% 111% 107% 107 107 8% 6% 1% 1 96% 95% 96N CCC&StLrfésA. 2 103% 103% 103% Cleve Term 5i 10 100% 100% 100% 98 98 98 8T% BTw BTH 904 904 80% 5 107 106% 106% 101% 101% 101% 82% 82% B2% 98 98 45% 45% 90% 90% 624 t2% 64 64 63% 68% % 1% 10845 108% 108% 107% 1074 1073 116% 116% 116% 101 100% 101 109% 109% 109% 16 16 16 58% B7% 88% 724 T0% 724 103% 103% 1084 93% L8% 98% 65 63 62 624 65% 66% 864 56% 104% 104% 104% 7 66% 66W 66% 60 604 83% 89 £ 5% G % 963 100% 100% 100% 944 9415 say 107% 107% 1074 107107 107 99 98% 99 874 8Tw 87K 20% 204 204 86 86 b6 84 84 8y 103% 103% 103% 824 8214 b2 7 90% 90% 104% 104 63% 63% 101% 101 864 86k Cuba R R bs. Del & Hd 1st rf 4 Det United 4% Erie gen 4s.. Erie conv 4s A Erie conv 48 B. Erie conv 4s D. Erie con ext 78 Gr Trunk sf db 6 Grand Trunk 7 Gr North 5% Gr North gen 7s. .. 87 Green B & W db B. 40 Kt 111 C-C St L&NO &s Int Rap Tran bs. .. Int Rap Tr E Int & G Nor aj Iowa Cent 1st 58 Kan City Ft S 4s Kansas City S bs Kan Cy Term 4 Lake Shore 4s'28.. Lake Shore 4s°31. . Lehigh Val bs 2003 Louis & N unl 4s... Louts & Nash 5iys. Louls & Nash 7s. .. Market St Ry 7s... Mil El Ry & L 5s M & St L1strf 4s.. M StP & SSM cn 4s. M StP & SSM 5%s. S0y 1045% 8% 101% 6% 96 95 S 95 94% 95% 927 92% 9234 100 100 100 1% 1% 174 B3% B3% ¥3% 9% 94% 94% 101 100% 100% Mo Pacific gea Mo Pacific 6 Mo Pacific 58 Montri Tm 1st 5s.. NOTex& M In Ss. NOTex&MGsB.. NOT&MbG¥s.... YCengends.. ¥ Cent cn 4395, Y Cent deb 4 Y Cent r i 5 ¥ Cent deb 6s. . N Y Cent LS cl 3%s NYChi& St L5%s NYC&tL6sA New Hav d 4557 New Havcd és New York Ry aj bs NY Rys adj 6s ct N Y State Ry 4% NY W & Bos 4%4s.. Norfolk & W cn Norfolk & W cv 6s. Northern Pac 3 Northern Pac 4 Northern Pac 58 D Northern Pacr1 6s Qre & Calif 1st 5s. Ore Short Liref 4s. Ore Sht L cn 5346 Ore-Wash 1st rf 4s N N N N N 5% 76 » 6 63% 20 90 128 128 604 60K 60K 84 84 84 264 96% 964 107% 107 107 1013% 101% 101% 97 96% 96k 105% 105% 106% £2% 52 82w 94% 041 94% 108 103 103 9% 974 971 110% 110% 110% 108% 108% 108% 2 82% 82% 82w 99% 94 Pennsyl gen 4%s.. Pennsyl gen 5s. Pennsyl 68 Pennsyl 6%s. Pennsy) gold Pere Mrq 1st Pere Mara 1st StLS W con 4832 8t P & KCShL 4%8 834 834 01% 1014 78 7y 87Ty 5% 83% 1015 1 L 73 Seab'd A L con Sou Pacific Sou Pacific ref 4s.. Southern Ry gn Southern Ry 1st Southern Ry Southern Ry 6% Sou Ry Moblle 4s.. Term Asso St L 4s. 101% 101% 101% 1044 '103% 1023 109 108% 109 83% % 834 83 b2% 354 6% 23 86% 29 8 18 9sm 100% 100 100% Union Pac1st 4s.. Unlon Pac 1st rt 4s 108% 108% 108y | ' WHEATSELS OFF | TREASURYSSLES CHCAGO TRACTION | [ BONDS o] ON RAIN REPORTS Corn and Oats Also Weak as Pit Traders Start Gen- eral Selling. By the Associated Press. CHICAGO, April 8.—Rains in the Southwest likely to benefit the new wheat crop tended to make wheat prices average lower today during the early dealings. Selling was also enlarged on account of opinions which were current that the recent advance in prices, especlally for new crop months, had been unusually rapld, and that a reaction was to be ex- pected. May delivery, however, rep- resenting wheat already In storage, was responsive to a fresh advance in Liverpool quotations. Chicago open- ing prices, which ranged from half- cent decline to 1% advance, with May 1.50%a1.50%, and July 1.393%al.40%, were followed by a decided sag for July and September, with May show- ing rallfes after having touched 1.50. General commission house selling weakened corn and oats. Early buy- ing was confined largely to pit traders. . After opening unchanged to 1 lower, May 1.03%a1.04 corn suffered a material setback all around. Oats started % to % up, May 40% to 413%. Later all the months showed some- thing of a loss. Provisions were easler, sympathizing withc orn. High. a8 a1 §55 BaEY E B3: bas 8% Fipge phe FESES FE wEEEE FE peid] 2 B3: bk 3a2 sas ik 338 July iTit 76 Beptember 11 S RAIN CAUSES DROP IN COTTON FUTURES Heavy Fall in Some Places and Showers Elsewhere Cause Selling. By the Associated Press. NEW YORK, April 8.—The cotton market was lower early today on re- ports of rains In the Southwest., The opening was easy at a decline of 19 to 22 points, and active months sold about 30 to 33 points net lower under liquidation, local and Southern selling. Liverpool received the rain news be- fore trading started here, and had some selling orders In the local market, while the demand was attributed chiefly to covering. May broke to 24.02, July to 2431 and October to 24.01, making new low ground for the movement on the old crop positions. The early weather map showed rainfall of more than an Inch In the Oklahoma City section, and private advices reported rains or showers.at a number of points in Texas. Selling on the rain news was pro- moted by a favorable interpretation of the Weather Bureau's weekly re- port, which said planting had made excellent progress except in the' Southwest. New Orleans Quotations. NEW ORLEANS, April $.—The cot- ton market opened easier in sym- pathy with lower cables than due, and {also because of private reports of good rains in portions of Texas and indications of more. First trades showed Josses of 20 to 28 points. The weekly weather report was considered favorable, and this fact caused prices to ease off further right after the opening call. GRAIN AND PROVISIONS. BALTIMORE, April 8 (Spectal). Potatoes—Per 100 pounds, 1.00a1.25; sweet potatoes, barrel, 2.50a6.00; yams, barrel, 4.50a5.50; asparagus, dozen, 2.50a5.00; new potatoes, Tel, 6.5028.00; beans, hamper, 3.0085.00; beets, 1.50a2.00; cabbage, ton, 15.0a 18.00; kale, bushel, 35a50; carrots, ushel, 1.2581.50: cauliflower, crate, ket, 1.00a2.00; onions, 100 pounds, | 3.50a4.00; Spring onions, 100, 1.50a 2.50a2.65; celery, crate, 1.50a2.50; cucumbers, hamper, 3.0026.00; egg- plants, crate, 3.0025.00; lettuce, bas- ket, 1.50a2.50; peas, hamper, 1.5023.00; 100, 4.00a6.00; parsnips, basket, 35a40; radishes, bas- CALL FOR FUNDS Mellon Asks for $13,770,200 From Bond Sale—Other Financial Jottings. BY CHAS. P. SCHAEFFER. Secretary of the Treasury Mellon has called on banks of the Nation to Pay into their regional members by tomorrow 33% per cent of the pro- ceeds of the December 15 sale of Treasury bonds, an amount aggre- gating $13,770,200. The Government's borrowings December was secured by bone maturing in 1944-54, bearing inte at the rate of 4 per cent. Including Thursday’s payment, 6877-10 per cent of the proceeds have been taken by the Government, leaving $27, 300. The entire loan totaled $75 743,500, of which $532,230,000 was in exchanges, with the balance in cash subscriptions. Tivoll Officers Elected. Directors of Crandall's Tivoli Theater, Inc, operating Crandall’s Tivoll Theater, at Fourteenth street and Park road, met yesterday after- noon and elected the following off cers for the ensuing year: Harry M Crandall, president; Franklin V. Kil- lian, vice president: Fritz D. Hoftman, secretary and treasurer, and Wilton J. Lambert, general counsel. Bonds on Market Today. Stround, Kurtz & Co. are offering today an issue of $750,000 of Akron, Canton and Youngstown Rallway Co general and refunding mortgage 6 per cent bonds, due April 1, 1945, 87, to yleld 6.25 per cent. The borrowing carrier is a class 1 standard gauge steam road, which, through stock ownership, controls the Northern Ohio Railway Co., which forms a complete belt line in the Akron district, serving practically all the important industries there New Freight Traffic Record. Revenue freight loadings during the first three months of this year reached a new high record for the season, the total of 11,765,235 cars shown in a complilation of carrier re- ports today by the American Railway Association exceeding by 24 cars, or L5 per cent, last vear's previous high mark for the same months. The period covered in the reports was from January 1 to March 28 For the last week of that period the total of 931,335 cars loaded was an increase of 22,032 cars over the preceding week, and 24,006 over tha corresponding week last year. All commodities shared in the increase over the week before with the excep- tion of live stock. Financial Writer Retarns. I A. (“Pop”) Fleming, dean of local financial writers, was a welcome figur in the District financlal field t morning after a sojourn_ of four months in Florida climes. Mr. Flem- ing says he is enjoying the best of health, and looks it. The Gulf, Mobile and Northern Rallroad asked the Interstate Com- merce Commission today for authority to issue $4,000,000 in 53 per cent bonds. The company proposes to re- tire with the proceeds existing in- debtedness to the amount of $2,191,000. reserving the balance for.improve- ments and additions to its line. Production Plcks Up. An analysis completed by the At- lantic States shippers’ advisory board indicates a slightly higher level of industrial production in the Eastern Atlantic States for the second quarter of 1925, as compared with the same pericd last year, and adequate trans- portation to handle it The trend of business was based on actual estimates of car requirements gathered from the industries which will be submitted to the board at its meeting in Philadelphia tomorrow Trading on Local Board. An_unchanged trend prevailed on the Washington ‘Stock Exchange to- day. Mergenthaler Linotype was up half a point to 180%, and Capital Traction stock was fractionally stronger at 92, Washington Railway and Eleotric preferred was in good demand, a total of 106 shares changing hands at 81%. Gas stock continued weak at 58, as d1d Lanston at 80%. Bonds held at prevailing levels on small sales. PENNSY LIFTS EMBARGO. BALTIMORE, April 8§ (Special) The Pennsylvania railroad annqunces the removal of the embargo on ship- ments of grain to Baltimore, effective at once. This removes the embargo on grain shipments by the three car- riers serving this port, the Western Maryland and the Baltimore and Ohio having lifted their embargoes last week —_——— peppers, crate, 3.00a6.00; rhubarb, 100, 5.0028.00; spinach, bushel, 60a75; squash, crate, 3.00a5.00; tomatoes, 3.00a6.50. barrel, 3.00a7.25; grapefruit, box, 2.25a3.25; strawberries, quart, 20250 oranges, box, 6.50a7.50. Selling Prices at Noon. Wheat—No. 2 red Winter, spot, ex- port, no quotations; No. 2 red Win- ter. spot, domestic, 1.70%: No. 2 red Winter, garlicky, domestic, 1.70%; No. 3 red Winter, no guotations. Sales—None. Corn—Cob, new, yellow, spot, 6.503 6.75 per barrel; track corn, vellow, No. 2, $1.25. Sales—None. Oats—No. 2, 53; No. 3, 51. Rye—Nearby, 1.00a1.10; No. spot, $1.22%. Hay—Recelpts, none. There is no life whatever to the demand for hay, and current receipts are more than ample for trade requirements. The bulk of orders for hay are being sup- plied by truck from nearby points. Low grades and unsound hay are hard to move at any price. Quotations today—No. 1 timothy, 19.00a19.60; No. 2 timothy, 16.00a17.50: No. 1 light clover, mixed, 18.00218.50; No. 1 clover, nfixed, 17.50a18.00; No. 2 clover, mixed, 16.00a17.00. Straw—No. 1 wheat, 16.00215.50 per ton; No. 1 oat, 15.50a16.50; No. 1 straight rye, 18.50a19.00. -—— FINANCIAL NOTES. NEW YORK, April 8.—Net profit of Austin Nichols increased slightly in rye, 286,000-ACRE LAND SALE. GUYMON, Okla., April 8 (Special).— The Farwell interests of Chicago have announced that 286,000 acres of land in the north PanEandle of Texas will be opened for farm settlement im- mediately. About 75,000 acres will be subdivided for residence burposes and a town is to be established 27 miles north of Dalhart. i WAGE RAISE REFUSED. DENVER, April 8 (Special).—The State Industrial Commission has de- nied an application for an increase of approximately $1 a day requested by union sheet metal workers. The com- mission has approved a wage of $3 a day. - ’ . BONDS TO BE REDEEMED. NEW YORK, April 8.—The St. Louis- San Francisco Railway has called for redemption, on October 1, all of the $379,000 southwestern division first mortages § per cent bonds due Octo- ber 1, 1947, at principal and accrued Interest. “HOW TO INVEST YOUR MONEY” By Bayard Dominick, President the Better Business Bureau of New York City. 1924 to $952,929, equal, after preferred dividends, to $4.23 a share on the St GERMAN BONDS AND STOCKS. (@uoted i dollars per miliog marks) Ger Gt (war loan) 5s 1914-18 1500.00 1380, S ars e 10u 15700 21500 17.00 43.00 | Shipments were 341,002 common stock, compared with $929,- 885, or $4.02, a share the year befor The Baltimore and Ohio raflways in the market for 25,000 tons of ral! e NEW YORK, April 8.—The Conti- nental Baking Company, which has acquired several Canadlan baking companles, is reported to be negotiat- ing for control of the St. Lawrence |y Flour Mill commoi stock, $96,500 in bonds outstanding. NEW YORK, April 8.—Stocks of refined copper in the hands of North and South American producers at the end of the first quarter ceme to 122, 348 short toms, a reduction of 14,086 tons under the preceding quarter. tons, against 333,994, and -production was 327,722 'tons, compared with 333,672 in the Jast_quarter ot 1924, THE PARTIAL-PAYMENT PLAN. This helpful method of selling secur- itles has been much abused. People who prefer to buy securities out of their weekly or monthly earn- ings are sometimes victimized by pre- tended brokers or by vendors of stocks which have little or no value. In one instance a notorious firm, with offices in 11 citles,” took orders for good securities on Installment pay- ments, not intending, however, to ex- ecute such orders. After a customer had paid in about half the amount of is purchase and his confidence in the firm was established he was per- suaded to turn his payments to a pur- chase of other stocks which were in- dorsed .strongly by the firm. These stocks proved to be of no value, and the investor eventually lost all he had paid in. This is known as the “switching” process, and is frequently used to victimize investors. All honest securities dealers de- plore activities of this sort, and unite in warning the Investor to buy on the partial-payment plan « nly after mak- ing sure of the financial responsibility and standing of the firm with which ‘he does business,