Evening Star Newspaper, March 25, 1924, Page 24

24 * FIN MARKET SHOWING DEFINITELY WEAK Varying View as to Whether Washington Caused Down- ward Movement. BY STUART P. WEST. NEW YORK, March 25—The stock market today broke away from the uneven price movement —through which it had been passing for the last week or more. It became very nitely weak, with all classes of stocks affected in one degree or another. Some critics continued to insist that Washington was responsible for the downward movement. Others emphasized the depres 1he last few wecks in the g cotton markaets. ta the less favorable reports which have been coming in regarding trad: condition: cspecially steel. automo- bile man cturing and textiles. The probability seemed to be that not one, yut all of these causes were playing u part Specific Upsetting Incident. The specific upsetting incident was the omission of an cxtra dividend on American Can. This stock had been pit as high as 122% on the idea that, in addition 1o the regular 13 per cent distribu- tion, the 1 per cent extra which was voted at the last quarter could be considered permanent. The strect therefore, had begun to think about Amer n Can as $9 stock. Natural- 1y it received a bad shock when th wnnouncement came today. One thing brought out strikingly was that reassuring statements put out from high quarters are no long- er &f avail. ©On Monday the president of the Studebaker Corporation was quoted Very strongly as opposing the Wall streot view that there W any dan- zer of overpruduction in ‘the auto- mobile trade. Detroit Dispatches Similar, Detroit dispatches have been almost unanimous in taking a similar stand. Several days ago the head of the Stewart-Warner Company was report- ed to have sald that there was no in bearish rumors regarding nings outlook and the lllv{ld- n for his company. Yet Stud baker and stewart-Warner — wer among the weakest on the list tod. and while short selling had much do with their decline it was by means the only factor. A lot liguidation was coming into th group and related issues. Steel Gives Way Easily. and equipment < way very easily. United S common_ lost all and more than Fain following the annual report. yublic Iron and Steel made a new low sor the year when it sold below 45 Bethiehem Steel and other independ. cntly steel stocks were likewise active- 1y sold and encounterea poor SUpDOrt. A1 through the Street more Stress was laid upon the recent advices from the steel trade, indicating increasing competition and Jower pric Bald- win Lo jotive broke badl cial weakness continued in American Woolen. CHANGES BY FRACTIONS. n an o ave eel the Steel Irregularity Continues in Wall Street Price Quotations. By the Assoclated Press. by NEW YORK, March 25.—Consider- able irregularity developed in stock prices at the opening of today’s mar- Let, with losses predominating in a jist of small fractional changes. Motor shares generally continued under selling pressure, although Studgbaker advanced fractionally. A number of the oils also lost ground. Heavy buying of American which weakened at yesterday's close on speculative uncasiness over today’s dividend action, brought about short covering and imparted a somewhat firmer tone to the market in the early dealings. Its advance of more than a point was accompanied’ by similar gains in other special issues, includ- ing Central Leather, Davison Chemi- cal and United States Rubber first preferred. Studebaker extended its &ain_to a point. and Geenral Electric and Norfolk and Western also resum- o4 their upward movements, Selling of Austin & Nichols drove that stock down almost a point to a new low at 211,. Foreign exchanges opened steady. . Omission of the extra dividend on American Can brought a flood of zelling orders in that stock and other speculative industrials, giving the en- tire market a decidedly reactionary tone. Nearly 100,000 bales of Amer- jcan Can changed hands before noon, the stock advancing about a point on short covering in the early trading and then lgeaking nearly 3 points below vesterdag's close to 1.10%. Baldwin was hammered down 2% to 1.18%, a new 1924 low, and uew bot- tom prices also were established by Texas Gulf Sulphur. American Su- matra Tobacco, common and prefer- red, and Stewart Warner Speedometer, the net losses ranging from 1 to 3 points, rails also turned heavy, Lack- awanna dropping 2%. and Union Pa- cific, Wabash preferred A and At- lantic Coast Line about @ point each, Call money opened at 3% per cent. Precipitate Declines. Many shares declined precipitate- Iy under the increased volume of offerings which were thrown on the market after midday. American To- bacco and the B stock, Woolworth, General Electric, National Lead and Stewart Warner dropped 4 to_ 6 poi Baldwin got down to 117% and American to 109. Studebaker, Mack Truck. Chandler and Bethle- hem, Republic and Crucible Steels were among the many important issues whioh touched new minimum prices for the current decline. s = FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbe & Co.) Nominal _Selling checks, gold value. today. . 48865 4.29% . 100 97 L0539 30 trillion. 0432 1ondon, pound Montreal, dolla; Taris, fraoc. Rrussels, fral Berlin, ‘mark Rome, lira. Christiania,’ crows Stockbolm,” crow. Dy the Associated Press. NEW YORK, March 25.—Foreign ex- changes irregular. Quotations (in United States dollars): Great Britain, demand, 4.29%; cables, bills on banks, 4.26%. France, demaud, 0537; cables, .0538. 1taly, demand, .0431 ables, .0431%. Belgium, demand, .0426; cables, .0427. Germany, demand (per irillion), .22; Holland, demand, .3692; Norway, demand, .1367; Sweden, de- mand, .2650; Denmark, demand, .1581 Switzerland, demand, .1724; Spain, de. ‘nand, .1298; Greece, demand, 0172; Poland, demand, .00000012; Czechoslo- vakia, demand, .0230%; Jugeslavia, de- mand, .0]23%; _ Austria, demand, .000014% ;. umania, demand, 0052%; ‘Argentina, demand, .3375; Brazil, de- mand, .1125; Tokio, demand, .41%; rm on the bourse today. Three per ent rentes, 55 francs 20 centimes. change on London, 7% framcs 90 centimes. F¥ive per cent loan, 66 iranes 70 centimes. e_dollar was auoted at 18 francs 58 centimes. _|AmForprpa... Others still pointed | Re- | 4.29%; 60-Gay . ANCIAL. Open % 9 38 % 6% 1% 6674 AdamsExp (6) .. Adv Rumley. . Adv Rum pf (3). | Alr Reduct (4. | Ajax Rubber | Alaska Juneau Allfed Chem (4). Allis-Chalm (4). 42% | Am Agri Chem.. 10% !Am Aeri Chempt 30 AmBNpf (3)... Bt Am Geet Sug (1). 48% jAm Boxch....... 28% {AmBrS&F (5) 794% {Am Can t6).. 113% | AmcaF 12y 150w { Am Chain A (2)] 224 | Am Drug Synd... 4% Am Express (6). 92 93 {Am. &F.P.25%pd 984 | Am Hide & Lea... 10% | Am Hide & Lpt.. 55 P Am Ten (7). 881 | Am Internatl 18% | Am Linered. . 5 | Am Linseed pf... 32% | Am Locomo (6). 723 Am Radiator (4) 103% |AmSaf R (500). 6% Am Ship & Com.. 13 | Am Sm & Re (3) 60% Am Snuff (+14).. 1353 | Am Stl Fays (3) | Am Sugar. . A Sumat Tob Am Sum Tob pf ... Am T & Tel (3). | Am Tobac (12) | Am Tob B (12 | Ara Tob pt (6) . | Am Water Wk {AmM W Wopr (4). Am Woolen (7). Am Wool pf (7). Am Writ Pap pt. Am Zincpf. ... | Anaconda. 5 Arn Conn & Co. . | Asso Dry G (5) | Aso Ol (1%). |AtT&SFe () |AT&SFpr ). | At Birm & At... At Coast L (7). | Atl Fruit ct | AtGuIf& WI... | At Gulf & WIpt. Atlantic Ref (4). | Atias Powd (4) .. Atlas Tack Austin-Nichols. | Auto Knitter. .. | | 1 | | Batd Loco (7). | Hal & Ohio (5). i Bal & Oh pf (4) | Barnsdall A. | Barnsdall B | Bayuk Ciga | Breh Nut (2. | Reth Steel (5 Booth Fisherics. | Brk Edison (8). | Brk-Man Tran... Rr'k-Man Tr pf. | Brkiyn Un G (43 i Burns Br (10) ... Burns Br B (2) But C&Z (500).. Butte & Supericr. | Butterick Co. CaddoCen O& R Cal Packing (6). 1 Pet (1%).... ! Callahan 7 Lead Calumet & Hecla | Calu & Ariz (2).. Can Pacific (10). Cent Leather Co. | Cent Lea Copt. . {CRR. NJ (t12) | Cent Rib Mills Cer de PasC (4). Chand Mot (6).. {'Ches & Ohio (4). Chicago & Alton Chic & Alton pt. Chic & East 11l . Ch & East 1l pf. Chic Gt West pf.. Ch Mil & St Paal. Ch Mii & St P pL.. Chi & Nwa (4).. Ch & Nwn pf (1) Chic R1& Pac CRI&PpE(6). CRI&PDpf (1), Chile Cop (2% ). Cluett, Peab (5). Clu, Peab pf ( Coca-Cola (7). Colo Fuel & Iron. Colo Southern Col G & E (3.60). Col Carbon (4). Com Solv A (4) Com Solv B (4) Congoleum (3).. Coneol Cigar. Con Cigars pf(7). Consol Gas (5).. Consol Textile. Cont Can (4). Cont Motore. Corn PrR (19). Corn Pr R ow wi. Cosden Co..... .. Crucible St (4). Crucib Stl pt (7). Cub Am Sug (3). Cuban Cane Sug. Cub Cane Su pf. . Cuyamel Fr (4) .. Danl Boone M(3). Davidson Chem . D're & Copf (3). Del & Hud (9) DelL& W (6) Det Ed Co (8) Dome Mines (2). Du PtdeN (8)... Du P de N db (6) i Dug Lt st pf (7). EastK (16%). .. Eaton AX (2.60). 18t Bat (15%) Elk Horn Coal Em Branting pt End-John (5) Erie. Erie 18! | Famous P1 (8)... {raMaspt (D). | Fifth Av B (54c) Fisk Rubber ! Frenm'n (13%). Foundation (6). Freeport-Texas.. Gen ATC pf (7) Gen Asphait. . Gen Baking (6) Gen Cigar (8). Gen Elec (8) . Gen K spe (60c) Gen Mot (1.20) .. Gen Mot db (6) ... Gimbel Bros. Gold Dust w. Goldwyn Pict. Goodrich. | Goodyear pf. | G'dyear prpf (8) Granby Consol. .. Gray & Davis. ... Gt North pf (5. Gr NorOre (3)... Grt Wstn Su (8) Gt West Spf (7). Gr Canan Cop. i Guantan Sugar. Gulf M&N pf(4). Gult StStL (5). Hartman Co (4). Hayes Wh'l (3).. Housen'd Pr (3). Houston Ofl Hud Mot C (3) . Hupp Mot C (1). Hydraulic Steel.. illinoie Cent (7). 111 Cent B (6) - . Indian Motorcyc. Inger R (128)... Inland Stl (2%). inland St pt (7) inspiration Cop. int Bus Ma (8 laterb Rap Tr. { Int Cement (4) .. Lot Com Eng (3) | Internat Har (5) Int Mer Marine... Int Mer Mar pf... Int Pap pt st (€) Int Shoe pf (8) Int T & T (6). Intertype (11%). 80% oll 16% High. T - 9% 39 K3 Law. Close. % T 9 9% 38 38% T4% 4% 6% 1% 65% 424 10% 29% 54 4% 28% _ 114% 108 1594 1594 22 22 4l 4% 92 92% 93 92 83y 931 10% 10% 65% 54t 88w S8R 1R% 18 15 15 32 32% 72% 71 105 108% 6% 6% 18% 124 €0% 59 135% 135 T 564 51 FoO 1245 10 43 12815 128% 142w 136 140 136'% 102% 102 46 45 0% 70 70'% €83 100% 100% 120% 11 1% 15 17 234 7 1 14 16 4 120% 120% 0 i 61 31 121 B5% 58% 177 131 116% 53% B84 504 Bl 5. 110% 15% 58 100% 22 4 15% 185 18% % 1 €345 81 26 2455 44 4% 151 164 4235 42'% 144 143% 1435 13% 44 41 200% 200% 28% 4% iy 224 47 16 1% 15% 26% 491 49% 100% 100% 23% 23 67% 67% 79 99 26% 26 684 67 103% 103% 65% 63% 31% 80% 31 ¥ 8415 33% 494 48% 55 b3 47 47 61% 58% 13% 11% 60 60 62% 6l% 3 6 48% 47% Ta T 179% 176% 25 364 i5i 4% 57% 55 ¥ 88 4% B4 147 14% 66 641 9% 69 30 28% b4h 52% 65 65 110% 109 121 117% 104% 104% 184 184% 128% 126% 864 864 102% 102% 108% 107% 17% 17 67% 12 8% 60 24% 31% 65% 43% 1% % 48% 3% 9% 4% 3% 98% 84 221 11 14% 1% 48% 35% 14% 19% 43% 920 pLY 4% &4 304 29% 92% 92 105% 105% 414 8% 8% 56 56 % 4% 37 41 34% 82% 40 32% 70 7 68 26% 13% 13% % % 102% 102% 104% 1044 19% 19% 1854 184% 34% 34 102 102 28% 234% 0% 90%" 23% 28 T4 26% 13 85% 62%. 624 115% 115% 115% 681 6816 68% 30% 30K 30% 16% M4% % 15 20 43% 90 14 4% Bk 304 92 105% 1 8% 56 6 s4% k) 2% 26% 18% % 102% 104% 19% 1854 344 102 234 0% 23% 1 2 23 834 % 27 13% 35% . j THE EVENING STAR, WASHINGTON, D. C., TUESDAY, MARCH 25, 1924. [~ew york stock Excrance | MARKET FOR BONDS Received by Private Wire Direct to The Star Office ' Open. Righ. | Jewel Tea. .. | Jones Bros Tea. Kan City South. Eayser Jul & Co Kelly Spr Tire. | Kelsey Wh (6)" Kenne Cop (3) Keyste..e T & B. Kress SH (7) Laciede Gas (7). Lee Rub & Tire Leh Val (3%). Leb Val righta Lig & My (now). Lig & My B(new) Lima Loco (4).. | Loews Inc (2)... Lorillard (3) Lorillard pf (7) 18 23% 18% 25% * | Touis & N'sh (5) ! McIntyre (1 | Mack Trucks (6 Mack T 1st (7) Mack T 2d (7). Maey RH&Co .. | Magma Copper Mallinson & Cc. Manati Sug (5).. Man El Sup (4) slan Elemd gtd. { Maracaibo Oil. . MKt St Ry pr pf. Market St Ry p! Murket SR 24 pf. lariand Of1, ... Marlin-Rockwhil Mart-Parry (3).. Mathieson Alkall Maxwell Mot A.., | Maxwell Mot B.. May Dpt 8t (5) I Mex Seaboard. Mex Seaboard cf. iami Cop (2)... Middie 8t O}, | Minn & St Louis. Mis Kan & Tex. Min K & Teg pf. Missour! Pacific. | Missouri Pac pt. Mont Power (4). | Montzom Wara Moon Mot (3).. . Mother Lode (1) | Mullins Bods Nash Mot (1834) Nash Mot pt (7)., Nat Acme. ., t Blscuit (3) . t Bis pf (7). Nat Dairy (3)... Nat En & St. at Lead (8) | Nut Rv.M 2d pf. Nat Sapply (1) v Cons Con. [NOorTaM (1) N Y Air Br (4) NYABra (4) N Y Central (7). N ¥ C-Readu rts. NY C&StL (6). \ ¥ Dock. . | XX Dock pf (5). | NY NH & Hart Nort & W (18) . | North Amer (2). Ohio Bdy & BI. | Okla Pr & Re | Orpheum (1% ! Otis Elevat (8) | Otis Steel. . i, | Owens Bot (3) |PacGRE (8). { Pacific Ol (2). Packard (1.20) .. i Pan Amer (4). .. Pan Amer B (4). Parish & Bing. Penn Railrd (3 Penn Seab Steel. Peop Gas Ch (7) Pere Marg (4 Pere Mar pf (5).. Phila Co (4) .. | Phil Mor (50¢ Phillipa Pet (2) .. Phoenix Hosiery . 2 | Plerce-Arrow | Pierce-Arrow p! Plerce Ofl... Pierce Oll pf. Pitts Coal (4) - Pitts & West P&W Vapt (6). | Postum Cer (4). { Postum pt (8) Press St C (4) .. | Prod & Refiners. Pub § El Po(T)pt. Pub Ser N J (4). Pullman Co (8).. Punta Al 8u (5) Pure Oil (1%).. Ry St1 Spg (8) Ry St Sg pf Ray Cons Cop. Reading (4). Reading rta Read 18t pf (2 | Read 2d pt (2). Remington Trpe. Replogle Steel. Rep Ir & Steel Reynoids Spr (2) Rey Tob B (3)... Roy D'tch (3.46) St Jos Lead (12) St L San Fran. St L-San Fr pf. St L Sothwest. St L S'th pf (5) Santa Cecilia. Schulte (§8). Schulte pf (8) . ... 107 Seaboard Alr L. 9% Seab'd Air L pt. Sears Roe & Co. Seneca Copper. .. Shell Trad (2.06) Sbell Un Ol (1) Simmons Co (1). Simms Pet Sine Con O Skeily Ofl. . Sloss-Sheff (6).. So P Kico Su (6) South Pac (6). Southern Ry (5). | South Ry pt (8).. Spicer Mfg. . Spicer M pf ( StOfl Cal (3).... StONNJT (1).... Sterl Pr (15%) .. Stew’'t War (10). StrCar (19%) .- Studebaker (10). Submarine Boat.. Superior Oll Sweets Co of Tenn C & Ch. Texas Co (3) Tex Gulf S(64). Texas & Pacific. . Tex & PacC&0. 10% Third Avenue. 11 Tide Wat Oil (4) 130 35% 56% 85 4 60 8% 2% % 42 59% 27 Timken (3%)... Tob Prod (8} Tob Prod A (T) Transcont Oil. .. Twin City R (6) Underwood (3),. 39% Un Bag Pa (6)... 62 Un Pacific (10).. 129% Un Pacpf (4)... T1 United Drug (). 76% UDI1stpf (3%). 47% Utd Fruit (10).., 193 USCIP(3) Hoft Mach. Alcohol. Al pf (7). 102 Im (8).. 95% 1pf (7).. 102% Rubber. ...... :n 20% 8 Steel (15%). 99% U S Steel pf (7) .. l::% 24% e, 0 st tn g E ereres 433 docagacac B Wabashpf A.... Web & Helld (1). West Pen (4) . Low. Close. 17% 18 2% 234 18 184 2% 27 16% 15% 88 88 35 85 2% 24 225 225 93 93 12 a2 681 30 Bl4 511 63 154 354 18 23% 184 257 16% 8 354 2% 225 93% 2% 69% 30 61% bl 634 16% 116% | 92 15% 83 964 88 61% 28 20% €0% “ 434 56% 52 16% 39% 264 8% 22% 27 61 43% 89 13 51% 3% 96 29 115% €3% | 23% 110 18 9%, 544 | 16% 26 34 38 94 48 16% 66 54% 24% 224 a4 38 59% 1% 100% 107 9 187% 86 3% 38% 18 2% 4% 21% 23 67 894 86y 54% 72 87% 58% 85% 55% 20% 100 119% [ 24% 50% | STRONG, ACTIVE Large Volume of Buying for Banks and Private In- vestors Feature. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 25.—Notwith- standing a slightly firmer tendency in the money market, bonds continued today strong and active. Buying for account of banks and financial insti- tutions as well as private investors cept up i large volume. It was noticeable, however, that securities of the very highest grade were not in such great demand as those of second and middle grade. Libertys, for instance, were inclined to react and the savings bank rall- road issues just about held their own. It was in bonds which gave a reason- ably good yield and still might be benefited by an improvement in the financial status of the debtor corpora- tion that greatest interest centered Quick Sale of Duquesne. Sentiment was favorably influenced by the remarkably quick sale of the $10.000,000 in Duquesne Light First and Collateral Trust offered to- day at 9. Public utilities, especially electric light and power companies, the demand for whose product is con- stantly increasing and who have no inventory problems to face, are now in a position to market their securi- ties on advantageous terms. In speculative bonds the feature was a sharp advance in the Paul list, especially the 4s of 1925. Other St. Paul issues were helped along and the convertible 4%s and convert- ible 5s also both made new highs on this move. Apparently the only reason for the |advance was that in_a rising_bond market generally St. Paul issués had overdiscounted the unfavorable fea- tures in the situation. Wheeling and Lake Erie 41:s equaled their ligh of the year. Reaction but No Weakness. Here and there was some reaction, but amony railroad bonds no real weakness. Hudson and Manhattan incomes were the strong feature among the tractions. Industrials were irregular. American Chain 68 had a short run up. United States Rubber 5s moved uncertainly. Foreign bonds have not been ma- teriaily influenced by the current ad- vance elsewhere in the list. Brazil 8s, however. toduy Were strong. Argen- tine 65 sold up to 91. Cuban 5%s held their recent gain and the United Kingdom 545 of 1357 were firm above —_ AMERICAN CAN DIVIDEND. Regular Quarterly Allotment of $1.25 on Common. NEW YORK, March 25.—Directors of the American Can Company today declared the regular quarterly divi- dend of $1.25 on the common sto In the previous quarter an extra o {31 was paid. Heavy selling of the stock yesterday was based on specu- lative expectation that the extra divi- dend would be omitted as a_result of the reported drought in California, {which is expected to reduce the size |of the fruit crop and thereby affect | the company's earnings. Selling by disappointed holders and bear pressure forced American Can {from an early high figure of 114% {today to 1103 in the first half hour lof trading. The stock closed yvester- {day at 113%. H — ;ASKS ONE TIME STANDARD | N. Y. Central Requests Modifica- tion of I. C. C. Order. | The New York Central railroad asked |the Interstate Commerce Commission | today to modify its order marking the eastern and central standard time zone 80 that the operation of the western New York Central railroad-Ohio Central |line may be on eastern standard time. { Attention was called to a condition ‘in { Columbue. Ohio, the border line between the two zones, where trains operate on one time basis from the Columbus sta- jtion to the edge of the city and from there on another basis. | —_ {WOULD DROP R. R. LINE. i Bome and Northern Company Finds Branch Run at Loss. The Rome and Northern railway has applied to the Interstate Commerce Commission for authority to abandon its line running from West Rome, | Ga.. to Gore, Ga. The application | stated that the line had been losing $500 2 month and some time ago had ceased to be a profitable enterprise. 1t was built originally to serve newly discovered ore fields, but these no longer are worked, so the railway company seeks from the commission the right to tear up its tracks. —_— SHORT TERM SECURITIES. (Quotatiens furnisbed by Bedmond & Co.) ~—Noon.— Bid. Offer) . 102% IAlminum Co. of Amer. | Aluminum Co. of Amer. . 1066, American Cotton Oil s 1924... 100 American Sugar 6s 1837 1 1005 American Tel. & Tel, 65 1935..] 1221 Anaconda Copper Bs 1920 Anglo-American Oil 7i8 Baltimore & Qblo 6s 1924 of Chi. R. I. & Pac. 5%s 1926. Du Pont Tis 1931 : Edison EL 11l Boston 53s 1925, Empire Gas & Fuel 7s i Federal Sugar Ref. 6s 1833. Fisher Body Corp. s 1927. Fisher Body Corp. 6o 1928 Goodyear T. & R. 85 Great Nortbern 7 1936. Guit 0il Corp. of Pa. 5 Humble Oil 5%s 1552 By MeNel s, Livby Libby, McNel O Foa S8 M. 8 Jnion Tank Car US" Rubber 7348 1680, 60% 60% €0% 1{7& 106% % 91 60% 60% 1% 1% 9% 9 19 18% 26 25% 85 ba%n 2% 2% 15% 16 1K 10% 80 81% 79 86 36 36 B44% 344% 339% 340 61 61 61 61 10% 10% 104 10% 36 86% 85% 36k Youngst B&T (§) 66% 65% 65% 65% able in preferred stock. oy oy S S o e Datoss Totherwise noted, extra or special High. Low. Last. Call Money..... 5 3% 6 HOURLY SALES OF STOCKS. ilam.....260 000 1p.m..... 688 000 452 900 2p.am..... 794 900 ‘West Pac pf (6). West Un Tel (7). 107% ‘West Alr Br (6). 91% West E&M (4).. 60% West E& Mrts.. 1% Wheel & L Erie. . Wheel & L Er pf.. Wth P pt B (6) Wright Aero (1). Wrig W Jr (3) 9q division and the St. Marys branch of the | ON NEW YORK (Bales are in $1.000.) BONDS srocx excaace | Received by Private Wire Direct to The Star Office. UNITED STATES BONDS. (Fractions represent Example: Lib3% 98-3 means 98 Sales. High. thirty - seconds. 3-32.) Low. Close. « 117 9826 08-23 9324 . 173 99+27 99-19 99-21 1244 99-23 99-16 99-17 848 100-5 1001 2363 99+25 99-18 99-19 207 100=13 100-6 100-8 Lib 4th 4% US44s1952. FOREIGN. Bales. High. 101% 1% a1 90% 101% 99% 100% 110% 8815 78% 9% 9415 100% 101% 9974 99% 104 103% 95% Argentine b Argentine 6. Austria 7s. Belgium s Belgium Belgium 8 Bern 8s. Bolivia Canada 5%s 1929 Canada bs 1931 Canada 6s 1952 Chile 85 1946. Chile 85 1926. Chile 82 1941. Chile 7s 1943. Chinese Gov Ry 58 10 Copenhagen 6%s.. 6 Cuba 5%: 182 Czechoslovakia 8s. 12 Danish Munic S8 A Denmark Denmark 6s Dutch E15%s... Dutch Fast I 6s' Dutch East I 6862, Finland s f 6s 1945. . Framerican 7%s French Govt §s French Govt T%s. Haiti 6 o Holland-Amer 6s. . Italy 6%s 1926, . Japanese 1st 4%s. = e D Frodaafantivan Japanese 615 w Jergens U M 65 '47 Lyon 6s. . Marseilie 65 Mexico 5s. Mexico 4s. Netherlan i Norway 8 | Norway 6519 Norway 6s 19 | Paris-Ly's-Med I Prague 7%s. Queensland 7s. . Queensland 6s. Rio de Jan 85 1946, Rio de Jan 8s 194 P.i5 Gr Do Sul 8s. Salvador 8s'48. . Sao Paulo State 8s. Seine Dept of 7s... rbs Crotes Slo 83 ssons 6s....... Sweden 6s... Swiss Confed Tokio 5s...... Ud Kingm 5% | Cd Kingm 5%s | Ud Steam Copen j Uruguay 8s. ... 1027, 1144 617 106% 100% 874 104 Ajax Rubber$s... 5 Am Agr Chem T3 18 Am Chain s f 6s'33. 17 | Am Cotton O11 55 Am Repub deb 63 | Am Smit&R 1st 8s. | Am Smit&R 6s.. Am Sug ref 6s. AmT&Tev6s.... AmT&Tel tris AmT & Teltrds Am T & T deb 5%3135 Anaconda cv db 7s 90 Anaconda 1st 6s. Armour & Co 4 Armour of Del & Associated Oil 6s. Bell Tel Pa s. Beth Steel 51 Beth Steel - | Beth Steel pm 5 Beth Steel s f €5 | Brier H St ist5%s Bklyn Edison 7s D Bklyn Ed gen 5s... { Bush T Bldg 55 '60. Calif Pete 61%s. Central Leather 53 Cerro de Pasco 8s. Chile Copper 6 ColGas & ElSs..... Col Gas & ] 5s sta. Commonwth P 6s.. ‘ Con Coal Md 1st 58 89 96 95% Consumers Pow 5s. Cuban-Am Sug 8s. Cuba Cane cv d 8s. Cuba Cane cv 7s ‘30 Diet Edison ref 6s. Du Pontde N 7%s. ‘Duquesne Light 6s Est Cuba Sug 73¢s. Empire G&F T¥%s. Fisk Rubber 8s. ... Gen Elec deb5s... Goodrich 64s. ... Goodyear 85 1 Goodyear 8s 1941 Hershey 6s 1942. | Humble O&R 5% Illinois Bell 1st 5 Indlana Steel 5s. Int Mer Marine 6s. 3 Inter Paper 55 '47.... KCP&Lt5sAS2. Kan G & El 65'52... Kayser (J) 7s. Kelly-Spring 8s... Lackawa § 55 '50 Liggett & Myrs 5s. Magma Cop cv 7s.. Manati Sug st T%s Marland Ofl 8s "31. Midvale Steel 5s. Montana Power Morris&Co 18t 4%8 New Eng Tel 5s. | NY Easn 1st 63 | NYG EL H&P 5s... NYG EL H&P 4s... N Y Tel 68'41 N Y Tel 6849 INY Tel 4%s INorth Am Ed 6s. .. | North Am 1d 6ls. Nor States Pow os. Nor States Pow 6s. Northwst B Tel 7s. Otis Steel T%8. ... Otis Steel 85 Pacific Gas & El 58 Pac T & T Ist5s... PacificT & T bs ‘53 Phil & Rdg C&I 5s. Phila Co 5%s'38... PhilaCorefGs A.. Plerce-Arrow 8s Producers & Rt 8s. Public Service 5s. . - 5 OmbommnannanibobrEReeBon It antune roneesnSonio ot R8s - @ wmSoeuia Sinclair Ofl 7 Sinclair Oll 63s. Sin Crude Oll 5% Sin Crude Oil 6 8in Pipe Line 5: So Por Rico Sug Southwest Bell 5s. Steel & Tube 78, Sug Est Orient Ts. Tenn Elec Pow 6 Tide Wat Ol 6%s. Toledo Edn 1st T Unit Drug cv 8s. U S Rub 1st rf 5s. 52 ¥ 1 10 13 5 6 21 10 25 4 11 7 18 1 Vertlentes Sug 7: Va-Car Chem 7: -Car Ch T3%8 w. West Union 6 Westinghouse . Wickwire Spen 7s. Wilson & Co 1st 68 Wilson&C ov 7%s. Wilson & Cocv 6s. 1 ‘Winchester A 7%s 16 Youngstn S &'T 6s. 12 5 17 3 16 9 190-1 Low. Close. 101% 101% 9% 79% 90% 90% 90% 90% 101% 101% 99% 99% 100% 100% 110% 110% 88 £8L %8 T84 9% T 93% 93% 100% 100% 101% 101% 99% 99% 104 10313 104 5% 41t 884 92% 95% 1074 107% 94 87 931 934 89 8844 97% 94ln 887 9% 100 97% 79% 924 i 8 8% 4815 284 91y 1114 93% 934 71 854 105% 100% 94% 9% 96 100% 104 MISCELLANEOUS. 9614 105 99% 92% 96% 115 101 105% 824 103 89 95 65% 33 103 110 107% 62% % 89 82% 101 %% 95% CHICAGO DAIRY PRICES. CHICAGO, March 25.—Butter—Low er; creamery, extras, 44%; 43; extra firsts, 43a seconds, 41adl1% receipts, 27. ordinary standards, ; firsts, 42a4214; 505 cases; firsts, 20a 20%; storage pack, extras, 24; storage pack, firsts, 23%. RAILROADS. Sales. High. Low. 87% 87 815 80% 87% 874 834 834 98% 98 85 84% 101% 101% 87% 87% 87 86% 82% 81% 98% 98 68 €8% 8% 6% 108 108 103%5 108% 89% 89% 112% 112% 112% 112% 80 B0% 94 97% 101% 85% 93% 9% 86'% 58% a7 86 97% ks 53% b6Y% 523% 56% 83% 58% 1% 9% b4 98% 106% 77 Atchison gen 4 Atchison adj 4s, Atlantic C L 1st 4s. AtlanticCLel 4s.. B&Oprinay B & O gold 4s. B&OE& B&Oc B& B &O PLE&WYV 4s. 16 B&OSW div3%s. 32 B & O Toledo 4s. Bklyn-Manhat 6s. 798 BKIRT 78’21 ct... Bkl1R T 7s°21 ct st Buft R&PItt 4%s. . Canadian North 7s Canad North 6% Canad Pac deb 4 Car Clinch & O 51 Car Clinch & O 6 Cent of Gi Central Pacific 4 Ches & Ohi. ev bi Ches & Ocv a%s Ches & O gn 4%s. Chi & Alton 3s Chi & Alton 3%s Chi B&Q gn 4s'53. Chi B&Q 1st rf 5s.. Chi & E 11l gn 65 Chi Great West 4s. 34 CM & Puget Sd 4s. 16 ChiM & St Prf 4%:1115 ChiM & St Pcv 5s. 60 Chi M & St P’ 4s '25.295 Chi M&S P cv 4%8.328 Chi & W Ind cn 4s. Chi & W Ind 7%s.. CCC&SIL rf 68 A. Cleve Term bs. Colo & Sou 448 Cuba R R bs. Del & Hd 15t rt 4 Del & Hudson 5%s. Det United 43%s... Erle 1st con 4s. Erie gen 4s. Erie convés A, Erfe conv 4s B. Erle conv4s D. Gr Trunk sf db és. Grand Trunk 7s. Gr North gen 7s. r North gens b4, Havana ERL&P 58 Hud & Manref 5 Hud & Man aj bs. Il Central ref 4s. . 11l Cent ref 58 °55. . 11l Central 5%s Int Rap 1ran 5s... Int Rap Tr 6s stpd. Int Rap Trans 6s.. Int Rap Tran 7, Int & G Nor aj és. . Int & G Nor 1at 6a. 246 Towa Cent rf 4 34 Towa Cent 1st 5 Kan City Ft S 4s Kansas City S 5s Kan City Term 4 Lake Shore 4328, Lake Shore 4s '31.. Lehigh Valley 6s. . Louis & N uni 4s Louis & Nash 7s Manhat Ry cn 4s Market St cn 5s M&StLrfex5s.. M StP & SSM b¥s. StP & SSM cn 4s. Tistds..... TprinssA. MK & T ad} 5 Mo Paclfic 6 Mo Pacific 5s Mo Pacific gn Montrl Tm 1st 55 ¥ Cent gen 3128, N Y Cen deb 6: N Y Cenr 1 5 Y Cent cn 4s'98. Y C&StLdebids NYC&StL6sA.. ew Haven cd 63 ew Haven d 4s'57 ew Haven 7s. ew Haven Ts fr N Y Ont& Wref 4s New York Ry rf 4s. N Y Ry rf dsctfs New York Ry aj 5s. Y Rysadj5sct.. Norfolk & W cn 4s. Norfolk & W cv 6s. Northern Pac 3s... Northern Pac 4s... {Northrn Pacr i 63. Northern Pac 58 D. Ore & Calif 1st 5s. O Short Lcn 5s '46. Ore-Short Liref 4s. Ore-Wash istrf ds Pennsyl gen bs.... Pennsy! gen 4%s.. Pennsyl 6%s Pennsyl gold Pennsyl con 414s.. Peoria & E Inc 4s Pere Marq 1st 5 Pere Mrq 1st 4s '56. Reading gen {s. ... | Reading gn 438wl Rio G West cl 4s RIATk & L4%s |StLIM&S R&G 4s StLTM&S 4s'29.. StL&SF ol StL&SF prin bs. StL&SF inc6s StL&SF5% D StL&SFadjés StL&SFpl6sC.. StLSW st ds St P Un Dep 5% StP & KCShL 4% 8% 88% 70 834 65% 97% 7% 100% 8% 96% 75% 75 64% 53% 54 9% 94% 86% 82% 97% 2% 105 99% 55% 47 8% 20% 834 103 94% 1% 62% 85 81 8% 87% €9 83 64% 9235, 76% 100% 8% 964 75% 75 64% 531, 524 8% 2% 86 825, 7% 2% 104% 99 b4% 48% 1% Seab'd A L adj b Seab'd A L con 6: Sou Pacific 45 1929. 31 |Sou Pacific ref 4s.. 47 | Sou Pacific clt 4 2 ;Southern Ry 1st 5s. 22 Southern Ry gn 4s. 68 Southern Ry 6%4a.. 37 Southern Ry 6sct. 62 Third Ave ref 4s... 10 Third Ave adjbe... 8 TolStL& W 48 Tnion Pac 1st 4s Union Pac 1st rf 4s 16 Union Paclfic cv 68 15 Virginia Ry 1st5s. 2 Wabash 2d 5 0 Western Md 4s.... 35 Western Pacific 58 13 West Shore 1st 4s. 13 Wheel & LE cn 2 63% 63% - Whel &LErf 4%s 50 69% 58% TOTAL SALES (Par Value): a.m..3915000 12noon 8600000 1p.m..11018000 2 p.m....12 755000 65% 46% % 90% 90% 823 823 102% 102% 4% 94% 91% 913 61% 61% Bi% 80% (Quotations furnished by Redmond & Ce.) ——Noon—ry Bid. Offer. 100% 101 100 1332 00% June 16, 1924 Jume 15, 1024 tember December i St s Juce 15, Z 28 December 15, 1993 s % s March 15, 1926. September 15. 1926.. March 15, 1927. s December 15, 1i March 15, 1925 AR Dry Agent Shoots Self. Special Dispatch to The Star. CUMBERLAND, Md., March 25.— Edward Shumaker, deputy prohibi- tion enforcement officer, shot himself through the thigh at his rooming house here yesterday. Shumaker told the police that while cleaning his automatio revolver, he had removed the clip of cartridges and in handling the weapon the cartridge in the chamber was exploded. The wound i= a severe ome. 100 1-16 FINANCI PERMIT FOR THREE DAMS. Construction on Cumberland River Authorized by Commission. A preliminary permit for three dams on the Cumberland river in Kentucky was granted by the federal power commission today to the Cum- berland Hydro-Electric Power Com- pany, backed by the Insull interests of Chicago. Two of the dams would be built be- tween Burnside and Williamsburg, Ky., and a third in the south fork of the Cumberland necar Burnside, the three developing about 200,000 horsepower. Locks may be installed to protect navigation. FIRM IN BANKRUPTCY. Splint Corporation of New York Admits Insolvency. NEW YORK, March 24—The Amer- ican Splint Corporation, manufactur- ers of match solints and match ma- chinery, was petitioned in bankrupt- cy late yesterday, with estimated lia- bilities “of $5,000,000 and assets of $250,000. The petition was filed by L. H. Peasle, a creditor with a claim of $100,000. The company admitted its inadility to pay its debts and willing- ness to be adjudged a bankrupt. COTTON mn:' “TS‘ NEW YORK, March 25.—There was a continuation of yesterday's selling move- ment in the cotton market and a further harp decline In prices during today's early trading. Liverpool fully met the local decline of the previous day, while weather advices were again favorable, After opening barely steady, at an ad- vance of 2 points on July, but generally 7 to 40 points lower, thé market here s00n weakened. The selling was ac- companied by rumors that hedges were being &old against spot cotton in the south, and the circulation of March no- tices " estimated at_about 5000 bales caused some mnear-month liquidation. May broke to 26,68 and October to 24.2%, with the general list showing net de- clines of about 35 to 65 points within the first half hour of trading. The final March notices estimated at 8,000 caused somo near month liqui- dation, but after selling off to 26.60 for May the market rallied on cover- ing accompanied by reports that ocean freight room had been booked for 2 000 bales out of the local stock for prompt and April shipment. A recov- ery of 35 to 50 poiRts from the lowest algo was prompted by rumors that the report of the statistical committee re- cently appointed by Secretary Hoover called for a reduction of 224,000 bales in the estimated carry-over in the last season. May sold up to 27.05, but met renewed selling at this figure and the market was unsettled around midday with prices several 1 Sith pr eral points off from NEW ORLEANS, March 25.—The cotton market opened weak and de- cidedly irregular, first trades on March showing « decline of 50 poin from the previous close, while Ma. traded 19 down. By the time July was reached on the call the decline had shrunk to 12 points, and October showed only 6 points less. The weak- ness was attributed to poor cables and | a_generzlly dry weather map. An official forecast for cloudy and show- «rs in Texas and Louisiana caused a wave of covering, forcing a rally that | carried March back to the previous close and later months 1 to 5 points net higher. By the end of the first {half hour of trading a fresh wave of selling forced May down to 2 July to 2 from t feverish. culated. After declining to 26.90 for May. 26.15 for July and 23.57 for October, or 52 to 61 points below the previous high, the market became steadier and quioted down while waiting for the Hoover experts’ report. This report when received. while not as bullish as expected and rather involved in its findings. made a net minus correction of 223,636 bales in the carry-over and recommended that in future the de- partment should not attempt to bal- ance its totals by estimates. Prices rallied LIVERFOOL, AMarch 25.—Cotton spot. fair demand; prices easier; good middling, 18.12; fully middling, 18, middling.’ 16, low middling,” 15.3 good ordinary, 14.37; ordinary, Sales, 8,000 " bal including’ American. Receipts, 10.000 bales, in- cluding 5800 American. Futures closed steady. Closing: March, 16.05 15.94; July, 15.58; October, 14.15 December, 1 January, 13.69. 00 and 20, or 47 to 51 points down previous close. Market A few March notices cir- 26. Washington Stock Exchange. SALES. Washington Gus 6s "33—$100 at 1003, $200 at 100% . $100 at 100% % Capital Traction Co. 4 &t 9415 Riggs National Bank—1 at 285, National Mortgage and Investment pfd.—100 {at's. 200 at 9. AFTER CALL. 85 '33—$100 at 100%. $1,000 . $1.000 at 1003, $1.000 at 100% Riges National Baok—5 at 285. Washington Gas Ligh Washington Rwy. & Lanston Momotspe—1 % Washington Rwy. & Flec. pfd.—3 a Washioglon Gas 6s ‘333300 at 100% Bid and Asked Prices. BONDS. PUBLIC TTILITY, American Tel. & Telge. 4. American Tel. & Telga. 4. Tel. & Tel. ctl, tr. As Am_ Tel. & Tei. conr. 6: Anacostia & Potomac Ts. Anscostia & Pot Fua C. & P. Telephone 0s... ... C. & P. Telephone of Va. Capital Traction R. R. 5 City & Suburban Georgetown Ga Metropolitan R Potomac Elec. lat 5s. Potomac Elec. cons. Potomac Elec. deb. fs. Potomac Elec. 6s 1953 Pot. Elec. Pow. £. m_& Wash., Alex. & Mt. Ver. h w Washis Wash. D. C. Paper Mfg. fs. Rigge Realty bs (long Riges Realty 58 (short). Wash. Mkt. Cold Storage Wardman Park Hotel 6s. STOCKS. PUBLIC UTIZITY. lec. pfd Wash. Rwy. & Elec. pfd Terminal Taxi com. § Capital Columbia . Commercial District Farmers & Mechani Vederal-American . V. 5. TREASURY CERTIFICATES | Nt TRUST COMPANY. American Security & Trust. Continental Trust.... BAVINGS BANK. Commerce & Savings. East Washington. . Security Saviogs & Com. Seventh Street. TITLE INSURANCE, Columbia_ Title.. Resl Estate Title. MISCELLANEOUS. D. C. Pa rd. Berchants Traat 6,700 | AL. LOWERREDISCOUNT RATES POSSIBILITY Recent Break in Market Money Rates Topic of Local Financiers. The recent break in the open ma ket money rates has presented a new angle to the credit situation and hag revived conjectures as to a possible lowering of the rediscount rate, now a flat percentage of 42, maintain by the twelve regional members the federal reserve system. Ind| tions are that this question will the subject of serious consideration by reserve boerd officials. The system at one time held reg counted paper totaling approsimarais $2.800.000.000, but the total of s bOVI:YflW‘nEN has now shrunk to about $421,000,000. To combat this shrink- age the reserve board elected to build iUD LS Investment lines, ignoring the |lesscned holdings as an’ argument for 12 Jower rediscount rate. rate. e explained, is gov, largely b open market quotaiionn oo Authoritative money students h. admitted for some time that the or. situation was such that the redi:. gount rate could well be lowered witho Y necessity for specy n A following the deciston. - e 2CHY Saw No Need of Change. Officials of the system a short tin ago indicated there was no Epeci; need of changing the rate. in view of open market money quotations that time. However, now that rates have fallen all along the line, it the consensus of leading fininciers that the rediscount rate question wi)| be the all-absorbing topic federal reserve circles in the next £, week The general convention committ of the District Bankers' Associatic will be assembled tomorrow at 4 p.n at the Masonic Temple for the P Ppose of discussing plans for th cgnclave of the organization (it is understood minute details por nent to the forthcomin: athe: at White Sulphur Snrln:gsg ‘Evllr Eone over and approved in so far as possible at this time. A definite date {Will_also be seciected, with Indicatione pointing to some time within the firs ten days of June. Would Cheek Branch Banking. M. Savage. president of the . Savings lank and Wash- ington's bitterest opponent of branci banking. today gtated that the United States ‘Association of Rankers Op- posed to Branch Banking will oppo the MaFadden bill and advocate other legislation which, they believe, will effectually check branch bankin cities as well as outside. Mr. age was in conference with officia of the opposition last week durins his_trip through the west Net earnings of the Chapin-Sack Corporation in 1923 amounted 1o 3190154 before the payment of fed- eral taxes, it was stated in the fourt) arnual report of the company additions to surplus totaled $170, With net sales aggregating $5,0 657 during the period. An increase in the cost of raw ms terials during the year reduced t jusual earning capacity of the co {pany. it was said, but previous pro {levels are expected to he maintai during the current year, offic opine. Total assets of the company, less {allowance for depreciation, are {at $6.167,221, of which 35,564,405 [R. Gordon Finney will address elementary class of Washington Ch: ter, American Institute of Bankin, |night. The subject of his talk will & {“Foreign Exchange.” Tomorrow nig! Raymond B. Dickey will lecture the law class on “Presentment Pavment” and F. Joseph Dono jwill talk on gricultural Loans"to istandard banking class. Thursda { On Friday Tl V. Starkloff wi discuss “Handling Embarrasse Bankrupt Concerns” before the its class. Directors of the Commercial tional Bank have declared their usus quarterly dividend of 1% per cen i payable on April 1 to stockholder: of record March 27. Weak prices prevailed on Washington Stock Exchange being the only issue to show a risi tendency. The so-called favorite issu attracted trading in the mal confined to small and odd lot sals { e e i BALTIMORE PRODUCE. | DALTIMORE, Md., Marck cial).—Potatoes, white, 100 pounds 90a1.90; per 150 1bs., 1.50a2.75; sweet: and yams, bbl, 2.50a7.50; asparagus dozen, 6.50a8.50; beans, bu., 3.0085.00 | beets, per 100, 4.0026.00; broccoli and 50; cabbage. per 100. 5.00a bu., 50a60; carrofs, per 5 caulifiower, crate, 2.00 50; celery, crate, 3.50a4.00: cucum- bers, ‘crate, 8.00a10.00: exsplants, per 0a4.50: horseradish, bu., 2.5 ! lettuce, 2.00a3.50; onion. {100 1bs.. 1.5 ovsterplants, p 100, 6.00a parsnips. basket, 6 70; peas, hamper, 3.00a4.50: peppe crate, 3.00a5.50; spinach, bu., 1.7 2.00; squash, crate, 4.00a5.00; toma- toes, crate, 1.00a3.50; turnips, bu., 40a50. Apples, packed, bbl, 2.00a4.50; bu, 50a1.50: box apple: a2.50: grape- fruit, box, 1.50a2.75: oranges, box. { 2.25a2.75: strawberries, qt.. 40a70. No grain quotations. Chamber of commerce closed on account of a legal holiday. BALTIMORE DAIRY PRICES. BALTIMORE, March 25 (Special).— Live poultry—Turkeys, pound, 25a40: young chickens, 25a45; leghorns, 25a ; old hens, 24a27; leghorns, old. 24a old roosters, 16a17; ducks, 24a34; geese, 20a28; pigeons. pair, 45a50; { guinea fowi, each, 30a60. Dressed poultry — Turkeys, pound, 25a42; chickens, 28 oid_roosters, 17a18; ducks, 30a35; southern, 21; duck vy, good to fancy, pound, 45a50; prints. 50a52: nearby creamery, 43a45; ladles, 32a34; rolls. 30a32; store packed. 29a30: dairy prints, 30a32; process butter, 38a3s. e o CHICAGO GRAIN MARKET. CHICAGO, March 25.—Fresh liquiga- tion forced the wheat market down today to new low record prices for the season. The decline brought into action numerous standing orders to sell at certain limits, and this circum- stance accentuated the weakness. Some traders, however, who of late have been especially bearish, turned to the buying side of the market and brought about a substantial rally. The opening, which ranged from i to 1 cent lower, with May 1.02 to 1.023% and July 1.03% {o 1.04, was followed by a little further setback, and then by an upturn which in soma cages touched yesterday's closing fig- ures. Corn and oats showed stubborn re- sistance to selling pressure. After opening unchanged to % cent off-- May, 77% to 7i%—the corn market underwent a slight additional sag and then scored moderate gains all around. Oats started % to % ocent down— May. 46% to 46%—Dut soon reacted to_siightly above yesterday's finish. Provisions were easier, in line with the hog market. 102 a 0215 1015 104 108 105 108%