Evening Star Newspaper, July 5, 1923, Page 28

e AFTERNOON RALL RETRACTS LOSSES Score of Stocks Make New Low Marks in Early Trad- ing—Steel Crosses 90. BY STUART P. WEST. &pecial Dispateh to The Star. NEW YORK, July 5.—The market startcd in today somewhat higher in the industrial list, but fresh selling soon broke out among the rails, and as these went down they finally dragged the rest of the list along. Many of the speculative leaders made new lows. Still there was not the same degree of weakness that there had beeh under similar circumstances on previous days. The forces making for decline appeared to be meeting more resistance. Railway shares ignored the favor- able car loading figures. There w two especially ~weak features, New Haven and Delaware and Hudson. New Haven stock breaking through 10, while the bonds were undergoing a virtual collapse, indicated the gen- oral belief n Wall street despite statements made to the contrary, that the New Haven road will eventually have to undergo a revision of capital account at the expense of the present holders of the stock and the junior bond: Delaware and Hudson Drops. Delawerve and Hudson at one time was off more than 4 points, the stock breaking on omparatively small transacuons. Some improvement has occurred in_transportation earnings of this company during the last month or two, but the showing for the vear so far has been rather poor. The doubtful part in the Delaware and Hudson situation always has been the earnings from coal propertics and ese can be drawn upon at the vear make up deficits. In 1922, owing, of course, largely to the sirike, there was a loss after dividends of $4,301,000. But the Dpresident of the company stated in January that, “in view of the estab- lished carning capacity of the prop- erty and the temporary nature of the condtiions which reduced the earn- ings during the year 1922, it was the opinion of the board of managers that no change in its dividend policy should be made at this time.” Baldwin and Steel Off. The selling of Corn Products Tues- day and again today appeared to rep- resent belated liquidation of specu- lative accounts of an unsubstantial nature. Baldwin Locomoti: a new low under 115 and so commo few specialtie: sharply, among them Houston Ol, but strong buying appeared in Stude: baker around 99, in American Loco- motive around '130. in Anaconda around 38, and in New York Central around 96, and this buying began to tell as the afternoon went on. By early afternoon most of the ground lost in the first two hours had been retraced Steel common came back across 90 again, and stocks like Baldwin Locomotive and Corn Prod- ucts, which had been among the principal weak points early in the day, rebounded sharpl Review and Outlook. The event of chief importance in the market today was the advance in the Bank of England discount rate from 3 to 4 per cent. This had little effect. however, on the various price to FINANCIAL, Adams Express. Adv Rumley pf. Alr Reduction. . Ajax Rubber. Alaska Juneau.. Allied Chem Allls Chalme: Allis Chalm pf. . Am Agr Chem.". Am Ag Chm pf.. Am Beet Sugar. Am Bosch. . Am Can. . Am Car & Fdy.. Am Car & F pf.. 121 Am Chain (A).. 204 Am Chicle Co 9% Am Cotton Oil.. & |Amcototipr... 15 Am Druggist Am Express. AmH & Leath. . AmH& Leapf.. 36% Am Ice. .. ) Am Internati... Am La France. . Am Linseed. Am Locomotive. 131% Am Loco (new). 65 Am Loco pf. . Am*Radfator. Am Safe Razor. Am Ship Com. Am Smelting . Am Stl Fd pf. Am Sugar...... Am Tel & Teleg. Am Tobacco. ... Am Tobac (B) 120% 141 141 AmW W 7% pf. Am Woolen..... 82 Am Woolen pf.. 100 Am Writ Prpf. . Am Zinc & Lead Am Zinc&Ld ptf. Anaconda Ann Arbor pf. .. Ass0 D G 1st pf. Assoclated Oil. . Atchison. .. Atchison pf.. Atian Bir & Atl. Atlan Cst Line. . Atlantic Fruit. . Atl Fruit ctfs Atlantic Guif. Atl Guif pf. 8 Atlantic Ref. ... 107% Atl Refining pf.. 117 Atlas Powder (n 52 Austin Nichols.. 18% Auto Knitter. Auto Sales. . Auto Sales pf. Baldwin Loco Balto & Ohio. .. Barnesdall (A). Barnesdall (B). Batopilas Min. . Beechnut Pack. Beth Steel. ... .. Beth Stl1 7% (n). Br Em Stl 2d pf. Booth Fish. . Bklyn Edison. Blkiyn R war 2d. Brown Shoe. . 4T% Brown Shoe pf.. 91 Burns Bros (A). 121% Burns Bros (B). 5 Butte Copper | Butte & Super Caddo OIl. . Calif Pack Calif Petrol. .. Callahan Zinc. Calumet & Ariz. Calumet & Hecla Canadian Pac... 142% Case Plow Wks. 1 Central Leath... 1%% Cent Leath pt 50% Cent RRof NJ.. 176 1041 97y 878, 3 12 17 43 . 4% - 105% 17% Am Tob pf (n).. 102% 102 1 Open. High. Low. Close. 70 33% 121 214 9% 5 15 ¢ 131% 120% 141 141 017 a3 53 8 A 1044 104% 984 97 87% e 108% 117 117% 437 12 10 “ 56 444 87 163 4% 106 18% 47% 91 121% 25% 6 193 3 8% 42 143 1 18% THE EVENING STAR, WASHINGTON, D. €, THURSDAY. JULY 5, 1923, | NEW. YORK STOCK EXCHANGE 70 Kansas City 8. . Kansas C 80 pf. Kayser (Jullus) Kelly-Spr Tir Kelly-Spr 6% pf. Kennecott.... Keystone Tire. Kresge (8S).. Lehigh Valley. Lig & M{ers. . Lig & Myer (B). Lig & Myers pf. Lima Locomo. Loews Inc.... LoftInc...... Loose-Wiles. . Lorillard (P) Louts & Nash. Mack Trucks Mack Truck 2d. Macy Co s Magma Copper Mallinson & Co. Manati Sugar. .. Manati Sug pf. . Manhat El Sup. . Man El inv guar Man Elev scrip. Market St Ry . Market St prior. Marland Oil. ... Marlin-Rockwl. Martin-Parry . . Mathison AlKili. Maxwell (A) Maxwell (B)... May Dp Stores Mcintyre Por. Mex Seaboard. . Mex Seabd ctfs. Miami Copper. . Middle St OIl. ... Minn & StL (n). Mo Kan & Tex Mo K & Tex pt Mo Pacific. Mo Pacific pf Montana Power. Montg'y Ward Moon Motors Mother Lode h Motor: Natl Acme. Nat Biscuit. .. Natl Dept Stores Natl Enamel Natl Lead. . Nevada Copper. N Or Tex & Mex. Y Canners. Central. ... NYC&StLwi. NY C&StL pf wi Y Dock NYNH&H: 3 NY O & Westrn. Norf & Western North Amer. North Am pf. North Pacific. Nunnally Co. Orpheum Clrcuit Otis Steel....... Otis Steel pf. . Owens Bottle. .. Pacific Develop. Pac Gas & Elec. Pacific Oll. ... Packard Motor. Packard Mot pf. Pan-Am Pete. Pan-Am P (B) Panhandle...... Rarrish & Bing. Penn Coal & Cke Pennsylvania. .. Penn Seabd Stl. People'sGas. ... Pere Manrquette. Philadelphia Co l Received by Private Wire Direct to The Star Office | Opert High. Low. . 85% 3b6% 36! % Close. 35% % % 50 29 82 9% 33% 4 214 58 196 194% 112% 60% 15 7 37 150 88 76 % 108% 11% 83 281 967% 76 9% 16% 10 15% 103 20 42% 651 8 16% T 48 5 3 a 12% 92 57 63 2 9% 36% 42n 3 86% 41% 2% NEW HAVEN BONDS TURN VERY WEAK Drop Almost Spectacular. Liberty Issue's‘ Firm in Today’s Market. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, July 5.—Weakness in speculative rails, especlally marked in the case of New Haven obligations, was the feature of today's bond mar- ket. The drop in the New Haven is- sues was almost spectacular. The de- benture 65 of 1942, which closed at day, down four points. The 7s of 1925, ‘dollar issue, at the |same time were’ selling four points down, while the 7s of 1925, franc issue, were down two points. The non-con- veritable debenture 48 of 1957 sold within a point of their low for all time, which was recorded in the de- pressed market of November, 1921. Other Issues O Slightly. There is nothing new in the ‘New Haven situation except the report of the committee appointed by the New gland governors and the condjtions set forth in that report were known to all who ever had occasion to study New Haven finances. Other speculative bonds were lower, but in no case was the selling so in- sistent as in the case of the New Haven. Missourl, Kansas and Texas adjustments, Seaboard Alr Line ad- justments and the Erie general 4s and convertible 48 lost ground. As might have been expected, for- eign bonds were unfavorably affect- ed by the news from abroad, The French citles issues, French 85 and French 71¢s, which from time to time have the benefit of buying for ac- count of the sinking fund, held rela- tively better. Government Issues Firm. There was a little better feelin, toward securities of the highest grade. United States government bonds were firm around Tuesday's closing prices and there was some ]lnqulry for “legal” railroad bonds, such as Atlantic Northern 4s, Pennsylvania general 41s, Caradlan Pacific debenture 4s and United States Steel sinking fund &s are other examples of the class of bonds which showed the best tone. There was further selling of the local tractions. HITS T2-HOUR DAY IN'STEEL INDUSTRY Senator Neely Flays Practice as Worse Than Slavery. Demands New System. By the Associated Press. NEW YORK, July 5.—The “tyran- ny of the steel industries’ twelve-hour 56 on Tuesday, sold at 52 before mid- | TON NEW YORK BONDS STOCK EXCHANGE I Received by Private Wire Direct to The Star Office. TES BO (Fractions represent thirt; Examplet 101-1 means 1011-32 S Sales. High. Low. Lib3y% 100+13 100-:8 9= Lib 1051 US4s1962. 89 99-22 99-21 99-22 FOREIGN. ot Sales. High. Low. Close. 102 102 ot 914 99% 100 1% 99 99% s 109% 109% 86% 86% Argentine 7s. Austria 7s otfs. Belgium 73s. Belgium 8s. Bern 8s Bolivia §s. ... Bordeaux 6., Brazll Ts 96 96 100% 100% 100% 100% 101% 101% 100. 100 99 99% w1 101 100% 100% 101 101% Chile 85 1946. Chilo 85 1926. Chile 85 1941. ... Copenhagen 5% Cuba b3%s w 1. Czechoslovaki Denmark s Denmark 6s. . . Dutch E 15%s Dutch £ast I 68'47. Dutch East I 6 Framerican 7%s. French Govt §s French Govt 75 Halti 68 ctfs. ..., Holland-Amer 65 Japaneso 18t 41;s. . Jupaneso 2d 4158 Japanese 4s. ... Jergen U M 6s'4 Lyons6s....... Marseilles 6s. Mexico Gs. Mexicods. ... . Montevideo 7s. Netherlands 6s. Norway 8s Norway 6s S Orlent Dev deb 6s Paris-Ly’s-Med 6 Prague 7is 109 109 96 964 91 1% 95% €6 95% 95% 88y 88% 96 925 92% 93% 93% 9% 8 78% 76 6% %% 6% 64 33% 38% 86% 86% 100% 100% 110 110 6% 9T% 9% 91% % 2% 4% 4% 106 106 100% 100% 93% 93% 2% 92% 9% 97% 9T% 9T% 84 84 68 68 79%. 80 104% 104% 115 115% 111% 111% 1023 102% 88 88 103 103 Queensland 7s. Queensland 6s. Rio de Jan 85 1946. Rio de Jan 85 1947. Sao Paulo,City,8s. . Sao Paulo,State,8s. Seine, Dept of, 78 Serbs Crotes Slo 8s Soissons 6s. b Sweden 6s........ Swiss Confed 8s. . . Ud Kingm 5158°29. Ud Kingm 6%s 3 Ud Steam Copen 63 Uruguay 8s,.... 1103 MISCELLANEOUS. Am AgrChem 7138 28 974 Am Chainsf6s5'33. 5 92% Am SmIt&R 1st bs. 19 90 Am SmIt&R 6s. . Am Sugar Ref 68 AmT& Tcv 6s AmT& Tcltrbs. . AmT& Tcltrds Anaconda cv db 7s. Anaconda 1st 6s. .. Armour & Co 4%s. Atlantic Refin 5s. . Barnsdalls f 8s. Bell Tel Pa 65 r Beth Steel 5145 '53. Beth Steel rf bs. . Beth Steel pm 5s. Beth Steel s f 6s. Brier H St 1st 5%s. Bklyn Edison 7s D. 961% 97 2% 92% 891 90 1004 100% 101%% 1014% 1144 114% 96% 6% 91k 91% 98% 99% 96 96% » -~ b4ts | B Chl M&St Chi Chi & R Chi R RAILROADS. Sales. High Atchlson gen 48. ., ) lose. | Atlantic C L 18t 48, Atlantic CLcl 4s., B&Oprinays. & O gold 4s &0 6 v BkIRT 7821 Canadian North 7s, Canad North 63s. . Car Clinch & O 6s.. Central Pacific 4s. Gpes & Onlo cvse. IChes & O cv 414 Ches & O gn 434s. Chi & Alton 3 P 4 34.. CM&StPgndtya Chi&NWTs...... NW6ks. 868. 5...... 1& Pacrf 4s. 1 ChiRI&Pgnds.. Chi Un Sta 6%s.... Chl& W Ind 7%s. . CCC&StLrf6sA.. 96% | Cuba R R 6s. 3%s. 1. ctst, 1 8 % B8 . 9% 28 85 85 1 % 056% 7 kil 1124 112 8% 96% 6 9 9 4 23 23 Chi Great West 4s. C M & Puget Bd 4s. ChiM&S P rf 4%s. 10 Chi M&SL P cv bs. . 2! Chi M&St P 48°25.. 1 Chi M&S Pev 4ls. Del & Hud cv bs. .. Del & Hudson 514s D & R G 18t rf 58 Det United 414s. Erle 1st con 4s. Erle con ext T Erle gen 4s. Erio conv4s A. Erle conv 4s D. Gr Trunk sf db 6s. . Grand Trunk 7s. .. ir North gen 7s. .. Gr North gen 514s. Green B& W db B. Havana ERL&P s Hud & Man ref 6s. . 17 Hud & Man aj bs 111 Cent ref 6 '65. . 11l Central ref 4s. . 11l Central 6%s. ... Int Rap Tran bs. .. Int Rap Tr 6s stpd. Int Rap Tran7s... orajés. . or 18t 6s. Towa Cent rf 4s Kan City Ft S 4s Kansas City S 3s. . Kansas City S6s. . Kan City Term 4s. Lake Shore 4s'28.. 10 Lake Shore 45 '31. . Lehigh Vajley 6s. . Gr > Int & G Int &G Man| M ! Tp T Louis & Nash 555 hat Ry cn ds. . rket Sten 5s. .. StP & SSM 6% rin5sA. 39 ...... $ 8 o HRPLSE TSI o @ 4 27 18 11 63 1 5 11 6 1 10 2 1 8 5 62% 3 73 104% 88% 52% FINANC e e et e | Grain, Produce and! Live Stock LOCAL WHOLESALE MARKET. Renewed activity in the meat mar- ket followed the holiday trade. Good beef |s scarce and high, dealers re- ported, while lambs are 3 or 4 cents cheaper than they were a short time ag0. ‘Anticipated drop In the price of spring chickens has not materialized, being the same as they were The market is due for a drop, however, according to dealers, and it is thought the drop may come next week. Egsg prices are higher. Good eggs are reported as being very scarce, and prices have advanced from 2 to cents. Eggs—Strictly fresh, selected, can- died, per dozen, 27; average receipts, 26; southern, 24 Live poultry—Roosters, per Ib., 1 40a45; per Ib., 24. Dressed poultry — Fresh - killed spring chickens, per 1b., 50ab6; win- ter chickens, per Ib, 35; hens, per Ib.. 28a30; roosters, per Ib., 20: tur- keys, per Ib., 35a40; keats, younsg, each, 70a80. Live stock—Calves’ cholce, per 1b., 93;a10; medium, per 1b., §; thin, per Ib., 6a7. Lambs, spring, per lb., 14: live bigs, 3.00a5.00 each; live Hogs, per Green frults—Apples. new, per bas- ket, 1.50a3.50. California or: crate, 5.006.50; Florida, b. Lemons, per box, 8.00a11.00. irult, 4.00a5.00. Blackberries, per qt., 6a20." Peaches, 4.00a4.25. Cantaloupes, standard, . 4.00a4.50; pony, 3.00a3.50; flats, 1.50a1.75. Black raspberries, 20a 25; red raspberries, 25a35. Vegetables—New potatoes, per bbl., No. 1, 4.50a5.75; No. 2, 2.00a3.00; sweet potatoes, North Carolina, 2.50a3.00; nearby, 1.00a3.00. Lettuce, per crate, riearby, 76a1.50: New York, 2.00a2.50. Romaine lettuce, per crate, 75al.50. Cabbage, 2.00a3.00 per bbl Eggplant, 2.00a3.00. To- matoes, per box, Florida, 2.00a5.00; Mississippi, per box. 1.50a1.75. Beans, 0210.00. ' Peas, 2.00a4.00 per basket Peppers, per crate, North Carolina, 1.50a3.00. Kale, per barrel, 7 Spinach, per barrel, 4.00a5.00. per crate. North Carolina. 2.00a6.00. Squash, 1.00a2.00. Florida iima beans, 2.0023.50 per basket. Asparagus, 1.00a 4.00. GRAIN AND PROVISIONS. BALTIMORE, Md., July 5 cial).—Potatoes, new, barrel, 1.50a .75; old, 100 pounds, 75a1.50: 150 pounds, 1.50a2.75. Asparagus, dozen, 1.50a3.60; beans, bushel, 50a1.25; lima beans, bushel, 4.00a4.50; beets. 100, [4.00a6.00; cabbage, crate. 1.00a1.50; eggplants, crate, 2.00a3.50; Kale, bushel, 75; lettuce, bushel, 50a1.50: onions, bushel, 1.25a1.30; spring onions, 100, 1.25al.50; peas, 2.00a3.50; peppers, crate, 2.50a4.00 radishes, 100, 3.00a2.50; rhubarb. 100, 2.00a3.00; spinach, bushel, 1.50; squash. basket, 10a50; tomatoes, basket, 3.00; apples, barrel, 2.60a 4.50; bushel, 1.00 al.75; blackberries, guar| taloupes, crate, 1.75a5.00; cherries. pound, $a20; gooseberries, pound, 6a8; grapefruit, box. 2.50a4.00; huckle- berries, quart. 20a25: oranges. box, 4.5026.50; peaches, craté, 3.00a4.50 pineapples, crate, 3.00a4.50; raspber- pint, $a20; watermelons. each, (Spe- Selling Prices at 121135, Wheat—No. 2 red winter. spot. 1.14%; No. 2 red winter, garlicky, spot, 1.08%. Sales—Bag lots of nearby, at 1.00, 1.02, 1,05, 1.06, 1.07, 1.07% and 1.08 per bushel; cargoes on grade—No. 2 1.09; No. 3 red . garlicky, : No. 4 red win- ter, garlicky, 1.03; No. 5 red winter, garlicky, 1.00 per bushel. Corn—Cob, new, 4.75 per bbl; con- spot, 893 per bu.; No. 2 corn, 4; track corn, yellow, No. 2 or bet. ter, 1.00 per bu. o . [June 30, bushel, | TAL. INTANGBLETAY. DATE S SORE June 30 Preferred to July 2 by D. C. Bankers—T(ading g on Excharige—Notes. The District of Columbla intangib! tax will be computed as of July - 1923, the tax-paying elemient has be advised. In so far as the local financiz community is concerned, the chan: is ot looked upon With favor Bankers and investment men po} out that in the two-day inter ;Detween June 30 and the taxabl: date security values have undergo changes, proportionately, of cours with the amount of the holding: which could result in a materi change in the final return. The agaln, taxpayers generally have T their accounts in best possible shar as of the close of the fiscal yes 1923, which will constitu much lost effort due to the chan: in date by the assessors’ office. On the other hand. the District t: bureau points out that the intangibi-, ftax is for the fiscal year |Whereas June 30, 1923, only repr: sents the closing day of the previou fiscal year. July 1 being Sunday, t ifollowing business day, July 2, Tel resented the earliest taxable period Local Exchange Trading. Stocks of the Washington Raflw.: and Electric Company reversed the position on the local exchange th morning, the preferred issne droppin: off to 7i% and closing weak at 71 bid, while the common advanced o points to 66 and closed strong, Wit the same figure bid. Sales netted fift .{and fifty-five shares, respectively. Stocks entirely monopolized the se sion. Capital Traction sold to a 111 ited amount at par, and Gas was un changed at 48. Fifty-two shares « mmercial National Bank chang: hands at 140%, and three shares of N« tional Metropolitan sold at 245. Brokers’ Settlement Plan: The creditors’ committée prop for liquidation of Jones & Baker's cuc tomers accounts places liabilities at approximately $3,800.000, disregardin: securities owned outright. Under the terms of the plan the cu itomers and creditors’ claims would of business May 31. owners. are not affected, as their curities are being delivered by regis- tered mail In the alphabetical order ¢ their names. Payment is proposed from cash and , from securities. Cash is to be paid” in an.amount of 50 per cent of th. claim liquidated, to be made avai able to customers and creditors upo entry of the ordef confirming the plan of settlement. The difference between aggregate of payments from cash and aggregate of all claims s liquidated would be represented b sccurities dealt in or listed. as May 31. 1923, on the curb of the { York or Chicago stock exchanges | having aggregately a value as of th | date equal to the difference. Thes: securities might be sold at the re cefver's discretion and the proceeds paid pro rata without deductions of any kind other than the usual brok- erage commissions incurred in effect ing the sales. By thiv plan, of course. customers loss i3 represented by the difference between the price of any security at, the date of, purchase and that pre ‘ Bklyn Ed gen bs Bush T Bldg bs Camaguey S 7s Central Leather &5 Chile Copper 6s. Comp-Tab-Rec 6s. Consum Pow 5s ‘52 Con Coal"Md 1st 5s. Cuban-Am Sug 8s. Cuba Cane cv d 85 Det Edison 58 '40. . Det Edigon ref s6. . Donner Steel 7s. .. {Du Pont de N 7i4s. Duquesne Light 6s E Cuba Sug Tis Empire F&G 7 Phila Co pf.. Phillips Pete Plerce-Arrow. Plerce-Ar pf Pierce Oil. Pitts & W Va. Postum Cereal. . Postum Cer pf Pressed 8tl Car. Produc & Ref. Pub Service. Pullman Co. Punta Alegre. PureOil.... Rapld Tran Sec. Rap Tran Sec pf- movements. ‘The stock market was chiefly oc- cupied with testing out its own po- sition. The evidence was strong that the buying power had decidedly Im- proved and, in the general body of the list, s fully a match for the selling. The more sterling goes down, of course. the costlier it becomes for the British government to remit funds on its war debt settlements to this country. Hence, the British banking authorities have at length stepped in with a measure which they hope will force up London money rates to an equality with New York, put a New Haven d 4s New Haven 7s. Sales—None. " White, No. 2, 52 and 52% per . 513 and 52 per bu. s 70a75 per bu.; No. 2, western export, spot, 74 8% | ¥ ay—Receipts, 63 tons: for better 106% | gescriptions of timothy and light-| 59% I mixed hay there is a steady demand 82% | right along at a_range of 19.00 tol 1071 {23.00 per ton. The percentage of 1024 | good hay and low grades are in full 79% | supply at regular prices. : 99% | Straw—No. 1 tangled rve. 15.00a| 898y | 16.00; No. 1 wheat, 12.50a13.00; L@ 108 |oat, nominal, 14.00a15.00. 107% v v 215 DAIRY PRODUCTS. Cerro de Pasco. Chandler Mot Chesap & Ohlo. . Chi & East Ill. Chi & E Il pf. Chi Grt West. .. Chi Great W pf. Chi Mil & StP... Chi Mil &St P pt. Chi & Northwn. Chi Pneu Tool... Chi RI& Pac. .. Chi RI&P§% pf. | Chi R I&P 7% pt Chile Copper . Chino Copper vailing on May 31. Henry H. Kaufman of Hays, Hersh fleld & Levy, counsel for the credit- ors’ committée, who has acted in that capacity in the settlement of the Car- pender Cafray and E._ W. Wagner claims, stated that this plan had been gotten out quicker than any other in his experience. If promptly accepted he helieves final settlement will es- tablish a record for speed Decrease In Fallures. According to Bradstreet's were 1,378 failures in June. { crease of 6 per cent from Ma 17 per cent from June a Liabilitics totaled $52.003.735. day” was discussed by Senator M. M. Neely of West Virginia in an ad- dress here. “According - to estimates recently made,” sald Mr. Neely, “thers are 120,000 men now working twelve hours a day in the great steel mills 34t 34% 33% 33% | o¢ the United States. da% 44% 8 all?] “No drudgery of shackled African 50% " 49 5O% | Slave was ever in- 18m | Jurious to destructive of nerves, or more deadly to all the worth-while things of life than is the teed mill drudgery of the twelve-hour @ 4% 10 19 81 69% 70 T 7% 23% 23% 68 63 79 9 254 26% 47T 4T 4T 47 109% 109% 109% 109% 874 88 53 58 53 53 106% 106% £9% 895, 9% 94% 102% 103 86% 86% 107% 107% 1023% 103 7% 97% Northn Pacr{ 6s. . O Short'L cn 6s 46, Ore-Wash Ist rf 45 Pennsyl gen 5s. Pennsyl gen 41;s. . Pennsyl 634s...... Pennsyl gold 7 Peoria & E inc 4 AR ASNRARNRARONNNB I AN there a de- and of ar ago 8top to American borrowing and thus relieve some of the pressure on the sterling market. z Rallroad Trafiic Booming. There was scarcely time today for the result of this policy to be shown. In fact, sterling, while it hardened somewhat in the afternoon, made a new low for the year in the early dealings, and this was accompanied by a general downward movement in | the other exchanges, in the course of which German marks and Italian lira also exceeded previous low points and French francs drew’ close to their record low. Kor the third week in succession railway car loadings surpassed the milllon mark. This astonishing trafic movement not only goes violently against the idea of any general fail off in business, but it points to rall- ‘way gross earnings in June going ahead of the remarkable totals of the previous monthe. Yet during the time the market was going down this morning rail stocks were among the leaders. MARKET CLOSES FIRM. Teaders Finish Above Tuesday’s Final Quotations. By the Associated Press. NEW YORK. July &—The quick Tecovery of prices in today's stock market after an early perlod of weakness disclosed a _temporarily oversold condition. Three score stocks. including many railroad and industrial leaders, had slumped to new lows for the yvear before suffi- clent buying support appeared to stem the tide of bear selling and forced liquidation. Sales approxi- mated 775,000 shares. The closing was firm. The’ rally kontinued to the final dealings, sev- ral of the leaders selling one to two a.nama above Tuesday's final quota- ns. { VACUUM GETS CONTRACT. NEW YORK. July 5.—The Erie #uilroad has renewed its contract “with the Vacuum Oil Company for & further period of one year. This covers all lubricating oil ‘and grease Tequirements of the Erie locomotives, passenger and freight cars, shop: ower houses and the anthracite col- fery subsidiaries. DRY GOODS LOWER. NEW YORK, July 5 (Special).— Pullness continued in the cotton cloth market today and there was a elight softening_of prices in several oconstructions. Print cloths occupied the center of the stage, with 64 by 60s down to 9% and 68 by 72s quoted at 11%. Manufacturers were more active in the raw silk market today, and Yokohama reported sales of about 700 bale, but prices were down all ‘through the list. i CALL MONEY FIRM. NEW YOR July 5.—Call money firm; high, 5; low, 4%; ruling rate, closing bid, 5; offered at 5%; Jast loan, 5; call loans against ac- ceptances, 4; time loans firm; mixed collateral, sixty-ninety days, 5a5%; four-six months, 5a5%; prime com- mercial qaper, 5. —_— U. S. TREASURY CERTIFICATES. (Quotations furnished by ._-X? & Co.) ——Noow.—— ffer. 100132 100132 100732 s June 15. 1024 101 1852 Beptember 15, 1024. 1015 March 15, 1935, -32 100 9-82 82 100 182 99 11-16 516 Maturity— 3% Beptember 15, 1923. s September 15, 1923 December._15. Cluett&Pby pf. . Coca-Cola...... Colo Fuel 18 101% 5% ) | Columbia Graph Columbn Carbon 45% Comp Tabulat.. 68k {Conley Tin Foil. 13% |Cons Cigar..... 20 Cons Gas of NY. Cons Textlle. . {ContCan.... .. 44% | Continental Mot 7 Corn Products.. 117 Corn Prod pf... 117 Cosden &Co.... 397 Crucible Steel... 61% Cuban-Am Sug. Cuba Cane Sug Cuba Cane 8 p? Cuban Dom’can. Cuban Dom pf.. Cuyamel Frait. . Davidson Chem. 8% 7 23 102% . 113 Detroit Edison.. 102% Dome Mines.... 33 Douglas Corpn.. 12% DuS8& Atlan. 2% Dupont (EI)... 109% 103% 3t Eastman Kodak Elec Stor Bat. .. Elk Horn Coal Endicott-John. . Erfe.... Erie 1st pf Exchange Buffet Famous Players Fd Mines&S pf. . Fidelity F Ins.. Fifith Ave Bus. . Fisher B of O pf Fisk Rubber. Fleishman. Foundation Co. Freeport Texas. Gardner Motor. Gen Asphalt Gen Electric. Gen Elec spl. Gen Motors. Gen Mot 6% deb. Gen Motors pf. . Glidden. . g Goldwin Corp Goldwin (new). Goodrich....... Goody pr pf w Goodyear pf. Granby Con: Gray & Davis Gt Northern pf Great Nor Ore. Greene-Canan. . 1 Gulf M & Nor p: Guif St Steel. Hayes Wheel Hendee Mfg. 2616 173% 1 ‘Hudson Motors Hupp Motors.... HydraulicStl... 1% Illinots Central. 105 Ind Ofl & Gas o Indiahoma. Indian Refining. 64 *Ingersoll-Rand l.l:“ In Ag Chemical. In Ag Chem pf Int.Cement. In CombustE. Int & Grt North. Int Harvester. .. Int Mer Marine. Int M Marine pf. | 1at Nickel i Intl Paper. Intl Salt Int Shoe 64% ' | Int Tel & Teleg, 18% 101% 6% 27% 57% 34% 23 102% 91 113 111% 1024% 102% 33 82w 13 12% 24 2% m 107 108% 101% 54 62 10% -+ 10 5 8% B4 26% 25 173% 171% 11% 10% 13 105 U 6 4% 4% 5% 6% 126 126 38% 33 Ray Con Copper Reynolds Spr. Rey Tobac (B). Royal Dutch St L & San Fran St L&San Fr pt. St L Southwn. St L South pf Savage Arma. Schulte Stores Seaboard Alr L. S o Senecu Copper. . Shell Unlon. Simms Petrol. Sinclair Ofl. South Pacific. Southern Rwy. . Spicer M{g pf... St Of} of Callf. Stand Ollof NJ. 824 50% 28, 31% StOll of N J pf. . 115% 115% 115% Steel & Tube pf. 106% 107% 106% 53 63% Sterling Prod. Stewart-Warne: Strombg Carb Studebaker. Submarine Bt. Superior Steel Superior Ol | Sweets Co of Tenn Copper. Texas Company. Tex Guif Sulph. Texas & Pacific. Tex & P C & Oil. | Third Avenue. .. Tide Water Oil.. Timken Bearing 8% | Tobacco Prod... Tobacco Prod A. Tol Bt LEW pf.. Trans Cont Oll.. Union Pacific. i | Union Pac pf. 44 | Un Tank Cr pf Un Cigar Strs. United Drug % 67% U 3 Cast I Pipe.. Food Prod. . Hoffman M. . USSmelt & Rpf 42 U S Steel U 8 Steel pt. Utah Copper-.... Utah Securities. Vanadium Corp. Van Raalte. Va-Car Chem. Vivadou........ Vulean Detinn. . Wabash. ... Wabash pt (A). dort (new) . 15-Fr EXp. West Penn Co West Penn pf... Western Md. ... Western Md. 2d. ‘Weat Pacific . West Pac pf irBrke.. 53 74 60%% 98% 8% 95 21% 22% 42 0% 91 89% S 117% 117% 117% 117% b56% b66% 56 56% 15 % 24% 43% T% 16 8% .. 87T B57. 57 Western Union. 102% 102% 101% 16 T8 West ‘ Westhse EI&M. Wheeling&L B. 77 |Wheel & LE pt.. 64% | White Eag Ofl. . 65 | White Motor. ‘White 7 52% ©3%. b2% 6% 6% 6% 1%, 121 11% 24% 24% 23% 45% 45% 13% 42% 884 18% 60% 4% 18 37 28% 756 19 5% % 116% 106% 53% 77 6245 101% 9 90% 4% 26 43% T% 16 . BT 101% k{ “It is high time for all of us to realize that 3o long as there is such a slave on our soil we cannot boast | that this is the land of the free, and so long as we are cowardly enplgh to suffer 120,000 of our people to be in bondage, we dare not boast that America is the home of the brave. Calls 1t Slavery. “The American Iron and Steel In- stitute solemnly reports that it fs not feasible to eliminate the twelve- hour day. But why should the wolf be permitted to sit in judgment when the lamb is on trial?" When did the matter of freeing slaves become a matter of feasibility? Shall we per- mit a contest between right and wrong to be determined by the ex- pediency of the case? Shall we countenance the contention that the profits of industry have prefer- ential rights over enslaved humanity? e * & “Christian men ‘women in authority are under the same obliga- tion to prevent these wage earners from commlitting sulcide by working themselves to death that a police- man is under to prevent a man from cutting his throat. Market Flashes at Today’s Close According to figures given out to- day regarding the operations of Mack Trucke, the volume of .business and net profits of the company during the secoml quartes were the largest With the latter part stimated, net income ap- plicable (o the common stock for the first six months said to have been in excess of $4.000,000 or over $11 per share. The fact that California Petroleum. new stock, selling around 19 a share, has held up quite well in face of the general weakness in the indus- trial share list has causéd some fav- orable comment recently and has fitted in with the reports of forthcoming statement by the com pany regarding its contracts and in- dicated earnings. New York bank cle: 000; New York bank balance 000,000; New Yark Federal Bank credits, _$86,000,000; bank clearings, $94,000,000. Dow, Jones says: Lucid statement of Baitimore and Ohio directors on company's financial position leaves no doubt why dividends were not re- sumed on common and almost indi- cates resumption may be looked for at December meeting. What it fails to say about future a director has filled in, Board wanted road to fulfill two conditions before resuming com- mon_dividends to realize sufficiently goqd earnings to warrant paying dividend and to put finances and property in strong enough position to assure continuation of payment. According to estimates of _call money experts, volume of brokers' loans now outstanding is smaller than at_any time in three months past. There were no changes in rates eor. conditions in prime bank accéptances or mercantile paper. ngs; $922,000,~ $101, Reserve - Boston . 9% 9% 9% 9% Youngstn Tube. 66% 66% 663% 66% * 0dd lot. Call Maney. HOURLY SALES OF STOCKS. 1 a.m. 200900 12 High.' Low. Last. 89 894 104% 104% 100 100 99% . 99% 101% 101% 113% 113% 7% 9% 95% 79 82 Ry 4 90% 1023 102% 105% 106% 85 89 Fisk Rubber 8s. Gen Elec deb 5s Goodrich §34s. .. Goodyear 83 1931. . Goodyear 8s1941. . Humble O&R 5%s. Illinols Bell 1st 5s. Int Mer Marine 6s. Int Paper 1st 55 A. Int Paper 18t 58 B. KCP&Ltb5sA's2 Kayser (J) Ts..... Kelly-Spring 8s. .. Lackawa S 6850 . Lorfllard (P) - Manati Sug sf 718 Mexican Petrol 8s. Mich St Tel 1st 5s.. Midvale Steel 55 Montana Power Morris&Co 1st 4128 Nat Tube 1st bs. New Eng Tel 5s. N Y Edsn 1st 633s. NYG EL H&P 68 99% 5% CuhBananssnmnamanne 96% 97 108% 108% 88 98 1044 104% 106% 106 106 94 93 93% 1% 921 9215 9215 90 90 107% 107% 98% 98% 0% 90k %0 som 100% 100% 2 or Ohio Trc rf 6s. States Pow bs. Northwst B Te Otis Steel 8s. Pacific Gas & El 53 PacT & T 58'52... Phila Coref 65 A. . Plerce-Arrow 88 Producers & Rt Punta Alegre 7s Remington Arm 68y {Rep Iron & Stl 5s.. Sacks & Cosf1s.. Sharon St H8s... Sinclair Ol 7s. ... . Sinclair Of1 6% w | Sin Crude Oil 61is. Sin Pipe Line 6s. . . South Bell Tel bs. . So Por Rico Sug 7s. St Ofl of Colif 7s. Steel & Tube 7 Tenn Elec Pow §s. Tide Wat Oll 6%4s Toledo Edn 1st 7 Union Bag & P 6 Unit Drug cv 8s. «. USRub Istrf5s.. U S Rubber 713s. .. USSteelsf5s.... Utah Pow & Lt 5s Va-Car Chem 78 Va-Car C1 758 w. West Union 648 Westinghouse 7s. . Wickwire Spen 7s. | Wilson & Co 1st 6s. Wilson&CcvT%s. - 7 95% 94% 95% Winchester A 73%s. 1 104% 104% 1044 —_— FOREIGN EXCHANGE. July 5, 19232 P.M. ¥ (Quotations furnished by W. B. Hibbs & Co.) 1 Selliog checks - PP LTSI L £28 1064% 106% 95 95 112% 112 857 86% 106 106 1017 1029 R LT TIPS @ e 8 RalSSah 107% 2 92% 92 92 4 95% 95% 95% By the Associated Press. NEW YORK, July 5.—Foreign ex- change, easy: quotations (in_cents), Great Britain, demand, 4.556 cables, 4.63 3-16; sixty-day bills on banks, France, ~ demand, .0686% . Ttaly, demand; 04313 ; Belgium, de- ¥3. Ge cables, 058 cables, 192! mand, 0492% riany, lfl{cm: aommu u. 000001 o] 208508 | Holiend. n‘:':d_, ,35;% | Sweden, de- P o ot H %} 102% 10214 StL& StL& Seab’ Southern Bankers' the Charles Pere Marq 1st 6s. .. Ry 6 Third Ave adj 58 Union Pac 1st 4s. Union Pac 1st rf 4s Union Pacev 4s. Union Pacev 6s. .. Virgimia Ry 1st 5s. Wabash 1st 5s Wabash 2d 5s Western Md 4s. ... ‘Western Pacific 5s. ‘West Shore 1st 4s. Wheel & LE cn 4s. TOTAL SALES (Par Value): .. 2337000 1 p.m.._ 5352000 'AMERICAN BANKERS |.. TO FORM LEAGUE { Headquarters Will Be in thing-l uly ton—Revision in Tariff Opposed. Organization Rapid Tran 6s w i. Reading gen 4s. RIATk & L4%s. . St L IM&S R&G ds. StLIM&S 4s'29. StL&SFpldsA.. StL&SFprinss. SFinc 6s. SFadjés.. StL&SFplésC.. StLSW Istds.... StP & KCShL 4 Seab'd A Liref 4s. . ALadjbs.. Seab'd A L con 6s. Sou Pacificclt 4s. . Southern Ry 1st 58 Southern Ry gn 4s. 2 5% 101 45% y1% *3 va% 108% 84y A 84 60 8% 8% % 61% 614 61% 12 noon 4 006000 2p.m.. 6380000, of the American League, with 9,000 mem- bers, was announced here today by Southern ~ Tariff Association. Headquarters will be in Washington and its purpose will be to “provide a mediim for the bankers of the na- tion to express their views collect- ively on the economic problems of the government, tariff, taxation and fiscal policles.” B. Claiborne Orleans was chosen chairman of the organization committee, and nounced that one of the first activities of the league will be “to oppose a gen- especially on the of New it was an- etal revision of the tariff law by the tarlff commission.” —— FRENCH BANK REPORT CALLED UNFAVORABLE By the ‘Associated Press. PARIS, July 5.—The financigl edi- tion of L'Information. characterizes the statement of the Bank of France, issued today, as unfavorable, showing nearly 1,000,000,000, francs (972,648,- 000) ingrease in cireulation and an increase of 800,000,000 franc: vances to the state. It explain: in ad- how- ever, that this showing is in conse- quence of a six-month period when heavy needs were feit. N e ——— and, .2641. Denmiark Bwitzerland, demand, demand, 1717, 1729. Spain, d mand, .1420. Greece, demand, lovaiia ontren), demand, demand, ~000008%. Csecho- 3509. Braall, demand, .1063. 78T BALTIMORE, Md.. July 5 (Special). —Live poultry — Spring chickens, pound, 40a50; small leghorns, 30a40; old hens, 20a25; leghorns, 17a20; spring roosters. 13al4; ducks. 15a20; spring ducks, 28a30; pigeons, pair, 25 0. zEgga (loss off)—Native and nearby firsts, dozen, 24; southern. 21a22. Butter—Creamery, good to fancy, 7 prints, 42a4. 35a38; ladles, 34a35 store packed, 30; dairy prints. 30a32. TODAY'S CHICAGO PRICES. CHICAGO, July 5.—Unexpected high- er prices at Liverpool led to an upturn here in the wheat market today during the early dealings. Weather conditions likeiy to promote black rust counted also as a bullish factor. A reaction, however, soon took place as a recult of profit-taking sales and of other eelling that appeared to be in the nature of hedges against newly harvested wheat. The opening, which ranged fromgi to higher, with September, 1.03% to 1.04 and December 1.06% to 1.06%. was followed by a setback to about the same as Tuesday's finish. Corn and oats paralleled the action of wheat. _After opening unchanged to % higher, September 75 to 7534, the corn market hardened a trifie more and then began to sag. Gats started at a shade decline to % advance, September 357 to 36. Later the gains were wiped out Provisions reflected a vance in hog values. WHEAT- July ... September December CORN " material ad- Close. CHICAGO LIVE STOCK MARKET. “HICAGO, July 5 (United States De‘fi‘l‘rlment of Agriculture). —Hogs— | Recelpts, 30,000 head; active on better kind, 23 to 35c higher; mostly to ghippers: bulk, 160 to 250 pound averages, 7.60a7.10; top. 7.75; good and choice 260 to 325 pound butchers mostly 7.40a7.55; packing sows, 10 to 50 higher: bulk throw out, 6.25a6.60; 1120 to 130 pound pigs mostly 6.75a | 7.25; big _packers'slow buyers; heavy- welght hogs, 7.00a7.60; medium, 7.50 75; light, 7.10a7.75; light light, 7.00 @7.70: packing sows, smooth, 6.25a 6.75; packing_sows, rough, 6.0026.40; Killing pigs, 6.50a7.25. Cattie—Receipts. 13,000 head: fairly active; most killing classes generally Steady; spots strong on beef steers; of value to sell at 11.00 and above lain -weighty Steers rather slow ower grades beef cows dull; bull weak to 15¢ lower; vealers, steady to 250 higher; stockers and feeders very scarce, t St d{: top-matured Steers, 11.50; best long vearlings, 11.35; several londs handy and heavy steers, 11.00a11.35; four Joads matured yearlings, 11.00; lizht beef helfers, 10.00; Some held higher; bulk vealers to packers, 9.75a10.75 upward to 11.25 and above to outsiders. 'Sheep—Receipts, 10,000 head; desir- able fat lambs strong to 10 cents higher, wthers and sheep mostly steady: top 25; bulk good_and chofce native iambs, 15.50 215.75; six doubles Nevada yi 11.54 df handy-weight fat owes, 5.00a6.5 7.00; heavies mostly ‘ TODAY'S METAL MARKET. NEW YORK, July 5.-—=Copper— et: electrolytic, spot and top light ewes, 3.50a4.00. 37.75, pri .0300. Argentine, S 40 per cent heavier than those of May. almost, exactly equal to those For the six month per cent from the first half of 1322 Liabilities for six months totaled $285.185.820, a decrease of 27 per cent from the first half of last vear. and of 25 per cent from the-first half of 1921, Wilkins' Dividends Voted. Directors of the John H. Wilkins Company have declared their regular Semi-annual dividend of 4 per cent on outstanding preferred stock. and a S"per cent disbursement on the com- mon Issue, both payable on July 16 to { Stockholdérs of record July 9, the Iranster books closing on that datr BUSINESS AT GLANCE. | NORFOLK, Va. July 5 —Cottp stock on the Norfolk-Portsmouth Ex change was shortened by about 3,000 bales by the movement through this point in the last week. While sales were small, exports incregsed. 4,16¢ bales having gone to Liverpool and Manchestcr. Spot price is slightl lower: ‘WOODSTO! , N. J., July 5—Ths highest price ever recorded in south Jersey for land for agricultural pur poses was made last week, when the Charles Bishop farm of thirty-six acres was sold for $20,000 to E: Urion. Valuable asparagus beds af fected the: price. ATLANTA, Ga., July 5.—Many acres of sunflower seed will be raised in Monroe county this year. The seed is sold in carioad lots to firms in St Louis and other points, where it i, used in making pouitry feed. 5.—Plans are com- DETROIT, July plete for the erection by the Cadillac Motor Car Company of three larg: groups of factory buildings for th production of gray iron, aluminun and brass castings. The building will‘cover ten acres. LIVERPOOL COTTON. LIVERPOOL, July 5.—Cotton—Spo quiet; prices easler; good middling. 15.86; fully middling, 15.75; midaling 15.60; low middling, 15.35; good or dinary, 14.85; ordinary, 14.55; sales 5,000 bales, including 3,300 American receipts, 4,000 bales, Including 201 Amerlean. " Futures ~closed steadsa July, 14,30; Septembér, 13.40; Octob 12.88; December, 12.48; January, 12.34 March, 12.22; May, 1211 —_— SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Atuminum Co. of Ames ‘Aluminum Co. of Amer. Ts 1 n Cotton Ofl 8s 1924 r 6 137 American Tel. & s 1925 ‘Aunaconda Copper Gs_1820. . Anglo-American 01l T3s Beli Tel. of Can. Ts 1625, Canadian ‘Northern 5 . Argentine Ry Central_Leather 5t €. €. & St gt 5 cnl., R I e, s 1926.. Chicago ’l‘!l.‘h . Dupont 7%s 3 Valley 6s o o S 18 rm. 23. - ( r T8 1930, ..