Evening Star Newspaper, July 8, 1923, Page 22

FINANCIAL, " HGH YIELDS SEEN | " IFTERBEG BREAK‘ Stocks and Bonds Appear to Offer Opportunities for - Good Investments. UTILITY GROUP STRONG|, Risk Also Greater, With Higher i Interest—Bear Arguments in Wall Street. BY GEORGE T. HUGHES. Special Dispateh to The Star. EW YORK, July 7—It may be! <hut some light will be thrown upon <he relation between the price of se- .urities and the financial and com- | mercial situation by an examination of the Investment return at currenti uotaticus. down and make a tabular statement of the yield siven by both stocks and bonds, ehures in and obligations of long established and prosperous Amevican corporations, and if the ! only information he had were the said ylelds and the prevailing charge for time money, he would be forced to the conmclusion that American in- dustry was on the road to bankrupt For it would not be simply business reaction that would be indicated, but business d ster. Many High Yields Noted. Now we know such a conclusion would be absurd. American industry is not bankrupt, It is nof to disaster, it 1 the road to a ions about that ifer and the evidence is confusing. The point i3 that the 3 Wall street to the fun- s out of damental facts. ch a study of prices and income | return ut prescut dividend rates and | present quotations would reveal that the stocks of the public utilities und | irom other companies are giving the | highest yields. cent on the | tment - and 10 per| not il and there are z veturn everything | two poin Tt s, of imitted that all such stock | holdings ure speculative and that | risk obta with regard to all of | them The questios as great as Status of Auto Stocks, Take the case of the mutor ind \ first. Few people r h it i indust r ) and sale ol automao as come to be. The i automobile is a lux ury is outworn. The automobile is & necessity. The so-called saturation point recedes tarther and farthe year and the replacinnt dmand .h‘ ear and the replacement demand as | steadily gro t 1t is bu, s sul to great ! s u responds readily to general . It is ich compe- tition intense But no sune ol v the permau- nency of the s is whether the ri; price indicates panies « remark Comy “Wburd Sisters tions, as ere and there, e reduced, but that possibili discounted in motor securitie Utilities lividends will have to 1d seem us i nore than roup Strong. The case with the public utility ‘cor- porations is even more striking. matter At may be one's views to the continued demand for auto- mobiles there can be no question about clee licht and_power or even gas. setric light com- anies are continuaily beset with ap- opment of a new use for electric There are no greater aving de vices than those that empioy the el ive power and 5 pends ! in large measure upou the develop- ment of labor-gaving machinery. And yet the price at which shares of lead- : utility corporati both onsumer, are i indicute the conviction was about to mg would that all this demand vanish into thin air. Same In Bond Market. Tug same phenomenon, although not 8 to, be seen in the bond cylative bonds have S mred ‘the lAle of speculative stocks. This is especially the case with ihe vailroad bonds, except those of the strongest roa Record-breaking | traffic and increasing gross and net rnings are entirely without effect. Attention is paid only to talk of re- duction in rates and to the politieal | hostility which appears to center in | the agricultural midwest. i But it is not presuming too much | to suppose that the American people going to start out deliberately to bankTupt the coun! entire rail- | road system. “And if they did so start out, would they not find a barries in! the Supreme Court? In other words, is the casge really as bad as i seems? Wall Street Arguments. What does Wall street say 10 argu- such as here presented? As al- y indicated, it dwells upon higher abor costs, lower commodity prices, politieal threats, but most of all upon v:u- huge outpouring of new securi- ties. Only the last-named need be dwelt upon here. The flood of new offerings s. indeed, a serious matter. Notwith- standing the disturban in the se- curity market. June eorporate financ- ing showed an increase of $74.473,825 over May. and it is not to he won- dered at issues were unfavorably affected. But why is not this very situation the op- portunity of the genuine investor with real money? i (Copyright, 1923.) GERMAN VESSEL FIRST OF KIND HERE SINCE WAR Muenchen Brings First-Class Pas- sengers; Official Denies U. S, Will Buy Large Ship. By the Associated Press. W YORK, July ‘The North rman Lloyd Muenchen, the firat German vessel to enter New York harbor since 1914 with first-class | cabin passengers, sailed from Ho- boken on her return maiden voyage today with 500 passengers. C. Stapelfeldt, a director of the North German Lioyd line, a passenger, denfed published reports that his company was to purchase from the United States Shipping Board the steamships Agamemnon and the Mount Vernon, taken from the Ger- man company during the world war. He also declared untrue another published report that the United States government Intended to_pur- chase the new North German Liloyd line Columbus as a companion 'ship to the Leviathan. TWO HURT IN RAIL ACCIDENT. TAMPA, Fla., July 7.—Two Tampa women were injured and many other passengers were brulsed this after- noon when an Atlantic Coast Lihe passenger train was derailed and up- set eight miles east of Tamp: —_— Opals, when first taken from the 53% ground, as so soft that they may be u. Bulled apast by the fngers hat the quotations for older | z—-l.fl* Low. 14 13' 42! 26 | us_ 48 Week Ml- Jn!y T l.i In. Rate. 5 Adams Express. 9% —— Advance Rumley. 3 Advance Rumely pf.. Air Reduction. Ajax Rubber. . Allied Chem Allls-Chalmes Am Agriculture Chem! Am Agriculture Chem pf American Beet Sugar. American Bosch Magne Amerfcan Can. . American Can pf. Ameriean Car & Foundry. American Car & Fdy pf Am Chain class A w . American Chicle. ‘American Cotton Ol. American Cotton Oil pt Am Druggist 8yndlcate. American Express American Hide & Leather. Ani Hide & Leather pf..... a lo.m.ml H[...[‘ ‘Amertenn International. Am La FFire Engine American Linseed American Locomot! Am Locomotive (new). American Metal Ameriean Radi. . Amerlean Safety Razor. Am Ship & Commeree American clting & Ref. Amerlcan Snyff American Steel Foundr: Amerlean Sugar Refining. Am Sumatra Tobacco Am Telephone & Teleg. Amerigan Tobacco. Am Tobacco Class B. ISI-I“II“III s o 0 H o me| b PN 1 alkie American Woolen. . Am Writinz Paper p American Zine Lead & American Zinc L & S pt. Anaconda Copper Ann Arbor p Arnold Con Asso Dry Asso Dry Goods 1st . Asso Dry Goods 2nd Associated Ofl. . Atchison, Topeka & S Fe. . Atch, Topeka & S Fe pf Atlantic Coast Line able & Co. oods . Atlantic Gule & W Ipf Atlantic Refining Atlas Powder (n Atlas Tack Austin Nich Auto Knit Hosiery Baldwin Locomotive Baltimore & Ohio Baltimore & Ohio pf. Earnsdall; Cla 5 Beechnut Pa Bethlehern Betlilehe Eethleher ¥ king . teel. teel pf new. teel 8% pf. British Empire Ldison Electric B itornla Batrotoumpe. Callaban Zinc & Lead. —— Central Leather Co. her Capf. Chi & Bast Ilinols pf. . Chicago & Great Weslem, Gt Western pf. . ukee & St Paul. ulkee & St P pt.. g0 & Northwestern. ieago Pneumatic Tool Chicago. R 1 & Pacific. (h|“7&.}‘a(l(h‘6f . Chi R T & Pacific 7% Chile Copper Chino Coppe: Cluett-Peabod Co Cola. . Colorado Fu A Columbia Gas & Electric Columbia Gas (new) Columbia Carbon Comput Tab Record. Conley Tin Foil Consolidated Cigar Cousolidated Gas new. Consolidated Textile Continental Can. Continental Motors Corn Products Ref. Corn Products Ref pf..... 2117 Cuban-American Sugar. Cuba Cane Sugar-.. Cuba Cane Sugar pf. Cuban-Dominican Sugar Cuba-Dom Sugar pf.. ... amel Fruit Davison Chemical De Beers Mine; Delaware & Hudson Delawars, Lacka & West. 1114 Detroit Edison. 1023 Dome Mines Du Pont de Nemdurs. 3 Bastman Kodak... Electric Storage Battery.. Elk Horn Coal. Endicott-Johns ri¢ Rallroad Eric Rallroad Erie Railroad 2d pf Exchange Buffet _Famous Players-Laskey Famous Play-Laskey pf.. Federal Mining & Smelt. .. Federat Min & Smelt pf. Fifth Avenue Bus Fisher Body. .. Fisher Body Ohio pf. ¥isk Rubber. Fleishmann Complny. . Foundation Company. “Freeport-Texas..... General American Tank. .. General Asphalt. General Clgar. General Elect! General Electric special General Motors General Motors 6% del Gimbell Brothers Goldwyn Plctures. Goodrich (B F) Company. Goodrich (B F) Co pt. Goodyear T&RBL....... Goodyear T & R 8% pf. Granby Consolidated. Gray & Davis. . Great Northern pf. Great Northern Ore ctfs Greene Cananea Copper. Guantanamo Sugar. .. Gulf, Mobile & Norther: Gulf, Moblle & North pf. Gult States Steel. 2-l|mnw| ] |c\| a S ({11 ==]][ogB==] =] 21 Hendee Manufacturing. Homestake Mining Household Products Houston Ol Hudson Motor Car. Huppmoblle Motor Car. linois Central Independent Ofl & Gas Inland.Stael. Inspiration Copper. . Interboro Rapid Tra: Inter Agricultural pf..... International Cement. . Internat Comb Engine. Internat & Great North International Har, ne: Inter Merchant Mrain Int Merchant Marine pf. International Nickel International Paper. Int Telephone & 'x‘eleg. . Invinclble Ofl.. . Iron Products. Jewel Tea. , Jones Bros™Tea. IKansas City Southern Kansas City.South pf. Kayser (Julius) & Co. 30 eily Springfield Tire. B4% 6 Kelsey Wheel. L 12451145 A S# Fladd ] ) A dE RN NN [ FlH+ I+ o T TR I T U e + P44 1 Lkttt | P L I BT S R NS N PR T | + 258 s Rere8a® FERTaa"E Teb Eaa” Dividend rates as l'ivhn in the lates et wise noted, exire or D. ¢, JULY.S8, 1923—PART 1. ‘;“”1 C Konngcott Copper. . i-unu Tire & Rubbe: fi% —— Kinney (G) (R). 8 {Xresge (85) Company. 28% —— Lake Erle & Western 1% 2 Le- Rubber & Tire alley. . 1m i Hllulkl(yen 3% 64 —— Loft, Incorporated. se-Wiles Biscult d, P Loutsvitlc & Nashy! McIntyre Porgupine Mines Mackay Cospf. .. Mack Trucks Mack Trucks 1st pf. Macy (R H) & Company... Magma Copper. Mallinson & Co. ManatlSugar. ..... Manbattan Elec Supply Manhattan Elevated gtd. .. Manhattan Shirt..... Market Street Railway... Market St Rallway pr pt. Marland Oil & Refipin Martin-Parry. Mathieson Alk Maxwell Motor, C Maxwoll Motor, Cl May Department Stores. Mexican Seahoard. . . Mexican Seaboard ctfs. .. Miami Coppe M{ddle States O1l. Miavale Steel. . . Minneapolis & St Lnew. M. St Paul &SSM. . Mo Kan & Texas ne Mo Kan & Texas pf new. Missouri Pacific. . Missour Pacific pt. Montana Powar. Montgomery Ward. Aoon Motors. Mother Lode Nash Moters. Xat Department Stores. Nat Fnanel & Stamps. Natiorfal Lead. New Orleans, Tex & Mex. New Yorl Alr Brake. New York Ontario & Norfolk & Western. North American North American pf. Northern Pacific. .. Ohio Body & Blow... Orpheum Clrcuit. Otis Steel. . “Owens Bottle Pacific Gac & Electric. Pacific Oil. Packard M Packard Motor Car Pan-American Pet Tra Pan-Am P Trans Class B Penna Coul & Coke. .. Penhsylvania Rallroa Penn Seaboard Steel. Peuple's Gas, Chicago. Pere Marquette. ... Pere Marquette pr pf Philadelphia Compan: Philadelphia Co pf . Philip Morris & Co. Phillips Petroleum. Plerce-Arrow. . Pierce-Arrow pf. Plerce Oil..... Pierce Oil pf. Pittsburgh Coal Pittsburgh & W Virginia.. Postum Cereal. Pressed Steel Car. Producers & Refin, Publtc Service ne Puliman Co. Punta Alegre Sugar. Pure Oll... . Pure Ofl pt Railway Steel Springs. Rapld Transit w i.. Rapld Transit pf wi. Ray Consolidated (,opper Reading. Reading 1stpf. Reading 2d pf 5 Remington 'n pewriter. Replogle Steel. Republic Iron & Republic Ir & Steel pf. Reynolds Spring. . Reynolas Tobacco, 1 Royal D N rshs St Louis-San Francisco. [l l=eel 1] w et} o St Louis Southwestern pf. Savage Arms. Schulte Stores. Seaboard Alr Lige. Seaboard Air Line pt Sears-Roebuck. Seneca Copper. Shattuck Arizona 8hell Union Oil Sinclair Con Oil Skelly Ofl......... Sloss-Sheffleld S Southeérn Paclfic. Southern Rallway Southern Raflway pt. Spicer Manufacturing. Standard Ofl of cnmornu. Standard Oil of N Standard ofl of N T pf. Steel & Tube pf.. {=l=lf=el==11]111=l]] Sagsanase Frd = Studeébaler. .. Submarine Boat Tennessee Cop & Chem Texas Company .‘|.m—! Texas & Pacific Third Avenue Tide Water Ofl. Timken Roller Bear. Tébacco Products 4 Tobacco ProductsClass A. 78% Toledo Stk & Westn pf ctfs xao Transcontinental Ofl.... Unlon Pacific. Union Pacific pf Unfon Tank Car. 3 United Alloy Steel.... 160 United Drug... 8 United Fruit. 94% 8 UBSRubberistpf... 20 —— USSmelt R&M... 40% lh USSmelt R & M pt. United States Steel ll“ 1 United States Steel pf. Utah Copper. . . uu —— Utah Securit] 24% —— Vanadium Corporation 38% — Van Raalte.... 6% — Virginia-Carolin 17 —— Va-CarChemical pf. 6% 6 Younmumlheeth!‘.“ NEW YORK STOCK EXCHANGE WEEK ENDED JULY 7, 1923 Week ending July 7, 1883, s Lew. t+4++4 1+ A+ + Fohdtd ) Db bbb b+ Re B R B T T S R | R I B SN E | v ublo -N! the' -umhl eulb ul.:- m- are’ not inurwld. t’,lfls ut:n. B e I s H - s s#Rels FINANCIAL." ’BONDSUMMARYFORTHEWEEK 95 85% 112% 108% 89% 101 87% ey 88% 0% % 68 B4 s a1 1 8% ”“, 80 2% 101 BONDS. l no 100-1! leertyu, 1 7..... 100-19 1 98-10 98-8 98-16 98-15 98-20 91 97-10 Liberty 1st 45 1932-47. 96-12 Liberty 2d 4s 1927-42 96-20 Liberty 1st 438 1932-47.. 96+24 Liberty 2d 43 = 1927-42.. 97-25 Liberty 3d 4348 1928..... 96-27 Liberty 4th 4%s 1933-3 98-1 Treasury 4%s 1947-62 FOREIGN, {100 Argentine 7s 1927.. 91 Belgium 85 1941 69 Bordeaux 6s 1934. 91% Brazil 8s 1941. 97% Canada 5s 19562. loova Chile 85 1946 % 100 Chlle 85 1926 4 100 Chile 85 1941 44 Chinese Govt Ry s 1951 88% Copenhagen 5iie 1944. 75 Czechoslovakia 8s 1951 107% Denmark 8s 1945. .. 951 Denmark G5 1942. 921 Duteh East Indies 6s 1947 92 Dutch Hast Indies 6s 1962 .9 83% Framerican Ind Dev 7%s 1942.. ° French Govt 85 1945. .. 97 French Govt T%s 1941. Holland-American s f 6 Japanese 1st 4353 1926. Japanese 2d 418, 1926. Japanese s 1931 Tergens Utd Margarine 68 1911 Lyons 6s 1934. .. Marseilles @8 1934 Mexico Gs 1954... i Mexico 48 1954, Netherlands 6s 1972 Norway 85 1940. .. Paris-Lyons-Med 6s 1958 Queensland 7s 1941. Queensland 6s 1947, Rio de- Janeiro 8s 194¢ mm Sao Paulo, State of, 83 1926 76 Seine, Dept of, % 10335 Sweden 65 1939. 114% Swiss Confed s f 111 United Kingdom 53%s 192 102% United Kingdom 5iis 1937 INDUSTRIAL AND MISCELLANEOUS, 9615 Amer Agrl Chemical 73%s 1941.. 86% Amer Smelt & Ref 1st s 1947 100% Amer Sugar Refining 68 193 ‘Amer Tel & Tel cl tr 68 1946. Amer Tel & Tel cl tr 45 1929. Armour & Co 4%s 139" .. Atlangic Refining deb 5s 1937 Bell Tel (’a) ref Gs 1948 Bethlehem Steel p m:55 1 Bethlehem Steel 5 £ 63 1943 Brooklyn Edison 7s D 194 Centrai Lesther 5s 1925. .. Cerro de Pasco 8r 1931 Chile Copper 6x 1932. Cons Coal (Md) 1st ret " Cuba Cane Sug cv deb 85 133( Detroit Edison ref Goodrich (B F) 61ts 1947. Goodyear Tire 8s 1931. Goodyear Tire 83 1941. ... Humble Ofl & Ref 5its 19 Indiana Steel 5s 1952.. Inter Mer Mar{ne 6s 1941. Inter Paper s B 1947. Kelly-Springfield 8s 1631 Lackawanna Steel bs 1950 4 Liggett & Myers s 1931 Manati Sugar s f 7145 19 Midvale Steel §s 1936. New Ingland Tel bs 19 New York Edlson 1st 6% New York Tel 6s 1941. N North American Edison 65 1952 Philadelphia Co ref 65 1944 i Public Service is 1939. Stnclalf Ol Ts 1937, : South Porto Rico Su‘lr s 1911 Standard Oil of Calif 7s 1931. TUnion Bag & Paper 6s D. United Drug cv 8s 1941, U § Rubber 1st & ref 68 194 U S Steel s £ Gs 196 Utah Power & Ligh! Va-Carolina Chem & £ 75 19 Va-Carolina Chem 7 Western Union Tel 6% 1936. Wi n & Co 1st €s 1941. Wilson & Co cv 738 193 RAILROAD. Balto & Ohfo gold 4s 1348 Balto & Ohlo 6s 1929... Balto & Ohio cv 413 1933, 80 Balto & Ohlo ref 5s 1985 JB&OPHts LE & W Va s 1847 B & O Southwn div 3%s 1925 Canadlan Northern Gis 1946 Canadian Pacific deb 4s. Carolina Clinch & Ohlo & Central Pacific 4s 1949. ... Chesapeake & Ohlo cv 55 1946. . Chesapeake & Ohlo cv 4145 1950, Chesapeake & Ohio gn 41s 1992 Chlcago & Alton 3s 1949 Chicago & Alton 3%s 1950. Chi B & Quincy 1st ref 5s 1971 Chi & Eastern Iil gen s 1951 4 Chi Great Western 4s1859. Chi M & St Paul ref 43%s 2014. Chi M & St Paul cv s 2014. Chi M & St Paul cv 436s 1932 .1 M & St Paul gen 43%s 1989 Chicago Railways bs 1927 Chi R I & Pacific ref 45 1934. Chi Union Btation 434s'1964 Chi & Western Ind con 45 195 C CC &St Lref 65 A 1829 Cleveland Term 6%s 1972 Colorado & Southern 4%s R 58 1952. 0. .. .coc. Delaware & Hudson 5%s 193 Den & Rio Grande con 4s 1936. .. Den & Rio Grande 1st ref &s 1955 Detroit United 4335 1832. Erie 1st con 48 1996 . Erie gen lien 43 1996, Erle cv.4s A 1933 Erle cv 4s D 1953 Grand Trunk s f deb 6s 1936. Grand Trunk 7s 1940, . 106% Great Northern gen 7s 1936. 96% Great Northern gen G%s 1952. 76% Hudson & Manhattan ref 5s 1957 56 Hudson & Manhattan adj 55 1957 100 Illinois Central 5%s 1934.. 1 56 Inter Rapld Transit b8 1966. 85 Inter Rapid Transit cv 76 1932 35% Inter & Great Nor adj 68 196 73% Kan C Ft Scott & M 4s 1936, 65 Kansas City Southern 3s 1950 83 Kansas City Southern bs 1950. 92% Lake Shore 4s 1928. 90% Lake Shore 4s 1931. ® 100% Lehigh Valley 6s 1855, . 871 Louls & Nash unified 45 1940 101 Louls & Nash 1st ref 5%s 2003 —— Sesasesass = S I3 ~'m§=§§g 91 Market St Ry con bs 1934 81 .Ml Elec Ry & Lt 1st ref 65 '61 101% M St P & § 8 M 6%s 1831 727% Mo Kan & Tex 1st 43 1990. 74% Mo Kan & Tex pr In 65 A 1962.. 48% Mo Kan & Tex ad) 68 1967. 90% Missouri Paclfic 6s 1949. 51% Missourl Pacific gen 4s 1975. 74 N O Tex & Mex Inc 5s 1935 101% New York Central deb 6s 1935 86 New York Cent deb 4s 1934. 92% New York Cent ref imp bs 2013. 107% Norfolk & Western cv 6 A 59 Northern Pactfic 3s 1947. 81% Northern Pacific 4s 1997. 106% Northern Pacific ret imp 6s 2047 991 Ore Short Line gtd 58 194 90% Ore Short Line ref 45 192: 6% Ore-Wash st ref 45 1 98- Pennsylvaula-gen 88 Pamuylvln:- &en llx:'u.xus. 1 Pennsylvania s %" Peotts & Hastern tnc 4 190 ¥ FLTE ampapay et 5533 B 78, Western Pacific &s. 17 West thro 1st 45 ll'l. - High. Low. 00-12 100-13 18-4 9% 90 Last. Yhul 47 n-s I 15 98-11 436 98-10 436 98-20 456 98-11 4 36 99-23 427 Low. Last. 101% 102% 99% 100% 95% 956% 98% 100 % T 95% 96% | 2 100% 100% 101% 101% 987% 99% 101 101% 100%: 101% | 100 101% 44% Ak 89% 894 9145 95% 95% ! 95 95% | 88% 38% 96 96% 921 92". 85 85 91 u. 918 | 80% 105% 106% 100% 100% 93% 93% 974 9T% | 84 85%% | 104% 104% 114% 116% | 111 111% | 102% 102% 96y 97 89 90 101% 102 107V 1075 89 903 100% 100% 8% 99% 101% 101% 113% 114 9715 984 997, 99% } 79 801 81 82% 105 105% | 8815 89 95, 96% 96% 96% 85% 851 96% 974 4 108Y% 109% 104 105% 93 93% 91y 92 90% 91 89% 90 100 1003 831y 88Y 95 96 981z 998 | 104 104 95 1 1124 851 !5‘ " 108 1084 95% 964 947 T %2 100% 101% 102% 102% “1drawal 9115 | { made further { quiet 9z 925 | tive, jand American Can all 95% | from the general { ment, FURTHER ADVANCES IN LEADING STOCKS Delaware and Hudson At. tacks Fail to Unsettle Rest of Share List. EXCHANGES GO LOWER Gains of Two to Five Points in Brief Saturday Session. Sterling Improves. By the Associated Press. NEW YORK, July 7.—Stock recovery in half-holiday session. Opening quotations were irregular, with | few of the leaders ylelding fraction ally to selling pressure. Renewal of attacks on Delaware and Hudson forced that stock down to 93%, tin lowest since 1921, but it falled prices today's 4| unsettle the rest of the list and ti stock eventually snapped back to i its previous closing price. The Belgian ultimatum to Ge many threatening a breaking off diplomatio relations unless public | disavowal is made of acts sabotage in the Ruhr imparted reactionary trend to continental cur rencles. French francs dropped points to 5.77 cents, cr within 1 points of the years low, and Germa: Tnarks “touched & mew ' bottom 0004% cents. Demand sterling col tinued to improve in reflection « the higher Bank of England discoun! pate, being quoted at $4.56 3-16. u Lending Stocks Advamee. Among the standard industiic stocks Baldwin, American Locom Studebaker, American Woole advanced point or so. Central Rallroad of New Jersey advanced 10 noints on & sma turnover and Schulfe § 5. Gains of 2 to ot corded by General I Burns Brothers ~ A, Stromberg Carburete United Statés Realty, Famous Play- ers and 4 few others. Gains of a point or more also were {auite common in the railroad group tthe list Ohla, preferred, preferred, including Baltimore an Chicago and Eastern Illinois Rock Island 6 per cen: Canadlan Pacific. Lacka wanna, Great Northern pre '] | Northern Pacific, Norfolk and W | ern and TUnion Pacific. i Weekly Bonk Statement. The weekly clearing house sta ment showed a decrease of $61,10; {000 in loans, discounts and inve: ments and a _drop of $16.234,000 i the reserve of member banks in the federal reserve bank. Net deman: deposits declined $73.802,000. but tim« deposits increased $6,278.000 Aggregate reserve totaled $308 590,000, leaving excess reserve of $5,794,230, & decrease of $6.600.850 under’ the previous week {MANY LOSSES RECORDED { ON CURB DURING WEEK By the Associated Press. NEW YORK. July acted in « comparat ¥ manner during the period of unset tiement on_the New York Stock E: change and in other security tra groups. but prices naturally reache fower levels' This was due largel to the fact that many curb securitie are carried in accounts in whic other issues are held and suffered liquidating move- reasons< indug- There were special for declines in fome of the trials, labor troubles being brought forward as a_reason for the stead: supply of Gillette Safety' Razoi which dropped from 250 to 242 Bordens preferred and Armour pre- ferred, two of the leading dividend { issues thi riket, were also under pressure n" down to new levels for Hudson and Manhattan, Todd Shipbuilding issues showed losses of over £ point. as_a result of the week's trading. Motor stocks were irregular Roamer moving up to a new I record, while Cleveland Auto was moderate supply and showed a fru tional loss. SLUMP IN WHOLESALE DRY GOODS BUSINESS CHICAGO. July 7—Marshall ¥ Co. 'sayh "cutrent wholesale Irlbu!lon of dry goods was g in volume than for same period year ago. but was considerably les- Than lasc week. Customary inucti of post-inventory period “and witl- from their territorfes of u considerable portion of road sales force vacations felt in small volume of road sales taken during 4 |week. Total was about same as that AT 4T% 49% B1% 108% 103% 1124 112% 107% 107% 98% 99% 6% 791 56 B56% 1 103% 103% 73% T4% 6% 6% A8% 49% 904 9214 | 6"&3 52% loan 104% 87 89 94% ¥ | Merchan of same week last year, Collectlon were mot equal to same period a vea: ago. D. & H. HEAD IS ABROAD. President Loree Said Nothing | About Cut in Dividend Rate. NEW YORK. July 7.—Dow-Jones cent when they meet July 25 for actic on quarterly dividend. President Lore: left for Iurope gone untii Septem no indication prior to his departure that change in rate would be made. but did comment on improvement in earnings in second quarter and mor® favorable outlook for remainder of year.” —_— COTTONSEED OIL PRICES. NEW YORK, July was quiet and featureless, with prices off slightly, due to the disappointing laction of lard. Closing bids ‘wers { generally 5 to 6 points net lowe Sales, 1.200 barrels. Prime crud 9.25 asked; prime summer yellow apot, 10.50a11.00; .Ju 30: Sentem- ber, 10.51; December, 8.57, all bid DRY GOODS MARKET. NEW YORK, July 7.—Yarns were quiet today, with no price changes. Burlaps were dull and unchanged. Linen stocks held by importers creased. Dress linens were active. Cotton cloth markets ere quiet. Woolen markets were spotty, with prices firm. Raw sllk advanced. yen in Yokohama under active buy- ing. Importers advanced quotations 5 cents, with demand better. Knit goods were qulet, pending opening of new lines for spring, 1924, set tenta- tively for July 16. CALLS BUSINESS GOOD. CHICAGO, July 7.—“Business gooa and there is no trouble in sigh ohn J. Mitchell, president of Hlinoi¢ ts' Trust Company, sald at meeting of the bank's directors. More than thirty men representing varled branches of business and industry‘stated that thelr lines were doing comfortably well, although not quite as active as }“I the spring, and that profits were alr. CLOSING COTTON PRICES. NEW ORLEANS, Jul, futures closed steady. 23 points up to 24 down, net. Close—July, 26.98; Ocmber 23.06a23. lll' o the ~ semi-annual —Cottonseed oil ' ’ ‘ v 7.—Cotton J