Evening Star Newspaper, January 8, 1923, Page 18

FINANCIAL," WAL STREET LIST RESISTS PRESSURE Early Reaction Checked by Rally Which Offsets Many of Day’s Losses. BY STUART P. a1 Dispateh to The Star. Y YORK, January §.—Uneasi- ness in financial circles regarding the French plan to occupy the Ruhr and the agcompanying weakness in the forcign exchanges made themselves felt in the stock market today. Baldwin Locomotive lost nearly two noints early in the session and Stude- baker over a point, while other lead- ers were down half a point to a point. however, @ppeared to ourse in the first hour. upport made its appearance liet easily regained the WEST. This decline, have run its pool Traders Take Long were so gth shown tbie outsid long side Side. impressed with in the face of news that they s the day went cial buying in . which® Wall street insists new interest gaining a the company ind the stoc s one of tin the market. Amer- after an early decline of & s taken in hand and bid up A brisk upturn in Asso- zoods appeared ‘to repre- purchase of stock sgld awhile people who knew that the vidend was not to be raised at the mber meeting, although realiz- it such action was probable at meeting in March. American Can's Status. In face of rumors regarding a pro- posed change in the capital of the American Can Company it was learn- ed today from an excellent source hat there has been no official dis- cussion of recapitalization with h ributing the company’s us. Directors who have ‘hed on this subject are declared that they will i1y oppose such a plan. advance in American Can, which definitely a 5 per cent stock d which up to early afternoon to- ied the stock above 81, was the action of a minor old in note o strong \ Can, Dec ing t the have Meyers Tobaceo v by the stock- t and Myers To- plan to increase horized preferred stock from 800 to $34,139,800 and the au- d class B. common stock from 400 to $44.363.800 simply the way to the directors to the t has been expecting to a is, them That they now free to de- ck dividend and more than they will reduce the common K par to § A stock dividend bout 40 per cent has been looked ar not surprising that, with all f any early agreement n reduction of reparations, i mark should have sun low. It got down virtually vel where one mark was ne one-hundredths of a at was of more significance, . as the fontinued pressure Frencl francs, which were off considerably half the distance be- November low of 6.17 and er high of 6 s no doubt that the action Senate in urging ‘the with- wal of American_troops and the ggestion that the British would do ame thing had made the situa- more delicate Prices Fil at Close. wding quieted down in the course of the noon, but the general lis yntinued firm and various individual stocks went higher. Among these + the Pan-American, Cosden, Chile Copper, which almost equaled its high he se on, and th= sugar stocks. uving in Chile followed reports the deal with the Anaconda was ring consummation new developed in the sugar ount for the improvement th stocks. Rubber and tire ues responded moderately to a fur- wdvance in the price of crude I'he s did little all day, one of which buying here favorable tion of the fits to follow the Denver and Rio reorganization. {COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY SFATTLE, January S.—Washington owers have sold $0 per cent profit. There is evidence of softening prices to- | ir crop a IKANSAS CITY, January 8.—The new > has seen a decided boom in the Mid-Continent oil field. There is a for every competent worker i wages have returned to normal, vear promises to surpass all thers in drilling both in new and proven territory and lease values have PHILADELPHIA, January 8.—Cot- ten s are firm in this market to- day ‘hecause of the price of raw cot- but business is not uniform. Prices for cotton waste are sq high that mills are hesitating to make new contracts on a yearly basis. "ROIT, Mich., . January $.—To- bacco manufacturers here are pre- paring today to meet an additional demand this year. Many were unable 10 keep up with orders in 1922 and it s expected Detrolt will regain first place cigar production lost to Philadelphia some vears ago because of labor troubles here. January 8.—Texas 9,000 bushels of rice in or 14.2 per cent of the total for e country Domestic demand is still slack today and export demand has not vet-developed. but prices are fairly strong for the best grade blue rose. S§T. LOUIS, manufacturers indu: 1 toda; pac . January 8.—Shoe continue to lead the processien in_ this section h plants working at ca- ity and orders in advance for ough g00ds to keep them working at full speed for three months at least. PORTLAND, . Ore., January 8. — Frokers continued foday to offer club ht flour to the orient around a barrel, or 25 ‘cents below list. are obtaining a fair volume of orders at the lower figures. . NEW ORLEANS, La. January $.— Rising prices have checked sales of &xport Tumber in southern Mississippl, | but contracts for several months’ out- Jut are keeping the mills busy today. ffhe check is regarded as temporary. ST. PAUL, Minn., January $.—Re- ceipts of cattle and hogs at the south St. Paul market increased 20 per cent over the previous year, in 1922, but sheep receipts decreased 38 per cent. Swift and Armour plants bought $62,- 8K5,000 worth .of live stock, a 22 per cent increase aver 1931: ST. LOUIS, Mo. January 8.—The mild winter is holding down the coal business to small proportions in this section. PITTSBURGH, Pa. . January. 5. otations range from $3 to $3.50. mine, for Pittsburgh grade run-of mine coal. As high as $5 and $5.25 for gas coal is quoted today. California | Clifornia YAtchison. . |Cosden & Co...... ‘qnvlnclble oil. NEW YORK STOCK EXCHANGE THE EVENING | Received by Private Wire Direct to The Star Office Open. 7 13 . 18U 1% 7 13 Adams Express. Adv Rumley. , Ajax Rubber. Allled Chemical,.. 76% 77 Allis Chalmers. ... 4% 47 Am Agr Chemical. 31% 81% 38% 38% Am Brake Shoe pf. 108% 108% Am Can. 8% 2% 18% 18% 6% 7 us 1% 671 67 104% 104 2 2% ny% 1% e 123% 126 B2l Bl 15 16 Am Druggist. Am Express. .. Am Hide & Lea pf. Am Ice Am International. Am La France. ... Am Linseed. Am Locomot Am Metals. . Am Metal pf. . Am Radiator. Am Safety Razor Am Ship & Com Am Smelting. Am Smelting pf. Am Steel Fdy. Am Suga Am Sumatra. Am Tobacco. ..... 163 Am Tobacco (B).. 160% 160t Am Tobac pf (n).. 103% 103% Am Water Wks... 2% 28% Am W Wks 6% pf. 8% Am Wholesale pt [ Am Woolen. 5% Anacond: 9% Asso Dry Goods 64% Associated Ofl.... 124 125 . 101% 101% 8% 89% 2% 2% 182 140 8% 19% 2 11% 4% Atchison pf. Atlantic Gulf. Atlantic Ref. Atlas Tack. Austin Nichols. Baldwin Loco Balto & Ohlo. Balto & Ohio pf. Barnesdall (A).. Bayuk Bros. j Bayuk Bros pf Beechnut Pac! Beth Steel (B). Beth St17% (n).. Beth Steel 8% pf. Booth Fisheries. Bklyn Edison Bkiyn Rapid Tran. 14% Eklyn Rap Trctfs 124 12% Bklyn Union Gas.. 113 113 Burns Bros (A)... 142%. 1¢2% Butte Copper..... 10% 10% Butte & Superior.. 8% 31% California Pcking. 8% California Petrol. 70% California Pete pf. 98 i Callahan Zinc 1 10% Canadian Pacific.. 48 148% Central Leather... 2% 38 Central Leath pf.. 6% Cerro de Pasco. 3% Chandler Motor. Chi & Alton...... Chesap'ke & Ohio. 73 Ches & Ohio pf w i.102% Chi & East Il1 pf.. Cbi Great W pf. Chi Mil & St P Chi Mil & St P pf.. Chi & Northwn. Chi Pheumat To Chi R I & Paclfic. . ChiRI&P 6% pf.. ChiRI&P7%Dpt Chile Copper. Coca-Cola. . . Cluett Peabody Colo Fuel. Colo & Southern. 1Colo & Southn 1st. 8% Columbia Graph... 2% Columbla Graph pt _9%a Columbia Gas. ... 106% Comp Tabulator... 6 6% Conley Tin Foil... 18% 18% Cons Cigar. 36% 879 Cons Gasof N Y... 121% 122% Consol Gas w 61 6l Cons Textile. S s Cont Can. . 120 121 Cont Can w i 5% 46 Continental Motors 11 11% Cont Can pf. . 107 107 Corn Products. .. . ;-2)3% :gts oducts 12 Corn Pr ot a0 o 02 102% 6% 70 % 9 4% 26% B% 14 39 4% 2% 2% 24% 2% .13 13% 124% 12 v 18% 116% g 62 62 62’ 64 964 9% 108% 108% 5% 6% u2%e 13 1% 2% T4 kS 1025 2% 8% 0% 8% 8% 6% 2 w% 106 Cosden pf. . Crucible Steel Crucible Steel pf.. Cuban-Am Suga! Cuba Cane Suga Cuba Cane Spf.... Davidson Cem. .. De Beer: z Del& H 2 Del Lack & Ws % Detroit Edlson. . .. 1067 1067 Dome Mines. ...... 43% 43% Dupont (ED......118% 113 Dupont deb. 8% 86 Eastman Kodak... 94 88% Electric Stor Bat.. 6% 6 Elk Horn Coal.... 19% 19% Elkhorn Coalpf... 8 83 Emerson-Brant... 6% 6% Endicott-Johnson. S1% 82 Erle . u% Erie 16t pf. 6 16% Famous Players. 0% Famous Players pf 8% 94 Fed Mines & Spf.. 48 48 Fidelity Fire Insur. 1\1:% xug!,a Fifth Ave Bus wi.. Fisher Body...... 204 204% Fisher Bof OPf... 9% 7% Fisk Rubber . 13% % Freeport Texas... 18% 19% Gen Am Tank Car. 67% 68 Gen Asphalt. 0% a8k Gen Asphaltpf.... 80 8% Gen Baking. s S8 Gen Baking pf.... 108 108 Gen Cigar. .. B2 84% Gen Electric. ..... 181% 181% GenElecspl wi... 1% 1% Gen Motors. . 1% 1% Gen Mot 7% deb... 91%. 7% Gimbel Bro: % v Glidden. .........s 1% 1% Goldwin Corp. 6% 6% Goodrich. . Goodrich pf.... Grariby Consol Great Northern pf. Great Nor Ore..... Guantanamo Su Gulf States Steel... Hendee Mfg. Houston Oil. Hudson Motor: Hupp Motors. Indiahoma Indian Refining Inspiration. . Interboro Metro Intl Agri Chem pf. Int Cement. Int Combust .. Int & Grt Northn. Int Harvester. Int Mer Marine pf. Int Nickel .. Intl Nickel pf. Intl Paper. . n% 0 10 79 8% 18% 20 0 0% 26% 26% 4% 24% ue % 6% 6% 84% 4% e % 2% 2% 36% 6% AU% A% 28 23% 89 8 45 5% u% 15 % 5% 682 B 1% % % 19 194 8% T3% 107% 107% 2% 2% 40 2% 108 103 46% 4T% 05 105 % WY 9% 9% 2% 2% 68 68 218% 22 18 118% 59% 60% 19% - 195 1% 1% - B4 B4 .. 181% 161% Louis & Nashville. 135 135 Mack Truck. 2% 6% Mack Truck 1sf 8% 8% Macy Co... 6% A% Magma Copper. 30 30 Mallison & Co..... 8% 87% Manati Sugar..... & 4 Manhat Elec Sup.. 54 6% Manhattan Elev 47 a Manhattan Elotfs. 89 39 Manhattan Shirt,, 46, 47 _ Marland Ofi. < 28" asig Marlin-Rockwell.. 10% 10% . SI% 2% 1% 1 A% sland Oil Jewel T Jewel Te: . Jones & L'ghlin pf. Kansas & Gulf Co. Kayser (Julius) Kayser () pf..... Kelly-Spring Tire. Kelly-Spring 8% pf. Kennecott. Keystone T 5 Lee Tire & Rubber Lehigh Valley..... Liggett & Myers. . Liggert & Myers pf Lima Locomotive. Maxwell (A) Maxwell (B) High. Low. Close. 7 13 10% 51% 15% 7 18 : | Montgomery Ward 21% | 68% | 18% 36% | 22% | 61 1% | 120% | “ | 1% | 107 125% 119% | 524 | 102% | 68 2 2% 1 0% 214 | 24% 3% | 126 106% 3% 113% McIntyre Porcu Mexican Seaboard. Mexican Sbd ctfs Miami Copper. . Midvale Steel. . IMinn & St L (n). |Mo Pacific pf. . {Northern Pacific. . 4 |Seaboard Alir Line. Union Bag Low. Olose, 7% 18 16% High. 69% 8% 16% 16% 21% u% 2836 5% 1% 8% 16% % 66% 24 19% 2% Middle States Ol. 28% 5% Mo Kan & Texas. Mo Kan & Tex pf. Mo Pacific. .. 16 o% Montana Power. o 66" Moon Motors. ..., Mother Lode Cltn. Nash Motors pf. 1 Biscult w . 89 1tl Cloak & Suit. 65 atl Cloak & S pf.. 102 Natl Enameling... 6% Natl Lead. ... 125 Nevada Copper... 15% N Y & Harlem Ry. . 162 N Y Air Brake. 27 N Y Central . NYNH& Hartfd. 204 N YO & Western.. 20% Norfolk & Western 111% North American. .. 102% North American pf 4 7% 2 19% n% 0% 1 9% 86% 64 102 5% 125 165% 162 27 9% 204 20% 3 % Oklahoma Prod. Ontario Silver. Orpheum Circu Otis Elevator Otis Steel, . Owens Bottle 1% 5 5% Pacific Develop. . Pacific Gas & El... Pacific Oil. .. Pac Tel & Tel Packard Motor..... Packard Motors pf. Pan-Amer Pete Pan-Am Pete ( |Pennsylvania. . Penn Seabd Steel People’s Gas. ... Pere Marquette. Philadelphia Co. | Phillips Pete. Pierce-Arrow. Plerce-Arrow p: Pierce Oil. . Pierce Oil pf. Piggly-Wiggly Pitts Coal. ... Pond Creek Coal. Postum Cereal. Pressed Steel Car Producers & Ref.. Producers & Rf pf. Public Serv of N J. Public Service pf Puliman Co. Punta Alegro Pure Oil, . Ry Steel Spr pf. Rand Mines. . Ray Con Copper. Reading. Remington Typr, Replogle Steel. Rep Iron & Steel. Rep Iron & Stl pf, Reynolds Springs. Reynolds Tob (B). Royal Dutch. ... StL & San Fran. St Louis Southwn. St Louts Sown pf. . Santa Cecilia Suga Savage Arms. 8% u% 2% 14% 7% 36Yy 28% 50 %0 21% 4 50 2 29% 6% 2% 20% 5% Sears Roebu 87 Seneca Coppe! Shell Union. Sinclair Oil. Skelly Oil. . Sloss-Sheffleld. ... . Sloss-Sheffield pf, Southern Pacific. . Southern Railway. Southern Ry pf... Spicer Mfg Co.... Standard Milling. . Stand Oil of Calif. and Oil of N J wi Stand Oil of N J pt Steel & Tube pf. Sterling Prod... Stewart-Warner. Stromberg Carb. Studepaker. . Submarine Boat. Superior Oil...... weets Co of Am.. Tenn Copper. Texas Comp: Texas Gulf Sulphur Texas & P C & Oil. Timken Bearing. . Tobacco Prod. Tobacco Prod A Tol St L & West. Tol StL & W pf... Trans Contl Oil... Transue & Willms, & Pap. Union Pacific. Union Pacific pf. Union Tank Car United Cigar St pt. United Fruit United Ry Inv.... United Retail Strs. U S Cast Ir Pipe. .. U S Hoffman Mch. U S Indus Alcohol. USRealty........ U S Realty pf. U S Rubber. 5 U S Rubber 1st pf. %|U S Smelt & Ret 47% | 106 6% | 0% | 2% | o734 | 118 60% 19% u% 54 161% 23% 10% 2% 1% U S Steel U S Steel Utah Coppe! Vanadium Corp Van Raalte.... Van Raalte 1st pf. Va-Car Chemical. . Va-Car Chemical pf € VivadoU..eoeeueen 5% 9% 2% 12 %2 113% 10% 17 6% 110% 9% 9 6% Wabash. . Wabash pt (. 23% ‘Webber & Hellbrn - 1214 Wells-Fargo Exp. @2 Western Elec pf.. 113% Western Md. . Western Pacific ‘Western Pac pf. Western Union. . . Westhse Eles & M. g9% Wheeling & LE... 9% White Eagle Oil.. 25% White Motor. . B0% White Oil... 38 Wickwire. . 1% Wilson Company. -8 Willys-Overld.... 7% Willys-Overld pf. 47% Wisconsin Central 2ile 28 Woolworth...... 220 284 20 23% Worthington. % W% B 8 High. Low. Last. CallMoney..... 6 4% & HOURLY SALES OF STOCKS. ilam..... 234 600 12M.... 34880 i p.m. 453 700 2 p.m... 530 900 OUTPUT OF AMERICAN MINES SHOWS GAINS SAN - FRANCISCO, January $.—To- ward the close of 1922, according to to Federal Reserve Bank of San Fran- cisco, some increase in activity in the deep’ gold mines of California was noted, " and _“reporting mines and dredges operated at 100 per cent of capacity.” The bank points out the great change in western mining activ- ities as compared with a year ago. Reports received from mine operators in Idaho indicate that the lead and silver mipes of that state are operat. ing at approximately 80 per cent o 9% 6 4 27% {normal capacity. One year ago they were operating at 65 per cent of nor- mal capacity. The report continues: “The shver mines of Nevada have maintained op- erations at approximately 90 per cent of capacity throughout the past year, the lack of fluctuation in production being a reflection of the fixed price of $1 an ounce paid by the government, under the Pittman act, for silver from domestic mines. The copper mines of| Arizona and Utah operated at about 66 per cent of normal during October and November, whereas one year ago they were producing less than 20 per cent of their normal output. NEW . YORK,.January 8. {Special).— Output of English shipyards in 1922 totaled 542 vessels with a total ton- nage of 1,043,590 and output of the dominiors’ tptaled €63 wfth a total STAR, WASHINGTON, BOND QUDTATIONS SAG BT LTLE Paris Crisis Fails to Cause Any Severe Reaction. French Issues Weak. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, January 8.—As far as quotations went today in the bond market it looked as if both investors and speculators regarded the French adventure as a matter that concerned France and Germany alone. The only definite weakness in the bond market appeared in the French bonds, and even these showed at in- tervals some signs of rallying power. At the start of the day the indications were that the November low for both French 8s and French 7%s would be approached, Ipeared and for the moment the dang passed. Losses Are Fractio Elsewhere the market wi and there were many fractional losses, but this condition was gen- erally ascribed to the flood of new offerings with which the week began and not to concern over the troubles abroad. Some of these new offerings, notably the Armour 5%s and the New York Central equipments, went re- markably well. Both were heavily oversubscribed. The relative yields of today's new offerings make an interesting study as expressing the idea of investment bankers as to the present market. For example, the Detroit and Cleve- land municipals were sold on a 4.25 basis, the New York Central equip- ments on a flat 5 per cent basis, the Province of Alberta, Canada, 6s on a 5.2 basis, which was the same as City of Winnipeg 5s, while a large block of Delaware and Hudson refunding 4s was for sale on a 4.80 basis. Rail Issues Lower. With the exception of the United Kingdom obligations practically all the foreign bonds were reactionary, but losses were nowhere as great as in_ the French issues. Speculative railroad bonds, such as the St. Louis-San Francisco 6s income, Seaboard Air Line 6s and the Norfolk Southern 5s, 80ld off on lintited offer- ings. United States government bonds fluctuated uncertainly. EAPORTS OF WHEAT 157800 BUSHELS | | Department of Commerce Starts New Series of Commodity Reports. ixports of wheat from the United States during the week ending Janu- ary 6 aggregated 1,678,000 bushels, according to figures made public to-; by the Comamerce Department in first weekly announcement cover- ing exports of the principal com- modities. Exports of flour totaled 89,500 barrels. Other export totals for the week, complied from _statistics received {from eighteen principal ports, in- clude: Barley, 28,000 bushe! 299,000 bushels: rve, 171,000 oats, 1,000 bushel Heavy Barley Shipments. All of the barley shipments went to central European natlons, accord- { Ing to the figures. Germany received 90,000 bushels of corn; the United | Kingdom, 88,000 bushels; Canada, 65,000 bushels, and 20,000 bushels went to other European countries. | Cuba was the purchaser of the one | | shipment of oats reported. The United Kingdom re ived 28 1000 bushels of wheat, and Italy, 28 000 bushels, while the remainder in- cluded shipments to nearly a score of other European nations. The ship- ments of flour were divided, 7,300 barrels to the United Kingdom and \the remainder to more than a dozen other countries, most of which are in_Europe. The department was unable to fur- nish comparative figures for preceding weeks, inasmuch as the method of | computation heretofore had been on a monthly basis. Englan Invoiced exports from the United { Kingdom to the United States during 1822° amounted to $359,716,934, or a Zain of 20 per cent over 1921, accord- { ing to figures made public today_ by the Department of Commerce. The 1922 galn over the - previous vear, computed at current rates of ex- change, was $119,647,109. REPARATIONS GLOOM JARS LONDON MARKH‘ yStonk Exchnge Shows Some' Weakness, Yet General Tone Remains Steady. . for the week i Exports Gain. i By the Associated Press, LONDON, January $.—The stock ex- change was only slightly under the influence of the reparations problem to- jday and the general tone of the mar- iket was steady except in the foreign section, where offerings caused flatness in French and German bonds and weak- ness in_French rails. The amount of stock changing hands, however, small. The exchange market, in which there was more speculation, was affected to a greater extent. \Marks slumped to 44,000 and French francs to 68.28 to the pound sterling. . —_— SHORT-TERM SECURITIES, (Quotations furnished by Redmond & Co.) was : e Aluminum Co. of Amer. 7s 1923 5, Aluminum Co. of Amer. 7s 1983. | ‘American Cotton Oil 8s 192 American Sugar 6s 1987. American Tel. & Tel. 6s 1924. American Tel, & Tel. 6s 1925 % 1 Anacon Copper 6s 1929, e Anaconda Copper Ts 1829. i Auglo-American 01l ‘Armour & Co. s Hethlehem Steel 7s 192 I‘.nnlflhn“l::;lltbdll:u Central er s .0, C & 8. L. 8¢ 1025 Copper Expor Copper Ilrfl Du Pont 7% L. Goodyear T. & B. 8s Great Northern 7 ocking Valle: [umble ‘g;l’ 5 = Kansas N . Kenmnn .l'};bl’m_, s . MoNel MR P & B8, M. 01 1681, Morris & Co. %3 1930. 1 Penna. R. R. 7 1980, Sears, Roel & Co. Southwestern_Bell 7s 1925, Standard Oil of Calif. 7s 1931 Tidewater Oil 81gs 1831...... Union Tank Car 7s 1930. Vacuum 011 7s 1 Western {rion Westinglonse k. 1083 104 1075 | | Cuba Cane S.cvd 8s. .31 {NYGELH&P s D. C, MONDAY, ~ JANUARY 8, 1923, [ v voxx BONDS ok s Received by Private Wire Direct to The Star Office. UNITED ?TAT!I BONDS. Sales (§1,000). High. Low. Liberty 33 77 10128 10112 Liberty2d4s... & 9844 9834 Liberty 1st4%s 26 9904 9898 Liberty 24 4%s, 419 9360 9846 Liberty 3d 43s. 302 9908 9898 Liberty 4th 4%a 854 9900 9886 Victory 4%5°23 1049 10030 10020 10030 US4%s51952... 38 10002 9996 10000 FOREIGN GOVERNMENT, STATE AND MUNICIPAL. Sales (51,000). High. Low. 01 Olose. 10112 834 9900 98564 9902 9898 Close. 101 9% 2 8% 8% 6% 5% 98% 7 99% 100 9% 13 102 Argentine 7; Belgium T%s. Belgium 6 Belgium 8; Bolivia 8s Bordeaux 6s. Brazil 7s Brazil 8s. Brazil 7%, Canada §s 1926 Canada 5%s 1929 Canada bs 1931 Canada s 1952 Chile 88 1946. Chile 851926, . Chile 8s 1941. . Chinese Govt Ry bs. Christiania 8s. . Copenhagen 5% Czechoslovakia 51% 108% 88 109 6% 3% 2% ¥ Denmark Dutch Eas Dutch East I French Govt 8s. French Govt T%: Haiti 65 ctfs Japanese 1st 415 Japanese 4s. Lyons s Marseilles 6s. Mexico s. Mexico 4s. . Netherlands Norway 8s. . Norway 68 ctfs Prague T%s. Queensland 7. Queensland 6s. Riode Jan 8s 194 Rio de Jan 85 1947 Rio Grde Do Sul Sao Paulo, City, 8s Sao Paulo, State, 8s. . Seine, Dept of, 7: Solssons. . Sweden és. Swiss Confed s 1 8; Tokio 5s. . cesse 8 Ud Kingdom 53s5°29.122 Ud Kingdom 5148°37. 94 Uruguay 8s 1946. Zurich8s..... MISCELLANEOUS. Am Agri Chem 7348s.. 65 108% Am Smelt & R 18t 5 ‘Am Sugar Ref 6 Am Tel & Tel cv 6s. AmTé& Teltrbs, AmT& Tcltris. . Anton Jergens cv 6s. . Armour & Co 4¥s. ... Atlantic Refining os. . Bell Tele Pa 7s. Bethlehem Steel Beth'em Steel p m b Beth'em Steel s £ 6a. Brier Hill St 1st 5 34, Bklyn Edison gen bs. 7 Central Leather 58... 4 Cerro de Pasco 8s. Chile Copper 6s. Chile Copper 7s. .. .. . Comp-Tab-Rec 6s'41 6 Con Coal Md 1st 6s... 2 Det Edison ref 6s Du Pont de Nem 7 Dugquesne Light 7%: Dugquesne Light 6s. East Cuba Sug 7%s. Empire F & G 7% LT Framerican I D 7%s Gen Electric deb 6: Gen Electric deb 5s. Goodrich (B F) 63 Goodyear Tire 8s°'31. Goodyear Tire §s°41. Holland-Amer s £ 6. Humble Oil & R 53%s. 14 Indiana Steel 6s. . Inter Mer Marine 6s. . Inter Paper Ist 55 A Inter Paper 1st 58 B. . Kelly-Springfield 8 Lackawanna St 55’60 2 Ligeett & Myers 7s. Lorillard 7s. Manati Sugar s f 7%8 Mexican Petrol 8s. Mich State Tel 1st Midvale Steel 5s. . Morris & Co 1st 4 14 New England Tel bs. N Y Edison 1st 6%s. . - 1 Sea 9 O voaBlaESe New York Tel 6841, . New York Tel 43, North Am Edison 6s. North States Pow 58| Northwst Bell Tel 7 Pacific Gas & El 5s. Pac Tel & Tel 58’52 Packard Motor 8s Phila Coref 68 A. Producers & Ref 8s. Public Service bs. Sinclair Oil 7s. Sin Crude Oil 5%, Sinclair Pipe Line 5s. 45 Sou Por Rico Sug 78 Stand Oil of Calif 7s Steel & Tube 7s. Tide Water O1l 6 Toledo Edison 1st 7s. United Drug cv 8s. U 8 Realty bs. U S Rubber 1st U S Rubber 7%s. U S Steel s 8. Utah Power & Lt 5s. Va-Car Chemical s Va-Car Chem 7%8 w. ‘Warner Sugar 7s. ‘Western Union 6%s ‘Wickwire Spencer 7 ‘Wilson & Co 1st 6s ‘Wilson & Co cv 7% Be RunBoamt o 1046 m% 97% 101% loz% 10435 % 0734 101% 102% GERMAN MARKS MAKE ANOTHER NEW LOW Quoted in New York Today at Cent a Hundred—Paris Threats Cause. By the Associated Press. NEW YORK, January 8.—German marks were quoted in the local mar- ket today at a cent a hundred, the lowest price ever recorded. The closing price last week was 1.19 cents a hundred. Early last September they were as high as 8 cents a hundred. The nor- mal or pre-war price of the mark was 23.8 cents each. Threatened French occupation of the Ruhr was responsible for thel latest decline. Other European ex- changes also eased, time sterling yielding % of a cent and French francs dropping 26 points to 6.70 cents. The Italian lire again sold be- low the 5-cent mark. TODAY'S COTTON PRICES. NEW YORK, January $.—Cotton tutures opened ~ steady— January, 26.10; March, 26.45; May, 26.53; July, 26.34; October, 24.55. - The late forenoon rallies were not fully maintained, but there appeared to be a little trade demand on set- backs to about 2640 for March, and the marl was “steady around 2 o'clock, with active months about 18 to 25 points net lower, NEW ORLEANS, January 8.—The cotton, sugar and rice exchanges were closed here téday on account of holiday, the anniversary of the battle ofNew Orleans. . PARIS MARKET UNSTEADY. PARIS, January 8—Prices moved irregularly. .on the bourse -today. Three per cent rentes, 58 francs 45 Raalacnea ® jcentimes. Exchange on London, 6§ francs. Five per gent loan, 76 francs 20 eantimes. The dollar w Coance BT canemes. quoted at | Wabash 1st 58 RAILROADS. Bales ($1,000). High. Low. Close. Atchison gen 4s. 15 89% Atchisonadjds..... 5 8% AtlanticCLcol 4s.. 65 8 4% 79% 101% 80% 8 % 2 . 67 88 82% 91% 113% m% 9% 8% 96% 89% 86%% 28% 83% 82 82 & Y% k% 76% ¢ 8% 0% 1013 80% 80% 83% 84 % as « 6% 6% 88 88 81% 81% a% 9N% u3% 13% 0% 1% % 9% 8% ET% %% 9% 8% E9 8 8% 2% 28% £8% 887 100% 100% % 9% 0% 50% 58% 58% 66% 8% 63% 73 81 66 109% 8% 82% Bklyn R T 7s'21. 5 BkIRT7'21ctsta.. 12 Buff R & Pitts 4% Canadian North 6 Canadian Pac deb 4s. Central Pacific 4. .. . Ches & Ohio cv 5s. .. .181 Ches & Ohio cv 438, . 57 Ches & Ohio gn 4% Ohi & Alton 3%s. ... ChiB& Q gn 48 1958 Chi B& Q 1st rf 5s. Chi & East 11l gn s Chi Great West 4s. ChiM&StPrf 43s. ChiM &St Pcv 5s Chi M & St P 451925 Chi M &St P cv 4%, ChiM & St P 45 1934. Chi M& St P gn 4%s. C M & Pug Sound 4s. . Chi & NW 71 ChiRys 5s. . ChiRI&Pacrf4s... Ch1 Un Station 6% Chi Un Station 4%s. . Chi& W Ind con 4s. CCC&StLrf6sA. Colo & Southern 4 31 Cleveland Term 5%s. Cuba R R 55, Del & Hud 1st &1f 4; Den & Rio G con 4 Den & R G 18t rf 5 Erle 1st con 4s. Erfe con ext 7s. Erie gen 4s. Erie conv 45 A Erie conv 4s D Gr Trunk s f del Grand Trunk 7s. Great North gen 7s. .. 31 Great North gen 5%s. 19 HavanaERL&P6s 1 Hudson & Man ref 5s. 20 Hudson & Man aj 5s. . 14 11l Central ref 4s, il Central 5%s. Inter Rap Transit 5s. Inter R Transit 5s ct. Inter R Transit 7s Int & Gr Noraj6s. ... Kansas City Ft S 4s Kansas City Sou 3: Kansas City Sou 5 Kansas City Term 4s. Lake Shore 45 1928. .. Lake Shore 451931. Lehigh Valley 6s. Long Island ref 4s. Louis & Nash 5%s. FalawucaE 78 3% 73 81 65% LoaSoaatie © *BRuBenEnE omeaas Manhattan Ry cn 4s. Market St Ry cn 5s. .. Mil E1 Ry & L 1st 5s. . MStP&SSM 6% MK&TprinssA. MK&T6sC. MK & T adj 5s. Mo Pacific 6s. Mo Pacific gn 48 Montreal Tram 1st 55 6 Nassau E Ry 45 1957. 5 N O Tex & Mex inc bs 9 N Y Central deb 6s. .. 23 N Y Central deb 4s. N Y Central ri 5s. New Haven cv deb 6s. New Haven deb 4s § New Haven 7s. o214 5% 105% aS88evaen New York Rys ad} 5s. 37 N Y StateRy 4%s.... 1 N Y West & Bos 414s. 15 Norfolk & West cn Norfolk & West cv 6: Northern Pacific 3s.. 21 Northern Pacific 4 North Pac ref im 6; Northern Pacific 5s.. 23 Ore & Calif 1st Gs. Ore Short Liref 4s Ore-Wash 1st ref is Paris-Lyons-Med 6s. Pennsylvania gen 5s. 23 Pennsyl gen 41%s. Pennsylvania 6 Pennsylvania gold 7s. Pecria & East inc 4s. Pere Marq 1st 5s... .. Reading gen 4s. RIArk&L 4} StLIM&SR&G 4s.. StL&SFprindsA. 1 StL&SFprl P StL&SFinc 6s StL &S Fadj 6s StL&SFprinés StLS W 1st 4s. Seaboard A L 4 sta. Seaboard A L ref 4 Seaboard A Ladj 5s.. Seaboard A L con 6s. .17 Sou Pacific cv 4s 2 Sou Pacificref 4s.... 73 Sou Pacificcltds..... 7 Southern Ry 1st5s... 1 Southern Ry gen4s.. 9 Southern Ry dev 634s 51 Third Ave ref 4s, = Third Ave adj Union Pacific 1st 4s Un Pacific 1st ref 4s Virginia Ry 18t 5: 6% 10 % o7 %% 6% 2% 81 TOTAL SALES (Par Vaiue): 1lam... 2306000 12noon.. 5118000 1pm.... 8450000 2p.m....11939000 _— NOTE BUSINESS GAINS. Southern Bankers Report Increas- ing Prosperity. In view of the rise in cotton and the known prosperity of the south, some figures compiled by the Federal Inter- natienal Banking Company of New Or- lezns, based on answers to a question- naire sent to 618 bankers and exporters by that institution, are \extremely in- teresting. Only twenty-iwo out of the 618 who answered, says the New York Times, reported business below last year, and the increase in prosperity at the beginning of 1923 over 1922 is placed at the average of 25 per cent. Debts made for the production of crops in 1922 had been liquidated $4.88 per cent by the end of the year. Fore- casts of cotton acreage for the coming vear place it at-an Increase of 10.5§ per cent. Many of the bankers who answered advised no acreage increase at all, but better cultivation for boll weevil control. In an overwhelming majority of com- munities reporting there is more or less increasing effort to raise home sup- plies of food and feed. G iE g DIVIDENDS. Stock of Record. 20 20 5 16 Western Maryland 4s 3 Western Pacifics... 3 Wisconsin Ct gen 4s. 2 Pay- able. Feb. 8 Feb, 3 Feb. 1 Jan. 24 0. q.,' $2 1il. N, Utilities Co. pf., $1. Shell, T. & T. Co. Ltd.) 924%%.Jan, —_— FOREIGN EXCHANGE. (Quotations fiirnished by W. B. Hibbs & Co.) Nominal gold value, London, pound. 4.8665 gen, crown. Christiania,’ crown. .. Stockbolm, crown.... BAR SILVER PRICES. NEW YORK, January 8.—Foreign bar-siver, 66; Mexican dollars, 50%. LONDON, January .8—Bar silver, 321-16 pence per ounce. Money, 1% per cent. Discount rates: Shdrt bills, 215a2% rer cent] threefmonth hille, E%all 16 por cenb *ito | calves, FINANC |Grain, Produce and Live Stock LOCAL WHOLESALE MARKET. 89% 89% | F8Es—Strictly fresh, selected, can- 82 [ dled, per dozen, 46; average receipts, 45; southern, 44. Cold storage eggs, 30a32. Live poultry—Roosters, per 1b., 15: turkeys, per 1b., 35a40; spring chick- ens, per Ib, 30; keats, young, each, 60; fowls, each, 27a28. Dressed poultry—Fresh-killed spring chickens, per 1b., 32a35; hens, per Ib., 28a30; roosters, per 1b., 18; turkeys, per 1b., 45250; keats, young, each, 70a80. Live stock—Calves, choice, per 1b., 13%; medium, per 1b., 13; thin, per b, 6a9. Lambs, choice, per b, 13; live pigs, 3.00a8.00 each; live hogs, per 1b, 9%, Green frujts—Apples, per bbl 7.00; per bushel basket, nearb: 1.00; Delicious, No. 1, per bbl, 750. California oranges, per crate, 5.0026.00; Florida, 4.00a5.00. Lemons, per box, 3.50a4.50. Grapefruit, 3.00a 3.75. Tangerines, 3.50a4.50. per b; 1.76 50a1.00. Sweet potatoe Carolina, 75a1.50; nearby, 2. Lettuce, per crate, southern, 4.00. Romaine lettuce, per crate, 50a 125, Iceberg lettuce, per_ crate, 4.2 450. Cabbage, northern, 1.75a2.00 per 100 1bs.; nearby cabbage, per bbl., i southern, 2.252.50 per Eggplants, per crate, 2.50 Tomatoes, per box, Florida, ;00a7.00. Beans, 2.00a3.50 per_basket. Peas, 3.00a5.00 per basket. Peppers, per crate, Florida, 2.50a4.00. Kale, per bbl, 1.35a1.50. Spinach, per bbl, 2.75 Celery, per doz., 1.00a1.50; fornia, per crate, 7.5028.00. Cali fornia grapes, per crate, 3.0024.00. GRAIN AND PROVISIONS. BALTIMORE, January 8 (Spe —Potatoes, white, 100 Ibs., 150 1bs., 60a2.15; sweets, bbl. 2.25; bushel, 50a75; basket, G yams, bbl., 2.00a2.50; bu., 65a90; beans, bu., £.50a3.50. Beets, bu.. 75a85. Broc- coli, bu., 30a40. Brussels sprouts, qt., 20a35. Cabbage, ton, 20.00225,00. Sa- voy, bu., 75a1.00. Carrots, basket, 50a 60. "Caulifiower, crate, 1.50a2.00. Cel- ery, 100, 6.00a8.00. Cukes, crate, 3.00a 6.00. Eggpiants, crate, 4.00a6.00. Horse radish, bu., 3.00a4.00. Kale, bu., 30a40. Lettuce, basket, 1.50a3.00. Onions, 100 1bs., 1.50a3.00. Oyster plants, 100, 6.00 a8.00. Parenips, bu., 1.20a1.25. Peas, bu., 3.0024.00. Peppers, crate, 1.50a3.00. Spinach, bu., 75a1.00. Squash, crate, 3.0024.00. Tomatoes, crate, 2.00a4.00. Turnips, basket, 30a40. Apples, packed, bbl., 50a1.50; loose, ‘100 b basket, 40250. Cranberrie 1a14.00." "Grapefruit, box. 2.25a3.50. Oranges, box, 3.00a3.75. Strawberries, gt.. 35a45. Tangerines, one-half strap, 2.50a3.50. Selling Prices at 12:30. Wheat—No. 1 red winter, spot, no { quotations; No. 2 red winter, spot, 11.31; No. 3 red winter, spot, no quota- { tion: 2 red winter, garlicky, 1.29%: No. 3 red winter, garlicky, no_quotations; January, 129%. | Sales—Bag lots of nearby at 1.10. Corn—Cob corn, new, $4 per barrel; contract, spot, 81% per bushel; corn, spot, 83% : No. 4, no quotations; track corn, vellow, No. 3, new or better, §63% and 87 per bushel. Sales—Bag lot of mixed delivered Oats—White, No. 2, 54 and 541 per bushel asked; No. 3, 53% and b4. Rye—Nearby, 85295 per bushel; No. 2, western export, spot, 98% per ; No. 3, no quotations. —Receipts, 17 tons; market for top grade of timothy and light clover mixed, 16.00a20.00 per ton, and for Z0od mixed, 16.00a17.50 raw—No. 1 tangled rye, 15.00a No. 1 wheat, 10.00a11.00; No. 2 . nominal,’ 12.00212.50. TODAY'S CHICAGO PRICES. CHICAGO. January | $.—Although speculative buying carried the wheat market upward in the early dealings today, the strength failed to last. The temporary display of bullish senti- ment was based largely on estimates that 1,000,000 bushels for shipment Europe had been bought in_ the outhwest during the last few days. Disquietude, however, as to financlal {and industrial consepuences which might follow French occupation of the Ruhr led soon to increased selling and to new downturns in price. The opening. which ranged from %ai: low- erwithMay 1.173al. nd July al10%. was followered by a moderate jadvance and then by a setback to slightly below s finish. Corn and oats swi with wheat After opening %4a% off. May 70%a 0%, the corn market scored a little |gain and then descended lower than before. Oats _started unchanged to % higher, May 41a44%, and later under- went something of a sag. Downturn in the value of hogs weakened the provisipn market. rices continued to have a down- rd tendency later owing more or less 10 an increase of 2,909,000 bushels in the visible total. The close w: funsettled at the samé as Saturday's to % lower, with May, L17% to 117%, and July, 1.10% to 1.10%. | wHEAT- High, TLow. | May 3 118% 1.17% 1105 1 107% 1.06% L1100 2o 11.00 12 January May RIBS January May 10.92 1117 10.65 DAIRY PRODUCTS. BALTIMORE, Md cial).—Live poultry—Turke a45; old toms, 35;" poor and crooied breasts, 30: spring chickens, 27a28; { poor and leghorns, 20a25; old hens, 24 a27; small and leghorns, 20a22; old 16a17; ducks, 20a27; geese, pigeons, pair, 30a35; guinea fowl, each, 40a70. Turkeys, 42a46; Dressed poultry old toms, 36a38; poor and crooked breasts, 30; young chickens, 27a28; old and mixed, 26a27; old roosters, 17a 18; ducks, 25a30; geese, 24a30. Eggs—Loss off; native and nearby firsts, doz., 48; southern, 46. Butter—Creamery, fancy, Ib, 4 prints, 54a56; nearby creamery, 34a 35; ladles, 35a36: rolls, 33a35; store packed. 31a32; dairy prints, 34a35 process butter, 4la42. CHICAGO LIVE STOCK MARKET. CHICAGO, January 8 (U. S. Depart- ment of Agriculture).—Hogs—Receipts, {73,000 head; market slow, 15c lower; {bulk, 150 to 190 pound averages, 8.75a 8.80; top, 8.85; bulk, 225 to 275 pound butchers, 8.45a8.55; general _bidding lower: bulk, packing sows, desirable pigs, $.25a8.65; 8.35a8.50; medium, 8.45a8.70; light, 8.65a | 8.85; light lights, §.65a8.85; packing sows, smooth. 7.70a8.10; packing sows, rough, 7.35a7.75; killing Digs, 8.25a8.65. Cattle—Receipts, 26,000 head; beef steers, slow: few early sales about steady; bidding unevenly lower; early top matured steers and vearlings, 10.50, |some held higher; most beef steers of uality and_condition 'to sell at 7.50a 19.50; she stock generally steady to weak: ! bulks, stockers and feeders strong; veal early, to packers, 10.00210.50; best vealers, upward to 11.00 and above heavy hogs, “1to shippers; bulk, desirable heavy bo- [ logna bulls, ‘around 4.65a4.75. Sheep—Receipts, 22,000 head; opening slow; fat lambs, weak to 25c lower; early top, 15.00 to packers and shippers. feeders ~steady; ~_desirable _61-pound feeding lambs, 14.75; sheep weak; fat {103-pound clipped aged wethers, 8.00; 1110-pound ewes, 8.2. _— TREASURY CERTIFICATES, (Quotations furnished by Redmond & Co.) te—Maturity. * Bid, Offer. QB.I lur:h“l 1923, . 1001-32 100 5-32 3%s June 1923, - 9915 =3 : 15, 16 100 132 16 100 132 100 3-82 31 B 5 4 4 E: 4 b? 3 at §2 i 7.50a7.75; | IAL. YEAR OF EXTE BUVING PREDKTE zhnod Manufacturers See .f@reater Demand for Goods and Higher Price Trend. - BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 8.—The buga- boo of cancellations, which has been making faces at manufacturers Wholesalers and jobbers for the last two years, has been chased away in a |e2rly every line of industry by the present trend of buying. Buyers who flocked into this mars ket today well in advance of the usual time, indlcated plainly confi- . {denee that the prevailing trend of 0. |prices is upward had taken firm hold . [both of retailers and consumers. Stocks of retallers are low through- out the country and many of the pur+ chases at manufacturing and jobbing centers are for immediate delivery but sufficient confidence in the buying trend of the public has been zained to stimulate orders aiso for deliveries well past the spring months.” The or- ders in general have not been excep- tionally large in quantity, but manu- facturers are not alarmed over this devalopment. They have come to know that they can dépend on Te- orders. South Buying Heavily. Merchants all over the country have laid out their plans to include mora buying trips. In the south, for ex- ample, merchants, insteal of making two annual trips to the wholesale centers of the east and north, will make four or five this vear. Clothing and house furnishings have been the leaders in early demand for spring 50 far. 3 Advancing prices for raw materials are a sustaining factor in the trend of finished products. It seems ass sured that woolen goods will advance Just how far they will be shoved upward can only be determined when the main factor in the trade, the American Woolen Company, _an- nounces its heavy-weight prices. Soms independents in scattered instances, have already named advances rang- ing up to 15 per cent for certain products. Government exverts and individual dealers anu producers agree that the shortage of cotton is such that prices vill continue to rise despite the dis- ouraging European situation. As a consequence cotton goods are ex- tremely firm. Automobile Orders Booked, Orders booked at the New ' York automobile show today indicated clearly that plans of manufacturers to surpass this vear the record prod- uction of 2,527,000 cars and trucks are fully justified. Reductions in prices already announced, and expected shortly, can only be explained on the theory ' that quantity production i< the factor counted on to produce profits. Prices of parts and acces- sories, however, are exhibiting ex treme firmness. Recent statements in these columns as to the condition of the street rail ways of the United States were fully borne out today by the report o | President C. D. Emmions of tha Amer ican Electric Railway Associatio. who declared that there has been steady increase in the number of pas- sengers carried since May last, and that more than 15,000,000,000 " pas- sengers paid fares in 1952. Although net operating revenues decreased 7.1 per cent, due to fare reductions from an average of 7.49 ‘to 7.33 per cent. this was more than counterbalanced by a decrease of 5.9 per cent in op- erating expenses. Coal Strike Less Menacing. One of the most encouraging fac tors in the business situation toda) was the announcement by officials of the United Mine Workers that they did not expect a strike on April 1 when the present agreement expires Operators and miners, however, -ar« istill far apart on some of the que tions at issue. The demand and consumption silk is keeping pace, step for step. with the heavy imports now reach- {ing this market. One shipment fron attle valued at more than $8,500.- 000 is expected to reach this' city Tuesday morning. The improvement in the ofl situa- tion has been followed by additional operations, chief among which is in- auguration of work on the trunk pipe line from the Teapot Dome field in Wyoming to Freeman, Mo, by the Sinclair Pipe Line Compan {New England Commodity Markets Decidedly Firm | Special Dispatch to The Star. BOSTON. Mass., January 8.—Com- modity markets in New England ars decidedly firm with every expectation of further advances in cotton and woolen goods. 9 The clothing trade is waiting ex {pectantly for the opening of its heav v the American Woolen Company. Smaller manufacturers in some cases have moved the prices unp for fall goods 15 per cent above thoss current last year. Although this is the tail end of the lightwelght season, woolen mills are generally active. Prices of cotton cloth have ad- vanced further and nearly all the cotton mills in this section are run- ning at or_near capacity. { The leather market is encouras- |ingly steady in view of the drop in the prices of hides. Gold From Alaska on Way to U. S. Office in Seattle ar. weight lin Special Dispatch fo) The SEATTLE, Wash, January 8. Foreign and_domestic commerce the port of Seattle in the last of this vear showed an increase 40 per cent over the correspondinz period of 1921 Between §1 and $2.000,000 in gold dust an igets from the lditared and Kush jwim districts of Alaska tod . its way out to the railroad on heavi guarded dog sleds, destined United Stat, assay office Placer gold production in the Tana valley of Alaska is estimated this rear at $3,000,000. More Trade With Orient. SAN FRANCISCO. Calif., Januars (Special).—Basing their_conclusions on the increased volume of trade durin the past week, bankers and busine: men here are united in predicting that conditions for next six months wiil be considerably better than_they wefe in the period preceding the world war. Construction is particularly active both in the erection of business structures and the building of homes. Both ini- port and export trade with the orient i showing Improvement. Gain in Bank Deposits. NEW ORLEANS, la, January & (Special). —The extent of business im- provement over last year is indicated by recent bank clearings here. For la week demand deposits totaled $11,7i 500, as compared with $85,368,700, _wh - time deposits increased to $59,405,000. as compared with $55,208,500. Texan Railronds Booming. FORT WORTH, Tex., Janua S (Specjal).—Texas railroads have orde:- ed large quantities of new equipment and some of this already has been deliv- ered. Carrlers in this territory, there- fore, are returning to normai freight service. Prosperity i8 showering down upon the Texas Pan Handle. (Copyright, 1923.)" ASK C. & 0! RIGHTS. O, P. Van Sweringen and asso- ciates of Cleveland, “who recently acquired control by stock chase of the Chesapeake and Obio r: road system, today fiade” their foFmil,| ‘application to the Interstate Commerce Commission for permission. to hold places on the board of directors of that | company