Evening Star Newspaper, March 15, 1923, Page 28

"FINANCIAL GO STILL HIGHER Sugars and Oils Are Especial- ly Active—Studebaker i Crosses 126—Notes. BY STUART P. WEST. Gpacial Dispatch to The Star. NEW YORK, March 15.—During the kreater part of today's stock trading, wperations for the rise kept on with- out signs of a halt. Again it was a case of bidding up one stock after another and permitting little or no ction. Some of the sugar stocks made new highs, following a further slight rise in the price of raw sugar. Punta Alegre crossed 66, and there wis ex- ptional activity at higher prices in 'uban Dominican sugar. The strong point made in favor of the latter stock is that the syndicate which ook over the constituent properties and organized the Cuban Dominican “ompany is said to have paid $25 for its stock, which is a little more than double the present market price. Other O1l Shares Strong. the oil shares Maryland 5 for the first time, and Sin- r was bid up on large transactions over 2 points to 36. No explanation “ppeared for the Sinclair move except that the stock has long been neg- lected. waiting for its market spon- «ors fo get busy. Apparently th decided that the time was ripe tod: \mong the public utilities the fe tures were Columbia Gas and Broo yn Edison. It is now expected that the new Columbia Gas stock will pay $3 dividends, making the present stock a $9 dividend payer. Studebaker crossed 126 on a con- tinuance of the new campaign which 2ot under way at the beginning of the week. the kevnote of which is the present record-breaking earnings and the anticipation of another extra divi dend next month. andard Oil of California broke sharply on the announcement that a million new shares were to be offered tn stockholders for the purpose of & care of increased production Today’s Financial Review. the Wall street situation there little change today. While on the stock exchange was ctive and price changes were irregular, the main movements again upward The ‘most important occurrences of the day, so far as they bore upon gen- eral outlook. were those in the fo u exchange markets. French nes rose sharply out of the rut in viich they had been moving for near- * a fortnight, completing a_gain of ent witliin the last two was the re- the news dispatches—aibelt wait confirmation—that Ger- ~ making overtures through noutral countries looking toward a ctilement of the reparations ques- tion and the ending of the struggle in the Ruhr. Sterling Exchange Lower. fr were going up ster- vas coming down. Rates at one time werc off nearly 4 cents in the pound from their recent high. Their line coincided with the official an- nouncement from the Treasury De- jartment that Great Britain had made the initial p n the American war debt. Inasmuch this has involved offerings of “terlinz bills here to offset purchases of dollars in London. the nearer the pound was to dollar parity the better it was from the British standpoint. Iierein lies the inspiration for the statement made some time ago. and 1ot denfed, that the British govern- ment was doing all it could to help along the forces back of sterling's wdvance. If this were so the sterling market would have naturally receded when the immedlate necessity for holding up rates was over. In other words. it would have acted precisely as it has during the last few day Jewel Tea Stocks Up. The reason for the strength in Jewel Tea stocks today in face of the poor 1822 income statement was that ihe company is expected to resume vidends on the preferred stock soon. The rate on this stock until October. i919, was 7 per cent annual 1922" report showed only $152,000 ap- plicable to dividends, as against $320,- 600 in 1921, but the financial position of the company was shown to be un- impaired, and present earnings are said fo he quite favorable ousidering the shortness of month ebruary’s total of $310,000,000 in our merchandise exports doesn’t compare unfavorably with other months. It is below, of course, the record of last the period of maximum nd cotton shipments—but the off is merely seasonal. The point is that iast month's out- rd movement ran $60,000,000 ahead of the same month a vear ago. Prices Lower at Close. The stock market slowed down con- siderably in the aftermoon. A few ndustrial specialties were pushed aicad again, but in the main body of stocks realizing sales made them- felt and prices came down. The net changes were very much Among not as equipment stocks were n as they had been Wed- ¢ on reports that there was at least a temporary Iull in the buying of s and locomotives. Industrial hol wus pushed forward to and Marland Oil, Bosch Magneto, As- “ociated Dry Goods and one or two other specialties made their best prices in the first hour. But they W exceptions. The general list was very irregular in the late trad- ing (Copyright. 1923.) RUSH NEW BANK PLANS. Texas in Hurry to Get Credits System in Working Order. Special Dispatch to The Sta HOUSTON, March up of the chinery of an interme- diate credit bank to be established here under the Lenroot aet in con- ction with the federal land bank ready under way. It is anticipated \ new and larger building will be required to house the two institutions, Loans closed by the Houston Land Hank in the last month reached $2,- 239,000 and brought the total Joans since orgunization to $76,000.000. ‘There are more than 27,000 borrowers from the bank in this state. NEW YORK EGG PRICES. NEW YORK, March 15.— Eggs, eteady; recelpts, 45475 crates; New Jersey hennery whites, uncandled ex- tras, 40a42; state, nearby and nearby western hennery whites, firsts to ex- tras, 34a38 BAR SILVER QUOTATIONS. LONDON, March 15.—Bar silver, s pence per ounce; money, 2 per cont: discount rates, short and three month’s bills, 2%a2 7-16 per_cent. 'W YORK, March 15.—Foreign bar silver, 67%; Mexican dollars, 51%. SEA HERRING DUTIABLE. Sea herrimi are dutiable at the rate of 1 cent per pound under the new tariff act, when imported frozen or packed in ice, according to & Treasury ruling today, which overturned a sug- wzestion of the collector of customs at Boston, that such shipments be ad- mitted duty free. CLOTH MARKET ACTIVE. NEW YORK, March 15 (Special).— The market for cetton cloths was more active today and a better de- “mand was manifested, especially in the standard print cloths, which were quoted at 11% for 64 by 60s, and 12% for 68 by 72s. Scattered sales of other constrections were reported, Y —The setting m YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office For Revised Close of Stock Market see 5:30 Edition of The Evening Star. Open. High. Low. Close, 18 18 112 12 43% 43% 43 43% 9% 9% 9% 9% 192 194% 192 194% 31% 381% 31% 31% 68% 68% 68% 68% 70% 70% 70% 170% 201 20% 20% 8% 8% 84 56% 664 171% 174 149% 143 87 89% 110 110 68 68 68% 67% 113% 113% 34% 34% 8% 71 55 b5 42 42 47 4% 464 464 16% 17% 81% 81% 55 55 44 44 45% 44% 141y 16 32 324 62 . Open. High. Lew. Close. 18% 18% 18% 18% 66% 67 66% 66l 14% 14% 14% 1ak 9 79% T8% 8% 111% 111% 111% 111% 4B% 49% 48% 49F 33% B84% 384 34% 65 65% 65 60% 48 48 46 48 57 b58% 66 564 78% 79 8% 79 108 108 108 108 104 104 102% 102% 112 112 112 112 182 1821 182 182% 17 17 31 y 612 3 139% 12% 2% 105% 30% 12% 35% 57% 134% h 53% 847 s 122% 97 8 Kelsey Wheel. . Kennecott. .. Keystone Tire. . Kresge (S8). Lee T & Rubber. Lehigh Valley. . Lima Locomo Loews Inc, Loft Inc. . Loose-Wile: Lorillard (P). Louts & Nash Mack Trucks. Mackay Cos. Mackay Cos Macy Co.. Macy Copf..... Malitson & Co.. Manati Sugrr. . ManhattanElev. Manhattan Ects Man Elev scriy. . Manhattan Shirt Market St Ry Market St prior. Market St pf.... Adv Rumley. Alr Reduction Ajax Rubber. ... Allled Chemical. Allled Chem pf.. Allis Chalmers. . Am Agr Chem. AmAgrChempf. Am Beet Sugar. Am Bosch.... Am Brake Shoe. Am Brk Shoe pf. Am Can 8% 56% 172% 145% 88% 110 68 67% 113% S4% 2% 65 42 4% 46% 16% 81% 85 A4 45% 16 82% y. Am Cotton Oil. Am Cotton Oil pt. Am Druggist. . Am Express. Am Hide&Leath AmHide&Lea pr Am Ice Am Internat’l. Am La France. . Am Linseed. Am Linseed pf. . Am Locomotive. Am Metals. Am Radiator. Am Radiator pf. Am Roll Mill pf. Am Safe Razor. . Marland Oil. ... Marlin-Rockwl. Martin-Parry. . Mathison Alkill. 63% 611 61 19% 19% Y% 4% 18% 18l 9815 9815 275 272 1T 17% 17% 1T% 28% 28% 11% 11% 1% 31% 8 16% 43 17% 46% 69% 23% 24% 124 29% 10814 14% 42% 100 1 72 132 1674 96 38 628 61 19% 5% 18% 9814 272 17% 174 28% 11% 31% 8 16% 43% 184 46% 7 23% 24% 12% 29% m 15 42% 100 1 72 132% 17 Maxwell (A). Maxwell (B). May Dept Sto; Melntyre Porcu Am Ship & Com. Am Smelting. Am Steel Fdy... Am Sugar. Am Sugarpf.... Am Tel & Cable Am Tel & Teleg. Am Tobacco Am Tobacco (B) AmW Wk 6% pf Am Woolen. Am Writ Prpf.. Am Zinc & Lead. Anaconda. Ann Arbor. Asso Dry G Asso DryG 2d pf Associated Oll Atchison. ... Atlan Cst Line. . Atlantic Fruit. Atlantic Gult. Atlantic Gulf pt Atlantic Ref. ... Austin Nichols. . Baldwin Loco. .. Baldwin Loco pf Balto & Ohlo..>. Balto & Ohio pf. Barnesdall (B). Batopilas Mining Mexican Pete Mex Seaboard. Mex Sbd ctf: Miami Copper. . Middle StOMl.. . Midvale Steel Minn & StL (n). Mo, K& Twi... Mo, K & T pt wi. Mo Pacific. . Mo Pacific pf. Montana Power. Montgom'y W'rd Moon Motors. .. Mother Lode. Mullins Body Nash Motors. tl Acme. Natl Biscuit w 1. Natl Cloak&S pf Natl Condulit. .. Natl Enameling NatlLead...... Nevada Copper. N Or Tex & Mex. N Y Alr Brake. . N Y Air Brk (A) N Y Central.... N Y Dock pt. NYNH&Hartfd. Norfolk & West. North American North Amer w i North Amer pf. North Pacific. .. Oklahoma Prod. Orpheum Circult Otis Elevator 50 98% 50% 19% * 113% 112% 22%4 Bayuk Brospf.. Beechnut Pack. Beth Steel. . Beth Steel (B). Brit Empire Stl. Br Em St1 2d pf. Booth Fish 1st pf Brown Shoe. Bklyn Edison... Bklyn Rap Tran Bklyn R Tr ctfs. 79 148% ment of $4,000.000 { | Gimbel Bros pf. Otis Steel. Otls Steel pf. Owens Bottle Pacific Coast. ... Pacific Develop. Pacific Gas & El Pacific Mall PacificOfl. . Packard Motor. Pan-Am Pete. .. Pan-Am Pet (B) Parrish & Bing. Penn Seahd Stl. Pennsylvania. .. ‘Pere Marquette. Pere Marq pt. ... Philadelphia Co. Philip Morris. Phillips Pete. .. Phoenix Hoslery Phoenix Hos pf Plerce-Arrow. Plerce-Arrow pi Plerce-Arrow pri Plerce Oil. . Pierce Oil pf. . Piggly-Wiggly. Pitts Coal pf. Pitts & W Va Porto Rico Tob. Postum Cereal Pressed Stl Car. Froducers& Ref. Pub Servof NJ. Pullman Co... Punta Alegre. Pure Ofl Rallway Stl Spr. Rand Mines. Ray Con Copper. Leading. Reading 1st pt Readinis 2d pf... Reis Robert. Rels Robert pf Remington. . Replogle Steel. Rep Ir & Steel Rep Ir & Stl pt.. Reynolds Spring Reynolds Spr rts. Rey Tobac (B) Royal Dutch. Rutland Ry pt St Joseph Lead St L & San Sran. St L Southwn. .. St L Southwn pf Savage Arms. San Cecllia Sug. Seaboard Air L. Seaboard A L pf Sears Roebuck. . Seneca Copper. Shattuck-Arl Shell Tr & Tran. Shell Union | Shell Union pf. Simms Petrol. Stmmons Simmons pf. Sinclair Oil Sinclair pf. Skelly Ol Skelly Ol (new). Sloss-Shefteld Sloss-Sheff pf. .. So Porto Sugar. . South Pacific. Southern Rwy Southern Ry pf. Splcer Mfg Co... St Ofl of Calif. .. St Ofl of Calif rts StOilof NI wi. StOflof NJ pf.. Steel & Tube pf. Sterling Prod... Stew't-Warner. Stromberg Carb Studebaker. . ... Submarine Boat Superior Oll. Superior Stl pf.. SweetsCoof Am. Tenn Copper.... . Texas Company. ‘Tex Gf Sulphur. Texas & Pacific. Tex & P C&OIL Tide Water Oil. . Timken Bearing ‘Tobacco Prod. .. Tobacoo Prod A. Tobacco Prod pf. Tol StL & W pf. Trans Contl Oil. Transue & Will. Union Bag & P.. Union Of1 Union Paci Un Alloy Steei Un Cigar St pf.. United Drug. United Fruit. United Ry Inv Utd Ry Inv pf... Unit Retail Strs. U S Food Prod. . U S Hoffman Mct U S Indus Alco. . US Realty. G 8 Realty pf. U 8 Rubber. U S Rub 1st pf. U SSteel. Utah Copper. Utah Securitle Vanadium Corp. Van Raalte..... -Cr Chemical. Va-CarChempf. ValrCoal&C.. Vivadou. 15% 66 48% 12 1 81% 12% 45t 14% 8215 5% 15% Bklyn Un Gas. . Burns Bros (B). Burns Bros pf. Butte Copper. Butte&Superlor. Caddo O1l...... California Pack. Calif Petrol..... Calif Petrol pf.. Callahan Zinc. . Calumet & Ariz. Canad'n Pacific. Case Plow Wks. Case Threshing. Central Leather Central Leath pf Cerro de Pasco. . Chandler Motor. Chesap & Ohio. . Chi & East Il pt Chi & Alton pf.. Chi Great West. ChiM{l &St P.. ChiMil&StPpt. Chi & Northwn. Chi & Nwn pf. Chi Pheu Tool. . Chi RI& Pacific Chi R I&P 6% pf Chile Copper. ... Chino Copper. Coca-Cola. Colo Fuel. 5 Columbia Gas. ... Columb’a Graph Colum Graph pf. Com Solvents A. Comp Tabulator Cons Cigar. Consol Gas ne Cons Textile Cont Can. . Cont Insurance. Continental Mot Corn Products. . Cosden & Co..:. Cosden pf. Crex Carpet. Crucible Steel Crucible Steel pt Cuban-Am Sug. . Cub Am Sug pf. . Cub Cane Sugar. Cuba Cane S pf. Cuban Dom’ican. Cuban Dom Df... Davidson Chem. De Beers. .. Del & Hudso! DTLack & Wst Dome Mines. Dupont (ED)... Eastman Kodak Elec Stor Bat. .. Elk Horn Coal. . Emerson-Brt pf. Endicott-John. . Erfe. Erle 18t pf FamousPlayers. Famous Play pf. Fd Mines & S . FifthAvBusw 1. Fisher B of O pf Fisk Rubber. Flelshman....... Freeport Texas. Gen Am Tk Car. Gen Asphalt.... Gen Asphalt pf. Gen Clgar.. Gen Eleciric. Gen Motors. Gen Mot 6% deb. Gen Mot 7% deb. Gimbel Bros. ... 46% Giidden. .. Goldwin Corp Goodricn. . . Goody'r pr pf wi. Granby Consol Gray & Davis. Gt Northern pf. Great Nor Ore. . Greene-Cananea Guantanamo Su. Guif St Steel.... Harbishaw Cab. Hartman Corp. Hayes Wheel. Household Prod Homestake. Houston Ol Hudson Motors. ‘Hupp Motors. Hydraulic Stee! Ilinois Central. sIngersol-Rand. Indiahoma Inspiration. Interboro Met.. Interbor RapTr. iInt Ceme: InCombustion B Int Mer Marine. Int M Marine pf. Int Nickel Int Nickei pf. 1ntl Paper Intl Paper (sta). int Shoe. Int 8hoe pf Intertype Corp. . Invincible Oil Iron Products. Island Ofl. Jewel Tea. Jewel Tea pf. 107 2 23% 3% 6T% Kansas & Gulf. . Kansas City Sou Kayser (Julius). Kelly-Spr Tire. 20% 96% ¢ 38 47% ! 2% , 195 1 BOND QUOTATIONS LITTLE CHANGED New Issues Are Eagerly Ab- sorbed—Liberties Are Irregular. BY GEORGE T. HUGHES. Special Dispatch to The Star. EW YORK, March 15.—Today's bond market was a repetition of the markets of the week so far with con- tinued reaction in high-grade and continued speculation of those of sec- ond and third grade. There was not quite so much activity as yesterday, but the trend was the same. Against this liquldation of seasoned bonds must be set the eager absorp- tion of new {ssues. The $7.500,000 American Chain 6 per cent debentures offered today were promptly sold. It was also learned that the new Du- quesne Light 7 per cent preferred of- fered a week ago has been well Pplaced, Then comes the news from Wash- ington that the Treasury offering of certificates of Indebtedness has been oversubscribed for both maturities. The amount offered was about $400,- 000,000, and the unofficial estimate of the oversubscription is $100,000,000, or 25 per cent. It is difficult to reconcile the re- action in underlying ralls with this evidence of a large surplus available for investment in almost anything new. It was noticeable today that Pubiic Utility bonds of the first grade showed a tendency to react. This is a comparatively new development. Foreign bonds, particularly French | issues, responded to the intimations in the dispatches from abroad that negotiations between Paris and Ber- lin’ were in prospect. French 8s, French 7%4s, City of Lyons 6s, De- partment of the Seine 7s and the Parls - Lyons - Mediterranean 65 all scored advances from a half to more than a point. As has been pointed out, there is abundant room for speculation in foreign bonds. French and Belgian bonds are selling on a basis to yield between 81 and 815 per cent, and Czechoslovak 8s return over 9 at the market. . Liberties were quiet and irregular. BALROADS HAKE SPLENDI GAIS Railway Association Reports Remarkable Progress Dur- ing Year 1922. | i i Notwithstanding the handicaps found in the shopmen's strike and the coal strike. the railroads of the country. during 1922, made a great deal of progress, according to the an- nual report of the car service division of the American’ Railway Association ‘Comparing the last six month: the report “of the last four years it will be noted that the total loading for 1922, the perfod covering the shopmen's strike, was only eight- tenths of 1 per cent less than the corresponding six months of 1920, the record loading in the history of rail- way operation.” The total commodity loading of cars In the last six months of 1922 was 22,465,127, Car Sho ige Noted. Discussing the subject of car sur- plus and car shortage, which is also a transportation shortage, the report ys: ¥ Attention is ditected to the large available surplus of equipment during the fall of 1918, the first seven months of 1919, the entire year of 1921, and the first elght months of 1922. Subse- quent to August, 1022, cart shortage throughout the country existed to a marked degree, vet it will be noted that when freight car shortage was at its peak in October, 1922, this figure did not, in any way, approach the volume of surplus cars dnring preceding peri- ods of less demand. ~Periods of car surplus represent periods of idle capi- tal. The increase of storage capacity and a more orderly method of distribu- tion of commodities will have a ten- dency to iron out the acute fluctua- tions in price levels and shipments, and will put at work more of the idle capital during surplus car periods and make less acute the transportation shortages which only exist during a few months of any year. Improving Equipment. That the railroads are making good progress in restoring the condition of their equipment, impaired during the shopmen’s_strike, is indicated. ~The number of cars awalting repairs on July 1, 1922, when the strike began, was 324,583, and locomotives, 14,41 The highest numbers of cars and loco- motives awaiting repairs were found In August and September, when at one time 345,013 cars were awaiting repairs, and at another time. 20, Jocomotives. On January 1. 1923, the number of cars awaiting repairs’ was only 216,011, and locomotives, 15.543. It is well understood that there is constantly a considerable number of cars and locomotives awaiting repairs. The railroads during 1922 increased thelr capacity by purchases of many new cars and locomotives. The total orders for new equipment placed by the railroads in 1922 were: Frelght cars, 136,718; locomotives, 2,709, and passenger cars, 2,382, Gyeat Progress Made. Robert §. Binkerd, vice chairman of the committee on public relations of the eastern railroads, commenting upon the year 1922 from the financial standpoint of the railroads, said: “To have carried more traffic at lower rates; to have withstood in- creases in cost of railroad fuel and taxes; to have suffered from two great national strikes, and at the same time to have increased net earnings from $616,000,000 in 1921 to $777,000,000 in 1922 is an accomplishment which speaks for itself.” —_— L. & N. RAILROAD VOTES HUGE STOCK “MELON” By the Associated Press. NEW YORK, March 15.—Directors of the Louisville and Nashville rail- road today declared a stock dividend of 62% per cent, amounting to $45,- 000,000, Wabashpf (B). 21% 21% 21 21 Waldorf System. 43% 42% 43 ‘Web & Heilbrn. 14% 14% 14% Wells-Far Exp. 49 49 49 ‘Western Md. 13 12% 12% Western Pacific. 18% 18% ‘Western Pac pf. 62 62 Western Union. 115% 115% ‘West Air Brke ‘Westhse El & M ‘Wheeling & L E Wheel & L E pf. White Eagle Oil ‘White Motor. Wickwire. ‘Wilson Co..... ‘Willys-Overld. ‘Will's-Overld pt ‘Woolworth Worthington. 119% 656% % 16% 28% 58% 11% 2% % 52% 52% 214% 214% 86% 36% 36k 3B4u 9% 9% 8% 9 |an allege HURSDAY, MARCH 15, 192 [sx v vorx BONIS oce e Recelved by Private Wire Direct to The Star Office, For Revised Close of Bond Market see 5:30 Edition of The Evening Star. (Bales are in $1,000.) RAILROADS. UNITED STATES BONDS. Sales. High. Bales. High. Low. Close. | Atchison gen 4s... 17 85% Lib3ys. . - 85 10118 10106 10106 | Atchison adj 4s.... 2 79 Lib1st 4% 86 9808 9792 9794 |AtlanticCL1st4s. 8 84% Lib2a4 128 9798 9784 9786|AtlanticCLecl4s.. 10 80 246 9850 9830 9830 83% . 243 9808 9704 9796 94 33 100 10 100 04 10004 6% 89 9948 9928 9928 100% 80% FOREIGN. 82 Sales. High. ‘ 74% 108 Y 93% 28% 62% 4% 64 98% 93 108 92% 92% 88% 76% 89% 83% 114% e 11% 100% 8% 101% 100% 99 104 104 111% 20 89V 88% 109% 97% 94% 94 884 9% 93% 7% 90% 93% 9244 82 81% 7% 76% 66 85 89% 98% 112% 98% 2% 75 108 101% 93% 96% 98 99% 854 64% 7 104% 118% i Low. Close. 85% 85% 79 19 844 B 79% 80 83% 83Y% 9% 94% 6% 76 100% 100% 80 80% 81% 82 74% 74% 93 93% 62% 62% 64 64 92% 923 9% 924 88% 88% 89% 89% 114 114% 111% 111% ™ 1% 82y 83 90% 91% 86% 87 51 51 2% 2% 84% 84% 98% 98% 78% 79 52 63% 60% 68 81 66% T2% 80 106% 108 83 % 89% 4 116% 72 101 102% 827 86% 3% 54% 83% 56 46% 48% - 103% 114 107% 99% 11y 8215 80% Low. Close. 102% 103 98Y 98% 93% 94 98 98 108 108 92 924 6% T6% 82% 82% 95% 95% 102% 102% 100% 100% 101% 101% 100% 100% 98% 99 103% 108% 103% 104 11 111% 89% 90 99% 99% 88% 88% 109% 109% 97 97 94% 94% 94 93% 88 88 974 B & O Toledo 4s. 1 Bklyn R T 4s 2002. 10 BklynRT7s'21... 4 BK1RT 78 '21 ctfs. 12 BKIRT 7°21 ct sta. 10 Buff R&Pitts 4% Canadian North Canad North 63, nad Pac deb 4s.. 8 Central Pacific 4s. . 28 Ches & Ohlo cv bs.. 37 Ches & O cv 4is, Chi & Alton 3s Chi & Alton 3%; ChiB&Q gn 45 '5 Chi B&Q 1st rt Chi&Elllgnbs... 6 ChiGreat West 4s. 11 CM& PugetSd4s. 3 Chi M&S P rf 4%s. 20 Chi M&St P cvbs.. 19 Chi M&St P 4 ChIM&S P cv 43 Chi M&St P 45’3 1 CM&StPgn4ts 14 Chi & N'W 7s. Chi& NW 6148, Chi Rysbs.... ChiR1& Pac rt 4 ChiUn Sta 414s. Chi Un Sta 63¢s. .. Ch1 & W Ind cn 4s. CCC&StLrtgsA.. Cleve Term 5345 Colo & Sou 4%s. ., Del & Hd 1st rf 4a. Den&Rio G con 4s. 9 D&RGlstrfss.. 29 Det United 4%4s. Erle 1st con 4s Erle gen 4s Erle conv4sA. .. Gr Trunk st deb 6: Grand Trunk 7s Gr North gen 7s GrNorth gen 54s. 6 GreenB& WdbB. 1 Havana ERL&P5s 6 Hud & Man ref 5s. 15 Hud & Manajss... 5 11l Central ref 4s. 11l Central 5145, Int Rap Tran 6s Int R Transit 7s Int & G Nor aj 6 Towa Cent 1st 5. Kan City Ft S 4s Kansas City § 35 Kan City Sou bx. .. Kan City Term 4s. Lake Shore 45 '31. Lehigh Valley 6s. . Louis & N unf 4s. Louis & Nash 7s Louls & Nash 5% Manhat Ry cn 4s. . Market St cn 5s Brazi] 8s Brazil 7%s. ... Canada 65 1926 Canada 5%s 1929 Canada 55 1931. Canada b» 1952. Chile 85 1946 Chile 85 1941. Christiani. Denmark 6s Dutch East I 68’47 27 Dutch East I 6562 13 FramericunID7%:! b French Govt 8s. ... French Govt 7% Halti 6s ctfs Holla: i 1st 4%s, Japanese 2d 4%s Japanese 4; 76 4% 35 89 98 112% 98 n 5 1074 101 93% 96% 98 99 84y 64 7 103% 118 Netherlands 6s. Norway 8s.... Norway 6s ctfs. Paris-Ly’s-Med 68 Prague 73, Queensland Queensland Rio de Jan 85 1947. Rio Gr Do Sul fs. .. Sao Paulo, City, 8s. Sao Paulo,State, Selne, Dept of, 7s.. SerbaCrotsSlov 8s. Solssons 6s. Sweden SwissConfeds Ud King'm 53829121 115% 114% Ud King'm 5%s°37 54 104% 103% MISCELLANEOUS. Ajax Rubber 8s. 1 98 Am AgrChem 7%s 3 104 AmCottonOll 5s.. 9 73 AmSmelt&R 1st5s. 13 88'% Am Sugar Ref 6s.. 43 103% AmT& Tev 6s 12 117% AmT& Tcltrbs.. 29 974 AmT& Tcltrds.. 37 9% Anaconda cvdb 7s.. 25 103% Anaconda 1st 6s 56 974% Armour & Co 4%s. 8574 Atlantic Refin 5& 98y Bell Tele Pabsrcts 98% Bell Tele Pa 7s 107% Bethleh'm Stl rf 58 1% Beth'm Stl1pm 5s.. 88% Beth'm Stlsf6s... 7% Brier HSt 1st 5%s. 94% Bklyn Edison 7s D. 107% Bklyn Ed gen bs 96 Central Leather 63 99 Chile Copper 6s. 101 Chile Copper 7s. .. 117 CinG & E5%s’62. 9733 Comp-Tab-Rec 6s. 981 Con Coal Md 1st 5s. 884 Cub CaneScvad 96% Det Edison ref . 102% Du Pontde N T%s. 1084 Duquesne Lt 7% 15 107% Duquesne Light 6s 3 103% E Cuba Sug 714s.. 148 110% Empire F&G 714s.. 47 94% Fisk Rubber 8s... 6 106% Goodr'h (BF) 61s. 20 101 Goodyear Tr 8s '31. 19 103% Goodyear Tr 8s'41. 25 116% Humble O&R 5%s. 9814 Int Mer Marine 6s. 8719 Int Paper 1st5s A. 874 Int Paper 1st 58 B. 86 Kelly-Sp'gfleld 8s 108% Liggett & Myers 7s 1 116 Liggett & Myers 5s 9715 Magma Cop cv Ts. . 118% Manatl Sug sf T%s 100% Mexican Petrol 8s. 108% Midvale Steel s 884 Montana Power bs. 95% Morris&Colst4¥%s. 80% New Eng Tel bs. .. 98 NY Edison 1st 8%s 109% NYGELH&P bs 98% N Y Tel 6s’41. 104% N Y Tel 4¥%s. . 92% Am Edison 6: 93% N States Pow bs. 8915 Northwst B Tel 107% Otis Steel 8s. 100% Pacific Gas & El 55 904 PacT & T 53 '52... 904 Packard Motor 8s. 3 1074 Phila Coref 6sA.. 99% Producers & Rf 8s 107 Producrs & R8sw. 9 130 Public Service b 84w Punta Alegre 7s. 119% Sinclair O11 7 100% Sin Crude Ol1 98% Sin Pipe Line bs... 86 South Bell Tel 5s.. 94 St Oil of Calif 7s 106 Steel & Tube T 102% Tide Wat Oll 6%s.. 1 102t Tobacco Prod sf 78 2 105 Toledo Ed'n 1st 75. 3 105% Unlon Bag & P 6 97 UnitDrugcv 8s... 1111% USRub lst rf6s.. 87% U S Rubber 7%s. 108% U SSteel s £ 5. 102% Utah Pow & Lt bs. 89 Va-Car Chem 7s 96% Va-Car Ch 7%s sw 96% Warner Suga: 105 West Union 6% 107% Wilson & Co 1st 6s 8 100 Wilson&Ccv 1%s. 15 108% . 4 s. 31 .12 . 40 223 1 98 1037 70% 88 102% 17 96's 91% 103% 97Tk 8515 9813 9% 107% 1% 13 17 6 3 6 1 17 Mo Pacific gn 4s 21 Montreal Tm 1st 58 13 New Or Term 4s. 2 NOTex & Minbs N Y Cent deb 6s. 55 N Y Cent deb 4s. 3 NYCentriss . 37 NYCenLCcl3%s. 3 New Haven cd 6s.. 10 New Haven 7s. 15 New Haven 7= fr. . NY State Ry 414s. NY W & Bos4%;s. Norfolk & W cn 4s. Norfolk & W cv 6s. Northern Pac 3s. Northern Pac 4s. North'n Pacri 6s Northern Pac 5s. Ore & Calif 1st 5s.. O Short L cn 65 '46. Ore Short L ref 4s. Ore-Wash 1st rf 43 Pennsy! gen 5s. Pennsyl gen 4%s. Pennsyl 63%s. Pennsyl gold 7s. Pennsyl con 413 Pere Marq 1st 5s.. Reading gen 4s. RIATk & L4%s... St L IM&S R&G 4s. S:tL&SFpl4sA. StL&SFprint S:tL&SF inc6s. StL&SFb5%sD StL&SF adj 6s.. StL&SFplésC. Seab’d A Liref 4 Seab'd A L adj 5s Seab’d A L con 6s Sou Pacific cv 4s. Sou Pacific ref 4s. Sou Pacific clt 4s. Southern Ry 1st 5s Southern Ry gn 4s. Southern Ry 6%s ‘Third Ave ref 4s. Third Ave adj Union Pac 1st 4s. .. Union Pac 1st rf 4s Union Pac cv 4s Union Pac cv 6s Virginia Ry 1st 5s. Va Ry & P 1st 6s. ‘Wabash 1st 5s 1084 107% 103% 109% 94 106% 100% 103% 116 98% 8674 87 85% 108% 116 9715 18% 100% 108% 8714 95% 80% 974 109% 98% 104 9274 93% 89 1075 100% 891 897 1074 991 107 130 83 116% 100% 98 85% 93% 105% 1023 102% 105 105% 97 111% 87 108 102% 88% 26 95% 105 106% 991 ® Lo - RuaSanmmaa 96% | 94k | 83% 7% 9 661 81 64% 894, 7 8. - PONRGED ~L D aSem 89%, 95% 10314 93% 86% 95% 61% 80% ‘West Shore 1st 4s.. 79 Whel &LE rf 4 55 TOTAL SALES (Par Value): 1la.m.. 2837000 12noon 6682000 10: further bad weather to come put the price of cotton higher today. In the first half heur of the session:May rose to 30.95 and October to 26.60. At these levels prices were 15 to 21 points over the closing quotations of yesterday. Futures opened steady: March, 30.88: May, 30.82; July. 30.40; October, 26.45; December, 26.00. NEW YORK, March 15.—Cotton fu- tures opened steady; March, 30. May, 31.10; July, 30.42; October, 26.75 December, 26.26. NEW ORLEANS, March 15.—Noon bids steady; March, 30.98 asked; May, 30.85; July, 30.46; October, 26.48; De- cember, 26.01. NEW YORK, March 15.—11:45 am. bids: March, 30.98; May, 31.28; July, 80.54; October, 2! ; December, 26.36. Steady. OLOSE GOOD FRIDAY. NEW YORK, March 15.—The New York Cotton Exchange.today voted to close on Good Friday and the fol- lowing Saturday. 119% 64% 9% % 16% 28% 57% 2 11% 42% % 652 214% 214% 96% 93 934 9T 90% 931a 81 81 1pm.. 7943000 2p.m.. 8801000 —_—— - Wilson & Co cv 9Ty 97 ’ ’ Wirch'tr Ams 7%s 5 108 102% 102 TODAY’S COTTON PRICES. | Irregular Quotations Partly Due Governors Allow Listing of Stocks NEW ORLEANS, La, March 15- and Bonds, Trading Be- Unfavorable weather conditions in Special Dispatch to The Star. NEW YORK, March 15.—Stock of ing $36,000,000 have been admitted to change by the board of governors. today. Among the stocks accepted were lative preferred stock, par value $100, stock, par value $5, of the Phoenix the common stock, par value $10, of and 400,000 shares of the capitai Company, valued at $40,000,000. The new bonds admitted were: secured external sinking fund gold state loan of 1932, and $21,000,000 first mortgage thirty-year 5 per cent gold 9% 92% 6% ———— # to Weather Reports. the western belt and prospects of ginning Today. several corporations and bonds total- listing on the New York Stock Ex- Trade in the new listings commenced 40,000 shares of the 7 per cent cumu- and 175,000 sharss of the. comman Hosiery Company: 176,000 shares of the Phillip Morris & Co., Ltd., Tnc., stock of the Manhattan Rallway Fourteen million dollars 8 per cent coupon bonds of the Czechoslovakia bonds, series A, of the Kansas City Power and Light Company. F. D. LACKEY EXPELLED FROM STOCK EXCHANGE By the Associated Press. NEW YORK, March 15—The New York Stock Exchamge foday an- nounced . the expulsion of Frank.D. Lackey, head of the firm of F. D. Lackey & Co. of Wilmington, Del. 'fi. '1‘!“1‘ tted te the exchange on A REPORTS RATES DOUBLED. MONTREAL, March 15.—Premium rates on grain were doubled through high commissions paid to_ship_bro- kers, W. A. H. Burnett of New York, an official of the British and Foreign Marine Insurance Company, testified at the royal commission inquiry into lake grain rate combine. He'advocated direct methods between shippers. and insurers to reduce the cont of\] .. 5 He Jun Grain, Produce and Live Stock ‘WHOLESALE MARKET. Unsettled conditions marked the egg market this morning. While wholesale prices were 26 cents for large lots and 27 for small lots, nu- merous retailers offered them for the latter price. New York wholesale prices yester- day were 30 and 31 cents, while Phila- delphia quoted a price of 28% cents. Locyl dealers think nearby shippers may divert their supplies to the other markets and cause a scarcity here. Very little change in meat prices have “been reported recently. Beef and veal are plentiful at prices that have prevailed the past few days, while the market on lambs is stronger. Eggs—Strictly fresh, selegted, can- dled, per dozen, 26a27; average receipts, 25; Southern, 25. Live poultry—Roosters, per lb., 18; turkeys, per Ib., 30a40; spring chickens, per Ib.,’ 38a42; keats, young, each, 60; fowls, each, 30. Dressed poultry—Fresh-killed spring chickens, per Ib., 45 hens, per Ib., 33a34; roosters, per Ib., 19a20; turkeys, per Ib., 35a40; keats, young, cach, 7 Live stock—Calves, chofce, ‘per Tb medium, per Ib., 10a12; thin, s 8a9. Lambs, choice, per Ib., 13. Live DPiks, 3.00a8.00 each: live hogs, per Ib., 9. Green frults—Apples, per bbl., 150a 6.5 De ous, No. 1, per bbl., 6. 0. ‘alifornia oranges, per crate, 00; Florida, 4.00a5.00. Lemons, per box. ' 5.00 apefruit, 3.50a4.50. ‘Tangerine Vegetables—Potatoes, per L5 00; per sack, 2. weet potatos 0; nearby, bbl 0. 1. i 50a orth Carolina, Lettuce, per Romaine let- iceburg let- Cabbage, pounds; near- 1.50a2.50: southern, Sggplants, per box, Florida, 1.5 basket. Pe: pe: per barre], .0045.00 per basket. Pep- e, Florida, 2.50a3.50. Kale, 2 Spinach, per b ver crate, Flori 3 sprouts, Squash, 3.0z Florida lima beaj 3.0044.50 per basket. GRAIN AND PROVISIONS. BALTIMOR a4.50; prouts,’ qt 50a3.25; carrots, crate, 2.00a2. ; cucumber: crate. : Brussels cabbage, hamper, , 50a60; cauli turnips, basket, Apples, pa bushel, 1.00a1 2.00; basket, 504 8.00212.00; _grape orang bbl. 3.00a5.00 e, 100 Tbs., cranberries. bbl., box. 3.00a4.5 50; strawberrie ! 40; tangerines, f strap, 3.00a4.00. Selling Prices at 12:30. Wheat—No._ 1 red winter. spot. no quotations; No. 2 red winter. spot. 1.35%; Ted winter. spot, 1o quotatio 2 red winter. £ 1315 No. 2 red winter. gar- no_quotation h. 1.34% 4t 1.05 per 4.60 per bar- 4 per bushe No. 4, 1o quo per spot, no guotations. eceipts. 61 tons; top grade and light clover. mixed. in moderate demand, at a range of 17.00 to 21.00 per ton. with no surplus of really desirable hay. —No. 1 tangled r 1 wheat, 1 oat, nominal, 14.00a15.00. bushel; 92 per 3. 15.00a No. 1 DAIRY PRODUCTS. BALTIMORE. Md cial)—Live poultry 30a40; old toms. 25; poor and 20; voung chickens, and leghorns, 2 hens, 27a28: small and leghorns, 26; old roosters, 15a16; pigeons. pair. 35a40: guinea fowls. ecach, 40a60: ducks, 28a30; small and poor, 23a24 poultry—Turkeys, pound, toms, poor and breasts old crooked breasts, 3 30a32; old and mixed ters, 16a17; ducks, 27a! 25; capons, pound, 3%a40 37a38; small slips, 30a32. Eggs—Loss off: native and nearby firsts, dozen, 25; southern. 24. Butter—Creamery, fancy, pound, 51; prints, 46a48; ladles, packed, 2. cess butter, geese, medium, 0a creamer. rolls, 33a40; stora dairy prints, 33a40: pro- 43ad4. TODAY'S CHICAGO PRICES. CHICAGO, March 15—Reports that some dry sections of the winter wheat belt have been benefited by rain and snow and that a blizzard was raging in sections of Western Kansas, where it has been dr many points since last July, tended to give wheat values a downward swing here today during the early dealings. Trading. however. was not large and prices held within narrow Iimits. Houses with eastern connec- tions bought May at the start, while those with southwestern connections were on the selling side of July. The opening, which ranged from ig to % lower, with May 119 to 11914 ana July 114% to 1.14%. was fol- lowed by a further drop all around. Corn was in sympathy with wheat After starting at the same as terday's finish to % off, with May 1 to 73%, the corn market con- tinued to ease off on all deliveries. Oats started unchanged to % high- er, with May 44% to 44%, and held near the initial figures. Provisions were steady, in line with hog values. WHEAT— M 2 High. Low. 183 Close. 119 B n 2 COR: May. July . promber ATS— a7 T . 1aw CHICAGO LIVE STOCK MARKET. CHICAGO, March 15 (U. S. Depart- ment of Agriculture).—Hogs—Receipts, 38,000 head: fairly active; strong to 5 higher; bulk desirable, 150 to 225 pound averages, 8.45a8.65; top, 8. ulk, 240 to 300 pound butchers, 8.20a8.35; packing sows, around 7.50; desirable pigs, mostly 7.25a8.00; heavy hogs, ‘medium, £.35a8.60 light lights. _8.00 7360775 , 7.152 : killing pigs, 7.25a8. o ttie—Receipts, 12,000 head; m erately active: beef steers weak to 15 lower; mostly 10 to 15 off: killing quality less desirable than Wedne: day: early top matured steers, 9.85; best long yearlings, 9.75; several loads matured steers around 9.50; bulk hLeef steers, 3.2589.35; several loads, 8.00 and below; several strings best steers and heifers, 7.00a8.00; she stock gen- erally steady: bulk strong to 10 higher; veal calves steady to 25 high- er; stockers and feeders scarce steady; bulk desirable bologna bulls around 5.00; few desirable heavies up- ward to 5.35; bulk vealers to pacicers, 9.50a10.50; shippers upward to 12.50 bulk stockers and feeders, 6.50a3.00 bulk canners, 3.50a3.65. Sheep—Receipts, 16,000 head: open- ing very slow; practically nothing do- ing on wooled lambs; early sales clipped lambs steady to strong: fresh shorn, 70-pound lambs, 12.00:° other Tecent clipped, 11.36a11.75; fall shorn up to 12.50; three loads choice 106- pound ewe: 8.70; looks strong to ih_l‘l! higher; desirable aged wethere, a7 8.10a élsht, 8.50a 20a DURANT PLANS WAR ON WALL STREET. Auto Magnate to Open fiank With $30,000,000 Capital to Avoid “Hold-Ups.” BY J. C. ROYLE. Special Dispatch to The Star. (The following stors outlines for the firat time the most significant move whiel, haw taken place this vear in the provid ing for new capital for industrial enter Drises.) NEW YORK, March 15.—A direct challenge to the financial powers of Wall treet was what business circles here saw today in the announcement in Ca fornia of W. C. Durant, automobile man- ufacturer, that he shortly would or- ganize a national bank here with 300,000 stockholders. This view was emphati- cally sustained by A. L. Warmington, treasurer of the Durant enterprises in Califorr.ia. The plan, according to Warmington, “is a move to avoid the hold-up methods of Wall street.” ot puf on masks and use e added, “but they get it just the same."” o . Durant, who now is on his in making the announcement that the bank would be started in New York within four months with a capital of gave no details of the pl at no individ to subscribe fo than one of stock, that the officers of the n would serve without comper sation and that interest ged for loans would not exceed 6 per cent. New Enterprises Announced. According to Warmington, there ara 260,000 stockholders in Durant enter- prises, and the plan is to induce these investors to take one share each of the bank k. No fee, commission or Ll in money, merchandise k. would be exacted in conner th 1oans negotiated. Loans will e 10 other lines of industry, he on the merits of applicants i conformity with reasonable method Durant also announced on the Pac coast that the Haves-Hunt Body Con - pany would erect a new plant at land immediately. and that anothe automobile to sell at $525 at eastern points would be added to the Dura and Star cars. He also predicted t # new factory for Oakland, which w build the Flint six, would be in opes tion within a year. Durant issues on the curb excha have been t subject of vigorous tack in recent weeks. and investore ‘allll brokers here today declared tha Ithe bank anncuncement undoubted rt of a plan toward making th financi independent of the ork financial district and a_step ong the trail opened by Henry Ford. k erted his con of Wall ay east e street's financial assistanc Farmers Seeking Labor. i, Farmers in various sectlons are hid jling against each other for la offering $40 to $50 a month, rd and room included for exp. 1=, In the west and nort much of the farm lubor has into the lumber mills of Michi- gan and Oregon and Washington. In the latter es mills are payins $3.75 0 $4.30 w day for unskilled 1a- hor. The by the zon ilroads, pressed to the limit ight offered have aring for new equip- Western Pacific is ex- peeted to be in the market for over $5.000.000 worth in the near futura and the Southern railway has placed orders for cars and locomotives tor cost $17,000.000. Clothing Prices Moderate. Prices named by Hart, Schaffner & large Chicago clothing manu- s for their fall and winter furnished considerable surprise in that they showed only moderate price advances as compared with lists named a year ago. In many cases no changes were made. It {s believed that the volume of production has en- abled the company to overcome the i 1 |handicap of higher material prices toy « large extent. Postal Receipts. $2.000,000. PHILADELPHIA. March 13 (Spe- cial) Receipts at the Philadelphin post office are increasing at the rate 1of £2.000,000 a year and the postma ter here has recommended the acqu sition o new building to handle the volume of business. The chamber of ommerce s taking up with the authorities of surrounding towns a proposal for a ten-year program of improvements which will include ho- s, churches, hool houses, bridges ation centers, playgrounds, addi- gas and electric fac ties and sewage disposal plants Much Wool in Warehouses. HOUSTON, Tex., March 15 (Special) 00,000 1rounds of wo and mohair has been received by the Southwestern Wool and Mohair As- sociation from members in the last eighteen months, and much of th wool now is concentrated in_ware-) houses here, according to B. D. Black - sey, manager of the association. It 1s being shipped out as marketed. umber Mills Rushed. March 15 (Special).—All umber mills of Washington and Oregon are running at better than rated full c a piled by the West L Association show that the mills are producing at 14 per cent above nor- mal. The lumber industry is the be: index to business conditions in thfs territory. ail trade continues to improve at a steady rate. (Copyright, 1823.) —_— BIG DROP IN INCOME. NEW YORK, March 15.—The Ame: ican International Corporation, which owns and controls numerous com- panies engaged in foreign trade, re- turned a net income in 1922 of $259.- 334, compared to $1,905.336 in 1921. he annual report for 1922 disclosed he consolidated income account of the corporation and its proprietary companies shows a net profit for the year of $21,344, compared with $18i4 681 in 1921 —_— SHORT-TERM SECURITIES.. . (Quotations furnished by Hedmond & Ce.) ook 30050 it 15 0g8, - 103 +1102 Aluminum Co. of Amer. Ts 1925. Aluminum To. of Amer. 78 1933 American Cotton Ol 64 1024 American Bugar 6s 1087. - American Tel. & Tel. 65 1624’ American Tel. & Tel.' 68 1925.. ‘Anaconda C Anacondn Copper 7s 192 ‘Anglo-American ‘011 7 Armour & Co. 78 16: Bell Tel. of Can. Ts 1925 Tothiehem_ Steel 7s 1923 Canadian Northern 53%s Canadian Pacific 8s 1924, tral Leather B¢ 1025, 1008, 1014 1011, IMQ’ 08{‘: N Shenel] & Libby T8 M., 8i, P. & 8. B. M. 6155 193! Morris & Co. Tles 19 Pannn. BT 7% 1930, St. Paul Unlon Depot 5lés 1 Sears, Roebuck & Co. 7s 192 Southwestern Bell 7s 1925 Soadard OIl of Callf. Ts 1831 Hiewater Oil 68 1651 Unton Tank Car 7s 1830. Western Union 6lgs 193¢ Westinghouse E. & M. 7s 1 e e R TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ~———Noon.- ~ Bid. Ofterl ooy @it 901116 927 . 991118 99 15.14 101516 101718 101 Jou 100 % Rate—Maturity. 3%s June 15, 1023, S 9, 9 53 June 15, 1924, > s June 15, 1925, 2 1 i R ' 0% 8%s Beptember 15, 1923 S mtcmer 15, 1653 Eeptember 15, ; % March 15, 1625, % December 15, 1025 4%s March 15, 1926, » Beptember 15, 1926, 4 December 16, 1627,