Evening Star Newspaper, August 9, 1924, Page 20

RESUNE ADVANCE I STOCK MARKET Traders Push Prices Upward ¢ in Today’s Brief Session in Wall Street. By the Associated Preds NEW YORK, August 9—Stock prices today showed a tendency to re- sume their upward movement after several days of reaction resulting from heavy profit-taking sales. A steady demand for rails, sceels and a selected assortment shares checked the initial sellin made closing prices irre higher. Another new flock highs was established during brief session, some of the more prom- jnent being Pullman, Foundation Company, Delaware and Hudson and Canadian Pacific. National Lead advanced nearly 5% points, while gains of 1 to 3 points were recorded by United States Steel common, Gulf States Steel, the Puan- American issues, Phillips Petroleum, Sears Roebu United States Cast Iron Pipe, Allis Chalmers, Interna- tional Harvester and Norfolk and Western. Wilson & Co. ferred broke 4% points and Western Sugar The closing was firm. proximated 400,000 shares. SPECIAL ISSUES ADVANCE. of sales Money Conditions Called Chief Reason for Strength. BY STUART P. W Special Dispateh to The NEW YORK. August 9.—The stock market wer gher today, but with- out_much ase in the volume of was taken up wit special issues ented merely pool ¥ h yield of the cerned relative to the pres rates. Money conditions were ably responsibl: for the stren stocks like Canadian fic Pullman, both of which made new highs for the year. Also they were accountable for the rise in Norfolk and Western, the idea being that even if nothing came of the Pe 1 vania le the stock was attractive on its investment return New Rail Shares Taken Up. Delaware and Hudson was bought at new prices on talk of a plan fer gregation of coal properties and so that it would form the nucle of another big, Eastern railroad cor solidation. Merger rumors also were respon ble for the continued advanc Texas and Pacific, and the sudden taking up of the Wa h shares, Texas and Pacific is expected to wind up in the New Orleans, Texas and Mexico group. Profit taking continued in the shares of roads belonging to the Van Sweringen merger. e com- mon, regarding which bullish ideas have been especially extravagar was actively sold below 32. National Lead had another spec- tacular upturn, notwithstanding the fact that no official encouragement has been given to reports of a stock dividend or a capital split-up. Mont- gomery Ward and Foundation Com- pany ere other strong specialties The coppers, particularly the South Americans, did better. Montgomery Ward Above 69, Crossing 69, on large transaction Montgomery ' Ward today sold at new high. The reason could not very well be laid to dividend prospects, for there is an accumulation of 21 per cent or more than $£4,000,000. in bac dividends on the A shares, which 1 be got rid of before anything is di tributed on the common. Dividends on the A stock were resumed January after having been suspende for four vea Montgomery W steadily increa business appe to be the principal basis for the ing of the stock. During the first seven months of the vear sales ran $12,400,000 ahead of the same petriod & year ago. The increase in July amounted to $1,160,000 Foundation Company Strong. Foundation Company was another leader among _the specialties, making a new high. This company’s business took a remarkable jump in 1923 reaching a total of § 000 against $9,000,000 in 1. Surplus available for dividends was §10.50 a share against $6, the pre rate of p ment. Reports of business do far this year have been favorat has just been announced that’a con- tract has been closed involving over $750,000 with the Southern Railway for a locomotive repair shop at Atlanta. hof and in st d rs It Markets at a Glance NEW YORK.—Stocks firm; National Lead soars to new high. Bonds steady: Liberty fourth 1% touch rec- ord high. Foreign exchanges firm; sterling holds around $4 Cotton higher: trade buying. Sugar. hollaay. Coffee, holiday. Chicago—Wheat, large re- ceipts. Corn, steady and unchanged. Cattle, easy. Hogs, lower; light de- mand. - e CHICAGO STOCK MARRKRET. "HICAGO#® August owing is a report of today’s sal and closing quotations at the Chicago Stock Exchange High S8ty 91 82 Low, 815 P03 Amer Shipbuilding Armour of Del pfd. Armour of Tl pfd.. Boone Woolen Mills Borg & Iiec Cent 11 P Serv p Chi Nipple A... Consumers pfd.. Cudahy : amond’ Match. Fair pfd.. Hupp Motor.. Hurley Mach. Mid West prior Li Mid West Util Mid West Util Montgom Ward..... Montg Ward “A"] Standard 5 Standard Btewart Bwitt & " Swift Tnteri 5 Union_Car & Carbon U S Gypsum 5 Western Knl 1200 Yellow Mfg B eSO My DAIRY PRODUCTS. BALTIMORE, August 9 (Special).— Live poultry—Spring chicken, pound, 25a34; leghorns, 22a29: old hens, 18a 25; legborns, old, 22a29; old hens, 18 a?5; leghorns, old, 17218;; old roost- ers, 15; ducks, 15a18; spring ducks, 17a22; pigeons. pair, 20a30. Tges (loss off)—Native and nearby firsts, dozen, 28'%; sSouthern, dozen, 271, Butter—Creamery, pound. 37a39%: nearby creamery, 32; store packed, ter 34ads. SHORT TIME FAVORED. MANCHESTER, England, August 9. ~The Federation of Master. Cotton Spinners has decided to recommend continuance of short time in mills - spinning American cotton for the re- ‘mainder of the year. prompted the Spinners’ to fancy, 20154413 ladles, 30a process but- good print: 3 .| Det& Hud (9)... Iast | h, low | Ajax Rubber.... Alaska Juneau. . . Ailied Chem (4). Allis-Chalm (4).. Am Can (16)..... 124% Am Can pt (7).. 116% Am Drug Synd.. 4% Am & F P 25%(7) 114 Am For P £ pd(7) 111 Am Hide & Lea. 104 Am Hide & Lpt.. 60 Am Ice pf (6). Am Internati, Am [aF FE(1). Am Linseed. ... Am Locomo (8). 79 Am Metal (3)... 454 | Am Radiator (4). 113% AmSm & Re (5). 68% Am Stl Fdys (3). 36% Am Sugar....... 43% jAm Sugarpf (7). 89 ! Am Sumat Tob.. 8 Am Sum Tob pf. 28% Am T & Tei (9).. 125% Am Tobac {12).. 148% Am Tob B (12).. 145 Am Water Wks. . 108 AmW W ist (7). 9% | Am Woolen (7). 73% Anaconda....... 35% Aso Ol (133)... 28% | AtT& SFo (6).. 104% AT&SFpf(6). 92% |AtiBIrm & At... 21 Atl Coast 1, (15). 138% AtGult & WIpt 207 | AtlanRef (4)... 84% Bald Loco (7)... 119% Bal& Ohlo (5)... 62% 3 19% 1 76% 56% Brk Drx 5 Br Man T pf (8). | Burns Br (10). Butie&Superior | Cal Pet (1%) 22% | Calumet & H50c. 17% | can Facinic (101 152 | Cent Leather Co 14 Cent L.ea Copf. . 477 Cerro de Pasco(4) 3 | Chand Mot 16y | Ches & Ohio (43 Chic & Alton pf. | Chic & East 1. ... |chaopt (634).. | Chic Gt West pt Ch Mil & St Paul. Ch Mil & St. P pf. Chi & Nwn (4)... Chic R1& Pac... |CRI&PDL(E).. CRI&PDL(T). Cop (2%) Chino Copper Coca-Cola (1) ... Colo Fuel & Iron. “olo Southern. |Col G & E (2.50). | ComIr Tr (53c). Il m Solv A (4) | Com Solv B, Congoleum (3). | Conso! Gas (5). | Consol Textile. | Cont Can (4).. | Corn Products. Cosden Co. . | Crucible St1 (4) .. | Cub Am Sug (3).. 30% | CubCanesupr.. 6% | Curamel Fr (). 54 Dan! Boone M (37 12%s | Davidson Chem.. 58 | De Beers Mines.. 21% 126 Del L& W (6)... 138% | Dome Mines (2).. 15% DuPtde N (5)... 128% | izaton Ax (1.60).. 13 | EI Stor Bat (4).. 68% | End-John (5). 61% | Erfe..... 31% | Erie 18t pf. 40% | Erie2d pt. .. Fairbanks (2.60). Famous Pl (8)... FaAM&Spl (M. Fisk Rubber. .. Fleischman (3%) Foundation (6) .. | Freeport-Texas. . | Gen Baking (6).. | Gen Cigar (8). General Elec (%). | Gen Mot (1.20)... . 107 1638 245 61% 33 16 87 21 50% sS4 89 41 bk 48% 62 0% 4% b7% 32% 274 53% < | Gen Petm (2) | Gen Refrac @)-.. | Giidden Co. | Goodyear pt | Gt North pt (5) | Grt Wstn Su (8). | Gt west Spt (D). | Gantan Susar. . | Gu Mo & N pt (5) | Guit st st 5. | Hartman Co (45.. | Hayps WH'l (32 | Houzeb'd Pr (3).. t Houston OIl. . | Hupp Mot C (1).. Ilinots Cent (7). | tndiahoma Ref. .. | Inger R (128).. | Inspiration Cop Interb Rap Tr. | Int Cement (4 . | Internat Har(5) . | Int Mer Mar pf... | Internat Nickel | Internat Paper. | Int Rysof CA. | Int Shoe pt (8) It T&T (8).. Invincible Oil. Kan City Scuth.. Kan CSopf (4).. Kelly Spr Tire. Kenne Cop (?)... Kinney G R C Kresge Dept Stor. Leh Val (3%).... | Lig & Mvrs B (3) Loft, Incorpor. .. Loose-Wiles Bis. . ! Lorrillard @3).... Louis & N'sh (8). MclIntyre (76¢).. Mack Cos pf (4). Mack Trucks (6). | Magma Copper... | Man K1 Sup (4. Man El modgtd ¢ Manhat Shirt (3) Mariand Oil. ... . Mathieson Alkali Maxwell Mot A Maxwell Mot B... Mex Seaboard(2). Miami Cop (2) Miadle St Oil. Mis Kan & TeXeoo Mis K &Tex pf. Missour! Pacific. . Missour! Pac pf. . Mont Power (4). Montgom Ward. . V-on Mot (3).... Mother Lode 75¢. Nask Mot (18%). at Biscuit (3) at Dalry (3). N Y AirBr (O)... NYABrA® N Y Central (7).. I NYC&StL (6). Ny C&StL pf ( NY NH & Hart, N Y Ont & West. . Niagara F pf (7). Norf & W (18)... North Aner (2).. North Paoc (6). Okla Pr & Ref. Owens Bot (3) | Pacific Develp. Faeific Ol (2). Pan Amer (4). ... Pan Amer B (4).. Penn Raflr'd (3). Penn Seab Steel. . Pere Marq (4). .. Pere Mar pt (5). Phila Co (1) .. Fhila& R&T.... Phillips Pet (2) Plerce-Arrow Plerce-Arrow Plerce Oll. . Pitts Coal (4) . Pitts Ut pf $1.20. Pts U pf ctfs 1.20 Slack trade | Pitts &:Wen Va.. 60- decision, - 9 1 76% 56% 126% 116% 4% 114 111 10% 60 81 24% 10% 19% 79% 45% 113% 69% Open. High, Low. Ciose. 9 8% 1 6% 56% 124% 116% 4% 113 m 10% 59% 81 24% 10% 19% 79 45% 1134 “68% 8% 1 76% 564 125% 116% 4% 118 ity 10% £9% 81 241 10% 19% 79% 45% 113% 69% 6% 435 89 8 28% 1251 161 a 90% 28% 26% 64% 2% 3% % 4% 55% 85 4% 2| 66% | T4 | | Western Maryland Railway Suf- fers Severely From Sum- mer Slump. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. Low. Close. 101 101 101 101 65% 66% 64% 65 SteelCpf. 70 70 70 70 Prod & Refiners.. 30% 31% 80% 81% PubSer N J (4).. 57 57% 67 b67% Puliman Co (8).. 129 130% 129 130% Pure Oil (1%)... 23% 23% 23% 28% 12% Ray ConsCop.... 121 12% 124 Reading (4). 815, 61% 6lh 61% Read 2d pf (2) 85% 36% 8b% 36X Replogle Steel... 11% 11% 11% 11% Reynolds Sp (1). 16% 16% 16% Rey Tob B (3)... 73 78% 3% St L. San Fran 25 25 St L-San Fr pf. 528, 652% St L Southwes 42% 42 Savage Arms. .. 60 Schulte (3). 127% Seahoard Air L., 18% Sead'd Air L pt. . 28% Sears-Roeb'k (6). 10¢% Shell Trad (2.06) 36% Shell Un (Ml (1) 164 Shell Un pt (6) .. 954 Simmoas Co (1) . 254 Sinclair Oil 17% Skelly Oll. Sloss-Sheff (6) So P Rico Su (6) South Pac (6) Southern Ry (3). South Ry vt (5).4 StOil Cal (2). StOUNJ (1). StOiNJpt (1).. Std Plate GI(75¢) Sterling Pr (4). .. Stewart-War (5) Stromberg C (8). Studebaker (4).. Submarine Boat Superior Ofl. ... Sweets Co of Am. Tenn C & Ch Texas Co (3).... Tex Gult (16% ). Texas & Pacific.. Tex & PacC&O. Third Avenue. Timken (13%) Tob Prod (6) Tob Prod A (1) Transcont Oil. Un Pacific (10)... Un Pac pf (4). Utd Cigar Stores. Utd Ry Invest. ... Utd Ry Invest pf. U s Cast Iron P. U 8 Distributin, U S Ind Alcohol. USR&Im (8). G S Rubber. . .. USR 18t pf ). U S Steel (16) U S Steel Dt (7) Utah Copper (4) Utah Securities. . Vanadrum Corp. . Va-Caro Chem B. Va-Caro Ch f... Va Ry & Fower.. Wabash. .. Wabash DL A.... Washburn pf (7). Web & Hellb (1). West Maryland. . West Mary 2d pf. Western Pacific. West E& M (4). Wheel & L Erie. . Wheel & L Er pt... Wh Eag Oll (2).. White Mot (4). ... Wickwire Sp Stl ‘Wilson & Co. Wil & Co . Willys-Overland. Willys-Over pt. Woolworth n (3) Yellow Cab (5)... 56% b55% 56k Youngat S&T (5). 69% 69% 693 tPartly extra. $Payable in preferred stock. Dividend rates as given in the above tabl are the annual cash payments based on the latest quarterly or half-yearly eclarations, | otherwise noted, extra or special 31 PER CENT DROP IN COAL SHIPMENTS P&W Vapt (6). tum Cer (4).. 2% 95% 31% 85 107% 121% 79% 29% 23% 1 5 635 16% 4% 105% 15 13 21 214 64% 14% 25 24% 67 1% 6% 20 8% 67% 111% | 433 105% 16% 13 21% 21% 64% 14 25 24% 67 1% 7 23 8% 67% 110% 14 26 24% 67 1% 6% 20 % 66% 110% Special Dispatch to The Star. BALTIMORE, August 9.—An idea of | what the falling off in coal and coke shipmehts has cost the Western Mary- land Railway Co. this year may be formed when it is stated that receipts from these sources were $2,189,418.61, or 31 per cent less than for the correspond- ing period in 1923. Estimated earnings of the company for July were again unfavorable, but the shrinkage was not as marked as in earlier months of the. year. Gross was_ $1,434,002.93, against = $2,005,106. for July a year ago, a decrease of $571, )8 per cent. Drop in coal and coke ' shipments accounted for $473,- 219.53 of the loss. For the year to July 31 gross earn- ings are estimated at $11,059,570.37, a decrease of $2,683,471.89, or 20 per cent, compared with the corresponding period a year ago. . HUNGARIAN BONDS GO ABOVE, OFFERING PRICE By the Associated Press. 'W YORK, August 9.—Although the Hungarian loan was offered here only a few weeks ago, the bouds are now selling at a premium, having ad- vanced a point above the offering price. Their rise, in line with the upward movement of other foreign bonds, has attracted attention because few issues have commanded a pre- mium prior to dissolution of the un- derwriting syndicate. Establishment of a record high price by the Austrian 7s is believed to have contributed to the demand for the Hungarian obli- gations. FORD TO BYILD LARGE PLANT AT NORFOLK Special Dispatch to The Star. . NORFOLK, Va. August 9.—The Ford Motor Company has awarded contracts for the immediate construc- tion of a new standard assembling plant here, making, the thirty-fifth Ford assembling unlt in the United States and adding 90,000 cars yearly to the company’s ‘capacity. The plant, which is suitable for ocean shipping, will include a main build- ing 800 by 300 feet, a power house, oil warehouse and pier. CHANGES IN INTEREST RATES NOW DISCUSSED By the Associated Press. NEW YORK, August 9.—Whether a general revision of interest rates paid on_deposits and commercial banks will be made as a result of the lower rediscount rate now depends on the action of the New York Clearing House association. Until a few weeks ago the interest schedule was auto matically adjusted with each change in the bank rate. A new amendment, however, gives a special clearing house committee the power to review the situation and control the fixing of new Interest charges. SILVER STILL SOARING. ‘W YORK, August 9.—The price of silver advanced % of a cent to 69% cents an ounce yesterday, a new high record for the year. The pros- pect of a settlement of the remara- tions question is expected to | crease the demand for silver by K ropean countries for coinage pu poses, a factor which has caused a steady advance in the value of the metal this year. A broom dampened with salt water will brighten the colors of a faded Carped, FOURTH U. 3. LOAN ADVANCES 10103 C. & 0. 5s Sell Lower in Short Session Today—Marked . Gains During Past Week. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, August 9.—The week in the bond market closed with prices approximately at the levels prevailing Friday. All the foreign group was still firm, and in some cases further fractional gains were scored. Specu- lation, however, was not as active as on preceding days. This is not sur- prising in view of the extraordinary advances all these bonds have en- Jjoyed. . French issues have been the leaders all the week, and_among these the Department of the Seine 7s have made the largest gains, the net advance be- ing nearly 6 points. Other French bonds are up anywhere from 3 to 4 points. As it stands today no French obligations yield more than 7% per cent, and this return is possible only with French 8s. The smallest yield is returned by the FKrench 7%s, but these have the compensating attrac- tion of being non-callable. Hungary Bonds Active, Second only in interest to the French bonds have been the new Hungary Offcred originally at 87%, they up today to 88%, a noteworthy accomplishment for a new offering. It goes to show the issue was better placed than the average. Much the same condition exists with regard to the new issues of Czechoslovak Ss, which, together with the old bonds, have advanced almost 3 points on the week. Both were strong today. Jugo- slav 8s continued today in active de- mand around the best price of the week. This was also true of the City of Greater Prague 7l4s. All this enthusiasm for foreign bonds was based of course, on the agreement reached at London on the Dawes plan The reduction in the rediscount rate of the New York Federal Reservc Bank announced Thursday night, had no effect upon the bond market, ex- cept to advance the United States Government list, the fourth 4% Liber- tics and the Treasury 4%s making a new high record for all time. High-grade rails and industrials failed to respond, apparently because they had already discounted the money situation. Nor was there any particular stimulation to the market for speculative r&ils, where the domi- nant influence, @s in the stocks, was merger talk. Among industrials there was some £00d buying of rubber bonds on the belief that rubber and tire companies had “turned the corner.” Ajax Rub- ber 8s were especially strong. Week's New Offerings Heavy. The weekly statement of 747 mem- ber banks of the Federal Reserve sys- tem shows another increase in hold- ings of investment bonds and stocks, while commercial loans are un- changed. The week's new offerings totaled $94,339,000. Shelves of dealers have been pretty well cleaned up, and the stage is all set for the long expected German loan. U. §. Loan at New High Point. By the Associated Press. NEW YORK, August 9.—Mixed price movements featured today's early bond trading. United States Govern- ment issues continued to respond to the reduction of the local rediscount rate, the fourth 4%s establishing a | record high price at 103, the first of the active Liberties to reach this ob- jective, which Government bond ex- perts set for them some time ago. Treasury 4%s held around 106. A strong underlying demand for French obligations held the foreign list firm. al railroad bonds, including hesapeake and Ohio convertibie 58 and Louisville and Nashville 4s moved | lower. Wilson convertible 6s lost more than a point. EVERYMAN'S INVESTMENTS BY GEORGE T. HUGHES. RAILROAD REPORTS. Fifty-Fourth Article. Applying the rule that investment in a security should be preceded by a study of the industry concerned, pro- spective buyers of railroad stocks or bonds will do well to begin with the traffic statistics. The most important of these is the weekly report of car loadings which shows the amount of freight the rail- roads are carrying classified under different heads. This is the funda- mental index figure of railroad prog- ress. Earnings depend largely upon freight; passenger receipts are com- paratively unimportant. Passenger traffic, incidentally, has been cut into by the motor car much more severely than freight. Covers Whole Country. These car loading reports cover the country as a whole and so give some indication of the volume of business. Next comes the individual earnings statement of the various roads report- ed monthly. These are uniformly pre- pared under regulations prescribed by the Interstate Commerce Commis- sion and show how gross and net carnings compare with those of the preceding year. Both the gross and the net are important. 'In a general y an increase in either is a good +sign_If both show increases, it is bet- ter yet, ‘There is, however, nothing infallible about these figures as a guide to the financial position of the roads con- cerned. You have to look back to the year before and see under what con- ditions the road was operating at that time to make the comparison signifi- cant. It might be that there was a particularly “heavy rush of trafiic twelve months ago due to some tem- porary cause. If coal production, for instance, had just been resumed after a strike there might be a large in- crease in earnings from this source which would be abnormal and so make this comparison unfair. Increases in net income are not al- ways conclusive, either, Much depends upon the amount spent for maintenance, this figure varying over a considerable range. - Long View Necessary. Even more care is to be taken in the inferences to be drawn from the earnings statement as to the invest- ment status of the stocks or the bonds. The results of one vear nei- ther make nor unmake investment standing. -A road with a long record of continuous dividend paying, with conservative management and with large accumulated surplus can stand a year or two of unfavorable opera- tions before its securities are re- moved from the investment class. In the same way & weak road, with an irregular dividend record and a small surplus or none at all, does not jump into the investment class because of a few months of good earnings. These monthly statements simply indicate the trend. They ought to be carefully watched by tnose interested in railroad securities, but it will not do to jump at conclusions. There ‘ig no mystic formula by which financial problems can be solved. It is all a matter of detail study, backed by ex~ perience and common sense. (Copyright, 1924, by Consolidated Press.) RATES ON BAR SILVER. | Bell Tel Pa 5s. | Gen Elec deb 5s. { Pierce Oil deb 8s LONDON, August $.—Bar silver, 34%d per ounce. Money, 2% per ce nt. ouflfil‘x‘r"} months &fis‘fiflhfi‘f [ vone BONDS ot x| Wire Direct to The Star Office. (Bales are in $1,000.) UNITED STATES BONDS. (Fractions represent thirty - secondu. Example: 98-3 means 98 3-32.) Sales. High. Low. Close. Lib 3% . 121 101~ € 101= 5 101= 7 Lib 1st 4% 77 102-20 102-17 102+19 Lib 2d 4% 326 101-28 101-22 101-23 Lib3d 4% . 94 102-20 102-17 102-17 Lib 4th 414s... 544 103« 102-25 102-27 US43%s1952.. 101 106~ 1 105- 106~ FOREIGN. Sales. High. Argentine 6s°37... 49 94% Argentine 7. 13 102% Austria 7s. . 8 97 Belgium 7¥%s . 83 110% Belgium 8: 6 108% Berne 8s. .. 4113 Bollvia 8e. 10 93% Bordeaux 6s. 44 90 13 &4 Low. Close. 94 94 102% 102% 96% 96% 110 110% 108% 108% 1z 113 93 93% 90 90 83% 84 101% 101% 97% 98 101% 101% 102% 102% 98 98% 103% 103% 107% 107% 5w 5 9644 101% 101 109 109 100% 110% 90% 90% 96% 96% Brazil 7s. . Brazjl 7is. Brazil 8s. . Canada 551926 Canada 5s 1952. Chile 75 1943. Chile 85 1926. Chile 85 1941. Chile 85 1946. Copenhagen 5 Cuba 5%s. Czecho 85 1951 €zecho 85 1952 ct. Danish Munic 8s A. 2 Danish Munic 8s B, 6 Denmark 6s L13 Denmark 8s 208 DutchE16%s..... 16 DEIb5%sct. 33 Dutch East I 65°'47." 7 Dutch East 16s'62 11 El Salvador 85 '48.. 12 Framerican 7%s.. 11 French Govt T%s.. 83 French Govt 8s.... 26 Haiti 6s Z Holland-Amer 6s.. Hungary 6%s. Italy 6%s 1926, Japanese 45 3 Japanese 6%s. ... .665 Jergens U M 6s°47. 16 Lyons 6s .26 Marseille 65 26 Netheriands .83 Netherlands 6s'72. 16 Norway 65 1943.... 19 Norway 6s1952.... 6 Orient Dev deb 6s.. 25 Paris-Ly's-Med 6s. Porto Algere §s... Prague 7%s....... 30 Rio de Jan 8s 1946. Rio de Jan 8s 1947. Rio Gr Do Sul 8s... Sao Paulo State 8s. Seine Dept. of Ts. .. Serbs Crotes Slo 8s Soissons 6s. . Sweden 6s. . Swiss 5%51946.... Tokio bs. . S Ud Kingm 5%s Ud Kingm 5%s Zurich §s. 97% 1 10 ..109 2 98 96 95% 97 99% 97 87% 884% 104 7% 64% 111 103% 974 641 110% 105% 105 110% 110 MISCELLANEOUS. Ajax Rubber 85 924 Am Agr Chem 5s. 981a Am Agr Chem 7%s 9214 Am Repub deb 6s. . 91% Am Smit&R 1st 5s. 9% AmSmit& R 6s. 105 AmSugref 6s..... 12 101% AmT& Teltris.. 97% Am T&Tcltrbs... 101% AmT & T deb 514s. 42 102% Am Water Wks 5s. 924 Anaconda 1st 6s. .. 98 Anaconda cv db 7s. 99% Armour & Co 414s. 87 Armour of Del 518 23 92 100% B8% 89 96% 96% 94% 100 99% 106% 101% 100% 100% 95% 90% 96% 100% 107% 106% 914 98% 92 91% 9414 105 100% 97% 101% 102% 2% 97% 99% 87 % 100% 88% 89 95 96% 94% Beth Steel pm 5s... Beth Steel 5145 '63. Beth Steel sf 6s... Brier H St 1st 1=, Bush T Bldg 55'60. Calif Pete 6%s.... Central Leather 58 “hile Copper 6s CinG & E5%s'6: Col Gas & El 5s.... Col Gas & El bs sta Commonwth P 6s.. Consumers Pow . Cuba Cane cv 75 '30 Cuba Cane cv d 8s. Cuban-Am Sug 8s.. 'S o Det Edison ref 6s. . Du Pontde N 7%s. Est Cuba Sug Empire G&F 7% Fisk Rubber 8s. Sove vOerbemwimoneOn~- © Goodrich 6%8. Goodyear 8s1931.. Goodyear 8s 1941. . Hershey 65 1942... Nlinois Bell 1st bs. Int Mer Marine 6s. Inter Paper 584 KCP&Lt6sA'S2 Kan G & El 68°'52.. Liggett & Myrs 5s. Liggett & Myrs 7s. Lorillard (P) 5s... Manati Sug sf 7%s. Midvale Steel 5s. Montana Power 5s. Mor's&Co 1st $%s. New Eng Tel 55. N Y Eden 1st 6% NYG EL H&P 4s NY Tel4%s.... N Y Tel 65’41 N Y Tel 65749. .. North Am Ed 6s... North Am Ed 6%s. Nor Ohio T&L és Nor States Pow 5s. Nor States Pow 6s. Northwst B Tel 7s. Otis Steel T%s. Pacific Gas & El 5s. Pacific T & T 5552 Phila Co 5%s '38... Phila. Coref 6sA.. Pierce-Arrow 8s... BaroBar o P ® Producers & Rf 8s. Public Servicé 5s.. Pub Serv Elec 6s.. Sinclair Oil 6%s. Sinclair Ofl 7s. Sin Crude Oil 6s.. . Sin Pipe Line 5s. .. Southwest Bell 55. Sug Est Orient 7s.. Tenn Elec Pow 6s.. Toledo Edn 15t 75.. Union Bag & P 6 Unit Drug cv 8s... U SRub 1st 7 58.., USsteclsfhs..... Utah Pow &Lt 53.. Va-Car Chem 7s... Vertientes Sug 7s. Warner Sug 75 '39. Warner Sug 78 '41. ‘Western Elec 5s. .. West'n Union 63%8. Westinghouse 78. . Wickwire Spen 7s. Willys-Ov 6%s°33. Wilson & Co 1st ts. Wilson & Co cv 6s. Wilson&C cv 7%s. Winchester A 7% Youngstn S & T 6s. 25 —_— BRITISH TRADE SHOWS GAINS IN HALF YEAR By the Associated Press. NEW YORK, August 9.—British im- ports and exports both showed con- siderable improvement for the first half of this year compared with the corresponding period of 1923, the Bankers’ Trust Company announced teday. The total value of imports ‘was £589,823,937, an increase of £59, 545,409 over the first six months of last year, Exports were valued at £358,464,- 302, an advance of £5,78,775 for the similar period of 1923, Re-exports at £74,128,131 were also up £10,264,347 in the six months. . 2,571 WORKERS LOSE JOBS. DETROIT, August 9 (Special).— Following two weeks in which gains ‘were recorded, industrial employ- ment here has slumped 2,671 workers to a tfill.l of 194,091, This compares JEiLD, & JOAL A0 . . . CaanTonSoruonlneabonBunSmnl crurannane P ® RaoBrmBaSnn ahooran m © C1- | Wabash 2 bs. ... | Goper Range.. RAILROADS. Bales. High. 62% 86 90% 997 86% 8915 86% 100% 99% 82% 1102 115 115% 81 102% 99% 964 88% 100% 424 Low. Close. 6244 62% 85% 85% 80% 90% 9% 99% 86 86% 89% 89% 85% 86% 100% 100% 99% 99% 82 82% 102 102 114% 114% 115% 116% 80% 81 102% 102% 99% 99W 96% 96% $8% 88% 100% 100% 41% 2% 1014 101% 1% o 56 T9% 53% 59 Ann Arbor 4s AtlanticC Licl 4s. Atlantic CL 1st 4 B&Oprindks Canada South 5s. . Canad North 6%s Canada North Canad Pac deb 4s. Car Clinch & O 6s Centof Ga 51 Ches& Ocv 4 Ches & O gn 4%s. . “he& & Ohio cv 5s..114 Chi & Alton 3% Chi B&Q 1st rf 5s. Chi & E 1l gn bs. .. Chi Great West 4s. ChiM & St P 4s°25. Chi M&St P’ rf 4145 Chi M & St P v 5s. ChiM & St P 6. ChiRT ChiRI&Prfds ChiTH&SE bs.. Chi Union Sta 5s. Chi Un Sta 63s. . Chi & W Ind cn 4s. OC & St L 5s. Cleve Term 5: Colo & Sou 43%s. Cuba RRGs..... Cuba R R Tigs. .. Del & Hd 1st 1f 4s D&RG1Istrt5s. ., Den & Rio G cn 4s. Det United 41¢s irie 1st con 4s Eric gen 4s. . Erie conv 45 A Erie conv 4s B Erle conv 4s D, Gr Trunk sf db 6s.. Great North 5 Gr Northgen 7s... Green B & W db B. Hud & Man ref 53 1l Central 53s.. Int Rap Tran 5s... Int Rap Tr 55 stpd. Int Rap TranTs. .. Int & G Nor 1st 65 Int & G Nor aj 6s Towa Cent rf 4 Kan City FtLS 45. Kansas City S Lake Shore 4s°28. . Lake Shore 4s ‘31 Louis & N uni 4s Louis & N 5s B Louis & Nash 7 Manhat Ry cn 4s.. Mil EI Ry & L 5s. M StP & SSM 6% s MK & T 1st 45 MK & T adj 5s. MK & Tprinbs Mo Pacific gn 4s Mo Pacific 5s '65 Mo Pacific 6s. Nassau E Ry 4s '57 NewOr Term 4s. . ¥ Cent gen 3% Y Cent deb s Y Centri5s YCent deb 6s. Y Cen LS cl 33 YC&StLdb4s. Y Chi & SL5%s. w Haven d 4557 w Havencd 63 «w Haven Ts fr. NY Ry rf 4sctfs. . ew York Ry aj 58 Y Rysadj 5s ct Y W & Bos 41s. orfolk & W cn 4s. Norfolk & W cv 6s. Ore-Wash 15t rf 4s Penusyl con 41:s.. Pennsyl gen 4%s. Pennsyl gen 5. Pennsyl 6%s Pennsyl gold s Pere Marq 1st 55. PCC&StLIsA.. Reading gen 4s.... St L IM&S R&G 4s. SIL&SFplisA.. SUL&SF prinss. StL&SF5%sD. StL&SF adj 6s StL&SFinc6s... StL&SF pl 6sC StLSW lstds.... StLSW con 4s'32. an A & Arn P 4 cab'd A L s sta.. b'd A L con 6s. ou Pacific ctl 4s.. Sou Pacific ref 4s. Southern Ry gn 4s. Southern Ry 1st 55 Southern Ry 68 ct.. Southern Ry 6%s. . Texas & Pac 1st 5s. Third Ave ret 4s Third Ave aqdj 5s. TolSt L & W 3145 Union Pac 1st 4 Union Pac 1st rf 4s Union Pac 4s'27... Union Pacific cv 6s. Virginia Ry st 5s. Va Ry & P 1st 55. 6% 85% 43% 5% 5% 5415 90% 126% 82% 94 1024 110% 109% 97 100 95 £3% 0% 864 94 8% T2% 102% Bl 854 784 2% 82% 85% 88% 74 101% 102% 106% 99% 59% 544 99% 92% 86 99% 104% 96 924 938 6873 a1 84 66% 82 :7 122% 82% '? 99 5 94 7 102%4 42 110% 2 109% 22 97 2 100 1 85 10 834 20 70% 10 6% 3 94 12 718% 50 72% 1 102% 2 81% 10 85w 1 78% 1 72% 9 83 3 8% 61 88% 5 74 7 101% 8 102% 8 106% 1 99% 4 59% 70% 86la 9312 8% 2% 102% 81% 85 8% 2% 827 ‘5% 88!y 74 101% 102% 106% 993 59% 54 9% 92% R6 99% 104% 6 92 93% 63% 91 Western Md és.. .. Western Pacific 5s. West Shore 1st 4s. 82% Whel & LE rf 4138 66 ‘Wisconsin Cent 4s. 12 82 . —_— BOSTON STOCK MARKET. BOSTON, August 9.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: American Tel & Tel American Woolen. | Arizona Com.. Boston Elevated Calumet & Arizor Calumet & Hecl Connor J T 21 181 124 18 East Edison Island Isle Royale.. Libby. McNeil & Libby. . Masflower 0 C ohawk National Leather New Dominion A New England Tel & New York, N H & H orthRutte i Mills, :‘i’ i 21 155 CLOTH PRICES STEADY. NEW YORK, August 9 (Special).— The cotton-cloths market proved to- day that it had thoroughly discounted the Government cotton report of Friday. Trading was qulet, with prices for standard constructions un- changed. The raw silk_market was firm and demand good. Prices again advanced for some grades. Quotations were: XXA 20-22 dnier, $6.35; XXB, $6.30 extra, $6.10; best number IX, $6.05. el e ‘WOOL TREND UPWARD. BOSTON, August 9 (Special).—The weelk closed on the Boston wool mar- ket, with buying active, but not sen- sational, and with prices firm and the trend upward. Delains are, now ranging about $1.42 or higher, clean basis, and fine staple territories and Texas 12_months’ wools are quoted between $1.35 and $1.40. Practically all grades of available stock were in request. F o A ... POTATOES CHEAPER. CHICAGO, August 9—Potatoes— Trifle easler; receipts, 32 cars; total United States shipments, 5.45; Kansas and Missouri sacked Cobble! 1.258 1.40; few fancy shade higher; Kansas sacked early Ohigs, 1.20a1.30; Minne- -#0ta sacked early Ohios, 1108120 47% {Marked buoyancy FINANCIAL, COTTON QUOTATIONS QUIET AS WEEK ENDS Offerings Light, After Heavy Sell- ing on Yesterday’s Govern- ment Report. By the Associated Press. NEW YORK, August 9.—The cot- ton market opened steady at an ad- vance of 1 to 9 points. Offerings were light after the selling of yesterday and prices worked up to 27.56 for October and 26.95 fcr December, with the general list showing net advances of 25 to 33 points in early trading on covering. Some trade buyving was also reported, but otherwise there was little demand in evidence and the favorable view of Eastern belt crop prospects led to increased offerings as soon as the early demand from shorts had been supplied. Cotton futures closed steads October .. Decembar January Marcl, . May . 2 Opening: Octover, January, 26.65; March, 26. ¥ New Orleans Market. NEW ORLEANS. August 9—The cotton market opened easier, Uctober showing a loss of 31 points from ves- terday’s close. December opened only 7 points down, With New York show- ing a tendency to advance, and as the miarket generally had an o il ap- pearance, prices promptly ralied and before the end of the first half hour | October traded up to 26.7%, a net gain of 63 points, December. dvanced 26.80, or 37 points above vesterdal close. Early advices showed no rain in the Western belt. Sales at Fall River for the week were estim at 100,000 pieces, as against 15 Tast week. Cotton futures closed steady at pet advance of 14 to 28 points. October .. December . 26.10; December, 23.30; 27.65 bid; March, 26.45 bid; May, Spot_cotton quiet, 18 points up. Sales on the spot, none; to arrive, 50. Low middling, 60; good middling, 25.79. CHICAGO LIVE STOCK MARKET.. CHICAGO, August 9 (U. S. Depart- ment of Agriculture).—Cattle—Re- weighty fed steers, 75 cents lower spots, 1.06 down; trades semide moralized; late; yearlings and handy- weight moderately active, 25 to_50c lower: better grade, fat cows, 15 to 25¢ up; comparable grade heifers, 2 to 50c’ higher; common grass cows and canners and cutters weak to 25c lower; grass bulls showing decline; vealers strong to 25c higher; stockers and feeders steady to weak; bulk prices follow: fed steers and year- lings, 5al0.65; stockers an 5.00a6. cows, 4.25al heife 50a8.50; canners and c 23.30; veal calves. 9.50a10.7 Sheep—Receipts, 1,000; today ceipts practically all direct: for week around 2,800 direct; 226 cars, fed lots; compared with week ago, fat lambs weak to 25c lower; sheep, strong to 25c higher; feeding lambs around 25c higher. Tops for week: Range lambs, 13.90; native: 13.50; range ewes to killers, 8.00; feeding lambs, 13.10. Bulk prices’ follow: Range lambs, 13.25a13.75; natives, 12.75a13.2 fat ewes, 5.50a7.50; feeding lambs, 12.50a 13.00. Hogs—Receipts, 6,000; steady to 10c lower; light lights and killing pigs weak to 25c off; shipping demand bulk, good -and 1 to 325 pound butcher: | : desirable, 160 to pound weight, 10.00a10.30; better, 140 to 150 pound averages, 9.60a9.75; packing sows, $.50a8.90; desirable strongweight slaughter pigs, 9.00a | 9.25; estimated holdove 10.000; | v lower grades; heavy weight, K medium ight, 10.00a 110.30; light weight, | lights, 9.00210.20;" ‘packing = hogs, | smooth, 8.50a9.00; packing hogs. | guen, "8.10a8.50; sianghtr pigs, 350 a%.50. (GAINS IN STERLING - SURPRISE OF WEEK Other Exchanges Also Much Stronger—Stocks Turn Reactionary. By the Associated Press. NEW YORK, August 9.—The out- standing feature of this week's finan- cial markets was a sensational gain of more than 10 cents in sterling exchange, which established a new high record for the vear at $4.54% in direct reflection of the rapid prog- ress made by the London conference toward a settlement of the repara- tions problem. Other foreign ex- changes improved in sympathy, al- though another large increase in the Bank of France's note circulation retarded the upward movement of that currency. French bonds, however, soared to the year's highest levels in active trading. Stock prices developed a reaction- ary trend on the inability of the market to absorb an unusually large volume of profit-taking, which un- doubtedly was inspired by the belief that a substantial reaction was war- ranted after more than eight weeks of steadily rising quotations. - This profit-taking ~ was conducted by groups, simultaneously with bullish { demonstrations in other sections of the list, ‘probably to maintain public interest in the market. Total sales fell bel the million mark on Wedne! and Thursday after 16 consecutive million-share days. Trade 3 Mixed. Trade news was mixed in character. Announcement that both gross and net earnings of class 1 railroads in June were below the same month last vear was counteracted to some extent by reports that carloadings of Western railroads in July were run- ning above those of a year ago, the Missouri Pacific_reporting the best July freight traffic in its history last month. Likewise, the omission of the common and_ preferred dividends on Pressed Steel Car was an offset to the reports of improvement in the steel industry contained in the weekly stecl trade reviews. Japan was a big buyer of steel this week, the Nippon 0Oil Company placing a large order through one of the subsidiaries of the Unitéd States Steel Corporation. Brisk Upturn in Bonds. Reduction of the local Federal Re- serve Board rediscount rate from 3% to 3 per cent, while freely predicted f{as a sesult of the hugh surplus of funds piled up here, nevertheless came as a result of the huge surplus of was withheld ‘until Thursday, a day after the regular weekly mecting of the board of governors. It was fol. lowed by a brisk upturn {n bond interest in the oil prices. Speculative shares was chilled by publication of unfavorable production statistics. developed in a nimber of industrial specialties, Gen- eral Eleotric soaring to 281, or nearly 90 points above the yvear's low. Na- tional Lead, Schulte Stores and Fleischmann were among the other stocks to sell at the vear's high prices. OIL DIVIDEND OMITTED. PHILADELPHIA, August 9.—The board of directors of the Atlantic He- fining Company today omitted the quarterly dividend on the common stock, usually payable September 15 A statement issued declared that the action was due to “the uncertain condition of business in general and s petroleuny industry in particular,” ceipts, 500; compared with week ago; | light | BANK HEAD NOTES SIHEEPING CHANGES Business in Washington Now Good Throughout Year, Says Ailes—Briefs. Washington’s business summes been revolutionized from the pre- Wwar days, and the National Capital has been changed from a nine-months’ ity to an “all-year-round city,” the opinion of Milton E. Ailes. dent of the Riggs National Banl Even the departure of Congress does not now have appreciable effect in elowing up business operations here, as it formerly did, Mr. Ailes de clared today, predicting that never {azan would this city return to the {old days when, the summer-time« { “everybody moved out.” In the midst of this hot while there seem to be strides of finance, busi turing or commeres great strokes of advance are being made in a sensational way, neverthe less, in the opinion of Mr. Ailes, the is s0 much contrast between the Washington of pre-war summers and today as to be well worth noting. The increase in population of th with its increased demands, h. stimulated all manner of service f that larger population. Motion pi tures, automobiles, bt clectricity, supp the heavier circulation of mone essary to carry on the larger activit have given Washington, even in summer solstice, not only an appear ance of business, but the reality Bank clearings prove The banks know Despfte the natural deflation of the Government's war functions, it is ap- parent that the Federal Government demands now are much more v e and of more quantity than befor This adds to the “better Washington | results Steel Contract Awarded. ntract has becn let by t Fed eral-American National Bank to Bar ber & Ross for the structural ste. of the bank's new home, the found tion of which now under cor i struction at th orner of Fourteenth land G streets is understood the figure was in excess of $50,000 One American Railway Association reports that cla: 1 railroads had in storage on July 5, 7,141 locomotives in anticipatio: of th seasonal crease in freight traffi in the fall of the ye ituted the largest ceable locomotives in storage at one time since May 1922, and s an increase of 24 since July 1 Rate Lowest in 12 Years. The latest reduction of the rediscount rate to 3 per cent by the N York Federal Reserve Bank makes New York’s rate the lowest of the twelve districts. Minneapolis has the hi&h est rate at 4': per cent Ratey f the other districts are: Boston Philadelphia, 31 per cent, and Clev. land, Richmond, Atlanta, St. Lo | Chicago, Kansas City, Dallas and Sar | Francisco, 4_per cent. The New York rate is the lowest since the New York Federal Reserve Bank came into being nearly twelve years ago. Business Trend Upward. Dun's weekly review of business says the trend toward business ex pansion, though not general is dis- tinct. Gains made in July, which marked the turning point in severa basic_lines, have been extended in certain instances, and theSstrength- ening of confidence is an importan' phase. A reflection of the better sen- timent, and a change {rom the pre vious attitude, is seen in a Jdisposi- tion in some channels to widén th scope of operations, more inclina- tion being shown to make advance commitments, Banker Plans Motor Trip. Charles D, .Boyer, -cashier of the Federal-American Bank, and Mrx Boyer, will start Monday on a motor trip of two weeks through New Eng land. LESS BUTTER MADE; PRICES HOLD FIRM Storage Holdings So Heavy That Foreign Markets Must Take Surplus. in in presi an weather no gre s, manufac here. and no By the Associated Press. CHICAGO, August 9.—Lighter re- ceipts and a heavy into storage movement during the week brought about a firmer position in the butter market. Poor quality and scareity of finer marks was complained of. Conditions are good for a con- tinued heavy production, but it considered that receipts will have to move into consumptive or export channels, since storage holdings have increased to such an extent it doubtgul if operators will continue to store. Storage holdings at tho tour markets have increased about 5,000 000 pounds. lj The siight decrease in the make was considered Seasonal. Cool weath er, excellent pastures and an abun- dance of cheap feed indicated heavier production. Closing prices, 92 score butter, and price ranges for the week follow Chicago, unchanged at 36%; New York. 1.4 higher at 38% Boston, lower and Philadelphia, unchanged 18 15 . GRAIN AND PROV BALTIMORE. August 9° (Spec Potatoes, new, barrel, 75a bushel, 65a75. Beans, bushel, 1:25a1.50; beets. 00a5.00: sweet potatoes, barrel, 3.00a8.00; cabbage, 5.00a10.00; carrots, 100, 3.00a5.00; corn, dozen, 20a50; cel- ery, bunch, 25a75; cucumbers, basket, 65a75; eggplant, basket, 1.25al.50 1ima beans, bushel, 2.50a3.00; lettuc. bushel, 5041.00; peppers, basket, 40 50: peas, bushel, 1.50a2.50; spinach, basket, 1.00a1.25; squash, basket, 504 75; tomatoes, basket, 50a1.25. Apples, barrel, 1.00a3.50; bushel, 50 al.50; damsons, basket, 75a1.00; black berries, quart, 12als; huckleberries, quart, 10al5; plums, 'basket, 40a65; peaches, basket, 50a75; melons, 100, 20.00455.00; cantaloupes, basket, 1.00 22.00; pineapples, crate, 2.00a3. Settling Prices on Grain. ‘Wheat—No. 2 red Winter, spot, 4 . 2 red Winter, garlic No. 3 red Winter, garlick a range of 118 to 1.26 per bushel. Cars on grade, No. 2 red Winter, gar- licky at 1.30%: No. 3, 1.27%; No. 4. 1.23%; No. 5, 1.19%; 5,000 bushels of No. 2 red winter, garlicky, September delivery, at 1.313. Corn—Cob, new, no quotations for yellow: No. 2 corn, spot, 1.17; No. 3 no_quotations; track corn, vellow, > 2.1.31 and 1.32, Sales—None. Oats—No. 2 white, 64; No. 3 white, New, 63. Rye—Nearby, spot, 1.00%. Hay—Receipts, 64 tons; in compari- son with the demand, present recetpts and offerings of hay. except old No 1 timothy. are more than ample for trade wan Market is easy, low- grade, grassy and weedy hay being especially hard to move. Quotations—No. 2 timothy, 24.00a 25.00: No. 3. 21.00a22.0 0. 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, 20.00" 222.00; sample grade, 15.00a21.00. Straw—No. 1 wheat, new, 12.008 13.00; No. 1 oat, new, 13.00a14.00. 95a1.05; No. 2 rve,