Evening Star Newspaper, April 23, 1925, Page 28

STOCKSD0BETTER N AL TRADNG .. Moves Still Mixed, But Good Buying Develops in Some Issues. BY STUART P. WEST. Special Dispatch to The Exchange movement the general | % The market continued a tw)-j Am Express (6). centered in numerous specialties oils were the strong group the current from the oil trade is mnot especially | affected. All the position of the company. and the fact that no various | Am Sumatra pf.. rumors circulating ood impression. Strength Noted in Oils. the week ended April 18 crude oil out- n}!]u. was up on an average of 87,050 | Ann Arbor. barrels a day ke Phillips Petroleum, Oil and Gas, B, General Petroleum, and Royal Dutch to resist this trade news fitted in with the best judgment in Wall street, wh stocks have parts of the list from overspeculation and are in a s Independent Pan-American Motor Shares Active. Motor.shares stood out prominently ¢s-Overland common traded in on scale above 16. tinued in Hudson Motor. tor B ran up shary Buying con- Maxwell Mo- stood _out eral Court against the Dollar gas law seemed to make vas no chance of this legislation ever that there quence Consolidated Gas was acti Brooklyn Union Gas. The movement extended to other members including Co- Jumbia Gas and Electric and Interna- tional Telephone and Telegraph. Talk of another company buying into the Manila Electric accompanied the nota- reflecting the unfa- arnings, dropped be- vorable March Afternoon Trading Mixed. The stock market through the after- noon was very much mixed. rt of the list realizing sales kept pace with new buying, and prices In a dozen or so stocks the advance went on, particularly International Nickel, one to two of the rails and a few of the oil shares. of the oils was a feature of the day, not because they went up so much, they hardened in the face of what appeared to be favorable trade conditions. MAREKET CLOSES STEADY. did not gain. The strength but because Chicago and Alton Under Pres- sure in Last Hour. By the Associated Press. 23.—Bullish demonstrations in selected is ticularly the public utili imparted a firm tone to to- stock market period of irregularity, during which many popular shares The rails were sales approximated 1,100,000 shares. The closing was steady. of selling pressure against Chicago and Alton issues forced the common and preferred to new 1925 % and 5%, respectively, but it failed to unsettle the rest of the list. Motors soared 12 points, International | Corn Prod pf (1) Nickel advanced 3 and General Elec- and motor spotty. Markets at a Glance Stocks — Steady; public_utilities buoyant. Bonds—Firm; lead upward movement. eign exchanges—Higher; sterling near post-war high price. Cotton—Lower; Sugar—Featureless. Coffee—Steady; trade buying. 30: Wheat—Lower; Corn—Higher; covering. Hogs—Weak; limited Cattle—Strong. GERMAN BONDS ANITSTOCKS. (Quoted in dollars per million marks.) (w1n) 58 1914-18 1. Hamburg 41s 1919 -58 (forc loan) | in dollars per thousand > H ec 4158 1019, Berlin 4s pre-war Hamburk Amer Line 4 North German Lioyd 1 North German Llovd Prussian Consols 33 Krupp bs 1921 Dusseldorf 4s pre-war. . Frankfort a-M 4s pre Munich s pre-war E G (Ger Ge Elec) Commerz and Privat Bank Drecdner Bank Deutsche Bank ex div Darmstaedter Bank.. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Selling checks Madrid. peseta Stockholm,’ crown.'. Plan to Harness Desert Heat. . Scientists who have been delving : (o the future of the development | roasonaur (5). natural utilities, have suggested | ;ympp Mot (1), that it is feasible to harness the heat the Great Sahara Desert sands. While the suggestion is a vapory one|Ill Centpf (8)... just now, scientists who look upon the | Independ Oil (1) idea seriously say it is_hardly more [IngersollR (8).. impracticable than the harnessing of | Inland Stl (2%). waterfalls seemed to be some years| I AUTO SALES HEAVY. DETROIT, April 23.—Annual meet- ing of the Maxwell Motor Company | Int Nick was adjourned to May 13, at a meet- ing of the stockholders here vester- ;. President Walter P. Chrysler | Int Ry Cent Am. submitted a statement to the meeting | Int Ry CA pt (5). showing the total sales of Maxwell | Int Shoe (5). and Chrysler cars for 1924 to be 82,115. He placed the net profits for the year | yon, at $4418,540.20. FINANCIAL: "= Adv Rumley. Ahumada Lead Ajax Rubber. Alaska Junea Allled Cm pf (1) Allis Chalm (). Am Bosch. . | Am Can (17)". Am Can pf (7)., AmCar & F (12) Today’s | was mix- [ Am Chicle. . tone was | Am Chicle o | Am & For Pow. he | AmTee (7). ... in spite | Am Ice pt (6) news | Am Internatl intel Am Linseea | Am Linsa pf 33 Sumatra in Collapse. Bt i) There were a number of weak Spots. | Am Metal pf (7). 5 sues being Am Radlator (4) American | am Safty Rz (3) ad closed Wednes-| Am Ship & Com . It sold immediately after the opening today under 10, The preferred s gold notes were similarly and the Am Suga; Am Sugar pf (1) Am Sumatra. make a |Am T & Tel (9). Am Tobac B (7). Am Tobac pf (6) | Am Woolen. . Am Wool pf (7). was still that for | Am Zinc pf. Anaconda (3) of stocks | Archer-Daniels. Asso Ofl (1%).. ated Oil | AtT & SFe (7). AT&SF pf (5). Atl Birm & At... the oil | AtlanticCL (7). ke other|AtGulf& WI... Ealdwin L (7).. Eal & Ohio (5).. Bal & Oh pt (4). Bang & Ar (3).. Larnsdall A Barnsdall B. ... Bethlehem Steel Briggs M{g(3%) 46 and the Fed- Bkl-Man Tran. conse- so was of the Bur Add Ma (3). Caddo Central. . Cal Packing(6). Cal Pete (1%). Calif Pet pt (7) Calu & Ariz (2). Can Pacific (10). Cent Leather... Cent Leather pt. In a Cero d Pasco (4) Certain-Teed. .. Chand Mot (3).. Chi & Alton Chi & Alton p Chi Great West. Chi Gr West pt Chi Mil & St P. Chi & Nwn (4).. Chi & Nw pf (7). ChiR1& Pac Chi Yellow C( Chile Cop (234). Chino Copper. .. Cluett Peab (5). Coca-Cola (T)... Colo Fuel & Iron ues, par- | Colo Southern... E arl g e Com Solv B.. agged 1 to 2 |Congol-Nrn (3). Total | Consol Cigar.... Con Distributra. Consol Gas (5).- - Consol Textll! Cont Can (4). Cont Insur (6).. Cont Mot (80c). Corn Prod (2) Renewal lows at Nash Crucible Sti (4). Cub Am Sug (3). Cub Cane Su pf.. Cuyamel Fr (4). Cuyamel Frris. Daniel Boon Davison Chem.. De Beers (88c).. Del & Hud (9).. Del L&Wn (17). Detroit Ed (8).. For- Dome Mines (2). Doug Pectin (1). Dupoat (10).... Elec Power ctfs. ElP & Lt 40% pd Elec Str Bat (4) Emmerson B pf. End-Jrtn 5 Endico Erle Erie 18t pfo....e Fairbks (2.60).. Famous P (8) Famous pf (8).. Fid Phoenix (6). Fisher Body (5). Fisk Rubber . Fisk R 1st (1) | Flelschmann (4) favora Freeport-Texas. Gen Am Tk (35 Gen Asphait. ... Gen Asph pt (5). Gen Electric (8) Gen El spl (60¢). Gen Mot pf (7). Gen Petrol (2).. Gimbel Bros Ginter Co (1%). Glidden Co. Gold Dust. . Goodrich . Goodrich pf (7). Gdyear prior (8) Grt North pf (5). Gt Nor Ore (1).. Grt Wstn Su (8). Greene Canan Gulf Mo & Nor.. today. $4.79 % Hanna 18t (1) Hartman (2%). . Hayes Wheel (3) Hoe & Co A (4).. Houston Oll. .. & Hudson Mn(Z%) Illinois Cent (7). iration Cop. Interb Rap Tr. Int Cement (4). Internat Har (5) Int Mer Marine. . Int Mer Mar pf.. Int Pap: Int Tel & Tel (6) Allled Chem (4). Am Agricul Chm Am Ag Chm pt.. Am C& Fpe (7). Am La Fran (1). Am Sm & Ref () then col- | Am S & R pt (7). Am Stl Fays (3). | Am Tobacco (7). was | Am WW&EI 30c. the strength in the oils despite stat s, showing that productio e e The American Pe- |Am Zinc. Armour Il A(2). At Gulf & WI pf. Atlantic Refin. .. | Austin-Nichols. . Bkl Edison (8).. Bkl-Man T pf (6] Bkl Union G (4). Erown Shoe (4). Bruns-Balk (90c) Buff R&P pf (6). Burns Bro (10).. Burns Br B (2).. Eutte Cop (50c). Butte & Su(50¢). Callahan Zinc. .. Century Rib (2). in { Ches & Ohio (4). es &0 pf(8%). Chi M1l & SP pf. Coilds (12.40)... Colo Sou 2d (4).. Col G & E (2.60). Com Solv A (4).. Dodgs Bro pf wi. | Foundation (8).. Gen ATCpf (). Gen Motors (6).. Guif St Steel (6). Int Com Eng (2). Int Pap pf st (6). Open. High. 62% 62% 14 10 18% 1% 85% 118% 78% Allls Chim pf (7) 106 18% 45 . 81% 1724 118% 198 18% 101% 236 40 22% 17% 59% 84 106 1L 42% 28% 380% 53 2% T2% 21 63 126 89 Bros Tea.. 17% 1T% Low. 62% 14 10 13% 1% 85% 118% 1 e 106 18% 48% 31% 171% 118% 198 122% 58 65 182 284 93 kel 12% 25% €8 172 us3 85 54 107 91% 106% 49% 2% 96N 7 100% 62% 58 55% 113 12 28% 28 5% 8 3% 63 108% 9% 3% 1214 29 51% 63% 1% 32% 20% 150 1314 116% 100 13% 16% 145 17% 101% €3 10 65% 114 28% 3% 36 98 108 165% 6644 14% 85 8% 109% 10% 45% 974 494 90% 267 11% 8% 105 51 48% 29% T 16% 38 52% 96% 108% 60% 27% 94% 12% 26% 70 61 27% 85% 46 60% 29 52% 634 17% 112% 112% 24% 235 39% 22% 17% 594 83% 106 11 1% 28% 53 2% 21 63 121 89 17% 17%|ValronCoal& C 35 854 Close. 524 19% 63 100% 85 62% 58 56% 13 12 29 28 5% 79 3% €3 108% 9% 3% 121% 66% 29 53% 3% 1% 2% 33 20% 150 181% 116% 100% 13% 16% 145% 17% 101% 68% 10 65% 114 28% 874 36 984 106 1b3% 6% 14% 864 78% 110% 10% 46% 98% 49% 90% 268l 11% 3% 105% 51 48% 29% 16% 384 b3% 96% 104 €0% 27% ¥6 124 264 70 61 27% 86% 46% 60% 20% 2% 65% 1% 1124 112% 24% 235 39% 22% 18% 504 33% 106 11% 42 30 53 72% 22% 634 121 894 : THE EVENING STAR, WASHINGTON, D. C., THURSDAY, APRIL 23, | soraan Mot (3).. Kan City South. Kelly-Spring Kelly Spring 1st Kelly-Spring pf. Kennecott (3). . Keystone T & R. Kresge Dep Str. Kresge S S (8) Laclede Gas (8). Lee Rub & Tire. Lehizh Val (3%) Lig & My B (14). Lima Loco (4) Loews Inc (2)... Loft....... . Long Bell A (1). Lorrillard (3)... Louislana Oil. Ludlum (2) McIntype P (1).. Mack Treks (6). Macy HR & Co.. Magma Copper. . Mallinson & Co. . Man El Sup (4). Manila Electric. Maracaibo OIl. Market Street Market St prior. Market St 2d pf. Mariand Oil..... Mathleson Alka. Maxwell Mot A.. Maxwell Mot B.. May Dept St (5). Mexican Seabd. . Miami Cop (1) Mid-Continent. . Midlnd Pr pf (8). Minn & St Louls. Min St P & SSM. Mis Kau & Tex. . MK&Tpt (5).. Missour! Pacific. Missouri Pac pf. Montgom Ward. Moon Mot (3) . Mont Power (4) . Mother Lode 760 Motor Wh1(76c). 1lins Body . Munsingwr (3). . Murray (2.40). Nash Mot (+11).. Nat Acme (sta). Nat Biscu pf (7). Nat Cloak (4)... at Dalry (3). Nat D St st (7). at Distillers. .. Nat Ry Mex 2d.. at Supply (3). evada Copper. . O Tex & M (1) Nwpt U Gas (5). G&E pf (7) NY AirBr (4).. NY Canners (3). N Y Central (7). Y C&StL (6).. Y NH & Hart.. iagar F pf 1%. orfolk South Norf & West (7) Norf & W pf (4). orth Am (3.40) rth Am pf (3). North Pac (5)... Otis Elevator (8} Otis Steel Otis Steel pf. Owens Bot (3).. Pacific Coast. .. Pacific Ofl (2) Packard (11%). Packard pf (7).. Paige-Detroit. Pan-Amer (6 Pan-Amer B ( Penick. ...... Pernsy R R (3). Peoples Gas (8). Pere Mar pf (5). Phia Co (4). Phila & R C Phillip Morris Phillips Pet (2). Plerce-Arrow. .. Pierce-Arrow pt Piérce Ofl. .. Plerce Petrol. Pitts Coal. Pitts Coal Pitts & West Va. Postum-Cer (4) Press Steel Car. Pub Ser N J (5). Pub S Gas pf(6). Pub S Elpf (7).. FPullman Co (8). Punta Al Su (5). Pure Ofl (1%). Pure Oil (8). Radlo Corp of A. Ray Cons Cop... Reading (4)..... Reading rts..... Reading 1st (2). Remington Type Reynolds Sp (1). Rey Tob B (3).. Rey Tob pf (7). Roy Duth 4.42%. Rutland pf. St Joseph Ld (2) StL & San F (5) StL SanF pf (6). St L Sduth.west. Savage Armi Schulte (*8). Seaboard Air L. Seabd AIr Lipf. . Sears-Roebk (6) Shattuck-Ariz. . Shattuck FG (2). Shell Un (1.40) .. SimmonsCo (2). Simms Pet (60¢) Sinclair Ofl. . Sinclair pf (8) Skelly Ol Sloss-Sheft (6) South Pac (6). South Port S (6) Southern Ry (8) South l‘\dy(vl ®). cer L SRRy S Gas & Bi (3 Std G & E1pf (4) St 011 Calif (2).. StolNJ (1) StOINJ pf (M. Std Plate Glass. Stew Warnr (5). Stromberg (8) Studebaker (4). Submarine Boat. Superior Ofl. Superior Stl ¢ Symington...... Symington A (2) Tennessee Cop Texas Co (3). Texas Gulf () Tex & Pacific. Tex & PacC & O Third Avenue. .. Tide Wat Oil (4) Timken R B (14) Tobac Prod (8). Tobe Pra A (T).. Transcont Oil. .. Twin City (4)... Un Bag & Paper. Cnion Ol (1.80). Union Ofl.. Un Pacific (10) Un Pacific pf (4) Utd Alloy Steel. Utd Cigar (13%) United Drug (6) Utd Fruit (10) Utd Ry Invest Utd Ry Inves pt. U S Cast Iroft P. U S Distributing U S Hoff (2). U S Ind Alcohol. U S Realty (8) U S Rubber U S Rub 1st U S Smelting {3) U SSmpf (3%). U S Steel (7). U S Steel pf (7). U S Tobacco (3). Universal Pipe.. Univer P pf (7). Utah Copper (4) Utah Securitie: Vanadrum. Va-Caro Ch . Va-Caro Ch pf. . Open. High. 48% 3% 17 50% 50% 7% 2 32% 390 148 12% 717 58% 63% 294 8% bl% 34w 17% 40 864 139% 4% 95 34 44% 15 128% 52 0% 0% 84 83% 27 % 19 85 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office 48h 33 16% 50% 50% 6% 24 32% 89%0 148 12% 77 584 63 28% 8 51% 344 16% 37w 17 144% 6% 38 27 524 45 131% 44% 48% 59% 115% 10 58% 46% 26" 6% 207% 109% 85% 115 54% 66 93 104 133% Low. Close, 48% 33 16% 504 50K 47 2% 32% 390 148 12% 7 58% 63 29 84 51% 34% 17% 38% 17 29% 116% 2 64 12% 120 62 93 44% 87w 115% lfl% 81 28% 22 131% 8 45 48% 60 1% 10 584 6% 26 8% 21% 109% 3% | 66% 234 39% 1544 5% 50% 24 36% 23 19 88 24 82 103% 66 87% 85% 184 T a5% 52 59% 41% 117% 11% 63 65% 5% 8% 4% 23% 17% 21% 9% 43% 107% b52% 14 9% 1344 40% 6% 9% 4 62% 425 '™ UNDERTONE FIRM IN BOND MARKET Popular Railroad Issues in Good Demand—a0il Liens Show Strength. BY GEORGE T. HUGHES. Special Dispatch to The Sta NEW YORK. April 23.—Invest- ment buying kept up in today's boni market, with the additional feature that the movement spread to the sec- ond-grade issues, of which ST. Louls San Francisco prior lien “A™ 4s is @ type. . Large blocks of this bond were taken at the high of the year just be- low 76. At this price the vield is more than 5% per cent, which was | regarded highly attractive in a market where time money could be borrowed on g 4 per cent basis. Other instances of this kind of investment interest was found in New Orleans, Texas and ico 51s and Missourl Pacific 6s. B. & 0. Bonds Strong. The new Missourl Pacific bonds, se- ries E, offered the other day at 99%, were 100 bid in the outside market, while on the board the old bonds, serles D, sold at 100. Baltimore and Ohlo issues were especially strong, the refunding 6s, the refunding 5s and the convertible 41.s all being in de- mand. Baltimore and Ohio first 4s were up a point to the high of the | vear, In_the strictly high-grade list Ore- son-Washington Rajlway and Navi- gation 4s crossed 83, duplicating their previous high, and Pennsylvania gen- eral 41s went up a half point, while demand persisted for the Virginian Railway 5s around Wednesday's best {price. In United States Government |bonds the Treasury 4s were the | leaders. Seaboards at New Top. Among the speculative issues Sea- board 6s made a new top, and there was great activity in Brooklyn Man- hattan 6s around 86. Interborough obligations were higher, the market construing favorably the political news from Albany. Chicago Rallway 58 were lower. Bonds of the oll- producing companles as a group were strong, the leaders being Pan-Amer- ican 6s and Empire Gas and Fuel 7'2s. Changes In the foreign bonds were unimportant. Today's new offerings included $20,- 000,000 in Province of Ontarfo one and two vear 31% per cent Treasury bills, the 1926 maturity to vield 4 per cent and the 1927 maturity to yield 4% per cent, and $7,224,000 Chicago and Northwestern equipments to yield 4.80 per cent. PIG IRON IS LOWER. NEW YORK, April 23.—The Iron Age pig iron composite price for the week is $20.75, compared with $21.04 last week. Finished steel is down, the composite price being 2.474 cents per pound, as against 2.531 cents. It is now back to the level of mid- vember. ' NEW 23.—The vol- YORK, April ume of new capital flotation in the United States in the first quarter of 1925, excluding Government issues, is calculated at $1,849,447,000 by Dillon, Read & Co., surpassing ail record for previous corresponding periods. 2 START HOTEL MAY 1. CHICAGO, April 23 (Special).—Con- struction of the new $30,000,000 Ste- vens Hotel, which will be one of the largest in the world, will commence here May 1. The hostelry, on lower Michigan avenue, will have 3,000 rooms. RATES ON BAR SILVER. LONDON, April 23.—Bar silver, 31 3-16d per ounce. Money, 4 per cent. Discount rates—Short bills, 4 3-16a41( per cent; three-month bills, 4 15-16 per _cent. NEW YORK, April 23.—Bar silver, 6612; Mexican dollars, 51%. Church Suppers Protested. Some clergymen of Norristown, Pa., have started a mdbvement to stop the sale of tickets for church suppers and church movies on Sunday nights. The protest started as a result of discus- sion of the practice at the Phila- delphia Methodist Episcopal Confer- ence. Advocates of a closer observ- ance of the Sabbath apparently feel that the church supper idea has been corrupted by adding too much enter- tainment. o First Railroad Unpopular. In the history of American railroad- ing the little “experiment road,” or “Quincy Rallroad,” built in Massa- chusetts to haul stones to help build the famous Bunker Hill Monument, is generally recorded as the first actual railroad ever constructed in America. It was unpopular and called imprac- tical. ‘' Horse-drawn vehicles which rolled. along on rails constituted this first railroad. — NEW YORK EGG PRICES. NEW YORK, April 23.—Eggs irregular; receipts, 44,754 cases. Fresh gathered, firsts, 28a29; do., seconds, 27%a28; nearby hennery whites, closely selected, extras, 85a37; nearby and nearby Western hennery whites, firsts to average extras, 3%a3d. e TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) June 15, 1925. Sept. 18, 1925 Dec. 15,1825 4%s Dec. 15. 1925 4%s March 15, 1926. 4i(s Sept. 151928 . 4% s March 15, 1027. 4148 Dec. 15. 1027 Va Ry & Power. 94% 97% 94% 974 Vivadou. Wabash........ 21% 2I% 21w 21% Wabash pf A(5). 6214 62 62 Waldorf (1%).. 17 1T 16% Ward Baking B. 88% 39 38% West Pen (4)... 110 110 110 West Pen pf (7). 95% 954 954 West Maryland. 124 124 12% Western Pacific. 874 374 36% 36% West Pacpf (6). 881 881 83l 88y West Union (7). 134 185 134 134 West Afr Br (6). 100 100 100 100 Westinghse (4). 67% 68% 67% 684 Westhse 1st (4). 83 .83 83 g3 Weston Elec. 1% 11k 11%° 11k Wheel & L Erie. 12% 12% 12% 123 Wheel S LEpPf. 24 24 24 24, White Eagle (2) 26% 26% 254 26 White Mot (4).. 62 62 61% 62 Wilson&Co.... 6% 6% 6% 6y Wilson & Copf.. 20% 20% 20% 204 Willys-Overld.. 16% 16% .16 16 Willys-O pf (7). 91% 92 91k 91% IWoolworth (3).. 121 121% 120% 120% Worthington.... 48% 48% 46% 47 Worthtn A (7).. 81% 81% 81% 81% Worthton B (6). 704 701 66% 66% Wright Aero (1) 18% 18% 18K 18y Wrigley (1314). 49 49 49 49 YellowCab (25¢) 85 35 85 8§ Youngstown (4) 634 65% 654 65% +0dd lots. {Partly extra. $Payable in ferred stock. Dividend rates Iven in tl above table are the annual cash payments based on the est quarte: or half-yearly declarations. less otherwise noted,” extra or are 2ot Chile 7s 1943 Czecho 85 1952 ct. . Danish Munic 8s B 7 110 Denmark 6s Denmark s . 49 110% 110% DEIB%sMch's3. 14 98% 98 DEI5%s Nov'33 Dutch East I 7 13 100% 100% Dutch East I 63°62 28 101 El Salvador 8s°48. 12 104 104 Finland s £ 6s'45.. 13 86% §GC Framerican Ti%s.. 2 91% 9l'% Haiti § i Holland-Amer 6s.. 2 844 B8i% Netherland, Am Sug ref 6s Am T& Tecltr4 AmT& Tecltrbs. AmT&Tsf5s. Am T & Tdeb5%s 59 103 AmT&Tcvés.... 5130 130 Am Water Wks 53. 10 85% 95 Am Writ Paper6s. 2 524 ' 52 Anaconda 1st s Anaconda cv db Andes 7s Zo% pd Armour & Co 4 Cen Leth 65'45 cfs Chile Copper 6 Col Gas & El bs. . ColGs & E'5ssta, 11 100% 100% Commonwth P 6s. 19 101% 100% ConCoal Md 1st 58 3 B4 841 Con G NY 5%s wi. 102 103 Consumers Pow 68 17 951, 954 Cuba Canecv s Cuba Canecvd Cuban AmSur 8s. 3 108 108 Denver Gas bs Pacific Gas & E1 5 Pac T& T 1st 58 Pac T& T 63’62 Pan-Amer Pete 65.170 109% 103% Toledo Edn 1st 7s 1925.' I ON NEW YORK BONDS STOCK EXCHANGE l Recelved by Private Wire Direct to The Star Office. UNITED STATES BONDS. (Bales are in §1,000.) Sales. High! Low. 2:30. Lib8%s.... 98 1019 1014 1016 L1-2d 4%s. 2 101 10 101 10 101 10 Liblst4%s 68 1022 10130 10128 Lib2d 4%s. 214 1019 1016 1016 Lib 3d 4 49 101°30 101 26 101 26 Lib44%s.. 153 1027 1023 1024 US 419, 36 10110 1016 1017 UBUAI'SI’, 31059 1058 1068 FOREIGN. Sales. High. Low. Argentl, ceee 1 BlK 814 Argentine 8s A.... bl 96% 964 Argentine 63 B.... 6+ 964 96 Argentine 7s...... 12 102% 102% Austria 7s. Bank of Japan 6 Belgium §s Belglum 634 Belzium 7i4s Berne 8s Bolivi; Braz(] 7 Rrazil 8s Canada 55 1926. ... 100% Canada 68 1931.... 102% Canada 5s 1952. ... 1034 Canada 518 1925 . 1027% Chile 85 1926 ¢ 102% Chile 8s 194 z 107% Chile 8 194 5 107 Christiania 6s ... 9914 Thristiania Ss. 5 110% Con Pow Japan s 87% Conenhugen 5% 974 Cuba bl%s..... 99% Czecho 83 1951 100 99% 99% 109% 1% . 20 101% 38 98 9% 100% French s 88Y% French 7 97% French 8s. 5 101% Ger El1§%s'50 wi. 3 874 87% German 7s. L1867 944 93% Ger Gen Elec 7s... 6 3% 3% Greek Ts. 12 84% 84% 3 93% 93 Hungary 6% KT Japaness 6% s1% sergens U M 45% Lyons 6s. . K3'% Marsellle 6s...... 82% Mexico 4510 asntd 22% Mexico bs 36 Nethe 103% rway 6s 1943 99% orway 6s 1944. 99% orway 6s 1952 99y Norway 8 - 1% Orient Dev deb 6s. 85% Paris-Ly's-Med 63 754 8435 98% 95 Porto Alegre §s 94% Prague 7%s. ... 5 90% 90l Queensland 6s.... 20 103% 103% Queensland 7 . 2 109% 109% Riode Jan 8s1946. 7 94% 94 Riode Jan §51947. 1 93 92% RioGrDoSul8s.. 2 94% 94% Sao Panlo State 83 3 100% 100% Seine Depz cf 78 4 86% BOY SerbsCrotSlo 8s.. 18 87 83% Solssons 8s. . 5 8 8 Sweden 5%4sct.... 28 99% 9% Sweden 6s. . 2 103% 403% 1 Swiss 5% 2 101% 101% Swiss Confed 8s... 17 114 113% Toklo 5s. . 3 66% 664 Ud Kingm 5% 10 116% 116% Ud Kingm 6%s'37 36 106% 106% Zurich 8s......... 3 108% 108% MISCELLANEOUS. Ajax Rubber8s... 1 9 99 Am Agr Chem 5101 101 Am Agr Ch 7 100 99% Am Chain st 8 07% 974 AmSmit & R1stbr 17 97T% 974 AmSmit &R 6s... 2 106% 106% 50 1014 100% 1023, 63 100 99% 21 94% 941 46 8T% 86% Armour Delbs.. 19 92 92 Assoclated Ol 6 7103 1024 Atlantic Refin 5. 4 99% 99n Barnsdalls f8s... 1 105 105 Bell Tel Pads.... 1 101% 101% Beth Steelpm 6s.. 4 80i 90%% Beth Steel 5%s8°63. 7 85% 85 Beth Steelaf6s... 50 94% 94 Brier HSt 1at 5 7 99% 991 Bklyn Ed gen 5s.. 15 101 1004 Bklyn Ed6sB..... 1 105% 1054 Calif Pete 6%s 3 100% 102% 4100 9915 . 6 105% 1054 2 100% 100% 102% 6 9 954 .17 99% o9y . 5 934 83y Det Edison bs 5 100% 1004 Det Edison ref 6s.. 13 108 107y Dodge wi 6s. 160 99% 99 Du Pont de N7%s. 11 10734 107% Dugquesne Light 6s 8 1064 106 Est Cuba Sug 7%: 2 105% 1054 Empire G&F T3s. 842 104 102% Fisk Rubber fs... 110% Francis Sug 7% 105 Goodrich 6% 105% Goodyear 85 109% Goodyear 83 1941. 1204 Hershey 6s 1942 103 Humble O&R 5%s 101% Iliinots Bell 1st bi 1008 Iilinots Steel 4% 94 Indiana Steel 5 102 Int Mer Marin 835 Inter Paper 63°47. 5 88% 883 K CP&Lt5sA'S2. 27 98% 98y Kan G & El 68 '52. Kelly-Spring 8s Lacl G ref 55°34 Laclede G 5%s Liggett & Myrs bs Liggott & Myrs 7s Lorillard (P) 5s Lorillard (P)7 LouisvG & EBs'52 14 94% 94y Manat! Sug sf7%s 4 991 9oy Midvale Sil’nl s Montana Pow Mors&Co 1st 4%s. 1 82% goy 7 100% 1004 2 96% 96y 3 995 99y 39 100 1004 3 1 3 120 119y 97 115%- 1154 8 90% 901 8 99% 991 Nat Tube 1st 5 1101% 101% New Eng Tel 63... 19 1004 997 N Y Ed 58 ‘44 wi... 35 100K 100 NY Edenlst 6%4s.. 7 114 113y NY Tel 4% - 100 974 N Y Tel 684 107% North Am Ed 100% 103% 5% 964 104% 22 65 97 96% Pan-Amer Pete 7s. 9 105% 1051 People’s Gas b 4 961 9614 Phila Co 5% 4 964 96% Prila Core 28 105 104% Plerce-Arrow 25 9T% 97% Public Service 92 98 97% Pub Serv Elec 7106 104% Punta Alegre 7s.. 7 104% 104% Reming Arms 6s.. 10 874 87y Saks & Co 8t 7 20 106% 106% Sinclair Ofl 65.....102 106% 106% Sinclair Oll 22 87% 86 Sinclalr Ol 7 18 91% 91y Sin COP L 6s'28.. 16 100% 100% SinPipe Linebs... 2 84% 84y Skelly Oll 6%s 45 109 ' 108% South Bell Tel & 1 100% 100% So Por RicoSug 7s 2 104% 104 Southwest Bell 65. 37 99% Doy Sug Est Orient 7s. 1 96 96 Tenn Elec Pow 6s. 13 100% 100% Tide Wat Oil 6%s. 18 103% 103w | United Drug 6s 104% 12 103% 103% 3 974 974 95% 95% 11 100% 100% 101 100%, 14 96% 96Y% 2 100% 100% US Rub 1st rf U S Rubber 7%s. U S Smelter U S Steel s f 58 Utah Pow & Lt s, Va-Car Chem 7s Va-Car Ch 1% b Warner Sug 7s'39. Warner Sug 7s '41. West Elec bs...... West'n Union 638 Westinghouse 7s Willys-Ov 6%s B&O gold 4 Blklyn-Manhat Canad North 6%s Canad North 7s. Canad Pac deb 4 r Clinch & O 5s ar Clinch & O 6s. Centof Ga 5%s Centof Gas..... Central Pacific 4s. Ches & O cv 43 Ches & O gn 4%s. Ches & O cv bs Chi & Alton 3%4. . Chi & Alt 3%s ctft. Ch1 B&Q gn 48’58 Chi B&Q 1st rt 5s CB & Q-Oll div 4 Chi & E Ign 6 Chi GreatWest 4 CM & Puget 84 4 CM&St Pds'25. CM&StPdb¢ CM&StP gn 458 CM&StPeviks. CM&StPgn 4%s CM&StPre4% CM&StPevs: CM&StP6s.. C &N W gen 4 Chi & N W ref 6s. Chi& N W 6%s Chi & NW 7 Chi Rys 6s ChIRT&Prf 4 Chi TH&SE B Chi Un Sta bs C& W I5%s'62. CCC & St L5s. .. CCC&StLrfésA. Cleve Term 5s. Cleve Term 5 C &S 1st 48 2! Cuba RR b8 Cuba R R Tk%s. Der & Hd 1st rf & Den & Rio G cn 4 D & Rio G Wst 53 Erie 1st cons 4s Erte gen Erfe conv 4s A. Erie conv 4s B. Erie conv4sD.. Erie & Jersey 6s. . Gr Trunk sf db 6s. Grand Trunk 7s... Great North bt Gr North 5%s Gr North gen 7s... Havana ERL&P 51 Hud & Man ref 5s. Hud & Man aj bs 111 Central ref 4s. 11l Central 5%s 111 C-C St L&NO §s Int Rap Tran b: Int Rap Tran 6s. nt Rap Tran7s... Int & G Nor 1st 6s. int & G Nor aj 6 Kan City Ft S 4s Kansas City § 3s Kansas City S 5s. Kan Cy Term 4s... Lake Shore 4s'28.. Lake Shore'4s '31.. Lehigh Val cn 4s Lehigh Val 5s 2003 louis & N unl 4s. Louis& N6sB.... Manhat Ry cn 4s.. Market St Ry 7 MI1EI Ry & LS M StP & 8SM cn 4s M StP & SSM cn 5s. M StP & SSM 6% MK&T st 4s. MK&T4sB. M K & Tadj b Mo Pac 58 1926... Mo Pacific 6 Mo Pacific Montrl Tm 1st Nassau E Ry 4s°'67 NOTex&M Inbs. NOT&MGb%s. N Y Cen gen 3 N Y Centcn 4 N Y Cent deb 4s. N YCentri N Y Cent deb . NYC&StLdbds. NYC&tL6sA New Hav d 4s'5 NY. Ont W 1st 4s NY Rys adj 5s ct NY W & Bos 43s.. Norfolk & W cn 4s. Norfolk & W cv 6 Northern Pac 3s... Northern 4 Ore & Calif 1st 5s. Ore Short L ref 4 Ore Sht L cn bs '46. Pennsyl con 4% Penusyl gen 4% Pennsyl & Pennsyl & Pennsyl6% pennsy) gold T Pere Mrq 1st 48 '5l Pere Mara 18t & Por RL.& P 68’4 Rio G West 1st & R1o G West cl 4s. RIArk & L4%s.. St L IM&S 482 StP Un Dep bs.... Seab'd AL4s. . Seab'd A Lidssta.. Scab'd A Liret Seab'd A Lad) Seab'd A Licon Sou Pacific 48°29.. Sou Pacificclt és.. Sou Pacific ret Southern Ry 6sct. Southern Ry 6% Third Ave ref 4 ‘Third Ave adj 5s. . Union Paoc 1st 48 Unlon Pac 1st 1T Unlon Pac ds '37. Un Pac lstrf Union Paccv virginia R> 1st Va Ry & P 1st 58 Wabash 15t Wabash 2d e 3 109% 109% 109% Unlon Bag & P6s., J 95% 96% 95% Western Pacific 55 10 West Shore 1st 4s. “Erle Genessee R 63 . 29 Int Pap Tr 6s stpd. 8 MK&TprinbsA. Il MK&T 68C...... 10 NOTex&MS5sB., 10 Y Chl & St L5%s 87 . 10 Northern Pac5sD ¢ Northern Pacriés 8 Ore-Wash 1st rf 4s 29 St LIM&S R&G ds. 46 StL&SFpl4sA.. StL&SFprinbs. 17 StL&SF 6%sD.. 82 StL&SF StL&SF StL&SFplésC.. StLS Wcon4s'33 14 St P & KCShL 439 2 . 20 174 . 41 . 52 Southern Ry gn 48 120 Southern Ry 1st5s 2 Term Asso St Lids, 33 Texas & Pac 1st 53 1 Washash 6%s, ‘76.. 29 1 Wesntern Md 4s. .. High. Low 102% 102% 102% 86% 106% 101% 106% 94k 91% 58 80% 93% 100% 111% 107% 100% Wilson & Co 1st 6 97% Wilson & Co cv 6 70 Wilson&Cev 7348 69% Winchester A 7145 6 101% Youngstn S&T 6s. 9% RAILROADS. Ann Arbor4s..... 66% Atchison gan 4s 51 Atlantic C L 1st 43. 93% Atlantic C Lel 4s.. £T% B&Oprin3ks 99% 65% | FINANCIAL. WHEAT S LOWER INTRADIG TODAY Rains in Southwest Also| Cause Slump in Corn Values in Chicago Market. | By the Associated Press. | CHICAGO, April 23.—Rains in the| Southwest section of the domestic Winter crop belt led to much lower prices here for wheat today during the early dealings. In addition, the fact that the Liverpool market failed to reflect yesterday’s sharp advance on this side of the Atlantic tended to ex- ert a depressing influence. Trading was of only moderate volume. The opening, which ranged from % to 2% cents lower, with May 1.54 to 1.54% and July 1.41 to 1.42, was followed by an irregular descent to 1.52% May and 1.40% July. Corn went down with wheat. After opening at 1 cent to 1% cent lower, July, 1.11% to 1.11%, the corn mar- ket continued to sag. Oats were relatively firm, owing to removal of hedges against about 2, 000,000 bushels of oats destroyed in an elevator fire here. Starting at %4 | off to % up, July, 43% to 44 cents, oats held near to the initial range. Lower quotations on hogs eased down the provision market. WHEAT— Open. High N SELLS OFF News From Texas Starts Broad Wave of Sales Right at at Opening. By the Associated Press NEW YORK, April 23.—The cotton market opened easy today at a de- cline of 16 to 28 points under local, Southern and Wall Street selling, pro- moted by reports of rains in mnorth- west Texas and Oklahoma. bles from Liverpool were relatively firm, but the market there eased off later under Texas rain news, lower in the first few minutes, July declining to 24.60 and October to 24.55. Some stop orders were uncovered on the break, and after their execu- tion the market stiffened up 10 or 15 points from the lowest on covering. The better weather news encouraged New Orleans Quotations. NEW ORLEANS, April 23.—The cot- ton market had a very active but weak | opening despite better cables than | due. First trades showed losses of 24 to 33 points, with heav rains in north and west Texas. The reports of rain until July traded to 24.57 and October to 24.02, or 32 togss points below the previous close. Some of the advices reported good down- pours. GRAIN AND PROVISIONS. BALTIMORE, Md., April 23 (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, 1.25a4.50; beans, hamper, 1.25a1.75; beets, 100, 6.00a8.00; cabbage, hamper, 1.00a1.25; kale, bushel, 25a40; carrots, bushel, 1.25a1.50; onions, 100 pounds, 4.00a4.25; spring onions, 100, 1.00a1.25: cucumbers, celery, crate, 1.75a2.75: hamper, 3.50a5.50; eggplants, crate, 2.50a4.00; lettuce, basket, 1.00a2.25 peas, hamper, 2.00a2.75; radishes, bas- ket, 2.00a3.00; peppers, crate, 3.50a 6.50; rhubarb, 100, 2.00a3.00; radishes, 100, 3.00a4.00: spinach, bushel, 50a80; squash, crate, 1.50a2.50; ‘tomatoes, crate, 3.00a6.00. Apples, packed, barrel, 3.50a7.50; hushel, 1.50a3.00; grapefruit, box, 2.75a 3.75; strawberries, quart, 17%a30; oranges, box, 5.50a8. Selling Prices at Noon. Wheat—No. 1 red Winter, spot, ex- port, no quotations; No. 2 red Win- ter, spot, domestic, 1.83%; No. 2 red ‘Winter, garlicky, domestic, 1.831; No. 3 red Winter, no quotations. Sales—None. Corn—Cob, new, vellow, spot, 6.50a 6.75 per barrel; track yellow, No. 2, 1.25. Sales—1,500 bushels of No. 3 yellow at 1.20. Oats—No. 2, 54 asked; No. 3, 52 asked. Rye—Nearby, 1.00a1.10; No. 2 rye, spot, 1.17. Hay—Receipts, 51 tons. exclusively to the better grades of tim- othy, and.choice light clover mixed, of which sort there is no oversupply. De- mands 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 re- ducing requirements at the regular hay sheds. Quotations today—No. 1 timothy, 18.00a18.50; No. 2 timothy, 16.00a16.5 No. 1 light clover, mixed, 17.00a17.50; No. 1 clover, mixed, 16.50a17.00; No. 2 clover, mixed, 15.00a16.00. Straw—No. 1 wheat, 15.00a15.50 per ton; No. 1 oat, 15.50a16.00; No. 1 straight rye, 18.50a19,00. DAIRY PRODUCTS. BALTIMORE, Md., April 23 (Spe- cial).—Live poultry—Young chickens, pound, 25a38; rough poor stags, 25a 27; Winter chickens, 45a50; springers, 50a60; Leghorns, 45a52; old hens, 24a 32; Leghorns, 25a26; old roosters, 16a 17; ducks, 18a26; pigeons, pair, 50; gulnea fowl, each, 50a1.00. Eggs—Receipts, 1,398 cases; native and nearby firsts, dozen, offered 28; duck eggs, dozen, 30a32. Butter—Good to fancy, pound, 42a 47; prints, 47a49; ladles, 29a30; store packed, 23; dairy prints, 23a25; rolls, 23a25; prpcess butter, 32a33. 99% | eosting $18,000,000 to $20,000,000. 3 MUCH BUILDING PLANNED. CLEVELAND, April 23 (Special).— Construction projects aggregating be- tween $40,000,000 and $50,000,000 are scheduled to begin in Ohio this year. In addition to the Union Terminal project here, the railroads contemplate track, dock and station improvements it p ik BUTTER HIGHER TODAY. CHICAGO. April 23. — Butter— Higher; creamery extras, 45; stand- ards, 45%; extra firsts, 43¢ad4; firsts, can Bankers' Assocfation, in session now at Augusta, Ga. Merle Thorpe, editor of The Nation's Business, arraign the proclivitles of the American people to rush to their legislatures and demand laws for all sorts of problems better handled with out Government interference. prescriptions was speaker to a lack of r the tremendous i dustry today. Business, in its pr t complexity, ple, be opined. esses, growing more intricate breed misunders times bad the ‘there ought to be a law is only adding to the complexity of the situation. c calendar today is 90 per « in Government. us to discard the phrase “There ought to be a law’ and sub one, ‘There ought to be fewer law ON RAINS IN SOUTH| Early ca-| and | i prices here sold 20 to 30 polnts net| ol peration of their emulos arrange for the deduction of the pren iums periodically from their pay, simi- jlar to deductions of other dues selling on the rallles, however, and|easier for salary and wage ea the market was about 15 to 18 points | maintain for their dependents the de net lower at the end of the first hour. | selling, due to { market further eased off on continued | Hotel 6s 101. good demand, 7 | shares selling at 9% | bulk good and choice, 160 The limited | Pest early at 11.25; demand prevailing for hay is confined | 11.00: 42a43; seconds, 34a39%. Eggs— Lower; recelpts, 17,712 cases; firsts, 27%; ordinary firsts, 26; storage pack, extras, 20%, w:flfi. ARRAIGNS EFFORTS TO GET NEW LAWS Merle Thorpe Suggests Few- er Legislative Demands in Address to Bankers. BY CHAS. P. SHAEFFER. The executive council of the Ameri annual heard “We are too apt to regard Washing ton as made up of supermen, with the power to perform any economic mir- acle by K Eid M Thorpe. tion we ask Washington to freight rates and raise wages of rail road workers." passing a law,” said Mr. In one and the same peti lower As a resuit of the choral clamoring ~There Ought to Be a Law,” Mr. Thorpe cited the fact that Congress has been almost continuously in ses sion for eight years, with 48 S gresses, grinding out laws, 90 per cent of which have had to do with Govern- ment and business —laws restricting and limiting and binding busin industrial action. Attention w to the year 1924, when some bills of that nature were introduced in our various legislative bodies. tate con- s and s called ,000 The evil of simple legislative pill traced by the ization of tion of in- annot be treated so sim- “Our industr )] nding, and legislatior danger in the United S popular understanding of business Will not keep pace with the more and more intricate and co plex phases of present day industry—and craze The White Hous 1t business It is high time for itute another New Insurance Popular. Salary allotment insurance, the newest phase in life underwriting, is now engaging the attention of the 200,000 or operating in the country Ithe larger companie: adopted the idea, w watching its development with keen interest. more insurance agents Several of already have ile others are Essentially the plan is but the vol- untary application of the “check-off” system to the payment of life insur ance premiums. ployes of an establishment and agree to take out individual poli cles for sums ranging from one to ive or more em- combine ten thousand dollars. Then, with the r, they It is said this new form is not ir tended to replace or supplant group, industrial or other life insurances, but to supplement them—to make it ers to gree of protection warranted by the augmented incomes the have enjoyed during the last 10 years. Trading on Local Board. Five per cent bonds of the City and Suburban Railway established a new high mark on the local board this morning, when $15,000 sold at 85%, a full point increase over the previous sale. This security merely rejected the strength prevalent in other invest- ment issues, as Potomac Electric 6s brought 106 and Wardman Park Gas 6s of 1933 sold in small denominations at 102 Raflway preferred stock was in shares selling at 801, and fractionally abovi Rumors in the financial district are to the effect this issue is being accumulated in progressive fashion, which rumor seems to be substantiated by the pres ent level, £0%, or only 1 point higher than the 4 per cent bonds of the com- pany. The preferred stock pays 5 per | cent. | National Mortgage and Investment preferred was strong, a total of 58 Mergenthaler was easfer at 180, and Lanston was unchanged at 80%. CHICAGO LIVE STOCK MARKET CHICAGO, April 23 (United States Department of Agriculture).—Hogs— Receipts, 25,000 head; mostly 10 cents lower; light lights and slaughter pig: 15 to' 25 off; shipping outlet narrow to 22 pound averages, 12.20a12.30; early top, 12.40; bulk, 240 to 325 pound butchers, 12.10212.20; 140 to 150 pound weight largely 11.85a12.10; packing sows mostly 10.60a10.90; bulk strong weight slaughter pigs, 11.50a12.00; heavy welght hogs, 12.00a12.25: medium. 12.15a12.35; light, 11.80a12.35; light light, 11.50a12. packing hogs smooth, 10.70a11.10; packing hog rough, 10.40a10.70; slaughter pigs, 10.50a12.00. Cattle—Receipts, 8,000 head; liberal water fills and plainer killing quality considered; fed steers, yearlings and ! beef heifers strong to 25 high welght steers showing most upturn; long yearlings, bulk, 9.25a10.50: heifers, 7.25a9.50; few, 10.0¢ better; better grades fat cows, 10 to 15 higher; other grades. canners and cutters strong; bulls and vealers un- evenly slow; most bolognas, 4.75a5.00; few, 5.15 and better; vealers largely 7.50a8.00 for kind averaging -100 pounds and beloy: §.50a9.00 for good to choice 110 to M5 pounds averages; shippers selecting handy weights at 10.00210.50; hardly enough stockers and feeders to make a market: trade firm at recent 25 to 40 advance: mostly 6.50a7.50. Sheep—Receipts, 14.000 head; slow. fat lambs opening strong to 25 higher; choice handy welght wool lambs to outsiders, 15.00; good handy weight mostly 14.00a14.75; weightier kind, 13.50a14.00; five cars of good to choice Californla springers averaging around 73 pounds at 16.00, with 100 out at 15.00; fat sheep and shearing lambs steady; good clipped ewes, 6.50a7.00. SHORT-TERM SECURITIES. Bi Adirond, P. & L. C. . 1023 1 Alum, Co. of Amer. 7s 1053. 1 1 American Sugar 6s 1037, - Amer. Tel. & Tel. 8s 1835 1 13 Anaconda Copper fe 1020.. 1 1 ARgio-Amer. OII 7338 1025.. 10 1 Asociated Oil 6s 1035, .. 10 1 Baltimore & Ohio 8s 1026.1 103 1 Bethiehem Steel 55 1036... 90% Central of Georgia 6s 10200 1084 1 Chi. Mil, & St. P. 6s 1934 1013 10 il BT & Pac. Bis 1026 1015 101 of Lyons 65 o 88 i, & A" E, et 3 1827 1004 1011 Continentai G. & E. 58 1927 100 ' 1004 Du Pont 7%s 1931........ 107% 108 Federal Sugar Ref. 6s 1033, 93 935 Federated Metals 7s 1939.. 102% 102 Goodyear T. & B. 88 1031.0 100 ' 10 Great Northern 7s 1036.. . 100% 1101, Hombe ot . 101% 102 1018 101% 1037 1045 2107y 10 E ngv‘z 97% . 10 1084 100% 100% 955 054 . 108 © 1034 991 99k D08y 06K ;1108 111 107% 107%