The Wall Street Journal from New York, New York • Page 4

'J A series of depressing Influences faced th market at the opening ana wiling ensued. There was no marked procure, however, such as might have been expected tause of tho character of the news, A firm undertone Yevealed and buying every fraction down in leading iBeues was characterized in commission houses as very good. A number of specialties took no account of liquida- tlon hi the leaders and moved up fdr good gains. A few specialties sold at record-high prices, Action of the Steel Corporation In yielding to a demand for the eighUioux day, made for years by labor union leaden, had not keen looked for. Those who knew of the labor unrest in the steel mills had expected another increase in wages.

Ones fixed, the eight-hour day is apt to stay wherever It ii inaugurated. The Steel Corporation followed the example set by the Railroad Administration in putting the eight-hour day into effect on the rail-toads of the country. It is assumed, therefore, that the Administration favors this arrangement. Views gathered in the flnandah district were not adverse to the eight-hour principle. It was simply pointed ont that the evil of the measure in these times arose from the fact that It would cause a still further inflation of labor and add to the post-war readjustment era facing business.

The new arrangement implies that those working overtime will get 1 the regular pay for overtime. As the army and navy increases the labor shortage will become more anite and it stands to reason that the practice of working overtime will be continued. Average therefore, will tcni to increase. 1 While there was selling of steel stocks "on the theory that profits of steel companies would be reduced because of the eight-hour policy, there was buying by other? on the belief that the steel producers will now be able to relief from the War Industries Board through an increase in fixed steel prices. Selling on News Development The market opened generally The Street ex-' pressed disappointment over the maturity of the new Liberty Loan issue.

The new bonds will run for twenty A ten-year issue had been quite generally expected and in some quarters a five-year issue was looked for. There was some selling of stocks on reports that the Government had made heavy withdrawals from banks, V', but there is nothing new in this situation, Government withdrawals being made from day to day, There was a counteracting influence in the speech of the German Chan-. jcellor, in which it was admitted that a grave STOCK EXCHANGE TRANSACTIONS A 100... 674 Canpaa 100. ..1624 1...

1 .163 Can LiMtn 100... 704 OMASt 48i4 loicnwpi 127 ChlooCaa 397, 40 Corn Pron pf OruolblaSU A44 4 iMuauaDu 100... 30rt 31 Cuba 0 811 pf 794 DbSaour 624 4 BaMwtnLnm BOt 4 4 'm 4 894 Barrett Oo 944 BethBtMi .814 100... loo 4 Cm LhA 400... TOUl 4SH loo 47I4 ri AU CblStPMAO 60 Cbtno Cop 40 UniPn4 434 too.

4 Uru4iata pti 644 314 CM Seotir BS cz'. Dliaaaur 824 Dul 8 ft At) 65. Gulf BtH T9 784 (nlratlo 84 (ntarb Con 101... 67, 7 Kannaoott 100... 334 Maxwau 1104 at uarina 274 AMI SB 400...

4 400... 4 larina ri 00... fa 4 400... 7, 1 104 4 101... 4 inn 1000...

100... aastotiWna I BB4 100... 4 Ban Uot .1174 100 .118 Nor pf Btlf Oraat'. si4 IntHarCppl lot Harv J41, iaoa at rapar 34 Mar klarlna 1100... sno 4.

It Marina 10. 0... Matin nr 410...1044 n. 1100. 100'.

too. ..109 .109 4 1000... 108 a 100... 4 4 4 4 109 4 4 Mir Patrol .1094 100... 800...

400... 100... MldralaStl 6 14 a uaniru 100... 73 4 7J KTHUtD 100... 393, 9 uittat ut 37 PAmPatTpf 024 Si48 P.

M. TO CLOSING Marina of no .1034 4 4 7, 400.. .108 .1034 4 t'i 800... 1084 1... 4 100..

.106 4 Miami Ooo 101... STL, If ft of 10 avuoo4rJku 18 Sat Laad BT HTOaotral 100... 731 HTHH 100. S3 4 0.u 39 40... 38V NOTUira vm 874 PUraa Oil t.i; 184 rittauoai pr Ploroa-Arrow 38 PleroaOU 164 Bar Con fn 101...

234 rtv1mie SB hii 1 8 Un.i. oil. South Pao 884 Stu4alwik 1 49 Ta .164 4 680, Uaian fn 100. ..124 DnClg 100... 994 DM In I Aia 100..

.1134 100... 4 a88Ual too 100... (401... OUhOao 824 1, wllirive- 304 BMrilna- OB 871. Iliwlair nl' 31U South Ball 281a Stuiabak- 49 4 Taxai On 1644 4 .165 1644 .163 I 664 100...

4 4 Caia Pa .1844 0 laj Ala. .1144 6 Steel II .1104 Ta-Car ca 6J4 rTabatk 94 WMtia Sim 434 Tf ai.n.ati 16U 0 lOO.Ki IOO. 100.10 100.lt 1UO.I4 100.lt THE REET JOUIINAL, THURSDAY; LIOIINING, SEPTEMBER 2G, 1910 THE STOCK MARKET STEADY ABSORPTION Selling of steel stocks follows announcement of eight-hour day schedule by Steel Corporation---Anierkan. Smelters makes disappointing reportMarine preferred leads on revival of negotiations for sale of assetsGood "buying in coppers. Sales, 303,100 -shares.

Can 00... 444 Am lee 10 A 'OMltlxt 764 AaiStMir 854 4 69 A ai Sugar An Sum Tob 100.. .108 iMfOM, 684 A Can 444 An Can pf KW 02 An Car FT 864 Am H4I.OI SB AmUaeeed lJOPf 100... 7T4 1 ASMltln 764 'Am Steel esv 800... a ititiia To 4 Am Tel A Tel 100...

84 Am Weal 'v 684 DO 10... 644 4 Am Wool vt 8tt ItMHlll 684 AtclllMB 894 lilWllllW SOW BaitAOhln SwluOKIn 3 AmCanjrf D2 HAT.af 88 Am lee Am Uuwl 414 lit) 884 An4altlM 761. ss-V Aw Sun Tob 1 AffTelATel 84 -Am Watt SB -4 AmZlne 184 A H(MU4, 684 CI AtWilon pf HI )i (liwi Aaeeeada I 681. 4 Aaeoolatd OU 63 MnlnLnco 4 0... 604 Bait A Ohio 634 Uth si" 100...

814 Oea Leal 100... 70 100... 67 ChlHI AFai otto 100... t4 Chi no Cop i9T, lt4STO a ilS P. H.

CluattPeapf 100... Con lot CM In 84 Cuba Canada 100... 31 Dl Heeur 82 Doom lUnee 8 Vt.V ureetn 100... 314 nterbCotu 6A, Kenneeou 100... 331b Marine nt 7 102I4 1, 7 10...

103 4 A. HnnAf 4 Mez Patrol Miami Uu 103... 274 Bi'4 Oantnit 100... 73 OCIUatOai .374 fanna 437, PaoDlai Om 464 PleroeOU 164 tCS TO 3i43 P. M.

Batopllaa 1 OelhSMal 814 100... it Sirn Hrm 4 4 1... .133 4 100... i. CalumaArti BtSU Spiina 100...

68 RPUil A 1(. 1V South Rail 264 Union Pao 114 -i 994 at la 1 aii .1134 4 4 4 wooiw faced the Germans but this had no apparent market 't SotnelVeak Spots Industrial Alcohol and Distillers were particularly weak spots. Steel lost nearly a point American Smelters yielded further on publication of the poor earnings state ment. Central Leather was fractionally higher. High- crade investment rails were up fractionally.

Bums Brothers repeated its record high of 152ft. Selling Easily Absorbed Hasty selling was quite easily absorbed In the first half hour, except in the case of Steel common. Baldwin, Mexican Petroleum. Marine preferred. Central Leather, Corn Products, Studebaker nd the tobacco issues ected well and made' up their early losses.

Burns Brothers made a new record at 152. Gulf States Steel, after selling up fractionally, yielded IVi to 78. American Steel Foundries sold up fractionally. American Malting First Preferred at New Low A sale of American Malting first preferred at 39 attracted attention. This marks a new low for the year.

It compares with the high of 58ft, made last February. The stock sold at Sift in 1916, and the low In 1917 was AX. It now nhvtnna tiiaf. Anwrlnn Maltlner Cn must telling price four points lower. American Smel ting's Report American Smelting's poor showing in tha first six months of 1918 was due to the fact that rapidly mounting operating costs could not be offset by an Increase In smelting and refining charges while price of copper remained fixed at 24 ft cents.

It was pointed out in The Wall Street Journal last February that copper refiners threatened to shut down their plants unless the copper producers consented to pay higher rates for having their product handled. This would have happened if the refiners had not patriotically decided to keep their plants in operation at a loss on account of the war demand for copper. When 26 cent copper became effective July 2, producers granted refiners increases averaging about one cent per pound. The higher rates mean about (16 par share annually for American Smelting common. With these schedules effective in the initial half year of 1918, it is estimated that American Smelting would have earned $11.18 per share for the common stock, against $12.46 in corresponding period of 1917.

Sales of Bonds September 25, 1918 40W. ..100.11 lOO.lt 100. 14 4 100.l .100.1 .100.8) I Liu in 4 4 rB.CO 05.W 5M bti II 8 Lib 96.it 1 8' l'0l. loon 6JUU. 9S.ni am 99.61 t6.W B0.6 BUI 93 VS b.4S 96.41 fc8.Hi Sb.ib 9B.4 9B.

M6.4D 96.40 95.h 98.l 00... 96.46 v6.e k.0... Si.tO 4 99 VB.l sa.u 661 wo. C8Llblst4M 9b li 96.M 96 96.W 8.4 98.W 66 UBLlbtutMi 9s. Mi.A (7''.

98.44 95.0' 100 98 St tt 00... 3. 9S. 9B.tu: lio ws 9S.W ttbM 98.6 95.90 93.IM 14 in 16 0 8 mi. 76 8000.0.

1.410.. 100.111... 1000... 66.80 9S.i 96IM 68. 9Si 9S7S 96J 17000...

95.M 98.HU 96 B5.8I 9B.T4 98.78 974 6 S.7a 96. TM SbS 95.91 9S.M) 8J 96.T Bt.78 fcB.lxi 98 74 B.7 98 98. rb kB.tt 98.7t 98.7K 93.75 98.811 8.S 9S.eo 6M 95. 10.8 96 all VOJI 10.UiM. 98.84 S5.6 9BJ4 8 96.M iU: tb.4.

(B.W IO.KJ0... 9.M 99. 60000... 96.84 I 00... 95.H SMI 48 66 Jr kB.lkl 4000...

tSIM 66 4100... 6B.Hi 96.a4 98.9i 65.62 W6i 96.IM 40 0J. 95 91 9S.WI 9B.8H 98.MI 0 98.91 II 98.ad 86 IOO 1.. at in, 969 6.94 9BJW 98.n fc6.4 66 9 66 95 tu Alaska OMIn eon dao da berlea A 2 Am ITurBot4 874 4 4 100 98 60. Am fir TAB 96J row lull ad 98.48 631...

95 8100... 68JM 68.44 li. 98.4M 68 tu; 95.4 1 r0' 68.41 lUCOOOO 98.6. 68.44 65.10 98.48 66.411 964... 93.41 k6.4 1 10...

96.44 95.48 IWULa. 98.44 96.48 98.40 96.44 7. 9b.4 68.48 98.44 98.60 98.48 wa 65 41 00... 96 1 9b.64 9844 44) 98.4 9340 US Lib 3d 4M 1 7000... 947, 99 anl 6r4a 774 o4 trta 804 4 000 4 4 uu Am Tob 4a 7H4 Aai W4ap'l oof amriorta 644 1V00.M i It (...

1" 166000.. 4. 4 84U i la 4 Aiaiiuun 46 784 4 B4tO v4Hk Bath pil4a ei DBTTt otfa A 98 UiiadatalvSI 94t Oao Bo eon 6a 86 Cant Leath 1000... aiim OantNJta nMjIalariMl Crwa U4H 75 CbeaAOW-rr eonT4Ms 764 IfteaftOcvta 794 4 4 4 Cbi a Alt lt IMO 000... 37 Oil Ay fan 41 784 uul jt 4a 934 uni tsne oa 1000...

82 UilMllAPtP teniD 4a 1986 814 conr 7 (reumt44i 7Bi a4i ntiov SibarlaaU 79 CblKwylitto 61 0 1 A Uf riua 9 00... 684 4 100... Oh Ht Minn cumooD oai Cnl la Une aui lruatoT at inu pari po TO truit ot7i UiyUoruaii. 8BI4 4 i 4 99 964 99 70 984 IUU). 99 City Lyon 6f 984 4.

4 99 St4 99 9U4 99 UiirUaraoiiUi 9 964 000. 991-16 99 S.UI... 9d4 99 4 Cuv Parte a 964 i 7 (Jlt Tokyo 6a 1000... HO Conn Rallwy ta 834. Con Um.vv a 99 4 orp Prodta 1924 I 6000.

994 4 lMnKUlei Aral 6a 63 lM8aaitr6f 87 4 Srle fallen 4 (U0U.U 634 63 Rrleer 4 48 ana a 44 jj 614 61 Kile lit con 46 ee Freiiou ta 4 tfUlrtil 1916 89 4 984 new 1000... 994 6O00 99n.k' 994 UUO. 991 4U1 li. S9a a 4 1BI1 t64 4 5... 4 600...

4 tOTJOfl. 4 4 Ut North 4Mi rJertaa A 85 uaan A Man adi Ino 6a 184 lit A rer 6a 69-t tu uen re i 74 UlOonOmaba div lit at 634 Interb Hap 1 utAiuf 6a 1000... 784 4 KCK18AU41 1000... 644 Term 714 KJOiTllIf A OhloUtOs 1 994 ntael ta 1660 904 Lao Ida (jaa 64 9H Leblirb Valftj roai 4000... 41 Mar Ma B84! '98l 9 77, 9S 87T.

98 col ikf rt 1 10 JO 981. MlohCentOyr tleb4, 7841 etw. Mid? Bile r64 ft.xiatw 024 flr-aofeti4e D64 4 4 4 Citr tu NovivM 81 NTCltrtoUM vut MXCttr4M Ifcuil 944 W4 tt City 4M MOT1IKH 99S. Oonneoi Rj )aa fll Gai6a B71 lalP 4Ht as 4 4 loon. uoai.

BS 854 (000... L. WaatehA Bo6lat4Ha 544 Norf A let eon 4a liaju 79 4 The Eight-Hour Day Pressure in Steel common carried the stock to 110)4 in the second half hour, off a full point. The selling, of course, was attributed to the action ot the Steel Corporation in instituting an eight-hour day. This change will affect 275,000 employes and is regarded as very radical in financial circles, particularly in view of the Steel Corporation's long stand against it This does not mean that workmen will limit activities to eight hours, but the charge for overtime will be computed on the eight-hour basis.

Union labor has won a decided victory, it is thought, through this step. It was rumored for several weeks that unrest among laboring men was growing in the Steel Corporation's plant. These rumors were mentioned In this column. The Steel Corporation apparently anticipated a wage dispute. Prices Sag The whole list developed weakness in sympathy with Steel common.

Buying power was small and prices sagged off easily. Gulf States Steel sold down to 77 ft. Baldwin was relatively strong. There was profit taking in Mexican Petroleum and Marine preferred. Americas Steel Foundries was an exception to the general list and repeated tti high of 85..

American Steel Foundries at Record High Market showed good absorbing power on the reaction. A few specialties disregarded the selling wave and sold higher. American Steel Foundries was the most con- liquidate, to save its face. It is a striking fact that net fP1 tnta 1 to 86ft, a record high. The strong current assets available for distribution In case of liqui- Anancid i position of this company was analyzed in this Han m4 ti9 tha, column Tuesday.

The stock has been bought largely for i j. R. B.IJI. .1 investment on us rw nam v. oaiuwin iakouiuuto w.

another strong issue. American Smelters sold off to 76 but the poor earnings' statement had no special Influence The stock sagged with other issues. Good buying appeared in copper issues. General Motors lost 2 points to 117. Anaconda Copper Action of Anaconda Copper Mining Co.

directors in continuing the $2 quarterly dividend made a good impression. Directors of the four porphyry copper companies-Utah, Ray, Chino and Nevada met in the early part of September and made no changes tn the dividend rate. Miami directors are scheduled to meet around October 1 and a continuation of the $1 quarterly rata is expected. Inspiration directors meet for quarterly dividend action on Thursday, and, following Anaconda's example, a continuation of the $2 disbursement is looked for. Interests conversant with the affairs of this company and Its earnings on 26 cent copper, point out that the big yield ot something like 15 on the shares makes theni very attractive at current prices.

Higher Copper Price Expected Even with abnormal operating costs and heavy taxes, the big copper companies should have no trouble earning in excess of their current dividend disbursements this year, But the real incentive behind he purchasing of the repre sentative copper shares is the belief that the War Indu tries Board will Increase the copper price after Nov. 1, to something like 26 cents a pound. Marine Preferred Pao prln ta j. 794 4 OraBbLrof 4a 8l 81 4 Pao Tel AT 6a 89 Pa ca 4) A 86 8S 86 Pa UUH 1011 97 Plarce OU 6a ltti 10000... 93 1000...

844 aa PLorUlard7a A 8t con 4a atl A 8t eon 4aa A 9j4 93 Pub Serv 6a 78 4 4 Keadlos fn 9 o04 KIArkALM 664 StLlAIASofe 8i4 lit A 8 Fran Itwa rut ir ta tti StLAeVaM 684 at I.Ae ftiw 68 BtLAdPren prior lien 714 72 1000... 714 HtLBoufhwti Ut term 6a 68-4 8aa A A Aran Utftdtl 10000... 66 Seabrd Air adjmtf ta 644 4 4 aiuolatrOII Tl 83 924 warranu 96 So fao Of 48 77 So Pao ret 4a 754 4 bo Pat) or 91 1000...105 4 Mont turn tt South BT. 4UM H7 621, a I von iu SJ.m... 70 Ceo en 4i 69 NTCearefA imp 4H CaotO-n -ear eu aa 83 eoiitn Hwr ta 87'4 4 4 Uxaa ilo ou dab 4 99 Teiaa A I'M let 6a 794 80 Third Ave adj I DO 30 On Pao lit 4a 84f rjn Pao 10-yr talUgal CSIUibratti 804 1000....

80 4 0 8 8tiaf a. 9T o4 WaataUaa4a 1000. 954 4 4 Wit Pao title 80 Wli.oa AOa 1-iieA 914 Market was very dull in the early afternoon, and pro- Sessional pressure disappeared. Cuba Cane Sugar, Bald- 704 win. and marine nrexerrea snowea speaat strenguu uu-i and sold above the closing level of Tuesday.

The buying of the stock in the last week has been concentrated very largely in several houses identified with other moves in this issue. Marine common was also stronger. Marine Common A Stock Exchange house figures the liquidating value of Marine common at $39 per share, assuming $125 per ton as tho value of 914441 tons of shipping owned. This coioniatinn inrliiHpa Mercantile Marine's investment in Leyland Line and also the tonnage of Leyland Line. On same basis, there is no reason why cash and security hold-j ings of Frederick Leyland ft Co.

should not be included. This would bring the figure of $39 per share to $114 per share. Book value of the common stock figures out at $112 per nhare on a basis of the company's consolidated balanco sheet. Lively Trading in Marines An exciting market developed in the last hour in Ma rine preferred. There had been steady accumulation all during the morning and on announcement that there would be a definite statement on negotiations now pending for the sale of British assets of the Marine Co.

some tme before October 15, there was a wild scramble for the stock. It gained nearly 3 points on a big turnover. The common sold up about 1 points. At the same time the whole market steadied. Steel common did better.

Mexican Petroleum, which developed a short interest above 107, gained nearly a point Gulf States Steel, in the face of a discouraging monthly earning statement, advanced. Coppers sold at the highest prices of the day. STANDARD OIL STOCKS Sales Stocks Open 10 Illinois 147 10 Ohio Oil 298 Bid Asked Anglo-Amer. Oil. 14K Atlantic 8 i 010 BorneScrym9er420 4 10 Buckeye Pipe- tt Chesebr'gh 630 tjoioniaiuu iu 40 Continental Oil.

..800 415 Crescmt .8) 85 Cumberland Pipe. 130 Ho Eureka Pipe 175 183 v5 105 113 ttJ Illinois Pipe lbO Indiana VO 9 Internatl Petlm. 18 184; National Transit. It 12 N. Y.

ino Ji Northern 103 lo7 230 High 147 298 Low 147 298 Close 147 298 Auto and Tire Stocks Chevrolet .......181 Hendee Mfg It Hurlburt Hurlburt Int 81 Int. hfotor pf ti Int I'otoriidpf. 0 Up 2 Off Hid Aaked PennMex 85 Prairie Oil Gas. 180 Prarlc Pipe 24 Solar South Pipe 10 South Pean OU. .240 S.

W. Penn 88 8. O. of Cai 21 S. O.

of Indiana. .081 8. O. of 431 8. 0.

of Kentucky. u5 8. O. of Neb 410 8.0. of N.

S.O. of T. .250 8. O. of Ohio Union 61 Vacuum Oil .....830 Washington 83 27 490 UV3 811 1'Xl 251 02 217 450 80S 44J 614 254 405 VJ 01 D25 Bid Aaked 1 Bid Asked 9 Keystone Tire 18 17 W8 15 28 68 43 Mitchell 15 43 National Motor.

6 10 14 ltf Pvopubllc Motor. 85 .80 Kepublio Motor. 5 04 titromberg 4. 25 X9 United ZO'l 80; WEDNESDAY, SEPTEMBER 23, 1918 Sales Stocks Open Hlsh Low Close 800 Adv Kumely 16 16Vi 1 18Vi 200 Adv Rumely pf. 45 46 45 48 100 AJax Rubber 55 55 "55 65" 900 Alaska Gold 8V4 8 8V4 8V4 800 AUia Chalmers.

29 29 29 29' 600 Am Agr Chem 99 100 99 100 1100 Am Can ,..,,.,45 45 44 44Vi 600 Am Can 92 92 92 92 600 Am Car 6 86 85 6 100 Am Cot Oil 42 42 42 42 100 Am Express 77 77 77 77 200 Am Hide ft L. 20 20 20 20 600 Am pf 88 88 88 88 800 American 29 SO. 29 1 30 1100 Am Ice 50 51 2500 Am Linseed 41 41 1000 Am Linseed pf 77 77 700 Am 66 66 100 Am Loco pf 98 98 100 Am Malt 1 pf. 89 39 4400 Am 76 77 100 Smelt pf .103 103 4900 Am Steel Fdys S3 86 55 95 86 15 68 63 85 81 5 105 63 90 53 54 94 1 81 S9 12 1700 Gen 119 119 100 Gen Mfftor 78 78 800 Goodrich 46 46 800 Gt North'n pf. 90 90 600 Gt North'n Ore 81 81 100 Greene Cananea 46 46 1056 Gulf State 80 80 2100 Inspiration 54 54 800 Interboro Cons 6 7 200 Inter Xgr Corp 16 16 100 Inter Agr pf 60 60 600 Int Har 104 200 Int Harv J.126 126 1900 Inter Nickel 30 30 800 Inter 84 84 100 Intern pf sta 1 61 400 Kennecott 84 34 41 77 65 98H 89 76 103 85 64 95 86 15 6T 63 85 81 95 104 63 89 53 64 94 1 81 39 12 SO 79 51 9 6 28 15 80K 40 28 46 117 78 4 90 81 46 77 53 16 60 81 41Vs 77H 65 98V4 89 76V, 10S o5H 00 Am Sugar ...107 107 107 107 7000 Am Sumatra T.l(' 109 009 109 900 Am Tel 98 98 98 98 100 Am 162 162 162 162 1100 Am.

65 100 Am Wool 95 100 Am Wr Psp pf 86 100 Am Zinc. ....15 8600 Anaconda 8 100 Asso 68 500 Atchison 85 200 Atchison 81 100 Atl Coast Une. 95 100O Atl ft I. .104 100 Atl ft I pf 63 Z1600 Baldwin 90 1200 Bait ft 63 100 A pf 54 100 Barrett 94 100 Batopilas 1 8700 Beth Steel 81 100 Bklyn Rap Tr. 89 600 Brunswick 12 55 95 36 15 68 -63 85 81 95 105 89 63 54 94 1 81 89 32 2300 Burns .152 153 151 '18 100 Butte Cop ft Z.

10 10 10 10 100 Butterick 10 10 10 10 100 Cal Pet 19 19 -19 19 200 Cal Aril 67 67 67 67 800 Canadian 163 161 163 4500 Cent Leather. 70 70 0 70 2100 ft St Paul 48 48 47 700 Ch, 77 77 76 100 ft 127 127 1600 I ft ctfs. 24 24 24 100 ctf 66 66 66 200 CRIAP7pf ctf 77 77 77 100 ft 69 69 49 700 a2bino Copper 89 40 34 100 Cluett Peab pf 98 98 98 100 Columbia 84 C4 84 200 Cons Int Min 7 8 7 100 Continental Can 67 67 67 lOOConsol 88 88 88 8300 Corn Products. 43 43 43 700 Corn Prod 102 102 1500 Cruc Steel 64' 64 63 6700 Cuba Cane Sag SO 81 600 Cuba Cane pf. 79 79 5900 Distillers Sec 52 53 400 Pome 9 9 100 Dul Sft Atl.

6 6 100 Elk Horn Coal. 28 28 600 Erie 15 15 200 Erie 1st 81 81 lOdFed ft pf. 40 40 1100 Gaston Will'ms 28 28 200 Gen Cijtar 46 45 48 77 127 24 66 77 69 40 98 34 8 67 68 43 102 64 81 79 52 9 28 15 30 40" 28 46 118 78 46 90 81 46 78 54 7 16 0 104 104 126 126 29 29 8S 84 1 1 83 3 100 Louis, ft Nash. 116 115 115 115 100 Marlin Rock 85 85 85 85 tip 09 1 1 1 2 8 1 1 V. 1 V.

1H 1 v. 1 1 1 1 8 1 1 1 1 1 1 7200 Marine 26 28 26 28 1 41900 Marine pfd ....102 106 101K 105 3 800 Maxwell Motors 28 28 28 28 100 Maxwell 1 57 57' 67 57 1 11800 Mcx Petrol 106 106 105 106 400 Miami 27 27 27 27 1800 Midvale 51 52 61 1 600 Minn ft St n. 9 9 9 9 1200 Mo, Kan ft 6 6 5 5 900 Missouri Pac 23 23 23 23 100 10 10 10 10 200 Montana Power. C8 68 68 68 1 900 Natl Conduit 16 17 16 16 1 100 Nat do ft pf.100 100 100 100 ..8 100 Nat En ft 50' 50 60 50 200 Nat En ft pf 92 92 92 92 ..2 100 Natl Lead 57 67 67 67 600 Nevada Consol. 20 20 20 20 200 0, ft Mex.

23 23 23 23 1600 73 73 73 78 3600 ft 89 89 88 88 ..1 Nor Pac x87 87 87 87 100 Nor ft West pf 71 71 71 71 100 North American 41 41 41 41 1 200 Nova Scotia St 65 65 65 65 700 Ohio Cities Gas 87 87 87 87 200 Ontario Silver 7 7 7 7 100 Pacific Mail 82 82 32 82 100 Pan-Am Pet pf 92 92 92' 92 600 Penna 43 43 43 43 11Q0 Peoples 46 47 46 46 600 39 89 '89 89 1700 Pierce Oil 16 16 16 16 100 Pitts Coal 82 82 82 100 Lorillard. ..146 146 146 146 100 WVaRy. 84 34 84 84 300 Pressed Stl Car 70 70 70' 70 800 Rwy Steel pr. 67 68 67 68 100 Ry SU Spr pf.101 101 101 101 200 Ray Consol 23' 23 23 23 1600 Reading 88 88 87 87 600 Repub Ir ft St 91 91 91 91 100 Rep I ft pf. .100 J00 100 100 100 Royal Dutch 98 98 98 98 100 St ft pf, 27 87 27 27 100 Seab Air 8 8 8 8 800 Shatt Aris Cop 15 15 15 15 600 Sinclair 81.

81 81 81 600 Southern, 86 E5T4 8611 85 .14 'p. OUTSIDE MARKET UNITED MOTORS HIGHER Wednesday's list for outside securities was special features. The price changes (luring the day were (ncminal, with few exceptions. No particular trend was witnessed In any one group of stocks. A further moderate advance in United Motors to A new recent high at 81 was made shortly after the open ing, after the stock had opened at the low sale for the day of 30.

The high figure shows an advance of 4 points over the recent low sale. A final sale was made at 30, a net advance of As pointed out in the columns of this paper last week, this stock is being bought up At prevailing figures on the theory that when peace comes, It should share with the record business that motor com-ptmies are expected to receive. Chevrolet Motors sold at 125 and 127 on a 200-share turn-over, unchanged from the previous dose. Tha only activity in the war chares was In Aetna Explosives and Wright-AIartin. The former, held firm around Tuesday's close at 11.

The latter eased off dur ing the course of the session to a low sale of 7 from a high sale of profit-taking, but recovered towards the close to 7, off Independent oil shares were quiet and steady gen erally, with the exception of Midwest Refining and Hous ton Oil. Both issues closed off 2 points for the day. This loss Is anomalous of Curb dealings inasmuch as both have, within the past ten days, reported the bringing in of record flowing wells from their respective properties. Royal Dutch Petroleum, new stock, went through an active session, selling from 65 down to 64 back to 65, closing tin-chanced. In the mining group, Nipissing moved into new high ground for the year at 9.

This is the highest tha stock sold since 1913, when it touched a high of 9. The high earnings rate Is reflected in extra dividends. The initial sale of International Harvester new stock, when issued, was made yesterday at 98, and the subsequent sale st 98. An inactive issue came to life when 500 shares of Intercontinental Rubber sold from 8 to 9, a 1 point advance over the last previous close. The feature of the industrial bond department was the weakness evinced in Bethlehem Steel 7s, 1923, which sold from 98 to a low of 98.

The rest of the list was quiet and steady. Three Russian 6s sold at 54 and 55, u2. Sales Stocks Open 1700 Aetna 11 500 Br-Am To, new 17 100 Car Light ft P. 2 200 Chevrolet ....125 300 ConsoL Arizona 1 300 Cosden ft 300 Federal 8950 Glenrock 60 Hendee 100 Houston Oil 610 Inter. Rubber.

200 Int i. 100 Int Petroleum. 6 2 3 18 78 8 98 1VA 625 Midwest Refin.114 6000 Mother cents 34 300 Mother new 600 Nipissing 300 No. Araer. Pulp 409 Oklahoma.

610 Ray 00 Wabash 100 Wabash pf A. 400 Westinghouse. 00 Willys Over Id. 9 2 4 1300 Royal Dutch Sh 65 1000 Tonopsh Exten 1 7200 United Motors. 30 990 Steamship 5 8300 Wright Martin.

8 tlO 81 40 70 80 8 68 Sales Stocks Cpen 2300 Southern 26 200 Southern Ry pf 67 3800 Studebaker 48 100 Studebaker pf 92 3200 Texss Co 163 2200 Tobacco 66 1400 Union 124 100 Under T'writer 104 800 Unit Gg Stores 100 100 United 131 4800 Ind 200 60 100 Willys-Over pf 80 IOO Wilton ft Co. 62 High 11 17 2 127 1 6 2 8 18 78 9 98 13 114 35 3 9 2 6X 4 65 1 31 6 8 Highv 26 67 49 92 165 66 124 104 100 131 114 60 Low 11 17 2 125 "lft 6 2 3 18 78 8 98 111 S3 1 3 9 2 6x 4 64 It 80 5 7 Odd lets. x200 shares crossed. MIND $12000 Am TftT 6s, '19 99 99 2000 Armour 6s, 1919 99 1000 Beth Stl 7s, 1921 99 17000 Beth Stl 7s, 1922 98 46000 Beth Stl 7s, 1923 98 10000 Can Gov 6s, '19 97 2000 Cudahy 7s, 1923 97 3000 Fed Farm Ln 5sl04 1000 Gen Elec 6s, '15 97 5000 Gen Elec 6, 20. 100 36000 Int Rap 7s i 98 3000 Russian Gv 5s 54 Bid Aaked Aetna Explosives Amer.

Am. Wrta Paper. 8 8V Kr. Am. Tob.

16 Br Am Tob 17 Butterwortb. Jul. 28 Cities 808 eitlesSerrtoe pfl illl iBe.4nsAna..i CosdsnftCo HJi Cramp Shipb'ldg. 8 Uurtiss ti federal OIL Holly Sugar 4J aJ a 7 Holly bufsr pf. HoustoaOll 77 Houston Oil 7a Kentucky Pet Lehigh fr2 IN 81 99 99 98 98 97 97 99 99 99 98 98 97 97 104 104 07 97 100 100 98 98 55 54 Low 26 66 48 92 162 65 128 104 99 131 112 '60 80 80 52 62 100 Wooiworth .111 111 111 100 Worth Pu pr" 66 68 66 Close 11 17 2 127 lft 6 2 3 18 78 9 98 -13 112 35 3 9 2 6x 4 65 lft 80 6 7 99 99 99 98 98 97 97 104 97 100 98 55 Maims Cooper.

Mason Merrltt-Oll, Close 26 06 49 92 165 66 124 104 100 131 114 60 69700 110- 110 109 110 400 Steel 110 110 110 1200 Utah Copper 82 82 82 82 800 Va Car Chem. 65 55 54 55 9 9 9 38 .88 88 43 43 43 20 20 20 9 88 43 20 80 62 111 66 1 Day' Sales of Stocks Wednesday Tuesday Monday 10 to 11' 84,900 125,500 87,100 11 to 12 72,100 62,600 "44,200 12 to 1 2600 28,700 19,700 to; I. 17,100 29,000 38,100 2 to 3, 102,200 52,600 4300. Totals. 803,100 .298,80.0, Up Off 1 Bid Aaked 80 34 83K 4 20 IW Midwest 118 10 V.

Y. lH KIpUs'k Mines 0 9 No. Amer. P. ft P.

8 Oklahoma P. ft tt. 8 Ray ii 6t Joseph Sapulpa 4 Sinclair Quit 15 SUndard 12 Kubm'e Corp 19 H. 5 United Verde Ex. 8 Wriirut-M 60 Up 3 Off BaturJay, 9200 53,500 4 .4 J4580(i j..