Evening Star Newspaper, June 10, 1925, Page 26

FINANCIAL. BOVINGISSTRONG ¢ INFINALTRADIG 0il, Motor, Public Utility and Rail Shares Are Day’s Leaders. BY STUART P. WE Special Dispatch to The Star. NEW YORK, June 1 market drifted along today within a narrow price range, but with the main tendency upward. The oil shares kept to the front, although their ad- vance was slow. Speclalty movements were less numerous, and so were the new high records. United States Steel tonnage figures, showing_a decrease of 396,768 tons during May, was in line with ex- pectations, and had little effect upon the market. It was less than the de- crease reported for April, but only slightly less. Republic Iron and Steel was weak for a time, getting down to 43, where it was within less than a 'he stock Sloss-Sheffield dividend. Allowinig for this it was scarcely changed. Texas Co. Leads Oils. leader among the oils was Texas Co. It sold at a new high following optimistic references in the advices to their clientele by cer- tain of the large wire houses. There were advances of a point or more in_General Petroleum, Pa- cific Oil, Pan-American B, Inde- pendent Oil and GCas, General As- phalt and Tidewater. A good-sized market for Pure Oil was found around 30. Oil shares as a group were helped by the latest figures on crude production showing a small falling off. Today’s New Highs. New highs for the vear were made in Interhational Cement, Childs Co., where a strong pool is operating; in Fairbank Morse, which was up near- 1y 3 points; Fisk Rubber first pre- ferred, Electric Power preferred, Kresge Department Stores preferred, Mack Trucks second preferred and Illinois Central leased lines. Sharp recoveries occurred in some of the speculative industrials. Among these were the paper stocks—Inter- national and Union Bag and Paper— and Mack Trucks. American Tele- phone and Telegraph sold up to its highest and International Telephone and Telegraph, in which the floating supply has evidently become small, was easily advanced. The same was true of American Ice, which was re- sponding to favorable earnings re- ports. Tobacco Shares Strong. The tobacco stocks were all stronger under the lead of American Tobacco, United Cigar and Tobacco Products. There was unusual activity in In- ternational Nickel at an advance of over a point. A block of 6,000 shares was taken at 30, after which the stock sold at 30%. The earnings for some time have been on the mend. Southern Railway sold as low as 931, but quickly rallied to well above 94. ‘Sales occurred in Central Rail- road of New Jersey at a drop of 9% points. The RKET CLOSES FIRM. Buying Orders Predominate in Day’'s Final Trading. NEW YORK, June 10 (#).—Stock prices drifted within rather narrow and irregular limits in today's quiet market. United States Steel common held firm despite the large decrease in unfilled tonnage last month, and there was a renewed demand for a selected list of oil, motor, public utility and rail shares. Total sales approximated 950,000 shares. The closing was firm. Buying orders predominated in the late trad- ing, with special strength being shown by United States Cast Iron Pipe, International Paper, Lacka- wanna, General Petroleum and Stand- ard Milling, all up 2 to 4 points. West Penn broke 12 points. Markets at a Glance NEW YORK.—Stocks, steady: re- newed demand for public utilities. Bonds, mixed; United States Treas- ury issues strong. Foreign exchanges, easy; French and Belgian francs re- act. Cotton, easy; beneficial rains. Sugar, steady; builish European crop advices. Coffee, higher; commission- house buying. CHICAGO.—Wheat, weak; favorable foreign crop advices. Corn, lower; sympathy with wheat. Cattle, easler. Hogs, lower; shipping demand light. ELECTRIC FAN SALES SHOW BIG JUMP Hardware Review Also Reports Heavy Demand for Hose, Screens and Sprinklers. special Dispatch to The Star. NEW YORK, June 10.—Hardware Age will say tomorrow: “The excessive heat reported last week in practically every important hardware market center has greatly stimulated the sale of electric fans, garden hose, screen wire, sprinklers and shower bath outfits. In fact, all Spring hardware items have been moving very actively with the result that stocks on fans and garden hose are running very light. “The general line of Spring goods, lawn mowers, rakes, hoes, spades, forks, hose accessories and ice cream freezers, have been selling in very satisfactory quantities in all centers except the Pittsburgh area. “Prices generally are very firm. Tires were advanced about 10 ber cent due to the rising cost of crude rubber. This fact suggests higher prices in garden hose and other products containing rubber.” —_— BUTTER LOWER TODAY. CHICAGO, June 10.—Butter, lower; receipts, 9,123 tubs; creamery extras, 42; standards, 42%: extra firsts, 4la 413 ; firsts, 39%a40; seconds, 35a38. Eggs, unchanged; receipts, 31,684 cases. GASOLINE EXPORTS UP. NEW YORK, June 10 (®).—Exports »f gasoline are reported to be run- ning over 100,000,000 gallons monthly. in this movement Wall Street sees large earnings for the Standard Oil . of New Jersey, which is the larg- exporter. R ey LIVE POULTRY HIGHER. CHICAGO, June 10 (®.—Poultry, alive, higher; fowls, 25; broilers, 30a 44; roosters, 13%; turkeys, 20; ducks, 22a30; geese, 13a24. NEW WELL BROUGHT IN. LAKE CHARLES, La., June 10 (Spe- cial)—The Pure Oil Co. has brought in a pew well at Sweet, 18 miles from hereMwhich apparently open up a new T for this S SN ADitibi Pow (4). Adams Exp (6). . | Adv Rumley.... Ad Rumley pf(3) Ahumada (11). . Alr Redue (4) ... Ajax Rubber Alaska Junea Allied Chem (4). Allled Cm pf(7) . Allfs Chalm (6) . AmAgriculChm. Am Ag Chm pt. . Am B Sug pf (6 ‘Am Bosch. .. Am Can (17) Am Can pf (7).. Am Car&Fdy (6) AmC&Fpf (7). Am Chain A (2). Am Chicle. .. .. AM Chiclerts. .. Am Chicle otfs Am & For Pow. Am&F P pf (1). Am&FP 25% (7). Am Hide & 1pf.. Amlce (7)..... Am Internatl. } Am La Fran (1). Am Linseed. .. Am Linsd pf 3% Am Loco (118).. Am Metal (3). .. Am Radiator (4) Am Safety R (3) Am Ship & Com. Am S & Ref (6).. Am Snuff pf (6) . Am Stl Fdys (3). Am Sugar.... Am Sugar pf (7). Am Sumatra. ... Am Tel & Ca (5). Am Tel&Tel (9). Am Tobacco (7). Am Toba B (7). Am Tobac pf () Am Typ Fdrs(T) Am WW&EI 1.20. A WWE&EI pf(6) . Am Woolen. . ... Am Wool pf (7). Am Writ Pap pf. AmZinc........ Am Zine of Anaconda (3)... Ann Arbor . Archer-Danfels. . Arch-Dan pf (7). Armour Del (7). Armour Il1 A(2). Arn Cons & Co. .. Artloom pt (7). Asso Dry G(2%) Asso D G 1st(6) . Asso Ol (2) Atchison (7).... Atchison pf (5).. AtIBirm & At. .. Atlantic C L(18). AtIGulif & WI.. Atl Gulf & WIpf Atiantic Refing. . Atlan Ref p£(7). Atlas Powdr (4). Austin-Nichols. . Baldwin L (7) Balto & Ohlo(5) . Bal & Oh pf (4).. Bang & Ar (3) Barnsdall A..... Bayuk st pf (7) Beech Nut(2.40) Bethlehem Stl. .. Briggs Mfg(3%) Bkl Edison (8) Bkl-Man Tran Bk-Man T pf(6). Bkl Union G(4).. Brown Shoe (4). Brunswick (3.60) *Buff Reh& P... Burns Bro (10).. Burns Br B (2).. Bur Add Ma (3). Bush Terminal.. Bush Ter de (7). Butte & Su(50¢). Butterick Cal Packing (6) Caddo Centra! Cal Pete (1%) Calif Pet rts Calif Pet pf (7). Can Pacific (10) Cent Ieather. ... Cent Leather pf. CRRNUJ (t12). Cero d Pasco (4). Certain-Teed (4) Chandler (3) Ches & Ohio Chi & Alton. Chi & Alton pt. .. Chi & East Ill. Chi Great West.. Chi Gr West pf. Chi M1 & StP. .. Chi M11& StP pf. Chi& Nwn (4). .. Chi & Nw pf (7). Chi Pneu T (5) ChiRI&Pac... CRI&PDL (6). ChiStPM&O.. Childs ($2.40). Chile Cop (2%).. Chino Copper. ... Coca-Cola (7). Col Fuel & Iron. . Colo Sou 1st (4). Col Sou 2d (4)... Col G &E (2.50). ColCarbon (4)... Com Solv A (4).. Com SolvB..... Congolium (3)... Conley(sta) . Consol Ciga: Consol Dist 3 Consol Gas (6).. Consol Textile. .. Cont Can (4) . Cont Insur (6). Cont Mot (80¢c) Corn Prod (2)... Crucible St1 (4). Cub Cane Su pf .. Cub Am Sug (3). Cudahay Pkg (7) Cushmans (2). .. Cuyamel Fr (4). Davison Chem. .. Del & Hud (9). Del L & Wn(17). Detroit Ed (8) ... Dodge Bros (A). Dodge Bros pf. .. Dome Mines (2). Doug Pectin (1). Dupont (10). DuPont deb (6) . Duquesne pf (7). Eastman ({8) Eaton Axle (2). Elec Power ctfs. Elec Powr pf (7) El PELt 40% pd, E! P&Lt full pd.. 1 Elec Str Bat (4) Emmerson Brni End-John (5) Erie RR. Erfe st pf. Fairbks (2.60) . Famous P1 (8).. Famous pf (8).. Federal Lt (*7) Fed Min pf (7).. Fisher Body (5). Fish Bd O pf(8). Fisk Rubber. Fisk 15t pf (4). Flelschmann (4 Freeport-Texas Gardner Motor. Gen Am Tnk'(3). Gen Asphalt.... Gen Cigar (8) Gen Electric(8). Gen El spec 60c Gen Motors (6) Gen Mot pf (7) Gen Petrm (2). Gimbel Bros. ... Ginter (1%). 70% Glidden Co. Goodrich. Goodyear pf (7). Goodyear pr (8) Grt North pf (5). Grt Wstn Su (8). 105 Gt West S pf(7). 112% Guantanamo. 5 Gulf Mo & Nor.. 28% GuM & N Dpf (6). 96% Gulf States S(5). 79% Gulf Sta 1st (7). 105 Hartman (2%).. 28 Havana Elec (6). 179 3 Open. High. 2% 70% 93 93 4% 13% 521 52% 11% 64 6015 62 48 8915 86% 26% Kl 3814 3% 4 33% 148% 147% 111% 111% 108% 108 17% 16% 32% 32 94 92% 108% 108 63% 1% 66% 28 35% 40% 38 104% 103% 111% 111% 9% 99% 99 106% 106% 66 65% 106 108 18 112% 5 5 Hayes Whi (3).. 368 36 71 93 14% 52% 11% THE EVENING STAR, WASHINGTO Low. Close. y | Household P (3) . Houston Ol Hudson Mn 23 Hudzon Mot (3). Hupp Mot (1)... Illinols Cen (7). . 111 Cen Isd i (4). Indep Ofl (1). Ind Ofl rights. Indian Motorey . Indian Refining. Inland St(2%) Interb Rap Tr. .. Internat Agri Int Bus Mac ( Intl Bus Ma rts. Int Cement (4).. Int Com Eng (2). Internat Har(5). Int Mer Marine. . Int Mer Mar pf.. Int Nickel . Int Paper....... Int Shoe (5) .o Int Te! & Tel (6) Kansas & Guif.. Kelly-Spring. Kennecott (3)... Keystone T & R. Kresge DS pf(8). Laclede Gas (8). Lehigh Val(33%). Liggett & M(14). Lig & My B(14) Lima Loco (4) Loews Inc (2) Loft. 2 Long Bell A (4). Loose--Wiles.. Lortllard (3). Louisiana Ofl. .. Louis & Nsh(6) Ludlum (2). McCrory pf (7).. Melntype P (1 Mackay (7). Mack Treks (6) . Mack T 1st (7). . Magma C (75¢).. Mallison & Co... Man El Sup (4).. Man Shirt (1%). Manila E1 (2%). Maracaibo Ofl. .. Market St prior. . Marland O(75¢). Malin-Rock (1).. Martin-Pry (4).. Maxwell(A)ctfs. Maxwell(B)ctfs. May Dept St(5). May Dp S pf(7). Metro Gpf(1.89). Mexican Seabd. . Miami Cop (1) Mid-Continent Middle States. .. Midind Pr pf(8). Minn & St Louls. Mis Kan & Tex. . MK&Tpf (5).. Missouri Pacific. Missouri Pac pf. Mont Power (4). Mont Pow pf (7). Montgom Ward. . Moon Mot (3)... Mother Lode T5c. Motor Wh1 1.60. . Mullins Bod. 3 Murray B (1 Nat Cloak (4). Nat Dairy (3). Nat Dpt Stores. . t Distillers. .. tDistillerspf. Nat Supply (3).. Nevada Copper. . NY Afr Br (4).. Y Canners(2). N Y Central (7 NY C&StL(6).. NYC&StLpt(6). N Y Dock. .. N Y Dock pf (5). NY NH & Hart. . ¥ On & Wn(1). NY Rys part cfs. Norfolk South.... Norf & West(7). North Am (3.40) . North Am pf(3). North Pac (5)... Orpheum (1.80). Otis Elevat (6).. Otis Steel....... Otis Steel pf Owens Bot (3) Pacific Gas (8) Pacific Mail. Pactfic Oil (2). Packard (11.70) . Packard pt (7) Paige Mot(1.20). Pan-Amer (6). Pan-Amer B (6) . Panhandle. .. Penick & Ford. .. Penn Seab Steel. Peoples Gas (8). Pere Marq (4)... Phla Co (4).. Phla Co pf (3)... Phila& RC&I.. Phillip Morr Phillips Jones. .. Phillips Pet (2). Plerce Arrow. ... Plerce Arrow pf. Plerce Ofl.. Pierce Ofl pf. . Pierce Petrol Pitts Coal pf(6). Pitts Term Coal. 20 Postum Cer (4).. Press Steel Car Prod & Refiners.. Pub Ser NJ (5). Pub Serv NJ rts. Pub S NJ pf (7). Pub S Gas pf(6). 96% | Pub S El pf (7) Pullman Co (8).. Punta Al Su (5). Pure Ol1 (13%). Radio Corpof A. RSIIICcfs (4). *RS Il Cefs(4). Ry Stl Spg (8).. Rand Mines 1.79. Ray Cons Cop. Reading (4) . Reading 24 (2) Robert Rels Remington Ty Remingtn 2d(8) Replogle Steel. .. Rep Ir & Steel. Reynolds Sp (1). Rey Tob B (3). Rossfa Ins (6)... Rossia rts. Royal D (4.42%) St Joseph Ld(2) St L & San F'(5 StL San F p£(6). Schulte (*8). Seaboard Air L Seabd Air L pf. Seagrave (1.20). Sears-Roebk (6). Shattuck FG(2! Shell Trad(2.06). Shell Un (1.40) Stmmons Co (2). Simms Pet (1)... Stnclair Ofl Skelly Ofl..... Sloss-Sheff (8).. South Pac (6) Southern Ry (5). South Ry pf (5). Spear & Co. Spicer Mfg. Std Gas & E1(3). Std GEELpf(4).. Stand Mill (5). St Ofl Calif (2) StONNJ (1) StOIINJpf (7). Std Plate Glass Sterling Prod (4) . Stew-Warner (5). Stromberg (6)... Studebaker (4) Submarine Boat. Superior Oil. Symington A(2). Telautogph 25¢ ‘Tennessee Cop. ‘Texas Co (3). Tex Gulf 8 (7 i Open. High. 36 1% 112% 77 1% 112% 77 n 10% 120% 1% 68% 42 106% % 8% 343, 30% 67% 149 116% % 19% 110 t Lead (8).... 1 Pennsy R R (3).. 43% 1% 117 63% 4745 46% 22 100 94% 104% 136% 40 30 52% 1% 1% 124%. 36% 1% 43 12% 6% 88% 3% 52% 13% 167% 44% 118% 10% 63% 8% 4% 21% 13 11% 34 105% 17% 122% 176% 111% 104% 88% 40 29% 114 108% 174 122% 34 126% 49% 117% 10% 59% 28% 110% 21% 9% 80% 4 22% 44n 1% 17 63% 56% 47% 104% 136% 40 304 52% 72 12 124% 36% 11% 86% 42 6% 88% 3% 524 48% 80% 82% 44 60 109% 3 49% 50% W 105 197 NEW YORK STOCK EXCHANGE. Received by Private Wire Direct to The Star Office Low. 35% Close. 1% 112% 79 31% % 17 % 39 23 10% 120% 120% 1% 1% 67% 674 40% 40% 108% 106% 8% 8% 33% 331 28% 65% 149 113% % 30% 29 17% 47% 2% 95% 156 9% 61% 61 61% 29% % 48% 88 36% 18% 110 33% 105% 17% 122 174 111 104% 87 391 26% 511 26% 40% 26% 49 43% 17% 28% 114 106% 112% 122% 20 4 126% 49% 116% 10% 58% 27% 110% 21 78 9 4 224 43% 1% n7 62% B55% 47% 104% 136 39% 29% 51 1% 1% 124% 36% 11% 85 42 6% 88% 3% 51% 48 8% 82% 44 59 108% MOVES ARE MIXED IN BOND MARKET Treasury Fours at New Top. 0i Liens in Demand—Lower Money Helpful. * Z BY GEORGE T. HUGHES. Special Dispatch to The Sta NEW YORK, June 10.—Strength in United States Government bonds was again the feature today. Further buying by the banks forced prices upward to several new high points, one of them for the Treasury 4s and one for the fourth 43 Libertys, while the first 4%4s and the third 4%s duplicated their best, previous quota- tion. An even larger advance was scored by the comparatively inactive first-second 41s, also to a new high point. This insistent demand for Gov- ernment bonds points to continuance of easy money in the opinion of those best informed. There were no im. portant changes in high-grade rails. Activity Among Rails. Among the speculative ralls the leader was Chicago, Terre Haute and Southeastern income bonds up nearly 2 points. There was little or no im- provement in the St. Paul group. Chi. cago and Alton 31;s gained a point. Oll issues were greater favorites than rails. Pan-American Petroleum 6s were especially prominent with a gain of something like a point. Skelly Oil 6%s were also in demand. An in- teresting movement was the gain in International Mercantile Marine Gs, which has recovered practically all the loss sustained subsequent to the publication of the unfavorable annual report. Foreign Bonds Steady. Forelgn bonds were steady, Japa- nese 6%'s got up to 95 for the first time this year on unusually heavy buying, and Japanese 4's shared the improvement. Special buying devel- oped in Hungarfan 7is, following the tavorable statement of the Hungarian finances made by Commissioner Smith to the council of the League ot Nations. New offerings today included $2,- 000,000 city of Dallas, Tex., 43%'s ma turing serially to yield from 38.50 to 4.10 per cent, and $1,000,000 Southern Gas and Power five-year convertible 6 per cent notes to yield 6.3% per cent. PRICES MUST RISE STEEL HEAD SAYS * Independent Companies Now Op- erating at Loss, Campbell Asserts. By the Associated Press. NEW YORK, June 10.—James A. Campbell, president of the Youngs- town Sheet and Tube Co., takes the view that prices of steel products must be increased or production costs re- duced before long, as independent steel companies are operating without profit and in some cases at a loss. “It is now evident that in the final months of 1924 orders for steel prod- ucts placed at low prices then prevail- ing exceeded actual use of those ma- terials,” he said. “The advance in prices hoped for and so badly needed to compensate for high-production costs has not ma- terialized.” Iron Age Reviews Trade. “The steel trade finds encourage- ment in the moderate increase in vol- ume of new business that June has brought in comparison with early May,” Iron Age says. “At the same time, steel works output has held at substantially the rate of the last two weeks of May. Prices, however, have given fresh indications of the narrow operating margins of the mills under continued small lot buying, and plates, sheets, cold-finished steel and wire nails have gone lower.” Equaling the lowest figure in more than three -years the Iron Age pig iron composite price has fallen *n $19.21 from $19.42 last week. Not since April 11, 1922, when it was $19.14, has the price been lower. It last stood at $19.21 on November 3, 1924. Lower than at any time in the past 29 months the finished steel com- | posite price, at 2.446 cents per pound, 1is at the level of early January, 1923, Last week it was 2.460 cents, having held that figure for more than a month. T — Tex & Pac C&O. Tex & Paclfic Third Avenue Tide Wat Of1(4) . Timken R B(14) . Tobag Prod (6).. Transcont Ofl. Twin City (4)... Underwood (3).. Un Bag & Paper. Union O11 (1.30) . Union Oil (1.80). Un Pacific (10). . Un Pacific pf(4). Utd Alloy Steel . . Utd Clgar(13%). United Drug (6). UtdDrug 1st 3% . Utd Fruit (10). . Utd Ry Inves pf. U 8 Cast Iron P. Y157 U S Distributing. 383% 15% 475 12 147, Smpf (3%). U S Steel (17)... U S Steel pf (7). U S Tob pf (7). Universal Pipe. . Univer P pf (7).. Va-Caro Chem. Va-CaroChem B. Va-Caro Ch pf. .. Va Iron Coal&C. . Va Ry & Power. . Vivadou. Wabash. . . Wabash pf A(5). Waldorf (1%)... Ward Baking B.. Weber (4)....... West Pen (4) West Marylan, West Md 2d pf... Westn Pac (5a) .. ‘Wesn Pac pf(6a) West Union (7).. Westinghse (4).. ton Elec. . Wi 86% | Wheel & L Erie. . Wheel & LEpt.. White Eagle (2). White Mot (4)... Wickwire Spen Wickwire ctfs. Willys-Overld. .. Willys-0d pf(7). Wilson & Co.. . ... Wright Aero(1). 24 ‘Wrigley (13%).. 52 Youngstown (4). 64% *0dd lots. ren S B above "table ts based on the 40% | Nor Ohio T & L 6s. Pan-. 3| Phila D. C, WEDNESDAY, JUNE 10, I ON NEW YORK BONDS STOCK EXCHANGE I 1925. Received by Private Wire Direct to The Star Office. UNITED STATES BONDS. (Bales are in $1.000. Sales. High. Lib3%s... 131 1014 Lib1st4%s 11 10220 Lib 2d 4%s. 267 10114 Lib3d 43s.1441 1023 Lib 4th4%s 340 102 81 US4s 1944. 382 10312 US4%s'52 46 10717 FOREIGN. w. 1011 102 1038 1076 [ose. 1012 102 20 102 20 10112 10113 10238 102 26 102 29 10312 10712 Sales. High. Low. Close. Argentine 5s. . Argentine 6s A. Argentine 6s B Argentine Austria7 96 Belgium 6%swi.. Belgium Canada bs 1926 Canada 5s 1931. Canada 58 1952. ... Canada 5%s 1929 . Chile 751943. .. Chile 85 1926 Chile 85 1941 Chile 85 1946 Chinese Gov. Christiania 6s Christiania 8 Con Pow Japan Czecho 85 1951 Czecho 8s 1952 ct. . 6 13 16 23 DEI6%s Nov '53. Dutch East I 6s'47 Dutch East I 6s 62. Finlands 7s = Framerican 7%s. French 7s. French 7%s. . Frenchss. ... Ger E16%3 50 wi German 7s.. Hungary 6%45. Japanese 4 Japanese 6 Lyons 6 Marseille 6s. . Mexico 45 '04 asnt. Mexlico 55 assented Netherlands 6s '54. 10 Paris-Ly" Peru 8s Poland 6540 .. ... Poland 85°50 wi. .. Rio de Jan 8s 1946. Rio de Jan 851947, Rio Gr Do Sul 8s Sao Paulo City 8s. . Sao lo State 8s. SPauloSt8swi... Seine Dept cf 7: Serbs Crot Slo Soissons 6s. . Sweden 6s. .. Swiss 5145 1946. Swiss Confed 8s... 10 Ud Kingm 5%s'29. 25 Ud Kingm 5%s'37.195 Ud Steam Copen 6s. 1 Uruguay 8s. - A Zurich 8s. . 12 MISCELLANEOUS. Ajax Rubber 85.... 6 101% 101% Am Agr Chem 5s... 2 102% 102% Am Agr Chem 7 18 103% 103 Am Chainsf6s'33. 8 98% 98 Am Cotton Oil 5s.. 12 95% Am Repub deb 6s.. 24 96% Am Smit & R 1st 55 52 98% Am Smit & R 6s. Am Sugref6s..... AmT& Tecltr4s.. AmT& Tcltrbs. . AmT&TstEs... Am T & T deb 5%s. Am Water Wks 5s. 2( Am Writ Paper 6: Anaconda 1st 6s. .. Anaconda cv db 7s. Andes 7s 25% pd Armour & Co 4% Armour Del 5% Atlantic Refin 5s. Barnesdall s f 85 Bell Tel Pa bs. Beth Steel pm 55 Beth SteelTf 53.... Beth Steel 5345 53. Beth Steel s £ 6s. .. Brier H St 1st 5 Bklyn Ed gen 5 Bush T Bldg 58 Calif Pete 6% Cen Leth 63’45 Chile Copper 6s. Col Gas & El5s. ... Col Gas & El 55 sta Commonwth P 2, Con Coal Md 1st 5s. Con G NY 5%s w! Consumers Pow 5s. Cuba Canecv7s. .. Cuban Am Sug 8s. . Det Edison b5 *40. . Det Edison ref 6s. . Duq L&P 5%s" Duquesne Light s Est Cuba Sug 7% Empire G & F 7% Gen Refractres 6: Goodrich 6%s. ... Goodyear 85 1921... Goodyear 85 1941.. Hershey 65 1942... Humble O& R5%s 2 Tllinot: Tilinois Steel 41 Indfana Steel & Int My s. Inter Paper 5s'47.. Inter Paper 6s. KCP&LtSs Kan G & El 68'52.. Kelly-Spring Lackawa S 58 '60... Lacl G ret5s'34. .. Laclede G 5%s '53. Liggett & Myrs 5s. Loriliard (P) 5s. .. Louisy G & E 55’62 Manati Sug sf 7%s Mid-Con 6%s, '40.. Midvale Steel & Montana Pow 5: Nat Tube 18t 5s. New Eng Tel 5s. N Y Ed 5544 wi N Y Eden 1s NYGELH&PS5s.. BuaSkwan @ PYTERTI TR P9 AT Y319 North Am Ed 6s. North Am Ed 6%s. Nor States Pow 55. Nor States Pow 6. Co5%s'38 PhilaCoref6sA.. Phila& RAC&I5s 7 100% ‘Plerce-Arrow 8s 11 103 a nusl ‘cash paymen latest u-mr'(‘ or_half-yearly declarat Sin Pipe divienas ahe aet inciuded, %% e 85 __85 96% 96 4 102% 99 100 8T4% 94 109% 1074 109% 95% 85 83% 98%; So Por Rico Sug 7s. 2 Southwest Bell 5: 104% ~oledo Edn 1st 7s. . Union Bag & P 6s. . U S Rub 1strf 5s.. 9 US Steel s f5s.... Utah Pow & Lt 5s. . Va-Car Chem 7s. .. Vertlentes Sug 7s. Warner Sug 7s '39. Warner Sug 7s "41. West Elec5s...... Westinghouse 7s Willys-Ov 6%s '33. Wilson & Co 1st 6s. Wilson & Co cv 6s. Wilson & Ccv T%s. Winchester A 74%s. Youngstn S & T 6s. RAILROADS. Ann Arbor 4s Atchison gen 4 Atlantic C L cl 4s.. @ = © eolrenRaormBenanal .15 SWdlv3ys. B & O Toledo 4 10 Bklyn Manhat s Buff R & Pitt 4%s. Canad North 6%s. Canad North 7s Canad Pac deb Car Clinch & O Centof Ga 5%s: Cent of Ga 68 Central Pacific ChiB&Qegn4s 58 Chi B & Q 1st rf 5s. & Puget 8d 4s. t P 4s °25...129 4s. .. 3 PRRERPRRRR Zzzzamannngn 2443 5 H o g ggamEzeRRe o CCC&StLrt Clev Term 58 Cleve Term 5% C&S1stds'29 Colo & Sou 43%s Cuba R R 5s Cuba R R 7%s. Del Hud cv 58 '35 Den & Rio G cn 4s. D & Rio G imp 5s.. D & Rio G Wst 5s.. Erieconv s A. Erie conv 4sB. . Erfe conv 45 D. Erie & Jersey 6s. .. Erfe Genessee R 6s Fla E C55'74. . Gr Trunk st db 6s. . Grand Trunk Ts. Great North 58 Great North 5%s Havana ERL&P '50 22 Hud & Man ref 5s. . 111 Central ref 4. . 111 Central 5%s 4 111 C-C St L&NO 5s. 53 Int Rap Tran §s 4 Int Rap Tr 58 stpd. 19 Int Rap Tran7s... 9 Int & G Nor 1stés. 2 Int & G Nor aj 6s 10 Iowa Cent rf 4s . Kan City Ft S 4 Kansas City 8 5s Kan City Term 4s. . Lake Shore 4s"31 Lehigh Val 5s 2003. Louis & N uni 4s. Louis & N 5s B.. Louis & Nash 5%s. Louis & Nash 7s. Manhat Ry cn 4 . Man Ry 2d 4s 2013. Market St Ry 7s. j &TprinssA MK&T6sC.. Mo Pacific gen 4s Mo Pac 5s 1965 Mo Pacific 6s. . Montr]l Tm 1st 65 NOT&MG6%sn.. NYCengen3dths.. 12 NYCentcn4s’ss.. 1 N Y Centdeb 4s.... NY NY Centdeb6s. ... N Y Cent LS cl 33%4¢ NYChi & StL5%s NYC&StL6sA.. New Hav d 4857 NY Ont W 1st 4s NY Hys 6565 N Y State Ry 4% NY W & Bos 4%s. . Norfolk & W cn 4s. Northern Pac 3 Northern Pac 4: Northern Pac 55 D. Northern Pacri6s 10 Ore & Calif 1st 5s. . Ore Short L ref 4 Ore-Wash 1st rf 4s. Por RL & P 68 °47. Reading gen 4%s. . RIATk& L 4%s St L IM&S 4s°29. San A& Arn P s Seabd A L ref 4 'Seab’d A L adj Seab'd A L con s Sou Pacific 45 '29 Sou Pacific clt 4s. . Sou Pacific ref 4s. . 11: Southern Ry gn 48. Southern Ry 1st 58. -9 9% | Southern Ry 6s ct. . 10 Southern Ry 6%s.. 17 , Term Asso St L 4 Texas & Pac 18t §8. Third Ave ref 4 Third Ave adj 5 Toledo Trac 6s. . Union Pac 1st 4s... 7 '27... 46 stds.. ‘3 Whel& LErfdigs 2 Sales. High. Low. Close. 47 % 102 - 58 104% 100% 120% 96 108% 8914 88l 9% T9% 1038% 106% 111% 85 41% 100% 93% FINANC 'Business Revival Signs Are Noted By Stock Traders By the Associated Press. NEW YORK. June 10.—Al- though evidence of professional manipulation of the stock market has been apparent in recent trans- actions, conservative traders find encouragement in_ signs of busi ness gains. Automobile sales showed an apparent tendency for an in- crease, demand for steel continued, reports of good returns were re- ceived from several rallroads, the Govrnment crop report indicated a situation that was expected and optimism over the earnings of oil companies prevailed. FLURRY IN WHEAT: SELLING FOLLOWS Traders Grab Profits After Pushing Prices Up on U. S. Crop News. By the Associated Press. CHICAGO, June 10.—Active general buying gave a big lift to wheat prices at the opening today, but sales to realize profits resulted soon in a de- cided setback from initial top figures. The buying was based largely on the fact that the Government crop report indicated a total domestic yleld of wheat six million bushels less than recent unofficial estimates called for. Pessimistic new crop advices from Kansas today tended also to strengthen values. The opening, which ranged from 1% to 4 cents higher, July 1.69 to 1.69% and Sep- tember 1.65 to 1.67, was followed by a reaction to 1.67% for July and 1.64% for September. Corn and oats advanced and re- acted in line with wheat. After opening at 1 to 1% higher, September 1.18% to 1.19%, the corn market lost nearly all of the gain. Oats started at ljall advance, September 56% to 57%. Later the market sagged slightly below yester- day's finish, but then rallied some- what. Provisions were weak owing lower quotations on_hogs. WHEAT— to Low. Close. e ki i Do DL B0 353 Son 30D aan Lo FEF FE TR ORE UNFILLED U. S. STEEL ORDERS IN DECREASE NEW YORK, June 10 ().—Unfllled orders of the United States Steel Cor- poration on May 31, made public to- day, totaled 4,049,800 tons, a decrease of 396,768 tons compared with the end of the preceding month. e MONEY RATES LOWER. NEW YORK, June 10.—Call money. easier; high, 4; low, 3%: ruling rate, 4; closing bid, 3%: offered at 4: last loan, 3%; call, loans against accept- ances, 3. Time loans, steady; mixed collateral, 60-90 days, 3%; 4-6 months, 3%a4; prime commercial paper, 3%ad. _— SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Adirond. P. & L. C. 6s 1920 Alum. Co. of Amer 7s 1933. American 'Suzar 6s 1937 . Tel. & Tel. 6s 193 S 2292595555505 2233332332332 Pac. Tank Union Cnign 3 PR FRFEEERE T o: 193010 106% Western Union flg 1938, . s Westinghouse E. 7s 1931 106 gEg FOREIGN EXCHANGE. (Quotations furnished by W.B. Hibbs & Co.\ Nominal Selling checks London. pound. ...*7$4'8085 s4%6% Montreal, doflar. . . 1.00 0 tockholm,” crown. . 268 NEW YORK, June 10 (#).—Foreign exchanges irregular. Quotations (in cents): Great Britain, demand, 485%; cables, 486%; 60-day bills on banks, 481%. France, demand, 4.881; cables, 4.89. Italy, demand, 3.9 cables, 3.96%. Demand: Belgium, 4.83; Ger- many, 23.81; Holland, 40.15; Norway, 16.80; Sweden, 26.72; Denm: Switzerland, 19.41; Spals Greece, 1.65 slovakia, 2.96; Jugoslavia, 1.70; Aus- tria, .14%; Rumania, .47; Argentina, 39.90; Brazil, 10.85; Tokio, 40%; Shanghai, 77%; Montreal, 100. ASSET SALE APPROVED. NEW YORK, June 10 (#).—Stock- holders of the Pacific Mail Steamship Corfloration today approved the sale of the company's assets to the Panama Mall Steamship Co., con- trolled by the W. R. Grace interests. Payment will involve 150,000 shares of the new company and release from liabilities under a mortage for marine equipment bonds. Heat Helps Ice Company Smash All Old Records By the Associated Press. NEW YORK, June 10.—Officials of the American Ice Co. report that its business continues to break all records, sales in the first week of June having been 105 per cent above the same week last year, due chiefly to the unusually hot ‘weather. For the first time in the IAL, MERGER OF BANKS N FINAL STAGE Northwest National ani Riggs to Be United at Special Meeting. BY CHAS. P. SHAEFFER. The Northwest National Bank wi} cease to exist this afternoon when ft{ shareholders and_stockholders of th{ Riggs National Bank write its obit uary at a special meeting called for the purpose of ratifying and confirm ing an agreement of consolidation be tween the two institutions. This action will complete the merger of the Northwest ional, formerly the Northwest Savings, with the Riggs and will result in the elimination of the Washington Heights office of Riggs, the business of that office being transferred to the banking house al the corner of Eighteenth street and Columbia road. This office, formerly occupled by the Northwest Savings Bank, Wil henceforth be known at e Northwest office of s N: tional Bank. Sl Remodeling of the new office will be undertaken at once, and when com pleted will offer increased facilities to the residents and merchants of the Mount Pleasant vicinity. The Washington Heights Office of Riggs, which has beep operated at 2477 Eighteenth street/for the last two years, was an office operated under the Millspaugh act and operat. ed as a “tellers’ window” branch By acquiring the Northwest Savings and consolidating it after nationaliza. tion with Riggs, the latter has secured & statutory branch with full powers instead of an office with certain restrictions. The Riggs National now has five offices—the main fnstitution and four statutory branches with full powers, The newest branch will be under tha management of Vice President Gregg C. Burns, with Charles G. Hubbard, assistant manager. George H. Morris, acting assistant manager of outsida offices, will remain with it until old depositors gain a thorough acquaint- anceship with the changed personnel. Gas Stock Again Strong. Stock of the Washington Gas Light Co. was again the bright spot on the local board this morning, 150 shares selling at 59, a new high level on the present movement of the security. It closed firmly, being held at a frac- tional premium on the day's sales figure. Railway preferred stock broke slightly to 82% on sales of 45 shares, but Lanston was unchanged at 83. Mergenthaler Linotype was quiet at 176, and Capital Tr on strength- ened to 96 on sales of 15 shares. Na- tional Mortgage and Investment pre- ferred was firm at 93%, as was Riggs at 345 and Commercial National at 167%. Savings Bank 19 Years Old. The Washington Mechanics’ Savings Bank has just celebrated its nine- teenth birthday. Figures made pub- lic this morning by Ezra Gould, presi- dent of the institution, show that on June 9, 1906, date of establishment, deposits totaled the Insignificant sum of $1,474. Nineteen vears later, or at the close of business yesterday, this item climbed to the prepossessing figure of $1,719,672.46. It has been under the administra- tion of its present head, who organized it, since inception. Inthe last vear it has acquired the People’s Commercial and Savings Bank, giving it thres offices, the parent institution at Eighth and G street southeast, and two branches, one at 3608 Georgia avenue northwest and one at Ninth and East Capiol streets. Officers, directors and the clerical personnel of the Security Savings and Commercial Bank, together with their families, will be the guests of the in- stitution at the Congressional Country Club this afternoon and evening in commemoatrion of the scaling of $5,000,000 in deposits. Semi-Annual Dividend Voted. Directors of the Citizens Saving Bank have approved the regular semi-annual dividend on capital stock, payable on June 30. This institution has been on an an- nual dividend basis of 6 per cent for the last three years. Fernand Petit is its active head. Bond Offerings Made. A syndicate composed of Stone & Webster, Inc., Blodget & Co. and Blair & Co., Inc., are offering today $2,660,000 of Virginia Railway and Power Co. first and refunding mort- gage 5 per cent gold bonds, due July 1, 1934, and $486,000 Virginia Railway and Power Co.-Norfolk and Portsmouth Traction Co. first mort- gage 5 per cent gold bonds, due July 1, 1936, both at 98% and interest. These offerings are part of the issues already outstanding and do not repre- sent new financing. Both issues are the direct obligation of the Virginia Railway and Power Co., which does the entire electric light and power and traction business in Richmond, Norfolk, Portsmouth, Petersburg and surrounding terri- tories, and, through stock ownership and control, the gas business in Nor- folk, serving a total population in ex- cess of 450,000. The first and refunding mortgage 5 per cent bonds are a first closed mortgage on the entire light and pow- er, traction and office building prop- erty in Richmond and Petersburg, conservatively valued at more than $29,000,000. These bonds have been issued in the amount of $15,000,000, including $1,921,000 held alive in the sinking fund. There are but $12,614.- 000 bonds of this issue outstanding with the public and $465,000" held by the company. The Norfolk and Portsmouth Trac- tion Co. first mortgage 5 per cent bonds are a first closed mortgage on the electric light, power and trac- tion properties in the Norfolk district, conservatively valued at $14,000,000. They are, in addition, a direct mort gage on property valued at $1,600,000, subject to $478,000 underlying liens There are $7,240,000 of these bonds with the public, $211.000 held by the company and $549,000 held alive in the sinking fund. $12,500,000 TOBACCO ISSUE ALREADY SOLD Burley Association Short-Term Liens Bought by Banks and Trust Companies. Special Dispatch to The Star. BALTIMORE, June 10.—Alexander Brown & Sons report the sale of $12.- 500,000 Burley Tobacco Growers' Co- operative Association short-term ob- ligations, which were purchased by banks and trust companies in Balti- fering of the securities was made, as the issue was so quickly absorbed. The Burley Assoclation is com. pased of 106,000 growers of the spe- cial grade of tobacco known as the burley grade, which is an essential ingredient of popular brands of cigar- history profits have for the first four year, whereas a was d ettes. The association markets over 70 per cent of the burley crop. The association has over $54,000,000 . of assets, with a total indebtedness of - $8,000,000 prior to the finanding.