Evening Star Newspaper, May 23, 1924, Page 28

STOCK MARKET TODAY HIGHLY IRREGULAR Lack of General Trend Is Marked ! Feature of the Trading. UTILITIES GROUP STRONG Sharp Run-Up of N. & W. Revives Lease Gossip. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, May 23.—Today's stock market was highly irregular and during the greater part of the time there was no general tendency either wa Sugar stocks were weak on the fur- ther reduction of ten points in refined sugar prices and the heavy selling in the raw sugar market. Leading sugar interests continued to raise their es- tmate of the new Cuban crop, and ne firm has gone so far as to predict total of over four million tons. Punta Alegre at one stage was off nearly two points and Cuba Cane pre- ferred 11 points. Cuban American Sugar dropped be- low 0. Despite this those best in- formed about the probable earnings of the Cuban companies insisted that these would be altogether fa- vorable. A dividend on Cuba Cane preferrad was talked of for June. Consistently Strong Groups. of the most consistently strong groups all along has been the public utilities, and this was true again today. There was special buying in Consolidated Gas and in the American Water Works und Electric shares. Now that the 6 per cent shares of the latter compan ng its full dividend the way on One for a declaration common. Should 6 per cent eventually be distributed on the junior stock the 6 per cent preferred is entitled to share equally in anything further pald out. At present earnings are running above 13 per cent on the combined & per cent preferred and common. Traders who had sold American Tel- Nephone and Telegraph short on the announcement of the news to the offerings, \\zre continuing to take the! los The shur[) run-up in Norfolk and Western was attended by a revival of goss| s to the terms of the Penn: nia lease negotiations. This Fossip, of course, was decidedly bull- ish. Investment Buying Noted. What appeared to be further in- vestment buying was noticed in the Union Pacific, in Southern Pacific and i1 other old-line dividend-paying rails, although it was not at all large. Low-priced ralls received very little attention. Among the oils the Mexicans did_bet- ter than the American shares. Pan- America got above 50 again, and there was some buying of Mexican Seaboard on reports of fresh oll discoveries on the company’s territory. As the afternoon went on, realizing sales began to have more effect. In the motor and related shares there was some further covering for a time In Willys- rland preferred, but as eoon as this was over the stock fell back again. TRADING IN NARROW LIMIT. Industrials Drift in Early Market, But Better Tone Follows. By the Associated Pr W YORK, May 23.—Stock prices #howed little change at the opening of today's market. United States Steel common, Baldwin and Ameri- can Can opened fractionally lower and “Big Four” lost a point of yes- terday’s 3-point galn. American Wa- ter Wor's improved fractionally and established a new high record for the year. Coppers were reactionary, but the rails again held firm. The market developed considerable irregularity In the later trading, but price movements were very nNarrow. Prices of standard industrials drifted rather aimlessly during the morning, with reactionary tendencies eveloping in the steel shares on the Federal Trade Commission's recom- mendation of the abolition of the “Pittsburgh plus” price plan and in the sugar shares on lower raw urices, American Sugar refining, Cuba Cane preferred, Punta Alegre Sugar, Gulf States Steel and Great Northern Ore dropped a point or so. Other heavy spots included Chandler, Mack Truck and Dupont all off about a point. Railroad shares stiffened when Nor- folk and Western was pushed up 4% points to 124%, on reports of the progress made on plans for the lease of that road to the Pennsylvania. trength of this issue and a brisk demand for & number of specialties imparted a steady tone to prices round noon. Congoleum advanced points; New York Dock 2 and Consolidated Gas, American Tele- phone, International Paper and a few others moved up a point or more. Call money opened at 3 per cent. The bears tested the absorptive ca- pacity of the market after midday, when Tnited States Steel, Baldwin, American an, United States Industrial Alcohol, encral Electric and Chesapeake and Ohio were forced down, but as little stock came out, they covered hurriedly when a brisk inquiry arose for New York Central. That stock advanced to 3.02%, and there was also a wider de- vhand for various public utllities which Tave recently shown independent strength. Markets at a Glance New York—Stocks irregular; pub- lic utilities respond to good earnings. Bonds steady; two liberty issues at new highs, Foreign exchanges ir- regular; French franc steadies. Cot- ton steady; large May notices oftset by bullish visible supply figures. Sugar weak; increased crop esti- mates. Coffee easy; lower Brazilian markets. hicago—Wheat firm; freezing tem- poratures in Canada. Corn steady; sympathy with wheat. Cattle weak); demand " limited. Hogs steady to lower; liberal receipts. Adv. Rumley... Alr Reduct (4) .. Ajax Rubber.... Alaska Juneau. . . Allled Chem (4).. AIC&DDI (D)., 1Allis-C Mpf (7). 1 Chem..., Am Agri Chempt Am Bosch. . ..... {AmBrS&F (| Am Can (16) Am Can pt (7) AmC&Fpt (7). Am Chicle. Am & F P 23%(T) Am Internatl. Am Linseed. Am Locomo (6 Am Radiator (4). Am Saf R (50c AmT&Ter 9y Open. High. 7 1% T1% 1 Am Tel & Tel rts Am Water Wks. . AmW W pt (8). AmW W st (7). Am Woolen Am Writ Pap pf. AmZine.... Anaconda. Arn Cons & Co. Assets Realizat. Ass0 Dry G (5) Asso Ol (1) . AtT& S Fe (6) AT&SF pt (5 Atl Birm & At.... Atl Coast L (18). 12 Atlan Fruit cfs. . AtGult & WI.. At Gulf & W 1pt Atlan Ref (4)... Atlan Ref pf (7). Atlas Powd (4). Atl Powd pf (§). Auto Knitter. Bald Loco (7). Bal & Ohlo (5)... Barnsdall A Barnsdall B. B'ch Nut (2.40) Beth Steel (5)... Br Em Briyn Edison rts. Br'k-Man Tran. . Br Man T pf (6). BrklynUnG (4) Brown Shoe (4).. Brown Sh pf (7). Bush Tepf (7)... Caddo Cen O & R. Cal Packing (6).. Cal Pet (1%)... Callahan Z Lead. Can Pacific (10). Cént Lea Copf... Cerde Pas C (4). Chand Mot (6) Chic & East Iil. Chic Gt West Df. Ch Mil & St Paul. Ch Mil & St. P pt. Chi & Nwn (4)... Ch & Nwn pf (7). ChPneuT (5). ChicR1& Pac. CRI&P pf (6) Chile Cop (2%) Chino Copper. CCC&StL(5).. Cluett, Peab (5). Congoleum (3) Conley Tin Foil Consol Cigar. Consol Gas (). Consol Textile. Cont Can (4) . Cont Motors (20¢) Corn Froducts. Cosden Co. . . Crucible Stl (4) .. Cub Am Sug (3). . Cu AmSu pf (7). Cuban Cane Sug. Cub Cane Su pf.. Cuyamel Fr (4).. Danl Boone M (3) Davidson Chem. . Del & Hud (9) . Del L& W (6)... Det Ed Co (8) . Dome Mines (2) Du PtdeN (3). Duq Lt st pf (7).. Eastman (16%). EI Stor Bat (4) End-John (5) End-John pf (7).. Erle.... Erle 1st pf. Famous P1 (8)..... Famous Pl pf (8). F'AM&Spt (7).. Fifth Av B (64c). Fish B O pt (8) Fisk Rubber. sk Rub pf A Fleishman (3). Foundation (6) Freeport-Texas. . Gen Asphalt Gen Elec (8). Gen El spe (60c). Gen Mot (1.20)... Gen Mot db (6) Gen Petm (2) Gt North pf (5) Gr Nor Ore (3). Guantan Sugar. .. Guif St Stl (6)... Hartman Co (4).. Hayes Wh'l (3).. Houston Ofl Hud Mot C (3). Hupp Mot C (1) Hydraulic Steel. . Illinots Cent (7).. 11l Cent pt (6) . Indep Oil (1) Inspiration Cop. Interb Rap Tr.... Int Bus Ma (8)... Int Cement (4)... Int Com Eng (2). Internat Har(5) . Int Mer Marine. . Int Mer Mar pf... Internat Nickel Internat Paper. ... Int Pap pf st (6) Invincible Oil. Iron Products Jewel Tea pf. Jones Bros Tea. .. Jordan Mot (3)... 85% F 94% 82 28% 3 149% 108 85% % 62% 23% 4T 13 118% 102% 16 116% 103% 107% 1% 93 4 11 9% 6% 217% 317% Il 11 % 66% 35% 84% 65% 102% 21% 1% 424 22% 85% 8% THE EVENING STAR, Missouri Pac pf. . Montgom Ward. . Mont Power (4).. Mont Pow pf (7). Moon Mot (3).... Mother Lode (1). Nash Mot (1835). Nat Biscuit (3).. Nat Dalry (3). Nat En & St. Nat Lead (8). Nat Lead pf (7 Nat Ry.M 2d pf.. Nat Supply (3).. Nev Cons Cop. NOrT&M (7). Y Alr Br (4) NYABrA@.. N Y Central (7).. NYC&StL(6). N Y Dock........ N Y Dock pt (5) . NY NH & Hart. Nort & W (18) 1 Norf & Wpt (4). North Aneer (2).. North Am pf (3). North Pac (5) Ohio Body & BY _. Oh F Sup (2%). . Okla Pr & Ref Owens Bot (3)... Pacific O1l (2). 1% | Pan Amer (4). Pan Amer B (4) Park & Tilford. ... Penn Rallr'd (3). Penn Seab Steel. . Pere Marq (4)... Pere Mar pf (5).. Pere M prpt (5). Phila Co (4)..... Phoenix Hoslery. Pierce-Arrow. Plerce Oil. Pitts Coal (4) Pitts & West Va. Prod & Refiners. PubSer NJ (4). % | Pullman Co (8).. Punta Al Su (5). Pure Ol (1%)... Pure Oil pf (8)... Ray Cons Cop. ... Rand Mir (235) Remington Type. Remington 2d(8). Replogle Steel. .. Rep Ir & Steel. .. Reynolds Spr (2) Rey Tob B (3)... St L San Fran. .. St L-San Fr pf. St L Southwest. . StLS'thpt (5). Savage Arm Schulte pf (8) Seab'd Alr Lipf. . 15 | Sears Roe & Co. Simmons Co (1). Simms Pet. ... Sinc Con Ol (2).+ Skelly Oll.. 5 Sioss-Sheft (6) South Pac (6).. Southern Ry (5). South Ry pf (5).. Spaulding pf (7). Spicer Mfg. . St Oil Cal (2). Std Gas & El (3). StONNJ(1).... StONNJpf (7). Std Plate GI(76c) Stew't War (10).. Stromberg C (8) . Studebaker (4).. 14 | Superior Oll...... ‘Tenn C & Ch. ‘Texas Co (3).... Tex Gulf (16%). Texas & Pacific. . Tex & Pac C&O. Timken (13%) Tob Prod (6).... Tob Prod pf (7) Transcont Oil. Un Bag Pa (6)... Un Pacific (10! Un Pacpf (4). . Un T Carpf (7) Utd Alloy Stl (3). United Drug (6) . Utd Fruit (10)... Utd Ry Invest pf. U S Cast Iron P, U 8 Hoft Mach U S Ind Alcohol. U S Rubber. . . USR l1at pf (8).. U 8 Steel (16) Utah Copper (4) Utah Securities. . Vanadium Corp. Va-Caro Chem. .. Va-Caro Ch pt Va Iron Coal & C. Va Ry & Power... 863 | West EI pf ( ‘Western Pacifi 10% | West Pac pf (€) West E& M (4). Wheel & L Erle. . ‘Wh Eag Ol (2).. White Mot (4)..... Wickwire Sp St Wil&Copf...... Willys-Overland. Willys-Over pt... Woolworth (8). . Woolworth wi(3). 1 | Worthington Pum ‘Wright Aero (1). Wrig W Jr (3) Yellow Cab (5). Youngst 8&T (5). Divigena rates are the apnusl Unless otherwise London, pound Montreal. dollai 119 1 18 834 60% 59% 81% 6% T 40% 60% U S Steel pf (7).. 1 {Partly extra. $Payable in g B Nomis IG% BOND PRICES SWAYED BY EASY MONEY RATE . Effect Plainly Noted as Trading 4w | creased 5,875, Progressed—Libertys Reach High Mark. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, May 23.-—Quotations for time money were eusier agaln today, loans belng made up to four months at 4 per cent, and 3% to 4 per cent bld for shorter maturities. Meanwhile call funds were in greater supply than demand at 3 per cent. The effect of these rates was plainly evident in the bond market, prices being higher all through the Invest- ment list and the general tone very strong. Two New High Records. In Liberties two new high records for the year were made, and prices for all maturities were up to or above Thursday’s highs. The two issues that made new highs were the fourth 4%s and the third 4%s. In the high grade ralls. New York Central 6s sold in large volume within a fraction of the high of the year. Pennsylvania gen- eral mortgage 4%s made a new high for the year. 'The recently lssued Western Electric debenture 5s sold at ® new high likewise, In speculative rails there was ac- tvity and strength in Missourl, Kan- sas and Texas adjustment 5s. Spe- ciil attention was paid to New Haven lss¥es, both the 6s and the 7s making subytantial gains. Missourl Pacific gendgral 4s made further advances, and the Norfolk and Western convert- ible 6 went up with the stock. Yocal Tractions Heavy. Locat tractions were still heavy to day. but the Hudson and Manhattan bonds were strong. In the industrials there wms noteworthy buying of Goodyear $s of 1931. Ajax Rubber 8s were also higher. Heaviness appear- ed In U. 5. Rubber 6s and 7%s, the latter get\ing down to par. Forelgn bonds were generally firm, but with little change in quotations. French 8s and French 7%s still sold around the high of! the year, and there was another bidMing-up operation in the Jugoslay 8s. The principul new financing was the 825,050,000 of New York Central line's equipment trust 5 per cent certifi- cates at a pride to net the investor of the § per cent for all maturities. Other new ofteringst included $10.000,000 State of Minnosota 4%, 4% and 4% per cent bondk, maturing 1954, at prices to yield from 4.35 to 4.45 per cent. COFFEE AND SUGAR DROP. Market Flurry Drives Down Con- tracts—Losses Partly Regained. NEW YORK, Mhy 23.—May coffee contracte on the coffee and sugar ex- change broke 120 points today to 12.25 under selling" pressure, due to the issuance of a ew notices of in- tention to deliver. (They later galned 75 points on covering orders and the market continued umsettled. Following the seviere drop In raw sugar the price of fine granulated Wwas cut by one leading refiner to 7 cents, a new low for the year and 2% \'lown from the highest since Jan- uary 1. — BANK OF GERMANY REPORT. BERLIN, May 23.—The statement of the Bank of Germany, as of May 15, shows an Increase in gold holdings of 21,000 marks to 441,851,000; silver coln reserve increased 4,404,291,000 marks. The report also shows the following changes, in trillions of marks: Treasury and loan associa- tion notes increased 74,008, Renten- bank notes Increased 66,112,101, notes of other banks decreased 140, bills of exchange and cheques Increased 46,- 895,429, Tentenmark bills and cheques increased 19,000,932, nces de- Fentemmark dis- counts and acvances decreased 7,- 342,200, investm “nts decreased 19,534,- 889, other asset - increased 10,961,363, notes in circula on decreased 22,932, 174, deposits | .creased 113,759,204, liabllities resulting from discounted bills payable in Berlin unchanged, other liabilities increased 23,354,703, Rentenbank loans unchanged. —_— SHORT TERM SECURITIES, (Quotations furnished by Redmond & Co.) Aluminum Co. of Amer. 7s 1925. Aluminum Co. of Amer. 7s 1033 American Suj 937 American Tk~ g e her Body Fister Bod; 47% &:hn‘l stock. above tuvie the Iatest terly “or Balf: -rl.v o-unnunu a quarterly or balfy dividends are not included. - Call Money. . HOURLY SALES OF STOCKI 700 High. Low. Last. 3 3 3 01,700 FOREIGN EXCHANGE, (Quotations furnished by W. B. Hibbs & Co.) Selling checks todsy. | G Goodyear T. & R. rul Tp. of Pa s 10287 Humble Ol nx,, M % Kennecott Libby, MflV!l l & Lflmy M, St. &8 M S 1081 Morrls & G T30y New forkc Cuntral 08, Westinghouse k. & Whechisg Bieel 6a' 1630, 2e8siabag (REEEER ol S z ok g Rangilhi o2 WASHINGTON, D. | Chris 18 | Nor Ohlo T&L 6s. . INGTON, D. ()., FRIDAY, MAY 23, 1924 ATED e <onx BONDS o ] Recx| umw&. (Bales hre in $1,000.) o \:NITI TATES BONDS. action f. resent thyrty- 0! Example: 1613 mean AN 1 100-9 100=9 100-9 39 100-20 100-17 100-18 . @21 100-14 100-A0 100-13 178 101-4 101 % 100-27 100-30 US43%s1952., 204 102017 10214 10215 FOREIGN, Sales. High. Low. O 'ose. 101% 101% 161% N 904 i 102% 100% 1024 Argentine 7s. ... Argentine 6537 Austria 7s. . Belgium 73 Belgium 6 Belgium 8s. Bolivia 8s. . 90% Canada bs 1952 Chile 851926 Chile 851941 Chile 75 1943. . 1a 8¢ Copenhagen Cuba 5% Czechoslovil.ia 8s. 67 Danish Munic $sA. 1 Danish Munic 8s B. Denmark 8s Dutch East 1 6s'47. 24 . Dutch East 16s'62. 8 Finland s f 65 1945. 13 French Govt 8s... French Govt T%s Italy 6%s 1926. Japanese 1st 4%s. Japanese 4s.... Japanese 6% Vergens UM ov Lyon 6s. Marselille Mantevideo 7s Negherlands 6s. Norway 8s. . Norway 6s 1943. Norway 6s 1952. Orieng Dev deb 6s. ParisX.y's-Med 6s. ‘ Prague 7%s ; Queenslund 7s Queensland 6s Rio Gr Do Sul & Salvador8s'48.... & Sao Paulo State 8s. 8 Seine Dept of 75... 13 Serbs Crotes Slo 95188 Solssoms €s. Sweden Swiss Confed 85 Swiss 515 1946. Toklobs. .. . Ud Ktngm 5% Uruguay 8s. MISCELLANEOUS. Ajax Rubber8s... 3 79 Am Agr Chem T%s 28 AmChainaf6s%3. 6 Am SmIt&R 1st §s. 24 Am SmUt&R 6s..4. 18 AmSugref@s. .a. 13 AmT& T cv6s.... 20 AmT&Tcltrbs.. 8 AmT&Tcltris.. 36 AmT & T deb 5%3. 89 Am Water Wks 6s. 7 Anaconda cvdb 7s.. 14 Anaconda 1st 6s. .. Armour & Co 4%s. Armour of Del 5348 Associated Ol 6s.. Atlantic Refin &s. . Barnsdall s £ 8s. .. Bell Tel Pa bs. Beth Steel 535 '53. Beth Steel rf 68. .. Beth Steel pm bs... Beth Steel s £ 6s... Braden Copper 6s. . Brier H St 1st 534#. Bklyn Edison 78 D. Bklyn Ed gen 58 Bklyn Unlon G 58 Bush T Bldg b5 '60. Calit Pete 6%s.... Central Leather 5 Chile Copper 6s. ... CinG & E 5%s'62. Col Gas & E16s..... Col Gas & El 5s sta Commonwth P 6s. Con Coal Md 1st 3. Consumers Pow 5s. Cuban-Am Sug 8s Cuba Cane cv d Cuba Cane cv 7s Denver Gas 5s. Det Edison ref 6s. Donner Steel 7. Du Pont de N 73 Dugquesne Light 6s. 41 Est Cuba Sug 7% Empire G&F T%é.. 10 Fisk Rubber 85. 4. 10 Francis Sug 7%s4 1 Gen Elecdeb 6s...s 14 Goodrich 6%s 5 Goodyear 85 1931. Goodyear 85 1941. Hershey 65 1942 Humble O&R 534! Iilinois Bell 1st bs. Illinots Steel A %s Indiana Steef 5s Int Mer Marime 6s. Inter Paper 55747 KCP &Lt bs A’52. Kan G & El 65°52... Kayser (J) 78.. a - Kelly-Spring 8s. Lackawa S 6s'50. Liggett & Myrs 7s. Liggett & Myrs 5s. Lorillard (P) 7s.. Manati Sug s 7%s Marland Ofl 7%s. . Mexican Petrol 8s. Midvale Steel 55 Montana Power . New Eng Tel 5s. .. N Y Edsn 1st 6%s. @ Boan G Selan BB 00Nk P NY Tel 4%s. . North Am Ed 6s. .. North Am Ed 6%s - e Nor States Pow bs. 8 | Nor States Pow 6s. Northwst B Tel 7s. Otis Steel 73%s 1| Otis Steel 8s ' | Paclfic Gas & El 6s PacT& T 1stbs. .. Pacific T & T 5s'52 neeit % | M & Puget Sa v | Chi M&St P re 43 1 % | D€l & Hudson 53%. 14 Direct to The Ster Oln RAILROADS. Sales. High. Low. 88% 81% 82 89% R9% 84% 98% 98%,| 1 86 85% B86% 102 101% 101% 89 B3% Cleas. Atchison gen 4s. Buff REPItt 4% Canada South !l% 100% 112% 112% 5 88% 59% 35 87 Chi & Alton 3s. Iton 33 Chi B &Q gn 45 '68 Chi & E 1l gn 6s. Chi Greatt West 4 % ChiM&St' Pcvbs. 8 Chi M & St P4s'25. 54 Chi M&St P cv4%s 18 Chi M&StP4w34.. 6 Chi M & St P As... Chi& N W 7s. ay.. Chi Rys oa; Colo & Sou 4% «. Cuba RRGS....... Del & Hd 1st rf 4. Den & Rio G cn 4s. 28 D & Rio G imp bs. . Det United 43 Erle 1st con 4s FErie con ext. 7s. Erle gen 4s. . Erle conv 48 B Erfe conv 4s D Gr Trunk sf d Grand Trunk %s. .. GrNorth gen ¥s. .. 26 Gr North gen §15.127 GreenB& Wdb B. 1 Havana ERL&P 5s_ 3 Hud & Man ref 55. 106 Hud & Manaj 5s.. 10 111 Cent ref 55 '55. . 111 Central 5%s. Int Rap Tran bs. .. Int Rap Tr 58 stpd. Int Rap Tran 6s. .. Int Rap Tran 7s. .. Int & G Nor aj 6s. .. Int & G Nor 15t 65 Towa Cent 1st bs Kan City Ft § 48 Kansas City S 3s.. Kansas City S 5s. . Kan City Term 4s. Lake Shore 45 '28.., V.ake Shore 4s '3 Louis & Nash sm Louls & N §s B. Manhat Ry cn 4s. . M & St L 1st ref 4s. M StP & SSM 634s. M StP & SSM cn 4s. Mo Pacific 55 65 Mo Pactfic gn 4s New Or Term 4s N O Tex & M in 5s. N Y Cent gen 3%s. 3 N Y Cent deb 6s...130 NYCentribs....231 N Y Centen4s’98. 24 NYC&StL6sA.. 16 NYC&StLdebds. 5 New Havencd 65. 32 New Havend 4s'57 7 New Haven 7s..... 52 New Haven 7sfr.. 10 New York Ryaj5s b N Y State Ry 4%s. 2 NYW & Bos4ls. 1 Norfolk & Wcn 4s. 7 Norfolk & W cv 6s. 112 Northern Pac 3s Northern Pac 4s Northrn Pacri 6s. Ore & Calif 1st 5s. Ore Sht Licn 58 '46. Ore-Wash 1st rf 45 Pennsyl gen 6s. Penrisyl gen 4%s. Pennsyl 6%s. Pennsyl gold s Pennsyl con 436.. 20 Pere Marq 1st bs... 40 PCC&StL5sA... 7 Reading gen 4¢.... Reading gn 44s. . .[2! Rio G West 1st &s.. b RIAtk & L4%s,. 10 St L IM&S R&G 4s. 46 St L IM&S 4s°29 StL&SFplésAa. Sl!‘&el’vrlnfih 4 StL&SF inc 6s. StL&SF54sD.. StL & S F adj 6s. StL&SF pl6sC. StLSW Istds.... StLSW con 4s'32. 19 Seab'd A Lref 4s. . Seab'd A L adj bs. . 24 Sou Pacific 4s Sou Pacificret 4 Sou Pacific clt 4a. . Southern Ry 1stbs 14 Southern Ry gn 4. 25 Southern Ry 614s. . 46 Southern Ry 65 ct. 48 Sou Ry Mobile 4s.. 9 Third Ave ref 4s Third Ave adj 6s. . TolStL& W 4s.. Tol St L& W 3%s. Union Pac 1st 4s. . Union Pac1strf 4s 23 Union Pac cv 45 Unlon Pacific cv Union Pac 1st 1t 68 53 Virginia Ry 1st 6s. 16 29 21 10 Va Ry & P 1st bs. . ll Wabash 1st bs. Westarn Md 4s. . .. 13 Western: Pacific 5s. 19 West Shore 1st 4s.. 8 TOTAL SALES (Par Val l): 1lam.. 3344000 12noon 7220 1p.my4. 8785000 lnm 10(7'000 BUYERS DEAL SPARINGLY. l&\if FINANC COTTON. MARKETS. NEW YORK, Miy 28—A sharp sat- k occurred in cotton market ult of improvesd 8, weaker ‘cable: and a continued alow ds as reflecte 5000 to 15, 000 |ecu ¢ Fall River E,.-. prices wers 11 to 28 poin low a8 3175, October, 25.77. There was liberal Sein pool, the south and N on the decline Wall atne‘ |’°“ g00d deal of cotton and sl\oWe! °°“ nlaunhle bullizh interest in\ the ma: Aet. A local honse issued a' ort, making condition 67. ,\crnu of 456 per cent in WCreas: © report wms considered bu lish foxecasting condition fignre on June Bubscausnily May sontrats ad ed to 3154, the notices having O incréused, but at midday a rene Wall ‘street buying carrfed t. May delivery to 82.10; or 18 Boiath over tha prewious clos: 'hlle .Ylls nuh«d ll ’0 "1 Liver- showing net: advances of 12 to 1T polnts in sympathy. Sentiment seem ed to be Impressed with the fact that the crop wis backward and commis- sion houses reported good buying on all declines. Opening— 25.80; December, 25.06. NEW ORLEANS, May 23.—Poor Liv- erpool cables and issue of May no- tices in New York for 800 bales caused the cotton market to open lower. Only 500 bales of notices issued here, The first trade in May was at 30.85, or_32 points below the previous close. Later months showed first trades only 8 to 10 points net lower, but continued to ease off after the start until July traded at 2888 Lna October at 25.05, or 22 and 15 points down from the previous close. New crop months were supported by expectation of bullish condition re- port by a well known New York house promised for later in the morn- fom futures closed steady at net advance 0 4 points. e Close. Opentng: May, 25.06; December, 24 leEBPOCfL. May 23.—Cotton, spot, prices easier. Good middling, .01; middling, 16.61; ordinary, 5,000 bales, including 3,000 American. Recelpts, 1,000 bales, including 700 American. ' Futures 'closed steady. May, 17.44; July, 16.84; October, 15.03; December,” “14.59; January, = 14.48 March, 14.34. Weekly cotton statisticst Total for- 'warded to milis, 54,000 bales; Ameri- can, 30,000; stock, 532,000; American, 280,000; imports,” 46,000; American, 28,000; exports, 7,000; American, 5,000, U R GRAIN AND PROVISIONS. BALTIMORE, Md., May 23 (Special). Potatoes, white, per 100 pounds, 75a 1.76; 150-pound sacks, 1.25a%65; new potatoes, barrel, 5.50a9.00. Agparagus, dozen, 2.00a3.50; bean: 5; beets, hundred, shel, 30a40; cabbage, 0; carrots, hundred, 5.00a7.00; cu- cunbers, crate, 3.50-.5 eg:nl;nt crate, 2.50a5.00; lettu mper, 76a 1.50; spring onions, hunnred 5021.00 peas, bushel, 1,25a2.00; peppers, crate, 3.00a5.50; spinach, bushel, 40a6 ishes, hundred, 3.0025.00; squash, bas- kez '1.7523.00; tomatoes, crate, 3.00a 00. “Apples, packed, barrel, 2.00a5.50: bushel, 75a1.50; box apples, 1.90a2.75. Grapefruit, ‘box, 3.00a4.00; oranges, box, 2.25a4.25; pineapples, crate, 3.00 24.00; strawberries, quart, 12a20. Settling Prices on Grain. Wheat—No. 2 red winter, spot, 114; No. 2 red winter, garlicky, domestic, 1.14%; 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 cern, spot, 86 t, 82%; track corn, yel No sales. white, 58; No. 3 white, new, 57. Nearby, 70a75; No. 2 rye, spot, . Hay—Receipts, 143 tons. Receipts of hay have been somewhat liberal in the past few days, but there is no surplus of good timothy or light mixed hay in the stock here, which descriptions are in fair demand. Com- mon, low grades or unsound hay is hard to move at any price. Quclntlon;—\o 1 timothy, 29.00; No. 00a28.50; No. 3 timothy, 15 50 a26.50; No. 1 light clover, mixed, No. 2 clover, mixed, 25 oon 3 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, 17.00a18.09; No. 1 oat, 16.50217.00, CHICAGO GRAIN MARKET. CHICAGO, May 23.—Moisture which appeared sufficient to give relief from imminent anxiety over the drought situation in the west and southwest Tad a bearish effect on wheat prices today during the early dealings. The crop outlook, however, remained questionable enough to induce con- siderable buying on declines. Little else than weather conditions attract- ed notice. The opening, which ranged from % 1% lower, with July 1.07% to 1973 and September 1.03%, was fol- lowed by & moderate further setback. In corn as well as in wheat better weather tended to ease the market down. After opening at %ali lower to % advance, July 77 to 77%, corn prices hardened a trifle, but then de- clined all around to well below yes- terday’s finish. Oats held fairly steady, starting a shade to % off, July 44%. and later keeping near to the initiai range. Provisions were a little weaker, In line with the hog market. Later a sharp rally took place in wheat, owing to bullish news from Winnipeg and talk of export business at St. Louis, and corn rallied when wheat took an upward swing. Qren. High. Lew 4 853 [xind] 3 838 r‘a“Ii FEE FTE REF July . September N. Y. Reserve Bank Report. NEW YORK, May 23.—The state- ment of the condition of the Federal Reserve Bank of New York at the close of business May 21 shows: Total gold reserves, $993,5560,000; total re- serves, $1,017.456,000; bills discounted, cured by government war obli :lson!. $40,992,000; all other, $14,| Er u rather low gove wnment | clinea TAL. TCAPITAL TRACTION NET INCOME LOWER | Drop of Approximately $14,000 in Earnings Is Reported for April, 1924. GAIN OVER MARCH IS SHOWN C. & P. Telephone Company Re- ports Increase in Receipts. BY CHAS. P. SHAEFFER. The Capital Traction Company re- later months |POTtS 2 loss of approximately $14,000 for April, 1924, the net oparating tn- come of $94,837 for this period com- varing with $118,813 for the corre- . wonding month of last year. A g Wn of about $8,000, however, is sh, YWD Over the $86,276 oarned in Mai ¥b Of this year. Mway operating from $416,569 last year o $408,009 In the month in question while e¥)"€nses rose from $230,507 to 256,647, \these items being primary factors in , the decreased net Taxes asm ‘8nable to rallway opera- tions amou‘ ted to $36,731, ductions tot 'Ing $25,997. " The non operating Inca Me for the month to- taled $6,104. Revenue pass “NEers carrled duri the month deca ¢ased from 5,899,] to 6,766,987, L_ & P. Phioner Company Gains. gain of appro t imately $11,000 for A5 operati o 18 Was reported to the Public Utilitles Commission by the Chesapeake and ) % *tomac Telephone Company this morni, %%, _The net fo April amounted to § %8765, as com pared with $117,115 for the same month of last year, and With $118,615 for March, 1924. Operating revenues coy tnue at the maximum, the total for the mont} amounting to $499,137. Op “rating ex- penses totaled $331,489, with signable to operations aa 4 lectible aggregating $38,883. Net “additions for the fix t four months nt the year were gy Ven $464,673. Amistant Cashier Elected James A. Soper was elected A7 assistant cashfer of the Lincoln , Va- tional Bank at the regular meeting ©f the board yesterday. Mr. Soper has been connected wit the institution for the last twelva years and is recognized as one of thw most popular and efficient young me: 1 n the local banking fraternity. He has been active in the Washington Chapter, American Institute of Biank- ing, having held the office of chiel consul and as a member of various revenues de- committees. Speakers for Bankers’ Meeting. Under Secretary of the Treasury Garrard B. Winston, George J. Seay governor of the Federal Reserve Bank of Richmond, and George E. Roberts, vice president of the Na- tional City Bank of New York, are announced as guest speakers at the annual convention of the District of Columbia Bankers Association. Pleas Filed With L C. C. Permission nominally to issue $5.570,- 000 of 6 per cent refunding and general mortgage bonds was asked of the Inter- state Commerce Commission today by the Baltimore and Ohio railroad, to be pledged from time to time as collateral security for short-term loans. Author- ity also was asked to issue bonds of certain subsidiary companies, to be pledged as further security under the re- funding and general mortgage. The Missour] Pacific railroad applied for permission to acquire control of the New Orleans, Texas and Mexico rail- road through purchase of 39,000 shares of its capital stock. Permission also was asked to issue $18,000,000 of Joint Missour| Pacific and New Orleans, Texas and Mexico 7 per cent collateral fifteen-year gold notes. Recovers Lost Ground. Washington Railway and Electric preferred stock recovered some of its recent lost ground, sales of 133 shares in this morning session result- ing in an advance of from 72 to 121z in price. Lanston Montotype likewise advanced to 721, but Washington Gas Light was weak and unchanged at 48, Mergenthaler sold at 153 and 153%. Capital Tractlon §s were in good demand at 97, and Railway 4s sold at 72%. Record of Fire Losses in Fire losses in the United States during 1923 were greater than any previous year since the San Fran- cisco catastrophe in 1906, according to figures made public vesterday at the annual meeting of National Board of Fire Underwriters at the Waldorf- Astoria. The loss is estimated at $508.000, 000. Harry A. Smith, president of the board, declared that despite this the insurance rates have declined from $1.03 in 1914 to 90 cents in 192 President Smith sald that investi- gation showed 75 per cent of the fires to be preventable. A course in fire protection may be started soon in the New York University, it was an- nounced. i The committee on Incendiaries and arson reported they had investigated 942 suspicious fires during the year. These investigations resulted in the arrest of 412 persons on charges of arson. Of these 193 were convicted. UNIVERSITY HEAD SPURNS PACIFISM; JOINS RESERVE Chancellor Flint of Syracuse Be- comes Colonel—Is Willing to Fight When Necessary. By the Associated Pre SYRACUSE, N. Y., May 23.—The at- titude of Chancellor Charles Wesley Flint of Syracuse University toward . |the present wave of radical pacifist sentiment through the universities and churches of this country. was revealed clearly vesterday when he was sworn In as a colonel in the United States Army Reserve Corps as a result of an application made on his own initiative. The wave of student pacifism struck Syracuse Uni- versity a few weeks ago when a numni- ber of prominent undergraduates or- ganized a peace league and sought to spread propaganda against the uni versity reserve officers’ training 0rps. Col. Flint sald, in a statement is- sued after receiving his commission: 71 have falt it Oiting that the head of an institution with a R. should himself be a member of 're serve corps, if, in the opinion of hix government, he is qualified and could render_service of value in time of C 8 Uni C !!arcl VIO&Cp UBDP llt P U 8 D P 24 pf WaB G Co ot s el BOSTON STOCK MARKET. BOSTON, May 23.—Following is a list of today’s highest, lowest and closing prices for the tmost active stocks dealt in here: High, WRONG FIGURES GIVEN. Trror in Estimated Daily Crude Oil Output Corrected. NEW YORK, May 24.—A telegraphic error was made in the estimates of “aily average domestic production of vrude ofl for the week ended May 17. he dully average production ‘was stimated at 1,986,900, whereas the | [g & Myrs () correct figure 'is 1,972,650 barrels, ). ; vhanging the daily output total. Lig & Myra B (3), 0% .5‘““".,“'223,‘1‘..&‘32: trillion) The error related to the production Plaslon @ 7 Siland, 3732; Norway, ¢ the Mexia field in Central Loe: . T 684 - Vinich was $2.850 barrels, astend of | Loose-Wiles Bis.. 5% b6 o Bpair, "l‘:"a.sam" 7100 barrels, as originally “stated. | Louls&N'ah (5). 93k le production of Central Texas hould be changed from 208,600 bar- | MeIntyre (75c) els to 192,260 barrels per day, & T decrease in this district of 1600 Bar- day instead of an increase 1: 9, IEO barrels pex day. —_— EARNINGS STILL DECLINE. |machicson Alkali ALTIMORE, May 23 (Special) —|Maxwell Mot4... imated gross earnings of the |iisxwell Mot B... stern Maryland Rallway for the|May DptSt (5)... second week in u.y contlnue to show | Metro Ed pf (7).. #® decrease compared llll Yell‘. totuling $384, G”. -num 347 decling of $125343 For the pcrlod Soom Januaty 1o ,May 14 earnin | the road e d $7,2 ponding e $f 31,172,332, el rwar. For that reason I placed my- iself at the dispcsal of our gover: ment, and am proud to be in this \position of potential service. “I am an apostle of peace, and jalong with about 100,000.000 'othe tual circulation, $344,294,000; ratio | Americans, have no use for war, witl of total reserves to deposits and fed- fall its brutality, futility and wasts eral reserve note Habitittes combined, |and shall do everything reasonable 1.5 per cent. nd religlous within my power keep America and all the rest of the PARIS BOURSE PRICES. world out of war. +But. It in this’ I working humbl: PARIS, May 33.—Prices were firm |ith Others, with them. also fail, then on the bourse today. Three per cent rentes, 62 francs 95 centimes.. Ex- am ready to render any serv Wihin my power in the only way left hange on London, 81 francs. Five cel' c‘!nl loan, 66 francs 60 centime: for service. well | e Goliar was quoted at 18 francs e Gotiar” FIRE LOSSES GROWING. T -oon. since river work uz: rondlcon- DAIRY PRODUCTS. Damage During 1923 Placed at a large 3 - Smoine” of foating common lsbor| BALTIMORE, Md, Msy 23 (Spe $508,000,000. Flour mills, automobtle fatories and | cial).—Live poultry—Spring chickens: | vy vopy May 23.—Fire losses in nts in this Section @re on Dart | per pound, 40a4s; leghorns, 30ado;| NEW TORK May 23.—Fire losses in to approximately $508,000,000, or winter, 40a4t ;_young stags, IB. old 2 greater total than in any year since hens, '21a2; leghorns, oid, 21a23; roosters, 16; ducks, young, 30a32; old, | the San Francisco disaster, said Harry A. Smith, president of the Nationa] 3 NEW YORK MONEY RATES. |rooste Bigeons, pair, 40 Board of Underwriters, in a speech at NEW YORK, May 23.—Call money | Eggs (loss off)—Native and nearby ; high, 3; lw. 3; rul 3; | firsts, free cases, per dozen, 24; south- | the organization’s convention. Slosing bia, roa mt Si; D s, Despite_this loss, he asserted, the st |ern, o Butter—Creamery, good to fancy,|average fire insurance rate has de- \ |37a40; nearby creamery, 35436 prints, | clined from $1.03 per $100 in 1914 to 40043} rolls, 29a3l;| 90 cents in 1923. Seventy-five per cent m huner, of the number of fires are prevent- able, Mr. Sinith declared. 000; 'bills bought in open market, $6,421,000; total earning assets, §134,- €40,000; uncollected items, $1. 200, Due to members: Feserve ac- count, $760,280; total deposits, $767,- 222 000; federal reserve notes in e Kansas & Gulf. .. Kan City South. . Kan CSopf (4).. Kelly Spr Tire. Retailers .,Apparently Indifferent to Low Wholesale Prices. ST. LOUIS, May 23 (Special).—Re- tailers in dnv goods and gther lines are apparent\v lndlflu‘# present 1ow wholesala Dpriced, they :are buying most sparingly. They .declare buisiness is abotit on the same level as that of last yyar, but they are do- tewmined on & y"olcy of frequent small orders fob prompt delivery ratther than on larg e future bookings. Sawings deposits have been but little dinginished and emp loyment i sustained. There is kl"ul\l for mechanics han scarcity of rarm labar is expected goc;oocogng"oog pefocoogzo| 00| § giRRRRRERS ey I # 52 13% By the Associated Press. NEW YORK, May 23.—Foreign exs changes,steady. Quotations (in U. S. Great Britain, dema; L343-16; cables, 434716 alxty-duy mand, .0637%; demand, 04413 Kinney GR Co... Lee Rub & Tire. . LehVal (3%).... Leh Val rights. 0% Sin Crude Oll 6s. .. 29 Sin Pipe Line bs Low. 50% i Toledo Edn 1st 7 Unlt Drug v 8s USRub latrt Utah Pow & u 5s. Va-Car Chem 7s. Va-Car Ch 7%s w. it Ne Corne usmn!cnrmum Bog T8 (Quotations furnished by Bedmond & Cs) i 1% 415 ‘Westinghouse 7s.. 20 ‘Wickwire Spen 7s. 2 6 '33. 10 MiddieSeOll ... 8% ity 2% w to ul!:.ti 'fl-p'y-. \4 mgreial n.-r el rés