Evening Star Newspaper, June 14, 1923, Page 28

FINANCIAL. ATTACKS ON 0icS MARKET FEATURE Bears Also Seize Chance to Drive Other Stocks to Low Levels for Year. BY STUART P. WEST. Special Dispatei to The Star. NEW YORK, June 14.—The day the stock exchange began with another drive agalnst the oil stocks. These were vulnerable in the light of the latest figures on crude oil pro- duction, showing that this is still on the increase despite the recent price cutting. There was special weakness in Pro- @ucers and Refiners at a new low for the year, in the Mexican Seuboard is- sues and in Texas-Pacific Coal Oil. In the last named the court pro- ceedings brought in an attempt to establish alleged misrepresentations | regarding the condition of the com- were back of the selling. weakness in the Mexlcan sea- boards w: sequel to the discovery that no new field has been opened up, as was thought a month ago, but that the supposed trike ' was | merely an extension \ existing well. Sinclalr wad unfavorably af- fected by the new $25.000.000 67z per cent bond issuc Copper Stocks Steadier. Copper stocks were not as much helped as might have been expected dvance in the copper metal ccompanied domestic b steadier others during the inte ure was Keen- ports of These st than most_oth vale when selling pre est. Utah and Kennecott did rather better than Anaconda. Other ms bers of the copper §roup werc inac- tive. Disappointment was expressed that New York Central did not respond more to the 7 ver cent dividend. The street I however, that the stock should g sell above the 6 per cent debenture bonds in order to induce bondholders to exchange These bo elling in the mar- ket today s above the stock. air Buying in Ralls. Con rable buying appeared in Atchisen in anticipation that th road will follow New York Central's example and increase its common share dividend from the bresent & to 7 per cent. Atchison, like O\n- tral. has its long-term bonds out on a Jow Intcrest b It would be Able to show, also, that, averaging bond Interest with the per cent dividend, the return on capital account would be moderate. This is a highly de- sirable statement to make nowadays To answer charges of radical nien getting ready to fight th rlers “on the question of rates. Pound Oils in Afternoon, Traders kept on with their ham- mering of the oil stocks through the afternoon. The old California Petro- leum stocks having been withdrawn from the list, the new shares repre- senting four for one, were the only common shares dealt in. No reason was assigned for the very sharp break in “California New” except that its market position was not as strong as that of the old stock and that as a result it succumbed along with the ®eneral weakness in the oil group. Skelly Oil was driven down under 20 for the first time. Producers and Refiners, Cosden. Mexican Seaboard, Pure Ol and Sinclair all continued under pressure. But this selling of the oils failed to have much effect in other directlons. Sugar stocks ceased to be sensitive to the decline in sugar futures. The principal strength, however, toward the close of the day lay in the railway lst. Moves In Other Markets. In the commodity markets it was a day of conflicting movements. The speculative sugar options broke again pretty sharply and cotton went lower. The groin market, however, was stronger and quotations on the copper | metal were put up to 15% cents a| pound against the recent low of 14%. Kelly-Springfield Tire was actively | sold again today. getting _down to a new low for the year. The decline was based upon general market con- | ditions, lower quotations on crude rubber and talk of a price-cutting war. Some people are pointing out! that it would be a distinctly good thing for Kelly-Springfield if it were | to call in its $10,000.000 ten-year ! sinking fund 8 per cent notes of 1931, | which it could do on any interest date | at 110. This would require substitute | financing, but the new securities could be put out more advantageously | and thus result in considerable sav- | ing. 1 Timken Roller Bearing was bought again on the strength of cxception- | ally good earnings, favorable reports of ‘current business and the expecta- tion of an increase in the dividend | rate above the present $3 annually. Timken earned $1.72 per share in the Airst_quarter of 1923, an increase of 53 per cent over 'the first three months of last vear. May showed & further improvement and June is said to be running ahead of May. NEWBONDISSUES | TOTAL $170,000,000 By the Aswociated Prees NEW YORK. June 14.—Public of- fering of new bonds totaling about | $170,000,000 will be made to Ameri- can investors within the next two weeks. One of these, $25,000,000 Sin- clair Consolidated Oil Corporation first lien collateral fifteen-year 61 ‘per cent gold bonds, series B, is be- ing offered today at 94, to yi‘;ledl about 7.15 per cent. Two other large issues 'will be £50.000,000 Tllinois | Bell Telephone Company bonds and 325,000,000 state of Kansas bonus bonds. More than a score of smaller ofterings are contemplated or defi- nitely announced. ——— SCORES AGRICULTURE REPORT ON COTTON Former War Finance Head Tells| Growers Industry Is Most Hazardous. By the Associated Press. BLOWING ROCK. N. C.. June 14— 'The result of the report on what cot- ton growers intended to plant, issued by United States Department of Agri- oulture April 20, and on the world's unconsumed supply, issued the next day by the same government agency, was “disastrous,” A. W. McLean of Lumberton, former director of the ‘War Finance Corporation, declared in an address here today. “It now seems he added, “that neither of these reports thus issued was reliable or entitled to serlous consideration.” Mr. Mclean who was speaking b fore a joint convention of the Cotton- seed Crushers assoclations of North R:d South Carolina, delivered an ex- ustive address on the cotton situa- At the present time, he as. , “the cotton industry s per- baps 'the most hazardous of all branches of agriculture.” Referring to the widely discussed rts of the Department of Agri- culture issued this spring, Mr. McLean declared that the “report of ‘intention to point’ was unrellable and wholly misleading and ought never to have been {ssued.” “The department, of course, claims that it obtained this information from a hundred thousand or more grow- ers,” he continued, “but I have been ynable to find any of these,” THE | NEW YORK STOCK EXCHANGE Adams Express Ajax Rubber. Alaska Juneau. All Am Cable. .. Allied Chem.... Allled Chem pt.. Am.Agr Chem Am Ag Chm pt.. Am Beet Sugar. Am Bosch. Am Can. {Am Can'pt. Am Car & Fdy. . Am Chain A Am Chicle Co... Am Cotton OIl. . Am Cot Ofl pf... Am Druggist. .. Am Express. ... Am H & Leath.. Am Jce. Am Internat’l Am La France. . Am Locomo. . Am Loco (new). Am Safe Razor. . Am Ship&Com. . | Am Smelting Am Smelt pt. Am Snuff. | Am Steel Fdy Am St Fdy pf. . Am Sugar. Am Sumatra. ... Am Tei & Telg.. Am Tobacco. . .. Am Tob pt (n).. Am Water Wks. Am WWk6% pt. Am Woolen..... Am Woolen pf. . Am Wool pf f pd. Am Writ Prpf.. Am Zinc&Lead. . Anaconda. | Arnold Co. Asso D Goods. i Assoclatec Ol . Atchison... Atchisoupf..... Atlar. Cst Line. . {AC Fruit etts. .. Atlantic Gulf. .. At Refining pf.. Atlas Powder Atlas Powder (n) Austin Nichols. . Auto Knitter... Auto Sales. . Auto Sales pf... raldwin Loco. .. Balto & Ohlo. ... Balto&Ohionf.. Barnesdall (B). Batopllas Beth Steel...... Beth Stl 7% (n).. Blumenthal pf. Booth Fish. Bklvn Rap Tra. |BRT warrants. Brown Shoe. ... Burns Bros (B). Butte Copper. Butte & Super.. Caddo Ofl. Calif Pack Callf Petrol Calif Petrol pt. . Callahan Zine Chiumet&Ariz Canad'n Pac. ... Case Plow Wks. {Case (JI) pf.... Central Leath Cent Leath pf... | Cerro de Pasco.. | Certain-Teed Chandler Mot Chesap & Ohlo.. Ches & O pf wi.. Chi & Alton..... Chi Great W pf. Chi Mil & St P. Chi MI1&StP pt.. Chi & Northwn. Chi Pneu Tool Chi R1& Pa Chi RT &P6%pf. CStPM&Opf.. Chile Copper. | Chino Copper. | Cluett Peabody. | Coca-Cola. 3 Colo Fuel. Colo & South. | Columbra Grap.. Comp Tabulat. . Cons Cigar... Con Gas new. Cons Textile Cont Can Continental Mo Corn Products. . Cosden & Co Cosden pf Crucible Steel Crucible Stl pt.. Cuban-Am Sug. | Cub Cane Sus... Cuba Cane S pf.. Cuban Dom'can. Cuyamel Fruit.. Davidson Chem. Del & Hudson. .. De Beers. . D Lack & Wstn. Detroit Edison. . Dome Mine: Douglas Corpn Dupont (E1). Eastman Kod. lec Stor Bat. ‘Endicott-John.. Erle. . Erie 1st pf. Erle 2d pf. Famous Play. .. Famous Play pt Fd Mines&S pf.. Fif Av Bus wi. Fisher B of O pf. Fisk Rubber. Fleishman. Foundation Freeport Texas Gen Am Tk Car. Gen Asphalt. Gen Gen Gen Elec spl wi. Gen Motors. Gen Mot 6% deb. Glidden. .. Gimbel Bros. Goldwin Corp. Goodrich. Goodyear p! Goody pr.pt w! Granby Consol.. | Gray & Davi: Gz Northern pf.. Great Nor Ore... Gt West Su pf. Guantana Su. Gulf M & Nor pf. Gulf St Steel Hayes Wheel... ke Houston Oil. Hudson Motors.. Hupp Motors. ... Hydraulic Stl... Illinots Central. Ind Ofl & Gas. Indian Refining. { Indiahoma . Inspiration..... In Ag Chemical. Interb Rap Tr... Int Cement InCombust E... Int & Grt North. 1nt Harvester... int Harvester pf int Mer Marine.. Int M Marine pt. Int Nickel. Int Nickel pf Intl Paper...... Int Shoe - Int Tel & Teleg. Invincible Oil... Inv Oil (ctfs) Iowa Central. Island Oil. Jewel T Jones T¢ Jones & L'gh pf. Kennecott. . Keystone Tire.. Kinney GR.. Kinney G R pf. Kresge (S8) Laclede Gas. Lee T & Rubber. L . High. Low. Close. | 214 105% 6x, 505 152% 1 72 9 1% 102 694 110% 16% 420 264 37 98% 109% 72 8 72 8% 1% 102 65% 110% 16% 42% 560 37 96% i 109% 7% 6% 14 68 67 ELY % 19% 56% 5% 21 53 3214 38% 357 bls 623 100 220 86% 2% 1701 22% | 9% Received by Private Wire Direct to The Star Office Open. High. Lehigh Valley.. 1 63% 63% Lig & Myer (B). 199% 200 Lig & Myers pf.. 114 , 114 Lima Locomo 64% 65 Loews Inc 164 164 Loft Inc. . T T Loose-Wiles.... 45 45 Lorillard (P) 156% 156% Louls & Nash 2 Mack Trucks Macy Co... Magma Cop, Mallison & Co. Manati Sugar. Manhat El Sup. Man El inv guar. Manhat Shirt Market St Ry. Marlazd Ol Martin-Parry. Maxwell (A). Maxwell (B). May Dp Store: McIntyre Por. Mex Seaboard Mex Seabd ctfs. Miami Copper. Middle St OI1. Midvaie Steel MoK & T (new). MK&T pf el A (n) Mo Pacific. Mo Pacific pf. Montg'y Wrd . Voon Motors. Mother Lode. . Mullins Body. .. Nash Motor. Natl Acme. Nat Biscuit . . | 1 Riscuit pt. . Cloak&Spt. Nat Conduit. .. atl Dept Stores. 1 Dept Sto pt. atl Lead. .. Natl Ry of M 24. evada Copper. Y Alr Brake. . N Y Canners. . N Y Central. . {NY Dockpe.... NYNH&Harttd. Norf & West. . North Amer. North Pacific. Nunnally Co. . Ohfo Bdy & Blw. Oklahom Prod. . Ontario Silver. . | Onyx Hoslery pt Orpheum Cir. .. Orpheum Cir pf. Otis Elevator... Otis Steel. Owens Bottle Pacific Develop. Pacific G & El. Pacific O1l Packard Motor. Pan-Am Pete. .. Pan-Am P (B) Parrish & Bing. Penn Coal & C'k Penn Seabd Stl.. Pennsvivania, ., | Pere Marquette Philndelnhia C {Pnitlios Pec Plerce-Arrow. | Plerce-Arpt. . Pierce Of1., Pierce Gil pt Pitts & W Va... Postum Cereal.. 102% | Pressed st1 Car. 61 | Produc & Ret... 391 Pub Serv (new). 49 Pullman Co 118% | Punta Alegr: 5%, Pure OIl. .. ! Pure Oil 8% pf.. Rap Tr Sec w.l. Ray Con Cop. Reading. . | Remington Replogle Steel. Rep I & Steel.. Rep Ir & Stl pt. Reynolda Spr Rey Tobac (B! 7* | Royal Dutch. 5% 9%, 13112 4315 1004 ! 7l 90 28% | 120 4Th 6% TT% 109% 6% 27 14 82% a1 6815 67 12% 12% 3% % 195 57% 108 %% 21 58 82% 39% 35% 5% 62% 100 220 863% 23% St Joseph Lead St L&San Sran St L&San Sr pt St L Southwn St L South pf. avage Arms. San Cecll Sug | Schulte Stores. | Seaboard Air L. {Seab'd ALD... Sears Roebuck .. ears Roebk pf. | Seneca Copper. Shell Union. Simms Petrol Simmons. { Sinclair Ofl. 75 108% T 16 uthern Rwy | Southern Ry pt. . Spicer Mfg Co St Oil of Calif. and Oil of NJ Oil of NJ pt erling Prod. . ew't-Warner. Stromb'g Carb. | Studebaker. Superior Steel. . Supertor Oil. SweetsCoof A. Tenn Copper. . TexasCompany . Tex Gulf Sulph Texas & Pacific &PC& O, rd Avenue. .. Tide Water Oil.. 29 { Timken Bearing Tobaceo Prod. ... Tobacco Prod A Tobacco Pro pf. Trans Cont Oil. Twin CF. Tran Underwood rt Union Pacific. .. Union Pac pf.. | Un Alloy Steel.. United Drug. ... Utd Dyew'd pf. . jUuscCastIrP... | US Food Prod. . U S Hoffman M U S Indus Alco. U S Realty. { US Realty pt U S Rubber. U S Steel U S Steel pf. U S Tobacco Utah Securities. Vanadfum Cop.. Van Raalte. . Va-Car Chem Va-C Chem pt. ValrCoal &C.. Valr C&Cok pf. . Vivadou........ Wabash..... Wabash pf (A) Wabash pf (B) Waldorf (new). . Wells-Fr Exp. West Penn Co. West Elec pf. Western Md Western Md 2d. West Pacific. West Pac pf. West Air Brki Westhse EI&M. Wheeling&L E. ‘Wheel & LE pt. ‘White Eag Oll.., ‘White Motor. ‘White Oil. Wickwire. ‘Wilson Co Willys-Overld. . Will's-Overl pf. ‘Woolworth. . ‘Worthington Wright Aero. 62% 228% 231 32 32 10% 0% Low. Close. 63% 199% 114 164% 164 % 45 156% 914 T6% 6043 81 30% 56 534 38% 454 12 4l% 31 443 14% 8% 18 15% 14% 254 813 834 66% 8% 15 26% 52% 2 815 24 8% 62 228 32 10 63% 2008 114 64% 164 | T 45 156% % ! i market 26% 12% 36% held around yesterday's close or a lit- 14 12 40% | fractionally 119% 2% b 37% a4 45% | the rel 1 | ractured goods made up 344 | | 44ls 1 gy 1024 binade up 61 381 4Ry 118% | fmports, whi 5513 | but 9 per c 22% 46 828 61% 25 2%, | 9Ly 7 12 76 1084 8 164 ®% | 304 254 19% 49 46% 90% 874 | fined oils) at the principal ports 6815 ) the week ended June 9 totaled 17 51% | pared 57 69 108% 115 10% 29 3% 1% 9% 43% 58% 2314 10% 134 106% 80% 184% .10 31 20% 184 40 50 115 11% 24% 18% 59% 83% 56% 8% 15 25% ; New York bank balances, b2y 2 83 24 6% 62% 228 82 10 High. Low. Last. Call Money 5 4% 5 HOURLY SALES OF STOCKS. 233200 12m. - 440600 2p.m. e Fish lie with their heads upstream When resting at the bottom, 1 | { | i i i show [seemed very attractive and earning | Jugostavia {Great Britain in providing for pay- | per cent issue at a price of 101.14. {IMPORTS SHOW GAIN 15142,442.000, against $69.800.000; man- { ufactured | Sales approximated ! 5ihell Unfon OIl common. EVENING STAR, WASHINGTON, BONDSAREDULL AND REACTIONARY Liberties Lower — Foreign| List Firm—Some Rail Is- sues Strong. BY GEORGE T. HUGHE! Special Dispateh to The Star. NEW YORK, June 14—The bond was dull and reactionary today. Investors failed to any interest even when again power was assured. This was par- ticularly true of the second srade railroad fssues, but to a certain ex-| tent the same conditions prevailed | among Industrials. ! There was wery little change in the foreign list today. The Jugoslav 88 tle above. The announcement that expects to open nego- ext October for the fund- e war debt to the United as reassuring to the hLolders bonds. In fact, this news | acted the conc n feit over the disturbances in the Balkans. The new Austrian 7 per cent loan sold higher than yesterday's ;'14- wise foreign bonds w e United States government honds, particularly the old 41 per cent s sues, were reactionary. For the pres- ent ‘the market no longer has the support of buying for the account of Oth! ments to the United States Treasury of interest and amortization charges on its war debt. Undoubtedly sooner or later such British buyinz will ctor. Among the few s of the railroads were Line adjustments bs, nd Texas adjust [ hen react- co income cabonrd Missourl, clair 6125 were reported The offering price was 94 to vield 7.15 per cent, and the amount was $25.000,000. A syndicate headed by Hamilton A. Gill & Co. was award- ed the new City of Minneapolls 4% all sold IN RAW MATERIALS Imporis into the United State: only Inereased greatls April, ared to the same month a year ago, but there also was a vast change in tive quantities of -the various s of commodities included in the sore tota While in not in April 4 vear ago manu per cent o total, in April, 1923, such con es amounted to but r ago raw materials intended in American manufacture per cent of total. wh year they constituted A vear ago raw foodstuffs | per cent of American his year they made up nt. Figures given out by the Commerce partment today make this com- ative analysis of imports in April | vear and in the same month last year Raw the modi use April this per cent constituted materials for manufacturing, goods, $62,400,000, against $30,915,000; partly manufactured goods, $64,821,000, against $37,203,000; prepared UTPUT GAINS DURING WEEK socisted Pre: YORK, June 14.—The daily | crage gross crude oil production of the United States increased 41,300 bar- | rels for the week ended June 9, totaling 50, as compared with 2,034,950 | i the preceding week, according to Weekly summary of the American Pe- | troleum Institute. The daily average ! production east of the Rocky moun- tains was 1.336,250 barrels, as compared with 1,309,850, an increase of 26,300. California_production was 740,000 bar- | rels, as compared with 00, an in- | crease of 15,000, Imports of petroleum (crude and re- | for 5o | barrels, a daily averag com- | with 1. 2 v average | . for the week ended June 2. pts of California oil (crude and re. fined oils) at Atlantic and gull coast ports for the week ended June 9 totaled 1.646.000 barrels. a average of .143, agalnst 1,259,000, a daily average 184,143, for the week ended June 2. MAREKET CLOSES HEAVY. f 17 of By the Associated Pross. NEW YORK. June 14 —Professional traders experienced considerable difi- cuity in their efforts to undermine | the recognized leaders in today's stock market. They were more suc- cessful, however, against the low- priced stocks, bringing about con- siderable liquidation in this group. 700,000_shares. The closing was heavy. New weak spots were uncovered in the 1 dealings among the low-priced rails, also oils, sugar and chemlcals,’ Cali- fornia Petroleum. new stock, fell nearly 4 points. and the preferred 5, and Houston Oil, Allied Chemical and Missour! Pacific preferred dropped 2 each. Call money was advanced to 5 per cent in the last hour. Market Flashes | at Today’s Close The Central Aguirre Sugar com- | pany today declared an extra divi- dend of $5 and a regular quartersly dividend of $1.50, both payable July 2 to stockholders of record June 20. St. Maurice Paper Company stock has been placed on a $6 annual basis, directors _voting a quarterly divi- dend of $1.50, an increase of $1 per share per year. The Florida Bast Coast Railway Company reports & surplus of $1,991,- 872 after payment of taxes and charges in 1922, as compared with $766,705 in 1921. Ex dividends today: Epre Brooklyn Union spiration Copper, Lehigh American | Gas. In- Valley, The B. B. & R. Knight chain of cotton mills in Rhode Island and Massachusetts have closed for the remainder of this week. This is the third successive week that they have run on a three-day-a-week: schedule. New York clearings, $649,000,000. 77,000,000. New York Federal Reserve Bank cred- its, $74,000,000. Cosden Company declared regular quarterly dividend- of $1 on common, payable August 1, stock record July 3. Phelps Dodge declared quarterly $1 dividend, 2, stock record June 30, Old iron and steel prices show fur- ther declines of 50 cents to $1 a ton since first of week, heavy melting steel being offered low as $17.50. Secretary of Treasury announces subscription books for current offe: ing of $150,000,000 closed Wednesday. No figures are available, but believed regular payable July amount heavily oversubscribed. | Dutch East [ 68 | Mexico 4s. { Rio de Jan 88 1947 |AmMT&Tecltrds.. | eth Steel rf 5. .. {Cerro de Pasco 8s. {CinG & E5%s's2. {Commonwth P & | New Eng Tel 5s. INY Tel 65 '41. | va-Car Chem 7s... D. C, THURSDAY, JUNE 14, 1923. [ov new vorx BONDS srock sxcaance] Received by Private WireBlroct to The Star Office. (Balek are in $1,000.) UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 101-1 means 1011-32) Sales. High. Low. Close. Lib 3%, 58 101-2 100-30 100-30 Lib 1s 64 98-10 98-8 Lib2d 4%s... 553 95-7 98-5 1 Lib3d4%s. . 455 98-18 98-18 | Lib 4th 4% 653 98-10 US4%s1952. 119 99-24 FOREIGN. Sales. High. 1. 5 1024 1023 91% 39 102% 4 17 17 Areentine 7s. Austria7s wi.. Belgium 7% Belgium 6; Belgium Bern 8s. Bollvia 8; Bordeaux Brazil 7s. Brazil 8a. Brazil T%s Canada 58 1926. Canada 5%s 192 Canada 58 1931. Canaia 5s 1952, Chile $5 1946, Chile .5 1926.... Chile 85 1941. Chinese Gov Ry 68 Copenhagen 5%3 Cuba5%swi Czechoslovakia Denmark 8s. Denmark 6s Dutch E 15%s Dutch East I 68 '62 French Govt 8s. .. French Govt 7¥s Haiti 65 ctfs Holland-Amer fs Japanese 1st 4% Japanese 2d 448 Japanese 48 Jergen U M 0s " Lyons 6s. .. Margellles 6: Mexico b6 Montevideo Netherlands 6. Norway 8s Norway 6s . Parls-Ly's-Med 6! Prague T%s... Queensland 7s Queensland 6s. Rio de Jan 8s 19 £a0 Paulo.City.8s. . Sao Paulo.State.83. Seine. Dept of. 78 erbs Crotes Slo $s. olssons 6s. . ’d Kingm 514 Ud Kingm 5%s '37 Uruguay 8s. Zurich 8s. MISCELLANEOUS. Ajax RubberSs... 4 95 9 Am Agr Chem 7%s 19 Am Cotton Ol1 58 Am SmIt&R 1st 5: Amer Smelting 65 Am Sumar Ttef 65 AmT& T cv 6 AmT & T cl tr b Anaconda cv db 7s. Anaconda 1st 6s. .. Armour & Co 415s. Atlantic Refin 53 Barnsdall s f §s ell Tel Pa 58 rets. 3 Beth Steel pm 5s. Beth Steel s £ 6. Brier HSt 1st 5% Bklyn Edison 7s D Bklyn Ed gen 5s.. Bush T Bldg 53 °60. Central Leather 53 Chile Copper 6 Con Coal Md 1st by Cuba Canecv d Det Edison ref 6s Diamond Mth 7153 Du Pontde N 7s. Duquesne Light 63 E Cuba Sug T34s. . Empirs F&G Fisk Rubber 8. Gen Elec 1eb 63 Goodrich 6143 Goodyear 8s 1931. Goodyear 8s 1941 Humble O&R 5%s. Indiana Steel 5s. Int Mer Marine 6. Int Paper 1st 58 B. Kelly-Spring 8s. Lackawa S 5s '50 Liggatt & Myers 73 Liggett&Myers 5s. Lorillard (P) 5s Manati Sug 8 T3 Marland Oil T%s Marland Ol 85 w Midvale Steel 5s... Montana Power 53 Morris&Co 15t 4133 N Y Edsn 1st 634s. N Y Tel 6343 N Am Edison 6s Northwst B Tel 7s. Otis Steel 7%s. Pacific Gas & El 53 Phila Coref 6s A Plerce-Arrow 8s. Public Service 58, Punta Alegre Sacks & Cos f7s Sharon Stl H 8s. Sin Crude Ol 5%s. 41 Sin Crude Ofl 6s. Sin Pipe Line 5s. South Bell Tel 53 So Por Rico Sug 7 St Oil of Calif 7s. Steel & Tube 7s Tenn Elec Pow Tide Wat Oil 6%s. Toledo Edn 1st 7s. Union Bag & P 6s. Unit Drug cv 8s U S Rub 1st rf 5 U S Rubber 7% U S Steel s 1 5: Ctah Pow & Lt bs. Vertientes Sugar 7s 44 16 5 4 26 11 3 64 16 3 6 Warner Sugar 7s.. 3 ‘West Union 6% 11 Wickwire Spen 6 Wilson & Co 1st 68 25 Wilson&C cv 7%s. 6 Wilson & Co cv 6s. 24 Winchester AT%s 3 105 105 —_— TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) " ke 100 100 100 100 101 90 1-16 1008 100 9 1116 1007 99 1-16 100 15-82 0% Rate—Maturity. 3% September 15, 4is September 13, 1 December 15, 18 5, 102 June 15, 1924, 41ys September 48{s March 15, 19 4345 June 15, 1925, 458 December 15, 4%s March 15, 4%s September 43,5 March 15, 414s December 15, 1 PENNSY TRAFFIC HOLDS UP. PHILADELPHIA, June 14.—There are no signs of decrease in the move- ment of loaded cars on the Pennsyl- vania railroad system. There has been a falling off in some traffic, but this has been more than offset by gains in other classes. For the week ended June 2, which was affected by Memorial day and not by any drop- Ding off in traffic, movement of load- ed cars totaled 169.639. The total for the preceding week of 183,502 broke all records for the Pennsylvania, be- ing the largest in any one week in any year. —_——— CALL MONEY FIRMER. NEW YORK, June 14.—Call money firmer; high, 5 per cent; low, 4% rui- ing rate, 4% closing bid, b; offered at 5% ; last loan, §; call loans against acceptances, 4. Time loans steady: mixed collateral, sixty to ninety days, 4%a5: four to . 5; prime commercial paper, o RAILROADS. Sales. High. Low. Close. Ann Arbor 4s 4 62% 62% 62% Atchison gen 4i 21 88 8% Atchison adj 4s. 2 80% Atlantic C L cl 4 8l AtlanticCL 4% 87 B&Oprin3is, 957 7% 100% 80% 824 T4% & & & & Canad North 614 Canad Pac deb 4. Chi & Alton 2s. Chi & Alton 3148 Chi B&Q gn 45 Chi B&Q 1st rf Chi & B Ti1 gn Bs. . Chi Great West 43, CM& Puget Sd 4s. Chi M&S P re 414 Chi M&St Pev bs. . Chi M&St P 4325 ChIM&S P ev 4143, Chi M&St P 4534, &StPgn4 Chi& N W T o Chi Ryn 58, ChiR1& Pacrfds Ché Un Sta 6145, Chi & W Ind 7345 CCC&StLrt 6s A Cleve Term 514, Colo & Sou 414s Cuba R Rbs...... Del & Hd 1st rf 43, Del & Hudson 538 Den&Rio G con 4. Det United 4%s. Erie lst con 4s. @ NP aRnk- mEanmaRva~ation © ieconvds A . Erfe conv 4s D. Gr Trunk s? ab 6 Grand Trunk 7 Gr North gen 7 Gr North gen 534n. 2 Havana ERL&P as Hud & Man ref 6a Hud & Man aj 5 111 Central 5148 Int Rap Tran § Int R Transit 7 Int & G Nor aj 6s Kansas City § 33 Kansas City S 5a Kan City Terrn 4s. Lake Shore 45 '28.. Lake Shore 45 '21. . Lehigh Valley 6s «ong Island rf ds. . Louis & N unf 4s. Louis & Nash 7s. Louis & Nash 5 £5 80% 941 v24 1024% 7% 107% 10415 60% o315 38 38 % 1% 631 £5% £3 56% Manhat Ry cn 4s. . Market St cn 5s M& StLrf ex b3 M& St Listrfds., MK & T 1st 4s. 1 MK&TprinisA MK&T4sB. MK&Té6s - 3K & T aass Mo Pacific 6s. Mo Pacific gn 43 Montrl Tm 1st 53 NOTex & Min 5s. N Y Cent gen 34 N Y Cent deb N Y Cent deb NYCentris NYCenLSclils, w Haven c d §s. New Haven 7s. 'w Haven 7s fi NY W & Bos 4%s, Norfolk & W cn 4s Norfolk & W cv 6s Northern Pac 3 Northn Pacr 1 és. Northrn Pc §s ret. | Ore & Calif 1st Gs. Cre Short Liref 4s. Ore-Wash 1st rf 4 34 Pennsyl gen 5: 22 Pennsyl gen 4%s. . Pennsyl 6% 1gold 7s. Pere Marq 1st 5s. Rapid Tran 6s w1 Reading gen 4s RIATk & L4y StL&SFplisA StL&SFoprinss. StL&SF incés StL&S Fadj 6s StLS W Ist 48 StP & KCShL4Ys. Seab'd A Lref 48 Seab'd A L adj bs. . Seab’d A L con 6s.. Sou Pacificcv 4s. .. Sou Pacific ref 4s. ., Southern Ry 1st 68 Southern Ry gn 4s Southern Ry 61s. Third Ave adj 5s.. Union Pac st 4s. Union Pac st rf 4s Union Pac ev 4 Unlon Pac cv 6 Virginia Ry 1st 5s. ‘abash 1st 6s. Wabash 2d 58 Western Md 4s. Western Pacifl West Shore 1st 4, 81 Whel &LE rf 4135, 50% TOTAL SALES (Par Value): 1lam.. 3139000 12noon. 4929000 1pm.. 6195000 2p.m.. 7388000 TODAY'S COTTON PRICES. NEW YORK, June 14.—Cotton fu- tures opened barely stead: uly, 27 to 5; October, 2. i December, 24.18; January, 24.0 March, 23.85. Futures 11 a.m. bids; steady 27:60; October, 24. December, January, .92: March, 22.82. W ORLEA June 14.—Cotton futures opened steady. July, 2 October, 24.10; December, Z3.1 Janu . 23.45; March, 23. utures 11 a.m. bids teady. July, ; October, 24.23: December, 23.75; asked; March, 23.54. K, June 14.—Cotton fu closed barely steady. Jul .15 to 28.17; October, 24.50 to 24.5 December, 24.00; January, 23.72; March, 23.6 Spot cotton, quet; mid- diing, 28.40. Cotton was generally weak today, despite record-breaking May domes- tic mill consumption. prices breaking 5 to 71 points under fairly heavy general selling. NEW TRAINSHED PLANNED. PHILADELPHIA, June 14.—Contract has been awarded for tearing down ruins of the old Broad Street station trainshed destroyed by fire Monday. Work will be started at once. The company will replace the old trainshed with modern umbrella sheds. This will require a reduction of two tracks In the station, which is quite a_serious factor In view of heavy traffic. FIRM PUT OFF CURB. NEW YORK, June 14.—The New York curb today announced the ex- puision of Sylvan L. Waltzfelder of the firm of Harris & Co. 6 6% 44% 3238 €64 1% £6 5% 687 1017 b3% 91% 8314 5% 103% 5% 964 85% 62 79% 81 bl 103% 95% 96ia 851 62 79 BUILDING IS RENEWED. MINNEAPOLIS, June 14 (Special).— Building operations here have recov- ered from the recent slump and are now moving along in greater volume than at any time since early May. Constriction work in the northwest in the first five months of this year was 62 per cent above the correspond- ing period of 1922. Much of this gain was in industrial expansion. LIVERPOOL COTTON. LIVERPOOL. June 14 —Cotton— Spot quiet, prices easier. Good mid- ling, 16.99; fully middling, 16.89; mid- Aling, 16.74; low middling. 16.49; good ordinary, 15.99; ordinary, 15.69. 'Sales, 5,000 bales, including 4,100 American. No recelpts. Futures closed steady. June. 15.42; July. 15.07; September, 14.17; October, 13.57; December, 13.1 Japuary, 12,83; Mareh, 12.78; May, 12 90% | FINANC !Grain, Produce and Live Stock WHOLESALE MARKET. Recent spell of cool weather made an tmprovement in conditions in the local market. It also caused increased buy- ing, and the market today was not as dull as the few days preceding the cool spell. There are ample supplies of all kinds of food products, and the demand is great enough to keep things moving. Much attention is being attracted to i the fine displays of fruit from all sec- tions of the country. Watermelons, cantaloupes, peaches and berries of all kinds are being received In large quan- titles and are in demand at what deal- ers term moderate prices. Eggs—Strictly fresh, selected, can- dled, per dozen, 5: average receipts, 23; southern, Live poultry—Roosters, per Ib., 1 turkeys, per 1b, 25; pring chickens, per Ib., 40a50; Keats, young, each, 60; fowls, per Ib., 26. | Dressed poultry — Fresh-killed spring chickens, 1b.. 50a60; win- ter chickens, per Ib., 35a40: hens, per ib., 28; roosters, per 1b., 20.; turk 10a13; keats, young, each, Live stock medium, 6a7. Calves, choice, per Ib. per 1b.. 8a8%: thin, pe Lambs, spring, per lb, 12; 3.00a5.00 each; live hogs, per reen fruits—Apples, per bbl., 4.00 00. _California oranges. per crate, 5.00a6.50; Florida, 5.5047.00, per box, a6.50. Grapefruit, trawberries. per qt., bald. per g 4.004 ; sweet potatoes, Carolina, 2.50a3.00; nearby, 1.00a3.00. Lettuce, per crate, southern, 1.00a 2.5 Romaine lettuce, per crate, Iceberg lettuce, per crate, Cabbage, southern, 2.00a | Eggplant, per crate, 2.00a3.50. Tomatoes, per box, Florida, 2.0046.50. Beans, 1.50a3.00 per baske Peas, per baske da, 1.0024.00. Kale, Spinach, per Celery, per crate, Squash, 1.50a2.00. per barrel, barrel, 2.00a Florida, 3.00a Florida lima beans, 4.00a7.00 per basket. Aspara- gus, 1.00a4.00. GRAIN AND PROVISIONS. BALTIMORE, Md., June 14 cial)—Potatoes, new, barrel, 2.00a 15.25: old, 100 'pounds, 75al. 1 | pounds, 1.25a2.75; sweets and yam | barrel, 2.00a3.00; bushel, 50a1.00. {paragus, dozen, 1.50a | bushel, 1.75a2.50. Beets, 14.00a8.00." Cabbage. Carrots, 100 bunci 2.00a3.00. | 2.00a3.50. Eggplants, crate, Kale, bushel, 40a50. Lettuce, bushel, 1.25a2.00. Onions, 100 pounds, 1.50a 4.25. Spring onions, 100 bunches, 1.00a 1.50. Peas, bushel 1.50a1.75. Pep- pers, crate, Radishes, 100 bunches, 1. Rhubarb, 100 bunches, 3.0 Spinach, bushel, 75a1.00. Squash, has Tomatoes, crate. serries, (Spe- | crate. Cherries Grapefruit. box. 2.00a3.25, leberries, quart, 25a30. Oranges, box, 3.0026.00. Peaches, crate, 1.50a2 Pineapples, crate. 3.00a4.00. Rasp- berries. pint, 15a18. Strawberrle quart, $a20. Watermelons, each, 4 Selling Prices at 12:45 Wheat—No. 1 red winter, spot, quotations; No. 2 red winter, spot, 11.21%: No. tations; 1193 i spot. 1.19%. Sales—None. Corn—Cob, new, 4.75 per barrel contract, spot. 9132 per bushel: No. corn, 93i4: No. 4. no qutations: track corn, vellow, No! 3 or better, 95 and 2 ' per_bushel. ales—None. Oats—White, No. 5323312 .'52a5215 per bushel. 5430 per bushel; éxport, spot. 811z No. 3. no quotation. Hauy—Receipts, 75 tons; ample re- celpts for all trade wants, 18.00a22.00 per ton. raw —No. 1 tangled rye. 1 wheat, 12.50a13.0/ oat, nominal, 14.00a15.00. DAIRY MARKETS. BALTIMORE, Md., June 14 (Special). —Live poultry—Spring chickens, pound, 45: small and Leghorns, 20a40; old ]hens. 23a24; Leghorns, 20a21; ola roost- iel ;_spring ducks, 127 no red winter, garlick 3 red winter, garlick no quotations; June wheat, per. per 15.00a No. 1 Eggs_loss " and nearby firsts, dozen, 2 ; prints, 42a43; nearby creamery, 35a ; ladles, 34a35; rolls, 30a32: store- packed, 29a30; dairy prin 30a32. CHICAGO LIVE STOCK MARKET. CHICAGO, June 14 (United States Department of Agriculture).—Hogs— Receipts. 33,000 head; earl trading mostly 10 higher; top, 7.05: bulk good to_choice, 180 to 3 6.5 16.25; desirable pigs, | packers going slow steady; heay medium, 6. ight light, smooth, . 5 roush, bidding around veight hogs, 6.60a7.01 1 ligh! 5 packing sow packing = sow: illing pig: ttle—Receipts, 10,000 head: ac- tive; beef steers, yearlings and desir- able beef heifers unevenly strong to 25 higher; yearlings reflecting most advance; comparatively few cholce steers offered; kinds of value to sell at 9.25a10.50 up most; top heavies and vearlings, 11.15; few loads heavies, 10.90a11.00; yearlings com- numerous ‘at 10.00a10.60; Nebraska mixed steers { head Nebraska mixed steers and { heifer yearlings, 10.35; choice yearling | heifers, 10.00; better grades fat cows | strong: "lower grades weak: other | killing classes generally steady; bulk bologna bulls. 4.40a bulk vealers to packers, 9.00a10.00; stockers and feeders unevenly higher; lectd 1,300-pound feeders to Ohfo fini late yesterday, 10.50; others, 10.00. 00 head; fairly heep—Receipts 7. active; steady to strong: bulk, best .91 well sorted, 16.25; heavyweight ewes, 5.00a5.50; heavies mostly, 3.25a3.75. TODAY'S CHICAGO PRICES. CHICAGO, June 14.—With Liver- pool quotations showing an advance and with crop reports less favorable, Loth from the southwest and the northwest, wheat averaged higher in | price here_today during the early idealings. Dry weather reports from the northwes®. acted as a special hull- ish influence. Some Increase, too, in the volume of trade was noticeable. Opening prices, which ranged from 15 .to % higher, with July, 1.i11% to 1.11%, and September, 1.0815 to 1.09%. were followed by a moderate reaction and then by a rise higher than be- i fore. | Corn and oats reflected wheat strength. After opening at a shade decline to 3 gain, July 81% to 81%a 81%, the corn market sagged some- what, and then scored a moderate general upturn. Oats started u changed to 4 higher, July 41 weakened*a little and later showed galins all around. 1~ Notwithstanding higher prices on {hogs, the provision market lacked |support. e 1.30% Open. . 131 L Loy 1328 Low, 11.25 1147 11.30 1155 11.25 R September 08T 940 37 ——— s ANOTHER TIRE CUT. NEW YORK, June 14 (Special.)— The Miller Rubber Company today announced price reductions of 7 to 10 per cent in passenger sizes of tires and inner tubes. Prices are un- changed for heavy duty cord truck tires of six inches and up. Lemons, | As- | red winter, spot, no quo- | native springs carly, 16.00; few decks | IAL." RULES ON CHECKS | ARENOT CHANGED Federal Reserve Bank Sends * Out Notices—Half-Holiday Plan—Notes. Federal reserve banks of the fift federal reserve district in re ceipt of notices today from the Fei eral Reserve Bank of Richmond the effect that pending receipt of copy of the deciston of the Supre Court of the United States i orth Carolina par clearance case until further notice, the Federal Re serve Bank of Richmond will con- tinue to recelve for collection, & heretofore, checks on non member banks in North olin | which continue to remit at par. | The notice stated further that t collection of checks in other state of the fifth district. which include the District of Columbia, will not affected by the decision of the preme Court, since there does exist in any other state of thix trict a statute simflar to that by the legislature of North Carol National Banks Notified. Under authority of section i 5. R. S, as amended by the a proved September 21, 1918, the v liberty loan act, approved Ma 1919, and act of October 22, 1919 national banks werc notified b: controller of the currency yester that the “regulations prescribed der date of April 25, 1919, November 11, 1920; May June 11, 1921; November June 12,1922, and December 2 have been further amended to read follows “Until December 31, . or ur later date, as the controller of currency, with the approval of t Secretary of the Treasury, may Jr scribe, any national bank may p ichase or discount, pursuant to ges cral or specific authority of the hank the note or of a person, firm, company or oration, maturing in not mor x months from the d or discount, i were the those d in and unimpaired, impaired surplus fund of such b provided, any such note or notes shal be directly at least 10 per cent of Ur fes bonds, notes or certificates of indebtedness issucd since April 24, 1917; that is to say. there must be pledged as security fo ach §100 so loaned at least $105 fac Donaz Treasnry motes or Treas certificates of indebteaness me amount which a mnational bank may thus lend upon libert bonds, Treasury bonds, Treasur or Treasury cer tes of ness, er section 52 12 s amend, 1915, M 3 and Octob: to this regulat is, in N other loans which such national ba is permitted to make. whether or n such loans be secured in whole or part by United States bonds, no or certificates of indebtledness. Half Holiday Saturdays. holidays on Saturday ail bank cmploy from July 1 to observed again Half practically | Washington, day be year. This has been assured by the agver ment recently entered into by scvera | banking hou Saturday a | hours, which p! N basis with 1th institut close their doors at noon. The institutions that will give ha holidays to employes from July 1 1« Labor da but which now remai open to handle late Saturday deposit are: Securit vings and Commer ial Bank, Bank of Comme arn Javings, Moun Vernon V! | Bank, Franklin National Bank, Li lcoln National enth Stre. | Savings B: hranches the American and Trusi Company. To Attend Rotary Convention. John Poole, president of the Fed eral-American National Bank, wil attend the forthcoming conventior of International Rotary at St. Louis, June 18-22, inclusive. Mr. Poole aside from being past president of the Washington Rotary Club, is also a past presideat of Internatio tary. ' Bankers' Howard Mora ral committ rict Bankers' vention at urged m o Convention. ation cor Springs, yesterda financial men, who red their reserva | tions, to do so at once in order to pre vent last-minute inconvenienc The convention details are lisigl on a card sent out, together with a letter by Fernand Petit, chairman of the transportation committee 1u order to have all arrangements com- pleted before the bnakers leave next Wednesday night, thos who_y make the trip are asked by Mr. to make their reservations ir ately Dividend Declared. At the monthly meeting of rectors of the United States Savin, Bank, 14th and U streets, I v ning in addition to_the regular terly dividend of § per cent, jcial dividend of 6 per cent also v i declared. This bank has been paving a [ulxr dividend of 20 per cent for time and a special dividend of | e but this time they hav i cre; d the special dividend to {cent, now placing the dividend 26 per cent basis. The United S Savings Bank has $100.000 cap and $100.000 surplus, undivided p: its of $50,000 and total resources 2.250,000. HTh(‘ officers are: Col. Wade 1! ! Cooper, president, who also is pres- dent of the Continental Trust ( pany; Wilbur H. Zepp and Willar D. Barry. vice presidents; W 1 R. de Lashmutt, cashier; J« Cook, assistant cashier, and Bertha Custer, secretary. Raute Fight Near End. The fight over freight rates coal to the northwest came t stage of final argument today be fore the Interstate Commerce icn, with epokesmen present {¢ mine operators, railroads and r.py: sentatives of coal distributors of coal consumers in widely dive gent territory NEW AUSTRIAN BONDS STRONG IN LONDON | By the Associated Press. LONDON, June 14—The Aus loan proved so populgr and appii got only such a comparatively { allotment of the amount they aj for that dealings were started or stock exchange this morning a { per cent premium. Some excite i attended the opening sales. Applicants for large amoun ceived 10. per cent of what th quested, while smaller appli were filied on & 25 per cent basi RATE BOOST DENIED. Increases in rates on refined y leum products. moving from refin points in Kansas and Oklahoma El Paso, Tex.,, and surrounding te ritory, which railroads proposed . make effective June 15, were suspcii!g s ed today by the Interstate Commer Commission unt{l October 13. southwestern railroads participatic in the plan to ralse the rates we notifled to appear at a hearing | Houston, Tex., on June 27. before In terstate Commerce Commission exam- iners. =