Evening Star Newspaper, July 13, 1925, Page 20

| NEW YORK, July 13.—Hesitation *in the price movement w again the keynote on the Stock hange today. Trading went along at a leisurely pace and there were sharp advances in individual shares chiefly of the specialty kind. On the other MOVES ARE MIXED IN LATE TRADING Stiffer Call Money Stows Up Market—New High Marks in Many Issues. BY STUART P. WEST. Special Dispatch to The Star hand, no weak spots were uncovered and the selling in these directions offset the points of strength. It was extremely difficult for the trading element to measure the market’s possi bilities and opinion regarding the im- mediate outlook was as divided as it has been throughout the preceding week. Score of High Records. There were about a score of new high records.” The largest individual gain occurred in General Railway Signal, which rose violently to much the best prices of the vear. The Dodge Bros’ A and preferred shares were very active and by far the out standing feature of the buying in the motor group. Other stocks to reach fresh tops were Weston Electrical In- strument iscues, Underwood Type- writer, Goodrich, Phoenix Hosiery, Continental Can, Artloom and Chi- cago and Eastern Illinofs common In the last-named instance the buying was attributed to buying for control— some say the Pennsylvania wants the [ road—for the Street could find no other excuse for the advance. Chi- cago and Eastern Illinois preferred was also strong, gaining several points. Rock Island Strong. Aside from the shares of the Chi cago and Eastern Illinois, Rock Island was the big favorite among the rail- way_stocks. Accompanying its rise, §it. Louis Southwestern went higher sgain and Atlantic Coast Line was in demand. In contrast to these fea- tures, Chicago and Northwestern broke badly and at one time was down well over 2 points, carrying Northern Pacific along with it. The weakness in these two stocks was att principally to short selling by profes- sionals, who were taking advantage of the uncertainty regarding the forth- coming decision in the Northwestern freight rate case Motor Shares Weak. The weakness in Chandler Motor, which was not relatively explained, was shared by Willys Overland pre forred. Chrysler was also lower and Maxwell Motor B certificates dropped 2 points. It was thought that a lot of this selling was for long account and represented the realizing of profits made in the motor shares in the last few months or more. Savage Arms and Phillips-Jones were also weak features. The buying took in Timken Roller Bearing, which was quite active above the 44 level; Cudahy Packing, which had had a setback from the recent pricey. General Motors, International Telephone and Telegraph, which went ahead briskly for a while; Famous Plavers, Mack Trucks. which retraced a small part of the late decline occur- ring on the announcement of the stock offering: United States Cast Iron Pipe common and preferred, which had h: n violent fall last week, and United Clgar Stores, which been under special pressture. had Markets at a Glance New York—Stocks irregular; Wheel- ing and Lake Erie preferred at new top. Bonds steady: trading interest lags. Foreign exchanges mixed dinavian currencies r Cotton afivanced: bu! sh crop advices. | ngs spot. Coffee | n markets, Chicago—Wheat strong: anticipation rust damage. Corn higher; bullish visible supply. Cattle steady to weak Hogs steady WOMEN NOW TAKING MUCH MORE INSURANCE Gfeater Entry Into Business Has Supplied Needed Funds to for Protection. Special Dispa NEW YO 13—The in crease in the number of women hold ing executive and supervisory posts| in business and in coupled with oing into pro. has been followed by 2 rease nsurance buy . according to executives. Statistics published by the Wom- en's Bureau the Department of Labor show there are now three and a half times as 1 voman managers and superintendents there were ten v tow and a half times bankers. There is nearly 100 per cent increase in the number of woman stockholders and a big advance in the profession: The business woman is insurable up to her economic value and the amount of insurance she can take is limited | only by her earning capacity. This fact apparently is influencing women to take endowments which will ma- ture at an age when their earning ca- pacity is likely to diminish. They feel that should they marry the money will still come in handy for some other purpose. QUIET STOCK MARKET LIKELY FOR PRESENT| NEW YORK, July 13 (#).—Stock market observers do not look for pro- nounced movement in the ear] .even in restricted groups of s it being considered that prospects lack any particular reason for change. Possible exceptions, however, may be ues in which strict control has been established over the floating supply. Alterations in money rates are not expected to be felt immediately SUGAR REACHES LOWEST PRICE IN THREE YEARS NEW YORK, July 13 (®).—Virtual- 1 the only commodity in which defi nite price weakness has developed sugar, which sold last week at the lowest levels in three vears. With the fruit-canning season opening up, pre vailing conditions have been mu more satisfactory to consumers ¢ to producers and refiners. Competi tion from Western heet sugar has been blamed for the decline in Cuban raw and granulated sugar at New York DIVIDENDS RAISED. NEW YORK, July 13 (#).—Direc- tors of the Southern Utilitles Co. have announced an increase in the annual dividend rate on the common stock to $4¢ a share, which, it is ex- | Com Solv A (4> FINANCIAL. Abitibl Pow (4). Adv Rumley. ... Ad Rumley pf(3) Ahumada (11). Afr Reduc (4). Ajax Rubber. Allied Chem (4). Allled Cm pt (7).« Chalm (6). Chal pf (7) Am Agricul Chm, Am Az Chm pf.. Am Beet Sug(4). | Am Beet S p(7). Am Bosch....... Am Brk Shoe(5) . Am Can (17).. Am Can pf (7).. Am Car&Fdy (6) AmC&F pt (7). Am Chain A (2). Am Chicle. Am Chicle pr pf. Am Drug (60¢). Am Express (6). Am & For Pow. . Am&F P pf (7). Am Hide & I pt Am Ice (7). Am Ice pt (6) Am Internatl. Am La Fran (1). Am Linsd pf 3%. Am Loco (118). Am Metal (3) Am Piano pf(7) Am Radlator (4) Am Safety R (3) Am Ship & Com, Am S & Ret (6). Am Stl Fdys (3). Am Sugar. ... Am Sugar pf (1). Am Sumatra Am Tel&Tel ( Am Tobacco (7). Am Toba B (7) Am Tobac pf (6) Am WW&EI 1.20 A WW&EIL pf (6) . Am W W 1st (7). Am Woolen. . Am Wool pf (7). Am Writ Pap pf. Amgvrt Pap ctf. inc of . Anaconda (3)... Archer-Daniels Armour Del (7). Armour 111 A(2). Arn Cons & Co. . Artloom Corpn. . Artloom pt (7). Asso Dry G(2%) Asso Ofl (2).... Atchison (7). Atchison pf (5) Atl Birm & At. . Atlantic C L(18). AtIGuit& WI.. Atl Gulf & WI pt Atlantic Refing. . Atlas Tack. ... Austin-Nichols. . Baldwin L (7). Balto & Oh1o(5) . Bal & Oh pt (4).. Bang & Ar (3). Barnsdall A Barnsdall B Bayuk Cigar. ... Beech Nut(2.40). Bathlehem Stl. Beth Stl pf(8). Booth Fisherl, Booth Fish 1st Briggs Mg (3%) Bkl-Man Tran. Bkl Union Gi4). Rrown Shoe (4). Brown Sh pf (7). Brunswick (3.60) *Buff Reh& P... Burns Br B (2). Burns Br pf Bur Add Ma (3). Bush Terminal. Bush Ter de (7). Butte Cop (50¢). Butte & Sup (1). Butterick Cal Packing (6) Cal Pete (1%)... Calu & A (12%). Calu & Hec (50c) Can Pacific (10) Case Thresh pf. . Cent Teather. . Cent Leather pf. Century Rib (2). Cero d Pasco (4). Certain-Teed(4). Certain-T 18t(7) Chandler (3).... Ches&O pf(83%). Chi & East 111 Chi & East 111 pf. Chi Great West.. Chi Gr West pf.. Chi Mil & Chi M{I& S| Chi & Nw pf (T). iPneuT (5). ChiRI& Pac... CRI&P I (D). Childs (12.40) e Cop (2%). sler Corpn. . :' ca-Cola (7). 1 Fuel & Iron. . “olo Sou 1st (4) . Carbon (4) Col G & E (2.60). Congoleum (2 Conley (sta) “onsol Cigar. ... Con Cig pf 18% .. Conzol Distribut Consol Gas (5). . Consol Textile. ont Can (4). Cont Mot (80c). . Corn Prod (2)... Cructble Stl (4). Cuban Cane Su... b Cane Su pf. . | Cub Am Sug 3). Cudahay Pkg (7) Cuyamel Fr (4). Davison Chem Del & Hud (9) Del L & Wn(17). Detroft Ed (8). Dodge Bros CLA. Dodge pf (7)... Doug Pectin (1). Dupont (10). Duquesne pf (7). Eastman (18).. Eaton Axle (2).. Elec Powr & Lt. EIP&LDE(D.. E P&L pf 40%pd Elec Str Bat (4). ErfaR R. Erfe 1st pf Exchange(13%). Fairbnk M pf (8) Famous Pl (8).. Fampus Pirs rts. Famous pf (8). . Feder Lt (11.40). Fifth Ave (64c). Fisher Body (5). Fish Bd O p£(8). Fisk Rubber Fisk 1st pf (4) .. Fletschmann (1) . Foundation (8 Freeport-Texas. Garaner Motor. . Gen Am Tnk (3). Gen Asphalt. . Gen Baking (6) Gen Clgar (8) Gen Electric(8) . Gen Motors (6)... Gen Mot pt (7). Gen Petrm (2).. Gen Ry Sig_(6).. Gen Ry S pf (6). Ginter (1%)...+ Glidden Co 5old Dust. Goodrich. . Goodrich pf (7). Goodyear pf (7). Granby Consol. . Grt North pf (5). Gt Nor Ore (1).. Grt Wstn Su (8). Greene Canan. .. Gulf Mo & Nor. . Guif States S(5). Hanna 1st pf. pected, will be paid on October 10, making the third and fourth quarter dividends $1.25 each. Common stock is now on a $3 basis. - Hartman (3%).. Hayes Whi (3).. Havana Blec (8). Household P (3). Ope 674 13% 54 11 67% 14 101% 102% 101% 143 90% 119% 824 107 20 57% 39% 87% 35 105, 194% 118% 104 127 233 501 90 6 137 41% 91 66% 118% 843 40 184 1% 115% 49% 96 104% B84 105% 88Y% 681 99 8 140% 44 103 53% 3714 118% 967% 5% 1637% 116% 28% 51% 14% 6218 109% 96 4T% 85 57 34% 112 118% 421 63% 102% 56 35 144 141 1244, 30 83% 179 110% 108% 19% 3T% 1% 109 16% 108 100% 5% 116 32 17% T5% 110% 20% 102% 90% 129% 14% 14% 90 119% 82% 107 20% 5815 39% 87T 28% 50% 90 6 137 42 91 67 114 8413 40% 13% 714% 115% 49%% 96 104% 5819 105% 38% 64 99 8% 141% 97% 234% 9 44% 108 54 37% 119 96% 5% 165% 1 52 87% 64 1 20 116% 284 51% 8 147% 6214 109% 96 48% 95% 57 34% 112% 1187% 4214 63% 287% 104% 56% 35 147% 141 1244 3014 83% 110% 10844 19% 8% 1% 109 16% 108 102% 6% 32% 17% 76 110% 20% 103% 90% 130 15% 9% 47% 14% 920 119% 10% 19% 115% n. High. Lov Close. ¢ 6T% | 14 THE EVENING qunu. High. Low. Close. Houston Oll..... T4k T74% T4 Td% Howe Sound Co.. 18% 18% 18% 18% Hudson Mn 2%.. 32% 32% 324 382% Hudson Mot (3). 64% 64% 63% 63% Hupp Mot (1).... 19% 19% 19 19% Illinois Cen (7).. 114% 114% 114% 114% Indep O1l (1).... 36% 36% 36% 36% *Ingersol R(8).. 219 219 219 219 Inland Stlpf(7). 107 107 107 107 Inspir Cop (50c). 28% 29% 28% 29 Interb Rap Tr... 264 26% 26 26 Internat Agri 18% 13% 18% 13% Int Bus Mac (8). 122 122 122 122 IntCement (4).. 67% 67% 67% 674 IntCom Eng (2). 42% 48 424 42% Inter Har pf (7). 118% 118% 118% 118% Int Mer Marine.. 8 8% 8% 84 Int Shoe (5)..... 168% 168% 168% 168% Int Shoepf (8).. 116 116 116 116 Int Tel & Tel (6). 117% 119% 117% 118% Intertype (t1%). 21 21 21 21 Jones Bros Tea.. 18% 18% 184 18% Jordan Mot (3).. 40% 40% 39% 40% KCP&L1st (7). 108 108 107% 107% Kan City South.. 31% 31% 31 81 Kayser (Julius). 31% 31% 31 31 Kelly-Spring . 20 20 19% 19% Kennecott (3)... 53% B53% 53 534 Keystone T& R. 2% 2% 2 2 Kinney G R (4).. 85% 85% B85% 85% Kayser (J) pt(8) 94 94 94 94 LeeTire & Rub.. 16% 16% 164 164 Lehigh Val(3%). 78% 784 78%W 784 Lig & My B(14). 63% 63% 63 63% LimaLoco (4)... 61 61 61 61 Loews Inc (2)... 28% 28% 28% 28% il 47 47% 47 47% 94 g4 94 94 Lorfliard (3) . 34 34 34 34 Louisiana Ofl. 17% 17%. 17% 17% Loufs & Nsh(8). 114 114% 114 114% Ludlum (2). 36% 84% 34% McIntype P (1).. 17% 17% 17% 17% McCroB (1.60).. 94% 94% 94% 94% Mack Treks (6).. 180% 183% 180% 181 Mack Trucksrts. 13% 13% 13% 18% Magma C (75c).. 41% 41% 4l 41k Mallison & Co... 26 26 26 26 ManEmdg (5). 43 43% 43 43% Maracalbo Ofl... 26% 26% 26% 26% Market Street. .. 9% 9l 9y 9% Market St prior.. 524 524 B2% 52% Marland 0(150) 43% 43% 43% 43% Malin-Rock (1).. 24 24 24 24 Martin-Pry (4).. 28% 29 28% 29 Mathieson Alka.. 79% 79% 79% T79% Maxwell(B)otfs. 112 1124 109% 111% May Dept St(5). 114 114 114 114 MetroEd pf (7). 114 114% 114 1144 Metro Gpf(1.89). 2001 20 20 20 Mexican S 14% 4% 147 14 Miami Cop (1)... 11 11 10% 10% Mid-Continent 32% 382% 824 82w Middle Stat. 2% 24 2% 2% Mis Kan & Tex.. 33% 33% 33 83 MK&T pf (5) 84 85 84 84% Missouri Pacific. 33% 33% 384 334 Missouri Pacpf. 78% 78% 77% 77% Mont Power (4). 84 84%s 83 83% Montgom Ward.. 58 b8% b7% 58 Moou Mot (3)... 33% 33% 33% 33% Mother Lode 76¢. 7% 74 7% Ty Motor Wh11.60.. 30% 31% 30% 314% Mullins Body 17% 17% 17% 17% Nat Biscult (3).. 714 714 71 71 Nat Cloak (4)... 684 68% 68% 68 at Cloak pf (7). 102 102 102 102 Nat Dairy (3). 54% 54% b4 baly at Dpt Stores. 42% 42% 42% 42y Nat Enam pf(7). 9% 79% 79% 79% Nat Ry Mex 2d 1% 1% 1% 15 Nevada Copper.. 12%» 12% 12% 12% NYAIrBr (4)... 43% 43% 43% 48% Y Canners(2). 44% 44% ddu 44% N Y Central (7). 118 118% 117% 117% NYC&StL(6)..123 123 123 123 NYC&StLpf(8). 91 91 a1 21 NY Dockpf (5). 674 67% 67% 674 NYNH& Hart.. 31% 31% 814 814 NYOn& Wn(1). 24% 24% 24 24 NyStateRys... 36 36 36 3¢ Nort & West(7). 128% 128% 128% 128% North Am (3.40). 53% b53% 53 53k orth Am pf(3). 49% 49% 49% 49% orthn Cent(4). 804 80% B80% 80 orth Pac (5)... 66% 65% 64% 65% Onyx Hoslery 25 Oppenhetm Col. . Orpheum (1.80). Otis Elevat (8).. Otis Steel. . Owens Bot (3). b4 54% B3N BdN Paclfic Coast 28 28 2R, 28 PacificOfl (3)... b7% b57% b56% 56% Packard (11.70). 86'3 37 364 36% Paige Mot(1.20). 22 22% 21 214 Pan-Amer (6)... 76 6 5% 5% Pan-Amer B (8). 764 76% 76% 76 Park & Tilford 30 80 204 20% Penick & Ford... 23 23 23 23 Pennsy RR (3).. 467 474 46% 46% Penn Seab Steel. 1% 1% 1% 1% Peoples Gas (8). 113% 1134 113% 1134 Feoples Gas rt: 1% 14 1% 1% Pere M prior(5). 80k 80% 80 Phla Co (4) Phila& RC 3 Phillips Jones... 52% 524 52% 624 Phillips Pet (2). 44% 44% 43% 43% Phoenix Hoslery. 36 36% 36 364 Plerce Arrow.... 32 32% 31% 32% Pierce Arrow pf. 80 80 784 78% Pierce Ofl... R e Pierce Ol pt.... Plerce Petrol 7 Pitts Coal.. . % PittsUpfn120. 156 15 15 15 Pitts & West Va. 69% 69% 69% 69% Postum Cer (4).. 118% 118% 118% 118% Press Steel Car.. 51% 51% b5ls b1 Prod & Reflners.. 22% 22% 18 19% Pro& Rpf(3%). 36% 36k 34 34 PubSe E&G Pr6. 94% 94% 943 94% Pub Ser NJ (5).. 72% 72% 72 2% Pub ServNJIrts. 1 1 1 1 PubSNJpf(8). 113 113% 113 113% Pullman Co (8).. 189 139 138% 138% Punta AlSu (5). 38% 38% 38% 38% PureOfl (1%)... 28% 29 28% 28% Radio Corpof A. 584 58% 574 b57% Ray Cons Cop. 13% 137% 13% 13% Reading (4). 86 86% 85% 86% Reading 24 (3).. 39 39% 39 39% Robert Rels..... 27% 27% 27 27 Remington Type. 74la 74% 78% 73% Rep Ir & Steel... 46% 46% 45% 45% Repnolds Sprngs 9% 9% 9% 9% Rey Too B (8)... 7% 774 1% 774 Rossla Ins (6)... 891 891 89 891 Royal D (4.42%) b52% 52% 52% b2% StJoseph Ld(2). 37% 38 374 38 StL&SanF(5). B84 84 83% 83% StLSanF pf(6). 85 85 84% 84%% St L Southwest.. 48 49% 48 48% Savage Arms. . 53 63 50% 51 Schulte (*8). 109 109 109 109 Seaboard Air 82% 32% 31% 31% Seagrave (1.20). 16 16 16% 16% Sears-Roebk (6). 171% 173 171% 1738 Shell Trad(2.06). 41% 41% 41% 41% Shell Un (1.40) 28% 24 23% 23% Simmons Co (2). 44% 456% 44% 454 Simms Pet (1)... 23% 23% 23y 23y Sinclalr Ofl 22 22% r pt ( 93 93 Skelly Ofl. . 21 South Pac (6). 98% 98% 98% 98% Southern Ry (5). 96% 97% 96% 974 South Ry pf (5). 86 86% 86 86% Spear&Co pf(7).. 90 90 90 90 Spicer Mfg. Std G&El pf(4).. % 43% StOHINJ pf (7). 116% 116% 116% 116% Sterling (). 73 8% 73 73% Stew-W: r(5) 68 68% 67% €8% Studebaker (4) Submarine Boat. Superior Ofl. Sweets (new). Symington. . Tennessee Cop. Texas Co (3). 51 TexQulfs (T4) 1114 111% 1114 111k Tex & Pac C& Tex & Pacific Transue & W(2). Twin City (4). Underwood (l). . Un Bag & Paj Union Ofl (1.30) Un Pacifie (10) 84% 84 93y USDIlu'lbutlnl 3% 3( STAR. WASHINGTON, NEW YORK STOCK EXCHANGE | PRIGES HOLD FIRM | Coxev von BONDS Received by Private Wire Direct to The Star Office IN'BOND MARKET Fractional Advances and Small Declines Keep in Narrow Range. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, July 13.—Prices in the bond market were without defi- nite trend today. There were small fractional advances in some quarters of the list with equally small declines elsewhere. Dealers were disposed to lighten thelr commitments pending the clearing up of the situation as to the future of money. For the fnost part United States Government bonds were reactionary, but there was no pressure of offerings. This was true also of the high-grade D. C., MONDAY, Received by Private Wire Direct to The Star Office. UNITED STATES BONDS. . Low. _ Close. 183 100 27 100197101 24~ 15 102 24 102 22 102 22 Lib2d 4%s. 216 1018 1014 1014 Lib3d 4%s. 139 101 23 101'19 101 19 Lib 4th44s 743 10231 10228 102 28 US451944. 146 1041 103 27 108 27 US4%s'52 81 107 24 10717 107°17 FOREIGN. Sales. High. Low. Close. Argentine 6s'59... 44 96% 96 96% Argentifie 65 A. 80 96% 96k 96% Argentine 6s B, 63 964 96 96% 5 103 102% 102% .. .« 10 99 90% 99 Bank of Japan 6s. 2 99% 99% 99% Belgium 68 30 86% 86, B86% Belglum 6%swi.. 8 93 924 92% 49 984% 98 98 3 108% 108% 108% 2 109% 1094 109% 16 95% 95% 95% T 84% B4% 844 16 81% 81% 81% 12 98k 98 98% 18 108% 103% 103% Canada 5%s 1929, 14 102% 102% 101% Chile 75 1943 15 2 railroads and industrials. New York Central’s 6s, Southern Pacific refund- ing 4s, B. and O. first 4s, Western Electric debenture 5s and U. S. Steel sinking fund 5s all yielded ground. Con Pow Japan 12 91% 91 91k Fieslpn Lat’ Heendy Copenhagenbi%s.. b 98% 98% 9%% The foreign list was fairly steady | Cuba 5%e 1011 1015 1001 but some of the recently offered|Czeoho g8 1951 X e e ik European loans, are sald not to have | Cyecho 851952 ct,, § 99% o9t b4 been permanently placed. In season. - ed issues the feature was the strength | Danish Munic8sA. 1 110% 110% 110% in Anton Hurgen s, Chinese 5s, re.|Danish Munic8sB. 1 110% 110% 1104 covering nearly a point. Japanese|Denmark és. 18 61%s were heavy and so were Hun-|Denmark 8s. 20 garian 7%s. A new Hungarian cities loan is expected shortly. French DE15%s Mch’53. 41 DEI5%s Nov'63. 55 ds started in a little higher, but[Dutch EastI6s'47. 3 102% s vt * Dutch East 16s'62. 11 102% 1024 102% Chicago and Eastern Illinofs 5s were | El Salvador l-,'u 1 104% 104% 104% active and higher with sympathy with |Finlands6s'45.. 1 87 87 87 the stock and in some cases buying|Finlands7s. ... 18 < being based on anticipated merger de.| Framerican 7%s... 2 velopments. Denver and Rio Grande|French7s.... 2 Westerns 5s retained their gain of | French 71, TRt ik French 8s. Investment demand advanced the quotation for International Great Northern 6t The leader of the in- dustrials was again the Dodge Broth- ers 65, which made further gains, approaching the record high. Copper Holland-Amer 6s. . company obligations were firm, but |Hungary 63 some of the olls, one of them being [Japaneseds. Midcontinent Petroleum 6%s, were |Japanese 63, 934 92% 93 Ny Jergens U M 6s°47.123 9815 us 8s. . Today's New Offerings. Mexico 53 a Municipal obligations _constituted | Montevideo the bulk of the day's offerings, the|Netherlands principal one bemg $4,624,000 Hudson County, N. J., 4%s due serially to yield from 3.75 to 4.15 per cent and $1,800,000 City of Cleveland 41gs due serially to yield from 3.75 to 4.10 per cent. . EVERYMAN’S v INVESTMENTS BY GEORGE T. HUGHES. VALUE VERSUS PRICE. 1t is a widespread belief in Street that the small investor buy® stocks at high prices and sells them at low, and that the clever Wall Street speculator reaps the profit of this procedure. They talk about stocks having reached the “period of distribution,” meaning thereby that the speculators are now wiliing to sell to small holders the securities bought lower down and wait for the certain return of these same securi- ties to the market place, which they confidently expect will be when prices have declined very substantially. Wall Netheriands 65 | Nord 63ys.... Norway 5%s wi. .. Norway 6s 1943 ... Norwuy 6s 1344. Norway 65 1962. . 0 Pamnd 8550 wi. Porto Alegre 8s. Rio de Jan Rio de Jan 85 1947. Rio Gr Do Sul Sao Paulo City 8s.. Sao Paulo State 8s St of § Paulo rets. Seine Dept cf Ts Serbs Crot Slo 8; Sweden 638 ct Sweden 6s....... Swiss 5%8 1946. Swiss Confed 8 Toklo bs Ud Kingm 5%s 1946 This is a theory which Wall Street | og :‘,‘;’:,,’rj;" i 50 o e i i £ pen6s 10 94% 94% 94% dearly loves to expound. Perhaps it | 9 Steam Co 5 1087 10878 1087 may apply to those hapless small o o speculators who buy on margin. It MISCELLANEOUS. does not apply to the small investor | Afax Rubber 8s.... 5 101% 101% 101% who buys good stocks and puts them | Am Agr Chem T5%3 16 103% 108 © 1085 away for more or less permanent|Am Chain sf 6333, 498 oy omls holding. The best-known illustration | Am Repub deb §s.. 1 97 o1 o9 of this i in the case of United States | Am Smit & R 1at55 13 93% a6 o Steel. Another example is furnished {Am Smit& R 6s.... 5 1074 107% 1076 by the stock of the Pennsylvania |Am Sugref 8s..... 20 103% 103 = 108% Railroad. In recent months Pennsyl-|AmT& Tcltr4s.. 45 97K 97% 974 vanta stock declined in price until the [Am T & T cl tr 8s.. 11 101% 101% 1015% vield obtainable thereon was more [AmT& Ts?6s... 251 97% 714 97w than that afforded by any other rail- | AmT & T deb 5%s. 30 1084% 1031s 103 road common merit. stock of comparable What happened? Why, on June 1 last the number of stockholders in the Pennsylvania Rallroad reached a new high record, while the average Cotton goods markets were quiet but a shade firmer today, reflectin~ stronger raw cotton market. Print cloths were quoted at 9% cents for 64 by 60s and 10% for 68 h- 72s. Raw silks were fairly active at un. changed price lgvels. Am Water Wks 5s. Anaconda 1st 6s. Anaconda cv db 7s. Andes Cop Ts rets. Armour & Co 4% Empire G & F 7%s. 29 Goodrich 6%s. ... Goodyear 88 1831.. Goodyear 85 1941.. 33 Hershey 5148 wi. Hershey 65 1942 Hoe & Co 6% Humble O& R 5%s 12 holdings were the smallest since the { Armour Del 53%s.. 24 present number of shares have been | Assoclated Oil 6: 5 outstanding. In other words, while | Atlantic Refin bs... 11 the wise speculator sold and the fool- 1 ish litle investor bought, only now it 53 > begins to look as though the adjec- tives were misapplied, and that it was | eth Steel bigs 83, & ba pom Lon the speculator who was foolish and | Beth Steel s f 6 10 94% 94 T the little investor who was wise. Bklyn Ed gen 5 7 101% 101% 101% In any event, it is a good thing for | Calif Pete 6%s.... 5 1081 103% 10315 the Pennsylvania, as for every other |Cen Letlr6s 45 ofs. 11 100% 100t 100t large corporation, to have as many | Cnile Copper 8s. 7 108 107% 107% {stockholders as_possible. American | Cin G E 5%5'62... 6 104% 104% 104 Telephone and Telegraph Co., which |Col Gas & E15s.... 6 1004 100%7100% is now first among all corporations in | Commonwth P 6s.. 3 1021 1024 1024 number of stockholders, achieved this | Con Coal Md 15t 68. 15 8% 81 1 standing by an elaborate and very |ConG NY 6%s wi.. 31 103% 103% 103% intelligent campaign. Speculative [ Cuba Canecv 7s... 1 96% 96% 967 selling and investment buying has |Cuba Canecvd 3 100% 100% 100% done something comparable for the |Cuban Am Sug8s.. 1 107% 107% 107% Pennsylvania. Denver Gas 5 4 i Tt does not do to assume that a |Dery (D G) 7s. 5 5 drop in market price js the same |Det Edison ref 1 thing as a decline in value. Dodge wi 6s. 9 99 (Copyrigat, 1925.) Donner Steel 7s. 1 92 92 9o Py Clad Du Pzn&lg:sl;l;% 13 108 1064 106% Dug X 105% 105! CLOTH SHADE FIRMER. |Dudiilofiinc5u 12 fosw 106 log NEW YORK, July 13 (Special).— | Est Cuba Sug 73a. 16 1054 7 23 41 .11 USHoft (2)..... 39% 39% 88% 3887 |Illinois Bell 1st 6. 46 USInd Alcohol. 87% 874 86% 86 | lllinois Steel 4%s:. 2 U S Realty (8)... 136 136% 136 13614 | Indiana Steel b: 1 USRubber..... 56% b56% b55% 55% |Int Mer Marine 6s. 22 U S Rub 18t 107% 108 107 107 |Inter Paper 58’4 [ USSmelting(3). 38 39% 38 39y | Inter Paper 6 54 U S Steel (17)... 115% 116% 116% 115% |KCP& Lt&sA'52 § U S Steel pf (7).. 124% 124% 124% 124% | Kan G & E1 68'63.. 7 Universal Pipe.. 31 — 32% 30% 32% | Kelly-Spring 8 2 Univer Ppf (7).. 68% 68% 68% 68% | Lackawas58'50.. 1 Utah Copper (4). 93% 93% 93% 93% | Laclede G 5%s'58. 6 100% 100% 100% Vanadium. 3% 34% 33 Liggett & Myrs 58. 8 101% 101% 101% VarCaro Chem... 6K % ov “2:3 Liggett & Myrs 7s. 1 120% 1204 1201 Va-CaroChem B. Vivadou. Wabash. Wabasn pf PYON dort (14). Wara Baking B Ward Bak pf(7). ‘Warren Co (4).. Weber (4). - Louisv G & E 58’62 10 t Blec pE(7). 5 tn Pac (5a) i . ) s or Ohlo T& Li6s. 4 955 o5 S 100k Ner Statedowis. 3 98 i ; Nor States Pow 6s. 104% 104% 3:3’?.‘57;‘." Tow Th T, 7L lotisSteel Ths... 19 99K 99 93 Weston A (2).. Pacific Gas & Bl 97% o7 ‘Wheel & L Erie, o Wheel & LEDL.. 34 35 34 White Eagle (2). 27 27 27 White Mot (4),.. 784 78% 724 White Rock (12). 41% 41% 413 Plerce-Arrow § 4108 1038 1ome Wickwire ctfs. 4% 4% 4l 4%|Producers & RfEA 3 1 11 Wiilys-Overld . 10% 19% 104 194 | Publio Service .. 28 = Willys-0d pf(T). 102% 108% 105 Wilson &Co...... 6% 98% 1054 Wilson & Cootts 22 10w 103k Woolworth (3).. 160% 160% g 100w Worthn Pump. 404 e e Wright Aero(1). 28% oo s ok Yellow C (2.53).. ‘43 60 112 111k 111% Youngstown (4). 67 o L : 4 lot- 3 94% 94w :? extra, tPe 20 1000 1 ‘ o S8 8T aw 7 3 115 114% uarte: half-yearly. fl l rat o Mt yearly decin ‘.«.-«3- aeted,cxtra " apertai Eividends are ot inciud 6 101% 101% 1om JULY 13, 1925, STOCK EXCHANGE ' Southwest Bell So Por Rico S Tenn Elec Po . Tide Wat Oil 6%s. . Union Bag & P 6s.. United Drug § U S Rub 1st rf §. U 8 Rubber 73| USSteel s £ 5s. Utah Pow & Lt 6s. . Va-Car Chem 7s Va-CarCh 7%s w.. Vertientes Sug 7s.. Warner Sug 7s '39. wuz Elec 5s. wmy--Ov 6%s Wilson & Co 1st 6s. H Wilson & Co cv i Wilson & Cev 7345, 3 Youngstn S& T 6s. 10 Ann Arbor Atchison ge; Atlantic CL 1 Atlan CL 4345 '84. B&Ogold 4s. . B&Ooviys. B&Oret 5 B&OS6s. Buff R & Pitt 43%, Canad North 7s Canad Pac deb 4 Cur Clinch & O Centof Ga§¥%s. ... Central Pacific 48 Chi & Alton 3%s. .. ChiB&Q1st rt b CB&Q-lll3%s. CB& Q-Oll div 4s. cM | cM CcM cM cM CM cM Chi Cht 107% 107% 107% Chi 6% 18% T6% Chi 87% 8TH 8TH Chi 89 B8N REN Chi 117% 117% 117% Chy 80% 0% 80% ca 9915 99k 99% E% 28 88% 98 ul 88 88 _ 88_ Cub.RR'lv.l 104% 104% 104% Del & Ha 1st 91% 90% 90% Del Hud cv 55°35.. 26 105% 105% 105% Del & Hud 5%s. 103 102% 102'% Den & Rio G cn 48 84% 84U B4 D & Rio G imp 8. 98k 98 98k D & Rio G Wst 53, 59 58%% 58%| Erje gen 4s Erie conv 4s Erie conv 48 D Erie conv ext 78 FlaECB5s'74.. Gr Trunk sf db 68 Grand Trunk 7s. .. Great North bs. Great North 5%s. Gr North gen 78 GreenB&WAbB. 12 16% 16 16 Havana ERL&P ‘50 94 94 94 Hud & Man ref 58 2 4 91% | Hud & Man aj 5. 764 | fM'Cent ref &8 '65. 1054 ; 111 Central 5%s. 102% | 111 C-C St L&NO bs. 100 | Int Rap Tran 5s Int Rap Tran 6s. Int Rap Tran 7s Int & G Nor 1st 6s. 104 Int & G Noraj 6s. 73 Towa Cent rf 4s. 21% Iowa Cent 1st 58 59 Kan City Ft S Kansas City § Lake Shore 45 '28., Lake Shore 43°31. . Lehigh Val 58 2003. Louis & N uni 4s. Louis & N 58 B. Louls & Nash 5%s. Louis & Nash 7s. Market St Ry 7s Mil El Ry & L 5: M St P& SSM cn b8 M StP & SSM 6%s. MK&T Ist4s MK & T adj 58 MEE Ty ik Nassau E Ry 4s ‘51 New Or Term 4s. NOTex&MEsB NOT&MsKksn N Y Centr i 5 N ¥ Cent deb 65 N Y Cent LS cl 3%+ NYChi & StL5%s NYC&StLEsA New Haven cd 6 NY Ont W 1st 4s. NY Rys 6s'65. NY W & Bos 4% Norfolk & W cn 4s. Northern Pac 8s... 61% 61% Northern Pac 4s. 84% 84% Northern Pac 5s D. 96% 96% Northern Pacr 18 107 1067 Ore & Calif 1st 55 101 100% 100% Ore Short L ref 4s OreShtLcnbs’ds. 2 7 Ore-Wash 1strf 4s. 12 83% 83l 83 Pennsyl gen 4% 7 93% 92% 92 Pennsyl gen §s. 10 101% 101% 1014 Pennsyl 58 "64 36 984 98 98 Pennsyl 6%s 8 110% 110% 110% Pennsyl gold 7s. 5108 108 108 Peorla& Eincds.. 4 34% 34'% 34% 100 99% 91% 91'« 884 103% lOSVn 90 _90 851 85% 4 101% 102% 101% 1 84% 84k 84k 81% 814 8lk 9% 94 94 9% 97T% 9TH 85% 85% B854 89% 89% 894 9% 19 79 Southern Ry 1st6s. 2 103 103 108 Southern Ry 6sct.. 3! 105% 105% Southern Ry 6%s. 110% 110% Term Asso St L 4 84 84 Third Ave adj 39 39 Toledo Trac 6s. 100 100 Unlon Pac 1st ¢ 81% 92 Union Pac 1st rf 4 87 87 Union Pac 4s '27. 99% 99% 99% Un Pac 1st rf G5, 107 106% 107.: Union Pac cv Virginia Ry ‘West Shore 1st ‘Wilkes B&E 1st 63% RECORD PROSPERITY SEEN IN BANK STATEMENT NEW YORK, July 18 (#).—Confi- dence in business prospects was strengthened last week by indications of record-breaking prosperity as re- 845 | Tomatoes, FINANCIAL. 1910 Rubber Boom Recalled in Wild Trading in London By the Associated Press. &LONDON, July 13.-—The rub- ber share section of the London | Stock Exchange presented a wild appearance this morning, rmmni« cent of the 1910 boom. De: regeéived hundreds of orders over the week end from the provinces to buy shares and tried to execute these amid excitement and rising prices. The fact that raw material in Mincing Lane advanced z\nulhor two pence to 52d. per pound @ an added stimulant ANOTHER ADVANGE IN'WHEAT PRICES Weather Favorable to Black Rust Used as Cause for Upswing. By the Associated Press CHICAGO, July 13.—Hot, muggy weather Northwest, likely to promote blaek rust damage, led early to high er prices today for whe: One ex- pert telegraphing from Fargo, N. D., said indications were that the wheat erop in the Dakotas this season would be reduced 40 per cent from the gov- ernment July report. On the other hand, European crop news continued favorable, and, with Liverpool quo- tations today failing to reflect fully Saturday's ance on this side of | the Atlantic, the July delivery here showed & temporary decline. Chicago opening prices, 3z off to 13 up, Se tember 1.49% to 1.50 and December 1.50 to 1.50%, were ed irregular advance to tember and 1.531% for for s December. Favorable crop advices regarding corn had a bearish effect on corn and oats. After opening at i lower to 1% higher, September 1.07% to 1.07%, the corn market underwent a general setback, September ‘mun‘h. ing 1.06. Oats started at 3% decline to * advance, September s ter there were fractional declines all around. In line with hogs and corn, the pro vision market was easy Ope: September " Decembe CORN— 1.53 1407 July . September December RYE— July September British Colonial Undersecretary Touches on Situation in Malay Peninsula. By the Associated Pre: LONDON, July 13.—The British government does not consider the present price of rubber warrants re- consideration the existing nance Malay day in the Hou response to a que Ormsby-Gore said the legislation originally was framed to restrict ex- port, not production The whole matter considegration of the he said. e of Commons in tion always is under ice, colonial of GRAIN AND PROVISIONS. BALTIMORE, Md cial).— 3 cull 1.00. 100, 5.00. Cucumber: Eggplants, bushel, Lettuce, 100, hamper, pples, barrel, 1. 00. ' Pineapples, Peaches, bushel, basket, 55a6; 1.50a4.50. Blackberries, Huckleberries, quart, 15a20. berries, pint, Sal2; quart, Watermelons, each, 40a75. Selling Prices at Noon. Wheat—No. 2 red Winter, spot. domestic, no quotations; No. 2 Winter, garlicky, domestic, spot, No. 3 red Winter, no quotations. Sales—Bag 1ots of new at wharf at 1.25, 1.32, 1.33, 1.35, 1.38 and 1.40. Cargoes on grade, 1.4415; No. 3, 1.40* 1581 vellow, per old, spot, 6 barrel; tri Rye—Nearby, new, 1.00a1.15; No. rye, spot, no quotation. Hay—Receipts, 53 tons. There is a comparative scarcity on spot of the better grades of old timothy and on old choice light clover mixed hay and the market on such types is firm. Low grades of mixed and poor clover hay are draggy and hard to move at irregular values. Quotations today — No. 2 18.50a19.00; No. 3 timothy No. 1 light clover mixed, 17.00a17.5: No. 1 clover mixed, 16.50a17.0¢ i clover mixed, 14.00a15.00. Straw—No. 1 Wheat, - ton; No. 1 oat, 12 straight r)e. 18. noms Sor TOBACCO SALES INCREASE Receipts in Maryland Show De- cline—Present Prices. Special Dispatch to The Star. BALTIMORE, July 13.—Sales of Maryland leaf tobacco again in- creased, reaching 511 hogsheads, while receipts declined to 397 hogs- heads during the past week. Quota- tlons today at the State tobacco warehouse for Maryland tobacco per 100 pounds: Inferior and frosted, firm leat, 4.00a9.00: sound, common and greenish, 10.00a15.00;: good common, 13.00 per 0; No. 1 vealed in the national banks state- ments, showing their condition at the close of the first half of the year. Resources, deposits and undivided profits of the large New York insti- tutions exceeded the previous high rec- ords established in the boom years of 1919 and 1920, while Chicago banks reported corresponding gains. - LIVE POULTRY HIGHER. CHICAGO, July 13 (#.—Poultry, -u“ Mchcr fowls, 20a24; broflers, Springs, 31; roosters, 15; duck: 16.00a25.00; medium. 26.00a35.00; good to fine red, 36.00a53.00; fancy, 54.00a 55.00; seconds, common to medium, 6.00220.00: seconds, good to fine, 81.00a35.00, and upper country, air cured, soouo 00. TAHS QUAKE INSURANCE. BOSTON, July 13 (Special).—The Gillette Safety Razor Co. has placed $20,000,000 of earfhquake insurance on {ts plant at South Boston. Part of the insurance aj gplhl on its buildings and contents and part Is use and occu- pancy insyrance. HOLDS RUBBER Pf PRICES. DEMAND NO ACT|0N|‘_ ‘RAPID TRANSIT'S | ment 11300 | pared with $1,443.5 Th REVENUES SLUMP Company’s June Report Shows Extra Expenses for Replacing Busses. Falling off of operating revenue and increase of expenditures, including the addition of another bus and replace- . of others, were among factors causing a sharp decline in the net corporate income of the Washington Rapid Transit Co. for the month of June, according to its report for June filed today with the Public Utilities Commission The net corporate income dropped from $8.108.07 in May to $1, ) in June. ' Total operating revenue de- clined from $43,144.71 in May to $39,4 in June, while total operat ing expenses ros 609.82 11 May to $36,686.63 in June. One ad- ditional bus increased the number of transportation units from 41 in Ma to 42 in June Among the factors for decline in the showing of net corporate income was an item of $1,5 noted on the re port. e salustsent s accordance with Public Utilities Commission let lated June 30, 1925. his letter vas not made public. Another item included on account of this letter was €8 included as non-operating reve nue. Gross income of the company was $8.914.87 for May. as compared with £4.159.53 for June: non-operating rev enue was $1, in June. & revenue for June s compared with $7 534.89 (u) Passengers May ried at 10 cents num June, as compared while those ca t the 9.cent rate numbered 204 hered 205,451 in with 220,499 in May, 059 in June, as compared with 230,306 in Ma Local Stock Market. ’ | ~The most interesting feature of s session of the local Stock F ange centered in the bid and asked quotations in the bank and trust com ny shares, although the actua) ransactions were not important The bid price on Commercial Na al was moved u Libert a point to 176 stock was held at 192 and the bid price raised over 10 points to 130 in an effort to secure the offering Lincoln National was held at 335 with 300 bid. with 351 offered for Riggs American Security and Trust moved ew high at 3431; on small sales 192 bid for Union Trust. These - e chief changes of the session. Other than the business in National Mortgage and Savings preferred shares at 91,. there were no sales of importance. In a small way Capital Traction sold at 10014, Rail re. ferred at 83% and Washington Gas 6s 10332 for round lots and 103% for small amounts. l(eporll 10 Per Cent Earnings. Title and Investment Co. of land, which is officered by Was ns and has headquarters in this city, has earned more than 10 ber cent net in the first four months of its existence, according to a re- port on this period, just sent to ockholder Ernest L. Schmidt is dent. Total assets as of May 31 were listed at $301,145. Tax-Exempt Securities Grow. of current securities, nnounced the discussion and the admin- desire 1o elim Treasury’s latest fig. inate them on the amount outstanding were |attracting interest in local financial {cir The total amount of X-exempts was estimated by reasury as of May 31 at an increase over the month previous, the figures standing at $14,005,000,000 for y 31 alnst $13,856,000,000 for the month previous Credit Banks Make Record. Federal intermediate credit banks extended more loans to farmers dur ing May any previous month the' system, $9.4 more in the direct 270, or than an) direct loans were creasing, as they have for several months, louns by the credit banks in the form of rediscounts were ma terially reduced, the total for Mav being $4.514, Jjust half of the April total (mnmi- ioner Cooper of the Farm Loan Board explained that the direct loans presented preparation. for marketing while the rediscounts. » for the most part, supplied funds for production Federal land banks increased their “\frl"(.ilgi' loans during May by $6.- 1 making the total n( these ou ding loans $068,713,201. Joint stock land banks loaned an additior $7.918.678 in May, and they had tand June 1 a_total of $494.16 30. The turn in the tide of gold has begun to affect banking credit in the United States, and members of the system are resorting to increasing use of credit from the Federal Reserve banks. CHICAGO LIVE STOCK MARKET CHICAGO, July 13 (United States Department 'of Agriculture).—Hogs— Receipts, 46,000 head: steady to 10 lower than Saturday's average: big packers inactive: buik desirable 150 1o pound averages, 13.90a14.10; top 14.25: 140 to 160 pound weight, largelx 13.65a13.90; bulk desirable pac and butcher so 12.6 | weight slaughtes pigs, mostly 13.0 { 13.50; heavyweight hogs, 18.30a14.10 fum, 13.55a14.15: light, ,13.40a 5; light lights, 13.20a14.00; picking hogs, smooth and rough, 11.75a12.75: slaughter pigs, 1 5a13.60. Cattle—Receipts, 18,000 head; choica to matured steers and good to choice fed yearlings strong; spots - shade higher; others uneven: slow, largel steady to weak; 12 loads welghty Ne- braska fed steers, 13.90; several loads heavies, 12.75a13.85; mixed feeder and heifer yearlings, 13.60; yearling heif. ers, 1 Sheep—Receipts, lambs fairly active; steady: few early sales fat natives, 15.00a15.25; culls, 11.00a11.50, steady no choice range lambs sold; few good ing ¢ 5a13.00; strong 18,000 head; fat desirable kinds ‘Washington, - 15.00; feeding lambs i strong to 25 higher at 14.50; sheen. mostly 25 higher: desirable native ewes, upward to §.25; choice handy weight Westerns, 8.50; 1,000 fed Texas wethers, 10.00. DAIRY PRODUCTS. BALTIMORE, Md., July 18 (Spe cial).—Live poultry—Spring chickens pound, 28a39; Leghorns, 22829; hens, 21a29; Leghorns, 21a22; roosters, 1 ducks, 15a20; young ducks, 20a25: pigeons, pair, 25a30. Eggs—Receipts, 694 cases; native and nearby firsts, offered at 32a32%. Butter—Good to fancy creamery pound, 3%a44; prints, 44a46; ladles 34a35; store packed, 31; rolls, 31a33; s butter, 36a3 .. ELECTRIC ORDERS SLUMP. NEW YORK, July 13 (#).—Orders received by the General Electric Co. in the three months ended June 39 were 7 per cent smaller than those for the same period last year, the total of $66,468,992, comparing with 219.984. For the first half of 19 orders amounted to $150,; us.m gain of 4 per cent over t pre K 887 reported for the first six month. of 1924, A