Evening Star Newspaper, May 25, 1923, Page 28

28 * PRIGES OF STOCKS | 60 STILL HIGHER Market Very Irregular, But Upward Swing Continues. -“Gary’s Remarks Help. L3 FIN BY STUART P. WES Bpecial Dispateh to The Sta NEW YORK, May 25.—Wall street took much interest today in reports that leading Interests at work on .the bear side of the stock market for the last three months had reversed their position. Whether or not this was true, the market acted very differ- ently from what it has in the recent past. A great deal of commission house selling, as well as heavy offerings by floor traders, came,in on the theory that prices, after the sharp rally of Thursday, should have some sort of getbacks. But an absorptive power appeared which was sufficient to take these stocks without any difficulty. Steel common was helped by Judge Gary's optimistic remarks on the steel trade outlook, although there was no rush to buy: Profit Taking in “Pete” Profit taking occurred in Callfornia Petroleum after it had made a new high above 112, but in other ofls, like Standard of Callfornla and Marland, it looked as if strong support was constantly behind the —market Houston Oil had a particularly sh: runup and the short interest in the Pan-American, which by all accounts is & large one, was made to feel un- comfortable agaln. Raflway stocks were not prominent the way they had been the previous Gay. Apparently there was a desire to awalt the result upon speculative sentiment of the Chicago conference on the revaluation question. A sudden break In the Atlantic, Gulf and West Indies stocks had no effect upon other members of the shipping group. A revival of interest in Penn Seaboard Steel was due to reports that the company’s plants are operating at full capacity and that It is once more making motiey. Review and Outlook. Nothing fn the developments of the day attracted as much interest as the survey of business conditions by the chairman of the Steel Corporation, ad- dressing the American Iron-and Steel Institute. The striking points were h ments that he could not next six months. at least, any terial falling off in the demand for steel products, and second, his refer- ence to the propaganda designed to “create the impression there will be in the near future a substa tial re on in business activitie: It is scarcely open to doubt that there has Leen such propaganda, more or less organized, and exploited to the full on the floor of the stock exchange. It has failed in its efforts to inspire fear among business men and investors. but it is well that the public should understand what has Leen going on. and Jud s speech Is illumi- nating on score. Ol Masx Go Higher. If these observ correct in their view, the rap ery in the oil shares’ will have its counterpart before long in the movement of oil price, Today's market had a =trong undes current throughout, although whe: prices rose they did 'so v was K geemed t leading refin flacted in an he upward movement although th compara- well in the market., What | ested sugar people most was the technical position of the refined sugar market and the liRelihood of further buying, both here gnd abroad, of Cu- ban raws. It is estimated that re- finers In this country have about four weeks' melting on hand. . Porphyry Copper Heports. reports of operations of three - Copper companies— ay—for the d today, in ret fivst all improveme the results months of ‘ntage of gain oc Ray Consolidate tal i ome of hare, at the , as compared wi quarter of arter, as ag 12 preceding quarter, and Consolidated’s operations vislded -a net of 27 cents, as compired with 20 cents in the final three months of Jast year. Active Buring In Zuzars. The rise in sugar to #1: cents a pound. or only a quarter of a cent under its top, brought active buying into the sugar stocks, notably Cuban- American and Punta Alegre. Nevada talk ot her corn prod Baldwin Locomotive which had mov. v early in wdvinee In the late trading. stocka. th, and Studebak- A with some un- day, joined in So did the steel 1.100,000-SHARE DAY. Substantial Advances Made Clos- ing Strong. By the Associated Press, NEW YORK, May advance had t @ resumption of fa 1he forenoon in toda but the failure of this sell ment to unsettie the list and pool oparations in California_Petroleum and Amerfcan Can caused a subse- quent subst. i rise. Sales ap- proximated 1,100,000 shares. Closing was strong. The late mar- kot presented numerous features of the spectacular jump of troleum, which crossed 115, cansing ex ive buving of oth- er promni Baldwin, Al- lied Chemi orn Products us3 the sugar stocks were bought he: —Speculators market, g move- PARIS BOURSE FIRM. PARIS, May 25.—Prices were firm on the bourse today. Three per cent rentes, 57 francs 80 centimes. Exchange on London, 70 frarts. Five per cent loan, 75 francs. The dollar was quoted-at 15 francs 13 centimes. e SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Alumigum Co. of Amer, T 1923. Aluminum Co. of Ame; ‘Amer can Cotton OIl Ga American Sugar Ox 1937 American, Tel. & Tel. 8s 192 American Tel. Anaconda Copper Gs 1929. Anaconda Copper 7s 1629. Anglo-American Ol 738 10: Axso. Simmons Hdw. 7s 1 Bell Tel. of Canuda 7s 19: Bethlehem Steel 75 1923, Canadian Northern 53%s 1024, Cent. Al 1008 i 101; i which “oceurred } ANCIAL, THE EVENING STAR, WASHINGTON, D. : C. FRIDAY MAY 25 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. . Low. Close. Ti% TN Am Ag Chm pt.. Am Bank Note. . Am Bk Note pf. . Am Beet Sugar. Am Bosch...... Am Brake Shoe. Am Can pf Am Car & Fdy. . (AmCar& Fpt.. 1AmChainA... Am H & Lea pf. AmIce.. Am Internatl {Am La France. . | Am Linseed. . I Am Linseed pf.. { Am Locomo Am Metals ] Am Safe Razor. Am Ship&Com. . Am Smelting. Am Smelt pt. Am Tobac (B). Am Water Wks. Am Woolen.... 91% Am Woolen pf. 102% Am Wool pf f pd. 102 Am Zinc&Lead.. 12 Anconda. . Ann 3 rbor pt Arnola Co.... Asso D Goods Assoclared Ol Atchisog. Atchisou pf Atlan Cst Lt Atlanty Gulf, At] Gult pt. Atlantic Ret. Austin Nichol Atlas Tack. Auto Knitter, Auto Sales. Ealdwin Loco Ralto & Ohto. Haito&Ohlo of.. Parnesdall (A). Batopllas Min... Reechnut Pack. Beth Steel...... Beth Stl 7%(n). Booth Fish. 14474 88% Bklvn Rap Trn. Bklyn R T et Brown Shoe.... 059 Burns Bros (A). 1373 Burns Bros (B). Butte Copper. .. Butte & Super.., Caddo Ofl. . Crlif Pack. Calif Petrol Calif Pet ct Calif Petrol pf. Callahan Zinc. Canad'n Pac. Central Leath. Cent Leath pf Cerro de Pasco. Chandler Mot Chesap & Ohio. Chi & Alton. Chi & Alton pf. Chi & East 111 Chi& ELllpf... Chi Grt West.... Chi Great W pt.. ChiMIl & St P.. Chi MI&StP pt.. Chi & Northwa. Chi Pneu Tool.. Chi RI& Pac Chi RT &P6%p Chi RI&P 7% pf. Chi StPM&Om. . Cluett&Peby pt. Coca-Cola. Colo Fuel Colo & South. .. Columbia Gas. .. 103% Columb.n Gaswi 34% Columbn Carbon. 49% ComSolvA..... 27 Comp Tabulat.. Cons Clgar. Cons Textile. Cont Can. . Continental Mo. Corn Product: Corn Prod pt. Cosdén & Co. Crucible Steel.. Cruclble StLpf.. Cuban-Am Sug. 82% CubCane Sug... 14% Cuba Cane S pf.. b3 Cuban Dom’can. Cuban Dom pf.. 47 Cuyamel Fruit.. 65 Davidson Chem. Del & Hudson. .. 114 D Lack & Wstn. 116 Dome Mines.... 3% Dupont (EI)... 120% Eastman Kod Elec Stor Bat. Emerson-Brat. Emerson-Bpf .. Endicott-John. Endicott-J pf Ei 9% 6 88 22% irie. . Erielstpf... Famous Play... Famous Play pf Fd Mines&S pf.. Fif Av Bus wi. ®isk Rubber. Fleishman. Foundation Co.. Freoport Texas.. Gardner Motor.. Gen Am Tk Car. Gen Asphalt. . Gen Asphalt pf. GenCigar. . . Gen Electric. Gen Elec spl wi. Gen Motors. ... Gen Mot 6% deb. Gen Mot 7% deb. Gimbel Bros. Gimbel Bros p! 45% 6% 14% 10% 55 40% 72 844 Golawin Corp. Goodrich. . Goodyear pf. Goody pr pf wi Granwy Consol Gray & Davis Gt Northern pf Great Nor Ore. . Greene-Canan. Guantana Su Gulf Mo & Nor Guif St Steel Harbishaw Cab. Hayes Wheel. Hendee Mg, | Homestake. Houneh'd Prod Houston Oil. { Hudson Motors. Hupp Motors. ... | Ky araute Sti.. Ilinots Central Inspiration. . | In Ag Chemical. ! In Ag Chem pt [ 1nt Cement in Corabust . Int Harvester. .. Int Mer. Marine Int M Marine pf. jatNickel, t Tel & Teleg. Invincible Oil. T1% Ti% 43% 80 62 40 40% 23% 9 16% 118% 494w 9% 25% 12 24% 44% 135% 46% 144% 38% 92% 024 o }Tex & PCOIL 4k 85% 8% 2% 13% [ 14 20% T2% 68 19% 53 32 17% % Laclede Gas.... Lee T & Rubber. Lehigh Valley. . Louls & Nash... Mack Trucks... Mack Trucks 1st. 92 Macy Co..... Macy Co pf. Mallison & Co. . Manhat El Sup. Manat| Sugar. . Man El inv guar. Manhat Shirt Manila Fl Cor Market St Ry Market St R 2d.. Market St prior. Marland Ofl.... Martin-Parry... Mathison Alkill, Maxwell (A).... Mazxwell (B). May Dp Store: MelIntyre Por Mex Seaboard . Mex Seabd ctfs.. Miami Copper. . Mo Pacific...... Mo Pacific pf.... Montana Pow. Montg'y W'rd. Moon Motors. Vother Lode. Mullins Body Nevada Copper. N Or Tex&Mex.. N ¥ Dock pf.... NYNH&Hartfd. NY O& Western. Norf & West. North Amer.... North Am pf.. North Pacific. .. Ohio Fuel Sup.. Oklahom Prod. Orpheum Cir... Otis Elevator Otis Steel. ... “wens Bo! Pactfic Develop. PacificOIl...... Pacific G & El... Packard Motor. Pan-Am Pete. .. Pan-Am P (B). Parrish & Bing. Penn Coal & C'ke Pennsylvania... Penn Seabd Stl. People's Gas. Peorta & East. Pere Marquette. Pere Marg pf. .. Philadelphia Co Phillp Morris Phillips Pete Plerce-Arrow. Plerce Of). . Pitts & W Va. Postum Cereal.. 10| Pressed Stl Car. 55 Produc & Ref... 46% Pub Service.... Pub Serv (new). Puliman Co. Punta Alegre. Pure Oil. .. Rap Tr Sec w.l.. RapTr Sec pf wi Ray Con Cop. Reading. .. Reading 18t pi Reis Robert. “ 7% 12% 4% 68% 9y 40% e 44 47 61% 24 16 a4% 15% Rep Ir & Steel. Rep Ir & Stl pf Reynolds Spr. Rey Tobac (B) Rossia Insur | Royal Duteh St Joseph Lead.. St L&San Sran St L&San Sr pt St L Southwn. Southern Ry pf Spicer Mfg Co. St Ol of Calif Stand O St Of1 of N .| Sterling Prod Superior Ofl. .. Tenn Copper.. Tex Company... Tex Gf Sulphur. Tex & Pacific. . 10 46 62% Third Avenue. Tide Water Oil. Timken Pear. Tobacco 1’rod. Tobac Prod A. Trans Cont Ofl.. Underweod. .. . 1% . 119% US Realty. . U8 Realty pf... 103% U S Rubber..... 524 USRub 1st pf... 1004 U S Smelt&Ref.. 29% melt&R pf. 44 | U S Steel. . 98 U S Steel pf. { Ctah Copper. ... Utah Securities. v Va-Car Cl Va-C Chem vivadou. .. Wabash. bash pf Waldorf Sys. . ‘Waldorf (new) West Penn pf... West Pac pf. Western Unlon. West Air Brke. . Westhse EI&M. . Wheeling&L E. . White Eag Ol White Motor ‘Wilson Co. Woolworth. Worthington, .. Wright Aero.... 11 Youngstn Tube. 68 e 176% 10% 43% % 3T% 9% 13 5% 69% 9% 40% 65% 18% 1923. GOODTONENOTED | [z voxx BONDS o sz 2 Private Wjre Direct to The Star Office. INRAILROAD BONDS 7 Government Issues Arouse 8 65% 18% 314 Co1% 19% 9§ Special Interest—Gains in Industrials. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, May 26.—Bond prices were firm again today, with hardly a weak spot In the lst. The Improvement was particularly noticeable in second-grade railroad - 1ssues, of which St. Louls Southwést- | ern consolidated 4s of 1923 are a type. This bond, which is well secured by property value has been selling for a long time to give a maturity yield of 7% per cent. Notwithstanding the security and the large return invest- ors have held off because of the dis- trust with which the general rail- road situation was viewed, a distrust which the recent decision of the Su- preme Conrt in the Southwestern Bell Telephone case has done much to re- move. Other rail bonds in this same class such as Chesapeake and Ohio convert- ible s, Baltimore and Ohio converti- ble 448 and Southern Rallway gen- eral 4s all sold at advanced prices today. It s true that so far the buy- ing has been more for the account of dealers and traders rather than for genuine investors, but there is noth- ing to show that the theory on which the dealers are basing their commit- ments is not sound. They belleve that sooner or later they will be able to place these bonds permanently “off the street,” as the saying is, Even more significant {rom the long. range standpoint was the action of today's market for United States gov- ernment bonds. All descriptions were steady to strong with the United States Treasury 434s of 1952 agaln selling at par and with activity at higher prices in the second and fourth 4%s. Tt was pointed out today that If the British government should avail itself the privilege of making an interest payment on its debt to the United States in liberty bonds at par it would buy the bonds selling at the lowest price, regurdless of yield. At present these issues are the second 4s and the second 4%s. There was an active demand today for the new Treasury 4% per cent notes of 1927, which are dealt in over the counter. Even the speculative railroad bonds shared today’s improvement. Among the industrials a gain in Morris & Co. 4%s of points stood out prominently. The new of- fering of $4,500,000 Republic of Pan- ama 5l per cent thirty-vear bonds was quickly taken. Listed issues of foreign bonds were quiet, but mostly steady. TRADE COMMISSION HEARS COMPLAINTS | National and Loose-Wiles Biscuit Companies Called Monopolies. By the Assoclated Press. NEW YORK. May The Federal Trade Commission today began hear- ing on its complaint’ charging the Natlonal and Loose-Wiles biscuit i companies wtih monopoly and unfair business practices. The bills charged {that the National Biscuit Company did 40 per cent of the business in biscuits and bakery products, and that the i Loose-Wiles Biscuit Company did 15 per cent of the country’s whole. Roth were charged with allowing untair ounts to favored customers, :hain stores and other the disadvantage The companies deny th, of monopoly and unfair deal- — OFFICIALS GRATIFIED | WITH STEEL OUTLOOK By the Assocluted Press. { NEW. YORK. May 25.—Western steel officials here for the American Iron | and Steel Institute meeting say they |are well satisfied with the outlook in {the industry. President Campbell of | the Youngstown Sheet and Tube Com- pany said orders had improved sub- stantially since May 1 and that there was no speculative buying of steel, ali of the present production going into direct consumption. Vice Presi- tdent King of Jones & Laughlin Steel expressed the opinion that the lull in steel buying was temporary and | should prove beneficial in keeping prices from going too high. TODAY’S COTTON PRICES. Poor Crop Condition Reports I Strengthen Quotations. i NEW YORK, May 25.—Cotton fu- tures opened ) 24, ; Decemb March, unquoted; 1 ton futures bids stead 23.85; July, 26.95; October, | ber, '24.16. . H EW ORLEA May futures opened steady. October, 24.32; December, 23.8 ary, 23.76; March, 23.64; 11 a.m, ton' futures bids steady. July, 2 October, 24.12; December, 23.7. ary, 23. March, 23.55 asked. Scattered rains in the belt and a private crop condition report of only | 87 per cent of normal, the lowest fig- jure yet put out, were supporting in- fluences in the cotton marke: today. NEW YORK EGG PRICES. NEW YORK, May 25—Eggs— !Steady; receipts, 29,697. Fresh gath- conds, 26a26%; Paclfic coast 3614a38. 25—Cotton Janu- cot- 7.2 whites, extras, Market Flashes at Today’s Close Chesapeake and Ohlo declared reg- ular semi-annual series A preferred dividend of $3.25 and $2 semi-annual { common dividend, payable July 1 to stock of record June 8. The various passenger car divisions | of the General Motors Corporation :;,‘i will begin to curtall operations with- A 824 1% 22% 16% 59 107 1in next two or three weeks, accord ing to A. P. Sloan, jr., president. | The Michigan public service com- ' misflon authorized Detroit Edison to i fssue 35,000,000 5% per cent and | about $9,000,000 capital stock pro- ceeds to finance construction and re- placement program. Hocking Valley railroad today de- clared regular semi-annual 2 per cent dividend, payable June 30'to stock of record June 8. Northwestern Pennsylvania refiners today advanced the wholesale price of motor gasoline % cent per gallon. Tonopah Extension declared lar quarterly 5 per cent dividend, payably July 2, stock of record June 9. Three months ago an extra § per ‘{cent was declared. " 'HOURLY SALES OF STOCKS. 11 a.m. 60012 Dow Jones says:® Utah Copper uarter ended March 31 total income 0 $1.37 a share (par 900 capital _stock, share In th ; G e o0y UNITED STATES BOND! (Fractions represent Example: ul-l‘ %‘m 3 )1 5 100-20 98-21 Lib 2d 4%, 98-21 Lib 34 4% Lib 4th 4i4s. . 857 98-30 US84%s1952. 202 100 1% 102% 102% 101% 101% 96% 96% Bern 8s. .. Bollvia 8s. Bord 102% 103% 46% 92 9% 95% 109% 98l Chinese Gov Ry 58 Copenhagen 5%s. . 2 Cuba5%swi..... Czechoslovakl: Denmark Dutch East I 68’47 75 Dutch East I 100 95% 94% 88% 93 Japanese 2d 4%s. . Japanese 55 Jermen UM 847, 7 100% 94 96 9% 99% 88% 65% 105% 4 115% 763 114% 103% 103% 110% Ud Kingm 6 Uruguay 8s. Zurich 8s. MISCELLANEOUS. Ajax Rubber 8s... 2 96! Am Agr Chem 7% 313 Am Cotton Oll 5s.. 38 Am Sm&R 1st 6s. 25 Amer Smelting 6s. Anaconda 1st 6s Armour & Co 4%s. Atlantic Refin 6s. . Barnsdallsf 8s... Bell Tel Pa 58 rets. Beth Steel rf & Beth Steel s 1 6 Brier H St 18t 5%s Bklyn Edison 75 D Bklyn Ed gen 55.. Bush T Bldg 58 °60. Central Leather 58 Cerro de Pasco 8s. Chile Copper 6: - CinG&E5Y%s'62. Commonwth P 6s. Con Coal Md 1st b8 Cuban-Am Sug 85. Cuba Cane cv d 8s. Det Edison ref 6a. { Du Pontde N T4%s. Duquesne Lt Tiis. Duquesne Light §s E Cuba Sug 7%s.. Empire F&G 7%8. Fisk Rubber 8s... Gen Flec deb bs Goodrich 618 Goodyear 8s 1931. Goodyear 8s 194 Humble O&R 5% Indiana Steel 55 Int Mer Marine Int Paper 1st 55 A. Int Paper 1st is B. Keliy-Spring Lackawa § 55'50. Liggatt & Myers T Liggeti&Mvers 5s. Lorfliard (P) 5s. arland Ofl 7%s. . Marland Ofl 85 w . Mexican Petrol §: Midvale Steel 5s. Montana Power 5i Morris&Co 1st 433 Nat Tube 1st 55... ew Eng Tel 58 N Y Edsn 1at 638 NYG EL H&P § NYG EL H&P 4 N Y Tel 68 '41. N Y Tel 68°49. 97% Northwst B Tel 7s. Otis Steel 7%s. 1 Otis Steel 83 Pacific Gas & El 68 PacT & T 5s°'52.. PhilaCorefésA. Producers & R 8 Public Service 5s. . So Por Rico Sug 7s St Oil of Calif Tenn Elec Pow U 'S Realty 5s. US Rub 18t rf 5 U S Rubber 7%s. USSteelst5s. ... Utah Pow & Lt Gs. Wickwire Spen Wilson & Co 1st Wilson&C cv 7%s ‘Wilson & Co cv 6 Winchester A T%s MORE CURTAILING IN COTTON MILLS By the Associated Press. FALL RIVER, Mat May 25.—In continuance of the program of cur- tallment in the cotton mills in this city, the Strafford, Troy and Te- cumseh mills have closed for the remainder of his week and all of next week. Several others, including the ‘American Linen, Ancona, Flint and’ Laure! Lake, are shut down for the last days of this week. A large number of mills are operating only part of their machinery for a full week, certain departments being shut down in some cases. Mills with or- ders on hand are operating their looms to full capacity. _— TREASURY CERTIFICATES, (Quotations furnished by Redmond & Co.) 18 91 90% 12 106 105% { Northrn Pe bs ret. | Pennsyl gen 4 104% ¢ 116% AL s s, Low. Close. 88% AtlanticCLcl 4s. 26 B&Oprin3ys. B la v . 4 B & O Toledo 4 e 7 Bklyn RT 7s Chi B&Q 1st rf 6 Chi & E Il gn Bs.. 107 Chi Great West 4s. 27 Chi M&S Prf 44s. 12 Chi M&St Pev bs.. 14 Chi M&St P 4s'25. 64 Chi M&S P ev 4148. 19 Chi M&St P 45 '34. Chi Rys bi 10 Chi & W Ind cn 8. 14 Chi & WInd T%s.. 2 CCC&StLreés A 1 Cleve Term 5%s Colo & Sou 414s. CubaRRBs.... . 98 Gr North gen 5%s. 44 Havana ERL&P s G Hud & Man ref 5 Int Rap Tran Int R Tra: 1 64 Iowa Central rf 4s Kan City Ft 8 Kansas City 8 Ran City Term Lake Shore 48 Lake Shore 43 '31. Lehigh Valley 6 Louls & N uni 4s Louts & Nash 6%s. Market Step 6. .. Mich Central db 4s MiIEIRy & L Gs.. KRRARE New Or Term 4s. .. NOTex & Min b5s. N Y Cent gen 3%s.. N Y Centdeb 6s... New Haven c d 6s. New Haven d 4s 57 New Haven 7s.... New Haven 7s fr.. N Y W & Bos 4%s. { Norfolk & W cn | Norfolk & Weves 5 Northern Pac 38 Northern Pac 4s. 4 Northn Pacr 1 6s..129 Northern Pac 8s.. 40 43 Ore & Calif 1st5s. 1 OShortLen5s'46. 2 Cre Short L ref 4s. 80 Ore-Wash 1strt4s 3 Pennsyl gen 5 21 Pennsyl 6348 Penneyl gold . Pere Marq 1st Gs. . Pere Mrq 18t 45 '56 27 Rapid Tran és wi..171 . 21 4 28 StL IM&S'R&G 4s 12 StLIM&S4s'29. 1 StL&SFpl4sA. 64 StL&SFprinss. 6 St &S F inc 6s.. 147 StL&SFadjés.. 9 StL&SFplésC. StLSW 1st 4 12 5 6 5 Seab'd A L ad} 5. Seab'd A L con 8s. Sou Pacific cv 4 Sou Pacific ref 4s. Sou Pacific clt 4s. . Southern Ry 1st §s 28 Southern Ry gn 48 76 Southern Ry 6%s. 48 Sou Ry Mobile 4s Third Ave ret Third Ave adj b Union Pac 1st 4 % 68% 101% T T5% 58 B8% 91 84 Western Pacific 6s Wheel & LE cn 4s. ‘Wisconsin Cent 4s TOTAL SALES (Par Value): 1lam.. 4339000 1Znoon. 6849000 1pni.. 8380000 2p.m..10142000 —_— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) . May 25, 1923—11:30 a.m. Nominal Selling checks gold value, tod 4.8065 1 5 7 2 6 4 5 5 13 3 2 1 1 London, pound Montreal, dolla; franc . (& By the Assoclated Press. NEW YORK, May 25.—Foreign ex- changes irregular (quotations in United States dollars)—Great Britain, demand, 4.62%; cables, 4.62%; sixty- day bills on banks, 4.60%. 'demand, ~.0661; cables, .0661%. 04! cabies, .0481. glum, demand, .0569; cabies, .05691, Germany, demand, .000018%] cables, .000018%. Holland, demand, .3914; ¢ bles, .391435. Norway, demand, .161: Sweden, demand, .2661; Denmark, de mand, .1866; Switzerland, demand, 1801%; Spain, demand, .1623; Greece, demand, .0194%; Poland, 'demand, .000019% ; ~ Czechoslovakia, = demand, .0299; Argentine, demand, .3590; Bra- 311, demand, .1025; Montreal, .97 13-16. —_— FINANCIAL NOTES. NEW YORK, May 25.—Public offer- ing was made today of $4,500,000 Re- public of Panama thirty-year 5% per cent. External sinking fund gold 'bonds at 87%. to yield about 5.65 per oA Gold valued af $1,063,200, consign ed to New York banks, was forward- ed on the amship Majestic, which sailed yes ay from Southampton. The Stutz Motor Company reported of 3662,378 for 1922, com- pared with a loss of $632,370 in 1921. CHICAGO, May 25.—Butter lower; 383 ; standards, G . FINANC Grain, Produce and| Live Stock WHOLESALE MARKET REPORT. “All meats are high,” was the state- ment of the condition of the whole- sale market. “People seem to have en idea that the advanced price is due to boost- ing, because of the approaching con- vention,” remarked a dealer, “but such {8 not the case. The increase is due to the scarcity of cattle in the wesr® - Poultry receipts are liberxl, but the market is not unusually active. There has been practically no fluctuations in prices this week. Egg prices are about what they were the first of the Eggs—S8trictly fresh, selected, can. dled, per dozen, 26a27; average Tecelpts, 25; southern, 25. Live poultry—Roosters, per Ib., 16; turkeys, per 1b, 25; spring chickens, per 1b., 45a55; winter chickens, per b, 40; keats, young, each, 65; fo'lv,ln. per Ib., 27428, ressed ul — Fresl ring chickens: per 10, 8088 ter chickens, per 1b., 45a50: 1b., 32; roosters, per 1b..' 20a21; keys, per 1b., 40a4b; keats, youns. each. 70a80. = ve stock—Calver cholce, pe: Ib., 10a11; medium, per 1b, 9a8%; thin, per 1b., 6a7. - Lambs, spring. per Ib. 15a16. Live pigs, 3.00a5.00 each; live hogs, per Ib., §. Green fruits—Apples, per bbl., 4.00a 8.60. California oranges, per crate, 5.00a6.00; Florida, 5.50a7.00, Lemons, per box, 4.50a5.50. Grapefrult, 5.00. Strawberries, per qt., 5a25. Vegetables—Potatoes, per bbl, Ne. 1, 1.60a2.00; per sack, 2.00a2.50; new potatoes, Florida, per 6.5 8.76; South Carolina, 7.50; sweet potatoes, lina, 2.00a2.50; nearby, 1.00a2.50. tuce, per crate, southern, 1.50a3.00; Romalne lettuce, per crate, 2.00a2.50; Iceberg lettuce, per crate, 4.00a6.00. Cabbage, southern, 1.50a1.75 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 fer basket, Peppers, per crate, Flor- da, 2.00a4.00. Kale, per barrel, 1.00a 1.50. Spinach, per barrel, 5 Celery, per crate, Florida, 3. Bquash, 2.50a4.00. Florida lima .beans, 4.00a7.00 per basket. Asparagus, 1.00a GRAIN AND PROVISIONS, BALTIMORE, Md., May 25 (Special). —Potatoes, new, bbl, 3.00a7.50; 150 1bs., 2.0 old, 100 1bs., 75al.75; 150 1bs, 1.25a3.00; sweets and yams, bbL, bushel, 75a1.00; as- paragus, doz., 1.5024.00; beans, bushel, beets, 160, 5.00a8.00; cabbage, hamper, 1.00al.25; carrots, 100, 5.00a 7.00; cel crate, 1.75a3.50; corn, ; cucumbers, o 3.0 a4.50; eggplants, crate, 2.50a24.0 bushel, 60a7. 2.50; onlons, 100 lbs., onions, 100, 1.50a’ pe: 1.50a3.00; rhubarb, 100, 2.00a4.00; pep- pers, crate. 2.50a4.50; radishes, 100, 1.50a3.50; spinach, bushel, 20a40; |Squash, ' crate, 2.00a3.00; tomatoes, crate, 2.50a5.50. Apples, packed, bbl., 4.0037.0_0 bushel, 1.50a2.25; box sapples, a 2. crate, 3.00a5.00 cantaloupes, grapefruit, box, 2.50a4.00; oranges, box, 4.00a6.00; pineapples, crate, 3.508 strawberrles, qt., Sel WhPat—No. 1 red winter, spot, no quotations: No. 2 red winter, spot, : No. 3 red winter, spot, no quo- tations; No. 2 red winter, garlicky 1.31; No. 3 red winter, garlicky, spot, no_quotations; May, 1.31. Sales—None. Corn—Cob corn, new, rel; contract, spot, 901 No. 2 corn, spot, 92 tations: track corn, better, 95 per bushel. Sales—Three thousand five hundred bushels of No. 2 yellow at 92%. Oats—White, No. 2, 543 per bushel; No. 3. 54 per bushel. Rye—Nearby, §0a30 per bushel; No. 2 iwestern export, spot, 86% per bushel; No. 3, no quotations, Hay—Recelpts, 73 tons; ample re- ceipts for all trade wants, from 18.00 222.00 per ton. Straw—No. 1 tangled rye, 16.00; No. 1 wheat, 12.50a13. oat, nominal, 14.00a15.00. DAIRY PRODUCYS, BALTIMORE, Md., May 23 (Special). —Live _poultry, spring chickens, pound, 50a5 and leghorns, 40 old hens, 26225 25; old_rooster : small, 18a20; per bar- per bushel; 0. 4, No quo- llow, No, 2 or 15.00a No. 1 pigeons, pair, 4 Eggs—Loss off, native and nearby firsts, dozen, 25; southern, 23. Butter—Creamery, choice to pound, 41a43; prints, 44ad5 creamery, 38a40; ladles, 36a37; rolls, 33a36; store packed, 33; dairy prints, 34a35. TODAY'S CHICAGO PRICES. CHICAGO, May 25.—With offerings here light and with Liverpool quota- tions showing an advance, wheat took an upturn in price today during the early dealings. Some buying was { based on advices that stocks of wheat in Great Britain are meager and that a further rise in prices there is looked for. Pessimistic reports as to the condition of winter wheat, espe- cially in Ohjo and Indiana, counted as an additional bullish factor. The opening, which varied from un- changed_figures to % higher, with July 1.17% to 1.17% and September 1.15% to 1.15%, was followed by mod- erate gains all around. Corn and oats reflected the wheat ance. After opening 1 lower to higher, July 793 to 793%, the corn market scored slight general gain Oats started unchanged to 3 er, July 42%, and then continued to | harden: Downturns in the price of hogs weakened the provision market. Hlsh. Low. 1.19% 1.18% 116 - s % 8% 422, fancy nearb: ad bl Close. 1.18% 115% 79! 115 CHICAGO LIVE STOCK MARKET. CHICAGO, May 25 (United States Department of Agriculture) —Hogs— Receipts, 28,000 head; steady to. 10 lightweight oft most; top, bulk, 160 to 240 pound aver- 7.45a7.55; 250 to 325 pound butchers, 7.20a7:45; _packing sows. 6.1526.50; desirable 110 to 130 pound 6.25a7.00; heavyweight hogs, medium, 7.‘3517.‘0 t. pack- packing kiliing pigs, 6.00a7.00. Cattie—Recelpts, 5,000 hea ally 'steady with Thursday’ market; yearlings numerou: quality rather plain; top ‘m: steers, 10.75; welght, 1,566 pounds; other handy and heavy steers, 10.35a 10.60; . bulk beef steers and yearlings, 8.75210.00; mixed steers and heifers, 10.00; yearlings rather plentiful at x bulk vealers 9.00a10.00; few choice upward to 11.00 and above to out- siders; stockers scarce; few well bred Kind here. . - - Sheep—Receipts, 7,000 head: few good and ohoice fed lambs around steady; other grades fed lambs, springers and sheep uneven to sharp- 1y lower; best 80-pound lambs to prl go0d native: VOTE ON AUTO0 MERGER. KOKOMO, Ind. May 25 —Stock- holders of the Haynes Automobilo Company are to meet this afternoon to consider the proposal for the merger of the company with the Do ris Automobile Company of St. Louis Winton Company of - been approved 15.00. high- | IAL, CRISSINGER GUEST OF LOCAL BANKERS Vanderlip Sure of Continued Prosperity—Dawes Also Speaks Briefly. ‘That there is absolutely no reasin Why a long continued " prospaeity should not be enjoyed by the pevple of America was the optimistic men- sage dropped by Frank A. Vanderlip, noted financler, in an hmprompru aw- dress before more than 200 local bank- ers assembled at the Racquet Club last night to honor D. R. Criesinger, governor of the Federal Reserve Board. The cheering words from the for- mer president of the Natlonal City Bank of New York, followed a brief talk by Gov. Crissinger, the only list~ ed speaker at the reception, who had been invited by the council of ad- ministration of the District of Co- lumbia Bankers' Association to ad- dress the gathering on “The Advan- tages of the Full Utilization of All Local Channels Open to Banks for the Exchange of Credit Information.” Crissinger Thanks Bankers. Prefacing his remarks on the sub- ject, Gov. Crissinger thanked locsl bankers for the splendid co-operation extended him during his administr: tion as controller of the currenc and said that words could not expre the gratitude he felt toward DiStrict financiers for making such unity possible. Detalling many different angles o2 the matter he touched upon Gov. Crissinger strongly, advocated the creation of a clearing house examiner system for Washington. Referring to the question of guar- anteeing deposits—a system that has been trled in various states, and which has, for the most part, resulted disastrously—he spoke of this method as “a false remedy.” “It is reasonably safe to assume,” he said, “that there are not many among you who seriously believe in the guarantee of bank deposits, yet there is a huge class of people in the | community who are.convinced that such a system could be made to work and that it ought to be and would be but for the unreasoning hostility of the bankers. It seems to me the {nearest possible and practical ap- proach to an effective and safe guar- antee of bank deposits would te found In a system that would come nearest to eliminating the danger of bad loans." Discusses Bad Loans. ‘The Federal Reserve head dwelt at length on the unfairnese suffered by legitimate business by complications resulting from insecure loans made to speculators, reckless investors and the like, and said that it was quite obvious the way to accomplish o remedy for such conditions is “so nearly as possible, to insure that the banker will not make unfortunate loans. 'he proper organization and in- terchange of credit information.” continued Gov. Crissonger, ‘s, in short, one step in the evolution of the fundamental fdea of the bank toward a more nearly perfect estab- lishment in its social and economic relations to the community. “The. creation of clearing houses and their developments has marked a long progress toward the realiza- tion of this ideal in banking. The clearing house examiner system, which is now established In a con- siderable number of cities, was a nat- ural development pointing in the di- rection of that mobilization of credit information, which, once perfected and in practical operation, would be well nigh the final guarantee of banking security and, therefore, of business stability.” Evans Calls on Vanderlip. At the conclusion of Gov. singer's talk Joshua Evans, jr presided at the meeting, then Mr. Vanderlip if he would make a few remarks. The New Yorker questioned the feasibility of certain phases of in- terchange of credit information, de- claring that much of this was en- tirely confidential between banker and depositor, and he was dublous o it being continued once the deposit felt that his affairs would be re- peated. He then launched into glowing de- scription of the general situation of the country at large, and said that vith the exception of shipping and agricultural pursuits Anierica was never on a sounder basis. He deplored the tendency of some to live in fear of a sudden termina- tion of the present prosperity and sald America during the past few vears had developed into & nation of “chart reader: Sees Danger in Europe. Mr. Vanderllp admitted the serious situation of Europe, but said he was not one who belleved it Impossible for America to prosper irrespective of foreign conditions. 5 “We can go alone’ he said, “with 110,000,000 people, no tariff barriers | within ‘our {mmense area and an abil- iity to produce ‘lv"y“:’ngr:';a?trnlehce H ¢ the sun, imports & - face of and we have nothing to fear dden disaster.” o fhe speaker declared that snipping was in the “most hopeless condition in the history of the country,” and that while agricultural situation “is not happy. it is not so bad as many vould make it.” i i“ol-‘nle attributed the farmers' trou- bles to overproduction and the rapid growth of eficient labor-saving im- plements. “The cry of ‘back to the {farm' at the present time is a false one, he said. “It would be better that more left the farms right mow, as we are producing more than we {need, and with no Europeam outlets the farmer is suffering. Conditions [wm adjust themselves, nevertheless Controller Dawes Preseat. Controller of the Currency Henry M. Dawes was then introduced by Chairman Evans. He merely thanked those present for being invited to the' reception and said he hoped his fu- ture relations with the bankers of the eity would be most cordial. During _ the business session Charles J. Bell, president of the American Security and Trust Com- pany, outlined the present status of banks with garnishees, and had dis- tributed the association’s comment on the recent discusston handed down by Justice Hoehling regarding the rela- tion. { " Howara Moran, vice president of the | American Security and Trust Company, urged those present to obtain early res- ervations for the forthcoming conven- tion of the Bankers' Association at Hot {Springs, stressing the elaborate pro- gram which is belng arranged. The guests were received by Gov. Gov. Edmund Platt, Board; Controller of the Cur- Pency Dawes, and Mr. Evans, Victor B. Deyber, and' Harry V. Hayres, council of administration of the Di: Bankers' Assoclation. A buffet supper was served. Mount Vernon Bank Dinner. flicers and directors of the Mount Vaenon “Svan(I Bank will have their second annual dinner at the Hotel Har- rington next Tuesday evening, at 6:30 o’'clock. 67,488 WOMEN NOW OWN PENNSY STOCK PHILADELPHIA, ~May Pennsylvania rallroad had 139,112 stockholders as of May 1, a decrease of 1,281, compared with the same date last year. Average holdings in- creased from sixty-one to seventy. one shares. Corporation bolders num: bered 1,137, an Increase of twenty: seven. Wwoman stockholders number. ed 67,488, an_Increase of 1,146. Aver. hol of the woman stock- evu:)( hllra: a;ch There was an increase 114 in for eign holders, which brought the total “to 2,796 - it Sgtmatiom