Evening Star Newspaper, January 18, 1924, Page 28

INTEREST CENTERS IN LEHIGH VALLEY Market Trend Is Greatly Confused—Baldwin Freely Sold During Year. BY STUART P. WEST. i to The Star. {?l;vlvm‘\p‘l(;enhl(. January 18.—During \he greater part of today's session o{ ‘he stock market the exact tendency of the price movement was hard to Jetermine. Certain stocks were con- listently being sold, a few others showed the effect of fresh buying. while another large section of the # od still. i‘e:ll:ndv;aney was one of the out- standing features and the reason for s advance was perfectly apparent. The street had heard yesterday that the value of the rights to subscribe to the coal property shares would figure out somewhere between 15 and 25. Early today estimates were run- ning between 16 and 20. But when trading actually began in the curb market around noon sales were made at 32. This practically increased at a jump the market valuation of Lehigh Valley stock very consider- ably, ana the rush of buying which Carried the price above 70 on this basis was quite understandable. Other Ralls Strong. Some of the other rails were strong, notably the Wabash shares and Pitts- burgh and West Virginia. There was, lowever, no suggestion of any gen- eral resumption of the campaign in the rails which was such a feature & ceek ago. VG tha same way the fluctuations in the oil group were very irregular. The Barnsdall stocks were bought aulte actively on Intimations that im- portant news was impending regnl‘h: ing the company's negotiations in t! \‘ Russian oil _flelds. Trm:conunenflla Oil_responded to reports that under its arrangement with the Standard of California development work in Colombia Is increasing. Pure Oil was stronger than most of the other olls, apparently because the turn in th oil trade came in time to save the necessity of new financing. On the cther hand, realizing sales were pre; Ponderant in Phillips Petroleum an in California Petroleum. Baldwin Freely Sold. ; dwin Locomotive was freely of- pany is operating at less than a tl ;“ 0f capacity and also because of the feelng that the program of railway expenditure will call for much small- er orders for cars and locomotives did last year. ahce I became known a month g0 that the Pure Oil Company would fot need to do new financing in con- nection with further payments on its purchase of Humphreys Oil, Pure Ol Shares have been consistently sup- ported above 24. Pure Oll has been paying dividends on both its prefer- red and common stocks, but so far as can be delermllned this has been e out of surplus. don Cach’of the four years ended 1922, for instance, net income before certain charges, including ‘“deple- tion on producing properties and abandonment of leases.” has been sufficient at times to cover dividend requirements on both classes of stock, but when the depletion item has been deducted surplus has de- creased. Pure Oil directors are acheduled to meet for dividend ac- tion January 25. Allis Chalmers Crosses 50. Crossing 50, Allis Chalmers com- mon today reached the highest for the present movement. Recently it was reported that earnings for 1923 will prove to have been around $6 a share. The company’s assets are ample, with plenty of cash and a zenerally strong working position. The main point to be made about the stock market was that it reflected a more divided sentiment. This was not due to any revision of opinion regarding the business outlook. It is still pretty well agreed that, bar-| ring certain lines where demand has fallen off or where the per cent of margin is small, the present year promises to be a satisfactory one. Where judgment differs, however, is | on the question of how far the stock | change advance since the close of | October has discounted these favor- able trade prospects. The market of the last hour or so was firm, without displaying any in- clination to resume the main upward | swing which was checked so sharply | at_the outset of the week. The decline continued in cotton when the January and other active options sold off 3 cents in the pound from their extreme high. The latest Open. High. Alr Reduction Ajax Rubber. Allled Chem. Am Cot O ctfs. Am CotOpf ctfs. Am Druggist. .. Am & Forpf w1 Am H & Leath.. Am H & Lea pt. | Am La Franc Am Linseed. Am Linseed p! Am Locomotive Am Metals..... Am Radlator... Am Repub Corp. Am Roll Mill pt. Am Safe Razor. Am Smelting. Am Smelt pf. Am Steel Fdy. Am Tel & Teleg. Am Tobacco. 1 Am Tobac (B). Am Woolen. Am Woolen pf. Am Writ Pr pt, Anaconda. Ann Arbor p! Armour of Del pt Atlan Bir & Atl. Atlan Cst Line.. Atlantic Gulf.,. Al Austin Nichol Austin Nich pf. Baldwin Loco. . Balto & Ohlo... Balto & Ohio pf. Bangor & Ar pf. Barnescall (A). Rarnesdall (B). Batopilas Min... Beechnut Pack. Booth Fish. . Br Em Stl 24 pt. Bkiyn Edison. .. Brklyn-Man Tr. Brkin-Man T pf. Bklyn Un Gas... 1 Brunswk Term. Burns Bros (A). Burns Bros (B). Eutte Copper. Butterick...... Caddo Oil. Calif Petrol..... Calif Petroi pf.. Central Leatn. Cent Leath pf... Cerro de Pasco. Chandler Mot. Chesap & Ohlo. Ches & Ohlo pf. .. 1 Chi & Alton pf.. Chi Grt West. .. Chi Great W pf. Chi Mil & St P... Chi Mil &St P pt Chi & NortEwn. Chi & Nwn pf... Chi Pneu Tool. ChiR I & Pac. Chino Copper. .. Coca-Ci Colo Fuel. Columbn Carbon Com Solv (B)... Comp Tabulat. Congoleum Co. Cons Cigar. . Cons Cigar pf. .. Cons Gas of NY. Cons Textile. ... Cont Can... Cont Insurance. Continental Mot Corn Products. . Corn Prod(uew) Cosden & Co. Crucible Steel Crucible Stl p Cuban-Am Sug. Cuba Cane Sug- Cuba Cane S pf.. Cuban Dom‘can. Cuyamel Frult.. Davison Chem. Davisonrts..... D Lack & West. Detroit Edison. . figures on domestic consumption and reports from the cotton manufactur- ing centers are, of course, wholly re- | sponsible for this downward move- | ment. After three months, during; which the demand for cotton goods { stood up, in spite of the high prices { of the, staple, the natural law has begun to work. Cotton spinners are not able to pass the increased cost | onto the ultimate consumer. Conse- quently for lack of an adequate prof- it margin they have curtailed opera- tions. Sharp Advance Near Close. A sharp advance in Mallinson was a belated recognition of the state- ment made carly in the week that the 1923 earnings would show around $7 a share. Julius Kayser shares were bid up briskly in the late afternoon. Pacific Oil got across 50 again. Willys Overland preferred was bought on somewhat more definite re- ports regarding the proposed paying oft of accumulated dividends. It is now said that thege will be a declara- tion of a dividend in February, to be paid in April. Cast Iron Pipe stocks had another run up in appreciation of the annual report, out Thursday, which showed nearly $22 on the common. Sears Roebuck came in for special attention in the last hour. CLOSE IS IRREGULAR. Day's Sales Approximate 800,000 Shares—Bears Raid List. y By the Associated Press. ' NEW YORK, January 183.—Further 1eadjustments of speculative accounts | gave today's relatively quiet stock market an irregular appearance. Short traders made several attempts to unsettle the list by attacking the' pivotal shares, but they encountered £00d buying support and made liitle headway. Pool operations were con- tinyed in a number of specialties. Sales approximated 800,000 shares. The closing was irregular. Con- fused price movements continued through the late dealings, heaviness of a number of the standard indus- | trials being offset by the buoyancy | of some of the specialties, Corn Products establishing a record price at 161% and Woolworth jumping 4 points. EX-DIVIDEND TABLE. Japoary 21— Cluett-Pesbody, q Columbian Cattion ¢ ange Buffet Corp. Vederal Sugar Ref. Federal Sugar Ref. pf. a a. - Kelsey Wheel p! Lord & Taylor 2% pi eCrory Stor U Virginian Rwy. p. nm ading Co. Tanusry 25 Jan Allin-Chalmers Mfs.. q. 1.00 Brll (. 8 Blescorsccosasnssentase 1%% Dome Mines. Douglus Corpn. Dugont (ED)... Durh’'m Hos pf. . Duquesne 1st pt. Eastman Kodak EatonAxle &Sp. | Elec Stor Bat... Emerson Brant. Emerson-B pf... Endicott-John E rie. | Erte 18t pt. Famous Players | Fletshman. . Freeport Texas. Gen Asphalt Gen Asphialt Gen Cl‘lrr.1 Gen Motors. Gen Motors pf. Gen Mot 6% deb. Gen Mot 7% deb. Gen Refractorles Gimbel Bros. ... Gimbel Bros pf. Gootrich Goodrich pt. Goodyear Pt Granby Consol.. Gray & Davis. .. Gt Northern pf.. Great Nor Ore. .. Gre: Gulf St Steel.... Harbishaw Cab. Hartman Corp.. | Ilinots Central. InCent pffpd.. ind Ofl & Gas Indiahoma. IndianMotorcycle Indian Refining. Inland Steel. ... Inland Steel pf.. JewelTea. ..... Jones & Laugn pt Kansas & Gull Kansas City 8. 19% Kayser (Jullus) . 36% Adame Expr. 4% 4% Low. CI T4% lose. 4% ! Kelly Spr Tire. . 74% | Kelly-Spr 6% pt 9% ! Kennecott. ..... Keystone Tire.. KinneyGR..... Mack Trucks. .. Macy Co........ Mallinson & Co. Mallinson pf.... Manat! Sug p?.. Manhatn El guar Manhat Shirt. .. Maracatbo Ofl.. Market 8t prior. Marland OMl. ... Marlin-Rockwl. Martin-Parry. . Mathison Alki] Maxwell (A). Maxwell (B) Midale St Of1. Minn & StL..... Mo Kan & Tex.. Mo K & Tex pf.. Mo Pacific. . Mo Pacific pf. Montana Pow, Montg'y Ward. . Moon Motors. Mother Lodq Munsingwi Nash Motors. at Biscult. .... Nat Cloak & Suit. Nat Cloak & S pf. Natl DeptStores Nat! Enamel. Natl Lead Nat Supply..... Nevada Copper. N Or Tex & Mex. NY Alr Brake. . NY Afr Brk (A). N ¥ Central.... N Y C-Readg rts. NY Ch! & 8tL.. NV Chi& StLpf. N Y Dock.. N Y Dock pf.... NYNH&Hartfd. NY O & Westrn. Norf & Western. North Am pf. North Pacific. ... Nov Scot Steel. . Ontarlo Silver. . Orpheum Circuit. Otis Elevator. Otis Steel Owens Bottle Pacific Coast. Pac fic Develop. Pac Gas & Elec. PacificOfl...... Packard Motor. Pan-Am Pete... Pan-Am P (B! Panhandle. Parrish & B! People’s Gi Pere Marquette. Pere Marg pt. ... Pere Mrq pr p! Philadelphia Co. P&RC&T (wi). Philip Morris. .. Phillips Pate. .. Plerce-Arrow. Pierce Ar pf.... Plerce Ar prior. Pitts&W Va pf. Pressed St1 Produc & Ref. Pro & Ref ctfs Pub Service Pub Serv 8% pf. Pure OIl. . Rallway Stl Sp. . Ray Con Copper R Reading 2d pt.. Rels Robert. Remingto! Reming 1st pf. . Replogle Steel.. Rep Ir & Steel. . Rep Ir & Stipf.. Rey Tobac (B) Royal Dutch.... St L&San Fran.. 3t L&San Fr pf. ScHulte Stores. . Seaboard Atr L. Seabd ALPE... Sears Roebuck. Shell Union Simmons. So Porto Sugar. So Porto R S pf. South Pacific. .. Southern Rwy.. Southern Ry pf. Spicer Mfg Co. St O11 of Calif... Stand Ollof NJ StOflof NJpf. Sterling Prod... Stew'd-Warner. Superior Ofl. Tenn Copper, Texas Company. Tex Gult Suloh. *Tex Pac Ld Tr. jTex & PC&Otl. Tide Water Oll.. Timken Bearing 9% | Tobacco Prod. United Ry Inv... Utd Ry Invpt... S Cast 1 Pipe.. USCastIrPpf. Prod U 8 Realty. U S Smelt&Ref. U 8 Steel. 8% Va Ry & Power. Westhse EI&M, . Wheeling&L K. . 3% 121% 8 24% 109% 10% 5% 19% 86% 34% 15% 44 91 1216 5314 20 72% NEW YORK STOCK EXCHANGE Received by Private Wire Bisust to The Star Office 84 69% 238% R5% 851 31% 84 34 2% 88 13% 88 37 2 1 92% 92 16% 14% 26, 124 11 2 611 25% 25% R a7 108 4 | the 1091 10% 57% 20% 35% 15% 44 a1 12% 63% 90 2% 524 21% 44 35% 59% 41y 104 % 15 913 3% 0 20 20% 100% 120 64 24% 304, 83 61%|11am.....252.7 % | tor another month, after which it was STOCKHOLDERS ACT | i on Dollar—Creditors Also to Get Dividends. By the Associated Press. TORONTO, January 18.—The Cana- dian L. R. Steel Corporation stock- ' HNEV YORK BONDS@I Recsiveé by Private Wire Direct te The Star Ofice. (Bales are in §1.008.) UNITED l‘I’ATEqul:NDI. ik t - seconds. 3 means 98 3-35.) Sales. High. a Lib3d 4%s... 426 99-30 Lib 4th 4%s.. 960 99-7 US4%s1952. 21 100-1 FOREIGN. Sales. High. Low. Close. . _4 101 % 101 19 85% B5% holders took the first step to regain | B control of the enterprises late yes- terday when C. H. Mackenzle, secre- tary, made arrangements to pay 10 per cent dividends to the creditors at once. It was understood that a full set- tlement would be made to pay about 70 cents on the dollar to 700 creditors with claims aggregating $240,000. The Canadian chain stores, it was stated, did a successful business in September and would be tried out expected they would be taken out of the hands of the recelvers and oper- ated with the scheme of reorganiza- tion in the United States. Sees Reorganization Assured. MONTREAL, January 18.—Andre Le Faivre, chalrman of the local com- mittee of the L. R. Steel Corporation Stockholders' Protective Trust, an- nounced last night that as a result of the response of shareholders of the L. R. Steel Chain Stores and Realty companies to an appeal for funds, the receivers' hands and reorganized by the protective trust. - Thirteen stores operated in Canada and scventeen iIn the United States would be continued by the reorgan- ized company, he said i There are more than 500 creditors of this firm in Washington, who are watching the reorganization plans both n the United States and Canada with intense interest. STEADY ABSORPTION IN BOND MARKET % 5 Investment Buyif§ Feature of To- day’s Transactions in New York List. LIBERTIES EXTRA STRONG French Group Firm, With Some Issues Higher. BY GEORGE T. HUGHES. Epecial Dispatch to The Star.’ NEW YORK, January 18.—Under influence of easy money and steady absorption by investors bonds were firm In today's market. On the other hand, the pace of the recent advance slowed down and trading was more qulet. In the out- side market the feature was buying of Russian bonds, obligations of the old internal government now long in default. Both the 5%s and the 63%s were in demand. The activity was probably due to talk of recog- nition of the soviet regime on the understanding that it should meet these obligations. On the board the foreign ETOoup was generally firm to higher. The re- action in franc exchange was with- out material effect on French bonds. In fact, at one time French munici- pal issues were higher. Plans of the French government for increased tax- ation and rigid economy were halp- ful to the bonds. Government Loans Strong. United States government loans were strong, especial'y the second and the fourth 414 libertys. The fact that these are the two 1ssues which sell the lowest suggested that the Britisi, gevernment might be in the market. United States Treasury 4%s sold above par. In high-grade rails Reading general 4s were active around 90. International Great Northern -d.i justments made a new high on this move on the bellef that earnings would permit some interest payment on the issue. St. Paul issues were steady around their recent highs Nearly all the New Haven {ssue: were strong, notably the franc T: 'whlch at made a new high for not ionly this year, but for 1923 as well. Among the tractions both advanced, while the Brooklyn Manhattan transit 6s were firm above 74. There also was some recovery in Chicago Raflway 5s. | More New Bond Offerings. In industrials Anaconda Copper 6s were active and higher, a movement which could also be ascribed to gen- eral investment buying rather than speculation. Today's new _offerings included $2,350,000 New York state gas and electric 5%s of 1962 at 921 to yleld 6 per cent, and $1,766,000 City of Yonkers 4%s, due serfally 1925 to 1964, at prices to yleld 4.10 per cent. SHORT-TERM SECURITIES. (Quotations furnishea by HRedmond & Co.) ¢ Noon.— i Aluminun Co. of Amer. 7s 1925, Aluminum Co. of Amer. American -Cotton Oll Os 1024. 68 1987. 1 0% i 08 jon Tank Car U e i ‘Western Union_ 6% Wentinghouse E. & RATES ON BAR SILVER. LONDON, January 18.—Bar silver, 33%a per ounce. Money, 23 per cent. Discount rates—Short bills, 365-16a 3% per cent; three-month bills, 3 7-16 P ent. ne)sl‘:‘:w YORK, January 18.—Bar sil- ver, 62%; Mexican dollars, 48. ———— Wheel & LEDE.. 18% 18% 18% 18% White Eag Oll.. 26% 27 26% 27 54% B4% 3 High. Low. Last. ° Call Money..... 4. 4 4 HOURLY SALES OF STOCKS. 00 1p.am.. 12M..,.484 400 2pm... business would be taken out of the |y ! Du Pont de N %s. Hudson and | Manhattan incomes and refunding 5s |N 2 | Tide Wat Oll 6%s. Tt 194 Chile s 1926. 101 85% 4 108% 7. 9 Dutch East I'6s'62. 20 Framerican 7%s French Govt 8s French Govt Halt! 6s Holland-Amer Japanese 4s .4 Jergen U M 68747.. ; Netheriands Norway 8s. Norway €s 1943. Norway 68 1952. ... Orient Dev deb §s. Paris-Ly’s-Med 6e. Prague 7%: Queensland 7. Queensland 6; Rio de Jan 8s Rio de Jan Sao Paulo City 8 Sao Paulo Stat Seine Dept of 7s... 32 Serbs Croats Slo 8s 2: 9. 21 Ud Kingm 6%s '37.200 Uruguay 8s. MISCELLANEOUS. Ajax Rubber 8 Am Agr Chem Am Chain s 6s'33. Am SmIt&R 1st 53. 95 94% 85 93% 20% 9% 82% 99% 93% 92% 9% 1% 4% T4% 88% 93% 111% 93% 83% 88% 6T% 9 104% 102% 102% 102% 102 2 122% 122% C1e Armour of Del 5%s 24 Asso Ofl 6s rets. ...137 t 26 Beth Steel rf 53 Beth Steel pm Bklyn Edison 7s D. Calif Pete 6%8 w 1. Central Leather s Cerro de Pasco 8s.. Chile Copper 6s.. % SBoamma Con Coal Md 1st 3s Cuban-Am Sug 8s. - Cuba Cane cv 75 '3 Donner Steel 7 PSR- Duquesne Light 6s Est Cuba Sug 7%s. Empire G&F 1%s. s e Soodrich 6%8. Goodyear 8s 19: (llinois Beil 1st 5s. indiana Steel bs... L int Mer Marine sB Liggett & Myrs 7s. Liggett & Myrs 5s. Manati Sug sf 7%s Marland Oll T%s. . Marland O11 8s '31. Mexican Petrol 8s. Midvale Steel 5s ct Montana Power 5s Morris&Co ist 4%s New Eng Tel 58. .. €% Nor Sta = Nor States Pow 6s. Northwst B Te 7s.. Otis Steel T%s 5 Pacific Gas & El 58 Pacific T & T bs ‘52 Pan-Am Pete 7s... Pan-Am Pete 634s. Phil & Rdg C&I 5s. Phila Coref 65 A.. Plerce-Arrow 8s.. Plerce Oil deb 8s. Producers & Rf Public Service & e 73, Steel & Tube 7 Tenn Elec Pow 6s. o Edn 18t 71 & @ omBalneanSancs U § Steel s £ 58 Utah Pow & Lt b 0o eam BB Westinghouse Wickwire Spen. wilson & Co 1st Wilson&C cv 7% Wilson & Cocv Winchester A 7 Youngstn S& T 6s. 1 (=TT —_— DIVIDENDS. Pe- Pay- ab] 2 gt e EE Rt Ay > & Clinchtd Coal D Cast Tron Pipe pf Tron P AR ] Palge. Detrol a e Procter & Gamble al Bk of Can. w Flour M.. un—-n;;;:»u FREFR, le. Feb. 1 M Stock of Record. RAILROADS. Sales. High. Low. Atchison gen 20 Ann Arbor 1 Bklyn-Manhat 6s. 173 Canadian North 7s. 26 7 3 Chi B&Q gn 45 '58. Chi & E 111 gn bt Chi Great West 4s. 16 ChiGrWest 4s (n). 6 C M & Puget 5d 4s. 32 Chi M &St Prf 4%s 51 Chi M&St P cv bi Chi M&St P 4s ‘2| ChiRT&P gn 4 ChiR1& Pacrfds CCC&StLrfésA . Cleve Term b8 Cleve Term 538 Colo & Sou 43 Cuba RR5a.. Del & Hd 1st rf 4s. Den & Rio G cn Erie gen s Erle conv Erle conv 4s B. Erfeconv4sD. ... Gr Trunk sf db 6s Grand Trunk Gr North gen 7s Gr North gen 513, Havana ERL&P 5s 111 Central 53 Int Rap Tran Int Rap Tr 5 Int Rap Tran Int Rap Tran Int & G Nor 18 Iowa Cent 1st Kan City Ft 8 4 Kansas Citr S 2 h 7s. Louis & N 65 2003. . Manhat Ry cn 4 N Y Centcn 4s'98. New Haven cd New Haven d 4s '57 New Haven 7s. 35 New Haven 7s fr.. 504 NY W & Bos 4%s. 10 O Short L cn 58 4 Ore Short L ref 4 Ore-Wash 1st rf Pennsyl gen bi Pennsyl gen 4%s Pennsyl 6% { Pennsyl gold 7s. Peunsyl con 4% Fere Marg 1at & Pere Mrq 1st 45'56. 2 Reading gen 4s....197 Reading gn 4% swi136 St L IM&S R&G 4s. 67 StLIM&S4s'29. StL&SFpl4sA. Sou Pacific ¢s 192! Sou Pacfio ref 4i Sou Pacific clt 4s. Southern Ry 1st Southern Ry gn 4s. % 70% 70% Southern Ry 6%s. . 103% 103% Southern Ry 6s ct. % 97 97 54 45% 8% 97 1% 83% 96 96 103 103 101% 101% 93% 94 90 13 ‘Wisconsin Cent 4s. 1 9% TOTAL SALES (Par Value): 1lam.. 4677000 12noon 7913000 1p.m.. 9245000 2p.m.. 10638000 N. Y. Stock and Bond Averages. Thursday, January 17. STOCKS. Total stock sales, 1,132,400 shares. g Twenty industrials averaged 96.42; net loss, JO.‘ High, 1923: 105.38; low, 85.76. Twenty railroads’ averaged 83.53; net unchanged. High, 1923: 90.51; low, 79.53. BONDS. Total bonds (par $14,208,000. Ten first-grade rails averaged 87.12; net loss, .09. Ten secondary ralls averaged 83.96; net gain, .10. Ten public utilities averaged 86.65; net gain, .23. Ten industrials averaged 94.43; net loss, .15. Combined average, 88.04; net gain, .02. Combined average month ago, 86.78; year ago, 88.32. value), FINANCIAL Grain, Produce and Live Stock | LOCAL WHOLESALE MARKET. A slight advance in the egg market | has followed a similar change else- Where. The advance may be tem- porary, however, as dealers expect Teceipts will Increase the next few days. Receipts the past few days have been light. Today's prices were quoted at 36 and 37 cents. ‘ Dealers also reported a slight in- crease in turkey prices. Receipts have fallen off the past few days, and there is still a fairly good demand | for them Live turkeys today were Quoted at 28 cents, the price of dress- od flock being quoted at 30 and 35 Firmer was the report of the con- aition ‘ot “the ‘rickn market. Re- celpts have been only fairly heavy .;)‘l)l:dweek and the demand has been Eggs—Strictly fresh, selected, can- dled, per dozen, 3sad): average re- celpts, 36a37; storage, 26a27. Live poultry—Roosters, per 1b., 16; turkeys, per Ib., 25a28; spring chickens, per lb., 26a28; keats, ‘voung, each, 60a 70; fowls, per Ib., 23a24. Dressed poultry—Fresh killed spring chickens, per Ib., 20a32; roasters, per Ib., 30a32; hens, per Ib., 25826; tur- ib., 30a33; keats, young, each, r 1h., 20 { Gay 3.00a3.60; No. 2, 1. Live stock—Caives, choice. per Ib., Ual15; medium, per 1b., 12a13; thin, per 1b., 8a10. Lambs, spring, per lb., 13. Live plgs, 3.00a5.00 each; live hogs, | per b, 3. { Green fruits—Apples, per, basket, 50; box. 1.50a3.00; per barrel, 2.00a6.00. California oranges, per crate, 3.50a8:25; Florida, 3.00a4.25. per box, 3.00a3.50. Grape- . 3.0023.50. ' Cranberries, 4.50a 5.50 per one-half barrel. Grapes, Cal- ifornia Emperos, 1.50a2.50. Vegetables—boiatoes, nearby. per bbl., No. 1, 2.60a3.00; No. 2, 1.50a2.00 Potatoes, sweet 1, per dozen, 50. round, potatoe: Southern lettuce, per crate, Iceberg, 2.50a3.25. Cabbage, 2.00a2. ; Florid: 00a4.50. per basket, 1.25a3.00. per basket, 2.00a4.50. California, a6.50. Squash, 2.5023.00. Peppers, per crate, Florida, 2.00a2.50. Eggplant, 14.0026.00. Kale, per bbl, 1.50al.75. Spinach, per bbl., 3.00a3. Southern cucumbers, per bushel, 2.50a5.00. Car- rots, 100-b. sack, 2.50a2.75. Brussels sprouts, 20a2b. GRAIN AND PROVISIONS. BALTIMORE, Md, January 18 (Spe- clal).—Potatoes, white, 100 pound: 1.00a2.00; 150 pound sacks, 1.50a3. Wi ya ., 2.0026.00; bi 1.00a2.25; beans, bu. £.00a3.00; beets, 100, 4.0026.00; broccoll and kale, b 25a30; Brussels sprouts, quart, 15a2i cabbage, 100, 4.00a6.00; savoy, bu., 40 a50; carrots, 100, 4.00a6.00; cauli- 2.75; celery, crate, 2.50a basket, 45a55; peas, hamper, e, ' 1.50a3.0 maty 35a4b. Apples, packed, bbl., 2.00a4.50: bu., 50a1.25; loose, 100 Ibs., 1.00a1.50; box apples, 1.25a2.25; cranberries, bbl., 6.00 29.00; grapefruif box, 3 oranges, box, 1.50a2.50; pineapples, crate, 3.00a450; strawberries, quart, s, crate, 2.50a5.0! Settling Prices on Grain. ‘Wheat—No. 2 red winter, spot, 1.1 0. 3 red t no quotatio red winter, garlicky, spot, no quota- tions: No. 4 red winter, garlicky, spot, {no_quotations. Sales—None. Corn—Cob, 4.30a4.35 for yel- low, and 4.15a4.20 per barrel for white; No, 2 corn, spot, 88%: No. 3 corn, spot, 86; track corn, vellow, No. 5, new, 91. arby, 75a85; No. 2 rye, spot, Receipts, 138 tons. There is a fair demand prevailing for the bet- ter grades of timothy, 1ight mixed and No. 1 clover, and prices hold steady. Low-grade and damaged hay is dull sale and of uncertain value. Quotations—No. 1 timothy . 2, 26.00a37.0 00a25. No. 1 light er, .50226.00; No. 2 clover, 22.00a . 1 clover, mixed, 25.00a25.50; No. 1 clover, 24.50a25.00. Straw-—No. 1 straight rye, 25.00 per ton; No. 1 tangled ry: 216.00; No. 1 wheat, 16.00; No. 1 24.00a 15.00 oat, DAIRY PRODUCTS. BALTIMORE, Md., January 18 (Spe- cial).—Live poultry—Turkeys, pound, 18a30 horns, young chickens, 18a28; leg- 18a2: old hens, 18a2i leg- horns, 18a20; old roosters, 1l4al ducks, 20a27; geese, 18a25: pigeons, pair, 25a30; guinea fowl, each, 35a65. Dressed poultry—Turkeys, pound, 18a28; chickens, 23a26; old roosters, 16; ducks, 25a28; geese, 15a22. Eggs—Loss off native and nearby | firsts, dozen, 35: southern, 34. Butter—Creamery, good to fancy, pound, 50a56; prints, 56a58; nearby creamery, 42a46; ladles, 34a35; rolls, 26a30; store packed. 26: dairy prints. 28a30; process butter,'39. CHICAGO LIVE STOCK MARKET. CHICAGO, January 18 (United States Department of Agriculture. ogs— | Receipts, 56,000 head; moderately ac- to! averages, 7.25; desirable, to 210 pound] 00a7.10; better grades, 160 to 170 pound averages, 6.90; packing sows, 6.60a6.70; slaughter pigs slow, {weak to 25 lower; desirable 120 to 130 pound average: .25a6.50. Cattle—Receipts, 5000 head; good and choice yearlings, active, strong; other grades yearlings and _beef steers dull; long yearlings, 12.25; mixed steers and heifer yearlings, 11.2; leveral loads youngsters, 10.00a 10.2 no choice heavies here best. handywelight steers, 10.75; bulk, short fed offerings, 8.00a9.50; fat cows of value to sell at 6.00 and above, weak ‘tn 25 lower; other grades and ners and cutters about steady: bulls steady to weak; veal calves steady: bulk, 9.00a10.00 to packers; outsiders lelec(lng uerldrd to 1’2,00; bulk stock- ers an eeders, ate ester: 3 5.25a7.00. Toetscn, Sheep—Receipts, 14,000 head; fairly wooled lambs, 13.40a13.65; feeding lambs, 3.00; bulk, 12.65; practically no early sales sheep. TODAY'S CHICAGO PRICES. chole CHICAGO, January 18.—Corn selling ; led by a house with eastern connec- tions had a bearish influence on the corn market today In the early deal ings and indirectly on wheat also an oats he corn market was easily than has been the rule of late. country offerings of corn was report- ed. ‘orn opening prices, which varied from the same yesterday's finish to 3% lower, May to were followed by a moderate general setback. Wheat eased down as a result part- 1y of reported large shipments from Argentina and Australia. After open- ing_unchanged to off, May 1.08% to 1.09, and July, market showed losses all around. Oats startéd at 3 off to % up, Ma 47% to 47%. Later, all months re- Freer 1.50a2.75; | b . | president. Itive; 15 to 20 lower; good and choice, | 225 to 300 pound bn‘l!c'?eru. 7.15a7.25; | can- | active; steady; good and choice fat |M: 12.50a | 5 influenced, trade being much lighter 18152 to 107 %, the | NEW RULE PLACED ON BRANCH BANKS Deny Blanket Authority. Other Financial News. District member banks of the fed- eral reserve system were today ad- vised by their regional member that blanket authority to establish branches will no longer be granter On the other hand, each application must be presented to the board sep- arately and in regular form and man- mer, subject to the approval of the state banking authorities and « recommendation of the federal re- serve bank of the district. The ruling is the outgrowth of . resolution recently adopted by ti Federal Reserve Board after giving consideration to applications received from three state members located in one of the federal reserve districts for permission to establish from time several months a number of branches in designated cities or areas, in ac- cordance with programs of branch bank development contemplated by the applicant banks. . The Richmond Institution also ad- Yvised that any application to estab- lish a branch or branches indefinite ramed places or locations in territo non-contiguous to the city of the® home office, which {s made in good faith and filed prior to February 1, 1924, may be considered by the board as to detailed arrangements after Febru ary 1, 1924, The Federal ' Reserve Board re | | Serves to itself the right to pass uporn each application on its merits and to act accordingly. It was alse announced that Charles H. Wyatt, who has been casnier of the Baltimore branch of the Rich- mond institution since its establish ment, has tendered his resignation efective February 29, and Eugene G ch::):’l); 278 been appointed to the rship, S oot effecti Mr. Grady has been with the head office at Richmond since January 1 1819. He was auditor of the bank and later became on officer with the title of controller of accounts. During part of the past year he acted as as- sistant manager of the Baltimore branch. Lincoln Bank Rumors Denjed. Rumors of increased or doubled capitalization, a huge stock dividend conversion into a trust company, etc coincident with the recent advance in price of stock of the Lincoln National Bank were “spiked” this morning by to become stitution, who declared they were en- tirely without foundation, In the opinion of Mr. Davis, the in- crease is attributable to a block of 100 shares, representing part of an estate, which has been made avaflable ¥ Jocal broker. e Dbook value of Lincoln Na- tional Bank stock is approximately 3280 per share, which may be re sponsible for ils strong trading po- sition. Bank’s 1923 Earnings. Net profits of the National S: s and Trust Company amounted 5o $272,648.90 in 1923, stockholders will be told at their annual meeting Mon- ?o'is'alg’ilss";r"? [Larnings wmounted X 5, witl 1o, 3800158 expenses totaling On the capitalization of $1,000,000 the net return was slightly in’ excess of 27% per cent. Two Promotions Amnounced. Fernando Cuniberti and Miss raus were promoted to the re- spective offices of vice president and assistant cashier of the International l’;:xgch-fnxi E:{:kl at the annual meet- of stockholders of tha - tion yesterday. et 5 Jor;ph Schiavone, resident of the bank, was re head for the ensuing year, ang 1o Milton H. Prosperi re-elected organizer and Harris Assistant Treasurer, Richard E. Harris has been elected assistant treasurer of the southwest branch of the American Security and Trust Company. Omission of Mr. Harris' name in a previous issue was 17.00a15.00. jinadvertent. Moody’s Market Review. John Moody, in his letter, morning, states as follows: ever the present stock market may time in February or March should be to show a sagging tendency. “This would be a natural response to the winter reaction in general trade, and, besides, we shall soon be- gin to experience disappointment a. to our hopes of large tax reductions and other favorable development in Washington. Admittedly, there is no economic reason for a major move- ment in stocks in either direction ut present, but prices might settle back pretty close to the levels of last Octo- ber without even changing the tech- nical position of the stock market or getting it out of the rut.” Trading on Local Exchange. Railway preferred stock continued its advance on the Washington Stock Exchange today, fifteen shares sélling at 75%, its highest level recently Common was quiet at 70%, with te: shares selling after call at pany was firm at 305, and National Union Fire Insurance Company was active for the first time this year, seven shares selling at 9% Bonds were quiet, small sales being made in favorite local utilities. Attepding Bankers' Meeting. Bugen of the Investmeni Bankers' Assoola- tion of America, is attending a two- {day meeting of the advisory council at Loulsville. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nowinal Selling checks gold value. today. 48665 4.28 ol 18 r telliion .MR:H 7 7 London, ol Berlin Rome. "I Zurich, Athen 1782 fenu Budapést, crown Prague, crown. i mark NEW YORK, January 18—Foreign exchanges easy. Quotations (in United tates dollars): Great Britain, mand, 4.23 13-16; cables, | sixty-day bills on banks, France, demand, .0459; cables, Ltaly, demand, .04353; cables, 0436 Be.gium, demand, .041¢ cal . | Germany, demand, 000000000003 cables, -000D0000000023. ~ H I mand, 3719; cables, .3724. demand, .1415; Sweden, demand, .2601 | Denmark, demand, .1732; Switzerlan ceded a little Lower quotations on hogs weakened the provision market. WHEAT- Low. Open. High. : 1.08% 100 1.08% % l“‘n 1.05% Close. 1.08; . Bas Byy 5% o 3o EE 53 3% BB wEs SR 017 nd, .1730; Spain, demand, .127 el demand, [0196; Poland, d mand, .00000011; Cezchoslovakia, de- mand, .0291; Jugoslavia, demand, Rii6; Austria, demand, .000014; Ru mania, demand. .0049%; demand, .3262; Brazil, demand, . Montreal, .97 13-16. TREASURY CERTIFICATES. (Quotatious furnished by Redmond & Co.) The postmistress and all of the s mail carriers in Shickshinny, Pa., afe women. {4 Federal Reserve Board to to time during the course of the next . Flovd E. Davis, president of the in. - vice * do. it is reasonable to believe that its logical action from now until some - 593. American Security and Trust Com- * Thompson, vice president de- .. Argentina, 082 *