Evening Star Newspaper, January 18, 1923, Page 30

* FIN ANCIAL™ ARKETS GNOR " FOREON AFFARS Stock List in Sharp Upturn. * Only Foreign Exchanges Weak—The Trend. BY STUART P. WE Dispateh to The Star. W YORK, January 18.—With the éxception of the foreign exchanges, today’'s markets once more showed an éxtraordina indifference @ the European nev tierman mavks made another new re French francs reached he lowest in two months and sterling was off nearly 5 cents from high of a week 4 But neither in the security mmodity markets was there any sign of unecasiness. Not only was there no liquidation v the Stock cxchange, but prices for the most part went higher. The was true of cotton, while the market S political iy quiet ow ord. troubles, German Mark. etation of these move- v clear. The con- rman marks was knowledgement that of an agreement on 1 destroyed, tinued dec other unfor- countries of tral Lurope. akness in Fi W franes re- skepticism_in banking arding the French ven- n the Ruhr. More than ever the cahle dispatehes of the morning indi- cated that the French public were wakening to the disagreeable truth that o1l n of the indemnity claims by force is not going to vield the results that were first antlelpated. Slump in Sterling Explained. The downward turn in sterling much more a_result of the hitch in negotiations for the funding of the itish war debt than it was of s ubroad. As for the action of sccurity market, it was sim- Iy in keeping with the judgment expressed all along, that = nothing which may come out of the situation » Ruhr will affcet the generally vorable outlook for domestic trade. of the last month and ed any distribution of s mi have been dif- The murket then would have tive to constderations erent ween mo of ‘ But the main still stical view is s depend if with stocks held, the rothing sutficiently tion abroad to influenc 15 here, then it canne factor the market serio Stocks Move Upwa The stock ket gave proof of the strength of its position again today. With the foreign exchange ating reater te ¥ time so far in the situation ght about through the French seiz- of the Ruhr, there were no signs ny liquidation in the s| he principal upward. on’ the a4 would event- lead to a_general unloading of ready to ad that they Short covering Wl through the market. but I this went quite a bit of fresh special 510Cks. quite confident of e s that the Durant interests were secking control of Packard Mo- tors and Packard stock was a feature from the start. Hudson Motors was hought in the belief that, with earn- ngs running at the rate of $6 a share, increase in the dividend was likely later in the year. Timken Roller Bear- ing made a new high. also, on talk of & dividend increase. The stock is now paying $3. but earnings are reported to be as high as $9 a share. Central Leather Strong. The Central Leather stocks were strong_in anticipation of the state. ment for the final quarter of 19 it is_thought, will show d ¢ a change for the better in ther industry. The big sur- pius of leather on hand has now been reduced to a comparative minimum and the outlook is favorable for high- er _prices for the product. Coincident with the favorable trade reports of the steel corporations and the announcement that some of the plants of the United States Steel Cor- poration are running at $8% per cent nf capacity, estimates were today cur- rent In the street of the earnings of the corporation for the last guarter of 1922 and also for the first quarter of 1923 Tt is expected that on Janu- arv 20 figures for the last three months of 1922 will show something like $2 a share net income on Steel common. Vith business improving steadily, it is calculated that the first auarter ‘of the current year will show about $2.50 per share. Tepublic Steel Finaneing. It was looked upon as quite a co- incidence that dividends were re- sumed on Republic Steel preferred just at a time when the company is sald to be getting ready to do some financing. Since the first reports re- garding Republic Steel financing cams to Wall Street the size of the bond Issue to be fioated has grown from $10.000,000 to $15,000,000. In addition to the two bond offer- ings likely to be made to enable the Pierce Arrow to get rid of bank Joans, it {s understood that there will also be another issue of stock. This new stock would be a prior preferred and about $2,000,000 of it may be au- thorized. P Arrow has outstand- ing ut the present time 250,000 shares of 8 per cent cumulative preferred and 260,000 shares of common. Stock Prices Best at Close. The stock market reached its best prices of the day in the final hour. It was evident then that recent short sellers were acknowledging thelr ability to make capital out of the Kuropean uncertainties and that the pools in industrial issues were be- nning to show some fresh initiative. vering purchases were especially loted in United States Steel common, Republic and Bethlehem Steel, Bald- win Locomotive, Crucible Steel and Studebaker. »sden made the best response of of the oils through the an- ent of the increase in prices. o Copper rallied well after : 1y sold in the early part the da on the theory that the two bond issues aggregating $150,- 000,000 would put such an_ obligation ahead of the stock as to indefinitely stpone its return into the dividend t. R. F. &P. RAILROAD DECLARES DIVIDEND 100 Per Cent in Obligations Is Largest of Kind in History : of Road. At the Crisis a dong w By the Associated Press. NEW YORK, January 18.—The board of directors of the Richmond, ericksburg and Potomac railroad today declared a dividend of 100 per cent in dividend obligations, the larg- est of its kind in the history of the company. The dividend obligation is a form of security peculiar to this company. It carries the same right to dividend a8 common stock of the company, but has no voting power. The last dividend obligadon was made in 1916, when a 50 per eent dividend was declared, EVENING STAR, WASHI : 3 ! NEW YORK STOCK EXCHANGE Rezceived by Private Wire Direct to The Star Office Open. 2% . 49! Adams Express. Adv Rumley pf. Alr Reduction. Afax Rubber. All Am Cable. Allled Chemical. Allls Chalmers. Allls Chalmers pf. Am Agr Chemical. Am Agr Chem pf.. @ Am Beet Sugar. ... 3% Am Bosch......... 884 Am Can. . 81 Am Car & Fdy.... 179 Am Car & Fdy pf. Am Cotton Oil. 7% Am Cotton Oll pf.. 4% Am Hide & Lea pf. 67ix Am International. 26!z Am La France. 1'a Am Linseed Am Linseed pf.. Am Locometive. Am Loco pf. {Am Metals {Am Safety Razor.. |Am Ship & Com Am Smelting. Am Smelting pf. Am Steel Fdy..... Am Sugar. . Am Tel & Teleg Am Tobacco. Am Tobacco (B) Am Tobac pf (n) Am Water Wks. Am W Wks 6% pf. 20% 3 121% Am Woolen |Am Woolen pf. Anaconda. . As=o Dry Good Asso Dry G 2d pf Atchison.... Atchison pf. Atlantic Cst Line.. 112 Atlantic Gulf 21 Atlantic Gulf pf... Atlantic Refln pf.. Austin Nichols. . 120 25% . 1% 0% 581y @ty .8 e 654 Baldwin Loco. Balto & Ohlo. Balto & Ohio pf. Bangor & Ar'nst’ Barnesdall (A) Barnet Leather. Beechnut Packing Beth Steel (B). 61 Booth Fisherles... 6% Bklyn Edison. - 10 Bklyn Rapld Tran. 1% Bklyn Rap Trotfs 10 Brown Shoe. ...e.. 65 Burns Bros (A). 1% Burns Bros (B). 9% Butte Copper. . Butte & Superior.. 20 Butterick. Caddo Ofl...... California Pckil iCalifornia Petrol. Callahan Zinc. Canadlan Pacific Carson Hill Gold Central Leath pf Cerro de Pasco Chandler Motor. Chesap'ke & Ohic. Chi & Alton Chi & East I Chi & East 111 p! Chi Great Westrn. Cbi Great W pt. ChiMil & StP. Chi M1} & St P pf. Chi & Northwn. Chi Pheumat Tool. 8% ChiRI& Pacific.. 8l% ChiRI&P 7%Df.. % Chi St P M & Om Chile Copper. ... Chino Copper- Coca-Cola. . Coca-Cola pf. {Colo Fuel. . |Columbia Gas. . {Columbla Graph. .. {Comp Tabulator... Cons Cigar- Cons Cigar pf. | Consol Gas new jCons Textile. Cont Can.... Cont Can wi. Continental Motors 11% Corn Products. ... 15% Cosden & Co...... 5% Cosden pe. - .- Crucible Steel. Cuban-Am SUgar. . Cuban Am Sug pf.. 101 127s 87t 2% iy Del Lack & Wstn. 125 Dupont (BI). 108 Dupént deb. [ Eastman Kodak.. 9% | Electric Stor Bat.. 6i's Endicott-Johnson. %% Erle...... 10t {Erie 18t pt Exchange Buffet Famous Players. .. Fed Mines & Spf Fidelity Fire Insur. 103% Fifth Ave Bus wi.. 7% {Fisher Body 207 Fisher B of ODf. Flsk Rubber. Freeport Texas Gen Asphalt Gen Baking Gen Cigar. Gen Electric. Gen Elec spl w 1. Gen Moto! Gen Motors pf. Gen Mot 6% deb... 8 Gen Mot 7% deb... 98 Gilliland Ofl pf. Glidden. .. Goldwin Corp. Goodrich. . Goodrich pf. Granby Consol. Great Northern pf. 72 Great Nor Ore. . 304 Gulf Mo & Nor pf. Guif States Steel Hartman Corp. Hendee Mig Houston Oil Hudson Mators. Hupp Motors. Hydraullic Steel Indiahoma. Inspiration. Int] Agri Ch Int Cemen! Int Combustion E. 24% Int Mer Marine pf. 41 Int Nickel 1% Intl Paper Invincible Oil. Iron Products Island Ol. . Jones Te: [ Jones & L'ghlin pt 107% Kansas & Gulf Co. 2% Kansas City Sou. Kayser (Julius). Kayser (J) pf. Kelly-Spring 8% pt. 1063 Kelly-Spring Tire. 49% Kennecott. 5% Keystone Tir |Kresge (88).. Leo Tire & Rubber 2s% Lehigh Valley..... Lima Locomotive Loews Inc. Loft Inc. Loose-W Louis & Nashv Mack Truck. Macy Co.. Macy Co pf. Magma Copper.. Mallison & Co... Manati Sugar..... | Manhattan EI ctf Manhat Elec Sup Market St prior Marland Ofl..... Martin-Parry Mathison Alkili. Maxwell (A). Maxwell (B). May Dept Stor. McIntyre Porcu i Mexican Seaboard. 175 Miami{ Copper. . Middle States OIl. Midvale Steel. . Minn &StL (n)... Mo Kan & Texa u% oEmn&Texpl, 8 8 8B & High. Low. Clos 2% 6% 80T 18% 106 "l % 95 0% 593 8% 89 3 1 126% 18% % 677 26la i 2% 6 123% 121 % Bla 20 s 957 3 128 162% Ut 2% Wh : |Mother Lode Mo Pacific pf. Natl Condult. .. Open. 15% . 2% Montana Power. .. 66l Montgomery Ward 20% Moon Motors. 18% 'y Mo Pacific Nash Motors. .. Natl Biscult wi. atl Cloak & Suit. . 109 Ty @ Natl Enameling Natl Lead. . Natl Lead pf. Natl Ry of M 2d. Nevada Copper. N Y Air Brake. N Y Central NYChi & StL2d.. 87l N Y Dock . 2% NYNH& Hartfd. 1% NY O & Western.. 19% Norfolk & Western 110" Northern Pacific. . Ohio Fucl Sup Oklahoma Prod. .. Orpheum Circuit. . Orpheum Cir of. Otis Elevator. Otis Steel. . . Owens Bottle. ... Pacific Develop. Pacific Gas & El Pacific OIl. Packard Mo 1 st 19 B 52 |Pan-Amer Pete. .. [ Pan-Am Pete (B). Parish & Bingham Pennsylvania..... Penn FEdison pf Penn Seabd Steel.. People’s Gas. - PeresMarquette. 1117 | Pere Mrq prior pf. st 2 75 € 813 M4 3 18% 16% 2% 1% 23 & iy Philadelphia Co Phillips Pete Plerce-Arrow. Plerce-Arrow pf. Plerce Oil. Pierce Oil pf. 5 Piggly-Wiggly... Pitts & W Va..... Pitts & W Va pf. Pond Creek Coal. . tum Cereal um Cer pf.... d Stl Car pf. Producers & Ref. . Public Serv of N J. Public Service pf. . Pullman Co. Punta Alegro. Pure Oil.... Pure Uil 8% pf and Mines. . tep Tron & & " |Reynolds Springs. 2 Reynolds Tob (B). b pr B Rutland Ry pf St Joseph Lead t L & San Fran t L & San ¥r pf. St Louts Southwn. St Lonis Sown pt.. uvage Arms. . ... {Seaboard Air Line., {Seaboard A L pt. ears Roebuck. eneca Copper. ... Shell Trad & Tran. Shell Union. . effield. ... Sheffield pf. . So Porto Sugar. ... outhern Pacific. . Southern Ry pf. .. Spaulding A G pf.. Spicer Mfg Co. Standard Milling. . Stand Oil of Calif. Stand Oil of N J wi Stand Oll of N J pt Sterling Prod..... Steel & Tube pf. .. Stewart-Warner. . Studebaker. .. Submarine Boat Superior Steel. Sweets Co of Am.. Tenn Copper. 5 Texas Company. .. Texas Gulf Sulphur Texas & Pacific. ... Texas & P C & Oll. Tide Water Ol Timken Bearing. Tobaceco Prod. Tobacco Prod A... | Tol St L & West TolStL & W pf... Trans Contl Oil. ... Union Bag & Pap. United Alloy Steel United Fruit United Retail Strs U st Ir Pipe st ir P pf. U S Food Prod. U S Indus Alcohol. U S Realty. Rubber. . U S Rubber 1st pf. U S Steel. . o U S Steel pf. U S Tobacco. Utah Copper-. .. Utah Securities. Vanadium Corp #an Raalte. Va-Car Chemical. Va-Car Chem'l pf. VaIron Coal & C.. Vivadou. . Wabash. Wabash pf (A). ‘Westhse Air Brke. Westhse Eles & M Wheeling & L 1. . Wheeling & LE pf White Eagle Oil. . White Motor White Oil. Wickwire. 5 Wilson Company. Willys-Overld. . Willys-Overld pf. Woolworth. ... ‘Woolworth pf. T4 45% a5% S24 205% 218% 216% .. 125% 125% 126% 126% High. Low. Last, Call Money 4« 4 4 HOURLY SALES OF STOCKS. 11am 225 100 12 M. 391 570 ipm. 648 600 2 p.m. 664 000 —_— TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) e Rate—Maturity. 3348 March 15, 1923. 4i s March 16, 1923 83s June 15, '10: 888 September 45 December 15 4%s December 13 March 15, 1 . 981, % 1100816 1008 90 816 100 1-16 DIVIDENDS RESUMED. NEW YORK, January 18.—Resump. tion of dividends on the preferred stock of the Republic Steel and Iron Company, after having been discon- tinued for a year, was announced here by Chairman Topping. The regular dividend of 1% per cent was ordered payable April 2 to stock of record March 13. NEW BONDS APPROVED. LANSING, Mich., January 18.—The Michigan securities commission ap- proved bonds aggregating $100,00 000, and, debentures totaling: $590.000,- 000, Which . figure .iu. the proposed merger of the Anaconda Copper. Com. pany and the Chile Copper Company. % | plaint. NGTO BONDS FEATURED | Taken—Libertys Quiet. BY GEORGE T. HUGHES. Special Dispatch to The Star. .2 EW YORK, January bond market continued under the in- The general tone today was per- haps a little better than yesterday, blocks—say $250,000—Iin any reasona- bly active bonds of the grade of Southern Rallway bs or Pere Mar- quette first 53 could not be sold ex- cept at concessions of a point or two. Of course, this does not apply to small transactions up to about $50,000. eral Tone—Anaconda Issue |US4%s1952... 34 s 18.—The | Bern 8s. fluence of thé new offerings today.|Bordeaux 6; ¥or the minute they seem to have |Brazil7s absorbed most of the buying power. | prazi 7% D. ¢, THURSDAY, JANUARY 18 193" [oxwew vonx BONDS moce wecmvca] Recelved by Private Wire UNITED STATES BONDS. Salon ($1,000). High. Low. Liberty 3% 07 10148 10116 Liberty 1s: 20 9870 9360 Liberty 2d 4%¢s. 354 9820 8812 Liberty 3d 414s. 222 9368 9880 Liberty 4th 4%s 431 9852 9844 Victory 4%s°23 111 10024 10020 10024 w9 999 FOREIGN GOVERNMENT, STATE AND MUNICIPAL. . High. Low. Close. 101% 101% 100% % % So% %% 9% 9 %% % %4 % % 1% 2 0% 0% 3 & 8l 9% 914 100% Close. 10148 9870 98 14 2898 €843 Argentine 7s.. Belgium 7%s. Belgium 6s. Belgium §: Bolivia 8s Brazil 8s. nada b s anada 6145 1929, but it was still true that any large | Canada bs 1831 ‘anada 5s 195 hile 85 1946. Chile 88 1926. . Chile 85 1941, Copenhagen Cuba 5las w i Czechoslovakia 8s. . Denmark 8s. Denmark 6s. This condition traders ascribed eB- | Dytch East 1 6547, tirely to the competition of the new | Dutch East I 6s'62. . issues, and when these new issues|French Govt 8s. have been permanently placed they |FrenchGove7i expressed confidence in a better mar- ket for seasoned obligations. Anaconda Issue Closed. Today's large offering was the $30,- 000,000 Anaconda 7 per cent deben- tures, which were reported over- subscribed before noon. Because of the conversfon privilege, the deben- tureg attracted more speculative in- terest than the mortgage 65 offered carlier in the week. The latter sold on the stock exchange today at about the issue price. Foreign bonds were under pressure again today, particularly the French and Belgian issues, although there was alo some seiling of South Ameri- cans. French 7125 made a new low for all time again, but.later rallied somewhat. The s held relatively bet- ter. Depariment of tae Seine s aled their low. Both the Belgian 1 the 715 declined sharply. 1y there s a certain amount of selling of these bonds by Investors but there is also buying by those who appreciate the speculative pos- sibilities of nch and Belglan ob- ligations s “feld 812 or more. Other Bonds Go Lower. Both the Brazil 85 and livia $s and the Col St over 2 points t r new low, where they give ti return of more than 13 City of Greater Prag with th In sharp con- s these 1o T'nited Kingdom of 1937 and Swiss 55 not only firm, but made fractional gains, the general market the changes highly irregular. United States t” bonds were quiet, with RALWAY CONPANY CALLED BANKRUPT Action Filed Against Mary- land, Delaware and Virginia Railroad in Baltimore. anoth fant By the Associated Press, BALTIMORE, Md., January The Girard Trust Company of Phila- delphia, trustee of the Maryland, Del- aware and Virginia Rallway Com- district court here yesterday, charg- ing the carrier was virtually bank- rupt, and asked that a $2.000.000 mortgage, which it holds, be fore- closed. The petition stated interest amounting to $250,000, which became due August 1. remains unpaid. In addition to the request of fore- closure, the trust company asked that an injunction be issued restrain- ing the defendant from disposing of any of its assets. Action is ex- pected to be taken by Judge Rose on the latter request some time next weel. Ralph Robinson. counsel for the road. filed an answer to the com- admitting the allegations as set forth in the hill, and consented to. the passage of the decree of fore- closure as asked The raflroad. together with the Baltimore, Chesapeake and Atlantic railroad, its sister line, will soon be taken over by the Pennsylvania sys- tem, which has controlled them for years. BIG RAILROAD MERGER URGED BEFORE . C. C. Combining of Great Northern and St. Paul Roads Is Discussed by Official. Various possible combinations Commerce Commission tbday in hearings on the consolidation pro- portation act of 1920. Using maps and exhaustive statis- M Burt, a general trafiic official of the Northern Pacific, told the Com- mission that good transportation re- sults would be -obtained by unifica- tion of the Great Northern and the Chicago, Milwaukee and St. Paul. He sald the arrangement would make possible many operating econo- mies, but he made no_estimate of the fotal saving that would result. W. W. Sullivan, representing the Chicago Great Western, sald the own- 'era of that line would accept any plan {he commission might adopt affecting it, S0 long as their rights aro pro. téoted. The management of the road, he added, had no preference. P o e MORE CARS NEED REPAIR. Freight cars in need of repair on January 1, amounted to 216,011, or 9.5 per cent of the cars on line, ac- jcording to reports filed today by the |carriers, with the Car Service Division {of the American Railway Association. This was an increase of 2,174 over the number in need of repair on De- cember 15 last. BAR SILVER PRICES. LONDON, January 18.—Bar silver, 327-16 pence per ounce. Money, 1% per cent: discount rates: Short bills, 2a2% per cent; three-month bills, 23-16a% per cent. | NEW YORK, January 18.—Foreign bar silver, 85%; Mexican dollars, 50. Aidbme v toray PARIS MARKET UNSTEADY. PARIS, January 18.—Prices moved | irregularly on the bourse today. Three per cent rentes, 68 francs 67 centimes. Exchange on London, 70 francs 30 centimes. ¥ive per cent loan. 75 francs 85 centimes. The dol- Jar was quoted at 15 frans 29%: cen- times, | 18.— | Goodyear Tire $s741. of Va-Car Chem 5 raflroad systems in the northwest [ ottt SuRel i e 0 were suggested before the Interstate | Wiison & Co st 6s. .. 18 its | Winchester Ams 7%8 & r Halitl 6s ctfs. . Japanese Ist 4138, Japanese 2d 4158, Japanese 4s. .. Lyons 6s. . Marseilles 6s. Mexico 5s. Mexico 4 2 Montevideo 75 Netherlands 6s. Norway 8s. Norway 6scifs. . Prague 714s. . Queensland 7s Queensland 6s. ... . Rio de Jan §5 1946 Rio de Jan 88 1947 Sao Paulo, City, §s. Sao P'aulo, Stat L Seine, Dept of, 20 Serbs Crotes Slov 8s. 160 Solssons 6s. Sweden 6s. Swiss Confed s f 85 Tokio 5 Ud Kingdom Ud Kingdom 534s Uruguay 8s 1946. Zurich 8s...... MISCELLANEOUS, Ajax Rubber § . 1 96 Am Agri Chem 7les. Am Smelt & R 15t 5s. Am Sugar Ref 6 Am Tel & Tel cv 6s... AmT&Teltr AmT&Teltrds. Anton Jergens Boook- A verzana® Atlantic Refining Bell Tele I'a - Beth'em Steel Beth'emn Steel s £ Brier Hill St 1st 5338, 19 Bkiyn Edison 7sD... 2 Bklyn Edison gen 58. 1 Central Leather 5 Cerro de Pasco §s Chile Copper 6 Chile Copper 7 Cin @& El5% Comp-Tab-Rec 68 Con Coml M Cub: Duquesre Light 7is. Dugues): Light 6s. ... 19 East Cuba Sug 7%s.. 11 Empire I & G 1%8. Fisk Rubber 8s. Framerican I D 733, Gen Electric deb s Gen Electric deb 5s. . 7 Goodrich (BF) 6i4s. 25 Goodyear Tire 83°31. 14 Holland-Amer s f 63. 20 Humble Oil & R51¢s. Indiana Steel 58 pany, filed a bill in United States}Inter Mer Marir Inter Paper 15t 55 A. Inter Paper 1st 58 B.. 14 Julius Kayser s f 7s.. Kelly-Springfield $s. . Lackawanna St 55 50 Liggett & Myers 7s. .. Liggett & Myers 5 Lorillard (P) 68 Magma Copper cv Manati Sugar s £ 7% Marland Oil §s war. Mexican Petrol 8s Midvale Steel 5s. ... Montana Power s. .. Morris & Co 1st 4128 National Tube st 53. New England Tel 58. 30 N Y Edison 15t 6145. . 39 New York Tel 6s'41.. 9 New York Tel 4 .16 North Am Edison 6s. 10 North States Pow 58. 8 Northwst Bell Tel 7s. Otis Steel 85 3 Pacific Gas& 3 Pac Tel & Tel 53 '52 Packard Motor $s. Phila Coref 65 A. Producers & Rf 83 w. Public Service 5s. Sinclalr O11 7s. Sin Crude Oil 5 Sinclair Pipe Line 5s. 30 Southern Bell Tel 5t Stand O] of Calif 7s. Steel & Tube 7s. . Toledo Edison 1st 7s. Union Bag & P 6s. United Drug cv 8s.... Un Steam Copen 6s. U S Rubber 1st rf 55.. 15 U S Rubber 7%8...... U SSteelafds. Utah Power & Lt 5s.. Va-Car Chemical 7s. . 11 [ 10% 107% §7 92 106% 110 100% 103 ‘Warner Sugar _— gram it is drafting under the trans- TODAY,S COTTON PR|CES_ tics_to {llustrate his conclusions, A.; New High Records for Season Are Again Made. NEW ORLEANS, January 18.—The advance in cotton continued on reports to brokers here that Japanese interests had contracted for large amounts of ocean freight room for late winter sailing out of Galveston. There also were claims that the local spot mar- ket was at least a quarter of a cent a pound higher, All contract posi- tions moved up to new high records for the season, March touching 27.49 just before noon. At this price the trading months stood at gains of 39 to 41 points. 12" noon bids: January March, 27.49 asked: May, July, 27.46 asked: October, 25.93. Steady. NEW YORK, January 18.—Cotton futures opened firm: January, 27. March, May, 27.95; July, & October, 26.15. 11:45 a.m. bids: March, 27.78; May, 27.98; July, 27.73; October, 26.16. Quiet but stead: PIERCE OIL COMPANY IS GRANTED APPEAL By the Associated Press, RICHMOND, Va., January 18—The state supreme court of appeals has allowed an appeal from the decision of the chancery court of Richmond, holding the election of the preseni board of directors of the Pierce Oil Company to be illegal, it was an- nounced today. The appeal was allow- ed and supersedeas awarded upon condition that . the Pierce Oil Cor- poration and Henry Clay Plerce. ap- pelldnts, execute bond in the sum of 3350,000, 27.38; 4 | Ore Short L ref 4s 4| Ore Short L cn & *46. Direct to The Star Office. | RAILROADS. Bal | es (31,000). High. Low. Close 18 89 88 89 81% 1% 87% % 2 94% [ 6% 100% Atchison gen 4s Atchison adj 4 Atlantic C L 1sf -3 Atlantic C Lcol 4s. . BKIR T 7’21 ctsta,. Canadian North 7s. .. Canadian North 61s. Canadian Pac deb 4s. Ches & Ohlo cv is Ches & Onlo cv 41 Ches & Ohio gn 474 Chi & Alton 3s 1949, Chi & Alton 31¢s. ChIB&Qgn 451958 Chi B& Q 1st rf s, Chi & East 11l gn Chi Great West 4s. . . Chi M Pregis, Chi M & St P ey s, ChiM&StP 451 ChIM&StPcv4tis. 1 CliM&StP 451934, Chi M & St P gn 414s. C M & Pug Sound 4s. . Chi & N W 7s. . Chi Rys 6s. ChiRI&Pacrfds. .. Chi Un Station 6%s. Chi Un Station 433s. . Chi & W Ind con 4. CCC&StLrf6sA... Cleveland Term 514s. Colo & Southern 4348 CubaRR3s. . Del & Hud 1st & rf 4s Del & Hudson 51s Den & Rio G con 48 Den& RG 1Ist rf bs. . Detroit United 4 14s. . Erle 18t con 4s. Erle con ext 7s. Erle gen 4s. rie conv 4s D, GrTrunk s f deb 6s.. Grand Trunk 7s. Great ) r orth gen 5 e, Havana ERL & P bs Hudson & Man ref os. Hudson & Man aj §s. 11i Central ref 4s. T Central 5 tas. .. Inter Rap Transit os. Inter R Transit 7s. Int & Gr Nor aj 6s. Kansas City Ft 8 !\» as City Sou Kansas City Sou Kansag City Term ds. Take Shore 48 1928, Lake Shore 451931 . . Lehigh Val cn 45 2003 Lehigh Vailey 63 Long Island ref 4. Louis & N unified 4s. Louis & Nash 5zs. . Louis & Nash 7s..... Manhattan Ry cn 4s. Mil El Ry & L 18t Gs. M & St Lref ext b3, M & St L 1st ref 4s. MStP&SS M6y MEK & T 1st 4s. MK &Tprinis MK&Té6sC. MK & T ad§ 5s. Mo Pacific 6s. -4 Mo Paciflc 1t b5 65. . Mo Pacific gn 4 . ontreal Tram 1st 58 Nassau E Ry 48 1957. N O Tex & Mex Inc 5 N Y Central deb 6s. INY Centrairiss. ... | New Haven cv deb 6s. 2 | New Haven deb 45 57 New Haven 7s % | Norfolk & West cn 4s. | Norfolk & West cv 63 Northern Pacific 4s. . North Pac ref im 6s. . Northern Pacific 5s. 1" 22 58 8 3 Ore-Wash 1st ref 4s. . Paris-Lyons-Med 6s. Pennsylvania gen 5s. Pennsyl gen 4145 | Pennsylvania 614 Pennsylvania gol Reading gen 4s Rio Grande W cit 4s. RIATK& L4%s.. |StLIM&S4s 29, .. StL&SFprinisA. StL&SFprinbs... StL&SF inc 6s. StL&SF5%sD.... StL&S Fadj 6s. StL&SFprin6sC. StLSWist4s...... 5t PRKC Sh L4148 *4; San A & Ark Pass 4s. Seaboard A Lref 4s. . Seaboard A Ladj os. Seaboard A L con 6s. Sou Pacific cv 4s. Sou Pacific ref 4s Sou Pacific clt 4s. .. Southern Ry 1st 3s. ... Southern Ry gen 4s. . Southern Ry dev 6143 3 ‘Third Ave ref 4s. . Third Ave adj b: Union Pacific 1st 4s. n Pacific 1st ref 4s. Union Pacific cv 4 Virginia Ry 1st 5 Wabash 1st 55, Wabash 2d Bs...... ‘Western Maryland 48 Western Pacific 55.... I Wisconsin Ct gen 4s. 1 Beaon S BalnElovoatonn Suraca 825 & TOTAL SALES (Par Value] 1lam 2840000 12noon.. 4 1pm... 6062000 2p.m.... 8290000 —_— SHORT-TERM BECURITIES. Anaconda Auaconda Co 1029, i Anglo-Americ Tibe 1925, Armour & Co. 930. Bethleliem Steel 75 1 Canadian Paciic 65 192 Central Leather s 1925. C., C.. C._& St. L. 6s 1029, Du Pont Tizs 1831, T. & R. 8s 1031, Hocking Valley 88 1924 Humble Oil 5 1632 Kansas City Term. 68 inecott Copper 78 1930. MeNell & Libby oil 18 7, M. BL P& 8. Morris & Co. Pean. R. R. i St. Payl Union Depot Sears, Roebuck & Co. Soutiiwestern Bell Ts Standard O1l of Calif. TUnlon Tank 1 Vacuum OIl 76 1936. .. Western Union 638 193¢ Westinghouse EL ——— CRUDE OIL OUTPUT DECREASES IN WEEK By the Associated Press. NEW YORK, January 18.—The daily average gross crude oil production of the United States decreased 1,150 bar- rels for the week ending January 18, totaling 1,751,350 barrels, as compared with 1,752,500 barrels for the pre- ceding week, according to the weekly summary of the Amerfcan Petroleum Institute. The daily average produc- tion east of the Rocky mountains was 1,226,350 barrels, as’ compared with 1,237,500 barrels, a decrease of 11,150 barrels. California production was 525,000 barrels, as compared with 515,000 barrels, an increase of 10,000 barrels. According to figures collected by the American Petroleum Institute, the im- ports of petroleum (crude and refined oils) at the principal United States ports for the week ended January 13 totaled 1,777,901 barrels, a daily aver- age of 233,985 barrels, compared with 2,227,069 barrels, a daily average of 318,152 barrels, for the week ended January & I quotation o | licky, tions: {there was a fair demand unde {as an i low ' FINANCIAL.” Grain, Produce and Live Stock LOCAL WHOLESALE MARKET. Cold weather has caused u slight advance in the price of eggs. The supply is much larger than it was Guring the hollday season, however, and a reaction s expected when the weather moderates. The butter mar- ket remains firm, with practically change in prices the past few days. Poultry receipts are slow and the demand not very heavy. Prices re- main about the same. Live turkeys were quoted at 35 cents, while dressed stock brought from 45 to 50 cents. There is no scarcity of fruits and vegetables. Tomatoes are more plenti- ful than usual at this season, and prices cover a wide range. Hggs—Strictly fresh, selected candled, per dozen, 33; average receipts southern, 35. Cold storage cgEs, Live poultry—Roosters, per Ib. turkeys, per Ib, 36; spring chic ens, per 1b., 27a28; keats, YOUng, e 60: fowls, each, 23. Dressed’ poultry—Fresh-killed spring chickens, per Ib., 30a33; hens. per 1b., 6 i roosters, per lb., 18; turk » per 1b.,, ts, young, cach, 70a80. % Live stock—Calves 14; medium, per lb.,, 13a13%: thin, Ib., 6a9. Lambs, choice, per 1b.. .00a8.00 cach; live hogs. ch choice, per 1b., fruits—Apples, per bbl, 1. a7.00; Delicious, No. 1, per bbl, 6.00a 0. California oranges, per crate, 5.00a6.00; Florida, 4.00a5.00. Lemons, per box, 3.50a4.50. Grapefruit, 3.00a ). Tangerines, 3.50a4.50. Vegetables—Potatoes, per bb! 1, 1.50a2.00; per sack, 2.00a2.25 2, 50a1.00." Sweet 3 Carolina, 75a1.50 . Lettuce, * per crate, southern, 3. Romaine lettuce, per crate, ta lettuce, crate, Cabbage, northern, 1.75a2.00 per nearby cabbage, per bbl, 1.2a southern, 2.00a2.25 per basket, Bggplants. per crite, 2.60a5.00. Tom: toes, per box, Florida, 25.00. Beans, 2.0024.00 per baskct. Peas, 3.00a5.00 per basket. Peppers, per crate, Florida, 2.60a2.50. Kale, ‘per barrel.'1.25a Spinach, per barrel, per dozen, 1.00al. crate, 8.00a8.50. California grape crate, 3.0044.00. Brussel sprouts, 2 GRAIN AND PROVISIO BALTIMORE, Janu: toes, white pounds, 90; 2.26; bushel, 1.25. leebery 550, . 100 1t a1.75. Celery, . barrel, basket, ‘2535 bushel, §5a90: s, bushel, 00; rrots, basket, e, 1.50al.75 cukes, o e, .00 ohad 100, 6.00a8.0 egEDlants, ¢ ish. bushel, 5430, .50 : horserad- kale, bushel, Lettuce—Rasket, 100 Ibs., 1.50a3.00 5.00a5.00 50a.3 5 oyster plants, 100 . bushel, peas. ) peppers, crate, 1.50 ch, bushel. 60a90: squas tomatoes, crate rnips. basket, 30a3 Apples—Packed, barrel, H bushel, 0; loose, 100 1bs., 1.40 al.65; ' basket, ' 46250, Cranberries, barrel, 10.00a12.00; grapefruit, bo 3.00a4. cranges, box, 3 strawberries. 30, 40a45; tangerin one-half strap, 2.00a3.25, Selling Prices at 12:30. N 1 red winter, spot, no . No. 2 red winter, spot, 1.3¢ . & red winter, spot, no o, 2 red winter, garlicky, 1.33 nominal; No. 3 red winter, gar- no quotations; January, 1. nominal. Sales—None. nominal conlract, spot, 843 per bushel corn, spot, 85 No. 4, no quot; track corn. veliow, No. &, new or better, 87 per bushel. Sales. one, Oats—White. No. 2, 54 per bushel asked; No, 3, 53 e , Rye—Nearby, 85295 per bushel; No. 2 western export, spot, 993 per bushel: No. 3. no quotations, | ¢ Hay—Receipts, none; for the better descriptions of timothy and light ited receipt ““l‘o 21.00 per ton Straw — No. 1 tangled . 1 wheat, 11.00a oat, nominal, 12.004132.00. at a range of 1 rye. 15.00a TODAY'S CHICAGO PRICES. CHICAGO, January 18. cldedly outnumbered buyers wheat market today during the early dealings, and prices tended down- ward. ~Bears asserted that owing to the unsettled European outlook ex- port business that weakness of exchange rates made revival difficult. Continued a crop conditions in the domest ter wheat territory failed to K offret. The opening, which varied from unchanged figures to . with May 1.19a1.19% and July 1 Wal.13’, was followed by a mod. edate setback all around. Corn and vats declined with wheat. After opening. jal, lower. May 731l a73%, the corn market continued to sag. Oats started in the off to ljaly ad- {vance, May 4534451 and later under- went ‘a siight general decline. Higher quotations on hogs gave firmness to the provision market. WHEAT— Open. High Low. Close May 19 1183 1181 July 1181 11 September ORN September OATS— May July September ORK—N ¥_18 (Special). ers, 14a13; du pigeons, pair. cach, (0 Dre- Old_toms, geese, 20a27; guinea fowl, ed Poultry—Turkeys, 35a42. 30a3: poor and crooked breasts, : young chickens, old and mixed, 24a2: 14al5; ducks, 23a30; geese, 24a28. Bggs, loss off—Native and nearby firsts, doz., 38a3! uthern, 26. Butter—creamery farcy, pound, 54a prints, 35a57: nearby creamery. 47a51; ladles, 35a86: rolls, 33a3s: store packed, 31a32; dairy prints, 34a 35; process butter, 1242, — FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks, gold London. pound.. Montres dollar . Paris, franc. Brusséls, franc. Berlin, mark. Rome, lira. Zurlch, fra: Athens, dre Prague, Crown. Warsaw, mark. Stockholm,” erown. By the Assoclated Press, NEW YORK, January 15.—Foreign exchanges irregular. Quotations (in cents). Great Britain demand, 4.65%; cables, 4.656%. Sixty-day bills on banks, 4.63 3-16. France. demand, 08664 : cables, .0667. Italy. demand, 10476; cables, .04763i. Belgium, de- mand, .0608%; cables, .0605. Ger- many, demand, .000047; ‘cables, .00004S. Holland, demand, .3! cables, .3958. Norway, demand, .1844. Sweden. de- mand, .2600. Denmark, demand, 1958. Switzerland, demand, .1861. Spain, demand, .1866. Greece, de- mand, .0122. Poland, demand, .000033. Czechoslovakia, demand, .0278. Ar- gentine, demand, .3710. Brazil, de- mand, .1145. Montreal, .99. e T The Grim Reaper has traded his seyythe for an automobile.—Toledo Blade, per | 13; | | Corn—Cob corn, new, 4.25 per bar- | ¢! {rel liers de- | was demoralized and | BREEMENT NEAR - INCOAL DISPUTE Auto Firms Heavy Buyers of Steel—Rubber Parley Planned in London. BY J. C. ROYLE. Special Dispateh to The Sta; NEW YORK, u 18.—1 coal consumers throughout th ern half of the United State the result of the wuge conference coal miners and operators of the o tral competitive ficld here today, with keen . ik {was little onpositi tinuation of the present extent of that contin must be ironed out to limit it to one while the two year:. Steel Outlook B | The possibility of a str |in the bituminous ficids been one of the new «lon horizon of profitable industrial ity and expansion during the year. Some of t steel mil other large consumers have begun piling up fuel rescr definite settlement would 2 ward —encouraging expx manufacturing ou Reports from s tives In all the great c has been general, for bu today show that order book plant inc in many lines pendent producers in recent v have hooked more orders than have shipped and the improven. has been gene for buyers for prompt deliveries have those manufacturers booked. in shipment Ope arder buying mover Auto Firms Heavy Buyers. The only immediate cheek to the ¢ pansion killed semi-sk ma tho 100 per cent of caf Mahoning valley ber prod conferen producers re the export by the Brit which have been. respon rise in price, but little here from these conferences in vi of the known determination of of the British producers to b price of crude rubber at around 35 36 cents. 01l weilling Resumed. second advance within coloniy The renew leum market has mulated demar and other oil weld ment. Tobacco manufacturers ing siightly pipe Great Lakes Ship Yards Report Good Business Special Dispateh to The Star. CL SLAND, | siderable s the shipyards ong the gre Repair work in the yards of thie ican Shipbuilding Com at present than just last fall, wt anu: Farm Implement Dealers Call Outlook Brighter , | Spaciat Dis | kaxsas crry, ry Delegutes 1o the Western Hetail plement Dealers’ ociation, now session_here, declared tod sales of farm implement a decided increase th “For two years the making his” old equipment d H. J. Hodge, secretary of the assovii- tion, today. “But he will be back in the ‘market this year in a biz way, Recent purchases by retailers in thiy section are evidence of the it ment in agricultural conditions i Eastern Buyers Boost Western Lumber Trade Dispateh to Th in that the would show has sta last tw ek Output Oregon is onl. low norma Broad a Atlantic coast {heavy buying by the vare railroads has spurred sal: ments to new records ning of this week unfilled, dome cargo orders, export cirgo ord rail trade orders uggre 520,409 board feet. The mand for building lumbe 3 back of the present move L will not be in full swing until early nexq month. whic (Copyright, SECOND CRUDE OIL PRICE ADVANCE THIS WEEK By the Asscciated Press | "PITTSBURGH, ra. Ten cents a barrel was purchasing price of TPenns; crude oil by the principal pur |agencies here at the openir imarket today, making the price It is the second advance this wee Other new quotations were: Calle, $2.31; Somerset, Somerset, light, $2.35. CLOTH TRADE PICKS UP. NEW YORK, January 18 (Spe —Transactions in_the coiton clothy market were of fair volume today, with prices for the standard pring cloth constructions fully maintained in general, although second hands of+ fered slight concessions. The raw silk market was extremely quiet, both here and In Yokohuma, wlithout change in quotations. TODAY'S WOOL PRICES. BOSTON, Mass., January 18 (Special), —Supplies of domestic wool are < scarce in this market that traders are paying fully as much attention tn the foreign markets us to trading here. Australian crossbreds are re- ported today to be about & per cen higher, with a stréng tone prevailing Local demand for fine territory wool is active and prices are very for these grades,