Evening Star Newspaper, June 7, 1923, Page 28

L] PRICES GO LOWER N FINAL TRADING Setback in Afternoon Follows Earlier Rise in Many Leading Stocks. . BY STUART P. Bpecial Dispatch to The Sta NEW YORK, June 7.—The stock market started in today with a con- tinuance of the buying movement which had developed in the last hour of Wednesday's trading. Then, as expected, heavy realizing sales were encountered, and the price movement became very irregular. The feeling around the street was still quite confident that the turn for the Letter in the market which began two weeks ago was a lasting turn, but there was no expectation of an- other bull campaign like that of Feb- ruary and March in the immediate tuture. Rather the idea was Known as a “trading market,” namely a& market with comparatively small Huctuations, vet one in which the main initiative would lie on the long side. It fitted in with these calcula- tions that, having had several days of advance, there should be a lot of profit tuking today and that this sell- ing should make itself felt. il shares, while not weak, did not act as well as other groups, in spite of u sharp falling off in jmports of crude oil reported in the latest Weekly figures Among the regular leaders the two tn which the most consistent support was apparent were American Can and American Locomotive, Rubber Prices Strong. United States Rubber and Kelly- Springfield ran up a point or more in recognition of the fact that neither was_ hurt by the recent decline in crude rubber, but on the y that they were in a 4 tage from the lower prices of E Among the was a feature. Indications were that the short interest, which began to form two and threc months ago in the belief that the rising sugar prices would hurt the company's earnings, was trying to get in its commitments as best it could. Considerable cover- ing was done at the time of the d dend increase last month, but there remained up to today a good-sized short” account still outstanding. It was the demonstration against these shorts that was taking place today. Financial Review and Outlook. The financial community had its! in WEST. what is spec It was anxious to get what the re- sponse would be to the announcement that the Austrian loan would be of- fered to the public Monday. It was interested, furthermore, in the question of whether the recent improvement in grain and cotton prics would continue and thus remove what has been for the last month a rather depressing feature in the sit- uation. Thirdly. 1t was desirous of estab- tshing whether the rise of the last two weeks on the stock exchange was simply a recovery from an un- warrantedly low level or whether it ‘was the beginning of a new campalgn similar to that of the winter. It was not a matter of surprise that the American portion of the Austrian loan should have been subscribed for between two and three times over. Put out on an 8 per cent basis rest- ing upon an income for customs and the tobacco monopoly, now running more than double requirement for interest and sinking fund, and a satisfactory guarantee feature, these bonds would naturally appeal strong- 1y to the semi-investment interests. Drop in Afternoon Trading. Predictions made early in the day that the market, after having gone up for the better part of a week, was entitled to a setback, were borne out] with the course of the afternoon, Steel common came down more than a point, American Can the same and Baldwin Locomotive and Ameri- can Locomotive a point and a half to two points from their early highs. In- ternational Harvester was again con- spicuously weak. In fact, the upward movement had been pretty definitely checked by midday and as the afternoon went on the reaction which the professional element had been looking for became defined. 1t was most marked in the locomotive, steel. can and other shares which had been the leaders of the recovery on the previous days. In the light of the latest Informa- tion, which seemed somewhat to brighten the prospect for an agree- ment on reparations, attention was paid to this as a factor in the markets. But it could not be said that this was much of an in- fluence today. Some speculative buying came into the copper shares on the theory that the export trade in copper would be one of the chief beneficiaries If the occupation of the RRuhr were brought to an end and the German economic _ position put in shape to mend. MARKET CLOSES HEAVY. Proflt-Tuking and Bear Raids Bring Prices Down. i By the Associated Press. NEW YORK, June 7.—Intermittent | bear selling and profit-taking halted the upward tendency prices in today's dull stock Selling of the oils, equipments, steels and Studebaker ' imparted a reactionary tendency to the rest of the list after an carly period of strength. Sales approximated 600,000 shares. The closing was heavy. Selling orders predominated in the late deal- ings. Standard -Oil of New Jersey, International Harvester, American Express, Virginia-Carolina Chemical, preferred, and Wilson Packing each establishing new lows for the year, NASH MOTORS HIT NEW HIGH RECORD Austrian Bonds on Sale Monday. Building Off 20 Per Cent. Other Ticker Briefs. By the Associated Press. NEW YORK, June 7.—Shipments of Nash motors in May established a high record of 6.208 cars, against 5.626 in April and 5,125 in May, 1922. Directors of the Twin City Rapid Transit Company have increased the semi-annual dividend on common stock from $2 to $3. The common stock rose 6% points and the pre- ferred 3 on the announcement. The $25.000,000 American allotment of the Austrian loan will be offered Monday. The bonds will carry a 7 per cent coupon and be offered at 90 to_yleld 8 per cent. Private building statistics show a 20 per cent falling off in construction in New York city in_ May. April showed a 9 per cent reduction below March, the high month this year. NEW YORK EGG PRICES. NEW YORK, June 7. FINANCIAL."® THE EVENING STAR, WASHINGT! NEW YORK STOCK EXCHANGE Received by Private 'Wire Direct to The Star Office - Open. Adams Expre 2% Adv Rumley. ... Adv Rumley pt Afr Reduction Alaska Juneau. Allfed Chem Allis Chalmers. . Allls Chalm pf.. Am Agr Chem Am Beet Sugar. Am Car & Fay.. AmChainA.... Am Cotton OIl. . Am Druggist... Am Express.... 106% AmH & Leapt.. 43 Am Metals. Am Radiator. ... Am Roll Mill pf. Am Safe Razor.. Am Ship&Com. . Am Smelting. Am Steel Fdy Am Sugar.. Am Sumatra. Am Tel & Tel; Am Tobacco Am Tobac (By.. Am Tob pf (n).. Am Water Wks. Am WWk6% pt Am Woolen. . Am Woolen pt.. 101% Am Woo) pf f pd. 102% Anaconda. . 45% AsBo D Goods Assoclated Oll. Atchison. ... Atchison pf Atlan BIr&Atl. Atlan Cst Line. Atlantic Gulf, Atl Gulf pf. Atl Fruitetfs. .. Atlas Powder. .. Atlas Powd pf.. Austin Nichol Austin Nich pf Auto Knitter... Baldwin Loco Balto & Ohlo. .. Beechnut Pack Beth Steel Beth Stl 7 Beth Stl §% pf Booth Fish. Burns Bros (B). Burns Bros pf. Bush Term pf Butte Copper. Butte & Super.. Caddo OIl. Calif Pet ctfs Callt Potrol pt.. Callahan Zinc, Canad'n Pac. ... Case (J 1) pt. Central Leath Cent Leath pf. Cent RR of NJ.. Cerro de Pasco. Certain-Teed Certain-t'd 1st,. Chandlef Mot. .. Chesap & Ohlo. . Chi & Alton Chi & Alton pf.. Chi Grt West. .. Chi Great W pf.. ChiMil & StP... Chi M1I&SLP pt. Chi & Northwn.. Chi Pneu Tool. . ChiRI& Pac... Chi RT &P6%Dt . - Chi RI&P 7% pf. Chile Copper. ... Chino Copper. .. € CC&St Louis.. Cluett Peabody. Coca-Cola...... Colo Fuel. Columbia Columbia Gas Columb'a Grap. Col Graph pf. Columbn Carbon. Comp Tabulat.. Cons Cigar. Continental Mo. Con Gas new. Crucible Steel Cuban-Am Sug. Cub Am Sug pf. Cuyamel Fruit.. Davidson Chem. D Lack & Wstn. | Detroit Edison. . Dome Mines. ... Dupont (ED. Eastrhan Kod... Endicott-John.. Erle... Erfe 1st pf. Fairbanks Co. Famous Play. Famous Play pf Fed Mines &S.. Fd Mines&s of.. Fif Av Bus wi... 3 Foundation Co. . Freeport Texas. . Gen Asphalt. ... Gen Asphalt pf.. Gen Blectric..... Gen Elec spl wi. Gen Motors. ... Gen Mot 6% deb. Gen Mot 7% deb. Golawin Corp. Goodrich. . ... Goodrich pf. Goodyear pf. Goody pr pf wi.. Granby Consol.. Gt Northern p Great Nor Ore.. Gulf M & Nor pf. Gult St Steel.... Hartman Corp.. Hayes Wheel... Hendee Mfg..... Househ'd Prod.. Houston Oll. . Hudson Motors. ‘Hupp Motor: Inspiration. Interb Rap Tr. Int Cement. In Combust B Int Harvester. Int Mer Marin Int M Marine pf. Int Nickel = Int Nickel pf. Intl Paper...... Intl Paper (sta). Int Tel & Tele Invincible Ofl Iron Prod ctfs. Island Oll. Jewel Tea. Jones Te: . Jones & L'gh pf. Kansas City S. gnner (Jultu Mack Truck: High. 2% 2% 40% 101% 100% 110 110 172 171% 23 28 8 % 5% Bl 46 82% 9% 6% 14 61% 3% 3 26 26 124% 123% 148% 147% 147 148 103 10:% 43 42% 624 624 924 90% 101% 101% 102% 102% 45% 45% 7% 77 114 114 101% 100% 58% 8% 2 2 118 116 18% 17% 13% Low. Close. T2 | 12% | a2 ! 65% % | Middle St O11. 01% 88% 2 117% 1% 13% 1% 175 8644 23% 82 4% 132 53 o 89% 1 % s 108%,108% 2 2h- 2 2% 2% 1% 17 36% 85% 108 108 924 92% ™ TN 24% 24 81 81 113% 111% 27% 27% 107 107% 4 T4 Th 152% 152% ki kel 46 102% 102% 133 131% 49 48 3% T2% 33 98 14% b52% 621 30% 29% 5 119% 119% 102% 102% 38 107% 107% 70 69 12% 1% 18% 18% 8 8 9% T8% 91% 91% T2 Th 40% 40 9% 9% 1637 162 11% 11% 44% 44n 0% 70% 14 18% 884 31% 6% 671 178 176 10% 10% 15 14% 8 8% 99 99 5% o% at” aon %0 54l 54 87% 97 28% 23% 725 12 28% 28% 52 52 8% 3% 89% 884 38U 37 16% 16% 34% 34 65 624 25% 26% 215 21% sa% 82 1% 16% 62% | 29% 119% 102% 38 May Dp Stores. . McIntyre Por. .. Mex Seaboard ., Mex Seabd ctfi 18% 17% 16% 9% MK&T pf clA (n) Mo Pacific. . Mullins Body... Nash Motors pf. Nat Bscuit. .. .. Natl Cloak & S.. Nat Conduit. .. . Natl Dept Sto pf. Nat! Enamel.... Natl Lead pf. ... Natl Ry of M 2d. Nevada Copper. N Or Tex&Mex.. NY Alr Brake. . NY Alr Brk(A).. NY Canners. ... Norf & West.... North Amer. North Am pf. North Pacific... Ohio Fuel Sup. . Ohjo Bdy & Blw. Oklahom Prod.. Ontarlo Silver. . Orpheum Cir... Otis Steel. Owens Bottle. .. Pacific Develop. Pacific Mail . PacificOll. . Pan-Am Pete. .. Pan-Am P (B).. Penn Seabd Stl. Pennsylvania... People's Gas. ... Pere Marquette. Philadelphia Co. Philip Morrl Pitts Coal pf. Pitts & W V; Pressed Stl Pub Serv (new). Pub Service. ... Pub Serv pf (n). Pub Serv pf. ‘Pullman Co. Ray Con Cop. Reading........ Reading 1st pf.. Remington..... Replogle Steel. . Rep Ir & Steel.. Rey Tobac (B).. Royal Dutch. Rutland Ry pf.. St Joseph Lead. St L&San Sran.. St L&San Sr pf.. St L Southwn... St L South pt. Savage Arms. Schulte Stores. . Seaboard AirL.. Sears Roebuck... Sears Roebk pf. Shell Union. Shell Uniop pt Stmms Petrol. Simmons. Sinclair Ol Sinclair p? Skelly Ofl.. Sloss-Shefeld. . Sloss-Sheff pf... South Pacific. ... Southern Rwy. .. Southern Ry pf. Spicer Mfg Co St Oil of Call; Stand Oil of St Ofl of NJ pf Steel&Tube pf. Sterling Prod. Stew't-Warner Stromb'z Carb. Studebaker. Studebaker pf. . Submar’e Boat. Superifor Of1l Sweets Co of A.. Tenn Copper. ... TexasCompany . Tex Gulf Sulph. . Texas & Paeific. Tex & P C & Oil. *Tex Pac Ld Tr. Third Avenue. .. Timken Bearing Tobacco J’rod. .. Tobacco Prod A. Trans Cont Ofl. . Twin C F. Tran.. Twin City pf. Underwood rts. . Union Paclfic. .. Un Tank Crpf.. USCastIrPpf. U S Food Prod. . S Hoffman M.. Indus Alco.. Realty. . Realty pf... Rubber. .... U S Smelt&R pf. US Steel.. U S Tobacco. U S Steel pf. Utah Copper.... Utah Securitiea. Vanadium Cop.. Va-Car Chem... Va-C Chem pf. Vivadou.... Wabash........ Wabash pf (A). ‘Waldorf (new). . West Elec pf.... 1 West Penn Co. West Penn pf. Western Md Western Md 2d.. West Pacific.... Western Union. Westhse E1&M.. eling &L Eag Ol u Us us us us Wheel aémz:ni.'. 63 226% 31 Wright Aero.... 104 Call Money... Open. High. 85% 86 % 656 1U1% 111% 3% 3 Low. Oloss. 84% B4W 18% 16% 15% 20 98 41% 55 k] 94% 65 % 17% 17% 108% 108% 20% 21 43% 2% 43% 2% TT% % 106% 106% 1% 1% o1y ILOAN TO AUSTRIA ADS BOND PRCES Foreign Issues Show Special Strength—Second-Grade Rails Are Active. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 7.—Under the stimulus of the Austrian loan which will be formally offered on Monday active speculation In foreign bonds was again the feature of today's market. The most active issue today as yesterday was the Serblan 8s. Deal- ings were on a large scale and price fluctuations very rapld but mainly toward higher levels. Before noon the bond had sold two points above Wednesday's high. It is very improbable that any sub- stantial part of this bidding up of the quotations was due to genuine investment interest. That will come {1ater, provided the new Austrian bonds are actually placed outside Wall streot. Today's indications were that the new issue would be over- subscribed two or three times almost jat once, but this oversubscription, of j'cnurse. represents in the main deal- ers and traders. I French Bonds Strong. i In looking about for another for- eign issue as a speculative favorite, the French Cities 6, obligations of { Bordeaux, Lyons and Marseille, were picked out. Pids well above Wednes- day's close were made for large blocks. Today's quotations approach- ed the high of the vear, but still were low enough to give a maturity re- turn of about 8.4 per cent. These bonds are direct obligations of their respective cities and there is nelther sinking fund nor callable provision, %o they ‘mell directly on their merits as speculative investments. = Among the South American issues Brazil 8s were prominent today. The general bond market was firm, | but not espectally active. Libertys wera strong, notably the third 4%s. There was speclal buying in Erie Pennsylvania collateral 4s at an advance of a point. This is per- haps the highest grade bonf on the Erfe list unless it be some of the very inactive underlying liens. It is a first mortgage on the stock of the Pennsylvania Coal Company, probably the Erie’s most profitabie subsidfary. Tt was suggested that today's buying was on account of the sinking fund which is derived from an assessment of 10 cents per ton of coal mined. The gradual re- tirement of these bonds will improve the position of the Erle convertible 43, which have a second lien on the coal company’s stock. Second-Grade Rails Higher. A number of second-grade raflroad issues sold higher today, notably the St. Louis Southwestern Consolidated 4s'and Terminal 5s. Earnings of the St. Louis Southwestern are very good and the preferred stock In the ex- change was active and higher today. Denver and Rio Grande refunding 5s was another speculative issue in favor today. These bonds are up nearly 3 points in a week. 4mong the better utilities Duquesne Light were high today, as were the very high-grade Americam Tele- phone and Telegraph collateral trust 5s. RAILROAD OUTLOOK GROWING BRIGHTER Car Loadings and Operating Returns Biggest Factors. Dividend Talk. By the Associated Press. NEW YORK. June 7.—Two un- usually favorable developments have brought about the revival of interest in railroad shares, namely, carload- ings for the fourth week of May ex- ceeding the million mark for the first time during this season of the year, and the combined net operating in- come of class-one roads reaching $83,197,800, representing a return of 61 on property valuation. the high- est since the transportation act of 1920 was passed. Declaration of an initial quarterly dividend of $1 on the stock of the Pere Marquette railroad also has been an_ important factor. Directors of the New York Central are expected to increase the regular $5 rate at the next meeting, and the Baltimore and Ohio is reported to be considering a resumption of pay- ments. OUTFLOW. OF GOLD SEEN. New York Banker Shipments to Be Heavy in Future. NEW YORK, June 7.—A consider- % lable outflow of gold from the Uni- % 4% HOURLY SALES OF STOCKS.. 11am 1pm. -195 700 - 863700 “TREASERY CERTIFICATES. (Quotations furnished by Redmond & Co.) Rate—Maturity. s June 15, 1923.. 926... 081316 99 soleR e SR8 o . 991516 100 . 99 100 3-82 01 5-16 101 7-1¢ 01.3-18 101 5-16 1118 MILLS SHUT DOWN. ted States in the future was pre- dicted today by H. A. E. Chandler, of the National Bank of Commerce, in an address at the opening of the annual meeting of the National Mone- tary Association. “If the public could appreciate thé fact that our huge surplvs gold stup- ply could not be utilized for credit extension without causing inflation and consequent deflation, an impor- tant lesson would be taught,” he said. “I do not believe it is possible to adjust federal reserve rates satisfac- torily unless backed up by sound business opinion. We pay too much attention to the federal reserve rates, although this rate is a more impor- tant factor In commercial banking than we are ready to admit. “The public should be educated against the inefficient use of this sur- plus gold to guard against the condi- tion that will arise from its subse- quent exportation. I would suggest that this gold either be earmarked or segregated. This operation might be either physical or mental, but the gold should be earmarked, so as not to ap- pear in the federal reserve ratio.” There was unusual activity today in International Nickel, but so far could be learned there was nothing to influence the movement of the stock except the forthcoming 1922 re- port due on Friday. Talk of distri- bution on the common, which was taken off the dividend list-in 1919, ‘was spikeg in well informed quarters. Punta Alegro Sugar's response at the outset today to Wednesday's late announcement that no. action had N ON NEW Y Recelved (Bales are in §1,000.) UNITED lTA‘I;I'"I-ONBl. (Fractions re Example: 101-1 means 1 Sales. High. TUS4¥s1952. - 794 220 99-27 irty Low. 11-32, Doy Close. 100-27 98-15 98-14 98-26 98-18 FOREIGN. Sales. High. Low. Close. 102% 101% 102 921 1941 Chinese Gov Ry 58 Copenhagen Cuba 6%s w Czechoslovakly Framerican 7% Furench Govt Japane I 103 101% 100% 100 100 101% 101% 96% 96% 110 109% 988 98 4s.......20 Jermen UM 6s"47. 89 n Rio de Jan Sao Paulo.City.8 Seine. Dept Serb: 115% Ud Kingm 5% '29. 31 114% Ud Kingm 6%s'37 9 104 Uruguay 8 MISCELLANEOUS. Am Agr Chem T%s 91 Am SmIt&R 1st 55. 44 14 Amer Smelting Am Sugar Ref Anaconda 1st 6s Armour &Co 4% Atlantic Refln bs.. Bell Tel Pa 5s rcts. Heth Steel rf 5 Beth Steel pm Beth Steel s £ 6; Bklyn Edison 7 Bklyn Ed gen 5s. . Bush T Bldg 5s Cerro de Pasco Chile Copper 6 CInG& Eb5%s Commonwth P Con Coal Md 1st Cuban-Am Sug Cuba Canecvd Duquesne Ligh! E Cuba Sug 7% 2D '60. 8s. 62. 6 volantmSne ® RoweaSan Empire F&G 7%s. Gen Elec Jeb 5s... Goodrich 6%s Goodyear 8 1.. Goodyear 8s 1941. . Humble O&R 5%s3. Indiana Steel 5s. .. Int Mer Marine Int Paper 1st 5s A. Int Paper 1st 58 B. Kelly-Spring 8s.. Lackawa S 6s°50. . Lorillard (P) 5s... Manat! Sug sf T%s Marland Ofl 7%s.. Marland OI1 8s e AARROR RN eI Northwst B Tel 7a. Otis Steel T%s. Pacific Gas & El 53 PacT & T 6s 5! Phila Co ref 6s Plerce-Arrow 8s Producers & Rf 8s, Public Service 5: Punta Alegre 7s Sharon Stl H 8 Sinclair Oil 7s. Sin Crude Oll 5%s. 8in Crude Oil 6s Sin Pipe Line bs. Tenn Elec Pow Tide Wat Oil 6%4s. ‘Tobacco Prod sf Toledo Edn 1st U S Rub 1st rf Utah Pow & Lt Vertientes Sugar 7s Va-Car Chem 7s... Va-Car Chm 7%s v Wickwire Spen Wilson & Co 1st 63 ‘Wilson&C ov T4s. ‘Winchester A7 7 s ® 4 @ wnedBpela e 99% 98% 90% 100% 102 115% 7% LA 4 101% 98" 974 105 105 —_— SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Aluminum Co. of Amer. 7s 1925. Alnminum Co. ot American Cotton American Sugar Ameriean Tel. & American Tel, & Amer. oil s 6a 1937, Tel 6 Tel, s 1925 s 1933, 1924. 1924.0 1 . 118 Ao AT ot Canada 75 1055 Canaaiari Northern 534 Tivby, eveil , MeX P. &8, Standard Tidewater Oll & Union Tank Car U. 8. R Libby 7 = 8. }(h’ u:.‘mx. 1980. : 5, Rubber 7338 1980 Western Union 6%s 1f Wes! 19240 1 25558588 LR R EFERS EEEE RS SERE 0 956, 100 tinghouse E. & M. 7s 1081. 108% 99-27 102% 102% 3% 10374 3 104% 104% 104% 299% 91% 101% 102% 115% 87% 91% 9744 105 BAR SILVER QUOTATIONS. LONDON, June 319-16d per ounce. 7.~Bar Money, 1% silver, per ON, D. C, THURSDAY, JUNE 7, 1923 [ewrs vbux BONDS o o] by Private VjregDirect to The Star Office. RAILROADS. Atchison gen Atchison adj Atlantic CL 1st 4s Atlantic CLcl 4s. B&Oprin3ks B& Qgoldda & & & BKI RT 78'31 ct. BKIRT 7s 21 cts Canadian North 7s Canad North 63 Canad Pac deb 4. Gar Clinch & 0 6s. 825 Chi M&S P cv 413, CM&StPgnils Sonan~ Awe 80D Del & Hd 1st rf 4 Del & Hudson 533 Den&Rio G con 4s. D&RGlstress Erie 1st con 4 Erle con ext 7s. Gr North gen Gr North gen § Havana ERL&P 58 2 Hud & Man ref bs. Hud & Man aj & 111 Central ref 111 Central 5348 Int R Transit 7 Int & G Nor aj 68 Towa Central rf 4s Kansas City S 3s. Kansas City S Lake Shore 4s '2: Louls & N uni 4s. Louis & Nash 5%s. Louls & Nash 7s. Manhat Ry cn 4s. Market St cn 5s. Mil E1Ry & L 58 M&StLref ex 5s - BN R AD o BEE& Grain, Produce and| Live Stock WHOLESALE MARXET REPORT. “Generally draggy” was reported of the condition of the poultry market this morning. Prices were easier. The market also was easler on spring chickens. . It was explained that much frozen poultry was brought here to guard against a possible shortage during the Shrine convention and consumers are using this rather than the higher- priced fresh-killed stoak. There was weakening of the egg market also reported. Prices were a cent or two lower than last wek. Eggs—Strictly fresh, selected, can- dled, per dozen, 27a28; average receipts, 35; southern, 25 Live poultry—Roosters, 14; turkeys, per 1b., 25; spring chickens, per Ib.. 30a40; keats, young, each, 63; fowls, per b, 24. Dressed poults spring chickens, per Ib., rer chickens, per 1b., 46a60; hens. per b., 28; roosters, per lb. 20; turkeys, per 1b., 40a45; keats, young, each, 70a80. Live' stock—Calves, choice, per Ib., per Ib., 8a8%: thin, per Lambs, spring, per 1b., 12; 3.00a5.00 each; live hogs, per per 1b., — Fresh-killed 50a55; win- 16, live pigs, Ib.. 7%. Green fruits—Apples, per bbl, 4.00a 8.50. California oranges, per crate. 5.00a6.50; Florida, 5.50a7.00. Lemons, per box, 460a5.50. Grapefrult, 3.75a 4.00. Strawberries, per qt., 5al8. Black- berries, qt., 6a20. Vegetables—Potatoes, 1, 1.50a2.00; per sack, potatoes, Florida, 6.50; South Carolina, per bbl., 6.00; sweet potatoes, North lina, 2.00a%.50; nearby. 1.00a2.5, tuce, per crate, southern, Romaine lettuce, per crate, Iceberg lettuce, Cabbage, southern, Eggplant, per crate, 2.00a3.50. Toma- toes, per box, Florida, 1.50a5.50. Beans, 3.00a4. per baske P 50a2.50 sket. Peppers, D .00a4.00. Kale, 1.25. “Spinach, per barrel, Celery, per crate, Florida, X Squash, 2.00a3.00. Florida lima beans, 4.00a7.00 per basket. Asparagus, 1.00a 4.00. per 2.0082.75; per bbl., Caro- Let- per b: ida, GRAIN AND PROVISIONS. BALTIMORE, Md., June 7 (Special). —Potatoes, new, bbl., 3.00a5.50; old, 100 1bs, 752l n carrots, 100, 3.00a6.00; corn, 2.0023.00; cucumbers, basket, eggplants, crate, 2.50a4.00; 5 lettuce, bu., 75a rate, 2.00a3.5 ; rhubarb, bu., 50a 0; tomatoes Apples, packed, bbl. 5; box apples, crate, 3.00a5.00; grapefruit, 3.00a5.00; 4.00: .25; strawberries, qt., sa rmelons, carload, 300 00a DAIRY MARKETS. BALTIMORE, Md., June 7 (Spe- cial).—Live poultry—Spring chick- ens, pound, 45a55; small and leg- horns, 35a{0; younsg stags. 25; old New Haven 7s.. New Haven 7s fr NY W & Bos 4% Norfolk & W cn Norfolk & W cv Northern Pac 3 Northern Pac 4: Northn Pacr 1 68 Northrn Pe Ore-Wash 1st rf 43 Pennsyl gen 8. ... Pennsyl gen 4%s.. 22 Pennsyl 648 b, Pennsyl gold 7s. Pennsyl con 4%s. Peoria & E Inc 4s. . Pere Marq 1st bs.. Rapid Tran 6s w1 Reading gen 4s Rio G West cl 4s. RIArk & L4k%s StL&SFpl4sA. Seab’d A L con 6s.. 17 Sou Pacific cv 4s... Sou Pacificref4s.. 6 Southern Ry 1st 53 46 Southern Ry gn 48 37 Southern Ry 6%s. 3 3 Western Pacific 65 14 9% TOTAL SALES (Par Value): 1lam.. 3138000 12 noon. 4 772000 1p.m.. 6338000 2p.m.. 7259000 DIVIDENDS. . - Stock of Company. Amn. Souff, secoccoo T @ “ . coolecoocco); $ 423 Chase Chase Cert. Pro. 1st pf. Cert. Pro. 2d pf. e} Dayton P, Dayton P.&L. Elec, Stor. Bi Elec. Stor. Bt. pf. Fifth Ave. Bank. Fifth Ave, B L ) Jo =R R m >, cEERgs CRn R, e Brewisisismrcin 3. Fococoee. . oo 03 R ARR A@ABZR Y o s W 4ol Z, o R, 1 RO IR ZZR{ P i3 L ® of: (o Bt EE S i 5 oretsts! 1! M B! June 27 o, & West'n Elec. i DYE WORKS UNITE. PATERSON, N. J. June 7.—An- nouncement is made of the merger ot the Weldmann Silk Dyeing Company and the United Plece Dye Works, in which the latter concern gains con- trol of the Weldmann properties, thus forming one of the largest silk-dyeing establishments in the world. hens, 25a27; leghorns, 23a24: old roosters, 15a16; ducks, 18a25: spring ducks, 28a30; pigeons, pair, 40. . Eggs—Loss off; native and nearby firsts, dozen, 25; southern, 23a24, Butter—Creamery good to fancy, pound, 37a4); prints. 42a43; nearby creamery, 35a39; ladles, 34a35; rolls, 30a33; store packed, 31; dairy prints, 31233 E TODAY'S CHICAGO PRICES. CHICAGO, June 7.—Advances which took place at the topening in the wheat market today were soon more than wiped out by speculative sell- ing. The temporary gains resulted chiefly from reports of rust damage in Oklahoma and Kansas and from word of continued excessive rains over both of these states. Buying, however, lacked volume and the mar- ket quickly underwent a setback. Initial quotations, which ranged from 14 to % higher, with July 1.10% to 111 and September 1.10% to 1.10%. were followed by a drop all around to well below yesterday's finish. Corn and oats were easier, }1ng new vutput records FINANCIAL. RATES FOR MONEY CONTINUE TO EASE Still Lower Rates Possible. » Tweedale Heads New Company—Local Notes. Rates continue to ease even though loth commercfal and federal reserve bank loans increase. In the last two months loans of the federal reserve system have increased $30,976,000; loans of 774 leading member banks have increased $108.558,000. Bankers believe however, that ap- proaching midsummer dullness is likely to cause some reduction in loans of both federal reserve system and member banks. Even a slight slowing up in commerclal activit: might result in an appreciable piling up of idle funds and lower rates. Investors who are studying i money market carefully, aceording (o a close survey made by the Wall Street Journal, are aware that an un- rrecedented condition exists. “Here tofore,” says that paper, “becomins business has been accompanied b dwindling money supply and sharp advances in money rates. Present ac- tivity has just about used credits cr ated by new gold imports, leaving tanking reserves at their pea Material slowing up of business would quickly send the reserve ratio above last year's high point and for federal reserve banks to incre their holdin, of investments—g ernment obllgations and municip: warrants—to earn expenses and ds. Commercial banks could pay their obligations to federal rve banks. These operation would in time force interest rate lower and possibly result in a redis count rate lower than we Have i+ seen. se Business Remains Good. “Advices from Detroit indicate tha the automobile industry 1s establish Pittshurgh reports steel shipments practically capaceity. Philadelphia expects rec- ord voluma of business this summ New England textile mills and shoe factories are summer use of motors may reduce th: supply of oil in storage to a pof where even present production ma seem Inadequate “Reports from the south and wes indicate that farmers are improving their condition materially. Overdu notes are being slowly reduced; eco nomies are being practiced in greater measure than ever; prices are fairl: satisfactory. “Call money Is in supply at fair! easy rates, but brokers are well su plied and ‘are not bidding for lar, amounts. “Time money is freely offered at per cent, but volume of busines transacted is not large. Some bank ers expect rates to ease off to 4% per cent before the end of June. “Rate on practically all commer. paper is § Reports th. small loans were being arranged u: 4% per cent ‘could not be confirmed Any lowering off rates on commercia! paper would probably be followed | an easing in rates on bank accept- ances.” Collins Suggested for Office. Charles Wallace Collins, lawyer a well known Secretary of Treasury by Controller of the C rency H. M. Dawes as deputy control ler. ~ With_the recent promotion ot Willis J. Fowler to the deputys formerly held by the late Thomas P. Kane and the appointment of Col. Jo seph W. Melntosh as deputy control ler in charge of national agricultural credit corporations, the offices of th three deputies provided for by law have now been filled Mr. Collins took a leading part iu the movement to establish a national budget system and is the author of a book and a number of articles an.l documents on the subject. He acted as legal adviser to both Chairman Good and Chairman MeCormick of the House and Senate select committees enced by some selling of corn, purchases of other grai After opening at 3 off to % up, July 823 to 821%, the corn market suffered a ma- terial decline. Oats started % to % higher, July 4214, and then receded decidedly be- low yesterday's latest figures. Provisions showed firmness in the absence of any aggressive selling. CHEAT— wn. High. Low. Close. THEAT omn ek Iev, O 1.00% 09 ] L0015 T L% 80 % 423 3Ry 10y 1147 167 Juls September December OATS— Ty oo September .. December LARD— i sows, rough, CHICAGO LIVE STOCK MARKET. CHICAGO. June 7 (United States rtment of Agriculture) —Hogs— Reneipts, 36,000 head; steady to 10 ts lower; top, 7.25 one load: bulk, 780 to 240 pound averages, 7.10a7.15: 260 to 325 pound butchers, 6.90a7.10; packing _sows, 6.00a6.25; desiruble 5.2526.25; heavy-weight hogs, £.76a7.10; medium, 7.00a7.25; §.85a7.20; light-light, 6.40a7.05; pack- Ing sows, smooth, 6.10a6.35 packing 7526.10; killing pigs, 5.25a6.35. R ile—Receipts, 11,000 head; beef steers and yearlings very slow; weak to 15 cents lower; spots more: early top matured steers, 11.00; some held around 11.20; few loads cholce kind, 10.50a10.75; plain light steers, down- ward to 8.00; best vearlings, early. 10.25; she stock comparatively scarce moderately active; steady to strong: desirable beef heifers in fairly broad demand; bulls weak: bidding sharply Tower on veal calves: few early sales vealers to outsiders, 10.50 and above. Sheep—Receipts, 7,000 head: slow, bulk, best native springs, 15.00a15.25; few to city butchers, 15.50; two doubles handy-weight fed lambs, 14.15; few handy-weight ewes 5.5026.00; heavies, 3 b0a4.25. WALL STREET NOTES. Special Dispatch to The Star. NEW YORK, June 7.—Haynes Au- tomobile Company has cut the price of Model 57 standard touring from $1,595 to $1,495 f. o. b. Kokomo, ef- fective June 1. New York bank clearings, $613.- 000,000. New York bank balances, $57,000,000. New York Federal Re- serve Bank credits, $65.000,000. Bos- ton bank clearings. $59,000,000. ‘The Interstate Commerce Commis- sion has ordered payment of $4,638,- 31463 to the Burlington railroad, clos- ing out the account under the six- month guarantee and making a total of $12.288.463 pald that road. Ex-dividends today: Morris and Essex Railway; St. Louis Spring pre- ferred: Union Carbide and Carbon. Regular quarterly dividends: Cluett Peabody preferred: Mountain Producers plus an extra dividend of 10 cents: Royal Baking Powder com- mon and preferred. DRY GOODS MARKET. NEW YORK, June 7.—Despite a stronger cotton market tone, the Worth street market was dull again today. .There were few buyers of dry goods, although prices were softer. Raw silk was slightly more active at an advance in prices for mast grades. on the budget which drafted the bud- get bill, and upon the inauguration of the budget system he was appoint ed counsel of the budget burean. which position he now holds. He is a resident of Chicago. B. F. Saul to Entertain. On June 14, B. F. S a “Farm Supper” to his friends am the bankers and also some Treas officials at his country home, Temp: Farm, near Kensington, Montgomer county, Md. Marland Ofl. Financing. The proceeds from the sale stock to stockholders of record of the Marland Oil Company at a share to an amount equaling per cent of their holdings will result in fssuance of about 235.000 add!- tional shares of stock amountine in cash to $9,400,000. according to advices recelved at the Washington offices of Dean, Onativia & Co. Ti sum’ will be used to reimburse the company for the capital expenditures already made out of earnings for expenditures now in process in co nection with the company’s largels increased production and for retire- ment of outstanding 8 per cent par- ticipating bonds. Gross revenues for months of 1923 equal the gross revenues for the entire year 1927 Net earnings for the first six months of 1923 were $6,452,000, compared with $7,195,000 for the entire ve 1922 and $1,564,000 for 1921, accord- ing to the statement. Tweedale Elected President. Alonzo Tweedale, formerly treas urer and general controller of the United States Emergency Fleet Cor- poration, has been elected president of the Washington Automobile Apart- ments, Inc. according to announce- ment made yesterday. Other officers chosen are R. liam Bolling. building treasurer, and Mr. tary. The directors selected are Joseph H. Cranford, Ralph Lee, Merritt (. Chance, George C. Rice, James | Fort, Samuel R. Harris, J. M. Hausc and Rear Admiral H. H. Rousseau The corporation recently acquired the property at 1312 New York a nue, known as the “Hall of the A clents,” and will soon erect an eight story automobile apartment on (h+ site to cost at least $500,000. W. L. & T. Co. Elections. At a meeting of the board of direc tors of the Washington Loan and Trust Company yesterday, Charies B. Doing was elecicd a vice-presiden of the company and Elliot . Good win, & member of the board. — BUSINESS FAILURES. NEW YORK, June 7—There wer 1,467 fallures reported to Bradstreet s in May, a decrease of 10 per cent from the shorter month of April and of 11 per cent from May a year ago. There were only saven more failures in M. than in eptember last year, shorter month. Liabllities for Ma totaled $31,765,102, a decrease of 3% per cent from April and of 20 per cent from May a year ago. Falilures for five months of this year totaled only 8,548, a decrease of 2,272, per cent (103 a week, in fact), the like period a year zgo. Liabil- ities for five months totaled 323 788,071, a decrease of $120,000.000 or the first six Wil- contractor Tweedale, secrc 33 per cent from the like period of 1922. BIG CONTRACT AWARDED. ST. PAUL, June 7 (Special).—One of been taken on the dividend, was a break of a full point. Some people were disappointed becaise directors had failed at this time to make a distribution on the shares, but the well known facts regarding net earnings and the outlook for 1923 were evidently not overlooked. It has been estimated that Punta will show net earnings of between 315 and 320 on the stodk this year. X g Magma Copp Mallison & Co... Man El inv guar. Manhat Shirt. .. Marland Ofl... Marlin-Rockwt. Mathison Alkill. Maxwell (A)... Maxwell (B)s.as tled; receipts, 40.527 gathered extra firsts, 25a2 3335224%5; seconds, gathered storage-packed extra firsts, 37a28; do., firsts, 26a26%; nearby hen- Dery white. locajly selected, extras, 36a37; state, nearby and nearby west- hennery whites, firsts to extras, ; hennery browns, extras, 31a35; coast whites unguoted, ‘WOONSOCKET, R. I, June 7.—The Ciinton mill of the B. B. and R. Knight Company, cotton goods, and the Nyanza mills of the Nyanza Com- pany, cotton yarns, have closed for the remainder of the week. Market conditions are given as the cause. It is understood other B. B. and R. Knight mills also are to, curtafl, cent. Discount rates—Short bills, 115-16a2 per cent; three-month bills, 2a21-16 per cent. NEW YORK, June 7.—Foreign bar sliver,, 65; Mexican dollars, 49%. ——e e From the Boston Transcript. ‘When 2 womanstops telling her age her age begins teiling on her, the iargest contracts for ratiroad con- struction work given out recently WOOL DULL, BUT FIRM. has been concluded between the Chi- BOSTON, June 7.—Friday's sale at|cago, Burlington and Quincy railroad ¢ Hull was the chief topic in the Sum- |and Morris & Daugherty, contractors mer, street wool market today. Some|of this place. Under its terms th- predicted that prices might be better | contractors will to 3,- {om markets. | 500,000 cubie Fads of earth in chang. ne: here today, but|Ing the main line of the the general tone was firm. between vomwstna Frederick, i, TODAY’S BUTTER PRICES. Q%HICAGO. June 7.—Butter—Unset- tled; creamery extras, 38; standards, 38 extra firsts, 3615a37%; firsts, 36 a36; seconds, 33%add. Eggs—LOwer: receipts, 25,922 cases; firsts, 29%a23; ordinary firsts, 21a21%; miscellane- ous, 213;a22; storage packed extras, 25; storage packed firsts, 24 4a24%. 4