Evening Star Newspaper, July 27, 1923, Page 18

FINANCIAL ANOTHER SMASH IN STOCK LIST Railroads and Oils Start Wild Selling Which Gains Speed in Late Trading. ° BY STUART P. WEST. Epecial Dispatch to The Star. NEW YORK, July 27.—Heavy sell- ing was resumed in the northwestern railway group when the market opened this morning. It had the im- mediate effect of discouraging new buying and thereby permitting bear traders to offer prices down. Some of the oil stocks were very weak agaln, notably Marland and Standard Oil of California. The street was surer than ever that a further price cut would come in the very near future. When stocks like the G ern preferred, Northern Pacific and Chicago and Northwestern were sell- ing in the 70s and 80s, it was calcu- lated that the chances were good for an increase in dividends from the present 5 per cent. This hope has been abandoned and the stocks have been adjusting themselves in the market. eat North- Marland Oill Weak. Such efforts as were made to hold Marland Oil up around the 40 level, at which the new stock was offered, were relaxed us soon as the sub- scription time was up. The absence of support, along with the hasty lquidation of stock bought under 40 with the idea that eventually this figure must be exceeded, is account- able for the present weaknes The bear element made the most out of the break in Standard of California, asserting that this repr nted the opinion of Standard Oil men on the trade outlook. Bethlehem Steel went higher at the start following the declaration of the regular dividend and the publication of the figures for the second quarter, but later yielded with the rest of the marke Two months ago the specu- lative crowd were giving up the Bethlehem dividend as lost and were talking about poor earning results. Now the figures as they app in- Qicate over 9 per cent being earned on the common, or nearly twice divi- dend requirements. Leaders Join in Break. The weakness in the northwestern rails and the oils encouraged a more genegal resumption of operations for fhe decline. and stocks of the mer- curial type like Studebaker, Baldwin Locomotive and American Can ylelded readily. As the afternoon went on selling pressure incr ed all through the list. Railway shares, like Union Pa- cific, Reading and Baitimore and Ohio, which had stood up well in the early part of the day, finally gave way with the rest. The losses in the leaders of the motor, steel and equipment group extended from 2 to 3 pointe. The main feature was not so much 4 ich, after all, was not particularly large, but rather the slackness of the demand on the way down. Stocks like American Can, in which it has been supposed that powerful pool support was ready at hand, fell quite as unresistingly as anything else. Steel common made a new low for the year In the last hour, when it broke through 89 Stock Market Fentures, The comments regarding the oper- ating results of the Bethlehem Steel Company Included reference today to the saving that Bethlehem has ef- fected since the merger with Lacka- wanna by eliminating the price cut- ting to which the latter is sald to have resorted. The saving amounts to_approximately $2,000,000 annually. More iy being said about a proposed deal between Baldwin Locomotive and a large car-making concern. The combination, it is reported, will in- volve a capitalization of about $50.- 000,000 The projected company will be headed, it is said. by some of the leading banking men of the country. Baldwin is expected to do a gross of at least $100,000,000 in nd net income applicable to common stock has been esti- mated at around 40 per cent. Those who maintain a bullish atti- tude toward American Can because of the highly satisfactory earnings and dividend prospects ert that there has been considerable switch- ing from Steel common into Ameri- an Can, This company’s operations fn 1923 are expected to result in rec- ord earnings, and it has been pre- dicted that the dividend will be in- creased to $6 during the next few months. STOCKS CLOSE WEAK. Many Lows for Year Recorded, In- cluding U. S. Steel. By the Associated Press. NEW YORK, July 27.—Professional speculators for the decline forced a materal recession in prices in_today's more active stock market. Reports that several oil companies were in need of temporary financing and the unfavorable foreign _situation in- spired most of the selling, losses of 1 to 3 points being quite common. Sales approximated 750,000 shares. The closing was weak., Short in- terests launched another attack on the list in the late dealings and prices broke sharply in all quarters. More_than a_score of stocks, includ- ing United States Steel, dropped to new low records for the year. e e TWO RECEIVERS NAMED. Acts Metropolitan Finance Corporation. NEW - YORK, July . —Federal Judge Goddard today appointed Frank A. Lord and Samuel Falk joint recelvers for the Metropolitan Finance Corporation. This appointment followed filing of an _equity action May 24. Thomas B. Felder, counsel for the company, sald that because of the financial condi- tlons_that had developed since the last hearing, when he opposed the receivership, it now seemed neces- sary. Mr. Felder said he belleved the only was to harmonize differences among stockholders, aroused when minority stockholders filed their equity complaint, charging mal- feasance, was to have a receiver ap- pointed. There are no allegations that the corporation is insolvent, he said. e Metropolitan Finance Corpo- ra®bn was organized in 1919 as the Metropolitan Credit Corporation, and extended credit for the purchase of automobiles on the installment plan. The name was changed in 1920, when its activities were extended to gen- eral financing and investment bank- ing. Judge for BUSINESS AT GLANCE. ATLANTA, Ga., July 27.—More than 23,000,000 gallons of gasoline were consumed in Georgia in the second quarter of this year, representing a value in excess of $3,000,000. Tt brought the state of Georgia $234,171 from the gas consumers’ tax. The totals set new high records for the state. / - HARTFORD, Conn,, July 27.—Build- ings and alterations here in the first slx months of this year amounted to $4,660,873. Permits were issued for seventy-one apartments and tene- ment DALLAS, Tex., July 27.—Approxi- mately 75,000 bales of catton owned by almost 5,000 cotton farmers have been pledged for delivery by the ‘Texas Farm Bureau Cotton Associa- tion during the present membership campaign. This gives the assocla- tion a total membership of more than 25,000, representing more than 150,- 000 bales of cotton. Contracts run for three years. * NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Adv Rumley pf. Agax Rubber Allfed Chem. Allfed Chem pf. Allis Chalmers Allis Chalm pf.. Am Agr Chem.. Am Ag Chm pf Am Bosch...... Am Brake Shoe. AmCan........ Am Can pf. Am Car & Fdy.. Am Chain (A). ‘Am Chicle Co Am Cotton O11., Am Cot Ofl pf... Am Druggist. .. Am Express. Am H & Leath Am Ice: Am Internat’l. Am Linseed. ... Am Linseed pf Am Locomotive. Am Loco pf Am Metals. Am Radiator. .. Am Safe Razor. Am Ship & Com. Am Smelting Am Smelt pt. Am Steel Fdy Am Sugar Am Sugar pf. Am Sumatra. . Am Tel & Teleg. Am Tobacco. Am Tobac (B). Am Tob pt (n).. Am Water Wks. Am W W 6% pf. Am Woolen. . Am Woolen p Anaconda. . Asso D Goods AssoD G 2d pf Assoclated Oil. Atchison. Atchison pf Atlan Cst LI Atlantic Gulf AtIGulf pt..... Atlantic Ref.... Atlas Powder (n Atlas Tack Austin Nichols Auto Knitter Baldwin Loco. Balto & Ohlo. .. Balto & Ohlo pf. Bayuk Bros. ... Beechnut Pack. Beth Steel...... Beth St1 7% (n). Booth Fish. . Bklyn Edison. Bklyn Rap Tran Bklyn Un Gas. Brown Shoe. ... Brunswk Term. Burns Bros (A). Burns Bros (B). Butte Copper Butte & Buper Butterick Calif Pack.... Calit Petrol Calif Petrol pf. Callahan Zinc. .. Calumet & Hecla Canadian Pac. .. Case Plow Wks. Central Leath. Cent Leath pf. Cent RR of NJ. Cerro de Pasco Chandler Mot Chesap & Ohio. Ches & O pf w 1. Chi & Alton pt. Chi & East I11. Chi & E 11l pt Chi Grt West. .. Chi Great W pt. Chi Mil & StP... Chi Mil &St P pt. Chi & Northwn. Chi & Nwn pf. ChiR1& Pac Chi R1&P6% pf. Chi R 1&P 7% pf ChiStPM &O. . Chile Copper. Chino Copper Cluett Peabody. Coca-Cola. Colo Fue! Colo & South. .. Colo & South 1st Columblia Gas. . Columbn Carbon Col Graph pf. ... Comp Tabulat.. Cons Cigar. ... Cons Gas of Cons Textile. Cont Can. .. Continental Mot Corn Product Cosden & Co. Crucible Steel. Cuban-Am Sug. Cub Am Sng pf. Cuba Cane Sug.. Cuba Cane S pf.. Cuban Dom’can. Cuban Dom pf.. Cuyamel Frult.. Davideon Chem. Del & Hudson. .. D Lack & West. Dome Mines. RQouglas Corpn DuSS & Atl pf. Dupont (EI)... Eastman Kodak Eaton Axle & Sp Elec Stor Bat Endicott-John Erle... Erie 1st pf. Erle 2d pf. - Famous Players Famous Play pf. Fed Mines & S. . Fd Mines&S pf Fifith Ave Bus Fisk Rubber. Foundation C Freeport Texas. Gen Asphalt. Gen Asphalt pf. Gen Electric. . Gen Motors. . Gen Mot 6% deb. Gen Mot 7% deb. Gimbel Brcs. Goodyear pf.... Goody pr pf W i. Granby Consol Gt Northern pf. Great Nor Ore. .. Guif St Steel... Harbishaw Cab. Hartman Corp. . Hayes Wheel Househ'd Prod Houston Oll. Hudson Motors Hupp Motors. Hydraullc Stl. Hydraulic St pf. Illinois Central. Ind Oll & Gas. Indiahoma. . Inland Steel. Inspiration... In Ag Chem pf. Int Cement. .. In Combust E. Int & Grt North. Int Harvester. Int Mer Marine. Int M Marine pf. Int Nickel Intl Paper.... Int Tel & Teleg. Invincible Oll. Iron Products. .. Iron Prod ctfs. Island Oil...... Jones Tea Jones & L'gh pf. Kansas & Gulf. Kansas City S.. Kansas C So pf. Kayser (Jullus) Kelly-Spr Tire Kennecott. Keystone Ti Kinney G R. Lehigh Valley. Lig & Mye: Lima Locomo. Loews Inc. LoftInc... Lorillard (P) Loose-Wile Louis & Nash. Mack Trucks. Macy Co pf. 4% Tile 91% 109 167 21 11% 6% 18% 4% 95 % ol 19% 20% 88 69% 119 43% 80% ¢ % 12% 56% 95% 8% 62 102% 18% 122% 145 142% 102% 36 59 86 .. 101% 42 81 R9% 107 97% 88% 6% 20 16 79% 20% 9% 6 48% 146% 13 20% 51% 186 40% 50% 594 9TH 4 24 48% 4% 103 18% 31 671 110 24% 72 9% 61 26% 19 641, 7% 27% 27 50% 34% 45% 3% 72 20% 61% 67% 110 Close. 37 6% 65 107% 40% 91 12% 313% 81% % 884 109 157 21 11% 6% 15 4% 92 % 89% 19 20 38 67% 119 434 80% 5% 124 55 96% 10 85 % 66 110 kel 17% 50 31% 824 5% 4% Ban 60% 201% 81 16% 6% 156% 43% 89 89 T2% 724 112% 112% 112% i Magma Copper.. | Mallinson & Co. {Man El inv guar Manhat Shirt. .. Maracalbo Oi1 Market StRy. .. Market St prior. Marland Ofl.... Martin-Parry... Mathison Alkill. Maxwell (A). Maxwell (B). May Dp Store! May Dpt Str pf. Mclntyre Por. Mex Seaboard. Mex Seabd ctfs. Miami Copper. . Middle St Oil. .. Midvale Steel Minn & St L (n). Mo K & Tex pf. Mo Pacific...... Mo Pacific pf.. Montana Power. Montg'y Ward. . Moon Motor: . Mother Lode. Mullins Rody. Nat Biscuit. .... Natl Dept Stores Natl Dept Sto pt Natl Enamel. ... Natl Ry of M 2d. Nevada Copper. N Y Air Brake. . N Y Canners. N Y Central... NYNH&Harttd. NY O & Westrn. Norf & Western. North Amer. ... North Am pf. North Pacific Nunnally Co. Ohio Fuel Sup. . Orpheum Circult Otis Steel. Otis Steel p: Owens Bottle. Pacific Oll.. Packard Motor. Packard Mot pf. Pan-Am Pete Pan-Am P (B). Panhandle.... Parrish & Bing. Pennsylvania Penn Seabd Stl. People’s Gas Pere Marquette. Philadelphia Co Phillips Pete... Plerce-Arrow Plerce-Ar pf. Pierce Oil. Pitts & W Postum Cereal. Pressed Stl Car. Produc & Ref. Pub Service. ... Pub Serv 8% pf.. Pullman Co. Punta Alegre. . Pure Ol. . Pure Oil 8% pf. . Railway Stl Sp. Rapld Tran Sec. Rap Tran Sec pt Ray Con Copper ReadIng. ... Reading 1st pf.. Reading 2d pf.. Replogle Steel.. Rep I & Steel.. Reynolds Spr... Rey Tobac (B). Royal Dutch. Rutland Ry pf.. St Joseph Lead.. StL & San Fran St L Southwn... St L South pf. Savage Arms. .. Schulte Stores. . Seaboard Air L. Seabd A L pf. Sears Roebuck. Seneca Copper. . Shattuck-Ariz.. Shell Tr & Tran. Shell Union Simms Petrol Sinclair pt Skelly Of1...... Sloss-Sheffleld. . So Porto R S pf. South Pacific. .. Southern Rwy. . Southern Ry pt. Spicer Mg Co. . stand Milling St Ofl of Calit Stand Ofl of N J. StOfl of N J pf. Steel & Tube pt. Sterling Prod Stewart-Warne: Strombg Carb. . Studebaker. Submarine Bt Superior O11 Sweets Coof A. Tenn Copper... Texas Company. Tex Gulf Sulph.. Texas & Pacific. Tex & P C & Oil. Third Avenue. .. Timken Bearing Tobacco Prod. .. Tobacco Prod A. Tol St L& West. Trans Cont Oil. Twin C R Tran. Underw'd(new). Union Ofl. United Drug. United Fruit.. United Ry Inv.. Utd Ry Inv pt U S Cast I Pipe. U S Food Prod. . U S Hoffman M. U S Indus Alco. U S Realty. U S Realty pf. U S Rubber. U S Smelt&Ret. U S Steel. z U S Steel p Utah Coppe: Utah Securities. Vanadium Corp. Va-C Chem pf. Vivadou Wabash..... Wabash pt (A). Wells-Fr Exp. .. ‘West Penn Co.. Western Md. ... Western Md. 2d. West Pacific. West Pac pf.... Western Union. Westhse EI&M. Wheeling&L E. ‘Wheel & LE pf.. White Eag Oll. White Motor. ‘White OIl, Wickwire Wilson Co. Willy: Willys-Overl pf. ‘Wisconsin Cent. Woolworth. . Worthington. .. Worthgton (B) Wright Aero Youngstn Tube. Natl Cloak & S.. - Open. High. 29% 26% 84% 449 22% 10 66 36% 29% 43 40% 11% 1% 115 16% 12% 1218 25 % 25 o 1% 27% 11% 31% 61 20 22% 915 124 42 54 87 80% 59% 2% 124 81% 28% 99% 12 16 103% 21% 4 60% 8 81% 17 8% 46 48 93 59 23 98 88 50 80 5% 70 89 kel 129% 2% 79 170 10 30% 24% 3 16% 48% 94% 99 42% 24 907 117% 69% 15% 28% 26 18 8% 27% 36% 41 % 18 17% 57 107% 66% 6% 12 24% 49 1% 7 23 % 65 25% 231 29 63 9% 29% 26% 34% 4% 22% 10 66 36% 29% 43 40% 11% % 116 16% 12% 12% 25 % 25 1% 2% 11% 31% 61 20 22% 9% 12% 42 54 7 2% 26% 231 29 63 9% Law. 29% 26% 84% 43% 21% 10 68 82 28% 41 88% 11% 76% 115 16% 12% 12 24% T% 24% 1% 27% 1% 30 68% 19% 21% b 12% 41% b4 36% 0% 574 2% 12 31% 28% 97 11% 16 102 21 44 10 30 24 3 16 46% 94 99 41 24 881 117% b8 16% 27 26 18 8% 26 85% 41 9% 17% 16% 56 105% 66 6% 12 244 48 1% 6% 28 7 64 25 229% 29 63 9% Close. 29% 25% 34% 483 21% 10 66 2% 28% 41 88% 1% 76% 116 16% 12% 12 244 % 24% 1% 2% 11% 30 88% 118 6584 16% 27 25 18 8% 26% 854 41 9% 1% 16% 56 106% 56 6% 12% 24 48 1% 684 23 % 65% 25 229% 29 63 9% 68% 63% 63% 68% Call Money..... HOURLY SALES OF STOCKS. 11 am.. 1pm. High. 5 .148500 13m. +++419300 2p.m. eld O & .. 8-A Fig Lee Rubber Tire My Fifty pounds of Ivory is yield of one elephant. Q Int. 76¢ 2 Low. 5 Last, 5 | market BOND INVESTORS BECOME ALARNED Drop in Prices of Northwest- ern Railroad Issues Has Far-Reaching Effect. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, July 27.—The most significant thing about today’s bond market was the indication that in- vestors had taken alarm at the con- tinued decline in the market price of the stocks of the northwestern rail- roads and the conditions that such decline represents. It was to be ex- Pected that confidence would be shaken by such incidents as a re- celvership for the Minneapolls and St. Louis railroad and by doubt as to the continuance of the present divi- dend on the stocks of the Hill roads. The effect of the current pessimism as to the raflroad situation in that section was plainly evident in today’ n for such prime fssues a Great Northern b5%s and Northern Pacific 5s. To a less degree the same was true of the higher coupon rate Issues selling at a premium, the Great Northern 7s and the Northern Pacific 6s. It was not that there was so very much change in the price at which actual sales were made as it was that these bonds were in supply at concessions. It is not meant to imply that any doubt was expressed about the security back of these bonds, which are among the best of railroad {ssues. The opinion is that it is unusual for bonds of this grade to be responsive to anything but changes in the money market. The entire bond market was a little lower. B. & O, descriptions were ex- ons, both the convertible 4%s of and the Pittsburgh, Lake Erle nd West Virginia 4s of 1941 holdin, very firm. Erle issues also, Bllhuukg a little lower, were well taken and holders were much encouraged by the very favorable earnings statement for June. Minneapolis and St. Louls bonds added to their losses of yester- day following the receivership an- nouncement. Some support was found for the refunding 4s around the low level. There was no very great change in the foreign list Liberties and high-grade rails and industrials were firm. Atchison Gen- eral 4s sold above §9. Some of the tractions were lower, notably Rapid Transit Securtles 6s. TRADERS SWITCHING TO OTHER STOCKS Many Orders Reported Just Under Market—Latest Wall Street Briefs. By the Associated Press. NEW YORK, July 27.—Commission houses report that there has been a large amount of switching of stocks on the part of small traders in recent trading. This has been particularly true in the railroad group. A large number of “good until countermand- ed” orders for standard investment stocks slightly below current quota- Itions also have made their appearance recently, strengthening the technical condition of the market. Chain grocery stores which now transact less than 10 per cent of the total staple grocery business of the United States, estimated at $20,000,- 00 annu: are expected to in- se the percentage to nearly cent within five years if the pres- ent growth is continued, according to an official of the Jones Brothers Tea Company, which operates 620 stores as against 233 in 1915, Gross business of this company increased from $10.- 600,000 to approximately $40,000,00 in_the same period. Replogle Steel Company, including the Wharton and Northern Railroad and the Ferro Monte Rallroad, but excluding the Empire Steel Company, reported a loss of $18,741 for the sec- ong q ter of the current year. The Vanadium Corporation returned a net income of £387,131 for the first six. months of 1923, compared with $18.566 for the first half of 1922. The 1923 income is equivalent to $1.03 & hare on 373,334 shares of no par value capital stock outstanding. {BREAK IN- COTTON SENDS PRICES DOWN | Quotations Close et Bottom After Sharp Declines Throughout Session. NEW YORK, July 27.—Cotton fu- tures opened steady; October, 22.40; December, 22.25; January, 22.08; March, 22.18; May, 22.20. The trend of cotton prices was downward again this morning, dry weather news from the southwest causing only brief and unimpertant rallies. The effect of an increased trade in the goods market was offset by reports that business wamn being done on a basis of cotton several cents below the current level for futures. Futures, 11:45 am.; bids steady; October, 21.92; December, 21.85 ary, 21.72; March, 21.82; May, 21.85. NEW ORLEANS, July 27.—Cloudy weather over Texas and hopes of rain for that state put the cotton maket lower today. In the first hour of the session prices lost 32 to 42 points, October falling to 21.42. Some gelling was caused by continued expectations of a favorabie report from the gov- ernment on condition which expecta- tlons were fostored by a private re. port of 70.4, indicating a_drop of 12, 100,000 bales. Futures: 11 a.m. bid Quiet; October, 21.23; December, 21.29; January, 21.41; March, 21.52; May, 21.42. NEW YORK, July 27.—A renewal of liquidation in the cotton industry today sent all new crop deliveries to the lowest levels of the season. October touched 21.81 and December 21.78, or 61 to 74 points under the previous close. Futures closed weak; October, 21.50 to 21.53; December, 21.50 to 21.51; January, 21.30; March, 21145; May, 21.50. NEW ORLEANS, cotton quiet, 50 lower; spot, 47 bales; to arrive, none. Low middling, 22.1 middling, 23:00; good middling, 28.50; receipts, 413 bales; #tock, 51,976 bales. MARKET FLASHES. The last official figures show that orders on the books of the Allis- Chalmers Company on July 1 stood at a new high for the year. The total was $13,140,000, against $13,050,000 on June 1. Pacific Gas and Electric Company declared the regular quarterly . divi- dends of $1.50 a share on ‘The first an original preferred. Buckeye Pipe Line July 27.—Spot sales on_the 30| Company declared the regular quar- the average 3 terly dividend of $1.76 a share. A committee to protect the inter- ests of bondholders of Des Moines and Fort Dodge as holders of Minneapolis and St. Louis 4 per cent bonds, should it become necessary, is being formed by F. J. Lisman & Co. (Bales are in $1,000) UNITED STATES BONDS. (Fractions represent ! thirty-seconds. Example: 101-1 means 1011-32.) Bales. Tigh. Low. Close. Lib3%s...... 84 100-1 100-07 100-10 Lib 2d 48 . 1 98-05, 98-05 98-06 Lib 1st 4% 34 98-12) 98-08 98-08 Lib 2d 4%s...- 307 98-11) 98-08 98-09 Lib 3d 4% . 181" 98-30 98-26 98-26 Lib4th4%s.. 593 98-12 98-09 98-09 US4%s1962.0 24 99-24 99-23 99-23 FOREIGN. Bales. Hign. 102% 90% 101% 96% 101% 109% 88% 80 82k 96% 102 100 99 103% 108% 103% 44 20 99% Close. 102% 90 100% 95% 101% 109% 88% 80 82% 96% 101% 100 99% 103% 103 103% 44 89% 9% 93% 109% 96 1% 964 96% 89% Low. 102% 90% 100% 95% 101% 109% 88% 19%: 52% 96% 101% 29% 99% 103% 108 103% 43% 89% 99% 23% 109% 96 91% 96% 96% 89% 9% 94% 934 92% 81 6% 9% 9% 33% 53 101% 110 974 91% 2% 6% 107 91% 1% 94 96% 98% 86% 67% 83 104% 116 1124 Argentine 7s Austria 7s ctfs Belglum 7%s Belgium 6s Bordeaux 6 Brazil 7s. Brazil eseseee B Canada5%s1929.. & Canada 65 1931.... 22 Canada bs 1962....107 Chile 88 1946. .4 Chile 8s 1926. .o 11 Chile 8s 1941. . 86 Chinese Gov Ry 7 Copenhagen 534s.. 12 Cuba 5%s wi. 2 Czechoslovakia 8s. 21 7 10 Denmark 8s Denmark 6s Dutch E15%s.... 33 Dutch East I 6s'47. 20 Dutch East I 65'62. 66 Framerican 7%s. . French Govt 8s. ... French Govt 7i%s.. Japanese 1st 438, Japanese 2d 4%s. . Japanese 4s. Jergen U M 6s'47. Lyonsés....... Marseilles 6s Mexico 4 Mexico Bs. .. Netherlands 6s Norway 8s Norway 6s. Orient Dev deb 6, Paris-Ly’'s-Med 65 Prague Tis. .. Queensland 7s Rig de Jan 85 1946. Rio de Jan 8s 1947. Rio Gr Do Sul 8s. Sao Paulo, Sao Paulo, Seine, Dept of, Serbs Crotes Slo 88 Soissons 6s. .. Sweden 6s. ... Swiss Confed 8s. . . Ud Kingm 5148 °29. Ud Kingm 5345 '37. 40 Uruguay 8s 99% 86% 68 83 106 116% 112% 102% 101% 102% 102% MISCELLANEOUS. Ajax Rubber 8s.... 1 93% Am AgrChem 7%s 3 97% Am Chain s £6s'33. 11 94% Am Smlt&R 1st 5s. 12 90% 101% 102 116% 9% 100% 974 84 98% 95 98 9014 93% 974 94 90% 101% 101% 1154 97% 100% 97% 837% 98% 94% 9% 90% 93 973 Am Sugar Ref 6s.. AmT&Tcv6s. ... AmT& Tcltrbs.. Anaconda cvdb 7s. Anaconda 1st 6s. .. Armour & Co 4148. Atlantic Refin 6s. . Barnsdall s f §s Bell Tel Pa §s rei Beth Steel 5325 '63. Beth Steel rf bs. Beth Steel s £ 6s. .. Bklyn Edison 7s D. Bkiyn Ed gen 6s. . Central Leather 58 Cerro de Pasco 8s.. Chile Copper 8s. Con Coal Md 1st 5s. Cuba Canecvd 8s. Det Edison ref s6. . Du Pont de N 7i4s. Dugquesne Light 6s. E Cuba Sug 7%s Empire F&G 7%s. Fisk Rubber 8s Gen Elec deb bs... Gen Refracties 6s Goodrich 63s. ... Goodyear 851931. . Goodyear 85 1941.. Illinols Bell 1st 5s. Indlana Steel 5s. Int Mer Marine 6s. Int Paper 15t 55 A. Int Paper 1t 58 B.. Kayser (J) 7 . Lackawa S bs'50. . Liggett & Myrs 6s. agma Cop cv 7, Manati Sug st 75 Marland Ol T%s. . Marland O T3%s w Marland Oil 8s '31. Marland Oil 8s w. . Mexican Petrol 8s. Mich St Tel 1st 5s. Midvale Steel 53 Morris&Co 1st 4 New Eng Tel bs. .. Y Edsn 1st 63%s. NYG EL H&P 5s NYG EL H&P N Y Tel 6s°41. NY Tel6s'49. NYTel 4%s...... {N Am Edison 6s. .. | Northwst B Tel 7s Otis Steel 8s Pacific Gas & EI bs. PacT & T 53°52.... PhilaCoref 6sA. . Pierce-Arrow 8s. | Public Service 5s. . i Punta Alegre 7s |Sacks & Cosf7s. Shar,a St HSs.. Sinclalr O11 7s. Sinclair Oi1 6% w i Sin Crude Ol1 5%s. Sin Crude Oil 6s St Pipe T Ine 68 South Bell Tel So Por Rico Sug 7s. St Oil of Colif 7s. .. Tcan Elec Pow 6s. Tide Wat Ol 6%s. . Unit Drug cv 8s. U S Rub 1st rf bs. USSteelsf8s.... Utah Pow & Lt bs. Vertientes Sugar T - _-Car Chem 7s... 25 Va-CarC 7T%8w. 38 West Union 63s. Wickwire Spen 7s Y7ilson & Co 1st 6 Wilson&C ov 7% Wilson & Co cv 6s. 87% ‘Winchester A 7%s. 5 103% 1033 WOOL TRADE BETTER. Special Dispatch to The St BOSTON, July 27.—Manufacturers manifested a greater interest today in wool, good prices for next season having been announced. Cancellations of orders for fall goods were cut down, thus tending to end one trade problem which was becoming serious. Three-eights blood wool was active, gelling at $1.06 clean basis, with some dealers claiming higher prices. Australlan _wools are scarce, but sales were made for the 66's and 70's at $1.20 to $1.21. Receipts here yes- terday were 2,087 bags of doméstic and 500 bales of foreign wool. i _——————— NEW LINCOLN RECORD. DETROIT, July 27 (Special).—The output of the Lincoln factory in the last week reached a new high point ‘with 210 cars. The former record was 206. FLOUR SHIPMENTS DROP. PHILADELPHIA, July 27 (Special). —Falling off in foreign demand for flour has disarranged the plans of northwestern millers who had leased jer space for their products. This lour. now is being distributed from here to the east and south. BAR SILVER RATES. LONDON, ,July 37.—Bar silver, 30 13-16d ped ounce. - Money, 1% per cent. Discount rates. —Short bills, 3 per cent. Three-month. Dills, 3%a3 3-16 per cent. NEW YORK, July 37.—Bar .silver, 62%. Mexican aog-. 15. 964 12 98% 99 120 105 121 108 99% 851 76 974 109% 98% 82 106% 106% 94 93 107% 98 90% 9014 100% 71 8334 108 102 99 963 94 98 7% 843 95% 9974 103% 941 1021 111% 86 102 87% 9% 81 67% 109 93 26 97 9074 100% 71 83% 108 102 99 96% 94 98 97% 84% 95% 99%, 103% 943 102% 12 86% 102 87% 973 81 6T% "9 94 26 97 87% 10335 5 6 2 3 1 5 , 4 - THE EVENING STAR, WASHINGTON, D. C, FRIDAY, JULY 27, 1923. "ON NEW YORK BONDS STOCK EXCHANGE | Received by Privats Wire Direct to The Star Office. {Tnion Pac cv 6s. RAILROADS. . High. Atchison gen 4s l"&: Atchison adj 4s. ... AtlanticCLcl 4s.. Close. 80% 80% 80% 5% 8 80% 65 BkIR T 78 '21 ct. BkIR T 7s'21 ct st. Buff R&Pitt 4148 Cunad Pac deb 48 Car Clinch & O 5s. . Car Clinch & O 6s Central Pacific 48 Ches & Ohfo cv b Ches & O cv 4% Ches & O gn 4%s. Chl & Alton 3s. Chi & Alton 3%s... Chi B&Q gn 4 5§ Chi B&Q 1st rf 6s.. Chi & ETll gn Bs. .. Chi Great West 48. C M & Puget Sd 4s. ChiM&S P rt dbis. ChiM&St P cv 68 Chi M&St P 48 '26. . Chi M&S P cv 438, Chi&N W 6%s.... Chi RT& Pac ri ChiUn Sta 4% Chi & W Ind cn 4 Cleve Term 5s. CCC&StLrfésA.. Colo & Sou 4%;s. Cuba RR 7%s. C5%aRRGEs.. Den & Rio G cn 4s. D&RG st rfbs.. Det United 4%s. Erie 1st con 4s. . Erie gen 4s. ErieconvdsA. Erfe conv 4sD. Grand Trunk 7s Gr North gen 7s. Gr North gen 5148 Gr Trunk st db 6s. . Green B& W db B. Havana ERL&P 53 Hud & Man ref bs. . Hud & Man aj 5: 111 Central ref 4s 11l Cent ref 68 '56 111 Central 5%s Int Rap Tran bs. Int Rap Tran 7s. Int Rap Tr 58 stpd. Int & G Noraj6s. . Int & G Nor 1st 6s. TowaCentrf 4s.... Jowa Cent 1st bi KansagCity S 3s Kansas City S bs Kan City Term 4 Lake Shore 45 '28.. ke Shore 4s'31. . ouls & Nash 63 Market St cn bs MIEIRy&LS M&StLTe ex bs. .. M&StLlstrf 4s.. StLIM&S4s'29. M StP & SSM 6%s.. MK&TI1st4s. .. MK&TprinbsA. MK&T4sB.. MK&T6sC. MK & T adj bs.. Mo Pacific 6s. ... Mo Pacific gn 4s... 81 Montrl Tm 1stbs.. 5 New Or Term 4s 1 NYCentgen3%s. b N Y Centdeb6s. ... 64 NY Centdeb 4s.... 13 NYCentribs.....62 New Havencd 6s.. 17 New Haven 7s fr NY W & Bos 43s. 15 Norfolk & W cn 4s. 28 Northern Pac 31 Northern Pac 4s. Northn Pacr i 68 Northern Pac 6s D.. O Short Licn b8 '46. Ore Short Liref 4s. Ore-Wash 1st rf 48 Pennsyl gen & Pennsyl gen 4%s Pennsyl 6%s. Pennsyl gold 7s. Peorfa & E Inc 4s. . Pere Marq 1st bs. .. 93 83 20 B4% 103 4% 76% 64 8444 50% 93 634 88% 4% 3% 104 89 95% 54 b7% 35 89% 60% 831 1067 938 10214 924 9% 100 89% 1084 108% 21% 94% 67% 87% 61% 6% 6 67% 65% 4% 7154 42 281 63% 91% 86 804 9% 67% 101% 56% 48 95 92 83% 954 103% 24y 954 60 80 14 44 9 37 =x . 67 50 6 Rapid Tran 6s w i. Reading gen 48 Rio G West cl 4s. RIArk & L4%s... St L IM&S R&G 4s. : SF adj 6s... San A & Arn Pds.. Seab’d A L ref 4s Seab'd A L adj bs..107 Seab’d A L con 6s.. 22 Sou Pacific cv 4s. .. 24 Sou Pacificref 4s.. 21 Sou Pacificclt4s.. & Southern Ry 1st 8. 6 Southern Ry gn 4s. 29 Southern Ry 64s.. 9 Third Averef4s... 1 Third Ave adj5s... 2 Tol StL & W 3%s. 20 Union Pac 1st 4s... 38 Union Paclstrfds 1 i £8% Union Paccv 4s. 14 95% 10374 84% 854 60% 80 Virginia Ry 1st 5 Wabash 1st 5s. Western Md 4s.... 12 Western Pacificss. 3 West Shore 1st4s. 2 80 80 Whel&LErf 43%s. 1 48% 48% TOTAL SALES (Par Value) ilam.. 1736000 12 noon 1pm.. 4020000 SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) ¥wk 108 92 Prt i 101 102 01 i Aluminum Co. of Amer. 7s 1925. ‘Aluminum Co. of Amer. 7s 1038, American Cotton Oil 68 1924. American Sugar 6s 1687, pe Anglo-American Ol Tis i Bell. Tel. of Canada 7s 1925. Canadian Northern 5lgs 1924, Cent. Argentine RI’{, Gs 1027.. I Leather bs 1925.. . . C. & St. L. 6s 1920. Federal St 4 Goodyear T. & R. Great Northern B Hocking Valley 0s 1924. Humble Oil 53s 1932, Kansas City Term. 6s 1923 Kennecott Copper 7s 1830, Libby, McNeil & Libby 7s 1081. M., St. P. & 8. 8. M. 843 198 Morris & Co. 738 1880. Penna. R. K. 78 1980. St. Paul Union Depot 54 Sears, Roebuck & Co. Switt & Co. 58 1032, Tidewater Oil 8% 1931 ion Tank Car 7s 1980. S. Rubber 7gs 1930 Western Union S%s 193 Westinghouse B. & M. Ts 1981 —_— TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) s September 15, 1823... s September 15, 1923... December 15, 1928... 4148 March 15, 1924. s September s March 15, 1625, une 15, 1925.. s December 15, " 1025. s March 15, 1026.. s September 15, 1626... s March 15, 1627....00 1008 s December 15, 1027... 99! _— ‘WOULD BUILD NEW LINE, The American Niagara Railroad Company asked the Interstate Com- merce Commission today to allow it to build ten miles of new road, from Tonawanda, N. Y., to & connection with the Canadian Niagara Bridge Company on the international border. JUNE NET INCREASES. BALTIMORE, July ‘27.—Net earn- ings of ‘the Western Maryland rail- way for the month of June were 150,854, as compared with $4,604 for fune, 1922. Operating revenues were $2,084,416, an increase of §312,84¢ over June, 1 100116 -16 100 132 1001-16 100532 101316 1015-18 101116 101 8-1¢ 100 99! 100 l 15 5 % a8 & 7 FINANCIAL. Grain, Prgduce and Live.j’gock LOCAL WHOLESALE MARKET. Spring chicken prices are gradually dropp!i Deg°™ say, however, that prices probab'¥«will not reach the low mark th&f prevailed before the war. Receipts are larger than they $10,000,000 BOND SALE IS PLANNED were some time ago, and the demand Step IS to Further Farm is only fair. This morning's prices were quoted at 28 and 82 cents, extra fancy stock bringing several cents more. The market also was a trifle easier on hens, the demand not being great. A decrease of 1 cent a pound was re- ported. Egg prices were much easier than they were last week. Candled stock sold at 25 and 26 cents, case counts being a trifie lower, Eggs—Strictly fresh, selected, can- dled, per dozen, 27a28; average re- celpts, 25; southern, 24. Live poultry—Roosters, per 1b., 14; turkeys, per 1b., 25; spring chickens, per 1b.,, 30a35; keats, young, each, 40; fowls, per 1b., 25. Dressed poultry—Fresh killed spring chickens, per Ib., 40a46; winter chick- ens, peri 1b, 36; hens, per lb., 30; roosters, per Ib., 18a20; turkeys, per lb., 35a40; keats, young, each, 60. Live stock—Calves, cnoice, per Ib., 9; medium, per lb., 8a8%; thin, per 1b, 6a7. Lambs, spring, per 1b., 12% live pigs, ~ 3.00u5.00 each; live hogs per Ib., 8i Green fruits—Apples, new, per bas- ket, 1.00a2.60. California oranges, per crate, 6.50a6.00; Florida, 3.00a6.00. Lemons, per box, 6.00a6.50. Grape- fruit, 4.00a4.50. Blackberries, per qt. 7a12. Peaches, 1.00a3.00. Cantaloupes standard, 2.00a4.50; pony, 1.76a3.25: flats, 1.26a1.80. Black raspberries, 16 a20;'red raspberries, 25a40. _Vegetables—New potatoes, per bbl., No. 1, 4.60a5.50; No. 2, 2.50a3.00. tuce, ‘per crate, nearby, 50al.0: York, - 26a125. ' Romaine lettuce, per crate, 1.00a2.00. Cabbage, nearby, 1.50 a2.50 per bbl. Eggplant, per crate, 2.0023.50. Tomatoes, i bushel bas- Ket, nearby, 26a75. Beans, per bbl. Peas 21.50. Kale, per bbl, 2.50a4.00. Celery, per crate, w _York, 6.00a10.00. Squash, 25a50. North Carolina lima beans, 2.50a5.00 [ partment at 6% per basket. GRAIN AND PROVISIONS. BALTIMORE, Md., July 27 (Special). —Potatoes, new, barrel, 1.50a5.00; bushel, 75a1.76; sweet potatoes, bar- rel, 6.00a12.00; beans, bushel, 75a1.25; lima beans, bushel, 3.00a3.50; beets, 100, 4.00a6.00; cabbage, 100, 6.00a12.00; carrots, 100, 4.00a6.00; celery, dozen, 50a1.00; corn. dozen, 10a30; cucum- bers, basket, 50a60; eggplants, basket, 1.50a1.51 lettuce, bushel, 50a90; onions, bushel, 75a1.50; peas, bushel, 2.26a2.60; peppers, basket, 75a85 squash, basket, 20a. tomatoes, basket, 50al.0 barrel,’ 1.00a250; 25a1.00; basket, 16a35; blackberries, quart, 12a 20; cantaloupes, basket, 76a1.503 cher- ries, pound, 10al5; currants, quart, 15a18; huckleberries, quart, 14al$; peaches, basket, 50a%5; plums, basket, 40a80; raspberries, pint, 10a 12 ;watermelons, each, 20a50. Settling Prices on Grain. Wheat—No. 2, red winter, 108%; No. 2, red winter, garlicky, spot, 1.01%; No. 2, red winter, gar- licky, spot, 98%; No. 4, red winter, garlicky, spot, 56%. Sales—Bag lots of nearby sold at a range of 72 to 96 per bushel. Corn—Cob, new, 5.00 per barrel; contract, spot, 923 per bushel; No. 2 . 94%; track corn, yellow, No. 2 or_better, 1.06% and 1.07 per bushel. Sales—None. No. 2, 52ab2%; No. spot, Oats—White, 2, white, 50%a51 per bushel. Rye—Nearby, 80a85 per bushel; No. western export. 74%; No. 2 rye, spot, 75% per bushel. Hay—Receipts, 88 tons. There is no &urplus offerings of the better quali- ties of old timothy and light mixed clover hay, for which there is a fair demand at & range of 20.00 to 25.00 per ton. Low grades of old hay, as well as new hay arriving in heated condition have no settled market value. Straw—No. 1 tangled rve, 16.00; No. 1 wheat, 12.50a13.00 oat, normal, 14.00a15.00 DAIRY PRODUCTS. BALTIMORE, Md., July 27, (Spe: cial)—Live poultry: spring chickens, pound, 28a34; leghorns, 25a30; old hens, '21a25; ' leghorns, 18a20: old roosters, 14a15; ducks, 20a25; pigeons pair, 20a25; eggs, loss off, native and nearby firsts, dozen 24, southern 23. Butter; creamery, good to pound, 37a41%; prints, 41a43; creamery, 36a3%; ladles, 34ads 30a32; _storepacked, 29a30; prints, 30a32. - TODAY'S CHICAGO PRICES. CHICAGO, July 27.—Influenced by liberal recelpts here, favorable weather northwest, and by weakness of deferred deliveries at Liverpool, wheat under- went a moderate sag in price today, dur- 2 2 15.00a No. 1 earby market was bearishly affected by a downturn of values in the corn market. Later, however, reports of rust danger in Canada brought about a rally. The opening, which ranged from 35 to & lower, with September, 6% to 97, and December, 1.00 to 1.00%, was followed by a slight further setback and then an upturn to about yesterday's finish. Rains benefiting the new corn crop led to declines in the price of corn and oats. After opening % to T lower, September, 77 to 77%, the corn marke declined & little further and then re covered. . ats started % off to % up, Septem- ber, 3534 to 35X, and later ‘continued 5. Lower quotations on hogs weakered the provision market. WHEAT— Open. July .Wlh Low, EiA 981y 100 57 761 ki ima’ 1,004 87 7 Beptember . December CORN— Jaly Septem December OATS— July . Beptember December LARD— September October .. Septembe ptember 8.45 October 837 CHICAGO LIVE STOCK MARKET. CHICAGO, July 27 (United States Department of Agriculture).—Hogs— Receipts, 42,000 head; around 10 higher on good kinds; little doing on others; bulk, 160 to 240 pound aver- ages, 7.50a7.65; top. 7.75; bulk, good and choice, 250 to 300 pound butchers, 7.36a7.50; packing sows, mostly 6.10a strongweight pigs, mostly 6.75a heavywelght hogs, 7.00a7.55; m, 7.35a7.75; light, 7.15a7.75: light -light, 6.90a7.60; packing sowe, smooth, 6.00a6.40; packing sows, rough, 65.76a6.00; killing pigs, 6.25a .25, ; Cattle—Receipts, 4,000 Itead; slow, uneven; few steers and yearlings of value to sell above 10.00; early top, 10.80; bulk beef steers and yearlings, 7.50a9.50; plain weighty steers sharp- 1y lower than week ago. Bulk receipts augmented bx accumulation from earller in the week; In-between grades she stock very slow; canners and grain-fed cows and helfers fair- ly actlve; canners strong to 15 higher than in most instances; bulls very largely steady; best bolognas around 5.26; outlet for vealers rather narrow; market mostly 50 low- er; packers taking best vealers at 10.00810.50; outsiders upward to 11.00; stockers and feeders strong at week's downturn. 1,000 head; fairly Tt 100 873 7 633, 1% ‘85 k44 10.82 10.95 8.47 10.85 10.95 847 10.80 10.90 8.45 10.80 10,0 Sheep—Recef active; fat natlve lambs, 12.00a12.25; generally steady, sorting considered; others and sheep steady; four doubles fat western lambs sorted 25 per cent, ; Montana _feeding earlings, 10.00; fat, two and threes, .50 medium and handy weight ewes, 5.0026.50; heavies, 3.50a4.26; lighte welght upward to 7.00. s el AT Miss Hilda M. Johnson, years old, of St. women's marathan having danced 132 hours and 3| utes. * L) | fancy, | providing _for ing the early dealings Besides, the |timore Le; elghteen | A, 5 lays claim to the [ sion of the thirty-first annual con- nce record, she | vention of ‘the organization. Credits—Local Stocks Active. Negotiations have been complete looking to the sale of $10,000,000 in debentures of the new intermediate credit banks, representing the firsr Installment of a series of similar i« sues designed to finance the new fary credit system The first debentures will bear i est at 4% per cent, and wi maturity in six months. Other iseucs will follow at short periods until $60 000000 has been raised, to be adde to the like sum appropriated by Co; Bress for use as a working 1 Officials of the Farm Loan Boar declined today to comment on a sug gestion put forward b; zations that the government adva credit against wheat held in far warehouses. It was sald certificatio of a warchouse as acceptable for stc age was left by the statute to Department of "Agriculture, and t board would follow the recomme tions of that department ‘Washington Stock Exchange. Well variegated trading at changed to slightly lower prices proved the note of the day on th. Washington stock exchange this morning. Popular issues predom inated. Lanston Monotype sold to the e tent of twenty-six shares at 74, and Raflway common again broke int. the sales column, at 65. ten share: changing hands. Gas stock eased of to 49% and %. Capital Traction h e have farm orgar 2.008.50 | firm at par and a quarter, and Mer- 2.00p3.00 per basket. | chants Bank and Trust Company 8ol Peppers, per crate, North Carolina, 1.00 [at 1.271; i Fifty shares of umb; er bbl., 75a1.50. Spinach, | Title Insurance Company brought 6% and eleven shares of Departmen Bank were sold in the unlisted d and 6, the trend being downward. Bonds were almost neglected, $3,501 Railway 4s seiling at 713% and %, and $500 Traction 5s at 963 Sult Against Directors. The sult filed in New Jersey char cery court recently by the Universal Security Company to recover §3,427 000, alleged to have been used ex travagantly in the construction of Co lumbia Graphophone Manufacturing Company plants at Baltimore, Md and Toronto, is against directors in dividually, two of whom are stil members of the board. This is the second action of a sim ilar nature brought by the Universal Security Company of Jersey City. The first. against the company, was dis missed In U. S. District Court at Wil- mington, Del, in February, 1922, on the basis of statements flled by the company showing that creditor in terests had consented to an extension of their claims. It is understood tha: plants referred to in the complaint are not now operating. Columbia Graphophone Manufactui ing Company has been endeavoring to dispose of large surplus factory fa cilities, as well as excessive inver torles, commitments of raw materials and finished products. In November. 1922, its British subsidiary was sold and a satisfactory working agreement entered into with the purchaser pro viding for the continued marketing of the company's products abroa This pollcy has been followed in 1 and in January, sale of the dictaph department was complet In_Jun Gimbel Brothers purchased 33,001 grafonolas, having a _retail marke price of $7,500.000. Further act along these lines is expected to bring about a readfustment of the con pany’s present financial situation. The showing of the company dur ing the past three years has beel most discouraging. The 1922 disclosed a deficit of after all charges, depreciation and inventory adjustment. against a los of $15710,330 in 192i. making tota the profit and loss deficit, $21,903.457 as of December 31, 1922. Columbia Graphophone turing _ Company has outstan $9.642,672 of preferred stock: §6,512 common and $6.000,000 year 8 per cent notes due August 1925. These notes are a_ direct ob ligation of the company, but not se cured by a mortgage, ~Interest was paid_to April 1, 1922, and a plas the freezing of the entire debt from that date to August 1, 1026 became operative May 17 1022 The notes are now selling around 12, the preferred at 4%, and the common at 1. which would seem to indicate that the most drastic sort of reorganization or receivership has been discounted marketwise. B. and 0. Income Increases. Net operating income bf the Bal- and Ohio Ratlroad Company for the six months' period of 18 amounted to $22,825.908, as again: $14,580,295 earned in the correspon ing period of last year, or an increass of $8,245,613 for the period. During the month of(lunla the car_ howed an operating income of ;:?gotl.aso. in contrast with $2,686,832 for June, 1922, an increase for the month of $1,338.258. Operating reve- nues for the period amounted to 32Z.- 515,645, expenses to $17,278,011 and deductions to $1,232,944. Banking Situation Quiet. The government of Colombia has advised its lagation hero under date of July 23 that the alarm which broke out among the people of Bogotg a few days ago, and caused the closmg of the Banco Lopez, has been allayed. due to active steps taken by the gov ernment and the foundation of the Banco de la Republica, which recently started operations. The situation is reported as again being normal and tranquility reigns in banking and commercial circles there. Manufac raus Buys Bond Issue. S. W. Straus & Co. have purchased an issue of $8,250,000 first mortgage 6% per cent three to twenty Year serial coupon bonds of the Develop- ments Corporation of Detroit, Micl |'a subsidiary of the Book Estats The security i the land and tw ty-nine-story Book-Cadillac H now being erected in Detroit. Tn est coupons are payable October 1 and April 1. J. B. Book, jr., is president of the borrowing corporation. The Book-Cadillac will be the tall est transient hotel in the world and will represent an investment of &r- proximata.y $14,000, North American’s Surp Report of the North American Com- pany and subsidiaries for the twelve months ending June 30, 1923, shows a surplus of $13,483,254 after taxes, in- terest nad preferred dividends, but before depreciation. This is equiva- lent to $5.56 a share (par $10) earned on 2,420,249 shares outstanding com mon stock, as compared with $7,334 387, which, computed on the basis of the present $10 par value common stock, was equivalent to $4.22 a share on 1,738,620 shares outstanding in previous twelve months. Personal Mention. Charles E. Bright, manager of the Washington Clearing House Associa- tion, has returned from an extended vacation in Wisconsin, where he the guest of his son. Frank Owings, assistant cashier of the Bank of Commerce and Savings, leaves for Atlantic City tonight for a two-week vacation. WOMAN IS CHOSEN. these 12.75; culls, | Heads United States League of Loan Associations. TACOMA, Wash,, July 27.—Anne E. Rae of Niagara Falls, N. Y., was elected president of the United States Local Building and Loan Cleve- the 1924