Evening Star Newspaper, May 20, 1924, Page 24

STOCK MARKET HIT i BY SLUMP IN PRICES Active Issues Drop at Opening, Score Recoveries and Again Decline. TRADING QUITE IRREGULAR Passage of Soldier Bonus Bill Brings Reactions. BY STUART P. Epecial Dispatch to The Star. WALL STREET, New York, May Passage of the soldier bonus took the market today out of rut. There was an immediate break of one to three points in the active issues at the opening. Then came a partial recovery and in the afternoon a fresh decline teel common had closed Monday %. 1t opened today at 95%a. On sales American Can was oft nearly four points and Baldwin Loco- motive over three. These were fair- )y representative of the movement n the industrial section. Bethlehem Steel under was off almost iwo points. Among the specialties Dupont and Cast Iron Pipe had the sharpest break. Both were off six points at the start, with only a par- tial rally later. Raiiroad Shares Hold. As has been the case right along on days of weakness, the railway shares did much better than the in- dustrials Announcement that Mis- uri Pacific was _acquiring control «f New Orleans, Texas and Mexi a factor. It was in line with what has been said in this dispatch a number of times. The stock ran up sharply against the market be- cause the 16l per cent extra cash dividend bhad not been generally looked for. But later profit-taking brought about a reaction. pecial buying was obviously going on in Chesapeake and Ohio and in Nickel Plate. the significant thing Dbeing that the two stocks were hold- ing all the time practically at pari Chesapeake and Ohio directors have only recently voted the regular divi- dend at the rate of 4 per cent. They do not meet again for another six months. Yet the stock, instead of go- ing down out of disappointment, has been slowly advancing. The conclu- on is not ureasoable that the Ches- apeake dividend was not put up be- cause it was desired to provide an incentive for shareholders to ex- change for Nickel Plate paying 6 per cent. A.T.and T. Financing Plan Surprises. The long-awaited new financing of the American Telephone and Tele- &raph Company was made known to- day. It could not have been said that the total of $150,000,000, as re- ported, was at all excessive. Yet the market for the stock was evidently not prepared. The announcement caused a rather violent break for a tim Following the usual plan, the new shares will be offered to present stockholders at par in the ratio of one new share for five old. payment to be made in installments, the first on_August National Enameling and Stamping was a weak spot among the special- tics, reaching a new low. SHARP BREAK IN MARKET. WEST, 20 hill its Btocks Show Severe Declines, But Later Partly Recover. By the Associated Press. NEW YORK, April 20.—Stock prices crumbled sharply at the opening of today’s stock market under an ava- Janche of selling orders undoubtedly inspired by the passage of the soldier bonus bill over the President's veto. With the initial drop in prices ex- ceeding all expectations, short in- terests rushed to cover, coming into competition with others who had been awaiting a favorable opportunity to accumulate stock at lower levels. Prices snapped back vigorously and about half the early loss was re- covered on this movement. Trading then quieted down, with speculators awaiting further developments be- Tore resuming_active operations on cither side. Recoverles of 1 to 2 points were scattered among leading industrials, and substantial advances 100k place in some of the less active issues, including Pullman, American TRadiator, Brooklyn Edison and Pack- - ard preferred. Before noon, however, a renewal of selling pressure against Baldwin caused a fresh shading of prices. Call money opened at 3 per_cent. The break was one of the sharpest recent months, the lowest prices being recorded In the first few minutes. Except for the point drop in New York Central, the rails held relatively firm. New Orleans, Texas and Mexico advanced 3% points to 1211, & new 1824 high, in reflection of the declaration of a special dividend of 16% per cent in cash. Foreign exchanges opened lower. Markets at a Glance l New York—Stocks weak; U. S. Steel heads long list of 1924 lows. Bonds unsettled: liberty issues break, then rally. Foreign exchanges lower; French franc down 10 points. Cotton barely steady; favorable weather. Sugar lower; increasing offerings. Coffee casy; sympathy Brazilian mar- Rets, Chicago-—Wheat steady: unfavor- able weather. Corn easier; unsettled cash situation. Cattle steady to strong. Hogs inactive, with a declin- ing tendency e R SR $150,000,000 NEW STOCK. American Telegraph and Telephone Co.’s Offer to Shareholders. NEW YORK, May 20.—The Ameri- can Telephone and Telegraph Com- pany announced today that it would ofter to stockholders rights to sub- scribe to approximately $150,000,000 additional stock. The offer will be made to holders of record June 10 at par at the rate of one share for each iive shares now held. The additional stock constitutes a portion of the $250,000,000 increase Zuthorized last year, when the total “apital was advanced from $750,000,- 000 to $1,000,000,000. In view of the pansion program mapped out for this year, sale of a large issue had licen ‘expected to finance extensions. The 300,000 stockholders will be iven the privilege of spreading pay- ments for the new stock over a period of eight months at the rate of $20 a share on August 1, $40 on December 1 and the remaining $40 on April 1, 1925. Interest at the rate Uf & per cent will be allowed on the instaliments. Under an alternate arrangement, however, payments may be made in full on August 1, or on December 1, in which case a small premium above par will be charged in view of the company's 9 per cent dividend rate to which the stock then will be entitled. Directors of the company today declared the four regular quarterly dividends of $2.25 a share for the uext year. S Y WABASH ELECTS DIRECTORS. FORT WAYNE, Ind. in the following directors: Robert Goelet, Chester, N. Y.; John N. Willys, Toledo; George W, Davison and T. E. Wilson, Chicago; J. E. Taus- sig, St. Louis; C. G. Edgar, Detroit, and Henry Rogers Winthrop, J. Har- ris Harding, Alvin W. Krech, Win- slow S. Pierce, Henry Pomeroy, J. Leonard Replogle, William A. Jamie- gonlesg J. G Ottomon, all of New 0. R TINANCIAL.," Alr Reduct (4). Ajax Rubber.... Alaska Juneau. Allied Chem (4).. Allis-Chalm (4) .. Am Agri Chem pt Am Beet Sug (4) AmBrs&F (5). Am Can (16).... AmC&Fpf (7). Am Chain A (2). Am Chicle. .. Am Drug Synd Am Hide & Lea. . Am Hide & L pf. Am Ice (7. Am Internatl. AmlaFFE Am Linseed. Am Linseed p Am Locomo (6) . Am Radiator (4), Am Saf R (50c). Am Ship & Com. Am Sm & Re (5). AmS&RDpf (7). Am Stl Fdys (3). Am Sugar.... Am Sugar pf (7). AmT & Tel (9).. Am Tobac (12) Am W W pf (6). Am Woolen (7) Am Wool pf (7). Am Zine. . Am Zinc pf. Anaconda. . Arm pf Del (7). Arn Cons & Co. Asso Dry G (5).. 560 Ol (1) AtT&S Fe (6) AT&SF pt (5). At Coast L (17). AtGulf & W1 Atlan Ref (4) Austin-Nichols. . . Bald Loco (7) Bal & Ohio (5)... Bal & Oh pt (4). Barnsdall A Barnsdall B..... B'ch Nut (2.40).. Beth Steel (5) . Beth Sti pf (8)... Br'k Edison (8).. Briyn Edison rts. Br'k-Man Tran. Br Man T pf (6). BrklynUnG (4) Burns Br (10) . Burns Br B (2) Bush Tepf (7). Butte C & Zinc Butie&Superiol Butterick Co..... Cal Packing (6).. Cal Pet (1%) Callahan Z Lead. Calu & Ariz (2).. Calumet & Hecla.. Cent Leather Co. . Cent Lea Co pf. .. CerdePasC (4). Chand Mot (6)... Ches & Ohio (4) Chic & Alton pf. Chic Gt West. . Chic Gt West pf. Chic & East 111, Ch Mil & St Paul. Ch Mil & 8t. P pf. ChicRI& Pac. CRI1&P pf (6) Chi Yellow C (4). Chile Cop (2%) Chino Copper. . Cluett, Peab (5 Coca-Cola (7) Colo Fuel & Iron. ColG&E (2.60).. Congoleum (3). Consol Cigar. Consol Gas (5) . Cont Can (4) . Corn Products. Cosden Co. . Cosden pf (7)... Crucible Stl (4) ... Cub Am Sug (2).. Cub Cane Su pf... Cuyamel Fr (4) Danl Boone M (3) Davidson Chem. . De Beers Mines Del & Hud (9). Del L& W (6). Det Ed Co (8) Doug-Pectin (1) . DuPtdeN (3)... DuPdeNdb (6). EastK (15%)... Eaton Ax (2.60) El Stor Bat (4).. End-John ¢5) Famous P1 (8) Famous Pl pf (8). F'd M & S pf (7) Fisher Bdy (10) Fish B O pt (8) Fisk Rubber. ., Fleishman (3). Foundation (6) Freeport-Texas. . Gen Asphalt Gen Elec (8)... Gen Mot (1.20). Gen Petm (2). Gen Refr (4) Glidden Co. Gold Dust. Goldywn Pict. Goodrich. . Goodrich pf (7). . Gdyear pr pf (8). Granby Consol Gray & Davis. Gt North pf (5).. Gr Nor Ore (3). Gr Canan Cop. Gt West S pf (7). Gu Mo & N pf (5) Gulf St 8tl (5)... Hartman Co (4) Hayes Wh'l (3). Houston Oll. . Hud Mot C (3) Hupp Mot C (1) Illinois Cent (7) 111 Cent pf (6) Indep Ol (1) Indiahoma Ref. Inland Stl (2%4) Inspireion Cop. Interb Rap Tr. Int Bus Ma (8). Int Cement (4)+. . Int Com Eng (2). Internat Har(5) . Int Mer Mar pt. Internat Nickel. Inter Nick pf (6. Internat Paper. Int Pappfst (6). Int RysC Am (5) Int Shoe pf (8) ... Int T&T (6). Invincible Oil. . Iron Products (6) Jordan Mot (3). .. Kansas & Gulf. .. Kan City South. .. Kayser Jul & Co. . Kelly Spr Tire. ... Kenne Cop (3) Keyatone T & aa | Lorillard pf (7). Louis & N'sh (6). Ludlum Stl (2)... MclIntyre (765¢) . Mack Trucks (6). Magma Copper.... Mallinson & Co. .. Man El modgtd 4. Manhat Shirt (3). Mkt St Ry prpf. . Marlin Rockwell. Open. High. 74 74 4% 98% 121% 22% Brown Shoe (4).. 1 107% 14% 52% 56% Fifth Av B (64c). 10% 1 4 57 10 106% 7 62 44% 116% 68% 12% rel 22 % 18% 22 14 371% 8% 28% 56 15% Low. Close. 3% 15% B4% 34% B4k UK 114% 114% 114% 114% 3 92% 92% 19 19 15% % 29 22% 35% 34% 4% 0% 19 THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Low. Close. 27% 31% 30% 40 10% 18% 18% 8% 20 10% 81 124 39 Open. High. MaracaiboOll.... 27 27% Marland Ofl...... (324 82 Mathieson Alkaii 301 80% o% (41 Middle St Ofl. Miami Cop (2) Mis Kan & Tex. MisK & Tex pf... Missourl Pacific. Missouri Pac pf. . Mont Power (4) .. Montgom Ward. . Mother Lode (1) Moon Mot (3).... Munsingw'r (3).. Nash Mot (181%). Nash Mot pf (7). Nat Acme....... Nat Biscuit (3). . Nat Dairy (3)....7 3t Nat Dept Stores. .” Nat En & St. Nev Cons Cop. ... NOrT&M (7)., N Y AirBr (4). - NYABra @) N Y Central (7). N YC&StL (6). N Y Doci. 13 18 119% _121%_118% 38 T 88 T 36% 49% 494 494 100% 100% 100% 77 78 16% ....... 28% 381% 28k NYDockpt (5). 60 N Y & Harlm (5) 143 NY NH& Hart... 18% NYOnt& West.. 164 16% 16% Norf & W (18)... 118% 118% 117 North Aneer (2).. 24 24% 23% North Ampt (3).. 45% 45% 45% North Pac (5).... 51% 62 61 Nunnally Co (1).. 7% 1% 1T% Ohio Body & Bl 1% 1% 1% Okla Pr& Ref. 1% 1% 1% Orpheum (13%)... 18% 18% 18% Otis Flevat'(8).. 148% 148% 146% OtisSteel........ % 7% T% Owens Bot (3) 425 424 PacG & E (8) 91k Pacific Oil (2).... Packard (1.20).. Packard pf (7).. Pan Amer (4).... Pan Amer B (4). Panhan Pr & Re. . Par & Bing (2)... Penn Rallrd (3). Penn Seab Steel. . Peop Gas Ch (7). Pere Marq (4)... Pere Mar pf (5). Phila& R&I.... Phillips Pet (2) Pierce-Arrow. ... Plerce-Arrow pf. Plerce Oil. . . Pierce Oil pf. Pitts Coal (4) . Pitts Coal pf (6 Pitts Ut ctfs 1.6; Prod & Refiners. . Pub S El Po(7)pt. PubSNJpf(7).. 98 98 98 Puliman Co (8).. 117% 119% 117% Punta Al Su (5).. 62% 53 52 PureOil (1%)... 21% 22 21% Ry St1 Spg (8)... 109% 109% 109% Ray ConsCop.... 9% 9% 9% Reading (4)..... 52% Reading rts. . Read 1st pf (2).. Read 2d pf (2)... Remington Type. Remington 2d(8). Replogle Steel. Rep Ir & Steel... Reynolds Spr (2) Rey Tob pf (7).. Roy D'tch (3.46).. 8 43% 11 120 54% 8 4% 11% 11% 120 120 % 54% StLS'thpt (5).. Savage Arms.... Sears Roe & Co. .. Sheil Un Oll (1).. Shell Un pf (6).. Simmons Co (1) . Simms Pet. ... Sine Con OIl (2).. Sin Con O pf (8) . Skelly OIl. . Sloss-Sheff (6)... b Sloss-Shpf (7).. So P Rico Su (6) South Pac (6).... Southern Ry (5). South Ry pf (5).. Stew't War (10).. Stromberg C (8) . Studebaker (4).. Sabmarine Boat. . Texas Co (3). ‘ Tex Gulf (1632). Timken (13%)... Tob Prod (6) . Tob Prod A (7). . ‘Transcont Ofl . Underwood (3). . Un Bag Pa (6)... Un Pacific (10)... Un Pacpf (4). ... Un Cigar St (12) . Utd Cig Stor (n).. United Drug (6) . Utd Fruit (10)... USCastlronP.. U 8 Distributing. USR&Ipt (7)., U S Rubber. U S Steel (16) U 8 Steel pf (7). Utah Copper (4).. a67 Utah Securi 28 28 21% £21% 1% 1% Vanadium Corp. . Wabash. . Wabash pf A. ‘Web & Heilb (1) . ‘West EIpf (7)... 1 % | West Maryland W Pacific. estern e ‘West Pacpf (€) . ‘West Air Br (6).. West E&M (4).. WE1stpf (4). Wheel & L. . ‘Wheel & L Er pf. ‘Wh Eag Oil (2) White Mot (1), WJIr(3)... y;:'&b‘(fi)) 45 45% 45 {Partly extrs. 3Payable in preferred. steck. Dividend rates as given in the above tabi are the anual cash payments based on the Intest qoarterly or half-yearly declarations. Unless _otherwise _:ua. extra or spectal gy High. Low. Last. Call Money..... 3 8 3 HOURLY SALES OF STOCKS. 600 12 384, BOND MARKET STEADY AFTER OPENING HOUR Libertys React and Prices Soften All Round, But Losses Are Regainea. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 20.—Passage of the bonus bill by the Senate over the President's veto produced sur- prisingly little effect upon the bond market. Directly at the opening liberty of the longer maturities re- acted substantially and there was a softening of prices all around In the investment list. By noon the loss had all been regained and the market was steady. What had happened was that bids had been withdrawn in many in- stances at the start of business until it should appear just whgt the market reaction would be. %t. was soon discovered that there was still a large demand for high-grade se- curities. While opinion as to the long-range outlook was not unan- imous the general feeling seemed to be optimistic. Third 4%s Not Affected. The early reaction in United States government bonds did not affect either the third 4%s, the nearest ma- turity, in which the banks are chiefly interested, nor the Treasury 4%s, the longest maturity, which have the greatest possibility of _appreciation in a period of declining interest rates. Quotations for high-grade rails and industrials were only a shade lower. New Haven 6s were a point lower at one time and the St. Paul 4s of 1925 made a new low on this move- ment, rallying later. International Great Northern adjustments were lower but the 6s went up. Seaboard Alr Line adjustments were heavy and the Missouri Pacific general 4s lost part of Monday’s gain, but the Mis- sourl, Kansas and Texas adjustments were fairly firm. Among industrials Plerce Arrow §s were down a point and Wickwire Spencer Steel 7s lost fractionally. ¥oreign Issues Steady. Foreign bonds were generally steady. City of Copenhagen 5is were strong. French issues ignored the weakness in the franc. Czecho- slovak 8s sold down to the issue prices of the new bonds. Belgian 6s went above par. The principal piece of new financ- ing was the $9,250,000 Czechoslovak 8s, loan of 1922 series B, offered at 96% to yleld 8.3 per cent. This series matures October 1, 1952, while the old 8s. offered two vears ago, mature in 1951. An application by the St Paul to the Interstate Commerce Commission for permission to pledge a block of General 5s as security for a note Issue, it was learned, was not to be followed by an immediate action. ‘WALL STREET BRIEFS. By the Associated Press. Gross earnings of $92,708,759 report- ed by the New York Central railroad for the quarter ended March 31 show 9% | a2 decline of more than $8.000.000 from the first quarter of 1923. The total income was $20,804,236. Surplus after charges was $8,218,098, against $8,- 909,730 a year ago. Crude rubber is at its lowest price in the New York market in two years, spot ribbed smoked sheets having been quoted at 17!z cents vesterday. Prices of brown Crete, thin, clean Am- ber No. 1 and fine up-river Para range from 18 to 181 cents a pound. The declining prices were attributed to the present “hand-to-mouth” buy- ing policy of rubber manufacturers. Net income of the Detroit Edison Company in the first four months of 1924 was $4.125,383, a gain of $604,926 over the corresponding period of last year. Surplus aggregated $2,729,067. Acquisition of the Kansas City, Mex- ico and Orient rallroad probably will be considered by directors of the Rock Island when they meet here on May 28. The board will have before it the report of James E. Gorman, president of the Rock Island, who recently made an inspection of the property. It is understood to be favorable, but sev- eral directors are said to hold oppos- ing views. Earnings of the Mountain Produc- ers’ Corporation from the sale of oil and gas in 1923 totaled $6,922,739 aft- er deducting government and other royalties for the quarter ended March 31, $2,208.970. Dividends amounting to $3.007,654 were paid in the fifteen months. The Pacific Oil Company within the past year has increased its holdings of Associated Oil shares from 51 to almost 55 per cent of the total $56,- 000,000 outstanding Stock. Most of the additional shares were acquired when the Associated Oil Company of- fered $10.000,000 stock to stockhold- ers for subscription last year. Greater demand for %rucks by gen- eral contractors, builders and road contractors, according to officials of the General Motors Truck Company, a subsidiary of the General Motors Corporation, is attributed to increased shipments of two tons and heavy duty trucks in the first four months of the current year, compared with the same period in 1923. The demand indicated, it was said, that a large program of structural and road build- ing was under way. DIVIDENDS. Stoek of Record, June & May 31 June 20 May 22 June 10 Burroueh u‘alcn.k achite ughs . Co., q., $2. stock. but holders may receive 50c a share %m pr;vldfid for pu 1t "9.&' 1. stock, "dividend {8 at Tate of one-fortierh of & share for each share held. Niagara Falls Power Co., q.. June 18 May 31 7 . Jaly 15 Juse 30 Thee ire éinivaicnl Pirents of £ 00 o ‘mon, ‘was spl or 1, 5 preferred, also split 4 for 1. e E. L du Pont de Nemours & June 16 June § Joly 35 July 10 = Powder g"i‘lfiq-fi 1%9{3 com- A s Eowiar P Montreal tons, l,!;ld.. q., = 18 1%% common and 1%% ey & Omit o nt _F;ld on Dec. 11, 3 e disburse- ment, which calls for $1,- 002,751, is made from sur- plus . June 15 May 31 amount was June16 May 31 —_— (Quotations turaieped by Redmond & Co.) id. Alumisam Co. of Amer. 7s 1935. 1% Aluminum Co. of Amer. 7s 1983. 106% 9% . 18 24 STAR, WASHINGTON, D. C., TUESDAY, MAY 20, 1924, [ vorr BONDS o sz wwmme (Bales are in $1.000.) UNITED STATES BONDS. (Fractions represent thirty-seconds. Example: 101-3 means 1013-32.) Bales. High. Low. Clows. Lib 3%s. . 113 99-31 99-29 99-30 Lib1st £is... 409 100-20 100-8 100-17 Lib2d 4%s... 1626 100-12 100-4 100-11 Lib3d4%s... 758 101-1 100-31 101-1 Lib 4th 4i(s. . 2635 100-26 100-16 10025 US4Ke1952. 500 10217 102-9 102-16 FOREIGN. Bales. High. - 16 101% 90 90% 102% 100% 102 89% Low. Closs. Argentine 7 Argentine 65'37 5 5% 149 Czechoslovakia 8s. 85 Danish Munic8s A 4 Danish Munic8s B 1 Denmark 2. Finland s f 6s 1945.. Framerican 7% French Govt 8s French Govt 7%s. Haiti6s....... Holland-Amer €s.. 5 Ttaly 6%s 1926. 35 Japanese 43 Japanese €% Jergens U M 6: Lyon 6s. . Marsctlle Montevideo 7. Netherlands 6s. Norway 8s.... Norway 6s 1943 Norway 6e 1952, Orient Dev deb Paris-Ly’s-Med Gs. Porto Algere 8s. Prague 74s. Rio de Jan 8s 1946. Rio de Jan 85 1947. Pio Gr Do Bul 8: Sao Paulo City Bao Paulo State 8a. Seine Dept of 7 27 Serbs Crotes Slo 83 §i Solsso: Sweden . Swiss Confed 8 2 Ud Kingm 5%s Uruguay 8s. Zurich 8s. 103 109% MISCELLANEOUS. Ajax Rubber 8s 7 76% Am Agr Chem 7 4 8T% AmChainsf6e'33. 6 93 Am SmIt&R 1st bs. 32 93% Am SmIt&R 6: 1 Am Sug ref 6s. AmT & Tcltrdés. 133 Am T & T deb 5%s 98 Am Water Wks5s 1 Anacondacvdb s 61 Anaconds 1st 6s... 41 Armour of Del 5%s Associated Ol 6s. . Braden Copper 6s.. 10 Brier H St 1st 5%s 10 Bklyn Ed6sB..... Buzh T Bldg 58 '60. Calif Pete 6%s. Can Gen El deb 6s. Con Coal Md 1st Cuba Cane cv d 8s. Denver Gas 5s... .. Det Edison ref 6s.. Donner Steel 7 Du Pont de N THa. Dugquesne Light 63 Est Cuba Sug 7% Empire G&F 7% Fisk Rubber 8s Gen Elec deb 5i Goodrich 6% .14 Goodyear 8s 1931..122 1941 Humble O&R 5%s. 4 Illinols Bell 1st 5s. 62 Int Mer Marine €s. Inter Paper 68 "47... EKCP&Lt6sAS52. '2 Kan G & El 6s'52.. Kelly-Spring 8 7 Lackaws S bs . 3 Liggett & Myrs 7s. 4 Liggett & MyrsGs. 6 Lorillard (P) bi 1 Lorillard (P) 7 sMagma Copcv 78.. 28 ManatiSug st 7%s 2 Mexican Petrol 8s. 8 Midvale Steel 5 15 Montans Power bs. New Eng Tel 5s NY Easn 1st 6% NYG EL H&P 45 Nor States Pow €s. 2 Northwat B Tel 7s. 27 Otis Steel 7% People's Gas 5s.... 1 nlr‘hmc&xn. 10 Phila Co5%s'38... 8 Phila Coret Gs A. Plerce-Arrew £ . Pierce Ofl deb *>.., 11 Public Service o8.. 15 Pub Ser Elec 65 wi. ;: Che > Va-Car Ch 7%sw., - rewlEell now Wilson & Co 1st 68 Wilson&C ov 7%8.. - = 13 Youngstn S & T 6s. 10 ————— A bone to the dog Is mot charity. Charity is the bone shared with the doE When you are just as hungry as e doke .- - - Direct to The Star Office. RAILROADS. 8l les. High. Low. Closs. Atchison gen 4 AtlanticCLel Canadian North 78 Car Clinch & O 5 Car Clinch & O 6s. Cent of Ga 6s. Central Pacific 4s. Chi Great West 4s. CM & Puget Sd 4s. ChiM & St Prf 431 Chi M & St Pcv bs. ChiM & St P 4s'25. Chl M&ES P cv 4%s. Chi M&ST P 4s'34. @ =12 @ BurSRuarfimada Cleve Term 5%s. Cleve Term 5s. . Colo & Sou 4%s Del & Hudson 5%s. Den & Rio G cn 4s. D & Rio G imp 5s.. e - Sr=ta nBon —oBR Erfe conv . Erie conv 4s B. Erfe convdsD. Erie & Jersey 6s. .. Gr Trunk st db 63. Grand Trunk 7 Gr North gen Gr North genb¥%s .. Green B& W db B. Havana ERL&P 53 HuZ & Man ref 6s.. Hud & Man aj 6s... 111 Central 64s. ... Int Rap Tr 6s stpd. Int & G Nor a 6s. Int & G Nor 1st €s. Kansas City S 3s Kansas City S 5s. Kan City Term 4a. Lake Shore 4s°31 Louis & N6s 5S.... MIIEIRy&LSs... M& St L 1st ref ds. M StP & SSM 6 % & Tistds..... TprinbsA. NYOnt& W ref New York Ry a) Northern Pac 58 Ore-Wash 1st rf Pennsyl gen 5s. Pennsyl gen 4%s.. Pennsyl 6%8...... Pennsyl gold 7: Pere Marq 1st bs. Reading gen 4s. Reading gn 4% Rio G West 1st 4 RIATk&L4% St LIM&S R&G St L3 M&S 45°29 StL&SFpldsA.. StL&SFprinbs. StL&S Finc 6 StL&SF6% StL&SFad)és StL&SFplésC.. StLS W con 45°33 StP & KCShL 4%s. St P Un Dep 5%s... San A & Arn P & Seabd A L4ssta.. Seab'd A Lref ds.. Seab'd A Lad} b Seab'd A L con és. Sou Pacific 45 1929, Sou Pacificret ¢s.. Southern Ry 1st 6s. 22 Southern Ry gn 4s. Union Pac 1st Union Pac 1st rf 48 1 West Shore 1st 4 Whel & LE rf 4% TOTAL SALES ( 1lam.. 4382000 12 1p.m., 8750000 2 p.m...1 87% 83% 98% 85% 8% 83% 98% 86 0 049 000 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) old value. London, pound. 48885 Moatreal, dollar. Paris, franc. States dollars): mand, 4.36; _cables, bills ‘on banks, %. mand, .053 gium, Germany, demand _ (per Nominal Selling checks toda; 23%. Holland, demand, .3736%. way, mand, S o6, ““Polana, ~demand, Czechoslovakia, demand, Jugoslavia, demand, 23! Sweden, , demand, .1386. Greece, d 0123% . tria, demand, .000014%. Rumania, de- Argentine, .3287. . demand, demand, 40%. Montreal, 98 .1095. demand, o, 9-32. e From the Boston Transeript. Bix—You never hear of a self-made a woman changes the plans so often that the job is never FINANCIAL. COTTON MARKETS. NEW YORK, May 20.—The market opened easy today at a de- cline of 15 to 35 points under liquida- tion, and selling was also influenced by the opening decline in the stock market, relatively easy Liverpool cables and uncertainty as to the ef- fect of the Washington news on gen- eral business. May sold off to 30.95 and October to 25.07 at the opening, but trade in- terests were buyers at the decline and prices soon steadied on reports of rally in the stock market and cov- ering. ~ May sold up to 31.07 and O tober to 25.28 in the first half hour, making recoveries of 12 to 20 points from the lowest. There were eighty- nine May notices reported in circula- tlon and they caused some liquidation of near months. The market turned steadier as soon as initial selling orders had been ab- sorbed and prices advanced later on the forecast for showers and cooler Weather over the greater part of the belt and on reports that the May no- tices were being promptly stopped. May sold up from 30.95 to 31.50 and October from 25.07 to 26.50, the gen- eral list ruling about 13 to 22 points net higher at midday. Z = 5 24.35-10 Opening iay, ‘30! 28.65; Ociober, 25.07; December, 24 . 2412 bld. NEW ORLEANS, May 20.—The cot- ton market opened easier on poor Liverpool cables and as & result of the passage of the bonus bill. The issuing of notices for 8700 bales on May contracts in New York was also a depressing influence. First trades showed losses of 24 to 25 points and prices eased off 12 points additional on July and four on October right after the opening call, the former month trading down to 28.48 and later 24.26, or 37 and 28 points below the previous close. The market then rallied fairly on prospects for un- favorable weather in the western belt, recovering 16 to 26 points from the early low. Cotton futures closed steady at 4 points et down to 5 up. January Ma; Juiy October % December 24.50 0] Opening: January, 23.93 (bid): May, 30.90; Juy, 28.75; October, 24.30; December, 24.01. LIVERPOOL, May 20.—Cotton spot limited demand; prices steady. Good middling, 18.45; fully middling, 18.00; middling,” 17.45; low middling, 16.60; good ordinary, 15.60; ordinary, 15.10. Sales, 4,000 es, ~ including 2,600 American. Receipts, 7.000 bales, in- cluding 6,000 American. Futures closed steady. May, 17.38; July, 16.70; October, 14.70; December, 14.26; Jan- March, 14.03. Janoary Low. 24.12 3080 Close. uary, 14.1 CHICAGO GRAIN MARKET. CHICAGO, May 20. — Although weakness of New York stocks had a slightly depressing effect on wheat prices at the opening today, the wheat market soon scored a decided upturn. Buying on the part of a large ele- vator interest was more or less re- sponsible for the lift in values. Corn strength and the fact that the Me- Nary-Haugen bill was expected to be taken up at Washington today had a further bullish influence Opening prices, which varied from un- changed figures to 3% lower, with July 1.06 to 1.06% and September 1.07%, were followed by material gains all around. Corn developed fresh strength as a result of unseasonably cold weath- er and because of scantiness of re- ceipts. May shorts continued to be active bidders. After opening at % d ne to 14 advance, July 76% to 76%a%, prices made good upturns *loais were # sym ats were firmer in thy with corn and wheat starting unehanged to % higher, July 44% to 44%. Oats later hardened a little more. Provisions held steady, reflecting the course of hog values. May July AT 5 44 September 391, —_— GRAIN AND PROVISIONS. BALTIMORE, May 20 (S — Potatoes, whits, 100 pounds foal. 150 pounds. 1.25a2.75; new potatoes. barrel, 5.00a850; asparagus, 2 1.50a4.50; beans, bushel, 4.00a5. beets, 100, 5.00a8.00; kale, bushel, 25a 40: cabbage, basket, 1.75a2.15; carrots, 100, 5.0027.00: cucumbers, 3.50a5.0¢ eggplants, crate, 2.50a5.00; lettuce, hamper, 75a2.00; onions, 100 pounds, 50a1.50; spring onions, hundred, 50a 1.00; peas, bushel, 1.23al.75; peppers crate, 25a40; spinach, bushel, Z5a: radishes, 100, 2.50a3.00; squash, bas- ket 1.75a2.00; tomatoes, crate, 4.00a Apples—Packed, barrel, 1 bushel, 70a1.25; box apples, 1.90a2 grapefruit, box, 2.00a3.25. oranges, box. 120a4.25] 'strawberries, quart, ais. dozen, Settling Prices on Grain. .whell—No. 2 red winter, spot, 1.13; No. 2 red winter, garlicky, domestic, 1.13; no quotations on No. 4 or No. 5 red winter, garlicky. No sales. Corn—Cob, new, 4.25a4.30 per bar- rel for yellow, and 4.10a4.15 per bar- rel for white;' No. 2 corn, spot, $3%; No. corn, spot, 82%; track yellow, No. 3, 89. s St Oats e s—No. 2 white, 58 as] ; No. Wl;{te. n’sw‘ 57 asked. ed: No. 3 ye—Nearby, 70 ; No. Pl Y, a75; No. 2 rye, Hay—Receipts, 110 tons. Although there {s some increase noted in re- ceipts of hay generally, there is no surplus offering of more desirable quality of timothy or light clover mixed, for which there is fair de- mand, at full quotations. Low-grade, damaged and unsound hay has to be sold on merit, as the market is very irregular for anything below No. 3 uerlot.hy- uotations—No. 1 timothy, 29.00; No. 2. 28.00a28.50; No. 3 timothy, 25.50a26.00; No. 1 light, 25.00a26.00 27.00a27.50; No. No. 1 clover mixed, 2 clover, 24.00225.00. Straw—No. 1 straight rye, 23.00a 24.00 per ton; No. 1 tangled rye, 18.00 a20.00; No. 1 wheat, 17.00a18.00; No, 1 oat, 16.50a17.00. —_— CHICAGO LIVE STOCK MARKET. CHICAGO, May 20 (United Sta Department of Agricuiture). Hax:" cotton NEW U. S. FINANCING TERMS ARE AWAITED Secretary Mellon Expected to Adopt Class of Securities When Needs Are Disclosed. SHORT-TIME NOTES LIKELY Clearing House Has Method of Ex- pediting Money Transactions. BY CHAS. P. SHAEFFER. While new United States government financing is anticipated the middle of next month, announcement of which is expected one week earliar, the exact terms of the new lssue are at present obscure. It is believed that Secretary Mellon undoubtedly will decide upon what class of securi ty to float when the tax bill and bonus measure assume a greater o gree of definiteness. Approximately $311,000,000 of threc- year notes bearing 5% per cent in- terest mature on June 15, the date the second installment of 1923 income taxes falls due. It is considered probable the gov ernment will offer an issue of short term notes running from three to five years. There are some authori- ties who anticipate another bond is- sue, but the majority look for short term notes or certificates of indebted- ness. Plan to Expedite Business. A delegation of Washington Clea: ing House Association members, c sisting of Robert V. Flem Johr Poole and Harry V. Haynes, with the first named chairman,” will call o Gov. Seay of the Richmond Feder: Reserve Bank next Wednesday, with the view of devising and putting into practice certain measures which will expedite money transactions between local banks and the fifth federal re- serve institution. Details of the committee's plans will not be given to the public until the arrangements have actually beer made. Plans for the addition of approx- imately 15,000 square feet to the banking quarters and the erection of a five-story buiMling adjoining the present structure on New York ave- nue, were approved by directors of the National Savings and Trust Com- pany yesterday. g The banking room of the institu tion will thus have a frontage of 1 feet on New York avenue with i depth of 135 feet. The project, when completed, will house the bookkeep- ing depariment and the clerical per- sonnel of the trust department on the second floor, with the tellers windows and officers’ quarters oc- cupying the lobby. The addition will conform archi- tecturally with the present structure and will be built of red brick. Light Trading on D. C. Exchange. Extremely light trade at falling prices ruled on the local board this morning. Capital Traction continued its decline, selling at the close at 92%. while Washington Gas Light stock was weak at 48. Norfolk and Washington Steamboat sold at 214. and Washington Gas 6s, the only active bond, brought 101%. Business Matters Before 1. C. C. The High Point, Thomasville and Denton Railroad Company received authority from the Interstate Com- merce Commission to acquire and a line from High Rock; to High Point, N. C, a distance of thirty-six miles. The Interstate Commerce Commis- son today ordered a 10 per cent re- duction in the express rates on fruit, berries, vegetables, butter and eggy when shipped in carloads The order was an amendment to an order on November 10, 1923, which reduced ex- press rates on food articles 10 per cent. Tentative Valuations. Tentative railroad valuations were fixed by the Interstate Commerce Com - mission today as follows: FEast Tennes- see and Western North Carolina rail- road, as of June 30, 1916, $1,614.287: Mammoth Cave railroad of Kentucky, as of June 30, 1917, $85,000; Asheville and Craggy Mountain railway of North Carclina, as of June 30, 1916, $112,450. Ask O. K. of Bond Issues. The Chicago, Milwaukee and St Paul railroad today asked the Inter- state Commerce Commission for per- mission to issue $3,370,000 general mortgage 5 per cent gold bonds to pledge as collateral security for short-term notes. Application Withdrawn. The New Orleans, Texas and Mex- ico road has withdrawn its applica- tion to the Interstate Commerce Com- mission to declare a 10 per cent stock dividend and in conformity with the terms of the agreement between the Missouri Pacific and the bankers, has declared a special dividend of ‘16 per cent amounting to $2,475.000. RETAIL TRADE HOPEFUL. Merchandizing, Notably Men's Clothing, Keeps High Level. SEATTLE. May 20 (Special).—In practically all lines of retail mer chandising and especi in men's clothing and furnishings, business here is maintaining comparatively high levels. It is not up to normal however, in men’s shoes and women's white shoes. The larger department stores report their sales for the first three weeks of May ahead of the cor- responding period of last vear. has been an equally sa crease in the last week clearings, which were larger than in any similar period since 1920. Heav: building operations are not expected to show material signs of slackaning until next winter. The demand for sheet metal work for roofing is par- ticularly in evidence. e BOURSE PRICES IRREGULAR. PARIS, May 20.—Prices on the bourse today were irregular. Three per cents, 53 francs 10 centimes; ex- change on London, 83 francs cent loan, 66 francs 15 centimes. Th: dollar was quoted at 18 francs §5 centimes. Receipts, 23,000 head: slow, medium and heavyweight mostly unchanged; lightweights steady to 10 lower: light light, 10 to 15 off; selling 15 to 25 lower; light spring demand, bulk good and choice 250 to 325 pound butchers. 7.60 to 7.75: top, 7.75: desirable 160 to 210 pounds weight, 7.55a7. better "grade 140 to 150 pound averages, 7.10a7.40; bulk pack- g s 1 30a7.00; Eood and cholcs ngweig] sl ter 1 6.2526.50. i Cattle—Receipts, 9,000 head; beef steers and yearlings rather slow, un- even: generally steady to strong with Monday’s decline; receipts moderate; killing quality, mostly medium, no strictly choice 'offerings here; early top matured steers, 11.25: few loads, 10.75210.90; vearlings in liberal sup- ply; best youngsters, 11.00; bulk fed steers and yearlings, 8.50a10.50; fat she stock active, strongm spots high- er; bulls steady to easy: veal calves, 25'to 50 higher, mostly 50 up: pack- ers taking good to choice kinds at 10.50a11.00: outsiders selecting up- ward to 12.00; stockers and feeders searce, firm; bulk thin-fleshed kinds, 6.50a8.50; meaty feeders. Wisconsin grazers, '10:85: one load averaging 1,176 pounds late yesterday, 11.15. Sheep—Receipts, 7,000 head; fairly active; fat lambs steady; sheep weak, particularly heavy kinds: early bulk fat clipped lambs, 1#.75:15.: LONDON, May 20.—The war office soon will place a contract for approx- imately 7.000 tons of fronzen beef and mutton from Australia and New Zea- lgnd 2 ’ o — NEW YORK DAIRY MARKET. NEW YORK. May & Firm; receipts, 17,865 tubs; creamery, higher than extras, 39%a40: cream- ery, extras (92-score), 39: creamery, firsts (88 to 91 score), 37%a38%. Eggs—Steady; receipts, 62,861 cases Cheese—Irregular; receipts, 171,733 pounds; state, whole milk flats, fresh. fancy, 16a16%; do., average run, 15% state, whole milk, twins, fresh, fancy. 15%al6; do., avrage run, 15%. BOSTON STOCK MARKET. BOSTON, May 20.—Following is : list of today's highest, lowest and closing prices for the most active stocks dealt in here: High. Low. Am Wool . @% a2 ‘Amoskeag. Q88 Arizona Com 3 Roston & Alba Cloee. % Mohawk . New Dominion A. New Engiand T & T. NYNHG&H Talted Shoe Macn ofd o el Ventura OIl - Waldort