Evening Star Newspaper, May 10, 1924, Page 23

FINANCIAL," STOCK PRICES DRIFT TO LOW LEVELS TODAY Bear Operations Fortified by Ir- regularity in Trade Con- ditions Take Control. MARFET CLOSING IS WEAK 0ilrand Motor Shares Drop Points & in Quotations. TRy the Assaciated Pross. NEW YO . May 1 R continuance of irre ecnditions, as disclosed by weekly re- views. and cuts in pric of erude o1l hear operators regained full trol of 1 stock market eral pectation that the monthly unfilled tonnage figures of the United States Steel Corporation to be issued after the market would show a substantial deckine, accentu ated the downward trend Nine oil and motor shares sank to new low prices for the vear and recessions of 1 to 2 points were scattered amonsg a wide range of other industrials and Fortified by ularity in trade close of th lectric brokce 4 points and Davison ¢hemical and Stewart Warn- er cach suffered & 4-point loss. Al- lantic Coast Line was @ CoNspicu- ous exception to the general mar ket's trend moving up more than points ion of an extra dividend closing was weak., Sales approximated 420,000 sha Features at Opening. opening was ma absence 0f aggressive oper el jde. 1nited States Steel subjected (o sclling pressure in ticipation of an unfavorable tonnage statement today and in viclding frae- tiona!ly carried Baldwin, Ameriean Can and other market leaders lower. 0il hars wers heavy Phillips Petroleum dropp points Sharp Prop in Ol ¥ yes. Execution of Jarge selling orders in the o1l shares foll ed reports of a reduction In the price of mid-con- Tinent crude. and values ran off shary Tosses of 1 1o 2 points were con: oup. with § v and Marland dipping 1 levels of the ¥ r. uida deve ed by an tions on was an- The ped in which nimum also an figur: E 1 Eleetrie, Tyipont and other p under pressure, regis- or more. in rail face o the list firm pared the of oderate Wwhich he heaviness Foreign exchs Markets at a Glance 10. cut NEW weak: » YORK, break May on Stocks, in crude steady; money buyi asy stimu- exchanges French ents. disappointing wreign s oros ton, easy; ables r. guiet higher; fra Liver- and uncha 1 Brazilian cago—Wheat, r weather. lower; w weal; predictions Tower. = CHICAGO GRAIN MARKET. CHICA Wheat cased down in price 7 the carly deal that this was th 1r side fear of crop dama 82 had apparent other hand. expec ard to farm sel ting on calendar date of the market. by frost i - vanished ed developments in measures at Wash- ngton tended to check any mater ne in price. The openi ranged from Jx 10 12 lower. 104% to 104% and July was followed by a slight sag. Corn and oats were poorly ed. Most of the t switching from Ma After opening unc lower, July 7% to market declined a trific all Oats_started at a shade off, July 44 to i4%aiil. continued to weaken. Provisions refleoted a downward tendency in the hog market to favor additional around. to tha and later Clase, 1.033 CORN Mas July September ATS— May July September NEW YORK BANK STATEMENT NEW YORK. May 10.—The condition of Clearing House nd trust companies for the an_excess in reserve of § This is an increase of actual banks E——— GRAIN AND PROVISIONS, BALTIMORE, Md., May 10 eial).- -Potatoes— White. 100 75al. 0 pounds bushel (Spe~ pounds, am 124.00: now po- Asparagus. bushel, 25a3 00. Carro Celery crate askot, 4.0 hundred, 4.00a6.00, 00as.5 Cucumbers, ‘ggplants, crate, Lettuce, hamper, 1.00a2 100 pounds, spring onions. hundred, Peas, bushel, 2 5 a4.00. ishes, hundred, 5024.00. nEALoes, crate. barrel, 1. o apples, 1. X, 2.50a4.00. Grapefru Strawberries, quart, 15az Settling Prices on Grain. Wheat —No. 2 red winter, 1.13%; No. 2 red winter, garlicky 3 no quotations on ! 5 red winter, garlicky. sales. Corn—Cob, new, 4.25a4.30 per rel for yellow, and 4.10a4.15 per rel for white; No. 2 corn, spot, No. 3 corn, spot, 83% track yellow, No. 3, 90a31 ale Oats—N white, 58%a59; white, ne Rye—Nearby, 7 LR Hay—Receipts, 101 tons. The bet- gor quality of timothy, light clover, mixed, No. 1 clover hay, in fairly good demand. at full quotations, and for good hay the market is fine. Low- grade, damaged and unsound hay still slow sale at irregular values. Quotations_No.' I " timothy, 50 3t 80; No. 2 rye, 29.00; 828.00; No. 2 light, tlover, mixed, 27.00a 24.50a25.00 No. 1 straight 25.00 per ton; No. 1 tangled rye, 1. 30.00; No. 1 wheat, 18.00a18.50; No. oat, 17.00a18.00. May nter springer: horns, young hens, 27a28: Leghorns, old, 2 ers, old, 16a17; ducks, 20a24; pigeons, if, 40a50; guineas fowls, each, 40 Eggs, loss ofi—Native and nearby firsts, dozen, 22% : southern, 21%. Butter—Creamery, good to fancy, bound, 35a40; nearby creamery, 3Ja ; prints, 40a42; ladles, 28a30; rolls, 28; store, 5: dairy. prin 2 cess butter, 33a34. andard | aker cash markets. | traditions | Pan! Boone M (3) 80 30% % 5% 1% 97 1% 42% 22 8% Adams Bxp (6) .. Adv Rum pf (3. Air Reduct (4) . Ajax Rubber. Alaska Juneau. . . All Am Cab (). Allied Chem (4) . Allis-Chalm (4). . AmAgri Chem pt Am BeefSpf (6) AmBrS&F (5). 81 Am Can (16).... 1024 AmC&F (12).. Am Chain A (2) Am Chicle... ", Am & F P 25%(7) Am Hide & lca. . Am Hide & Lipf. . Amice (D...... Am Internatl. . Am Linseed. . Am Locomo (6). Am Radiator (4) Am Roll Mpf (7) Am Ship & Com. Am Sm & Re AmS& Rpf Am Stl Fdy Am Sugar. g Am Sumat Tob. . Am T & Tel (3) .. Am Tob B (12).. Am Water Wks. . Am W W 1st (7). Am Woolen (7).. nda. .. il (112) ... S¥e (6) 7). 3). A AtT& At Coast L (7). At Gulf & W Atlan Ref (4) Austin-Nichols. . . Bald Loco (7)... Bal & Ohio (5). . Bal & Oh pf (4). Barnsdall B. .. B'ch Nut (2.40) Beth Steel (5) Brk Fdison (). Briyn FEdison rts. Brk-Man Tran. . | BrilynUnG (4) Burns Br (10) . | Burns Br B ( Butte € & Zinc. . Cadio Cen O & R. Cal Pet (1%)... Callahan 7 Lead. Can Pacific (10) . Case J1Plow. ... Case Thrs'g pf . .. Cent Lea Co pf... Cerde Pas C (4). Chand Mot (6) .. Ches & Ohio (4). Chicago & Alton. Chic & Bast Il Chic Gt West. . Ch Mil & St Paul. Ch Mil & St. P pf. Chi & Nwn (4). .. Ch & Nwn pf (7). Chi Yellow C (4). Chile Cop (23%). . Chino Copper. ... Cluett, Peab (5). Coca-Cola (7). Colo Fuel & Tron. Col So 1st pf (4). Col G & E (2.60).. Col Carbon (4).. Com ir Tr (83¢) Com In Trpf (7). Com Solv A (4).. Congoleum (3) Consol Cigar n Cigars pf 0% | Cunsol Gas (5) Consol Textile. Cont Can (4) 5 Cont Motors (20c. Corn Prod (10).. 1 Corn Prod new. Cosden Co | Crucible S Cub Am Sug (3).. Cuban C 3 Cub Cane. Cuypamel Fr (4).. BT% 624 2415 Davidson Chem.. 51% Del & Hud (9) ... 108% Dome Mines (2).. 15% Dul So Sh & Atl. 2'% Du PtdeN (3)... 120 East K (4 10615 tor Bat (4).. 56% veee 24% 3248 Famous PI (8) 69% Fifth Av B (61c). Fish BOpf (5). Fisk Rubber. Fleishman (3) . Foundation (6). Freeport-Texa: Gen Asphalt. Gen Eiec (8) Gen Kl spe (60¢) . Gen Mot (1.20). Gen Petm (2). Gen Refr (4) Glidden Co. . Goodrich. ....... Goodrich pf (7). Gt North pf (5). . Gr Nor Ore (3). antan Sugar. . 1f Mo & Nor. . . Gu Mo & N pf (5) Gulf St St (5). -« Hartman Co (4) TFouston Oil. Hud Mot C (). - Hupp Mot C (1). . Indep Oil (1) Indian Refining . . Inland St (2%)- Inspiration Cop. . Int Bus Ma (%) Int Cement (4) Internat Har(5). Inter Har pf (7). Int Mer Marine. . Int Mer Mar pf. Internat Nickel. . Int Pap pfst (6). IntT&T (6)... Invincible Oil.... Jones Bros Tea. Jordan Mot (3). . Kansas & Gulf ... Kan City South. . Kayser pf (8) ... Kelly Springfd pf. Kenne Cop (3).. - - Keystone T & R. . Kinney G R Co Leh Val (3%). Leh Val rights. . . Lig & Myrs B (3). Lima Loco (4. . - Loews Inc (2). . Lott, Incorpor. Loose-Wiles Bis Lorrillard (3).... - Louis & N'eh_(5) Ludtum Stl (2). .« Meclntyre (75¢) .. Mack Trucks (6). Magma Copper. Mallinson & Co. Mallinson pf (7). Man Elec gtd (4). Maracaibo Ofl. Market St Ry pf Mariand Oil. ... Maxwell Mot A. . Maxwell Mot B. May Dpt St (5) . Mex Seaboard(2). MexSeabd ctfs(2) Miami Cop (2) - Middle St Oil Mis K & Tex pf. Missourd Pacific Missouri Pac pf.. Mont Power (4) . Montgom Ward. . Mother Lode (1) Munsingw'r (3) . . Nat Biscuit (3).. Nat Dairy (3). Nat Dept Stores Nat Lead (8).... Nat Ry,M 2d pf. . Nat Supply (3).. Nat Sup pf(7) .- Nev Cons Cop- N Y Air Br (4) N Y Central (7). NYC&StL(6). N Y Dock. . N Y Dock pt (5) . Open. High. Tow. 7% 30% % 5% 1% Close. % 30% ki3 5% 1% 97 1% 42% 22% 3% 81 101% 158 THE EVENING STAR, WASHINGTON, D. C, SATURDAY, MAY 10, 1924 [ xzw vorx BONDS oo rxcaver] Received by Private Wire Direct to The Star Office. Norf & W (18). North Aner (3). . North Ara pf (3).. North Pac (5). Otis Elevat (8) Otis Steed. ... . Pacific Mail. .. Pacific Oil (2) Packard (1.20) Pan Amer (4) Pan Amer B (4). . Par & Bing (2)... Penn Railrd (3). Peop Gas Ch (7) Pere Marq (4). Phila Co (1) .. Phila Co pf €3) Phila& R& 1. Phil Mor (50c} Phillips Pet ( Pierce-Arrow pf. . Plerce Oil. Pitts & West Va. . Prod & Refiners. . Pub Ser N J (4).. Pub S Bl Po(7)pf. Pub S Punta Al Su (5).. Pure Ol (1 %) Pure Oil pf (5) Ray Cons Cop. Reading (1) Reading rts. ... Read 2d pf (2). .. Remington Type. Rep Ir & Steel. .. Reynolds Spr (2) Roy D'tch (3.46).. St L San Fran. St L Southwest Savage Arm: Sears Roe & Co Schulte (5) Shell Un O1l (1).. Simmons Co (1) . imms Pet . inc Con Ol ( kelly Ol . loss-Sheff (6). .. jouth Pac (6) Southern Ry (5). Spicer Mfg StOil Cal (2 StOINJ(D.... tew't War (10)., Stromberg C (8). Studebaker (10). Studebaker (4).. Submarine Boat. . Superior Oil Tenn C & Ch. Texas Co (3), Tex Gulf (16%).. Texas & Pacific. . Tex & PacC& 0. Tob Prod (6) Tob Prod A Transcont Oil Un Bag Pa (6) Pacific (10) nited Drug (6) . Distpf (3%). Utd Fruit (10).. . Utd Ry Invest pf. IS CastIron F'.. s CIP pt (7). 24%a 45% 624 147 % 10 41 10% 49 4T% 15% 43% 944 474 44 2% 434 .- 164 36% 18% 2% 41% 24% 421 7% NJ pf (8).. 100% 56% 21% 95 9% 52% 19% 8¢ 37 45% 13% 55 200 364 AT . B2% - 103% 17 22% 13% 18% 21% 66 88% 53% 10% 57% 347 131 ks 46% 192 30 84% 91 22% 18 67% 98l . 103 . 28 5% 21 973, 29% 224 6% 84 5 Ind Alec z R&Im (5).. R&Ipf(T) Rubber. R 1St 1f (8) TS Smelting. .. . U S Steel (16) Wald Sys (1%4) .« Wells Far (2%) . West Air Br (6). . West E&M (4).. Wheel & L Eric. . Wh Eag Oil Wickwire Sp & Willys-Overland. Willys-Over pt.... Woolworth (8). . Woolworth wi(3). Wrig W Jr (3)... Yellow Cab (5) Partly e Dividend r are the an latest quarterly Unless otherwise noted dividends are not included. Call Money Open. High. 123 123% 122% sh payments 24 48 24w 45% 53% 147 147 8 10 « 10% 19 47% 15% 10 43% 94 42% 2% % 45% 10% 48% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Tow. Close. 122% 24% 45 52% 147 8 10 46% 10% 48% 464 16% 43% 94 47% 43% 42% 42% 164 35 23% 2% 84 67% 338% 853 5% 46% 35 18% 2 42 97% 5% 20% 95 9% 53 19% 34 214 84 66% 3a8% 844 “5% 45% in preferred stock extra or High. % ve tabl based on_the if yearly declarations. special Low. last. 3% % HOURLY SALES OF STOCKS. 11am..... 207,100 12 e 444,600 SHORT TERM SECURITIES. (Quotations furnisbed by Redmond & Co.) Alumingm Co. of Amer. s Alnminum Co. of Amer. Americs Anaconda Copper fs 1929 Anglo- American OH Tiés Assoctated Oi g Bell Tel of Canad Canadian Northern 5 al Leather s 1935, . Chi., Mil, & St. Pagl 6 11 Chi.. R. 1. & Pacific Col Du_Pont 7'=s 1 1 Federal Sogar Ref 65 193300 cor 77 Fisher Rod Fisber B Goodyenr T Grent Northers | e 1 1930, Seill & Liboy is M Kennecott M.. 8P .8 M Marris Tias New York Contral o 10850 Oregon Short Line 45 1929 s & Lt Gs 1430, Swift & Co. Tidewater Union Tank Car . 8. Rubber Western Union Ghas 1 Westinghonse 1. & M. Wheclinz Steel 6s 192 By the Associated Press. Money rates in Wall 1931 1931 1926, . 104 102 110 1071 W% street were at the lowest level yesterday since 1922. Leading banks lent funds against stock exchange collateral for three and four months at 4 per cent, while longer maturities were quoted as low as 4a4'% per cent, a decline per cent from of one-quarter of 1 the day before. Call money at 3% per cent was in larger supply than ever. The American Pow: er and Light Company declared a 2 per cent stock dividend in addition to the regular quarterly cent on the common cash dividend of 2% per stock. payable June 2 to stock of record May 20. Pennok Oil Company earned net in- come of $311,280 in the quarter ended March 31, equal {o 84 cents a share on the capital stock, against $698,993, or $1.61 a share in the first quarter of 1923, Stockholders of the Grand Raplds Railway Company will meet in Grand Rapids on May 12 to authorize a first mortgage o American E of New York, hange National deed of trust to the Bank which will secure an issue of $5,000,000 sinking fund gold bonds. Eighty-two sugar centrals in Cuba have finished grinding their crops, with an output of 9.882,659 bags. Denial of reports current in the financial district that an agreement existed between the Standard Oil Company of New Jersey and the Royal vision of Dutch Shell Company for di- the world’s markets be- tween the two organizations or any understandings concerning payments to the soviets for future concessions, has been made by W. C. Teagle, pres- ident of the Standard Oil Company of New Jersey. Retail deliveries of the Ford Motor Company in April, domestic and for- clgn, totaled about 231,000 of which 211,410 were cars and trucks, 12,000 tractors, foreign cars. —_— Eagles have been known to 11 A lark helght of 6,000 Teet. 762 Lincoln and about 7,000 0 the same height and so willa BOND PRICES TODAY QUOTED FAIRLY FIRM Exchanges Not Large Either Way. Libertys, High-Grade Rails and Industrials Steady. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, May 10.—Bond prices held fairly irm in the two-hour ses- sion “today. Exchanges either way were not large, and while sentiment toward the immediate future of the market was favorable there was no rush to bid up quotations. Libertys, high-grade rails and in- dustrials were steady. Pennsylvania Consolidated 4%s made a new high for the year. In middle grade issues American Smelting and /Refining 6s went above 93, equaling their high of the week. Hudson and Manhattan Refunding 7s were again in favor. On the other hand, Chicago and Kast- ern Illinois 5s sold down, showing a net loss on the week of more than a point on disappointing March earning statement. In the more speculative ralls Sea- hoard Air Line adjustments continued heavy. They sold today more than two and a half points below the high of the week. Seaboard consolidated s however, were comparatively firm. Erie general 4s gold around the high of the week. Specnlative industrials did not fare as well as the rails. In fact, this has been the case all week. Bonds which have been noticeably weak include the Virginia-Carolina Chemical 7s, which made a new low record; the Wilson ~ & Co, 7%s, Sinelair Oll 7, Crown Cork and Seal 6s, Don- ner Steel 7s, Marland Oil 8s with war- rants, and Rogers-Brown Iron 7s. Thi last-named had a net loss of seven points on the week. In the foreign list French bonds failed to show much rallying power, but there was no heavy selling. Trad- ing seemed to await the result of the French election and a clearer un- derstanding of what the attitude of Germany will be toward the Dawes commission report. South American bonds have been unusually active this week, especially Bolivia &, the range being two and a half points. New jssues for the week reached a total of about $46,500.000, a drap from the two previous weeks. VARIANCE IN COTTON IS DUE T0 WEATHER Early Past Week Prices Eased Off Sharply, But Reaction Comes Later. NEW TYORK, May 10.—The increasing importance of weather and crop news has been reflected by the action of the eotton market during the past week Prices cased off rather sharply at the beginning of the weck owing to reports of better weather in the south, but the decline was checked by the appearance of an increased demand on A le down from the twenty-four-cent le for October, and the market later ad- vanced on reports of low temperatures, too much rain and necessity for replant- ing cotton in some sections of the south- west. Buying on thess features was pro- moted by the continued steadiness of Liverpool and rather bullish week end statistics. with the result that the price of May contracts eold up o the thit one-cent level, while Qctober, which sold at 2384 on Monday. advanced to nearly the twenty-five-cent mark. The busing of new crop positions here on the decline carly in the week was accompanied by reports that both for- eign and domestic trade interests were busing cotton for early new crop ship- ment from the south. The bulk of this demand was believed to bo for export account. and it was undarstood that the business was based on October contracte in New York. These advioes suggested that _contracts for early new crop de- liveries were going into strong hands, and toward the end of the week un- favorable crop advices from the south seomed to be making a more serious impression on eentiment. The weather has been too eool at night, while there have been frequent showers or rains, and reports have been reaching the trade here of delaved germination and com- plaints of lice also have been received. No very definite figures have been men- tioned, but according to some advices considerable cotton will have to be re- planted in western beit sections. There was more or less general ecomment among local brokers today that the gouth was urgently in need of dry, warm weather for the next ten days or fort- night if the end-May condition fizures were not to make an unfavorable show- NEW YORK, May 10.—The action of the cotton market in today early trading reflected an easier technical condition after the advan of the past few days. The demand for near months was much less active. After opening sy at a decline of 3 to 25 points, pric showed a tendency to ease off under realizing for over the week end. There was enough cover- ing of July and demand for early new crop deliveries to cause moder- ate bulges, however, and fluctuations Were rather irregular. July sold off to 28.89, and October to 25.10, making net declines of about 16 to 26 points on the active months, but steadied around these figures on continued unfavorable weather and crop advices. Cotton futures closed barely steady. High. low May . 30.96 uly October Derember January Opening, May. 31.35: October, 25.10; December, uary, 24.26. NEW ORLEANS, May 10.—The oot- ton . market opened with a sharp break in May contracts of 57 points due to the announcement that a prominent New York operator had privately settled for 50,000 bales in which he was short. The later months declined in sympathy, first trades be- ing 20 to 33 points down from the previous close. The market soon ral- lied sharply, however, recovering a great part of tho initial loss May advanced from 30.25 to 30.69 and July from 28.45 to 28.76. New crop posi- tions recovered all of the initial drop. The market then gradually eased off in anticipation of more favorable weather news. Cotton futures closed barely steady at @ net decline of 23 to 46 points. High. Low. Close. creenaeas 30.60 % .33 LIVERPOOL, May 10.—Ctton—Spot. amall business; prices steady. Good T midaling 167 iddling, 1 low ::od ordinary, 15.77; ordinary, 15.27. Sales, 2,000 bales including 1,100 American. Receipts, 1,000 bales all American. Futures closed steady. 17.53; July, 16.90; September, 15.50; October, 14.85; December, 14.4 January, 14.32; March, 14.20. U. S. TREASURY CERTIFICATES (Quotations furnished by Redmond & Co.) Bld Ofter. 100 1-16 1 .. 100732 100 1924. . 100 25-32 100 27-32 1924. .. 100 19-32 100 21-32 100732 100 9-32 100 27-32 100 29-32 = B o s 1 llmith. B, 101% 101818 100 1i-16 101 3132 102192 ‘September 15, B e (Bales aro in $1.000.) UNITED STATES BONDS. t thirty - seconds. 98-3 means 98 3-22.) 46 9038 9957 S057 2" Libist ¢%s... 43 100-11 100-8 l:t“) Lib3a4%s... 306 100-8 100-5 100-5 Lib3d ¢%s. 70 100-21 10020 100-21 Lib 4th 4%s.. 370 100~12 100-11 100-11 US4%s1952.. 179 10129 101-25 101-28 FOREIGN. Bales. High. Low. 12 1013 101% 15 90% 90 24 90k 90% 19 102% 102 100 997 102% 102 108% 108% 89% 89% 81% 81% 82 81% 95% 9b% 99 98% 100% 100% 101% 101% 100 99% 100 99% 104 104 964 96% 40% 40% 93% 93% 97 9%6% 107% 107% 108% 108% 94k 4% 87 93% 93ta 89 894% 99% 95% 89 9T 79% 91 77 Bl% 81% 90% 11 93% 93% Tdn B4%x 105% 99% 9174 100% 991 994 80% 112% 9T% 61% 100% 103% 109% MISCELLANEOUS. Am Agr Chem 5 95% Am Agr Chem 7 Am SmIt&R 1st 5 93% Am SmitaR 6s. 104% 994% 119 95% 101 % 50 961 857 86'4 86% Close. 1015 90 90% 102% 100 102% 108% 89% S1% 81 9ot 98% 100% 101% 99% 100 104 964 40% 3% 97 107% 108% 94 87 93% 93% B9 89% 99% 95t 89 974 9% 91 T 81% 814 90% m 94 93% 4% £ 105% 99% 92 100% 994 Argentine 7s. Argentine 65°37. Austria 7s. Belgium 7% Belgium € Canada 5%s51929. Canada Bs 1931. Canada bs 1952. Chile 83 1941 Chile 75 1943 Chinese Gov Ry bs Cuba 5%s...... Czechoslovakla 8s. Danish Munic 8s A Denmark 8s. Denmark és. Dutch EI6%s Dutch East I 66°47. Dutch East I 6s°63. 8 Burnal SR eBanmmn~ Qo Japanese 6%4s wi. Jergens U M 6s "47. Lyon 6s Marseille 6s. Netherlands 6s. Norway 8s. - e eBupulinvmanon oReANEaORES Norway 6s 1952... Paris-Ly's-Med 6s. Prague Ths. Queensland 7s. Queensland 6s. Rio de Jan 8s 1947 Salvador8s'48.... Sao Paulo City Ss. Sao Paulo State 8 Berba Crotes Slo Swiss Confed 8a. . Swiss 5%s 1946. Tokio 5s. . Ud Kingm 6%: Uruguay 3a. Zurich 83 81 - 95% 85 925 104 99 119 95 100% 87% 47 96% %% 6 86% 98% 8% 88 89 96 95 108% 97t 98, 100% Am T & T deb 5%s Am Water Wks 58 Am Writ Paper 6s.. Anacondacvdb s Anaconda 1st 6s. Armour & Co 4% Armour of Del 5341 Associated Oil 6: Bell Tel Pa bs. Beth Steel 5% Beth Steel pm Beth Steel s £ 63 Brier H St 1st 5%s Eklyn Edison 7s D Calif Pete 6% Central Leather 5a Chile Copper 6s. . . CinG&Eb%s 62 Colo Industrial 5s. Col Gas & El 5s. Commonwth P 6a. Consumers Pow § Cuban-Am Sug $s. Cuba Cane cv d 8s. Cuba Cane cv 7530 Dery (DG) 7 Det Edison ref Du Pontde N 7% Duquesne Light 63 Empire G&F T%Hs. Fisk Rubber s Gen Flec deb 5a Goodrich 6% Goodyear 8¢ 1931 Goodyear 83 1941 Humble O&R 5% lilinols Bell 1st Indiana Steel 58 Int Mer Marine 6s. KCP&LtbsAS2. Kan G & El 63’62 Kayser (J) 7s Kelly-Spring 3s. Liggett & Myrs 7s. Liggett & Myrs 5. Lorillard (P) 5s... Lorillard (P) 78 Marlané Oil T%s. Mexican Petrol 8s. 80 New Eng Tel 3. N Y Easn 18t 6%8 NYG EL H&P 4s. N Y Tel 6a'41. Nor States Pow Nor States Pow 6s. Northwst B Tel 73 Otis Steel 7%s. Otis Steel 38.. Pacific Gas & E1 b Pac Tel & Tel 58 Phil & Rdg C&1 Phila Co b%s '38. Phila Coref Gs A.. Pierce Oil deb 8 Public Service b Pub Ser Elec 65 wi. Punta Alegre 78, - ' PETS-EL) > «BuBB5s 30% 94 96% 110% 107% 62% 98% Warner Sug 78°39. Western Elec 5s. ‘West Union 6% Westinghouse 7s. Wickwire Spen Willys-Ov 6%s '33. . Wilson & Co 1st 68 3 B4k Wilson&Cov 7%s. 8 56 ‘Winchester A T%s. 2 101% Youngstn S& T 6s. 14 95% —_— DIVIDENDS. Ohio 01l Co., 50c.... June 30 n last two quarters divi- dends of 25c each were paid. Pittsbargh, Bessemer Lake Erie railroad, Sotamon . ‘two rogular quarterly e T8 on pre- RAILROADS. Bales. High, Low. Close. Ann Arbor 4s. . Atchison gen 4s B&Oprini%ks 3 11 1 . 26 B &0 PLE&EWYV 4s. Bklyn-Manhat 6s.. Canadian North 78 Canad Pac deb Car Clinch & O Car Clinch & O Centof Gaés...... Central Pacific 43. Ches & Ohic cv 5s. Ches & O cv a%s. Ches & O gn 4348 Chi & Alton 3%s Chi B&Q 1st rf Chi& E1ll gn § Chi Great West 4 C M & Puget §d 4s. Chi M&StPrf 4% Chi M & St P cv b Chi M & St P 4s°25. Chi M & St P 68 wi. Chi & N W 6%, Chi & NW 7s.. Chi Rys 68 ChIRT & Pacrt 43 Chi T H & SE 58. Chi-Un Sta 4 %s. Chi Un Sta 6%s. ... Chi & W Ind cn 43 CCCE&StLrf 63 A. Cleve Term 5%s. Cleve Term bs Colo & Sou 4% Del & Hd ist rf 4s.. Del & Hudson 5%s. 19 3 15 1 84 8 13 1 19 3 20 3 Den & Rio G cn 4s. 11 D & Rio G imp 5s D&RGstrfbs Erie gen 4s Erie conv 4s B. Erleconv4sD..... Gr Trunk sf db 6s.. Grand Trunk 78, Gr North gen 78 Hu< & Man ref 6s.. Hud & Man a3 § 111 Central ref 4 111 Central 5%: Int Rap 17an b8 Int Rap Tr 68 stpd. Int Rap Trans 6s.. Int Rap Tran 7s... Int & G Nor aj 6 Int & G Nor 1st 6s. Kansas City S & Kan City Term 4s.. Lake Shore 4s'28 Lake Shore 4s '31 Lehigh Valley 6s Louis & N uni 4s Louls & Nash Louis & N 58 5. Manhat Ry cn 4 MK&TIst4s..... &TprinbsA. &T4sB. &TésC. MK MK ME New Or Term 4s... NOTex &M in 5s.. N Y Centgen3ik N Y Cen deb 6: N Y Cen deb 4s. NYCenrid N Y Cent cn 4s NYC&StL6sA N ¥ C & St L debds New Haven cd 6s.. New Haven 7s. New Haven 7s fr NYOnt& Wrefds N Y Ry rf 4s ctf. N Y Rys adj 5s NY W & Bos 4%s.. Norfolk & W cn 4s. Northern Pac . Northrn Pacr i 6y. Northern Pac bs D. Ore & Calif 1st bs. O Short L cn bs '46. Ore-Short L ref 4s -Wash 1st rf 4s vennsyl gen 5 ennsyl gen 4%s.. Pennsyl 6%=. . Pennsyl gold 7s Pennsyl con 414 Pere Marq 1st 53 Reading gn 4 swi Rio G West 1st 45 Rio G West cl 4s... RIArk & L4%s... St L 1M&S R&G 4s. St LIM&S 4s°29... StL&SFplésA.. StL&SFprinbs. StL &S F inc 6 St L& S Fad] 6 StL&SFplosC.. St LS W con 4s°32 StP & KCShL 4%s. StP Un Dep 5%s San A & Arn P 4s. Seabd A L4s ata Seab’d A Liref 4s, Seab’'d A L ad] bs. Seab'd A L con 6. . Sou Pacific 4s 1923, Sou Pacific ref 4s, . Sou Pacific clt ds. . Southern Ry 1st 5a. Southern Ry gn 4s. Southern Ry 6%s.. Southern Ry 6sct. Third Ave ref 4s. Third Ave gdj bs. Tol StL & W 3%s. Union Pac 1st 4s... Union Pac 1st rf 4s Union Pacific cv. Union Pac 1st+f 58 Virginia Ry 1st 5s. Va Ry & P 1st 5 Wabash 1st b3. Western Md 4s. Western Pacific 5s. West Shore Ist 4 Wheel & LE cn 4 Whel & LErf 4%s 3 @ Srluamnn s AT 19 6 59% 87% 98% 85% 101% 88% 86 82% 5% 112% B0% 24 97% 101% 86% 4% 92% 87% 35% 98 74 B2'% 56% 55% 58% 82% 100 107% 107% 74% 7% 9% 90% 116 74% 102% 104'4 9% 86% 874 100% 0% 86 59% 8% 98% 59% 87% 98% 85% 101% 881 86 1025 04y 81'% 100% 91% 109¢, | 108% 97 95% 897 764 66% 67 80 CHICAGO LIVE STOCK. CHICAGO, Department May of 10 —Receints, 1,000 hea + week ago, beef steers 2 eri better grades sh (United States Agriculture) —Cattle ompared with to 40 low- owing most de- : vearlings steady extreme top vearlings, ws and 11. bulk and heife: prices vearlings matured better ~ grades strong; lower follow ers and feeders, 6 ws and heife and cutters, 8.25a9.50. Sheep—Re ceipts prac nominally steady pared steady; 17.35; wee! practical 6. al 25a8.50; i veal 00 head; re- I direct, market for week, around 24,000; direct; 180 cars, fed Iots; com- week 'ago, fat top top _clippers, lambs around wool _skinned, 15.6! fat sheep around 50 higher: spots up more: bulk prices follow: Fat lambs, 16.50a17.25; springer: 18. ers, 9.00a9.25; clippe Togs— Receipis, d, clipper kind, 14.50a15.3 6.00218. 01 clipped weth- 5028 .000 head: un- even, owing to heavy hold-over: mostly 10 lower than Friday's average: decline: show more weighty butchers, bulk better grades, spots bulk desirable .50 top, 7.60; 60 to 225 pound weight, 7.25a7.50; packing sows, largely 6.75a6.90; bulk desirables: strong-weight a7.6 7.50 SOW! medium, light light, smooth, 6.80a! [X 6. king sows, P rough, 6.60a6.80; slaughter pigs, 5.50a 5.60. RATES HELD UNREASONABLE. The Interstate Commerce Commis- sion yesterday found to be unreasona- ble live stock rates from points in Ne- braska to Omaha and South Omah Nebr., as related to rates from N braska points (o St.-Joseph and Kansas Tity, Mo., and Sioux City, lowa. suggested commission schedule. The a * revised S P A French Flyer Off to Siam. RANGOON, India, May 10.—The French aviator, Lieut. Pelletier Doisy, who is fiying from Paris to Tokio, today for Bangkok, Slam. | are | new work in some sections. FINANCIAL INDUSTRIES TO RUN AT STEADIER PACE Evidence Develops Showing De- cline in Automobile Production and Building Operations. NORMAL LEVELS NOW IS AIM Financiers and Business Factors Want Breathing Spell. BY J. C. ROYLE. I Dispateb to The Star. NEW YORK, May 10 —There is ample evidence today that two of the great American industries which have run at wild speed for months past have slowed to a steadier pace. Dispatches received In the last twen- ty-four hours from various sections show that the foot has been liftcd from the throttle of automobile pro- duction, which has been running wide open. In the building industry in- vestors have begun to cease putting up money and builders have slack- ened putting up dwellings in conse- auence. Tt is of the utmost importance to note, however, that while activity has dropped below the peak of the year, it has not dropped below nor- mal levels and there is reason to be- lieve that it will not. Autotmobile manufacturers and pankers connected with the industry have apparently become restgned to conclusion that there must be a breathing spell between now and fall in production of 1924 models to allow sales to catch up. They indicate that the trend of sales, which has affected 60 per cent of the makers, cannot be escaped by the remaining 40 per cent for any considerable time. Average Output Maintained. In the Detroit district, the curtail- ment so far has not cut the produ tion of the leading makers below the averace output of 1923 although the in- dustry has grown so fast in the last cighteen months hat even those en- #aged in it are prone to overlook that fact. Replacements can be counted on to absorb a tremendous number of cars and it is an established fact that tho: who have owned cars are most unlikely to t along without an automaobile if they can secure one But automobile executives feel that sales will follow the general trend of industry as a whole and are content to =it tight for a few weeks and await developments. They know by experi- ence that in a given period there is just so much absorptive power for automobiles and if demand does not ex- press itself in one quarter of:the year it is bound to do =o in another. Floater Type of Worker Loses. The floater type of worker is the one who has suffered most from the breath- ing spell. Even companies which have cut most drastically are giving regu- lars about four days’ work a week but the larger Dodge, employers. such as Ford, Hudson and Studebaker, who «till running regular forces full time, have lct the floaters g0 in consid- efable numbers and are not replacing them The not building industry is decidedly alarmed at the curtailment of Building been rushed atean unheard of for some vears. Nearly $20,000.- spent in new con- s mounted and bonu to workers were the rule rather than the exception. Now in- vestors and builders feel that since some of the housing shortage has been filled, the industry is entering a cvele of activity more nearly ap- proaching normal This they declare will tend to stabilize both costs and rents and | remove some of the more dangerous | speculative factors which now threat- | en. Latest reports indicate a loss of 12 per cent as compared with the spring of 1923 for. the country as a | whole outside New York city. The latter city showed a big gain, as did Detroit, and _smaller increases were | reported in Cincinnati, Seattle. Den- ver. Gakland and Columbus, but most of the other cities of impoi istered 1o The most _apparent in western states Radical Reduction Not Feared. Building material men do not an- ny radical reduction in the their products, however. that these prices are fixed desree by labor, transporta- taxation and other factors out- side’ of the immediate demand which make marked reductions improbabie. Elections are not usually regarded with joy by material producers, the voting thi§ week in Berkeley, Calif., brought joy to the lumber men. At the Berkeley election wooden shingles ran neck and neck with President Coolidge and a measure was passed permitting their on specified types of building. This had been prohibited by an ordinance which grew out of a controversy over the cause of the disastrous fire in Berkelcy a year ago, in which the Joss totaled $8.000,000 FOREIGN EXCHANGE, (Quatations furnished by W. B. Hibbs & Co.) Nominal Seliing checks Fold value. today. . .m0 D1 London. pound Montreal, dollar ..: Paris, franc e e Rrussels. frane . ... . Berlin, mark . lirn . frane Ll drachma . 16 0610 0499 30 trillion. 047 3385 00001415 00015 o ; 000 Copeahagen, crown . Christiania, crown Stockholm,” erown By the Associated Press. NEW YORK, May 10.—Foreign ex- changes firm. Quotations (in United States dollars): Great Britain, de- mand, 4.37%; cables, 4.37%; sixty-day bills on banks, 4.35. France, demand, .0806. Italy,” demand, .0446. _Belgium, de cables, . Germany, i i Holland, d mand, .3738; Sweden, deman pand, 1704; demand, 2F Greece, demand, Switzerland, Spain, demand, .1384; L0204, Poland, 0000001 Czechoslovakia, demand, 02933 ; Jugoslavia, demand, .0124; Austria, demand, .000014% ; Rumania, demand, .0051%; Argentina, demand, .3300; Brazil, demand, .1128; Tokio, demand, .40; Montreal, .98 11-32. RAW SUGAR QUOTATIONS. NEW YORK, May 10.—There was no change in the local raw sugar market foday with Cubans held at 5.90, duty paid. There was a sale of 7,000 bags of Philippine about due to an outport refiner at 5.4, duty paid, and 7,000 bags of Cubans for second half May shipment to an op- erator at 5.90. Raw sugar futures opened 1 to 3 points lower, but rallied on coverigg and closed net unchanged. Trading was light, May closed 4.22, July 4.31, September 4.36, December 4.03. Refined sugar was quiet and un- changed at 7.40 to 7.50 for fine granu- lated. B Refined futures were nominal. Sugar futures close§ steady: ap- proximate sales, 11,000 tons. May 4.22, July 4.31, September 4.38, Decem- ber 4.03. e UNFILLED STEEL ORDERS. NEW YORK, May 10.—Unfilled orders of the United States Steel Cor- poration on April 30. made public to- day _totaled 4,208,447 tons, a decrease of 574,360 tons, compared with the end of the previous month. COTTONSEED OIL AT CLOSE. NEW YORK, May 10.—Cottonseed oil closed steady; prime summer yel- low, 9.00a10.25: prime -crude STOCK LEVELS HOLD ON D. C. EXCHANGE Bonds, However, Show Fractiona! Variations in the Trading at Today’s Session. LOCAL ISSUES ARE LISTLES( New Jersey Bankers Indorse Mej lon Tax-Reduction Plan. RY CHAS. P. SHAEFFER. Local issues were listless on trf Washington Stock Exchangc in thy closing session of the week this mormn ing. Stock levels werc unchangeq but bonds had fractional variationg about equally divided Washington Gas Light stock mans aged to score a fractional rise early in the day, but promptly droppef back 1o its year's low. 47%, on a sal¢ of fifty shares. A total of seventy- four shares changed hands. Franklin National Bank, which is on the un- listed scction, had its first public sale of the year, five sharcs changing bands at 144, Washington Gas 65 of 1333 firm at the opening of the session, sclling at 101, but later dropped to 100%, while the 55 of the company sold at 95 and 95%. Railway 1s brought 72% in fairly large volume. and Capital Traction 58 were traded in at 97%. Jersey Bankers Indorse Mellon. The New Jersey State Bankers' As- sociation, now hoiding its annua, convention in Atlantic City, is th latest financial organization to unani mously indorse Sccretary Mellon's plan to reduce taxes. Building and, loan associations were the subject Jf much discussion at the meeta These oonocrns have come to bo regarded as the foremos competitors of savings institutions. It was apparent during the disous- sions from the floor that “new wrin- kies' employed by thes associations are draining savings funds from many of the institutions. Sugwestion was made that bankers strive for elim- ination of prepaid shares i loan as- sociaticns as & means of keeping more money available for bank de- posits Remedial Legislation Urged. Legislation was urged that would limit" issue of paid-up loan certifi cates, assertion being made that de- positors were drawing out funds from their savings accounts for investment in these securities because of the higher rate of interest available. It was stated that many of those pur- chasing prepaid shares are mot aware that these are not a first lien on the assets of the associations. also was proposed to limit the of interest on this type of inv ment Business Failores Paxt Week. The record of business mortalits this woek makes a better showing 376 failures occurring in the United States. This is thirty-eight less than the number reported to R Dun & Co. last week, although it is twent in ‘excess of the total a vear ag All sections of the country had fewer defaults this week than last While this week's bank clearings arc somewhat b of last week. the margin of increasc over the figures for this pe last year widened appreciab gate clearings reported by le ties of the United States totaled $7.705.- 723.000 or about 4 per cent less than last week. They are, however. 14.5 per cent larger than those of a vear ago. were —_— Washington Stock Exchange. SALES. as 563500 ar 05 ashington Gas 6 ‘33— 81,000 0 at 101 Washington Rwr. & Elee. . %5.000 8 Gas Light 75 3t 47%, o0 a1 47% AFTER CALL Traction 5s—-$2.000 at 974 hington Gas 6s "33—$200 at 100%, at_100%, Washington Gas 55—$1.000 at 931, UNLI DEPARTME! Franklin National Bank—5 at 144 BONDS. Bid and Asked P: PUBLIC DTILITY Washington $500 at 25, at 101 45—31.000 2t 10 at $200 B American Tel. & E & Tl & Tel. con ostin & Potoma Am. Tel Am. Tel An Anatostia & Potomac gusr. ©. & P. Telephone 5s.. C. & P. Telephone of V Oapital Traction R. R Georgetown Metropol . Paper Mfg. 6s.. Z Riggs Realty Se (long Rigss Realty 5s (short) Southern Bidg. 6. . Wash. Mkt. Cold Storage bs. Wardman Park Hotel 6. STOCKS. PUBLIC UTILITY Amer. Tel. & Telga. Capital Traction. Washington Gas...... Norfolk & Wash. Steamboat. Federal-American Liberty Livcoln 2. z National Metropolitan. Riggs Shs Second {1 National Bank of Washington TRUST COMPANY. American Security & Trost Continental Trust Merchants’ Bank National Savings & Trost. Union Trust.... ....... S Wash, Loan & Trust. S SAVINGS BANK. Commerce & Savings. Fast Washington... ., TITLE INSURANCE. Columbia _Title. .. e Real Estate Title... . .10 MISCELLANEOUS. R T R Merchants' Trausfer & Storsge. 110 Mergenthaler Linotype.......... 13 0ld Dutch Market com. Ty Natl. Mtge. & lnvest. pld.. .. 812 014 Dutch Market pfd. 3 Lanston Monotype. Security Storagze ‘Washington Mark Yellow Cal : —_— CHICAGO STOCK MARKET. CHICAGO, May 10—Following is-a report of today's sales, high, low anf closing_quotations at the Chicago Stock Exchange: Sale; High. 7 Armour Leather pf. 67% 25 Armour of Dél pf.. 8 300 Contivental Motors, 6% 500 Montgomery Ward.. =3 100 Moot Ward 1057 20 Quaker Oats pf 6000 Stewart Warner i Bwift & Co . S 01% Swift loterl ...\ 20ig 715 Union Carb & Carb. 571y 100 U S Gypsum . my 180 Wrigley .- 12000 Yel Mg B 6000 Yelow Taxi S Total sales, 52,000 shares. Low. Close % kS