Evening Star Newspaper, June 27, 1925, Page 22

FII‘J’ANCIAL. SHARP ADVANGES IN STOCK MARKET American Can Leads Market in Two-Hour Session—More | | Am Boseh. ... High Records. By the Associated Press. NEW YORK, June ward movement of stock resumed at the opening i market. Large blocks of rubbers, motors and standard industrials changed hands at rising prices in| initial transactions. American Car | opened 3 points higher at 193 and} Yellow Cab moved up 1% in reflec- tion of merger reports. Philadelphia Co. attained a new peak price in the first few minutes of trading. Bullish operations increased in vigor as trading pro ed. American Can quickly extended its gain to 9 points by touching a new high record for | all time, and Yellow Cab touch ed a new top up 3. New peak prices also slished by Gen- eral Motors, United States Rubber, Motor Wheel Corporation and Found: tion Co. With pools apparently con- vinced that the high call money rates were only temporary, active buying demonstrations were started In a nomber of motors, public utilities, foods and specialties. Mer and dividend rumors pro- vided the groundwork for the ad- vance in most cases. Foreign ex: changes opened irregular, with French ! and Belgian francs making sharp re-| covery from yesterday's low levels by climhing about 7 points each to 4.581; and 4531 cents, respectively. Demand sterling ruled unchanged at $4.85%, but the Scandinavian ex changes lost ground on profit taking. Pools Keep Very Active. The sensational advance in Ameri- can Can, which was bid up 10 points to a record high at 200, as compared with a low of 158 in January, over- shadowed all other developments Pools were again active, particularly in the motors, rubbers, chemicals an- 2 few specialties—Du Pont, General Electric and United States Cast Iron Pipe developed industrial strength. With buying of many of the high- grade Issues attributed to strong financial interests, Wall street was inclined to attribute the advance to accumulation in anticipation of a! further improvement in trade this Fall. Ralils were sluggish with the| exception of Rutland preferred, which sold 3% points above yesterday's final quotation. The closing was strong. Total sales approximated 600,000 shares. 16,000 SHARES BOOST C. —The up. prices was of today's, Stock-Split-Up Rumor Helps New High Mark. BY STUART P. WEST. Special Dispateh to The Star NEW YORK, June Americ Can, in a sensational 10-point advanc to the record price of $200 a share dominated speculative interest in tc day's two-hour session on the Stock | Exchange. There was a rush of short | covering the rumor spread that American Can directors next Tuesday would split up the stock on a basis of four or five to one and declare divi. dends on the new shares which would be the equivalent of a higher rate than 18 being paid regularly on the present share capital. Break Follows Advance. It took only 16,000 shares of Ameri- ean Can to send it up to $200, as com pared with the final price of 190 the preceding day. When the scramble to cover shorts had abated, American Can fell back several points, subsequently rallying sgain. The expectation of a split-up when the directors meet next Tuesday was Tot generally shared, however. Pierce-Arrow Tumbles. rds were established ve issues, including Bring n New tn numerous ac Philadelphia Co., General Motors common and preferred, Packard Motor, United States Rubber common and preferred, Yellow Cab, Founda- tion Co., Lee Rubber and Motor Wheel. Pierce-Arrow prior preferred was an exception, dropping sharply several points. Canadian Pacific was & feature among the rails, and so were Rutland preferred and Great North- | ern preferred. Republic Iron and Steel, Cast Iron Pipe, Studebaker and Fisk Rubber \ere all strong and ac- | tively dealt in. Markets at a Glance | NEW YORK—Stocks strong: ;\mv‘n—! can Can hits record high at 200. Bonds | dull; price changes insignificant. For- elgn exchanges steady; Scandinavian | currency higher. Cotton higher, bet ter conditions dry goods markets, Sugar and coffee holiday Chicago—W heat weather. Corn low weather reports. ( grades at new highs. eak: favorable | £0od crop and ttle higher; some H | - TODAY'S SILViB PRICES. LONDON, June 27.—Bar silver, 321;d per ounce 3% per cent. Dis. | count rates—short bills, 4% per cent; | three-month bills, 4 9-16 per cent. st of today’s highest, lowest and cios ing prices for the most active stocks | dealt in here Corr & ¥ Low. Close. 10 i Arizona oston Calu Conner J Copper. Fast Butte son Elec Gillette Hardy Coal Hood Rubber. Island Cree Isle Rovale Mass ( uit ited Shoe 3 Uni Shoe M nfd SHORT-TERM SECUTRITLES‘ Adirond. P. & L. C. 8s 1929, Alum, Co. of Amer. 7s 1033 American Sugar 8s 103 . Tel. & Tel. 08 1925 nda Copper ‘68 1020 Associated Ol 08 1938, Baltimore & Ohio_ 6s 192! Bethlehem Steel 55 1938, & Pac. 5las 1 of Lyons O 1034 Colum. G. & E. 1st 58 1 “ontinental G. & E. u Pont 7%s 1081, ... Federal Sugar Ref. 68 3 Eederated Metaly 7o 1030 Goodyear T_ & R, 88 1031 Freat Nor. 7s 1036. et Gult 0il Corp. Pa. B Hock. Val, R.R. umbleOil 5 : NS S S 1051 Grrig & Co. s P50 New York Centr 3 Oregon S Penna. R._R. Pure Oil 55, Swift & Co. bs 1 Tidewater Oil 6% o 2233222 bt b s ™ { Am Chain A'(2). | Home | Adv Rumiey . ... Ahumada ($1) Afax Rubber. ... Alffed Chem (4). Allis Chalm (8). Am Agricul Chm. Am A~ Chm ne | Am Beet S pf(7). Am Can (47) Am Car&Fdy (6) Am Chicle. | Am Chicle ctts Am Chiele pf Am & For Pow. . Am Hide & I pf.. Am Tee (7). . Am Lined nf 214 Am Tann 14123 Am Safere R (%) Am S & Pt (6) Am 81 Fdys (3) Am Suear....... Am Snearnf (7). Am Tel&Teal (4Y Am Tohacra (7). Am Taka R (7). A WWAT 190 A WWAT nf(R) Am W W ist (7). Am Woalen. ... Am Writ Pan pf. Anaconda (3) Armonr Del (7). Armour T'1 A(2), Artloam Cornn | A<so Drv G(214) As=o Of1 (2). Atehteon (7). Atehison nf (5).. AtIRirm & At A Gwe R W At GNIf & WI pt Atlas Tack. Paldwin T, (7Y Ralto & Ohto(5). Rarnednll A Reach Nut(2 40)., Rathlehem 11, Rath St1 nf(R) Rriece Mra(314) British Emp 2d. REI-Man Tran. .. RKI Unfon Gi4). Rrunswick (3.60) Rurns Rro (10).. Rurne Rr B (2) Rush Terminal.. Rutte Con (5001, Butte & Sup (1). Caddo Central Cal Pete (1%)... Callahan Zine ... Calu & A (1212). Can Pacific (10) Cent Teather. . Cent Leather nt. Cerod Pasco (4) Certain-Teed (4) . Chand'er (3). Ches & Ohio (4 Ches&O pf(614). Chi & Alton. ... Chi & Alton pt. Chi & East 11 Chi Great West. Chi Gr West pt.. Chi M1] & StP. .. ~hi M1& StP pf. Chi& Nwn (4). ChiRT& Pac . ChiStPM&O.. € StPMROPS(5). Chi Yellow C (4) Childs (+2.40) Chile Cop (2%2).. Chino Copper. Coca-Cola (T) Col Fuel & Tron .. Col G & E (2.60). Col G & Epf (7). Congotium (3).. Consol Cigar.... Consol Distribut. Consol Gas (5) Consol Textile. . Cont Can (4).. Cont Mot (89¢) Corn Prod (2). Cructble St1 (4). Crucible pt (T).. Cuban Cane Su. . Cub Am Sug (3). Cuban Domin. .. Cudahay Pke (7) Cushman’s (3). . Danlel Boone. Davison Chem. Detroit Ed (8). Dodge Bros C1 A. Dodge pf (T) Dome Mines (2). Doug Pectin (1). Dupent (10). ..+ Eastman (13) Eaton Axle (2). Elec Powr & T P&L full pd(7) ¥ P&L pf 40%pd Elec Str Bat (4). Erfe 1st pf. Famous P1(8).. Famous Plrs rti Feder Lt (11.40). Fed Min pf (7). Fisher Body (). Fisk Rubber. ... Fisk 1st pf (4)... Fietschmann(4). Foundation (8).. Freeport-Texas. Garaner Moto Gen ATC pf (7).. Gen Asphalt. ... Gen Asph pf (5). Gen Clgar (8) ... Gen Electric(8). Gen El spec 60c... Gen Motors (6) Gen Mot deb (). Gen Mot pf (7) Gen Petrm (2). Gen Ry Sixg (6) Gimbel Bros. Gliaden Co. Goodrich. ... Goodyear pf (7). Granby Consol. Grt North pf (5). Gt Nor Ore (1) Grt Wstn Su‘(8). Gt West S pf(7). Gulf States $(5) . Hanna 1st pf. Hartman (2%) Havana Elec (8). Hayes Whl (3).. Hays W pf(T%). Hoe & Co A (4) .. take (14) . Household P (3) . Houston Oil. | Hudson Mn 2% Hudson Mot (3). ~ | Hupp Mot (1)... Iltnois Cen (7) Indep Ofl (1). In@ Ofl rights. ... Inland St(21%)... Interb Rap Tr. Internat Agri Int Cement (4 Int Cement rgts. Int Com Eng (2). Internat Har(5). Tnt Mer Marine. . Int Mer Mar pt. Int Nickel....... Int Paper. . Int Ry Cent Am. Int Tel & Tel (6) Jones Bros Tea Jordan Mot (3) Kan City South.. Kayser (Juiius). Kelly-Sprinz. Kennecott (3). Keystone T & R. Lee Tire & Rub Lehigh Val(3%). Lig & My B(14). Loews Inc (2)... Loft. veas Louisiana Oil Ludlum (2).. McCrory pf (7). Mack Treks (6).. Magma C (75¢).. Mallison & Co. Man EI Sup (4).. Man Emd g (5). Manila El (23%). Maracaibo Oil. Market Street. Unjon Pac. R. R.C. o5 ok Westinghouse 550000000 ooNE e P BB DS S B IS0 B PLLEPTER WiWETS Market St prior. . Marland O(75¢c). Malin-Rock (1). 103 Open. High. 15 11% 15 91% 82 185% 51 /7% 36% 100% 23% 53 53 - 107 43% 1% 1004 23% 18% Al 12% 15 11% 15% 91% 82 19% 5214 81% 36% 200 100% 23% 55 53 108% 13% TI% 110% 70% 113% A% 105% 2”74 64 97% 141% o 051 f37% 108 100% 38% an AR, 961G o4 294 Rony 28y 118% 94% 4y, 527 51 11% 119% TR% o5 fT% 291 111% Tow. i5 11% 14% 91% 82 18% 51 87% 5% 192% 99% 4% a2 107T% 1008 36% bl 2Ry 6 28% 204 K2 as 17% 94% 4% 52% 51% 1% 111% TRV, 2474 6T% 29y 111 a % Bl RBY 24 100% 221 18% Close. 198 22% FA%h 53 108% 42 ™ 110% 70% 113% 58 1041 2R f4 97% 181% 95% 4% 3 108 100% 2/% a% AR 2R/ 23% 39% 52 a8 1184 94% 4% 52% AU 1% 12 76% 2434 % 26% 1ol 62y 2% 44% | 107 8% 32% 20% | 67% 24 116% 18% | 3% | 31% | 30% 18% | 50% 2% 16% 80% ! 61% | 28% % 18% | 83% | 108 178% | 40% 25% 52% 43% 45% THE EVENING STAR, WASHINGTON, D. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. 29 29% Low. Closs. 29% 20% 83% 83 117% 117% 118% 118% 105% 106% 14% 14% 8% 8% 2% 33% 1% 1% 39 39 31% 381% 82 82 82 2% 6% TT% 81% 824 52% 62% 32% 82% 7 7 26% 26% 84% 34% 438 439 0% 0% 55 86 34k 34w 66% 66% 93 93 45 4B% 114% 115 315% 31% 101% 101% 128% 128% 48 48% 67% 68% 46 27 18% 4% 48 1156 57% 80% Martin-Pry (4) Mathieson Alk: 83% 83W Maxwell(A)ctfs. 117% Maxwell(B)ctfs. 118% Metro E4 pf (7). 105% Mexican Seabd. 15 Miami Cop (1). 8% Mid-Continent.. 33% Midd'e States... 1% Min St P&SSM. 39 Mis Kan & Tex.. 381% MK&Tpt(5).. 82 Missonri Pacifie. 824 Missouri Pac pf. 76% Mont Power (4). 82% Montgom Ward.. 63 Moori Mot (3)... 32% Mother Lode 75c. 7' Motor Wh11.60.. 26% Murray B (12.40) 34 h Mot (+11). 438 t Biscailt (3).. 70% Nat Dafry (3).. 56% Nat Distillers... 34% NatDistillerspf. 65% NtNG&E pf(7). 93 N Y Canners(2). 45 N ¥ Central (7). 115% NYNH& Hart.. 314 NY Steam pf(7). 101% Norf & West(7). 128% North Am (3.40). 48% North Pac (5) 68 Oppenhetm Co 4 Orpheum (1.80). 27 Otis Steel. 13% Otis Steel pt.... 74 Owens Bot (3)... 48% Pacific Gas (8).. 114% Pacific Of1 (3) 57% Packard (11.70). 81% Packard pf (7).. 110% Paige Mot(1.20). 224 Pan-Amer (6)... 81 Pan-Amer B (6). 80 Park & Tilford. . Pennsy RR (3).. Penn Seab Steel. Feoples Gasrts. PhiaCo (4)..... Phila& RC&T. Phillip Morris Phillips Pet (2). Plerce Arrow. Plerce Arrow pf. Plerce-A prior 8. Plerce Ofl. Plerce Ofl p: Plerce Petrol. Pitts Term Coal. Pitts Ut pf $1.20. Postum Cer (4) Press Steel Car. Pr St Car pf (7). Pub Se E&G pf 6. Pub Ber NJ (5). Pullman Co (8).. Punta Al Su (5). Pure Ofl (1%)... Radio Corp of A. Ry 8t 8p pt (7). Ray Cons Cop. .. Reading (4). Reading rts. Robert Refs. ... Rels Robt 1st pf. Remington Type Remingtn 24(8). Replogle Ste Rep Ir & Steel Rey Too B (3) Royal D (3.42%) Rutland pf..... St Joseph Ld(2). StL&SanF(5). St L Southwes! Schulte (*8) Seaboard Air L. Seabd Air L pf.. Seagrave (1.20). Sears-Roebk (8). Shattuck-Ariz. .. hattuck FG(2). Shell Un (1.40).. Simmons Co (2)p Stmms Pet (1).. Sinclair Of1..... Skelly Of1..... ., Sloss-She (6) .. South Port § (6). South Pac (6)... Southern Ry (5). South Ry pf (5). Spicer Mfg Std Gas & E! Stand Mill (5)... St Of] Calif (2).. StOIINJT (1)... StOI N J pf (1). Std Plate Glass. . Sterling Prod(4). Stew-Warner(5) Stromberg (6). . tudebaker (4).. Submarine Boat. Symington Tennessee Cop. . Texas Co (3).... Tex Gulf 8 (1%) Tex & PacC& 0. Tide Wat O11(4). Timken R B(14). Tobac Prod (6). . Transcont Oil. .. Un Bag & Paper. Union O1l (1.30). Un Pacific (10).. jtd Alloy Steel. . Utd Cigar(3%). UtdDrug 1st 3% Utd Fruit (10).. Utd Ry Invest U 8 Cast Iron P U S Distributi; S Ind Aleohol. S Realty (8).. S Rubber..... U S Rub 1st (8). U S Steel (17) U 8 Steel pf (7) Universal Pipe. . Vanadium. . Va-Caro Chem Va-Caro Ch pf Va Ry & Power Vivadou. Wabash. - Wabash pf A(5). Ward Baking B. West Maryland. Westn Pac (5a).. Wesn Pac pf(6a) West Unlon (7).. Westinghse (4) Weston A (2)... Wheel & L Er} ‘Wheel & L E pf. White Eagle (2). White Mot (4) ‘White Rock. . Wickwire ctfs Willys-Overld Willys-Od pf(7). 108% Wilson & Co Woolworth ( Worthn Pump Worthton B (8). Wright Aero(1). Yellow C (2.52).. 48% 48% Youngstown (4). 68 65% 66% $Payable ta rred stoek. latest quarterly or Kalf yearly ~decisrations, Unless oiherwise noted, ividenas are vot tncndea 1t WATERMELON PRICES RAPIDLY REDUCED Special Dispatch to The Star. ATLANTA, June 27.—Watermelon prices are declining sharply, although returns are still profitable to growers of south Georgla and Florida. Quota- tions range from $200 to $400 a car- load . o. b. tracks. U. S. SMELTING COMPANY INCREASES NET EARNINGS NEW YORK, June 27 (#.—The United States Smelting, Refining and Mining Co. increased its net earnings for the. ftirst five months of 1925 to 1,554,316, compared with $1,210,845 tn the corresponding period of 1924, equal after preferred dividends to $2.40 a share on the common stock, against $1.40 a share a year ago. A quarterly 57% 117% 12% 54 17% 2i 24 T4% 107 13% 44% 6% 52 58 37w 80% 45% 110 30% 40 16 170% 6 64 24% 45% 24 22Y% 27% 84 % 98% 97% 8%y 20% b2 764 59% 45 17 11% rh 543 68% 474 8% 15% 11% 51% 52 524 58 61 37 7 80 80 45% 45% 110 110 30 30 40% 40% 16% 16 170% 170% 6 6 64 64 24 24 45% 45% 24 244 22% 22% 27% 284 841 844 N% 1% 98% 99% 8% 97 85% 86 20% 20% 62 52% 76% 764 594 594 44% 4w 17 17 11 11 B84y 4% 68% 69 68% 68% 474 48 8y 15% 10% 51% 112 15% 142 4% 82% % 46% 38% 137% 24% 91y 54% 215% 304 161 33% 87 130 48% 104 114% 128% 3¢ 16 10% 51% 112% 15% 142% 416 82% “~ 461 28% 138% 24% 91% 554 215% 304 161 33% 87 180 43 104 114% 123% 34% 28% 3% 15% 119 16 46% 188% 241 93% 554 215% 30% 164 34 87y 130 49% 104% 116% 123% 36 281 3% 15% 119 16% 29% 67 63 13% 434n 1% 132 72 23% 16% 30 28 3% 45% 3% 21% 104% ; 41% }l 1% 67 29% U u U 28% 3% 14% 119 16% 294 665 1% 13% 424 91% 131% 1% 23% 16 30 28 72% 445 3% 20% 1081 5% 140% 40% 87 29 46% 66 6674 61% 13% 43 1% 132 1% 23% 16% 30 28 2% 45 3% 21 103% 6 1404 41 67 29% 46% 87 29% 2T 10 55 44% 22% dividend of 76 cents has been declared on the common, the same amount authorized three months ago when payments were resumed. The regular quarterly preferred also has been de- clared. b P C., SATURDAY, JUNE - 27, 1925. INTEREST CENTERS | [oxxew vorx BONIDS stocx sxcuance] Recelved by Private Wire Direct to The Star Office. UNITED STATES BONDS. (Baleu are in §$1,008.) IN FOREIGN BONDS French Liens Higher—New | High in Treasury Fours. Banks Are Buyers. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 27.—Attention of bond traders today was focused upon the forelgn list, where the fea- ture was the comparative indifference manifested by holders of the foreign bonds to the unfavorable financial de- velopments abroad, which have been such a disturbing factor in the ex- change markets. French Bonds Improve. French bonds, which were off frac- tionally Friday, opened higher, and there was a remarkable lack of offer- Ings such as have appeared In other crises. The Belgian list, too, was fairly steady. The Greek 7s declined only’ a fraction from Friday's close, the so-called revolution not appearing as serious as reports indicated. Trading in the general list quieted down largely because interest was ab- sorbed by the advance in stocks. There was, however, 110 weakne vhere. United States Governm igations were firm around the high points of Friday’s recovery, the Treas- ury 4%s being in_ espeécial demand. New York Central 65 went higher to- day. Railway junior issues were neg- lected. Specuiative interest so evi- dent in rubber stocks did not extend to the bonds. . Banks Still Buying Bonds. ‘The weekly statement of the mem- ber banks of the Federal Reserve sys- tem showed an increase in holdings of investments other than United States Government’s and a decrease in com- mercial loans, indicating that at the date of thia report, which was June 17, the banks were still buying bonds. In the last hour’ the Government bond list was strengthened and the Treasury 4s made a new high record for all time at 104. PLAN TO SAFEGUARD SMALL BONDHOLDERS New 8t. Paul Receivership Move Expected to Break Down Present Opposition. By the Associated Press. NEW YORK, June 27.—Small stock- holders of the Chicago, Milwaukee and St. Paul Railway, now in recetvership, will be assisted by the reorganization managers and protective committee in meeting the assessments imposed under the reorganization plan. Both common and preferred share- holders who have held their stock as an investment for a number of yvears were advised last night by the chair- men of the protective committees that arrangements would be made to en- able them to carry the payments of $32 for each common share and $28 for the preferred. This financial assistance is expect- ed to dispose of threatened opposition from a group of security holders, with headquarters at Washington, who complained that the assessment bur- den would “squeeze out” many small stockholders. GASOLINE-PROPELLED CARS IN USE TODAY Railroad to Maryland Coast Makes Better Time Than Steam Trains Did. Special Dispatch to The Star. BALTIMORE, June 27.—New steel ! gasoline-propelled cars are being used | for the firet time on the Maryland 814 | and Delaware Coast Railway Co. with the opening of the Summer schedule | today. Jesse Rosenfleld, president of the road, sald that the cars are the lat- est models in construction of gasoline cars and that, because of ability to pick up speed quickly, they make bet- ter time than the steam trains. ‘The Summer schedule calls for two round trips on week days, connecting with the Baltimore, Chesapeake and Atlantic boats at Love Point and run- ning to Lewes, Del. tjon is made with a bus to Rehoboth. One round trip will be made on Sun- days. CRUDE OIL AND PRICES OF TIRE TUBES RAISED NEW YORK, June 27 (#).—The Texas Co. has raised the price of crude ofl of 42 gravity and over 25 cents a barrel, to $2.25, in Eastegn and Central Texas. Crude oil under 42 gravity is $2 a barrel General Tire & ltubber Co. has ad- vanced prices of tuber 33 1-3 per cent but casings are unchange The trade anticipates several of the large tire companies Will advance prices 29y ! around July 1. MAY RAIL EARNINGS SHOW FURTHER GAINS NEW YORK, June 27 (#).—The New York Central, the Chicago and Northwestern, the Erle and the St. LouisSan Francisco were additional roads to report larger earnings for May than for the same month last year. The Central's net operating income gained $246,178; Chicago and Nogthwestern made a big fump_to $2011.300 from $388,652; the Erie galned $222,479, and the Frisco's sur. plus after charges increased $315,505. EDISON STOCK TAKER. NEW YORK, June 27 (#).—Quick oversubscription was announced today of 17,000 shares of Metropolitan Edi- son Co. preferred stock, series “B," at 100 and accrued dividend to yield 7 per cent. NEW HAVEN ROAD GAINS NEW YORK, June 27 (®).—May was another profitable month for the New York, New Haven and Hartford Rallroad Co., net income reaching $344,564, an increase of $251,537 over May last year. CHICAGO STOCK MARKET. CHICAGO, June 27.—Following is a report of today’s sales, high, low and closing quotations at the Chicago Stock Exchange: Sales. Rad.. & = 1070 All-Amer Cigee: B .. I 550 Armour 500 Armour 259 Armour ‘air Common. ellogg_Switch Lt Cheese 7 t P I ptd Steel Prod id heat Ut pid Kontkomary WA 11 onteamery 400 Real ' S 83 20! E 11 witt 28 e - 100 Ut boi 168 iRe cus o2 3 ellow Mfe BI. 48% 4 rigley sales, 32,000 shares. S285 i5csee Eem - o £ where connec. | Sales. High. Low. Close. 31012 1011 10132 48 102 26 102 23 102 26 Lib2d 4% 114 10115 101 14 101 14 Lib3d 4%s. 189 10130 10126 10128 10231 103 103 29 104 US4%s'52 141 107 27 107 20 10725 FOREIGN. Lib 4th4¥%s 34 103 US4s1944. 51 104 19 142 12 11 6 15 . 36 cees BT Argentine 65 wi. .. Argentine6s A. . Argentine 6s B. Argentine 7s Austria7s. .. Bank of Japan 6s Belgium 6s. Belgium 78 wi. Belgium 7%s. . Belgium 8; Bolivia 8 Brazil 7s Brazil T%s. Brazil8s...... Canada 55 1931, Canada 53%s 1929 Chile 75 1943. Chile 8s 1941 Chile 85 1946 Chinese Gov Ry 5: Christiania 8s. . Con Pow Japan 7: Copenharen 5%s Cuba 5%s. Czecho 85 1951. ... Czecho 88 1952 ct.. 12 Danish Munic 85 A. Denmark 6s Denmark 8s DEI5%s Mch DEI5%s Nov '63. Dutch East I 6347 Dutch East I 63 '62. El Salvador 8s'48.. Finland s f 6545 Finlands 7s. . Framerican 7% French 7s. . French 7% French 8s Ger E16% German 7 Ger Gen Elec Ts. Greek 7s Haiti 6s Holland. r Hungary 6%s Japanese 4s. Japanese 63%s Jergens U M 63°47. 11 Lyous 6s . Marsellle 65, . | Mexico 45 *10 asn Montevideo 7s..... 1 Netherlands 65 ‘54. 19 Netherlands 6s'72. 1 Norway 5%s wi... 83 Norway 65 1943.... 7 Norway 65 1944. ... 44 Norway 631952.... 4 Norway 8s 1 -Med 6s. 13 1 Paris-Ly Paris-Ly's-Med 7s. Poland 65 *40. Poland 8350 wi. Prague 7%s. .. Queensland 6= .. Rio de Jan 85 1946. Rio de Jan 85 1947. Sao Paulo City 8s.. Sao Paulo State 83. Stof S Paulo rts. Seine Dept cf 7 Serbs Crot Slo Soissons 6s. Sweden b%s ct. | Sweden 65 Swiss 6%s 1 o o b Rt terranna e Ud Kingm 55 '29. Ud Kingm 5%s 37 CUd Steam Copen Zurich 85 a8~ 13 1 Ajax Rubber8s.... 12 Am Agr Chem 7%s. 3 Am Chainsf s°33. 1 Am Repub deb 6 1 AmSmit& R 1stis 2 AmT&Tcltrds.. 27 AmT&Tcltrbs.. 6 AmT&Tst5s....102 Am T & T deb 5%s. 23 AmT&Tcv6s Am Water Wks Am Writ Paper Anaconda 1st Anaconda cv db 7 Andes 75 25% pd Armour & Co 4 Armour Del 63 Associated Oil 68 Barnesdail st 8 Bell Tel Fa bs. Beth Steel pm 5 Beth Steel rt b3 . Beth Steel 5145 53.. Beth Steel s f 63 Brier HSt 15t § Bklyn Ed gen 5¢. Calif Pete 6%45. . Cen Leth 65 '45 cfs. Chile Copper 6e.... Col Gas & El bs. .. Commonwth P 63 Con Coal Md 1st 5s. Con G NY 5%s wi Consumers Pow bs. Cuba Canecvd8s | Denver Gas 58 | Det Edison bs '40. Dodge wi 6s. .. Donner Steel 7s. .. Du Pont de N 7% Duquesne Light 83 Est Cuba Sug T%s. Empire G & F T4s. Francts Sug 7%s Goodrich 6%s. . Goodyear 8s 1921 Goodyear 85 1941 Hershey 6g 1943. Humble O & R 548 Iliinofs Bell 18t b: Int Mer Marine 6 Inter Paper 5a°47.. Inter Paper 8s..... KCP&Lt6sA’S2 Kap G & El 65°52 Kefly-Spring Keystone Tele 58 Lortllard (P) 5s Louisv G & E 58 Mid-Con 6%, °40. . Midvale Steel § Mor’s & Co 15t 4% New Eng Tel 58 N Y Ed 58°44 wi. N Y Eden1st§ N Y Tel 65°49 North Am Ed 6s Nor Ohio T & L 6s. Nor States Pow &I Nor States Pow Otis Steel %8¢ Pacific Gas & Ei 53. PacT & T 1st 68 Pac T & T 58°52. Pan-Amer Pete 6. 120 Phila Co ref .o 1 Phila&RAC&I6s 6 Plerce-Arrow 8s. Producers & Rf 8 Public Service 5 %! Stnclatr Oil Sinclair Oil 6% Sinclair Ofl SnCOPL Stn Pipe Line 5 Skelly Ofl 6%s. ... Southwest Bell 5. Teun Elec Pow 6s.. Tide Wat Ol §%a.. Union Bag & P 63 United Drug 6 U S Rub 1st rf bs. U 8 Rubber 1% U S Steel s £55... Utah Pow & Lt 5s. . Va-Car Chem Ts. .. Warner Sug 78 '39. Warner Sug T West Elec bs. Westn Unor Westinghouse 7 Willys-Ov 6%s Wilson & Co 1st 6s. Wilson & C cv 1%s. Youngstn S& T bs. - Suaanae Lanraal Se 1 4 3 1 1 96% 964 96 103 9% 99% Bith 984 108% 107% 95 82% 1064 97% 103 102% 101% 108 108 41 110 1% 98Y% 101% 9% 29% 110 103% 110% 89% 9% 101% 101% 104% 85 94% 93% 904 98% 102 88 97 93% 84% 96% 86% 93% 83% 93% 100 84'4 84% 20% 96 103% 106 968 100% 100% 100% 110% 96% $6 96 102% 98 29% 86 & 98 108 107% 94% 82% 106 97% 103 102% 101% 107% 107% 40% 110 20% 98 101% 99% 9% 110 103 110% 99% 9% 101% 101% 104% B4% 4% 8% 89% R4 101% 87% 6% 93% 84% Y% 86% 3% RI% 3% 99% 84% 84% 20% 96 103% 106 96% 100% 100% 100% 110% 76% 85% 100% T0% 90% 94% 104% 95Y% 954 100% 99% 88 88% B4y 1004 104 101% 115 116% 105 95 109% 6% 854 100% 0% 90 94% 104% 95% 95 100% 103% 9% 87 88 BeM 100% 104 101% 115 116% 104% 944 109% MISCELLANEOUS. 102 108 98% 7 98% 7% 101% 7% 1033 135 96% 61y 100% 101% 6% 80 94% 102% 1064 1024 93 26 87% 9% 100 101% 108% 100% 107% 100% 101% 81% 103% 98 100% 94% 101% 9% 91 106% 106 106 104% 106% 106 109% 120% 104% 102 100% 86 92 9% 9% 102% 101% 91 97 “98% 98% 92 844 100% 101% 114% 98% 107% 110% 101% 5% 9% 105% 97% 984 101% 28% 112% 100 104% 101 104% 111% 99% 104% 104% 107 96% 107% 113% 88% 4% 101 87 117% 100% 102% 108 9%6 108 89 108% 105% 96% L) 824 824 954% 954 100 99% 111% 111% 107 107 102% 102 9 9 1 1 9% 9% 101% 102% 98y 97 98% 974 101% 97% 108 135 954 61% 100% 101% 6% BO% 4% 102% 1054 102% 23 96 87% 94 100 101% 103% 100% 107% 100% 101% 81% 1034 97% 100% 94% 101% T 91 106% 108 108 104% 106% 106% 109% 120% 104% 102 100% 86 92 7% 9035 102% 101% 1 27 96% 98y 1% /3% 100% 101% 114% 98% 107% 1104 101% 95 97K 106% 7% 884 101% 98% 112 99% 104% 101 104% 1114 994 104% 104 106% 96 107% 118% 28% 944 100% 87 117% 100% 102% 1024 96% 102% 8% 106% 106% 963 7% Sales. High. Low. Closs. 6% 96 96 102% 98 99% 86% 28 RAILROADS. Sales. High. Low. 1:45. 3 81 20% 90% 5 93% 93 934 2 90% 90% 90% 94 93% 93% 5 91 90% 91 22 103% 102% 102% 15 103% 103% W34 . 11 103 102% 1027 98% 98% 984 914 914 914 87% 874 874 103% 103% 103% 116% 116% 116% 80% 80% 80% 102% 102% 102% 97% 9T% 9T% 91 91 91 106% 105% 106% 50% 60% 504 102 T4% 65 48 48% 48% BOY% 48% 90%2 48% 49% 108% 6% 11 7 84 87% 88% 80% 98% 984 99% 100% 8 106% 102% 84 56 89% 62% 1083 105 % 107% 116% 95% 101% 109% 4 16% 102% 1% 5% 90% 106 100 674 6T% 90 T1% 60% 1% 86 81% 101 103% 107 55 99% 91k 1024 84% 854 94 64% 100% 62 96% TR 87 954 101% 1084 96% 108% 22 5 66 863 62 86% 97 107 97y 9974 934 1024 9T 110% 107% 334 844 100 994 93% 75 887 958% 88% 6% 91ty 994 90 87 102%4 89% 84k % 804 93% 7™ 90% 79% 103 105% 1104 102 42% 2% 87 99y 107% 103% 100% 98 96% 656% Buff R & Pitt 43%s. Canada South bi Canad North 7s. ... Canad Pac deb 4s. . Cent of Ga 5. Ches & O cv 4% Ches &0 gn 4% Ches & O cv 5 Chi & Alton 3% .. ChiB&Q1strfbs Chi&ElIgnbs.... ChiGreat West 4s. & Puget 8d 45 Bt P 4s'25 aanqaaaaa 333333334 9999999 o » Erle conv ext 7s. .. Erie Genessee R 65 Gr Trunk sf db 6s. . Grand Trunk 7s. Great North 58 Great North 5 Gr North gen 7. Green B& W db B. G Mob&N 53%sB ‘60 Hud & Man ref 5 Hud & Man aj 55 111 Central ref 4s 111 Cent ref 58 ‘55 111 C-C 8t L&NO 55 Int Rap Tran 5s... Int Rap Tr 58 stpd. Int Rap Tran 7, Int & G Nor aj 6s.. lowa Cent 13t 65 Kansas City 8 s Kan City Term 4s.. Lehigh Valcn 4s. . Lehigh Val 55 2003. Louls& N8s B.... Louis & Nash 7s. .. Man Ry 24 45 2013 Market 8t Ry Ts. .. M1 EI Ry & L &s M StP & 8SM 6145, MK&T lstds.... MK&Tadj5s.... MK&TDprinssA. Mo Pacific ger 45, Mo Pac s ets. ... . Nassau E Ry 48 57 NOTex&MG5sB.. N Y Cen gen33%s.. N Y Cent s N Y Cent deb NYCentriés N ¥ Centdeb NYChi & 8tL NYC&StLesA. New Haven cd 6x. New York Ry aj § N Y State Ry 4143, NY W & Bos 4% Northern Pac 3 9= o= [T PR AOIOL OUIOE L= 108 JUPN-~P TSP O ~JUPP TS~ - FUPTRINSUING . PH0) - STOTO Aoy - » o Northert Pacr | 68 Ore Short L ref 4s. Pennsyl con 44s. . Pennsyl gen 434s. . Pennsyl gen § nnsyl 55 '64. Pennsyl 6 %8s Pennayl gold 7 Peoria & E inc Pere Mrq 18t 45 '56 Pere Marq 1at 58 PorRL&P 6847, Reading gen 4%s.. Rio G Weat ¢l 48 RIATk & L 4%n St L IM&S 4329 St L IM&S RAG StL&SFplisA. StL&SFpr 107 97% 99% 954 1024 98 110% 107% 33K 84% 100 100 94% kid 88% 95% 89 74 914 99% 90 87% 102% 897 84% 1% 80y 94 9% 90% 80 1034 108 110% 102 424 934 87 99% 107% 14 104 9 100% 6 98K 4 97 6 66 » PR-PETePA PRS- PISEE I T PSR - - - [ Yo, ~) 3 1% 80% 933 9T 90% Seab'd A L adj Beab’d A L con 6s.. Sou Pacific 48°29.. Sou Pacific ref Southern Ry gn Southern Ry 1st §s Southern Ry s ct. Southern Ry 6% Texas & Pac 1at Third Ave adj Unlon Pac 1st 48 Union Pac 1st rf 43 Union Pac 48 ‘27 Un Pac 18t rf 5 Union Paccv es. .. Virginia Ry 1st 5s. Va Ry & P 1st 5s Wabash B33 75... Yestern Md 4s.... 1057 110% 102 4214 934 87 994, 107% 104 100% 984 96% 65% GENERAL ELECTRIC DOES BIG 6-MONTH BUSINESS NEW YORK, June 27 (®).—Incom- ing orders of the General Electric Co. for the second quarter are expected to be about $75,000,000, compared with $83,846,236 in the first quarter and 71,219,984 in the second quarter last year. 'The total of approximately $160,000,000 for the first half of 1925 will ‘be one of the best records for that period in the company’s history. New business produced in the first six months of 1924 amounted to $144,707,887. 2 e BUTTER CONSUMPTION SHOWS AN INCREASE Per capita consumption of cream- ery butter last year s placed at 17% pounds, compared with 17 pounds in 1923. Notwithstanding the large in- crease in production, there was a net import of 11,148,194 pounds. The heavy output, together with de- creased consumption during the stor- age season, caused a large quantity of butter to be placed in storage. These holdings on September 1 were 156,440,000 pounds, but all was re- moved by May 1, 1925, the Depart- ment of Agriculture reports. FORTY NEW OIL WELLS IN WEEK LIFT OUTPUT 8pecial Dispatch to The Star. b SHREVEPORT, June 27.—Because of the recent drop in the average daily ofl production of the Smackover Field two companies have boosted Smackover heavy boelow 24 gravity ofl 10 cents a barrel to 90 cents. Forty new wells in Arkansas and Loutsiana last week added 39,380 bar- e BEAN ACREAGE RAISED. LOS ANGELES, June 27 (Special).— About 8,000 more acres of Hma beans and 3,000 more acres of baby limas have been planted in southern Cali- fornia this year than in 1924. o FIRST NOTE PAYMENT. NEW YORK, June 27 (#).—Holders of Moline Plow notes have received | store packed, 31a32 an initial lquidetion of payment of | 32a33; 17 per cent. 89% | Deveiie 844 | T9% | July 1034 | FINANCIAL, Treasury Issues Ease Off After Rise to New Tops By the Associated Press. NEW YORK, June 27.—Summer lassitude overtook this week's stock market, and price movements generally were rather narrow and meaningless. Bond prices also moved within irregular limits, United States Treasury _issue mounting to new record high levels in the early days of the week, and then easing in reflection of the heavy demand for funds in connec- tion with midyear settlements. Forelgn exchanges were mixed, with the French, Belgian and Ttalfan rates sinking to new low levels for the year. Demand ster- ling held firm and Danish and Norweglan kroner mounted to new high levels. WHEAT N SEVERE DROP DURING WEEK Black Rust Damage Found Very Slight—Corn and Oats Also Down. By the Associated Pres: CHICAGO, June 27.—Escape from any important actual damage by black rust has given wheat this week a| decided trend downward in price. Compared with a week ago the wheat | market this morning was 4% to 5% cents a bushel lower, with corn 1% to 7 cents a bushel down, oats 44 to 47 cents off, and provisions vary- ing from unchanged figures to 77 cents’ decline. All else regarding the wheat mar- ket was subordinate to weather con- ditions in the Spring crop belt, es- pecially the Dakotas and Minnesota. As day after day went by without a | | dreaded appearance of hot humid con- ditions likely to provoke the damage stage of black rust, chances of a pos- sible severe reduction of wheat yvield appeared less and less threatening and the outlook increased that wheat values in the United States would have to fa world standards if a sood sized surplus looked for in the Spring wheat states was to be readily disposed of. Official denials that black rust was a menacing factor north of the Can- adian boundary tended further to de- bring about an increase of selling. Favorable weather for corn growth in lowa, Illlnois and other important States brought about free selling in the corn market. Oats followed the downward swing of wheat and corn. provisions were ‘weakness of grain. TODAY'S GRAIN PRICES. CHICAGO, June P).—Owing a responsive to advance today. greater part Indications that the of the movement of within a week as far north as the Kansas-Nebraska boundary, helped also to lift values. More or less at- tention was likewise given to re- ports of curtailed production of Win- three of the best counties in south- western Kansas would equal only 40 per cent of last vear's total. The opening, unchanged to July 1.5 to 153 and September 150 to 1513, was followed by gen- eral gains, July touching 1531 and September 151%. Corn and oats sympathized with wheat strength. Opening unchanged to 1% higher, September 1.04% to 1.05%. the corn market continued to average above vesterday's finish. Oats started unchanged September 4714 to 47l eased a little more. In line with hog values and with grain, the provision market was firmer WHEAT. to 3 and up. later Low. Clos 1481 14 Ta6w 1% SR 148 148 108% 1043 1.00% 89% .90 CORN— July Sentor December . OATS— Juiy Sentember December . Ky — 1001, . 104X 1071, September " L1003 Pmher 1 1 1 GRAIN AND PROVISIONS. | BALTIMORE, June 27 (Special).— Potatoes, per 100 pounds, 1.00a1.2 new potatoes, barrel. 1.00a5.00; a paragus, dozen, 1.25a3.60; beans, bushel, 2.00a3.25; 1.50a2.00; carrots, 100, 3.0 crate, 1.25m2.50; cuqumbers, 50a1.50; eggplants, ' crate, lettuce, bushel, 50a1.00; peas, bushel, 2.50a3.00; peppers, crate, 2.50a4.00" onions, bushel, ' 2.00a2.50; Spring orlons, 100, 1.00a1.50; radishes, 100, 1.00a2.00; squash, basket, 1.00a1.50; tomatoes, 1.50a3.00. Apples, barrel, 2.50a5.00; bushel, 1.00a2.00; pineapples, crate, 3.00a4.50- peaches, bushel, 1.50a3.50! cherrie: pound, 4al5; cantaloupes, 1.50a4.50. blackberries, quart, 12a20: berries, quart, 20a25; raspberrie pint, 12a15: quart, 20a25; watermelons, each, 25a75 Settling Prices at Noon. Wheat—No. 1 red Winter, spot ex- port, no quotations; No. 2 red Winter, spot, old, domestic, no quotation; No. 2 red Winter, garlicky, domestic, spot, 0; corn, hamper, 2 1.52 nominal; No. 3 red Winter, no quotations. Sales—Bag lots of new at wharf at 1.42, 146, and 1.47; cargoes on grade No. 2 red Winter garlicky, 1.52; No. 3, 1.48%; No. 4, 1.451. Corn—Cob, new, and 6.50, nominal, yellow, No. Sales—None. Oats—No. 2, 3, 58 asked. P Rye—Nearby, new, 1.00a1.15; No. 2 rye, spot, no quotation. Hay—Receipts, 31 tons. What little demand prevails for hay is centered entirely on the top grades of timo- thy and choice light clover mixed, of which sort there is no oversupply. Generally ®peaking, however, sup- plies are ample. Low-grade and in- ferfor hay is hard to move, even at its regular value. Quotations today: No. 2 timothy, 18.0018.50; No. 1, light clover, mixed, 17.00217.50; No. 1 clover, mixed, 15.50 a16.50; No. 2 clover mixed, 13,002 14.50. Straw—No. 1 wheat, 13.00a14.00 per vellow, spot, 6.00 per barrel; track 1.25 per bushel. 60 asked; No. ton; No. 1 oats, 14.00a15.00; No. 2 straight rye, 18.50a19.00. DAIRY PRODUCTS. BALTIMORE, Md., June 27.—Live poultry—Spring chickens, pound, 35 a48; Leghorns, old hens, 22a29; Leghorns, old roosters, 16; ducks, 14a20; voung ducks, 25a27; pigeons, pair, 20a30. Eggs—Receipts, 529 cases; native and nearby firsts, dozen, offered at 811, bid 31. - Butter—Good to fancy creamery, 9ad4; prints, 44a46; ladles, 33a34; dairy prints, rolls, 32a33; 35%a36. press the wheat market here and to| Despite higher quotations on hogs, | the | decrease this week was shown in the £00d deal to an unexpected upturn |Which normally in wheat quotations at Liverpool, the lines at this seaso ener wheat market here scored an early |8 Wwithout essential change. E lima beans, bushel, | 8.00a3.50; beets, 1.00; cabbage, hamper, | huckle: | LOANS FOR TRADE NEEDS DECLINING Reserve Board Also Reports Lower Wholesale Prices During Past Month. In its review of conditions, made public today, the Federal Reserve Board says that borrowing for com- mercial purposes at member banks in leading cities “‘declined further be- tween the middle of May and the mid- dle of June to a level lower than at any time this year, while loans on securities increased and reached a new high level in June.” “Investment holdings of these banks also increased,” sald the re- view, “and total loans and invest- ments at the middle of June were near the high point of the year. “At the reserve banks there was an increase in member banks borrow- ing between May 20 and June 24, and on that date discounts for member banks were in larger v6lume than at any time since the opening of the year. Further decreases in the hold- ings of acceptances and of United States securitles brought the volume of open-market holdings in June to the lowest level since last Summer. Wholesale Prices Lower. “Conditions in the money market remained relatively steady during the latter part of May and first thres weeks of June, notwithstanding the heavy Treasury operations in the mid dle of June.” The board in its summary also showed production in basic industries and factory employment had continued to decline in May, with a further re- cession in wholesale prices. Distribu- tion of commodities was in greater volume, than at this tme last year, it was said, but slightly less than in April. The board’s index of production in basic industries declined 6 per cent in May to a level 12 per cent below the high point in January. B. & 0. May Earnings Drop. The Baltimore & Ohlo Rallroad's report of May earnings, made today, shows a decline of $204,643 in net operating income compared with May last year, although gross revenues revenues gained $327.389. Operating expenses increased $409,310, the cost of maintenance of equipment having bheen $539,467 greater. Net operating income of $12,379,808 for the five months of 1925 declined $245.003 under the same period of 1924. Fewer Commercial Failures. Commercial failures in the United States this week were 35 less than the 425 reported to R. G. Dun & Co. the week before, but 41 more than the number a year ago. The largest South. Dun Reviews Business. Dun’'s review today further says:: “Allowing for the slowing down comes in different on, general business The un- even conditions that have prevailed for many weeks still appear, but there wheat from threshers would be over |are more strong points and fewer un- favorable aspects than existed a year 0. ““The commercial situation is marked, as it has been for some time, by the disinclination of most buvers to op- ter wheat, especiallr advices that|erate beyond well defined needs, vet in many issues purchases are repeat- ed frequently and the aggregate vol- ume is very large. Early hot weather, 1% higher, | by quickening retail demands, reduced stocks of Summer merchandise, par- ticularly of dry goods, and this should react favorably upon some manufac- turing industries.” Sugar Production Grows. | Cuban sugar production continues at a rate of 12 per cent higher than estimated. and there is now every indicated poseibility of its reaching 5,100,000 tons, according to Federal ugar Refining Co's. review of the industry. To June 15 production to- totaled 4.96 tons, or 940,140 tons | greater than' for the same period last | vear. More Freight Cars in Use. Class 1 railroads on June 14 had 1313,494 surplus freight cars in good | repair and immediately available for service. according to reports filed to- ¥ with the American Railway As- ion. This was a decrease of under the number reported on | due principally to increased demand for coal cars. A change will appear in the form of | reporting on the condition of national banks in the next bank call, expected soon. This was revealed today in a letter from Controller McIntosh to na- | tional banks, explaining the change to be made. Copies of the form also | Fave been recetved The change. according to the letter, requires inserting under ‘liabflities,” item 40, which calls for “amounts rep- resenting agreements to repurchase T'nited States Government or other se- | curities sold.” These items have, here- 0a4.00; | tofore, heen included under the head- ing of “bills payable.” Capital Traction Gossip. The strength shown by Capital Trac- tion in trading on the Washington Ex- change continues to be a_subject of considerable discussion in local finan- cial circles Yesterday's activities whereby 260 shares sold at 100 and 20 100% were taken as further evidence that the ! stock is maintaining its usual position, with the recent extra dividend of 1%, which may be informally added to the value Capital Traction is being men- tioned as having established a ‘“new recent high.” - How far the influence of the North American Company, which has been acchmulating Washington Railway and Capital Traction, may be respons- ible for this strength is not clear. The North American, however, is said still to be interested in acquiring these two stocks. Reports that the North American company might also be in- terested n other local public utilities, such as Washington Gas were dis- counted today in circles close to the company. BUTTER PRICES DECLINE. Weekly Review Shows Market Favorable to Buyers. CHICAGO, June 27 (#).—The but- ter markets during the week con- tinued weak and unsettled. Supplies at nearly all times were in excess of a ready demand, and thare was a gen- eral lack of confidence noted among the operators. The June future deal on the Chicago mercantile exchange appeared to be the keynote of the whole situatjon and has been a disturbing factor af- fecting all butter markets. The short interests in this deal have been in the market for 89 and 90 score carg and 92 score “‘whole milks,” which are in good delivery on this option, and when demand from those shorf on the options was lacking, tHe long interests purchased heavily on the spot call to further strengthen their position. These operations have tend- ed to maintain a level of prices which, in the opinion of most operators, was too high. Later in the week, however, as sup- port was withdrawn, prices began de- clining, and at the close the market ruled weak, with indications that fur- process butter, | ther declines were pending as soom a8 the June deal is closed.