Evening Star Newspaper, May 5, 1925, Page 28

S WALL STREET LIST STRONG AT CLOSE Inereasing Number cf Issues Reach Higher Levels in Late Trading. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, May 5.—The upward movement on the stock exchange was extended today, taking in an increas- Ing number of issues and carrying many of them to new high prices for the year. The strength of the public utility and other industrial shares was the most important feature. Other sections of the list went along moderately, with frequent recessions from the top figures on account of profit taking. The oils made further galns in response to satisfactory trade news. Numerous specialty movements, some of them under the influence of ~syndicate support, were largely .re- sponsible for the increased activi and the advance in the price average. Southern Rails Gain. In the railway section the favorites for the most part were once more shares of the Southern roads. St Louis-San' Francisco, the Seaboard Afr Lines, Southern Railway and Gulf, Mobile and Northern all made new high records. Southern Railway across 96 has pretty well discounted a 6 per cent dividend, but the Street, while recognizing that the first step would be to raise the rate fr-mn 5to6 per cent, is figuring upon a 7 per cent deelaration later. The Seaboard Air Lines were following along with the great strength in the bonds. St. Louis-San Francisco, across 78 for the first time, strengthened the belief that the dividend will be raised to a $6 basis. = North American at Peak. North American sold at its highest for the year in anticipation of a favorable report of earnings for the 12 months ended March 31. The in- come statement is expected to show substantial increases in gross and net @8 compared with the 12 months ended March 31, 1924. A good sized balance, after all dividend requirements, has been added to North American's sur- plus month after month. An interest- ing feature of the report, according to well informed persons, will be the figures showing the percentage of increase in gross earnings carried to net income from operations. MARKET CLOSES STRONG. By the Aseociated Press o NEW YORK, May 5.—Stiffening of basic commodity prices, higher foreign exchange rates and continuance of easy money provided the groundwork for another advance in prices in to- day’s active stock market. More than a score industrials moved up to new peak prices for the year. Total sales approximated 1,500,000 shares. The closing was strong. Several specialties were bid up briskly in the final hour, American Brake Shoe, ‘American Foreign Power and Mon. tana Power selling 3% to 4 points higher. Butte and Superior collapsed toa new low at 7%. Markets at a Glance NEW YORK—Stocks—Strong; over score industrials at new 1925 highs. Bonds—Firm; New York City's $60,- 000,000 issue at premium. Foreign ex- changes—Higher; sterling crosses $485. Cotton—Lower; disappointing demand from spinners. Sugar—Steady; trade buying. Coffee—Weak; lower razilian markets. Belz"“CA(;()—\\'hem—Lower: bearish cables. Corn—Firm; decreasing stocks. Cattle—Strong; light receipts. Hogs— Higher; active buying. Washington Stock Exchange SALES. Gas 65 '33—$1,000 at 103%. 3% 10 at 93%. 5 at 93%, 10 at ¥3%. 5 N arhington Rwy. & Elec. com—35 at 108% ¥ 'Washington Rwy. & Elec. pfd—1 83%. 10 at 833, 20 at 3% ) 838 30 at 83%. 10 at 83%. 20 at 83%. AFTER CALL. w'asnmznwn Gas 6s '33—$200 at 102%. T023% G Sl Traciion Co. 5s—S1.000 at 07%. Bt 975 . 87, 20 at 57. = Wauhmn‘:rlx »l-“ & Elec. g. & r. 65 '33— 1,000 at 10 4 * Lanston Monotspe—10 at 8214, X ank—] 2 B304 eton Monotype—10 at 82%. 10 at 83, 4 83 10 ehisston Rwy. & Elec. pfd—10 at % ‘Money—Call loans, 5 and 6 per cent. Bid and Asked Prices. BONDS. Amer. Tel. & Telza. 4s Amer. Tel. & Telga. 435, Am. Tel. & Tel. ctl. tr. 5 Am. Tel. & Tel. conv Anacostia & Potomac bs.. ‘Anacostia Potomac Guar. & & F- Telephone C. & P. Telephone of Capitai Traction R. R. bs. City & Suburban 5s. Georgetown Gas 1st Potomac Elec. 1st 5s Potomac Eiec. Cons, Bs. tomac_Elec. 68 1953 ot. EL Pow. §. m. & ref Wash.. Alex. & X Wash, Alex. & Mt V Washington Gas 5e. Washington Gas s Washington Ruy, & 7s. t. Ver. be.. t Eiec. 4s. 7 1 Rwy. & D. C. Paper Mfg. Os.... Pot. Jt. Stk. Land Bank. Risks Realty bs (long) Riegs Bealty bs (short Southern Bldx. 6%s. g Waan. M, Cold Storage 5. Wardman Park Hotel 0s..... STOCKS. Amer. Tel. & Tels: Capital Traction.. hington_Gas. Norfolk & Wash. S Noeh Ry, & Elec. com. Wash. Rwy. & Elec. pfd Terminal Taxi com... NATIONAL BANK. apital Zofumbia Sommercial " Lincoln National M By Nat. Bank of Washington... 224 TRUST COMPANY. American Security & Tru Continental Trust Merchants Bank. National Sav. & Trust Union Trust...... ? Wash. Loan & Trust... SAVINGS BANK. Commerce & Savings . 225 Fast_Washington g Security Savings & Com. Seventh _Street. 5 United States ‘Washington Mechanic American . Corcoran . Firemen National Unton. TITLE INSU! tumbia Title. . g:&l Estate Titl MISCELLANEOUS. % Yeonunce’ & disade. Mergenthaler Linotype... ... Natl, Mtge. & Invest. pfd.. . 0ld Dutch Market com. Old Dutch Market Dl Lanston Monotype. o e Son Gl Bo oo P =3 R T NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. AdvRumley.... 154 16% AdRumley pf (3. 64 54% Ahumada Ld (1) 10% 10% Alr Reduct (4).. 103% 104 Ajax Rubber. 13% ka Juneau. . % Allled Chem (4). 86% Allie1 Cm pf (7) 119% Allis Chalm (8). 78% Am Agricul Chm 20 Am Az Chmpt.. 52% Am Bk Npt (3).. 56 Am Beet Spf (6) 82 AmBosch...... 29% Am Brk Shoe (5) 106 Am Can (47).... 183 Am Can pt (7). 118% Am C&Fdy (n).. 100 Am C& Fpr (7). 124 AmChiecle...... 504 Am Drug (60c). 6% Am Express (6). 137 Am & For Pow.. 34% Am& FrPonf (1) 89% Am & F P 25% pa Am Hide & Lea. Am Hide & L pt. AmTce (7)...... Am Ice pt (6). Am Internatl. Am La Fran (1). Am Linseea. .. .. Am Linsd pf 3% . Am Loco (118) Am Loco pf (7). Am Metal (3)... Am Radiator (4) Am Ry Exp (6).. Am Safty Rz (3) Am Ship & Com. Am Sm & Ref (6) AmS&Rpt (7). Am Snuff (12)... Am Stl Fdys (3). Am Sugar. < Am Sugar pf Am Sumatra. . Am Sumatra pf. Am T & Tel (9) . Am Tobacco (7). Am Tobac B (7). Am Tobac pt (6) Am WW&ZI 30c Am W W pt (6). Am Woolen. ... Am Wool pf (7). Am Writ Pap pf. Am Zinc. . Anaconda (3)... Ann Arbor. Ann Arbor p Archer-Daniels. Armour Il A(2). Armour Del (7). Arn Cons & Co.. Aszo Drv G (5). Ass0 D G 1st (6). Asso Ol (1%).. AtT &S Fe (7). AT&SFpt (5). Atl Birm & At... Atlantic CL (7). AtGuif & WI.. At Gulf & WIpt. Atlantic Refin Atlas Tack. . Austin-Nichol Ealdwin L (7) Eal & Ohio (5) Bal & Oh pf (4). Larnsdall A. Barnesdall rts. .. Layuk Cigar.... Beech Nut (2.40) Bethlehem Steel Beth St pf (8).. Booth Fisherles. Briggs MIg(3%) Bkl Edison (8).. Bki-Man Tran Bk1-Man T pf (6 Bkl Union G (4). Erow~ Shoe (4). Brow1. Sh pf (7). B'wick-B C(3.60) Buff Roch & Pit. *Buff Rch&P... *BR&Ppf (6).. Burns Bro (10).. Burns Br B (2).. Bur Add Ma (3). Eutte Cop (50¢). Butte & Su(50c). Cal Packing(6) . Cal Peve (1%) Calif Pet pf (7). Callahan Zine. .. Calu & Ariz (2). Can Pacific (10). Cent Leatkor. .. Cent Leather pt. Cero d Fasco (4) Certain-Teed. .. Chand Mot (3) Ches & Ohlo (4). Chi & Alton..... Chi & Alton pt. Chi & EastIll... Chi Great West. Chi Gr West pf.. Chi Mil & St P... Chi M1l & SP pf. Chi & Nwn (4) Chi & Nw pt (7). ChiPneuT (6).. ChiR1& Pac. CRI& P pt (6). Childs (12.40). .. Chile Cop (2%). Chino Copper. Coca-Cola (7). Colo Fuel & Iron Colo Southern. . Colo Sou 2d (4).. Col G & E (2.60). ColG & Ept (7). Com Solv A (4).. Com Solv B. Congol-Nrn ( Con Distributrs. Consol Gas (5).. Consol Textile. . Cont Can (4) Cont Insur (6) Cont Mot (80c).. Corn Prod (2)... Corn Prod pf (7) Crucible Stl (4). Cub Am Bug (). Cuban Am pf (7) Cup Cane Su pf.. Cuba Dominican Cushmans (3)... Cuyamel Fr (4). Daniel Boo! Davison Chem Del & Hud (9) Del L&Wn (17). D&RG Wstpt. Detroit Ed (8) Devoe 18t (7). Dodgs Bro pf wi. Dome Mines (2). Doug Pectin (1). Dupont (10).... Duquesne pf (7). Eastman (#8)... Eaton Axle. . Elec Power ctfs. EIP & Lt 40% pd ElecP&Ltfpd. Elec Str Bat (4) Elk Horn....... Emmerson Brat. Erie. . . Erie 1st pf. Brie2d pf..... . Eseex 1st of (1). Exchanxe B (1). Fairbks (2.60).. Famous P1 (8) Famous pf (8).. Fed Lt&T (7). Fid Phoenix (6). Fisher Body (6). Fisk Rubber.... Fisk R 18t (1)... Flelschmann (4) Foundation(8). .. Freeport Texas. . Gardner Motor. . Gen Am Tnk (3) Gen Asphalt.... 53% 63% 8 1% 20% 38 37% 97 17 97 17 36 1024 108% 165% 163% 68 14% 86% 83% 118% 14% 10% 46% 63% 26 . 102% 108 164% 163% [ 14% 86% 88% 112% 12 10% 45% 94 119% 88 275% 11% T4% 107 62% 45% 50% 29% 22% 40% ba% 97% 97 104 14 Gen Asph pf (5). 94 Gen Bakg pf (8). 119% Gen Clgar (8)... 874 Gen Electric (8) 270% Gen El spl (80c). 11% Gen Motors (6).. 73% Gen Mot pf (7).. 106% Gen Petrol (2).. 62w Gen Refrac (2).. 45 Gimbel Bros.... B50% Ginter Co (1%). 29% Gliaden Co. 21% Gold Dust. 39 Goodrich. . 84% Goodrich pf (). 87H Goodyear pf (7). 97 Gdyear prior (8) 104 Granby Consol.. 14 Low. Close. 16% 15% 54 b4k 10% 10% 101% 12% 24 86% 119% 8% 20 B1% 56 82 29% 108 181% 118% 100 124 50 5% 137 84% 88% 124 9% 67 106% 81 35% 12% 29 7i% 120% 120 46% 984 1% 56 10% 94% 28 80% 3% 65 109 9% 36 1224 68 27% 95% 50 4% 67 4% 2% 29% 150 186 38% 116% L 984 18% 16% 147% 107% 108% 14% 22% 102% 104 63% 8 13% 29% 374 37% 97 17 36 101% 107% 154 163% 67% 14% 86% 83% 1124 12 10% 454% 52 94 119% 87% 270% 11% 73% 106% 52 45 50% 28% 21% 39 52% 96% 97 104 14 Grt North pf (6). ‘Gt Nor Ore (1).. Grt Wstn Su (). Gt West Spf (7). Greene Canan. . Gulf Mo & No Gu M & N pf( Galf St Steel (6) Hi Hayes Wheel (3) Hoe & Co A (4).. Homestake (17). House'd Prod (3) Houston O11 Hudson Mn(Z%) Hud Man pf (6). Hudson Mot (3). Hupp Mot (1)... Iilinots Cent (7). Independ O1l (1) Indian Refining. Inland Stl (23%) . Inspiration Cop. Interb Rap Tr. Internat Agri Int Bus Mac (8). Int Cement (4) Int Com Eng (2). Internat Har () Int Mer Marine. . Int Mer Mar pf. Int Nickel B Int Paper.. Iut Pap pf st (6) Inter Paper pf.. Int Ry Cent Am. Int Tel & Tel (6) Jones & Lau (7). Jordan Mot (3). Kan City Soutn Kan C So pf (4). Kayser (Jullus). Kelly-Spring. .. Kennecott (3).. Keystone T & R. Kinney G R (1).. Kresge Dep Str. Kresge SS (8).. Laclede Gas (8). Lee Rub & Tire. Lehich Val (3%) Liggett & M(t4). Lig & My pf (7). Lima Loco (4).. Loews Inc (2). Loft... Long Bell A (1). Loose-Wile! Lorrillard (3). Louisiana Ofl. .. Louis & Nsh (8) . Ludlum (2)..... Mack Trcks (8). Macy HR & Co Magma Copper Mallinson & Co. . Man El Sup (4) . Man Emd g (5). Man Shirt (1%) . Manila Electric. Maracalbo Oll. . Market Street. . Market St prior. Marland Ofl..... Martin-Pry (4). Mathleson Alka. Maxwell Mot A Maxwell Mot B.. Max Mot B ctf. . May Dept St (6). Metro G pf (1.89) Metro Ed pt (7). Mexiean Seabd. . Miami Cop (1). Mid-Continent. . Middle States Minn & St Louts. Min St P & SSM. Mis Kan & Tex M K & T pt (5) Missour! Pacifie. Missour! Pac pt. Mont Power (4). Montgom Ward. Moon Mot (3). .. Mother Lode 75¢ Motor Whi(76c). Mullins Body. Munsingwr (3 Murray (2.40) Nash Mot (411) Nash Df (T)..... Nat Acme (sta). Nat Biscult (3) Nat Cloak (4)... NatCl & S pt (1) Nat Dafry (3) Nat Distillers Nat Distillers pf. Nat Ry Mex 2d. . Nat Supply (3). Nevada Copper. N O Tex &M (7) NYAIrBrA (4). N Y AlrBr (4).. N Y Canners (2) N ¥ Central (7). NY C&StL (6).. NYC&StL pt (6). N Y Dock. . . NY NH & Hart. NYOn & Wn (1) Niagar F pf 1%. Norfolk South. . Norf & West (T) North Am (3.40) North Am pf (3). North Pac (5)... Orpheum (1.80). Otis Steel. Nwans Rot (1. Owens Bpf (7).. Pacific Gas (8).. Pacific Mail.... Pacific O11 (2).. Packard (11%). Paige Mot (1.20) Pan-Amer (6).. Pan-Amer B (6) Park & Tilford. Pennock & Ford. Pennsy RR (3). Penn Seab Steel. Peoples Gas (8). Peoria & East. Phia Co (4) . Phia Copf (3).. Phila&RC&1. Phillip Morris. . Phillips Pet (2). Plerce-Arrow.. Plerce-Arrow pt Plerce Oft Plerce Petrol... Pitts Coal. ..... Pitts Coal of (F) *Pitts,Ft.Way (1) Pites Ut pf +1.20. Pitts Ut ctfs 1.20 Pitts & West Vi Postum-Cer (4) Press Steel Car. PrStCarpf (7). Prod & Refiners. Pro & R pf (3%) Pub S Gan pf(6). PubSer NJ (5). Pullman Co (8). Punta Al Su (5). Pure Oll (1%).. Radlo Corp of A. Ry Stl Spg (8).. Ry St Sp pf (7 Ray Cons Cop. Reading (4 Reading rts. .. Reading 2d (2) Remington Type Replogle Steel. . Rep Ir & Steel. . Reynolds Sp (1). Rey Tob B (3).. Roy Duth 4.42%. Rutland pf..... St Joseph 1d (3) StL & Sen F (5) StL SanF pf (6). St L Southwest. StLSwnpf (6). Savage Arms... Schulte (*8).... Seaboard Air L. Seabd Alr Lpf. . Sears-Roebk (6) | Shattuck FG (2). Shell Trad (2.06) Shell Un (1.40).. Shell Un pf (6). Simmons Co (2). Simmons pf (7). Simms Pet (600) Sinclair Ofl..... Skelly Oll. Sloss-Sheft (6).. South Pac ( Southern Ry () South Ry pf ( Spicer MIg..... Spicer pt (8). an (2%)..° Open. High. 634 63% 80 30% 94% 9% 109 109 1246 124 31% 82 95 984 Ti% 724 80% 31 B4% 36% 46% 46% 45 36 61% 31w 68 52% 16% 118% 26% 8% 8% 284 21% 10% 121% 62% 86% 107% 124 4% 80 57 141 13% 18% 68 118 BAT 82 2% 444 93% 68% 183% 40% 27 564 124% 117 11% 9% 17% 41% 68 18% 43% 12% % 49% B1% 484 ™% 83 4% 1% 6T% 110% 28% 45% 158% 50% 39% 24% 100% 85% 102% 28% 19% 25 82% 103% 95% 87 19 96% Low. Close. 62% 20% ke 109 124 31% 95 7% 80% 84% 46% a“u 36 61% 31% 68 61% 16% 113% 26% % 38% 23% 20% 10% 4 121% 62 86 107 12 4 29% 66% 54 109 24 62 304 4% 109 124% 81% 6l 2% 30% 6 46% 4“4y 36 624 32 69% Bl% 16% 113% 21 % 89% 24% 21 1'% 121% 3% 36 107% 12 43% 29% 58 77 109 24 98% 4% 135% 40% 2% 564 124 1z 12% 9% 17% 41% 68% 14 44w 12% 4% 50 5% 48 78% 83% A% 1% 67% 110% 804 46% 168 50 39% 24% 100% 36 102% 28% 20 264 B4 102% 95% 86% 20 DCKI HE EVENING STAR, WASHINGTO. D. C., TUESDAY, MAY 5, 1925 BONDS GO HIGHER | Coxxew vore BONDS srocx s Received by Private Wire Direct to The Star Office. INTRADING TODAY Railroad Issues Are Most in Demand—New City Of- fering Sold. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 5.—Bonds were strong agaln today with the more speculative obligations in greatest de- mand. Among the leaders were all the Sea- board issues, making new high prices, and the St. Louls-San Francisco Junior bonds. Seaboard 6s were espe- clally strong, selling at 95, where they were up nearly 3 points in a week. The adjustment 4s made a new high at 81, and the refunding 4s at 71. The first 4s, both stamped and unstamped, were in urgent de- mand up about 2 points and also at new tops. Other Strong Issues. Among the St. Louls-San Francisco issues the adjustment 6s made the largest gain, but the income 6s were also higher. A movement developed in New Haven 6s, both the 1948 ma- turity and the new 1940 bonds. New York, Westchester and Boston 434s were eagerly bought up 2 points in sympathy with the strength in other New Haven descriptions. Interna- tional Great Northern adjustments and Missour{-Kansas-Texas adjust- ments were steady around Monday's best figure Chicago and Eastern Illinois 5s ral- lied nearly a point and there was some buying in Chicago, Terre Haute and Southeastern refunding Gs on the re- ports that the bonds would not be dis. turbed in the St. Paul reorganization. It was stated today that the St. Paul plan would be ready perhaps by July 14. Norfolk Southern refunding bs went higher, as did Chicago Great Western 4s. Unusual activity marked the advance of Denver, Rio Grande Western 5s above 59. Foreigr Bonds Strong. Rubber and tire bonds were promi- rent among the industrials, the leader being Ajax Rubber 8s, which were up nearly 3 points. Brooklyn Manhattan Transit 6s and Interborough refund- ing 55 were the most active of the tractions. Magma Copper 7s were the strong spot among the coppers. High-grade investment issues were steady. In the foreign group Japanese 63s developed strength, buying for ac- count of the sinking fund being one explanation. French bonds did better, the new 7s running up a point. An: ton Jurgen 6s were also higher. New issues included $3,750,000. De- it Railway and Harbor Terminal t 63%s and $1,750 of the same com- pany’s debenture 7s both at par. City Bond Issue Sold. By the Associated Press. NEW YORK, May 5.—The largest municipal bond issue of the day—a $60,000,000 New York City 4% per cent loan—was sold today at a substantial premium after spirited competitive bidding by most of the city’s largest banking institutions. The bonds were awarded to a syndicate headed by the Natlonal City Co., whose successful bid of 102.3197 gave the city a cash premium of $1,391,000. The price received by the city, said Controller Charles L. Craig, is the highest recorded on any of its bond sales since 1909, when a small issue of notes was sold on a net yield basis of 3.93 per cent. Today’'s award was made on a, basis of 4.045 per cent. 23 Bids Submitted. Twenty-three bids altogether were submitted, ranging from par to the winning offer of 102.3197. Curlously, the National City Co. also submitted the lowest bid, a condition offer of par for any part of the $6,000,000 total. Included in the winning syndicate were the First National Bank, the Guaranty Co., the Bankers' Trust Co. and Brown Bros. & Co. The second highest bid was submitted by a syndi- cate headed by Kuhn, Loeb & Co. and Dillon, Read & Co., whose offer of 102.017 represented a 4.07 per cent leld basis. tre Std Gas & El (3) Std G & E1pf (4) St Oil Calit (2) 587 StOINJ (1) 2% StOINJ pf (). 118% Std Plate Glass. 12 Sterling Prod (4) 63% Stew Warnr (6). 684 Stromberg (6).. 67% Studebaker (4). 45% Submarine Boat 9% Superior Oll. 4w Symington..... Symington A (2! Tennesses Cop. Texas Co (3). Texas Gulf (7) Tex & Pacific. .. Tex & Pac C & O *Tex Pac Ld Tr. Tide Wat Ol (4) Timken R B (14) Tobac Prod (8) Tobe Prd A (7). Tranacont Ofl. Twin City (4). Underwood (3) Un Bag & Paper. Union O11 ( Unilon Ol Un Paclfic (10) Un Pacific pt (4) Un Tank Car (5) Utd Alloy Steel. Utd Cigar (13%) United Drug (6) Utd Drug 1st 3% Utd Ry Invest. . Utd Ry Inves pf. U S Cast Iron P. U S Distributing USHoft 2).... U S Ind Alcohol. U S Realcy (8). U S Rubber..... U S Rub 1st (8)... U S Smelting (3) U SSmpf 3%). U S Steel (17).... U S Steel pt (7). U S Tobacco (3 Universal Pipe. Univer Ppt (7). Uteh Copper (4) Utah Securitie Vanadrum. Va-Caro Chem Va-Caro Ch pt. Vva Ry & Power. Vivadou...beeue Wabash........ Wabash pf A(6). Wabash pf B. .. Waldorf (1%) Ward Baking A. Ward Baking B. West Pen pf (7). West Maryland. West Md 2d pt. . Western Pacific. West Pac pf (6). West Union (7). West Alr Br (6). Westinghse (4). Weston A (2) Wheel & L Er' Wheel & L E pf. White Eagle (2) White Mot (4).. Wickwire Spen. Willys-Overld. . Willys-0d pf (7) Woolworth (3).. Worthington. . . Wright Aero (1) Wrigley (1314). Yellow Cab (25¢) 36 Youngstown (4) 68 46% 52% | Bush T Bldg 55 '60. ‘[llinols Bel) 1st §8. UNITED STATES BONDS. (Sales are in $1,000.) Sales. High. Low. 111 101k 100381 123 1024 1022 89 10112 1018 136 102 10127 321 10212 1028 125 10120 101 17 56 105 20 105 20 FOREIGN, Bales. Hi Argentinebs...... 6 85 Argenty Ao 44 96% Argentine §s B.... 87 96% Argentine 7s 102% Austria 7s 96 Bank of Japan 6 994 Belgium 6s. 858 Belgium 6 93% 108% 107% 108% 934 £3% 81 96% 100% 103% Close. 100 31 1022 1018 101 2918 1028 10112 105 20 Lib3%s Lib 1st 4 gh. Low. Close. 86 86 99% 964 96 6% 102% 102% 96k 96 99% 99% 8b% E5% 93% 93% 108 1084 106% 106% 108% 934 834 50% “6% 100% 1085 102% 102% 102% 108 108 46 110% b8% Belgium 8 Berne 8 Bollvia 88 Canada 5%s 19: Chile 7s 1943 Chile 85 192 Chile 85 1941. . Chile 8 194 Chinese Go Con Pow Japan 7s Copenhagen 51 Cuba 5%s. . Czecho 8s 1951 Czecho 85 1952 ot.. Danish Munic &8s A Danish Muntc Danmark 6 Denmark 8 - D E [6%s Mch '53. D EI5%ms Nov'53. Dutch East 1 6547 Dutch East I 6 £1 Salvador 8s ‘48. Finland s f 68 '46.. Finlands 7e . framerican T%s. . French s French 7% French 8s Ger E15% German 7s. Ger Gen Elec 7 Greek 7s. ... Holland-Amer 6s.. 24 Hungary 6% Japanese 4, Japanese sergens U M 68 ‘4 Lyons 6 Marsellle s Mexico 45 ‘04 asnt. Mexico 45’10 asntd Mexico 55 assented 2 | Montevideo 7s etherlands etherlands E orway 6s 1943... Norway 6s 1944... Norway 68 1952... Norway 5s. . Crient Dev deb 5. Paris-Ly's-Med 63 Paris-Ly's-Med 7s Paris Orleans 7s. . Peru 8s Poland 6s 40 Poland 38 ‘50 Prague 7%s. o de Jan 85 1946. Rio de Jan 88 1947. Rio Gr Do Sul §s. . Sao Paulo City 8s. Sao Paulo State 88 S Paulo St 85 wi Seine Dept of Ta Serbs Crot Slo Solasons 6s Sweden 543 ct. Sweden 6s. . Swiss 545 194 Swiss Conted 83 Tokio 5s. . Ud Kingm 5% Ud Kingm 54837 1 Ud Steam Copen 63 Uruguay ¥s. 4 108 Zurich 8s. . . 1109% 109% MISCELLANEOUS. Ajax Rubber 8s... 26 103% Am AgrChemb5s.. 1 100% Am Agr Chem 7343 64 1004 Am Chain sf 63°33. 6 B3 Am Cotton Ol 5 94 Am Repub deb 6s.. 16 96% Am Smit & R 1st 52 45 934 Am Smit & R 6 Am Sug ref 6s... Am T & Tcltr4s Am T & T cl tr b AmT&Tsf5s AmT & T deb 5%s AmT& Tcy 6 Am Water Wks bs Am Writ Paper Anaconda 1s. 6s Anaconda cv db 7a. Andes 7s v od Armour & Co 4 Armour Del biy Associated Oil & Atlantic Refin 5: Barnsaall s £ tell Tel . Beth Steel pm b Beth Steei rt 58 Beth Steel 5% Beth Steel s £ 63. Brier H St 18t %3 Bklyn EQ gen 6s.. Bklyn Ed 6s B.... 75 »3 100 66% 95 89% y4 v3 5% 98%, 100 994 b5l Boty 83 svia 1034 101% 3% 6ik 117% 107 6 93 © o= e ReSaenesa 60 74 101 100% 100 94 964 Y84 1064 101% 97 101% Y65 108 1304 ¥5la £0 9914 100% 94l b8l 924 102% 99 105 101% 904y 1314 Boa 93% 99 101% 105% 904 103 100% 105% 103% 1007 100y 8215 103 95% 5% 9915 9ia 64 1014 107% v6 90 107% 105% 105% 1034 103% 110% 101% 1054 105% 1204 103% 101% 102 100% 95% 8% 89 98% 99 934 100 100% 100 119% 97 954% 116% 99 81 100% 834 102 100% 100% 114% 88 102% 974 108 109% 100% 104 96% 97% 104% 93% 984 97% 100% 96% 111% 106 97 97% 104% 100% 9% 11f Pete 634 Cen Leth 65'45 cfs Chile Copper 6 Cin GE 5%8'62 Col Gas & El 5 Commonwth P Con Coal Md 1, ConGNYb5%swi. 112 Consumers Pow 53 61 Cuba Cane cv 75 1 Cuba Canecvd 8s. 2§ Denver Gasbs.... & Dery (DG) 78 : Det Edison 65 '40.. 43 Det Edison ref 63. 19 Dodge wi 6 . 165 Donner Steel 7s... 12 Du Pontde N 7443, 47 Duq L&P 5%s ‘49 Duquesne Light 6, Est Cuba Sug 7% Empire G&F 7%s Fisk Rubber 8 Gen Refractres 6 Goodrich 63%s. Goody Goodye: Hershey Hoe & Co 6%s... Humble O&R 5% s Inter Paper b8 '47. K C P & Lt 53A'62. Kelly-Spring Lackawa S 58 '50. Lacl G ref 6334 Laclede G 5% '52. Liggett & Myrs 5 Liggett & Myr! Lorillard (P) Loulsv G & E b8 '52 Magma Cop cv 78 Manat! Sug sf 7%s Midvale Steel 68 Montana Pow Mor's&Co 1st 4% Nat Tube 1st b New Eng Tel bs. N Y Ed 6844 wi N Y Edenlst 616 - e North Am Ed 6% Nor Ohio T&L . Nor States Pow bs. Nor States Pow 6s Otis Steel T%s. . Otls Steel 8 . Pacific Gas & EI 5 Pac T& T 1st 5s. PacT & T 63’52 Pan-Amer Pet Pan-Amer Pete 7. People’s Gas 5 Phila Co 5%s'38... Phila Coref 65 A. Phila & Rd C&1 Pierce-Arrow 8 ] Suwe aaroonSnaSnonlonae = Public Service 5 Public Service 6; Pub Serv Elec 6 Reming Arms 6s. . Sharon St H Sinclair Oi1 Sinclalr Oil 6%s Sinclair OI1 7 8in COF Lés’2 $in Pipe Line 68 Skelly O 6 South Bell Tel bs. So Por Rico Sug T Southwest Bell Tenn Elec Pow 6s. Tide Wat Ol 6%, Toledo Edn 1st 7s. United Drug 6: US Rub 1strt U S Rubber %3 U S Smelter 65 USSteels tbs.... Utah Pow & Lt 6s. Va-Car Chem 7s Va-CarCh 7%s w. Vertientes Sug Warner Sug 7s " Warner Sug 7s"41. West Elec 5s Westinghouse 7. Wickwire Spen 78 Willys-Ov 6%s '33. Wilson & Co 1st 6 Wilson & Co cv Wilson&C cv 7148 Winchester A 7343 Youngstn S&T 6s. RAILROA Ann Arbor4s..... 6 Atchison adJ 4 1 Atchlson gan 4s... 22 AtlanticC Ll 4s.. 2 Atlantic C L 1st 4s. 21 Atlantic C L 7 2 B&Oprin3ts B & O gold 48 3 . 52 . 13 2 A 159 27 a5 3 31 B&OSW alv 3%s B& O Toledods... 5 Bklyn-Manhat 6s. 239 Buff R & Pitt 4%4s. 73 Canada South5s... 7 Canag North 6%s. 11 Canad North 7s. .. Canad Pac deb 4s Car Clinch & O 5s. Car Clinch & O 6s. Centof Ga 5%s... Ches & Ocv 4% Ches & Ogn 4% Ches & O cv bs Chi & Alton 3%s.. Chi & Alt 3%s ctft. Chi B&Q gn 4s°'58. Chi B&Q 1st rf 5s. CB&Q-Ili 3tes CB&Q-Olldiv4 Ch1& E 1gn bs Chi GreatWest 4s. 73 CM & Puget Sd 4s. 59 CM&StP4s’28. 87 CM&StP gn 4s'89.. 12 CM&StPdb4s.. 22 CM&StPcviks. * T L L o 2 & Chi & NW gn C& N W gen 4s Chi & N W ret 5 Chi Rys §s... ChiRI& P gn 4s ChiRI&PrL4 Chi TH&SE 5t Chi Un Sta 4%e Chi Un Sta 5s. Chi Un Sta 6%s Chi & W Ind cn 43.203 C& W I15%s’'62. CCC &St L 4%s. CCC & StLSs... CCC&StLrfSsA. Cleve Term 5s..... Colo & Sou 4%3 Det & Hd 1st 1T 4 Del Hud cv 5836 Del & Hnd 5%s Den & Rio G cn & D & Rio G Imp 58 D & Rlo G Wst bs. DesM&FtD 4 Erie 1st cons 48 Erie gen 4s.. Erle conv 48 A Erie conv 43 B. Erie conv4sD.. Erie con ext s Erie & Jersey 6; Erle Genessee R Grand Trunk Great North b Gr North 5%s. Gr North gen Green B & W db Havana ERL&P 61 Hud & Man ref 5s. Hud & Man aj 58 | 11 Centrai ret 4s. 111 Cent ref 53 '55. . 11l Central 5% 111 C-C St L&NO Es Int Rap Tran bs... 81 Int Pap Tr 6s stpd. 4] Int Rap Tran 7s...151 Int & G Nor 1st 6s. Int & G Noraj 6s lowa Cent 1st 58 Kansas City S 3s.. Kansas City S 5s Kan Cy Term 4 Lake Shore 4s’28.. Lake Shore 48°31.. Lehigh Val cn 48 Lehigh Val 6s 2003 Mannat Ky cn 48 Marke?. St Ry T MI1El Ry & L6 M & St L1st rf ds.. M &St Lrfexbs M StP & SSM cn 4 MStP & SSM 5% M StP & SSM 6% MK & T 48 B. MK & T adj 5: MK&TprinbsA 65 MK&T6sC.. 3 Mo Pacific & Mo Pucific Mo Pacific | Montrl Tm 1st bs. . Nassau E Ry 48’57 4 NO Tex & M In bs. 87 NOTex&MEsB. C&StLdb4 Chi& St L5%s 22 N Y State Ry 43 NY W & Bo3 4% Norfolk & W cn 4s. Northern Pac 31 Northern Pac 4 Northern PacssD 5 Northern Pacriés 15 Ore & Calif 1st b Ore Sht L cn 53 "4/ Ore-Wash 1at rt da Pennsyl con 4%s. Pennsyl gen 4343, Pennasyl Pennsyl Pennsyl Pennsy) gold Peoria & E inc Pere Mrq 1st 48 Pere Mara 1st 5 ReadIng gen 4s Rio G West cl 4 RIArk & L 4% St L IM&S 45" St LTM&S R&G & StL&SFpldsA. 149 StL&SF prln 5 4s°33 35 St P & KCShL 4%# 50 St P Un Dep b Seab'd AL 4 Sales. High. 104% 99 105% 88% 107 109% 87 92% 1004% 84% 110% 101 105 100% 101% 103% 109% 103% 86% 106 101% 1056% 96 92 62% 02% 80 95 100% 107% 82Y% 100% 98% 12 Tl% 101% 9% DS, 68% 844 91k 89 94% 107 100 814% 934 89Y% 104 103 10%% 59% 100% 76 874 874% 102% 18 116% 80% 101% 108% 102 60 97 89% 85 Low. Close. 104% 104% 98 99 104% 105% 884 8% 107 107 107% 109% 864 86% 92 924 100% 100% 84% B4k 109% 110% 101 101 104% 104% 100 100% 100% 101 103% 108% 109% 109% 103 103% 86Y% BEW 106 106 101% 101% 106% 105% 95% 95% 91% 91% 62 62 924 92% 50 80 $5 95 100% 100% 107 107% 824 82% 1004 100% 98 v8 1% T1% 51 1 101% 101% vE% 9% 68Y% 84% 80% 88% 93% 107 99% 91% 93% 89% 104 102% 103% 89% 100 15 57% 87% 102% 18 116% 8045 101% 107% 101% 874 0% 104% 67T% 84th 50% 88% 93% 107 99% 91 934 89% 103 102% 102 59% 100 75 87% 18 804 116% 80% 99 98% £8% 1034 100% o4 a1t 106% 101% 844 984 59 45% 72 34 €6% 6% 724 108% 103% 103% 116% £3% 100% 1084 14% 87 91 5% 91% 1064 102% 59% 664 106% 60% 98% B8l 21% 14% Edly S4% 108% 8% K6% 84 103 65% B1% 101 6% 60 96'4 864 101% 101% 100% B3% 1018 107% 7% 4% 26% [ 5644 106% 101% 106 £3% 99% 3% 1024 97% 10% 108% 33% 84 100 7% 94% 2% 87% 264 £8% 7% 92 99% 92 864 102% 89% 85 101% L1 FINANC Financing in April Covers 825 Firms And $886,592,491 By the Associated Press. NEW YORK, May 5—Approxi- mately 825 new enterprises with cap- ital of $100.000 or more were incor- porated in April under the laws of the various States, representing a total of $886,692,491, a compilation by the Journal of Commerce shows. Since the first of the year 3,104 new companies have been organized with authorized capital of $2,801,906,791. MATERIAL SETBACK INCRAN HARKET Large Supplies of Wheat and Crop Report Anxiety Cause Downturn. By the Associated Press. CHICAGO, May 5.—Influenced by unexpected downturns in price at Liverpool, wheat values here suffered a material setback tod: during the early dealin, Some uncertainty as to what the United States Government crop report, due on Friday of this weelk, would show, as compared with recent unofficial summaries, tended | also to weaken the market. Another depressing factor was an assertion by a trade authority that the United States stock of wheat on May 1 was 28 per cent larger than was the case a year previous. Chicago initial quo- tations unchanged to 2% lower—May 1.61 to 1.62 and July 1.51 to 1.52 were followed by declines all around, with May touching 1.59% and July 1.50%. Corn prices averaged higher, owing to talk of possible difficulties in filling speculative contracts for May deliv- ery. After opening at % lower to 1% advance—May 1.06% and July 1.09% to 1.09%—the market rose to 1.07% for May and 1.11% for\July. Oats were without important change. Starting at the same 4s yesterday's finish to % off—July 43% —the mar- ket kept within limits of about %. Provisions showed an upward trend, in lie with corn. WHEAT— Open. May oo . 181 July September & ] o> iinin FFd Fo 338 123 May i September ", OATS— w o R oiis i bmO a8 BRE EES a8 gal a:' B R R RS 2 ey SER oo September IBS— May . July September COTTON SELLS OFF "IN TRADING TODAY Good Weather and Liverpool Cables Cause Weakness in Home Markets. G5 ooo £ By the Associated Press. | 'NEW YORK. May 5.—Reports of | continued favorable weather in the | South were reflected in relatively easy Liverpool cables again early today and the cotton market here opened easy at a further decline of 3 to 18 points. Some trade buying was report- ed at the new low prices, also covering by recent sellers, but the demand ap- peared to be readily supplied. and ac tive positions showed net losses of 15 to 20 points before the end of the first hour, July selling off to 23.60 and October to 23.18. Private cables said Liverpool had been steadied early by trade buying, but had eased later under selling pro- moted by the further advance in sterling. Houses with Liverpool con. nections were sellers here against purchases abroad, presumably to take profit on straddie accounts, as the difference between the two markets is 20w the narrowest of the season New York cotton futures closed barely steady at net decline of 8 to 18 points. High. Low May 82 23.52 July October . December . January X Openin, May. 23.60: July. 23.70: Octo- ber, 23.25: December, 23.47: January, 23.12. New Orleans Quotations. NEW ORLEANS, May 5.—The cot- ton market experienced an active but easy opening, owing to much lower Liverpool cables than due and private reports of rains in the Eastern belt where needed. First trades showed losses of § to 16 points, and prices eased off after the opening call on selling on rain reports in a number of districts in Georgia, the Carolinas and Alabama, where molsture has been needed. July eased off to 23.74, or 16 points net lower, and October raded as low as 22.87 and December .95, or 20 to 21 points below the close of yesterday. New Orleans cotton futures closed steads at net decline of 10 to 15 points. 6 87 2295-96 2295 23.05.08 23.03 23.06 bid. July. 23.81; Octo- + January, 23.02 . D C. Miss, V. P.'pf. Fiin. Simon’ pf. Gen. Developm.i Int. Comb. EnF. Pacific Mills teel RZRZRRR R GERREEEERE: facre Seab'd A Liret ds Seab'd A Lad) Seab'd A Licon 6s.. Sou Pacific 4s'29.. Sou Pacificclt 4s.. 23 Sou Pacific ret 4s. 250 Southern Ry gn 4s 119 Ry lstss 38 Southern Ry ésct. 11 Southern Ry 6% Term Ass Texas & Pac Third Ave ref 4 ‘Chird Ave ad] bs. Toledo Trac 5. ... 6 Washash 6%8s, '76..134 Western Md 4s.... 90 Western Pacific 55 81 West Shore 1st 4 ki Wilkes B&E 1st 63 9 IAL POPULAR ISSUES AT HIGH LEVELS Lanston Moves Upward to 83 on Restricted Selling. Other Notes. BY CHAS. P. SHAEFFER. Popular local issues sold at strong levels on the Washington Stock Ex- change today. - Lanston Monotype stock was the brightest feature of the day's trade, advancing to 83 by fractional jumps on sales of 40 shares. Capltal Trac- tion was strong, rising to 93% on sales of 44 shares, and Rallway com- mon sold to the extent of five sh: at its highest figure, 10934. Raflwa preferred, which has been conspicuous in recent trading, eased off fraction- ally to 83% on sales of 90 shares Washington Gas Light stock brought 57 and Riggs National Bank was off slightly to 33914. There was little of interest on the investment side of the market. Gas 6s of 1933 sold at 103% for the large denominations, the small bonds bring- ing 102%. Raflway general and re- funding 6s sold at 101% and Capital Traction 5s changed hands at 97%. Office Opened in Capital The Sessions Loan and Trust Co. has made its advent locally with an office on the second floor of 1111 Con- necticut avenue, in charge of Anthony B. Fennell The company, whose home office is in Marletta, Ga., specializes in first mortgages on improved and income- producing real estate. Moultrie M. Sessions s head of the organization, Lauds Clearing House Plan. The clearing house examiner sys- tem was recently described as one of the “greatest safeguards ev thrown around banking In any cf by Don A. Mullen, secretary of the clearing house section of the Amer- ican Bankers' Assocfation, who told a meeting of group 2 New York State Bankers' Association, at Roch- ester, about the spread of the clear- ing system in the United States “Since the inception of this s tem of examination in_ Chicago, years ago, no depositor has ever los a penny through the failure of a clearing house bank in any one of the 34 citles in which it has been put in operation,” Mr. Mullen declared “It has won the commendation of every banker where it has been in- stalled o “The chief duty of the clear: house examiner s to visit all m bers of the clearing tion he represent was sary, In order to know member is in an absolutel condition. The primary ob. place banking upon a and a safer basis, eliminating sibilities of insolvency and st ing the financial structure of country. There is no system of ex amination that has such a valuable influence in keeping the member banks in good condition. Through the advice and guidance of the clear ing house examiner many bad situ | tions which would have developed fallures have been cesstul worked out. ‘Banks are protected from cust: ers overextending themselves through duplicate borrowing because the clea ing house examiner, through the bt reau of credits, which he operates connection with his department, a record of every sizable loan.” Railroad Rates Protested. A protest against the general level of railroad rates in Idaho was filed with the Interstate Commerce Com mission today by Senator Gooding of that State. The commission, which now has pending under the Hoch-Smith resolu- tion, a general investigation into the frelght rate structure, was asked to sive special attention to the ldaho situation. “The State of Idaho has been made the victim of railroad rates that are unreasonable, unjustly discriminatory and unduly preferential of other local- ities,”” Senator Gooding's letter said. “Idaho has been my home for 44 years and I have never seen conditions so serfous as at present. The rates are higher on a mileage basis than those maintained in any other agricultural | State in the Union.” | Specifying in more detall the condi- tions against which he complained, Senator Gooding said that Idaho pro- ducers had to pay identical rates in reaching consuming markets with those paid by competing producers, who were given a much longer haul on thelr goods, while Idaho consumers had to pay rates on their purchases which were identical with those paid by consumers in other territory who received much longer hauls for their treight bills. solvent to NEW YORK DAIRY PRICES. NEW YORK, May 5.—Butter—Firm; receipts, 10,220 tubs. Eggs—Firm; receipts, 64,501 crates; fresh gathered, extra firsts, 31%a 321%; do., storage packed, 3214a33; fresh gathered firsts, 31a31%; do., stor- age packed, 31%a32%; fresh gathered seconds, 2914a30%. Cheese—Steady; pounds. receipts, 309,355 SALES UP 22 PER CENT. ST. LOUIS, May 5 (Special).—The Brown Shoe Co. sales for the first quarter of the year totaled above $7,600,000, an increase of per cent, as compared with the first thres months of 1924. CLOTH PRICES STEADY. NEW YORK, May 5 (Special).—Cot- ton goods market showed little life today, with prices remaining about stationary. Print cloth quotations were unchanged at 9! cents for 64x60s and 11% for 68x72s. Raw silk quieted down a bit, but prices re mained steady Gt TODAY'S METAL PRICES. NEW YORK, May 5—Copper— Steady; electrolytic, spot and futures, 131%%a13%. Tin—Firm; spot and near- by, 54.62; futures, 53.87. Iron— Steady; prices unchanged. Lead— Steady: spot, 7.75a7.85. Zinc—Steady: East St. Louis, spot and futures, 6.90a 6.95. Antimony—Spot, 13.50a14.00. RATES ON CALL MONEY. NEW YORK, May 5.—Call money— Easy; high, 3%; low, 3%; ruling rate, 3%; closing bid, 3%: offered at 3% last loan, 3%: call loans against ac- ceptances, 3%: time loans steady mixed collateral, 60 to 90 days, 3% four to six months, 3%a4; prime com- mercial paper, 3%a4. . FLOUR HIGHER TODAY. MINNEAPOLIS, Minn, May 5.— Flour, 15 to 20 cents higher at 9.00a 9.10 & barrel. Shipments, 25,935 bar- rels. Bran, 24.50a25.00. Wheat, No. 1, Northern, 1. 1.55; May, 1.51: July, 1.50%. Corn, No. 3, yellow, 1.03a1.05. Oats, No. 3, white, 40%a41%. Flax, No. 1, 2.72a2.74. NORFOLK ROAD'S SURPLUS. NEW YORK, May 5.—March sur- plus of $119,157 reported by the Nor- folk and Southern Railway enabled the road to show surplus of $99,334 Wisconsin Cent 4s. 30 A\ for the first quarter, against $137.186 in the first quarter of 19-4.