Evening Star Newspaper, June 23, 1928, Page 15

FIN ANCIAEL. VALUES SAG r List Reflects Weak- ess in Stocks—Little [Poing in Best Issues. BY CHARLES F. SPEARE.. ) Dispatch to The Star. R YORK, June 23.—A slow bond market with sagging prices developed today, with some issues reflecting the weakness in stocks. Among these were Ances Anglo-Chilean 7s and A which were off !4 to opper 7 aconda 7 Service of New Je Jower. The local o foilow up th although Brook! Was quite firm North American Cement 6s Teacted #gain on the ann ment that the @roposed cement merger had been aban- ned. Seaboard Air Line issues stood Wt about yesterday's prices. Missouri Pacific 4s_and St. Paul adjustments were a trifie lower. ‘There was very little doing In the high-grade corporation issues, which are held back by the money outlook for the Test of this month. On the eve of cur- gency stabilization, French bonds were @gull but steady. The same was true of QGerman, Belgian, South Amer! Japanese issues. It is expected gflmn of the new Cuban loan wil ered next week. ey 48 cach a point advantage of Priday, Manhaitan Transit TRADE IRREGULAR. NEW YORK. June 23 (#) —Brad- t's says “weather, crop and trade ‘@dvices still reveal m irregularities, With an excess of rainfall delaying crop or cultivation in the South- st and central South, whereas fur- r North, in the upper Winter wheat | and entire Spring wheat area, the rains, while re g trade, have seemed to work for basic improvement in crop rospects, and therefore to have im- wved the business outlook for the rther future. A spell of good weather at the end fiut and the early part of this week a stimulating effect on final dis- | ¥ribution of apparel in the Central West the middle States and New England. On balance, it would seem as if trade @istribution lrl'o:aer were now fully equal | of to or ahes a year ago, whereas factory and mill operations, owing to gurtailment in textile lines an easing #n iron and steel operations and relative | in branches of the leather, shoe and future industries, are rather below 8 year ago. ‘Weekly bank clearings. $13.080.140,000, sn increase of 324 per ceni over last year. INVESTMENT TRUSTS Epecial Dispatch to The Star. RUS RSB STNERRRRER! 8% and Indus Secir: .l & indus Becur pid 7 & Indus Secur warranis INSURANCE COMPANIES ree 300 e 120 1, point, with| Brooklyn Union Gas 5':s and Public | urface tractions failed | .i- | Cuba Caneov 7s.. | Lib st ¢ \4» Lib3d el | Usiusse Argentine s | Australia 4348 68 | Austraiia bs 195 | Australia 6s 1987, | Austria gs.., Beiglum | Baiglum 6% Beigium 7s 1966 Belglum 7s 1956, Canada 63 1931, Canaaa 5s 1953, | Canada 5% 193 . 1543 | Chile 8s 1941, Chinese Gov Ry § Columbia §5 1961. , Con ow Japan ie. Copennagen bs ot. Czecho 8s 52 | Danisn Munic 83 A | Danish Munic ¥s B Denmark DEls% 3 Dutch ast 1 62 47, Finiana 7s X Framerican 738, 4 | Frencn 1 trench 134 Mexico | Mexico | Milan 63 So Wales b | Netherlands 6s 6 | Norway 58 1983. Urient Dev deb & Paris-Ly-Med P Serbs Crot S10 8.« Shinyetsu 6148 ‘52, 19 Swiss Confed 8s. RIS RO NG ORI a GO Ajax Rubber 8s... | Am Agri Chom 734 Am St & R letbe 11 Am Smelt & R Am Sugar Ref §a.. B Beth Steel rf 68, ... Beth Steei 558 53. Beth Steel 68 | Bkiyn Edison 5. Bkiyn Union 5% Cuba Cane ¥s | Goodyear s rets. . Humble O1l b8 Leel 4 e, | Intl Match 55 ‘47 loter Paper 14 1ot TeikTeleg 4 %8 | Kan G & £1 65 63.. | Lackawauna Sti b8 | Liggett & Myers 78 | Lortilard ba....... | Louisy G & £ 68 53 * | Mont Power 68 6s PG o aryland Casualty Hat Casualty at Pire 5 iew Amsterdam ork ‘Fire o FOREIGN EXCHANGE, fQuotations tasnishe v snam Co of Ami 3 5. it Sekiern Fiect: ey 0/ B & M '5&53' ioel Gorp 58 | Nor Onhio Tr & L é» | Nor States Pow bs. | Pacific Gas & £i 68 | Pac T & T 68 63. | Pan-Amer Pete 63, | Faramont | Phila Co | Poiia Corf 6 & Phila&kResdCk) bs | Phillips Petm 5% 8. | Plerce-Arro: | Staclair O1 6348, | Sinclair O11 78 | Sinelair Crude 6% | Soutbwest Liell bs. ! Stand O1 N J 69 46 United Drug bs b3, Vertientes Sug 7s. Western Union bs. . Westn Union 6'4s. Westinghouse Wiison & Co 1 | Yngstn ST 100 1 1074 100% 100% 103 3 109% 103% 104 99% RAILROAD. Atchison gen ¢ | At & Dan 24 48 48 L& O st bect . B&Obs2000 D..,. B&Orf mp s B&OSWs ... Hrookiyn Klec § 4 BkiyaElevaied 6% Ekiyn Maohat Cent Pao 18t b | Chess Corp 6s w1, Ches & Ocv 4 %s. . Ches & O gn 444 Chi & Alton 3s . Chi B&Q ven 45 68 CB&QIIAIv4n, Chigls 11l 4n b8 b1, hi GGt West 48 69, CMA&SPungy., CM &S Prnsts CM&BLP he (bew) . { UNITED S1ATES. ) Low 9ly 9N 96% 103 100% 1054 1074 106%. 1144 105 108% 1013 105 1004 101% 7 sk s MISCELLANEOUS. 104 1udn 101% 107% 104 1015 1004 Lok FULT 1L 2t 100% 2% 105 252 102% 102 1054 1024 105 06% 5% 101% 107 100% 100 102% 109% 1034 101 102% 105 1015 109% 103% 95 e 9T 106% 984 95 BTi 108w 925 102 Cl 1 10017 10017 10017 8 100 1 Libatheles 136 10127 10126 101 26 111312 11312 11812 FOREIGN. 100 1 Close. 9% \ 103% 101N 105 1008 1018 1033 1004 106% 1074 1163 1064 w9 9Tl 100 L013a THE EVENING N NEW YORK BONDS STOCK EXCHANGEI Received by Private Wire Direct to The Star Office High. 104 20 a4 93% RN 103'y 100% 3 104w 109 vel BN 9 By 8310 84 ad 1030 P 124 100t 89 Low, Close, 105 108 B4 KW o8y 98y 93l 984 N STW 1034 10313 100% 100% 104 104 109 109 Dol 96 [T T 9l 9w R BdN Sil 884 81 944 103% 871 uzy 10013 HEY 900s 100 9% CCC& St LrfésA. Clev Term bs Cuba RRT% Cuba Nor 6% Del & Hud 1strf Den & Rio G en 4 Erte 1t cons 48 Erfeconv ds A. Irie conv 4s B.. Krie cvt 6s 87 Erieconv ext7s... Fia East C6s 7 Great Nor gen T8 Hud & Man ref Hud & Man a) bs.. 111 Cent 4s 62 [1Cent 4% 3 66.... Int Rapid Tran 8s. IntRapTr 68 stpd Int Raptd T' 100ty KR4y 90%s 100 8h% Int RysC A . Int Ry C A 6448 ret Kansas City S 3 Kansas City S 88, Kan City Term 4s. Lake Shore 4s 28 Lehizh Val 63 2003 Louts&Nash unt 4a Louls & Nash 5% Louls & Nash 7 Market St 7s 40 106% 103 9814 884 881 1034 7 1064 108 9814 B8a Mo Paoifio i Mo Pac 63 A 65. Mo Pac 6s F 17. Mont Trm ref 68 41 NOTex& MGtsB NOT& M54 N ¥ Cent 43 98. NYCrfims 100% 107 5 107 106 NYCh&SL 614sB. 10644 NYC&StL6sA. % Nor & 8 gen 53 54... Nor Pao 3s 2047 Northern Pacific ¢s Northern Pacr 1 Ore Short L rfs Port RL& P 6s 43, Reading gen ¢ StL I M&S go 6831 St L IM&S R&G ¢s 94 StL&SFDldsA. 884 ki 90% 101% 1004 1004 121% 631y 6% 95 105% 100% 99% 9% 83 FEDERAL LAND BANK BONDS. Special Dispatch to The Star, NEW YORK, June 23.— Land Bank Land Bank 63 644 98 105% 100% 99% 994 &3 Bid. Asked. 4s May 1958-38.....° 98 = 99 4s Noy. 1957 > 4l4s Jan. 4145 May 1957-37 4355 July 1956-36 BOSTON STOCK MARKET. Special Inspatch to The Star. BOSTON, June 23.—Following is a list of today's highest, lowest and closing prices for the most active stocks deait in here: Sales 40 Amoskeag 30 Bingham 20 Calu & 128 T Range 300 Bast Steamsnip 50 Giliette .. High. Low. Close. i W M ¥ 200 Mass Gas ...... 100 Mayfower 6’ C: 100 Mohawk . 50 Nat Leather . 240 North’ Butte 500 Quiney i 4880 Marys Latid 20 B3wift & Co..... 10 Torrington ... : 170 Tower Mis ©. 0 s ach. | M*5ha Shoe ihoe idor{ _... 25 Warren Bros.. " 288 .2 2uTEs h Apex 28w, 32.2 28 o 58.2 CHICAGO STOCK MARKET. Special Dispatch to The Star CHICAGO, June 23.—Following is a report of today's sales, high, low and closing quotations, on the Chicago Stock Exchange: Sales in STOCKS. hundreds. 1Ali Amer Rad....... Yo Am Pub Ser pid 21}, Am States war High Low. Close L1980 173,174 101 101 31 Bastian _Blessirg.. 1} Baxter Laundries A & Bendix B 102 Borg Warner. [ 105 Butler _ Bros i Gamp W &G Prdiy.. 1 Gent T P 8 pfd i3 Cent 8O W L.\ 1 4 Chickusha Cotion Oil Consumers Co. 4 12 Consunjers Warranis'! 8 4. G 71; Gossard H W 12 Grief Bros 2% Grigshy Grunow 4 Hart Carter pfd s Henney Motor 4 Hib Spen B & C ey Motor pfd P }4 Heer ",26'% Ind Ref “7 81Ind Ref cia . 11Inlend Wire & Cable } Kalamazoo Siove ... 10 » Minn-Honeywell i Miss Valley ULl P L un # Monighan corp sysssinsnaesss oz P ? Novadel common . O 3 io M 3 6 Pl Winterfront 12 Quaker Outs pfd 49,0 8 M ) Bonatzgn Tihet 2 38 ) Bpiown aryi % Arana, 49 8. B Mala Bl P R 2 (AR " Bid’ 1L ox Pow pld, | 101 1 4 B pta A 2% i Uit Corp i A0 # Gyosum Wahi i Walareen Btk pur w o Wnikeshu Motor {Yaine Machine P ¥ 74 Zenith Radio , STAR, WASHINGTON, D. BANGITALY BREAKS BADLY ON THE CURB Mining Shares Work Down. Oils Not Influenced by Belter News. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, June 23.—Another bad break in Bancitaly shares monopolized speculative interests In the Curb Mar- ket today. It came immediately at the opening, when the price showed an overnight drop of 1013 points to 10034 on a block of 20,000 shares, a new low for the year. The price compared with the previous low of 102':. Practically eve other stock that made its appearance on the tape dur- ing ti. first hour was Bancitaly, the }!l‘h‘:‘ finally breaking through the 100 evel. 'he fact that some sales were made on the “sellers 7" basis indicated that some of the offerings were coming from out of town and that seven days were required to deliver the amgount in- volved, or that they represented sales for short account by those who were of the opinion they could buy the stock lower after seven days. In view of the break in the issue at San Francisco yesterday, the first assumption seemed the more logical. Melville Shoe left off yesterday at its highest of 209. There was no stock for sale today following announcement that plans have been completed for a split up of the present common in the ratio of 4 for 1 and a general re- capitalization of the financial structure calling for retirement of the present preferred and issuance of new preferred stock. Ofl shares generally failed to be in- fluences by the latest developments in the industry indicating strengthening of its technical position. The leading Standard issues showed fractional loss- es, but selling was well absorbed. Newmont Mining lost several points and other mining shares worked toward slightly lower levels. Sanitarv Grocery continued in demand at higher prices but other specialties fluctuated cver a narrow range. COTTON EXCHANGE ETHICS ATTACKED Trader Charges Manipulation of Low-Grade Staple in Market Deals. By the Associated Press. NEW YORK, June 23 —Charging that the New York cotton market has been demoralized through unethical practices, Louis N. Osmond, New York cotton trader, obtained a temporary in- junction in the State Supreme Court today restraining the New York Cotton Exchange and its members from deliv- ering low-grade cotton in violation of the exchange's contract. The injunction was obtained from Justice Lydon as part of Osmond's $500,000 damage sult against the ex- change and the cotton houses of Ander- son, Clayton & Co. and George McFadden & Bros. Osmond states in his complaint that the two houses concentrated in New York a large quantity of low-grade cot- ton, below the legal seven-eighths of an inch standard, and delivered it and re- delivered it back and forth between themselves and their agents for the purpose of demoralizing contract hold- ers and breaking down the price struc- ture of the market. Claims He Is Damaged. Through these practices, which he states were carried on with the full knowledge of the Exchange and its managers, Osmond claims to have suf- fered damages, for which he is suing, and declares that farmers, traders, merchants and mills have been mulcted of hundreds of millions, and the port of New York has heen discredited as a cotton market. Osmond charges that last September, when the Department of Agriculture estimated the cotton crop at 5,000,000 bales less than the year before, which sent the price above 25 cents, the two defendant cotton houses caused 200,000 bales of cotton, most of which was defective, to be dumped on the market for delivety on the Cotton Exchange contracts. This, he continues, caused the market to drop violently below 17 cents per pound, which was the in- trinsic value of this low grade cotton delivered. In a formal statement answering that part of Osmond’s charges which ques- tions the character of the certificated stock of cotton on hand in the port of New York, the New York Cotton Ex- change said that a group of expert classers drawn from various parts of the South inspected samples of 172,000 bales several months ago after a com- plaint was lodged with the Senate com- mittee on agriculture and forestry against the New York certificated stock. 6,500 Bales in Question. “As a rvesult of this inspection,” the statement sald, “only some 6,500 bales were thought to be in question, but as the inspection was made on old sam- ples, it was decided, in fairness to the Department of Agriculture to take fresh samples of this cotton before deciding whether any of it was non-tenderable. “The certificated stock today is 79,424 bales, all which is eligible for tender »n the July contract on June 26, the first notice day for July delvery. “It must be understood that the New York Cotton Exchange has nothing to do with the classing of certified cot- ton, as this function lles entirely with the Department of Agriculture, repre- sentatives of which are permanently in New York. “As these officlals are experts in their line, and as the present stock has been gone through with more than usual care, there is not the slightest reason to belleve that it does not come up to the Government standard and requirements, and is therefore eligible for tender.” AUTO ACCESSORIES. NEW YORK, June 23 (#).—For the third month in succession the automo- tive parts and accessory business es- tablished in May a new seasonal record for volume and seems likely to repeat the performance in June, Motor and Accessory Manufacturers Assoclation re- ports. May shipments ran ahead of April and closely approached the record for all time in March. Heavy schedules in the first three weeks of June indi- cated the half-year’s business would be the greatest in the history of the in- dustry. RUBBER IS STEADY. NEW YORK, June 23 (Special).— Crude rubber, smoked ribbed sheets were unchanged at today's quotation of 19% cents. ‘This compares with 1874 cents & month ago and 37'4 cents & year ngo. PRODUCE EXCHANGE. NEW YORK, June 23 (#) —Rye sasy; No, 2 Western, 177, f.0b. New York and 1.26'y cif export, Lard firmer; Middle West, 12,15a12.26. Other arti- les unchanged, ¢, NEW YORK CURB MARKET , Received by Private Wire Direct to The Star Office Following is a list of stocks and bonds traded in on the New York Curb Market today, with the volume of sales and prices up to and including the close of the market: Sales INDUSTRIA 5. Alb P Bar ‘A ptd. 7 Allison_Di “Jisen. Low. Close. 20 30 20 1A 13 Amer { Amer 1 Amer 8 Amer 1 Amer 6 Amer 1 Amer 28 Amer 6 Amer Superp A 1Amer Superp B.. 1 Anchor Post Fence. i Anglo Chil Nitra Prin & Bl 3 Auburn_Auto Co. i Bahia Corp..... 539 Bancitaly Co. 3Bane Italy.. .. Beld Hall Rlec eld Hall Elec' A States Sec B. State Sec war n C 21 Can Marconi W.. 1 Case Plow 2 Caterpil Tiact. .. Celan C Am 1 pfd 1 Gana i Growl s 3 vest Iric .. : & L optl WA . ans ES B ... geol Mot Co ajardo Sug Co od Water A lorsh Shoe A lorsh Shoe mpETT R E ] aen X en Ice 5 Laund Ma Glen Alden Coa 33 Palmolive P 3 Penn Ohio 2 1Penn Qhio Ed War.. Salt % Pug 7 PR 1Pug S P & L ptd . 4 Rainbow Luminous. . e-T-Stat 1% Sanitary Grocery * | here. St. Louis reported the arrival to- e o 3 1 Son New BT & 7 Southern Stores ni 52 Wenden Coj bl OO 50 West End Bt Min. .03 " Sales INDEPENDENT OIL STOCKS. in hundreds. . exon Ol ‘enesuelan STANDARD Ol Sales in FORMER SU! nundreds. 600--Contl OIl . 100 Gal 8 10Gal 8 : 3 18SUES AND IDIARIES—-STOCKS, 80 Prairie P L 010000 O Indiana ..l y 200 Vacuum Ot Sales in thouswnds. 4] Alabi P 44 4 Ritea A e 4 80 Alum Co Amer bs 10 Alum_Ltd bs fib :II\ (i(.nn Altl‘lll A T A RAt Ban ot 11 Am Pow & Li 6s 2 Am Roll Mill 88 . 20 Am Seating 6s £l Pow b AR T D08 B 5 Asso Dye & Pr H 00 }x Assoc Gas & EI Bl.s. . 10 ? A:.lfl;n“lll :.II e § Bbuon' & Mo b A6 4 Chi & Bt BONDS. SATURDAY, JUNE 23, 1928 % ndlanap Iniand, 8 tl Sec Pow Am & i e sl & KSS MNANCIAW, INSURANCE SALES AT NEW HIGH MARK Idea No Longer Being Sold. Group Plans Show Big- gest Advances. BY J. C. ROYLE, Special Dispatch to The Sta NEW YORK, June 23.—The insur- ance companies have piled up a tre- mendous volume of business in the first six months of 1928. New life insurance written, exclusive of revivals, increases or dividend additions, has been better than 3! per cent above the total for the corresponding period of 1927, and for the companies represented in the PReTre P 3eesEtens, . zzggccdadac 11 Akershus 55 6 Antloquia s D! 1 Baden _7s 3 Berlin C E a‘.g":i 1 Buenos Aires'7g 52 3 08 Al ki L3 sg228323st 3 szesEzessss Iz 5 & $3gssisgsenges: T 8 Swiss Govt Sias. 6Uni El § s . 15 Uni St Wks 6'as Al 2Vienna As. AWarsaw T8 1l 4 Westphalia U 'E 65 A XD—Ex-diviaend. WI—When issued. b WW—With warrants. WHEAT GOES DOWN IN TODAY’S DEALINGS Better Weather News and Lower Prices at Liverpool Have Bearish Effect. Z x5 = BRBBESE2R08888 528528 By the Assoclated Press. CHICAGO, June 23.—Better weath- er in Kansas and favorable con- ditions in the Northwest, with lower rflces at Liverpool, had an early bear- sh effect today on the wheat market day of the first car of new wheat from Oklahoma. Starting !4 to 1%, cents off Chicago wheat kept near to the initial range. Corn and oats were relatively firm; corn opening uncl i cent down, but subsequently scoring s[om; advance. Provisions held, about steady. Emphasizing indications today of some improvement of the wheat harvest outlook in the Southwest, reports were at hand that the crop was maturing well and that cutting had progressed considerably into the south portions of Kansas. According to generally ac- cepted trade gossip here, Kansas will have a big crop, although the probable yleld will be smaller than last year. ‘What buying support there was for wheat values today came largely from previous speculative sellers who could collect a profit. Some notice was taken of an official report that the condition of Winter wheat in Germany is 6 per cent below the average of the last 10 years. On other hand, overnight export demand for wheat from North America was very light. e BUTTER HIGHER. CHICAGO, June 23 (#).—Butter | higher, receipts, 19,228 tubs: creamery extras, 43'¢; standards, 43: extra firsts, 4115042, Firsts, 40';a41: seconds. 38839, Eggs, lower: receipts. 18.271| omses: firsts, 28',a20; ordinary first, 27a28; storage packed extras, 30%;; first, CHICAGO LIVE STOCK MARKET CHICAGO, June 23 (# (United States Department of Agriculture) — Hogs: Receipts, 7,000 head: market | mostly 10 to 15 higher than yester- day's average; spots 20 to 25 higher; packing sows steady; top 11.10 paid | for choice 180-200 pound weights; shippers 1,000 estimate hold 3.000. Butchers, medlum to choice 250-350 | pounds, 10.25a11.00; 200-250 pounds, | 10.25a11.10; 160-200 pounds, 9.60a11.10; 130-160 pounds. 8.60a10.70. Packing sows, 8.8088.90. Pigs, medium to choice, 7.60a9.50. Cattle—Receipts, 400 head: compared to a week ago, strictly grain-fed steers and yearlings, especially light vearlings, 25 higher; weighty steers barely steady all grass slaughter steers weak to 25 off; discriminating against grassy kinds emphatic in all classes: grass cows and heifers 50 lower, largely 1.00 to 2.00 under two weeks early. cutters weak to 25 lower for the week: strictly grain- fed cows very scarce: bulls 25 (o 50 higher; vealers steady; best light steers, 14.90; top light yearlings and heavy steers, 14.75, light heifers reaching that price. More replacement steers and she stock in run as grass season advances. Sheep—Receipts, 2,000 head; market steady: six double-string good around 75-pound Idahos, around 16.25: 28 per cent out; for the week 65 doubles from feeding stations, 8,200 direct: curtailed recelpts forced upward reaction; fat lambs, 50 to 75 higher: throw-outs, 1.00 upward, quality considered; dry-fed vearlings sharing lamb advance; sheep, 26 to 50 lower: feeding lambs weak; ewe lambs, 35 to 50 down. The week's top prices: Range lambs, 17.15; natives, 16.50; yearlings, 14.50; fat ewes, 7.00 Bulk prices for week: Rangers, 15.76a 17.00; natives, 1550a16.25: yvearlings, 140081450 fat ewes, 4.50a7.00; feeding lambs, 12.75a13.25. BALTIMORE STOCKS Speclal Dispateh to The 8t BALTIMORE, June 23— edit. . .‘ Jl' o RS TREASURY CERTIFICATES. (Reported by J & W. Sellsman & Co.) Association of Life Insurance Presi- dents, which do over 80 per cent of the total business of the United States, the aggregate per month has been al- most $1,000,000,000. The greatest gains have been made in group isurance. Group insurance has shown gains of from 10 to 14 per cent. The probabilities of further gairs in industrial insurance are heightened by the fact that research by the Travel- ers' Insurance Co. of Hartford indicates that 98 per cent of all industrial ac- cidents are preventable. Prevention Princlples. ‘The company estimates that the ap- plication of sound prevention princi. ples would make possible within a few years a 50 per cent reduction in in- dustrial accident frequency in this country, and result in a saving of $5,000,000,000 annually. 2 ‘The increases in fire insurance, auto- mobile insurance, theft and burglary insurance and plate glass insurance have shown steady growth. This re- flects, in the first place, the fact that ety . _; priced city property. They have not done so well so far as rentals are con- cerned. Farm land values have unquestion- ably risen in many sections of the country and this has resulted in the thawing of assets in many of the coun- try banks which have been frozen up since 1921. COTTON GOES HIGHER ON WEATHER NEWS Bullish Crop Advices From South- west and Conditions in Belt Are Factors. By the Assoclated Press. NEW YORK, June 23.—The cotton market opened firm today at an ad- vance of 13 to 18 points. All months made new high ground for the move- ment on a continuation of the recent buying movement, stimulated by un- favorable features in the weather news and reports that bullish crop advices were coming in from the Southwest. October contracts sold up to 21.69 before the first hour, within 9 points cf the high price touched on May 1, the general list showing net advances of 19 to 23 points. Liverpool failed to meet yesterday's local advance, but the relatively easy cables which were attributed to realiz- ing seemed to be without much effect at the open! here. Cotton in shipboard awaiting clear- ance at the end of the week was 83,792 bales. against 74,638 last year. Later new crop months made new high ground for the season. Oectober contracts sold up to 21.96, or 1.83 points above the recent low level, and closed at 21.93. The general market closed strong, at net advances of 45 to 54 points. PLAN STOCK SPLIT-UP. NEW YORK, June 23 (#) —Plans for a virtual recapitalization of Melville Shoe Co.. are understood to have been well over $3.000,000 has been expended in new construction so far this year. ‘Then, too, the increase in the num- ber of automobiles in the country is bringing a huge volume of business to the companies which specialize in au- tomobile protection. This trend is ab- solutely to be depended upon, in view of the large number of cars which are sold on time payments and on which the purchaser must provide insurance in favor of the dealer or acceptance corporation. Auto Liability Insurance. There is a marked tendency on the part of automobile drivers to increase the personal lability provisions of their policies. Many have come to feel that while they might be able to lose their own car and withstand the monetary loss, they could not afford to pay large sums for injuries sustained by others through their fault. ‘The building activity has done much to steady and support the real estate market, which business is usually so closely allied with insurance. Realtors have had remarkable success in the opening of new suburban districts and developments and in the sale of high- for LOANS IMPROVED INTE 1001 15th Street N.W. itimore Stock Exchange Chicago Board of Trade SAFE FIRST Over a Thid afe that Century Without a lo Main 2100 THERE IS —as well as individuals—are investors in our 6% FIRST MORTGAGES Custodians of trust funds, also, for the investment of moneys to both safety and earnings, with greatest care. completed, which involve splitting up the present common stock four for one, retiring the preferred and issuing new preferred. The $1,7¢4,700 of 8 per cent preferred outstanding will be called for redemption August 1 at $110 and ae- crued interest. Stockholders will meet August 2. %0 vote on the change. — VOTE ON BUYING DODGE. NEW YORK. June 23 (®). - holders of the Ghrysier Gorperatiog i hold a special meeting on July 17 at Highland Park, Mich., to vote on the acquisition of Dodge Bros. COTTON GOODS. NEW YORK, June 23 (Special).— Cotton goods markets were p;\':hm) at the week end with prices steady. Print cloths were quoted unchanged at 73, ::n;;‘ for R:ulos. and 8% cents for X’ 3 w silks were steadv. Sy I —_— _— Money to Loan by first deed of trust on real estate. iling Interest and commission. Joseph 1. Weller {20 Wasn. L & Trwt Seer APPLICATIONS INVITED on PROPERTY Located in the District of Colum and adjacent Subutbs of Montgom: and Prince Georges Counties, Md. 5%% ry REST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA We announce with pleasure that on Monday, June 25th, we will open a branch office in WASHINGTON, D.C. WOODWARD BUILDING The office will be under the Management of MR. A. HARMER REESIDE WESTHEIMER & CO. MEMBERS: New York Stock Exchange Cincinnat! Stock Exchange Salt Lake Stock & Mining Exch. Assoclate Members New York Curd, Tel. Main 5500. INSTITUTIONS turn to these mortgages must be safeguarded: as Their proof record spans more than a Third of a Century, Available in Amounts of $250 and Upward B. F. SAUL CO. 925 15th St. N.W. SUBSTITUTE FOR SAFETY