Evening Star Newspaper, April 22, 1925, Page 26

26 9. WIEVARATION N STOCK NARKE Afternoon Moves Are Very Erratic—Heaviest Trading in Railroad Shares. BY STUART P. WEST. spateh to The Star. NEW YORK, April 2 weakened again in the first Stock Exchange trading today, numerous new low records wer: lished for the year. Then short cover- ing began to make itself felt and the market rallied. Changes throughout were very much mixed U. S. Steel Near Year's Low. United States Steel came within a point of its 1925 low. The independent steels were not noticeably weak, still r sale around going pri This was a response to the midweek trade reviews which were anything but favorable, both in their account of the volume of output and of their record of changes in quotations. The emphasis laid upon the cutting of pig iron prices was particularly sig- nificant. Still United States Steel common under 114 was off 16 points from its top. Republic Iron and Steel was off 21 points, and Bethlehem Steel was off 13 point Oils Appear Stronger. Oil shares were inclined to do bet- ter. There was nothing to account for this in the news of the day. Tt reflected the opinion that while de- velopments have not been up to ex- pectations, the oil shares have not been subject to the overspeculation which occurred in other direction Pacific Oil went up on the 1 port, showing a balance equal t a share against $2.55 the vear before. Marland Oil appeared to have got over the poor exhibit for last year. There was better support in Independent Oil and Gas around and just below 23. Pan-American “B” went higher. Motors Again Active. The pressure was lifted from the sugar stocks, and buying orders of some consequence appeared in the motors. Studebaker and Hudson were evidently both being taken care of. Maxwell Motors “B" below 72 was off 18 from its recent high. But buying was renewed at the lower figures on the strength of reports that the com- pany’s sales in March had been the largest on record. Rubber and tire shares were higher under the lead of United States Rub- ber, Goodrich, Goodyear preferred and Fisk, on expectations that the price of tires would be put up. Today's Weak Spots. Baldwin was off almost 3 points further and American Locomotive off nearly 2 points. United States Cast Iron Pipe had a further break, fol- lowed by a recovery. The same was true of American Can. General Elec- tric rallied in the later trading. Some large blocks of Corn Products were taken under 38. Among the rails the principal in- terest centered in Norfolk and West- ern and in Virginian Railway on ac- count of the news that permission was to be asked to operate the two properties jointly. The whole thing was looked upon as a preliminary to a consolidation with the Pennsylvania. Following the announcement that the Pittsburgh Coal Co. had closed six_additional mines, leaving only 12 of 54 in operation, the stock dropped to a new low for the year. The un- favorable conditions in the coal in- dustry and_the losses which Pitts- Burgh Coal has experienced naturally enough have been reected in the mar- ket for the stock, which now pays no dividend. MARKET CLOSES STEADY. FINANCIAL, ; Ahumadsa Lead Alr Reduct (4). Ajax Rubbe, Alaska Junea Allled Chem (4) . Allis Chalm (5). Allls Chlm nr(?;) Am Agricul Chm Am Ag Chm pr., Am Beet Sug (4) Am Bosch Am Brk Shoe (5) Am Can (7). .. AmCar & F (12) Am Chatn A (2). am témcx. m Express (6). Am & For Pow. . Am & Fr P pf (7) Am Hide & L pt. Am Ice (7). Am Internal Am La Fran (1). Am LaFrn pt (1) Am Lingeed. ... . Am Linsd pf 314 Am Loco (+18). Am Metal (3) Am Piano pf (7). Am Safty Rz (3) Am Ship & Com. Am Sm & Ret (6) Am Snuff (12)... Am Stl Fays (3). Am Suga; Am Sumatra, Am Sumatra p Am T & Cab ( Am T & Tel (9).. Am Tobacco (7). Am Tobac B (7). Am Typ Fdrs (1) Am WW&ZEI 30c. Am W W pf (6). Am Woolen..... Am Wool pt (7). Am Zinc. ... Anaconda (3) Ann Arbor pf. Archer-Daniels. Armour Del (7). Armour I1 A(2). Arn Cons & Co.. Asso Dry G (5). Asso D G 1st (6). Asso Oll (1%)... AtT&SFe (7). AT&SFpf (5). Atl Birm & At... AtlanticCL (7). AtGuIt& WI... At Gulf & WIpf. Atlantic Refin Atlas Tack...... Baldwin L (7)... Eal & Ohlo (8).. Bang & Ar (3).. Bar 1A Barnsdall B Bayuk Clgar. ... Beech Nut (2.40) Bethlehem Steel Beth Stl pf (8).. Briggs Mg(3%) Bkl Edison (8).. Bkl-Man Tran. . Bkl-Man T pt (6 Bkl Unlon G (4) . Erow= Shoe (4). Bruns-Balk(30¢c) Butte Cop (50c). Butte & Su(50¢). Caddo Central.. Cal Pete (1%). .. Callahan Zinc. .. Calu & Ariz (2).. Calumet & H 50¢c Can Pacific (10). Cent Leather. Cent Leather pf. Century Rib (2). Cero d Pasco (4) Certaln-Teed... Chand Mot (3).. Ches & Ohlo (4). Chi & Alton..... Chi & Alton pf. Chi & East Il Chi Great Wes! Chi Gr West pf.. ChiMIL &St P... Chi Mil & SP pf. Chi & Nwn (4).. Chi & Nw pf (7). U. S. Cast Iron Pipe Rallies in Final Trading. By the Associated Press. NEW YORK, April 22—Renewal of selling pressure gave the morning stock market a spotty appearance, but good buying support developed during the afternoon and many of the earlier losses were recovered. Spirited advances took place in sev- eral of the rails, motous, public util- jties and specialties. Total sales ap- #proximated 1,200,000 shares. The closing was steady. U. S. Cast Iron Pipe rallied 41; points above last night's close in the final hour, Frisco common moved up 3%, Mack Trucks 3 and_Maxwell Motors B, U. S. Rub- ber, General Electric, Pierce Arrow preferred and Norfolk and Western 2 To 2%, Markets at a Glance NEW YORK.—Stocks, steady; West- ern Unlon at record high. Bonds, ir- regular; Virginia Railway 5s_rally. Forelgn exchanges, easy; French francs drop 6 points. Cotton, steady; bullish Texas crop advices. Sugar, easy; increased crop estimates. Cof- fee, irregular. CHICAGO.—Wheat, higher; Russian famine reports. Corn, steady; sym- pathy with wheat. Cattle, unsettled; mainly lower. Hogs, steady to weak. DIVIDEND IS OPPOSED. Special Dispatch to The Star. MEMPHIS, Tenn., April —Losses suffered through stock manipulation during 1923 cost the Piggly Wiggly Corporation $2,000,000, E. W. Bradford testified in Chancery Court yesterday. Mr. Bradford was witness for W. A. Titus of New York in his suit to halt action of the corporation in declaring $2,000,000 in dividends. Mr. Bradford declared that the dividend was un- wise and Impracticable. “It is con- trary to good business policy,” he said. Mr., Bradford also declared it as his opinion that the action was illegal un- der its Delaware charter. GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) Ger Gt (w In) Gs 1014-18 1500:00 919, 20000 loan) . “14.00 ars per thousand pre-war 21.00 Ger Gen Elec 4145 1910. Berlin_4s pre-war. ...... Ham 3s, 3345 & 43 pre’w Hamburg Amer Line 413 North German Lioyd 438 North German Lloyd. Prussian Consols 3338 Krupp Ge 19° bk Dusseidort 4s pre-war Frankfort a-M 48 pre-war Munich 48 pre-war. . Badische _Anilin AE G (Ger Go Eleci . .. Commerz and Privat Bank Disconto Gellschaft. Dresdner Bank.... Deutsche Bank . Darmstaedter Banik. Mercur Bank Vienn *Ex div. FOREIGN EXCHANGE. (Quotations furnished by W.B.Hibbs & Co.) London, pound. . Zurich, franc Athens, Madrid, Vienna. Budapest, Prague, crown. CCC&StL (5). Coca-Cola (7)... Colo Fuel & Iron Colo Souths .o Col G & E (2.60). Col G & B pf (). Com Solv A (4).. Com Solv B... Congol-Nrn (3). Consol Clgar.... Con Cigar pf (7) Con Distributrs. Consol Gas (5).. Consol Textile. Cont Can (4).... Cont Insur (8) Cont Mot (80c) Corn Prod (2)... Corn Prod pf (7). Crucible Stl (4). Cub Am Sug (3)- Cuban Cane Sug. Cub Cane Su pf.. Cuba Dominican Cul Dom pf Cuyamel Fr (4). Cuyamel Frrts. Daniel Boon: Davison Chem. Del & Hud (9).. D &R G Wst pf. Detroit Ed (8) Dodgs Bro pf w' Dome Mines (2). Doug Pectin (1). Dul SS & Atlan. Dupoat (10)..... Eastman (18) . Elec Power ctfs. El P & Lt 40% pd Elec Str Bat (4) End-John (6)... Erfe..... Erie 1st pf. Erie 2d pf. Fairbks (2.60).. Famous Pl (8)... Fed Lt & T (17). Federal Mines. ... Fed Mines pf () Fifth Ave (64¢) . Fisher Body (6). Fisk Rubber. ... Fleischmann (4) Foundation (8) Freeport-Texas. Gardner Motor. . Gen Am Tnk (3) Gen Asphalt. Gen EI Gen El spl (60¢). Gen Motors (8).. Adams Exp (6).. Allled Cm pt (7). Open. High. 0% 10 91 10% 10C% 100% 13 1% 84 118% 78 106 18% 45% 394 817% 100 . 170% 197 284 58% 137 28 83 66 91% 84% 124 97 25 67 121% 45% 92 52% 11 9% 142% 49 [ [SUY 3% 28% 2% 45% 12% 144 6 b4 81% 165 99 83 61 554 105% 105 105 29% 28 88 6 % 8 8% 10t 38 121% 66 29 12 58 4% 38% 54 151 88 116 100 13% 164 3 144 100% 624 65% 28% 7% 14 8% 109% 10 12 46 47% 11% 8% 18% 1% 84Y% 114 1124% 3% 100% 18% 16% 8 144% ¥ 109% 10% 1% T4% Gen Mot pf (7).. 104% 105% Gen Petrol (2).. Gen Refrac (2).. Gimbel Brpf (1) Ginter Co (1%)- Glidden CO-. -2+« Gold D\I;l. . odrich..... Soodrich bf (1) Goodyear pf (1). Gdyear prior (8) Granby Consol... Grt North pf (8). 9| Gt Nor.ore (1). . Grt Wstn Su (8). Greene Canan. .. Gulf Mo & Nor, Gulf St Steel (5) . Hanpa 1st (7)... Hartman (24).. Hayes Wheel (3) House P (13%). . Houston OMl. ... Hudson Mn (%) Hudson Mot (3). Hupp Mot (1)... 49% 46% 103% 29% 16% 88% 61% 7% 95% 108% 14 62 27% 4% 12 267% 9% bl% 45% 103% 29% 61 103% 14 62% 27% 95 12 27 69% 60 28% 85 86 61 28% 68% 1% Illinots Cent (7). 112% 112% 24% Independ Oil (1) Indian Motorcy . Indian Refining. Inland St (2%) . 22% 14 T 40 14 % 40% Inland St pf (7) 105% 106% THE EVENING Inspiration Cop. Interb Rap Tr... Inter Har pf (7). Int Cement (4).. Int Com Eng (2). Internat Har (&) Int Mer Marin, Int Mer Mar pi Int Nick Int Shoe (5)..... Int Tel & Tel (6) Jordan Mot (3).. Kan City South. Kelly-Spring. .. Kelly Spring 1st. Kennecott (3).. Keystone T & R. Kresge Dep Str. Lee Rub & Tire. Lehigh Val (3%) v | LiEEett & M(14). Lig & My B (14). Lima Loco (4) Loews Inc (2) Loft..ccoeonoene Long Bell A (1). Loose-Wiles. ... Lorrillard (3)... Lorillard pt (7). Louisiana Oil. .. Louls & Nsh (). Ludlum (2)..... McCrory pt (7). Mclntype P (1).. Mackay (7) Mackay pf (4) ... Mack Treks (8). Macy HR & Co.. Magma Copper.. Mallinson & Co.. Man Elev gtd. Man E md g (5 Man Shirt (1%). Manila Electric. Maracatbo OIl. Market Street Marland Ofl.... .. Mar-Rock (366) . Martin-Pry (4). Mathieson Alka. Maxwell Mot A.. Maxwell Mot B.. May Dept 8t (5). Mexican Seabd. . Miami Cop (1).. Mid-Continent Middle States. MidInd Pr pf (8 Min St P & SSM Mis Kan & Tex.. MK &Tpt (5).. Missourl Pactfic. Missour! Pac pf. Montgom Ward. Moon Mot (3)... Mother Lode 760 Motor Whi(75c). Murray (2.40)... Nash Mot (111).. Nash pf (7) Nat Acme (sta). t Biscult (3).. t Cloak (4)... Nat Dalry (3)... Nat Dpt Stores. . Nat Distillers. .. Nat Distillers pf. Nat Lead pf (7). Nat Ry Mex 2d Nat Sup pf () Nevada Copper. NOTex&M (T) Nwpt U Gas (5). N Y AirBr (4).. NYAIrBrA (4). NY Canners (2). N ¥ Central (7). NYC&StL (6).. NYC&StL pf (6). NY On & Wn (1) N Y State Rys. .. Niagar F pf 1% Norfolk South. . Nort & West (T) Norf & W pf (4). North Am (3.40) North Am pf (3). North Pac (5)... Ontario Mining. Orpheum (1.80). Otis Steel Otis Steel pf. Owens Bot (3) Pacifio Ofl (2).. Packard (11%). Packard pf (7). Pan-Amer (6! Pan-Amer B (8). Park & Tilford. Pennsy RR (3). Penn Seab Stee Peoples Gas (8). Pere Mar pf (5) Phia Co (4) Plerce-Arrow. .. Plerce-Arrow pt Pierce Oll. - Plerce Oll pf. .. Plerce Petrol Pitts Coal. .. Pitts Coal pf (6). Pitts Ut pf 1.20. Pitts & West V: Postum-Cer (4 Press Steel Car. Prod & Refiners. Pro & R pf (3%) Pub Ser N J (5). Pullman Co (8). Punta Al Su (6). Pure Of1 (1%).. Radio Corp of A. *RSIICecfs (4). Rand Mines 1.71. Replogle Steel Rep Ir & Steel.. Rep & Spt (7). Reynolds Sp (1). Rey Tob B (3)... Roy Duth 4.42%. St Joseph Ld (3) StL & San F (5) StL SanF pf (6). St L Southwest. StLSwnpf (5). Seabd Afr Lipf. . Sears-Roebk (6) Shattuck-Aris. . Shattuck FG (2). Shell Un (1.40) Shell Un pf (6).. Simmons Co (2). Simms Pet (60c) Sinclair Ofl, South Pao ( Southern Ry (8) Splcer Mfg. .. . % | Std Gas & EL (3) Stofl Calit (2).. StOlINJ (1)... Std Plate Glass. Sterling Pr (5] Stew Warnr (5). Studebaker (4). Submarine Boat. Superfor Oll. ... Sweets (new) . Symington Symington A (2) & Tox & PacC& O Tide Wat Ol (4) Tobac Prod (6) Tobe Prd A (T) Transcont Ofl... Underwood (3).. Un Bag & Paper. % | 'Unton OUl Un Pacifio (10) 3% | 7 Pacific pf (4) United Drug (6) Utd Fruit (10).. Utd Ry Inves pf. U S Cast Iron P. U S Distributing US Hoff 2).... Timken R B (14). 7 Open. High. 22% Y% 109% 16% 1094 82% 107 16% 42 26 ™ 854% 11% 27 694 107 75 102% 184 10 44 26% B59% 74 48% 46 T0% 80% 45% 0% 634 37% 158 5% 49% 23% 101 85 22% 18% 864 18% M% 2% 184 181% 40% 139% 1 8% 121 215 59 134% 325 29% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Low. Close. 22 | bushel, 1 3.50a5.50; eggplants, crate, 3.00a4.50; | asked. | 18.00218.50: No. 2 timothy, 16.00a16.5 STAR, WASHINGTON. MARKET FEATURE N. & W. and Virginian Liens Figure in Spirited Bidding on Report of Lease. BY GEORGE T. HUGHZS. Special Dispatch to The Star. NEW YORK, April —While prices varied over only a small range, there was no possibility of mistaking today's upward trend in high-grade investment bonds. Just at the close Tuesday Atchison general 4s sold at 91, the high of 1925 and within a quarter point of the high of 1924. This gain was substan- tially maintained today and more or less the same condition exlsted in the balance of the list. Treasury Liens Higher. Inquiry was again persistent in “over-the-counter” trading for prime investment issues on a 5 per cent Dasis. . More attention was paid to the ef- fect falling commodity prices would have on the purchasing power of in- come from fixed rate interest-bearing securities. Advances were recorded in Treasury 4s and 44s. Virginian Bonds Up. H A special feature was the jump of 215 points in Virginian Railway first bs in response to the announcement of the operating agreement with the Nor- folk and Western. The Norfolk and | Western convertible 6s advanced with the stock on the same news. No such uniform strength prevailed in second grade or speculative bonds. These moved more in accord with stocks. French bonds sold off again, lacking the support of short covering. German 7s were steady around their recent low point. Copenhagen 5ls equaled their recent high. Sugar Issues Still Heavy. Sugar bonds were still heavy and the same was true of the coppers. Today’'s new offerings included $10,- 000,000 in Commercial Investment Trust Corporation 5 per cent serial notes, to yield from 4.50 to 5.75 per cent, and $1,250,000 Columbus, Dela- ware and Marion Electric debenture 6s, to yleld over 6.50 per cent. GRAiN AND PROVISIONS, BALTIMORE, Md., April 22 (Spe- cial).—Potatoes, per 100 pounds, 1.00a 1.35; sweet potatoes, barrel, 2.50a6.00; yams, barrel, 4.50a5.50; new potatoes, barrel, 4.00a6.50. Asparagus, dozen, 1.25a4. beans, hamper, 1.25a1.75; cabbage, 1.00a1.25; kale, carrots, bushel. 1.25a 1.50; onions, 100 pounds, 4.00a4.25; Spring onions, 100, 1.00a1.25; celery, crate, 1 75: cucumbers, hamper, lettuce, basket, 1.00a2 peas. hamp- 2.00a2.75; radishes, basket, 2.00a peppers, crate, 3.50a6.50: rhu- 00, 2.00a3.00; radishes, 100, 3.00 a4.00; spinach, bushel, 50a75; squash, gralte. 1.50a2.50; tomatoes, crate, 3.00a .00. Apples, packed, barrel, 3.50a7.50; bushel, 1.50a3.00; grapefruit, box, 2.75 a3.75; strawberries, quart, 17%a30; oranges, box, 5.50a6.75. Selling Prices at Noon. ‘Wheat—No. 1 red Winter, spot, ex- port, no quotations; No. 2 red Win- ter, spot, domestic, 1.78%% No. 2 red Winter, garlicky, domestic, 1.78 8 red Winter, no quotations. Sales—None. rn—Cob, new, vellow. spot, 6.50a per barrel; track yellow, No. 2, Sales—None. Oats—No. 2, 54 asked: No. 3, 52 Rye—Nearby, 1.00a1.10; spot, 1.16. Hay—Receipts, 30 tons. The limit- ed demand prevailing for hay is con- fined exclusively to the better grades of timothy and choice light clover mixed, of which sort there is no over- supply. Demands in the hay line are so limited that it takes comparatively little stock to go around, and truck receipts from nearby points are still a factor in reducing requirements at the regular nay sheds. Quotations today No. 2 rye, No. 1 timothy, No. 1 light clover, mixed, 17.00a17.50 No. 1 clover mixed, 16.50a17.00; No. 2 | clover, mixed, 15.00816.00. Stra: No. 1 wheat, 15.00a15.50 per | ton; No. 1 oat, 15.30a16.00; No. 1 straight rye, 18.50a19.00. SHORT-TERM SECURITIES. Anglo-Amer. Oil 71gs 10! Associated Ol 6s 1035. . Baitimore & Ohio_6s 1929 Bethlehem Steel 5s 1936, EEEELSE R CEbE WEEF O SRS EF S SeEsenEEaaE Ba Ry 509! L b apsta 5553 S22 g4, 358238333323 283 W Hock. Val. R.R, Co. Humble Oil 5%s 1932, ehigh Pw. Sec. C. 8a M.S.P.&8.5. M Morris & Co. 7 228! o 2. * Pt P b i it SS0o5: SEI@e PFEE o EEEE ooy FE USInd Alcohol. 84% U S Realty (8).. 184 U S Rubber..... 89% U S Rub 1st (8).. U 8 Smelting (3) U 8 Steel (17) U 8 Steel pf (' Universal Pipe.. Univer P pf (1:i Va Ry & Power. Vivadou. Wabash e Wabash pf A(5) Waldorf (1%).. Ward Baking B. ‘Ward Bak pf (7) Ward Baking A. West Ele pf (7). ‘West Maryland. West Md 2d pf.. ‘Western Pacific. Ele: Weston A (2) ‘Wheel & L Erl Wheel & L E pf. White Eagle (2). White Mot (4).. Wickwire Spen. Wilsor & Co. 3 | Willys-Overind. Willye-O pf (7). ‘Woolworth (3). Worthington. .. Youngstown (4). +0dd lots. {Partly extra. $Pavable in Dividend rates ‘as given in quarterl Uniess _othery! dividesds ase oot inctuded, . C, WEDNESDAY, APRIL 22, 1925, RAILROAD BONDS | [Coxew vore BONDS mocxeeemsscs] |WHEATIMPROVES | CAPITAL TRACTION'S Recelved by Private Wire Direct to The Star Office. UNITED STATES BONDS. (Bales are n $1,000. ,000.) Bales. High. Low. Lib3%s Lib 1st 4%s Lib 24 4% Lib3d 4% 2:50. 87 10110 1016, 1016 81022 10180 1022 269 10110 1017 1018 139 101 81 101 29 101 20 Lib443s.. 495 1029 1025 1026 US4és1944. US4 FOREIGN. Sales. High. Low. 2:50. Argentine 63 Belgium 6%s Belgium 7%s. Con Pow Japan 7s. Copenhagen 6%s. . Cuba 5% Czecho 5 Danish Munic 8s A Danish Munic 8s B Danmark 6 Denmark 8s - DETI5%s Mch '63. D EI5%s Nov Dutch East I 6 Dutch Bast I Finlands 7s ... Framerican T%s. Jergens U M 63 Lyons 6s.... Marseille 6s. Mexico b8 Montevideo 7s. . Netherlands 6s Netherlands N [1 Paris Orleans 7s. Peru 8 Poland Poland 8s '50 wi. Prague 7% Queensland 7 82 96 96 MISCELLANEOUS. Amg AgrChem 5s. . A% Agr Chem %8 Am Chain sf 6s°'33. AmT& Tdeb5Y%s AmT&Tcv6s.... Am Water Wks bs. Anacorda 1st 6 Anaconda ov db 78! Andes 7s So% 0d. Armour & Co ¢% Armour Del 6%s. . Atlantio Refin 65.. Bell Tel Pajs Beth Steel pm Beth Steel rf Beth Steel 5%: Beth Steel s £ Bkiyn Ed gen bs Bklyn Ed 6s B. Bklyn Unfon G Bush T Bldg §s Col Gs & E! 5s sta. Commonwth P és. ‘{ Con GNY 538 wi Est Cuba Sug 7%s. Empire G&EF 7% Goodyear Hershey 685 1942, Indiana Steel Int Mer Marine Laclede G 5% Liggett & Myrs b Lorillard {;;1‘ . {llard s. . Loulsv G & E 5853 Pan-Amer Pete People’s Gas bs. Phila Co b Phila Co re! Phila & Rd C&1bs. Pierce-Arrow 8s. 2 101 101 9 42 35 4 39 27 30 2 1 10 8 Falennan = PP 510110 1015 1015 #'63. 181 10512 1058 1058 82 96% 96% 102% Bales. High. United Drug 6a U S Rub 1st rf bt © @ e U EE T Va-Car Ch 7%, Vertientes Sug 7 arner Sug 7s'39. Warner Sug 7s '41. West Elec bs Wes ter A 7 16 Younsatn 4T oo RAILROADS. Buff R & Pitt 43, Canada South 5s. . Canad North 6%s Canad Pac deb Car Clinch & O CentofGaSys Chl & E 1gn 6s. CM& Puget 84 4 CCC&StLrtésA. 27 Cleve Term Bs. ... Cleve Term 5%s. Cubz R R T4%s. CubaRR65s....... Der & Hd 1st of 4s. Del & Hnd 5%s Den & Rio G cn 4 D & Rio G imp b8 D & Rio G Wst 5s. Erie conv 4s A. Frie conv 48 B. Erie & Jersey 6 Gr Trunk af db Grand Trunk 7s. Great North bs 111 C-C St L&NO bs Int Rap Tran bs. .. Int Rap Tr 68 stpd. int & G Nor aJ 6 Iowa Cent 1st bs. Lake Shore 4s'31 Lehigh Val cn és Lehigh Val 5s 2 Louis & N un 4; Louis& NbsB Louls & Nash 7s. .. Mo Pacific gi Mo Pac 55 19 Mo Pacific Mo Pacific : Montrl Tm 1st 68 New Or Term ds. NOTex&MssB 8615 96 5 244 100% 79 101 07% 6% 94% 95% 87% NYCent LScl 3% 25 NYC&StLdb 4 5 NYChi & StL5Ys 44 o Hav d 43°57. Norfolk & W cn 4s. 36 Norfolk & W cv 6s8.145 Northern Pac 3s... 10 Northern Pac 4s... 35 Northern PacssD. 1 Northern Pacr16s 18 Ore & Calif 1st b». Ore Short Liref s, Ore-Wash 1st rf Pennsyl b8 '64 Pennsyl 6% Pennsyl gold Pere Mrq 1st 48 '56 2 Pere Marq 1st PorRL&P Reading gen 4%s. Rlo G West 1st 45 Rio G West cl 4 RIATk &L 4% St L IM&S R&G 4 StL&SFrldsA. 111 St L&SFprinbs. 69 StL&SF 6%sD.. 25 StL&SFadl StL&SF inces.. 116 StL&SFplésC.. 2 StLS Woon4s'3z 2 St P & KCShL 4%8 Ai thern Ry gn 48. 14 Southern Ry 18t 6s 16 Southern RY 6s ct. 28 Southern Ry 6%#. 26 m Asso St Lids. 2 ion Pac st f és 41 Union Pao 48 '31.. 80 Un Pac Istrf 15 ‘Union Paccv vVirginia Ry 1st vaRy &P 1st b Wabash 1st 5 Wabash 2d b 2 Washash 5148, '76.. 47 Weatern Md 4s.... 23 Western Pacific West Shore 1st —_— . FREIGHT TRAFFIC GAINS. NEW YORK, April 22.—Freight traffic on the Chicago, Milwaukee and St. Paul picked up in the first 18 days 14 | of April, loadings totaling 98,319 .cars, against 92,649 in the same period last i had been too @ FINANCIAL. INARKET TODAY Better Export Buying Noted, While Poorer Crop Re- ports Help Rise. By the Associated Press. CHICAGO, April 22.—Export buying of a liberal amount of wheat at Win- nipeg did a good deal to give the wheat market here a pronounced early tilt upward today. Unfavorable crop reports from various sections of the domestic Winter wheat belt acted also as a stimulus toward higher prices. On the advances, however, selling to realize profits became larger and tem- porary reactions took place. The open- ing. which varfed from unchanged figures to 1% higher, May 1.50% to 1.61%, and July 1.40% to 1.41%, were followed by a setback to 1.49% May and 1.39% July, but then by a fresh rise to 1.53 May and 1.42 July. Corn and oats sympathized with wheat strength. After opening at % decline to '« advance, July, 1.12% to 1.12%, corn underwent a general sag, but then rallled all around to well above yesterday’s finish. Oats started at % to % gain, July 43% to 43%, and later continued firm. Provisions were responsive to grain strength, despite weakness in values. WHEAT—— e Close. QUOTATIONS HOLD QUITE WELL Reports of Lack of Rain in Belt Again Help Lift Prices. By the Associated Press. NEW YORK, April 22—Failure of early weather news to confirm yes- terday’s private reports of rain in the southwest and relatively firm Liver pool cables were reflected in an open- ing advance of 9 to 17 points in the cotton market today. July sold up to 24.89 and October 24.75 on covering and further trade buying of early new crop deliveries. Demand was not active, however, and prices turned easier before the end of the first hour on favorable inter- pretation of the Weather Bureau's weekly report and hope that showers or rains might yet materialize in Texas. New Orleans Quotations. NEW ORLEANS, April 22—The cotton market opened firmer in fe- sponse to better Liverpool cables and the dry weather map. First trades showed gains of 12 to 13 points, and | when the weekly prices improved showed the weather weather report BUSINESS DROP LAID | TO BANKRUPT FRAUDS National Campaign Started to Pre- vent Failures Planned by Swindlers. Special Dispatch to The St BALTIMORE, April fraudulent bankrupts are responsible 98, | for a great part of the business de- |type was pression throughout the country and branding them worse than thieves. W. ¥. Koelsch, president of the Nether- lands Bank of New York. opened the campaign in Baltimore for a national fund for the suppression of commer- cial crime. Baltimore's quota is $50,000. 3 C. D. West. manager of the investi- gating and prosecution department of the national association. also ad- dressed the campaign workers. The prosecuting department of ‘the national association, it was said, in- vestigated during the last two years 130 cases in which Baltimore creditors were interested. The total amount due firms in these cases was $229,022. Investigation of 96 of these cases has been completed and 34 are pending. Convictions were obtained in 34 of the 96 cases com- pleted. The investigations resulted in im prisonment of 37 persons, with total sentences of 57 years. Nineteen others were fined a total of $50,225. CHICAGO LIVE STOCK MARKET CHICAGO, April 22 (United States Department_of Agriculture).—Hogs Receipts, 17.000 head; fairly active uneven steady to 10 cents lower; ge. sirable light, light lights and slaughter pigs mostly unchanged: all interest buying; good and choice 160 to 225 pound averages largely 12.30a12.40; top, 12.45; bulk, 240 to 325 pound butchers, ' 12.15a12.30: bulk_ packing sows, 10.70a11.00; 140 to 150 pound welght, largely 12.10a12 strong weight slaughter p medium, 12.20a12.45; light: 12.45; light lights, 11.75a12.4 smooth, 10.75a11.15; B rough, 10.50a10.75; slaughter pigs, 10.75a12.25. Cattle—Receipts, 9,000 head: feed steers and vearlings steady to weak: bidding lower in instances; quality good, with liberal sprinkling of choice medium and weighty steers; water fills fairly generous; fresh receipts increased by moderate supply stale offerings carried from earlier in week: top matured steers, 11.00; several loads, 10.60a10.85; yearlings very dull at recent decline; good to choice light heifers showing slowness: fat cows and lower grade beef heifers steady to strong: bulls steady; practical top bolognas, 5.25; bulk, 4.85a5.15; vealers, 50 cents lower; mostly 8.50 downward to killers; shippers and small killers buying moderately at 10.00a11.00; stockers and feeders very scarce, firm; Virginia and New York finishers taking 760 to 1,000 pound kind at 7.00a8.00, according to weight and quality. Sheep—Receipts, 13,000 head; slow: fat lambs opening around steady; de- le handyweight wool lambs, 14.25a14.50; 83 to 90 pound weight, packing 13.50214.00; weightier kind downward to 12.00; early good to choice 80 to 85 pound clippers, 11.35a11.50; best held above 12.00; fat sheep and shear- ing lambs unchanged; medium to good shorn wethers, 6.40a7.50. “I think She “Yes,” sald Mrs. Acres, Jane intends to marry a farmer. i taking lossons in fencing.’ hog | MARCH NET §77.021 Decline Shown Over Last Year, But Is $17,000 Ahead of Previous Month. BY CHAS. P. SHAEFFER. Capital Traction C erating income of § of this vear, a decline of about $9,000 over the same month of last vear but a gain of almost $17,000 over th previous month. The depreciation in earnings brought about by a falling off of revenue passengers as compared v fare statistics for the corresponding month of 1924. Pay passengers in 1925 totaled only 5,566,811, as agains: 5,631,839 in March, 1924, a decline of 116 per cent. Rallway operating revenues the las month totaled $394,035, as agains $397,793 last year: expenses amounted to $259.698 and $251,843. respectively Taxes assignable to railway operations aggregated $34219 and deduction amounted to §26,159. National Affiliations Sought. Effort will be made here to form a alumni association of the local chay ter, American Institute of Banking the body to be a component member of the National Alumni Association ¢ the country-wide organization Such an association, it is said, can be of great value to the Washington chapter, not only in furnishing a con stant contact with the management of the banks in which many of t graduaty ve reached official po tions, but in affording the certificate holder an opportunity to continue active chapter work without feelf that he is displacing a younger mar or woman. In addition, it is expected to stimulate the interest of the grad uate in forum work, the campaig of public education and the other ac fes in which the local chapter has y gained a footho James C. Dulin, jr., is chairman of the organization committee. He is assisted by R. Jesse Chane: ton Leith, R. C. Calvo and Florence M. Willer. All past presidents of Washington chapter, or holders of standard certif cates in good standing, are eligible for membership. Freight Traffic Drops Off. Revenue producing freight move during th week ended April 11 to | taled 917,284 cars, the American Rai Association annou d today adding that the total was 5,091 cars | fewer than were moved during t { preceding week, but 36,347 more than were used during the same week of last vear. Decreased loadings of grain, coke forest products and miscellaneous | freight were noted for the week, while { merchandise and less than carload freight amounted to de- crease of 1,494 from the preceding week, but an increase of 7,149 over the same week in 1924, 1. C. C. Values Railroad. The Interstate Commerce Commis- slon today fixed a total tentative val- uation of $1,442,809 for the Tennessee, Alabama and Georgia railroad. The corporation has outstanding capital issues with a par of $4,542,254, and an investment account of $4,533,236. The commissfon also found a valuation of $354.937 for the Jeifarson and North western line in Texas, which con {pares with its capitalization of $326 1000, and investment account of $318 257 Proposals by the Chicago, Milwau- kee and St. Paul Railroad to cancel rates on classified freight from East- ern points through Rock Island, III., and Davenport, lowa, to destinations {in Towa, were held unjustified by the commission. The effect of the cancellation which |the carriers attempted, the decision said, would have been to confine the shipments to the St. Paul company’s line and to close up certain routes for traffic which havé been formed by combining the Chicago, Rock Island and Paclfic line with the St Paul in reaching lowa points. Trading on Local Board. Local issues on the Was! exchange were unchanged today Captial Traction stock was in fair demar 135 shares changing hands at 925 a 3% . Mergenthaler Li irm at 1801, and Rig National Bank advanced fractionally Suburban 5s sold to the extent of $13.000 at 84%, and Gas 6= sold in small denomi; ons at 102 Traction 5s brought | Personal Mention. Edward J. McQuade, a local director of Mergenthaler Linotype, returned today after attending the regular meeting of the board in New York yesterday. Mr. McQuade reports the company’s earnings as “about the same as for the corresponding period of last year.” Thomas Hopkins, jr., today the management of the local of Harris, Forbes & Co. Henry T. Dunn, former manage: who occupied this capacity for sev eral years, has been recalled by the parent office. assumed office ! DAIRY PRODUCTS. BALTIMORE, Md., April 22 ( Live poultry—Young chicker 1b., 38: rough, poor stags, | Winter chickens, 45a50; Springers. 0a60: Leghorns, 4 old hens, 2! old roosters, 18 0; &1 } Eggs—Receipts, cases; native and nearby firsts. doz., offered, 2% 2815 duck eggs, doz., 30a32 Butter—Good to fancy, Ib. prints, 47a49; ladles dairy prints, process butter, COMMODITY NEW WIRED STAR FROM ENTIRE COUNTRY SHREVEPORT, La., April Standard Oil Co. of Loulsian: pected to start shortly construction of a 100-mile 10-inch pipe line from the Smackover field to a point as yet§ unselected on the Mississippi River, to relieve congestion from flush Smack- over production. The line will co about $1,500,000 and will have a daily capacity of 15,000 to 20,000 barrels. PHILADELPHIA, April 22.—The worsted yarn market reflects a belief on the part of many spinners th prices have reached bottom. New business has improved this week. with knit goods yarns showing added inquiry. DETROIT. April —The Hupp Motor Co. expects to get & new pro duction record in April. The plants are working at the highest speed they have ever attained. Second-quarte output s expected to double that of the coresponding period of 1924, BOSTON, April 22.—Argentine ches and black grapes are bel sold in this market, the former 20 to 25 cents each and the latter at 75 cents a pound. SANTA CRUZ, Calif., April 22 California artichoke growers, shipped only 1,100 carloads thi season, are preparing to organize State-wide selling organization te NEXE SEasvis v