Evening Star Newspaper, June 28, 1923, Page 28

% . . 28 FIN AFTERNOON RALLY ’__ FOLLOWS SLUMP Short Covering and Other Buying Brings Stocks Up From Day’s Lows. BY STUART Epecial Dispatch to The Star. NEW _YORK, June 28.—The market | E(Rrhd in this morning about where it left off yesterd. but after a pe- riod of sharp selling a real rally set in. For a half hour or so after thel opening there an irregular re- covery, but a feeble one. It was not enough to intimidate the bear party, but, on the contrary, this element, in- sisting that the buying power was| weak, returned to the attack. Be- fore midday the selling had once more becomes general, with many prominent issues at new lows for the year. WES' was Support at Lower Levels. Steel common continued, as it had the previous d to show resistance as it approached 90. Studebaker was again well taken around par by peo- ple who were attracted by the 10 per cont yield promised at that figure. Chandier Motor broke to a new_ low before it ran into buying orders of a substantial character. Baldwin Locomotive, after selling at 120— point up from last night—was driv down sharply to a new Anaconda got beneath 39 for the first time and the sugar stocks were soft, with Punta Alegre below 50 and Cuba Cane_preferred off 24 points from its | March high. Strong Afternoon Rally. This was the record of the first two hours of trading, but the ear after- noon rally was more vigorous than any scen this week. It was most pronounced, of cour: in stocks in which the bears had been most active, | and in which, according there was ground for assuming the largest short interescs—stocks like American Can, Corn Products, Steel common, Stude- baker, Baldwin Locomotive and some of the oils. It did not take fifteen minutes for these stocks t shoot up 1'% to 2 points. Chandler Motors easily re- gained the ground lo: in the early trading. Departm A chain store i h conspicuously ated Dr trong, espe Geods and_ Woolworth. Union Pacific . came back a | Today's Review and Outlook. | How much significance was to be | attached to the day’ recovery Is|( something the imme: te future will decide. But clearly the check to the decline was brought about by the | appearance of enough substantfal | buving to intimidate professionals| working on the short side and induce them to hurriedly take in a portion of their contracts. Speculative Wall _street, week ago got absurdly stock exchange week lost its head over ditions put forth panying re unsupporte make them, One day an advisory bu- u, which all the way down has beon urging its followers to hold on to their stocks, suddenly reverses its position. Another day some profes- sional operator or other is reputed to painted a dark picture of the nelal outiook. The crowd in Wail | street seized upon these things s the rXX\rP«- sions of responsible business leaders, | including_the heads of the Federal Reserve Board. They do not stop to | calmly analyze fundamental condi-{ tions, but allow themselves to become | worked up into a panic without any | intelligent reason. Trade Conditions Good. The best informed authority on busi | ness conditions is undoubtedly the Fed- eral Reserve Board at Washington. It gathers in its data from all over the country and from the most authentic sources. Its monthly summary appear- | ing in the dispatches this morning cer- { tainly strikes no note of aiarm. On the | contrary, it does not support the im- | pression that there may have been some further let-downs in trade activity. The | fact is—the review points out—that the volume of both wholesale and retail trade was larger last month than the month before, the index of the whole- sale trade being 5 per cent above April and 14 per cent above May, 1822. Pro- duction rose 2 per cent during May in such representative lines as iron and cement and petroleum, but on ther hand consumption was well | sustained. The mills' taking of cotton, | for example, being close to maximum. Overproduction Only in Oils. It will be said that the stock mar- Ket is not interested so much in this description of past conditions as in the question of what is going to hap- pen in outside business from now on. | The point, however, about this testl- | mony of the federal board is that it does not disclose any element in the present trade situation which _in the past has denoted danger. The two principal antecedents of former periods of depression have been either a credit overstrain or indus- trinl overproduction or both. Not i even the most pessimistic wiil con- tend about the situation, now that credit has been unduly extended or there is any likelihood of a pinch. ‘The whole question is whether or not output of goods will prove to have outgrown consumption. Of this ticre is no evidence as yet outside the oil industry. Wage Conditions Discussed. The statement has been made re- peatedly from the highest sources that there has been no over stocking by merchants and manufacturers and it s pretty fully granted that the danger of price inflation as it stood threc months has been removed. Wages in certain lines have gone up extravagantly and this has reduced profit margins as compared with Wwhat they were last winter. But on the other hand =0 long as the com- modity prices level has ceased rising there is no reason to assume that we shall see again the vicious cycle of 1919-20 where a constant series of price increases was beginning a con- stant series of wage increases. MAREKET CLOSES STRONG. which al upset by the failures, has this bearish” pre- | with no | of those Gains of 2 to 5 Points After 80 Stocks Touch New Lows. By the Associated Press, NEW YORK, June 28.—Selling for both accounts ceased abruptly in the latter part of today's stock market after an early period of heaviness, in which approximately eighty stocks touched new low prices for the year. Gains of 2 to 5 points were gquite common at the close. Sales approxi- mated 1,250,000 shares. The closing was strong. Short cov- ering operations and fresh buying continued in the late dealings, in which the best prices of the day were recorded. ROAD VOTES EXTRA. NEW YORK, June 28.—The Central Railroad of New Jersey today de- clared an extra dividend of $2. The régular quarterly dividend of $2 also was declared. The extra dividend is payable Au- gust 15 to stock of record August 10. The regular dividend is payable July 16 to stock of record July i1. ST. PAUL RAISES WAGES. ST. PAUL, June 28 (Special).—The St. Paul city council is considering a demand made by union teamsters for a 10 per cent increase over prices at present paid on municlpal work. Bids for $2,000,000 worth of highway con- struction will be asked in July. This will extend truck highway ex-| X SEuok Mahway ANCIAL. Low. Olose. Adams Express. 0% 0% Alr Reduction 59 Ajax Rubber % Alaska Juneau 1 1 Allied Chem. 65% Allied Chem pf. Allis Chalmers Am Agr Chem. Am Ag Chm pf. Am Beet Sugar. Am Bosch. .. ‘Am Br Shoe pf Am Can.. Am Can pf. Am Car & Fa. Am Chain (A). ‘Am Chicle Co. Am Cotton Ol Am Cot Ol pf. Am Druggist. Am Express. . Am H & Leath Am H & Lea pf.. Am Ice. Am Internat’. Am La France Am Linseed. Am Linseed pf. Am Locomotive. Am Loco (new). Am Metal Am Metal pf. . Am Radlator. Am Safe Razor. Am Ship Com. Am Smelting Am Smelt pf. Am Snuff. Am Steel Fdy. Am Sugar. Am Sugar pf Am Sumatra . Am T & Cable. . Am Tel & Teleg. Am Tobacco. . | Am Tobac (B) Am Water Wks. Am W W 6% pf. AmW W 7% pf. Am Woolen. Am Woolen p? Am Writ Prpf.. Am Zinc & Lead Am Zinc&Ld pf. Anaconda. Arnold Constab. Assets Realizn.. Asso D Goods. Assoclated O1l Atchison. . Atchison pf. ... Atian Bir & Atl. Atlan Cst Line. . Atlantic Fruit Atl Fruit ctfs. .. Atlantic Gulf. Atl Guit pr. .. At] Refining pf.. Atlas Tack... 11 Austin Nichols. . 1 Auto Knitter. 20 Baldwin Loco. .. 120% Balto & Ohio 425 Balto & Ohlo pt. Barnesdall (A). 13 Barnesdall (B). Bayuk Bros. ... Beechnut Pack. Beth Stee! 5 Beth St1 7% (n). Beth St 8% pf.. Brit Emp Steel.. Br Em Stl 2d pt. Bklyn Edlson. .. Bklyn Rap Tran Bklyn R T ctfs. . Bklyn R war 2d.. Bklyn Un Gas Brown Shoe. . Burns Bros (A). Burns Bros (B). | Butte Copper. Butte & Super... Caddo OIl. . Calif Pack. . Calif Petrol. Calif Petrol pf.. Callahan Zinc. .. Calumet & Hecla Calumet & Ariz. Canadlan Pac. Central Leath. . Cent Leath pf. .. Century Rib Mill Cerro de Pasco. . Chandler Mot. Chesap & Ohlo Ches & Opf wi. Chi & East Til. Chi & ETll pf. Chi Grt West. Chi Great W pf. Chi & Northwn. Chi Pneu Tool Chi R1 & Pac. Chi R1&P6% pf. Chi R 1&P 7% pt Chile Copper.... Chino Copper. Cluett Peabod. Coca-Cola. Colo Fuel Colo & South Columbia Gas. Cnl Gas (new)... Columbia Graph Columbn Carbon | Comp Tabulat. Cons Cigar | Cons Gas of NY. Cons Textile. ContCan..... Continental Mot Corn Products. . Corn Prod pt Cosden & Co. Cosden pf Crucible S Cuban-Am Sug. Cub Am Sng pf.. Cuba Cane Sug. . Cuba Cane S pf.. Cuban Dom'can. Cuyamel Fruit. . Davidson Chem. De Beers. ... Del & Hudson. .. D Lack & West. Detroit Edison. . Dome Mines. ... Douglas Corpn.. Dupont (EI)... 11 Dupont deb..... Eastman Kodak 102% Elec Stor Bat... 5b% Elk Horn Coal.. 14 Endicott-John.. 63 Erle. . Erie 1st pf.. Erfe 2d pf. 12% Exchange Buffet 28 Famous Players 69% Famous Play pt. Fd Mines&S pf. . Fidelity F Ins. Fifith Ave Bus Fisher Body. Fisher B of O p: Fisk Rubber.... Fleishman. Foundation Co. . Freeport Texas. Gen Am Tk Car. Gen Asphalt. Gen Asphalt pf.. Gen Cigar. 6 58 10% 454 27 63% 80% Gen Motors p Gen Mot 6% deb. Gen Mot 7% deb. Gimbel Bro Glidden. Goldwin Corp. .. Goldwin (new). Goodrich. Goodrich pf . Goodyear pt. Goody prpt wi. Granby Consol. . Gray & Davi: Gt Northern pf.. Gult M & Nor pf. Gulf St Steel Harbishaw Cab. Hartman Corp Hayes Wheel. Homestake. Househ'd Prod Houston Ol Hudson Motors. Hupp NMotors. Hydraulle Sti. Illinols Central. lol 101 {nfloll‘b y Gaz. s THE EVENING STAR, WASHINGTON,Y D. C, THURSDAY, JUNE 28, IBOND QUOTATIONS 1aian Refining. Inland Steel. cu { Inland Steel pr. Inspiration. . Interb Rap Tr. . 108% { In Ag Chemical. In Ag Chem pf. 13% |ln! Cement 34 In Combu: Int Harvester. Int Mer Marine Int M Marine pf. Int Nickel. .. Int Nickel pf. Intl Paper Int Shoe. .. Int Tel & Teleg. Invincible Ofl. Iron Products. Iron Prod ctfs. . lowa Central. .. Jewel Tea. .. Jones Tea. .. Jones & L'gh pf. ID'IV- Kansas & Gulf. . % KansasCity S.. 1% Kayser (Jullus) 804 Kelly-Spr Tire.. Kelsey Wheel. . Kennecott. Keystone Tire. Kresge (SS). . Laclede Gas. LE& Wnetfs. . Lee T & Rubber. Lehigh Valley. . Lima Locomo Loews Inc Loft Inc Lorillard (P) Louts & Nash. Mack Trucks Mack Trucks 1st Magma Copper Mallinson & Co. Manati Sugar. .. Manhattan Elev Man El Inv guar Man Elev serip. Manhat Shirt Market St Ry Market St prior. Marland Oil. ... Martin-Parry Mathison Alkili Maxwell (A) Maxwell (B)... May Dp Stores Melntyre Por. Mex Seaboard. . Mex Seabd ctfs. Miami Copper-. . Middle St O11 Midvale Steel. Minn & StL (n). Min St P &SSM. | Mo Kan & Tex. MoK & Tex pt Mo Pacific. Mo Pacific pf. Montana Pow Montiy Ward. Moon Motors Mother Lode. Mullins Body Nash Motors. . Natl Acme. N Or Tex & Mex. N Y Air Brake. NY Afr Brk (A). Y Canners. . N Y Central. NY Ch&StL ctfs. NY C&StL 1 ctfs Nunnally Co. Ohio Bdy & BlW. OrpLeum Ctreutt Orpheum Cir pf. Otis Elevator. Otis Steel. . Owens Bottle Pacific Develop. Pac Gas & Elec.. Pacific Mall Pacific Oll. Packard Motor. Pan-Am Pete. .. Pan-Am P (B).. Parrish & Bing. Penn Seabd Stl. Pennsylvania. People's Ga: Pere Marquette. ere Mrq pr pf. . Philadelphia Co Philip Morris Phillips Pete Plerce-Arrow. Plerce-Ar pf.. Plerce Oil...... Pierce Ofl pf.. Pitts Coal Pitts & W Va. Pitts&W Va pf. Pressed Stl Car. Pressed St C pf. Produc & Ref. Pub Service. Pub Serv 8% pf. Pullman Co. . Punta Alegre. Pure Oil.... Pure Oil 8% pf.. Rand Mines. Railway Stl Sp Rapid Tran Sec. Rap Tran Sec pt Ray Con Copper Reading. Reading 1st pf Reading 2d pf.. Reis Robert. Remington Remin 2d pf. Replogle Stee Rep Ir & Steel. Reynolds Spr. Rey Tobac (B) Royal Dutch. St Joseph Lead.. St L & San Fran St L&San Fr pf. St L Southwn. St L South pf... Savage Arms Schulte Stores. Seaboard Air L Seabd A L pf. Sears Roebuck Se: Seneca Copper. Bhattuck-Ariz Shell Tr & Tran. Shell Union Simmons. Simms Petrol. Sinclair Of1 S Sloss-Sheffeld. . Sloss-Sheff pf. So Porto Sugar. South Pacific Southern Rwy. Southern Ry pf. Spicer Mfg Co. . Stand Milling. St Oll of Calif. Stand Ofl of N J. % St Ol of NJ pf.. 115% Steel & Tube pf. 104% Sterling Prod. 53% Stewart-Warn Strombg Carb. . Studebaker. .. Studebaker pf. . Submarine Bt... Superior Ol Superior Steel. . Sweets Coof A. Tenn Copper-. ... Texas Company. Tex Gulf Sulph.. Texas & Pacific. Tex & PC & Oll. Third Avenue. Tide Water Ol 100" Timken Bearing 35% Tobacco Prod... 48% Tobacco Prod A. 177% Tol StL&W pf.. B56% Trans Cont Ofl. Underwood. .. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office llfl‘i n\a 89w | 46 % | U'S Smelt&Ref. . *NEW READING PLAN DECLINE FURTHER Practically All Classes Were Under Selling Pressure in Today’s Session. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, June 28.—Further sharp declines marked the course of bond trading today. Practically no class of securities was exempt from the selling pressure. Prices for the high-grade rails held fairly well on the exchange and there seemed to be some demand for good bonds on a & to 5.20 per cent basis, but there were large blocks offered for sale over the counter with the consequent de- pressing of sentiment among traders. The source of the selling of these high- grade securities can only be surmised. Some of it was believed to come from ‘western institutions. Frencha Eights Drop. Foreign bonds were particularly weak. French $s, for instance, were off more than 3 points from the price [t yhich they were selling only a week ago. French 7%s lost in the Isame proportion, = Caechelovakia fs went lown a point between sales until at one time they were selling 213 points below last night's closing. Jugoslav 8s on large transactions went well below 70, a price not touched since the first week in the month. As might have been expected, there was also heavy liquldation In (he| speculative ralls. There were large transactions in New Haven s on a flat 10 per cent basis, at 1% points under yesterday's last sale. New York, Westchester and B a New Haven bond, 2 points. Missouri, K. adjustments, which have been specu- lative favorites, dropped below 0. The Erie issues were all lower, espe- clally the three series of convert- ible 4s. U. S. Bonds Also Slump. United States government bonds went down with the rest of the mar- ket. It may have been that some of the selling of liberties was e to the expiration on July 2 of the tax ex- emption on certain amounts of the old 4%#, but more likely the decline here was due to the same causes that prevailed elsewhere. Industrial and utility bonds in gen- eral were lower. The outstanding exception was the Virginia-Caro- lina Chemical issues, both the first Ts and the debenture i%s. Both these rallied very sharply. The advance in the 7s was about 5 points. There wae a good rally In the late afternoon. It was especlally evident in foreign bonds. Some of the specu- lative rails also did better, but thers was continuous heaviness In the St. Paul issues. ‘MARKET NEWS SERVICE 1 WILL BE EXTENDED Agricultural producers, traders and consumers in the Rocky mountain ! reglon and the Pacific coast and in| [the southeastern states will be bene- fited by an extension July 1 of the market news service of the Depart- ment of Agriculture. The leased telegraph wire service, now covering the important market and producing centers from Boston to Kansas City and from Minneapolis to Austin, Tex., will be extended, it was annouriced today, from Kansas City to Denver, Sait Lake Ci Prancizeo, Los Angelcs and Portland. The service also will be extended from Washington either by radio or leased | telegraph wire to Richmond, Raleigh, | Clemson College, S. C.; Atianta and| Jacksonville. SIGNED BY JUDGES By the Associated Press. PHILADELPHIA, June 28.—The de- cree of the federal court segregating the Reading company from the coal properties was signed today by Judges Buffington, Davis and Thomp- son, in federal court here. The de- cree s based on the third modified plan submitted by the Reading com- pany. 3 Ta’e Reading company is ordered to effect the dissolution in six months trom June 27. The decree provides that after the new mortgages have been executed in place of the existing general mort- gage the tender of the new bonds in exchange for the present general mortgage bonds is to be held open ! for three months. BAR SILVER QUOTATIONS. | LONDON, June 28.—Bar silver, 31%d | per ounce. Money, 1% per cent. Dis- Count rates, short bilis, 2 3-16a2% per | cent. Three-month bills, 23-16a21 per cent. NEW YORK, June 85 fexican dollars. 28.—Bar silver, | Underwood rts. % Union Bag & P.. 66% Union Pacific... 1803 Union Pac pf. Un Tank Ci Un Alloy Steel. . United Drug. United Fruit. Utd Pap Board. United Ry Inv.. ‘Utd Ry Inv pf Utd Retall Strs. U 8 Cast I Pipe.. USCastirPpf. U S Food Prod. . {US Hoffman M U S Indus Alco. U S Realty. . U S Realty pf. U S Rubbe USRub 1st pf.. USSmelt &R pf U S8Steel...... U S Steel pf. Utah Copper. Utah Securiti: Vanadium Corp. Va-Car Chem. .. Va-C Chem pf. ValIrCoal&C.. Vivadou ‘Wabash. Wabash pf (A) . ‘Waldorf (new). Web & Heilbrn. West Penn Co. . ‘West Penn pf. ‘Western Md Western Md. 2d. Westhee E1&M. Wheeling&L E. Wheel & LE pf. White Eag Ofl.. White Motor... ‘White O1l. . Wickwire. ‘Wilson Co Willys-Overld. . Willys-Overl pf. ‘Wisconsin Cent. Woolworth. ‘Worthington. .. Wright Aero... I Call Money.... Bz. NOURLV ‘AL"IOF BYOCK"- 1923. ON NEW YORK BOND% STOCK EXCHANGE | Received by Private Wire Direct to The Star Office. (Bales are in §7,000.) UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 101 1 m&lnl 101 ‘l-l!) . 0-21 lM-l( IW-IS o5 5 100-21 et ,1.24 97-29 97-26 97-81 98-9 98-16 97-26 98 99-14 99-14 98-16 98-2 TSdys 1953, 288 99-23 IfiN. Fo“ Figh. Low. Closs. 101% lfll% 90% 100% Ioov. Areentine 7s. Austria 7s ctfs . oL Belgium 7% Belgium 6 Canada 5%s 1929. Canada 6s 1931. Canadla 5s 1952. Chile %5 194 Chile _s 1826, Chi; e Chinese Gov Ry 68 Christiania 8 Copenhagen 6% Cubab%swi. Czechoslovaki; 1 Framerican 7%s.. 25 95 Hait! 6s ctfs. . Holland-Amer Jergen U M Gs'47. Lyons 6 Margeilles 6s. .. £ Orlent Dev deb 6s. Med 68 .16 Queensland 7s.... Queensland 6s. Rio de Jan Rio de Jan Rio Gr Do Sul 8s.. Serbs Crotes Slo !|20l Solszons 6 Sweden 63 . Swiss Confed 88 114% 5% 113 102% 89 103 1 11 MISCELLANEOUS. Ajax Rubber 8i 3 Am Agr Chem T%a Am Chainsf 65°33 Am SmIt&R 1st 53 Amer Smelting 6s Am Sugar Ref 6: AmMT& Tev 6 AmT& Teltr AmT& Tcltr 4 Anacondacvdb 7s 89% {Anaconda 1st 6 Armour & Co 4%s. Atlantic Refin 6s.. Bell Tel Pa 58 rcts Beth Steel 53 '53. Beth Steel rf Beth Steel p Beth Steel s £ 6. .. Brier HSt1st 6%s Bklyn Edison 7s D Bush T Bldg bs Central Leather & Cerro de Pasco 8s. Chile Copper 8s. ... Commonwth P 6s. Con Coal Md 1st bs Consum Pow 58 '52 Cuban-Am Sug 8s. Cuba Cane cv d 8s. { Dery (D G) 7s. Det Edison ref 6 Diamond Mth Tts Du Pontde N 7is. Duquesne Lt 7%s. Duguesne Light 63 E Cuba Sug 7%s. Empirs F&G 7%s. Fisk Rubber Gen Refractes 6 Goodrich 634, Goodyear .. 14 Goodyear 83 1941. . Humble O&R 5%s. Tlins Bell Tel 1st 53.170 indiana Steel 55... 9 Int Mer Marine 6s. 19 Int Paper 1st 5s A. 11 Int Paper 1st 5s B. ullus Kayser 7s. KCP&Lt5sA'S2 Kelly-Spring 8: Lackawa 8 68 '50. . Liggett & Myers 7s Liggett&Myers 5s. Manati Sug sf 7% Marland Ol 7% Marland Oil 8 Marland O11 Mexican Petrol Mich St Tel 1st 5s. Montana Power 58 Morris&Co 1st 4% New Eng Tel 5 N Y Edsn 1st 6%s. N Y Tel 65 '41. N Y Tel 65°49. N Am Edison 8. N States Pow bs. Northwst B Tel 73 Otis Steel 7448 Otis Steel 88 Pacific Gas & El 58 PacT & T 6s'63 Phila Co ref s Plerce-Arrow 8 Joyorey » DEROR A © =00 D5 N9 6RO TN BN e O Sin Crude Ol1 6s. . Sin Pipe Line 6s. South Bell Tel 6s.. 1 So Por Rico Sug 78 St Ol of Calif 7s.. Steel & Tube 7 Tenn Elec Pow Tide Wat Ofl 6% Toledo Edn 1st 7s. Union Bag & P 6s. Unit Drug cv 8 U 8 Rub 1st rf 6 U S Rubber 7 U S Stee! Utah Pow & Lt5s. 3 Vertientes Sugar 78 5 Va-Car Chem 7s...128 Va-Car Chm 7%s v117 Wilson & Co 1st 6s 11 Wilson&C ev 7 ‘Wilson & Co cv 1 86% 86% ‘Winchester A T%s 4 104% 104% ——— e ASHEVILLE, N. C, June 28.—Fix- ing the time of opening sales for to- bacco in the producing states of the south will be decided by the standing committee of the Tobacco Association of the United States late today and will be reported to the main conven- tion of that body for final action to- morrow when it meets for its twenty- third annual gession. A. B. Carrington of Danville, Va., and a number of delegates to the con- vention reached here today and others will arrive this afternoon and tonight. CALL MONEY STRONG. NEW YORK, June 28.—Call money strong; high, 6; low, 6; ruling rate, 6; closing bid, 6; offered at 6% ; last loan 6. Call loans against acceptance 415, Time loans firmer; collateral, sixty-ninety day: months. 5a5%: paper, 5. RAILROADS. Bales. Hi Low. Close. Atchison gen 4 2 6% Atchison adj 4s. 205 Atlantic CL 1at 48 os 84% B&Oprin 3% %y 100% ‘l’l* 81% 3% 93% B&Ocviys. B&Oret bs. B & OSW aiv 3%s. 26 Bklvn R T 482002. b Bklyn R T 51 3 Bklyn RT 7s'21. Bkl RT 78°21 ct. 57% Chi RT1& Pacrf s 5“ ChiUn Sta 4%s. Chi & W Ind en CCC&StLrf6sA.. Cleve Term 6%s. .. Colo & Sou 4%s. CubaRR s Del & Ha 18t rf 4 Den&Rlo G con 4 D & Rio G imp 58 D&RG1strfbs.. Det United 43%s. .. Erie 1st con 41 Erie gen 4 Erie conv Erfe conv D. Gr Trunk sf db Gr North gen 7s. Gr North gen 5%a. 2 Green B& Wdab B. Havana ERL&P s 1 8 aaf - BesormPom o lowa Central rf 4s Iowa Cent 18t 5 Kansas City 8 3, Kan City S 6s. Lake Shore 48 :l Lehigh Vllley Louls & Nash 5% Market St cn b8 Mo Pacific Mo Pac!fic gn Montrl Tm 1st NOTex&Min N Y Cent deb 6s. v Y Canl ribs encd \low HAven s New Haven 7s fr Norfolk & W cn 48 16 Norfolk & W cv Northern Pac 3 Northern Pac Northn Pacr1 Northern Northrn Pe O Short L cn 63 '46. Cre Short L ref 4 Ore-Wash 1st rf Penneyl gen 6s. Pennsyl gold FINANCIAL. Grain, Live Stock | LOCAL WHOLESALE MARKET. A drop in the temperature has made buying a little more brisk. Buyers displayed but little inte; during the time when the thermometer reg- istered above 90 degrees, but this morning’s cool weather caused a no- ticeable activity. No scarcity of m: vegetable: poultry and frults was reported this morning. There is much meat of me- dium and poor grades on the market to be had at low prices, but good qual- ity meats are in demand at prices that are not considered cheap. Dealers in fruits and vegetables are able to present attractive displays. Cherries and berries are being re- ceived In large quantities from near- by growers. Eggs—Strictly _fres) dled, per dozen, 26; a: southern, 24. Live poultry—Roosters, per 1b., turkeys, per 1b. 25; spring chick- ens, per Ib., 50a55; keats, youns, each, 40; towls, per Ib., Dressed poultry — Fresh - killed spring chickens, per Ib., 50af0; win- ter chickens, per Ib., 35; hens, per ilb. 28; roosters, per Ib., 20: turkeys, per 1b., 35ad0; keats, young, each, 0a80. selected, can- age receipts, 24; 12; Live stock—Calve: 10; medium, per lb., b., 6 Lambs, spring, per b, 14 l:’v'xvlz 3.0025.00 each: live hogs, per Green fruits—Apples, per bbl., 4.00 29.00. Californla oranges, per crate, 5.0026.60; Florida, 5.50a7.00. Lemons, per box, §.00a11.00.” Grapefruit, 4.00a5.00. Blackberries, per qt., 6a20. ' Peaches, 4.00a5.50. Cantaloupes, standard, 5.00a. 5.50; pony, 2.50a4.00; flats, 1.75a2.00. Vegetables—Potatoes, per bbl, No. 1, 1.5022.00; per sack, No. n B New York, 2.503.00. 'Romaine lettuce, per crate, 75al.50. Cabbage, nearby, 1.00a1.75 per bbl. Eggplant, per crate, 2.00a2.50. Tomatoes, per box, Florida, 2.00a5.00; Mississippi, per box, 2.00a2.35. per crate. Beans, 1.50a3.50 per barrel. Peas, 2.00a4.00 per basket. Peppers, per crate, Florida, 2.50a5.00. Kale, per barrel, 75a1.25. Spinach, per barrel, a. 0a4.00. Celery, per crate, Florida, 2.0026.00. Squash, 1.00a2.50. Florida lima beans, 4.00a5.00 per basket. As- i paragus, 1.00a4.00. GRAIN AND PROVISIONS. BALTIMORE, June 28 (Special).— Potatoes, new, barrel, 2.00a5.00; old, 100 pounds, 75a1.50; 150 pounds, 1.25a 2.50. As & dozen, 1.00a3.00. 50a1.25; Itma beans, 0. Beets, 100 bunches, Cabbage, basket, 1.00a1.25. 100 bunches, 4.0026.00. Corn, crate, 1.50a3.00. Cucumbers, basket, 75al.50. Eggplants, crate, 2.00a3.50. Lettuce, bushel, 50a1.50. Kale, bushel, 50a75. Onfons, 100 pounds, 1.50a4.25; spring onions, 100 bunches, 1.25al. Peas, bushel, 2.00a3.00. Squash, bas. ket. 35a40. Peppers, crate, 2.00a3.50. Radishe 100~ bunches, 2.00a3.00. Spinach. bushel, 1.00a1.50. Tomatoes, crate, 1.75a4.50. Blackberries, quart, 12al18. Cantaloupes, crate, 1.40a4.75. Cherries, pound, 6a20. Grapefruit, box, 2.50a4.00. Gooseberries, pound, bu: bushel, 4.00. 4.00a6.00. Carrots, Produce and| ol { during BANKS TO DISBURSE DIVIDENDS MONDAY Three Will Pay Out Total of $39,500—Pepco Earnings for May—Local Notes. Stockholders of three local banks will be gladdened to the extent of $39,500 on Monday next, when divi- dends for the first half year, and in one instance for the second quarter will be received. Late this afternoon directors of the Columbla National will order a quar terly dividend of 3 per cent, payable on July 2 to stockholders of record June 30. The Columbia has been on a definite annual rate of 12 per cent for several years, and if its pre rate of progress can be taken as criterion any change in dividend dis- bursements will be made on an in- creasing scale rather than otherwise This_Institution has, at the present time, deposits of $2,750,000, a8 against $2,370,000 a year ago. The peak was reached several months ago, When 91,000 It is capitalized at $250.00 surplus account of $250,000, and un- divided profits of $95,000. Messer is president, 'and Frank J Stryker is vice president and cashier, as well as active head. The Second National Bank, in ad dition to declaring their regula: semi-annual dividend of 3 per cent has ordered the payment of an extra disbursement of 1 per cent on July 1 to stockholders of record June 29 This bank has a capital of $500,000. surplus of $285.000 and undivided profits of $105,861. It is officered by Victor B. Deyber, president. and W W. Marlowe, cashler. Likewise the Lincoln National Bank has declared its regular semi-an- nual dividend of 4 per cent, payable on July 1 to stockholders of record June 25. It has capital stock out- standing’ to the amount of $300.000. surplus and net profits of $453.404, and deposits approximating § 000 vd E. Davis is the president offi- Albert S. Gatley vice presi dent and cashier. Pepco May Earnings Up. An Increase in earnings of the I'u tomac Electric Power Company fo: the month of May as against the cor responding period of last year, offsct by a decline on the part of Washing ton Rallway and Electric Company for the same month, was shown in the month's statement of earnings filed with the Public Utilities Commission The power company earned $91,935 the past calendar mon which compares with $83,502 in May a year ago. On the other hand, the carrier reports a net income of $166,- 891, as against earnings of $199,391 during the corresponding month of last year. Of the past month's in- come the sum of $158,028 was on ac- 6a8. Huckleberries. quart, 25a30. Oranges. box. 4.00a7.00. Peaches, crate, 1.50a3.00. Pineapples, crate, 3.00a4.00. Raspberries. quart, $al0. Strawberries. quart, 8a10; strawber- E)oenmcnne, 6.00. Watermelons, each, a70. Selling Prices at 12:15. Wheat—No. 1 red winter, spot, guotations; No. 2 ‘red winter, 5%; No. 3 red winter, spot, quouuonu. No. 2 red winter, gar- licky, no quotations; No. 3 red win- ter, garlicky, spot, no quotations; Jure wheat. fio quotations. es—Bag lots of new nearby at 1.06 per bu. e Corn—Cob, new, 475 per bbL; con- tract, spot, 90% per No. 2 corn, $3%: Now'4; Do Subtations: teuos corn, Jeliow. No. 2 or better, 1.01a1.02 per no spot, no Sales—None. Oats—White, No. 2. 52%a53 per bu.; No. 52a521% per bu. i Rye—Nearby, 70a75 per bu.; No. 2, western export, spot, 74%; No. 3, no quotations. Hay—Receipts, 93 tons; for better 1 Peoria & E inc és.. 14 Pere Marqlst5s.. 7 Rapid Tran 6s wi..218 35 Seab'd A L ad) bs.. 46 Seab'd A L con 4 Sou Pacific cv 4 Sou Pacific ret Sou Pacific clt 4s. Southern Ry 1sf Southern Ry gn 48 lfl Union Pac 1st rf 48 82 Union Fac ev Union Pac cv Virginia Ry 1 VaRy & P 1st 58 Wabash 1st ‘Wabash 2d bs Western Pacific 3 ‘West Shore 1st 4s. 18 TOTAL SALES (Par Value): 11am.. 4460000 12noon. 7528000 lp.m.. 9246000 2p.m.. 10666000 Market Flashes at Today’s Close The H. H. Franklin Company has reduced factory operating schedule on Franklin cars from six and a half days to five days a week, but will make no reduction in number of em- ployes. New York bank clearings, $755,- 000,000. New York bank balances, $83,000,000. New York federal re- serve credits, $72,000,000. Boston bank clearings, $68,000,000. At the monthly meeting of the di- rectors of Baldwin Locomotive Works only routine business was transacted. Revised figures on imports. to the United States in May show increase over preliminary figures of June 12, according to Department of Com- merce. Total imports for May now given as valued at $373,244,000. Reports in Wall street that Cosden & Co. would offer additional stock to shareholders at $40 a share are em- phatically denied by .Cosden, president. He states financing is not only not contemplated, but not rc- quired. Company's cash position is strong and sales of gasolinc Increas- ing. Delaware, Lackawanna and West- ern Railroad declared regular qu terly 3 per cent dividend, payable July 20. ‘Wholesale sales in New York r serve bank district in May were less than in March and April, but above those of May a year ago. TODAY’S METAL MARKET. NEW YORK, June 28.—Copper— Qulet:selactrolyflc spot and nearby, 14%ai ’}“In—Walk spot and nearby, 38.87; tutures, 38.75. Iron—Steady: prices urichanged, Lelfl—fl!.ldy, lPo!, Zine ulnl" ‘East 'St. Louls, spot d 'I“'.“ " Aatimony bt hay there is a steady demanw right along at a range of 19.00 to 20.00 per ton. The percentage of good hay on dniily‘ recelpl; is not large. Medium nd low grades are in full su regular prices. Stwnlyat Straw—No. 1 tangled rye, 15.00216.00; No. 1 wheat, 12.50a13.00; No. 1 ol.l, nominal, 14.00a15.00. CHICAGO, June 28. DPOn xl!(:an Low. Beptember 111 nm. l0sy 10% . 1.086¢ 1.05 kit K] 41 kb 10.82 1107 8.97 8.92 9.20 9.15 DAIRY PRODUCTS. BALTIMORE, Md., June 28 (Spe- cial).—Live poultry—Spring chickens, pound, 45a52; small and leghorns, 30a 40; old hens, 20a25; leghorns, 18a20; old roosters. 13al4; ducks, 15a20: spring ducks, 27a29; pigeons, pair, 25a30. Eggs (loss off)—Native and nearby ?lr:; dozen, 23%a24; southern, 2la Butter—Creamery, good to fancy, 37a41; prints, 42a43; nearby creamery. 35a38; ladles, 34a36; rolls, 30a32. store ‘packed, 30; dairy prints, 30a32. CHICAGO LIVE STOCK MARKET. CHICAGO, June 28 (United States Department of Agriculture).—Hogs— Receipts, 46,000 head; slow, mostly 10 to 20 lower than Wednesday's aver- age; few early sales sorted light to shippers and traders, 7.20a7.30; bulk desirable 175 to 300 pound averages later, 7.00a7.15; packing sows. mostly 6.00a6.30; bulk strong weight pigs, 6.50a6.75; heavyweight hogs, 6.50a7.15: medium, 6.60a7.30; Illhl. 6.95a7.25; light light, 6.50a7.10; packing sows, smooth, 5.75a6.40; 'packing sows, ;ough 5.50a6.10; kllllng pigs, 6.00a Cattle—Recelpts, 9,000 head; slow, most killing classes about steady: un- dertone weak on plainer kind; rela- tively few fat steers or yearlings here of value to sell above 10.50; choice h-ndy steers held at 11.25; bulk, 8.50a10.00; light grassy year lings, downward to 7.00 and below better grades she stock. scarce, mor: active; bulls strong to 15 higher; veal calves strong to 26 higher; especlally to outsiders; bulk to packers, 9.00a 9.50; stockers and feeders dull; coun- try ‘outlet narrow; market weak to uneven, lower. Sheep—Recelpts, 10,000 head; lambs steady to strong; wet fleeces comsid- ered; bulk good and choice nltlve lambs, mostly 15.25; top, 15.50; scarce, steady; fat ewes, mostiy 5,00 .csgo. extreme heuvku, downward to TODAY’S CHICAGO PRICES. CHICAGO, June 28.—Aggressive buying, together with scantiness of country offerings, gave a decided lift to the price of wheat today during the early dealings. The buying was based chiefly on estimates that In the st two days as much as 4,000,000 Duahels In futtre deliveries Led woos taken for seaboard account. The fact | that Liverpool quotations virtually falled outright to reflect yesterday's sharp setback here, formed an addi- tional bullish influence. _Opening prices, which ranged from % to 134 cents ‘higher, with September 1.023; To103% "and December 1.08 to 1-055%. were followed by some further gains. Notwithstanding wheat strength, de- mand for corn was lacking, bears contending that corn prices were too high. After opening at half-cent de- cline to_a llke advance, September 71% to 7 the market underwent a material setback all around. Oats were affected more by the ac- tion of wheat than of corn. Oats started unchanged to % higher, Sep- tember 37%, and later held to the initia] rang Provision: re easler with hogs description of timothy and light-mixed | count of interest and dividends from the Potomac Electric Power Company, which is owned by the street rallway The subsidiary lines of the Wash- ington Railway and Electric Company report for the month as follows: City and Suburban, $19,403; Georgetown and Tennallytown, deficit of $1.298, and Washington Interurban, deflcit of 5. 191,205 ‘Wadsworth Likely to Get Post. It is regarded as a certa official Treasury circles that Assista: Secretary Eliot Wadsworth of New York will be promoted to the post of undersecretary of the Treasury, which will be made vacant on flep tember 1, when the resignation of Spencer P. Gilbert takes effect. B. & 0. Earnings Gain. The net railway operating_income of the Baltimore and Ohio Railroad Company for May, 1923, amounted to 194,297,783, an iIncrease of $1,792.68% over the corresponding month of last year. Revenues amounted to $23,609,- 843, expenses to $18.023,885 and total deductions to $1,288,783. For the five-month period of the calendar year the company has an operating income of $18,821,318, an increase of $6,907,355 over the corre- sponding five months of last year. Decline in Bank Loans. Loans of reporting member banks in principal cities declined $115,700,000 between May 16 and June 13. Bank holdings of government securities in- creased over $100,000,000 in connection with Treasury transactions of May 15, but later declined as securities were distributed by banks. These decreases in loans were accompanied by receip during May of $45,000,000 in gold tr. abroad. ‘Would Change John H. Puelicher, pres: American Bankers' Associat favor of taking the word out of the title of the organizati because, he say: the association not aimed to advance the cause of bankers as opposed to, or even as dis- tinguished from, other units of Amer- ican life. It is working solely to ad- vance the welfare of America. to benefit all Americans. “In a benefited America will be found the highest benefit for bankers,” he says. Rallway Common Drops. Washington Railway and Electric common stock dropped to 67 on sales of four shares in the dullest sessio of the month this morning. It clo: weak, with 663 bid and 70 asked Other sales included 40 Gas Light at 48, $3,000 Capital Traction 5s at 963 and 96, and $1,000 Metropolitar railroad 5s at 97. Plans Outing in Maine. Edward J. Stellwagen, president of the Union Trust Company, will shortly leave for his annual vacation at Poland Springs, Me. e e CAR SURPLUS INCREASES. Railroads Making Good Gains in Efficiency Campaign. NEW YORK, June 28.—As of June 14 there were 51,988 freight cars in good repair and available for imme diate service, an increase of 10852 over the total on June 7. At the same time the reported shortage of freight cars amounted to 12,787, 2 decrease during the week of 191. Thed fact that the roads are reducing the technical shortage of freight cars as represented by their faflure to meet immediate demands of shippers and at the same time are able to increa their supply of surplus rollins s in good order is regarded as ample inaugurated early in April - BOSTON STOCK MARKET. BOSTON, June 25.—Followin~ list of today's highest, lowest ard clos ing prices for the most active stock dealt in here: High, Low. Arcadian _Cons i 1 Roston Elevated Calu & Ariz Calu & Hecla . Connor J T. Mayflower O e vesthaca Mohawl New Comeita id Colony