Evening Star Newspaper, September 10, 1923, Page 16

* STODKS SELLOFF - INLATE TRADNG gbopper Shares Lead Earlier { Advances on Favorable Rumor From Ruhr. ¥ BY STUART P. WEST. &..mal Dispatch to The Star. . NEW YORK, September 10.—Stocks {today were pursuing a rather {rregu- flar course until the report reached }\'a” street toward the close of the fsecond hour that Germany had aban- foned her policy of passive reésist- ;m in the Ruhr.. Confirmation did Mot seem necessary to arouse specu- Hative interest, and the share list de- veloped renewed activity and prices iraliied. The advancé was orderly; owever, and was most noticeable in the coppers. They gained more than T point In mokt instances within a hort time on the idea that the cop per companies would be among. the 1irst to benefit. Coppers In Greater Demand. Continued confidence in the money mituation and favorable trade reports had evidently been discounted. ‘The market absorbed: with marked firm- ness what selling occurred and seem- ed Inclined to turn its face toward constructive factors. i The coppers, notably Utah, Kenne- cott, Chife, Cerro de Pasco and Ameri- can Smelters, were in greater demand than thev had been at gny time dor- ing the summer. Germany. before the war was the largest buyer of copper. It has been sald all along that if this Dbuying power were restored it would react favorably upon the copper com- panics Soutlhiern Raflway’s outstanding strength on a large volume of busi- ness was a feature. Thix was due to high earnings, the report that a divi- dend would bé paid before the end of the year and to the advance in cot- ton prices. Other railway issues were firm. Can Stocks Very Strong. Contimental Can got to another new high and -gave evidence. of .strong support approximiat $12_a share, against the $4 dividends. American Can also strong most of the time Oil shares as a whole held their ground v well, with improvement in Skelley and Cosden and a new low for Middle States Oil. Cosden was expected to act favorably on the div dend today, while Middle States post- poned dividend action. The street was curfous to know the igin of the heavy buying in South-'| ern Rallw common stock and wondered what connection it had with the stories recently put out re- garding efforts of certain interests to quire & control of the outstanding ock. These interests, were credjted with the desire to force the payment of dividends on the common in view of the exceptionally high earnings, which, they argued, officials were bent upon turning back to property fmprovement. Middle States Oit Tumbles. Middle States Oil sold down to its fowest for 1923 in response to the announcement that the directors had jiecided to postpone dividends because Hf the existing conditions in the oil fndustry. It was pointed out by slirectors that the necessity for stor- fng oil and idea that supplies pccumulated current low . prices how would yleld substantial profits jater, influenced a conservative divi- flend pelicy. I Skelly Ofl was inclined t» recover ©ore of the ground lost in the gener: § ‘cline of the oil shares a few months 4 0, and whether the buying was due 1. short covering or to atcumulation ' the current low levels. of the oils fonerally, it was significant. Sugar Stocks Score Gains. Little attempt has been made re- #antly to quicken speculative enthu- slams regarding the shares of the Cuban _sugar-producing companles. Today during the periods of strength in the general market the sugars such #s Cuban-American, Cuba Cane pre- ferred and Punta Alegre gained mod- Prately, but thelr action was not at a1l impressive. The demand for re- fincd sugar has increased in the past ten days and raws have been firmer. §mprovement is looked for and the street has shown slightly more inter- st in this group of stocks i Declines in Late Trading. { Midway through the afternoon fol- owing a briet .spurt of buying, the arket quieted down agaln with fractional recessions in the more active industrials. The advance tovk I some of the steels, motors and a umber of miscellaneous speculative vorites. Baldwin . Locomotive, tudebaker, American Can and United tates Steel common all bettered $heir final prices of Saturday, but fell ghort of the top prices reached last week % Immediately after the announce- ment of the tonnage figures Steel Qommon advanced. well above Satur- day's closing figure Announcement that the xovernment September financing would take the form of a $200,000,000 issue of six months' certificate 'of indebtedness Hearing interest at 41 per cent was mot unexpected and has comparatively Ifttle effect on the markets. “1t was simply an indication that the government had not found it or expedient to offer a long t ue at this time. The short ;Exn. obligations naturally are of jore interest to banks than to in- alvidual investors. MARKET CLOSES FIRM. German Reports on Passive Resist- K ance Aid Values. BY the Associated Press. NEW YORK, September 10.—A mod- efate advance in prites took place in teday's stock market upon publica- tion of cable dispatches indicating Germany was about to cease passive resistance in the Ruhr. Copper shares were particularly strong. Foreign ex- change rates and cotton futures also Improved. Sales approximated 600,000 shares. The closing was firm. Profit-taking sdles brought about slight reactions In some of the active shares in the late dealings. but a number of spe- clalties, particularly Woolworth and Kresge, were bid up sharply. 4 ———— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hil . September 10, 193311 s> & %) Nominal ' Selling chacks NI‘fl .'&ll. tod: . 100 b Lovdon. pound.... Mantrea!. doilar. Payis, franc.. us. Brusssls, franc. Berlin, mark Rome,’ Nra.. Zupich, frane. Badapest, Pmgue, crown. ‘Warsaw, mark. Capenhagen Chyistiani Stpckholm, crown. . By the Associated Press. EW_YORK. September 10.—For- gn exchanges irregular. (Quota- s in United States dotisrec) =, itair, demand, 4.53; cablps, 4.53: ixty-day bills on bank : demand, .0558%; i ot B elgiumy, demand, 0465 ; cables, .0466. ‘many, d:- niand. .000000023%; cables, .00000002%. l%ll.nd. demand, .3925; cables, .3930. N demand, .1614; Sweden, d miahd, .2654; Denmark, demand, 1814 Syitzerland, demand, .1196; Spain, de- miand, 13441 Greece. demand, .0195 Ppland. demand, .060004; Czecho slovakia, demand, .0299; Jugoslavia, dergand, ' .0108; Ahstria, - - demand, .000014; Rumania, demand, .0045% 1620 2608 i Argentina, demand, ..3387; Bragil, de- Tex.. : e (Mo Xan & u npnd, . § Sow Earnings are at the rate of | FINANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Ajax Rubber. ... Allied Chem. Allis Chalmers.. Allis Chalm pf.. Am Agr Chem Am Ag Chm pt. Am Beet Sg pf. . Am Bosch. Am Can AmCanpf,...., Am Chain (A)... Am Cotton O1l. . Am Druggist. .. Am Expres: Am Ic Am Interna Am Linseed. Am Linseed pf.. Am Locomotiv Am Metals. . Am Safe Razor Am Smelting Am Steel Fay... Am Sugar. Am Sugar pt Am Sumatra. ... Am Tel & Taleg. Am Tobacco. Am Tobac (B) Am Tob pt (n).. Am W W 6% pf. Am Woolen. ... Am Woolen Am Writ Prpt. . Am Zinc & Lead Annconda. Ann Arbor pf. Arnold Constab Asso D Goods.... Associated Ol : Atchison. . Atchison pf..... Atian Bir & Atl Atlan Cst Line. . Atlantic Fruit Atlantic Guit. Atlas Powder. .. Austin Nichols.. Auto Knitter. .. Baldwin Loco. .. Balto & Ohlo Balto & Ohlo pf. Barnesdall (A). Batopilas Min. . Bayuk Bro 1st pf Beechnut Pack. i Beth Steel Beth St1 7% (n). Beth Stl 8% pt Eooth Fish.. Bklyn Edison. .. Bklyn Rap T 1p.. Burns Bros (A). Burns Bros (B). Burns Bros pf i Butte Copper. | Butte & Super. { Calif Pack. | Calif Petroi. | Cullaban Zinc “ Calumet & Hecla | Canugiun rac... Case (J I) pf Central Leath. .. Cerro de Pasco.. Certain-Td 1st.. Chandier Mot... { Chesap & Ohlo Chi & Alton. Chi & Alton p! | Chi & E 1l pt. ChiGrt West. Chi Ml & St P... Chi Mil &St P pt. Chi & Northwn. { Chi Pneu Tool ChiR I & Pac. LChl Ri&P6% pt. Chi R I&P 7% pt Chile Copper . Chino Copper. Cluett Peabody. Coca-Cold...... Colo Fuel Colo & Sou Colo & Sou .. { Columbia Gas. Columbn Carbos Comp Tabulat. .. Cons Cigar. . Cons Gasof N Cons Textlle Cont Can.. Continental Mot Corn Y'roducts. Cosden & Co. Crucible Steel. .. Cuban-Am Sug. Cuba Cane Sug Cuba Cane S pf.. Cuban Dom'can. i Cuyamel Fruit. . Davidson Chem. Del & Hudson. .. D Latk & West. l ! Dupont (k1) Dupont deb. Eastman Kodak Elec Stor Bat. Erle zd pt Famous Players ed Mines & S. Fd Mines&S pt Fisk Rubber. Fleishman. Foundation Co Freeport Texas. Gen Acphalt. Gen Eiectric. Gen Elec spl. Gen Motors. .. Gen Mot 6% deb. Gen Mot 7% deb. Goldwin Corp. Goodrich. . Granby Consol Gray & Davis. Gt Northern pt. Great Nor Ore. Gt West Su pf. Greene-Canan Gult St Steel. Harbishaw Cab. Hartman Corp Hayes Whee! Houseb'd Prod Houston Ofl..... Hudson Motors Hupp Motors. Hydraulic Stl. Illinots Central. Ind Oll & Gas. Indlahoma. Inland Steel. Inspiration. interb Rap In Ag Chem pf. In CombustE... Int & Grt North. int Harvester. Int Mer Marine iot M Marine pf. Int Nickel 1ntl Paper Int Tel & Teleg. Invincible Oil. Iron Product. Island Oll... Jewel Tea pf. Jones Tea. . Kansas City S.. K C P&Lt 1st ! Kayser (Julius) Kelly-Spr Tire Kenneoott. eystone Tir nney G R. Kresge (8S).. Lehigh Valley. ima Locomo. Loews Inc. Loose-Wiles. ... Louis & Nash... Mack Trucks. Mack Truck 2d Mackay Cos. Macy Co,.. Manhat EI Sup. . Mallinson & Co. ‘Manatl Sugar Maracaibo Oil Mariand Oil Martin-Parry. Mathison Alkill. Maxwell (A)... Mazwell (B May Dp Store, Mclntyre Por Mox Seaboard. . Mtami Copper. . Middle St O1l... Minn & StL (n). Oper. High. Low. Closs. 6% 8% €T 44% 92 16% 39 2 33% 29 108% 10% 154 82% 97 17 26 19 9 59 30 108 19 87% o 85 36% 82 50% 26% 20 1% 106% 4% 3 4% 28% 14% 124 28 16% 76% % 27 12% 43 81% 62 18% 27% 29 48% 43 13 T8% 16% 8% 23% 5% 1% 6% 7% 449 92 “16% 30% c2 84 99% 108% 22% T 4% 9% 96 19% 21% 41 5 45% 6 60% 56% 66 101% 24 126 149 11 82% 97 17 26% 19 9 59 30 108 20 66% 4% 22 15% 39 92 33% 98% 108% 22% 7 4% 9% 96 19% 21 41 T4% dan 584 % ©5he 464 100% 116% 108% 6% 134 87 105 61% 14% 28% 1% 5% 10 40% 8 4 © 69% 18% 33% 174 10% 15% 824 97 17 26 18% 8 68% 30 106 19 SS’S‘ 7% % 85 36% 82 b1 26% 20% 1% 106% 4% 3 34% 29% 16% 12% 28 15% 6% % 85 36% 82 50% 264 20 1% 106% % 3 4% 28% 8% 66% 4d% 92 15% 39% .2 4% 984 108% 22% Th 4% 4% 6 19% 21% 41 % 45 [ 66 24 fri b8, o Gper. High. . Low.- 200 20% it 11 30% 30% 22% 22% 244 44 £ % 92 2 48 474 584 58% 23 93 % % 39% 89% 635 63% 129 2% 12 20 343 484 30 « 100% 5% 91 12% 104% 21% 60 32 1% 92 Mo K & Tex pf. Ma Pacific | Mo Pacific pf. Montg'y Ward. Moon Motor: Mother Lod Nash Motor: Nat Biscuit. . Natl Cloak & §. . Nat Cloak & 8 pt Nat Condait. Natl Dept Stores Natl Enamel. Natl Leaa. . Natl Ry of M 2d. Nevada Copper. N Or Tex & Mex. N Y Air Brake. . NY Air Brk (A). NY Canners N Y Central NY Chi & StL. NYC&StL pt(n). NYNH&Harttd. Norf & Western North Amer-. ... North Pacific. .. Ohio Fuel Sup. . Oklahoma Prod. Orphenm Cireult Orphewm Cir pf. Otis Elevator. .. Otis Steel. . Owens Bottle. .. Pacific Develop. Pac Gas & Elec. Pacific 1. . ... Packard Motor. Pan-Am Pete. .. Pan-Am P (B). Panhandle. ... Parrish & Bing. Penn Coal & Cke Pennsylvania. Penn Seabd Stl. People's Gas. Peoria & East. . Pero Marquette. Philadelphia Co Philip Morris Phillips Pete. . Plerce-Arrow Plerce-Ar pf... Plerce Oll, . Pitts & W Va... Postum Cereal . Pressed Stl Car. Produc & Ref. Pub Service Pullman Co Punta Alegre Pure Ol . R 58% By 40% 63% 129% 2% 12% 90% 35% 48 30 100% 5% 91 12% 104% 21% 60 82 1% 19 92 120 9% 45 % 82% 34 18% 59% 68 1% 11% 3% 43 33 93 10% 44 5% 17% 24 9% 238 2% 43% 58% 564 23% 46% 117% 52% 18% 13% 10% 5% 63 84 13% 9% 94 23 68% 48 19% 19% 43% 29 31% 8% 6% 103 8l 8% 82 16% 1% 26 k) 20% &3 15 49 40% 883 Ba% 69% 17 50% 2% 116% 88% TiH 106% £ % % 41n 58 204 39% 4% 83% i 130% T2% 107 2% 108 79% 11% 76 31 5% 17% 581 97 42% 25% 931 17 6274 16% 33% 11% 18% 9 29 17% 116% 10% 19% 58% 107% 81% 60% 8 14% 21% 1% 8% 1d Tran Sec. Con Copper Reading....... Reading 2d pt.. { Remington..... | Replogle Steel. . Rep Ir & Steel. . Rep Ir & Stl pf. Reynolds Spr. .. Rey Tobac (B). Royal Dutch. ... St Joseph Lead.. St L & San Fran St L&San Fr pf. St L Southwn Savage Armi Schulte Stores. . Seaboard Alr L. Seabd A L pt. Sears Roebuck. Seneca Copp Shell Tr & Tran. Shell Union Shell Union pf.. Simmons. Stmma 7 Sfnclair Ofl. . Sinclair pt 83 Skelly Ol 14 Sloss-Sheflield.. 49 So Porto Sugar. 42 South Pacific... 83% Southern Rwy.. 34% Southern Ry pf. 69% Spicer Mfg Co.. 17 StOll of Callf... B5O% Stand Ollof NJ. 32%4 StOflof NJpt.. 115% Stewart-Warne) 88% Strombg Carb.. 70% Studebaker 106 Submarine Bt 9% Sweets Co of A 1% 9% 4ln 58 193 38 55 83% 4 130% 2% 107 321 108 79% 11% o4 0% 748 17% 544 97 42% 25% 927 117 61% 164 34% 11% 18% 9% 28% 17% 115% 10% 18% 58% 107 814 60% T4 14% 21% 1% 8% 2¢ T 69% . 255 9% Tenn Copper. .. Texas Company Tex Gulf Suiph.. Texas & Pacific. Timken Bearing ‘Tobacco Prod... Tobacco Prod A. Trans Cont Oll.. Unlon Paeific. ... Union Pac pt. Un Tank Cr pf.. Un Alloy Steel. . Un Cigar St pf. . United Drug. ... United Ry Inv.. Utd Retail Strs. { USCastI Pipe. USCastlr Ppt. U 8 Hoftman M. USIndusAlco.. U S Realty, U8 Rubber..... U S Smelt&Ref. USSteel....... U S Steel pf... Utah Copper. Utah Securities. Vanadium Corp. Va-Car Chem... Vivadou.. Wabash.......e. Wabash pf (A). Waldort (new). West Elec pf Western Md.... Western Md. 2d. West Pac pf.... Western Unlon. ‘West Alr Brk Westhse EI&M. Wheeling&L E. Wheel & LE pf White Eag Oil. White Oil.. ‘Wickwire. Wilson Co. Willys-Overld. . Willys-Overl pf. Woolworth. Wright Aero. Youngstn Tube. 30% 4% 17 53% 97 42% 26 92% 17 614 1615 38% 11% 18% 9 17 2% 16% 34% 11% 181% 9% 29% 28% 17% 1% 116% 115% 10% 10% 19% 18% 58 58% 107% 107 81% 81k 60% 60% T 14% 21% 1% 8% 28 7 69% 255 5% 69% 69% High. Low. Call Money..... 5 % HOURLY SALES OF STOCKS. 11em.....185600 12m 276 500 .866800 2p.m 466 600 7 69% 259% 10 69% tast, & Market Flashes at Today’s Close The United Btates geological survey estimates production of anthracite coal for the week ended September 1 at 1,896,000 net tons, a decrease of 259,000 from the preceding week. Boft coal production was at a new high record for the year. Output totaled 11,633,000 tons, an increase. of 250,000 tons. Pennsylvania Power and Light de- clared the regular quarterly dividend $1.75 cumulative preferred. .Schulte Retall Stores- declared the regular quarterly $2 on the preferred stock. American Chain Stores declared the regular quarterly 50 cents dividend on the class A stock. New York bank clearings, $391,- 000,000. New York bank balances, $66,000,000. New York Reserve Bank, 63,000,000, Boston bank clearings, 48,000,000, Rise in Francs indicates that finan- cial centers believe that settlement ends between France and Germany. gnu djspatches over past week end state that sentiment in Germany I chrystalizing in favor of concessions to France as political and industrial situation is vastly becoming more precarious. Standard Oll of Loulsiana has re- duced crude oil 20 cents per barrel. Columbia Motor has reduced prices of its_special . touring .model from $1,095 to $995. Company also an- nouncee that & new model called, the Hollywood touring is now “tiom, "It wiil sell- for §1, 23% - NTEREST CENTERS IN FOREIGN LIST Lfbe'rty Bonds Also Draw A tention in Trading Today - in Bond Market. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. $ NEW YORK, September 10—Except for strength in foreign issues today" bond market was dull and mostly un- changed. The advance in the foreign’ list followed the receipt of a report |that Germany had decided to abandon passive resistance. French 85 and French 7%s responded promptly. The gain would doubtless have béen greater were it not for the fact that theso bonds had been consistently strong while franc exchange was 8o weak. Other French bonds _shared the improvement, notably the Hepart- ment of the Seine 7s. There is a long list of French obligations traded in on this market. Have High Yields. That there is room for further im- provement in the market price of all these ohligations Is shown by the fact that they yleld all the way from $ to 9 per cent and more. ‘There was also a sharp advance in the new Austrian 7s, following the gain of Saturday. Probably this was almost entirely a market movement. At today's price the Austrian 7s were up between 4 and 5 polnts over their recent low. Among the libertys the feature was the continued heaviness in the tax- exempt 3%s, which made another new low record for the year. Other United States government loans were steady. There is no particular reason for a decline in the 3%s except that they come into competition with the highest grade of municlipals. No Long Term Offering. The new Treasury financing an- nounced today shows that there is no foundation for the report that a long- term offering would be made. Instead $260,000,000 in six months 43 per cent certificates of indebtedness are to be issued and there will be no further! offering until December 15 next. The new certificates aré to be dated Sep- tember 15 and will mature March 15, 1924. Not much Interest was shown in high-grade rails and industrials. Price changes were small and irregular. Dealers are not optimistic about the outlook for this grade of bonds in view of the firmer tone of the money market. There is a good. deal of industrial and utility financing to come this fall and there s still a certain amount of undigested lssues to be taken care of, all of which generally operates to depress the market for more seasoned bonds. Speculative rails were neglected. POUND 15 USURPING AMERICAN DOLLAR Berlin Financial Writers Say New Method Saves Cable Tolls and Time. By the Associated P BERLIN, September 10.—Financial writers here express the opinion that the English pound s gradually usurp- ing the position of the American dol- lar on the bourses. They give as rea sons for the shift to sterling the in creasiing cost of transacting business on the basis of New York exchange. The change, it is pointed out, is re- lieving business from the payment of heavy cable tolls and saving consider- able time consumed in clearing checks and drafts on the United States. A e dollar, these writers ing viewed now as an expen: cial yardstick, and therefor: ing blamed for much of the confusion. They allude to th lar mania,” with which the country has been obsessed. The resumption of active trade re- lationy with England is also believed to be responsible for the growing practise of adopting sterling as the standard, the diffcrence in the cost of the two cxchanges favoring the pound as the unit of computation. Even if the dollar continues to show a higher rating in international money traffic, the German writers be- leve " that sterling will eventually again sct the pace on the continental courszes, if only for the convenlence resulting from’ the proximity of the London money market, which they declare 1s bound to regain the emi- nence if had before the war, acruing to it from England's world-wide commercial activities. EXPORTS OF GRAIN IN SHARP DROP Total of 6,898,000 Bushels, Against 9,204,000 During Previous - § mo; noop, ‘Week, Reports Show. Grain exports from the United States last week totaled 6,898,000 bushels, as compared to 9,204,000 for the week previous. Decrease by almost half in the wheat exports caused the decline in the total. although there was little falling off in the wheat sent to the United Kingdom, and an increase of that to Italy. Other European coun- tries reduced sharply-their purchases, The totals for the week -as com- pared with those for the week pre- vious, as made public by the Com- merce Department, folio: Wheat, 4,775,000 ‘bushels, against 8,- 215,000; ‘corn, 262,000 bushels, against 100,000; flour, 234,000 barrels, against barley, ' 1,280,000 - bushels, against 289.000; oats, 77,000 bushe against 99,000, Canadlan grain in transit amounted to 112,000 bushels, against 268,000, Visible Supply of Gral NEW YORK, September 10.—The visi- ble supply of American grain shows the following changes: Wheat increased 1,621,000 bushels, corn increased 784,000 bushels, oats increased 2,404,000 bushels, rye in- creased 438,000 bushels, barley In- creased 298,000 bushels. e i LIVERPOOL COTTON. LIVERPOOL, September 10.—Cotton; spot, good demand, but business moderate: prices firm.” Good middling, fully middling, 1 middling. T s 102 oot il nary, 15.69; ordinary,..15.89. los, 8,000’ bales, ‘including 3,500 American. Receipts, none. Futures closed ir- regular. September. 16.12; October, 15.62; December, 15.33; January, 15.19 March, 15.03; May, 14.90; July, 14.66. HYLAN REPORTED BETTER. SARATOGA SPRINGS, N.Y., Sep- tember 10.—The conditlon of Mayor Hylan of New York city, ill at his summer home here with pleure-pneu- ‘as very favorable this after- his physicians annonnced, ' TON NEW YORK BONDS srocxv_nxcmcr.l Received by Private Wire Direct to The Star Office. i (Salos are in $1,000.) UNITED STATEE BOMDS. (Fractions represent Example - seconds. thi 98-3 means 98 3-32.) Sales. High. Low. Close; Lib3%s Lib 1st 43s... 27 D118 9827 Lib4th 4%s.. 268 98.4 US4%s1952. 449 99-23 4 FOREIGN. Sales. High. - 20 101% 101 Argentine 7s Austria 7s. ... Belglum T%s Belgium 6 Belgium 8, Bolivia 8s. Bordeaux 6 Brazll 7s Braszil Brazil 7 . Canada 5s 1926 Canada 5%s 1929 Canada 68 1931. ... Canada 58 1952. . Chile 88 1926. . Chil; 1., Chinese Gov Ry bs Christiania 8; 2 Copenhagen 53%s. . Cuba 5%swi.. Czechoslovakia 8s. . 141 . 30 pane b el 1 TR P - ELT Denmark $s. ... Denmark 6s. Dutch E15% Dutch East I 65°47. Dutch East I 65'62. Framerican 73%s French Govt 8s French Govt T%s. .1 Halitl 6s. & Holland-Amer 6s. . Italy 6 Japanese 1st 43s.. Japanese 2d 4%s. . Japanese s - Jergen U M 6s°47. Lyon Mars Mexico 5 Mexico 4s. Netherlands 6s. . .. Norway 6s 1952. . .. Orient Dev deb 6s. Paris-Ly's-Med 6s. Prague 7%s Queensland 7 Queensland Riode Jan 8s1 . Riode Jan 8s 1947, Rio Gr Do 8ul 5 Sao Paulo,City, Sao Paulo,State.8s. Seine, Dept of, 7s. . Serbs Crotes Slo 8s Sweden 6s. . Swiss Confed 8 Toklo 5s... .e Ud Kingm 638720 Ud Kingm §3%s°37. 75 Ajax Rubber 8s.... 1 Am AgrChem T%s 10 AmChalnsf 65'33. 4 Am Cotton Ofl 6s.. 1 Am SmIt&R 15t 55. 3§ Am SmIt&R §: 10 Am Sugar Re! 9 AmT&Tevés.... 13 AmT&Tcltrbs.. 13 AmT&Tcltrds.. 13 Anaconda cvdb Ts. Anaconda 1st 6 Armour & Co 44s. Atlantic Refin §s Barnsdalls f 8s Bell Tel PaSs..... Beth Steel 5148 °53. Beth Steel rf 5w Beth Steel pm 5s Beth Steels Brier H St 1st 63s Bkiyn Edison 78 D. 2 Bush T Bldg 68'60. 6 Cerro de Pasco 8s. . 40 Chile Copper 6s....116 Commonwth P 6s.. 15 Con Coal Md 1st 5s. & Cuban-Am Sug 2 Cuba Cane cvd 6 ‘Cuba Cane ev 78 '30 19 Dery (DG) Ts..... 1 Diamond Mth 7%s. 7 Du Pontde N 7%s. 38 { Duquesne Laght 6s. <19 10 o . 42 4 is { Est Cuba Sug 73 | Empire G&F 7% | Fisk Rubber | Gen Elec deb 5s | Goodrich 6%s .15 | Goodyear 88 1931.. 4 ! Goodyear 85 1941. . | Horshey 88 1942. . | Humble O&R 535s. { Ilinots Bell 15t 5s. | Indiana Steel 5s. Int Mer Marine 6s. Int Paper 1st5s A. Int Paper1stGsB. 6 KCP&LtosA'52 6 | Kayser (J) 7s..... 15 Kelly-Spring 8s... 3 Lorillard (P) 6s... 1 Magma Copevis.. 1 Manati Sug st 1%s 8 Mor & Mfg s €18 Mexican Petrol 8 Mich St Tel 1st 6s. . Midvale Steel 6s. . . Midvale Steel 58 of.. Montana Power 5a. Nat Tube 1st 58 New Eng Tel N Y Edsn 1st 6% NYG EL H&P bs NYG EL H&P 4s N Y Tel 6s'41...... NYTel6s'49... .. NY Tel 4%a. N Am Edison 6s... \ States Pow 5s. .. Northwst B Tel 7a. 1 Otis Stgel 7%s. ... 1 Otis Sfeel 8s. {PacificGas & El15s 3 Pacific T& T 68 '62 8 1 Phila Co 6%s '88 Phila Co ref 68 A Plerce-Arrow 88 Punta Alegre 7 Saks&Cosf7s Sinclair Ofl 7s Sinclalr Oil 8% Sin Crude O11 6 8in Crude Ofl 5%s. South Bell Tel 6s. . ‘8o Por Rico Sug 7s. Steel & Tube 78 Sug Est Orlent Tenn Elec Pow 6 Tide Wat Oll 63s.. Tobacco Prod sf 75 9 Toledo Edn 1st 7s.. 12 Union Bug & P 6s.. 4 % 1 1 2 6 1 1 3 3 6 2 9 4 1 8 3 wovnaranSavon U S Rub 1st rf 5s.. U S Rubber 7% U SSteel s £ 5 Utah Pow & Lt 6s.. Vertlentes Sug Ts. Va-Car Chem 7 Va-Car Ch1%s w. 24 ‘Warner Sugar . .2 Westinghouse 7s.. 10 Wickwire Spen 7s. 8 Wilson & Co 15t 6s. 4 Wilson&Cev 1% Wiison & Co cv 8s. Winchester A 7% YoungstnS& T 6s. 8 9% 99% 96% 9% 87% 7 81% 5% 100 100% 101 99% 8% 103% 103% 43 1095 89 9% 93% 5 108% 96% 91% 96% 96% 88% % 5% 91K 83 95% 2% ) 8% 1% 1% 7% 54l 33% 984 95% 894 1% 6% 106% 100% 93% 1% 7% 964 99 84% 68 108 1143 67% 110% 101% 943 9% 93% 69 9l 100% 101% n7 98% 92% 100% 7% 83% 8% 98% 7% 90 84% 89% 98% B4% 108% 91 124% 993 - 116 26 95% . 135 99-30 99.28 99«28 98-2 98-2° 98-24 98-24 98-3 99-22 99-22 98-2 98-3 98-8 Low. Close. 101% 89 9% 96% 99% 1% 7 81% 884 9845 964 99 8% 7 814 95% 954% 100 100 100% 100% 100% 101 99% 9% 98% 98% 103% 103% 1034 1034% 43 43 109% 109% 894 89 9% 89% 03 93% 1084 108% 95% 96 1% 91% 96% 96% 96% 86K | Cuba R R Gs. 874 88% 99 99% 94% 964 1 1% 83 83 95% 95% 2% 2k Pl 1k 8 78 7 % 7 T T W 54k b4% 33% 33% 98 984 95% 95% 89 89 71 1% 76 6% 106% 106% 100% 100% 23 3% 91 91% 9% 9T 96k 96% 98% 99 84 848 67% 67% 104% 104% 114% 1144 67T 67% 110% 110% 100% 101% MISCELLANEOUS. Da% 29 93y 6 69 9% 91% 100% 100% 101% 101% 17 17 88% 984 92 924 100 100% 9T% 9TH B3% 83 98% 98% 98 98 9T 97% £9% 90 94% 94% 89% 89% 98 88 93% 94% 108% 1084 91 91 122% 124% 99 995 85% B6% B6% - 86% 108% 107 93K 98% 8% BTY% 79% TN 105% 105% 108 10¢ 108% 104% 99% 92% 99% 102% 92% 102% 1013% 9% 101% 102% 943 99% 93% 99% 102% 116 98% 95% 93% 9% % 85 B4% 90% 104% 107% 954 109 974 106% 106% 100 7% 87% 94% 99% 97% 109% 98% 98% 829 828 104% 105 105% 105% 937% 987% 91% 914 8015 98% 94% 83% 9% 1% 85 845 90 103% 107% 95y 109 87% 1054 106% 100 87% 87% 4% 993 97k 100% FISHER’S PRICE INDEX. Last Week’s Prices 155 Per Cent of Pre-War Levels. Speclal Dispateh {o The Btar. N’ HAV; Conn. NEW September . prices averaged 155 per cent of prewhr level. chasing power of the dollar was. 64 6-10 gl‘"ll‘ Irving Fisher, econo: The pur- cents, aqeording to mist. SUGAR MARKET ACTIVE. NEW YORK, 'September 10.—The raw sugar market was firmer e: rly today, with Cuban quoted at 4% cents cost and freight, equal to 6.40 for centri: fugal. 10,500 dags of There were Philippines and 16,000 Porto Rican on the :&wa basls. The raw sugar futures market was firmer .on covering and buy! count, prompted 'the spot market. was not very active, midday were from 3 10 § osing o Barurey’s o t] ading, however, but’ prices at points abova o i Wolveriss RAILROADS. Sales. High, Atchison gen 4s... 23 88% AtlanticCLcl 43 81% B&Oprin3%s... 13 $6% B&Ogold 4s Low. Close. 88% B8% B1% 8i% P5% 96% % 7% 100% 101 81% B1% 88 #3 % 6% 9% 94 64% 64% 88 88 118% 118% 113 118% 9% 79% 96% 96% 100% 87 101 87% 884" 83% TT% 101 81% 834 5% 94 84y 88 B&O PLE&WV B&OSW aiv 3y B & O Tolédo 4s Buft REPIte 414, Canadfan North 7 Canad North 6%s. Canad Pac deb 4s Car Clinch & O 68 Cent of Ga 6s. Central Pacific 4s Ches & Ohio cv 5s. Ches & O cv 434s. . Ches & O gn 4% Chi & Alton 3s.... Chi & Alton 3%s. . Chi B&Q 1st rf 53 Chi & E 11l gn 6s. ChiGreat West ChIM&St Prf 4ty Chi M&St P ev b Chi M&St P 4825 Chi M&B P ev 4% ChiRys5s. ... ChiR1& P gn 4 ChiRI& Pacrf 4s. Ch! Un Sta 4%s. Chi & W Ind cn 4s. CCC&StLrf6s A Cleve Term $s. .. Colo & Sou 434s. .. 88% 86% 83% 2 8% 99 % 46 53% 78% - w o BumanaliSaimalilanei8raian - Del & Hd 1st rf 4s. Del & Hudson 5%s Den & Rio G cn 4s Det United 4%s. .. 99% Erfe 15t con 4s Erie gen 4s. Erle conv4s B ErleconviaD. ... Gr Trunk sf db 6s. Grand Trunk 7 Gr North gen 7s Gr North gen §% Havana ERL&P 58 Hud & Man ref 6s. . Hud & Man aj s 111 Cent ref 58 5. 11 Central 53s. . Int Rap Tran 6s Int Rap Tr 51 stpd. Int Rap Tran 7s Int & G Nor 4} 6s. Towa Cent rf 4s.. Kansas City S 3s. Kansas City S 6 Kan City Term 4s Lake Bhore 48 '28 Lehigh Valley 6 Long Island rf 4, Louls & N s 2008. Market 8t cn 5s. Mil ElRy & L 5s. M&StListrfd MK&TprinSsA. MK MK 50% 56 ey U131 T PRV 106% 7 82% 82% 99% 644 87 T0% 4% 102 7% 95% 03% 82 21 T84% 63% 94% 53% 92% 82y T4% 76% 3% 104% 89% 9544 R1% 63% 62% 40% 1% 83% 104% 34 9934 100% 924 79% 29% 90% 108% i09 21% 9% 7% 87% B3% 67% 821 102 1% 95% 3% 1% 20% 8 63% 4% 53% 928 524 T4% 6% 3% 104% 89% 9% 81 63 628 40% 91% 884 104% 284 99% 100% 92% 9% 9934 89% 108 108% 21% 93% 67% 874 £33 €74 821 Mo Pacific 6s Mo Pacific gn 4s New Or Term 4s NOTex&Min N Y Centgen 338 N Y Cent deb 6s. N'Y Cent deb 4: NYCentribs N ¥ Cent cn 4s '98 New Haven 7. NYState Ry 4% NYW & Bos 4%s Norfolk & W cn 4s. Northern Pac és. Northn Pacr i 6s. Northern Pac 5s D. Ore & Calif 15t 5s. . OShort L en 58 '48 Ore Short Liret 4s. Ore-Wash 1st rf 4s Pennsyl gen Gs. ... Pennsyl gen 4%s Pennsyl 6%s. Pennsyl gold 78 Peorio & E inc 4 Pere Marq 18t 58 Rapld Tran 6s Reading gen 4 StLIM&S és’29 StL&SFplisA StL&SFprinfs - - e HeRed PP =T -3 ~RT E SPTNE IO - P P oaned o StL&SF inc StL&S Fadj StL &S F pl 6: St LS W con 4s°33. StP & KCShL 4%s Seab’d A L 4s s Seab'd A L ref Seab'd A L adj Seab'd A L con & Bou Pacific 451929, Sou Pacific ref 4 Sou Pacific clt 4s. . Southern Ry 1st &s. Southern Ry gn 4s. Southern Ry 6%s. Third Ave adj 38 Unfon Pac 1st 4s. Union Pac 1st rf 4s. Union Pac cv 4 Union Pac cv 68 Va Ry & P 1st 58 Virginia Ry 1st Wabash 18t 55 ‘Western Md 4s.... ‘West Shore 1st 4s 9% 79% Whel &SLE rf 4348, 10 49% d49% TOTAL SALES (Par Vaiue): I1tam.. 1689000 12noon. 2875000 1pm.. 3632000 2p.m.. 4587000 SHOE PRICE CUT SEEN. New England Manufacturers Look for Early Reductions. Special Dispatch to The Star. BOSTON, September 10.—Manufac- turers of men's shoes are inclined today to look for lower prices. Operations in the factories south of Boston_are estimated today at from 60 to 75 per cent of capacjty. Re- tailers' stocks are smaller,’ however, and the labor situation has improved. TODAY’S METAL MARKET. NEW YORK, September 10.—Copper, steady electrolytic, spot and futures, 13%ali%. Tin, steady; spot and nearby, 42.12; futures, 42.00. Iron, steady; No. 1 mnorthern, 26.00227.00; No. ‘2 northern, 25.00a26.00; No. 2 southern, 24.00a27.00. Lead, steady: spot, 6.76a7.00. Zinc, easy; East St. Louis, epot and nearby delivery, 6.52 26.55. Antimony, spot, 7.50. e PARIS MARKET FIRM. PARIS, September 10.—Prices were firm on the bourse today. Three pe cent rentes, 57 france 85: centimes. exchange on London, 80 franes 77 centimes; 5 per cent 'loan, 74 francs 85 centimes; b per cent loan, 74 francs at 17 francs 831 centimes. 667 T4% 98% 76 4% 58 45 31% 6% 2% 87 84% 94% 67% 101% 51 2% 81% 96% 103% 86% 94 4% 60% 6w 744 98% 6% 4% 56% 444 31% 66 2% P6% 84% 94 674 101% 50% 92 1% 96 108% 85% 94 94% 80% o Hamae BOSTON STOCK MARKET. BOSTON, September 10.—Following is a list of today’s highést, lowest and closing prices for the most active stocks dealt in he: ealt in g Ahmeek o 1% Tow. Close. 87 57 Am Tel & Tel . Arcadian Cons' . Arizona Com . Poston & Maine . Calu & Hecla Carson Hill Min . Connor 3 T . Copper Range Davis Daily H Tsland Creek Iale Royale 5 Shoe Mach pfd. Saperior & Boston Bwitt & Co. “Tuolume . Ventura. Ol Waidorf Watworth FINANC Grain, Produce and Live Stpck LOCAL WHOLESALE MARKET. Cool westher early this morning made buying fairly brisk. Recelptsy were mot especially heavy, however, Monday’s receipts usually being light because very little shipping.is done Sundayg. Prices of most commodities were about the same as at the close of last week's market. Fruits and vege- tables continue to arrive in fairly large quantities aad supplles of poultry and eggs are expected to in- crease tomorrow. There i Ilittle likelihood of de- creased prices in the egg market, but a drop In the price of poultry is ex- pected. Kggs—Strictly fresh, selected, can- dled, per dozen, 35a37; average receipts, 33; southern, 36, Live poultry—Roosters, per 1b., 17; turkeys, per 1b., 30; spring chickens, per 1b., 30a32; keats, young, each, 50a60; fowls, per 1b., 24a6. Dressed poultry—Fresh killed spring chickens, per Ib., 34a38; winter chick- ens, per Ib., 30a35; hens, per Ib., 30a3 roosters, per Ib., 18; turkeys, ‘per ib. 36ad0; keats, young, each, 70. Live stock—Calves, cholce, per 1b., 11; medium,. per ‘ib. 10a10%: thin, per 1b.- 6a7.” Lambs, spring. per-Ib.. 13; live pigs, 3.00a5.00 each; Mve hogs, per Ib., 9%. Green fruits—Apples, new, per bi ket, 50al.75. California oranges, ecrate, 5.00a6.50. Fiorida. 3.0 Lemons, per box, 6.50a7.50. Gra fruit, 4.00a4.50. Peaches, per crate. 23.00; basket, . 1.00a1.50. 1.50a2.00; Delaware, 1508250, ew potatoes, per bbl., g No. 2, 2.00a2.50. New { potatoes, round, per bag, 4.00a | New ey glant. potatoes, per ‘oag, 3.00a3. New sweet potatoes, 4.00a4.50 per bbl. New York let- tuce, per crate, 1.00al.50. Romaine lettuce, per crate, 1.00al50. Cab- bage, per crate; 2.50a3.00; nearby, 1.50a 2.00 per bbl. Eggplant, per crate, 1.00a 150. Tomatoes, }4-bushel basket, near- by, 25a50. Beans, 250a3.00 per bbl. Neéw York celery, ‘per crate, 4.50a5.50. Squash, 50a75. 'Peppers, per nearby, §0a75. Kale, per bbl., 1 Spinach, per crate;, 75a1.50. Hom -&T0 lima beans, per quart, 20a30. New York cucumbers, per bushel, 3.00a4.00. Sugar corn, per dozen, 15a30. GRAIN AND PROVISIONS, BALTIMORE, Md., September 10 (Special). —Potatoes, white, barrel, 100 pounds, 1.00a2.75; 150 sweets and yams, Jersey s caulifiower, hamper, 2. corn, _dozen, basket, 75a1.00; eggp) ket, 30a35; lettuce, bushel, onion 100, 2.00a3.75; peppers, bai ket, 26a50; squash, basket, 20a30; to- matoes, busket, 26a35; packing stock, bushel, 25240, Apples, barrel, 1.50a3.00; bushel, 50a 1.50; basket, 20a50; cantaioupes, crate, 1 0;, bakket, 50a1.00; crab apples, 25 adh igrapes, basket, {5a75; damsons. | bushel, 1.50a2:00; peaches, bushel, 1.00 a2.50; basket, 50al.25; pears, basket, 75a1.00; common, 25a50; plums, bas- ket, 25a%5; watermelons, each, $a30, Selling Prices on Grain, Wheat—Ne. 2 red winter, spot, 1.10 . 2 red winter, garlicky, spot, 1.0. 3 red winter, garlicky, spot, 98; No. 4 red winter, garlicky, spet, 4. Sales—Bag lots of nearby at a range from 85 to 97 per bushel. Corn—Coeb, new, 5.10 per barrel; No. 2 corn; spot, no quotations: track corn, yellow, No. 2 or better, 1.07, Sales—None. Oats—No. 2 white, new, 48%; No. 3 white, new, 5 Rye—Nearby, 75a85 per bushel; 2 rye, spot, 8034 per bushel. Hay—Receipts, 108 tons. Thers is a fair demand for desirable grade of | timothy and mixed hay at a range of 25.00 and 28.00 per ten. Straw—No. 1 tangled rye, 15.00a 16.00; Neo. 1-wheat, 12.56a13.00; No, 1 oat, 13.00a14.00, DAIRY BALTIMOR: Live poultry: a32; leghorns Leghorns, 2 old roosters, ducks, 17a23; pigeons, pair, | gutnea fowl, each, 40a50. Eggs—Loss off; native and firsts, dos.. 34; southern, 33. Butter—Creamery: good to 1b., 42a46%: prints. 46a4s; creamery, 35a40: ladles, 34a . 81a33; store .pacied. 31: dairy 3133} process butter, 35a39. TODAY’S CHICAGO PRICES. CHICAGO, September 10.—With no aggressive selling pressure noticeable in the wheat market here, prices took a moderate upturn today during the early dealings. Firmness of Liverpool quotations counted as a bullish factor. Trade was light, and the. markei easily influenced. Opening prices, which varied from unchanged figures to % higher with December, 106% to 106%, and May, 111% to 1113, were followed by a slight sag and then by gains all around. Cool weather, unfavorable = for maturing the corn crop, gave firmness to corn and oat: After opening at half cent decline’to 3§ advance, De- cember, 683 to:683;; the corn market showed a little rise all around. Oats started at i off to % gain, December, 39%, and later averaged a triffle_above Saturday's finish. Higher quotations on hogs helped to jsteady the provision market. WHEAT— Open High. Low. |September ... 1027 Lo3g 103% 1 cucum- bas- | ARKETS. September 10.— chickens, old hens, Close. 1.02% 108, 1uy .83 December 106% 106% 1.09% 111% 8834, 685y { December - 69% May September December May . LARD— | September | Octobes {_ RIBS { September | October . CHICAGO LIVE STOCK MARKET." CHICAGO, September 10 (United States Department of Agriculture).— Hogs—Receipts, 40,000 head; mostly 110 to 25 higher: bulk, Food and choice, 150 to 240 pound averages, 9.10a9.35: top, 9.40; desirable 250 to 325 pound butchers, mostly, 8.60a9.00; packing sows, 7.40a7.60; good strong-weight pigs, 7.75a8.00. Cattle—Receipts, 27,000 head: about one-third receipts western grassers: native steer run largely medium to €00d; early trading on better grades about steady; undertone weak on others; western grassers opening 16 to 25 lower: well-conditioned we: erns to killers, 8.75; others, 6.75a7.75, to killers and feeder buyers; yearling showing high finish comparatively scarce and in fairly active demand. Long fed heavy steers. relatively scarce; some held at - 13,00: bulk, early sales; fed medium, 10.00a11.25; few lots heavies, 11.50; some bid, 12.75; she stock and vealers about steady; bulls, steady to strong; stock- ers and feeders, active; strong to 25¢ higher; feeder dealers bidding -up- ward to 875 on qualified westerns bulk canners and cutters, 2.60a3.00 Ibulk desirable heavy bologna bulls, 4.50a4.65; lighter sausage bulls, 3,804 425; buik vealers, 11.00a11.50 ‘out- siders upward to 12.50. Sheep—Receipts, 22,000 head, active, killing lambs around 25¢ higher: feeding lambs and sheep strong: most western fat lambs, 13.50; bulk na- tives, 12.75a13.00; some heid higher; culls mostly 9.25a9.75: Tew 10.00 medium to good yeariing . wethér: averaging around 100 pounds 10.50: medium and handyweight fat ewes, 5.5006.50: feeding lambs, averaging around 67 pounds, 13.50; aged breed- ing ewes, 7.00; two doubies good feed- ing wethers, 7.50. 5 st ———— BODIES OF FOREIGN DEAD IN JAPAN TO BE BURNED By the Aseociated Press. < OSAKA, September 10.—At a meet- ing held on board an American war- ship by British, American nese officlals, permission T for the’ disposal of the foreign dead, but only by cremation. the Japa- nese dead in Tokio and Yokohama have been cremated an..woodpilés. in d pil d_ the forelgn -dead Smnars’ Slsposed of, '9.25 {cate issue and the us: { The new plant. transmission line | Apparently he cannot get a sf |the latter part of this month, W IAL US TREASURY ISSUE PAYSATAPERCENT $200,000,000 in Bonds. to Mature in Six Months—Trad- ing on Local Exchange. The Treasury announced last night the ‘offer for public subscriptior of a new issue of certificates at 414 per cent Interest, aggregating $200,000,000, and maturing six months from September 15, ¥923. Detalls of the new obligation h: been-anticipated for some time. It w: carry but minor appeal to individu; investors; due to the Interest rate, which ‘8 held locally as being too low, but at the same time it offers to ban) and financial nstitutions an attractive investment, both from a yield and ma- turity standpoint. It will, of course, as are all others, be oversubscribed Meets September Needs. Government securities, matured and outstanding or maturing September 15 aggregating slightly in excess of half a billion doliars, must be provided for in the September program. The Treasury figures that it will receive about $340,000,000 in Septem- ber income and profits tax collections —the third guarterly installmen: of this calendar year—and this with the funds obtained from the new certifi- al monthly re ceipts from miscellaneous taxes, will care for maturing obligations and provide for current cash requiremen untfl the next tax installment, De- cember 15 About $290,000.000 in certificates of indebtedn will becon able Sep tember and the Treasury has made the usual offer to exchange new fo. old certificates that has refunding operations. At the time, Interest on the public de amounting to $145,000,000 must 14 paid. Other Heavy Obligations. In addition to these obligatir®p provisions must be made to care 1 3 about $53,000,000 in victory note} some of which were called for r ment jast December and the othe which matured last May, and ahc~ $30,000.000 tn war savings certificat: g maturing last January, which like t vietory notes have been coming slowly for retirement. The announcement of the Septembe i financing program also contained nj declaration that no further fise: operations are contemplated by thy Bovernment before December 15, whei, maturing certificates of indebiedness will require new borrowings. Thus! it is shown that the Treasury will carry through the first half of the current fiscal vear with only twe pleces of financing and this, in the opinfon of financiers, is evidence of satisfactory position with respect ‘to caring for the great public debt, mos of which grew out of the world war. Edison Bonds Offered. A syndicate headed by Bonbright & Co. and Eastman, Dillon & Co. are of- fering today a new issue of $7.000,000 Ohio " River Edison Company first mortgage sinking fund gold bonds, & per cent series of 1923, due July 1 1948, Bonds wil be secured by a direct first mortgage on all the property of the company now owned or hereafter acquired, consisting of a modern steel electric power plant near Toronto, Ohio, with an initial installed capa ity of $8,000 horsepower. Arrang: ments have been made for the acqui- sition of sufficient land to care for an uitimate capacity of 375,000 horse- power. This issue represents approx- imately 66 cent of the Initial cost of the installation of the new plant, tranemission line and substations. nd substations will be leased to the Penn sylvania-Obio Power and Light Com- pany for 999 years at a.net and un- conditional annual rental over two and a half times annual interds charges on these bonds. The issue is being offered at 95 and accrued interest, to yield over 40 per cent Plans Fight on Branch Banks. Francis M. Savage, president of the Northwest Savings Bank, who was a return passenger on the ( from southern Africa, via Southampton, ary rived in this city this mo: In an interview, Mr. Saeage saidf the abundance of cheap coiored ‘ in South Africa with which the whi emigrant cannot compete succ and live properly, is the prime in preventing immig tarding that country's develo “Another cause,” “sald Mr. Savages “is the concentration of bank del posits practically In two banks con- trolled in London, the smaller insti-, tutions having been absorbed b branches eliminating local controi and identity, thereby retarding the growth of towns and restricting credit. “It “is_positively wstated immigrant needs $10,000 to $15,000 in order to engage successfully in farm- ing or for engagement in a bus‘nns:( succeed by his own skill and labor owing to cheap colored labor of fair skill.. The unemployed whites at this time is about 6 per cent of the White opulation.” P}ir. ‘Savage will attend the annual convention of the American Bankers Association to be held in Atlantic City he will seek to have branch banking in this city eliminated. Trading’ on Stock Exchange. Trading restricted to the popular issues at unchanged prices prevafled on the Washington Stock Exchange today. Stock transactions were in the majority. Capital Traction stock was firm at 101, @ total of forty shares changing hands, and Washington Gas Light fluctuated mildly between 49 and 48 closing firmer. Lanston was un- changed at 72%. On_the investment side of the mar- ket Railway 45 were in good demand at 72, $7.000 changing hands at this figure, while C. & P. Telephone §s were strong at 97. Bankers Planning for Golf. The convention committee of the Investment Bankers' Association which meets here the last three das of mext month, is urging all golfe of the body to forward their handicap to Robert Stead. jr. Hibbs building Mr. Stead is chairman of the golf committee, Motor Car Industry Growing. The motor car has today become an essential and permanent feature of American economic life. The Nation- al Automobile Chamber of Commerce. after making a detailed investigation has estimated that 60 per cent of au tomobile mileage represents business use and that 90 per cent of all pas- senger cars are employed in greater or less degree to business purposes. TRe Uhited States census of manu- factures for 1921 ranks the automo- bile industry as third in.the value of output, as compared with other man- ufactures. It is estimated that .in 1932 approximately $1,456,000,000 of capital was invested in ‘the motor ve- hicle industry: that the industry pur- chased $1.289.000,000 of materials; em- ployed 253,000 workers; paid ‘Wwages and salaries of $395,000,000, and that the total wholesale value of automo- tive products in that.year was over $2.500,000,000. that an $6,000,000 COTTON LOAN. NEW YORK, September 10.—Nago- tiations for & loan af $6,000,000 by the National City Bank to the North Caroling. Cotton Growers' Co-opera- tive Association have been completed, the directors of the latter organiza- tion having given their final ap- proval. The bank i extending credlt to the assoclation at the market rate of interest on bankers’ Acceptances. s . The first step of hearly all Progre sive movements is in the directiag the pay roil, B i