Evening Star Newspaper, January 14, 1924, Page 24

FINANCIAL. SUDDEN DECLINES WEAKEN MARKET Ten-Point Break in Cast Iron Pipe Unsettles Rest of Wall Street Lis! HEAVY WAVES OF SELLING Oils Do Better Than Most Other Shares During Day. BY STUART I'. WEST. Special Dispatch to The Star. NEW YORK, January stock market was unsattled time today by tho sudden break in two or three of the recent specialty favorites. United States Cast Tron Pipa, which last week sold as high as 84% and which closed on Saturday at 771, broke to €813 soon after the opening today. Wall street explained the break by raying that the pool had liquidated and had gone into other things. But the natural effect was to shake confidence in other induetrials which have been supposedly under pool manipulation. Haves Wheel was heavily sold because of the rumor that the same crowd which had been operating in Cast Iron Pipe were In- terested in this stock. Oil shares moved with much irregu- larity, but as a group did better than moet other quarters of the market. A very sharp run-up in Maracaibo, well above 30 had a stimulating in- fluence and so did the strength in high priced oils, like Tidewater and Atlantic refining. There was a bet- ter market for Pure Oil above 24. Reading Report Helpful. Announcement that the three alasses of Reading stock would sell > rights tomorrow to subscribe wox’ for the new coal company shares, increased acted as an incentive to trading. With the rights, which were selling today around 22, deducted, Reading common wiil return slightly over 7 per cent, and the two classes of preferred stock will return 6 per cent. Other rails did noting note- worthy with the exception of Wheel- Ing and Lake Erie preferred. This atock opened up a point and a half, although falling back later. Earnings are now running at the rate of over $11 a share. Among the specialties which were strong, even while other parts of the list_were reacting, were Sears Roe- buck, Jewel Tea, Utah securities and the Willys Overlands. The street has been talking for months about some pavment being made on Willys-Over- land preferred back dividend account. Cuba Cane Sugar Strong. Cuba Cane Sugar preferred was bought on the statement made offi- clally at the annual meeting that prospects were good for an early re sumption of dividends. The only 14.—The THE EVENING Received by Private Wire Blsest to The Star Ofice Adv Rumley.... Alr Reduction, :!lx Rubber Allied Chem pf.. Allls Chalmers. . Allis Chalm pf. . Am Agr Chem Am Ag Chm pt. Am Bank Note.. Am Beet Sugpr. Am Bosch. Am Can pf. Am Car & Fdy. Am Chicle Co. Am Cot O ctf Am CotOpf ctfs. Am Druggist. for a|Am Expres: Am & For pf w | Am H & Leath.. AmH & Lea pf.. Am Xc Am In Am La France, Am Lingeed. ... Am Linseed pf Am Locomotive. Am Metals. . Am Radlator Am Sate Razor. Am Ship & Com. Am Smelting. Am Steel Fdy. Am Sugar. Am Sugar pt Am Sumatra. Am Sumatra pf. Am Tel & Teleg. Am Tobacco. Am Tobac (B) Am W W 6% pf. Am W W 7% pf. Am Woolen. ... Am Woolen pf Am Zinc & Lea Am Zinc&Ld pf. Anaconds...... Armour of Del pt Arnold Constab. Assets Realizn. . Asso D Good Asso D G 1st pt. Asso DG 2d pf.. Associated Oil. Atchison. . Atchison pf. ... Atlan Bir & Atl. Atlan Cst Line.. Atlantic Frult. Atl Fruit stt Atlantic Gulf. At] Gulf pf Atlantic Ret Austin Nichol Austin Nich pf.. Auto Knltter. .. Faldwin Loco. Balto & Ohlo Barnescall (A). Barnesdall (B). Bayuk Broi Beechnut P: Beth Steel Beth St1 7%(n).. Booth Fish..... Bklyn Edison. Br Em Stl 2d pf. Brklyn-Man Tr. Brkin-Man T pf. Bklyn Un Ga Burns Bros (A). Burns Bros (B). Buff & Susq pf.. qualification was that no action was | Butte Copper. likely to be taken until June, when it would be known where the com- pany stood on the new crop and the prices obtained for it. But around | Caddo Oil. Butte & Super. Butterick. 3. entitled to 7 per cant regular, and { Calif Pack . with 21 per cent due dends on the first of next April, the attitude in speculative circles was that the stock was not high. Note of Caution Insued. Tn its weekly letter a prominent Broad street house said: “So much has been said on the favorable side that one is in danger of forgetting that all is not quite as rosy as pic- tured. There i no use blinking the fact. for inslance, that a_ very con- siderable percentage of the produc- tive capacity of several important cquipment concerns is shut down: that there is a general curtallment in cotton manufacturing: that the eiothing business is much below par; that except for the lowest cost pro- ducers there is littls money in the production of copper; that the leather husiness, though it may have passed through the period of “losses, shows little evidence of profits.” Maracaibe 01l Active. Maracalbo Oil Exploration Corpor- ation stock became increasingly ac- tive and advanced to a new price. The floating supply of Mara- caibo is small as the result of large holdings resting in the hands of a few important oil interests. At the same time it is expected that Mara- caibo will realize larger profit from its ownership of oil-producing lands in_Venezuela. When the advance in Penna Crude Oll was announced’ the street was wondering when further Mid Con tinent price increases would come, for higher prices in that territory is regarded as overdue. About 70,000 barrels daily are affected by the Bradford, Penna, advance, whereas in Mid Continent and in California a much larger quantity is involved. To what extent the exchange situ- ation was a factor in the sharp de- cline In stocks, was not clear. Prob- ably it counted as a sentimental in- fluence. But the chief cause was the discovery through the break in vari- ous so-called industrial specialities, that recent pool operations had been pushed altogether too recklessly. ‘Worst Setback in Many Weeks. With the course of the afternoon the losses were fincreased until in many instances they amounted to 2, 3 and as much as 5 points. It was high | in back divi- | Calif Petrol. Calif Petroi pf.. Calumet & Aris. Calumet & Hecla Callaban Zinc. . Canadlan Pac... Case Plow Wks. Case Threshing. Central Leatn. . Cent Leath pf... Cent RROfNJ.. | Cerro de Pasco. Certain-Teed. .. Chandler Mot. Chesap & Ohto. . Chi & Alton..... Chi & Alton pf.. Chi & East INl... Chi& B pf... Chi Grt West. Chi Great W pf. ChiMil & St P.. Chi Mil &St P pf Chi & Northwn. Chi & Nwn pf... ChiRI& Pac... ChR1& P 6%pt Chi R I&P 7%pE. CStPM&ODL. Chile Copper. Chino Copper. .. Cluett Peabody. Coca-Coli Colo Fuel. Colo & South. . Colo & Sou 2d... Columbia Ga Columya Car! Comp Tabulat.. Congoleum Co. .. Conley Tin Foll. Cons Cigar. Cons Cigar pf. Cons Gas of NY. Cons Textile, ... Cont Can. . Continental Corn Products. . Corn Prod(new) Cosden & Co.... Crucible Steel Cuban-Am Sug. Cuba Cane Sug. Cuba Cane S pf.. Cuban Dom’can. Cuyamel Fruit.. Davison Chem. . the heaviest selling and altogether |Davisonrts.. the most severe satback since the upward movement began in the last waek of October. Stop orders, put in Del & Hudson. .. D Lack & West. Detroit Edison.. to save, part of accumulated paper | Dome Mines. ... profits or else to avold loss, uncovered on a large scale. The decline involved no change in underlying sentiment regarding the business outlook. It did recognize, Du S8 &2Atl pf. Dupont (ED)... Dupontdeb. ... Duquesne 15t pf. however, that too much was being | Eastman Kodak said on the optimistic side, and not enough thought being taken of the qualifications that should be made. The way parts of the stock market have been bid up during the last Wweek or so, many people might have been led to believe that the country | Erie. EatonAxle &8p. Elec Stor Bat. Emerson-B pf. Endicott-John.. Erfe1stpf....co was running into a trade boom and a | E¥ie 24 Pf. .. speculative campaign like that of a|pFamous Players year ago. at the same time to restore a Wall street position, ‘was most desirable. MARKET CLOSES WEAK. sounder today's break Rail Shares Yield to Pressure in Final Trading. By the Assoclated Press. NEW YORK, January 14.—Heavy To correct this view and | pamous Play pf. Fd Mines &S pt. Fifth’Ave Bus Fisher Body. Fisk Rubber. Fleishman. . Foundation Co.. Freeport Texzas. Gen Am Tk Car. Gen Asphalt.... Gen Asphalt pf. Gen Cigar. Gen Electric speculative selling, predicated on the)Gen Elec spl theory that the market was “over- bought” and influenced also by the marked weakness of the foreign ex- ohanges, caused prices to react sharp- ly in today’s active session of the market. Net losses in the active is- sues ranged from 1 to 4 points and spread over a wide list. Sales ap- proximated 1,100,000 shares. The closing was weak. Standard railway shares vielded to pressure in the late Gealings, Union Pacific, At- lantio Coast Line and Rock Island ~ach dropping 2 points below Satur- <ay's closing figures. GASOLINE UP 2 CENTS. Baltimore Gets Word of Rise in Price in This Territory.’ Specisl Dispatch to The Star. BALTIMORE, Md., January 14—An \ncrease’of 2 cents a gallon in gaso- line, bringing the price to 22 cents, was announced today by E. A. Hol- bein, general manager of the Balti- more division of the Standard OIl Company. This new -price includes the 3-cent road tax and affects Mary- 1 V1 ia, West Virginia, North &h Tn.a :.h. District of ~(:g:luu;’h‘-h. Gen Motors. } Gen Mot 6% deb. Gen Mot 7% deb. Gen Refractorie Gimbel Bros pf. Glidden. . Goldwin Corp... Goodrich.. Goodrich pf.. Goodyear pf.... Goodyear pr pf. Granby Consol.. Gray & Davis... Gt Northern pt.. Great Nor Ore. Guantana Sug.. Gulf St Steel.... Harbishaw Cab. Hartman Corp.. Hayes Wh . Helme Geo H... Homestake..... Househ’d Prod. . Houston Ofl. Hudson Motors. Hupp Motors. Hydraulic Stl.... Iliinots Central. Ind Oll & Gas. .. Indiahoma. . IndianMotorcycle Indian Refining. Open. High. 1% 1% 784% T3 93 14 2% 110% 48 95 15% 45 106% 1% 37% 108 100% 163 18 1% 44y 93 14 8% 56% 28% % 81% % 43 4% 87% 55 3% 68 27% 16% 1% 102% 8 2% 5% 5% 1 *Ingersoli-Rand. | Inland Steel... . ! Inspiration. .... Interb Rap Tr. In Ag Chemical. 1 Int Agr Corp (n) In Ag Chem p°.. Int Cement..... ' | In Combust E. Int & Grt North. Int Harvester. . Int Harvester pr Int M Marine pt. int Nickel...... Int Nickel pf. Intl Paper. R Intl Paper (sta) 1nt Shoe pf. Invincible Oil Iron Products. Jewel Tea. . Jewel Tea pf. Jones Te: KansasCity 8.. Kayser (Jultus) Kelly Spr Tire. . Kelly-Spr 6% pt Kelsey Wheel Kennecott Kinney G R. Kresge (885) Laclede Gas. Lee T & Rubber. Lehigh Valley. . Lima Locomo. .. Loews Inc. Loose-Wiles Lorillard (P). Louls & Nash. Mack Trucks 1st Mack Truck 2d. Macy Co.. Maliinson & Co. Manat! Sug p?. . Aanhat El Sup. Manhatn El guar Manhat Shirt. .. Maracatbo Ofl.. Market Stpf.... Markat St prior . Marland Ofl Martin-Parry Maxwell (A). Maxwell (B) May Dp Stora: Mex Seaboard. . Midvale Steel Minn & St L. Minn StP & Mo Kan & Tex. . Mo K & Tex pf.. Mo Pacific . Mo Pacific pf. Montg'y Ward.. Moon Motors. .. Mother Lode. Munsingwear. Nash Motors Nash Motors pf. Natl Acme Nat Biscuit. .. . Nat Cloak & S pf Natl DeptStores Nat! Enamel. Natl Lead. Nat Supply. . Nevada Copper. N ¥ Air Brake. . NY Air Brk (A). N Y Central. ... N Y C-Readg rts. NYCht &8tL.. NY Chi & StLpt. N ¥ Dock. . NYNH&Hartfd. NY O & Westrn. Norf & Western. North Amer-.... North Am pf. North Pacific. .. Ohio Bdy & Blw. Oklahoma Prod. Onyx Hoslery... Orpheum Circult. Otis Elevator. Otis Steel. Otis Steel pf. Owene Bottle. .. Pac fic Develop. Pac Gas & Elec. PacificOfl...... | Packard Motor. Pan-Am Pete. .. Pan-Am P (B).. Panhandle Pennsylvanis. Penn Seabd Stl.. People's G Peoria & East. . Pere Marquette Pere Marg pf... Philadelphia Co PhilaCopf..... P&RC&I (wi). Philip Morris... Phillips Pete. .. Plerce-Arrow. Plerce Ar pf Plerce Oll. Pierce Ol Pitts Coal Pitts Coal p! Pitts & W Vi Pitts Utllities pf. Postum Cereal. . Pressed Stl Car. Produc & Ref Pro & Ret ctfs. Pub Service. Pullman Co Punta Alegre PureOil.. | Railway St1Sp.. Ray Con Copper Reading. . Reading rts. Reading 24 pf. Rep Ir & Sted Reynolds Spr. .. Rey Tobac (B) Royal Dutch. St LéSan Fr 3t L&San Fr pf. St L Southwn. St L South pf. Savage Arm: Schulte Stores. . Seaboard Alr Seabd AL pf. Sears Roebuck. Seneca Copper.. Shell Tr & Tran. Shell Union. ... Shell Union pf.. Simmons. Simms Petrol Sinclair O11. Sinclair pf... Skelly Oil. . Sloss-Sheffield. . So Porto Sugar. South Pacific... Southern Rwy.. Southern R pf. Spicer Mfg Co. St O of Calif. Stand Ollof NJ StOflof NJpf. Sterling Prod. .. Stew’d-Warner. Strombg Carb. Studebake! Submarine Bt. Superior Ofl.... Sweets Coof A. ‘Tenn Copper. Texas Company. Tex Gulf Sulph. Texas & Pacific. Tex & PC & Oll. ‘Third Avenus... Tide Water Oil: Timken Bearl: ‘Tobacco Prod. ‘Tobacco Prod A. Trang Cont Oil.. | Transue & Wili. Underwood. Uplon Pacific, ("nion Pac pf. Un Tank Crpf.. Un Alloy Steel. . United Drug. Untd Drug 1st.. Utd Dyewood. United Fruit. Utd Ry Inv pt. Open. High. 170 170 86% 36% 26% 264 137 13% 1% 5% Sk 4% 2% 24 84 107% 82 13% 80 38 65% 116% 16's 51% 23 1 25% 1914 874 83y T84 98% 85% 4% €015 202% 80w 16% 63% 674 17% 8% 59 172 0% 101% 17% 87% 97 89 85 28% 82 39% 335 43% 321 35 65 384 874 53% 5% | NEW YORK STOCK EXCHANGE % This 18% 1393 10 57% 44% % 928 49% 12% 36 B4k 24 43% 3% 255 11 43 61 44 43 45% 214 36 STAR, WASHINGTON, BOND QUOTATIONS TURN IRREGULAR Fractiondl Advances Made in Rail- roads of Savings Bank Cla: LIBERTYS HOLD FIRM | Foreign Group Records Slight De- clines During Day. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 14.—Price changes were Irregular in today's bond market, but the undertone was firm and trading was actlve. Fractlonal advances were recorded in certain favored raflroad bonds of the savings bank class, such has Unlon Paclfic first 4s, Southern Pa- olfic-S8an Francisco Terminal 4s, New York Central 6s and nsas City Terminal 4s. Duying was selective | and tho advance was not uniform throughout the list. Accumuiation continued in United States Steel sinking funds bs In an- ticipation of the annual drawing on April 1st of $1,010,000 for redemption at 110. The bonds sold over 103 to- day, agalnst a high last year of 104. Libertys were quietly firm. Features of Market. A feature of the market was the strength In the high-grade utllitles such as New York Gas, Electric Light, Heat and Power s, which sold at par and Beil Telephone of Penn- sylvanla Gs at 99. Large blocks of Syracuso Light and Power collateral truet 5s were traded In around the high of the paet tweleve months. Commonwealth Power Corporation 6s made another new high on the present move above §9. Pacific Gas and Electric 5s advanced a point and Public Servico of New Jersey 55 crossed S0 The feature among the Industrials was the sharp advance of over two points {n United States Rubber bs. is the first obligation of the company, secured by mortgage on all its property and has been selling bé- low other bonds of its class for a long time. Chile Copper 6s sold at par. Ajax Rubber Ss contin- ded their recovery. Further invest- ment buying appearcd Cuba Cane sugar issu Other Active I In the speculative rails St of 1% Wwere consplcuous. heavy transactio poinis above caboard Air Line refunding 4s made # new high at Missouri, Kansas and Texas adjus ments were strong. Erle be | little changed. i In the foreign lisg interest ¢ on the action the Fren While prices reacted in sympathy | ,\\“.h the ccllapse in franc the losses were comparatively smal New nancing f the week was suguraicd with an offering of $80.- | in Federal Land Bank 43 per onds, offered at par and a half. AUTO MAKER URGES CUT IN PRODUCTION Hausmann Sees Country Flooded With Used Cars Unless Policy | Is Changed. in the two ues. Paul 4s Under advanced 2 i Special D CLEVELAND, duced production of motor cars in 1924 to a total output 25 per ceat less {than that of 1923 was counselled by | T. L. Hausmann, president of the re- | jorganized Templar Motor Car Com- {pany, in a statement here before a | |dealers’ convention. Even that re- jduced total for 1924 would be half u {million cars more than were produced in 1922, Mr. Hausmann pointed out. |Cars must be built for longer life and produced in proportionately less quantity unless the manufacturer wishes to flood the country with used cars, he argued. “Fewer and better cars ought to be {the motto,” said Mr. Hausmann. “In {stead of building 25 per cent more jcars, manufacturers should build 25 per cent less care, but build them to last at least 25 per cent longer. In service that would come to the same thing, but the actual economy and benefit to the industry, as well as the car user, would be far in cxcess of 25 per cent. “Production of cars very close to 4.000,000. 11,461,198 motor cars less than five years old, as our production since 1919, Export, important it is, is only a small percentage. Under the proper ideals of manufacturing these all ought to be good cars now, bai ring misuse and accident. The Com- merce Department of the ' United States estimates that there are 14.- 000,000 cars on the roads in this country now. With a population of 105,000,000, or twenty million families, and an op- timum of one car to a family, it is bvious that production can be pushed to a point that will drown the ma ket with used cars, no matter ho strongly the sales department ma object to the word ‘saturation.’ We have.not reached the point of satur- | ation and may never reach it, but we certainly have reached the extreme of desirable production and the logic of the situation must irresistably drive the manufacturer to restriction of quantity and concentration on qual- ty." in 1923 was| That makes ) Cast I Pipe.. Cast Ir P pt. 76 84 76 84 3% 69% 100 105% o 42% 9315 2245 100 120% 5 5% 23 80% 1% 10 33% 15% 12% 37% 49 89% 9% 17% 683 69% 824 824 3k 8 674 674 90% 99% 104% 104% 39% 40 93 93 22% 22% 983 9874 120% 120% 65 65% 21% 22 29% 81% 9% 31% u% 12 36 49 89% 9% 17% 58% 109 85% cageaccaac RUVELRLRDOY Bteel. 29% 31% 9% 31% 1% 12 361 49 Va-Car Chem. Va-C Chem pf. Vivadou. Wabash pf (A). West Penn Co... West Penn pf. ‘Western Md. Western Md 2d. West Pac pf.... Western Unlon. West Air Brke. . Westhse EI&M. Wheeling&L B. % 45 27 12 12% 86 86 281% 281% 27% _27% 12% 12% 39% 39% ‘Willys-Over! Wiliys-Overl pf. ‘Woolworth. . ‘Worthington... 't Call Money..... &% % 4% ~HOURLY SALES OF STOCKS. 4 68% 68% D. C., MONDAY, ON NEW YORK (Bales are 1n $1.000% UNITED STATES BONDS. (Fractions represent thirty - seconds. Example: 98-3 means 98 3-33.) Sales. High. Low Close. Lib8%s...... 265 99-20 9920 Lib1st-2d 431 1 98-20 98-20 Libistds.... 1 98-28 98-28 Lib2d4s..... 50 :gfao 98-80 Lib 1st 4%s.. ' 93 Lib3d 4%es... 98-31 98-81 Lib 3d 4% 99-23 99-27 Lib 4th 4% 99-1 99-1 99-31 . Close. 102 85% 9814 98% 98 109% 884 73 7% 94% 95 99% 102% 100 99% 102% 95% 41% 91 1% 94% 108 944 904 Argent! Austria 7s Canadd 531928 . Canada 5%s 1920. . Canada bs 1931 Canada bs 1962 Chile 88 1926. Chile 781943, Chinese Gov Ry 68, Copenhagen 534s. . Cuba b%sctfs.... 89 Czechoslovakin 8s. 11 Denmark Denmark és Dutch BIb% Dutch East I = Dutch East I 65'63. Framerican 7%s. . French Govt 88 French Govt 7% Haltl 6s Holland Italy 638 1925 Japanese 1st 4% Japanese 2d 4348, . Japanese 4s....... 2 Jergen U M 68 47.. 25 Lyon 6s. s Marsetlle 94% 111% 93% 93% 894 €8 8% 105% 100 88y 88% 94 954 08% 0% 6819 113% 5 62 1074 991 86 Orient Dev deb 6s. 19 Paris-Ly's-Med 6e. 76 Prague 7%s....... 36 5 Queensland 7 Queensland 0s Rio de Jun 8 . 8 Rio de Jan 83 1947. 10 Rio Gr Do Sul $s.. 1 Sao Paulo City &3.. 4 Sao Paulo State §s. 3 Seine Deptof 7s... 12 Serbs Croats Slo 85117 Swiss Confed 8s... 3 Toklo 58, .13 Ud Kingm 5%8°29. 50 Ud Kingm 5%8°37. 66 Ud Steam Copen 6s 11 Jruguay 8s. . 102% Zurich8s......... 6 1J1% 111% MISCELLANEOUS. Ajax Rubber 8s... 6 94% Am Agr Chem ks 46 100% AmChainef6s33. 1 9414 Am Cotton Ol 6s.. 2 Am SmN&R 1st bs. 25 Am SmIt&R 6s. 5 Am Sug ref 63 AnT&Tcvés. .. AmT& Tecltris.. AmT&Teltrds.. Am T & T deb 5%s. Anaconda cv db Anaconda 1st 68 Armour & Co 4%s. Armour of Del 5ias Ass0 Oil 6s rets. ... Atlantic Refin 5s.. Barnsdallaf%s... Bell Tel Pa 5s. ... Beth Steel 5145 '63. Beth Steel pm 94 100 94'y 8w 925 93 | Beth Steel s f 6s... i Brior H St 1st 5125, { Bklyn Edison 7s D. Bklyn Ed gen Calif Pete 638 v 1. Central Leather is {Cerro de Pasco §s.. Chile Copper 6s. ... CinG & E5%s'62. Commonwth P 6 Con Coal Md 1st 6 Cuban-Am Sug 8s. Cuba.Cane cvd 8. Cuba Cane cv 7s ‘30 Dery (DG) 7s..... Det Edison ref 6s. Donner Steel Du Pontde N %s. Duquesne Light 65 Est Cuba Sug 7 %s. Empire G&F 755, Fisk Rubber 3s. .. 3en Elec deb 5n Soodrich 638 Goodyear 88 1931 . Goodyear 8 1941. ! Hershey 6s 1942 Humble O&R b%s. (llinots Beil 1st 3. indiana Steel 5s. . . Int Mer Marine 6s. Int Paper 1st 68 B. KCP&Ltbos Ab2. Kayser (J) 7 Kelly-Sprin Lackawa S 58°'50. . Liggett & Myrs 7s. Liggett & Myrs bs. Lorillard (P) 58 Lorillard (F Magma Copcv 7s Manat! Sug sf 7%s Marland Ol 7%s. . Midvale Steel 5s ct. Montana Power &8 Morris&Co 1st 433 New Eng Tel 5s... N Y Edsn 1st 6%s. NYG EL H&P bs.. N Y Tel 68 '41..... NY Tel 68'49..... NY Tel 4% N Am Edison 6s. Nor States Pow bs Nor States Pow 6s. Northwst B Te 7s. Otis Steel 8s.. Pacific Gas & El 58 Pacific T & T bs '52 Pan-Am Pete 6%3. Phil & Rdg C&I 5s. Phila Co 6%s '38. Phila Co ref 6s A. Plerce-Arrow 8 Producers & Rf 8s. Public Service bs. Punta Alegre 7s. Saks & Cosfis Sharon Stl H 8s Sinclair Oil 7s. Sinclair Oil 6%s Sin Crude Ofl 5%; Sin Crude O1l 68 Sin Pipe Line | South Bell Tel b 100% 103% 4% i 1028 107% 97 111% 863 105% 1027% 89% 8y 72 1027% 1105 107% 108 8% 78% 963 96% 99% 100 90% 91% 101% 102 8 9% TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) Bia. Offer. 1001-18 1001 100882 1003.82 So Por Rico Sug 78. Steel & Tube7s.... Tenn Elec Pow 68 Tide Wat Oll 6%s Toledo Edn 1st 78 Union Bag & P 6s. Unit Drug cv 8s. U S Rub 1st rf b U S Rubber 7%s. USSteel sfEs... Utah Pow & Lt 68 Va-Car Chem 78 Va-Car Ch 7%8 W. ner-Sugar 7s.. 102% 110% Wilson&C ov 7%s. ‘Wilson & Co cv ‘Winchester A 7 Youngstn S& T 6s. 34 100 15-16 101 116 100016 1001116 i 1o 100° 101 510 109 1.16 1013-16 101 518 |road Superintendents will hold {ts|Mav . s | Coute & N bs 2003, . JANUARY 14, 1924, BONDS srox excaace] Received by Private Wire Direct to The Star Ofice. RAILROADS. ‘Bales. High. . B3 Atlantic CLcl 4s. B&Oprin3y O gold 4 Oés. Ocv o B B B ‘B B B & & & & O ref by &0 PLE&WYV 4s. & OSW div3ys B & O Toledo 4s. .. Bklyn-Manhat 6s. i i Canad North 6%s. Canad Pac deb 4; Car Clincb & O 6 Cent of Gi Cential Pacific Ches & Ohio cv Ches& Ocvd%s.. Ches & Ogn 4%s. . Chi & Alton 3s.... Chi & Alton 3%s. . hi B&Q gn 48 Chi B&Q 18t rf b Chi & E 11l gn Chi Great West 4s. Chi GrWest 4s (n) Chi M&St P cv 6i Chi M&St P 48 Chi M&S Pcv 4% Chl M&St P 4s'34. CM&St. Pdbds. . Chi&NW7s.... Chi Rysbs..... ChIRI&Pgn 4 Ch! T H & SE 68 Chi Un Sta 43%4s. . Chi Un Sta 6%s. .. Chi & W Ind cn 4s. CCC&StLrfés A Cleve Term b Cleve Term 5%, Colo & Sou 41 Cuba RR 7%s Del & Hd st rf 48 Del & Hudson 5%s Den & Rio G cn 4s. D& RGstrf s Det United 4% s Erle 1st con 4s. Eriegends . Erle conv 4s A Erie conv 4s B. Erle conv 4s D Gr Trunk sf db 6s Grand Trunk 7s. Gr North gen 7s. .. Gr North gen 5338, Hyd & Man ret 5 Hid & Man aj 5s. 111 Central 5%s. . Int Rap Tran bs Int Rap Tr b Int Rap Tran 7 Int & G Nor aJ 61 Int & G Nor 1st 6s. Kan City Ft 8 4s. Kansas Cit> $ 3 Kanszs City S 5 Kan City Term Lake Shore 4s'28 Lake Shore 4s'31 Long Island rf Louls & N uni Louis & Nash Louls & Nash 542 Manhat Ry cn 4s.. Market St cn b M EIRy & L 3s. M & SSM 6%4¢ M M M M T C. {MK&Tad)6s. Mo Pacific s Mo Pacific 55 '65. Mo Paclfic gn 4s Montr] Tm 1st 54 ew Or Term 4s. NOTex & Minbs. N YCentgen3%s StP K& K& K& K& ew Haven 7 New Haven 7s fr.. ew York Ry rf 4 | Norfolk & W cn 4s Norfolk & W cv 6s. rthern Hac 3s. Northern Pac 4s. {Northn Pacr i 6s. Northern Pac §s D ; |Ore & Calif 1st 5 ;O Short Licn s I Ore Short Lret 4s. Ore-Wash 1st rf 48 | Pennsyl gen Pennsyl gen 4%s. { Pennsyl 6%s | Pennsy1 gold 7s Pennsyl con 4%, | Peoria & E inc 4s Fere Marq 1st & Reading gen 45 Rio G West cl 4 St L IM&S R&G 4: StLIM&S 4s°'29. St LS W con 4s 3 {St P Un Dep 5% San A & Arn P 4s, Seab'd A L 4i Seab'd A L r Seab'd A L ad 5 Seab'd A L con 6s | Sou Pacific 4s 1929 Sou Pacfic ret Southern Ry gn Southern Ry 634s. Southern Ry 6s ct Third Ave ref 4s.. Third Ave adj bt Tol StL & W 4s. Union Pac 1st 4s. Cniop Paccv 4s. Union Paccv 6s Virginia Ry 1at b: Wabash 1st bs. Western Md 4s. . West Shore 1st 4s. ‘Wisconsin Cent 4s. American Sugar 6s American Tel. & Tel. Auaconda Copper 6 Angio-American 01l Baltimore & Ohio Ss dian Central “Leather 58 Chl.. R. 1 Du ont 7i4s 168! Edison B. I Atlantic C L 1st 4s. C M & Puget Sd 4s. Chi M &St Prf 4%+ 64 M&StLlstrf4s.. M StP & SSMcn 4s | Southern Ry 1st 5 Union Pac 18t rf bs Western Paolfic §s. Alumium Co. of Amer. 7e 1925, uminum Co. er. 7u 1933 ‘Americaa Cotton Oil 6s 1924.... ortbern 5% | Gentral Argentive Rwy. 6s 1927, 10 1 . 2 11 a8 7 50 32 3 37 29 147 Canadlan North'7s 6 4 9 10 18 20 86 17 10 4 14 ké 18 2 5 4 6 ChiR1& Pacrf 43 Ernamee 5 ot CLE et fOper = & @ 3 vew Haven d 4s'57 36 43 403 . 10 Reading gn 43§ swi RIArk & L4l4s... 14 35 19 b4 i 4 23 22 . 39 - 60 . 165 . 10 22 12 .22 Union Paclstrf4s 2 1 4 57 Va Ry & P 1st §s... 19 6 4 . 4 . 1837 (3 e 1925, 88% 81% 88 83 87% 83% 101% 86% 85% 80% 97 69% 3% 112% 112% 81% 98 101% 874 92 89% 87% 58 84% 87% 29 8% 52 51 b4y b1% 57% 78 57% T1% 52% 105 b4 9% 7% 8% 90% 115 76% 102 97% 103% 834y 1028 B4 86% 89% 69% 394 875 644 564 oot 56 63% 104 1125 107 98% 824 60% 101% 62% 6 8 1034 1013 94 90 978 6215 83 81y 8% 192: 192 Pacific 5las 19 Federal Sugar Ref. 8s 1083. Fisher Body Corp. 6s Fisher 1027, Body Corp. oe 1628 Goodyesr T. & 8s 1831 Great Nortliern 78 1986, Hocking Valiey 6 1624 Humble 0il Kennecott Swift. & Co. Tidewater OIl s Union Tank Car 78 Westinghouse. 1980, 100 2332 100 13-16 | U, 8. Rubber 748 1980. 6° | Western Union, s 1 Low. 88% 81% 8% 83 874 82% 101 B85% 8b% 80% 9% €9 3% 112% 112% 81% 93 101 87% 91% 89% 86% 58 3% 87 99 7% 51% 50% 527 b1% 567 74 56% 71 52 108 6% 9% 1% 78% 90% 115 k5 101% 97% 103% 82% 1013 83% 864 99% 68% 391 87 64% 541 5% 56 62% 104 1124 107 978 82 60% 101% 611 61% 844 434 91% % 68% 8714 831 954 93 B0 90% 107% 105 100 921 83% 96 108 101% 9315 90 97% 61% 825 81% 8% TOTAL SALES (Mar Valu liam.. 4769000 12noon 7 1.5)’;000 1pm.. 9834000 2p.m.. 11704000 ———— SHORT-TERM SECURITIES. (Quotatlons furnished by Redmond & Co.) - 1 Co. Bos. 5igs 1923 Close. R8Y | 81% £8 83 7% 83% 101 85% 86% 80% 7% 694 73% 112% 112% 81% 98 101% 8% 1% 89% 83% 87% 99 % B1% 51 54% b1% 57 7% 7 T1% 62% 105 06% 70% 103 97 54 45%% 8 924 83% 96 103 101% 94 90 97% 61% 828 81y 8% 0t ot 100° 100, i 058 05! 108 100° 104 1ot 100° 083 1041 %% The American Assoclation of Rail- FINANCIAL. Grain, Produce and Live Stock LOCAL WHOLESALE MARKET. Clear and cool weather this morn- ing made buying a little more brisk than during the recent warm daye. Monday morning receipts of poultry, eggs and produc¢s from nearby farms was as light as usual, very few ship- pors engaging In work Sundays. | Recelpts of today's shipments to- morrow morning will give dealers a better opportunity to definitely re- iport prices. There were ample sup- plles on hand this morning to meet all demands, fruits and vegetables from distant points making that branch of business attractive. Eggs—Strictly fresh, seiected, can- dled, ‘per dozen, 37a3§; average re- celpts, 35; storage, 26a. Live poultry—Roosters, per 1b., 16; turkeys, per 1b, 25; spring chickens, r 1b., '25a26; Keats, voung, each, 60a 0: fowls, per 1b., 23a24. Dressed pou!try—Fresh killed spring chickens, per.lb., 30a32; roasters, per 1b., 30a32;" hens,’ per lb, 25a26; tur- key per b, 28a30; keats, younsg, each, 80a85; roosters, per 1b., 20. Game—Rabbits, No. 1, per dozen, 3.00a3.60; No. 2, 5a1.50. Live stock—Calves, choice, per 1b., 14; medium, per Ib., 12a13; thin, per i Ib, 8al0. Lambs, epring, per 1b., 13. Live pigs, 300a5.00 each; live logs, per 1b., 8%, i Green fruits—Apples, per basket, | 50a2.00; box. 1.5023.000 per barrel, 2.0086.00. California oranges, per crate, 3.50a5.25; Florida, 8.50a4.50. | Lemons, per box, 3.50a4.00. Grape- | fruit, 3.00a2.50. ' Cranberries, 4. 5.50 Der one-half barre: ifornia Emperos, 1.5022.5 Vegetabloe—Potatoes, bbl., No. 1, 2.60a3.00; No. 2, 0. | Potatoes. round, per bag, o | sweet potatoes, 5.00as. bl | { Southern lettuce, per crate, 1.00a2.00 Iceberg, 2,50a3.25. Cabbage. northern, 0a2 50 per 100 ibs.; Florida, 1.50a | 1.75 basket; nearby. 1.00a1.50 bbi | Tomatoes, Florida, 3.00a6.00. Leans, southern, 'per basket, . Peas, | per basket, 2.00ai, ornia. 6.0 | a6 50. Squash, 2.5 Peppers, per crate, Florida Eggplant. 4.0026.00. Kale, per 1.251.50. Spinach, per bbi., 3.00a3.50. Southern cucumbers, per bushel.-4.50a5.00. Car- rots, 100-1b. sack 50. Brussels Sprouts, 25 0a Grapes, Cal- | GRAIN AND PROVISIONS. BALTIMORE, Md., January (Special). — Potatoe. 1.00a2.00; 230-pound sweets and bushel, 1.00a bushel, 1.23a2.75; beets, broccoli and kale, bushel &els sprouts. quart, 20a2 100, 4.6086.00; savoy carrots, 100, barrel, 2.50a3. celery, crate, 8.00; cucumbers, crate. 3.50a4 plants, crate, 2.50a3.50; horeeradish bushel, 3.00a4.00: lettuce, bushel. 1.25 onions, 100 pounds, 1.5023.00; oyster plants, 100, 6.00a7.00; parsnips, basket, 45a53: peas, hamper, H 2.00; peppers, crate, 1.5 bushel, 75a1.25; squash, cra 3.00; tomatoce. crate, 2.5024.50; nips. bushel, 40. Apples, packed. barrel, 2.00a4.3 bushel, 50a1.25; loose. 100 pounds, 1.00 al.35; box apples. 1.25a2.25; cranher- ries, barrel. 6.00a8.00: grapefruit, box, 1.50a2.75; oranges. box, 2.00a3.00, pineapples, crate, 3.00a35. strawber- ries, quart, 50. Settling Prices on Grain. Wheat—No. 2 red winter. spot, 1.1435; No. 3 red winter, spot. no quo- tation: No. 2 red winter, garlicky, do- mestic, 1.1315: export, mo quotation; 3 red winter, garlicky, spot, no quotations; No. 4 red winter, gar- no quotatiens. barrel. _beans 3.00a6.00 Sal . Corn—Cob, new. 4.25a4.30 for yel- low, and 4.10a4.i5 per barrel for ! white; No. 2 corn, £pot, 89; No. 3 corn, spot, §61:: track corn, yellow, No. 3, new. 80ag] Sale: None. Oats—No. 2 white, 5415 and 5 3 white, new, 533 and 5 Rye—Nearby, 75a83; No. 2 spot, 5015, Hay—Receipts, §9 tons. The hay market is steady for the better grades of timothy, choice light mixed and . 1 clover. all of which are in only moderate receipt. Demand is fair for good hay, but low-grade and dam- | aged stock is a slow sale at uncer- tain prices. No. 1 No. rye, Quotations 8.00 per ton 3, 24.00a25.00 : 1'white clover, mixed, 1 clover, 25.00a25.50. Straw per ton No. 1 14.00215.00. DAIRY PRCDUCTS. BALTIMORE. Md., January 14 (Spe- cial).—Live poultry—Turkeys. pound, | 18a27; young chickens, 18a26; leghorns, | 18a23: old hens, 18226 leghorns, 18a20 old rcoster: ducks, ' 20a: geese, 18a pair, 25a30; guinea fowl, each. 3 Dressed poultry—Turkers, chickens, ducks, 25a2 Eggs—Loss ol firsts, dozen, timothy 26.00237.00 00223.00 0a No. No. : No. ve,15.00216.00; ; No. 1 oat.| pound, a26: old Troosters, | geese, 20a22. native and nearby southern, 34. good to fan nearby creamery 42a46: ladles, 34a35; rolls, 28a30; store packed, 26; dairy prints, 28a30; process butter, 39. CHICAGO LIVE STOCK MARKET. CHICAGO, January 14 (United States Department of Agriculture) Hogs—Receipts. 80,000 head: mostl 10 to 15 lower: desirable 160 to 225 pound averages. 7.15a7.30: good and choice 240 fo 300 pound butchers, 7.35 a7.40; top. 7.40; packing sows, 6.60a | 6.80; slaughter pigs unchanged; strong weight, 6.50a7.00. Cattle—Receipts. 33,000 head: slow choice light vearlings about steady others and matured steers, 15 to 40 lower: 10.00 downward; 'top long| vearlings, 11.50: others, 11.25a1l1.4, best matured eteers. 10.75; fed stee and yearlings, 7.75a10.00; fat cows and most grades beef heifers, 25 to 50 lower: cows seiling at 4.50a5.50, and Dbeef heifers at 5.25a6.50: canners and cutters steady: bulls, 15 to 25 lowe: bulk best weighty bolognas, 5.00a5.2 veal calves, 50 to 75 lower taking bulk good and choice light and handyweight vealers, 10.00210.50; out- siders, 12.00 and above: stockers and feoders steady. Sheep—Receipts, 25,000 head: fat lambs slow: 15 to 25 lower: sheep and feeding lambs steady; desirable fat wooled lambs, 13.50213.66 to good handywelght fat ewes, cholce feeding lambs, 13.00. TODAY'S CHICAGO PRICES. CITiICAGO, January 14.—With re- ceipts of wheat smail in every direc- tion. and with Liverpool wheat quota- tions higher, the wheat market here showed an upward tendency today in the early dealings, despite a break in forelgn exchange. ‘Indications of a de- crease in the United States' visible supply total counted, too, as a bullish factor. On the upturn in values, how- ever, sales to realize profits ied to something of & reaction. The opening, which varied from the same as Satur- day's finish to cent higher, with May 1,09% to 1.09%. and July, 1.07% to 1.07%. was foliowed by’ slight further gains, and then a little setback. All deliveries of corn touched a new | high-price record for the season, but then underwent a decline as a result of profit-taking eales. Considering the advance in prices, country offerings to arrive were light, and messages from 1llinois and Iowa points indicated but little disposition by farmers to let go of holdings. -After ovening up- changed to % higher, May, 78% fo 78%, corn receded below Saturday's closing figures. Oats offerings were scarcer. Start. ing unchanged to 1/ higher, May, 46% 50a56; print 1843.597, i Trust iship of 115, {ington Stock Exchange when $60,000,000 BOND ISSUE ANNOUNCED Federal Farm Loan Bureau Plaus Another Big Loan to Aid Farmers. QUICK SALE ANTICIPATED Summer Resort Considering $15,000 Bond Issue. The Federal Farm Loan Board 1s {s- eulng today $60,000,000 in federal farm loan bonds at 4% per cent in- terest, to meet the late winter and epring demand for money. The bonds are offered through fed- eral land banks, natlonal farm loan assoclations and other distributors at 1003 with accrued Interest from January 1, the date of lssue. Matu- rity of the debentures fs fixed at thirty vears, with the callable privi- lege after ten years or after Jan- uary 1, 1934 “The twalve federal land banks' szid Commissioner Cooper, of the farm loan board, “have during tho past year increased their capital 1o 20 and their assets to $876.- 323,007. With this continued growth and continued evidence of their rolidarity, it is anticipated that the present offering of securities will bo promptiy absorbed Will Vote on Bond Issue. 5.000 bond issue to finance ex- improvemer at Nortn Beach. Md. the summer colony ad Jjoining ~Chesapeake Beach, will ba voted on at u special clection called aturday, January 26 issue, it approved voters, i1l make possible the construction of additional seawall, improvement town highways and the building jetties to protect and enlarg sandy bathing beach. To accommodate voters who ara spending the winter in Washington the Chesapeake Beach Railway Co pany will operate a special train eiection day, which will leave tr District line station at 3 p.m. Fablic Debt, 832,786,715,000. c debt of the entire coun- try aggregated $32,786,715.000, equi alent 1o $301.56 for every man, woman and -child, at the close of 1922, tho census bureau has announced in iminary summary of the decennial nsus on wealth, debt and taxation. This indebtedness is more than four and three quarter times the amount in 1912, when per capita indebtedness totaled $70.520. Offsetting the gross debt there are sinking funds and other assets held for the retirement of the debt amounting to_$1.934,899,000, making the net debt $3(,851,816,000, or $283.76 per capita. Washington Man Honored. The appointment of John M. Mur- phy, formerly of Washington. as as- sistant treasurer of the Guaranty Company of New York, has He is the son of AS tensiv reporter of the United : Senate, and & graduate of Georgetown University and the Na- tional University Law School. Pre: - ious to going to New York he prac- ticed law in Washington in the of- fice of McKenney, Flannery & Hitz and subsequently in the office of Frederick Fenning. Mr. Murphy succeeds Morris Fre:, in charge of the income tax de- partment of the Guaranty Trust Com- pany, also a former Washington boy, who 'resigned to become associated with the law firm of Stetson & Davis of New York. Hotel Directors Re-elected. The following directors have been unanimously re-elected for the en- suing vear by stockholders of ths Washington Hotel Company, conduct- Ing the Continental Hotel A P. Clark, jr. William T. Galliher, E_C. Graham, Ralph W. Lee, Theo- dére W. Noyes, C. H. Pardoe, Samue J. Prescott, Dr. W. P. Reeves. Cu H. Rudolph, Thomas Somerville and Alexander Wolf. Bank Clerks Form Club. The Riggs Bank Club, a social o: ganization of the clerical forces of that institution, has been formed and will hold its initial dance at the Hotel La Fayette on January 26. The club, which boasts a member- is officered by Phil AT Garnet, president: Florence Wil and Wiliam H. Taylor, vice presi dents; George M. Irelan, treasure:. and W. M. Rankin, jr.. secretary. Trading on Local Exchange. A slight increase in prico for the nreterregd issue of Washington Rail- way and Electric Company to 75, fea- tured today's session on the Wash- trade was utterly devoid of bond trans- tion was ffl“")“, active at 9415, sixty-one shares changine: *' Ten ‘shares of Lincoln Na tional Bank sold at 320. e { TODAY’S COTTON PRICES. NEW YORK, January 14.—The cot- ton market was nervous and unsel- tled during today's early trading After a sharp break early, Liverpool llied rather rapidly just before the local opening, but the advance there was attributed largely to the breal: in sterling exchange and afcer opcrn- ing steady at an advance of 2 to points the local market eased off ur der liquidation and southern selling March declined to 33.65 and May to 33.35 during_the early trading, mai ing net declines of about 18 to points. NEW ORLEANS, La., January 14.- Better cables than due put the price of cotton 6 to 19 points higher around the opening of the market to- day. but heavy selling met this ad- vance and prices gave ground. 3 the end of the first half hour of bu ness the trading positions were 2 to points under the last sales of last week, New crops showed much nar- rower swings than the old. March rose to 34.05 cents a pound and fell back to 33. October rose to 27.50 and fell to 27.42. NEW YORK, January 14.—Cotton futures. 11.45 a.m. bid ad; uary, 33.10; March, 33.63; July, 32.6 NEW ORLEANS, La., January 14. Cotton futures, noon bl January, _FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbe & Co.+ Nominal Selliog checks gold value. today. Londoo. pousd Montreal, dollar Paris, franc Zarich, frane Athens, drachma Madrid, peseta Vienna, crown . Budapest, crown rague, ' Crow, Warsaw. mark on, Copenhagen, crown By the Assoclated Press. NEW YORK, January 14.—Foreign to 47, the market held firm. Provisions eased down in line with hog values. . AT— Open. "“;‘B B 1.093 ko EEE July Begtember . WOATE— 23 833 B3 g i F 3 S P Far B3h % Beptember _ RD— January . B8 58 e it 83 53 exchanges weak. Quotations (In United States dollars): Great Britain, de- nand, 4.22%; cables, 4.22%; gixty-day bills on banks, 4.20." France, demand. .0428%; cabl .0420. Italy, deman {04361 cables, .0437. ~ Belgium, d inand, 0395% cables. .0386. Ger- many, demand, .00000000000022; cables, 100000000000022. ~ Holland, demand, 389 cables, .3695. Norway, demand, .141 Sweden, demand, .2610. Denmark, de- mand, '.1780. Switzerland, demand, 11727 'Spain, demand, .1275. Greece, d imand, .0195. Poland, demand, .00000010. Czechoslovakia, demand, .0281. Jugo- slavia, demand, .0113. Austria, demand, .000014. Rumania, demand, .0050. As gentina, demand, ..33. Brasil, demand, 1125, - Montreal, 97 3-32.