Evening Star Newspaper, May 15, 1922, Page 24

FINANCIA _— NEW BOND OFFERINGS WERE ABOVE $116000000 FOR WEEK Despite Enormous Amount, Bankers Re- port That Dfige_stiné Process Has Been lmilturaf : ‘Satisflactory—F'ew Are Unsold. _ NEW YORK, May 15.—Public terings of new bonds in the local |d market last week-ex®eded $116,000,- $120,000,000 the week before, and the year's Tecord of mearly $246,000,000 for the week before that. s Pricas last week ~were irregular, and especially ‘among the specula- tive railroad issues, but they harden- ed at the end in sympathy with the rising stock market. Government bonds showed little change. Despite the enormous new . offer- ings, local bankers and investment houses report that the “digesting process” has been satisfactory and that comparatively few of the new bonds remain unsold. Most of the larger offerings were oversubscribed and apparently they were purchased by investments interests, because a very small percentage have found their way back Into the market. Money Continues P ul. Apparently there Is sll a plethora of money available for Investment. Several Teasens are ascribed for this. One is the abundance of gold, the gold reserves of the federal reserve system crossing the $3,000,000,000 mark for the first time last week. Another Is low prices, resulting in iess money being required for busi- ness credit requirements, thereby releasing larger sums for investment. A third is the comparaiively slight demand upon banks for loans for business expansion. especially for v W = 5; foreign trade, resulting In bank funds | G| o8 1 finding their way into the investment frst meortgage “miking " fand. ol market. - fbonds, series A, amount, $4, 0; A fourth that Interest paid on for- | price, 100.99: inierest rate ’s‘»”i';:‘i"m'- eign and government loans- floated | §; due 1923 Y during the war is belng invested in| Witherbee, Sherman & Co.. first new securities. The principal m, offering last week | Farm Land Bank bonds, which was!1 Grain, Produce LOCAL WHOLESALE PRICES. Eggu—Strictly fresh, selected, per dozen, 27; average receipts, 26; south- No. 2, 75a1.00; new taty b 1,1 ern, 25 : potatoes, barrel, g at 3.30a6.00; b 2522 Live poultry—Roosters, per 1b., 18; | and ya barre,” 3004 on; Noc % turkeys, per 1b., 26a30; chickens, win- | 2. ter, per 1b. 40a50; spring chickens, | 37 per b, 50a60; keats, young, each, |y 50a60: fowls, 28. - |a Dressed poultry—Fresh-killed win- |3, ter chickens, per Ib, 40a45; hens. per b., 30; roosters, per b, 20; turkeys, per 1b, 30a40; a each, 60. Live. stock—Calves, chol per_Ib. 10;medium, 9a93%; thin, 5a7. Lambs, choice, per 1b., 16. Live hogs, Pper reen fruit—Apples, per bbl., 5.00a 9.08 per bu. basket, 2,0022.76; weatern, per box, 2.75a4.25. California oranges. te, 7.00a7.50. Lemons, per bOX. 4. 90 Grapefruit, per box. 4.50a " Florida oranges, 6.50a8.50. Straw- southern, 8a25; home-grown, fegetables—Potatoes. No. 1. per BBL, 2050a2.76; per sack, 3.26a3.60. No. 1, 6.00a [ “bbl., e Ryt Rat.c0. Sweets, 4.00a [ Quotations; No. 2 red winter, spoz. $20° Yoms: 3.0024.00. Lettuce, south-|14732: No. 2 red winter, garlicky. ttn. per crate, 1.00a1.50. Romaine | SPOT. 147; May wheat, no bid. lettuce, 1.00a1.50. Cymblings, per ales—Bag lot of nearby sample at crate, 1.5023.00. Onions, per crate, [1.10aL17 per bushel . 5.00a3.00. Cabbage, new, per cwt,| Corn—Cob corn, old, yellow. quoted 3:00a3.00. Cucumbers, 2.00a3.50. Egg-|3.50 per barrel: contract corn. spot, Tiants, per crate, 3.00a3.50. Tomatoes, | 70%: No. 4 corn, spot, 68%: track bor box. | Florida, 4.00a4.50. - Beans, |corn, yellow, No.'3 or better, 72% $00a4.00 per basket. , Peas, 2.00a3,00.|a7 3 Peppers, per crate, 2.56a4.00. Kale, 752 No sales. 175, Asparagus, per doz., 1.00a4.00.| Oats—White, No. 2. 493:a50 per| Spinach, per bbl., 1.00a2.00. bushel; No. 3, 4924913 per bushel. = e KET. | xS Nearby, 95al.05 per bushel: CHICAGO LIVE STOCK MARKET. | No."2 western export, spot, 1.19% CHICAGO, May 15.—Cattle—Receipts, | No. 3, no quotation. d 21,000 head; slow; early trading on Hay—Receipts, 38 tons; range is beef steers steady to 10 cents lower; quality comparatively plain, bul steers, 7.15a8.50; she stock weak to Tower: balls. calvés ~and °stockers about stead. bologna bulls ‘mostly around 4.73; veal catves packers, .7529.25. : : Hogs—Receipts, 39,000 head: fairly active; strong to 10 cents higher than Baturday’s average; big packers bid- ding lower; top, 10.90; bulk, "10.35a 10.85; pigs slow, about #teady. Sheep—Recelpts, 15,800 heatl; most- 1y 25250 lower; early top shorn lambs, 13.00; six loads good California springs, 15.25; fed Texas shorn year- lings, 10.00a10.25; fed Texas shorn| wethers, 8.25a8.50; good medium- weight native ewes, 7.00. DAIRY MARKETS. BALTIMORE, May 15 —Poultry— Live spring chickens, pound, 40a55 white leghorns,-35240; young winters, ; old hens, 26a27; old roosters, ducks, 21a25; small and poor, fowls, each, 70a75; old, 45a60. Eggs—Loss of, native and nearby firsts, dozen, 25: southern, 24. Butter—Creamery fancy, pound. 382 39; prints, 41a42; nearby creamery 37; ladles, 26a27; rolls, 24a25; store |y acked, 23; dairy prints, 23a25; proc- ess butter, 26a28. 5 It CHICAGO, May 15.—Butter easy: creamery extras, 3313; #irsts, 29a33; seconds, 27a29; standards, 33. Eggs—Higher; receipts, - 48.972 first. 24%a26%: ordinary 221,a23; miscellaneous, . 24a 243 ; storage packed extras, 26%a27; storage packed firsts, 26a26%. Poultry, alive higher; fowls, 26; Canadian sacked whites, 1.40 ‘broilers, 40a48; roosters, 14. - Maine sacked round whites, 1.40 1l .; new - stock, : RADIO BUSINESS GROWTH. | Atabama sackea triumps, No. 1, 275 NEW YORK. May 15—Official fig- ures covering radio broadcasting in- dicate the surprisingly large growth which has taken place within a short space of time. 1t is brought out that broadcasting | c| stations of the. standard 360-meter . 5 Wave length gin the United States|ana jule 1sey el gsi) 1i2%alds. number over 100, representing a 50| In subsequent ‘dealings the corn per cent increase Within the last|market showed stubborn resistance month: Department store broadcast-!to gelling pressure. The close wag | ing_stations of this type are stated |firm, % to 15 net higher, with Jul to have increased 100 per cent dur-|g4xais to 64% % uly, inr this period, and, at present, con- # stitute 13 per cent of the total num- | WHEAT— Open. High, Low. bor. There are more than 200 manu- 4 1, MOy L facturers engaged in the manufacture L a " of Tadio apparatus, according to the | SCPimber ----- 118N 110% Lisi, survey, and their number is:growing. | May . e0% .61 Gow An interesting fact brought out |July BT T U il G o Sew in the figures presented Is that there | September . are more broadcasting stations in | the middle west andson the Pacific|j, coast than there-are in the eas In T. he Edmonds Bldg. contemplating new the next few weeks and one or two large bord issues are expected to de- velop from the pending steal mergers. Tri-State Telephone and Telegraph Company and a large offering of the 000,000 offering of the New England Telephone and Telegraph Company, owing to the delay in getting the ap- proval commissions. were: First Joint Stock Land Bank of Chicago, $5,000,00! mortgage sinking fund gold bonds, amount, $5,000,000; price, 100: inter- est rate, 7 series was the $75,000,000 issue of Federal |98%; interest rate, 941, and Live Stock Potatoes, \whit beets, 3 eggplant, crate, 1. 25a50. b.. | pounds, spring onions, 7 bushel, 2.00a3.50: peppers, crate, 23.50; rhubacb, 100, 1.00a4.00; spinach, bushel, 30a40; squash, crate, 3.00a3.50; tomatoes, crate. 1.50a3.75. 2, 4:50a5.50; bushel. 1.502.35; box ap- ples, 2.25a3.75; grapefruit, box, 5,008 verries, quart, 12ais. 18.00221.00 for good to choi y Sulk, beef | and mixed hay; mariet frrm: mmouy on_hand ample for trade. 1 wheat, 11.30a12.00; N L, 18001800, S 0a% Bomms ed downward early largely by an appeal | Barnes, formerly national wheat di- rector, that the board of trade ar- range for a settlement of May wheat | Contracts on a basis no higher than the current value of the “grain’in and fore ;ppe‘glh gn markets, earish, and led to conslderable sell- ing. The downward tendency of the market was emphasized by continued and by a decline In Liverpool quota: from unchanged figures to 1% lowd, Mey, 142 to 1424 and July 1.24% to -20%, L pigeons, pair, 35a60; guinea|further thing of a reaction. steady, owing, more or ¢ 52 Sentnir 8, less, to wet 2 Ifield work. After opening % off to a market sagged a little, and then ral- July 39% to -393%, and k the initial "m;: Re Tentiches o total United States shipments, car: round whites, Montana sacked cwt.; No. 2, 1.50 ewt.; ing_rose, 1, 6.00 Annpunce the ;fi-lble supply total led to more decided Oklahoma were less optimistic. . of- | oversubscribed and resulted in an ad- 1llotment to the banking syn ftional $42,000,000 in bonds of a icate similar character held by the United 000, as compared with approximately | States Treasury. sold to the public. these bonds came from every state in the Union. all of which were The demand for Forelgn, Inquiries. g ‘This week it Is expected that the Bolivian government loan of $24,000,- 000 will be offered for public sale, Six or seven other foreign countries are making inquiries in tha Jocal market, [but no immediate salejof bonds iIs contemplated. A\ Several railroads are reported!to he financing within The only large industrial issues in ght are a_ $4,000,000 offering of the irginia-Carolina Chemical Company, hich are due this week, and the $35.- hich has been postponed until June, of interested public service Principal Ofterings. The principal offerings 6f the week farm loan bonds, amount, price, 103%; interest rate, yleld, .605; 1952. The Franciso Sugar Company, first ; yietd, 7 1942, ortgage sinking fund gold A, amount, $4]000.000: p yield, 613; due GRAIN AND PROV BALTIMORE, May 15 TONS. (Special).- 100 pounds, 1.25a1.75; ¥ 0022.50; bushel, 5: N 1.50a1.80: beans, hamper, 2.00a3.00; bunch, 6a9; cabbage, crate, 1.75 carrots, bunch, 4a6; corn, crate, 50a4.00; cucumbers, crate, 1.00a2.50; 5a3.00; kale, bushel, Lettuce, basket, 3.50a5.00; 100, 50a2.00; onions. 100 No. 2.50: 75; peas. 2.00 Apples, packed, barrel, 6.00a8.00; No. oranges. box, 6.00a9.00; straw- ! Selling Prices at 1 0'Cloek. Wheat—No. 1 red winter. spot, no Straw—No. 1 tangled rye, 15.00; No. SHICAGO. May 15—Wheat turn- rd in price during the dealings today, inll\fienced from Julius The. was generally construed as beral receipts here, 300 carloads, | The opening, which varied was followed by a moderate setback, and then by some- Corn and oats Were relatively likely to interfere with ke advance, July 64%, the corn ed. Oate started unchanged to % lower, Potatocs—Weak: recelpts, 123 cars; | 720 _sacked and ' bluk 1.25a1.60 cwt.; Idaho russets, - 1.75a1.85 Wiisconsin Florida Spauld- double-headed bnrrel’;, No. 0. 2, 4.00, \ nt of a big decrease in upturns in prices later. Be- des crop reports from Kansas nndl ‘The ose was unsettled, % net lower to B A1% SPACE ay 5 iy ne 401, 911 15th Street N.W. Wéchinglol'l’n Newest Office Bmldmg Harry Wardnman Main 4190 1430 K St. NW. STEELS WERE NOT | EIVEN SUPPORT Reaction on This '|. Group After Developments. Coppers Taken Up. BY S'I‘I.'A‘I\.’l' P. WEST. NEW YORK, May 15.—Prices starg= ed on the stock exchange today.about where they had left off Saturday. The old-time precedent of a “big Mpnday opening” In & rising market was not followed. Instead, heavy realizing sales at once-set in from sapeculative quar- ters, bearing wtih. particular Yorce against the favorites of last week steel trading and steel merger stories. These stocks, within fifteen to twen- ty minutes, fell from two to three points, and their decline for a while unsettled the entire list. But as_has been the practice all along, when weakness developed in any one direction, it was promptly oftset by a fresh buyihg demonstra- tion in other directions. As the steels fell behind, the cop- pers were taken up, partly because these stocks had previously partici- pated only moderately in the upward movement, and partly because of genuine conviction that thesmarket for the copper metal is at the be- ginning of a revival similar to that of the steel market two months ago. A Exchanges Stendy. The foreign exchanges were steady and_French government and munlcipal issues, which had been more or less under pressure for the last week or $0, had quite a pronounced recovery. This seemed to bear out the statement expressed in the latest cables from Paris that the failure at Genoa had not disheartened the markets there because it had all along been thoroughly ex- pected. - As_for the new Hague conference, called for June, to take up the Russian question again, financial opinion and any reaction there may be to the mat- ter in the markets will naturally be postponed until it is certain the United States will not accept the invitation to Join in the deliberations. Such refusal, according to the prevailing European view, would foredoom this second gath-~ ering also. . Action Logleal The behavior of the steel stocks in the day's market was consistent with the usual Wall street policy after the “good news” is out. The Bethlehem-Lackawanna merger has been accomplished.. The other and larger combination, ‘which in- cluded Republic Iron and Steel and Midvale, has, from the best informa- tion, virtually been completed. Therefore it is not surprising that people who have had advance knowl- edge of these deals should have been desirous of drawing down some of their profits. One or two of the oil stocks—Stand- ard O1l of Cayfornia and Transconti- nental Ofl—were bid up, but they were exceptions, involving apparently a special cause. Speculation in oil shares generally has rather been killed by the offi- clal figures on the gasoline supply. which, although they only cover up to April 1, show that the reserves were still altogether abnormal, de- spité the improvement in the de- mand since the first of the year. Coppers Taken Up. Today's division of interest into the cdpper group was no surprise. There are merger plans in the air affecting the coppers, which, now taat the steel mergers have been pretty well worked out, are likely to be taken Sec- ondly, there is the plain upward ten- dency manifested in the price of the copper metal for the last week or more, resuliing from an unusually heavy demand for domestic account. Thirdly, there is the fact, compelling from a speculative point of view, that the copperg are one of the few sets of stocks which have not yet been brought into the limelight. INDUSTRIAL LIST - LEADER N BONDS By Special Leased Wire to The Star. NEW YORK, May 15.—Bonds of do- mestic industrial corporations were the most active today. Price changes were more numerous here than in any other part of the list., Steel bonds-moved Irregularly, with some profit taking In last week’s lead- ers. Midvale Steel 58, on the other hand, reached a mew high price for the year, an advance of over 2 points. Their rise was similar to the upturn in the Bethlehem and Lackawanna is- sues immediately following the news of their consolidation. Copper bonds were one of the fea- tures, the advance accompanying the sudden taking up of the copper ls- sues in the stock market. Inasmuch as the Chile 6s are convertible only after Chile stocks get to $25, and then at the rate of $35 face value bonds for a $25 par value stock, the conversion privilege is scarcely an in- centive: with _ Chile Copper ~shares around $20. Cerro De Pasco 8s also were in demand. . Ofl Issues Soft. Oil bonds were soft, coincident with the waning speculation in oil shares on the stock exchange. Marland Ofl 8s, with warrants, were the only exception in this group, selling at a | new top above 106. Chemical issues again moved: up- ward, the Virginia-Carolina Chemi- cal first s getting to a new high and the 7%s advancing about a half point. Public utility securities con- tinued strong, with special buying in Philadelphia Company_refunding 6s, and Kings' County Electric Light, Heat and Power 6s of 1997, the last named touching the highest for the year so far. “Few Gaina In Rails. In the railway section there were few gains of consequence. Union Pa- cific convertible 4s rose fractionally and so did New Orleans and Mexico 68 and Canadlan Pacific debenture 4s. Liberty bonds were steady, and, save the Mexican bonds, which got up over a_point, foreign government external loans did little. Greater New York traction bonds were reactionary. Interborough. 6s dropping over a point, then rallying, and the Interborough Metropolitan 4%s slumping about a point. New Issues. Three new bond offerings were sold today. They were $3,000,000 East Bay Water Company unifying and mortgage twenty-year 6 per cent gold bpnds, series B, issued at 102 and interest; $4,000,000 Kansas City joint stock land bank 5 per cent farm loan bonds put out 103 and interest, and $4,000,000 first mortgage 7 per cent sinking fund gold bonds of the Amalgamated Sugar Company. These bonds were sold at 100 and interest. —— DRY GOODS PRICES FIRM. NEW YORK, May 15 (Special).— Prices were firmly maintained when the dry goods market opened today, but the volume of trading in the standard b cloth constructions was somewhat lm- ited and generally confined- to nearby dell There were some reports of shading 4t second hands, but sellers, ideas for July and August commit- ments were very firm. Sheetings were in good demand and drifls were in re- quest for khaki'dyeing for the garment trade. There were uiries also for hose and tire fabrics, and sateens were fairly dctive. " The raw silk market showed little | change, al gh buyers seemed a trifle meet demands of : Ithous more willing to The volume of . business in fini svods was only fair, T T e s T 8 : 2 Sz : H z : NEW YORK STOCK EXCHANGE | BOND Direct to The Star Office. ’ . BO Open. High. Low. Close. |On New York Stock Exchange. Recelved by Private Wire Adv Ruiley. . Alaska.Gold Am Cotton Ofl. 8% % = Am Cotton Ol pf... 65 65 5“5 Am Droggists..... % 64 % G0 Am Hide & Lenthr. 15 B on Am Hide & Lthrpt. 68% €% 1004 AmTee........... 100% 104%_ 104% 1000 Am Interpational.. % &% (04 B0 Am La France..... 12 1% 1% o AmLinseea... ... 83 8 8 00 Am Tacomotive.. Ll s Am Radator. . " Am Saféty Ragor.. 6% 6% 0w Am Ship & Com. e 1te 17 % Am Smeltthe. .l 0% B e AmSmelt SecA.... 9% 9% L g Am Steel Pdy...... 8 3 % % Am Sugar. my wW WAL Am Snmatra. s wa B O Am Sumatrapf.... 6% 60% GO Am Tel & Teleg.... 121% 1% “mu e Am Tobacco. e 1 135G Am Tobaceo ( 5% 864 BED o Am Tobacco pf (n). 101% 101% l:m o Am Woolen....... 9% $ 00 o Am Woolen pf. 13 B Am Zific & Lead.. 0o« Am Zine & 14 »f. o Anaconda. .. 25 1% Assoclated Oli. ... 1254 121 128 10, Atchison. . . o 2% n Atchison pf. .. o N % Atlants Bir & Atl.. 8% 3% S0 o Atlantic FruitCo... 3% & = 00 o0 Atiantic Gult. s W% BE o8& Austin Nichols. un% % Baldwin Loco. N, 1N B 4 to. t aite & Ohtgpt. .. &0 0% il Rarnesdall (A),... 44 46 6 & Bayuk Brothers.. ¢ 45 . oo Beth Steel. .. W86 TR T Reth Steel (B} 'g’: :,;“ % 2N Brit Em stizdpf... 204 L 5" g Butte Copper-. ... Butte & Superios Caddo OMl... Central Leather. (‘emnl'm;t;;;l ntRROf{NJ. gmdlt‘lm % B F% :: Certain-Teed...... ,(‘l g% g 5 Cnandler Motor.... 8" T G G g% 8 8% € 18 16 0% 8% 9% 51 % 67 ChiGreat Westrn.. 8% 8% 8% 8% ChiGreatWpf.... 21 2 .2 2 ChiMI&BEP..... 28 % o4 26% ChiMil &StPpl... & &% 4% ¢ Chi & Northwn.... W% 0% %% 7% Chi & Northwn pf.. 110 110 110 110 Chi Pneumat Tool.. 65- 65 6 6 ChiR1&Pacific... % 4% % &% ChiRIAPT%pf.. 9% 6% %% %% Chile Copper. . 19 0% 19% 19% Chino Copper. @ n Cluett Peabody pf.. 8¢ 94 91 Coca-Cola, s 88 Colo Fuel. % 4 Colo & Sout Columbia Graph... Columbia Graph pf. b Comp Tabulator. .. ConaGasof N Y. Cons Intl Cal Min.. Cosden tan.l o Crucible Steel. Crucible Steel pt a3l 0% 98 Cuban-Am Sugar. % A% % Cuba Cane Sugas. 16 6% 15% Cuba Cane Supf... 34 84% n Davidson Chem. De Beers Mines. Del Lack & Wstn. .. 117 Detroit Edison 106% Dome Mines. Elec Stor Battery.. 43% Endicott-Joanson. .- 82 Endicott-John pf... 111 11 1% n% 0% ‘4 Habirshaw Cable Hendes Mg Houston Oil. Hupp Motors. Hydraulic Steel. Kansas & Gulf Co. Kayser (Julius) Kelly-Spring Tire. Kennecott. Keystone Tir a Steel. -T1% 8% Lackawanna LR AND CURB MARKETS. NDS CURB. In New York Curb Market. 11 11 11 | (Quotations furnished by the Associated Press.) | (Quotations furnished by the Associated Press.) : 2% 2% fajes U. 8. BONDS. Orpheum Clreult. ... 212 Liborty 3%s. po thow s | g3 Hbery 2045 1% u% 1% | o3 Hibeny B2t §76 Liberty 1000 Am Drug ¢ 21 g 1150 Liberty 100 Am Hawalian 8 8. 23 10 9% 10 |1405 Liberty 4th 4% 300 Beechwut Pack..... 35 W% 70 70 | ! Victory 4 100 Brookiyn City 8! P % eav 540 Victory 3%s. 100 Brier ’}lm' Steel. 21 ) ) 6% % FOREIGN COVERNMENT, BTATE AND - 1 Pan-Am Pete (B). W s 5% MDICIPALL S0 Chicape “Sipe . 3 Pennsylvania. 11 Argentive 7s . 101 101 15500 Columb'a llmm-.lhl. 1.31 Penn hd St 10 Chinese Govt Ry 74 4 200 Continental Motors. 8% mlz'a“ 1 of Bergen Sa. 110 110 | 10100 Cub Dom Suga 11 Perea, e 400 Danlels Mot ll:; Phila Company 300 Doxt “ator. ool 20 illips Bota.” . w0 Dubiter Siof ps Pete. “ 1% 18% 100 armer: 3o sl 100 Gariuna Ste : «lll: '"Xm (l‘lnmr. 0 le) Coal o 1% 2000 Goldwyn " Picturce. Dept of Seine 300 Goodyear Tire » % of Can 548 300 Grant Motor. 20% 21 |/ of: CaRSAT s 200 Heyden Chemical 6% " 6% "6 1047 1000 Hudson Mot 107% 108% ; X 100 Hudson &Mtane Producerz & Ret... 89 8 38% 1 100 Intercontin Rub. PublicServof NJ.. 86% 1% 84 87%! Ao cent B 12 1804 | Il Cent Ry i 1400 Int R T ctfs w 4% f0% 000 Lehigh Pow Sed 100 King of 3 <o 2 2 - @ Pure % pf. w0z 102 102 ““fi:‘: g' oth 7000 Mercer Mot Ctfs % % 4% 3 - . otors b Ray Con Copper. 1 ek 1eg] 0 Klnk of Bueden .- s, 1% 102 100 Packard Motor e 12 e Reading. . 80% 7 TH| 4 Rep of Chile 8s 1946 10513 1051, 1034, | | 300 Philip Moreis iz 18% 19 Reading 18t pf. 5% 45 45| 12 Rep of Urguay Se.. 1081 108% 10835 [ 1700 Radio Corp com 2 5% I» ding 20 ot o S % Bite of Gueer vt Hadio Corp pr. 3 3% 3% Rea g 3 State of Queens 0o, 100 Reo Motor T 248 248 24% Replogle Steel..... 36 3% 8 Bt oot I Grodg Hul 85 100 Republic Tirz Jrr S S Rep Tron & Steel... 2% T2% Confed 4200 South t'ofl.l & a3 90 £ Replron & StIpf... 8% 9 Bal V12 Toad Syipyurds e R J Revnolds (B). 46% 6% 100 Torben Axle. 28 Roval Dutch....... 62% 62% 8 of 809,08, Bottmen 20U 8 of Mexi 500 1. 8- Ldghr . 3 st Josepn Load 15 1 | 2T of dexico 4 5% | g300 Unie oteir Candy. 6% 0% 6% St L & San Fran. 2% 2% 20% RAILWAY AND MISC 00 Wayne Coal B €I E St Louts Southwn.. 29% 29% 28% 28% | 1 \dams Express 4s. 200 West Faa Chem.., BB T I8 Santa CeciliaSug.. 8% 3% 3% 8%| & Ajax Rubber 8s. 100 Willys Corp 1st pr. 17% 17% 174 20% 20% 20% 23 Amer A Chem Tis 10 100" Willys Corp (1 ctf B b Se 7 7 7 7 fi: ‘;‘;::ll.'nlfl:“fil STANDARD OILS Semboard AL Df... 10% 10% 10% 10% 2 300 Angl-Amer Ofl 20% 208 2 Sears Rusbuck. ... 18% T4 T 8% A g e v 1% 400 Atlantic_Lob % 107 10% % 1; B Shattuck-Arizona.. 8% 8% 8% 8% 1 555 Tmperial DIt Cannda 130% 104 1043 Shell Trad & Trans. 45% 45% 46% &6% PRl e SR - 25 Tllinols Pipe 1907 190 190 Sinclair ON........ 824 a2 31% M| 12 AUT & 5 Fe gen s ho% 10 Pralre o & 35 Lo A Sloas-Sheheld. ... B G0 BW| M AUT &S ¥ed) i s 30 graidie Pipe Jine. 0 B2 W Southern Paclfic... 90% 0% 90! t Const L 1t con 45 88% n e Southern Railway.. sk f% @ TR | of A Reonioe 3.7 1017 1200 Stan Oil ‘of Ken, By Bk Southern Ry pf. ... B§% % - - By 100 Stan Ofl Ken ne B2 2 B6% GA B6% 60| B4R & Ohio cv el K2 10 Bien OFf N Spicer Mfg Co. 18% 19% 18% 18%| 1L Bell T of Pa 7 108 .8 Ot wt 410 ' 410 StandOfiof Callf. .. 115 118 16 14 | g7 etk Siegt ref Or. #i INDEEEJDENT: OIS, Stand Ollof NJ... 186 189% 188 188% | 10 Bruden Copper e . baiy | 9000 Atiantic Pete. 2% 12 1w Stand ON N Jpf....[16% 115% 116% 116% | 10 Bilvn Edison g 7u 075G | (00 Ark | Nat Gas 2. B8 Sterling Products.. 48 48 1% 474 | 1 Callf Gas & B o 933, | 1000 Big Indian . Stewart-Warner... 0% 404 40K 40K | B4 Can ber sen 4 e P Steel & Tubg.pf... . 8% 8% 3% 83%| 12 Central of Georgia o 6 Stromberg Carb.... 62% 62% 62 &2 21 Central Leather bs.. "y 1n Studebaker. % oumk us usk | F brdid 9" Submarine Boat.... 5 5 4% 4%| 3% Bk e 2 SuperiorOil......." 8 8 7T 7| 24 Ches & Oblo cv 4lgs. HS1; KA HSis 18% SweetsCoofAm.. 3% 31 3% | M CPECmon A 9% sky o8 1 ¢ sl = Tenn Copper...... 1% n% 1% us%| 3 a% P TexasCompany... 48% 8% 47 47 55 oy, | 12700 International ‘Pete. 22 Texas Gulf Sulphur 43 % 48 &% 1 pr 900 Kirby Petroleum. 101, Texas& Pacific.... 8:% 2% % mw| .1 10813 | | 400 Livingston Pete 15 Texas & PC&OIl. 2% 20% 2% 29% | 5 300 Starseaita Ofh o B Third Avenue..... 28 21 2% 4| 11 £e| o R TobaccoProd..... 68% 71 68% 69%| 24 3% TolStL&WnB... 38 3% 3 26%| 1o s TransContlOl.... 18% 18% 17% 17%| 73 2% Transue & Willms. &4 & % &% K ‘g}: Union O1l. . . oK m¥ my| 80 00 Movast N oy o Cnion Pacific.... 187 1w 17 is7%| 4§ V4 Ol 6 I Union Paclficpf... 1% % % 74| 1D M and Ft 5= United Alloy Steel. 407 40% 33% 18% | _7 Detroit Edison rf =3 United Drug. 2% 73 To% 7o% | 18 Dewroit U Ry 82145 % United Fruit. IS99 189% 16 1o | L Dlamond Mateh Tids 10733 ia ited Ry Inv. 2 Distillers Sec 5s. 42 1 1 > Un! . 15% 15% 16% 15% 10 DuPont de N 4] United Retail Strs. 8% 000, P . A USCastIr Pipe... %% 300 Sa1t By 1B 18h USCastIrPpf.... 69% 800 Salt Creek 188 18y 1Ny 2100 :[mlnl :2 :.‘ ;z 700 Bea . e 800 Shell Union pfd. 28 96 86 "an 78, 112 12 1z 2000 Bl:nlon il .-E .80 .30 28300 Texon Oil & Land .95 w0 2600 Turman .. 1% 1% 14 o Wi gt B % B cox 200 Woudley I 12l 12 1 fooo 5 STl el Vanadium Corp... 61% Va-Car Chemical.. 33% 5 Va-Car Chem pf... 75% 4 b ValronCoal &£C.. & er-Metro 434n ctfs 7 VivadoU.......... 13% IR T ret.Go. 3 .98 2 a1 27 1% 1 oo 19 34 ?. -6 61 6 3 1 £ Weathse Alr Brke.. 6% 95K 8% o6 zL Westhse E& M. P o e 3}3’ % 0% 26% Iggett 2 Shell Mining. .19 .19 .19 g:: s aw| HLE m,‘:':a-r;um"'hfv Min. aomoay 200 Hecla Mining. o “o% 6 Wickwire Spencer. 21~ 21" 1om ("] o 25000 1ok Lot Miges. 1L 4SS 8% 8% willys-Overland.. 8 8 71 7%] 10 Al 1000 McKin-Dar-Sav. 3 30 30 Willys-Ovid pt.... 3% asy e | 104'M 2000 o Bk Dyu Bw :Vvorlh:nmn l;mp_ 1 51 Bl 61 22 27" 2. _20 orthington (B).. T8% 8% 2 10% 9% 10 Wright Aero.-.... '3 ‘gt oA Ty U N 5 @0 st 1BM K 7 80 | : High Low. La 5. M Pacific, ref 5 1923 100 18y 18 T8 CallMoney....." 3% % 3% o 6% N R HOURLY SALES OF STOCKS. » o ¥R ® 11am.....32100 12m. 572 200 700 8 American P & G. 4% 4% 4% 1pm...720 90 2p.m..... 57 50 ¥ B Stamiara = T —_— X 1000 Superstition 08 .08 Y Edison ref 6ls 110 N ) TREASURY CERTIFICATES. - Ve Huven ¢'0s 45 &1 % &2 Towweh ol . QL L el del - + 100 Tonopah Extension. 1% 1 1% a—Matyrity. N X Tel ret 6s '41 104 s June 15, 1022 N ¥ Wes & Bos4rss 51° 0 Tooeah MIlig £ . g, g% 15, 2! Nor & oF Ga. 6w Tuolimne Copper.. .70 .68 .70 > 400 United Eastern. 14 1+ 1 2000 U 8 Cont... .51 .50 +51 Volcano "'ve o e .99 1 ';.;. .g o o4 * SHORT-TERM SECURITIES. X (Reported by Redmond & Co.) 11!‘} 1:; ) 13* % —Noon.— lli'l!fi 100* 108 Bid. Offer. %fl;!fi flfi‘* :fl“ Alum. Co. of Amer. 7s 102! 108! 103 0L by ¥l ¥l A;:k‘n Tel. & 'l\l.l 6s 1922, wo% 100 025 14 American Tel. & Tel. 6s 1924.. 101 10 American cco Co. 1922.. American Tobacco Co. 1923, Anaconda Copper 6s 1929.... 1 & ‘ederal La alena. B o! 344 8 = BirnarBoamamstkana 2 Laclede Gas. , R & Erie& W W% 1% 7 South P R Sugar 78 f (i 'i:t:m-&wnh- U R 011 1ot | =2 st on Cal deb 7 100 Int Tire & Rubber. 23. 33% 328 = 33% | Kansas City Term Gs 1928, 14 | 44 Third Ave adj 5s.. 60 1R Lepigh Valley % 053 10 Tidew O ohe eits 108% i, 1 = ew ctfs an Locomoth 100 2 Tob Praduct 108 Bi 02 98 ““ itoba 7s fift D"fl 7 t Acma Tis. 078 9T ¥k Eiein b | RS R 8 it & Cor 7o duat. 1 8% ANY, NH&HTa.. 91° 917 91 e 1023, T 2 T e U 8 Steets £ 3ml s 101 01 8 fi“n:‘ P, Ve !fe:“mtgg Is v 1074 §£’.,f ) P:'w:_eh: &L Ba. % 3 SE 8 Oorp ot ? | Wesapuovze B & M T BT TR _A0TR | Ia¢ vACar Coam g:‘z‘:-' oy Bk o *-y FOREIGN EXCHANGE. - Y * tl 3 (Quotations furnished by W. B, Hibbs & Co.) ‘Belling checks—dollar values at noon today: 5 4.44% Budapest 5" Prague ® ! 1083 838 Warsaw . b 01% 101% Fn B Commbarn g et o1 o o : Total sale oday 4,375,000, 1% 10 . Stockolm . compered ith. $7848,000 previous Gay " ani % 105 it n-“u 15 Belerade $11,148,000 & year ‘ago. s 18 ont % By the Assoclated Press.: 106% 107 5 st " | WOOL TRADING IS FAIR. | § il % M 2% change firm. - Great Britain, demand, 2 West St Gas 6s.... W6 - U8 b4 a 4 4.44%; cables, £.45. Sixty-day bills on| BOSTON, May 15 (Special).—Al-| 12 Western Electric 7a.. 108 108 ° 108 Montana Pul':m ::: ;:“ :lla :;a :::n‘:" ‘i‘l’c‘?{ fzance; ddenuul;i, z;: though a fair volume of business at| 6 Winchester 7%s. % % sy . e Taagy. e demand, | Strons prices was récorded in_the FOREIGN BONDS. Natl Biscuit pf. 119% 11% 18% 119%)8.33%; cables, 8.34. Germany, de-|Wool market today, the center of in- Natl Enameling. .- «. :: :;!v‘. g‘ :_l“ s\:_r:gnd 1‘,",}:‘ :g‘c‘s‘ m-:g; erest - continued in the west. - The . es, .65, g 2 | Gemand, 18.65. ‘Sweden, demand, 25.65. | OToEon clips now haye been falrly © e |De emand, 31.25. Switzer- |well cleaned up and active bldding 6 land, 19.14. 'Spain, demand,{is on' in Montana. - Territory woals : 15.60. Greece, demand, 4.16. ‘' Poland, | are being sold faster than they are ® ® |demand, .02%. Czechosiovakia, de-|being shorn and growers are obtain- 2% 8% | mand, 1.95. ‘Argentine, demand, 36:87.] Ing high prices, - So advantageous are 21 % |Brasii, demand, 13.87. Montreal, many of these blds that some diffi- it % | - e culty is reported in holding members| Net earnings Wright Aeronaut 108 30p| - Gar ton P K L R i aiter ax Tequirs: T g on _road in ng in ng wools re- . o 81% 313 |=ix days of .May aggregated 31.334, | ported on a bu{: of about 36 to 37 | ments and includes income from invest- phst s cents in_the grease. ments. ¢ - st 26,925 for same time a year ago. lk .fi'lnue-. which_were traded in for the B. A QUARTERS MAY LOCATE HERE President McAdams Presses Advantage on. Council. Local Shares Firm. BY L A. FLEMING. At the recent meeting of the execu tive council of the American Bankers Assoclation, Thomas B. McAdams, pres. ident of the association, won ecomium; through his conduct of the meeting and the clearness of his program for nation al effort. Washingtonians will probably he more interested in that part of the president’s report in which the advar- tages of Washington as headquarters for the American Bankers' Association were advanced. In advocating the movement to Wasii- ington he said: "It cannot be urged that if our headquarters are there we are there for the specific purpose ot advocating some bills and opposing others; they are there the year aroun: they form part of the life of the tional Capital and their suggestion their assistance, their willingness to help are appreciated by all.those i terested in the upbuilding of our cour try. “The-establishment of the federal re serve system is another reason wh our headquarters should be in close touch with this basal element of our financial machinery. The War Finance and the Farm Loan Board furnish added reasons why we should keep in daily contact, to say nothing of the Treasury Deparement and the office of the controller of the currency.” In like manner Mr. McAdams point- ed to other reasons for locating the headquarters here, citing the various departments of government, in their direct bearing upon banking, and closed his reference to the matter as follow “I am sure you will agree with me that the only motive which should actuate this council, in this or other question, is its effect upon our association’s ability to agrgessively and intelligently serve its members anfl broaden its field in behalf of the public good. “With this thought in mind, I have, after mature deliberation, reached the conclusion that the movement of our headquarters to- Washington is the greatest single conrtibution that this council will have the privilegs of making to financial Amerjca.” A committee of twenty-five mem- bers was appointed to consider all phases of the situation and to report at the annual meeting of the A. B. A Raflway Preferred 70. Railway preferred was decidedly strong today, making recovery to Tt practically the high point of the y At that price the stock moved quits freely. The common shares of the same corporation brought 39%, also a toppy price. apital Traction sold at 973 an few shares at 97%. i Lanston attracted some attention, selling up to 77. Potomac General Refunding and Im- provement 7s, which have mnot moved freely of late. repeated their high in transactions at 106%. Debenture 6s of t..e same company were firm at par Chesapeake and Potomac 58 of Vir- ginia sold at 90. Real Estate Title Insurance shares firm at 105. On Redeeming Vietory 4 3-4a. Secretary Mellon announces the ex- tension of time for the purchase of 4% per cent victory notes at par from May 15 to June 15, purchases to be made direct from holders. Checks interest due June 15 will be issued iu the regular course of business May 15. All 3% per cent notes have been called for final redemption June I5. In the case of registered 43 notes presented after May 15 it will be necessary for the holder to pay in- terest to June 15. Postal Savings Increase. Deposits with postal savings inst tutions are on the increase as well a in the banks. During the month of March there was a gain of $500.000, New York showing a total of £46.- 179,000, Brooklyn, §14,088: Chicago $6,800,000, and Boston, $6,000,000. Getting Acquainted. Officers and directors of the South- ern Maryland Trust Company of Seat Pleasant will entertain informally at dinner at the Washington this evening. Officers and directors of the Mount Vernon Savings Bank will celebrate the second anniversary of this suc- cessful institution at the Harrington tonight. E, Voight, jr, president of the Américan Commercial and Savinzs Bank, will entertain the directors at Ginner at the cabinet room of the New Willard. FIRMER TONE 0 THE GURB MARKET By Special Leased Wire to The Star. * NEW YORK, May 15.—Commission houses were sellers on the curb ex- change in the Initial dealings, but when this supply had been absorbed the market rallied sharply. New high |records were made in a number of issues, Tobacco Products Exports get- ting Into mew high ground with a gain of more than a point. Daniels Motors also was strong on the state- ment that production would be rush- ed to meet the increasing demand for the Daniels cars. 4 Southern Coal apd Iron was in- fluenced by rumors that new interests had entered the company, and Amer- ican Drug Stores rose to a new high on an official announcement that com- prehensive plans for expansion have been formulated. Interborough Gs Higher. Considerable interest was shown it the new Interborough Rapid Transit first time. The voting trust certif- icates yielded after the early dealings. but _the new 6 per cent bonds to be exchanged for the 415s, were in active demand and advanced six points be- fore selling caused a recession. 0il stocks were irregular. Standard Oil in Indiana sold ex-dividend and encountered profit taking after an early -upturn. Mutual Ofl was in urgent demand and rose to a new high record. Mexican Seaboard was somewhat easler, but Imperial Oil of Canada. Skelly, Simms Petroleum and Kirby were. firmer. Fensland reached a new high. A report was current that this company is likely to absorb but this was denied by the latter company. Marine h: properties located hear the Fenslapd possessions and is planning ‘to drill six new wells this summer. Mining shares were active and firm. Independence Lead was in good de- mand. . DENIES STILLMAN RUMOR. Guy’s Guardian Says Banker’s Wite ‘Would Not Wed Best Man Living. POUGHKEEPSIE, N, Y., May 15— John E. Mack, guardian ad litem for Guy Stillman, denied reports that Mrs. Anne U. Stillman would marry Fow- ler McCormick shortly after a decree is- granted in~ the divorce action brought against her by her husband. % e rumor is foolish on the face Of Mr. Mack, "(olr l!‘l; not Mrs.