Evening Star Newspaper, June 15, 1926, Page 30

" 30 ¥ DILS ARE LEADERS INSTOCK MARKET Advances Sustained—Cop- per and Smelting Groups D|sp|ay Strength | BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, June 13- Oi: snares| took the lead in the stock market to-| day. It was a very popular develop- ment. The public at large is holding a lot of United States Steel common for investment which would not come out on any reasonable rise such as has heen going on for the last week or more, but it holds little for specula tion. The same is true of General Motors common. although in this case large holdings are more of a featuve:| The recent campaign in United States Steel and General m.m«i aroused a ceriain amount of entho | siasm for the market as a whole. an inspired the feeling that the 12! leadership was In force. It did no however, count as much as a bu: movement in a set of stocks in which tha public was heavily interested both Jn an investment and speculative way. Such a buying wave developed ‘o day in the popular oil shares. and once the operation got under way proceeded quickly. Before the end of the first hour the leading oils were up a half point 1o a point from ves terday’s final. These advances were’ sustained in the later dealings. Among the other oils there were gaine in Lago, Standard of New Jer- sev, Standard of California, Atlantic Refining, Phillips Petroleum and Gen eral Asphalt. What has appeared for several davs to be special buying in Panhandle Producing and Refining kept on. With the oils going ahead some of the other recent leaders at least tem- porarily fell behind. One of these was | FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct fo The Star Office High. Low.Clome. ) 73 71% 72 | Gen Mot pt (7). . 46% 46% 46% Gen Ouidr Ad(2) 109 109 109 | Gen Petrm (3).. 12% 124 12% | Gen Ry Sig t4% . 50% | Gimbel Brot 8 | Glidden (2) Gold Dust . Low. Close. 8% 118% | 28% 28% oml 6 56% 18% 3% 51% 106 Open. Abitibl Pow (4). 12 Abrahm&Straus. 45% ADbr&Stras 7% p: 109 Adv. Rumley Ad Rumley pf(3 Ahumada (41). Air Reductn(15) 118% Afax Rubber. 9% Alled Chem (4). 122 AllfedCm pt (7). 120% AlllsChalm ().. 8% Allis Chal pf (7) 109% Amerada (1.60). 28 Am Agricul Chm 17% Am AcriChof.. 59 Am Bee 231 Am Bosch 20" Am Brake Sh(§) 1224 Am Br Rov EN(2) 41% Am BrBopf (1) 95 AmCan(3)..... 52 m Can pf (7).. 125% Am Car&Fdy (8) Am Chatn A (2). Am Drug Am & For Am Hide & L p Am Ice (+10) Am Tnternatl AmLaFr(1)... 18 Am Linsd pf (7). 79 Am Locomot (8) 103% Am Mata's (4).. B1% Am Po&Lt (g1). 88 Am Radlator (4) 110 Vi RY Exp ()., \m Republie Am Safety R Am Ship & Com Am Sm & Ref (7) 1274 Am S & R pf (7) 118% \m St! Fdys (3). 42! Am Sugar (5)... 68% Am Sumatra.... 16% Am Sumat A cfs 24 Am Te! & Ca (5). 86% S B | Am Tel & Tel(9). 142% ATel& Teleg rts . 64 Am Tobac B (8). 115% Am Tobac p¥ (6) 112 Am Wa Wo ¢1.20 Am Woolen..... Am Wool pf (7). Am Writ Pa pf. . Am Zine. .. Am Zine pf... . Anaconda (8). . Archer-Danfels. Armour of TII(A) Armonr of TI/(B) Open. 118% l!’i 114% 9% 121% 120% 8T% 8 118% 9% 51% Goodyear pf (1) 104% Goodyr pr pt(8). 108 Gothm S H ll%) 43 Gotham pt (7). Gould Cou (2). Granby Consol. , Grt North pf (56) Gt Nor Ore (1%) Grt Watn Su (8) | Green Canan. .., Gull’ Mo & Nor. . | Gu M & N pf (6) Gulf States S (5) Hartman®(2%).. Hayes Wh(13%) Houston OMl. ... Howe Sound (3) HudsonMan(21 Hudson Mo(3%) Hupp Mot (1)... Tilinots Cen (7). Indep O11 (1) Indian Motor (2) Indian Refining . Inland St (213). Inspiration (2).. Interurb Rap Tr. Intconti Rub(1). Internat Agrl. .. 1n Ag C pr pt(7) Int Bus Ma (8).. Int Cement (4). . Int Cement pf(7) Int Com Eng (2) Int Harvstr(6). . Inter Har pf (7) IntMtch pf(3.20) int Mer Marine. Int Mer Mar pf. . Int Nickel (2). Int Paper. Int Tel & Tel () Int T&Teieg rts. Jewel Tea...... Jones Bros Tea. Jordon Mot (3).. Kan City South. Kansas & Guif. . Kayser J (3)... Kelly-Spring . e 182% fEric 21% 121% 26 226 10% 10 238 U'nited States Steel. Another was General Motors. Chrysler, selling ex dividend,, just about held its own. Mack Tracks. allowing for its divi- dend reduction, was somewhat better. Hudson Motors was also selling ex the quarterly distribution, but did | comparatively little, and the same was | true of Nash Motors. Some little huying came into the | copper and smelting group as the r sult of the improved price reports which have recentlv been coming in from the copper trade. American Smelting and Anaconda were both in Aemand. During the greater part of the time | the railway shares did little. Fluc- | tuations in stocks like Atchison and ! New York Central were relatively | small. New Haven was up a bit. St. Louis, San Franclsco, ex-dividend, was about the same. | | Markets at a Glance | | l By the Associated Press. NEW YORK.—Stocks higher; oit | and copper shares lead rise. Bonds irregular: local traction issues heavy. | Foreign exchanges steady: Spanish | pesetas rally. Cotton lower; favorable | weather. Sugar steady: better spot | demand. Coffee firm: trade buving. | CHICAGO.—Wheat higher; rains in harvesting _districts. Corn stead. sympathy with wheat. Cattle steady. Hogs weak. | Atchison pf (5). Kennecott (4). vstone T & R. Kinney G R (4) Kresge S8(1.20) Kresge Dep! §. . Kresge DS pf(8) Lago O1! & Tran. Tee Tire & Rub. Lehigh Val(314) Tambert (3%).. Lima Loco (4). . Loew's Tne (2).. Loose W 24 (7) Lorillard(3). Loufsiana Ol LoutsGasA (1.75) Artioom (3).... Asso Dry G(2%) Asso DG 1st(8). 100% Asso DG 24 (7). 103% Atchison (7).... 136 100 At] Birm & At.. % AtlC Line(191;) 206% At GuIrs WI... A1% At GuIt&WI pf. 41% Atlantic Refing.. 119% Atlan Ref pf (7). 118% Austin-Nichols.. 14 Austin Nie pf(7) 76% Baldwin L (7). 111% Balto & Ohto(8). 94% 1007 103% 136% 100 % 210% 413 4% 121% 118% 15% 6% a1 THE EVENING STAR. ITREND IS LOWER | At the same time buying was going | were firm, but did not. ! but not to any great extent. i issues. Louls&Nash (6) Ludlum Steel (2) Mclntyre P (1) Mackay pf (4). Mack Trucks (6) Macy H R & Co " | Magma Cop (3). 4 39 9 41% | Nanaty ! 100 | Manati Sugar pf. & 5 5 | 29% | Man K1 Sup(414) 6% Man FI gtd (d5). Man-Elev gtd Maracatho Of1 Market St prior. Market St 2d pf. Marland Of1 (4). Marlin Rock (2) May Dept St (5) Maytag Co (2). . MetroG pf(189). Mexican Seahd. . Miami Cop (1).. Mid-Continent . . Mid.Cont pt (7). Middle States. . . Midland pf(110) Miller R ctfs(2) Balto & Oh pf(4) 170 Bang & Ar (3). 39% Barnet Leather. 50 Barnsdail A (2). 26% Barnsdall B (2). 24% Bayuk Cigar. ... Beech-Nut (13) Bethlehem Stee Beth Stl pf (7).. 100 Bloomingdale 28% Bloomingdle pf 7 104% Briggs Mfg (3).. 2% BkIn Edison (8). 141% BKIn-Mn Tr (4). 64% Bk-Man T pf(6). 84% BkIn Un G(t11). 80% Brown Shoe (2). 304 Buff Roch& P(4) 12 Burns Bro (10).. 139% Burns Br B (2). 37% Bush Terminal.. 30% Bush Ter de (7). 924 Butte Cop (50¢). Butte&Super(2). Butterlck Byer & Co. Calif Packing(8) 1394 119% 125% 320 99 1% 116 34% { 6.30 per cent. " |ation and depletion. 1 INBOND MARKET Profit - Taking Encountered by Issues Scoring Big Recent Gains. BY GEORGE T. HUGHES. Special Dispatch to The Star NEW YORK, June 15.—Although there were outstanding spots of strength, the general tone in the bond market today was easler, reflecting the profit-taking in those issues—most | of them semi-speculative—which have enjoyed the largest advances in re- cent trading Missour! Pacific 4s, which on two successive ‘days established new high records, reacted today almost a point below (their best price. Other rail- road bonds in this same general clase were inclined to sell off, but none of the losses was more than might have been anticipated from the extent of the rise. The feature in the highgrade group was the strength in Liberty 314s, which went to a new 1926 top. Probably this demand was the result of switching from Libertys, on which atter July 1 there will be no longer tax exemption except to the amount of $5,000 par value for any one holder. The other Government oblil- gations were steady, with all offers readily absorbed around current levels. Among the ralls Atchison General 4s were lower and at 91!; down a point and a half from the vear's high. on in Atchison adjustment, suggest ing here also a switching process, for the sake, in this case, however, of a higher yield. Tocal tractions were heavy. Third Avenue adjustments at one time were off % of a point. The anticipated developments of a favorable character have not yet come to pass. Ofl bonds except for the convertible issues, advance with oil stocks. Sugar issues lost ground, too, In the foreign group prices of French bonds were shaded and the same was true of some of the Belgian | German industrial and mu- nicipal loans, on the other hand, were | stong. So were Hungarian Munic- Ipal 7%s, and there was an advance in Greek 7s. Panama b6%8 showed the competition of today's new offer: ings of Panama 6%s to the amount of $2,600,000, priced to yield at the minimum redemption figure about PROFIT R.EPORTED NEW YORK, June 15 (#).—Federal Mining and Smelting reports operat- {ing profit of $1.133,884 for the quarter ended April 30. before the construc- tion and equipment charges, depreci- This compares with $1408.950 in the preceding quar- | a St Jaseph L(13) | StL & SanFr (T) St L Southwest. Savage Arms (4) Schulte (§8) . Schulte pf ( Seaboard Al Seabd Afr L pt.. Seagrave(el.20). Sears-Rn (2%) Seneca Copper) 7% | 13 1 0% 5% WASHINGTON, | Hungary 74« Shattuck F G(2) 5815 TUESDAY. .JUNE 15. 1926. [ovwe o BONDS o] Received by Private Wire Direct to The Star Office. Sales. High. Low. Close. UNITED STATES. (Sales are in $1.000.) sun High. Low. 485 101 12 101 6 Lib 1st 4% 6 Lib 2d ¢%s. 127 Tdb 3d 4%s. 6! gb “’:: 4%s 526 UB4¢n1844. 102 23102 20 100 29 100 27 101 14 101 12 1034 1082 16 101 2¢ 101 22 104 11 104 7 US4%eb2. 662 108 10 108 8 FOREIGN. Argentine 6sJu 8. 51 Argenti Oct 5¢ 10 .| Argentine 6» A Argent; Australian 64 Auatria 7s. Bank of Chile w.- Bank of Japan s. Belglum Belgium Igtum 7s. glum 7 Belglum s Bolivia 8a. Bordeaux 8 Brazil 7a Brasil 8s e Canada 6s 1981. Canada §x 1952 Canada 5% s Chile 75 1943 Chile 85 1941 Chinese Gov Ry 6s. Christiania 6s. . Con Pow Japan 7s. Copenhagen 5%s. . Cuba 5%s Czecho 7348 rots Czecho 8s 1951.. .. Czecho 85 1952 ct.. Danish Munic 88 A . Danish Munic 8s B. Denmark 6s. .. ... DEIn 6% Nov 53 Dutch East [ 65 47.019 Dutch East 16s 62. 8 1 Salvador 88 48.. | Finland7s........ 10 Framerlcan 7%s French7s. .. French 7% French 8x. German Bl German 7s. . Gor Agr Bank 78 Ger Gen Elec 1 Greek 7s. Haitl 6a Holland Amer 6s. . 28 58 155 4 45 8 Ttaly Japanese 4! o Tapanese 6%5s . . Tergens U M 6s 47. Lyon 68 v Marseille . 18 Mexico 45 04 asntd. 10 Mexico 48 10 asntd 51 exico 6% assented 40 ontevidio 7a. ... 12 etherlands 6s 54. 9 etherlands 68 72. 42 Nord Norway hlg | \arvly (2] nu Paris Orl Peru 7%8 Poland 88 Porto Alegre §s. . Prague 7%s. . | Queensiand 7s Rio de J. Rio de Jan 8 47... Rio Gr Do Sul 88 Sao Paulo City 8 Sao Paulo 35 1938. . Sao Paulo 1950. Saxon (PW) 7s. Seine 7s 42. . Serbs Crot Selssons 6a. . . aden 5143 ct. Sweden 6s. Sales. High Y% P Serv Gas 6%s6 Remingtn Arm Rep Iron & St Rog Brown Iron 7 Saks & Co sf 7 Sinclair O11 Sinclair 011 6% \Sinclair Of1 78 8in Crude Ol Sin Pipe Line 8s. Skelly Oll 6%s. . ‘Tenn Elec Pow Toledo Edn 1st United Drug s U8 Rub st rf 8s USRub 7%s U 8 Steel s 1 ba Utah Pow & Lt 5 Va-Car Chem 7s. Vertientes Sug 7s. . Warner Sug 7s 39. . Warner Sug 75 41. . West Elec 6. ... . Westn Union 6145s. ‘estinghouse 7 Wilson & Co 18t §s. Winchester A 7145 70““'-(n S&Té6s. — P N T 23 104% RAILROAD. Atchison gen 4s. . . Atlantie C L cl 4s Atlantic C L 1st 4s. At) & Dan 2d 4s 48, 58 13 10 2 O 8wDiv 5s cfn B & O Toledo 4s. .. BKlyn Manhat 6a. BUf R & Pitt 4343 Can Nat 4%= 30 fan Nat 4148 54. . Canad Pac deb 4s. . Car Clinch & O 68 Centof Ga 5145, . Cent of Ga 6s Central Pacific Cent Pac 1st 58 90. Ches & Ocv 4% Ches & O gn 4148 Chi & Alton 3155, Chi B & Qgn 48 58, ChiB& Q Istrf 6. CB&Q-II3%a. .. CB&Q-Tdiv4s Chi & ETgn§a Chi Great Wes CM&StP4s2s CM&StP a5t 2 CM&StPdeb 4s ofs. CM&StPeviys CM&SPcve 14 s22cfc CM&StPgn4ts CM&St Pridts. . CM&StPr 438 cf14 CM&StPevsa... CM&SP cv Secfa 14 s Chi&k NW gen4a. . ChiTH&SESs.. Chi Un Sta 4 Chi Union Sta W52, CCC& St 4t%s CCC&StTbs..... CCC &St T rt6s A Clev Term Ss. ... Cleve Term 5. Colo & Sou 4148 Cuba N R 6s 66 Del & Hud 15t rf 48 Del & Hud cv 58 35 Den & Rio G en 4s D& Rio G imp5s.. D Rio G West s Frie 18t cons 4s. Erie gen ds. . Erfe conv 4s A. Erie conv 4s B. . Erieconvis D.. Erie & Jersey 6 Erie Ganessee FlaECHhs74.. 92 924 93% 73 9% 964 7 104% 104% 104% 2 89% 884 B8% 2 100 100 55 110% 107% 93Y% 97% 106% 106% ¢ 99% 107% 8% 66% 83% 102% 1% 108 97% 103% 104 92m 92% 3% 2% | 91% 96% 9814 104% 103 108% 101% 81 97% 91% 103% 91% 101% ! 31-.1 7% 110% n | to 15 lowe ‘FINANCIAL. |CROP REPORTS SEND WHEAT PRICE UPWARD Setback at Start chkly Overcome. Corn and Oats Easier in Today’s Trading. By the Associated Press. CHICAGO, June 15.—Unfavorable crop reports from Kansas led to an early upturn in wheat prices today after a setback at the start. The ini- tial weakness was ascribed more or less to rains in the Northwest and West wheat underwent a moderate general drop and then rose all around to above yesterday's finish. Corn and oats were easy: corn starting un- changed to % off, and later fluctu- ating within narrow limits. Provisions | developed firmness. | Assertions that Kansas has lost 10,- 1 000,000 bushels of wheat since June 1 were current here today, credited to # recognized unofficial crop authority. The reason given was heat and drought. information, there is a lot of shrunken wheat in the territory from Hutchin- son, Kans, to Wichita, Kans., where the harvest is now in full blast. Efforts to lift prices in the wheat | market today, however, had to en- counter opposition on the ground that of all the vear the last two weeks of June are the least encouraging period tfor such operations. vertheless, i was contended that Spring wheat crop damage reports are yvet to be reckoned with, and that the present domestic | harvest run of Winter wheat to mar- | ket is apparenty meeting with the { best demand ever known. 9 ) H September December e b i S5 33T IR P P | 382 R CHICAGO mvfi STO(iK MARKET CHICAGO, June 15 (United States Department of Agriculture).—Hogs— Receipts. 20,000 head: dull; steady to mostly 10 lower; big_packers inactive early bulk 240 to 325 pound butchers, 13.85a14.20; majority desirable, 210 {pounds, down, 14.40a14.55; practical 14.60; bulk packing sows, 12.60a few sorted killing pigs around : heavywelght hogs, 13.60a14. medium, 14.00a14.60; light, 13.70a14.6 ight light, 13.85a14 packing sows, 12.35a12.90: slaughter pigs, 14.25a14.75. Cattle—Receipts, 10,000 head: fed steers generally steady; vearlings most_active: some slowness as well as weakness on in-between grade | heavies: top weighty steers, 10.65, medium weight, 10.50: vearlings, 10.40: | she stock mostly steady: bulls weak : top bolognas. 6.35; vealers | steady; bulk 1o packers. 11.50a12.00 | stockers and feeders firm. i Sheep—Receipts, 10,000 head: fat ! lambs very slow: early sales of na- tives. 50 lower; bidding as much off on Westerns; several lots of good na tive lambs, 16.00; with sorts about like vesterday; vearlings sharing fat lambs decline; choice 87-pound year ;Ungs 14.50; cull and common kind. a11.00; few fat ewes steady: sup ‘ lv very small: desirable kind to klllm 6.00a6.50. GRAIN AND PRODUCE. BALTIMORE. June 15 (Special). | Potatoes, white. 100 pounds, 2.00a4.0¢ | new potatoes, barrel, 2.00a6.00; aspar- agus. dozen. 1.20a4.50: beans, barrel. 1.5022.75: cabbage, hamper, 1.25al. beets, 100, 2.00a5.00; carrots, 100 3.002 5.00: cucumbers, crate, 75a1.50; egg- Opening unchanged to % off. . According to this source of | ’ ‘CHANGE TRADING SEASONALLY DU More Interest in Bid- and Asked Prices Than in Transactions. BY EDWARD €. STONE. ‘There was more interest in fhe Wid and-asked prices on the local magket today than in the actual transactione. which were narrow and uninterastihg Special strength was evidenced in Potomac Electric prefesred on. odd-lor sales at 109, and a slight fraction be-¢ ing paid for 11 shares. (3as wae firm at 68% and Lanston at 86%,, but no transactions of importance wera re corded. In the quotation list Nationa) ings and Trust shares advanc 500 bid without a sale. Mergenthalér was ex-dividend 1'; per cent for tHé current quarter and was entirel” nominal at 104 bid and 106, asked Evidently the street expects the divi dend rate to remain at £ per cent The strength in Potomac preferred may have been responsible for. some of the strength in Mergy The bid price on_Federal-American Bank shares was off 10 points, repre | senting the special stock dividend of 110 per cent. In the bond list Wash. ington Gas 6s. 1433, sold to 104} Summer dullness is here and therd is no ithmediate improvement in sight more especiallv as the one great trad.: ing security of last Summer is now not much more than nominal—re terring to Rallway common. which is waiting, as every one else is. for some thing to turn up Delegates Start Tomorrow ‘Applications are still coming in was the comment of H. G. Hoskinson. chairman of the transportation com mittee of the District Bankers' Assn ciation which opens it& annual conven tion at Hot Springs Thursday morn ing. The first delegation.leaves Wash ington tomorrow afternoon and the re mainder of the delegates and guests start in the evening Francis G. Addison. jr.. president of the association. was holding final co ference today with varioys committes chairmen who werg putting the last touches on their reports. Every affory has been made to present the work of the vear in a most attractive manner ¥ The reports will show that marked progress has been made. Lanier P. McLachlen. chairman of the program committee, announces that no last-minute charnges have been necessary and the program as origi nally planned will come from the printer late todav. It will contain complete information about every phase of the convention The address by Merle Thorpe. editor of the Nation's Business, is sched uled for the opening session. whila George J. Seay, governor of the Fed eral Reserve Bank at Richmond. will make his address Friday. <a.turdm will be one of the biggest ds many of the most important rnpnnu come on that date and the election of officers for next year is alsa:on the program Purchases Bank Building. The Federal-American Company cently organized by the Federal American National Bank to handle first and second trust loans on rea estate. building loans. insurance and other business of- that nature purchased the bank building at 131 F strest. which the Federal-American Bank owned and formerly accupiec The new concern has been in t building since the bank moved 1o i new home The new finance company has fust has h Fla EC 74 new Gr Trunk sf db 6; Grand Trunk 7s. Great North 5= ... Great North 53 Gr North gen 7 GreenB & W dbh B Havana ERL&P 50 Hud & Man ref 5s.. 2 Hud & af 5= 111 Central ref 4s. . 111 Cen 4s 26% | Swiss5%s 6244 | Swiss Conted 88 41 | Toho Elec Power 78 109 | Utd Kingm 5%s 29. 10 204 | Utd Kingm 6158 37 44 227, | Utd Steam Copen §¥-16 o MISCELLANEOUE. 128 | AJax Rubber 8s. 108% 108% 30% | Am Agr Chem 55.. 1108 108 102" | Am Agri Chem 73%s 20 106 103% 1% | Am Chain’s. 102 101% 100+ | plants. crate, 3.00a6.00! kale. bushel. 1»71‘1?3340, lettuce. basket, 25a50: Spring {onions, 100, 1.00a1.50; peas. hamper. 1.00a2.50: tomatoes, crate. 1.50a3.50: spinach. bushel, 40a65: radishes, 100, 2.00a3.50: rhubarb. 100, 2.00a8.00: w"nua:h basket. 1.25a 3 Apples—Barrel. 2.00a4.50: bushel, | 5a150; strawberries, quart. Virginia. 2al15; Maryland. 12al8: cantaloupes crate. 1.00a3.25: pineapples, crate, 3.75a4.25; watermelons, 100, $100. Min St P & SSM. M St P & SSM pt Min Kan & Tex. . MoK & T pf (6). Missour! Paciflc. Missourt Pac pf. Montana Pow (5) Montgom Ward. Moon Mot (3). .. Mothr Lode(75c) Mo Pleture(115) Motor Met(3.60) o 66 36% Shell Un (1.40).. Shubert Theatrs Stmmons(12.25) Stmmons pf (7) Stmms Pet (1).. ! Stnclatr Ot ... Stnclair pf (8).. Skelly Ofl 12) . Sloss Sheff (6). Sou Cal Edison. . South Port 3 () Sou Dairies A(4) declared its. first. quarterly .dividend on the preferred stock at the rate of | 6 per cent per annum. Officers of ! the Federal-American Co. are: W. T Galliher, chairman of the board: John Poole. president; William John Evnon p and W. J. Waller. vice prasidents Charles B. Lyddape. secretary-treas urer, and Charles D. Boyer, a tan secretary-treasurer. Reserve Board's Report. HUGE UTILITIES MERGER | cun packinect 1o IS EFFECTED IN SOUTH Calisnanzine " "1 Calumet& Ar(6). ATLANTA, Ga.. June 15 (®).— The | Can Pacific (10). Southeastern Power and Light Co.. Case Threshing. has secured control of a large num-: Cent Leather... ber of electric utilities companies in | Cent Leather pf Georgia through the acquisition of a | Century Rib M. majority of the voting stock of the Cerre DeP (4).. companies. it was announced here | Certaln-Teed(4) vesterday by P. S. Arkwright. presi | Chand-Cleve. ... dent of the Georgia Rallway and| Chand.Clept(4). 104% 20 6 6 Power ("o.. a subsidiary. i A majority of the properties brought into the merger are located n middle and south Georgia and in- ‘Inde those of Macon, Athens, Bruns. wick. Milledgeville, Dublin. Griffin and Thomaston. A total of 42 cities and towns is affected by the deal. i RUBBER GOES HIGHER. Special Dispatch to The Star | NEW YORK June 15.—Crude rubber, smoked ribbed sheets, gained | a half cent at the noon quotation today of 43c. This compares with i 2 month ago and T4%e a vear, agn. . BANK CLEARINGS. Spacial Dispateh to The Star. NEW YORK, . hank elear York hank York Federal 79,000,000, | FIBM I8 SUSPENDED NEW YORK, June 15 {(#).—The stock brokerage firm of Waiter Kava nagh & Co. of Montreal was su pended from associate membership in | the New York Curb Market today for “Inability to meet its obligatiol The firm has had the trading priv leges only for two months. REORGANIZATION DELAYED. ‘NEW YORK. June 15 () —The | reorganization plan of the Chicago | and Alton Railroad is understood in | the finaneial district to have been de- | layed through divergence of opinion among members of the protective | committee. | — SHOB.T TERM SECUBITIES (Quotations furnished by Redmonq & Co.: Anaconda Coppe 1 eiage ON on 1925, Balto. & Oh; C33RR23RIRIII2A3235R2 F SRR S 353325532333557050350350 RERPTER, A'Mt nr ot - f‘ln u m p' Lite Au §m 3% com. 55 g:xa».—_u g O TJune 18 June 7 June 2 s} =05 anppn eyt | Chi Great West. |ChiMn & StP.. | ChiR1& Pac... ! Collins&Aik pf 7. 100% | Congress Cgr(3) | Consol Distribut | Cont Can (18) | Cuba Cane Su pf. | Dupont (119 | Dupont deb (6). | Ches & Oh (t12). Chi & Alton. 182% 6% 8% 21% 11% 19% 1% 18% 8% 124 113% 50% 86% 8% 51% 33% 23 2% 33 63 156 39 Motor Whi (2).. Munsingwr (3).. Murray Hody. .. Nash Motors. . .. Nat Acme (sta). Nat Biscult (4). Nat Cash Reg(3) Nat Cloak & Suit Nat Datry (3)... ! Nat Distillers. Nat Enamel & S. Po& Lt(40c) at Ry Mex 2d.. Nat Supply (4). Nat Tea (4) Nevada Cop (1). N O Tex & M(7). NY Alr, Brake(2) NY Canners(c2) NV Central (7). NY Chi&StL(11) NYCRStL dbf (8) Chi Gr West pf.. Chi Mil & St P pt C M &St Petfs C Mil&StP pf cfs Chi & Nwyu (4).. Chi & Nw pf (7). Chi Pneu T (5) . CRI&P DL (6). CRI&PDPL(T). Childs 32.40). Chile Cop (2%). Chino Copper. . . Christie B (1.20) Chrysler Corp(3) Cluett Peab (5). Coca-Cola (7)... Collins & Alkmn. Col Fuel & Iron.. 40% Col Gas & El (5) 81% Col G&Epf (1) 113 Coi Carbon (4).. 62% Com Cred (2) 29% Com Solv B Congoleum: NthAm Ed pf(7) North Pac (). . Norwalk (1.60). 011 Well Sup 42) Omnibus. Onyx Hoslery . ‘Oppenhelm (3).. Orpheum Cir(2) Otis Elevator (8) Otis Elev pf (6). Otis Steel. . Outlet Co pf o Owens Bot (+4). 51% | Pacific Coast. ... 24% | Pacific Gas (8). . 84 | PacOn (3)..... 97% | Packard Mot (2) 47% | Pat xm‘u,so). Pan-Am (6).... Loo | Pan-am B ( 189 | Pan. AmWnau) Panhandle. Panhandle pf. . | Park Utah (80¢) Park & Tiiford. . Pathe Ex (c3).. Penn C & Coke. . Pennsy R R (3). Penn-Seab Steel. | Peoples Gas (8). ‘Pere Marq (18). Pere Mara pf (5) Phila Co pf (3).. Phila&RC&1I. Phillp Morris. .. Phillips Pet (3). Plerce-Arrow. .. Plerce-Ar pf (8) PlerceOll....... Plerce Petroim . Pitts Ter pf (6). Pitts & W Va(6) Postum (4.40).. | Pressed Steel(n) Prod & Refiners. Producrs & R pf. Pub Ser N J (5). Pub Serv pf (6). Pub SNJ pf (7). Pub 8 NJ pf (8). Pullman Co (8). Pure O] (1).. Radio Corpof A. RSIlCefs (4). Ray Cons Cop (1 Reading (4) Reading rts. Reading 1st (2). Reid Ice Cm (3). Remington Type Remingtn 2d (8) Replogle Steel. . Rep Iron & Steel Rey Tobac B(5). Robt Reis & Co. . Royal D(21.339) Safety Cable (4) 48 2% 60% 4 06% 1% 78 10% Consol Cigar.... Consol Gas (3).. Cousol Textile. Cont Mot (30¢) . Corn Prod (2)... Coty Inc (4).... Cruclble Stl (5). Cuba Cane Sugar 36% 51% 24% 84 97% 4% {.CubaCo (4)..... Cuban-Am S (2). Cudahy Pkg (7). Cushman’s (8). Cuyamel Fr (4). Davison Chem.. 38% Del & Hud (9).. 160 Del L & Wn (17) 139 Detroit Kd (8).. 136% Devoe& Ra(2.40) 37% Dodge Bros ClA 28% Dodge pf (7).... 8b6% Dome Mines (2). 13% . 2334 104 Eastman (18) Eaton Axle (2). Eisenlohr & Bro, El Auto Lt(16%: Electric Boat. .. Eiec Power & Lt 19% Elec P& L pf(7) 94 Elec Refrig(f2). 176 Elec Sto Bat(16) 80% Emmerson Brat. 1% Emmerson Bpf. 8 End-John (5)... 67% 40% 16 126% 123% 31% 31 69 2% 97% 83% 92% 18% 80% 46 Exchange (1 ‘6) Famous P! (10). FedLIight(®1.40) Fed Min & Smelt Fed Min pf (7). . Fisk 1st pf cv(7) First Nat 8(1%) Fisher Body (5). Fisk Rubber. ... FiskR 1st pf (7 Flelschmn(13%) Foundation (8) . Fox Flim A (4). Freeport-Texas. Gabriel A(t4%). Gardner Motor. . Gen Asphait. Gen Clgars (4) Gen Elec (c8) Gen Elec (h3). .. Gen Elec sp(§0c) 11% Gen Gas A(e1%) 40% 40% | Gen Motors ($16) 141% 142% 139 124% 31% [ 2% 7% 38% 93% 18% 80% 82% 40 U1% L Sou Dairles 3... 2% South Pac (8) . .. 101% Southern Ry (7) "8 | Spicer Mfg 22 Std Gas&EI (g4) S4% Std G & El p2(4) NU‘| Std Ofl Cal (2).. bb% ! StAOINJ (1).. 4% [ Std Of) NJ pf(7). n7 Stewart War (6) 72 Studebaker (§). K24 Submarine Boat. 2% Sun Ofl (11).... 33 Superior Oll.... 2% Tenn Copper (1) uy Texas Co (3). 66“. I Tex Gulf 8 (10). Tex & Paciflc. .. Tex & PacC & O The Fair (2.40). Third Avenue . Thompson(3.60) Tide Water(1%) Tide W Oll pf(s) Timken (t4).... Tobac Prod ¢7). “Tob Prod A (7). Transcont Oil. .. Underwood (4). Un Bag & Paper. Un Carbide (5).. Unofl (2)...... Un Pacific (10). Un Pacific p£(4). Un Tk Car pf(7). Utd Alloy (2).. . Utd Cgr St (E2). Utd Drug (8).... United Fruit (4) U S CI1P&F(10) U S Distributing U S Express. ... US Hoftman 3% U 8 Ind Alcohol. U S Realty (4).. uml ¢ U 8 Slell pf ('l). Universal Pipe. . Univ Pipe pf (7) Utl P&Lt A(E2) Vanadium (3)... Vicksbg S&P(5). Va-Caro Ch(n).. Va-CarCh 6% pf va-Car Ch p(7) Vivaudou....... Wabash. . ‘Wabash Bf A( )‘ Walworth (1) . Ward Baking B. ‘Ward Bak pf (7) Weber (4)...... West Maryland. West Md 2d pf ... West Pacific. ... ‘West Pac pf (6). Weat Union (8). ABr 16 ‘Wsth Westinghse (4). Weston Elec. ... ‘Weston A (2)... Whul &L Erl’). Whll Mot (4).. White Rock (2). ‘Wickwire ctfs. . Willys-Overland Wwillys (?(nle (J{ Wilson A (nd WoolwthF W (16) 1 ‘Worthn Pump 83% Wright Aero ( Yale&Town(15). 'Yel T&C(76¢)... Yel Tr&C pf(7). Younnwvn (O] —Pald this year—no ”f’-(b.. 2 Am Repub deb 6s. Am Smit& R 1st s Am Smit& R 6= Am Sugar ref 6a AmT&Tel trds. Am T &% ¢l tr 5s. AmT&Tst5s. Am T & TAeb5iss. Am Water Wk 5s. Am Writing Pap 68 Anaconda 1st 6s. .. Anaconda cv db 7s ‘Andes Cop 7= rets Armour&Co 4% Armour Del 6 Assoctated Oll Affantic Refin Barnsdall 6s otrs 14 23 20 10 i Bell Tel P « | Bell Tel Pa §aC Beth Steel pm Beth Steel rf 6. Beth St Brier H St 18t 63%5. | Bklyn Ed gen 5a. .. Bklyn Union 5% } Bush T Biég & Calif Pete 6% Cen Leath 6s 45 o s Chile Copper 6s 33. CinGESH%n62. Con Coal Md 1st 5s. ConGasN Y 5% Consumers Pow Dodge w | 68 Donner Steel 7s. . DuqL & P 5%s49. Dugquesne Light 6s. 2! Wst Cuba Bug 7%8. EmpireG & F 734 HumbleO & R6%s Illinols Bell 1st5s. 11 Lackawa S Lacl G ref 68 Laclede.G 5%8 62. Liggett & Myers 58 Liggett & Myers7s 3 LoulsvG & B85 ¢ Manati Sugar sf 7% § Mid-Con 6%s 40 1 N Y Edison 6%s. .. NYGELH&P és. NY Tel 458 ee- NY Tel6s41... N Y Tel 6549 North Am Ed 6s. North Am Ed 6%s. Nor Ohio T & L 6s. Nor States Pow Nor States Pow 6s. Otis Steel 7%. . Fan-Amer P Pan-Amer Pete 7s. Peoples Gas bs. ... Phila Co 5%s 38 PhilaCorf €s A Phila& RAC& 168 Pierce-Arrow 3s... Tublic Service 8s. . Pub ssrdm..li P Seérv GAN B! 3 101 6 104 99% 99% 101% 101% 108% 108% 103% 103% 984 98w 1034 108% 100% 106% 106 97h 9T 5% 55 1035 103 106% 10G% 99% My 93%_ 934 1027%7102% 1024 102% 99% 99% 103 108 103% 1084 9% 97% 100% 100% 98% 93% 99% 99% 10274 102% 104% 104% 147 146% 99 99 108% 103% 102% 102% 107% 107% 5 104% 104% 100% 100% 105 104% 824 81% i06'% 1084 102% 101% 91 9 94% 94 107% 107% 98% 8% 102% 102% 108% 108 filh 96 108% 108% 105% 1086% 106% 104% 103 102% 105% 1054 1104 110% 101% 101% 102% 1024 103% 103 9% 94k _ %% ~ % 105% 105% 100% 102 105% 1 108% 108% 104% 104% 99% 99y 101 101 103% 108% 102 102 122% 1224 100% 100 98 87y 104 8644 102% 102% 104% 104% 117% 117y% 108% 108% 110% 110 103% 1034 106% 106% 98 974 1004 100% 105% 105% 102% 1025% 00% 100% 102 05% 108 101 103 101% 101 10486 104% 1045 100% '100% 100% 107% 107% 107% 104 103% 104% e o o 108%_505% 106% 111 Centra % 8 M-C-C StL&NO !! 16 Int Rap Tran s, 32 Int Rap Tr §s !lpd. 104 Int Rap Tran 6s. Int Rap Tran Int & G Nor 1 Tnt & G Nor ad 6~ . Towa Cent rf 4s. . Kan City Ft 8 4s Kansas City S 3 Kan City 8 5s. ! Kan City Term ds.. Lake Shore 4s 28 Lake Shore 4= 31 Léhigh Valen 4s. .. Lehigh Val 5s 2003 Louis & N uni 4a. .. T & N 4% 2003. Louis & N5 B. . T.ouls & Nash 5% s. Louls & Nash 7s. .. Man Ry 1st 9 Man Ry 2d 4s 2013 Market St 78 40. ... Mii El Ry & L 58 M St P & SSM cn s M St MK MK & T adj 5s MK & prinbs A. 85 MEK&T6sC. Mo Pacific gen 43 P & & Mo Pac 55 1965 Mo Pac 6s 40 D Mo Pac 6a 55 B Mont Trm ref 5» 41 Nassau E Ry 45 57. NOTex&M5sB.. 3 NOT&MSEYs % | N Y Cen gen 3%s. . NYCent4sos. . N Y Cent deb 4 1 NYCrfim4t%s13 N Y CentriBs, N_Y Cent deb NY Cent LS cl 3%s NYChI&SIL 515sA. NYChI&StL 5%sB. NYC&StL6sA. New Hav deb 4s 56. New Havd 4s57... New Havencd 6s.. NYOntWistds.. NYRyrfdnctts.. N Y R: 65. ‘NYWLBon‘% Nor & 8 gen 53 54. . | Norfolk & W cv s Northern Pge & Northern Pac ¢ Northern Pac 58 D. | Northern Pacr | ‘Wash 1st rf Pennsyl gen 44s. . PCC&StLbsA. . PorRL&P 6s47.. Reading gen ¢%s. . Reading J C 4s 51 RIArk& L4Ys. St L IM&S 4s29... 17 St L IM&S R&G 4 5‘ StL&SFpldsA.. 3 ‘M“‘!le!l‘prlnl-. i con 4s fl I! StP&KCShL4%. 9§ San A& ArnPds.. 23041 48, . Sou Pac'ds !L...... 12 8% %1 " Corn—Coh, 10855 4 1084 671 104% 80 88l 95% 97 105% 107% 9 104% 10415 | Unlon Pac 1strt 4s 12 Selling Prices at Noon. Wheat—No. 2 red Winter. domestic, | spot. no quotations; No. 2 red Winter, « garlicky, spot, 1.58. spot, 3.60a3.65 per bar- domestic, No. 2 vellow, No. 2 71%: No. 3 spot, export, | i rel, nominal; per bushel in carload lots | spot, export, | 683 Oats No. 3, 503 Rye—Nearby 5112 asked per bushel: ked per bushel. 75280 per bushel; No. export. spot. no quotatigns. Hay—Receipts. 62 tons. What de- mand prevails for hay is centered on | the better descriptions of timothy. light | clover mixed and timothy No. 1 and [ clover hay. Of these types there is no oversupply on. the market, but No. 2 1 | looked a24.00: No. 1 clover. 24.00a24.50: No. | timothy. 25.50a26.00: No. 3 timothy 00: No. 1 light clover mixed. No. 2 lgnt clover mixed, 1 clover mixed. 23.50 | ! No.1 clover, 24.00224.50; No. |rlmer 20.00a21.00. Straw wheat, 13.50a14.00; 0 TREASUBY CERTIFICATES. (Quotations furnished by Redmond & Co.) | FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbe & Co.) Nominal Selling checks London. pound mlg C306s si%h ontreal. dollar 100 b g i Stockholm. crown . "6 NEW YORK, June 15 (®).—Foreign |exchanges steady. Quotations (in jcents): "Great Britain, demand, 486%; cables, 486%; 60-day bills on banks, 4823 France, demand, 2.81; Norway, S\wden 26.78 Dem‘nark 26.53: Switzerland, 19.35%: Spain, 16 “Greece, 1.241%; Poland, 9.00; Czechoslo- vadia, 2.96: Jugoslavia, 76% Austria, 14.125; Rumania, 0. 4'4% Argentina, 40 3114; Brazil, 313 ‘Tokio, 7.0 Shanghai, 72.87%; Montreal, 100 10 15-16. ———————————————— Sou Pacific ref 4s.. 50 Southern Ry gen 4s 9 Sou Ry con 63 94... 70 Sou Ry 6s 56 30 Southern Ry 94 ‘Third Ave ref 4s. 17 Third Ave adj 5s.. 196 Tol Tr L&P 5%830 8 Union Pac 1st 4 16 % 1% 85% 83% 107% 1074% 13 1us 118% 118% 64 84 57% S1% 98%4 ke 93% 94 ! 905 102% 102% 102% 102% 99% 99% 103 103 104 104 T4% T4% 100 100% II!Q :5\: n‘. 7t 5% " Unton Pac cv 6s Virginia Ry 1st 5 VaRy& P 5s. Wabash 1st 58 w-bnn 5%s75 Wen Shore 1st Whee! & L F cn 4s. Wilkes & E st 58 Wisconsin Cent ¢ u | poor hay of all sorts is dull and over- | ""wno: redeemable before Jiily The Federal Reserve Board's weeklt condition statement of 703 reporting member banks in leading cities as af | June 8 shows an increase of $7.000.000 in investments and declines of $57.000 000 in loans and discounts, §95.000.000 in net demand deposits. $19.000.000 in time deposits and $73.000.000 in bor rowings from the Federal Reserve | banks. . | “Loans on stocks and bonds. includ {ing United States Government obliga tions, declined $95.000.000, the prinei- | pal changes including reductions of | $86,000.000 in the New York distriet. 1 $12/000,000 in the Chicago district and | $9,000,000 in the Cleveland district and | an increase of $13,000,000 in the Phila- | delphiadistrict | Bond Tssue Oversubscribed. As a result of the abundant supply | of funds in the investment market and 'the consequent edse in money rates the offering of $60.000.000 10 to 30 vear | Federal Land Bank 41, per cent bonds {at 101 vesterday met with an imma | diate response. Books on the issua were closed in slightly mere than an hour after the opening. The securities were offered by 2 | banking syndicate to yield about 4's | per cent to the redeemable date and 44 per cent thereafter to redemption | or_maturity. The bonds are dated |and are due July 1, 1956 July 1. 19 They are 1. 1936 | but are redeemablé at par and interest iat any time after 10 years from date of issue. New Insurance Shows Gain. The production of new life insur ance was 5.5 per cent greater in May of this vear than during May. 1925, and for the first five months the writ- ings show an increase of 10.7 per cent as compared with the correspanding months last year, according to an an- nouncement yesterday by the Associa ition of Life Insurance Presidents The report of the association was based on the new business. exclusive of revivals, increases and dividend additions of its 45 member com- panies, which have in force S1 per cent of the total life insurance in all United States legal reserve companies For the month of May ordinary in | surance amounted to $702,309.000, as against $698.706,000 in 1925. a gain of | one-half of 1 per cent Treasury Pays Out $313,000,000. Today the United States Treasury |is paying out $313,000.000 on matur 'ing short-tetm obligations. held chiefly by banks, and about $78.000,000 in in- terest on the public debt, chiefly tha first Liberty loan. It is alsé sched- uled to receive $85,500,000 .in pay- | ments of interest on the debts of Eu ropean countries to the United States and about $400,000,000 in income tax} checks. Personal and Other Notes: | ' Edward J. McQuade, vice president of the Liberty National Bank, has been showered with congratulations since receiving his degree from the National University Law School. to | gether with the special honors | were accorded him on that occs Charles J. Bell,. president. of . the American Security & Trust Co. and Mrs. Bell reached San Francisco just about a year ago now on the return from their world tour. They reached | the Pacific Coast from China where they visited Canton and.Shanghai and many other places. | W. W. Spaid and Mrs. Spaid, ars | attending the commencement exerl % | cises at Colgate University. where | their son, William. will graduate in this year's .class. They will. return ,Int time to attend the bankers' gaiher. - ing at Hot “Springs. = | \