Evening Star Newspaper, May 18, 1923, Page 28

VIOLENT DECLINES | INSPECIAL STOCKS Fertilizer Issues Display Spe- ; cial Weakness—Late At- k tack on Leathers. .- BY STUART P. WEST. 8pecial Disputch to The Star. NEW YORK, May 18.—Another very bad smash in the shares of chemical, fertilizer and cotton oil companies wzs the main incident in the stoca merket today. This was accompanied by a similar collapse in their bonds. So much the reasons for the weakness in this group of securities that it only re- mains to summarize previous state- ments. The panicky selling in some of these cases might well suggest the fear of recelverships, but it has been thought likely that the situation will be met by a thorough overhauling of capital accounts. With American Cotton Oil any such Teadjustment would probably involve Dprovision for the $8.500,000 notes ma- turing in September, 1824. The prin- clpal reason for cutting down capi- talization is the need of adjusting it to what appears to be a permanently seduced income. Poor Business Reported. The fertilizer and cottonseed oil companies, formation, are still losing money, and will soon be issuing some very bad earning statements for the fiscal year 1922, Companies Interested in the manufacture of cotton oil were hit by the rise in cottonseed prices, while the fertilizer end of the business has been undgrgoing a severe competition which has forced prices down to an unprofitable level There was little connection be- tween such stocks as Allied Chemical and Davison Chemical, on the one hand, and American Agricultural Chemical, Virginia-Chemical and In- ternational Agricultural Chemical on the other. But the bear party in search for vulnerable spots picked the former out because they often move in sympathy with the fertilizer &roup. Other Stocks Pounded Down. At the same time much was made about the recent decline in farm prices as injuring the prospects of all companies doing business with the farmers. This established a connec- tion between the fertilizer issues and other farm supply stocks like Inte national Harvester. Montgome Ward and Sears-Roebuck, all of which were driven down sharpiy. The decline in the chemical stocks was finally checked in the early afternoon. The bear traders turned their at- tention to the leather shares. Cen- tral Leather was pushed below 29 and Hide and Leather preferred was driven down under 50. for no reason except the pretense that the leather industry was not getting on as well 8s expected. Pacific Oil was weak, the street not liking the postpone- ment of dividend action until Mon- day. Standard Oil of New Jersey and Standard Ol of California were un- der pressure because of the effect which heaviness in this particular group of stocks would be likely to bave upon sentiment. Bears Renew Attacks.. The operations of the last hour were simply a determined effort by the bear party to start the market going down again through developing individual weak spots. In this they did not attaln much success. Prices came down from the highs of the forenoon. but in the greater part of the list stout resistance was encoun- tered on such reaction as occurred. Although International Harvester sold at a new low for 1923 today, neither the actfon of the stock nor the position of the company itself can be regarded as comparable with the fertilizer and cotton seed group, which recently b ously weak. Harv done with the producers of agric ture products, but it is more wide- spread and more diversified than the fertilizer or cotton seed oil business. Buying went on in Reynolds Tobac- ©o B for essentially the same reasons that have been behind the strength in_this stock all along, namely, an especially good financial position. fav- orable earnings and the expectation that shareholders will receive a high- er amount in dividends during 1923. Review and Outlook. Wall street's markets of today were Interesting chiefly for the w stood up in facc of the w campaign originating in speculative quarters, the object of which has been to_frighten investors into selling by talk of an impending business de- pression. There were three specific incidents that stood out in what otherwise was a dull and uninteresting day. The first was a bad break in the bonds and stocks of companies de- pending for patronage upon the farin population. The second was a turn for the better in copper shares. The third was an improved demand for sugar stocks. The interesting feature of the day in the forelgn exchange market was the weakness In ‘which got down approximately to *he January low, which was the lowest of all times. MARKET CLOSES HEAVY. Secondary Specialties Finally Weaken Rest of List. By the Assoclated Press. NEW YORK. May 18.—Pressure against secondary specialties, many of which established new low prices for the year, weighed the entire list down in today's stock market. Buyers hesitated to enter the market in the face of the wholesale liquidation and the uncertainty surrounding the busi- ness outlook. Trading was on-an exceedingly small scale, sales ap- proximating 450,000 shares. The closing was heavy. Operators for the advance abandoned their ef- forts to get prices up in the late afternoon when selling of numerous specialties increased. Central Leather common and preferred, Famous Pl common and preferred, U. Realty, American Woolen, American ‘Writing Paper preferred declined 2 to 3 points. PRICES OF COTTON IN TRADING TODAY By the Associated Press. NEW YORK, May 18.—The cotton market opened easy at a decline of 24 to 33 points, because of disappoint- ing cables, the favorable showing of yesterday's late weather map, and reports of a little more mill curtail- ment in Fall River. July sold oft to 24.96 and October to 22.93 right after the call, making mnet declines of 31 to 35 points, but this decline seemed to bring in buying which was belleved to be partly for trade ac- d_ prices soon steadied. 1146 am. bids, 25.48; December, 22.80. NEW ORLEANS, May 18.—Cotton futures opened barely steady. May, 25.86; July, 25.16; October, 22.35; December, 22.08; January, 21.95. Re- ports of dry weather over the greater part of the belt, poor cables and the dispute between Greece and Turkey caused enough selling in the early trading in cotton today to put prices 30 to 34 points under the close of 11 am. July, December, steady. 2. January, 22.20. has been said regarding according to reliable in- | German _marks, { FINANCIAL. T HE EVENING STAR, WASHINGTON, D. (. FRIDAY, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Ofice Open. High. 24 T2% 12% 43% 64 11% Adams Express. Adv Rumley.... Adv Rumley pf.. Alr Reduction Ajax Rubber. ... Allfed Chem Allis Chalme: Am AgrChem Am Ag Chm pt.. Am Bk Note pf.. Am Beet Sugar.. Am Chicle Co... Am Chicle pf. ... Am Cotton Of1 Am Cot O1l ot Am Internat’l | Am Linseed. Am Linseed pf.. Am Locomo. Am Loco pf. Am Radiator. ... Am Safe Razor. . Am Ship&Com. . Am Smelting. Am Smelt pt Am Steel Fdy. Am Sugar. Am Sumatra.... Am Tel & Telg.. 12 Am Tobaceo.... 14 Am Tobac (B).. Am Tob of (n).. 10%% {Am WWke% pf. 60ts' jAm Woolen..... 91 Am Woolen pf.. 103 Am Writ Prpt.. 19% Anaconda. 4 Atchison. . Atchison pf..... Atlan BIr&Atl. . Atlantic Gulf... Atlas Tack. Baldwin Loco Balto & Ohlo. Ralto&Ohio f .. Barnesdall (B). Beth Steel...... Beth 8t17%(n) .. Beth Stl 8% pt Booth Fish..... 4% BrEmSti2d pf.. 24% Bklyn Edison... 110% Bklyn Un Gas. .. 105% Brown Shoe.. ... Burns Bros (B). Butte Copper. ... | Butte & Super.. | Caddo Oil. . | Calit Pack ] Calif Petrol Calif Petctfs. .. Calit Petrol pf.. Callahan Zinc Canad'n Pac Central Leath. . Cent Leath pt Cerro de Pasc Chandler Mot Chesap & Ohlo. N 102%s % Chi Grt West . Chi Mil & St P Chi Mil&StP p!. Chi & Northwn. Chi Pneu Tool ChiRI& Pac. Chi RT &P6%p!?. . ; Chile Copper.... Chino Copper... Cluett Peabody. Coca-Cola Colo & South. Comp Tabulat.. Cons Cigar. Con Gas new. Cons Textlle. ... Cont Can. = Cont Insurance. Continental Mo. Corn Products.. 1804% Cosden & Co.... 46% Crucible Steel Cuban-Am Sus.. Cub Cane Sug. . Cuba Cane S pf.. Cuyamel Fruit.. Davldson Chem. De Beers. Del & Hudson. .. 111 Detroit Edison. . 105% Dome Mines 38 Dupont (EI). Dupont deb. Eastman Kod... Elec Stor Bat... Emerson-Brat. . Endicott-J pf... 112% Erle. .. . 10% Erfe 1st pf. . 16% Famous Play... 784 Famous Play pf 924 Fd Mines&Snt.. 47% Fisher Body.... 153 Fisher Bot O pf. 98l Fisk Rubber.... 11 Fleishman...... 47% Foundation Co.. 66 Freeport Texas.. 15% 40 66 26% 26 85 Gen Electric.... 174% Gen Elecspl wi. 10% Gen Motors..... 16% Gen Mot 6% deb. 83% Gen Mot 7% deb. 99% Gilliland Oil pf.. 47 Gimbel Bros pf.. 98 Goodrich. 8; Goodrich { Goodyear pt. Goody pr pf wi. Granby Consol.. Gray & Davis. .. Gt Northern pf.. { Great Nor Ore. Greene-Canan. . Gult M & Nor pt. Gult 8t Steel Hayes Wheel Hendee Mfg Househ'd Prod.. Houston Oil.. Hudson Motor: Hupp Motor: Hydraulic Stl Illinols Central. Ind Ofl & Gas. Indiahoma...... Inland Steel w i. Inspiration..... Interb Rap Tr. In Ag Chemical. In Ag Chem pf.. IntCement..... In Combust E Int Harvester... Int Mer Marine. . Int M Marine pf. 2% 109% 9% 9 39 82% 17 4% 20 36% 22 83% 8% 32 14! Island Ofl.... Jewel Tea. Jewel Tea Jones Tea. Kansas & Gult." Kelly-Spr Tire. . Kelly-Spr 6% pf. Kennecott...... Keokuk & Des pf LE & Wn pf ctfs. Lee T & Rubber. Lehigh Valloy.. Magma Copper. . Mallison & Co... Manat! Sugar... Man El inv guar. Corp. Manila EL Manhat Shirt. Low. Olose. 2% 2% | Market St R 2d.. 12% | Market St prior. 43% (Marland Ofl.. 63% | Martin-Parry... Mathison Alkill. Maxwell (A). Maxwell (B). Mex Seaboard Mex Seabd ctfs. Middle St OIl. ... Midvale Steel... MoK & T (new). MK&T pf clA (n) Mo Pacific. . B Mo Pacific pf. Montg'y W'rd Moon Motors. Mother Lode Nash Motors Nat Biscutt w 1. Natl Cloak & S. . Nat R of Mx Ist. Natl Ry of M 2d. Nevada Copper. N Y Dock pf.... NYNH&Hartrd.. NY O&Western. North Am pf. North Pacific. Nunnally Co. Onyx Hoslery Orpheum Cir. Otis Steel. Otis Steel pf Owens Bottl Pacific Develop. PacificOil...... Packard Motor. Packard Mot pf. Pan-Am Pete. .. Pan-Am P (B).. Panhandle. Parrish & Bing. Pennsylvania... Penn Seabd Stl. People's Gas. ... Peorla & East. .. Pere Marquette. Philadelphia Co. Philadel Co pf. . Phillips Pete.... Phoenix Hoslery. Plerce-Arrow Pierce Of} Pitts Coal.. . Pitts Coal pf. Pullman Co. Punta Alegre Pure Oll. . Pierce Oll pf. Ray Con Cop. Reading. . Rels Robert Remington. ... Replogle Steel. . Eep Ir & Steel.. Rep Ir & Stl pt.. Rey Tobac (B).. Royal Dutch. ... St Joseph Lead.. St L Southwn. .. Schulte Store: Seaboard Alr L Sears Roebuck. Sears Roebk pf.. Seneca Copper. . Shell Tr&Tran. . Shell Union..... Shell Unifon pt.. Sloss-Sheffield. . Sloss-Sheff pf South Pacific. .. Southern Rwy. . Southern Ry pf. Spicer Mg Co... St o1l of Calit. Stand O1l of N. StOilof N J pt. Sterling Prod Stew't-Warne, Stromb'g Car Studebaker. Submar’e Boat.. Superior Oll..... SweetsCoof A.. Tenn Copper.... Tex Company Tex Gt Sulphur. Tex & Pacific. .. Tex&PCOIl... 4 12% | % “!Timken Bear... % | Tobacco Prod Tobac Prod A... Tol St L&W pf.. “Trans Cont Oil. . Transuc&Will. . Underwood. ... Union Bag & P. Union Pacific... Union Pac pf. Un Tank Crpf.. Un Alloy Steei. . United Drug.... United Ry Inv. U 8 Food Prod.. U S Hoffman U S Rub 18t pf. .. U S Smelt&Ref. Utah Copper. Utah Securiti Vanadium Cop. . Va-Car Chem. Va-C Chem pf. Vivadou. Wabash. Wabash p! Waldorf Sy! Wells-Fr Exp... West Penn Co. Western Unlon.. Western Md. ... White Eag Oll. Wahite Motor. Wickwire..... Willys-Overld. . Will's-Overl pt. Worthington. Wright Aero. . Call Money..... 11am. 1pm. 1221001 . 288700 Open. High. 26% 26% 70 “% 2% 42 48 16% 3% 18% 164 14% 10% 2T% 12% 35 14% 37 20% 27 9% 107% Low. Close. 70 FERTILIZER BONDS IN SHARP BREAKS s American Agricultural and 41% 55 118 T% % 13% 968 85% 48% 8315 4T% 16% 17% 20% 45 % % 44 0 134% 73 4 108% 85 Low. ] 2m. 2p-. 80% 12% 98 104 51% 9% 31 97% 17% 64% 17% 32 Last, “% HOURLY SALES OF STOCKS. PARIS, May 18.—Prices were firm on the bourse today. Three per cent rentes, 57 francs 75 centimes. change on_London, centimes. francs 5 centimes. quoted at 15 francs, Five per cent The dollar Ex- 69 francs 45 loan, 7% was BAR SILVER QUOTATIONS. LONDON, May 18.—Bar silver, 323%d. { BY the Associated Press. per ounce. count rate: Money, 13 per cent. Di; Short bills, 2% per cen 8: three months’ bills, 21-16a2% per cent. WOOL MARKET FIRM. [ Virginia-Carolina Issues Feature of Market. BY GEORGE T. HUGHES, Special Dispatch to The Btar. NEW YORK, May 18.—The feature of today’s bond market was the ex- treme weakness in the bonds of the fertilizer companies, notably the American Agricultural Chemical and the Virginia-Carolina Chemical Com- lDlny. MAY 18, 1923. [ww vorr BONDS o s W YOR Received by (Bales are 1a $1,000.) thirty - seconds. eans 1011-32.) . Low. Ol -2 10081 =17 97-17 97-24 97-17 97-27 97-19 98-13 98-10 97-81 97-23 4 100 57 99-13 FOREIGN. Bales. High. Low. 102% 100% 96% 100% Victory 4§s.. U8 4%s1952. Argentine 7s. The largest decline was in the Vir- ! ginia-Carolina 7%s, which dropped |cp over 6 points to a new low record. {The 7s. which are the first mortgage ion the property, slumped more than 2 points, practically the low of the year. New Low for Year. American Agricultural 73;s were similarly affected, losing nearly 3 points also, to a new low for the year, and.then rallied. The same company's s, due In 1926, and se- cured by first mortgage. were off fractionally. International Agricultural Chem- icals Gs dropped raore than 4 points, and American Cotton Oil bs, the obli- gatlon of a corporation the business of which is affiliated with the fer- tilizer companties, sold down about 3 points. In this case, however, to- day's price is substantially above the low of the year. No news was at hand to explain these scvere declines. Market Firm But Dull. Outside the weakness in the fer- tillzer bonds, the market was gen- erally firm but dull. High-grade se- curities continued their slow advance, examples being General Electric de- benture 58 and Atchison General 4s. Some of the second grade and specu- lativ obligations were in demand to- day. Much interest was taken in the ad- vance over 2 points in United Rail- way's investment 58 of 1926. Under the readjustment plan the managers announce that $2,000,000 of certifi- cates of deposit for these bonds, pre- sented under the offer of April 26, will be purchased at par. Forelgn Bonds Higher. Foreign bonds were higher again. notably the Czechoslovak 8s, mak- ig a new record for the y and the Dutch East Indies 5135, which did the same. French 8s touched par. United States government bonds shared the improvement shown by high-grade securities today, heing active and higher. with the fourth 4%s showing the great gains. Just before the close the American Agricultural 7138 recovered their ear- lier loss and sold at par. Evidently the earlier weakness was in_sympa- thy with that shown by the Virginia- Carolina: MORGAN TO FLOAT Instaliment Plan Adopted. Two Yeast Extras—Other Wall Street Briefs. By the Associated Press. NEW YORK, May 15.—Formation of a nation-wide syndicate has been start- ed by J. P. Morgan & Co., prepara- tory to the floating of an Austrian loan in this country. While the amount to be raised here and other details have not been agreed upon, it is regarded as likely that the 1gan will be floated in in- stallments, probably $25.000.000 or $50.- 000,000 at a time, just as the Dutch East Indies loan was several months ago. Votes Two Extra Dividends. Directors of the Fleischmann Yeast Company have declared two extra divi- dends of 50 cents each in addition to the regular quarterly dividend of 50 lcents each already declared for the full iyear. One of the extra dividends is pay- able July 1 and the other October 1. Earaings Up to $1,000,000. The British Empire Steel Company in- come account for the first four months of the vear showed earnings of more than $1,000,000 above the same period last year. Additional Stock Offered. | Detrott. Edison stockholders of record May 31 have been given the right to subscribe for additional stock to the ex- tent of 25 per cent of their holdings. The proceeds from the sale of the stock will be used to construct new plants. $100,000,000 Working Capital. Net working capital of the Atchison railroad _exceeds $100,000,000, making {it one of the strongest systems In the country. The balance sheet as of De- cember 31 last showed holdings of lib- erty bonds valued at $43,107,350 at par. The sum of $60,000,000 has been voted for improvements this year. Ganoline Price Cuts. The Standard Oil Company of Louis- iana has cut the price of gasoline 1 cent a gallon in Loulsiana, Arkansas and Tennessee. FORM BIG MERGER By the Associated Press. SPRINGFIELD. Til, May 18.—Scores }of public utility compantes, controlled by United States Senator William B. McKinley of Champaign, IIlL, and Clement Studebaker, jr. automobile manufacturer of South Bend, Ind., were merged in the Illinols Power and Light Corporaton, as a result of approval granted today by the Illinois commerce_commission to the consoli- dation. Companies merged serve 142 { municipalities in Illinois and twenty- five outside Illinols, exclusive of in- terurban railways. valuation of the McKinley Total properties is $110,000,000 and the Studebaker properties $90,000,000. ALARMING DECREASE IN GRAIN SHIPMENTS PORT ARTHUR, Ontario, May 18.— Shipments of grain from local ele- vators have shown an alarming de- crease during the past weeks and threaten to stop altogether as a re- sult of a price war between grain shipping companies and steamship BOSTON, May 18.—The Commercial | owners, it was stated in marine cir- Bulletin will say of the wool market | cles today. tomorrow: Steamship owners, it was an- “Neither the nature of the demand | nounced, ask 7% cents a bushel to nor yet the scope of it has changed | carry grain eastward, as compared to any very noticeable extent during | with 5 cents when the season began. the past week. Scoured. wools still are dull... Some i wxports of low grade wools are being uep_r_ S ade. i Prices are generally | Large American steamship companies, firm for the finer grades, while the | it was repor low qualities are slow ted, are diverting their and easy. ] vessels to Duluth and Superior to carry iron ore eastward rather than smaller rate for _CAT- AUSTRIA LOAN HERE, UTILITY CONPANES| {Canadla 52 1952 1le %3 194 Chile _s 1926. Chile 8s 1941, Chinese Gov Ry bs Copenhagen 5%s. . Cubab%swli.. 9 Czechoslovakia 8s. 79 Denmark 8s. Denmark 6s. Dutch E 15%s. Dutch East 1 rench Govt 7 Haltl 6s ctfs. Holland-Amer 68 Japanese 1st 414 Japanese 2d 448, Japanese 48 s Jergen U M 6s°47. Lyons 6s. Mexico & Rio de Jan 83 1948, Rio de Jan 88 1947. Rio Gr Do Sul 8s Seine, Dept of, 7., Serbs Crotes Slo §3 Swiss Confed & Ud Kingm Ud Kingm 5 | Zurich s | MISCELLANEOUS. Ajax Rubber8s... 4 97% | Am Agr Chem 733415 {Am Cotton Oil 5s.. 6 Amer Smeiting 6s. 85 Am SmIt&R 1st 6s. 12 Am Sugar Ref 6s.. 20 AmT& Tcv 68 - 11 AmT&, Tecltrbs.. 13 AmT& Tcltrds.. | Anaconda cv db 7s 244 Anaconda 1st 6s... 86 Armour & Co 4138, 13 Atlantic Refin 5 Barnsdall s f 8s. 5 Bell Tel Pa is rets. 16 | Beth Steel rf 3 HBeth Steel pm &8 Beth Steel 8 f 65. Brier HSt1st 513 2! Bklyn Edlson 7s D Bklyn Ed gen bs. . Bush T Bldg 5s°'60. Central Leather 5s | Cerro de Pasco 8 Chile Copper 6s. CinG & F b%s '62. Commonwth P 6s. Con Coal Md 1st bs Cuban-Am Sug 8s. Cuba Cane cv d 8 Dery (DG) 7s..... Det Edison ref éxa., | Du Pontde N 734s. Duquesne Lt 7%s. Duquesne Light 6s |ECubaSug 7% 3 Empire F&G 7 Fisk Rubber 8s Gen Elec deb 5s... Gen Refractes 6s. Goodrich 6% : | Goodyear 8s 1931. . Goodyear 85 1941.. Humble O&R 5%s. 1 Indiana Steel 5s. Int Mer Marine 6 Int Paper 1st 53 A. Int Paper 1st %s B. Julius Kayser Kelly-Spring 8s. {Lackawa S 58 '50 Liggett & Myers 71 Liggett&Myers 5s. Magma Copcv 7s.. Manati Sug sf 7is {Marland Of1 7% i Mexican Petrol 8 | Midvale Steel 5s. .. Montana Power 53 Morris&Co 1st 4%s New Eng Tel 5s... Pacific Gas & El 53 |PacT & Tos's2... Producers & Rf 8s. Producrs & R 8s w. Public Service Tide Wat Oil 6%s. Toledo Edn 1st 7s. ‘Warner Sugar ‘West Union 6%s. Wilson&C ov 7%s. 25 984 Wilson & Cocv 6s. 4 92% ‘Winchester AT%s 4 105% SOUTH CAROLINA NEW POTATOES IN MARKET ipectal Dispatch to The Star. NEW YORK, May 18.—South Caro- lina new crop white potatoes made their first appearance on the market today and sold as follows: No. 1, most- Ty 3% No. 2. $6, and No. 3, §4 per cloth-top stave barrel. Receipts of old crop white potatoes were com- paratively light. white No. 1 brought from $2.25 to $2.75 per 160-poynd sack. barreled carrots were light and the market continued dull. New crop southern bunched. stock were in mod- erate supply and the demand mod- eratly active for foncy. Old crop muck carrots brought from $1 to $1.50 per 100-pound sack and new crop bunched Texas from $2.75 to $3 per bushel hamper. - QUAKER 0ATS DIVIDENDS. CHICAGO, May 18.—Directors of the Quaker Oats Company today in- creased the company's quarterly common dividend to $3 a share from the $2 rate, which has been paid since dividends were resumed by the com- peny, on July e $3 divi stores the ra effect in 1920, ; IM&StListreds.. | New Haven c d 6s. New York round | Pra Coj The receipta of old crop sacked and | §! nd pe- | gentina, Private Wjre Direct to The Ster Ofice. RAILROADS. Bales. High. Ann Arbor 4s. Atchison gen Atchison adj ds. Atlantic C L1st és Atlantic CL cl 4s. B&Oprin3 - Sobammwe=m - P Canad North 6%: Canad Pac deb Central Pacific Ches & Ohilo cv - PRNORANNRAL OHNBID Chi B&Q gn 45 '68. Ch: B&Q 1st rf §s. . Chi & E 111 gn b Chi Great West Chi M&S P rt 4% Chi M&St P cv bs. . Chi M&St P 48 '25.. Chi MES P cv 4%s. Chi M&St P 45'34. CM&StPgndis Chi&NW 6%s... Chi&NW7s Chi Rys Bs. ChiRT& Pacrf is Chi Un Sta 4%+ Chi & W Ind cn 4 Chi & W Ind 71 CCC&StLrt 6s A Cleve Term 5% Colo & Sou 4% CubaRR 7% Del & Hd 1st rf 4s. Del & Hudson 6%s Erieconvds A. Erieconv4sD. Grand Trunk 7s. Gr North gen 7 Gr North gen 613 Havana ERL&P 6s Hud & Man ref 5s. Hud & Man a 5: 111 Central ref s 111 Central 6%s. Int Rap Tran Int R Transit 7 Int & G Nor aj Towa Central rf 4s Kan City Ft S4s.. KansasCity S 3s, Kansas City S 5 Kan City Term 4 Lake Shore 4528, Lake Shore 4s '31.. Market St cn 5s. MK&TI1stds.... MEK&TprinbsA aw aunBiBodnBannarne@ER8anacn mamm Mo Pacific 6s. Mo Pacific 5s 6 Mo Pacific gn 4 Montrl Tm 1st New Or Term 4s... NOTex &M inss. ¥ Centdeb 6s... N Y Cent deb 4s. Y Centriés. Y CenLScl3%s. 8 s New Haven7s.... N Y State Ry 41s. NY W & Bos 4155, Northern Pac 3: Northern Pac 4s. Northn Pacrl 6s Northrn Pc 6s ref Ore & Calif 1st § O Short Lcn b5 *46. Cre Short Lref 4s. Ore-Wash 1st rt 4s Pennsyl gen 58.... 1 Pennsyl gen 4%s.. | Pennsvl 6148 Pennsyl gold 7s. Peoria & E inc 4s.. Pere Marq 1st 5s.. Rapid Tran és w .. Reading gen 4s. Rio G Westcl 4s... 1 St L IM&S R&G 48 StL&SFplisA. ] San Arn P 4s. Seab'd AL 4ssta Seab’d A Lref 4s. Seab'd A Lad)j bs.. Seab'd A Licon 6s. . Sou Pacific cv 4s.. Sou Pacific ref 4s.. Sou Pacific clt 4s.. Southern Ry 1st §s Southern Ry gn 48 Southern Ry 6%s. Third Ave adj 5s, Union Pac 1st 4s Union Paccv 4s... Union Pac cv 6s. Virginia Ry 1st bs. ‘Wabash 1st b ‘Wabash 24 6s. Western Pacific 58 Whel &LE rf 434s. ‘Wisconsin Cent 4s. TOTAL SALES (Par V. 1lam.. 2812000 12noon. 5362000 lp.m.. 6488000 2p.m.. 7295000 NOTE PLANS COMPLETED. CHICAGO, May 18.—M. N. Buckner, chairman of the board of directors of the New York Trust Company, who is also chairman _of the note holders committee of Republic Motor Truck Company, announces today that the note holders committee had acquired all the assets and good will of the Republic Company, and that a new company had been organized to take over these properties. O. W. Hays wlill continue as vice president and plant executive. TRADE BUYING PICKS UP. NEW YORK, May 18.—The slight decrease reported in trade buying for the country as a whole has been recoversd this week, according to Credit Clearing House report on _me: chandising activities. The most {m- portant fact stressed in the review is that for the seventh consecutive wesk the eastern section maintains the increased purchasing which fol- lowed a long period of dullness, due to strike losses last year. —_— FOREIGN EXCHANGE. May 18, 1928—11:30 a.m. (Quotations furnished by W. B. N ) By the Associated Press. NEW YORK, May 18.—Foreign ex- changes easier. Quotations (in U. 8. dollars): _Great - Britain, demand, 4.62%; cables. 4.62%; sixty-day bills banks, 4.60° demand, on banks, 4.60%. .0665%; cables,” .0666%. Italy, de- mand, .0485%; cables, .0486. . Belgium, demand, .0573; cables, .0573%. Ger- many, demand, .000020%; cables, .080020%. Holland, demand, .3910; cables, .3913. Norway, demand, .1630. Sweden, demand, .2667. Denmark, de- mand, .1857. Switserland, demand, .1802. Spain, demand, .1522, Greece, demand, .0190. Poland, demand, .000021. Cncholxo;nx!l. demand,’ .0297. Ar- N 2 - .3613. , mand, .1040. Montreal, .97 61-64. opening at % decline to % July 80% to 80%, the corn market 80 4. 80 ”055 ; E uly. RD— 802 July. . i 5 oo1s | - . ] ? FINANCIAL,’ Grain, Produce and Live Stock There were plentiful supplies of foodstuffs on hand this morning. Dealers are anticlpating largely in- creased demands the next few days, preparatory to feeding the thousands of visitors who will be here during Shrine week. It is said by dealers that there is no likelihood of a shortage of supplies during the time the visitors are her nor will there be any attempt to boost prices. Decreased prices of numerous com- modities have been reported the past few days. Beef prices have been ad- vanced, however, and dealers say it is doubtful if there will be any ap- preciable decrease in the near future. WHOLESALE MARKET REPORT. Eggs—SAtrictly fresh, selected, can- dled, per dozen, 28; average receipts, 26; southern, 26. Live poultry—Roosters. 1b., 17; turkeys, per lb. 26a30; spring chickens, per Ib., 45a65; winter chickens, per 1b, 40; keats, young, each, 65; fowls, 1b., 28, Dressed poultry — Fresh-killed spring chickens, per Ib.. 60a65; win- ter chickens, per 1b., 45a50; hens, per Ib., 32a33; roosters, per Ib, 20a2l; tur- eys, per lb., 40a45; keats, young each, 70a80. S ve stock—Calves, cholce. pec: loa1l; medium, per lsal%p:'r!hlln per a7, Lambs, spring, 16, Live pigs 3.00a5.00 each; 1iv 0gs, per Ib., 8%. Green_fruits—Apples, per bbl., 3.50a 8.50. California oranges, 6.00a6.00; Florida, 6.00a7.50. per box, 4.00a4.50, Grapefruit, 5.00. Strawberries, per qt. 5als. Vegetables—Potatoes, per bbl, No. 1, 1.50a2.00; per sack, 2.00a2.50; new Dpotatoes, Florida, per bbl, 6.502 3.50; sweet potatoes, North Caro- lina, 2.00a3.00; nearby, 1.00a3.00. Let- tuce, ‘per crate, southern, 1.50a3.0 Romaine lettuce, per crate, 2.00a2.5 Iceberg lettuce, per crate, 4.00a6.0 Cabbage, southern, 1.50a2.00 per basket. Eggplant, per crate, 3.00a4.50. Tom: toes, per box, Florida, 2.50a6.00. Beans 2.50a3.30 per basket. Peas, 2.00a3.50 per baske Peppers, per crate, Flor- ida, 2.50a5.00. Kale, per barrel, 2.00a 3.00 ~ Spinach, per barrel, 2.00a3.00. Celery, per crate, Florida, 3.00a4.50. Squash, 2.50a4.00. Florida lima beans, 40026.00 per basket. Asparagus, 1.00a GRAIN AND PROVISIONS. BALTIMORE, Md., May 18 (Special). —Potatoes, aor Ll 3.00a8.00; 150 50: 1 eggplants, crate, 2.50a4.51 . bushel, 60a95; lettuce, basket, 1.50a3.00: onions. 100 lbs., 2.00a4.0! spring onions. 100. 1.25a1.50; pea bushel, 1.50a3.25; rhubarb, 100, 2.00a 4.00; peppers. crate, 2.50a4.50; rad- ishes, 100, 2.00a3.00; spinach, bushel, 40a squash, crate. 2.00a3.00; matoes, crate, 2.50a5.00. 4.00:8.5‘;): bushel, box apples, 3.50; grapefrult. box. 2.50a4.5 anges, box. 5.00a6.50: . pineapples, grate, 3.50a5.00; strawberries, qt. 022, Selling Prices at 12:15. Wheat—No. 1 red winter, spot. no quotations; No. T red winter, Spot, 1.343;; No. 3 red winter ,spot, no quo- tatio red winter, garlick 1333 No. 3 red winter, garlick; 8 no quotations; May, 1.331%. ales— None. Corn—Cob corn, new, 4.7 per bai rel; contract, spot, 90% per bushel; No. 2 corn, spot, 93%: No. 4, no quo- tations: track corn. yeiow. No. % or better, 9415 and 95 per bushel. H Sales—XNone. | Oats—White, No. 2, No. 3, 54 per bu. Ttye—Nearby, 80290 per bu western export. spot, No. 3, no_quotations. Hay—Receipts. 82 tons; ample re- celpts for all trade wants from 18.00 | to 22.00 per ton. Straw—No. 1-tangled rve, 16.00; No. 1 wheat, 12.50a13. oat, nominal, 14.00a15.00. 54% per bu No. 2 907 per bu.; 15.00a . 1 CHICAGO LIVE STOCK MARKET. CHICAGO, May 18 (United States Department’ of Agriculture).—Hogs— Receipts, 35,000 head; slow, mostly 10 | to 15 lower: top, 7. bulk, 160 to 240 pound averages, 5 pound _butchers, sows. 6.26a6.75: de. pound pigs, 6.50a7.2 ding 15 t, w hogs, 5; medium, light. 7.50a7.85; light light, packing sows, smooth. = 6.50a7 packing sows, Tough, 6.00a6.60; kill- 6.00a7.35. e loads choice handy and heavy stecrs, 10.00a10.. bulk = beef steers and | stockers and | learance good | 0a8.00; veal calves mostl .. 50 to packers: upward to 11.00 and above to ou siders; desirable heifers mostly 7.50a 8.50; bulk bologna bulls. 5.25a5.50. Sheep—Receipts, 9.0 ad; very MR MELLON ASKS FOR $243,000,00 Proceeds of March 15 Salet Drawn From Banks—Other Financial News. BY I. A. FLEMING. Shifting of funds from banks to the Treasury is likely to cause a firmer tone to the money market, which for { some time has been very slow, with call loan rates relatively low. A loan of $1,000,000 was reported yesterday for sixty days at 5 per cent, with higher rates asked for longer time, Wwhile the best local banks nave been recelving from New York on call money has been 4 per cent. This morning Controller of the Cur-1 rency Dawes called upon all banks holding proceeds of the sale of cer- tificates of March 15 to pay into their respective federal reserve regional banks $243.000,000, or 75 per cent of the funds remaining in the banks, This draft fs unusually heavy and is more than likely, following the big note sale, to stiffen the money marke materially; indeed, rates were one quarter of a point higher yesterday. Avalting Supreme Court Action. . The Chemical National Bank of New York city has a permit from the former controller, D. R. Crissinger, to open twelve branch banks New York within the next two vears. The Chemical National has made no move whatever to locate branches, preferring to awalt the decision of the Supreme Court in the matter of the issourl appeal—the First Na- n. an Si z te DII.\‘“SM)“I'L of St. Louis vs. the stat t seems to be the general opinlon among bankers here that the cours will rule in favor of branch bankink One cannot anticipate action by the fourt, but the fecling is that nationa) “ill be given vhere state banks have if, 0 1SNt Wher Declde Reserve Bank for Cuba. Sov. Crissinger announce: Federal Reserve Board will, o pons day or Tuesday of next week, take Up the question of authorizing & branch bank of the Federal Reserve system in Cuba and decide it. There would be no objection from Atlanta or Jacksonville if a branch of the Atlanta Federal Reserve was per- mitted to start in Havana. Bank Charters Granted. { _Charters have been granted to the Union National Bank of New York. capital $1.000.000; National City Bank of Los Angeles, “capital $1.000,000: Franklin National of New York city, capital $800,000. s Local Securities, Another dull day marked business on the local stock exchange. Buyers are holding aloof from the market, in- terested sufficlently to make dally quotations, with an occasional actual transaction. but really disposed to await settlement of Interesting ques- tions before accumulative buying. American Security and Trust Com- pany sold, to the extent of eighty shares, from 322 to 321. A few shares of Washington Gas sold at 503 The day's record was completed with a sale of $20.000 Pepco general 6s (old bonds) at par. Railway common and Dl’(‘l(‘n‘m) ‘were both quoted ex-dividend today each $1.25 a share, and the best bid were 63 for the common and 72 for the preferred, with 64 and 731¢ asked for the common and preferred, re- spectively. A. B. A. President Speaks. J. H. Puelicher. president of the American Bankers' Association. ad- dressed the Pennsylvania bankers in convention assembled at Atlantic City this morning. 1 He said. among other things: “This splendid prosperity of 1923 may be maintained indefinitely by means of hetter economic work to the aveld- ance of the violent ups and downs in business.” Mr. Puelicher spoke on the subject “The New Spirit in Business.” He algo sald: “The federal reserve system has gone far toward saving business from the effects of reckless- ness on one hand and panicky fears on the other in the use of the na- tion's credit resources that have characterized business in the past. It has brought better teamwork to banking. so that it can render bet- ter service to business.” —_— Washington Stock Exchange. SALES. Potomac Electric g. m. s—$20,000 at 100, American Security and_Trust Co.—5 at. 3 at 5 at g22 3: at 321, 10 at 321, 10 at 321, 10 at 10 at 321. AFTER CALL. Washington Gas Light—2 at 50%. Mones—Call loans—5 and 8 per cent BONDS. he slow; around steady; bulk clipped lambs, 15.00a15.25; choice 83-pound averages, 15.40; handy-welght ewes, 7.50; few fed vearlings, 13.60; asking higher for California springers. DAIRY PRODUOTS, BALTIMORE, Md., May 18 (Special). —Live poultry — Spring chickens, pound, 50a55; small and Leghorns, 40 a45; winters, 40a45; old hens, 27a29; small and Leghorns, 25a26; old roos ers, 15a16; ducks, 22a24; small, 20; pigeons, pair, 40. Eggs, loss off—Native and nearby firsts, dozen, 25; southern, 23. Butter—Creamery, choice to fancy, pound, 42a44; prints, Y creamery, 38a41; ladies, 36a37; rolls, 34a36; store packed, 33a34 prints, 34a36. TODAY'S CHICAGO PRICES. CHICAGO, May 18.—With weather | conditions favorable, wheat showed a tendency to sag in price today during the early dealings. Crop damage re- ports from the southwest remained serious, but' failed to bring in much buying. On the other hand, profit- taking sales were more or less in evidence. The opening, which varied from unchanged figures to 3% lower, with July 1.173% to 1.17% and Sep- tember 1.15% to 1.15%, was followed by moderate downturns around and then something of a rally. Corn and oats were relatively firm, owing to smallness of receipts. After vance, scored slight general gains. Oats started at %al off to a like advance, July 43% to 43%a433%, and | held near to the initial range. Bid and Asked Prices. PUBLIC UTILITY. American Tel. & Telga. 4s.... American Tel. & Telga. 4lgs. Am. Tel. & Tel, ctl, ir. oas p! City and Suburban 5 Georsetown Gas STOCKS. PUBLIC DTILITY. Capital .. Columbia C Lower quotations on hogs made the provision market easy. WHEA' May. e n. High. a e Egr low 1L17% 1.15% Close. e 118 1184 118 1163 114y 80t 7! 78 ] 228 = ana 8% 20 =8 et & 85 oo 22 g : 5 WATERTOWN, N. Y., May 18— Business of the F. W. Woolworth Company chain of five-and-ten-cent stores in 1923 will easily reach $200.- 000,000 in the opinion of officials of the company, who are here for the annual meeting. They based their estimate on the showing made the first four months of the year, during which sales totals were more than $50,000,000. NEW YORK EGG PRICES. EW YORK, May 18.—Eggs—Firm; recsipts, 51.607; fresh extra first, 37 seconds, lower grades; - 23%a3l: Pacific coast whites, extras, 31%a36; do., firsts to extra firsts, 3114236, gathered nd ational Bank of Washington. TRUST COMP. American Security and Continental Trus Merchan National Saviogs and Trust Union Tru Wash. Loan and Trust. SAVIN Commerce and Savingi East Washington. Becurity Bavings and Com. Firemen's . National Union. TITLE INSURANCE. Columbia _Title Real Estate Tii MISCELLANEOUS. Columbia Graphophone com. Columbla Graphophone pfd. D. C. Paper ptd. %4a28; fresh gathered |La