Evening Star Newspaper, June 25, 1923, Page 20

" 20 SHARP DECLINES | -~ INSTOCK MARKET Chandler Leads Break Motors—Other Leaders Also Join Slump. BY STEUART P. WEST. Bpecial Dispateh to The Star. NEW YORK, June 25.—The decline on the Stock Exchange today began with a sharp attack on the motor stock. The success which attended bearish efforts ip this quarter en-| couraged their extension to other parts of the list and prices ylelded all around. The alleged reason for the weak- ness in the motors was that in order to meet the accustomed falling off in business during the second half year, price cuts now announced by a few would eventually become general. A very poor market was found for Chandler Motors. The stock had closed on Saturday at 53%. It broke from 53 to &l between sales and a few minutes afterward 47%, at which figure it was down nearly 5 points from the extreme low of last week. Rumors about the security of the Chandler dividend are familiar at this time of the year. Dividend Called Safe. A banking interest close to the company said tod: hat they were just as ridiculous now as they had al- W been, that Chandler had already earned so far this year $9 on the stock, against its $6 requirements for the entire twelve month, and that from present indications it would show for the full year between $ and $15 a share. Attention was call- ed to the fact that the company has no debt and that it would carry a substantial cash balance to surplus account at the year end. The fact that a statement so auth- tive and so: reassuring should had such little effect was another instance demonstrating the lack of public interest in the market. Studebaker Under Attack. studebaker was also under heavy pressure, making a new low for the year. People supposedly close to the inside of Studebaker financial opera- tlons have not abandoned their opinion that a nextra dividend will be voted in July. but the street for the most part does not share this antici- pation. Corn Products continued to feel the removal of the immediate speculative incentive which came with the declara- tion of the extra dividend on Friday. Traders were bearish on this stock on the ground that it had not borne fts part in the general readjustment. Mer- cantile Marine preferred made a new low record, and even the sugar stocks finally gave way with the rest. By aft- erncon the leaders among the indus- trials were off 2 to 3 points, and the rails a point to 2 points. Coppers Hold Fairly Well. Coprar stocks gave about the best ount of any group. although there no_encouragement in develop- ments of the day in the copper mar- ket. Anaconda, after getting below 41, rallied and along with Kennecott was well sustained around the Sat- urda nal. A report was circu- lated in the afternoon that the Ford Motor Company was about to an- nounce a price reduction, but the story originated in speculative quarters and not much credence was given to it. The fact that General Motors and Tiudson held steady all through the break in Chandler and Studebaker howed that it was the market posi- ion of the latter two stocks rather han any general concern regarding ae motor industry which was back of the selling. Railway shares easily as the buovanc moderatel late tr or went off quite as rest and showed little ! when prices came back in the general list in the ng. Bethlehem Steel Strong. Reports reached the street today that the business of Bethlehem Steel Company h. shown marked im- Pprovement during June and that bet- ter earnings are indicated than had previously been expected. The feel- Ing was that the $5 dividend is se- cure. Earnings in March were at a rate sufficient to cover dividends and April and May were said to have ex- ceeded the March results. In the opinion of some Interested people that if Baldwin Locomotive does $105,000.000 business in 1923 as, they ‘say, now seems possible, the company's net profits will equal the record of five vears ago, when over 42 per cent was shown on the com- mon_stock. There is talk insome Qquarters of important developments believed to be impending in the Bald. win situation. Selling in the weakened cotton mar- kets was partly a speculative reaction from the rebound in the latter half of last week, and partly better realiza tion that recent weather conditions have been exceptionally favorable for the growing crops. In the other markets copper was dull, with no in- :1:5:;:‘0713 of ahn immediate movement way, v glther woy. but sugar was notably Forelgn Exchange Moves. i Sterling, francs and lire al somewhat - lower, ‘but marks wers steady. They were quoted around 110.000 to the dollar. as against the Tecent figure of 168,000. This daid Tot signify that opinion regarding the German currency outlook hag undergono a change for the better It simply was due to the partial sus- Pension” of trading in marks until the latest moves of the German gau. ernment with a view to stabiii, tion are botter understood. = n_experiment along & establishing a fixed valuation toe tor mark in tax and wage baymenss would undoubtedly fafl in the end iy Germany as it failed In Austria, Bug the other expedient suggested in the cable advices of the last few daye. namely. that dealings in paper gure rency ind the giving out of oMajnl Quotations are fo be confined to eoe tain specified banking institutiope might conceivably have some tempo- Tary effect at least upon the nominal market price of German currency. MARKET CLOSES WEAK. Higher Call Mondy Causes New ‘Wave of Selling. By the Associated Press. NEW YORK, June 25.—Heay. fessional short selling, glleyd pl'oon rumors of further prices :uts in the .automobile industry, brought about anather sharp reaction, 1n today's stock market. While motors were the hardest hit, other standard shares and speclaities yielded in sympathy, losses ranging from 1 to nearly § points. approximated 750,000 shares, Marking Sales The closing was weak. up of the call money rates to 6 per cent resulted in an increased volume of offerings® in, the late dealings, flr!‘(‘es again sagging throughout the st. CANDELILLA WAX EXPORT Record Shipment of 69,000 Pounds Shipped From Marathon, Tex. John Marshall of Marathon, Tex., FINANCIAL NEW YORK STOCK EXCHANGE ] Received by Private Wire Direct to The Star Office Adv Rumley p! Afr Reduction Ajax Rubber, Alaska Gold Allfed Chem Am Agr Chem. .. Am Ag Chm pt. Am Beet Sugar.. Am Beet Sg pf.. Am Bosch. Am Can Am Car & Fdy. Am Chicle Co Am Cotton O Am Expres: Am H & Leath.. Am H & Lea pt.. Am Ice.. Am Internat'{ Am La Franee.. Am Linseea. Am Locomo. . Am Loco (new). Am Metals...... Am Radiator. Am Ship&Com. . Am Smelting Am Smelt pf Am Steel Fdy... Am 8tl Fdy pt Am Sugar. Am Sumatra. ... Am Tel & Telg.. Am Tobacco. ... Am Tobac (B) Am Tob pf (n).. Am Water Wks. Am WWk6% pt. Am Woolen. .... Am Woolen pf.. Am Wool pf £ pd. Am Zinc&Ld pf.. Anaconda...... Ann Arbor pt... Arnold Co...... Asso D Goods. ... Asso D G 1st pf. Atchison....... Atchison pf..... Atlar, Cst Line. . Atl Gul pt Atlantic Ref Austin Nichol raldwin Loco Balto & Ohlo. ... Balto&Ohlo nf.. Parnesdall (A). Barnesdali (B). Bayuk Bro: Beechnut Pack. Beth Steel. ..... Beth St 7%(n).. Beth Stl 8% pt. Rklyn Edlson. .. 1vn Rap Tro. ©KTyn Un Gas Burns Bros (A). Burns Bros (B). Butte Copper- ... Butte & Super.. Butterick...... Caddo Ol Calif Petrol.... Calif Petrol pf.. Callahan Zinc. . Calumet&Ariz. . Canad'n Pac. ... Central Leath Cerro de Pasco. Chandler Mot Chesap & Ohlo. . Chi & Alton. Chi & EIll pt. Chi Grt West. Chi Great W pi ChiMil & St P... Chl MII&StP pf., Chi & Northwa.. Chi Pneu Tool... Chi RI& Pac... Chi RT &P6%pt. . Chile Copper. Chino Copper... Cluett Peabody. Coca-Col Colo Fuel. Columbia Ga ColumbiaGaswi Columb‘a Grap.. Com Solv A..... Comp Tabulat. Cons Cigar. Con Gas new. Cons Textlle.... Cont Can. . . Continental Mo. Corn Products. . Cosden & Co. ... Crucible Steel. Cuban-Am Sug. Cub Cane Sug. .. Cuba Cane S pf. Cuyamel Fruit.. Davidson Chem. De Beers. . . D Lack & Wstn, Dome Mines. ... Dupont (ED... Eastman Kod... | Elec Stor Bat... Endicott-John. . Erfe Erle 1st pt . Famous Play... Famous Play pt Fif Av Bus wi... Fisher Body Fisk Rubber. Fleishman. Foundation Freeport Tex: Gen Am Tk Car. Gen Asphalt. ... Gen Asphalt pf.. Gen Cigar. Gen Blectric. Gen Elec spl wi. Gen Motors. ... Gimbel Bros. Glidden solawin Corp Goodrich. . Goodrich/pt..... Goodyear pf...... Goody pr.pf wi.. Granby Consol.. Gray & Davl Gt Northern pl Great Nor Ore. Gulf M & Nor pf. Gult St Steel.... Harbishaw Cab. Hartman Corp. . Hendee M{g. . Househ'd Prod.. Houston Ol Hudson Motor Hupp Motor: Iliinots Central. Ind Oil & Gas.... indiahoma . Iniand Steel w 1. Inland Stl pfwi. Inspiration. Interb Rap T In Ag Chem pf.. 1nCombust E... Int & Grt North. 1nt Harvester... Int Mer Marine.. Int M Marine pf. Int Tel & Teleg., Invincible OiL Inv Oll (ctfs) Iron Products. Island Oll.. Jones Tea. . Kansas City 8. Kansas C So pf.. Kapsas & Gulf. . Kayser (Julius). Kelly-Spr Tire.. Kelsey Whipf.. Keannecott. . Keystone Tire. . LE & Wn ctf: Lee T & Rubber. Lehigh Valley. . Lima Locomo. . Loews Inc. Loft Inc. Lorillard 1s shipping 69,000 pounds of randelilla |Louis & Nash. wax to London, Eng. It is the largest single chipment of this product ever made from here. The wax is ob- [ tained from. the wild candlelllla plant ‘which grows profusely upon the ranch lands of this region. Inquiries from Japan have resulted in a sample ship- ment of 1,000 pounds of the wax being sent there. Nearly' every week a shipment or two leaves Marathon or Alpine for foreign countries, prin- cipally England. The. wax is used chiefly for the manufacture of phono- Braph records and high grade varnish, Mack Trucki MacyCo.. Macy Copt..... Magma Copper. Mallison & Co... Manati Sug pt.. Manhat Shirt, .. Market 8t prior. “‘"“‘R Oil. ..., Martin-Parry.. Mathisom Alkill. Maxwell (A). ..o 45% 95 20% 9 7% 28% 51% 5% % 5% 34 18% 82% 58% 22% 19% 1109 % 5 35 100 31 13 13% 32% 58% 22% 19% 110 110~ & % 5 35 99% 30% 18 ‘21 8 % &% . 25 13% 37% 64% 66 10% 10% 40 % 6% 19% 2% ¥ 80 35% 102% 84% % 32 20% THE EVENING STAR, WASHINGTO McIntyre Por. Mex Beaboard. :;x I:(.:hd ctts. lami Copper. Middle St O Midvale Steel. ... Minn & StL (n). MoK & T (new). MK&T pf clA (n) Mo Pacific. Mo Pacific pt Montg'y W'rd. Ny Nat Biscuit Natl Acme. Nat Conduit... . Xatl Dept Store: Natl Dept &to pt. Natl Enamel atl Ry of M 2d. Nevada Copper. N Or Tex&Mex. N Y Alr Brak NY Alr Brk(A).. N Y Canners. N Y Central. NY C&SL 2 ctfs. N Y Dock.... NYNH&Harttd.. North Pacific : Nov Scot Steel Orpheum Cir. Otis Elevator. Otis Steel. .. Owens Bottle. Pacific Develop. Pacific G & El... Pacific O11. ... PacT & Tel pt Packard Motor. Packard Mot pt Pan-Am Pete. Pan-Am P (B).. Penn Seabd Stl.. Pennsylvania... People’s Gas Pere Marquett Pere Marg pf.... Philadelphia Co. Phiilips Pete Plerce-Arrow. ., Plerce-Ar pt Pierce Ol}.. . Pitts Coal. Pitts & W Va. Pressed Sti Car. Pressed Bt C pt. Produc & Ref... Pub Serv (new). Pullman Co..... Punta Alegr Pure Ol BOND DEALINGS DULL AND UNEVEN Farm Loan Issue Draws Spe- cial ‘Attention—Rails in Fair Demand. BY GEORGE T. HUGHES, Spedlal Dispateh to The Star. NEW YORK, June 25.—The bond market was dull and irregular today. With no pressure to sell, there was no willingness to buy. The chlef new offering of the day was the Fed- eral Land Bank 4% per cent Issue to the amount of $45,000,000 offered at a price to yleld about 4.45 per cent to the redecmable date and 4.50 per cent to maturity. This is & higher return than that afforded by the best grade municipals. It 1s doubtful Whether any other tax-exempt secur- ity of equdl merit sells to give so large a yleld. United States government bonds were quiet and little changed except for a_slight decline in the lberty second 434s. This Is the lssue which was most heavily bought by the Britlsh government when Accumula ing libertys in preparation for pay ment on its debt to the United Stat In the high grade ruils, there were fairly heavy transactions in Atlantic Const Line consolidated 4s of 1952 at a slight concesslon from the closing auotation last week. The present price is more than three_polnts under the high of the year. Foreign bonds were comparatively firm. There was some recession in the new Austrian loan, but this may be ascribed to the fact that the first payment on the bonds is due tomor- row. Bolivia 8s, which have been so weak lately, gained fractionally. Bo- livia is meeting promptly interest and sinking fund on this loan, and her record with regard to external loans is clear. The recent selling was due to re- ports about the desire of the Bolivian government to secure a modification 5f the terms under which the bonds were placed. So far negotlations to this end have not begun. JUMP IN GRAIN Rap Tr Sec w.1.. RapTr Sec pf wi Ray Con Cop Reading........ Reading st pt. Reading 2d pf. Replogle Ste Rep Ir & 8t Reynolds Sp: Rey Tobac (B).. Rey Tob pf B. Royal Dutch.... St L&San Sran. St L&San Srpt.. St L Southwn. St L South pt. Savage Arms. | Schulte Stores. .. 3 Seaboard Air L., . Seab’d A L pf. Sears Roebuck.. Shattuck-Ariz Seneca Copper. Shell Union. Shell Unlon pf. Simmon: Simms Petrol. . Sinclair Ol Sinclairpf...... Skelly OIl. . Sloss-ShefMeld So Porto Sugar.. South Pacific. Southern Rwy. Southern Ry pt. Spicer Mfg Co. St Ol of Calif. Stand Oil of NJ St Oll of NJ pf. Steel&Tube pt. Sterling Prod. Stew’'t-Warne: Stromb'g Carb. Studebake! Submar’e Boat. Superfor Oll. . Superior Steel. . Tenn Copper. .... TexasCompany . Tex Gulf Sulph. . Texas & Pacific. Tex & P C & Oil. Third Avenue. .. Timken Bearing Tobacco P’rod... 51% Tobacco Prod A. 80% Tobacco Pro pf.. 109 Tol St L&W pf. Trans Coat Ol 437 694 21% 11 12% 38% UnionBug & P.. Union Pacific. Union Pac pf Un Tank Cai Un Alloy Steel. Uni Frult. United Ry Inv... Utd Ry Inv pf. Utd Retall Str: USCastIrP 654 133% U 8 Food Prod. U S Hoffman M.. U S Indus Alco.. U S Realty. U S Rubber...... U S Smelt&Ref. . U S Steel 62 29 % 22% 62 29 % 22% 1% 9 9 29 29 16 16 14 14 45 45 8T 87U 10% 10% 17% 17% Vanadium Cop. . Va-Car Chem. Wgb & Heilbra.. ‘West Penn Co.., West Penn pf... Western Md. West Pacific. West Pac pf. 55% 564 Western Unlon. . 105% 105% Westhse E1&M. . 656 55 Wheeling&L E. . 8 8 White Eag Ol 254 26% ‘White Motor.... 48% 48% White Ol 1% 1% Wickwire. 7% 8 Wilson Co. 24% 24% 6 615 [ 61% 232 282 M 9% P Low. Last. Call Money..... 5 6 HOURLY SALES OF STOCKS. .178900 12m... 3801100 440400 2pm.. 540 600 COFFEE FUTURES DROP 50 POINTS Weakness in Brazil Market Cause of Break on New York Exchange. By the Associated Press. NEW YORK, June 25.—Coffee fu- tures declined 40 to 50 pefnts in the local market today, owing to renewed weakness in Brasil. Coffee for July delivery sold off to 8% ocents, while by December, were within & fow ","_myiuumzm&m 5 PXPORTS IN WEEK More Barley, Corn, Oats, Rye and Wheat Shipped—Flour Falls Off. the United Grain exports from States last week amounted to 4, 000 bushels, compared with 2,857,000 i | the week before. Figures made public by the Com- merce Department today gave the fol- lowing comparisons of grain exports ast weck with those of the pre- vious week: Barley, 379 bushels against 50,000; corn, 152,000 bushels against 299, 000; oats, 206,000 against 17,000; rye, §06,000 against 336,000; wheat, 2,949,- 000 against 2,155,000; flour, 149,400 barrels against 161,400 barrels. Canadian grain in transit was 691,- 000 bushels against 763,000 the week before. NEW FREIGHT RATES URGED ON COTTON I. C. C. Examiners Recommend Joint Charges by Roads in Mississippi. Railroads operating in Mississippl should be required to establish joint through rates on cotton from that state to cotton milling centers in North and South Carolina and other southeastern milling points, accord- ing to the report made today to the Interstate Commerce Commission by examiners assigned to investigate a complaint by the Mississippi state government. The conditions disclosed by the in- vestigation, it was reported, indi- cate that the Mississippi cotton growers have been subjected by the railroads to unreasonable freight charges on this traffic by the failure | of railroads to make through rates which would be lower than combi- nations of local rates on the same movement. On_the other hand, the examiners’ report indicated that railroad regu- lations and rates on shipments to other parts of the United States af- focting Mississippl cotton are justi- fiable. 1f the commission itself sus- tains the examiners' conclusions rail- roads will be required to make the changes suggested in the southeast- ern milling point rates. NEW AUTOMOBILE OUTPUT. RECORD Commerce Department Reports May Figures Passed Totals - for April. The automobile industry set a new production record in May by turning out 350,180 passenger cars and 42,983 trucks. The May record surpassed the April record of 344,474 passenger cars and 37,527 trucks—records, ac- cording to statistics made public to- day by the Department of Commerce, having been almost a monthly routine in the industry this year. The production of passenger cars in May, 1922, totaled 232,431, and, of trucks only 23,788. o ——— PRAIRIE OIL TO CUT PURCHASES OF CRUDE By the Associated Press. INDEPENDENCE, Kan., June 25.— The Prairle Oil and Gas Company today announced that effective tomorrow it will _curtall its purchases of crude oil in all flelds in Oklahoma, Kansas and North Texas'by pro-ratiig runs from wells.. The company explained it could mot continue to purchase and store such a°large proportion of the mid-continent production, which has steadily increased from month to month, in face of décreased sales to refiperies, many of which are supplying their needs other sources, Including California. TUNNEL BONDS SOLD. DENVER, June 25—The Moffat tinnel commission has sold $6,720,- 000 Moftat tunnel bonds to K. M. Grant_and . Cos , - Ine., York for par and s br est at | Beth Steel s f 6a... | Duquesne Le 7145, | Lorillard (P) &s "ON NEW YORK BONDS STOCK EXCHANGE I Received by Private Wire Gales are o 10000 UNITED STATES B : (Fractions np:ucnt thirty - Example: 101-1 means 1011-3%) Sales, High. Low. Clos Lib 3% 100-31 100-27 10029 14D 1at 4% 9812 98-8 98-8 Lib2a 43 98-18 98-8 1 LD 4th 414s, 98- % USiye 99-28 99-25 99-27 7 FDR!IBN“I“ 101% o1% 101% 96% 102% 109% 88% 80% 82% 96% 100% 101% 987 101% 102% 46% 109% . Tow. Close. 101% 101% 90 91% 1014 101% 961 V6% 102 102% 109% 109% 874 88% 80 80 82% 82% 964 96% 100t 100% 101% 101% 98% 98% 101 101 102% 102% 464 46% 109% 109% 91% AustriaTs wi.. Belglum 7%s Belgium 6 Brazil 8s. < Canada 551926, ... Canada 5% 19! Canada 6s 1952 Chile 35 1946. Chile 88 1941, Chinese Gov Ry 58 gnrml“u 8s..... ‘openhagen 5% . Cuba B%swi..... 9% 994 Czechoslovakia 85. 93 9 109% 109% 9% 9% 91% 9% 95% 95% 951 954 20 90 99 99 95 95 93 93 87% 8% 81% 81k 83 €3 B0% 80% 80 80 85 55 35% 35% 87% 87T% 100% 100% 110% 110% 97% 9T 92 924 5% T5% % TT% 106% 106% 100% 1007 94 94 931 93% 98 98 98y 99 6% 8T 0% 70% 82 824 105% 105% 1143 115 118% 118% 108% 103% 89% B9% Denmark Denmark Dutch B 1 5% Dutch East 1 6 Duteh East ] 6 Framerican 7%s. . French Govt 8 French Govt 7%, Haitl 6s ctfs. . Holland-Amer. Japanese 4s 3 Jergen U M 0s'47. Lyons éa.... Marseilles 68 Mexico s Mexico 48 Montevide Netherlands wer caRnamaaan Norway 6s. . g Orient Dev deb 6s. Paris-Ly’ Prague 7% B0 3 Queensland 7s Queenasland 6 Rio de Jan £ao Paulo.City,s Sao Paulo.State,8y. Seine, Dept of, 7s. Serbs Crotes Slo 8s 13- JOTOR Py 21 6 824 S 8 105% Swiss Confel 19 115 Ud Kingm 6% . 98 113% Ud Kingm £148'37 26 103% Ud Steam Copen 68 2 89% Uruguay 8s.... 3103 103 108 Zurich 8: see. 5112 111% 112 MISCELLANEOUS. Ajax Rubber 8s...- 1 94% 943% Am Agr Chem 7% 82 99% 69 AmChainsf6s’33 13 91 ¢4 Am Cotton Oll6s.. 10 63 63 63 Am Smlt&R 1st bs. 29 90% 89% 90 Amer Smelting 6s. 16 100% 100% 100% Am Sugar Ref 6s.. 23 102 101% 102 AmT& Tecv 68 4 115% 115% 115% AmT& Tcltrbs.. 16 97 96% 97 AmT&Tcltrds.. 15 91% 91% 91% Anaconda cv db 7s. 25 100% 1004 100% Anaconda 1st 6s...103 96% 96% 967 Armour & Co 4%s. 25 83 834 Atlantic Refin 53 5 9T 9T% Rarnsdailsf8s... 3 967s 967 Bell Tal Pa 5s rets, 28 §6% (6% Reth Steel 514553, 16 X iseth Steel rfo8... 2 Beth Steel pm 53.. 10 24% 994 94 on Dklyn Edison 7s D Bklyn Ed gen 6s. . Bush T Bldg 5s°60. Central Leather &s Cerro de Pasco 8s. Chile Copper 6s..., CinG & E 5%s'62. Con Coal Md Tst §s. Cuban-Am Sug Cuba Cane cv d 8s. Dery (DG) Ts Det Edison ref 6 Diamond Mth 7ls Du Pontde N 7is. 121% 121% 994 99% 971 97% 87 57 106% 106% 43 9% 78 78 1017 101% 106 106 107% 107% 106% 106% 274 103 100 ° 914, 106 106% 1001 100 97 97w 100 100% 102% 102% 46 116% P P P - L Duquesne Light 63 E Cuba Sug 7%s.. Empire F&G Tis. Fisk Rubber Ss. Gen Elec 1cb 5s.... Gen Refractes 6s.. Goodrich 614s. Goodyear 83 1931. soodyear 8s 1941. Humble O&R 55 lilns Bell Te Indinna Steel 58 Int Mer Marine Int Paper 1st 5s A. Int Paper 1st 55 B KCP&Lt5sA'52 {eliy-Spring 8s Lackawa S 53°50.. Liggett&Myers 3s. 95% 12 112 105% 105% 108 108 86% 87 95% 95% 8% 8% 96% 97 109% 1094 o9T% 97H 8l% 81% 104 104 105% 105% 93 93 9214 92% 89% 89% 107% 107% 93 93 90% 91 90% '90Y% 100% 100% 3 3 844 B4y 109% 109% 99 29 - 97 97T% 94 94 0T 9T 973 - 97% £6% I85% 94 94 104% 104% 101% 101% 941 94y 102% 102% 105 105 106% 106% 961 964 12 112 86% £6% 106% 106% 102 1023 88 88% 96% 96% % 5% 59% 60% 109% 109% 98% 96% 94 96 Magma Cop cv T: Marland Oil 8s'31. Mexican Petrol 8s. Midvale Steel 53 Montana Power 5 Morris&Co 1st 4%2 New Eng Tel bs... N Y Edsn 1st 6%s. NYG EL H&P 5s. 1094 97% 815 104% 105% 934 N Am Edison 6s. 9214 States Pow 53 Northwst B Tel 7s. Otis Steel 7%s.... Pacific Gas & El 53 PacT & T 68'62... PhilaCoref 63 A.. Plerce-Arrow 8s.. Public Service b Punta Alegre 7; Sharon Stl H 8: Sinelair Ol 7s. ... Sinclair Oil 63%s wi. Sin Crude Oil 514s. Sin Crude Oil 6s Sin Pipe Line 5s. South Bel] Tel 53, St Oil of Calif 7s. . Steel & Tube 7 Tenn Elec Pow Tide Wat O 6% Tobacco Prod sf 7s Toledo Edn 1st 7s. Union Bag & P 6s. Unit Drug cvés... U S Rub 1st rf & U S Rubber 7% USSteels s Utah Pow & Lt bs. Vertientes Sugar 7s ‘Va-Car Chem 7s. Va-Car Chm 7%8 v 61 ‘West Unlon 6as.. 6 109% Avilson & Co 1: 6 96% Wilson&C ev 7 9 96 Wilson & Co cv 4. 86% 86% B86% Winchester A 7%s 2 104% 104% 104% — SUGAR PRICES HIGHER. Spot Market Shows Strength, Raw Sugar Also Firm. NEW YORK, June 25.—There was renewed firmness in the raw sugar market early today, and spot prices were 14 higher, advancing to 6 cents for Cubas, cost and freight, equal to 748 for centrifugal. There were sales of 20,000 bags of Cubas to an outport refiner. The raw sugar futures market was firmer, reflecting the advance in the spot market, and reports of a_con- tinued good inquiry for refined. Prices at midday were 13 tec 17 points net higher on covering and buying by commission houses and trade inter- ests. i PARIS MARKET SPOTTY. PARIS, June 25.—Prices moved ir- regularly on the bourse today. Three per cent rentes, 56 francs 65 centimes. Exchange on London, 74 francs 68 cen- times. Five per cent loan, 74 francs s Direct to The Star Office. MILROA? . - Sales. High, Atchison gen4s... 8 87Tk Atchison adj 4s... 27 79% AtlanticCL 1st 48 88 85% B&Oprin3y 95% 8 100% 9% 82% 3% 94% 112% 112% 8% 93% 96% 84% 88% 8T% 83% 81 98% 80 49 62% 59% 66% 81 65% 80% 79 7% 90 113% 103% 82 B5% 9845 86% 50% 58% 4% 50 .- 52 104% 112% 108% 99% 81 84% 80 58 994 864 101 63% 64 88 424 9014 €5% B3% 80% 89 107 104% 2% 3% 103% 4% 7 64 948 5214 931 81 55% 88% % 78 104% 6% 9% 86% 95% 8 100% % 279% 81% 8% 94% 112% 112% 8% 2% 967 84% 88 87% 3% 31 98% 9% 49 62% 59% 6674 81 5% 9% 79 77 B&Ocviys B&O et ba; B&O PLE&WV B & O SW div 3%; Canadian North 1s 2 Canad North 6%4s. 7 Canad Pac deb 4s.. 38 Car Clinch & O 53. 12 Car Clinch & 0 6s.. 10 Central Pacific 12 Ches & Ohlo cv 108 Ches & Ocvils.. 11 Ches & O gn 434, Chi & Alton 3% Ch! B&Q 1st rf 58 Cht & E 111 gn §s. ., Chi Great West 4x. C M & Puget Sd 4 Chi M&S Prfas, Chi M&St P oy 6 Chi M&St P 4525 Chi M&S P cv 414, ChiRys bs.... CRI& P gen 4s. Chi R I& Pacrt 4 Chi Un Sta 4%s Chi Un Sta 6148 Cleve Term 614 Colo & Sou 4% 5. Del & Hd 18t rf Del & Hudson 5% 3 D & Rio G imp 5 D&RGIstrtb Erfe 1st con 4s. rie gan 4s.... Erle conv 4s A. Erie conv 45 D. Gr Trunk sf db 6 Grand Trunk 7s Gr North gen 7s. Gr North gen 515. Green B & W db B. Havana ERL&P 5s Hud & Mzn ref . Hud & Man a 5 11 Cent ref 63’5 111 Central ret 111 Central 63 nt Rap Tran 68 Int Rap Tr 5s stpd. Int R Transit 7s Int & G Nor aj 6 Int & Gt N 1st 6 Kansas City S 3 Kansas City S bs. . Kan City Term 4s. Louis & N uni 4s.. Louis & Nash Ts Louis & Nash 5% lmrkptat cnSs... Mil Bl Ry & L 6s.. - - oRS0m Aemalsnnamea e | Mo Pacific és Mo Pacific 5s'65. Mo Pacific gn 4s. Montrl Tm 1st 5 New Or Term 4s NOTex &Minss N Y Cent deb 68 N 'Y Cent deb 4s NYCentribs NYCenLScl3ig New Haven c d 6s. New Haven7s..... New Haven 78 fr. N Y State Ry 4%s. NY W & Bos 4%4s. Norfolk & W cn 48 Norfolk & W cv 6s Northern Pac 4s Northn Pacr 16 | Northern Pac 5s. . Northrn Pe §s ret. Ore & Calif 1st 5s. {0 Short L cn s *48. Cre Short Lref 4s. Ore-Wash 1st rf 43 Pennsyl gei Penmsyl gen %3 Pennsyl G4n Pennsyl gold Ts. Pere Margq 1st 5 Rapid Tran 6s w1.. Reading gen 4s. .. t L IM&ES R&G 48 LIM&S4s'29. L&SFpl4sA. St L & S Fprin 6s. |StL&SFincés.. St L & S F adj 6s. StL&SFplésC. Seab’d A Liref 4. Seab'd A L adj 5s Seab’d A L con 68 Sou Pacific cv 4 Sou Pacific ref 4s. Sou Pacific clt 4s.. 13 Southern Ry 1st5s 2 Southern Ry gn 4s 39 outhern Ry 6%s. Third Ave ref 4s. Third Ave adj 5s. Tol StL & W 4s. Union Pac 1st 4s. Union Pac 1strf 43 CTnion Paccv 4s. Union Pac cv 6s Virginia Ry 1st 5 VaRy & P 1st 58 Wabash 2d 5s. ... Western Md 4s. €045 Western Pacific 53 9% TOTAL SALES (Par Value)t 1874000 12 noan. 3371000 4342000 2p.m.. 5795000 5 COTTON SELLS OFF IN MARKET TODAY NEW YORK, June 25.—Cotton fu- tures opened steady; July, 27.59; Oc- tober, 25.35: December, 24.85; Janu- ary, 24.47; March, 24.40. The market showed rather a reactionary tone, after the.sharp advances of late last week. Liverpool cables were lower than due, and weather conditions over the week end were not considered un- favorable on the average. These lva- tures promoted realizing, while there was further liquidation of July, doubtless in anticipation of notices tomorrow. The market opened steady at a decline of 18 points on July, with other months unchanged to 4 points lower. Futures 11:45 a.m.—Bids steady; July, 27.44; October, 256.11; December, 24.5: January, 24.21; March, 24.12. NEW YORK, June 25.—Cotton fu- tures closed steady—July, 27.26 to 27.32; October, 25.04 to 25.08; Decem- ber, 24.55 to’ 24.60; January, 2¢.2 March, 24.12. Spot gotton . quiet; middling, 28.55. : - NEW ORLEANS. June -26.—Cotton futures opened steady; July, 27.95; October, 24.73; December, 24.28; Jan- uary, 24.07; March, 24.06. - Futures- 11 a.m.—Bids quiet: July, 27.30; October, 24.29; December, 23.9. January, 23.71; March, 33.53. NEW ORLEANS, June 25.—Cotton tutures closed steady at net declines of 28 to 48 points. Close—July, 27.42 to 27.45; October, 24.48 to - 24.50; December, 24.07 to 24.09; January, 23.87 to 23.89; March, 23.67 to 23.69. B BOSTON STOCK MARKET. BOSTON, June 25.—Following 1s a list of today's highest, lowest and cloging prices for the most active stocks dealt in here. : Saes 4% 98 443 30 664 80% &5 81% 26 68% 101 55 52 69 91% 82% 95% 104% 4% 84 847% 60% 80 Bro 94% 847 Arcadian Cous. Boston & Al Boston & Maine | Boston Elevated. Calumet & Arison dmet & Hecla Connor, J T. Copper’ Range. East Butte Bastern § 8- Tsland Creek Isle Royale. Mohawk . New Cornelin. o01d_Colony juine: t. Ma Swift & Co. Trinity~. g Gt?r'!-l. 31435; FINANCIAL. — SIGrain, Produce and| Live Stock LOCAL WHOLESALE MARKET. Spring chickens were scarce this morning. Dealers expect larger shipments before tomorrow, however, and a drop of 5 cents a pound {8 pre- dicted. Fowls are fairly plentiful. No change In egg prices was re- corded this morning. Eggs are fairly plentiful, and no material change in price is predicted for the near future, Meat prices are about the tame as at the close of market last week. Saturday's rain s reported to have benefited nearby growing crops and probably will prevent a shortage of vegetablen ‘ggs—Strictly fresh, selected, can- dled, per dozen, 26a38; average re- celpts, 24; southern, 23. Live poultry—Roosters, per 1b., 12; turkeys, per Ib., 25; spring chick- ens, per 1b., 50a55; keats, young, each, 40; fowls, per Ib., 23. Dressed poultry — Fresh - killed spring chickens, per lb. 56a85; win- ter chickens, per Ib., 35; hens, per Ib., 28; roosters, per ib., 20.; turke: per b, 35a40; keats, young, each, 70a80. Live stock—Calves, choice, per 1b., 10; medium,, per Ib., 9a9%; thin, per 6a7. Lambs, spring, per Ib., 14 xmn, 3.0025.00 each; live hogs, pe Green fruits—Apples, per bbl., 4.00 a9.00. California oranges, per crate, 5.00a6.50; Florida, 5.50a7.00. Lemons, per box, 9.00a9.50. Grapefruit, 4.00a 5.00. Strawberries, per qt., 5a15. Black- berries, per qt., 6a20. Peaches, 4.00a4.5 Cantaloupes, standard, 4.50a4.76; pony 3.6024.00; flats, 1.76a2.00. Vegetables—Potatoes, per bbl, No. 1, 1.50a2.00; per sack, 2.00a2.76; new potatoes, per bbl., 4 2, 1.00a2.50; sweet potatoe: Carolina, 2.50a3.00; nearby, Lettuce, per crate, nearby, 1.00a 2.50; Romaine lettuce, per crate, 758 1.50. Cabbage, nearby, 1.00al.75 per bbl. Eggplant, per crate, 32.00a3.50. Tomatoes, per box, Florida, 2.00a6.! Be 3 ' .00 per basket. Peas 0a3.50 "per basket. Peppers, pe: crate, Florida, 2.50a5.00. Kale, per barrel, 75a1.50. Spinach, per barrel, 1.00a2.00. - Celery, per crate, Florida, 2.00a6.00. Squash, 1.50a3.00. Florida lima beans, 4.00a7.00 per basket. As- paragus, 1.0024.00 . * GRAIN A BALTIMORE, ND PROVISIONS. Md, June 2 cial). Potatoes, new, barrel, 4.50; old, 100 pounds, 75al. pounds, 1.00a1.25. Asparagus, _dozen, 1.00a3. Beans, bushel, = 75a1.2 Heets, 100, 4,00a6.00. Cabbage, basket, . ' “Carrots, 100, crate, 1.50a3.00. , 75a1.50. Eggplants, crate, 2.0 3.50. "Lettuce, bushel, 75a150. Kale, bushel, 40a50. Onion 1508 4.25. 'Spring onion 1.25a1.50. Rhubarb, 100, 2.00a3.00. bushel, 50a1.00. Squash, basket, 1.00. Toma. toes, crate, 1.75a4.50. ~Blackberries, 2 Cantaloupes, crate, 40a. 4.00. ' Cherries, pound, 6ais. Grape- fruit, box, 2.50a4.00. Gooseberries, pound, 6a8. Huckleberries, quart, 25a O #.s. box, 4.00a7.00. Peaches, crate, 140a8.00. = Pincapples, crate, 3.00a4.00. Raspberrles, quart, $al0. Strawberries, quart, 10a20. Water- melons, each, 20a50. Selling Prices at 12:15. Wheat—No. 1 red winter, spot, no quotations; No. 2 red winter, spot, 1.17%; No. 3 red winter, spot, no quo- fations; No. 2 red winter, garlicky, no quotations; No. 3 red winter, garlicky, spot, no quotations; June wheat, no quotations. Sales—Bag lot of nearby new wheat at_1.03 per bu. Corn—Cob, new, 4.75 per bbl; con- tract, spot, 923 per bu.; No. 2 corn, 9433; No. 4, no quotations; track corn, vellow, No. 2 or better, 1.01 and 1.03 per bu. Sales— (Spe- 1.50a No. 2, 5214 and 53 per per bu. y 70a75 per bu.; No. 2, western export, spot, 74%; No. 3, no quotations. ‘Hay—Receipts, 70 tons; for better de- seription of timothy and light-mixed hay there is a steady demand right along at a range of 19.00 to 20.00 per ton. The percentage of good hay on daily recelpts is not large. Medium and low grades are in full supply at reg- ular prices. 0. 1 tangled rve, 15.00a16.00; No. at, 12. 13.01 N 1 oat, nominal, 14.00a15. TODAY'S CHICAGO PRICES. CHICAGO, June Rains and cooler weather in the spring crop re- gion tended to ease the wheat market today during the early dealings. With harvesting of winter wheat making progress northward, the principal in- terest in crop conditions appeared to be directed to spring wheat. Lower quotations at Liverpool counted fur- ther as a bearish influence. The opening, which varled from un- changed figures to % cent lower. with September 1.03% to 1.04% and December 1.06% to 1.06%. was fol- lowed by a moderate general sag ani then something of a rall Corn and oats were easier with wheat. After opening at 3% off to a like advance, September 79, the corn market underwent a setback. all around, but then recovered most of the loss. Oats started a shade lower to % cent gain, September 37% to 37%a3: Later all the months showed a litt decline. Lower quotations on hogs weak- ened the provision market. WHEAT— Open. High. Low. July .. 108% 1.06% 1.08% September ... 1.08% 1.05° 1031 December 106% 1 10353 CORN— 828 82 July Tl o7 Septem 41 4074 December OATS— 37 3715 o 391y July ... « Septernber 111 10.80 1112 December LARD— 9.02 9.30 July September . IBS— July Septem DAIRY PRODUCTS. BALTIMORE, Md., June 25 (Spe- olal).—Live poultry—Spring chickens, Ib., 45a62; small and leghorns, 30a40; old hens, 21a25; leghorns, 18a20; old Toosters, 13al; ducks, 16a20; spring ducks, 38a30; pigeons, pair, 30. Eggs—Loss off native and nearby firsts, doz., 23; southern, 20a2l. Butter—Creamery, good to faney, 37a41; prints, 42a43; nearby creamery, 35a37: 1adles, 34a35; rolls, 30a32; store packed, 29a30; dairy prints, 30a32. CHICAGO LIVE STOCK MARKET. 'AGO, June 25 (United States et of “Agriculture) —Hogs— Receipts, 64.000 head; around 10 to 15 cents lower; bulk desirable 150 to pound _averages, 7.15a7.30; top, 7.35; ‘some held higher; bulk better packing sowgmwg;s,ns. pls‘s,h'arglérg: ® desirable strong weight, 6. BEad eight hogs, 5721; 0 nedium, 6.90a7.35; light, 6.85a7.35; Tight light, 6.657.25; packing sow: smooth. 5.75a6.00: 'packing sows, rough, 5.50a6.00; killing pigs, 6.0027.00. Citile—Receipts, 28,000 head; very slow; practically nothing done; kili- ing quality plain; many light grassy steers offered; waterfilis, liberal bid- 15 _to 25 cents lower on most killing clagses; few early sales beef steers, 9.25a10.50; looks, 25 cents Jower: some-choice heaviésheld above 11.25; best yearlings, early, 10.85; bid- ding around 2.50 on desirable 'can- ners; bulls, 10 to 16 cents lower, 4.65 downward; packers bidding around 9.00 on desirable vealers; few upward to 10.00 to outsiders; stockers and feeders scarce; about steady; bulk, 6.508.00. Sheep—Receipts 11,000 head; best fat lambs firm: others slow: around steady; top, 1550 to city -butchers; bulk, 14.50a16.00: oculls, mostiy 8.50a 9.00; sheep steady. NEW YORK EGG PRICES. NBW YORK, June 25—Eggs, Ir- regular; receipts, 11,598 cases; fresh hored ‘extra. firsts, 2434a26%; do. sts, 22%a23%: do. seconds, 21a22 fresh’ gathered storage pa extra firsts, 26a27; do., firsts, 3(%a25; New Jersey hennery whites, locally select- ed_extras, 40; nearby hennery whites ‘whites, tby hennery bro adlfle.::-n ‘whites ex- GAPTAL TRACTION HEPORTS EARNIGS May Figures Pass Previous Month—Bankers Home. Two New Cashiers. The net income of the Capital Trac- tion Company for operations during month of May amounted to $113,854, the Public Utilitles Commission re- ported this morning. This sum rep- resents a slight shrinkage over the corresponding perfod last year, when $124,551 was reported, but is in ex cess of April, 1923, when $108,514 earned. A perusal of the earnings state- ment shows a falling off in pas- sengers carried to be entirely re- sponstble for the loss as compared with May, 1922. Revenue passen- gers carried during last month totaled but 6,319,244, as against 6,- 479,229 the earlier period, which a decrease of 159,955 passengers, or 2.5 per cent. Total operating revenue for the carrier during the period in question akgrogated $443.681, wWith ekpenses amounting to $266,974. The sum of $40,173 was deducted for taxes as signable to railway operations, an :l:i‘!celllneuuu deductions totaled $23,- Two New Dank Cashiers. Two new cashiers are making the debut In District banking circle Henry C. Bock has joincd the Inter- national Exchange Bank in this ca- pacity and James S. Montgomery, jr., has taken a similar position with the Guaranty Savings. Mr. Bock is well known to the local banking fraternity, having _alded former bank examiner Gordon Finney for a number of years, and was later cashier of the Citizens' National Bank of Alexandria. While comparatively young, he is considered well versed in every function of banking, havin gained "his first banking experic with Riggs National, which he served from 1612 to 1918. Mr. Montgomery comes to the Guar- anty from the People’s Commercial and Savings Bank, who, in turn, se- cured him from the Minneapolis Trust Company. He, too, is qualificd having fifteen years' experience in banks. 2 .The International Exchange now boasts deposits of approximate $510,000, while the Guaranty, on the newest local banks, Was $160,00 Bank Meeting Great Success. The District banking frateralty re sumed its normal trend this morning which was interrupted, and almost suspended, last week while the annu convention was being held at Hot Springs, Va. The delegation arrived in Washing- ton shortly after 7 o'clock this mor: ing, and the majority repaired imme- diately to_ their respective places of business. It is the unanimous opinion that the convention just closed marked the peak of success. The various committee chalrmen who so admirably handled the affair came in for their full share of praise, the work of Fernand Petit, who han- dled hotels and transportation; W. W Spatd, who provided the entertain- ment, and Robert V. Fleming, who ar ranged the program, being especial noteworthy. A place for next vear's meeting has not yet been decided upon. New §1,000,000 Bond Issue. € W. Straus & Co. have purchased and are offering an issue of $1,300,000 first mortgags graduated coupon bonds of the Canadian Property Com- pany, subsidiary of the Home Bank of Canada. The bonds mature in two to twenty vears, bearing 6% per cent interest during the first seven years, 61 per cent during the next sev vears and 6 per cent during the last six_vears. ‘This is the first graduated coupon bond iseue to be purchased and offered by S. W. Straus & Co. The pose of the financing is to rele funds of the Home Bank of Canad now tied up in fixed ascets in order to meet the demand for increased business. W. R. & E. Stock Strong. Strength of common stock of ‘Washington Rallway and Electric Com- pany, offset by reverse tendencies on the part of Lanston Monotype, featured to- day’e trade on. the Washington exchange. The former was traded in to the tent of twenty shares, opening at 7 advancing to 72%, while the latter h: limited sales at 761%. Riggs Bank shares changed hands at 649%. The session was unusually dull, trades being restricted to the minimum. Market Flashes at Today’s Close The Wabash railway May was $5,721,076; 1922, $4,900,001. after tax, $1,190,14 . $705,31 Total income, $1,277,018; 1922, $777.- 633. Surplus after charges, §703,21S; 1922, $149,932. Five months’ gross, $26,225,365; 1922, $23,268.212. Net after tax, $4,631,563 49,981. Total income, $5,100,928; 1922, $3,313,7" Surplus after charges, $1,862,867 1922, $202,958. In addition to rumors of price cuts Studebaker was affected by reports that company had many unsold 1922 models on its hands. Inquiry at De- troit office elicited information that models which were carried e marketed in early spring. Demand for Studebaker cars is still equal to production and company was never In stronger financial position. gross Net A Chandler director denied that $§ dividend was in danger, saying that company has earned $9 'a share thus far in 1923, and indications point to earnings of from $12 to $15 for full year. . European statesmen are going to take advantage of Secretary Mellon's appearance among them to talk repa- rations and make definite proposals, according to authoritative advices from abroad. Proposals, it is indi- cated, involve accepiance by United States of certain German bonds in Heu of war debts from allies. North American, twelve months end- ed May 31, including subscriptions, shows surplus of $12,727,399 after taxes, interest and preferred divi- dends, but before depreciation equal to $56.50 a share on 2,313,454 shares outstanding common, and compares with $6,896,366, which, computed on basis of present $10 par value com- mon ssock was equal to* $3.99 a share on 1,718,785 shares outstanding in previous twelve months. Tomorrow is first day for Issuing “notices” for actual delivery of cot- ton on July 1 on July contracts. WALL STREET NOTES. Special Dispatch to The Sta NEW YORK, June 25—The Stock Exchange ruled today that Phillips Petroleum should be ex the 50 per ock divicend, July 2. Among ues selling ex-dividend today wer Jones Brothers Tea, Pref.; American La France Fire Engine, Pref.; International Harvester com- mon, Lacead Gas common, Reading Second, Pref.; Western Unlon, Wilson Preferred. 01l producers in the Smackover Oil fleld have agreed to drill no unneces- sary wells. Those now drilling, not offsets, will be completed to the top of the sand, and then shut down. : Ne » York bank clearings, $386,000, 000; New York bank balances, $71.- 000,000; New York Federal Regerve Bank credit: $71,000,000; - Boston Bank clearings, $52,000,000. “The B. P. rich Cqfipny today . announced ‘cuts of 7 to 131 per cent in tire casings, 4 to 11 per cemt in tubes and 214 per cent In solid, *Iu;.