Evening Star Newspaper, July 17, 1923, Page 24

o4 ® FIN RADING IS QUIET INSTOCK MARKET Woolworth Jumps in Final Trading—B. & 0. Crosses 47—Raids Early in Day. BY STUART P. W Spectal Dispatch to The Star. NEW YORK, July 17.—The day on the stock exchange began with what appeared to be a professional raid designed to test out how the market would stand up against the radical victory in Minnesota and the pessi- mistic expressions regarding the out- come of the reparations discussion. One or two large blocks of United States Steel common were offered, foreing the stock below 90 again, where it was within a half point of tts extreme low for th ar. This maneuver. if it was intended to Shake confidence in the general list and restart liquidation, was not suc- cessful. The more sensitive indu trials, like Baldwin Locomotive, Jehen Steel, American Locomos and Corn Products, followed Sf common down a point, then the sell- ing stopped and there was an irregu- lar recovery Afternoon Trading Dull. afternoon found prices drift- ing aimlessly, with no positive tend- ency. Profit taking by those who had bought on knowledse of the div idend inerease had an adverse effect upon Continental Can. Harve:ter and mail order stocks were offercd down on the argument that the low wheat prices would afiect the demand for what these companies have to sell Inasmuch as low wh prices are avorable to the biscuit manufac- there was some quiet buying ational Biscuit at a slight ad- The Further covering occurred in th sugar stocks, but later on these gain were lost. Within the last day or so refiners have been doing considera- bly increased busir and this has been reflected in higher prices for the refined sugar and freer buying of raw sugar. The long-expected — announcement was made regarding the deal between California I'etroleum and Oil of New Jersey. The latte take 1.000,000 barrels monthly from the former for three years. The amount to be paid will depend upon current quotations on the eastern geaboard. Califurnia Petroleum stock was moderately responsive to the news. Other oils were dull and only slightly changed. Automobile Stocks Galn. Bearish advices regarding auto- mobile and related stocks came from Boston from a well k agenc, Recollecting the mis lations which the same “authority mad its suggestions earlier in the year, the street is no longer so & tentive. Instead ot therc being flood of selling the me ocks soma moved in on. Hudson sol¢ ve 24, G al Motors touched 14 ckard Motors ran up across 1 parts stocks were steady, with some demand for Stewart is to in in any situation little change in the Gnancial uttuations on the stock exchange nd were entirely the professional trader: as again the characterist ond market. Worry Over Ruhr Outcome. The foreign exchange w t egain at the start, with steriing off in the pound from last high and with fran close to re low. But later these recovered. The fluctua- v indicated the general felt toward the latest ch a compromise in the Ruhr. Probably the ority senu- t in banking cirel is skeptical the outcome. But there is ai- ¥s the suggestion thut the British note to Germany may contain recommendation to ield to the h on the question of “passive tance.” If this were brougnt about through British International Harvester Harvester's cment of a st Germany b; claims LI n was a rather shaip dr in the stoc The ac of the stock suggested that was being paid to the decree th s in wheat. Harvester ving the ioad for the for many months pe of crude oil in the three lcading southern Call- fornia ficlds will be reached in Sep- tember, according to a recent rep of the cxceutive committes of the Southern California Oil Producers. That committee has been urging a 55 per cent curtailment in output until the high point has been passed Because Calitornia crude il pro- duction has furnished the bulk of the flush output n this country the Prospects of a turnabout in the sit- uation in the near future affords a decidedly better outlook for the trade and the holders of oil secur- ities as well. Woolworth in Run-Up. The market in the I afternoon was extreme dull W. Wool- worth _stock had a sharp run up. Burns Brothers A was helped by con- firmation of the news that a large block of stock, which was about to be forced upon the market, taken over privately investor:. There wa: in New Haven, St preferred and one or two other of the rails, Baltimore and Ohio was active and in the iast hour got across 47. MARKET CLOSES FIRM. Drops. response favorable the mixed Bales Total 300,000 Shares—Late Buying Improves. By the Associated Press, NEW YORK, July 17.—Outside news was interpreted unfavorably in today’'s rtock market, but after early selling orders had been executed losses generally were retrieved. Se- lultics displayed considora. ength. Sales approximat 300,000 shares. o _The closing was firm. Prices con- tinued tc stiffen in the final hour, Speculators leaning toward the buy- ing side. Austin Nichols advanced 2%, and the Pan-Americans, Stand- ard Oll of New Jersey, Stewart-War- ner, American ~Car, Batimore and Ohio and Norfok and Western, 1 point or more. CALIFORNIA FRUITS FLOOD MARKETS IN NEW YOR Pears, Apples and Plums Bring Good Prices—Cherries Slightly Higher. S8peetal Dispatch to The Star. NEW YORK, July 17.—The market for cherries was slightly stronger this morning owing to rather light receipts. Fancy large fruit in good condition met a moderately active demand. Four-quart baskets of red sours sold from 50 to 65 cents, and black sours, which were of mostly very small size, brought from 50 to 75 cents. Sweet black cherries sold from 8§65 cents to $1.15, while red varieties brought 75 cents to $1. Approximately 25,000 boxes of Cali- fornian Bartlett pears., of about 40 pounds each, sold from $2.50 to §3.55 per box. Several carloads of California grav- enstein apples brought $2.40 to $4.10 for faney stock. California plums in 20-pound boxes sold from 75 cents to §1.40 for Bur- banks, and 85 cents to $1.25 for Grand tandard { down mediation, | production { ANCIAL," | i ! | tAdams Express. Adv Rumley pf. Ajax Rubber. Alaska Juneau Allied Chem. Allis Chalmer: Am Agr Chem.. Am Ag Chm pf. Am Bosch Am Can. Am Can pf. Am Car & Fdy Am Chicle Co. Am Cotton Ol Am Druggist. .. Am H & Leath. AmTce. .. Am Internatl. Am La France. . Am Linseed. ... Am Locomotive. Am Safe Razor. AmShip Com. Am Smelting... Am Steel Fdy Am Sugar...... AmT & Cable. . Am Tel & Teleg. Am Tobacco. Am Tobac (B).. Am Tob pf (n Am Water Wks Am W W 6% pf. Am Woolen Am Woolen p Anaconda. Asso D Atchison. ... Atlan Cst Line. \ Atlantic Gulf Atl Gulf pf. Atlas Tack. i Austin Nichols Baldwin Loco. Balto & Ohio. .. Ralto & Ohlo pf. *Bank of Com. . opllas Min. Beechnut Pa Beth Steel. yn Edison. yn Rap Trai Bklyn R war 2d... Purns Bros (A). Burns Bros (B). | Butte & Super. Butterick. Caddo Oil..... Calif Petrol. Calif Petrol pf nadian Pac Cerro de Pasco Chandler Mot. Chesap & Ohio ods. . Chi Mil & Chi Mil &S Chi & Chi Pneu Tool. Chi R1& Pac. Chi R I&P 7% P ChiStPM & O Chile Copper Chino Copper. Coca-Cola. 1 Colo & South. i Columbia Gas. { Columbia Grap! Col Graph pf .. Columbn Carbon Cons Gas of NY. Cons Textile. {Cont Can. Cont Tnsu Continental Mot ! Corn Products Corn Prod pf | osden & Co. Crucible Steel. Cuban-Am Sug. Cuba Cane Sus.. Cuba Cane S pf.. Cuban Dom’can. Cuyamel Fruit.. Davidson Chem. Del & Hudson. .. !D Lack & West. | Dupont (E 1) Dupont deb. Eastman iodak Endicott-John 1 Erie. . . Erie Lst pf. Erfe 2d pf. { Exchange Buffet Famous Players Famous Play pf. Fidelity F Ins. . | Fisk Rubber. ! Fleishman. Foundation Freeport Texas. Gen Am Tk pf. Gen Asphalt. Gen Electric. Gen Elec spl. Gen Motors. Gen Motors pf Gen Mot 6% deb. Gen Mot 7% vieb. Goodrieh. . ! Goodyear pf.. Goody pr pf Granby Consol i Gray & Davis. | Gt Northern pf.. | Great Nor Ore. Gulf M & Nor pf. Gulf St Steel. Hayes Wheel. | Hendee Mfg. Homestake Househ'd Prod Houston Oll. Hudson Motors. Hupp Motors Hydraulic Stl. Illinois Central. Ind Ol & Gas. Indiahoma. . | Indlan Refining. Inland Steel pf.. Inspiration Interb Rap T In Combust ¥ Int Harve ! Int M Maxin Int Nickel. ! inu Paper. Int Tel & Teleg. Island Oil Jewel Tea. ! Jones Tea. j Kansas City S.. Kayser (Julius) { Kelly-Spr Tire. . Kennecott. . . Keystone Tire Kresge (SS). Laclede Gas. ... ! Lee T & Rubber. Lehigh Valley ! Lima Locomo. Loews Inc. Loft Inc Mack Trucks. .. Magma Copper... | Manhat Shirt. Manati Sugar. ... Man El inv gual Market St Ry. Marland Oil. Mathison Alkili. Maxwell (A)... Maxwell (B) May Dp Stores. . Mcintyre Por Mex Seaboar Miami Copper. | Middle St Oil | Midvale Steel. .. Minn & St L (n). Mo Kan & Tex Mo K & Tex pf.. Mo Pacific. Mo Pacific pf. ... Montg’y Ward.. l Moon Motors | bi. Mother Lode. Mullins Body . Nash Motors pf. Nat Biscuit Natl Lead. Nevada Copper. N Or Tex & Mex. N Y Air Brake N Y Central..... NYC&StL pf(n). NYNH&Harttd. NY O & Westrn. i Norf & Western. I North Amer. . North Pacific. Onyx Hosiery pt Otis Elevator. Otis Steel. . Owens Bottle. Pacific Develop. Pacific Ofl.vss e NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. 70% 86 6% 1% 66% 40 12% 36% 82 88% 109% . 161% 12% 4% an T 92 11 20 51 12 b5 84 46 1% 88 81 97% 90 12% 16 03% 20 65% T E9% 116 8% % 33% >* 3 0% 86, 6% 1% 674s 41 18% £6% 83 894 109% 163 12% 4% 4% T% 92% Low. 70 35 6% 1 66% 40 18% 35% 31% 87% 109% 151% 12% 4% 4% % 92 11 20 % i 28% 104% 1n3 116% £3% 107% 68 1% 184% 124% 22% 71% 89 110 8% 43 7% 1% 954 26% 174 11 13% 79 8% 97 5% 49% 533 19% 11% 64 28% 51 70 33% 13 68 30% 50% 28% 19 1% Close. 70 36 92% 19% 11 20 66% 5% 12 34 62% 16 122% 144% 143 103% 38% 59% 84 1017 40% 9% 99% 118% 1% 10% 10% 20% 119% 4815 Yo 63% 46 1084 1 18% 121% 26% 20% 15 3 22 98% 48 40% 51 59 254 48 18% 325 | 0% 79% 24% 81 60 26% 18% 1% 28 3% 1 3% 1% 95% 27% 175% 1% 13% 79 8% 97 25% 49% 934 19% 11% €518 254 51 % 83% 13 63 30% 0% 23% 19 1% 109 100 14% 6% 2% 30 42% 51 824 10 38% 40 38% 1% 78 16% 13 24% 23% 4% 10% 2% 11% 314 20% 22% 9 14 98% 41% 113 11% 88 81 97% 20 13 18 104% 20% 66% 89% 116 8% 43 THE EVEN | Open. High. Packard Motor. 12% 13% Pan-Am Pete... 61% 63 Pan-Am P (B).. 58% 69 Pennsylvania... 43% Penn Seabd Stl. 8 | People’s Gas.... 86% Peorla & East 9 Pere Marquette. 423 Philadelphla Co 43% Phila Co pf. 2% Phillips Pete... 26 Pierce Oil. 214 Plerco Oll pf 28 Pitts Coal pt 99% Pitts & W Va. 43% Produc & Ref 35%% Prod & Ref pf... 45 Pub Service. 45 Pub Serv8% pf.. 101 Pullman Co..... 116 Punta Alegre... b1% PureOll.... 19 Rapld Tran Sec. 10% Ray Con Copper 11% Reading........ 71 Reading 1stpf.. 49% Reading 2d pf.. 49 Replogle Steel.. 14% RepIr & Steel.. 44 Reynolds Spr... 21 Rey Tobac (B).. 62 Royal Dutch. 47 StL & San Fran 19% St L Southwn... 28% St L South pf. 57 San Cecil Sug 1% Savage Arms... 22 Schulte Stores.. 941 Seubd AL Df.... 9% Sears Roebuck.. 70% Seneca Copper. . Shell Unlon Simms Petrol Stmmons. ... Sinclair Oil. Sinclair pf Skally Oil...... Sloss-Sheflield. . South Pacific. Southern Rwy. Southern Ry pf. Spicer Mfg Co. . St Ofl of Calif Stand Oil of N J. StOfl of NJ pf. Sterling Prod Steel & Tube pf. Stewart-Warner Strombg Carb. . Studebaker. Submarine Bt. Superior O1l. Texas Company. Tex & P C & Oil. Texas & Pacific Timken Bearing 1 Tobacco Prod. .. Tobacco Prod A. Tobacco P'ro pf. Tol St L&W pf.. Trans Cont Oil. Underw'd(new). Union Ofl. . Union Pacific Union Pacpf. .. U S Cast I Pipe.. U S Castlr P pf. U S Food Prod. . United Fruit. US Hoftman M U S Indus Alco. U S Realty U S Rubber. USRub Ist pf.. U S Steel . U S Steel pt Utah Copper. . Utah Securities. Vanadium Corp. Va-Car Chem Va-C Chem pf.. Vivadou Low. 12% 60% 67% 43% 2% 8645 % 41% 43 2% 26% 2% 28 99% 43% 34% 45 45 101 115 50% 19 10% 11 70% 49% 49 14% 42% 20% 62 47 19% 28% 57 1% 22 Close. 12% 63 69 43% 3 86% 9% 43 43% 42% 26 2% 30 89% 45% 101 115 50% 19% 11 Wabash pf (A). Wabash pt (B).. West Penn Co. . West Penn pf Western Md. West Pacific. West Pacpf.... Western Union. Westhse El&M. Wheeling&L E. Wheel & LE pf.. White Eag Oil.. White Motor. Wilson Co. . Willys-Overld. . Willys-Overl pf. Woolworth. . *04dd lot. 104 55% 6% 13% 254 4813 23 6% 63 .. 234 236% Call Money @ 5% HOURLY SALES OF STOCKS. 11am....128000 12m.. 1pm.....195 300 ASK RECEIVERSHIP C. & E. Shoe Company, a Subsidiary. By the Assoclated Press. COLUMBUS, OHIO, July 17.—Re- ceivership proceedings for the C and E Shoe company of Columbus and Delaware, Ohio, were started in common pleas court here yesterday by R. C. Stephenson and Jackson W. Osborne, of Lynn, Mass. Hearing of the petition has not been set. The petition alleges the company owes the plaintiffs $14.005 for mer- chandise; that total indebtedness of the company is $500,000, mostly in promisory notes dué now or before August 1, and that the company is solvent, but Is unable to arrange for additional credit. The_capitalizaiton of the company according to the petition, is $1,500,000 and that ten thousand shares of pre- ferred stock at $100 and 5,000 shares of common stock at $100 have been sold. The company is a subsidary of the R. L. Dollings Company, dealers in stocks and bonds, for which appoint- ment of a receiver was .asked last Saturday by fifteen Columbus stock- holders. = - The Dollings case will be heard Friday morning by Judge Robert B. Duncan, in common pleas court. ASSURES CUSTOMERS. Dollings Company Says There Will Be No Loss. PHILADELPHIA, July 17.—The R. L. Dollings Company of Pennsylvania, in a circular letter to its customers, stated that if permitted to carry out its policies and program, the af- fairs of the Dollings companies of Ohio, Indlana and Pennsylvania, as well as the corporations whose se- curities they have sold, will be con- ducted in a manner that will prevent any loss to the customers. The letter was sald to have been sent to more than 12,000 in Philadel- phia and vicinity and intended as in- formation to those concerned in the action taken Saturday by thirteen stockholders in asking the common pleas court at Columbus, Ohio, to appoint a receiver for the various Dollings companies. The court did not grant the petition, the letter stated, “jbut set July 20 for a hearing in the case. Relative Value of Wives. From the New York Times Studying the comparative value of wives among the savage or semi- savage peoples, a German ethnologist says that in Kamtchatka a man_pays three reindeer for a wife; in Kaffir- land, eight oxen; in Uganda, a box of cartridges and six needles; in some rts of Turkestan a box of matches: 5% |in South Australla the desired giri 35 must_be bought with her weight in butte: ; ; 10% 11%‘ 494 | a9 16% | 444 OF DOLLINGS FRM Proceedings Brought Against—l G _STAR, WASHINGTON, D. C, TUESDAY, MARKET IN BONDS FIRM AND INACTIVE Most Issues Hold Around Yesterday’s Close—Long- Term Buying Noted. ‘ON NEW — Received by Private Wice (Bales are in $1,000.) UNITED STATES BONDS. (Fractions represent thirty-seconds. Example: 101-1 means 1011-32.) Sales. High. Low. Close 100-12 100-09 100-09 98-16 98-16 9°-16 98-13 98-11 98-13 98-12 98-09 98-09 98-28 98-26 98-26 Lib4th d%s 98-12 98-09 98-09 US4%s1952. 191 99-29 99-25 99-25 FOREIGN. Bales. Iligh. 102% 1% 100% 95°% 1004 109% 8% 8% 82 965 “101% 100% 1014 99% 99% 102 102% 102 90% 9215 109 96 91% 96% 96% BY% 9o7% 94 93 3% 80 7% Lib 18t 4% Lib 2d 4%s Lib 3d 4%s. Close. 02 91 100% 95% 100% 109% 87% 78% 8 96% 101% 1004 101% 89% 59% 102 102 102% 90% 24 109 96 1% prin 964 89% 96% Y3% 92% 31 80 Low. 102 91 100% 95% 100 109% 87 8% 62 96% 101% 100% 101% 99% Argentine 7s. Austria 7s ctfs. Belgium 7% Belgium 6s. Belgium §; Bern 8s. Bollvia 8s. Bordeaux Brazil 78 Brazil 83 Brazil 71%s. Canada b5 1926. Canada 5755 1929 BY GEORGE T. HUGHES. ! Dispateh to The Star. 3W YORK, July 17.--Today's bond market can be characterized in two words, firm and inactive. High-grade rails and industrials held around yes- terday's closing prices. Here and there there was an advance, as, for instance, in Southern Pacific refunding 4s, but it was only fractional. The new offerings were well absorbed. A significant de- |Canada bs1931. velopment is the selling for institutional ‘4::1]“4; 5;:% account of short term investments and ; Ch11C 8% 1946 {the buying instead of longer term obll- | (hiie U8 > gations. Such’ an exchange Indicates | Chile 8s 1941. . confidence in the longe range outlook. :v('w-’lnha‘st:n 5lgs. . Liberty Bonds Quief SxecHgsiONaLiZas. There was very little change in the Liby A reactionary tendency W evident early in the day, but it was very slight Much interest was taken in the report that the buying of liberty bonds by the British government prior to the pay- ment on June 15 last of interest on the war debt was ull accomplisued fn the so-called “outside marks If an at- tempt had -been made to accumulate se bonds on the stock exchange the t would have been a sharp advance in price. Lyons 6s A special incldent of today's mar- {Marseilles 6s. the galn of more than a point Mexico 5. cneral 4s, reflecting a | Netherlands 6s rather tardy appreciation of the fact|Norway 8s.... that the bonds were selling very 1ow.{Norway 6s. . .. i Mew of thenanl orient Dev deb 6s. - e Paris -Med bs A new o per erie Ly On the curb Prague Tiis. blish a 1 Denmark 85 Denmark 6s Dutch E15%s. . | Dutch Eust 16562, Framerican 7%s French Govt §; . French Govt Ts.. Haiti 6s ctfs. ... Japanese 1st 41;s. . Japaneseds. ..., Jergen U M 65 emipt_was made he new bor fon'a “when issued” There w wide spread between the bid and ked price Sales were made of the 87 and the 4 at 88, Rails Move Irregularl Speculative rails moved irregularly. Baltimore and Ohlo convertible 415 had slight advances, selling above 80 Chesapeake and Ohio convertible 5s were also slightly up. Iowa Central 4s sold at the low of the ye; Among the tractions Rapid Transit rities 6% were bid to vield nearly 9 per was very Ittl ign bonds. hade lower, but o sell. The to Queensland Ts. . Queensiand 6s. . Rio de Jan 851946, Rio de Jan 85 1947. 10 Gr Do Sul 8s. .. Seine, Dept of, 7s. . Serbs Crotes Slo 8s Ud Steam ! Urugua nsit | Zurich 8. s 109 nt { MISCELLANEOUS. ronaay about | Ajax Rubber s 94 rench issues [am Agr Chen 3 hain s f 6s market was | 1 947 Yile 94 98n 60 60t B9y B9% 101% 101 1021 101%% 115% 115% 97'e 92% 100% Yo Am Sugar Ref 6 T&Tcy6s.... AmT& Tcltrss. AmT&Teltr SEEK TO CUT OWN RENT. St. Louis People Renting Rooms in Very Large Numbers, { Special Dispateh to The § ST. LOUIS, July compiling the new city directory stat- ed today that 23 who rent Louses roomers to reduce Home building months probabl lof the first atc estigators | Atlantic Refin 55 ibarnsdalls £ 8s. . | Bell Tei Pa 5s rets. the people | 1lin Steel _ tting to | Beth Steel 1 rents. { or cent o are subl their ow for the next five will exceed the total year. Large oper- - building industry blame ors for the recent increases In Hilys Sdgeh ntral Leather 53 rro de Pasco 8s. . Copper ts al Md 1st bs. Am Sug b PEACH SHIPMENTS HEAVY. Jery (D G) t Edison ref Diamond Mth Du Pont de > { Georgia Rushing 1,000 Cars Per| o Week to Northern Markets. g . July 17.—The northward { E Cuba Sug crta peaches started in Ty Empire FaG 7s. . have been g Tate of 1.000 cars a v {ing good prices. The short veral thousand fruit is unusually lar PRICES MORE STEADY. Mill Curtailment Stabilizing Dry Goods Markets. IEEYaC = Special Dispatch to The Star. Lackawa 58 °50. . BOSTON, July 17.—Curtailment of out- | Liggett & Myrs 5s. Iput at the New England mills is saia | Magma Cop cv {to have had a distinctly stabilizing f- ““‘i“h‘;'}!f’ i fect upon dry goods prices { SRR o0 o8- When all Fall River mills are on their | Miuh St Tel 18t 5s. schedule the weekly production will | Midvale Steel 5s. reduced to 100.000 to 1. es | Nat Tube 1st 55, {against 275,000 picces weekly ew Eng Tel i ago. e’ trade denies that stoc Y Ldsn 15t 6 {goods on hand are heav L H&P bs L H&P 45 n Elec deb 5s sodrich 61gs. .. Goodycar 85 1931 Goodyear 85 1941 Humble O&K 51,5, Hlinois Bell 1st 6s. {Indiana Steel 5s. .. { Int Mer Marine 6s. {Int Paper 1st 63 A | int Paper 1st 5s B, iKayser (J) 7s..... Eiberta_crop cars, but e and luscious is the cSuColinie 9% in b BALTIMORE LIVE STOCK. A BALTIMOR! July 17.—Cattle—Re- |2 {ceipts for the week ended noon yes- | terday were 1,840 head, against 1,330 I nead last week. 67 carloads for mar- | ket for the week. i Sheep and lambs—Receipts for the { week yesterday were 10,017 { head, 7,725 head last week. Hogs for the week ended noon 3 were 11,2 head, again: 40 head last wee! C: Receipts for the ek end- ed noon erday were 1.562 head, against head last week. RAW SILK PRICES TUMBLE. Special Dispateh to The Star. NEW YORK, Jul N States Pow bs Northwst B Te {Ouis Steel ¥s. 2 { Pacific Gas & El 5s. PacT & T 63 '52.... R ONEL G G e O 1 B PhilaCoref 6sA.. Pierce-Arrow 8s Producers & Rf 8s. Public Service 5s. . Punta Alegre 7s... Sucks & CosfTs.. Sharoa St H 8: Sinclair 0il Sinclair Uil 6% {3in Crude Oil 5* —Prices re- | S:n Crude Oll 6s. {mained steady in_the cotton cloths 1 Pipe ! ine bs. market today Manufacturers ap- | South Bell Tel 5s. . peared inclined to shut down rather {So Por Rico Sug is. than accept lower prices. Many low lsnuuof(‘ohf’ls offers submitted have been turned |Steel & Tube 7s. down. Raw silk prices tumbled to- {Tenn Elec Pow 6s. day. Quotations were: XXA, 13-15 and |;pobacco Prod sf 78 20-22 denier, 8.20; XXB, 8.10; extra, 7.90: | 1) cdo B . . 5 5t oledo Edn 1st 7s.. best No. 1 X, 7.80; best No. 1, 7.75, and Wat Oll 6% Kansal No. 1, 7.70. These showed [Tide WatOll§izs drops of 15 cents from yesterday’s [ Union Bug & I 63 early quotations. The Canton 14-16s | Unit Drug cv 8s. were quoted at 7.25 and 20-22s at U S Realty 5s.... 6.80, each suffering a 5-cent decline. |U S Rub 1strfGs.. —_—— U S Rubber 71s U S Steel s £ 5s NEW YORK EGG PRICES. Utzh Pow & Lt 65 NEW YORK. July 17.—Eggs weak; receipts, 35,638 cases; fresh gathered extra firsts, 2613a28; do., firsts, 24a 2514; do., seconds and poorer, 21a23%. New' Jersery, hennery whites, locally selected, extras, 40ai5; nearby hen- nery whites, locally selected extras, 40a13. _ LIVERPOOL COTTON. LIVERPOOL, July 17.—Cotton— Spot, limited demand; prices easier: American middling, fair, 16.44; good middling, 15.79; fully middling, 15.69; middling, 15.54; low middling, 15.29; 1085 101 y8k 96% 942 Yo% Y67 Bany vay 99% lody 103 94% 104% 106% 102% 94% 104% 106% 102% Y64 111 100% 6 105% 102 BT 964 ™ 624% 92% Y6 bl 8dk - s6 111 100% 2064y 105% iz 87% 964 79 627% 927 6% 95% 84% TODAY’S, SUGAR PRICES. Less Activity After Advances in Market Yesterday. NEW YORK, July 17.—After yes- terday's activity In raw sugar there a SaeedaSrnrmSrricanue V/ilson & Co 1st 6s. Wilson&C cv 74s. Wilson & Co cv 6s. =1 good ordinary, 14.79; ordinary, 14.49;!was a lull in demand early today. sales, 4,000 bales, including 1,00 |Refiners are belleved to have antici- American; receipts, 11,000 bales, in-|pated requirements for a week or ten cluding 1400 American. Futures|days and the only business reported closed steady. July, 14.74; September, { Up to midday was 13,000 bags of 61; October, 13.11; December, 12.70; | Cubas last week, July_ shipment, at O L 53 c. and f., equal to 7.28 duty paid, iandary, S50 Xe: SR and 15,000 bags Porto Ricos, July shipment, at 7.28, Loth to & local re- ner. $4,000,000 SILK PLANT. Raw sugar futures opened at 2 to 6 NEW YORK, July 17.—The E. L |points decline du Pont de Nemoura Company of Wilmington, Del, has signed con- e ren, Swetii comvere the “o1a| . C. C. GRANTS PLEA. Hickory powder plant, the largest in S R, the worl uring the war, into a $4,000,000 silk fiber plant. Reading Railroad to Spend $6,000,- 000 on Equipment. CALL MONEY FIRMER. The Reading Company, which owns NEW YORK, July 17.—Call money | and operates the Philadelphia and firmer; high, 5%;: low, 4%: ruling | Reading railroad. was authorized to- rate, 4%; closing bid, 5%; offered at | day by the Interstate Commerce Com- 5% last loan, 5%; call loans against | mission to arrange for the sale of acoeptances, 4%; time loans; firm; | $6,000,000 in culpment trust certifi mixed collateral, sixty to ninety days, | cates. The securities will provide 5a5%; four to six months, 5ab%; | new rolling stock for the Philadel prime commercial paper, b phia and B‘Atdlng;nten. 4 vorx BOND 102% | JULY 17, 1923. S STOCK EXCHANGE | Direct to The Star Office. 1 RAILROADS. Bales. High, 13 89% 10 80% 37 86% . 81% 95% 784 101% 80% 834 4% 70 88% 12% uzs 9% 96% 86 88% 86% 29 99 8% 494 . 56% 64% 8% 62% 73% 108 9% 6% 89% 71 102 101 10215 82% 102 86 85% 100 74% 474 85% 58 103% 46% 4818 51% 103% 1124 108 99% 84k 79% 5974 99% 62% Low. £9% 80% 85% 81% 95% 78% 101% 80% B82% 94 70 88% 112% 112% 9% 96% 85% 88% 6% 29 98% T8% 49 56 63% 78 62 73 108 79 6 89% 0% 102 Close. | 89% 80% 85% 81% 96% 78% 101% 80% 82% 94% 70 884% 112% 112% 9% 96% 85% 88% 86% 29 929 8% 49% 66 64% 8% 62 3% 108 79% 6% 9% 71 102 100% Atchison gen 4s Atchison adj 4 Atlantic C L 1st 4 Atlantic CL cl Buff R&Pitt 43s. . Canadian North Canad North 8%s Ciunad Pac deb 4 Car Clinch & O 6s Central Pacific 4s. Ches & Ohlo cv bs. Ches & O cv 4348 Chi & Alton 315s. Chi B&Q 1st rf 5s. Cht & E 11l gn 5s. Chi Great W 48, ChiM&SPrfiys. Chi M&St P cv bs. Chi M&St P 45°'25. . ChiM&S Pev 4i5s. M&St P 4334 Chi & N W61 Chi Rys 6. . Chi RI & Pac rf 4s. ChiUn Sta 4%s. .. Chi & W Ind cn 4s. Chi & W Ind 7%s CCC&StLrfgs A Cleve Term 6%s. Colo & Sou 4,5 Cuba RR 718 C:baRR6s. Del & Hd 1st rf 4s. Del & Hudson 6%s Den & Rio G cn 4s. D&RG 1strfbs.. Det United 4%s. .. e 1st con 4s. Erie con ext 7s. { Erie gen 4s Erie conv 4s A i =t NEEBRR RGO et aERE Hud & Man ref §s Hud & Man aj 6s 11l Cent ref 5s '65. . int Rap Tran 5s. .. Ini Rap Tr 58 stpd. Int& G e e a-aBRNaRa © o KK dwesn Kan City Ft S 4s. Kansas City S 3s. . Like Shore 4s '28 Lake Shore 45 '31. Lehigh Valley 6s. . Louls & Nash 51zs. Manhat R Market St en bs. MStP & SSM 6 MK & T1st4s iMK&Tprin MK&T4s B MK&T6sC MK & Tadj5s. Mo Pucific 6s. Mo Pacific gn 4s Montrl Tm 1st 5s. . Y ¢ Y Cent deb 4s Y Centribs ew Haven cd 6s. ew Haven Haven 7s fr.. Y State Ry 413s. rfolk & W en orthern Pac 3s. orthern Pac 4s. Northn Pacr i 6s. Northern Pac 5s ) re & Caiif 1st 5 ort L ref 4s. sh 1st rf 4s Pennsyl gen 5s. Pennsyl gen 41is | Pennsyl 6138 Pennsyl goid 7s. .. Pere Margq 1st 5s. ends.. o e cRcholuaEtmte ey & e e e RRECNE S Rapid Tran 6s w i v'd A Ladj bs. Seab'd A L con 6s Sou Pacificcv 4s. .. Sou Pacific ref 4s. . { Southern Ry gn 4s. iSouthern Ry 613s. . Third Ave adj 5s. Union Pac 1st 4s. .. Union Pac 1st rf 4s Union Paccv 4s. .. Virginja Ry 1st bs. | Western Md 4s 60 60% | Western Pacific 5s. 1 79% 9% TOTAL SALES (Par Value): i . 2745000 noon 3 570 000 4547000 Zp.m.. 5265000 'LULL IN MARKETS | HALTS FINANCING Plans for New Issues for Present Week Held Up—Wall i 3 3 1pm.. Street Briefs. 1 I By the Associated Press. ! NEW YORK, July 17.—Much new | financing contemplated for this week 1is being held up because of the list- |less condition of the bond and stock !markets; high-grade investment is- vs h held relatively firm, but ithere has been little evidence of the [expected July reinvestment demand. { The Hydraulic Steel Company earn- ed a met profit of $74993 fer the second quarter of 1923. Gross sa Were $1.963,550, e TODAY’S COTTON PRICES. Heavy Selling Follows Reports of Rain in Southwest. NEW YORK. July 17.—The cotton market was lower during today's early trading owing to reports of showers or light rains in the south- west and relatively easy Liverpool cables. The opening was steady at| an advance of 4 points on July but generally 6 to 9 points lower and active months secen showed net los- ses of 19 to 32 points with July sell- ing at 26.60 and October, 23.50. NEW ORLEANS, July 17.—Cotton futures opened steady, July 26.10; Oct. 22.90; Dec. 22.73; Jan. 22.64; March 22.50. Rains in the belt caused selling in the cotton market today and on top of this were reports that ginning in the earliest sections of the belt ‘was increasing at a rapid rate. In the first hour of the session prices lost 22 to 62 points, the distant months being much stronger than the uear. July was the weakest position, dropping to 25.60 October fell to 22.68. NEW_ YORK, July 17.—Cotton_ fu- tures, 11:45 a.m. bids, steady. July, 26.62; October, 23.63; December, 23.0 January, 22.82; March, 22.81 asked. NEW YORK, July 17.—Cotton fu-| tures 11 a.m. bids, quiet. July, 25.8 October, 23.90; December, 22.86; Jan- uary, 22.65; March, 22.45, NEW YORK, July 17.—Cotton fu- tures closed barely steady: July, 26.62; October, 23.68 to 23.70; Decem- ber, 23.16 to 23.20; January, 22.80; March, 22.83. Spot cotton quiet. Mid- dling, 27.35. NEW ORLEANS, July 17.—Cotton futures closed steady at net declines of 8 to 37 points. Close range: July, 25.85a26.87; October, 22.93a22.95; De- cember, 22.69; January, 22.55; March, 22.49a23.50. NEW ORLEANS, July 17.—Spot cot- ton quiet, 25 lower; sales on the spot, 180 bales; to arrive, 53; low middling, 25.75; middling, 26.76; good middling. 27.25. Recelpts, 631 baies; stock, 57,782, —_— He who boasts of his descent boasts that which he owes to others, jat a range varying from 3 decline to FINANCIAL. Grain, Produce and Liyt_z Stock LOCAL WHOLESALE MARKET. Firm on good beef was reported of the condition of the beef market. There was the usual absence of brisk dealing, a usual summer condition, consumers living from “hand to mouth” in hot weather, dealers say. and wanting only choicest cuts. Lamb, legs and chop, are in demand at this season. The market on lambs was reported as being steady and prices reasonable. There has been no material change in butter and egg prices the past week. Butter prices ‘weat up and down, but the changes <:d not seri- ously affect market conditions. The egg market is a little casler. Eggs—Strictly fresh, selected, can- dled, per dozen. 27a28; average re- ceipts, southern, 24. Live poultry—Roosters, per Ib.. 14; turkeys, per 1 ; spring chicken per Ib., 35a40; keats, young, each, 40; fowls, per 1b., 26. Dressed poultry — Fresh - killed spring_chickens, per Ib., 45a50; win- ter chici: per 30; 20; tur- Der keats, youns, each, 70480 Live stock—Calves, choice, per Ib., medium, per Ib., 8ia%; thin, per 6a7_ Lambs, spring. per 1b., 12% o Dpigs, 3.00a5.00 each; live hogs, per 1b. 83 Green fruits—Apples, new, per bas- 1.00a2.50. California oranges, per 5.50a7.00. 6.00a7.50. Grape kberries, per qt. roosters, per 1b., 35a40; loupes, standar: 3.25; fla ; Ted raspberri bles—New potatoc No. 1, 6.00a6. 0. 2, 2.00; North Carolina_yams, 3.50a4 00, Lettuce, per crate, nearby, 7521.50; New York, 50a Romaine lettuce, per crate, 1.00a 50 per| .00a4.00. nearb; bb gplant, 5 Tomatoes, 1 bushel basket, 1.50a3.00. Beans, 3.00a5.00 per Pe. 043.00 per basket. Pepper: per e, North Carolina, Kale, per bb al.2b. Spinach, per bbl, 4.00a3 “elery, per _crate, New York, 8.00a9.00. Squash, 7521.00. North Carolina lima beans, 2.50a5.00 per basket GRAIN AND F'ROVISIONS. BALTIMORE, July 17 (Sp Potatoes, new, bbl., 2.00a6.50; b a2.25. Asparagus, doz, 1 Beans, bu., 1.00al Lima beans, hundred, 5.00a hundred, 6.00a12.00. 4.00a6.00. Celery, 10a30. Cu- gplants, 024.00. 0. . Bee bhage, hundred, 75a1.25. Corn, do! cumbers, basket, 90a1.1( crate, 2.00a3.50. Lettuce, bu Onions, bu., 1.00a1.50. Peas, a3.00. Peppers, b Squash, ba basket, %, bbl., 15a 1! Cantaloupes, crate, 75a3.50. Cherrles, Ib., 10a18. Currants 15a18. Huckleberries, — at Peaches crate. 1.00a2.50. crate, 3.00ai 1.00. Raspberries, pt, melons, cach, 20280, Settling Prices on Grain. Vo 2 red winter, spot red winter, garlic No. 3 red winter, gar- 1.00; No. 4 red winter, a8 ‘lots of nearby 5, 96 and 99 per bushel. Corf—Cob, new, 4.75 per barre contract, per bushel; corn, 33%: vellow, 3 or better. 10416, Pineapp! basket, 50a al0. Water- at 92, and y, 8030 per tern export, . 73%. —Receipts, 10 tons: market for old hay is firm at a range of 19.00 to 23.00 per ton. New nearby hay arriving mostly in heated condition is selling stricily on merit at siight- Iy Jower prices than for old hay 0. 1 tangled q 0.1 wheat. cat, nominal, 14.00a15.0 A reduction of from 15 to 25 cents per barrel in all western grades and city milled brands of flour was an- nounced this morning at the chamber of commerce DAIRY PRODUCTS. BALTIMORE, Md., July 17 (Special). — Live poult Spring pound, 30ai5; Leghorns, hens, 24a27; Leghorns, roosters. 15a16. Duck: ducks, 22a28, Eggs (los firsts, dozen Butter- pound, per bushe bushel; 72%; No. 2 southern mery, goo 41; prints, 41a43; creamery, 35a38; ladles, 30a32; store packed, prints, 30a32 nearby 34a35; rolls, 28a30; " dairy TODAY'S (HICAGO PRICES. CHICA July - 17.—For the first time this season wheat today fell in | lprice to below 86 cen s a_bushel, Sep- All deliverics of whea > the seas low - price record, with September (ouching 95% cents. Pressure of hedging sales as well as indifference of demand ared to be responsible for the downturn in values. Opennig which ranged from 1 . with September 96 to 96k and December 99% to 9%, were fol- lowed by a slight further setback and then by a rally to a little above yesterday's finish. ® Corn and oats showed an upward tendency, both markets presenting an oversold appearance. After opening tember delivers September, 743 to 3 advanc scored 'moderate 74%." corn prices general gains. Oats started at % off to % up, Sep- tember, 34 to 34%. Later all months showed a slight advance. Higher quotations on hogs gave a Hft to the provision market. Subsequently. the wheat market displayed relative firmness owing to some renewal of talk about likeiihood of dumage by black rust in the north- west, together with the fact that ofterings of wheat to arrive here and in the southwest were of less volume than y For the most part, however. advances proved transient. The close was unsettled, ranging from 5 net decline to %4 gain. High. 873 9675 1.00 Open, Close. 96 ‘903 Low. September. December.. 1 1120 1130 9.00 September. .. October. . RIBS — September. October. . 83 CHICAGO LIVE STOCK MARKET. CHICAGO, July 17 (United States Department of Agriculture).—Hogs— Receipts, 28,000 head; opened mostly 15 to 25 higher; later tradings slow: big killers bidding steady; bulk 160 to 240 pound averages, 7.85a8.00; top, 8.00; bulk good and choice 250 to 300 pound butchers, 7.70a7.80; few pack- ing sows, 6.10a6.40; bulk strong welght pigs. 6.75 and above: welght hogs, 6.75a7.80; medium, 7.15a 8.00; light, 7.00a8.00; light light, 6.75 a7.95; packing sows, smooth. 6.00a 6.50; packing sows, rough, 5.75a6.00; killing pigs, 6.50a7.40. Cattle—Receipts, 13.000 head: slow; better grade beef steers, and butcher she stock, stockera and feeders about steady: lower grades practically all killing classes unevenly weak to 25 under Monday's average downturn; top ma- tured steers, 11.00; best long yearlings at 11.00; yearlings, numerous medium grades predominating; most early sales Voungsters, 8.00a9.50; bulls, 10 to 15 lower; vealers, improved quality con- sidered, about 25 lower; bulk to packers, 9.75a10.50: bulk' desirable bologna’ bulls, 5.50a5.75; few heavies, 5.86; "bulk stockers and feeders, 5.0 a6.50. Sheep—Receipts, 10,000 head: slow: fat lambs mostly 25 lower; culls and sheep generally steady; top westerns to city butchers, 14.90; three doubles, California clipped lambs, 13.50; bulk good and choice native: 4.00a14.25 latter price top to packers; culls gen- erally, 8.00a8.50; medium handy- weight ewe: 25; lightwelight, 1.00; heavies, S 8.95 uneven; yearlings 1.50a3.50. | to % | 11.50; few loads, 10.75a ! BANKING LECTURES BEGINON AUGLST 15 {Naval Officers to Hear Prac- tical Bankers—Local Exchange Is Quiet. The seventh class to bo conducted { by local bankers before officers of the Supply Corps, United States Navy wilt Be started on August 13, it was learned this morning. These lectures were organized eral years ago by A. C. Flather, t manager of the new busiress dep: ment of the American Security Trust Company, at the request of Ad- miral Carpenter, head of the Naval Supply Corps. Inasmuch as the suppiy oficer of a ship is, in actuality, t business man of thc vesse Navy Department deemed it of {benefit to the service to have in banking and business thorou by practical banke! siness_men, thus better fittd Supply Corps to combat the m: problems confronting them in the @ charge of their dutie A saving of great proportions has dy made it- self manifest through s this me local officers aver. | Following the lectures the class isplit into two groups, which visit lo- cal banking institutions, thereb: gaining practical and inside working knowledge of a bank's functions. On August 15 the first of a series twenty-three lectures will be held, t assemblage on that day being ad- Victor B. Deyber. The sub- ‘National Banks." with r speakers " by 20, “Bani: lather; Au- Victor B. Dey- 8 . “Functions of Edward J. McQuade: gust ber; September G. Addison, jr.; elgn Exchange, rg; September 19, nd Bills." September Company September September Fleming; by and 5, g by Robert V. Fle; on October 11, “Income Tax, liam Clabaugh. The lectures supervision of ~Alfred formerly a supply officer of t but now manager of t ness department of Jol & Co.. New York 'and brokers, having offices Richmond. are under th e Appeals to Young Bankers. The young men of the Americar nstitute of Banking were called to the defense of sound money in the United States and of the Federal re- serve system by J. H. Puelicher president of the American Bankers' Assoclation, speaking in Cleveland this morning at the annual conven- tion of the institute. Mr. Puclicher called attention to the tremendous need to direct pub- lic education. The establishment of the federal reserve system is the striking achievement of these last few vears, he eald, but misunder- standing, thought! £ 8 narrow cluss consciousness. selfish acquisi tivenes threaten the continued ex- istence of that institution. Instituts men, by virtue of the knowledge that they are absolutely forced {to take upon themselves the respon- i sibility of making known the pur- j poses and functions of the federal ireserve system, and to tell of th | benefits of that system during the |trying periods of war anil de- {flation which followed. He sald that had it not been for the federal r serve system the perlod of deflation would have brought to this country lgrparer chaos and greater financial panic than the country had ever seen. Is it now necessary for those who ihave an intimate knowledge of bank- |ing and its requirements to see that { objectionable practices are corrected nd that the sound basic principles upon which the system r s are made {known to voting America. so that at the expiration of the present charter he system American intel o | will demand its renewal, he asked . SR e defense of the federal re- i serve system and the gold standard I« | ccific need of the moment: the great gencral need etter unde e econo relation of he concluded. |M.n)rl|n|: of t {map to man | ‘Washington Stock Exchange. | ‘Traders found the bond list more attractive for their limited needs on .(l\z\ Washington Stock Exchange this morning, and this department con- sequently monopolized the sessicn Gas bs were strong at 93%. 42500 face value changing hands Railway general 6s were un- changed at 99%, and Pepco, refun {ing 6s were firm at 101%. The gen- eral and refunding “of the lat- ter company gained to 107 on sales of 1$5.000. Capital Traction stock adv 101%. and Rallway preferred unchanged at 72. PIERCE OIL TO HAVE NEW DIRECTORATE NEW YORK. July 17.—The pre- terred stockholders of the Pierce Oil Corporation will meet next Monday to elect a board of directors in can formity with the recent decisio: the court of appeals of Vir under which the election of directors by the common stockholders on Oc- o 1922, was declared illegal It « held that the voting rights had reverted to holders of the pre- ferred stock, owing to the default of rterly dividend payments on nced to Tn his letter calling the meeting. Herbert H. Lehman, chalrman of the preferred _ stockholders” committee, sald that the corporation is in urgent need of immediate and comprehensive financing, and drew attention to the decision of the United States court for the southern district under which a judgment is entered against the corporation for $2.800,000 for breach of its contract ~with the Interna- tional-Great Northern railway. COAL RAILWAY SOLD. | cumberland Interests Buy Line in ‘Western Maryland. Special Dispatch to The Star. CUMBERLAND, July 17.—Interests headed by Willlam A. Morgart have taken over the West Maryland and Tidewater raliway, formerly the Jen- nings Brothers' railroad. in Garrett county, and have incorporated the Castleman Valley Railroad Company. The line is the outlet for the great coal fleld south of Grantsville. —_— BUTTER PRICES FIRM. CHICAGO, July 17.—Butter receipts, 16,230 tubs, unchanged. Egg recelpis. 18,957 cases: lower, fi 2214a22%; ordinary firsts, 20%a21; storage pack extras, 24%; storage pack firsts, 24. BAR SILVER QUOTATIONS. 1 July 17.—Bar silver, 30%d per ounce. Monev, 23 per cent. Dis- count rates—Short bills, 3% per cent; three-month bills, 3%a3% gar cent. NEW YORK, July 17.—Bar silver, 63; Mexican dollars, 48. é