Evening Star Newspaper, June 13, 1923, Page 26

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2 F STOCKS GO LOWER INFINAL TRADING; Advance on New York Cen-, tral Dividend Report Is Quickly Checked. BY STUART P. WEST. Special Dispateh to The Star. XEW YORK. June 13.—The New York Central dividend action was the | adsorbing point of interest in today's stock market. On few occasions in Wall street story had so little intimation of the vesult been giver on the stock tape. Less than half an hour before the rews came out New York Central stock was selling at 99%. The whole street practically, taking their cue from this, had abandoned hope of & declaration at the rate of 7 per cent. The majority were looking for six, while quite @ number felt that the gividend would be maintained on a § per cent basis When it was definitely _announced that the rate had been raised to 7 there was a violent turnabout in the entire market. In a few minutes «entral stock bounded up to |0Q.. Other rails jumped a point to 2 point ops Sudéonly. ishto cover indus trial stocks in the bears ha been active during the first hour. This outburst quickly subrided. but while it lasted it was quite the most spec- cular thing that has happened in the market for a long The tement given out by New York Central directors explain- ing their actlon was very impressive. It had been realized all along that tie ain object increasing the rate to per cent 1d be to encourage the exchange of the 6 per cent debenture bonds and prepare the ground for fu- ture financing through Issues of stock rather than through enlargement of the funded del But it had scarcely n apprecial that paying 7 per ent on New York Central shares would make tiae return upon the com- pany’s entire capltalization only 5.0 per cent. this because of the excep- tionally low rates of interest on the lung-term bonds. “Tne conscrvatism of the pre tion is brought out by the st n that since 1914 N York Central's surplus has visen from $29.106,000 tb $112.581.000 and that during this pe- yiod the company had been paying 5 per cent on its stock at times when it was costing more than this to bor- row money Financlal Review and Oumtlook. 1nerease in the New York Central dividend fre to a 7 per cent basis was unquestionably the important in dent in the financial situation toda 1t failed. however, mentarily hait the selling muvement on the stock exchange. wnich had started Monday afternoon and con- tinued through Tuesday's session. Very naturally, this action of the market raised the misgivings which Wall Street had feit a month ago as 1o whether the business outlook was veally as good as it was declared to leading trade representatives it ts made to appear in most of the commercia] data. urther readjustment in he oil trade is admitted to be necessavy. It is also clear that predictions made four months ago of what these oil companies would earn during the vear were absurdly optimistic. But against thig stands the fact that oil shares are down in many cases 20 to 30 points from where they were sell- ing early in March v ac- ement Big Steel Consumption. The midweek reviews of the steel trade call attention to the falling off | The | in activity at the steel mills, Steel Corporation is operating 3 to 4 per_cent less than it was at tie peak n May. But even at 92 per cent of capaeity mills operations are un- usually high, and the faliing off is only what normally occurs at the be- ginning of hot weather and at a time when the farmers are bidding against the manufacturers in the labor market, The most significant part of the Tron Age summary in its refer- ence to the moderate reduction re- ported last Saturday in the Steel oCr- porution's unfilled tonnage, which, the review says, “is another index of the great volume of current steel con- sumption.” MARKET CLOSES WEAK. Bay's Losses, 1 to 3 Points—Sales Total 1,150.000 Share:. By the Assaciated Press. EW YORK, June 13.—Stock prices tinued to fag today, despite an- other series of favorable mente, including a higher New York Central dividend rate. The pressure wag most effective against the steels, , rubber: and equipmen ch touched new lows. proximate 1,150,000 shgres. The glosing was heavy. pressure was malintained throughout the late dealings, a number of the leaders dropping one to three points. BIG FIRMS MAY MERGE. Sales ap- NEW YORK, June 13.—Negotiatlons | looking toward purchase by the Schulte Retail Stores Corporation of Park & Tilford are understood have been begun, but as yvet there has been no discussion of details of the consolldation. It is understood that Schulte has obtained an_option for the purchase of Park & Tilford, which runs for a sufficient period to permit examination of the assets and business situation of the latter. kit ki LACLEDE GAS EXTRA. . ST. LOUIS, June 13.—The Laclede Gas Light Company has declared an extra dividend of $3.50 a share on the common stock, payable July & to stock of record June 25. Regular auarterly dividend is $1.75 a share, next action on which will be late in August. MONEY IN UNITED STATES. The present stock of money in the United States is given in a United States Treasury statement as of June 1 at $8,536,623,630, against $8,470,504. 89 on May 1, 1923, and $8,126,500,982 on June 1. 1922, Gold coin and bul- lion is stated at $4.023,250.195 on June 1, 1923. —_— LIVERPOOL COTTON. LIVERPOOL, June 13.—Cotton, spot. fair demand: Gocd middling, 17.3: 1y 17.23; middling, 17.08; low middling, 16.83; good ordinary, 16.38; ordinaty, 16.03. Sales. 7,000 bales, including RS e e it st ol e 15.43; September, 14.44; October, 13.78; December. 13.2! January, 13.08; March, 12.91; May 3 PIPE LINE FINISHED. HOUSTON, Tex.. June 13.—Officials of Sinclair Pipe Line Company, which was recently granted a permit to do husiness in Texas, state the eight- inch pipe line from Mexico to its refinery on Houston ship channel, near Houston, was finished a few days ago. It the end of this vear oil from Wy« ming, Kansas, Oklahoma and nort ern Texas will reach through this pipe line. NEW YORK EGG PRICES. NEW YORK, June 13.—Eggs— Steady; receipts. 37,844 cases; Pacific coast whites, extras, 36a37; to extra firsts, 30a35%. tidewater » to more than mo- | develop- | some of ; Selling | to | nrns‘ INANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direst to The Star Office Alr Reduction. Afax Rubber. Alaska Juneau All Am Cable Allled Chem ATlis Chalmers Am Agr Chem.. | Am Ag Chm pf.. Am Beet Sugar. Am Bosch. 5 Am Can. Am Can pf Am Car & F Am Chain A. Am Cotton Oll. Am Druggist. .. {Am H & Lea pt AmTee.... jAmIcepf... | Am Internaci. Am Linseed p! | Am Locomo. i Am Roll Mill pf. i Am Skip&Com.. Am Smelting. .. Am Steel Fdy | Am Sugar. Am Sumat TAm Tei & T Am Tobacco. Tobac (B). | Am Tob pf (n)... Am Water Wia. Am WWk6% pt. Am WWKT% p?. Am Woolen. . Am Woolen pt. Am Woo! pf f pd. Am Writ Prof.. Am Zinc&Lead. . Am Zinc&Ld pf. Anaconda Assets Realizn Asso D Goods. Atchison Atchiso Atlan BIr&A Atlar. Cst Line Atlzntic Frult. | At: Fruit etfs. Atlantic Gult. Atlantic Ref. { Atlas Tac! Austin Nichols Austin Nlch pf. Auto Knitter... raliwin Loco Baldwin Loc pf.* | Baito & Ohio Balto&Ohin nt i Batopllas Min... Reechnut Pack. H Beth Steel. { Beth Stl 7%(n) 1 Bklyn Edison. Biclvn Rap Trn. B R T warrants. ‘; Bklyn Un Gas... | Burns Bros (B). Burns Bros pf.. Butie Copper Butte & Super. Calit Pack. Calif Petrol. Calif Pet ctfs i Calif-Petrol ot i Callahan Zine. Canad'n Pac.. Case (J 1) pf.. Central Leath.. | Cent Leath p! Cent RR of NJ Cerro de P'asco. Chandier Mot. | Chesap & Ohto Chi & Alton. { Chi & Alton pf Chi & E 111 pt. Chi Grt West Chi Great W ot.. ChiMil & StP... Chi Mil&StP pt. Chi & Northwn {Chi & Nwn p? ChiRI& Pac. i Chi StPM&Om CStPM& O pf Chile Copper Chino Copper. C C C&St Louis Coca-Cola Colo Fuel e Columbn Carbon Columbla Gas. .. | Colurpb’a Grap.. Comp Tabulat Cons Cigar. . ! Con Gas new { Cons Textile { Cont Can. . Continental Mo. Corn Products Cosden & Co. ! Crucible Steel. Cuban-Am Sug. Cub Canc Sug. .. | Cuba Cane S pt.. | Cuban Dom’can. Cuyamel Fruit.. Davidson Chem. De Beers. . Del & Hudson. .. D Lack & Wstn. Detroft Edison. - | Dome Mines. . |DuSS & Atlan.. { Dupont (E1)... | Eastman Kod... Elec Stor Bat. | Elk Horn Coal Endicott-John Erte. Erie st pf. .00 Erie2d pf.....- Famous Play. .. Famous Play pf Fd Mines&S pt.. Fit Av Bus wi... Fisher B of O pt. Fisk Rubber.... Fleishman. ..... Foundation Co.. Freepor®. Texas.. Gen Am Tk Car. Gen Asphalt. Gen Asphalt pf.. Gen Blectric Gen Elec 5pl wi. Ger: Motors Gen Mot 6% deb. Glidden Golawin Corp Goldwyn (new). Goodrich. . Goodrich pf. Goodyear pf. Goody pr pf wi.. Gray & Dav Gt Northern pf.. Great Nor Ore. Greene-Canan | Guantana Su | Gult St Steel ! Harbishaw Cab. Hartman Corp. . | Hayes Wheel. | Housen'd Prod. . ! Houston Ofl. Hudson Motor: Hupp Motors Illinois Central. Indiahoma. 5 Ind Ol & Ga: 1nland Stl pf w i. Inspiration. .... Interb Rap T! IntCement..... 1nCombustE. .. int Harvester... int Harvester pt Int Mer Marini Int M Marine pf. Int Nickel. Intl Paper. . int Shoe. IntTel & Toleg. Invincible Oil... Jowa Centrai. Istand oil- Jewel Tea. Jones Te: . Kansas City 8. Kansas C Sopf.. Kayser (Julius) Kelly-Spr Tire. . Kelly-Spr 8% pf. Kennecott...... Keystone Tire. . Kinrfey G R. Laclede Ga . T & Rubber. Loose-Wi Macy Co.. Mallison & Co. Open. 65 High. Low. Olose. 65 8% 1 102 68% 41 161 434 36% 87% 95% 1081 170 22 Y 65 9% 9% s 1315 65 9% 1 102 69% 4 16% 43% 26% 2% 90% | 804 82 484 1024 1% 2% 25 61's g 455 45 1% 29% 12% 48 62 30 67 181 1 14% | 83% % 5 19% 28 88% 49 97 9% 1% 281 23 % 82 i 5% | 35% 84 61% 24% 21% 110% 6% 101% 32% 16% 37 22 784 109% 7 28 14% 41 8 o | M Manhattan Elev. Man El inv guar. Man Elev scrip. Manhat Shirt. Market St prior. Marlazq Oil..... Martin-Parry... Mathison Alkll. Maxwell (A). Maxwell (B). May Dp Stores. . Met Edison pr. McIntyre Por. M SP&SSM(LL) . MoK & T (new). MK&T pf clA (n) Mo Pacific. . Montg’y W'rd Moon Motors. Natl Acme Nash Motors pf. Nat Biscuit...... Nat Cloak&Spt. Natl Enamel.... { Natl Dept Stores. Natl Dept Sto pf. N Or Tex&Merx. . NY Afr Brake.. N ¥ Centra NYNH&Harttd. Norf & West. Nor & West pf.. North Amer. ... North Am pf. North Pacific. Ohio Fuel Sup. . Oklahom Prod. . Ontarlo Silver. . Orpheum Cir. Otis Steel. Owens Bottle... Pacific Develop. Paclfic G & El PacificOll. . . Packard Motor. Pan-Am Pete. .. Pan-Am P (B). Parrish & Bing. Penn Seabd Stl. Pennsylvania Pere Marquette. Philadelphia Co Phillips Pete. Plerce-Arrow Plerce-Ar pt. Pierce Oll.. . Pierce Gil pf. Pitts Coal pr. Pitts & W V' Postum Cerea Produc & Ref... Pub Serv (new). Pub Service Pullman Co. Punta Alegre Pure OIl. . Pure Ol §% pf. . Rap Tr Sec w.l. RapTr Sec pf wi Ray Con Cop. | Reading. . Replogle Steel. . Pep Ir & Steel. Reynolds Spr. .. Rey Tobac (B).. Royal Dutch. St L&San Sran St L&San Sr pf. St L Southwn St L South pf. n Cecll Sug. .. chulte Stores. . Seaboard Alr L. ab'd A L pf. Seneca Copper, . Sneil Union i Stmms Petrol Simmons | Sinclair ot { Sinclair p* { Skelly Oil. . {So Porto RS pr. { South Pacific. ... Southern Rw, ! Southern Ry pf.. Spicer Mfg Co | Spicer Mfg pf | St Oilot Calif. .. { Stand Oil of NJ. . | Steei&Tube pt Sterling Prod. | Stew't-Warner. i Stromb'g Carb. | Studebaker. .. ... Submar'e Boat. Superfor Oil. ... Sweets Coof A.. Tenn Copper. TexasCompan { Tex Gulf Sulph | Texas & Pacific | Tex& P C& Ol Tide Water Oil. . Timken Bearing { Tobacco 1’rod. | Tobacco Prod A. { Trans Cont Oil. TransueteWill. | Twin C F. Tran.. { Underwood 1ts. . Union Pacific. .. { Union Pac pf. { Un Tank Cr pf.. | Un Alloy Stee! United Drug. United Ry Inv.. U SCastirPpt. U 8 Food Prod. . U S Hoffman M U S Indus Alco. USRealty... U S Realty pf.. U S Steel pf. U S Tobacco. ... Utah Copper. . Utah Securities. ! Vanadium Cop. Va-Car Chem. f Va-C Chem pf- Va Ir Coal & C. Vivadou Wabash. Wabash pf (A) Wabash pf (B) Waldorf (new). ! West Penn Co. roMd. ... Western Md 2d. West Pacific.... West Pac pf.... Western Union. Motor. White Ofl. ‘Wilson Co Willys-Overld. Will's-Overl pf. Woolworth Wright Aero. ‘Youngstn Tube 11 a.m. 1pm.. cent. By the Associated NEW YORK, { CallMoney.. HOURLY SALES OF STOCKS. 263 400 - 750 300 9% 26 58 19% 9% 304 204 13814 50 11% 25 18% 59% 107 88% 67% 8% 26% 524 2 27 6ia 62 233% 10% 67% 68 High 4% 12m. 2p.m. % pills, NEW YORK, June 13.—Foreig silver, 65%; Mexican dollars, German Marks Are Selling at _ 100,000 for $1 Press. June 50 24 17% 59% 107% 834 56% 8% 25% 524 e 27 644 62 238% 231 0% 10% 6T% Low. 4 36% 103% 18 10815 7% 20% 43% 32 15 | 5% 18% 8% 434 " 8% 35% 1% 0 669 1% 4 a8 453 | BOND QUDTATIONS CHANGE BT LITLE New York Central Draws Most Attention—Foreign Issues Less Active. BY GEORGE T. HUGHES. Special D'spatch to The Star. NEW YORK, June 13.—For the most {part it was a dull day in the bond | market today with prices inclined to react.~ The increase in the New York Cen- tral dividend to 7 per cent was about the only interesting development. It affected the bond market in that the New York Central debenture Gs, due May 1, 1935, are convertible into stock up to May 1, 1925, at the rate of $100 in stock for $105 in bonds. The con sequence was that when the dividend increase was announced active trad- ing In the bonds followed immediate- 1¥. Quotations, of course. kept pace with those for the stock. Possibility of Converaion. One theory as to the motive for the {raising of the dividend was that it i was to bring about the conversion of ithese bonds. This would change a ifixed charge into a dividend disburse- ,ment generally regarded as desirable jeven though the actual outgo would be larger In the latter case. The bonds are outstanding to the amount {of $99.000,000 and are callable at 110, | Both stock and bonds would have to jadvance sharply before it would be profitable for the New York Central [to force conversion by calling the {issue. | _Second grade and speculative rail- road issues were heavy notwithstand- ing continued good reports as to Irallroad ecarnings. St. Louis South- western consolidated 4s of 1932, for { instance, @ bond on which the pay | ment of interest and principal is as- sured. the obligation of a road which has just resumed dividends on its | preferred stock and whick is_esti- imated to be earning around $10 a share for its common stock. lost | Bround with the rest H Trading in Other Insues. { Another bond of a slight higher 4| Brade which was dealt in very heavily 49 15% 40% % 6 18 [ Y 201 654 47 2 14 4718 331 81% 90 T 12 8 16 9% | 30% 26'a C3ug 2% 97 0% 37 684 134 0% 3 18 4% 9615 9% 31 20% 18% 50% 1% 24 1% 59% 8% 25% B24 2% 27 6% 62 231% 10% 63 Last. 4 . 548800 - 966 000 T cent. 3°1-16 per BAR SILVER QUOTATIONS. LONDON. June 13._Bar silver. 313%d per ounce. “Money: 1 count rates: Short cent; three-month bills, 2a2 1-. Dis- 6 per n_bar 49%. 13.—More than 100,000 German marks could be urchased for $1 in the local foreign exchange market today, the Berlin .0009%, a new time, .0011% cents. rate low recol dropping: for Last night's closing rate was to ail | {today over the counter as well as on i the board was Colorado and Southern . which sold on a 6.4 per basis. 2 yield which ought to {prove attractive in a_money market as today's. Erie bonds. par- the junior liens: St. Louis, |Sen Francisco adjustment and, in- icome Gx and the Baltimore and Ohio Iconvertible 4'.8 were all heavy. Foreign bonds were not quite so ac- tive as yesterday and generally were slightly " lower. There was no | either Chited {loans or in iment market i The Lchigh Valley was reported ! about ready to offer a new blotk of 5 : per cent bonds secured under the gen- {eral mortgage | tieular important change States government the high-grade invest- BALANCE OF TRADE STILL AGAINST 1., i ;Commerc_e Department Re- | ports Imoorts $51.000. ! Above Exports. imports into the United States dur- ing May amounted to $370,000,000, while i exports totaled $319,000,000 during the isame period, leaving a net balance of trade against the Umted States of $51,- 000,00¢. | The trade figures. which w brought up to date by the Commerce Dopartment today for the first time cince the enactment of the new taril caused o general roarrangement tatistical 'ork and showed that i net balance of trade against { this country during the five months | beginning with January with May was $i37.382103. The import total for May was $6.000.000 greater than t:at for April but was $28.000.000 less than for {March. = The Mav cxports were j#maller than those of any other re- cert month, except February. “The total merchandise for the five months b, ary 1 were $1.625.1 Commerce Department uihe Imports were " $1. showing a balunce against us of $137,582.109. The total net imports of £0ld and silver since January 1 were $91.241.685. The total merchandise {and gold and silver balances against were therefore $228,823 thiz period. FIRE SR o |, The net movement of invisible ex- { change for the same period, of course, cannot be estimated, but it will prob- ably show further net balances against us. In this connection one item of increased volume during the last four months has been the with- drawal of American currency for ex- port to Europe.” - In its mention of currency with- drawals, the statement had reference {to the practice of hoarding American currency abroad, and of demanding It in all trade operations where it is possible to procure it, This practice is said to be increasin in Russia and in “mid-European countries. whose own currency, has greatly depreciated. NEW YORK CENTRAL ' DIVIDEND RAISED Directors Boost Annual Rate From $5 to $7 in Voting Quarterly Payment. exports inning Janu- "“sald a atement. 586, By the Associated Press. NEW YORK, June 13.—Directors of the New York Central railroad today raised the annual dividend rate from $5 to $7 by declaring a quarterly divi- dend of 1% per cent. The dividend is 1 to stock of Tecord June se. A UEUSt 1 Directors met at 10:30 and when no announcement had been made half an hour later Wall street traders bega: gffering the stock. forcing it down to oo " The stock then rallied to ently took Wall street by surprise, because the stock jumped to A)4%, a new high record for the year. Thou- sands of shares changed hands fol- lowing the announcement, the stock jumping half a point between sales. DIVIDEND IS INCREASED. PITTSBURGH, June 13.—Directors of the Philadelphia Company, a pub- lice _utilities concern, have _de- clared a dividend of $1 a share for the quarter, anincrease of 26 cents a share. The action was taken after an inspection of the company’s properties by the full board, headed by President Arthur W. Thompson. A number of members ‘of the board came from New York for the meeting, at which it was reported that'$98,000.000 have en placed in the Pittsburgh district n_the last three yvears for the de- velopment of public utility service. The higher aividend appar- { THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, JUNE 13, 1923. [@ser vorr BONDS ~ STOCK EXCHANGE by Private WiregDirect to The Star Office. (Bales are in $1,000.) UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 101-1 means 1011-32.) Sales. High. Low. Lib3%s 120 101-3_ 101-1 101-1 Lib1st4}s.. 40 98-15 98-7 98-10; Lib2a4xs... 459 98-12 98-5 989 | Lib3d4%s. . 497 98-22 98-19 98-19! Lib4th 4%s 1204 98-14 98-7 98-11 US4Ys1952. 212 99-26 99-23 99-24 FOREIGN. Bales. Hixh. ..o 22 102% Cas1 81 26 102% 97 13 1027 110% 915, 8054 83% 9T% 101 100% 101% 100% 99% 103% 102% 1034% 4613 92 99% 95% 1 109% 9815 93'% 7Y% 2674 Close. 102% 20% 102 96% 102% 110% 91% 80% 83% 97% 101 100% 101% 100% 99% 103% 102% 103% 46% 9% 99% 95% 109% 98Y% 93 97 96% 91% 99% 95% 934 89% 93 22% 81% 84 £0% Low. 102% 90% 102 96% 102% 410% a1z 80% 834 97% 100% 100% 101% 100% 99% 103% 1026 103 Arzentine 78 | Austria 7s w i Belgium 7 Belgium Belgium 88 Bern 28 Bolivia 8 Bordeaux Brazil 7s.. Brazil 8 11 16 19 6 77 2 Canada 5148 1929. . 34 Canada 58 1981. Canada 6s 1952. Chile t 194 iChile .3 192 Chile 83 194 Chinese Gov Ry 53 Copenhagen 53 Cuba §%swi..... Czechoslovakia 8s. Denmark 8; Denmark 6s. Dutch E I 5%: Dutch East I Dutch East I 6s '3 Framerican 714 Firench Govt 8s. ench Govt T4s. Haitiésetfs...... Holland-Amer 6s. Japanese 1st 41 Japane Jergen U M s Lyons 6 Marcgeilles Mexico bs Monteviden Netherlands 6 Norway 8 Paris-Ly's-Med 63. Prague 734s...... 21 Queensland7s.... 3 Queensiand 6s.... 13 Rin de Jan 85 1946. 12 Rio de Jan 85 1947. 4 Rio Gr Do Sul 8s.. Sao Paulo.State.8s. 2 Seine, Dept of. 18 Serbs Crotes Slo 83163 Soissons 6s. 13 Sweden 63 15 Swiss Confed 83 6 Tokio 5s. 2 Ud Kingm 5% Ud Kingm 6%s ‘37 Uruguay 8s.... MISCELLANEOUS. Afax Rubber 8s 2 954 @ Am Agr Chem Tis Am SmIt&R 1st bs. Amer Smelting 6s. Am Sugar Ref 6s.. 10 AmT& Tcltrbs 17 AmT & Teltrds.. 55 Anaconda cv db 78 100 Anaconda 1st 6s...161 Armour & Co 4%s. 1 Atlantic Refin 5s 1 Barnsdallst8s. . 6 Bell Tel Pa 6s rcts. 11 Heth Steel rt 5s. .. Beth Steel pm Us. Beth Steel 8 1 6; Brier H St 1st Bklyn Edison Bklyn Ed gen § Central Leather 53 Cerro de Pasco §s. Chile Copper 6s Commonwth P 6s Con Coal Md 1st 5: Cuban-Am Sug §s. {Cuba Cane cv d 8s. Det Edison ref 6s. Diamond Mth 71 Du Puntde N 7 Duquesne L2 7% Duquesne Light 6s E Cuba Sug 7% Empirs F&G 7 Fisk Rubber 8s. | Gen Flec 1eb 5s Goodrich 6148 | Goodyear 88 1831 Goodyear 88 1941 Humble O&R 5% Indiana Steel 5 inc Mer Marine 6 Int Paper 1st 55 A. Int Paper 1st 5s B. Keliy-Spring 8s. Liggatt & Myers Liggett&Myers 5s. Manati Sug of Ti¢s Marland Oil 8s = Mexican Petrol 8 Mich St Tel st 5s. Midvale Steel 8s. .. Montana Power 53 Morris&Co 15t 4152 New Eng Tel 5s... N Y Edan 1st 6143, NYG EL H&P § N 'Y Tel 68 41 Y Tel 6349 N Y Tel 4345 N Am Ediso States Pow Northwst B Tel 7s. Otis Steel T3s. Pacific Gas & El 53 PacT & T 68'52. Phila Co ret 6s A. Pierce-Arrow 8s Producers & Rf 8s. Producrs & R8s w Public Service 5s. Punta Alegre Sacks&Cosfis Sharon Stl F Sinclair Ofl sSin Crude Oil 5%, Sin Crude Oil 6s. Sin Pipe Line b: South Bell Tel 6s.. So Por Rico Sug St Oil o Calif 7s. Steel & Tube Tenn Elec Pow 6: Tide Wat Oil 6s. Union Bag & P 63, Unit Drug cv 8s. U 8 Rub 1st rf 53 U S Rubber 7% U S Steel s £ 5: Utah Pow & Lt 5 Vertientes Sugar s va-CarChem Ts... Va-Car Chm 7%s v Warner Sugar 7s.. West Uanion 6% Wickwire Spen 7: Wilson & Co 1st 6s Wilson&C cv 7}4s. Wilson & Co cv 6s. Winchester A T¥%s 1 2 4 30 26 37 o LeaBraannBowaman RaaaBiR-a5 S s 91 101 6% 106% 126 84 110% 101% 984 987% 984 98y 8614 | 9415 100% | 105% | 101% 941 ¢ 103 | 97 | 113% | 7% ‘ 107 102 8915 97 82 67 | 103% ! 109% | 93% | 9% 9714 90 105% e Market- Flashes at Today’s Close’ Stockholders of the Atlas Powder Company today voted to create 500,- 000 shares of common stock, no par. of which 261,438 three-quarter shares Will be issued in exchange for present $100 par shares. The exchange will De on the basis of three new shares for one of the old. ¥, W. Woolworth & Co. today is- sued ® statement to the effect that 1 no_extra dividend is in contemplation and that all accumulations of cash capital are to be used to liquidate current bank loans. This came as a surprise to many on Wall street, as the company's stock jumped 6% points in this morning’s trading on reports that an extra dividend would be paid. It dropped back 6 immedi- ately after the announcement. An extra dividend of $2 and the regular quarterly dividend of $2 pay- able July 2 on stock of record June 23 was declared today by the In dependent Pneumatic Tool Compan: | Pennsyl 615 . | Third Ave ref 4s iity, voted down resolutions providing {24.35 to 24.3 The Hudson Motor Company shi 10,200 cars in May as against 9,400.in April and 8,604 in March. Current earnings of the Hydrox Corporation, ice-cream manufactur- ers, are at a new high figure. June Drofits are officially estimated at $150,- ’ RAILROADS. Ann Arbor 4 Atchison gen Atchison adj 4s Atlantic C Licl 4s. AtlanticCL 4%4s B&Oprin3ks B & O gold 4 Low. Close. 62% 62% 88 88 80 80 81% 82 8 86 96% 95% 7% 7% 100% 100% 8% 9% 81% 8l% 93% 93% 88% 89 90% 90% 113% 113% 112% 112% 9 9 97 97 85% 864 89 89 874 87% 84 B4% 29% 29% 86% 6% 99% 99% 9% T9% 50% 63 59% 67% 81% 667 2% 107% 108% 80% 78 113% 2% 1014 103% 84 104% s 86% 7% 99% 4% B&OSWaivay Bkl RT 7521 ct s Buft R&PItt 4348 Canadian North 7s Canad North 6%s. Canad Pac deb 4s. . Car Clinch & O 6s Central Pacific 4 Ches & Ohio cv Chi & Alton 33 Chi B&Q gn 45" Ch! B&Q 18t rf Gs Chi & BTl gn & C M & Puget Sd 4s. Chi M&S P re Chi M&St P ov Chi M&St P 45 '26. Chi M&S P cv 4348, Chi M&St P 43°34. Chi& N W 7 Chi& NW ¢ Chi Rys 68 ChiRT& Pacrtds Chi Un Sta 6148 Chi & W Ind cn 4 CCC&StLrénA.. Cleve Term 5%s. .. Colo & Sou 414s. Cuba RR7%s. CubaRR s Del & Hd 1strt 4 Del & Hudson 513 Den&Rio G con 4s. D& RG Istrt b Det United 43 Erle 1st con 4 Erle con ext 7s.. Erle gen 4 Erfeconv4s A. . FErie conv 4s D. Gr Trunk sf db 6; Grand Trunk Gr North gen _ Gr North gen 513a. Havana ERL&P 53 Hud & Man ret 6 a o —a ealowar=330l0la8nnn v ' 108% 100 85 8084 59% 861 101% 65 03 43 3314 684 7614 £504 80% 04% 924 10214 90% 104 111 Central 514 Int Rap Tran Int R Tranait 7 Int & G Nor aj Towa Central rf 4 owa Cent 1st 5s Kan City Ft S4s Kansas City S 5s. . Kan City Term 4s. Lalke Shore 4528, Lake Shore 45 '31 Lehigh Valley 6s. . Louis & N un! 4s Louis & Nash 5 Manhat Ry cn 4s.. Market St en 5s. Mil EI Ry & L 5s M StP & SSM 6% MK&TIstds.. MK & Tprinbs MK&T4sB MK&Té6sC. MK & T adj b5 Mo Pacific 6s. Mo Pacific gn 4s. Montrl Tm 1st 5. B e aBxruaCauman aig g Somaawad=a3u N'Y State Ry 4145, NY W & Bos 41 orfolk & W cn Norfolk & W cv 63 Northrn Pe 5s ret. Ore & Calif 1st §s. Cre Short Lref 4s. Ore-Wash 1st rf 4s 21 Pennsyl gen 5s.... 26 Pennsyl gen 43%s.. 50 3 1 Pennsyl gold Pennsyl con 43%s. . Pere Marq 1st 5s. Rapid Tran 6s w 1. Reading gen 4s RIArk & L4ljs St L IM&S R&G 48 San A & Arn P 4s.. Seab'd AL d4ssta.. Seab’'d A Lref 4s.. Seab'd A L adj Seab’d A L con Sou Pacific cv 4 3 Sou Pacific ref d4s.. 15 Sou Pacificclt4s.. 5 Southern Ry 1st 58 10 Southern Ry gn 4s 45 Southern Ry 6% 63 11 Third Ave adj 5s.. 16 Union Pac 1st 4s... 12 Union Pac 1strf4s & Union Paccv 4 Gnion Paccv E Virginia Ry 1st 6s. Wabash 1st & Western Md 4s. West Shore 1 Wisconsin Cent 4s 40 32 6% 91% | 6% | 81% | B 6 1 €814 " €87 10115 1013 ! 63 67| 53% 3% | s 914 833 ¥3M 96k 95% | 103% 1031 { 9% £6% 9% Y6% 62 2 81 6% 76 TOTAL SALES (Par Vaiue): ila.m.. 3123000 1% noon. 5301000 1pm.. 6670000 2p.m.. 7869000 _—,——— MAKE RATE $4 A YEAR. Dome Mines Directors Vote Down Segregation Plan. TORONTO, June 13.—Directors of the Dome Mining Company, Ltd., at the annual meeting fixed dividend payments at $1 a quarter, making the rate $4 a year. W. T. Finucane was elected a director, succeeding Fred- erick G. Corning. The stockholders, by a large major- . b4 for complete segregation of Dome mines from J. S. Bache & Company of New York: separation of the offices of president and treasurer, and the opening of separate offices for the company in New York. TODAY'S COTTON PRICES. NEW YORK, June 13.—Cotton fu- tures opened steady: July, 28.43; Oc- December, 28.55; Jan- 11:45 a.m.— Bids, steady; October, 25.03; December, 24.39; January, 24.06; March, 23.99. NEW ORLEANS. June 13.—Cotton futures opened steady; July, 28.60; Qctober, 24.64; December, 34.55; Jan- uary, 22.88: March, 23.75 asked. Futures. 11 a.m—Bids. steady; July. 25.13; October. 24.24; December, 23.70 January, 23.60; March, 23.50. NEW YORK, Jube 13.—Cotton fu- tures irregular; July. 27.95 to 28.03; October, 2 to 24.96; December, Janua 24.G6 to 24.10; March, 23.96 to 23.97. Spot cotton quiet; middling, 29.20. NEW ORLEANS, June 13.—Spot cotton steady; 25 points lower. Sales on the spot, 12.00; low middling, 28.75; middling, 29.50; good middling, 30.00. Receipts, 2,429; sales to arrive, none; stock, 86,451 —_— CALL MONEY LOWER. NEW YORK, June 13.—Call Money easier; high, 4%: low, 4; ruling rate, 4%; closing bid, 4; offered at 43; last loan, 4; call loans against accept- ances, 4%. Time loans steady; mixed collateral, 60 days, ‘zfiu; 4-6 months, 5; prime commerelal paper, 5. 3 FINANCIAL. Grain, Produce and| Live Stock . WHOLESALE MARKET. A weakness was shown in the con- dition of the butter market today. There has been quite a fluctuation in butter prices the past two or three weeks, the latest change meaning a drop of a cent or two a pound. ‘The egg market was firmer today. Recelpts of eggs hava dropped off the past few days and prices have taken a slight advance. The advance is not | sufficient to greatly affect the retail market. Receipts of watermelons. canta- loupes and peaches from the south has decreased demands for other truits. Peaches from North Carolina are reported as being particularly fine, and prices are not exceptionally high. Eggs—Strictly fresh, selected, can- dled, per dozen, 25: average receipts, 22; southern, 22. Live poultry—Roosters, per Ib.. 14; turkeys, per ib., 25; spring chickens, per Ib., 40a50; keats, youns, each, 60; fowls, per 1b., 25. Dressed poultry — Fresh - killed | spring chickens, per 1b., 50a55; win- ter chickens, per Ib., 33a40; hens, per 1b., 28; roosters, per lb., 20.; turkeys, per lb., 40a45; keats, vouns, each, 70a80. i Live stock—Calves, choice, per 1b., 9%; medium. per Ib., $a8%: thin, per Ib., 6a7. Lambs, spring, per Ib., 12; live pigs, 3.0025.00 each; iive hogs, per i T Green fruits—Apples, per bbl., 4.00 | .00, California oranges, per crate, 00a5.50; Florida, 5.50a7.00. Lemons, per box, 5.30a8.50. Grapefruit, 4.00a 5.00. Strawberries, per qt., sals. Black- berries, per qt., 6a20. Vegetables—Potatoes, per bbl., 1.5022.00; per sack, 2.00a2. ., No. 1, 4.00a5.50; No. potatoes, North nearby, 1.00a3.00. | Lettuce, per crate, southern. 1.00a | 2.50; Romaine lettuce, per crate. 75a | Iceberg lettuce, per crate, 6.00a Cabbage, southern, 2.00a2.75 per | Eggplant, per crate, 2.00a3.50. Tomatoes, per box, Florida, 2.00a6. Beans, 1.5023.00 per basket. Peas, 50a .50 per basket. Peppers, per crate, Florida. 1.00a4.00. Kale, per barrel, 1.00a1.%. ~ Spinach, per barrel, 3.00a 4.00. Celery, per crate, Florida. 3.00a 6.00. Squash, 1.50a2.00." "Florida lima beans. 4.00a7.00 per basket. Aspara- gus, 1.0024.00. GRAIN AND PROVISIONS. BALTIMORE, Md., June 13 (Spe- cial).—Potatoes, new. barrel .00a old, 100 pound: i N 3, pounds, 1.25a: barrel. g 1.50a3.00; .50; beets, hundred, 4.00 abbage, basket, 1.25a1.50; car- hundred, 3.00a6.00; corn, crat 1.50a2.00; cucumber: 2 40250; onlons, onfons, bushel 1.23a2. lettuce, 100 pounds, rundred, 1.00al. 5; peppers, crate, a3.50; radishes, hundred, 1.30a2. rhubarb, hundred. 2.0023.00; spinach, bushel, 75a1.00; squash, basket, 1 a2.00; tomatoes, crate, Llackberries, quart, 12a20 loupes, crate. 1.50a6. pound. 6al3; grapefruit 8.25; huckleberries. quart, oranges, box, 3.00a6.00; peache: 00a3.50: pineapples, crate, °. : watermelons, 45a75. Selling Prices at 12115, Wheat—No. 1 red winter, spot, no No. 2 red winter, spot,{ 3 red winter, spot, no quo- . 2 red winter, garlicky, 3 red winter, garlicky, no quotations: June wheat, Sales—None. Corn—Cob, new. 4.35 per barrel; | spot, 91 per bushel: No. 2 No. 4; no quotations: track ellow, No. 3 or better, 851 per bushel. !sues—?,soa bushels of No. 2 white al Oats—White, bushel: No. 3. , Rye—Nearby No. 2. 33a53ls per 23215 per bushel. I e 5280 per bushel; No.| 2 western export, spot, 79% T bushel; Xo. 3, no quotation. © °° Hay—Receipts, 64 tons; ample re- | ceipts for all trade wants, 18.00a22.00 per ton Straw—No. 16.00; No. 1 w ©oat. nominal, 15.00a 1 tangled rye. 2. No. 1 heat. 12.50213.00; 14.00a15.00. TODAY'S CHICAGO PRICES. ! CHICAGO. June 13.—Although the| wheat market here showed something of an upturn in price today at the outset. a decline soon took p)lce.l The initial strength was due to an unexpected advance in Liverpool quo- | tations. Buying here, however, lack- ed volume, ‘and with harvest condi- tions improved by better weather the market underwent a moderate set- back. Opening prices, which \‘lr!edl from unchanged figures to % higher, with July 1.10%2 to 1.103% and Sep- tember 1.0914 10 1.09%. were followed by a sag all around to well below yesterdax's fin!sh. Corn and oats descended with wheat. | After opening 13 to Xa% higher, July §0% to 1, the corn market suf- fered a moderate general fall. Oats started unchanged to %3a% lower. July 4113 to 41%. and then continued to weaken. Provisions were firmer, in line with hog values WHEAT— Open. Hign July 0% i . 1don 1afE 1005 EASING OF MONEY RATES PREDICTED Treasury Offering Cited to Show Trend—New Bank Officers. The Treasury offering of $150,000.- 000 certificates, bearing 4 per ceni interest, indicates a distinctly easier money market, according to well in- formed banking circles. On March 15 an issue was floated on a 4% per cent basis. Borrowers have been holding off for several days in anticipation of better rates on time money and com- mercial money, but little shading is reported, although dealers continue to expect it in the near future. The Treasury announcement of 4 per ce certificates points toward a general reduction in money rates in the near future. ‘ihe Pniladelphia Federal Reser:e Bulletin for June says: “Past fe weeks have witnessed a definite slackening in wholesale buying further price recessions in many com modities, and to a certain extent slowing down of industrial operation« Much of the change is of a season nature. There is considerable e dence that comsumption is keepiix pace with production. Stocks goods in the hands of manufactu: and dealers are comparatively 1 and in most cases are not accumula ing. These facts suggest that busines has been fairly well stabilized at « near present levels. Another factor that may influer the money market downward is th apparent determination of the admir istration to force economies that wi permit a reduction in taxatior ery dollar of burden taken off th taxpayver is a boost to business. _Ogden Mill a speech before tl ational ~ Monetary Association las Thursday, said the American people a:/ now paying no less than $8,000.000,000 in taxes, about 15 per cent of the na tional income. About $4.500,000.000 of this is paid to states, counties, munici palities and other political subdivisions The Cleveland Federal Reserve Bank monthly bulletin savs: “The busines: pulse is steadier—not weaker—as a re sult of the discriminating attitude whict people are adopting. ‘This statement adds weight to the general opinion that business has bee stabilized and easier money rates prospect. Bank Officers Elected. The board of trustees of the T Washington Savings Bank cleci at the annual meeting of sh: holders. June 6. was organ yesterday by the election of the follon ing officers: John C. Yost, presiden Samuel H. Walker, vice president Lewis Flemer, second vice presider and Charles A. McCarthy, secretary and treasurer. ‘The members of the board of trus tees -are John C. W. Beall, James A Donohoe, Gratz E. Dunkum, Lewis Flemer. John Ford, W. P. C. Hazen M. A. Lynch, W. A. Lynch, Charles A McCarthy, Henry H. McKee, Morris Marlow, William Payne. jr. Samuel H. Walker, John C. Weedon and John C. Yost. Bullding Contract Awarded. Contracts for the new three-stor: building_ of the International E. change Bank, with a frontage of feet on H street and 100 feet on street, have been awarded and work on the structure will start July 1 according to announcement made vesterday. Sumuel Miller & Cos bid for the granite and stone was accepted and the marble contract let to the Na ticnal Mosaic Company. both loca! concerns. 0. Harvey Miller is the architect. According to plans the banking space on the first floor will be thirty feet wide and seventy-five feet deep A mezzanine floor is to be construct €d between the first and second floors. More space can be added to the bank- ing floor for future needs without re- moving any beams or columns, the bullding being of a wall-bearing type of construction. The entire second floor and part of the mezzanine floor will be devoted to offices. Much interest is being_displayed by local bankers in the Hibbs cup and tombstone tournaments, to be run off at the forthcoming convention of the District Bankers' Association at Hot Springs. All entrants were requested ves terday to forward thelr club handi- caps to Algernon S. Gardiner. pres dent of the Standard National Bank chairman of the golf committee. M: Gardiner is desirous of completing all arrangements before the bankers leave for the convention. Thera will be a qualifying round on Thursday afternoon, June 21, for those competing in the Hibbs cup tournament. The tourney will be played on Friday afternoon at - o'clock. The Tombstone tourna- ment is scheduled for Saturdav afternoon at the same hour. Putting contests for women will he held on Thursday and Saturd: afternoons at 2 o'clock. September .. December 1 1.0 108 CORN— & L 10913 1.001 5 E 1 1% | i December .. LARD— 308 j September ... 1L X i TBS— i g July . 9.20 . Septem 937 DAIRY MARKETS. BALTIMORE, Md., June 13 (Spe- cial).—Live poultry—Spring chickens, pound, 45ab6; small and Leghorns, old hens, 22a24; Leghorns, 20a : old roosters. 14: ducks, 16a20; spring ducks, 27a28; pigeons, pair, 30a35. Egge—Loss off, native and nearby fivsts, dozen, 22a23; southern, 21. Butter—Creamery, good to fancy. 37a41; prints, 42a43; nearby creamery. 35a3 ladles, 34a35; rolls, 30a32; store” packed, 20a30; dairy prints, 30a32. CHICAGO LIVE STOCK MARKET. CHICAGO, June 13 (United States Department' of Agriculture).—Hogs, receipts, 28,000 head; good to_choice, light and butchers, mostly 5 conts higher; snots un more; others steady to strong: bulk 180 to 240-pound averages, 6.8526.90: 250 to 350-pound butchers, 6,60a6.80; packing sows, mostly 5.7526.15; bulk desirable pigs. 2526.25; heavywelzht hogs, 6.60a6.80 medium, 6.7026.90; light, 6.6526.85 light light, 6.25a680; packing sows, smooth, 5.75al packing sows, rough. 5.60a5.80; killing pigs. 5.00a Cattle—Receipts, 12,000 head: slow: Detter grades beef steers and fat she stock, steady to strong; other; grades weak. pending lower: killing | Suaiiey Tairly "mocd. desirabie year: iings in most active demand: early top heavies, 11.00; some held higher; best yearlings, 10.50; choice heifer yearlings, 10.00; bulls steady to weak; other classes generally steady; bulk desirable vealers to packers, 9.00a 10.00; up to 11.00 to outsiders. Sheep—Receipts, 8,000 head; fairly active; spring lambs steady to strong; sheep steady: bulk desirable native springers, 15.75a16.00; few 16.25; strong - weight culls mostly 11.00; good handyweight ewes around 5.50; bluk heavies, 3.26a4.00. BUTTER PRICES LOWER. CHICAGO, June 13.—Butter—Lower; creamery, extras, 38; standards, 38%: extra firsts. 36%237%; firsts, 34%a 351 ; seconds; 33%ad4. Eggs—Lower: receipts, 27,537 cases; firsts, 22; ordinary firsts, 20a20% : mis. cellaneous, 21a21%; storage pack ex- tras, 24%; storage pack firsts, 24. WALL STREET NOTES. NEW YORK, June 13.—Closing o the Amoskeag Manufacturing Com pany mills for two weeks beginning June 29 will be the heaviest curtai- ment yvet announced by a major New England mill. The shut-down applies to all departments. Ex-dividends today: American Ca preferred. Montana Power common an preferred. Regular quarterly _dividends toda: Air Reducticn, Pacific Gas and Elec tric common, Philadelphia Compan: United Shoe common and preferrei Union Bag and Paper and H. W Johns Mansville. New York bank clearings. $639.000. 000. New York bank balances, $7 000,000. New York Federal Reser Bank credits, $66,000,000. bank clearings, $71.000,000. B BOSTON STOCK MARKET. BOSTON, June 13.—Following is « list of today's highest, lowest and cl ing prices for the most active stoch dealt in here: _ High, Low Ahmeek .......... .. 68 68 Am Tel & Tel Amoskeag . . Arcadian_Cons Arizona Com . Boston & Albany.. Boston & Maine....... Boston Flevated Connor I T... Copper Ttange Davis Daly . st Butte . Eastern 8 8. Frankiln . Hardy Coal - Int Port Cement Tsland Creek ol Libby McNelll' & Libly 1247 £ 14 1 150 1615 801y 23 North_Butte 0ld_Colony Oseeola Juiney .00 8t Marrland Shoe Mach Bwift & Co.... Triaity ...... Tuolumne .. U 8 Smelt U 8 Smelt p Utah Metal . YVentura Oil Waldorf .. - Walworth /.. Warren Bros Pacific Mills . MILLS TO SHUT DOWN, LAWRENCE, Mass., Jine 13.—Th: cotton and print works department: of the Pacific mils will be shut dowu during the week of July 2, it was announced today. The worsted de- partment, which employs 4,000, will close on July 4 ouly.

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