Evening Star Newspaper, July 28, 1923, Page 20

. FINANCIAL. THE EVENING STAR, WASHINGTON, D. 0. S.ATURDAY, JULY 28, 1923, FINANCIAL, p —_——e e e ey —— WALLSTREETLIST | W _York sTock ExcHANGE | BONDS GO LOWER | =¥ ¥oxx BONDS ot sicmavcs] Grain, Produce and pyINE FARNINGS T iy s o e Bears Smash Prices Again in | Two-Hour Session—Steel at New Low. Br the Associated Press. NEW YORK, July 28.—Stock prices received another sharp setback in to- day’'s active session of the market. Professional bear traders, encouraged DBy their success of yesterday, launch- ed another series of attacks, concen- trating on the oils, rails, steels, mo- tors, motor accessorles, textiles and coppers. United States Steel common estab- 1ished a new low for the year at 86%. The severity of the decline resulted In extensive forced liquidation, losses of one to three points belng quite com- mon throughout the list. Pan-American A and B, Marland, Houston, Studebaker, Stromberg Car- ‘bureter, = Stewart Warner, Crucible, Westinghouse, United Retall Stores and International Harvester were among the many stocks which sold two points or more below yesterday's final quotations. The closing was weak. proximated 510,000 shares. OIL LEADS BIG BREAK. Sales ap- Usual Leaders and Special Issues Go Down Together. BY STUART P. WEST. Speeial Dispatch to The Star. NEW YORK, July 28.—Prices broke badly on the stoc change again ‘today, under the lead of the olls. Marland Oll opened down at once, 13 points. Houston fell 3 points and other oils % to 1 point. There followed an interval of steadiness, then, in the last hour the selling was renewed with still greater intensity. Marland broke Well below 30 on what looked to be the uncovering of stop orders under agressive short selling. The Pan Americans lost another 3 points and Cosden, dropping throush 34, stood at a new low for the year. Most_of the other oils either made new lows or came very close to their former bottoms in June and July. Reason for Oll Smash. The smash in the oils followed the news that measures had been taken for a month's shutdown in the mid- continent reglon. The street natural- 1y figured that this meant reduction and passing of oil dividends in order 10 obtain funds to carry present sup- plies over until a better time. There Was nothing in the news of the steel trade to justify Steel common break- ing for the first time through 87, or Crucible surpassing its previous low These were merely incidents of a market in which the selling forces had regained the upper hand. Stu- debaker, on large transactions, fell below par. and Baldwin Locomotive made a_new low for the year under 113. Violent declines occur in specialties lke Stewart Warner and Mack Trucks, which were selling al- most ten points under the highs of the recovery a week ago. Railx Hold Falrly Well. Northwestern rails we weak relatively as on ot day Some short cov 2 was induced by the statement attributed to the Northern president for the comparativeis P of his road so f: E L nusual appiopriations " for mainte- account, amounting to some 000 more than the year before. so might have explained the poor_comparison made in the North- ern Pacific June report between this year's ne nd_ lust year's—3$691,940 against $1,581.454. Hut, on the other hand, the head of the Great North- ern admitted that the road could not stand a further reduction in freight rates; and if this is true of Great Northern, it s nly true of Northern' Pacific ¢ . Paul. 0il Step Unexpeeted. Nothing that occurred in the finan- clal situation today was of as much consequence as the overnight an- nouncement that the principal pre ducers in the mid-continent territory had agreed to a month's shutdown as the only way to cure the over- production in the oil trade. This step was rather uncxpected. It had been supposed that the conference of op- erators at Chicago would announce a further cut in prices, but that this would be all. Evidently the oil rep- resentatives are satisfled that price reductlons, not having prevalled in the past, would not be effective now. Consequently they have resorted to the more drastic measure ¢ [ This will hit the ref wp as they are with c Ahove prevailing prices. But it will also strike severely at the crude oil Producers who have biz stocks on hand, for which they will have diffi- culty in finding a market. This will necessitate a marking down of inven- tories, and these losses reckored in as part of the year's operations will offset to m large extent the profits made during the first six months. There were no developments in the European situation that bore upon the Wall street decline. Sterling went lower and so did fr but the Josses were slight. there Wwere not enough to indicate fresh ap- prehension over the German crisls, &nd therefore they could not be con- sidered a factor in the New York arket. T ractically all the improvements between the first and fourth week of July had been lost at today Jews, and a number of new low re ords for the year were made, the Jargost selling oceurring in the' final hour. COMMODITY PRICES DROP DURING WEEK| : Wheat and Cotton Draw Most At- tention—Money Stays Rela- tively Easy. ers, loaded ude oil well By the Assoclated Press. NEW YORK, July 28.—Stock and, bond prices pointed upward on dull trading during the early part of this sweek’s market, but slumped again at the close of the week on selling of professional origin, Commodity prices, particularly of wheat and cotton, sustained a sharp break, the former touching new low quotations for the year on reports of poor export pros- pects, and the latter vielding on re- ports of favorable weather in the cot- Yon belt which would make for a Jarger crop than originally estimated. Special attention was again pald during the week to the foreign situa- tion, but there was no disposition to discount possible developments pend- ing the publication of the French re- ply to the British note on reparations. Money continues relatively easy. Beveral large institutions are report- e2 t0 have been switching lately from short-time notes to long-term gov- ernment bonds, this being construed as indicating that they expected a long period of easy money rates. PUTS ON TRADE BAN. The Don-o-Lac Company, Inc., of ‘Rochester, N. Y., has been ordered by the Federal Trade Commission to cease the advertisement and sale of a shellac substitute without clearly indicating the ingredients used. The commission found the company had been marketing a product under the mame, “Ameriean Shellac,” which contained littlaor no genuine shellac sum, Afr Reduction. . jax Rubber. Alaska Juneau Allied Chem Allis Chalmers.. Am Agr Chem.. Am Ag Chm pt.. Am Bank Note. . Am Béet Sugar. Am Bosch. Am Brake Shoe. Am Can o Am Chain (A). Am Chicle Co. .. Am Cotton Ol ‘Am Cot Ol pt. Am Drugglst. AmH& Leapf.. Am Ic Am Ice pf. Am Internatl.., Am La France. Am Locomotive. Am Metals. . Am Radlator. .. Am Safe Razor. Am Smelting. Am Steel Fay... Am Sug: Am Sumatra. .., Am Tel & Teleg. Am Tobacco. ... Am Water Wks. Am W W 6% pf. Am Woolen. ..., Am Woolen pf.. Am Zinc & Lead. Am Zinc&Ld pt. Anaconda. . Ann Arbor pf. Asso D Good: Atchison Atian Bir Atlantic Gult. Atl Gult pt Atlantic Ref Atlas Tack. Austin Nichol: Baldwin Loco. Balto & Ohio. Barnesdall (A). Beechnut Pacl Beth Steel Beth Stl 7% (n). Bklyn Edison. .. Bklyn R war 3d.. Burns Bros (B). Butte Copper. Butte & Super. Calif Pack. Calif Petrol, Calif Petrolpf.. Callahan Zine... Canadian Pac. Case (J 1) pt. Central Leath Cent Leath pt. .. Cerro de Pasco. . Chandler Mot. .. Chesap & Ohio. . Ches & O pt w i. Chl & Alton pt.. Chi& East I11... Chl& E Il pt... Chi Great W pf. Chi Ml & St P. .. Chi Mil &St P pt. Chi & Northwn. Chi& Nwn pt... Chi Pneu Tool., Chi R1& Vac... Chi R1&P6% pf. Chile Copper Chino Copper. Coca-Cola. Colo Fuel. Columbla G Columbn Carbor Columbia Graph Cons Clgar. .... Cons Gas of NY. Cons Textile. ... Cont Can.. . Cont Insurance. Continental Mot Corn Products. . Cosden & Co.... Crex Carpet Crucible Steel Cuban-Am Sug. Cuba Cane Sug. Cuba Cane S pt Cuyamel Frult.. Davidson Chem. | el & Hudson | Dome Mines. ... DuSS & Atl pf. Dupont (1)... Eaton Axle & Sp Elec Stor Bat. .. Endicott-John. . Erie Erie 18t pt {Erie 2dpt. ..., | Famous Players Fd Minesds pf. . Fitith Ave Bui i Fisher Body . Fisher B of O pt Fisk Rubber. Flclshman Foundation Co. Freeport Texas. Gen Asphalt. ... Gen Electric.... Gen Motor: . Gen Mot 7% deb. Goodrich. ...... Goodyear pf.... ! Gt Northern pt. Great Nor Ore Greene-Canan. . Guantana Sug.. Gulf Mo & Nor.. Gult St Steel.... Harbishaw Cab. Hartman Corp. . Hendeo Mfg.... Househ'd Prod.. Houston Oll.... Hudson Motors. Illinots Central. Ind Ofl & Ga: Inspiration. Interb Rap T Int Cement. . Int & Grt North. Int Harvester. Int Mer Marine. Int M Marine pf. Int Nickel 5 Intl Paper...... Intl Paper (sta). Int Tel & Teleg. Intertype Corp Invincible OI1 Iowa Central Iron Products Jones Tek...... Kansas City 8.. Kayser (Jullus) Kelly-Spr Tir Kennecott Keystone Tir Kresge (S8). Lee T & Rubber. Lehigh Valley. . Lima Locomo. Loews Inc. Loft Inc. Lorillard (P)... Loose-Wile: Louis & Nash Mack Trucks... Mack Truck 2d. Macy Copt..... Magma Copper. Manhat El Sup Man El Inv gu: Maracaibo Of1 Marland Oil.... Mathison Alkill. Maxwell (A)... Maxwell (B)... May Dp Stor. McIntyre Por. Mex Seaboard.. Mex Seabd ctfs. Miami Copper.. Middle StOil. .. Minn & StL (n). Mo Kan & Tex.. Mo K & Tex pf. Mo Pacific Mo Pacific pf. Montana Power. Montg’y Ward. Moon Motor: Mother Lod Mullins Rodx Natl Acme. Nat Biscuit. Natl Biscuit pf.. Natl Cloak & 8 Natl Dept Store: Natl Dept Sto pt Natl Enamel. NatlLead...... NatlRyofM2d, 172% 18% 98 24% 43% 561 26 18% 6% 10 674 % 80 18% 31% 45 22 106 5 283 12 83% 18% 2% 6% 23 12% a3% [ 66 28 % 2 a5 56% 16% 30% 81 2% % 211 18% 8% 61 4% 6% 158 3% 88t o8% 82 12K 2814 Y] 34% 20 29 40 88 1% -T4% 16 12 11% 28% o5 1% 19% 20% 8% 1% 10% 41% 123% 50 86% 0% 56% 1% 2% Close. 6 % 1 L 64% 38% 12 30% 81% 80% S1% 70 86% 155 20% 11% 6% 16 4% 36 89 80% 18% 11% 66% 42% [ 5% L] 3% 5% 1% 1224 142 34% 57 83 9% 32 8 96 1% 98 B 23 48 10 1% 30 84% 111 79% 22% n 26% 18% 5% 26 3% 45% " 20 69% 6% 45% 9 7 118 34 254 59 25 10% T 89% 58 28% 12w 85 % 112 24w 54% 65 11% 17% 124 70 38 ™ 157 9% % 42% 70 10 26% 172% 13% 98 24% 434 B 6% 18% 6% 10 6% % 80% 13% 3% 45 2% 106 5 284 12 33% 16% 8 6% 28% 12 83% 66% 66 28 9% 2 35 6% 4% 30% 1y 824 % 211 18% 58% 61 14% 6% 165 435 88% 68% 82 12w 28% 124 36k 80% 57 114 cL 2% Open. High. Nevada Copper. 124 NOr Tex & Mex. 87 N Y Alr Brake.. 31% NY Air Brk (A). 46 N Y Central 97% NYC&StL pf(n). 90 NYNH&Hartfd. 11% NY O & Westrn. 16 N Y Shipbldg... 8% Norf & Western. 101 North Amer,... 20% Nerth Am pf. 4% North Pacific 58% Orpheum Circult 16% Otis Elevator... 118 Otis Steel Y Owens Bottle 48 Pacific Develop. % Pac Gas & Blec.. 76% PacificOfl...... 82K Packard Motor. 12% Packard Bt pf. 93 Pan-Am Pete... b8k Pan-Am P (B).. b55% Pennsylvania. 43% Penn Seabd Stl. . 2% People's Gas.... 86% Pere Marquette. 41% Pere Marq pf... 61 Philadelphia 43% Phillips Jone: 57 Phillips Pete. . 22% Plerce-Arrow . % Plerce-Ar pf.... 18% Pierce Oil. . 2% Pitts & W Va... 42% Pitts&W Va pf.. 88 Pressed Stl Car. 53 Produc & Ret... 31% Pub Service.... 449 Pullman Co 1144 Punta Alegre. 4% Pure Oil. 18 Raflway 8tl §p.. 102 Ray Con Copper 11 Reading wess TR Reading 1st pt. b3 Reading 2d pf.. b53% Replogle Steel.. 11% Rep It & Steel.. 42% Reynolds Spr... 19 Rey Tobac (B) 62% Royal Dutch 43% St Joseph Lead.. 18% StL & San Fran 17% St L Southwn... 238 StLSouth pf... 57 Savage Arms 22 Schulte Stores.. 95 Seaboard Alr L. b% Seabd A L pt 9 Seare Roebuck.. 69% Seneca Copper 8 Shell Tr & Tran. 293 Shell Unlon.... 16% Simms Petrol. T Simmons. 27 Sinclair O 22% Skelly Ol 16 Sloss-Sheffleld.. 44 So Porto Sugar. 43 South Pacific 85% Southern Rwy. 31 Southern Ry pf. 66% St Oil of Call 477 Stand Ol of N J. 815 StOilof NJpf.. 117% Steel & Tube pt. 105 Sterling Prod... 55% Stewart-Warne: 84 Strombg Carb.. 621 Studebaker 100% Submarine 814 Superior Stee 24% Sweets Coof A.. 14 Tenn Copper... 9% Texas Company. 40% Tex Gulf Sulph.. 564 Texas & Pacific. 17 Tex&PC&OIl. 9% Timken Bearing 364 Tobacco Prod... 49 ‘Tobacco Pro pf. 109% Trans Cont Ofl.. 6% TwinCR Tran. 70 Underw'd(new). 38% Union Bag & P.. 65 Union Pacific... 126% Un Alloy Steel.. 30 United Drug.... 76 United Ry Inv. 9% Utd Ry Inv pf... 30 Utd Retail Strs. 70 U S Hoffman M.. 15% U SIndusAlco.. 46 S Realty. 98% 93% SRealty pf... 99 99 S Rubber..... 41 4l SSmelt&Ref.. 24 24 U S Steel 87% 8% USSteel pf..... 118 118 Utah Copper.... 68% 58% Utah Securities. 15% 15% Vanadium Corp. 26% 26% Van Raalte. 36 Va-Car Chem. 8% 4% 24 17% 814 u U u u Wabash. Wabash pf (. 26% Waldorf (new). 17% Wells-Fr Exp. .. 35 West Penn Co 41 West Penn pf... 86 Western Md. 9% Western Md. 2d. 17% 17% West Pacific.... 16% 16% ‘West Pac pf. b5% 66% Western Union. 105% 105% Westhse EI&M. 65 b5 White Eag Oil.. 24 24 White Motor 47% 48 White Oil. 1% 1% Wickwire. 6 6 Wilson Co. 22 22 Willys-Ove: 7 Kl Willys-Overl pf. 65% 66 Wisconsin Cent. 25 25 25 Woolworth 220% 230% 229% 230% ‘Worthgton (B). 63 63 63 63 Wright Aero... 9% 10 9% 10 HOURLY SALES OF STOCKS. 11am.....294800 12m . 6587000 WOOL BUYING ACTIVE. Marked Resumption of Trade Re- ported in Boston. Special Dispatch to The Star. BOSTON, July 28.—A marked re- sumption of buving by eastern deal- ers and consumers from the western wool growers was reported in the wool market today. This resulted from the advance in prices announced by the American Woolen Company emrly this week. Prices paid, how- ever, are still below the peak. The market here was showing more signs of life with a firm tendency. CLOTH PRICES LOWER. Saturday Business Moderate—Raw Silk Unchanged. Special Dispatch to The Star. NEW YORK, July 28—Prices today in the cotton cloths market, al- though somewhat softer, were more regular than formerly this week. Business was moderate but steady. Print cloths declined slightly, the 64 by 60s being quoted at 8% and the 65 by 72 at 10%. Some combea goods were sold In scattering lots. Sheetings were quiet. Yokohama reported no change for the better in the orlental raw silk business, very few bales having been sold. Trading here was dull. Prices continued at yesterday's level, some dealers shading prices a bit under the market quotations. | - 1. C. C. DENIES INCREASE. An attempt of the Pere Marquette railroad to increase by 15 to 40 per cent railroad rates on catsup, cider, kraut, pickles and vinegar moving ffom Michigan and Indiana points to Chicago territory was held unjustified today y the Interstate Commerce Commission. The proposed schedules had been suspended last spring pend- ing inquiry. Different Methods. From the Boston Transcript. Brown—My wife writes me every few days from the resort for more money. Does yours? Jones— 1 gave my wife all l‘hel money I had before she went and now :n;‘le to write to her when I want AS STOCKS CRASH Losses Not So Large Nor Trading So Heavy in To- day’s Brief Session. BY GEORGE T. HUGHES. Speeial Dispatch to The Star NEW YORK, July 28.—As was to have Leen expected after yesterday's acute woakness in stocks the bond market opened lower today as far as the more speculative descriptions were concerned, both in the railroads and in the foreign group. The losse however, were not large nor was the trading heavy. Some of the libertys !were a little lower at the start, but there was little change in high-grade rails and industrials, The bond market has been subject all week to the same Influence that ruled in stocks. ‘The pessimism as to the rallroads has had Its effect here also, but to a less degree. It happens that the bonds of the North- ern Pacifio, the Great Northern and the Chicago and Northwestern are among the high-grade investment 1 sues and not ordinarily bought or sold for speculative account. They would not be expected to retlect earnings. Cut in Rates Feared. At the same time even these have to u desree been affected by the speculative mood. The St. Paul is- sues have for a long time now been speculative f#vorites, responding to improvement or lack of it in the financial condition of the road. It ia not surprising, therefore, that prac- tically all the bonds of this road should show losses of 1 to 2 polnts on the week. Undoubtedl$ it is not 50 much prosent earnings as it is fear of cuts in rates that shapes sen- timent toward these bonds. It is felt that the northwestern roads are in_no condition to cut rates. Erie bonds wero lower today, but up to yesterday's close the gains and lossea ‘were fairly even. The only other important incident of the weck among the rails was the sharp drop accompanying the an- ncuncement of a receivership for the Minneapolis and St. Louls. Up to last night the refunding 4s of this road had lost 10 points in six days and the refunding 5s more than 17 points. Towa Central 48 in the same time dropped 9 points. Today's prices for these issues indicated that the werst had been discounted. Action of Foreign Group. The foreign group has been very irregular. In the main it has held very well considering the news. The new Austrian 7s sold today at 90, the offering price, against a high since they were listed of 93%. Of course, until the syndicate is closed and these bonds are reasonably well distributed it is impossible to get a line on the market estimate of their value. There is also always the ef- fect of buying for sinking funds to be considered. Both the French 85 and French 7%s have the benefit of these sinking fund purchases. New financing for the week has been very small, the total being only $13,046,000. This is a slight gain on “the previous week. Outside of two rallroad equipment fssues and one public utility it has all been state and municipal offerings. New railroall issues are not likely to be brought out until market conditions are more favorable. 5,000 FORD CARS HELD AT ANTWERP American Shipment Awaiting Ac- tion by Belgium on Lowering Tariff Rates. By Cable to The Star and Chicago Daily News. BRUSSELS, July 28.—Nearly 5,000 American “fiivvers” are walting in bond at the port of Antwerp to see whether the Belgian parliament will pass legislation lowering the rate of tariff duties on foreign automo- biles. If this leglslation is passed, Henry Ford will make a nice profit; if not, he will lose. & By the terms of the Franco-Belglan commercial accord, signed the last of May of this year, Belglum accorded preferential tariff rates to France on a number of special articles, includ- ing automobiles, and by virtue of the “most favored nation” clause existing between Belgium and the United States, she is obliged to grant the same concession to American goods. This commercial accord was ratified immediately by France but not by Pelgium. Interested persons hope that King Albert's parliament will be able to take up the matter before dissolving for their summer vaca- tion, which starts August 1. Many believe parllament should turn down the whole agreement as unfavorable to Belglum. |POLAND PAYS U. S. FOR 7,554 CARS Final Payment Announced Today on Equipment Bought About Year Ago. . e By the Associated Press. NEW YORK, July 28.—The Polish government has made the final cash payment to the United States War Department for the 7,554 thirty-ton railroad freight cars purchased a year ago, according to announcement today by the American Polish Cham- ber of Commerce and Industry. The cars originally were manufactured for the use of the American expedi- tionary forces in Europe and were not suitable for operation - over United States railways. The entire transaction involved a cash payment of $1,200,640, and the acceptance by the American govern- ment of $3,601,920 vix-year b per cent notes of the republic of Poland. DOWNTURN IN STOCKS REACTS UPON WHEAT By the Assoclated Press. CHICAGO, July 28—Material de- cline in the value of wheat this week Fas been closely associated with ‘downturns in prices on the New York Stock Exchange. Compared with a week ago, wheat this morning was 1 to 2% cents lower, with corn at|8 34 cent decline to 3%a3% oents ad- vance; oats varying from %al cent off to 1 cent gain and provisions showing a setback ranging from 7 to_25 cents. ‘With wheat traders generally hold- ing to the view that the new move- ment_this season would virtually be over before preliminary arrangements could be made to put into wide op- eration the American farm bureau's plan for government-financed farm Storage of wheat, the market showed a deolining tendency nearly every day. Dearth of rain during much of the week, togother with scarcity of pres- ent supplies of corn, made prices of corn and oats average higher. ‘Provisions were depressed by un- favotable advices from Germany and by heavy domestic marketing of hogs. (Bales are a $1,000) UNITED STATES BONDS. (Fractions reprefent thirty-seconds. Example: 101-1 means 1011-32.) Sales. Migh. Low. Close. Lib 3% 89 100-09 100-08 100-05 Lib 24 4 2 98-05 98-05 98-00 Lib1st4¥s.. 20 -09 98-06 98-07 Lib2d4%s... 198 98-09% 88-06 98-08 . 183 98-27 §8-20 98-26 . 326 98-10 93-07 98-09 UB4Ks1963. 79 99-23 99-20 99-22 FOREIGN. Bales. High. Low. Close. 102% 102% 102% 80% 99 90 101 100% 100% 96 95% 96 101% 100 100 88% 87w STh 79 19 1 8% 62 82% 9614 96% 96W 101% 100%, 100% 100% 100% 100% 102 101% 101% 100 99% 99% 99% 99% 99% 103% 103% 108% 108% 103% 108% Chile 85 194 103% 103% 103% Chin y 43% 421 42% Christiania 8s. 110 109% 110 Copenhagen 5;s. 90 8% 89% Cubablswi..... 99K 99% 99 Czechoslovakia 8s. 93% 98 93% Tenmark 6s....... 964 96 96 Dutch E15%s. ... 921 91% 924 Dutch East I 6s'47. 97 96% 97 Dutch East 1 6s'62. 96% 9614 96% Fronch Govt 8s 9T 9% 9T% French Govt 7 94% 94 ¢+ 94% Japanese 1s* 41;s 93% 93% 934 Japanese 4s 81 80% 80% Jergen UM 6s°47.. 6% 16 T6% Lyons 6s. . % 9 7 Marseilles 6s. 79 19 79 Mexico bs. 52% 51% 51% Netherlands 6s 102% 102 102 Norway 8 109% 109% 109% Norway 6s. 9T 9T% 9TH Parls-Ly's-Med 6 78" 72”72 Pragye7%s.......24 7% 75 176 Rio de Jan 91 91 Sao Paulo.State,8 99 99 Seine, Dept of, 7s. $5% 85% Serbs Crotes Slo 8s 44 67% 66 66 Soissons 6s 83 83 83 Sweden 6 .1 104% 104% 104% Ud Kingm 5%8°29. 9 112% 1124 112% UdKingm 5%s'37. 8 102 102 102 Uruguay 85 103 103 103 MISCELLANEOUS. Ajax Rubber §s.... 4 93% Am AgrChem 7%s 8 97% Am SmIt&R 1st 5s. 9 904 Am SmIt&R 6s.... 13 101% Am Sugar Ref 6s.. 7 102 AmT&Tcltrbs.. 17 97% AmT& Tcltr 4 7 9% Anaconda cv db 7s. 22 100% 100 Anaconda 1st 6 79 97Th 9T% Armour & Co 4% 84 81 Atlantic Refin b5 98% 98 Barnsdall s f 8 94% 94 Bell Tel Pa s rot, 9% 9T% Eeth Steel 5%s'63. 7, 90 Beth Steel rf o :g& Beth Steel s f 8 Brier H St 1st 53 4% Bklyn Edison 7s D. 109 Bush T Bldg 5s '60. 89% Central Leather 53 98% Cerro de Pasco 8s 117% Chile Copper 6 99y CinG & E5%s'62. 9% Commonwth P 6s 85 Con Coal Md 1st 5 87 Dery (DG) 7s. . 74 Det Edison ref s6 103% Du Pontde N 714 108 Dugquesne Light 108% E Cuba Sug T%s 9844 Empire F&G 74s. . 90% Fisk Rubber 8s. 104% Gen Elec deb 5s Goodrich 6%s lgg: Goodyear 8s 1931, 102% Goodyear 8s 1941 115% Humble O&R 514 97% Illinols Bell 1st bs. 95% Indiana Steel 55 100% Int Paper 1st 58 A. 83 Int Paper 1st 6s B. 835 KCP&Ltbs A'52 90% Kelly-Spring 8s. 106 ‘l\}flrlllllrg (P) 68 96 Manati Sug sf 7T%s. Marland Oil 8s ‘:.1 u’)g:: Mexican Petrol 8s. 108 Midvale Steel 5s. 85 Montana Power 5s. 95 Nat Tube 1st Bs. ... 9915 New Eng Tel 5s 96%; N Y Edsn 1st 634s. . 109% N Y Tel 68°41. 105 N Y Tel 68'49. . 106% N Am Edison 6 93 Northwst B Tel 7s. 1073 Pac T & T 53’52 o Phila Co ref 65 A. 1:3; Plerce-Arrow 8s. .. 70% Producers & R §s w 120 Public Service 5s 8314 Punta Alegre 7s. 107% Sacks & Co s £ 7, 102 Sinclalr Of oo Sinclair Ol 6% w { 94 Sia Crude O1l 65 971 St Pipe T fne bs. - South Bell Tel 55 955 So Por Rico Sug 7s. 100 St Oil of Colif 7s 104 Stoel & Tube 7s 103 Tcan Elec Pow 6 9% Tide Wat O1l 63s., 1027 Unit Drug cv s 11ty U S Rub 1st rf 5s. “” U 8 Rubber 7%s. 106: U S Steel s f 58 103" 88 9% 80% 102% 109 93% 95% Argentine 7s Austria 7s otfs. Belgium 7%s Belgium 6s Chile 85 1946 Chile 85 1926 93% 97% 90% 101% 101% 9% 91% 93% 9% o wow N TR L T L L L LU T TSI R o e 3 - - ARERNNA NS~ N - amnE~moe 3 2 - 1208 19 19 1= 02,00 53 €0 01 31 e et 1 10 1 03 1 OO Vertientes Sugar 7; YV .-Car Chem 7s. Warner Sugar 7s West Union 61 Wickwire Spen 7 Y’ilson & Co 1st 6s. Wilson&Cev 73 % ‘Winchester A 7%s. 2 10; —_— SHORT-TERM SECURITIES, (Quotations furnished by Redmond & Co.) - American Cotton Oil 0 1924 American Sugar 6s 1937, American Tel. & Tel. 65 1 American Tel. & Tel, fs 1025, naconda Copper Gs_ 192: Anglo-Americah 011 75 1925, it dinn’ Northern 518 105, Gont. Argentine ey 500 i 100 rgentine Rw) Central Lonther G oks ¢ 1027etaoln ' Bt 1. 0 %1 Chicago Tel. 55 1023 Du Pont 7iis 1081 Federal Sugar Ref. 'Ga” 1033 oodyear T. & R. 85 1031 Great Northern 7s 1936 Hocking Valley 65 1924 Humble' Ofl 5l 1932 Kansas Clt Kennecott Libby, McXeil & Libby s 3L, Bt P. & 8. . M. 634 1031 Morris & Co. T%s 1630, Penn. R. R. 7s 1930, 8t. Paul Unioa Depot 5igs i Sears, Roebuck & Co. 7a 1 Switt' & Co. 5s 1932 s 1031 s 1080, U. 8. Rubber 74 1930. Western Union' 6%s 104 Westinghouse E. & 107% —_— TREASURY CERTIFICATES, (Quotations furniehed by Redmond & Co.) ~——Close.—— Bid. Offa, 90 31:32 100 183 100 100 1-16 99 15-16 100 1-32 100116 100 532 101 3-18 10 208 1003-16 99 3-16 100 1532 100 100, sy * 30114 L 104y September 15, 1023, 4 September 15, 102: 48 December 15. I 4%s March 13, 1024. s June 15, ‘1924 s September 15, 1024. s March 15, 1925. s June 15, 1925. s December 13, '« March 15, 1926. s September 15, 1 March 15, 19 December 15, PUSH FORD PLANT PLANS. PHILADELPHIA, July 28.—Four construction engineers from the Ford Motor Company, Detroit, arrived in this city vesterday, preparatory to the making of plans for the large assembling plant to be crected on a seventy-acre tract at 63d street and the Schuylkill. They were in confer- ence with Chiet Clark of the bureau of building inspection, to determine the rules and regulaiions for com- struction in this city. Shoe Mach pfd % ! Buperior & RAILROADS. Bales. High. Low. Close. Ann Arbor 4s s 57 67 Atchison gen 48 89% 9% Atchison adj 48 B&OpriniKs... 11 B & O gold 4 . 5 78 B 101% 80% 6% B & OSWdiv3ys. 4% Canadian North 7s. Cinad Pac deb 4s. . Car Clinch & O bs. . Car Clinch & O 6s.. Central Pacifio Ches & Ohlo cv bs. . Ches & O cv 4%s. .. Ches & O gn 4%s. . Chi & Alton 3%s. ., Chi B&Q gn 4s '58. Chi B&Q 1st rf bs. . C M & Puget Sd 4s. ChiM&S P re 414 Chi M&St P cv bs. . Chi M&St P 48°265.. Chi M&S P cv 43%s. C' M&St P 4s°34.. ChiRI& Pac rf 45 Chi & W Ind cn 4 Chi & W Ind 73s. . Cleve Term 5%s. Colo & Sou 43;8 C:5aRR6s. Del & Hd 1st rf 4 Den & Rio G cn 4s. D & Rio G imp bs. . Erie 18t con 4 Eriogen 4s. ... Erle convds D. Gr Trunk st db Grand Trunk 7 Gr North gen 7s. .. Gr North gen 5. Hud & Man ref bs. . Hud & Man aj 85 Int Rap Tran bs. .. Int Rap Tr 58 stp Int & G Nor aJ 6s Int & G Nor 1at 6 Towa Cent rf 45 Towa Cent 1st 5 Kan City Ft S 48 Kansas City 8 3 Kansas City S 6 Lehigh Valley Louis & N uni 4 M&StLrfexb5s... M&StLilstre 4s.. MK&TprinbsA. MK&TG6sC. MK & T adj 5 Mo Pacific 63 Mo Pacific 5s '8 L e & ORRE—EARRD A~RA® I - o N Y Cent gen 3% N Y Cent deb 6s. NYCentri . New Havencd 6s.. New Haven d 4s 57. New Haven 78. New Haven 7s fr N Y State Ry 4%s. NY W & Bos 413s. rfolk & W cv 6s. rthern Pac 3s. .. rthern Pac 4s... Northn Pacri6s.. Northern Pac 6s D. Ore & Calif 1st 6s. . O Short Licn 55 '46. Ore Short Liref 4 Ore-Wash 1st rf i gen bs vl gen 41gs. . Pennsyl 6%s. Pere Marq 1st 58 o o T - L) B4 32 59 b7% 60 34% 107% 60 B3% 107% 93% 99% 102% 92 9% 100% 90 108% 94% 674 864 5% 67% Bl4 65 74 5474 42% 27% 634 91% 85% 804 9b% 673 101% 55 474 92 E314 95 103% 954% 60 e oHoRRecS CRAHARNARIROAND O Rap!d Tran 6s w 1. Reading gen 4s.... RIArk & L 4%s StL&SF pl4sA.. StL&SFprinSs. BtL&SFincés... StL & SF adj 68 Seab'd A L 45 sta. Seab'd A Liref 4s.. Seab’d A Ladj bs. . Seab’d A Licon 6s. @ e s - Sou Pacific clt 4s. . Southern Ry 1st bs. Southern Ry gn 4s Southern Ry 63s. . Third Ave ref 4s ‘Third Ave adj bs Union Pac 1st 4s. Union Pac 1st rf 45 Union Paccv 4s... Union Paccv 6s. ‘Wabash 1st 5s. Western Md 4s Western Pacific 5s. 8014 Whel &LE rf 4%s. 46% TOTAL SALES (Par Value): 11am.. 2568000 12 noon 4427000 _— FOREIGN EXCHANGE. July 28, 1023—11 A.M. (Quotations furnished by W. B. Hibbs & Co.) Nominal Sell. checks, gold value. today. 4.8665 458 L 10 974 193 L05881 108 3 258 R ety EIPEFN-3 1Sit--1) London, pound Montreal, dollar . Paris, frapc .. Brussels, franc Berlin, mark . Rome, lira Copenhagen, crown Christiania, crown Stockholm, crowa By the Associated Press. NEW YORK, July 28.—Foreign ex- changes easy. Quotations (in United States dollars): Great Britain, de- mand, 4.58; cables, 458%; sixty-day Dills on banks, 4.55%. France, de- mand, .0688; cables, .05883%. Iitaly, demand, .0436%5; cables, .0437. Bel- gium, demand, .0483; cabies, .0483%. Germany, demand, -0000011; cables, .00000112. Holland, ~demand, .3938; cables, .3941. Norway, demand, .1621} Sweden, demand, .2663%; Denmark, demand, .1785; Switzerland, demand, '1783; Spain, demand, .1426; Greece, demand, .0202; Poland, ' demand, 1000053 Czechoslovakia, demand, 10208; Austria, demand, .00004%; Ru- mania, demand. .0051%: Argentina. demand, .3390; Brazil, demand, .1035; Montreal, .97%. —_— BOSTON STOCK MARKET. BOSTON, July 28.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: Amer Tel & Tel . 121% Hoston & Albany ridd Toston & Maine 12 Hokton Elevated T Calumet & Hecl Connor, -’7(1.;‘e Copper’ Ra Tastern 8 8 Island _Creek ational Leather . Low. Close. 122 s 12 High. 01 Colony .. 014 Domini Shoe Mach ston . Swift & Co ... 101 Ventura Ofl 23 Warren Bros %8y CHICAGO STOCK MARKET. CHICAGO, July 28.—Following is a report of today’s sales, high, low and closing quotations at the Chicago Stock Exchange : Sales. 75 Armour of Del 50 Armolr of Iil ptd.. Til3 743 80 Commonw'th, Edison 128~ 128 10 Gill Mfg. . 19 37 Hu tor. . 1815 10 Mid West Utilities 44% 245 Standard Gas com. 26 2 8000 Btewart-Warner 8415 1685 Union Car & Cari 53 185 Yellow Mfz B 5 750 Yellow Taxi . Total sales, 18,000 High. Low. fd. 873 87i NEW YORK, July 28.—Rudolph Koehler of Bayonne, N. J., superin- tendent ot a Standard OH plant there, died today at a hospital from a broken neck received while diving into shallow water. In a delicate operation yesterday the broken vers tebrae were set. The patient at first -nuzea marked signs of improve- men! EEO LOCAL WHOLESALE MARKET. Green vegetables from nearby farms and fruits from a distance were very much in evidence this morning, recent 95% | rains having improved the nearby crops. Peaches from Georgla and the Caro- linas are plentiful. Dealers say this Beason’s crop appears to be the finest ever shipped to this city, and prices are reported reasonable. Practically no change in prices of meats have been made this week. Chicken prices showed a slight decline, and the egg market s easle; Eggs—Strictly fresh, selected, can- dled, per dozen, 27a28; average re- celpts, 25; southern, 24. Live poultry—Roosters, per 1b., 14; turkeys, per 1b., 25; spring chickens, per 1b., 30a35; keats, young, each, 40; fowls, per Ib., 25. Dressed poultry—Fresh killed spring chickens, per Ib., 40a45; winter chick- ens, per Ib, 36; hens, per Ib, 30; roosters, per Ib. turkeys, per 1b., 86a40; keats, young, each, 8 Live stock—Calv . per Ib, 8; med $a8%; thin, pei Lambs, spring, per Ib., 123 live pigs, ~5.00a5.00 each; live o per Ib., &ig. Green fruits—Apples, new, per bas- ket, 50a2.50. ~Californla oranges, per crate, 5.00a6.50. Florida, 3.00a8.00. Lemons, per box, 6.00a6.50. ~Grape- fruit, 4.00a4.50. Blackberries, per q iR20. Praches, 1.00a3.26. Cantaloupes, 2.00a4.50; pony, 1.75a3.28; . New potatoes, per bbl., No. 2, 2.60a8.00. Let- crate, nearby, 50a1.00; New 25a1.25. * Homaine lettuce, per rate, 1.00a2.00. Cabbage, nearby, 1.50 a250" per bbl. Eggplant, per crate, 2.00a3.50. Tomatoes, bus- ket, nearby, 25a’ Beans, . Per bbl. Peas, 2.00a3.00 per basket. Peppers, per crate, North Carolina, 1.00 a1.50. Kale, per bbl., 76a1.50. Spinach, per bbl, 2.50a4.00. Celery, per crate, New York, 6.00a10.00. Squash, 25a50. North Carolina lima beans, 2.50a3.50 per basket: home-grown lima’ beans, 60a%5 er q GRAIN AND PROVISIONS. BALTIMORE, Md, July 28—Pota- to v, barrel, 1.50a5.00: bushel, 7541.75; 100 pounds, 1.50a3.00; beans, bushel,' 75a1.25; lima beans, bushel, 2.50a3.00; bests, hundred, 4.00a6.00; cabbage, hundred, 6.00a12.00; car- rots, hundred, 4.0086.00; celery, doz- en, '50a1.00; corn, dozen, 10a30; cu- cumbers, basket,' 40a50; Eggpiants. basket, '1.50; lettuce, bushel, 25a75; onions, bushel, 75a1.50; peas, bushel, 2.00a2.95; peppers, basket, 60a75: squash, ‘basket, 25a30; tomatoes, bas kety 50a1.00; 'green, 35m65; barfel, 1.503.00; bushel, = 50al Lasket, -15a50: blackberries, quart, 13 a25; cantaloupes, e, 1.503.25, cherries, basket, 50a60; currants, quart, 12a15; huckleberries, quart, 1§ 420; peaches. bushel, 1.50a2.75; plums, basket, 35a40; watermelons, each, 20 260. Settling Prices on Grain Wheat—No. 2, red winter, spot, 1.03; 0. 2, red winter garlicky, spot. 1.00%: No. 2, red winter, garlicky, spot, 973 : No. 4, red winter, garlicky, spot, 95 Sales—Bag lots of nearby sold at a range of 75 to 95 per bushel. Car- goes on grade, No. 2, red winter, gar- licky, at 1.00%; No. 3, 97%; No. 4, 95%. Corn—Cob, new, 5.00 per barrell: contract, &pot 93 per bushel; No. 2. corn, 957 track corn, yellow, No. 3 or_better, 1.07a1.08 per bushel. Sales—None. Oats—White, No. 2, 52a62%; No. 2 white, 50%a51 per bushel. Rye—Nearby, 85 per bushel; No, 2 western export, 74; No. 2 rye, spot, 75 per bushel. Hay—Recelpts, 53 tons. Straw . 1 tangled ryve. 15.00a 16.00; No. 1 wheat, 12.50a13.00; No. 1 oat, normal, 14.00415.00. DAIRY PRODUCTS. BALTIMORE, Md, July 28 (Spe- cial).—Live poultry—Spring chickens, pound, 27a35; leghorns, 23a28; old hens, 22a25; leghorns, 18a20; old roosters, 14ai5; ducks, 16a24; pigeons, pair, 25. ggs—Loss off, native and nearby firsts, dozen, 24; southern, 23. Butter—Creamery, good to fancy, pound, 38a423%; prints, 43a44; nearby creamery, 35a38; ladles, 34aS5; rolls, 30a32; storepacked, 30; dairy prints, 30a3. TODAY'S CHICAGO PRICES. CHICAGO, July 28.—With large re- ceipts of wheat here—300 cars—with deliveries being made on July con- tracts, and with sales of wheat to go into store here, the wheat market to- day showed a downward tendency during the early dealings. Uneasi- ness regarding Germany's govern- mental and financlal ~ difficulties counted as an additional d ing influence, Besides, there talk current of further cancellations of export purchases. The opening, | which varied from unchanged figures to % cent lower, with September 963 to 97, and December 1.00% to 1.00%, was followed by & material setback all around. Owing to scarcity of immediate sup- plies, corn reached a new high price record for the season—July, 833 —but later the corn market ay well as oats sympathized somewhat with whe: Weakness, After opening at % lower to 1% higher, September, 77% to 7%, corn held near the bottom of the initial range. Oats amrs;cd at % decline to a like advance; September, 35% to 356%, and later showed slight losses all around. Provisions lacked support, despite higher quotations on hogs. CHICAGO LIVE STOCK MARKET. CHICAGO, July 28 (United States Department. of Agriculture).—Cattle _Recelpts, 1,000 head; compared week ago, welghty beef steers of value to sell at 10.50 and above; better grades of fat sows and helfers, 25 cents higher; other grades, mostly killing classes, 15 cents to 40 cents lower; spots, 75 cents off on common weighty steers; top matured steers, 11.70; best long yearlings, 11.15; canners, cutter and vealers about steady;: bulls, 76_cents lower; stockers and feeders, 50 cents lower; week’s bulk prices follow: Beef steers, 8.85 to 10.25; stockers and feeders, b6.25a 6.50; she stock, 4.85a8.15; ocanners and cutters, 2.75a3.40; veal calves, 10.50a11.2: Sheep—Recelpts, 1,000 head; today" practically all direct; for week I than 10 per cent direct; lambs run largest of season: com- pared week ago, fat lambs, 75 cents to 1.00 lower: feeding lambs, 25 cents to 50 cents lower; yearling wethers mostly 50 cents lower: culls and aged stock generaly steady; closing top Western lambs, 12.85; nataive, 12. .00a6.50; chalce light- .00; heavies, 3.50a4.25; feod- ing lambs mostly 1.75a12.75. Hogs—Receipts, 8,000 head; steady to 10 tents higher than Friday's average; bulk, 160 to 240 pound aver- ages, 7.65a7.75; practical top, 7.85: bulk, good and choice, 250 to 300 pound butchers, 7.85a7.55; bulk pack- ing sows, 6.00a6.25; strong welght pigs mostly 6.76a7.15; heavyweight hogs, 17.00a7.65; medium, 7.35a7.8 light, 7.15a7.85; 1ight light, 6.90a7. packing sows, smooth, 6.00a6.4 packing sows, rought, 5.75a6.00; kil ing pigs, 6.25a7.25; estimated hold- over, 7,000. Company. Beth. Bteel .. 8 | sixes, r. Libby Owens GI.. Do. pfd. . Mahoning ‘Inv, Mahoning Inv. i of Del Ang Aug, Bept. 5 Sept. 4 3% Sept. 13 1%% Sept.-1 GAIN DURING JUNE Chesapeake and Potomac Makes Better Showing Than for Same Month Last Year. Previous favorable earnings state- ments of the Chesapeake and Potomae Telephone Company are again reflect- ed in the report of June, 1923, whén the company showed a net operating Income of $99,643, as against $96,231 for the corresponding period of last year, and with $102,807 for the month of May, 1923. Total operating revenue for the month shows an appreciable gain over the corresponding period of last year, $467,011 and 3445,901, respectively. Operating expenses during the past month amounted to $332,426, as against $316,698 last year. Taxes slgnable to' railway operations were deducted to the extent of $34,942. Income from other sources during the perlod in question amounted to $4,962, making a net income of $104,- 605 for the month. It was pointed out by officials of the company that nearly $100,- was expended for extensighs and additions to fts plant and equip- ment in the ecity during the month this brings the total net expendi- tures for additions and extensions for !oholb first six months of 1923 to $690,- Increase in Fallures. - Numbering 335, fallures in the United States show an Inerease ot 16.5 per cent over the total of 287 reported last week, while a marked decline of approximately 17.5 per dent from the figures for the cor- responding period of 1922, is shown Ot the ourrent week's insolven- cles, 191 had liabilities of $5,000 or more in each case, or a percentage of 57 of the total. Last week the percentage of such failures was 53.3, and for the same period last year. tho ratio was 57.2 per cent. Canadlan failures for thls week number fifty-six, an increase of three compared ‘with the total of fitty-three reported last week. Of this week’'s failures, twenty-one had Habilities of $5,000 or more in each Instance, against twenty-three last week and twenty-five for the cor- responding period of 1922. Bank Clearings for Week. Bank clearings continue to show a larger volume of payments through the banks, except at New York city, where the reduced trading in the stock and bond markets again causes a considerable decrease in settlements through the banks this week in com- parison with a year ago. Leading citlss in the United States included in the report to Dun's Ri view, for this week, show total ex- changes of $5,892.680,000 Contrasted with the corresponding week of last year thers is a_decrease of 6.8 per cent; outside of New York city the gain & 13.3 per cent. In centrast with the fourth week of July, 1821, bank clearings this week are 13.9 per cent larger than they were at that time. At practically all of the cities out- side of New York substantial gains appear. ASSIGNED CAR RULING NOW ATTACKED BY BANK The recent assigned coal car de- sion of the Interstate Commerce Commission was attacked today from a new quartes The Guardian Savings and Trust Company of Cleveland, appearing as trustee for owners of equipment trust certificates, which are based upon the purchase of private cars, complained that the decision threatened to par- tially destroy the security behind such investment. The commission was asked to grant a rehearing. The assigned car declsion, in addj- tion to requiring rallroads to cease giving special car service to mines producing raliroad fuel, prohibited them also from furnishing privately own- ed cars exclusively to their owners in times of car shortage and required that such car owners be furnished with additional cars as well. The trust company estimated that there were 28,000 private coal cars In service; that these had been pur- chased 'at the high levels of 1920 in a large number of cases, by the of money borrowed through the ance of equipment trust certifi- cates. The commission’s decislon was sald to necessitate the throwing of such cars to sale on the limited mar- ket which railroads themselves can provide. _— TRADE CONDITION. Dun’s Review Notes Hesitation in Business World. NEW YORK, July 28.—Dun's Re- view today said: Hesitation characterizes the situa- tion in some important staple lines and checks early orders, but in other departments of trade new business is in falr volume for this season. Conditions as to the growing cotton crop bear heavily on the markets for cotton goods, and while some inter- t is always manifest at this period it is greater this year because of the larger cotton acreage and the possi- bility of a very heavy yield. In the meantime cotton goods pro- duction is materially reduced, as operators are indisposed to continue output with existing uncertainties. New England producers now report substantial orders for shoes, and hides are more active, with prices for staple grades higher. Even In the iron and steel industry early de- livery orders are quite numerous. Curtallment of production, now just apparent, is on orders booked earlier in the year, blast furnace activity in the Pittsburgh district being some- what le: . FIRM'S EARNINGS DOUBLE. NEW YORK, July 28.—Net income of the E. 1. du Pont de Nemours & Co. for the first six months of 1923 totaled $10,125,882, or more than dou- ble the rate of earnings for the cor- responding period last year. After paying dividends of $2,009,- 622 on the debenture stock, earnings of $8,116,261 were applicable to the common stock. This is equivalent to $8.54 a share. “Job’s Comforter.” From the Kansas City Time The expression is ironically used to denote any person who, under pre- tense of sympathizing with another's aflictions, attributes them to his misdeeds, and thus aggravates bis sorrow. The allusion is to Eliphaz, Bildad and Zophar, friends of Job. who visited him in’ his distress, and declared that his misfortunes re- sulted from his sins and iniquities. “Then Job answered and sald: I haye heard many such things; miser- able comforters are ye all.”’—Jom, xvi, 1, The Truth Helps. From the American Legion Weekly. “Women,” observed the man wha had just failed to better a pair of are funny animals.” “Yeah absently replied the fel« low who was nursing along three treys. Yeah—no, I'm out of this pot Yeah, if you want to get away with anything, just tell them the truth, bes cause they won't believe it. I 'tald my wife I was going to play poker tonight and she pretty near laughe her head off. She knows blame wel I've gone to a lecture at the Y. M. G 4. I'm such,a darn liez.” .