Evening Star Newspaper, May 22, 1923, Page 28

28 RALLY IN MARKET » _FINANCIAL. Adv Rumley pf.. 43 Alr Reduction Ajax Rubber Alaska Gold U. S. Steel Hits New Low at| X2t 95—Margin Traders Forced|Allied chem, o £ Am Agr Chem e. Am Ag Chm pt. to Liquidat Am Beet Sugar.. Am Bosch. .. Am Brake Sho AmCan... Am Can pf Am Car & Fdy Am Car & Fpf.. Am Chain A. Am Chicle Co. Am Cotton Of1 Am Druggist. 3 BY STUART P. WEST. Bpecial Dispatch to The Star. NEW YORK, May Liquidation of the forced character—the logical sequel to Monday's violent break— ‘brought new low prices in the market today. After an hour and a half of nely heavy selling prices began | Am Express extremely heavy s ; bl T to turn. By afternoon a good part of { I 1 & Leath. the market was back to or above (h:i Am Tee. . i final levels of the day befora. | Am Tee pt. The stocks which showed the best| Am Internat support while the early selling W Am La France at its height were the Pe-linmuaiinsesa troleums, American ¢ Anacondd | Am Tinseed pf Copper and American Locomotive | Am Locomo. looked as though every share of s il fornia Petroleum preferred offered i p il 8. was being quietly tak n. stock | 4T R 3 * | Am Roll Mill pt. will have to be called in at injor-] AR 4 2 h a clear road | Am Safe Razor.. der to give the common a ¢ to the exclusive bLonefit of future|Am Skip&Com dividend increases which seem aptly | Am Smelting. warranted by the present earnings of [ Am Smelt pf. the company. Am Snuff. Weakest Features. :mg;e‘e:rx-‘a For the most part the weakest fea- | {71 GHERT: - tures were stocks that have been .\“‘lgumltraA ‘brought out Iy within _th last six | 410 Jun . months or a year, and which have not | Am Tel & Telg. . found their way into the hands of | Am Tobacco.. the public. Attempts to sell this class { Am Tobac (B) of stocks disclosed poor mar- | Am Water Wks. ket until they had broken 2 to 3|Am WWk6% pf points, Again these breaks occurred | Am WWk17% pf. Tegardless of company €arnings or|Am Woolen..... dividend prospec 4 Am Woolen bf.. Timken Rollcr B . for instance. | A Wool pf £ pd. was off ¢ 2 p(-(n'. x Uhfi'lhn;. al- Am Writ Prpf.. though certain that share- | (T o4l t B holders w \(\n'\xl'lhldng ‘c’):; Anscondn: the way of dividends n Amsconas Art Met Constn. Asso D Goods. .. Assoclated Oll.. Atchison. 2 Atchlson pf. Maryland Oil did about the best of the low-priced members of its group. Selling in Zine Stocks. The selling in zinc stocks was ac- companied by talk of the reaction in . the induetrs, but at the prices at | Atlan Cst Line which Butte and Superior. Butte Cop- | At1antc Frul per and Zinc and Callahan Mining f A1 Frult ctfs. . were selling this morning. such set- | Atlantic Guif... back as has occurred in the zinc|Atlantic Ret trade would scem to have be:n more [ Atlas Powder than discounted. Atlas Ta The afternoon rally was the sharp- | Austin Nichols. . est of anv that has occurred in the Auto Knitter... fast month. Tt etarted with Amnc A\ico Sales gt - and California Petroleum, qu :-k L'vrmcd to the rest of the list. | Paldwin Loco. ... New York Central distinguished Baldwin Loc pf. self among :he rails by coming b Balto & Ohlo. over 2 points | ¥ auick order. | Ralto&Ohio .. Canadian _ Pa was well taken | Bang&Arnstk. around 130, Southern Railway | Barnesdall (A). common just under 30. These two {Byrnesdall (B). and other ralls lik Baltimore }m& Beechnut Pack. Ohio and Unfon Pacific rebounded | pooy 'soqel. . . SR Beth St17%(n) .. Booth Fish. ... Brit Emp Stl. Bklyn Edlson Bklyn Rap Trn Bklyn R T ctf: BRT warran Bklyn Un Gas. Brown Shoe Burns Bros (A). Burns Bros (B). Butte Copper. Butte & Super.. Caddo Oil. Ci Steel Turns at 95. Very large amounts of United States Steel common had to_be ab- sorbed on the way down to 95 before bringing about & turn, Copper and ginc shares bore their part in the recov Butt and Superior more than & ng k its early loss. The new North American regained ynost of the Monday decline follow- ing the declaration of & 50-cent quar- terly dividend, although this was quite in line with what the street had anticipated. 5 Characteristics of the stock niarket today were precisely the sort of thing which in the past have de- roted the culmination of a prolonged downward swing such as Wall street has hac for the last two months. Whether or not they bore this sig- nificance on the present occasicn Te- mains to be reen. 9 At today's low level grices were tuck to where they stood last No- | Gl Riv Mills pf vember and were little above the|ccit ‘ae Pasco.. average of last summer, when busi- [ RO 08 R0 - ness recovery had barely more than { cRlo Sr G " got under way. S Review and Outlook. Chilx &1ion In order to justify any such price | Chi & E 11l pf. fevels it would be necessary to a i sume that the trade expansion of the | ChiGreat W pf. last six months has been ephemeral { cpyar) & St P and that the improvement that has | CpiMil&StP pt. ©ccurred during this period in com- Chi & Northwan. Tany earnings and in dividend pros- | b & HONLIE Dects s not worth considering at all. | Eh{ pREY B Prices have come down moderately, | iR TECOC and production has been curtailed {ChiR Shopt = But inasmuch as credit is abundant | Chi RI&P 7% pf. and supplies in the hands of mer- | Chile Copper. chants and manufacturers are not ex- | Chino Copper. cessive, the two main elements pre- |Cluett Peabody. ceding o cycle of depression, are ab- | Coca-Cola weni Colo Fuel. The stock market has rushed to an | G010 & South. extreme in its conclusions regarding | o'y ia'Gag ! the importance of the business reac- | (O MMS AN Hen: Columb’a Grap.. | Col Graph pt. ComSolvA..... Comp Tabulat. . Trading | Conley T Foil... Cons Cigar. Con Gas new. Cons Textile, Calif Pet ctfs Calif Petrol pf.. Callahan Zinc. . Canad'n Pac.... Carson H Gold.. CLOSING IS STRONG. 8harp Rally in Final Wipes Out Many Losses. By the Associated Press. Cont Can. 5 NEW YORK, May 22.—The reac- |Continental Mo. tionary trend of stock market prices | Corn Products. . came to & sudden halt today, but not | Cosden & Co. ... - | Crucible Ste until many of the leaders had es- | CERCTDIZHED o tablished new low records for the!cuy'Cane Sug... ear. The strong buying support|Cuba CaneS pf.. forthcoming at the lower levels in- { Cuban Dom’can. duced extensive short covering which | Cuyamel Fruit.. was accelerated by heavy purchases ( Davidson Chem. by so-called “bargain hunters,” | Del & Hudson ciosing prices of popular shares | D Lack & Wstn. showing net gains of 1 to 4 points. | Detrolt Edison. . Sales approximated 1,500,000 shares. | Home M1 he downward movement in the|potis =T recognized leaders was arrested in the early afternoon, when huge buy- | Eastman Kod ing orders made their appearance, | Elec Stor Bat... carrying active shares generally a|Elk Horn Coi point or more above the forenoon low | Elkh'n Coal pf.. Jevels. American Can, California Pe-| Endicott-John. . troleum, Crucible Steel, Corn Prod- ucts, Studebaker, Allied Chemical, American Locomotive. Union Pacific and New York Central sold 1 to 2 points above yvesterday's tinal figures. Liquidation, however, continued in many high-priced specialties, which dropped from 3 to 5 points. 1 The closing was strong. The un- | Fisher B of O pf. wieldy dimensions of the short in- | Fisk Rubber.... terest became apparent in the sharp | Fleishman. & rally that took place in the final hour | Foundation Co.. as traders sorambled for stock. | Freeport Texas.. Many of the leaders canceled their earlier losses and rose as high as 4 | Gardner Motor.. points above yesterday's final figure. | Gen Asphalt.... Gen Cigar deb. . Gen Asphalt pf. SUGAR MARKET QUIET. Gen Electric. ... Poor Demand for Refined Products|Gen Elec spl wi. ‘Weakens Prices. Gen Motors. . ... Gen Mot 6% deb. NEW YORK, May 22—The raw |Gen Mot 7% deb. sugar market continued quiet early |Glidden.... today. Golawin Corp. The continued light demand for |Goodrich. .. refined sugar discouraged any aggres- | Goodrich pf.. sive buying in raw sugar futures. | Goodyear pf. Prices during the early operations|Goody prpf wi. were easler under scattered liquida- | Granby Consol. tion and at midday showed declines | Gray & Dav of 5 to 7 points. Trading was light. | Gt Northern p! The market for refined sugar was | Great Nor Or unchanged at 9.50 to 9.90 for fine|Greene-Can: granulated. Withdrawals on old con- | Guorier sy tracts were only moderate and there Nor.. yas little, if any, new demand in evi- s Ay s 1 Gulf St Steel.... TODAY’'S METAL MARKET. Hartman Corp.. Hayas Wh NEW YORK. May 22.—Copper steady. _Electrolytic, spot and fu- Erf Erfe 1st pf. Famous Play... Famous Play pt Fd Mines&S pf.. Fif AvBus wi Fisher Body... Gen C! Gen Cigar pf. Hendee Mf; tures, 15%al5%. Tin easler, spot and futures, 41.87.~ TIron steady, prices unchanged. Lard steady, spot, 7.25. Zinc steady, East St. Louls, spot and nearby delivery, 6.70: 5. Antimony, spot, 7.30. HUDSON VOTES EXTRA. DETROIT, May 22.—The Hudson Motor Company declared an extra dividend of 25 l'elntsdu‘ m::i lm} t!sxoe uarterly div! o! T A ayable July 2 to stock of 8% *Ingersol-Rand. 120% Inland Steel w1. 36% Inspiration. nterd Rap T! n Ag Chemical. Tow. % % 11% 43 THE EVENING STAR, WASHINGTON, ! NEW YORK STOCK EXCHANGE Received by Private Wire Divect to The Star Ofice i | 71% | In Ag Chem pt 11%| In¢ Cement. ... 43 InCombustE... 1'% | Int M Marine pf. 68% ! Int Nicke! 40 Intl Paper. 2 1ntl Paper (sta). 1nt Shoe. . Int Tel & Teleg. Invincible O1l. .. Iron Produc! Iron Prod ctfs Island Oil. Jewel Tea. Jewel Tea pf. Jones Tea. . Kansas & Gult.. Kansas City S. .. Kansas C So pf. . Kayser (Julius) Keily-Spr Tire. . Kelsey Whi pf. . | Kennecott. . . Keystone Tire Kinney G R. Kresge (SS) Laclede Gas. ... LE& Wnetfs.. LE & Wn pf ctfs. Lee T & Rubber. Mack Trucki Mack Trucks Ist. Mack Truck 2d.. Mallison&C pf. Manatl Sugar. .. Manhat El Sup. Man El Inv guar. Manhat Shirt. Market St Ry... Market St R 2d.. Market St prior. Market St pf. Marland Oil 414 P 15% 724 MeIntyre Por 17 Mex Pete pf. 100% Mex Seaboard . Mex Seabd ctf: Miami Copper Middle St Of1. Midvale Steel. . . Minn & StL (n). MoK & T (new). MK&T pf clA (n) Mo Pacific . Montg'y W'rd Moon Motor: Mother Lode. Mullins Body. ash Motors pf. Natl Acme...... Nat Biscult wt.., Natl Cloak & 8. Nat Conduit. . Natl Ry of M 2d. Nevada Copper. N Or Tex&Mex.. N Y Afr Brake.. NY Alr Brk(A) Y Canners. Y Canners p: N Y Central... .. NY Ch&StL ctfs. North Pacific Ohlo Rdy & Blw. Ohto Fuel Sup.. Oklahom Prod.. {Onyx Hoslery... Onyx Hoslery pt Orpheum Cir... Pacific Coast.... Pacific Develop. Pacific G & El Pacific Ofl. . Packard Motor. Pan-Am Pete... Pan-Am P (B).. Parrish & Bing Penn Coal & C’ People’s Gas. Peoria & East Pere Marquette. Pere Marg pf.... Pere Mrq prpf.. Philadelphia Co. Phillips J pf. Plerce-Arrow. Plerce-Ar pf. Pierce-Ar pri Pierce Ofl. Porto Ric Tob. Postum Cereal.. Pressed Stl Car. Produc & Ref. Pub Service Pure O11 8% Df. Rallway Stl Sp. Rap Tr Sec w.1.. RapTr Sec pf wi Ray Con Cop Reynolds Spr Rey Tobac (B). Rossia Insur. % | Royal Dutch. 82% | Tex & Pa 1 3 h Lead.. 184 St Josep! 19% St L Southwn... Simms Petrol Sinclair Oll. Sinclair p*. So Porto Sugar.. South Pacific. .. Southern Rwy. . Southern Ry pf. Splcer MK Co. St Oll of Calif. Sterling P'rod Stew’t-Wern Stromb'g Car! Studebalksr Submar'- Boat. Superior OfI. Superior St Sweats Co of A. Tenn Copper. Tex Company... 44% Tex Gf Sulphur. 59% cific... 20% Tex & PC Ol 16% Third Avenue. .. *18% first ( BOND QUOTATIONS SHOW GOOD TONE Market Does Very Well in Spite of Heavy Selling on Stock Exchange. BY GEORGE T. HUGHES. May 22.—The bond market gave a very good account of itself today, considering the contin- ued early weakness and irregularity in stocks. Unlted States government issues were firm to strong and at one time during the day the Treasury 4%4s of 1952 sold at par, although there was some reaction later. Dealers report- ed few liberties for sale and it only took orders for comparatively small amounts to advance prices. The new Treasury 43 per cent notes of 1927 were_quoted at par and % to par and Y. There was a good demand for these also. The high-grade rails and industrials were firm even though little busi- ness was done. For the most part the recent gains were well held. Even in the speculative issues there was no weakness except in a few is- sues where there were speclal re sons. For_ instance, the Internation- al Great Northern bonds were down again, reflecting more selling by speculators disappointed at the de- cision of the Interstate Commerce Commission. . Here and there also a block of second grade bonds was offered at the market for the account of some speculator in stocks who needed funds with a consequent recession in price. There was not much doing in in- dustrial issues today. Advances in Marine 68, Virginia Carolina Chemi- cal 7i:s and Empire Gas and Fuel Ti4s were noticeable. The foreign list was a trifle up- steady, but not really weak. Sent)- ment as to conditions abroad oon- tinued optimistic. FURTHER DETAILS OF AUTO MERGER Haynes and Winton Among Most Famous Men in Motor Industry. CLEVELAND. May 22.—Directors of the Winton company of Cleveland. automobile manufacturers, have called a meeting of stockholders for June 4 to consider a plan to consolidate the Winton company with the Haynes Automobile Company. 1t was learned vesterday. The Haynes company's directors have approved the plan, which includes, in addition to the Winton company. the Dorris Motor Car Company of St. Louis. While full details of the merger are i1l incomplete, it has been learned m Cleveland sources that the pr posed company Is desirous of consoli- dating its products so as to offer a line of high. medium and low priced cars, Other companies may be invited to take part {n the association. ac- cording to semi-official statements. No intimation has been made as to what companies these might be. If the amalgamation of the Winton and the Haynes companies is carried out, two of America's oldest automo- bile manufacturers will be brought together in the same corporation. El- wood Haynes is said to be the first designer In this country of a gaso- line-driven vehicle, while Alexander Winton is reported to have made the sale of an automobile in this country- Mr. Haynes first became known as a public character in the early 90's, when he ran the first “horseless car- {riage” on the streets of Chicago and was promptly ordered off by city of- ! ficials. In 1894 he had developed his experi- ment until he had completed a ma- chine which could run nearly an hour at a speed of seven to elght miles an hour without stopping. Mr. Winton's first recorded sale was 1898, e CLOTH PRICES DROP. NEW YORK, May 22 (Special).— The market for cotton cloths showed a decided softening tendency today. Quotations on standard print cloths fell off to 9% cents for 64 by 60s and 11% for 63 by i2s. Sheetings were extremely dull, sateens were irregu- lar, with second hands shading prices, and drills and twills inactive. SILK HIGHER IN JAPAN. Although most Japanese commodi- ties have been declining in price since the middle of 1922, silk fabrics have experienced a steady advance. The cause for this is the great rise in the cost of raw silk. Although the selling price of silk fabrics has ad- vanced, it has by no means kept pace with the mounting costs of raw silk. —e e Timken Fear. 37 874 35% 86% 51% 50 Bl 9% 79 Tobacco Pro pf. 107 Trans Coat Ol 6% Transue&Will. 25 5 | TWin C P.Tran 64 Unlon Bag & P. Union Pacific Un Tank Car. Un Alloy Steel. United Drus. United Fruit. United Ry In Utd Ry Inv pt. Utd Retail Strs. USCastIrP. U 8 Food Prod. . S Hoffman M.. 1ndus Alco. . gl Rub 1st pf... 99% Smelt&Ref.. 29 Smelt&R pf. U S Steel... U S Steel pf. Utah Copper. Utah Securitie u U u u u u u U ValrCoal &C, Vivadou... % | W ‘Wheel & LE pf.. ‘White ‘Wisconsin Cent. ‘Woolw: 674 6T% *0dd lot. Low. Last, Call Money . 4 4 4 HOURLY SALES OF STOCKS. 1 86600012 m.. 702400 910100 - 2 p-m.. D. C, (Bales are ':J NITED ITA";E'u‘IkO‘;I DS. ¥ ple: 10151 m 1011-32) Example: 101-1 TUESDAY, MAY 22, [rze vorx BONDS oz iz W YOR Received by 1in $1,000.) Sales. High. TLow. Lib3%s.... 100-28 9 US4%s1952. 667 100 Canada s 1926 Canada 5% s 1929 Canada s 1931. Canada bs 1952. Chile %8 194 Chile 8 192 Chile 851941, Chinese Gov Ry 58 Copenhagen 5%s. Cuba 6%swi.. Czechoslovakia 8 Denmark Denmark 6s Framerican 7% French Govt 8s French Gov Hait! 65 ctfs Holland-Amer 6s Japanese 1st 4 Japanese 4s Jergen U M Netherlands 6s Norway Prague 7%s... Queensland 7 Queensland 6 Rio de Jan 88 1946. Rio de Jan 88 1947. Ud Kingm 514 '29. Ud Kingm 5%s '37 Ud Steam Copen 6s Uruguay 8s Zurich 8s... Ajax Rubber 8s... Amer Smelting fs. Am SmIt&R 18t 55, Am Sugar Ref 6s AmT& Tev 68 AmT&Teltr AmT& Tcltrds Anaconda 1st 6. Armour & Co 4%s. Atlantic Refin Gs. Barnsdallsf 8s Bell Tel Pa 5s rcts Beth Steel rf 58 Beth Steel s 1 6: Bklyn Edison 7s D Bklyn Ed gen os. . Bush T BIdg 55 '60. Central Leather §s Cerro de Pasco 8 Chile Copper 6s CinG&EbSY%s Commonwth P 68 Con Coal Md 1st Cuban-Am Sug 8s. Cuba Cane cv d 8 Du Pont de N 71 Duquesne Lt 7 Duguesne Light 68 E Cuba Sug 7% Empire F&G Fisk Rubber §s Gen Flec deb 5=. . Gen Refractes 6s Goodrich 6 Goodyear 8s 1921. . Goodyear 8s 1941 Humble O&R 5% Indiana Steel 5s. .. Int Mer Marine 6s. Int Paper 1st 58 A. Julius Kayser 7s. Kelly-Spring Lackawa S 5s'50 Liggett&Myers §s. | Lortllard (P) & Magma Copec. Ts.. Manati Sug sf 7% Marland Ol 7%s Mexican Petrol 8 Midvale Steel bt Montana Power is Nat Tube 1st i 1 NY T Teld4%s. N Am Edison 6: N States Pow 5s... Northwst B Tel 7s. Otis Steel 7% Otis Steel 8 Pacific Gas & El 53 PacT & Tb6s'52... PhilaCoref6sA.. Plerce-Arrow 8s. Producers & Rf 8s. Producrs& R8s w Public Service Punta Alegre Sharon Stl H Sinclair Ofl 7 FOREIGN. Bales. i igh. MISCELLANEOUS. 10 Am Agr Chem 7T%s112 51 1 24 23 o Anaconda cv db 73 208 PSS BB 0mm— 2 Sin Crude Oil 514s. Sin Pipe L1 South Bell Tel bs. . So Por Rico Sug 7s St Ol of Calif 7s. Steel & Tube 7 Tenn Elec Pow 6s. ‘Tobacco Prod sf 7s Toledo Edn 1at 7s. Union Bag & P 6 Unit Drugcv 8s... . U S Realty bs. | US Rub lstrf 7% Va-Car Chem 7 Va-Car Chm 7 ‘Warner Sugar ‘West Unlon 6%s Wickwire Spen 7s. wilson & Co 1st 63 ‘Wilson&C cv 7%s. Winchester A T3S Vienna, crown. Budapest, crown. Prague, crown. Warsaw, ma Copenhagen, crown. Christiania,’ crown. Stockholm, crown. Nominal Rold vaiue. 4.8065 7% 97 18 105% 105 — FOREIGN EXCHANGE. May 22, 1923—1 p.m. (Quotations furnished by W. B. Hibbs & Co.) Belling checks, today. By the Assoziated Press. NEW YORK, May 22.—Foreign ex- changes irregulay. Quotations (in cents, United States dollars): Britain, demand, 4.63%; cables, 4.63%5; on_ banks, sixty-day bills France, deman Italy, demand, ; cables, .0481%: cables, .| Private 4 102%4 1923. Wjre Direct to The Star Ofiice, RAILROADS. Bales. Atchison gen ds. AtlantioC Ll fa. 3 tlanticC L 4%s 10028 | B O pr 1n 3160 98-9 |B & O gold & 985 98-18 98-9 99-26 Low. Close. Canadian North 78 Canad North 61gs. Canad Pac deb 4s Car Clinch & O bs Ches & Ohio cv bs. Ches & O cv 4% Ches&Ogn 4% C M & Puget Sd ChI M&S Pre 43, Chi M&St P ev bs. . 3. Chi M&St P 48'25.. Chi M&S P ev 4 %s. ChiM&st P 4s 34, M&StPgndys ChigNW g Erfe conv 45 D. Gr Trunk sf db Grand Trunk 7 Gr North gen Gr North gen 5 Havana ERL&P 53 Hud & Man ref 5s. Hud & Man a i 111 Central rat 4 111 Central 56%s Int Rap Tran 5s Int R Transit 7 Int & G Nor a§ 6 Towa Central rf Towa Cent 1st 5s.. Kan City Ft S 4s.. Kansas City S 3s. Kansas City S 5. Kan City Term 4. Lake Shore 4s°'28.. Lake Shore 4s'31.. Lehigh Valley és Long Island rf 4s Louis & N un{ 4s. . Louis & Nash 7s. .. Louis & Nash 53;8. Manhat Ry cn 4 Market Sten 5a Mich Central db 45 CIRy &L 5s.. t Lrf ex 5s.. 10714 | Northn Pacr 1 68 107 | Northra Pe &s rot. 1024 | Cre Short Liref 4s. 2 102% | Ore-Wash 1st rf 43 92% | Pennsyl gen 58 10614 | Pennsyl gen 4348 1003, | Pennsyl 633s. 2 4 o8, | Pennsyl gola | Pere Marq 1st b3 i Sou Pacific cv 4 Sou Pacific ref Sou Pacific clt 4s Southern Ry 1st 93¢ | Southern Ry gn 48 27 Southern Ry 635s. 2! e ef 4 Union Pac 1st 4s... Union Pac 1strf 4s Union Pac ev 4 Union Pac cv 6 Virginia Ry 1st 6s. VaRy &P 1st 68 Wabash 1st b Wabash 2d Western Md 4s. Western Pacific West Shore 1st 4; Whel &LE rf 4348, TOTAL SALES (Par Value): lpm.. 6951000 2p.m. —_—— SHORT-TERM BECURITIES. Aluminum Co. of Amer. Aluminum Co. of Amer. 7s 1 American Cotton Oil 65 American Sugar 6a 193 American Tel. & Tel. 6s 1924... 1001 ‘American Tel. & Tel. fs 1935... 114 ‘Anaconda Copper s 1929 ‘Anaconda Copper 7s_ 1 Anglo-American_Ofl 7348 Asso, 8immons Hdw. 7s 1 Bell Tel. of Canada 7s 1f Bethlehem Steel 78 1923, Canadian Northern 534s 102 Central Argentine Rwy. 66 Central Leather 5s 1925. ., C.. C. & 8t. L. 88 1 Cin Tel. 58 1 Du Pont Tiis 1931 Goodyear T. & R. 83 1081 Great Northern 75 1086, Hocking Valley 6s 1024, Humble 01l 5%n 1932.. Kansas City 8 Morris & Penna. R. R. . Roel Co. 7s 1923 Standard Oil of Calif. 7s 1081.. Tidewater Ol 8%s 1931 Union Tank Car 7s 1930. United States Rubber 7' Western Union_614s 1t Westinghouse E. & M. ITTFICATES. TREASURY CER' (Quotations furnished by Redmond & Co.) = ——Noon. 3%s June 11023 Great 991 1 bt A Belgium, demand, .0674%: cables, .0675 Germany, .000017%. .0182. .000031. .o,m demand, Holland, 13920, Norway, demand, \1624. and, .267. Denmark, de- 5% nd, . Switzerland, demand, Spain, demand, .1527. .000017%: dgmand, Poland, Czechoslovakia, Argentine, di nd, .3613. mand, .1 fontreal, .98 1- Greece, demand, cables, .3917; 5%; closing bid, Io%ln. 4; -call loans against tances, 4%. Time 5a5%: four-six mon! commercial paper, §. 78% : treasurer of the company. #0% | directors were re-elected. 49 1lam.. 2867000 12noon. 4993000 8125000 (Quotations furnished by Redmond & Co.) —_ Asked. 90 13-16 99 15-16 00 100 3-32 90 15-16 100 132 100132 100 5-32 101 7-18 101 5-18 100 7-82 00118 100 3.1¢ 99 1116 98 13 00 3-32 100 3-1 90 NEW YORK, May 22.—Call money 4; ruling rate, , offered at 4% last ‘accep- 11 e SR e mixed collateral sixty-ninetv days, bab%. FINANCIAL," Grain, Produce and Live Stock WHOLESALE MARKET REPORT. Eggs—Strictly fresh, selected, ean- led, per dozen, 26; average recelpts, southern, 2. Live poultry—Roosters, per Ib. 16: turkeys, per 1b., 25; spring chickens, per 1b., 45a55; winter chickens, Ib., 40: keats, youns, each, 66; oultry — Fresh-killed Spring chickens, per 1b..56a60; win- ter chickens, per 1b., 46a50; hens, per Ib. 32; roosters, per Ib. 20a21; tur- k vs erolb.. 40a4b; lkeats, young. ch, Live stock—Calves, cholce. pe: 1b., 10a11; medium, per 1b., 9a8%: thin, per 1b, 6a7. Lambs, spring, per 1b., 15a16. Live pigs, 3.00a0.00 each; live hogs, per Ib., 81, Green fruits—Apples, per bbl., 3.50a 8.50. California oranges, per crate 5.00a6.00; Florida, 5.50a7.00. Lemon: per box, 4.30a5.50. Grapefruit, 3. 5.00. Strawberries, per qt., 10a30. egetables—Potatoes, per bbl, No. 1. 1.50a2.00: per sack, 2.00a2.50; new potatoes, Florida. per bbl, 6.50a 8. sweet potatoes, North Caro- 2.00a2.50; nearby, 1.00a2 Let- tuce, per crate, southern, 1.50a3.00; Romaine lettuce, per crate, 2.00a2.50; Iceberg lettuce, per crate, 4.00a6.00. Cabbage, southern, 1.50a2.00 per basket. % 50. Toma- toes, per box, Florida, 1.00a3.00 per _basket. per basket. Pepper: ida, 2.00a4.00. Kale, 2.00. Spinach, per Celery, per crate, Squash. 2.50a4.00. Florida lima beans, 4-00a7.00 Der basket. Asparagus, 1.002 per barrel barrel, 1.50a2.00. Florida, 3.00a4.50. GRAIN AND PROVISIONS. BALTIMORE, May 22 (Special)— Potatoes, ba 3.00a7. 150 . 758 n 3.00; sweets and yams, barrel, 2.00a3.00; bushel, 75a1.00. Asparagus. dozen, 1.50a4.00. Beans, bushel, 1.25a3.00. Beets, hundred, 6.00a 8.00. ' Cabbage, hamper, 1.00a1.25. Carrots, hundred, 5.00a6.00. Celery, crate, 1.75a3.50. Corn, crate, 2.00a3.00. Cucumbers, crate, 3.00a5.00. Egg- plants, crate, 2.50a4.50. Kale, bushel, 80a90." Lettuce, basket, 2.00a3.00. Onions, 100 pounds 0a4.00. Spring onfons. hundred, 1.25a1.50. Peas, bush- el, 1.50a3.00. Rhubarb, hundred, 2.00a 4.00. Peppers, crate. 2.50a4.50. Rad- ishes. " hundred, 2.00a4.00. Spinach, bushel, 20a40. Squash, crate, 2.00a3.00. Tomatoes, crate, 2.50a5.50. Apples, packed. barrel. 4.00a6.5 bushel, 1.25a2.25; box apples, 2.25a3 Grapefruit, box, 2.50a4.00. Oranges. box, 5.00a6.50. Pineapples, crate, 3.50a 5.00. Strawberries, quart, 5a20. Selling Prices at 12:15. Wheat—No. 1 red winter, spot. no quotations; No. 2 red winter, spot, 1.33%: No. 3 red winter, spot, no quo- tations; No. 3 red winter, garlicky, 2; 3 red winter, garlicky, spot, no_quotations: May, 132, Sales—Car lot of 3 spot. western Mary bushel. ‘orn—Cob corn. new. 4.75 per bar- €l; contract. spot. 883 per bushel; No. 2 corn, spot. 913 ; 4. no quo- tations: track corn, No. 2 or better, 95 per bushel. Sales—None, Oats—White, No. 2, No. 3. 54 per bushel. export. spot. . no quotations. eceipts, 78 tons; ample re- ceipts for all trade wants from 15.00 a22.00 per ton. Straw—No. 1 tangled rye, : No. 1 wheat, 12.50a13 oat, nominal. 14.00a15.00. ou: red winter, d, at 1.25 per 5413 per bushel; 15.00a TODAY’S CHICAGO PRICES. CHICAGO, May 22.—Wheat took a fresh upturn in price today during the early dealings. Unfavorable crop {reports. " especially from the south- west, acted as the chief bullish in- fluence. Buying lacked volume, how- ever, and gains failed to hold well. The opening. which ranged from % to % higher, with July 1.16% to 1.16%. and September, 1.15 to 1.i5%, was followed by a moderate further advance and then something of a re- action. Unfavorable weather for corn plant- ing gave firmness to corn and oats. After opening unchanged to 1a cent higher, July, 79% to 79%, thé corn market scored slight general gains. Oats started unchanged to % cent higher. July 42 to 42%, and later con- jtinued to harden. Provisions responded to the ness of the grain markets, lower quotations on hogs. firm- despite Jaly .. - Beptember ... Market Flashes at Today’s Close The Anaconda Copper Mining Com- pany today declared the regular quarterly dividend of 75 cents, pay- able July 23. The Texas Company today declared the regular quarterly dividend of 75 cents, payable June 30, to holders of record June The American Beet Sugar Company, at its annual meeting today elected Charles C. Duprat a director to fill a vacancy. He is secretary and Retiring The United Drug Company today de- clared a dividend of $1.50 on common stock, payable September 1. The divi- dend on these shares was passed in September, 1921, when the stock was on an 8 per cent bas | The Lee Rubber and Tire Corpora- tion has called a mecting of stock- holders on June 6 to vote on a pro- posed increase in capital stock from 150,000 shares of no par value to 300,- 000 shares. The purpose. it was an- nounced, was to acquire “a large rub- ber company.” The change in the management of the Coca Cola Company which places a former vice president of the White Motor Company at the head of the soft drink concern is expected to have far-reaching effects in the marketing of the wares of Coca Cola. The new president is expected to supply “new selling push” from his experience in the motor truck business. New York bank clearings, $190,000.- 000. New York bank balances, $68,- 000,000. New York Federal Reserve Bank credits, $45.000,000. Boston bank clearings, $ 00,000. Strike of shopmen on lines of Texas Pacific rallway has been settled, ac- cording to shop crafts officials. Gov. Smith lllsaf‘gned Farrell bill, providing for local tax exemption on all buildings used exclusively for dwelling until January 1, 1832, pro- vided such dwelling has been started between April 1, 1923, and April 1, 1924, ‘Wholesale price of gasoline ad- vanced 112 cents per gallon by all re- finers in the mid-continent field. Dow Jones says: Studebaker led a sharp rally in general list in early afternoon following denial by Dow |H per cent re- |Hud Jones of reports of 10 duction in automobile production in Michigan. dealings. The_ statement of President Camp- bell of the Youngston Sheet and Tube | Ui Company has attracted considerable attention. He says there has been distinct _evidence of the slowing down of general business the last two to three weeks, and he warns the work- men of the company of the reaction in general business, so that they will save their earnings and hold onto thelr Jobs. ~ 3 Studebaker jumped to 108 | & 16 | compared with low of 106% in noon CUBA BRANCH BANK PUZZLING PROBLEM Reserve Board Fears to Make Precedent—Gas Light Earnings. The fight between the Boston and Atlanta Federal Reserve banks for the right to establish a branch bank in Havana, Cuba, s still to be de- cided by the Federal Reserve Board's advisory council now in session here. At the opening meeting of the fad- eral reserve system yesterday ths question sidetracked subjects of credit and general economic condi- tions Applications of the Boston and Al- lanta reserve banks for permission to place agencies in Havana, Cuba, pending for some time before the reserve board, have opened up the broader question us to whether the precedent that would be established by favorable action on either appli- cation would be proper. It was made clear that the council members wera not concerned with the merits of the two applications which have caused a near-controversy and t their dis- cussion dealt entirely with the eub- Ject in the abstract sense. Some of the council memhers fear that a precedent would be established in granting an application for a Cuban agency that could not but apply to branch banking in other foreign coun- tries if application is made by federal reserve banks for the privilege. Most of the council member: s in- dividuals and bankers themselvcs, ars represented as opposing the policy because they believe it would consti- tute extension of government com- petition to private banks and would embark the reserve board on a poliey the end of which cannot now be fore- seen. As officlals of the government, however, their attitude generally is sald to be favorable to a large de- gree to the proposal for an agency in Cuba, which has steadily increasing trade relations with the United States. These trade requirements, it is held generally, should have their banking facilities satisfied. Georgetown Gas Light Company. The Georgetown Gas Light Com- pany was operated at a net corporats income of $5928 during the past month, as compared with $3,964 the corresponding month of last year, and with $4,588 earned in March this year. A ‘relatively large gain in operat- ing revenues with a proportionate falling off in expense is responsible for the increased profits, the report shows. The company had operatin es of $43.742, with expenses . h, in contrast with 571, respectively, the month last year. During the perfod the reduction for {taxes was made to the amount $1,51%, Other income of the company_ totaled $518. and miscellaneous deductions agsregated 33,535, classified as fol- low Miscellaneous rents, $500; in- terest deductions, $2,433, and amorti- ;auon of debt, discount and expenses, Bankers’ Convention. Much interest is being displayed by local bankers in the forthcoming an- nual convention of the District of Co- lumbia Bankers' Association to bs held at Hot Springs next month. An elaborate program Is being arranged, and it is understood that S. Parker Gilbert, undersecretary of the Treas- ry, Wil probably be one of the prin- cipal speakers. Fernand Petit. cashier of the Citi- zens' Savings Bank, who is chairman of the hotel and transportation com- mittee. urges all bankers who have not already done so to mail in their reservations as early as possible. Local Exchange Closes June 5. The announcement was made again today that the Washington Stock Ex- change will be closed on Tuesday, June 5. on account of the big events planned for that date in connection with the Shriners' convention. Many Washington bankers are planning to take a very active part in the con- vention. RAILROADS MAKE REQUESTS OF 1. C. C. A project for constructing a new line of railroad ninety-seven miles long, from Rogerson, Idaho, to Wells, Nev. was put before the Inte slate Commerce Commission today by the Oregon Short Lire Railroad IComvnn,\‘. No estimates of cost of j construction were filed. The new road would give an outlet to the {1daho irrigation district. | JFinancing plats, under which the { Waco, Beaumont, Trinity and Sabine Raflroad Company proposes to ac- auire the sixty-six-mile railroad run- ning from Trinity to Colmesneill, Tex., were filed for approval today with the commission. They provide for the issuing of $1,143.000 in 6 per cent thirty-year bonds, 21,703 shares of common stock with a par value of $2,170,300; $60,000 in equipment trust notes $75,000 in unsccured notes. The Fort Wayne Union railroad was granted permission to construct 8.000 feet of new line near Fort Wayne, Ind, to cost $215,000, and connect up the railroads entering Fort Wayne. FRUIT STARTED EAST. California to Increase Shipments 25 Per Cent This Year. Special Dispatch to the Star. SAN FRANCISCO, May 22 —With the fruit season just getting into full swing, Indications are today that California shipments to eastern mar- kets will be fully 25 per cent heavier than ever before in history. De= velopment of marketing facilities in eastern cities, which heretofore have not received California fruit direct, is held responsible. The first apri- cots, figs, peaches, plums and canta- loupes now are on the way east. BLACKBERRIES ON WAY. First Texas Shipments to Reach East This Week. [l Dispatch to the Star. pl’)’tA LAS, May —Blackberries from eastern Texas will reach east- ern and northern markets this week. The crop is excellent, but peaches end plums will be in’ short supply. Reports from the fruit districts to- day state the still unripe fruit is fall- ing from the trees. The peak of the strawberry movement has passed. s DIVIDENDS. Pa ab) Pr. Rate. Q 1%% 1%% July 25 Company. Du_ Pont de mours .. June 15 Du Pont de Ne- mours 133% Aug. Du_Pont de N ‘mours Powd pf. 3 Aug. . & P. R.- June Q Q June 15 I 18 3 g Juze 18 June 7 June 18 May 28 THREE TANKERS S0LD. | The Shipping Board has sold three steel tankers of 9,758, 9,863 and 10,337 dwt., respectively, to the Cape Steam- ship Company of -Philadelphia. . No sale price was given. ¥