Evening Star Newspaper, May 27, 1923, Page 26

IINANCIAL THE S NDAY STAB, WABHI.NG’.I.‘ON D. 0 M.AY 2 lm—PAR'.E 1. - NEW YORK STOCK EXCHANGE BT[]EKS FORCEDUP | INLIVELY MARKET o Palifornia “Pete” Has Gain- pd 20 Points—Other Oils | Soar in Saturday Trading. 76% 824 }“% 08% nélLROAD SHARES. FIRM !l.uku Lowest Ever—Decrease in| 30% m I.onnl—-!flem Bank's Week-" [165% ;,8% i ly Report. A i 122 ‘JU\" Associated Press. EW YORK, May 26 timent was again decidedly bull- in today's brief and active se of the stock market, prices mov- briskly to higher ground for third successive day. for stocks between had sold heavily on the recent |jgo tion and speculators for the ad- o resulted in some substantial gas, particularly in the oil, steel, ean and equipment groups. Saveral recent constructive develof mments in the oil industry, such as higher gasoline prices in the mid- continent ficld _and restricted out- put-on-the Pacific coast, attracted at- tention to those shares, which had been depressed by a succession of price cuts and overproduction of Callfornia crude oil. California Petroleum continued its sensation: advance, establishing a new high re: ord price for all time at 1183, or nearly 30 points above last week's close, and then easing to 1.15% on profit taking—a net gain of one point on the day. Houston Ofl jumped 4% |185% ints and Mexican Seaboard 31, |108% Piving of the latier being predicated | 951 on a report that the company had |124% blewn In a 25000-barrel well in the Toteco fleld. American Can Jumps 5 Points. American Can was another spectac- | 77— ular feature, points on |142% the day ons exceeding | 80% 50,000 Other * outstanding | 66% strong spots were American Zine, | 94 Beechnut Packing. Cocou « 56% Porto Rican ugar, Cruclble Steel, | 53% Pittsburgh Coal, Studebaker, Postuni| 79 Cereal and International Puper, the |100% net gains ranging from 2 to 4 points.| 89 One sale of Market Street 1(..11uuy‘um preferred was made 61 points above the previous s Atlantie, Gulf nd West Indies one of the ak spots, ed down to 133, a ear, and then ralty- where ‘it was off one 28% 1284% 1141 189% 1294 108% 961 8: 8 102% 'r'l 22% 21 12% b7 45 Rallroad shares did not appear to De affected by the Chicdgo conference of progressives on the railroad re- valuation although trading in them Was not very active The feature of the foreign exchange warket was the establishment of a new low rd for gl time cents by German marks, of which ulread seven-trillion mark. Demand ste ling _improved slight] to $4.621-1. and French francs held stéady around 6.61 cents The weekly clearing hou ment showed a decrease of § in loans, discounts and fnve Reserve of member banks Federal reserve han $1. 000 and net demand By L 016000, " Time $5,919,000 over those .\{,gregal\ 0016 circulation has passed the state- lle]wmll deposits were of a week ugo reserve totaled §510 aes T that-of 1ast wock - L ———— COTTON GOES HIGHER. Saturday Selling Well Absorbed in | 4 New York Market. and prices heid gener- v on hullxxh Weather vices. After selli October rallied to 24.69, with the ge ing barely steady. Points net higher While no improvement was reported in the demand for cotton goods at first Hands, there were indicatfons that more seasonable weather had stimulated retail trade, and cable . 41% @dvices from Muanchester said a bete = ter business w. expected there fol- Jowing the holidays of this week, It was reported ten of the Fall River mills had decided to curtafl Operations for the next two weeks, BALTIMORE PRODUCE. ' BALTIMORE, Md, cial).—Receip strawberries b 7 and closed at al market clog but from 12 to 2 Muy 26 (Spe- of native and nearby’ Ve been running heavy past week, with considerable of | tock onl; poor to falr, and sort gcing to the ackers at r prices. Stock showing quality, er, meeting with ready ssle at ! tyes. Native and nearby heer! are, beioging & to 16 o Gt wien eastern Shore Marviand gad Yirginin stock gelling 6 to 14, and nrful';('.md southern berries, 6 to asarly epring bve‘e!ablef, éuch” ve and nearby asparggu: good demand at 3.50 to 4. fi‘o‘v:r:?;e}nn but oulls und No. 2 are slow sale at 1.50: to_2.50. ive and nearby lale in wbundant supply, and mostly in = buyers, favor at 50 to 60 a bushel for 5% 1he former and 20 to 5 for the latter. o0u So Radishes are in good demand at 1.00 f 1o 160 for button and 1.50 to 2.00| 0% 874 for long white and red. Hhubarb in|M1 684 Zood demand at 3.00 to 4.00 & hundrea | 88% 65 bunches, jand sprink onions seiling |190 186 Talrly well at 1.25 to.1.75. 16% The white potato market rulgs easy| 86 with little change in values, receipts | 100 and supplies being ample with de-| 8% mand ‘fairly good and the general| 44% movement centered on No. 1 well| g1 stoclt, which brings 1.50 to 1.75 per hundred pounds. and 75:to|___ 1.00 foy 2's. Eastern shore Mary land ahd Virginia McCormicks, how. ever, slow sale at 125 to 1.5 Swects and yams are in ample ceipt and the market rules & shad Jower, ;with the demand anxy fair for good stock. Culls and - or spot- ted sumkh not wanted aad of uticertain value.’, No. 1 sweets and yams brinj 2.50 10'3.50 @ barrel and 76 to 1.00 { e bushel. Redeipts of native and nearby e have been moderate the past. week and ua;u. coupled with firmer advices from of-town marke 1 h! local gituation a better o "“ demand, while not actl pace| 274 With the offerings of desiratie ‘stock, | 116% WV- and with the cold storage operators |——— —— still on the market taking care of| 25 . 12 the suyrplus over consumptive trade he market closed firm at ozen for native and nearby firsts wnd 23 for average receipts. Buyery, however, are rather critical at these prices angd prompt and fre- quent ghipments are advisable. Witlf the exception of choice fat spring: chicke: the 1live: -poult; marke$ rules euy under ample . r ceipts.' Small springers, fal leghorhs, are not 12% 1% 614 1% to 1% pounds, sell at 45, wsmall 1% pounds and legh wlow sale at 40. Smaller sprin, are not desirable and neglects um‘m for :'ld l:’-nll is easy ample receipts and only mo; libl’v& T2%. BM 4 11% ~—— Advance Rumley Alr Reduction. ——— American Bosch Mag: 8 Am Brake S & Foundr, a Y Am 8hip & Commerc: American Smelting Am Smelt & Refining pf :m‘"cln Snuff Am Sumatra Tobacco. Am Telephone & Tele American Tobacco Am Tobacco Class B Am Tobacco pf (new). Am Water Works & Elec. . Am W W & Elec par pf. Am W W & Elec 1st pf American Woole: American Woolen pf . Am Writing Paper pf. American Zinc Lead & § Anaconda Copper. —— Arnold Constable & Co. Art Metal Construction. Atch, Topeka & § Fe pf. Atlantic Coast Lin: Atlantic Gult & W I. Atiantic Refining. " Austin Nichols 30 3 Ao Konfs Hoster 4 123% 7° Baldwin Locomotive —— Baltimore & Ohlo. 4 .Baltimore & Ohlo gor Aroos pf & ~—- Barnsdail, 240 Beechnut P, 5 Bethlehem Stecl 7 Bethlehem Steel pf new. .. —— British Empire Steel 2d pf. 8 Brookiyn Edison Electrle. —— Brooklyn Rap Tran War. .. 8 Brooklyn Union G 1 Brown Sho 10 Burns Bros 2 Burns Bros Class B. 50¢ Butte Copper & Zinc 3 2 Butte & Superior — Caddo Cent O & R. California Packin . fornia Petroleum..... a Petrolm (new) lifornia Petroleum pf. allahan Zinc & Lead. Canadian Pacific. . Central Leather Co. tral Leather Co pf 12 Central Rullroad of N J ntury Ribbon Miils. . rro de Pasco Copper Chandler Motor. > Chesapeake & Ohio. . -~ Chicago & East Illinoi: Chi & Tliinols pf. — Chicago & Great Western. cago & Gt Western pf. . Mllwaukee & St Paul. Milwaukee & St P p?.. “Hlultr: & rthwestern BO Pret tic Tool.. — hh aKo. R I & Pac! I & Paclfic 6% CRIR1& Pacific 7%, . Ckile Copper. . 8. : lorado Fuel & Iron orado Southern. . .. ibia Gas & El —— Cuyamel Fruit Davison Chermis ~—— De Beers Mines. Delaware & Hudson Delaware, Lacka & wm,'. Detrolt Edison. Dome Mines. . Du Pont de Nemours 17% Eastman Koda . +4% Mlectric Storage HA!!:Y}' . i —— Elk Horn C 8 Indicott-Johnson. i Erie Rallroad. ~—— Erie Rallroad 1st pf ~—— FErie Railroad 2d pf. 8 Famous Players-Laskey 8 Famous Play-Laskey pf 7 Federal Min & Smelt pf. % .84c Fifth Avenue Bu 10 Fisher Body ~—— Fiak Rubbe! . 43 Fleishmann Company . 6 Foundation Compan: o —— Freeport-Texa: -—— Gardner Motor 8 General American Tank 7 General Am Tank pf ~—— General Asphalt % 96% 7 General Motors 7% deb 4% —— Goldwyn Plcture: 80 ~—— Goodrich (B ') Company.. 7 Goodrich (B F) Co pf. 95% 8 Goodyear T &R pt B0 —— Goodyear T & R 8% pf. 221 —— Granby Consolidated. 9% —— Gray & Davis €9% b5 Great Northern pf. 2% 2 G 12% —— Gulf, Mobile & Northern. . T% 4 Gulf States Stee! 80% 7 Hartman Corporation 84% 38 . Hayes Wheel.... 14 —— Hendee Manufacturing. 60 6 Homestake Mining. gu 8 Household Products 7 Illinols Central .1" ~—— Independent Oi! & Gas . 86 21 Inland Steel. 32% B0c .Inspiration Coppe: 15 * —— Interboro Rapi Tr- 8 1 P&"’?:#fi‘““:‘"’ “— Inte: tural pt. iy ural pf 20 2 Internat Comb En 18 -— Internat & Great 'm‘ 5 Xnumnluulmr. new... = Inter Merchant Mraine. ~— Jowell Tes »f 4 Jones Bros Tea 18% —— Kansas City Bouthern B1 4 Kalnlll City South pt. %fl = {ur (Jullus) bf?o : E‘ 6 Fidel-Phoenix Fire Insur. WEEK ENDED MAY 26, 1923 Qase. Oige. | Mgt Low. s 48 i uuox ne 72 B6% 235 183% 0% B2 1 180 1474 121 100 108% 108% 107% 108 171% 166 171% 2% 22 2’ $=2 - an FESTRREE EF 2385 ReeFRefsFrrse P44+ LU+ | 444 |44+ [ FF441 1++++ I+4dtttett] = 4+t d++++i+ - B g | R | Fht At I FErrrsass S ds FEF Pt | bbb L bbb | bbbttt | b4t ® §2 Fsex ey FXERRES oy 3588.‘..." L e AR S SRR AR L AR A SN X 3355 j J3g 3 PR L if lm l’ Liggett & Myers. B8% Lt a Locomotive ——— Loew’'s, Incorporated 12 Lorillard, P.... 7 Lorillard (P) Co pf. ~=— ‘Loose-Wiles Blsocuit. 5 Loutsville & Nashvill 1 McIntyre Porcelain M. 4 Mack Truck 7 Mack Trucki = Mley (R H) & Cot Elevated gtd. Manhattan Shirt. ... -— M-rke( St Rallway 4 Marland Oll & Refining 8 Martin-Parry.. —— Mathteson Alkall —— Maxwell Motor, Class A. ~—— Maxzwell Motor, Class B. — llnnnpoll-& St Lnew.. 4 MBtPaul&SSEM. ~—— Mo Kan & Texas new ——— Mo Kan & Texaspf new... —— Missourl Pacific. . ~——— Missour! Pacific p?. 8 Montana Power.. 4 —— Montgomery Ward 2 Moon Motors. 1 Mother Lode Coalition. ——— Mullins Body. 2% Nash Motors —— National Acme. 3 Natlonal Biscuit. —— National Cloak & Suit. —— Nat Department Stores. Nevada Con Coppe! w Orleans, Tex & Mex. orthern Pacific. Onyx Hoslery . Onyx Hoslery pt Orpheum Circult. Otis Elevator Otis Sty Owens Bottl PacificQac & El-c!rlc —— Pacific Mail PacificOll. . Packard Motor Car Pan-American Pet Trans. . Pan-Am P Trans Class B. . Parish & Bingham. Penna Coal & Coke. Pennsylvania Rallroad Penn Seaboard Steel. . People’s Gas, Chicago Pere Marquette. . Pere Marquette pf. Philadelphia Company. Phillips Petroleum. Phoen!x Hoslery. Pierce-Arrow prior pf.. Plerce Oil. o Pittsburgh & W Virginia Postum Cereal..... B Pressed Steel Car Producers & Reflners. Public Service new. Public Service, N J . Public Service, NJ pt. . Pullman Co. Punta Alegre Sugar. Pure Ol Rallway Steel Springs. Rap!d Transit wi..... Rapid Transitpf wi. Ray Consoltdated Copp: Basahige. -.o.n 0. . Remington Typewriter. .. Replogle Steel Republic Iron & Steel. St Joseph Li... St Louls-San P‘rlncl;cn Seaboard Alr Line. 84 ——— Beaboard Alr Line pf —— Bears-Roebuck. .. —— Beneca Copper. Shattuck Arizona 9234cShell Trad & Transport. 1 Shell Union Oll 6 Bhell Union Oll pt. .. 1 Bimmons Co 4 —— Simms Petroleum 2 Sinclair Con Ol —— Skelly Of ~——= Sloss-Sheffleld 5ti & Iron 6 Southern Pacific. .. ~—— Bouth Porto Rico Sugar. —— Southern Railway. Slundlrd Oflof NJ Steel & Tube pf. Tennessee Cop & Texas Company 80% —— Vanadium Co: 8 —— Virginis-Carolina Che; 6% —— Willys-Over! 42V —— Willys-Overland ‘Woolworth (F W). Worthi Pump. B o o T I IR S o o S o A e A I [ e R IR R R S il 13 R A T A L IR SRR R S I I S S I S A IS A s ER AR 2 2 {216 B RS ES R +H+trrt Pl I+ EE SRS NES S S T FeBrpe® pes FEoPEEET [P EESEFRESTE £ & - sreEey FINANCIAL. BOND SUMMARY FOR THE WEEK Low. m‘m High, 100 80 102% 94% 108% 90 % 03% 987% 4% 100% 100 94 8% 9. 86% 0 7 34! 00 85 % 97 123 = i!f"i' 2 £ $38:5szangy U. 8, 101 90 100-26 Liberty 334s 1! 9870 96-12 Liberty 2d 4s 1927- 12‘ . £8-20 98-1 98-27 97-27 96-24 Liberty 24 4% s 192742 98-256 97-24 97-26 Liberty 3d 4%s 19 99-4 98-10 96-27 Liberty 4th 4%s 1933-38.. 98+30 97-30 98-1 Treasury 4%e 1947-62... 100 99-14 Prov. week's iose. High. 102% 102% Denmark 68 194 92K Dutch East Indies 65 1947. 92% Dutch East Indles 6s 1962. 83% Framerican Ind Dev T4s 1948 88% French Govt 8s 1945. 86 French Govt 7%s 1941 87% Holland-American 92% Japanese 1st 4%s 5. 91% Japanese 2d ‘“l l'lfi . 634 Paris-Lyons-Med 105% Queensland 7s 1941. 100 Queensland 6s 1947 90 Rio de Janeiro 115 Bwiss Cnnhd n £ 83 194 113% United Kingdom G%s 1920.... 102% United Kingdom 53 1937. INDUSTRIAL AND MISCELLANEOL 97% Amer Agri Chemical 73%s 1941. 86% Amer Smelt & Ref 1st bs 1947. Armour & Co 438 1939 Atlantie Refining del % 96 Bethlehem Steel s f 65 1948. 107 Brooklyn Edison 7s D 1940 8% Central Leather s 1025, 127% Cerro de Pasco 8s 1931. 96% Chile Copper 6s 1932 84% Cons Coal (Md) 1st ref Gs 1950 90% Cuba Cane Bug cv deb 8s 1930. 101 Detroit Edison ref 6s 1940. 106% Du Pont de Nem 7T3s 1931.. 107 Duquesne Light 7is 19: 91 Empire Fuel & Gas Tl4s 19 99% General Electric deb b 195 100 Goodrich (B ') 6%s 19 99% Goodyear 'l'lro ] 114% Goody: 1941 o Humbl 0" & Ref B%I 19832, 96 Manati Sugarsf 7% 86% Midvale Steel Gs 198 BB Pacific Tel & Tel 6= 1952.... 98% Philadelphia Cu rbt 68 1944. Standard Oll of Calif Union Bag & Paper 6s D United Drug cv §s 1 U S Rubber 1st & ref U S Steel s £ 63 19 Utlh Power & Light 70% Va-Carolina Chem 73 7 war w tern Unlon Tel 6348 1936. on & Co 1st 68 1941 & Dh& Vi ilson & Co cv THs 1031... RAILROAD, T4 Chesapeake & Ohlo cv 63 1845. . 85 Chesapeake & Ohio cv 4%s 1930, 807 Chesapeake & Ohio gn 41¢s 1992 6% Ch! B & Quincy 1st ref 7% Chi & Eastern Ill gen 5» 1951 4B% Chl Great Western 4s 1959. Chi M & 8t Paul ref 414s 2014. Chi M & St Paul cv 6s 2014 Chi M & St Paul cv 435 1932 % Chi M & St Paul gen 43%s 1 lN% Chi & Northwestern 63;s 1936 76% Chicago Rallways 6s 1937.... .. 76% Chi R I & Pacific ref 4s 1934. 100 CCC & St L ref 6s A 1929 101% Cleveland Term 5%4s 1972 J81% Colorado & Southern 435 1935 %82 Cuba R R bs 1952. : 98 Delaware & Hudson 5%s 1937 72% Den & Rio Grande con 4s 193 48% Den & Rio Grande 1st ref bs I.M B4% Erle 1st con 4s 18! 43% Erie 1 41% Erle cv 43 A 1953. 43% Erie cv és D 1953. 102% Grand Trunk s f deb 6s 1936. 793% Hudson & Manhattan 86 Hudson & Manhattan -u 1] lln 100 Illinois Central 5%s 1934.... 1 5% Inter Rapid Transit Gs 1966. u Market St Ry con 6s 1934 81% Mil Elec Ry & Lt 1st ref bs 6. 101% M St P & 8 8 M 634s 1931 M & Tex 1st ¢s 1990. 76% Mo Kan 194 51% Mo Kan 92% Missour! 86 Missourl High. Low. un Yield. 101 100-28 100-30 3 456 99-30 426 Low. 1024 100% 96% 100% 80 96 100 101% 98%, Last. 102% 101% 96% 100% 80% 96Ys 100 101% 99 % | tend with the et ———— e — COURT RULING BOON 10 ALL RAILROADS Phone Case Finding Said to Assure Fair Returns to Nation’s Carriers. BIGGEST EVENT OF WEEK Significance Overlooked—Danger Signals Noted—Less Fear of Congress. BY GEORGE T. HUGHES. Special Dispatch to The Btar. NEW YORK, May 26.—The even! of the week of major importance to the securities markets recelved com- paratively little attention. It was of the utmost significance from any long. range standpoint, and probably was the unrecognized influence which initiated the recovery in the stocl market. This is a sweeping state- ment, but it can be justified. For months past, dred of political interference with the railways has held back both investors and specu lators from commitments in railroac securities. Even after Congress hae adjourned the agitation for lowe rates on the raflroads and for lowe valuations & a means of secur lower rates. was persistently kept and for that matter, is still be kept up. Court Ruling Far Reaching. Monday last the Supreme Court o the United States handed down a de cision in the case of the Southwes- ern Bell Telephone Company of Missouri, which was of the greates: significance to both the public util- ity companies and the raliroads. The majority opinion held that present day reproduction costs were an essen tlal element in determining whether rates are confiscatory and so uncon- stitutional. Now, while the case under consid eration involved a public utility, the principle applies to railroads as and it has two vital consequences First, under this principle of rate making the rallroads of the countr cannot be deprived of a fair return on their investment, provided busi ness and economic conditions make the earning of such fair return poss ble. Second, it makes impractical ti taking over of the rdilroads by tl government because of the almos prohibitive cost involved These, of course, are the concl ions of a layman and it may be that the legal mind can find seme other interpretation. The best opinio: however, is that the Supreme Court in this 'decision has done more t strengthen confidence in rallroad an utility investment values than an other development of the Less Fear of Congre: The action of the market confirmed this view. This sarticularly case with the d-grade railroa: bonds, obligati solvent road making good earnings, but selling to give large returns. it is hard to ex plain the good buying of these bond~ s well as of zood railroad stocks or any other theory The explanation that the market was beginning to take notice of in creasing car loadings does not ® fice. Car loadings ing for months. have been almost uniformly able, but the market paid no atten- tion'to them. There was always the fear that some new form of regul Vestment in railroad more hazardou risks which a This fear the cision has done much Rafirond Outlook All of this the raflroads h behind them. They still have to con d flow of busi- ness, the competition of other form of transportation and the changing trade routes As far as th cerned, the ou is every indicati freight carrying The competitio is etill very = such roads as t their short hauls costs. anscontinental line have also to face the threat of di version of traffic to the Panama canal. This has been a very serious matter to suc a re ern Pacific. All these, however, are - business execu first point 1is_cor »k is good. Ther: n of an enorm uginess in the f »f the motor tri practically t New Haven, wit id large terming Another deve portance this “....g announcement of their inten American {nv the new Austrian loa this significant of co part of bankers in the eventual re Pabiuftation of Europe, put it ina: cates faith in the future of the se- curities markets in general. Foreign Situation Better. Of these two points the more in portant {s that relating to affairs abroad. For a long time now the outstanding issues of foreign bonds dealt in in this market have been firm to strong, regardless of the dis patches from the other side. Th favorable sentiment seems to L growing. Many well Informed Amer- ican bankers express the opinlon privately that a turn for the better in the Treparations tangle between France and Germany is near at hand The concrete facts on which this opinion is based are not availabla and it is interesting to observe thart the only note of caution comes from London, where the situation does not m to be viewed as complacently @8 it is in New York. Financially speaking, the most in- teresting' event of the week wgs the increase in gold reserves shown in the weekly statement of the Federal Reserve Board. For the week gold Rs;'év“tmg.o;';afl)o’gtfo“ ,000 and now and a a new total for the system. S This elceuhe supply of gold must act as a brake on any substantial decline in prices, even if it does not encourage inflation. "As to the latter the warnings, official and unofficial seem to have been pretty well heeded Danger Signal Noted. In fact, it looks as if the warnin business “had is no doubt that the business pac. was perceptibly slackened by all theso predictions of disaster unless a con- servative course were pursued. It was not only the stock market which took cognizance of the danger signal, but merchants and manufacturers Jrere beginning to hesitate and to lou And so the federal reserve board advisory council at the conclusion of its Washington meeting the other day, announced “business s progres- sing conservatively and on a sound basise.” Can it be that at last there has been discovered an artificial means of curbing too great optimism in_prosperity and too great pessini- ism in depression? (Copyright, 1928.) TAKES C. & 0. POSITION. General Manager Begien Leaves Baltimore and Ohio. RICHMOND, May 26.—R. N. Begien general manager of the western lines 3¢ the Baltimore and Ohio rallroad. with headquarters at Cincinnati, ha# been appointed vice president in onerations for the Chesu- Toads by Wiitiam . dent of the latier roads. polntment Is effoctive June 1 B. Parrish, general manager of tho Ctiosapesks and Ohfo, and M. S man; r of the % eral Heokln" Vlll ‘will continue in their positions, Mr. E‘n.\ll-n said,