Evening Star Newspaper, August 14, 1924, Page 28

- INDUSTRALLT FEATURE STOGKS Less Activity in Rails—0ils ‘Do Better—Good Buying in Copper Shares. BY STUART P. WEST. Special Dispateh to The Star. NEW YORK, Augzust 14.—In today's stgck market interest returned to the mdustriul _ division. The campaign in the rails about which there been xo much stir at the outset of the week dwindled down to a few issues. Report: that were generally credited, that the St. Louis and San Francisco proposed to do some financing with a new issue of $7 no par preferred stock, caused a sharp advance in the present preferred, which under the plan, would come ahead of the new shares and would receive the full 6 per cent to which it is entitled There was also special buying in Ontario & Western on talk that in the course of the railway consolida- tions now suggested. control would be purciased from the New Haven, which originall ent market p interest Oil Shares Rather Strong. Although the weekly fizures on crude oil production showed a fur- ther inc il shares were dis. posed to do better. Active short cover- ing occurred in Atlantic Refining, re- minding old-timers that the p of dividends on ties has never proved for long a “bear argument.” Houston Oil ran so did General nd - sme ting were again. A further advance was reported in the copper metal. In . Anaconda and American were helped by the rising n silver and the large transac- companies have :d for German and Polish e a new high Chile Copper sold t the bond con and Inspiration ce for its 51 per cent case hed 49 first time price of Unusual ab veloped in the dler and Maxwell stoc! along and a sharp in Mack Trucks, Realizing followed the informal of the terms of the Nickel- merger, appeared to have been ab- sorbed and these stocks did better. Baltimore and Ohio w bought on s of the $75.000,000 refund- elling ¢ into Southern . when it became known that only the regular dividend had been declared. Railway Steel Spring Strongz. Railway Steel Spring sold today ut a new high record. Railway Spring earned last vear nearly $18 a share the common, following $10.25 in 1 and $18.44 1520, ¥ing out $8 dividends, able to add handsomely ¢ surplus. The profit and item stood at over $14,000,000 at the close of 1923, representing a steady in- crease from $8,658.000 at the close of 1917 Buying of the Central Leather stocks was resumed and the prefer- red sold at the highest of the year. Reople who are bullish on Central Leather claim that the trade situa- tion turned definitely for the better several weeks ago MARKET CLOSES STRONG. Pierce- were drawn run-up oceurred < in the Eriés announ which ment Plate t has been Sharp Advances in Special Stocks in Last Hour Trading. By the Associated Press. NEW YORK, August 14 of selling pressure encouraged a re- sumption of pool operations in to- day stock market, which displayed a firmer tone. A bri demand for the coppers and a selected assortment of rail and high-grade industrial spe- cialties resulted in the establishment of a flock of new 1924 high records. Sales approximated 850,000 share: The closing was strong. Spirited bidding for special some sharp gains neral Electric ris 5%, Lea 6 and United Railways Invest- ment preferred and Sout Porto Rico Sugar moving up 3 to 4% points. Subsidence in the hour, ng National last Maurkets at a Glance NEW YORK coppers at new peak prices. dy: rail issues lead in activity. Foreig™ exchanges stable; sterling and francs fractionally higher. Cot- ton firm; better spot demand. Sugar steady: favorable spot market. Cof- fee higher; bullish crop reports. g ocks. higher: five CHICAGO.—Wheat pointing cables. light fro: Hogs active plies COMMODITY PRICES LIKELY TO ADVANGE Rise Seen in Next Six Months, But Decline Predicted for Next Decade. lower; disap- Sorn strong; reports Cattle steady to strong. and higher; light sup- August 14— 1 descend dur- but are likely Commodity prie ing the next decade, to rise somewhat in the next six or| eight moaths, according to forecast made at the eleventh angual business conference of the Babson Institute, here today. Factors making for an eventual economic descent, it was said, were an excess of production capacity over domestic consumption and ex- port demands, European competition and a probable fall in wages from their present inflation. The average of commodity prices today, the report stated, is about 50 per cent guer the pre-war levels, GASOLINE PRICES LOWER IN SOUTH Retail Rate Reduced One Cent Be- cause of Cut in Crude had | 2 paid twice the pres-| ndard Oil proper- | ocks resulted in | Bonds | NEW YORK STOCK EXCHANGE euivgdbyPflVthhDMt.fflnShrO.fl‘ Opeu. High. Law. Close. Alr Reduct (4).. Ajax Rubber. . Allied Chem (4). Allied Chm pt (D). Allis-Chalm (4).. Allie-C M pf (7). Am Agricul Chm. Am Agr: Chem pt Am Beet Sug () Am Bosch. ... AmBrS&F (b). Am Can (16) Am Can pt (7). | Am Car & Fy(12) AmC & Fpf (7). Am Chain A (2).. Am Chicle, Am Chicle pf.. | Am Hide & Lea. Am e & Lot {Amtce (13 .. Am Tce pf (6) Am Internat. . AmLaF F E(1). Am Linseed. . Am Linseed pt.. | Am Locome 1 Am Loco pf (7).. | Am Meral (3) Am Radiator (43 | Am Saf R (56c). | Am Ship & Com | AmSm A Ke t [ vm 3 Pave { Am StI F pf (7). | saer Am Sngare pr (1) Am T & Tai (8 | Am Tokuc 12 {Am Tob B (12). | Am Water Wks | Am Woalen ¢ | Am Writ Pap pt Am Zincpf.... { Anaconda . Arm pf Del (7. As80 Dry G (5). Aso ON (18).. ALT& S FC(6) AT&SF ,f (5) AtIBirm o At.. At Cgast v ALGUIr & W I AtGuIf & Wit Atlantic Refin. . Austin-Nienois | Bald Loco «7) ! Rat & Onta £ | Barnet Leather. Rarnsaa. A Barnsdall B.... Ber ut (2403 Beth Steel....... | Booth Fisheries | Br & Fdison (% | Prw-Man Tran | RrktvnUnG (4 Burns Br (10) | Butte ©* & Zine Butie&Superior Lo per a1y Calu & Ari Cailuhan 7 “#nd Calumet & H 50c. Can Pacific (10) Cent Leather Co Cent Lea Co of | Cerro de Pasco(4) | “hand Mot (n, Ches & Ohio (4) Ch&Opf (635).. | Chicagn & Alton | Chic Gt West. ~hic Gt West nf. Ch Mil & St Pau S OMi) & St P P | ehi & Nwn 4y SRV & Pac Ch SIP Min & 0 C StPM&O pf (7) Chi Yeilow C (3 Chile Cop (214 Chino Copper- Coca-Colz (7)- .. Colo Fuel & Iron Colo Southern. . ColG&E (254 Col Carbon (4).. Com Ir Tr (63c). om Solv A (41 Com Solv B. Conzaleum (31 | Conley Tin Foil... Consol Gas (5 Connol Textile Cont Can (4) Cont Motors (20¢) Corn Products Cosden Co. . Srucihte <11 (4 Crucib St of ( Cub Am Sve i Cuban Can= Suz Cub Cane 4 pr ‘Cuvl'm-l Fr (4 | Dan: Boane M3, | Davidson Chera | Dei & Hud ¢9) . Bel 1.& W (6) Dome Mines (2) Doug-tectin (1) Dul SS & Atpf.. | Du Ptds N (s Du I de N db « Eae s £aton Ax (1.60).. E' S1or Bat End-John (5) ... End-John pf (7). Erie. Erie lat pf. . Erie 2d pf. Fairbanks (2.60). Femous U1 (8). .. FdM&Spl () Fid Phe F In (6). Fifth Ave ctfs. | Fisher Bdy (19). Fisk Rubber. .. Fisk Ruhpf A. Fleischman (3%). | Fenndatton (63 Foundation rts. Gardner Motor. . . Gen Am T C (). | Gin Asphar | <3en Asph ot (5). Gen Baking () Gen Cigar (8) General Elec (1. en Fl spe (60c) . Gen Mot ¢1.20 Gen Mot pf (6).. Gen Mot 4b 16 | Gen Mot pfn(). | Gen Petm (21 . | Gen Refrac (2)... | Gimbel Bres. Gimbel Bruf (7). Glidgen Co Gold Dust. Goodrich Goodyear pf. * Granby Consol. ... Gray & Davis. . Gt North pf (5). Gr Nor Ore (2. . Grt Watn Su (8). Gr Canan Cop. Gulf Mo & Nor.... Gulf St §1 () Hanna 1st pf (1). [ Harthnan Co ¢ Hayes Wh'l (31, Homestake( 7).. Househ'd Pr (3).. Houston Ol .. Hud Mot G(3) Hupp Mot C (1) 1 Cent pt (6).. Indep Oil (1). indinhoma. Ref. Inger R (128) Inland 8t (21 Inspiretion Cop. 7% 9% 75% 1164 5% 8% 14 38 40% 27 8¢ 124% 115% 171 1234 2% 2% T2% 175 115 13% 12 614 8 81% 25 10% 20 0% 8215 12°% /7 266 3% 1% 8614 86Y 975 0% 34% 53% 102 10 4 21% 65 18% i €6 20 87% 16% 20 72% 920 36% % 4l% 85% 69% 2k 13 112% ™ Y 252 354 27% 1% 9% 764 1160 6% 9% 764 116% b7% 98% 14 38 40% Kreage 88 (8) . Kresge Dept Stor. Leh Val (3%).5., Lig & Myrs (3).. Lig & Mvrs B (3) Lima Loco 34). Loews inc (2). Loft, Incorpor. Looxe-Wilea Bia. . Lagrillard (3) Louis & N rh McCroryB($1.60) . Mack Trucks (50 Mack T 2d (7). Mugmu Copner Man Bl modgtd 4 Viaracntho O nk! St Ry prpf. Maxw.): Mot 4. Maxwell Mot B, Wav Dpt St(S). . Mex Seahosrd(2) MexSeabd ctfx(2 Miami Cop (2) Middte St OIl. Minn & St Louls. . Mis Kan & Tex. . s K & Texpf . Miscour! Pacific. . Missouri Pacpt.. Mont Power (4). Montgom Ward. A an Mot (3) Mother Lode 75¢ Nast Mot (4816 ) Nash & Chat (1). at Aeme....... Nat boenlt (3). Nat Datry ) NDS1stpf (7). Nariead (%), Nat Lead pf (7). Nev Cons Cop N w0 TEM + N Y & Harlm NN v Rr N Y Canners (2). N Y Centrat (7. NYC&StL ) Nv CRSILL pf (8) N 'Y Dock pt (5) NY NH & Harr N Y Ont & Weat Niagara F pf Norf & W (18 North Aner (21 North Am of () North bae (5 Nunnally Co (1) v & Ve Ontario Mining. . Arntenm (114 Orpheum pf (2) .. 6% 53% 80% 60 61%, 16% 6% 68% 7% 99% Pacific Develp. .. Pac G & Wy, Caetfe O (2 ckara o1 90y Railrd (1) teny Seah Stect Peop Gas Ch (7). Pere Marn (4). Mar of (51 Phitn Cn (4 Thila & R & T Phi* Mor (500) Thitline Trat (30 Phillips Pet rts. 5 Areow Pierce-Arrow pf. Playcs OF1 T SR (7Y Tt pf $1.20. B v & W T of () Foetim Can 4y Press Steel Car. Prad & Pofinere Tuh Qe NS o0y Public Serv rta. . Pub SNJ nf (%), Pul'man Ca (%1 Punta A1Sn (5) Pure Ot (1% RSTICefs (4). Ry S11 Sne () Rav Fane Fap Renading (4). Reading rts. Re ington Traa Reriington 2d/8) Rer Ir & Stent Reynolds 3p (1). Res Tob B (1) Rey Tab pf (1) Rossin Tns A (6). Rutland pf. St Josepn Ld 2y <1 Sar Fran . St I-San Frof.. St L. Sonthwest .. St L 8'*b pf () Savoge Arms. Schulte (3) . A Seahnrrd Alr L. . <oab'd Air Tof ears-Roeh’k (6) cneca Copper. . Shei Tn Ol (1) Shell U'n pf (6) .. Simmon= Co (1). Simme Dot Sinclair Oil Skal.v O Sioss-Sheff (6) South Eac (&) So P Rico Su ($) Seurhern Rv (& Spicer Mf pf (8) . Stand Mill (5) ... Stand Mill pf (6) . StouCal (2).... J ) o ~ta Sterling Pr (4). .. Stewart-War (5) Studebaker (4).. ubmarine Baa® Tex Gulf (16% Texas & Pacific. . Tex & PacC&O. Third Avenue.. . Timken (13%)... Tob Prod (6). Tok Prod A (1) Travscont Oil. Underenod (3).. Un Pacific (10)., Un Tank Car (5). Ctd Cigar Stores. United Drug (6). Utd Ry Invest. .. Gtd Ry tnvest pf. U S Cast Iron P.. CSCIPRI(D... U 8 Distribut U S Hoff Macl U & Ind Alcohol. . USR&Im (8) USR&T DAY U S Rubber. . USR Istpf £ U S Sneeiting. U S Steel (16) U SSteel pt <7y .. Universal P pf(7). Utah Copper (4).. Utan Securitles. . Vanadrum Corp. . ‘Wabash... ‘Wabash pf A Wabash pt-B. ... Wald 858 (1%) . Web & Helld (1). West EI pf (7) West Maryland. . West Mary 2d vl ‘Western Pacific. . West Un Tel (7). 84 53! 61 60% 2% 16% 6% 71 #8% 100 96% 974 95 86% 47% 294 A% 2% B2y 12 9% 213 Open. High. . Low. Cloe. 410° 410 410 ‘410 . 88% 53% 60% 80 1% 8% 6% 67% 13 ~24 22% 13% 100 3% 83% 1% 60% 2% 16% % 69% 28% 95 36 47 29 52 | | £6% | 2 451y 17% 100 f4 T1% | tion and its subsidiari {dends on the 70 | 120% | ag | 63 | 23 | 103 474 | 16% | 7‘%} 1206 | 94%, 4 \ 281 | ¥hts 5714 128 | 29% 1081 | 17 6 WASHINGTON, NEVY B. & 0. BONDS SELL AT PREMIUM Dealings” Today on “When Issued” Basis—Coppers "Lead Industrial List. | BY GEORGE T. HUGHES, Special Dispateh to The Star. NEW ,YORK, August 14.—Trading quieted down in the bond market to- day, but there was still active dgmand for all short term securities. Balti- more and Ohlo prior to 1003, were on a 31 to 3% per cent basis, a striking illustration of | Money was In supply | this situation. gveater than demand and this not- withstanding seasonal requirements. Under these circumstances, present quotations for Liberties \do not look excessively high. Govepment bonds moved over a comparative narrow range today. B. & 0. Allotments Reportéd. It was reported that allotments on the new Baltimore and Ohio 58 would be abaut 20 per cent. The new bonds sold a “when issued” basis at a prem today. The high-grade list in general was steady but dull. Among the speculative rails the feature was the St. Louis-San Frah- cisco issues. Both the adjustments and the income 6s were bouzht at advancing prices. Much of this rength was doubtless due to the re- ported “plan of the company to do new finuncing by preferred stock in- stead of by bonds. Coppern Lead Indust Copper bonds were the leaders of the industrials. Thé Anaconda Ts were esp ally strong just ahove par. Chile Copper 6s made a new high above 109, e Pierce-Arrow 8s crossed 85, making a new high record since they were first issued. United States Rubber 7% sold 104, International Mercantile s were active, but without ge in price. Dbonds ir tritle higher, notably the Frene New offerings inciucee, 32,500,000 Belmont Buildings first mortgage 6l $2,400,000 I G. N. six-year. 6 ptes at. 101, and $3,f ,000 Bolivia 88 and additional issuv, at 93, to yield 8.7 per cent. general were a COTTON REPORT OUT. Census Bureau Finds 346,671 Bales Used in July. consumed during bales of lint »mpared with 330, of linters in June this year and 462,654 of lint and 45,933 of linters in July last year, the Census announced today. —_— SHELL UNION'S EARNINGS. NEW YORK. August 14.—N ings of the Shell Union Oil Corpor: for the quar- were $6.103,589, Cotton taled of linters, lint and 2 July to- d 10,884 ter ended June 30 ter expenditures, depreciation and letion. but before allowing for cral taxes. After paying the pre- ferred dividends, 58 cents a share was available for the 10,000,000 shares of no par value common stock. Divi- common stock in the last quarter were 50 cents a share. POTATOES STRONGER. CHICAGO, August 14.—Potatoes— Trifle stronger on barrels; cteady on sacks; receipts, 37 cars; total United States shipments, 467 barrels; Kansas and Missouri sacked Irish Cobblers, 1.40 al.50; Kentucky sacked Irish Cobblers, sacked early Ohios, 1. Virginia, barrel «Cob- bler: 0a1.35 ; 00. BOSTON STOCK MARKET. BOSTON, August 14.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: High. Low. . b Com '} levated Calu & Ariz ne 1i% | % B ‘254 | 13% | 16% 185 | 6T% | “6 kL) a3 8¢ €0 78 5% 85 404 77 5% | [ 124 85% | 64 | o1u 5 39% 144N | 17 53% 82 18% ATY $6% 94 20% 20% 8 97 103% 2% 86% 31 107% 121% 58 798% 29% 23% 16% 4% 30% 15% 15 116 18 2 2% 4% N'Y N H & H | Orplieum Cireuit Mills Swift & Co Swift Intern: nited Shoe S Smelt S 8 Ttab Metal .. entura Ol . aldorf Warten Bios SHORT-TERM ;ECURITIES. (Quotations furnished by Redmond & Co.) Du Pout 7s. 193i..... Federal Sugar Ref. 6s 1033. Fisher Body Corp 6a 192 Fisher Body Corp. Gs 1928 Goodyear T. & Great Northern 7s Gulf 0il Corp, of Hunble Ofl 5%s 1 Kennecot Copper Ts M., St. P. & 8. M. 6lps 1931, Morris & 48 1080. New York ®ential Gs 1885 Oregon Shert L Penna. R. R. s 1930. FPure 01 5% 1925 Swift & Co. 5s 1082 Tidewater Oil 6lgs . Union Tank Car 74 1980, U. 8. Rubber 715 3 Western Union (igs 1086 tinghouse E. & M. 7 Wheellug Steel Go 1936 TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ~——Noan. Bid. .. 100518 1 - 100 23-32 100 2 + 100 2932 101 1-32 o101 101 15-32 —_— Offer. Sept mber 414s December 45 March 15, 4%s March 15, 13, lien 8%« dllel jJuly 1 next, selling today from 100% | : { Chile Copper 6s. | — YORK BONDS STOCK EXCHANSE | Received by Private Wire Direct to The Star Office. (Bales are in §1,000.) UNITED STATES BOND! (Fractions ‘represent Example: Lib3%s.... Lib 1st 4%s. Lib 2d 4% Lib 3d 4%s. Lib 4th 4%s.. US4%s1952. Argentine 6s '37 Argentine 7s. Austria 7s. . Belgium 6s Belgium 7%s. Belgium 8s Bolivia 8s | Bordeaux Gs. srazil 7s. Brazil 7% B 48 12 anada 5s 1931 Canada 5s 1953 | Canada 5355 192! | Chile 75 1943 ile 8s 1941 | Christiania 8s. . . ‘openhagen 5%;s | Cuba 5355, | Czecho »s 19 | ©'zecho 8s 1952 ct. ‘Donmnrk 6s. | Denmark $s. | Duteh 1 535s. IDET5%s et | Dutch East [ 6s | Dutch East 1 6562 | El salvador 85 '48. { Finland s f 65 1945, | Framerican 7%s, rench Govt 74 s | French Govt as. Haiti 6s. Holla Amer 6s Hungary 613 Japanese 4s.. Japanese 63s Jergens U M 6s"47. Lyons 6s. . Marseille Gs. Montevideo 7s. Netheriands 65 54. Netherlands 6s'7 Norway 8s.. Orient Dev deb 6s. Paris-Ly's-Med 65.15 Prague 7%s...... | Queensland 6s. .. Queensland 7s. . .. Rio de Jan 8s 1946. Rio de Jan 85 19 Rio Gr Do Sul 8s. . Sao Paulo City s a0 Paulo State 8s. eine Dept. of Ts. . Soissons 6s. Sweden 6s.. ... Swiss 5% s 194 Swise Confed 85 Tokio Gs. . | Ud Kingm Kingm 53 Ud Steam Copen 6s | Uruguay 8s. iZurluh s Ajax'Rubber8s... 6 A Agr Chem § 1 Aw Agr Chem %5 43 A Chain s f 6s L 15 Am Cottan Oil bs.. 10 Am Repub deb 65 Am Smit&R 1st bs. Am Smit& R 6s A Sug ref 6s AmT & Tcltr4s Am T&T cl tr5s. AmT & T deb 5155 AmT& Tcv 6s. Am Water Wks 5 Anaconda 1st 6s Anaconda cv db 7s. Armour & Co 43s. Armour of Del 5%s Associated ‘Oil 6s. Atlantic Refin 5s Barnsdalls £ 8s.... Bell Tel Pa 5s... Beth Steel pm 5s. . Beth Stecl rf 55 Beth Steel 5325 Beth Steel s £ 6s Brier H St 1st 51¢s. Bklyn Ed gen5s... | BKlyn Edison 78D, Bush T Bldg s '60. Calif Pete 632s. . Can Gen El deb 6s. Central Leather 6s | Col Gas & El5s. ... 1 Gas & El 5s sta Commonwth P 6s.. | Consumers Pow 5s. | Cuban-Am Sug 8s. | Cuba Cane cv 7s 30 {Cuba Cane cv d 8s. Denver Gas § Dery (I G) s Det Edison ref 6s. . Dugquesne Light 6s Est Cuba Sug 7%s. Empire G&F T3%s. . Fisk Rubber 8s.... Gen Elec deb 5s. Gen Refractres 6s. Goodrich 63%s. . Goodyear 8s 1931 Goodyear 88 1941 Humble O&R 5%s. 2 Illinois Bell 1st bs. Ilinols Steel 43s.. Int Mer Marine 6s. Inter Paper 58°47.. KCP&Lt5sA’52 Kan G & El 65'52... Keyser (J) 7s... Kelly-Spring 8s. Lackawa S 55’50 Liggett & Myrs bs. Lorillard (P) 7s. Magma Cop cv 7s. Manati Sug sf 7%s. Marland Oil 88°31. . Midvale Steel 5s. . Montana Power 5s. Mor’s&Co 1st 4%s. New Eng Tel 58 N Y Eden 1st 63%s.. NYG EL H&P 5s... NY Tel 4%s : N Y Tel 68°41. N Y Tel 65°49. North Am Ed 6s. North Am Ed 6%;s. 15 Nor Ohio T&L 6s.. 12 Nor States Pow 5s. 8 Nor States Pow 6s. 1 Northwst B Tel 7s. 28 Otis Steel 8s. . . ] Pacific Gas & E16s 28 PacT& T1sths... 1 Pacific T & T 58’62 & Pan-Amer Pete 7s. 10 People’sGas5s.... 1 Phila Co 5%s'35... 53 Phija. Coref 63A.. 8 Phi! & RAg C&I6s. b Pierce-Arrow 8s...140 Public Service 5s.. 13 Pub Scrv Elec6s.. ¢ Punta Alegre 7s. Saks & Cosf 7s. Sinclair Oil 6%s Sinclair Ol 7s. ... 29 Sin Crude Oll 5%s. 14 Sin Crude Oil 6s. 5 Sin Pipe Line 68 South Bell Tel 5t Southwest Bell 6s. Steel & Tube 5. ... thirty - secondu, 98-3 means 98 3-32.) les. High. 5 1012 100~ 149 102-19 102~ 248 101-22 101-13 101-20 1027 102-15 102=15 102-16 707 10227 102-23 102+24 195 105-30 105-27 105-29 FOREIGN, Sales. Close. 10031 6 102+19 Low. Low. Close. 938% 102% 97 100% 1o 107% High. 101% 101% w3 103% 984 1054 110 Yo% % 101% 160% 100% 110% v8 98 100 97 »8 3% 104% Y7 116 65% 1113% 105% Yl 106 12 114 6519 1% 1054 91% 105 11 MISCELLANEOUS. 92% 91% 984 88'e 93% Y3k 95% 95 88% 88% 92 ¥2 95 v 105 1 101% 100% 8T BT% 101% 10i3% 1oz 102% 19% 119 93 w3 98% 9T% 100% 100% B6% cbn 2 o1 101% 101% L9 uyBm 102% 101 100t 100% 8 w8 Y7k 4T% 8% B 96% 96 6% Y6 100% 100% 109% 109% ¥: 100% 100 106% 105t 99% Yo% 109% 108% 100% 100% 100% 100% 97 6 90% 90% 107% 107% 6% L6% 100% 100% 89% 8BSk W7 13 106 105% 1063 v5% 103! 103 104% 104 99% , 99%% 9Bk YT 106% 1c4% s 118 98% 99% 9% 97% 93% 93% 87% 87 B87% 87 93% 93% 99 v9 101% 101% 96% 96% % 9NY% 98l 984% 116% 116% 8 116% 0 99% 105 105 88Y% 8Bl 7% 97 81% 8i% 101 101% 13 13 100% 100% 97 961 106% 106 108 407% 98 9Ty 101% 101 89% 89 93k 3% 934 103% 103% 103% 109 103% 109 5% 9% 94y o5 84% 85 99 99% 99% 93 93 98 104% 104% 104% MY MK 94U 95% 94% 95% 103 102% 102% 99% 994 99% 86% 84% 864 104%.104 104% 101% 101 101 109% 109% 109% 105 105 105 86K 86 86 92 92 92 100 100 100 100% 100 100 4% B4 84 8814 97% 98% 961 96% 96% 106 108 106 8% 10t us 100% 87 106% 108 98 101y 89 RAILROADS Bales. High, Ann Arbor4s...... 1 62% Atchison adj 4s 3 83 Atchisongen4s... 8 89% AtlanticCL1st4s. 5 89% B&Oprin3 Low. 62% 83 89% 89% 100% 864 894 85% 102% 100 9% 6% 69 81% 88% 116% 115% 80% 98Y% 102 87 96 100 627 424 100% 0% 55% 56 80% 4% rf imp 6s. ... 38 SW div3is. 19 & O Toledo 4s. Bklyn-Manhat 6s.. Buff R & Pitt 43s. Canad North 8%s. Canada North 7s. .. Canad Pac deb 4s... Car Clinch & O 5s. . Car Clinch & O 6s. . Central Pacific 4s. Ches & O cv 43x. .. Ches & Ohlo cv 5. . Chi & Alton 3s. . Chi & Alton 3%5. .. Chi B&Q 1t rf bis. Chi& ETll gn 5s... Chi Great West 4x. CM & Puget Sd 4s. 1 ChIM & St P 48°25.254 Chi M&St P 45°34.. 11 CM&StPdb4s... 9 Chi M&SE P ev 4148 72 CM&StPgn4als. § Chi M&SE P rf 4145, Chi M & St P cv Bs. ChiM & St P 6s. Chl & N W ref 5. Chi & N W 635 Chi &N W s Chi Rys 5s. ChiRI&P gn 4s.. ChiRI&Pri4s... Chi Union Sta 5 Chi Un Sta 6%s. ... Chi & W Ind cp 1s. 100 B B B B B B B 6 56 56 75 65! °C & St L 58 CCC&SLLrfesA. Cleve Term 5s w i. Colo & Sou 4%:s. Del & Hudson 5%s D&RG 1strf 5s DesM & Ft D 4s. Det United 43;s. Erie 1st con 4 Eric gen 4s. Erie conv 45 A. Erte conv4s B. . Erie conv 4s I Erie con ext 7s. ... Erie Genessee R 6s Gr Trunk sf db 6s. Grand Trunk 7s... Great North 5s.... Gr North gen'53%s. Gr North gen 7s. .. Havana ERL&P 55 Hud & Man ref 5s. . Hud & Man aj 5s [11 Central 5%s. ... Int Rap Tran 5s... 3 Int Rap Tr 55 stpd. 3 Int Rap Tran 6s. .. Int Rap Tran 7s... Int & G Nor 1st 6s. Int & G Nor aj 6s.. Towa Cent 1st 5s Kan City Ft S 4s ansas City S 3s. ansas City S5s.. Kan City Term 4s.. Lake Shore 45 '28. . Lake Shore 4s 31. Lehigh Val cn 4s Louls & Louis & Louis & Nash 53%s. Manhat I'y cn 4s Market St Ry 7s. Mil B! Ry & L 5s... M & StL 18t ref 4s. M StP & SSM cn 4s. MK&TIstds.... MK&T4sB...... MK &Tadibs....183 MEK&TprinSsA. 24 ME&T6sC. .17 Mo Pacific gn -1i3 Mo Pacific5s'65..." 6 Mo Pacific 6s. . Y Cent deb 4s. Y Centri5s.. YCent deb 6s.. .. YC&StLabis. Y Chi & SL5%s YC&StLésA New Haven d 4s New Haven cd 6s. New Haven Ts. . ew Haven 7s fr. Y Ont & W ref 43 Y Ry rf 4s ctfs. . e. York Ry aj b8 Y Rys adj bs ct.. N Y W & Bos 43s. Norfolk & W cn 4s. Northern Pac 5s D. Northern Pacr i 68 Ore & Calif 1st 5s.. Ore Short L ref 4s Ore-Wash lst rt Pennsyl gen 4%s.. Pennsyl gen 5s . Pennsyl 6% 2 Pennsyl gold 7s. . . Pere Mrq 1st 45 '36. Perc Mara 1st 55 PCC&SLLSsA.. Reading ger; 4s. Reacing gn 1155 Rio G West cl 4s RLArk & L 4%s, St L1M&S R&G 102 StP & KCShL 43%s. San A & Arn P 4 Seab'd AL 4ssta.. Seab'd A Lref 4s. . Seab’d A L adj bs. . Sealfd A L con 6s. . Sou Pacific 4s'29. . Sou Pacific ret 4s. . Southern Ry giLss. Southern Ry 1st 65 Southern Ry 6s ct. Sputhern Ry 6%s Third Ave'ret 4s Third Ave adj 5s. Union Pac 1st 4s. Union Pac 1t rf 48 Union Pac 48°27... Union Pac 1st rf 55 Virginia Ry st bs. . Wabash 1st 5: Wabash 2d 5s... Western Md 4s.... Western Pacific bs. West Shore 1st 4s. 13 Wheel & L E cn 4s.148 Whel& LErf 4%s 47 64 Wisconsin Cent 4s. 33 321 —_— DAIRY “PRODUCTS. BALTIMORE, August poultry—Spring _ chickens, §7 63 83 60 100 105 6% 100% 94 644% a1 82% 5 1b., ters, Ib. firsts, dozen, offered, 30, bid 29. Ib., 37a39%; prints, 35a37; ladles, 1b., creamery, 1., 32; store-packed, butter, Ib., 34a35. — e DIVIDEND DECLARED. 99% 82% 88%, 115% 116% 80% 984 102% 87 100% 62% 424% 100% 2% 81% 54 9% 8% 2% 7% 88% 4% 100% 102% 106% 544 124 *54% ¥64% 100% ] 9 14. — Live 26a32; ! leghdrns; 1b., 22a30; old hens, 1b., 122 26; leghorns, old, Ib.. 17a18; old roos- 5; ducks, 1b., 15a16; Spring ducks, Ib., 17a22; pigeons, pair, 20a25. . Eggs (loss off), native and nearby Butter, creamery, good, fancy, Ib., 3916a4114; mearby 30a b, 27%; process COTTON QUOTATIONS - MAKE UP LOSSES Close. g% Part of Yesterday’s Decline Offset 89% B89% 100% 86! 89% 85% 102% by Advances in Trad- .. ing Today. By the Associated Press. NEW YORK, August 14.—The cot- day’s losses early today owing to un- certainty as to the-effect of Texas rains and relatively firm Liverpool cables. The opening was firm av an advance of 24 to 35 points on covering by sume of yvesterday's sellers,. with October selling up to 27.60 and De- cember to 27.10, or 40 to 43 points net higher. This bulge met further.liqui- dation promoted by private reports that light rain had extended as far South as Austin, Tex., but the market held generally steady with active po- sitions ruling about 30 to 3% points net higher at the end of the first half hour. Cotton futures closed barely steady. Octaber December £ January, 26.95; Mas 3 New Orleans Market Better. NEW ORLEANS, August 14—The cotton market developed a better tone today at the opening. Liverpool cables were better than due and there were no further reports of Western rains of any consequence. First trades showed gains of 20 to 26 points and soon after the opening call Octo- ber, December and January traded 51 to 36 points above yvesterday's close British Board of Trade reports for July show exports of yarns to have been 13,000,000 pounds, against 9,514,- 000 last year, and exports of cloths 84,000,000 yards against 316,083,000 last year. These figures were con- sidered bullish. Cotton futures el steady ag net ad- vances of 35 to 40 p Low Close. October Opening: December, Junuary, 5 bid: Ma: BALTIMOR. ta new, 60a70; beans, sweet potatoes, barrel, X beets, 100, 3.00a4.00; cabbage, 100, 6.00a8.00; 100, 3.00a4.00; bunch, Special).—Po- barrel, 5: bushel, bushel, Tettuc, 1.50a1 spinach, basket, | 75a1.23 Apples, barrel, 1.30a3.50; 50a1.50; blackberries, quart, pineapples, crate. 1.00a3.00; huckle- berries. quart, 10al15; plums, basket, 40a65; peaches, basket, 65a90; melons, 00a75.00; cantaloupes, basket, pears, bushel, 3.50a3.75. Settling Pricex on Grain. Wheat—2 2 red, Winter, spot, : No. 2 red, Winter, garlicky, No. 3 red, Winter, garlicky, 30240: squash, basket, basket, 75, tomatoes, 40a7 bushel, 12a18; les—Bag lots of nearby sold at a range to 115 to 127 per bushel; cargo on grade, No. 2 red, sarlicky, at 1.29%; No. 3, 1.26%; No. | 4, 1.22%2: No. 5, 1.18%. i ob, new, no quotations for sellow: No. 2 corn, spot. no quota- tion 0. 3, mo quotations; track corn, vellow, No. 2, 1.32a1.33. Sales—Bag lot of white, delivered, at 115 per bushel. Oats—No. 2 old, 63 asked; No. 3 old, 62 asked. Rye—Nearby, spot, 961, Hay—Receipts, 11 tons. Little de- mand is noted for old h: New hay arriving in Baltimore markets is in such irregular condition that it gan- not be sold on grade. The better 95a1.05; No. 2 rye, 16.00 to 19.00 per tom, quality and condition. Straw—No. 1 wheat, new, 12.00a 13.00: No. 1 oat, mew. 13.00a14.00. e CHICAGO LIVE STOCK MARKET. CHIC A August 14 (United States Department of Agriculture).— Hogs—Receipts, 17,000 head; desir- able grades moderately mostl to 40 higher than nesda big” packers talking light: top. 10.00; choice. 170 to 210 9.7029.90; desirable 140 to 159 pound kind, 9.25a9.50; better 230 pound butche 9.70a9.85; packing sows, 8.30a desirable strong weight slaughter pigs, 8.50a9.00. Cattle—Receipts, 9,000 head: better according to Wed- steady; supply bulk good and pound ayérages. grades yearlings, 15 to 25 higher; active; top matured yearlings, early. 11.00; some held higher; numerous loads. 10.25a10.85 bulk fed steers and yearlings, 8.95a 10.50; light ward to 5.50 and below; canner kind, around 3.00, excepting vearling con- tingent; fat she stock semi-de- moralized; few grass cows moving at sirable yearling heifers. zable string light and medium = weight Nebraska upward to 10.25; bulls, 10 to few bolognas above 4.25; bulk, 3.75a 4.25; vealers unevenly higher; largely a scramble for numbers early; out- siders paying upward to 12.2 Sheep — Receipts, 16,000 head; active; range lambs strong; native mostly steady: sorting moderate general quality of westerns im proved; bulk rangers, 13.50a14.00; top. 14.00; on natives mostly 13.25a 13.50; few 13.60a13 culis, 9.00; sheep steady; good range ewes to killers, 7.00; feeding lambs steady; no early sales. steers CHICAGO GRAIN PRICES. CHICAGO, August 14.—With the spring wheat movement getting un- der way, better weather conditions in the Canadian Northwest and with a decline in prices at Liverpool, the wheat market here had a downward tendency today during the early dealings. Hedging sales continued to act as a depressing factor. Mean- while an upturn in foreign exchange failed to exert any apparent influ- ence. Opening prices, which ranged from % to 1% lower, with Septem- ber 1.27 to 1.27% and December 1.30% to 1.31, were followed by a little rally, but then by fresh downturns. Cool weather led to a decided fresh advance in the value of corn. Decem- ber and May touched new high price records for the season. After opening at % off to % up, December 1083 to 1.09, prices sagged all around and |then scored a sharp advance. Oats rose with corn, starting ¥%a% ton market recovered part of yester~! * | Duluth, Milwaukee, Winter. | qualitles of new stock are selling at active; | average: lower grades slow; | to 340 grades fed steers and practically all | others steady to strong; trade fairly | and Texas to killers down- | he!lersl ower; | CREDIT FRM LOANS - OVER 400 Corporation to Aid Banks and Farmers Makes 7 First Report. The Agricultural Credit Corporatio formed by private capital at sugge:- jtion of the Government to aid the farmer and general business in th Northwest, has made “loans and in- vestments totalling over $4.000,00u, affeoting more than 200 banks,” ac cording to a report of its activit as of July 15, made today. The organization reported that ita first stroke had been “the checking of bank closings,” in which it had worked quietly and without publi rx(‘efivl as desired by the banks in. Question. This first policy is now be- ing followed up, by assisting individ- ual farmers to increase their earn- ings, through the purchase of profit- able live stock + Idea Proved Sound. The corporation, which organized with an authorized capital of $10,001 000, and operated for the most par out of.St. Paul and Minneapolis, real ized, it 3 id, “that no one device of this kind will cover for all tim: the difficulties of the. farmer any mor« than any device can be invented tu remove all difficulties in the operi- tion of any other line of business. ~In view of the results which have thus far been obtained,” continues the report, “it would seem that the | soundness of the idea originally ad- ivanced by President Coolidge has been demonstrated, and t effect of the work which has’ thus far been done by the corporation will result in permanent benefit to many thousands< |of people in the Northwest, and indi- jTectly be of benefit to the entirc | country In the corporation, it there are 438 subscriber in amount from $200 upward. subscription list, it was reported, con: | prises business interests centering i {and around Minneapolis, St. P hicago. Detroi Cleveland, Pittsburgh, Philadelphiz New York, Hartford and Boston Much Financial Help. Help was extended to banks a total of approximately $45.000, deposits. he safeguarding of th deposits,” it was said, “has unqu tionably been of direct benefit to many thousands of individuals, a very large percentage of whom are en- gaded in agriculture, live stock rais- | ing, dairying, and businesses depend- | ent thereon In a great many cases the loans made by this corporation have been | the means of saving the investment {in the financial institutions of the very people who can be counted upon to do the most in bringing back values and promoting the profitable conduct of business in their respec- tive communities. | Investments by the corporation banks in the States affected were ported as follows:, Minnesota, banks, $404,000; North Dakot banks, $1.242000; South Dako | banks, $1,547,f | $886.000. and’ special outside banks, $178,000. wit i Almx of Direetors. | ~One of the first principles laid down by the directors and officers of the | corporation was “that the aid ren | dered by the corporation- should be so | handled as to benefit the community and not used to pay off other credi- tors, such as large city correspondent banks, Federal Reserve Bank, War Finance Corporation or any other ex- isting agencies which were able to jcarry whatever loans they might | have The corporation has 2 sisted in peopening nine banks, which s not a large number considering the | number whjch have been closed with- {In the last two vears. “It has preferred to as | bank rather than to revive a close | bank, which if revived, would only add to the difficulties of the territory later by bringing on unbusinesslike competition in the struggle for suf- ficient business on which to exist While it was recognized by the sev eral State banking departments the controller's office at Washin the corporation pointed out, that ive number of banks” in tory did not cause the gene troubles of the country, these “did, however. add to the and place an additional barrier in th way of restoratior’ of sound basic cor ditions The cent, “generally conceded to be a low rate in the territory of operations.’ ! As no commissions or lending charges were made, the corporation said will readily be seen that the invest ment return to the subscribers after operating expenses and _inevitable losses are deducted willat best be very small. “The corporation co-operated many instances with local committees in establishing credit. It relieved some farmers of excessive t the going interest charges on their past due taxes. it is intended to assist a great man more as soon as it can safely do s and not be in conflict with existinz |laws and rulings in some of the States.” Loenl Trading Light. Trading on the Washington Ix change today was light, with prices firm. National Mortgage and Invest ment preferred provided the mos! active feature, 170 shares selling at $%. Capital Traction was slightly easier, five shares going at 93% ani 15 at 93%. The only activity on the bond side was in Washington Gas < with $1,000 selling at 101%. Quickly Pay for Stock. | Although paymenis for the Ameri- |can Telephone and Telegraph Com pany's recent $150,000,000 stock of fering to stockhoiders could - have been spread over a period of eight months, more than $130,000,000 in cash, vepresenting about 86 per cent of . the total, already has been re ceived. Most of the stockholders tooi advantage of the provision to pa) their subscriptions in full on August 1, at a price of 102.75 a share. Given Bond Authority. The Lehigh Valley Railroad has re- ceived authority of the Interstate Commerce Commission to sell not ex- ceeding $12,000,000 of general comsol- idated mortgage 5 per cent bonds at not less than 96.5 per cent of par. Fewer Surp) Cars. ' Surplus freight cars in good rey and immediately available for service totaled 322,530 oh July 31, according to the American Railway Assoclation This was a decrease of 22,362 cars from the number reported .on July 22, Surplus coal cars in good repair on July 31 totaled 146,840, a decrease of "11,766. Practically no car short- age is being reported. Bond Issue Oversubscribed. New bond offerings today were ing excess of $15,000,000, the largest be- ing the $5,000,000 five-year 5 per cent secured gold notes of the Chicago, Rock Island and Pacific Railway Co., offered at 99 to yield 0 per cent. An issue of $3,065,000 year e ternal secured refunding 8 per cent sinking fund gold bonds of the re- public of Bolivia at 93 and interest to yield 8.70 per cent also was offered. This afternoon the Bolivia issue was reported in New York to be far over- subscribed. e 97% 97% 104 104 109 108% 116% 1154 84ih 844 104% 104 2 101% 101% 104% 104% NEW YORK, August 14.—Directors of the Southern Pacific Railroad Com- pany today declared the regular quar- terly dividend of $1.30 a share on the common stock, payable October 1 to stock of record August 29. Recent strength and. activity of the stock gave rise to the report in Wall Street that the dividend was likely to be increased. 87% 104 109 1154 84% 101% 101% 104% 91 614 38 p 31| IMPORTS EXCEED EXPORTS. '0%%! ROME, August 14—Statistics of 110% | trade between Italy and England dur- ing-the first flve months of the cur- rent year show that Italy imported goods to the value of 838,000,000 lire, but exported goods only to the value | LARD— September The difference Was | Septemt RIBS— Reptembe: October 4348 June 15, 1925 48,3 December 15, 101 19-32 101 23-82 % March 15, 1926, 102 716 102 9-16 eptember 13, 101 11-16 101 13-16 A Ne iy s loayp 4i4s December 15, 1027... 108 108318 ST N FOREIGN EXCHANGE.,, (Quotaticns furnished by W. B. Hihbs & Co.) Nominal Belling check: gold value, . today. 4.8665 4.53% 1.00 £ Tenp Elec Pow 6s.. Tide Wat Ol 6%s.. Toledo Edn 1st 7s. . Hin . 101716 101 9-16 interb Rsp Tr... 8% Int Bus Ma\(8). Int Com Eng (2). 26% Internat Har(5). 35 { Inter Har pf (7). 110 Int Mer Marine. . Int Mer Mar pf. 86% Internat Nickel.. 17% Internat Paper.., 544 Int Pappfst (6). 173 Int Shoe (4). 85% It T&T (8. 75 invincible Oil. 1% 22% 0 Jones Bros Tea. . Jordan Mot (3).. 19% 16% ‘Kayser Jul & Co Kelly Spr Tire, 49 48% West Air Br (6). West E& M (4).. Wheel & L Erle . Wheel & L Er pf. White Mot (4)... Wickwire Sp 84 . Wilson & Co..... Wi &Coot.. Wiliys-Overland. Willys-Over pt Woolworth n (3). m Worthingn Pump 26% 27 WngWJr(d)... 0% €1 40% dI Yellow Cab (5) 55% 6% 85 66 {Partly extra. $Payable in stock. Dividend rates ‘as Do above “table Ioteet “adartorty of BulF yearly "Sociaration Unless otherwite noted, extrs or special @ividends are net included. Snakes cannot sting, cmtrll:y to a common belief, but some can bite. 23 63% 13% Y% 67% 68% 1% 1% 7 7 19 19 8% 8% 68 68% 111 93 63% 13% 25 lower to % higher, December 52 to 52%, and later showing material gains. Higher quotations_on hogs and corn gave firmness to provisions. 0il Charges. By the Associatid Press. ATLANTA, Ga., August 14—A re- Cuction of 1 cent per gallon in the cetail price of gasoline in Atlanta and through the adjacent territory controlled by oil companies having Sacic headquarters here was an- iounced today by officlals of the com- vanles. The retall price here is now 23 cents a gallon, including the State tax. The cut affects Georgia and in the cases of several companies Alabama, Florida and oter Southern States. he reduction is said by officials of | Kelly Sprg 18t pf. the Standard, the Pan-American, the | Kenge Gop (7)., 2% %% U S Smelter USSteelst Utah Pow & Lt Va-Car Chem 7 Va-CarCh 7%ss W Warner Sug 78’3 Warner Sug-7s '41. Western Elec ‘West'n Union 6 ‘WHEAT— September be: 8% 1% 264 London, pound Montreal, dollar Paris, franc Brussels, franc . Berlin, mark . Rome, lira .. Zurich, frane. C2T% oS % 75 ber B 5 .l:: .us‘: zz of 291,000,000 lire. 101% 101% 1013 | due aimost entirely to importations of English coal, amounting to 3,300,- W 96 08y 000 tons, > 7% Willys-Ov 63%s38. ‘Wilson & Co 1st Ls. ‘Wilson & Co ¢v 6a. ‘Winchester A 7% Youngstn S& T 6s. e AT United States now imports at least twice as much wool as the average import for 1900 to 1904. 4 Gulf, Reed and Texas ofl companies|gavsione T & R. to hava resulted from a slump in the | Kinney G R Co. price of Western crude ofl. Copenhagen, Christiania,” crown, Stocklolm,” crown