Evening Star Newspaper, August 22, 1924, Page 14

- HEAVY REALIZING IN STOCK MARKET Colorado Fuel Leads Sales Laid to Pools and Stiffer Money. BY STUART P. WEST. Speeial Dispatch to The Star. NEW YORK, August 22.—The mar- ket turned downward today after an hour or more of indecision. There was no outside news to account for this change. It simply resulted from the discovery that operations for the rise were no longer meeting with success. When the following on the long side saw prices begin to melt there was a general selling move- ment. The first weak spot to develop was Colorado Fuel and Iron. It looked as if the pool operation based upon the oil discoveries on the company's property had been completed. But at the same time the decline was an expression of disappointment because of the absence of reliable information as to what these oil positions really amount to. Selling in St. Paul Issues. Selling continued in the St. Paul issues although there was a sufficient short interest, especially in the pre- ferred, to afford an element of sup- port. The situation in New Haven is quite dissimilar to that in St. Paul Nevertheless, there was some con- nection between the weakness of the last few days in the St. Paul shares and the selling, which carried New Haven below 25 today. Others.of the so-called junior rails went lower, among them St. Louis Southwestern. Wabash preferred A and Pittsburgh and West Virginia. The weakness in the last named called attention to the fact that this road was left out of the Van Sweringen combination and that rumors regarding its acquisition by one or another big railway sys- tem have not materialized. Several Strong Spots. In face of the reactionary tendency elsewhere, strength of American Can was quite remarkable. It showed that the powers back of this stock were sufficiently confident to disre- gard the general market movement. The same comment was applicable to V. S. Cast Iron Pipe, which made a new high while other things were going down. American Tobacco was quietly bought on information that earnings were running well ahead of last year, that they were well up to record figures, and that an extra divi- dend was a distinct possibility. , Coppers Dinappointing. The action of the copper shares was appointing to their numerous fol- vers who were banking too much upon the allvance in the metal. Fol- luwing the rather mysterious selling on the previous day in Kennecott, there was sudden unloading of Chile and Anaconda, too, lost all its for- ward push. Notwithstanding this, the Street was interested in a prediction of a house whose opinion counts for much that owing to expansion of public utilities, European needs and the present reduced stocks of the metal, the price would work up to 15 cents a pound. At this figure re- sumption of dividends would be per- mitted by companies now paying nething and increases would be al- lowable by low cost producers, such as Chile, Kennecott, Utah and Cerro dé Pasco. : Momey Rates Caune Selling. iThe hardening of money rates, sBght as it was and certainly of no sdrious significance, nevertheless brought about , further selling of liperty bonds and a sagging inclina- tibn in the investment market gen- eally. In the weekly statement of the Federal Reserve no evidence ap- peared that the usual crop moving démands were beginning to affect the pesition. Rediscounts dropped off apother $6,900.000 and note circula- tipn another $14,000,000. The regional ban<s, unable to ob- tain employment for their funds in more profitable channels, were buy- ing Government bonds and bankers’ aeceptances. The week end statement of the member banks may throw more light upon the reason for the raising of money rates. But the inference from the Federal Reserve showing would certainly be that it was a move an- ticipating the result of withdrawal for harvest purposes upon the money supply, rather than the consequence of any change in money conditions which ‘had yet occurred. MARKET CLOSES HEAVY. Jersey Central Breaks 10 Points { in' Final Hour. By the Associated Press. NEW YORK, August 22.—A further rdaction in stock prices today revealed that the recent sharp reduction in the . short interest had left the market in a_weakened technical condition: Spo- r4dic rallies were staged in issues con- tolled by pools, but they acted only as a temporary check to the downward tfend. - Sales approximated 1,050,000 shares. The closing was heavy. Active sell- ing was resumed in the final hour, when Jérsey Central broke 10 points. Nash Motors, however, extended its gain to 6:points. Markets at a Glance NEW YORK.—Stocks lower; Nash Motors soared 6 points. Bonds easier; St. Paul issues again react. Foreign exchanges reactionary; sterling drops 1%. Cotton higher; improved Man- chester news. Sugar quiet and un- changed. Coffee firm; European buy- ing. o {CHICAGO.—Wheat; lowér, favorable Canadian reports. Corn weak; fine eather. Cattle firm; good demand. Em steady to higher. s BOSTON STOCK MARKET. BOSTON, August 22.—Following is list of today's highest, lowest and closing prices for the most active stocks dealt in here: Tow. 127 NEW YORK STOCK EXCHANGE Air Reduct (4). Ajax Rubber.... Allied Chem (4). Allis-Chaim (4). Allis-C M pt (7). Am Agricul Chm Am AgChmpt, . Am Reet Sug (4) AmBrS&F (5). AmCan (16).... AmCar & Fy(1 Am Chain A (2). Am Chicle. Am & F P.25%(7) AmFor P'f pd(7) Am Hide & L pf. Am Internatl.. . AmLaFFE (1). Am Linseed. Am Linseed p Am Locomo (6) . Am Metal (3)... Am Radiator (4) Am Saf R (50c).. Am Ship & Com. AmSm & Re (5). Am Stl Fdys (3). Am Sugar. e Am Sugar pf (7). Am Sumat Tob. . Am T & Cab (5). Am T & Tel (9).. Am Tobac (12).. Am Tob B (12).. Am Water Wks. Am W W pf (6).. Am Woolen (7). Am Writ Pap pf. Am Zinc. .. Anaconda B Asso Dry G (5).. As DG 2d pf (7). As50 Ol (13%) ... Atl Birm & A . AtT&S Fe (6).. AT&SFpf (5). Atl Coast L (18) . AtGulf& WI... At Gulf & W Ipf Atlantic Refin. .. Austin-Nic pf(7) Auto Knitter. . Bald Loco (7)... Bal & Ohio (5).. Bal & Oh pf (4). Barnsdall A..... Barnsdall B. Bayuk 1st pf Rch Nnt (2.40).. Bethlehem Steel. Betn SU pt (i) Beth Stl pf (8) Brk Edison (8).. Brk-Man Tran. . Br Man T pf (6). BrklynUn G (4). Brown Shoe (4). Burns Br (10)... Bush Te pf (1) Butte C & Zinc Butte&Superior. Cal Packing (6). Cal Pet (1%).... Callahan Z Lead Calumet & H 50¢ Can Pacific (10). Case Thrs'g pf. . Cent Leather Co. Cent Lea Co pf CRRNJ (H2). Cerro de Pasco(4) Chand Mot (6).. Ches & Ohio (4). Chic Gt West pf. Ch Mil & St Paul Ch Mil & St P pf. Chi & Nwn (4) Ch Pneu T (5). ChiR1& Pac. CRI&Ppt (6). ChStP Min & O Chile Cop (2% Chino Copper- Cluett, Peab (5). Coca-Cola (7)... Colo Fuel & Iron Col G & E (2.60). Com Solv A (4).. Congoleum (3 Conley Tin Fol Consol Gas (5). . Consol Textile Cont Can (4).... Cont Can pt (7). Cont Mot (20¢).. Cub Am Sug (3). Cu Am8upf (7). 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) Du PtdeN (8).. Eastman (17%). Il Stor Bat (4).. Elk Horn Coal End-John (5). Erie 18t pf. Erie 2d pf. Fairb'ks (2.60).. Famous P (8) Fed Lt & Trac! FdM&Spf (7). Fid Phe F In (6). Fifth Av B (64c) Fisk Rubber.. .. Fisk Rubber pf. Flelschman 13%. Foundation (6).. Foundation rts. Freeport-Texas. Gardner Motor. . Gen Am T C (3). {Gen Asphalt. . Gen Baking (6). General Elec(8) Gen Mot (1.20). . Gen Mot pf n (7) Gen Petm (2). Gimbel Bros Goodrich. . Goodyear pf Granby Consol. . Gt North pf (5).. Gr Nor Ory Grt Wstn Guantan Sugar.. Gu Mo & N pf (5) Gulf St Stl (3).... Hartman Co (4). Hayes Wh'l (3). Househ'd Pr (3). Houston Oil..... Hud Mot C (3) Hydraulic Steel. Illinols Cent (7). Tl Cent pf (6).. Indiahoma Ref. . Inger R (128). Inland 8tl (2%). Inspiration Cop. Interb Rap Tr... Internat Agrl. .. Internat Ag pf.. Int Bus Ma (8).. Int Cement (4).. Int Com Eng (2) % | Internat Har (5) rdy C I@land Creew Igland Creek pfd Ife martls . Libby McNeil & w's _Theater Colony. Theific Ml incy Bhoe Machinery.. 38 ited Shoe Machinery pl 8 Smelting pfd. 4 tura Oil. CHICAGO, August 22.—Poultry— or; lo‘vll. 17a22; springs, 37; Inter Har pf (7). Int Mer Marine. Int Mer Mar pf. . Internat Nickel. Internat Paper. . Int Rys C Am (5) Int RysC A pf. Int T&T (6). Invincible Oii.. . Jewel Te: Jones Bros Tea. Jordan Mot (3). Kan City South.. Kayser Jul & Co. Kelly Spr Tire. . Kelly Spg 1st pf. Kenné Cop (3).. Keystone T & R. Kipney G R Co.. Kresge Dep Str. Leh Val 3%)... Lig & Myrs (3):. Lig & Myrs B (3) Lima Loco (4)... Loews Inc (2).. Loutis & Nash McCrory B....... 6 (T5¢) 0 2! AmC&F pf (7). 6% 86 2% 126% 123% 63% 60% 20% 83% 39% 884 39% 99% 100 99% 100 96 96, 96 96 A% 6% 15k 5% 1 1 62% 60% 19% 14% 96% b2% 6% 94 07 14 24% 68% 70% k J 67% % 36 35% 34% 69% 27% % 110% % | Man El md gd 4. Open. High. Low. Mack Trucks (6) 1018 103 Mack Trucks rts. 3% Mack T 2d (7)... 98% Magma Copper.. 35% Mallinson & Co.. 28 8% 35 28% Manhat-Shirt (3) Maracaibo Ofl. . . Mt St Ry pr.pf. Marland Oil..... Marlin Rock Mathieson Alk; Maxwell Mot A.. Maxwell Mot B.. May Dept St (5). Metro Ed pt (7). Mex Seabd (2).. Mex Sea cfs (2). Miami Cop (2).. Middle St Oil.... Minn & St Louis. Mis Kan & Tex. . Mis K & Tex pf.. Missouri Pacific. Missouri Pac pf. % | Mont Power (4. Montgom War Moon Mot (3). Mother Lode 75 Nash Mot (110).. 126 Nuat Cl& Spf (7) 954 Nat Dairy (3)... 89% Nat Lead (8) Nat Supply ( Nev Cons Cop. N Or T&M 123%. 104 NYAIrBr(4)... 42 NYABra o N Y Central (7). 109 NYC&StL(6). 110 NYC&SIL pf (6). 88 N Y Dock. .. 27 NY NH & Hart N Y Ont & West. N Y Stea pf (7). Niagara F pf 1%. Nori& W (18).. 12 North Amer (2). North Pac (5). Oh F Sup (2%).. Onyx Hoslery. Orpheum (1%).. Otis Elev (n) (4) Otis Steel. . . Owens Boy, (3 PacG & E (8)... Pacific Oil (2)... Pan-Amer (4).. Pan-Amer B (4). Penn Rallrd (3) Penn Seab Steel. Pere Marq (4). Phila Co (4). Phila& R&1T. Phil Mor (50c) Phillips Pet (2). Phillips Pet rts. Pierce-Arrow. P-Arprpf (8). Pierce Oil. .. Pitts Coal (4). Pitts Ut pt (1.20) Pitts & West Va. 60% P & W Va pf (6). 100 Postum Cer (4).. 59 Press Steel Car. Press Steel C pf. Prod & Refiners, PubSerNJ (4).. 59% Public Serv rts.. 17% Pub SNJ pf (8). 108% Pullman Co (8).. 130 Punta AlSu (5). b52% Pure Ofl (1%)... 23% RSIICefs (4). 71 Ry Stl Spg (8)... 122 Ray Cons Cop... Reading (4). Readingrts.... Read 1st pf (2).. Read 2d pf (2) Replogle Stcel Rep Ir & Steel. .. Reyn'ds Spgs (1) Rey Tob B (3)... Roy Dtch (3.46) . Rutland pf...... St L San Fran.. St L-San Fr pf. St L Southwest.. LS'th pt (5) Savage Arms #chulte (8).. Seaboard AirL.. Seab’d Air L pf.. 28 8% Sears-Roebk (6) 105% 106% Sears-Roe pf (7) 120 120 Seneca Copper.. 2 2 Shattuck-Ariz. . % Shell Un Oil (1). Shell Un pt (6).. Simmons Co (1). 29% South Pac (6)... Southern Ry (5) South Ry pf (5). Std Gas & El (3). StOil Cal (2).... StOINJ (1).... 3% St 0il NJ pt (7). 118% Std PIGI (75¢).. 28% Sterling Pr (4).. 62% Stew't Warn (5). 53 Stromberg C (8). Studebaker (4).. Submarine Boat. Superior Oil. ... Sweets Co of Am Terin C & 8h..... Texas Co (3).... Tex Gulf (16%). Texas & Pacific. Tex & PacC&O. Third Avenue. .. Tide Wat Oil (4). Timken (18%).. Tob Prod (6).... Tob Prod A (7).. Transcont Oil... Un Bag Pa (6) Un Pacific (10).. 144% o T6% 114% United Drug (6) Utd Fruit (10).. Utd Ry Inyest pf U S CastlIronP. USCIP pf (D... U S Distributing U S Distr pf (7). U S Hoff Mach. . U 81nd Alcohol. U S Rubber. USR1stpf (8). Universal Pipe. . Univer P pf (7).. Utah Copper (4). % | Utah Securities. Vanadium Corp. Va-Caro Chem.. Va Ry & Powel Vivadou... 1 | Wabash. Wabash pfA.... 65 | Wabash p{B. ... Wald Sys (1%) .. Web & Hellb(1). West Pen (4)... Waest Maryland. Western Pacific. West Pac pf (6). West Un Tl (7).+ West Air Br ( West E & M W E 1st pt (4) Whi & L Erfe. Wheed & LE pf. 20% | Wh Eag O1l (2). White Mot (4). .. 30% | Wickwire Sp 8tl. Wilson & Co Wil & Copt. Willys-Overl'd. % 04 704 111% 111% 41% Sl 53% 53 Wrig W Jr (3).. Yellow Cab (5).. *0dd lots {Partly extra. Divider Tait yearty “deey soted, extra .or speelsl The stains made. by sticky flypaper wll:‘“nuh{‘ly‘flnpmr :r l'pm:“.l or s0al erosens, - turpentine - or beazine. 9% | rate, 2; closing bid, last loan, 2; call | WASHINGTON, D. C, FRIDAY, AUGUST 22, 1024 [ BONDS o] REACTION IN BOND WARKET SPREADS)...zz% Higher Rates for Money Said to Have Caused Selling - by Bank. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, Augu: market turned definitely In grade Investm States - Government loans were lower. Selling here, which came mostly from the banks, may be ex- plained by higher rates for money which prevalled today and by the ex- pectation that still higher rates were to come. In the more speculative obligations the weakness was in sympathy with the stock market, and for much the same reasons. It was a case where speculation for ‘the rise had \been carried to extremes and readjustment was necessary. St. Paul Bonds Sold. Selling_persisted in the St. Paul bonds, all the liens secured under the refunding mortgage being lower. The greatest activity was in the 4s of 1925, the refunding of which it is now understood i the subject of d cussion by the bankers. The con- vertible 4%s of 1932 were also very weak, falling below 60 at one time. The market for the other St. Paul bonds was irregular, differences of as much as a point between sales being recorded. Another weak spot was in the Mis-, sour Pacific list. Missourl Pacific gencral 4s were down a point from their recent high, and the Gs of 1966 were heavy around 82. L G. N. adjust- ments were one of the two specula- tive rails to hold firm. St. Louis-San Francisco income 6s also held well and Western Maryland 4s again sold above 65. Tractions Alse Lower. The local tractions were nearly all lower. Third Avenue adjustments were heavily eold, and Interborough 6 per cent notes dropped back a point. Copper bonds were heavy, even such investment securities as Anaconda 6s. Sugar bonds were reasonably firm. The recessions in the foreign group were smaller proportioately than else- where. In fact, French Ss rallied from Thursday's low, and Freach Citles 6s were fairly steady. Belgian bonds lost ground, but not substan- Brazil 8s were heavy again. ese 6%8 were steady. new lssues included $4,500,- 000 Great Northern 4! per cent equipment on a 4.70 basis. el RUSH PLAN T0 JOIN THREE RALROADS Louisville and Nashville and Coast Line to Be Much Closer in Operations. 22.—The bond By the Associated Press. NEW YORK, August 22.—The At- lantic Coast Line Railroad and the Louisville & Nashville, directors of which yesterday accepted the lease of the Carolina, Clinchfield & Ohio Rail- road for 999 years under the terms of the Interstate Cemmerce Commis- sion, will begin in a few days to lay the route for the two new strips of railroad to connect the Loulsville & Nashville and the Carolina, Clinch- field & Ohio. This was one of the chief specifications of the Interstate Commerce Commission. Terms of Payment. ‘The McRoberts branch of the Caro- lina, Clinchfield & Ohio i3 now about 25 miles from the Loulsville & Nash- ville and the Harlan branch of the Clinchfield is about 12 miles from the Louisville & Nashville. ‘The lease provides that the Atlantic Coast Line and Louisville & Nashville are to pay $750,000 annual rental for three years, beginning January 1, 1925; $1,000,000 for 10 years, begin- ning January 1, 1928, and $1,250,000 a year for the balance of the term, Deing 3, 4 and 5 per cent on the $25,- 000,000 of common capital stock. In addition the lessees are to pay the interest on the bonds and equipment trust obligations. Unites Two Big Systems. ‘The decision of the directors of the two roads to take over the Clinchfield gives the Walters system 300 addi- tional miles of rallroad, from Spartan- burg, S. C., to Elkhorn City, Ky., bringing the Atlantic Coast Line and Louisville & Nashville systems much closer together. ERIE R. R. COMMITTEE FAVORS BIG MERGER Plan to Go Before Stockholders After Revisions Have Been Made. By the Associated Press. NEW YORK, August 22.—Directors of. the Erie Rafiroad Company meet next Monday to act on the recom- mendation of the executive committee régarding_acceptance of the offer of the Van Sweringen interests of Cleve- land t6 link the road with their pro. posed new “Nickel Plate” system. Frederick D. Underwood, president of the Erle, sald today that the executive committee of which he is 80% [ chalrman had reached .an agreement aftér hearing an explanation of the terms from O. P. Van Sweringen and approving cértain revisions in the plan made by counsel. The board is ex- pected to ratify ‘the executive com- mittee's report and then will submit the Van Sweringen offer to stock- holders. e TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) | oon.. Bid. ORen. 100732 To 100 9-16. mo':‘:v‘f’ 100 11-16 101 13-1¢ 1013 1015 NEW YOI August 22.—Call money steady; high, 2; low, 2; ruling lokos. agtost ascent. 2 s = 1%; time loans firm; mixed col- lateral, 60-90 days, 2%a2; 4-6 months, 3%a3%; price commercial paper, 3a3%. R DEBT LIMIT SET ASIDE. BOSTON, August 32 (Special).—The city of Boston has been authorized to spend $3,500,000 beyond its debt limit for widening Cambridge and are ia §1,008.) . UNITED STATES BONDS. . represent thirty - secondu. Example: 93-3 mm-"ga-u) % 4 102 74 106-15 101-30 10130 FOREIGN. . 1 Austria7s........, B\ Belgium 6s Dutch East I 65°47 Dutch East I 68°62 11 El Salvador 8s'48.. 1 Finland st 45. 3 French Govt 7 8. Marseille Mexico 4s 10 asntd. Netheriand Netherlands 6s - Norway 65 1943. Vorway 651952, Norway Orient Dev deb 6s.. Paris-Ly's-Med 6. 35 Sao Paulo State Seine Dept. of 7s. Serbs Crotes Slo Soissons 6s. 116% 66 110% IO;VO u ay 8s. 105 10 Z:‘r‘!c‘: 8s.. . 11 110% MISCELLANEOUS. 29 95 9% Am Agr Chem 58 8% Am Agr Chem T%s Am Chbainsf 6s°33. Am Cotton Oil & Am Repub deb 6 Am Smit&R 1st 6s. Am Sug ref 6 AmT&Tclirds.. & Am T&T cltr§ b5 Beth Steel 5%8°53. Beth Steels£6s... 3 Brier H St 1st 5%s Bklyn Ed gen 58 Bush T Bldg Calif Pete 6% Central Leath: Chile Copper CinG&ES% Col Gas & El Col Gas & E1 & | Commonwth P 6 Con Coal Md 1st 58 Consumers Pow 5 Cuba Cane cv d 8s. Cuban-Am Sug 8s.. Denver Gas §: Det Edison ref Du Pont de N 7%s. Duquesne Light 68 Empire G&F %s.. 68 Fisk Rubber 8 FINANCIATL. ~ COTTON QUOTATIONS | - ARE BARELY STEADY Traders Anxiously Awaiting Gov- " ernment Report, Due To- ' morrow Noon. By the Associated Press. NEW YORK, August 22.—The cot- 3 | ton market openet’ barely steady’ at 86 CM & Puget 8d 4s. 12 Chi M & St P 4s°25.334 CM&StPgn4y% 1 Chi M&St P rf 4%43.137 Chi M & St P cv b: [ CCC&StLrf6sA. 17 Cleve Term Del & Hd 1st rf 4, Del & Hudson 534s Den & Rio G cn 4 Det United 4%s. Erie 1st con 4 Ericgends.... Erieconvis A. Erte conv 4s B. Erie conv 4s Erie con ext 7 Erie (Pa) cit 57 lavana ERL&P s 2 Hud & Manvef 6s.. 24 Hud & Man aj bs... Il Cent ref s '55 Int Rap Tran 5 168 Int Rap Tr 6s stpd. 29 Int Rap Tran 6: Int Rap Tran Kan City Term 4 Lake Shore 45°28.. 47 Lake Shore 4s 31.. 6 Long Islandrf4s.. 1 Louls & N uni 4s .. 10 Louls& N5sB.... 22 | Louis & Nash 5%s. 7 Louis & Nash 7s... 2 Nassau E Ry 45 '57 Tex & M inbs. N Y Cent gen 3% N Y CenLScl 3%s. NYChi&SL5%s. NYC&StL6sA.. Norfolk & W cn 4s. Norfolk & W cv 6s. Northern Pac 4s... Northern Pac bs D. Northern Pac ri 6s % | Ore & Calif 1st 6: Goodyear 8i Goodyear 88 1941.. Hershey 65 1942 1 Humble O&R 5%3. Illinots Bell 1st 55. Tilinols Steel 4% I'.nrlllll'(d: (Pév‘u Magma Cop . H:lll Sug st T%S. Marland Oil 7%s. Midvale sl;eel ir-‘c.t tans Power 3. :::’IECO 1st 438, New Eng Tel §s. N Y Eden 1st 6 NYG EL H&P N Y Tel 4% N ¥ Tel 63’41 N Y Tel 6s°49 North Am Ed 6s. .. North Am Ed 6%s. Nor Ohio T&L 6s.. Nor States Pow bs. Northwst B Tel 78. Otis Stecl 7% Otis Steel 8: Pacific Gas PacT & T 1st 6 Pacific T & T 55’62 People's Gas bs. Phila Co 6%s'38 Phila. Coref 68 A.. Phil & Rdg Cl} 8. Plerce-Arrow 8s ‘Public Service bs... Pub BLAI';I E'l:?' 6s.. Punta Aleg! Sinclair Oll 6% Sinclair Oil 7 B 8in Crude Oll 6%s. Sin Crude Oil 6s. Sin Pipe Line 6 South Bell Tel Southwest Bell 5s. Steel & Tube 7 5 Tenn Elec Pow Tide Wat Ol 6% Toledo Edn 1st 7 Union Bag & P 6: U SRub 1st rt bs. U S Rubber 7% U 8 Smelter 6s. st 5 8 Stecl . guh Pow & Lt bt Va- Cnem 7 Va-Car Ch 7% Vertientes Sug 7s. ‘Warner Sug 78 '3%. Warner Sug 18 °41. Western Eilec 5 West'n Union 6%s. - SRowSwom v cndabelansma - - Sweon BalRaB 5 0B0atal Willys-Ov $3% ‘Wilson & Co lst s 01% %% :l n & Cocy 1 i Al¥%s. 6 10 Toungstn S&T 6s. 17 96 ¥ —— ‘Honolulu has opeé of the finest and it telephone systems in Ore Sht L cn 53 *46 99% | Pennsyl gen 4%s.. Pennsyl gen bs. Pere Mrq 1st 45 '66. Pere Marq 1st 6s. PCC&StL6sA.. eading gen 4s. 1 Sou Pacific ref 4s.. 63 Southern Ry gn 4s. 48 Southern Ry 1st 5s 39 Southern Ry 38 Southern Ry dy Unlon Pac 1st ¢s. Union Pac 1strf 45 33 Union Pac 4s5°27... 18 Union Pac1strfbs 1 Union Pacificcv 68, 7 Virginia Ry st s . 28 Va Ry & P 1st §i Western Md 4s.... 65 Western Pacific 5s. 38 5 1 ‘Wisconsin Cent 4. § NEW FINANCING ABROAD. NEW YORK, August 22.—One of the first pleces of European industrial financing to follow the agreement upon the Dawes p] will be an of- fering of a $3,000,600 bond issue for & hydro-electric monopoly in Austria, controlled jointly by the city of Vienna and the Province of Lower Austria. : AL MARKET DULL:™ 2EW YORK, August 23-—Copper 13%a13%. Tin easy; spot and fu- eady and un- a decline of 12 to 21 poin under ‘continued selling been in’ progress late ¥ was encouraged by Liverpool cables. a hope that the tropical storm would move too far north to do much harm to open cotton and reports of favor- able weather for plant development otherwise. October sold off to 25.60 and De- cember to 25.15 in early trading, or 16 to 20 points net lower, but the market was steadied at these figures by renewed covering in preparation for tomorrow’s government crop re- ports.. Business was only moderate- ly active. A pittle southern selling was accompanied by rumors that the basis was a ashare easier in the Southwest. Cotton futures clesed barely steads. High. Lew. Close. 25.75-80 15.32-36 Ope: ner. 25.10; December, 25.25; January, 26.20; March, 25.47; May, 25.61. NEW ORLEANS, August 22 cotton market opened a shade today, although Liverpool was about as due. ' First trades showed losses of 7 to 12 points and prices promptly eased off ‘further until October and December were 16 to 18 points below yesterday's close. It was clearly a pre-bureau market, with no dispo- sition to operate to any extent until the Government condition and crop figures became known. Cotton futures closed steady at met adrance 3 December, 24. L0v; March, 25.23, bid; May, 25.23, CHICAGO GRAIN PRICES. CHICAGO. August 22.—Corn met with & rush of selling and under- went a decided new setback in price today during the early dealings. Warm weather was the principal bearish factor. Owing to the higher temperatures, crop reports were of a considerably more hopeful tenor than had been the rule of late. Open- ing prices, which varled from un- changed figures to a drop of 2 with December 1.10% to 1.11, were followed by a good rally, but then by downturns all around to well be- low the initial range. Wheat was weakened as a result of sympathy with corn. At first, however, export buying gave wheat a temporary brisk upturn. After opening at % off to % up. September, 1.26% to 1.26%, and December. 1.311% 1.31%, the wheat market showed material gains, and then a fractional general los: il Oats as well as wheat were gov- erned largely by corn, starting at % to 1% declinefi December, 5414 to 54%; oats rallied to a moderate ex- tent but soon receded in a pronounced manner. Provisions were responsive to corn ‘weakness, nothwithstanding that hog values wére firm. WHEAT— Opes Hish Low Close 311, 1 1.30% i 1365 1.14Y 1osiy 1.09% September . December . ay .. CORN— September December May .. OATS September . December . ay .. LARD- September . October . 13.30 1330 GRAIN AND PROVISIONS. BALTIMORE, August 22 (Special).— Potatoes, new, barrel, 1.00a2.0¢ bushel, 40a80; beans, bushel. 1.2 1. sweet potatoes, barrel, 2.50a8.50; per 100, 3.00a5.00; cabbage, per . 00; carrots, per 100, 3.00a 5.00; corn, dozen, 20a50; celery, bunch, 30a75; cucumbers, ' basket, 75a1.00; eggplants, basket, 9021.00; lima beai bushel, 2.00a2.50: lettuce, crate, X 2.00; onions, bushel, .1.20a1.50; peas, bushel, 1.00a1.75; peppers, bas- ket, 25a35; spinach, basket, 90a1.00: squash, basket, 50a65; tomatoes, bas- ket, 50ai5; greens, 40a50; stock, bushel, 90a1.00. Apples. barrel, 1.50a5.00; bushel, 50a 2.00; blackberries, quart, 12al15; dam- crate, 1.00a electrolytic, spot and futures, | bushel, 1.00a3.50; melons per 100, loupes, basket, ket, 40a1.25. Settling Prices on Grain. Wheat—No. 2 red Winter, spot, 138%: No. 2 red Winter, garlicky, 130;'No. 3 red Winter, garlicky, 1.27. Sales—Bag lots of nearby sold at 120 to 1.26 per bushel; cargoes on grade, No. 2 red Winter, garlicky, 1.29%; 3, 1.26%; No. 4, 1.22%; . 5. 1.18%. Corn—Cob, old yellow, 6.50 per bar- rel;-old white, 6.35 per barrel; No. 2 no quotations; No. 3, no aq track corn, yellow, No. 2, 1.38. Sales—None. Oats 0. 2, Rye—Nearby, spot, 95%. Hay—Receipts, noné New hay ar- riving 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 is running too irregular to be offi- cially graded. Old hay is mostly cleaned up with the exception of low- grade stock, for which there is little 15.00260.00; canta- 60a1.10; pears, bas- N 1 wheat, new, 12.00a 1 oat, new, 13.00a14.00. CHICAGO LIVE STOCK MARKET. CHICAGO, August 22 (United States Department of Agriculture).—Hogs— Receipts, 26,000 head; firm at Thurs- day’s best prices, or strong to 5 cents higher than the average; desirable light lights show 10 cents advance; shipping demand moderate; big pack- ers inactive; top, 10.25; bulk desira- ble, 160 to 325 pound weight, 9.90a 10.20; better, 140 to 150 pound aver- ages, 9.50a9.80; good and choice strongwejght slaugter pigs, 9.00a9.35; 100 to 110 pound kind, 8.00a8.50; pack- ing sows, 8.50a9.00; Inferior roughs down to 7.00 and under; heavyweight , 9.65a10.20; medium, 9.85a10.25; 9.10a10.25; light light, 8.50a 10.05; packing hogs, smooth, 8.60a 9.10; packing hogs, rough, 8.00a8.60; slaughter pigs, 8.00a9.40. Sheep—Receipts, 12,000 head; ac- tive; fat native lambs strong to 25 higher; sorts light; bulk better grades, 14.00a14.15; packers, top, 14.25; Westerns steady to strong: bulk, 10.00a14.25; sheep weak to 25 Jower; odd lots native ewes, 4.50a 6.00; feeding lambs fully steady at 13.00a13.25. Cattle—Receipts, 5,000 head; fed yearlings, handyweight and practi- cally all grades she stock moving at strong prices; fat cows and heifers strong to 15 higher; spots more; weighty steers very draggy at week's extreme decline; no reliable outlet xilling quality comparatively plain fairly sood shipping demand; best yearlings, part load weighty steers, 10.50; bulk’ weighty fat bul- locks, 8.5029.50; bulls and veal calves ully steady; stockers and feeders in bulk vealers to narrow demand ; outsiders paying kers, 13.00a13. Upward to 14,00, C e——————— Many savages paint their skin as against the cold, packing | D. C.-PAPER 0. 10ADDTO STOCK $1,000,000 Increase An. nounced Today—Finance Firm in Anacostia. BY CHAS. P. SHAEFFER. The District of Columbia Paper according to a cire warded to atockholgere (" 1© granthorization for this action was Of sharenolders ony emiendr et 3 amen o the charter, which was granted under Barry I-glm\::lrslnl-. has been effected. brokers, will handlc e i ”A::go;clng to the daily record pre- pared by the Washington Stock Tox- 1000 of firy maturing in 1937, and 3700000 of ofg::;mzl:c.kl;dc‘ohn:ilslinz of $400,000 balance acthe l;z‘;:hs}lse of the bonds e ; asked, while the com- mon closed at $0 and the preferred 5 points higher. Dividends Fhaieinaen suspended. according to the local The plan, in its entirety, will be comsummated by August s, e ’ll ar states. It is understood the new ssue will be listed on the local board Takes Over Bank's Affairs. The Anacostia Finance C the outgrowth of the de, chants and Farmers' Bank ia, has already been organized an: is functioning, Charles gT Clgy:unn‘ president, announced this morning. The authorized capitalization of the agency was stated as $100,000 of §1 par value stock, $10.000 of which h subscribed. It i r the laws of Marylang. ©o o0 Under Mr. Clayton was counsel for the banking institution under the lat regime, and it was at his insistence the venture was abandoned. Asso. ciated with him in the finance com. pany are Emil Schmid, vice presi. dent; De Sales Moran, Howard Brady secretary, and J. Chris Wood, treas- urer. This company has installed & real estate department under the management of Adalbert W. Lee. The Anacostia Building Association, recently organized in Anacostia, h no bearing on the finance firm, a mis understanding coming about through interlocking directorates. Revenue Freight Slamps. Due chiefly to a falling off of ship- ments of coke, ore, merchandise and miscellaneous freight, loading of rev- enue freight for the week ended Au- gust 9 totaled 942,195 cars, a decrea of 3,533 cars under the preccdi week, the American Railway Associa- tion reports. The total also was a decrease of 31,552 cars compared with the corresponding week in 1922, In- creases over the week before in the total loading of all commodities was reported in the Allegheny, Pocahontas and Southern districts, with decreases in all others. Freight cars in need of repair on August 1, totaled 202,864 or 8.9 per cent of the number on line. This was an increase of 2.712 over the number reported on July 15, at which time there were 200,152 or 8.8 per cent. Stock Highest Since Listing. National Mortgage & Investment, preferred, continued to climb on the Washington Stock Exchange this morning. 50 shares selling at 9%, the highest price reached since listing The favorable earnings statement, re- cently made public, is understood to be the power back of the advance. Trading was well diversified, with utilities holding a monopoly on trans- | actions. ‘orporation, funct Mer- of Anacos- B — EARNINGS UNDER 1923. NEW YORK, August 22.—Southern Pacific’s net railway income of $4.- 402,964 for July, was $304,670 under July, 1923. Railway operating rev- enues were $22,692,131, a decrease of $1,660,713. Operating _ expenses were reduced $1.378,407. Com- parison of net railway operating in- come for the seven months of 1924 { with the same period last year shows {a decline of $4,371,715. . T DAIRY PRODUCT BALTIMORE, Md., Augu | cial).—Live poultry—Spring ¢ pound, 29a36; leghorns, | hens, 19a27; leghorns, {roosters, 15; spring ducks, 17a2 ducks, 17a22; pigeons, pair, 20a25. Sggs—Native and nearby firsts {free cases), dozen, offered, 3t; bid, Butter—Creamery, pound, 37a39%; nearby creamery 32; store packed, 34a35. good to fancy prints, 39%a4lls; 35a37; ladles, 30a process butter, — SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) —XNoon.— Bid. Off Aluminum Co. of Amer. Aluminum Co. of Auer, American Sugar Gs 1937 American Tel. & Tel. 6x Ansconda Copper 651 t. Paul 6s 1934.. Pacific 5%s 1926.. 10] & EL 1st 55 1927 931 10 Columbia 11; s et Humble Oil § Kennecott Copper 7s 1930, 1 M., 8t P. & 8. 8. M. 814y 1931 1630 = 0 ‘Westinghouse E. & M. 7 Wheeliog Steel 6s 1936, —_— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co ) Nominal Selling checks £old value. today. London, pound Montreal, dolla: Parls, franc . Brussels, franc . Berlin, mark . Rome, ' lira . Zarich, franc Athens, drachma 4.50% 903, 0543 0498 130 trillion ‘0443 adrid, peseta . Vienna, crown. Budapest, crown. Prague, crown reaw, mark. penhagen, cro: Christian! Stockbolm,” erown By the Associated Press. NEW YORK, August 22.—Foreign exchange easy; quotations (in United States dollars): Great Britaln, de- mand, 4.49%; bles, 4.49%; 60-day bills on banks, France, de- mand, .0538%: 0539. Ttaly, demand, .0442; cables, .0442 glum, demand, .0498%; ' cabl Germany, demand (per trillion), Holland, demand, .3876. Norwa: mand, .1385. Sweden, demand, .2660. Denmark demand, .1620, Switzerland, demand, .1875. Spain, demand, .1336. Greece, demand, . Poland, de- .0019%. Czechoslovakia, de- mand, .0300. Jugoslavia, demand, .0124%. Austria, demand, .000014%. Rumania, demand, .0046%. Argentina, demand, .3400; Brasil, demand, .1013. Tokio, demand, .41%. Montreal, =99 31-32.