Evening Star Newspaper, May 23, 1923, Page 26

FINANCIAL. * ‘THE* EVENING ‘STAR, WASHINGTON, D. C. WEDNESDAY, MAY 23, 1923 FINANCIAL. FURTHER ADVANCES [ ~ew Yorx sTock excrance | (0D BUYING NOTED] [=xz= <o BONIDS ot sscmave]Grein: Produce and pESPNT RATES Received by Private Wire Direct to The Star Office 195 196 Live Stock WHOLESALE MARKET REPORT. Privats Wire Direct to The Star Office. (Saiss are iz $1,000.) UNITED STATES BONDS. Open. High. 43% 48% RAILROADS. Sales. High. Low. Close. Ann Arbor 4s. 2 63% 6% 63% Low. Close. | Open. High. 48% pen. Hig! 195 195 IN STOCK MARKET Trading Slows Up in After- noon After Heavy Buying Wave Earlier in Day. 'BY STUART P. WEST. Special Dispatcii to The Star. NEW YORK, May 23.—Wall street, always looking for specific explana- tion, gave credit for most of this morning's recovery on the stock ex- change to the Federal Reserve an- nouncement regarding its discount policy. o The assurance that the present 4% per cent rate was to be maintained was of course rather superfluous. Recent developments in the money market and in the bond market— especially the improvements in United States government loans—had done away with any lingering fear there | might have been on that score. More Details Wanted. But the important thing s that the reserve board should have proclaimed its sastisfaction with business con- ditions throughout the country. 1t is egretted, in view of virulent propaganda of the last rew weeks, that the heads of the banking systems did not go into more detail in discussing the trade situation. Still, it was the warning of the re- serve board in the early part of April of what would happen it the upward rush of production and prices were to go on that had more than any- thing else to do with bringing about the subscquent check. The present announcenicnt amounts practically to saying that this check has been saluta.y—oas accomplished the object whicn Was to restore soundncss to the indusirial structure. California Pete Strong. It was not surprising when the stock markel turned upward today that the true nature oi ihe recent operations in_ Ca.ilornia Petroleuis issues shoula have been more ciearly isclosed. G uring the recent upheaval these stocks nad acted In a lianner 0 sug gest that some interest wes quieuy taking all that was olierew, Tegaius lcss of anything happening else- where. Today the elicces 01 tals ave cumulation showed in a marked Scarcity of boli common and prerericu as they shot forward. The Scemingly good chance of Caliiornia Petroleum preferred being retired at the call price of 120 was, of course, the ir centlve back of the jump in ihe stoc! today. I the general list the rally proceeded sharply tor the first hour or so. Stocks like Baidwin Locomotive. Pap- American and_Studebaker at thér highs were up 3 to 4 points from their lows of Monday and Tuesday. Steel gommon was up 2 points and Repub- lic Iron and Steel nearly 3. Lull After Midday. The high levels, howev veached under active bidding traders on the short side and when the demand from this source slack- cned, as it did after midday, prices were Inclined to sag off 3 Amcng the lower priced oils it looked again as if important inter- ests in Cosden and Marland which had distributed their speculative holdings at the rising prices of two months ago had got back enough stock to warrant them tasing a more active hand In market operations. Increase in the Montana Power dividends from 3 to 4 per cent was followed by a sharp advance in that stock were Bears Attack Prices. A half-hearted attack upon the gen- eral list was started midway through the afternoon, but was speedily checked, People bullish on the market were prepared to agree, however, that the substantial buying which had checked the decline after the spasms of Monday and Taesday would not be n a hurry to follow prices up. The next procedure is for the market to prove its ability to maintain the ex- ‘sting level against ihe efforts of bear traders, flushed with two months of victory. If it can do this. a re- newal of pool operations for the rise in special issues, such, for instance, as | the olls, is looked for. While the steel trade rev ¢ mit that the real test of prices still lies ahead, because the pariial slo down in the oil drilling and construc- tion enterprise has scarcely had a chance to show, they cancellations have so far occurred and that the current volume of busi- ness is holding up well. 3 Rumors of a curtailment in the motor industry were answered today by the Chandler company, speaking itself and the Cleveland Motor Company. Thotlty for the statement that both companies are runnin at capacity production. with ¢ handler needing to ship less than 3.000 cars more to reach 10,000 for the first five months of 1923. CASHIEB. GETS TWO YEARS. BALTIMORE, Md., May Wright, jr.. former cashier of the First National Bank of Federalsburg. Md., who pleaded guilty May 11 in the United States court of embez- zling about $100,000 of the bank's funds, yesterday was sentenced to two years in the federal penitentiary at Atlanta BUTTER GOES LOWER. CHICAGO, Ma: Butter—Lower: creamer xtras, standards, 39 k; extra firsts, Ssa38ly; firsts, seconds, 34a35% receipts, a firsts, 25a! ordinu. v 23a23%: miscellanecus, age pack, extras, 2 firsts, 2 %. ROAD REFUSED LOAN. | A government loan of $246,782 | asked by the Memphis, Dallas and Gulf Railroad Company, now in re-| ceivership, was refused today by the Interstate Commerce Commission. which held the application had not | been brought within the required two vears after the expiration of federal control. LIVERPOOL COTTON. H LIVERPOOL, May 23 —Cotton— Spot, limited demand; prices firm. Good middling, 15.62; fully middlin, 5.52; middling, 15.42; Jow middlin 17; good ordinary, 14.67; ordinary, 14 Sales, 4,000 bales, including 2700 Amerioan, " Recelpts, 2,000 bales, including 2,100 American. Futures cloved barely May, 14.78; July, 1442 .14; December, 12.74; Januar. March, 12.39. —_—_— KNITTING FIRMS MERGE. TORONTO, May 23.—Negotiations were reported to be practically com- pleted today for the sale by the Mon- arch Knitting Company of its Buf- falo subsidiary in the Na mills for about $350,000. BAR SILVER QUOTATIONS. LONDON, May 23.—Bar silver, 323 pence per ounce. Money, 13 per cent. stead cent; three-month bills, 1 15-16a2 per cent. NEW YORK, May 23.—Foreign bar silver, 673%; Mexican dollars, 513%. NEW YORK DAIRY PRICES. NEW YORK, May 23.—Butter steady; receipts, 12,577 packages. Eges steady; receipts, 45,964 case: Pacific coast Whites, extras, 36%a3s. WOULD ABANDON LINE. The Cimarron and Northwestern railroad, in New Mexico, notified the Interstate Commerce Commission to- day of its desire to abandon fourteen miles of line between South Ponil znd Ponil Park, in New Mexico. ws ad- | report that no | Chandler officials are au- | { i Alr A Allfed Chem. Allis Chalmers. Am Agr Chem. Am Ag Chm pt. Am Beet Sugar. Am Bosch Am Brake Sho: Am Can, Am Canpf. Am Car & Fdy Am Chain A. Am Cotton OIl. Am Cot Oil pt Am Druggist AmJce. .. Am Interna Am Linseed. Am Linseed p Am Locomo. Am Loco pf. Am Metals. . Am Radfator Am Smelting Am Smelt pf. Am Snuff. Am Sumatr: Am Steel Fdy Am Sugar Am Tobacco Am_ Tob pf (n Am Wonlen. Anaconda. Assoclated Ol Atchison. . Atchison pf. Atlan Bir&At. Atlan Cst Lin Austin Nicho RBath Steel Butte Copper €addo Oil Calif Pac! Calif Petrol. Calif Pet ctfs Chi & Alton. i {chi& ETlpf | Chi Grt West Chi Great W of.. Chi Mil & St P Chi Pneu To| Chile Copper. Coca-Cola. | Colo Fuel Columbia Ga: “omp Cons Cigar.. Con Gas new Cons Textile. Cont Can. . Corn Prod pf. Cosden & Co. De Beers. ... Del & Hudson Dome Mines. Elk Horn Coal Erle.... Erie 1st pf. Famous Pla Fd Mines&S p: Fidelity F Ins Fif Av Bus wi Fisher Body. Fleishman. Gardner Moto: Gen Asphalt. Gen Cigar Ger. Motors Gen Motors pf Glidden..... Goldwin Corp Goodrlch. Goody pr pf w. Granoy Consol Gray & Dav Gt Northern p! Houston Oil. Hudson Motol Hupp Motors. Hydraulie 8tl Indiahoma. . Ind Ol & Gas { Inland Steel w 1. Inland Stl pf w i. 108% Inspiration. . | Jon Int Cement 1n Combust v knitting | {n¢ Hurveste: Int Mer M Am La France. 3 Am T & Cable. .. Am Tel & Telg. Am Tobac (BY Axs0 D Goods. ) e At Fruit ctfs. Atlantic Gulf. Auto Knitter. raldwin Loco. .. Ralto & Ohio. ... Rarnesdall (A). Paechnnt Pack Calif Petrol pt. Callahan Zinc. by | Can . Carson H Gold. Central Leath. Cent Leath pf... Century Rib Mills Cerro de Pasco. . Chandler Mot. Chesap & Ohl lf,‘he.\& O pfwi o | i Adv Rumley pf. . Reduction. Am H & Leath, . Am H & Lea pf.. 62% 10% % 69% 40% 18% 40% 26 89ty 73 94% 108 167% 2% RY% 17 5% 9 49 94 28% 12 229 43 .o 185% Am Woolen nf. Am Wool pf f pd. 100% Am Writ Prpt Chi Mil&StP pt Chi & Northwn TR {ChiRI& Pac.. Chi RT &Pa%p?. . Chi RI&P 7% pf. Chino Copper-. . Cluett Peabody. ColumbiaGas w Columb’a Grap. . Crucible Steel. . Cuban-Am Sug Cub Cane Sug. Cubn Cane S pt Cuban Dom’can. Cuyvamel Fruit. . Davidson Chem. Dupont (£1)... | Eastman Kod.. rlec Stor Bat TR Emerson-Brat Endicott-John o= Fisk Rubber. . Foundation Co Freeport Texas. r Gen Asphalt pf. Gen Electric. . Gen Elec spl wi. Mot 6% deb. en Mot 7% deb. Great Nor Ore... | Greene-Canan. Gulf St Steel. Hartman Corp.. Hayes Wheel... Homestake. .. Househ'd Prod. { Am Safe Razor. . Am Ship&Com Am Water Wka. Am WWE6% pt. Reth St177%(n). . i Beth St1 8% pt. Bklyn Edison. . Rizlvn Ran Tron. BR T warrant Bklyn Un Gas. | Brown Shee. . Hurns Bros (A). Burns Bros (B). { Burns Bros pf Butte & Super.. Continental Mo. Corn Products. . D Lack & Wstn. | Interb Rap Tr. .. In Ag Chemical. 1n Ag Chem pf.. 1ot M Marine pf. lnt Nickel. Int Nickel pf. 1nt 8hoe Tel & Teleg. Discount rates, short bills, 3% Der | iacinainie ON . Island Ofl Jewel Tea. Jewel ;el P! 18 5% 9 6% 14% £5% 96% 125% 144 102% T% 591 /8% 10214 18% 44% T4 109 4 1o 6 106%, 15 16% 107 58% 135% 34% 108% 6% 244 414 204 36% 62% 10% % 68% 40% 16% 40 36 87% 73 93 108 167 22u 8% 17 62% 104 % 69% 42 1284 ! us 46% 7% 81% 114% 357 124 108 59% 142 631 403 16 75 4513 10% 38% 1% 82 172 114 14% 83 834 99 8% 5 31% 96 23'% 9% 0% 28 22% 80% 1% 36% 60 82% 56 25'% 22 2% Hydraulic Stpf. 14 84 36% 834 16% 5% 16% 36 21% 82% 8% 32 13% 9 68 68% 13% % 18 €8 5Tk | Jones & L'gh pt. 107% { Kansas & Gult, Kansas City 8... Kayser (Jullus) Kelly-Spr Tire. Kelly-Spr 8% pt. Kennecott. . Lee T & Rubber. Lehigh Valley.. 61 61 % 18% 31% 45% 98 35% Gy 60% 223 84 26 164% 36% 22 83 8% 2% 134 9 68 68% 13% % 19% 70 57% 107% % 18% 2% 46% 28 36% % 60% 62% “ 68% 42 108% 3% 16% 5% 16% 36% 22 82% 8% 81% 13% 79 68 68% 18% % 19 0 Lorillara (P) Lorillard pt. Louls & Nash. .. Macy Co pf. Magma Copper. Mallison & Co. Malllson&C pr. ., Manhat El Sup. atl Sugar. Man Elev scrip Manhat Shirt Market St Ry Market St R 24 Market St prior. Marland Of1. . Martin-Parry. Mathison Alkill. Maxwell (A). Maxwell (B). . May Dp Store: MelIntyre Por Mex Seaboard Mex Seabd ctfs Miami Copper-. . . Middle St Of1. Midvale Steel Minn & StL (n). MoK & T (new). MK&T pf clA (n) Vo Pacific. ...... Mo Pacific pf . Montana Pow. Montg'y W'rd Moon Motors. Mother Lode. \'ash Motors. . Nash Motors pf. Yatl Acme. .. Nat Riccuft w1 Natl EBiscult pt. . Nat Condutt. ... Natl Enamel. . Natl Lead . Nevada Conner. N Or Tex&Mex. . N Y Atr Brake. . NY AlrBrk(A). N Y Canners. ... NV Conrral | NY C&SL 2 otes. XY O& Western. Nore & West. Yorth Amer. North Am pf. North Pacific Ohio Fuel Sup. . Onyx Hoslery p? Ornheum Cir. Otis Elevator. Otis Steel. . Owens Bottla Pacife Develop Papific 6 & Pacific Mall Pactfic Of1. Packard Motor. Pan-Am Pete Pan-Am P (B Parrish & Bin Penn Coal & C rennsvlyania. Peann Saahd St! People’s Gas. . Tera Marquetts. Pere Marq pt. Philadel Co pf. Phillips J pt. . Piullins Pete. Pierce- Pierce-Ar pf. Pierce Oil Pierce Ol pf. Pitts Coal. .. Pitts & W Va.. Pitts&W Vant.. Postum Cereal. . Pressed Stl Car. | Produe & Ret Pub Service. . Pub Serv pf Pub Serv (new). Pullman Co. .. Punta Alegre Pure Ol Pure Oil §% p! Rand Mines Rap Tr Sec w.i.. | RapTr Sec pr w1 Pxy ConCop. .. | Reading....... Remington. | Replogle Steel PepIr & Steel .. Rep Ir & Sti pf. Revnolds Spr. .. Rey Tobac (B). Royal Dutch. St L&San Sran. . t L&San Sr pt. t L Southwn St L South pf Savage Arm Seneca Copper. . Shattuck-Ariz.. Shell Tr&Tran. <inell Union. mmons. Simamons'pt. Sunms Petro! Sinciair Ofl. Sinclair p°. Skelly Ofl...... Sloss-Sheffleld. . So Porto R § pf. | South Pacific. . Southern Rwy Soutiern Ry pf Spicer Mfg Co. .. St Ol of Calif. ... Stand Oil of NJ .. St Oil of NJ pf Steel&Tube pf. Sterling Prod. | Stew't-Warner Stromb'g Carb. Studebaker. 5 Submar’e Boat. .. Superior Oil... s SweetsCoof A.. Tenn Copper. Tex Company Tex Gf Sulphur. Tex & Pacific. .. Tex & P (: Oll Third Avenue Timken Rear... ‘Tobacco Prod. .. Tobac Prod A... Trans Cont Oll. . Underwcod. Union Pacifie. .. Union Pac pf. . Un Alloy Steel. . United Drug. UnDruglst.... United Ry Inv. Utd Ry Inv pf. USCastIrP. U 8 Food Prod. . U S1Indus Alco. . U 8 Realty U S Realty U S Rubber..... USSteel....... U S Steel pf. Utah Copper. Utah Securities. Vanadium Cop. . Van Raalte. Va-Car Chem Va-C Chem pf. ValrCoal &C.. Vivadou Wabash. Wabash pf (A) ‘Wabash pt (B) Waldorf Sys. West Penn Co. West Penn pf. West Elec pf. Western Md. Western Md 2d. Pacific.... ern Unlon. 8 8 84 |Wisconsin Cent. 26% 26% 61 26% Woolworth. . 68y 16% T% 153% 114% 89% 4% 92 614 1124 80% 29% 82 50% 58 4% 43% 12% 24 6% 44% 81 43% 45 15% 73% 17% 15 15% 26 9% 27% 7 12 34y 13% 36 65% 195 6114 114 14 9415 En 48 31 94% 82 20 17 887% 215 3% 9214 103 4614 1us 60% 17% 52 34% 116% 94y 68 8474 6974 108% o8y 4% 14 9% 44 61 22 17 15 367 51% % k) - 170 135 74% 85 9% 47% 12 37% 24 3% b51% 99% 102% 51% 9644 117% 64 1% 31% 40 9% 29% 60 16 106% 53% T 18% 26% 50> 64% 16 T 153% 114% 91 6% 92% 61y 62% 16% % 162% 114% 89% 3% 22 81% 112% 20% 28% 82 ¢ 50% 58 4% 43% 12% 24 6% v 30% 43% 44% 15% 3% 17% 15 15% 26 9% 27 7 1% 33% 13% 36 657% 19% 25% 62% 18 % 182% 114% 90% 8% 92% 61% 112% 32 28% 82 51 58 474 43% 124 24 67% 46% 80% 44% 45 16% T4% 1% 16 16% 26 9% 27 7 1% 33w 12% 6% 66% 1% 69% *{ ricultur 3 347, 95 2115 65 49 0% 404 5674 29 99 102, 291, INBOND MARKET Easy Money Chief Factor Today’s_ Improvement. High-Grade Rails Up. BY GEORGE T. HUGHES. Special Dispateh to the Star. NEW YORK, May 23.—The bond market could fairly be deseribed as strong today in practically all de- partments. The continued ease in money was probably the chief factor in the im- provement. This, together with lower commodity prices and the prospect of smaller demands for business pur- poses, induced considerable buying ef bonds. Libertys were only slightly higher. but the demand was good. Offerings of high-grade rails and industrials were readily absorbed. An interest- ing feature was the fact that more than the usual proportion of trade was made on the floor of thé ex- change. . Intereat in Austrinn Loan. Much interest was taken in proposed Austrian loan. The raport is that the new bords will be offered on a baris to vield the investor about 8 per cent. "The prineipal guaran- teelng wovernments are ireat Brit- uin, France, Italy and Czechoslo- vakia. If an Austrian obligation #uaranteed by the nations named is to be sold on an & per cent basis it will make the market price of the obligations of al! the guarantors, »x- cept Great Britain, look ver. low For Instance, the French TV d €~ ore selling to vield ubout 8 per cent Czechoslovakia S ure selling to vield 8% per cent, and Kingdem of Tta to vield about 8.4 per cent. Even larger vields are glven Ly some of the outh American bonds, as the Bolivia 8s. will be Vvery intersting to observe the ef- fect on the market of a successful 1(.\\.ln|: of an Austriar bend The principal feature in today’s trad- ing among foreign issues was the Dutch Last Indles 65 and 513, which were very firm around the high for the year. Probably some of these bonds are going abroad. High-Grade Rails Strong. In domestic issues the high-grade rails were uniformly up a 1 Instances were Burlington Pacific 48, Northern Pacific 53 and 6 and the Oregon, Washington and Navigation 4s. The ad {utiliies was in the grade represented by New York Telephone 4%s. Second grade issues to show improvement in- cluded Chesapeake and Ohio 4%s, Mis. iSouri Pacific general 4s, Baltimore and Ohio convert nd among specu- lative bonds I rtible 4s. There was ve trading in Ana- conda 6 ner prices and | some re Virginia-Carolina Chemtcal American Ag- , on the other 78 and Tigm Chemical cted. Wall Street Briefs. d Press XEW YORK. Ma; 1ousand shares teel common stock w —One hundred United States 1 be distributed jto the corporation’s employes next; year, according to an which states the ' company will buy this number of shares in the open ‘lll‘sr:; ket between now and January 1, | _ Valldity of $1.500,000 Broadway and {7th Avenue first morteage 5 per cent jbonds has been upheld by the United iStates district court. The bon are held by the trustee of the New York :Railways Company refunding mort- |gage. Payment on the bonds was re- {fused in 1919 and proceedings were {instituted soon afterward to deter- Imine whether the bonds were en- forceable. Public offering is being made today of $2.500,000 Jersey Central Power and’ Light Corporation twenty-five- year 613 per cent series A bonds at |prices to vield about 6.35 per cent. i California_crude oil production in Bt was 138.236.450 barrels, as com- {paren with 11 858 barrels in 1921 | DIVIDENDS RESUMED. i NEW YORK. May 23.—Directors of announcement Jsjthe United Drug Company have re- {sumed the pavment of dividends on its common stock by declaring a jdividend of $1.50 a share, payable September 1 to common stockholders iof record August 15. Prior to the ipassing of the payment due in | September, 1921, the junior stock {was on an 8§ per cent vearly dividend | basis. BOTTOM PRICE ON HOGS <! REACHED IN KANSAS CITY KANSAS CITY, Mo, May 23.—The lowest price on hogs pald on the Kansas City market since January, 1922, was reached yesterday, with a | top of $7.25. v for several weeks the market has been easing off to a lower !level, with receipts continuing heavy. BEET SUGAR PROFIT UP FROM 25 CENTS TO $2.23 NEW YORK, May 23—H. Rieman Duval, president of the American Beet Sugar Company, told stockholders at the annual meeting that on sales of 65,000 bags between April 1 and May | 16" there was a profit of about $2.23 a 100-pound bag, compared with a profit of 25 cents on sugar sold dur- ing the same period last year. | Mr. Duval said there were prospects | for a better tonnage of beets this year. | iGASOLINE PRICE RISE FOLLOWS LONG DECLINE l NEW YORK, May 23.—The an- nouncement that gasoline prices had been advanced in the mid-continent fleld attracted some attention after the steady decline of several weeks ! in all cmde and refined oils, and nu- Imerous interpretations were placed on the step. 4 National Petroleum Newp says: “Re- finers are now fighting’ with their backs to the wall.” They are either withdrawing from the market or are quoting the Navy grade from 11 to 12°cents a gallon, which compares with & low of 10 cents last week. “They have decided.” the oil paper declares, “that a losing business was a poor business, although that axiom Seems to have been in obscurity for soveral weeks. They now are ref ing_ to pocket the operating lo without @ murmur. BOY e 63% 63K 63k 63u wright Aero.... 10% 10% 10% 10% High. Low. Last. Call Money..... 4% 4% 4% HOURLY SALES OF STOCKS. 1lam..... 30690012m. 435100 627700 2p-ru..... 649600 ‘Worth'gton(B) the | | va-Car Chm 7%4s'v | warner Sugar {E Cuba Sug 7%s.. { Northwst B Tel 73. ! Otis Steel 7 . Sin Pipe Line 5s (Fractions represent thirty - seconds. Exampie: 101-1 means 101 1-32.) Sales. High. Low. Close. ... 437 101 100-28 100-31 100 93 99-24 941 98-1 98-1 98-19 98-7 98-17 98-17 98-4 98-16 98-29 98-18 98-29 Lib 4th 4%m. . 98-24 98-8 98-23 TS84%s19562. 203 99-28 99-22 99-26 FOREIGN. Sales. High. 102% 102 96% 100% 90% 80% 82% 96% 101 100% 101% 100 98% 103% 102% 103% 45% 109% 91l4 29y 95% 109% 9814 9214 86% Tib 34 4ys...1420 Close. 102% 102 967 100% 0% 80% 82% 96 101 100 101% 100 98% 103% 102% 103% 45% 109% 1% 9% 95% a 109% 98% 92% 96 95% 91% 99% 95% 941 93 81% 824y B80% 80% 66% 39 90 100 110% Low. 102% 101% 96 % 100% 90% 80% 82 96 101 100 101% 100 98% 103% 102% 103% 46% 109% 1% 29% 95 Argentine 7 Belglum 73%s. Belgium 6s. Belgium 8 Bolivia 8s. ths 1929, Canada 68 1931 Canada 6s 1962 Chile $s 194 Chile s 192 Chile 8s 1941, Chinese Gov Ry 58 Christianla 8s. . Copenhagen 51 Cuba5%swi..... Czechoslovakia 8s. Dutch E15% Dutch East I 6s Dutch East 1 6s '62 Framerican 7%s. . French Govt 8s rench Govt 7%4s. Halt! 6setfs. ..... Japanese 1st 4 is. Japanese 4s. . Jergen U M Gs "4 Lyons §s Marseilles Mexico bs. Vexico 4s. .. Monteviden Paris-Ly's-Med 6s. Prague 7%s...... » Queensland 7s.... Queensland és Rio de Jan 8s 1 Sa0 Paulo.Clty.8; Sao Paulo.Stat ieine, Dept of, Serbs Crotes Slo 83 Sofssons 6s weden 6. Swiss Confed 8 d Kingm 5% d Kingm 5% Ud Steam Copen 63 nay 8s Zurich Ss. —to o S8.0~wa SEH~ ) o B o 1 110% 110% MISCELLANEOUS. Am Agr Chem 7148108 100% Am Cotton Of1 s Amer Smelting 6s. 11 100% Am SmIt&R Ist 55. 23 89% 1017% 99% 66 100% R9ia o1y 114 971, 911, 1007 9674 £574 100 97 Anaconda 1st 6s Armour & Co 413 Rarnsdall s f £s Bell Tel Pa 58 re Beth Steel rf 5 Bklvn Ed gen . Central Leather 5s Cerro de Paseo Ss. Chile Copper 63 CinG& E 515562, Tty Commonwth P & 714 i Con Coal Md 1st 53 67k | Cuban-Am Sug Ss. 107 Cuba Cane cv d §s. Dery (DG) Ts.. Det Edison ref 6 Du Pontde N 7is. Duquesne Lt 7 . Duguesne Light ¢s 128% | A on; | 103 | 10774 | 107T% 1025 [ 102% Empire F&G 1148, ¥igk Rubber 8s. Gen Elecdeb§s... 7 Gen Refractes 6s. . 9 i Goodrich 6';s..... 1008, { Cooayear 851931 104% | u7 | s 9z | 106 | Goodyear 85 1941.. Humble OZR 5 Indiana Steel 5s. .. Int Mer Marine Gx. Int Paper 1st 6s B. Julius Kayser 7s.. Kelly-Spring 8s Lackawa S 5s°50. . Liggett&Myers 5. Lorillard (P) bs. .. Manati Sug 8 Ti;s Mich St Tel 1st 5s. Midvale Steel Gs. .. Montana Power 53 | Morris&Co 1st 4153 1 Nat Tube 1st 5. ew Eng Tel 5 Y Edsn 1st 6 NYG E! INYG Y Tel 68 '41. N Y Tel 65°49. NY Tel 413, N Am Edison 6: PPN R NP cRRR -4 o 'S4 E Otis Steel §s. . Pacific Gas & El 55 PacT & T 6s'52... PhilaCoref 6s A.. Pierce-Arrow 8s. . Producers & R §s. Producrs & R §s w Punta Alegre Ts. .. Sacks & Cosf7s.. Sharon St1 H §s. .. nelair Ofl 7s. n Crude Oil 5335, 0 South Bell Tel §s. . So Por Rico Sug 7s St Ol of Calif 7s.. ‘Tenn Elec Pow 6s. Tobacco Prod sf 7s Toledo Edn 1st 7s. Union Bag & P 6s. Unit Drug cv 8s. US Rub Istrf USSteel sfbs.... Utah Pow & Lt 5a. Vertientes Sugar 7s Va-Car Chem 7. - T T YO TS P - P TOPCIRER L PP 1064 9745 i 113% | 871 10255 i 88l 98 8614 | 3% 1025, 1984 94 97% 90% 105% REPORTS TO PRESIDENT ON BUSINESS STATUS War Finnnce—l;eafl Returns From Southwest—Alaskan Trip Also Discussed. ‘West Unlon 64s. . Wickwire Spen 7s. Wilson&C cv 74s. Wilson & Cocv 6s. 2 Winchester A T3s 18 Business and agricultural condi- ditions in the south and southwest were outlined to President Harding today by Fred Starek, acting director of the War Finance Corporation, who recently returned from an extended trip through those sections. Mr. Starek held numerous confer- ences with bankers, cotton growers and cattle men, discussing with them ways and means of affording assis- tance through the finance corpora- tion. From these conferences he ob tained a general view of the busi- ness situation. ‘The finance corgorltlon director went over with the President ‘the itinerary of the executive's trip to the Pacific coast and Alaska, and presented invitations from several southwestern cities. Politics also was touched upon during the hour’s con- ference. TODAY’S METAL MARKET. NEW YORK. May 23.—Copper quiet; spot and futures, 15%ai5%. Tin firmer; spot and futures, 42.25. Iron steady, prices unchanged. Lead steady, spot, 7.25. Zino easler, East St Louis, spot and nearby deitvery, 6.6026.66. Antimony, spot, 7: {Mstpa | New Or Term 4s. iNY Centdeb 48 83% 88% 88% 80% 80 80% 86% 86% 86% 95% 95 954 % T 1% 100% 100% 100% 9% 19 7% 814 80% 81% 74%. T4% 4% 94 98% 94 63% 63% 63% 92 91% 91% 92 91% 92 87% B87% 87TW 89% €9% 89% 118% 113% 113% 113 112% 113 9% 79 9% 9% 974 9TH B6% 85% 88% 88 87% 874 83% 83% 87 87 100 99% 79 T8% 48% 48% 8% 68 66 65% 9% 79% 65% 65 % 7% 82 81 108% 108% 107% 107% A1 80% 8% 78 90% 90% 114 114 1% 71% 100% 100% 103% 108% 83% 83% 104% 104% 82y 82 87 993, 66% 104 44% 47 104 114 108% ‘21 ct a! Buff R&PItt 4%s Canadian North7s 6 Canad North 6%s. 19 Canad Pac deb 4 Car Clinch & O 6s.. 29 Central Pacific 4s. 19 Ches & Ohlo cv bs. 28 Ches & O cv 4%, 35 Ches & O gn 4%s. Ed D 14 82 16 Chl & E 111 gn Chi Great West 4; ChiM&SPre4y Chi M&St P cv bs. Chi M&St P 48 '25 Chi M&ES P ev 414 Chi M&St P 4s'34. CM&StPgniks Chi& NW 6%s Chi&NW 7 ChiRysbs. .. Chi RI& Pacrf 4s ChiTn Sta 418 Chi Un Sta 61s. .. Chi & W Ind cn 4s. CCC&StLrf6sA.. Cleve Term 54s. .. Colo & Sou 434s Cuba RRT%s.... Cuba R R b8 g Del & Hd 18t rf 4s. Del & Hudson 518 Erie 1st con 4s.... Erie con ext 7s. Erle gen 4s Erie conv 4s - - 87 991 65 103% 4% 47 1103% 113% 108% 100 83%, 804 57% 101 103% 114 108% 100% 84 Grand Trunk 7s. Gr North gen 7s Gr North gen 514s. Havana ERL&P 58 6 Hud & Manref 6s. 19 Hud & Man af 5s.. 22 1l Central ref 4s.. 17 111 Central 5% 4 Int Rap Tran bs 9 IntR Transit7s... 8 Int & G Nor aj 6s.. 86 Towa Centralrfds 5 Towa Cent st 5s.._ 1 Kansas City § 3s.715 Kaneas City S3s.. 6 Kan City Term 4s. 7 Lake Shore 4s'31. 10 Lehigh Valley 6s.. 7 Lo & Nunids.. 10 Louls & Nash 7s. Manhat Ry cn 4s. Market Sten 5s MIEIRy & L5s.. M&StL1strf4s SM 6133, MK &Tistds.... MK&TprinisA 66 MK&T4sB. MK&Té6sC MK & T adj 51 Mo Pacific 6s Mo Pacific 5s°65. Mo Pacific gn 4. Montrl Tm 18t 5s BIARANRRON AR~ DANNA ARG NGO A ~AD oa ® (O PP Pt N O Tex &M in 5s. N Y Cent gen 348 N ¥ Cent deb 6s NY Centriss. NYCenLScl2 New Haven c d New Haven d 4s New Haven New Haven N Y State Ry 413 NY W & Bos 4148, Norfolk & W cv 63 Northern Pac 2 Northern Pac 4s... 45 Northn Pacri6s.. 46 Northrn Pe s ret. 137 Ore & Calif 1st5s. & 5 5 o8 {CreShort Lref4s. 2 Ore-Wash 1st rf 4s 26 Pennsyl gen Gs.... 50 Pennsyl gen 413s.. 91 Pennsyl 614s. . 17 Pennsy1 gold Ts. Pennsyl con 413 Pere Marq 1st6s.. 4 Pere Mrq 1st 45 ‘56 12 80 68 3 7 5 17 Rapid Tran 6s w .. Reading gen Rio G West cl 4s. t L IM&S R&G 48 St L& SFpldsA. StL&SFoprlnbs. Seab’'d A L adj bs. . Seab’d A L con 6s Sou Pacific cv 4s. | Sou Pacific ret 4s. . Sou Pacific clt 4s.. 3 Southern Ry Istbs 4 Southern Ry gn 43107 Southern Ry 614s. 29 Third Ave ref 4 1 Third Ave adj 6s.. 19 Union Pac 1st 4s. 2 Union Pac cv 4s. Virginia Ry 1st bs. VaRy & P 1st 5 Wabash 1st 5s. Wabash 2d 5s Western Md 4s. ... Western Pacific 5s Wisconsin Cent 4s TOTAL SALES (Par Value): 1lam.. 2571000 12nooa. 5078000 1p.m.. 6442000° 2p.m.. 7850000 $30,000,000 STEEL PLANT IS PLANNED By the Associated Press. HAMMOND. Ind. May 23.—By the transfer of title to 441 acres of Ham- mond land to the Adelaide Land Com- pany. a subsidiary of the Jones & Laughlin Steel Co. the steel concern has made & total acquisition of land valued at $1,600,000, on which it is proposed to build a plant ultimately to represent an expenditure of $30,- 000.000, it is understood here. The deeds for the transfer were executed by the East Chicago Company to the Adelaide Land Company today. —_— FOREIGN EXCHANGE. May 23, 1923—12:30 p.m. (Quotations furnished by W. B. Hibbs & Co.) Nominal Sell. checks, gold vaige. today. 48655 4.63% * 100 ‘985 ‘o0ah, 2 London, pound Montreal, dollar Paris, franc. Brussels, franc. Berlin, mark Rome. lira urieh, franc. Athens, drach: Madrid, peseta Vienna, crown Budapest, cro Prague, crown Warsatw, mark Copenhagen, crown. Christiania, crown Stockholm, erown. 183 By the Associated Pres: NEW YORK, May 23.—Foreign ex- changes irregular. Quotations (in Tnited States dollars): Great Brit- ain, demlnds“lljz%: cables, sixty-day s on Fr;nyoe. demand, .0866; cables, Italy, demand, .0481%; cables, .0482. Belgium, demand, .0574; cable: .0574%. Germany, demand, .000019; cables, .000019%. Holland, demand, .3914; cables, .3917, Norway, demand, .1605; Sweden, demand, .2665. Denmark, demand, .1855. Switzerland, demand, .1808. Spain, demand, .152f Greece, demand, .0175. Poland, demand, .000020. Czechoslovakia, demand, .0298%. Argentine, demand, .36l l;fi:“' demand, .1036. Montreal, Bggs—Strictly fresh, selected, can- dled, per dozen, 26; average receipts, 25; southern, 25. Live poultry—Roosters. 16; turkeys, per b, 1b.,’ 40; keats fowls, per 1b., 27a28 Dressed ‘poultry — Fresh-killed spring chickens, per Ib., 50a60: win- ter chickens, per 1b., 45a60: hens, per 1b., 32; roosters, per_1b. 20a2l; tur- keys, per 1b., 40ad5; keats, young. each, 70a80. Live stock—Calves, cholce. pe: 1b., 11: medium, per 1b., 9a8%: thin, per 1b, €a7. Lambs, spring. per Ib. 15a16. "Live pigs, 3002800 €ach: 1ive hogs, per Ib.. 8. Green fruits—Apples, per bbl., 3.50a 8.50. California oranges, per Crate, 5.00a6. 5.50a7.00. Lemons, Grapefruit, 3.75a per qt., 10a30. Vegetables—Potatoe 1, 1.50a2.00: per sack, 2. potatoes, Florida, per 8.75; sweet potatoes, lina, 2.00a2.50; nearby, 1.00a2.50. 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. Eggplant, per crate, 2.00a3.50. Toma- toes, per box, Florida, 2.50a6.00. Beans. 1.00a3.00 per basket. Peas, 1.00a3.50 per basket. Peppers, per crate. Flor- ida. 2.00a4.00. Kale, per barrel. 1.00a 2.00. 'Spinach, per barrel, 1.50a2.00. Celery, per crate, Florida, 3.00a4.50. Squash. 2.50a4.00. Florida llma beans. 4.00a7.00 per basket. Asparagus, 1.00a GRAIN AND PROVISIO! BALTIMORE, Md.. May 23—Pota- toes, new, bbl, 2.00a7.50; 15 . 2.0026.25; old, 100 lbs. 75a1.75; 1bs. 1.25a3.00; sweets and yams, bbl.. 2.0023.00; bushel, 75a1.00; asparagus. doz., 1.50a4.00: beans. ‘bushel, 73a 2.25; beets. 100, 5.00a8.00; cabbage. hamper, 1.00a1.25; carrots, 100, 5.00 celery, crate. 1.75a3,50; corn. 2.0023.00; cucumbers, crate, : eggplants, crate, 2.50a4.00; {kale, bushel, 60a75; lettuce. basket. {1.50a2.50; onions, 100 Ibs 00a4.00 spring onions. 100, 1.50al. peas, bushel, 1.50a3.00; rhubarb. 2.00a 4.00; peppers. crate, 2.50a4.50; rad- ishes, 100, 1.50a3.50; spinach, bushel. | 20a40; squash, crate. 2.00a3.00; to- matoes, crate, 2.50a5.50. Apples, packed, bbl, bushel, 1.25a2.25; box apples, 3.25; 'cantaloupes, crate, 3.00a5.00 grapefrult. box, 2.30a4.00; oranges. box. 4.00a6.00; pineapples. crate, 3.50 | 25.00; strawberries, ,qt., 10a2: Selling Prices at 12113 Wheat—No. 1 red winter. spot. no quotations; No. 2 red winter, spot, 2 3 red winter. spot, no red winter, gar. No. 3 red winter, gar- no quotations; = May, Snles—None. Corn—Cob corn, new. 4. contract. spot. 8! 0. 2 corn. spot, 911, tations; track corn. vellow, No. 2 better, 95 per bushel. Sales—None. Oats—White, No. 3, 54 per bushel. Rye—Nearby, 80a90 per bushel; No. 2 western export, spot, 88% per bushel; No. no_quotations. Hay—Reciepts 58 tons; ample re- ceipta for all trade wants from 18.00 a22.00 per ton. : Straw—No. 1 tangled rye, 15.00a 16.00; No. 1 wheat, 12.50a13.00; No. 1 oat, nominal, 14.00a15.00. DAIRY PRODUCTS. BALTIMORE May 23 (Special).— Live Poultry—Spring chickens, pound, | 50a55: smali and Leghorns, 40a45; win. ter. 40a45; old hens, 26a28; small and leghorns, 25; old roosters, 15a16; ducks, 21a24; smali, 18a20; pigeons, pair, 40. Eggs—Loss off; native and nearby {firsts, dozen. 25; southern, 23. Butter—Creamery, choice fo fancy, pound, 41a43; prints. 44a45: nearby creamery, 38a40: ladies, 36a37; rolls, 33038; store packed, 33; dairy ‘prints, 34a35! per bar- per bushel; 0. 4, no quo 2, 541; per bushel; TODAY'S CHICAGO PRICES. CHICAGO, May 23.—Wheat aver- agel lower in price today during the early transactions. The Liv pool market had proved unresponsive to yesterday's advance on this side of the Atlantic, and there was @ lack of aggressive buying here. On the| othor hand. selling pressure was light and the market easily influenced. Initial prices, which varied from un changed figures to &% lower, with July 117 to 1.183; awi September 1163 to 11§ were followed by a moderate rally, but then a fresh set- back. Corn and oats were easy with wheat. After opening 1 lower to %4 advance, July 80 to 803 . the corn market underwent a general sag. Oats started unchanged to % high- er, July, 42%, but later receded some- | what. Lower quotations on hogs weak- ened the provision market. WHEAT- Open. High. Lo M . 1,188, 20 1 1.17% 118y Close. | 118% | 50 80 & M Iuly. September. LARD— i July. SR July.... September. CHICAGO LIVE STOCK MARKET. CHICAGO, May 23 (U. S. Depart- ment of Agriculture).—Hogs—Receipts, 25,000 head; uneven, steady to 10| lotwer; 55; bulk, 160 to 225 pound averages, 7.40a7.30: 240 to 235 ipound butchers, 7.20a7.40; packing {sows, 6.0026.30; desirable, 110 to 130 pound pigs, 6.23a6.75; heavywelght hogs. 7.00a7.40; medium, 7.30a7.55: light, 7.30a7.55; light light, 6.65a7.40 packing sows, smooth, = 6.40a6.75: packing sows, Tough, 5.8526.50; kill- ing pigs, 6.00a7.00. Cattle—Receipts, 12,000 head; fairly | lactive; beet steers, vearlings and !butcher she stock generally steady; some weakness on lower grades of beef steers and butcher she stock: top matured steers and yearlings. 10.75; | | vearling averaging 970 pounds; 850 | Dound yearlings, 10.50; numerous lots matured steers and yearlings, 10.25a 10.75; yearlings fairly numerous; bulls strong; other clases steady to strong; stockers and feeders very scarce; country demand slow: bulk vealers to packers, 9.50a10.50; bulk stockers and feeders, 7.25a8.25, Sheep—Receipts, 8,000 head: very slow; around 25c lower; few medium to good 12-pound lambs, 14.00; good 98-pound Texas wethers, 7.00. GAS TAX BILL PASSED. New Florida Levy Planned to Aid State Roads. TALLAHASSEE, Fla, May Final passage of the three-cent-tax-on- gasoline measure was eftected today the house concurred in a senate e mdiment providing that should the supreme court hold unconstitutional the third cent levied for the counties, this portion of the levy should revert to the general revenue fund. The measure now goes to the governor. The bill provides two 2 cents of the levy shall be applied to the state roed department HEADS COTTON OIL CO. NEW YORK, May 23.—George K. Morrow was elected president of the American Cotton Ofl Company today. He succeeds Lyman N. Hine, who was elected & vice president, and will de- vote part of his time to the company’s affairs. —_— CALL MONEY STEADY. NEW YORK, May 23.—Call money —Steady; high, 4%; low, 4%; ruling rate, 4%; closing bid, 4%; offered at 4%; last loan, 43 call loans against acceptances, 4%. Time loans steady; mixed collateral, sixty-ninety days, 5ab%; four to six months, Gadl Prime commercial paper, 5. lof the state REMAINUNCHANGED Reserve Board Decision Pleases Bankers—Local Financial Notes. That federal reserve rediscount rates will not be raised at the pres- ent time is the assurance coming from members of the Federal Reserve Advisory Council in conference here. The bank rate question is only being touched upon lightly, but opinion is general among the members of tha nation’s banking system that condi tlons are not such that rediscount rates should be moved upward. While it is freely admitted that member bank loans huve expanded within the past year or more as a result of improved business, in offi- cial quarters it is stated that ths federal reserve banks have felt tha iresults of this expansion in a small way only and that as the federal reserve banks are in such a sound position there is no real reason for raising central bank rates. Bis Tax Increase. Treasury receipts from income and profit taxes from January 1 to May 17 totaled $566,524,190, an increase of slightly more than $100.000.000 over the correspending period a year ago. Custom reccipts to May 17 were about $189,000,000, or $59.000,000 more than for the corresponding period a year ago. Treasury surplus $68.788.710 The net result of the present fiscal vear will, it is believed. be at least up to the present surplus, if noc larger. Postal deficlency for the cal year to date totals $3 While this is not so large as the de- ficiency of corresponding period in the previous fiscal vear, it is some- what larger than forécast a few nionths ago Shipping Board expenditures for the current fiscal year aggregate $57.904.- 442, compared with $56,514,320 for the corresponding period of the previous Year. _In current fiscal year the has bought or redeemed $1.4 of liberty bonds and victo This will probably be incr more than $2.000,000,000 before tha end of the present _month by matur- ing victory notes. The Treasury is in a strong position, and will be able to take care of heavy payments with ease. Cash balance on May 17 stood at $608,217,526. Call on 'depositary banks Monday for repayment of $200,000,000 was one of the heaviest ever sent out, and that banks responded without causing & flurry in money rates is indicative of the strength of the money and bank- ing situation Luncheon Meetings Succesatal. The weekly luncheon meetings of junior banking officials, inaugurated recently, continue most popular, and today the City Club, where the gatherings assemble, a good attend- ance was present. The business discussed at these meetings is pertinent entirely to bankers, and much business of a pri- vate nature is discussed during the meal. Cashier Exniclos Changes Base. Marshall 0. Exnicios, cashier of the Departmental Bank, vesterday sev ered his connection with that Insti tution to join the Washington office of the National City Company as a bond salesman. Mr. Exnicios was graduated from the Amos Tuck School of Finance, Dartmouth College, and later from the students’ class of the National City Bank. New York. His successor at the Departmental Bank has not yet been appointed. Reception for U. S. Oficials. A reception will be tendered Gov- ernor Crissinger of the Federal Re serve Board and Controller of the Currency Dawes by the District of Columbia Bankers' Association to- morrow night at the Racquet Club. Governor Crissinger will speak on “Ttilization of Credit Information.” Notices Received. Washington holders of Piggly Wiggly stock are recelving the required legal notices regarding the proposed sales of a large number of stores in Chicag The proposed sale is to obtain cash with which to meet outstanding lcans. ‘reasury 00,000 |GEORGIA COTTONPLANTED DELAY IN MISSISSIPPI ATLANTA, May 23.—Georgia crop reporting service claims 80.7 per cent of cotton acreage was planted May 15, against 76 per cent last year Cotton on May 15 was up 61 per cent against 60 in 1922, Stands are slightly better than last year, but considerable replanting wil! be necessary on account of damag- from cold. Crop averages a weck late, but in the entire southern third is_from three to four days early to about average. North- west section is most backward. JACKSON, May 23.—Farmers in this section have about completed cotton planting. Cold mornings of past few days killed some cotton just comin up. In consequence, stands are ba Early planted was not seriously in- jured. Rains of the past several davs prevented cultivation, and if contin- ued, will work considerable injury Reports from other parts of “tha state indicate heavy curtailment of acreage, due to continued rainv weather and labor shortage. In the eastern part, weather has been unsea- sonably cold and wet: young crops have been blighted, and in many cases farmers are plowing up cotton to replant. LEE RUBBER COMPANY TAKES OVER REPUBLIC By the Associated Press NEW YORK, May The Repub- lic Rubber Company of Youngstown Ohio, has been purchased by John .1 Watson, Jr.. chairman of the board of the Lee Rubber and Tire Compan: and others, it is announced. It wa< understood that a new Ohio corpora- tion would be formed. the stock o which would be owned by the Le: Rubber and Tire Company. The sale of Republic Rubber Com pany was consummated between cred itors and Mr. Watson, after the cred itors' committee had offered the prop erties to the stockholders with a pla of reorganization which the stock- holders were unable to accept. —_— RAIL EARNINGS HOLD UP. First April Reports Outstrip Last Year's Returns. NEW YORK, May 23.—TQe fi few reports of class 1 railroads in dicate a marked improvement operating conditions during Apri as compared with the correspondin month last year. It is pointed out in raflroad circles that the showing for April should be comparativel favorable. because in April, 1922, th first month of the miners” walk- last year., the movement of freight was reduced rather sharply. An- other factor which is expected (o help the position of the carriers is the improvement in weather condi- tions- last month. The district i3 counting rather confidently on & large aggregate net railway operat- ing income. PARIS MARKET SPOTTY. PARIS, May 23.—Prices moved ir- regularly on the Lourse wcday. Thres yer cent rentes, 57 francs 70 cen- times. Exchange on Londen, 69 francs 3¢ centhwes. Five per cent Joan, 756 francs. The' dollar was quoted at 15 francs % centime.