Evening Star Newspaper, July 19, 1923, Page 28

128 ot ADVANCE SHARPEST, INMANY WEEKS Good Buying Forces Shorts to Cover and Prices Jump Very Rapidly. BY STUART P. WEST. tch to The Star. July 19.—The way the hange movement is being sized up by competent judges, it is a market which really turned more than a week ago and has been \moving slowly but steadily ahead in 4 manner designed no: to encourage Speciat Disy NEW YORK present stock 100 much outside interest at this price | ievel, While the wank : themselves wheiher the better has ceme, the fact most of the speculative leaders up anywhere from 5 to 10 points from their Jow ay the advance came, as it w into the open. Trading more aciive and the gains more pronounced Pools More Active. particularly noticeable of activities in stocks The significance » managers conditions had im- proved sufficiently to warrant a re- newal of operations. Prominent among such stoe! ¢ the depart- ment wnd chain_ store issues, Amer- iean Ice, Cocn Cola, Househoid Prod- uets, Reynolds Tobacco B, Industrial Iworth, Kresge tment Stores have sold 1 proportion to thei distribution. pods is evidently fol- tsteps of these as a _xroun. tion of how earn- What wa was the reviv: of the pool variets of this t thought market than current dividend rates in deter- mining market valuations. aders Become Active. Gulf and West Indies pr more than several Weeks 4go. to an ex- treme low one of the striking instances-of the unwarranted oxtent to which the recent downward movement was carried. Americ Can was actively bought 95, and R 2ot above 104, to cover Corn available supply had become pr it w decline was as it Short sellers trving Products found that ling levels responded to a fur- \arp advance in the’ metal in Anaconda and Utah were The Republic Iron and statement came up to expec- s s0 far as the earning results concerned. but the street did relish the heavy drop in orders on hand—from 230.000 on March 31 to 157000 on June This did not prevent the steels as a group taking part in the general advance. utilities _again attention. These bought partly and part s because were attracted stocks ' ranent ments of their ring powe:, the zood sized margin over dividend requirements and the stive returns at present prices. Shorts Rush to Cover. Covering purchases became urgent #s the day went on. The short integest was virtually stam- peded in Corn Products. A block of 2,400 shares was taken at after ‘which the stock ran up quickly to above 122. At 50 Industrial Alcohol was up 10 points from the low of last month. nearly all this rise huving oc- curred since the announcement of & cents per gallon ase in_the of alcoh Large stop orders short side were reached in Locomotive us it ‘through 121, and in Studebaker at and just above 105 The shorts in Steel common werc rtun in on the across 92 Oil shares. for example. were well behind in the general recovery, be cause it is felt that the oil trade b not vet made the necessary readjust- ment Among the rails the line was drawn between the stocks of compahies which could stand a freight rate de crease without having to cut di dends and those which could not. The best pr were reached in the final hour. more Baldwin Best Market in Weekn. Today the stock market had hest advance it has enjoyed in the last six weeks. with wheat going down wgain, cotton inclined to sa changes irregular and shaded in. The « made a new low for all at the extreme & the doliar—a trag the normal pre-war Jate over four to the dollar. and sterling went higher, but the yise was scarcely sufficient to indicate any lessening of the doubt overhang- 'ing the European situation. MARKET CLOSES STRONG. P mark 1t took = to cover : comparison with of a little Both francs Evidences Public Is Getting More Confidence in Trading. Br_the Assaciated Pross. NEW YORK, July 19 —The hesi tion and caution which has character- s ized recent sessions was dispelled i today's stock market. prices rising vigorously in an expanded demand, Short covering was the most powerfui factor in the advance of 1 to 4 points, but there was evidence of greatly in- creased public_ participation. Sales approximated 650,000 shares, The closing was strong. The mar- ket in all quarters continued to show great strength, with the best prices of the day prevailing in the final hour, Short covering was on a large scale, and commission - houses were also heavy buyers. SUGAR FUTURES DROP. Dullness in Spot Market Acts on Today's Prices. NEW YORK, July 19—Moderate quantities of Cubas and Porwe Rican raw_sugar were offered early today at 5% basis, tharges and freigh: which was unchanged from yesterda: There was a sale of 10,000 bags of Cuban at 5%, charges and freight, equal to 7.03 duty paid. Raw sugar futures after opening 2 to 5 points lower ruled quiet all the forenoon within a narrow range. A Tittle selling by locals and commission houses was based on the dullness of the spot market and at midday the market was Inactive at 6 to § points net deeline. Refined sugar was quiet and un- changed af 8.75 to 9.00 in list prices of fine granulated. RECEIVER APPOINTED. American Motor Truck Subsidiary of R. L. Dollings Company. NEWARK, Ohlo, July 19.—Charfes H. Spencer, publisher of the Newark Advocate, yesterday was appointed receiver for the American Motor Truck Company, a subsidiary of the R. L. Dollings Company, by Judge Charles Moore, WOULD BUILD ROAD. The Kansas City and Grandview Railroad Company, a new corporation, asked the Interstate Commerce Com- mission today for authority to build & line thirteen and one-half miles long, from Leeds to Grandview, Mo., and to issue at once $14,000 in com. mon ‘capital stock. The commission was Informed that the intention 15 i event: 0! i ‘&fl"' v-ngnl.l:al nl went | rise | FINANCIAL G STAR, WASHINGTON, D. C, THURSDAY, JULY 15, 1923, -—__'_——:—___:f_———‘_—._———_———'———"_—-—" Air Reduction. . Ajax Rubber. .. Allied Chem. ... Allis Chalmer: Allis Chalm pf.. Am Agr Chem. . Am Bk Note pf. Am Beet Sugar. Am Bosch 5 Am Can. Am Can pf. .. Am Car & Fdy ., Am Chicle Ca. .. Am Cotton Oil. . Am Cot Oll pf Am Drugglst Am Express. ... Am H & Leath. . Am H & Lea pf. Am Ice . Am Internat’l. }Am La France. . jAm Linseed. . {Am Locomotive. { Am Metals. 1 Am Radlator { Am Safe Ruzor. Am Ship & Com. hange for | Am Sugar...... Am Sugar pf. .. Am Sumatra. Am Tobacco. . .. Am Tobac (B). . Am Water Wks. Am Woolen..... Am Woolen pf.. Am Writ Prpf. Am Zine & Lead Am Zinc&Ld pf. Anacond: s Arnold ¢ ociated Ol Atchison. . Atchison pf. .. Atlan Cst Line. Atlantic Gult Atl Gulf pf.. Atlantic Ref. ! Atlas Tack..... Austin Nichols. Auto Knltter. .. Baldwin Loco. .. Balto & Ohio. Barnesdall (A). Barnesdall (B). Batopilas Min. . Beth Steel . Booth F' Bklyn . Bkiyn R war 2d Bklyn Un Gas. . Brown Shoe Burns Bros (A). Burns Bros (B). Butte Copper Butte & Supsr. Caddo Ol1... Calif Pack . Calif Petro) . ‘alumet & Hecla Callahan Zine Canadian Pac Case Plow Wks. Central Leath. . Cent Leath pf Cerro de 'asco. Certain-Teed. Chandier Mot. Chegap & Ohio Ches & O pf wi. Chi & East 1. Chi & E 111 pf. ChiGrt West Chi Mil & St 1. Chi Mil &St P p: Chi & Northwn. Chi & Nwn pf. Chi Pneu Tool. Chi R1& Pac. Chi R 1&P6% pI. Chile Copper Chino Copper. Cluett Peabod: Coca-Cola. Colo Fuel Columbia Gas. Columbia Grap! Columbn Carbon Col Graph pl' ; Com Solv (A). Com Solv (B). Comp Tabulat. {Cons Cigar. . | Cons Gas of N 1 Cons Textile. Cont Can. ... | Continental Mot {Corn Products. . . Cosden & Co. | Crucible Steel.. Cuban-Am Sug. | Cuba Cane Sug.. i Cuba Cane ] Cuban Don | Davidson Chem. vel & Hudson. . | Detroit Edison | bome Mines Douglas €orpn . ! Dupont (£ D)... | Eastman Kodak | Elec Stor Bat. .. | Endicott-John Erle1stpf.. Erie 2d pt Famous Players Famous Play pf. {Fd Mines&S pf Fidelity F Ins.. { Fifith Ave Bus Fisher Body. . Fisk Rubber. i Fleishman . | Foundation Co | Freeport Texas. | Gardner Motor. Gen Am Tk Car. | Gen Asphalt. | Gen Asphalt pf. {Gen Cigar. | Gen Electric. Gen Elec spl. | Gen Motors {Goodrich. | Goodyear pf. | Goody prpf w i. | Granby Consol.. ! Gt Northern pf.. | Great Nor Ore. { Guantana Sug. | Gulf Mo & Nor Guif St Steel. { Hartman Corp | Hayes Wheel. | Househ'd Prod | Houston Oil. { Hudson Motors. 1 Hupp Motors | Hydraulic Stl. Tilinois Central . Ind Oil & Gas. !Indiahoma. Inland Steel. . Inland Steel pf.. Inspiration Interb Rap T In Ag Chemic Int Cement. . In Combust E... Int Harveste Int Mer Marin Int M Marine pf. {Int Nickel. { Intl Paper. { Intl Paper |Int Shoe.. ... {Invinéible Oil. .. | InvOil (Ctes). | Jewel Tea. Jewel Tea pf Jones Tea.... | Kansas City S... Kayser (Julius) Kelly-Spr Tire.. Kelsey Wheel Kennecott. Keystone T! Kinney G R pf.. Kresge (SS).... Lee T & Rubber. Lehigh Valley. . Lig & Myer (B). | Lig & Myers pf. ! Lima Locomo. .. | Loews Ino. j Lorillard (P). | Louis & Nash... ; McIntyre Por. Mackay Cos. . Mack Trucks Macy Co.... Magma Copp Mallinson & Co! U BUgAT saw Am Tel & Teleg. 1 24 61 T 451 Tha 121 39% 624 43% 4% 1% 815 42% 274 65 83 175% 1% 13% 2614 49% 94 20% 65 29% 61y 11 2% 847 343 313 52 23% 19% 1% 109 5% 5 32% 98 30% 13% 3 87% 21% % 6% 24% 12% 37 6474 61% 10% 10% 19% 68 58% 18 31% 34% 89 4% . 30% 26 88 - i 676 6% 42% 90 14 52 82 324 | 92 109 156 1% 4% 15 4% 97 8 38 95 20% 11% 204 67% 45 81 5% 129 L84 135 34% 63% 102 20 1224 146 1445 38 861 101% 13 9% 36 g 15% 841 $0% 4t 19% 43 10% 10% 19% 68 58% 18 32 36% 91 100 228 19% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. | Manhat Bl Sup.. 44% 46% {Man Elinv guar 33 83 Manhat Shirt... 44 44% Market St Ry. 10% 10% I Market St prior. 66% 66% i Marland Oil. 38% 39 Martin-Parry... 28% 29% Mathison Alkili. 43 43 Maxwell (A) 40% Maxwell (B) 12 May Dp Stores.. T8 Mex Seaboars 134 Mex Seabd ct: 12% Miami Copper.. 24 Middle St Ofl % Midvale Steel. .. 24 Minn & StL(n). 4% Mo Kan & Tex.. 11% MoK & Tex pf.. 28% Mo Pacific...... 12 Ma Pacifie pf. 8215 iMontana Power. 61% Montg’v Ward.. 20% Moon Motors. 22% Mother Lode 9 ! Nash Motors.... 99% Natl Acme. 10% at Biseuit. ... atl Cloak & §- . t Conduit. .. Natl Dept Stores 6% Natl Enamel 58% Natl Lead...... 116 atl Ry of M 2d. 2% Nevada Copper. 12 N Or Tex & Mex. 88 N Y Alr Brake.. 31% by Air Brk (A). 46% N Y Canners.... 28% N Y Central. 97% N Y Dock. 18 N Y Dock pf.... 42 H&Hartfd. 13 Nort & Western. 104 North Amer. 20 North Pacific... 6% Ohio Fuel Sup 31 Otls Elevator... 117% Otis Steel... ... 8% Owens Bottle 434 | Pac Gas & Elec. 76% Pacific Oil. . 35 Packard Motor. 12% Pan-Am Pete. 64 Pan-AmP (B).. 60% Penn Coad & Cke 36% Pennsylvania... 43% Penn Seabd Stl. 3 Pere Marquette. 431, Pere Mrq pr pf.. 68% Philadelphia Co 43% Phila Co pt. . 43% Phillips Pete. 24 Thoenix Hosigry 33 erce-Arrow 8% rce-Ar pf. 18% 3 597 43 b2% 54 354 Pitts Coa Pitts & W Va... Postun Cereal. . Pressed Stl ( Produc & Ref Pub Servict 464 Pullman Co..... 116% Punta Alegre... 51% Pure Oil. . .19 Rapid Tran Sec. 11% Rap Tran Sec pf 35 Ray Con Copper 11% Reading........ 71% ding 1stpf., 51 ding 2@ pf.. "% 50 { Reis Robert. 13 Remingten. ... Replogle Steel. . ! izep It & Steel.. {RepIr & Stipt.. | Reynolds Spr. .. | Rey Tobac (B). | Royal Dutch. 46t 93 63% 48 20 804 58 St L & San Fran St L&San Frpf. St L Southwn. .. t L South pf. San Cecil Sug. .. Schulte Stores. . Sears Roebuck. neca Copper. . hattuck-Ariz. . Shell Union. Sinelair Ol Sinelalr pf I Skelly Oil South Pac! Southern Rwy.. jSouthern Ry pi. spicer Mg Co. . <t Ol of Calif. .. Stand Ol of N J. steel & Tube pf. Sterling Prod Stewart-Warnei Strombg Carb. . Studebaker. Submarine Bt Tenn Copper. Texas Company. Tex Guif Sulph. Texas & Pacific. Tex & P C & Oil. i'Third Avenue Tide Water Ofl . Timken Bearing Tobaceo Prod. .. 4 % Tobacco Prod A. Tobaceo Pro pf. Tol St L&W pt.. { Trans Cont Oil.. Transue & Will. Underw'd(new). Union Bag & P... Union Ofl. Union Pacific. .. Union Pac pf. Un Tank Cr pf.. United Ry Inv.. Utd Ry Inv.pt Utd Retafl Strs. U S Cast I Pipe.. U § Food Prod. . U S Hoffman M. U S Indus Alco. 5 Realty. . s s 2 S Smelt&Ref. USSteel....... U S Steel pf. Utah Copper. Utah Securities. Vanadium Corp. Van Raalte..... Va-Car Chem. .. Va-C Chem (B). Va-C Chem pf.. Va Ir C&Ck pf. . Vivadou Wabash. Wabash D! s Waldorf (new) . Web & Heilbrn. West Penn pf. Western Md. ... | Western Md. 2d. West Pacific. 17% West Pac pf.... b58% Western Union. 107 ‘West Alr Brk 84 Westhse EI&M. 56% Wheeling&L E. 7 Wheel & LE pf.. 13% White Motor... 48% White Oil. 1% 24 6% Wilson Co. 7 631 64% Willys-Overid. . Willys-Overl pf. 235% 235% 283 283 25 26% 25 264 Woolworth. Worthington. .. High. Low. Last. CallMoney..... 5 5 & HOURLY SALES OF 8TOCKS. ilam.....164100 12m. 260 500 1pm.....3685600 2p.m CAR LOADINGS DECREASE. Loading of revenue freight for the week ended July 7 reached a totgl of 854,748 cars, a decrease of 167,022 cars from the previous week due to the observance of Independence day. The total was 147,723 cars above the corre- sponding week last year and 214,213 over the corresponding week two years ago. Declines were noted in loadings of all classes of freight dur- 95 734 8% 6% 164 24% 90%; 175 87% 334 66 15 52 34 104 67% BT% 68% 106% 9% 9, 434 19% 131 T2% 106% 9% 324 74 27% 31 16% 49% 98Y 100% 44 26 92% 118 U U U U 15% 324 3% 8% 44 23% 32 35 8 4 22% 7 184 915 28 17% 144 86 10% 19% 18% 9% 28 17% 141 86 104 19%s 17% 58% 107 84 56% 7 13% 49% 1% 18% 9% 28% 18 15 86 10% 19% 18% 59% 107 81 66% % 13% 49% 1% 24 24w 6% 6% 63% 64% 80%') ing the week, but the high levels of 200% 200% 114 114 62% 634 16% 16 155 166 89 89 16% 163 108 108 8% T5% 60 81% 30% 81k the previous weeksare expected be resumed for the week ended July 14. WOOL MARKET PICKS UP. BOSTON, July 19 (Speclal) —Man- ufacturers showed more of an in- creasing action to cover thelr seg- son’s recuirements in vart, as was in- dicated today by the shopping in Summer t. Little activity was expected, Monday that St Joseph Lead. 3 % 18 | 58% | 60% | KA H 529000 | however, ‘until after next | in_ th 1 BOND QUOTATIONS DISPLAY FIRMNESS Foreign Issues Advance Slightly—Liberties Higher. Coppers Strong. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, July 19.—Withéut any great advances in the prices. the bond market presented a remarkably firm appearance today. The improvement was especially ap- parent in those semi-speculative and middle-grade bonds selling to vield & return apparently out of line with the degree of risk involved. The local | tractions came in for a good deal of attention, and such’ bonds as the Hud- | son and Manhattan refunding 5s the same company's income s, espe- cially the latter. were well The most active issuc, however, was the rapid transit securities 6s of 68 traded in on a “when issued” basis. These were bought in large blocks at advancing prices. Among the railroads St. Louis-San Francisco adjustment s and income were both strong and the Baltimore and Ohio convertible 4%s malntained ain. In the case of the L sue it avag due to realization that continued Interest were reasonably assured and that in the case of the Balélmore and Ohio they were almost positively assured. On the other hand New Haven is- sues were heavy. Erie's were little changed the Seaboard bonds rather uncertain. Of the: three roads the Erie is doing by far the best, always provided the threat of another coal strike does ma- terlalize, It is not so e ex- plain the continued firmne I the {St. Paul obligations. The road is just about ca ring charges. Abertys were higher and most gh-grade rails and industrials, suc L N Ren 11 45, Union Pacifl s, Pennsylvania general 4138 ¢ York Central 5% were firm It is the banks and insurance com- s the small o the indi- | take bonds of this grad return is not attractiv vidual Investor. /News Helpy Market. favorable news from abroad s ccted, with a slight advance forelgn bonds. Department of the Seine . _which sell on about 81 per cent basis. sold above $6. French 3= and 5 we shade higher. little change among the South American bonds. {" Copper bonds, especially the con- | vertitie i Ssuch as the Cerro’de i Pagco 8 ttle higher, ¥m- With the strength of copper ks, and Virginia-Carolina Chemi- uex were @ bit firmer. WHEAT ADVANCES n AFTER EARLY DROP lFear of Serious Damage by . Black Rust Proves Help | to Market. ports indi- ating danger of serious damage from {black rust in the Canadian northwest ! !led to an advance in wheat prices to- jday after an early decline. It was { pointed out that there had been heavy recent rains where rust was present land that the Cunadian crop was a {long way from harvest. The close was strong, 1% to net higher, | with September 100% to 100% and { December 1037 to 103%. Later corn rose when wheat de- iveloped strength. Announcement that {100,000 bushels more of corn in public ‘elevators here was out of condition ihad some bullish influence. The close was firm. % to lc net higher, S 6% to T67% Market Flashes at Today’s Close | Citles' Service Company today de- clared the regular monthly dividend of half of 1 per cent in cash serip and one quarter per cent in common stock serip on the common and one- half of 1 per cent preferred and preferred B stocks, lar quarterly dividend of $1.75 on the i preferred stock. No dividend action {was taken on the common stock. New York bank clearings. $603 000,050; New York balances, $7 000,000, New York Federal Reserve Bank credits, $65,000,000. Boston bank clearings, $66,000,000. The continued strength in Atlantic Gulf and West Indies today was ac- ccmpanied by the unconfirmed report that the government tax suit had been settled. At their low points, |reached a fortnight ago, Atlantic Gulf stocks were regarded by some as sell- ing below their asset value. The stocks of Assoclated Dry Goods and May Department Stores were again conspicuously stromg and ac- tive. Associated Dry Goods has been jone of the few strong features in a | weak market. The floating supply is said to have been materially reduced, and the earnings are at a record rate, Dry Goods should show upward of $18 a share this year as agalnst about $15 in 1922. Hoffman Machinery went ahead moderately because of earning power and the prospects of further favorable action toward wiping out the amount. of outstanding funded debt. Hoff- man is earning at the rate of a little over $5 annually, as compared with less than $5 in 1922, Federal points to $8.35. Mexican taxes on oil production for {July are fraction of cent a barrel jower than in June on crude and fuel | oil. basic price of fuel oll in New York harbor averaging $1.76 a bar- rel in July against $1.78 in June. July production tax on light crude is 23.5 cents barrel, on fuel oil 21.6 cents and on heavy crude 12.4 cents. According to private wire to New York bankers from President Mar- gell of White Eagle Oil Company will not close its refinery. Mr. Marcell states company’s plant is operating at capacity and that its sales of gasoline are currently exceeding production. Cars loaded on New York Central lines and received from connections in June totaled 850,753, against 920 year before and 568,612 In June, 1921, New York Air Brake net earnings for first half 1923 ~were - 31,487,206, equal to $4.96 & share on ' 300,000 shares outstanding. drhiey for final al taken. | payments | panies which must be reifed upon to | in cash on lhc; Clinchfleld Coal deciared the regu- | Sugar reduced refined 50 ON NEW YORK [ S— Received by Private Wire Note—List incomplete on account of wire trouble. (Sales are in $1,000.) UNITED STATES BONDS. (Fractions represent mm&u econds. Example: 101-1 means 1011-32.) Close. 100-10 98-10 98-12 98-28 98-13 99-25 . Low. 100-10 98-10 98-10 98-28 98-11 99-24 Lib 1st 4%s. . Lib2d 4%s Lib 3d 4%s. Lib 4th 4%s. . US4%s1952. 36 . 212 . 223 758 130 FOREIGN. Sales. High. Low. Close. 102% 102% 102% 91% 90% 90% 100% 100 100% 100% 100% 100% 109% 109% 109% 88 87% 88 80 79% 80 821 8214 824 96% 1 96 96% 101% 101% 101% 102 101% 101'% 99% 99% 99% 102 102% 103 103% 102% 103 102% 90 90% 93 92% 96% 964 92~ 91% 96% 96% 96% 96% #8Y% 88% 9% 9Th 94% 94% 98 92% 80Y% 80% % 17 9% 79 . 80 9% Argentine 7s. Austria 7s ctfs Belgium 7 Belgium 85 Bern 8s. Bolivia 8s. Bordeaux 6 Brazil 7 Brazil 8 Brazil 7 Canada 53:51929. . Canada 58 1962. ... Chile 8s 1946 z Chile 85 1926 IChile8s1941..0 0. Copenhagen 51,5 . i Czechoslovakia 8s. Denmark 6s Dutch E 15 %s Dutch East 1 65'47. Dutch East T 65'62 Framerican 73s. . French Govt 8 French Govt 7 iHIIlI 68 ctfs. Japanese 4s. Jergen UM 6 {Lyons 6s. . Marseilles 6s. | Mexico 5s. 54 b4 | Mexicods. . . . 32 32 {Netherlands 6s.. .. 102 101% orway 8s. 0% 110% orway 6. 97% . 97y | Orient Dev deb 6s. 9% 915 { Paris-Ly's-Mod 6s. 73 2 Prague 7i:s k& 106% 10 . 92 921 92 95 95 97H% 9T% 99% 99% B6W 85% 63% 684 82 82 105 104% 116 116% 2% 1 1024 1 108% 1 1098 109% i MISCELLANEOUS. TAjax Rubber 8s. .. 1 94 |Am AgrChem 7ts 2 97% {Am Cotton 0l 5 1 60t fAm Chainsf6s'33. 5 94 Am SmIt&R 1st 3. 57 90's TAm SmU&R 65.... 10 101% Am Sugar Ref 65.. 14 102 Am T & T cy 6s. 115% AmT& Tcltros 974 AmT& Teltrds.. Y2% Anaconda cv db 7s. 91 100% Anuconda 18t 6s. 984 83% o84 98 904 855y Y4y Y4ty ooty 6 sty 125 994 97% 874 103 105% 107% 103% 9974 vl 100% 98 995 w2 i15% 98 954 100% ot Queenstand 7s. . Rio de Jan 85 1946 Rio de Jan 8s 1947, Rio Gr Do S Suo Puulo,City o Paulo,Stat eine, Dept of, 7s. rbs Crotes Slo 85 | Sotssons 6s. weden 6s. ... wiss Confed 8s Ud Kingm 51:s Ud Kingm § Uruguay 8s. Zurich 8s. Atlantic Refin 5; Bell Tel Pa 5s re llirlh Steel - . | Beth Steel pm bs. . jBeth Steel s £ 6s. Brier H St 18t 516 | Bklyn Edison 7s 1. { Bklyn kd gen bs. . I(‘«nlrfll Le Cerro de Pas. | Chile Copper 6s. . . |Cin G & E 512562 | Con Coal Md 1st 5s. Det Edison ref s6 Diamond Mth 7is. {Du Pont de N 7igs. { Duguebne Light 6s. 1E Cuba Sug 71s. .. | Empire F&G 7 f n Elec deb bs. . H n Refracties 6s. {Goodric 0 8s. . lGoudyear 8s 1941 Humble O&R 5 |ilinois Bell Ist 5s. | Indiana Steel 3s. | 1nt Mer Marine 6s. DIut Paper 18t 5s B {KCP&LtSsAS2 Kelly-Spring 8s | Lackawa S bs ‘50 | Liggett & Myrs 5s. | Lorillard (P) fanati Sug sf 7 Mexican Petrol Mich St Tel ist 5s. Midvale Steel 5x Morris&Co 15t 4 New Eng Tel 108% 100 85% 78 NYG EL H&P 45, .. N Y Tel 6s°'41. 81% 1054 1064 3y ¥2iy N Y Tel 4145, N Am Edison 6s. y Pow Northwst B Tel Otis Steel 7ls. Pacific Gas & PacT & T b3 Phila Co ref 6s A Pierce-Arrow §s. Public Service bs Punta Alegre 7s. Sucks & Co s f 7 iSharua St H8s. ... { Sinclair Oil is. ... Sipclair 011 6% w i Sin Crude Oil 5%s. Sin Crude Oil 6s. Sia Pipe * ‘ne 5s. South Bell Tel 5 St Oil of Colif 7 Steel & Tube 75. ... Tean Elec Pow 6s. Toledo Edn 1st 7s. Union Bag & P 6s. | Unit Drug cv 8s. U S Rub 1st rf 68 U S Rubber 7%s U S Steel s £ 5s. Utal v 1078 91 90% 90% 100% 68% 830 109 101% 99 97 94% 974 974 ¥4 9415 1044 158 943 107 967% 111% 86 106% 102 874 80 63 103% "9 93 %6 961 85 104 Warner Sugar 7s West Union 6 Wickwire Spen 7s. ‘vrilson & Co 1st 6s. Wilson&C cv 7%s. Wilson & Co cv 6s. jWinchester A 713s. 1 104 104 —_—— STOCH MARKET. BOSTON, July 19.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt re: s High. Low. Close. Ahmeek o1y eliy Allouez Amer Tel Arcadian Cons Arizona Com . Toston & Albany Boston & Maine stonElevated Calumet & Arizona lumet, & Hecl T Range £ Bude Hood Rubber Island Creek Island Creek pfd . isle Rovale Massachusetts Gas Mayflower 0 C Mexiean Inves Buperior & Boston Swift & Co . Swift International . Utah Apex . Yentura Of1 Waldort .. Warren Tiros Winone Wolverine 34 BAR SILVER QUOTATIONS. NEW YORK, July 19.—Bar silver, 63%. Mexicen dollars, 48%. LONDON, July 19—Bar silver, 31d per ounce. o= Fri8a3%. ey, i 9744 109% | 1024 ¢ BONDS 5o et Direct to The Star Office. RAILROADS. ‘Bales. High. Ann Arbor 1s. 13 67 Atchison gen 4s... 22 88% Atchison adj 4 10 80% Atlantic C L 1st 4s. 12 87% AtlanticCLecl4s.. 1 81% B&Oprin3is 20 95% B & O gold 4s .15 8% B&O6s. 6 101% B&Ocvidys...... 18 80% B&Orefbs....... 2 83% B&0 PLE&WV.4s. 8 74% B&OSWdivays. 15 94% B & O Toledo 4s 4 64% Bklyn RT7s'21... 15 87% BKIR T 7521 ct 15 88% BKIRT 78’21 ctst. 42 84 Buff R&Pitt 4%s.. 13 88% 112% 112% 79% 93% 96% 864% 89 874 28% 8ri%h 99 8% 49% b6T% 641 79 631 73% 107% 107 6% 89% 1% 101% 102% 56 85% 9914 4% 47% 103 Low. Close. 56% 57 88% B8% 80% 80% 86% BT 81% 81% 95% 95% 8% 78% 101% 101% 80% 80% 83 83% 4% T4% 93% 94% 64k 64% 7% 87% 88l 88l 84 83% 8845 88% 112% 112% 1124% 112% 9% 79% 93% 93% 96% 96% £6% 86 88y% 89 87 87 28% 28% 86% 86% 98% 98% 8% 49% 57% €4% Canadian North 7s. Canad North 6%s. . Cunad Pac deb 48 Car Clinch & O bs. . Car Clinch & O 6s. . ntral Pacific 45 es & Ohlo cv 6s. . es& Ocvils. .. i1 & Alton 3%s. .. | B&Q gn 45 '58. i B&Q 1st rfbs. . ! & E 11l gn bs. “hi Great West 45. ChiM&S P ref 415, Chi M&St P cv 6 Chi M&St P 48°25. . Chi M&S Pev 4lis. € M&StP 4534, . Chi& N W 6%s Chi&NW7s...... {CHIRI& Pac rf 45, i Un Sta 418 i & W Ind on CC&St Lrf 65 A Cuba R R 748, € baRRGs ) Erie con ext Ts. Frie gen 4! Gr Trunk sf db 6s. ., Grand Trunk North gen 7s. . . Gr North gen 514s. Hud & Man ref os, Hud & Man aj 5s. 1l Central 5igy int Rap Tran bs. {Int Rap Tran 7s. P Tr 58 stpd Int & G Nor al 6s. . Int & G Nor 1Ist 6s. |lowa Cent rf 4s. Kan City Ft S4s. .. Lehigh v Long Isla | Louts & Louis & M&StListrf4s.. MK&TprinssA. MK&T4s MK&T6sC sw Or Term 4s. .. Y Centgen 8%s. X ew Haven cd 6s. . ew Haven 7s. ew Haven 7s fr NY W & Bos 41y orfolk & W cn 4s. orthern Pac 3s. Northern Pac 4s. orthn Pacri 6s.. Northern Pac 5s D. Ore Short L ref 4s Ore-Wash 1st rf 4s { Pennsyl gen 5s. Pennusyl gen 41 | Pennsyl 615 | Pennsyl gol Pennsyl con 47, o Pt~ TP { Rapid Tran 6s w i. 202 Reading gen ds Rio G West cl 4s StLIM&S R&G 4s. 4sA.. St L& S Finc 6s StL&SFS StL& |StL&s |Seab'd A i ab'd A Liref ds.. |Seab'd A Ladjts.. con .. 3 .34 LT 34 e s s | Seab'd A L {Sou Pacific ey 4s | Sou Pacific ref 4s. . puthern Ry Ist 5x utiiern Ry gn 4s. 39 | Southern Ry 61 { Third Ave adj 5s Tol StL & W is. . Union Pac 1st 4s. .. Union Pac Union Pacev 4s... Union Pac cv s. .. VaRy & P Ist5s. . Wabash 1st 5s. Wabash 2d bs..... Western Pacific 5s. West Shore 1st 4s. Whel &LE rf 4125, TOTAL SALES (Par Value): 1lam. 2654000 12noon 3 788000 1pm.. 4710000 2p.m.. 5930000 1 _— i TODAY’S COTTON PRICES. 00 s Some Selling Dueto Opening of { ] New Exchange. NEW YORK, July 1 tures opened steady, July, 26.68; Oc- tober, 23.80; December, 23.33; January. 23.05; March, 23.03." The market [opem‘d steady today at a decline of 57 points on September, but generally § to 22 points higher on reports of continued droughty conditions in the southwest. There was not a great deal of demand, however, and the i market eased off from the opening under realizing or liquidation, which was probably prompted by continued dullness in the goods trades and a determination to even up local com- mitments in advance of the adjourn {ment incident to the opening of the new cotton exchange bullding. F tures, 11:45 a.m., bids, steady. July 26.37; October, 23.66; December, 23.17 | January, 22.93; Madrch, 22.91. NEW ORLEANS, July 19.—Cotton futures opened qulet. July, 25.60; October, 23.05; December, 22.76; Jan- uary, 22.61; March, 22.50." Futures, 11 a.m. bids, quiet. July, 25.30; October, 22.91; December, 22.71; ' January, 22.60; March, 22.63 asked. NEW ORLEANS, July down to 25 up net. Close range—July, .48; October. ; December, 22.88a89; Janu- .85a22.88; March, 22.85a22.88. $20,000,000 CABLE By the Associated Press. NEW YORK, July 19.—The new transatlantic cables, one from Italy to New York and the other from Ttaly to Buenos Aires, will be laid soon, according to J. Marenco, 'an Italian engineer, who arrived today on the Conte Rosse. The enterprise, involving an outlay of $20,000,000, will be financed privately, although with the sanction of the Italian gov- jernment, said M. Marenco. —_— PARIS BOURSE UNEVEN. PARIS,' July 19.—Prices moved ir- larly on the bourse today. T lireo per cent rentos. 86 francs 35 centime! Exchange on London, 77 francs 70 centimes. 3 ,:l" per cent loan, 75 francs 8 19.—Cotton | futures closed barely steady, 22 points | PLANS COMPLETED! FINANCIAL. Grain, Produce and Live Stock LOCAL WHOLESALE MARKET. Red plums, berries and currants, in groat demand for jelly and preserving purposes, are fairly plentiful and cheap, according to reports of dealers, black- berry prices belng the only exception. Large shipments of berries and small fruits are being recelved from distant points and nearby growers. ‘Watermelons and contaloupes were fairly plentiful today. Melons are still coming from distant points, as are most of the cantaloupes. Coan river canta- loupes have appeared in the local mar- ket and in demand at prices that are I higher than asked for the western frult. Dealers are advised that the supply of apples and peaches from the Shenan- doah valley region will be smaller than usual. Hall last week is reported to have ruined thousands of barrels of apples in that sectfon. Eggs—Strictly fresh, selected, can- dled, per dozen. 27a28; average re- ceipts, 25; southern, 24. Live poultry—Roosters. per Ib., 14 turkeys, per 1b, 25; spring chickens, per b, 35a40; Keats, young, each, 40; fowls, per 1b.. 26. Dressed poultry — Fresh - killed spring chickens, per Ib. win- ter chickens, per Ib., 3 per 30; roosters, per 1 i tur- per 3 K young, a0, ats, live hogs, reen fruits—Apples, new, per bas . 1.00a2.50. California oranges, per 50a7.00; Florida. 5.50a7.00. Lemons, per box, Grape- 4.00a4.50. Black raspberries, 1 red raspberries, 25ai0. _Vegetables— tuce, York, 30al crate, 1.00a2. bbage per bbi. Eggplant, p Tomatoes, . bushel basket, ne 0a4.00 per bbl. Pepper: 1 4.00. e Kale, % bbl., '2.5024.00. York, 8.0029.00. Carclina lima beans, 2 Ket. Celery, per crate, 85.00 per bas- GRAIN AND PROVISIONS. BALTIMORE, Md. July 19 cial).—T'otatoes. new. barrel, aragus, dozen., 1.50a4.00; bushel, 1.00a1.50; lima beans. bushel, heets, hundred. 5.00 7.00; ¢ hundred. £.00a12.00: carrots, hundred, 4.00a6.00; celery, n, - corn, dozen. .10a.30; cucumbers. sket, ' 90a1.10; cgg- plants. crate, I lettuce. bush- hel, 1.00al. 00, peppers. bas sh, basket 1.60a2.0 blackberries. quart 75a8.50: 18 currants, quart berries, quart. .1 peaches, crate. 1.00a2.50; pineapp! crate. %.00a4.50: plums, basket 1.00: raspberries. pint. .08a.10; cach, 2060 ng Prices an Grain. red winter. red winter, No. 3 red 8914 spot. 9 tomatoe 1.00a1 cantal pound. 18; h spot lichy. xpot hy. nearby at and_1.00 p No. 2 red t a8ty 83, 90 bushe winter. Corn—Cob. 13 contract, spot, per bushel; track corn. yellow. 1.04 and 1.05 per bushel. barrel No. 3 white, % Receipts, v is firmer at per ton arriving mostly in heated lling strietly on merit a lower nrices than aw—No. 1 ta 116.00: . wheat, 12.] . 14.00215.00. ange of 20.00 CHICAGO PRICES, CHICAGO, July 19—Wheat showed a downward slant in price today during | the early dealin Enlarged receipts jhere together with a poor response in | Liverpool to yesterday's price upturns ,m) this side of the Atlantic had a bear- ish effect. Thare were no indications of general public buying and some uncer- ainty was caused by announcement that the government supervisor had asked for the actual nam rho were long or short more i names. The from % to lower, with Septemb to 08, 1 Decembe were followed by { back. Corn and oats were easier with wheat. After opening wnchanged to i lower, September, 75% to 76, the corn market continued to sag. Oats started at 4 to % decline to % advance, September, 34% to 35. Later the market held to the initial range. Lower quotations on hogs weakened the provision market. Open Ty o7y 1008 a slight further set- High. Lo01y 1005 BRI IH Low. Close. 1015 1,001 10315 Repte Decomber 1 | sep October . CHICAGO LIVE STOCK MARKET. | CHICAGO. July 19 (United States Department of Agriculture) —Hogs— Recelpts, 48,000 head. Good kinds [ fairly active: uneven; mostly 15 to 25 | {lower: others slow; bulk. 160 to_240 | nound averages, 7.40a7.50: top, 7. | good and, choice, 250 to 325 pound | butchers, 7.20; 5: packing sows {mostly, 5.90a strong weight pigs mostly, 6.50a7.00; heavyweight hogs, 6.50a medium, ~6.90a7.65: light, 16.80a7.60; light light, 6.45a7.50: pack- | ing sows smooth, 6.00a6.35: packing sows rough, 5.76a6.00; killing pigs, §.25a7.00. Cattle—Receipts. 10.000 head. ter grades matured steers fairly ac- tive; strong; spots shade higher than Wednesday's low time; early top. 11.50; few loads, 11.00a11.40; medium grades matured steers and yearlings, slow; about steady; other classes | generally steady to strong: bulls re- !flecting most strength; stockers and feeders in line with Wednesday's downturn; bulk desirable bologna { bulls, 5.50a5.75; few heavies, 5.85; i bulk vealers to nackers, '10.00a10.50; i few to outsiders above 11.00. | Sheep—Receipts, 14,000 head. Slow { tat native lambs weak to 25 lower. bidding 40 off on westerns; uneold i early top natives, 13.75; culls steady, £.008.50; sheep steady: feeding lambs {late vesterday 25 lower; top, 12 day's supply unsold. DAIRY PRODUCTS. BALTIMORE, Md, July 13 (Spe- clal.)—Live poultry. ~ Spring chickens, pound, 30a45; Leghorns, 27a35; old hens, 24a27; Leghorns, 22a23: old roosters. 15a16; ducks, 14a20: spring ducks, 22a28; pigeons, pair, 26a30. Eggs (10ss off)—Native and nearby firsts, dozen, 25; southern, 23. Butter—Creamery, good to fancy, pound, 37adl; prints, 41a43; nearby creamery, 35a38; ladles, 34a35; rolls, 30a32; _store-packed, .29a30; dairy prints, 30a32. i NEW RESERVE DIRECTOR. BOSTON, July 19—Th special elec- tion to choose a class A Federal Reserve Bank of Boston Alfred L. Ripley, president of Me: chants National Bank of Boston, ha: been elected to serve during unex pired portion of term for which the December 31, 1923, market for | 03 to 101, | Bet- | director of FEDERAL RESERVE MAKESNEW RULES U. S. Treasury Reports Year’s Expenditure—Trad- ing on Exchange. Several important modifica (the regulations under which Federal Reserve system is govers |were announced yesterday by |board. Most important of the: cally, is the new ruling permit any bank, under the farm credits i having a pald-up, unimpaired capit. of $120.000, to become a member of the system, providing it agrees to | crease its pald-up capital to P {within five vears from approval plication. This applies Lanks operating here. enforcing provisions of act prohibiting interleckin. torates the term “national I in the new regulation i§ “constru to apply not only to national bankinz assoclation but also to banks, bank- ing associations, and trust compa organized or operating under ilaws of the United States, including all banks and trust companies doins business in the District of Columbiu regardless of the of thei charters.” Notes cove: sourd ne real estate loar no longer will be required arbitra to be cled at maturity, nd extended heading “Furch pronibition agitine than 10 per ¢ ssued by « muni moved. ’ so-cailed par cleara tions also have been revis {phile mémber banks are m receiving lection any check drawn on member “which refuses to remit par” the member bank may the'check and “shall make charge ¢ the service of coliecting,” amount o one-tenth of 1 per cent, wii minimum charge of 10 cents Southern Bullding Dividends. The re $150 per of the Southern Inc.. and in addition a cash dish ment of 50 cants per shars common issuc. was today payable on August 1 to holders of record July 2% It was the regula board, presided over by Walker, president of the company Trading on Local Exchange. Local utility stoc eatured trading Stock Exchange - way preferred wa al leader of hares shares warrants, buying |t n de; anging hands at 7 old vas stro £ gor Traction jto ) { Capital Traction deposit put up by the $. Government Expenditures. penditures of the federal gover hargeable against ordinary during the fi cear end- 19, tota Depart Ty has venditures were 0.17 of whi d to debt T | ernment nts dur 0. The | for 3362 1 623.00 i An a billion dollar ite Ishowed that it was [wholly of redemption of various short-term issues and of maturities under the sinking fund. one such item alone being $1.911.000,000 of the vie tory loan. Other large items und the public debt disbursements in cluded $5.095.000,000 in certifica indebtedn $143,000.000 i Tr ury notes and 8,000,000 in stamps. Capital Increase Approved. noted In vesterday's 300 s holders of Riggs National Ban resolution approvi sntemplated ine zation from $1. with the provision ribe to the | v nuil void unless availed to and paid in full on or before September 30, 1 it is understood that the rights to sub scribe to the mew stock will be fs-, jsued to the stockholders within the next few days. 1t is also understood that | dividend of $1,000,000, to 1 {under the plan, will | bursed on October 1 i time the regular {dend is pi The plan, as suggested by di to stockholders about x month ax contemplates the tra of $1.000. 1000 from surplus to undivided prot i thus enabling the bank to decl lof undivided profits a stock dix fof $1,000,000, th giving the {Isting stockholders twice the nuniber jof shares they originally held with out additional cost: also the sale of 1$500,000 in new stock at $100 jshare, thereby increasing the capi lof the Riggs National Bank fr 151,000,000 to $2,500,000. mprised almost stock declared probably be dis- 1 t wh IFARMERS MAY SECURE . PHILADELPHIA LABOR : &pecial Dispateh to The Star. | PHILADELPHIA, July 19 ¥ a decline in the demand for lab this city which may benefit the fers nearby. When building co: !tors put out signs now stating lab ers are wanted, the full quola readily available. Many applic jare being turned awayy, Most of are negroes from the’south HENRY FORD MAY BUILD LINE ACROSS VIRGINIAS | CHATTANOOGA, July 19.— There are persistent rumors that Henry Ford has joined forces with George L. Carter, Johnson City, Tenn., finan- cier, and will bulld a new coal road from southern West Virginia fields thfough Bland, Wythe and Car {rol counties. Virginia, and across North Carolina via Mount Airy to | sea coast. ! A party of engineers is in Bland county, Va. and another is reporicd near Biuefield, W. Va.. both surveying such a route. HReports are that th road is to connect with Ford's pres- ent road, serving bis Kentucky coal flelds. It is planned to pass through the rich West Virginia fields, then swing through Virginia, intersecting the Norfolk and Western at Wythe- ville, and reach the Atlantic seaboard at Wilmington, N. C, DIVIDENDS. Py abie. Sept. Sept. Sept. Bept. July nt Period. Rate M % Aug. Rept. Sept. ‘Was-elected untll| [