Evening Star Newspaper, August 27, 1922, Page 23

F BY T A layman. ¥ telligence and A. FLEMING. ed of average in- norant of mar- ket ways, of causes and influences, might readily have been pardoned for looking upon the action on Wall Netreet the last sixty days as contrary to. the dic tommon sens ness. We have had two vicious strike: developing into finish fights accor ing to all appearances, although one can nmever tell just what minute the unacceptable of today will become the acceptable of tomorrow. N\, We have witnessed Germany paying price and an awfu! one, with her 3l.-cent marks down to a little less than one-half of the American 1. 1-20 of a cent. where the cur- of the once great German na- tion is selling on the basis of about twenty marks to the cent and about 2000 marks to the dollar. rupture of relations Dbetween Britain and France over the ‘s Ge rm.|n |\u’|l has appeared ugh failure of S any agreement crman reparation matters. he more or less absolute depend- eice of France on the war_indem or reparation payments from G many makes the collapse of the for- «r central empire all the more &er for the French and in a wa felt in all countri interdependence tes of good judgment, e and ordinary bright- e of ln—\!tflbh‘ being No one knows just where smold- ering trouble may break out. Gov- criment intervention in the hard coal a4 bu hed but no might bring Ire i . even in the It of the ra Miwaten shopmen’s strike, -a serious turn. Just ahead and not very far i< the specter of the soldi Lill, with indicat sction sibly 4 vote sufficient to overcome the predicted veto, if some s not of- banus in s “dreaded as an able influence ‘acts, Not Fiction. These are facts as they have exist- #d for some time. but in the face of happ res and conditions that would wrdinarily make a speculator and a conservative investor itions the hull market of the last twelve months has lost its stride nx s extent to any per- there have e of money ight have and maintained the turned the uptrend in value! With plenty money and assur- ance that some day the labor troubles will be ended. the bulls have worked on the market and kept it gradusily geeking higher levels. A Puzzling Movement. When the United States Steel Cor- poration announced a 20 per rease in wages, coming * “the unemployment scare had been put under. it was 1 with the sreatest of except Uncle Sam ad- & wages wus out of the ques- others it was read to be a no- tice to the coal barons and railway men to settle their strike soon as possiblerand get out of the way of the improvement in the great American industrial trade, and by some few as | meaning that wage labor was ac- tually =carce and that the immigra- tion laws are operating to lock the doors to good common labor while the educaetd nd semi-educated crazy-in-the-heads-and-hearts make up much of the quotas. ks Advance. d speculative ed in a re narkable every lhm". The outlook for. Ui ing from the bumper they have hoosted equipments e the rail- way companies will require new equipment. and they have advanced sicels and metals generally on the reported gains in business and price advances that are likely to follow wage increases One may look at the table of the vear's actfon on the New York Stock Fxchangd and see for themselves the net rise for the vear to date and add to this, the “gains made dis- counting better business in the clos- ing days of last vear. They tell a % story of large advances and great profits in everything except a few pecialties that are sagging. Cam the United States Go Alone? The real question to be answered by students of market conditions would seem to be just this, Can the N 1nited States go it alone? t'an business keep up -stocks ad- vance, bonds rise, employment be on % high- average. industrial produc- and credit of the rest of the world ite way? If the 1 to answer this question to his own satisfaction he would seem to be in a position to reap the advantage. Following the end of the war a veritable flood of bonds were sold by France and French cities, by Bel- zium, uth American nations. of these bonds are today 10 points—$100 a bond—below flotation price, and still soft, And with every drop in the cur- rancies of the foreign countries the hig bond issues go still lower. Look at the foreign bonds and note the pumber of bonds and the daily sales. May Keep It Up. T 18 just possible that the bull market may continue in the face of adverse happenings. Wall street goes by contraries. It has a huhlt of discounting favorable news and it would surprise no one to witness & sharp reaction on settlement of the strikes, when that desirable realiza- tion reached. Money has not stiffened a bit; In- vegtors have not filled their orders. This advance in which the general public is participating today may continue into the early fall months, hut even a bull will admit that con- ditions are sufficient to warrant a reaction, even though a general drop is delaved many days. Scores of traders are hoping fer fhe reaction, that they may get in ain on the buying side, and many all continue fo hold off for a most natural reaction. One of the chief arguments of the bull trader is that the advances, say 20 to 60 per cent over 1921, ai result of actual Investment b not speculation. Taken in the Firm. George Bowie Chipman, one of the best known stock brokers of Wash- ington and manager of the local branch office of Harriman & Co.. New York, will become a member of the company September 1 next. Mr. Chipman has been prominent in the security business in this city for many years. He has ying, ing the last twenty vears and_has made connections with New York Stock Exchange private wire houses advantageos to himself and his trade. term he was with B. 8. m-!on& having m-l.r rivate “ent n-! o soon after a surprise to the en-| tion near normal—and the markets | Wlth Excentlon of Easy Money and Im- i provmg Business—Some Adverse Fac- tors—Local Securities Firm. [ { { l controlled a large and' merce, organized for: promotion of profitable commission business dur- ! commercial and economical relations Rate. fligh. Low. Div. 79% 48 — AdamsExpress.... 1% TN T+ %| 4% 34° — KayserJultus.. 10§ — Adv Rumley. . W N 04— 2%| 8% 30§ — Kelly-Springfleld... 583§ 4514 4 AirReduction... 5134 — 36| 39% 2534 — KennecottCopper.. 185{ 9} — Ajax Rubber.... 1% 243§ 85 — 84 55 4 Allled Chemical. 8%+ 34114 10 7 5. 3B 4 Alls-Chalmers..,.. 59 58 585+ 3%| 8% 44 — 427 2 — Am AgriChemical.. 41% 4% 41 — Y| 85 4 — 7l 553 — AmAgChemicalpr. 71 60 04+ DI4| 306 10 — 49 313{ — Am Beet Sug: 48y 4% 4N+ ¥%| 7 26 — Lake Erle & Wpt. 0 49 31{ — AmBoschMagneto. 4216 40 40 —2%| 3534 264 2 Lee Rubber... e g' 5l 4 AmBrakesShos.... T 0% g%i :fi zg% 5644350 Lehigh Valley. he *most successful period o % 324 — AmcCan 61% 58% b B3 12 Liggett & Myers. RSt A, ord M USRI i 12 Amcarapay. L 18 W) 15 8 | 60 52435 Lima Locomotiv Hr;;rriman &‘»‘ C nru;‘ the a’pe:n-sé c]tf- 3034 19% — Am Cotton Oll. 8 21 2% — 55| 18% 11 — LoewsInc.... offices on_the oor of the Col- = orado building, 14th and G streefg “';y 4. — AmCottononpt... 44 524 5:2_’_3;: 171 147 12 Lorillard (P) nu;mwe.;:, i . . "’; 43 — AmDruggistSyn.. 7 636 s %% , Lobuls & Nash... nnually the volume of business 12 — AmHide & Lea. % 1% = aceredited to #H. i & Co. f ) Wushinmion has inoreased and it has| 1% 58 — AmHide&Leapf... 4% 124 T4+ 24 been an_open_ secret that, rluirlng 14% 78 7 AmIce...:.. u +1% some of his greatest bear campaigns.! 951 79 ¢ 92 - 7 Jesse Livermore, Millionaire many Am Ice pf. has made use of Chipman | 50% 33 ° — AmInternational... 373 33 34— 34 2 s« New TYork connections to| 4033 = 3By BY¥— M| 67 35 6 R A < 204 — Am Linseed.. S Market St Ry ptior. Mr. Livermore and Mr. Chipman are | %% 52 — Am Linsecd pt. 56 56 — 3| 463 22%¢ 4 Marlandon. great friends and have the Ereateat }f:h 102 © 6 Am Locomotive 18% m’ "; :N( 22 — Mathieson Alkall. Tespect for IbIxalcueatss Indecd: 82 4 Am Radator.. m = 43 46 — Maxwell Motors A.. Tatter acoredits all his good X2l 86 3% — AmBatety Rasor 64 6% — | 257 1l — Maxwell Motors B big salary on the side. September 1. 253 5% — Am Ship&Com 16 — 131130} 101 '8 May Dept Stores... Foun on nim o ston one dismal | 605 46 — Am Smelting. 62 64 + 15120414 1063 12 Mexican Pete. dark night. 1020 863 7 Am Smeltingpt.... 102§ 99K wm+ 34 3445 19 6 Mexican Seaboard. Livermore and Chinman watch the [143 100} 12 Am Snuff.......... 14 139 143 326 16 6 Mexican Seabd ctfs. e T ey e other | 4% 30% 3 AmSteel Foundry.. 42§ 414 42 + % 3134 253 2 Miam!Copper. hooddos and’ mascots play a part Jn 85% 545 — 5% 8214 fi ; ;fi 18 1134120 Middle States Of1 eciding their operations. and results{ g7~ o3¢ _ 3% 4515 213 — Midvale Steed are carefully watched. = A - Bowie Chipman has scores of good | 1241 11415 9 ns 128 %| 44 5 — MinnastLm.... friends in his own home town who 1% 1) 12 © s 155 +6 199 74 — MoKan&Texwl. wi vele L neces! S|4z z T e e as W irades | 1546 128 12 Am Tobaceo (B). oy 10 Bt i 4 - dtoKanaTotwr.. getter. 195 6 — Am Water Work: <18 25% 16 — Mo Pacific... - How Much Did You Blow? 43 17 — AmWaWksé%pt.. 427 41 4D4— US| 6135 4316 — mo Pacific pf. oo I vou will turn hack te the fles of | 0% 78% 7 Am Woolen .96 9B 9:54; ’;‘f 75 6 3 Montana Power.... the daily papers of the larmer cities | gl jore 0o 8l 173 1 253 12 — f two vears, little longer awo. | 208 m Zine. . - 5 2 Montgry Ward..... find scores of nicely wr ried :?i 3 — AmZincpt. g:i ;234 ;;'fi :‘}f 12: 1284 7 Natl Biscutt. ting, one ‘methad 47 — Anaconda % Rl 26— NatlCloak & Suit.. of maki zed fortune: one =2 5% 18 +3 3¢ ” = . 5 i . 10— A=znArbor. 18 15% 5935 303{ ~ NatlE 11 chanea E rdred of growine s ! £ b nameling. T Ohransh the investment of tut| 52 20— AnnArborpf...... 52 A% 4 35 10815 & 6 NatiLeaa. ‘t‘;m‘»lrt:!t Mw;«::d r.-:"::-ra:-i.‘.qn_r misht | 13512 g 6 Assoclated Oil 119” 115 4 llfiv 190§ 13 — Nevada Copper inz profitable results to the { 6 Atchison... 104§ 1028 103 — 1 | 7380 543§ 6 NOTex & Mex tor. o A I 5 Atchison pf.. 9543 ]9; 1‘1‘7‘ i ]‘“ 85 51 — NYAirBrake. ns of thousands of American dol- ¢ = : lars passed from people to mnderate 8 7 Atlantic Cst Line.. 1::‘,3‘ ,‘,3” % D3 N Y Central. means into the maw of the German 2315 — Atlantle Gulf.. s =g > | 9 NYC&StL. i speculation. oo i 9'{ — Austin Nichols..... 3'-; 1-”;::4 l?’g"‘ 4] 45 N Y Dock lnv an option on 0 s. 237, 7 12 241, 126 — 25| 33 % For $300 vou can huv an ontion good 923+ 7 Baldwin Loco R i . N Y New Haven. For two years an 10000 marks: marks 3§ — Balto & Ohlo....... 600 5% B — 1K 34 195 2 NYOmtarlo & W, e T L L 5214 4 Balto & Ohlo pf 66} 67 65 +2 |19 96 7 Norfolk & Westrn. Tonta et mones on Sour ontion. 155 — Barnosdall Cho..r. 3436 31% 36— 16| 85" 43¢ & NortnAmerioan, .y “For $10,000 v t can buy an option 40 — BarnetLeather.... 6l Gls) North American pf. on a million marke—no better. surer 55145 Bath Steel (B> s N on 4 e e an be 3 L . orthern Pacific. .. Ay of mekmemener can hshtonnt 43 — Booth Fisheries. 9 84 Orpheum Circutt. ... And thousands got aboard. . 1904 — British EmpStizd. 87 334 Otis Elevator - AT Y e 6 — BkiynRapid Tran.. 264 24§ Otis Steel... g of marks. i i 5% — BrooklynRTetfs... 22 20 Pacific Gas & Elec. e el W CoKlaGi M e mia0seussy... 100 HUg FacifeOl......... far the debacle of the CGerman ma- 42 _ — Brown Shoe 61 52' Pan Am Petrol..... tion was not_contemplate: i 115 10 BurnsBrosA... 186 132 Pan Am Petrol (B). e A TaTar Of & e in 28% 2 BurnsBrosB.. SO A0e Pennsylvania...... American decimals today. Tt is not 514 — Butte Copper&Z... 1'% 6% Peoples Gas. 3 €1: nor yet $0.10 (10 cents) not even 2034 — Butte & Superfor... 31'z 30 2 Peoriad Bastornn. SI:CUE (1 centinor yeh RGN whic 18 — Butterick .2 0 0% — Pere Marquette s 1 but it is is a little more than one-half of 1 10 — Caddo Central s l;‘ 180:,/& lg:‘l- Y| 43¢ 314 3 PhiladelphiaCo.... mitl. . 54 — CallahanZinc&Ld. 873 84 82 2 Phillips Petroleum On this bas t takes 19 marks to . = . malie & full_American cent and 1,900 68 6 54 81§ 83 — Pierce Arrow...... marks for one American dollar. 8% — 63 6l 62 — — Pierceofl..... RS T v L e ¢ cpemeckhmons. @ 036 T 4 TEei 7% % 10 dian Pacific. .. <Y 15 % — 7 ust a_bit of s S . {f os: S5 evidenced locally in the common and -421. 2035 — Central Leather 4234 f‘fc j;hi"": 4133 23 — Pitts& West Va. preferred shares of the Washington 2 3 7 7 8 63% — Central Lea pf. > ‘| 2¢2{ 14}{150 Pond Creek Coal... R b Tt ot oy ! 413; 3284 — Cerro de Pasco. 39 409:+ '3 92 665 5 Postum Cereal...... on the 27.500 shares of Rallway com- | 5315 34 4 Certain-teed. 46 41{—2 | 84 63 = PremsedSteelCar.. mon has about run its coursc With| ;o0 ga; ¢ ChandlerMotors... 63% 60 6035 —3%| 5 241¢ — producers& Refin.. entiment almost _unanimously 6 1 —1 vor of the theory 1|h;u the “bid"| 79 54 4 Ches & Ohlo 73 78’4 ‘9V l:fi 9635 66 6 Public Service NJ.. nothing more nor less. 1% — Chi& Alton 2 3 4 — 174) 12914 105% 8 Pullman C ut in every other part of the local i H 9 15 18% - 2% %) nCo...uuuue market strength is just as well de- 31; — Chi & Altonpf. % D 4 741 531{ 30){ — Punta Allegre Sug. fned as ever.” e 3; 12){ — Chi& EastnIll..... 4% 4(3‘/1 ;;fi; :fi 38% 260 2 PureOll........... Tt may take the Surpeme Court de-| 0% o100 _ Mpf.. 684 605 624 1 o4 8 s 1 ble, to start Rallw 6413 31§ Chi East&n Il pf.. <1 Ry Steel Springs. .. o e I:\e?; su:trhou:rh :n; 105 5% — ChiGtWestern.. 23;; ;l? 2?5£+ é 19 134 — RayConsol........ per cent dividend of the preferred | ggs 1414 — ChiGt Western pf.. - 82 71§ 4 Reading. ks saf h to be permanent. 3 b 7 b el oks, Safe noush to be permincri| 36 165 — chdmastPaul.. 3% 34 I6HIX| o7 4" — memingtonTyor... business, admittedly, and their prices| 55 29 — ChiMIl&StPpf. 55 5134 53 4+ M| 41 2514 — Replogle Steel..... (Eouk{hbe more on & fair income basis| o5 59 5 Chi& Northwn. 92 8% 8%+ 3| 788 4614 — Rep Iron & Steel u ey are, £ ey T lon shares have made |125 100 7 Chi&Northwnpf.. 125 12 12K =14 51" 204 — Reynolds Spring. .. 2 new high ducing jthe weck 217 o 4 CiiEneuTool. 694 :“:l‘+22 537 43 3 ReynoldsRJ (B) urther orders on the buying s = 30 4415 MY — o a3 likely to be filled only at a still| 48% 304 Chi R1& Pacific. E8 4 Royal Dutch. = | greater advance. 815 70% 6 ChIRI&PG%pr.. 864 8 8 +1 |gn, StL& San Fran. Why Bulld Factorles. 791; 51 5 ChIStPM&Om.... 73 75 9% + 5&3 56 StL & San Franpf. Here is a clipping from a Balti-! 23; 154 — Chile Copper. 281X 225 28U+ :? 36 StL Southwestern. After lepial O e eaten e ! 33% 2533 — Chino Coppe 3ug 30 3L + o0 52 St L Southwn pf.... tural question is. why should the | 633 43— Cluett Peabody. 17-;‘;, ':g!. 93:4 + 24| g9 Seaboard Alr Line.. slumbia Graphophone factories. of [ 7412 4] 4 Coca-Cola {2 T%— 15 SeancardRirTint any place want money to build| 7% 33 32 324+ 4| ou L. factories any place. in any state?| 37 24 — Colo Fuel &Iron... & & 2| 947 3 Sears Roebuck { The Bridgeport factory is ample and| 5315 33 3 Colo & Southern.... 04 B 48 — 4] o 103 — Seneca Copper..... more than ample for all demands and 109, 6435 6 ColumblaGas...... 1020 9 1084+ 4| 4615 354155 Shell Trans & Trad. But read the story: |21 5 =— ColumbiaGraphpt. 16 13 184+ 4| 353 18 2 SinclairConsal. ... e e O i |9 (6968 CompTARIRCOR .- 70% 68% ]gg% :“'A 54 34} — Sloss-Shefeld..... onds issued by the Columbia Grapho- 125 % B — hone Factories. Inc. of Maryland,[140 8 8 ConsolGas South Porto R Sug. nd the Columbia Graphopho'neJMnn- 1% 9 — Consol Textile. 103 97 10 o 957§ 784 6 Southern Pacific.... uracturing Company of New Jersey| gyi 43 — ContCan... 8% ;% $K+ z% 2% 174 — Southern Raflway.. Aesiznated when the securities were| 91 66 6 ContInsurance... 93% eoaet 64% 45% — SouthernRypf.... ismued. members of the firi, o 3. S.|1201 91X 6 CornProducts . 120 l:gx ‘7%+ 2;‘ 125% 113 8 Standard Milling. B r 0. vester T Festrain the companies from | 53% 31%4250 Cosden & Co... :&i 91% 93::+ 1;: 121 913 4 Standard Ofl of Cal. selling any more of the bonds. wi.| %% 52% — Crucible Steel ’}i 3‘ i 1983 169 5 StandardONINJ... wooThe complainants, J. Sawyer Wil | 55" 14 — CubsnAm Suga ?M f;/i f‘;’?: 6| 118} 113% 7 StandOnofNJ.. .. Eelitde periners s ol | N W6 - CIUCReRETIL e ws 3 - 80) te sur § Swine Frodu.. ege that on October 20, e de-{ 413¢ 15% 5% 241§ 3 Stewart Warner. fendants. capitalized at $5.000.000, l!-l 5 T rab of firat mortwage bonds| 638 43 lg l,,:”i ly 5085 35){ — Stromberg Carb. and preferred stock to obtain money | 13084 1063 - 4113914 -79% 10 Studebaker.. with which they intended to build 133% 11014 1313 132 — X% 125 9% — Te graphophone factories in this state. o A 35 3+ % % nnessee Cop..... ~Aecarding o the plaintiffs, they <39%4 ;3!4 7 s+ 9% :g% g}‘ : TexasCo.....veenar subseribe o 8674 L ‘Texas Gulf Sulphur 1,925,000 of the 8 per cent preferred g A% — 1% stock. They claim further that on| 49% 404 % 36 24 — Texas & Pacific.... July 27, this vear. boards of direc- | 23 141 2% 2%+ 4] 39, 8 1 mexasPaccaon., wes of e e copapiiadeniien ] e e Wi 85+ |20 14~ Taind Avenue e t oney to build fac =y e e money ol factorien in| 15 7 — ErioRaiirosd. 18 14 16— %) 8¢ 76% 7 Tobacco ProdA.... laflor'thufll here. they say, ls thei g1t 114 — Erlelstpf.. 223;2 2; f;%— l% 0 14 — TolStL& WnB one at Loneys lane an se street. i 1 = S B - ““On these grounds the plaintifts ask | 200 _ 74 Erle oy 5 224 Tol StL & Wn pf B.. that the graphophone companies be| 203, ~15. — FairbanksCo 18% 16 16 Al ooy¢ 76— Transcontinental.. restricted from selling any more of | g¢ 75y 8 FamousPlayers.... 033 884 02 + 24| ¢ 55 6 Union Bag & Papr o preferred stock: that Players pf.. 102 9514 102 + 4% .. ihe Mercantile Trust and Deposit{102 91} 8 FamousPlayers p! o 25 17% — UnlonoOll.. = Company, which, théy say, has certi-| poz 37 5 FedMines&Spf... 59 8 *8 + Y1155 135 10 Union Pacific fied the issues, be restrained from 11% — Fisk Rubber B 126 12— Y| g e certifying any more, and that the Co-| 19}4 oy % B+ 14| 7§ — United Drug. lumbia Graphophene Manufacturing| 2674 12)4.— FEreeport Texas.... % 155% 119% 8 United Fruit. Company be restrained from collect- | ¢ g53g- 3 Gen Am Tank Corp. 635 60 60 —2 | aie i Ry Invet any money on the common stoc! : 7 - s I Y e hard "to be n ita control " | 733 56} — GenAsphalt........ 684 654 614+ 6| 366 903 — Unitea Ry Invopr. “The bill was filed in circuit court.” {13 90- - 5 Gen Asphaltpf. 4 1%%1 :g 763 433 — United Retall Stra, . 74 65 6 GénClgarCo. K 38% 16)f — U S CastIron Pipe. 184 AID FOR STOCKMEN. |18 18- 12 GenElectric. 10§ 2% ~ USFood Prod. e 154 53,,’“ ;:%il" s ,:Z“ 5 War Finance Chairman Outlines| 84 ¢ 414 © - Plan of Bettering Industry. 8% 13% ;:7 -1 014 56 — 4474 324 — Goodrich (B'F) 7% 107 . 9 8 USRubberlstpt. . DENVER, Colo., August 26—Eugene| 35 25— Granby Consol....s 33% 32 3+ X| 4550 328 — USSmeltRenn.... Meyer, jr. of Washington, chairman | 197 12~ — Gray&Davis...... ‘16 18{ M — Hl1p50 g3 5 of the War Finance Corporation, in| gs3¢ 703 .7 GreatNortheript.. 9536913 ® +1L{l19 " ¢ 7 an mddress before the American Na- ‘4 GreatNorthnOre... 427§ 414 414 — ¥ 45% 3% 09} 60% 2 tional Live Stock Association in mid-| g¢c 253 — Greene Cananes y 19% 9% ~ Utah SecCorp. year nesslon]her‘e yeu::rdly outlined 035 4% — Gulf States Steel. 83)% 30% — Vanadium Corp. his proposals for e permanent ; 5 2! Aoanding of the Tive stock industry, |108 - 80, 7 HartmanCorp 36% 25 — Va-Carolina Chem. He promised all the aid within his| 261§ 15 — Hendee Mfg.< 82 5 = Va-CarChempf.... power, and suggested that a spectal | g 70 8% — committee of the association take up| of - 2 the subject with a vie¥ to ‘adequately | 24 6 - financing the industry. pri7e o 1 19% — ri, A ST e T 16 B4 < Evimalesl.s M6 B B0 |8, e s inance Cor W i . porary organization, and that its 113 974 7 Ilinois Central. u3 1095 109% ~ 2 |15 8) — Western Maryland. pose was simply to Hitet an emer; & 304 — INapiration....peeu. 4 A%+ M| 25 13 — Western Md2dpe. ncy. No similar organ on o = =5 2= Pefmanent status, he said; could hope B Inter Agri Chmpt.. %% 30 39 Y| 244 13§ — Western Paciflo.... to receive the co-operation and efforts |. /515 6 K 7 4 4 2 4 INANCIAL.™ ) T > CONDITIONS DO NOT FAVOR PROLONGED BULL MOVEMENT of the men who had volunteered their services, as other businégs and affairs would not permit them.to devote so much of their time to the corporation. TRADE TOUR TO HUNGARY. NEW YORK, August 26.—The Amer- ican-Hungarian Chamber of Com- between the United States and Hun- gary, is arranging an excursion \to Hungary in June, 1923, to enable lu members and interested business men to study ‘conditions in Hungary and to get in personal con. tact with the ini coun e lum Low. Div. crd THE SUNDAY S‘I‘AR, WASHINGTON, D. C, AUGUST 27 L300 20 -~ KansasCltpSeussr.- 3% 2536 203 — % ~§;§ 2034 53~ 4 XaaCity-Souptumce - 585 85 B+ 34| '%\ xnu.ae-u...- .l_“m 8 _+ % vmuu:mum:;: ~—1923—, Rate. Westinghouse A 8. Westinghouse Elec. ‘Wheel & Lake Erie. ‘Wheel & L Erie pf. ‘White Eagle Oil. ‘White Motor. ‘White Oil.. WillysOverland... = Wisconsin Central.. . 4 Wor '“M 42% 26% 674 185 58 17 16355 135 103 5534 38 4645 37 e 63 Q2% 0 9 8 59% 51% 20 18% 128 128 20% 19 18%¢ 161§ 30 294 1% 13Y% 120 10835 183 15% 523 415 5214 125% 1034 8 195 3234 2534 22% 815 55 518 " 304+ Week’s Price Range New York Stock Exchange M-flun.-nll. nn.:m. Last. Ong. 4“4 — 1% 5% — 2 Wi+ % 93% + 444 364 + 24 2 +2% 7+ % 68 5% 200 +153% 3%+ 3% 185+ % m +7% 1373 + 3% 1%+ 1% 5534 — 3|, 39 +1 5344+ 75 39% + 2% %+ % 2 +2 8 —1x% 5734 — 2% 18— 1 - 2% + 8% % % 128 182 1905 — 16% — 13% + 35% ny = 19% + 1% 46% + 3% 623 0 43 10836 — 1 g — 1y ~us %+ % %+ 7% 46% + 134 55 + 214 120 + 23 1986 — 149% 80 — 24 15136 + 235 1Y+ % 1922—PART 1. COTTON HITS NEW LOW, | FOLLOWED BY RALLIES NEW YCRK, August 2C.—An early decline in the cotton market was fol- lowed by rallien toéay, with Decem- ber gelling up from 21.80 to 22.13. This bulge was probably promoted by reports that there were indications of a_tropical disturbance south of Ja- maica moving northwestward. * The market opened barely steady at an advance of two points on May, but generally twelve to twenty-five points lower, with October selling at 21.70 and January at 21.80, or into new low ground for the present move- ment. The decline below the 22-cent level brought in considerable buying, believed to be partly for tradé ac-| count, and partly in the way of ¢ ering for over the week end. This eaused rallles right after the call. but ofterings increased as prices worked above 22 cents for October, and the market eased off to nearly the opening figures, then rallied again on the sibility of a tropfcal storm menac October sold up to 22.02 on the late forenoon advance, and January (o 21.98, or about twenty to thirty-three 'points from the lowest. According to | reports published here this mornin; the crop prospect has deteriorated the Carolinas, and conditions are bad in Georgla also, owing to shedding and boll weevil damage. Advices from Texas reported a very low condition and a tendency to scale estimates of the crop for thdt state down to below 3,000,000 bales. Sales of print cloths in the Falt River market for the pleces. NEW ORLEANS, August 26—Spot cotton quiet; 25 lower; low middling, 20.80; middling, 21.75; good middling, Sotton closea eary at net decline of five to twelve points. October, 215 December, 21.55;: January, 21 March, 21.48; May, 21.41. 25,000 Persons —who are owners of Cities Service Preferred Stock will this week receive ,their monthly dividend checks. They will receive also, at their option, cash or bonds for the fourteen months their Has been on a script |l a'l back dividend: being paid in full. At its present quotation Cities Service Prefcrred Stock yields 812%. Net earnings of the public utilities division for June, 1922, were larger than for any June in the history of the Com- pany. Circular on request. Thos. W. Brahany & Company 510 Evans Building Washington, D. C. Main 61589 Boom in Stocks this Fall saymanymarket observers When will it start? Opinions differ—but thepresent positionof many NewYork Curb stocks seems to offer profit possibilities. Some of these are dis- cussed in thisweek'sissue “Investor & Trader” the most complete publi- | 2% cationon NewYork Curb Exchange activities. Copy on request Jones & Baker Members New York Curb Exchange Direct Private Wires New York Cbi Boston Philadelphia Pitudurgh Detrolt Baltimore laod BALT[MOR.E OFFICE Emerson Hotel Telepbone - Plaza 8451 week were estimated at about 200,000 i = WE HAVE OPTIONS O 200,000 TONS FINANCIAL., N OF HIGH-GRADE ENGLISH SOFT (About Twenty-five Day Delivery) JAMES J. FRADKI Suite 208, Evans Bldg. “If It Has a Market We Deal in It.” 28e Professionals everywhere. writtenby a veteran. This volume & key 1o methods e their money. Main 2100 i il A For Stock melowfihnllfl Joopegss FUNDAMENTAL THINGS —are little affected by violent fluctuations ot money, stock markets and business generally. That is why they constitute ideal investments for those who desire placid, comfortable assurance about Real estate is fundamental. First Mortgages —secured by improved Washington real cstate absolute security of principal and certainty of yield. B. F. SAUL CO. i R e BT '7231 Moyt Lom &5 Waeh T & Tros - Oth and ¥ 2w J oseph I Wdler LIBERTY BOND PRICES Victory 4% . N0 nmmon MADE. Bonds Bought in All Denominations. LIBERTY BOND EXCHANGE | 604 t. N. Our offer 1412 Eye St. N.W. MONTHLY DIVIDEND MONEY MAKERS More money is being saved by the American people todsy than ever before. As a consequence greater and more dive Americans than ever since the birth of What, may we ask, are you doing with your Does less than 12% Surely it won't after vou learn abouf what a wonderful u if you are only getting 3%, or a wee bit more, while with us you get at least 17 a month. are being made by the republic. savings? security we offer 3 fied investments annual return satisfy you? Secretary Mellon, of the U. §. Treasury. announces the redemption by Dec. 15, 435 f One Billion Dol s of Victory Bonds, months ahead of their maturi real'ze what that means to owners of money who must get return on it? It means lower interest rates on fixed inyestments and a profess to be “blue.” I it isn't Europe's “sad plight. idend- pnyi‘l:g it’s our own. they say, which makes them so. But they are all wrong. pression for future gain. Propaganda is now rampant for purposes of de- S Don't be misled. . This grand old mun(ry of ours was never richer and its future never so great. Business is l.'nin: ahead, and those who are “tending to their knitting” are getting theirs. Be a Bull on the . S. A. and you'll be happy. Save and invest. How much better it is to get the income on your money monthly instead of every six months or a year. and how much more satisfaction it is to you when that income is In a year's time as much, if not more than you can get in four other sources of income mno more years from many pendable or secure? de. = 1 have a message and an opportunity for those who --m to join with 2,500 others, who have shared in over a dotiars® of income already distributed, to enjoy a_ share ul = the daily earnings of one of the safest cash businesses in America today. This business has been established 13 years-and has pald a monthly dividend of one per cent regularly with an aver- age of four extra dividends each year. Come and see me or phone lu for further facts or, betier still, if you have funds not earnin out coupon below and I'll give you lrmluu. 1% a month, fill LEO D. JACOBY 208 Continental Trust Building PHONE FRANKLIN 1845 LEO D. JACOBY, 208 Continental Trust Co. Bldg.. ‘Washingten, D. C, I am interested, curity paying a Name V/AZHINGTON, D. C. so please furnish me Information concerning the se- dividend of 1% monthly. BITOL e cecme e rre st te sttt TP I 11 11 IT T rr T rean City w0 R SRR e e Ssaaaseane e oo rRh b e S BT FILL OTT ANB MAIL TODAX ' Suite 414 TWO IMPORTANT ITEMS The Management and Your Faith in Washington Swthefn Bldg. The Management of The Walker i The affairs of the Walker Hotel Corporation will be in the hands of very competent officers and directors, all of whom are among Washington’s most successful business and pro- fessional men; in addition, Daniel P. Ritchey, the managing X director, is one of the most experienced hotel men in the United States, the affairs of the corporation and the operation A of the hotel must necessarily be conducted in a manner that S will make for the immediate success of the enterprise. The Faith in Your Capital All the authorities agree as to the need of a de luxe hotel in Washington, along the lines of Hotel Walker. The man or woman who believes in the continued growth and pros- perity of the great capifal of this nation must perforce be- lieve in the magnificent success of the hotel enterprise. The preferred stock offering, cumulative-participating, yielding 8 per cent or more, is one of the safest, most attractive offerings in which Wash- ington investors have participated in a long time. Large reservations are being made daily. Do not delay action. Phone, Call or Write -for Complete Details’ The Walker Hotel Corporation Main 2600