Evening Star Newspaper, July 12, 1923, Page 28

8 ® TRADERS STUDYING BALDWIN SPEECH Market Settles Into Extreme Dullness in Final Trad- ing—Prices Off. BY STUART P. WEST. Special Dispateh to The Sta W YORK, July 12.—Fluctuations in the market today represented chiefly the varying views regarding the speech of the British premler on reparations and what its effect would be upon European relations® in gen- The text of the speech was not for publication until 11:30 eral. released o'clock. During the preceding hour and a half Wall street took its cue from the movement f the exchanges, and the | fact that sterling, francs and marks were all higher, gave the impression 1\t what the premier would have to would be favorable in its market effect. On this the considerable | short covering took place, resulting in all-around gains of a half point to hd a half. The larger ad- ances were naturally made in stocks like Studebaker, Corn Products, Bald- win Locomotive, American Can and other of the speculative leaders in whic ar operations have been most uctive. Steel common was up a point. Buying Power Light. The feature during this early ad- vance was the small amount of buy- ing which it took to turn the market. In little more than half an hour all end mo of the ground lost i vesterday's entire session wa traced his was pointed to a dicating the compa ive scareit oc¢ a nd the recently pre ing price lov But_atter Wall street had re British declara- tion of polic: ment underwent u change and prices began to drop again. It was felt that the Baldwin statement was much ss tender to- ward France the dispatches. The short covering movement abruptly ce ed and the profession- als, seeing there was nothing upon_ which to continuance of the rally, offered stocks down again. In its reference to the reparations problem Premier Baldwin was merely Test of known ritish point of view —to make ( many pay but not to mand more than her ascertained pacity to pay. It emphatically ex pr ed the opinion all along enter- tained in international banking cir- cles that occupation of the Ruhr was « mistake, imperiling Germany’'s in- 1 structure and yet resulting aller payments on indemnity nt than were being made be- a For the rest of the speech it might ave been interpreted as an attempt to show Fra and Belgium what the conseque would be should they persist in their present poliey Speech Taken Calmly. With due allow for the exag- geration which acterizes such political utterances, there is no doubt that the head of the British cabinet seriously believes t not long sta s food ce @ | S sacial and politica olution, | with_all this might ultimately mean for the peace of Europe, is a real one. The ma took the definition of the Eritish attitude more calmly thaj might have been expected, especiall as it did not strike the conciliatory note which the press dispatches had been foreshadowini. The afternoon reaction in the ex- change market was more pronounced in French francs than in any of the} other currencies. This was not sur- view of the Judgment expressed that a break entente would_involve ding of French a consequent, probably in values Market Exceptionally Dull. The stock market, by early after- noon, had lost most of the morning gain, but was holding steady at the lower level. There was no suggestion of fresh liquidation. It was simply a shift in professional trading position. In the market for govern- ment securities and for corporate bond issues, also there was no re- sponse to the news at all. The market was duller in the late trading than at any_time so far. There were very few features in the | i up general ange, with severe, declin un movements of individual stocks. 1 CHESAPEAKE & OHIO | ; i Asks I C. C. to Withdraw Order | on Special Service to Coal Mines. APPEALS CAR CASE | The Chesapeake and Ohio Railroad Company today petitioned the Inter- | state Commerce Commission for a re- hearing of the decision rendered last | week railroads cease | elving car service coal mines producing railroad fuel. The petition named three mines owned by the railroad itself, which it sald were operated exclusively for railroad fuel, and eight mines owned Ly private corporations with which it had contracted to take the entire out- put until April 1, 1924, Permission to continue special car service to these properties was sought until April 1, 38%4, and the commission was asked ‘@ modify its general order in the caw FEWER SECURITIES ARE LISTED ON CURB Market Decline Having Marked Effect—Other Wall Street Briefs. ordering special to to Dy the Assoclated Press. NEW YORK, July 12.—The actionary movement in securities prices which has been {n progress since March has resulted in a smaller volume of new offerings being listed on the New York curb, which is es- sentially a prime market for new se- curities. In the first six months of | this year 164 stocks and thirty-nine bonds were listed, as compared with re- FINANCIAL, " THE EVENING STAR, WASHIN NEW YORK STOCK EXCHANGE - Recelved by Private Wire Direct to The Star Office Afr Reduction Ajax Rubbe- Alaska Gold. . Alaska Juneau Allied Chem. Allfed Chem pf. Am Agr Chem. . Am Ag Chm pf.. Am Bank Note Am Bosch Am Brake AmCan..... Am Can pf. Am Car & Fdy. Am Chain (A).. Am Chicle Co Am Cotton OIl. . Am Cot Ofl pf. Am Drugglst Am H & Lea pt AmIce. .. Am Internat’l. Am Locomotive. Am Loco pf Am Metals. Am Safe Ra Am Smelting. Am Smelt pf. . Am Steel Fdy Am Sugar Am Sugar pf. Am Sumatra. Am Sumatra pf. Am Tel & Teleg. Am Tobacco. Am Tob pf (n) Am Water Wks. Am W W 6% pf. Am Woolen. .. Am Woolen pf. Anaconda. Asso D Goods. Atchison. ... Atchison pf. Atlantic Fruit. Atl Fruit ctfs. Atlan Cst Line. Atlantic Guit Austin Nichols Auto Sales pt. Baldwin Loco. Bulto & Ohlo. .. Balto & Ohio pf. Barnesdall (A). arnet Lea pf. . Beechnut Pack. Beth Steel...... Beth Stl 7% (n). Bklyn Edison. .. Bkiyn R war 2d Brown Shoe.. Burns Bros (A). Burns Bros (B). Butte Copper Butte & Super. Caddo Oil... Calif Petrol. { Calif Petrol pt Callahan Zinc. .. Calumet & Hecla Canadlan Pac. Case Plow W Cent Leath pf. .. Cerro de Pasco. Chandler Mot. Chesap & Ohlo Chi & Alton.... Chi & E Il pt. ChiGreat W pf. Chi Mil & St I Chi Mil &St P p2. Chi & Northwn. Chi & Nwn pf. Chi Pneu Tool. ChiR I & Pac Chi R1&P6% pf. | Chile Copper | Chino Copper. Coca-Cola. Colo Fuel Columbia G Columbn Carbo Com Solv (A). Comp Tabulat. i Conley Tin Foll. Cons Gas of NY. Cons Textile. ContCan..... Continental Mot Corn Productss. Corn Prod pf. Cosden & Co. . Crucible Steel. . Cuban-Am Sug. Cub Am Sng pf.. Cuba Cane Sug. Cuba Cane S pi.. Davidson Chem. De Beers. .. Del & Hudson. D Lack & West. Dome Mines. Du$S & Atlai Dupont (ED)... Eastman Kodak i Elec Stor Bat | Elk Horn Coal Endicott-John Erie. . Ere 1st pf. Famous Players amous Play pf. d Mines&sS pf ! Fisk Rubbe: Fleishman. Foundation Freeport Texas. Gardner Motor. Gen Asphalt. Gen Asphalt pf Gen Electric Gen Motors Glidden. . Granby Consol Gray & Davis. Gt Northern pf Great Nor Ore. Guif St Steel. Harbishaw Cab. Hartman Corp Hayes Wheel Househ'd Prod Houston Oll. Hudson Motors. Hupp Motors Hydraulic Stl. Illinois Central. Ind Oil & Gas Inland Steel. Inspiration interb Rap T<.. In Combust E. Int & Grt North. Int Harvester. .. Int Mer Marine. Int M Marine pf. Int Nickel. .. Intl Paper (sta). Jones Tea Jones & L'gh pf. Kansas City S.. Kayser (Jull Kelly-Spr Tire Kennecott. ... Keystone Tire Kinney G R. Lee T & Rubber. Lehigh Valley Lig & Myer (B). Lima Locomo. Loews Inc. Lorillard (P). Louis & Nash. Mack Trucks Macy Co. .. Mallinson & Co. Man Elev scrip. Man El inv guar Manhat Shirt. 189 stocks and 150 bonds in the cor- responding period last year, when the bull movement was in full swing. Public offering was made today of Marland Ofl. Martin-Parry. .. Maxwell (A).... May Dp Stores. . 3% opa. 59 17 % 1% 66 % 1N7% 117 38 629 25 92 10% 4l 29% 24 . 102 114 34% 2% 104% 54 13% 66% 11 17% 70 90 874 B4 434 874 10% 8% 25% 61% 171% 13% % 16 24% 92 18% 8% 65 27 69% % 824 8214 30% 133 22% 18 1% 108 5% 314 28% 12 21 19% 6% 5% 21% 12% 63 56% 107% 17% 31 83 83% 4% 56 18% 55% 196% 61 15 164 20% 2% 69 23% 4% $5,000,000 fifty-year first mortgage | May Dpt Strpf.. 114% sinking fund 5 ver cent bonds, series B, of the Cleveland Unlon Termin: Company at 943, to yield 5.30 per cent. The books were closed within a brief period, the entire issue being sold. The National Biscuit Company re- ports net earnings for the firt six months of the current yoar were $5,~ $32,564, equal after preferred divi- dends to $2.42 a share on the 2,046,520 shares of $25 par value common stock outstanding. OREGON GROWS TOBACCO. PORTLAND, Oreg., July 12.—Suc- cessful production of tobacco in Wil- liamette valley, western Oregon, has een_demonstrated at Woodburn, E. Becker has been growing from Cuban_seed and Connecticut broad Jeaf, two high grades, which find & ready sale, - Other farmers are pre- paring to follow Becker's example. Mcintyre Por... Mex Seaboard Mex Seabd ctf! Miami Copper Middle St O1l.... Midvale Steel. .. Minn & StL (n). Mo Kan & Tex.. Mo K & Tex pf.. Mo Pacific: . Mo Pacific pf.... Montg’y Ward. . Moon Motor: Mother Lode. Nat Biscult. Natl Bisouit Natl Enamel Natl Lead. Nevada Copper. N Or Tex & Mox. N ¥ Canners. N Y Central..... NYC&StLwi. 17% 564 T 11% 87 28% 27 High. 9% 7 % 1% 66 103 183% 26 1 30% Q0% 88 108% 154 2% 11% 4% 14% 4% 36% 90% 18% 67% 18 42 5% 64% 9% 33 62 102 1% 44 122% 142% 102% 85% 57% ¥3% 101 40% 1% 987 88% 2 i 1183 104 40 5014 5¥% 25 48% 1% 18% 314 0% 109% 78% 23% 2% 6% 18% Low. Oloss | . 5:3 i NY C&StL pf wi 59 8% * 1 65% 108 13w 34 "7 30% 0% 86% 108% 148% 114 11% B 1% 4% 35% 20 18% 65% 118 2% 4% 53% 974 32% 603 101% 16% a“ 122 142% 102% kT 57% 83 100% 39% % 98% BBY 2 1% 138 10 18% 1 16 46% 58 12 92 59% 4% 884 106% 1% 46% 17% 24 6 20 3 20% 99 6% 42% 146% 1 514 39 49 57% 2%, 48% 1% 1dbe 30% 69% 109% 8% 234 T2% z4% 18% 77 26% s2% 3 34 467 30 1% 133 59 T 4% % b 117% 172% 13% ™ 16 26% 3% 18% 84 65% 2T 108 5% 31% 28% 12 21 19% 7 51 22% 12% 63 66% 107% 17% 31 33 34 4% 56% 18% 56% 196% 61 164 154 20% 2% 59 23% 4% 31% 43 38 28% 38% 78% 114% 1%, 124% 1% 24% 7% 28% 5 10% 26% 1% 40% 120 564 113 12 87 28% 7% .7 17 38 6% 25 92 10% 40 29 237% 102 113% 34% 2% 113% 104% 64t 13% 663 1 17% 691 8ule 37% B 431 6% 10% 8% 25% 61% 171% 13% % 16 4% 92% 18 8% 65 27 69% % £2% 3k 29% 51 22% 18 1% 108 53 814 28% 12 21 19% 6% 35 21% 12% 63 56% 107% 17% 30% 324 8% 4% 66 18% 55% 196% 61 15 164 90% n 59 28% 4% 1% 43 37% 2T% 3% 76% 114% 17% 12% 11 23% 7 23 5 10% 30% 19% 22% % 40 120 56% 111% 11% 86% 28% 97 1 65% 108 13% ! North Pacific. .. 35% a7 80% 0% 87 108% 148% 21 11 4% 14 4 36 90 18 66’ 118 42% 5 54 97% 2% 60 101% | Pressed St C pf. 1% 44 122 14! 102 34 57! 83 101 40 7 98 88 2 1 118 10 18 11 17 45 58! 12 92 59 « 45 8 106% 17 46% 17! 2 20 21 99 5% 42% 146% 1 53 49 27% 70 82 82 30! b1 28 18 108 L3 81 28 12 21 19! 76 b 22% 12! 63 56! 107% 17 30! 8218 33% 4 66! 18 55% 196% 61 15! 164 204 n 59 23% 4% 81 43 37 27 s T6% 114! 1 12 11 23% ki 10% 26% 11% 30% 1u5% 22! 8% | 5 _cents al 6 % Low. Close. 93 ¥3 1% 11 9 9 102% 102% 7% 76 20 20 64% 656% 31% 17 42% 6% 82 12% 59% B6% 2 61 86% . 43% 2% 48% 424 25% 8% 18 2% Open. High. 83 98 1% 1% 9 9 102% 1023 76~ 176 204 20% 64% 66 31% 814 17 17 a2% 2% 6% 6% 32 82% 12% 12% 59% 60% Eg% 56% 2 51 61 364 35% 43% 48% 3 3 48% 42% 26% 8% ° NYNH&Harttd % { N'Y Shipbldg... Norf & Western. Nor & West pf.. i North Amer. ... % Ohio Fuel Sup.. | Orpreum Circuit Owens Bottle. .. Pac Gas & Elec. Pacific Ofl...... Packard Motor. Pan-Am Pete. .. Pan-Am P (B).. Panhandle. . Panhandle pf. Penn Coal & C! Pennsylvania... Penn Seabd Stl. % | Philadelphia Co % | Phila Co pt. Phillips Pete. Plerce-Arrow 4 | Plerce-Ar pt Plerce Oil Pitts & W Postum Cereal. . 4 | Pressed Stl Car. 17 % b % % 54 80 34 45 4% Produc & Ref Pub Service. Pullman Co Punta Alegre. .. Pure Oll... s Rapld Tran Sec. Rap Tran Sec pf Ray Con Copper Reading. . Reading 2d pf. Replogle Steel. . Rep Ir & Steel. . Rep Ir & Stl pf.. Rey Tobac (B).. Reynolds Spr. .. Royul Dutch. St L&San Fr pf. St L Southwn... St L South pf. Schulte Stores. . Seaboard Alr L. Sears Roebuck. . Seneca Copper-. . Shell Unfon. Simms Petrol Simmons. .. Sinclair O1l. Sinelair pt. Skelly Of1...... So Porto Sugar. South Pacific. .. Southern Rwy. . Southern Ry pf. Spicer Mfg Co. . St Ol of Calif. .. Stand O11 of N J. StOll of N Jpf.. Steel & Tube pt. Stern Bros pf... Stewart-Warner Strombg Carb. . Studebaker. Submarine Bt Superfor O1l.... Sweets Coof A.. Tenn Copper. .. Texas Company. Tex Gulf Sulph. Third Avenue. .. Timken Bearing Tobacco Prod. .. Tobacco Prod A. Tobacco Pro pf. Trans Cont Oil. . Twin C R Tran. Union Ofl. . Union Pacific Union Pac pf... Un Tank Car. United Drug. United Ry Inv.. Utd Ry Inv pf U S Food Prod. . U S Hoffman M U S Indus Alco. U S Realt U S Rubber. % Y% W hed % 9% 11 % ¥ Y % 1 % W e % % % % ¥ £ % U S Steel pf. Utah Copper. Utah Securities. Vanadium Corp. Va-Car Chem. .. Wabash Wabash pf (A). . Waldorf (new). Web & Hellbrn. West Elec pf. .. West Pacific. West Pacpf.... Western Union. West Air Brke. . Westhse EI&M. Wheeling&L E. White Eag Oil. . White Motor. White O] Wickwire. . Willys-Overld. . Wilys-Overl pf. 3 Woolworth..... 2243 Worthington... 24 Youngstn Tube. 6415 58% 30 ™ 81y 27 18 13% 112 174 57 102% 9 55% 6% 24% 46% 1% % 6% 63 230 24 683 . Last, 5 6413 High. Call Money. 5 HOURLY SALES OF STOCKS. 1lam.....126000 12m. .. 198 700 1pm. +247600 2p.m.. 289 200 POTATOES SLUMP $1 PER BARREL Prices Drop in New York as Sup- plies Increase Rapidly. % % % | 1% % o | Special Dispatch to The Star. NEW YORK. July 12.—The potato market declined from 50 cents to $1 per barrel since yesterday, owing to increased supplies and less active de- mand. Long Island cobblers brought mostly $6.50 per barrel, while New Jersey cobblers sold at $6 per 150- pound sack. Several carloads of old crop white potatoes that were held in local cold storage warehouses brought $3.75 to $4 per 100-pound sack. The bulk of Madison county green peas shipped by express to the New York city markets were delivered this morning to the stores of the commission merchants. The demand was moderate and the market held fairly steady, particularly fancy stock. Bushel baskets sold from $1 o $2.50. Celery met a very limited demand, which resulted in a_ very dull and weak market, with a decline in prices. Rough celery in two-thirds crates, containing from four to -ten dozen stalks, sold from $3.60 to $7.50 per crate. s Long Island green corn made its first appearance at the farmers' public market this morning. The stock was of mostly very small size, and met a very limited demand at from 2% to 21 cents per ear. CLOTH PRICES LOWER. Raw Silk Also Tumbles Further in Dull Trading. Special Dispatch to The Btar. NEW YORK, July 12.—Prices showed a continued downward trend in the cotton cloths market today. Trading was dull.. .Print cloths were. quoted at 8% cents for the 64 by 60s and at 10% cents for the 68 by 72 Trade in sheetings apparently w: very quiet. Some narrow drills changed hands.' Raw silk, which had held firm for three days' straight, suffered another % | tumble today. The drop in price was ong the line. Trading was dull here. About 500 bales were % % % t % % 19 % % Y 1% % ] % % % % % % % % % % 40% | sold in Yokohama. 120 55% 1us 1 WAR ON BAD MINING STOCKS. % SAN FRANCISCO, Calif., July 12.— 86% | The San Francisco Stock Exchange 283 | yesterday adopted a recommendation o7 1 |of a special committee to investigate and bar questionable mining stecks from its boards. BOND QUDTATIONS " VERY RREGULAR Effect of Premier Baldwin’s Speech Awaited by In- vesting Public. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, July 12.—Bond prices were higher at the opening today, but later quotations moved very uncer- tainly. This was particularly with the foreign bonds, which were watch- ed with special care for the effect upon the market by the address of the British premier. In most cases the initial trading was at an advance, but around midday, after receipt of the first reports of the Baldwin speech, dealings came practically to a standstill, while traders tried to make up their minds as to the most act bearing upon the European sit- uation of the new developments. It must not be forgotten that there is considerable buying and selling of foreign bonds in this market for the account of investors and speculators on the other side. Government Loans Firm. All the U. S. government loans were firm with especial strength in the third 41 libertys. This is the issue in which buying is reported to be going on for account of the Treasury. High-grade rails and in- dustriais also maintained their firm tone, although here also dealings were on a very restricted scale. Some attention was attracted by a run-up in_the quotation for St. Louts, Iron Mountain and Southern River and Gulf Division 4s. This is one of the underlying bonds of the Missouri Pacific system and recent sales have been on a 7% per cent basis. The advance was all the more notable because of the heaviness in other Missourl Pacific lssues. Most of the gain was lost subsequently. There was not much in the more speculative railroad issues. Action by Other Issuen. Seaboard Air Line adjustments went higher early in the day. St. Louis- San Franclsco income €5 on the other hand were heavy. No Interest fis being pald on the Seaboard adjust- ments while the charges on the Frisco {ncomes was covered with ample margin. Missouri Kansas and Texas adjustments rallied and then reacted., , , , The principal issues of the day was the Cleveland Union Terminal Com- pany first mortgage fives, series B, of 1973, offered to the amount of $5,000,- 000 ‘at a price to yield 5.30 per centfl This issue went very well. The security is very high and the price Is considered attractive. It was re- ported that a premium over the issue price was bid. SHARP FALLING OFF INIMPORTS TO . 5. Commerce Department Gives Out June Reports Showing Balance oj Trade. Imports into the United States dur- ing June were valued at $328,000,000, agalnst exports of $329,000,000, leav- ing balance of trade favoring the United States of $1.000,000. The figures as given out today by the Commerce Department showed a sharp falling off in the volume of imports. which were $398,178,382 dur- ing March, and almost as great in April and May. The exports for the month, however, were $13,000,000 greater than those for May and $4,- 000,000 greater than for April, al- though 312,000,000 under tho March total. For_the fiscal year which ended June 30 total imports of the United States amounted to $3.789,002,114, while exports were $3,965,967,460, leaving* a balance of trade in favor of | the United States amounting to $176.- Figures In Deta r the vear ending with June, in 1922. the balance of trade favorable to the United States had been $1,163, {48, which was produced by \exports amounting to $3,771.156,489 and im- ports of $2,608,079,008 During June, this year, imports of gold into the United States amounted to $19,433,539, compared with exports of $548,454. 'Sliver imports of the United States were $6,439,505, com- pared with exports of $3,581,081. For the twelve months ending with June the excess of gold imports into the United States over exports amounted jto $235,087,575, while for the year ending June, 1922, the excess gold was $440,972,991, Reversal in Trade Current. During March the total import and export balance was against the Unit- ed States by $57.000,000; during April was $39,000,000, and during May there was an adverse balance of $56,000,000. The import total during June, how- ever, showed a marked decline, where- as exports increased over April and May, though they were siill smaller than the March total, resulting in the balance of trade again turning in favor of the United States, in which direction it has turned almost con- tinually during the past thirty years. —_— PRICES OF WHEAT AGAIN UP 10 §T Better Tone Seen in Market Today—Speculation Un- usually Quiet. By the Assoclated Press. CHICAGO, July 12.—All dellveries of wheat recovered in price at times today to $1 a bushel or above, but fluctuations were narrow, and the un- usual interest which was shown when the market first dorpped to $1 and below appeared to have waned. Trade was light, and the market easily in- fluenced by routine developments. The most striking aspect of the day's business was the evident ab- sence of any large speculative deal- ngs, a feature which traders ascribed chiefly to the Capper-Tincher law re- cently enacted to provide constant direct government regulation of grain exchanges, especially - in regard to future deliveries of farm products, Authorities generally admitted $1 wheat would not permit the farmer production cost, and Gilbert Dusler, market statistician for the American Farm Bureau, said if September and December wheats go as low as 95 cents it would mean a less of $80,- 000,000 to the American farmers. “The market has just been marking time for the last few days,” sald Mr. Dusler. “The traders have been wor- ried about the possible damage of black rust to the wheat crop in the northwest. When reports came in that all danger was past the ‘bottom dropped out of the market.” the balance against the United States | ON NEW YORK GTON, D. C, THURSDAY, JULY 12, 1923. BONDS srocx EXCHANGE Recelved by Private 3ire Direct to The Star Office. (Bales are in §1,000.) UNITED STATES BONDS. (Fractions represent thirty-seconds. E: 101-1 means 1011-32) High. e 10015 00-14 95-13 98-18 9812 98-10 404 98-13 - 58 99-29 99-29 FOREIGN. Sales. High. . 5 102% 87 9% .. 24 100% . 96 100% 108% 8% 9% 82% 100% 97% 100% 101% 100 99% 102 101% 45 108% 20 29% 93 108% 96% 0% 95% 954 89l Salet 176 30 283 1683 Low. 100-14 1 98-10 98-10 98-27 98-11 99-26 \ Lib 2d 4%s Lib 8d 4%s Lib 4th 43 US4%s1962. Low. Close. 102% 102% 91% 9% 100 100% 95% 95% 100% 100% 108% 108% 81 81% 78% 8% 52% 2% 100% 100% 96% 9T% 100% 100% 101% 101% 99% 99% 99 99% 102 102 101% 101% 45 108% 90 99% 92% 107% 96% 0% 9% 95% 89% 96% 93% 93 84% 92% 92% 80% 71 8% 8% 63% 334 86 100% 110 97% 91% 2% 4% 108 100% 93 92% 95% 98 5 68% 104% 115% 101% Argentine 7s Austria 7s ct! Belglum 7% Belgium 6s. Bolivia 8 Bordeaux Brazil Brazil 7 Brazil 8s Canada 68 1926. . Canada 5% 1929 Canada 63 1931.. Canada 5s 1952. . “hile R8s 1926. ... Chile8s1941. ... Chinese Gov Ry 5s. Christiania 8s. . ! Copenhagen 538 Cuba 538w i.. Czechoslovakia 83. 1 17 1 . 10 10 15 21 4 13 8 13 Denmark s Denmark 6s. .. Dutch E16%s. Dutch East I 63’4 Dutch East I 65'6: Framerican 7%s French Govt 8s. ... French Govt 74%s. .126 Halit! 68 ctfs Holland-Amer 6s Japanese 1st 434s. . Japanese 2d 4% Japanese ds. . Jergen U M 6s°'47.. Lyons 6s. .. Marseilles 6s. Mexico 5s. Mexico 48. Montevideo 7s. Netherlands 6s. Norway 8s Norway 63 Ordent Dev deb 6s. Paris-Ly's-Med 6s. Prague 73s...... Queensland 7s. Queensland 6s. .. .. Rio de Jan 85 1946, Rio de Jan $s 194 Rio Gr Do Sul 8s. .. Sao Paulo,State,8s. Seine, Dept of, 7s. . Serbs Crotes Slo 83 Sweden 6s. .. Swiss Confed 8s. . . Ud Kingm 638 '37. Ud Steam Copen 63 83 88 Uruguay 8 103% 103% MISCELLANEOUS. Am AgrChem713s 7 9Th Am Chain s f6s" 3 86 104% 115% 102 96% 93 89% Am Smit&R 6s. . 101% Am Sugar Ref 63 AmT& Tey6s. .. AmT& Tl trbs AmT& Teltrds.. Anaconda cv db 7s. Anaconda 1st 6s. ... Atlantic Refin 68 Earnsdall s £ 8s Bell Tel Pa 5s rets. Eeth Steel 5328 '63. Beth Steel pm 5s Beth Steel s { 6: Brier H St 15t 533 Bklyn Edison 7s D. Bklyn Ed gen 5s. . Bush T Bldg 53’60 Central Leather 53 Cerro de Pasco 8s.. Chile Copper 6s. ... Commonwth P 6s.. Con Coal Md 1st 5s. Cuban-Am Sug 8s. Cuba Canecvd 8s. Dery (DG) Ts. . Det Edison ref 6. . Diamond Mth 733s. Du Pont de N 7s. Duquesne Light 6s E Cuba Sug 73%8. .. Empire F&G T1s.. Fisk Rubber 8s. Gen Elec deb 58 Goodrich 6 Goodyear 8s 1931 Goodyear 85 1941 Humble O&R 5%s. Tllinois Bell 1st 5s. Indiana Steel 63. Int Mer Marine 6s. Int Paper 15t 5s A. Int Paper 1st 68 B. Kayser (J) 7s..... Kelly-Spring 8s. Lackawa S 5560 Liggett & Myrs 7s. I Liggett & Myrs 5s. i Lorillard (P) Lorillard (P) Ts. .. Manati Sug sf 7128 Mexican Petrol 8 Mich St Tel 18t . Midvale Steel 5s. ... Montana Power 6 Morris&Co 1st 4338 Nat Tube 1st s . New Eng Tel 6s. N Y Edsn 18t 634s. NYG EL H&P 5s. ... N Y Tel 6841 N Y Tel 6548 N Y Tel 414s. N Am Edison 6s N States Pow bs. .. Northwst B Tel 7s. Otls Steel T3#s. ... Pacfic Gas & El 63 Phila Coref 68 A.. Producers & R 88 W Public Service 5s. . Punta Alegre 7 Sacks & CostTs Sharon St H 8s. {Sinclalr Of17s. ... Sinclair Of1 63 w 1 Sin Crude Oll 6%s. Sin Crude Ol 6s. Sin Pipe Line & South Bell Tel So Por Rico Sug St Otl of Colif 7s. Steel & Tube 78 Tenn Elec Pow 6 | Toledo Edn 1st Ts.. Unit Drug cv 8s. .. U S Rub 1st rf 5 U S Steel s £ 6. Utah Pow & Lt bt Vertientes Sugar 7t v.--Car Chem 7s. .. va-CarC T%8W. Warner Sugar 7s. . West Union 6% Wickwire Spen 7 Wilson & Co 18t Wilson&Ccv 7% Wilson & Coov 6s. 2 84K 84U 84 Winchester A 7%s. 1104 104 104 —_— FOREIGN EXCHANGE. July 12, 1928, (Quotations furnished by W. B. Hibbs & Co.) Selling checks 20 119% 83% 108 101 99 96% 9 965 264 84% 94 994 104 103 4% 106% 111% 86 102% 87% 26 9% 60 101% 109% 9% 5% 96% 95% 99% 964 94 964 96% 86% 94 894 1044 103% 4% 106% 112 86 102% 874 96 79% 61 102 119% 92 96% 9% 99% 10414 103% 9414 106% 112 88% 102% 88 96 9% 61 102 109% 92 868% 1 95% | London, pound i Montreal, dolla { Parls, franc. | Brussels, fran | Rerlin, 'mark. { Rome. lira. Zurich, f Btockholm, crown. NEW YORK, July 12.—Foreign ex- changes lIrregular. Quotations (in TUnited States.dollars). Great Britain, demand, 4.68 7-16; cables, 4.58%; six- ty-day bills on banks, 4.55%. France, demand, .0590; cables, .0590%. Italy, demand, .0431; cables, .0431%. Bel- gium, demand, .0491; cables, .0491%. , demand, .600005%; cables, Goooossy: Holand. demand, 3902 ca- bles, -3806. Norway, demand, .152 Sweden, demand, .2644; Denmark, d mand, .1760; -Switzerland, demand, .1748; Spain, demand, .1440; Greece, demand, Poland, = demand, [000008%; 'Csechoslovakia, deman 0301%; Argentine, - demand, .345 Brasil, demand, ;1050; Montreal, .87%. jCCC&StLrtesa. . RAILROADS. ‘Bales. High. 2 6% .76 80 5 88% 3 864 10 81 95% 78% 101 T9% 83 T4% o4 64 84% 80 112% 9% 96% B85% 88% 87% 284 99% 79 49 60 56% 64% 8% 62% 3% 80% 108 8 6 89% 114% 1% 101% 102% 86 85% 99% T4% 4T% 864 46% 48% 51% 103% 1% 107% 994 84y 79% 659% 86 99% 101% 61% 61% 37 90 29 4% 66% 83% 94y 91% 102% 107% 104% 58% 93% 84 34 33 76% 63% 94 60 924 9385, 624 884 4% Ann Arbor 4s. .. Atchison adj 4s Atchison gen 4 Atlantic CL 1st 4s. AtlanticCLcl 4s. . B&Oprinals. B & O gold 4s. Canad North 63 Canad Pac deb 4s. . Car Clinch & O 6s. . Central Pacific 4s. Ches & Ohlo cv & Ches & O cv 4%s Chi & Alton 3148 Chi B&Q 1st rf 5s. . Chi & ETll gn bs. .. Chi Great West 45 C M & Puget Sd 4s. Chi M&S P rf 4145, Chi M&St P cv 5s. . Chi M&St P 4 * Chi M&S P v 4146 5:;(:;(‘?:: 43°34. . C t n 4 . Chi & N W gm}". ChiRysbs. ... ... . ChiRT& Pac rt 4s ChiUn Sta 4145 Chi Un Sta 6148 Chi & W Ind cn 45, eve Term 5. CibaRRbs. .. Del & Hd 1st rf 4s. Del & Hudson 51s. Den & Rio G en 4s. D&RG 1st rf 5s. . Det United 434s. .. Erie gen 4s Erie conv 4s Erie conv 4s D. Gr Trunk sf ab 6s. Grand Trunk 7. Gr North gen 7s. . . Gr North gen 5145, Havana ERL&P 5s Hud & Man ref 6s. Hud & Man aj 5s 111 Central ref 4s. . Il Cent ref 6s '55. . 11 Central 515, Int Rap Tran 6s. .. Int Rap Tr6s stpd. Int & G Nor aj 6s. . Int & G Nor 1st 6. Towa Cent rf 4s. Kan City Ft S 45 Kansas City S 3s Kansas City S 5s. . Lake Shore 4s '25. Lake Shore 4s'31 . . Lehigh Valley 6s. | Louls & Nash 7s. .. Loufs & Nash 51,5, 79 69 85 98% 101% 81% 61% 36 897% 29 4% 664 83% 94% 1% 102% 107% 104% 57% 93% 84 33% 82 76% 63% 94% 49% 924 93% 624 A8Y T4% 5% 73% 104 8844 95% 56 1% 58% 55 60 37% 881 108% 59% £33 1074% 4% 92 80 100 90 108% 108% 9514 79% 65% 84 %% 3% 664 £0% 643y 89% 2% 9% b4 423 29 Manhat Ry cn 4s.. Market St cn 5 Mil El Ry & L 55 M&StLrfex5s. . M& St Llstrf4s. . MK&TprinssA. MK&T4sE. MK&T6sC... MK & T adj 55 Mo Pacific 6s. . . Mo Pacific 53 '65 Mo Pacific gn 4s Montrl Tm 1st 55 New Or Term 4s. .. O Tex & M in 5s. Y Centgen 3% Y Centdeb 6s. .. Y Centdeb 4s... Y Centriss ew Haven c d 65 New Haven d 4s 67. cw Haven 7s. ew Haven 7s fr. . Y State Ry 434s. NY W & Bos 41;5. Norfolk & W cn 4s. Norfolk & W cv 6s Northern Pac 3s... Noirthern Pac 4s Northn Pacr 1 6s. . Northern Pac s D.. Ore Short L ref 4s. Or{-Wash 1st rf 45 Peunsyl gen 5s. Pennsyl gen 43s. . Pennsyl 6148 Pennsyl gold 7s. Pere Marq Ist 65 Pere Mrq 1st 43 '56. Rapid Tran 6s Reading gen 4s. ... St L IM&S R&G 4s. StLIM& S 4s'29. StL&SF plis A b'dALrefds.. Seab'd A L adj 5s. . ou Pacific cv 4s. ou Pacific ref 4s. ou Pacific clt 4s. . Southern Ry 1st 6 Southern Ry gn 4s Southern Ry 6%s Third Ave adj 6s Unlon Pac 1st 4s. Union Pac 1st rf 4s Union Pac cv 4 TUnion Paccv 6s... Virginia Ry 1st 5s. Wabash 1st 5s Western Md 4s. Western Pacific 5s. West Shore 1st 4s Wheel & LE cn 4 Wisconsin Cent 4s. Y144 85% 804 95% 674 1014 46% 1% 83 95 108% 24 94% 60 8% 804 61 6% 80% 95% 674 101% 46% 914 834 95% 103% 94% 94% 60 T84 804 6 61% 61 12 76% 76% TOTAL SALES (Par Value): m.. 1790000 12noon 8114000 4190000 2p.m.. 5503900 8 80 Market Flashes at Today’s Close Columbia Carbon Company, regular $1 quarterly on voting trust certifi- cates, payable August 1 to stockhold- ers of record July 20. J. G. Brill Company, regular quar- terly 1% on preferred, payable Au- gust 1 to stockholders of record July 24. 3 McCrory Stores, regular quarterly $1.76 on new preferred, payable Au- 634 | FINANC IAL. Grain, Produce and| Liyejgck LOCAL WHOLESAILE MARKET. Seasonable rains have greatly im- proved the condition of growing crops In the District and nearby Vir- ginia and Maryland. Supplles of small vegetables already show a de- cided improvement over shipments recelved two or three weeks ago. It Is believed last night's rain will be the means of saving much of the growing crops. Prices of vegetables have not shown much of a decrease the past two weeks. Tomatoes, usually fairly plentiful at this season, are scarce and high. Increased receipts are expected the next few days, however, when prices are expected to drop. Eggs—Strictly fresh, selected, can- dled, per dozen, 27a28; average receipts, 25; southern, 24. Live poultry—Roosters, per Ib. 14; turkeys, per Ib., 25; spring chickens, per 1b., 35a45; Keats, young, each, 40; fowls, per Ib., 26, Dressed ' poultry — Fresh - killed spring chickens, per Ib, 45a55; win- ter chickens, per Ib., 35; hens, per tb., 30; roosters, per Ib, 20; tur- keys, per 1b., 36a40; keats, young, each, 70a80. Live stock—Calves, choice, per Ib., 10; medium, per Ib., 93; thin, per Ib, €a7. Lambs, spring, per lb., 14; 1ive pigs, 3.00a5.00 each; live hogs, per Ib., 8%, Green frults—Apples, new, per bas- Ket, 1.00a2.50. California oranges, crate, 5.50a7.00; Florida, Lemons, per box, §.00a11.00. fruit, 4.00a4.50. Blackberries, per qt 10a18. Peaches, 1.0023.00. Cantaloup: standard, 2.00a3.50; pony. 1.75aZ. flats, 1.25a1.50. Black raspderries, 13a 2234} red raspberries, 25a36. Vegetables—New potatoes, per bbl, No. 1, 7.00a7.50; No. 0a3.00. North Carolina yams, 3.50a Lettuce, per crate, nearby, 75al.50; New York, 50a 150. Romaine lettuce, per crate, 1.00a 2.00. Cabbage, nearby, 2.00a2.50 per bbl. Eggplant, per crate, 2.00a4 matoes, 1 bu, basket, nearby, 1. Mississippl, 14 bu. basket, 1. .50, Beans, 3.0026.00. Peas, 2.00a3.00 per basket. Peppers, per crate, North Caro- lina, 150a4.00. 'Kale, per bbl., 75al.25 Spinach, per bbl., 4.00a5.00. Celery, per C: North Carolina, 2.00a6.00. Squash, North Carolina lima beans, .50a3.00 per basket. GRAIN 0. AND PROVISIONS. BALTIMORE, Md., July 12 (Spe- clal).—Potatoes, new, barrel, 1.50a 6.00; 100 pounds, 2.00a3.75. Asparagus, dozen, 1.50a4.00. Beans, bushel, 1.00a 1.50. Lima beans, bushel, 2.50a3.50 Beets, 100, 5.00a7.00. Cabbage, 100, 7.00a14.00. Carrots, 100, 4.00a6.00. Corn, dozen, 10a35. Cucumbers, bas- ket, 90a1.10. Eggplants, crate, 2.00a 3.50. Lettuce, bushel, 50a1.00. Onions, bushel, 1.00a1.50. Peas, bushel, 2.50a 3.00. Peppers, basket, 2.00a2.25. Rhubarb, 100, 4.00a5.00. Spinach, bush- | el, 1.50a2.00. Squash, basket,” 50a60. Tomatoes, basket, 2.00a2.25. "App barrel, 2.00a3.50; bushel basket, 1.50; basket, 25af0. Blackberrie quart, 10a15. Cantaloupes, crate, 1.00 @3.00." Cherries, pound, 10a20. Goose- berries, pound, 6a8. Grapefruit, box, 2.50a4.00. Huckleberries, quart, 16a 20. Oranges, box, 4.50a6.50. Peaches, crate, 1.25a3.00. Pineapples, crate, 3.00a4.00. Plums, basket, 50al.0/ Raspberries, pint, 8al2. Watermelons, 25a60. Settling Prices on Grain, Wheat—No. 2 red winter, spot, 2 red winter, garlicky, spot, No. 1.05%. Corn—Cob, new, 4. tract, spot. $3 per bu. track corn, yellow, 1.04 per bu. Oats—White, No. 2, 511 and 52 per bu.: No. 3, 50% and 51 per bu. ye—Nearby, 80a90 per bu.; western export, spot, 73%. Hay—Recelipts, 49’ tons; market for old hay is firm at a range of 19.00 to 23.00 per ton. New nearby hay, arriv- ing mostly in heated condition, 1s sell- ing strictly on merit at slightly lower prices than for old hay. Straw—No. 1 tangled rve, 15.00a 16.00; No. 1 wheat, 12.50a13.00; No, 1| oat, nominal, 14.00a15.00. A reduction of 25 cents a barrel on winter straight and 10 cents a barrel | on spring patents in all western grades of flour was announced at the chame ber of commerce today. DAIRY PRODUCTS. BALTIMORE, Md., July 12 (Specjal). —Live poultry—Spring chickens, 35a hens, leghorns, 22a23; 22a23: ducks, 14a20; spring ducks, 28a 30: pigeons, pair, 25a30. Eggs—Loss off; native and nearby | firsts, dozen, 24; southern, 22 Butter—Creamery, good 37a40; prints, 40a42; nearby 35a38; ladles, 34a35; roll: i packed, dairy prints, TODAY'S CHICAGO PRICES. i | CHICAGO, July 12—With crop re-| ports at’ hand indicating that no| serious damage from black rust was probable, the wheat market today averaged a little lower in_price dur- ing the early dealings. On the de- clines, however, fairly good buying developed and gave support to val- ues. Comparative steadiness of Liv- erpool quotations tended also to act as & check on weakness In the mar- ket here. Chicago opening prices, which varied from unchanged figures to 1 cent lower, with September 993 to 99% and December 1023 to 1021, were followed by a slight general sag and then a tran- slent recovery to about yesterday's finish. Rains in Kansas and Nebraska, helpful to the new corn crop, had a 1 arish effect on the corn market. After opening unchanged to 1 cent lower, September 76 to 76%, corn showed a general downward tend- ency, although July delivery was relatively firm. Oats kept within narrow Ilimits. starting % to 3 cent higher, Sep- tember 34% to 34% and then easing back. Provisions were firmer in line with | the hog market Subsequently reports from South Dakota said heavy loss from black rust was certain around Aberdeen, and it was predicted that South Da- kota would produce 7,000,000 or 8,000, 000 bushels less wheat than the July official estimate. Price rallies that re- sulted lacked force, however. WHEAT— Open. per_bu.; con- No. 2 corn, 95; | or better, No. 0a32; store gust 1 to stockholders of record July 20. International Combustion Engineer- ing Corporation, regular quarterly 50 cents, payable Julv 31 to stockholders of record July 28. New York bank clearings, $726,000 000. New York bank balances, $70, 000,000. New York Federal Reserve Bank credits, $62,000,000. Boston bank clearings, $66,000,000. Reports from Tampico are to the effect that oll companfes in Mexico during the week ended July 7 pro- duced 3,049,000 barrels of oll, com- pared with 3,019,000 barrels in the preceding week. Tote Company out- put of 208,000 barrels showed & falling oft of 4,000 barrels from the week before. 'ROAD'S INCOME GAINS. ST. PAUL, Minn.. July 12.—A large increase in the operating income of the Great Northern Railway, despite a material cut in freight rates and the costly shopmen's strike, is shown for the year 1922 in the annual re- port of the corporation, announced today. The report also shows sub- stantial improvement in the rail- way properties. Gross income of the Great Northern for 1922 was $27,763,- 603.91, of which slightly less than 50 per cent went for dividends. MAY SPEND $15,000,000. NEW YORK, July 12.—The New York, Chicago and St. Louls raliroad wili finance needed betterments and im- provements through an issue of pre- ferred stock, it {s understood. Be- twe $10,000,000 and $15,000,000 of the new stock will be sold and it prob- ably will be § per oceat cumulative 38% 343, 381y 1.22 11.30 9. 1112 122 9.22 912 CHICAGO LIVE STOCK MARKET. CHICAGO, July 12 (United_States Department of Agriculture).—Hogs— Receipts, 28,000 head; unevenly 10 to 15_cents higher; good kind active: others very slow: bulk 160 to 240 pound averages, 7.70a7.80; bulk good and cholce 250 to 350 pound butchers, ; bulk desirable throw-out 60; best strong weight a7.10; heavy-weight hogs, medium, 7.00a7.80: light, light lght, 6.76a7.70; pack- ing sows, smooth, 6.00a6.65; packing sows, rough, 5.76a8.10; killing pigs, 6.40a7.10. Cattle—Receipts, 9,000 head; active; boef steers, yearlings and she stock, 10 to 16 cents higher; spots more: early top matured steers, 11.40; some held above 11.50; welghty steers in tairly broad demand; bulk beef steers, fat and yearlings, 9.26a11.00; cows and heifers scarce; fat steers and vearlings practically as high as last week’s close; bulls, 15 to 25 cents beef | 5 OGALEXGHANGE PRIGES STRON Capital Traction Fives Make - Slight Advance—Other Financial Notes. A minimum amount of tra brought ‘out &trong prices on Washington Stock Exchange thi morning. A lessening of the differ ence in bid and asked pric was apparent, this being tak some traders as an Indication selllng movement may short looked for. Capital Traction 5s made a = advance to 97 on sules aggregatin $10,000, face value, and Washing: Gas Bs were likewise firm Also, Pepco Bs were firm at 971 In the stock list, Lanston Monotyy. advanced half a point to 75% on involving but sitteen shares, that at . Washington Gas stock w at 48% Big Gains in New Financing. In the first half of 1923 financin corporations of the country, substantial increase over the corre sponding period of last . Th total of bonas, notes and stock iss W 098,7 in contrast wit) year. The amou sion also increased « months of this yea efunding pur cent in tk first six (4 poses against first six months of 192 he following compilations the division for the first six months of 1923 and 1922 hetween new financ ing and capital, while the second table shows refunding operations approx mated New capital: ho January ..$6 February March . April .. May June Total . Refunding : January February March . April May June Total ....$381,9 The above tables do foreign issues nor any nicipal new capital requir the first six months of 1 $145.300,000 foreign gov $19,900.000 foreign corp ere sold in this coun with $431,000,000 and spectively, in the ar. There were ,000 Joint Stock Federal Land Batk bonds and $4( 000 United States Treasury notes. ‘Western Maryland Gains. Gross Mary month_of gain - of $68.( month, _while April's by $3,818. It is e: officlals of ' the gross and net will AL s because of higher cla chandise hauled during June, though the average daily car loadings of 3430 were 27 less than the aver- age for Ma. Gr earnings of the carrier for the first five months of the pr: year were about 40 per cent ah of the best previous year. The num ber of loaded for the first siv months aggreg: than its record for 1 peak - Freight has efficiently this equipment exp high, over 100 per cent com with 1 . so that the operating of 77. per cent for M per cent for the five months’ compares unfavorably with cent and 75.2 per cent re for 1922. Locomotive repairs have been the main item In equipment expense. It is expected that man: of the 2,000 rebuilt cars, which ar being contracted for, will bs read for fall business. $3,000,000 Bond Offerlag. The National City Company is day offering a 000 of Clevel Union Term Company mortgage fund series /815,000, ne period so offered Land k ov May's net ous exceeded pected by D sinking The issue is dated matures April 1, 1 anteed as to principal and interest jointly and severally by the Neu Central, the Blg Four ard the Nickel Plate and are callable & 105 on or after April 1, 1943 DIVIDENDS. Company _ Perlod At. Ter. Cot. Bt... Q Cowm. Power 6% p Continental Can... Gillette 5. Razor Gllette S, Ruzor Hood Rubber pf. H'kong & Shanghai Banking Corp.... .. Motor Products, Nash Motors Nash Motor Postum Ce : Postum Cercal pf. Rate 1% Sinclair Con. Oil pt Stover Mf.&En. pf Seaboard 0. & Seuboard 0. & Seaboard 0. & Tnion Tank Car Tnion Tank Car pf. F. W. Woolworth.. SHORT-TERM SECURITIES (Quotations furnished by Redmond & Aluminum Co, Aluminum Co. America; America Ameri n’ Northerp 5iax 19: Argentine Rwy. 1 Leather o8 192 . C. & St. L. 68 it Chicngo Du_Pont_7% 2 Federal Sugar Ref. 8s 1933, Goodyear T. & R. 8s 1031 or Hocking Va Humble 01l 5155 19 Kansas Cits Term. Kennecott Copper 7s 1930, Libby, MeNell & Libby M &S S.M Morris & Co. Ti4s 1030, Penna. ‘R. K. 73 1931 St. Paul Unfon Depot Sears, Roebuck & Co, Standard Ol of Calif. 7s 1931 Switt & Co. bs 1982 Tidewater O 6134 wlon Tank Car 78 19 . Rubber 7345 193 Western Union 6iys 1936 Westinghouse E. & M. . 78 19310 107% *Called August 1, 1 U. 5. TREASURY CERTIFICAT! (Quotations furnished by Redmond ——Noon Maturity— Ofte 8%s September 15, 1923... 2 September 15, 1923 December 13.’ 1928. 192: une 15, 102 5i2s September 1 4%s March 15, 1925 100 100 15 1003 higher; heavy bolognas upward to 6.00; vealers uneven, largely steady; 26 cents lower; bulk vealers ckers, 11.00a11.75; upward to higner; bulk, 14.00 erns to city butcher: 14.50; culls m 6.25; light wi ftremoe heavies, 3.60a4.25. 414s June 13. 1925 4%s December 15, 1925 4% March 15, 1926, 41{s September 15, 1926 4 h 15, 1927 4ks Women of Great Britain have wel-\ comed the introduction in parliament of a bill which provides that “the mother of every legitimate infant hall Be guardian jointly with the father for all gurpolu and have equal authority, rights and responsiagities.