Evening Star Newspaper, July 1, 1930, Page 14

A14 wxx BEAR SIDE CALLED HELP TO MARKET Bull Tempers Are Short Now, but Shorts Are Finding Some Champions. By the Acsociated P NEW YORK, J July 1.—There may be gome zoological justification for de- scribing a bear as a pig. but a ref- erence to a bear &s a rattlesnake, for instance, is a zoological absurdity. It is not surprising, neverthel traders who have been pled in this last stock should refer more fee than <ci- entifically to traders who have profited while they lost It has been Y to the temper sravating | inclined during the last few day the so- led big bears in the market have | clined to withdraw from ther short itions. despite the fact that neces- sitous selling appears to have been completed and stocks have turned up- ward. Brokers say th the most | part only the little bea have taken | 2 _cov e Whitney, who may be fig- Richard uratively described Wall Street’s pec should be thorot 1 the vices and virtues of the bears and bulls, feels that his collection of bears, gloomy creatures that they are. is one of the most valuable groups of the lot. kee of and who the 700, familiar W Values Bears Highly, aking his first pubiic address since B e ‘president of the New York Exchange, Mr. Whitney recently stated that a large bear interest in the stock market e last Fall would have checked the rise and provided a cushion of buying orders on the way down. The Complete” absence of bids was one of the gravest aspects of the Autumn sel g Frard Ker. economist of thej sdward M. Neo Yotk Stock Exchange. regards the practice of short sclling as one of the escential stabilizing factors in an or- ganized market. In fact, very few economists take issue with him on this w}?\“prm'!icall_\' all declining markets rumors fly about that an enormous, ent, destructive bear pool is operating. | One trader who was on the short side of the market last Fall was i of being - murdered, feeling Tan so high. As a matter o T e Stock Exchange's investigation of -short positions disclosed that _the bear interest was almost inconsequential. During the latest_decline, which has carricd the general level of share prices close to the November bottom. it has been again rumored that a strongly financed bear pool has been WorKing. As a matter of fact, many large pro- fessional traders are known to be on the short side, and bear selling, in view _of the lessened volume of trading, has in constant fear FINANCIAL, i probably been an important factor in this last break. Slump in Spring. B has been notable, however, tha yien general liquidation has tended to dry up, bear operations have met Wwith little success. The selling which started the decline can only partially be at- tributed to bears, for in April disap- intment over the degree of Spring siness recovery became widespread and trusts which hold stock only for in- vestment were reliably reported to be ing their holdings. i ety fact that bears sell short when business news is unfavorable is pointed to as a practice tending to ‘ gave the market from inflation. Bear apologists point out that inflation may be regarded as more dangerous than deflation, for when stocks are exces- sively priced the investor is tempted to purchase stocks when loss is certain; whereas, when stocks are too low the snvestor who buys them eventually re- ceives a profit from appreciation, in ad- dition to his dividends. They say that short selling, in_the long run, tends to keep stocks in line with earnings and the ability to pay dividends. | Speculation has been defined as deal- ing in fluctuating values. When it rep- Tesents only dealings in Tising values an cssential part of the process is lack- ing. The stock market was able to rise 1o prodigious heights last year probably because the bearishly inclined during the preceding three years ot almost steadily rising markets had been com- pletely intimidated. The business ac- tivity trend turned downward last July. but stocks did not break until October Bears Explain Position. When one of the interior markets first began to reach important propor- tions the practice of short selling was but partially developed. This gnarket would experience an unbridled upswing, only to break sharply. This erratic fluctuation became a source of worry to treet. w;;zuutsuhy. at this time, with business Qull and sentiment bad, should profes- sionel traders be so unprincipled as to aggravate the situation by depressing stock prices? is a question frequently asked. Bears point out that based on practically all indexes of business activ- ity, business is now around or below the Jevels of December, that is, at the bot- tom of the decline so far. They main- tain, therefore, that stock prices should be around the lows of the movement. Bears attack the bulls almost as feel- ™ ingly for the violent upbidding of shares in March, as bulls now attack the bears for their heavy selling. On the whole, the entire Wall Street banking fraternity opposes a bear mar- ket, for it almost paraly: ment business, halts merger negotia- ons, and hampers deals of various sorts. n the commisison houses that have some bears among their customers do less business in a falling market. It is notable, however, that the most violent attacks’ against short selling come from side of Wall street. 3 ort selling consists of selling, say, 100 shares of United States Steel at $160, which the seller does not then own, to the purchaser. The seller gives the lender of the stock his check for £16,000, the amount received from the Sale. If the stock goes down, say $5, the seller may then buy in the open market 100 shares at $155 a share, or $15,500. He delivers the 100 shares to pay back the loan of shares he sold and the lender returns to him his $16,- 000, which is $500 more than he used to buy the stock, or a profit of $500. In addition, if there is not a considerable demand to borrow United States Steel the lender will pay him interest on his $16,000. There are various theories as to the origin of the term bear. Some say a speculative_bear is so-called because a zoological bear claws downward. An- other theory attributes it to the French word bas, or low. The same theory at- tributes the word bull to the French, bouillant, or boiling THE EVENING STAR. WASHINGTON, NEW YORK STOCK EXCHANGE i Recelved by Privite Wire Direct to The Star Office. D€ TUESDAY, TRADE 4S SLUGEISH Price Levels Little Disturbed by What Expanded Deal- ings Take Place. By the Associated Press. NEW YORK. July 1—Bonds were steady today. little disposition being ap- parent in the listed market to move from the present base. Some signs of a firmer tendency developed, but the upward movement was hardly percept- ible, and the sluggishness which has marked the course of prime issues was still retarding improvement. Trading expanded with convertibles and railroad issues profiting from the increased activity, but even there price levels were little disturbed. Foreign bonds were dull, but continued on an even keel. There was practically no market for United States Governments, which tended higher. The test to which the absorptive powers of the market for mixed interest securities has been subfected during the first. half of the year is revealed by fig- ures on new financing during that pe- riod. While the total of $4.012,338,000 represents only a small increase over the first half of 1 . bond offerings constituted 85 per cent of the total, amounting to $3,915864,000, against $582.474,000 in equity issues, whereas in a like period last year bond issues rep- resented a little more than half, or 55 per cent, of the new securities. The swing of the pendulum back toward bonds is attributed to the waning pub- lic interest in new stock issues which followed the Fall panic. New offerings in June amounted to $673,056,000, of which $614,306,000 were in_bond fssues New financing today totaled $41,534,- 000, including the $18,970,000 4 per cent bond issue of the City of Chicago. DIVIDEND REDUCED Julius Kayser "nfps Payment From $4 to $2.50 Annually. NEW YORK, July 1 (#).—Directors of Jullus Kayser & Co., maunfacturers of silk apparel, today reduced the an- nual dividend basis to $2.50 from $4 by declaring a quarterly payment of 621, cents a share. The reduction was decided on some time ago. S. H. Kress & Co. has declared an extra-dividend of 50 cents on the com- mon, payable in special preferred stock. Directors of the Mohawk Rubber Co failed to act on the quarterly dividend of $1.75 due at this time on the pre- ferred stock. FORCE IS ENLARGED. NEW YORK, July 1 (F).—Advices from Winnipeg “state that 100 addi tional men were put to work this week at the Sherritt Gordon mines as a re- sult of the speeding-up program of the Flin Flon Smelter, the date of comple- tion of which has been moved up a month. PARIS BOURSE PRICES. PARIS, July 1 (#)—Price changes were ffregular on the Bourse today. Three per cent rentes, 87 francs 25 centimes; 5 per cent loan, 102 francs 15 centimes. Exchange on London, 123 francs 65!, centimes. The dollar was quoted at 25 francs 45 centimes. Washington Stock Exchange SALI Potomac Electric Cons. 55—$4,000 at 10215, ‘Washington Gas 6s “A"—$100 at 101, $500 at 102, Norfolk & Washingtoun Steamboat rts. w.i—>5 at 16, 5 at 16, 5 at 165, Potomac Electric 6% pfd.—5 at 111, Federal-American National Bank—10 at 275, 10 at 275, District National Securitiss pfd.—10 at 67, Peoples Drug Stores pfd.—10 at 1037, 10 at 103'5, AFTER CALL. Washington Gas 6s “A"—$1,000 at 10215, $1,000 at 103. ‘Washington Rwy. & Electric 4s—$1,000 at 86. Capital Traction 55—$2,000 at 91, $2,000 at 91, $1,000 at 91, $500 at 91. Potomac Electric 5'x % vfd.—4 at 108, Washington Gas 5s—$500 at 103. Capital Traction Co.—10 at 38! at 5814 BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid. Asked Amer. Tel. & Telga. 4'as '33... 10§ Amer. Tel. & Telga. 4'2s '39. 161 An: el & “Tel: ¢l 1r- s 16414 Ancostin ‘& o T R 5.0 83 Anacostin & Por. gusr. 55..101 81 P. Tel. of Va. bs. Capital’ Traction R. R. City & Suburban 5s.. Georgetown Gas 1st 55 Potomac Elec. cons 57, Potomac_Elec. 6s 1953 3 Wash., Alex. & Mt. Vernon ctf. Stock an (Continued From Page.13.) g ~Pres. 1936~ Stock and Sales Skelly Oil pf(6). . Hich. Low. Dividend Rate. Add 00. Hizh. Low. Close. Sloss Sheffeld Steel. 1% 3% Motor Meter G& El.. 2 3 3% 3% Snider Packing pf. 81 34'; Motor Products (2) 2 40 40 40 Solvay Am pt(53). 21 Motor Wheel (3). 1 22% 204 22 Sou Porto Sug (1.40) 16 8 Mullins Mfg. . @ sk 9 9 Southern Cal Ed (2). 56 40 Munsingwear (14).. 1 45 45 Southern Pacific (6) . 112 21y Murray (b2 %stk) 34 15% 15 Southern Rwy (8) 5% Myer(FE) & Bro(2). 1 37 Spang-Chalfant. 30 Nash Motors (6).... 19 33 Spang-Chal pf (6) 105 Nat Acme (1%). 2 12 Sparks Withogtn(1). 11 Natl Alr Trans. .. 4 18 Spencer Kelg (1.60) .. 9% Natl Bella Hess..... 11 10% Spiegel-May-S (3).. 71 Natl Biscult, n(2.80) 108 S84 Spicer Mfg. 45'% Nati Cash Reg A(14) 4 48y Stand Branas (1%) 45 at] Datry (32)..... 9 50% B. Stand G & E (3%) 14% Natl Dept Stores (2) 51% Stand G & pf (4. . ‘s Natl Distillers (2).. 100% 951, Stand Gas& El pre6). Nat Enam & Stamp. . 75 . b5y Stand O of Cal (2% ). 5914 1384 Natl Lead pf(A) (1) 1041 98 Stand Oil Exp pf(56).. 1001 116 1 Lead pf(B) (6). 49 29 Stand Oil of Kan (2) 32 1 Pwr & Lt (1)... 84 58 Stand Oilof N J(12). 1% Natl Radlator. v 40% 30 Stand Oil N.¥ (1.60). 5 Natl Steel eve 20': 10 Sterling Sec (A).... 100% Natl Supply (6) . 14% 11 Sterling See pf(1.20) 5% 1 Natl Supply pf (7) 48 46 Sterling Sec cv pf(3) Natl Ten Co 2)..... 47 194 Stewart-Warner (1). 11 's Nevada Copper (115) 113% 70'; Stone & Webster (4). 16 28 Newton Steel (2).... 474 250 Studebaker Corp (4). i1 150% N Y Central (8)..... Sun Oll pf (6). 1108 94 N Y Chl&StL(6)... Superheater (13%3).. 1 971 N Y NH & Hart (6). Superior Ofl. ... . 3 + 116 NYNH&HDpf(7).. Sweets of Amer (1).. £1; N Y Ont & Western.. Symington (A) - 265 2131 Noif & Western (10) aph(1.85) £ Norfolk & Wn pf (4). 10 enn Cop & Ch (1) 71: North Am Aviation.. 2 Texas Corp (3).. 0% North Am(b10%stk) 21 Tex Guif Sulphur(4) 51 North Amerpf (3).., 1 § Texas PC & Oll. ... 100% North Am Ed pf (8).. 1 103 1044 Texas Pac Land Tr. . 66% Northern Pactfie (5). 18 T T3 Thatcher Mg (1.60) 0313 North Pacificct (5).. 4 0 TI% Thermod Co (2). ... “x Norwalk Tire & Rub. 1 1% 1y 6'4 Third Avenue 2 9% Ofl Well Supply..... 39 E Third Nat Inv (2).., 86 Oil Well Sup pf (7).. 20s Thompson (J ) (3). 137 Oliver Farm Equip. 2 Thompson Starrett. . 2% Omnibus Corp. ... 5 Tide Water As (60c). Otis Elev. n(2%).... 84 Tide Water As pf (6) Otis Steel (2% ) 6 limken Det Ax(80¢) 91 OtlsSteelprpf (7).. 2 niken Roller (3). .. 53 OutletCo (4)....... 10s pbac I'rod (A) (X0¢) 45% Owens,ll Glass(n4). 2 ranscontl O1l (30c) . 52y PacificGas& E1(2). 7 Transue & W (1) 2 Pacific Lichting (3). 7 Tri-Contl Corp. . ..., 21 Pacific Mills........0108 Tri-Critl Corp pt (6) . 121 Packard Motor (1).. Truscon Stl (§1.20).. 50'y Pan-Am Petm (B)... 3 Und-Ell-Fischer (5. 4ix Panhandle P& R. 106% 60% Union Carbide (2.60) 48% Param’nt Publix (4). 5 50 37 'Unlon Ot of Ca i33) 19 Fark&Tiltord ($3).. 8 2% 21 21" 20 | g0y Unlon Pacifie (10). .. TR LA e Ay 1?‘,' 1% | st Union Pacific pf (4) 23 Pathe Exchan; I T S Silon 'k Car (1.60). 8 Pathe Exchange (A). 2 8 hE RO B Utd Alreraft pf (3).. 17 Patino Mines. 184 18% 18 Htac pf (3. A A ‘arbon (2) 4% Peerless Motor Car. Eio @D i | Utd Cigar Store: 56% 26w Penick & Ford (1). 4l 43 41 | Uta Gl Sten oe %0 48 Penney (4 C) (3). 50 51«50l | GGt 100% 931 Penney(JC) pf A( 99% 99% 99 T s 12 Penn Dixis Cement o T 8% ] i L ke - Utd Dyewood. ...\ .. 270s E6% 697 Penna RR (4)..s.s % T4k Utd Electric Coal. 10 e He T e 945, Pere Marq pr pf ( 5% 95 Eacen S 18+ Petrol Corp (1) 19% 20 S ans sty 168 175 Pet Milk (1%). 1T% 17% iR T ) 2% td Piece Dye W (2) 91; Phelps Dodge (3) 327 Dras 0 50% Phila Co 6% pf (3 52 Uta Starea st 11% Phila Read C & 1. 3 15% US& Por b 19 Phillips-Jones Corp.. 1 19 ThE'S Foc e or Sec pf(6). 8% Philip Morris (1). 4 11 i 2ys Phillips Petrm (n2).. 95 32% 3i% UsEraghta)....u 19 Plerce-Arrow (A)... 1 21 21 s (e 681 Pierce-Arrow pf (6). 1 72 72 biE S 1 Plerce Oll. 6 1% 14 ol 2 267 ol fon Leather pr pf(7) 20% Plerce Oil p 2 26 26% 26y U S Pipe & F 2% Pre 0 b A% 4% eI e 27 Pilisbury Flour (2) 8 31 30 30m USPie &R iac 130, 39% Pireili, Italy (a3.14). 1 41% 41% 41% DRBuanyia) 47 Pittsburgh Coal. . 2 45% 444 45N Us nfibb"] asaist 155 151 Pitts Ft W&C pf(7).. 208 157 157 157 e 103 . 93% Pltts Steel pf (7).... 108 96!y 9615 U'S Btosl | 34% 20% Poor & Co (B) (2) 2 20 21% 21 % 1l1': P Rican Am To (B) 2 %;h ;g'« ;;'« 54 36 PrarleOll & Gas(2). 3 3 W 3Ty ? . 60 44% Prairle Plpe L (16).. 4 45 45 45 Utll Pwr&Lt A (e2) . 16% 6 Pressed SteelCar... 19 7% 7 1 anadium Stl (14).. 1306 78% 52% Proc& Gamble(2).. 21 T2 T0% 70% Caro Chem 6% vt~ 3 11% 6% Prod & Refiners. . 1% T 7% Caro Chem pf(7). 1 123% 81% PubServ.NJ (3.40).. 51 97k 931, 931, El & Pwr pf (7).. 508 981; 91% PubServNJpf(6).. 6 94 931y 93l Vulcan Det (4) 4208 112 107% PubServ E&G pf(6). 4 112 112 112 Watanh, s oA ¥9% 62 PullmanCorp (4)... 9 66 65 65 Wabash pf (A) (5).. 1 1% Punta Alegre Sugar.. 3 1% 14k 1% Waldorf Systm(1%4), 5 19 Pure Oil (1%)... 13 20% 20% 20% Walgreen pf (614) 1 110% Pure Oll pf (8). 508 111% 111% 111% Walworth Co (2) 12 % 52 Purity Bakeries (4). 11 61% b58% 58% Ward Baking (B). 2 69% 321 RadloCorp......... 981 36% 34% Ward Baking pf (7 2 8 68 RagioCorp (B) (B)ee 3 77 77 Warner Bros Pie (4). 258 57 53 RadiopfA (3%). 55 55 Warner-Quinlan (1). 15 50 19 Radio-Kelth-Orph 305 29% Warren Bros (3).... 15 58% 28 Raybestos Man2.60. 14 30% 29% 3 Warren Fdy & P (2). 5 14102 100 Reading RWY (4).eer 3 107 1064 106% Wess 0il & Snow (2). 2 57 47% Reading 24 pf(2)...; 1 48% 48% 484 West Penn £1 pf (6).100s 647 34% Real Silk (5)... 5 40% 39 40% West Penn Pw pf(6).140s 21n Rels (Robt) & Co 2 2% 3 214 West Penn Pw pf(7).100s 23 Rem Rand (1.60). 26 26% 26 Western Dairy (B).. ' Reo Motor Car (80¢). 4 9 8% Western Md........ 37' Republic Steel (4) 10 43% 42 Western Pacific pt ¥815 Republic Steel pf (6) 1 89 89 Western Union (8).. 23 Reynolds Metls 2.40. 4 26 26 Westinghse 4 B (2). 3 Reynolds Spring. 1 34 31 Westinghse E&M (6) 3 45% Reynolds Tob B (3). 33 514 501 Westhse &M pf (5) 14% Richfield Ofl (2)....» 73 16% 16 Weston El Instr (1), 15% Rio Grande Oil (2 39 18% 17% White Motors (2)... 28% Ritter Dent Mfg (1 1 39% 3yt White Rek MS(143%4) 27% Rossia Insur (2.30).. 10 30 29% Whit Sw Mch pf (4). 49% Roy Dutch (al.3415). 26 52% 6214 Wilcox Ol & G: . 75% Safeway (ed). 19 81% 80% Willys-Overland.... 94 Safeway pf (6). . 108 97% 97% Wilson & Co (A) 38w BtJomeph Lead (13).. 7 38% 3815 Wilson & Co pf . 864 St L-San Fran (8)... 16 89% Woolworth (2.40)... 52% St L Southwestern 2 63 Worth Pump........ 85 StLSoutwnpf (6).. 17 85 Wrigley (Wm) (4).. 16 Savage Arms (2) 65 21 Yale&Towne Mfg(4) 4% Schulte Retall Stra.. 24 7 Yellow Truck 6 Seaboard Air Line... 9 6% Youngs Spring 59% Sears 1(oehucl(t§%) bLli gg Zenith Radlo..... e T an RIGHTS EXPIRE 3% 16% Sharon StlHoop (). 8 18 22% 16 AmTel&Tel.Aug 1 111 17% 17 174 17% 274, 16% Sharp & Dohme. . 2 16% 21% 17% Ches & Ohfo..July 23 46 201 18' 19 181 633 5¢ Sharp&Dopf(3%)e. 4 56 1% " DuPontdeN..July 15 448 7% [ % [ 5 31% Shattuck(FG)(11%) 43 367% 1% 1% Intl Sal July — 22 1% 1% 115 1% .18 Shell Union (1.40)... 14 185 wes. 237.900 12:00 NOOD..4..sen 990,600 95 Shell UnOll pf (5%). 1 97 «o 1,595,200 2:10 P.M.... 1538300 #% Shubert Theatres 4 145 “Diyidend rates as glven in the above table are the annual cash 22y, SimmonsCo (3)..... 9 Zbh 24 payments basel on the latest uarterly or haif vearly deciniations. 1600, 15 2212 20% 2114 8 Unit of trading less than 100 shares. tPartly excra. $Plus 4 18 Simms Petrm ( 2 2 in stock. §Pavable in scr:p. {Pius In stock. " a Paid last year. 2 20 Sinclair Conoll ). 104 2% 2w 21% 2% | no regular rate b Pavablcin stock { Fayable when ‘exrncd. &P 214 108 Sinclair Ol pf (8).ve 101 ¥ us 10% in e s 6% in stoc) l:i “ 125% Skelly O1 (2).. i 3 30% 30 30% 29% RPI‘T:. :l/l'or‘)? stock. J Plus 8% In stock. k Plus !5 in stock. n Plus NATURAL GAS LEADING CONVENTION TOPIC Development of natural gas having reached such enormous proportions in & comparatively short time, discussion of that subject promises to be one of the notable features of the twelfth an- nual convention and exhibition of the American Gas_Association at Atlantic City October 13-17, according to an- nouncement made by association head- quarters in New York. At both the general sessions and sec- tional meetings all of the many prob- lems which present themselves to the industry will be discussed by men who are believed to be the best qualified for this purpose through their training and experience. While natural gas topics will play a a whole the convention this year ‘will have a strong sales slant. Prominent men and women have been invited to speak on merchandising from various angles, industrial sales as well as do- mestic sales. FOREIGN EXCHANGES. atio uished by W. B. Hibbs & Co.) {Quatations a1 wold Selling checks | strong, president of the First National prominent part in the proceedings, as a | ON PHONE BOARD Baker and Armstrong Named Di- rectors of C. & P. Co. Special Dispatch to The Sta BALTIMORE, July 1-—William G. Baker, senior member of Baker, Watts & Co,, of Baltimore, and Alexander Arm- Bank of Hagerstown and former attor- ney general of Maryland, were elected to the board of directors of the Chesa- peake & Potomac Telephone Co. yes- terday. ¢ The board authorized additions and | improvements to the system, officials | announced, that will call for an ex- penditure of $675,370, making total ap- propriations for improvements this year | $1,547,365. RUBBER IS LOWER. YORK, July 1 (C. P. A)— Rubber—Cruds rubber, smoked ribbed sheets, was b4 lower at today’s noon quotation of 12% cents. This compares with 133, a month ago and 20% & year g0, | DIVIDENDS DECLARED | jare certain to create moderate deficits 1931 BUSINESS REVIVAL NOW DECLARED CERTAIN ‘The recent disappointing behavior of business, commodity prices and stock prices has made more uncertain the prospect for an important recovery in the Autumn of the current year, but has made still more certain the pro pect for important and sustained r vival in 1931, according to the Standard Statistics Co., which continues, in part: “We still maintain the position that 1931 15 to be a relatively good business year. We believe that business recov- ery will be strikingly in evidence by next Spring and that the main trend of activity for the year as a whole will be upward “The current low level of productive activity, and the prospective low level of activity during nearby future months, of goods which must later be filled.” INVESTMENT TRUSTS NEW YORK, July 1* (%) —Over-the- counter market: Am & Cont Corp Am Ins Stocks i Assoc Stand Ol Shares ex div.. B ndustry Shares ital Manage 5 ain Store Invesi new Chartered Invest pt rporate Trust Shares Crum & Foster 1Ins Crum & Foster Ins pf Crum & Foster Ins 87 pf. Deposited Bank Sh Series. . Do Series B Diverstfied Tr Bl ustee’ Shares A Do B.. Do € First Corp Fixed Trust Shares A Do B % Incorp Eauities Incorp Investors Investment Trust 'of N'Y. Nationwide Securities Nor Am Trust Shares. Power & Light Sec Trust Second Inc Eauities Selected Am Shares Spencer Trask Pund Ine || Super Corp of Am Tr Shrs B Trustee Stand Oil Shares A Do B Wash. Balt. & Annap, hington” Gas_ 55 s 0. series A 65. series B’ Washington Rwy. & Elec. 4 MISCELLANEOUS. Ross. Wash. Cons. Title 6s . PUBLIC UTILITY. Amer. Tel. & Telga. (9d) " Capital Traction Co (4) 5835 Washington Gas Light Co. (18} 130 N. & W. Steamboat (12d 1 255 Norfolk & W. Stmbt. rts wi 16 18% Potomac Elec. Pow. 67 pid... 110% 112 Potomac Elec. Pow. 5'2% pfd... 107% 108 Wash, Rwy. & Elec. com ( 830" ... Wash. Rwy. & Elec. pfd. (5)...] 984 9975 Wash ', Ball, Annap. com 5 s Wash., Balt. ~Annap. pfd. 5 A NATIONAL BANK. Capital (14)....covvecerncerssss 230 250 Columbia (13} W e Commercial (stamped) (10 227 34 District (8) . 13 2 Federal-America Liberty (75).... Lincoln (12) 400 Metropolitan (14} © 320 higes (15) g L3 Second (9e) od 175 Washington (13) 1248 TRUST COMPANY. Union Finaneisi ‘A 8" 10 United Ins Trust Shrs F ex div.. 13% 167 United N ¥ Bank & Tr Sirs C. 17 = 187 U S Elec Lt & Pow Shares A 36 38 Do B . fr o 9% 107 United Off T} 10% Others uncl ‘The letters “TNT" stand for trini- trotoluol. the high explosive. It acts . 2 1 value (orpar).” tode¥. | Npw YORK, July 1 (#).—Dividends | SHORT-TERM SECURITIES. |zondon, vound., 8 | acdunea: O T . V. man russel el e egular. (Reported by 3 & W. Seigman & Cop | BESels! beica B B 102’ it | company. mate rigd whic. Thecoid! 107°4 | Zurich, franc 2] Assoc Becurity.. . dc @ July 1 June 2 e 1 i038i¢” | Corp Tr 8hrs. 313tz 824 Junedd ..o, 9412 | Vienna, scniie. 220 16 18| Pedoo-oppinance i11s0 uly 1§ 10314 | Budapest, pengo : 2y [y 5150 @ July 19 | Corp. s 1988, 1013 102 | Prague, crown (nom.). 2 2.9611c 1st pf Rkt T July 19 dian Nor Rwy 4l:s 1935] 933, 99% | Warsaw. zloty 1 "] Do cum piilll8138 Q@ June 16 Chicaso Rock Island 4s 1034 .. 97%a 98 | Copenhagen. ‘crown. ... 38 38.76c 'fi!?,‘n,';{‘";{'.’.n'}' ooy Aue” Satie "Boroas &0 5 s | Gek trbwn ity s Faciins c: S | 8iotknim: " crown: [l 38 e | oot e @ e Gen. Mot. Acrep [ 38 i 10 8 Shizas sen. t. " Cor 55 1940, 101 102% | Podine Mfg... s Gen Theaters Baulp. 85 1940+ 9312 04 NEW YORK, July 1 (P)—Foreign s Marys Min- et Goodsear T & R S8 1087 s 192,, 19214 | exchanges irregular. Great Britain, de-| jeral Ld...._.. = POl e S s 19 103 19312 | mand, 4.8513-16; cables, 4.861-16; 60-| TRt 88 (Balv o June 15 Siimbie oi . 1932 """ 10h. 1017 | day bills on banks, 4.83%. Prance, de- | Tfustees Syst = o Internat. Match Corp. 551947 ° 9910 9812 | g T3.997,: cables, 3.93. Italy, de-| 8 e B “| mand, 5.23%; cables, 5.23% ST ke June 15 ; 1§44 | , Demands: Belgium, 1385: Germany,|u's & For 86c ol 8150 Q July 11 DO a® o uii . e 2382; Holland, 40.19; Norway, 26.77; Initial. iell Union Oil Co- 55 1847 " Sgsy 97 |23.82; d, g 3 :fllx'n'}’- ‘(':r'n'm(e“ou"z:u 505 1938 100%, 1017 | Sweden, 26.83; Denmark, 26.75; Switzer-| g\ no qagyspr. 5125 @ Aug. 1 July 10 Stand. Ol of N Jersey 55 1046. 10313 land, 19.38; Spain, 11.31! Greece, 1.29 s Stand. Ol of N v 55 1e51. 1067 1013, | Poland, 11.25; Czechosiovakia, 2.963; e St Louls Souin Western 4s 1933 98 Jugoslavia, '1.76%; Austria, 14.11; Ru:|Community Water - 0o Swilt & Co. e 1932 e mania, 59';; Argentina, 35.50; Brazil, | 1 isees 835 (Balt) DS P Serl n iom - NS 11.30; Tokio, 49.40; Shanghai, 37.00;| pf . ©%a% .. July ‘1 June1s & “Runber 58 1047 td -y Montreal, 99.95 5-16. omitted, - e Wactpe Do. b ibttass Jae Great Britain in dollars; others In)guinie & Trent 3 Wheeling Steel Corp. 41z 1953 91'a 91% cents, Vai "t $175 @ - Due July d more quickly than it is pronounced, Amer. Sec. & Trust Co. (15) 0 410 Continenial Trust (8) 120 140 Stercmants Bank & Trost 670 123 140 National ngs & Trust (121). 5 580 Prince ‘Georges Bank & Trust... 38 40 Union Trust (8¢) A Wash. Loan & Trust (14} 500 SAVINGS BANK. Bank of Bethesda (6¢ 5965 East Washinston (12) 2 Potomac (10)..... (3 Security Sav. & € 4 Seventi Street (1 30 United States (30). . .. 5 Wash: Mechanics’ (20) 0 FIRE INSURANCE. American (12)... 8 s Coreoran (10) i * Tl Firemen's (8) 3603 40 National Union (15) A TITLE INSURANC Columbia (8h)............ a3 12 Zsiate (61 0ET 6 T £ Co. 'Ad com b MISCELLANEOUS. arber & Ross, Inc. 20 Bhes Mty e 109 Col. Band & Gravel nfd 2 D c. Paper Mfe pfd ‘o Dist.’ Natl pfd. (1) 2 Emer. Bromo-Selz, “A 33 Federal Storage pid. (8) 128 Fed -Am. Co. com. (1.20f) 32 Fed-Am Co. pfd. (6. 10 ooty N NoGie com. (0 1e Mer, Tr. & Stge. pfd. (7) 10l Mergenthaler Linotype (6} S, Ratl, Mtge. & Tnv. ptd i Peoples Drus S. pfd. (815) 108 Real Es. M. & G ptd. &) ¥ toraxe ( s Surky siorgee (o) (o it The Carpel Corp. (1.50) i Wash. Mech. Mige. com. ] Wash. Med. Bldg. Corp. Woodward & Lothrop b *Ex dividend. B Books closed. i3’ Rase etra, £i% aue 1300 extra % extra. 1% extra. rights. GITGR extra, wiWhen issued. 83% extrs. JULY 1 { Arzentine 6s Oet'59 Argentine 6s A Argentin Australia 4 Australia Australia 6857, Austria 7s........ Bank of Chile 614 Bank of Chile 6% Belgium fs. Ger 515 5'30. German Bank 6 German 7, 5 rots 574 3. Ger Gen 1 Greek 63 '63. 10 Italy 7s. . . 38 itallan Pub Svo 7s. 18 Japanesq . 11 Japanese 515s'65.. 17 Japanese 615 . 24 Jugoslavia Bank 7s 41 Karstadt 6s'43..,. 3 Kreuger&Toll s ct. 50 Marsetlle Milan 63 Montevideo 7 Netherlands 6s'72.. New So Wales '57., 1 New So Wales 58... 10 Nord 6%s. ..., 2 | Norway 6s ‘63, 16 Norway 6%s...... 30 | Norway 6s'43. Norway 6s "4, Norway 6%s '62. Orient dev 53 58. . Orlent Dev 6553 Paris-Lyons-M 6 Paris-Ly-Med 78 18 12 2 16 11 1 4 5 5 11 10 Peru 6s'61. . Peru 7s. . Poland 6s *4; w8 Poland 7s (ret, 19 Poland 8 18 Queenland 7s. 2 Rhinelbe Un 7 6 Rhine Wst EP 65'52 1 Rhine West6s '53. , Rlo de Janciro 634 Rio de Jan 8s '46 Rlo Gr du Sul 6s’ Rio Gr Du Sul 8s. Rome 6138 . R'y’l Dutch % sww Sao Paulo 8s " Saxon (PW) 7s. Seine 73 *42. Sweeden 518 Swiss 6% '46. Swiss Confed 8s. . Toho El Pwr Toho El Pwr 78 Tokio §s. Toklo 533’61, Utd Kingm 538 '37 | Uruguay 6s'60 Uruguay 8s. .. Vienna 6s'52.. Yokohama 6s. . 1930. Sales. High Lib 31 « 110030 100 Liblst4is.. 21024 Lib 4th 4 149 10230 {USS%e"42 67 1018 US3%s*7.. 1102 106 106 1 25 108 2 207 FOREIGN. Sales. High. Argentine5158°62. % 9° Argentine 6s.Jn 59 13 Belgium 6% i Belglum 7 5 Belgium 7s '56. 7 108 Relgium 8., 2 100 Bolivar 7568 14 72 Bollvia 7« otf 29 T2 Bolivia 8s sesee 17 88 Bordeanx 6 1041 Brazil 614 - 14 ‘80 | Rrazn 614 . 15 Rrasl 7 ] Rrazfl ks. o 1% Bremen State 7 . 6 Cannda 68 '31 2 Canada 5= ‘52 1 Chile 63 '60, 6 Chile 6561, 7 Chile7s%4S........ 34 Colombia fs.Ja 1 Con Pwr Japan 7 3 Copenhagen 4348 't" 2 Copenhacen bsrcts Cubab6%s......... 6 Czecho Rs°51, 2 Crecho 815 S Danish Munfe 8sB. 1 Denmark 41 it Denmark 614 13 Denmark 6s. PSE Dutch Fast Ind 47. 9wl Dutch East I6s°62. 2 Flat 7s war 46 10 Finland 57 1 Finland s £ 65 *45 4 Finland 7s. 1 Framerican7%s. 7 French 7s =31 French 71 o B8 UNITED STATES. (Sales sre in $1.000 Low Close 91y 1091 681, 6% 854 1044 26 MISCELLANEOUS. ADbitibl P&P 63°63.. 4 R 8 3 1 Alleghany Cp 6 Alleghany 6s 4 Am Chatn 6s'33, Am Cotton O1) bs. Am For Pwr s 2 AmIGChbl Am Int Cor 5%s 49 Am Metal 618 '34. , AmSmit & R 1st 68 1 Am Sugar Ret Am T&T eva Am T&T bs "6 Am T&T el tr Am T&T s £ 61 Am T&T 6%, Am Water Wks b: Am Wrtg Pa 6847, 1 Armour&Co 4%s'39 10 Armour, Del,6%s.., 13 Asso Ol 6s. ., Atl Refining 6/ Bell Tel, Pa, 68 (B) Bethlehm £t] pm b8 Beth Steel rf bs. Bush Term Bldg bs. Certn-Td 5%s rets. Chile Copper 6s Colon Of1 65 °38..... Col G&EI 63,May'52 3 Consumers Con GasN Y 6%s. Cuban Am Sugar Denver Gas 6 Det Edison 5 Dodg: Duquesrie 4% 1 '67. . East Cuba Sug T%s Fisk Rubb Gen Cable 613 '47. Gen Mot Ac Cor 6 Gen Pub Sve 6%s. . Gen Thea Eq 6540, Goodrich 6%s. Goodyer bs rcts. Hoe & Co 6143, Humble O & R b Humble O & R 6% 11i Bell Tel 63, 11l Steel 4% Inland Ste {ntl Cement 53 48. . Intl Match 68 47 Intl Mer Mar r 684 Intl Paper 6 Intl Tel & Tel 4%8. Intl T&T 4%s c¥ Intl Tel&Tel 63 '65. KanG & E 68°52. Kan City P & Lt bs. Lautaro Nitrat Ligg&Myers Lorillard 6s. Larillard 6%s. Lorillard (P) 7 Manat! Sugar 7%8. McC'rmek ER 65°34 Midvale Steel bs. . . Montana Pwr db 58 Montana Pwr 43 Morris&s t4%s Nat Dairy 6% Nat Radiator 6 %! Abram&Straus53%s 3 99y 24 841 991 971, 97% 101% 106 108 24 112 2 . Low. Close. 9 99% 941y 9914 9974 100 823 87 90 110 97 1064 1045 102 4 1021 109% 40 1014 1008 1013 1085 80t 958 24 1024y 77 104 121% 74 T 9014 109% 41 101% 100% 1014 102% 80's 958y 1 FINANCIAL. Sales. High. Low 104% 114 94n 1004 . % 106% No Am Ed 6%8°62.. 3 1034 103 Nor Ohlo Tr&L 6s.. 10 102% 1024 Nor States Pwr 1013 Nor States Pwr 1050 Pacific Gas & El 51 102 Pac T & T 1st s 103 Pac T & T 5852 1 Pan Amer Pete 63 102% Pathe Exchange 7s 4 Phila Co 5 67 1000 Phila & Read 65'43.151 Phillips Pet 514s.. & Postal Tel & C5%n 10 Pub Serv G 41870 31 Punta Alegre 7s Pure Ol 5%8°37. Rem Rand 61 Richfield Of1 6: Stnelair Ofl 65 10 100% 100% Stnclalr Oil 6%58... 1 101% 101% Sinclair Ol 7s. .. 8 104 1034 Sinclalr Crude 6is 24 101 100% S'nelalr P L L 11 98% 98w Skelly Oll 6. ... Solvay Amer 5s°42, So Por Rico Sug 7 South Bell Tel 6 Southwest Bell Stand OI1. NJ 4. .. Stnd Ol N Y.4%a. Sug Es Orient 7s. Tenn Cop 6s 1 "44 Tenn El Pwr 63 *4 a8 1004 105 10619 Tex Corp cv 65 ‘44 103 102% Transcontl Oll 648 59 10814 107% United Drug 5553, 9% 9515 U S Rub 18t rf 6 81 80l U S Rubber 73% 100% 100 Utah Pwr&Lt 6 2 1007 100% War Quin 6s'39 2 83, 88 Warn Bros P 63°49. 14 101% 100% Western Elec &3 2104 104 Westn Union 6s'5 2 101% 101% Westn Unlon 6%s.. 2 110 110 Willys-Ov 6%8°33. 2 991 99 f Wilson & Co 1st 6s. 10 100 9914 Win RepeatAr 7%s 9 103 103 Youngstn § &T 5s.. 37 10215 102 RAILROAD. Ala Grt Sou 4s Atchis 43.. 3 9. 6 9 A, T&SF cv 47 126 AtlCoast L 1st4s.. b 94% Atl Coast Line 4 1 91% 91% B & O gold 4 94% B&Ocv4lks'al, 9% 99'4 B&O4168'60...... 78 100's 100« B&Oref5 3 1025 B&O1sth 1047, B& O ref 650 ¢ 109% B& O PLEWY 4s... 941 B & O SW 68 '50 B & O Toledo 43.... Bang&Aroos 4s '51. Boston & Malne 6s.. Bklyn Elev 614, Bklyn Manhat 6 Bklyn Un 1st & 4 8 2 88 33 100% . 4 88 . 33 96% 1 8 88 1001 Bklyn Un E1 63 '50.. 6 1027 Bush Termcon 5s.. 1 9713 Can Nat4%s 64.... 4 96 Can Nat4%s8%57.... 2 96% Can Nat4%3°68... 14 95% 05 Can Nat §s, July'69. 54 103% 103 Can Nat 5s. Oct.'69. 61 1034 1027 Can Nor 63%8...... 21 117% 116% Can Northern 7s.... 2 111 Can Pac 435 46 2 99y Can Pacific ctfs 1 102% Can Pacifi¢ 5s " 4 1025 Car Clin & O 6s'62., 1 1085 108'4 Cent of Ga 6sC69... 1 10015 100% Centof Ga 6%4#8.... 6 105 105 Central Patific 4s.. 4 94% 94 Cent Pac 1st 55 '90. 11 103% 103% Ches Corp 53°47.... ¥ 100% 100' Ches&O4%sB'95 24 9814 93 3 100% 100% C B 11 94% 943 CB&Q4%s'77B.. 34 994 99 CB&QII3%s..., 7 88 874 C B&Q 111 div 4s. 5 95 95 Chi & E 111 gn b, 2 64 64 Chi Gr West 4 8 70 170 Chl Ind & L ret 2 1021 10214 Chi M&St P 4889 2 843, 843, Ch: M&StP 4% 5’89 15 981 97% ChIMIIStP&P 68'75. 20 863 86 CM&StP Pac adj bs. 80 52 Chi & NW gn 33%s.. 1 8% Chl&NW 4% s 91 9814 Ch1& Nw 6%s..... 1 109% 109'y Chicago Rwys bs... 25 8114 ChiRI&P gn 4 ChiR1&Pre 4, 4 158 ChiRIcv4ls6 56 96'% ChiRkIsl4l%sA.. 18 9415 Chicago T H'5 2 96 6 ChiUn Sta 4%s..,. 1 100% 100% Chi Un Station 5s ¥ 103% 103': Chi Un Sta 6348 2 115 115 C&Windconds.. 10 89% §9% C& W Ind 51 « 1 104% 1043 CCC&StL4%s (E). 7 98 68 CCC&StL deb 4% 1 100% 100% CCC&StL 5s (D) 2 104 104 Clev Term 4%s'77. 20 9415 99 Colo& Sou4%s..., 3 997 99% Conn Ry & Lt 414 3 100 100 Cuba R'R bs 76 Cuba RR 7% 1 87 CubaNors14s'42.... 4 57 Del& Hud ref 45’43 11 133 938 Den&Rtio G 4 6. 10 97% 9T Den&RGW 5 D R G&Wst 68 '78 Det United 4%s E Tenn Va&Ga bs, Erie 1st con Erie conv 4s ( 90 991y 100%, 918 Erie 58, 1975..... 91% Fla East C 68 '74. 48 Gr Trunk st deb 6; 10514 Grand Trunk 7s, 110% Grt Nor 4%s (E). 97 Grt Nor 1st bs. 983 Gt Northern 6% 1101, Great Nor gen 7; 41100 Green B & W deb. .. 24% Hav El Ry 6%s '51. 5014 Hud & Man ad) 6s..274 784 774 Hud & Man ref bs, 98% 984 111 Cent 4s '52 2 9 11i Cent ref 4 11l Cent 4% s °6 111 Cent Chi 434s. Int Rapid Trans § Int Rap Tr bs stpd S 11 100% 9315 16 5 3 93 6 6: Int Rapld Trans6s. 1 47 Int Rapld Tran 2 8% Int & G Nor 1st 6, 1 100% Int & Gt Noradj 6s. 2 73 IntRysCA6%sre. 1 90 90 KanCity Ft S4s... 50 961 964 Kan City Sou 3: T 17 6% Kan City Sou bs. .. 107 101% 100% Kan City Term 4s.. 29 91% 91% Lake Shore 4s'31.. 4 100% 100% Long I8l rf 45 '49 1 89% 89% Long Is deb 5 1 100% 100% L& Nuni4s.. 9 95% L &N 4182003, 9 L&NGY%s..... 105% Market St 7s *40 941y Mill £l Ry&Lt 1000 Mil El Ry&Lt 6851, 102 Mill El Ry&L 65’61, 3 101 10014 Minn & StL ref 4 E 10i'-10 M StPESSM 6s gtd. 13 93 M SIP&SSM 6% 5 100% 100% MK & Tex 1st 2 8sn 87N MK & Tex 4s ( 3 87 87 MK & Texadj 6., 11 100 100 M K&T prinSs(A). 5 1031 103% Mo Pacific gen 1 M 77 Mo Pacific 65 A '65.. 3 101 100% MoPacSsF'17.... 13 100 9914 Mo Pae5s G '78.... 6 100 100 Mob& O 4%8'77... 15 96% 96 Nash Chat&StL ¢s.. 10 91% Nassau El 4551 1 50t NOTex&MGbsB.. 5 96 N Y Cengen3%s.., 15 82 N Y Cent 45 '98 2 9% N ¥ Cen a 9 98N 983 N Y Cenref b 10 108 108 NYC&StL 3 97 97 NYCRI&SIL 413878 10 97 9674 NYC&StLbWsA 2 107% 1073 NCC&StL6s31.. 2 101 1015 NY NH&H 33%8°64. 30 790 79 NYNH&H43'67.. 2 801, 80 NY RH&H 3 93 NY NH&H ovdb 65 28 122 120% NYOnt& Wistds 2 43% 4as NYRaflway6s.... 30 41y 41 NYRy6s(A)'65.. 1 61 61 NY Sus&Wngenbs 8 7it 7y NYW&B4Ka.... 11 87 & Norf & Wn con 4 3 94 94 Nor Pacific 3s 20: 3 65% 65% Nor Pacific . 191G o1y Nor Pac 4% 2 15 98 uTn Nor Pacifio ref 6., 6 113% 113 - N BONDS ARE STEADY:| [oxsow son BONDS soce sxcvanr] | Received by Private Wire Direct to The Star Office Close. 104% 114 948, 100': 1063 103 1024 101t 106 102 10315 €4 1004 981 1004 101 104 101 981¢ 10015 1061 102% 1081 95% 8019 1001 10074 83 101 104 1010 110 4914 100 103 102 941y 24 94% 915 4%, 9914 1001 103 105 109% 941 10344 861y 88 100% 88 103% 1 108'5 100% 105% 94 10584 100 98 100% 943, 9914 10215 Bav 970 86V s%u 8% 98% 109% 81l 90! FARM BOARD 0. K.S HOLDING OF WHEAT Body Indorses Move to Avoid Congestion at Terminals Over Country. By the Assoclated Press The Federal Parm Board has indorsed the move among farmers to hold “suf- ficient wheat off the market to prevent congestion at terminals with the hope it will improve prices.” In a statement disapproving the mar- keting of the wheat crop direct from the thresher, the board said the present tendency of farmers to keep more of the wheat at home was & movement in the right direction, “The tendency of growers for the last several years has been to market the wheat crop direct from the combine or thresher,” the board sald. “While this is & convenient way of handling wheat, it is our judgment that the change is an expensive one for the grower. “Somebody must provide storage and otter carrying charges for that grain from the time it is delivered to a local elevator until it is needed to supply the demands of consumption. The cost of this transaction is far greater than the cost would be to the farmér if he stored a portion of his crop until such time as there was a demand for it.” ‘The rushing of a large percentage of the crop to market often resulted, the board said, in congestion at terminals to the extent that owners of private elevator space are enabled to fill their bins at prices substantially below the current market value at the time the wheat is shipped. This process, the board said, also has the disadvantage of “putting much of the available supply of grain in the show windows, where the buyers, real- lizing that somebody is paying money to carry this wheat every day it is there, have the advantage of knowing they can get it quickly and too frequently at their own price.” “None of us can tell what the fu- ture will bring, but in view of the fact the probable available supply the com- ing year Is not likely to exceed the available quantity a year ago, we have every reason to hope for a better aver- age price than now prevalling,” the statement concluded. Declining to disclose the plans of the board for immediate stabilization oper- ations in either wheat or cotton, Chai man Legge said he had written mor checks today for commodity loans than at any one time since the board started functioning. He refused, however, to specify the loans. Loans on the new wheat crop, he said, probably would be on a basis of about 80 to 85 per cent of the market value of the wheat. CHICAGO LIVE STOCK MARKET CHICAGO, July 1 (#) (United States Department of Agriculture) —Hogs, 25,« 000 head, including 6,000 head direct; mostly strong to 10 higher; largely 9.20a9.40; market for 170-300 pounds; top, 9.45, paid for 270 pounds; light, good and choice, 140-160 pounds, 9.00a 9.15; lightweight, 160-200 pounds, 9.15a 9.40; medium weight, 200-250 pounds, 9.2029.45;, heavyweight, 250-350 pounds, 8.90a9.40; packing sows, medium and good, 275-350 pounds, 7.90a8.50; slaughter pigs, good and choice, 100-130 pounds, 8.25a9.00. Cattle, 5,500 head; calves, 2,000 head; slow, steady to strong market; top, 12.50, paid for weighty steers; best long yearlings, 11.25; bulk fat steers, 9.00a 11.00; packers slow, w but scarce; slaughter cattle and vealers, steers, good and choice, 600-900 pounds, 9.50a 11.50; ~ 900-1,100 pounds, 9.75a12.00 1,100-1,300 pounds, 10.00a12.50; 1,30 1,500 pounds, 10.50a12.50; common and medium, 600-1,300 pounds, 6.00a10.25; heifars, good and cholce, 550-850 pounds, 9.25210.75; comrion and medium, 6.00a 97 96 94 96 100% 103% 115 898 104% 9% 100% 104 100% 8, 10614 1104 97 984 1101 1104 244 501y TRY 98% 1001 98 8474 100% 4100% 73 90 96% 76% 100% 913 100% 89 100% 9% 99 105'% 9514 100 102 101 10 93 100% 9.50; cows, good and choice, 7.00a9. common and medium, 4.75a7. cutter and cutter, (yearlings excluded), (beef), 6.25a8.25; cutter to medium, 5.0026.50; vealers (milk fed), good and choice, 10.00a11.50; medium, 8.50a10.00; cull and common, 6.00a8.50; stocker and feeder cattle, steers, good and choice, 500-1.050 pounds, 8.00a9.75; common and medium, 5.75a8.00. Sheep, 8,000 head; better grade fat lambs, 25a50 lower; throwouts and sheep around steady; bulk, sorted na- tive lambs, 11.00; choice Westerns held around 11.25; slaughter sheep and lambs, lambs, 90 pounds down, good and choice, 10.50a11.25; medium, 8.75~ 10.50; 91-100 pounds, medium to choice, 6.0028.75; ewes, 90-150 pounds, medium to choice, 2.00a3.75; all weights, cull and common, 1:00a2.75. ,» RECORD TRADE IN JUNE. NEW YORK, July 1.—Trading on the New York Stock Exchange in June to- taled 76,592,100 shares, the highest June on record. For the like month last year sales totaled 69,546,500 shares. The total of 493,257,900 shares for the six months ended June 30, however, showed & de- crease of 44,310,700 shares from sales for the like period last year, 0. K. STOCK INCREASE. NEW YORK, July 1 (#).—Stockhold~ ers of the Great Lakes Dredge & Dock Co. have approved an increase in the au- thorized capital stock to 800,000 no-par shares from 80,000 ‘shares of $100 par vaule. Holders of the old stock will re- ceive eight new no-par shares for each $100 par share, 88, P 10 10: 101 9914 100 96 91 501 96 82 911 984 108 97U 97 1073 101y 9% 8014 3 120 4% 4'e 61 71 87 94 6574 911 074 134 Sales. Hign. Low. Close. OreShort L 5sgtd. 2 105% 106% Ore Wash 1st 4s. 7 91% 91w Penna 41431970.... 69 961, 965 Penna gen 4% 100% 100% 100% Penna con 43 10214 1021 10214 Penna 4% '63 1004 100% 10014 Penna gen 6 109% 109% 109\ Penna 5364 1041 1041 1041 Penna 63s. 109% 1093 109% Pere Marq 15 391 81 91 Tere M 4%s 19 10 98 98 98y P CC&StL s B 2 100% 109% 109% Port EIP L 6s.. 1 98% 987 98 Reading gen 4% A.. 4 100 100 100 Reading J C4sb1.. 5 93% 99% 931 Rio G Westcolds.. 2 8% 854 851 RIATk& L 4% 4 99% 99 991, StLIM&SBs... 9 100% 100% 1007 SILIM&S R&G .. 9 98% 9815 9ga SIL&SFpPl4sA... 14 89% B89% gon, SIL&SF 4% 60 91% 91% 913, StLS W 1st4 8 88 87, g8 StLSWconds'83 5 99 9. g9 StL'S W 63’62 2 100% 100 1004 StP&KCShL4%e. 2 97% 975% 97ng StP Un Dep b3, 1 106 San An&Arn P4s.. 10 v 93y Seaboard A L is 1 66 Seaboard AL ref és. 11 40 Seaboard AL cn 6. 11 « SBAIFlaés'364. 5 0% SouPacelt4s....., 1 935, Sou Pac ref ds.... 7 9374 Sou Pac 438 ret 3 961, Sou Pac 4% #'69 ww 21 98% Sou Rwy gen 4s.. 5 89 Sou Rwy 6 9 116% Sou Rwy 6% 13 1231 Term Asso 8L 4w... 15 90% Term Asso StL 6s.. 6 1081 Texas & Pac 1st. 1 10934 . 16 102 7 1024 16 25 1 91y Unlon Pac 4s 1 sy Union Pac 43 1 Foog Virginia Ry 1st s,. 1 1045 Wabash 4157 7 o2% Wabash 1st 2 1 Wabash 5876 B 3 83:: “,’g,‘ G Western Md 13 8% w3 bat West Md 6% 399U 99 g West Pacifie 6 10 96% 961 West Shore 4 1190 ggry : ' Wheel& LEcn 4n.. 10 873 . gy,