Evening Star Newspaper, May 7, 1923, Page 22

FIN IN STOCK LIST Bears Pound Prices Down Again Today in New . Selling Drive. BY STUART P. Fpecial Dispateh to The Star. NEW YORK, May 7.—Violent at- operators for the decline, b further liquidation s who either had to sell or were frightened out by the simple velocity of the recent decline, were he two chief characteristics of the stock market today. New low price were reached all through the list, although the lotses were greatest, naturally, in some of the industrial specialties which had been bid up so extravagantly during the winter bull campaign. Stewart Warner Off 45 Pointx. One of these was Stewart Warner, which opened down 9 points and Ywus oft altogether some 45 points from its top. Another was Stromberg Carburetor, in which speculation for the rise'two months had gone to ex- tremes. Kelly-Springfield broke be- Tow 50, and United States Rubber was off almost as much. tnese beinz two other favorites in the advance of two and three months a ugar stocks startc WEST. in higher in to the recovery in Cuban raw sugar, but could mnot hold out against the pressure in other dire tions. The oils, from the outset, with great irregularity. It w sidered significant that stoc! directly representing the ndard Ofl interests, which had been the leaders of the decline following the first price cuts, were comparatively steady even while selling was heavi- est. These stocks were Standard of California and the new Standard Oil of New Jersey. Rail Stocks Hold Better. Railway shares as a rule did not suffer like the industrials. A further disturbing incident was Injected into the market situation by a flood of letters, accompanied by spurious certified checks on out-of- town banks and connectio tions to buy certain stocks at the opening. Only’a few houses were taken in by this hoaX, but the execu- tion of their orders had a curious effect. There was no intelligent explana- tion to he given on the grounds of outside business changes or revision of estimates regarding company earn- ings for the resumption of the selling movement on the stock exchange to- day after the pause of Friday after- noon. Again today the stock exchange ented the feature of all the mar- Prices went down for a while ply. especially in the in- 1 favorites of the recent specu- moved s con- most institu- pro Kets. very dustr lation Margin Traders Helpless. The principal reason for the break n stocks lay in conditions within the market itself. An average decline of nearly 12 points in less than four weeks means an enormous strain upon the speculative structure. The spectacle of prices going stead- ily down without semblance of a rally at length undermines the moral of ‘people carrying stocks on bor- rowed money. Becoming demoralized, they throw over their holdings for whatever these will bring. At the same time the selling volume s swelled by what is termed “forced liquidation,” meaning by this selling that has to be done because specula- tive holders are either unable or un- willing to put up more margin. Tt was liquidation of these two sorts, plus a great deal of short sell- ing which produced the weakness in the market today. Cotton Alxo Breaks. Another severe break occurred in the eotton market. but here it is not so much a question of overspeculation as of the curtailing of mill demands while a better line the season’s probable supply. Sterling exchange went to a new lew for the year, reflecting prepara- tions for meeting the next interest installment on the British war debt. At $4.62 it was off over 10 cents the pound from the high of February. The rush of selling increased as the day went on. Here and there in individual stocks signs of resistance appeared. The-selling wave engulfed practically the entire list, and prices wept downward 2, 3 and 5 Steel Breaks Helow Par. was shortly before 2 o'clock that United States Steel common broke —a notable achievement from the bear standpoint for its effcet upon | sentiment. Independent steel shares were equally weak. Baldwin Locomotive and Stude- baker were consistent s is belng obtained upon | in § ANCIAL. | i Adams Express. Adv Rumley.... Alr Reductfon. . Ajax Rubber.... Allied Chem Allls Chalmers. . Allis Chalm pf. . Am Bank Note.. Am Beet Sugar. Am Bosch. ... Am Brake Shoe. }AmCan.... Am Car & Fay. Am Chain A Am Chicle Co. .. Am Cotton OIl. . Am Cot Oll pf. Am Druggist. | Am Express Am H & Leath. . Am H & Lea pf.. Am Tce. Am Internat'l Am Linseed. Am Linseed pf.. Am Locomo. .. .. Am Metals Am Radlator. Am Roll Mill pf. Am Safe Razor.. Am Ship&Com. . Am Smelting. Am Steel Fdy. Am Stl Fdy pf. Am Sugar...... Am Tel & Telg.. Am Tobaceo. ... Am Tobac (B). . Am Tob pf (n).. Am Water Wks. Am WWk7% pt. Am Wonlen. Am Writ Prpf. Am Zinc&Lead. . Am Zinc&Ld pt. Anaconda. ..... Ann Arhor pf. Asg0 D Goods. .. | Assoclated Oll. . { Atchison....... Atchison pf Atlan Cst Line.. Atlantic Fruit.. Atlantic Gulf... At1 Gulf pt. Austin Nichols. Auto Knitter... Auto Sales. Paldwin Loco \lto & Ohlo. alto&Ohio nf.. Rarnesdall (A). Barnesdall (B). I Ratopilas Min. Bayuk Bros Reechnut Pack. Bethi Steel....... ‘Reth St1 7%(n). Booth Fish. . | Br Emsti2d pf.. Bklyn Edison RLlyn Rap Tra. BKlyn R T ctfs.. |BRT warrants. #klyn UnGas. .. Brown Shoe. ... ! Burns Bros (A). Burns Bros (B). Rutte Copper. .. Butte & Super.. Butterick Caddo Oil. Calif Pack. Callf Petrol Calif Petrol pf. . Callahan Zinc. . Canad’n Pac.... Central Leath. . Cent Leath pf... Century RibMills Cerro de Pasco. Chandler Mot Chesap & Ohio. . Ches & O pf wl. Chi & Alton pf.. Chi Grt West. Chi & Fast 111 Chi& ETpS... {ChiGreat W pt. Chi Mil & St P. { Chi MI1&StP pt. Chi & Northwn. Chi Pneu Tool. . ChiR1& Pac... Chi RT &P6%pr. Chi RI&P 7% pf. Chile Copper-. ... | Chino Copper. i Cluett Peabody. { Cluett&Peby pf. Coca-Cola Colo Fuel.. Colo & South. . Columbia Gas { Columbia Gas wl Com Solv A. Columb’a Grap. Comp Tabulat.. Conley T Foil. .. Cons Cigar..... Con Gas new. Cons Textile. ... ContCan....... Cont Insurance. Continental Mo. Corn Products. . Cosden & Co.... Cosden pf. . Crucible Steel. . Crucible Stl pf.. Cuban-Am Sug. Cub Am Sug pf. Cub Cane Sug. ... Cuba Cane S p! Cuban Dom’can. Cuyamel Fruit.. Davidson Chem. De Beers 5 Open. T 13 68 124 0% 43 93 81 39 42 5 88% 168% 23 8% 12% 101% 744 30 35% 104 35 28 1% 2% 15 28% 63% 104 484 96 9 129% 47 27% 26% High. 7 13 66 12% 0% 43 93 81 39% 42 75 88% 168% 23 8% 12% 24% 5% 118 9 627 96% 2614 27% 48% Tow. 1 13 65 12 68% 42 93 81 364% 87 THE EVENING ,STAR, WASHINGTON, D. C;, MONDAY, MAY Clone. | n 13 65 12 69 42% 93 81 36% 38 2% 87 Jewel Tea (Jewel Tea pf. Jones Tea. Kansas & Kansas City S. Kansas C So pf. Kayser (Julius) | Kayser (J) pt. Kelly-Spr Tire. Kelly-Spr 8% pf. Kelsey Wheel. Kennecott. Keystone Tire. Laclede Gas. ... Lee T & Rubber. Lehigh Valley. . Lig & Myers pf. Lima Locomo. Loews Inc Loft Inc . Loose-Wiles. . Lorillard (P)... Louls & Nash. .. iMack Trucks. .. Mack Trucks 1st. Macy Co..... | Maema Copper. Mallison & Co. ‘Manat! Sugar. Manhat El Sup Man El inv guar. Manhat Shirt. .. Market St R 24 Market St prior. Marland Ofl. Martin-Parry. Mathison Alki Maxwell (A). Maxwell (B). Mayv Dp Stores. MeTntvre Por . Mex Seaboard . i Mex Seabd ctfs Miami Copper. . iddle St O11. Midvale Steel MoK & T (new). MKART nf clA (n) Mo Pacific. Vo Pacific pf . Montana Pow. Montg'v W'rd. Woon Motors. Maother Lode. . Mullins Body. \ash Motors. Yatl Acme. Nat.Riscult wi.. i 1 Dent Stores. atl Dont Sto pf. at] Fnamel atl Enamel pf. Nat] Tead. .. Natl Lead nf.. | Natl Ry of M 24. Yevada Conner. N Or Tex&Mex.. N Y Alr Brake. . NY Alr Brk(A) \'¥ Central N Y Dock.. NYNH&Har! Norf & West. North Amer. North Am pf. Yorth Pacific Nov Scot Steel. Ontario Silver. . Orpheum Cir Otis Owe! Pacific Develop Pacific G & El.. Pacific Ofl.. ... Packard Motor. | Pan-Am Pete. .. Pan-Am P (B) Panhandle. . Penn Coal & C'lce Pennsylvania. .. 5 | Penn Seabd Stl. 203 | People's Gas. ... 575 | Pore Marquette. 11, | Pere Mara pf... 20" | Pere Mrq prpf 34% | Philadalnhin 7615 | Philip Morris. 79 | Phillins Pete. 28y, | Phoenix Hosie 7Ty | PlercesArrow. 86y Pierce-Arpf. 27 | Pierce-Ar pri. S| picree ol Pierce Ol pt. H Pitts Coal. . 1 Pitts & W Va | Postum*Cereal | Pressed stl Car. Produc & Ref. Prod & Ref pf. Pub Service. Pub Serv pf. 713 | Pub Serv (new). 15 | Pullman Co 281 | Punta Aleg: 613 | Pure OIl i Rap Tr 8% | RapTr Sec pt 128% | Ry Con Cop. 46% | Reading. - 100 | Reading 1st pf €8 | Reis Robert. 90 | Reminzton 81% | Replogle Steel 98 |peplIr & Steel. 14% | Rep Ir & Stl pt 51 | Reynolds Spr 8 |Rey Tobac (B) 62% | Rey Tob pf B 254 | Royal Dutch. 26% | St Joseph Lead. . Cloak&Spf. . NY O& Western.' Open. High. 20%, [ 57% 1% 19% 525 344 98 52 100 100% 394 % 80 27 62y 113% 668 17% 8t 50 158 86% 81% 94 63 31% 34 67 52 428 464 a2 721 44 344 L 50 48% 17% 7% 19% 120% 111 an 14% o 111 o 131 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Low.” Close. 20 68 57 1 19 b1 32 98 19 100 95% 37% % 80 27 613 1134 20% [ ) 67 1% 19 51 82% 98 49% 100 96 38 6% 80 27 61% 113% 65 17 B 49 158 86 81 4 62 {to purchases in the open market for | tional | dispute between the bondholders and INTEREST CENTERS | N U. . FIVACING Bond Market Considers Rate Favorable—Today’s Price Quotations. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, May 7.—Interest in today’s bond market centered In the effect on prices of the announcement by the government of the terms of the new financing. The news was re- garded as favorable in -that the amount asked was below previous ex- pectations and that the condition of the Treasury as summarized by Sec- retary Mellon was so strong. “The 4% per cent coupon, however, brings the new offering into direct competition with the old libertys, particularly the third 4%s. The laf- ter mature in September, 1928, only eighteen months later than the new offering. At the closing price on Saturd the yield of the third 4%s was 4.53 per cent, or almost 1 per ceat less than the new notes. It was natural, therefore, to expect a sharp decline ‘In the quotation for the old issue. ‘The price was, indeed, substantially lower, and the fact that the loss was no greater was ascribed | the account of the government. All the outstanding issues went lower | toduy, Including the tax exempt 318 | mark. the yield on the new bonds. Aside from United States govern- ment obligations there was no great hangze in quotations. Trading was on { scale. High-grade rails S were firm. Such bonds tchison General 4s, Louisville and | hville unified 4s and United States sinking fund s scoring frac- dvances. S Reading gencral 4s increased their recent gains. equaling the high for the vear. This, however, was prob- | ably in respons. to the report that compromise might be reached in the { those who formulated the modified segregation plan, whereby some cash | ment may be' allowed in compen- ion for the damage which the | ndholders contend they will suffer. The c expected to come up in court hiladclphia on Thursday next. Speculative rafls were irregu- ar. but mostly lower. The foreixn list was very quiet, but not weak. French bonds did not hare the reaction shown in Frane xchange. !lapsed sharply in today's market, and i throughout the 1la 1 la PRIGESCOLLASE N STOCK MARKET New Lows for Year—Sales 1,460,000 Shares—Losses p One to Five Points. i By the As; ' W ciated P YORK T —Prices col- | most of the active issues dropped to new low levels for the year. The| widespread circulation of l'mudulenL! nd buying orders, the rela- tively high interest rates on the latest | government issue of Treasury notes, | the ment of a conference on | securities by the La Follette group in! Congress and the violent declin=s in the grain and cotton markets were | seised by short interests as excuses for hammering the list. Losscs of 1 to 5 points were common | throughout the day. Sales approxi- mated 1,400,000 share: The closing w he: tionary tendency of pr anrounc The reac- s continued te dealings. United { States Steel common broke par for the first time this year, Stromberg Carburetor dropped nearly 10 points, | Du Pont § and Beechnut 5%. In the t few minutes extensive short cov. erings rallied, many of the leaders a point or more. i EXPORTS OF GRAIN | SHOW AN INCREASE | European Countries Larger Takers | Duquesne Light 6s 1923. [~ vor BONDS oo vxomve | Received by Private Wjre TBales are 1n $1,000) UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 101-1 means 1011-32.) Sales. High. Low. Close. 437 1017 101-3 101-7 1 97-18 97-18 97-18 55 97-24 97-15 97-15 733 97-23 97-16 97-17 5885 98-20 98-10 98-14 Lib4th4%s.. 661 97-30 97-18 97-20 Victory 4%s.. 14 100-1 100 100-1 US4Ks1962. 149 99-8 99-5 99-7 7 FOREIGN. Sales. High. 102% 10114 96% 101% 111% 90 80% 3% 984 1013 100 101% 100 99% 104 5 fo2s 104% 45 109% 9115 9 10915 97% 91% 961 95% Lib 3%s Lib 24 4. Lib 3d 4%s Close. 102% 101 96% 101% Lovw. 102% 100% 96% 101 111% 89% Argentine 7s Belgiim 7%s. . Belgium 6s. ... Belgium 8s. Bern 8s Bolivia 8 Bordeaux Brazil 7s Rrazil 8s Brazil 7 Canada 5s Canada 5%s 1 Canada b8 1931. Canaia 551952, Chile 35 1946 Chile s 1926. Chile 831941, ... Chinese Gov Ry §s Christiania 8s Copenhagen 5%s szchoulovakia 8s. Denmark 8s s Denmark 6s... Dutch E 15t : Dutch East T 654 Duteh East I 6s '62 Framerican 7%s French Govt 8s *rench Govt 718 Halti 6= ctfs. Holland-Amer 6s. Japanese 1st 4 t%s. Tapanese 2 418 Japanese 4s Terzen U M Gs Lyons 6s . Marsellles 63. Mexleo 5s. Mexico 5s large Mexico 4s. . Montevideo 7s. Netherlands 6: Norway 8s Norway 6s Parl. 3 2 3% 811y £215 8074 £015 BT 19— SumB33aRcd Queensland 7s. Queensland 6s. Rio de Jan 8s 194; Rio de Jan 88 194 Rio Gr Do Sul 8s. . 840 Paulo.City,8s. . 6 Sao Paulo.State.8s. 4 eine. Dept of. 7s. 105 Serbs Crotes Slo $s Solssons 6s Sweden 6s. . Swiss Confed 8s Tokio 5s... . U'd Kingm 515 29 Ud Kingm 5155 '37 45 Ud Steam Copen 63 11 Uruguay 8s L Zurich Ss. MISCELLANEOUS. Ajax Rubber8s. . 2 98 Am Agr Chem 7163 13 102 Am Smlt&R 18t 55. 13 Am Sugar Ref 6s.. 41 AmT& Tev bs. .. 12 AmT&Teltrin.. 6 AmT& Teltris.. 14 Anaconda cv db 7s 131 Anaconda 1st 6s.... 41 Armour & Co 4%s. 4 Atlantic Refin 5s.. 3 Barnsdall s f 8= Rell Tel Pa 5s rets Beth Steel pm 5s.. Beth Steel s £ 6s... PkIvn Edison 7s D Blklvn Ed gen 5 Eush T Bldg 5= Central Leather Cerro de Pasco 8s. Chile Conner 6s. Cin G & E 51562 Commonyth I’ 6s, Con Coal Md 1st 58 Cuban-Am Sug 8s. Cuba Cane cv d §s. Dery (DG) Ts..... Det Edison ref 6a Du Pontde N Duquesne Lt 7 2 a8 102 8T 101% e PO s 2 107 934 73 SR-abhiwe E Cubs mpir 923 wiSom F&G T 92% | Direct to The Star Office. RAILROADS. Sales. High.’ Atchison gen 4s... 58 86% Atchison adj 4s 1 9% AtlanticCL1st4s 3 B&Oprin3ys, 8 B & O gold 4s 10 B&O6s.. B&Ocv4ys B& Oref b8 .8 B&O PLE&WV 4s. 8 B& OSW div3Ys. 26 B & O Toledo 4. Bklyn R T 4s 2002, Bklyn R T 5s ctfs. BKIyn RT 78°21..., BKIRT 7821 ct. BKI RT 7521 ct st. 16 Buff R&Pitt 4%s.. 7 Canadian North 7s 17 Canad North@%s. 14 Canad Pac deb 4s.. 14 Central Pacific4s. 2 Ches & Ohlo cv 5s. 1 Ches & Ocv 41 Ches & O gn 4%s Chl & Alton 3s. . Chi & Alton 3%4s Chi B&Q =n 4s'58. Chi & E Tl gn 58 Chi Great West 4s. C M & Puget Sd 4s. ChiM&S Prf 41y Chl M&St Pev bs.. 31 Ch) M&SteP 45°25. 19 Chi M&S Pcv4ls. 24 Chi M&St P 4s'34. 10 CMA&StPgn4ls 7 Chi& NW 7 Chi Rys &y {ChiRT& Pac'rfds 24 {Chi Un Sta {Chi Un Sta 2 {Th1 & W Ind cn 8 Chi & W Ind 735s.. {COCRSET, rf 63 AL, lcoca st s, {Cleve Term 5135 Low. Glose. 86 86% 9% 9% 8 8 95% 95% 76 7% 7% 100% 100% 100% 8% 8% 8% 81% 81 81 74 3% 74 94 93% 93% 62% 62% 62% 62% 62% 62% 6% 76% 75% 92 92 92 91% 91% 91% 87% 8T% 87% 88 87% 87% 113% 113 113 112% 112% 112% 8% T % B4, E4ls 88 88 86% 86% 824 82% B1% b1% 26% 26% 84% 85 9%, 79% 50% 50% 62% 62% 58% b68% 65 65% 80 64 71 80 106 81% 7% - T BRY 113% 71 102 . 4 1007 91% 103 3 | Colo & Sou 41s. i Del & Ha 1st of 4 | Pel & Hudson 51 | Den&Rio G con 43. D&RGIstrf 58 Det United 4135, Frie 1st con 4s. . | 0% | FErie con ext i 8215 i | Gr Prunk s db 65 | Grand Trunk 7. | Gr North gen 73 | Gr North gen 515 i {Hud & Man ref 5s | Hod & Man aj {11 Central ref 43 {11 Ceantral 515 {Int Rap Tran | Int R Transit 7s lint & G Noraj6s. | fowa Central rf 43 ash 7s Louis & Nash 5 Manhat Ry cn 4s.. Market St cn 5 MK & T prIn 5 IMK&T4sB.. MK&T6sC.. 5s. | Mo Pacific gn 4s | Montrl Tm 1s 1 Nassau E Ry 4s INYCentriss. ! New Havencd New Haven 7s.. NY W & Bos 413 Narfolk & W cn 4s i Norfolk & W cv 6s Northern Pac 3s. I Northn Pacri6s Northern Pac 3s.. | Northrn Pe 3¢ ret. | Cre Short Lref 4s. | Pere Mrq 1st 4s +, | Rapid Tran 6s wi.. Goodrich 6143 Coodyear 8s 1931. Goodyear 8s 1941 i Humble O&R 51¢s. Indiana Steel 10014 Inc Mer Marine 6s. Int Paper 1st 5s A, Julius Kayser 7 Keliy-Spring 8: Lackawa S 55 '50 Ligg2tt & Myer: Marma Cop cv Manat! Sug sf { Marland Of1 Marland O 712 Marland Oil 8s w .. Mexican Petrol $s. Mich St Tel 1st 5s. Midvale Steel 55 Montana Power 5: Morris&Co 1st 4 New Eng Tel 5s. N Y Edsn 1st 613s. N Y Tel 65 '41 834, § e i Reading gen 45 RIAtKk & L 475 St L 1M&S R&G 4 {StL&SFplasa. StL &S Fprin5s. {StL &S Fincé StL&SF adj 6 |stL&sFpi6sC.. S W 1st 4s. . | Seab'd A L'ts sta. Seab'd A Lref 4s Seab'd A L adJ 5: Seab’'d A L con 6s. Sou Pacific cv 4. Sou Pacific ref 4s. . *| Southern Ry 1st Southern Ry gn 4s 19 uthern Ry 61 i Third Ave adj 5s { Cnion Vac 1st 4s ! Union Pac 1st ri 4s 18 Union Pac cv 6s... rainia Ry 1st bs. 1021 937 FINANCI AL. Grain, Produce and Live Stock LOCAL WHOLESALE MARKET. A steady increase of perishable footstuffs is expected the next three weeks in order that dealers will have ample supplies for the thousands of visitors who will be here during Shrine week. Dealers are certain they will be able to meet all demands and have something left when the vistors have departed. Market prices on most commodities this morning were about what they were at the close of last week's market. It is probable that the butter mar- ket will show a further weakening this week. The egg market remains firm, however, with prices the same as last week. Warm weather has increased the supplies of green vegetables from nearby. Eggs—strictly fresh, selected, can- dled, per dozen, 28; hennery, 30a32; (R¥oiase recelyte 367 soutnemn; 26, ive poultry—Roosters. per 1b., 17 urklys, per. Wb 25a30; . spring chickens, per Ib., 50a60; winter chickens, per 1b., 40; keats, young, each, 65 fowls, per Ib., 30. Dressed 'poultry — Fresh-killed spring chickens, per 1h.,, 70a75; win- ter chickens, per Ib., 45a50; hens, per 1b., 32a33; roosters, per Ib, 20a2l; tur- keys, per b, 40ad5; keats, Young. each, 70asn. “ ve stock—Calves, cholce. pe: 1b. 10a11; med{um, per 1b. 9a9%: thin. per 1b. 6a7. Lambs, spring, per Ib. 16. Live pigs. 3.00a5.00 each; live hogs, per Ib., Green fruits—Apples, per bbl., 3.00a 7.50. _California oranges, per crate, 5.00a6.90; Florida, 5.50a6.75. ! per box, 4.00a4.50. Grapefru 5.00. Strawberries, per qt., 18a Vegetables—Potatoes, per b 2.00a2.50; per sack, ' 2.25a2. Florida, per bbl, 7.50a potatoes. North Caro- ; nearby, 1.00a3.50. Let- per crate, southern, 1.50a3.00; Romaine lettuce, per crate, 1.50a2.00: iceburg lettuce, per crate, 4.0026.00. Cabbage, southern, 2.00a2.50 per basket. Egzgplants. per_crate, 2.00a3.50. Toma- toes. per box, Florida, 2.00a5.00. Beans. 2.0023.50 per _basket. Peas, 2.0026.00 per basket. Peppers, per crate. Flor- i Kale, per barrel, 1.00a : per’ barrel, 2.00a2.50. Celery, per crate, Florida, Squash. 2.50a4.00. Florida lima beans, 4.00a5.00 per basket. South Carolina asparagus, 2.00a5.00. GRAIN AND PROVISIONS, BALTIMORE, Md., May 7 (Special) Potatoes. white, 100 pounds, 75a 1.75; 150 pounds, 1.50a3.00: new po- tatoes, barrel, 3.0028.00; 2.50a6.50. Sweets, barrel. bushel. 40a60. Yams, barrel, 50; bushel, 10a60. a4.00. Beans, bushel. Beets, hundred. 5.00a8.00. hamper, 1.50a2.00. Carrots, 5.00a6.00. Celery, crate, Cucumbers, crate, 3.00a5.00. crate. 2.5024.00. Kale, bushel. 405 | Lettuce, basket. 1.50a3.00. Onions. 100 pounds, 2.00a4.50. Spring onions, hu dred, 1.25a1.65. Peas, ba 4.00. aPeppers, crat ishes, bushel, 1. 7 e | bushel. 75a90." Squash. crate. 50. Tomatoes. crate, 2.00a4 Apples. packed, barrel, bushel, 1.00a2.00; box apples. 2.00a Grapefruit, box, 2.50a4. or- .00a6.50. ~ Strawberries, Pineapples, crate, 4.50a 1.2522.0 1.25a 1.00a2.50. Cabbag: hundred, Eggplant i 4 1.50a Linges, | aure 5.50. Selling Prices at Wheat—No. 1 red winter, spot. no | ouotations; No. 2 red winter, spot, {1.35%; 3 red winter, spot, nol quotation: 0. 2 red winter, gar- tichy, 1.32 0. 3 red winte licky, spot, no quotations; May, es—None. ‘orn—Cob corn, new, 4.7 per bar- rel; contract, spot, 88% per bushel; No. 2 corn, spot, 91%; No. 4, no uu.,.{ tations; track corn, yellow, No. 3 or better, 94 per bushel. Sales— None Oats—White, No. 2, 0. 3, §4. per bushel. Kye—Nearhy, 80a90 per bushel {2, \vestern export, spot, { Vushel; no_quotation: Hay—Receipts, 53 tons: ample re- ceipts for all trade wants from 17 00 to 21.00 per ton. raw—No. 1 tangled 15.00a | 0. 1 wheat, 12.50a13.00; No. 1| nominal, 14.00a15.00. ; DAIRY PRODUCTS, i BALTIMORE. Md., May 7 (Special). | oultry—Live young stags, pound, | 25; winters, 40ad45; Springs, 50ab small and leghorns, 40a46; old hen 7a20; small and leghorns, 26: old | roosters, ducks, 25a2! small d"l‘{ | poor, 2: pigeons, pair, 40; guinea | { fowl. each. 40a60. { Eggs—Loss off. native and nearby | firsts. dozen, 26: southern. 24a { Butter—Creamery, choice to fanc: 4la44; prints, 44a46; nearby creamery, | 39240; 1olls, 32a35; store packed, 3 dairy prints. 32a35. £ .32 55 per bushel No. per T }16.0 ozt, TODAY'S CHIC CHICAGO, May 7.—Per: dating sales by bearish effect on ent liqul- | small_holders® had a | the wheat market to- i duy during the early dealings. De- ines, however, were minimized in | view of the fact that Liverpool quo- | tations continued to show relative { strength. Smallness of world Ship- mients to Great Britain reported as a bullish factor at Liverpool. cago_opening prices, with July 1 ! to 1.17 and September 1.15%: to 1.15%. | were followed by slight gains in some | cases, and then by a setback all around | to well below Saturday’s finish. 1 3.00a4.50. | 150 pounds, | i Asparagus. dozen. | i | | Washington Savinss ! manager of th | decizions marked it up to {fract { market, 12 GO PRICES, | Preliming SUGCESS OF SALE GAS S UNEXPELTE Popularity of Company Dem. onstrated—oOfficers Con- gratulated. BY I A. FLEMING. Washington bankers are loud in thei) | congratulations to the Washinzton Gat Company and its officials over the suc. cessful sale of the company’s 6 per cen bonds. Up to noon today over $3.000.000 o the total of $4,000,000 offercd had beet taken by investors at par, net to thy company, and it is probable that befor the sale closes at 5 o'clock this after. noon there will not be much over 000 left for the underwriting syndicatu the National City Co. and Harris Forbes & C: This is the first record in Washingtot of direct sale by a public utility corpo ration of its bonds direct to investors and without one cent of commission o concession in price Company officials expected that s maximum of $2,000.000 bonds might sold to the public, but plac amount as th. maximum. then, to say that with' the : their efforts their estin The W. pany may in this suc on it holds in the people of the D by the diplomac Howard Reeside, its p It is alxo a fact t of the sale may be tuke dication that the people of W ton have come to the our local public nds are ju anythin have faith It also d tion that the ility s mood i offered and that onstrates hevond « buyers of Was| Gas 68 are not hostile to that utilit and will not be found Ined up w those who are continually ursi Tower rates stocks s they it citizen: en, wom ple. buying good ce of seeking some questionable that do not need to here. per cel to get Tich promotion- be menti Personal Menti William M. Phe Nt of the and Mrs Ihelan are spend a nmnt Mount Clemens, Mich., where 3 Phelan is taking the baths. On 1 return the banker will vigit brother, James B. Phelan, vice pre dent of the Punxeutawney Natio Bank of Punxeutawney, Pi ank H. Hall has been appointed office of Gralary Hibbs building Buying. an, presi Parsons & C Invesyment There wa ble investmen ying on the stock exchange evidenced in the small lots, but it hu Imarked a decided improvement in the security busin Two ten-shar mon sold at on this stoc of Railw. y rking the new low since the Supreme Cour( 72 and a . the decline having been ac. shed with ual lowering o1 prefe shares were ste Capital Tract he present at ngton Gas wa a little firmer ston also a witk t 78, There was no change 71: notes, 1 little better, the boné Potomac General 6s 100 Look for Biz Sale. Bankers 1 tion to_the cents. The 4% par with holder slight premiumn: Bankers are takin of the new issue and recommen it to their customers. At 4% per ¢ the issue is i better revenue producet than a 5 or 5% per cent bond or stock investment it“is free of the int gible tax and also of the normal ir come tax assessment. The condition of the the United States is v and gives every assurance that ths of the government will ith a fat surplus and not the {expected deficit Beg Your Pardon. y announcement of opening of the uptown office of the and Trust Com- pany, in the ge build- ing, named t 1s the opening day The additicnal office will be opencd for business Monday, the 14th instant subserip 43, per elling ai sking 2 large amoun! freasury ol stactory American Secu Market Flashes at Today’s Close southern R P i sale and so were the oil stock. | losses in this group ran from 2 over 4 points, with greatest weakness | in California Petroleum and Phillips | Petroleum. Railway shares, after early steadi- ness, Joined in'the general route. At their lows of the afternoon Union 110% 116 42 % 141 . 107% Del & Hudson. D Lack & Wstn. Dome Mines. ... DuSS & Alt pf. Dupont (ED. Eastman Kod. 109 'St L&San Sran 114% { St L Southwn 40% St L South pf. 4% vage Arms 134% | Schulte Stores. 106% | Seaboard Air L. Dbash 1st 5s. [ Wabash 2 Western Md 4s. ... Western Pacific 5 Wheel & L E cn 4s 591 Whel &LE rf 4135, 1 49% 941 8414 6015 Corn and oats receded with wheat, | tarnings bettere After opening unchanged to half cent jtive forecast of §1 higher, July 7815 to 78%, the corn mar- | 624. owing to un; ket underwent a materiil decline, | showing of fourth week. Oats started % cent off to half cent | €arnings on common for first thres up, Jul 44 to 44%, hardened a lrlfle-‘“llrnlhs after a Year's preferred divi- and then declines for all deliveries. 1 N Y Tel 65 '49 iNYTeldizs N Am Edison 6s. N States Pow 5s. Northwst B Tel 7s. teel T1zs. During Past Week. The Totals. 2] Exports of grain from the United and Pacific, Baltimore and Ohio, RReading, Northern Pacific and Great Northern preferred were off 2 points. ¢ EX-GOV. ALLEN READY TO ANSWER INDICTMENT His Counsel Is Sure There Is No Infraction of Law in Cop- per Case. By the Associated Press. BOSTON, May 7.—Former Lieut. G William R. Allen of Montana will come here to answer the indict- ment charging him with conspiring to defraud the Boston and Montana corporation, a_copper mining pro- ject. Thomas I. Hogan, his counsel, announced today. Mr. Hogan added that in a two-day conference at Chi- cago Mr. Allen convinced him that he had been guilty of no infraction of the law and that “except for a nomi- nal salary from the Allen, Slack Co., which he never drew in ful, not one dollar was received or made by him, directly or indirectly, from or through any of the Montana rompanies or their activities B FOREIGN EXCHANGE. May 7, 1923—11:45 a.m, fondon, pound. Montreal, dollar. Parie, franc. Brussels, fran Berlin, mark. Rome," lira. Zurich, franc.. Athens, drach Rudapest, crows Prague, crow Warsaw, ma openhagen, Christiania, crown.. Stockholm, erown. . By the Associated Press. NEW YORK, May changes irregular. Quotations (in U. S. dollars): (ireat Britain, demand, 4.61%; cables, 4.62; sixty-day bijls on banks, 4.60%. France, demand, .0660% ; cables, .0661. Italy, demand, .0486%: cables, ~ .0487. Belglum, 'demand, [057034; cables, .0571. Germany, de- mand, .000027%; cables, .000027%. Holland, demand, .3912; cabies, .3915. Jorway, demand, .1700; Sweden, de- inand, .2662; Denmark, demand, .1860; Switzerland, demand, .1803; Spain, de- mand,, .1523; Greece, demand, .0140; Poland, demand, .000021; Czechoslova- Wia, demand, .0207%; Argentina, de- mund, -3637: Brazil, demand, .1065; Montreal, .98 1-18. —Foreign ex- Elec Stor Bat. .. Elk Horn Coal. . Endicott-John.. Excharge Buff. Famous Play. .. | Famous Play pf Fif Av Bus wi Fisher B of O pt. Fisk Rubber. ... Fleishman 5 Foundation Co.. ! Freeport Texas. . Gen Am Tk Car. Gen Asphalt.... Gen Cigar. S Gen Electric Gen Elec spl wi. Gen Motors. ... Gen Motors pf.. Gen Mot 6% deb. Gimbel Bros Glidden. .. Goldwin Corp. Goodrich... Goodrich pt Goody pr pf wi. Goodyear pf. Gray & Davl Gt Northern p! Great Nor Ore. . Greene-Cunan. . Guantana Su. Guantanamo pf. Gult M & Nor pt. Gulf St Steel.... Harbishaw Cab. Hartman Corp. . Hayes Whee Houston OIl. ... Houneh'd Prod. . Hudson Motors. Hupp Motor: Hydraulic Stl. .. Hydraulic St pf. Ind Oll & Ga: Indiahoma. Inland Steel w 1. Inspiration. . Interb Rap Tr. IntCement..... 1n Combust'E Int & Grt North. Int Harvester... Illinois Central. 110 61% 14% 69% 10% 16% 25 82 2% 9 98% 1% 46 67% 14% 51% 39% 84 - 175% 11 16% 86% 86% Gen Mot 7% deb. 102 4“ k) 13 83% 893 96% 61 11% 2% 30 25 9 96% 650 85% 1 86 38%- 51% 36% 26% 2% 2% 13 10% 9% 42 4% 1% 38% 24 22% 86% Int Harvester pf 112 Int Mer Marine. . Int M Marine pf. Int Nickel 'Int Nickel pf.. Intl Pgper. .. Int Tel & Teleg. Intertype Corp.. Iavincible Ol Iron Products Island OlL. . 8% 1% 4% 76% 44% 67 30% 13% Y 604 | Sears Roebuck 14% | Seneca Copper 67 | Shattuck-Ariz. 10%; | Shell Tr&Tran 16% | Shell Union. . 25 | Shell Union pt. Simmons. ... 81 | simms Petrol 92% | sinclair O1L 8% | Sinclair pf. 98% | Skelly Oll. ... 11% | Sloss-Sheffield 45 { Sloss-Sheft pf. 67% | South Pacific. ... 14% | S0 Porto Sugar. 55% | Southern Rwy, 39 | Southern Ry pt. 82 | Spicer Mtg Co. 173 |Stoilof Calif. 11 |Stand Ollof NJ.. 163 | St Oll of NJ pt 86% 8634 109 10% 9 89% 84% 17% 38 23% 22% Bo% 12 8% 30% 4% T6% 43 66% 304 13% 46% % Steel&Tube pf. { Sterling Prod. 102 |Stew’t-Warner 43% | Stromb’g Carb, om | Studebaker 4% | Submar’e Boat 23 | Superior Steel. . 901 | Sweets Coof A.. 96% | Tenn Copper. 60 | Tex Company. 11% | Tex Gf Sulphur. 70% | Tex & Pacific. 30" | Tex & PCOIl 25 | Timken Bear. 8% ; Tobacco Prod. 95% | Tobac Prod A. Trans Cont Oll.. 83% | Twin CR Tran 1 |UnionBag & P. 84% | Unton Pacific 86% | Un Alloy Steel 52 | Un Tank Cr pf 86 | United Drug. 24% | Un Drug 1st. 22% | United Fruit. 2% | United Ry Inv. .. 13 | Utd Ry Inv pf. USCastIr P USCastIrPpf. U 8 Food Prod. U S Hoffman M., S Indus Alco Vanadium Cop Van Raalte. . Va-Car Chem. Vivadou. ‘Wabash 213 48 55% 80 8% 64 72 132% | 35% 107% § 78 46% 167 12% 35% 5% 26 65 8% 17% 55 99% 53% 100% 31% 44 100% 116% 55% €6% States during the last week were 4,- 601,000 bushels, compared to 4,083,000 the \N"D('k before. Flour shipments from the United States amounted to 276,900 barrels, compared to 279,300 barrels the week before. European countries were the largest takers of American grain. Figures, as made public by the Commerce De- partment, comparing shipments for last week with the week before, fol- low: Barley, 297,000 bushels, against 219,00 corn. 1,394,000, against 1,- 403,000; oats, 273,000, against 226,000; rye, 596,000, against 790,000; wheat, 2,041,000, against 2,448,000, Canadian grain in transit shipped to_export from United States ports amounted to 1,255,000 bushels, com- | pared with 2,295,000 bushels the week | previous. TODAY'S METAL MARKET. NEW YORK, May 7.—Copper steady. Electrolytic, spot and futures, 16%a| Tin easy. Spot and nearby, .50; features, 44.75. 1Iron steady; No. ‘1 northern, 30.50a32.00: No, 2 northern. 30.00a31.00; No. 2 southern, 27.00a28.00. Lead, steady; spot, 7.50. Zinc, steady. East St. Louils, spot and nearby delivery, 7.12a7.15. = Anti- mony, spot, 7.62a7.5. i ah B e 27% 19 38 1315 2% 50 81 10% 15% 53 108 84% 55% 12% 26% Wabash pf (A).. Wabash pf (B). Waldorf Sys. ... Web & Heilbrn. Wells-Fr Exp West Penn Co. West Penn pt. Western Md West Pacific. West Pac pf Western Union. West Alr Brke. . Westhse EI&M. Wheel & LE pf.. White Eag Ol... White Motor. Wickwire. Wilson Co. ... Willys-Overld. . Will's-Overl pt.. Wisconsin Cent. Woolworth. Worthington. .. Wright Aero. 27% 19 38 13% 42% 650 26% 17% 38 13% 42% 49% 81 81 1% 10% 15% " 15% 53 53 108 108 56 & 12% Yo% 26% - 26% 53 60% 9% 9% 3% 31% % Th 64% 63% 644 30% 30% 30% 221 218% 218% 81% 81% 31% 10% 10 10%% 10% 26% 19% as 13% 42% 49% 81 10% 16% 53 108 83 56% 12% 25% 51% 9% 81% % 17% 32% 40% High. Low. Last. Call Money 5 4% 5 HQURLY SALES OF STOCKS. 11am..... 32240012 m....000 493500 «+ 667700 29'\?. 1039700 Otis Steel 83, Pacific Gas & El §s PacT & T 58 '52... PhilaCoref 6sA.. Pierce-Arrow 8s. . Producers & Rf 8s. Public Service 63 Punta Alegre 7s. cks & Co s f 78 Sinclair Oil 7s. Sin Crude Oil 5153, Sin Pipe Line 5s. uth Bell Tel 55 Por Rico Sug 7s St Oil of Calif 7s. Steel & Tube 7s Tenn Elec Pow 6s. Tide Wat Oil 64s. Tobacco Prod sf 75 Toledo Edn 1st 7s. Union Bag & P 6s. Unit Drug cv s US Rub 1st rf 5 U S Rubber 71%s. USSteel st 58 Utah Pow & Lt 5 Vertlentes Sugar 7s Va-Car Chem 7s. .. Va-Car Chm 7%s v Warner Sugar 7s.. West Union 6%s Wickwire Spen 7s. Wilson & Co 1st 6s Wilson&C cv 7%s. 13 99 99 Wilson & Cocv 6s. 2 92 u2 Winchester A7%s 1 103 103 103 FRAUD CASE SUSTAINED. Clagett Mpst Serve Year for Pass- ing Bad Check. The District Court of Appeals in an opinion by Judge George E. Mar- tin of the United States Court of Customs Appeals today affirmed the conviction and sentence of one year in jail of Reverdy J. Clagett. The accused was charged with false pretenses, it being alleged that November 24, 1919, he asked a store- keeper to cash a check for $75 and received the money. The check was not honored. Clagett claimed he had given it in security for a loan of the money, the check not to be de- posited for three days. The court finds the evidence sustained an in- tent to defraud. ———— A Voice from Beyond. From Life. Violinist’s Wife (as mysterious rap- pings are heard from the mext apart- ment)—There it Is again! Oh, Edward, I'm sure there’s something psychic aboyt your. playing? 99% 9815 85 92: 100 105% 101% 94 102% 104% 106% 9715 111% 8645 106% 101% 88Y 97% 90% 79% 80 102% 102% 108t 108y, 92 921 98% 98 wrBaBnlokanc~Elooaniimnmelon 1064 4 112y 86% 1075 1023 e 98 Y0% N 13 12 104% { 88y | TOTAL SALES (Par Value): 1la.m.. 5093000 .12 noon. 7515000 1p.m.. 9454000 2 p.m.. 10841000 {MELLON FORECASTS $65,000,000 SURPLUS gB.eduction of Federal Debt and Administration's Success Shown. “Further striking evidence of the {henefits accruing to the American | people through the business methods | of a republican administration is con- {tained in_the statement by the Secre- tary of the Treasury regarding re- j duction of the national debt and his jforecast of a Treasury surplus on l,Juno 30 $65,000,000 greater than the {budget. director's estimate of excess |of receipts over expenditures on that date,” John T. Adams, chairman of the republican national committee, | said in a statement today. } The prosperity which the repub- lican party has already brought to the country and which is emphasized every day by the general industria conditions, has for. its accompaniment unsurpassed skill in the conduct of affairs of the government itself.” said the statement, which continued: “It is all of vital material concern to the men and women of the United States. On the one hand is the in- spiring spectacle of thriving industry, universal _employment, the insured living of wage earners at American standards—the highest in/the, world. “On the other hand, we see the ex- ecutive ability and the economy of administration that is progressively lessening the burdens of taxation, “These are conditions which, con- sidered in their full significance, are certain to surmount the ‘political un- rest’ so frequently mentioned in some sections of the country. The real question today is whether the Ameri- can people want a continuance of the prosperity that now prevalls and of the highly efficient business methods of this administration.” e B The ancient Egyptiaris were forbid- den to eat the onion, garlic and leek because they caused tears, hunger and thirst, all of which were unseemly u fasts and religious ceremonies. Provisions were sharplg lower, re- | flecting weakness of hog values and of grain. - H Rallles failed to last. Weakness in ! stocks and cotton was largely respon- sible for the wheat selling. Prices ciosed heavy, % to 1% cent net lower, | with July 1.15% to 1.16 and September 1.14% to 1.14%. Open. High. 11Kt 118 1188 Close. | 1163 ¢ 1inty | 438 i 4315 10.85 iz PORK 10.80 D1t 9.00 9.30 10, September 1090 1080 | RIBS— July . ’ R8s 882 | September . 9.00 i ! | CHICAGO LIVE STOCK MARKET. i CHICAGO, May 7 (United States De- partment of Agriculture).—Hogs, re- ceipts, 64,000 head; slow, uneven, 10 to lower; bulk, 9.05 1 930 1 7.65a7.95; packing sows, 6.40a6.65: desirable, 110 to 130 pound pigs, 6.75a heavy-weight hogs, 7.4028.00; 7.75a8.15; _light, 7.70a8.15: light, 7.00a8.05; packing sows, smooth, = 6.65a7.00; packing sows, rough, 6.00a6.75; killing pigs, 6.00a 7.50. | “Cattle—Receipts, 19,000 head: active: | beef steers, stockers and feeders strong ito 15 higher beef steers mostly 10 to 15 up: in-between grades showing most advance; early top. 10:25; some held higher; bulk, §.5029.65; she stock strong to 25 higher: better grades up most: fifty-five head beef heifers averaging 795 pounds, 8.85; bldding lower on veal calves; other classes about steady; bulk desirable bologna bulls, 5:15a5.25; few heavies, 5.3 packers bidding 7.50a8.00 on_vealer. bulk stockers and feeders, 7.00a8.00; few loads fancy half fat selected kinds to feeder dealers, 9.25a9.50. Sheep—Receipts, 19,000 head; general- Iy steady to strong; few early sales eighty-seven-pound clipped lambs, |dend are now between 1% {ular i dend. { mission per cent Standard Oil of Indiana declared regular quarterly ver dend, payable July o record May 15 i ared reg- rred divi- stock of Americ 51 June 10 on record June 9. Standard Oil of Louisiana has po ed a reduction of 10 cents a barrel on all grades of crude oil, with the exception of Bellevue and Smackove: below 24 gravity, which wers not affected. United States and Mexico will con fer on recognition May 14 formal in- structions have been given to con retary Hughes Announced thit additional ounces purchased by go present law. only $16.000.000 of silver will ha ment under the White Motors Company declared regular quarterly $1 vidend. At annual meeting directors and officers were re-elected. Cuban _fin its estir op to 1 fercurio, has reduced n ‘sugar from 3,740,500 ton Regular dividend on Isle Roy Copper, Osceola Mining and Ameri I Beet Sugar preferred. Harvard Feonomic Service movements of money and speculi- tion during 'April indicate no changs in business outlook. We forecast maintenance of high level of manu- facturing output and busin activy ity, accompamied by firm or rising whelesale commodity prices, and firm or rising money rates for remainder of 1923, Babson in his speculative circular out today say gnore tempor movements. Fundamental statistics continue to point to fair weather iy the stock market. The underlying trend is still definitely upw 12.85; plain native wooled lambs, 14.40; best wooled lambs unsold; good and choice 110 to 120 pound clipped ewes, 8.00. VISIBLE GRAIN SUPPLY. NEW YORK, May 7.—Tke visible supply of American grains shows the following changes: ‘Wheat decreased 1,827,000 bushels, corn decreased 3,280,000 bushels, oats decreased 1,392,000 bushels, rye de- creased 488,000 bushels, barley de- creased 174,000 bushels. - 4 tinue to hold all good st conditions give the signal profits. e CASPER, Wyo., M: The Midwe Refining and the Ohio Oil companies fli- day announced a reduction of 10 cents in the posted prices of all grades of Wyoming and Montana crude oils purchased at the wells. The new prices include: Cat Creek (Montanay, Torchlight and EIk Basin. O; 80 Salt Creek and Hamilton, 1.35, The reduction is the third made in 1hg last two weeks. to take