Evening Star Newspaper, March 16, 1924, Page 38

WHEAT PRICES OFF AS DUTY GOES UP e 72 Raising of Tariff by President 1 i . Fails to Bring About Mar- ket Advance. BY HARDEN COLFAX. ‘Washington officials who are fol- Towing with keen interest the Pres-| ident's first exercise of tarift adjust- | ment powers in raising the duty on wheat 40 per cent a week ago read to their surprise yesterday that wheat prices had declined to tne lowest level reached since last August. The drop in price averages about 5 cents | u bushel on the Chicago market in all grades. | Advocates of a high protective tar- iff point to the market as vindication for their claim that a tariff on food- stuffs produced in America is purely protective and has little, if any, bear- 2514 17% 143% 97 13% ing on prices to the ultimate consum- | 6 er. They profess to see also a prece- dent in this, the first major finding of the tariff commission, which will | receive careful consideration by the | commission and the President in de- | termining the course to be followed with respect to_ similar questions be- | fore the commission and’yet to be de- cided. Selling Wave Causes Break. While the present decline in wheat | prices is attributed largely to a wave | of selli orders which broke over the Chicago market during the past few days, and is therefore entirely un- connected with the tariff, the course of the market during the trading days elapsing since the President’s proclamation appears to have been altogether unaffected by the imcrems- | ed duty. At no time has the price risen high than a quarter of a cent a bushel, notwithstanding the twelve-cent increase in the tarifl. Spot wheat is not affected by the increased tariff which does not, under the law. go into cffect until thirty after the President’s proclama- tion. May, July and September de- liveries however, will be made within the period affected by the higher duty and it was assumed that these deliveries would respond, at least to ome extent, by the supposed stimu- of a higher import tax "g\m s show, - the se of wheat prices per bushel at ago on March 6, the day before > t_announced the higher { the day of the an- | »ment, and March 13, a week Mar. 6 Mar. 7 $L113% $1.11% $1.06 S LI Lil% LOG% smber L12% 112 10T Flour Disregards Tariff Change. | Plour prices at Minneapolis nl~n| sppear to have utterly disregarded the tariff increase of from 78 cents to 31.04 per 100 pounds. On March 7 flour was selling in that market at $6.40; a week later it had drop- ped five cents to $6.35. The highest Point reached in 1924 was $6.60 and | that was attained more than a month prior to the announcement of the February 5. The touched Jan- Mar. 13 1 s - or- tions praising ent Coolidge’s action in raising ihe traiff, however, and ,claim that without increasing the price of wheat and flour to the consumer the higher tariff will give new heart and pro- tection to American wheat growers | by preventing Canadian growers from flooding the market with wheat, pro- duced at less cost than in this coun- try. The existing tariff, the farmers’ representatives assert, has been shown to be inadequate to prevent American growers from sustaining large losses annually. Sugar Tarift Also Discussed. | Within the next thirty days or so, | it is cxpected the tariff commission will _make recommendations to the President with respect to the tariff on sugar. Further hearings will be held shortly on the petition to rec- ommend a reduction in the present rate of 1.76 cents a pound. This pro- posal is stoutly resisted by American growers and producers of beet and cane sugar and by Hawaiian and Por- to Rican producers who also receive | the protection of the present tariff. America’s chief source of sugar supply is Cuba and the price of Cu- ban sugar at New York dominates the market. Domestic producers are preparing to utilize the wheat git- | uation in their effort to prove that the tarifl has no effect whatever on | prices to the consumer in the United States except to make possible a - large domestic production which in turn prevents a runaway market. Without the present tarlff. domestic producers claim, the American con- sumer would be wholly at the mercy | of foreign producers. View of Refiners. Refining interests deny this and as- | sert that the tariff holds up the price to the consumer by nearly two cents a pcund. To that domestic producers dissent, asserting that a lowering of the present tariff would merely put a weapon in refiners’ hands; that if refiners merely wanted to keep their present profits they could do so and reduce prices to the point of driving domestic producers out of business: otherwise, that a reduced tariff would 1521 40' ma« 36% 128% 1161% 159”. 44y 674 1095, 111% 19% increase refiners’ profits to an unwar- ranted degree. Both. sides afe prepacing for o show-down before the commission the Tast of this month in which 1t Is expected that the relation of the 1ariff to the price of wheat will play a leading part. i WALL STREET NOTES. NEW YORK, March 15.—It is re- rorted that the Baltimore and Ohio securities are soon to be offered. Financial plans to retire $127,525,585 notes and bonds await favorable mar- ket and one issue is due February 17, 1925. IBo!lnn and Maine, in circular to stockholders for annual meeting states action on question of consoli- dation with New Haven would be unwise. Chesapeake and Ohio expended $15.- 000,000 for improvements in first year under Van Swerengen control. —_— TRANSFERRED TO CAPITAL. H. M. Swarthout of Davenport, lowa, has been transferred to Washington as manager for this district of the Real Silk Hosiery Mills, with offices in_the Integnational building. N.Y. Stock and Bond Averages. Saturday, March 15. STOCKS. stock sales, Total 415,200 shares. Twenty industrials averaged 98.13; net loss, .82. High, 1924, 101.24; low, 94.88. Twenty railroads averaged 84.17; net loss, .11. High, 1924, 85.9 BONDS. Total bond sales (par value), $5.398,000. Ten first grade rails averaged 85.82; net gain, .b3. Ten secondary rails averaged 8$3.76; met gain, .11 Ten public utilities averaged 87.18; net gaun, .16. Ten -industrials averaged 93.41; net loss, .11. Combined average, 87.54; net &ain, .06. = Combined average month ago, 87.54; year ago, 86.77. ow, 82.74. 60% 10% % 212% 140 102% 94 16% 5% 46% 31% 43% 28% 22% 9% —1884— Dir. High. Low. Rate. 8% 6 Adams Express. Advance Rumle; Alr Reduction Ajax Rubber. Allied Chemical ‘Allied Chemical & D)a pi Allis-Chalmers Mfg. .. ‘Am Agriculture Chernical. . . Am Agricuiture Chemical pf American Beet Sugar-. . ‘American Bosch Magneto Am Brake § & Foundry American Can. . American Can pf. American Car & Foundry Am Chain Class A American Chicle. American Express. Am & Foreign Po ‘American Hide & Leather. ‘Am Hide & Leather pf. American Ice American Internationul American Linseed American Linseed pf. . ‘Am Locomotive (new) American Metal. . American Radlator. . American Safety Razor Am Ship & Commerce. . . ‘American Smelting & Ref. Am Smelt & Refining pf American Snuff American Steel Foundry . American Sugar Refining. ‘Am Sugar Refining pf. Am Sumatra Tobacco Am Telephone & Teleg. American Tobacco. . . Amercina Tobacco Class B. Am Water Works & Elec. .. Am Water W & El par pf + American Woolen. . . American Woolen pf . American Zinc Lead & S. Anaconda Copper Armour & Co 1% pf..... Arnold Constable & Co. Asso Dry Goods. .. Associated Oil (new) Atchison, Topeka & S Fe. Atlanta, Birmingham & At Atlantic Coast Line. Atlantic Gulf & West Ind Atlantic Gulf & W I pf. Atlantic Refin Austin Nichols Auto Knitter 3 Baldwin Locomotive. Baltimore & Ohio. Barnsdall, Class A. Barnsdall, Beechnut Bethleher Steel. Bethlehem Steel pf new Booth Fisheries. . Brooklyn Edison Electric Brooklyn-Man Tran tr ctfs Brookiyn-Man Tr pf tr ctés Brown Shoes jurns Brothers Burns Brothers Class B Butte Copper & Zinc. Butte & Superior. Butterick Company California Packing. . California Petroleum new) Calumet & Hecla. Canadian Pacif Case (J 1) Thresh Mach. “ase Threshing Mach pf. Central Leather Co. Central Leather Co pf. Century Ribbon Mills Cereo de Pasco Copper- Chicago & Great Western Chicago & Great Western pf. Chi, Milwaukee & St Paul Chi, Milwaukee & St P pf. Chicago & Northwestern.. Chicago Pneumatic Tool Chicago, R 1 & Pacific. Chi, R1& Pacific 6%. Chicago R I & Pacific 7 Chile Copper. Calorado Fuel & Tron. Colorado Southern.. Columbia Gas (new)..... Columbia Carbon. Commercial Solvents, A Commercial Solvents, B Congoleum Compan; Consolidated Cigar. Consolidated Gas new Consolidated Textile. Continental Can. . Continental Moto Corn Products Refining rn Products (new) Cosden Company Crucible Steel Crucible Steel pf. Cuban-American Sug: Cuba Can Sugar. Cuba Cane Sugar p! Cuban-Dominican Sugar. —— Cuba-Dominican Sugar pf. 7 12% — 20% 8 a% 4 2255 2 78 3 e, 55 8 4% 3 2% — - b_ Cuyamel Fruit. Daniel Boone Mills. Davison Chemical De Beers Mines. . Delaware & Hudson Delaware, Lacka & West. Detroit Edison. Dome Mines. . Du Pont de Nemours. Du Pont de Nem 6% deb. ‘Eastman Kodak Eaton Axle & Spi Electric Storage Battery . Emerson-! Rranungham pt. Endicott-Johson Erie Railroad. Erie Railroad 1st pf. Erie Railroad 2d pf. Exchange Buffet. Famous Players-Lasky. Famous Play-Laskey pf. Federal Mining & Smelt nf Fifth Avenue Bus Fisher Body. . . Fisher Body of Ohio pf.. Fisk Rubber. Fisk Rubber 1st pf. Fleishmann Compan: Foundation Company Freeport-Texas/ . General American Tank. General Am Tank pf. General Asphalt. General Asphalt pf. Genewal Cigar. .. General Electric. General Motors. Gimbell Brothers. _voodfil:h (B F) Company . Goodrich (BF) Copf...... Goodyear Tire & Rubber pf Goodyear Tire & Rub prpf. Gray & Davis. Great Northern Ore . Great Western Sugar. . Greene Cananea Copper . Gulf, Moblle & Northern Df Gulf States Steel... Hartman Corporation. Hayes Wheel. . Homestake Mining. Household Products. Houston Oil ‘Hudson Motor Car. ‘Hupmobile Motor Car.. Tilinois Central. . Interboro Rapl Internat'l Bus Machines. International Cement. . . Internat’l Comb Engine. Internat'l & Great North International Har, new. ity Kayser (Julius) & Co. Kayser (J) &Co 1st pf. Kelly Spring Tire 8% Df . Kennecott Copper. A Ke:aone Tire & Rubber. .. 81 79 116% 118% 114%¢113 165 R S B I FlrliL I+l 1% $RVLIF+4F +14 [ A S I P bbb b+ 444+t 0400 1+ 4+ G A | T4+ LI+ttt ++110 1 (R I e o S + F¥ELe) P A AR sesesfedRosanssss 2 Er . - SEFEFERRFEF L ® ® re 3F VeF 391x 274 27% % 114% '100 543, 64 824 99% 115% 106 9% 12% 9 56 o6 49% 15% 61% 22% 4% 59ty 44% 118y 1145 59%% 8% 238 37% 199% 333% 280 50% 57% 9% 54% 354 33 e |'|m‘mmdhq|u|m|l&\u |f|!|**I||“|1“"lI|“111 Bmcs & —OBRD 4 | [ ‘lannimu;mnal Baon a |“““““l*“l"°*§f|||:l|“l| 7 Ligwett & Myers (B) new. Lima Locomotive. . 5 Loew's, Incorporated . 2 Loft,Incorporated. .. Loose-Wiles Biscuit . Lorillard, P... Lorrillard (new) MelIntyre Porcupine Mines. . Mack Trucks. . Macy (R H) & Co Magma Copper Mallinson & Co Mallinson & Co Manbhattan Elec Sul Manhattan Elevated gtd Maracaibé Oil Market Street Ra way . arket St Rail prpf Market St Railway pf. Marland Oil & Refining. Martin-Rockwell. ... Martin-Parry. Mathieson Alkali Maxwell Motor, Class A Maxwell Motor, Class B May Department Stores. Metropolitan Edison pf. Mexican Seaboard Mexican Seaboard ctfs Miami Copper. . Middle States Oil. .. Midvale Steel Minneapolis & Minneapolls, St P& S § Minneapolis StP & SSM Df Mo Kan & Texas new. Mo Kan & Texas pf new. Missouri Pacific. Missouri Pacifls pf Montgomery Ward Moon Motors. .. Mother Lode Coalition Nat Dairy Products. at Department Stores. at Enamel & Stamping ational Lead at Rwys of M atignal Supply. . evada Con Coppe: ew Orleans, Tex New York Ail Brake New York Central. . Y. Ontario & Western. Norfolk Southern. .. Northfolk & Western. North American. . North American pf... Northern Pacific. .. Nunnally & Co. ©Ohio Body & Blower. Orpheum Cireuit Owens Bottle Pacific Gas & Electric. Pacific Oil Packard Motor Car.. 5 Pan-American Pet Trans. .. Pan-Am P Trans Class B. Parish & Bingham. . Penna Coal & Coke. Pennsylvania Railroad. Penn Seaboard Stee! People’s Gas, Chicago. Peoria & Eastern. Pere Marquette. . Thiladelphia Comp: Phila & Reading C& I Philip Morris & Co. Phillips Petroleum Pierce-Arrow. . Pierce-Arrow pf Pierce Oil. Pierce Oil pf. Pittsburgh Coal. . ies pt. Pittsburgh & W Virginia. Postum Cerea! Producers & Refiners. Public Service new Pullman Co. Punta Alegre Sugar. Pure Oil. Pure Oil pf. Raitway Steel Springs onmhdnea Copp D! Reading 2d pf. Remington Typewr Replogle Steel Republican Iron & Steel Reynolds Spring. . Reynolds Tobacco, Royal Dutch ctfs (N Y). St Joseph L. St Louis-San Francisco. St Louis-San Fran pf. St Louis Southwestern St Louis Southwestern pf. Santa Cecilia Sugar. Savage Arms B Schulte Stores. Seaboard Air Line Seaboard Air Line pf. Sears-Roebuck Seneca Copper. Shell Trading & Trnnsport Shell Union Oil Shell Union Oil pf. Sinclair Con Oil. Sinclair Con Ol pf Skelly Ol Sloss-Sheffield Stl & Tron. South Porto Rico Sugar. Spicer Manufacturing...... Standard Oil of California. . Standard Oil of N J... < Stromberg Carburetor Studebaker. . . Submarine Boat. Superior Oil.. . ‘Tennessee Copper & Chem United Railway Invest. United Railway Invest pf. U SCast Iron Pipe & Fdy. . U S Cast Ir Pipe & Fdry pr United States Tobacco. Utah Copper. .. Utah Securities. Vanadium Corporation. ‘Virginia-Carolina Chem ‘Va-Carolina Chem Class ‘Va-Car Chemical pf... V Vivadou Inc. ‘Westinghouse Air Brake. Westinghouse Elec & Mfg. ‘Westinghouse Eléc 1st pf.. 10— Willys-Overland 80% —— Willys-Overland pf. Wisconsin Central ‘Waolworth (F W) 19% .31% .26% ——-Wi A @049 . 16% 85% 64 LR 3 6 R S I R I Lo+ +11+ i+l LI+ 000 0000000 0+ ® 3 L+ L++] FLAF bl it L+ B ESANE R NR + it & 8 R THhAl+l+tt+ 410000014+ I W A PR 410 Lt '++++H 3 L4411 141144 's?# © sape sFresas” o¥ - o EEEE T & #"rsesssTeiad - seerfefefraresesrfsr xR FEEFEFEFFTTES @ e o REFIER, PRI it s =8 —192— High. Law. . 8. BONDS. 9822 Liberiy 358 1933-47 Liberty 2d 4s 1927-42 Liberty 1st 43s 1932- Liberty 2d 4%s 1927-42. berty 3d 415 1928, iberty. dth 435 193: Treasury 4%s 1947- . FOREIGN, 984 99-18 100-13 T e High. xg‘z)v. 100% Argentine 78 1927. 101% 29 85% Austria s £-7s,-1943 96% Belgium 7%s 1945 96% Belgium 6s.1925 97 Belgium 8s 1941 71% Bordeaux 6s 1934. 927 Brazil 8s 1941. 100% Canada 5%s 1929 9914 Canada 55 19! 102 Chile 8s 1946 10215 Chile 85 1926. 102 Chile 8s 1941. 4114 Chinese Govt Ry 5s 1951 87% Copenhagen 5338 1944 . 937% Czechoslovakia 8s 1951 93% Dutch East Indies 92% Dutch East Indies 6s 1962 84 Framerican Ind Dev 7%s 921 French Govt 88 1945. 89% French Govt 7%s 194 91% Japanese 2d 4%%s 1925. 78 Japanese 4s 1931. 9215 Japanese 618, 1954. . 76 Jergens Utd Margarine 6s 1947. 72'% Lyons 6s 1934.. 72% Marseilles 69 1934 43 Mexico 5s 1954. 913 Netherlands 6s 197 109% Norway 8s 1940.. 65 Paris-Lyons-Med s 1958 104% Queensiand 7s 1941... 99% Queensland 6s 1947... 87% Rio de Janeiro 8s 1946 98 Sao Paulo, State of, 83 1936... 79 Seine, Dept of, 102 Sweden 6s 1939 111% Swiss Confed s 106Y% United Kingdom 5%s 192 98% United Kingdom 5%s 1937 INDUSTRIAL AND MISCELLA? 93 Amer Agri Chemical 7 92 Amer Smelt & Ref 1st 55 19. 101 Amer Sugar Refining 6s 1937 971% Amer Tel & Tel cl tr 55 1946 92% Amer Tel & Tel cl tr 4s 1929 95% Anaconda Copper 6s, 1953. . 95% Anaconda Copper cv deb 7s, 83% Armour & Co 4%s 1939. 9674 Atlantic Refining deb 58 193 9715 Bell Tel (Pa) ref 5s 1948. 89 Bethlehem Steel p m 5s 1938 97 Bethlehem Steel s f 63 1943 107% Brooklyn Edison 7s D 1940 92Y% Central Leather 5s 1925 99 Chile Copper 6s 1932.. 87 Cons Coal (Md) 1st ref 5s 1950. 874 Cuba Cane Sug cv deb 8s 1930. 104 Detroit Edison ref 6s 1940 106% Du Pont de Nem 71 98 Goodrich (B F) 615 1947 100% Goodyear Tire 8s 1931 114% Goodyear Tire 8s 1941 96% Humble Oil & Ref 5%s 1932 79% Inter Mer Marine 6s 1941. 98 Kelly-Springfield 8s 193 §8 Lackawanna Steel 55 1950 sfiu Liggett & Myers 5s 1951 8% Manati Sugar s f T%s 1942, Midvale Steel 5s 1936. New England Tel 5s 19 N Y Gas E L H & P 55 1948, New York Tel 6s 1941 New York Tel 413s 1939 North American Edison 68 1952 i Pacific Gas & Elec 55 1942 Pacific Tel & Tel 55 1952 Philadelphia Co ref 65 1944 Public Service 5s 1959 inclair Oil’ 7s 19837. inclair Crude Oil 54s 192 outh Porto Rico Sugar ‘nion Bag & Paper 68 D.. United Drug cv 85 1941. U S Rubber Ist & ref 5 U S Rubber 7}s 1930. S Steel s f 58 1963. Utah Power & Light 5s . Va-Carolina Chem s £ 7s 1947.. Va-Carolina Chem 7%; % Western Union Tel 6 Wilson & Co 4« Wilson & Co ¢ RAILROAD, Atchison gen #s 1495, Atlantic Coast Line 1st 4s 19 Balto & Ohio pr In 3%s 1925... Balto & Ohio gold 4s 1943... Balto & Ohio 6s 1929 Balto & Ohio cv 4%s 1933. Balto & Ohio ref 5s 1995 B & O Pitts L E & W _Va 4s¢ B & O Southwn div 3%s 1925.. Brooklyn-Manhat s f 6s A, 1968 Canadian Northern 6%:s 1946... i Canadian Pacific deb 4s... Carolina Clinch & Ohio 5s 1938 Central Pacific 4s 194 “hesapeake & Ohio cv 4 Chesapeake & Ohio cv 4 Chesapeake & Ohio gn 43251992 Chicago & Alton 3s 1949 4 Chicago & Alton 3%s 1950. Chi B & Quiney 1st ref 5s 187 Chi & Eastern Tl gen 5s 1951, Chi Great Western 4s 1959.... Chi M & St Paul ref 4%s 2014. 5 Chi M & St Paul cv 5s 2014.. 4 Chi M & St Paul cv 4%s 1932 Chi M & St Paul gen 4%s 1989. Chi & Northwestern 6%8_ 1936. Chicago Railways 5s 192 Chi T & Pacific ref 4s 1934 Chi Union Statlon 4%s 1964. Chi & Western Ind con 4s 1952, CC()&SLLrelG!.\HZS . Cleveland Term 51;s 1972. 5 Colorado & Southern 4%: 1835 Cuba R R 5s 1952. Delaware & Hudson Den & Rio Grande con 4s 1936. Den & Rio Grande 1st ref 5s 1955 Detroit United 4%s 1932. 2 Erie 1st con 4s 1996.. Erie gen lien 4s 1996. Erie cv 4s A 18 19(1 Hudson & Manhattan ref 5s 1957 Hudson & Manhattan adj 58 1957 Tllinois Central 5is 1934 - Inter & Great Nor adj 6s 1952.. Kan C Ft Scott & M 4s 1936... Kansas City Southern 3s 1950.. Kansas City Southern 5s 1950.., Lake Shore 4s 1928...... . Lake Shore 4s 1931. Lehigh Valley 6s 1928 . Louis & Nash unified 4s 1940.. s Louis & Nash 1st ref 5%s 2003. . Mil Elec Ry & Lt 1st ref s '61 MStP &S SM 6l%s 1931.. Mo Kan & Tex 1st 4s 1590. Mo Kan & Tex pr In 5s A 1962. Mo Kan & Tex adj 5s 196 Missouri Pacific 6s 1949. Missouri Pacific gen 4s 1 N O Tex & Mex inc 5s 1935 New York Central deb 6s 1935 New York Cent deb 4s 1934... New York Cent ref imp 5s 2013 Norfolk & Western cv 6s 1929. . Northern Pacific 3s 1947. Northern Pacific 4s 1997 Northern Pacific ref imp 65 2047 Ore Short Line gtd 58 1946. Ore Short Line ref 4s 1929, Ore-Wash 1st ref 4s 1961 Pennsylvania gen 5s 1968 Pennsylvania gen 4%4s 1965 Pennsylvania 6%s 1936... Pere Marquette 1st §s 1950 Reading gen 48 1997 Rio Grande Western olt 4 149 St L & San Fran pr In 4s A 1950 St L & San Fran pr In 5s 1950. Third Ave adj 58 1960... Union Pacific 1st 4s 1947 Union Pacific cv 4s 1927, Virginian Ry 1st §s uez“. ‘Wabash 1st 5s 1839. Western Pacific 55 1946. . 97. BU% 8% West Shore 1st s 2361, OUS. 1,5 1941, Last. Yield ITHREE BIG EVENTS IN FINANCE WORLD ‘Hally in Francs, Dividend by Southern and Treasury Financing Reviewed. FREIGHT TRAFFIC HEAVY I. C. C. Requires Giving of New Bond Issue to Highest Bidder. Money Easy. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 15—From an investment standpoint, the week has been notable for three developments First was the establishing in Amer- ica of a credit on behalf of the Bank of France the immediate purpose of which was to support franc exchange The second was the declaration by the directors of the Southern railway of a dividend on the common stock, and the third was the large oversub- seription of the United States Treas- ury’s offering of certificates of in- debtedness on a 4 per cent basis. While the granting of the credi to France was of immediate effect {only upon the exchanges, it has a vital bearing on the investment sit- uation in that it strengthens confi- |dence in the restoration of French finances to a solid foundation and su improves the market for French . curities whether payable or in dollars, It can hardly be dis puted that the disfavor with which the American investor has regarded all foreign securities, or at least ail iBuropean securities, had its origi in large measure in distrust o Franc French Bonds Puzsling. With the reparations problem a parently insoluble and the I'renc government making up budget def cits by continued borrowing from i own people, it was natural that ther should be hesitation about the buy- ing of all French securities and tha! this_hesitation would affect sympa thetically the market quotations for other- ksuropean obligations. In no 98% |other way is it possible to explain the return afforded by extremely high present market foreign bonds at prices, For example, French bonds have been selling in this market to yield anywhere from 8% to 91 per cent. the higher return on obligations o: French municipalities and provinces The direct obligations of the republic demand a better price, partly on the theory that the credit of the na- tion as a whole is higher than that part and partly because a large sinking fund was available to support the French government doi- lar bonds. It is true that there was no such weakness in the French bonds as there was in the French exchange: but they did have some sympathetic decline. Now if it proves to be thc S that confidence is restored in French securities, the benefit ought to extend to forcign bonds gemerally and so make foreign financing onc more possible in this country. Rallroad Stocks Improve. The placing of Southern railwa common stock on an annual 5 per cent basis is likewise important, not only to the holders of Southern Tail- way securitics, but to those interested in railroad stocks in general, as well as in the more speculative railroad |bonds. It can hardly be supposed that the Southern railway board would have taken the action they did unless they believed the railway situ- ation in general to have an improving outlook. _ Here, too, it is likely that the confidence born of this action will cxtend throughout the railway list. except, of course, in those instances where for local reasons the railways have had hard going. 1t is interesting to note that in his comment upon the dividend declara- tion, the president of the Southern railway cxpressed the Bope that tho end basis would at- the territory served - the company. Railroad executives cognize the désirability of a wider distribution of their shares. Such distribution is a kind of insuranee against political attack. This prin- ciple has been acted upon to their great profit by the managers of the public utility corporations, If the i railroads had been able to take a similar course the recent history might have been quite different. Trafic Situation Good. One other point should not be over- looked in considering the railroad situation. That is tHe record car loadings. March 1, For the week ending a new high record for the season in the loading of revenur freight was established. The total for the week was 945,049 cars, ex- ceeding by a considerable margin the {1oading record for any one week in January, February or March. It reasonable to expect that these loadings will eventually be trans- {lated into earnings increases, al- though January statements were dis- appointing in this respect. The F ruary statements, the first of which are due about the 20th or 25th of the month, are awaited with great interest. As to the offering of Treasury ce tificates, Wall street was not pre- pared for a 4 per cent rate. It had { anticipated the coupon would be 41: per cent. Nevertheless, the offerin was 50 per cent over-subscribed. This is testimony convincing and conclu- sive to the ease in the money market The same story is told by the weekly statement of the federal reserve banks. The report made public this week showed a gain in gold reserves of more than $13,000,000, while the reserve ratio remained practically at the high point. In the face of these figures, any substantial reaction in the market price of investment se- curities seems improbable in the highest degree. L C. C. Springs S Meanwhile, investment jhave an important probiem ruling of the Interstate Commerce Commission on the application of the 55% | Chicago Union Station Company to 93% 56 Y 104'1 sell their new bond issue. The com- mission makes it a condition, in ap- proving this application, that the | bonds be sold to the highest bidder 90% | after public advertisement for public 80 bids. While the ruling was not en- forced in this particular case, the establishment of the principle is of the utmost importance in the market- ing of new securities. (Copyright, 1924.) g WHEAT MOVES UPWARD. Buyers Gain Advantage in Satur day Trading. CHICAGO, March 15.—Wheat movec upward in price today despite weak- ness of corn. European demand for Canadian shipments had a strength- ning effect on the wheat market here, and so did closing .of spreads between Chicago and Winnipeg. Chi- cago wheat prices finished unsettied, % to %a% nct higher; Mez, 1.06% t 1.06%, and July, 1.07% to 1.07%, with corn % to 3% down: oats at '3 off ta % gain, and provisions unchanged ta 7 up. Buyers had the advantage in the wheat pit today from the beginning. Houses with eastern connections werd removing hedges against sales of Canadlan wheat to Kurope, and liqui- dating sales on the part of holders appeared to be at an end. aii ik DIVIDENDS DECLARED. NEW 'YORK, March. 15.—Magnolia Petroleum declared regular quarter- ly dividend of $1,- payable- April 5 record March 21. A $1.50 dividend was also declared on Wculnglmusc Alr- brake.