Evening Star Newspaper, May 28, 1923, Page 24

TRADING LETS UP "IN CLOSING HOUR day’s Market Irregular,. ith Many Gains—Raids | on Some Leaders. BY STUART P. WES Special Dispatch to The Star. NEW YORK, May 28.—Prices start- ©g in higher on the stock exchapge 1dday. with leaders of the list get- ting slightly above the Saturday final Very soon. however. realizing sales commenced to show all through the industrial list. Their effect for the first hour or two was partly neutral- ized by a demonstration in the rail- way list. But in the early afternoon the favorites of last week's recovery were off a point to two points. Wall street had been afraid of something happening at the Chicago conference, called to discuss the rad- ical side of the railway revaluation question, that would be disturbing to holders of railway stocks. This was why the rails did not participa to the extent that the industrials did in the recovery of the latter half of | lust week Earnings Help Rallroads. When it was found that nothing sensational had happened in the Chi- cago gathering, operators for the rise turned their attention to the railwa list. They were helped by another series of _highly favorable earnin statements for April. The net in- creases in the case of New York Cen tral, Baltimore and Ohio and Atchi- son were particularly noteworthy. and these three stocks were all prom- | inent in the advance At their highs were up a the low pri way was ‘heavil vance of over a point, becausce the earnings reports indicate that $10 a share on the common is not an im- possibility for the current year. American Can. soon after the open- ing. got above 104, a rise of over 12 points from last week's low, but sub- sequently yielded with the other spec- ulative leaders to profit taking sal Western Maryland Reports. Reports continue to be heard garding the merger of Western Mary- land with some other railroad. Some of these reports link Western Mary- land with the Van Sweringen lines. while others give the road to the New York Central. The Western Maryland is a Rockefeller road. The April earnings continued at a record Pace. Both gross and surplus, after charges for the first four months, were higher than for any similar period The & leading _rails points. Among Southern Rall- in at an ad- re- < in April was more than 70 per cent larger than that of the same month in the previous vear. which felt the full effect of the coal strike. In the case of Western Mary- land May and June heretofore have shown up as the best months of the year, and there is every reason to be- Jieve that they will xo continue. The result will be the best half year in the company’s history. Mexican Seaboard Higher. Mexi Seaboard got into high ground for the vear again today on further news regarding the new pool struck by the company in the Toteco district. Despite the fact that | many of the company's wells had run to salt water it was still in aj position to get enough oil to continue its $2 dividend. The opening up of a new light oil field in Mexico in which | Mexican Seaboard appears (o have the choice territory has a value that cannot be estimated In_the afternoon the market quiet- ed down and, in fact, grew quite dull, but stocks like California Pe- troleum and American Can came back a point_or more from the forenoon lows. Continental Can was active at an advance of over a point. The in- terests back of the market for this stock say that 1923 earnings will be still larger than those of 1922, which were equal after preferred dividends ; to approximately $8 a share on_ the new common - stock outstanding. They also predict a dividend increase later in the year. Coca Cola had an- other rup-up. Today's fluctuations on the stock exchange threw no further light upon important opinion regarding the financial outlook. All they indicated was that professional traders who had made money on last week's re- covery were taking their profits in some directions and putting these into issues s | NEW YORK STOCK EXCHANGE Received by Rrivate Wire Direct to The Star Office Open. High. Low. Close. | 2% 1% 1% el 72% 109% 43% 93 21% 46 4014 40% 5 171% 23% 9 Adams Express Ajax Rubber. Alaska Juneau. Alaska Gold. ... Allied Chem. ... Allled Chem pf. Allis Chalmers. . Allls Chalm pf. . Am Agr Chem. . Am Ag Chm pf.. Am Beet Suga Am Bosch...... Am Brake Shoe. Am Can.. Am Car & Fdy.. AmChainA.... Am Chicle Co... Am Chicle pf Am Cotton O1l... AmCot Oil pf... Am Druggist. .. AmH & Leapf.. AmIce.... . Am Internat’l Am Linseed . Am Linsced pf. . Am Locomo. Am Loco pf. . Am Metals. . Am Roll Mill pf. Am Safe Razor.. Am Smelting. .. Am Smelt pt. Am Sugar. Am Sugar pt. Am Sumatra. Am Steel Fay Am T & Cable. . Am Tel & Telg. Am Tobacco. . .. Am Tobac (B).. Am Water Wka. Am WWk6% pt. Am Woolen. . Am Woolen pt. . m Writ Prpf.. Am Zinc&Lead. Anacond: . Ann Arbor pf. .. Arnold Co...... Assoclated Oll. . Atchison. . . Atchison pf Atlantic Gul! At Gulf pf. Atlantic Ref. Atlas Tack. Austin Nichol: Auto Knitter. Ealdwin Loco Balto & Ohio. Halto&Ohio pf.. Barnesdall (A). Batopilag Min. Beechnut Pack. Beth Steel...... Beth Stl 8% pf. Booth Fish. . Bklyn R T ctfs B RT warrants Bklyn Un Gas Burns Bros (B). Butte Copper. .. Butte & Super.. Caddo Oil. Calif Petrol Calif Pet ctfs. .. Calif Petrol pt. . Callahan Zinc. . Canad'n Pac. ... Carson H Gold. . Central Leath. Cent Leath pf. Century RibMills Cerro de Pasco. Chandler Mot Chesap & Ohlo. . Ches & O pf wi. . Chi & East 111 42 8% 184% 5 49% 98 25% 24% 4415 136% .17 47 99% 7 59% 98 o T6% . 104% 24% {Chi & E Il pt. ChiGrt West. .. Chi Great W pf Chi Mil & St P. Chi MII&StP pt Chi & Northwn. Chi & Nwn pf Chi R1& Pac. Chile Copper Chino Copper Coca-Cola. Colo Fuel. . Columblia Gas Columbia Gas wi Columb’a Grap. Col Graph pf. Columbn Carbon. Comip Tabulat. . Cons Cigar. Con Gas new. Cons Textile. Cont Can, Continental Mo. Corn Products. . Cosden & Co. Crucible Steel Cuban-Am Sug Cub Cane Sug Cuba Cane S pf. Cuban Dom’can. Cuban Dom pf.. Cuyamel Fruit.. Davidson Chem. Del & Hudson. .. D Lack & Wstn. 63% 25% 112 118 ventures in other quarters of the MARKET CLOSES STEADY. | | Sales Total 1.,250.000 Shares. American Loco at New Top. Rr the Associnted Press. NEW YORK. May 28—Heavy in- vestment buying of the railroad shares, founded on the unusually fa- vorable nature of April earnings state- ments by the large systems, was the feature of today's irreguiar stock market. Industrial stocks fell back | on profit-taking and short selling, hased on the theory that the rapid advance of the last four days justi- fied a technical reaction. Sales ap- proximatea 1 0,000 share: The closing eady. Buving of | cquipment shares which carried Amer- | fean Locomotive up four points to its highest price of the year influenced #ome covering of other industrials in the final hour. Continental Can, Baldwin. American Car and Pullman | advanced 1 to points. GOVERNMENT BONDS LEAD IN ADVANCE he Amsociated Prens. W YORK, May 28.—High grade honds showed material price improve- ment in the trading on the New York Stock Exchange during the past | week. This was true particularly of the United States government issues all of which closed the week consid- erably above the previous week's fig- ures despite some profit taking sales toward the end of the week. Specu- lative issues moved irregularly, in- fluenced by stock prices, the ma- jority ending the week slightly up. New issues offered during the week 1037 3% 2% 129 8% . 110% 61'y 14% 3% 0% 114 17% 124 8% 9% 45 8% 98 12 5% 68% 14% 55 41% 79 .. 8 . 174% 1% 15 831 83 9 5% 82 89% 66 25% 2% 29% 104% 24% 9 13% 52% 86% 1 sau 3% 16 63 33% Detroit Edison. Dome Mines DuSS & Atlar Dupont (ED)... Dupont deb. . Eastman Kod Elec Stor Bat... Elk Horn Coal. . Emerson-Brat. . Endicott-John. . Er! Erle 18t pf Erle2dpf.. Famous Play... Famous Play pf Fd Mines&S of.. Fif Av Bus wi Fisher B ot O pf. Fisk Rubber. Fleishman . Foundation Co.. Freeport Texas. . Gen Am Tk Car. Gen Asphalt. ... Gen Baking. Gen Cigar. . Gen Electric Gen Elec spl wi. Gen Motors. . ... Gen Motors pf... Gen Mot 6% deb. Glidden.... Goldwin Corp Goodrich. Goodrich pf. Goodyear pf. Granby Consol.. G: Northern pf. Great Nor Ore.. Gt West Su pf Greene-Canan. . Guantana Su. Gulf Mo & Nor... Gulf M & Nor pf. Gult St Steel..... Harbishaw Cab. Hartman Corp. . Hayes Wheel Hendee Mfg.... Homestake. .... Househ'd Prod. . totaled $37.278,000 compared with $24.367.000 the previous week. Chief interest. however, in new offerings centered in the announcement by J. P. Morgan that his bank would underwrite $25,000,000 of the $130,- 000,000 Austrian loan, when negotia- tions regarding the financing has been completed. It was indicated the offering would be made about June 1 Morgan firm will have associated with it in the undertaking banking institutions throughout the United States. —_— HEAVY BUYING ORDERS. Special Dispatch to The Star. SAN FRANCISCO, May 28.—Con- fidence throughout the entire west that prosperity would prevail for the remainder of the year was indicated today by the fact that buyers for department stores in_eight western states have spent more than $4.500,- 000 in the last five business days. Representatives from all classes of dry goods stores from all classes of Denver took advantage of special sales by wholesalers to place the largest volume of orders recorded in a similar period since 1917. With 46,407 boxes of last year's apples on hand and with the new crop coming on the market within # month, dealers here face a heavy Joss unless quick market can be found for the supplies they are carry- sng. which are 6.000 boxes heavier than at this time last year. ¢ Houston Oll.... Hudson Motors, Hupp Motors. . HydraulicStl... 2% Hydraulic St pf. 12 Illinois Central. 110 Indiahoma. 8% Ind Oil & Gas... % Inland Steel wi. 38 Inspiration..... 84% Interb Rap Tr. 18 In Ag Chem pf.. 16% IntCement..... 38% InCombustE... 23% Int Harvester. 84% Int M Marine pf. 31 Int Nickel 13% Int Nickel pf. . 9 Int Tel & Teleg. 69% Intl Paper...... 45% 1nt Shoe. ... 68% Invincible Oil 14% Iron Products. 45 Island OIl..... % Jewel Tea. 19% Jewel Tea pf. 3 Jones Te: . 67% Jones & L'gh pf. 107% Kansas City S... Kansas C So pf Kelly-Spr Tire. Kennecott. . Keystone Tir Kinney G R. Kre: Laclede Ga: 673 26% 2u% 2% 11% 1% L 73 109% 43% 93 21% 464 40% 40% 6% 104% 172% 28% 9% 45 9 18% 5% 49% 98 26% 24% 447 142% 117 47 99% 7 48 384 % 61 2% 11% 1% % 70% 109% 42% 93 20% 45 40 40% T4% 101% 171% 53% 46% 37% % 61 (88).... 230 232 230 232 86 72% . Lee T & Rubber. 11% | Lehigh Valley 1% i Lima Locomo. ... Loose-Wile: Lorillard (P). Mack Trucks Mack Trucks 1st. Macy Co... Magma Copper. . Mallison & Co. .. Manati Sugar. .. Manhat El Sup. . Manhat Shirt. .. Marland Oil. Martin-Parr: Mathison Alki Maxwell (A). Maxwell (B)... May Dp Stores. . McIntyre Por. .. Mex Seaboard . Mex Seabd ctf. Middle St Oil. ... Midvale Steel. .. {Minn& St L (n). MoK & T (new). MK&T pf clA (n) Mo Pacific. ... Mo Pacific pf. ... Montana Pow Montg’y W'rd Moon Motors. Mother Lode | Yash Motors Nat Biscult w1 Natl Dept Stores. Natl Enamel. Natl Lead. Natl Ry of M 2d. N Or Tex&Mex. . N Y Afr Brake NY Afr Brk(A). N Y Central..... Ch&StL ctfs NYNH&Hartfd. Nort & We: North Amer. North Pacific. Nov Scot Steel. . Ohio Fuel Sup Oklahom Prod. . Orpheum Cir. Otis Elevator. Steel. Steel pf Owens Bottl Pacific Develop. PacificOll...... Packard Motor. Pan-Am Pete. .. Pan-Am P (B).. Parrish & Bing. Pennsylvania... Penn Seabd Stl. People’s Gas. ... Pere Marquette. Philadelphia Co. Phillips Pete Phoenix Hosiery. Plerce-Arrow Pierce-Ar pri. Pierce O11.. Pierce Ol pt Pitts Coal... Pitts & W o= Postum Cereal. . Pressed Stl Car. Produc & Ref. .. Pub Service Pub Serv (new). Pub Serv pf..... Puliman Co. . Punta Alegre. FPure Oll. . | Railway St1 Sp. | Ry Stl Spr pf { Rand Mines. Rap Tr Sec w. Ray Con Cop. Reading . Reading 1st pf. . Remington. Replogle Steel. . Rep Ir & Steel.. Reynolds Spr... Rey Tobac (B).. Royal Dutch. Rutland Ry pf.. St Joseph Lead. St L&San Sran. . St L Southwn. St L South pf. San Cecil Sug. Savage Arm: Schulte Stor Sears Roebuck. . Seneca Copper. . Shell Unfon. ... Simms Petrol. ... Sinclalr Oil.... Skelly Ofl....... Sloss-Sheffield.. o Porto Sugar. South Pacific. ... . outhern Rwy . St il of Calif stand Oil of N St Ol of NJ pf terling Prod. tew't-Warner Stromb'g Carb Studebaker. . i Submar’e Boat. | Supertor oil.. Tenn Copper.... Tex Company... Tex Gf Sulphur. Tex & Parific. .. Tex & PCOIll:.. Timken Rear. Tobacco ’rod... Tobac Prod A... Trans Cont OIl. . Transue&Will. . Twin C F. Tran.. Underwcod. ... Union Bug & P... Union Paclfic. .. Union Pac pf. Un Alloy Steel.. United Drug. United Ry Inv Utd Ry Inv pt. Utd Retall Str. USCastIrP. US Food Prod. . U S Hoffman M. U S Indus Alco.. 55 | US Realty Z 35" | USRealty pf... S5y | US Rubber..... Ba7s | USRublstpt. .. 54 | U S Smelt&Ret. . 7oy | US Steel. U S Steel pf. | Utah Copper. Utah Securities. Vanadium Cop.. Va-Car Chem... Va-C Chem pf. Vivadou. Wabash. . Wabash pf (A). Waldorf Sys . ‘Waldorf (new).. Wells-Fr Exp. .. ‘West Penn Co ‘West Elec pf. ‘Western Md ‘Western Md 2d. ‘Western Union. ‘West Air Brke.. ‘Westhse E1&M. Wheeling&L E. ‘Wheel & LE pf.. ‘White Eag Oil.. ‘White Motor. 15 631 | 85 1% 8 9% ¥ 38 a& | Worth’ston(B 313 | Worthington. .. 13% | Wright Aero. 79 | Youngstn Tube. 69 45% 68 14% Shell Tr&Tran.. - Call Money... HOURLY SALES OF STOCKS. Low. Close. 2T% 2% 62% 63% 65% 67% 48% 48% 167 167 20 20 9% 79% 93% 83% 62% 62% 83 33 32% 325 60 60 52's 524 44 4% 49% 50 33% 83% 47 47 4T% 48 16% 16% 76% 76% 18% 18% 20% 20% 20% 21% 10% 274 7 1274 36% 14% 39% 663 21% 26% 9% 97 41 39% 65% ll§ 274 7 {34 35% 15 89% 67 21% 2615 25 32 2% 18% 127 10% 55% 4% L 7% 12% 4% 69 10 3 72% | 11 | Low. Last. 4% 5 . 36690012 m . 726100 2p-u.. LIVERPOOL COTTON. LIVERPOOL, May 28.—Cotton—Spot limited demand; middling, 15.83; fully middlin, . low middling, 15.3! middling, 15.63, good ordinary, 14.8: 4,000 bales, American. Receipts, 14,000 baies, in- 1,200 American. Futures a: Be ary, 12,06 March, 12.78, Sales, 81 |cluding closed steady. 86 |October. 13.45 \ prices firm; good ordinary, 14.58. including 2,200 . 14, July, 14.60; cember, 13.08; Janu- 10% | |SECOND-GRADE RAIL BONDS ARE STRONG Foreign Issues Also Advance in Today’s Trading—Slight Drop in Libertys. BY GEORGE F. Special Dispatch fo the Star. NEW YORK, May 28.—Except for an early and small reaction in United States government securities the gen- eral bond market was very firm, but dull today. The strength was all the more significant because of the dullness. Any attempt to purchase large blocks would have resulted advances in prices. As it was there were a number of new highs on this movement. HUGHES. Second Grade Ralls Strong. As was the case during the latter part of last week the strength in second grade and speculative rail- road issues was the most notable, Erie general 4s were a feature. sell- ing up more fhan a point whiie the convertible 4s were also strong. This may have forecasted a good April re- port for the Erie. The statement for March shows marked improvement over that for the first two months of the year and bascd on_the latest available returns about 97 per cent of charges will be earned in the cal- endar year. St. ul general 4s, the first mortgage issue. and St. Paul vertible 4';s were also higher. ouri, Kansas and Texas adjust- ts moved upward. The favor shown this grade of rail- road bonds may be due, as has heen e to the imulative effect of T car loadings and better net in- come. or it may be due simply to the zeneral firmness in the bond market. {1t is more likely, howevr, that_the at- { titude taken by the Supreme Court in the Missouri Bell Telephone case was the decisive influence. But whatever may happen the railroad stocks or bonds of even alled weaker rail- roads will be assured favorable treat- ment on any aluation theory that takes into account present-day repro- duction cos Advance In Forelgn Issues. As far as libertys were concerned, dealers did not regard the reaction as important. They reported a good demand. particularly from the west The underlying tone is very good and the long-range outlook was for higher prices erbian 8s led the advance n bonds. The more hern ent pea 1 irope was undoubtedly the ngdom of Italy 6lys made h for all time. This is a issue, m; ring in Feb- At toda price it still ves'a maturity vield of over 8 per Bolivia 8= ontinued their re- Th re still the cheapest of all the South American issues, when it is recollected Bolivia has nev- er defaulted on an external loan. Chinese 5s were the weak spots i the foreign department CROP OUTLOOK SHOWS GREAT IMPROVEMENT Substantial improvement in the crop situation on irrigation projects | conducted under the Intertor Depart- ment was noted in reports received {teday by Secretary Work. “On southwestern projects exceilent | stands of cotton are being obtained.” said the Secretary in his advices some crop of altalfa alrea vested. On mor; in for- favorable out- South- cause a new Short-t rus h er the northern sloomed h and little damage to the fruit h sulted from frost large a Leing planted to su price situation for this crop tatoes indicates increased prosperity for the settlers.” TODAY’S COTTON PRICES. | Market Continues Firmness Dis- played in Last Week's Trading. NEW YORK. May 28 tures opened steady tober. lary. show ntinued owing to bullish private condition and crop figures and firm Liverpool cables. The opening advance of 12 to 19 points attracted scattered realizing, but offerings were absorbed on set- baeks of 3 or 4 points. and the mar- ket soon sold up to 27.40 for July and 2 for October, or about 17 to 30 nts net higher on the general list. Futures 11 teady January, 24.1 ober, today “otton October, 24 ary, 23.64: March, i Futures 11 a.m. bids: Quiet 65: March, 23.53: July. October, 24.30 asked: December, 2: VISIBLE GRAIN SUPPLY. NEW YORK, May 28.—The visible | supply of American grain shows the | following changes: Wheat. decreased 2. corn, decreased oat; decreased 93,000 bushels; decreased 3 00 bushel EX-DIVIDEND TABLE. | May 31— American Tel. & Cable, q Atlas Powder, q.. ‘Auto-Knitter Hosiers, Tnc., q. California_Packing. q.. ... Janu- 49, Janu- 27.52; .80. Tune 1 Amalgamated Sugar pf.. Amatgamated Sugar pf Foundation Co., q. Foundation Co. Y'.. a Taclede Gas Light, q Thciede Gas Ligh Texas Gulf Sulphu; | Baldwin Locomotive, & Raldwin Locomotive pr. Chile Gopper. - June 5— arth American, new, q orth American pf., q 8. Realty & Improvement, q —_———— FOREIGN EXCHAN May 28, 1023—1:30 p.m. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks gold value. toda; London pound. 4.6215 doll 98 Brussels, Berlin, mark. Christiania,’ crown. Stockholm, " crown. ¥ | By the Associated Pres NEW YORK, May 28.—Foreign ex- change steady. Quotations (in United States dollars): Great Britain, de- 1.621; cables, 4.62% on banks, 4.60%. 6621 : cable: 10480: cables, glum, demand, .0569%: cable Germany, demand, .000016%: cables 000016%. Holland, demand, 16.42 cables, 39.14. Norway, demand, 16.42 Sweden, demand 26.60; Denmark, de- mand, 18.42; Switzerland. demand, 18.02; Spain, demand. 15.22; demand, .0198; Poland, Czechoslovakia, ~ demand, Argentine, demand, 35.50: demand,_ 10.37; Montreal, in substantial | “ott fu- 27 fa” i Mexican Petrol 83 27.49; | "+ | Steel & Tube 7s. .. D. C., MONDAY, MAY 28,1923 (Bales are 1n $1,000.) UNITED STATES BONDS. (Fractions ent thirty - seconds. Example: 101-1 means 1011-33.) Sales. High. Low. Close Lib 3%s. .. 69 100-30 100-25 100-25 64 98-14 98-7 98-7 ..1293 98-16 98-4 98-17 Lib 4th 4%s.. 482 98-18 -8 US4%s1952. 266 99-29 99-28 . FOREIGN. Bales. High. Argentine 78 . 9 102% Belgium 7%s 16 101% Belgium 6s 16 96% 22 100% 40 91% 8 80% 3 82% 39 96% 1 100% . 1100 . 27 101% 19 100% 13 99 4 103% 102% 103% 46% 110 92 99% 95% 109% 98 92% 9% 964 92 Bolivia ‘Bordea! Brazil 7s Brazil 8s Brazil 7% Canada 5s 1926 Canada 5%s 192! Canada 5s 1931. Canada 5s 1952 Chile 8s 1941, Chile _s 1926 Chile $s 1946. . | Chinese Gov Ry 58 Christiania 8: Copenhagen {Cubab¥%swi. | Czechoslovakia 83 Denmark Denmark Dutch E15% Dutch East I 68°47 Dutch East 1 6s '62 Framerican 7%4s. . Fiench Govt 8 I'rench Govt T%s. Haitl 6s ctfs. . Holand-Amer 6 Japanese 1st 4%s. panese 2d 4%s. . apanese 4s Jergen UM 6s'47. 123 Lyons 68 Marseilles 6s. Mexico 58 Mexico 58 largs Mexico 48, Montevideo Netherlands 6: 92 97 92 95% 95 88% 57 39 904 100%4 331 98% 76% 82% 101 944 9% 96'% 9915 884 69% 81% 105% 115% 113% 103 Norway 6s. . 5 Paris-Ly's-Med 6s Prague T%s. . Queensland 6s. ... Rio de Jan 8s 1946 Rio de Jan 8s 1947. Rio Gr Do Sul 8s Seine, Dept of. 78. . Serbs Crotes Slo 83179 Solssons 6s....... 25 Sweden 6s... . . 61 Swiss Confed 8s... 1 Ud Kingm 5% '29. 26 Ud Kingm 5%s5 '37 56 Uruguay 8s. . 6104 Zurich 8s. 1 110% MISCELLANEOUS. Am Agr Chem 73%s 37 Am Cotton Ofl 5s.. 1 Am SmIt&R 1st 6a. 20 Amer Smelting 6s. 61 Am Sugar Ref 6s.. 59 Am T & Tcv 6s 3 AmT& Tcltrbs.. 19 Am T & Tcltrds.. 22 Anaconda cv db 7s. 44 Anaconda 1st 6s...173 Armour & Co4%s. 5 Atlantic Refin 5s.. 4 Bell Tel Pa Gs rcts. 45 Beth Steel pm 58.. 2 Beth Steel s f 6s... 10 Brier H St 1st 5123 Bklyn Edison 7s D Bush T Bldg bs '60. Central Leather 53 Cerro de Pasco 8s. Chile Copper 6s. .. Commonwth P 63. Con Coal Md 1st 58 Cuban-Am Sug 8s. Cuba Cane cv d 8s. Det Edison ref 6: Du Pontde N 733, Duquesne Lt 712s. Duguesne Light 6s E Cuba Sug T%s... Empire F&G 7%s. Fisk Rubber 8s. Goodrich 638 Goodyear 8s 1931, Goodyear 8s 1941. . Humble O&R 5%s Indiana Steel 5s Inc Mer Marine 6s. Int Paper 1st 58 B. | Lackawa S 58 '50. . Liggatt & Myers 7s Lorillard (P) 7s Magma Cop cv 7s. Manati Sug sf 7 Marland Ofl 7%s. . Marland Oil 8s w.. 98% 663 8974 101% 101% 114% 97% 1% 101% 974 854 985 97% 887 985 941y 107% 891 98% 130% 100% 87 87 1077 945 104 107% 107 102% 103% 9214 106% 100% 1047 17 98 100% 84 4% 90 17 115 17 9874 1001 1o 108 99+{ 874 96% 20% 99 97 109% 81% 104 105% 93% 93 90% 107% 9314 991 91 91% 100% 6% 83% 116 102 981 99 984 87 93% 101 106 101% 9414 108% 104% 112% 87 106% 1024 88% 98 86% T2% 102% 108% 9 28 12 98% 98 2 91% 91% 5 106% 105% | Mich St Tel 1st 5s. i Midvale Steel 53 Montana Power 58 Morris&Co 1st 4142 i Nat Tube 1st 3s. | New Eng Tel bs... ;N Y Edsn 1st 613s. {NYG BL H&P 4s.. Y Tel 65 '4® { N Y Tel 6s'49. 1094 8144 1041 106% 93% 93% 914 107% 9314 991 9% 9174 100% 17 844 116% 102 98% 99% 98% 87% 9315 101 106 102% 95 103% 104% 113% 87% 107% 102% 88 98! B86% 3% 103 109 94 99 N Am Edison 6s. \ States Pow 6 orthwst B Tel 7s. { Otis Steel 7%s { Otis Steel 8: Pacific Gas & El s PacT & T 68°'62... PhilaCoref6sA.. Pierce-Arrow 8s.. Public Service Punta Alegre 7 Sacks&Cos f Sharon Stl H 8 Sinclair Ofl 7 Sin Crude Oil 5%s. Sin Pipe Line 6s. ., South Bell Tel 6s. . So Por Rico Sug 7s St Oll of Calif 7s.. Tenn Elec Pow 6s. Tide Wat Oll 6%s. Tobacco Prod s£-7s Unit Drug cv 8 US Rub 1strf US Rubber 7%s, USSteels £ 5s Utah Pow & Lt 6s. Vertientes Sugar 7s Va-Car Chem 7s. { va-Car Chm 7% Warner Sugar ‘West Union 6%s Wickwire Spen 7s. Wilson & Co 1st 63 Wilson&C ev 7%s. Wilson & Co cv 6s. { Winchester A 7% BETTER TONE NOTED 105% Let-Up in Trade Now Held to Be More Seasonal Than Really Serious. By the Associated Press. NEW YORK, May 28.—Advices from the steel trade have been reassuring, commodity markets have firmed up. renewed interest in metals has been reported and railroad freight trafic has further expanded. Mercantile trade { agencies, furthermora, while still cling- | ing to caution in thelr reports, are more jprone to attrtbute such slackening as has appeared in trade to natural sea- sonal influences. Business is coming around to recog- nize what has been patent for some time, namely, that the pace has been a bit too rapid to be maintained with- out interruption. Buying is now more for current needs than for the future, but the belief is growing that, with the summer digestive period over, de- mand will become more insistent. What the fall will bring remains to be seen and much depends on how the laba® situation shapes 997 | | IN BUSINESS WORLD) RAILROADS. Bales. High. Atchison gen 4 Atchison adj 4s Atlantic C L 1st 48 AtlanticCL cl 17 10 8 19 8 16 33 .15 6 . 18 Bklvn R T 4s 2002. Bklyn R T 7s'21. Buff R&PItt 4Y%s Canadian North 7s Canad North 6% Canad Pac deb 4 Car Clinch & 0 Car Clinch & O 6s. Central Pacific 4 Ches & Oho cv & Ches & Ocv 4348, Ches & O gn 4%s Chi & Alton 3s Chi B&Q gn 4i Chi B&Q 18t rf bs. Chi & E Tl gn 8. Chi Great West 4a. Chi M&S P rf 414 Chi M&St Pev bs. . Chi M&St P 4s°'26.. Chi M&S P ev 4343, (r:hl,(g&SSt P 45’34, C t P gn 443 Chi&NW 6148 Chi & N W 7 [Chi Rys 5s. ChiRT& Pacrf és {Chi Un Sta 43%s. Chi & W Ind cn 4s. Chi & W Ind 7%s.. CCC&StLrf6sA.. CCC & StL4%s. Cleve Term 5% Colo & Sou 4%s. CubaRR §s. Del & Hd 1st rf 4s. Den&Rio G con 4s. D&RG1strf s Erie 1st con 4 Erie gen 4s. Erleconv 4s A. Erieconv 4sD. Gr Trunk sf db 6 Gr North gen 7s... Gr North gen 514n. Green B & W db B. Havana ERL&P bs Hud & Man ref 6s. Hud & Man aj 6s 111 Central 5% s Int Rap Tran 6. Int & G Nor aj 6s Towa Central rf 4s Kan City Ft S4s.. Kansas City S 3s.. Kansas City S 53 Kan City Term ds. Lake Shore 4s ‘28 | Lake Shore 45 '31. Lehigh Valley 6s. . Louls & Nash 7s... Louis & Nash 51s. Manhat Ry cn 43 | Market St cn 58 | Mich Central db 4s Mil El Ry & L 58 M& StLrf ex bs M StP & SSM 6143, & Tlstds.. &TprinbsA &T4sB. &T6sC. & T adj 5 | Mo Pacific 6s. Mo Pacific gn 4s. .. Montrl Tm 1st 5s. . New Or Term 4s. .. NOTex & M In 5: N Y Centgen 3ys. . MK MK MK MK MK New Haven 7s fr NYW& Bos 44%s. | Norfolk & W cn 4s | Norfolk & W cv 6s i Northern Pac 3s... | Northern Pac 4 Northn Pacri Northern Pac b Northrn Pe 6s ret. Cre Short L ref 4s. Ore-Wash lst rf 43 Pennsyl gen bs Pennsyl gen 414s. . Pennsyl 6%s. Pennsyl gold 7: Pennsyl con 4%s. . Pere Marq 1st 5s. Pere Mrq 15t 4s ‘36 Rapid Tran 6s w1 Reading gen 4s RIArk & L 4%s St L IM&S R&G 4s StLIM&S 4s '2: StL&SFpl4sA. | StP & K Seab’d A Liref 4s.. {Seab'd A L adj bs. {Seab'd A L con 6s. . i Sou Paclfic cv 4s Sou Paclfic ref 4s Sou Pacific clt 4s. Southern Ry gn Southern Ry 61 Sou Ry Mobile 4s. . Third Ave adj 6s I Tol StL & W 31zs. Union Pac 1st 4s Union Pac cv 4 Union Pac cv 6 { virginia Ry 1 Wabash 1st 5: { Wabash 2d 5s Western Md 4s. ... Western Pacific 58 West Shore 1st 4s. Whel &LE rf 4%s. 1p.m.. 6336000 - Aluminum Co. of Am. Aluminum Co. of Am. American Cotton il Asso._Simmon: Du Pont 7lgs 1981. Goodyear T. & R. 88 Humble Oil 5l4s 1932 . McNeil & Libby M., 8t. P. &8, i . 7 | i 1 é Union Tank Car U, 8. Rubber 7 Western Union ‘Westinghouse E. & M. 3% June 15, 1923, 3% September 15, 4s' December 1! 4150 Mareh 15, 1924. 5s June 15, 1924 March_15, 1925. 10 6 1 15 3 8 . 43 7 25 6 36 9 69 6 5 27 31 12 2 11 52 38 — ERowmaa - S8 amaatea LR - - {9 | Southern Ry 1st 68 89% 80% 87% 81% 956% 8% 100% 80% 81% 5 94% 647 624 93% 80% 113% 113% 79% 93% 97% 86% 897% 88% 85% 52% 87% 100 80 50% 59% 661 80% 66 3% 82 108% 107 8074 9% 9% 72% 102% 101% 92% 103 848 83 88 6% Low. 89 80% 87% 81% 95% 8% 100% 80 81% 75 93% 64% 621 93% 90 113% 113 9% 93 97% 86% 89% 88% 84 52% 8% 90% 9% 50% 59% 654 80% 664% 73 82 108% 107 80% 8% 91 72 102% 100% 6814 101% 75 b4 95 914 95 102% 95% 97 851 61% 79 81 49'% [swee vorr BONDS 7o o] Recelved by Private WireDirect te The Star Office. Close. 89 80% 87% 81% 95% 8% 100% 80 81% 75 93% 64% 62% 93% 0% 113% 113% 9% 93% 97% 86% 89% 88% 84% 52% 87% 99% 9% L 50% 59% 65% 80% 65% 73% 82 108% 107 0% 8% 9% 72 102% 65% 6114 41% 88% 109% 607 854 | 108% 96% 95% 92 80 100% 91 108% 108% 96% 957 80% 3% T4 101% 9% 8l 49% TOTAL SALES (Par Value): 1lam.. 2553000 12noon. 4802000 2p.m.. 8994000 American Sugar #s 193 1931, Great Northern 7s 1938. Hocking Valley 6s 1924 75 s September 15, 1923. o 1923 53- Beptember 15. ‘1924 % Sarch 15, 138 December 15, 1 firmer; high, 5 Anaconda Copper 6s 1929.. {Anaconda Copper 7s 1929 Anglo-American 01l 7igs i Hdw. Ts Bell Tel. of Canada 7 1 Canadian Nor. 5igs 1921, Central Argentine Rwy. Kansas City Term_ 6s 1923. Kennecott Copper 7a 1930. S. M. 815 1931.. S Sears, Roebuck & Co. 7s 1923... Standard OIl of Calif. 7s 1931 Tidewater OIl 6is 195 s 1930, s 1980. ige 1030 —_— SHORT-TBRM SECURITIES, (Quotations furnished by Redmond & Co.) Asked. ! Bid. —_—— TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) 1034 105]% 92 14 101 1083, 103 i £l i N 101 4 | around, —Noon.— Bid. 99 15:16 100 100 1001-32 100 99 15-16 100 1-32 100132 100 5-32 9% 101 101°8-16 100 5-16 0% 101716 100816 987, 100¢ 9718 CALL MONEY HIGHER. NEW YORK, May 28.—Call money Asked. 101 100 low, 4%; ruling rate, 4%; closing bid, 5; offered at 5% ; last 1oan, 5; call loans ag: 4; time loans steat months, 5ab%; paper, 5. & prime inst acceptances, ; mixed collateral, sixty to ninety days, 5: four to six commercial’ FINANCIA Grain, Produce and Live Stock WHOLESALE MARXET REPORT. High prices charged for meats has made the meat market dull and draggy, dealers reported this morn- ing. “People are not taking hold.” said one of the largest dealers, “but are living from hand to mouth.” Continued high prices, he said, are due to the continued shortage of cat- tle, dealers in all parts of the country drawing on the Chicago market. Producers are reported holding back supplies of poultry for higher prices, a number of shippers having already refused to ship at prices offered. Dealers have a considerable amount of poultry in storage, it is reported, and trouble is not expected in sup- plying the city's guests during the Shrine celebration. B Eggs are continuing to arrive in large quantities. A decrease in sup- plies is expected, a natural thing at this season. dealers say, and an in- crease of only 1 or 2 cents is ex- pected the next two weeks. Eggs—Strictly fresh, selected, can- dled, per dozen, 27a28; average receipts, southern, 2 Live voultry—Ronsters. per Ib. 16; turkeys, per 1b., 2 spring hickens, per Ib., 26; keats, young, each, i fowls, per Ib., 27a28. Dressed poultry — Fresh-killed spring_chickens, per 1b., 60a65; win- ter chickens, per 1b., 46a50; hens, per Ib., 32; roosters, per 1b.. 20a2l; tur- per 1b., 40ad5; youns, each, 70a80. Live stock—Calves, cholce. pe- 1b, 10a11; medium, per 1b., 9a9%; thin, per 1b, 6a7. Lambs, spring, per Ib. 15a16. 'Live plgs, 3.00a5.00 each; live hogs,” per Ib., 8. Green fruits—Apples, per bbl., 4.00a 8.50. California oranges. per crate, 5.0026.00; Florida, 5.50a7.00. Lemons, per box, 5.00. Strawberries, per qt.. Vegetables—Potatoes, per bl 1, 1.30a2.00: per sack, 2.00a2 potatoes, Florida, per bb 8. South Carolina, per bbl, sweet potatoes, North lina, 0a2.5¢ nearby, 1. tuce, per crate, southern, Romaine lettuce, per crate, Iceberg lettuce,” per crate, Cabbage, southern, 1.00a1.50 per bas . Eggplant, per crate, 2.00a3.50. Toma- toes, per box, Florida, 2.50a6.00. Beans. 1.00a3.00 per basket. Peas, 2.50a5.00 per basket. Peppers, per crate, Flor- ida, 2.00a4.00. Kale, per barrel, 1.00a 5 Spinach, per barrel, 1.00a1.50. . per crate, Florida, 3.00a6.00. Squash. 2.50a4.00. ' Florida lima beans, :.é’(;'a? 00 per basket. Asparagus, 1.00a keats, 7.00a Caro- GRAIN AND PROVISIONS, BALTIMORE, Md. May 28 (Spe- cial).——Potatoes. new. barrel. 2.50a 7.50: 150 pounds, 2.0026.00; old. hun dred. 75a1.75; 150 pounds, 43.00 sweets and yams, barrel, 2.50a3.50: bushel, asparagus. dozen, 1.50a4 a beets, hundred, 6.0045.00; cabbage, hamper, 1.00a1.25: carrots, hundred, 5.00a7.00 celery, 2.50a4.50; B te, 2.00a3.00; cucumbers. crate, 2.00a4.00: esgplants, crate. 2.50a4.00; kale, bushel, 50a60; lettuce, basket. 1.00a 2.00: onions, 100 pounds, 2.00a4.00; spring onions. hundred. 1.25a1.75; peas. bushel, 1.50a2.50: rhubarb, hun- dred, peppers, crate. 2.50a 4.00: . _hundred, 1.00a2.09 spinach, bushel, 20a2 ¢ Apples (packed {bushel, a2.25: cantaloupes, pefruit. _box. 3.50: box. 3.50a5.50: pineapples, crate, 3.50a 5.30; strawberries; quart. 6alf. Selling Prices at 12:15. Wheat—No. 1 red winter. spot, quotations: No. 2 red winter, spot, 1.283;: No.'3 red winter, spot, no quo- tation 2 red winter. garlicky. 1.26% uotations; May, 1.26%. Sales—None. Corn—Cob corn. new. 4.75 per bar. {rel; contract, spot, 871 per bushe No. 2 corn, spot, 83%: No. 4, no quo- tations; track corn, vellow, No. 3 better, 95 asked per bushel. Sales—None. Oats—White, No. 2, el; No. 3. 53 per_bushel. Nearby, 80a85 per bushel; No. tern export, spot, 8114 per bush- 3. no_quotations Receipts, 90 tons; ample re- ceipts for all trade wants, from 18.00 222.00 per_ton. Straw—No. 1 tangled rye, 15.00a 16.00; No. 1 wheat, 12.50a13.00; No. 1 {oat, nominal. 14.00a15.00. A reduction of 15 cents per barrel on western grades of spring flour was announced this morning. DAIRY PRODLCTS. RALTIMORE. Md. May 28 (Spe- cial).—Live poultry—Spring chickens, pound. 45a55; small and leghorns, 33 a40;: old hens, 25a2 small leghorns, 24a25: old roosters, 15a16; ducks, 21a mall, 18a20: spring ducks, 35a36; pigeons, pair, 4 Eggs (loss off ). nat Z . 25; southern, creamer prints, $a10; ladie rel). 4.00a7.00; 2 per bush- nearby firsts, 3 roll dairy print CHICAGO LIVE STOCK MARKET. CHICAGO. May 25. (United States { Department of Agriculture) ceipts, 73,000 head: mostly 60 to 240 pound aver- 50 to 325 pound butch- 5: packing sows, mostly desirable 110 to 130 pound pigs, 6.00a6.75 ; heavyweight hogs, 7.00a 7 medium, 7.15a7.35: light, 7.10a light light, packing pigs 27,000 head; vers {slow: large proportion run steers and {vearlings rating medium to good; fe j choice kind here ; early sales beef steer: | vearlings and butcher she-stock weak to 25 lowes 10.80, weight at 1,411 pound: {heavies, 10.75: few other lots, 1 { weak. vealers. unevenly lowe; and feeders, steady to Jower; best kind holding steady. Sheep _ receipts, 18,000 head : around 50 lower; spots off more; sixty doubles, California_sorted, 15.50; best inatives, 15.00a15.25; medium to good iseventy-five-pound fed lambs, 12.50; {Navajo wethers, 6.50; best fat ewes {4.00a5.50. TODAY’S CHICAGO PRICES. CHICAGO, May 28.—Better weather |conditions west, as well as a break {in prices at Liverpool, had a bearish leffect here on the wheat market to- {day during the early dealings. Heavy {rains, which fell in the western sec- {tion of the grain belt, were regarded as likely to prove of material benefit to the winter crop. Besides, lighter and more scattered rains fell in the {Ohio valley. Opening prices, which varied from unchanged figures to 3 lower, with July 114 to 114% and September 1125 to 113, were fol- {lowed by a moderate setback all and then :omething of a two_loads slow reaction. Corn and oats were easler with wheat. After opening % to % lower, July, 76%to 7614, the corn market declined "a little' more, and then rallied somewhat. Oats went under the season’s low- est previous price for September de- livery. The opening was unchanged {to % lower, July, 40% to 41. Later the decline became general. Provisions reflected the downward icourse of the hog market. WHEAT- Open. High, May 1.186 1.18% 14! 12! 24 a 40V .«i& 38% 1100 1120 September .. RD— July Septem! 1BS— July Beptember VOTE SUMMER CLOSING. NEW YORK, May 28.—Members of the New York Coffee and Sugar Ex- change voted today to close the ex- July and A:uguu 11.00 1120 9.00 917 1 1 ‘920 935 7 no! 0. 3 red winter, garlicky, spot | early top matured steers, : 10.35a | bulk, 8.50a10.15; bulls, steady to | stockers | | i i | maintain {mated at 1,856,9 TRADE IS REVIEWER BY RESERVE BOARD Let-Up in Business Calle Not Wholly Seasonal—Other Financial Notes. With trade and production con- tinued in large volume at present, reports to the Federal Reserve Board show that there was slackening of) business activity, aithough in com- parison with the situation prevailing a year ago general conditions are Tegarded as far better, The reserve board attributes part of the slowing up in business to “sea- sonal influences” but these, it was declared in other quarters, could not be wholly responsible. . The reserve board noted decreases in the production of lumber, anthra ; cite and mill consumption of colton\ On the other hand, there are in-\ . creases reported in such basic lines as the output of pig iron and petrol- eum. Car Shortage Disappears. While car loadings are much larger for the period covered than for cor- responding weeks in 1922, the short- age of freight cars evident a few months ago has almost entirely dis- appeared. This is construed by tha reserve board to mean more than a) season decrease in shipping. The heavy volume of trafic appeared to be constituted mainly of manufac- tured goods. The weather is charged by the reserve board with responsibility for some of the reduction reported in de- partment and retail store _sales. Easter purchases, made in March, augmented that month's total sales. hut “unseasonable” weather held down April -purchases. Accompanying the decline in sales which, although not substantial in all lines ‘was evident everywhere weral cuts in prices of certain basic com- modities such as fuel and farm prod- ucts. Clothing, metals and bullding materials, however, were _slightiy higher in price at the beginning of May than a month previously. Money Rates Lower. Continuation at _practically tha same level for several weeks of the volume of bank credit gives some hope. according to the board, the hoard, that there is nothing of sericus & tendency in the situation. Commer- / cial banks continue to care for tha loan requirements of their respective localities without seeking additional accommodation from the reserve banks, the board reporting that some- what easier money conditions are indicated throughout the country. It called attention to slightly lower rates on commercial paper together with the heavy oversubscription of the recent Treasury note issue which now is quoted above par in the open % market. Pennay's Freight Records. Loated freight cars hauled on the Pennsylvania system continue to run at record-breaking filgures for this season. The first thres weeks of May total was 513,500, compared with 396,898 in 1922 (increase of 29.5 per cent). with 365,661 in 1921 and with in 1920, rom January 1 to May 13 loaded cars handled totaled 3,165, pared with 2,565,498 in 1 rease of 23.42 per cent; with 2,295,- | 752 in 1921, an increase of 17.83 per .’ cent. Present prosperity is reflected in figures of cars of miscellaneous freight handled, totaling 769,707 for the period from January 1 to Mayv 10, as compared with 543,335 In 1922, with 460,397 in 1921 and 642,005 in Due to the continuation of peak volume of traffic and necessity to ¥ a maximum amount ~of equipment in repair for efficlent ser: ice the number of employes on the Pennsylvania system reached a new high level on May 15 at 238,172, to compare with 232718 on April 15, with 231,170 on March 15 and 228,774 on_ February 15, To date the Pennsylvania has r ceived 175 of the locomotives or- dered from the Baldwin Locomotive Works. They are being put into serv. ive as fast as received to replace en- gines of a smaller type. Record April il Outpu The United States geological sur-\ vey estimates crude ofl production in the United States during April at 1.937,767 barrels daily, the highest on record. ‘compared with 1,810,710 bar- rels daily in March. Imports were the rate of 165,500 barrels daily, giv- ing a total available supply of 5,103, 267 barrels a day. Domestic _consumption decreased slightly, with the result that for the first time since April, 1922, domestic production of crude oil was greater than consumption plus exports. Do- m ic consumption in April is esti- barrels a day, com- pared with 1,857,774 barrels daily in March. Exports were 50,074 barrels daily. Domestio consumption and ex- ports thus totaled 1,906,974 barrels daily. BUT $3,089,144 LEFT OUT OF $20,000,000 N 60,000 to Divide All That Re- mains After Failure of L. R. Steel Company. \: By the Associated Press. BUFFALO, N. Y., May 25.—A state- ment issued by the bankruptcy trus- tees on the affairs of the L. R. Steel organization, shows total ets as of March 7, amounting to $5,179,447, against which are liabilities of $2.- 090,302. This means that the 60,- 000 stockholders are owners of sur- i plus assets of $3,089,144, all that re- mains of investments which are said to have amounted to more than $20,- 000,000. The Canadian recelver states that it is his belief there probably will be an equity in excess of $1,600,000 in the steel enterprises in the Dominion. —_— BUSINESS AT GLANCE. DETROIT. May 28 (Special).—The employment report for industries cen- tering in this city in the last week showed no advance for the first time in months. In fact, the total showed a decrease of eight men, but this con- dition is accounted for by employers because of the fact that increased { costs have placed a check on bullding activities. In automobile plants there has been no falling off except in & few minor factories. LOS ANGELES, May 28 (Special).— More than $200,000 has been s scribed by local business men to se- cure the services of a big engineer to draw plans for the expansion of San Pedro harbor, The new plans involve deepening of channels, bullding of new docks and providing of additional rail facilities for handling cargoes. ST. LOUIS, May 28 (Special).—Thers is & constant complaint here today of 'inefficiency among building ar- tisans by contractors and builders. Contractors say they have no obje: tion to paying higher wages if thi can be assured of high efciency among the workers they employ. FORCED INTO BANKRUPTCY. NEW YORK, May 28.—An invelun tary petition in bankruptcy was filed today against B. Drummond Cannon and 8. M. Cantey of the stock broker- age partnership of Cannon & Cante: ‘annon was expelled from the Con- solidated Exchang last Friday. —_— To date there are fifty-six men and seven women in the hall of fame. e 3 g B