Evening Star Newspaper, January 15, 1923, Page 24

FIN ANCIAL. CALLED TECHNICAL Market’s Action Laid to Tak- ing of Profits, Instead of Ruhr Climax. BY STUART P. WEST. NEW YORK, January 1 Mhere was mothing of importance in the news over the week end to influence the markets. 1 anything situ in the Ruhr secmed e better in view Jf the French decision to pay in cash taken from the German i ireign exchange ket refusad to support the confl- smed by cables from s outlook for repa- the a 1t tely weak again. deprived of the tained it =0 long matter would be ard for German inued to sink. re there is 1 this down- settled bifity ith to " 13 they limit up v at Sterling Two Cents Lower. sterlin oft nearly 2 week's Liven after the been some senti- betw n exel been hard which came ired by the uneasin felt last week outcome of the French d th Rhin urket has been going continuously for the great- Profits had ac nds of pre ooked temptin 'his was the real the check given to opera for the rise. Halt in Specalative Drive. strategy in order-to s in the recent bring forward | ive ws or by Eood realizing s sudden nothing for the last fortnight. Th southern railways were the lead Lis demonstratiun, obviously 2 the south. E the rails was med to be the result main of a moderate po tion on t Taking t 1 price general, to- was not indle- was sim- comes_in After mover change. L alw campaign. 4t the most & supporting _orders arance around mid- e selling was quick- tive, t Turns Downwar ock exchange were »nditions within than they more interes the mark ere The followir . selli & openin the cam es had been car- ar enough and that a reaction It was on this theory specuiative following acted. ment after the & pparently, be- had been looking ion so long that the counted. A Petroleum, 5 any authori- ve confirmation for the recent ri mors about a deal with Pan Amer: cun, caused a hurrled unloading of other o T cou: of whi Cosden. . Standard Oil of C ifornta and [hillips Petroleum down a point to a point und a half. Leaders Sell Lower. the r some such zood new to the ab: me weakness today in Re- tail Stores no significance be- sond the that leading Interests n the company e @ y from New York and are letting the stock take are of itself. Studebaker went down points and Baldwin Locomotive points before encountering resist- ance. There wera some notable points of strength in the market today, how- sver. Southern Railway was a strik- ng feature among the rails, the buy ng being based, as hus been the case | for som: time, unon estimates that sarnings are running at the rate of $4 o share on the common and also spon calculations of favorable busi- 1e88 conditions in the south, result- ing from the rise in cotton. Some Stocks Go Higher, ynolds Tobacco B was taken up J that something more was in for shareholders, efther in cash dividend or another There was spectal strength also in St. Louls Southwest- ns for much the same reasons that applied to Southern railway, in Pub- ¢ Service of New Jersey and, for a ime, in Corn Products and Central Leathers. The better action of Replogle Steel was due to the fact that the com- pany at last can be listed as an oper- ating steel concern. Replogle now 1as a market for its output because of the close connection with Wick- wire Spencer. The head of the Rep- ogle Company is chairman of the hoard of the latter concern. New banking Interests also entered Rep- logle and can be said to be more fa- -orably disposed toward the company han the banking interests which lent The spe 14 W YORK STOCK THE EVEN EXCHANGE | NEW BOND ISSUES Received by Private Wire Direct to The Star Office Oper. Adams Bxpress. Air Reduction. Ajax Rubber. Alaska Gold.... Alaska Juneau Allfed Chemical. Allis Chaimers. Am Agr Chemic Am Agr Chem pf. Zm Bosch Am Can.. Am Can pf. Am Chicle Co Am Car & Fay.. Am Cotton Ofl. Am Drugglst Am Hide & Leath.. Am Hide & Lea pf. Am Tce, AmIcepf......... Am International. Am La France. ... Am Linseed . Am Linseed pf. Am Locomotive. Am Loco p?. Am Metals. Am Metal pf. Am Radlator. .. Am Safety Razor. . Am Ship & Com. Am Smelting ‘Am Smelting pf. . Am Steel Fdy. Am Sugar... Am Sumatra. Am Tel & Teleg. Am Tobacco. Am Tobacco (B) Am Water Wks. Am W Wks 6% pf. Am Wholesale pf.. Am Woolen. ...... Am Woolen pf. ‘Am Writing Pr pf. Anaconda... 5 Asso Dry Goods. .. Associated Of1. Atlanta Bir & Atl. Atchison. S Atchison pf....... Atlantic Cst Line. . Atlantic Gulf. . Atlantic Refin pf.. Atlas Tack..... ‘Austin Nichols Baldwin Loco. 2 63%5 102 81 26% iy £ |Balto & Ohto Balto & Ohlo pf. Barnesdall (B). Barnet Leather. ayuk Bros. Beechnut Pac | Beth Steel (B) Beth St17% (n) . | Beth Steel 8% pf British Empire Stl Bklyn Edison Bklyn Rapid Tran. which had done | Bklyn Rap Tr ctfs Bklyn Union Gas.. Brown Shoe. ... Brown Shoe pf Burns Bros (A). Burns Bros (B). i {Burns Bros pt.. Butte Copper. . . Butte & Superior.. Butterick |caaao o1, California Peking. California Petrol. Callahan Zinc. ... Canadian Pacific. . Central Leather... Central Leath pf.. Cerro de Pasco. ... Chandler Motor. .. Chesap'ke & Ohlo. Ches & Ohlo pf wi. Chi & Alton.....es Chi & Alton pf.... Chi & EastIll..... Chi & East 111 pf. . Chi Great Westrn. Chi Great W pf. Chi Mil & St P. Chi Mil & St P pf.. Chi & Northwn. Chi & Northwn pf. Chi Pheumat Tool. Chi R1& Pacific. . ChiR1& P 6% Dt ChiStPM & Om.. Chile Copper Chino Copper. Cluett Peabody . Coca-Cola. Coca-Cola pf. Colo Fuel Columbia Columbla Graph Columbia Graph pt Comp Tabulator.. Com Solvents A. Cons Cigar Cons Gas of Consol Gas new Cons Textile Cont Can. . Cont Can wi. Continental Motors Corn Products. ... Cosden & CO..vuee Cosden pf. Crucible Steel. Crucible Steel pf.. Cuban-Am Sugar.. Cyban Am Sug pf. Cuba Cane S pf..ee pavidson Chem. .. De Beers. . Del & Hudson..... Del Lack & Wstn.. 127% Detroit Fdlson. ... 108 Dupont (ED..... 112} Durham Hostery. . Eastman Kodak. . Electric Stor Bat.. Elk Horn Coal.... Emerson-Brant pf Endicott-Johnson. Erle. . Erle 18t pt. Erfe 2d pt Exchange Buffet. . Famous Players. .. Famous Players pt Fed Mines & Spf.. Fifth Ave Bus w .. Fisk Rubber...... Freeport Texas. .. Gen Am Tank Car. Gen Am Tank pf.. Gen Asphalt...... @en Asphalt pi w9 Gen CIBAr......... 8% 15% 203 89 % ™% 8% 16% 21% 69 101% 3 their suppart previously. Rails Off in Late Trading. The selling in the stock market was at no time heavy, yet it persist- ed through the greafer part of the afternoon. 1In very sensitive stocks {ke Baldwin Locomotive the extrema loss ran as high as 3 points. But *his and California Pefroleum were xceptions. As a rule, the decline lid not go bevond 1 to 2 points, The upturn in the rails, intended, s it apparently was, as a diversion .gainst the selling of the industrials, quickly subsided, and in the last hour these stocks 1ost a good part of thelr zain. HEAVY APPLE RECEIPTS. NEW YORK, January 15 (Special). —The receipts of barreled apples were libera]l from western New York, Hudson valley and Virginia. The early morning demand was moderate for tancy, large, rather light for poor to ordinary stock. The market was generally dull. e SEVERAL STRIKES SETTLED. Strikes and controversiez totaling fourteen were adjusted during the week ended January 13, according to the Department of Labor. The strikes 4djusted included clothing, electrical, textile, and granite workers, and min- ars and lathers, At the end of the week there were thirty-seven strikes hefore the department for settiement, and elght controversies which had not reached the strike stage. NEW YORK EGG PRICES. NEW YORK, January 15—Eggs, unsettled; recefpts, 10,866 cases; fresh gathebed extra firsts, 4la42; firsts, 39a40; New Jersey hennery whites, locally candled extras, b4; do, un- candled extras, 53a5b; state nearby and nearby western hennery whites, {irsts to extras, 45a50; state and near- Ly hennery browns, extras, 45a48; Pacific coast_twhites, extras, 50; do, tirsts to extpa firats 46a40; refrig- erator firsts, §1832 Gen Electric...... 183} Gen Elecspl wi... 1% Gen Motors. 14% Gen Mot 6% deb B4% Gen Mot 7% deb. Gimbel Bros. Gimbel Bros pf. Goldwin Corp. Goodrich. . Goodrich pt. Granby Consol. Gray & Davis. Great Northern pf. Great Nor Ore... Greene-Cananea. Guantanamo Su Gulf Mo & Nor.. Gulf Mo & Nor pf. Gulf States Stee! Harbishaw Cable. Hartman Corp. Hendee Mfg. FHomestake. Houston Oll. Hudson Mators. well-colored fruit, but!Hupp Motors. Illinois Central. . . Illinois Central pf. Indiahoma. - Interborough... Interboro Metro Interborough pf. Inspiration. . Int] Agri Chem pf. Int Cement.... Int Combustion B Int Harvester. ... Int Harvester pf. Int Mer Marine.... int Mer Marine pf. Int Nickel.. Intl Nickel pf... Intl Paper.. 1Intl Paper (sta) 1sland Ofl. Jewel Tea. Jones & L'g] Jones Tea........ Kansas & Gulf Co. Kansas City Sou.. Kansas C Sou pf... 8% Kayser (Jullus).. 424 Kayser (J) pf.... 102% Kelly-Spring Tire. 5% 2% 18% High. Low. Close. 784 L) FtA 1% 14 ki 4 Bl% 60 0% 85% 12% 8 9% 17 % 188 6% 2% 70 0% 21 18% 3% a1l 102% 49% glsgeasie, apssetyngee k3 9% 1% % % 8% o4 Kennecott. . Keystone Tire.... Kresge (S8).. Lehigh Valley. . Lee Tire & Rubber 29} Liggert & Myers pf M6 Lima Locomotive 60% Loews Inc. Loft Inc. i |Lorillard (P). # |Loose-Wiles Mack Truck. . Mack Truck 1st. Mack Truck 2d. Macy Co. Macy Co pf Magma Copper. Mallison & Co Manhat Elec Sup. Manhattan El ctfs. Manhattan Shirt. Market St Ry..... Marland Oil. . Marlin-Rockwell Martin-Parry. . Mathison Alkill. .. Maxwell (A). Maxwell (B) May Dept Stores. McIntyre Porcu Mexican Pete. ... . 290 Mexican Seaboard. 18% Mexican Sbd ctfs. Miami Copper-. ... Middle States Ofl... Midvale Steel. Minn & StL (n)... Minn St P& SSM. Mo Kan & Texas. . Mo Kan & Tex pt Mo Pacific. . . . | Mo Pacific pr. 118 1% 8 Montgomery Ward Moon Motors. ... Mother Lode Cli Nash Motors. Natl Acme. .. Natl Biscuit w1 Natl Biscuit pf. . Natl Enameling. iNatl Lead. Natl Lead pf. Natl Ry of M Nevada Copper. .. New Or Tex & Mex N Y Air Brake. ., . N Y Air Brake (A) N ¥ Central. . NYChi&StL2d N Y Dock N YN H & Hartrd. 18% Norfolk & Western 111 North American. .. 1043 North American pf 45 Northern Pacific.. 4% Ohio Body & Blw Oklahoma Prod Ontarfo Silver. Otls Elevator Otis Steel. Owens Bottle Pactfic Develop Pacific Gas & El. Pacific Mall. Pacific Ofl Packard Motor. Packard Motors pf. Pan-Amer Pete. .. Pan-Am Pete (B). Pennsylvania.. Penn Seabd Steel. People’s Gas. ... Peoria & Eastern.. Pere Marquette. Pere Marq pf. . Philadelphia Co. Phillips Jones. Phillips Pete. Plerce-Arrow Plerce-Arrow pf. Plerce Oil. . ... Plerce Oil pf. Piggly-Wiggly, Pitts Coal. . Pitts & W Va. Pond Creek Coal. Postum Cereal. . Postum Cer pf. Pressed Steel Car.. Producers & Ref.. 49 Public Serv of NJ. 7% Public Service pf.. 105% Pullman Co. 10 Punta Alegro Pure Ofl. .. Pure Oil 8% pf. 45% 8% . 9% Rallway Steel Spr. 114 Ray Con Copper... 14 Reading 1st pf. Reading 2d pf. Reis Robert. Replogle Steel. . Rep Iron & Steel Rep Iron & St1pf.. Reynolds Springs. 2 Reynolds Tob (B). 9% Royal Dutch.... .. % St Joseph Lead.... 18% L & San Fran... 21 t L & San Frpf.. 8% St Louls Southwn. 0% St Louis Sown pt Savage Arms. . . Seaboard Alr Line. Seaboard A L pf... Sears Roebuck. Seneca Copper. Shattuck-Arizona. Shell Trad & Tran, Shell Union. Sinelatr Ofl. . Binclair pt. Skelly Oil. Slqss-Shefiield. Sloss-Sheffield pf.. Southern Pacific.. 84 Southern Railway. 26% Southern Ry pf... 6% Eptcer Mfg Co. . 20% Standard Milling.. #7% Standard Mill pf... 8 Stand Oil of Calif. 62 Stand Ollof NJ wi 3 Stand Ol of N J pf 1167 Steel & Tube pf. Sterling Prod [ Stewart-Warn: 8 Stromberg Carb... 684 Studebaker. 116% Submarine Boat. L3 Superior Oll. 5 Superior Steel..... 2% Sweets Coof Am.. 274 Tenn Copper. 2 Texas Company... 4% Texas Gulf Sulphur 64% Texas & Pacific... 20% Texas & P C & Oll. 21% Timken Bearing.. 8% Tobacco Prod 5% Tobacco Prod A... &34 Tol St L & W pf. [ Trans ContlOfl... 1% Twin City R Tran. 59 Unlon Pacific. . 187 Union Pacific pf... 6% Union Tank Cr pf. 11% United Alloy Steel 84 5% o = % 9l 8t United Drug. United Fruit..... 154 United Ry Inv pf.. 28% United Retall Strs 725 U 3 Cast Ir Pipe. .. U 8 Cast Ir P pf. U S Food Prod..... U S Hoffman Mch. U 8 Indus Alcohol U S Realty. . 5 U S Realty pf. U S Rubber...... U S Rubber 1st pf. 102§ USSmelt&Rpt.. U S Steel. U S Steel pt. U 8 Tobacco. Utah Copper. 4% Vanadium Corp. Van Raalte. . Va-Car Chemical. Vivadou. 16% ‘Wabash p! - =% Wells-Fargo Exp. 4% ‘Western Elec pf.. 118% ‘Western Md. . . ‘Western Md 2d. 23 ‘Western Pacific... 17 ‘Western Pac pf... 674 Western Union. .. 111 ‘Westhse Air Brke. 109 Weosthse Eles & M 59% Wheeling & LE.. 8% ‘Wheeling & LE pf 16 White Eagle Oil 265% ‘White Motor. .8l ‘White Oil 813 ‘Wickwire. .. g Wilson Company. 8% Willys-Overld.... T4 Willys-Overld pf. 4 . 0% 2% 1% 6% T - LD guepggenegsgs 385 gn-g8E . WASHING' INGOOD DEMAND Seasoned Offerings Are Suf- fering From Flood of Latest Securities. BY GEORGE T, HUGHES, Special Dispatch to The Star. NEW YORK, January 15.—The week in the bond market opened today with prices for seasoned issues suf- faring from the competition of the new offerings. It was the subject of comment in investment circles that the new securities were apparently so easily placed, while the old were 80 much neglected. Of today's mew offcrings the chief were the Cuban b3% per cent loan, which was reported to be going very well, and the Nickel Plate 6s offered at par. The latter were largely over- subscribed. Rafiroad Honds in Demand. Among rallroad bonds Toledo, St. Louis and Western 4s were in de- mand. Not only do these bonds give a better than 6 per cent maturity return, but the Cloverleaf's earnings have been consistently good and the new Van Swerigen management com- mands confidence. Along tKe same lines Chesapeake and Ohio con- vertible s did better. Peorla and Eastern first 48 were also up a point. Among speculative iesues St. Paul obligatlons had a_good rally, but those of the New Haven, perhaps in sympathy with the weakness in the stock, were reactionary again. This applied especially to the New Haven 6s, both the dollar and the franc bond, and the New York, West Ches- ter and Boston 43 Of industrials American Agricul- tural 7i4s were active and higher, within less than two points of the high of 1922. It is undoubtedly true that the outlook for the fertilizer companies is improving. Copper is- sues moved irregularly. Foreign Insues Reactionary. Nearly all the foreign issues were reactionary, especially the French. While the financial marvel of the past ten days has been the way in which French bonds and franc ex- change held in the face fo what both “|Eritish and American bankers believe to be a mistaken policy on the part of the Paris government it cannot be expected that the markets will not be influenced adversely if the French meet with new and unexpected diffi- culties in their great adventure. Whether the support which the French bonds have enjoved has been due to operation for the sinking fund or to speculation {s uncertain. In any case the price movements of French securities i3 a matter of prime in- terest. French Ss were relatively more affected today than the T3% Department of Seine 7s also lost ground. HEAVY INCRERSES N CRAN EXPORTS Heavy Increases in exports of wheat and corn from the United States for the week ending January 13, as compared with the first week of the year, are shown in the weekly report issued today by the Depart- ment of Commerce. Wheat exports were 3,532,000 bushels, as compared with 1,578,000 the previous week, and corn exports 1,421,000 bushels, as compared with 299,000, At the same time thers was a sharp decline in the outgoing ship- ments of flour, which totaled 176,300 barrels for the week, against 407.200 for the preceding week. The United Kingdom took 57,200 barrels during the week, cofipared with 9,100 barrels the week preceding, but oth- er countries of Burope, which in the first week of the year received 318,- 000 barrels, took only 26,200 barrels during the week ending January 15 More Barley, Oats and Rye. Exports of barley, oats and rye for the week also showed marked in- creases, due mainly to a reopening of trade after the holiday season. Barley exports amounted to 153,000 bushels, against 28,000 for the preceding week; exports of oats totaled 168,000 bushels, as compared with 1,000, and rye ex- ports totaled 615,000, against 171,000 Germany led all other countries in corn products, with a total of 408,- 000 bushels, The United Kingdom took $12,000 bushels, other European countries combined, 495,000 bushels. and Cana 140,000 bushels, The first week of the year Germany took only 99,000 bushels, the United King- dom, $8,000 bushels; other European eountri 20,000 bushels, and Canada, 65,000 bushels. Canadian Trade Revived. Purchases of wheat by the United Kingdom totaled 1,145,000 bushels, as compared with 281,000 bushels the preceding week. Italy took 673,000 bushels, as compared with 287,000. Most of the other wheat Increases by countries were small. The large increase in barley ex- ports is accounted for by the fact that the United Kingdom purchased 114,000 bushels of barley during the week, while none was purchased dur- ing the week preceding. Shipments of grain In transit through the United States from Can- ada showed a reopening of the Ca- nadian forelgn trade, especially in wheat, of which 2,498,000 bushels were in process of re-exportation during the week. NEW TOBACCO FIRM. Richmond Organization Expects to Become Big Factor in Industry. RICHMOND, Va., January 15.—For- mal organization of the new Patter- son Bros. Tobacco Company, capital- jzed at 160,000 class A and 30,000 shares of ciass B stock, with its ex- pectancy of becoming a formidable figure in both the American and world tobacco trade, has been concluded here, where the Patterson manufac- turing properties are located. Main offices have been established at 665 5th avenue, New York city. Officers of the new corporation are Marlvin C. Patterson, formerly presi- dent of R, A. Patterson Tobacco Com- pany and formerly vice president of the American Tobacco Company, president; F. A, Depills, formeriy president’ and general manager of the Matoake Tobacco Company, vice president; Stuart Benson of Morgan, Livermore & Co, New York city; Henry W. Cobb, formerly vice presi- dent E. P. Hatch & Co., Greenwich, Conn.; Waller Holladay, vice presi- dent American National Bank, Rich- mond; Arthur Rittmaater of Morris & Co., New York city; Thomas §. Win- ston, Richmond, Vi, and Davis B. Merrill, Richmond, Va., secretary and treasurer. The merger of two other important concerns with the new corporation is expected within a short time. new concern is sald to be in touch with substantial financial interests in England with the purpose of exten- sively expanding the foreign market. ——eeee 28% ‘Wisconsin Cent’l. 28 ‘Woolworth. ‘Worthington. ‘Wright Aero. Call Money....« 4 MW M HOURLY SALES OF STOCKS. 12M.. 2pm... W 100 ON, D. ;| Atiantic Refining Gs. C., MONDAY, JANUARY 15 v soxx BONDS 1923. Received by Private Wire Direct te The Star Office, UNITED STATES BONDS. Sales : (31,000). High. Low. Close. Liberty 8%s... 151 10113 10108 10118 Liberty 24 2 9834 9820 9834 Liberty 1st 4%s 71 9872 9872 Liberty 2d 4%a. 247 824 9328 Liberty 3d 43s. 741 9582 9398 Liberty 4th 4% s 375 9856 9856 Victory 4%5'23 341 10020 10022 UB4%s1962... 55 0M 9998 FOREIGN GOVERNMENT, STATE AND MslirICIPAL. les (81,000). High. Low. Close. 0l% 101% 101% [ ) 9% 96% 9% o5% 98 98 my% k% % n% 2% KRN 8% 98% o7 100 1024 100 9% 108 101% 102% 1% 1% 87% 109% 8% 4% 2% 6% 2% 6% 0% @ 81% ki 6 52 B o1 8% ms% %K% 72 107% 102% Argentine 7s Belgium 7%s. Belgium 6s...... | Belgtum 8s Bern 8s Bolivia 8s. Bordeaux ¢s Brasil 7 Brazil 8 Brazil 73 Canada bs 1926. Canada 5%s 1929 Canada s 1931. . Canada 5s 1952. Chile 8s 1946 Chile 85 1926 “hile 8s 1941 Chinese Govt Ry & Copenhagen 535 Czechoslovakla 8s. Denmark 8s. Denmark 6a Dutch East I 6547 Dutch East I 6562 French Govt 8s French Govt Tts. .. Haliti 6s ctfs. . Japanese 1st 4145, Japanese 2d 4% Japanese 4s.. aealiR8RalBaaaBR2 Lyons és. .. Marsellies 6s. Mexico 58. Mexico 48. Montevideo 7s. Netherlands 6s. Norway 8s..... Norway 6s ctfs. Prague 7%s. Queensland 7s. Queensland 6s Rio de Jan 85 1946. . Riode Jan 88 1947.. Sao Paulo, City, 8s. Sao Paulo, State, §3 Selne, Dept of, 7s. Serbs Crotes Slov 8s.. Solssons 6s. Sweden 6 Swiss Confed s f 8s. Ud Kingdom 5 %s29.137 Ud Kingdom 5145 '37. 15 Uruguay 8s 1946 Zurich 8s. Bwenca - frvocaSan ann~88 ees 8 MISCELLANEOUS. Ajax Rubber 8s. . Am Agri Chem 7%s Am Smelt & R 18t 8. Am Sugar Ref 6s. Am Tel & Tel cv 6s. AmT&Teltr5 AmT&Tecltrds. Anton Jergens cv 6s. Armour & Co 4%s Bell Tele Pa 7s. Bethlehem Steel rf 53 Beth'em Steel p m 5s. Beth'em Steel s £ 6s. . Brier Hill St 1st 5%s. Bkiyn Edison 73 D. Bklyn Edison gen 5 Bush Tm Bldg bs '60. Central Leather 5s. Cerro de Pasco 8s Chile Copper 6s.. Chile Copper 7 CluG & E15%s 6! { Comp-Tab-Rec 63 "41 Con Coal Md 1st 5s. .. Cuba Cane S cv d 85. . Det Edison ref 6s. . Du Pont de Nem 7% Duquesne Light 7%s3. | Duquesne Light 6s. . . East Cuba Sug 7% Empire F & G T¥%s. Fisk Rubber 8s. 13 Framerican I D Tis. 19 Gen Electric deb 66.. 6 Gen Electric deb 5s.. 2 Goodrich (BF) 6135. 50 Goodyear Tire 83'31.. 19 {Goodyear Tire §3°41. 1 1 v L -y PRS- P 33 Holland-Amer o HumbleOll& R 5 Indiana Steel §s. .. Inter Mer Marine 6s. Inter Paper 1st 5s A.. Inter Paper 1st 58 B.. Kelly-Springfield Ss. . Liggett & Myers 5s. .. Liggett & Myers 7s... Lorillard 7s. . . Lorillard (P) 68, Manati Sugarsf 7%s Mexican Petrol 8s.... Mich State Tel 1st 5s. Midvale Steel bs. Montana Power Gs. Morris & Co 1st 4 %4: National Tube 1st 5s. New England Tel 6s. N Y Edison 1st 633s. . New York Tel 6841, New York Tel 4%4s. 8% 86% 101 20% 10% 105% $3% 2% 108 ° 99 2% 101 108% Bl oomonnBanReil Otls Steel 78 Otis Steel 8s. Pacific Gas & El s, Pac Tel & Tel 5 '52.. Phila Coref 6s A. Producers & Ref 8 Producers & Rf 8s w. Public Service b . Sinclair Of1 7s. ... Sin Crude Of1 5 %s. Sinclair Pipe Line 5s. Sou Por Rico Sug 7s.. Stand Ol of Calif 7s Steel & Tube 75. Tide Water Oil 6 Tobacco Prod s f 7s. Toledo Edison 1st 7s. Union Bag & P 65.... United Drug cv 8s. U S Realty 6s.... U S Rubber 1st rf 5s.. U 8 Rubber 7%s. . U S Steel s 58. Utah Power & Lt ‘Va-Car Chemical 7s. . 17 Va-Car Chem 7%s w. 17 ‘Warner Sugar 7s. . 1 ‘Western Union 6%8.. 1 ‘Wilson & Co 1st 6: 6 101% ‘Wilson & Co cv 2 108% ‘Winchester Ams 7%s 7 104 —_— $4,639,900 RAIL LINE APPROVED BY 1. C. C. Very Important Comstruction in Florida to Take Five Years , in Completion. % 101 8% 8% 100% 105% 105% 108% 103% 107% 99 18% 100 £8% 108% 103% 2 % BoBoorenedraBul Bunalovrnssal © 110% 1083 108 Ons of the largest railroad con- struction projects which the Inter- state Commercs Commission has been called upon to authorize in recent years received the approval of the commission today. It involves the construction in Florida during the Coast rallroad of a 133-mile line be- suburb of Miami. Cost of the project is estimated at $4,839,500. Construction of the new line, the commission was told, will provide transportation for 1,671,000 acres of land, much of i suitable for sugar- cane growing. Funds for the proj- ect, according to the petition, will be furnished in_part from earnings of the Florida East Coast railroad and in part by advances from trustees of the estate of the late Henry M. Flag- ler, who established the Hast Coast line. Trustees of the estate of Mr. Flagler's deceased wife, Mary Lilly 575 100 | Flagler Bingham, the commission was | of cattle continues. informed, also w1l advance funds If necessary. RAILROADS. len Bal ($1,000). High. 4 0 824 82% % 8% 101% [ 4% 6% 52 6634 o1% 8% 13% % 1% 8% %% 88% 8 52% Low. Close. 89% 2% 82% et 78 9% B4 k3 1% € 9% 87 Atchison gen 48 Atchison adj 4s. . Atlantic C L col 4 90 82% 2% UK Toledo div 4s. Bklyn R T 78 '21 BKIR T 721 ct sta. Canadlan North 7s. .. 17 Canadian Pac deb 4s. 13 8% Central Pacific 4 Ches & Ohio cv Gs Ches & Onlo cv 4 %s. . 10 Ches & Ohio gn 4%48.. § Chi & Alton 35 1949... 10 Chi & Alton 3%s..... 30 ChiB& Qgn 45 1958. 85 ChiB&Qlstrehs... 7 Chi & East Ill gn 55.. 20 Chi Great West 4s... & Chi M &St Pre 4%s., 47 ChiM&StPcv5s. .. 13 Chi M & St P 48 1925, 21 ChiM&StPev4k%s. 11 ChiM&StP 451934, 12 CM& Pug Sound 4s.. 4 Chi & NW 7s. Chi Rys 5s. . ChiRT& Pac Chi Un Statlon 4% Chi Un Statlon 6% Chi & W Ind con 4s. CCC&StLrfésA... 18 Cleveland Term 5 %s. 20 Colo & Southern 438 9 Cuba RR5s... u Del & Hudson 5%s.. Den & Rio G con 4s Den& R G 1st rf 58, Erle 1st con 4s. Erle con ext 7 Etiegen 4s. .. Erie conv 45 A Gr Trunk a £ deb 68 Grand Trunk 7s. Great North gen B Great North gen %8, 4 HavanaERL& PGs 2 Hudson & Man ref 5s. 15 Hudson & Man aj 5s.. 22 111 Centraf 5%s. . Inter Rap Transit 5 % 8% 85% 52% 26% 88 9% 0% HBeBalvrantn Towa Central ref 4s Kansas City Ft § 4s.. Kansas City Sou 3s Kansas City Sou bs Kansas City Term 4s. Lake Shore 4 1921 Lehigh Val en 4s 20 Long Tsland ref 4s.... Louis & N unified 43. 4 Louls & Nash 6%s... 7 Louis & Nash 7s. Manhattan Ry en 4 Market St Ry cn 5s. Mil Bl Ry & L 1st Gs. M & St L 1st ref 4s. 1B o e Mo Pacific 6s. % Mo Pacific 1st 53 '65. . Mo Pacificgn 4s..... Montreal Tram 1st 68 assau E Ry 4s 1967, 12 New Orleans Term 4s 1 NOTex & Mexinchs 6 N Y Central deb 6s... 16 N Y Centralriss.... 47 New Haven cv deb €s. 42 New Haven deb 45 67 17 ew Haven 7s...... 1 New Haven 7s francs. 14 New York Rys adj 5s. 1 NYStateRy 4%s.... 9 NY West & Bos 4348, 6§ Norfolk & West cn 4. 6 Norfolk & West cv s & Northern Pacific3s.. 3 Northern Pacific 4s. .. 50 North Pacrefim6s.. 5 Northern Pacific 6s.. 10 Ore Short Licn 58°46. 38 Ore Short Liref 4s. ... 12 Ore-Wash 1st ref 4s.. 10 Paris-Lyons-Med 6s. . 42 Pennsylvania gen 5s. & Penneyl gen 438, Pennsylvania § Pennsylvania gold 7s. 6 Pere Marq 1st 5 .4 Reading gen 4s. .4 Rio Grande W clt 4s.. & StLIM&SR&G 4s.. 1 StLIM&S48°29... 20 StL&SFprindsA. 11 StL&SFprin bs. StL&SF inc6s. StL&SF5%sD, StL&S Fadj 6s. StLSW Ist 48, = San A & Ark Pass 4s. Seaboard A Liref 4s.. 13 Seaboard A L adj is. Seaboard A L con 6s. Sou Pacific cv 4s. a2 03 594 60%% 8% £9% 2% 714 % % 0% 2% 593 A% [ .69 3 16 5 1 Sou Pacific ref 4s Sou Pacific clt 4s. Southern Ry 1st 58 Southern Ry gen 4s.. 13 Southern Ry dev 6%6 14 Third Averef ds..... Third Ave adj os. Union Pacific 1st 4s. Union Pacific cv 4s. Union Pacific cv 6s, Virginla Ry 1st bs. Wabash 2d 5s. ‘Western Maryland 4 ‘Western Pacific 5s. Wheel & LE con 4s. . ‘Wisconsin Ct gen 4s.. 2 8% & 6% 67% 191 0 8% o4 95% 103% %634 29% 68 82% 633 % TN TOTAL SALES (Par Value): 11am... 246200 12noon.. 4024000 1pm... 50800 2p.m.... 7077000 —_— STOCK MELON VOTED. Endicott Johnson Declares Special Dividend on Commeon. NEW YORK, January 15.—Directors of the Endicott Johnson Corporation, shoe manufacturers, today declared a stock dividend of 20 per cent on the common Stock, payable February 15, to stock of record January 26, ® VISIBLE GRAIN SUPPLY. NEW YORK, January 16.—The visible supply of American grain shows the following changes: Wheat docreased 389,000 bushels; % Creased 1,991,000; oats decreased 936 000; rye decreased 93,000, increased 88,000. Sofimetey; TODAY'S SUGAR MARKET. NEW YORK, January 15.—The early raw sugar market was un- changed today with spot Cubas quot- ed at 3 9-16 cost and freight, equal fo 5.34 for centrifugal. No trancac- tions were reported. Offerings of prompt and second half January ship- ment at 39-16 cost and frelght were lim- ited. Raw sugar futures eold off one to two points on the call in expectation of freer offerings now that the crop is under way. At midday prices were about at intial figures, with the undertone steady. BAR SILVER PRICES. weaameronBa ¢ [next five years by the Florida East 5L ONDON, January 15.—Bar silven 3 pence per ounce. Money, 13 per cent. Discount rates: Shnnyhm'g.g% The | tween Okeechobee and Lemon City, a | per cent; three-month bills, 2%2a25-16 per_cent. NEW_YORK, January 15. F silver, 67%; Mexican dollar: pilen 51%. BEEF TRADE GOOD. CHICAGO, January 15.—Armour & Co. In their weekly trade review say: “Meat trade this week shows further improvement over last year. Beef trade 18 especlally strong, and move- ment of beef into consumptive chan- nels is frge.. Receipt of live animals was rather’ limited this week and scarcity of the best and lowest grades Both live and dressed beef prices have strength- ented and improved trade. FINANC stock excuance | |Grain, Produce and| Live Stock LOCAL WHOLESALE MARKET. Egga—Strictly tresh, selected candled, per dozen, 40; average receipts, 357 'fll'ltlhern. 35. Cold storage eggS: 2’1‘5 ive poultry—Roosters, per Ib., 157 turkeys, per ib., 36a40; spring chick- ens, per 1b., 30; keats, youns, each, 0; fowls, each, 25. Dressed_poultry—Fresh-killed _spring chickens, per Ib., 36a38; hens, per Ib.. per lb, 18; turkeys, Keats, "youns, each, Live stock—Calves, choice, per 1bs 14; medium, per Ib., i3a13%; thin, per 57‘7:5:?' Lambe, choice, per Ib 135 gs, 2. X 3 ive hog®, oop 191 00a8.00 each: 1 reen frults—Apples, per bbl, 1.78 27.00; Delicious, Nov 1, per bbi, 6.00a 1.80. California oranges, per crate. 5.00a6.00; Florida, 4.00a5.00. Lemons, per box, 3.50a4.| Grapefruit, 3.00a 4.00. Tangerines, 3.50a4.50. Vegotables—Potat per bbl, No. 1, 1.50a2.00; per sack, 2.00a2. No. 2, 50a1.00." Bweet potatoes, North Carolina, 7521.50; nearby, 2.00a2.50. Lettuce, per crate, southern, 2.00a 3.00. Romaine lettuce, per crate, S0a 125, Jceberg lettuce, per crate, 4.25a 450. Cabbage, northern, 1.76 100 1bs.; nearby cabbage, 1.25a2.25;" southern, 2.00a2.25 per baske Eggplants. per crate, 2 . Toma- toes, per box, Florida, 2.50a5.00. 2.0024.00 per basket. Peas, 3.0 basket. “Peppers, per cratc, 2.50a3.50. Kale, per barrel, 1.23al Spinach, per barrel, 2.00a2.75. Cel per dozen, 1.00a1.25; California, per crate, 8.0048.50. California grapes. Der crate, 3.00a4.00. Brussel sprouts, 25a20. GRAIN AND PROVISIONS. BALTIMORE, Md., January 15 (Spe- clal). — Potatoes, white, 100 pounds, 50a1.25; 150 pounds. 90a2.15. Sweets, barrel, 75a2.00; bushel, 25a65. Yams, barrel, 1.00a1.50: bushel, 40260 Beans, bushel, 3.00a4.50. Beets, bushel, 75a 85, Broccoll, bushel, 20a25. Brussels eprouts, quart, 2 Cabbage, 20.00225.00. . bushel, 75a1.00. Carrots, basket, 50at. Caulifiower, crate, '1.50a2.00. Celery, hundred, 6.0028.00. Cucumbers, crate, 3.00a6.00. Eggplants, crate, 4.0026.00. Horse radish, bushel, 3.0024.00. el, 20a25. Lettuce, basket, Onions, 100 pounds, 1.50a3.25, plants, hundred, 4.0028.00. Parsnips, bushel, 1.20a1.25. Peas, bushel, 3.00a 4.00. Peppers, crate, 1.50a3.00. Spin- ach, bushel. 60a%0." Squash, crate, 3.0024.00. Tomatoes, crate, 2.50a5.00. Turnips, bushel, §0a70. - Apples, packed, barrel, 2.00a5.0/ bushel, 50a1.60; loose, 100 pounds, 1. 21.50; ' basket, 50a80. .Cranberries, barrel, 10.00ai2.00. Grapefrul 2.75a4.00. Oranges, box. Strawberrles, quart. 40a50. ines, half strap, 2.00a3.00. Selling Prices at 12:30. ‘Wheat—No. 1 red winter, spot, no quotations; 0. 2 red winter, spot, ‘0. 3 red winser, £pot, no quo- 0. 2 red winter, garlicky, x . 2 red winter, garlicky, no quotations; January, 1.32%. Sales—None. Corn—Cob' corn, new, 4.10 and 4.156 per_barrel; contract, spot, 837 per bushel; No. 2 corn, spot, 853; No. 4, no quotations; track corn, yellow, No. 3, new or better, 87 per bushel. Sales—None. Oats—White, No. 2, 5414 and 55 bushel asked; No. 3, 54. Rye—Nearby, 85a%5 per bushel; 2 western export, spot, 991 bushel; No. 3, no quotations. Hay—Receipts, 38 tons; for the better descriptions of timothy and light there was a fair demand under limited receipts at a range of 17.00 to 20.50 per ton. Straw—No. 1 tangled rye, 15.00a 16.00; No. 1 wheat, 11.00a12.00; No. 1 oat, nominal, 12.00a13.00. TODAY'S CHICAGO PRICES. CHICAGO, January 15.—Large world shipments of wheat and a big supply on ocean passage hada bear- ish effect on the wheat market today during the early dealings. Declines in Liverpool quotations and weak- ness of foreign exchange counted as further depressing factors. Selling, however, lacked volume, being ap- parently restrained by warlike devel- opments in Europe and by continued absence of needed moisture in {mpor- tant parts of the domestic winter crop belt. The opening, which varied from, & decline to 3 advance, with May 1.18% to 118% and July 1.12 \12%, was followed by a slight rally and then by a moderate downturn 21l around. Corn and oats were easier with wheat. After opening at J3aly off to % gain, May 72% to 73%, the corn market hardened a trifle and then underwent a general sag. Oats started % to )4 lower, May 4% to 45, and later continued to point downgrade. Despite lower quotations on hogs, the provision market held steady in the absence of any aggressive seliing. Open. High. Low. Close, 118% 118% Ti2i; 1185 per No. per DAIRY PRODUCTS. BALTIMORE, January 15 (Special). —Live poultry—Turkeys, pound, 35a 4 old toms, 30; poor and crooked breasts, 25; spring chickens, 25a26; poor and leghorns, 20a22; old hens, 22a25; small and leghorns, 20a22; old roosters, 15; ducks, 23a27; poor and thin, 20; geese, 21a27; poor and thin, 20; pigeons, palr, 30a35; guinea fowl, each, 40a70; dressed poultry, turkeys, pound, 35a40; old toms, 80a32; poor and crooked breasts, 25; chickens, 24a27; old roosters, 16; ducks, 25a30; geese, 24a28; capons, 36ai2; small slips,’ 30a32. Eggs—Loss off, native and nearby first, dozen, 40; southern, 38. Butter—Creamery, fancy, pound, 55 a56; prints, §5a57; nearby creamery, 46a50; ladles, 35238; rolls, 33a3d; e-packed, 31a32; dairy prints, 34 process butter, 42a43, CHICAGO LIVE STOCK MARKET. CHICAGO, January 15 (United States Department of Agriculture) —Hogs— Receipts, 62,000 head; active, uneven- ly 5 to 15 lower; bulk, 160 to 200 pound averages, 5.10a8.30; top, 8.40; bulk 225 to 300 pound butohers, 7.80a 8.00; packing sows, 7.00a7.6: de- sirable pigs, 7.75a8.00; heavy hogs, medium, 7.80a8.25; light, B X 1ight light, 8.00a8.3! pack- ing sows, smooth, 7.25a7.65; packing sows, rough, 6.90a7.25; killing pigs, 7.50a8.25. Cattle—Reoelpts, 26,000 head; fairly active; . uneven: killing quality rather plain; better grades beef steers about steady; others weak to 1§ fower; early top matured steers, 11.50; bulk beef steers of quality and condition to sell at 8.60a10.00; she stock barely steady; spots lower on beef heifers; stockers and feeders scarce, steady to strong; other classes about = steady; bulk desirable veal calves to packers, 10.25a10.50; good to cholce kind upward to 11.00; out- siders paying 11.25 and above; ohoice desirable heavy bologna bulls, 5.00a ; bulk stockers and feeders, 6.50 Sheep—Receipts, 30,000 head; open- ing very slow; fat lambs tending lower; best early bid, 14.75 to city butchers; few loads good lambs to packers, = 14.30; desirable _80-pound fed clipped lambs, 12.25; cholce 87- pound yearling wethers fully steady at 13.00; sheep weak; thres decks 120-pound ewes, 7.75. ——— SILVER DOLLARS WANTED. Responding to requests from nu- merous western bankers that the Treasury supply them standard silver dollars, Senator Smoot (Utah) has in- troduced a bill providing an Pro: priation which will enable the Tre: ury to send to banks requesting the same standard silver dollars in rea- sonable amounts, the Treasury to pay the charges from the nearest fed- eral reserve bank or Tnited States mint or assay offices. 1AL, INVASION OF RUBR ISVIEWED CALMLY Business Leaders Declares Conditions in U. S. Will - Offset Crisis Abroad: BY J. C. ROYLE, Spectal Dispatch to The Star. NEW YORK, January 15.—Busiicpd men in widely different sections of the country and In different lines f basic industry were inclined todu:# to belittle the effect of the presen” European situation on American busi+ ness. Southern financiers and cottont men viewed complacently the events which have followed the French c: cupation of the Ruhr. “Temporary demoraliza expected from the Fren saild J. J. Williamson of W lamsor., Inman & Stribling, large cotton ex- porters. “The military gesture wiil bring either war or more stable con- ditions in central Europe. The coi- ton market and generfal business Im America cannot b adversely af- fected in either event. The technichl position of cotton is too strong to' be influenced very greatly by sen ment. The almost prohibitive p ©f calcium arsenate and the desertt, of flelds in the boll weevil sectiors are very bullish factors, and the 1423 crop outlook is none too bright.” Sees Hope of Adjustment. Alba B. Johns: Philadelphia_Cha and of th clation, eai turn of affairs in Europe unfavorable to the bu ests of the United State: the effect of recent development will be is difficult to tell, but 1 ie lieve France's act is only a ge and there is hope that business adjust itself to the new te conditions.” Lumber manufacturers mections agreed that the situation would have effect on rance's invasion of Germany little or no effect on th dustry of Washington a sald Robert B. Alie and manager of the West bermen’s Association, w! factured more than 8,700.000,000 of luMber in 1922, “unless ther fall in the purchasing power o pound sterling. Our are not on the contin but in the estern secti United States, the central fornia, South America, Australia and the orlent. Production at this time 1s 27 per cent below normal, that is a seasonal matter and we can see nothing now which will pre- vent a prosperous bu: ess in luml manufacturing during 1923." Steel Makers Optimistic. The most prominent men of the Pitt burgh, Youngstown and Chicago tricts ‘indicated that the foreign tion was not interrupting bus “Orders continue leavy and indications point to good plant runs,” said an of cer of one of the largest steel compar« fes in the country today. Other mea in the steel fndustry agreed that the in- dustry having seen €o many develop- ments in the European situation has become less sensitive 1o foreign newe. With orders being booked on a liberal scale, manufacturers were inciined take an optimistic view of the situation. At present steel markets are depending on this country to absorb their ovtputs and they are having no special diffi culty in disposing of their production It is estimated today that equipment panies now have orders for at leagt 000 freight cars on their books # which are to be built this year in addi- ¢ tion to the orders which it fs known will be placed by the carriers during the remainder of this year The textile industry is watching anxt- ously the development of the labor site uation in Fall River, where « in the cotton mills are demand per cent increase in wa to early to predict whother this situa- tion will lead to a strike or not, but tex- tile men do mnot-regarc the uutlock am encouraging. _As a both in New England and the sou very busy and well booked ahead. New England Industries Tied Up by Snowstorms Special Dispateh to The St BOSTON, January 15.—Industry in New England has been slowed up un= avoidably by weather conditions dur- ing the last week. The heavy snow fall has made transportation extreme= Iy difficult, but railroads have man- aged to Keep their lines open, al« though trains have been late. Teams ing and trucking have been almost impossible except In the large citle. and this has interfered with the no: mal movement of goods. These cor ditions, however, are temporary ar are resulting in a pent-up demar which must be filled later. - California Beats All Old Records for Crops and 0il Spectal Dispateh to The Star. SAN FRANCISCO, January 15.—T!3 production of both ofl and agricul tural products in this state in 1923 exceeds the records of any previoud year by many millions of dollars in value, according to figures which hes came available for the first time to< day. Petroleum production for the yea® reached 139,000,000 barrels, or about 25,000,000 more than was produced in 1920, the banner vear up to this time, Crop production of all kinds in< creased $53,993,000 in value over 1921, the total value of all farm products being $397,820,000. Canners reported that they enjoyed the greatest year in the history of that industm " 0il Price Jump Big Help to Texas and Oklahoma Spectal Dispateh to The Star. FORT WORTH, January 15.—An- other week of summer weather in January has allowed the stockmen and bankers in the cattle country to breathe easier. . As long @s the winter remains “open” it will not be necessary tq hu‘;' food for the herds. The credi¥ of stockmen 1s already strained and any further demands upon it would be disastrous. It is regarded as cer- taln now that the herds will winter well, since winter weather between now and spring is not likely to ba. prolonged to a point of & heavy loss. (Copyright, 1028.) —_— FOREIGN EXCHANGE. (Quotations furnished by W.-B. Hibbs & Co.) Nominal Selling checks b Business Asso cannot belleve thes n / ! London, pour Montreal, Paris, _franc. Brussels, Rerlin, mark. Prague, CTown.. ‘Warsaw, mark... Copenhagen, crows. Christiania, ecrown. Stoekholiz, csown. By the Associated Pres: NEW YORK, January 1o.—Foreigm exchanges, easy. Great Britain—De- mand, 4.66%; cables, 4.6634: sixty-day bills_on banks, 4.64%. France—De- mand, .0679%/; Cables, 0679%. Italy—- Demand, .0489%; cables, .0490. _Bel glum—Demand, .0619; cables, .06198%. Germany—Demand, .000072%; cables, 000073, Holland—Demand, .3959; ca~ les, .3961. Norway—Demand, .186% eden—Demand, .2693. Denmark- emand, .1971. _Switzerland—Demand, 1882. Spain—Demand, .1570 —Demand, .0128. Polan .000040%. ' Czechoslovakia {0284, Argentine—Demand, .376Z. zil—Demand, .115%. Montreal, 99 1-2% I )