Evening Star Newspaper, September 10, 1924, Page 24

Spurt on U. S. Steel Tonnage " Repert Fails to Hold. Oils Active. . BY STUART P. WEST. Special Dispatch to The Star. W YORK, September 10.—Those who had been predicting good things for the oil shares were gratified at the way these stocks were taken up in the market today. An estimate by an oil city trade journal that pro- ¢duction of crude had oft 10,317 barrels daily last wee 3 along the buying. Houston, Marland, Pacific Oil, the Pan Ameri :ans and Cosden were the main fea- tures, their rise being accompanied by largely increased transactions. The bullish feeling toward the oil shares is b rtly in the belief that output is nitely on the down- grade, and, secondly, upon the rea- soning that because oil shares took very little part in the summer's ad- vance their market position is stronger than that of other gToups. St. Paul Stocks Go Lower. Continuation of the selling in the St. Pauls was quite expected after Tuesday’s tumble. It was significant that the statement by the president that no reorganization was contem- ed passed without notice. Wall street believes that a new St. Paul refunding loan could not be negoti- ated with the capital structure as it is, except on terms which would Zreatly add to fixed charges. The' alternative is a readjustment which would cut down the volume of securitics now outstanding. Steel common had a mome spurt across 108 on the publication of the monthly tonnage figures show ing slight increase for the first ti in a half year. But the stock frecly supplicd on_the upturn. sagged off later. Other steel sh did little with the exception of orado Fuel and Iron. The jump across 40 was ascribed to the repur- chase for both long and short account of stock sold while the big down- ward swing from above 50 to around 33w going on. ‘'oca Cola Finds Support. Coca Cola was weak at the start, but appeared to be running into sup- port below 70. United States Indu trial Aleohol in which pool activ has ceased, dropped off easily. Air Reduction made only a moderate re- sponse to the declaration of an extra dividend of 1 per cent. Hartman Corporation has heavily sold on the report for the first six months of 1924, disclosing net of $622,664 ainst $1,181,147 in the same period ast year. arious reasons have been ad- d for the consistent decrease in the volume of business of Sears Roe- buck and Company in contrast to the increase in the gross sales of Mont- gomery Ward during the past several months. Montgomery Ward stock, sell- ing around 35, has been espe tive. It is reported that considerable Montgomery Ward stock is going into the Sears Roebuck treasury and that the recessions in the business of the later company are not causing siders any concern. Much of the credit for Montgomery Ward's sub- stantial improvement is due the new management. Tobaceo Products Weak. Weakness in Tobacco Products com- mon stock was thought to be associa- ted with doubts regarding the forth- coming dividend action. Although some believe the regular dividend of $1.50 will be voted, subsequent pay- ments seem to be in doubt. There is talk that a dividend in stock might be decided upon. This would probably not sat'sfy many holders of the present shares. In 1923 a high earning power for the stock was pre- dicted but the year ended with net income of only $1.35 on the common stock against the $6 dividend re- Quirements. Prices Weakest at Close. The speculative leaders in the last hour or so yielded readily to the sell- ing which developed. Railway stocks came down quite as easily as the in- dustrials. Passing of the dividend on Union Bag and Paper was no great consequence in itself, but it furnished, another case among the numerous ones which have come up recently, where industrial managements have reduced or omitted distributions to shareholders in face of the flood of optimistic talk from high business and political quarters. CLOSING IS HEAVY, in- Stocks Lose Ground in Spite of Favorable News. By the Associated Press. 4 NEW YORK, September 10.—Stock prices lost ground today in the face of several favorable news develop- ments, including record-breaking car- loadings and the first increase in the unfilled orders of the United States Steel Corporation since last February Iistablishment of new low prices by the St. Paul issues on unfavorable financing rumo nd the omission of the Union Bag and Paper dividend provided professional traders with ammunition for bear attacks. Sales approximated 925,000 share: The closing was heavy. Moderate short covering failed to halt the downward movement in the late trad- ing, several popular issues selling 2 to 4 points below yesterday's final prices. Markets at a Glance NEW YORK.—Stocks heavy; St. Paul issues at new lows. Bonds mixed; St. Paul linens, 1 to 4 points. Foreign exchanges irregular; sterling slightly "ower. Cotton weak; South- ern hedge selling. Sugar steady. Coffee higher; firm Santos market. CHICAGO.—Wheat higher; strength Northwest market. Corn lower, bet- ter crop reporis. Cattle irregular. Hogs steady. THREE BIG CONCERNS DECLARE DIVIDENDS Air Reduction Votes Extra in Ad- dition to Usual Quarterly Payment. By the Associated Press, NEW YORK, September 10.—Di- rectors of the Air Reduction Com- pany, Inc., today declared an extra dividend of §1 a share on the com- mon stock in addition to the regular quarterly dividend of the same amount. ‘An extra dividend of $1 was de- clared by the Yale and Towne Manu- facturing Company in addition to the regular quarterly dividend of $1, both payable October 1 to stock of record September 10. Arizona Power Company declara? an initial dividend of 1% per cent on the 7 per cent preferred stock payable October 1, to stock of record _September 25. Liquidation of the Conley Tin Foil Company has been approved by stock- holders, and directors were instruct- ed to take the necessary stepa, NEW YORK STOCK EXCHANGE Adv Rumley. ... Adv Rum pf (3). Air Reduct (4).. Ajax Rubber. ... Allled Chem Allis-Chalm (4). Am Ag Chm pt. . Am Beet Sug (4) Am Roseh.. ... .. AmBrS&F (5). Am Can (16). Am Can pf Am Car & Fy(13; Am Chain A™(2). Am Drug Syna Am Express (6). Am& F P 259(7, AmFor P pd(7) {Am Hide & L pf. {AmIce (7).. Am Ice pf (6). Am Internatl AmLaFF E (1). Am Linseed. Am Linseed pf Am Locomo (6). Am Metal (3)... Am Radiator (4) Am Saf R (500). Am Ship & Com. AmSm & Re (5). Am Snuff (12). Am Stl Fdys (3). Am Sugar. .. Am Sumat Tob Am T & Tel (9). Am Tobae (12) Am Tob B (12) Am Tob pf (€).. | Am Typ Farsc7) . Am Water Wks. {Am Woolen. Am Writ Pap pf. Anaconda ...... Arm of Del (7) Ass0 Dry G (5).. s DG 1st pf (6). 550 Oil (1%). .. At T & S Fe (6). Atl Birm & At... Atl Coast L (18).. AtGulf & WI... At Gulf & W 1 pf Atlantic Refin. . Austin. chols. . Bald Loco (7). Bal & Ohio (5).. Barnsdall A, B BarnsdallB..... R'c¢h Nut (2.40).. Bethlehem Steel. Booth Fishcries. Brk Edison (8). Brk-Man Tran.. Br Man T pt (6). Brklyn Un G (4) Burns Br (10)... Bush Te pf (7) Butte C & Zinc. . Butte&Superior. Cadde Cen O & R Cal Pet (1%).... Callahan Z Lead Calu & Ariz (2). Can Pacific (10). Cent Leather Co. Cent Lea Co pf.. Cerro de Pasco(4) Cen RibM (2)... Certain-Td Prod Chand Mot (3).. hes & Ohio (4). Ch&Opt (6%2). Chic & Alton pf. Chic & East 111 Chi& E1pf Chic Gt West.... Chic Gt West pt. Ch Mil & St Paul Ch Mil & St P pf. Chi & Nwn (4).. ChiRI& Pac CRI&PpL(6). CRI&PDPL(T). | € StPM&O pf (7) Chile Cop (2%). Chino Copper. Coca-Cola (7). Colo Fuel & Iron Col G & E (2.60). Com Ir Tr (63c). Com Solv B. . Congoleum (3).. Consol Cigar, Con Cigars pf (7) Consol Gas (5) Consol Textile. Cont Can (4). Cont Mot (50¢).. Corn Prod (2)... Corn Pr R pf (7 Cosden Co. . Cosden pf (7) Crucible Stl ( Cub Am Sug (3). Cuban Cane Sug. Cub Cane Su pf.. Cuyamel Fr (4). Daniel Boone. .. Day idson Chem. De Beers Mines.. Del & Hud (9).. DelL& W (6).. Det Ed Co (8) Dome Mines (2). DuPtdeN (8).. Eastman (17%)... Eaton Ax (1.60). El Stor Bat (4).. Erie.... Erie 18t pt Exch Buffet (2). Fairb’ks (2.60).. Famous Pl (3).. F'd M & S pf (D). Fisk Rubber...... Fisk Rubber pf. Fleischman (#3%2) Foundation (6). Freeport-Texas. Gen Asphalt. . .. Gen Asph pf (5). Gen Baking (6). Gen Cigar (8). .. General Elec(8) Gen El spe (60c) Gen Mot (1.20). Gen Petm (2) Gimbel Bros. Glidden Co... Gold Dust Goldwyn Pict... Goodrich. . Goodrich pf (7). Goodyear pf.... G'dyear pr pt (8) Granby Consol... Gray & Davis Gt North pt (5) Gr Nor Ore (3) - Grt Wstn Su (8). Gu Mo & N pf (5) Gulf StStl (3)... Hartman Co (4). Hayes Wh'l (3). Houston Oil. ... Hud Mot C (3)... Hupp Mot C (1). Illinois Cent (7). 10 Cent pf (6). Indizhoma Ref. Inspiration Cop. Interb Rup Tr... Internat Ag new Int Bus Ma (8).. Int Cement (4).. Int Com Eng (2) Internat Har (6) Inter Har pf (7). Int Mer Marine, Int Mer Mar pf. Internat Nickel. Inter Nick pf (6) Internat Paper.. Intertype (i1%) Invincible Oil. Jewel Tea. . ones Bros Tea. . ordan Mot (3). Kan 2ty South. Kelly Spr Tire. . Kelsey,Whi (6).. Kenne Cop (3).. Kresge Dep Str. Lee Rub & Tire.. Lehigh Val (3%) Lig & Myrs (3)... Lig & Myrs B (3) Lima Loco (4)... Loews Inc (2).. Loose-Wiles Bis. Lorrillard (3). .. Taania & Nash (6} | Mctnuyre (i5¢). . Mack Trucks (6) Mack Trucks rts. Macy R Hé& Co.. Magma Ccpper.. Mallinson & Co.s Man El Sup ($).. Open. High. 10% 11 38 404 82% 83% 8a 9 59% 70% 60% 60% 34 34 41 41 26 26 81% 81% 127% 127% 115% 116% 167 167 24% 24% 5% 13 116% Low. Close. 10% 87 8l 8% 69% 659 83% 41 26 81% 123% 115% 164 24% 5% 112% 115% 116% 61% 2% 79% 26% 10% 18 38% 9% 46'% 116 7 11% 72% 145 1 40% 81% 9 70 59 38% 41 26 81% 125% 116% 164 24% 5% 112% 115% 117% 61% 72% 9% 267 10% «18 38% 80 46% 116% L4 11% 2% 145 36% 47% 6% 128 151% 147% 104% 106% 1093 Received by Private Wire Direct to The Star Office Open. High. Loy. Olose. 46% 46% 46% 464 28% 29% 28% 29 4 4 4 u 85 86 B4% 354 58% 68% 66% 564 16% 16% 16% 16% 934 94% 92w 93y 2% 24 22% 24 22% 23 22% 22% 1% 1% 1% 1% 83w 83% 83% 83% 24 2% 2K 2% 15% 15% 16W 154% 46 46 45% 45% 19 18% 19 18% Missouri Pac pf. 62% b52% b51% 61% Mont Power (4). 654 654 65l 65% Mont Pow. pf (7). 110 110 108% 108% Montgom Ward. 34% 35 B4% 34% Mother Lode 76¢ 8% 8% 8% 84 Munsingw'r (3). 81% s1% 31% 125 31% Nash Mot (10).... 126 125 126 Nash & Chat (7). 125 126 165 126 Nat Acme..... 6% 6% 6% 6% Nat Biscuit (3).. 67% 67% 66% 67% Nat Dairy (3)... 86 36% 36 36% Nat Dept Stores, 38 38 38 38 NDS1stpf (7). 97 97 97 97 Nat En & St.. 19% 20% 19% 20% NatLead (8).... 161 151 148% 149% NevConsCop... 141 14% 14% 14% N Or T&M 1231 105% 105% 105 105 NYAirBr(4)... 41% 42 41% 42 NYABrA@“).. 60% 650% b50% 650% N Y Central (7). 107% 108% 106% 106% NYC&StL (6). 117% 117% 1154 115% NYC&SILpf (6). 91% 91% 90% 90% NY NH & Hart.. 22% 22% 21% 22 NYOnt& West. 20 20 19% 19% Norfolk South.. 18% 18% 18% 18% Norf & W (18).. 126% 126% 124% 124% North Am (2.40) 29% 30 29% 29° North Am pt (3). 47% 47% 48 North Pac (5)... 65 64% Nunnally Co (1). 7h i Ontario Mining. 6% 6% Onyx Hosicry... 19% 19% Onyx Nos pf (7). 79 79 Orpheum (113).. 20% 20% otis Elev (n) (4) 66 66 Owens Bot (3).. 42% 42% PacG & E (8) 95% 95% Pacific Oil (3) 48% 48% Packard (1.20).. 11% 1% Pan-Amer (4).. b53% 63% Pan-Amer B (4) 63% 53 Parish & Bstpd. 1% 1 Park & Tilford. 25% Penn Railrd (3 4% Penn Seab Steel. 1% Pere Marq (4)... 624 PhilaCo (4).... 4T% Phila& R&T... 46% Phil Mor (500).. 14% Phillips Pet (2). 84 Pierce-Arrow... 10 Picrce-Arrow pf 33% Pierce Oil..... 1% Pitts Coal (4) 56% Pitts Ut pt (1.20) 18% Pitts Ut ctfs 1.20 134 Pitts & West Va. 62 P& W Va pf (6). 105 Postum Cer (4). 60% Press Steel Car. 45t Prod & Refiners. 29 PubSerNJ (4). 574 Public Servrts.. 15% Puilman Co (8). 127% Punta Al Su (5). 53% Pure Oil (1%)... 24 Ry Stl Spg (8)... 120 Ray Cons Cop. Reading (4) Reading rts. Remington Type Replogle Steel. . Rep Ir & Steel. .. Rey Tob B (3).. Roy Dth (4 Rutland pf.... St Joseph Ld (2) St L San Fran... St L-San Frpf.. St L Southwest.. St LS'th pf (5). Savage Arms. .. Seaboard AirL.. Sears-Roebk (6) Sears-Roe pf (7) Seneca Copper. . Shell Un Oil (1). Simmons Co (1). imms Pet inclair Oil. ... Sincl'r O pt (8). elly Oll...... 10ss-Sheff (6). outh Pac (6) Southern Ry (5) South Ry pf (5). Spicer Mfg. = and Miil (5) and Mill pf (6) Std Gas & El (3) 5t 01l Cal (2)... SONNJT (1)... Stand G & E (3). Sterling Pr (4).. stew’t Warn (5). Stromberg C (8) Studebaker (4). Superior Oil.... Sweets Co of Am Telautograph. ... ‘Tennessee Copper Texas Co (3). Tex G Sulph 7). Texas & Pacific. Tex & PacC & O. Third Avenue Timken (13%). Tob Prod (6). Tob Prod A (7). Transcont Oil Un Bag Pa (6).. Un Pacific (10). Un Pac pt (4)... Utd Cigar Stores Utd Fruit (10).. Utd Ry Invest. Utd Ry Invest p! Man El md gd 4. Maracaibo Oil... Mkt St Ry prpf. Marland Ol Maxwell Mo Maxwell Mot B.. May Dept St (5). Mex Seabd (2).. Miami Cop (2).. Middle St Oil..... Midld Pr pt (8).. Minn & St Louis. Mis Kan & Tex.. Mis K & Tex pf.. Missourl Pacific. 36 27 62 54 67 88% 4% 1% T%4 8% 41 7% 34% 9% 12 s €6% 1% = 7% 140% 4% 52% 208 16 87% . 103% 21% €8 943 102% 333 84% Smelting.... 32% Smt pf (3%) 44 U S Steel (16%). 107% U S Steel of (7). 121% U S Tobacco (3). b67% Universal Pipe.. 17 Utah Copper (4). 76% Utah Securities. 36 Vanadium Corp. 25% Va-Caro Chem.. 1% Va-CaroChpt.. b Va Ry & Power. 66% Vivadou.. 5% Wabash. 15 Wabash pf A, 42% Wald Sys (1%).. 14% Web & Heilb(1). 156% Wells Far (2%4). 41% West Pen (4)... 83% West Pen pf (7). 93 West Maryland. 11% Western Pacific. 21% West Un T (7).. 112% West Air Br (6). 92% West E& M (4). 62% Whil &L Erfe... 11% Wheel & LE pt. 21 Wh Eag Oil (2). 24% White Mot (4).. 61% Willys-Overl" 8% Willys-Ovd pf... 674 Woolw'th n (3).. 109% W'th P pLA (7). 80 Wrig W Jr (3).. 41% Yellow Cab (6).. 52k 62% 61% Youngst S&T (4). 66% 66% 66% 64% APartly extre. 3$Payabie in preferred stock. Dividend rates as given in the sbove table are the annual cash Darments basod on the latest quarterly or half-yearly declarations. Unless otherwise noted. extra or special dividends sre Dot UNION BAG DIRECTORS OMIT $1.50 DIVIDEND By the Associated Press. NEW YORK, September 10.—Direc- tors. of the Union Bag and Paper Cor- poration today omitted the quarterly dividend of $1.50 a share due at this time. The rate has been 6 per cent nmmnete cinna the haeinning of 1923. au 1y2z atvidends of 4% per cent were pald, while in 1921 the com- pany paid 8 per cent. A statement by the directors said that payment of the quarterly dividend at this time would have required withdrawals from surplus as curreat earnings wero 102% 33% 84k 82 44 104% 121% 57% 17 6% 85% 25 1% 3 65% 5% 14% 1% 14% 15 41% 88% 98 11% 21% 1124% 17 25% 1% 5 66% 6% 16 42% 14% 15% 415% 83% 93 11% 21% 112% 2% 62% 11% 21 24% 62% 8% 67% 109% 80 41% 41% 1% 8k 66% 109 80 SI. PAULS FURNISH EATURE IN BONDS Financing Talk Causes Drop in Quotations—Staunton City Offering Put Out. BY GEORGE T. HUGHES, Special Dispateh to The Star. NEW YORK, September 10.—The feature of today’s bond market was the sharp break in all the St. Paul junior issues. Reports that a scaling down of capitalization was being dis- cussed by the bankers of the road brought a flood of selling orders, Which a denial from the president of the road did not stem. The two ac- tive issues were the 4s of 1925, the refunding of which is understood to be now under consideration, and the convertible 5s. The other junior bonds, however, were all weak and losses ranged from 2 to 4 points. There was some selling of the general mortgage bonds, but without much affecting prices. Puget Sound 4s dropped 3 points. but the Chicago, Terre Haute and Southeastern bs, which are guaranted by the St. Paul, were fairly steady. Liberty Bonds Lewer. Other speculative rails were quiet. St. Louls, San Francisco income 6s reacted fractionally while Interna- tional Great Northern adjustments resumed thelr interrupted advance. Erie convertible “D” 4s were heavy, as were the other Erie junior liens. Sudden activity developed in Peoria and Eastern issues, both the first and consolidated 4s of 1940 and the in- comes of 1990. Merger reports were given as the explanation. In the high-grade list, prices were fairly well sustained, although Liberties went a little lower. Union Gas Active, Trading in utility issues was mark- ed by strength and activity in Brook- ¥n Union Gas 78 of 1922, which went up 3 points in sympathy with the stock into which the bonds will shortly be convertible. In the out- side market inquiry was reported for Alabama Traction Light and Power 53 of 1962. Buying was said to be based on the idea that the reorgan- ization would strengthen the position of the bonds. Interest in the forelgn group cen- tered in the new offerings of $10,000 7 per cent Paris-Orleans Railroad, 30- vear bonds priced to yield 7.60 per cent. French bonds generally were steady. The new Delgian 6%s made another new high. Staunton Issues Pnt Out. New issues included $57,000,000 Texas- Pacific-Missouri Pacific Terminal 5% of 1964 at par and $700,000 City of Staunton, Va., 5 per cent Water Works bonds due serially to yield from 4.50 to 4.55 per cent. B. & 0,15 EARNING OVER $8.50 A SHARE Railroads Make 1924 Traffic Record—French Loan Very Quickly Taken. By the Associated Press. NEW YORK, September 10.—The Baltimore and Ohio Railroad easily will earn $12,000,000 net this year, George M. Shriver, senior vice presi- dent, said today on his departure for Europe. Earnings would be a little more than $8.50 a share, he stated. New 1924 Traflic Record. A new high record for railroad freight traffic in 1924 was establish- ed the week ended August 30 with a total of 1,020,239 cars loaded, the first time this year that the million mark has been exceeded in any one week, the American Railway Asso- ciation reports. French Loan Books Clowed. The first French railroad loan to be placed on the American market in two years, $10,000,000 sinking fund 7 per cent gold bonds of the Paris-Or- leans Railroad Company was offered to the public today at 92% and in- terest to yleld more than j.60 per cent. Books were closed on the is- sue a few minutes after the opening. Other Offerings Made Today. New offerings today included 15,000 shares of General Gas and Electric Corporation cumulative preferred stock, class A, at $105 a share to yleld 7.62 per cent. The proceeds will be used in connection with electric power development in South Caro- lina. Another utility issue was 10,000 shares of Central Illinois Public Serv- ice Company cumulative preferred stock at $85 a share and accrued dividends to yield 7.06 per cent. e FOREIGN EXCHANGE. (Quotations farnished by W. B, Hibbs & Co.) Nominal = Seliing cheel #oid value. oday. London, pound . 4.8665 Montreat,” dotiar 100 Paris, frane . Brussels, franc . Berlin, mark. Rome, lira . Zurich, franc . Copenhagen, crown . Christiania, crown Stockholm," crown By the Associated Press. NEW YORK, September 10.—For- eign exchanges steady; quotations (in United States dollars): Great Britain, demand, 4.44%; cables, 4.44%; 60-day bills om banks, 4.41%. France, de- mand, .0528%; cables, .0528%. Italy, demand, .0436%; cables, .0436%. Bel- glum, demand, .0498; cables, .0498%. Germany, demand, per trillion, 23%. Holland, .3821. Norway, .1373. Swe- den, .2668. Denmark, .1698. Switzer- land, .1876. Spain, .1313. Greece, .0179. Poland, .0019%. Czechoslo- vakia, .0298%. - Jugoslavia, .0131%. Austria, .000014%. Rumania, .0052%. Argentina, .3487. Brazil, .0990. Tokio, .41%. Montreal, .99 15-16. BIGGEST HARDWARE MART. ST. LOUIS, September 10 (Special). —The moving of the sales and pur- chasing departments of the Winches- ter-Simmons Hardware Company here will make St. Louis the largest hardware center in the world. Pur- chasers of the concern average around $75,000,000 annually. — REPORTS APPLE PRICES. LYNCHBURG, Va., September 10 (Special).—W. 8. Gill, sr., of Sandidges, one of the best known apple growers of Amherst, has advised the market and production bureau of the Cham- ber of Commerce here that he has sold his crop, getting $3.25 for Yorks, $3.75 for black twigs and $4 for pippins. LIVE POULTRY HIGHER. CHICAGO, September 10.—Poultry alive, higher; fowls, 13a26; springs, 35%3 roosters, 14, . | N NEW YORK BONDS STOCK EXCHANGE I Recelved by Private Wire Direct to The Star Office. (Bales are 1s §1,000.) UNITED STATES BONDS. - seconds (Fractions Example: represent pfl;‘-l means 93 3-32.) thirt; Sales. High. Lib3%s. Lib 1st 4%s... Lib zd 4%s, Lib3d 4%s. .. US4%s1952.. 62 102 761 1016 157 102-2 Lib 4th 4%s.. 336 1027 7 105-1 FOREIGN. Sules. High. Low. Close Argentine bs. . Argentine 6 PR Argentine 7s. . Austria 7s. Belgium 6; Belgium 6348 wi..162 Belgium 7%s. Relgium Berne 8s Bollvia 8 Bordeaux 6s.... Brazil 8s. . Canada 681926.... Canada 551931.... Canada bs 1952... Canada 5%s 1929, ., Chile 78 1943. Chile 85 1926. Chile 85 1941. Chile 851946, Chinese Gov Ry &8 Copenhagen 5%s. . Cuba 6%s......,. Czecho 85 1951... ©zecho 8a 1952 ct. Danish Munic &8s A. Danish Munc 85 B. Nenmark 63 Denmark fs. Dutch ET6% DEIS%act... Nutch East I 63 Nutch East I 6s°62 1 Salvador 88 *48. Pinland s f 65 1945. Framerican 7%s. French Govt Ti4s.. French Govt 8s. Halti 6s. ... . Holland-Amer 6s.. Hungary 6%s..... Japanese 1st 4%s. . Yapanese 6%s..... Tergens U M 6 T.vons €s g Varseilla 63 & Mexico 5s assented Montevideo 7s.. .. Netheriands 63 '54. Netherlands 65 '72. Norway fs 1943 . Norway 6s 1944. Norway 68 1952.. . Norway 88..... .0 Orient Dev deb 6 Paris-Ly's-Med 63. Prague 7%s. Queensland 6s. Queensland Ts. . Rio de Jan 85 1946. Rio de Jan §s 1947. Rio Gr Do Sul 8 Sao Paulo City 83.. Sao Paulo State 8s. Selne Dept. of 73 Serbs Crotes Slo 8s Soissons 6s. . Sweden 6s. Swiss 5%s 1946 Swise Conted Ud Kingm 5%s°29. Ud Kingm 5%s'37. Uruguay 88....... 6 81% 06 93% 3 108 9 95 36 100% 5% 108% 107% 1o 3% 88% 96% 101% 102% 103 51 6 20 27 26 19 92% 81% B8% 85% 34 90 99% 96% 9% 97% 98% 12% 88% 82 90 103 109% 96 94 98% 954% 100% 94% 89% 87% 105% 98% 114% 109% 1047 105% Low. 81% 93 102% 9% 100% 95 108% 107% 109% 934 88% 96 101% 102% 102% 103% 974 103t5 105 105% 42 94% 96% 99 59% 109 109 100 nt 89% 89% 95% 95% 103 8% 95% 102 106% s 80% 8% 7% 924 81% 885 R84 34 20 99% 9644 98 97% 98 12% 8% 81% 90% 103 109% 96 " 98 95% 100 93% 89 87% 104% 98% 114 109 104% 105 MISCELLANEOUS. Ajax Rubber8s. .. Am Agr Chem T%s AmChainsf 6s'33. Am SmIt&R 1st 5s. AmSmit& R 6s. AmSugref6s..... AmT& Tcltrds.. Am T&T cltrbs... AmT & T deb 5%s. AmT& Tcv6s.... Am Water Wks 5s. Anaconda 1st 6s. .. Anaconda cv db 7s. Armour & Co 4%s. Armour of Del 538 Atlantic Refin 5s. . Barnsdall s f 8s. Beth Steel pm 5s.. Bell Tel Pa 5s. Beth Steel rf 5s. Beth Steel 5%s Beth Steel 8 f 61 Brier H St 1st 6%s. Bklyn Ed gen 5s. . Bklyn Edison 7s D. Bush T Bldg 58 '60. Calif Pete 6%s. ... Central Leather bs Col Gas & El 5s. Col Gas & El bs sta Commonwth P 6s.. Con Coal Md 1st 5s. Consumers Pow 58 Cuban-Am Sug 8: Cuba Cane cv d 8s. Denver Gas b5s. Det Edison ref Donner Steel 7s Du Pont de N 7%s. Duquesne Light 68 Est Cuba Sug 7%s. Empire G&F 7% Fisk Rubber 8s Gen Elec deb 5s.... Gen Refractres 6s. Goodrich 6%8. . Goodyear 85 1931.. Goodyear 8s 1941.. Hershey 6s 1942... Humble O&R 5%3. Illinois Bell 1st 3. Illinols Steel 4% Indiana Steel 5 Ipt Mer Marin Inter Paper 58°47. . KCP&Lt5sA'S2 Kan G & El 65'52.. Keyser (J) 7s. Kelly-Spring 8s. Lackawa S 68 '50. Liggett & Myrs 5 Lorillard (P) b: Lorillard (P): p Magma Cop ¢ . Mnglll Sug st T%S Marland Oil 8s '31.. Midvale Steel 65 ct Montana Power 53. Mor's&Co 1st 4% Nat Tube 1st 5 New Eng Tel 68, N Y Eden 1st 6% NYG EL H&P 45, NYG EL H&P bs. N Y Tel 65’41 N Y Tel 68°49. Ed 6 th Am Ed 6% gg: States Pow b Nor States Pow 6! Northwst B Tel 7 Otis Steel 7% Pacific Gas & E1 68 Pacific T & T 6862 People’'s Gas B_s Phila Co 5%s '3 Phila. Coret 68 A.. Phil & Rdg C&1 5. Plerce-ArTo’ Producers & Rf 85. Public Service 5s.. Pub Serv Elec 68... Punta Alegre 7 Sharon St1 H 8s. Sinclair Ol 78. in Pipe Line b :o‘:nhvnell Tel bs. So Por Rico Sug 78. Southwest Bell 5 Steel & Tube 1.u Tenn Elec Pow 6. Tide Wat Of] 6%! ‘Warner Sug 78 Warner Sug 78 Western Elec b ‘Westinghouse 7e.. Wickwire Spen 7s. Willys-Ov 6%s '33. ‘Wilson & Co 1st ts. Wilson & Co cv 68 ‘Wilson&C cv 7%: ‘Winchester A 7%s. 1 91% 40 94 5 96% 29 94 1 103% 14 100% 16 974 9 101% 62 102% 13 119% 4 92 40 98% 13 100% 11 85% 2¢ 92 98% 101% #9154 100% 94 88% 96% 96% 100 109 95% 100% 100 1003% 100% 96% 8% 8914 1084% 99% 90 106% 84k 108% 105% 106% 95% 103% 106 99% 98 106% 118% 103% 100 96% 94 102% 88% 86% 93% 97% 103 96% 1% 8% 97 116% 118% 99% 1054 88% 9% 80% 101% 101 112% 85% 100 106% 107% 96 100% 9315 103% 109 89 % 93 1% 95 = - CnaunSanSasrampon OwnBaam Iy - E R T T TR T - Braad e an 50 1 101% 91% 931y 96 93% 103% 100% 9714 101% 102 119% 1% 94% 94 101% 98% 86% 1094 104% 102% 108% 102 92 100 84 97% 102% 96% 105% 97% 102% 108% 93% 115% 83 108 104% 90% €3% 90 101% 97% 108% 70% 7% 86% 46% 49% 101% Close. - 249 100-27 100-26 100-26 101-29 101-29 101-2 1021 102-2 1056 101-4 102-1 102-5 1051 81% 93% 103 94% 100% P54 108% 107% 110 93% 884 6% 101% 102% 108 103% 97% 103% 105% 105% 42 94% 2644 100% 99% 109 109 100 1 89% 8% 96 95% 103% R84 95% 102 105% o1 &1 874 97% 924 1% PB4 88% 34 920 9976 954 98 97% 9RY% 112% F84% R1% 20 103 109% 85% 94 98% 95 100% 93% 89 K% 104% 98% 14 109 106% 96 93% 89 94 23 1Y% % 94 101% 99 85% 109% 104% 102% 1084 102 92 100% 84% 7% 102% 963 106% 97% 108 108% 93% 115% 8344 103 104% 0% 63% 90 101% o8 108 N% 7% 84% 464 49% 101% YounsmaS&Tes. 4 954 B854 5v 'Chi Un Sta 6%s. RAILROADS Sales. High. Low. Close. 1 82 82% 824 48 89% 89% 89% 30 99% 99% 99% 23 87% 8T% S7T% 18 89 88% 88% 13 85 84% £5 7 102% 102% 102% 17 100% 100% 100% 4 83% 83 83 20 99% 99% 99% 33 794 9% 79% 1 87% 8% 8% 101 100% 100% 116% 116% 116% 116% 116% 115% 79% 9% 19% 104% 104% 104 98Y 9=y 8B4 103% 103% 103% 95% 95% 951 87n 87% 8T 98% 98% 9% 61 61% 61 42 42m b9 101 825 90 e 138 62 3% 2% 51% b6 80 50 635 9% 97% 110% 107 % BOW 761 997 Buff R & Pitt 4%s. Canada South 5s. .. Canad North 6%s. Canada North 7 Canad Pac deb 4s.. Car Clinch & O 6s.. Centof Ga 5% Cent of Ga 6s. Ches & O cv 4% Ches & O gn 4%a. Ches & Ohlo cv 5s. Chi & Alton 35 Chi & Alton 3 Chi B&Q gn 45 5. Chi B&Q 13t rf 5s. CB&Q-Ill 3143 CB& Q-1 div 4s Chi & E 111 gn 5s. Chi Great West 4s CM & Puget Sd 4s. 25 ChiM & St P 4s°25.677 Chi M&St P 45 '34.. 10 CM&StPdb4s... 97 Chi M&St P cv 438149 CM&StPgn4l%s. 15 Chi M&St P rf 414s 110 Chi M & St P cv 53.206 ChiM & St P 6s Chi & N W ref 5i Chi& N W 6%s.. Chi & N W 7s.... Chi Rys 5s. . ChiRI& Prf 4s. ChiTH&SE 5s., Chi Unlon Sta bs. 16 Chi & W Ind cn 4s. CCC&StL4%s. .. PCC&StLL5sA.. CCC & St Lib: CCC & St Lt 6 Cleve Term bs. Cleve Term 5%s Colo & Sou 4%3... CubaRR 7%s..... Del & Hd 1st rf 4s. Del & Hudson 5%s Den & Rio G cn 48 D& RG1strf5s.. Des M & Ft D 48, Det United 4% Erie 1st con 48 Eric gen 48, Erie conv 4s 4. Erie conv 4s D Erie con ext 7s. Erie & Jersey 6s Erle Genessee R 68 Gr Trunk <f db és. Grand Trunk 7s... Great North 5s. ... Gr North gen 5%s. Gr North gen 7s. .. Hud & Man ref bs, Hud & Man aj 5s.. 11l Cent ref 55 '55.. 11l Central 5%s. . Int Rap Tran 5s... Int Rap Tr 53 stpd. Int Rap Tran 6s Int & G Nor 1st 6s Int & G Nor aj 6s. Towa Cent rf 4s.... Iowa Cent 1st 5s. . Kan City Ft S 4s. Kansas City S 3s.. Kansas City S bs. Kan City Term 4s. Lake Shore 4s 31. Lehigh Valley 6 Louis & N uni 4s Louis & N5s B.... Manhat Ry cn 4s.. Market St Ry 75 M & St L 1at ref ) NNWmMR OB ARO R Ho—aRBaNmO Mo Pacific 55 A5 Mo Pacific 6s Montrl Tm 1st §s.. Nassau E Ry 4s ‘67 ewOr Term 4s... N Y Cent gen 3%s. N Y Cent deb 4s. N Y Centribs. N YCent deb 6 N Y Cen LS cl 3%4s. NYC&StLdbis. NYChi& SL5%s. YC&StL6sA ew Haven d 4s ew Haven cd 6s. New Haven 7s.. ew Haven 7s fr.. Y Ont & W ref 48 New York Ry rf 43 N Y Ry rf 4sctfs. NY W & Bos 4% Norfolk & W cn 4s. Norfolk & W cv 6s. Northern Pac 3s. Northern Pac 4s... Nor Pac 4%s 2047, orthern Pac bs D. Northern Pacr i 6 Ore Short L ref 4 Ore-Wash 1st rf 43 Pennsyl gen 4%s.. Pennsyl gen 6s. Pennsyl 6%s. Pennsyl gold 7 Peoria & E inc Pere Mrq 1st 4s '56. Pere Marq 1st 63 Reading gen 4i Reacing gn 4%s. RIATKk & L 4% St L IM&S 4829 St LIM&S R&G 4s. StL&SFplisA StL&SFG6%sD. StL &S F adj 6s StLe&SF inc 63 StL&SFpl6sC.. StLSWist4s 125% 60% 85% 85 948 105% 974 #2ig 93 102% 110 109% 35 80% 963 4% 92% 80 92% 8244 69% u3n 9% 73 102% 80% 85 100 9% 703 b54% 60% 814 97 83% 74 997 1024 106% 56 49 82 B5% a9 103% 104% 95 934 100% 93 63% 20 83% 3% 102 80% 85 . 100 . 9% 70% 85% 61% 814 97% 88% T4% 100 1023 10635 b6% 50% 92% 86 99% 104 104% 95% 9314 100% 93 63% 91 83% San A & Arn P 49, Seab'd A L 4ssta.. Seab'd A L ref 4s.. Seab'd A Liad) 5s.. Seab'd A L con 6s. Sou Pacific 48°29.. Sou Pacific ref 4: Southern Ry &n 45, Southern Ry 1st 58 Southern Ry 6sct. Southern Ry 6% Third Ave ref 4s. Third Ave adj 5s. Union Pac 1st 4s... Unlon Pac 1st rf 48 Union Pac 4s5°27... Union Pac 1st rf 58 Union Pacific cv 68 virginia Ry st 58 « Va Ry & P 1st Wabash 1st 5s. Wabash 2d 5s. Western Md 4s.... Weastern Pacific 6s. 2 West Shore 1st 45. 33 Wheel & LE cn 1 704 704 Whel & LETf 4%s 13 65 64% —_— TREASURY CERTIFICATES, (Reported by Redmond & Co.) Bid. | Offer. 1000 1001932 1002382 101 2782 101% 1015 101516 101716 56 50% 92 86 99w 103% 1044 95 93% 100% 93 63% 81 83% 0% 65 Maturity— 4%s December 15, 1924. 45" March 15, 1625. March 15, 1925. une 15, 1925. Bl B s L ember 15, 1926.. 101 9-16 101 1118 102 19-32 102 2332 102916 1021116 SILVER PRICES VARY. NEW YORK, September 10.—The price of silver in San Francisco is higher tfan the New York quotation for the first time since April, owing to the demand from China. Buyers are bidding 69% cents an ounce for the metal at San Francisco, which producers refuse to accept, while the New York price is 69 cents an ounce, sales by producers direct to brokers and consumers, In some instances, being made at 69% ocents FINANCIAL, COTTON SELLS OFF IN TRADING TODAY Hedging Renewed—Spot Market Easier—Good Weather Report Expected. By the Associated Press. NEW YORK, September 10.—Re- newal of Southern hedge selling and liquidation promoted by re'atively easy Liverpool cables, expectations of a favorable weekly weather re- view and rumors of an ecasier spot basis sent prices still lower in the cotton market early today. The opening was Steady at an ad- vance of 1 point to a decline of i points, but the demand Was S0on sup- plied, prices breaking to tor October and 22.85 for December, or 17 to 21 points net lower betore the end of the first hour. 'rivate cables said Liverpool was sti'l influenced by the burcau report ind lack of demand. Cotton futures closed barely steady. High G October December” . January Marchi . ) January, 23.00; March, 23.% 50. New Orleans Quotations. NEW ORLEANS, La. September 10.—Cotton futures opened quict— October, 22.72; December, 22.80; Jan- ry, 22.81; March, 23.00, bid; May, .04, bid. Tiigh. Tow. Clos Cotton futures closed barely steady at net decline of 71 to 91 point October z : 6 December . ST. PAUL RAIL ISSUES IN SHARP BREAK Bonds Tumble Four Points Rumors of Financing to Raise $48,000,000. on the Associated Press. ‘W YORK. September 10.—Sharp br in the securities of the Chi- cago, Milwaukee and St. Paul Railway Company today followed publication of unconfirmed rumors that the road would readjust its financial structure to meet bond maturities of §48,000,- 000 next vear. Liquidation which set in yesterday Increased today despite official denial that a reorganization was cortem- plated or that there was any need for immediate action on the road's refunding operations. Both common and preferred stocks dropped more than 2 points. The road's active bond ssues broke 1 to 4 points. PSRRI 5o BALTIMORE PRODUCE. BALTIMORE, Md., September 10 (Special) —Potatoes, new, barrel, 2.00a sweet potatoes and beans, bushel, s, 100, 3.00a4.00; cabbage, 3.00a5.00; cz 100, 3.0024.00 corn, dozen, 10z ¢, bunch, 2 cucumbers, basket, 1.00a1 egg plant, basket, 50a65; lim bushe lettuce, 1.0022.00; pep- basket, 25a35: spinach ske : tomatoes, basket, 40a63; pack- ing stock, bushel, 1.00a1.10. barrel, 1.50a4 bushel, damsons, pound, 3!zad; black- quart, 12al5; grapes, basket, huckleberries, ~quart, 12al basket, sket, ; bushel, watermelons, 100, 10.00a40,50. rain, red Winter, red Winter, 3 red Winter, spot, garlicky, garlicky, —Bag lots of nearby sold at per_bushel; cargoes on grad No. 2 red Winter, garlicky, 1.30; No. 3 red Winter, garlicky, 1.27. Corn—Cob, old rel; old white, > per barrel . 2 corg, spot, no quotation: 3, 56 per bushel. Rye—Nearby, spot, 1.021. Hay—Receipts, none. hay is ample for all trade wants, and the demand is principally for the better grades of timothy at a range of 16.00 to 20.00 per ton as to grade and kind. Damaged and low-grade hay is of uncertain value and hard to move. straw—No. 95a1.05; No. 2 ry. 1 wheat, new, 12.00a {12.00; No. 1, new, 13.00a14.00. CHICAGO GRAIN PRICES. CHICAGO, September 10.—Increased buying of wheat on the part of houses with seaboard connections brought about an upturn in wheat prices today after a wavering start. The bearish aspect of the Government crop report acted at first as a depressing in- fluence. Tt was said later that con- siderable wheat and rve has been bought for shipment to Europe. The opening, which ranged from % decline to % advance with December al.28 and May 1.33%al.34, was followed by a slight general sag and then by moderate gains all around. Corn developed weakness as a re- sult of disappointment by holders jwho had expected a larger reduction than was shown in the Government estimate of yields. Absence of indi- cations of any great damage by frost tended also to send After opening at % lower to % gain December 114 to 114%, the wholc market underwent a decided setb Oats were easier, sympathizing with corn. lower, December 513 to 511 further losses ensued. Firmness of the hog market up- held provisions. WHEAT— Open. September ... 1.22% December May 2, and Hieh, 1 September December May .. LARD— September . December ... November . RATE CHANGES HALTED. Proposed new freight schedules readjusting rates on coal from points in northern and central Illinois to points in Michigan, Minnesota, North and South Dakota and Wisconsin, to- day were ordered suspended by the Interstate Commerce Commission from September 10 to January S. PARIS MARKET HEAVY. PARIS, September 10.—Prices were heavy on the Bourse today. Three per cent rentes, 54 francs 10 cen- times. Exchange on London, 83 francs 90 centimes. Five per cent loan, 67 fancs 5 centimes. The dol- lar was quoted at 18 francs 87 cen- times. NEW YORK DAIRY PRICES. NEW YORK, September 10.—But- ter firm; receipts, 19,187 package: creamery, higher than extras, 38%a 39%; creamery, extras, 38a38%. steady; receipts, 18,755 cases. coast white, extras, 53%aG4¥ frsts to extra firsta, 43a53 The supply of | ues down. | The start was % to % | ctoee. | PRICES G0 HIGHER ON LOCAL BOARD Trading on Exchange Drops in Volume—Bankers Plan Chicago Visit. BY CHAS. P. SHAE With transactions showi cided drop in - volum: with the previous session ed upward on the Wasi Exchange this mornin were recorded in favorit: being maintained thre session except in Washi Light, which eased off to 4 opening at 50, Washington preferred stock prevailing level, « | while Capital Tr; {an odd 1ot nk at | ment figured in 11 shares of Ch preferred s of Depart at x |, Bond trading was v local utilitics at unc Bankers Pla Chic: country’s T annual convention Bankers de- npared pr Railw: was and tion touched ._Lanston was stror National Metropolits unlisted day’s trade, | ental Bank charn ican vention two yes mean to eclips: ton banke attached ¢ gation, would number to be procured. The pr will be announccd tomorrow. Money Money totaled capita, in Circulation. in n Sep per capi Total 1 amounted 4,148,255 of mone 531,150,496 Institute Harold W, erican on Se s gold coin < Instructors. Burns Insti nstru former natio credits; Josepl School of {and John | speaking DIVIDENDS. do. pt | Bass ck-Al | Borg & | Bos & Pr ur, | do prior B o of P N Y & T Co. vellow, 6.50 per bar- | Goulds Mfg Co. | _dopf . | alt Yo 22 | B Trnction pe. | Tua "Stotor ot i Jordan’ Mo "Car et bt Merrimac ¢ Otis Elevator. do. pt P C st pf | Peun Pitt Bess & Spicer Mfg pf of. Le Wright Har Yellow Cab Co SHORT-TERM SE(;U’RITIES (Quotations furnished by Redmond & Co.) Central of Georga 6 Central Leather G5, S A0 reat Northern Gulf 0il Corp Humb) 5 Kenne: STOCKS EX-DIVIDEND. Doliary per share. ndependent Oil Moutans Power C Do, ptd emington Typewriter 5d prd .00 Sept. 13— American Beet Sugar Coo bfd 1.90 Sept. 13—Blamenthal & Inc. pfd. Sept. 13—Lehigh Val Sept. 13—Loew's, Inc TODAY'S BUTTER PRICES. CHICAGO, September 10.—Butter, unsettled; , creamery, extra, 37%; standards, 36; extra firsts, 553a361p; firsts, 34a34%; seconds, Eggug uuchanged; receipts, %531 cases,