Evening Star Newspaper, May 13, 1925, Page 26

FIN MARKET CONFUSED IN FINAL TRADING Profit Taking Slows Up Many Issues——High-Priced Rails Hold Strong. BY STUART P. WEST. Special Dispatch to The Star. - NEW YORK, May 13 —Notwith- standing the continued buying oper: tions throughout the Stock Exchange list today and the advance of nu- merous individual issues to their high- est for the year, stocks as a whole did not make more than moderate proj ress, and there were no extraordinar developments. The market was broade even than it had been on the preced- ing day, and fully as active. To the rinded the absence of fluctuations and the maintenance of a strong tone were favorable signs. 0il Shares Strong. s were among the s evidence accumulated for conditions in the trade. Marlz . getting ready for divi- dends, was in demand around 43. Pacific Oil was up over a point, and so was Pan-American B. Phillips Petro- leum sold above as against Tues- day’s close of 41%=. Sinclair was up a half point at 20. The main point about the oil shares for the last fortnight has been the steady way they have been xoing up in' a manner bearing out the bullish opinions regarding the oil trade. Fi Motor uneven. The oil Ik Leads Rubber Stocks. and tire stocks were very United States Rubber en- untered a lot of profit taking above 1d subsequently receded. There was plenty of Kelly-Springfield for sale above 19. On the other hand, isk Rubber first preferred jumped to 492, where it was up nearly 3 points This aroused interest in the possibil- ity of paying off back dividends, which umount to more than 25 per cent. The common stock was heavily traded in as It crossed 1 The upturn in the St. Paul stocks might have been due to nothing more than short covering, rising from un- whether the St. Paul shares have adjusted themselves to the a sessment such as is now being dis- ed. It has to be remembered the St. Paul bonded indebtedness is going to be cut down unsparingly. and that this may leave substantial equities for the present stocks. Leather Trade Improves. Central Leather preferred above 60 again and the common above 20 directed attention to the improvement in the leather trade position and to the unusual asset value back of the pre- ferred stock. Allied Chemical, Brown Shoe, Glidden and California Packing were other specialities which were bid up. Mack Trucl 0ld at a new high. nsolidated Gas was the particular feature among the public utilities, reaching 85 for the first time. Marland Oil Higher. and Oil's advance was in antici- pation of a dividend declaration at the rate of $3 annually later in the day. The company put out a very favorable report for the first quarter at the same time that it published the poor results 4. It was said today that the company had _ written down inven- tories and for every other possible account more heavily than usual, and that its affairs are in very good shape. Tennessce Copper and Chemical had another run-up to new high ground use of the improvement in the fer- 2 agricultural _implement busines ompany will undoubt- edly benefit from any increase in the purchasing power of the farming com- munity. CLOSE IS IRREGULAR. M Dividend - Paying Rails Industrials Slump. NEW YORK, May 13 (A.P.).—Stock prices resumed their upward move- ment at the opening of today's market, but turned irregular later, when selling pressure increased against some of the popular industri- als. Rails continued to respond to re- ports of heavy freight traffic and oils developed a temporary burst of ac- tivity on the announcement of higher gasoline prices in Eastern States. The closing was irregular. Strength of dividend-paying rails contrasted to the heaviness of Baldwin, American Can and some of the other leading industrials in the late trading. Gain as Markets at a Glance NEW YORK.—Stocks irregular; Frisco common, at new high, leads rails. Bonds higher; Treasury issues soar to new high levels. Foreign exchanges steady; sterling ahove $4.8: Cotton lower: favorable weather. Sugar easy; Cuban selling. Coffee steady; trade buying. CHICAGO.—Wheat lower; bearish Canadian reports. Corn i di man ttle Tower Hogs weak; light shipments. ppointing cash de- CLOTH MARKET STEADIER. NEW YORK, May 13 (Special).— Cotton goods markets were steadier today though business continued light. Print cloths were quoted at 9% cents for 64 by 60s and 10% for 68 by 72s, the same levels as on Tuesday. Jap- anese raw silks were five cents a pound higher. BUTTER LOWER TODAY. ANCIAL. Abitibl Pow (4). Adv Rumley.... Ad Rumley pt (3; Adams Exp (6).. Alr Reduct (4).. Ajax Rubber.... Alaska Juneau. . Allied Chem (4). Allled Cm pf (7) Allls Chalm (6). Am Agricul Chm Am Ag Chm pf.. Am Beet Sug (4) Am lnloleh % m Brk Shoe Am Can r47) " AmcCg& Fdy (n). Am Chain'A (2). Am Chicle. Am Chicle ctfs Am Drug (60c). Am Exprens (6). Am & For Pow. . Am & Fr P of (1) Am Hide & Lea. Am Hide & L pf. Am Ice (7). . Am Ice pf (6). Am Internatl. ... Am La Fran (1. | :m lil'nuom m Linsd pf 3% . Am Loca (181 Am Metal (3) (Am Piano pf (7" | Am Radiator (-) Am Ry Exp (6).. Am Safty Rx (3) Am Ship & Com. Am Sm & Ref (5) AmS& Rt (7). Am Snuff pf (6). Am Stl Fays (8). Am Sugar. Am Sugar pf (7) Am Sumatra. Am Sumatra pf.. AmT & Tel (9).. Am Tobacco (7). Am Tobac B (7). Am Tobac pt (6) Am Typ Fdrs (7) Am WW&ZEI 30¢ Am W W pf (6). Am Woolen. .... Am Wool pt (7). Anaconda (3)... Ann Arbor. . Armour N1 A(2). Armour Del (7). Arn Cons & Co As30Dry G (5).. Asso Ofl (1%)... AtT&SFe (). AT&SFpf (5). Atl Birm & At. .. Atlantic CL (7). AtGulif & WI... At Gulf & WIpt. Atlantic Refin. .. Atlas Tack 2 Austin-Nichols.. Austin Nic pf (1) Auto Knitter Baldwin L (7). Eal & Ohlo (5) Bal & Oh pt (). Eang & A: (8) Tarnsdall A. Barnesdall sts. .. Beech Nut (2.40) Bethlehem Steel Booth Fisheries. Briggs M{g(3%) Bkl Edison (8).. Bkl-Man Tran. Bkl Unlon G (4). Brown Shoe (4). B'wick-B C(3.60) *Buff Rch&P... Buff R&P pf (6). Buff & Sus pf(4) Burns Bro (10).. Burns Br B (2).. Bur Add Ma (3). Bush Term (5).. Eutte Cop (50c). Butte & Su(50). Cal Packing (). Cal Pere (1%)... Calif Pet pt (7).. Callahan Zinc. .. Calu & Ariz (2). Can Pacific (10). Caro Clinchfield. Case Thresh pf.. Cent Leat! Cent Leather pf. Century Rib (2). Cero d Pasco (4) Certaln-Teed. . . Certain-T 2d (7). Chand Mot (3)... Ches & Ohlo (4). Chi & Alton. Chi & Alton pf. Chi & East Il Chi & Est 111 pf. Chi Great West. Chi Gr West pt ChiMil & St P. Chi Mil & SP pf. Chl & Nwn (4). Chi Pneu T (5) ChiR1& Pac CRI&Ppt (6). CRI&PpPL (D). Childs (12.40)..., Chile Cop (2%). Coca-Cola (7)... Coca-Colapf (7). Colo Fuel & Iron Colo Southern... Col G & B (2.60). Col Carbon (4) . Congol-Nrn (3). Consol Cigar. . Con Cigar pf (7). Con Distributrs. Consol Gas (5) Consol Textil: Cont Can (4) Cont Mot (80c) Corn Prod (2) . Corn Prod pf (7) Crucible Stl (4). Cub Am Sug (3). Cuban Cane Sug. Cup Cane Su pf.. Cuba Dominican Cuyamel Fr (4). Davison Chem. . Del & Hud €9 Del L&Wn (V7). Detroit Ed (8).. Dodge Bros (A). Dodge Bros pf . .. Doug Pectin (1). Dul S§ & Atl pf. Dupont (10).... tman (18) . ! EIP & Lt 40% pd Elec P& Lt £ pd. Elec Str Bat (4) CHICAGO, May 13.—Butter lower; creamery extras, 413,a411;; standards, 403 extra firsts, 39%2a401;; firsts, 38a 39; seconds, 32a37. Eggs, higher: receipts, 19,947 cases; firsts, 2812a29%; ordinary firsts, 27%; storage packed extras, 31; firsts, 30%5. FISK RUBBER'S NET UP. NEW YORK, May 13.—The Fisk Rubber Co. reports net income of $1,985,000 for the six months ended - April 30, equivalent to $10.47 a share on fhe first preferred stock, back divi- dends on which amount to 24% per cent. This compares with $754,760, or $3.98 a share, in the same period vear ago. Sales aggregated 000, an increase of $6,475,000. ISSUE QUICKLY SOLD. NEW YORK, May 13.—A $5,000,- 000 issue of Standard Gas and Elec- tric Co. 7 per cent cumulative pre- ferred stock, forming a part of the company’s plan for new financing, was quickly subscribed today when a public offering was made through a syndicate headed by H. M. Byllesby & Co. DIVIDEND NOT VOTED. NEW YORK, May 13.—Directors of the Amerjcan Sugar Refining Co. to- day took no action toward a resum| tion of common dividends. The reg. ular quarterly dividend of $1.75 on thi jpreterred shares. yas-authorized. | Emmerson Brat. Emmerson B pf. End-John (8). Eris Erie 1st pf... Exchanze B (1). Fairbks (2.60) Famous P! . Fed Lt & T (17). Fisher Body (5). Fish Bd O pf (8) ! Fisk Rubber. Fisk R 1st (1)... Fleischmann (4) Foundation(8). .. Freeport Texas Gardner Motor. Gen Asphalt. . Gen Baking (9). Gen Cigar (8) Gen Electric (8) Gen Ei spl (600). Gen Motors (6).. Gen Mot pf (7) Gen Petrol (2) Gen Retrac @) imbel Bro: Ginter Co 1) - Glidden Co...... Gold Dust. Goedrich. Goodyear pf (7). Gdyear prior (8) Granby Consol. . Grt North pf (6) Gt Nor Ore (1)... Grt Wetn Su (%), Gt West Spf (1) Guantanamo. ... Gulf Mo & Nor. . GuM &N pf(§). Gult St Steel (6). Open. High. 674% 17% 58% 1% 102% 14% 2 8914 118% 9% 19 50% 38% 32 1064 189 . 107% 23% 63% 50 6 136 34% 89% 11 72 . 107% 81 34% 18 29 70% 120% 4% 93% 924 6% 54k 10% 8% 10714 100t 49% 61% 97 8% 62 188% 9214 92% 106% 109 65% 1021 375 8 36% 34 204 90% 9 200% 36% 119% 95% 6% 160 46 45 106% 1% 24% 89% 2% . 112% 6% 64 39% 22% " 65% 39% 5% 38 130% 40% 89% 9% 30% 81 95 48% 12% 273% 6% 1% 54% 92% 47% 87% 9714 54 82% 108% 101 40% 60% 64 47 26% 36% 88% 5% 88% 3 6% 10% 35 121 69 28% 11% b51% 4% 53% 34% 149 135 118 25% 78 19% 5 147% 109% 16 28 104% 1056% 63% 1% 9% 68% 30 38% 17 35% - 100%, 163 67% 107 17 % 84% 111% 17% 10% 62 135% 90% 278 11% T6% 106% 624 43% 504% 37% 20% 39% 64% 7% 108% 144% 63% 290% 945 110 6T% 18% 102% 14% z 91% 119% 80 19 50% 38% 32 106% 189% 107% 24% 54 50 6% 135 35% 89% 1% 72% 109 82 37% 13% 20% 0% 120% 4% 31% 9% L8 1% Low. Close. 67 17% 58 1% 101% 14% 2 89% 118% 9 18% 50% 38% 81% 106% 186% 106% 28% 58% 50 67 18 58 92 101% 14% 2 90% 115% 79 18% 50% 384 317 106 187 1064 24% 54 50 614 135 35% 89% 1% 71 & 109 82 87% 13% THE EVENING STAR, WASHINGTON, D. O, WEDNESDAY. MAY 13, 1925. Hanna 1st (7) Hartman (2%). Hayes Wheel (3) Helm G W (3).. Homestake (17). House'd Prod (3) Houston O1l. ... Hudson Mn (23%) Hud Man pf (5). Hudson Mot (3). { Hupp Mot (1). Illinots Cent (7). Independ Ol1 (1) Indlan Motorcy. Tndian Refining. Ind Ref pf (7) *Ingersoll R (8). Inland Stl (2%). Inspiration Cop. Internat Agri Int Bus Mac (8). Int Cement (4). . Int Com Eng (2). * Internat Har (5) Int Mer Marin Int Mer Mar pf.. Int Niekel...... Int Paper. Int Pap pf st (6). Int Shoe (5).... Int Tel & Tel (6) Jewel Tea...... Jordan Mot (3). KCP & L 1st (7). Kan City Soutn Kan C So Bf (4). Kayser (Jullus). Kelly-Spring. .. Kelly Spring 1st. Kelly-Spring pf- Kelsey Whi (6). Kennecott (3).. Keystone T & R. Kinney G R (1).. Kresge SS (8).. Kuppenhm pf(7) Lee Rub & Tire. Lehizh Val (3%) Uiggett & M(H4). Liz & My B (14). Lig & My pf (7). Lima Loco (4).. Loews Inc (2) TLong Bell A (1). Lorrillard (3) Loose-Wiles Louisiana O11 Louts & Nsh ( Ludlum (2). McCro B (1.60).. Mackay (7). . Mack Treks (6). Mack T 1st (7).. Mack Trk 2d (7). Magma Copper. Mallinson & Co. ManEmdg (5). Man Shirt (1%). Manila Electric. Maraca!bo Oil Market Street. Market St prior. Market St 2d pf. Marland Ofl. . Malin-Rock (1) Martin-Pry (4). Mathieson Alka Maxwell (A). Maxwell (A) ctfs Maxwell (B).... Maxwell (B) ctfs May Dept 8t (5). { Metro Ed pf (7). Metro G pf (1.89) Mexican Seabd. . Miami Cop (1) Mid-Continent.. Middle States. .. Midind Pr pf (8). Minn & St Louls. Mis Kan & Tex.. MEK&Tpt (5).. Missouri Paciflo. Missourl Pac pf. Mont Power (4). Montgom Ward. ‘Moon Mot (3)... Mother Lode 750 Motor Wh1(76c). Mullins Body . Murray (2.40)... Nash Mot (111).. Nat Acme (sta) Xat Biscuft (3).. Nat Cloak (4) Nat Dairy (3. Nat Dpt Stores. . Nat D St 1st (7). Nat Distiliers. .. Nat Lead pf (7). Nat Ry Mex 2d.. Nat Supply (3). Nevada Copper. N Y Canners (2). N'Y Central (7). NYC&StL (6}.. NYC&StL pf (6) NY NH & Hart.. NYOn & Wn (1) ¥ Rtys pf tr efs iagar Fpf1%. Yorfolk South. . Norf & West (7) North Am (3.40) North Am pf (3) North Pac (5)... Orpheum (1.80). Otlis Elevator (8} Otis Steel. . Otis Steel p! Owens Bot (3). Pacific Gas (8).. Paclfio Ol (2) Packard (11%). Packard pf (7).. Paige Mot (1.20) Pan-Amer (6).. Pan-Amer B (6). Parish & Bsta.. Park & Tilford. Pennock & Ford. Penn C & Cke. ... Pennsy RR (3). Penn Seab Steel. Peoples Gas (8). Peoria & East. .. Pere Marq (4).. Phla Co (4)..... Phila& RC&T. Phillip Morris. . Phillips Pet (2). Plerce-Arrow. . Plerce-Arrow pt Pierce-A prior 8 Pierce OIl. Pierce Oil pf Pierce Petrol. .. Pitts Coal. Pitts Ut pf 11.20. Pitts Ut ctfs 1.20 Pitts & West Va. Postum-Cer (4). PrStCarpf (7). Prod & Refiners. Pro & R pf (3%) Pub Ser NJ (6). Pub SNJ pf (8). Pullman Co (8). Punta Al Su (5). Pure Oll (1%).. Radio Corp of A. RSIICefs (4). 72 *RSINCecfs (4). 72 Ry Stl Spg (8).. 126% 63 29% 868% 69 4% 88y 105 9915 207 67 84 25% 45 71 111% 187% 40% 28% 53% Remington Type 64% Replogle Steel.. 14% Rep Ir & Steel.. 44% Rep1& Spf (7). 88 Reynolds Sp (1). 13% Rey Tob B (3)... 75% Rossia Ins (6)... 924 Roy Duth 4.42%. 50% St Joseph Ld (2) 484 StL&SanF (6) Sl1% StL San¥ pf (6). 83% St L Southwest. 49 IStLSwrpt (5). 72 Savage Arm 62 Schulte (*8) Seaboard AlrL.. 34 | Seabd AIrLiDf.. 46% Sears-Roebk (6) 168 Shattuck-Ariz.. 6 Shattuck FG (2). 49% Shell Un (1.40).. 25 Simmnns Co (2). 85% Simms Pet (1).. 23% Sinclair Ofl. 20 Skelly Oil. . 26% Soath Pac (6)... 102% Southern Ry (5) 92 South Ry pf (6). 86% Spicer Mg 19 Spicer pf (8. . 98% StdGas & EL (3), 49 Open. High. 63 30% 26% 69 4% 264 31% 691 64% 18% 112 28% 1% 8% 80 220 40 23% 12 118% 64% 40 107 11% 43% 28% 584 6% 134 9% 19 46% 100%*100 B4y 8% 26% 19% 56 54% 102% 49% 3 81 3854 100% 18 65 65 16% 45% 88 134% 6% 92% 504 48% 81% Ba‘n 49% 72 62 1% 34% 46% 1684 6 52% 251 57 28% 20 26% Low. 62 29% 86% 69 a“ 6% 63 3114 89% 53% 18 112 27% 17 8 ! 79 220 40% 23% 12 118% 64 39 107 10% 41% 29 66'% 6% 134 9% 19 45% 38% E8% 257 18'% 56 8% 18 15% 18% 1% 116 17% 6 56% 39% 16% 418 17% 56 100 154 82% 6'4 43 16% 144 6644 1156 84 25 45 70% 1114 187 40% 28% 63% 72 72 126 11% 8% 18 65 64 14% 443 86% 13 . 5% 92% 50% 48% 80% 83% 48% 72 59% 111 33% 45 167 6 49% 24% 26% 23% 19% 26% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Close. 62 30% 86% 69 4“ 36% 63 81% 693 58% 18 12 28 17 8 79 228 40% 231 12 118% 64 89% 107 1% 43% 29% 56% 76% 134 9% 19 46 . 100 33% 58% 25% 18% 56 63 100 49% 2% 81 111% 137% 40% 28% b4 72 2% 126% 12% 8% 18 65 64 14% “y 86% 18 % $2% 0% 48% 81% 84l 48% i 11 33% 45 167 [ 52 25% 86% 28% 19% 26% 103% 102%, 103 924 87 20% 101% 49% 1% 86% 19 98% % 1% 87 20% 101 o - PRICESHOLD WELL | Coxex o BONDS srocx mxcuasce] Received by Private Wire Direct to The Star, Office. Sales. High. Low. 1:45 N BOND MARET Foreign Issues-and Rail, Rub- ber and 0il Liens Lift Quotations. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 13.—Strength was well distributed throughout the list in bond trading again today. Three of the United States Govern- ment obligations sold at prices higher than recorded at any time in 1925 and one equaled its previous Migh point.: The two issues for which demand ap- peared to be the strongest were the Treasury 4%s and the Treasury 4s. Second U. S. Loan Strongest. The Liberty bond for which buyers were willing to pay new high prices were the second 4%s. Practically all of the high-grade rails and industrials were quoted around the best prices of the movement. American Telephone and Telegraph debenture 5s were one of the favorites. Lorillard 5s got up to @ new high point. Foreign bonds were strong. The average is at the high of the year, having recovered all the loss sus- tained directly after the French financial crisis and the German elec- tion. German 7s at 95 were up almost 31 points from the low of April French Government bonds were all higher. The 7s crossed 91 against a low late in March of 86. City of Copenhagen §%s at 98 had equaled their best previous price, the influence being that the approach of time when drawings will begin for retirement by the sinking fund at par. There was a better market for Brazl 7s, Brazil 8s and Chile 8s of 1941. St. Paul Day's Feature. The feature in the speculative rails was the activity and strength in all the St. Paul issues, but especially in the Puget Sound 4s, which at one time were up three points. Reports of an early reorganization stimulated the buying. Chicago, Terre Haute and Southeastern refunding 5s and the same road’s income bonds went along with the St. Paul issues. United States Rubber s were the leaders of the industrials, being taken in large volume at 88 and above, a new high for the past two years. Skelly Ol 6138 advanced a point and the Sinclair Oil bonds generally did better. DIVIDEND ACTION HELD UP. TOLEDO, Ohio, May 13 —Directors of the Willys-Overland Co. are awalt- ing a further report by the pres- ident’s committee before ordering payment of $30 back dividends ac- crued on the cumulative preferred stock, it was announced here follow- ing the annual meeting. The com- mittee is working on a_definite plan or policy to be followed in liquidat- ing the accumulation. fEn e ok o PARIS BOURSE IMPROVES. PARIS, May 13.—Prices improved on the Bourse today. Three per cent rentes, 44 francs centimes. Exchange on London, 93 francs centimes. Five per cent loan, centimes. The dollar was quoted at 19 francs 24 centimes. 54 francs i SHRCAL TR DIVIDENDS. Pas- Stock ot able. record 50" June 30 May 30 50 June 20 May June 2 May June 8 May 16 May 21 Corp. Boston & Alb. . Glen Ald Coal | Kuppenh'm B | Do. pid. . Onyx Hos. ptd Phila . E} . Co. June 20 2 June 2 July 3 Aug. 4 ‘83 533 44% 1us% 11% 64 68 69% 45% 114 4% 53 44% 119 11% 64 69% 1% 46% 114 4% 63 59 44% 119 StaG&Elpt (4) 83 St 011 Celif (2).. 59% StOIINJT (1)... 444 StOiIINJ pf (7). 118% Std Plate Glass. 11% Sterling Prod (4) 64 Stew Warnr (5). 69% Stromberg (6).. 69% Studebaker (4). 46 Studebak pf (77. 114 Supertor Ofl.... 4% Superior St1(3). 224 Symington...... 16% Symington A (2) 22 Telautogph 25c.. 124 Tennessee Cop.. 1134 Texas Co (3). 45 Texas Gulf (7).. 106% Tex & Pacific... b4 Tex & PacC&0 15% Third Avenue... 9% Tide Wat Ofl (4) 139 Timken R B (14). 43% Tobac Prod (§).. 76 Tobe Prd A (1).. 98% TranscontOll... 5% Transue & W(2) 26 Underwood (3).. 40% Unilon Oil (1.80). 37% Union O11. 5 Un Pacific (10). . 137 Un Tank Car () 123 Utd Alloy Steel. 2414 Utd Cigar (13%) 67% United Drug (6) 125% Utd Fruit (10).. 212 Utd Ry Invest... 28% Utd Ry Inves pf. 69 U S Cast Iron P.” 149 USCIPDL(7).. 1021 U S Distributing 31% USHoft (2).... 29 USInd Alcohol. 88% U SRealty (8).. 145% U S Rubber..... 47% U S Rub st (8).. 100% U S Smelting (3) 34% USSmpL(3%). 45 . U S Steel (17)... 116% U S Steel f (7). 122% Universal Pipe.. 29% Univer Ppf (7). 1T0% Utah Copper (4). 86 Utah Securities. 122 27 vanadum Van Raalte. 18 va-CaroChem.. 4% Va-Caro Chpf.. 17 va Ry & Power. 118% Vivadou.. .13 Wabash. . 26% ‘Wabash pf A(5). 6% waldorf (1%).. 15% ‘Ward Baking A. 122 Ward Baking B. 44 ward Bak pf (7) 100 West Pen (4)... 117% West Pen pf (7). 96 West Elec pf (7) 117 West Maryland. 141 West Md 2d pf.. 204 Western Pacific. 44% West Pac pf (6). 98 Westinghse (4). 71 ‘Weston A (2) 224 Wheel & L Erfe. 14% Wheel & LEDf. 27 ‘White Eagle (2) 26% White Mot (4).. 65 Willys-Overld.. 22% 231 23 Willys-Od pf (7) 102% 102% 100% wilson&Co.... 84 6% 6y wilson&Copf.. 28 23 23 Woolworth (3).. 124% 124% 124 ‘Worthington. 42% 421 38% Worthtn A (7).. 82 82 g Wright Aero (1) 21% 22 21y Yellow Cab (25c) 36 36 86 *0dd lots. 5 1 extra, $Payable 1 Dividend rates ‘as xiven in che sbove “table are Dayments based fatest “quarterly “or Baityearly rat Unless _otherwise noted, -extta 854 27 16% 4% 16% 118% 13% 26 66% 16 122 45 100% 117% 5% nz7 14% 20% 48 93 0% 22 16% 28% 26% 66 22% 101% 6% 23 124 39 82 21% . 86 stock. UNITED STATES BONDS. , ) (Bales arc in $1,000.) Sales. High. Lib 3%s.... i3 101 Lib1st 4%s 25 Lib 2d 4%s. 216 Lib 3d 4% 67 Lib4 4%s.. 188 US4s1944, 21 US4%s'527102 1025 101 15 101 31 10214 102 18 106 16 Low. 1 45. 100 30 100 30 1022 1022 101 FOREIGN. Sales. High. Low. .5 . 53 .20 Argentire 7s... 9 Austria 7, . 31 Bank of Japan §s. 345 Belgium 63 66 Belgium 6% 60 Belgium 7%i 13 Belgium 8s Berne 8s Bolivia 8s. Bordeaux 6 Brazil 7, Brazil 8s. Canada 58 5 Canada 531931.... Canada 55 1952 Canada 535 192! Chile 7s 1943 Chile 851926 . Chile 85 1941 Chile 85 1946 Chinese Gov Christiania 6s . Con Pow Japan 78 Copenhagen 6% Cuba 5%s. .. Czecho 8s 1951 Czecho 8s 1952 ct.. Danish Munic 83 B Denmark 6s...... Denmark 8s. D E I6%s Mch '63. D E I5%s Nov '53. Dutch East 16547 Dutch East I 63°62 E1 Salvador 8s°'43. Finland s £ 6: Finlands 7e . EFrench T8 “rench 7% French 83 Framerican E Ger El 6%s'50 wi. German 78 Ger Gen Eleo 7 Greek 7 Halti 6n Hollaud-Amer 6 Hungary 6% Japanese Japanese 6% sergens UM Lyons 6 Marsetlle 6 Mexico 43 *04 asnt. Mexico 4510 asntd Mexico 5s ass: Jetherlands Argentine bs orway 6s 1943. Norway 6s 1944.. Norway 6s 1962.. Norway §: Paris-Ly's-Med Paris-Ly’s-Med 7s Paris Orleans 7s.. Peru 8s Poland Poland 8s Prague T%s. . Queensland 6s Queenzland 7s.... Rio de Jan 85 1948 Rio de Jan 8s 1947. 10 Rio Gr Do Sul 3 Sao Paulo State 83 34 S Paulo St 8s wi.. 3 Seine Dept ef 7 Serbs Crot £lo Sweden 5% ct. Sweden Swiss 5% Swiss Confed 8i Tokio bs. .. Ud Kingm 6% Ud Kingm 5% Ud Steam Copen 63 12 Uguguay 8s. -9 86'% 96% 96% 102% 974 99% 874 94% 109% 107% 100% 931 4% 81% 97% 100% 102% 103% 102 102 103% 86% 9% MISCELLANEOUS. Ajax Rubber 8 [ Am Agr Chem 1 Am Agr Chen: 28 Am Chain st L1 Am Repub deb 6s.. 13 Am Smit & R 1st 5e 17 Am T & Tecltrbs. AmT&Tst6s.. Am T & T Ceb 5%3 AmT&Tecv6s.... Am Water Wks bs Am Writ Paper 6s. Anaconda 1s: 6s Anaconda cv db Andes Ts Zos% pd Armour & Co 4%s Armour Del 5%s.. Associated il 6s.. Aulantic Refin 5s.. Barnsdall s f 8 Bell Tel Pa b Beth Steel pm 5s. . Beth Steei rf 5: Beth Steel 5148 Beth Steel s £ 63 Brier H St 1st 5%3 Bklyn Ed gen 6s.. Bklyn Ed 6s B. Bush T Bldg §s Calif Pete 63s. Cen Leth Chile Copper Col Gas & E1 B Commonwth P 6s.. Con G NY 6%s wi. 185 Consumers Pow 68 8 Cuba Cane cv 7s 1 Cuba Canecvd Cuban Am Sue 8s. Denver Gasb6s. ... Dery (DG) 7s...... Det Ed!son b Det Edison ret 6 Dodge wi 6s..... Donner Steel 7s Du Pont de N 7%; Dugquesne Light 6 Est Cuba Sug 7%s Empire G&EF T%s. Fisk Rubber 8s... Goodrich 6% Goodyear 8s 1931. Goodyear 85 1941. Hershey 68 1942.... Humble O&R 5%8 Miinots Bell 1st 5. Lilinols Steel 43%s. Indiana Steel 55 Int Mer Marl 2 Inter Paper s '47. 62 KC P& LtsAS2. 2 G&FE16s'%3.. 8 Kelly-Spring 8s... 32 Lackawa S 58'50..¢ 8 Lacl G ref5s’34... 1 Laclede G 5%s'63. 4 Liggett & Myrs bs Lorlllard (P) 5s. Loulsv G & E 5862 Magma Cop cv 7 Manati Sug sf 7%e Mid-Con 6%s, "4 Midvale Steel 68 Montana Pow b Mor's&Co 1st 4%3 NYEd 684wl = L H&P 48, NIG L Harss NY Tel 4%s. . N Y Tel 65’41 NY Tel 6849, North Am Ed 6s... North Am Ed 6%s Nor Ohio T&L 6s. . Nor States Pow 6s. Nor States Pow 6s. Otis Steel T%8.... Otis Steel 88. cific Gas & EI bs FacTa T stbs.. pacT & T 68'52 Pan-Amer Pet People’s Gas 6s.... Phila Co 6%s '38.. Prila Coref 85 A. . Plerce-Arrow 8s. . Producers & RfSs. Public Service 6 Pub Serv Elec Punta Alegre 7s... 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Texas & Pac 1st bs. 59 8 54 5 3 .284 24 73 23 41 8 2 . 26 .23 20 23 14 11 10 20 RAILROADS. 21 17 23 15 1 1 68 5 9 25 15 3 5 1 17 85 6 88 _83 134 77 5 20 12 10 g 20 84 29 1 1 15 27 21 1 3 20 3 1 22 2 41 64 46 16 12 34 4 19 5 15 26 109% 109% 109% 1 70 65 11 123 14 31 14 58 3 5 1 3 T 26 8 5 258 86% 86 1T 94Y% 94% 9% 10 125 2 6 27 33 5 20 89 101% 101% 101% 29 22 2 pt 1 5 1 33 7 65 11 49 7 12 57 20 10 21 13 1 5 10 1 51 5 82 38 2z 34 97 185 4 5 4 1 3 48 30 1 2 Southern Ry gn 4s 97 78% Southern Ry 1st s 13 103 Southern Ry 6s ct. 11 106% 106% Southern Ry 614s. 32 110% 110% 1 102% 102% 8615 66 86 921 91% 9% 100% 100% 100% 85% R5% 85% 112% 111% 112 1024 102% 102% 104% 104% 104% 100% 100% 100% 122 121 121 102 101% 101% 103% 1034 103% 110 109% 109% 96% 9614 961 103% 103 103% 88 87% 884 106% 106% 106% 106% 106 106% 96% 961 96% 92 ol 91% 63 63 €3 91l 81 9i% 82% sl 82% 96% £6 9R% 100% 100% 100% 11 3 111 107% 107'% 107% 85 3u 8 101% 101 101% o8% 984 98% % 1% 1% K 0% 0% 101% 101% 101% 99 9l 99 71 BA% 52 92U 89 89 93% 93% 98% 99% 99% 997 91 S0% 90% 931, 93% 89% 89% foz% 103% 1027 108 « 103% 10%% 80% 89% 89% 100 100 100 5% T5% T6% 8715 81% 8T 861 86% BS% 103% 102% 102% 118% 118% 118% 17 17 17 80% 60% 804 107% 107% 107% 1024 101% 102% 103% 103% 108% 89% 89 ss:fl 971 7% 87 91 9l Sl% 106 105% 105% 6% 64% 61% 52 _63 514 Bl% bl% 91% 91% 91% 93% 93t 93% % 75% T5% 63% 63% 63% 48% 46% 47 50 48% 49% 49% 4B% 494 % % TT% 50 48% 49% 49% 4%% 48% 50 48% 49% 103% 108% 1034 841 B4% 844 911 94% 94k 110% 110% 110% 106% 106% 106% % 11 1% BA% B4% 8d% 88% B8R4 8B% 824 Bl% 824 9 94 93 102 102 102 17 117 17 80 9% 19% 99% 99% 99 98% YB% 8% 103% 108% 103% 106% 106% 106% 954 96% 95k 87% 8% 87% 91% S1% 91% 106% 106% 106% 102 1024] 102 84% 84% 84k 951 95 984 58% BBY 5BY% 80% 90% 90% 2% 72 2% €4% 64 64 66la €6% 66 664 661 661 726 2% 72% 1084 108 108 1167 116% 116% 93% 93% 93% 101% 101 101 1 847 924% 54 B9% 1034 89% 89% 89% 82 Si% 9% 5% 0h T5% 102% 102% 102% 99% 9% 66% 65% 65% 68% 681 68% 88 BTk 874 | 108% 103% 103% | 78 2% 20% 20% €715 871 91% o1, | 86'3 £7% 9814 984 96% 265 8lis 814 101 101 95% 96% 95% 1043 1044 104% 107% 107 107 99% 99% 99% 190 904 90K 20% 20% 20% 85% 85 85% 96 . 95% 96 864% 864 864 108% 108% 1084 78% 78% 8% 8§64 104 103% 104 - 66 65'% €56% 10013 100% 100% 89% 89 +9 101 101% 101% 98l 97% B 82% 82% 82% 97% 974 97% s 96% 98l % 101% 101% 7% 79 102 101% 101% 1095 109 109 7 T 7 103% 103% 103%: 89 83 89 2% 51% b2% 61% 614 61% 85% 85 85 106% 101% 7% 83% 100 93 102% 97% 110% 108% 844 100% 98 85% 86 75 89 26 894 % 92 99% 9% 87% 102% 82% 89% 364 101% B4y 81 704 101% 101% 97H 974 £3% 83% 100 100 93% 93 101% 101% 9% 9% 110% 110% 105% 108% 344 34 100% 100% 98 . 98 954% 945 86 86 % 75 89 88% 96 954 89% 89y 7% 1% 92% 92 $9% 99% 9% 914 87% 8T% 102% 102% 82% 82% 101% 101% 84 8dhy 81 80% 0% 0% 'WHEAT DECLINES 82% 82 94% 944 U 9% 81 a1 T9% 103 824 9414 9% 81 79% 103 106% 110% 1024 Third Averetds... § b % 66K 06% FINANCIAL. ON SLOW BUYIG Corn and Oats Also Sell Lower Today Because of Poor Demand. By the Associated Press. CHICAGO, May 13.—Wheat prices declined today after showing an up- ward trend at the start. Scattered selling from commission houses dis- closed that the market was without | any adequate support from buyers.| On the other hand export bids for Spring wheat at somewhat under cur- rent values were said to have been received. The opening. which varied from unchanged figures to 1'% cents higher, with May $1.63 to $1.64 and, July $1.50% to 1.51%, was followed by a setback to $1.62 for May and $1.49% for July. Corn and oats were easier as a re- sult of indifferent demand. After opening at 15 cent decline to % gain, July $1.17% "to 1.18, the corn market sagged all around, with July touching $117%. Oats started unchanged to % cents up, July 45% to 45%. Later all months showed losses. In line with hog values, provisions underwent a material downturn. WHEAT— 2] W yay AT S SR LR July | 14714 305 5 E®os = 8 35 Shoi Bibin ik bSO GRAIN AND PROVISIONS. BALTIMORE, Md., 13 (Special Potatoes, per 100 pounds, - sweet potatoes, bbl., 3.00a6.00; yams, | bbl., 3.006.00; new potatoes, bbl., asparagus, doz. 00a4.50; hamper, 1.25a2.50; beets, 100, 5.00a7.00; cabbage, crate, 2.00: ; kale, bushel, | carrots, 100, 4.00a6.00; celery, cucumbers, hamper, 3.50a4.00: eggplants, crate, 1.50a3 lettuce, | bushel, .50; i hamper, 1.75a4.00; pepper: 3 24.50; onions, crate, 3.00a3.50; spring | onions, 100, 1.50a2.00; rhurbarb, 100.! 2.00a3.00; radishes, 100, 1.50a3.50; spinash, bushel, 25a40: squash, crate, 1.50a2.50; tomatoes, crate, 3.00a5.50. Apples, packed, bbl., 3.50a8.00; | bushel, 1.50a2.75; grapefruit, box, 3.00 | a4.25; strawberries, quart, 8a20: pine- | apples, crate, 4.00a4.50; oranges, box, 6.00a7.50. Selling Prices at Noon. ‘Wheat—No. 1 red Winter, spot, e: port, no quotations; No. 2 red Win- ter, spot, domestic, 1.85; No. 2 red Winter, garlicky, domestic, 1.85; No. 3 red Winter, no quotations. Sales—None. Corn—Cob, new, yellow, spot, 6.50a 6.75, nominal, per barrel; track vellow, No. 2, 1.30 per bushel. Sales—None. Oats—No. 2, 56; No. 3, ié. Rye—Nearby, 1.15a1.25; No. spot, 1.231% Hay—Receipts, 52 tons. On good timothy and choice light clover mix- ed hay the market is fairly steady, | there being no oversupply of top- | grade timothy or light mixed hay.| Medium and low-grade hay is in| ample supply and movement of poor | hay is very draggy at irregular val- ues. Quotations today — No. 2 timothy 18.50a19.00; No. 3 timothy, 1 2 rye, 0 1 No. 1 clover, mixed, 17.00; No. 2 clover, mixed, 15,00a16.00. Straw 0. 1 wheat, 15.00a15.50 per ton; No. 1 oat, 15.50a16.50. No. 1 straight ryee, 18.50a19.00. CHICAGO LIVE STOCK MARKET CHICAGO, May 13 (United States Department of Agriculture).—Hogs— Receipts, 21,000 head; slow: 25 to 3 | lower than Tuesday's average: light light and slaughter pigs. 25 to 50 off: shipping outlet narrow:; bulk good and choice 160 to 225-pound averages, 12.60a12.80; early top to yard traders, bulk 240 to pound butchers, 30 pound selections, 12.35a12.50; bulk packing sows, 11.30a 11.60; majority strongweight Kkilling pigs, 12.00a12.25; heavyweight hogs, 12.60a12.85; medium, 12.60a12.85; light, 12.40212.85; light light, 11.75a12.65; packing hogs, smooth, 11.35all packing hogs, rough, 11.00a11.35; slaughter pigs, 11.25a12.25. Cattle—Receipts, 10,000 head; fed steers uneven; generally steady to 15 lower; welghty kind showing decline; water fills fairly liberal; moderate supply of good to choice heavies of- fered; yearlings and handyweight grading good and better comparatively scarce; part load long yearlings, 11.40; 21 head steers scaling 1,160 pounds, 11.35; several lots of yearlings, 11.00a | medium weight upward to in- side figure; few heavies early above 10.60; some held close to 11.00; bulk fed steers and yearlings, 9.25a10.75; stockers and feeders scarce, firm; she- stock fully steady; spots highe quality considered; bulls 10 to 15 u weighty bolognas in load lots upward to 5.60; bulk, 5.25a5.50; vealers steady to 25 lower; light kind showing de- cline; bulk to packers, 9.23a10.50; out- siders handpicking at 11.00 mostly Shedb—Receipts, 20,000 head; slo fat lambs opening steady to 25 lowe! choice 80-pound clippers, 13.65; desir- | able 90 to 96 pound weight, 12.50a 13.00; weighty throw outs, 11.25a11.50; desirable 84 to 87 pound wooled lambs, 15.50a15.60; few native Springers, 15.50a16.00; nothing done on California Springers; fat sheep strong to 25 higher; choice 113-pound California shora ewes, 8.8! DAIRY PRODUCTS. BALTIMORE, Md., May 13 (Spe- cial).—Live poultry—Spring chickens, pound, 50a58; Leghorns, 40a4s; Win- ter chickens, 40ad5; stags, 25; old hens, 24a30; Leghorns, 24a25; roosters, 17; ducks, 18a25; pigeons, 20a50; gulnea fowl, each, 50a75. Eggs—Recelpts, 1,221 cases; native and nearby firsts, dozen, offered at 30. Butter—Good to fancy creamery, pound, 40a45; prints, 44a46; ladles, 29a 30; store packed, 24; dairy prints, 25a28; rolls, 25a28; process butter, 32a33. — FLOUR 15 CENTS HIGHER. MINNEAPOLIS, May 13.—Flour un- changed to 15 higher at 8.80a9.05 a barrel; shipments, 40,139 barrels. Bran, 27.00. 27 94 23 89 10 99y 13 107 2 103% 84 1004 2 97% 101 7% 9 66% Union Pac 1st ¢s. Unlon Pac 1st rf 4s Unlon Pac 4s'37, 93% 88% 99% 106% 108% 100% 7% 101 7Y% 95% 66% 4% 834 o4 89 994 105 103% 100% 7% 101 9% 96 €6% 951 84 12 3 13 5 Pacific 7 i Bnoreist ds. 21 8. Wheel& LEcndés. 65 16 176 76 Whel & LErf4%s8 16 73% 72 3% Wilkes B&Elstbn. 3 _65%-66%—66% 1 | minimum. PRESENT RESERVES SEEN AT NN Authority Cites Reductions, Since 1914 and Urges Careful Procedure. BY CHAS. P. SHAEFFER. By unitin; the reserves of thirds of the country’s banking sources in the F Reserve Bank, some of the dar ng from our system of sc: pendent banks are overco ndolph Burg assistant t the New York eral Reserve of N X points out in an article re day, in which he defends legal r requirements as exacted by F Reserve institutions. “The facts,” he s 5 re that the legal required reserves have heen reduc to a minimum, all to_be held in the Reserve banks, and that no require ments are pr bed for cash in vault or balance with but these are left whol 1o cretion of member banks. two re- zers teved | t Bank Resources Pooled The principle wh effectiveness to Federal Reserve system by Mr. Burgess to the ins ciple of distributing th the reserve system act says, is 1o pool the resery operating banks, thus enablin system 1o meet any single memb emergency, provided, of course, member has not in ired his borr ing power by dishonest or imprudent banking methods. ) 3 ributed and the v for any one, system being designed for this emer gency use. Note issues provide neces sary expansion of currency, and the requirement of the highest type liquid security for insure safety and mobility the s n Reductions. Since the E rve act passed in 1914 banks have in one or another reduced steadily the amount of discretion reserves car ried in excess of the legally scribed An important fact about has released some funds for ment or loans, with corresp benefit to the earnings of bank tral reserve city banks I most from the release of cas gain has been partly offset loss of some deposits from town banks. Country banks have had little cash released, but have been able to reduce the balances maintained with city correspondents. Reserve city banks have gained moderately in both ways. ° Mr. Burgess urges that proposals for further reductions in reserves should be carefully weighed Capital Traction Strong. Railway common stock this morning with sales of 25 shares at 116, but Capital ction st the other main artery in the contemplated merger of transportation facilities out-of | here, gave a bullish demonstration of rather pronounced proportions. Opening at 9512, this security defied the best attributed efforts of tradery to drive it down, the bulk of the 285 shares exchanged this morning being sold at a figure fractionally higher than the opening. The last sale, how- ever, was made at 95%, but 3% higher was bid for it, with 957 asked, as the session closed. Lanston Monotype was conspicuous two sales, aggregating 250 shares, being made at 85. Wash ington Gas picked up fractionally to 56%, and National Mortgage and In vestment preferred brought 93 Leaves Anacostia Bank. Charles V. Etzler, cashier of the Anacostia Ban has resigned that position and will return to the Na- tional Metropolitan Bank in a juniore capacity on May 16, it was learned this morning. Mr. Etzler first began his profes- sion with the Metropolitan, resigning as receiving teller about three andl one-half years ago to become cashier! of the suburban institution. Named Essay Contest Judges. John B. Larner, president of the ‘Washington Loan and Trust Co.: H. H McKee, president of the National Capital Bank, and Walter Klopfer vice president of the Park strong and a committee to adjudge vy contest of the local chapter, American Institute of Banking. Authors of the three papers which are selected will be taken to the annual convention of the local bankers’ association as guests of the assocoation. WHEAT IN GOOD SHAPE. Maryland Crop 88 Per Cent of Normal on May 1. Special Dispatch to The Star. BALTIMORE, Md., May 13.—The average condition of Winter wheat in Maryland on May 1 was 88 per cent of normal, according to John S. De nee, local statistician of the Agricul tural Department. Ten-year average condition in Maryland on May 1 is 86 On April 15 Maryland farmers report. receiving for their wheat $1.54 per bushel at the farm gate, against $1.05 one year ago, and Delaware farmers $1.74, against $1.10. —_— GRANITE FIRM FORMED. ‘Washington Man Interested in Bal- timore Concern. Special Dispatch to The Star. BALTIMORE, May 13.—The Lin- thicum Stone Corporation, a $1,000,000 concern organized by Frank H. Lin- thicum of Washineton, will shortly begin operations here. v The company will reproduce na- tive granites, marbles and limestones for use in the construction of all types of buildings. Mr. Linthicum until recently was general manager of the Benedict Stone Corporation of New York. = ¢ HARDWARE TRADE GOOD. Collections and Retail Sales Re- ported Favorable. Special Dispatch to The Star. NEW YORK, May 13.—In its weekly summary, Hardware Age will say tomorrow: Hardware collections are improving in all sections of the country, accord- ing to reports received from the im- portant distributing centers. Prices are firm, and Spring goods reasonably active. Adverse weather has hampered retail sales somewhat, but general averages, based on actual record, appear encouraging. Factory shipments are coming along very promptly and jobbers report no difficulty in obtaining necessary goods. BIG STOCK ISSUE VOTED. SCHENECTADY, N. Y. May 13. —Stockholders of the General Elec tric Co., meeting here, have voted to increase the company’s special stock 2,000,000 shares of a par . of This stock, it was announceb is to be used in meeting dividend - ments. Directors of the cow~”‘ny 'wege re-elected,