Evening Star Newspaper, August 23, 1924, Page 12

FINANCIAL LATE RALLY HELPS WALL STREET LIST Acute Weakness Develops in Some Shares in Day’s Transactions. Associated Press. YORK, August movements characterized to- stock market which opened developed several points ot akness and then rallied, g1v- quotations an irregular heavy, acute w ing closing price A growing speculative belief the recent advance had left market in a too heavy condition and that trade improvement had been over discounted, inspired much of the selling which was especially agsre sive in some of the motor, metal and cquipment stocks. St. Paul s stiffened on reports that the directors of the road would meet lere nest week to discuss the refunding of the large bond issues maturing next . Associated Dry Goods jumped points and good buying was noted in the rubber and public utility ve cove that the i 45,000 in tie la regular. ST. PAUL IS FEATUBE Govering Causes Sharp Rise in Stock's Late Value BY STUART P. W | 1o The Star. YORK, August 23.—The market of the two previous da was apparent again today. There were, however, envugh strong points among individ ual stocks to keep the list compara- tively s of a half point 10 during the first hour. mmon got below 10 and Chandler Motors under 47 off over 4 points from Frid American_Can, Baldwin Locomotive, Slectric and other leaders their share in the reaction, . Paul stocks turned the mar- ket for a time in the first half of the second hour. A story current for me time ths Van Sweringens re buying into St. Paul securiti was made a good deal of in highly speculative quarters, although it was gossip pure and simple. The fact th short interest had accumu - St. Paul issues was the of most importane Once covering started the was carried above where it w: up points from Friday's low and the common above 16, where it was up 2 points Nash Motors recent Special D NEW check notic oxsip. extraordinary 1s suggzested The Nash Motors observers the possibility of dividend, or at least of a « up. As a matter of fact, ficient explanation W be that what has been taking place isa r ent of the m t price with the belief now be looked upon It pays a rezular semi-annual dividend the rate of $7. but in February and again this month it di tributed an extra, or $1.50. Earnin for the first f vear were at the rate of nearly $19 for the full month rise in Brokers Advise Caution. leading Broadway house )int that efforts to r makes 1y the s high. | O Air Reduct (4) Ajax Rubber Allled Chem (4) . Allied Chm pf (7) Am Agricul Chm Am Ag Chm pf.. Am Beet Sug (4) Am Can (16). .. Am Can pf (7)., Am Car & Fy(1 Am Chain A™(2). Am Express (6). Am& F P 25%(7) AmFor P f pd(7) Am Hide & L pf. Am Internatl Am Locomo (6). Am Metal (3) Am Radiator R (50c).. Am Ship & Com. m & Re (5). & R pf (7). Am Stl Fdys (3). Am Suga AmT & Te Am Tobag ( Am Tob B (12). Am Water Wks. Am W W pf (6) Am Woolen (7) Am Writ Pap pf. Am Zine Am Zine pf. Anaconda . Arm of Del (7). Asso Dry G (5) AtT & S Fe (6) Atl Birm & At. AtGulf & W Ipf Atlantic Refin. .. Auto Knitter. . Bald Loco (7) B.:I & Ohio (5) rnsdall A... 1, irnsdall B. .. Bethlehem Steel. | Cent Lea Co pt. Cerro de Pasco(4) Chand Mot (6). . Ches & Ohio (4). Chic & East 111 Chic Gt West. Chic Gt West pf. Ch Mil & St Paul Ch Mil & St P pf. Chi & Nwn (4).. ChiRI& Pac... CRI&PPf (D). “hile Cop (23%). to some |C | | |Cuam Chino Coppe Colo Fuel & Tron 1G & E (2.60). ngoleum (3).. Conley Tin Foil. I Cigar. . rs pf ( nsol (5).. “onsol Textile Cont Can (4)... Cont Mot (20c) Corn Prod (") | Cosden Crucible ‘ub Am Sug (3). pr (7). Cuban Cane Sug. Cub Cane Su pf.. Cuyamel Fr (4). Dan Boone M(3) Davidson Chem. Del & Hud (9).. Del L& W (6) Doug-Pectin u) market on American Can and Baldwin | Eastman (173 Locomotiv and t technic the indications were that the b ad rrective re; also alludes principally investments point, the same to say t to be clusive ion was probable. It the heavy selling. of long-term are mel authority goes on regarded as con usion is that “a warranted in ommitments to for the next few W ated Bonds further. trading extr. favoral ce, holiday. CHICAGO receipts. reports. clined; YORK.—Stocks irregular; Goods up poin Liberty bonds recede hange unsettled iet. Cotton low- reports. Sugar, As- op lower; better Hogs, larger crop de- Wheat, ‘orn, eas Cattle, lack of demand. SHORT-TERM SECURITIES. (Quotations furnished by Ledmond & o.) ——Close.— Aluminum Co. of Amer. Columbia Du Pont Oregon Pete & Pure 0il 3 Swift & C Tidewater Union Tank U. S. Rubber Western Union Westinghouse FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal - Selling checks gold valne. London, pound . Montreal. dollar . Paris. fra Brussels, franc - Berlin, iark . Rome, lira gue. Warsaw, mark. Copenbagen, crown Christiani n Stockholm, crown TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) . 100732 Toy 100 17-82 100 . 1001932 101 101 101 10115 1025 :"“\2 029 102% September December 13 March 15 435 March 458 June 1 4%4s December POTATO MARKET SLOW. CHICAGO, August 23.—Potatoes, trading very slow, market somewhat weaker; receipts, 115 cars; total \United States shipments, 703; Kansas jacked Irish cobblers, 1.15a1.30; Mis- cSouri sacked cobblers, 1.00a1.20; Min- jpesota sacked and bulk early Ohio: 1021.20; Nebraska sacked Irish cob- rs, 1.25a1.40 according to quality. 1 d evoked little response | 1 condition had been impaired | ances recently and a | . | | i i | | | Famous Pl (8) d Lt & Trac 1M & S pf (7). er Bay (10). “ick Rubber.. . Fleischman 13%. Foundation (6) Foundation rts. Gardner Motor.. GenAm T C 3). sen ATC pf (7). |Gen Asphalt.... | General Elec(8) Gen El spe (60¢). Gen Mot (1.20).. . Gen Mot pf n (7) Gen Petm (2) Gimbel Bros Goodrich. o soodrich pf (7). Goodyear pf.... i Gt \or(h pf (5) Gt West S pf (7). Gulf Mo iu Mo & Gulf St Stl (3). |Hayes Wh'l (3). Offer, | Homestake (7) Houston Oil Hud Mot C (3).. Hupp Mot C (1) Hydraulic Steel. Illinois Cent (7). Indiahoma Ref.. Inland Stl (2%). Inspiration Cop. Interb Rap Tr. Int Bus Ma (8). Int Cement (4) Int Com Eng (2) Internat Har (5) Int Mer Mar pf. . Internat Nickel. Internat Paper. . Int Rys C Am (5) Int T&T (6 Invincible Oil Jones Bros Tea.. Jordan Mot (3). Kan City South. Kelly Spr Tire. . Kenne Cop (3). Keystone T & R. Kinney G R Co Kresge Dep Str. Lee Rub & Tire.. Leh Val (3%)... Lig & Myrs B (3) Loews Inc (2). Loft Incorpor. Lorrillard (3). Louls & Nash (6) Mackay Cos (7). Mack Cos pf (4). Mack Trucks (6) Mack Trucks rts. Macy R H & Co.. Magma Copper. Mallinson & Co.. Man El gtd (4).. Man El md gd 4. Manhat-Shirt (3) Maracaibo Oil. Market St Ry. ... Mkt St Ry pr pf. Market SR 2d pf. Marland Ofl..... Mathieson Alka. Maxwell Mot A. . Maxwell Mot B.. May Dept St (5). Mex Seabd (2) . Mex Sea cfs (2). Miami Cop (2). Middle St Oil. Mis Kan & Tex Mis K & Tex pf Missouri Pacifi Missouri Pac pf. Mont Power (4). Montgom Ward. Moon Mot (3)... Mother Lode 75¢ Mullins Body Munsingw’r ( Nash Mot (110).. Nat Biscuit (3) Nat Dairy (3). Allis-Chalm (4). - Open. High. 81 9% 3% 115% 60% 18% 3Tha 41% . 134 115% 168 23% 118% 119% 119 62 28 81% 47% 114% 6% 11% 4% 104 87 45% 127% 152% 151% 116 185 9% 69% B4, 2 4% 45% 974% 43 265 i1% 15% 9% a1% 55% 23% 81 58 9h% 4% 65% 107 181 67 73% 35% 42 70% 28% 13% % 110% % 87 2% 26 103% 46% 25% 5% 41 18% 53% 15% 9% 13 21 80% 20% 16% 45% 2% 5 63% 11% 53% 61% 1% % 39% 99 116% 67 101 3% 65% 34% 23 74 45 35 28% 8% 47 16% 31w 39 55% 14% 97% 21% 21 24 1% 4% 4d% 19% 52% 67% 34% 23% 8% 15 3% 127% 6% 38% 81 10% 168 Low. 81 9% 73 115% 60% 13% 31% 41% 133% 116% 234 118% 118 118% 62 2T% 80 4% 114% 6m 11% 74% 104 387 45% 127% 152 150% 116 91 6% 3% 9 30% 39 91 118% 104 2% 182% 15% 18 9% 2% 122% 62 20% 14 48 Close. 81 10% 73% 116% 61 18% 37% 41% 133% 115% 158 23% 118% 118 118% 62 27% 80 4T% 115 6% 11% T4% THE EVENING STAR, WASHINGTON, D. C, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Offic Open. High. 21% 21% 158% 159% 1% 1% 58% 59% 14% 4% b1 51 42 42 107% 108% 166 165 24% 26% 20% 20% 124 124 26% 27 48w 48% 641a 65 89% 66 4% 1% 66% 66% Nat En & St Nat Lead (8) . Nat Ry M 2d pf Nat Supply (3). Nev Cons Cop. . . Nwpt U Gas (5). N Y Air Br (4). N Y Central (7). N Y & Harlm (5) NY NH & Hart.. N Y Ont & West. Norf & W (18).. North Amer (2). North Am pf (3). North Pac (5) Oh F Sup (2%) Otis Elev (n) (4) Pacific OI1 (2).. . Packard (1.20). Pan-Amer (4).. Pan-Amer B (4). Penn Railr'd (3) Penn Seab Steel. Pere Marq (4). Phila Co (4) Phila & R&I... Phil Mor (50¢). . Phillips Pet (2). Phiilips Pet rts. Pierce-Arrow Pierce Oil. . Plerce Oil pf. Pitts & West Va. P& W Va pf (6). Postum Cer (4).. Press Steel Car. Prod & Refiners. Pub Ser N J (4).. Pub S NJ pf (7) Pub S NJ pf (8). Pullman Co (8). Ry Stl Spg (8). Ray Cons Cop Reading (4) Reading rt; Remin'n 2d (8). Replogle Steel. . Rep It & Steel. Rep 1& S pf ( Rey Tob B (3) StJoseph Ld (2) St L San Fran nFrpf.. outhwest S'th pf (5).. vage Arms. .. ulte (8)..... eaboard Air L. b'd Air L pf.. ears-Roebk (6) neca copp.-r.. hattuck-Ariz. Shell Un Oil (1) Simms Pet. Sinelair Oil. . ... loss-Sheff (6) . o P Rico Su (6). South Pac (6) Southern Ry ( South Ry pf (5). Spicer M(g. ... StOil Cal (2).. StOIINJ (1).. t Oil N J pf (7). td P1 Gl (75¢). . Sterling Pr (4).. Stew't Warn (5). Studebaker (4).. Submarine Boat. Superior Oil.... Sweets Co of Am Tenn C & Sh. Texas Co (3). Tex Gulf (1612). Texas & Pacific.. Tex & Pac C & O. Timken (t3%) Tob Prod (6). Tob Prod A (7). Transcont Ol Underwood (3).. Un Pacific (10) . Utd Alloy Steel.. Utd Cigar Stores United Drug (6) Utd Ry Invest Utd Ry Invest p U S CastIron P. U S Distributing U S Hoff Mach. . U S Ind Alcohol USR&Im (8).. USR & Lpf (7) U'S Rubber. U SR 1stpf (s) Smelting. USSteel (16).... U S Steel pf (7) U S Tobacco (3). Utah Copper (4) . Utah Securities. 884 31% 108 121% 52% 79% 304 20% 1% 5% 5% 62 62 15% 16% 42% 43 15% 154 4% a1% 1% 11% 19% 194 21 21 69% 69% 114 114 62% 6215 134 18% 23% 237 62 623, 1% 1% 6% 6% 16% 16% 874 6944 110% 41% 53% Van Raalte. . Va-Caro Chem. . VaIr C&C pf (5) Vivadou. Vule Det pt (7). Wabash........ Wabash pfA.. Web & Heilb(1). Wells Far (215) . West Maryland. West Md 2d pf. .. Western Pacific. West Pac pf (6). West Un TI (7). West E& M (4). Whi & L Erie. .. Wh Eag Oil (2). White Mot (4). Wickwire Sp Stl. Wilson & Co. Wil & Co pf. Willys-Overl'd. Willys-Ovd pf. Woolw'th n (3) Wrig W Jr (3) Yellow Cab (5).. *0dd lots. 1Partly extra. $Payable in preferred stock. Dividend rates ‘as given in the above table are the annual cash payments based on the latest quarterly or half-yearly declarations. less otherwise noted.” extra or speeial dividends are not included. 110% e 53% 5315 POSTUM EARNINGS UP. Company Soon to Retire Part of Preferred Stock. YORK, August 23.—E. F. Hutton, chairman of the Postum Cereal ‘Company, said on his depar- ture for Europe today that the com- pany expected shortly to retire 50 per cent of its $6,500,000 preferred stock at $1.15, and in three years all of the preferred would be retired. Until that was done, he added, the present rate on the common stock would not be increased. He pre- dicted net earnings of $3,500,000 this vear in view of high prices for wheat and corn. “We owe no money,” he said, “and we have never borrowed any in the history of the company. Our earnings are running $200,000 ahead of last year.” NEW WILL ACT ON LEASE. NEW YORK, August 23.—The first action by the Carolina, Clinchfield and Ohio Railway to meet terms im- posed by the Interstate Commerce Commission in connection with its lease to the Atlantic Coast Line and Louisville and Nashville may be taken at the regular meeting of directors on September 11. Before actual execu- tion of the lease, stockholders prob- ably will be asked formally to ratify the transaction and to approve a re- duction in capitalization. ‘WOOL BUYING ACTIVE. BOSTON, August 23 (Special).—The effect of the opening of the American Woolen Company's light-weight line had a bearing on the wool market to- day up to the close and, while trad- ing was not particularly active, a very sizeable quantity of wool changed hands at firm prices. Although quo- tations, especially for the higher grades, remain nominally unchanged, the trend is toward higher levels. - RATES ON BAR SILVER. LONDON, August 23.—Bar _silver, 34 3-16d per ounce. Money, 2% per cent. Discount rates—Short and three months’ bills, 3% per cent. NEW YORK, August 23—Bar sil- wver, 68%; Mexican dollars, 52%. | MARYLAND’'S TOMATO jout, SELLING CONTINUES | INLIBERTY BONDS Chief Incident in Today’s Brief Session—French Group Also Weak. BY GEORGE T. HU Special Dispatch to The Star. NEW YORK, August 23.- decline in Liberty bonds was ag the chief incident in the hond market today. There was particularly heav selling in the first 4%s and in the fourth 4%s, and this selling carried prices to the lowest of the week. It was once more traceable to banking sources. United States Treasury 4%s were comparativ tead French 8s, in the foreign section, rallied a bit at ghe start, but fell back aguin later. The same was true the French 7l%s. Realizing s felt in the Jugoslav 8s, wh touching 90, dropped off a fraction. St. Paul Issues Leaders. St. Paul bonds were again actively dealt in, more so than any other railway issue. Short covering at the week end in their case was respon- sible for the improved tone. There were no developments regarding the St. Paul financial outlook which could ha accounted for any change in sentiment. Rumors which have been in circulation for some time of new interests buying into the property were not taken scriously The real feature of the week in the bond market has been the selling of Libertys with the consequent de- cline in price. Part of this selling came from the banks and part of it came from traders, both proceeding of the theory that higher mon in sight. Both of these have been wrong on sin sions in the recent past be right now, but it Is certain. Conwxider Yield Too However that may be, the indi- vidpal investor is practically out of the market for government securi- ties. For that matter, he is no longer interested in the high-grade rails and industrials simply because the vi is so low as no longer to be aftrac- tive. An interesting incident of the out- side market was the trading activit in Kansas City Railway securities The road is in receivership, but the reorganization plan is expected with- in the next two months rnings and cash position dre said to be satis- factory at present Wall street’s attitude They not at may all Low. toward street urities is more favorable n at any time in the last This, notwithstanding the fact that New York city ‘ncal traction bonds have lost ground through fear of bus competition year. CROP WAY UNDER 1923 Special Dispateh to The Star. BALTIMORE, At land's tomato erop this year will be only about half that of 1923, accord- ing to Dr. T. B. Symons, of tension service of the Unive ryland. Because of conflicti Symons said, "I was make a survey of the State' acreage, with the view of ascertain- | ing what the outlook is for the 1 crop. My estimate is based on the personal observations of the country agents of this department and a visit I made recently to the large tomato- growing regions of the State “These inquiries reveal that, while| a_ larger acrea of tomatoes ! planted this year, adverse 4 | conditions have reduced the acreage | to about 35,000 “It is doubtful if there will be more | than an rage id of two and one-half tons per acre. although some fields indicate a vyield of seven to eight tons. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. reports,” tomato | WHAT SPECULATION INVOLVES, Sixtieth Article. Notwithstanding all ment advisers may say, some people insist upon speculating. Now as to the morality of speculation, opinions | may differ. It is not my purpose to| d ss that point. I do want to point however, some of the conse- quences of embarking upon a specu- lative venture. Possibly I may be able to help some one decide whether or not he can afford this luxury or | whether it would be better for him to confine himself to the investment field. 1 All Speculators Lowe. In the first place then, speculation | invariably involv: All specu- lators lose, not always, but often. The best that can be hoped for is that the profits will overbalance the losses. It follows then, that under no | circumstances should a speculative commitment be entered upon if you cannot afford a los In the very nature of things every portunity | for speculative profits possibility of speculati 1 there were anything sure about speculation it would not be one. is also evident that speculation is only for those commanding consider- | able capital. A man of limited means may have his entire resources wiped out by one unfortunate venture. ‘Bhe second thing is that there must be not only the financial ability to accept losses, but there must be the temperament that is willing to take losses. This is very rare. Few men have it and it is probably the chief reason why there are so faw success- ful speculators. To illustrate, a speculator buys a stock in the expec- tation that it will advance in market price and he will be able to sell it to somebody else at a profit. The market goes against him and the stock declines. If he is ever to suc- ceed in this field where success is so infrequent he must and without hesi- tration at once sell out and pocket the loss. The market has proved that his opinion was incorrect. As one of the most widely known Wall street speculators has sagely remarked, “there is no profit in being wrong.” Not to act on this rule will be fatal nine cases out of ten. ‘When to Take Profits. 1f, on the other hand, it should hap- pen that his original judgment was correct and his stock advances and a profit appears, the rule is to let it run. In this happy event the specu- lator’s opinion has been justified by the market. He must get all possible out of it to compensate himself for the loss that will come Sooner or later on some subsequent enterprise. Here, to00, the average man fails. He reaches out eagerly for the small profit when he would have been con- tent to await the large loss. There ate other qualifications which a spec- ulator must possess to succeed, but to point out these will suffice for the present. If you still think you can win where the great majority lose g0 ahead, but at your own risk. (Copyright, 1924, by Consolidated Press.) — o POULTRY IS LOWER. CHICAGO, August _ 23.—Poultry alive, lower, fowls, 17a32; springs, 26; roosters, 15. that invest- | Anaconda 1st | Associated Oil 6s NEW YORK SATURDAY, AUGUST 23, 1924 ONDS Tt Received by Private Wira Dicect to The Star Office. (Bales are 1o §1,000.) UNITED STATES BONDS. (Fractions represent thirty - secondu. Example: 98-3 means 98 3-32.) Sales. High. Low. Close. 92 100-27 10026 100-27 72 102, 101-28 102 346 101-7 100-30 101-7 667 102-2 101-31 378 102-8 101-29 225 106-7 106 FOREIGN. Lib3%s. .. Lib 1st 4%s. Lib 2d 438 Lib 3d 4s... Lib4th 4%s. . US4%s 1952 Low. Close. 81% 814 93% 93% 102% 102% 95% 95% 100% 100% 109 109 107% 107% 110% 93 8T% 82% 96% 101% 102% 108% 97% 103% 105% 47 110% 95% ot 1004 99% 1087 108% 100 110% 90 96 95% 103% Argentine bs Argentine 6s ‘37 Argentine 7s Austria 7s. Delgium 65 Belglum 7in. Belgium 8s. Berne 8s. Bolivia 8s.... Bordeaux 6s. Brazil 7s.. Brazil 8s.. Canada 551926, . ‘anada 5s 1952, Canada b%s 1929, Chile 75 1943 Chile 851926 Chile 851941 Chinese Gov Ry bs Christiania 8s. ..., Czecho 8 195 ©zecho 85 195 Danish Munic 88 A, Danish Munic 83 B, Denmark & Denmark 8s. DE15%s ct 7 st 16s°62 dor 8548 ramerican 7%s. . French Govt Tis French Govt 8s. Haitl 6s.. ... Holland-Amer 63 Hungary 6%s Italy 633 1926. Japanese 4s.. Japanese 6%s Jergens UM 6s°47. Lyons 6s. . 102% 106% 89% | Marsetlle 6 Netheriands 63 '54. etherlands 6s orway 6s 1943. Norway 6s1952 Norway 8s.. Orient Dev deb 6s Paris-Ly’s-Med 6s Prague 7%s. Queensland 6s Queensland Ts Rio Gr Do Sul 8s.. a0 Paulo City 8s ne Dept. of 7s erbs Crotes Slo 83 ssons 6s weden 6s. ... wiss 5145 1946, Swiss Confed 8s | Tokio 5s. . Ud Kingm 5%s'29. Ud Kingm 5%s'37. 30 Ud Steam Copen 6s 1 91% MISCELLANEOUS. Ajax Rubber 8s 8 94 Am Agr Chem 5 3 984 Am Apr Chem 7148 14 94 Am Chains f 6s 96 Am Repub deb 6 92% Am SmIt&R 1st 55. 94% AmSmit & R 6s 1047 Am Sug ref 6s. 100% AmT&Tcltr4 7% Am T&T cltr 5s 1015 AmT & T deb 5%s. 55 101% Am Water Wks 5s. 92 98 100% 854 92 101% 2 100% 894 8814 9644 93 98% aconda cv db 7s. rmour & Co 4¥%s. Armour of Del 5 A Bell Tel Pa 5s. . Beth Steel pm 5: Beth Steel 5% Beth Steel s f 68 Brier H St 1st 5%s. Bklyn Ed gen Blyn Edison 7s D. Bush T Bldg 58760, Calif Pete 61s Central Leather 5s Chile Copper §: Col Gas & E15: Commonwth P 6s Con Coal Md 1st 5s. Consumers Pow 5s. Cuba Cane cv d 8s. Denver Gas 5s. Det Edison ref 68 Du Pontde N 7 Duquesne Light 6s st Cuba Sug 7%3. Empire G&F T%s.. Fisk Rubber . Francis Sug 7% Gen Elec deb &s Goodrich 6148 . ... Goodyear 85 1931.. Goodyear 8 1941 Hershey 6s 1942... Humble OXR 5%s. Illinois Bell Indiana | Int Mer Marine 6s. Inter Paper 58°47. . 100% 98% 88% 97 82 112% 100 96% 106% 107% 96% 100% 89% 103% £8l4 94y 3% 9214 9% 103 86% 101% 104% 102 109% 101% 86% 921 100% 97% 102% 96% 97% 103% 108% 94% 84% 104% 63% 91% 102 98% 110 108% 3% 93 89% 89 80% 50 53 53% 96 95% Midvale Si Montana Power 5s. Mor's&Co 1st 4%s. N Y Eden 1st 6%s.. YG EL H&P 5s LY Tel 6541, N Y Tel 68°49. . orth Am Ed 65 rth Am Ed 6%s. or Ohio T&L 6s.. Nor States Pow 6s. Otis Steel 7%s. Otis Steel §s Pacific Gas & El 58 Pacific T & T 55 '52 People’s Gas 5s. Phila. Co ref 6s A Pierce-Arrow 8s. Pierce Oil deb 8s. Public Service 5 Pub Serv Elec 68 Punta Alegre 7s. Sharon St1 H 8s... Sinclair Oil 6%:. Sinclair Oil 7s. Sin Crude OI1 65.. South Bell Tel 5s. So Por Rico Sug 7s. Southwest Bell 5s. Tenn Elec Pow 6s. Tide Wat Oil 6%s. Toledo Edp 1st 7 Union Bag & P U S Rub 1st f 5s. U S Steel s f 5s. Va-Car Chem 7s. Warner Sug 7s’39. Warner Sug 7s"41. Western Elec 5s. West'n Union 6%s. Westinghouse 78.. Wickwire Spen 7s. 26 Willys-Ov 6%8°33. 2 Wilson & Co 1st ts. 15 Wilson & Cocv 6s. § Wilson&C cv T%s.. 2 Youngstn S & T 6s. 17 9% 103 85% 101% 104% 102 109 101% s 86% 925 100% 9714 102% 96% 975 103% 108% 9474 84% 1041 63% 914 102 98 110 108% 73 98 8914 50 534 5% SALMON PRICES HIGHER. PORTLAND, Ore., August 23 (Spe- cial).—The Alaska canned salmon situation is showing improvement. One packer has advanced Alaska reds to $2.50 per dozen, an advance of 25¢, compared with a year ago. It is believed the Alaska pack, which will end the season next Monday, will show a shortage of 25 per cent as compared with a year ago. NEW LOW MONEY RATE. TORONTO, August 22.—Ontario borrowed at the lowest rate in years vesterday when the $20,000,000 issue of 4% per cent 20-year bonds, pay- able in Canada, New York and Lon- don, were sold to a syndicate headed by the Bank of Montreal and the Dominion Bank on a cost basis of 4.91 per cent. The syndicate's bid was 94.8697. RAILROADS. Sales. High. 13 62 6 82 8 89 100% 89% 85% 102 100% 997 674 9% 87% 80% 99% 105 9814 95% 88% 9874 62 100t 1% b5% 56 834 3% 657% 6244 82% 65% 60% 100% 97% 8% 82% £0% 79% 118% T6% 104 9414 10314 104% Low. 62 82 884 100 S8% 85 102% 100% 99% 67% 9% 87%: 804% 99% 104% 98% 95% 88% 98% 62 100% 1% B4% b65% 82% 3% 54 61 82 53% 60 100% Close. 62 82 88% 100% 88% 85% 102% 100% 99% 6% 79% 87% 80% 99% 104% 98% 5% £8% Ann Arbot 4s Atchison adj 4s. Atchison gen 4s. B&Oprin3is. B&Ocvdis B&OTet 58 B&O6s.. B&O rf imp 6s. ... B & O SW div 3‘/‘5. B & O Toledo s, Bklyn-Manhat 6s. ., Buff R & Pitt 4358, Canad Pac deb 4 Car Clinch & O 5s.. Car Clinch & O 6s. Cent of Ga 5. Ches & O cv 4345 Ches & O gn 4%s.. Ches & Ohio cv bs. Chi & Alton 3s, Chi B&Q 1st rf 5s. Chi& ETll gn 6s. Chi Great West 4s. CMé&P 534, P db 4s gmM&suw”%, 3 CM&StPgn4ris, Chi M&SL P rf 4755, Chi M & St P cv 5s. ChiM & St P 6s, Chi & N W ref 5s.., Chi Rys 5s. Chi RT& P gn 1s.. ChiRI& Prf4s 8 824 80% 79% 118% 76 104 9414 103 104% 3% 8% 7% 887 41 9114 a6 s Chi & W Ind en 15, Chi W Ind 7i;s. CCC & St L 5s. cve Term b Cuba R R 5s. .. Del & Hd 1st rf 4s,. Den & Rio G cn 4s. D & Rio G imp 5s. . Des M & Ft D 4s Det United 43 rie 1st con 4s ric gen 4s rie cony 45 A rie conv 4s B rie conv 4s D. ... rie Genessce R 68 Erie (Pa) clt t 4s. Gr Trunk =f db 6s Great North 55 orth gen 533 s. Gr North gen 7s. .. Hud & Man ref 5s Hud & Man aj 5s. 111 Central ref 4s. tref5s 55, Int Rap Tran 5! Int Rap Tr 5s stpd. Int Rap Tran 7: Int & G Nor 1st 6s Int & G Nor aj 6s. . Towa Cent rf ls Kan City Ft nsas C u) s Ja Kan City Term 4s. Lake Shore 4s '28. . Lehigh Val cn 4s., Lehigh Valley 6s. . Long Island rf 4 Louis i Louis & N 55 Louis & Nash CEGB O mo— Manhat Ry cn 4s.. Market St Ry Ts MK & T 1st 4s MK & Tadj5s.... MK&TprinbsA. {& T 6sC Mo Pacific gn o Bohunohn~art RanaeonSoRkaa~RuRREneaEn pumENE LA~ Montrl Tm 1st'5 uERy 4 ewOr Tern 4s. O Tex & M In 5s. Y Cent gen 3%s. 7% 934 YCent deb 65. YChi&SL ew Haven 7s. Y Ont & W ref 4 w York Ry rf 4s Y Ry rfdsctfs.. \ Rysadj 5s ct.. 1073 o =t Northern Pac Northern Pac Northern Pacriés Ore Short L ref 4s. Ore-Wash 1st rf 4s Pennsyl gen 43%s.. Pennsyl 63s. .. Penn: s Pere Marq 1st 5s. PCC&StLGsA.. Reading gen 4s.. Reacing gn 414s Rio G West 1st 4s Rio G West cl 4s RIATK & L 4%s. St LIM&S R&G és. StL&SFplisA. StL&SF prinbs Py ey StL&SF adj 6s StL& SFinc 6s StLS W con 4s ‘32, StP Un Dep 5s. . Seab’d A Lref 4s., Seab'd A L adj Seab'd A L con 6s. Sou Pacific 45°29.. Southern Ry gn 4s. Southern Ry 1st 55 Southern Ry 6s ct. Southern Ry €1s.. Third Ave ad; 5s. .. Union Pac 1st rf 4s Union Pac 4s Virginia Ry st 5s . Va Ry & P 1st 55, Wabash 1st 5s Wabash 2d 5s. Western Md 4s. Western Pacific 5s. West Shore 1st4s. 5 B4 83% Wheel& LEcn4s. 1 70% 70% En CHICAGO STOCK MARKET. CHICAGO, August 2 'ollowing ort of today's sales, high, low and closing quotations at the Chicago Stock Exchange: 56 624 0% 7% 74% 100% 102% 1W6% 50% 85% 994, 9548 92 100% 934 6435 9w 84 704 9774 100% 1025 1067 604 B5% 991y 95% 92 100% 93% 647 2 9% 934 645 91 High. A% s113 1 Low. Close. Armour Leather .. Armour of Il pfd eaverboard . verhoard pf Boone Woolen M Rorg & Beck . Cen NI Pub Ser pf Ch € & Con Ry pf ‘om Edison . 81y RI% Hupp Moto Hurley n Iron Work ... Pow A'pt psum Yellow Yellow Mfx B . Total sales, 15,000 WEEKLY BANK REPORT. NEW YORK. August 23.—The actual condition of clearing house banks and trust companies for the week show an excess in reserve of $10,754,740. This is a decrease in reserve of $17,215,250. BOSTON STOCK MARKET, BOSTON, August 23.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: Low. Close. Am Tel & Tel . Am Toor Edison ‘Blec Neil & Livby . XNew Cornelia New Dominion A New Eng T & T ... FE L LN United Shoe Magh T'S Smelt ptd y | Weather, like w | crop 98%, | 1 FINANCIAL __—__————_________———————-——_—fi-———*—_——*‘———-—:__—h SLIGHT DECLINES IN COTTON MARKET Prices Ease Off 10 to 12 Points While Awaiting Gov- ernment Report, By the Associated Press. NEW YORK, August 23.—The cot- ton market opened today barely steady at unchanged prices to a de- cline of 10 points and soon sold about 10 to 12 points net lower under liqui- dation and selling promoted by re- ports of light showers in the South- west. October eased off to 25.63 and De- cember to 25.20, but the market narrow with most of the busines: tributed to further evening up over the government crop report Cotton futures closed steady. Low. at- for October Prices in New Orleans. NEW ORLEA August 23. cotton market opened quiet today with little disposition to trade in ad- vance of the bureau report due at 12 o'clock, which was after the mar- kets closed. First trades showed losses of 11 to 17 points and price e oft a little more immediately after the call with October trading at 4.90, December at 24.98 and January at 25.00, or 13 to 17 points net low The market then became dull, fluct ating aimlessly within a few points. The average guess of 64 members of the New Orleans exchange on th condition was 64.9. ‘otton futures closed steady at net decline of 26 to 41 points. 7590 50 -1 Janvary .00 Mareh . 12,956,000-BALE CROP PREDICTED This year's American the size of which ha the attention of the textile world since it was planted, because of the scarcity of raw cotton, sponded to better growing conditions in the first half of August. resulting in a fore- cast of 1296 equivalent 500- pound bale: or 605000 bales more {than indicated a fortnight ago. | The forec: | dition of th s 64.9 D cotton crop. been engaging crop on August 16, which ent of a normal st of 12,351,000 bales wa. on the condition of s of August 1, which wa cent of a i dition of the 54-1 per cent crop on August 25 was Augz 2 pr 5 —Sharp of corn goon as the Continued warm suns ¥ to hasten the growir 1o maturity brought { heavy selling pressure, and mac | ers back away from the offerings. On ,xno fall in prices corn showed about bushel back, Monday | Initial quotations, which ranged from to 2%, under yesterday's fin h December starting at 106 were followed by something of d then by k furth declines that in_ some wer under the opening. | s<pite liberal expor wheat prices gave way | of sympathy with corn . to 112 down 4a1.25, and Decembe t underwent a de Qats followed corn and wheat d grade, starting u nged to i: D mber 52%a5: L,dndlu-rdw\\m,. material los s all around. Provisions were easier, by weakness of hog values grain. WHEAT — 1 September 1 1 1 new took ut - buy- 5 a since a influenced and December 1 September .. 1160 October .. Department of Agriculture) —Hogs— Receipts, 9,000 head: uneven; largely 10 to 20 lower. under weight show more decline: lack of demands, top. 10.1 desirable, 180 to 310 pound ave ; better 140 to 160 pound weight, 9 packing sows 2.40a8.80; desirable strong weight | ighter pigs. 850a8.00; estimated holdover., 10,000; slaughter pigs, 5.009.00. Cattle pared week as even; two-way market; : other grade 75 off; mostly spots more; advanc better grade. s nearly equal to decline on heav western grassers, 25 to 40 off; fat she stock, 25 to carling heifers more: bulls, 4 stly up; extreme top yearling: head: com- un- 1,500 earling — 3.40; veal calv Sheep—Receipts, 1,000 head; weak to lower; good to chol lambs, 13.00a13, 3 week around, 7.700 direct; feed lots, c pared week ago, lambs, 25 to 50 higher; sheep, 75 to 1.00 lower; feeding lambs steady; week's top rang: lambs, 14.35: n tives, 14.2 ; feeding lambs, 13.25; we bulk prices follow: Range lambs, 14.0 native 13.75a14.00; ewes, market | native DAI‘BY PRODUCTS BALTIMORE, Md, August 23 (Spe- cial).—Live poultry—Spring chickens, pound, 28a33; leghorns, 24a30; old hens, 18a26; leghorns, 18a20; old roosters, 15; Spring ducks, 17a22; old ducks, 15al8; pigeons, pair, 20a25; guinea fowl, $0a1.00. Eggs—Native and (free cases), dozen, 3312, Butter—Creamery, good pound, 37a40; prints, 40a4 creamery, 35a37; ladles, 30a32 packed, process butter, 34a33. DIVIDENDS. Pe- riod. firsts bid, nearby offered, 35; to fancy, nearby store Pay- Stock of able. Re: Corp Oct 15 Gen Electric do. do. (310 special) . Natl P & Lt do. pf.. U8 Dairy Proa Corp 1st pf. do. 2d 1f. *In special par Sept 1 Aug Sept 1 Aug 21 £0 cee o ‘The waxy coating on apple contaigs considerable parafin. CHICAGO LIVE STOCK MARKET CHICAGO, August 23 (United States | the skin of an | JULY TELEPHONE EARNINGS HIGHER Reports Shows $5,000 Gain Over Same Month Last Year—Notes. BY CHAS. P. SHAEFFER. Net income of the Potomac Telephone amounted to A gain Chesapeake Company for J $2,685. This of approx over the 499 repo the corresponding period of but shows materiol dec June's figures, when §11 ported Fluctuations in operati revenue appear to be entirely responsible for the varying incomes. 1In July of this year this item amounted to $468.614, as in July of last year. 1924 and um ately for year, from was re- $5,000 ses for h taxes a uncollectab] totaled 33 10 operations gating $34 Plant cquipment first 7 months of year amounted to ments totaling § B, Treasury Financing Near. ers who usual at forecasting natio tters expect the Tre 1t to offer a new obligation : of next month. On 681,000 of Tr ry third i fment’ come taxes are also due but the antic conside and wdded durin; Lo adept al finan- ury De- bout t that dat fal he believea as much of ou as is pra ¢4 should of from | | % | that > per rate looked Unlixted The follow ‘asked” pric are quoted ers of these Securities Prices. Commereial ( Metropolitan ¢ st was based on the con- srrET 1720573 of foreigr making nd ement ancial results of of liquid capit: of | power fo the questio nds will malk next Spring < not_very { mostly imp difficulty ing better ment it c icliberate BANKS REDUCE FORCES. ile await- for reinvest 1 to be rath protits without job. ny other to sank s the nu 600, One bank Ny than more rm; | emploves, wed | mates of the itn whick | proximately | concern alone, within the {month has dismissed {employes because of fi of reducing operati Most of these el have lost their job: mark replaced the currency During period all banks greatly augment up with the endles: {and now they are back to the prewar ir pay rolls are concerned - GRAIN AND PROVISIONS. BALTIMORE cial) bushe! 1.90. Beets, w on, Ssity ed nec exp al nses. ts renten assi the e their staffs to keep rows of figures deavor! Augzust 2 barrel, Beans, bu barr 40a80. weet potatoes. 100, 3.00a4.00. “arrots, 100, 3.00a4.00. Celery, bunch Corn, 304 hu\h"! 1 ’“Al 3 Peppers Spinach, basket, 90a ket, 60x65. packing stoc Apples, barrel 2.00. Blackberri ons, pound, 4. abappl 40a60. Huckleberries, 10a bushel, 1.0 basket, ons, per 100, 10.00a45.00. | basket, 50a1.00. Pears, basket, 40al ! Settling Pricesx on Grai Whe red Winter, sp. No. 2 red garlicky No. 3 red Winter, garlicky, 1.261 les—Bag lots of nearby sold to 1.26 per bushel: carg No. r' garl 221 basket, 100 : bus] uart, 10a14 Cantaloupe: at on k 1.20 grade 1.29%; N 5, 118% Copn—Cob, old rel; old white, corn, spot, quotations; ellow, 6.50 per bar- per barrel; No. 2 no quotations ». 3, no track corn, yellow, No. 2, spot, 93%. Hay—Receipts, 39. New hay arriv- ing 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 s 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 demand. Straw—No. 1 wheat, new, 12.008 13.00; No. 1 oat, new, 13.00a14.00.