Evening Star Newspaper, November 28, 1921, Page 23

FINANCIAL, NEW YORK STOCK EXCHANGE. Recelved by Private Wire Direct to The Star Office. BONDS AND RAIL LEAD N TRADING: Inyestment Demand Respon- i sible jor Strength in Dividend Payers. BY STUART P. WEST. NEW YORK, November 28.—The Season’s high prices were surpassed again today, both in bonds and in stocks. There were not as many features in the bond list as there had been on the average day last week, but there was not the slightest sign of slackening in the demand for investments. Victory bonds sold for the first time In a full lot at par. The rest of the United States war group continued to vork higher, and so did many of the foreign government Issues, which still offer a high return measured by the Standards of two months ago. On the stock exchange the Inve Mment factor was of much more conse- Quence than the speculative factor. Divident-paying rails led the upward Way and here there was no question that the buying was coming largely from investment sources, which had missed the rise in the bond market. October traffic statements are scarcely a fair picture of the railway situation, so far as gross business is concerned, because they covered the period when grain_shipments were at their maximum. Still the important point is that the roads have shown in October, no less than In the previous months, that they have operating ex- penses well under control. Reduction in operating costs has not been enough in the case of a number of the weaker roads to put them in a safe position. But with most of the stronger cartlers it has been suf- ficlent to assure the maintenance of dividends, even with the volume of business ‘offered no greater tham it is, and this is the essential considera- tion from the investment standpotrit. . Ralls Move Up Again. One after another the standard ails pushed dian Pacific above 120, Southern Pa- cific at 82, Atc¢hison around 90, and Northern Pacific crossing its former high of xnx—theu G ‘The recent buy N cific _and Grell “orlhern preferred has been founded on the belief that the Rurlington dividend will be sub- extra will thereby be brought into the treasuries of the two allied roads to assure the maintenance of the 7 per cent dividends. ven at present ptices Northern Pacific and Great Northern preferred are quite out of line as 7 per cent stocks, if this rate of distribution can be regarded as permanent. Investment buying was largely re- aponsible for this movem#int in the rails, as was indicated by the fact that it was the dividend-paying is- sues that were in demand. Industrials Irregul Industrial stocks were more irreg- ular than the rails, but still there were few instances where at one stage or another prices did not go higher. The special strength of Ame ican Car and Foundry, Baldwin Loco- motive, #Pressed Steel Car and other members of the gToup were evidently further recognition that the railroads which have been skimping for the last three years in their purchases of equipment are_beginning to place their orders.” The railway attitude has been influenced by thestate of the investment market, which will render it possible, without the aid of any action by Congress, to raise money for the funding of past expenditures and for the purchase of mew supplies. It was perhaps worthy of note that United States Steel commen should have been one of the leaders in the upward mevement, ‘without drawing with it the stocks of the independent steel companies. Steel common which had gcne through 83% on Saturday, its previous high for the autumn, opened with flourish_this morning at 84 and soon got well across that figure. Baldwin Locomotive also broke into mew high ground as it crossed 97%. The contention of those who hav been talking reaction all this month has been that the general run of stocks was not making any headway and that while numerous specialties were rising they were being put up to facilitate distribution elsewhere. DOWAGIAC MAN AVERS HE SAW BOY KILL THREE William Monroe Repudiates Al- leged Confession of His Complicity. ! DOWAGIAC, Mich, November 28.— Once more repudiating an salleged | confession in which he is saig to have admitted slaying William Monroe, his wife and daughter Neva, at their Hiome hare the pight of September, 17, Cyrus Rythé: county officers, lccordlng to the lat- ter, that he lookéd into the window of the Monroe home and saw an un- identified boy kill the three victims by striking them on their heads with & nail-studded club. In the alleged confession that Ryther repudiated last. night and today he is said to have stated the unidentified boy w: his accomplice In the crimeé. Ryth is being held at the county jail in Cassapolis, and it is announced Arditi Monroe, twelve-year-old daughter of Monroe, who was badly beaten by the slayer, will be brought to the jail in an attempt to identify the man as her assailant. Ryther, sion, is said to have asserted he stood boy, struck the four members of the family on their heads and then went into the cellar, stealing $1,500, con- cealed there. In his later statement Ryther is said to have declared he stood outside one of the windows of the home, saw the Monroes preparing for bed, and then-watched the boy en- ter the front door of the house and commit the murders. Ryther is said by the authorities to be mentally deficient. —_— FOREIGN EXCHANGE. Selling Shecks—dollar value at ncon today. NEW YORK, November 38— Foreign gxchange eusy. Great Britain, demand, %; cables, 3.98%. . on baunks, 3.95% 5%. 4.06%: cables, 4.07. Belxium. demand, 8:59%; cables, 6.60%., Germany, ; cables, 38%. Holland, d: cables, “35.49. demand, 18.95. .00. Argentina d 32.25. Brasil, demd, 13.25. CANADA'S GOLD CROP. YEAR. TIMMONS, Ontario, November 28.— | N& Gold ore is being put through reduo- tion plants at the gold mines of Por- cupine and Kirkland Lake &t a rate of approximately 2,066,400 tons a year, according to figures secured as a result of a preliminary inquiry made here in October. These pre- liminary figures are supplemented with an estimate of $1,584,000 in bul- on producad each month, the esti- based upon achieve: ments dunn‘ the last two months. This means a production at the rate @f #boul $18,008,000 & year, hds’ told Cass | Gul in his repudiated confes- | Isl. Am Beet-Sugar. Am Beet Sugar pf. 8 Am Brake Shoe... 82% Am Brake Shoe pf, % Am cn. Am C: AmCar A y Am Chiole Co. Am Express. Am Hide & Let Am Hide & Lea pf. 6% Am Ice.. FER :;l;:g;gfi;gsln =uugs,l!§§=u§s =8 S B g— o FHEE G LU AT L PR P ni Am Linseed pt. Am Locomotive Am Loco pf. Am Radiator Am Safety Rasor. Am Bhip & Com Am Sumatra pf. Am Tel & Telog Am Tob#ioco. ... .. 12T AmTobacco (B).. 1244 Am W Wiks 6% pt. . 1139 Am Woolen. . Am Writing Pr pf. 2! Am Zinc & Lead... 1% Anaconda. ... % Ann Arbor pf. Asso Dry Goods Atchison. Atchison pf. Atlantic Cst Lin lantic Fruit Co Allantic Gulf. Atlantic Gulf pf. California Pet pt.® 8% Calumet & Ariz... 5% Canadian Pacific. . 10 Carson Hill Gold. 184 Central Leather. .. Central Leath pf. . Cerro de Pasco.... 4! Chandler Motor. Ches & Ohio. . Chi & Eastern II1.. Chi & Eastn 11l pf. Chi-Great Westn. . Chi Great W pt. Chi Mil & St P % Chi Mi1 & St P pf... Chi & Northwn Chi & Northwn pf. 109% ChiStPM &Opf. Chile Copper. Chino Copper..... CCC& St Louis Coca-Cola Colo Fuel. Colo & Southerf Col Gas. Col Graphophone. Col Graph pf. g!ggflilg!! SRE.288 L &8 §2 Crucible Steel pt.. Cuban-Am Sugar.. Cuba Cane Sugar.. Davidson Chem... bi% Deere & Co. . ItK Del & Hudson. Del Lack & Watn.. mv. Dome Mine; 1% Endicott-Johnson. 77% Endicott-John pf.. 1% Egle. ENelstpt.... Famous Players. \Famous Playrs pf. 87 Fed Mines & 9 pf.. 3% Freeport Texas... 18% Gen Am Tank Car. Gen Asphalt Hupp Motors. 1llinois Central. Indiahoma. Inspiration Interboro Tro. .4 Interboro Met pf.. Int Cement. Int]l Harvester Intl Mer Marine... Intl Mer Marine pf Intl Nickel. . . 12 Intl Paper. Intl Paper (sta) Invincible Oil. .. # =-§fl&‘ R LA ELEE CELPRE R TL SLPEEE 5’%é!"igiaiflifiii"5&3:552‘5!‘; Kelly-Spring Tire. Kennecott. LELE . 12% Lackawanna Steel & Lake Erfe & W.... 10% 10% LakeErle & W pf. 2 Lee Tire & Rubber m' nu Lehigh Valley. ... Liggett &Myers us Liggott & Myrs pf. ul% 1m0 Lima Locomotive Louis & Nash. Manati Sugar. Manhattan Elev. Manhattan Shirt.. 8% Market St prior. Marland Oil..... May Dept.Stores. Mexican Pete. Mexican Pete pf... r B E FE EEERE L NYNH & Hart. NYOnt& West... Norfolk & Wstrn. . North America ta HH L AR P LR RLELLEREE L B 3 Ea | PRI UL §§!§"§§§§!‘ii;é;'ii#“i'!fi'“’=§“EES'"i!‘=55‘&2‘5’:‘§5§§§<’§§§5§!§"§‘!i§”5§§’§5§3 Baugaeess 2% 1 k% 1% | Plerce-Arrow pf 7% | Subtharine Boat. . % | Wright Aero....... $23:80 1855°55-52550 $% rq pt. Phila Compan; Phillips I’n(ror m Plerce-Arrow. = 3 Pl-l‘ee Oll..... $352505308505308 253000 Pond Creek Coll Pressad Steel Cat.. Producers & Ref. Pullman Cos.... 3 LA LA LA HL AL ittt e EHEE R R §§5§'2§!§5'§!§‘2!§§§§'i!§2§§5 L Rallway §tl Spr. Ray Con Copper... u% R |fll % Re-d!n( 2a ptf- Remington Rep Iron & St pt. ReD Motor Truck.. Royal Duteh...... 484 StL & San Fran. StL&SanFrof... sk EHLE 3¢ 8 3 n% So Porto Rico Bug. 83 Southern Pagific.. 81% Southern Rallway. 20% §§§E§§§§§ ’??%EH! Superior O11. Tenn Copper. Texas Com) 5 ‘Texas Qulf rlphur 38K Texas & Pacific... 25 Texas & PC& O1l. 29% Tobacco Prod..... & Tol 8t L & W p! ‘Trans Cont! Oil ‘Transue & Wil Union Bag & P Union Oil.... “%ii 2 F uh Utah Coppe: Vanadium Corp. Va-Car Chem Va-Car Chem p! Vivadou. Wabash. ‘Wabash pf A Wabash pt B, Western Md... Western Pacific. ‘Western Pac pf. Westhse E & M. Wheeling &L E... Wheeling & L E pt White Motor. White O11. . ‘Wilson Company.. B % &0 a% .Vt Ovl Wisconsin Contral a1t Woolworth....... 125% Worthington Pmp. ¢4 Worthington (A). 80 ‘Worthington (B). & ° COTTON MARKETS. NEW YORK, November 38, —There 1% | was renewod ilquidation fn the cot- 501% 1% ton market at the Opening today ow. ing to turther declines in Liverpool, zhr:_lnn ofn labor _disputes rat ports from the goods trade and re- ports of increased hedge selling in the English market. The opening was easy at a decline of 17 to 30 pointe, and active months soon showed net losses of 30 to 33 points, with January declining to 17.26 and March to 17. making new low ground for -the movement and losses of 110 to 126 points, as compared with recent nln levels. Liverpool bought near, but sold distant months here and th ‘was a good deal of mtuflnt lwm- dation, which was absorbed by street buying on a scale down. _’futur;:n op-nod"lt’ndy Dmm'bcr. uary, 4 Maroh, May, 17.10; July, 1 NEW ORLEANS, November 38.— Prices were lower in the cotton mn~ ket on the openidiy today, and by end of the first f hour of buoul\ they were 23 to 34 points down, De- cember touching 16.47. Poor cables were the niain cause of the decll Baton Rouge wired the cotton eX- chahge, confirming 1ast week's ru- mers that the staté of Louisiana had uarantined -?Inn Texas, Oklahoms, nsas and New Mexico in the mat- ter of the pink boll worm. Traders could not agree as to the m..rku meaning of this move, which does not prevent cotton moving .through this port for export or on through bills of lading, but does prevent cot- il:n from being tendered on contract re. ruum opened _steady; December, ; January, 16.60; March, 16.75; May, 1688 2o July, 16.15, LIVERPOOL, November 38.—Cotton —Spot quiet; prices easier; good mid- diing. 1177 ainns. 1147 mldfllln(. Jow mid rdl 1.9 nl-ry I‘l Sales, 6,000 bflu including 6.!00 American. Receipts, 17,000 bales; American nmm- closed euy No- vember, 10.64; mbor 10.5: uary, 10.57 l‘m 10.52; May, 1041. July, 10.40; September, 10.11. NO SAG IN DRY GOODS. r_28—Marshall considerable nud of the correspond- ing week of 1! “Road _sales (nr the week !5‘!!";55%:; A Who) ‘l-a aumhmll n ‘:'! oede pproximate! same in volume &s 2 ‘week .,’.', and | quarter Eaapeake na‘flm eoit la- ipeal S G ity M ull!? ii, S5 Louls And San Fiancisco ou: 1679, 8t. Louis and San Francisco inc. 6s. Southern Pacifie st Southern flc conv. Southern Railway American Tel. & Tel. g 1923 100 & Tel. Gs 1924.. Tiend Co. 01 1038 Anaconda Conpe & Asglo-American 0 on 1v,- 1928, C Copper Export Covnes l».xpon "«\" m 1 port Gonahy e klnx o T 1053 B. F. Good s 1925 . Gult ol lorpnrllion 78 192300 1930. 78 1t Hocking Yariey o192 -m. Humble O 7% Kennecott (‘npper 8 1930, Ligsstt & Myers 62 1621, :"'J ll!"\. 1923, Beers, Roebuck & Co. Bears, Roebuck & Co. s 1t Bouthern Railway 6 1922, Southwestern Bell 1925, U. 8. TREASURY CERTIFICATES. Bid. Offer. 100182 100382 100! 100 1182 Rate—Maturity. VICTORY BONDS, 100 LIST VERY STRONG: Spectu Dispatch to The Star. NEW YORK, November 23.—The upward movement in bonds went on today unchecked in most directions. The rising prices were accompanied by another great’ volume of business, although the market was not in the same exoited state as it was in the Iatter part of last week. ‘Victory bonds sold for the first time this year in a full lot at paf and were heavily dealt In at thik figure. Among the foreign government bonds the features were Christiania s, Rio de Janeiro 8s and Queensland 7s, the first two up & point each and the last up two points. Other forelgn unfi which made new tops wers the Danish municipal 8s, series A, the Bel- ian 8s, Republic of Chile 85 and the| ruguay 8s. + No time was lost in starting trading in the new Edison 6% per cent bonds of 1941, which were only approved by the public service commission this morning. These bonds were dealt in on a when-issued basis with sales at 106% to 197, They will be used to liqul> e the dis0 's debts to the Can.ollflned mpany of ow York. The Steel sinking Sa and idvale Steel 5s both went.through their previous highs for the yesr, the former up close to Chile Copper 68 at 87 and Sinclair 1%s across par were at new high levels. e e COLORADO. FUEL SHORTAGE. NEW YORK, -November $3.—Colo- rado Fuel and Iron reports that its deficit, after ‘interest, taxes and de- preciation, was lllo,l in thé third , in contrast to 58 _receipts 5091“? contrasted Wlth 'lll.fi“ the corresponding three glsonthl 239 for operating ex| for interest and tax 1atiol one, with Tis fope, #nd Cube, ong: with 1313 " Bunker eoal ¥ the m ‘on. lo-lulm amounted to - 820502 80K . 2%, POy ¥ el Rttt ) [ PR o Brolitens. 8. e & = u'-'u,- Catvide oIt stocks. &8 Anglo-American Ol Co. (new).. Bortie-Berymser Buckgye Bise C«nu-uln;f ) Cusberland Pl Eureka Pipe :5‘2 =z EeiEaEs 35 i S sEEs%!Ei%:asB:EEiuB:Eza Bt duhl’ il 6o & entucky’ Stan ent Standard OIl Co. Yacuum Ol Co.. ‘Washington Ol ! yBoe B8Rz ol B Enlisgy WHEAT IMPROVES SLOWLY. ° CHICAGO, November 28.—Very lit- tle improvement in winter wheat con- dltions in southwest is noted; in fact, the situation has been aggravated by £he continued lack of rain, according to Modern Miller. With cold weather ap- parently closé at hand the crop is not in the best condition to undergo er. Unless more favorab) onditions-prevail, considerable scre. age intended for winter wheat will go to other orops. In the states of Ne- braska, Missouri, Iilinois, Indiana and Ohio conditions continue favorable. GRAIN EXPORTS GAIN. BALTIMORE, November 28, —Tabu- lated grain axl”fl figures f 10 months of t| the 1921 total lmfi of the same period in proximately 2,250,000 bushels. grain shipped from Baltimor uary to October, 1921, amounted to 48,077,267 bushels. ature of the statement is the fact (hn w;uu’, last year during ten months 7 ' of corn were ‘uonod from lhu port, the period of this vear shows exports of 18, 758,04 1 bn-h-lu smr ments of wheat deg: 332,904 bushels in 1"0 (o 18,860, Flour uportl in 1821 jllmned from 54, 00 barrels last year SAFETY —not only a_promise, but an established. fact when you invest in . dent. —is,’ of cotirse, the result of some form of an acci- However, the man who_ carries automobile insutatice doesn’t worr$, as his machine is fixed up by the insutahce company without, cost to the owner. See us today and ptStect yourself against loss by securing one of our auto- - mobile insurance policies. B. F. SAUL CO. Automobile Insurance 1412 Eye St. N.W. Main® 2100 ; nohey tlm\l! ang in l-lfln‘tin w’ ‘er.l“fi:' Stone & Fairfax N ¥ Aves Mata 3434 Shares, $2.50 Per Month @ Per Cout intevent A selected list in each group is presented in curtent issue of our ' “Securities and Commoditigs Review” Copy scnt upon request. Private wires to oities, SRR SRS Telephone Maln 2040. FIRST TRUST ':.',',13" NOTES % - ~—in your mail the duy it is due. SHANNON & LUCHS* MEMBERS: 15 Years —withotit the loss of a kingle /penny in either principal or terest is only one of the many ::’:m- for investors to buy 7% Gilt-Edge First Mortgage Loans No Investmeat Better, Fow As Good. Send for full details. fled titles -and insurance )ol furnished with notes. Conservative, courteous con- sideration to all our client: Netes from $250 up to $10,000 Now on Hand Ok o Not Years Alone . This house is proud, indeed, of its long record of effective service to purchasers of our First Mortgage Notes on im- proved Washington real es- tate. We would not feel justi- fied in inviting your confidence on this basis of years alone if extepsive dealings in many varying business epochs had not provided us with a really -seasohed ofganization. 727 15th Street N.W. Washington, D. C. The Nation’s Home Town 88 Years Withowt Less to an Investor If ybu have money to in- wvest we can safely place it on gilt-edge first D. C. Mort- gages. Our record of 30 yeats; insures your protection. Co-r- teous treatment. li,Rnwndfl(h» S.E.C-r. 15th & “K” Sts. ENS CITIZEN wolieit_accounts of frme and ingrvidu Sesiriag & oot em banking service. 33 NY. Ave. _ NATIONAL MORTGAGE AND INVESTMENT CORPORATIOI = ‘Temporary office, e Sansbury Bl 1418 Eye Street A man may conceivably live all his life withiout en a court of law. But as spon as he dies—his whole life work immedistely becomes a matter of concern to the law, mddudqnulofhuvapmyumbpctmmym- visions. If he has'lefe o will, law works to fulfill must be blind to personal E:pedydnm the might of the hes. If‘g:hn <5 and individual considerations— not, the law must work out its inflexible course regardless of the sible wishes of the man who left the estate. £ 39 Compound Intetest Poid-On Savings Capital and Surplus §5,400,000 : Eighth and H Seeers, N.E. ¢ AMERICAN ¢ SECURITY & TRUST: COMPANY 15ch Street at Pennsylvania Averue HOME SAVINGS BRANCHES 7¢h Street and Massachusetts Avenue, N. W, m&m:li&xu.s.' New. Income Tax Law ‘We have prepared the New Income An Explanatery Analysis signed by the President. contains tables and charts and shows 1 T}h“ “lu}:x“ot the Inconle Tax-under '.lu’lcnau Act of 1! ‘We shall be pleased to send to investors én feqwt 2 cop; ‘n: :lw to :um as much as possible anyone hwem in the prunnl R interpretation of the Act. for the tmmbmeuu&phu analysis of T.fuw":'nf»m:mmmw'&wm.u ICI“ tlnmthod Bt of this anllytn. 21. Harrls, Forbes & Company mmmmmv«t