Evening Star Newspaper, August 8, 1924, Page 14

FIN INTEREST CENTERS IN MERGER STOCKS Erie Heavily Sold—Specialty Shares Dull—Prices Off at Finish. BY $TUART P. WEST. Special Dispateh to The Star. NEW YORK, August 8.—For the first hour or o today the Stock Mar- Ket was occupied with adjusting the stocks belonging to the Van Swerin- gen merger to the valuations sug- gested by the terms as semi-officially outlined. Then trading quieted down and, outside of a few special moves, there was little feature. Reduction in the Federal rediscount rate had been too nticipated, both in the money and stock markets, to have any effect. As per cent preferred stock, the pro- bsed new Nickel Plate holding com- pany shares were at first figured ax likely to sell in the market around 4S5, and the new common, on which 6-per cent also was suggested. likely to sell around R0. This brought heav celling into Erie common, which fig ured out only . @ against last night's close of 33% and a recent high above 35 On the other hand. it brought a sharp spurt in Pere Marquette com- mon, which as exchangeable 85 per c~nt into the new mon would be worth 68 if the latter were worth 80. Pere Marquette prior prefercnce sold at 85 because it is exchangeabl> share for share in the new preferred Moxt Striking Fe re. The most striking feature w howover, the perception that reprv scnting ownership of 150,000 shares of Che apeake and Ohio and over 100.000 shares of Pere Marquette, the present Nickel Plate company stock bad L en undervalued It shot up- ward rapidly, while the other merger sgocks later in the day were feeling the effect of realizing. Pittsburgh and West ®sold because no mention of it s nuude as part of the new Nickel Plate system. But the Street believes that negotiations are under way which if concluded will land_this road with the Pennsylvania. Also the impres- xion is that the new combination in the Southwest which began with the Union of New Orleans, Texas & Mexi- co d 1. G is by no means com- pleted. The Texas Pacific and the Missouri Pacific are expected to be brought in. and this was the explana- tion for the strength in these stocks, more especially in Texas and Pacific. : Specialtiex Very Quiet. nadian Pacific made a new ABove 151, as « result of buying, due td money conditions D L & W. opened up nearly 3 points. but fell back substantially on profit taking ‘In the industrial section few sfgecialties were marked up, mong them American Radiator and General Baking. But as a rule pool activities were suspended. The buovancy of a weck ago disappeared entirely i CLOSE IRREGULAR. Reserve fully Virginia was Prices Slip Of in Final Street Trading. NEW YORK, August 8.—Stock prices bounded upward this morning in response to another cut in the local Federal reserve rediscount rate, but turned reactionary again in the late trading, when heavy realizing sales were resumed. An cxireme gain of more than 5 points in Nickel Plate was one of the features. Sales ap- proximated 800,000 shares. The closing was irregular. Trad- ing tecame more active in the late afternoon, with prices slipping off in all sections of the list, General Elec- tic, Luckawanna and several other early strong spots losing their gains. Markets at a Glance NEW YORK Platc soars 5 points Bonds strong: foreign issues at new highs: liberties rally. Foreign ex- change buoyant: sterling again sets 1924 record. Cotton ea: bearish Government reports. Sugar firm: steadier t market Coffee ad- van: 1 rop-an buying. CHICAGO—Wheat lower; favorable Aracnune reports. Corn firm; bullish Government report. Cattle steady. Hogs higher: active shipping demand. S BAE * CAOPPREDITED First Joint Condition and Ginning Cotton Report Giv- f en Out Today. Stocks firm: Nickel to new high A forecast placirg cotton produc- tion this year at 12,351.000 equivalent 500-pound bales, of which 21,924 run- ning bales, counting round as half bales, were ginned prior to August 1, was announced today in the first joint report of the Department of Agricul- ture ard the Census Bureau. The production forecast was based on the condition of the crop on Au- sust 1. which was 67.4 per cent of a normal, indicating a yvield per acre of | 146.3 pounds. From the condition of tHe crop on July 16, which was 68.5 per cent of a normal, a forecast of 11,934,000 bales was made, compared with ‘last year's crop of 10.125,478 bales. Cony m by Statew, !The condition of the crop by States on August 1 was announced as: Virginia, 51; North Carolina, '58; South Carolina, 60; Georgla, 73; Flor- ida, 75: Alabama, 70; Mississippi, 67; Louisiana, 58; Texas, 66: Arkansas, 71; Tennessee, 69; Missouri, 72; Okla. homa, 76; California, 91; Arizona, New Mexico, 83, and all other States, 74. First Report Under New Law. Ginnings prior to August 1 last year totaled 64,381 running bales. Gin’ nings by. States were not announced, as most of the cotton ginned prior to_August 1 was in Texas. The joint report on condition and ginnings today was the first issued under the law passed by Congress in April this year, which requires the ginning and condition reports to be isBued simultaneously. Joint reports will be issued at the Department of Agriculture throughout the growing and_ginning season until the middle of December, when the Department of Agriculture makes its final esti- mate of cotton production. Issuance of the ginning reports thereafter will be from the Census Bureau. —_— DAIRY PRODUCTS. BALTIMORE, August 8 (Special).— Live poultry—Spring = chickens, 1b, 23a34; Leghorns, 22a29; old hens, 18a 25; Leghorns, old, 17a18; old roosters, 15; dycks, 15al ducks, 20a 23; pigeons, pai ~ Eggs (loss of)—Native and nearby. dozen, 283 ; southern, dozen, 27. Butter—Creamery, good to fancy, 1b., 37838%; pints, 393%aél1%: nearby e 35a87; ladles, 30a32; store Pprocess butter, Nickel Plate com- | high, | ANCIAL Adams Exp ( Adv. Rumley... Adv Hum pf (3). Alr Reduct (4).. Ajax Rubber. ... AlasGold Mines All Am Cab 6).. Allfed Chem (4 Allied Chm pt (7). Allis-Chalm (4).. Am Agricul Chm. AmAgr: Chem pt AmBrS&F (b). Am BS&F pf (7). Am Can (16).. ... AmCanpt (7).. Am Car & Fy(12) | Am Chain A (2).. Am Chicle. ..... Am Drug Synd.. Am Express (d) . Am & F P 25%(7) Am For P £ pd(7) Am Hide & L pt.. AmTee (T3 z Am Ice pt (). Am Internati. | . Am LaF F E(1). Am Linseed. .... Am Locomn (8). Am Metal (3)... Am Radiator (4) | Am Ship & Com. | Am Sm & Re (5) AmS& Rt (T). | Am 8t Fays (3) Am Sugar. .. . Am Sumat Tob. . Am T & Tel (9). Am Tcbac (12).. Am Tob B (12).. #m Water Wks. Am Woolen (7). Anaconda | Arm pf De Asso Dry G (5).. AtT&SFe (8).. At Birm & At... At Coast 5. (18). AtGulif& WI... Atlan Ref (4) Atlan Ref pf (7). Atlas Tack. Austin-Nicnols. Bald Loco «7). Bald Loc pf (7).. Bal & Ohto (6). | Barnadall A | Bayuk Cigar..... B'ch Nut (2.40).. Beth Steel. . Beth Stipf (7). Beth Stl pf (8) Booth Fisheries. . Brk Edison (8). Bi'k-Man Tran.. Br Man T pt (6). BrklynUnG (&) Burns BrB (2).. Burns Rr (10, Bush Te pt (7) Butte C & Zinc Butte&Superior Caddo Cen O & R. Cal Packing (6). Cal Pet (1%) Cailahan 7 Lead. Can Pacific (10). Case J I Plow.... Cent Leather Co. Cent Lea Conf. . CRR,NJ (112). Cerro de Pasco(4) Chand Mot (6) Chen & Ohio (4) Ch&ODf (6%).. Chicago & Alton.. Chic & Alton pf. Ch & East Il pf. Chic Gt Chic Gt West Ch Mil & St Paul Ch Mil & St P pf. Chi & Nwn (4). Ch PneuT (5). Chic R & Pac... Ch StP Min & O Chi Yellow C (4). Chile Cop (2%4). . CCC&StL (5). Cluett, Peab ‘5) . Coca-Cola (7). Crlo Fuel & Iron. CNG&FE (280, . Com Ir Tr (53c).. Com In Trpt (7). Com Solv A (4).. iComSolvB...... Congoleum (3). Consol Gas (5)... Consol Textile. .. Cont Can (4). Cont Can pf (7).. Cont Ins (6) Cont Motors (20c) Corn Products. Cosden Co. . Crex Carpet. ... Crucibie Sti (4) Cubd Am Sug (3).. Cuban Cane Sug. Cub Cane 8u pr. . Cuyamel Fr (4). Dan: Boone M (37 Daviéron Chem. . De Beers Mines Del & Hud (9) . Del L& W (6). 31Co (8) Devoe 1st pf (7). . Dome 3uines (2) Du Pt de N (8). Duq Lt st pf (7). EI Stor Bat (4) End-John () Exch Buffet (2).. Fairbanks (2.60). Femous P1 (8)... Famous P pt (8) FAM&Spl (M. Fid Phe F In.(6) . Fitth Av I3 (64¢). Fisher Bdy (10).. Fisk Ruboer. . Fleischman (3%). Foundation (6).. Freeport-Texas. . Gen Asphalt. . Gen Baking (6) General Elec (3)... Gen Mot (1.20). . Gen Mot pfn(7). Gen Petm (2)- - Gen Refrac (2). Gimbel Broe. . Gimbel Br vt (7). Glidden Co. Gold Dust. Goidywn Plct. . Goodricb. . « Goodrich pf (7). Goodyear bt Granby Consol. Gt North pt (5). Gr Nor Ore (3 Grt Wstn Bu (8). Gulf Mo & Nor Gu Mo & N pf (5) Guif StEL (). Hartman Co (47.. Hayes Wh'l (3). Houston Ofl. ... Hud Mot C (3). Hupp Mot C (1) Hydraulic St pf. . Dlinota Cent, (7). L1 Cent pt Indep OIl (1). Indiahoma Ref. indian Refining. Internat Har(5). Inter Harpf (7). Internat Paper. jint Rysof CA. IntT&T (6). Invincible O Iron Produc Jones Bros Tea .. Jordan Mot (3)... Open. 874 11% 89 9% 8% W 100 17 115% 54% 18% 39 83 107% 126 116 169% 22% 22 % 119 118 115 454 485 $0% 107% 4% 12 44% 5% 16% 15% 25 62 86% 33% 42% 4% 31% 130 60 % 52% 404 40 100 56% 48 51 0% 3 67% 111 6% 82% 28 31% 54% 30% 13% 6l 52% 125 54% 21 125% 139% 109% 96 15% 120% 106% 109% 13% 68 61% 33% 1% 40% 21 28% 83% 96 48% 135 11 192 1% 0% 6% 9% 43 113% 279 15 9% 42% 34 53 102 10 39 14% 22% 79 b4 17% 65% 29% 89 18% 1% kt] 37 34 85% 0% 26% 13% 5 110% 110% 8 % 6% 26% 20 1 1% 26 22% 110 10% 38K High. % L] 100 17 115% 55% 13% 39 844 107% 126% 118 173% 22% 22 4% 119 116 116 60 91 81 26% 10% 19% 9% 454 Low. 87% 1% 39 9% 8 W 100 76 115% bd% 18% 3% 83 107% 1204 1186 169% 22% 22 4% 1% 118 12 594 20% 81 24% 10% 19% 8% 5% 1w 11 8% 102% 86% 2% & 126 148% 5 108 3% 6% 91 111% 104 2% 138% 15 *3% 1 B% 1185 N 114% 15% 26 624 6% 38% 43 48% A2% 130 €0 4% 52% 404 404 100 554% 484 B52% 0% 5 58 111 97 6% 8814 28 31% 5dy 307% 18% 617y 54% 1274 B55% 21 126 139% 109% 96 15% 129% 108% 109% 18% 58 61% 43h 42% a2 21 28% 83% 96 48% 135 11 192 84 0% 8 % 43 116 279% 156 97% 2% 34 63% 102 10 89 14% 22% 9 547 i 66% 29% 89 19 67% 3% 37 34% 36% 0% 21 13% 5 110% 110% 8 % 64 26% 30% 1 91% 26 95% 110 10% 629 20 45 51 43% 91% 107 5 115% 26% 69% 68 74 36 91 13 104 2% 134 15 84 111 81 22 118 114% 63 20 45 51 4% 92 107 5% 115% 26% 69% 68 24%, 24% 107 929 5% 16% 1% 86 224 3% 150 1% 14 48 231% % 47% 885 106 4% 12 4% 5% 15% 15% 24% 62 £86% 334 42% 4% 31% 130 59% 84 50% 391 40 100 55% 48 51 69% 4% b7 110% 97 6% 82 27% 31 634 30% 134 61 524 12% 52% 21 125 136% 109% 96 15% 128% 106% 108% 13 b7% 61% 31% 40% 40% 20% 284% 80% 96 4T% 185 11 192 Th 69% % 8% 4@ 118% 273% 14% 97% 42 83% 53 102 9% 88% 14k 21% 19 53% 17% €54 29% 89 18% 67% 1% 36% 4 85% 69 26% 13 L3 110% 110% ™ % 6% 26 80 1 26 25% 92% 110 9% 107 102 [ 16% 1% 86 22% 4 162% 1 14 48 237% 45Y, 4% 89 106 4 12 “y 6 16% 16% 24% 624 6% 83% 43 48y 32 130 69% 3% 50% 393% 404, 100 554 48y 52 4% 57% 97 6% 22 31 Leh Val (3%). Lig & Myrs (3) Lig & Mvrs B (3) Lig & My pf (7) Lima Loco {4) Loews inc (2). Loft, Incorpor. I.ooye-Wiles Bis. Lorriliard (3. Louis & N'sh (6) McCroryB($1.60) . Mcintyre (760) Mnack Trucks ( Mack T 1st (7).. Magma Cupper. . Mallinson & Co. Man E' Sup (4) .. Man B) medgtd 4 Manil Ei Co (8) Marucuibo Oii. . MKkt St Ry pr pf. Murland Oil. ... . Martin Parry (3) Maxwell Mot A. . Maxwell Mot B. WMar Dpt St (5)... Mex Seaboard2). MexBeabd ctfa(21 MiamiCop (2). .. Viddre St OM. .. . Mid1'd Prod pf(8) Minn & St Louts. . M StP&SSM (4). Mis Kan & Tex Mis K & Tex pf.. Missouri Pacific Missouri Pac pf. Mont Power (4). Vontgom War: Yoon Mot (3). Mother Lode 75c. Nask Mot (18%). Nat Bircult 3).. Nat Datry (3).. NatEn&St..... Nat Lead (8).. .. Nat Leud pf (7). NatRy.M 2d pt. . Nat Supply 3).. Nev Cons Cop. .. NewO,T&M t233 N Y Air Br (4) N ¥ Central (7 NYCast, Ny C&StL pf (6). NY NH & Hart.. N Y Ont & West Niagara F pf (7). Norf & W (18)... North An.er (2). . North Pac (6). Okla Pr & Ref. Onyx Hoslery. Otis Steel...... Otis Steel pf. Owens Bot (3) PacG& E (8). Pacific Ofl (2).. Packard (1.20). . Packard pf (7).. Pan Amer (4) .. Pan Amer B (41 Parish & Bstpd. . Park & Tilford. .. Penn Raflr'd (3) Penn Seab Steel. Peop Ga= Ch (7). Pere Marq (4). .. Pare Mar pf (51 Pere M pr pf (5) . Phila Co (4)... Phila A R&T. Phila & R&I ctfs. Phit Mor (6023 .. Phillips Jones. Phillips Pet (2).. Plerce-Arrow. ... Plerce-Arrow pf. Pierce Oil . Plerce OMI Df...... Pitts Toal (4)... Pitts Ut pf $1.20. Pts U pf ctfs 1.20 PItte & Wess Va. P& W Vapf (6). Postum Cer (4).. Press Steel Car. Press Steel C pf. Prod & Refiners Pub Ser N J (4 Public Serv rts. Pullman Co (8).. Punta Al Su (5).. Pure Oll (1%) ... Ry Stl Spg (%) Ray Cons Cop. .. Reacing (4). Reading rts. Rend 2d pf (2) Reraington Type. Replogle Steel. .. Rep Ir & Steel. .. Rep1& Spf (7 Reynolds Sp (1). Rey Tob B (3)... Rossia Ins A (6). Roy D'teh (3.46). St Joseph La (2). St1.San Fran... St L-San Frpf. St L Routhwest. . StL8'thpt (6).. Savage Arms. ... Schulte (3)..... Seaboard AirL.. Seab'd Air Lipf. . Sears-Roeb’k (6). Seneca Copper. .. Shattuck-Ariz. Shell Un Ofl (1). . Sherwin-Wms pt. Simmons Co (1). Sloss-Sheft Routh Pae (6). So P Rico Su (8) Southern Ry (5). Bouth Ry vt (5). Spicer MIg. ..... 2td Gas & El . St Of1 Cal (2) . StOIINJ (1) - StOINJIpf (7). <A Mate G176~ Std Plate G pf(7). Sterling Pr (4) Stewart-War ( Stromberg C (8). Studebaker (4).. Submarine Boat. Superior Ofl. Superior Stl (3) Sweets Co of Am. Telautograph. Tenn C&Ch.. Texas Co (3! Tex Gulf (1! Texas & Pacific. Tex & PacC&O. Third Avenue. ... Timken (13%):.. UnBagPa (6).. Underwood (3).. Un Pacific (10) Un Pac pf (4). Un Tank Car (5). Utd Alloy Steel Utd Cigar Stores. United Drug (6). Utd Fruit 10)... 8 Distrib pf (7) S Ind Alcohol. . Utah Copper (4). Utah Securities. Vanadium Corp. . Va-Caro Chem B. Va-CaroChpt... Va Ry & Power. . Wabash. . Wabash pf A. Web & Hellb (1), Wells Far (2%) . Weat Elpt (7)... West Penn pf (7). 43 95% 48% 1% 100 56% 56% 1 28" 45% 2 101% €8le 77 854 504 50k 4915 e 72 364 11% 38% 2 28 68 184 19% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Offi 118% 61% 16% 8% 1% 37 9% 97 15% 98% 101% 32% 2% 42 4% 5% 29% 46% $1% 33 50% 11% 204 20% 20% 1% 48% 65% 33% 21% 8 108% 61% 2684 . 19% 1534 17 1% 57% 14 106 41 106% 109% BY% 6% 204 28% 124% 26% 63% 24 20 % 48% 3% %% 4% 1% 100 55 54% T 28% “n 1 101% 864 3% 834 50 487 49% 18% 69 34% 10% 20% 2 28 58 13% 12% 60 100 4% 4 69y 30% 87 15% 128 50% 23 118% 12% 61 86 41 11% a7 125 14 103 2 7% 16% 104 25% 13% 17% 18% 65% % 70 634 6% 11 86 58% 364 118 304 89 61% 50% 613 37% 8% 6% 28 1% 8% 8% 40% 3% (ALL LIBERTY BONDS INSHARP UPTURN Reduction in Rediscount Rate Stirs Market—French Is- sues Highgr. ue 61% 101% 32% 22% 48% 4% 95% 29% 48% 81% 38 50% 12 90% 20% 20% 23% 1% 80% 2% 42 14% 43% 17% 48% 854 35 21% 8 108% 61y 38 20 157 17 1% 5T% 14 1064 42 1073 1144 90% 278 20% 28% 124% 26% 6334 2% 20% T™ 48% 43% 95% 4T% 1% 100 55 641 1 28% a4 2 1014 66t 7 8315 50 49 49% 13% ks 340 10% 31 2 28 68 13% 124% 60 101 5474 41 69y 80% 57 155 1295 23 1204 12% 614 223, 36 108% 2 T% 16% 104 25% 13% 17% 18% 65% 4% 70 63% 76% 11 86 59 365% 118 80% 89 61% 80% 615 37% Ry 614 28 2 8% 8% 41 3% 34% 9% 12% 85% 64y 90% 4% 48 28 142% 5% 17 25 63 82 216 18 45% 93% 93% 28% 117% 72% 81 85 29% 106% 121% 80 20% 24 1 5% that the assets of the BY GEORGE T. HUGHES. Special Dispat#¥to The Star. NEW YORK, August 8.—The chief point of interest in today's bond mar- ket was the effect of the announce- ment of & reduction In the rediscount rate of the New York Federal Re- [serve Bank. The immediate result was a sharp upturn in United States Government loans. All the Liberties opened higher, but thereafter moved very irregularly, fluctuations between sales being unusually large. Trading Was very unsettled and the early ad- vance was followed hy some reces- slon. Meanwhile, however, Treasury 4%s at 106 were at a new high, and Liberty fourth 4%s likewise bettered their best previous price. Ralls Rather Heavy. In thé general market high-grade rails and industrials were rather heavy. Some large blocks of such standard issues as West Shore 4s, Southern Pacific refunding 4s, Atchi- son general 4s.and Union Pacific first 4s were offered over the counter by holders anxious to exchange them for higher yielding securities. The de- mand for middle and second-grade bonds was not especially brisk, but ders were confident that such a mund would soon develop. There % no let-up in the inquiry for high- grade short-term obligations, and for these the supply was not equal to the demand French Bonds Again Strong. Speculation in the foreign group went on actively, but the advances were not as sharp as on the two preceding da The market had to assimilate a certain amount of profit taking. New high records were made by French 8s and French 7%s, while French Cities 6s reached the best price this vear. Austrian 7s were very strong and likewise made a new high record. Buying kept up in Czechosl k 8s and City of Greater Prague . Jugoslav' Ss touched 88 for the first time. In domestic rails Chesapeake and Ohlo convertible /x came down from their recent higl, with the stock. Among the industrials the feature was the advance in Ajax Rubber 8s in response to the more favorable reports from the rubber and tire in- dustries w financing was unusually A block of $20.000,000 sieomonmrels per cent Argentina notes were pri- vately placed on u 3% per cent basis. STERLING EXCHANGE AT NEW 1924 TOP By the Associated Press NEW YORK, August S—Sterling exchange today again mounted to a new 1924 high record at $4.523%, an overnight gain of 1 cent. French francs crossed 5.60 cents to a new high level on the current movement. Other European exchanges were buoyant. NEW LOW RECDED” FOR FOREIGN LOAN By the Associated Press. NEW YORK. August §—The sale of $20,000.000 Argentine treasury six months 514 per cent notes on a 3% per cent basis has established a new low record for a short-term loan to a foreign government. The new issue refunds a similar amount of short- term notes which were sold six months ago to yield 5.50 per cent. Further contrast is offered by the fact that some objections were heard in Argentina to the high rates of in- terest fixed on previous loans to the government. | CLAIM $77,000,000 LOSS IN OIL ASSETS IN YEAR By the Associated Press. NEW YORK, August % —Charges Middle States Oil Corporation have dwindled over $77.000,000 in less than one year are contained in a circular mailed to stockholders by the stockholders’ protective committee, headed by Wil- liam Shivers, which is asking for a deposit of the stock in connection with the proposed reorganization of the company. The announced pur- pose of the committee is to conduct an investigation into the past and pres- ent management, obtain restitution of property alleged to have been im- properly diverted and to work out a plan for successful reorganization. Mr. Shivers, who already has re- celvership proceedings _ pending against the corporation, alleges that a_ number of persons voted away $5.500.000 of the company's money to pay the personal indebtednesp of former Gov. Charles N, Haskeil of Oklahoma. BOND MARKET RIVALS 1916 RECORD TRADING Special Dispatch to The Star. BALTIMORE, August 8.—This has been the most active summer bond market in four or five years, and compares favorably in Volume of transactions with the “boiling” mar- kets of 1916 and 1919, though not in high' levels of prices attained, Balti- more investment bankers ' report. The latter record is still held by the year 1916, So-called “war brides” held forth in 1916, and there was a scramble to buy securities of industries and other corporations engaged in any way in war activities, = except, of ' course, railroads, which were repressed by political ' action. The Washington, Baltimore and Annapolis _Electric Railroad and other lines serving com- munities benefited by Army camps waxed fat on profits derlved from those sources. CROPS SHOW MARKED IMPROVEMENT IN JULY Most of the country’s crops im- proved substantially during July, and production prospects at the begin- ning of this month were considerably better than & month ago. The crop reporting board of the Department of Agriculture issued forecasts yester- day for the principal crops, basin its calculations on the condition o the crops on August 1. Wheat, corn, oats, barley, potatoes and rye ali showed increased prospects over last month, _but sweet potatoes, tobacco, rice; hay, apples and peanuts regis- tered declines. 1% 1u 6% 1% 28% 24% B4 8% 67% 6% W L 111% 111% d Worthingn Pump. 21 37 WthPpfB(6).. 65 65 12% 124 | Am T&T cl tr 5s [oxww sox_BONDS stocx mxcaarz] Recelved by Private Wire Direct to The Star Office. (Bales are 1n §1,000.) BOND! A thirty - secondu. 3 means 98 3-32.) Sales. High. Low. Olose. 116 101= 8 101~ 2 101= 2 ++ 170 102-24 102-11 102017 1001 10126 101-10 10125 719 102-21 102-14 -102-18 2615 102-27 102-15 102426 +. 174 108~ 2 105-27 106~ 2 FOREIGN. sales. Hi Argentine 6s'37...205 Argentine 7s. Austria 7, Belgium 6. Belgium 7% Belglum 8s Berne 8 Bolivi; Brazil 7s. .. Brazil T4s Brazil 8s Canada 651926 nada bs 1931, Canada 6s 1 Canada 6%s 1 *hile 7u 1943. Chile 85 1928 Chile 85 1941. Chile 85 1946 4 Chinese Gov Ry 63 17 Copenhagen §%s.. & Cuba 5% . 31 Czecho b5 1951 69 €zecho 8 1952 ct.. . 208 Danish Munic 8s A. § Danish Munic 1 Denmark 6s....... 64 Denmark 8 -5 Dutch E15%s.... 77 DEIS%sct 337 Dutch Kast [ 6s°47. 42 Dutch East I 65 '62 25 El Salvador 8s '48.. 1 Finland s f 65 1945. 28 Framerican 7%s.. 68 French Govt 73s. 500 French Govt 8 59 Haiti 6s. 1 Holland-Amer 6s.. 4 Hungary 6%s 281 Ttaly 638 1926.... 10 Jaj 51 Japanese 63%s. ... 168 Jergens UM 6547, 36 Lyons 6s. Marseille 6; Montevideo 7 Netherlands 6 Netherlands 6 Norway 6s 1943 Norway 6s 195 Norway 8s.. Orient Dev deb s Paris-Ly's-Med 6s.122 Porto Algere 8s 7 Prague T%s Queensland 6s.... 1 Queensland 7s..... 12 Rio de Jan 85 1946. 14 Rio de Jan 8s 1947. 21 Rio Gr Do Sul 8s.. 14 Sao Paulo State 8s. 4 Seine Dept. of 7s.. 134 Serbs Crotes Slo 85276 Soissons 6s. o9 Sweden 6s........ 11 Swiss 5% ... 90 Swise Confed 8s 2 Tokio 5s. ... 1 Ud Kingm 5% '29.354 Jd Kingm 632537, 74 Ud Steam Copen 6s Uruguay 8s. 2 Zurich s, 1 Low. Close. 4% 8% 944 102% 102% 102% 9% 97 23 101 100% 100% 110% 110 110k 109 108 108 112 1104 112 98% 93% 89% 89% 83% 83% 1013% 101% 97% 98 101% 101% 101 101% 1020 102% it 103% e U8% 108% 103% 108 108 105% 46% 9% 7 101% 100% 109 109 100% 110 90% 90% 97 961y 10z 9% 9% 105% 4 107% 8% 102 109 96 244 9Th 9y% 964 87 8 103% 97 1% 64k 110% 104% 92 105% 109% MISCELLANEOUS. Ajax Rubber8s... 25 Am Agr Chem 7 Am SmIt&R 1st bs. 22 AmSugref6s..... 8 AmT& Teltrds |5; 1 Am T & T deb 5%4s. 56 AmT& Tcv 6s.. 4 Am Water Wks 5s. 10 Anaconda 1st a5 Anaconda cv db Armour & Co 4%s Armour of Del 5% Assoclatec Oll 6s | Atlantic Refin 6s. Bell Tel'Pa 5s. . Beth Steel pm 5. Beth Stecl rf 58 Beth Steel 53 Beth Steel s £ 65 Brier H St 1st s. Bush T Bldg 55 '60. Calif Pete 6%s. ... | Central Leather 58 Chile Copper 6s CInG & E5%s 62 Col Gas & El 53 Col Gas & Kl bs sta. Commonwth P 6s. . Con Coal Md 1st 5s. Consumers Pow 5s Cuba Cane cv 7s '30 Cuba Cane cv d 8s. Denver Gas 5s. Det Edison ref 6s Du Pontde N T4s. Dugquesne Light s Est Cuba Sug 7%s. Empire G&F T%s. . Fisk Rubber 8s.... Goodrich 6%s. Goodyear 8s 1931 Goodyear 8s 1941 Hershey 65 1942 Humble O&R 6%s. Illinois Bell 1st b Illinois Steel 4% Int Mer Marine Inter Paper 58°47 KCP&LtbsA’'s2 Kan G & El 6s'52 Kelly-Spring 8s Liggett & Myrs 5s. Lorillard (P) bs Magma Cop cv 7 Manati Sug sf 7%;s. Midvale Steel 5s. Montana Power 5: Mor's&Co 1st 4% N Y Eden 1st 6%s NY Tel 4%s. N Y Tel 68°41. N Y Tel 65'49. North Am Ed 6s... North Am Ed 6% Nor States Pow b Northwst B Tel 7; Otis Stecl 7%s. . Pacific Gas & El bs Pac Tel & Tel 5s. . . Pacific T & T 5s'62 People's Gas 5s. . Phila. Coref 6s A Pierce-Arrow 8s. Plerce Oil deb 8s. Producers & Rf 8s. 2 Public Service bs. .280 Pub Serv Elec 6i Punta Alegre 7s, Sharon Stl H 8 Sinclair Oll 6% Sinclair Oil 7s Sin Crude Oil 6%s Sin Crude Ol 6s... South Bell Tel & So Por Rico Sug 7i Southwest Bell 53 Sug Est Orient 7s. Tenn Elec Pow 6s. Tide Wat Oil 6%s. Toledo Edn 1st 7s. Union Bag & P 65 U 8 Smelter 6 U SSteel sf6s. ‘Warner Sug 7s'41. Western Elec bs. ‘Westinghouse 7s. . Wickwire Spen 7s Willys-Ov 6 3. ‘Wilson & Co 1st ts ‘Wilson & Co cv 6i ‘Winchester A 7% Youngstn S& T 6s. 20 9% 94is 1014 T% 101% 102% 7% 923% 9816 100 8634 89% 1% 941 100% ¥7% 101% 102% 1% sl 9TH 99% o6% 9% 100% b8y 100% 88 86% 100% 1004 98 102% 26 96 9% % 104% 108% 2 115% 84% 101% 101% 104% 104% 2 92 2% 62y i 02 10 % 98K 8% 109 9% 0% 974 98 101% 101% % 96 9 PENN POWER EARNINGS. . NEW YORK, August 8,—Net earn- Ings of the West Fenn Power Com- pany and ita subsidiaries tor the year ending June 30, 1824, 3,225,770, over three times the requirements for the nd, which calls for $889,5639, This leaves $16.56 a the 141,000 sharés of common s tion were aivi ‘which' is Peap Rallways By 1 beidiaries, after deprecia- preferred for, all of the West Penn + RAILROADS. 8 5 SWdiv 3%s. 81 O Toledo 4s. 5 Bklyn-Manhat 6s. .184 Buff R & Pitt 435, Canida South 58 Canad North 63, Canada North 7s. Canad Pac deb 4s. . Car Clinch & O bs.. . Car Clinch & O 6s. . Cent of Ga 5148 Cent of Ga 6s. . Central Pacific 4s. . Ches & O cv 4145 Ches & O gn 4145 Ches & Ohio cv 6s. 409 Chi & Alton 3%s... 55 Chi B&Q 1st rf 5s. 34 CB&Q-llidivas . 1 Chi& E1ll gnbs... 16 Chi Great West 45. 8 ChiM & St P 4825, 41 Chi M&St P 45°34.. 1 CM&StPdb4s... 5 Chi M&SLP cv 1145 12 Chi M&St P rf 4t5s. 4 Chi M & StPcvbs. 14 ChiM&StP6s.... 11 Chi & N W ret 5 Chi& N W Ts. Chi Rys 55 ChiRT&Prf'ds. ChiTH&SE bs ChiUn 8ta 4%s Chi Unlon Sta b; ChiUn Sta 6%s Chi & W Ind cn Chi & W Ind T%s.. & StLSs... & StLrf6sA. 11 Cleve Term 5s. Colo & Sou 414 Cuba R R 5s. .. . Del & Hd 15t 1f 45. Del & Hudson 5% Den & Rio G cn 48 Det United 418, Erie Ist con 4x. . ic gen 4s. ... ieconvids A.. Eric conv 4s B. (I TITTTY RPERRRRRRR 0 woresmaBe Gr North gen 51 Gr North gen 7s... . Green B& W db B. Havana ERL&P 55 Hud & Man ref 5s. . 2 Hud & Man aj 5s 11l Central ref 4s 11l Central 5 5 Int Rap Tran 5s... 61 Int Rap Tr 5s stpd.441 Iut Rap Tran 7s... 26 Int & G Nor 1st 6; Int & G Nor aj 6s Towa Cent rf 4s. . San City FUS ansas City Kansas City S Lake Shore 4528 . Lake Shore 48 31. high Valley 6s. . Louis & N uni 4s .. Louis & N 5s B.. Louis & Nash s. Mo Pacific gn 4s. Mo Pacific 5545, Mo Pacific 6s. . Montrl Tm 1st 5s N Y Cent gen 33s. N Y Centribs N YCent deb 6: NY CenLScl2is. N Y C&St Ldbds. NY Chi& SL5%s.; NYC&SUL6sA.. New Haven s fr... NYOnt& Wrefds 6 N Y Ry rf dsetfs.. w York Ry rf 4s « York Ry aj 5s Y Rysadjbsct..l Y State Ry 43, NY W & Bos 4 Norfolk & W cn #s. Norfolk & W cv 6 Northern Pac 3s Northern Pac 4s... Northern Pacri 6s Ore & Calif 1st 5s. . Ore Short Li ref 4s. 10 Ore-Wash Istrf4s § Pennsyl con d%s.. 6 Pennsyl gen 4%s.. 28 Pennsyl gen5s.... 4 Pennsyl 6%4s...... 65 Pennsyl gold 7s.... 19 Pere Mrq 1st 4s'56. 9 Perc Marq 1st 5s. .. 26 Reading gends.... 4 Reading gn 4¢s... 13 Rio G West 1st 4s.. 16 RIATk & L4l%s... 9 StLIM&S 45°'29... 20 St L 1M&S R&G 4s.122 SIL&SFpldsA.. 49 StL&SF prinbs. StL&SF5%sD.. SUL&SF adj6s... StLe&SFincés... StL&SFpl6sC.. StLSW 1st4s. StLS W con 4532, StP & KCShL 4%s. StP Un Dep 5%s SanA & ArnP 4s.. Seab'd A Liref 4s Seab'd A L adj 5s Seab'd A L con 6s. . Sou Pacific 45’29 Sou Pacific ref 4s. . Southern Ry gn 4s Southern Ry 1st 5s Southern Ry 6s ct.. Southern Ry 6%¢s. . Sou Ry Mobile 4s. . Term Asso St L 4s. Third Ave ref 4s... Third Ave adj 5s. Tol StL & W 4s.... Union Pac 1st 4s... Union Pac 1st rf 4s Union Pac 4s'27.,. Union Pac 1st rf b Union Pacific cv 6s. Virginia Ry st bs Wabash 1st 5s 5 Western Md 4s. ... 26 Western Pacific 5s. 17 West Shore 1st 4s. 10 Wheel & L E cn 4s. 58 Whel & LE rf 4%s 89 Wikes-B&E 1st " 1. 9 Wisconsin Cent 4s. 11 L ————————— 8% b6% 62 82% 7% 88l% 8% 101% 102% 106% 83 84 59 54 834 92% R6% 99% 106% 104% 6 100% 63% 9, Hg\fi 68% 85% 64 81% 30 sl% .87 eentimes, POTATOES EASIER. CHICAGO, August 8.—Potatoes trifle easier. Receipts, 46 cars; total United States shipments, 522. - Kansas and Missourt sacked cobblers, 1.25a1.50, few 1055; poorly graded, 1.10a1.15; nsas sacked early Ohios, 1.15a1.30; ‘Vsl.r(hlll barrel cobblers, 2.50a2.65. $81,000 FOR EXCHANGE SEAT. NEW YORK, August 8.—A seat on the New York Stock Exchange was sold today by, J. William Souther to Isaac Hilllard for $81,000, the same price as on the last previous sale. Ao PARIS MARKET UNSTEADY. PARIS, August 8.—Prices moved ir- regularly on the Bourse today. Three per cent rentes, 53 francs 35 centimes. Exchange on London, 80 francs 75 centimes. Five per cent loan, €7 francs 80 centimes. ‘The ‘dollar was quoted at 17 francs FINANCIA COTTON QUOTATIONS HOLD VERY STEADY Rainfall and Other Reports Held Subordinate to Government By the Awsociated Pre NEW YORK, August 8.—Reports of inadequate rainfalls in the Southwest imparted a firm tone to the cotton market at today's opening, With prices advancing 12 to 16 points. Covering by yesterday's early selle‘s was added t> scaitered buying pro- moted by steadiness in Liverpool and advances in foreign exchange. Oc- tober advanced to 28.35 and Decem- ber to 27.64 in the early trading, or 24 to 29 points net higher. hile general business was restricted by the proximity of the Government's crop report, the tone was steady. Cotton futures closed steady. Low. October 2722 December January March May Today's New Orleans Prices. NEW ORLEANS. August 8—The cotton market opened steady despite the fact that Liverpool was not up to expectations. First trades showed losses of 1 to 4 point Prices im- proved right after the call, October trading up to 27.40 and December to 27.41, or 17 points above the previous close on both ‘months. The market ruled qufet during the early trading while walting for the weather map and was supported by advices of no further rains in the West and rather too much rain in the Eastern beit Cotton traders construed the - ernment cotton report as bearish and prices broke about $4 a bale. Octo- ber_declined to and December to 27.09, followed by rallies of 25 to 30 points. Cotton futures closed steady at net decline of 80 to 82 points B3 264144 543 Low. October 26.40 December 2647 264 .19 December, : {anuary. 21 . 27.40: May, 2733, id. CHICAGO GRAIN PRICES. CHICAGO. August 8.—Corn made a rapid upturn in value today as a re- sult of active buying due to the Gov- ernment figures on the corn crop out- look. Especial notice was taken of the fact that the condition of the crop, 70.7, is the lowest since 1911, and that heavy losses of probable yield are forecast in the States of largest production, Towa and Illinois. Selling broadened out on the bulges in price, but the offerings were quick- Iy absorbed. Opening _quotations, which ranged from 1% to 234c, higher, December 1.041%; to 1.05, were fol- lowed by an irregular advance of | more than 3 cents a bushel in some cases. Wheat at first tended downward in price, being affected by a decline in Liverpool quotations and by a slight- 1y bearish construction placed on the United States Government crop as to wheat. Export business, together with strength in the corn market. however, led soon to substantial gains. After opening unchanged to 1c lower. September 1.28%a1.29 and December 1.3214a1.33, wheat rose all around to well above yesterday's finish. Oats sympathized with corn. Start- ing unchanged to %c higher, Septem- ber 4914a491;, it was later showing gains of lc or more. Provisions rose with corn and hogs WHEAT— Open. High. Low. September ... 1.288; 2 December 3 December Mas September December | May ... LALD: September | October November | RIBS— September ..... October ’ GRAIN AND PROVISIONS. BALTIMORE, August 8 (Special).— | Potatoes, mne: barrel, 1.00a2.25; bushel, 40a85: beans, busnel, 1208 1.60; beets, per 100, 4.00a5.00: sweet potatoes, barrel, 3.00a8.00; cabbage, 4.0026.00; carrots, per 100, corn, dozen, 15ad5: celery, 5: cucumbers, basket, a : ‘ima tettuce. basket. ola spinach, ;' squash, basket, 65a asket, 50a1.00; biack- quart, 10a13; huckleberries, 10al15; plums, basket, 40at5; basket, 1.00aZ.40; melons, 20.00a55.00; cantaloupes, 1.00a1.50 pineappres, -crate, berries, quart, peaches, per 100, | basket, 2.00a3.50. Settling Prices on Grain. Wheat—No. 2 red Winter, spot, 1403 2 red Winter, garlicky, 1.31% 3 red Winter, garlicky, 128% Sales—Bag lots of nearby sold at a range of 1.12 to 1.28. Corn—Cob, new, no quotations for yellow; No. 2 corn. spot, 1.18; No. 3, no quotations; track corn, yellow, No. 2, 1.31 and 1.32. Sales—Bag lot of white, delivered, at 1.12. Oats—No. 2 whll:e. 64a64%; No. 3 . 1.00%. Receipts, 27 tons; in compari- son with the demand, present recelpts and offcrings of hay, except old No. 1 timothy, are more than ample for trade wants. Market is easy, low- grade, grassy and weedy hay being especially hard to move. uotations—No. 2 - timoth; 24.00a 00; No. 3, 21.00a22.00: No. 1 light clover, mixed, 24.50a25.00; No. 2 light clover, mixed, 21.00a22.00; No. 1 clover mixed, 22.00a23.00; No. 2 clover, 20.00a 22.00; sample grade, 18.00a21.00. Straw—No. 1 wheat, new. 12.00a 3.00; No. 1 oats, new, 13.00a14.00. — CHICAGO LIVE STOCK MARKET. CHICAGO, = August 8. — (United States Department of Agriculture).— Hogs—Receipts, 30,000 head: steady 10 higher; weighty butchers showed full advance; slaughter pigs steady to 25 higher; shipping demand active; top, 10.35; bulk better 160 to 50 pound averages, 10.00210.35; de- sirable 260 to 350 pound butchers, 10.00a10.25; good and choice 140 to 150 pound welght slaughter pigs, 9.25 29.35. Cattle—Receipts, 4,000 head; largely & dull catch-as-catch-can market; welght fed steers in very narrow de- mand; moderate supply being held over for next week's market; moder- ate outlook for yearlings and desir- able handyweight steers; choice 89! pound yearlings upward 10.7 mixed steers and heifers, 10.25; few weighty fed steers, 9.00a9.85; fleshy Kansas, 7.25; better grades fat she stock steady: others and canners and cutter, and bulls weak to 25 lower; liberal supply light and medium weight _grass bulls; load western grass bills, 3.50; fat westerns, 3.35; few welghty bolognas above 4.6 light canner cows downward to 2.25; outlet narrow; vealers practically steady with Thursday's average: bulk, 9.50a10.50; few upward to 11.00 to packers and small killers; several loads stockers and feeders late ves- terday, 5.50a6.25; some 1,000-pound thin-fleshed feeders at inside pric Sheep—Receipts, 10,000 head; early sales fat lambs around steady: spots on natives strong to 25 higher; sor! ing lighter: bulk native, 13.00a13.2! good to choice Idaho lambs, 13.25a 13.76; sheep and feeder: odd to good FIRE LOSSES REDUCED. PHILADELPHIA, August 8§ (Spe- cial).—Losses by firé ih Philadelphig for the first six months of the yeat TR e B emEesmonting 597, or * the _ correspon: period of 1923, S o FARM LOAN BOARD PLANS BOND ISSUE Amount Farmers Need Will Be Supplied—O0ther Timely Financial Notes. — Funds to help farmers move their Crops will be offered by the Govern- ment to whatever extent the neea develops during the season, predicted here today, with one report from reliable, though not official circles placing the probable total or farm loan bonds to be floated betore long at $60.000,000. Officials would not give a dennite figure, promising, however, that when the demand became sufficient from farmers through the inter- mediate credit banks debentures would be offered on the market, per haps. from time to time. ; Under the generally favorable con- dition of the market it Was predict- © that the Government would be able to provide funds at what may be a new low record for tn e e I8 type o it was Much New Financing Ahead. These bonds will be part of what has been estimated by some financial houses to be about half a billion dol- lars of financing within the next few months. According to the same au. thority the Government will be ex- pected to enter the market in Sep- tember for about $25,000.000, although other quarters seem to feel the Treas. ury’s September offering will be sub- stantially larger than this. The third quarterly payment of income taxe will be due in September, when about $377.000.000 in Treasury notes mature Included in the pros lion are $50, nicipal financing, the $100,000,000 Ger- man loan, the farm loan issue and 00 Baltimore and Ohio Rail- nDany refunding issue. Local Exchange Quiet. Trading on the Washington ox- chunge loday was gencrally in odd s in stocks, and an aggregate o about $5,500 face value in bosde: O Price changes were inconsiderable, Washington Railway 6s eased off 4 quarter of a point from the closing price yesterday. Washington Gas Light 55 sold at 95%. - and mu- Rate Alds Foreign Borrowers. New York financiers claim the chief significance of the latest reduc- cion in the New York Federal Re- serve rediscount rate to 3 per cent the lowest of any fiscal bank in the world, will lie in the establishment of New York as the most desirable market for foreign borrowers, ac- cording to banking authorities. The immediate effects of the change, it is believed, will be mainly sentimental because of continuing easy money rates. No increase in the number of bills rediscounted is forescen, as open market quotations on short term pa per are already below the bank rate Rond Seeks Bond Iwwue. The Lehigh Valley Railroad today asked the Interstate Commerce Com- mission for authority to issue and se 312,000,000 of general conseiidated per cent mortgage bonds, the proceed- 10 be used toward paying off $15,00.- 000 of 6 per cent collateral trust golu bonds. The new bonds will be sold i 96.5 per cent of par. Freight Trafc Falix of. Due principally to a falling off | shipments of live stock, ore and m cellaneous freight, loading of revenue freight for the week ended on July 2% totaled 925,859 cars, a decrease of 4425 cars under the week before, ac- cording to reports filed today by the carriers with the car service division of the American Railway Association Reports, how ever, showed increases over the preceding ‘week in’the num- ber of cars loa with grain and grain products, coal, coke, forest products und merchandise and less than carload lot freight. For the most part, however, these increases were comparatively small. Compared with the corresponding week last vear, the total for the Teek of July 26 was a decrease of 115 cars, 111 per cent, increase of 17001, or 83 per renr over the corresponding week in 1922 Auto Output Picks Up. Contrary to. expectatio: ; brought a slight increase in sutorr bile production, according to a re- view by Motor, the Automotive busi- ness paper. Many plants were closed for inventory in the first half, but schedules the last two weeks were considerably higher than in June, Kresge Sales Increase. Sales of S. S, Kresge & Co. for the month of July amounted to & 0.- 536, an increase of $624,114. or 10.56 per cent, over the corresponding month a year ago. Sales for the 1 months amounted to $45,726,542. a 8ain of $4,368,947, or 10.36 per cent. Silk Imports Hen Imports of raw silk in the fir months of this year amounted to aar. 312,000, or 8.1 per cent of the coun- try'’s total imports, according to an analysis of American foreign trade for the first quarter of this year just made by the Foreign Commerce De- partment of the Chamber of Com- merce of the United States. Reserve Bank in Fine § Richmond Federal Reserve , in this district, showed itself to be in an unusually strong position according to the statement of condi- tion for the week ended August 6 The ratio of reserves to deposits, for instance, increased from 75.39 on July 30 to 76.84 on August 6, a gain of 3.0 points. ‘Total resources dropped from $194,999,000 on July 30 to $192,803,000 on August 6. Golfl reserves increased from $96,493,000 to $98,232,000, while total reserves ipcreased = $2,740,000. On the other hand, total earning as- scts dropped from $48,824,000 to $40,742,000. COTTON BRINGS 40 CENTS. SHREVEPORT, La, August 8. Forty cents a pound was paid for the first bale of this season’s Louisiana cotton crop today. The bale, which arrived a day earlier than the first two bales of the 1923 crop, graded good middling and weighed 385 pounds. DIVIDERDS. Corporation. bf.. Cons'rs Co pf . Curtiss Aera Holmes Mfx. Mutoal Oil. z Ph'x Hos 1st pf.. Do 2d pf. - Q 8 —_— e FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nomioal | Selling 4. g Sept. gold value. London, pound . Faris, franc Rrussels, franc Borlin, mark - Rome,' lira . Zurich, frané Athens, drachm Madria. peseta - Vithos: &rowa Erague. crown ... rague. : Vv, ok agen, crown . Chmiatiania. cvown Stockholm. crown o Bty 15 % December 1, " Macen 75, i . 101 11-16 101 1318 1021982 102 3532 X?-‘i‘lfiz ml— mis IRk