Evening Star Newspaper, September 20, 1923, Page 27

I AERCAN WOOLEN N SHARP BREAK Steel Shares Also Weak in Very Irregular Stock Market. BY STUART P. WEST. L 1o The Sta YORK, Sept s stock market wa 12—To xed affair nd in the ber L some points « points of strength ral the volume s much reduced explanati ATp break in vhat has 1 namely weuk while ene list of busipess ared for the Wool beyond e Ameri en k that spring lines appointing wa 4s yet that this will on dividend the wn for some timeé, certain important demand has been dis- T wo suggestion ect the. com- vith own stock me support whe today it was offered Market. were the rtly as the result advance in sugar because of the ex- anies will the Cuban stocks back Besides th. expected th > one of those other com example of ind put their t 1 to ¢ ent. It off the bank loans ed when the com- straits ty s prompt arduous ex- Y, Was up quite the ot « The vie oil trac and t F & which prod i Wn, Tecovery ment was r ol shares There was no eagernes buying side. but the 1. Cosden opencd but soon 1 vas still dividend would, be at the Friday meetin be merely out n to know we would be low ers ch on bot- »d of rest, 1 would b vould set in, ted in the tit's g 3 1t whether ed alwgether or whe People aim t Among et c ded day. Most of the le ground that Wed was due to short cov- this might be carried further today. but that tendency would prove still nward.” As against these advices it was pointed out iness men and finan- been recently quoted, all spoken optimisticaily about business outlook. Punto Alegre Meeting an American com- d_basis, eeting of scheduled for ber. It seems dividend will question being r $5 a share. larger unsold sur- crop than any of ympanies operating in it is position to its from the in opinion writers 1 ¥'s advanc that hat interest t Alegre directo ek in Oc that a nly in rive the maximum be \arp rise in sugar prij General Motors Active. al Motors and DuPont which h a good account of in the market of the pre- it stood out prominently s again The more rp decline ay's close k th e crude does the bear half hour dood of as not time s to gather. The neral Motors r loss was a suffi- nentary upon the character ng Break Extended. American Woolen 1 it extended to and the steel weak spots in the e Steel was sold on was too high for a nd payer. where there vet awhile of an began in Gene buying for e decline not che t points. were the Cruci 1 rights—tt to the new Products Corporation— cloped a small t sales of these P The quot wed by gain nd sensation rights were made ion then ran up to quick relapse to 1 loaned at 33 per Silica they T cent MARKET CLOSES HEAVY. Prices Dip Lowest for Day in Final Trading. Py the Associated Pre NEW YORK, ptember fused price movements took place today’s stock market he pro- Jounced strensth of sugar shares, the in which ran as high as was counter 1 by th sreme weakness of American Woolen, based on reports of poor current earnings, and of other individual shar es, which were light be- epuse of the Jewish holiday, approx- imated 500 s. The closing was heavy. lower in the final hour. Woolen _extending its loss points; Sears Roebuck to 31, to.3 2 10ints, Prices dipped Amer to Dupont * ROADS N SOUTH The Interstate Commis- fign today announced the suspension Gntil January 1S’ of proposed rate changes on various garload and less than carload commodity tariffs affect- ing practically every railroad south of the Potomac and Ohio rivers. An investigation of the schedules sug- sested and which were to have be- come effective tomorrow was ordered by the commission: The rate revision involved day’s announcement . hinges certain class rates affecting many minor commodities which the com- application to the same territory application to the smae territory. By Suspending the proposed changes suggested by the carriers. the com- mission now compels retention of presant tariffs while it studies the henefits that may come from substi- fution of either new class rates or new rate applications on a com- modity basis for carloads or less than carload shipments. Original Proposal. ‘The suspended schedules proposed to cancel various less than carload commodity rates and to cancel all carload commodity rates to points where the carriers stated there has been no movement. They provided wlso for a revision in carload com- modity rates where thero is known to_be movements, such revisions re- sulting ‘in both increases and reduc- tions from points in the southeast and Carolina_territories to points in the sestern Mississippi valley territory, Commerce in to- about Allied Cliem Allls Chalmers. . Allis Chalm pf. Am Beet Sugar. Am Bosch.. AmCan.... Am Can pt Am Chain (A) Am Cotton Oll.. ! Am Druggist. .. | Am H & Leath.. {Am H & Lea pt. . T... Am La France. . {Am Locomotty | Am Metals Am Roll Mil] pt. Am Safe Razor. | Am Smelting. | Am Steel Fdy | Am Sugar. . Am Sugar pt | Am Sumatra. ... | Am Tel & Teleg. i Am Tobacco 1 Am'Woolen. | Am Woolen pt. . | Am Writ Prpt.. Am Zinc & Lead | Anaconda | Asso D G 1st pf. i Atchison. . . | Atchison pf. | Atian Bir & Atl. Atlan Cst Line. . | Atlantic Guit. Atlantic Ref | Atl Refining pt | Austin Nichols. Auto Sales pf. | Baldwin Loco. .. | Balto & Ohlo. { Balto & Ohlo of. Barnesdall (E). Beechnut Pack. { Beth SSteel | Beth St17% (n). Br Em Stl 2d pf. Bklyn Edison... Bklyn Rap T fp.. Bklyn Rap Tran | BKlyn R T ctfs. . Bklyn Un Gas | Burns Bros (A) | Calif Petrol. . | Calif Petrol pf. . | Callahan Zine. . | Canadian Pac ‘Cenlr:\l Teath | Cent Leath pt | Cerra de Pasco. % | Chandler Mot. . | Chesap & Ohio. . | Chi & Alton. ... | Chi & Alton pt.. . | Chi Mil & St P. ! Chi Mil &St P pt Chi & Northwn. Chi Pneu Tool. . Chi R I & Pac - | Chi R 1&P6% pf. * | Chile Copper. Chino Copper | Coca-Cola | Colo Fuel. . | Columbia Gas. . | Columbia Grapk | Col n Carbor { Com Solv (B). .. | Cons Gas of NY. { Cons Textile. ContCan....... | Continental Mo | Corn Products. . Cosden & Co Cosden pf | Crucible Steel { Cuban-Am Sug. | Cuba Cane Sug. | Cuba Cane S pf. | Cuban Dom'can. | Cuyamel Fruit.. | Davidson Chem. | Del & Hudson. . D Lack & West. Dome Mines. ... Dupont (ED)... Duquesne 1st pf. | Dupont deb | Eaton Axle & Sp Endicott-John.. Endicott-J pf Erle2d pf.. Famous Plavers Famous Play pf. Fd Mines&S pf.. Fisk Rubber. Freeport Texas. Gen Am TK pf. .. Gen Asphalt Gen Cigar. Gen Electric. @en Elec spl. Gen Motor: Gen Mot 6% deb Gen Mot 7% deb. Glidden. ....... Goodrich Goodrich Df. - .- Granby Consol ¢ Northern pf. reat Nor Ore Guantana Sug. . Gulf St Steel..... Harbishaw Cab. Hartman Corp. . Hayes Wheel. .. Househ'd Prod.. Houston Ofl Hudson Motors Ind Oil & Gas. Indiahoma Inspiration. | interb Rap Tr In Ag Chemical. {In Ag Chem pt.. Int Cement. In CombustE... Int & Grt North. Int Harvester... Int M Marine pf. Int Nickel. intl Paper. Int Shoe. . 5 Int Tel & Teleg. Invincible Oil... Iron Prod ctfs.. Jewel Tea. Jewel Tea pf. Jones Tea. . { Kansas City S.. | Kayser (Julius) | Kelly-Spr Tire.. { Kennecott | Keystone Tire.. { Lee T & Rubber. Lima Locomo Loft Inc.. Loriflard pt Mack Trucks. { Magma Copper. Mellinson & Co. Manati Sugar Maracaibo 0il Market St prior. Marland Oil. ... Martin-Parry Maxwell (A). Maxwell (B). May Dp Store: Mex Seabd ctfs. Middle St Of Miavale Steel | Minn & StL (). Mo Kan & Tex.. Mo K & Tex pf.. Mo Pacific Mo Pactfic pf . Montg’y Ward. . Moon Motors. .. Mother Lode. Nat Biscuit. Nat Cloak & S pt Nat Condult...: Natl Dept Stores Naul Enamel. Natl Lead. Nevada Copper. N Or Tex & Mex. N Y Air Brake.. NY Afr Brk (A} N Y Canners. N Y Central. NY Chi & StL. .. NYC&StL pt(n). . 100 L7 | Beth St1 8% pf. . _ Open. High. 66% 66% 4% % 93 93 33% 85 31 81 92% 92% 07% 107% 21% 21% 6% 4% 8 40% 91 17% 1l 70 4d% 98 5% 57% 1 121% . 145% 82 101% 6 T 96 87% 1% 111 14 24% 13% 17 48% 57 ] 67 48% 91% 105 16% 107% 8% % 86% 34% 31% Low. 64% 41 93 33% 31 90% 10754 21% 6% 4% 8 40 89% 88 38 s 124% 9414 20 801 14 81 96% 31% 45% 45 241 18% 1% 8% 2% 274 15% 1% % 36 21% 16 6% 23 12 38% 7 66 9% 39 17% 69% 45% 1% 3815 27% 333 4% 17% 63% 6 114% 77 29% 32 53% 18 65 22 29 39% 11% 37% 48% 29% 101% 3 90 23% 18% 1% 81 1% 27 15 Close. | { 21 102% { 5% | 21% | 65 | 112% 18 | 88 | 39 123 | 94% 26% 80% 168% 17% 45 16% 37 26% 33 4 17% | 62 6 29 30% 17% 66 21% 28% 39 113% 6% 17% 9% 9% 5 25% 1% 12% 29y 10% 27 21% 24% 8% 45% % 38 56% 18 P 2'* [y 92 101 % 57% iy | Western Ma. | Western Unlon. | Westhse E1&M. | Wilson Co. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to Tae Star Office Open. High. T4 42% T 84 12% 564 54% 9% 42% 2% 20% 41% 21% 2 20 42 50% 21 116 53% 17% 86 101 Otis Steel Owens Bott! Pacific Mail Pacific Ofl. Packard Motor. Pan-Am Pete Pan-Am P (B! Parrish & Bing. Pennsylvania. Penn Seabd Stl. People’s Gas. Pere Marquett Phillips Pete Plerce Oil. . Pierce Oil pf. Pitts & W Va. Pressed Stl Car. Produc & Ref. Pullman Co Punta Alegre. Pure Ofl. Pure Oil §% pf . Railway Stl Sp.. Rapid Tran See, Rap Tran Sec pt Ray Con Copper Reading. ... Reading 1st p Reading 2d pf.. Reis Robert pt. . Remington. . Replogle Steel. . Rep Ir & Steel. . Reynolds Spr... Rey Tobac (B) Rey Tob pt B St Joseph Lead St L & San Fran St L&San Fr pf. St L Southwn. Savage Arms Schulte Stores Seaboard Air L. Sears Roebuck. Seneca Copper. Shattuck-Ariz Shell Union. Simms Petrol. Sinclair Oft 40 | Sinclair pt. Skelly Ol Sloss-Sheffield So Porto Sugar. South Pacific. Southern Rwy. Spicer Mfg Co.. St Ot of Calif. Stand Ol of N J. Sterling Prod. Stewart-Warnes Strombg Carb. . Studebaker. Studebaker Submarine Bt. . Sweets Co of A Tenn Copper Texas Company Tex Gult Sulph. Texas & Pucific Tex & P C & OMl. { Tide Water OI1.. | Timken Bearing Tobacco Frod. .. Tobacco Prod A. Trans Cont Ofl.. Transue & Will | Unton Pacific Union Pac pf | United Fruit. Utd Ry Iuv pt. U S Cast I Plpe.. {USCastIr P pf. U S Indus Alco | G S Rubber. . US Rub Ist pf. US Smelt & R pt U S Steel. U S Steel pf Utah Coppei Vanadium Corp. Va-Car Chem. Va-C Chem pf. Wabash. .. Wabash pf (A). West Elec pf Western Md. 113% 9% 18% 151 107% 58% 20% 48% West Pacific. White Eag Ol White Motor White 01l Wickwire. 20% 1% s 22 " 23 6% 6 66% 6275 257% 264 2 26 28 9% 9% 9% High. Low. Last. 4 3% 3 HOURLY SALES OF STOCKS. ilam.....167100 12m 228400 1p.m. 296 700 p.m. - 404100 OTTON DECLINES, THEN GAINS AGAIN Further Good Buying Noted Today After Violent Ad- vance Yesterday. 615 2 Woolworth. sne” ‘Worthington. Wright Aero Call Money. e Associated Press. = NEW YORK, September 20.—The excited advance of late yesterday aft- ernoon was followed by reactions at the opening of the cotton market to- day. First prices were steady at an advance of 40 polnts on September, which was influenced by overnight buying orders, but generally un- changed to 24 points, lower owing to the failure of Liverpool to fully meet yesterday’s local gains. There was heavy realizing through commission houses, but trade in- terests wera moderate buyers on the decline and there was fresh buying on private reports that there had been heavy rains since midnight in the Memphis district and parts of Arkansas. December sold off to 29.35, and January to 28.70, or 20 to 28 points net lower, and the early fluctua- tions were nervous and irregular. October sold at 30.02 and January 29.06 early in the noon hour, making new high' prices for the day and net advances of 12 to 16 points. New Orleans Market Strong. NEW ORLEANS, September 20.— Continued rainy weéather over large ateas of the western belt, together with a higher Liverpool market than due. put the price of cotton up today to the extent of 39 to 58 points in the first hour of business. October was advanced to 29.17. Buying was general and the market had a firm undertone. Contracts appeared to be supplied 'mainly by profit-taking longs and offerings were not in large volume. Futures (11 a.m.).— Bids steady; Ostober, 20.11; December, 29.00; ‘January, 28.70 asked; March, 28.54] May, 28.92. Closing Cotton Quotations, NEW YORK, September 20.—Cotton futures closed irregular. October, 29.70a29.82; December, 29.35829.42; Jan- gary, 28.80a28.85; March, 28.78a28.80; May, 25.47a28.77." Cotton, spot, quiet; middling, 30.50. 4 NEW ORLEANS, September 20.— Cotton futures closed very steady at net gains of 17 to 36 points. October, 28.94a28.95; December, 28.87a28.89; Jan- uary, 28.36a28.68; March, 28.42a28. May, 28.30a28.34. NEW ORLEANS, September 20.— Spot cotton steady and unchanged. Sales on the spot, 11; to_ arrive; 960 low middling, 28.25; middling, ; ®ood middling, 29.75. Receipts, 4,331’ bales; stock, 63,192, OIL REDUCTION SPREADS, FINDLAY, Ohio, September 20.—A 20-cent reduction in quotations on central west crude ofl was announced here today by the Ohlo Ofl Company. The new guotations are: Lima, $1.68; Indiana, $1.48; Illinois and Princeton, $1.4 ngeflog:‘ 95; Plymouth, .85, i BONDS IS FEATUR Yesterday’s Advance Press- ed Further Today—Domes- tic Issues Hold Firm. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 20.—Buy- ing of French securities was the fea- ture of today's bond market. The movement was a continuation of Wednesday's and carried the French 85 up to par, equaling the high point of the two preceding weeks. At the same time French 73%s made @ new high on the present recovery and only about 11: points below the high of the year. Depart- ment of the Seine 7s gained sharply on small transactions, also- making 2 high point for the last two months. All ghree of the French cities issues— Marseille, Lyén and Bordeaux 6s— were firm around Wednesday's high point, and finally Paris, Lyon and Mediterranean 6s touched 74, against a low this month of 69%. Rukr Settlement Se All this show of strength could be explained on the theory that the news indicated that Great Britain and France were again acting in accord- ance and that German surrender in the Ruhr was near at hand. The fact is, however, that French bonds wer. comparatively firm when the outlook was bad. Undoubtedly the more favorable news had its effect both today and yesterday, but there may be more genuine investment interest in French securities now than the aver- age bond trader realizes. Other foreign bonds Even the usually active Jugoslav s kept within a narrow range. There was no corresponding display of in- terest in the Austrian 7s. " In the South American list Brazil obliga- tions were heavy wigh the Central Railway Electrification’ 7s selling be- low 80. Home Securities Firm. High-grade domestic securities were firm. There were reports that forelgn buying of American Glit edged rails and__industrials had again appeared.. If so, it was jot very aggressive. The chief interest was In the United States government list, with higher prices for the third 4% There is doubtless a good deal of investment buying of Libertys by individuals, as well as institutions. ~ Notwithstanding evidences of pros- perity. among the sugar producers, sugar bonds fail to respond. Vir- ginia, Carolina Chemical 78 showed a better tone today, while the oil bonds were not much changed after esterday’s weakness. Among the speculative rails, the best showing was made by the St. Louis, San Francisco incomes and adjustments $45 A BALE ADDED TOCOTION VALLES South Makes Great Gain in Wealth as 30-Cent Mark Is Finally Reached. were quiet. By the Associated Press. NEW YORK, September 20.—Thir cent cotton became a reality yester- day when October contracts on the cotton, exchange crossed that level and went 30 points farther, or to 30.30, before the excited advance and covering movement w.s checked by active realizing sales. December contracts followed with sales at 29.90, theses prices representing net gains of 180 points, or about $6 per bale. The violent upturn to new high lev- els for the season marked the cul- mination of a strong bull movement which has been almost centinuous since the end-of-July government re- port made it plain to the catton world that the supply of the fleecy staple this year would fall considerably short of earlter estimates. It stimulated a demand from Amer- fcan and foreign mill interests that readily absorbed the weight of first new crop receipts, in connection with the speculative buying that ensued, and started an advance that has add- ed fully 9 cents a pound, or $45 per bale, to the value of the south’s crop. The fmmediate cause of the sensa- tional rise was a report of floods in northern Texas and Oklahoma, to- gether with- predictions for cooler weather and a higher basis in the southwest, which seemed to forecast an evén greater reduction in the crop promise, besides injuring the grade. Market Flashes at Today’s Close The Bank of England rate was left unchanged today at 4 per cent. A slight increase occurred in the pro- portion of reserve to liabilities—from 19.06 per cent to 19.59 per cent. The rise in sugar prices continued, sales of Cuban raws being reported as high as 5% cents. Refined sugar went along Wwith the raw product. On Wednesday American Sugar had put up its price 15 points, to 8.65 cents. Other companies followed this ex- ample today. During' August the number of stockholders on the books of the Pennsylvania railroad incremsed 350. The total on September 1 was 140,936. e It is learned Bethlehem Steel Cor- poration has been notified construc- tion of Hattori building, in Japan, will be carried out without delay. Bethlehem received steel contract for this structure before recent earth- quake. Building is planned for Gen- eral Electric Company in Japan. Brokers' money borrowings are down $600,000,000 from high point this year. Total now is $1,400,000,000, shrinkage in past month being $50,- 000,000. Within past few weeks there has been extensive liquidation of oil securities. This, bankers say, had much to do with’ decline in volume of money borrowed for spculative tom- mitments. Regular dividend has been declared on Southern Rallway pfd. William H. Willlams, chairman of the board and of executive commit- tee of Wabash railway, says the com- pany earned full year's 5 per cent requirements on preferred “A” stock in first eight months of 1923. Earn- ings_in September should be as good as in August, he said, while Octo- ber is expected to be biggest month in the history of the road. ¥ United States Rubber Company has followed out of Firestone made last week, reducing price of Ford size tires. NEW YORK, September 20.—Butter easier; receipts, 11,103 Creamery extras (92 score), 46%a47; creamery, Bemutas: Focoipte, 10411 sancs Newrs by hemnery browns. 41853: Pacific 534563 Cheese 141,379 boxes, P ' _Received by Private Wire (Bales are in §1,000.) UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 98-3 means 98 3-32.) Low. Olose. 99-25 99-26 97-28 9 98-1 98-2 88-26 98-2 99-22 Lib 1st-2d 4% Lib 2 4s Lib1st 43 Lib 2d 43, Lib 3a 43 Lib 4th 43, US4%s1862, 21 30 98-2 26 FOREIGN. Bales. High. - 156 101% 88 100% Low. 101 87% 100% 963 100% 108% 87% 80% 9% 95 100% 99% 1 97% 108% 102% 103% 94 108 89% 1% 2% 108% 96'% 91% 964% 964 8814 99% 95% 90% 957% 2% [t 78 1% 80% 803 52% 86% 97% 110 96% 9% 90% 3% 76 106% 101 Close. 101 87% 100% 96% 100% 108% 88 80% Argentine 7s. o Brazil 7s Brazil Brazil 734 Canada bs . Canada 5%s 1929 Cunada bs 1952 Chile 85 1946. Chile 85 1926. Chile 85 1941. Chile 75 194, Christianta Copenhagen 5%;s. . Cubab¥%swi.... Czechoslovakia 8s. Denmark 8s. Denmark 6s. ... Dutch 48. ... Dutch East I 6547, 12 Dutch East I 65'62. 66 Framerican 7is. 1 :‘rtmll Govt $s....240 “rench Govt 7igs. Haliti 6 % ”: Italy 6%s 1925, 7 Japanese 1st 4125, 18 Japane: £ Japanese 4s - 57 Jergen UM 6s°47.. 21 Lyonsés. ... . 58 Marseilles 6s. Mexico 5s. Mo - etherlands 6s Norway 8. = Norway 6s 1943, Norway 6s 1952. Orient Dev deb 6 Paris-Ly Prague 7%s. rmnaralBananBalunmaan 103% 102% 103% 94 108 89% 1% 92% 108% 96% 01% 159 8 e | .18 15 96% 964 8814 100% 95% 90% 5% 92% 1% 8 78 81 80% b2% 854 97% 110 963 5% 90% 74 8 106% 101 2% 9K 964 9619 86% 674 81% 104% 113 . 110% 101% 89% 102 109 95 9k 8% 8 82 80% 62% 85% 97% 110% 9615 95% 90% 74 7% 1063 101% 929 % 96% 9644 86% €8 1% 104% 13% 110% 101% 894 102 109 ! MISCELLANEOUS. Ajax Rubber 8s. 1 93 Am AgrChem 7%s 1 99 Am SmIt&R 1st 5s. 14 90% Am SmIt&R 6s. 7 100% {Am Sugar Ref 65.. 10 101% AmT&Tcvés.... 2 115% AmT&Tcltrbs.. 25 97% AmT&Tcltris.. 14 921 Anaconda cv db 7s. 47 100 Anaconda 1st 6s... 10 96% Armour & Co 41 3 83y Atlantic Refin6s.. 3 98 Barnsdall s f 8s. 1 97% Bell Tel Pa 5s. 28 97% Beth Steel 5%5°53. 13 894 Beth Steel rf 5s. 93 Beth Steel pm 6s 89% Beth Steels f 6s. .. 7% Brier H St 1st G138 94 Cerro de Pasco 8s. 121 Chile Copper 6s. Commonwth P 6s. . Con Coal Md 1st bs. Cuban-Am Sug 88 Cuba Canecvd 8 Cuba Cane cy 7s 30 Det Edison fef 6s. . Diamond Mth 73%s. Donner Steel 7s. Du Pontde N T3s. Duquesne Light 6s. Est Cuba Sug 7%s. Empire G&F 7%s. . Fisk Rubber $s. ... Gen Elec deb 5s. Gen Refractres 6s. Goodrich 6%s..... Goodyear 85 1931 Goodyear 8s 1941 Hershey 65 1942, Humble O&R 5%s. Illinois Bell 1st 5s. Indiana Steel 5 Int Mer Marine 6 i Int Paper 1st 5s B. {KCP&Lt5sAS2 Lackawa § b5 '50 Liggett & Myrs 7s. Lorillard (P) 6s... Manati Sug sf 7%s Marland Oil 88’31, Mer & Mfgsf 7’42 Midvale Steel 5s. Midvale Steel 5s cf Montana Power s, Morris&Co 1st 43s New Eng Tel b: N Y Edsn 1st 63 NYG EL H&P bs NYG EL H&P 4s N'Y Tel 65’49 NY Tel 43%s. N Am Edison 6s.. Nor States Pow 5s. . Nor States Pow 6s. . Northwst B Tel 7s. Otis Steel 7% 3 Pacific Gas & El 5s. Pacific T & T 5s '52 Pan-Am Pete 7s. .. PhilaCorefésA.. Phila Co 5%s '38 Plerce-Arrow 8s Plerce Oll deb 8s Producers & Rf Ss« Public Service 5s. . Punta Alegre 7 Saks&Cosf7s. Sinclalr Oil 7s. Sinclair O1l 6%4e... Sin Crude Oil 6s. Sin Crude Ol 5%s. Sin Pipe Line 5s. .. So Por Rico Sug 7s. Steel & Tube . Sug Est Orient 7s.. Tenn Elec Pow 6s.. Tide Wat Oil 6%s.. Toledo Edn 1st 7s.. Unit Drug cv 8s. U S Rub 1st rf 58 U S Rubber 7%s. .. USSteel sf58..... 24 Utah Pow & Lt bs.. 9 Vertientes Sug 7 2 Va-Car Chem 7s... 25 Warner Sugar 7s.. 4 West Union 6%s... 1 109 Westinghouse 7s.. 3 107% ‘Wickwire Spen 7 8 95% ‘Wilson & Co 1st 5 95% Wilson&C cv 7% 6 96 TODAY’S WOOL AUCTION. LONDON, September 20.—The of- ferings at the wool auction today amounted to 12,329 bales. Fine wools were active and firm, while medium and coarse cross-breds declined 6 per cent. Queensland 7s Queensland s. . Rio de Jan 851946, Rio de Jan 85 1947. Rlo Gr Do Sul 8s. .. Sao Paulo,City,8s. . ine, Dept of, Serbs Crotes Slo Solssons 6s. Sweden 6s Swiss Confed 8s. .. Ud Kingm 5%s°29. Ud Kingm 515 '37. Ud Steam Copen 6s Uruguay 8s. Zurich $s. o3 99 90 100% 101% 115% 97 922% 995 96% 83 28 7% 9714 88% 92 89% 97% 94 121 984 £615 87 106% 93% 88% 103% 106% 9 108% 104 9915 102% 101 101% 116% 98% 84! 993 6% 841 89t 88%% 1usi 954 97y 9914 105% 7 87 9% 9% 97 109% 9T 82% 105% 93% 4% 90% 100% 108 92% 90% 90% 103% 100 90% 5% 9 101 107% 102% 924 86% 93% 944 82 100% 105 97 93% 102% 106% 111% 86 105% 101% 9% 97% 109% 974 828 105% 93% 1% 9074 100% 108 921 91 90% 103% \100% 1904 5% 79 101 80% 108% 1023 93 87% 93% 94y 82 100% 105% 97 934 102% 106% 11134 864 105% 101% 89 97 89 103 2 89 108 19 107% 95% 95% 96 BAR SILVER RATES. LONDON, September 20.—Bar silver, 325-16a per ounce. Money, 3% per cent. Discount rates—Short bills, 31-16a3% _per cent; three-month bills, 3 3-16 per cent. NEW YORK, September 20.—Bar sliver, 65%; Mexican. dollars, 43%. CALL MONEY TOUCHES 3 1-2. NEW YORK, September 20.—Call money easy; high, 44: low. 3%; ruling rate,’ 43: closing bid, 3i: oftered at 3%; iast loan, 3%; cali loans against acceptances. 4; time loans easter; mixed collateral, sixty to ninety 5%a5%; four to six months, 5%a5%. Prime lal paper, §%ad%. o THURSDAY, SEPTEMBER 20, 1923 IBUYING OF FRENCH |==w_vors BONDS oo sscs], Direct to The Star Office. RAILROADS. . Low. Close. 87% 8% 8% 9% 86 26 e 7 Too% 1004 80 80 82 82 % 7% 98% 93% 841 4% 87% 112% 9% Atchison gen 4s Atchison adj 4 Atlantic CL 1st 48 B&Oprin3y B&O IB&O B&O B&O B& OSW div 3%4s. BK1R T 78 '21 ct st. Buft R&PItt 4%s. . Canad North 6%s Canad Pac deb 4 Car Clinch & O 8s Cent of Ga 6s. Central Pacific Ches & Ohlo cv 5 &O0cviks.. Ches & O gn 434s. . Chi & Alton 33s. . Chi B&Q gn 4s°58. Chi B&Q 1st rf by Chi & E 11l gn s Chi Great West ChiM &St Prf 414 Chi M&St P cv Gs. ., Chi M&St P 45 °25. Chi M&S P cv 438, Chi M&St P 45 '34 Chi Rys bs. . ChiRT&P g CRiIRI& Pacrt4 Chi Un Sta 43 Chi & W Ind cn 4s. CCC&StLrfésA.. CCC & StL 4%s... Cleve Term 5145 Cleve Term Gs. Colo & Sou 4%s. Cuba R R 5 Del & Hd st rf 4s. Del & Hudson 5148 D & Rio G imp 5s. . D&RG1strfbs.. Erie 1st con 4s Erie gen 4s. Erie conv 4s A Erie conv4s B Erieconv4sD... Grand Trunk 7s Gr North gen 7s. .. Gr North gen 514n Havana ERL&P Gs Hud & Man ref 5 Hud & Man aj Gs 11l Central ref 4s. . 111 Central 514s. .., 111 Cent ref 5s '55. . Int Rap Tran Int Rap Tr bs stpd. Int Rap Tran 6s. Int & G Nor aj 6s. . Int & G Nor 15t 6 Iowa Cent rf 4 Kan City Ft 8 45 Kansas City 83s.. Lake Shore 4528 . . Lake Shore 4s31. . Lehigh Valley 6s. . Louis & N uni 4s Louls & Nash 7s. Louis & Nash 548 Manhat Ry cn 4s. . Market St cn Gs. M&StL1strf4s. . M StP & SSM en ds. MK&T Istds.. MK&TprinSsA. MEK&Tadjbs.... Mo Pacific 6s Mo Pacificgn 4s. .. Montrl Tm 1st 5s.. New Or Term 4s. . . N'Y Cent gen 3%s. N Y Cent deb N Y Centribi ew Haven c New Haven d 4s New Haven 7s. New York Ry aj bs RysadjSsct.. Y W & Bos 4%s. orthern Pac 3s. .. orthern Pac 4s. .. Northn Pacri6s.. Pennsyl gen 5s Pennsyl gen 4 Pennsyl 6%8 Pennsyl gold Ts. .. Pennsyl con 413s. . Pere Marq 1st 5 Rapld Tran 6s. Reading gen 4s. RIATk & L4%s St L IM&S R&G 4s. StLIM&S4s'29.. StL&SFplésA. StL&SF prin os. StL&SF inc 6s StL & S Fadj 6s StL&SFpl . St LS W con 4s'32. San A & Arn P 4s.. Seab’d A Liret 4s. Seab’d A L ad] bs. . Seab'd A L con 6: Sou Pacific 4s 1929 Sou Pacific ref 4 Southern Ry 1st §: Southern Ry gn Southern Ry 6%s. . Third Ave adj 5s. Union Pac 1st ¢s Union Pac 1st rf s Union Pac cv 4 Union Pac cv 6 Virginia Ry 1st os. Va Ry & P 1st bs. Wabash 2d 5s..... Western Md 4s. ... 59% ‘Western Pacific i % TOTAL SALES (Par Value): ila.m.. 2401000 12noon. 4130000 1p.m.. 4922000 2pm.. 5573000 —_— STATE BANK PROBE BEGINS OCTOBER 2 The commission composed of mem- bers of the Senate and House bank- 59% 9% ing currenoy committees, organized |5 by & resolution of Congress to réport lupon the reasons which have operated to keep a number of state banks and trust companles out of the federal re- serve system, announced today through Chairman McFadden of the House committee that it would begin hearings here October 2. Witnesses at the opening session will be Secretary Mellon of the Treas- ury and Gov. Crissinger of the re- serve board. On October 3 Controller of the Currency Dawes and Secretary ‘Wallace of the Agriculture Depart- ment will be heard. Members of the War Finance Corporation will appear October 4, and tentative plans have been made to hear the following on successive days: October 5. committee of the ad- | visory ‘council of the reserve board, composed of Levy L:-Rue of Phila- delphia, John J. Mitchell of Chicago and Paul Warburg of New York, and Tepresentativos of the National Bpard of Farm Organizations; October 9, committee representing the Reserve Cities Bankers’ Association and com- mittee representing the American Bankers' Association; October 10, committees representing both sides of the par collection controversy and committee from the United States Chamber of Commerce; October 11, National Credit Men' Association, represented by A. T. Richard of Philadelphia; Ooctober 12, representa- tives of the American Farm Bureau Federation, the National Grange and other agricultural o nizations. Representative McFadden hopes to have the commi rt ready for submission to Cong! by the end of January. U. 8. TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) Bate—Maturity - i December 10, %o Marcn 15, do24 FINANCI Grain, Produce and Live Stock LOCAL WHOLESALE MARKET. Eggs—striotly fresh. selected. can- dled, per dozen, 40; average receipts, 38; storage, 32233, Live poultry—Roosters, per ib., 18; turkeys, per ib., 32; spring chickens, per 1b., 23a30; keats, youns, each, 50a 60; fowls, per Ib., 24ads. Dressed poulitry — Fresh killed spring chicken: er 1b., 34a38; ropst- ers, per 1b,, 30a35; hens, per 1b., 30a32; turkeys. per Ib., 40a42; keats, youns, each, 70a75. Live stock—Calves. choice. per Ib. 12; medium, per Ib., 10all; thin, per 1 6a7. Lambs, spring, per Ib., 14%. Live Difs, 3.00a5.00 each live hogs, per Ib. reen fruits—Apples, new, per bas- ket, G0al.75. litornia oranges, per crate. 500a6.30; Flortda, 3.00a6.00. Lemons, per box, 6.00a7.50. Grape- fruit, 4.00a4.50. Peaches, per crate 1.5023.00; 3% -bukhel bagget. 100at.50. Grapes, Concord, 5 5; Delaware, 1.50a Niagara, 1.50a2.560; Colorado Lopes, siandards,'2.00a3.00;" flats, 768 Vegetables—New potatoes, per bbl.. No. 1, 4.50a5.00; No. 2, 2.00a2.50. New Jersey potatoes, round, per bag, 4.00a 4.25; New Jersey, glant potatoes, per bag, 3.00a3.25. New sweet potatoes 3.5024.00 per bbl, New York lettuce, per crate, 75al.75. Cabbage, north- ernm, 2.00a2.50 per 100 lbs., nearby, 1.50 al.75 per bbl. Eggplant, per crate, 1.00a1.25. Tomatoes, -bushel bas ket, nearby, 40a1.00. Beans, per bbl. New York celery, per crate, 1.60a5.50. ~ Squash, B crade. mearby. 1.0021.50. per 1.00a1.50. Home-grown lima beans per quart, 20a35. New York cucu bers, per bushel, 2.00a3.00. 'Sugar corn, per dozen, 15a30. GRAIN AND PROVISIONS. BALTIMORE, Md., Septembe (Special).—Potatoes, white, bbl., 4.50; 100 pounds, 75a2.75; 150 pounds, 3.0024.00; sweets' and yams, bbl., 1.25a baeket, 25a5 lima beans, bu. celery, doz., 25a doz., ucumberd, basket, 1.25a2. egg plants, basket, 35a40; lettuce, bu. 50a1.25 ; onions, 100_pounds, 2.00a3 peppers, basket, : squash, basket, 15a25; epinach, basket, 40a50: toma- toes, 40a50; packing stock, bu., 45a70; turnips, basket, 50a60. Apples, bbl basket, 20a4 2.75; basket, 25a50; grapes, basket, 60a90; 1.50a2.00 ; peaches, bu., i bas- ket, 1.25; pears, bu., 1.50a3.00 bus- ket, 25a1.00; watermelons, each, 10825 Selling Prices on Grain. Wheat—No. 2 red winter, spot, 1.08; > red winter, garlicky, spot No. 3 red 9% ; No. 4 red winter, garlicky, spot, 953 Sales—Cargoes on winter, garlicky, 1.02 4, 943 No. 5, 91%. Corn—Cob, new, 5.10 per barrel; No. 2 corn, spot, no quotations; track corn, vellow, No. 2 or better, 1.05 and 1. Sales—None. 0. 2 white, new. 48% asked white, new sked. Rye—! 4s5 per bushel; No. rye, spot, per bushel. Hay—Receipts, 120 tons. There is fair demand for desirable grade o timothy and®#nixed hay at a range of 25.06 and 28.00 per ton. 1 tangled /rye ; 1 wheat; 12.50a13. oat, 13.00214.00. TODAY'S CHICAGO PRIC] CHICAGO, September 20.—Slight new upturns in the pmice of wheat took place today duMhg the early dealings. Stubborn resistance which the market has shown of late against selling pressure was a bullish influ- ence and so, too, was apparent likeli- hood of a settlement of differences between France and Germany. Be- sides, Washington dispatches aboLt proposed relief for agricultural in- terests attracted notice. The opening, which ranged from % cent off to % cent up, with December 1.02% to 1.027% and May 1.88 to 1.08%, was followed by a little advance all around Unfavorable weather conditions gave firmness to corn and oats. After opening % to % higher, December 673, the corn market rescted some- wha Oats started %3 to % up, December 39%, and later held near to the initial range. Firmness of the hog market helped to steady provisions. WH Open. High, o 1.0 bu., rade: No. 2 red No. 3, 9934; No. % Decemb, May .. CORN-- September December May . OAT! September December e LARD-— September October RIBS— September October Chicago Live Stock Market. CHICAGO, September 20.—(United tates Department of Agriculture).— Hogs—Receipts. 25.000 heas to 10 cents higher; bulk good, and choice 170 to 240 pound averages, 8.65a8.80 desirable, 250 to 325 pound 8.3548.60; packing sows. 7.40a7.65; fresh desirable strong- weight killing pigs, 2 3 Cattle—Receipts, 11,000 head; very uneven: bulk eatly sales mixed steers and yearlings, $.50a11.00; heavy grain- fed kosher cows, slow; bulls, scarce, stready to strong; vealers, 25¢ higher, 13.50214.00; bulk stockers and feed ers, 6.25a7.50. Sheap—Reoeipts, 32,000 head; fat lambs opening stesdy; top natives. 14.00; bulk, 13.50a13.63; culls, 9.50a 10.00; feeders, easler; bulk, 13.25a 13.75: sheep, steady: good handy- weight fat ewes. 6.00a8.25: cholce lightweight quotable to 7.00. DAIRY MARKETS. BALTIMORE, September 20 (Spe- cial).—Live poultry—Spring chickens, : Leghorns, 22a26; old hens, 24 Leghorns, '20a22; old roosters, Ducks, 17a24. ~ Pigeons, pair, . Guinea fowls, each, 40a65. Eggs (loss off)—Native and nearby fivats, doz., 40; southern, 37. Bufter—Creamery, good to fancy, Ib., 45ad8; prints, 48ab0; nearby creamery, 35a40; ladles, 34a35; rolls, : store-packed, 31: dairy prints, Dprocess butter, 38a39. —_— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) September 20, 1923—10:30 a.m. Nfim\n}jl Stlliql‘chmkl sold aive. today a2y London, Montreal, pound. dollar. Bertin, Rome, Zurich, Athens, Madrid, pesets. Vienna, _crown. Budapest, Prajgue, crown. Warsaw, mark Copentiagen, crown.. Christiania, crown Stockholm,” crown. By the Associated P NEW YORK, September 20—For- elgn exchanges irregular. (Quota- tions in United States dollars) Great Britain, demand, 4.54; cables, 4.54%; sixty-day bills on banks, 451%. France, demand, cables, .05.8815. Italy, demand, . cables, .04.4735. Belgium, demand, .04.94; ca- bles, .04.943. Germany, demand, .00.0000009; cables, .00.0000009, Hol- .39.33 Norway, demand, mand, .26.52. Denmark, 18.05. Switzerland, demand, . A Spain, demand, .13.52. Greece, demand, .01.823%. - Poland, demand, .00.00031%. Czechoslovakia, demand, .03.00. Jugo- slavia, demand, .01.09%. Austria, de- .00,0014. Rumania, demand, Argenting, demand. .33.60. demand, .09.85. Montreal, de- ST. LOUIS, Mo., September 20.—Re- celvership proceedings instituted Sep- tember 7 against the Allan Pfeiffer Company, a chemical manufacturing company capitalized at $500.060, has been dismissed by circuit court 1.50a3.08, winter, garlicky, | AL. 27 LULL TEMPORARY., MELLON DECLARES Treasury Head Expects Wave of Business Prosper- ity to Continue Advance. Despite manifest in some lines of In the last few weeks, Secretary Mellon sees no reason to belleve that the wave of business prosperity will be slackened more than temporarily The Secretary declared today that seasonal and temporary reductions i business activities in all lines and th such conditions will continue to show on the busi- | nems_horizon in the future. But he said he did not regard them as seri ous or as indicative of a permaner: slackening in dustry Institute Seeks Members. As @ part of its membership cam- palgn, “the Washington chapter, American Institute of Banking, is cir- cularizing informative data on the body, the salient features of which Ifonlluw. . A It is the educational section of the merican Bankers' Association 1 has over 50,000 members. greate rollment than Harva Yale and Columbia universities combined It neans wide and valuable acquaint nces formed locally as well as at lonal conventions. It offers every k man and woman, even the low- lHest bank messenger, a chance 1o learn things that will help in his or her tmmediate Job and an opportunit o advance by study to a pos ot o s v ¥ to a position o “Washington Chapter members, with possibilit Browth since there are approximatel ) bank employves, officers and directors in the District of Columbia “Three courses of study are con- ducted, elementary, standard and ad vanced. Classes will be conducted as follows: Elementary, commercial law and negotiable instruments, standard banking and economics, together with a new course in credits.” Federal Reserve Banking Topl It is estimated that more than bankers, cluding those from District, will attend the nnual ventic of the Americ Bankers" Association, which convenes next Monday at’ Atlantic City. Advaner registrations indicate that the largest ring in the history of the or ion will be on hand tosthras) any problems pertinent to members of the business. In view of the fact that there ha been much criticism lately of th Reserve System. one of th of the convention program will be the discussion of the merits and defects of the s em. Craig B E resident of the on st Company, Chicago, and ident of the Association of Re yyBankers, will lead the dis- ion on the merits of the system while the defects will be stressed by George H. Bell, cashier of the Plant- Bank and Trust Company of ville. Ark. Each speaker will be allowed fifteen minutes. Another attractive feature of program will be the addre: 1. Bec =olicitor general of the United States, who will be the prin- cipal speaker at the Thursday morn- ing session. Mr. Beck will deal wit ntenance of established Amer Institutions from a onstitu- tional viewpoint. Officers and Directors Named. At the nnual stockholders’ meet- ing of the District Gu ty Corpora- tion vesterday selection of the board of directors was made and immediate 1y follow z these officers were chos- en to serve for the ensuing year: William B. Westlake, president John Loughran, vice president; Hugh H. Hanger, treasurer: E. L. Stauder man, secretary. Rumor had it, how ever, that Mr. Westlake was soon t retire from the presidency. The usual 2 per cent quarterly dividend on tha preferred stock declared in addi- tion 10 $2 a share on the common jstock. Scuthern Rallway Eficiency. Southern railway system's ope ing records continue to planation of the impre: net earn- ings of Southern railway proper and the other constituent roads. . In August car-miles per day on the system were 30.1, against 30.2 in July. This showing is remarkable inasmuch as in July the Georgia fruit crop was being moved, and refrigerator ALS in through trains ran up long mile- August, on the other interim month in the south, save for lumber movement. Spring and summer interchange of products with other sections is over and the fall trade has not begun, with the result that the south does busi- ness pretty well within its own bor- ders. s usual. the roads comprising the Queen and Cresent route between Cincinnati and New Orleans had longer car-mileages per day than the Southern proper with its numerous branches. In August, cars loaded and received from connections totaled 2084 against 148,182 in August, 932 last July. The sy: Y average of 733 freight trains, containing 27,191 During th month the system moved 22.713 freight trains, containing §42,915 cars. nndian Bonds on Sale. Fifty millions Dominion of Canada refund loan of 1 5 per cent bonds were placed on the New York market today. The bonds are payable in five and in twenty years. The twenty- I_war bonds are 98%and the five-year s principal and semi-annual in- terest are payable in Canadian money in Canada { PULLED WOOL ACTIVE. BOSTON, September 20 (Special) — Continued activity in pulled wools is the only fen[,ure of moment in the wool market,’ B supers having sold s high as 88 s recently. The de- mand is largel asonal. Although the Sydney auctions have added fur- ther evidence that American wool prices are under those abroad, there seems no immediate prospect of local increases. Receipts at Boston Wed- nesday were 2 bags of domestic wool CLOSING SUGAR PRICES. NEW YORK, September 20.—Sugar futures closed steadv: approximate sales, 29,000 tons; September, 5.40; December, 4 March, 3.83; May, 3.9! lulls that Yecome industry have © to be expected commerce and in in numbers 7 s of furth x the by James is an I —_—— BOSTON STOCK MARKET. TON, September 20.—Following is r;ofifl of today’s highest, lowest and olosing prices for the most active stocks dealt in here: Close. Amoskesg ... Arcadiah Cons . Boston & Albuny Boston & Maite RBoston Elevated Calu & Xri Calu & Hecla. Copper Rang Davis Daly Bast Butte Eastern § Greenfld Tsland Creek ... 0ld Colony ... Pacific Mills 1 Quiney St Maryland _.. Shoe Mach .. Swift & Co. Swift Interns Trinity . Utah Apex . ventura Off Waldort . Waltham Waich Walworth Warren Bros olverine