Evening Star Newspaper, May 11, 1925, Page 24

N FINANCIAL, SHARP ADVANGES N HANY STOGKS Rubber Issues Are Market Leaders—Heavy Selling in Parts of List. BY STUART P. WEST. Special Dispateh to Star. NEW YORK, 11. highly _irvegular movement Stock Exchange there were a of sh wces in certain tions while heavy selling w on elsewhere. Railway share: most part sold down and the industrial leaders were in the ground. The steels were ha fire and the sugars were slightly lower. Ol shares were inclined to do better. There was an active demand for the rubber and tive shares, and the motors, some of them, made fur- ther gains. | Rubber Stocks Advance. United States Rublx on account of its large nership of raw material supplies an exceptionally good | position to benefit by the great risel in ecrude rubber. Since the first of the year the paper profit conse. quence of this rise is estimated at| more than $8.000.000. At the end of | the first quarter United States Rubber Was said to have had a months’ supply of crude it on the avers i pound, as again: today's quol of 61 cents. In view of these the strength of the United States ber stocks today Other rubbe for the most Among 15 rich May In today's on the series direc- =oing for the usual | or was not surprising. part these were Kelly, well at higher Fisk, well above 1%, and Good price above Motor Stocks Active. The motor stocks were the leaders at the start. but became more varia ble as the day went on. New high | records for the movement were es-| tablished in the Pierce-Arrows, in the Willis-Overlands, in Studebaker in Hudson. The rise in the V Overlands was ascribed to intimati that there wo announce- ment _soon r ok dividends. The Pierc A bought on the much improved financial position as indicated by the recent paying off of $1.000 These ns are now down to comparatively small total. and clea ing them up might lead to more con sideration of the old preferred stock. Hupp Motor sold above 19, and Dodge preference was strong above 7%. Southern Railway Off. railway shares faded awa ment made by the president | of the Southern Railway that a divi- dend increase woull be consid- ered until the it 1 concerning k dividends on the preferred was posed of had a chilling effect upon other members of the group as well. Southern Railway under 91 was off 6 points from its high. St n Francisco was off 4 points from its top. and the advance in the Seaboard Air Lines and St. Louis Southwestern was similariy cheked. United States Steel began higher but aquickly dropped off. T not so much because of the la Grease in unfilled orders reported : the close of bu 4 E cause of the unc price situation played by the buyer steel shares were The The sta inty regarding the the caution dis. Independent ned to sag. Alegre Note Sale. banking syndicate of ta Alegre Sugar Co. 6 notes at 991, and inter est, to vield 6.34 per cent, reawakened interest in the stock of this company The recent low selling prices of Cuban raw sugar and the decline in the shares the producing companies Lave left their on Punta Alegre as on other sugar stocks. The questions most frequently asked are whether Punta Alezre will main tain the present %5 dividend and ff it 18 earning enouzh to pay it. The probability is that so far this yvear at least net income availahle for the stock is much lower than had been anticipated hy some people. A brisk runup in Freeport Texas was not readily explained. Rumors of a consolidation of this company with another sulphur producer were dis. credited. Ireeport Texas has been re garded as a relatively high-cost pro- ducer. Lately there have heen re ports of the company acquiring new . and may explain today’s Punta The sale by s per cent = UNSETTLED. Nash Motors and Gulf States Steel Shares Soar. NEW YORK, movements char sion of the st siderable activity on t motors and rubbe; s ses- t with con up side in the of which prices. Re tendencies cropped out in many of the standard rails and in. dustrials. Total sales approximated irregular, Motors nd Gulf States Steel extreme ins of 19 and & respectively, in the late while Plerce Arrow Wheel and ars-Roebuck sold 3 to 5 points above last week’s closing quo. tations Nash | showed | points, New York—Stocks irregular ican Sumatra Tobacco, pfd., 21% points: Bonds steady: issues advance. Foreign exchanges mixed: sterling and francs higher. Cotton lower: heavy rains centr: western belt. v steady; Coffee higher; firmer Amer- soars French Wheat lower: disappoint- decrease in visible supply. Corn, arley steady: b rish acreage reports. Cattle higher ty of some grades. Hogs firm: ail interests buying. HOGS AGAIN ADVANCED. CHICAGO, May 11 n.—On their upward swing today touched $13, and wer higher tl L sheep tri attle and CLOTH PRICES CHEAPER. NEW YORK, May 11 (Special). Cotton goods started the week more actively than they closed last week, slight price concessions proving suf- ficient to stimulate interes The 64x60 print cloths were off 'y at 91, and the 68x72s off 1, at 11. Raw silks were quiet and une| PRI CLOTH SALES IMPiOVE. BOSTON, May 11 (Special).—Actusi | sales of the Pacific Mills in the first quarter were the largest in the com: pany’s history, with one exception. The margin of | however. extremely small, ranging under cents on the dollar of sales. 3! GAS SUEPLUé Giows. |Am Hide & L pt. AmTee (7). | Butterick Ce. ... | Fairbks (2.60).. Open Abitibl Pow (4). 61% Adv Rumley. 16 Ad Rumley pt (3. 56 Ahumada Ld (11) 11% Alr Reduct (4).. 100% Ajax Rubber 181 Allled Chem (4). 877 Allls Chalm (6). 80% Am Agricul Chm 194 Am Ag Chmpt.. B51% Am Bosch o 2 31k Am Brk Shoe (5) 106% AmCan (17)..., 183 AmCan pt (7). 118% Am C&Fay (n) ., 108% Am Chain A (2 :m %muo m Drug. 5 Am & For Pow. . 32‘\2 Am&Frpont (1) 28% AmC & Fpf (7). 125% Am Hide & Lea.. 10% 714 B34 Am Ice pt (8).. . Am Internatl.. ., Am La Fran (1). Am Lingeed. ... . Am Linsd pf 3% Am Loco (118).. Am Metal (3). Am Piano pf (7)., Am Radiator (4) Am Ry Exp (6). Am Safty Rz (3) Am Ship & Com. Am Sm & Ref (8) Am Stl Fdys (3) Am Sugar.. Am Sumatra. .. Am Sumatrapf. Am T & Cab (5). 4 Am T & Tel (3).. 188% Am Tobaceo (7). 92% Am Tobac B (T). 92 Am WW&E 80¢. BSTa AmW W pf (6). 101% Am Woolen 38% Am Wool pt (7). 6% Am Writ Pap pt. 3% Am Zinc........ T4 Anaconda (3) 867 Ann Arborpf.... 57 Armour 11 A(2). 20 Armour Del-(7). 90% Asso Dry G (5).. 200 Asso DG 1st (6). 98% Asso Oil (1%)... 86 ALT & SFe (7). 118% AT&SF pf (5). 95% Atl Birm & At L3 AtlantieCL ¢ AtGult& W1 At Gult & W1 Atlantic Refin Atlas Tack. Austin-Nichol Baldwin L (1) Eal &Ohlo (5).. Bang & Ar (3).. Bang & Ar pf (7) nsdall A..... Barnesdall rts Barnsdall B Liayuk Cigar. Beech Nut (2.40) Bethlehem Steel Booth Fisheries. Briggs Mfg(3%) British Empire. . Bkl Edison (8).. BKl-Man Tran.. Bkl Union G (4). Erowr Shoe (4). B'wick-B C(3.60) *Buff Rch & P Burns Bro (10} Burns Br B (2). Bush Term (5).. 104 Eutte Cop (50c). bl Butte & Su(50e). 13 % 92 2% 77 54 10% 937a 49% 3 (13 10 Caddo Central. . 'al Packing(6). Calu & Ariz (2) Can Pacific (10) Case Thresh pf.. Cent Leatler... Cent Leather pf. Century Rib (2). Cero d Fasco (4) Certain-Teed. . Chand Mot (3). . Ches & Ohio (4). Chi & Alton..... Chi & Alton pf.. Chi & EastIll... Chi & Est 111 pf. Chi Great West. Chl Gr West pf.. Chi Mil & StP... Chi MUl & SP pf. Chi & Nwn (4).. ChiPneuT (5).. ChiR1& Pac... CRI&Ppf(6). CRI&PDPI(T). Childs (12.40)... Chile Cop (2%). Cluett Peab (5). 62 Coca-Cola (7) ... 106% Coca-Cola pf (7). 101% Colo Fuel & Iron 38% ColG & E (2.60). 64% Col G & E pf (7). 108 Col Carbon (4).. Congol-Nrn (3). Consol Cigar. Con Distributrs. Consol Gas (6).. Consol Textile.. Cont Can (4)..e0 Cont Mot (80c).. Corn Prod (2) Crucible Stl (4). Cuban Cane Sug Cup Cane Su pt.. Cuba Dominican Cuban Dom pf.. Cuyamel Fr (4). Davison Chem. . 4% 5 % 34% 19 12% 27 4% 98 AT 87 97 b4 82% Detroit Ed (8).. Dodge Bros (A). Dodge Bros pf. . Dome Mines (2). Doug Pectin (1). Dupoat (10). ... 147% DuPont deb (6). 96 Duquesne pf (7). 108 Eastman (18)... 108% Eaton Axle..... 14 Elec Power ctfs. 27% EIP & Lt 40% pd 104% Blec P & Lt £ pd. 12:“ c Str Bat (4) Ele et 13% 18% Eseex 1st pf ( pairbanks Co... 4 Fai .02“ Famous Pl (8)... 1014 Fed Lt & T (17).. 163% Fed L& Tpf(6). 86 Fed Mines pt (1) B3% Fid Phoenix (6). 161 Fifth Ave (64c). 18 Fisher Body (6). 67% Fisk Rubber. 16 Fisk R 1st (1) 86% Fleischmann 83% Foundation(8). .. 110% Freeport Texas.. 1T% rdner Motor.. 10% GonAsphalt.... B4 Gen /4sph pf (5). 93 Gen Cigar (8)... 89 Gen Electric (8) 218 Gen EL spl (600). 11% Sen Motors (6) .. 78 Gen Mot pt (7 Gen Petrol (2).« Gen Refrac (2). Gimbel Bros. ... Ginter Co (1%)- Glidden Co- Gold Dust. Goodrich. Goodyear pf ). ¢ 62% Grt North pf (5) 293, Gt Nor Ore (1).. Grt Wstn Su (8) Gree: Gulf Mo & Nor.. GuM & N pf(6). Gulf St Steel (5). 764 Hartman (2%4).. 729 Hayes Wheel (3) Homestake (17). NEW YORK, May 1l.—Surplus of the Consolidated Gas Co. of Baltimore t quarter of 1925 increased 7, in compdrison with n' the same period I House'd Prod (3) Houston Oil. ... Hudson Mn (2 Hud Man pf (5) Hudson Mot (3). High. 67% 164 56X 1% Low. 16 86 11 Close. 67% 87 | Hupp Mot (1)... 16 B6% 11 100%s 100% 100% 13% 884 80% 191 51% 178 32% 284 - 188% 98% 924 56 102 38% % 23% 112 77 107 18% 8% 9 19% 50% 178 1% 108 1841 10% 75% 39% 1 62 106% 18% 188% 2% 1% B5% 102 38 ks 8! % % | nuinots cent (7). 1 na 11 THE EVENING STAR, WASHINQTON, D. C, MONDAY, MAY 11, 1925. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office 11% 111% 26% 26% 18% 18% 8 8 40% nd Ol (1) ndlun Motorey. Indian Refining. Inland Stl (2%). Inspiration Cop. 28% Internat Agrl... 11% Int B ac (8). 120% Int Cement (4).. 68% | Int Com Eng (2). 40% Internat Har (5) 107 Int Mer Marine.. 11 Int Mer Mar pf.. 424 Int Nickel...... 29 Int Paper. Int &hoe (5).... 1 Int Tel & Tel (8) Jewal Tea. Jones Eros Teh. Jordan Mot (3). Kan City Bouth. %4 | Kan C So pf (4). X yser (Jullus). Kelly-Sprin Kelly Spring 1st. Kelly-Spring pf. Kelsey Whi (8). Kenhecott (3).. Keystone T & R. Kinney G R (1).. Kresge SS pf(7) 116 Kresge Dep Str. 35 Lee Rub & Tire. 14% Lehizh Val (3%) 70% Liggett & M(H). Lig & My B (14). Lima Loco (1) Loews Inc (2) Long Bell A (1) . Loose-Wiles Lorrillard (8 Loulsiana Of Louls & Nsh Ludlum (2). MeCro B (1.60). . McTatype P (1).. Mackay (7)..... 1 Mack Trek: v % | Macy HR & Co.. 20% 98Y 111% 8% 4 91 22% " 1% 3 107 101% 101% 101% 41% 384 414 64% 61 63 108 2% 109% 16% 8415 110% 18% 11% 82 93 89% 278% 11% 8% 106% 62% 107% AT 26 33% 5% 83% 3 83% 110% 16% % 5l% 93 89 275 11% 75 106% 51% .44 50 38% 20% 89% sau 624 107% 474 26% 4% 5! 83% 3 €6% 11 3% 184 1464% 108 1094 16% 27% 1048 105% 205% .97 9% 96% 9Tm Gdyear prior (8) 108% 103% 1081 103% 215, 20% 20% 29% 12% a3 964 8 1218 32w %% 94% _94% _94% _9da 124 82% 96% Magma Copper.. Mallinson & Co.. Man El 8up (4). Man Emd g (6). Man Shirt (1%). Manila Blectric. Market Street Market St prior. Marland Oil..... Malin-Rock ( . Martin-Pry (4). Maxwéll (A) 1 Maxwell (B) M May Dept St (). 106% Metro G pt (1.88) Mexican Seabd. . Miami Cop (1)... Mid-Continent. . Mid-Cont pt (7). Middle States. .. Mis Kan & Tex.. MK &Tpt (8) Missour! Pacifie. Missourl Pac pt. Mont Power (4. Montgom Ward. Moon Mot (3)... Mother Lode 780 Motor Wh1(78c). Mullins Bodye Murray (2.40)... Nash Mot (111).. 360 374 Nat Biscuit (3).. & Nat Cloak (4). ers. .. Nat Distillers %l. Nat Enamel & 8. Nat 8upply (3).. Nwpt UGas (5). Nevada Copper. . NY Canners (2). 35% N ¥ Central (7). 117% NYC&StL (6).. 125% NYCA&StL pf (6). 91'% NY NH & Hart.. 31% NYOn& Wn (1) 23% NY Rvspftrefs 11% Y Rys part ctfs 200 Niag Fls Pw (2). 66 Niagar Fpf1%. 284 Norfolk South... 314 Nort & West () 130% North Am (3.40) d9% North Am pf (3). 49 North Pac (8)... 61% Otis Elevator (6] 115 Otis Steel....... 10% Otis Steel pf. 5 Owens Bot (3).. Pacific Mail. Paige Mot (1 Pan-Amer ( Pan-Amer B Panhandle p| Park & Tilfo Pennock & Ford. Pennsy R R (3). Penn Seab Steel. Peoples Gas (8). 1164 Pere Marq (4).. 66 Pere M prior (5) Phia Co (4). Phila& RC Phillip Morris Phillips Pet (2). Plerce-Arrow. .. Pierce-Arrow pt Plerce-A prior 8 Plerce Oll....... Plerce Petrol. .. Pitts Coal. Pitts Coal pf (6). Pitts Term Coal. Pitts Ut pf 11.20. Pitts Ut ctfs 1.20 Pitts & West Va. Postum-Cer (4). 1144 Press Steel Car. 54% Prod & Refiners. 24 PubSer NJ (8). 60% Pub S NJ pf (7).. 1004 Pub S Elpf (7).. 104% Pullman Co (8). 189 Punta AlSu (5). 40% Pure Oil (1%).. 27% Radio Corpof A. B56% Radio Cpf (3%) 50% Ry St1 Spg (8).. 12! Ry St Sp pf (7). Tand Mines 1.79. Ray Cons Cop... Reading (4] Reading rti Reading 1st (2 Remington Type Replogle Steel. . Rep Ir & Steel... Reynolds 8p (1). Rey TobB (3).., Rossia Ins (8)... Roy Duth ¢.42%. St Joseph Ld (2) StL & San F (6). St L Southwest. Savage Al Schulte (*8) Schulte pf (8) Seaboard AirL.. Seabd Alr L pf. 47% Sears-Roebk (6) 168 Shattuck FG (2). 49% Shell Un (1 24% Shell Un pf 10 Simmons Co (] Simmons pf (7. Simms Pet (1) Sinclair Ofl. Skelly Oil. Sloss-Sheft South Pac (8] Southern R; South Ry P! " | Spicer MIE.... fcer Df (8) . <.+ P Gasa Bl 3 St 011 Calit ()’) .. 79% 20% 36 s 36% 62 31% 881 S0 Submarine Boat. Supertor Oll Symington. Symington A (2) Tonnessee Cop. . Texas Co “:1) Tex & Pacifie. Tex & PacC . 45 454 4dn 44 + 106% 106% 104% 106 63 33 B2% 6 Open. High. Low. Clow. 19 19% 18w sy 111% 111% K 26% 8% |erty. % |is the record of the past. B (44] % 'nmkonl“ ¢ ). 24 | Yellow Ci m % PRIGES ARE STEADY IN BOND MARKET Rubber Liens Turn Strong as Raw Material Prices Advance. BY GEORGE T. HUGHES. Special Dispatch to The St NEW YORK, May 11.—Signs of reaction appeared in the bond market at the start of trading this week. There were exceptions in individual issues, but the main trend was lower, especially in the railroad bonds, which have been such speculative favorites for the past month or so. Thosé most affected included St. Louis-San Fran- cisco income 6s, which at 861 were down more than a point and one-half from the high of last week. Early Losses Fractional. Seaboard Afr Line adjustment at 82 down a point. Seaboard consoli. dated below their recent high, Mis- souri Pacific general 4s below 66, down fractionally, and Denver and Rio Grande western 5s, which also lost some ground. Probably these de- clines represented nothing more than a pause in the upward movement. A better showing was made by the industrlals, one of the leaders being United States Rubber 5s. which got above 87 to a new high for the year. After having lagged behind the gen- eral market for months the rubber bonds finally went up, apparently in sympathy with the stock. Kelly Springfield 8s got to par and Plerce Arrow 8s sold above 101. Interna. tional Mercantile Marine 6s were also in demand. New York Railway 6s were actively bought at advancing prices. French s Higher. Libertys and high-grade rails were just about steady, but were compara- tively neglected. French 7s were a shade higher, perhaps responding to intimation that France was about to make some move toward funding its war debt. Of the day’'s new issues the 32,000, 000 Punta Alegre Sugar 6 per cent notes offered just below par were all sold before 10 o'clock. Other new of- ferings included $3.500,000 Province of Nova Scotia two-year 41 cent notes at prices to yvield 4.30 per cent. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Automobile Securities. Interest in automobile securities has been intensified recently by the Dodge Brothers' financing consequent upon the transfer of the property from the beirs of the founders to a bank. ing syndicate. The industry has now grown to such proportions that ex- amination of the principles upon which investment in motor car stocks and bonds rests is in order. Let it be admitted at the start that the automobile is no longer a luxury But a necessity, trucks as well as pas- senger cars. The inroads made upon railway earnings by this new form of competition is eloquent testimony to this fact. The replacement demand alone is sufficient to maintain output at a high rate. ' The second thing is that the making and selling of automobiles is intensely competitive, and that there is no as- surance that the leader in the field this year will hold its pre-eminence next vear. This fact gives motor car securities a certain speculative quality. The third iz that practically all these automobile obligations depend for their merits on earning power and not on _their equity in any fixed prop- Efficiency in managément, econ- emy in production costs, and success in salesmanship, rather than the amount invested in the business, are the features of interest to the security buyer. Another important considera- tion is that there is a wide seasonal fluctuation in the demand for auto- mobiles, and so in the earnings of the automobile companies. It follows that the market price of automobile securities also varies over a wide range. Investors who must have stability in market quotation for their holdings cannot find it in this fleld. No one ought to put more than a small proportion of his total funds into motor car offerings. Finally, the best test to apply, notwithstanding all these ups and down of the trade as a whole and the individual companies, It is essen- tial that this record be sound. (Copyright, 1925.) LIVE POULTRY PRICES. CHICAGO, May 11.—Poultry, alive— Unsettled: fowls, 27; roosters, 1413; turkeys, ducks, 24a25; geese, 15; broilers, 45a52. RATES ON BAR SILVER. NEW YORK, Mav 11.—Bar silver, 678 Mexican dollars, 52. Third Avenue... 10 104 Tide Wat Oil (4) 188% 138% s as% 41" 1 (1.80). 37% . 1374 73% 121 Underwood (3). mion Ol Rub st U8 Steer (1) U 8 Steel pf (7). ‘Universal Pipe. Univer P pf (7). Utah Securities. Va-Caro Ch pf va Ry & Power. vivadou. bash . g:mn ptAS). waldorf (1%) ‘Ward Baking B. ward Bak pf (1) ‘West Pen (4)... West Maryland. West Md 24 pt ‘Western Pacific. ‘West Union (7). t Ar Br (6). Whe ‘White Eagle ( ‘White Mot (4).. Wickwire Spen. . willys-Overid ‘Wwillys-0d pt (7) Wilson & Co. . 6 ‘Woolworth (3).. 126 Worthington. ... 43% Wr ro - (25c) 83w 69 125% 4% 82 2% 351 ra *Qdd lots. 1Pa extr niees A avidanas = (v o BONDS mxecmmen] P OF WHEAT The Star ce. Recelved by Private UNITED S8TATES BONDS. (Sales Ave_in $1,000.) Sales. High. Low. Clowe. Lib3%s. ... 58 101 10030 100 30 Lib1st4%s 17 1025 1021 1022 Lib 2d 4% s. 264 10110 1016 1019 Lib3d 4%s. 62 10128 10126 101 28 Lib44%s.. 1562 10210 1028 102 10 US4s184s. 17 10122 10119 101 19 US4%s'52. 11 105 22 105 15 105 16 FOREIGN. Belglum 6%s wi.. Belzium 7%, Copenhagen 5%4s. . Cuba 6%s & Czecho 8s 1951, Czecho 881952 ct. . Danish Munic 8s Danish Munic Denmark Denmark DEI5%a M DEI5%a Nov 16 Dutch East I Finland s f 6s'45.. Finlands 7s 4 Japanese 6% sergens U M 63°47. 23 Lyons 61 A Marseille Mexlco 4s 04 2 Mexico 4510 asntd & Mexico 5s assented 20 Montevideo 7 2 Queensland Queensland 7 Rio de Jan 8s 1946. Rio de Jan 88 1947. €ao Paulo State 8s S Paulo St 8s wi.. Seine Dept et 7s... Serbs Crot Elo 88, Solssons 6#. . Ud Kingm 6%s Ud Steam Cop Uruguay 8s 108% MISCELLANEOUS. Ajax Rubber 8: 102 Am Agr Chem 101 Am Cotton Ol 6s. . 94y 96% AmSmit & R 984 Am Smit & 107% Am Sug ref 102% AmT& Tcltris.. 17 97k AmT& Teltrbs.. 101% AmT&Tstbs. ..235 74 AmT & Tdeb5%hs 21 Am Water Wk b3. 11 Am Writ Paper6s. 3 Anaconda 1s. 6s... 81 Anaconda cv db Andes 7s 20% 0d. Armour & Co 434 Armour Del %3, Assoclated Oil Atlantie Refin & Bell Tel Pa 5 Beth Steel pm Beth Steel rf B! Beth Steel 5%8°63. Beth Steels Brier HSt 18t § Bklyn Bd e 1 Commonwth Pés.. 10 Con Coal Md 1st 68 21 Con GNYSHswl., 48 Consumers Pow 88 16 Cuba Canecv 7s... Cuba Cane cv d 8i Cuban Am Sue & Du Pont de N 7%, Duq L&P § Duquesne Light Est Cuba Suk T%s. Empirs G&F 7% Int Mer M Py Paper b8 '47. EE T Lt seatsa. GaEles . Kelly-8pring atone Tele b5 e ratse'as. pacific Gas & E1 58 Pac T& T 1st bs. P“I Berv Eleo ;:, Ir & Steel 5s.. elair Oil 6s.:... 1; 8545 10 110 110 .125 102 101% 102 Por RicoSug T8 L 104% 104% 104% % h . High. Southwest Bell 63, 63 Stand G & El 645, 4 Tenn Elec Pow 68. 1% Tide Wat Oll 6%s Toledo Edn 1st 7s Union Bag & P United Drug 6s Va-Car Chem 7. Va-CarCh 7348 w Vertiertes Sug 7 Warner Sug 78 '41. Elec b Westinghouse Wickwire Spen 7s. Willys-Ov 63533, Wilson & Co 1st 6; Wilson & Co v Wilson&C ev 1%s Winchester A 7158 Younzstn E&T 63, 100% 1234% 101% Low. Close. 100% 100% 122 101 1 22 101% 103% 103% 4 109% 1 95% 103 6% 09% 96 03% 87 |- 108% 108% 106 96 91% 63 92% 95% % 100% 1 107 #3% 1 100% 1 i 98 RAILROADS. Ann Arbor 4s Atchison gan Atlantic C Lel Atlantie C L 1st 43, Atlan C L 4348 '64. 18 amtoa - - wo BT W I R B WD I OB Wi o CCC&StLrresA. Cleve Term 3s..... C &S 1st 4s'29. Cuba RR s Der & Ha 1st Del Hud cv 5s '35 Del & Hnd 5%s Den & Rlo G cn D & Rlo G imp D & Rio G Wst DesM & Ft D 4 Erie 1st cons ¢s. Erie gen & Erie conv Erie conv 4s Erie conv ds D. Erie & Jersey 6 Erie Genessee R 68 Grand Trunk 7s. Great North 6 Gr North 5%s Gr North gen 7. 12 Green B& W db B. Havana ERL&P 61 Hud & Man aj s 11l Central ref 4s 111 Central 5%s Int Rap Tr bs stpd. Int Rap Tran 6; Int &G Nor 1st 6s. Int & G Noraj 6 Montrl Tm 1st s Nassau E Ry 4s'67 NYC&StLdD4s. NY Chi & St Ls%s NYC&tL6sA New Hav @ 4257 New Havcaés. NY. Ont W 1t 4 NY Ry rf s ctfs... New York Ry aj 58 NY Rysadj ssct.. N Y State Ry 43%4s. NY W & Bos 4%3. Norfolk & W on 4 Northern Pac Northern Pac 4 Northern Pacrl Ore & Calf 18t 5. Ore Short L ref & o Pennsyl con 43%s. Por RL& P 68'47. Ri0o G West ist 48 RIArk & L 4% St L IM&S 4" St L IM&S R&G StL&SFplésA. 121 StL&SFprin StL&SFp.6sC, StLS W 1at 4 St LS W con 48’33 24 St P& KCShL 4%8 27 StPUnDepbs.... 3 San A & Arn P 6 ul y £ Bouthern Ry 18t b8 southern Ry Southern Ry 6%s. Term Asso 3t L 4s. Texas & Pa 1at 5s Third Ave ret 4 - 0 o« Swovlakaanmaim Union Pac 1st If 48 Unlon Pac 4s'37 - Y- % s1% B8 % 0% 101% 1 8% 71 88'% 93% 3% 91 93% 89% § 103% 1 102% I 108% 1 90 4 11 116% 1 89 108 1 101% 1 894 87% 97% | 90% 1047 1 103% 1 106 96% 91% €3 9244 96 00% 07 834 00% 98 + 1% 70% 01% 98% 03'% 037 0%% 18% | 3 167 80 08'% 01% 89% 91 0642 03% 101% 101% 98 94M 664% 73 104 98 84'y 983 66 3 104 103% 103% 116': 117 934 934 | 100% 101 108% 109% | 14 88's 90% 5% 92 102% 102% | weighty throwouts, 994 66% 644 €9 874 163% 1 1218 745 106% 1 107 61% 89 20% 90 8554 103 8¢ 1014 1 974 _ 60 97 96% 4% 8b4 0% 5% 92 994 65% 61% 69% 5% 0815 72% 95 06% 07 618 994 204 90 £544 10314 014 97% 60 97 98% 101% 101 101% nl: 5 954 101% 1 108 1081 100% 94y 95% 10345 58 % | Wasbash £y, 103% | Western Md 4s.... 32 100% 100% | Weatern Pacific 53 25 M 97% 97% | Wheel& LEcnds. ! 85 951 02 9dsy 9615 0315 |agaregate and 6,000,000 bushels less + | Azriculture).—Hogs- ¢ | heavies predominating: liberal supply | FINANCIAL. SWINGS UPWARD Drop in Exports Makes Week Open Strong—Corn and Oats Also Higher. By the Associated Press. CHICAGO, May 11.—Influenced more or less b; decided falling off in the amount of wheat on ocean pas- sage, the wheat market here showed an early upward trend today. Ocean reports of wheat affoat made the total 4,000,000 bushels less than last week’s than the amount a year ago. Besides, unfavorable advices about the domes- tic Winter crop came from various sections, Strong interests were buy- ing the July delivery and, although for a time there was, considerable pressure to sell, offerings later grew scarce and the market readily ad- vanced. Opening quotations, % lower | to 2 higher, May, 1.63'3 to 164, and July to 150, were followed by a rise to 1.521% for July Cool weather, together with indica- tions that much replanting of corn will be necessary, led to higher prices for corn and oats. After opening un- | changed to % up, July 1.14% to 1.147% the corn market climbed to 1.16% for 14 decline to % gain, Later there wers upturns all around 5 Provisions reflected the advance of hogs and grain T. CHICAGO LIVE STOCK MARKET | CHICAGO, May 11 (U. S. Receipts Dept 41,000 cents s up and | | head: very active, higher: killing pigs, 2 [an interest buving choice 140 to 325 pounds "king sows, cent good 12.75812.95: | 11.30a | laugh- hogs, light, 2.70a13.00; | light light, 12.00a packing hogs, sniooth, packing hogs, roughs. slaughter pigs, 11 11.80; | 11.40° 212.75. ! Cattle—Receipts, 2,000 head: | weighty steers in very liberal supply: | slow cents up: spots more. qual | y considered: vearlings comparatively | scarce, steady to weak; mostly steady {largely a steer run: good to choice 11.10a of matured offerings from Nebraska feed lots; strictly cholce about 1.500- pound steers, 10.85: best vearling: 11.00; some held higher; light year! ing heifers, upward to that figure: bulk 9.25810.65: she stock scarce, steady: slow: bulls fully steady; most bolognas, 4.90a5.25; vealers, to 50 cents up; quality { considered: bulk to packers, 8.50a9.50: | several lots, 9.75; outsiders paying up- | to 10. stockers and feeders scarce; bulk, 6.50a8.00; well-fed offer- | {ings in meager supper. | Sheep—Receipts, 21,000 head: fat lambs, steady to weak: good to choice 84 » 92 pound clippers, 13.00a13.50: choice handyweight. held at 14.00 0; choice 103 ipnund wooled lam! ; three cars | ! mostly choice California Springers. [ averaging around 78 pof | sorted 60 heavies out at 1 culls unsold; fat sheep, steady; ewes, 8.00a8.50. ward GRAIN AND PROVISIONS. BALTIMORE, Md., May 11 (Special). —Potatoes, per 100 pounds, 75a1.25 s barrel, 2.50a6.00; yams, ba new potatoes, barrel. | 3.00a6.00; asparagus. dozen, 2.00a5.00: | beans, 50a2.50; beets, 100. 5.00a8.00: . hampers. 50a1.00; carrots. 100, 4.00a 0a2.50: cucumbers. eggplants. crate basket, 75a2.00: 3.50a4.00; Spring | : peas, hampel crate, 3.5088.! 1.50a3.00; lettuce, s, 100 pound: 100, 1.50a peppers 100, d, barrel, 3.50a7.50: grapefruit, box. 3 uart, 12a pineapples, bushel, 1.50a2.7 4.00; strawberries, oranges, box, 5.00a6.7 crate, 4.50a5.50. ~ Selling Prices at Noon. Wheat—No. 1 red Winter, spot. ex port, no quotations: No. 2 red Winter spot, domestic, 1.83%5; No. 2 red Win- ter, garlicky, domestic, 1.85%: No. 3 red Winte no quotations. Sales—None. | Corn—Cob, new, vellow. spot.’ §.50a 6.75, nominal, per barrel; track yvellow, 1.28 per bushel. 08 bushels of No. 3 yvellow 55a551; No. 3, 1.15a1.; 2 53a No. 2 rye 63 tons. On good timothy and choite light clover mixed hay the market is fairly steady, there being no oversupply of top-grade tim- or light mixed hay. Medium and | rade hay is in ample supply and movement of poor hay I8 very draggy at_irregular values. Quotations today—No. 2 timothy. | 18.00a19.00; No. 3 timothy, 15.00a16.50: | No. 1 light clover, mixed, 17.50a18.00: No. 1 clover mixed, 16.50a17.00; No. 2 r mixed, 15.00a16.00. traw—No. 1 wheat, 15.00a15.50 per ton; No. 1 oat, 15.50a16.50; No. 1 straight rye, 18.50a19.00. . SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) ——Noon.—— Adirond, Pw. & L C. 8s 1820 Alum. Co. of Amer. 75 1033 American 'Sugar 6s 1037 Amer. Tel. & Tel. 8s 102 Anaconda ‘Copper 68 1939 Anglo-Amer. Oil 7 ¥ Associated [ Chi., 5 ity of Lyons Columb. G. & Continentaj & 1434 E. 1st 58 ris & Tlae PSS New York Central 6s 19035, . Dtewon Short Lans ‘s 1030 1930. CURB ON RESERVE ° BANK POWER URGED McFadden to Seek Repeal of War-Time Amendments Be- fore Next Congress. BY CHAS. P. SHAEFFER. The present is a_propitious tima tn “‘demobilize the Federal Reserve bank-« by repealing certain war-time amend ments that clothed them with extraor dinary powers to control credits is declared in a statement by L. T, McFadden, chairman of the House committee on banking and currencs, made public today. Mr. McFadden said, in part, that reserve notes should be issued onlv against commercial paper in response to trade needs “‘for, under the present system, the reserve banks ma ssua notes against gold, thereby intro ing a rigid element in our currency system and acquiring the means of xtending excess credits that Ameri can business does not need.” He pro poses to give the reserve banks cus. tody of only part of the member anl eserves instead of the whole the judgment of individua bank manage be exercised tn a greater extent in determining how great a volume of credit shall be ex tended. Will Question Congress. Upon the reconvening of Congress Mr. McFadden proposes to ask that body to repeal the war-time amend ments that have made it possibie f the reserve bha s to use .the gold intrusted to them as reserve of men ber banks to pyvramid credit deed.” he savs, “there is a su tial basis today for charging tha Federal Reserve hanks have sat currency to the extent of $1 009 and have co: of easy money : speculative movements “We should go back to plan where reserve directed supply on which the private banking syst could not supply. The system was designed as a reserve banking svstem to give American trade and commerce the credit for which there was legit mate need and to afford an elastic ency, which expanded or contract ed to meet the changing needs for credit i the McFadden points out that mem ber banks are now required to keep their entire reserves., which e &rown to over two billion dollars. with the Federal Reserve banks, declaring that the reserve banks “have used more than one billion dollars to make loans back to member banks in the form of rediscounts and to engage in open market operations. What Banks May D« A Federal Reserve ban one million dollars in g combine it with c which it can acq ket and. lions in Federal reserve banks their power to acquire gold b reserve nc can theoreti much larger part of the tire stock of gold, amounting to nearly four and a half billion dollars, adding “Imagine what would happen if the Federal Reserve banks issued 2%, times the greater part of this the form of reserve notes. Cheap money would become even cheaper These are possibilities rather than actualities. But dealing with facts alone, we find that gold holdings the Federal Reserve banks April were $2.845,934.000. and total deposits 100, while total of Federal e notes in circulation was §1 .000, or more than a billion doi lars in excess of the free gold. It may well be asked to what extent this bil lion dollars in notes have contributed to the ease in our money market and cut down the earnings of banks? Thinks Power Too Great. “When one considers the powers in a half mil Reserve notes. The he declares gold In | vested in the Federal R it is questionable whether amount of potential power should be lodged in any group of men. In the firstp lace they have the power of re discount rates. By lowering the re discount rates they can create cheape: money and tend to bring about an ex pansion of busingss by making credi easily available at a low rate. By rais ing them they effectually put the brakes on business by increasing the cost of credit. By their open market operations the Federal Reserve banks can bring about a conditlon that will cause the banks either to rediscount with them or reduce the volume of borrowings. The reserve banks’ npers atlons in conjunction with the operas tions of the Treasury bring more than $6.000.000.000 which can be used in control of interest rates within the reserve banks' control “I believe that it would he wise to restrict their powers o that they will have power to iss notes on the security of commercial paper to meet trade demands only, rather than spec ulative needs. and that 9,500 members of the Federal Reserve system will have more say as to how credit shal he extended. As now operated. the system sets up a barrier against the operation of the natural law of sup ply and demand of credit and im poses an impediment that defeats the ends which it was created to serve Receivership Is Urged. Fred B. Rhodes and David W. Fox receivers of the District Guaranty Corporation, today asked the District Supreme Court to appoint receivars for the Air Line Cargo Express, I corporated. The latter concern is leged to be insolvent, and the receiv ers sav they hold notes of the cor poration amounting to $37,745.75. now overdue and unpaid. Attorneys Paul Dulaney and Ralph B. Fleharty appear for the petitioners, Feature of Local Trading. A fractional advance to on shares of Capital Traction stock was the only feature of trading on the Washington Stock Exchane today This figure marks another new high record for the year. Riggs National Bank stock brought 335 on sales of 30 shares, and Lanston was firm at 843, although trading in this issue embraced only odd lots. Five shares of Mergenthaler brought 182 INDUSTRIES IN ARIZONA INCREASE 215 PER CENT A 5.5 per cent increase in the value of the products of Arizona manufacturing industries from 1921 to 1923, the manufacturing census vears was reported today by the Census Bu reau, which placed the 1923 figure at $123,377,000, against $39,110,000 in 1921, The bureau's survey covered establishments having an output val- ued at $5,000 or more. Copper smelting was the chief in- dustry of the State, measured either by number of workers employed or by value of products. FOODSTUFF EXPORTS GAIN DURING WEEK Special Dispateh to The Star. BALTIMORE, May 11.— Foodstuff Wabash 1st Wabash 2d b 101% 97 98 668% 1% i3 72 8 101% 101 .2 w 97 ‘76.. 35 Whel & LE rf %2 1 exports through the port of Baltimos last week showed increases in all lin compared with the previous week, ex- cept rye, which dropped 1,736,504 bushels to 192,726 bushels. Total shipments for the weéek were: Flour, 3,753 barrels: wheat, 87,204 bushels, and oats, 50,203 bushels. s