Evening Star Newspaper, December 6, 1923, Page 28

FINANCIAL RESIDENT'S NOTE HELP 70 STOCKS H’.eference to Railroads Is : Taken Favorable, as Many ! lssues Move Higher. 3 BY STUART P. W' Bpecial Dispatch to The Star. NEW YORK, December 6.—In prep- aration for the President’s message to Congress, Wall street staged a buying movement ecarly today rather aore general than day for #ome time. There was nothing sen- »nal about The main Point was that it extendad to a larger nymber of iss Oil Shares Ignore Figures. Oil shares were rather disappointing in their response to the large de- creave shown in the weekly fizures of crude oil production. It might have been expected in view of the enthu- siastic buying in other directions that K strong bit of testimony to the improvement in the oil industry would have been seized upon by speculators for the rise as it happened when attempte were made to bid up 1he ofl shares, they were quickly su Tended because of running into larg: offerings just above the prevailing price levels The largest public following was attracted toward the low-priced rafls. The advance continued in the Erie issues despite the positive dental by the Cleveland banking interests that they had secured con Opinion was divided rega real ex- lanation for the . Some fsted that the buving for the purpose of securing representation in Tue Juanag o Wit @ View tu @ deal with :ome other rowd rie Move Puzrlin: Others thought that it was simply a L pool operation based upon the often-stated fact that Erie is now earning the 4 per cent on both classes of preferred stock. with a balance of over 5 per cent on the common. Wabash preferred A finally worked its way through the large blocks of stock which have been hanging over the market around 35. Having done this. it found no difficulty in making a new high, above 35. As soon us the stock got into new high ground there was a rush of buving on ‘the idea that at length the discounting ©f a 5 per cent dividend had begun. New High Records. Other low-priced rails which equal- @ or surpassed their previous highs for the movement were St. Loul Southwestern, Southern Rajlw board Air Line preferred Pacific and Texas and Pacific The short interest in Tobacco Prod- ucts, which had been fighting the rise. was’ suddenly put to rout The_stock soon after the opening sold_at against last night's close of 6715, It was up fully ten points from where it was selling when it was put on a 6 per cent basis. A new high record was &lso made in Tobacco Products A. To the investment community th important part of the President’s mes- sage was his statement that recasti the railway rate structure must not Yolve new rate schedules that would Dot yleld a fair return. Otherwise rate Teadjustments would be conficatory and unconstitutional, _This, of course, is something which financial commentators have laid down as essential truths time and again. But to have the Chief Execu- tive come out so firmly and explicitly on this subject is immensely reassur- ing to the multitude of investors in railway securities. Other parts of the message were al- together favorable from the business man's standpoint. but they occasioned no surprise. It had been expected that the President would urge very strong- 1y the Secretary of the Treasury's tax-reduction plan and that he would favor rallway consolidation along Voluntary lines. It is gratifying ® on any the the m. stern to find that he does not take up the favorite cry of | “agricultural distres but recog- nizes that the unprofitable conditions in the farming industry are limited. ‘That is to say, that one section hit s the wheat country of the north- west and vemedy here lles in crop diversification, co-operative market- ing and the sale of the export surplus through the War Finance Corpora- tion. Hostllity Belleved Gone. The inference drawn in Wall street today was that what little chance there might have been of legislation hostile to the rallroads now had com- pletely disappeared. It was no won- der that railway shares, both before and after the reading of the message, should have occupied the center of the stage. Dividend-paying rails and the low-priced non-dividend payers alike were heavily dealt in at the best prices reached since the turn of the market six weeks ago. Mack trucks and White Motor shares both were favored for a time today. In the case of the former the advance was helped by the circulation of a story to the effect that Mack had secured a profitable Japanese con- tract. American snuff, which declared an oxtra 2 per cent dividend in addition to the regular 3 per cent, is sald to be contemplating a split-up of its stock in 1924, similar to the action taken by both Lorillard and Liggett Tecently. MARKET CLOSES STRONG. President’s Message Held to Have Gained Approval. By the Associated Press. NEW YORK. December 5.—The wave of buying orders which swept into today's rising stock market was Zererally construed as reflecting Wall street's approval of President “oolidge’s message to Congress. New high records were established by mare than twenty issues, buying of which also was influenced by high current = earnings and the recent aeries of increased and extra dividend announcements. Sales approximated 1,250,000 shares. = The closing was firm of operations in & number of railroad Aand industrial shares caused the mar- ket to turn upwards again in the late | ealings. Baltimore and Ohio crossed #D to a new high record for the year. EIGHT-MILE RAILROAD REFUSED BY I. C. C. Cost of $112,000 Held Too Great to Permit Profit in Operation. The Appalachian Railway Company “was refused authority by the Inter- state Commerce Commission today to open up and operate a line of rail- voad eight miles long between Ravensford and Parsons, both points in North Carolina. The fitting up of the line for operation would cost $112,000, according to estimates to the ' commission. which concluded there was little possibility of a profit ‘being made-on its operation. Receivers of the Denver and Rio Grande Western railroad were au- thorized by the commission to aban- don the Blue river branch, running irom Leadville to Dillon, a distance of thirty mfles; also the branch be- iween Hecla Junction ahd Calumet, seven miles. Both lines are located dn Colorado. 2 BUTTER LOWER TODAY. CHICAGO, December 6. —Butter— Lower; creamery extras, 53; stand- ards, 48%; extra firsts, 49a52; firsts, 451584715 ; seconds, 42152431, &s—Higher; receipts, 1,581 cases; 48252, ordinary firsts, 40a45. Resumption | I Adv Rumley. ... Adv Rumley pf. Ajax Rubber. Alaska Juneau.. Allied Chem. | Allled Chem pf. Allis Chalmers. . Am Agr Chem.. 1Am Ag Chm ptf.. Am Beet Sugar. Am Bosch. Am Can Am Car & Fdy Am Chain (A).. Am Chicle Co. .. Am Cotton Oll. . Am Cot OIl pf.. Am Cot O ctfs Am CotOpf ctts Am Express Am H & Leath. . Am H & Lea pf.. Am lce. . . Am Internat’l Am Linseed. . Am Linseed pf.. Am Locomotive. Am Radiator. Am Roll Mill pf. Am Safe Razor. Am Ship & Com. { Am Smelting. , Am Smelt pt. Am Snuft Am Steel Fdy. Am St1 Fd pf. Am Sugar.. Am Sugar pt. Am Sumatra. Am T & Cable. .. Am Tel & Teleg. Am Tobacco. ... Am Tobac (B).. Am Tob pf (n).. Am Woolen Am Woolen pf.. Am Writ Prpf.. Anaconda. Ann Arbor pf... Armour of Del pf Arnold Constab. | Assets Realizn. . Associated Oil. . Atchison....... Atchison pf..... Atlan Bir & Atl. Atlan Cst Line.. Atlantic Fruit.. Atlantic Gulf. Atlantic Ref Atlas Powder Austin Nichol Auto Knitter... Baldwin Loco Balto & Ohlo. Balto & Ohio pf. Barnesdall (A). Barnesdall (B). Batopilas Min Bayuk Bros. Beechnut Pack. Beth Steel...... Beth Stl 7%(n Booth Fish..... Br Em Stl 2d pt. BEklyn Edison Brklyn-Man Tr. Brkin-Man T pf. Brown Shoe. . Burns Bros (B). Eutte Copper-. .. Butte & Super. Butterlck. Caddo Oil. Calif Pack Calif Petrol. Callahan Zinc Canadlan Pa Case Plow Wks. Centrai Leatn Cent Leath pf... Cerro de Pasco. Chandler Mot. .. Chesap & Ohio. . Ches & Ohio pt Cht & Alton. Chi & Alton pf. Chi & East 111 Chi & EIll pf. Chi Grt West. Chi Great W pf. ChiMII& StP.. Chi Mil &St P pt. Chi & Northwn. Chi & Nwn pf. Chi Pneu Tool Chi RI& Pac... ChRI& P 6%pt i Chi R I&P T%pf. Chile Copper. Chino Copper... CCC&StL Coca-Col. Colo Fuel. ... Colo & South Columbla Ga: Columbn Carbon Com Solv (B)... Comp Tabulat Congoleum Co. .. Cons Gas of NY. Cons Textlle.... Cont Can.. - Continental Mot Corn Products. . Cosden & Co. ... Crucible Steel Cubdn-Am Sug. Cuba Cane Sug. Cuba Cane S pf.. Cuban Dom'can. Cuban Dom pf. Cuyamel Fruit.. Davison Chem De Beers. . Del & Hudson. D Lack & West. Devoe 1st pf. Dome Mines. Douglas Corpn.. DuSS & Atlan. . Du S S &2Atl pf. Dupont (EI)... Eastman Kodak EatonAxle &£5p. Elec Stor Bat. Emerson Brant. Endicott-John. . | Endicott-J pf... Erle Erle 1st pf. Erle 24 pf. Famous Players Famous Play pf. Fifth Ave Bus. Fisher Body Fisk Rubber Fleishman Foundation Co Freeport Texas. Gen Asphalt. 'Gflh Baking. Gen Cigar. Gen Electric.. Gen Elec spl Gen Motors. .. Gen Motors pf. . Gen Mot 6% deb. Glidden. . i Goldwin Corp. Goodrich. . Goodyear pf. |c ay & Dav Gt Northern Great Nor Ore Guantana Sug Gulf Mo & Nor.. i Gulf M & Nor pf. { Guif St Steel.... | Harbishaw cab. Hartman Corp. . Homestake..... Househ'd Prod. . Houston Oil. Hudson Motot Hupp Motors. Hydraulic Stl.... | Illinols Central. 11l Cent pf fpd.. 111 Cent (LL). | Ind Ol1 & Gas. i Indlahoma. . sIngersoll-Rand. Inland Steel Inspiration..... Interb Rap Tr.. In Ag Chem p*. Int Cement. In Combust Int Harveste Int Mer Marine. Int M Marine pf. Int Nickel. Int Nickel pf. Intl Paper. Invincible R Lowa Central. .. Iron Products. IronProd ctf: JewelTea.... . 104 Cub Am Sug pf.. . 107 Open. High. 915 91 33% 334 7 7 1 1 66% 667 110 110% 43% 43¢ 12 12 36 36 40 40% 3376 347 104% 104% 160% 162% 5y 231 154 9%, 27w 9t 271 89 T 441 85 264 17% 32 744 944 9% ey 1% 59% 96 1424 407, 102 5674 97 181 40% 125% 147 1464 103 To% 101 215 38% 3214 - 1464 147 14 0 1 1% 31 31% 43% 43% 63 e 754 - 100% 100% 4 1% 29% o4 4 11t 4 11% 30 54 4% 125 14 141 2515 26% 1 68% 104 834 25% T31e 854 27% 16% 110 75% 83% 25% 73 85 274% 16! 110 75% 2415 241 24 24 83% 34% 45 45 285 29 85 85% 181% 181% 60 614 6 6 50% BO% T Th 1334 136% Uit 82% 68 68% 31 B2 964 96% 13% 13% 524 B4 64 6% 43% 44% bl% s 704 1% 2016 2019 109%; 117% 117% 94 94 19t 19% 1215 12% 3% 3% 5 5 125% 127 107% 107 25 26 113% 1134% 21% 22% 30 314 26% 27% s 2% 87% 87T% 9% 9% 160 160 ™ 45% 45% 6815 68y 13% 13% 36% 36% 95 95 85 85 183 1834 10 10% 13% ° 14 815% 81% 8l 8l% 8 8 9 9 23% 284 41 41 ™ 7% B9 594 82% 32% 6% 6% 13 14% 49% 51 81% 81% % 8% 41 41% 58 * 58 833 33% 6215 6215 27 2% 22% 22% % L] 103 103% 103% 103% 2 72 5% 5% 2% 24 158% 161 38% 38% 26 26 14 144 -5% 6% 42% 48 25% 26% 6% 17 6l T4 82% 33% 11% 124 80 80 33w 83% 0% 11 2 2 52% 52% 484 48% 19% 19% Low. Close. | 915 9l Jewel Tea pr. 38% | Jones Tea...... 7 | KansasCityS.. 1 |Kansas C 8o pf. 667 | Kelly Spr Tire. . 110% Kelsey Wheel 4315 Kennecott. . Keystone Tire.. Kresge (SS) Lehigh Valley.. | Lig & Myers. . Lig & Myer (B). Lima Locomo Loews Inc Loose-Will 791, | Lorillard (P). .. 914 | Louls & Nash. 27 | MeclIntyre Por. 89 | Mack Truck 7 |Magma Coppe: 44" | Mallinson & Co. 844 | Manhat El Sup.. 25t | Manhain El guar 17% | Manhat Suirt. .. 32 |Maracalbo OIl.. { Market St R Market Stpf. ... Market St prior. Market St R 2d. Marland O1l. ... Martin-Parry Mathison Alkill. Maxwell (A). | Maxwell (B). May Dp Stor Mex Seaboard. . " | Mex Seaba ctfs. Miam{ Copper. Middle St Oll. Minn & StL..... Mo Kan & Tex. . Mo K & Tex pf.. Mo Pacific Mo Pacific pf. Montg’y Ward. . Moon Motor: Mother Lode Munsingwear. Nat Biscult. Natl DeptStores Nat! Enamel. | Natl Lead. . Nat Supply Nat Surety C Nevada Coppe: N Or Tex & Mex. Natl Ry of M 2d. N Y Afr Brake. . NY Afr Brk (A). N Y Central NYChi&StL.. NY Chi & StLpf. NYDook....... NYNH&Hartfd. NY O & Westrn. Norfolk South. . { Nort & Western. | North Amer. North Am pf North Pacific. Nunnally Co.... Ohio Fuel Sup. . Oklahoma Prod. Orpheum Circuit. Otis Elevator. Otis Steel. Otis Steel pf Owens Bottle. 384 Pac Cost 1st pf.. Pac fic Develop. Pac Gas & Ele Pacific Mail..... PacificOfl...... Packard Motor. Pan-Am Pete. .. Pan-Am P (B).. Panhandle. ..... Pennsylvania... Penn Seubd Stl.. People’s Gas.... Peoria & Eas Pere Marquette. Perc Marq pf... Pere Mrq pr pf. Philadelphia Co.. Philllps J pf. ... Philip Morrls. .. Phillips Pete. .. Plerce-Arrow Plerce Ar pf..... Plerce Ar prior. PlerceOll....... Pierce Oil pf.... Pitts Coal...... Pitts Utilities pf. Pitts Steel pf... | Pitts & W Va... Postum Cereal. . Postum Cer pf. . Pressed Stl Car. Produc & Ref. .. Pro & Ref ctfs.. Pub Service. Fullman Co. . Punta Alegre... Pure Oll. Rallway St Sp.. Ray Con Copper Reading. Reading 1st pf.. Reading 2d pt. Replogle Steel. . Rep Ir & Steel Rep Ir & Stipf.. Reynolds Spr... Rey Tobac (B).. Royal Dutch. ... Rutland Ry pf.. St Juseph Lead. St L&San Fran. St L&San Fr pf. St L Southwan. .. St L South pf. Savage Arm. . Schulte Stores. . Seaboard Air L. Seabd ALPDI.... Sears Roebuck.. | Seneca Copper.. Shell Tr & Tran. Shell Union. . Simms Petrol... Simmons - Sinclair Ofl..... Skelly OIl. Sloss-Sheffleld.. So Porto Sugar. South Pacific. Southern Rwy.. Southern Ry pf. Spicer Mtg Co. St Oil of Calif... Stand Ollct NJ St Oil of N Jpt. Stew'd-Warner. Strombg Carb. | Studebaker. Submarine Bt. Superlor O11 Sweets Co of Tenn Copper.... Texas Company. Tex Gulf Sulph. Timken Bearing Tobacco Prod. .. Tobacco Prod A. Trans Cont Oil.. Underwood..... Union Pacific... Union Pac pf. United Ry Inv. Utd Ry Inv pf. Utd Retall Stri U S Cast I Pipe.. U SCastIr P pt. U S Express U S Food Prod. . U S Hoffman M., U S Indus Alco.. U S Realty. U S Rubber. U S Steel pf.. U S Tobacco. Utah Copper Utah Sécurities. Vanadium Corp. Van Raalte. | Vu-Car Chem Va-C Chem pt. Vivadou. Wabash. Wabash pf (A). Web & Hellbrn. West Elecpf.... ‘Western Md. . Western Md 2d. West Pacific. West Pacpf.... Western Union. Westhse E1&M. Wheeling&L E. Wheel & LE pt.. White Eag OIl. . White Motor. ... Open. High. 9% 26 19% 53 82 90 35% 3 297 62% . 225% 225! 654% 194 62 13 10% 19 17% 58% 110% 594% 8% 17 23% 543 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office 9% 26 201 58 824 90 35% 3% 79% 25% 19% 53 318 20 5% 3 207 624 226% 4 225% 65 63% Low. Close. 42 68 32 311y a2 44 45% 12% 85% BOND QUOTATIONS RENEW UPSWING Eries Still Rising—Liberties Firm—Farm Loan Bonds Placed on Sale. BY GEORGE T. HUGHES. Special Dispatch to the Star. NEW YORK, December 6.—Renewed activity In the more speculative rail- road bonds and in some of the trac- tions gave today's market the appear- ance of strength. To a great extent, however, the high-grade investment bonds were little changed and even the second grade, vielding around 6 per cent, were comparatively neg- 1 leoted. Among the speculative rails the | Missouri Pacific lssues came to the front. Both the general 4s and the first and refunding 6s made substan- tlal gains. Obligations of this rafl- {road have lagged behind the general {list for months. The 6s were selling nearly ten points below the high of the vear and the 4s nearly twelve {points down. Earnings in October jwere an improvement upon those of the same month a year ago, but still leave much to be desired. On the ! basis of the first ten months of 1923 it appears that the road will be for- tunate to cover fixed charges for the full calendar year. Erie Bonds Still Risinz. The bonds advanced today, how- ever, partly in response to the better Showing in October and partly in sympathy with the strength in the general taliroad list. Erle bonds con- tinued their recent advance. but soon ran into realizing sales. Which to & rtain extent checked the rise. “In- national Great Northern adfust ts gained a point. while on small ng both the Wheeling and Lake 11,5 and the same road's 4% made gains. It may or may not be significant that bonds of ths grade of St. Louis- San Francisco prior Lien 4s showed so little recover: This issue, which is generally con- sidered a sound investment and sells on a 67 per cent basis, is up only a little more a point above the low of the . Earnings are very good, but speculative attention seems centéred upon lower-priced issues. Other Inssues Advance. Among the tractions Interborough Rapid Transit refunding 5s, both stamped and unstamped, and the 7 per cent notes were ali bought at {rising_prices. Market Street iailway first 5s galned more ground and 3d Avenue refunding 4s advanced on emall transactions. Libertys and high grade rails and industrials were firm, but with little change in price. Northern Pacific prior lien 4s, Central Pacific 4s, Colo- rado and Scuthern 4l4s and illinols Steel s were all higher. Forelgn Group Steady. The forelgn group was steady. Mex- ican 5s were a little higher today. Bolivia Ss held their recent gain. There was considerable activity .n Oriental Development 6s. No change occurred in the Frenca- Belgian issues. 5 Today's new offerings inclule $2.- 0,000 City of Knoxville 4% per cent bonds at par and $1,000,000 Mie- Sourl Joint Stockland Bank 5 per cent farm loan bonds, at 100%. OTTON FUTURES VERY IRREGULAR Moderate Rallies Follow Yes- terday’s Break—Laid to Short Covering. or By the Associated Press. NEW YORK, December 6.—Yester- day's blg break was followed by moderate rallies during today’s early trading in the cotton market. Liver- pool showed continued weakness, but the opening here was steady at an advance of 19 points to a decline of 15 points, and the active positions soon showed net advances of 15 to 30 points on covering. Some trade buy- ing was also reported. but the bulge to 35.25 for December and 35.03 for March met further scattering liquida- tion, and the tone of the market was still nervous and unsettled. A private cable received from Liverpool sald that the more urgent liquidation ap peared to have been completed. Other Bdvices attributed the deciine there | 1o further liquidation and bear pres- Sure In the absence of any active {frade demand, and houses with Liver- ool connections were sellers nere during the early trading. Prices Very Irvegular. NEW ORLEANS, December 6.— What looked to many brokers like covering of short contracts supported the cotton market on the opening to- day in the face of poor cables and private bureau ginning returns that were larger than expected, but the initial hard spot was soon replaced by a sag. After rising 21 to 30 peints over yesterday's final sales there was a drop to levels unchanged to 12 points under. January traded up to 3469 and fell off to 34.40. Private bureau figures placed ginning to De- cember 1 at 9.140,000 bales, indicat- ing ginning for the last period of 771,000 bales. The cotton exchange announced that it would be closed during these days during the holiday period: Monday December 34; Tuesday, December 25 Monday, December 3i, and Tuesday, January 1. Noon Bids on Cotton. NEW YORK, December 6.—Cotton futures, 1145 &m-—BIds steady. De- cember, 35.35; January. 34.82; March, 35.18 asked; May, 35.36 asked; July, 33w ORLEANS, December 6— Cotton futures, noon—Bids steady. December, _34.90; January, 34.85; March, 85.17; May, 35.13; July, 34.49. $7,000,000 LOAN TO B. & M. A $7.000,000 loan from the Treasury to the Boston and Maine railroad was authorized late yesterday by the In- terstate Commerce Commission. MAY FORM RUSSIAN BANK. NEW YORK. December 6.—Officlals of Centrosoyus-American, Inc, Amer- fcan representative of the Russian Consumers Co-operative Societies, ¥n- nounced yesterday that the Russian organization had recently placed sev- oral large orders for American agri- cultural implements. The difficulties ericountered by American exporters in financing sales to Russig lends some strength to re- rts, current In Wall street for some Time that a group of American bank- ers, In conjunction with British bankers, contemplate the formation of a Russian bank. % 2 % 2 20 8 White Oil Wickwire Wilson Co Willys-Overid. . Willys-Overl pf ‘Wisconsin Cent. Woolworth. .... Wright Aero... 5 % 3% 8% 20 20 20 8 8 % 78 8% T2 2% 33% 35 33% 35 2%6 286 286 286 13% 13% 13% 13% o High. Low. Last. Call Money. [ HOURLY 8/ LES OF STOCKS, 11am.....203 400 1p.m..... 712 900 <549 700 2p.m..... 953 900 C THURSDAY, DECEMBER 6 1923, [+ vorx BONDS o semwn] Received by Private Wire Direct te The Star Office. (Bales are in §$1.000.) 1 UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 98-3 means 98 3-32.) B . High. Low. Olose. Lib33 . 185 99-30 9925 99-28 Lib 24 D2 986 986 98-8 Libist4is.. 239 98-13 987 98-8 Lib 2d 4% 203 98- 98-7 98-8 Lib3d 4% 530 99-0 4 99-7 999 | Lib 4th d4s 543 98-12 98-9 98-9 | US4%s1952. 178 99-17 99-15 99-16 FOREIGN. Sales. High. Low. Close. . 31 1024 101% 1024 36 87% 87 8% 31 97T 9TH 9T ! 96% 96% 96% | 98% 98 984 108% 108% 108% 85% 85 85 5% 5% 76% 78% 78% 78%| 96% 95 95 | 99% 99% 99% 101 1007% 1013 991 991 9915 99% 99 992 1041 104% 104% 1034 102% 103% 105% 105 105% 95% 95 954 90 897 89% 94 94 107% 107% 107% 6 94% 94 90 89% 95% 9515 4% 9415 89 89 | 961 961 921, 9214 | 904 90 5% 5% 944 93 75% 75% 76% Argentine 7s. Austria 7s Belgium 7 Belgtum 6; Belgium 8, Bern 8s. Bolivia 8s... Bordeaux 6s. Brazil 7s . Brazll 8s. Canada 5s L Canada 5%s 1929.. Canada 5s 1931 Canada 55 1952 | Chile 85194 Chile 85 1926 . Chile 85 1941. Chile 78 1943 . Cuba b3 s ctfy Cazechoslovak! . 20 13 Denmark 8s. Denmark 6s. Dutch E I 5%s. Dutch East I 65'47. Dutch East 1 6s'62. Framerican 71as French Govt 8s French Govt Haiti6s..... Holland-Amer 6s. . Japanese 1st 43;s. Japancse 2d 434+ . Jergen U M 65 '47. Lyon és. . Marseille 6 Mexico 5s. Mexico 4s. . theriands bs Norway 651952, ... Orient Dev deb 6s. Paris-Ly's-Med 65 Prague 1%s....... weleaiBadan 76'% 5 104% 100t Queensland 7s Queensland o Rio de Jan 8s 194 Rio de Jan 85 194 Rio Gr Do Sul § Sao Paulo City §s. Sao Paulo State 85 Seine Dept of 7s. . Serbs Croats Slo s Soissons 6s. ... Swiss Confed 8s. Ud Kingm 515 Ud Kingm 535 101 100% Uruguay 8s. 104 108 MISCELLANEOUS, Am AgrChem 75 Am Chatn s f 65'33. Am Cotton Ofl 5s Am SmIt&R 1st is. Am SmIt&R 6s. Am Sug ref 6s AmMTE&T 6 AmT&Teltr AmT& Tcltr ds Am T & T deb 5i48 Am Writ Paper 6s. Anaconda cv db Ts. Anaconda 1t 6s. Armour & Co 4; Armour of Del 5ls Asso Oll 6s rets Barnsdall s f §s. Bell Tel Pa 5 Beth Steel 55 Beth Steel s { Brier B St 1st Bkiyn Edison T Bklyn Ed gen 5s. .. Bush T Bldg 55 '60. Calif Pete 64s wi. Central Leather 5s Cerro de Pasco $s. . Chile Copper 65 Commonwth P 6s. . Con Coal Md 1st 55 Cuban-Am Sug 8s. Cuba Cane cv d 8s. Cuba Cane cv 7s '30 Dery (DG) 7s..... Det Edison ref és. Du Pontde N (15, Dugquesne Light 65 Est Cuba Sug 71s. Empire G&F Fisk Rubber g T 814 12 109 111% 108% 8674 86% 106 95% 894 73 1034 108 103% 102 T o e o aBona aBBaloendBumBlovhulmananineRbmRoR Gen Elec deb 5s. Goodrich §%s. Goodyearhs 1931 . . {Goodyear 8s 1931 Hershey 65 1942. .. Humble O&R 5izs. Tlinois Bell Ist 5s. Indlana Steel 5s. Int Mer Marine 6s. Int Paper1st3s A. Int Paper1st5s B. KCP&LtssAS2. Kayser (J) 7s. . Keily-Spring $s. .. Liggett & Myrs 7s. Liggett & Myrs 5s. Lorillard (P) 7s. .. Manatl Sug sf 718 Marland Oil 73%s. Marland Ofl 85 ‘31. Marland Oil 8s w Midvale Steel 5s ct Montana Power 53 Morris&Co 1st 414s ew Eng Tel N Y Edsn Ist 634s. NYG ELH&P6s.. N Y Tel 6541 N Y Tel 6849 NY Tel 43s. Nor States Pow 5s. Nor States Pow 6s. Northwst B Te 7s. . Otis Steel T4s..... Pacific Gas & El 58 Pacific T & T 5s ‘52 Pan-Am Pete 7=, PhilaCo 5%s '38. PhilaCoref 6s A Plerce-Arrow §s. Plerce Oll deb 8s. .. Producers & Rf 8s. Public Service 5s Punta Alegre 7s. Saks& Cosfis. Sharon Stl H 8s Sinclair Oll 7s Sinclair Oil 6%s. Sin Crude Oil 5%s. Sin Crude Oll 65’ Sin Pipe Line 5s So Por Rico Sug 7s. Steel & Tube 7s.... Sug Est Otient 7s. Tenn Elec Pow 6s. Tide Wat Oll 6%5. ‘Tobacco Prod sf 7s Toledo Edn 1st 7s. Unit Drug cv 8s. U S Rub Ist rf 58 U S Rubber 7%s... U S Steel s { 5 Utah Pow & Lt 6s. Va-Car Ch 7%s w. varner-Sugar 7s.. ‘West Unlon 6%s. Westinghouse 7s.. Wickwire Spen 7s. Wilson & Co Ist 6s. Wilson&Ccv 7% ‘Wilson & Co cv 6 Winchester A 7%s. 2 102 Youngstn S& T 6s. 63 94% —_— BUSINESS TOPICS. Special Dispatch to The Star. HOUSTON, December 6.—The bank clearings here for November amount- ed to $152,132,145, an increase of over §37,000,000 over those for~November, 1922. Debits to individual accounts for the month were $172,727,052, an increase of $48,000,000, Money con- tinues easy. PITTSBURGH, December 6.—The ground has been broken for a $1,000,- 000 addition to the South Pittsburgh high school. which is to be complsted in_ February 1925. The new school ‘will accommodate 1,600 pupils. DETROIT. December 6.—Buiflding permits (ssued here in the week just passed totaled $1,871,586, which com- pares with $3,120.887 'for the previous week ' and $2700,421 for the oorre- sponding week a year ago. e GOzt @ O [ =foe B ERERRENROERNEPOENANRNOR CHAB S ALRNGS D g oo = o = © Y P =Y B B B B |Ches & Ohto cv RAILROADS. Bales. High. Atchison gen 4s... 14 87% AtlanticCL 1st 45. 2 86% B&Oprindtes 46 98% B & O gold ¢s. <17 80% &06s 100%4 &Ocvia 82% & O ref bs 84 &0 PLEEWYV 4 7% B&OSWdiv3ils. 20 96% Bklyn-Manhat 6s..130 67% Buff R&Pitt 4%4s.. 10 87% Canadian North 7s. 12 113 Canad North 8%s.. 1 Canad Pac deb 4s.. 33 CarClinch& 06s.. 4 Cent of Ga 68 o Central Paclfic . 8 .39 Low. 87% 86% 96% 8045 100% 8314 Ches & O cv 4%s. Ches & O gn 4%s Chi & Alton 3 Chi & Alton 3%s Chi & Alt 3%s ctfs Chi B&Q gn 4s '5! Ch{ B&Q 1st rf 5 Chi& Elllgnbs... 6 Chi Great West 4s. 45 ChiGrWest 48 (n). 1 CM& PugetSd 4s. 5 Chi M &St Prf 435 39 Chi M&St P cv 5s..119 Chi M&St P 45°26.. 35 Chi M&S P cv 4345, 41 Chi M&St P 4s'34.. 10 CM&StPgn4ts. 10 Chi& NW7is...... Chi RI& Pacrf és ChilnSta 4%s. ... Chi Un Sta 6%s. Chi & W Ind cn 4s. CCC&StLrf6sA.. Cleve Term §%s. Cleve Term 5. Colo & Sou 4%s. Cuba R R 5s. Del & Hd 1st rf 48 Del & Hudson 5 Den & Rio G cn 4 D& R G strf 55 Erle 1st con 4s. . Erfegends ... Erie conv 4s A. Erie conv 45 B. Erle conv4sD. Gr Trunk sf db 6s. Grand Trunk 7s. Gr North gen 7s. Gr North gen 51 Havana ERL&P 5s Hud & Man ref 5s. . [Hud & Man aj 5s. 11l Central ref 4s 111 Central 5%s Int Rap Tran 5s. Int Rap Tr 5s stpd. Int Rap Tran 6s. Int Rap Tran 7s. Int & G Nor aj 63 Int & G Nor 18t 6s. Iowa Cent rf 4s Kan City Ft § 4s. Kansas City S 3s Kanses Clty S 5s. Kan City Term 4s. Lake Shore 4s ‘23 Lake Shore 4s ‘31 Lehigh Va cn 4s. Market St cn 5s MUEIRy & L5s. .. M&StLTS ex bs. M& StLlstrtf s MEK&TIst4s MK&TprinisA MK&T4sB. MEK&TSsC. . MK& Tad5s....176 Mo Pacific 6s. 30 Mo Pacific 55"65. .. 34 Mo Pacific gn 4s...156 Montrl Tm Ist5s.. 9 NOTex& Minss. 82 N Y Cen deb 6s. . 83 NYCentriss..... 58 NYCentcn4s'98. 2 New Haven cd 6s.. 10 New Havend 4s'57 7 New Haven 7s..... 33 New Haven 7s fr... 67 NYRyrfdsctfs.. 3 New York Ry aj 6s 40 NYStateRy 4%s. 2 NY W & Bos 4%s. 10 Norfolk & W cn 4s. 4 Norfolk & W cv 6s. Northern Pac 2s. Northern Pac 4s. Northn Pacr | 65 rthern Pac 58 D. 1 &Calif 1st5s.. 4 Ore-Wash Ist rf 4s 21 Penunsyl gen 5s Pennsyl gen 4%s.. Pennsyl 6%s. ..... Pennsyl gold 7s. Pennsyl con 4%s. . Peoria & E inc 4s.. Fere Marq 1st 5s.. 14 16 3 16 21 - 1 -2 91% 107% 107 9474 245 9% 87 62% 73 83% 66% 80% 59 88 73 5% TTw 78 587 47% 44% 681y 925 86% 83% 954 684 1014 525 45 75 90 82 102% 99% 93% 96 88 584 9% Reading gen 4s Rio G West cl 4 St L IM&S R&G 4s. StLIM&S4s’29. KCShL 4 %s. ALdssta Seab'd A Lref 4s Seab'd A L adj 5s.. Seab'd A L con 6s. . Sou Pacific 451929, Sou Pacfic ref 4s. .. Sou Pacific clt 4s Southern Ry lst 58 Southern Ry gn 4s. Southern Ry 6%s.. Third Ave ref 4s... Third Ave adj 3s. .. 15 TolStL& Wi4s... 6 Unfon Pac 1st 4s... 15 Union Pac1strfds 1 Union Paccvés... 5 Union Pac 1st rf s 45 Virginia Ry Ist 6s. 21 ‘Wabash 1st bs 10 Wabash 2d bs 4 Western Md 4s. 8 Western Pacific5s. 7 Wheel & LEcnids. 2 61 61 Whel &LErf4%s. 1 55 55 TOTAL SALES (Mar Value): 1lam.. 2613000 12noon 4462000 1p.m.. 6172000 2p.m.. 7467000 1014 53 45% 75 91 8214 102% 99% 93% 96 88 584% 9% 61 65 8215 103 99%; 94y 964 88 584 79% FOREN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Belling check: id today. Hudapest, crown. Prague, crown. Warsay Stockholm,” crown By the Assoclated Pres: NEW YORK, December 6.—Foreign exchanges easy. Quotations (in U. S, dollars): Great Britain—Demand, 4.38%; cables, 4.39; sixty-day bills on banks, 4.36%. France—Demand, .0542%; cables, .0543. Italy—Demand, .0435% 5, cables, .0436. Belglum—De- mand, .0469%; cables, .0470%. Ger- many—Demand, .00000000000025; ca- bles, .00000000000025. Holland—De- mand, .3810; cables, .3815. Norway— Demand, .1497; Sweden, .2631; Den- mark, .1788; Switzerland, = .1748: Spain, .1308; Greece, .210; .00000035; Czechoslovakia, . Jugoslavia, .0114; Austria, .00001 Rumania, -0062%: Argentina, .3190; Brazl, .0960; Montreal, .97 29-32. TREASURY CERTIFICATES, (Quotations furnisbed by Bedmond & Co.) 100332 100532 100 13-18 100 20-82 101 1-32 1003-16° 100 7-16 100 1 99° 100 100816 101118, 99! 99! ke Sha 10015-16 | off, FINANCIAL. Grain, Produce and Live Stock LOCAL WHOLESALE MARKET. There promises to be a plentiful supply of fruit on hand for the Christ- | mas hollday season, and, with the ex- ception of bananas, ch p prices promiss to rule. High cost of ba- nanas, it iu stated, has resulted from big shipments to Burope and in- creamed cost of shipment. Dealers 4y there is no likelihood of the popu- lar frult being cheap again Oranges and apples are very plen- tiful and cheap, Florlda oranges be- ing reported as the chewpest fruit on the market. Satsuma, a new fruit re- sembling the tangerine, ix.being re- ceived from Alabama. Dealers say the new fruit is an improvement on the tangerine and sells at about $1 a box cheaper. | Malaga grapes from Spain and Cali- fornia malagas are being received in large quantities, and dealers_report |prices s being reasonable. Numer- jous other varieties, termed by dealers wine grapes. are plentiful. Eggs—Strictly fresh, selected, can- died, per dozen, 58; average receipts, G6: storage, 35a36. Live poultry—Roosters, per Ib., 16: turke: per_lb. 38 epring chick- ens, per b, 26a2i; keats, young, each, 60a70; fowis, per Ib., 24a23. Dressed ' poultry — Fresh - killed #pring chickens per Ib., 30u32; roast- ers, per 1b.. 28430; hens, per Ib., 27a25: turkeys. per lb.. 42ad5 eats, young. each, 80a85; roosters, per Ib., 20. |, Game—Rabbits, No. 1, per 3.00; No. 2, 1.25a1.50. stock—Calves, cholce, per 1b., : medium. per Ib. 11: thin, per b, 8a10. Lambs. spring, per lb, 13. Live PL:H, 2.00a5.00 each; live hogs, per lb., dozen, , Green fruits—Apples_per basket, 50a 2.00; per barrel, 2.60a6.00. Califor- nia oranges, per crate, 6.00a7.00: Florida, 3.50a4.50. Lemons, per box. | 8.50a4 50. " Grapefruit, 3.00a4.00. Cran: h;rriea. 5.00a6.00 per one-half barrel. Grapes. California Emperos, 1.75a2.00. Vegetables—Potatoes, No. 1, 225 a250; No. 2, 1.00al50. _Potatoes, rou per“bag, 2.00a2.25; sweet, potatoes, 5.30a6.00 per bbl. Southern Isttuce, ‘per crate, 1.0042.00; nearby 50a1.00; Iceberg, 4.00a4.50. northern, 1.50: 0 per 100 Ibs.; near- by, 1.00a150 bbl Tomatoes, half- bushel basket, nearby, 15a2.50. Beans, southern. per hasket. 0. Peas, per basket, 3.50a5.50. New York cel- ery, per crate, washed. 5.60a6.00; in rough, New York, 2.50a4.00; Cali- fornia, 5.5046.00. Squash, 3.00a3.50 Peppers, per crate, Florida, 250a3.50 REplant, 4.00a5.00. Kale, per bbl 1.50. Spinach, per bbl., a2.50. South. ern cucumbers, per bushel, 4.50a5.00. Carrots, 100-1I sack, 2.2 .50. sels sprouts, 13a2. GRAIN AND PROVISIO) BALTIMORE, December 6.—(Spe- cial.)—Potatoes, white, 100 pounds, 150 pounds, 1.00a2.50; sweets and yams, bbl, 1.50a4.50; bu, 1.50a2.00: beans, bu., 1.5024.00; beet 5.00; brocoll, bushel, 25ah0: o, cabbage, 261 75: gEplants, crate, 2.50a4 30; lettuce, bu. 100 1bs., 2.00a3.00: oyster plants. 5.00a7.00; parsnips, basket, 4a peas, hamper, 3.00a5.00; peppers. crate, 2.50a4.00; pumpkins, 100, 10.00 00; &pinach, bu., 50a80; turnips, bu., 30a35; tomatoes, crate, 1.50a5.00. Apples. packed. bbl. 2.00a4.30; bu. 501 ‘bux _apples, 100 1bs, 1.00a1.25: cranberrie 6.00a9.00; !rlpe{;\an oranges, box, a 7583.25; pineapples, crate, 3.00a4.30. Settling Prices on Grain. Wheat — No. 2 red winter, spot, 1.09%; No. 3 red winter, spot, 1.063, No. 2 red winter, garlicky. spot, do mestic, 1.09%: export, 1.073%: No. red winter, garlicky, spot, 1.05 red winter. garlicKy, spot, 1.02% Sales—None. Corn—Cob, new, and for white, 3. No. 2 corn, 8pot, 1 corn, yellow, No. 3, ne Sales—None. " Oats—No. 2 white, new, 53; white, new, 52. Rye—Nearby, 75a83; No. Hav—Receipts, 50 tons. There no life to the demand for hay, and Stocks on hand of nearly all descrip- tions are more than sufficient for all trade wants. Under these conditions there is no particular firmness to prices. Low grade and damaged hay is hard to move. 2 Quotations—No. 1_timothy, 27.00a 750 per ton; No. 2, 25.50a26.50; No. 3, 23'30a25.00; No. 1 light clover mixed. 34.00224.50: No. 2. 22.00a23.00: No. 1 clover mixed, 23.50a24.00; No. 1 clover, 24.00a25.00. Straw—No. Instraight rye ton; No. 2 tangled rye. No. 1 wheat, 13.00214.00; 14.00a15.00. DAIRY PRODUCTS. BALTIMORE, December & (Spe- I eial).—Live poultry—Turkeys, pound, Young chickens, 26a? 2024, Old hens, 20aZ Old roosters. . Geese, 20a26. Pigeons. Guinea fowls, cach, 35 ions, 100, 20, 3 3.90a4.00 for yvellow 3.80 per barrel; nuotations: track asked. No. 3 2 rye, spot, 25.00 per 00a16.00; 0. 1 oat, Leg- 14215, s, 20a chickens. 26a28; old rooster: B ducks, 20a25; geese, 20a30. Eggs—Loss off, native and nearby firsts, dozen. 52; southern. 50. Butter—Creamery. good to faney. pound, 50a55; prints, 53a37; nearby sreamery, 42a46: ladles, 28a32; store packed. 28: dairy prints. 28a32; process butter, 39. CHICAGO LIVE STOCK MARKET. CHICAGO, December 6.—United States Department of Agricuiture: Hogs—Receipts, 74.000 head: 15 to 25 lower;: good and choice. 0 to 325 pound butchers, 6.80a7.10: top, 7.15 desirdble, 170 to 190 pound. averages, 6.65a6.80; packing sows, 6.50a6.65; de- |:l:;ble welghty slaughter pigs, 6.00a Cattle—Receipts. 10,000 head: ac- tive; most killing classes 10 to 15 higher; fed steers up to 10.50 and desir- able cows and heifers, 25 up; bulk red steers, 7.50a9.50; few Iots vearlings and handy welght, 10.50a11.50; ~mixed steers and heifers, yearlings, 12.50; bulk fat cows, 4.00a5.25; beef heifers, 5.50a7.00; long fed yearlings, 8.25a 9.25; strong weight canners, 2.75; bulk desirable weighty bologna bulls, 4.25a4.60; few weighty sausage bulls, 75 and above; vealers about steady, 10.50 and above: packers, 9.50; stock- ers and feeders scarce. rather slow. Sheep—Receipts, 13.000 head: ac tive: fat lambs, strong to 10 higher: others and sheep generally stead bulk good and cholce fat lambs, 12. 213.10; top, 13.15: choice clipped lambs, 12.00; medium and handy weight fat ewes, 6.50a7.00; choice feeding lambs, 12.65. 1 Open. 1. High. Low. Close. 11 Toeit T 15 .18 43% ARy A% 12. 1 Janvary . s May 2 TODAY’S CHICAGO PRICES. CHICAGO, December 6.—All the ain markets showed unusual steadi- BTl ay during the early dealings. For the most part traders appeared o be awaiting President Coolidge's Toesvage and meanwhile doing little et to even up outstanding ac- Sounis. Fluctuations in wheat valyes Counte » slight that for a consider- el fime_the extreme range was e 5 ™Tne opening, which varied orm Wnchanged figures to % lower, December, 1.04% to 1.05, and May, 110X to 1.10%, was foliowed by a rally. S and oats, like wheat, were al- most without motion. fter opening unchanged to %ai May, 74% to 74%, the corn market Scored 4 slight advance for December May. 28 ate started at % lower to a shade advance, May, $5% to 46, and later Tomained near to initial figures. Provisions = showed no material ¢thange. is | Leg- | Cabbage, | i Senator Martine, Mayor Donnelly | paid their respects, !its officers ar { all of the Italian lodge: | i i NEW BANK THROWN OPEN T0 PUBLIC International Exchange Has Many Guests—Trading on Local Exchange. The elaborate new homs of Wash- Ington’s youngest bank, the Interna- tional Exchange, located at 5th and H streets northwest, was thrown open to the public today. At 9 o'clock this morning friends and customery of the institution be- gan calling to inspect the new build- ing and to congratulats Joseph Schia- vone, its founder and president The International Exchange B: was organized in August, 1 with deposits of $47,000, Today its de- posits are more than half a million. Most of its accounts are savings. a large number of small accounts being the distinguishing feature of the bank. which counts among its cus- tomers almost the entire Italian pop- ulation of Washington With the space afforded in the new building it is expected soon to add « real estate department and also trust division. At present it special izes in foreign service. sending drafts direct to foreign countries, where | maintains accounts in most of t big banks of France and Italy. It is a member of the American Bankers Asecgiation, the District Bankers' As- soclation and an associate member of the Washington Clearing House As- soclation Announcement was made toda Chevaller Fernando Cuniberti, for- merly with the Italian embassy here during the war, will be assoclated with the bank a& a director and an active vice president. Mr. Cuniberti has spent some time in Italy since th ar and will probably go to Italy this summer to establish a branch of this bank in Rome. Other vice presi- dents are F. L. Neubeck, native attor- ney. and Dr. Milton H. Prosveri During the day_ Mr. Schlavone served as host to Senator Edwards of New Jersey. Senator Ashurst of Arfzona, Chlet Justice McCoy, former of Trenton. N. J., and many others who knew him in his work during the war and with ex-Senator Martine. Man: prominent Italians from _Pennsyl- vania, New Jersey aud New York as did a special w Jersey, headed which ' arrived that delegation from X Mayor Donnell . Prince Caetani, and h e received at the bank d by representatives of in the cit Christmas Savings Plan. A campaign to increase its Christ mas savings deposits, unique local being inaugurated by the Frank National Bank The plan ccnsists of cash awards totaling $1.25), which may be con- tested for by paid-up memberships in next vear's club. The dontestants a asked to submit an essay or slogan of not more than fifty words on | thrife The sum to be awarded is spli in many substantial parts which hances the attractiveness of the co test up Trading on Local Exchange. National Bank of Washington stock was traded in on the Washingt Stock Exchange for the first time this year today, 150 shares selling st 200. This cessation of inactivi featured the session. Mergenthaler Linotype was slightlx firmer at 1523 and 152%. but Cap- ital Traction was pegged at 98% Bonds were listless. Gas 6s brought par and an eighth, with Capital Tr: tion 58 unchanged at 94. Railw sold at 69%. Treasury to Get $300,000,000, The government expects to receive about $300.000,000 in income tax pay- ments on December 15. On the same date it will have to pay out in inter- est and maturities approximately $470,000.000. continyes easy and liberts s cross par in the near future the government may undertake some long term financing to meet its ob- ligations. CHARGE STOCKHOLDERS WITH ANTAGONISM Br the Assoclated Press. CHICAGO, December 6 — Twenty- two stockholders of the Chicago Util- itles Company, owning sixty-two miles of freight subways under the downtown streets of Chicago, yester- fi a_bill in district court charging J. Ogden Armour and Mrs Mgry W. Harriman, widow of the {E. H. Harriman, with having pursued policy of antagonism and bitter hostilit: toward the original investors. The stockholders,, who zlleged that they own $2,500,000 worth of stock H that Mr. Armour and Mrs. Harri- 3ia3s; rolls. | man ' on man_own 40 per cent of the com- pany’s stock, seek to remove a first mortgage lien on what is known as the Chicago Underground Freight Trans- portation and Automatic ~Telephone system, which now controls the tun- nels. Mrs. have Armour 1906, Harriman and Mr. “worked together since | side by side and shoulder to shoulder. in an effort to acquire the enterprise and property at a mere fraction of ite actual value,” the bill charges. —_— ROAD PASSES DIVIDEND. Colorado and Southern, However. Pays Preferred Disbursements. NEW TYORK, December 6.—The Colorado and Southern Railway Com- pany today passed its annual divi- dend of 3 per cent on common stock. The regular 4 per cent annual sec- ond preferred and the regular semi- annual 2 per cent first preferred divi- dends were declared, both payable De- cember 31, to stock of record De- cember 17. REO VOTES “EXTRA.” NEW YORK, December 6.—The Reo Motor Car Company today declared an extra dividend of 1 per cent iu addition to the regular quarterly dividend of 1% per cent payable Jan- uary 15 to-stock of record January NEW YORK EGG PRICES. NEW YORK, December 6.—Eggs— Steady: receipts, 8,269 cases; New Jersey hennery whites, closely select- ed extras, 71a73; nearby hemnery whites, closely selected, extras, 71a; state nearby and nearby western he nery whites, firsts to extras, 59a70: nearby hennery browns, extra, Pacific coast whites extras, 67aé firsts to extra firsts, 59a6 EX-DIVIDEND TABLE. December 10— Am. Tobacco pf., q Chesebrough Gt. Norther beneficial interest) . Market St. Ry. prior pf.'q Sugar Ref. (N.J). q New Bngland T. & T.. Q.. Savanoah EL & P. deb. stk. A..'q. SBouth Porto Rico Sugar pf., q Swift & Co. Twin City Ra December 1 1. Cent. (leased lines), Stromberg Carburetor, q Stromberg_Carburetor. ex Tanopah Extension Miniog, % United Profit-Sharing, . L one Up'ted Profit-Sharing (payable in pre- stock), ext.. o i g: S & 223 33332143 O