Evening Star Newspaper, July 10, 1925, Page 18

IN FINAL TRADING Run-Up __in Rock Istand Checks Heavy- Selling in Other Issues. -—BY- STUART P. WEST. Special_Dispatch to The Star NEW YORK, July 10.—The stock market today ran into increased real- izing sales, with the result that the price movement was more irregular than on any previous day of the week. Further advances occurred in some issues, but they were evenly matched by declines in ‘others.~- On the whole the selling- side was the more promi- nent Steel Report Is Factor. The decrease of 339,342 tons in un lied orders of the United States Steel tion was more than the Street d looked for: Tt was preceded by ine in the common’ stock to 1151, against 115%, which was Thursday's close. After the figures came out the stock rallied above 116, reflecting the | Corpor: FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private’ Wire Direct te The Star Office SSELLOFF | 1 Am Internati Inter Agriprior. Int Cement <4).. Int Com Eng (2). Internat Har(5). Inter Har pf (7). Int Mer Merina. . Int Mer Mar pf.. Am Chicle pr pt. 91 91 91 |int Nick Am Drug (800).. 5% 6% A% |int Paper,... Am & For Pow.. 4% AL AUS|1ne) Paper pt( Am&FPDf (7). 91 O1% 91 9 |yntShospt (8).. AmHide& Lea.. 10 10% 9% 9% | IntTel & Tel (6) Am Hide & I pt 67 67% 65'% 65| Intertype (+114) Am Tes (7). Arm Toe pf (8). Jewe! Ten. Jones Bros Tea. . !AmLa Fran (1). 18k 13% 13 Jones & Lau 7). Am Linseed..... 287 28% 28% 28% |Jordan Mot 3).. Am Loco ('ll\., 114 115% 118% 1154 | Kan City South. . Am Loco f (1) Am Metal (3) Am Radlator Am Republie. . Am Safety R (8) Kan C Sopt (4). Kansas & Qulf.. Kayser (Julius). Open. High. 10w . Close. Abitibl Pow (). €8 684 67 67 |HouatenOi...... Adams Exp ( 93wt 93 Howe Sound Co | Adv Rumley. 18% 13% 13% 13% |Hudson Mn2%.. {Ahumada (11).0 10% 11% 10% 11% Hud Man pf (5). Alr Reduc (4)... 108% 103% 102 <102 |Hudson Mot (3). A.‘hx Rubber. . 16 14% 18% 1%&- Hupp Mot (1)... | Alaska June: %1% 1 s % Allled Chem (4). 91 91 90 90 ln‘c'::.\')fi.(nn(.” Allls Chalm (8). 821 B82% 82W 824 Indian Refinin; AmAgriculChm. 19% 19% 19% 19% |yngpir Cop (800). AmAg Chmpf.. B6% B66% 64% 55 |yncern Rap Tr... {AmBeetSpf(7). 87 87 87 87 [Internat Agri... opinion that outside of the tonnage | Am Ship & Com. statistics and the statement for the |Am S & Ret (6). Kennscott (3),.. 54 54 second quarter, dye at the end of the | Am S& R pf (1). Keystone TAR. 215 24 month, the unfavorable news was out | Am Stl Fays (). Kinney G R (4).. 85% 85% of the way and had, therefore, pre-|Am Sugar.. Kresge S (8).. 450 450 mably on discounted. Am Sumatra.... el i e Am Tel&Tel (9). e Them iyt 10w ‘o Desige: Stonk Jeont S 01 Topacso (1)< Lehigh Val($%). 78 78 Dodse Bros'. A made a strong re-|Am Toba B (7). Frmliacih O I aponse 4o the figures printed Thurs-| Am Tobac pf (6). Lig & My B(t4 64" : w 62% | L1 & My B(H). . 604 6414 dey: frmicating (hat earnings for the|Am WYWAEI 120, 624 62 62 62% | (1€ & MY BLLO. - 644 64 first half.vear were running at the :f“\‘f:;!:p‘t::) Toose-Wiles. 9 88 rate of $S a share. The sto was i 4% 34% inusually ac “n the advancing | Am Woole 3 It e aching_a mew. high for the| Am Wool pf Loulsiana O 18 18 year. Other new fops were num(o_ L :::{;L‘l’-vfi Ludium (2). 34% 34% B e rsivey A Incit McCro B (1.60).. 941y 8414 e 50 SR 3. Un.|Anaconda (3)... Meintype P (1).. 17H 17% Spicer Manufacturing preferre: n AEGH-DE f Mackay pf () 68 58 derwood Typewriter, Hudsan and Man- | Areh-Dan pf ‘(,,')V Mok Eroks (6. hattan preferred, Household Products. | Armout Bat, (1. R Fifth Ayentte Bus, Bheonix Hlomlery,fy, 0., corpn 2% a2 Mack T 18t (1).. wwhich was up nearly 3 points: Interns- | Artioond pf (7). . 101% 101% 101% 101% | Macy H R & Co.. S ST S ;| Asso Dry G(214) 54% 54% b53% 53% Magma C (75c). which had an extraordinary riee of e 12 p and North American, which | 258 SEASNE). B 8 "I SN M aia e b up over 2 polnts. < Larke!Atchison (7).... 118% 119 - 118% 119 |ManKmd g (5). :"'l*";'\‘\“';g;r‘id“"';h“ ST Atchison pf (5).. 96% 96% sg;: 9:% :«‘.nfin::((‘::::. Saar g Atl Birm & At B% 5% % | Mantla . he Common Higher. Atlantlo CL({1). 165 165K 168 154% | Maracatboonl - Public Service of New Jersey, on u = e its earnings and dividend possibilities, 23:3:“&1}::;: ““fi "3 & ‘,_‘,g‘- M A was_ exceptiopally strong. General 23 Maxwell(B)otfs. 114% 114% Electric ran up over 3 points and Owen | Baldwin L (7)., 116% usu usu 1 [T Bty 116 - 118 Rottle over a point. - The eopper and | Baito & Ohio(K). - 76% 76% . 76% | Moy O (), 118K 114 zinc stocks, for the most part, held{Bal D (4).. e The ground recently gained, and there | Barnet L pf (1) o were further advances in American|Barnsdull A s % Mid-Continent.. 32% 32% Zine common and preferred of & point G 19 1% 19 196 Migdlesates. L 2 3% to a point and a hal . 88 Mis Kan & Tex.. 32 334 T e atle “‘thamiseiven | BOTSISROm AR, ~a0% -¢1% 30% 414 MICA&TOr (5. 8414 B4 fell in the Virinia-Carolina Chemical | Booth Fisherfes. 4% - 4% 4% 4%|\inouri Paoife. 381 3614 jmies, in Packard Motor and Plerce- | Briggs MIg(3%) 424 424 41% 41| necdlT Wl008" 77a 78 Arrow, which were both down over a | Bkl Edison (8).. 134 184 184 184 |n tioni e By paynt; in United States Cast-Iron Pipe, | B! Montgom Ward. which was off over 3 points; io Robert Moon Mot ). Reis. in United Cigar Stores an \ other Lods 75¢ in Independent Oil and_ Gas. The(BrownShos (). 35 93. 87h $1%|Motor Whi16e.. weakness in United Clgar Stores :;:::;l::(&) o g 2% 30 |MurrayB (12.40) e mmthet of Interests whith or. | BUr A4 Ma (). 814 3% Bl 81 |NatBiscult 1) ats at Cloak (4). ish | Bush Terminal.. 18% 18K 18% 184 | N: dinarlly may be counted on to furnish| gy rerde (1), 871 874 87 8| NatDalry (8)..0 support. ¢ Nat Dpt Stores. . ButteCop (500). 5% 64 6% Market Weak at Close. Butte& Sup (1). 1% 124 12 .gg:f:xlx‘:r':;r' The market turned definitely weak |cal Packing (§) 116% 116% 116% 116% | Na¢ Lead (8). ... Nat ). il he (T - aftarnogneg (;l‘dhlsm“':s Cal Pete (1%)... 28 :g: l;!: 2;“ Nat Supply (3).. 61% 61k artly to the unexpected rise in " Poncy rates and partly To speculative | Ganracn (1307, Eon BEn SIW 5od T e conditions—that is, the overextended | Calu & Hee (500) 1% 16W 15 16 | Ny Caphers(l). 44% 44% loan account und the unusual expan- [ Can Pacific (10) 141% 141% 141% 14134 | N ¥ Central (1). 117% 118 Nnr" of _vrr;‘e spe«-ulauvc';m\mun |r; ka’? Cent leather. . 1-;: 18% ézy. éz\vz NYC&StL(8)..123 123 eral. e tonnage fizures of the|Cent Leather pf. 59% SF ¥ NTCASILp(®). 1% 91 United States Steel Corporation wers | Century Rib (2). 34 34% 33% 33% Ny . - not liked, and the decline of more than | Cero d Pasco (4). b54% b4 b53% 58% NY mk pl ([) z oomwfm“:'w :"w; :1"‘"'.1”‘2 h::h Certain-Teed(4). g:‘ g_llh ggh :; NY NH & Hart. figures of Thursday had a depressing | Certain-T 18t(7). N Y Shipbld (2). effect Chandler (3).... 35': 354 34% 34%|Niag F pf(1%).. Seldorn has it happened that the |Ches & Ohlo (4. 94% 94X 94% 94| Norfolk South. .. grain trade went so far astrav in its LChi& Altonpf... 8% 8% 8% 8%|Nores West(? 2% 2dvance calculations regarding the |Chi& East@ll... 34 34 34 36 |Nerf& Wopf(4). 78% 78% eorn crop. Tt had not reckoned upon | Chi& East Il pf. 43% 44% 43% 44% | North Am (3.40). B2% B4 total the third largest on record|ChiGreat West.. 11% 11k 11 11 [North Ampf(3). 49% 9% mhich was reported by the Depart|ChiGr Westpt.. 24% 24% 20’ 24| North Pac (F)... 8k 68 ment of Agriculture after the close of Chi Mil & StP... 8k 8% business Thursday afternoon, ' Conse- | Chi MI& StP pF. 16w 15w 14% 15 ~[Oppenhelmcol . 404 o3 avently there was a violen? rise in|Chi& Nwn (4)... 68% 63% 62 6% g corn prices toda ChiPneuT (5).. 93% 96% 9aw 96% | Qtis Blevat (6).. 138W 138% s i s Otis Steel. ChiRI&ZPac... 45 4Th 44k 474 MARKET CLOSES HEAVY. CRI&Ppf(§). 8% 88 85w 8o |QUsSteel pt = a0ty Sew ohw 81w Erw|Pacinc Gas 8) Childs (2.40)... 8% acific Gas (3).. Profit Taking, Bear Selling and Higher e ivioen k% o Money Are Factors. Chino Copper. 28 3 NEW YORK, July 10 (#).—Isolated points of strength developed in to- day's stock market, but the main price tendency was downward. Profit taking and bear selling were inspired by the temporary stiffening of money rates, a disappointing United States Steel tonnage report and faflure of the ofle to respond to an increase in Mid. continént crude prices. Dodge Broth ers common crossed 2 to a new high. Total sales approximated 1,150,000 shares The closing was heavy. Spirited hiddin v Rock Island common which was bid up nearly 3 points to above 47. checked the decline in the late trading., but not until after T'nited tes Cast Tron Pipe and heen driven down 8 points and Uni- versal Pipe and‘United Cigar Stores about 5 each. Markets at a Glance Cast Iron Bonds in U S, FForeign exchanges navian rates rally briskly. Trregular; further Government issues. ~Steady: recession Scandi- Cotton— Barely weather sonthwest Sugar— increased raw sug steady: improved offerings r Coffee—Kirm: unfaverable weather 3razil THICAGO Wheat—Weak; hearish foreign news. Corn—Higher; bul government report Cattle—Dull. I Hogs—Firm and active. STEEL COMMON STRONG ON INVESTMENT BUYING NEW YORK, July 10 (P).—Recent firmness in United States Steel com- mon is considered more than the re- sult of buying for investment than for speculation, the increase in in- vestors' holdings in the second quar- ter from 3,718,175 shares to 3,789,272 heing regarded in Wall Street as an encouraging development. The public apparently has been huving the stock on the decline, having absorbed more than- 71600 shares in the last three months. Brokers' holdings were correspond- ingly reduced from 26.81 per cent of 5.45 per cent. the total to 74 RAILROADS ASK RATE INCREASE ON FREIGHT LITTLE ROCK, Ark., July 10 (®).— Seventy-four railroads operating in Central, Southwestern and Western States have flled a petition with the Arkansas Railroad Commission ask- ing authority for a general increase in freight rates. The petition sets forth that the net income during the years 1921 to 1924 amounted to 3.55 per cent on the investment. Request was made that- permission he given for.a rate increase to advance the income to 5.76 per cenmt. . . 21 23 103% 103% 108% Chrisler Corpn. . 113% 118% 113w Chrysler pf..... Cluett Peab (5) 4% 64% 64% 64l |Pan-Amer B lfi Co::-ta!a (T)... 117% 118 117% 117% | Parish & B sta Col Fuel & Iron.. 43% 43% 42 42% |Penick & Ford Colo Southern 59 59 59 59 |PennC&Cke. Pennsy R R (3). Penn Seab Steel. Peoples Gas (8). Feoples Gas rt: Pere Marq (4) Pere M prior(5). Phia Co (4) . Phla Co pf (3) Phila& RC&T.. Phila&R C&1ct. Phillip Morris. .. Phillips Pet (2). Colo Sou 1st (¢). ColG& E (2.60). ColCarbon (4) Com Solv A (4 Congoleum (2).. Consol Cigar. ... Consol Gas (5).. Consol Textile. . Cont Can (4) Cont Insur (6).. Cont Mot (80¢).. Corn Prod (2)... o e i) e Phoenix Hoslery. et 2 TCe ATFOW... CubanCaneSu.. 11% 1% 11% 11%|pierce 4TFo% .o CubCaneSupf.. 51 Bl 50. 50 |porod oy Cub Am Sug (3). 29% 29% 28% 26% | prorce Petrol Cudahay Pkg (T) 102% 102% 102 102 | piers Term Coal. Cushman's (3).. 76 76 76 76 |piiS 7erT Cuyamel Fr (4). B5% BB% B5% B6% | pyirs & West Va. Davison Chem... 35 35 34k 34% | Postum Cer (4).. Deere&Copt(s). 96% 97 96% 97 Del & Hud (9)_.. 148 - 143 143 - 143 Del L & Wn(17). 140 140 140 140 : Detroit Ed (8)... 1244 1244 124% 124% | Pub Ser N J.(5).. Dodge Bros CA. 274 29% 274 29 | Pub Serv NJ rta. Dodge pf (1),... 80% B82% 80% 82| Pullman Co (8).. Dome Mines (1). 14 14 14 14 |Punta AlSu(5). Douag Pectin (1). 19 19 19 19 |PureQil(1%)... Dupont (10). .... 179 179 178 178 | paqio Corpof A. uPont deb (6).. 101 101 101 101 | Ragio C pf (3%). BiiGueane pf (). 110% 110X -110% 110% | Bate, soe () an (13)... 108% 108% 108 108 |Ray Cons Cop B Ate (). 1914 1915 19 ' 19% | Reading (- Blec Powr &Lt.. 38 88% 3% 88% Readingrts. EIP&Lpt(1).. 91% 91% 91 91 |Reading ist EP&Lpr40%pa 109 109% 109 109% | Robert B P&l full paci) 110% 110% 110 110 | Remington Tyve. End-John (5).... 68% 68% 68 68 |Replogle Steal.., ErieRR.. Erie 1st pt Feder Lt (11.40). Fifth Ave (64c). Fisher Body (6). ubber.... 20% 20M 204 203 |8tL Southw ok lstpf (4)... 103 103 103 108 |8tLSwnpf Flelschmann($). 90% 90K 88% - 834 |SavageArme.. . Foundation (8).. 127 130% 127 130% | Schulte (*8). Freeport-Texas.. 16 164 10% 16 |Seaboard Alr L, Gardner Motor... E‘,‘- 8% 8% 8% Sears-Roebk (6). gnAmTak@). & A1 41 & |shenunmcen.. e T8 Simmons Co (3). Gen Baking 146% 146% 146% 148% | g T Bt (1) Gen Clgar (8). .. 874 874 874874 | Sinomtr 11 Gen Electric(8). 286 288% 285 287 |gielly Ofl......« e 1% 105 11% 1% | gloss-Sheft (8).. Gen Motors (§).. 86% 86} 85 85% | South Pac (8)... Gen Mot pf (7).. 113% 113% 113% 113% | gouthern Ry (§). Gen Petrm (3)... B6% 57% 56 663 | South Ry pf (5)- GenRy Sig (8).. 175 175 178 173 | Solcer.MIE... .-« GenRy Spt(5). 904 90k 90 Shicarpe (). Gimbel Brpt(7). 108% 104 103% 104 & RIS, Ginter (1% 38 38% Hre GHEASNES Stand Mill (5) Gei Bog | Stand Mill pt: gesaEscly = 8t 011 Callt (3) | Goodyear pt (7). 102% 102% 101%. 101% {g¢ Ofl N J.(1). Goodyear pr (8) 105 105 105 105 |StOfl NI pf (7). Granby Consol.. 16% 15% 15% 15% |Sterling Prod(4). Grt North pf (5). 69% 69%: 68% 68% |Btow-Warner(s) Gt Nor Ore (1).. Grt Wstn Su (8). mberg (6) .. Studebaker (4).. Gt West S pf(7). Submarine Boat. Greene Canan. .. Superfor Ofl Guantanamo. ... Superior Steel Gulf Mo & Nor.. Symington...... GuM&NDpL ($). Symington A(2). A eynical man is one who has had sxperience: a-cynfeal Womdn is one who has had Gulf States S(5). relautbaiNe. » Hartman (2%) .. 28% 28% 28| Tennessee Cop.. Havana Elec (6). 176 176 173% 175 | TexasCo (3).... 3t 1 Tax GuiL S (T3%) . Hayes Whi (1) .- 39%. -40.-.-39%.- 39T, Houseneld v ciy. 40 41k a0 dos Tex& PacC4O. 0 118 5 % 1 140% 38% 29 57% 49% 1! 73% 14 L} 12% lllfi H2 IDK lfli Oper. High. Low. Clo % 4% 12 7 115, BONDS APPEAR ' STEADIER TODAY 18 324 72 TR A {51 | Quotations Hold Around Yes- 114 1w | terday’s Close—New Of- 8 8y ferings Favored. 18% —_—— 72 o 67% BY GEORGE T. HUGHES. 424 ( Spacial Dispatch to The Star. z 108%| NEW YORK, July 10.—Heaviness 118% | was again the rule in the bond market BK | today. S1% Prices were not substantially lower, 30 |but there was steady increase in offer- 67% [ ings, mostly (n small lots, but seme- 88 |times fn biocks of 100 bonds, Dealers 116% | were disposed to lighten their load in 118% 'the expectation of higher money. Out- 20 |side thie tendency toward liquidation 17%,in bonds there was little sign of any increase in money rates. The sudden outburst of selling Thursday in United States Government securities appear- ed to have subsided. Quotations for both the liberties and the Treasury issues heid around previous closing prices. New Issues Popular. In contrast with this doubtful senti- ment in bond trading circles, new is. sues met with a good reception. This 2% | was particularly the case with the $20,000,000 Hershey Chocolate 5%s of- fered on 5.70 per cent basis. Demand for these was brisk. The bonds, which were listed on the exchange, went to a premium of a half point over the of- fering price on the initial transaction. There were other individual instances of strength. One was Denver and Rio Grande Western 5s. Closing Thurs. day at 58, the price wi advanced aboye 59 on comparatively small sales. us», Dodge Brothers 6a were very firm, in 34% | sympathy with the strength in the 93 |stock. American 8ugar 6s were strong 173 |above .103, notwithstanding ourrent 6714 | pessimism over the sugar outlook. Foreign Group Active. Deémand for Argentine bonds w the feature of the foreign group. The latest Argentine issue seems to be in the process of absorption by perma- nent inveetors. ¥rench bonds moved within a narrow range. New offerings, besides the Hershey Chocolate issue referred to, included $2,700,000 Calumet Gas & Eleotric 5%s to yield 3.60 per cent, $4,523,000 Kan- sas City, Missourl 4s due serially to yield from 4 to 4.05 per cent, and $1,500,000 Atlas Plywood 6%s to yleld over 6.50 per cent 2 115 g us 144 | GERMAN BONDS AND STOCKS. ;?a (Quoted in doliars oer million marke) 2 [GerGtwiny 5u data1x T0RD MR 8374 83-:’»1-4“.;- dellare per ¢ m‘?“’% marke ‘fl.w S4W | Ger Gen Elec 4t 0! 2 A o e am_ 3», 00 hg 0 00 29 X0 00 20\ b 50 5 814 TR P 13 FOREIGN EXCH. ANGI 43% | (Quotations furnished by W.B. Hinbs & Co ) i mn;m-n W!Illnsuhnk- 118 | Landon. pound Asl's 586y 123 | Namirein " Gofiar + Mg A oy §‘:fl anc 193 ;: 8 238 L 'R:‘ A a A 2038 At oo SRR ;g" CRAmianta crown 28 787 53% | Stockboim crown Lt 3483 66% | NEW YORK, July 10 (®).—For- 451 eign exchanges steady. Quotations 27% | . cents): 12514 | , Great Britain—Demand, 4853 ; cabl 486%! 60-day bills on banks, 4815, France—Demand, 4.68%4; cables, 4.69. Italy—Demand, 3.70; cables, 3.70%. Demand—Belgium, 4.62%; Germany, 23.80; Holland, 40.02; Norway, 17.50; Sweden, 26.81; Denmark, 20.47; Swit. zerland, 19.41; Spain, 14.50; Greece, 1.63; Poland, 14 Czechoslovakia, 2.96; Jumllvh 1.76; Austria, 14y: Rumania, ¥ Argentina, 40.37; Brasll, 11.12; oklo CI% Shanghal, 79; Montreal, 100 1.6 TOMATOES 'son NEW YORK, July 10 (Sbecial).— The brisk demand for tomatoss sent prices soaring today, despite more plentiful supplies. Maryland carriers containing one gross of tomatoes 38 | changed hande principally at $5.50. 384 | Tex & Pacific. ... 4T% 4B% 47N 48% 3% | T14e WatOll(4). 136 136 138 136 35 |Timken RB(t4). 481 4B% 421 42% 32 |TobacProd (6).. 81 81% 80k 80% 77 |TobProd A (T).. 101% 108% 101% 101% 1% |Transcont OIl... ~ 4% 4% 4% 4% % |Transue & W(2). 26 26 26 26 36+ | Twin City pf (7). 78 | Underwood (3).. 69% | Un Bag & Paper. 118 | Union OUl (1.30) Un Paetfic Un Tank Car(5). 1 Un Tk Car pf(7) . 71% | Utd Cigar(13%). 1 |United Drug (6). 120% 120% 128 128 139 |UtaDrug1st3%. 85 66 55 55 38| U8 Cast Iron P.. 156% 157 150 152% 2BX|USCIPDL(7).. 95 95 94 ~ 94 57 |USHoft(2)..... 33 39% 89 39% 501 |US1Ind Aleohol. 87 87k 86% 86% 1235 | U S Realty (3)... 136% 1364 135% 136 3% | U S Rubber 564 56 5% 5% 865 | U S Rub 18t (8).. 107 107 107 107 17% | U S Smelting(3). 30% 39% 38% 38% 3915 |USSmpt (3%). 46 46 46 48 2615 | U 8 Stesl (17)... 115% 1164 116% 115% 7314 | U S Steel pf (7). 14 | U S Tobacco (3). % | Universal Pipe Univer P pf (1).. Vanadium. Van Raalte.. . Va-Caro Chem Va-CaroChem B Va-CaroChpf... 19 19% 17 18% any.?oflr.. 120 120 120 120 v:vunu 15 15 15 15 B sosciae B 438 WabashpEA(). 87% Waidort (1%) .. 16% 16% | Ward Bak pech. 108 1084 a 5 169% 48% 48 24 ... ne e 12t 45% | west Pon Dt (7). 98% 985 9814 28% w Blec pf(7). 114% 14 22 t Maryland.. 14 74 | oot Ma 24 L. .. 20 90 | westn Pac (50).. 34% 98% | wesn Pac pf(6a) 874 96% | west Union (T).. l,a’?fi % Westinghse (4. Whlll Mot (6)... 78 58 | white Rock (12). 41% 48% | wickwire ctes. .. m % 4 116% | willys-Overld. .. 9% 19% T1% | willys-Od pt(7). uws 104% 103 108 66% | wilson & Co..... 6 6. 67% | wilson & Copf. . 25 3 22! 48% | woolworth (3).. 158% 159 1571 157% 9 | worthn Pump... 41 41 g% 40% 4 | wright Aero(1). 29% 298 29 26 |wrigley (18%).. B50% BOY% b50W BOW 16% | Yellow C (2.52).. 44 44 42% 42% 21% | Youngstown (4). 67% 67% 67 67 12% Partly extra, :n:me in preferred stock.” 118 | Diviacad raten as’ give L fable o8 paym frvert “:a‘.‘ or nnf-nnlv aneuumu ‘epecte] % MTlTlu'u‘ . I N NEW YO! B Received by Private Wire UNITED STATES -okbc. (Bales are in §1,008. Sales. Higa. Lib3%s... Lib 1st 4 100 24 100 20 101 20 s 13 10227 102 22 102 22 . 132 10198 1015 1016 136 101 22 10116 101 21 10230 102 28 10228 187 ONDS srook mxcaance] 47 103 31 108 29 103 30 13 107 26 107 22" 107 22 FOREIGN. Sales. High. Low. Close. Argentinefs...... L 81 87 87 Argentine 65'59... 20 96% 96% 96% Argentine 6s A 40 96% 96 96U | Argentine §s B 45 96 96k 96 Argentine 7 57 103 102% 10: Austria Ts. 9 99% 994 9% Bank of Japan 17100 99% 100 Belgium 65 L24 B84 861 6N Belglum 63swi.. 8 034 92% 93 .44 9B 98 98 3 108% 108% 108% . 3 107% 107% 107% . 5 109% 100'a 109% Bolivia 8s.. . 9 95% 954 984 Bordeaus 6s Con Pow Japan T: 91 Copenhagen 5%s 9Bl 9¥% Cuba 5% 101% 101% 101% Czecho 88 1851 Denmark 8s. DEI5%s Mch '53. DE15%s Nov'§3. Dutch East I 6s°47 30 Dutch East I = Ei Salvador 3 ri 4 87 AT 87 Finlands 7s. . 2 04 94w Sy French T 278 N 90% 90% L TT 9% 90% . 48 1023 102 102 L2 BTN BT4 BTN . B4 97 964 96N ¢ 9%y 9 9 | Gro 8. 12 Bo' R5% ROM | Fatcres . 2 98k 98 98K | Hollana-. Amir ‘l 14 3 Jergens UM Lyous 8s. Marseille 68 Mexico 53 a Montavideo 7 Netherlands 63°64. 8 103% 108% 108% Nethérlands 62°72. 5 107 1 107 | Nord 6 35 82% 82 82 Norway o %, S84 98 D634 Norway 6s 1943, Paris Orleans 1, Perufs. ... Poland 65740 ... Poland #a 50 wi. Porto Alegre 8a Prague 73 s. Queensland 65 . . Rio de Jan 88 1946 Rio de Jan 88 1947, Rio Gr Do Sul 8 Sao Paulo City Sao Paulo Sta St of § Paulo rets. . Seine Dept of 7, Serbs Crot Slo i 3 116% Toklo 5s. . 10 87% 67 67'% Ud Kingm 5 %% o T 116% 116% 116% Ud Kingm 518 °37. 17 1054 104 10814 Ud Steam Copen 65 1 94y 094y 9d's Uruguay 8= 2109 109 109 MISCELLANEOUS. Am AZr.ChemBSa.. 1 102% 102 | Am A%y Chem 7338 38 3 102% Am Chain sf 6s°33. 11 29 Am Cotton Ol 5 9% Am Repubd ded 974 Am Smit& R 98w Am Smit & 1074 | Am Sug ref . 1034 |Am T& Tecltrds.. 30 974 [AmT&Toltrss.. 18 |AmMT&Tstbs... 176 Am T & T deb 5%4s. 36 Am T &Teov Am Water Wks 5t | Am Writ Paper 6 i Anaconda 1st i Anaconda ev db | Atiantic Refin 58 Barnesdail a f 3¢ Bell Tel Pa s Bkiyn Ed gen 5a. Bkiyn Ed-6s B. Brooklyn Union 6. 1 Calif Pete $%s Col Gas & El 5 Commonwth P Con Ceal Md 1s ConGNY 6%swi.. SG Du Pont de N DuqL &P 5%s 1 Duquesne Light X Est Cuba Sug THs. 54 Empire G & F 74, 22 1 Francis Sug 7%¢. . Goodrich 634s. Goodyear 85 1931 Goodyear 35 1941 Hershey 548 wi Hershey 65 1942. Hoe & Co 6%8..... Humble O & R 6%8 Kelly-Spring Keystone Tele 5s Lackawa S 58 "50 Lacl G ref 5e '34. Laclede G 6%8 'S 00% 101% Manati Sug sf 1%! Mid-Con l% ‘40.. % 8 101 101 101 ‘101 114% 114% % 98% 98% 108 lOI 110% 1104 110% 101% mu 101% 106, 104% 104% 96 96% 'fi 98 97% 108% 105 1084 (0% oo ook u mu - Otis !l“lll..‘. Pacific Gas & El §s PacT&T Istbs... 10144 1003 10148 .98 . 8T 974 1114 1::’( 110% o Pan-Amer Pef - 99l 991 106% 10434 104% 100% 100% 100% 108 108 99% 994 - = .._.x'.iu_aa.-..e_..- wafseSvnnnnd 104 104 104 1044 1044 104% 3 884 884 B8h 4| M & SLLrf ax 53 -1 mlo'l\o!molfl. Sales. High. Low. Close 3 100% 106% 106% 28 112 111% 112 26 ¥8% 884 88 18 94K 9% 941 8inCOPLEx’'28.. 30 100% 100% 100% | 8in Pipe !,An. &8 1'87 871 87 Utah Pow & Lt §5.. Va-Car Chem 7a... a-Car Ch %8 w Vertiontes Sug 7 Watner Sug 7838 Warner Sug 78 '41. Weat Elec 55. Westn Union 6%4s 100 111% 1114 s 08 oS antlane 3 2 Wastinghouse 107° 107 Willys-Ov 63633, 5 102 102 ‘102 Wilson & Co 1st 65. 41 99% 99 99 wilson & Co cv 7215 12% 72% Winchester A 71 101% 101 101% Young#tn 8 & T 99% 99% 99% NAILROADE, * 17 98 v Al 15 90% 90 90 1 87H 8T% 87Th AtianticCL 1stds, 13 921 924 92% Atlan CL4%s'86. 8 93w 93% 93% 90 90% 93y 934 oIM. 91% 102% 1024 103 108 1024 102% s 874 87% B&O Sw Divisofx 115 98% 9T 974 Bkiyn Manhat$a., 30 91% 80% 80% Buf R& Pitt 4. 7 87 87 874 Canad North 634%.. 11 117& 1178 117% Canad Nerth T 11645 11605 Canad Pac debd ¢ 80 80 1018 101% Chi Great W CM&EStP4s 3 CM&StPat 5 CM& StPgn 26 CMa&StPoy 11 CM&StPgn 20 CM&StP CM&StP CMastP Chi&NW e 2 Chi& NW Chi Rys b8. . CMRI&P 3 ChITH&S Chi Un Sta 4 Chi & W Ind 3 C&WIsYs 1 cecastL e 1 €CC & Bt L 5 CCC&SLLr Baan nonNE LS AS AR Rema—a C&8listds'29 Colo & Sou 4% Cuba RR 58 Green B& W dbB. G Mob&N 58! 0 Havana ERL&P ‘60 11 Hud & Man ref §2.. 35 Hud & Man aj B 76% - T4 T8 tralref s 7 90% O0% 90% t ref 58°'55 17106 - 108 108 l\l Central 5% R 1034 102 102 1 G ¢ LANG 58 13 100 Int Rap Tran 5s... 48 Int Rap Tr 8s stpd. gg 8 Int Rap Tran 78 Int & G Nor 1st Louts & Nash 78 Manhat Ry cn 4s.. Market St Ry 78 Mil El Ry & L 51 Norfolk & W cn 48, Northern Pac 38 Northern Pac 58 D. Northern Pacr i 88 Reading J Cds 51. RioG West 1st4s.. 2 86 108% 108% 1084 | RIATk &L 4% StL | ), ScL&s¥F StLASF StL&SF StL&SF SBtL&ASF StL&SPF St LB W oon’ &‘P_& KC8h A & Arn Seab'd AL Sou Pacific elt ¢ Southern Ry 6s ot. Southern Ry 6%s.. 2 . Union Pac 4s "27. Union Pac 1at rf & Recember, | 2348 0“ e DO BETTER TODAY Sml.y -Foreign Cables and lon: Cloth Sales Are Ruling ‘Faotors. By the Associated Press. NEW YORK, July 10.—The cotton market opened steady today at an ad- vance of 7 to 10 points on steady Liverpool cables, reports of better 1 | conditions in cotton goods in Fall | River and fallure of early weather reports to show expected rains in the | " | Southwest. | There had heen considerable selling yesterday in hops that this morning's weather advices would point to a bresk in the Texas drought, and much ! of the early buving was attributed to covering on’ that account. October 2014 up 0 24.08, active months gener- ally shawing net advances of 20 to 28 points. New York cotton closss steady at net un changea 1o 2 m‘nu 4"» .rher . 0 | Mk 3396 .34 e S O S New Orieans Quotations. NEW ORLEANS, July 10.—The cot ton market had a very steady open- ing. Liverpool was better than due, but the market hera opened even higher than warranted by the cables, first trades showing geing of 10 points. Prices advanced again after the call. October trading up to 23.49 and De- cember t0 23.88. or 26 to 29 points above vesterday's close. Firmness was attributed to early reports of contin- ued fair weather in the Western belt New Orleans cotton futuree clored stends at net decline of 8. points Rapes we 2338 Ria Decembar 2398, "'“ danugry 3 i o 33760 bid. npomu 350 2330 050 ONT, CHICAGO GRAIN PRICES. CHICAGO, July 10 (#). — Down- turns.in wheat values took place to. day during the early dealings. Bear- ish aspects of the Government wheat report, together with the fact that Liverpool quotations wers lower, tend- &4 to weaken the markst here, and so likewise did word of cool, falr weather Northwest. The forecast, however, was for warmer temperatures, likely to increase danger of damage by black rust. Opening prices, ranging from 1% decline to 4 advance—September 1.43% to 1.44% and Decembers 4415 to 1.45—were followed by Something of & rally, but then by setbacks all around. Corn prices were responsive to bull- ish views taken of the Government re. port about the new corn crop. After opening at 4 lower t6 1 higher—Sep- tember 1.03% t6 1.04—the : market scored gains all aréund. Oats sympathized with wheat rather than corn. Starting at '3 te % off— September 45% to 45%-—oats con- tinued to sag. In line with Mfi values, the pro- vision mukn was firm. 139 3%8 m Ixu REE S 8% gg; . a 3 B~ us v 1225 1738 B g 1 ki, eptember ik00 ikas i856 }538 — ‘CHICAGO LIVE STOCK MARKET CHICAGO, July 10 (United States Department of Agriculture).—Hogs— Receipts, 18,000 head; fairly active; moatly to shippers, yard traders and small packers; 25 to 40 cents higher han Thursday’'s average: bulk de- sirable 180 to 300 pound averages, 14.00a14.15; top, 14.20; slaughter pigs and light Mght scarce: bulk 125 to 160 pound averages, 13.25a13.85; bulk de- sirable “packihg and butcher sows, % 12.50a13.00; big packers inactive; talk. ing steady: heavy welght hogs, 13.40 a14:10; medium, 13.60a14.15;- light, 13.40a14.20; light light,., 13.35214.00: packing hogs smooth and rough, 11.85 a13.76; slaughter pigs, 12.75a13.60. Cattle—Receipts, 4,000 head; fed and | grass steers generally steady on slow, | liteless market: killing quality plain; no strictly choice offerings here: best matured steers early, 12.90; several loads. 10.50a11.75; most native grass. ers, £.00a9.00: some rough heavies warmed up bullocks, 9.0029.50; run in. cludes about 16 loads Texas cake. fed steers, unsold: bulls steady; veal- ers irm; mostly 12.00a12.50; few, 13.00. Sheep—Receipts, £000 head; fat lambs active; early sales natives 25 cents higher; bulk desirablé kind, 15.00015.25; best held at 15.50; ne rangers sold; asking 16.00; fat sheep steady; few choice 172-pound native ewes, 8.00; bulk, 6.00a7.50; heavies, 5.0025.50. EUROPE IS AWAITING LOWER GRAIN PRICES - FORT WILLIAM, Ontario, July 10 (#).—The_ movement of Canadian grain to BEuropean markets fs not as large as was expected some months ago, the report of E. A. Ursell, statistician to the Canadian Beard of Grain Commissioners, shows, “It ‘would. appear _that Eutops is either financially unable to purchase more than sufficient for needs, or that the‘ improved crop prospect as compared with last year, justify the adoption of a waiting at. titude in the hope ‘that lower prices will eventuate, the report says. WEEKLY COTTON REPORT. LIVERPOOL, July 10.—Total for- warded to mills, 58, 000 bales, of which 45,000 American; stock, 647,000; Amer- fcan, 402,000; lmport 26,000; Ameri. ?oya 8,000; exports, 6,000 American, STOCK SOLD TO BANKERS. NEW YORK, July 10.- (#).—Thé _’l‘ldewlter 0Oil Co. has sold to bank- fers slightly more than $25,000,000 of new 5 per cent preferred stock, which % | will be offered to stockholders and the public at $100 a share, Dnfllln‘ lnlum Active. The bullding industry shows few signs of slackening, s_pre- Un Pac 1st rf 5a. Unilen Pas cv, 3 104 108% Virgitia Ry 18t 63, 2 104 9% 100 98% 102 974 9% 87 3% regard: rations for new con-trucflbrr. Brad- 's says. Returns from 158 cities for June show expenditurés of $326,- 094,988, against $327,321,384 in May and $255,862,107 in Ju list year. Marked decreases normally occur in Jui compared with May, but last month’s drop was only four-tenths of 1 per cent under May, while a gain is shown of 27.4 per cent over June last year, FINANCIAL. . COTTON QUOTATIONS | 3 IR! euninger immediate | URGES REDUCTION IN ALLIED DEBTS ,Econamist Says U: S. Should Take Off Amount Dollar Has Gained in Value. BY CHAS. P. SHAEFFER. Reduction of allied Aebis to the United States by more than a quar- ter, to compensate for the presant advanced commodity valus of the dollar, compared with its value when the loans were made, is advocated h Prof. Gustav Cassel of Sweden, one of the leading economists of Burope in an article in the currsfit American Bankérs' Assoclation Journal. ° He also advécates further reduction nf the debts by a substantial ratis “as & compensation for the extra bur den” which he says the American tar iff imposeéd on nations making pay ments to this cauntry “There can be no doubt of the legal obligatioh of the foreign gov ernments to pay the debts. The principal natiéns indebted 16 the United Statas wish to get rid of their burdens, or at least t6 ses them re duced 10 a minimum, without having thelr own reputation for financial solidity diminished thereby or defi nitely excluding themselves from the { possibility of financial help in future |Wars. But such desires certainly dn not deserve any support whatever Acknowledgment of the claims of the United States does not, of courae exclude the poseibility of discussing the amount that can rightly be claim ed, and the sconomic conditions un der which such claims are justified Notes Change In Values. “Most of the advances were made when the general level of pricea in America was much higher than now The value of the dollar in which the mdvances wére made was much lesr than the prasént value of the dollar Where the monetary unit {s subjscted to violent alteratiens it is bound in lead to an intolerable amount of rea injustice. This is doubtiess the case with regard to the fereign govern ment \naeblednen now under discus sion. The present dollar exceeds the old dollar in value in the propertion of 219 to 159. This means that the debt of the forelgn governments ought to be reduced by 27.4 per cent In the case of Great Britain, there- fore, the debt ought 1o be reduced from $4,577,000,000 by about $1,250, 000,000 10 $3,327,000,000, In the oass of France the principal of the debi would be reduced from $3,340,000,000 to about $2,425,000,000. The reduc- tions ars substantial enough, Thay cannot be sald unjustly to reduce the claime of the United States. But they would zo a long way toward making the payments = financial possibility for the indebted govern ments, Local Securities. While business on the. local Stock Exchange was good, compared with the record made Thursday, there were no especial flfltur‘u to the trading Prices showed good strength through- out the list without change. Railway common was nominal. but the bid price was advanced to 1041, and the asking quotation to 106%, The preferred sold at 84. Capital Traction was quite firm at par. ‘Washington Gas seld in & small wax at 62 to 621. In the bond section Gas 6= were traded in at 1033 for round lots and 1023 t6 103% for small lots. In the unlisted lst a quotation in the stock of the Washington Base Ball Club was interesting, as it sensed the Better chance for the club ‘repeating in the present race, when the bid wae increased to 75, but buyers and sellers are too far apart in their views to permit of transactions Dividend Checks Sant Out. The Real Estate Mortgage and Guar anty Corporation sent out the semi annual dividend checks this merning. together with the report of the presi dent, L. E. Breuninger. It reports the business of the cor- poration for the fiscal vear ended June ao 1925, has been a very prosperous The assets increased from §1. .616, June 30, . to $2,354,078, June 30, 1925, and the net discounts. surpius and earnings have increased from $145.426, June 30. 1924, to $367. 319, June 30, 1925. After paving §5% 000 today the net, surplus, discounts and earninga amount to $309.319.78 The corporation has paid & per cent per annum from the time of its organ ization .on the preferrad stock and per cent on the common stock untfl the present dividend, when the sterk holders received an increase of one fourth of one per cent today. M stated that the outlook never was better and that all signe point to the coming yaar being ene of larger growth and larger earning power. Leave Here for Convention. Sixteen representatives of the local chapter, American Institute of Bank ing, left Washington at 10:55 thia morning for Kansas City to attend the annual convention of the national organization, from July 14 to 17. ‘Those comprising the dela;nunn include Harold W. Burnside, R. Chaney, A. E. Henze, wnmer ler, Charles’ D. Boyer, Clarence ¥. Schatz, Alfred W. Sherman and Mrs, Sherman, T. Hunton Leith George E. Irelan, D. B. Wisecarver Raymond P. Lochte, Mrs. Helena D Reed, (aiherine Kreig, Florence M Miller- and Mabel Royce: 1. €. C. Values Southern Railway The Interstats Commerce Commis sion today announced a tentative valuation of $251,538,900 on the proper ties of the Southern Railway system which proved to be a figurs much be low that assigned by the.corperation itself. The Southern has putstanding capital issues against fls properry with a par value of $423,476,473, while its book investmeht account is $337. 922.214. The announcement today of a tenta tive valuation for the Southern, which is more than $130,000,000 below tha: company’s book investment account covering its own property, is expected to institute a controversy which mav be pushed into the Federal courts. The tentative valuation as found today will be laid before the Southern officials for criticism, and the commis sion thereafter will give opportunity jfu:; argument and hearing. Its finai valus finding will bé announced at the ‘termination of this preceeding Unlisted Securities Prices. Yead! | The following latest bid and asked July 20 prices for unlisted securities are July 20| Quoted for the guidance of holders of 35" 18 | these issues: iR BONDS June 3 Last Last Juy-18 d. anked B ciud 8 'fl finmn. Cmbfl‘l‘.llt e Aue 1 gur 2o e Cllub 4145 A 13 1% % A 1 W ,,Le.r § G AEL R