Evening Star Newspaper, April 30, 1923, Page 28

Cio8 % OILS AND SUGAR LEAD DECLIES Sharp Breaks Spread to In- clude Many Leaders—Re- view and Outlook. BY STUAR' 3W YORK, April 30.—-Cperations for the decline on the stock exchange ook full advantage today of the wide- alk of another cut in oil A further reduction, espe- the mid-continent field, has ssed in oil trade circles for Many believ cially in been dise some in prominent figures in the stock mw ket. the overproduction of oil and the necessity of corr cuts, have tempo timent in these high aqu the share list as a whole, At all events weaKne and the sugars started the market downwaurd t srning and as the day went on other sections became involved until the decline w B Rail Shares Join Slump. Railway stocks, despite the fac that they had not had the advance that others had, went do al selling appeared contrast to other roads, it showed 1 March another operating d - The street was not T"” ! d [Ir.\' (I:Io on o tudebaker directors et extra dividend. The this stock is v ear consequently much W cmment that net for s equal to $8 a common. past s in the oi ne: in Rock and udebatcr understood that April stter than any month so t insiders look for the to show something stock Koduk was off at one time : three points on the charge by the Federal Trade Commission that it Was In a conspiracy to monopolize the fim business. Cubia Cane weakest of the summer group. priced specialities like Dupont and Stewart Warner were naturally parti- Cularly semsitive to the selling move- ment Today's Financial Review. The stock exchange today presented the Chief feature of today's markets. The weakness there had no adequate blanation in the news R hecutative element, which al- ways shines its needs b of the stock tape, profe o optimistic over recent developments ! outside trade. A great deal was & ihout the overproduction of oil the necessity of further redy on w fa quarter on the Sastma ew who have statistics regarding sugar production and consumption. have any idea the iment. beginning its a, t the coffee and sugar esch today, will be able to establi claim’ that tae ri the last months was unwarranted The threat of a nation-wide buye: strike is something more worthy consideration, but it was doub day whether, in the absence pirit of sacrifice such as made sible conservation 1 res during the war and in the absence of any ef- fective organization, sugar consump- tion could be cut enough to maie an important impression upon pri Lull After Expansion. Nevertheless the sugar trade un- eertaintics were stressed in specula- tive quarters interested in seeing the stock mark s the evidence that has appea ring the last few ¢ that the demand for ton at th 1s has slackened and The that substantial judgment, judgment outside of highly speculative circles, is nothing has happened in the trade situation of the last month to justify a pessimistic attitude, that what has ocenrred is a lull following a record- breaking expansion during the first quarter of the vear, and that this ar from being an unfavor- ‘ident, is altogether desirable. Credit Status Favorable. Tt was decidedly incongruous for Wall street to be getting itself work- ed up over trade ction when the Wederal Reserve Board, preparatory to its March bulletin, was discussing ures for dealing with the in- reased use of credit in commercial lines. Since the first of the year, the board points out, member banks have been expanding their commercial loans at the rate of 2 per cent a month. The /stage has now been reached where they have about exhausted heir extra resources, due to gold im- 13 and_the sale nd_in the event of still larger edit demands will have to turn to anks. reserve authorities loan increase as not think it has in actual is nt regard the they do outstripped the increase production. But that they should think it opvortune to discuss at length the possibility of further ex- pansion and how to deal with it cer- tainly indicates that they are not looking for any important downward turn. do not Prices Lowest at Close. German marks developed fresh weakness, getting down close to 31 ten thousandths of a cent, or within only 11 of the extreme low. This tended to discredit reports that the reichsbank had again entered the market and was making another ef- fort to stabilize the currency at the lower level. On the other hand, for the thir dsuccessive week, the note inflation gave proof of slackening. The low prices on the stock exchange were reached in the last hour. Bear traders have had things all their own way. Canadian Pacific, the only rail- way stock to do anything of import- ance in the recent market, broke below 161, where it was off 9 points, as com- pared with the high of two weeks ago. Rubber stocks, which previously had been giving a rather good account of themselves, were consplcuously weak. Copper and zinc stocks were under pressure and United States Steel com- mon_got down virtually to its low of the year. SUGAR PRICE CUT WEAKENS STOCKS By the Associated Press. NEW YORK., April 30.—Sugar shares were heavy at the opening of today’s stock market in response to further reducations in the price of the refined product. Buyers' strikes also have been a sentimental factor against the high prices for the refined product. Net income of 3,272,432 for 1922 was reported today by the Mutual Ofl Company. This is equivalent to $1.04 a share (par value, $6) on the outstanding capital stock and com- pares with a surplus of $72,355 in 1921. ’Thc Stewart Warner Speedometer Corporation showed net profit of 33,072,400, the equivalent of $4.36 a share, for the first quarter of 1923, compared with earnings of 95 cents a share during the corresponding period of 1922, Stockholders of the National Cloak and Suit Company at a special meet- ing tomorrow will be asked to act on a proposition to reduce the corpora- tion's preferred stock from $8.330,000 to $17,757,000, the company having ac- quired $572,500 worth of the stock, which will now be retired. Standard Gas and Electric Company subsidiaries report net income for twelve months ending March 31, 1923, 5 $14,548,476, an Increase of $1,174,340 “dve u with the | ke $10 ppartially examined | that | of Investments, { K over a corresponding perlod a }'cq;_.xelly-spr'l‘lre,i FINANCIAL, Low. Close. | 72 13 65 65 13% 69% 110 43% 24% 46% 4% 46 ki 108 90 172% 234 9% 10% 22 Open. High. 2 172 68 68 18% 13% 0% 70% 110% 110% 457 / 45% 244 254 46% 46% 42% 42% 484 78 108 94% 176% . Adams Express. Alr Reductton. . Ajax Rubber. | Allted Chem. ... { Allied Chem pf. | Allis Chalmers. . Am Agr Chem. . {Am Ag Chm pf.. Am Beet Sugar. Am Bosch...... Am Brake Shoe. Am Br Shoe pf. . AmCan.... . Am Car & Fdy.. Am Chain A . Am Chicle Co. .. {Am Cotton Ofl. . Am Cot Oll pt... | Am Druggist. | Am Express. ... | Am H & Teath.. {AmH & Lea pf.. iAmTce. . . i Am Tce pf | Am Internat’l... Am La France. . Am Linseed. An: Linsced pf.. Am Locomo. i Am Metals m Radiator. m Safe Razor. m Ship&Com. . m Smelting m Smelt pf i Am Steel Fdy. Am Sugar. . Am Sugar pf. Am Sumatra.... m Tel & Telg. . m Tohaceo. Am Tobac (B) YAm Tobpf (my.. {v\m Vater Wks. [ Am WWkee of. Am WWkT% pf. Am Woolen..... Am Writ Prpf.. | Am Zinc&Lead. . Am Zinc&Ld pf. Anaconda - Arnold Co...... Asso D Geods. Asso DG 1st nf. ssociated Oil. . ison. . hisonpf..... Atlan Cst Line. . fAtlantic Frult. Atlantic Gulf. tlantic Ref. ... Austin Nichols. . Auto Knitter... \uto Sales 69% 110 43% 254 46% 41% 46 1 108 90% 172% 23% v 1 Ato Taldwin Loco Ralto & Ohio rnesdall (A). | Barnesdall (B). Barnet Leath. .. Batopila 3ayuk Bro Reechnut Pack. Reth Steel . Bklyn Edison RBklyn Rap Trn. | Bklyn R T ctfs. . Brown Shoe. ... | Burns Bros (B). Rutte Conper. | Butte & Super.. { Caddo O11. Calif Pack Calif Petrol - Calif Petrol pf.. Callahan Zine Calumet&Ariz. . Canad’'n Pac . Central Leath Cent Leath pf... Century Rib Mills Cerro de Pasco. . Chandler Mot. .. Chesap & Ohlo.. Ches & O pf wi.. Chi & EastI11... Chi& Elllpf... Chi Grt West. .. ChiMil & St P Chi M11&StP pt. Chi & Northwn. Chi Pneu Tool. . ChiRI& Pac... Chi RI&P 7% pf. CStPM&Opf.. Chile Copper. Chino Copper. .. Cluett Peabody. Coca-Cola Colo Fuel: Colo & South. Columbia Gas Columb’a Grap. Col Graph pf. “omp Tabulat.. Cons Cigar. Cons Cigar pf Con Gas new. Cons Textile. ... Cont Can. . . Cont Insurance. Continental Mo. Corn Products.. 132 Corn Prod pf.... 117 Cosden & Co “rucible Ste Crucible Stl pf.. Cuban-Am Sug. Cub Cane Sug. Cuba Cane S pf. Cuban Dom’can. Cuban Dom pf.. Cuyamel Fruit.. Davidson Chem. D Lack & Wstn. Del & Hudson. Detrolt Edison: Dome Mines. ... Dupont (E1)... Eastman Kod. .. Elec Stor Bat... Elk Horn Coal. . 134 | KI Endicott-John. . Erfe. Erie 1st pf . Fairbanks Co... Famous Play. .. Fif Av Bus wi Fisher Body.... Fisher Body rts.. Fleishman. . Foundation Co. Freeport Texas.. Gardner Motor. Gen Am Tk Car. Gen Asphalt. ... Gen Asphalt pf. GenClgar...... Gen Electric.. .. Gen Elec spl wi. Gen Motors Gen Mot 6% deb. Gen Mot 7% deb. Glidden. Gimbel B; Golawin Corp Goodrich. Goodrich pf Goody pr pf wi. Goodyear pf. Granby Consol. Gt Northern pt. Great Nor Ore. Greene-Canan. . Guantana Su.... Gulf M & Nor pf. 54 Gulf St Steel.... Harbishaw Cab. Hartman Corp. Hayes Whee! Homestake. Houston OIl. ... Househ’d Prod. Hudson Motors. Hydraulic Stl Illinois Central Indiahoma.... Indian Refining. Interb Rap Tr. Inspiration. .... Inland Steel.w f. Int Cement. . 1n Combust E 256 Int Harvester... 884 Int Harvester pf 111 int Mer Marine.. 9 Int M Marine pf. 34% Int Nickel 14% Intl Paper. 46 Int Shoe. . 3 Int Shoe pf..... 116% Int Tel & Teleg. 69% Intertype Corp.. 30% Invincible Oil 14% Iron Products... b52% Island Oil. % 215" 69 - 1% 21 58 36 94 1% 88 42 67% 59% 87 2% 3 1% 88 59% 37 27% 3 118% 12 6% 113% 12 6% 18% 3% 44% 40% Kansas & Gulf. Kansas City S. Kansas C So pf. yser (Julius) ‘| U S Rubber. THE EVENING STAR, WASHINGTON, "D Open. High. Kennecott. 38% 9% 51 LE&Wnetfs Lee T & Rubber. Lehigh Valley. Lig & Myers.. Lig & Myers pf.. Lima Locomo. Loews Inc. Loft Inc. . Lorillard (P). Louis & Nash. .. 30 28% 61 195 113% 0% 18 8% 160% 141% 67% 86%% Mackay Cos pt. Mack Trucks Macy Co. Macy Copf..... Magma Copper. . Mallison & Co. .. Manatl Sugar. Manhat Shirt. Market St Ry. Market St prior. Market St R 2d.. Marland Oil..... Marlin-Rockw!. Martin-Parry. .. Mathison Alklili. Maxwell (A).... Maxwell (B).... MclIntyre Por. Mex Seaboard. .. Mex Sbd ctfs. ... Miami Copper. .. Middle St OIl. ... Midvale Steel. .. - Minn & St L (n). M SP&SSM pf. MoK & T (new). MK&T pf ¢l A (n) Mo Pacific. ... Mo Pacific pf | Montg’y W'rd. Moon Motors Montana Pow. Mother Lode Mullins Body. Nash Motors pf. Nash Motors. Natl Acme. N Nat Biscult w 1. Natl Blscuit pf.. Natl Cloak & S. . Natl Dept Stores. Natl Dept Sto pf. Natl Enamel. ... 39 95 6815 126% 4 14 99 40 501 Nevada Copper. N Or Tex&Mex N Y Air Brake NY Air Brk (A N Y Central. NYNH&Hartrd. NY O& Western. Y Shipbldg. Norf & West. . North Amer. North Am pf North Pacific Oklahom Pred.. Ontario Silver. Onyx Hosiery. .. Onyx Hosiery pt Orpheum Cir. . Orpheum Cir pf. Otis Elevator. Otis Steel. .. Otis Steel pf. . Owens Bottle. Pacific Develop. Pacific G & El... PacificOll. .. Packard Motor. Pan-Am Pete. Pan-Am P (B) Penn Coal & C'ke 42% Pennsylvania... 45% Penn Seabd Stl. 4% Penny (J C) pt.. 102 People’sGas.... 8%% Pere Marquette. 4@ Pere Marq pf. 65 Philadelnhia Co. 46% Phillips Jones... 60 Phillips Pete.... 58 Plerce-Arrow... 11% Pere Mrq pr pf Pierce Ol Pierce-Ar p! Pitts Coal p Pitts & W Va Pitts&W Va pf.. Postum Cereal.. 119 Pressed Stl Car. 66 Produc & Ref. 4835 Pub Service. 974 Pullman Co..... 123 Punta Alegre... 65% Pure Oll... 264 Rand Mines..... 82i Rap Tr Sec w.l. 16% RapTr Secpf wi 4o% Ray Con Cop 15 Reading. 76% Remington..... 43% Reming 2a pf... 91% Replogle Steel.. 24% Rep Ir & Steel.. 61 ReplIr&Stipf.. 94% Neynolds Spr. 27 Rey Tobac (B).. 64% Rey Tobpf B... 116% Royal Dutch.... 49% St Joseph Lead.. 20 St L&San Sran.. 23% St L Southwn... 81% St L South pf 5814 Seaboard Afr L. Schulie Stores Sears Roebuck. Seneca Copper. Shell Unlon. Simmons. . Simms Petrol. .. Sinclalr Ofl..... Sinclairpf...... Skelly Oll....... Sloss-Sheffield. . South Pacific... So Porto Sugar.. Southern Rwy Southern Ry pf. Spicer Mtg Co... St Oll of Calif. .. Stand Ol of NJ., StOllof NJ pt.. Steel&Tube pf. . Sterling Prod. .. Stern Bros pf. Stew't-Warner.. Stromb’g Carb. . Studebaker. . Submar’e Boat. . Superior Ofl..... Tenn Copper. ... Tex Company... Tex Gf Sulphur. Tex & Pacific. Tex&PCOIll... Third Avenue... Timken Bear. ‘Tobacco Prod... Tobac Prod A... Trans Cont Oil. . Transue&Will. . Union Bag & P.. Union Pacific. Union Pac pt. Un Tank Car. Un Tank Cr pf.. Un Alloy Steel.. United Drug.... UnDrug 1st. ... United Fruit United Ry Inv Utd Ry Inv pf... Utd Retall Strs. . USCastIrP. U S Express. U S Food Prot U S Hoffman M. . U S Indus Alco. . U S Realty . U S Realty pf... 187 72 89% 109% 36% 82 47% 170 12% 37% 80% 29 4 4% 18% 643 101% 106% 60 102 34 105 118 6% 20 37% 14% A1% 21% 9% U S Rub 1st pf. Utah Copper. ... Utah Securitles. Vanadium Cop. . Va-Car Chem... Va-C Chem pf. Vivadou. Wabash. . Wabash pf (A).. 30 ‘West Penn Co. 48% West Elec pf.... 112 Western Md. ... Western Md 2d.. West Pacific. ... West Pacpf.... Westhse El1&M. . White Motar. 38% % 51% 80 28% 64 196 113% 1% 18 8% 160% 41% 673 86% 66% 112 33% 85% 69% 48 13% 74 36% 48% 9% 34% b4% b5% 19 18% 17% 16% 29% 11% 31% 6% 95% 181 47% 624 24% 184% 16% 41% 5984 81% 9% 37% 76% 137% 72 8974 109% 36% 82 4T% 170 121 37% 80% 29 4 4% 184% 643 1011 106% 60 102 34 105% 118% 7% 20 & 14 41% 215 9% 80% 48% 112 1% 24 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office b7s% 813 9% 86% 76% 136% 72 89% 109% 36 81 47% 170 1% 32% 80 28% i 4% 181 69 100 105 58 101% 88% 26% 56% 895 56 3% 67 20% 51 37% 17% 95 59% 113% 113% 807% 119% 12% % 10% 46% 6034 24 17% 15% 41 57% 81% 9% 861 T6% 135% 72 89% 109% 86 81 AT% 170 11% 82% 80 28% x| 43 18% } 59 100 106 58 101% 33% 103% 103% us 65% 19 35 18% 38% 21% 118% 65% 19 35 18% 33 21% T 9% 29 48% 1% !opening of {tion to restrain trading in raw su | futures, | Steady. ITRADING IS DULL IN'BOND MARKET Reserve Board’s Policy on Control of Credit Meets General Approval. BY GEORGE T. HUGHES. To the Editor of The Star: NEW YORK, April 30.—Dullness and reaction characterized the bond mar- ket today. Despite the prevalent in- activity, however, traders were in- clined to look on the future with optimism. In the first place they approved the new policy announced by the Federal Reserve Board with regard to control of the credit situation. Secondly, the check t6 the advance in commodity prices generally was regarded as helpful to the bond market, and final- ly the subsiding of speculation in stocks removed one adverse factor to better prices for bonds. Libertys were generally lower to- day, with the market a little more active than last week. There was very little doing in_high-grade rails and industrials. Speculative rails were generally lower, especially the Missourl, Kansas and Texas adjust- in which trading has been so during the past few weeks, Foreign bonds continued firm. The feature In the foreign list was the dealings in the Mexican 4s, which so sold up to a new high, and the advance in Uruguay 8s RAW SUUGAR PRICES N SHARP BREA By the Assosinted Press. NEW YORK, April 30.—Raw sugar futures declined 20 to 42 points at the today's sugar market, while refined granulated sugars were oftered 10 points lower, with the wholesale price ranging from 10 to 10.15 cents a pound. Futures prices generally are about 90 points lower than the highest prices this season. The sharp break i prices was at- tributed by brokers, in part, to the housewlive: and in part to the uncertainty as to the outcome this afternoon of the government's application for a temporary injunc- ar ked by actual of the commod- unless b ownership or contro ity. pot raws were offered today -s lower than the closing quot tions Saturday. There were no buy ers and little interest was shown in the offerings by the refiners. PRICES OF COTTON ALSO BREAK TODAY ted Press W YORK. April 30.°~The selling movement which had been in progress at the close the cotton market last week was renewed at the opening this morning. Liverpool made a fairly steady showing, but the weather seemed a little better if any- thing, while there was further dis- cussion of the curtaflment by some of 11 River mills reported on Sat- ay, and there appeared to be an apprehension that the bank failure reported fn India might react favorably at pric May, 28.1 Decemaber, 2 ion_of stop ord the early decline to 26.34 for Jul 82 for October, or about’3T points from Saturday's closing, ings were less active, 11:45 @m. bids: May, 27.69; 4 Dctober, 98; December, 2 NEW ORLEAN: April 36.—Cotton futures opened barely steady 27.00; July, 26.53; October, December, 23.15; January, 23.02. ter weather over the belt, poor cables and the important bank failure in Indla caused heavy selling of cotton today. In the first hour of the ses- sion prices were depressed 49 to 64 points, July dropping to 26.10 a pound and October to £3.24. 11 am. May, »; July, 26.48; October, December, Januar: Steady. W YORK ; middlin 26.89; July, cember, 22.96; cotton quiet and er Sales on the none; low middling, 26.25; middling, 27.00; good middling, 27.30. Receipts, 4,011 bales; stock, 120,747 bales, NEW YORK, April 30.—Cottonseed oil closed weak; prime summer_vel- low, 11.25a11.40; prime crude, 10.00. May, 11.31; June, 11.32 £ August, 11.35; September, 11.2 ber, 10.11; November, 9.15; December, 8.99. Sales, 17,200, Market Flashes at Today’s Close First-quarter earnings Studebaker, $6.170,971, equal after charges and preferred dividend to $8 a share on 750,000 shares common, against $4,- 069,848, or $6.49 on 600,000 shares, cor- responding period last year. Cars sold, 38,611, an increase of 15410. Cars produced, 37,509, increase of 10,844 President Erskine says both March and first quarter established sales rec- ords. Louisville and Nashville March | gross, $11,608,410, an increase of $974,- 091. Balance after tax, $1,949,171, an increase of $492,765. Net operating income, $2,073,023, increase of $570,511. A new fssue of $8,500,000 Chicago, Rock Island and Pacific railway 5 per cent equipment trust certificates will be offered by syndicate at prices yielding 5.256 to 5.40 per cent. Pro- ceeds of loan ure to be used to pay, in part, for locomotives and cars which cost $10,764,747. Hayes Wheel declared regular quar- terly dividend 75 cents, payable June 15, stock record May 31. Number of ‘sugar estates in Cuba closed has been Increased to eighty- eight, last two to finish being Con- stancia and Andreita. Production for the elghty-eight to finish is 7,605,196 bags, compared with Himely's esti- mate of 9,301,000 bags. At this date a year ago eighteen mills had closed. 3% 3% 8% 10% 10 10 34x 33 33 TR T% 0 TH 68 64} 64% 31 31 31 31 216% 216 216 215 85 35 84% 84y 10% 10% 10% 104 % % 0 High. Low. Last. Wilson Co. Willys-Overld. . Will's-Overl pf. ‘Wisconsin Cent. ‘Woolworth. ‘Worthington Wright Aero Youngstn Tul {N Y Eden 1st 6 Gz [wwrv vor BONDS MONDAY,* APRIL 30, 1923, Bt Bl PO STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Bales are in $1,000.) UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 101-1 means 1011-32) Sales. High. Tow. Close. Lib3%s...... 262 101-11 101-8 101-9 Libistdys.. 22 97-12 97-7 97-12 Lib2d4%s... 528 97-13 97-6 97-8 Lib3d4%s... 419 98-5 908-2 98-4 Lib4th é%s.. 643 97-16 97-9 97-11 Victory 4% 8 100 100 100 US4%s1952. 422 98-30 98-27 98-30 FOREIGN. Sales. High. Low. 21 102% 102% 60 102% 101% 19 97 96% 27 102 101% 3 111% 111% 31 90% 90% 12 82% 82% 46 B4k 83% 68 98% 97% 7 102% 101% 7 100% 100 51 102% 102 7 100% 100 26 99% 99% 17 103% 103% 102% 102% 104 103% 46% 46% 91% 9% 99% 99% 98% 93 109% 109% 9T% 9T% 96% 96% 95% 95% 92% 92% 100% 100% 96% 96 95% 95 91% 91% 931 934 921, 92% 81% 81% 83 82% 83 82% 827 82% 58% b57% 58% B84 41% 40% 91K 91 100 99% % 111 985 98 78 1% 81% 81 106% 106% W1 100% 9415 94 95 94% 99 9915 894 68 8514 105% 117% 76% 114% 104 105 12 MISCELLANEOUS. Ajax Rubber 8s... 2 98 Am Agr Chem 7% Am Cotton Ol 58 Am SmIt&R 1st 5s. Am Sugar Ref Gs.. AmT&Tecv 6s. Am T & Tcl tr & Am T & Tcltrds. Anaconda cv db 7s 4. Anaconda 1st 63 Armour & Co 4%s. Atlantic Refin 5s. . Barnsdall s f §s. Bell Tel Pa s rcts. Beth Steel s f 6s... Brier H St 1st 5%s Bklyn Edison 7s D Bkiyn Ed gen 55. . Bush T Bldg 556 Central Leather 53 Cerro de Pasco 8s. Chile Copper 6s. .. Chlle Copper s Commonwth ¥ Con Coal Md 1st b Cuba Cane cv d 8s. Cuban-Am Sug §s. Det Edlson ref 6 Du Pontde N T4%s. Duquesne Lt 73s. Duguesne Light 63 2 E Cuba Sug 713s.. 115 Empire F&G 7129, 44 Goodrich 6%8 Goodyear 8s 1931 Goodyear 88 1941. Humble O&R 5is. Indiana Steel 58 Int Mer Marine ¢s Keliy-Spring 8s Lackawa S 58 '50. . Liggatt & Myers Ts Liggett&Myers 5s. Lorillard (P) 5s Lorillard (P) Manati Sug sf T%s Marland Ofl 7%s. . Marland O 7%¢ “v. Marland Oll 8s w .. Mexican Petrol 8s. Mich St Tel 1st 5s. Midvale Steel 5s Montana Power 53 orris&Co 1st 43 at Tube 1st §s... New Eng Tel & Argentine 7 Belgium 7%s. Belgium 65 Belgium 8s Bern 8s. Bolivia Bordeaux Brazil Brazil Brazil Ts Canada 5s 1926 Canada 5%s 192! Canada bs 1931. Canaila b= 1952 Chile 35 1946 Chile .5 1926 Chile 85 1941 Chinese Gov Ry 58 Copenhagen 5% Cubab%swi..... Czechoslovakia 8s. Denmark 8 Denmark 6s. . Dutch East I 6 Dutch East I 6; Framerfcan 7%s. . French Govt 8s. ... Irench Govt 7% Halti Gs ctfs. . Holland-Amer 6s. Japanese Ist 4%s. Japanese 2d 4 Japanese 4s. Jergen U M 6s°47. Lyons 6s.. Marseilles 65 Mexico bs Mexico 5s Mexico 4s Montevideo 7s Netherlands 6s. Norway 8s. Norway 6 -85 Paris-Ly's-Med 65 117 Prague 7%s.. 52 Queensland 7 Queensland 6: Rio de Jan 8s 1 Rio de Jan s 1947. Paulo.City.8s. Sao Paulo.State, 2 Seine, Dept of, 7s.. 14 Serbs Crotes Slo 8s 16 Soissons 65 3 'weden 6s Swiss Confed 88 Tokio bs. .. Ud Kingm 533 '29. 61 Ud Kingm 6%s5 '37 58 Uruguay £ Zurich Se 8 9 9T% 102 70 e e e SRwwmaasireaSiitatife e [T 4s. EL H&DP 4s.. NYTel6s'4l..... N Y Tel 6548 s States Pow bs Northwst B Tel 7s. Otis Steel 7%s.... Otis Steel §; z Paclfic Gas & El bs Pac T & T 6562 Phila Coref 63 A.. Plerce-Arrow 8s. . Producers & Rt Punta Alegre 7s. Sharon Stl H 8s... Sinclair Ofl 7s.... 82 Sin Crude Ol1 5%s. 28 Sin Pipe Line 6s... 18 So Por Rico Sug 7s 11 St Oil of Calif 7s.. 14 Tenn Elec Pow 6s. 1 Tide Wat Oil 6%s. 5 Tobacco Prod sf 7s 1 Toledo Edn 18t 7s. 5 Union Bag & P 6s. Unit Drug cv 8s U'S Rub 1st rf 5 U S Rubber 7% USSteel s £ 55 Utah Pow & Lt Vertientes Sugar s Va-Car Chem 7s... 10 Va-Car Chm 7%sv 14 Warner Sugar 7s.. 3 West Union 614s.. 1 Wickwire Spen 7s. 1 ilson & Co 1st 65 10 Wilson&C cv 7%s. 19 Wilson & Cocvés. 9 93% Winchester A 7%s 5 103% 103% —_— TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ——Noon—— Bid. ofter. 0 81-32 100 182 9134 904 100% 5% 107 118% 9874 100% 98 85% 100% 105% 93% 103 104% 106% 97% 111% 873% 107 102% 89 98% 9154 82% 103 108 94 99% 100 103%; 8%s June 15, 1923. B2 deptember 15, i92h 3% Bebtember 15, 1923 4s*° December 15,1023 44 March 15, 1024 545 June 15, '1024. Beptember 15, March 15, 1925, June 15, 1025 December 15, 1035 arch 15, 126, ptember 15, December 15. 1 GRAIN CROP REPORT. H CHICAGO, April 30.—The Natlonal | ' Assoclation’s grain crop re- Ginnere “today, makes the condition of winter wheall"n.l DQ;‘ce:‘l‘,dI:)‘:x;- 6 14 per cont, = aoned ficntad crop 549,000,000 bushels, 101 5-16 101y 10116 99 916 o9 . % Lamiie 0S5 against the indicated yield in the | ernment’s crop report of April 9 o'lol"'n‘:a April 1 condition of 596,000,- 000 bushels and last years yield of 588,000,000, LEAF TOBACCO SUPPLY. Leaf tobacco held by manufacturers and dealers April 1 aggregated 1,846,- 556,045 pounds, compared with 1,491,- 300,988 on January 1 this year and 1,784,650,762 on April 1 last year, the census bureau announced today.' Im- ported types totaled 77,283,766 pounds, compered with 76,658,243 on January 1.this 04 3 April 1 93 on RAILROADS. ‘Bales, High, 1 62% 10 86% 2 8% 5 84% 10 95% 6 76% 15 100% 26 79% 9 81% 88 T4 12 94% €3 76% 931 93% 89 114 112% 8% 83% 8874 87 831% b2 27% 6% Close. 62% 86Y% 8% 84% 95 76% 100% 9% 81 8% 94 62% 76% 93% 93% 88% 114 112% 8% 83% 88% 86% 83% 52 27 85% 98%% 9% O 59% 66% /1% 65 72 T9% 1083, 107% 82U 7% 72 102% 4 100% 4 102% 8445 85% 98% 2% 83 56% Ann Arbor 4 Atchison gen 4s. AtlanticCLcl 4s. AtlanticCL 4%s B&Oprin3ys. B & O gold 4i Canadian North 7 Canad North 6%s. Canad Pac deb 4s. Central Pacific 4s. Ches & Ohio cv Gs. Ches & Ocv 4%4s. . Ches & O gn 43 Chi & Alton 3s Ch1 & Alton 3%s. Chi B&Q gn 45 '58 Chi B&Q 1st rf Gs. 9874 Chi & E Tl gn 5s. . 79% Chi Great West 4s: 50% Chi M&S Pre 4134 60% Chi M&St P cv b: 66% Chi M&St P 4825 821 Chi M&S P cv 4145, 65% Chi M&St P 4s 34, 72 CM&StPrndi4s 79% Chi& NW 6%s 108% Chi&NW 7s.. 107% Chi Rys bs. .. 82% ChiRT & Pac 78 72% 103 CCC&St L rf 6s A 100% Cleve Term 5%s. 102% CubaRREs...... 84% Del & Ha 1st rf 4s. 85% Del & Hudson 5%3 98% Den&Rio G con 4 2% Det United 4%s. 83% Frie 1t con 4s. 55% Erfe con ext 7s. Friegen 4s. ... Erieconvds A. Erie conv 45 D. Gr Trunk sf ab ¢s Grand Trunk 7s. Gr North gen 7s Gr North gen 515a. een B & Wdb B. Havana ERL&P 5s Hud & Mzn ref 5s. Hud & Man aj 5 111 Central ref 48 11 Central 548 Int Rap Tran 6s. Int R Transit 7s. Int & G Nor af 63 Towa Central rf 4s Kan City Ft S4s. . Kansas City S 1s. Kansas City S 5. Kan City Term Lehigh Valley 6s Loufs & Nash 7s. i oy Rentdia Market St en 58 Mil ElRv & L 65s. M&StListrfds.. M StP & SSM 6%;s. MEK& T 1st 4s. IMK&Tprinss A122 MK&T4sB.. MK&TE:C MK & T adj i Mo Pacific 6s. Mo Pacific gn 4x... Montrl Tm 1st 5s NOTex & Min 5s. N Y Cent deb 6s. NYCentriss. New Haven c d New Haven d 4s 57 New Haven 7s.... New Haven 7s fr N Y State Ry-414s NY W & Bos 415, Norfolk & W cn 4s Norfolk & W cv 6s Northern Pac 4 Northn Pacr { 68 Northern Pac 0s. . Northrn Pc 5= ret. O Short L en 5s '46. Cre Short L ref 4 Ore-Wash 1st rf Pennsyl gen bs Tennsyl gen 4 Pennsyl 6% Pennsyl gold Pennsyl con 4 Pere Marq 1st Rapid Tran 6s wi..1 Reading gen 4s... St L IM&S R&G 4s StLIM&S4s'29. StL&SFpl4sA. StL&SFprinbs. StL & S F inc 6s. StL &S F adf 6s. StL&SFpl6sC.. i —te XORD mERMRRE RN 5w~ Seab’d A Lref 4s Seab'd A L ad) bs. Seab'd A L con 6s Sou Pacific cv 4s. Sou Pacific ref 4s Southern Ry 1st 68 Southern Ry gn 4s Southern Ry €%s. Third Ave ref 4 Third Ave ndj b, TolStL & W 4s Union Pac 1st 4s. Union Pac cv 4s. Union Pac ev 6s... Virginia Ry Ist 5s. Wabash 1st 5s.... Wheel & LE cn 4s, Whel &LErf 4% s Wisconsin Cent 4s. TOTAL SALES (Par Value): 1lam.. 2201000 12noon. 4130000 1p.m.. 5929000 2p.m.. LOSSES IN MARKET FROM 1 TO 5 POINTS Closing Heavy—Prices Are Weak- est at Close—Day's Sales Total 840,000. 1 H By the Associated Pre NEW YORK, April 30.—Speculators for the decline forced another reces- sion in prices in today's stock mar- ket. The oil and sugar shares bore the brunt of the attack on a reduc- tion In refined sugar prices and another cut in mid-continent crude. Specialties dropped 1 to 5 points and railroad shares 1 to 4 points. Sales approximated §40,000 shares. The closing was heavy. The mar- ket was under a considerable strain in the late dealings, when prices broke severely in all directions. American Car declined 44 points, Canadian Pacific, Gulf States Steel, Republic Steel, Beechnut Packing and Atlantic Refining 3 to 4 points and Phillips- Jones b points. LIVERPOOL COTTON. LIVERPOOL, April 30.—Cotton spot prices easier. Good middling, fully middling, 15.48; middling. low middling, 15.13; goba ordi- 14.63; oMinary, 14.33. Sales, 6,000 bales, ‘including 4,200 American. Receipts, 6,000 bales, including 800 American. _Futures closed steady May, 14.50; July, 14.30; October, 13.1 December, 12.75; January, 126 March, 12.48. Noon officlal closin April, 14.70 value. BAR SILVER QUOTATIONS. NEW YORK, April 30.—Foreign bar silver, 68%; Mexican dollars, 52%. LONDON, April 30.—Bar _ silver. 33 °3-16 pence per ounce. Money, 1% per cent. Discount rates, short bills, 1%al% per cent; three-month bills, 2 per cent, S TR . VISIBLE GRAIN SUPPLY. NEW YORK, April 30.—The visible supply of American grains shows the following ' changes: Wheat decreased 1,074,000 bushel corn_decreased 2,- 284,000, oats decreased 821,000, rye increased 66,000, and barley decrea: 264,000, FINANC !Grain, Produce and Live Stock LOCAL WHOLESALE MARKET. Eggs—8trictly fresh, selected, can- dled, per dozen, 28; averago recelpts, 26; southern, 26. Live poultry—Roosters, per lb., 17; turkeys, per Ib, 25a35; spring chickens, per 1b., 60; winter chickens, per 1b., 40a50; keats, young, each, 65; fowls, per 1b., 25a26. Dressed poultry — Fresh-killed spring chickens, per 1b., 70a75; win- ter chickens, per Ib., 46a60; hens, per 1b., 30; roosters, per 1b., 19a20; tur- keys, ‘per b, each, 70a80. Live stock—Calves, choice. pe: 1b., 10a11: medium, per 1b, 9a9%: thin, per 1b. 6a7. Lambs, spring, per 1b. 16. Live pigs. 8.00a25.00 each; live hogs, per 1b., 8%. Green fruite—Apples, per bbl, 3.00a 7.50. California oranges, per crate, 5.0026.00; Florida, 5.506.15, Lemons, per box, 4.00a4.50. Grapefruit, . B Strawberries, per qt. 20a80. Vegetables—Fotatoes, per bb 1, 2.0023.00; per sack, 3.003.2 potatoes, Floridw, per __ bbl. a10.00; 'sweet potatoes, North lina, 3.0043.50; nearby, 1.00a3.30. Let- tuce, per crate, southern, 0a! Romalne lettuce, per crate, 1.5022.0 Iceburg lettuce, per crate, 4.00a6.00 Cabbage, southern, 2.00a2.50 per baske Eggplants. per crate, 2.0043.60. Tom: toes, per box, Florida, £.00a4.50. Beans. 042.30 per basket. Peas, 3.00a6.00 per basket. Peppers, per crate, Flor- ida, 1.50a4.00 Kale, per bharrel, Gia 1,00. "Spinach, per barrel, 1.50a2.00. Celery. per crate, Florida, 2.76a3.25. Squash. 2.50a4.00. ' Florida lima_beans, 4.00a5.00 per basket. South Carolina asparagus, 2.00a6.00. 45a50; keats, No. new 5.00 Caro- GRAIN AND PROVISIONS, BALTIMORE, Md.. April 30 (Spe cial). — Potatoes, white, 100 pounds, 1.00a42.00; 150 pounds, 2.00a3.50; new potatoes, barrel, 2.5049.00; bushe 1.003.50; sweets, barrel, 1.25a2.50! bushel, £0a75. Yams, barrél, 1.50a2,00: bushel, 50a75. Asparagus, dozen, 3.00 26.00. 'Beans, bushel, 2.25. Beet hundred, §.00a10.00. bbage, ham- per. 2.00a. tots, hundred, £.00 1a10.00. Celery, crate, 1.50a2.50." Cu- cumbe: crate, 2.50a5.50. Eggplant: . 2.50a4.4 Horseradish, bushel, 43.60. Onions, 100 pounds, 2.00a Spring onions, hundred, 1.25a Peas, bushel, 2.00a4.00. Pepper 024.00. ' Radishes, basket, Spinach, _bushel, 40a6: crate, 2.5023.50. Tomatoe barrel, 3.00a4.0 ; box, 2.00a3.60. Grap 24.00. Oranges, box, awberries, quart, 20a40. Selling Prices at 12:30, Wheat—No. 1 red winter, spot. quotations; No. 2 red winter, 1.41; No. 2 red winter, €pot, no_qu tations; 2 red winter, garlicky, no no_quotations; April, 1.I8. Sales—None. Cern—Cob corm, new, 4.75 per ba: rel; contract. spot. 90% per bushei No. 2 corn, epot, 93%; No. 4, no quo- tations; track corn, yellow, No. 3 or better, 94 per bushel. Sales—None. Oats—White, bushel Sales—None. Oats—White, bushel; No. 3, Rye—Nearby, 2, western export, spot, bushel; No. 3. no_quotations Hay—Receipts, 69 tons; ample re- ceipts for all trade wants from 1 to 21.00 per ton. Straw—No. 1 tangled rye, 16.00; No. 1 wheat, 0413.00; 1 oat, nominal, 14.00a15.00. CHICAGO, April 30 (United States Department of Agriculture) Receipts, 45.000 head; opened steady to 10 cents higher; latér around stead. top, 8.35; bulk, 160 to 225 pound ave; ages, 8.15a8 240 to pound butchers, 7. .10; packing sows mostly 6.40a desirable 110 to 130 pound pigs, 6.50a7.35; blg packers holding back; heavyweight hogs, a8.15; medium, 7.90a8.3 8.35; light light, sows, smiooth, 6. roughs, 6.0045.75; Cattle—Recelpts, steers slow; generally steady; {quality fairly good; water erous: early top long yearling several loads best choice heavies, 9. 210.00; bulk heef steers and yearling: a8.50; moderate quota thin fle light yearlings offered: she-stock stockers and feeders scarce, steady strong; bulls steady to weak; calves quality considered, bulk vealers to packers,’ 8.30, down ward: upward to 10.00° to shippers and small killers; bulk bologna bulls, 25; bulk stockers and feeders, 7s. Sheep—Receipts, 12,000 head; mostly 25c _higher; early top wool lambs, 15.23; best fresh shorn lambs, 12.7 go0d’ 95-pound clippers, 11.00; choi pound shorn yearling wethers, good shorn ewes, 8.0028.10. DAIRY PRODUCTS. BALTIMORE, Md., April 30 (Spe- cial).—Live p young stags, winters, $0ai5; springers, b ghorns, springers, 40ai : small and legho osters, 16a17; ducks, and poor, i fo 5 56 per per bushel. No. 2, 65a5é 54455 per bushel. 8§0a90 per bushel pe: No. 7.00a8.20; 00: packing so' killing pigs, 6. | firsts, Butt 41244 59a1 dairy hern, 2 choice to arby cre: 30.—Selling out on of May contracts who wished to avoid accepting de- livery tomorrow had a bearish influ- ence in the wheat market today dur- ing the early dealings, July and Sep- tember being affected as well as May, Favorable weather for completion of spring_wheat seeding was an add tional bearish factor. Estimates, how- ever, indicating that abandonment of been exceeded only once in the last ten years helped somewhat to steady the market. Obpening prices, which varied from the same as Saturda) finish to half cent lower, with Ma: to 1z cent lower, the corn market After opening % July, 80% to § continued to sag. Oats started unchanged to % cent lower, July, 45% Later, all months showed a loss. Provisions were easler as a result of grain weakness. Announcement that lako vessels had cleared from Chicago today for the first time this season and had taken away from here 1,000,000 bushels of corn gave decided strength to the corn market later. The close was firm, 1% to 1% cents net higher; July, 82%. WHEAT— May Jaiy em y Open Closi 15 o Bept: CORN— Ma; July Beptember Ts— July GETS PREST-AIR RIGHTS. BALTIMORE, April 30.—The fran- chise and_all of the rights to the Maryland Prest-Alr Corporation have Just been acquired by W. H. Stout and assoclates, according to an announce- ment made here. Mr. Stout has in- corporated the company with the state tax commission for $100,000, with no stock for sale, and will in- troduce the company's product here, in southern New Jersey, District of Columbia and a section of Virginia. —_— DRY GOODS MARKET. NEW YORK, April 30 (Special).— The local dry goods market started the week sluggishly. The local raw silk market was fairly active today, with _prices “unchanged except for best No. 1 X, best No. 1 and Kansal 1, these prices being up 5 ts » reagectivelsy young, i 1.38; No. 3 red winter, garlicky, spot, | Hogs— | ils gen- | winter wheat acreage this season had | IAL.” APRIL LEARNGS SHOW SLGHT L0SS Over $51,000,000 Gain for First Four Months of 1923. Financial Notes. BY L A. FLEMING. Bank clearings of the ba < Washington for the month of Apri,, ending today, were $90,707,240, ing a loss of less than $2,000,00 compared with the preceding month, This may be readily accounted by the fact that there are but t days in the month and that were five Sundays in last mon While this is a decreas he parison mentioned, the showing April of 1923, as compared with corresponding month of 1922, is gre: 1y in favor of this ye ing $11,597,000. e current yea $357.2 as compared with 33 584,789 for the corresponding mon of '1822, indicating an increasc business for the last four months $51,651,566. Business at the month bustie bein most everywhere. National Metropolitan Bank. This morning the National ropolitan Bank took possession seven rooms heretofore devoted ces in its building, and have ready installed their bookkeeping d: partment therein and will later tra fer one other department to the ne that the trust the Metropolitan an exte o that there will Lo s Ir cting business. The bank has aiso started a serfcs rd advertising that is competing h the plctures shown by Keith's Bound for Clevelan James C. Dulin, jr., of the Ame: security and Trust Company; aler of the Commercial Nationa Misses Florence M. Willa_and Cat erine M. King of the Riggs onal, T. Hunton Leith of the Secur! vings and Commercial, R. Jesss Chaney of the Commercial and E. J. McQuade of the Liberty National Bank are among the elected delegates to attend the national convention of the American Institute of Banking ut Cleveland who have signified ti intention of attending. Loeal Securities Neglected. It was the dullest day of all the ew Year on the local stock market; Indeed, the exchange mig! just as well have called it a hollday So far as the business transacted was concerned. Imagine a record of ten shares cf Capital Traction at $9%; twenty shares of Lanston at 77%, $500 Pot mac refunding 7s at 107, and Sl Potomtc general 6s at 100. That's all. Railway comMon was offered ut 67% without bidders; indeed, 67 was the best bid made. If ever there w: a discounted dividend Railway !tribution on its commeon st one. Mt. Plessant B. & L. Election. Following is the result of the annual | election_of the Mount Pleasant Build: {ing and Loan Assoclation: Dr. Seneca B. Bain, president; Georgs T. Harrell, vice president; Charles T. (&) secretary; G. Carroll Dimond, t secreta V. Speel- man, _treasurer, collector. ors—Dr. Seneca B . Clayton, Harley V pee’ Paul F. Grove, Robbin and W Dimond, Frederick J. Ford, Oliver W Locke, u Francls blood, Hobart and James V. The new headquarters of the ass ciation is at 3014 Fourteentn strect Stockholders Hard Hit. areholders in the Cleveland Dis- count Company were hard hit in the dis: er that brought the corporation into receivership. The company i said to have been very active, said to be the second largest mortgage company in the United States. Recelvership dated February 2! after the attempt to reorganize fo lowing the withdrawal of Josiah <irby, formerly president of the co: pany, and Gage E. Tarbell. former a vice president of the Equitable Life Insurance Company. Mr. Gage Was an important cog_in the wheel, being Ihl harge of the New York office and having direction of of securitics is now olders will Jose about $7,000,000 « of their investment of § | Bondholders may not be heav i the selling ¢ e unlisted at Cleveland at Comment by Reserve Board. Rapid expansion of credit dema: and industrial production were noteu in a formal statement of the Federal Reserve Board last night, reviewing April conditions, with the warning that “a continuance of this credit demand must soon result in increased borrowings by banks which are mem- Dbers of the federal reserve eystem and of the federal reserve banks.” In its discussion of the expa production, the board declar { stantial” increase in the demand for currency is in prospect if the rapli growth of pay roll amounts continues as it has since the middle of 1922, hould more currency be needed, ths board ad nks will_ seels greater accommodation from the re- serve banks to secure additional curs renc: “The present lending capacity of the country’s banking em, in view of the great growth of the reserves at the reserve " the statement says, “Is now far in excess of tha credit needs of the country's produc- tive capacity. 1In such a situation i is the available supplies of labor and equipment and not the potentiul sups ply of credit that in the end must iy the limit which may be attained by aggregate mnational production. Ag these limits are approached credif policy must be increasingly influenced by careful consideration of the cons tinued effectiveness of further addi. tions to the total volume of credit contributing to increased proguc oy - SHORT TERM SECURITIES. (Quotations furnished by Redmona & Co.) —~—Noon—s Bia. Offer, ‘Aluminum Co. of Amer. American American ‘American | American | Anuconda : Anaconda { Anglo-American Ol 7148 i: Asso. Simmous Hdw. s 1925 Bell. Tel. of Canada Rethlehem Steel 78 1 e T Genteal Leather oo 1623 LR X D AR T Clcago, Te1- 8 1020 Du Pont . o0 s Aluminum Co. of Amer. Kansas City Term. 6s 1923. Kennecott Copper 7s 1980, Libby, McNeil & Libby 7s 1881, M., 8t. P. & 8. 8. M. 614s 1081 Morris' & Co. T3s 1980. Standard Oll of Calif. T Tidewater Oil 6lgs 1981, Union Tank Car 7s 1830, U. §. Rubber 7l4s 1980, Western Unton $34s 1986, .. * Westingho &ML 75 1931, L