davidaulloa/AmericanStories huggingface dataset:
Evening star., 1924-06-06
MARKET TREND VARIES.
Bv fhe Associated Press.

Bv fhe Associated Press
NEW YORK, June 6.-Short- cover
ing operations impaired a firm tone
to stock prices at the opening of to-
days market. with popular industrials
advancing moderately on initial trans
actions. Public utility shares con-
tinued in demand. West Penn Power
and American Waterworks moving up
briskly. Uncertain trade conditions
contributed to heavinesS of CoSden
and some of the motor and sugar
shares.
Subsequent trading closely parallel
ed yesterdays price movements, ab
railroad and public utility shares
forged ahead. while industrial issues
were depressed by increased offer
ings. Buying of the rails. accelerated
by an Improvement in car loadings.
was most effective in the eastern
group. Central of New Jersey bound
ing up ( points to the years best
vision both Missouri Pacific preferred
and Katy" preferred established new
1924 high levels. A drop of 1la points in
Marland Oil had retarding influence
on the oil shares, many issues break
ing to the years lowest levels. American
Sugar preferred broke 4 points, and
South Porto Rican and Cuba Cane
preferred were hammered down as
result of the weakness of raw and re-
fined prices. Lowpriced rail shares,
several issues scoring sharp ad-
vances. Missouri Pacific and Katy"
issues shared the leadership, selling
at the years best prices. lrregularlty
developed in the public utility sec
ton as West Penn Power yielded on
profit taking, while American Water
6 per cent preferred and International
Telephone jumped about points,
each to new 1924 highs.
Call money opened at pa per cent.
the lowest renewal rate since June,
1922, and then fell back to ~ per
cent.
The weakness became more defined
as the session progressed, influential
shares like L. S. Steel and Baldwin
succumbing to the spreading liquidation
of other industrials and specialties.
SOC" preferred broke points to so,
new minimum for the year, and Union
Bag and Paper also lost 3 points. Chi
cago and Eastern Illinois, with rise of
points, and Ontario and Western,
with IA were numbered among the
low priced railroad shares which ig
nored the selling elsewhere.
Evening star., 1924-06-06
SOME STOCKS STRONG
OTHERS POINT DOWN
Variety of Price Changes Without
General Tendency Feature of
New York Market.
ISSUES UNDER PRESSURE
Oils Hit by Cut in Crude, But
Rally Later.
BY STUART T.. WEST.

Special Dispatch to The star.
NEW YORK, June 6.-ln today's
stock market, as that of the day be-
fore there were points of weakness
and points of strength. but little gen
eral tendency either way.
Some of the rubber and tire stocks
were under pressure. but for no fresh
reasons. As is well known. the de-
cline in crude rubber to the lowest
of the year so far will necessitate
general writing down of inventories
and at the same time, there is no ap-
parent prospect of any let-up in the
competition which keeps the tire
business on an Improbable basis
After not having sold for several
days. Goodrich common suddenly
plunged down nearly points. rms
was accompanied by some rather
large offerings of Fisk Rubber as
low as 5 II, Il new bottom hgure.
The street was at al loss how to
take the second cut in crude oil quo
tations announced by Magnolia Pc
troleum. At first there was an I'M
pulSive selling movement in the oil
shares under which Marland lost
nearly two points. Phillips Petroleum
Il point, toSden made Il new low and
Others like Standard Oil of California,
Texas Company and Pure Oil went
down fractionally. Pacific Oil was
better supported than the average.
and there was decided strength In
Pierce Oil preferred. Pan American
shares greeted the 1928 report, with
a moderate decline.
Public Utilities show Strength.
Public utilities were popular again.
The rise in international Telephone
and Telegraph brought forth more
talk about a possible dividend in
crease. but the movement was amply
counted for as merely the stock be-
ing brought into line with its earn
ingS and dividends.
American Water Works and Elec-
tric t per cent preferred ran up an
other points to 81. This may have
hcen no more than long-range dis
counting of the time when the COM
mon stock would be paying per
cent dividends and the participating
preferred would he in line to share
equally in any further distribution
American Sugar preferred sold at
the lowest since the panic OF 1893,
and the common stock broke 40 again.
Punta Allegro made a new low under
~ on fears that the ) per cent divi-
dend might not be safe unless there
was turn for the better in the sugar
trade.
Evening star., 1924-06-06
New York Reserve Bank Report.

NEW YORK. June 6.-The statement
of the condition of the Federal Re-
serve Bank of New York al the close
of business June shows:
Total gold reserve. 's9s2,S19.000.
Total reserves, $1,OO6.73s, 200.
Bills discounted secured by govern
ment war obligations. s24.055,000
All others, S13.934,000.
Bills bought in open maret, sl6,-
$4,000.
Total earning assets. $50. 355. 900.
Uncollected items, S134.991 600.
Due to members: Reserve account,
1861, 1000.
Total deposits. 1888, 1873. 900.
Federal reserve notes in actual cir
culation, 4,30S,000.
Ratio of total reserves to deposit
and federal reserve note liabilities
combined. S93 per cent.
Evening star., 1924-06-06
PRICES FAVOR BUYER
IN THE WOOL MARKET
Commercial Bulletin Finds Trading
Very Dull-Foreign Markets
Noted as Quiet.

BOSTON, June 6.-The Commercial
Bulletin will say tomorrow:
The wool market is yery dull and
prices continue to favor the buyer
manufacturers report business at the
mills tapering off. but are hopeful of
a good lightweight season, which is
expected to open generally some time
next month.
In the west the movement Of the
new clip goes on moderately, with
ABOUT one-third of it sold up to date
For the most part prices favor the
buyers here. also, although Texas fine
wools have kept fairly steady.
me foreign markets generally
are quiet and Bradford is inclined
to ease bit. Continental finances
ana especially those OF Germany, are
IN a perilous state, and deliveries from
bradford to Germany are being with
held.
mand."
The Bulletin will publish the follow
ing wool quotations tomorrow.
Domestic-Ohio and PennsvIysni.
nneeces: Delaine unwashed, So; half
blood combing, 51a52; 9s blood comb
ing. 4Sa50.
Michigan and New York feeces: De
lame unwashed, 48a49; half blood un
washed, 48a50; 7s blood unwashed. a.
a4S: 4 blood unwashed. 45a46.
=, lsconsln, Missouri and average
New England: Half blood, 46a47; a
blood, 42a46; 4 blood 43a45.
Secured basis-Texas. fine twelve
months. 1.17a13O: fine eight months
i.d2a119; California, northern, ]. 25a
I.5o; middle county, 1.10a11j, south
ern, 1.05a1.0S.
Oregon-Eastern No /. staple. 1.os
al. 30; fine and fine medium combing
i. .20a1.23: eastern clothing, 1.Ioa1 II.
valley No. l. 1.15a11S.
neutrality-suspicious.. fine staple.
choice, l.30a132: y blood combine,
;Z9a l23: as blood combing. / 00al.o
a blood combing, S7a9O
Pulled-Delaine. l30a1.32: AA ! pa
l2s; A supers, 110a115.
Mohair-Best combing, 75as0; best
carding, 65a70
Evening star., 1924-06-06
sTEADIER TONE IN SUGAR.

NEW YORK, June "a steadier
undertone prevailed in the local raw
sugar market early today. but no
fresh business was reported. Prices
were unchanged at An for Cubans
duty paid.
Scattered covering for over the
week end brought about a further
ruling in raw sugar futures, with
prices at midday to z points net
higher. Trading, however, was less
active.
No changes were noted in the re-
fined sugar market, fine granulated
being quoted at $50 to $40
Refined futures were nominal
Evening star., 1924-06-06
COTTON MARKETS.

NEW YORK. June 6.-Yesterday' s
reaction in the cotton market was
followed by a steadier tone in to
days early trading. The opening was
3 points lower to points higher, but
the market steadied on better Liver
pool cables than expected and uncer-
tainty as to weather conditions over
the week end. July sold up to 2s55
shortly after the call, or points net
higher. and new crop months made
net advances of Is to 20 points. Octo-
ber selling TO 26.02 on private reports
of showers in the southwest and Gov
ering.
The bulge was checked by a re-
newal of July liquidation, however
and fluctuations became rather nerv-
Gus and irregular toward the end Of
the first hour
Liquidation later forced decline
of 40 points in July to 2S.10. October
fell points TO 1888 in sympathy with
the near month weakness, but as soon
as the July offerings had been alb
sorbed the market turned frmer on
the forecast for unsettled weather in
the southwest. July rallied to 2S.5S
and October advanced to 26.17. with
the market at midday showing net
advances OF to 80 points.
Cotton futures closed steady
Evening star., 1924-06-06
Enreign I.iSt Stendy.
S21,43O,O38 NET INCOME.
Reading Company's Report, 1928
Shows S15.613.S51 Surplus.

NEW YORK. June 6.-The twenty
sixth annual report of the Reading
Company, just made public. showed
net income for 1928 of S2l.43O.O3S. an
increase of s1.I45.324 over 1922 and
surplus of s15,613,S5l, an increase OF
over the preceding year
The total surplus of the company.
the report stated. after the merger
of the Philadelphia and Reading
Railway Company and other sub
salaries was SS0.529.O3O, OF which
S64SS4626 had been appropriated.
The Philadelphia and Reading COM
pany. in a report appended to that of
the Reading company, showed net m
come of s16,90S,S64 for 1928, an in
crease of S9,012,312 over the previous
year. while net operating revenue of
s2S2127I7 represented an increase of
SS333,2S7 The amount credited TO
profit and loss account for 1928 was
S7I05l
Evening star., 1924-06-06
SEABOARD'S MAY LOADINGS.

BALTIMORE, June (SpeCiaD -
Loads moved on Seaboard Air Line
in May were 167.01S. against 16S.S5S
last year. and 15S.922 in April this
year Fertilizer Ioadings increased
315 per cent and building material
PA per cent, but fruits and vege-
tables decreased 1871 per cent.
Gross revenues will probably be
about the same as last year for May.
while surplus after charges will
show a considerable increase over
SI5275S last year, due to saving in
equipment rents debit if maintenance
expenditures are on the same rela-
tive basis.
Evening star., 1924-06-06
Markets at a Glance

NEW YORK, June 6.-Stocks,
heavy; L. S. Steel at new 1924 low
level; bonds, bouyant; eight govern
ment issues at years highs; foreign
exchanges. steady; French francs
hover around 5 cents; cotton, easy;
increased mill curtailment; sugar,
quiet and featurely; coffee, higher;
European buying.
Chicago--Wheat, lower, disappoint-
ing. export demand; corn, firm. un-
favorable weather; cattle, steady to
firm; hogs, strong, broad shipping de-
mand.
Evening star., 1924-06-06

Opening July, 2S.50: October, 25.91: becem-
ber 25, January. 24.9s: March, % Us.
NEW ORLEANS, June 6.-The cot
ton market had a quiet but steady
opening, first trades showing gains
of s to II points Liverpool cables
were about as due, and there were
reports of rains in the western por-
tion of the belt. October traded up
to 2521 during the call. or II points
net higher, but July did not advance
above the opening trade at 2S.S5, and
December remained at 24.94 for the
initial high. Prices eased off IA to IL
points right after the call on unfavor
able dry goods news, but promptly
rallied again on weather reports.
Fall River sales for the week were
estimated at $4,000 pieces.
The weather map showing little
rain in the belt and warmer weather,
prices for new crop months eased of
some and October made new low at
$500. or points net lower than the
previous close. July declined sharp
iy to 2Sl0 on renewal of liquidation
in that month, which carried 1t down
"a points from the previous close. The
official forecast promising generally
showery weather. the market rose
sharply, all months making new
highs. The market then became
quiet and eased off some from the
best.
Cotton futures closed steady IA points down
Evening star., 1924-06-06
BONDS AS INVESTMENTS.

BALTIMORE, June .CSpeciaD.
yestment bankers say that demand
Tor bonds during the last six weeks
has made deep inroads on Inventories.
particularly in the better-grade is
sues. Baltimore financial institutions
have been heavy buyers of bonds
since January l.
The bulk of recent demand has
been for high grade corporation is
sues and as a result current lists
show dearth of gilt-edged railroad
ana equipment bonds of the type at
trdctiVe to Institutions and large in
vestors.
Purchases by the latter were en-
couraged by Passage of the tax re-
duction bill by Congress in further
ance of the governments avow ed
policy of Tightening the tax burden,
no less than by indications that the
general trend of money rates will
continue downward for some time
Evening star., 1924-06-06
STOCKS EX-DIVIDEND.
PARIS BOURSE STEADY.

PARIS, June 6.-Prices were
steady on the Bourse today.
Three per cent rentes, So francs
80 centimes.
Exchange on London, Sc francs 25
centimes.
Five per cent loan, IS francs.
The dollar was quoted at 10 francs
SO centimeS.
The Bourse will be closed Monday,
June 9, Whitmonday.
Evening star., 1924-06-06
SUSTAINED STRENGTH
FOR BONDS IN MARKET
Further Buying of Liberties and
Treasury 4 1-4s at New
High Prices.
by GEORGE T.. HUGHES.

Special Dispatch to The Star
NEW YORK, June 6.-Sustained
strength again characterized the bond
market today. There was further
buying of Liberties carrying all the
active issues as well as the Treas
ury 4hs to new high records for the
year. The money rates softened
rates again with call funds renew
ing at the lowest figure in over a
year and with time money in supply
at the low of the movement. Funda-
mental conditions were all favorable
to better prices for high grade bonds.
The advance in the Liberties was re-
markably uniform. In the high-grade
rails and industrials there was active
demand for large blocks over the
counter. On the exchange prices
ruled around the top of the recent
advance.
Speculative Rails Improve.
Speculative rails shared the i'm
proVement shown by the investment
bonds Missouri, Kansas and Texas
adjustments were dealt in heavily al
higher prices. The prior Hen bohuS
went up fractionally with the ADJUST
ments.
Missouri Pacific general As were very
strong above SO. Seaboard Air Line ad
justments advanced with the other pohus
of their grade. Seaboard first As stamped
had a sharp run-up, and Chlcaso ana
Eastern Illinois IS regained part OF their
recent loss, while New Orleans leHas
and Mexico IS touched ~.
Among utilities there were man!
strong features. including Public service
of New Jersey 5s, Detroit Cnlted rs,
Commonwealth Power Corporation oS
and American Water Works ana Elec-
trio collateral trust 5s. Sugar bonds We're
weak Cuba Cane S. Eastern Cupa
Sugar 71as. Punta Allegro Sugar IS were
all lower All the rubber bonds continued
heavy.
Foreign List Stendy.
French bonds were not affected by
the constitutional crisis in France.
French SIS sold within fraction OF the
high of the wear. Bolivia IS were nrm
following the announcement that the
bankers had purchased $2.1Oo,ooo OF the
bonds reserved under the trust contract
Today'S new offerings Included sl'-
500 600 Central Power Company per
cent mortgage bonds. series {, due 1879:
priced at a. to yield $50 per cent, and
$500 900 City of Yonkers, n. y, Y per
cent bonds to yield AIS per cent for all
maturitieS.
Evening star., 1924-06-06

perceptibly the business of the bank
takes on new tone and vigor.
without violating the ethics or ira
ditions of safe banking the cashier
and other officers can make human
service an actuality. They will in
spire trust among the big fellows by
the soundness of their methods and
will win the friendship and loyalty
of both big and little by the spirit
of helpufllness that dominates their
daily dealings"
Reviews Chapters Work.
James c. Dulin, jr., past president Of
the Washington Chapter, American Inf
stitute of Banking, briefly reviewed the
chapters activity of the last year. He
stated that all the educational classes
were closed according to schedule, to-
tai of 272 taking the various examina-
tions. The chapter closed the year with
a balance Of s1.54e.65 in the treasury.
Evening star., 1924-06-06
VALUATIONS FIXED BY I. C. C..

The Blue Ridge railway of North
Carolina was tentatively valued by
the Interstate Commerce Commission
today at $2.213,000 as of June 80. 1915.
A tentative valuation of 81 ,596, ,412
as of June 80, 1916, was placed on the
Union Depot Company of Columbus,
Ohio today by the Interstate Commerce
Commission.
Evening star., 1924-06-06
NEW YORK MONEY RATES.

NEW YORK, June Call money:
Easier, high. 2A; low, 2h; ruling
rate, 24; closing bid, 2k; offered at
2A; last loan, 2k; call loans. against
acceptances, 21s; time loans. easier;
mixed collateral, 60-s0 days, 3Aa4;
As months, 4a4A; prime commercial
paper, ~. --.--.-.-.-
Evening star., 1924-06-06
METAL MARKETS.

NEW YORK, June Cooper spot
quiet; electrolytic spot and futures,
12B. Tin firm; spot and futures,
1880. Iron quiet; prices unchanged.
Lead steady; spot, 7.0oa7.12. Zinc
quiet; East st. Louis. spot and nearby.
5.S5. Anthony spot, $40.
Evening star., 1924-06-06

tPartly extra. Payable in preferred stock.
Dlviuenu rates gwen in the above tuD,s
are the annual cash payments based on the
latest quarterly half-yearly declarat tions.
Unless otherwise uoted. extra or special
dividends are not included.
High. Low. Last.
Call Money. 2% 2h 2h
HOURLY SALES OF STOCKS.
II ann. 1884, 12m 294.2OO
lp.m..... 354,200 ppm. $500
Evening star., 1924-06-06
FOREIGN EXCHANGE.
By the Associated Press.

BY the ASSOclated PreSB,
NEW YORK, June 6.-Foreign
exchange irregular. Quotations TN
United States dollars): Great Britain
demand. 4.31; cables, 4.31A; sixty
day bills on banks, 4.28A; France
demand .O434; cables, .0434h; Bel
gium, demand, .0439; cables, .O44O;
Germany, demand (per trillion), .23H;
Holland, demand, .37371a; Norway,
demand, 1855; Sweden, demand
1850; Denmark, demand. 1851;
Switzerland, demand, 1857; Spain, de-
Poland, demand, .00000O12; Czecho-
slovakia, demand, .O292;s Jugoslavia,
demand, O120A; Austria, demand,
.OOOO14Is; Rumania, demand, .O043;
Argentina, demand, 1882; Brazil, de-
mand, 1000; Toxic, demand, 4OA !;
Montreal, 981332.
Evening star., 1924-06-06
tton futures closed steady IA points down

Opening-July. 2s.54: October. p. 10: Decem-
ber 24.92; January, 24.s7, bid; March y 81
bid
LIVERPOOL, June 6.-Spot quiet:
prices easier; good middline, 1850:
fully middlinE, 1880; middling, 1880:
low middling, 1915: good ordinary.
1916; ordinary. 1895 Sales, 5000
bales, including 1000 American. Re
ceipts 1000 bales, no American. Flu
lures closed steady. June, 17.41; July,
1896; September, 1888: October, 1888;
December, 1896; January, 1854.
March, 1870; May, ,14.52.
Evening star., 1924-06-06
MONDAY LONDON HOLIDAY.

LONDON, June 6.-The, stock ex-
change here will be closed Monday,
June 8, Whitmonday.
Evening star., 1924-06-06

|, The Woman's City Club of Detroit
has a new six-story clubhouse, erect
ed at cost Of 100000.
Evening star., 1924-06-06
ON NEW YORK BONDS STOCK EXCHANGE
(Sales are in $l,00o.)
UNITED STATES BONDS.

,Fractions represent thirty
Example: 1913 means 101 3-32.)
Sales. High. Low. Close.
LIB 314s...... 254 1908 100-5 1906
Lib 1st-2d 44s l 1Ol 101 1O1
Lib I'd 4s.. Is l0O-23 lO0.23 100.23
LIB 1st 4hs... l01 t0l.4 l00-29 100-l
LID I'd 4 rs. ;. 1917 l00-28 1OO-23 100-26
LID 80 "A s.. 494 1Ol-l2 lOl-6 101-8
Lib 4th 4As.. 146l l01.13 1908 l0l-11
U Az 1852. 635 1881 1929 lO2-30
Evening star., 1924-06-06

TOTAL SALES (Par vaIue):
IL ann. 4 65S000 II noon 7269O00
pm. $1,000 2p.m.. IL 30l 600
Evening star., 1924-06-06
Selected Essays Read.

Delegates TO the convention today lis
tened to the reading of the three essays
on bany Service Versus Service" sub
mitted by members Of the Washington
Chapter. American Institute of Bank
ing These essays were adjudged best
by a special committee appointed for the
purpose. the authors of the papers re-
ceiving complimentary privileges OF the
convention.
The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-09-24
QUIT SPENDING AND
REDUCE TAXES, SAYS
CHAIRMAN H. ELLIOT

Tax reduction by means Of most
stringent economy was recommended
as the only panacea for the present
economic chaos OF the country, by
Howard Elliot, chairman of the
board OF the Northern Pacific rail-
way company. who was in Butte. re-
Gently, heading party en- route to
Seattle on transcontinental tour OF
inspection.
THE only means through which
tax reduction can be affected is for
the individual, the. nation, the state,
the county, the city, the corporation
and all other bodies to stop spending
money" said Mr.. Elliott in discuss
ing the bushes outlook throughout
the United States. He added that
business prospects are much better
and brighter than they have been
and that he has been made most
hopeful and encouraged by his obser-
vations throughout his trip. He
stated that in his opinion the set
tlement jus affected with Germany
should do much toward settling the
upset world condition, which has ex-
listed since the war.
The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-09-24
Great Northern Will
Place airy Calves
With Farmers of State

The Great Northern railway has
completed arrangements for the
placing with farmers In different
parts of Montana and North Da-
kota number of Holstein bull
calves, the distribution to take
place the latter part of this month
and early in October.
In announcing the plan, officials
of the Great Northern state that the
object back of the movement is to
assist in the promtion of more profit
able farming and to increase the pro-
ductivity of dairy herds.
Calves to be distributed are from
the famous Carnation Farms herd In
the state OF Washington. They are
all registered and of the best blood
lines. In connection with the plac-
ing of the calves, which will be from
six weeks to two months old, there
will be held meetings of farmers on