Evening Star Newspaper, April 2, 1923, Page 24

« FINANCIAL 2 RAILROAD SHARES DECLINE SHARPLY Bears Find Position Weak and Sell Heavily—Other Stocks Affected. BY STUART P. WEST. Bpecial Dispatch to The Star. NEW YORK, april 2—The m; started In today with a falr show of strength {n tho industrial scction. A number of the American oils and s varlety of speclalties were taken up. But soon us it became cvideut that these pool operations were uot rket attracting any following to speuk of | ed to tho short side, pay- the rat he zelling s was that no traders tur ing special att The matn tn the railway resistance of an organized sort was to be expocted when the profes- sionais offered them down. At the same time brokerage houses lad been eo consistently commending ratlway stocks to their that there had Erown up a consid- crable long ' account of & pre wesk sort. Rails Drop Easily. The ease with which some of thosc ralls went Off wae quife extra- ordinary. Union Pacific had what amounted to a wide-open break. Southern Pacific went below 90 under ave of selling. New York Cen- which was in a particularly woak position owing to the failure of the directors to meet Wall street's expectations and increase the divi- dend, was another tarset for short sollers. Among the low priced fs- Bues New Haven, Wabash preferred A and the St. Palls were pressed for salo with considerable urgency. The extreme weakness In the railwa unsettled the cntire market. dently the bear program had carefully worked out, the raflw stocks, becaure these were the least protected and by put- ting them down bringing sbout selling {n other direction: Olls and Steels Weaken. O1l shares and steels, which had heen strong at the outsét, gave way With the rest. Even w Marland, Phillips Pcroleum and one or two othcr members of the ¥roup were displaying strength, as they did in the first hour, active selling was going on in cific O ud when the genecal list turned downward this stock broke below 40 To conclude that railway stocks were getting ready for adverse legis- | lation at the next session of Con- gress would be stretching the imagt nation pretty far. Wall street, to be sure, i8 in the habit of discounting ovents long ahead of tume, but it is hard to assume that the ma t has begun its preparations for unpleas- ant possibilities that are ncarly a Year oft. Reason for Declines. The most plausible reason for the sbrupt break of 1, 3 and 3 points in the railway leaders was that it was due to market conditions in this class of stock which were favorable for operations on the short side. On the one hand, such outside speculation as there has been during the last few months has been dYawn into the rallway list perhaps more than into any other quarter. On the other hand few stocks have been tention on the part of Wall street pools, consequently support against a speculative raid was not to be apprehended. 1¢ tho purpose of a drive upon the rails was to upsct the markets gen- erally it was ouly partially achieved. It put a_stop to further efforts to advance prices and brought about & moderate decline in other parts of the list But it did not lead to any celling of consequence or any con- splcuous weakness. Money in Better Demand. Outside the stock exchange day was uneventful. Trading in bonds continued dull. Time money ‘was rcported in more active demand but without any change in rates. Fluctuations in the foreign ex- change were small, the only signifi- cant feature being continued firmness in the Ger rk around the level of forty-eight andths of a cent, &t whic the Reichs- ffi:\k began its attempts at stabiliza- fon. ot these the object of at- the Skelly Oil Shows Strength. Skelly Oll (new) $26 par value stock s a feature among the oils today, reaching a high record for the The recent strength in this well as other prominent of the Midcontinent group, such as Marland, Phillips and Pro- ducers and Refiners, fits in with what was satd here a week ago r the Midcontinent Oil outlook and the demand for the high-grade light oils from the district. Skelly's agreement with Cosden to supply 5,000 barrels of erude oll duily is proving quite profit- able Latest information_concerning the operations of Mack Trucks indicates that the net income applicable to the common stock for the first six months of 1823 will be from $10 to $12 a share, which bears out largely the fevorable oxpectations of this com- pany's business for the current year. In March Mack is sald to have ex- ceeded Its sales verage by a sub- stantial amount and April will un- doubtedly be even a better month than March. Dividends at the rate of between $6 and 35, some time this year are anticipated in conservative Quarters. 3 What happencd in the stock mar- ket today was simply another illus- tration, of which there have been severul within the course of the past year, that Wall Street swings now- &days are more violent than they used to be. . Changes Very Rapid. Speculation is no longer satisfled with steering a middle course. It goes from one cxtreme to another and once a movement that has run a long distance in onc direction or the other is checked, the opposite movement is immediate und propor- tlonately extensive This was sfeen on three occaslons in 1922—in June, in Scptember and again in November. The downward swings in these three months were in oach instance the readjustment after a period of extravagant spec- ulation. The same analysis applies to the market of the last fortnight. Once a_speculative clement realizes that efforts to advance prices in any gen- eral way were no longer succeeding, that the campaign of February and March had, to use the common phrase, ®one stale, the whole endeavor is to roverse its position as speedily as possible. TOBACCO PRICES SOAR. French Make Smokers Pay for Other Tex Reductions. By the Assoclated Press. PARIS, April 2.—Users of tobacco for once have been called upon to lighten the general burden of taxa- tlon. Beginning today the prices of smoking and chewing tobaccos and snuff are increased 10 per cent to compensato for the reduction in tax- ation allowed payers of taxes on ‘wages and income generally. The price on tobacco served out to men doing military service also has been increased, but the troops still will have to pay only three francs a kilogram, as compared with 21% srancs paid by civilians. BUTTER PRICES HIG: . CHICAGO, Aprfl 2.—Butter—High- er; receipts, 6,009 tubs; creamery, extras, 50; extra firsts, 49%ad9%: standards, 49%: firsts, 483a49; sec- onds, 47%ads. Eggs—Steady: receipts, 24.617 cases; firsts, 24%; ordinary firsts, #da223; miscellaneous, 23a28%. customers | to focus upon | garding | ! } NEW YORK THE EVENING STAR, WASHINGTON, D. C., MONBAY, APRIL 2, Received by Private Wire Direct to The Star Office Air Reduction. . Ajax Rubber. Alaska Juneau. All Am Cable. .. Allted Chemical, Allied Chem pf. Allls Chalmers. Allts Chalm pt. . Am Agr Chem. . AmAgrChempf. Am Beet Sugar. At Boschi...... Am Brake Shos. i Am Can. - | Am Car & | Am Chain A | Am Cotton O!1. { AmCotton Oil p? Am Express. .. Am Hide&Leath AmHide&Lea pr AmIce......... fAmIcept...... A luternat'l { Am Locomotive. Am Metals. ... Am Radfator. .. | Am Roll M1l p2 Am Safe Razor. Am Ship & Com. Am Smelting Am Steel Fdy { Am Sugar. . Am Sugar pt. Am Sumatra. .. Am Tel & Cable. Am Tel & Teleg Am Tobacco. ... | Am Tobacco (BY |Am Water Wis. Am W Wk 7% D Am Woolen... . Am Writ Prpf.. Am Zinc & Lead | Am Zinc&Ld pt. Anaconda B Arnold Co. .. Assets Realiz! Asso Dry Goods Associated Otl.. Atchison. | Atehison p Atlau Bir & Acl. Atlan Cst Line. Atlas Tack. . Atlantic Fruit. Atlantic Gult Atlantic Gulf pt { Atlantic Ref. { Austin Nichols. | Auto Knltter Raldwin Loco. ! Baldwin Loco pt | Balto & Onio. .. | Balto & Onio pf. | Barnesdall (A). | Barnesdail (B). Bayuk Bros.... | Beechnut Pack. | Beth Steel (B). | Beth Steel 8% pf Bllyn Rap Tran Bklyn R Trcifs Brown Shoe. ... Burns Bros (A). Butte Copper. ... | Butte&Superior Butterick. . Caddo Ofl...... { California Pack Calif Petrol. . alif Petrol pf. lahan Ztnc. Canad'n Pacific Case Threshing. Central Leather CentralLeath ot CentRRoOfNJ. Century RibM:lis Cerre de Pasco. Chandler Motor. Chesap & Ohlo Chi & Alton. ... Chi & Alton pt Chi & East Ill. Chi Great West. Chi Great W pf. Chi Ml & StP. ChiM{1&StPpt. Chi & Northwa. Chi Pheu Tool. Chi RI& Pacific ChiRT & P7%D? CStPM&OD | Chile Copper Chino Copper- Cluett Peabody. Coca-Cola. Colo Fuel Colo & Southera Columbla Gas. . Columb’a Graph Colum Graph pf Comp Tsbulator Conley Tin Foil. ConsClgar..... Consol Gas new. Cons Textlle. . Cont Can. Cont Canpf.... Continental Mot Corn Products. Cosden & Co. Cosden pt...... Crucible Steel. . Cuban-Am Sug. | Cub Am Sug pf. Cub Cane Sugar Cuba Cane S pf. Cuban Dom'ican. Davidson Chem. Deere Co pf.... Del & Hudson. D Lack & Wstn. Detroit Edison Dome Mings. ... Dupont (E I) Dupont deb... Eastman Kodak Elec Stor Bat. Elk Horn Coal Endicott-John Erfe..... . Erie 1st pf. FamousPlayers. Famous Play pt. Fd Mines & S pt Fidelity Firelns Fiftn AvBusw 1. Fisl Rubber. .. | Fleishman. | Freeport T Gen Asphalt. Gen Cigar . Gen Clgar deb. Gen Eiec ric. {Gen Elec spl w i. Gen Motore. . .. Gen Motors Df. . Gen Mot 6% deb. Gen Mot 7% deb. Gimbel Bros. ... Gimbel Bros pf. Gildden. Goldwin Corp. Goodricn. Goodrich pf i Goodyear pf. Granby Consol. Gt Northern pf. Great Nor Or Greene-Canan Guantanamo Su. Gulf Mo & Norp? Guif St Steel. Hayes Wheel. Hendee Mf&. Homestake Household Prod. Houston Oil. Hudson Motors. Hupp Motors. .. Hydraulic Steel Hydraulic Stl pt Ilinois Central. Indiahoma. ... Indlan Refining. Inspiration Interboro Met. . Interbor RapTr. In Ag Chem pf.. int Cement. ... inCombustion B Int Harvester. . Int M Marine pf. 1ot Nickel 1ot Paper. Intl Paper (sta). Intertype Corp.. Invincible OLl. .. iron Product IslandOll Jowel T Jones Tea. Jones & L'ghl pf Kansas & Gulf. . Kansas City Sou Kansas C Sou pt Kayse- Jullus) Kelly-Spr Tire. Kelly-Spr 6% pt Kennecott..ouee | | Open. 67% 18% 1% 1013 Téwm 109% 49 95 $0% 9% 42% 50 79 981, 180% 269 15 High. 6714 Low: Close. | 67 67 18% 13% 18% 1% 1% 1% 101% 100% 100% 4% T2% 73 109% 109% 109% 49 95 20% 594 42% 50 79 98k 181 251 13 28 134 11% 68 1% 8 2% 1345 53 53 97 s 18 o4 39% 84 106% 81l 8% 121% 164 152 304 91 104w 28% 17% 58% 50 184 % 835 121 102% 88 21 17% 174 2% 30'% 28 131 29 245 189% 11 53 60 Sam 20t 57 €6 108 4% Sk 65 141 % 21% 831y 1007y 104% 10% 1484 88 36% 76% 212 36 49 71 1% 2% s 86% 5% 13% 24 41% 818 8540 245 91% 98 288 29 % 28% 40 109% 2% 9 8% 17 128% 69% 4 107% 107 18314 1 14% 86 8615 1014 46% 99% 10% 6% 38% 90 50 82% % 84y 29 10% 56% 100% 39 21 70 8% 6% 301 28% 4 25 12% 16 6 88% % 20% 32% 41 24% 90 2% 14% 52% 71 88 18% 67 % 22 59% 107 1% 21% bdn 40% 1 41% 16% 58% 10 28% 0% 114% 123% 42% 119% 8738 2% 657 16 4% 125 18% 884 97 9% 128 9% 144 39% 1% 49% 90% 110 183% 181% 11 15 86% 87 101% 46% 998, 10% 6% 38% 20 50% 32% 6% 84% 29 10% 56% 100% 40% 21 70 3% 675 80% 8% 4 25 112% 16% J 387 W 20% 82% 4 24% 901 i 1 2% n 38 18% 67% 107 1% 21% L 5an 4014 1% 4T 9% 30 594 42% 48 7 94 179 25% 14% 274 134 11% 68 109% 85 308 1824 62 88 97 8 17% 6214 894 8 106% 304 50% 121% 168% 151 30% o1 102% 28% 17% 3% 48% 1% % 81k 121 1013 88 2% 116% 17% 23 131 29 23 136 111 5014 60 20% 56k T8 644 1084 4 N 64 141 9y 3 201 £2% 97 103% 974 147% 8 35 54 212 344 4T €9 0% 2% 4% 8o% b% 18 22% 39% 31 845 824 9l 98 2814 274 3% 74 284 a8 108 24 9 T84 17 126% 5T% 1061 164 6% 9% 82% 0% 110% 122 107 41% 118 8Tl 111% 645 16% 2% 11% 17% 87 97 49% 128 9 14 38w 18% 47 89% 110 n 14% 86 £6% 101 46 99% 10% 5% 88 . 90 50 30% 8% B4% 29 10 66 7% 891 19% 70 87 663 20% 27 8% 25 4% 95 40% 19% 70 87 66% 29% 27 3% 26 112% 112% 16 8 884 W 20% 82 40 24% 89 41% 4% 62 T 38 17% 54% Y% 21% 164 6 38% % 20% 32 40 17% bd% ¥» 21% 59% 659% 107 107 1% 21 b4 38% 5% 90 0% 1% 21 b4% 89 57% 90 40% { Kinney G R.. Koystone Tire Lake Erie& W pf Lee T & Rubber. Lehigh Vailey Lig & Myers pf. Lima Locomo. Loft Inc Louls & Nash. Mack Tru Macy Co. Macy Copf... Magma Copper. ! Mallison & Co. . Man Ll inv guar. Manatl Sugar. . Munhattan Ects Manhattan Shirt Manila Ei Corp.. Market StRy. . Market St prior. Marlard Oll.... Martin-Parry .. Mathigon Alkili. Maxwell (A) Maxwell (B) May Dept Stores Mclntyre Porcu. Mex Seaboard. Mex Sbd ctfs.... Miam| Copper Middle St o1l Midvale Steel. . Min St P&S S M. Mo, K& Twl. Mo, K & T pt wl. Mo Pactfic. Mo Pacific pf. Montana Power. Montgom'y W'rd Moon Motors. Mother Lode Muilins Body 8h Motors Natl Acme. Natl Blscuit w 1. tl Dept Stores. Natl Dept Sto pf. atl Enameling Natl Lead. Nutl Lead pf. ... Natl Ry of M zd. Nevada Copper. N Or Tex & Mex. N Y Alr Brake. . N Y Atr Brk (A) N ¥ Central. NYNH & Hartfd. NY O & Western Y Shipbuilding Norfolk & West North Ameriran North Am (old).. North Pacine. ©Ohio Bdy & Blw. Oklahoma Prod. Ontario Stlver. . Orpheum Circult Ctis Steel. Otis Steel pf Owens Bottle... Pacific Develop. Pacific Gas & Pacific Of1 Packard Motor. Pan-Am Pete. .. {Pan-Am Pet (B) Penn Seabd Stl. Pennsylvania. People's Gas. ... Pere Marquette. Phlladelphia Co Philip Morris. ... Phillips Pete. Phoentx Hoslery. P.erce-Arrow. Plerce-Arrow pf Flerce Oll. Pitts Coal. Pitts & W Va... Postum Cereal. . Postum Cer pt.. Fressed Stl Car. Froducers& Ref Pub Servof N J. Pub Serv pf. Pullman Co. Punta Alegre. Pure Oil. Ratiway St1 Rap Tr Sec w.i.. RapTr Sec pf wi Ray Con Copper Reading........ Reading 2d pt Rels Robert. Remington. Replogle Stel Rep Ir & Steel Rep Ir & Stl pf.. Reynolds Spring Rey Tobac (B).. Royal Dutch.. St Joseph Lead.. St L & San Sran St L & San Sr pt. St L Southwn. . . St L Southwn pt Savage Arm Seaboard Air L. Seaboard A L pt Sears Roebuck. Shattuck-Aris.. Shell Tr & Tran. Shell Union. Simmons. Simms Sinclair Oil. Sinclair pt. Skelly Oll. Sloss-Sheffield. . South Pacific. .. 3o Porto Sugar. Southern Rwy. . Southern Ry pf. Spicer Mfg Co. St Oli of Callf. .. 8t Oil of Calif rts StOilot NJ wi. StOflof NJ pf.. Steel & Tube pf. Sterling Prod. Stew't-Warner. Stromberg Card Studebaker...... Submarine Boat Superlor Oll Tenn Copper.... Texas Compaty. Tex Gf Sulphur. Texas & Paclfic. Tex & P C&OIl.. Third Avenue. Tide Water Oll. Timken Bearing Tobacco Prod... Tobacco Prod A. Traus Coutl Ofl. Unlon Bag & P.. Union Pacific. .. Un Alloy Steel. . Un Cigar St pf.. United Drug 1st United Fruit. United Ry Inv.. Utd Ry Inv pt Unit Retall Strs U S Cast Ir Pipe U S Cast Ir P pf. U S Hoffman Mcl U 8 Indus Alco. . USRealty... U S Realty pf... U S Rubber..... U S Rub 1st Df. . U S Smelt & Ref U 8Steel pf. Utah Copper. ... Utal Securities. Vanadfum Corp. Va-Cr Chemical Va-CarChemp?. Va-CChem (B). ValIrCoal &C.. Vivadou. Waldorf System. ‘Web & Hellbrn. ‘Wells-Far Exp. Western Md.... Western Pacific. Western Pac pf. Westhse E1 & M Wheeling & L E Wheel & LE pf. w hite Eagle Oil ‘White Motor. Wickwire. ‘Wilson Co.. Willys-Overld. . Open. High. 40 10% w0 29% 66% 114 2% 8 19% 65% 142 86 68, 114% 36 3% 40% . 86% 41 45% 89 16 7 591 82 5T 67% 18% 78 19% 18 174 281y 1% 3014 69 16 1 108 38 USsSteel....... 108 118% 1 72 20 . 41% Will's-Overldpf ' ‘WisconsinCent. Worthington. .. Worthing pf(A), 40 10% 70 29% 65% 114 2% 8l 19% 55% 142% 874 683 14% 36 83% 40% 66% 414 45% 89 18% 2% 20 42 19% 55 13 62 21% 10 313% 20% STOCK EXCHANGE For Revised Close of Stock Market gee 5:30 Edition cf The Evening Star. Close. 40 10% 70 29% 63% 114 70% 8 19% 55% 1404 85% 67 114% 86 831 40 66 Low. 40 70 20% 41% | 4% 89 15% 57% 818 66% 59 18% 3 19% 17% 17% 28 11% 30 69 14% {PRICES OPEN HIGHER | By the A | tered buytng, which seemed to be due i had fatled to kill boll weevil in hiber- |was a renewal | rived from the bullish showing of the {port of the corporation for 1922. TRADING LIMITED |[e~x=+~oxx BONDS Recsived by Privats Wire Direct t» The Star IN'BOND MARKET More Optimism Noted. Prices Stand Up Well Armour Issues Weak. BY GEORGE T. HUGHES. Special Dispatch to The Btar. NEW YORK, April 2—In the face of limited trading and general inac- tivity bond prices stood up very well. There was no real weakness any- whore and in a few cases advances were recorded by high-grade securl- tiés, although the gainy were small. In’ general the feeling among trad- ers was a little more optimistic. The acute weakness in railroad stocks was not paralleled in bonds even in the cases of speculative descriptions. As a matter of fact speculativei raliroad bonds have not been selling on a parity with rallroad stocks in a long time. Bonds of the grade of St. Louis Southwestern consolidated 4s are a case in paint. Among Galns of Day. Among the day's gains were West- ern Union 63s; where the influence may have bscn the very strong nnan- clul condition revealed in the annual report. At today's price the bond, whick 1s non-sallable prior 1o ur- ity in 193 ves a vield of 5% per ceént. Pacific Telepone and Telegraph refunding s also sol¢ higher. Among very short term lssues Raltimore and Ohio 6s gained ground. Tbe Marland Oil 85 with warranted, which have had such a large advance, galned two more points today On the other hand reaction was noted in 1linois Central refunding 4s and Central Pacific 1st 48 among the very high grade railroad issues and orfolk and Western convertible and in American Telephone and Telegraph convertible 6s. in cases where the movement was in response to tho action of their, respective stocks. Armour Bonds Weak. Armour & Co. 4%s lost fraction- ally. Today's price was seven points below the high of the year, which is a comparatively large drop in a bond 30 well secured The bond Is a direct first mortgage on the corporation's real estate in half a dozen western cities. The forelgn list was firm Libertys moved very irregularly, but they did not lose any morc ground Much interest was taken in the an- nouncement that the entire issuc of farm land bank 6s, dated May 1, 1918, and due May 1, 1934, had been called for redemption at par on May 1, 1923. The amount of the issue out- standing s over $55.000,000. (Copyright, 1923.) IN COTTON MARKET| Report Boll Weevil Has Not Been Killed by Cold Wave in South. sciated Press ! NEW YORK. April 2—The cotton | market opened firm at advance of 7 to 23 points on covering and scat- to reports that the recent cold wave nation in the state of Alabama, a be- lef that the further wage advances reported in New England over the would lead to a settlement | of the Fall River disputes and rather | unscttied weather in the south. There of liquidation, locai and Wall street selling near months, which cased the market off right after the call, however, with May soon working down from I8.89 to 28.47, or 18 points net lower. July declined from 28.13 to 27.75. or 15 points net lower, but later monthe held relatively steady with- in a point or two cf last Thursday's closing quotations. The Liverpool market will reopen for business to- morrow. Cotton 28.57; Jul cember, 2 NEW ORLEANS, April vorabie weather in the belt caused a; higher opening in the cotton market today. Additional strength was de- statistical statement for last week. | which was not issued until today, mill takings being 207.000 bales against 186,000 this week last year and 138,000 two years ago. Prices rose 25 to 31 points before the initial bulge was over. Futures opened steady. May, 28.04; July, 5; October, 24.86; De- cember, 24.50; January, 24. NEW YORK, April 1923, STOCK EXCHANGE e it ) Office, For Revised Close of Bond Market sce 5:30 Edition of The Evening Star, (Sales are in §1,000.) UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 101-1 means 1011-32.) Bales. High. Low. Close. Lib3ys 71 101 100-30 101 Lib 1st 4 . 70 9722 97-17 97-20 Lib2a43s... 246 9721 97-10 97-19 Lib3d 4%s... 271 98-16 98-8 98-12 Lib4th é%e.. 643 97-28 97«18 97-2¢ Victory 4%s. 27 1002 100- = 100-2 US4¢Ks1962. 154 98-22 98-16 98-18 FOREIGN. Sales. High. Low. lg;vn 101% 98% 94% 94% 99 08% 112% 112% o1% 91% 78 7% 81k 81 94% 93 99% 997 99% 994 100% 100% 100 99% 98% 97% 103% 1034 102% 102 103% 108% 50 60 112% 112 89% 89% 99% 99% 88% 88 109 1084 18 564 94% Dutch East I 65 '62° 34 934 FramerfcunID 7% 88 French Govt 8 97% French Govt 7% 9874 Halti 6a ctfs %% Holland-Am s ¢ 6 883 Japanese 1st 4 %5, 92% Japanese 24 43; 92% Japanese de. ... . 81% Jergen U M 6847 Lyons os Marse Mexico 8. Mexico 5s large. Mexico ds. ... Montevideo 7s Closs.. 101% 98% 94% 98%4 91% 78 81 03 99% 99% 100% 984 98 103 102 103% 50 112% 89% Bordeaux Brazil 7a. Brazil 8s. Brazil 14s. .. Canada 6 1026, Canada 5% 193 Canada s 1931 Canada s 1952. Chile 85 1948, Chile 8s 1926 Chile 85 1941 Chinese Gov Ry 3s. Christlanta 8a Copenhagen b % CubaS¥%swi.. Czechoslovakia 8 Denmark 8 BRwan * STCTS T TPN Prague 7%s . Oueensland 7s Queensland 6s. Hio Ce Jan 85 1948 Rio de Jan 8s 19. Rio Gr Do Sul 8s. Sao Paulo, City, 8e. Sao Paulo.State, 8s Seine. Dept of. 7s. Serbs CrotsSiov 8s Soissons 6s. T5% 1065 100% 93% 93% 94% 28% 99% 86 694y 78% 104% 117% . o rrnSohenatGonancnon SwissConfeds Ud King'm 6%s '29 1164 Ud King'm5%s'37 26 103% MISCELLANEOUS. Ajax RubberSs... 1 96% 964 Am AgrChem T%s 25 100 Am Cotton Ol 5s.. 6 62% AmSmelt&R 1stss 18 874 Ani Sugar Ref & 17 101% AmT& Tcvés... 48 115 AmT&Tecltr5s.. 14 95% AmT&Teltrda. . 19 Anaconda cv db 7s.. 40 Anaconda st 6s. 64 Armour & Co 4%s. 50 Atlantic Refin 5 8 Bell Tele PaSsre 8 13 19 Betnleh'm Stl r? 58 Beth’'m Stl p m 5s. Beth'm Stls f 6s.. Brier I St 1st 58 Bklyn Edison 7s D Bush T BIdg 5s '60 | Central Leatner 5s Cerro de Pasco 88 Chile Copper 68 Chile Copper 7s CinG & E 5%s°62. Con Coal Md 1st 5s Cub CaneScvd2s. Dery (D G) s Det Edison ref 8a Du Pont de N 74 Duquesne Lt 7% Duguesne Light ¢s E Cuba Sug 7%s. Empire F&G 748, Fisk Rubber 8s... Gen Elec deb 8s. Gen Refract'es Goodr'b (BF) 6348 Goodyear Tr 8s'S1 Goodyear Tr 8s'41 Humble O&R 5%+ Indiana Steel Ss. . Int Mer Marine Int Paper 1st bs A Int Paper 15t 58 B. Julius Kayser 7; Kelly;Sp'gfield 8; Lackaw'a S 55 '50, Liggett & Myers Ts Liggett & Myers 5 Loriliard (P) 5s. Manati Sug sf 74%. Marland Oll T%s Marland O T4s Marland Oil 85 w Mexican Petrol 8 Mich St Tel 1st 5s. Midvale Steel 5 3 Montana Power 58 11 Morris&Colsté¥%s 1 New Eng Tel 5s... 19 NY Edison 1st 6%s 12 NYTel6s'41... . 21 NY Tel 4%s. 16 (ORI AT R PP TPy <3 100 988 109 10314 116% Tl 9914 715 86 8415 105% 108% 89 113% 96% 938%, 9914 101 157 157 108 994 88% 94 81w 95% 107% 1034 9%y joyores cohean = 9 PO T T bids: May, 28.60; July. 25.35; December, 24.55. Steady. NS, April Noon NEW ORL! bids: May, 27. July, 27.66; Septem- ber, 24.76; December, 24.41; January, 24.21. Quiet. GOOD GAINS SHOWN BY WESTERN UNION Net Income of $13,158,180 Re- vealed in Annual Report Just Made Public. By the Assoclated Pres NEW YORK, April 2.—American enterprise 1s checked and interna- tional communication retarded under the operation of the Kellogg act, Newcomb Carlton, president of the Western Union Telegraph Company. declares in submitting the annual re- The report discloges net income of $13,158,180, after deducting all oper- ating expenses, including interest on outstanding bonds amounting to $2,- 306,850, and $1.632,564 as employes’ income participation. This is com- parable to net income in 1921 of $9,- 633,808, The gross operating revenus of $105.447,748 was an increase of $1.- 292,635, or 1.2 per cent, over 1921, the report showing land line revenues during the first half year were 2.2 per cent less than for the correspond.- ing period the previous vear, and 9.5 per cent greater the last six months than during the comparative period of 1921. ‘There was a decline in ocean cable revenues, due, President Newcomb Carlton states, to the condition of foreign commerce and the effect of wireless competition’ at low rates. Total operating expenses were re- duced by $2,307,808. The sum of $2.000,000 was appro- priated during the vear for ocean cable.development work, and the bal- ance of net income, amounting to §1 158,180, was transferred to the sui plus account, from which dividends of $6,982,694.25 were paid. If one pound of hydrogen, which can be bought for 1" cent. could be turned into helium it would give off enough g A to heat a house of seven rooms for 1,000 years. Wright Aero... 9% 9% 9 9 High Low. Lest. Call Money. . 5% 5% 5% HOURLY SALES OF STOCKS. 11 am.. 266800 12m « 487900 1D sean 747600 2p.m 1001 800 N Am Edison 6s... 16 ¥ States Pow bs. 5 Northwst B Tel 27 Pacific Gas & El 5s Pac T & T 5852 Packard Motor PhilaCoref6sA.. Plerce-Arrow 83 w i Public Service bs. Punta Alegre 7s... Sinclair Ol 7s..... Sin Crude Of1 5% Sin Pipe Line be. Scuth Bell Tel 68 So Por Rico Sug 78 St Oil of Calif Ts.. Steel & Tube 7s. Tenn Elec Pow 6s. Tide Wat Oll 6% Toledo Ed'n 1st 5. Unit Drug cv 8s U S Rub 1st rf 58, U S Steel s £ 5 Utah Pow & Lt Bs. Va-Car Chem 7s. .. 81 Va-Car,Chm T%s w. 21 Warnér Sugar7s.. 7 West Unlon 6% Wickwire Spen Wilson & Co 1st Wilson&Cev 7% % 967 Wilson & Cocvés. 28 956 943 Wirchtr Ams 7%s 1 101% 101% —_— DIVISION OF IMPORTS. Half of Goods Are Raw Materials for Manufacture. Nearly half of the imports of the TUnited States during December con- sisted of raw materials for manu- facture, and nearly 20 per cent were partly manufactured products intend- ed for finishing in American fac- tories. The analysis of the month's im- ports, which had a total value of $293,464,000, as announced today, made the following comparisons: Raw materials for manufacturing, $124,091,000, or 42 per cent, against $93,970,000 in December, 1921; raw foodstuffs, $31,228,000, against $32,- £56.000; foods ready for consumption, $26,539,00, against $25,472,000; partly manufactured products. $57,194,000, against $32,083,000; finished manufac- tures, $52,655,000, against $51,331,000; miscellaneous, $1,757,000, against $1,- 175,000 B —_— FISK RUBBER SALES. NEW YORK, April 2—The Fisk Rubber Company reports net sales of approximately $14,470.000 for the quarter ended March 31, and mnet profits, after depreciation, interest and_othér charges, of approximately $1,050,000. ' Net sales amounted to $10,154,253 in the first. quarter of 1922 and net profits were $354,969. The full board of directors was re-elected at the annual meeting of stockhold- v 92 7% 107% 894 88% 107% 987% 9% 834 114% 99%, 98% 84% 20% 100 106 100 92% 1024 106 111 854 101 87% 90% 88 1024 108% 96% 9614 © Sa € - Boenmm © - YT TER & 102% 107% 5% 963 9674 Y4y 101% 112% RAILROADS. 85% 7 83% 7% 82% 95 6% 100% 79% 80% 94 614 73% 73% 89% 114 111% 7 82% 88 81% b1y 27% 8374 9Tw% 79 621 61% 68% 83% 6674 704 7934 107% 8074, 1% 0% 13 88 100% 102 82 84Y% 84 98 73 b6% 103% 4514 501 103% 113% 107% 977% 82 8044 57% 8314 101 Low. Close. 85 76% 76% | 83% 83% ! M % 82% 82% 94y 95 764 6% 100% 100% 18% 79 804 80% 98% 94 61% 61% ! 3% 78% | 73% 78% 89 89 118% 114 1% 111% | o 8214 824 87% 87% 81% El1% 51% 51% ! 2% 27% 83% 83% 97 9T 8% 79 624 624 60% 61% 678 6T% 834 83 657 66% | 70% | 0% 79% | Chi® Alton g Chi& Alton 3%5. Chi R&0 en 4x - Chirag Lot re 5o > 1l gn 53 CM & Puget Sd 4s. ChiMAS P ref 4%s. Chi M&St P ov 5 Chi MRSt P 45 '25 ChIM&S P ov 4348. Chi M&St P ds*34. CM&StPgn4ys Chi & NW 61 Chi Rys6s. . ChIRT& Pacrfds Chi & W Ind cn 4s. ChiT'n Sta 6%s. ChiUn Sta 414s CCC&StLrtés A .. Cleve Term 5143, Colo & Sou 4%y Cuba R R 5s. Del & Hd 16t rf 4s. Del & Hudson 5%a Den&Rio G con 4s. Erte 18t con & Erle con ext 7s Erfe gen 4 Erie conv 4s D. Gr Trunk sf deb éa Grand Trunk 7s. . GrNorth gen7s. .. Gr North gen 5% Havana ERL&P Gs Hud & Man ref os Hud & Man aj 5s. Ill Central ret 4s.. Tl Central 514s. . Int Rap Tran Gs. Int R Transit 7s. Int & G Noraj Towa Central rf 4. Kan City Ft § 4s. . Kaneas City § 3z Kan City Sou bs. Kan City Term 4n. Lake Shore 4 31, Lehigh Valley 6s. ., Louis & N unf 4s Louils & Nash 7s. .. Leuts & Nash G3s. Manhat Ry cn 4s. 9% 107% 804 76% 70% 13 £2 100% 101 82 NOTex& Mins N Y Cent deb 6s. N Y Centdeb 4s.. NYCentribs.. N Y Cen LS ci 3is.. New Haven c d 6s. New Haven 7e. New Haven 7a fr N Y State Ry 414s. NY W & Bos 4148 Norfolk & W cn 4s Norfolk & W cv 6s. Northern Pac 3s... Northern Pac 4s. North'n Pacr{ 6s. Northern Pac 5s. . Northern Pac 56 rot O Short L cn 65 °46. Ore Short L ref ¢s. Ore-Wagh 1st rf 4s 3 Pennsy] gen 58 Pennsyl gen 434s. . Peunsyl 6%s. . Pennayl gold 7s. .. Pennsyl con 4%5s.. Pere Marq 1st 5s.. Reading gen 4s. RIArk & L4%s St L IM&S R&G 4s. StLIM&S 4s°29. StL&SFplisA. StL&SFoprinss S*L&SF incés.. StL& S F adj 6s. StL&SFplésC. StP & KCShL4%s. Seab’d A Liref 4s. Seab’d A L adj 5s. Seab’d A L con 6s. Sou Pacific cv 4s Sou Pacific ref 4s. . Sou Paclfic clt 4s. . Southern Ry 1st 68 Southern Ry gn 4s. Southern Ry 6%s. . Third Ave ref 4s. Third Ave adj 58 Union Pac 1st 4s Union Pac 1st rf 4s Union Paccv 4s... £214 106 944% 937 1004 909 764 | 987 88 108 108% 92% | 984 afie 107% 108 92% 93% 83 764 6 A28 65% £0 i 63 i3 73% 98 51 445 81 €5 20%, £3% 79 951 6614 100% 59 5414 884 8014 94% [} o mabie BoagScanlaa ™ na 85 11.0022.00: nearby, 1.17 per bushel. | bushel; | wheat. FINANCI AL Grain, Produce and Live Stock l WHOLESALE MARKET. I Dealers cleaned up egg supplies Saturday afternoon. This morning's recelpts were not heavy and the market showed an upward tendency. The market was active and firm, with an advance of 1 per cent. The butter market continues firm, with no pros- pect of an early break. There was an tmproved demand for meats this morning, following the Easter holiday trade, and upward tendency was shown on best quality beef. Lamb and other meat prices were about what they were last] week. i Brollers are scarce and high. Chick- ens are not so scarce, and moderate prices prevail. Eggs—Strictly fresh, selected, can- dled, per dazen, 25a26; average receipts, 24; southern, Zd Live poultry—Roosters, per Tb.. 1 turkey, per 1b., 30a40; spring chickens per_Ib.’ 60a70; winter chiceng, per Ib., 40250: keats, young, each, 60; fowls, per Dressed poultry. chickens, per b, 75aR0: ens, per 1b., 45a50; hens, per 2 roosters, per Ib., 19a20; turkevs, per 1b., 45a50; keats, young, cach, 70a80. Live stock—Calves, cholce, per 1b.. 12; medium, per lb., 10all: thin, per 1b., 8a9. Lambe, choice, pe- Ib., 13. Live Pigs, 3.0025.00 each: live hogs, per 1b. 9. Green fruits—Apples, per bbl., 2002 850 Callfornia_oranges, per crate, 5.50 26.00; Florida, 5.00a6.00. Lemons, Der box, '4.0015.00] Grapefruit, 3.50a4.25. Vegetables—Potatoes, per bbl., 1 1.50a2.00; per sack, 2.50a2.75: N 1.00. Sweet potatoss, North 2004250, Lettuce, per Romatne lat- southern, 50a2.00 Teebere tuce,” per crate, 1.50a2.60 tuce, per crate, 3. 50. Cabba northern, 3.0044.00 per 100 poundg; ne: by cabbage, per bbl., 1.50a2 50 southern. 272522.75 per basket. t crate, 4 . Tomatoes, Florida, £.0024.00. Beans, 3.00a5.00 per basket. Peas, 3.0085.00 per basket. Pep pers, per crate, Florida, 3.50a4. 50. Kale, per barrel, 2.00a2.50. Epinach, per bbl., 2.0023.60. ~Celery, per crate. Florida, 2)50a3.00. Brussels sprouts, 15a25. Squash, 3.0045.00. Florida lima beans. 5.0016.00 per basket GRAIN AND PROVISIO BALTIMORE, Md. April 2 (Spe- clal).—Live poultry—Turkeys, pound, 35a42; old toms, 30; poor and crook ed breasts, young chickens, 35; small and leghorns, 25a30; winters, 40a45; springers, 55a60; old hens small’ legho 24; old roosters, ducks, 30aads, emall, pigeons, palr, 35a40; guinea fowl, each, 0a60. ed ' poultry—Capons, ' pound, medium, 38a40; small slips, erate, 16; Eggs—Loss off and nearby firsts, dozen, 24; southern, 23; duck eggs. dozen, 40 Butter—Creamery, 51; prints, 51a53; nearby 45a48; ladles, 40a42; rolis, packed, 38; dalry prints, process butter, 44 Selling Prices at 12:30, Wheat—No. 1 red winter, spot, no B 2 red winter, spot, ; _stol 38a10; tations. April, “ Sales—260 bushels of nearby at —Cob corn, new 4.50 per bar- contract, spot, 84% per bushel; No. 4, no quo- | n low, No. 3 or| better, 89 per bushel. export, 901y No. 3. no_quotations. Hay—Receipts, 61 tons; top grade timothy and light clover, mixed. in} moderate demand at a range of 17.00 | to 21.00 per ton, with no surplus of reaily desirable hay Straw—No. 1 tang) 00; 1 wheat. 1 nominal, 14.00a15.00. i TODAY'S CHICAGO PRICES. | CHICAGO, April 2.—General buving | due chiefly to unfavorable crop re- ports from Kansas, Nebraska and Il- linots resulted in an advance today ! to the season's highest prices for July and September deliveries of High winds and dust storms were among the adverse conditions reported from some sections £ cast of unsettled weather possible rain led, however, to consid- erable selling, and broug reaction. Tha opening. which ranged from % to 2 higher. 1.21% and July 1.17%al.18, was fol- lowed by slight further gains and then a moderate downturn. Threatened heavy deliveries May contracts tended to m and oats relatively eas After opening unchanged to % higher, May 74% to 74%, the corn market under- went a slight sag. Oats started 4 off to a llke ad- vance, May 45%a’ to 45%, held near to the initial range. Provisions reflected an upturn hog values. ed rve. No. 00212.60 on in Low. 1204, 137 115% Open. Close 121 11T 116 Rign 1.21% 118 1165 Union Paccv és. .. Virginia Ry 1st 6s. Wabash 2d 58..... Western Pacific is West Shore 1st 4; 8w 78 Wheel & LE cn b8 58 TOTAL SALES (Par Vaiue): 1l1a.m.. 3424000 12noon 4801000 1pm. 5952000 2p.m.. 7307000 $55,030,000 BOND ISSUE CALLED IN| Federal Farm Loan Board Makes Redemption An- nouncement. 1047 9Ny 83 £0 The Federal Farm Loan Board to- day called for redemption May 1 all outstanding bonds of the twelve farm loan banks issued May 1, 1918. The total of the issue by the twelve banks is $55,032,000. The announcement said the bonds may be retired by the bank of issue or at the Federal Reserve Bank of New York. The securities bore inter- est at the rate of 5 per cent and were due to mature in 1938. Provision was made, however, for an optional call of the bonds five vears after thelr issue. —_— TAX RECEIPTS JUMP. Internal Revenue Returns Gain in New York District. NEW YORK, April 2—Inocome tax receipts forithe first quarter of 1923 increased 18 per cent over last year in the New York district, Frank K. Powers, collector of internal revenue, announced today. Receipts from January 1 to March 30 totaled $103,- £94,289.66 as against $87,811,130.77 for the same period last year. VISIBLE GRAIN SUPPLY. NEW YORK, April 2—The visible supply of American grains shows the following changes: ‘Wheat _decreased 760,000 bushels. Corn decréased 1,132,000 bushels. Oats decreased 190,000 bushels. Ryo increased 105,000 bushels. Barley decreased 68,000 bushels. REILY ARRIVES AT PANAMA. PANAMA, April 2.—Former Gov. E. Mont Reily of Porto Rico arrived on board the transport St. Mihiel from Sns'l Juan. He will sail for New York today. 9. 10, DAIRY PRODUCTS. BALTIMORE, Md., April 2 (Spec! —-Potatoes—White, 100 pounds, 150 pounds, 1.50a3.00 barrel, 1.25a2.00; bushel, 50 barrel, 1.25a1.50, bushel, 50a65; asp: agus, dozen, 5.00210.00; beans, bushel, 2.25a3.50; beets, hundred, 6.00a8.00 Brussels sprouts, quart, 15a25; cab bage, hamper, 1.25a1.50; carrots, ba ket, 60a65; cauliflower, crate, 2.25a 2.7, 023.00; cucum- bers, crate, 50; egg plants, crate, 3.50a5.00; horse radish, bushel, 2.5 kale and brocoli, barrel, 2.00a1.50; lottuce, basket, 50a2.50; onions, 100 pounds, 1.50a4.00; spring onions, 100, 1.50a2.00; parsnips, bushel, ! 1.50; peas, bushel, 3.50a4.50; peppers, /3.00a5.00; radishes, bushel, 1.00a 2.50; spinach, barrel, crate, 3.00a4.00; tomatoes, 4.00; turnips, basket, 60a70. Apples—Packed. barrel, 3.00a6.00; bushel, 1.00a1.75; box, 1.50a3.00; cran- berries, barrel, §.00a12.00; grapefruit, box, 2.5044.00; oranges, box, 3.505.00; pineapples, crate, 6.00a6.50; strawber- ries, quart, 25a55. CHICAGO LIVE STOCK MARKET. CHICAGO, April 2 (United States Department of Agriculture).—Hogs— Recelpts, 54,000 head; strong to ten nigher; bulk, 150 and 255 pound aver- ages, 8.40a8.55; top 8.60; bulk, 240 to 300 pound butchers, 8.15a8.30; pack- ing sows quict around 7.15a7.40; pigs dull; few, 6.00a7.00: top, 8.60; bulk, £10a8.50; heavyweight hogs, 8.10a 8.45; medlum, 8.20a8.55; light, 8.40a .60 light light, 7.50a8.50: packing sows, smooth, 7.35a7.65; packing sows rough, 7.10a7.40; killing pigs, 6. 7.5 CHICAGO, April , 2—Cattle—Re- { celpts, £3.000 head: beef steers, slow, generally weak to 25 lower; in-bétween grades showing most decline; largely « steer_run: killing quality, medium to good mostly; early top matured 1.6 rate, 1.50a per | ith May 1.21a ke corn | and later | 00a1.50; squash, | RADIO EQUIPMERT BUSINESS RUSHING Electrical Firms Enjoying Splendid Trade—Copper Demand Remains Strong. BY J. C. ROYLE. Special Dispatch to The Ktar. NEW YORK, April eupply houses are facing the est year they have ever experienced. The volume of building construction already under wav or which it known will be undertaken and t tremendous development of electric power factlities for Industrial needs are responsible for the major tion of this trade, but the activity which has marked demand for radio supplies {s a factor which cannot ba overlooked either by dea manufacturers. March, it s clatmed, was the gest month the electri manufacturers ever knew. plies to the big compar inghi and General Electri ern Electric and o smaller firms as w the more impressive b of the electric firms ope more than a cost b the firet of thls year. Radio Demand Soon at Pealk. Prices for switches. cutouts other products have ad manufacturers now cee a period in which they can profits. The cost of ba terials has advanced and wage scals are on the increase, but higher prices have not tended to cut sales. emand for radio equipr pected to reach its peak f within the next month Bernard 8. Berlin of the lectric Compa of One firm, he said, h pounds of copper alone in the last e o8 ted, however, might be ex 1 off toward Jun; rs nt on ic ra partially com furnish demand f which will count in profits throu equipment. Copper Demand Active. George W. Hey Hungerford Brass a pany, large consum per, predicts 15-cent the mext two . which had since r of the ppe copper. ses will ance any probable {mestic demand.” mption in t been h me period. oor Covering Prices Up. creases were not o tions. Heavy before the op: day that most ma be compelled Storms and enow culturists have reta extent. n proved hard on feed t stock athered the storms shape. Bixty-two implement of Kansas, Oklahoma and T in Milwaukee U Allis Chalmers fecto take home with t the southwester indt al ship made in the ind 2 Grain Outlook Bright. . although t k to south plains, gr ast districts wi fall rains. condition of the grow high as 90 per_ce it lower than 75 per cent. is about normal. Three New Lake Lines. DETROIT, April 2 (Special).—T’ have been announcements here last few days of thres new lma!!h o The acreage them runni Chicago. Shipr say that not their lak s nising outlook shipping as this year. In states bordering the lakes, tr has grown faster than the rail can haundle if. Good Trade in Northwest. SEATTLE, April 2 mand for the ¥ of the Pacific north equal or exceed the avail ply, except in the c products. Prices in nea are moving tow Distribution of by bank debits and wt retail sales, is proceeding hitherto unequaled. Coilect improved materially, reflect improved financial condition communities. (Copsright, 1923.) —_— WALL STREET NOTES. New High Record Made for Gaso- line Output—Bank Clearings. Special Dispatch to The Star. NEW YORK, April record of gasol in January. when were produced. record_was 39,000, December last. Ex-dividends American Foundries, co Jones Broth common: Philadelphia Comp 6 per cent, preferred, and Mclniyre Porcu- pine. ot —A new high mad galions ious made 00 less, The Oldsmobile four der ing car is to be increased §100 and the steers and vearlings, 10.00; some ma- tured steers held higher; bulk beef steers and yearlings of guality and condition to sell at 8.25a9.50; she stock and veal calves about steady bulls, weak to 10 lower; stockers znd feeders, ecarce; firm; bulk desirable veal calves to packers, early, 7.00a 8.00; few 8.50 upward to 10.00 to ship- pers;, bulk desirable bologna bulls, 5.15a5.25; bulk stockers and feeders. 7.00a8.00. Sheep recelpts, 24,000 head; opening very slow; fow early sales: clipped lambs, steady to weak: bulk, 10.15a 12.25; few loads, 100-pound clipped lambs, 100 for export; wooled lambs ding_lower; no early sales; four loads California spring lambs,’ 15.00, with 250 out at 11.50a13.00; sheep scarce; one load clipped vearlings, 10.50; some g‘vped owes at 7.00, eight-cylinder sport model $70 in price, according to Detroit dispatches. The Ford April production schedule calls for approximately ,000 cars. Dealers reservations exceed 200,000, There has been a noticealle r cession in the volume of outstanding brokers’ loans in the past month an a half. The present total mated at $1,850,000,000 as agai 000,000,000 February 14, §L. 000 in January and $1,850,000,00 of December 30. New York bank clearings. $718 000,000; New York bank balances, $91,000,000. New York Federal Re- serve Bank credits, $69,000,000, Bos- ton bank clearings, $66,000,000.