Evening Star Newspaper, March 12, 1924, Page 26

x4 FINANCIAL, FINANCIAL. AGTIVITY SHOWN ON LOCAL BOARD Prices Hold Firm—Bank to Close Branches—Other Financial Notes. RAT[ SHARES MOVE ‘[~ew YORK STOCK EXGIANGE TOHGHER LEVELS o, =5 % g, 5 | Am Agri Chem, . Am Agri Chem pt Norfolk and Western Leads | Am 2ot soeer”. Market—Southern Rail- way Hits New Top. 'BOND QUOTATIONS |==z= vox= BONDS oo xcmwr] w! ATHIGHER LEVELS|.. sosmsamenn Open, High. Low. Close. 1% 81% 38 87% ple: 98-3 means 98 3-32.) 52: Foreign Government and Rail 353: Issues Do Best in Heavy 17 i 174 | Mex Beaboard How Buying Movement. 11% | Mex Seaboard 4% | Miami Cop (2) 22 ' « 94%) Minn & St Louts BY GEORGE T. HUGHES, b6% , b5% | MStP&SSM (4) Special Dispatch to The Star, 236 | M 92% 3 mflfll'“-;itsé:l° NEW YORK, March 12.—Inspired o Mh!fll(“‘lnl.'l‘n._ 11% | bY g remarkable increase in car load- 114 | Min K & Tex pf.. 8% (INES for the week cnding March 1, 764 | Missour Pacific, 11% |and by estimates of substantial im- s -“l::?:l:'l“ P‘-'c-g;,. 3% | provement in February gross earn- 1008 | Monh Bane eyd-: 281 35w |Ingv. speculative railroyd bonds were 108% | Mother Lode (1) actlvely bought at advancing prices Nt DRIericEs L In today's bond market. Securities Nt e ae of many roads participated in the rise. Nat En & St The buying was especially confident In Seaboard Air Line bonds. The re- funding 45 got above 52 and the ad- justment bs went nearly as high, The Consolidated 6s crossed 76. In this particular case, according to the lat- est estimates, not only is the Seaboard earning all fixed and contingent charges. but preferred dividend re- : quirements with a balance over the 5 common stock. Erie Bonds Higher. ol lrie bonds were notably firm and 118% | mostly higher, especially the con- 284 vertible “D""4s and the general 1s, 52% St. Louis-San Francisco incomes and 2% |adjustments appeared to have a bet- Sgh ter market than in a long time past. |Chicago and Alton 3s continued their advance and in bonds of a higher grade Baltimore and Ohio converti- bie 4lzs were espeeially strong, while Norfolk and Western convertible 6s made anothcr new high, keeping pace with the stock. THE - EVE‘NING"STKR, "WASHINGTON, 'D. 0, "WEDNESDAY, MARCH 12, 1924’ ‘Grain, Produce and Live Stock LOCAL WROLESALE MARKET. Eggs—Strictly fresh, selected, can- | !&m Cg'"- dled, per dozen, 27; average recelpts,! 1 RAILROADS. Low. Sales. High. . High 01?7“ I“l 7 Maracaibo Oil. . 68% | M8 Rprpt () 1 ofl..... 81% | Marlin-Rockwell 41% | Mart-Parry (3).. 24% ' Mathieson Alkail 80% | Maxwell Mot A... 114% ! Maxwell Mot B 114% | May Dot 8t (5 213 | May Dp 8 pf (7) Atchison gen 4s. Roosters, per 1b., 1 30a35; spring chicl keats, young, each, ry. sh-killed spring chickens, per 35a40; roasters, per 1b., 32a33; hens, per 1b., 28a30; tur- keys, per 1b., 35a40; keats, young, each, 80; roosters, per 1b., 20. Live stock—Calves, choice, per 1b., 13; medium, per Ib., 11a12; thin, b, 6as. Lambs, spring, per b, 12. Live pigs, 3.0025.00 each; live hogs, per-ib., 8. Green fruits—Apples, per basket, 5022.00; box, 1.50a3.00; per barrel, 2.00 California oranges, per crate, Florid: 3.50. Lemons, Olose. 98-26 9826 9831 98-29 99-3' Lib 3%s. Lib2a4 Lib 1st 4is. iLib2d 4%s Lib3d 4%s... Lib 4th 435.. 604 993 US4%s1952. 302 100-2 FOREIGN. Sales. High. AmBr3& ¥ (3) { Am Can te) . * | Am Can pr (7 Am Chain A (2 Am Chicle. Am Cot Off Am Drug Syne - . Am. & F.P.25% pd T P. WE 5 BY STUAR | Am Hide & L pt.. Special Dispatch 2o The Star. | AmIea (7). NEW YORK, March 12.—Railway | Am Ice pf (8. thares took the lcad in the stock | Am Internatl... market today. but without there ::'lll.::rm )y being any general advance. | Am Tocopt (.. 1. 2 The rise in Norfolk and Western. | Am Merai (3 .. i anticipating the announcement of a|Am Radlator (4) Pennsylvania lease on highly satis- | Am Roll M pf 7). factory terms, furnished one incen- ::g;le‘(‘:n(cg. tive for buying in the rails. 'rnelAms&Ro““'. great strength in Southern Railway [ Am Stl Fdgs (3). common at new high levels provided * Am Sugar. another. Anything less ‘tkan 5 perx:::g“.’fl;;\'r“). cent declared at Thursday's meellnglAm Water Wia. would be, according to the Present|am W Wpr (4). sentiment of the strect, very disap- | Am Woolen (7). ! pointing. Other low-priced .- rails were sympathetically strong, particu- Jlarly the Seaboard Air Line, \. 26 ‘35'31 B&O PLE&WV 45, 8 B&OSW div3ike. 15 B&OToledo4ds... 4 Bklyn-Manhat 6s. 330 |BklynRT 7s°21.." 5 BKIRT 7821 ct... 10 BkIRT78'21ctst 14 Canadiari North 7s 4 Canad North 6%s. 14 Canad Pacdeb4s.. & Car Clinch & O &5 Car Clinch & O 6s Cent of Ga 6s. Central Pacific 4s. Ches & Ohic cv bs. Ches & O cv 4 %s.. ! Chi & Alton 3s... Chi & Alton 3%s. . Chi B&Q 1st rf b8 Chi&Ellignbs... 6 Chi Great West 4s. 9 Chi M & $t P rf 43 20 ChiM&StPevss. 1 Chi M & St P 45°25. 72 Chi M&S Pev 4%s. 21 CM&StPgndis. Chi M & St P 68 wi. Chi& N W 6%s {Chi & NW 7s.. Chi Rys 68 ChIR1&P ChiTH & SE 5= | Chi-Un Sta 4% | Chi & W Ind cn 4s. |Chi & W Ind 7%s.. CCC&StLTL 65 A.. Cleve Term 5%s. - Del & Hd 1st rf 45, Del & Hudson 5+, Den & Rio G cn 4 D&RGstrf5s 98-3. 100-1 Low. Clese. 101% 80% £9% 100% Activity of the consolidated 3 cent bonds of the Potomac Electric Power Company and of the § per cent preferred stock of the National Mort- gage and Investment Company twas the outstanding item of trade on the Washington Stock Exchange thi morning . The formgr sold to the extent o $31,000, face value, including a bloc: of $15,000 at 97, its prevailing leve while the latter changed hands to the extent of 130 shares at 9, or 1 point under par. Railway preferred sold off to after opening % higher, forty shares changing hands, but Capital Traction reacted to 96 on odd lot sales. Dis trict of Columbia Paper 6s brought 85 and Washington Gas 6s changed hands at 100 per Argentine Ts. 31% Belgium Belgium 6s. . Belgium ¥ 0. Grapefruit, 3.10a g Cranberries, 4.00a4.50" per one- half barrel. Vegetables—Potatoes, nearby, barrel, No. 1, 2.50a3.00; No. 2, 1.50a 60. Potatoes, round, per bag, 2.65a sweet potatoes, 5.00a7.00 per Southern lettuce, per crate, Tceberg, 3.00a3.50. Cabbage, per 8% Canada 58 1931.... Canada 58 1952.... Flo; Chile $5 1946 et; nearby, 1.00al. e Florida, 3.00a5.00. Beans, Florida, per sack, 4.002600. Peas, ‘per basket, 4.0026.00. Celery, Florida, 3.00a3.25." Squash, 4.00a6.00. Peppers, per crate, Florida, 6.00a7.00. plant, 2.00a4.00. Kale, per barrel. .00. ' Spinach, per ‘barrel 0 24.00. Texas, per basket, 1.25al.50. Texas beets, 2.00a2.50. Carrots, 2.00a 2, Southern cucumbers, per bushel, 028.00. Carrots, 100-1b. sack. 3.25a 3.50. Brussels sprouts, 30a35. Florida ima beans, 2.50a4.00. GRAIN AND PROVISIONS. BALT'MORE, Md., March 12 (Spe- —Potatoes, white, 100 pounds, 150-pound sack, 3 ms, - barrel. beans, bushel, ev Cons Con, .. e |NorTan .. o] N X centrat (1) 101% | N ¥ C-Reade rt U INYCa S (o), 3¢ I'nvoock.. b1 | N Y Dock ot (53 ‘0" |NY NH & Hart. . | N YOnt & West. 100% | Nort& W (18) .. 9o | North Amer (2). 52t | North Pac (5) Chinese Gov Ry bs Copenhagen 513s. . Cuba5%s......... Caechoslovakia 8s. Denmark 8; Denmark 6; Dutch Eas. 1 6s'47. Dutch East 16862, Finland sf 6s 1945. . Framerican 7%s. French Govt B French Govt 7 Ttaly 6%s 1926. . Japanese 1st 414 Japanese 4s... Japanese s wi. B Jergens U M 6s'47. Am Wool pf (7). Anaconda. ...... Anu Arborpt. b ferred the Eries arm pf Del SE Lot Sonthwestern: Arn Cons & Co, American Sugar Rallies. x’;‘l’,r‘;ea"(“:; American Sugar went down on the = publication of the 1923 figures, but subsequently rallied on profit taking Ly recent short sellers. The iwo AssoOll (1%)... points chiefly made were, first, that in AtT&SFe (6). Atl Birm & At. 1% | Ohio Bay & BI # good vear for the sugar trade chis company on its own operations had a At Coast L (7). 113% | Oh F Sup (2% Atlancic Fralt 1% | Okla Pr& Ref. Joss and even with is income Yrom investments, at » highest, was able t and abandoned plans for two other branches. were to authoriz make loan to telephone or co; wizge with the main t¥ to make larger loan hood banks contes voking the against branches. establis These Atl Fruit ctfs. 4 1%|Orpheum (1%).. 20 20 17 | Otia Elevat (8).. { 17% | Otis Steel.. . 116% | Otis Gteel pf. . 5% | Owens Bot (3).. ; cabbage, 100, 4.00 i carrots, Auto Knitter. 121% oc selling above 50 and with earnings the way they have been. American Sugar looked to be out of line with others selling around the same level, paying dividends, and earning hand- some surpluses. | The sharp rise in Goodyear preferred seeméd 1o be in the nature of very be- lated response to the recently published annual renort. Goodyear, in 1923, had an entirey different cxperience from ! other rubber and tire companies. Where some of these showed deficits and others ively small surpluses, Goodyear a big jump. After the 8 per cent os the prior preference stock here was a balance for the preferred of ST.84, a share, as against less than $2 the Yeur before. 01l Shares Do Better. Oil shares for the most part did better. There was special buying again in Phillips Petroleum within a point of its high of the year. General Asphalt rose on what apparently was short covering, and the Pan-Ameri- cans retained their recent improve- ment. Also there w. considerably more activity in Invincible Oil and this on advancing prices. Recent un- official estimates regarding the carn- ings position of this company have been quite favorable. Operations for the rise were re- newed in various specialties. Among these were the Corn Products issues, and American Radiator. e continued in May De- and buying came into Muacy stock and the Gimbel Bros.' shares. One of the few ex- ceptions to the general tendency w. Wilson & Co., where the new finan- cial plan was the cause for further weakness. Market Factors Varied. The important happenings bearing upon financial conditions today were of @ somewhat conflicting character. Re- covery continued with considerable vio- lence in French francs, and other ex- changes were drawn along moderately. “ The cotton market was steadied by un- favorable weather in parts of the south. The latest figures on railway car load- ings made another extraordinary show- inir. The stock market once more demon- strated that it was not prepared to get out of the rut into which it fell three weeks ago. Continental Can Earnings Up. Buying of Continental Can the last few weeks has been induced by esti- mates of higher earnings in 1924 and the prospects of either a larger cash disbursement or another dividend in stock. In 1923 Continental Can earned $9.18 a share. It is estimated that Continental Can will earn ap- proximately $12 a share this year and that when the company runs into its busiest season in the fall it will be operating at capacity. It was evident today that the pay- ment of all arrears on the second preferred stock of the Loose-Wiles Biscuit Company had not been fully discounted. Obviously the buying of the common was based on the expec- tation of a dividend, but conservative | opinion is that none is likely to be voted for a year at least. STOCES TURN HEAVY. Wall Street List Is Very Irregular at Close. By the Associated Press. NEW YORK, March 12.—Stock prices turned heavy in the latter part of to- day’s stock market after an early ‘period of strength, in which the rail- i shares superseded the industrials s the market leaders. Buying of the alls was based bn speculative expecta. I} ition of favorable February earnings |$tatements and a continuation of re |grd-breaking carloadings. Sales ap- ,npn_:_xh.mmfd 625,000 shares. | il The closing was irregular. The Whole list was shaken in the final jBour when Norfolk and Western | broke 3 points from its early high| nd bear selling of the industrial leaders was resumed. |l.. CARPENTERS ON STRIKE. — SHREVEPORT. La., March 12 (Spe- cial)—Twenty carpenters emploved FE the Centra] Contracting Company ére are on strike because members 16t their craft in Houston were called an by the company to hang metal | doors, which the sheet metal workers gontend is in their line. More than 190 men are affected in the two places, | || SALES UP 36 PER CENT. i L. NEW YORK, March 12 (Special).- '‘ebruary sales of G. R. inney Com- _Elven as $834,263, against in February, 1 , an in- rease of 56,31 per cent. les during the first two months of the year to- taled $1,744,324, against $1,352,821, an increase of 28.94 per cent. N. Y. Stock and Bond Averages. Tuesday, March 11. STOCKS. stock sales, Total shares. Twenty industrials averaged 97.90; net gain, .40, High, 1924, 101.24; low, 94.58. Twenty railroads averaged $3.70; net galn, .27. High, 1924, 85.90; low, 82.74, BONDS. “Total bond sales (par value), '$9,275,000. Ten first grade rails averaged $5.46; net loas, .07. Ten secondary rails averaged $3.83; net loss, .04. Ten public utilities averaged ; net loss, .20. industrials averaged net unchanged. Combined average, $7.42; net loss, .06. Combined aversge month ago, 31.68; year ago, 87.04. 506,200 Bald Loce (7). Bal & Ohlo (5 Burnsdall A. Barnsdall B B'ch Nut (2. ). | Beth Steel (5)... Beth Sti pf (7) ... Booth Fisherfes. Brit Em 1st (7). Edison (8). “k-Man Tran.. -Man Tr pt. Buras Br (10) ... Burns Br B (2).. But C&Z (500).. Butte & Supericr. Cal Packing (). Cal Fet (1%).... Callahan Z Lead. Calu & Ariz (2).. Can Pacific (10). Carson H Gold. .. Case Threshing. . Cent Leather Co. Cent Lea Copf... Cent Rib Mills. ... Cer de PasC (4) Ch Mil & St Paul. Ch Mil & St P pt. Chi & Nwn (4).. Ch PneuT (5). Chic R 1 & Pag..n. ChStPMin&O.. Chile Cop (2%). Chino Copper. Coca-Cola (7). Colo Fuel & Iron. Col Carbon (4).. Col G & E (2.60). Com Solv A (4).. Congoleum (3) .« x oo Crucibie St (4).. Cub Am Sug (3). Cuban Cane Sug. Cub Cane Supf.. Cub Dom Sug pf.. Dan’l Boone Mills Laviason Chem. . Del & Hud (9)... Del L& W (6)... Det Ed Co (8). .. Dome Mines (2). Du PtdeN (8).. { Dug Lt st pf (7). Durham Hose. ... East K (15%) Laton Ax (2 ElI St Bat (15%) Em Branting pis. Bod-Jokn (5) .. Erle 24 pt. Famous P1 (8)... Famous P! pf (8) FdM&Bpt (7). Fisher Bdy (10). Fisk Rubber. . #18k Rub DL A.. Frchm'n (13% ). Foundation (). Freeport-Texas.. Gen ATCpf (7). Gardner Motor. .. Gen Asphait..... lflmmh pf (5). Gen Elec (8) . Gen El spe (§0c) Gen Mot db (7). Gen Refr (4). Glrbel Bros. . .. Giabel Br pf (7) Gr Nor Ore (3)... GrWest Spf (7). Guantun Sugar.. Guntan pf (8)..... Gulf St 8tl (5).. Hartman Co (4). Hayes Wh'l (3) Houston Of) Hud Mot C (3).. Hupp Mot C (1). Iliinois Cent (7). Indep Oil (25¢).. Indiahoma Ref. . Indian Motorcyc. inland Stl (3%). Inspiration Cop. Interb Rap Tr. Int Bus Ma (8). Int Com Eng (2) Internat Har (5) Int Mer Marine... Int Mer Mar pf... Internat Nickel.. internat Paper.. Invincible Oil. Kress 8H (T).... “Laciede Gas (7). b & Loriltard Ludlum StI (2).. cCror C pf (1) %lck‘l‘nfl: ) Mack T 18t (7). 6 4% 80°% b3 107 117% 130% 102 110 69% 20% 43% 208 g 569% 48% % 10 94% 6 40% 6% 213% 2! 59% A3% 4% 10 % 212 [ 1% 13% 16% | 11% 14% 25 50% 83% 28% 32 % 16% 66% o2 64y 49% T 177% b8 15% €8 30% b2% 107% 8% 118 26% 3% 28% 9% 90% .z 209 8% 59% s 6% 19 I o4% | 6 42% 75! 1 15 100 B50% | W 51% 101 10% 22% 76 20% 107% 9% 93 81% 40 % 1% 9% 16% 101 % % 1% 0% 5% 0 18 - Pacific Coast. ... PacG & E (8) Pacific Ol (3) ... Packard (1.20) .. Pan Amer (8) Pan Amer B (8). Parish & Bing.... Penn Rafird (3) Penn Seab Steel, Peop Gas Ch (7). Pere Marg (4).. Phila Co (4).. Phiia & R& T wi, Phil Mor (50c) . Phillips Pet (2 Pierce-Arrow Pitts Util pt 95c.. Pitts & West Va. Postum pf (8).. Prod & Refiners. PubSer NJ (4). Pub S NJ pf (8). Pullman Co (8) .. Punta Al 8u (5). Pure Oll (1%) ... Pure Oilpf (7). Ry St1 Spg (8) Remington Type. Replogle Steel. ... Rep Ir & Steel. Rey Tob B (3).. Roy D'tch (3.48) St Jos Lead (12) St L San Frran, St 1L-San Fr pf, St L Sothwest. StLSthpt (5).. 69 63% 26% 22% 5% Seaboard Alr L... Seab'd Alr Lipf.. Shell Trad (2.06. Shell UnOll (1).. Simmons Co (1) Simms Pet. Sloss-Sheff (6).. So P Rico Su (6) South Pac (6)... Southern Ry. .. South Ry pf (5).. StOil Cal (2)... StONINJ (1)... StOiNJIpt (7). 17 Stew’t War (10) 904 15 894 | Studebaker (10). L )3 i 9 i Tex Gulf 8(6%). H Texas & Pacific. . Tex & PacC&O. Tide Wat OIL (4) Timken (3%)... Tob Prod (6). ‘Tob Prod A (7). Transcont Ofl. ... Underwood (3).. Utd Ry Invest. .. Utd Ry Invest USCIP (2). USCIP Dt (7)... U S Hoft Mach. . U S Ind Alcohol... USR&Im (8).. 8 Rubber. USR 1t pt (8).. U SSteel (16%). U S Steel pf (7) .. Utah Copper (4) Utah Secu Va-Caro Chem... Va-Caro Chem B Va-Caro Ch pf. .. V Vivaudou (3).. i Wabashpf A.... Wald Sys (1%) .. Web & Hellb (1) West Maryland... ‘ wl WestE&M (4). West E & Mrts.. Wheel & L Erle. . Wheel & L Er pf.. Wh Eag Ol (2).. Wickwire Sp 8tl.. Wilson & CO. .. . wil nd. W15 Cen ctfs...." 36% 330 331 328 3 8% 874 37% B7% 374 Woolworth (8) .. Wrig W Jr (3)... ferred stock. Dividend.rates as giv dre the aunual cash payments based on the latest m’r"’]’n« half-yearly tions. incioded. . Unless. divideads are not High. Low. Last. LU Y Call Money. HOURLY SALES OF 8TOCKS. 11a.m. Z'I.S 800 1p. 364 or. U. 8. TREASURY CERTIFICATES (Quotativns feralahed by Redmend X ) ', 15, &%| WOOL BUYING DRAGS. @pecial Dispateh to The Star. - “BOSTON, March 12.—Suramer street wool markets experienced another quict session today, with buyers con- tinuing .to fgnore the threat of ris- ing prices which dealers profess to see| in -the .continued gtrength 'of wools abroad. ‘Some deslers are contract- ing for western wool on the sheeps' We ol wre ing Rl grawers are. holding out for -higher PPICES: 17, v e WAL e e Next to the ‘rails, the greatest in terest was taken in the foreign list. French bonds rallied sharpl sles of French 8s being up 1 and first sales of French Tks being up 1% points above last night's clos- ing prices. Pars, Lyon and Medi- terranean 65 sold above 70. The movem -nt was in sympathy with the recovery in franec exchange. It is sig- nificant, however, that while the bonds weakened with the franc, they came back easier than they came down. New Financing Delayed. In domestic high-grade investments, United States government loans were steady and the rails and industrials were firm. { Among industrials the Virginia- Carolina Chemical 7s madé a new low. Wilson & Co. convertible 6s lost a point, but the other Wilson & Co. bonds were not much changed. Investment bankers are holding off new iinancing fn large measure for a more favorable market. The only important new issue put out today was $3.105,000 Western Pacific 5% per cent equipment trust certificates ma- turing riaily from T 424, to December 1, 1 The prices at were offered varied from 4.5 cent for the 1924 maturity and 520 per cent for the 1925 maturity to 5.30 | Per cent for the balance. i % . in vhich the cer SUGAR REFINING 0. SURPLUS, $365,000 i Fluctuations Cause Loss of $1,693,070 During Year, Annual Report Says. | i BY the Ascociated Press. W YORK. March 12.—The Ameri- can Sugar Refining Company received profits of 38,508,163, in the form of investment income and interest in 1923, of which $5,552,487 represented income from investments largely in sugar producing companies, says the annual report made public today. This amount, with $2,955,675 interest earned, was sufficient, the report said, {0 cover a loss on refining operations | of $1,692,070, and to provide for de- preciation, bond interest and pre- ferred dividends, and leave a balance of $865,107 for curplus. Sales of var- ious investments gave a profit of $4.542,631, which has been set aside to strengthen the company’'s refining facilities in New York harbor. { Earl D. Babst, president, emphasized that 1923 was unprofitable for cane sugar refiners. The price of raw sugar changed 115 times, he said, the ex- treme .fluctuation causing a loss of $1,693,070 on 1,165,000 tons of raw Sugar refined by the tompany. In 1522 the company refined 1,650,000 tons at aprofit of $10,083,832. Sales Total $200,000,000. Sales of the company totaled $200,- 000,06v. Nearly 600,000,000 pounds of package sugar alone were sold. Sugar refiners had all the ups and downs of a tem-year pre-war period 7% | crowded into 1923, Mr. Babst asserted, the company’s inventory fluctuating as much as $2.500,000 in a single day. In disorganized post-war prices sugar went to greater extreme than any other com- modity, the report stated, compared with average prices of 1910, sugar's fluctua- tion since the armistice is shown to have been greater than the combined fluctua- tions_of wheat and cotton, and almost equal to the combined fluctuations of e ‘wool, rubber, coal and copper. The report stated the wholesale price of refined sugar in the United States in 1923 was lower than the price in Eng- land, France, Spain, Italy, Holland, Nor- way, Canada or Uruguay. 4 More Markets Needed. Mr. Babst said he regarded tho de- velopment of exports as a necessity for maintaining Cuba’s expanded produc- tion. The two-million-ton gain in Euro- pean sugar production in the last four years has been almost as large as the eight-year gain of the United States field under war pressure, he “There iz bound to be a race for the sugar markets of the world,” he said. Women comprise about half of the company’s 26,781 stockholders. SHORT TERM SECURITIES. (Quetatiens furnished by Redmond & Co.) ? r—Noon.— Bid. Offer. 108 10415 104 1004 ¥ 10 { Beth Steel 5 6s... i Cuba Cane cv d 8s. | Gen Elec deb 58 | Goodyear 85 1941.. ;| Norway 68 1943 Norway 6s 195! Orient Dev deb 6; Paris-Ly's-Med 6s. Prague 14s...... Queensland Ts. Queensland 6s Rio de Jan 8 1946. Rlode Jan 8s 1947. Pio Gr Do Sul 8s. . Sao Paulo City 8s. Sao Paulo State Seine Dept of 7s.... Serbs Crotes Slo 83 Sweden 6s. Swiss Confes Tokio 5s. ... Ud Kingm 5%s°'29 Ud Kingm 53383 Uruguay 8s. Zurich 8s.. MISCELLANEOUS. Ajax Rubber 8s. .. Am Agr Chem 7%s Am Chain st 6s'33, Am Cotton Oil 5s. . Am Smit&R 1st 6. Am SmIt&R 6s. ... Am Sug ref 6s. AmT&Teyv6s.... AmT & Tcltrbs.. AmT&Tcltrds.. Am T & T deb 5%s Am Water Wks 55 Am Writ Paper 6s. Anacondacvdb7s 2 Anaconda 1st 6s... Armour & Co 4%&. 23 Armour of Del 5%e 22 Associated Oil 6. Atlantic Refin 5s. . Barnsdalls f 8 Bell Tel Pa 5s. Beth Steel 5%3 Beth Steel pm bs. Brier H St 1st 5 %3 Bklyn Edison 7s D Bklyn Ed gen 3s. Calif Pete 6%s.... Central Leather 58 Chile Copper 6s. ... Commonwth P 6s.. Con Coal Md 1st 55 Cuban-Am Sug 8s. 94% 109 99% 96% Cuba Cane cv 75 '30 Det Edison ref 6s. Donner Steel 7s Du Pont de N 73s. Duquesne Light Est Cuba Sug 7%8. Empire G&F 7%s. Fisk Rubber 8s. ... 1% 105% 91 107% 104% 108 91% 103% 101% 981 1024 1164 102% 97% 937 1004 81% 845 20 100% 93 964 aabn Goodrich 6%: Goodyear 8s 1 Hershey 68 1942, Iilinois Bell 1st 5 Indiana Steel 5s. Int Mer Mariae 6: Int Paper 1st 68 A. KCP&LtbsAS2. Kelly-Spring Lackawa 8 55 '50. Liggett & Myrs 5s. Xagma Cop cv 7s.. Manati Sug sf 7%s Midvale Steel 5s... Montana Power b8 Morris&Co 1st 4148 New Eng Tel 58. oo RRranadanedithnnherean? ~Sanal o N Am Edison és Nor States Pow 6s. Nor States Pow 6s. Northwst B Tel 7s. 13 Otis Steel T%8..... 4 Otis Steel8s.... Pacific Gas & El 53 20 Pac Tel & TelSs... 7 Phil & Rdg C&1 58, 21 Phila Co 6%s'38. Phila Co ref 0s A Pierce-Arrew 8s Producers & Rf 8s. 1 Public Service 6s. . 20 Pub Ser Elec 6s wi. 4 Punta Alegre 7s... 43 Sinclair Oll 78.. 7 Sinclair Ofl 63 Sin Crude Oil 5%s. 20 Sin Pipe Line 5: 1 8o Por RicoSug7s 9 108 Southwest Bell b: Steel & Tube 7s Tenn Elec Pow Tide Wat Oil 6 Toledo Edn 1st e . T Wilson & Co 1st 68 51 Wilson&C cv 7%s. 29 9l Wilson & Co cv 6s. 24 89 Youngstn 8& T 6s. 17 '95% TODAY’S COTTON PRICES. Further Advance Takes Place in | Early Trading. 4 NEW YORK, March 13.—There was a turther advance of 6 to 11 points in the opening cotton market today. |’ Active positipns sold 15 to 17 points net higher after the call on cover- ing and commission house’ buying. Reports of a better spot demind were a factor on the advance, but.Liver- pool cables were rather lower. than dye and the market here met in- creased offerings. around 2:.0! for 0 &:I the best during the early trad- ing. New Orleans and houses with o nections were £ buyeis around the real! recen: around the 29-cent level for May deliveries. 98% | % | Sou Pacific ref 4s.. Det United 43%s Eric 18t cor 43. Erie con ext Ts. Erie gen 4s. .. Erieconv4sA. Erife conv 4s B. Erie conv4sD.... Gr Trunk sf db 6s. Gr North gen 7s. .. Gr North gensi4s Hud & Man ref 5s. Hud & Man aj 5s.. 111 Cent ref 38 5! Tll Central 5%s. Int Rap 1ran 53 S B s i ek R R 14 Int Rap Tran 7s. Int & G Nor aj 6s. Int & G Nor 1st 6=, Towa Cent rf 45 Kan City Ft S 4s. Kansas City S 3s. Kansas City S 5s.. Kan City Term 4s. Lake Shore 45 '2 Louis & N uni 4 Louis & Nash 7s. Louis & N 5s 2003.. Manhat Ry cn 4s.. { Market Sten & Mil Bl Ry & i M& St L1stref 48, M StP & SSM v igs. & SSM en 4s. 1st 4s. prinbsA. 4sB..... K SET MK K&T6sC. MK & T adj 5s. Mo Pacific 6s. Mo Pacific 55 Mo Pacific gn 48 Montrl Tm 1st 55 New Or Term 4s. NOTex & Min5s. N ¥ Cen deb 68 N Y Cen deb 4s. NYCenriods. i N Y Cent cn 4s'98. {New Haven cd 6s.. | New Haven 7s. 18 {New Haven 7s fr.. 120 NYW&Bos4ks. 8 | Norfolk & W cn 4s. 11 orfolk & W cv 65 169 orthern Pac 2s... 1 grthern Pac 4s... 3 S BnnBoaR bt rtmnra ® oL ot 102 ! Northern Pac 5s D. 90% | Ore-Short Liref 4s. jOre-Wash 1strt 45 | Pennsyl gen & | Pennsyl gen 4 | Peunsyl 6%s. | Pennsyl gold | Pere Marq 1st 5s... 95% 80% 9919 90% Emreaimwm 1073% 96 S04 881§ 62% 6% 8 | Reading gen 4s i Reading gn 4 Rio G West {StLIM&S4 |StL&SFpldsA.. {StL&SFprinbs. IStL&S Fine€s... {StL&SFadjés.. {StL& 61 C.o {8t P Un Dep %as.. | StP & KCShL 4%s. ISeabd AL 4ssta.. Seab'd A Liref4s.. 7 {Soab’d A Ladj 5s..139 Seab’d A Licon 63.. 67 {Sou Perific 4o 193, 19 4 {Southern Ry 1st6s. 1 | Southern Ry gn 4s. 57 Southern Ry §%s.. 11 Southern Ry 6sct. 69 % | Sou Ry Mobile 45 Third Ave ref 4s. Third Ave adj 5s. Unlon Pac 1st 4s... Union Pac 1st rf 4s Uniun Pac 1st rf 5s Wabash:1st 5s.... | wabash 2d 5s. 5 ‘Western Md 4s. | Western Pacific G8 West Shore 1st 4s. Wisconsin Cent 4s. TOTAL SALES (Par Value): 1:a.m..2882000 12noon 4 898000 1p.m.5951000 2 p.....6 668000 —— —— FOREIGN EXCHANGE. (Quotations furnished by Nominal *Selliug cuocks toda; Tondon, pound Montreal dollar . Paris, ¢ Brussels, Berlo, Rome.' lira Zurich, franc Athens, drachma Madrid, peseta Vienna, crown Rudapest. ero Pra ne . fran Stockboim, " crown By the Associated Press, NEW YORK, March 12.—Foreign cx- changes irregular. Quotations (in United States dollars): Great Britain, demanc, 429%; cables, 4.29%; 60-day bills on banks, '4.26%. France, de- mand, .0412; cables, .0413. Italy, de- ‘mand, .0420’ cables, .0421. Belgium, demand, .0346%: cables, .0347. Ger- many, demand (per trillion(, .22. Hol- land, demand, .3725; Norway, demand, .1347; Sweden, demand, .2630; Den- mark, demand, .1547; Switzerland, de- mand, .1730; in, demand, .1266; Greece, demand, .0150; Poland, demand, .00000012% ; Czechoslovakia, Jugoslavia, Austria, demand, .000 mand, .0053; Argentina, demand, .3400; Brazil, demand, .1200; Tokio, demand, 421 ; Montreal, .96%. RAW SILK DECLINES. Price Recessions Made in New York Market. Special Dispatch to The Star. NEW YORK, March 12.—Growing weakness in the raw silk markets, both here and at Yokohama, today resulted in price declines of 5 to 15 cents all through the list. Little trading was done locally. In the cot- ton goods markets conditions were ‘quiet, with’ prices unchanged. Print cloths were quoted at 9 cents for €4x60s and 11 cents for 63x72s. \ 1081 | . {ages, ;" ezgplants. hamper, 1.50a 6.00a8.00; par- | s, hamper, 4.0026.00; tomatoes, crate, 1.5 5.00; ‘turnips, bushel, 35240, Apples, packed, barrel, 6a1.00; box apples, . “box, . 1. oranges, 43.00; pincapples, crate, 3.00a rawberries, quart, 50260. Selling Prices on Grain. Wheat—No. 2 red winter, spot, 1.13; No. ter, garlicky, spot, xports, no_ quotations: er, garlicky, spot, quotation: Sales—None. | Corn Cob, nw, 1.30a440 per bar- {rel for yellow, and 4.14a4.20 per bar- rel for white; No. 2 corn, spot, 90 | Xo. 3 corn, spof, #73; track corn, yel- | o 1. 0. 2 white, 0. 2 rye, spot, | Hay—Receipts, 125 tons. ket for good timot mixed und stri is steady to firm, with a good demand for such stocks and the supply not burdensome. Medium and low grade hay is in a uncertain_val timothy, 28, 00: The mar- light clover traw—No. 00 per ton: 0.09: No. 1 wheat, 18.00. oat, 17.00a DAIRY PRODUCTS. BALTIMORE, Md. 1).—Live = tangled rye, ff—Native and pound, Ty, ' 20a3: 3 | prints, 3va3z; process butter, & | TODAY'S CHICAGO PRICES. CHICAGO, March 12—Predictions | that the United States would have a {large carry-over of wheat July 1 had | 2 depressing effect on the wheat mar- | ket to { Bears prices tered hand, ¥ “in the early dealings. contended that the lowes of the season would be regis- | by that time. On the other] bulls took ion th < are wnd that hows u red 0 15 per cent, varied from v May 1 on ranging trom | Opening prices, | Laly cent off to %' to 1.1 r easier, owing mpathy with wheat, despite cor- tinued smallness of the receipts of| corn, After opening unchanged tol | %ali nigher, May $1% to 81%, the| {corn market receded all around to| below yesterday’s finish. Oats started at % lower to a shade | advance. May 47% to 47%. Later all| deliveries showed some loss. i Lower quotations on hogs weakened | i the provision market. i WHEAT— High, \ May Lobt: 1 085 | jduly . Septemt 1 COR i July . | September LARD— W. B, Hibbs & Co.) | CHICAGO LIVE STOCK MARKET. CHICAGO, March 12 (U. 8. Dept. of { Agriculture-.—Hogs—Receipts 31,000 head; generally 10 lower; active; good and choice 820 pounds butchers, to choice weighty butchers, 7.65; ter grades 150 to 180 pound ave 7.20a7.35: desirable 140 to 150 6.80 to 1T bulk fairly i 190 to! pound averages, 15; bu packing sows, 6.40a6.60; killing pigs ' s1ow; good and choice strong weight, 6.00a6.40. Catlle—Receipts §,000 head; better grades beef steers, strong; killing steady, lower grades fed; classes steers slow: top matured offering: 11.50; fed yearlings, 1 fed stee: 8.00a10.00; bulk fat cows, 5.00a6.2: heavy koshers, 7.00 and above; beef heifers, 5.75a7.50; practical top bo- | 10gna bulls, 5.00; ood to cholce light | strong: | and handy weight vealers, stockers. medium light Kind, slow; and feeders, steady to easy. Sheep—Receipts 12,000, ‘slow. Fat) wooled lambs mostly 25 lower; sheep weak to 25 lower: fat native ewes, 10.00; clipped ewes, 8.75 lambs, 15.60a15.85; 15.25. shearing | 8. feeding lambs, TEXAS COMPANY HAS REDUCED INCOME By the Assoclated Press. NEW YORE, March 12—The Texas ; Company reports net income of $3, 197,582 for 1923, a decrease from $26,- 588,972 the year before. Stocks on about 40,000,000 barrels of oil, in- cluding crude, refined and partly re- fined. Net income was equivalent to $1.24 a share on $164,450,000 capital stock of $25 par value, against $26,- 588,972, or $4, a share, in 1922 After dividends there was a deficit of $11,- 436,418, in comparison with a surplus of $6,854,972 in 1922 band at the end of the year werei | terests, located at {a ifreight was the operation of national matter was carried, s Court a_majority verse to the First National Bank' ition. Chief Justice Taft and J Van Devanter, in 2 min held that national banks were subject to such state laws. A reh ing of the case was denied b Supreme Court and the Fir: has since been arranging to close to the wher ety not ar- th New Bank Is Hooming. » Prudential Bank, managed b and catering pri to coiored ir orida avenu. northwe; made astonishing Pprogress inception on July last. Deposits as of the ciose of bu, ness vesterday amounted to $145,571 a zain of approximately $46.000 sinc. the first of the year. The authorized pital i 0,000, of whici: 019 is p and’ surplus totals 43! has two-story struc- 000, the 4 new ture. erected at a cost of institution boasts every function in- cident to modern banking. It wa pointed out that the Prudential colored institution in the tomac El designate this week. the ¢ mpany wiil v capacit: . So well did ntroller of the currency regard its personnei when app! charter was made it be opened as a & tion, ofticers said thi fohn R. Hawki ank and is { m nistration by the following: A. 3 reis, Thomas Walker and T. C. W. Banton . Green, ass A. Baker, manager o extension department. will nst Alh, -4 this mor; A majority of W, instituti - prectice, which <ffo venienee to de it Banking Students to Debate. The Washington Chapter, America: Institute of Lanking, will clash | cGehate with the Baitimore chapter on day cvening at local headquarters, in ths Masouic Temple. The sttbject i “Resolved President of “hington's b following th s no trivial cor which has shington, will he rep. AL Giroom nk; of Washingtor ¥ Henz Treasury Issue Oversul Subseriptions one-year 4 per tificates of indebtedn in and notwithstandi one-quarter of 1 per bankers expected. indicati issue will be well oversubs: Banks and corporations buvers. It is expected subscription: will total close to $1.000,000,000. although final allotments will' be much below that figure, probably not in cxcess of half a million. New Directors Named. At the annual meeting of the com pany Guy E. Tripp, chairman of th Wostingliouse Electric and Manufs d Van Lear Black. Fidelity and Deposit mpany of Maryland, were elected are large NEW HIGH RECORD IN REVENUE FREIGHT Carloading Reports Show Best Busi- { ness Ever at This Time of Year. .40a7.50; good | A new high record for this seasor |of the year in the loading of rovenue established during the week which ended on March 1, ac- cording to reports filed today by the carriers with the Car Scrvice Division of the American Failway Assoclation The total for the week was 945,049 cars. This exceeded by considerabls margin the loading for any one week in any January, February or March on record. Compared with the corre- sponding week last year, the total for the week ended on March 1 was increase of 26,425 cars, and an ¢ of 151,934 cars over the cor- responding week in 1922, It also was an increase of 133,943 cars over the corresponding week in 1920. The total for the week also was an increase of 99,151 cars over the pre- ceding week this year, when loading of revenue was reduced by the ob- servance of Washinglon's birthday, For the first nine weeks this year— that is, from January 1 to March 1, inclusive—a total of 7,924,617 cars were loaded with revenue freight, an increase of 270,429 cars, or 3% per cent over the correspdnding period |last year-when traffic was the heav- {iest’ in history. It also was an in- crease of 1,318,497 cars or 20 per cent over the corresponding period in 1922, and an increase of 729,797 cars, for 10 per cent over the corresponding | period in 1920. Except for live stock, increases compared with the week be- fore were reported in the loading of) all commoditics. TODAY'S RATES ON SILVER. LONDON, March 12.—Bar silver, 43%d per ounce; money, 2l per cent. Discount rates: Short bills, 33-16a 31, per cent; three-month bille, 3 1-18 ¥ a3t per cent.