The Philadelphia Inquirer from Philadelphia, Pennsylvania • Page 23

23 THE PHILADELPHIA INQUIRER, FRIDAY MOBNING, JUNE 12, 1925 GENERAL ADVANCE IN STOCK MARKET NEWS OF THE BUSINESS WORLD FILES WOOL BUYING BRISK GOVERNMENT DANGER OF LICENSE IN COURT DECISION Lehigh Navigation Mounts to New High Mark on Local Exchange; Rumors Confident Buying of Oil Shares Leads to Re- newal; of Bullish Operations; Tone Is Strong at Close IN BOS ON MARIE of Big Deal; Circulated 4- AWTf-TRUST SUIT Asks for Dissolution of Alleged Monopoly in Hair and Hair Felt Manufacturers Start to Cover Needs, But Resent Price Advances Big Business Would Best Keep on the Brakes in Order to Merit Public Confidence; Attitude of Consumers Will Depend Upon Commercial Leaders Foreign Product Sells on Better Terms; Domestic Also. Firm Philadelphians and Pennsyl-vanians Named as Defendants in Complaint By B. C. FORBES IT ISN'T good for business any more than it is good for the rest of us to get our own way always. Is there not danger that the latest Svpreme Court decisions against the anti-trust law may lead to disastrous consequences The cement people and the maple floor people, after being condemned by lower courts, have had their practices sanctioned by a 4-to-3 decision by our highest court.

After reading about the methods rigidly followed by the cement association, I would not have been astonished had the decision been 4-to-3 the other way, not because of any criminal wrongdoing indulged in, but because of the espionage carried on. What of the future? How will Big Business interpret the 6tand taken by four of our Supreme Court Justices Will Big Business, which hailed the decision with delight, interpret it as a license to go the limit in forming associations designed to give it complete mastery over consumers? If so, this country will move towards another era of disturbance, dislocation, demoralization. AT THE CROSSROADS Big Business is reaching a crossroads. Will it be farseeing enough to follow the right track? Or, will it shortsightedly follow a path that will end in disaster? Here is the position: A change is taking place -in the public's attitude towards business. The opinion is being reached by many that governmental interference has gone too far and that the time has come to loosen some of the shackles.

Government by commission, by bureaucracy, has gone to such extremes that it has started to break down. Look at the chaos which has developed in the Federal Trade Commission, in the United States Shipping in the Tariff Commission. Look, also at the snowing under of the Interstate Commerce Commission with mountains of matters which cannot possibly be cleared up within a reasonable period. Consider, too, the cordial reception accorded President Coolidge's announced determination to sweep away scores of so-called "independent governmental that have fastened themselves upon the public purse. NEED OF STATESMANSHIP If-our industrial, our financial, our railroad, our commercial lead ALMOST all the interest upon the Philadelphia Stock Exchange yesterday centred upon Lehigh Navigation, of which stock nearly 18,000 shares changed hands.

The demand was so great that the price advanced to 106, the highest mark reached since 1910, when it Drought 123. Interest in the stock was added to by the fact that the directors of the corporation held an unexpected meeting yesterday morning, and while no official announcement was forthcoming, it was generally believed that the gathering had to do with several offers received for the Lehigh and New England Railroad. Both the Pennsylvania Railroad and the Reading system are known to be desirous of securing this property. It was indicated that the Reading had the most favorable chance of securing the plum. It was also reported that consideration was given at tha meeting of an offer for the 61,000 shares of Lehigh Power Securities stock held by the Lehigh Navigation Company.

The general list was stronger yesterday, United Gas Improvement being one of the leaders in the recovery. At the close this stock showed a gain of one and one-half points, while the warrants also made a gain. American Gas moved forward, while Philadelphia Electric and Philadelphia Rapid Transit closed unchanged from the final figures of Wednesday. Pennsylvania Railroad was still in demand and made a fractional gain, while the list generally showed improvement. The governors of the New York Stock Exchange approved the proposed revision of the Exchange's constitution, as submitted by a special committee which has been working three and one-third years on the matter.

The revised constitution, as now adopted by the governors, has been submitted to members for their approval. This is the second time since the formation of the Stock Exchange that the constitution has been revised. The first revision was ordered in 1902, and it occupied the committee two and one-half years. The present revision required more time and effort because of the many problems which have developed since the var. Representatives of the Exchange yesterday explained that the proposed revision as now submitted to members is merely a codification of the old constitution, making the many resolutions and amendments passed during the last two decades a part of the permanent constitution and by-laws.

E. V. D. Cox, secretary of the Exchange, sent the proposed new constitution to all members. Representatives of the Exchange pointed out that the committee had aimed to strengthen the authority of the government of the Exchange, define the duties and obligations of members as clearly as possible and provide additional safeguards in the Exchange as a public securities market of international scope.

The special committee, according to a recent report submitted to members by E. II. H. Simmons, president of the Exchange, also prepared a full digest of the decisions of various standing committes. "Consideration of the public interest," says Mr.

Simmons' report, "has always been a basic factor in the administration policies of the Exchange. The regulations of the Exchange, in fact, have long provided penalties for acts of which the law takes no cognizance. During the past year cases involving unjust and inequitable procedure led to the infliction of penalties by the Exchange, but have failed to be punished by the courts. Following out this policy of safeguarding the public interest, the constitution as revised by the special committee empowers the governing committee to make rules, issue orders and directions; to make decisions and prescribe penalties in the case of offenses for which the former constitution provided no penalty; to provide for the settlement of corners; to prevent purchases and sales made for the purpose of upsetting the equilibrium of the market; to prevent such business connections of members as might militate against the interest or good repute of the Exchange. Other provisions regarding testimony required by the Exchange from its members, their partners and their employees, have been broadened to include circumstances which in the opinion of the governing committee relate to the public interest." Special to The Inquirer.

June 11. "Wool buying here has increased greatly week and prices are decidedly stronger. Much of the change is due to speculative accumulation by. those who think wool a good buy for a rise. Manufacturers, while deeply resenting the effort to advance prices, have started to cover needs.

They have bought new territory and fleeces at prices advanced over last week. Foreign wools have sold on better terms and price advances are noted for the better lots of Australian merino in bond. South American wools are selling better, both spot and to arrive. Scoured territory, pulled and low foreign wools continue to sell to the woolen mills in large volume. Ohio Wool Strong Three weeks ago 48 cents was considered extreme for Ohio delaines.

This week sales are reported at 52 to 53 cents, while half-blood fleece is quoted at 50 to 52 cents, three-eighths blood at 49 to 50 cents, quarter-blood at 48 cents and fine unwashed clothing at 43 to 44 cents. Speculation is reported rampant in the fine fleece country, inexperienced buyers paying as high as 50 cents for choice delaine in Western Pennsylvania and Ohio, 47 cents for fine and 42 to 45 cents for medium. Conservative Boston buyers refuse to pay over 45 cents for fine and 42 cents for medium. In the territorial section nothing can be secured under 40 cents, and buyers cannot fill their orders. Shipments are being made to Boston both on con WASHINGTON, June 11 (A.

IM- The government today hied an antitrust suit in Chicago seeking the dissolution of an alleged monopoly in cattle and calf hair and hair felt. The Tanners Products Company. American Hair Felt Company ami 115 companies engaged in tanning in various parts of the United States were named as defendants. The petition charged that the defendants "are engaged in a combination and conspiracy in restraint of interstate trade and commerce in cattle and calf bair and in soft hair felt and are monopolizing and attempting to monopolize such trad and commerce, in violation of the anti-trust laws of the United States." Those named ns defendants include Incorporated, of New York; Johns-Manville Incorporated, of Massachusetts: the Newark Hair Felt Company, of Pennsylvania; the Dens-ten Hair Company, of Mass-a-husetts; the Keystone Hair Insulator Company, of Pennsylvania; the National Retiirder Company, of Ohio, and the Textile Fabrics Corporation of New Jersey. The individuals named include V.

A. Wallin, of Chicago, president of the Tanners Products Company and the American Hair Felt Company, and T. Frank Manville. of New York, chairman of the board of directors of Johns-Manville Incorporated. Other defendants include John B.

Dhomergu, Sharpsburg. former director of the Keystone Company; Mathew J. Murphy. Jenkintown, president of the Newark Hair Felt Company: Continental Leather Company. Philadelphia; Cose and Uoyd Leather Company.

Wilmington, J. G. Curtis Leather Company. Ludlow, England Wall on Company, Philadelphia; W. Somisch.

Philadelphia, former n'aniiger of the Tanners' Products Company. Philadelphia, now nn agent of that company; Elk Tanning Ri.lg-way. William Flaccns, Oak Leather Company, Pittsburgh; Emer and Salen. Pine Grove. Gunnison Brothers, Girard.

West Hickory Tanning Company. West Hickory, J. W. and A. I.

Howard Company, Corry, Pa. STEEL FRIGES LOWER AT PITTSBURGH MILLS By ROBERT S. WINSM ORE rrom The Inquirer Bureau. NEW YORK, June 11. ONTINUED confident buying of oil shares and further relaxation in the Wall Street money market led.

to a renewal of bullish operations on the Stock Exchange today and a general advance in prices resulted. Some of the afternoon buying was quite aggressive and represented a resumption of bull campaigning by market interests who have been somewhat timid of late. There was no great increase in the volume of trading, but the breadth of the recovery indicated that the technical position of the market as. a whole was considerably improved by recent reactions. The advance was well maintained, final prices being but little below the' day's best.

At the closing more bullishness was in evidence than for some time past and there were signs of nervousness in some professional' quarters where commitments on the short side are fairly The slight reduction in the Stock Exchange renewal rate for call loans to 3 per cent, did not fully express the improvement in the loan situation. Offerings were liberal; in fact, so liberal as to create expectation of a reduction in the I'ederal Reserve rediscount rate at the bank's regular weekly meeting. For this expectation, however, there was no real basis, and in the afternoon the bank's announcement declared for no change. Bonds continued quite strong and the exchange market was distinctly firmer. In commodities the price movements were without much significance, although the firmness of cotton attracted some Wall Street attention.

Among the day's developments bearing upon the industrial situation the most noteworthy were the further reports of reduced crude oil production. The oil group was the market's strong feature. From opening to closing surprisingly heavy and persistent buying of Texas Oil carried that stock up to a new high record for the year, and its leadership was followed by practically all the other listed oil shares. Repeated rumors of an increase in the Texas dividend seemed to be given less attention than the reports and statistics indicating such a diminution in the general output of petroleum as would seem to promise higher prices for both the crude and refined products. General Petroleum was almost as prominently strong as Texas Company, and a further substantial advance in Independent Oil made that Durant favorite one of the most conspicuous stocks of the day.

New Jersey Standard, California Standard, Pacific California, Royal Dutch, Houston, General Asphalt and Atlantic Refining were other members of the oil group in which substantial advances occurred. In some of these the quality of the buying was even more impressive than its quantity. It is noteworthy that the oil group is fulfilling the bullish predictions which were spread about so freely a few days ago as to breed suspicion as to their sincerity. Pools in numerous industrial specialties were prompt to take advantage of the new opportunity created by the upward movement in the oil shares. There was, for instance, vigorous resumption of the recently interrupted performance in Maxwell Motors and that stock, in its certificate form made a sprightly jump of more than seven points, much to the delight of a small army of recently worried bulls.

Similarly a point or two or more were added to the prices of such, stocks as Stewart-Warner, Worthington Pump, Moon Motors, Montgomery Ward, Brown Shoe and others of that sort. Such machine-made recoveries, however, were not unduly prominent, being much overshadowed by the great number of advances in sound stocks and by various upward movements which, although clearly due to organized effort, appeared to have really strong backing of the latter, the coincident sharp rallies in Atlantic Gulf and West Indies and Mercantile Marine preferred were noteworthy. Similarly the continued rise in what may be called the Whelan stocks principally tobacco products and United Cigars was interesting. Most of the high-grade industrials ended the day with exhibitions of new strength and the railroad list also produced a few notably strong features, although upon the whole it did not share greatly in the market's improvement. A sharp spurt in Norfolk and Southern attracted much attention and New York Central's modest recovery was somewhat reassuring.

The steadiness of Southern Railway following the declaration of the usual dividend was a matter of comment. In the public utility group there were various lively price movements, the most spectacular being a further sharp rise in American foreign power and a related leap by Havana Electric to a new high record. The movement of individual shares was less important than the action of the market as a whole. It was the general firmness rather than the strength of any one 6tock or group of stocks that indicated the absence of liquidation and the presence of bullish initiative, both of which so many speculators were led to doubt by the irregularities of the past ten days. By its better appearance the Stock Exchange list seemed to demonstrate once more that it is still wholly dominated by that abundance of capital and credit, which is the outstanding feature of the present financial situation.

Stock Exchange members today received copies of the proposed new constitution for the institution and codification of the rules which will obtain thereunder. Naturally the details were not given out for publication, and the extent of the changes from the existing code were not disclosed. This revision of Wall Street's laws lias been in preparation for quite a while, and because of the rumors that have appeared from time to time there will be much curiosity regarding its scope. tracts and purchases. New territory ers exercise business statesmanship, they will avail themselves of the opportunity now opening up for getting rid of much governmental inter wools are selling here at $l-2o, clean, for fine and fine medium staple.

$1 for ference. But they will not succeed by such methods as those which have three-eighths blood Montana and 90 been condemned by three out of seven Justices of the" Supreme Court. They will succeed only if they pursue absolutely unquestionable nrincinles and policies, principles and policies agreeable to the rank and file of the cents for good quarter-blood. In original bags, fine and fine medium wools have sold at to $1.20, clean. Firmer In Texas Texas wools are firmer, although the reople, principles and policies bearing the stamp of honesty and honor and openness.

How much or how little bureaucracy, how much or bow little government by commission, how much or' how little taxation we are to have, will depend less upon the action of politicians than upon the action of our business and financial leaders. Magnanimity will prove not only bulk of offerings is contract wool, and quotations are not materially higher than a week ago. Some thousands of bags of scoured wool suitable for woolen mills have sold or are under negotiation. Short, fine, scoured New Mexico has brought $1.20. 'good morals, out good Dusiness.

ine contrary, trie opposite. (Copyrlcht. 1925. by B. C.

Forbes.) LATE GOSSIP OF WALL ST. COFFEE SHIPMENTS FOR FRUIT Good territory scoured are exceptionally scarce, also AA pulled, although straight lots of standard AA readily bring $1.30 clean, and some lots are held higher. Considerable speculation is noted in super. A super and fine A super. Available lots of choice pulled wool are few and consigned wools from which some recent sales were drawn, have been pegged above the market.

A super has VERY FAVORABLE SHOW BIG INCREASE soli at Sl.lO and $1.15 clean. Eastern pullers have sold their June lambs pullings at 5tO cents clean. This rrn If Brazil Claims to Have Won in Contest for Lower Prices Condition of Apples 10 P. C. Under Last Year; Fewer Georgia Peaches fc.

nun Lower at ton Bars and Also Quoted Range marks a distinct advance, as May pullings sold at 83 to 85 cents. An increased volume of noils shows that worsted mills are resuming operations. Woolen mills are taking these at $1.00 to $1.02 for fine, 90 to 95 cents for half-hlood. 75 to 85 cents for three-eightbs-blood, and 55 to 00 cents for nuarter-blood. Other waste stock also RIO JANEIRO, Brazil, June 11 (A.

For the first time in six months Brazil's exports of coffee to the, United is freely taken at good prices. Manufacturers show considerable interest in Australian wool in bond, and riaies are Dooming. A passenger steamer leaving Rio yesterday had bags aboard, which shippers say is a record coffee cargo for a passenger have bought some at $1.15 to $1.20 clean for 64s to 70s. Around $1.05 is the asking price of good top making boat. The fight between the American im portes and Brazilian exporters for wools, an occasional cnoice lot brings more money, and average lots range down to $1.

RETAIL smNMAY IIP T0 1924 AVERAGE follows: Gross profit after depreciation and depletion, $1,829,922: other income, $2979; total profit, expenses, interest, Federal taxes, net profit, first preferred dividends, second preferred dividend, surplus, $389,881. Fertilizer Merger Consolidation of the two leading American commercial fertilizer associations is to be brought about following dissolution of the Southern Fertilizer Associations for economy and greater efficiency. Plans for national headquarters at Washington and district headquarters at Chicago. Atlanta and Shreveport are being worked out. The annual reports of the two organizations show improved business and a hopeful outook.

About 7,000.000 tons of commercial fertilizer were sold in 1924, of which about 75 per cent, was used by Southern farmers. U. S. Steel Earnings Steel Corporation's earnings for the second quarter are expected to be somewhat smaller than in the first when net was $39,882,992 and balance for common $2.93 share. Earnings, however, should be sufficient to cover preferred and common dividends of $1.75 a share each, with a substantial balance.

Operations of steel making departments of subsidiaries averaged 92 per cent, in the first quarter, while second quarter average will probably be under 75 per cent. On the other hand, operations of finishing mills this quarter have so far been considerably higher than those of steel making departments and probably average is over 80 per cent. It is likely actual shrinkage in shipments was cot much in excess of 500,000 tons which based on first quarter results would cause decline of between $3,000,000 snd $6,000,000 in profits. Copper Stocks Refined copper stocks June 1 approximated 97,000 short tons against 12248 tons April 1, off about pounds in the last two months, lowest stocks since July 1, 1923, indicating clearly top heavy condition of output completely righted and that shipments in the last two months were very large, despite outward quietness. Owing to this marked improvement in statistical situation it is fairly certain copper by August 1 will again be above 14c and probably by mid-July.

Last time refined copper stocks were below 200,000.000 pounds was July 1, 1923. when stocks came to 197,690,000 pounds comparer! with present stocks of around 195.000,000 pounds. Price of copper in June and July, 1923, with consumption appreciably lower than at present was 14 delivered with 14 V2 to 14 now. GRAIN AND PROVISIONS GOVERNMENT BONDS STRONG NEW YORK, June 11 (A. An unabated demand for United States Government obligations, carrying virtually all issues to the year's highest levels, featured today's bond trading, with general improvement shown by all classes of investment securities.

Heavy oversubscription of the $125,000 Treasury offering and the surplus of investment funds thrown on the market because of the small amount of the financing contributed to the rise in Liberty and Treasury bonds, as well as high-grade railroad and corporation issues. Prices of Belgian bonds, now outstanding, were readjusted to around the .15 per cent, yield basis, at which the new $50,000,000 7 per cent loan will be offered tomorrow. Heavy advance inquiries for the new bonds mainly representing actual sales, were reported under the new policy adopted by J. P. Morgan Company of attempting to obtain as wide a bona fide distribution as possible before formal opening of the subscription books.

Other foreign obligations were firm, with various Argentine issues scoring moderate gains. Buying interest in domestic corporation liens was centred chiefly in convertible oil bonds, which spurted up under the impetus of favorable developments affecting the industry, including a sharp decrease in domestic crude oil production. Conflicting price movements marked dealings in railroad issues, with fractional advances in Northern Pacific Baltimore and Ohio, Reading and Wabasff bonds offset by the heaviness of Seaboard, St. Paul and Denver and Rio Grande hens. Some Branches of Manufacturing Picking Up; Better Tone to Trade From The Inrruirrr Bureau.

NEW YORK. June 11. Though the so-called "toiie" of the Mecl trade is better, conditions cannot be considered quite right us long as prices decline as they have.done recently. Skelp is off $2 per ton at I.90o apound, Pittsburgh. Tank plates are off at Pittsburgh to 1.90c, having been ut that level in the East for several weeks.

Iron bars are per ton lower at Chicago at $2. Black sheets are down $2 per ton at Chicago to 3.30c. Galvanized sheets are down $3 at Chicago to 4.35c. Blue annealed sheets are off $2 per ton in that district ut 2.40c. Wire nails are per ton lower at Chicago at 2.75c a pound.

Iron and steel scrap has gone up considerably over the past, week, rises ranging from 50c to per ton. Sheet prices are in a bad way. Efforts to stabilize prices have met with no great success. In the Eastern Pennsylvania districtblaok sheets have been offered as low a 3.10c a pound, with blue annealed sheets as low as 2.30c. Galvanized sheets have been offered at 4.20 Recent sales of pig iron in the Eastern Pennsylvania district have established that the market on large tonnages is no better than per ton.

furnace base, though nome sellers have tried to create the impression that $20.50 is the minimum. The inquiry of the Pennsylvania Railroad names 3000 to 5000 tons of foundry iron and high manganese basic and is the regular quarterly quota of iron. Rapid changes are taking place in the pig iron trade. One of the important changes has been the epidemic of mergers among distributing houses. Again there are the new companies springing up for the manufacture of iron, notably at Troy and Boston.

LAKES TO OCEAN WHY WASHINGTON, June 11 (A. The present outlook for fruit crops in the United States is rather unfavorable, the Department of Agriculture crop officials eclared today. The condition of apples on June 1 was nearly 10 per cent, below the usual average on that date, they said. "Frost in late May," a statement said, "reduced prospects in many scattered localities, particularly in some of the Central States, Virginia, Michigan and portions of New York. Northwestern States expect more apples than were picked last year, but for the country as a whole the crop does not seem likely to 1m as large.

"Peach production shows- a large increase in California, where most of the crop is canned or dried, but in practically all other important States the crop is expected to be substantially mailer than last year. Even in Georgia, where many young trees are coming into bearing each year, the crop is expected to be less than 7.000,000 bushels, compared with eight and one-third million bushels last year. "The pear crop also is only fair, California being the only important pro-ucing State which expects a materially larger crop than was harvested last year." MAY BE TUBER COMBINE Investigator Makes Serious Charges; His Report Is Tabled OTTAWA, June 11 (A. Existence of a potato marketing combine in New Brunswick was reported to the House today by Harry Hereford, registrar under the Combine Investigation act. He listed five potato dealers in the province and the Munson Steamship Line of New York, as 'members of the combination.

The report stated as among the activities tending to prove the combination control of the provincial exchange; control of export trade to Cuba, control of steamship services between St. May retail sales were fully up to the average of a year ago, and while the recent hot spell accelerated the movement, of. seasonable goods, trade is somewhat dull in the coal-mining districts, eay R. G. Dun- Co.

Some branches of manufacturing trade are. picking up. Makers of coats, suits and dresses report renewed ac lower prices has been ended at least temporarily, Brazilians say, by a shortage in American stocks, forcing American buyers into the Santos market for heavy purchases. Shipments from all ports during the first ten days of this month totaled 477,000 bags, the majority going to the United States, as compared with 400.000 for the entire month of May. Although the American's long withdrawal from the Brazilian market weakened quotations sufficient to reduce rates for recent orders, there has been -an increase in prices since, and consequently the Sao Paulo Coffee Defense Institute, which had begun buying in an effort to hold up the market, is reported to have discontinued its operations.

The American coffee mission has completed its examination of plantations in the interior of Sao Paulo, and after a visit of a few days at Santos is expected to return to Rio to prepare its report. Coffee Irregular NEW YORK, June 11. Coffee futures opened today at an advance of 4 to 34 points with near months relatively firm on' continued covering, but met considerable realizing around 16.70 for September, and later fluctuations were rather irregular. September sold off to 16.40 and closed ut 16.63, while March, after selling as low as 14.33. rallied and closed at 14.60.

The general market closed to 20 points net higher. Sales were estimated at 38.000 bags Closing quotations: July. 18.93: September. 16.63; October, 16.23; December. 15.30; January, 15.30; March, 14.60, and May, 14.08.

Spot coffee steady; Rio 7s, 2134: Santos 4s, 24 to 2514. Cost and freight offers included part Bourbon 3s and 5s at 23 to I 1 NOTES OF THE STREET the rez-uTni- axiaa ei ry NEW YORK. June 11. The unexpected appears to have happened. "Without making any commitment on size or duration of the present movement in oil stocks it can be said that Texas Company, that staid old investment stock which traders for years have spurned as a medium of speculative profit, is a real leader.

Today it started with a large volume of buying orders behind it and climbed steadily during the first two hours. It was noon before the demand was satisfied. Differs From Mex. Pete. This movement in oil stocks under clearly established leadership of a siu-gle issue recalls a sensational chapter in stock market history to the younger generation of traders and brokers.

Six years ago in the famous bull market 1910 the oils were setting the pace for the market and they in turn were led by Mexican Petroleum. Fortunes were made and lost on "Mex" iu those days. That stock turned out to be such a sensational performer that it fell into disrepute with the more staid element in the Street. That sensation and a few more like it were focusing on the stock market the attention of the then existing money committee. The committee finally put the thumb screws down hard with the result that call loans soared during the summer.

The analogy bet ween Texas and Mexican Petroleum cannot be carried far without injustice to the former. Texas is not expected to do anything sensational. It is felt that if there are any sensations in the oil stocks, they will be issues lacking the seasoning that Texas has received over a lung period. Cheap Rails Firm Sentiment generally was sufficiently improved to make fertile ground for a t-econd sowing of rumor seeds. The day saw the revival of some of the 6tories linking up several small roads with large systems.

The news on Western Maryland gave these stories a good hearing. Chairman Greer of that read, was quoted as saying that control of the Western Maryland was sought by four important roads. Naturally that stock rose to the occasion. Sentimentally it carried with it several of the other cheap rails. Foundation Subsidiary There was a well defined story afloat in the Street today to the effect that the Foundation Company was considering a plan to form a foreign subsidiary.

It went on to suggest'that stock of the proposed new company would be offered to present stockholders a price to make the rights worth while. Officials would not comment one way or the other on the story. Money Easier Now The analogy between the 1919 market and this one cannot be too closely drawn. That was a boom This one is based on the prospect of an even volume of business to fair profits over a long period. In the first week of June 1919 the Federal Reserve authorities Bounded a warning against excessive use of money for speculation.

Six years ago todav money was at 6 per cent, and tcarce. A month later brokers were out begging for money at any price. Today the rate was 4 per cent, and funds were plentiful. The question the miDds of those traders who were disposed to discuss money at all was whether the Federal Reserve rediscount rate would be lowered at this afternoon's meeting. Standard Oil Increase Standard Oil Company of New Jersey has applied for permission to list $7,500,000 additional common stock on the Exchange are created to meet the 1923 demand under the employees stock purchase plan.

There is nothing really interesting in that item alone except that it started some in the Street wondering about the redemption feature of the preferred That stock can be redeemed at 115 three Tears after issuance. The last preferred was issued a year ago last April in exchange for the stock of the West Indiana Oil Refining Company. The preferred, therefore, has been redeemable since April. Those interested in the matter are wondering whether there is a likelihood of more preferred being authorized and issud soon in exchange for shares of one of the companies which rumor lately has linked with the Standard Oil name. Issuance of any amount to stock at this time would make the whole outstanding preferred issue immune from redemption for three more years.

Certain-Teed Products Certain-Teed Products Cororation, in statement to New York Stock Exchange for four months ended April 30. 1925. reports net profit of after depreciation, depletion, interest and Federal taxes. Income account lor four months ended Aid 30, 192.3, John and Havana and efforts to dis UNFAIR TO RAILROADS courage the farmers co-operative movement. It also declared there was evidence of offers to employees of rival firms to obtain information and of interception of cable messages.

The Hereford findings, submitted as an interim report, was tabled in the Wpuld Rob Carriers in Summer and Overload Them in Winter House today by Minister of Labor Mur dock. BRITISH RESTRICTION An initial dividend of $1.75 was declared by the Bush Terminal Company on the new preferred stock into which old common was converted under the recapitalization plan. It is payable July 15 to stock of record June 22. The New York Exchange seat of August Belmont, financier and sportsman, who died several months ago, was sold for $110,000 to George I. Degener, an increase of $4000 over the previous transaction.

R. Lawrence Oakley also bought for $108,000 the membership of the late William E. Vans, Jr. Gross revenues of the Western Union Telegraph Company for April gained more than $800,000 over April last year, the total of $9,873,543, comparing with $9,036,171. Operating income was $1,290,086 against $1,118,759.

For the first four months. of 3925 gross increased $2,640,000 to $38,453,600 and operating income gained $551,700 to $4,569,229. Edmund Jones Corporation will declare an extra dividend on the common, payable to stock of record June 20, exact amount of which will be determined at future meeting of directors. Directors declared the regular quarterly dividends of 50c on the common and the regular quarterly 1 per cent, on preferred, both payable July 1 to stock of record June 20. Annual stockholders meeting of Burns Brothers was adjourned for one week because of lack of quorum.

At the annual meeting this morning neither the proxies of the management nor of stockholders opposing management disclosed number of shares of stock they represented. Charles Hayden, chairman of the Executive Committee of the Cuba Cane Sugar Company, said the company's financial condition was excellent, but the price of sugar was too low to bring a fair return on its $100.000. MINNEAPOLIS, June 11 (A. F. H.

Alfred, of Detroit, presi dent and general manager of the I'ere PASTURES POOR May Reduce Dairy Products for North Central States WASHINGTON. June 11 (A. Production of milk, butter and cheese in the North Central States may be somewhat reduced this year in the AGITATES RUBBER MEN on the capital stock, setting at rest rumors of an increased distribution. Colonel Sostheries Helm' president of the company, said that although earnings had continued to show a steady the board "considers it advisable at this time to continue the policy of increasing as much as possible our reserves and surpluses in order that the corporation may be in a position to extend its operations whenever opportunities for profitable expansion arise. Union Discount Company, of New York, which has a branch office in this city at the Atlantic Building, has acquired a controlling interest in the Columbia Mortgage Company of New York and hereafter it will be associated with the mortgage division of Lnion Discount Company, with Frederick A.

Yard as president. S. S. Eve-land, of Philadelphia, is a director. Mr.

lard was for two years vice president of the Investment Bankers Associa-tlun ad is weU known in York and Chicago banking circles. Prospects for an extension of the Seaboard Air Line Railroad from West Palm Beach to Miami. rest upon the donation of suitable rights of way 8 i demonstration of a public demand for the construction of such a i'l'o s- Davies Warfield, president of the Seaboard, said today. City authorities of Miami, have given co-operative evidence of their desire for the Seaboard to enter the city, he added, but no final decision has been reached. Approximately $82,000,000 in interest will be paid by the United States Government next Monday on Liberty Bonds and Treasury obligations.

Nearly one-half of the total will be payable through the Federal Reserve Bank of New York. NEW YORK MARKETS General Reveiw of Grain and Provisions, Butter, Eggs and Poultry NEW TORE. June 11. Rye. Arm: No 2 Western.

$1.27. fob. New York, and $1.25 i export. Wheat, snot, barely steady: No Marquette Railroad, assuiled the Great Lakes to ocean waterway today in an address before the Miuneapolis Traffic Club, declaring that the backers of the project were trying to "stampede the opinion of Department of Agriculture country. officials ny the poor condition ot pastures.

These States produce the bulk lie explained that navigation on the May Make Arrangements to Obtain Adequate Dutch Supplies Shortly tivity, owing to the rush for summer merchandise. There has been an especially heavy demand on manufacturers of children's dresses for quick delivery. The wool market developed a firm tendency during the week, and while there is no great increase noticeable in the volume of trading yet it is thought the decline which has been existing for the last sixty days has been checked, at least for a time. A decidedly better feeling prevails throughout the trade. Manufacturers of baseball and whip leather are having a fair season, but margins of profit seem smaller than they were last year.

Makers of traveling bags and suitcases are not so well emploved -just now, and collections in this trade are a little slow, but prices are firm Manufacturers of agricultural implements find that they are about 15 per cent, ahead of the records of distribution last year, and are looking forward to a continuance of the increased demand. Sales in the paint manufacturing trade also are ahead of those for 1924. and collections are better than they have been in five years. Sales of plumbing supplies are larger than they were in April, and prices continue firm. Lumber merchants report production in Virginia and the Carolinas running from Go to 90 per cent, of normal.

Demand was slow during the latter part of May, but showed improvement during, the past week. Prices are practically 'stationary, shipments are good, but collections are only fair. MILLS CURTAILING Smaller Production in the South Than Reported From T7ie Inquirer NEW YORK, June 11. Curtailment of production in Southern cotton mills is stated to be larger than current estimates indicate by one of the largest and most important merchants in the cotton goods trade. Sketching the operations in the substantial list of mills presented in hi own house, he drew the conclusion today that at this moment the curtailment amounts to 25 per cent, and will increase steadily until the present situation is corrected.

lie sighted instances of a number of large colored goods mills that were running five or four days a week with parts of the machinery stopped. The co-operation to bring about the curtailment sought by the Manufacturers Association is producing larger results than he sees reported. Leading Futures and Cash Quotation In Different Markets CHICAGO. Jun 11 (A. Influenced by rains in Canada and the floniemic sprint; wheat States, as well as by the Canadian Government crop report, the wheat market here averaged lower today.

Closing quotations on wheat were easy at the same as yesterday's finish to down: July, to 1.62i, and September. 81. 594 to with corn showing "ie to train: oats unchanged to fr-jtc higher, and provisions varying from JO cents decline to 35c advance. Canadian wheat crop figures were hardly as bearish as traders here had looked for. but were emphasized by the generous rainfall reported today from both sides of the Canadian -boundaiy.

However, on the price decline which resulted here, the best sellers of yesterday became aggressive buyers, and with much talk current as to possible ill effects from hot weather in Europe the market turned temporarily upgrade. Smallness of shipments from Argentina were likewise a strengthening and so, too. was a report of dut storms" over Western Kansas. Gossip that Chicago millers were paying higher premiums for cash wheat and that millers in Texas were offering a premium for the first run of the new crop in Oklahoma tended to lift wheat values in the final hour. Free selling on the- part of holders here, though, was renewed at the last and gains which had been scored were more than wiped out.

There was a relative dearth of new export business, today's wheat sales to Europe being only 300.000 bushels. Pry weather and crop damage reports touching com in some sections as well so oats and hay in general gav strength to prices for corn and oats. Provisions trade waslight and the market irregular in line with hogs. Wheat Opening Highest Lowest Closing July J. 60 lM3i 1.60 1.62 Vi September 1.61 1.68H 1.59V, December l.G0?i 1.63 1.60 Vi 1.61 i Great Lakes is open only seven months a year and asserted it would be unfair of the country's creamery butter aad cheese.

for the government to soend millions Unfavorable weather during May on a project which would deprive the has impaired pastures so that the average condition is only rated at 70 as railroads ot much income during the compared with a usual average of above 90 at this season ot the year. Prospects in these States on June 1 were for one-fourth less hay than was harvested last year. summer months and which would throw the burden upon them of moviug the freight of the West and the Northwest in the winter time. "It would moan increasing the freight rates on the milroads the venr around, or drying them up," he declared. The cost of the waterway project bad been greatly underestimated, he said, adding that $750,000,000 was much too low.

The waterway project, he declared, would be directly in opposition to Large Lumber Shipments NEW ORLEANS, June 11. The Southern Pine Association barometer fr lnct n-eek shnws orders received 000 invested capital. On hand at present decreased 9.4 per cent, below the previous week; shipments decreased 12.2 per and production decreased 5.8 ner cent. Reports from 138 mills show orn pr- i resiaenc oonagc economy gramme. AKRON, Ohio.

June 11 (A. Directors of the Rubber Association of America, representing the leading rubber companies on this continent, met here today at the call of President W. O. Rutherford to disclose the present crude rubber situation caused by the British Rubber Restriction act. Reports prior to the meeting were that drastic measures would be taken for relief of American consumers.

Because of the British act, rubber company officials pointed out, crude rubber prices have advanced from 17 cents a pound to 78 cents within a year, and notwithstanding they have twice increased the prices of tires from 5 to 20 per the manufacturers are finding it difficult to operate at the present basic raw material prices. It would not be surprising if British rubber is left without a market, some of the officials declared. A proposal that inducements be made to The Netherlands Government Vvhich would insure a larger supply of crude rubber from Dutch possessions, was among several scheduled for consideration. leet oraerea. n.ooo.wu ieei onH 74 031430 feet produced.

Orders on hand end of last week were 247.667.8S0 feet. 1 dark Northern sprinsr. I f. New Tork. ana rail.

Jl.Rl'ir No 2 hard winter, are oi sugar, ana snould the price go to three cents, he said, the return of about $12,000,000 would assure the preferred dividend. Withdrawals of crude oil from tank farms in Oklahoma last week are said to have averaged elos to 75,000 barrels daily, the largest so far this year. Mid-continent refiners are reported to have increased runs in May about barels a day over April, but stocks of gasoline were reduced by about gallons in May. lake and rail. Sl.b2l4: No 2 mixed durum.

b. rin Court Must Pass On Issue mm, r.Ct June 11 (A. In- Corn No 2 yellow, I track. July 1.13H 1.16T4 1.15',i 1.16 September 1.18H 1.16W4 1.18i December .96 OBtS July S2i .544 .52 September .55 .54 Decemter .56 .57 .564. Rye July l.ll'.i 1.1 514 1.11U 1.14 Kopten-ber 3.14 1.1714 1.14 l.A4 Decern ner l.lTVi l-l'-i 1.164 Ijird July 17.17 17.25 17.17 17.25 September 17.45 17.55 17.42 17.52 Itibs 18.10 18.10 18.0! 18.10 September 1S.20 18.32 1S.S0 18.32 Bellies July 20.70 20.87 20.65 20.87 September SO.

S3 21.00 20.80 21.00 irivPIl 1 0(1 ill a Stflte- ygl AO 1 1 1 a it ior, an rail, si.ii; 1 OAK 1 Wilmington Port Grows Special to Ihr. Inquirer. WILMINGTON, June 11. In a report by the harbor commissions, more tonnage is fchown to have been bundled at the marine terminal during April than in uny month since the opening of the terminals. A total of 18.000 tons, of which approximately 15,000 was loaded and 34HHJ tons discharged exceeded December.

1924. the previous high month, by about tons. ment from counsel for the Grain Mar keting Company that the action oi t. Qr.iinHiiiiiior Mpf-retarv of State of i bikjt. sieituv; Hay.

steady: No 3. $18a21. Lard, barely steady; Middle West. $17.717.85. Chicago Quotations CHICAGO, June 11.

Armour preferred. 80: I.fbb.r-McNeill. Swift Co. 110: Swift luternatoinal. 25: Uulen Carbide.

Htihbili Gypsum, ISi'Vi; Wahl, 13; Fair, 33V. AJ. 1'1 Indiana, iu refusing yesterday to Qualify the stock of the compauy for sale in would be taKen to tne Directors of the International Telephone and Telegraph Company declared courts..