Evening Star Newspaper, September 9, 1922, Page 11

" BIVIDEND RAILS IN SPLENDID DEMAN End of Strikes Helps These i and Also High-Grade Industrials. BY STUART P. WEST. NEW YORK, September 9.—The stock market was strong all around again in today's two-hour session. . Interest shifted more to the railway J list, particularly in the higher priced dividend-paying rails. There were a ‘variety of reasons for this. In the first place, although railway securities have at no time been weak since the strike started, they had been neglected in favor of industrial 4and public utility issues. Consequent- 1y the advance In this quarter Friday and again today was to be looked * upon as bringing railway shares Into line with the rest of the market, now that the shopmen’'s strike is on the wane. In the second place there was a prospect of unusually heavy earnings from coal traffic during the next six months to furnish a special incentive for the buying in the stocks of coal- carrying railroads such as Reading, Lehigh Valley, Norfolk and Western, Jelaware and Hudson and Western aryland. Anticipate Melon-Cutting. In the third place, there was a pros- pect of what speculative Wall Street calls “melon cutting” to give a special inducement in several instances. Increase in the Loulsville and Nash- ville capital, with a consequent extra stock distribution, has long been in view. There was belated recognition today in the sharp jump in Atlantic Coast Line, for which, as the owner of a majority interest in the Loulis- ville road. this recapitalization would ymean much. The new high record for | YUnion Pacific drew more attention to the possibility of another distribution to Unfon Pacific share owners of the | stocks of other companies held in its treasurw similar to that of over a decade ago. Industrials Recede. Low-priced, non-dividend-paying rails were not, as a rule, drawn along @n the advance. Among the indus- trials there was still a great deal of profit taking., which in the last hour rather checked the advance and| brought about some recession ir many ! of the leaders. But as against this, operation for the rise went on in the tobaccos, in several of the motors and in a number of specialties of the type of Iron Produce and Austin Nichols. i § Adams Express... 7% 1 Air Reduction. . sEnsf SiagsesgyEy Allis Chalmer. A g:'r Chemical. Ann Arbor pf. Asso Dry Goods. Asso Dry G'2d pf Assoclated Oil. Atchison. Atlanta B Atlantic Cst Line. 11 Atlantic Fruit Co. 2% % Atlantic Gulf..... 82% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Stag, Office ;I ON NEV YORK BONDS@:I Received by Private Wire Direct to The Star Office. FOREIGN GOVERNMENT, STATE UNITED STATES WAR BONDS. AND MUNICIPAL. . e ‘High. Low. Oloss. | Libesty S3a, 1 2t Libery 10t 43e 190347, 39070 10080 Liberty 34 61 Hebrss sy LoDy MOSS : -.s 20030 OB Liderty 4th 6%e 190505, 3007¢ 10062 300, NEW YORK, September 9.—Standard Victory 4%s 1923, Oil shares were. the features in.the dealings in today’s séssion on -the ocurd exchange. Active buying carried Standard Ofl of Kentucky to a new high for the w should year at 109% while an eccumulation]tf be umiversal, yet investors constantly reach out :?';. OLS MAKE GAIS ON CURB MARKET § ] §eegses Atchison gen ¢s. mon and preferred and Gimbe] com- mon got up & half point to & point. Schulte Stores, after starting sev- | | Are Purchased by eral points higher, reacted sharply on profit taking. Public_Service pre- ferred and New York Telephone pre- . ferred were ong, the former mak- 3 Ing a new high record. e a ge Mining shares were fairly sctive, but business was small. Bonds were Pond Greak Gont. . 3 % 21% | Rio de Janeiro reek Coal. .. 21% 21 % Postum Cereal... 101 108 101 102% | Rlo Grande Do Sul & uy 5% u [ = % 100% 18 191% ns [ ) At Coast ] S 2 s i - Balto & Kxcolge: of buying orders brought about a additional point or two in interest regardless sharp advance in the Indiana shares. have to sacrifice to it. e ] - Low priced issues such as Anglo- get i : 2: !"A;cuo;nouvn 5 » !: L] American, ':'fx memm?-.l 'Pe(ru- plus a liberal return—that’s what an invest- leum were fen UP AN con- * Am Radiator..... 119 120% 119 10 :% Lok Ys... siderably above their close of Friday. ment in First Mortgage 7% Real Estate Notes 2mg:falzél:tor. % 1“ ”0& ‘;“ l'm“ Bm,o,,;l-'r.i,..,w““ =5 h(')‘u &r‘ ngmr:‘m‘ :'bo ;en: means. . : m Ship & Com... 19% 19 kS igher while jard of New Yor! Atk for descriptive booklet “B"—it's FRE! :m gmo}llnt. . 65% 6K % & o g’;i’;:’f 78°21 ctfs. 'a'f&';mmtvh.fl- s ‘l s FREE. m i 100% 100% 202% rvice common was stron Am Stoel Fay oL e e @ % 3 % again and ‘reached s new high for Winiam s itk Am Bteel Fdy pf.. 06 106 6% the present movement when it went ” Am sumatra’ o u | Bominican Hap 63 e s thee ' First Mortgage Investments Am Tel & Teleg my% mh Dominican Rep 53s°42. 9% Independent oils siackened and price 1409 New York Ave. Am Tel & Tel rt; 3% 3% % @& T4 4 |Dutch EastInd 6s'47.. 9% changes were more orderly. Mutual Am Tobacco. ... 47K 1674 161 1@ o% 8% 5% Simms and Fensiand Oil were firm A;: Tvglcw (B).. 184% 164% 16 @ 6 around their previous closing prices. Am Water wha o To” ma 1 1w e DErEat Lehie Jbters AmW Wks 6% pt 40 0 3% @ T fi e of2urant Motors continued the leader a A year af . ¢ Indiana shares = Am Zine & Lead. . ~ w2 vanced fractionally. R. H. Macy com- T rus oles o I 864 % 1006 ™ 128 % = £ 2% Austin Nichol: % U% Baldwin Loco. 133% 196 Balto & Ohic. 5% 3% Balto & Ohlo G 6% Barnesdali (A).... 3% 3% Barnet Leather... 67 o Beechnut Packiny Beth Steel (B) Beth Steel 8% pf Bkiyn Rapd Trn Bklyn Union Gas Brown Shoe. . Brown Shoe pf. Burns Bros (A) . Burns Bros (B) . Butterick. . California Pckng. California Petrol. California Petept. %6 % Callaban Zine. . Calumet & Ariz.... 62% 6% Canadisn Pacific.. U9% 149% Central Leathe Central Leath pt. LCerrode Pasco.... 4% Chandler Motor. ... Iron Products. Buying of Iron Products stocks m-i day caused an unexpected advance in | prices. This advance appeared to be an operation by people who have pre- | sumably made large profits out of the | rise in tobacco stocks and who were | utilizing some of these profits to put- | ting Iron Products up. The preferred | stock, usually quite inactive and hav- | ing a'narrow market, responded read- ily to a small amount of buying. Dupont Common Higher. The advance in. Dupont common is closely connected with the advance in General Motors because the former com- pany is the largest holder of General Motors stock. A dividend of $1 a share | on_ General Motors would add at the | very least several million dollars to Du- pont’s yearly income. It was figured that every point advance in General Motors stock should mean something like a ten-point advance in Dupont ccm- 1aon. It continues to be reported that 4 something is likely to be done toward - cutting down the interest charges, Gen- eral Motors has to pay by retiring a part of the debentures now outstanding. These stocks are being bought in the open market, it is said. Dividends Declared. . The following regular quarterly divi- Wend declarations were announced to- meday: Wilson & Company, 1% per cent on preferred, payable October 2, to stockholders of record September 23; Pittsburgh Plate Glass Company com- mon stock, 2 per cent, payable October 1 to_stockholders of record -September 20; Westinghouse Airbrake $i. payable October 31 to stockholders of record September _30; Pittsburgh, Bessemer and Lake Erie, regular semi-annual 1% per cent on common stock, payable October 1 to stockholders of record Sep- tember 30. DROUGHT DAMAGE TOCORN AFFECTS ALL THE GRAINS Report for Week Compared With Previous Six-Day Period Shows General Price Advances. CHICAGO, September 9.—Corn crop damage on a big scale, as a result of drought and heat, has led to higher prices for all grain this week: Com- pared with a week ago, wheat this morning varied from unchanged fig- ures to % up, corn showed a rise of 1%al% to 1%al%, and oats of % to 2%a2%. In the provision market, net differences ranged from 20 de- cline to 10 advance. + Injury to growing corn was so ~ apparent that a considerable time before the government crop report was issued trade authorities were able to forecast that the yield of corn this season would be 380,000,000 bushels less than was harvested last year. o It was correctly anticipated also /that the government crop report as * ' to wheat would prove bearish, but this fact counterbalanced to only a slight extent in the wheat market the bullish effect of the huge short- age of corn as compared with last year's production. Persistent gossip was heard that export dealings In wheat were being underestimated, and there was much talk that France in particular would require heavy imports before harvest. Needs of Prance were estimated as likely to aggregate 2,000,000 tons. On the other hand, European purchasing so far as it could be readily traced appeared to be limited for the most part to wheat grown in Canada. Deal- ings broadened osut quite wonderfully in the corn pit, buying orders from rural sources giving for a while de- cided emphasis to reports of severe damage to the crop. Later, the-ad- vance of the market was checked by lively profit-taking on the part of holders. Oats paralleled the action of corn. ;. Provisions were_without any ag- gressive support. COMPANY TAKEN OVER. ‘Wickwire-Spencer Steel Corpora- tion Acquires Wire Fabrics Stock. 4 ‘WORCESTER, Mass., September §.— The Wickwire-Spences Bteel Corpora- tion stockholders voted here today to approve “action of the board of di- rectors in arranging for the acquisi. tion of all the capital stock of the Ameériean Wire Fabrics Company of Chicago. Harry W. Goddard, chalr- man of the board of directors, stated that the newly acquired company ‘would ‘be operated independently, but under supervision of the corporation. Stockholdera also voted to autho: ize the ‘tssue and sale of $1,775,000 principal amount of ten-year 7% per cent convertible ‘gold notes of the Wickwire-Spencer C ration th of paying in part for “of the American Wire Fab- ” bills, 2% _per cent, i O Bartholomew's Hospital, in ld..‘doa. was founded :by'the - court Jester of Henry L Chi Great Westrn.. 7% 1% ChiGreat Wpf..., 8% 19 . U% % Chi Mil & St P pt. Cni & Northwn. . Chi & Northwn pf.. 125 128 Chl Preumat Tool. 8% 89% ChiRl&Faciic... ¢4 CMRI&PS%DL.. 86 88% ChiRI&PTINDL.. 9 W Chile Copper. p Chino Copper CCCa&StLpt.... N% 9% Coca-Cola. .. Cons Gasof N Y... 3% 3% Lons Texth 1% 1% Cont Can. . Corn Products. Losden & Co. Cosden pt. Crucible i Cuban-Am Sug p! Cuba Cane Sugsr Cuba Cane 3 pt. Dupont (&. L).. Eastman Kodak.. 8% Llectric Stor Sat. ¢ @ Endicott-Johnson.. 8% 89 Famous Players. .. 10% 102% Famous Players pf. 104 104 Fed Mines & S pf. 6w 61 Fisher Body.......1li% 119 Fisher Bot O pt 9 Fisk Rubber. i2% 8% Gen Am Tank Car. 6 0% en Asphait....... 6s% 68% Gen Clgar. . 8% (en Cigar deb..... 106 Uen Electric. 180 180 u% 5 Uen Mot 6% deb... &5 % deb. 0% 9% 15 s . 5% % £ 82 % 9 % % 2% 16 18% A% a% 8w 84% % 2 = ke K L 13 558 £ 3" 2 8 wau Combustion k. intl & Gt Northern, % 284 quiet and steady. e § Lgd Postum Cerpf....140 110 ' 110 4o 8an Paulo, City of, Pressed Steel Car.. 8% 89% 83% | Seine, Dept of, Investment Corporation me '53'«. 68 | Pressed Stl Car pf. 108% 10% 102% | Sotssons és. €% 6% | Producers & Ref... 484 8% 47% &% |Sweden és 3 a ave :':‘l.l.flcol':iulglial Rate Perlod able holders F L3 5 ngdo e b4 ‘.} o | Utd Kingdom 515837 ST Q Oct # ‘ m A aIr Basu 13 8! rEr 23R LEL I 33% | Uruguay 8s 1946 W% MISCELLANEOUS. Hudson & Man adj bs. Il Central ref 45 1955..... Pw & Lt pr 1 X ek 1 AR & pr..$1.75 8| €% BR! % 1% | Rallway Steel Spr 119% 118% 1% 19% | 500 mucher 8 111 Central § % 0% 1 “h W WA Wh k| am Agri Chem T Inter. Mt 4344 o wtas oo 1 W4 Bepe 14 811 Vermont Avenue N.W. P g2 |Am Smelting 1st b Interboro-Met 4} ctts 15% 1% e % Am Bugar Ret s et 100 e seae s i Inter Rap Tran sept Bromrara s EEE st % 83, 888 3% | 'Am Tel & Tel cl tr 4 ¥Psyoasageyisgsiiinsargaaiilgifagngagyipagyangannysiaggs oRoooccoclcocen| | coooe 3 s2%.| Auaatic Fruit 7 Kan ity Term 4 Et bt oy [Atlantic Refining sa w1 9% LaVashe e ton s Rorat Dutsan o o saiq| AZnoaiekBRrdgun Ti4s_ UM Lehigh Valley 3 = oo L&N1st& o StLa&SanpFran... g | OsTistiemkiBless o 1 Manhattan Ry en % Common sense tells you that the way. to It 1 .o - - .. o m«;‘x’:\:? “% to Loan hasten th.e approach of lprqspcl:nty is ngg :o wait o | Seaboard Alr Line. Secured 1y Sret Geud of tremt o et eeare for' a miracle or for legislative or diplomatic 7% 6% |Sesbosrd AL pE... et ose""‘h I.-;Nemller“' o action, but to_get to work where work is needed. s . e oatai e doseph L Mo e T am You can help by at least putting your money- to o o CiteCants axibs We Offer for Investment work in the urgent task of providing new homes ul . e S0t | bu ront de Nem 1 Real Estate Not for Washington. Buy our 8% Southern Rallway. :_I@lllllln Light eal e o : i s A L i ey e i L e First Mortgages ] Stand Oilof Callf. . 115% 115% 143 » AND 1%. f ; | Francisco S8ug 7%s PROMPT PA e e e e e (e S In Amounts of $250 and Up % Stewart-Warner... 4% &% -- 100% Bank of Bethesda, Md. Phones: Clovelaad 1919 and Bethesds 81 e | Humble Q& R 5% wi. 100 % | Indiana Steel 1st 58 '63. 101% B. F. SAUL CO. 3% | inter Mer Marine 63 %% T il | G EQUITABLE [[f} Main 2100 1412 Eye St. NW. Toxas & Pacific.... 82! 32% | Manati Sugars £ 7%s, 9% | Texas & PC&Oll.. 26% { Marland Oil temp 7% robacco Prod. . 88! Marland Oll 8s war. Co-Operative Building Association’ 6% | New England Telos wi. 99% 18% | New York Ed 1st 6% Fifty-Thres Years Witheut Less " To An Investor ~ ® * * If you do sot ssve rifice the fruits of your labor. Adopt raggsiazelasaz=guasazgafag=angef LR R HLEH TR ELRLH FHITE AL i L San Auenio & 4 P fp e % { packard Motor aboar . e gnflmlphh Ca'l.‘t GsA. m“ Seaboard AL adj 5s Subseriptions for the e Producers & Rel §s. 108 Seaboard A L con 6s. 83d Issue of Stock » Producers & Ref 8s war 113% 101% o Punta Alegre 78 ‘:-zim' 10 Being Recetved I ™ ey ey e g Shares, $2.50 Per Month nh [ EQUITABLE BUILDING & 915 F St KW, - JOBN JOY EDSON. Presideat - FRANK P. REESIDE, Secy, % = 106 2 Iy Wisconsin Cent gea " TOTAL SALES (’ll“ Value): 1lam - 343800 7% ‘Investments B RS FOREIN BONDS N * BETTER REQLEST - 515000 - NEW YORK, September Rall- e e SHows SEVERE DECLIN “|way securities featured the dealings NEW . YORK, September ‘- 9.—There{; the bond market again today. . " SHOBT-TERM SECURITIES. s n R e im0 N e e S7'tha|" With liberties and industriats only e Week. . When business here w: moderately active, trading continued Sumed after the Labar, day adjourn-|heavy in the forelgn government g 0d many selling orders ap- 10 ;:n:l’:"ed.lgahl.ve ‘aceumulated over the |STOuP as well as in the rails, but the | holidays, which were supposed to in-]day’s grains lay for the most part clude a large volume- of -southern |in the latter. hedging. This led to liquidation of| Transactions in the Norfolk and e ey e thing more than -teme | Western convertible 65, a recent lead- porary lulls in the pressure of:ofter—{er, dwindled, although this issue was LugaDeosmbes, ""’,“‘.:'fl‘;.,:'{;.";f.'fl bid up to @ new high for the year. - or oin - = ;';xce Touched Just before the publica.|Interest was about evenly divided be tion of the government's end-August |{tween the high grade mortgages and condition figures on the previous Fri- {the speculative rallway bonds. day. ; Missour!, Kansas and Texas adjus: ket th howed eildences . ofT :‘n’;:\reratuhmc:l opolmo:. “while |ments sold around their top level, theré were-also reports of an réas-1 while Seaboard Air Line 6s got up to ing trade démand and:-nesrly- 8 cent{79, and the other Seaboard issues, to- o P of L‘h‘hB lb:l bm. nrl.i‘i::;!:: ‘zn’t‘q’r‘h&. #her lwlth °.t.hfi."'lrll‘o:. “i P.ulz; h E . wil ecémber — 175, sco incom: ven 8 AN - . . e . 3 2 full vent from the lowest: - The do- | (e Alton 3a and T4e, went Sigher anks are sometimes unjustly criticized for their conservatism cline Quring the earlier part of: the|pejaware and Hudson conve: N z e : % = ; o st oaama chRtheste L oroseed pix and the Northars Pacifc in granting accommodations. Va-Car va-Cer Chem cv 7%s wr. %8 Wickwire Spencer. | warner Sugar 7 w3 Wilson Com % ‘Willys-Overland. ‘Willys-Overland pt ‘Wisconsin Central. Woolworth pt Worthington Pmp. wounLY ‘saLzs or stocks. | COTTON REPORT OF WEEK llam.... 25780 12m.. ‘We have ‘hand 2 Hmited amount of giitedge FIRET MORTGAGE N bearing 7% Interest In amounts of $250.00 to $2,000 Chas. D. Sager, 923 Fifteenth St. NW. Loan Department—Main 36. L bbb 11 - a1 e WAL S LG B4 b Ui 1L L EMS $RERUNR seERRERgEye e in the general. character.-of fMigsouri Pactfic, Union Pacific ‘and iimors, 350 Onie femee a3 | & : 3 e oLy acly, e feast Tractionsity. . |llf- = When you ask this Company for a loan you are assured of pect S Sharp Reeoveries. 2 i e 3 5 = 5 movement seemed to be largely: re- il : i A 5 e “wiich -also. 7% the forelgn ex- eous consideration, and—i security is right—the loan is poaiis £55, e QeStt TGR e |, FIIPeh The tmns e farsien &2 |[fl courteous consideration, and—if the secarity - yomEIGN BXCHANGw. -~ - |18h cT0p BAVIEes to SUILIN ook par |1 Belsian 8s and 1342 aizo promptly granted. Quotatiess ‘uraished. by W, B, Hibbe & Co.) A . ndastrio ! Belling checks—dol .,nh- at close, todas: dm 3 a-g:." % mene LA o B I Would you not expect the bank that guards your deposits to ment was also reportead irregular. s 9 . B B cine b and the Ben e s |fill be very cautious about any collateral that it accepts? 100 Ameteries.l 380 | 5ooron September 3-The-Comil | Canadian’ B slightly. | o 3 i E ol flu ettt R T L e > The initiative in this week’s mar. Trust us to treat you 1airly. By the Associated Press. - 3 tations as follows: & o I NEW ronx. September 9.—For- mestic: om;n an Vm'n ards 1| oign - excharige ‘steady. Great Brit- n, - demand, 4.46%; gables, 4.46; sixty- bills on. banks, 4.44%. Frande, ' demand, . .0774%; cabi .0776%. Italy, demand, .0435; cables, .0435%. - Belgian,” demand, .0732%; The Washington Loan & Trust Co. cabjes, 0733 Dcr:;;!. demand, ’.éz.‘ i mm‘h 2 = byt 01 bid, afll-n!l“ll 101%, 2 900 F § ZiE 3t President .0075-16; - cables, . .007%. Hollaod, Ipconaly, ot e :{and the s of 1943 were 1083 bid, of- 7th Street. . - - demand, .3883; cables, .3890. Norway, | New " England “Half _RoCk, TP fored Tosk. : I iy - . > Sweden, L {blood, 40a41; mcoured basis, Tekas,| . 4 fine_tweive montbs, 1.20a1.25, B A Newly “arrived 8 i