Evening Star Newspaper, May 31, 1923, Page 28

28 & SUBSTANTIL GANS N SPEGAL STOGHS Bulls Push Advantage of . Past Few Days—Steels Drop in Late Trading. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK., May 31.—Today's stock market strengthened the im- pression that Important speculative interests were at work on the bull side. Following the precedent, how- ever, set under all similar clrcum- stances last year, these moving spirits were proceeding at their leisure. They were in no hurry to push any ad- vantage and were willing to allow frequent lapses into dullness, accom- panied by reaction. Again interest today confined 0 a limited number of stocks, nearly all of them industrials, while the rest of the list was left to tuke care of ttself. California Petroleum was the only oil stock to do anything to speak of. 1t made a new high under buying operations similar to those which have been carrving the price forward for the last 20 points. Studebaker Stock Strong. udebaker responded to the talk ome extra declaration at the July meeting despite the fact that this meeting is nearly two months off. This talk was not refuted, but on the contrary was rather encouraged in quarters which in the past have had a pretty good line on what the Stude- baker interests were doing. Baldwin Locomotive got above in the early trading, where it v nearly two points and American Locomotive had a similar gain. Later on both sold off, as did American Can, Which was one of the ear vorities. Mack_Trucks., above $3. was up 13 points from its recent low. This rise not, however, founded upon ex- pectations of an immediate dividend increase, but rather upon the pros- pect of ‘& very favorable showing in the earnings for the June quarter. American Smelting Active. American Smelting was the only metal stock in which any activity d veloped. The buying this ca was d upon anti stock going on a $5 div June, and upon estimates earnings which would ma tion appear quite conserya sneral Electric’s jump was due to the belief that a recapitalization plan s in the making. But outside of this Ivance in General Electric, as in Westinghou d a strong background in the knowledge that these companies doing a remark- able busine Weakness in Maryland Oil was notable feature in the late afternc Sinclair_ Oil. on large transaction dipped below 30 and Phillips Petro- { leum, Cosden and Producers and Re- finers were all freely sold. teel shares lost their early gains ! and went somewhat lower. but the coppers were not as sensitive as might have been expected to the di cline in the copper metal Financial Review and Outlook. With nothing unfavorable happen- ing over the holiday, the markets re- | sumed business this morning in the same general frame of mind as they | had left off on Tuesday. Sterling _exchange was steady, while francs went lower. The prin- cipal incident in this quarter. how- ever, was another collapse in the German mark. carrying it down well below all previous low record levels. At the close of last November, after a decline equally as prolonged and as severe as that which culminated a week ago, the market turned about and went up quite as steadily as it had come down. It has always be- lieved that precisely the same specu- lative coterle, which at that time dis- regarded outside business conditions and bent its ene: to driving stocks down. was the same which in the following months was speculat- ing just as aggressively on the slde of advance. Two Market Features. In connection with the recent strength of Studebaker further at- tention has been paid in the stre. to late figures on the company’s operations since the first of the year. These show that from January 1 to the middle of X Studebaker pro- duced and sold 45 per cent more cars than In the same period of 1922, and unfilled orders, which were of ap- proximately 10.000 cars, were 25 per cent greater than at the same tim in May last vear. Cash on hand about $15.000.000, as indicated by ir formation given out officially a short | time ago. There appears to be quite s truth about the entrance of the Texas | Company into the California oil situ- ation. The president of th company is now In California, and while he has said nothing definite resarding the plans of his company, he did say that a Texas Company refinery California would help the company in serving its far eastern customers. HUGE COAL OUTPUT NOW BEING REDUCED Low Spot Prices and High Costs| Cause Closing of Ad- ditional Mines. wa of al n bit of By the Associated Pres CHIC. 31.—Although therp' 1s little indication of any widespread | movement to store up coal, bitumi- mous production in April reached 42,- 000,000 the largest April ton- nage in ent years, excep according to the May lons report of the Bank of Chicago, made pub! Spot prices declined nearly cent during April. In Tllinois and Indiana, high cost of production and low spoi prices, with a continued lack of a market,, have resulted in closing of additional mines, the report said. In Indiana, it added. mines operating during April averaged only 388 per cent of full time FRENCH LINE HEAD ASKS MORE SUBSIDY PARIS, May 31.—O. J. Dalpiaz, pres- 1dent of the board of directors of the French Line, today made a request for larger subsidies for his company at a hearing before & committee of senators and deputies. He said it| was necessary that the French Line: increase the number of its fast mail FINANCIAL. THE EVENING STAR. WASHINGTON, D. C, THURSDAY, MAY 31, 1923. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Adams Express. Adv Rumley pt.. Alr Reductton. . Ajax Rubbe: Alaska Juneau Allled Chem. Allis Chalmers Allis Chalm pf. Am Agr Chem.. Am Ag Chm pt Am Beet Sugar Am Bosch...... Am Brake Shoe. AmCan........ Am Car & Fdy. Am Chicle Co Am Chicle pf.... Am Cotton Ol Am Cot Ol pt. Am Druggist Am Express. Am H & Leath. Am Jece Am Ice p Am Internat’l. Am La France. Am Linseed. Am Locomo. Am Metals. . Am Radiator Am Safe Razol Fin Smelting m Steel Fdy. Xm Sugar. Am Tel & Telg. Am Tobacco. . Am Tobac (B Am Tob pf (n) Am Water Wks. Am WWk6% pt. Am Woolen. Am Woolen pf Am Wool pf f pd. Anaconda. .. Asso D Goods. AssoDryG2d pf. Assoctated Ofi Atchison. . Atchison pf. Atlan Bir&Atl Atlan Cst Line Atl Fruit ctfs Atlantic Gulf. Atlantic Ref. Auto Knitter. Baldwin Loco. .. Balto & Ohlo. ... Balto&Ohlo p! Barnesdall (A). Barnesdall (B). Barnet Lea pf. Batopilas Min Beth Steel. . Booth Fish Bklyn Edison. | Bitlyn Rap Trn.. BKIyn RT ctfs. . BRT warrants. Brown Shoe pf. . Burns Bros (A). Burns Bros (B). Butte Copper. Butte & Super Butterick. Caddo Oil Calif Petrol. Calif Pet ctfs. Calif Petrol pt. . Callahan Zinc Canad'n Pac. ... Carson H Gold. . Central Leath Cent Leath pt... Cerro de I'asco.. Chandler Mot... Chesap & Ohlo Chi & Alton. Chi & East 111 Chi& EIll pf. Chi Grt West. {Chi Great W pt.. i Chi Mil & St P Chi MII&SCP pf.| | Chi & Northwa. Chi R1& Pac. Chi RT &P6%pf. . {Chi RI&P 7% pf. Chile Copper Chino Copper. Coca-Cola. Colo Fuel Columbla Gas. ColumbiaGas w Columb’a Grap. Comp Tabulat. Com Solv B.. Cons Cigar Con Gas new Cons Textile Cont Can. . Continental Mo. Corn Products. . Cosden & Co Crucible Steel... Cuban-Am Sug. {Cub Am Sus pf.. Cub Cane Sug. .. Cuba Cane S pt.. Cuban Dom’can. Cuyamel Fruit.. Davidson Chem. D Lack & Wsta. Detroit Edison. . Dome Mines. Dupont (EI). Dupont deb. Eastman Kod. Elec Stor Bat. merson-Brat Erfe. . Erfe 1st pf. Erfe 2d pt. Famous Play. Famous Play pf Fed Mines & S Fif Av Bus wi. Fisk Rubber. Fleishman. Freeport Texas Foundation Co.. Gen Am Tk Car. Gen Asphalt. Gen Cigar. Gen Elec spl wi. Gen Motors. Gen Motors pf. Gen Mot 6% deb. Gimbel Bros pf.. Goodrlch. . Goodrich pf..... Goodyear pf...... { Goody prpf wi.. Gz Northern pf.. Great Nor Ore. Guantana Su Gulf Mo & Nor | Gult St Steel Hartman Corp.. Hayes Wheel. Homestake. Househ'd Prod Houston Oil. Hudson Motors. . Hupp Motors. ... Illinois Central. { Indiahoma...... Inland Steel w i. Inspiration Interb Rap T In Ag Chemical. {In Ag Chem pf Int Cement. . InCombustE... Int & Grt North. Int Harvester. .. Int Mer Marine. . Int M Marine pf. 1nt Shoe. Int Tel & Teleg.. Island Ol Jones Tea. Jones & L'gh pf. Kansas & Gulf.. Kay: Kelly-Spr Tir Kennecott. steamers between Havre and New York. —_— PLAN STOCK INCREASE. ‘Underwood Typewriter Directors Call Special Meeting. NEW YORK, May 31.—The direc- tors of the Underwood Typewriter Company today called a special meet- ing of stockholders for June 12 to. vote upon an increase of authorized capitalization from $14,000,000 to $15,- 000,000, the increase to be in common shares. The stockholders will also vote on authorizing exchange of the new common stock of $25 par at a rate of four new shares for each share of the present stock at $100 par and on the authorization of the offer to stockholders, pro rita, of the 00 par of common stpck, at a 1 Fo, Keystone Tire. Kinney G R. Kinney G R pf. Kresge (S8) LE & Wnetfs.. Lehigh Valley. . Manhat El Sup.. Man El inv gua: Market St prio; Marland Oll. Martin-Parry. Mathison Alkill. Maxweli (B) May Dp Brores. Open. High. T4% 43% 65 1% 110% 8 39% 33 18% 6% 17 37% 23% 21% 84 8 30% 69 69% % 58% 108% 1 20 32% 47 3T% 7 62% 5% 229% Ti% 43% 65 1% 1% 2% 43 Low. Olose. | Ta% | 43% | Mex Seabd ctf: 64% Té% 43% 64% 11% 1 Tt 43 93 19% 42% 39 a1% 5 101% 172% 10% 11% 1% 93 194 42% 39 41% 75 101% 172% 10% 48% 8 1% 54 3 118% 9 99% 84% 25 11% 261 140% {MoK & T (new). Open. High. 20% 20% 20 20% 26% 26% 10% 10% 27% 2% 7 7 13% 13% 36 36 144 4% 391 39% 67 67 21% 21% 26% 26% 9% 9% 41% 41% Mex Seaboard .. Miami Copper. Middle St Oil Midvale Steel. .. Minn & StL (n). MK&T pt clA (n) Mo Pacific. 5 Mo Pacific pf. Montana Pow Montg'y W'rd Moon Motors. Mother Lode Nat Biscult w1 Natl Enamel.... 65% 6% Natl Lead....... 124% 124% Nevada Copper. 14 14 NY AlrBrake.. 374 3876 NY Alr Brik(A).. 48% 48% N'Y Canners. 31% 82 N Y Centra 99 093 NYDockpf.... 49% 50% NYNH&Hartfd.. 1% 170 Norf & West.... 108% 109 Nor & Westpt.. 771 17 21% A 5 45 North Pacific 72% Oklahom Prod.. 2% Pacific O11 37% 127 b 69 Parrish & Bing. Pennsylvania Penn Seabd S People's Gas. Pere Murquette. Philadelnhia Co Phillips-J pf Phillips Pete. Pierce-Ar pt. Pierce Oil.. . Pierce Gil pt. Pitts Coal... Pitts & W Va Postum Cereal Pressed Stl Car. Produc & Ref. Prod & Ref pf. Pub Service. ... Pub Serv (new). Pullman Co Punta Alegre PureOll. .. Pure O11 8% pf ... Rallway S$tl Sp.. Rand Mines. . Rap Tr Sec w.1. RapTr Sec pf wi Ray Con Cop. Reading...... Remington. Replogle Steel. Rep It & Steel.. Reynolds Spr. Rey Tobac (B) Rey Tob pf B Royal Dutch. ... St L&San Sran. . St L South pf... Schulte Stores. San Cecil Sug Seaboard Air L Sears Roebuc! Seneca Copper. Shattuck-Ariz. Shell Tr&Tran. . nell Union. . mms Petrol Simmons. Sinclair O11 Skelly Oil Sloss-She South Pacific. Southern Rw Spicer Mfg Co St Ofl of Calif and Oil of NJ Oil of NJ pf. Hmar'e Boat. Superior Oil. Sweets Co of A. Tenn Copper. Tex Company. Tex Gf Sulphur. Tex & Pacific.... Tex & P Oll Timken Rear. Tobacco I’rod Tobac Prod A Trans Cont Oil.. Underwcod. .. Union Pacific Union Pac pf Un Alloy Steel. United Drug. United Fruit. ... United Ry Inv. Utd Ry Inv pt Utd Retall Strs USCastIr P pf. U S Indus Alco U S Realty. U S Realty pf U S Rubber U S Rub 1st pf... U S Smelt&Ref U S Smelt&R pf. U S Steel.. : U S Steel pf. Ctah Copper. . Vanadium Cop. . V Raalte 1st pf.. Va-Car Chem. Va-C Chem pf. Va-C Chem(B) Vivadou Wabash..... Wabash pf (A) ‘Waldorf Sy ‘Waldorf (ne Web & Heilbrn West Penn Co. Western Md. ... Western Md 2d West Pacific. ‘West Pac pf.... Western Union. West Air Brke Westhse E1&M Westhse 1st pf.. Wheeling&L E White Eag Oll. White otor. White Ofl. Wilson Co Willys-Overld. will's-Overl pf. Woolworth. Wright Aero. Youngstn Tube - 161 381 53 14% 41 777 9% 28% 37% 18% 14 51 11% 24% 17 60 108 8543 b55% 744 T% 27% 51% 2% 30% 6% 62 230 11% 24% 17 60% 108% 8515 B5% T4% % 27% b51% 2% 30% 67 64 230 10% 7 4% 8Bla 27% 6315 2% 30% 6% 64 230 10% ks 2% 301 6% 62 230 10% 10y 71 7 High. Low. Last. Call Money..... % 6 5% HOURLY SALES OF STOCKS. ilam..... 200800i2m ipm..... 386700 2p —— IMPORTS DISPLAY SHARP INCREASES Latin America and Canada Show Largest Geins in Month's Shipments. 514 500 Imports from Latin America and Canada showed the largest propor- tionate increase among March ship- ments into the United States. An analysis made public by the Commerce Department today showed that South American imports for the month were more than double those for March, 1922, while North Ameri- can imports—coming chiefly from Cenada and Meéxico—increased by 60 per cent over the corresponding month a year ago. The figures fol- low: CHICAGO BUTTER PRICES. CHICAGO, May 3$1.—Butter—Un- changed; eggs lower; receipts, 40,259 nuea firsts, 24%; ordinar; Il-l‘I".rl. g A + 306800 ; OND QUOTATIONS AGAIN RULE HIGHER Speculative Rails Lead in To- day’s Trading—Foreign Issues Strong. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 31.—Bond quo- tations ruled higher today with the greatest activity in the foreign list. Undoubtedly this is a reflection of the interest aroused by the expected {new Austrian loan. Czechoslovak ss moved up to a new high for the year. French Cities Issues were largely traded in at substantial advances French 713s were higher and the 8s were firm. Serbian §s gained a point. How much of this buylng was for genuine investment account and how much in anticipation of a generally higher level for all foreign obligw- tions cannot, of course, be said. The better ing toward forelgn bonds, however, was unmistakeahle. South Ameri n descripitions were favor- ably affected, notably the tio Grande do sul 8s and the Republic of Co- lumbia 6!zs. Rails Draw Attention, Next to the foreign bonds the in- terest centered in speculative rails, chiefly the Erie issues, which were all very strong. Estimates are now made that the Erie will cover fixed charges this year without the aid of the income from the coal properties. The New Haven franc also both made gain the former w he larger. natural in view of the fact that they have been seclling to give the higher yield. These so-called franc bonds, due in 1925, are s fm]wd with a fixed par value of $56.85 nd are dealt in at a percentage of such par. They are thus in effect a dollar bonds, with exactly the same gecurity as the 100 par dollar bonds. So there is no reason why, except the un- { familiarity of Investors with the | franc lssues, both bonds should not sell to give the same return ‘ Liberty Issues rm. High-grade issues were firm but ydull There was a good demand for called legal rails, without a great of trading. Morris and 2 an underlying issue of the Lack- awanna system, is a good example of the type of bond well bought just now. Underlying bonds of the Louls- ville and Nas il system, su Lexington and sastern firs brought high prices. Among hi grade utilities there was especial strength in Northern States Power 5s. Today was the Jast day for the conversion into stock of the Atchi- son vertible 45 of 1960. Cash ctions on the exchange were vance of half a point above ay's ¢ ing. On Friday the bond will sell purely on its merit as an investment issue Libertys were firm again, although not especially activ CARCTYOF LABOR HAMPERING SOUTH The ad- {Reserve Bank in This Dis- trict Declares Conditions | on Farms Are Serious. By the Associated Press. { RICHMOND. Va. May 31.—The | scarcity of farm labor has become more acute as a result of the con- | tinued migration of negroes to north- ern industrial centers, and farmers i who depend upon day labor “are find- {ing it difficult and. in a few instances, impossible to secure help to plant Federal Reserve 3ank of Richmond said today in its monthly review of labor conditions in the fifth federal reserve district. Next to farm laborers, the greatest svarcity seems to be in' the building {industry and allied fields, including lumbering and brickmaking. led workmen_ principally. are needed In C on work, while lumber mills can furnish employment to many un | skilled laborers, it' was stated. A seri- ©us shortage exists both in logging camps and in mill yards, ace. to the review. > 4 e - Mill Help Suffictent. ere is a slight scarcity of labor In box and shook plants.’ the bawk said, but the supply of workmen in the ‘textile and other manufacturing }L"r‘;:i.l:x"dudllnn lnbz’r‘l‘o, fertilizer and re plants, is s present needs. e Te “Practically all industries in the district are operating as fully as the available labor permits,” the bank's statement said, “and, as mentioned last month, there has been a ten- dency to raise wages In some in- dustries. but on the whole there has been little competitive bidding for satisfactory labor. Manufacturers appear willing to_curtail operations somewhat rather than advance manu- facturing costs too great crease in operating expenses. No Serious Dispute. The expenses of 1920 are still fresh In the minds of manufacturers and they realize that unless costs to con- sumers are kept within bounds con- sumption is likely to be affected and they are now watching very closely the consumer's reaction fo every change in the costs of manufacture which may increase the selling price. In this district the workers them- selves have some appreciation of the situation and while there appear sporadic strikes from time to time. labor on the whole is reasonable and no serious disputes have arisen re- cently. BIG BROKER FIRM IN NEW YORK FAILS Jones & Baker Largest House Con- nected With Curb Market. 9,000 Customers. By the Associated Press. EW YORK, May 31.—An involun- tary petition in bankruptcy was filed today against Jones & Baker, the largest brokerage house connectod with the New York curb market, with branches in all parts of the country, The curb market suspended the firm upon notification that Alfred C. Coxe, jr., had been appointed receiver by :Qd;!ll Judge Goddard, under $50,000 ond. The petition for receiver stated that the firm had more than 9,000 custon ers, and that it should be carrying at least $7,000,000 worth of sacurities for the account of these customers. The greater part of these, it was sald. was believed to have ben repledged with banking institutions. PARIS BOURSE STEADY. PARIS, May 31—Prices on the bourse today were steady. Three D cent rentes, 57 francs 75 centimes. Bxchange on London, 70 francs 28 Gentimes. - t loan, 74 Jentimie, The doliar” was and_ dollar | [swz+ voxx BONDS o ] W YOR Received by (Bales are fa $1,000.) UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 101-1 means 1011-33.) Sales. High. Low. Close. Lib 3%s. 100-28 100-28 100-27 Lib 1st 4%, 98-21 98-15 98-19 Lib 2d 43 98-18 98-13 98-15 Lib3d 43 98-31 98-23 98-26 {Lib 4th 43 98-24 98-15 98-17 ‘lL‘suu 195! 99-256 99-21 99-23 FOREIGN. Bales. High. . 84 102% 61 103% 5 96% 23 101% . 1 tie 16 91% 25 82 20 82% 21 96% 1101 8 100% .30 1015 5 23 = 13 10 | 28 165 9 Close. 102% 108 96% 101% 110 1% 81% 82% 95% 101 100 101% 100% 9874 103% 102% 103 9% 994 95% 109% 98% 92% 97 96 92 100% 95% 94% 8914 92% 814% 83% 81% 81% 57 567 38 Low. 102% 102 96% 100% 110 9% 81% 824 95% 101 100 101% 100% 98% 103% 102% 103 91% 99% 95% 109% 98% 92'% 97 96 92 29% 95% 94% 8914 92% 81% 834 814 81% 57% 567 38 9015 100 110% 9% 6 82 107 101% 94 93% 97 99y 100 8 6915 105% 115% 114 Belglum 7%s Relgium 6; Bordeaux Brazil Brazil s | Brazil T%s. . jCanada 6s 1926 Canada 6%s 19 Canada 6s 1931 Canada 5s 1952 Chile 35 1946. Chile _s 1926. Chile 85 1941, Copenhagen 5%s. . Cubab%swi Czechoslovak! Denmark 8s Denmark 6s...... 41 Dutch E I5%s. .33 Dutch East I 6847 25 Dutch East I 6s ‘62140 Framerican 7%s.. 16 French Govt 8s. French Govt 7% Haitl 6s ctfs. Holland-Amer 6; Japanese 1st 4 %, Japaneseds. ... Jergen UM 6s* Lyonsés.... { Marseill Mexico bs. Mexico 5s larg Mexlco 4 Montevideo 7s. . Netherlands 6s @ Elonacnn o8 aa Prague Ti%s. Queensland 7 Queensland 6s. Rio de Jan 8s 1948. | Rio de Jan 8s 1947, Rio Gr Do Sul 83 Sao Paulo.City. Sao Paulo.State.8s. 25 Seine, Dept of. 7s.. 12 Serbs Crotes Slo $s712 Sweden 6s. 1 Swiss Confed 8s... 17 Ud Kingm 51 '29. 14 Ud Kingm 634837 27 103% 103% Uruguay 8s....... 3 104 103% ] MISCELLANEOUS. |Am AerChem 7343 26 99 Am Cotton Oil5s.. 2 65 Am SmU&R 1st5s. 19 9045 Amer Smelting 65. 31 101% Am Sugar Ref 6s.. 12 1021 Am T & Tov 6s. 1 114% AmT& Tcltr5s.. 23 98 AmT&Tcltrds.. 16 91% Anaconda cv db 7s. 2 1017% Anaconda 1st 6s. .. ) Armour & Co 4%s. Barnsdalls f 8s Bell Tel Pa 5s rcts. | seth Steel rf § | Beth Steel pm | Beth Steel s £ 6s. Brier H St 1st 5 Bklyn Edison Bklyn Ed gen 5 Bush T Bldg bs Central Leather 53 i erro de Pasco Sa. < 94% 9814 9914 100 884 70% 105% 115% 114 - JUR= PPy & 988, €5 90% 101 102 114% 97% 91% 1014 974, 843 100 897 98ty 130 100% 87 87 107% 947 72 1037 106 107% 107 102 102% 92 1061 100% P ile Copper 6s. Commonwth P 6s. Con Coal Md 1st 53 {Cuban-Am Sug 8s. Cuba Cane cv d 8s. Dery (D G) Ts..... Det Edison ref 6s.. Diamond Mth Du Pont de Duquesne Lt 74s. Duquesne Light 63 F Cuba Sug 7%s Empire F&G 7% | ¥isk Rubber 8s. Gen Flec deb§s... en Refractes 6s.. ioodrich 6%s..... Goodyear 8s 1331, Goodyear §s 1941.. Humble O&R 53%s. Indfana Steel 5s. Inc Mer Marine 6s. Int Paper 1st bs B. Kelly-Spring 8s. .. Liggatt & Myers 71 Liggett&Myers 5s. Lorillard (P) 58 {Lorillard (P) 7s. .. Manati Sug sf Tl%s { Marland O1l 8s w Mexican Petrol 8s. Montana Power 53 Morris&Co 1st 4342 at Tube 1st 5s... ‘ew Eng Tel .o N Y Edan 1st 6343 NYG EL H&P 58 NYG EL H&P 4s. NY Tel 6s 41 N Y Tel 6549 N Y Tel 43%s. N Am Edison 6: N States Pow 5s... Northwst B Tel 7s, |Otis Steel 7348 Otis Steel 8s Paclific Gas & El 53 PacT & T 58°52... PhilaCoref6sA.. Pierce-Arrow 8s Producers & Rf Public Service bs. . Punta Alegre 7 Sinclair Oil 7s. . 8in Crude Oil 6s. .. Sin Crude Ol 5%s. Sin Pipe Line 5; So Por Rico Sug 7s St Ofl of Calif 7 Tenn Elec Pow 6s. Toledo Edn 1st 7s. Union Bag & P 6: Unit Drug cv 8 US Rub 1strf U S Rubber 7 U S Steel s 1 5 Utah Pow & Lt 5s. Va-Car Chem 7, Va-Car Chm 7%s v Warner Sugar 7s.. West Union 63 Wickwire Spen Wilson & Co 1st Wilson&C cv T%s. 98 Wilson & Co cv 6s. Winchester A 7%s 14 105 105 B S —— DRY GOODS MORE ACTIVE. NEW YORK, May 31 (Special).— The trading in cotton cloths in the Worth_street market today showed some Increase in actlvity, but few changes in prices. Print cloths con- tinued to attract the greatest num- ber of buyers, but 64 by 60s re- mained at Tuesday's figure of 10 cents and 68 by 728 continued at 11% cents. Sheetings were quiet and sateens dull. The raw silk market slumped badly, most of the grades falling 10 to 15 cents a pound on Wednesday trading in_ Yokohama, during which 1,800 bales changed’ hands at a decline of 50 yen a bale. BAR SILVER QUOTATIONS. LONDON, May 31.—Bar silver, 32d per ounce. Money, 1% per cent. Dis- count rates—Short bills, 2% per cent. three-month bills, 115-16a2 per cent. NEW YORK, May 31.—Foreign bar silver, 66; Mexican doliars, 50%. TODAY’S COTTON PRICES. NEW 'YORK, May 31.—Cotton bare- ; July, 27.28; October, 34.75 24.20; January, March, 2391 11:45 a.m.—Cotton, July, 27.24; October, 24. 24.15; January, 23.85; March, 23.80 asked. NEW ORLEANS, May 31.—Cotton futures opened steady. July, 27.54 October, 24.19; December, 23.74; Jan- uary, 23.62; March, 23.47. 9 1o s 1 A DN D i S DR E e O e B IR E DD D8RG~ 981 100 841 843 1084 116% 9674 96 115% 98% 1334% 108 96% 804 9914 98 109% 983 8144 1041 106% 93% 9314 91% 107% 93% 9913 91% 1% 100% 7% 107 83% 115% 997 99 98% 874 101% 106 943 106% 97 98 % 109% 9814 81 1044 106% 93% 93% 915 107% 93% 99% 915 917 100% T 107 8314 115% 99y 99 98% £614 101% 105% 94% 106% 97 112% 87% 1065 102% 88% 86% 1% 1033 19 94 97% 98 914 105 112% 88 107% 102% 891, 86l 72% 103% 109 94 98 82 .22 30 1 2 1 4 6 2 4 bf 1 ’.dl.cu‘:';.. 90% | 7914 | 894 & Private WiregDirect to The Star Office. RAILROADS. ‘Bales. High. 62 88% 81 87 81% 86% 5% 8 Low. Close. 62 62 88% 81 87 81% 86% 95 78 100% 80 82 7% 93% 65 6434 75% 5% Atchison adj 4s. .. Atlantic C L 1st 43 Atlantic CL el 4s. Atlantic CL 4% Opring B&O < 56 1 18 46 B&0 PLE&WYV B&OSWaivay B & O Toledo 45 Bklvn R T 4s 2002. Bklyn RT6s. ... Bklyn R T bs ctfs. BKIRT 7821 ct. .. 3 93% Bkl RT 7521 ct st. 89% Canadian North 7s 13% Canad North 634s. 1124 Cs Pac deb 4 79% Car Clinch & O s, 93% Car Clinch & O 6s. . 974 Central Pacific 4s. 8514 Ches & Ohlo cv 53 89% Ches & Ocv 43%s. . 87% Chi & Alton 3145, . 26% Chi B&Q 1st rf 5 99% Chi & E 1l gn 5s. . 79% Chi Great West 4a. 50% C M & Puget Sd 4s. 64 ChiM&S Preaigs 59% Chi M&St P cv bs. 66 Chi M&St P 4525 80% Chi M&S P cv 414 65% Chi M&St P 4534, 73% CM&StPgn4ls 81% Chi& N'W 6%4s. 108 Chi& NW7s..... 107% ChiR1& Pacrf 4s 8% Chi Un Sta 4%s. .. 91% Chl & W Ind cn 4s. 71% CCC&StLrf 6s A 5 100% Cleve Term 5%s. 103% Colo & Sou 4% 844 Cuba R R bs. . Del & Hd 1st rf 4s. Del & Hudson 51%s Den&Rio G con 4s. Det United 4% s 1st con 4s. gen 48 e conv 4 2 econvdsD.... 5r Trunk sf db 6s. Grand Trunk Ts Gr North gen 7 ir North gen 514 Green B& W db B. Hud & Maen ref 5s. Hud & Man aj 5s.. 111 Central ref 4s. . 111 Central 5%s. Int Rap Tran 6s Int R Transit Int & G Nor aj 6 Towa Cent 1st 5s. . Kan City Ft S4s.. Kansas City S 3s.. Kan City Term 4s. Lake Shore 4s '31. Lehigh Valley 6s.. Long Island rf 4s Louis & Nash Louis & Nash 5 ® & Bowra 0 RSB anSoamassmmn 2 | Manhat Ry en 4s.. Market St cn 5s. MilEIRy & L 5s.. M StD & SSM 6335, IMK&Ti1st4s.... 4 MK&TprintsA 49 MK&T6sC. {MK & Tadjss Mo Pacific 6s | Mo Pacific 5s ! Mo Pacific gn 4s. Montrl Tm 1st 5. O Tex & M n bs. Y Centgen 3 Y Cent deb 6s Y Cent deb 4s Y Centriss... . ew Haven c d 6s. ew Haven 7s. ... ew Haven 7s fr.. Y W & Bos 4343, orfolk & W cn 4s orfolk & W cv 63 | Northern Pac 3s { Northern Pac 4s { Northn Pacr i 6 Northern Pac 5s. . Northrn Pe s ret. | Cre Short Liref 4s. Pennsyl gen 5s. | Pennsyl gen 4%s. | Pennsyl 6%s | Pennsyl gold 7s Pere Marq 1st 5s.. Pere Mrq 18t 4s ‘56 2 1 { Rapld Tran 6s w1.. { Reading gen 4s... St L IM&S R&G 43 StLIM&S 4s'29. StL&SFpldsa. StL&SFoprinbs. {StL&SFincés.. iStL &S F adj 6: StL&SFpl6sC Seab’d AL 4s sta. Seab'd A Lref 4s. Seab'd A L adj 5s Seab'd A L con 6s Sou Pacific cv 4s. . Sou Pacific ref 4s Sou Pacific clt 4s. . Southern Ry 1st 58 21 Southern Ry gn 43 24 Southern Ry 6%s. 13 { Third Ave adj 5s.. 19 | Union Pac 1st 4s... 17 { Union Pac 1strt4s 2 Virginia Ry 1st 6s. 10 {VaRy &P 1st 2 Wabash 1st bs. Western Md 4 Western Pacific 53 West Shore 1st 4 Whel &LE rf 43 Wisconsin Cent 4s. TOTAL SALES (Par Valu 1lam.. 2825000 12noon. 4551000 lpm.. 5747000 2p.m.. 7140000 i HALTS NEW FINANCING. Court Grants Injunction in Porto Rico Tobacco Case. JERSEY CITY, N. I, May £87% Fa1s —a 9814 561 ETig 82 954 6814 b4% a1y 844 954 6% 79% 80% 50 6% 50 5 1 5 8 1 3 i 31—An injunction was granted by Vice Chan- |cellor Backes today restraining di- rectors Company from submitting to stock- {holders e second recapitalization plan avowedly designed to create a new stock issue for sale to replenish the company’s working capital. The court made the Injunction temporary and ordered the corporation’s officials to show cause next Tuesday why they should not be permanently restrained from taking any action to put the recapitalization into effect. TEN-YEAR CABLE CONTRACT. NEW YORK, May 31.—Clarence W. Mackay, president of the Postal Tele- graph-Commerclal Cable system, to- day announced that his company had executed an exclusive connecting’ line agreement with the Canadian Pacific railway for an interchange of tele- graph and cable traffic by a contract for a period of ten years. CALL MONEY FIRMER. NEW YORK, May 31.—Call money firmer; high, 53%; low, 5; ruling rate, 5; closing_bld, 53%; offered at 5%; last loan, 5%. 'Call Toans against ac- ceptances, 4%. Time loans, easler; mixed collateral, 60-90 days. 5. 4-§ months, 5. Prime commercial paper, 5. —_ WILL AID ATHLETICS. Epiphany Players to Give Vaude- ville Program. * A vaudeville entertainment for the benefit of the Epiphany Athletic As- sociation will be given tonight and tomorrow night at Epiphany Parish Hall, 1317 G street northwest. The entertainment will be given by the Epiphany Players, assisted by the best boy amateur talent of the city. Gen. John A. Lejeune, commandant of the Marine Corps, is the honorary chairman of the Epiphan A(hlolg of the Porto Rico Tobacco | % g 108y, | T'otatoe 100% | Pounds 60% | Feans, £6% | dred, 100% | 1.00a1 67% | Celery. crate, 2 1% | bushel {No'2 corn i 733 | Pound, 85% | higher, {and September. 617 | followed by a slight sag and then by | per : tuce, Romaine {1.50. | pound, { horne, 17.10a7.35; light, 7. FINANC Grain, Produce and Live Stock WHOLESALE MARXET REPORT. Not much of a market developed during the morning—not an unusual condition the day after a holiday. Buying has been slow the past week, but it is expected that lively trading will begin tomorrow. There has not been much demand for spring chickens or fowls the past few days and prices have undergone practically no change. Dealers say there was not even the usual holiday demand for poultry. Egg prices have not fluctuated to any considerable extent the past two veeks. The supply is equal to the demand, buying not being brisk. selected, can- average receipts, per 1b., spring young, 6: southern, 25, Live roultry—Ronsters. 1C: turkeys, “per 1b., 25: chickens, per’ Ib., 50a60; keats, each, 65! fowls, per Ib., 26. Oressed poultry — Fresh-killed spring chickens, per Ib., 60a65; win- rer chickens, per 1b., 45a50; hens. per 1b., 30; roosters, per Ib., 20; turkeys, per 1b. 40a45; keats, young, each, 70a80. Live stock—Calves, choice, pc. Ib., : medium, per Ib., 9a9%; thin, per 6a7. Lambs, spring, per Ib., 14. PIBS. 2.00a5.00 each; live hogs, per ‘een_fruits—Apples, per bbl, 4.00a California oranges, per crate, Florida, 5.50a7.00. Lemons, box, 4.50a5.50. Grapefruit, 3.75a 4.00. Strawberries, per qt., 5al5. Vegetables—Potatoes, per bbl. 1.50a2.00; per sack, 2.00a2.75 Florida, per bbl South Carolina, per bbl, 6.00a sweet potatoes, North = Caro- 2.00a2.50; nearby, 1.00a2.5b. lAf‘ per crate, southern, 1.00a2. lettuce, per crate, Iceberg lettuce, per crate, Cabbage, southern, 1 | Eggplant, per crate, toes, per box, Florida, 0a6.00. Beans. 1.00a3.00 per basket. Peas, 50a3.00 per basket. Peppers, per crate, Fior- ida, 2.00a4.00. Kale, per barrel. 1.00a Spinach, per barrel, 1.00a1.50. per crate, Flor 3.00a6.00. , 2.00a3.00. 'Florida lima beans, 0 per basket. Asparagus, 1.00a BALTIMORE, May 31 new, barrel, 2.50a7 2.0026.00; old, hundred, 0 ounds, 1.25a3.00; sweets barrel, 2.00a3.0! bushel, Asparagus, dozen, bushel, 50a: Beets 00a7.00. abbage, hamper, Carrots, hundred, 4.00a6.00. Dad.50. Corn, crate, cumbers, crate, 2.50a4.50. Crate, | %.50a4.00. _Kale, 40. Leftuce, basket, 100 pounds, 2.00a4.00. hundred, ~_1.25a1.50. 30a2 Rhubarb, -0043.00. epper: Radishes, hundred, bushel, 1712 Apples ushel, 1 ntaloupes, 00. plants, Spring Pe: hundred, 0a4. Spinach, D barrel, 0a2.25; box apples, crate. 3.00a5.00. ruit, box, 2.00a3.50. Oranges. box, 25a5.25. 'Pineapples, crate, 3.50a5.50. Strawberries, quart, 5a14. Selling Prices at 12:15. Wheat—No. 1 red winter, spot. no auotations; No. 2 red winter, spot, 1.29%; No. 3 red winter, spot, no quo- : No. 2 red winter, garlicky, Corn—Cob corn, new. 4.75 per bar. rel; cont 899, per bushe No. 4, no quota- track corn, vellow, No. 3 or 94 per bushel. Sales—None. ‘White, No. 2, 53 per bushel; per bushel. —Nearby, 80a85 per bushel; western export, spot, bushel; No. 3, no quotation, Hay—Receipts, 102 ton ceipts for all trade want a22.00 per ton. raw — No. 1 . from 18.00 B tangled rve. 1500a 16.00; No. 1 wheat, 12.50a13.00; No. 1 oat. nominal, 14.00a15.00, An advance of 25 cents a barrel was announced today on all western {grades of spring flour and hard win- ter patents and hard winter straight flour. DAIRY PRODUCTS. BALTIMORE, Md., May 31 (Spe- cial). —Live poultry—Spring chicken: 45a55; small and Leghorn old hens, 25a27: small Leg. 24a25; voung stags. 25: ol roosters, 15a16. Ducks, 21a23: small, 18a20; spring ducks, 29a3l. Pigeons, pair, 0. Eggs—Loss off, native and nearby firsts, dozen, 26: southern, 24 Butter—Creamery, choice to fancy, print. 42a43; nearb ladles, 36a37; rolls, ed, 31; dairy prints, 35240 creamery., CHICAGO, May 31.—Wheat took a sudden upturn in price today during the early dealings. Shorts found of- ferings light, and hoisted values by making a general attempt to cove ‘The fact that this was the final day lOlh,!nr settlement of May contracts had | a tendency to make the market unu- sually sensitive and subject to quic changes. Opening prices, which va- ried from unchanged figures to 8 with July 1133 to 1131 1.12% to 1.12%, were a rise all around to well above Tues- aay’s finish. Corn and oats advanced with wheat. After opening unchanged to 3 higher, July, 773 to 77%, the corn market scored decided general gains. Oats started 14 to % higher. July, 40% to 41 and later continued to as- cend. Provisions responded to firmness of hog values. Open. 1320 3 High. 118% L11% 1148 1131 4 113% 1 Close. 1117% 1187 1133 Low. e i September . 11 CORN— May July Reptembe: OATS— May July September . LARD— July .. Beptember . TBS— July 41 405 39 L1110 11 | September . CHICAGO LIVE STOCK CHICAGO, May 31 (U. S. Depart- ment of Agriculture.— Hogs — Re- ceipts, 40,000 head; early trading strong to 10c higher; big packers bidding steady; top. bulk, 180 to 230 pound averages, 7.25a7.35; 240 to 325 pound butchers, 7.00a7.20; pack- ing sows, 6.10a6.35; pigs very dul 110 to 130 pound averages, 5.50a6.4 heavy-welght hogs, 6.90a7.20; medium, 0a7.35; light light 6.60a7.20; packing sows, smooth, 6 28.50; packing sows, roush, 5.75a6.15; killing pigs, 5.50a6.50, Cattle—Receipts, 13.000 head; bet- ter grades beef steers fairly activ strong to 15c¢ higher; mostly 10 to 15 up; top matured steers, 11.00; numerous loads, 10.65810.95; part Joad long vearlings, 10.85; bulk beef steers and vearlings, 8.75a10.25; light vear- lings slow; lower in spots: lower grades beef cows, canners and cut- ters slow, weak to lower; bulls, 15 to 25 lower; light veal calves and lower grades light stock steers lower; others steady. Sheep—Recelpts, 16,000 head: spring lambs fairly active; seven doubles Californias, 15.35a15.50; Some sorting; saven doubles unsold; few deck good and choice natives, 15.0015.50; cull natives mostly 10.00a12.00; several decks comn belt fed lambs held at 14.40. NEW YORK DAIRY PRICES. NEW YORK, May 31.—Butter stead- fer; receipts, 24,682 packages. Eggs unsettled; receipts, 54,523 cases; fresh gathered, extra firsts, 27a28; do, firsts, 25%a261; do., seconds, 2414a25; fresh gathered, storage packed, extra first 28%a29; do, firsts, 27%a?s. DISCOUNT RATE CUT. LONDON, . May 31.—The Bank of India todayy reduced-its rate of dis- 1AL, NEW TOP REACHED INBANK CLEARINGS Washington Figures Show? Gain of $61,000,000 in Past Five Months. Bank clearings of the banks of Washington for the month of May ending today, were $101,408,088, the highest point touched this year. This is an increase over deposits for the previous month of $10,706.848, and a gain of more than $61,000,000 for the first five months of the year, as com pared with the same period of 192 Compared with clearings for the same month last year, which were $ 287,163, the increase is nearly $13. 1000000 "The greatest amount of clearings for any month up to May this year was in January, when a total ‘of $94,226,703 was reached The large increase for May is d rectly traceable to the payment taxes, redemption of liberty bonds. the purchase of more than $3.000.000 worth of the new $4,000,000 Washing ton Gas Light bond issue and the subscription to a large portion of the Potomac Power Company's latest bond issue by Washington investors Tt is not thought that Shriners have jarrived in sufficiently large numbers to date to have affected the clearings { materially, and it will be at least two \ weeks before a true gauge can be had on the money left in the city by the visitors. Reserve Bank Notes Caution. That there was a slowing up business during April, as compared with the previous month, is pointed out in the monthly review of business and agricultural conditions in the fifth district, just issued by the Fed eral Reserve Bank of Richmond, which includes the District of Colum- bia. This falling off is due, accord- ing to the report, to a hesitancy and uncertainty about business prospects and recollections_of the experiences of 1919 and 1920, Part of the decrease was seasonal, a dull perfod naturally following the pre-Easter weeks. Many thoughtful observers” tl jreview said, “believe that the expa | sion in industry and trade and in con- struction lines has been too rapid, } advancing prices of labor ¢ commodities have not on ern, but have resulted holding up some construction plans. The experiences of 1919 and 1920 have not been forgotten by either sellers | or buyers. The first determined re- sistance against mounting costs ap- - pears to have been made in the build- {ing industry, in which advances have been perhaps greater than in other lines. High Costs Resinted. { "“This resistance has taken the form of indefinite postponement of the erec- tion of a number of buildings that doubtless would have been built if prices of labor and material had not advanced so rapidly and to such high levels. How far this resistance will spread cannot be anticipated. nor to what extent, I any, it will flow over into other flelds in addition to the { bullding industry 2 increases < in outstanding s to customers, decreased deposits, | and increased rediscounts in order to jprovide the needed accommodations for their customers, is shown in reports from member banks, the review conti ued. Savings in commercial ban show a slight decline for the first time in many months, but savings reported by savings banks show a continuation {of the steady increase that has been in evidence since 1920. The number of business failures in the fifth district in 1 April was the lowest in the district since | September. 1921, being 41.9 per cent fewer than during April, 1922, and 20. per cent less in the aggregate of liabi ties involved Labor Scarcity General. Labor s scarce in all lines except clerical help, farmers and contractors finding it especially hard to secure the help they need Coal is being produced in sufficient volume to meet all needs, but there have been no recent changes in prices to consumer: | Textile mills are receiving very few iforward orders, but they are busy nlling orders previously received, and the managers believe the present lull {is temporary. { Cotton prices have declined sharply |during the past month. but it is to |be noted that very little cotton re- {mained in the hands of the growers. {Cotton consumption in April was less jthan in March, but was 30 per cent i | ¢ \ above consumption in April, 1922. Tobacco markets closed during { April. only a little low-grade tobacco having remained to be sold. The new crop iv being planted. but cold weath- ler had damaged plant beds to a con- + siderable extent. { Nearly all crops are getting a late start this vear because of unseason- ably cool weather, and it is yet too early to form any opinion as to the {crop prospects. { New construction work for which ipermity were secured in April broke all previous records for both number of permits and estimated valuation, but many projects have recently been postponed because of high costs, and the outlook for the building indus- - try has become uncertain. \ SUGAR PRICES LOWER. Raw Market Easier—Spot Quota- tions Also Decline. NEW YORK, May 31.—The sugar market was easier early today and prices were % cent lower, with Cubas quoted at 6% cents cost and freight, equal to 8.03 for centrifugal | There 'were sales of 1,000 bags of \ Cuban. | The easier ruling of the spot mar-\ \ket and the continued moderate in- quiry for refined led to renewed liquidation in raw sugar futures. Prices at one time during the fore- noon showed declines of 14 to 18 points. Toward midday. however, a steadier feeling prevailed and values rallied on covering. At noon quota- tions were 7 to 10 points net lower. The market for refined was unset- tled. WALL STREET NOTES. Special Dispatch to The Star. NEW YORK, May -divi- dends today: Atlas Powder, common Auto Knitter, Boston and Albany, California Packing, Eastman Kodak. common and preferred; Hayes Wheel, Norfolk and Western, common: Reo Motors, Southern Pacific, United Cigar, preferred. Regular quarterly dividends today Standard Oil of Kentucky, General Rallroad, Jones and Laughlin Steel, preferred. New York bank clearings, $822,000.- 000. New York bank balances, $30.- 000,000. New York Federal Reserve Bank credits, $77,000,000. Gimble Brothers have bought up for cash the entire made up wholesale stock of Columbia Grapho- nolas in the United States from the Columbia Graphonola Company involving 53,000 instruments and about $7,500,000. —_— FOREIGN EXCHANGE. By the Associated Press. NEW YORK, May 31.—Foreign ex- changes irregular. Quotations (in United States dollars): Great Britain, demand, 4.62%: cables, 4.621%; sixty- day bilis on_banks, 4.60 5 demand, .065213; cables, . demand, .04721%; cables, .0 gium, demand, .0562%; cables; .0563. Germany, demand, .0000141; cables. .000014%. Holland, demand, .3917 cables, .3920. Norway, demand, .1660 Sweden, demand, .2663; Denmark, de mand, .1850; Switzerlan: .1805; $pain, demand, .1520; Greece, demand, .0281; Poland, .. dema: .000018; Cazechoslovakia, _.d 93; Argentina, demand, 3530 demand, .1040; Montreal, .97 9-16. raw