Evening Star Newspaper, August 21, 1924, Page 28

FINANCIAL. MONEY RATE RISE SLOWS UP STOCKS Southern Railway Advances Above 70—Baldwin Up. Selling in Spots. BY STUART P. WEST. Special Dispatch to The Star. \ NEW YORK, August 21.—Opera- tions on the stock exchange received something of a check today on ac- count of signs of hardening in the money market and the consequent heavy selling precipitated in liberty bonds. These developments naturally increased the disposition to take prof- its. There were, however, numerous individual points of strength. Southern Railway Aecrons 70. Southern Railway distinguished it- self by advancing across 70. Even at that figure the return was a trifle over 7 per cent. Recent buying has been inspired wholly by the convie- tion that the 5 per cent dividend is safe and by the attractiveness of the vield regarded as a “business man's investment.” The move in Southern Railway had no effect iupon other rails which were generally dull and rather heavy: Missouri Pacific preferred made no further response to the prospect of a merger with the New Orleans, Texas and Mexico, although the announce- ment s made this morning that the Interstate Commerce Commission had named October 3 as the date fu_l‘ a bhearing on Missouri Pacifi's applica- tion to acquire control of the Gulf Coast lines. Shipping Stocks Active. Shipping stocks were taken up again and both International Mer- cantile Marine, preferred, and Amer- ican International made new highs. With the improvement in the value of its investment holdings it is figured out that American International would be worth fully what it is sell- i a hqulddllllg proposition. Locomoti 126, was seling af the highest of the season. Other speculative leaders were held back most of the time by realizing This was true of United States American Can_and General Motor and * motor _truck ontinued firm, but without any inclination to resume the upward movement of the preceding day. Hud- son Motors, despite reports that more business had been done up to the mid- die of July this year than in the en- tire 1923, appeared to be running into a lot of stock around 28. 0il Stocks Stand Test. The market for the oils was tested n by a further cut-of 15 cents a barrel in the Pennsylvania district and Ly the increase of 18,700 barrels a reported for the week ended August 16 in crude oil production. When it was seen that very little stock was coming out on this unfavor- able trade news, dealers on the short su.le set about covering. Houston Oil notably strong. Stocks like Pro- and Refiners, Cosden and Mar- land worked higher, and there was a sharp run-up in General Petroleum on the annual report showing 30 per cent earned on the common stock as against 22% per cent the year before. Southwestern Merger Talk. Opponents of the Missouri Pacific- New Orleans, Texas and Mexico merger are to have their chance to be heard before the Interstate Commerce Com- mission on October ZV Missouri Pacific an _issue Steel, exercise the option which it has taken 000 additional shares. This would give it a 51 per cent ownership. The deal if it goes through will virtually mean exchang- ing the 7 per cent Missouri Pacific nqges for the present 7 per cent stock of the Gulf Coast Line, Hudson Motors Musiness. Declaration on Wednesday of the regular quarterly dividend on Hud- son Motors was followed today by highly favorable data regarding the results of recent operations. It was said that during the first seven and a half months of 1924, 95,000 cars were sold, against 88,000 in all of 1923. During the first six months of its fiseal year Hudson earned a fittle more than the full year's dividend of $3. The second six months, which wili end November 30, are expected to be equally good, so that the dividend will be earned twice over. CLOSE UNSETTLED. Mack Truck Feature Hour Trading. in TLast By the Associated Press. NEW YORK, August 21.—Heavy profit taking by professional traders in the steel, equipment, copper and railroad shares, coincident with a re- sumption of bullish operations in the motors, public utilities and oils, gave | today's stock market a decidedly ir- regular appearance. Sales approxi- mated 1,100,000 share: The closing was irregular. Some sharp reactions took place in the afternoon trading, Mack Truck drop- ping more than 4 points on the an- nouncement of a new stock offering, but strong buying support was in evidence at the close. Markets at a Glance NEW YORK.—Stocks irregular; Nash Motors jumps 5% poipts. Bonas heavy: Liberties decline: Wilson con- vertibles break. Foreign exchanges higher; sterling rallies 214 cents. Cot- ton lower: weak cotton goods mar- ket. Sugar steady; better demand for refined. Coffee firm; improved spot demand. CHICAGO, ceipts. pects. demand. higher. .—Wheat lower; large re- Corn weak; better crop pros- Cattle strong; broad shipping Hogs active and mostly MORE. BIG CONCERNS -REPORT ON EARNINGS By the Associated Press. NEW YORK, August 21.—The Gen- eral Petroleum Corpdration earned net income of $8,267,329 in the year ended June 30, equal after preferred dividends to about 30 per cent on the average amount of common -stock outstanding. This compares with $5,991,397, or 22.22 per cent the preceding year. Profit and loss sur- plus totals §15,827,078, against $, 901,240 a year ago. Substantial increase in earnings of the Central Steel Company is report- ed for the first six months of 1924, Adams Exp (6).. Adv Rumley. Adv Rum pf ( Air Reduct (4) Ajax Rubber Allied Chem (4). Allied Chm pt (7] Allis-Chalm (4). Altis-C M pf (7). Am Agricul Chm Am Ag Chm pf.. Am Beet Sug (4) Am Bosch. . Am Can (16) . Am Chain A" (2) Am Drug Synd. Am Express (6). Am & F P 25%(7) AmFor P f pd(7) Am Hide & Lea.. Am Hide & L pf. Am Ice (7)... Am Ice pf (6) Am Internatl Am Linseed. . Am Linseed pf.. Am Locomo (6). Am Metal (3)... Am Radiator (4) Am Saf R (50c).. Am Ship & Com. Am Sm & Re (5). Am Stl Fdys (3). Am Sugar. .. Am Sumat Tob. Am T & Tel (9) Am Tobac (12 Am Tob B (12). Am Tob pf (6). Am Water Wi Am W W pf (6). Am W W Ist () Am Woolen (7). Am Wool pfd (7 Am Zinc pf.. Anaconda . Ann Arbor p! Arn Cons & Co. Asso Dry G (5) Ass0 Ol (1) AtT&SFe (6).. Atl Coast L (18). AtGult & W I pf Atlantic Refin. .. Austin-Nichols Auto Sales. .. Bald Loco (7). .. Bal & Ohio (5).. 0 T Belhlehem Steel. i neaaes. m St 2d pf Brk-Man Tran. Br Man T pf (6) . BErklyn Un G (4). Br'n Sh pf (7) Bush Te pf (7 Butte C & Zinc. Butte&Superior. Caddo CenO & R Cal Pet (1%).... allahan Z Lead Calu & Ariz se Threq\lug Cent Leather Co. Cent Lea Co pf. . Cerro de Pasco(4) Chand Mot (6). . hes & Ohlo (4). icago & Alton Chic & Alton pt. {Chi& E1pf.. Chic Gt West pf. Ch Mil & St Paul Ch Mil & St P pt. Chi & Nwn (4).. & Nwn pf (1) ChiR1& Pac... CRI&Ppf (6). CRI&PDL (7). Chile Cop (2%).. Chino Ct 1 & Iron Colo Southern. . . Col So 1st pf (4). Col G & E (2.60) . Com Ir Tr (83c). Com In Tr pf (7) Congoleum (3).. Conley Tin Foil. Consol Cigar. | Con Cigars pt Consol Gas (5).. Consol Textile. . Cont Can (4). Cont Mot (20c). . Corn Prod (2) Cosden Co. . Cosden pf (7). Crex Carpet Crucible St (4). Crucib Stl pf (7). Cub Am Sug (3). Cuban Cane Sug. Cub Cane Su pf.. Cub Dom Sugar. Cuyamel Fr (4). Dan Boone M(3) Davidson Chem. Del & Hud (9).. Del L& W (6) Det Ed Co (8) Dome Mines (2). Doug-Pectin (1) DuPtdeN (8).. Du Pt de N db (6} \ Eastman (17%). Eaton Ax (1.60). El Stor Bat (4).. End-John (5)... Endicott pt (1) . Erie. B Erie Tst pf Fairb’ks (2.60).. Famous P1 (8).. Famous Pl pf (8) FdM&S pt (7). Fid Phe F In (6). Fifth Av B (64c) Fisher Bdy (10). Wisk Rubber Fisk Rubberpt. Fleischman 3% Foundation (8. Foundation rts. Freeport-Texas. Gardner Motor. Gen Am T C 3) Gen Asphalt. . Gen Cigar (8)... General Elec(8) Gen El spe (60c). Gen Mot (1.20).. Gen Mot pf (6).. Gen Mot db (6).. Gen Petm (2)... Gen Refrac (2). Goodrich pf (7). Goodyear pf.... G'dyear pr pf (8) Granby Consol. Gt North pt (5). Gr Nor Ore (3).. Grt Wstn Su (8). Gr Canan Cop... Gulf St Stl (5) Hartman Co (4). Hayes Wh'l (3). Househ'd Pr (3). Houston OIl... Hud Mot C (3.} Hupp Mot C (1). Hydraulic Steel. Illinois Cent (7). Indep Ol (1).... Indiahoma Ref. . Indian Motorcye Inland St (2%). Inspiration Cop. Interb Rap Tr Internat Agri. .. Int Bus Ma (8).. net income of $2,015,607, or $7.22 a share on the common stock’after pre- ferred dividends, exceeding net fn- come for the entire year of 1923, hich was $2,006,952, or $6.18 a share. Surplus of Cities Service Company, _ after preferred dividends for the year ended July 31 was $9,295,891, “eguivalent to $20.14 a_ share on the mmon stock, compared ‘with $8, :;519 or $18.13 a share, in the pre- ing 12 months. Profits of Union Tank Car_in the Irst half of 1924 fell to $1,101,717, Q after preferred dividends to 95-a share on the common stock, nnl with $1,924,592, or $8.36 a the corresponding period Ty Int Cement (4).. Int Com Eng (2) Internat Har (6) Inter Har pf (7). Hfl “N llfl l}gfi | Int Mer Marin Int Mer Mar pf. . Internat Nickel, Inter Nick pf (6) Internat Paper. . Int Rys C Am (5) Int RysC A pf. Int T&T (). Invincible Oil. .. Iron Prod (6)... Jewel Tea. Jones Bros Tea. Jordan Mot (3)., bt Am Car & Fy(12} 103 89% 34% 51% 35% 59 40% 4% 99 49v. 14% 30% [33 89% 32% 13% 63% b 50 17 444 129% o 108% 29% 40 29% 83% 96% 534 135 12 191 9% 6% 1% 2% 8% Gen Baking (6). 181 272% 11% 16% 2% 13% lll I,IK 38 28% m lo“fi Il,% 9% 4!% 18% 8% «~B5% 16% 53% 21% 2 Kaasss g Gult. % 23% 27% 86 80% 54% 89% 32% 13% 63 4% 49% 52 1818 A% 46% i28% 128% 135% 185% 109% 109% 16 16w 1B 11% 130% 131% 9 %0 110 110 12 12 W B8% 63% . 63% 108% 108% 29% Kan City South.. Kayser Jul & Co. Keily Spr Tire. Kelsey,Wh (6) Kenne Cop (3). Keokuk & Des Keystone T & R. Klaney G R Co.. Kr e Dep Str. Kresge D S pf (8) Leh Val (3%)... Lig & Myrs (3).. Lig & Myrs B (3) Lima Loco (4). Loews Inc (2).. Loft Incorpor. Loose-Wiles Bi: Lorrillard (3)... Loyls & Nash (6) Ludlum 8ti (2).. McCrory B Mclntyre ( Mack Trucks (6) Macy RH & Co.. Magma Copper. . Man E1 Sup (4).. Man El md gd 4. Manhat-Shirt (3) Maracaibo Oil. ... Marland Oil. Marlin Rockwell Martin-Parry (4 Mathieson Alka. Maxwell Mot A.. Maxwell Mot B. . May Denpt St (5). Mex Seabd (2).. Mex Sea cfs (2). Midld Prpf (8).. Miami Cop (2).. Middle St 01l Minn & St Loi Mis Kan & Tex. Mis K & Tex pf.. Missouri Pacific. Missourl Pac pf. Mont Power (4). Montgom Ward. Moon Mot (3) Mother Lode 75¢ Munsingw'r (3). Nash Mot (}10).. Nat Biscult (3).. Nat C1& S pf (7) Nat Dairy (3) Nat Dept Stbr. Nat En & St Nat Lead (8 Nat Lead pf (7 Nat Supply (3 Nev Cons Cop. ... N Or T&M 231 . N:Y AfrBr (4)... N Y Central (7). NY C & StL (6). NY NH & Hart. . N Y Ont & West. N ¥ Shipblde. Niagara F pf 1 Norrolk South. . Norf & W (18) .. Norf & W pf (4). North Amer (2). North Am pf (3). North Pac (5)... Oh F Sup (2%).. Okla Pr & Ref.. Onyx Hoslery Orpheum (1%).. Otis Elev (n) (4) Otis Steel Pacific Develop. Pac G & E (8) Pacific Mail Pacific Oil (2 Packard (1.20). Pan-Amer (4).. Pan-Amer B (4). Park & Tilford. PennC & C (4). Penn Railrd (3) Penn Seab Steel. Peop Gas Ch (7). Peoria & East. Pere Marq (4). PhilaCo (4).. Phila& R&I... Phil Mor (50c) .. Phillips Pet (2). Phillips Pet rts. Pierce-Arrow Plerce-Arrow P-Arprpf (8)... Pierce Qil. . Piérce Oil pf. Pitts Coal (4)... Pitts Coal pf (6). Pitts Ut pt (1.20) Pitts Ut ctfs 1.20 Pitts & West Va. Porto Ric Tob. . Postum Cer (4) Press Steel Car.. Prod & Refiners. PubSerNJ (4). Public Serv rts. Pub 8 NJ pf (7).. Pub S NJ pf (3). Pullman Co (8) . Punta Al Su (5). Pure OIl (133)... Ry St Sg pf (D). Read 2d pf (2). Replogle Steel.. Rep Ir & Steel. Rep I &S pf (7). Reyn'ds Spgs (1) Rey TobB (3)... Rey Tob pf (7).. Roy Dtch (3.46). 29% | Rutland pf...... St Joseph Ld (2) St L San Fran... St L-San Fr pf. . St L Southwest. % | St LS'th pf (5).. Savage Arm: Schulte (8). Schulte pf (8) Seaboard Air L.. Seab’d Air L pf. Sears-Roebk (6 Seneca Copper. Shattuck-Ariz. Shell Un Oil (1). Shell Un pf (6).. Simmons Co (1). Simms Pet...... % | SinclairOil...... Skelly Oil. Sloss-Sheff (6).. So P Rico 8u (6). % | South Pac (6) Southern Ry (5) South Ry pf (5). Spaulding pt (7). Spicer Mfg. Std P1G1 (75¢).. | Sterling Pr (4) . Stew't Warn (6).° Stromberg C (8). 6% | Studebaker (4). Submarine Boat. Superior Ol Sweets Co of Am 4% | Telautograph. .. Tenn C & Bh. ‘Texas Co (3). ‘Tex Gulf (“’6) . Texas & Pacific, Tex & PacC&O. NEW YORK STOCK EXCHANGE ' Received by Private Wire Direct to The Star Office Low. 1% 1 96 85 38% 46 35% 117% 117% 60% 69 % 14% 106% 105% au 42 109% 108% 110 108 26% 5% 1% 100 17% 9% 108% 1831% 52% 24 % 1084 108% 131% 130 52% 3% 116 llG 116 13% lflfi 7% 120 % 3% 61% 124% 124% 141 111 The Fair (7).... 1 Third Avenue Tide Wat Ol (4. Timken (13%).. Tob Prod (8). ... Tob Prod A (7).. Transoont Ofl. .. ’lfi ai Transue & W (3) . Un Pacific (10).. Un Pacpf (4)... Un Tank Car (5) M. [ Un T Carpf (7). Utd AHoy Steel. 99% | Utd Cigar Stores United Drug (6) UD1stpf (3%). Utd Frult (10) BEssan a8 i HE ‘sfi&isfifi # 5 g¥# - BESEIZRIEE Eosennabuintnsns faasss T OClose. 21% 1% 17 4% 4% W 2% 5% 65% 96 |SELLING IS HEAVY INLIBERTY BONDS Feature Trading—Weakness in Foreign Group—Day’s New Offerings. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, August 21.—The fea- ture of the bond market today was the development of a heavy selling movement in United States Govern- ment bonds. Every active issue was carried down under the pressure of offerings, for substantial losses. The explanation was declared to be expectation on_the part of banks of higher money. In confirmation of this view it was pointed out that quoted rates for time funds were a trifie higher today and that the supply had fallen below that available in some time. Today's quotations for Libertys were lower than at any time last week. To a certain degree the high-grade rails and industrials were affected by the weakness in Govern- ment bonds. Losses in this section of the list, howéver, were only small fractions. Forelan Greup Weak. Heaviness prevailed again in the foreign group. KFrench bonds got down below 103 for the 7%s against the recent high_of 105% und below 107 for the 8$s against the recent high of 109. French cities 6s were down 2 points from their highs of last week. Aus- trian 7s dropped bavk below 96. Bra- 21l bonds were depressed by reports of new disorders. Jugoslav 8s held fairly well. In domestic rails St. Paul issues weakened again under much the same sort of selling as came into the mar- ket on Wednesday. Prices reacted, however, later. I G. K., adjustments were firm, Interborough Rapid Trans- sit bonds and notes were weak, which may have been due to talk of bus competition. Third Avenue adjust- ments sold off even more sharply. The feature of the industrials was the break in the junior bonds of Wilson and Company, the losses ranging from 2 to 3 points, Today's New Insues. Todfy’s new fssues included $1,250.- 000 Hartford Building: Chicago 6%s, due 1939, at par; $1.000,000 State of Alabama, Harbor Improvement 4%s, due serially, to vield 4.25 per cent; $1,200,000 Missouri Power and Light 6128, due 1943, to yield 6.60 per cent; | $2,000,000 United Fuel and Supply, Detroit, first 6%s, due 1939, at par, and $1,000,000 City of Portland, Ore., Water Works 4s, to yield 4.25 per cent. By the Associated Press. NEW YORK, August 21.—Bond prices drifted irregularly lower in to- day's early dealings. Trading was featured by a sharp break of almost 7 points in Wilson and Company convertible 7%s apparently based on apprehensions over the recent call for deposit of these bonds in connection with $be company's plan of financial readjustment. The convertible 6s de- clined 1% points. Profit taking continued to force re- cessions in various foreign and do- mestic obligations, including the French and Austrian loans, and some of the -coppers and speculative rail mortgages. Japanese 4s reached a new 1924 top price at 34 and Brooklyn Union Gas 7s of 1923 at 136%. Lib- erty bonds were heavy. SR S MORE SPINDLES IDLE IN JULY THAN IN JUNE Cotton spinnig activity showed an- other slight decline during July, as compared with June, the Census Bureau monthly report today showed. Active spindle hours for July 9% | totaled 5,157,779,726 or an average of Utah Copper (4). .s“u Utah Securities. 8% | Vivadou.... . 136 per spindle in place, compared with 5,336,401,848, or an erage of 141 per spindle in place in June this year, and 7,135,765.590, or an average of 191 per spindle in place in July last year. .- ACT AGAINST ICE FIRM. NEW YORK, August 21.—Manipula- tion of the affairs of the Ice Service Corporation, to the detriment of its stockholders and the interests of the corporation, was charged in a petition filed with Attorney General Sherman by five stockholders, who asked that he investigate the actions of the of- ficers. The petitioners also urged that the officers be restrained from selling stocks and bonds of the cor- poration. 3 —_— WOOL SALES LIVELY. BOSTON, August 21 (Special).— Raw wool sales continued in good volume today though somewhat un- evenly distributed- Prices wera firmly maintained and dealers con- tinued to predict a slightly higher level. Even wools bought early in the season, before the price dip, now can be marketed at a profit and most dealers are in a better position than they have been for a long time. RATES ON BAR SILVER. LONDON, August 21.—Bar silver, 34%d per ounce. Money, 3% per cent. Discount rates — Short bills, 3%a3% per cent; three-month bilis, 3%a3 13-16 per cent. NEW YORK, August 21.—Bar sil- ver, 68%; Mexican dollars, 52%. EARNINGS SHOW DROP. 'NEW YORK, August 21.—American Cyanamid Company earned $18.48 a share on the common stock in the year ended June 30 after providing for preferred dividends. Net income was $1.565 513. In the previous year $25.38 Wi earned on the common. 17% 17% 18% 54 54 b 20 Universal Pipe. . Univer P pt (7). 80 30 0% 31 Vanadium Corp. Va-Caro Chem. 1% 1% Va Ry & Power. 9% 69% 6% 5% ‘abash. abash pLA... Wabash pf B 9% | Web & Heilb(1). R8s E§esepys i Wells Far (2%). West Pen (4).:. ‘Western m Pac pt (6). t AirBr (6). i"’:?#fi!’ .‘_ &3 t-1 » (v o BONDS o] Prfivate Wire Direct to The Star Ofiice. ‘(Bales are in §1,000.) UNITED STATES BONDS. (Fractions represent thirty - secondu. Example: 93-3 means il 3-32) Sales. High. Low. Close. 84 10031 100-30 mo-w « 19 102-17 102-12 I ++ 526 101+18 101-11 1 87 102-16 10211 102+12 1065 102-19 102-11 102-18 «- 414 105-27 105-13 105-14 FOREIGN. Lib3%s...... Lib 1st 4% Lib 2d 4% Lib3d 4% Lib 4th 4% US4%s 19 Argentine 5 Argentine 6s'37. Argentine 7s. Canada 551926 Canada bs 1952 Chile 75 1943. Chile 85 1926. Chile 851941 Chinese Gov Ry b3 Copenhagen 6. . Cuba 5%s.. Czecho 8s 1951 ©zecho 8s 1952 ct. Danish Munic 8s Denm Denmark s Dutch ET5% DEIS%sct. Dutch East I 6s 2 Duteh East 1 6563 El 8alvador 8s '48. Finland s f 6s 1945 Framerican 7%s French Govt 7%4s. French Govt 8s. Holland-Amer 6s Hungary 6%s Japanese 4s Japanese 1st 43s. . Japanese 2d 43%s Japanese 6%s. . . . .18 Jergens U M 65°47. Lyons6s..... Marseille 6. . . Montevideo 7s. Netheriands 6s'54. Netherlands 6s '72. Norway 6s 1943 Norway 651952 Norway 8s... Orient Dev de Parle-Lya-Med 65.129 Prague 7%s. Queensland 6s. Queensland 7 Rio de Jan 85 1946. Riode Jan8s1947. 7 Rio Gr Do Sul 8 5 SanEaviloStatatay 6 Seine Dept. of 7s. ... Serbs Crotes Slo sn'n 10 3 14 Ud Kingm 5%s5°29. 29 Ud Kingm 5%s'37. 31 Ud Steam Copen 68 1 Uruguay $s 105% MISCELLANEOUS. Ajax Rubber8=... 3 94% Am Agr Chem 5 2 98% Am AgrChem 7%s 42 95% Am Chainsf 6s'33. 11 Am Repub deb 68 Am SmIt&R 1st b AmSmIt&R 6s AmSugref 6s..... AmT& Tcltrds Am T&T cl trbs Am T & T deb5%s. Am Water Wks 5s. Anaconda 1st 6s. Anaconda cv db 7 Armour & Co 4%s. Armour of Del 6= Associated Oil 6s... Atlantic Refin 5s. Barnsdallsf 8s. Bell Tel Pa 5s.. Beth Steel pm 5s. Beth Steel rf §s. Beth Steel 5%s '53. Beth Steel s f 6s. . Brier H St 1st 5%s. Bklyn Ed gen 5s. Bush T Bldg 5s '60. Calif Pete 634s. ... Central Leather §s Chile Copper 6s. ... CinG & E5%s’62 ColGas & El 6s.... Col Gas & El 5s sta. Commonwth P 6s.. Con Coal Md 1st bi Consumers Pow 5s. Cuba Cane cv 7530 Cuba Cane cv d 8s. Denver Gas 5s..... Det Edison ref 6s Du Pontde N 7%s. Dugquesne Light 65 Swiss Confed 8s 96! 11 100 5 89% 5 106% 8 108% 4 105% 4 106% 28 97 20 104% 87 103% 16 98% 19 105% 10 1184 5 104 25 99% 25 97% .26 89% 7 98% 9 99 4100 3 99% Francis Sug 7%: Goodrich 6%s. Goodyear 85 1931... Goodyear 85 1941. Hershey 65 1942 Humble O&R 5%s. Illinols Bell 1st 5s. Int Mer Marine 6s. KCP&Lt5sA’'S2 Kan G & El 65°52.. Keyser (J) 18 Kelly-Spring Lackawa S 6860+ Liggett & Myrs b Lorillard (P) 58 Magma Cop cv 7. Manati Sug sf 7% Marland Oil T%s. .. Mexican Petrol 8s. Midvale Steel 58 Montana Power Mor’s&Co 1st 4% Nat Tube 1st 55, New Eng Tel 5s N Y Eden 1st 6%s. NYG EL H&P 45 NY Tel 641 - Nor States Pow Nor States Pow 6 Northwst B Tel 7s. Otis Steel 7% Pacific Gas & E1 53 Pac T & T 1st 5s, Pacific T & T bs '62 Pan-Amer Pete 75. People’s Gas b: Phila Co 5%8s'38. Phila. Coref 68 A Pierce-Arrow 8 Pierce Oil deb 8s. Producers & Rf 8s. Public Service 5i Pub Scrv Elec 6 Punta Alegre, Saks & Cosf T Sinclair Of1 6% Sinclair Oll 7s. Sin Crude Oil 5%, Sin Crude Oil €8 Sin Pipe Line 68 South Bell Tel b: 43% | S0 Por Rico Sug 75.103 102% thwest Bell 55.100 96% Sout S ine Steel & Tube 7 it Elec Pow 6s % ‘Tenn 2 108% Toledo Edn llPt Youngatn S & T 6s. 21 96 Rl UG “To teach *young women how make a home” ‘rather—than teach omestic science is the purpose of :n. cou hich u« 2 ‘economice RAILROADS. Sales. High. Ches & O gn 4%s. Ches & Ohio cv 58 Chi B&Q gn 48°58. Chi B&Q 1st rf 5s 26 Chi M&St P 45 °34.. CM&StPdb4s... Chi M&SLP cv 4348 CM& St P gn 4%s. Chi M&St P rf 4145, Chi M&Schv bs. Chi Un Sta 4% Chi Union Sta Chi Un Sta 6%, Chi& W Ind cn 4s Chi W Ind 7%s CCC & St L bs. 50 CCC&StLrf6sA. Cleve Term 5s. . Cleve Term 5%s. Colo & Sou 4%s Cuba RR5s.. Del & Hudson 5%s DesM& FtD 4s Erie 1st con 4s Eric gen 4s. Erieconv 4s A Erfe conv 4s B. Erie conv 4s D. Erje Genessee R G! Erie (Pa) cit t1 4s. Gr Trunk = db 6s.. Grand Trunk 7s... Great North 5s. Gr North gen 5%s. Gr North gen 7s. .. Green B & W db B. Hud & Man ref 5s. . Hud & Man aj 5s. 11l Central ref 4 111 Central 53s. Int Rap Tran bs. .. Int Rap Tr 5s stpgd. Int Rap Tran 6s... Int Rap Tran 7 Int & G Nor 1st 6s. Int & G Nor aj 6s.. zu Kan City Ft § 4s. Kansas City Sbs. Kan City Term 4s.. 2 Lake Shore 4s°28.. 4 Lake Shore 48 31.. 2 Lehigh Valley 6 1 Long fslandrf 4s.. 9 Louis & N unl 4s 3 Louis & N 55 B. 0 Louis & Nash 7s... 1 Manhat Ry cn 4s.. u Mo Pacific 55 '65...~ 3 Mo Pacific 6s. Montrl Tm 1st 5s.. Nassau E Ry 4s '57 NewOr Term 4s. NOTex&M inb5: N Y Cent gen 3%s. N YCentribs. N YCent deb 6s. w Havend 45'67 1 w Havencd 6s.. 8 New Haven 7s. . 26 New Haven 7s fr. NYOnt& W ref 4s New York Ry rf 48 NYRyrf4sctfs.. 8 New York Ry aj NYRysadj5sct.. NY State Ry 4%s. NY W & Bos 4%43. Norfolk & W cv 6s. Northern Pac 7 Northern Pac Northern Pac 55 D. Northern Pacriés 17 Ore & Calif 1st 6:. . Ore Short L ref 4s. 15 Ore-Wash st rf 4s 28 Pennsyl gen 4% T Pennsyl gen 5s. 8 Pennsyl 6%s. 12 .| Pennsyl gold 7 Peoria & E inc Pere Marq 1st 5. .. . 5. PCC&StLbsA.. Reading gen 4s. St L IM&S 45°329... % | St L IM&S R&G 4s. 3 StL&SF54sD.. StL&SF adj és StLea S F inc 6s. StL&SF plés St P Un Dep 6%s. . SanA & Arn P 4 Seab'd A L 4s. Seab'd A Liref 4s.. 4 12 2 Sou Pacific ref 4s. Southern Ry gn 4s. 38 Southern Ry 1st bs 36 Southern Ry 6s ct.. 14 Southern Ry 6%s.. 56 Sou Ry Mobile 4i < TolSt L& W 3%s Union Pac 1st 4s. Union Paclstrf4s 8 Union Pac 4s'27 9 Union Pac 1st rf bs 5 % | Virginta Ry st bs. . Va Ry & P 1st 6s, ‘Wabash 1st §s. Wabash 2d b: wut-rn Ma wueouln Cent 4s. NEW ‘YORK, * August * 21-—Co|wer daarolnla spot and futures,’ spot, . 8.00a8.25. Lbuis spot, 6.25; futures; _Antimony, spot, 10.00. ‘PARIS, August 2L—Prices moved to amm-.r on the bourse today. Three 53 francs 15 centimes. | 14.. e, o lfln lon, 83 'francs 90 FINANCIAL. COTTON QUOTATIONS | HOLD VERY STEADY eu-: Demand Len Active After Rally of Last Two Markets. Days in By the Associaied Press. NEW YORK, August 21.—A further slight advance at the opening of the cotton market today seemed to find more contracts for sale and was fol- lowed by reactions. First prices were 5 to 18 points higher on covering pro- moted by firm Liverpool cables, con- tinued drought in central Texas and better trade advices from the Man- chester markets. The demand was much less active after the rally of the last two days, however, while increased hedge sell- ing was reported. The market soon turned etsier under realizing or liquidation. December sold off from 25.92 to 25.62, the early market show- ing net declines of about 12 to 13 points on active months. Cotton futures closed barely steada, w. 0 October .. December’ 25.88, bid. New Orleans Quotations. NEW ORLEANS. August 21.—The cotton market had a quiet opening, with first trades § to J0 points higher in sympathy with Liverpool. Prices improved a few poiats additional in the early trading, October reaching 25.52 and December 25.60, or 12 to 14 points above the previous close. Shorts having covered freely in vesterday's market, the technical position was not so good and prices soon settled back to about a level with yester- day’s close and there appeared to be a lack of definite trend. The tropical storm appears to have crossed the southern end of the Bahama group of islands and is still moving northwest toward the south Atlantic coast. Cotton fatures closed steady at net decline ot 36 t0 50 points. Low 2994 2407 January, 25.56; March, 25.16; May CHICAGO GRAIN PRICES. CHICAGO, August 21.—Influenced by an unexpected advance at Liver- pool. ‘the wheat market here today took & decided upward swing during the early dealings. Unfavor- able weather conditions in western Europe and in Argentina were ad- ditional bullish factors. Besides, frost was reported in the Canadian Northwest. Opening prices, which ranged from lc to lc higher, with September 1.27% to 1.28 and Decem- ber 1.33 to 1331, were followed by material further gains. Corn prices showed .a downward | tendency as a result of a heat wave over parts' of the corn belt. After | opening %ec to 1%c lower, December, 1.15% to 1.15%, the market under- | went a moderate further setback and then rallied, but later sagged again. Oats were easy owing to corn weak- ness. Starting unchanged to %c off, December, 56% to 57, the market hacdened a little, and then steadied at a trifle below yesterday's finish. Provisions lacked support, despite higher quotations on hogs. WHEAT— September September December May . i 1 GRAIN AND PROVISIONS. BALTIMORE, August 21 (Special). barrel, 1.00a2.50 ; beans, bushel, 1.25a1.65; sweet potatoes, barrel, 2.50a8.50; beets per 100, 3.0025.00; cabbage per 100, 5.0028.00; carrots per 100, 3.00a 5.00; corn, dozen, 20a40; celery, bunch, 30a75; cucumbers, basket, 75a1.00; | eggplants, 90a1.00; lima | beans, bushel, ; lettuce, crate, 1.0022.00: onions 1.20a1.50 peas, bushel, 1.23a1.75; peppers, bas Ket, 25a35; spinach, basket. 90a1.00 , 50265; tomatoes, bas- 40a30; packing| stock, bushel, 90al. Apples—Barrel, 1.505.00; bushel, 50a 2.00; blackberries, quart, 12a16; pine- apple, crate, 1.0023.00; huckleberries, 10a12%: peaches, bushel, 1.00a3.50; melons, per 100, 20.00a65.00; canta- loupes, basket, 60a1.10; pears, basket, 40a1.2 Settling Prices on Gra Wheat—No. 2 red Winter, 1.39%; No. 2 red Winter, 1.29%; No. 3 red Winter, 127, Sales—Bag lots of nearby sold at 1.26 per bushel; cargoes on grade, . 2 red Winter, garlicky, 1.30; No. 3, 1.27; No. 4, 1.26; No. 5, 119. ‘Corn—Cob, old yellow, 6.50 per bar- ‘rel; old white, 6.35 per barrel; No. 2 corn, spot, no quotations; No. 3, no quotations; track corn, yellow, No. 2, 137 and 138 Sales spot, garlicky, garlicky, on Oats—No. 2 old, 65%; No. 6435 Rye—Nearby, spot, 97%. Hay—Receipts, 55 tons. New hay arriving on the Baltimore market has to be sold strictly on its merits at a range of 16.00 to 19.00 per ton, as it 1s running too irregular to be offi- clally graded. Old hay is. mostly cleaned up with the exception of low- grade stock, for which there is little demand. 3, ola, 95a1.05; No. 2 rye, ve per esnt loan, §7|good ‘!'IO Straw—No. 1 wieat, new, 12.00a 13.00; No. 1 oat, new, 13.00a14.00. A reduction of 10 cents per bushel on Western grades of flour was an- nounced today. CHICAGO LIVE STOCK MARKET. CHICAGO, August 21 (United States Department of Agriculture).—Hogs— Receipts, 22,000 head; fairly active; mostly § to 10 higher; shipping de- mand very active, top, 10.25; bulk desirable, 160 to 240 pound weight, €00d, and_choice, 250 to 340 pound butchers, 9.75a10.10; better 140 to 150 pound averages, 9.40a9.70; packing sows, 8.40a8.90; inferior kind down to 6.00; strong weight slaughter 99% | pigs, 8.75a9,25. Cattle—Receipts, 10,000 head; fed wearlings. and handyweight steers scarce; very active, strong to 25 higher; mostly 10 to 15 up; few loads strictly choice long fed welghty steers to shippers firm; less desirable heavies, numerous; -very draggy at week’s sharp decline; shippihg de- mand broad; extreme top, 11.25 paid for yearlings; several loads, 11.00; mixed steers and heifers at out- side price; six loads string weighty Nebraska steers to outsiders, 11.00 several loads incomparable finish un- sold; fat she stock strong to,unevenly higher desirable heifers sharing yearling advance; bulls, uneven; steady to strong; bealers, 25 or more higher; packers buying rather freely upward to 13.50; outsiders, 13.75; country demand for - stockers and feeders narrow; trade slow; few de- sirable thin arrivals In fresh receipts. Sheep—Receipts, 16,000 head; very active; fat Jambs fully steady; sorting moderate! bulk irable natives, 13.75a14.00; few to: city = butchers, 5; bulk range lambs, 14.00a14.25 top, 14.25. p, dull; 25 to 50 lower, range n-c. 6.50; odd lots nativs ewes, 4. lfii.!‘. feeding lambs scarce talking around steady; lfl"m | cently 10.50a | 4! REGULAR LINOTYPE DIVIDEND DECLARED Mergenthaler Earnings -Are Above Last Year—Local Bank to Pay in Full. BY CHAS. P, SHAEFFER. Directors of the Mergenthaler Lino- type Corporation have declared their regular quarterly dividend of 23 per cent on the capftal stock of the com- pany, payable on September 30 to stockholders of record September 3, it was announced this morning. Transfer books will not be closed. Earnings of the corporation are said to be slightly in excess of tho: for the corresponding period of B year, but statistics are not available for publication at this time. At the present market of 159 to 160 the issue yields approximately 6.29 per cent. Citiex Service Dividend. Cities “Service Company has de- clared the regular monthly dividend of one-half of 1 per cent in cash scrip on common stock in addition to 1% per cent in stock scrip on com- mon, and the regular monthly div dend of one-half of 1 per cent on pre- ferred and preference “B" stocl k. All are payable October 1 to s of record September 15, New Bond Offer Announced. A new issue of $1,200,000 of first mortgage and refunding general lien 61¢ per cent sinking fund gold bonds of the Missouri Power and Light Company, at a price of $98.50 and ac- crued interest, to yield more than 6.60 per cent, is being offered the public today. The bonds are dated December 1, 1923, due in twenty yvears. They are redeemable in whole or in part on 60 days' notice on any interest date up to December 1, 1938, at 105 and ac- cent during each year thereafter. Life Insurance Salex Gain. Sales of life insurance in this coun- try improved materially in Ju July a year ago, Life Insurance Sz Research Bureau reports. This im- provement was shown by an 11 per cent increase, and was particularly significant because a month ago the increase was only 1 per cent greater than in June, 1923. Total sales in July were $591,346,000; in July of last year they totaled but $534,075,000. For the seven-month period of this year sales reached the enormous total of $4,236,288,000, an increase of 10 per cent over the cor- responding period of 1923 Depoxitors Paid in F Depositors of the Merchants Faimers' Bank of Anacostia, became defunct last Tue ing paid in full, it was 1 an authoritative source this morning. | Likewise, Christmas Savings Club memberships will receive their de- posits in their entirety. Late estimates place the deposits of the institution at only $25,000, with paid in capital approximately $82,000. Under the plan of liquidation, any possible losses will be borne by share- holders. These shareholders, it is under- stood, will either have to stand their losses or accépt the alternative of and which . ‘are be- rned from | possible recoup through the medium f a finance and building association which several directors are trying to organize. Locai Market Very Dull. Absence of a number of the “reg- ulars” caused a decided slump in vo ume on the Washington Stock change this morning. But three i sues found their way int column, 15 shares of Riggs National Bank selling at 2911, 25 shares of Merchants’ Bank and Trust Company changing hands at 130 and 12 shares of Traction selling at 93, slightly above the previous close. the sales —_ NEW RAILROAD CHAIRMAN. BOSTON, August 21 (Special).— Business men here expressed grati- fication today over the naming of Homer Loring as chairman of the executive committee of the EBoston and Maine railroad. Mr. Loring re- was in charge of the Massa chusetts budget supervision and his appointment is 'regarded as an_ing fusion of new life into the manage- ment of the road. —e GETS BIG CAR ORDER. PITTSBURGH, August 21 (Special). —The Standard Tank Car Company has secured an order for building 200 tank cars at a cost of $400,000 for the Quaker City Tank Line Company of Philadelphia and St. Louis. Work will be started September 1. In the last six weeks the company has book- ed business totaling more than $2,000,- 000. The plant will operate at full capacity until the first quarter of next year. ELECTRICITY DEMAND UP. ST. LOUIS, August 21 (Special).— The production of electricity in Mis- souri in the last year has increased 54 per cent over that of 1920. This was the largest rate of increase shown by any State, it is claimed here. Stock of Hood Rub Pro pf Intern'l Sal Loew’s Inc. Met-Goldwy) McCahan Sug Ret Bets EEont Tono Ext ceckoccoeP coclen cccleoce cooRy TREASURY CERTIFICATES. (Quotatious furnished by Redmond & Co.) f 2 o Noon. 5%s September 15, 1924.. 44s December 15.’ 1924. 48 Mdrch 15, 1i 4% aren 15, 1025 15, 1925, — offer. To yield 100°28-3 December 15, ¢ March 15, 1628, s September March 15, 1 102 102 118 Deaer 150 07 103 Ta-16 108 516 DAIRY PRODUCTS. BALTIMORE, August 21 (Special). Live poultry—Spring chickens, 1b., 28436; Leghorns, 24a30; old hens, 19a 26; Leghorns, 19a20; old roosters, 15a pring ducks, 17a22; pigeons, pair, v firsts, free md 3 Butter—Creamery, good to fancy, Ib.. 37a39%; prints, 3914a41%; nearby creamery, 35a37; ladles, 30a32; store packed, #7; process butter, 5. o ———— | Threo-nfths of our orl:un.l forests are:already gone