Evening Star Newspaper, July 20, 1923, Page 18

SLOW UP STOCKS Many Issues Advance Fur- ther in Spite of Early Profit-Taking. BY STUART P. WEST. l o he Star. ’ \\mw.\(l.:'l';;{’ June 20.—Today's yparket had to take some l‘lt‘h!r Leayy reallzing sales by traders who bhad bought on previous days and found themselves \ with attractive profits. This sort of selling during the: greater part of the time held back stocks which on Thursday had been the leaders : Omn the other hand, stocks which tad. not been so prominent in tllli “rhursday advance came in for their sha of attention today. One of 1 ese was General Asphalt, which ran up above 30, completing a gain of nearly 6 points from its recent Tow This, however, Wi merely & readjustm in accordance with the change in general market conditions. Honvy Selllng in Ofls. Oil shaves did better for a while, but later encountered the same sort of selling which had held them in check Thursday These :’,\:-c‘f‘ nl Their low points of two and ‘three | weeks ago undoubtedly had dis-} Junted evervthing unfavorable in | ic oil trade situation. But they can arcely become popular again unll.‘ o present overproduction in crude ! il corrected. The action of| Marland Oil has been disappoinfing ew of the expectation that the | Ftock would be put up across 40 » on a he general market per- ted. in der to give the sub- ption privilege to the issue some alue. Phillips Petroleum was cor spicuously weak, getting down to & new low for the year. The break in Phillips Petrolsum \ adverse effect upon other oil | the went on. Cosden n be " 40 again and there selling in Sinclalr i Tobmeco Products Active. buving in Tobacco Produc and common wase accom e report that the deal wi merican Tobacoo is near plation It belleved that Some A stock Tied by Brit co is Adv Rumley pf. Ajax Rubber Alaska.Gold Alaska Juneau.. Alljed Chem. Allied Chem p! Am Agr Chem Am Ag Chm pt. . Am Bank Note Am Beet Sugar. Am Bosch. | Am Brake Shoe. AmQan...... Am Canpt. . Am Car & F pf Am Chain (A). Am Chicle Co. Am Cotton Of1 Am Cot Ofl pt Am Express. ... Am H& Leapt. . Am Ice.. Am Ice pf. Am Internat’l. .. W“Am Locomotive. Am Loco pf. Am Safe Rasor. Am Ship & Com . Am Smelting Am Smelt pf. ... Am Steel Fdy. Am Stl Fd pf Am Sugar. Am Sumatra.... Am T & Cable Am Tel & Teleg. Am Tobacco. Am Tobac (B) Am W W 6% pf. Am Woolen Am Woolen pf Am Writ Prpf. . Am Zinc & Lead Am Zinc&Ld pf. Anaconda...... Arnold Conatab Asso D Goodn. AssoD G 24 pf. Associated Oll. . Atehison. .. .. Atchisonpt... .. Atlan Cst Line. . Atlantic Fruit. . | At} Fruit etf Atlantic Gulf. At] Gulf pt Atl Refining pf. Atlas Tack..... Austin Nichols. Auto Knitter. ! Baldwin Loco. .. | Baldwin Loc pf Balto & Ohio. Balto & Ohio p?. Barnesdall (A). Batopllas Min. . the new combination the precent Tobacco Products preferred | will he retired. leay @< the senior securit b Trucks . was { i from its recent low. Those | o have been most correct in their i atements about the affairs of this| " continue to maintain that of the common stock will neiderably more in divi- nde this vear. Railway eharas were very irregular. and Lehigh Valley ran up for a_time, the former fol- \& the sharp rise in the first per cent bondl and in s of the Reading the curb. Lehigh rong in antlcipation of when its segrega- plan is put through. St. Paul ed at one time was up over a ut persistent selling went on | of the northwestern stocks, Great Northern preferred This selling ap- to represent ‘switching into er etocks not under the shadow posible reduction in grain freight & the A shares | up 14} r Natfonal Biscuit Outlook. An early increase on the dividend tn National Biscuit Company, which now pays $3 annually, is predicted. The filscal year's full dividend re- guirements were almost covered in the first six months. It is understood that the company has about completed 1ts new plant at Cambridge, Mass.. to | meet the call for its products in New land. A site has been bought in Philadelphia for a new plant o increasing activity at higher n indation Company, which 0ld ‘at its highest sjnce it was ad mitted to trading recently on the New York Stock Exchange, was attributed in certain quarters to more than satis- factory current earnings. The ad- vance, it was thought, suggested a possible alliance with .one or more concerns in the construction Foundation Company also line for important for- bscribe ered It holde to { cently | s pro- | could | new for expired. Marland :hase one share of the four shares of their holdings | standing issue. It was the | opinion of well {nformed people that the new stock had been fully taken. Forelgn Exchanges Dull. The forsign exchanges, with the ex- eeption of Germdn marks, which made a new low, were dull and about st tionary awaiting the reception of the British note on reparations which wa reported to have gone forward to the allied capltals this morning. The abbreviated session on the cotton exchange ended with prices alightly 1ower. Recovery was chec ed in the grain market, and raw sug- ar was quoted at 53§ cents a pound as against 51 early in the week These movements threw little fur- ther light upon judgment regarding the general outlook. If there was any real confidence that the British reply note would bring France and Germany together it ywould show more than it has in the' movement of exchange rates. There are some in the financlal community who believe that prospects of a settlement are ®ood, but the majority feel the other way. The way the market took the early realizing “sales and turned upward again in the late afternoon simply went to show that the modern Wall street problems are all one w or the other MARKET CLOSES STRONG. Oils, Equipments and Motors Are Leaders in Last Hour. Br the Associated Prers, - NEW YORK, July 20.-—Short cov ing operations which started yeste: day proceeded vigorously in today's stock market, the entire list respond- ing to active buying for both a counts. The long period ofgdecline ft a tremendous short interest un: overed and their efforts to extricate themeselves caused numerous stocks 10 advance to b points. A few of the Jeaders reflected the customary “week «nd profit-taking. Sales approximated 760,000 shares. 3 The closing was strong. Low-priced oils, equipments and motor accessory shares were foremost in the late up- ward swing. Stromberg Carbureter, jumped 3 points, Amerfcan Car, 4; Plerce Ol preferred, 5, and Stewart- ‘Warner touched 9315, . PARIS MARKET FIRM. PARIS, July 20.—Prices were firm ©n the bourse to Three rentes, 56 francs 85 centim change on London, 78 francs 15 ce: 1imes, Five per cent loan, 756 francs G5 centim The dollar was quoted at 17 francs 4 centimes. FOREIGN LOAN VOTED. Bayuk Bro { Bayuk Bro 1st p: Reechnut Pack. Beth Steel...... Begh St1 7% (n). Beth St] 8% pf Booth Fish. Brit p Steel .. Br Em Stl 834 pt. Bklyn Edlson. .. Bklyn Rap Tran Bkiyn R war 8d.. Brown Shoe. . . Burns Bros (A). Burns Bros (B). Butte Copper. Butte & Super... Caddo Of1. Calif Pack. Calif Petrol. ... Calif Petrol pf.. Callahan Zinc.. Canadian Pac. ., Plow Wks. Central Leath. .. Cent Leath pf. .. Cerro de Pasco. . Chandler Mot. .. Chesap & Ohlo. . Chi & Alton..... Chi & Alton pt.. Chi & East Il Chi&ETpt... Chi Grt West. .. Chi Great W pf. Chi Ml & StP... Chi Mil &St P pt. Chi & Northwn. Chi Pneu Tool ChiRI& Pac... Chi R1&P8% pf. Chi R I&P 7% pf Chile Copper-.... Chino Copper. .. Cluett Peabody. Coca-Cola. Colo Fuel. ... Colo & South Columbia Ga Columbla Graph Col Graph pf.... Columbn Carbon Comp Tabulat. . Conley Tin Foil. Cons G Cons Textile, Cont Can Cont Insurance Continental Mot Corn Products. . Cosden & Co Crucible Steel. .. Crucible Stl pf. . Cuban-Am Sug.. Cuba Cane Sug. . Cuba Cane S pf.. Cuban Dom'can. Cuyamel Fruit.. Davidson Chem. Del & Hudson Dome Mines.... Douglas Corpn.. Dupont (EI). Eastman Kodak Elec Stor Bat. Endicott-John. . Endicott-J pf Erie Erie1st pt. Erle 2d pf. xchange Buffet Famous Players Fidelity F Ins Fifith Ave Bus. . Fisk Rubber.... Fleishman 5 Foundation Co.. Freeport Texas. Gen Afh Tk Car. Gen Asphalt. ... Gen Asphalt pf.. Gen Electric Gen Motors. ... Gen Mot 6% deb. Gen Mot 7% deb. | Gimbel Bres Glidden Goodrich. .. . Goodyear.pt Goody pr pf Granby Consol.. Gt Northern'pt,. Great Nor Ore. Guantana Bug. . Gulf Mo & Nor. . Househ’d Prod. . Houston Ofl. Hudson Motor: Hupp Motor! Hydraulic Btl... 111 Central pt. .. Ind Oil & Gas. . Indiahoma Inland St Inspiration. Interb Rap T: In Ag Chem pf.. Int Cement. 1In Combust E Int & Grt North. Intl Paper (sta). BUENOS AIRES, July 20.—The Ar- gentine senate has adopted the bill authorizing the government to issue a foreign loan of 150,000,000 gold gelo-. aving already been appro y the chamber of deputies the mea: ure thus becomes law. BAR SILVER QUOTATIONS. LONDON July 20-—Bar silver, B015-16d per ounce. Money, 1% per cent; discount rat short bills, 3a 'y per cent: three-month bills, 33.16 B3% per, gent, et b Int Shge. Invincible Oil Iron Products Island Ofl. Jewel Tea.. Jewel Tea pf. Jones Tea Jones & I Kansas City 8... Kansas C So pf.. Kayser (Jujtus) Kelly-Spr Tire. . Kennecott. .., .. Open. 6 7 bl 1% 7% 108% . 42 14 8% , 80% 2% 8% n% 924 . 109 157 - 1224 21 1% 4% 156 97 38 954 80 20% 68% - 119 “ o7 5% 12% 584 96 35 2004 € 204 8 122% e 148% 61 86 101% 14 9% 35 93 7 12244 40% 66% 89 28 11% 108% 57% 684 114% 115 19% 18% 23 T4% 110 % 8% 43% % 12% 42% 29 674 176% 13% 81 98Y% 43% 814° 26% 9% 20% 65% 29% 615 11% % % 8% 54y 2¢ 20 1% 112 6 18 52 32 35% ELE 78% 12% 44% 80% 6814 176% 18% 81 98% 4315 8i4 264 50% %Y 201 65% 29% © 6% 1y T6% % 8u B4 24% 20 1% Illinofs Central. 108% 108% 112 L] NEW YORK STOCK- Recelved by Private Wire Direct to The Star Office | | Keystone Tire.. 7| Lee T & Rubber. % | Lehigh Valley, . 1%/ Lima Locomo.”. . 88% 1 7.0, 108% {1 008e- Wil 42% ' Louls & Nash A Mackay Cos aors | Maok Truok 71% | Mallinson & Co. 91% | Manhat El Sup. . 1087 | Man El inv guar 160 |ManhatShirt... 122y | Market St prior. 21 |Marland Oil.... 11% | Marlin-Rockwi. 414 | Martin-Parry 15 | Mathison Alkili. 97 |Maxwell (A)... 38y | Maxwell (B). .. 94 |May Dp Store 807 | Mex Seaboard. . 20% Seabd ctfs. 681 | J!am! Copper. . 119 iddle St O1l: . . 4% | MInn & StL (n). 97 | Mo Kan & Tex . 51 | Mo K & Tex pt. 13 | Mo Pacific...i. 8% | Mo Pacific pf. Montana Powe: Montg'y Wakd. Moon Motors. ... Mother Lod Mullins Rod: Ty 146 61 8714 1018 “13% 104 35le 424 15 83% 90% 1w 994 88% 114% 1% 1% 14% 144 117 11% 22 22 122% 112% 49% 574 14 ) 52 97 68 48% 893 102% % 6 17% 109% 1 21% t1 Dept Stores tl Enamel. ... Natl Enamel pf Natl Lead pf t R of Mx 18t tl Ry of M 2d N Y Alr Brake. . NY Air Brk (A). N Y Central.... NYNH&Hartfd. NY O & Westrn. Norf & Western r & West pf., North Amer. North Am pf. .. North Pacific. .. Nunnally Co Oklahoma Prod Otis Elevator. . Otis Steel. . Owens Bottle. . Pac Gas & EI. Pacific Ofl.. Packard Motor Pan-Am Peto. Pan-Am P (B). { Penn Coal & i Pennsyivania. Penn Seabd Stl. People’s Gas. .. Pere Marqu, Philadelphia Co Philip Morris Phillips Pete. Plerce-Arrow Plerce-Ar pt Pierce-Ar prior Plerce Ofl.... Pierce Oil pf. Pitts Coal. ... Pitts Coal pf. Pitts & W Va Postum Cereal Pressed Stl Car. o | Prossed St C pt. %4 Produc & Ret Pub Service. ... Pub Serv 8% pf.. { Pullman Co. .. 229 | Punta Alegre Pure Ol Railway Stl Sp. Rapid Tran Sec. Rap Tran Sec pf Ray Con Copper Reading Reading 1st pf. Reading 2d pf.. Remington. . Replogle Steel Rep Ir & Stee! Rep Ir & Stl pf Reynolds Spr Rey Tobac (B). Rey Tob pf B Rossia Insur. St L & San Fran St L&San Fr pf. St L Southwn. StLSouth pf... San Cecll Sug Schulte Store: Seaboard Alr L. Seabd A L pt. Sears Roebuck.. Sears Roebk pf. Seneca Copper. Shattuck-Ariz. Shell Union. ... Shell Union pf.. Simms Petrol. Sinclair Ofl Sinclair pf. Skelly OIl.... Sloss-Sheffel So Porto Sugar South Facific Southern Rw Southern Ry pf. 122% | Spicer Mtg Co. . 40% | St Otl of Calif. .. 663 | Stand Ol of N'J. 89 | StOfl of NJ pt. . 27% | Steel & Tube pt. 114 | Sterling Prod. .. 43% | Stewart-Warne: 5% | Strombg Carb. . 62 | Studebaker Submarine Bt. ‘:!,“ Superior Oil. 'S¢ | SweetaCoof A 74 84 27 220 63 8% 29% 28% 4% % 4% 48 73 14% 24% 6114 T 6% 93 8 e Gulf Sulph.. Texas & Pacific. Tex & P C & OIl. Third Avenue. .. Timken Bearing Tobacco Prod. .. 184 | Tobacco Prod A. 2918 | Tobacco Pro pf. Tol St L&W pf.. 75% | Trans Cont Ofl 112 | Union Bag & P g% | Union Pacific " Union Paé pf. 1y | United Drug. . United Ry Inv. Utd Ry Inv pf. 43% | Utd Retail Strs. 30 sg Cast I Pipe 684 Hoftman M. . 178 | U S Indus Alco 13% | U S Realty. 81 | USRealty pt 984 | U 8 Rubber. 43% | U S Smelt&Ret. 8% | U S Steel. 108 57% 6t 114% 12% 19% C Chem pf. ValrCoal & C Vivadou Wells-Fr Exp. West Penn Co. . 20 | West Penn pt. 1% | West Elec pt. .. Western Md. Westérn ‘f,‘ 2a. 5 estern Unlon. 33% | Westhse El1&M. 31% | Wheel & LE pt. 13% | White Eag Oil 9 % White Motor. 37% | Wickwire. 23% | Wilson Co. ‘Willys-Overld. 1% | Willys-Overl pt. Wisconsin Cent. :72 g.fl:lnuun orth'gton (A). [ [ 0% Call Money. 38% 108 " [FRTHER STRENGTH Open High. Low. Closs. b 198 615 63's 16k 424% 89% 5% 93 311 254 ) 341 44 674 agw Th 29% 44 4% 12 79 W 14% 247 713 *” 1% 29% 12 825 61% 21 234 9% u an 51% ¢ 334 464 99U 134 16% 1054 764 21% 434 8% 103% 124 36 11% 73% 21% 63% . 114% 20 20 40% 30% 68% 2% Bk 8% 86 112% 10 19% 18% 59% 107 56% 14 25% 49% % 24 6% [ 27", 206 81 5% 19% 62% % 16% 42% 89% 108 1% 93% 2w 25% 46 344 454 674 4014 8 301 45 48% 13% 9% 15 14% 25 T4 4% 114 20% 12% 83% 1% 21 234 36 60% 9944 45% 534 56 9013 374 46 101 52 19 54 19% 81% 68 16% 42% 89 108 6% 93 314 254 46 2% 4% 671 39 ] 29% N 41% 12 8% 14% 18% 24% % 4 1% 29% 12 N 82% 61% 20% 22% 9% e an 81% 3 35 60" 994 “ 52% 56 90% 363 45 101 51l 18% 5% ). 1p% Sg\i 63% 164 BY GEORGE T. HUGHES, 42% | Special Dispateh to The Bta: i 89 108 7 ~93% 82 26% 46 344 45% 674 40 8 30 45 43 13% 8% 14% 18% 190% 36% 45% 101 51t 18% 108% 103% 103% 124 364 11% 4% 52 50% s1% 15% 47 93% 21% 637 114% 90 20% 40% 307 584 2 95B% 5% 10 4% 124 36 20% 63% 1144 20 20 40% 29% 58% 24 948 B% 9% 3% 124 | 36% | 1% 74 52 50% | 30% | 15 46% 934 20% 63% 106% 106% 105% 8% i 167 92 8% 25W 90% 174 8% 7 164 91 8% 244 0% 174 441y 464 87 33% 67 15% B1% Baia 8% 7 16% 614 84 116% 116% 116% 104 108% 103% 67% 67 57w 93% 86 98% 70% 67% 69% 107% 9% 3% 1% 9% 43% 59 20% 10% 1% 3814 5044 814 108 9% 8% 1 915 43% 58%, 19% 10% 1% 38 493 81 107 9% 3% 1% 9% 43% 581 19% 10% 114 383 503 81% 109% 108% 109% 59 7 66 132% 73 81 11 34 Thde 2% 15% 50 9914 100 b 4% 27 92% 118 613 16 81% 38% 84 28% 56 18% 9% 28% 37 41~ 86 112% 112% 112%) 10% 19% 69 6% 65 131 3 81 10 33% T4% 27 16% 49% 97 9% 44 27 92 117% 60% 15% 30% 10 19 59 6% 66 132% 3 81 11 34 T4% 27 15% 49% 97 100 444 27 924 118 61% 16. 31% 384 23% 10% 19% 18% 184 ‘18% 60 107 87 14 %[ 11am....2¢0800. 13:m. 19% 8y 18% 52 23 35% } 10" be sold 363 of par, cod Commerce 1pm. 806000 , 2p.m. HOURLY SALES OF STOCKS. . 894100 633 400 The Chicago and Northwestern rail- road was authorized by the Interstate today to Issue Commission $4,765.000 In equipment trust certificates { not less than 9613 per cent 17K 116% 1171 [ ste NEW YORK, July 20.—Bonds were strong again today, with bursts of activity at intervale. Even when trad- ing fell off prices were generAlly firm. This applies practically to alk descrip- tions, although the high-grade legal railroad bonds were perhaps least af- fected. Atlantic Coast Line 4s had a run-up during the day, and Buffalo, Rochester and Pittsburgh 4%s sold higher, but for the most part thers was little change in them or in the United States government issues. Speculative and second-grade bonds, however, were consistently strong. |The movement was doubtless due to the same causes that!brought about the recovery in atock. In other words, the recent decline had gome so f that bonds as well as stocks brought returns out of proportion to the risk involved. f speculative buying. ether the improverment w. permanent there were many; skepti It was pointed out that th large supply of bonds for was noticeable strength in thé Erle Junior bonds, with largs dealings in the genoral 4s and the convertible 4 The Drie appears certain to make a favorable showing this year. In the meanwhile the bonds are ing on an 8} to § per cent basia. St Paul ‘and New Haven (ssues were little changed. Seaboard Line bonds did somewhat bettor. 8t Louis n. Franclsco adjustment s were especially firm. The ibonds sold today more than four points A:nr)‘\'n their low reached in the last of dune. Even at toda price the yleld fo more than 8 per cent and the road has alwayw earned and pald interest lon this issue. The o8t. Louis, San Francisco, according to the iatest re- turne. is earning around § per cent for the common stock, Foreign Bonds Irregwiar. Foreign bonds were ‘more irregular, although without weakness anywhe Crechoslovak made *a new hij on this recovery. The Frerch citles issuce did the same and it should be remembered there is ho sinking fund to support the bond: City of ‘openhagen Gl;s reacte from vesterday’'s high. strengi refund slight in 58 Hudson and Manhattan and income 5% and_a in Interborough 7s Chile Copper 6y touched par on heavy transactions, Union Hag gained about a point. Highar prices were recorded for Virginia-Carolina | bonds. TODAY’S COTTON PRICES. NEW YORK, July 20.—Cotton fu- tures opened steady. July, 26.35; October, 23.75; December, 23.26; Jan- uary. 23.03; March, 23.04. Cotton futur closed barely dv: July, 26.47 to 26.49; October, to 23.64;, Dedember, 23.21 to : January, 2.95; March, 22.95 to 60 Cotton, spot, quiet; middling, 21.35. NEW ORLEANS, July 20.—Cotton futures gpemed quiet. July. “25.20: October, 28.90; December. 22.77; Jan uary, 22.74; March, 22.75. The mar- | ket Opened’barely steady at a decline of 8 to 25 pointd in response to rath- er disappointing cables and scatter- ling liguidation. The anouncement that a pgbminent cotton factor of Augusta, Ga., was unable to meet his obligations had an unsettling effect, but it is belleved that his outstand- ing aecounts in/the local market had been evened up earlier in the week, and after selling off to 23.63 October rallled | to 23.74 on covering. NEW ORLBANS, July 20.—Cotton futures closed quiet at net. declines of 14 to 73 points. Close range—July, 24.75; October, : December, 22.63—64; Janu- -64—66; March, 2271 Spot cotton dull, 25 points lower. on the spot, none: to arrive, 113 low middling, 34.74; middiing, ; good middling, 26.25; recelpts, Market Flashes at Today’s Close Earl D. Babst, president of the American Sugar Refining Company, 1a® 1esigned as director of the Na- tional City Bank. | Farmers Loan and Trust company declared the regular quarterly divi- dend of 36, payable August 1. Pa- oifig Bank &eclared the resular quar- terly dividend of $2 and the regular 2 extra, payable August 1. Roduutlodnl "1'1 some of the lower & crude ofla were reported to have been made today by Magnolia Petroleum Company. " These includ- ed a cut of 10 ocents & barrel in Corsicana to 50 cents. _ Crude of less than 28 gravity reduced 20 ‘cents & barrel and crude from 28 to 30.9 gravity a like amount. Offering is made by the First Na tional Bank of New York and Drexel & Co., Philadelphia, of & new isbue of $3,750,000 Cental Railroad Company ot New Jersey 6 per cent equipment bonds, series J, due 3375000 each year, March 15, 1924 to 1933, to yleld 5.05 ‘per cemnt and cent. at prices .20 per - 008, - 371, rve ank New York bank clearings, 358 000. New York bank balanc 000,000. New York Federal Bank credits, $67,000,000. Boston clearin, $55.000,000. —— The Manufacturers’ Trust Company is negotiating to assume control of the Columbia Bank, Nathan S. Jonas, preeident of the trust company, an- nounced today. The bank has & cap- ital of $2,000,000, with $31,000,000 de- points. The trust company has 000,000 capital and deposits of 366 000,000 ‘ Estimated grose revenues of/.the Seaboard Air Line Railway Company for June were $4,015,566, an Increase of $415,358 compared with a year ago. Car Joadings for the first two weel of July were 16,524, againet 15,963 last year. Total loads moved were ! 62,204, a gain of 6,170 over 1922. RAW.SUGAR LOWER. ,'NEW YORK, July 20.—Raw sugsr Was quiet and easier early today. finers were out of the market, but an operator purchased 13,000 bags of Cuban for July shipment at 53, cost and tr 1 for centrif- ugal, a & Raw’ sugar futures opened 3 to 7 points lower, with & moderate busi- n ¥ ition, sterday’s unsettled - coi veloped in refined sugar and the with- drawal of buwng Interest’ in raws, At midday the market was 1 to 2 points net lower, having rallied slightly on “covering . for over the holidays. Refined n?r whs quiet after { terday’s out by one refl to 8.35 in order to m competiti The d mand at this figure was understood to be less brisk thaim expected. TREASURY CERTIFICATES. tations furnished . (Quet -4 ®y Redmond & Co.) INBOND MARKET. slightly | Among tiactions there was notable | and Paper | ON NE (Bales are W YOR [ S —— = §1,000.) UNITED ‘TATf‘u‘g‘N E n;ll- 'l' lr-.l”:unn lll l-lg.‘ Seles. High. Low. Ol%e. Lib3%s...... Lib 1st 4% Lib 24 43¢, Lib 3d 4K Lib éth 4% TS 4¥a 19 56 28 229 9 418 331 f FOREIGN. Sales. High. Argentine 7 Bolivia 8 Bordeaux 6s Brasil 7s Brasil 8s Chile 8s 1946. Chile 8s 1926. Chile 83 1941 Chin%se Gov Ry 8s. Christiani Copenhagen 534s. . Cubab¥hswi... Czechoslovakia 83. Denmark 6s Dutch EI5%s.. Duteh East 1 68'47. Dutch East I 6s°62. French Govt 8s French Govt 7% Hait! s ctfs. Holland-Amer 6s. . Queensland 7 Queensland 6s. . . Rio de Jan §s 1946 Rio de Jan 85 1947. | Sao Paulo,City.8s Sao Paulo.Sta Seine, Dept of, T8 Serbs Crotes Slo Soissons 6s. .. {Sweden 6s. .. wiss Confed Kingm 513829, |Ud Kingm 6%8'37. Am Agr Chem 73is Am Chain s f 63’33 Am SmIt&R 1st bs. Am Smit&R 6s Am Sugar Ref AmT& Teves. ... AmT&Tcltrbs. . AmT& Tcltrds.. Anaconda cv db Anaconda 1st 8s. Armour & Co 414 Atlantic Refin s Bell Tel Pa s rcts. Beth Steel §348 53. Beth Steel pm 63 Beth Steels Brier H St 1st Bklyn Edison 78 D. Bush T Bldg 58 '60 Central Leather 53 Cerro de Pasco 8s.. Chile Copper 6s. .. CinG & E5%s'62. Commonwth P 68 Con Coal Md 1st Cuban-Am Sug 8: Cuba Canecv d 8 Dery (DG) 7s.... Det Edison ref s6. . Djamond Mth 73%s. Du Pontde N 734 Duquesne Light E Cuba Sug % Empire F&G Fisk Rubbe| Gen Elec deb 5s. ... Goodrich 61 A Goodyear 85 1931. . Goodyear 8s 1941. . Humble O&R 5338, [1linols Bell st 5s. Indiana Steel Int Mer Mari, Int Paper 1st . Int Paper 1at 68 B. KCP&LtSsA'S2 Kelly-Spring 8s. .. Liggett & Myrs 7s. Liggett & Myrs 5s. Lorillard (P) ; Lorillar (P) Ts. Manati Sug sf T8 Marland Oil 8s '31. Marland Ofl 8s w. Mexican Petrol 8s. ch St Tel 18t Midvale Steel 5 Montana Power Morris&Co 1st 4158 New Eng Tel bs. .. N Y Edsn 1st 6% N Y Tel 68’41 N Y Tel6s'4y N Y Tel 44s N Am Bdison E Northwst B Tel 7s. Pacific Gas & El bs. PacT&T53'63... PhilaCoref6sA.. Pierce-Arrow §: Producers & Rf Punta Alegre 7 Sacks & CosfTs.. Sharoa St H 8 Sincl . Sinelair Ol 8% w i Sin Crude Oll 5 Sin Crude Ofl & 811 Pipe” 'ne bs. .. South Bell Tel bs.. St Ofl of Colif Ts. .. Tean Elec Pow 6s. Tide Wat O1l 6% Tobacco Prod sf Toledo Edn 1st 7 Union Bag & P 6 Unit Drug cv 8 USRublstrebs.. U S Rubber 7% U 8 Steel s £ 5 Utah Pow & Lt 5 Vertientes Sugar v..-Car Chem 78 CarC THsw. Warner Sugar 7s.. West Union 638 Wickwire Spen 7 Yoilson & C6 1st Wilson&@ ov 7%s. Wilson & Co cv 6s. MISCELLANEOUS. N o whon NERoasanS~ana 100410 9812 96 13 100-09 98-12 98-12 98°27 98-12 99-24 100-11 98-15 98-14 98-29 98-15 99-26 98718 99424 Tow. Close, w%v. lg’: 90% €1 100% HEO% 96 5 101 16i 109% 110 87 19% 524 - 964 101% 100% 101% 99 102% 102% 102% 4“4 109% 89% 9% 93 95% 9% 96% 8% 97 F1e0 2% 848 a3 924 80" 1% 9% 9% 54 861y 101% o 974 1% 7 76% 107 101% 92 92 ) 9914 364 684 82 104% 116 12y 102 . 98 i 9415 944 90% 90V 101% 101% 1024 102 115% 115% 97U 9Th 92%, 92 100% 100% 97% 97 84 83k 884 98w 98 9% o1 ' 90K 88% 8815 98l 984 944 94 109 108 90 90 98% 98% 126 1244 1004 99% 97w 96% 857 854 87% 87 107% 107% 93% 93 % 17% 108% 1034 105% 105% 108% 108 103% 1034 100 100 914 90% 105% 105% 100% 100% 99% 991 102% 1017% e 115y 97% 977 95% 954 100% 100% 0 80 2% 823 82% B2% 90% 90% 1084 106% 118% 118 96% 967 9 96 116% 116% 98% 984 105% 106% 122% 122% 108 108 100 100 864, ) 86 95 95 8% 784 978 97w 109% 109% 105% 105K 108% 106% 94 934 92 91% 108 107% 90% 90% o1% 90% 100% 1004 69% 69% 105% 105% 109% 108 102 101 99 99 9T 96% 94 9t 9K 9TH 97 961 85% 8Bl 9B 94k 104% 104 94% 943 108 -102% 104 104 107 106% 934 9714 111% 111% 87 86, 106 105% 102 102 88 88 96% 96% 80% 80 67 654 103% 103 108% 108% 93 928 96 95% 6% 961 85% 85 . 102% b 100% 96 101 110 8% 30% 82% 96% 101% 100% 101% 994 102% 102% 103 44% » 108% 1035 9% 1064 100% 997 10214 160 PPN Saa- (OIS KATNE =N 99 97 94 7Y% 97 8514 5% 1043 9434 102% 104 107 984 111% 864 105% 102 83 96% 80% A7 1037 8% 83 95% 96% 85 FOREIGN EXCHANGE. (Quotations furaished by W. B. Hivbs & Co.) | inal Sell. checks, today. 4501 £, 00004 0431 am ‘0240 1427 1000014% 000115 0801 00008 1746 1622 NEW YORK, July 20.—Foreign ex- change irregular. United States dollars): Quotations (In Great Britain, %; cables, 4.59 7-16 n ba and .0 and, .0432; cal um, demand .0486; cables, , deman .ooomol Holland, 13934, Bweden, demand, T 000 Band %089 Norway, demand, J1744% ting, mand, .104 cables, 0588 A lh(‘l.l % Caechoslovakia, de- Austria, .000014% ;: Rumania, demand, fifi’ll. .3390: Brazil, ntreal, .97 7-16. Peace _feeds, w nks, 4.66%. France zfi. l!Bllg’. bles, .0432%. Bel: Aostn. cables, .3921; cables, demand, 1818 .2651%; Denmark, Bwitserland, | d d , .0000029 Polan demmand, 000525; de- wastes — peace 198329 | B Y lcflobSou [} E BONDS o raer] Direct to The Star Office. . RAILROADS. Sales. High, Ann Arbor 4 5TH Atchison gen 4 8% Atchleon adids.... 6 80% antic C L 1st 4s. 67 87 Atlantic CL ol 4s. . Hi ' 5 Low. Close. &7 57 884 884 80% 86% 81% - 25 T8% 78% - 11N101% 101% 80% 80% 83% % 88% 1124 112% 9% 9% 97 96% 86% 884 87 83% 28% 86 - 99 8% 49 57 64% 79 63 73 103% 108 9% 6% 7 924 102% 82% 102% 102% 86 . 86 85% 85% 100 1004 T4h T4W 46% 46% E5% 85% 46% 46% 49 49% 524 53 112% 1124 108% 103% 10T% 108% 0% 99% 7% TH 84K 84w 80% 82 604 61 B3% 851 9% 997% 101% 101% 08% 634 89 90 63% 374 89% 29 U 6614 86 814 92 90% 106 59% #8145 91% 83y 34 33 108 7 5% 164% 5 61% $3% b4 R8% Ches & O cv 434s Ches & Ogn 4.’ Chi & Alton 338 Chi B&Q gn 48 Chi B&Q 1st rf Chi & E 11l gn 58 Chi Great West 4s Chi M&S P rf 4158, Chi M&St P cv bs. . Chi M&St P 4535 ChiM&S Pove, C' M&St P sy Chi& N W 6i4s. Chli &N W7, CCC&StL4ys Cleve Term & Cuba R R 7Ti;s. € 5aRR b Del & Hd 1ot rf 45 De! & Hudson 5 3 Den & Rio G cn 4s. D&RG1strfbs Det United 414a. Erle gen 4s. Erieconvds A Erie conv 48 D Grand Trunk 7 Gr Trunk sf ab 6, Gr North gen 7 Gr North gen 534s. GreenB& W db B. Havana ERL&P bs Hud.& Man ret 5 Hud & Man aJ §, 76 Il Central ref 4s.. 11 Il Cent ref 6a '55.. 51 Ill Central 614 13 Iht Rap Tran 6s. 81 Int Rap Tran 7s... 14 Int Rap Tr 58 stpd. 18 Int & G Norajsgs.. 23 Int & G Nor 1at 6s. 11 ylowa Cent rf 4s. 6 Kan City Ft 8 4s 2 KansasCity 83s . 1| Kansas City S6s.. 16 Kan City Term 4s. 86 Lake Shore 4s'31.. 30 Louis & N uni 4s Louls & Nash 5135 Manhat Ry cn 4s Market Stcn bs. ... | Mich Central db 4 Mil El Ry & L 58 IM&StLrf ex 88 4 4 3 39 MK & T adj 6s. Mo Pacific 6s. Mo Pacific gn 48 Montrl Tm 1st 5s. . {NOTex &M in 5s. {N'Y Cent deb 6 Y Cent deb 4s. INYCentriss Y Cen LSci3is. ew Have, 5' orthern Pac 3s orthn Pacr | 6s. . orthern Pac 6s 1. Ore & Calif 1st 5s. . [OreShortiLrer4s. 7 jOre-Wash st rf 4s 17 Pennsyl gen 5s {Pennsyl gen 414 | Pennsyl 6130 | Pennsyl gold 7s. . | Pennsyl con 434s.. 1% | Pere Marq 13t 5s. . 85 10 24 3 |{Rapid Tran 6s w i. Reading gen 48 RIATk & L4s St L IM&S R&G 4 ISLLIM & S 48 '29. StL&SFpldsaA.. StL&SFprinss Fincés 685 BTx 76 767 85 674 Bl1% 67 90 % 100 % 3% a2% 28% plésC.. CShL 41ys. San A & Arn P 4s &S &S &S &S & K eab'd A L adj bs. . eab’d A L con 6s. 924 86% 81 95% 67% 101% 101% 7 48 46% 9214 y2r 84 954 94t 86% 61 793 9% Y24 86% 81 ¥54 674 101% 46% 92 2a1 954 94 85% 61 9% 9% 61% 6% Sou Pacificcit4s.. 5 Southern Ry 1st 6s. 10 Southern Ry gn 41 Southern Ry 634s Third Ave adj 8a Union Pac 1st vt és Western Md ¢s Western Pacific 5 West Shore 1at 48 Wheel & LE cn Wisconsin Cent 4s. 79% 6% 61% 4 784 764 TOTAL SALES (Par Value): 1lam.. 2238000 12noon 8437000 | 1pm.. 4478000 2p.m.. 5349000 i { {SEPTEMBER WHEAT i AGAIN UNDER DOLLAR | By the Associated Press. | CHICAGO, July pressure of hedging sales of newly harvested wheat turned the wheat {market downward in price today in | the last part of the board of trade | seasion. Black rust reports contin. ued to come from the Canadian north- west, but no actual damage of con- sequence was noted. The close was heavy, 1% to 1% net lower, with September 983 to 98% ang I . ber, L0 to 101, [ (ndiDscen After July corn had equall season’s high price record. the- corn market weakened. with wheat. The close was heavy, %ai to 1 Tower, September 763" ta (T i $1,000,000 HOTEL PLANNED. i NEW ORLEANS, July 20—, $1,000,000 hotel is (n“l{ ,hulltA h"!el': This is the Pontchartrain Hotel, a project first planned several years ago, but .whic LIt will ‘have Zoo rowme Plans have been an. nounced for doubling the the Grunewald Hotel, ¢ capacity of SEEKS STOCK ISSUE. The Ponca City Oll Field Railroad Company asked the Int merce Commission today to authorize an fssue of 3600,000 in common stock with which to build a twenty-seven- mile railroad from Ponca City to Bill- ings, in Oklahoma. / NEW YORK DAIRY PRICES. NEW YORK, July 20.—Butter— Firm; receipts, 10,634 tub mery, higher than extras, 39a393; cream- ery, extras (93 score), 383 ; creamery, B 'H“'z" Eggs— firsts (88 to 91 sco) STRICKEN BANKER BETTER. NEW YORK, July 20.—E. P. Wilmot, president of the Austin National Bank, ustin, Tex.,, who waa stricken with apoplexy Wednesday while in & con- ference with N ork bankers, was reported. mar] l{ihnprovad today at the Broad Stre ospital. Physicians said it would be meveral days, how- evel, before Be could leave the hos. % | market this morning. Buying w want only choicest cuts, Steaks and % | Chops are in demand, but the demand ©3% | Grain, Produce and Live Stock OCAT. WHOLESALE MARKET. yers for the retall trade tomor- row were in evidence in the wholesaly not exceptionally brisk, howeves, retail- ers notewanting to carry over sup- | plies at the close of tomorrow’s busi- Dess. Very little change in butter and 6g§ prices have taken place the past’few | days, butter prices being about what | they were two weeks ago. The eg8 market in a trifle easier. Meets are not in_great ‘demard in hot weather and consumers seem to for soup and stewing meats | ght. Smoked meats are in greater demand. Bggs—Strictly fresh, selected, can dled, per dqzen, 27a28; average re- celpts, 25: southern, 24 per b, 14; 25; spring chicken: 33a38; keats, young, each, 40; r 1b., 26, ed poultry — Fresh - killed spring chickens, 46a50; win- ter chickens per b.. 30; roosters, . keys, per lb, 35a40; *keats, young, each, 70a80. Live stock—Calves, choice, per 1b, 9; medium, per Ib., 'Sa8%; thin, per . 627 Lambs, spring, per Ib., 13%; live pigs, 3.00a5.0 ltve” hogs, ver Ib., 8%. Green fruits—Apples, new, per b ket, 1.00a2.50. California orange: crate, 5.50a6.00; Florida, 3. Lemons, ‘per box, 6.00a6. fruit, 4.00a4.50. Blackbérries, per qt. 7al2. Peaches, 1.00a3.00. Cantaloupe standard, 3.00a4.50; pony, 1,75a3.2 1.25a1.60. Black raspberrie ; red raspberries, 25a40. Vegetables—New potato No. 1, 5.00a8.00; No. 2, 4.00aS. crate, nearby, 50a1:00; New Romaine , lettuce, per Cabbage, nearby. 1.50a 2.50 per bbl. Eggplant, per crate, 2.00a 4.00. Tomatoes, 15 bushel basket, near- by, §0al.25. Beans, 3.00a4.00 per bbl. Peas, 2.0023.00 per baske! Pox.per-. er crate, North Carolina, 1.50a2.00. ale, per bbl, 75a1.25. Spinach, per bbL, '2.30a4.00. " Celery, per crate, New York. 6.00a6.60, Squash. 40850. 'North Carolina lima beans, 2.5025.00 per bas- ket GRAIN AND PROVISION BALTIMORE, Md., July 20 (8 —Potatoes, new, bbl 1.50al paragus, doz., 1.50a4.00; bean: 1.00a1.50; lima bean 3.5 beets, hundred, 5. & bage, hundred. 6.00a10.00; hundred, 4.0086.00; celery, doz., 60a L corn, doz., 10a30; cucumbers, cet, 90a1.10; eggplants, crate, 2.00 50; lettue jhel, 50a1.00; onions, bushel, 1.00a1.50; peas, bushel., 2.50a 3.00; peppe basket 1. 0; squash, basket, 20a25; tomatoes, basket, 1.00a 1 green, 75a1.00; blackberries, gt., 10al6; crate, 75a3.50; cherries, currants, qt., @ t., 15a20; peache: plne ‘apples,. crate, basket, 50a1.00; 8al0; watermelon: carrots, cantaloupes. 1b., 10al 18; huckleberrie rate, 1.00a2.5! 3.00a4.50; plumi raspberriel each, 206 Settling Prices on Gral 2 red winter, apot, 0. 2 red winter, garlicky, spot, No. 3 red winter, garlicky, 101%: No. 4 red winter, gar- ¥, spot, 993, Sales—Bag lots of nearby at 75, 80, 85, 86. 88, %0, 94, 97, 98 and 99 per bushei. Cargoes, grade 2 red winter, garlicky, 1.08%; No. 2, 1.01'4; No. 4,'1.0015; No. 5, 9835, Corn. new, . per barrel; eontraet, 923% per bushel; No. 2 corn, 94% ck corn, vellow, No. 2 or better, 1:04a1.05 per bushel. Sales—None. White, No. 2. 51%a5 iz per bushel. Nearby, 80a80 per bushei; No 2 western export, 75; No. 2 rye, spot, 7. Hay—Receipts, 88 tons; market for | old hay is firmer at a range of 20.00 | to 25.00 per ton. New nearby hay ar-| riving mostly {n heated conditfon is selling strictly on merit slightly lower prices than for old hay. No. 1 tangled rye. 15.00a 16.00; No. 1 wheat, 12.50a13.00; No. 1 oat, normal, 14.00a15.00 CHICAGO, July 20.—Wheat quickly scored gains in price today after o decline at the outsst. Commission nhouse buying developed on the down- turne in pfice and proved to be of sufficlent Volume to lift values. The initlal weakness was more or less due to hedging sales end -to reports of liberal acceptances in lllino{s of overnight bids from heve. The open- ing, which ranged from X to 14 lower, with Septembes 993 to 100% and December 1.03% %o 1027, was followed by upturns to well above terday's finish. yeé(vrn and oats swayed with wheat. After opening unchanged to & lower, September 16% to 767, the corn mar- ket sagged a little more and then as- cended all rn:;nd b s started at atie! Beprember, 7% Later the market underwent a slight (ouera!’ setback and then showed gains. | Lower quotations on hogs eaned | the provisions market WHEAT-—- Open Julr - 1.00% o. decline to % | term is construed to appi idirector of a federal Sepramber ok December . 1 CORN Sapmmber December - 11 i 10.67 . 1097 log? +ear 3130 September October .- TODAY'S CHICAGO PRICES. CHICAGO, July 20 (United States Department of Agriculture). —Hogs— Recelpts, 47,000 head: falrly active, ; 0 to 10 to 25 lower; bulk, 18 a4 averages, 7.25a7.40; top, 20 Brulk. 375 to 350 pound butcher 30, packing 8ows, mostly 5.708 ight pigs, around 867 875 867 6.00; 6.15!“ um, Tleht light, 6.35a7.35: packi smooth, 6.7686.15; paocking rough, 5.50a5.75; killing pige. & attlo—Receipts, 3,000 head: ex- cepting veals, calves and bull marke: practically ‘at s uality plain; ® odrfings, Iind of vaiue to sell at 8.00 to 9.50° long-fed rather rough 1.649-pound bullooks. 10.65; few early sales yearlings and ‘light steers, 8.2529.00; prospeots weak to unevenly lower on beef steers, yearlings and fat she stock: stook- ars anq feeders dull; bulk desirable bologna bulls, 5.50a5.75; bulk vealers to packers, 10.00a10.50, few 11.00 and above. Sheep—Recelpts, 10.000 head; fat western lambs around steady; three doubles Nevadas. 18.50; other west- ern lambs unsoid; bulk good and choice _nativ weak to 5 low- er at 12.25a18.00; top, 13.25; sorting better grades culls, mostly cally no wethers of- fat ewes. 5.00a6.85; heavies, downward to 3.50, DAIRY PRODUOTS. BALTIMORE, July 20 (Special).— Live poultry—Spring chicken: ound, 30245 ; leghorns, 27a38 ; old hens, 24a27 ; leghorns, 22a! 15216 ducks, 14830 22a38; pigeons, pair, Egge—Loss off, native and nearby firsts, dozen, 25; southern, 28. Butter—Creamery, good to\ prints, 41a4s ladles, 34a3! 0a7.3 sows, 6.258 prints, 30a32. AL ANOTHER REDUCTION IN CRUDE OIL PRICES By the Associated Press. DALLAS, Tex., July 20.—The M nolia Petroleum Company today post- od @ price of 50 cents a barrel for crude oil under 28 gravity in Kan Oklahoma and Texas, and 85 cents a barrel for that between 28 and 30.8 gravity. The new price is 20 a bar- rel under the last previous quotations. Effective today Corsicana. Tex heavy crude price was b0, cents & barrel, a reduction of 10 cents a bar- rok FINANCIAL. MAY SERVENORE THAN O BANK Reserve Board Rules on in- terlocking Directors Have Vital Exceptions. The recent regulation of the Feder Reserve Board, which prohibits, und. the Clayton act, interlocking bank dire tors In “national” institutions, whict ot on national banking associations but als to banks, banking assoctatione. trust companles organized or operat! under the laws of the United States, ! cluding all banks and trust companie doing business in the District of Co! bid, regardiess of the sources of the charters,” is not an fronclad edict with out provisions, a perusal of the orde ehows. For instance, the ruling does not a ply to persons who hava obtained tn: consent or approval of the Federal serve Board, under the provisions of tn Kern amendment, which authorizes ti« Federal Reserve Board to permit ai private banker or any officer, directc or employe of any member bank or clase A director of a federal reserve bank to erve as director, officer, or emplose o not more than two other banks, ba ing associations. or trust companie coming withi rohibitio: Clayton act, provided such other ba are not in substantial competition w such private banker or member bank If the Institutione involved are no in substantial competition e board is authorized. its discretion, tr grant, wishhold or revoke such con sent; but i{f they are in substantia competition, the board has no d's cretion in the matter and must te fuse such consent Statement of Principles. ‘The board has adopted the ing statement of genec for its guidance in whether banks are in substan competition within the meaning the Kern amendr to the Clay In general, two deemed to be in subst tition if they actuall considerable amount ¢ if a considerable port ness of each is of thc ter and in doing business they the same cus customers, regardl not it is probabie interlocking them would Tes public by makl able “If the statement that each has a cc of the same class of depos and it appears from the e mitted that they are so lo be in a position serve customers conveniently. will presume, in the absen dence to the contrary in substantial compet! sumption may be reb by any evidence sho are not actually business. e &, serve different that the busine: actually sought merely incidental to h ness, or that compet nas alrea been el d - thr e stock ownership. The exist substantial competiti may be shown b ev than that described Further Exceptions Noted. Furthermore, the Ciayton act pro vides for the following additional ex ceptions: They do not apply to mutual sav- ings banks no capital stock represent They do not prohibi being at the same officer or emplove and not more than al bank, state ba pany where the e of one is owned b of the other. They do not prohibit a person from being at the same time a class A reserve bank or directo d r in of two bar siderable a he boar ce of ev and also an officer both an officer and a member bank. They do not prohibit a person who is serving as director, officer or em- ploye of a national bank, even though it has resources aggregating over $5,000,000, from serving at tha same time as director, of or em ploye of any number of state banke and trust companies, provided such state institutions are not Jocated the same city of over 200,00 hat tants as the national bank and do not have resources AgRTEegAting, the case of any one bank, more than $5,000,000. May Serve Different Bank They do not pfohibit a person fron serving at the same time as director, offiger or employe of any number national banks, provided them are located in the same ctty of over 200000 inhabitants and no one of them has resources agsre gating over $5,000,000. They do not prohkibit a person who 1s not a director, ofcer or of any national bank from at the same time as officer, or emplove of any number of state banks or trust compani regard- less of their Jocatlons and resources They do not prohibit a person whe 18 _an officer or emplc not director of a state bank from se as direotor. officer or employe of national bank, even though or both of such banks have rosour aggrogating over $56.000,000, provided both ban are nt 1 ted in the same city of over 200,000 inhab! And they do not prohibit a perso who is an officer or employe, but no a director, of a na nal bank from service at.the same time as direo: officer or employe of a state ba even though either or both of & banks have resources aggregating over $5,000,000, provided both bLanks are not located in the same city of over 200,000 inhabitants, Speclal forms.have been prepared upon which formal application to serve two_boards should be mads to the Federal Reserve Board A pe mit, when granted, continues revoked and need not be renewed Stock Exchangye Trading. Trading on the Washington St Exchange this morning ruled d uninteresting. _ Railway pr gave evidence of strength, th shares fluctuating between 7 728%. Capital Traction sold at and one-half, and Lanston was u changed at 75, Traction 5a brou LEAF TOBACCO RECEIPTS BALTIMORE, July 20.—Maryland leat tobacco—With receipts of 837 hogsheads and sales of 944 hogsheac the market ruled very active. and prices for a few fancy hogsheads reached 50 cents, while prices for other grades ruled firm. Maryland prices per Inferlor and frosted, 4a4.50;, sound commog, 6a8: gdod commo: a1 medium, 18a28; good to fine red, 25a 42; fancy, 43; seconds, common to medium, 4a12; do, good to fine. 13a 26; upper country, alr-cured, nominal, new, 3a23. .—Unsouhd and badly mixed ges from 1 to,3 cents per pound FEAR LABOR SHORTAGE. ST. PAUL, July 20 (Special).—Busi- ness leaders’ in the northwest de clared today that this territory was fading a critical labor situation, wit a move for higher wages imminent Eastern automabile manufacturers have drawn heavily on skilied me chanics here. Buildinz constructic has absorbed all surplus Jabo farm hand shortage is-de tain. 100 _pounds no two of ,