Evening Star Newspaper, April 29, 1923, Page 29

FINANCIAL. BILLION INVESTED IN CUBAN SUGAR U. S. Agents Assert New York Interests May Control 70 Per Cent of Crop. PROBE JUMP IN PRICES Detectives Seek to Prove Sugar Hold-Up Was Planned by Men- in This Country. BY HARDEN COLFAX. Evidence that New York financial and sugar refining interests have an {nvestment of more than $1.000,000,000 fn Cuba and control a large part—be- v lleved to run as high 70 per cent— of the Cuban raw sugar crop has been uncarthed by government investi- Rators at w on the $5.000,000 week- 1y sugar hold-up o American pub The g seeking the detectives are with respect to hold-up was planned, engincered and carried out New York financial interests, related to the great sugar re- most re evidenc: moa T ntative of sts, nature of v Henry A. Rubino in his own word; pvernment’s information charges t the sugar testimony New York presented 1 in the production of Cuba’™ befq the Sel imittee in the latter part of 1 At that time the committ in hearin on the proposed ta Daw 1d Mr. Rubino placed before the commitice various tabulations outlin- ling the extent of American financial ¥nterest in Cuban sugar. L Reports $1.000,000,000 Invested. We have attempted.” Mr. Ru- b in filing his exhibits, with the sreatest care and with all the data At is availuble-and at our command, how you the extent of that Amer- vestment today, represented by ks and securities, widely held and ributed in th United States, nounting o over 000,000 in- sted in th gar in Cuba, secording t 4 According the $1,000,000.0 Mr. Rub figures, 0 was made up as fo tes owned by son of their lmn: ‘Ananced by Americans. $125,0 “Investments in Americans depend sugar business, $1 Amount duc chinery, merchand « secured in part b etc. $128.000.000. “Total, $1,031,06! Other American Interests. The tabulation is taken from finance committee's report of pro- ceedings of hearings on schedule five Cuba. 1t entirely upon the Am ans for ma- e and supplies and equipment trusts, owned by | the | of the Fordne. feCumber tariff bill, that schedule covering sugar, molas: and manufactures of sugar and mo- Jasses. M Rubino placed other American investments in sugar in the United States, Porto Rico and Hawail at $545,000,000, and added 1] “The American indust twice as much at stake a industries.’ Fourteen Amer n-owned 5 tions alone, according to Mr. Rubino's figures, had stment’_of more than $418,000,000 in Cuban sugar mills, as follows: “Cuban Cane Sugar Corporation, a New York corporation, $124.000,000. Cuban-American Sugar Company, a New Jersey corporation, controlling six Cuban corporations with total as- sets of more than $69.000,000. “Manati Sugar York corporation, §21 “Punta Alegra Suga n Delaware corporation, $30.343,: “Guantanamo Sugar Com| Jersey corporation. $ ‘Cia. Azue. Andres Gomez Cuban’_corporation owned by in Cuba has all the other corpora- Company. The Mivanda company was the one with which Mr. Jtubino was connected Oileinlly at the time of his testimoy. s 1ist of other American corporations Th investments in Cuban sugar in-| r Refining Company, | corporation, $30,000,000. Corporation. owned by Hershey Corporation, a Delaware cor- poration, $£11.500.00 “Compania Cubana, a Cuban corpo- ration, owned by Americans, $18,303,- | | ew Jers “Hershey \ta. Ana Sugar Compar n corporation owned by 14.900.000. mericans, | uba Sugar Company, a rporation, § ‘Atlantic Fruit Company. ware corporation. $15.000,000. Il told. forty-eight Ameri ed corpors s are includey Itubino’s 'ist, but the foregoing com panies are the largest, in point of assets, with more than two-thirds Df e total American investment. ight companies cited hy Rubino, according to his state- ment, “owned or controlled” 4.439.407 acres of Cuban cane-sugar land. The | output of the forty-eight companies in 1920, his report to the committee shows, was 14,990,025 bags of sugar. Controlled 2,000,000 Tons. In the trade a bag of sugar counts for about. pounds. Seven bags are | figured to the long ton. On the basis of such computation the American financial interests in Cuba “owned or controlled” upward of 2.000.000 long tons, or about half—slightly more— of the entire crop. ! Bearing in mind the long-establish- ed practice under which Cuban sugar Jaid down at New York fixes the price of both raw and refined sugar throughout ~the United States, the government's investigators believe they have found a most important bit | of evidence. Should it establish noth- | ing more, it makes clear, at least, | that American financial interests are Retting not less than half of the ex- | cess charged today for sugar over the { normal market price. (Copyright, 1923.) BOND “POOL” DOUBTED. Jump in French Issues Laid to Al Brighter Outlook. NEW YORK, April 28.—Active United States government bonds con- tinued vesterday's improvement 1in today’s brief trading in bonds on the New York Stock Exchange. Gains of 4-32 to 10-32 of a_ point were re- corded in all of the active issues, with the exception of the victory $%8 and the tax-exempt 31:s, which de- clined 1-32 of a point each. The demand for foreign govern- ment bonds also continued_in to- cay's dealings, Frameraican 718 ad- vanoing 1. 'Market observers in some quarters expiained the recent heavy buying of Krench issues as| due ‘to “pool” operations, but gen- erally it is_accented that investors have been influenced to buy these honds on a brighter outlook in Eu- rope. Naturally speculators have followed this trend. COPPER PRICES SHADED. NEW YORK, April 28.—There has heen no improvement in the demand for copper, and quotations for elec- rolytic have been generally scaled §1500 0 1675 aelivered, although some .f the producers are asking Iron unchanged. 16%. | 235 65% THE SUNDAY STAR, WASHINGTON, D. O. NEW YORK STOCK EXCHANGE WEEK ENDED APRIL 28, 1923 ¥e s -»-m1~|~||mus«[|~1|-»|~«|- 5 e © ml|lq,..,_|~wg!.,|u..| 8 3 B a! | »n.v:.aabi ‘Week ending April 28, 1083, Net. High. 73 14 47% % 14 3% 110% 48% 26% 52% 88 46% 50% 978 179 241 Adams Express. . Advance Rumley Advance Rumely pf. Air Reduction Ajax Rubber. ... Allied Chemical & Dye.... Allied Chemical & Dye pf Allis-Chalmers Mfg....... Am Agriculture Chemical. Am Agriculture Chem pf. American Bank Note. American Beet Sugar. ... American Bosch Magneto. American Can B American Car & Foundry. Am Chain class A wi. American Chicle. Am Chicle pt. ... American Cotton Oil American Cotton Oil pf. American Hide & Leather. Am Hide & Leather pt American Ice American International. Am La F Fire Engine. . American Linseed. ... American Locomot American Metal. ‘American Radiator. ‘American Rolling Mill pf.. American Safety Razor Am Ship & Commerce American Smelting & Ref. Am Smelt & Refining pf American Steel Foundry American Sugar Refinin; Am Sugar Refining pf Am Sumatra Tobacco. . Am Telephone & Teleg. Amerlean Tobacco Am Tobacco Class B. ... Am Water Works & Elec Am W W & Elec par pf. AmW W & Elec 1st pf. American Woolen. ‘American Woolen pf . Am Writing Paper pf. American Zinc Lead & S. American Zinc L & Spf. Anaconda Copper. : ‘Arnold Constable & Co. Asso Dry Good: Associated Oll.. Atchison, Topeka & S Fe. Atch, Topeka & S Fe pf. Atlantic Coast Line. Atlantic Gulf & W 1. Atlantic Gulg & W Ipf. Atlantic Refining. Atlas Powder Austin Nichols. Auto Knit Hosiery. Baldwin Locomotive. ~ Baltimore & Ohlo. .. "I!I wany 3 =] ! I o S & ][ g2 ||| %] 0] 5 6215cCN11e COPPET. «v-- - ~rvn . 5 6% |”’|“|“l°l||°| m||-4m| @ Sw a " mm|u|N|mo ..., REL S -1 S I“IH"‘"H”H“I ® Y (S o 3 & ""l"ll’l*l Lt 3% 12 4 b Baltimore & Ohio pf... Barnsdall, Class A. .. Barnsdall, Class B Barnet Leather Bayuk Bros. . B Beechnut Packing. Bethlchem Bethlehem S Brookly’ s Brooklyn Rapid Transit. Bklyn Rap Tran cfs of dep Brooklyn Union Gas Brown Shoe Burns Bros Cl Butte Copper & Zine Butte & Superior Caddo CentO & R.. California Packing. ... California Petroleum. California Petroleum pf. . Callahan Zinc & Lead Canadian Pacific. . Case Thresh Machine pf. Central Leather Co. Central Leather Co pf Century Ribbon Mil Cerro de Pasco Copper. Chandler Motor. Chesapeake & Ohio. Chesapeake & Ohio pt Chicago & East Illinoi Chi & East Tllinols pt. ... Chicago & Gt Western pf.. Chi, Milwaukee & St Paul. Chi, Milwaukee & St P pf.. Chicago & Northwestern. Chlcago Pneumatic Tool. . Chicago, R T'& Pacific Chi R1& Pacific 6%. Chi R & Pacific 7%. 9.1"". 281 Chino Copper. Ssn o Cluett-Peabody = o Coca-Cola % Colorado Fuel & Tron..... 347 Columbia Gas & Electric.. 110% Columbfa Graphophone... 1% Commercial Solvents, A... 30 Commercial Solvents, B 174 Comput Tab Record. 9% Consolidated Cigar. ... 32 Consolidated Gas new 6815 Consolidated Textile. 11% Continental Can. 47% Continental Motors. 9%, orn Products Ref 1337 sden Company 54 Cruclble Steel 808 Cuban-American Sugar 375, Cuban-American Sugar Df 98¢ Cuba Cane Sugar. 1% Cuba Cane Sugar pf...... Cuban-Dominican Sugar. . Cuba-Dom Sugar pf. . Davison Chemical. De Beers Mines. . . Delaware & Hudson Delaware, Lacka & West. Detroit Edison. . Dome Mine Du Pont de Nemours Du Pont de Nem 6% deb. Eastman Kodak. 5 Electric Storage Banery Elk Horn Coal. Endicott-Johnson. Endlcott-Johnson pf. Erie Railroad Erle Railroad 1st pf. . . Famous Players-. Lnkev Famous Play-Laskey pf. Fifth Avenue Bus... . Fisher Body. Fisher Body Fisk Rubber. Fleishmann Company . Freeport-Texas. ... General American Tank General Asphalt. General Asphalt pf General Cigar. ... General Electric..... General Electric special. General Motors. . General Motors pf..... General Motors 6% deb. General Motors 7% deb. Gimbell Brothers Gimbel Brothers pf. Goldwyn Pictures. Goodrich (B F) Company .. Goodyear T &R pf.. Goodyear T & R 8% pf Granby Consolidated..... Great Northern pf.... Great Northern Ore ct: Greene Cananea Copper. Guantanamo Sugar... Gulf, Mobile & North pt Gulf States Steel. Hayes Wheel . Hendee Manufacturt Household Products Houston Ofl......... Hudson Motor Car. Huppomobile Motor Car. . Hydraulic Steel... Illinois Central. Indian Refining. Inspiration Copper. Interboro Rapid Transit.. International Cement Internat Agricultural Internat Comb Engine.... International Har, new... Inter Merchant Mraine. .. Int Merchant Marine pf International Nickel International Nickel pf... International Paper...... Inter Paper pf stamped. .. International Shoe. Intertype Corporation Invincible O1l. Iron Products Jewel Tea. . Jewell Tea pf. Jones Bros Tea..... Kansas City Southern Kansas City South pt. ser (Jullus) & Co. K 11y Springfield Tire Kennecott Copper........ Keystone Tire & Rubber. Kresge (S 8) Company. Lee Rubber & Tire Lehigh Valley. Liggett & Myers. Lime Locomotive. 19% 41% 7 26 89% 9% 36% 14% 7T 46% 70 8% 30% 15% 54 22% 2% 61% 2214 54 37% 59% 40% 10 248% 30% 201 72 Low. Close. 72 13 14 47 68 13% 70ty 47 68 18% T0% 110% 46 26 481 87 44% 48% 95% 17T% 38% 9 245 28% 9t 248% 29% 68% 71 Ohge. 1+1 L dIE H BT N P4+ EANES 4L A S [N AN \J\F L Illrl 1 +4+1 VPRl |+ | 14¥++ 14+ g e 8 AL EEL ] [z SHEREEA U ST I LABEL ] FlH L | o B 1 4 % 15 31 Y% 2% 1% 2% 1% 65% 68 63% — 1% | 6819 [129% 19'% | 87% | 410 51% 49% 12% 264 35% 2% 8l 27% 66 41 24 187 56% 26% 1n 6 Loew's, Incorporated Loft, Incorporated. . Lorillard, P... Loose-Wiles Biscult. Louisville & Nashvllle. . Mclintyre Porcelain M. Mack Trucks Macy (R H) & Company Magma Copper. Mallinson & Co. Manati Sugar. Manhattan Elec Supply. Manhattan Shirt. Market Street Railway. Market St Railway 2d pf Marland Oil & Refining Martin-Parry Mathieson Alkali. m~‘-;«=|~l‘-|||‘|-vr=||- May Department Stores. Mexican Seaboard Mexican Seaboard ctfs Miami Copper. . ... Middle States Oli. Migvale Steel. SM. M, St l’aul% ‘exas ne’ Mo Kan & Mo Kan & Texas pf new Missouri Paciflc Missouri Pacific pf. . Montgomery Ward. Montana Power Moon Motors. Mother Lode Mullins Body Nash Motors. ash Motors pf Class A ational Acme. ational Biscuit. Nat Dept Stores 1st pf. Nat Enamel & Stampg. Natlonal Lead. Nevada Con ¢ ew Orleans. Tex & Mex ew York Alr Brake Y Air Brake class A. New York Central. New York Dock Ney York Dock pf...... New York, N H & Hart ew York Ontario & W orfolk & Western. .. Norfolk & West pt. North American orth American pf. orthern Pacific ova otia S & C Ohio Fuel Supply Orpheum Circuit. Otis Elevator. Otis Steel. Owens Bottle. ... Pacific Gac & Electric. Pacific Oil. 2 Packurd Motor Car... Pan-American Pet Tra: — Parish & Bingham. Penna Coal & Coke. . Pennsylvania Railroad. Penn Seaboard Steel. People’s Gas , Chicago. Pere Marquette. . Philadelphia Company Philip Morris & Co. . Phillips Petroleum. Pierce-Arrow. Pierce-Arrow pf. ... Pierce-Arrow prior pf. . Pierce Oil... Pierce Oil pf Pittsburgh Coal Pittsburgh & W Pittsburgh & W Va pf. Porto Rican Amer Tob Postum Cereal Producers & Refiners. Public Service new Public Service, Pullman Co. ... Punta Alegre Sug: Pure Oil Rapid Transit wi... Rapid Transit pf w i. 20 S]] )] o en ] ==Bang . w;»-,.|m; Reading Replogle Stael Republic Iron & Steel. Republic Ir & Steel pf. Reynolds Spring. . . Reynolds Tobacco, B Royal D N rshs. . StJoseph L...... St Louis-San Francisco. St Louis-San Fran pf St Louis Southwestern St Louis Southwestern pf.. Santa Cecilia Sugar. Savage Arms. Schulte Stores. aboard Air Line. Seaboard Air Line p! ears-Roebuck . neca Copper. — Shattuck Arizona... 92‘6e§hell Trad & Transport. Shell Union Oil Stmmons Co.... mms Petroleum. Sinclair Con Oil. Sinclair Con Oil pf. Skelly Oil oss-Shefficld Stl & Tron. Southern Pacific outh Porto Rico Sugar. outhern Railway. Southern Railway pf. .. icer Manufacturing. . Standard Milling Standard Oil of C Standard Oil of N Standard Oil of N J pf. Steel & Tube pf..... Sterling Proaucts L ewart Warner Speed romberg Carb Studebaker.. . Submarine Boat Superior Oil. . ... Z Tennessee Cop & Chem Texas Company . Texas Gulf Sulphur. Texas & Pacific. ... Texas & PacificC & O. Third Avenue........ Timken Roller Bear. Tobacco Products. . o fwl = &8 1111 Saa Tobacco Products pf . Transcontinental Ofl Transue & Williams. Union Bag & Paper Union Pacific. . .. Tnion Pacific pf Union Tank Car. . United Alloy Steel. United Drug. United Fruit. .. United Railway Invest. United Rwy Invest pf. United Retail Stores. USCCIP & Foundry. U S Hoffman Machine. U S Industrial Alcohol United States R & Imp USR& Imp pt United States Rubber. U S Rubber st pf USSmeltR&M United States Steel. United States Steel pf. Utah Copper. . Utah Securities. Vanadium Cnrporllmn enas 3 Va-Car Chemical pf. Coal & Coke ‘Wabash pf A ‘Waldorf System ‘Weber & Heibroner Wells-Fargo ‘West Penn. Western Mnryllnd ‘Western Maryland 2d pf Western Pacific. . . Western Union Teleg. Wheeling & Lake E p( White Eagle Oil ‘White Motors. ‘White Oil. . Wickwire Steel. ‘Wilson & Co. Wilson & Co pf. ‘Willys-Overland. Willys-Overland p! ‘Woolworth (F W). 30% —— Worthington Pump. 8% 1 Wright Aeronautical... 70% 4 Youngstown Sheet& T «|||~§|4-|ns«-|l?|‘||['|-«|~|«1|14~|| 81 6% 42% —— 199% 8 i 3 Selling ex-dividend. Dividend rates as given in the abovi d on the latest quarterly or half y Manhattan Elevated gtd. . Market St Raillway pr pf. . Maxwell Motor, Class A... Muxwell Motor. Class B. .. Pan-Am P Trans Class B.. Ray Consolidated Copper. Remington Typewriter. .. Tobacco ProductsClass A . Virginia-Carolina Chem. . High. 4 102 Westinghouse Air Br-ke'. . 115% West'ghouse Elec & M1g. . b57% 15 27% . 56 356 ‘Week ending April 28, 1923, Low. Close. 18 18 8 8 160% 160% 51 51 141% 141% 18 18 86% 86% 667% 66% 33% 33% 35% 35% 69 70% 63 56% 42 45% 4515 1 38 48'% 35% - o6 B5% 19% T4ta 17% 16'2 299 11y 31% 67 13% 37 15% 42 "B" 24' + 67'a 674 26's 27% — 10% 11 22 23% 106 1067 969 97 15 15% 39% 40 o8 60% 95 95'% 40's 40y 95% 95% 679 69 \25 127 1415 14% 973 99 381% 89% 49% 51 93y 93% 23y 23% 50 50 18% 18% 18 18 110 110% 10 23\6 4 32 63% 39 87 80 115 a8% NEZSEE S 144+ t++ ¢ 1 4 {0 8 S T+edl+00 010 172 1215 371 81 307 184 64% ¢ 101% 106% 58% 60% 102% 33 35 108% 106 ll9htll9‘6 68 o 35 378 124 18% 40% 41% 6415 66 21% 21% 93, 30% 41 14% 45% 48 12 24% 16% 12 114% 57w 14% 27 65 3% 10% 343 84 7% 67% ESRERSE R IR AE SR SR AN +41 1 Net, table are the annual cash pay- yearly declarations. Unless noted, extra or special dividens are not inciuded. tPartly extra. APRILI 29, 1923_PART T. FINANCIAL. 25 BOND SUMMARY FOR THE WEEK —1922—— High. 103 02 101 69 100 80 10178 101 00 101 00 101 86 100 98 100 16 Tow. 94 84 96 00 95 60 96 00 95 54 96 74 85 86 100 02 98 90 ——1928——— “Hign, 10190 98 90 98 70 99 20 9910 99 18 99 20 100 32 100 06 Low. T. S. BONDS. 100-29 Liverty 3138 1932-47 97-10 Liberty 1st 4s 19 - 96-12 Liberty 2d 4s 1927-42. 96-20 Liberty 1st 43,s 1932-47. 96-24 Liberty 2d 4148 1927-42.. 97-25 Liberty 3d 4% s 1928. 96-27 Liberty 4th 4148 193 100 Victory 4%s 1923 % 98-1 Treasury 4%s 1947-52 High. .o 10114 97-13 97-9 97-19 97-14 98-8 1922 1928 FHigh. 102% 1094 104% 108% 90 108 100%; 1033, 100% 106 103% 106 57 93% 100% 11215 100 97 97 1024 108% Tow. 99 98 9415 98 74 93% 96 96% 977 100% 98% 101% 4415 851 85 igh. 1034 102% 98% 102% 83 99 101 1024 99%, 1041 102% 10425 52t 91% 93% { 1012 93 95% 9415 8315 91 90 90 70t 62 99 13 85 112% 105 103% 106 98 106% 122 115 105% 100 Low FOREIGN, Argentine 7s 1927, Belgium 715 19 Belgium 65 1925 Belgium 8s 1941. Bordeaux 6s 1934. Brazil 55 1941.., *anada 5s 1926. ‘anada b%s Canada 5s 19 Chile 85 1946. Chile 8s 19 Chile 8s 1941, Chinese Govt enhagen 5 C hoslovaki. Denmark 8s s ies 6s 194 Dutch Eust Indies 65 196 Framerican Ind Dev 7 French Govt 85 194 Dutch E 3 Holland-American s ‘s Japanese 1st 43z 19 Japanese 2d 4128 1 Japanese 4s 19 Jergens Utd Margarine 65 1947. etherlands 6 16 orway s 1910 siand 6s 1947 0 85 19 a0 Paulo, Staté of, 83 1936, eden 6s 1939 . % 4 s Confed s f 8 1940. United Kingdom 555 nited Kingdom 5’z 19 'RIAL AND CELLANEOUS, Amer Agrl Chemical 7135 1941.. 101% Amer Smelt & Ref 1st 5s 1947 Amer Sugar Refining 65 193 Amer Tel & Tel cl tr 58 1946. Amer Tel & Tel cl tr 4 Armour & Co 41:s 1939 Atlantic Refining deb s 1937. Bell Tel (Pa) ref bs 1948. . Bethlehem Steel p m 5s 1936 Bethlehem Steel s f 65 1943.. Brooklyn Edison 7s D 1940. Central Leather s 1925 Cerro de Pasco §s 1931. Chile Copper 6s 1932 Chile Copper 75 1932. .. Cuba Cane Sug cv deb 8s 1930 Detroit Edison ref 6s 1940, Du Pont de Nem 7%s 1931 Duquesne Light 1936. Empire Fuel & Gas 7125 193 4 General Electric deb 55 195! Goodrich (B F) 6las 1947.. Goodyear Tire 8s 1931 Goodyear Tire 85 19 Humble Oil & Ref Indiana Steel 5s 19 Inter Mer Marine 6s 1941 Inter Paper 5s B 194 Kelly-Springfleld $s 1431 Lackawanna Steel s Liggett & Myers 5s 1951.. .. Manati Sugar s f 7lzs 1942, idvale Steel 5s 1936. ... ew England Tel 5s 1 ew York Edison 1st 6igs ew York Tel 6s 1941 New York Tel 435 1939. North American Edison 6s 1852, Pacific Gas & Elec 5s 1942 Pacific Tel & Tel bs Philadelphia C: Public South Porto Rico Standard Oil of Calif 7s Union Bag & Paper 6s D United Drug cv §s 1941. . U S Rubber 1st & ref 55 1947. 1S Steel s f 58 1963........ “tah Power & Light b: Va-Carolina Chem s f 7s 1947... Va-Carolina Chem 37 war. Western Union Tel 6155 1936. Wilson & C 1941 Wilson & Co ev 7138 1931. RAILROAD, Atchison gen 4s 19! Atlantic Coast Line 1st 45 18 Balto & Ohio pr In 314s 19 74‘- Balto & Ohio gold 4s 1948. 99% Baito & Ohio 6s 1929, . 77% Balto & Ohio cv 4125 19 Balto & Ohio ref 55 1995... B&OTPitts LE & W Vads 1941 B & O Southwn div 3 Brooklyn Rap Tran Canadian Northern 6izs 1946. Canadian Pacific deb 4s Central Pacific 45 1949. . i Chesapeake & Ohio cv 53 1946. . Chesapeake & Ohio cv 4125 1930. Chesapeake & Ohio gn 41%s 1992 Chicago & Alton 3s 1949.... .. B & Quincy 1st ref 5s 1971 & Eastern 111 gen is 1951 i Great Western 4s 1959 M & Paul ref 433s 2 M & St Paul cv bs 2014 M & St Paul cv 4165 1932 i M & St Paul gen 415 1989, Chi & Northwestern 61,s 1936. . 4 Chicago Railways is 1 M Chi R I & Pacific ref 4s 1934 Chi Union Station 412s 1964 Chi & Western Ind con 4s 195 € CC&StLref 6s A 1920, Cuba R R bs 19 Delaware & Hudson 3 Den & Rio Grande con 45 1936. Den & Rio Grande 1st ref 5s 1955 Erie 1st con 4s 1996. . rie gen lien 4s 1996.. e cvds Al e cv 4s D 1953.. Grand Trunk s f deb 6s 1936. Grand Trunk s 1940. i Great Northern gen 7s 1936.. Great Northern gen 5138 1 Hudson & Manhattan ref is 19 Hudson & Manhattan adj 5s 1957 Inois Central 5'%s 1934 . Inter Rapid Transit bs 196 Inter Rapid Transit cv 7s 19 Inter & Great Nor adj 6s 195: Kan C Ft Scott & M 4s 1936 Kansas City Southern 3s 1950 Kansas City Southern 5s 195 3 LLake Shore 4s 192 . Lake Shore 4s 1931. Lehigh Valley 6s 1925.. Louis & Nash unified Louis & Nash 1st ref Market St Ry con 58 1924 Mil Elec Ry & Lt 1st ref 5s MSUP & $SM 6lgs 1931.. Mo Kan & Tex 1st 4s 1990 2 7% Mo Kan & Tex pr In 58 A 1962, Mo Kan & Tex adj bs 1967. . Missouri Pacific 68 1949. Missourl Pacific gen 4s 1! O Tex & Mex inc 5s 1935. ew York Central deb 6s 193 ew York Cent deb 4s 1934.... ew York Cent ref imp 5s 2013. Y N H & H cv deb 6s 1948. ¢ West & Boston 4%s 1946. .. 4 Norfolk & Western con 4s 1996. 4 Norfolk & Western cv 6s 1929. . Northern Pacific 3s 1947 % Northern Pacific 4s 19 Northern Pacific ref imp 6s 2047 10714 Northern Pacific ref imp 5s 2047 954 » Ore Short Line gtd 5s 1946 . 101% Ore Short Line ref 4s 1929 .92, Ore-Wash 1st ref 4s 1961. . 78 Pennsylvania gen bs 1968. . 100 Penusylvania gen 4145 1965..... 90% Pennsylvania 614 1936. .. - 108 Pere Marquette 1st 5s 1950. 96 Reading gen 4s 1997... 83y Rio Grande Western clt 4s 62 R.IATk & L 4165 1934 76% StLIM&SR & G 4s 1933. 7814 San Fran prIn 4s A 1950 664 San Fran pr in 68 1950.. 814 San Fran inc 6s 1960.... 63% , & San Fran 5%s B 1942, 881 St L & San Fran adj 6s 1936 2% Seaboard Alr Line ref 4s 195 44 Seaboard Air Line adj bs 1949.. 3115 4 Seaboard Air Line con 6s 1945.. 63% outhern Pacific cv 4s 1929 9154 Southern Pacific ref 4s 1955 85% Southern Pacific col 45 1949 807 Southern Ry 1st 5s 1994. 944 Southern Ry gen 4s 1956. . . 66% Southern Ry dev 6%s 191 J 101 Third Ave adj 55 1960. 55% Union Pacific 1st 4s 1947 90 94% Union Paclfic cv 45 1927. 9474 901 Virginian Ry 1st G5 1962... 9514 941 Wabash 1st os 1939. ... 958 59% Western Maryland 4s 195 60% 79% Western Pacific 65 1948, 9% 8814 9513 662 43% 873, 111 60 83% 88% Low 191-5 97-10 97-7 szs Tast. Yield 101-9 342 97-10 4 16 421 97-13 443 97-13 4 45 98-7 467! 97-16 4 47 100 391 98-30 431 Low. la 102 102% 10112 102 96% 9674 4 1014 101% 10175 102 : 109 82% 9714 100 80 96 100 929 9% 103 104 10214 1024 103 104 46's 46!y 90% 91% 90, 931 891, 93 9974 1007 96 91 o m.f 1019 937 2 117 114% 10375 104% 3+ 1011 102% 87 87% 4 101% 10 967 917 85 98 98% 9T 894, 971, 1077 987y 140 100 107 98y 140 100 107 95 95% 215 101% 102 1175 98 100% 87 85 109 : 104 101% 55 90% 25 96 95% 61 80 10675 107 107 107'% 9215 9214 100 1004 100 100% 8614 8 1091% 897, 109 89'x a8 108% 10915 104 897y 9014 891; 90, 100 * 1003 83% 8414 | 99% 100 100% 10012 105 % 9Ty 1114 112 864 87 101 871 81 mm. 1007 9 79% 8lix 50 B0 60 661 6012 6614 651 798 9% 108! 109 si 88 a1 %2 1004 100% 10:‘- lU!' 8415 « 497 104 19% 651y 49 871y 11018 1101 59% 60 831y B3 106'3 106 9% 941, 101 101 92 921 TM% TT 9915 997 905 901 107% 108 93% 93% 8315 861 61% 6213 76 76 78 8% 664 67% 81y 82 63 64% 88 88 72% 73 43 44 30 318 641 65l 9% 92 854 B54 80 80% 941 94% 66% 66% 101 101% 54 55 89% 904 9415 943 94%, 96 95 95 601 604 9% 9% : 10715 | 1051 | 1024 | 50% | TWO BIG PROBLEMS PUZZLE FINANCIERS Attitude of Congress Toward Railroads and Foreign De- velopments Awaited. ABUNDANCE OF CREDIT | Fewer Price Advances—Banks in Strong Position—Trading in Stocks at Low Ebb By | speciat Dispasei o The star. NEW YORK. April | tempt intelligently the financial and comme meets at the outset (wo both political in nature %! The first is, what 14r||uul:» of the Americ and the Amerd pstruction in {is, what jurl- s and al inter These { fundamental More GEOGE HUGHES, 25.—Any at st today cial future problems, to forec to be the n government wple toward re- . and the se s t tude abor sts toward two of Co and agri the rail problems are of ss in regular eourse re tlon follows trade acthvity gnd ival follows reaction. And th factors affecting each m: be weighed with more or less pree but there © of forecasting the solutior L pol ral problem. Perhaps that not quite ac In the long run, hist S the American people hav ¥ found the cor reet political questions when once fairly and adequately pre sented. It i still true, however that these matters do not lend them selves to exact analysis as do pur onomic propositions. Foreign Outlook Brighter. | W a8 to affairs abroad. 11 {week's developments have been dis | tinctly e ouraging. There is e %ign that the responsible leader i realize that pro: rity this country depends in a measu at least or | stab abroad nd that foreig:. marke: for our surplus cotton and wheat are vit 1y important As to the methods of co-operatior | ®ith Europe, there is still, of course olent disagreement, but this is not [ihe place to discuss merits of the dispute. VTU s sufficier { moro urate. ws to point out that interest is being Zuropean situation and pessimistic view as to the outlook is no longer predominant The iarkabie advance in the market for foreizn Londs this wee! | testifies to this fact. i Rall Tssues Still be gratifying ¢ that prog 0ad is b rd to the railwa { the case. Here, to the market may be sonably accurate ose Whose busi ness it is to advise on speculatio point out that railway stocks have i 1ot had (he advz enjoved by utili | bull mar- ket of the past year and a half. The urge purchase of railway shares likely to be more profitable at thix | stage than similar commitment i1 strial. All the statistical ey | dence is on their side. | Car loadings at new records fo this time of vear and not far belo the best for any time of year. Karn | irg statements for March show grat fying gains over a vear But railroad stocks drag ‘along u: !their previous level and railro {bonds are even more dormant. What | is the reason? The only answer can be concern over the political outloo. The general financial situation re much last week. If bus expansion proceeds at a re ce, it will not be for lack of adequate warning. Henry Ford hi ,Jmmu those who have been advi ing caution. Plenty of Credit Available. Meanwhile, with the exception wool and sugar. prices do not see: inclined to advance. The case of | sugar is the more notable because or the extraordinary means adopted by the government to force a decline The “banking position is just #s strong as ever. Credit is stiil avail able for all legitimate needy. Speculation in stocks is at lov { ebb and not excessive cven in com- The labor shortage. abou { modities, { which so much has been hcard {at least no worse. | (Copyrigat, 1023.) STOCKS LOSE GROUND. Sugar Shares Take Tumble in Sat- urday Market. H EW YORK, April 28.—Stock pric i n lost ground in today's brier | and relatively dull session. Net losses lm the active issues ranged from small fractions to 3 points. Outside the sto market. financial [interest centered in the sharp reac jtions in the cotton and sugar futures markets, the former dropping 40 to 70 points and the latter 26 to 2 {Cuban raws were offered late in the day at 6% cents a pound. or i of a | cent below the previous sale. Reports of buvers' strikes against the high prices of sugar inspired some hurried_liquidation of those shares. South Porto Rican Sugar and Cuban Dominican preferred each dropping 2 points; Cuba Cane_preferred 13 and Cuban-American, Punta Alegre and Cuban Dominican common each yield- ing 2 DuPont Powder w outstanding strong ots, establishing a new peak price for the yvear at 1481, and then slipping back to 1471 where it was up 1% on the day { FOREIGN EXCHANGE WEAK. NEW YORK, April 28—The fea- tures of the foreign exchange market during the week were the creation of low records for the vear in the rates for sterling, Spanish pesetas and Nor- wegian kroner, all of which showed partial recovery later, and the marked strength of French francs. Time money and commercial paper rates were unchanged. The sStiffness of the time-money market was at- tributed to the withdrawal of funds from this center by interior banks, which were preparing for May 1 pay ments and _the new government financing on May 15. . e NEW ISSUES ON CLIRB. NEW YORK, April 28.—There were a number of important changes m the trading conditions on the curk market during the past week. among *hem being the transfer of seven stocks to the New York Stock Ex- change and the initial dealings in the same number of new stocks. Among the new igsues are Universal Pin and Radia®r, which was traded in at 18 to 20, the preferred which sold at 70 to 72; Archer-Daniels- Company, which ranged from 3 40%; Warner Malleable, traded in at 313 and 31, and Goldwyn Picture Voting Trust certificates, which were traded In at 241 to 223 CLEARING HOUSE REPORT. NEW YORK, April 28.—The weckly clearing house statement showed i creases of $36,375,000 in loans. dis- counts and investments: $187,000 in cash in own vaults and $809,000 in time deposits. Reserve of member bank in the federal reserve bank de- creased $11,990.000, and net demand deposits were $43,035,000 below thosc: of last week. Aggregate reserve totaled $610.644.000. leaving excess $9,427,320, a decrease of below last week. ng shown with re but such is nu the judgment o accepted as rea- one of the few