Evening Star Newspaper, June 29, 1923, Page 28

28 » FIN BEARELEMENTS HIT | MANY STOCKS HARD High Money, Weak Ex- changes and Drive on Steels Cause Some Heavy Losses. BY STUART P. WEST. to The Star. 1‘;‘\3‘“;:;:".1(, Jupe 29.—Following the sharp recovery of the previous day, selling broke out again m the market today. It was a matter of areat difference of opinlon as to what proportion represented real liquidation and what proportion was Tor short account. But there was no doubt that whether or not the in- spiration came from the bear pariy. a lot of real stock was belng forced upon the market. This put a severe test upon the newly devoleped buying power which had begun to appear yesterday, a:‘x‘d v E rge number of stocks ;‘S:‘\{eed % oneidorable resistance, others were very weak, breaking to new Jows for the year. Bethlehem Leads Break. Among these were shares of the in- dependent steel companies—Bethle- hem Steel and Republic Iron and Steel in particular—Chandler Motors und the stocks of railroads traversing ihe northwestern states. i he best information regarding Béthlehem Steel was that the talk of a dividend reduction accompanying the sharp decline in the stock was not justified. The president of the com- Pany is on record as saying that dividend requirements were covered in March, although they were not en- tirely covered for the fir quarter. He is also on record as saying that April was better than March. Unoflicial but creditable reports lave it that there has been further improvement during the llal' two months of the second quarter. Under these circumstances it is felt that the directors when they meet in Juiy will maintain the present regular distribution in the Bethlehem man- zgement. The decline was, therefore, Lttributed simply to the fact that ihere is so much more Bethlehem common around than there uged to be ina its market position, under condi- tions like these, is more vulneravle than the average, Other Stocks Join Slump. Republic Iron and Steel went down with Bethlehem, and the rest of the steel shares were more or less de- pressed in sympathy. § The conspicuous weakness in North- ern Pacific was due directly to the May t fic statement, showing net operating income of only $193,164, as against $218,649 in the same month last year. The low prices were made, as a rule, widway through the afternoon. Steel common dipped under 90%, which was its formal low, but around this fig- ure showed the same resistance it “has repeatedly shown on other days. The same was true of Baldwin Loco- motive below 118 and Sludubykfl" around and just under par. When the three stocks struck these levels they seemed to run into support of a powerful character, and it was® the perception of this support which did more than anything else to prevent the market having a worse break. Rally in Late Trading. Starting the final hour. the market began to pick up, Studebaker get- ting above par again, and other spec- ulative favorites coming back from their lows. The general list however, was still very, much unsettled. The particular weaknes in the rails was possibly the most disturbing. It was Peported this moring that Studebaker Gitectors are considering plans for some favorable action at the next d.vidend meeting. It is said that the Letion may take the form of an extra dividend, as many in the street have expected all along, or of the setting up of a dividend reserve, insuring the steady payments over a period of years. More Bear Messages. At the opening of the stock market this morning Wall street was flooded by a batch of telegrams which were regarded as pure fakes, and which remined brokerage houses that re- ceived them of a simiiar piece of propaganda in the shape of bogus buying orders a few months ago. The message which came into the street today apparently from Chicago was signed by one absolutely un- known _in the financial _district. It read to the effect that the sender understood there was to be an an- nouncement in next Sunday's news- papers of automobile price reduc- tions, and required advice on the sale of Studebaker long stock. MARKET CLOSES HEAVY. Tired Holders Sell Stocks—U. S. Steel at New Low. By the Associated Press. NEW YORK, June 29.—Professional speculators for the decline again Shcceeded In depressing prices in to- Gay's stock market. The bear ele- ments were aided by continued de- pression of commodity prices, weak foreign exchanges and stiff money ranged from 1 to approximated 850.000 Shares The closing was heavy. Abundant evidence of llquidation by tired hold- ers encouraged more aggressive short Selling in which United States Steel registered a new minimum price for the vear. The customary weex enid covering caused some stocks to snap back fractionally In the final deal- ings. »K\'«—Hin)r of railroad shares was ag- greseively conducted after midday and when_Union Pacific. Canadian Pacific. Northern Pacific, Great Northern preferred and Chicago and Northwestern dropped 1% to 3% points, mostly to new low prices of The vear, tha general list also be- came considerably weaker. Quite a number of industrials and special- ties established new low prices for the year, including U. S. Alcohol, Famous Players and Sears Roebuck at declines of 3 points each. REAL ESTATE DEMAND ACTIVE IN NEW ORLEANS Special Dispatch to The Star. NEW ORLEANS, June 29.—The con- tinued and active demand for real estate, both for commercial and resi- dential purposes and as high-grade rFecurity, is a notable feature of the business situation here today. New building and engineering work in this state in the last month increased heavily, with nearly every town ex- pecting what amounts to a bullding boom. 1. C. C. GRANTS PERMIT. Seaboard Air Line to Issue $5,146,- 000 in Bonds. The Seaboard Air Line railroad got permission frem the Interstate Com- merce Commission today to issue $5,146,000 in bonds and to deposit them with the Treasury as collateral for a government loan already made. The Seaborrd Company also will d it $3,000,000 in bonds' of the Flor- & Central and Peninsula railroad, a subsidiary. NEW BOND OFFERING. NEW ORLEANS, June 39.—Oftering of a $2,000,000 bond issue of the state of Ceara, Brazil, was announced here today by the Interstate Trust and Banking Company, aesociated with New York and St. Loul financial houses. The loan is to be used to re he only outstanding obligation ot the state, a balance due on French loan ed in 1910, and to complete the werage and water &y of Fortalésa, capital of Ceara. ANCIAL. " THE EVENING NEW YORK STOCK EXCHANGE || Received by Private Wire Direct to The Star Office Adv Rumley.... Adv Rumley pf. Ajax Rubber. Alaska Gold Am Agr Chem Am Ag Chm pf.. Am Bk Note pf.. Am Beet Sugar. Am Chain (A) Am Chicle Co. Am Cotton Of1 Am Cot Oll pt. .. Am Drugglst. Am Linseed. Am Locomotive. Am Loco (new). Am Metals. . Am Metal pt Am Safe Razor. Am Ship Com. Am Smelting... Am Sugar Am Sumatra. Am Tel & Tel Am Tobacco. . Am Tobac (B) Am Water Wks. Am W W 6% pf. Am W W 7% pf. Am Woolen..... Am Woolen pf. . Am Wool pf f pd Am Writ Prpf.. Am Zinc & Lead. Am Zinc&Ld pf. Anaconda.. Ann Arbor pf. .. Arnold Constab. Asso D Goods. .. Asso D G 1st pt. Associated Oil. . Atchison. .. Atchison pf. Atian Bir & Atlan Cst Line. . Atl Frult ctfs. .. Atlantic Gulf. Atl Guif pf. Austin Nichols.. Baldwin Loco... Baldwin Loc pf. Balto & Ohio. .. Bangor & Ar pf. Barnesdall (A) Barnesdall (B Bayuk Bros. . Beechnut Pack. Beth Steel. ... Beth Stl 7% (n) . Beth Stl 8% pf... Brit Emp Steel. Br Em Stl 1st pf Br Em Stl 2d pt. Bklyn Edison. .. Bklyn Rap Tran Bklyn R T ctfs. . Bklyn R war 2d.. Burns Bros (A). Burns Bros (B). Booth Fish. ... Bush Term pf Butté Copper... Butte & Super. Butterick. Calif Pack... Calif Petrol. Calif Petrol pf.. Callahan Zinc. .. Calumet & Hecla Calumet & Ariz. Canadian Pac. .. Case Plow Wks. Central Leath. . Cent Leath pf. .. Cerro de Pasco. . Chandler Mot. .. Chesap & Ohlo. . Ches & Opt wi. Chi & Alton. . Chi & Alton pf.. Chi & East I1l.... Chi & EIll pf... Chi Grt West. .. Chi Great W pf. Chi Mil & St ¥’ Chi Mil &St P p? Chi & Northwn. Chi & Nwn pf Chi Pneu Tool. . ChiR I & Pac. .. Chi R1&P6§% pf. Chi R I&P 7% pt Chile Copper Chino Coppe! { Cluett Peabody Coca-Cola. Colo Fuel. Columbia Graph Comp Tabulat. . Cons Cigar..... Cons Gas of NY. Cons Textlle. ContCan....... Continental Mot Corn Products. . Cuba Cane Sug. Cuba Cane S pf.. Cuban Dom'can. Cuyamel Fruit.. Davidson Chem. D Lack & West. Detroit Edison. . DuSS & Atl pf. Dupont (ED)... Eastman Kodak Elec Stor Bat... Elk Horn Coal. . Emerson-B pf. . Endicott-John. . Erie 2d pf. - Famous Players Famous Play pf. Fd Mines&S pt. . Fifith Ave Bus. . Fisher B of O pt Fisk Rubber. .. - Fleishman. Foundation Co. . Freeport Texas. Gen Asphalt.... Gen Asphalt pt. Gen Clgar...... Gen Electric. Gen Elec spl.... Gen Motors. .. .. Gen Mot 6% deb. Gimbel Bros. ... Goldwin Corp Goodrich. .. Goodrich pf Goodyear pf.... Goody pr pf w i. Granby Consol. . Gt Northern pf.. Gredt Nor Ore. . Guantana Sug. . Gulf Mo & Nor. . Gulf M & Nor pt. Guif St Steel. Hartman Corp. . Hayes Wheel. .. Househ’d Prod. Houston Oll.... Hudson Motors. Hupp Motors. ... Hydraulic Stl... Illinois Central. Ind Oil & Gas... Indiahoma. I d Stee! Inspiration Interb Rap Tr.. In Ag Chemical. In Ag Chem pf.. Int Cement. . In Combust E Int Harvester... 8% Int' Harvester pf 109 Int-Mer Marine. Int M Marine pf. . . Olose. 10 - | Kansas & Gulf 85 § i Kansas City S. 7 | Kayser (Jullus) Kelly-Spr Tire Kelsey Whee! Ke Key: LE & Wnctf; 8 | 13% Lorillard (P). Louls & Nash. Mack Trucks Mack Trucks 1st Mack Truck 2d. Macy Co. Magma Copper. . Mallinson & Co. Manat! Sugar. Manhat El Sup. . Man El Inv guar Manhat Shirt. .. Market St R 2d.. Marland Oil.. Mathison Alklll. Maxwell (A) Maxwell (B) May Dp Stores MeIntyre Por. Mex Seaboard Mex Seabd ctfs. Miam1 Copper. . Middle St Ofl. Midvale Steel. Minn & StL (n Min St P &SSM. . Mo Kan & Tex Mo K & Tex pf.. Mo Paclfic...... Mo Pacific pf Montana Power. Montg'y Ward. . Moon Motors Mother Lode Mullins Body. Nash Motors Nat Gonduit. ... Natl Dept Stores Natl Enamel. ... y | Natl Lead. .. Natl Ry of M 2d. Nevada Copper. N Or Tex & Mex. N Y Alr Brake. . NY Air Brk (A). N Y Canners.... N Y Central. NY Ch&StL ctfs. NY C&StL 1 ctfs. NY C&StL 2 ctfs NY O & Westrn. orf & Western. orth Amer. . North Pacific. Ohlo Fuel Sup Orpheum Cire Otis Steel. Owens Bottl Pacific Develop. Pac Gas & Elec. Pacific Matl... .. Pacific Ofl Packard Motor. Pan-Am Pete... Pan-AmP (B).. Panhandle . Penn Seabd Stl. Pennsylvania People's Gas. ... Pere Marquette. Philadelphia Co Phillips Jones. . Philip Morris. Phillips Pete. Phoenix Hos pf. Plerce-Arrow Pierce-Ar pf Plerce Oil. Pitts & W Va... Pitts&W Va pf. Postum Cerea! Postum Cer pf Pressed Sti Can Produc & Ref. Prod & Ref pf Pub Service Pullman Co. Punta Alegre Pure Oil.. Ratlway St Sp. Rapid Tran Sec. Rap Tran Sec pf Ray Con Copper Reading........ Reading 2d p! Remington. ... Replogle Steel. . Rep Ir & Steel.. Rep Ir & St pf.. Reynolds Spr. Rey Topac (B).. Royal Dutch. St Joseph Lend.. StL & San Fran St L&San Fr pf. St £ Southwn... Seaboard Alr L. Seabd A L pf. Sears Roebuck.. Seneca Copper. . Shattuck-Ariz. . Shell Tr & Tran. Shell Unlon Simmons. Simms Petrol Sinclair O1l. Sinclalr pf Skelly Oil. Sloss-Sheffield. . South Pacific. .. Southern Rwy. . Southern Ry pf. Spicer Mfg Co.. st Ol of Calif. .. Stand Oll of N J. Steel & Tube pf. 105% Sterling Prod... 534 Stewart-Warner 79% Strombg Carb.. 63 Studebaker. . ... Studebaker pf.. Submarine Bt. Sweets Coof A.. Tenn Copper.. . Texas Company. ‘Tex Gulf Sulph.. Texas & Pacific. Tex & P C & Oll. Third Avenue Tide Water Of Timken Bearing Trans Cont Ofl.. 5% Transue & Will. 30% Underwood..... 165 Underw'd(new). 41% Underwood rts. Union Pacific Unien Pac pf. USCastlr Ppf. U SFood Prod. . U 8 Hoftman M.. U 8 Indus Alco. . 8 Ind Alco pf. SRealty. 8 Rubbe: 2 SRub 1st pf.. S Smelt&Re USSteel... U S Steel pf. Utah Copper. .. Utah Securitis Vanadium Corp. Va-C Chem (B). Va-C Chem pt.. ValrCoal&C.. Vivadou:.,..... 5% Open. High. Low. Olose. % ¥ 62% 574! 2 31 7 80% | 7 1 20% a5 | 16% 4% 22 % 118 7 67 16% 26% 40 ° % 4 20% 63 16 SEVERAL ADVANCES IN BOND MARKET Irregular Price Moves Show Upward Trend—U. S. Is- sues Stronger. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 29.—The bond market showed a slightly better tone today. This was especlally marked in the high-grade securities. Amoug the United States goverament boncs the second and fourth 4%s “oth made g00d gains, crossing 98. The Treas- ury 4%s of 1962 also were hlgher. The short-term third 4%s were not much changed. The tax-exempt 3%s, which made a low record for the year yesterday, rallled somewhat today. Therc were also evidences of some buying in the high-grade rails and industrials. Atchison General s, probably tne best representative of this class of bonds, sold up to 57 New York Central mortgage 3% another security of the very highest grade. was up about a point. Of a slightly lower grade, Baltimore and Ohfo first 4s were up substantially, although here the advance may have been due to the good earnings'state- ments. Extra Good Buying. General Electric Debenture _ 5s, among Industrials, and New York Telephone Refunding 6s of 1941 were especially well bought. The same was true of Western Union Real Estate 43s. Bonds of this clas ordinarily respond only to flucjua- tions {n the money market, but there is always at this time the possibility that the so-called July reinvestment demand is making its appearance. The speculative rails were more or less irregular. There were heavy dealings in New Haven franc 7s, as well as the dollar 7s around yester- day's closing prices. Apparently opinfon was fairly well divided as to whether or not the price has dis- counted the unfavorable position of the New Haven. Missourl Pacific first and refunding 6s made a new" low for the year. This bond s secured by a first mortgage on large mileage and comes ahead of the general 4s, which showed a fractlonal advance over yesterday's last price. Seaboard Issues Wealk. Seaboard Alr Line adjustments were especially weak, losing over a point. There was not much change in St. Louls, San Francisco junior bonds. All this irregularity fairly represented the uncertalnty among speculators as to the immedlate rail- road outlook. In the forelgn department the fea- ture was the advance In Mexican 4s and 5s, doubtless in response to the announcement that the call for de- posit of Mexican bonds under the debt funding agreement would be sent out on July 9 next. Czechoslovak 8s maintained the galns of late yes- terday. —_— TODAY’S COTTON PRICES. Crop Deterioration Reports Cause Brief Rally. YORK, tures opened tober, 5495 NEW June 29 —Cotton fu- teady: July, 27.40; Oc- : Janu- . Trading lhe_ cotton market was comparatively quiet early today, and prices made a generally steady showing. The open- ing was 6 to 25 points higher. with the more active months Showing ad. vances of 6 to 9 points, One of the private crop reports is- sued made the condition 69.1, com- pared with 70.4 last month, whil~ an- other placed the condition at 69.2 and the indicated vield at 10.970,000 bale, Futures (11:45 am.)—Bids steady July, 27.25; October, 24.92; December, 24.34; January, 24.00. NEW ORLEANS, June 29.—Cotton futures opened steady; July, 27.72; October, 24.30; December, 23.87: Janu- ary, 23.75; March. 23.59. Private bu- reau reports, indicating crop dete- rioration, caused an advance ot 1o 5 points in the price of cotton around the opening of the market today, in the face of rather poor cables. The scattered rains in Texas and better crop accounts from that state, to- gether with the breaking of the heat wave in the western belt, caused 4| moderate selling, under which prices | Wwere 5 to 13 points under the clus. of yesterday by the end of the firs: hour of business. Futures (11 a.m)—BIids quiet: July 27.46; October, 24.15; December, 23.76 January, 23697 March, 23.61. NEW YORK, June 29.—Cotton fu- tures closed steady:; July, 27.25 to 21.29; October, to 24.78; Decem- ber, 24.20 to 24.23; January, 23.55 to 23.87; March, 23.30 tg 23.82.” Spot cot- ton quiet; middling, 28.56. NEW ORLEANS, June 29.—Spot cotton quiet and unchanged. on the spot, 303 bales; to arrive, 484; low middling, 27.75; middling, 28.76 good middling, 29.26. Receipts, 65 stock, 75,062, . BAR SILVER QUOTATIONS. LONDON, June 29.—Bar silver, 31%d per ounce. Money, 1% per cent. Discount rates—Short bills, 23 per cent. Three-month bills, 2% per cen: NEW YORK, June 29.—Bar silver, 653%; Mexican dollars, 48%. e e e FOREIGN EXCHANGE. June 29, 1923—1 P.M. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selllng checks g0id value. today. London, pound . 4.8085 Montreal, doliar . Parl Rome,” lira Zurich, franc Athen: Copenhagen, crown Christiania,’ crown . Stockholm, crown By the Associated Press. NEW YORK, June 20.—Foreign ex- changes weak. Quotations (in_United States dollars). Great Britain, demand, 4:67%; cables, 4.567%; sixty-day bills on banks, 4.55%. France, demand, .0608; cables, .060815. Italy, demand, l0442: .04423;. ~ Belglum, de- mand, .0518; cables, .0516%. Ger- many, ~ demand, ; .000006%. Norway, demand, . , de- mand, .3647; Denmark, demand, .1765; Switzerland, demand, |1768; Spain, de- mand, 7%; Greece, demand, 20000083 ; .0299: Ar- B: de- .1112; Montreal, .978%. West Penn Co. . Western Md. ... ‘Western Md. 2d. We mand, ‘Wh White Eag Oil... ‘White Motor... Wickwire ‘Wilson Co... Willys-Overld. . ‘Willys-Overl pf. ‘Wisconsin Cent. ‘Woolworth. ‘Worthington. ‘Worthgton (B). ‘Wright Aero. .. Call' Money..... HOURLY SALES OF STOCKS. .212800 - 13m. 500 | Western Union STAR, WASHINGTON, 'D. in { Sales | INY Tel 6 300 | Unlon_Tank C, ON NE 'FRIDAY, JUNE 29, 1923. . EBON DS oo rrome] (Bales are fa §1,000 un (Practions _ represent Piet . aaies, B Lib 38 Lib 1st 41 14 1524 UB4%s1952. 127 IGN. 'oul.fl:. High. Low. Argentine 7 12 102 101% Austria 7s ctfs Belgium 7%s. . 100% 89% 29% 93 Denmark 109% Denmark 6% Dutch East I French Govt French Govt 7% Hait 6s ctfs. Holland-Amer Japanese 18t 4% Japanese 4s M 86! 100% 110% 974 91% 3% 5% 108 100% 93% 924s 95% 97 97% 85% 69% 105% 115 5% 112% 102% Paris-Ly's-Med 6s. Prague 7THs...... Rio de Jan 8s 1946, Rio de Jan 88 1947. eine, Dept of. 78 . erbs Crotes Slo 88 Cd Kingm 6% '29. Ud Kingm 5%s ‘37 Cruguay 8 103 Zurich 8s.. 111 MISCELLANEOUS. Ajax Rubber 88 2 95 Am Agr Chem %3 45 AmChainsf6s°33 4 Am Cotton Ol 5s.. 9 Am SmIt&R 1st 63. 11 Amer Smelting 6s. Am Sugar Ref 6s.. AmT& Tev 68 AmT&Tcltrbs.. AmT& Tcltrds.. Anaconda cv db 78 Anaconda 1st 6s. ... Armour & Co 4%, Atlantic Refin 63 Barnsdall s f 8s. Bell Tel Pa 58 rct Beth Steel 5%s '53. Beth Steel pm 58, Beth Steel 8 1 6; Brier HSt1st5%s Bk 94% 89% 100% 101% 114% 86 934 108% 94% 89 98% 116% 9Ty 854 86% 851 105% 88% 80 101% 105% 107% 102% 97 89% 104 100% 98 99% 101% d Bklyn Ed gen bs Bush T Bldg 5s '60. Central Leather 63 Cerro de Pasco 8s. “hile Copper 6: Cuban-Am Sug 8s. Cuba Cane cv d 8 Dery (D G) 7 Det Edison ref 6a. . Diamond Mth 7143 Ju Pontde N Tis. Duquesne Light 6s E Cuba Sug T%s Empirs F&G 7% Fisk Rubber Gen Elec 1eb 5 Gen Refractes oodrich 6% Goodyear 8 Goodyear 8s 1941 Humble O&R & 5 Dlins Bell Tel 1st 55.128 indiana Steel 5 KCP&Lt5sA Kelly-Spring §s... Lackawa S 55 '50. . Liggett&Myers &s. Lorillard (P) 5s... Manati Sug sf 7%s Marland O1l 7%s. Mexican Petrol 9% 97 108% 108% 97% 973 8% 81% 103% 104% 105% 105% N Y Tel 65 '41. 93 1% N States Pow 58 8914 Northwst B Tel 7s Otis Steel 7%s.... Otis Steel 8 Pacific Gas & El 53 PacT & T 63'52... PhilaCoref 6sA.. Pierce-Arrow 8s.. Producers & Rf 8s Public Service 6 - 99 9% Benlanafion s-Sana 100% 98% “o 8 a2 §in Crude Ol 65 Sin Pipe Line 63, So Por Rico Sug s 2 St O11 of Calit 2 Tenn Elec Pow 1 Toledo Edn 1st 6 Union Bag & Pés. 4 95% Unit Drug cv 8s 2 3 5 2 Utah Pow & Lt bs, Va-Car Chem 7s. % 101% 87 80 101% West Union 6%s.. 109 ‘Wickwire Spen 7s, 1 Wilson & Co cv Winchester A 7 2 7 1 13 Va-Car Chm 7%s ‘l;fl 3 5 1 SHORT-TERM SECURITIES. 9917 Close. 101% 4 | Car Clinch & O 5s. 101% 89% 9% 93 109% 96% 1% 96% 95% 97% 98% 93% 856% 2% 100% 110% 9% 1% 3% 76 106% 100% 93% 105% W YOR Received by Private Wire Direct to The Star Office. RAILROADS. ‘Bales. High, Ann Arbor & Atchison gen FINANCIAL. Grain, Produce and| Live Stock LOCAL WHOLESALE MARKET. Dealers ars anticipating no diffi- % | culty in being able to supply the de< mand for broiling and frying chick- ens for the Fourth of July holiday trade, when the demand usually is greatest. Increased receipts this week have resulted in well supplying the mar- ket, and prices dropped 3 to 4 cents. This morning’s prices were quoted 112% (4t from 35 to 48 cents a pound. 112% 8% Car Clinch & O 6; Central Pacific 48. Ches & Ohio cv Bs. Chi B&Q gn 48 Chi B&Q 1st rf 5. Chi & E 111 gn Chi Great W CCCAStLrésA.. Colo & Sou 4%s. .. CubaR R 7348 Cuba R R 68, Del & Hd 1st rf Den&Rio G con FErfe con ext 7 rie gen 4s. Erle conv 4s A. Erieconv4sD. Gr Trunk sf db s, Grand Trunk 7s... Gr North gen 7s. .. 2! Gr North gen 5% Hvd & Man aj 5s.. 111 Cent ref 55 '56 Int Rap Tr Gs stpd. 'nt R Transit 7s.. 'nt & G Nor aj 6s..190 Int& Gt N Ist 6s.. Kan City Ft S 4 Kansas City § 3 Kansas City S 5 Kan City Term 4s. Lake Shore 45 '28. Lake Shore 4a '31 115% 5% 112% 103 103 11 944 89% 100% 102 114% 6% 92 994 96% 2% 9T 9% 6% 90% B8Y% 98% 3% 108% 95% 89 98% 116% 98l 854 87 894 105% 90 £0% 101% 105% 107% 102% 97 90 104 100% 98 99% 101% 95% 99% 9% 3% 91% 90% 107% 107% 92 92 99% 1% 100% 98% 105% 106% 95% 1124 112% 86! 86% 102 87 82% 61% 61% 101% 199 (Quotations furnished by Redmond & Co.) —Noon.—— Alumingm Co. of Amer. 7s 1925. Aluminum Co. of Amer. 7s 1933, American Cotton QI 6 1024.. American Bug: pic rican Tel. & Tel. s if American Tel. & Tel. oa 1025 ds_Copper 6a 1920, 8% = Anaconda e 5 Anglo-Americ Bell Tel. of Can. 7s 1025, Cansdian -Northern Sigs 1024, Central Argentine Rwy. s, 1 Central Lesther 5s 1925. i G Oy &85 L 8o 1050, .1 & Pac. Sths 1926 hicago ToL. u, 4928, Roel g?fl;:‘lrd Oil of Cali Swift. & Co. bs 1982, Tidewater Ol 6%s 1931, R mrc;r i Fesiern " s 108 Westinghouse B. & M. 7 Ofter. Mo Pacific gn 4s. Montr] Tm 1st 58 New Or Term 4s. NYCenLScl3ks, New Haven cd és New Haven 78 Northrn Pe bs ret. Ore & Calif 1st is Cre Short L ref 4 Pennsyl gen 58 Pennsyl gen 4%s. Pennsyl 6%4s. . Rapld Tran 6s w1 Reading gen 4s Ri6 G West cl 43. .. RIArk & L4% StL&SFpl StL&SFpl StLS W 1st 4 Seab’d A Lref Seab'd A L adj Seab’d A L con Sou Pacific cv 4: Sou Pacific ref 4s.. 27 Sou Pacific clt 4s. 8 Southern Ry 1st 63 28 Southern Ry gn4s 3 Southern Ry 6%s. 25 Sou Ry Mobileds.. 1 { Third Ave ret 4s Third Ave ad] b: Union Pac 1st 4s. Western Pacific 53 West Shore 1st 4s. TOTAL SALES (Par Value): 1lam.. 2714000 12 noon. 4 984000 ipm.. 6375000 2p.m.. 7558000 NEW YORK EGG PRICES. NEW YORK, June {steady; receipts, 23,555 Jersey, hennery whites, locally se- lected extras, 43; nearby hennery whites, locally selected extras, 39a40; {state, nearby and nearby hennery whites, firsts to extras, 29a28. CUT IN DISCOUNT RATE. LONDON, June 29.—The Imperial Bank of India today reduced its rate of discount from 5 to 4 per cent. LOAN IS AUTHORIZED. BUENOS AIRES, June 29.—The Ar- gentine chamber of deputies last evening adopted the report of the finance committee authorizing the ex- ecutive to issue a loan of 150,000,000 gold pesos in forelgn or internal bonds. The deputies also concluded consid- eration of the 1923 budget after a sessfon lasting nearly thirty hours. The expenditures voted for the yvear amount to about 544,000,000 paper Ppesos. PARIS BOURSE STEADY. 29 —Eggs— cases; New on the bourse today. Three per cent rentes, 65 francs 60 centimes. Ix- change on London; 75 francs 10 cen- times. Five per cent loan, 75 francs. The dollar was quoted at 16 francs 89% centimes. BUTTER PRICES LOWER. CHICAGO, June 29.—Butter—Lower; creamery extras, 38; standards, 38: extra firsts, 35%a37; firsts, 333%4a34%; seconds, 321%a33. Eggs—Lower: re- celpts, 23,704 cases; 21a21%4; ordinary firsts, 20220%; miscellaneous, 2034a21; storage pack extras, 24; stor- age pack firsts, 23%. —— TU. 8. TREASURY CERTIFICATES. (Quotations furaished by Redmond & Co.) Maturity— 3%;s September 15, 1023. 438 Eeptember 15, 192! December. 15, '1623. ! S5 Sren 15, " Toe 4igs December 15, 1927. WILL JOIN MORGAN FIRM. NEW YORK, June 20.—J. P. Mor- n*& Co. armounced today that Rus- '-:u C. ell, former assistant secretary of the Treasury, would be- come a member of the firm, commenc- ing Saturday, s 4 4 4 4 spring PARIS, June 29.—Prices were steady | 3! Stronger was reported of the con- dition of the egg market. Decreased receipts and steady demand shoved the prices up 3 cents this week. Good stock is almost unavailable, dealers reported. . Very little change has taken place in the butter market the past week, but the market today is a trifle easier. Eggs—Strictly fresh, selected, can dled, per dozen, 26; average recelpts, 24 southern, 24. Live poultry—Roosters, per 1b., 12; turkeys, per lb., 25; spring chick- ens, per Ib., 45e53; keats, young, each, 40; ‘fowls, per 1b., 23. Dressed poultry — Fresh - killed chickens, per Ib., 60a60; Win- ter chickens, per lb., 35; hens, per Ib., 28; roosters, per 1b., 20; turkeys, per b, 35a40; keats, young, each, 70a80. Live stock—Calves, choice, per lb., 10;" medium, per lb., 9a9%; thin, per b., 6a7. Lambs, spring, per 1b., 14; live pigs, 3.00a5.00 each: ive hogs, per 8 Green fruits—Apples, per bbl., 4.00 89.00. California oranges, per crate, 5.0026.50; Florida, 5.50a7.00. Lemons, per box, §.00a11.00.” Grapefruit, 4.00a5.00. Blackberries, per qt., Peaches, 00 Cantaloupes, standard, 5.00a 6.50; pony, 2.50a4.00; flats, 1.75a2.00. Vegetables—Potatoes, per bbl., No. 1, 1.50a2.00; per sack, 2.00a2.75 potatoes, per bbl, No. 1, 4.00a5.50; No. 2, 1.00a2.50; sweet potatoes, North Carolina, 2.50a3.00; nearby, 1.00a3.00. Lettuce, per crate, nearby, 15al.50; New York, 2.00a2.50. Romaine lettuce, per crate,’ 75a150. Cabbage, nearby, 1.00a1.75 per bbl. Eggplant, per crate, 2.00a3.00. Tomatoes, per box; Florida, 2.00a5.00; Mississippi, per box, 2.00a2.35. per crate. Beans, 4.00a5.00_per barrel. Peas, 2.00a4.00 per basket. Peppers, per crate, Florida, 2.00a4.00. Kale, ~per barrel, 75a1.25. Spinach, per barrel, 3.00a4.00. Celery, per crate, Florida, 2.00a6.00. Squash, 1.00a2.50. Florida lima beans, 4.00a4.50 per basket. As- paragus, 1.00a4.00. GRAIN AND PROVISIONS. BALTIMORE, Md., June 29 (Spe- clal).—Potatoes, barrel, 2.00a 5.00; old, 100 'pounds, 75al.50; 150 pounds, 1.25a2.50. Asparagus, dozen, 1.00a3.00. Beans, = bushel, 50al.25. Lima beans, bushel, 4.00a4.50. Beets, 100 bunches, 4.0026.00. Cabbage, bas- ket. 1.00a1.25. Carrots, 100 bunches, 4.00a6,00. Corn, crate, 1.50a3.00. Cu- cumbers, basket, 75al.50. Eggplant. | crate, 2.00a3.50. Lettuce, bushel, 50a 1.50. Kale, bushel, 50a75. Onions, 100 pounds, 1.50a4.25. Spring onions, 100 bunches, 1.25a1.50. Peas, bushel, 2 23.00. Squash, basket, 35a40. peré, crate. 2.00a3.50. ' Radishe: bunches, 2.00a2.00. Spinach, bushel, 1.00a1.50. Tomatoes, crate, 1.75a4.50. Blackberrie 12a15. Canta- loupes, .~ Cherries, pound, 2.50a4.00. Gooseberries, pound, 6as. Huckle- berries. quart, 25a30. Oranges, box, 4.00a7.00. Peaches, crate. 1.5023.00. Pineapples, crate, 3.00a4.00. Rasp- berries. quart, $al0. Strawberries, crate, 6.00. Watermelons, each, 20a70. Selling Prices at 12:15. Wheat—No. 1 red winter. spot, no No. 2 red winter, spot. : 3 red winter, spot, no quotations; No. 2 red winter, gar- licky, no quotations; No. 3 red win- ter, garlicky. spot., no quotations; June wheat. no quotations. Sales—None. Corn—Cob, new, 4.75 per bbl.; con- tract, spot, 90 per bu.; No. 2 corn, 2; No. no quotations; track corn, yello No. 2 or better, 1.01a1.02 per & Sales—None. Oats—White, No. 2, 521 per bu.:| No. 3. 52 per bu. Rye—Nearby, 70a75 per bu.: western export, spot, T4%; No. quotations. Hay—Receipts, 55 tons; for better description of timothy and light-mix- ed hay there is a steady demand right along at a range of 19.00 to 20.00 per ton. . The percentage of good hay and low grades are in full supply at regular prices. 15.00a Straw—No. 1 tangled rye, 0. 1 wheat, 12.50a13.00; No. 1 No. 2, 3, no 16.00; oat, nominal, 14.00a15.00. DAIRY PRODUCTS. d., June 29 (spe- spring chickens. and Leghorns, i Leghorns, 18a 20; old roosters, 13a14. Ducks, 15a20; spring ducks, 27a29. Pigeons, pair, 25a30. Eggs (loss off)—Native and nearby firsts, dozen, 24; southern, 21a22. Butter—Creamery good to fancy, 37a4l; prints, 42a43; nearby cream- ery, 35a38; ladles, 34a35; rolls, 30a32; store packed, 30; dairy prints, 30a32. TODAY'S CHICAGO PRICES. CHICAGO, June 29.—With weather ideal for harvesting of winter wheat, and with growth conditions favorable for the spring crop, wheat tended downward in price today during the early dealings. Bears put stress also on indications that foreign buyers were disinclined to follow price ad- vances on this side of the Atlantic. It was further pointed out that at pres- ent there is no evidence of any such @ mand to build up domestic reserve :iocks as was the case last year at harvest and for several months there- after. Opening prices, which ranged from % to % lower, With September 1.02% to 1.02% and December 1.05% 10 1.05%, were followed by a moderate additional decline. Corn and oats were depressed with wheat. After opening at % off to % advance, September 77% to 77%, the corn market underwent a decided gen- eral sag. Oats started at 3% lower to % gain, September 37%. ter the market showed slight setbacks all around. Downturns in the value of weakened the provision market. Open. High. Low. il K 413 a5 s 10.75 11.00 8.87 912 July .. Beptember 1BS— CHICAGO LIVE STOCK MARKET. CHICAGO, Junme 29 (United States Department of Agriculturs) —Hogs— Receipts, 39,000 head; fairly active on better grades; 10 to 15 lower than Thursday's average; bulk desirable, 180 to 275 pound averages, top, 7.10; bulk packing sows, 5.90a X strong welight pigs, mostly 6.40 a6.60: lighter kinds, under 6.2 heavyweight hogs. 6.50a7.00; medium, 6.60a7.05; light, 6.55a7.10; light light, 6.50a7.00; packing sows, smooth, 5.80 a6.25; packing sows, rough, 5.50a6.00; kiiling pigs, 5.9026.80. Cattle—Receipts, 3,000 head:fairly ac- tive; killing quality plain; most kill- ing classes steady; spots strong; early top, 10.40; few ' loa 9.75a10.25; stockers and feeders dull with week's decline; good vealers to packers, largely, 9.00a9.50; hand picked lot to outsiders, upward to 11.00. Sheep—Receipts, 7.000 head: fat lambs, mostly 25 higher: top 15.75 to city butchers; bulk good lambs, 15.50; cuils, largely, 8.60a9.00; no westerns here; recelpts half direct to packers; sheep steady; fat ewes, mostly 5.00a .50; heavies, 3.50a4.00. POTATO PRICES OFF. CHICAGO, June 29.—Potatoes slight- ly weaker; receipts, 36 cars; total United States shipments, 788; south- ern sacked triumphs, 3.00a3.25; heated, 2.50a23.00; North Carolina barreled cobblers, 6.25al Virginla barreled cobblers, 5.75a PORTO RICAN BONDS NOW REDEEMABLE Local Banks Are Notified by Reserve Board—Stock Ex- change Trading—Notes. Local member banks of the federal reserve system were this morning ad- vised by their reglonal member ut Richmond that they, as a fiscal agent of the United States, will receive for redemption the following described bonds of the Porto Rican government, Wwhich are due and payable on July 1, 1923: One hundred thousand dollars amount Porto Rico 4 per cent loan of 1914 (1923-1953) series E, refunding; Twenty-one thousand dollars’ face amount Porto Rico 4 per cent gold loan of 1916 (1918-1927) serles F, third ond {ssue; Thirty thousand dollars face amount Porto Rico 4 per cent gold loan of 1916 )1218-1927) serles F third issue, refunding-municipal. The Federal Reserve Bank of Rich- mond, as fiscal agent of the United States, will receive the bonds for dis- charge of registration by the divi- slon of loans and currency of the Treasury Department here, and there- after will make payment upon such advice from the treasurer of the United States for any such bonds tnfl_‘t’ may l:io presented. erest due July 1, 1923, will be pald by check, issued by the treas- urer of the United States in the usual manner. Auditors Report on Failure. Audit of the books of the Cleveland Discount Company has been complet- ed. and from the report of Haskins & Sells, who conducted the work, it ap- pears that the assets of the company are in excess of the liabilities by approximately $2,331,000, after set- ting up reserves against losses of ap- proximately $3,240,180. A letter to this effect was received by local glockholders and creditors this morn- face gold sec- These reserves were set up to take care of losses which are known or can be actually expected, and after Setting up reserves against unearned discounts amounting to about $1,716,- 870. No reserves were set up against assets secured by real estate, upon which no reserves could be adequate- ly stated without appraisal. The re- celvers belleve that the remaining capital should be sufficlent to take care of what additional losses may occur in realization of these assets The common stock, however, Is wiped out and the value 'of the preferred is extremely problematical. The audit is taken as of February 22, 1923, so it Is clear that the losses all occurred prior to the receiver- ship. For instance, the defioit for 1922, as shown by the audit, is $2,- 624,975. With respect to creditors, ths holders of bonds are secured by a depoeit of collateral to an excess of 25 per cent over the amount of bonds issued. On the appointment of the Teceivers, trustees of the several col- lateral ‘trust issues very properly notified mortgagors that all interest due upon collateral should be pald dircctly to the trustees. In view of this, all bondhollers of the Cleveland Discount Company should send their coupons directly to the trustees for payment. Holders of interim certificates and subscribers to bonds are, in the opin- fon of the receivers, general credi- tors. Notice has been published re- quiring all creditors to file thelr claims by September 15, 1923. This should be done to prevent such claims being barred. Claims should be sent to the receivers in Cleveland Made Land Bank Director. Charles Edward Hilliard, president the Peoples National Bank of Hagerstown, Md. has been elected a director of the Potomac Joint Stock Land Bank here. Mr. Hilllard is not only “a prominent banker, but is identified with many other business interests and has always been in- volved in agricultural promotion. George A. Harris, president of the Land Bank, reports rapid progress in the business of his institution. Already applications for loans exceed $750,000. Phone Report for May. Net.income of the Chesapeake and Potomac Telephone ~Company for May, 1923, amounted to_ $113.070, a gain of approximately $25,000 over the corresponding month of last year. but a loss of $10,869, as compared with April, 1923. There was added to plant invest- ment during_the month of May the sum of $215,746. These additions arc part of the company's 1923 program for extensions to its system to take care of the demand from the public for telephone service. The very ex- tensive building growth iIn Wash- ington has placed abnormal demands upon this utility for plant extensions, says the company. Personal Mention. G. Bryan Pitts and Samuel J. Henry, members of F. H. Smith Company. will sail from New York on the Leviathian on July 4 for a two- month tour abroad. Willlam D. Hoover, president of the National Savings and Trust Company, will return from an extended visit to White Sulphur Springs tomorrow. Vacation F Pald Out. The Standard National Bank has completed the disbursement of the Vacation Savings Club funds, approxi- mating $25.000. This fund has be- come an annual feature of the insti- tution, which hopes to - eventually make it as important a bank item as the Christmas Savings Club, which is being maintained by practically every local institution. Rallway Common Lower. Rallway common continues its de- cline. In this morning’'s session ten shares sold at 6634, followed by a like number during “after call” at 66%. It closed weaker with 66 bid and 66% asked. The preferred issue, meanwhile, ruled unchanged at 72%. Capltal Traction stock was traded in in small blocks at 101 and 1007, the latter the prevailing figure, and Washington Gas held at 48. Only a minimum amount of business was transacted, with trading well varie- gated. Bank Votes Dividend. The National Bank of Washington has_declared a semi-annual dividend of 6 per cent, payable July 2d, and has carried to surplus $100,000, which makes its surplus $800,000 and undivided profits $50,000. HUPP HAS NEW MODEL. DETROIT, June 29.—The Hupp Mo- tor Car Company will start produc- tion of a new model within ten days, says President Hastings. Operations ere now being curtailed in different departments as materials are being worked up into the last of the old models. Operations will be resumed full force as soon as changes are made at the factory, which will not take more than two weeks. The company has approximately 1,600 unfllled orders on hand. The new model will be brought out at a slightly increased price. of OIL PRICES REDUCED. FINDLAY, Ohio, June 29.—The Ohio Oll Company has reduced the quota- tions of six grades of central west crude ofl 10 cents a barrel. The new quota- tions ar Lima, $2.08; Indlana, $1.88: Tilinois, $1.87; Princeton, $1.87; Waters 100, $1.35; Plymouth, '$1.25. BUICK PLANT QUIET. NEW _YORK, June 29.—The Buick Motor. Car Company is reported to be operating on a limited schedule, while changes are being made in dif- ferent departments preparatory to bringing out new models. in August. Operations will be resumed full force within two or three weeks.