Evening Star Newspaper, June 8, 1925, Page 22

FINANCIAL. THE EVENING STAR, WASHINGTON, D. (., MONDAY, .JUNE 8, 1925. FINANCIAL. l ON NEW YORK BO - MOVES ARE MIXED IN STOCK MARKET “About 25 Issues Mit High Marks of Year, While Others Tumble Sharply. i BY STUART P. WEST. ‘Slwrvl\ Dispatch to The Star. 4 NEW YORK, June 8—The oil )lhare‘i continued the leaders of the Zstock market today, although the —galn‘ in this quarter were only mod- erate. There were a number of fea- iiures among industrial specialties, aaome of which rose to fresh tops for “the year. i Large buying orders appeared early in Pan-American B, but the stock re- Zacted later. Houston Ol had the largest gain of any of the group, get- ing up nearly 2 points. Texas Com- ‘pany made a new high record, Pure 01l was heavily dealt in at 30, and Marlapd Oil at 44, Phillips Petroleum most ‘of the time was quoted just Jhn\e 45. Independent Oil and Gas, ‘which had ¢losed Saturday at 31%, ‘made a rather impressive show ound 32. Rubbers: and Tires Sold. Rubber apd tire shares, which had # such a feature at the close of the week, were influenced by profit taking sales later in the day. But before this selling became effective United States Rubber common and first preferred, Fisk Rubber common and first pre- ferred and Kelly-Springfield 6 per cent had made new highs. In the mstor section Dodge -Broth- ers preferred sold above 80 for the first time, and Plerce-Arrow common and preferred bettered their previous high figures for the year. Gardner Motor ran up over a point. Realizing sales appeared in Chandler, natural enough after its sharp upturn late last week. Steel Under Pressure. U. S. Steel was comparatively in- active, moving within a small radius around 114. Independent steel shares were again under - pressure. Gulf States sold off 2 points, and Bethlehem was quoted around, its low of 37. Re- public Iron and Steel dropped off over a point. The market for the stock continued to think about the earnings reports for the second quarter. Hayana Electric jumped up sensa- tionally, and International Telephone and Telegraph. rallied vigorously after having sold below 110. There was also consistent support of American Water Works, and Electric Power pre- ferred appeared in the list of the “mew highs.” 20 Stocks at New Highs. Some 20 stocks sold above anything previously recorded. for the vear. Prominent among these were Norfolk Jouthern, Deluware, Lackawanna and \Westerner; Cushmans Sons, American Tobacco, preferred, and Mid-Conti- nent Petroleum. Sharp declines occurred in Ameri- can Can, Baldwin Loecomotive, Gen- eral Electric, Cast Iron Pipe, Interna- tional Paper, Unfon Bag and Paper, United States Alcohol, Western Union, Radio Corporation and Mon- tana Power. Most of these as the rvesult of selling to secure speculative profits. Norfolk Southern in Run-Up. Norfolk Southern ran up sharply to a new high, and thereby revived rumors regarding the control of the road. Interest in' this carrier has been enlivened in recent months by .ihe developments that have occurred, and now the Street is talkinz about its passing into the Southern Raflway system or_into the Pennsylvania. The purchase by Earnest Willlams_ of the Perry stoe amounting to - 50,000 shares, was an incident which came in for a zood deal of attention. Another was the report that the elec- tric division was to go Into the hands ‘EI8929IU] MaU JO Chandler Motor Turns Actlve, More attention was pald to Chand- ler among the automobile shares to- day. It was pointed out that the market so far this year in Chand. ler has_beenvsiuggish and that the recent Iricrease in activity in this issle Received by Private Wire Direct te The Star Ofice l NEW YORK STOCK EXCHANGE Open. High. 1% 72 23% 93% Abitibl Pow (4). Adams Exp (6).. Ahumada (11).. Air Reduc (4) Ajax Rubber. Alaska Junea Allted Chem (4). Allis Chalm (6). Am AgriculChm. Am Az Chm pf.. Am Beet Sug(4). 103 104 13% 6 Am Brk Shoe(s) . mw. Am Can (7). Am Car & Fdy Am Chicle. AM Chie Am Drug (80c Am & For Pow. Am&FP 25% (7). Am & F P pf (7). Am Hide & Lea.. Am Hide & I pt AmIce (7)...... 11 Am La Fran '(1). Am Linseed. . Am Linsd pf 3% Am Y.oco (118). Am Loco pf (7) Am Metal (3)... Am Radlator (4) Am Safety R (3). Am Ship & Com. " Am S & Ref (§). AmS &R pf (7). Am Stl Fdys (3). Am Sugar....... Am Sugar pf (7). Am Tel&Tel (9). Am Tobacco (7). 95% Am Toba B (1).. 95% Am Tobac pf (). 108 Am Typ Fdrs(7). 113 Am WW&EI 1.20. 65% A WWAEL p1(6). 108% Am Woolen. 36% Am Wool pf (7). 79% Am Writ Pap pf. 155 Anaconda (3)... Armour Del (7). Armour 11 A Ass0 Oil (114) Atchison (7). Atchison pf At! Birm & At Atlantic C L(# AUGuIf&W .. Atl Gulf & WI pf Atlantic Refing.. Atlan Ref pf(7). Austin-Nichols.. 24% Baldwin L (7)... 1121 Balto & Ohlo. 8% Bang & Ar (3) 39% Barnsdall A 24% Barnsdall B 18% Bayuk Cigar. 39% Beech Nut(2.40). 8% - 110 110 41%, 424 9475 965 140% Nn . 4612 114% 117% Briggs Mfg(3%) Bkl Edison (8).. 138% 133% Bkl-Man Tran... 49 50% Bk-Man T pf(6). 80% 80% Bkl Unfon G(4).. 89% 88% Brown Shoe (4). 96 96 Brown Sh pf (7). los 108 Brunswick (3.60) 25% Burns Br B (2). Bur Add Ma (3) Bush Terminal Bush Ter de (7). Butte Cop (50¢). Butte & Su(G0c). Butterick. ... Caddo Central. .. " Cal Packing (§) 112% 113 Cal Pete (1%)... 287 28% Calif Petrts. ... % % Calif Pet pt vm l"m Callahan Zinc Can Pacific (1 Cent Ieather.... 16% 16% Cent Leather pf. 58% B8% CRRNJ (112). 301% Ml% Century R pf(7). 96 Cerod Pasco (4). 49% 50 Certain-Teed(4). 49 49% Chandler (3).... 39 89 Ches & Ohio (4). Ches&O pf(632) . 108 5% 8 18% 1% . 2% 141 ul Chi & Alton. . Chi'& Alton pf... Chi & East 11l pf. Chi Great West. . Chi Gr West pf.. Chi Mil & StP... Chi Mil& StP pf. 45% 11% Chile Cop (2% CCC&StL(5). Cluet Pea pf (7). 106 Coca-Cola (7)... 122 Col Fuel & Iron.. 38 Colo Sou 1st (4). 63 Col G & E (2.50). 64% Col G & 1 pf (7). 109% had been taking account of the im- provement in earnings. It was re- ported that the annual $3 dividend been more than earned since January 1 and that the outlook for the rest of the year was favorable. MARKET CLOSES HEAVY. Considerable Selling Develops in Last- Hour Trading. NEW YORK, June 8 (#).—Uneven price movements in today's stock mar- ket reflected the play of opposing speculative forces. Bear traders suc. ceeded in bringing about sharp re- cessfons in some of the standard ralls and industrials and high-priced spe- cialties, while bullish operations were successfully conducted in a number of the ofl, rubber, merchandising and motor shares. otal sales approxi- mated 1,150,000 shares. The closing was heavy. Some unsettlement took place in the late dealings, when sell- ing pressure was directed against the high-priced issues, Nash Motors, La- clede United States Cast Iron Pipe and General Electric breaking 415 to 6 points., Markets at a Glance New York: Stocks irregular: Havana Electric <0ars to record-high, at 167. Bonds firm; United States Govern- ment issues set new highs. ioreign exchanges higher; francs raily on support of Morgan credit. Cotton easy; bearish private crop veports. Hugar featureless, Coffee lower; commission selling. Chicago: ‘heat easy;-better weather, Corn lower; favorable crop reports. Cattle generally steady. Hoge lower; packers doing little, house DAIRY PRODUCTS. BALTIMORE, June 8 (#).—Live poultry—Spring chickens, pound, 35a 50; ‘Leghorns, roosters, ducks, Eggs—Receipts, 880 cases; firsts, dozen. offered at 30a30%. Butter—Good to fancy creamery, pound. 40a45; prints, 45a47; ladles, 30 28~ dairy prints, nearby FXBST DIVIDEND VOTED NEW YORK, June 8 (#).—Initial quarterly dividends of $1:75 a.shave on the preferred and second preferred stocks of the Electric Power and Light Corporation have been declared. The company was formed last March undér a reorganization plan of Utah Securities Corporation. DOOR DELIVERY SPREADS. BQSTON, June 8 (Special).—Store door. delivery .has. been inaugurated by the Boston and Worcester Consoli- dated Street Railroad. Shipments re- ceived from the western part of the State are now delivered from the Roston terminal to the doors of con- signers within 24 hours after they ;n‘ the terminal, | Consol Cigar. ColCarbon (4)... 49% Com Invy (2.50).. 65 Com Solv A (4).. 90 Congoltum (3)... 27 Conley(sta)..... % 40% A% 87% 3 Consol Dmnbut Consol Gas (5). Consol Textile ContCan (4).... 65% Cont Mot (80c).. 10% Corn Prod (2)... 34 Crucible Stl (4). 66% Cuban CaneSu.. 11% Cub Cane 8upf.. 51 Cub Am Sug (3). "’/h Cuban Domin % Cuban Dom pf . . 52 Cudahay Pkg (7) Cyshmans (2)... 87 Cuyamel Fr (4). 534 2% Daniel Boone. Davison Chem 36% Pel & Hud (9) 148% Del L & Wn({7). NT% Detroit Ed (3) . Dodge Bros (A) 28!4 13% 169% 99 11% 108% Dome Mines (2. Dupont (10).... DuPont deb (6) Duquesne pf (7). Eastman (18)... Elec Power ctf! 32% Elec Powr pf ( 91% 1 P&Lt ¢0% pd. 106% El P&Lt full pd. 106 End-John (5) 111% 108% Erle2d pf. Fairbks (2.60). Famous P1(8). Federa] Lt (*7) Fed Min pf (7). Fifth Ave (64c) . Fisher Body (5) Fisk Rubber.... Fisk 1st pf (£)... Fleischmann(4). Foundation (8 Freeport-Texas Gardner Motor. . Gen Am Tnk (3 $3% 11 16% 16% 10% 11% 48% 46% ‘| Gen Mot pf (7). Gen Petrm (2). Gimbel Bros. Ginter (1%). Glidden Co. Goodrich.. Goodrich pf (7). Gooliyear pf (7). Granby Consel. . Grt North pf (5). Gt Nor Ore (1) .. Grt Wstn Su (8). Greene Canan Gulf Mo & Nor. GuM& N pf (6). Gulf States S(5). Hartman (23) Havana Elec (6). hs 100% 100% 4% 14% 106‘ ] 12% 29% B"!i 821 Hayes Whi (3) . Homestake (14) . Houston Oll1. Hudson Mn 2% Hudson Mot (3 Hupp Mot (1). IMlineis Cen (7). 113% 113 Indep Ol (1) 31% Ind Oil rights - % Indlan Motorey.. 17 Indfan Refining.. 8§ Inland St(2%)... 40 Inspir Cop (ife). 28% Interb Rap Tr... Low. 9% 3% 102 18% 1% 90% 83 19% 51% 39% 32% 4 103% 183% 117% 24 110 41 132% 48% 80% 87% il 105 26% 121% ‘. Close. 70 93% 1% 1k 11% 11% 102 13% 1% 90% 83 19% 514 89% | Int Paper. . 8% 103% 183% 103 Internat Agri Int Bus Mae (8). Intl Bus Ma rts. . Int Cement (4).. Int Com Eng (2). Internat Har(5). Int Mer Marin Int Mer Mar pf.. Int Nickel. . Inter Nick pru\. 107 8% 29 98 63 Int Paper pf (). Int Ry Cent Am., 2815 Int Tel & Tel (6). 112 Jewel Tea. 18% Jordan Mot (3).. 43 Kansas & Gulf. Kan City South.. Kclly-Snrln: Tst. Kelly-Spring pf. ¥ | Kinney pt (). .. Kresge S8 (8).. Kresge DS pf(8). Laclede Gas (8). Lee Tire & Rub. . Lehigh Val(3%). Lig & My B(14). Lima (4) bocw-,‘lon':(z) 1) 390! 94 164 Ludlum (2). Mackay (7)..... Mack Treks (8).. 177% 177% Macy HR&Co.. 87 89% Magma C (75¢).. 4014} 40% Mallison & Co. .. Man Elev gtd. . .. Man Shirt (1%). Maniia El (23). 121 121 Malin-Rock (1)., Martin-Pry (4).. 2t 29 Mathieson Alka. Mu-eu(n)etu 113 113% 123% 123% 16! l Mid-Continent Middle State: Midind Pr p((l) Mis Kan & Tex. MK&TDpf (5).. Missouri Pacific. Missour{ Pac pf. Mont Power (4). 3 114% % | Montgom Ward. l!l!’n 3 1 1891 16% 57% 301% 926 45% 116 165% 105 45% 106 1414 106 12% 29 96% 81% 28, 44 691 30% 60% 17% 112% 2% 31% » 16% 57% 301% 96 45% 11% Moon Mot (3)... *Mo&Essx(3%) Mors & Esx 315 Mother Lode 76¢c Motor Whi 1.60. . Mullins Body. Murry Body 2.40. Nash Mot ($11). Nat Biscult (3).. Nat Cloak (4). Nat Dairy (3)..° Nat Dpt Stores. , Nat Distillers. .. at Distillerspf. 439‘4) \'x Alr Br A(4). 53 N Y Canners(2). 43% N Y Central (7). 118% N Y Dock pf (5). NY NH & Hart.. NY On & Wn(1). Nunnally (1). Orpheum (1.!0). Otis Elevat (8). Otis Elev pf u) Otls Steel. Otis Steel pf. Owens Bot (3) Paclfic Gas ( 116 Pacific O1) (2 59% Pacific Mail..... 9% Packard (11.70). 29% Packard pf (7).. 110% Paige Mot(1.20). 22 -Amer (6)... -Amer B (6). Panhandle, . Park & Tilford. . Penn C & Cke. ... Pennsy R R (3).. Penn Seab Steel. Pere M prior(). Phia Co (4)..... Phila& RC&L.. 49% vl Phila&R C&T et Phillip Morris. Phillips Pet (2) Plerce Arrow. Pierce Petral. Pitts Coal. Pitts Ut pf 1.2 Pitts & West Va. Postum Cer (4). Press Steel Car. Prod & Refiners.. Pro& Rpf(3l:). 44 PubSer NJ (5). 69% Pub Serv NJrts. % Pub S El pf (7).. 104% Pub S Gas pf(6). 94% Pullman Co (8).. 1388 Punta AlSu (5). 40% Pure Ofl (1%)... 23% Radio Corpof A. B3% Radio C pf (3%3). 60 Ry St! Spg (8) 126! Ray Cons Cop. Reading (4). Reading rts. Reading 18t Reading 2d (2).. Robert Reis. Remington Type Remingtn 2d(8) . Replogle Steel Rep 1 & Spf (7). Reynolds Sp (1). Rey Tob B (3) Rossia Ins (6) Rossia rts. Royal D (4. St Joseph Ld(2). StL & San F(5). St L Southwest. 4 82% Schulte pt (8) Seaboard Air L.. Seabd Alr L pf. . Seagrave (1.20). Sears-Roebk (6). lsm Shattuck FG(2). % | Shell Trad(2.06) . Shell Un (1.40).. Simmons Co (2). Simms Pet (1)... Sinclair Ofl. ... Sinclair pf (8) Skelly Oil.. Sloss-Sheff (6). . South Port S (§). South Pac (6)... Southern Ry (5). South Ry pt (5). Std Gas & E1(3). St 011 Calif (2).. St Ol N J (1) % | Std Plate Glass Sterling Prod(4) . Stew-Warner (6 Studebaker (4) 14 | Submarine Boat. 1% 112% Superior Oll..... Symington...... ‘Tennessee Cop. . Texas Co (3) . 9% Tex Gulf S (134) 1074 Tex & PacC&O. Tex & Pacific. Third Avenue Tide Wat Ol1( Timken R B(i4. ‘Tobac Prod (6) Tob Prod A (7) Transcont Ofl Tnderwood (3).. 43% 43% UnBag & Paper. 49 49 FOUR U. S. BONDS REACH NEW 103 Liberty and Treasury Issues Stimulated by New Financ- ing Program. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 8.—United States Government bonds furnished the feature in the market today. ‘The unexpected small amount to be asked by the Treasury Department and the record low rate of interest on its June 15 financing had a stimu- lating effect on outstanding Govern- ment securities, Secretary Mellon of- fers only $125,000,000 and that in one- year, sury Certifi- cates of Both the amount and the rate were surprises to bankers, revealing a Government financial position much. stronger than anticipated. U. 8. Issues Very Strong. The result in today's market was advances in Treasury 43 to a new high for the year, while the Treasury 4s at 103 duplicated their high point since they were first issued. New high prices for 1925 were also record- ed by the first 41 Liberties and by the fourth 41 Lijberties, while the third 43s at 102.1 equaled their best previous quotation. Strength in United States Govern- ment bonds had little effect upon the balance of the market where trading was on a much reduced scale. There were, however, no slgns of weakness anywhere in the high-grade group. Foreign Group ‘Irregular: Foreign bonds were irregular, slight- ly lower prices for some of the European issues being balanced by gains in the South American list. German 7s sold down a point from the high of last week. French obliga- tions gave way moderately. United Kingdom 5%s of 1937 were down over a point from the record high last May. Greek 7s were up a point. Austrian 7s at par established a new high. In the South American group there was a brief run-up in Bogota 8s. Evidences were not lacking of a re- markably good distribution of the new Argentine loan. Oil Bonds Are Active. Convertible Ofl bonds were all active and strong in sympathy with their respective stocks, the leaders being Pan-American 6s and Sin- clair 6s. Among the dlv't important _offer- ings were § 000 Harriman Build- ing (New York) “Arst 6s at par. TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) 474 June 15 E 1 *| GERMAN BONDS AND STOCKS. (Quoted in dollars per miltion marks,) 014-18 800.00 230.06 14 Ger Gt (wln) 6y 1014-18 800.00 10.00 onsand 19.50 et 2 3 PP esey 223335 5B Commerz and Privat Bi. Disconto Gellachaft.. SSRGS Pt s ~BRBBRI35I0, 333323333333 edter Bank PRt ek Viens FOREIGN EXCHANGE. {Quotations furnished by W.B. Hibbs & Co\ Nominal Selling checks London. peund Hontoea > Gotiar Stockholm. crows.. . NEW YORK, June § (#).—Foreizn exchanges irregular. Quotations in cents: Great Britaln, demand, 485 9.16; cables, 486; 6o-day bills on banks, 481%. ° France, demand, .85%;; cables, 4.86. Italy, demand, L4bles. 3.98. Demand: Bel- G 81; Hol- Sweden, Switzerland, '38; Spain, 14.59; Greece, 1.68; Poland, 19%7 Czechoslovakia, 2.96; Jugoslavia, 1.67; Austria, .14%; Ru- mania, 47%; Argentina, 40.30; Bra- sil, 11.00; Tokio, 41%4;. Shanghai, T6%; Montreal, 100 1-64. —_— Union O11 (1.30). 38% Bl% tl Union Oil (1.80). % Un Pacific (10).. 136% 137 lSS’i Un Paclfic pf(4). 74% Un Tank Car(6). 1% . 68% . 121% 55% 20 . 164 35 347 87% 180% 41 81nd Alcohol. S Realty (8).. S Rubber. 8 S Rub 1st (l) 102% 8 Smelting(3). 88m pf (3%). U 8 Steel (17)... qaddca Univer Ppf (7).. Vanadium. . ‘Va-Caro Chem ‘Va-Caro Ch pf Va IrC&C pf (5). Va Ry & Power.. 119 Vivadou..... Sy Wabash pf A(5). ‘Ward Baking ‘West Pen pf ( West Maryland West Md 2d pf. Qlln Pac (ba). W.ll Union (7). ‘West Alr Br [ON Wllllnlhn .. wh el &L Epf.. White Eagle (2). White Mot (4) ... ‘Wickwire Spen. Wickwire otfs Willys-Overld. Willys-0d pf(7). Wilson & Co. . ‘Woolworth (3). Worthn Pump. Wright Aero(1). Wrigley (13%).. Yellow C (2.52).. 38 *0dd lots. fPartly extra. Pasadle in preferred stock, rates as given in the above table the ‘annual cash payments based on the quat or_half-yearly l.e.l-rgzi ~ noted, \dends are ot laciaded. - 38 38 by Private Wire Direct to The Star Office, UNITED .TA'I'I-I IOND.- (Bales arv Saler. Fibn Tow. . 331012 10031 Lib 18t 1“- 816 103 10218 103 Lib 2d 4%s. 600 101 13 101 8 lfll 13 TLib 34 4%w. 136 102 101 30 Lib 4th4%s 649 102 26 10217 llg; 26 US 48 1944. 256 103 102 20 US4%s'52 327 10710 10631 17 FOREIGN. Sales. High. Low. Close. 13° 96% 96 96% 25 96% 96 96 40 102% 102'; 102% 00 Close. 00 31 Argentine 6s A Argentine 65 B. Argentine 7s. 39 100 17 100 .99 88 lg 9514 109% Belgium 6s. ... Belgium 6155 w 1952 Canada 5%s 1929 Chile 75 1943, Chile 8s 1926. 90% | Bklyn Manhat Crecho 85 1952 ct Danfsh Munic 83 A. 25 Danish Munlc 8 B. Denmark 6s Denmark DE15%s Mch DEI5%s Nov '53. Dutch East T 647 Dutch East I 3 Pl Salvador 8848 Finlands 7s. Framerican 7%45. French7s....... French 743 French 8s German 7s. Ger Gen Elec 75 Greek 7s..... Haiti 65 Holland-Amer §s. Japanese 48 L] Mexico 65 assented Montevideo T . Netherlands 6s '54. Netherlands 8s ‘72, Norway 6%s wi. Norway 68 1943 Norway 65 1944 Norway h 1852 Parls Orlnnl s Peru is. Poland 65 '40 . Poland 8830 wi Prague 7%s Queensland Queensland Ts. Rio de Jan 85 194 Rio de Jan 85 194 S Paulo St 8s wi. Seine Dapt cf 7 Serbs Crot Sio 83 Swise Confed l! Toklo 55 Ud Kingm 5%8 '29. Ud Kingm 5%s'37. 15 Uruguay 8s. 109% 109% MISCELLANEOUS. Ajax Rubber 101% 101'% Am Agr Chem 58 1024 Am Agr Chem 7 Am Chain sf 6s AmSmit& R 1stss 12 Am Smit & R 5 Am Sug ref ss. AmT & Teltr AmT&Ts5s. AmT&T debsi; Am T & Tcv és Andes 75 25% pd Armour & Co 4% Armour Del 5% Associated Of1 Bell Tel Pa 5 Beth Steel pm 55 Beth Stee] rf 5 Beth Steel 5%s 65 s:L;. Brier H St st § Bklyn Ed gen bs. Brooklyn Union Buah T Bldg 65 '60. Calif Pete Con G NY 5%8 W, Consumers Pow bs Cuba Canecv 7s... Cuba Cane cv d 8 Cuban Am Sug 8s. . Denver Gas §8..... Det Edison bs '40.. Det Edison ref Py - Nnfinqa..—.o.nu_unm.qans Fisk Rubber 83 Goodrich 6%s. . 7 Goodyear 85 1521.. 22 Goodyear 8s 1941., 14 Hershey 65 1942 Hae & Co 6%8. Humble O & R 648 16 Illinois Bell 1st 58. 19 Int Mer Mari Kelly-Spring Keystone T Lackawa S 5: Lacleds G 5% '53. Liggett & Myrs 68, Liggott & Myrs 7s. Lorillard (P) 6 Lorillard (P) 7s. Loutsy G & E 55 '52 Manati Sug af 7%8 Midvale Steel Montana Pow Mor's & Co 1st 4 N Y Ed 55’44 wl N Y Eden 1sté%s N Y Tel 654 N Y Tel 68 4! North Am Ed North Am Kd § Nor Ohio T & L 6s. Nor States Pow Nor States Pow % | Otis Steel Ti4s. Otis Steel 83, .. Pacific Gas & El bs. lg 8 PhilaCoref6sA.. 1 Plerce-Arrow 8s... 16 Hit 93% | Mo Pacific 1, | Western Md 4s 3, |Sales on the Baltimore Stock Ex- 35 | change for the first week in June in. DS STOCK EXCHANGE Sales. High. Low. Close. ‘oledo Edn 1at 7s.. 16 109% 109% 1097 UnionBag&P6s.. 1 97% 97% Unfted Drug 6. Va-Car Ch T%s w. Vert’entes Sug 7. Warner Sug 7s '39. Warner Sug 7841 West Elec 5s...... Westinghouse Willys-Ov 63%s'33. Wilson & Co ist 65 Wilson & Co cv 6s. Wilson & C ev 73, Winchester A 73%s. Youngstn S & T 6s. £ 100% 13 107 4 101% 37 99% 9 6815 17 68 6102 18 100 RAILROADS. Ann Arbor 4s Atchiison adf 4= Atchison gen 4s. . . Atlantic C L 1st 4s. Atlan CL 4755 '84. B&Oreimp 6x. B&OPLEWYV ¢ B & O Toledo 4 Buff R & Pitt 4335 Canad North 7s Canad Pac deb 4s. . Centof Ga 5% Ches & O cv 412s tP:nu 89 Pcvile. Pendlzs. St P rf 438, Pevbs P 6s. wunne PRRZZZRREE PEZpprrnnbe QQQ222000020Q0Q00! EEEEES Clev Term Cleve Term 6% C &S 1st 48°29. Colo & Sou 4% Cuba R R 53 Del & Hud 5%s Den & Rio G cn 4s. D& Rio G imp 58. . D & Rio G Wst §s.. 3 Erie 15t cons 4s. Erie gen 4s . Erfecony 4s A Eriecony 4s B ErieconvésD..... FlaEC58'74.. Grand Trunk 7s. Great North gs. Great North Gr North gen 7 Green B & W db B. Hud & Man ref 5s. . Hud & Man 111 Central ref 4 111 Central 6%s. . 111 C-C St L&NO b Int Rap Tran bs Int Rap Tr §a 8tpd. 101 Int Rap Tran 6s. .. Int Rap Tran Ts. .. Int & G Nor 1st 6& Int & G Nor aj 6s. . Towa Cent rf 4s. Kan City Pt 8 4s. Kansas City S 3 Kansas City S 5s.. Kan City Term 4s Lake Shore 45 28 Lake Shore ¢s RS aS e o -8 who Mil El Ry & L 5 M&StListrf4 StLrf ex 5s. . L4 o - wBmemmE = 0. SRansa pRuoa~al Mo Pac 55 1965. Montrl Tm Nassau E Ry 4s'57 New Or Term ds... NOT&Mi%sn N Y Cent deb 4s. .. N Y Centcn 4s 38, N YCentribs. N Y Cent deb 6s. Y Cent LS c1 3% NY Chi &8t L 538 Ny New Havencd NY Ont W 1st 4s w York Ry rf 4s. N Y Ry rf dsctfs Northern Pac ¢s. Northern Pacr { 65 Ore Bhort L ref 4s. Ore-Wash 1st rf 43, Pennsyl gen 4%s Pennsyl gen 63 Pennsyl 5564 Pennsyl 6% Pennsyl gols Pere Mrq 1st 45 Pere Marq 1st 5 PorRL&P 6s Reading gen 4s.... Reading gen 43s. . RIArk& L 4%s... 8t L IM&S 4s°29... St L IM&S R&G 4s StL&SFpl (IA.. Seadb’d A L con Sou Pacific 4s Sou Pacific ref 4s. . Southern Ry gn 4s. Southern Ry 1st bs. Southern R Southern Ry $%4s. . Term Asso St L 58 Texas & Pac 1st 5s. Third Averef 4s. .. Third Ave adj 55...120 43 Union Pac 1st 4 Union Pac 1st rf 4s Union Pac 4s '27. Virginia Ry 1st bs. Va Ry & P Ist 53 Wabash 5%s'75. .. ‘Wisconsin Cent 4s. BALTIMORE, June 8 (Special).— 'SETBACK REPORTED IN GRAIN MARKET ICOMer Weather and Rams Leading Factors—Some Moisture Too Late. By the Associated Press CHICAGO, June 8.—Cooler weather and rains led to an early setback inj wheat prices today. On the down turns, . active buying devel-| was largely based on assertions that been wrought. 1 to 2% lower, July 1.67 to 1.68 and September, 1.63% to 1.64%, were fol- then by a reaction of about 1!z from the early bottom figures. Rains brought about lower prices| After opening at 3% to 17 off, Septem- ber 1.15 to 1.16%, the corn market sagged a little more and then recov-| ered to a moderate extent. Oats started at 'z to 13% down, Sep-| tember 53 to 53%. Slight rallies en sued. Provisions were depressed by wealk- ness, both of grain values and hogs. WHEAT— Open. High. ln\ V\I(m uly . 1.67 68 12 1.6 1.8 T6% 165 1 B2 | 1.656 @ e STATES REPORT RAPID GROWTH IN INDUSTRY Indiana and Nevada Also Have Host More Wage-Earners. Census Shows. By the Associated Prese. Figures made public today by lhe Census Bureau show that the outpu of manufacturing industries of Indl | ana in 1923 was valued at $2,031.-| 822,000, a 47.5 per cent increase over | the figures.for the preceding census | year of 1921. The average number of wage earners employed in the es-| tablishments in 1923 was 291,131, a| 41 per cent increase over 1921. The value of the output of manu-| facturing industries in Nevada in-| creased 66.4 per cent from 1921 to| 1923, the value of 1923 being §$22 243.000. The Census Bureau's figures show the average number of wage earners emploved to be-4,665, an increase of 94.9 per cent over 1921. Wage pay- ments during 1923 totaled $7,795,000, an increase of 93.9 per cent. STANDARD TANK CAR CO. | FINISHES READUSTMENT NEW YORK, June § (®).—Plans | for the readjustment of the Standard | Tank Car Co., involving the election | of mew directors and officials and a | rearrangement of the capital struct-| ure, have been completed, Chairman | Grayson M. P. Murphy announced to- | Under the terms of the read just ment. preferred stockholders will | receive one share of new first pre- i ferred stock and 12-3 shares of com. | mon for each two shares of preferred now held. PARIS MARKET UNSTEADY. PARIS, June 8 (#).—Prices were un settled on the Bourse today. Three per cent rentes, 44 francs centimes. Exchange on London, centimes. > Five per cent loan, 53 francs 40 cen- imes. The dollar was quoted at 20 francs | 79 centimes. 100 francs 85 RAW SILK CHEAPEB NEW YORK, June 8 (Special).—Cot- ton goods markets were steady but quiet at the week's opening today. Print cloths were quoted again at 914 cents for 64x60s and 10% for 68x72s Raw silks were slow and a shade easier in one or two grades. ‘WOOL TRADE PICKS UP. | BOSTON, June § (Speciall.—The raw wool market started the week strong, with manufacturers showing consider- able interest. Withdrawals of Austral- jan offerings last month has steadied | the market more quickly than mills | anticipated, and this accounts for the | eagerness to get wool. clined to hold for prices. INITIAL DIVIDEND VOTED. NEW YORK, June 8 (#).—Directors of the American Car and Foundry Co. today declared an initial quarterly dividend of $1.50 on the new no par common stock. The payment is on the same basis of return as the $3 quarterly dividend ®n the old $100 par common stock, which recently was split up on a two-to-one basis. GRAIN EXPORTS DBOP Grain exports from the United States last week were 2,635,000 bush- els, as compared with 4,784,000 bush- els the previous week, Commerce De- partment figures today reveal. slightly higher RATES ON BAR SILVER. NEW YORK, June 8 (P). silver, 68%; Mexican dollars, 5: LONDON, June 8.—Bar silver, 315 per ounce. Money, 3% per cent. Dis- count rates: Short bills, 47-16 per cent: three months bills, 47-16 per cent. Bar BUTTER LOWER TODAY CHICAGO, June 8 (P.— Butter lower: receipts, 19,631 cases; cream- ery extras, 42%: standards, 42%; extra firsts, 4ladll Q\rsu‘ 39a40; seconds, 35838, Eggs_lower: firsts, 2914230 receipts, 47,835 cases: 81a31%. OILS ABSORB INTEREST. NEW YORK, June § (P).—More in- than at any time.this year, which has been stimulated by weather conditions and the accompanying heavy demand for gasoline. Buying of the low-priced tire stocks also was a recent feature of stock market transactions, based on reports of increased sales and earn Ings. LRl i MEAT EXPORTS TUMBLE. CHICAGO, June § (#).—Declines of approximately $12,000,000 have oc- dicate that trln-gtl\m- this month will again be hi During the first five days of thc "lk 18,000 shares of stock changed hands, while bond sales aggregated more $200,000. curred in the value and 260,000,000 pounds in the quantity of the meat | and lard exported during the first four | months of the present vear as com of American Meat Packers announced. jextent of $1 oped and rallie: 3 ving | [0 irreparable crop damage had already |’ Opening quotations |, " now on h; Jowed by some additional declines and | .oy ot 0 for corn and gats as well as for wheat. | Thyo 4 o |ing cha land | at this season Dealers are in-| A ; ordinary firsts. 29| storage pack extras, 31'%2a31%; firsts, | TREASURY SSUES NEW CERTIFICATES Offering of 3125000000 at 3 Per Cent Disappointing to Local Bankers. BY CHAS. P. SHAEFFER. Jupe financing will. take the fory of certificates of indebtedness to th 06,00 ted June i+ bearing interest and v The jss , together with about $250,000,000 June 15 tax receipis some for debt repayments and m retire the $469 per ‘cent twe-anda-half-year notes falling due the middle of the monih seen Secretary Mellon's plan not only effects a reduction in the amount of debt, but plares the new obligation at a saving ir payments Local bankers, of the small interes generally, complair interest rate the beéars.” While expresging little dou that the offering will go hezginz Washington fin: rs think the pre ent money market warranted a s ly higher return. Tt is recalled hr'\ ever, that only last September fering of $265.000,000 of |ike paper % successfully distributed at the exe ingly low rate of 23, per cent every credit is due Mr. Mellon for ranging Government borrowings at the most economical figure possibie The June issue is the nd of 1 usual quarterly offerings this ithe third of which will come in issie | tember. McFadden Bill Rapped. Representative McFadden to demobilize the Federal System by repealing ‘‘war amer ments” are critized in an article the current American Banker: ciation Journal by E. E. clate professor of ec lumbia University. that from a credit war is not vet over Representative's plans based on individual as to what Reserve tice ought to he or they effe Rese Azge standpoint anG declar: lack | altogether. “We haVe almost half of world's visible supply of gzold.’ Agger savs. “Our price level is 50 per cent above the pre-war The basic element in the price leve under a gold standard is the valye« of gold. The nations of Furope are trying to get back on a gold basis. a it is our interest to help them. T} means that much of the zold tha has come to us will have to be giver back. That will ba attended by sweer ges in discount rates and ir pri Feels Danger in Change. Under such conditions. he nothing should be done the only agency safeguard our interests,’ and restriction of the e lency of Reserve System is unwise,” as wou be the result, as he sees it, of th McFadden bill. The changes it pr poses would restrict Federal Re serve note issue based on gold and open market acceptances and would permit banks to carry i their own vaults part of their lega reserves mow in Federal Reserv !’lflk‘ Mr. Agger says, in part ‘Any measure to promote mobilit and elasticity in credit will have fhe tendency to strengthen centralizatior The question is whether the strenziF flexibility resarded as for war is to be deliberately sacrificed n times of peace. : “The charge open-marka operations of the reserve banks dus ing 1924 were responsibl lation in stoclks and be made 10 hold water. banks can make no specu For the final use of banki the member hanks are responsible Reserve system policy may tighten money develop under var i nd are not save ‘to weak that can adequ: essentln that loosen o to pe: they age reserw DurfH: limited " nly upon polic 9 there was a big specula the open market altogether.’ Bank Votes Dividend. The Bank of Commerce and ‘S ings has declared its regular sen annual dividend of 4 per cent, par able July 1 to stockholders of rece June 20. Optimistic statements from banke of* the vear are fo and far hetween. John M. R don. cashier and .active head of 1} institution. sees no nead for o plaint. “Despite the low ebb in d posits.” he savs, “the bank is holdi its own' in a . most gratify manner.” May Business Fell Off. majority of early ealculation made by the Department of Comm: as to the actual state of business dij ing May indicate decreased activir over the country, as compared wit the previous month. Indices of production and prices 1 {pig_iron, wool, silk and locomottér |works showed decreases, and (& cessation of high pressure busines Was also indicated hy the reports i | mail order hose sales. Most of 1fi records, however. indicated more a¢ tive business than during the sam. month of last vear Personal Mention. Milton E. Ailes, president of ih Rizgs National Bank, returned to his institution this morning after severs weeks af his Summer home nea Harpers Ferrv. Mr. Afles is browy as the proverbial berry, thoroughi: rested and greatly improved physical: Filliam F. Ham. president of the O Washington Railway and Electric ("o has also returned after a 10-day triy to New England and Canada. Local Exchange Quiet. Lethargy prevailed on. the local Stock Market this morning. Mergen thaler Linotype eased off to 178 on sales of 27 shares, and a single stocl certificate of Railway common wi traded in at 1223;. Capital Tractior was firm at . as_was Rallwa preferred at 83. An odd lot sale af Washington Loan and Trust Co. wi made at 400, a new high record fa the stock: NEW CfiBYSLER CONCERN. NEW YORK, June 8. (#).—In view | of the sensational market activity-ir Maxwell Motor stocks coincident wir! the company’s reorganization into fh- |€ “hrysler Corporation, Wall Street ha | manifested considerable interest in th: bt teres! is being taken in the oil shares |announcement that @ second Chrysie pany has been chartered in Del: . presumably as a holding com pany for the Michigan corporatfo; which will take over the old Maxwe! crganization. TODAY'S POULTRY PRICES. CHICAGO, June 8 (®).—Pouliry Alive, unsettled; fowls, 24; broilers 32a42; roosters, 1 * ducks ; geese, 13a STUTZ REPORTS LOSS.. NEW YORK, June § (#) ports net loss of $517. -~ Stutz ¥8 for 1924 than | pared with a vear ago, the Institute [against net losses of $40,535 {he wea befare.