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28 MOTORS LEADERS IN FINAL TRADING Many Shares Highest for Day as Wall Street List Closes Strong. BY STI ART P. WEST. Special Dispatch to The Star. NEW YORK. May 27. —The succes sion of new high prices which has been a feature of the Stock Exchange dealings recently, continued today. It took in numerous industrials, includ ing several preferred stocks, one or two of the public utilities and a num ber of specialties. The market kept active and generally strong, with out side interest apparently on the in crease. The principal advances of the day occurred in stocks where it takes very •little buying to put prices up. La dede Gas jumped 10 points on the sale of a single 100 shares. International Telephone and Tele graph rose with considerable violence no the publication of the annual re port. which disclosed over $lB earned in 1924. Westinghouse Air Brake was bid up briskly, and the rise in Beech nut revived reports of a possible merger with the Postum Co. Also there was talk of a stock dividend. .Smelting Grosses Par. American Smelting was very strong, crossing par again and advancing rapidly. The fact that it was not ac companied by any general move in the coppers and other related shares, sug gested a special explanation. The market has for some time been hear ing about a larger distribution, quite possibly in stock. Central Leather preferred ran up over 2 points, and there was special buying in Owens Bottle. The list of new high records included Phillip Morris, Consolidated Cirgar, the Max well Motors issues, Ahumador Lead. American Water Works, Eaton Axle, Paige-Detroit, Spear & Co., Interna tional Cement and Marlin-Rockwell. ] Among the regularly more active I shares Studebaker and Hudson Motor | distinguished themselves with new tops for the year. Goodyear preferred was up some 4 points. New Motor Shares Taken Up. Other motor shares were in demand, among them Chandler and Moon. Stewart-Warner ran up on talk of an extra dividend. In the railway section Northern Pa cific was strong, and Chesapeake and | Ohio at one stage was selling 2 points higher. But as a rule the rails were comparatively neglected. A noteworthy exception to the strength shown in most directions was the International Mercantile Marines, where earnings are said to be falling below expectations, despite the big > ear for high-priced foreign travel and the supposed improvement in the freight-carrying trade. Studebaker Is Feature. Strength in Studebaker Corporation reflected not only the belief that the stock had been selling out of line in comparison with other automobile shares recently, but also the favora ble earnings and financial position of the company. Studebaker's net profits for the second quarter are expected to be around S 3 a share, and it is predicted that in the first six months the corporation will have covered its dividend requirements for the full year. More light was thrown on the re cent strength in American Ice by the report that earnings for 1925 will be much better than has been generally expected. MARKET CLOSES STRONG. Spirited Bidding for Motor Issues in Last Hour. NEW YORK. May 27 OP).—Renewal of the demand for motor and public utility shares featured today's rising stock market. The advance in many issues was stimulated by urgent short covering. Establishment of record 1925 car loadings for the week ended May 16, higher gasoline prices and reports of an improved demand for steel had a bullish effect on sentiment. Total sales approximated 1,500,000 shares. The closing was strong. Spirited bidding for the motor issues continued through the late trading, Maxwell B extending its gain to nearly 7 points by touching 105, and Mack Truck moving up 4 points to 184 44. Interna tional Telephone soared over 10 points. Markets at a Glance NEW YORK.—Stocks strong: Max well issues lead motors higher. Bonds steady: South American issues active. Foreign exchanges irregular; francs at year’s low; sterling firm. Cotton low-- er: predictions showers in Texas and Oklahoma. Sugar easier; lower spot market. Coffee firm; strength Brazil ian market. CHICAGO.—Wheat lower: bearish cables. Corn easy; better weather. Cattle steady: demand good. Hogs higher; light receipts. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs A Co.) Nominal Selling checks gold value. today. London, pound $4.8065 $4.86% Montreal, dollar 1.00 Paris, franc 103 .0600 Brussels, franc 103 .0494% Berlin, mark 238 .2381 Rome, lira 103 .0307 Zurich, franc 103 .1034 Athens, drachma 103 .0174 Madrid, peseta 103 .1448 Vienna, crown 2026 .000014** Budapest, crown 2026 .00014 Prague, crown 2020 .0296 % Warsaw, zloty 103 .1930 Copenhagen, crown... .268 .1883 Christiania, crown 268 .1600 Stockholm, crown 268 .2676 NEW YORK. May 27 OP).—Foreign exchanges irregular. Quotations (in cents): Great Britain, demand. 485%; cables. 486 5-16; 60-day bills on banks, 481%. France, demand, 5.01%; cables, 5.02. Italy, demand, 3.97%; cables, 3.98. Demand: Belgium, 4.95%; Ger many, 23.80; Holland, 40.14; Norway, 16.87; Sweden, 26.73; Denmark, 18.80; Switzerland, 19.35; Spain, 14.50; Greece, 1.75; Poland, 19%; Czecho slovakia, 2.96 Vi: Jugoslavia, 1.68; Austria, .14%; Rumania, .47; Argen tina. 40.62; Brazil, 10.50; Tokio, 41%; Shanghai, 75%; Montreal, 100. PEACH PRICES HIGH. NEW YORK. May 27 (Special).— Georgia Red Bird peaches commanded $6 to $7 per carrier containing six 4- quart baskets in the New York mar ket today. The Mayflower variety re alized only $1.50 to $2.50. Baldwin apples were steady at $7 to $7.50 per barrel. DIVIDEND INCREASED. NEW YORK, May 27 OP).— I The quarterly dividend of 30 cents a share on the common stock of the Motor Wheel Corporation has been increased to 40 cents a share, payable June 20 to stock of record June 10. PIG IRON CHEAPER. NEW YORK, May 27 OP).—The Iron Age composite price for pig iron has fallen to $19.42 from $19.63 last week. It now is $3.08 below the high point of the year reached In mid-January. The finished steel composite price Is unchanged and has stood at 2.460 < ents per pound for four weeks. This is hack to the pre-election level, the lu\v point «f 1824. - FINANCIAtf. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. bow. Clove. Abitlbl Pow (4). 71% 71% 69Vi 69% Adams Exp (6) . . 95 95 95 95 Ahumada (tl). . 12% 12% 12% 12% Air Reduc (4)... 104 105 103%1104% Ajax Rubber 13% 13% 13% 13% Alaska Junea... . 1% 1% 1% 1% Allied Chem (4). 92% 94% 92 94% Allis Chaim (6). 83 83% 82% 83% Am AgrlculChm. 21 21% 21 21% Am Ag Chm pf. . 56 67% 65% 66% Am Beet Sug(4). 40 40 40 40 Am B Sug pf (6) 84 84 84 84 Am Bosch 32 32% 32 32% Am Brk Shoe(s). 104% 104% 104% 104% Am Can (17) 189 190% 189 189% Am Can pf (7).. 119% 119% 119% 119% Am Car & Fdy... 106% 106% 105% 106 Am Chicle 52 54% 52 54% Am Chicle ctfs. . 50% 51% 50% 61% Am Drug (60c). . 6% 6% 6% 6% Am Express (6). 137% 138 136% 136% Am* For Pow.. 35% 35% 35% 35% Am &FP pf (7). 89Vi 89% 89% 89% Am AFP 25% (7) . 123% 123% 123V* 123 V. Am Hide & Lea.. 11% 12 11% 12 Am Hide & 1 pf. . 73 73% 73 73% Am Ice (7) 107 107% 107 107% Am Internatl 34 34% 33% 33% Am La Fran (1). 13% 13% 13% 13V» Am Linseed 29 29% 29 29% Am Linsd pf 3% . 70 70 70 70 Am Loco ( + 18). . 123 123% 123 123% Am Loco pf (7).. 122 122 122 122 Am Metal (3). .. 47% 48 47% 48 Am Radiator (4) 94 94% 94 94 Am Safety R (3). 52% 52% 51% 51% Am Ship & Com.. 9% 9% 9% 9% Am S & Ref (6). . 98% 102% 98% 102 Am SAR pf (7) . 109 109% 109 109% Am Stl Fdys (3). 39% 39% 39% 39% Am Sugar 63 63% 63 63% Am Sugar pf (7) . 97 97 97 97 Am Sumatra 8% 8% 8% 8% Am Sumatra pf. . 76 78 76 78 Am Tel&Tel (9). 138% 138% 138% 138% Am Tobacco (7). 95% 96% 95% 96% Am Toba B (7).. 95% 95% 95% 95% Am Tobac pf (6). 106% 106V* 106% 106% Am TypFdrs(7). 106 106 106 106 Am Type pf (7) .. 106% 106% 106% 106% Am WW&E! 1.20. 62% 64% 62% 63% A WW&EI pf(6). 106 106 105 105 Am Woolen 38% 39% 38V* 39V* Am Wool pf (7). 79% 80 79% 80 Anaconda (3)... 38% 38% 38% 38% Ann Arbor 30% 30% 30% 30% Archer-Daniels. . 34 34 34 34 Arch-Dan pf (7). 97% 97% 97% 97% Armour 111 A(2). 21% 21% 21% 21% Armour Del (7). . 93% ' 93% 93 93 Arn Cons & C 0... 10% 10% 10% 10% Artloom pf (7). . 101% 102% 101% 102% Asso Dry G (5). . 212% 212% 212% 212% Asso D G Ist (6). 99 99 99 99 Asso Oil (1%)... 39% 39% 39% 39% Atchison (7) 120 120 119% 119% Atchison pf (5).. 95% 95% 95% 95% Atl Birin A At. . . 5% 5% 5 5 Atlantic C L(t8) 162% 163 162% 163 Atl Gulf* W 1.. 45 45 44% 44% Atlantic Refing. . 110% 110% 109% 109% Atlas Powdr (4). 47% 47% 47 47 Austin-Nichols.. 25% 25% 25% 25% Auto Sales pf 14 14 14 14 Baldwin L (7). . . 114% 115% 114% 114% Balto & Ohio(5). 76% 78 76% 78 Barnsdall A 23 24% 22% 24% Barnsdallß 19 19% 19 19% Bayuk Cigar 40% 40% 40% 40% Beech Nut(2.4o). 71 72 70 70 Bethlehem Stl. .. 40% 40% 40 40 Beth Stl pf (7).. 95% 95% 95% 95% Beth Stl pf(8). . . 112 112 112 112 Briggs Mfg(3%) 43% 43% 43 43 Bkl Edison (8).. 136% 136% 136% 136 Vi Bkl-Man Tran... 43% 44 43 44 Bk-Man T pf(6). 78% 78% 78% 78% Bkl Union G(4).. 89% 90 88% 88% Brown Shoe (4). 95% 96V* 95% 96% Brunswick (3.60) 29% 29% 29V* 29% •BufT Rch &P. .. 81% 81% 81% 81% Burns Br B (2).. 26% 26% 26% 26% Bush Terminal.. 15% 16% 15% 15% Bush Ter de (7). 82 82 82 82 Bush Trm pf(7). 101 101 101 101 Butte Cop (50c). 5% 5% 5% 5% Butte A Su(soc). 9% 9% 9% 9% Cal Packing (6) 112% 113% 112 113% Cal Pete (1%). .. 29% 29% 29 29 Calif Pet rts % % % % Calif Pet pf (7).. 122% 122% 122% 122% Callahan Zinc... 3 13 3 3 Calu & Ariz $2.50 48% 48% 48% 48% Calu & Hec (50c) 13 13 13 13 Can Pacific ( 10) 144 H 144% 143% 143% Case Threshing. 34 35 34 35 Case Thresh pf. . 80 80 80 80 Cent leather.... 19 19% 19 19% Cent Leather pf. 62% 64 62% 63% CRR N J (tl2) . 300 306 300 306 Cero d Pasco (4). 49V* 49% 49% 49% Certaln-Teed(4). 47% 48% 47% 48% Chandler (3) 35% 37 35% 35% Ches & Ohio (4). 97% 98% 97% 98% Ches&O pf(6%). 11l 111 111 111 Chi & Alton 5% 5% 5 6 Chi & Alton pf. .. 9% 9% 9% 9% Chi A East 111. .. 34 34 34 34 Chi Great West.. 13% 13% 13% 13% Chi Gr West pf. . 28% 28% 27% 28 Chi Mil & StP. .. 9% 9% 9% 9% Chi Mil* StP pf. 14 16 13% 14V* Chi&Nwn (4)... 67 57% 57 57% Chi&Nwpf (7). 107% 107% 107% 107% Chi Pneu T (5).. 93% 93V* 93% 93% Chi RI A Pac ,46% 46% 46% 46% CRIAPpf (6). 87% 87% 87% 87% ChIStPM&O.. 41 41 40 Vi 40% Childs (t 2.40)... 53% 63% 63% 53% Chile Cop (2%).. 33% 34% 33% 34% Coca-Cola (7)... 111% 112 111 111% Col Fuel & Iron. . 39 39% 39 39% Colo Southern... 62 62% 62 62 Colo Sou Ist (4). 62% 62% 62% 62% Col Sou 2d (4)... 62% 62% 62% 62% Col G&E (2.50). 65% 66% 65% 65% ColG&Epf (7). 109 109 109 109 Col Carbon (4) ... 48 48 48 48 ComSolvß 87 87 87 87 Congolium (3)... 27% 27% 26% 27 Consol Cigar 41% 42% 41 42% Consol Dlstribut. 4% 5 4% 4% Consol Gas (5). . 87% 88% 87% 87% Cont Can (4) 66V* 66% 65% 66% Cont Mot (80c). . 10% 11% 10% 10% Corn Prod (2). .. 33% 34 33% 33% Crex Carpet (3). 49 49 49 49 Crucible Stl (4). 71 71% 70% 71 Crucible pf (7).. 96% 95% 95% 95% Cuban Cane Su. . 11% 12 11% 11% Cub Cane Su pf. . 51% 61% 60% 50% Cub Am Sug (3). 29% 29% 29% 29% Cuban Domin... 4% 4% 4% 4% Cudahav Pkg (7) 97*4 97% 97% 97% Cuyamel Fr (4). 65% 65% 64% 54% Davison Chem... 87% 39% 37% 39% Del* Hud (9)... 149% 152% 149% 152% DelL&Wn(t7). 142% 146% 142% 145 Detroit Ed (8)... 123 123% 122% 123% Dodge Bros (A). 24% 24% 24 24 Dodge Bros pf. .. 77 78% 76% 77% Dome Mines (2). 14% 14% 14% 14% DulSS&Atlpf. 6 6 6 6 Dupont (10).... ■ 166 165 165 165 Eastman (t 8)... 110% 110% 109% 109% Eaton Axle 19% 20% 19 19 Elec Power ctfs. 35 35% 83% 34% El PALt 40% pd. 105% 105% 105% 105% El PALt full pd. . 107 107 106 106% Elk Horn pf 19 19 19 19 Emmerson B pf.. 8 8 8 8 End-John (5) 69% 70 69% 69% Endicott pf (7).. 114 114 114 114 Erie R R 28% 28% 28% 28% Erie Ist pf 38% 38% 38% 38% Erie 2d pf 37% 37% 37% 37% Fairbanks C 0.... 4 4 4,4 Fairbks (2.60). .. 37% 37% 37% 37% Famous PI (8)... 103% 107% 103% 107% Famous pf (8)... 111% 112 111% 112 Federal Lt (*7).. 32% 32% 32 32% Federal Mines... 16% 17 16% 17 Fed Min pf (7).. 64 55% 54 65% Fisher Body (5). 68% 69% 68% 69 Fisk Rubber.... 16% 164* 16% 16% Fisk Ist pf (4). .. 95 96% 95 95 Flelschmann(4). 86% 85% 85% 85% Foundation (8).. 113% 114% 113% J 14% Frank-Sl pf (7).. 103% 103% 103% 103% Freeport-Texas.. 15% 15% 14% 14% Gardner Motor.. 10% 10% 10% 10% Gen Asphalt. ... 66% 67 66% 67 Gen Asph pf (6). 96% 96% 96% 96% Gen Baking (6). . 130 130 127 130 Gen Cigar (8) ... 86 88% 86 88% Gen Electrlc(B). 282% 284 282% 283% Gen El spec 60c. . 11% 11% 11% 11% Gen Motors (6).. 77 77% 77 77%, Gen Mot deb (6). 92 92 92 92 Gen Mot pf (7).. 107% 107% 107% 107% Gen Petrm (2)... 54% 54% 68% 54% Gen Refrac (2).. 45 46% 45 46% Glmbel 8r05.... 64% 54% 64% 64% Gtmbel Br pf (7) . 104 104 104 104 Ginter (1%) 36% 36% 36% 36% GUddenCo 22% 22% 22% 22% Goodrich 62% 62% 52% 62% Goodyear pf (7 ) . 97% 101% 97% 101 Goodyear pr (8) 105 106% 105 105% Grt North pf (5). 67% 67% 67 67% Gt Nor Ore (1).. 28% 28% 28% 28% Grt WstnSu (I). 98 98% 98 98% S. THE EVENING STAR, WASHINGTON, I). C„ .WEDNESDAY, MAT - 27, 1925. Open. Hirh. Low. Close. Gt West S pf(7). 110% 110% 110% 110% Greene Canan... 13% 13% 13% 13% Gulf Mo & Nor.. 30% 30% 30% 30% GuM&Npf (6). 95% 96% 96% 96% Gulf States S(5). 85% 86 84% 84% Hanna Ist (7)... 63 63 63 63 Havana Elec (6). 133 136% 133 *35% Hayes Whl (3). . 40 40% 39% 40Vi Hocking Val *4). 134 134 134 135 Household P (3). 35% 36% 85% 36% Houston Oil 69% ‘69% 69% 69% Hudson Mn 2 %.. 30% 30% 30% 30% Hudson Mot (3). 56% 67% 66% 67% Hupp Mot (1)... 18% 18% 17% 17% rndep 011(1) 31% 32% 31% 32% •Ingersol R(8). . 235 235 235 236 Indian Motorcy. . 17% 19 17% 19 Indian Refining.. 7% 7% 7% 7% Inland St(2% ). . . 41 41% 41 41% Inland Stl pf (7). 109 109 109 109 Inspiration Cop. . 22% 23% 22% 23% Interb Rap Tr. .. 19% 19% 19% 19% Internat Agri. .. 12 12 11% 12 Int Bus Mac (8). 123 123 121% 121% Int Cement (4). . 65 66% 65 66 Int Com Eng (2). 40 40% 39% 40% Internat Ilar(5). 109% 109% 109% 1Q9% Inter Har pf (7). 117% 117% 117% 117% Int Mer Marine.. 9 9 8% 8% Int Mer Mar pf. . 39 39V* 36% 36% Int Nickel 28 28 27% 27% Int Paper 71% 72 70% 70% Int Paper pf (6). 81% 81% 80 80Vh Int Ry Cent Am. 23% 23% 23% 23% Int Te! A Tel (6) 93% 102 93% 99% Jewel Tea 18% 18% 18% 18% Jones Rros Tea. . 15% 15% 15% 15V* Jordan Mot (3). . 46% 46% 46% 46% KCP & L Ist (7) . 102 102 102 102 Kan City South. . 33% 33% 32% 32% Kan CSo pf (4). 59% 59% 69V'* 59% Kayser (Julius). 28% 28% 28 28 Kelly-Spring 17v» 17% 17 17% Kelly-Spring Ist. 54 55% 54 65% Kelly-Spring pf. 52 54% 52 54% Kennecott (3)... 60% 60% 50V* 50% Keystone T&R. 2% 2% 2% 2% KinneyG R(4).. 85 85 84% 85 Laclede Gas (8) . 159 169 159 ' 166% Lehigh Yal(3%). 79% 80% 79% 80 Liggett & M(+4). 61% 61% 61% 61% I.ig &My B( t 4). 61% 61% 61% 61% Lima Loco (4)... 63 63 63 63 Loew s Inc (2 ) ... 28% 29% 28% 28% Loft 8 8 7% 7% Lorlllard (3) 35% 35% 35% 35% Lori Hard pf (7).. 110 110 110 110 Louisiana Oil. .. 18% 18% 17% 17% Louis & Nsh(6) . . 111% 111% 110% 110% Ludlum (2) 37% 37% 37% 37% Mclntype P (1). . 17% 17% 17% 17% McCroß (1.60).. 90% 91 90% 91 Mackay pf (4)... 67% 67% 67% 67% Mack Treks (6). . 181% 184% 180% 184% MackJTrk 2d(7). 104% 104% 104% 104% Macj* HR & Co. . 87% 87% 85 85 Magma C (75c). . 41% 42% 41% 41% Mallison & C 0... 27% 27% 27 27% Man Elev gtd.... 42 42 41 41 Man Shirt (1%). 27% 27% 27% 27% Manila El (2%). 41% 41% 41 41 Market-Street... 9% 10 9% 10 Maxket St prior. . 51% 53% 51% 53% Marland 0(75c). 43% 44% 43% 44 Malin-Rock (1). , 21% 24 21% 22 Martin-Pry (4). . 32 33% 32 33% Mathieson Alka. 80 81 79% 81 Maxwell (A) 112% 114 112% 114 Maxwell (A )ctfs. 113% 114% 113% 114 Maxwell (B) 98% 106 98% 105% Maxwell (B)ctfs. 98% 104% 98 104% May Dept St(s) . 124% 124% 121 121 Metro Ed pf (7). 100% 100% 100% 100% Mexican Seabd.. 16% 16% 15% 15% Miami Cop (1)... 9% 9% 9% 9% Mid-Continent. . 32 32% 31% 32% Mid-Cont pf (7). 91 91 91 91 Middle States. .. % % % % Midlnd Pr pf(8) . 116 116 114V* 114% Minn & St Louis. 3 3% 3 3% MinStP&SSM. 32% 32% 32% 32% Mis Kan & Tex.. 34% 35 34% 34% MK& T pf (5).. 83% 84 83 83 Missouri Pacific. 35% 35% 34% 34% Missouri Pac pf. 79 79% 78% 79% Mont Power (4). 85 86% 84% 86 Montgom Ward.. 52% 52% 51% 52 Moon Mot (3) ... 27% 28% 27% 27% Mother I.ode 75c. 7% 7% 7% 7% Motof Whl(1.20) 24% 24% 24% 24% Murray (2.40)... 35% 85% 35% 35% Nash Mot(til). 419 425 419 425 Nat Acme (sta). 5% 5% 5% 6% Nat Biscuit, (3). . 66'* 66% 66% 66% Nat Cloak (4). . . 71% 73 71% 72%' Nat Dairy < 3)... 56% 67 56% 67 Nat Dpt Stores.. 43 45 43 45 Nat Distillers. .. 36% 36% 35% 36% Nat Distlllerspf. 67% 67% 67% 67% Nat Enamel AS. 28 28 28 28 Nat Lead (8) 148 143 148 148 Nat Ry Mex Ist.. 5% 5% 6% 5% Nat Ry Mex 2d.. 2 2 2 2 Nat Supply (3).. 64 64% 64 64 Nevada Copper.. 12% 12% 12% 12% N O Tex & M (7). 120% 120% 120% 120% N Y Air Br A(4). 62% 52% 52% 62% N Y Canners(2). 44% 44% 43% 43% N Y Central (7). 117% 117% 117% 117% NYCAStL pf (6). 91% 91% 91% 91% N Y Dock 27 27 26% 26% N Y Dock pf (5 ). 67 68 67 68_ NY NH & Hart.. 34% 34% 34 34 NYOn&Wn(l). 25 25 26 25 NYRys pf tr cfs. 283 283 283 283 Niag Fls Fw (2) . 65 65 65 65 Norfolk South. .. 33 33 32% 33 Norf A West (7). 131% 131% 130% 131% North Am (3.40). 49% 49% 49% 49% North Am pf (3). 49% 49% 49% 49*4 •Northn Cent(4). 80% 80% 80% 80% North Pac (5)... 65 66 65 65% Orpheum (1.80). 27% 27% 27% 27% Otis Steel 14 14% 13% 14% Otis Steel pf 78% 73% 73 73 Owens Bot (8) ... 48% 49% 48% 49% Owens B pf (7). . 111% 111% 111% 111% Pacific Gas (8).. 110% 111 110% 111 Pacific Mail 11 11 11 11 Pacific 011 (2)... 59 59% 58% 69 Packard (t1%).. 28% 28% 27 27% Packard pf (7).. 111% 111% 111% 111% Paige Mot(l.20). 21% 22% 21% 22% Pan-Amer (6).., 80 80 79% 79% Pan-Amer B (6). 81% 81% 80% 80% Panhandle 3% 3% 3% 3% Park & Til ford.. 32 32% 31% 32 Penlck & Ford. . . 23% 23% 22 22% Penn C & Cke. .. . 16% 16% 15% 15% Pennsy R R (3).. 44 44 43% 44 Penn Seab Steel. 1% 1% 1% 1% Pere Marq (4) ... 64 64 64 64 Pere Mar pf (5). 69% 69% 69% 69% Pere M prior(s). 79% 79% 79% 79% Phla Co (4) 57% 67% 57 67 Phla Co pf (3). . . 47% 47% 47% 47% PhIIaARCAI.. 41% 41% 41 41% Phillip Morris... 17 17 16% 16% Phillips Pet (2). 42% 43% 42% 43% Pierce Arrow.... 21% 22% 21% 22% Pierce Arrow pf. 70% 74 694* 73% Pierce-A prior 8. 116% 119 115 119 Pierce Oil 2% 2% 2% 2% Pierce Oil pf 36% 36 36% 36 Pierce Petrol 7% 7% 7% 7% Pitts Coal 43% 44 43% 44 Pitts Coal pf (6). 83 83 83 83 Pitts Term Coal. 37 S7 37 37 Pitts* West Va. 71% 71% 71% 71% Prod & Refiners.. 27 27% 27 27% Pub Ser N J (5). 70% 71% 701-4 71 Pub SNJ pf (8). 114% 114% 114% 114% Pullman Co (8). . 139% 140% 139% 140 Punta AlSu (5). 39% 40 39% 39% Pure Oil (1%). .. 28% 29 28% 29 Radio Corp of A. 66% 56% 55% 66 RS lIIC cfs (4). 72% 72% 72% 72% •RS 111 Ccfs(4). 72% 72% 72% 72% Ry Stl Spg (8)... 129 129 129 129 Ray Cons Cop. .. 12% 12% 12% 12% Reading (4)..•... 83% 86% 82% 86% Reading rts 18% 18% 18% 18% Reading Ist (2). 39% 40% 39% 40% Reading 2d (2).. 42 42% 41% 42% Robert Reis 18% 20% 18% 20% Remingtn 2d(8). 111% 111% 111% 111% Replogle Steel... 14% 14% 14% 14% Rep Ir & Steel... 47 47% 46% 47% Reynolds Sp (1). 12% 13% 12% 13% Rey Tob B (3)... 78% 78% 77% 77% Rey Tobpf (7).. 121% 121% 121% 121% Rossia Ins (6). .. 92% 92% 92 92 Royal D (4.42%) 51% 61% 51% 61% Rutland pf 59% 62 69% 61% St Joseph Ld(2). 51% 51% 51 51 St L & San F(5). 80% 80% 79V4 80% StL San Fps (8). 86% 85% 85 85 St L Southwest.. 48% 49 48% 48% Savage Arms.... 61% 64% 61% 64% Schulte (*8) 11l 111% 111 111 Seaboard Air L.. 34 34% 33% 33% Seabd Air L pf. . 45% 45% 45% 45% Seagrave (1.20). 14% 14% 14% 14% Sears-Roebk (6). 168% 169% 168% 168% Shattuck FG(2). 54 53 54 57% Shell Un (1.40).. 25% 26% 26% 25% Simmons Co (2). 48% *44% 43% 44% Simmons pf (7). . 103 103 103 103 Simms Pet (1)... 24% 24% 24% 24% Sinclair Oil 21% 21% 21% 21% Skelly Oil 27% 28% 27% 28% RAIL AND OIL BONDS MARKETLEADERS Chicago Tractions Weak. South American Issue Is Again Prominent. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 27.—Investment bonds paused in their advance today and In wme quarters of the market, principally utilities and industrials, the trend was reactionary. Rails and United States obligations were rela tively steadier. One of the weak spots was the Chi cago Tractions. Chicago City and Connecting Railway 6s were down over 2% points and Chicago Railways first os lost a less amount. Selling came into the Interborough Issues, based on the statement of counsel that the company could not make Im provements ordered by the Transit Commission without bankruptcy, hut it was quite evident from the nature of the support that the market did not take the assertion of the Inter borough counsel literally. Brooklyn Manhattan Transit 6s continued steady. Oils and Kails Strong. Oil bonds were strong, instances be ing Skelly Oil 6 Vis, Pan-American Petroleum 6s, Sinclair 6s and Empire Gas and Fuel 7',is. U. S. Rubber 5s were again in demand, but Interna tional Mercantile Marine 6s were soft. Below 88 today they were at the low of the year. _ Virginia-Carollna Chem ical 7s and 7**s with warrants were both lower. Among the rails Missouri-Kansas- Texas adjustment, Missouri-Pacific general 4s, St. Louls-San Francisco In come 6s and Seaboard Air Line ad justments were the most active and generally firm. Norfolk Southern 5s touched 80 for the first time. Chicago, Terre Haute and Southeastern incomes were frac tionally higher, but Chicago Great Western 4s reacted. French Bonds Lower. The feature in the foreign list was another new high record for Monte video 7s, up nearly a point. Today’s price was above any recorded since 1922- They are not redeemable until 1937, and then at 100. Bolivia 8s made no further advance. French bonds were a shade lower, but relatively in active. The rest of the list was with out significant change. The day’s new offerings included $4,848,000 Jersey City 4**s, maturing serially, to yield from 3.50 to 4.05 per cent. MILLS BUYING MORE WOOL. BOSTON, May 27 (Special).—Mills are taking a fair amount of staple territory wools and fine and fine medium grades moved today at $1.15 to $1.25 clean. Medium scoured has moved from 83 to 95 cents a pound, according to quality. ROAD DOUBLES INCOME. NEW YORK, May 27 G4>).—The New York. New Haven and Hartford Railroad more than doubled its net Income in April In comparison with the same month last year, the total of $664,024 after all charges being an increase of $360,304. BUTTER LOWER TODAY. CHICAGO, May 27 C# s ).—Butter lower; creamery extras, 41*4; stand ards, 41*4; extra firsts, 39V&a40*i; firsts, 38a38%; seconds, 33a37. Eggs, higher; receipts. 26,840 cases: firsts. 29%a30; ordinary firsts, 28%a29; storage pack extras, 32; firsts, 31%. Sloss-Sheft (6). . 87 87 87 87 Sloss-Shf pf (7). 93 93 93 93 South Port S (6). 68 71 68 71 South Pac (6)... 102*4 102% 102% 102% Southern Ry (5). 92% 93H 91% 93% South Ry pf (5). 86% 86% 86% 86% Spear &Co 23% 23% 23% 23% Spear ACo pf (7). 91 J! 91% 91% 91% Spicer Mfg 21% 22 21% 21% Spicer pf (8) 104% 104% 104% 104% Std Gas AEI (3). 52% 53 62% 53 Std GAEI pf(4). . 68% 64 63% 64 Stand Mill pf (6). 85% 85% 86% 85% St Oil Calif (2).. 68% 59% 68% 68% St Oil N J (1) 43% 43% 43% 43% StOllN Jpf (7). 116% 117 116% 117 Sterling Prod (4). 63% 63% 63% 63% Stew-Warner(o). 68% 70% 68% 69 Stromberg (6)... 72 72 72 72 Studebaker (4).. 48 49 48 48*4 Submarine Boat. 8% 8% 8% 8% Superior Oil 4 4 4 4 Sweets (new)— 7% 7% 7% 7*4 Symington 17 17V* 16% 17% Tennessee Cop.. 10% 10% 10% 10% Texas Co (3) 48% 48% 48% 48*4 Tex GulfS (7%) 108% 109% 107% 108** Tex & Pac C& 0. 16% 16% 16% 15% Tex & Pacific 52 53% 62 52% Tide Wat 011(4). 144 144% 144 144 Timken RB(t4). 41% 41% 41% 41% I'ooac Prod («).. 80% 81% 80% 80% Transcont 0i1... 6% 5% 5 5% Twin City (4) ... 70 70 70 70 Underwood (3).. 43% 43% 43% 43% Un Bag* Paper. 57% 67% 66 65 Union Oil (1.30). 38% 38% 38% 38% Union Oil (1.80). % • % % % Un Pacific (10). . 139% 140V* 139% 139% Un Pacific pf (4). 74% 74% 74% 74% Utd Alloy Steel. . 26% 26% 26 26 Utd Cigar(f3 %). 69% 69% 69% 69'/* United Drug (6). 126 125 124% 124% UtdDrug Ist 3Vi . 65 65 55 55 Utd Fruit (10).. 411% 411% 411% 411% Utd Ry Inves pf. 77% 77% 77% 77% U S Cast Iron P. . 154 157% 154 157%* U S Distributing. 31% 32 31% 32 US Hoff (2) 33 33% 33 33% U S Ind Alcohol. 93% 93% 91% 92% US Realty (8)... 141 141 140 140 US Rubber 46% 47 46% 46*. US Rub Ist (8). . 100% 100% 100 100 U S Smelting!3). 36% 36% 36% 36% IT SSmpf (3 %). 44% 44% 44% 44% U S Steel (t7)... 117% 118% 117% 118 U S Steel pf (7).. 124% 125 124% 124% Universal Pipe. . 36% 38 36% 37% UnlverPpf (7).. 77% 81% 77% 80% Utah Copper (4). 88% 88% 88% 88% Vanadium 28% 29 28% 29 Va-Caro Chem. .. 4% 4% 4% 4% Va-CaroChemß. 1% 1% 1% 1% Va-Caro Ch pf... 17% 17% 16% 16% VaRyA Power.. 109% 113% 109% 113% Vlvadou 14 14% 14 14% Vlvadou rts % % % % Vulcan Detin 77 77 Wabash 28% 28% 28 28% Wabash pf A(5). 67 67% 66% 66% Waldorf (1 Vi). • • 16% 16% 16% 16% Ward Baking B. . 60% 60% 50% 60% Ward Bak pf(7). 100% 100% 100 100 West Pen (4) 135% 138 135% 138 West Maryland.. 14 14% 14 14 West Md 2d pf... 20% 20% 20% 20% Western Pacific. 41% 41% 41% 41% West Pac pf (6). 91% 91% 91% 91% West Air Br (6). 101 104 101 104 Westlnghse (4).. 73% 74% 73% 78% Weston Elec 13 13 12% 12% Weston A (2) ... 23 23 22% 22% Wheel &L Erie.. 17 17 16% 16% White Eagle (2). 27% 28% 27% 28% White Mot (4)... 69% 70% 69 69% Wickwtrectfs— 4% 4% 4 4 Willys-Overld. .. 21% 22% 21% 22% Willys-Od pf (7). 107% 107% 106% 107% Wilson & Co 6 6 5% 6% Wilson & Co pf.. 20 20 20 20 Woolworth (3).. 127% 129% 127% 128% Worthn Pump... 40 42% 40 42% Worthtn A (7)... 81 81 80% 80% Worthton B (6).. 66 66% 66 66% Wright Aero(l). 26% 26% 25 25 Wrigley (t 3%).. 52 62% 62 52% •Odd lots. tPartly extra. in preferred stock. Dividend rates as given In the above table are tbe annual cash payments based on the latest quarterly or half-yearly declarations. Unless otherwise noted, extra or special dividends are not Included. ON NEW YORK BONDS STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Sale*. High. Low. 1:48 UNITED STATES BONDS. (Bales are la $1,000.) Bales. High. Low. Close. Lib 3 %s. .. 85 1012 1011 1011 Lib Ist 4 Vis 6 102 11 102 9 102 10 Lib 2d 4 *4s. 106 101 12 101 10 101 J1 Lib 3d 4 %s. 285 101 31 101 27 101 28 Lib 4th4% s 133 102 18 102 16 102 17 US 4s 1944. 83 102 15 102 10 102 10 US4Vis'62 73 106 18 106 r 106 8 FOREIGN. ___. Sales. High. Law. Close. Argentine 6s 7 88% 88 88 Argentine 6s A 73 96% 96 96 Argentine 6s B 102 96% 96% 96% Argentine 7s 47 102% 102% 102% Austria 7s 28 99 98% 99 Bank <jf Japan 6s. . 25 100 99% 100 Belgium 8s 170 87% g 6% 87% Belgium 6%s wi. . 38 94% 93% 94 Belgium 7%s 21 109% 109 109 Berne 8s 2 109 109 109 Bolivia 8s 63 96% 95% 96% Bordeaux 6s 85 85% 85% 85% Braz *l 7s 37 82% 82% 82% Brazil 7Vi s 2 106% 106 106% Brazil 8s 75 98% 98 98% Canada os 1926 3 100% 100% 100% Canada 6s 1931 3 102% 102% 102% Canada os 1952 12 104% 104% 104% Canada 6%s 1929. . 10 103% 103% 103% Chile 7s 1943 14 101% 101 101 Chile 8s 1926 3 103% 103% 103% Chile 8s 1941 4 109 106% 108% Chile 8s 1946 1 108% 108% 108% Chinese Gov Ry 6s. 29 48% 47% 47% Christiania 6s 6 99% 99% 99% Christiania 8s 32 110% 110% 110% Con Pow Japan 7s. 19 90% 90 90 Copenhagen 6%5. . 16 99% 98% 99% Cuba 5% s 35 100 99% 99% Czecho 8s 1951 4 100 99% 99% Czecho 8s 1962 ct. . 8 99% 99% 99% Danish Munlc 8s A . 6 109% 109% 109% Danish Munlc 8s B. 1 109% 109V* 109% Denmark 6s 61 103% 103% 103% Denmark 8a 10 110% 110% 110% DE I 5%s Mch ’53. 5 100% 100% 100% D E 1 5%s Nov ’S3. 20 100% 100% 100% Dutch East I 6s -47. 23 102% 102% 102% Dutch East X6s ’62 44 103 102% 103 El Salvador 8s ’4B . . 1 104 104 104 Flnlands 7s 43 95 94% 95 French 7s 159 91 90 90% French 7% s 70 99% 98% 98% French 8s 64 102% 102% 102% Ger El 6%5’50 wi. . 10 87% 87% 87% German’s 164 95% 95% 95% Ger Gen Elec 7s. .. 12 93% 93% 93% Haiti 6s 5 95 94*, 95 Holland-Amer 6s. . 6 88% 88% 88% Hungary 6%s 4 90 89% 89% Japanese 4s 1 83% 83% 83% Japanese 6**s 113 93V* 93% 93% Jergens U M 65’47. 7 99 98% 99 Lyons 6s 4 85% 86V* 86% Marseille 6s 11 86% 85% 85% Mexico 4s’o4 asnt. 5 22% 22% 22% Montevideo 7s 6 94% 94% 94% Netherlands 6s '54 . 24 104 103% 103** Netherlands 65’72. 6 106% 106% 106% Norway 6s 1943 49 101% 100% 101% Norway 6s 1944 121 101% 100% 101% Norway 6s 1952 118 102% 100% 102% Norway 8s 13 110% 110% 110% Orient Dev deb 6s. . 2 85% 85% 85% Parls-Ly’s-Med 6s. 15 78 77% 77% Paris-Ly’s-Med 7s. 6 87 86% 86% Paris Orleans 7s. .. 1 84% 84% 84% Peru 8s 5 100% 100 100 Poland 6s’4o 1 71 71 71 Poland Bs’6o wi... 106 90% 89% 89% Prague 7%s 84 93 91% 92% Queensland 6s 4 104% 104% 104% Rio de Jan 8s 1946. 1 95 94 s * 94% Rio de Jan 8s 1947. 3 94 94 94 Rio Gr Do Sul Bs. .. 1 96 96 96 Sao Paulo State Bs. 4 102 101% 101% S Paulo St 8s wl. .. 6 100 100 100 Seine Dept cf 7s. .. 11 89% 89 89% Serbs Crot Slo Bs.. 18 88 87% 87% Sweden 5 %sct 79 101% 100% 101% Sweden 6s 7 103% 103% 103% Swiss 5%s 1946 33 105% 104 105% Swiss Confed 85... 7 114% 114 114*4 Ud Kingm 5%s ’29. 15 117% 117% 117% Ud Kingm 5 Vis ’37.173 107% 107% 107% Ud Steam Copen 6s 1 94% 94% 94% Uruguay 8s 7 110 109% 109% Zurich 8s 3 109% 109% 109% MISCELLANEOUS. Ajax Rubber 85.... 3 101% 101% 101% Arn Agr Chem 7%5. 40 103% 102% 103% Am Chain sf 65’33. 3 98% 98% 98% Am Cotton Oil ss. . 10 95 95 95 Am Repub deb 6s. . 1 96% 96 s * 96 s * Am Smlt A R Ist 5s 78 98% 97% 98% Am Smlt A R 6s 49 107% 107V* 107% Am Sug ref 6s 26 102% 102% 102% Am T A Tel tr 4s. . 12 97% 97% 97% Am T A T cl tr as. . 23 102% 102% 102% AmTATsfos 122 97% 97% 97% Am TAT deb 5%5. 17 104% 104% 104% Am T A T cv 63 11 131% 131% 131% Am Water Wks ss. 1 97% 97% 97% Am Writ Paper 6s. 4 56% 56% 66% Anaconda Ist 6s. .. 154 101% 100% 100% Anaconda cv db 7s. 27 102 101% 102 Andes 78 25 % pd. . 9 96% 96% 96% Armour &Co 4 %s.. 8 89% 89 89 Armour Del s Vi*. . . 12 93% 93% 93% Associated Oil 6s. . 5 102% 102% 102% Atlantic Refln 55... 2 99% 99% 99% Bell Tel Pa 6s 12 103 102% 103 Beth Steel pm 55.. 4 92% 92% 02% Beth Steel rs 65... . 4 96V* 95 95*4 Beth Steel 5%s 63. 10 87% 87% 87*4 Beth Steel s f 6s. .. 29 95% 96V4 96% Brier HSt Ist 6%5.174 lOIVi 99% 101% Bklyn Ed gen 6s. .. 9 102% 102 102 Brooklyn Union ss. 6 101% 101% 101% Bush T Bldg ss’6o. 13 97% 97 97% Cen Leth 6s ’46 cfs. 32 101% 100** 100** Chile Copper 6s. .... 33 107% 107% 107% Commonwth P 65.. 12 101% 101% 101% Con Coal Md Ist 6s. 15 83% 83 83 Con GNY 6%s wl.. 61 104% 104% 104% Consumers Pow 6s. 64 100 99% 100 Denver Gas 5s 4 96% 96% 9614 Dery (D G) 7s 12 77 76 76 Det Edison 6s’4o. . 10 101% 101% 101% Det Edison ref 6s. .42 108 107% 108 Dodge wi 6s 43 97% 96% 97*4 Donner Steel 7s. ... 7 90 90 90 Du Pont de N7% s. 6 108 108 108 Duq LA P 5%s ’49. 9 106% 105% 105% Duquesne Light 6s. 8 106% 106 106 Est Cuba Sug 7%5. 13 104% 104 104% Empire GA F 7%5.106 104 108% 104 Fisk Rubber 8s 3 113 112% 113 Goodrich 6%s 24 106% 105 105% Goodyear 8s 1931.. 11 109% 109% 109% Goodyear 8s 1941.. 9 121 120% 120% Hershey 6s 1942... 4 104 103% 103% Hoe A Co 6%s 6 102% 102% 102% Humble OARS%s 1 102 102 102 Illinois Bell Ist ss. 19 101% 101% 101% Indiana Steel 6s. .. 6 103 103 103 Int Mer Marine 6s. 27 88 87% 87% Inter Paper 65’47. . 29 93% 98% 93% KC P&Lt 6s A’62. 4 100 100 100 Kan G& El 65’52.. 7 103% 103 103 Kelly-Spring 85.... 1 100% 100% 100% Lacl G ref 65’34. .. 9 100% 100% 100% Laclede G 6%5’63. 83 102 101% 10144 Liggett A Myrs 6s ./10 100% 100% 100% Lorlllard (P) 6s. .. 6 97% 97% 97% Lorlllard (P) 75... 1 116% 115% 115% Loulsv G&E 6s '62 69 98% 98% 98% ManatiSugsf 7%5. 6 100% 100% 100% Mid-Con 6%5,'40.. 33 98% 98% 98% Midvale Steel 55.. • 10 93% 93% 93% Montana Paw 55... 6 100% 100% 100% New Eng Tel 55... 31 102 100% 102 N Y Ed 55*44 wi... 16 101% 101% 101% N Y Eden Ist 6V4s 7 116 114% 114% NYG EL H&P 45... 9 90 90 90 NYG EL H& P 65.. 7 103% 105% 103% NYTellVis 6 97% 97% 97% N Y Tel 6s’4l 12 108% 108 108% North Am Ed 65... 10 102% 102 102% North Am Ed 6 V4s. 4 104% 104% 104% Nor Ohio T&L6s. 12 96% 96 96 Nor States Pow 6s. 17 98% 98% 98% Otis Steel 7%s 26 97% 96% 97 Otis Steel 8s 6 102 101% 102 Pacific Gas AEI ss. 9 98% 98 98% Pac T & T Ist 65... 4 101% 101% 101% Pac T& T 65’62. .. 22 98% 98% 98% Pan-Amer Pete Bs.. 26 115% 114% 114% Pan-Amer Pete 7s. 7 106% 106% 106% People’s Gas 5s 1 98% 98% 98% Phila Co 5V4*’38... 47 100 99 100 PhllaCo ref 6s A.. 9 104% 104% 104% Pierce-Arrow 85... 47 104 102% 103% Producers & Rf Bs. 1 110% 110% 110% Public Service 65.. 22 99% 99% 99% Pub Serv Elec 65... 1 106% 106% 106% P Serv Gas 5%s ’59 63 104% 104% 104% P Serv Gas 6 Vis '64 60 104% 104% 104% Punta Alegre 75... 16 106% 105% 106% Remingtn Arms 6s. 1 89 89 89 Saks & Co sf 7s 1 106% 106% 106% Sharon Stl HBs 69 107 106% 107 Sinclair Oil 6s 193 118% 112% 113% Sinclair Oil 6%5... 14 88% 88 88% Sinclair OH 7s 42 04% 93% 93% Sin C O P L 6s ’28.. 22 100% 100% 100% Sin Pipe Line 55... - 4 87% 87% 97% Skelly Oil 6%5....286 116% 116% 116% South Bell Tel 65.. 8 101% 101% 101% Southwest Bell ss. 64 101% 101 101 Sales. High Low. Close. Stand G A El . 15 131 129 129 Tenn Elec Pow 65.. 22 104 103% 104 Tide Wat. Oil 8.. 3 103% 103% 103% Toledo Edn Ist 75.. 11 109% 109% 109% Union Baa A P 6«. . 17 99% 99 99V, United Drua 6s 8 103% 103% 103% U S Rub let rs 58. . 110 89% 88% 89% U S Rubber 7 45... 6 104% 106% 106% US Smelter 6s 3 101 100% 100% U S Steel a t6b 23 106% 105% 105% Utah Pow ALt 65.. 11 98 98 98 Va-Car Chem 7s. .. 38 97% 96% 97% Va-CarCh 7%a w.. 40 69% 69 69 Warner Su» 75'39. 6 83% 33% 83% Warner Sua 7s’4l. 15 97 96% 97 West Elec 6s 20 102 100% 102 Westn Union 6%b. 2 111% 111% 111% Westlnghouse 7«. . 36 107% 107 107 Wlllys-Ov 6%b’33. 17 101% 101% 101% Wilson ACo Ist 6s. 39 99% 99 99% Wilson ACo cv 65.. 18 70 69% 69% Wilson AC cv 7%5. 15 69% 69 69 Winchester A 7 %s. 11 101% 101% 101% Youngstn SA T 6s. 10 99% 99 99% RAILROADS. Ann Arbor 4s 2 71% 71% 71% Atchison adj 4s 11 84% 84% 84% Atchison ren 4s. . . 27 92 91% 92 Atlantic CL cl 4s. . 7 88% 88% 88% Atlantic C L Ist 4s. 13 93% 93% 93% Atlantic CL 7s 2 107% 107% 107% BA O gold 4s 47 91% 91 91% BAOcv 4% s. 46 94% 94% 94% BAO ref 6s 31 90% 90 90% B A O Ist 5s ct 24 103% 103% 103% B A O 6s 30 103% 108% 103% B A O rs Imp 6s 44 103% 103% 103% BA O PL.EWV 4s . . 7 88% 88% 88% BAO Toledo 4s 2 78 77% 77% Bklyn Manhat 6s. . 44 88% 88% 88% Buff R A Pitt 4 4s. 37 87 87 87 Canada South 55.. . 3 102% 102% 102% Canad North 6%5. . 60 118% 118% 118% Canad North 7s J 3 116% 116% 116% Canad Pac deb 4s. . 64 80% 80% 80% Car Clinch AO6s . . 12 108 107% 108 Cent of Ga 6s 16 104% 103% 104% Central Pacldc 4s. . 2 89% 89% 89% Ches AOcv 4% a. .. 6 97% 97% 97% Ches AO gn 4%5. . 14 92% 92% 92% Ches A Ocv 5s 242 107% 106% 107% Chi A Alton 3%5. .. 43 63 52% 63 Chi A Alt 3%s ctfs. 6 52 61% 52 Chi BAQgn 4s 'SB . 23 92 91% 92 Chi BA Q Ist rs ss. 5 101% 101% 101% Chi AElgn 6s 24 75% 75 76 Chi Great West 4s. 103 66% 66% 66% CMiPujetSd Is. 12 50% 50V, 50% CM ASt P 45'26... 69 62% 51% 61% CMASt Pdb 45... 26 61% 61% 51% CM & StP Rii 4s'B9 3 78 77% 78 CMA St Pcv 4%5.107 62% 51 51% CM AStP rs 4 %s. 92 62 51 51 CMAStPovSs... 61 62 61% 51% CMAStP6s 4 103% 103% 103% Chi AN Wref 55... 13 96% 96 96% Chi AN W 6%s 1 110% 110% 110% Ch 1 A N W 7s 3 106% 106% 106 F Chi Rys 5s 27 77% 7«% 77 Chi RIA Prs 4s. . .148 88% 88% 88% Chi THA S E ss. . . 8 84% 84% 84% Chi Un Sta 4%s ... 5 93 S 3 93 Chi Un Sta os 10 102% 102% 102% Chi Un Sta 8%8 ... 1 117% 117% 117% Chi A W Ind cn 45.. 72 83 81% 82% CA W I 0%8 82. . . 10 100% 100% 100% CCC ASt L 4%5. . . 1 98% 98V, 98% CCC AStL Os 50 99% 99% 99% CCC A St L rs 6s A. 16 103% 103% 103% Ciev Term os 1 101% 101 101 Cleve Term 6%5... 1 107 107 107 Colo A Sou 4 %s. .. . 1 96% 95% 96% Cuba RR 6s 31 87% 87% 87% Del AHd Ist rs 45.. 3 92 92 92 Del Hud cv 5s ’35. . 102 106% 106 106 s . Del A Hud 5%s 3 102% 102% 102% Den A Rio Gcn 4s. 3 85% 85% 85% D A Rio G Imp os. . 6 98% 98% 98% D A RloG Wst 6s. . 69 59 58% 68% Erie Ist cons 4s. .. . 5 71% 71% 71% Erie (ten 4s 8 63% 63% 63% Erie conv 4s D 13 71% 71% 71% Erie A Jersey 85... 14 104% 104% 104% Erie Genessee R6s 3 104 104 104 Kla EC 5s '74 138 96% 96% 96% Or Trunk sf db 65.. 6 108% 108 108 Grand Trunk 7s. .. 2 116% 116% 116% Great North ss. ... 19 95% 95 95% Great North 5 4s. . 1 102 102 102 Gr North een 7s. .. 9 110 109% 109% G MobAN 5%58 'SO 1 102% 102% 102% Havana ERLAP 'SO 11 91% 91% 91% Hud A Man ref ss. .30 92% 92% 92% Hud A Man aj 55... 54 76% 76 76% 111 Central ref 4s. .. 3 91% 91% 91% 111 Cent ref 6s '56 . . 1 106 106 106 111 C-C St LANO 5s 10 100% 100% 100% Int Rap Tran ss. .. 61 66% 65% 65% Int Rap Tr 5s stpd. 122 66% 65% 65% Int Rap Tran 65.. . 10 68% 68% 68V, Int Rap Tran 75... 44 88% 87% 89% Int A G Nor Ist 6s. 1 105 105 105 Int A G Nor aj 6s. . 97 73% 73 73 Kan City Ft S 45... 3 88 88 88 Kansas City S 3s. .. 27 74% 74 74% Kansas City S 6s. .. 35 92% 92 92 Kan City Term 45.. 2 86% 86% 86% Lake Shore 4s’2B. . 6 98% 98% 88% Lake Shore 4s ’3l. . 6 96% 96% 96% Lehigh Val cn 4s. .. 6 81% 81% 81% Lehigh Val 6s 2003 18 101 100% 100% Louis A N uni 4s. . . 6 96% * 95% 95% Louis A Nash 545. 7 105% 105% 105% Louis A Nash 75... 10 107% 107% 107% Manhat Rv cn 4s. .. 77 62% 62 62% Market St Ry 75... 11 99% 991* 9914 Mil El Ry A L 8*... 58 92% 92% 92% MSt P A SSM cn 5s 6 95% 95% 95% M StP A SSM 5%5. 7 86 85 86 M StP A SSM 6%5. 5 103% 103% 103% MK AT Ist 4s 1 85% 85% 85% MKA T4s B 67 78% 78% 78% MKATadjSs 25 86V, 86 86% MKATprIn 5s A . 17 96*4 95% 95% Mo Pacific gen 45.. 246 67 66% 66% Mo-Pac 5s 1926 37 100% 100% 100% Mo Pac 5s 1965. ... 38 90% 90 90% Mo Pacific 6s S 3 102% 101% 102 Montrl Tm Ist 55.. 30 98% 98% 98% Nassau ERy 4s '57 4 61% 61 61 New Or Term 4s— 3 83% 83% 83% NO Tex A Min 6s. 15 97% 97% 97% NOTexAMBsB.. 12 97% 97% 97% NOTAM6%s 11 102% 102 102% NOTAM6%sn.. 76 102 102 102 N O Tex Mex Ss. .. 1 100*. 100% 100% N Y Cen gen 3%5. . 9 79% 79% 79% N Y Cent cn 4s’9B .. 20 86% 85% 86% NY Cent deb 4s 13 96% 95% 95% N Y Cent r1 6s 2 102 102 102 N Y Cent deb 6s. ... 3 109% 109% 109% N Y Cent LS cl 3%s 1 77% 77% 77% NYCASt Ldb 4s. 2 96% 95% 95% NY Chi ASt L 64s 26 98 97% 97% NYCASt L6s A.. 64 103% 103% 103% New Haven c d 6b. . 7 92% 92 92% NY Ont W Ist 45... 1 69% 69% 69% NYRyrf 4s ctfs. . 46 60% 60% 60% NY Rys 65'65 21 29% 28% 29 N Y State Ry 4%5.. 2 67% 67 67% NY W A Bos 4%5.. 24 69 69 69 Norfolk AW cn 4s. 3 92 91% 92 Northern Pac 35... 17 61% 61% 61% Northern Pac 4s. .. 2 86 86 86 Northern Pac os D. 6 97% 97% 97% Northern Pac r 1 8s 19 107% 107% 107% Ore Short L ref 45.. 3 9TK 97% 97% Ore-Wash Ist rs 4s. 78 84% 84 84% Pennsyl gen 445.. 6 94 93% 93% Pennsyl gen 6s 9 102% 102% 102% Pennsyl6s'64 27 97% 97% 97% Pennsyl 64s 4 110% 110% 110% Pennsyl gold 7s 20 108% 107% 107% Pere Mrq Ist 4s’sß. 6 84% 84% 84% Pere Marq Ist 6s. .. 4 100% 100% 100% Por RLA P6s ’47. 10 98% 98% 98% R I Ark AL4% s. .. 1 88% 88% 88% St L IMAS 4s '29... 39 96% 96 96% StL XMAS RAG 4s. 29 89 88% 88% StL ASF pi 4s A.. 29 77% 77% 77% St LASF pr In 6s. 81 93 92% 92% StLASF 64 s D. . 11 100% 100% 100% StL ASFadj 65... 29 91% 91% 91% St LAS F Inc 65.. .172 88% 87% 87% St L A S F pi 6s C. . 10 102% 102% 102% St LS W con 45’32. 1 90% 90% 90% St P A KCShL 44s 36 87% 87 87% San AAAm P 45.. 26 85 84% 85 Seab dA L ref 45.. 7 22% 72% 72% Seab’d A L adj 65.. 128 80% 80% 80% Seab’d A L con 65.. 25 95% 94% 95 Sou Pacific 45’29... 41 97% 97% 97% Sou Pacific ref 45.. 7 91% 91% 91% Southern Ry gn 4s. 20 80 79% 79% Southern Ry Ist ss. 21 103% 103% 103% Southern Ry 6s ct.. 6 106% 106% 106% Southern Ry 645.. 8 111 110% 111 Third Ave ref 45... 20 66 56 66 Third Ave adj 65.,. 34 38% 37% 37% Union Pac Ist 45... 5 94% 94% 94% Union Pac Ist rs 4s. 16 88% 87% 87% Union Pac 4s '27... 3 99% 99% 99% Union Pac ev 65... 1 108% 103% 103% Virginia Ry Ist ss. 74 100% 100% 100% Va Ry A P Ist 65... 8 87% 97% 97% Wabash Ist 6s 6 101% 101% 101% Wabash 2d 5s 15 97% 97% 97% Wabash 645’76... 64 97% 97 97% Western Md 4s 6 66% 66% 66% Western Pacific ss. 40 95% 94% 96% West Shore let 45.. X 84% 84% 84% WhelALffirf4*s. f 74 74 74 Wisconsin Cs*t 4s. • t| 81 FINANCIAL. EARLY DOWNTURN IN WHEAT PRICES Weakness in Liverpool Mar ket Reflected Here —Corn and Oats Lower. By the Associated Pres* CHICAGO, May 27. —Unexpected weakness of wheat quotations at Liverpool led to an early downturn today in wheat prices here. The Liverpool decline was ascribed to fa vorable weather throughout Europe and the British estimates that the new European wheat crop would be 192,000,000 bushels larger than last year, with the European rye crop 200.000,000 bushels larger. On the other hand, domestic crop damage reports continued today both from Spring and Winter wheat territory. Opening prices in Chicago, ranging from 2% decline to % advance. May 1.72 to 1.72*4 and Juiy 1.61*4 to 1.62, were followed by rallies, but then a fresh setback, with the market touch ing as low as 1.70 for May. Corn and oats were easier, sym pathizing with wheat. After open ing */4 to % down. July 1.17% to 1.18, the corn market kept within narrow limits. Oats started at % to % off, July 46% to 47, and then varied but little. Provisions responded to firmness of hog values. WHEAT— Open. High. Low. Close. May J .72 1.72',. 1.09% 1.71 July 1.01% 1.03*. 1.00% 1.03% September... 1.55 1.57% 1.55 1.57 % CORN— May 1.10% 1.16% 1 14% 1.16% July 1.17% i.is% i.m% i 17% September... 1.17% 1.18 1.10% 1.17% OATS— May 46% .47 .46% .40% July 40% .47 .46% .40% September . . 40% .47% .40% .40% May 1.17% 1.18% 1.17% 1.17% July 1.17% 1 IH% 1.17% 1.18% September . . 1.15% 1.17 114% 1.16% lard—— May 15.82 16.00 15.82 16.00 July 15.87 10.07 15.87 16.05 September 10.15 10.30 16.15 16.30 Washington Stock Exchange SALES. Capital Traeton 5a—5600 at 07%. SSOO at 07% Washington Gaa 6s ’33—5300 at 102%. Washington Rwy, A- Ele<-. g. A r. 6551,000 $l,OOO at 102. $4,000 at 102. Capital Traction Co 4 at 06%. Washington Gas Light—lo at 57 %, 60 at 57% Washington Rwy. t Elec. com.—lo at 120%. Washington Rwy. & Elec, pfd —lO at 83, 10 at 83. Commercial National Bank —10 at 56. National Mtge A Inv. pfd.—6o at 9%. AFTER CALL. , Capital Traction os—ssoo at 97%. Washington Rwy. & Elec. pfd.—l3 at Washington Gas Light—so at 67 % . Capital Traction Co—s at 96%, 2 at 95%. Chesapeake and Potomac Telephone Co. of Va. ss—s2oo at 97. S3OO at 97. Washington Gas Light—so at 58. National Mtge A Inv. pfd.—loo at 9%. 200 at 9%. 100 at 9%. Riggs National Bank—l at 338. Capital Traction C 0.—20 at 96 %. 5 at 05% . Lanston Monotype—lo at 83. Money—Call loans. 5 and 6 per cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. Amer. Tel. A Telga. 4s 97% Amer. Tel. A Telga. 4%5... 94% Am Tel. A Tel. ctl. tr. ss. . . 102 Am. Tel. A Tel. conv. 65... . 131 Anacostia A Potomac 55.... 91% Ana. A Potomac guar. 55.. .. 91 % C. A P. Telephone 6s 99% C. AP. Telephone of Va. 6s. 97% Capital Traction R. R. 55.. . 97% 98 City A Suburban 5s 85 Georgetown Gas lgt 6s 93 Potomac Elec. Ist 5s 100 Potomac Elec. cons. 5s 99 Potomac Elec. 0s 1953 105% Pot. 71. Pow. g. m. A ref. 7s. 107 107% Wash., Alex. A Mt. Ver. 55.. 10 Wash.. Alex. A Mt. V. ctf 14 Wash.. Balt. A Annap. 65.. .. 65 Washington Gas 5s 105% Washington Gas 6s 103% 103% Washington Rwy. A Elec. 4s. 78% 79% Wash. Rwy. A Elec. 6s 101% 102 MISCELLANEOUS. Pot. Jt. Stk. L. Bk. 5s 101% 103% Riggs Realty 5s I long t 98% 100 Riggs Realty 5s (short I 98 % Southern Bldg. 6%s .. 101 Wash. Mkt. Cold Storage 65.. 93 Wardman Park Hotel 65... . 101 STOCKS. PUBLIC UTILITY. American Tel. A Telga 13? ••••• Capital Traction 9o 90% Washington Gas . .... 57% 08 Norfolk A Wash. Steamboat. 245 Wash. Rwy. A Elec com 122% Wash Rwy. A Elec, pfd B_% 84 Terminal Taxi com 90 NATIONAL BANK. iSD m Farmers A Mechanics -40 Federal-American 200 Liberty National Metropolitan 305 Riggs 335 338% Q«MQd 1 “O Natl. Bank of Washington.. . 226 TRUST COMPANY. American Security A Trust.. 328 330 ConUnental Trust 87 Merchants’ Bank . . . 137 National Savings A Trust... 440 Union Trust I*o Wash. Loan A Trust 400 416 SAVINGS BANK. Commerce A Savings 235 East Washington 26 Security Sav. A Com 305 376 Seventh Street 190 United States. 360 Washington Mechanics’ 43 FIRE INSURANCE American 225 Corcoran 150 Firemen's 26 National Union 14% TITLE INSURANCE. Columbia Title 8 9 Real Estate Title 145 MISCELLANEOUS. D. C. Paper 60 ... Merchants’ Transfer A Stor.. 110 120 Mergenthaler Linotype 177 178% Natl. Mtge. A Invest, pfd... 9% f»% Old Dutch Market com 1 % 4 Old Dutch Market pfd 3% g Lanston Monotype *82% 83% Security Storage 363 Washington Market 52 66 Yellow Cab 23 ... . •Ex. dlv. TREASURY CERTIFICATES. (Quotations furnished by Redmond * Co.) . Noon. . Bid. Offer 4%s June 15. 1926... 100 1-16 2\a Sept. 15, 1926... 09 29-32 100 3s Dec. 16. 1926... 99 31-32 100 1-32 4%s Dec. 15, 1926... 100 21-32 100% 4%s March 16. 1926.. 101 6-32 101 7-32 4%s Sept. 16. 1926... 101 1-32 101% 4% s March 16. 1927.. 10131-32 102 1-16 4%s Dec. 16, 1927.... 101 31-32 102 1-10 GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) GerGt (w In) 6s 1914-18 12()0.00 1260 00 Hamburg 4%8 1919.... 200.00 237.50 Ger Gt 4-6 s (forced loan) 16.00 18 00 (Quoted in dollars per thousand marks ) Ger Gen Elec 4%s pre-w 21.00 23.00 Ger Gen Elec 4%s 1919. 2.00 3 00 Berlin 4s pre-war 9.50 1100 Ham 3s. 3%s A 4s pre-w 4.00 6.00 Hamburg Amer Line 4%s 20.50 22 00 North German Lloyd 4%s 20.60 22 00 North German L10yd.... 7.00 9 00 Prussian Consols 3%5... 1 % »« Krupp 5t 1921 2.26 3.00 Dusaeldorf 4s pre-war... 10.00 12 00 Frankfort a-M 4s pre-war 11.00 13 00 Munich 4s pre-war 14.00 16.00 Badische Aniltn 60.00 62 00 AEG (Ger Ge Elec) . . . 24.60 20 00 Commerz and Privat Bk . 14.00 16 "5 Dlsoonto Gellsohaft 40.00 42.00 Dresdner Bank 19.50 20 75 Deutsche Bank 29.00 31 00 Darmstaedter Bank 30.00 32 00 Mercur Bank Vienna.... 1.50 2.00 PARIS MARKET UNSTEADY. PARIS, May 27 (A s ).—Prices were unsetled on the Bourse today. Three 'per cent rentes, 44 francs 60 oentlmes. Exchange on London, 97 francs 35 centimes. Five per cent loan, 54 francs 5 centimes. The dollar was quoted at 20 FINANCIERS FAVOR BANK LAW CHANGES fleferendums of U. S. Cham ber of Commerce Discussed / by Local Fraternity. BY CHAS. I’. SHAKFFFK. Referendums 45 and 4« of the Chamber of Commerce of the United States’ Advisory Committee were dis cussed by the District Bankers elation last night, the former, which grants to national banks additior.il powers, being approved in its entiretv, but the latter, a discussion regarding the inequities and unscientific meth ods of levying inheritance taxes, niec with only a partial approval of the local fraternity. Washington bankers agreed with the Chamber of Commerce that the Federal Government should always refrain from imposing estate or in heritance taxes, and that the estate tax now levied by the Federal Gov. ernment should be repealed, but did not favor the recommendation of the chamber that there should he an or. ganization of representatives of the States and the Federal Government to co-ordinate National and State s\-- tems of taxation. Approvals of the two clauses weie made on the grounds that a tax on. capital reduces capital to the extent of the tax, and that the burden falls heaviest on widows and orphans. Re jection of the third clause was based on the belief that establishment of a commission or bureau would be un wise: that expenses and salaries in cident to such a commission would " add to taxes, and that such a .on mission would be unable to aecon plish the purposes for which it was intended. Text of Referendum 45. Text of referendum 45, extending the scope of National bank functions approved, follows in full: ’’That a National bank should be permitted, under regulations of the controller of the currency, to have branches within its own city if a State bank in the same city is per mitted to have branches. “That National banks should be given indeterminate charters, subject to forfeiture for cause and termina tion at the will of Congress. “That National banks could be au thorized to deal in investment securi-* ties on a basis not inconsistent with the generally recognized principles of sound banking practice. “That National banks should be authorized to make mortgage loans on city real estate for periods not in excess of five years." The referendums are being conduct ed by the Chamber of Commerce in an effort to secure intelligent legisla tion which will remove existing obsta cles to present-day banking. Railroad Earnings Drop. Both the Pennsylvania Railroad and the Baltimore and Ohio report smaller net operating income for April com pared with the same month last year. The former suffered a decrease of $499,888 to $6,616,567, while the latter dropped $173,655 to $2,654,368. Reports of April earnings by 22 railroads indicate a drop in traffic of all kinds during the month, the net operating income totaling approxi mately $16,654,000, against $19,226,000 the previous month, and with $17,251.# 000 in April of last year. Gross revenues were about $122,229,000, compared with $126,466,000 in March and $124,226,000 in April, 1924. Trading on Local Board. Common stock of the Washington Railway and Electric Co, jumped to an unprecedented figure this morning when 10 shares sold at 120%, as com pared with 116%, the best previous level. Directors of the company hold a regular meeting this afternoon, but nothing except routine matters is scheduled to come before them. Trading this morning was well di versified at strong quotations. Rail way preferred eased ofT from its strong initial price of 83 to 82% on light selling, but Washington Gas stock picked up to 58 on sales of 170 shares. Capital Traction was un changed at 95%, as was Lanstoti Monotype, at 83. Commercial Nation al sold at 156, Riggs National at 33s and National Mortgage and Invest ment preferred at 9%. Utility bonds were in fair demand at unchanged prices. Joint Land Bank Offering. Public offering will be made shortly of 11,000 shares of Southern Minne sota Joint Stock Land Bank at $158.50 a share by a syndicate headed by Guy Huston Co. ’i’he present 9 per cent dividend, it is understood, will be in creased on July 1 to 10 per cent, on which basis the yield will be 6.30 per cent. Car leadings at Peak. Loadings of freight on American railroads reached the highest volume of the year in the week ended May 16. reports filed by the carriers and compiled today by the American Rail way Association showing a total of 984,916 cars loaded. The total was 3,546 cars more than the loadings In the week preceding and 71,715 more than In the corre spondent week of last year. Load ings for the first 20 weeks of this year reached a new high record for that period In any year with 18.- 434,894 cars, exceeding by 613.699 the corresponding period of last year. Os the freight classes showing a gain in the week ended May 16, mis cellaneous freight, totaling 359,149 cars, increased 6.750 over the pre ceding week, and coal, totaling 155,630 cars, increased 1,416. Loading of giaJn and grain products, however, showed a slight decline, with a total of 35,413 cars, as did ore, live stock and forest products. Notwithstanding the volume of freight loaded during the week, the association reported that the carrier/* had a surplus of 330,433 freight cars in good repair on May 14, which was an increase of 589 over the number on May 8. NORFOLK & WESTERN APRIL NET FALLS OFF By the Associated Press. ROANOKE. Va., May 27.—The nett Income of the Norfolk and Western Railway In April was $1,187,398, act cording to the monthly Net Income was $269,083 less than th 4 net income during March. Total railway operating revenue iri April was $7,246,552, while during the previous month wer4 $7,846,359. Operating revenues from various sources during April were as follows! Freight. $6,248,804; passenger, inßil and express. $831,725; other trains* portation, $47,916, and incidental and joint facility, $82,105. DAIRY PRODUCTS. BALTIMORE, May 27 (Special).—- Live poultry. Spring chickens, pound, 36a50; leghorns. 30at40; old hens, 23a 28; leghorns, 23a24; roosters, 16a17; ducks, 15a22; pigeons, pair, 20a50; guinea fowl, each, 50a75. Eggs, receipts, 626 cases; nearby, firsts, dozen, offered at 22%a30. Butter, good to fancy, creamery 4 pound. 39a44; prints, 44a46; ladles, 301 ■tore packed. 27: dairy prints, 27a29] rolls, 27a29; process butter, 33. 9