Evening Star Newspaper, January 12, 1923, Page 24

e COTTON PRICES MAKE ANOTHER NEW HIGH 'Ye)terdly’sb Records Passed at Opening of Today’s Very Active Market. By the Associated Press. NEW YORK, January 12.—The cot- ton market showed continued strength at the opening toda The buying was even more active and general than it was on the advance of yester- day and prices made new high records for the season on all positions owing to the continued firmness of Liver- pool and higher foreign exchange rates. The initial advance of 16 to 35 points carried the price of May con- FINARCIAE™ |URGES LAWS TO PREVENT RAILROAD-CAR SHORTAGE President of Seaboard Air Lfne Says Trouble Is Largely “Financial.” Special Dispateh to The Star. CINCINNATI, January 12.—Declar- | ing that the main reason for railroad car shortage is largely financial, and | will recur at periods of sudden busi- ness revival until a central clearing house agency, of and by the railroads, is established and authenti- cated by Congress to supply, among other purposes, the means to give financial effect to the power mnow granted thé Interstate Commerce Commission to require all railroads to supply their quota of equipment to rroperly conduct transportation as a S. Davles Warfleld of Balfi- president of the National As- ion of Owners of Raiiroad Se- curities and also the Seaboard Xir Line raflway, discussed at length here today “Car Shortage—the Ierma- nent Remedy."” tracts up to 27.56, and while there ‘was very heavy realizing, it was ab- orbed by a broadening demand whichseemed tocome from both foreigh and domestic trade interests, as well as shorts and commission houses. Private cables reported Liverpool firm on an improving demand for goods 2 cing prices. January, 27.25; ; July, 27.41; NEW ORL ton opened March, 27 October, 25.10. 12 noon bids—January, 21.14; May, 21.18; July, 35.20; steady. LEAF TOBACCO MARKET. BALTIMORE, January 12.—For the rst week this vear, which includes ‘he days of January 2 to January Baltimore reports Teceipts Of 3 nogsheads, reinspections of 43 hog 7eads and sales of 197 hogsheads, the greater part of ~Which were low arades and ground leaves. Prices per 100 pounds—Interior and trosted, 3.0024.00; sound common, 4. a8.00; good common, 9.00a17.00; me- dlum, 18.00a. »od to fine red, 28.00250.0 3 0256.00; sec- ands, common to medium, 4.00210.00; seconds, good to fine, 11.00a25.00; bay | fire-cured, upper d sround | 2; March, October. nomina 00. mixed nts_lower. warehouses — Maryland, 00; total, 12 s’ to APART nackages f Stock in +,239; Ohio, 3,1 Ground le eaNs. “Railroads that are unable to finance their requirements in frelght cars/of the class and number deter- mined to be their proportion of the whole amount essential to the con- duct of transportation cannot be re- quired to supply them unless. the financlal means” is provided, which neither the commission nor the exist- ing car service agency, the American Railway Association, can supply,” said Mr. Warfield. RUBLES IN WILD JUMPS. 34,000,000 to the Dollar Latest Exchange Rate. By Cable to The Star and Chicago Daily News. Copyright, 1923 MOSCOW, January 12.—The rate of exchange has been jumping about here in extraordinary fashion. On January 5 the dollar rose from 40,000,- 000 to_ 60,000,000 rubles. This was probably due to the demand by the traders to transfer their Christmas takings into foreign currency. On Monday of this week there was a sharp drop, which continues. The un- official quotation Sunday was 34,000,- 000 rubles to the dollar. DIVIDENDS. Rtock of Record. American Coal ex, §1 5 Daniels Motor ¢ Equit. Fastern B Otto Bisenlohr Bros Pitts Lake Erie ex, §: Prod. & Ref. Corp.' q, Penn, Traflic Co. s-a MENTS FOR LEASE ST. A LBAN 2310 Connecticut Avenue New building. Modern elevators. Finest loc Agent on in every respect. Two ation in Washington. Premises Or Call CKEEVER =~ GO 1415 Eye St. Office For Rent in The Star Rooms Building 11th Street and Penna. Ave. SR = #; Large Second-Floor Room, 1,840 Sq. Ft., $200.per Month (Double South ern Windows) Court Room, Fourth Floor, 16x17 Ft. .$42.50 per Month Coprt Room, Fourth Floor, (The above two Outside Room, Southern Expos Outside Room, Southern Expos: (The above two 11x25 Ft. .$35.00 per Month rooms connect) ure, 18x14 Ft., $37.50 per Month ure, 18x11 Ft., $35.00 per Month rooms_connect) Apply Room 6-21 Telephone Main 5000, Branch 3! . THE EVE NEW HIGH REGORDS MADE IN STOCKS Studebaker Leads Motofs in Advance—Tire Shares Are Especially Active. AR S BY STUART P. WEST. Speciul Dispatch to The Star. . NEW YORK, January 12—Trading on the New York Stock Exchange was more active today and more stocks took part in the advance. That rep- resented the main difference between the trading today and Thursday. In- dustrial stocks, as usual, were fa- vored, one after another having its turn. Studebaker was the leader of the motors, but the motors as a group attracied less atterition than the tire shares. The recent suteession of in- creases in rubber prices have put these companies in good condition and all of them are making money. United States Rubber, Kelly Springfield, Goodrich, Lee, Fisk and Ajax were all_actively bought at rising prices. Rubber first preferred, in which there has recently been a good deal of in- vestment buying, was selling over 12 points above its low of last autumn, at which time it was feared the divi- dend might be cut. Several New Highs. The pool in Beechnut Packing had no difficulty in putting its favorite to ew ‘high. High records were also ed in California Petroleum and Cosden, operations in the latter having in view a dividend increase later in the year. Sulphur stocks were taken up and so was Cerro de Pasco, in which a higher dividend is expect- ed within the next two months. The fact that American Water Works in its st monthly report showed earnings at a rate sufficlent to pay dividends on all three classes of stock, was an adequate explana- jon for the risc in these issues with the Hudson, jump on the s dent of the company that dividends would be continued at the pregent rate, although surplus would have to be dipped into quite heavily. Department Store Stocks. In the ty class of stocks again toda trength of May De- partment d Associated Dry Goods wa outstanding feature. In each case carnings played a large part and the actlon of the common stocks of both those companies indi- cated the confidence which the street has that improvem will continue in the dry goods and merchandise business at an accelerated pace dur- ing 1923 tment is earning around’ $10 4 as against the $5 dividend Associated Dry Goods not only will show net income ifor 1922 of nearly $14 a share and the current earnings are also very favorable. the majority of the oil stocks dvancing today, Paciffe Oil did nd was only moderately active. signifi- e iefly of the condition of the ofl industry on the Pacific coast. It is re- ported th c Oil is not earning its dividend ch is not so surprising in view ‘of ‘the comparatively unfavorable statistical position of California crude. Oversupply in Ol Fields. While Penn: nia crude has been advancing recently and Mid-Continent | prices have shown au firmer tendemcy, {with the likelihood of higher prices California flelds {have had an oversupply of crude perto- lleum and the situation needs correct- {ing. Central Leather in 1922 showed to | better advantage than in either of the {two previous years. The dnnual re- {port of the company is expected to {show a surplus after charges. In the first nine months this surplus after charges amounted to $128,000, { while the final three months were not {up to the third quarter, the belief is ithat the nine months' surplus will have been increased. In 1920 the | company reported a loss in surplus of nearly $26,000,000, while in 1921 the {loss was close $12,000,000. Bank oans have been brought down to |nearly £4.000,000, compared with $ 1500000 ‘at the end of 1921 and $11. 000,000 at the pea The various markets, financial and | commodity, continued today to re- ct action after discovering |t the much-talked-of ropean crisis” had not after all interfered with their normal operations. On the stock exchange the indus- trial list was very strong—stronger even and more active than on the previous day. The principal changes in the bond market were nearly all upward. Cotton had another sharp rise which carried prices well above anything seen In the last two and a half years. French ekchange got up above the 7 cent level again, & recovery of fully half the .entire loss since the break {off of the Paris conference. Ster- ling touched $4.63, or within a cent a pound of the season’s top, reached In the mlddle of December. Foreign government securities held their im- provement from their- low prices early in the week. In the investment portion of the ! market the most striking feature was {not the irregular advance in prices, or indeed anything that happened in the ordinary dealings, but .rather the large offerings of new securities, ac- tual and prospective. The $50,000,- 000 Cuban loan transaction was par- ticularly interesting, as it illustrai.d | the change for the better in Cuban af- fairs. A year ago after the terrific losses occasioned by the slump in sugar, such a transaction would have been 'almost inconceivable on any terms. Today the successful bidders were willing to pay 96%. Y (Copyright, 1928) | DELAWARE AND HUDSON NOT TO PASS DIVIDEND By the Associated Press. NEW YORK, January 12.—A break of 8 points on the New York Stock Exchange in the stock of the Dela- ware Hudson Company yesterday, due to uncertainty regarding dividend ac- tion, was followed by a statement from L. F. Loree, president, declaring that he anticipated no change in the dividend policy despite the fact that the company fell short by $500,000 of earning enough to meet operating expenses and fixed charges in 1922, The loss was due to decreased traffic volume, . combined with heavy ex- penses attributed to the coal strike and the strike of its shop employes, the statement said. The depression Is temporary in nature, it was said, and attention was called to the large ac- cumulated surplus. RESERVE BANK REPORT. NEW YORK, January 12.—The state of condition of the Federal Reserve Bank of New York at the close of business January 10 shows: Total gold reseryes, $994,427,736.70; total reserves, $1,025.054,547.70; bills discounted secured by government war obligations: For members, $164,~ 575,110; all others, $13,277,034.71; bills bought in open market, $37,723,540.17; total bills on hand, $205,575,684.88; total earning assets, $352,054,634.88 luncollected ~ ftems, ' $123,186,465.72 |due to members: ' Reserve accoun {$762,808,571.75; total deposits, $775, 000,265.70; federal reserve notes in actual circulation, $565,213,139.50; ratio of total reserves ta deposits and federal reserve note liabilities com- bined, 76.5 per cent. P e S, DRY GOODS HIGHER. NEW YORK, January 12 (Special). —Cotton cloths were strong and fair- 1y-active today. ~Price gains in print cloths were fully maintained and oft- erings at second hards were negli- gible. ¥ Phe local raw silk market failed to_reflect the slightly lmur' levels in Yokoho: wh drop "10 T oun bale was reportodem sp the tores n. Adams Expr Alr Reduction. Ajax Rubber. Alaska Juneau Allled Chemical. Allied Chem pf..... 110% Allis Chalmers “ Allls Chalmers pf. 96 Am Agr Chemical. 8i% Am Agr Chem pf.. 8% Am Beet Sugar. ... 38 Am Bosch. ........ 4% Am Brake Shoe. ... 2% Am Can.... 3 Am Car & Fdy. Am Car & Fdy p Am Chicle Co Am Cotton Ofl. Am Cotton OIl pf, Am Hide & Lea pf. & AmIce.......... Am International. Am Linseed Am Linseed pf.. Am Locomotive. Am Metals. .. Am Metal pf. Am Radiator. . Am Safety Razor.. Am Ship & Com Am Smeiting pf.. Am Steel Fdy..... Am Sugar. . Am Tel & Teleg. Am Tobacco. Am Tobacco (B). Am Water Wks Am W Wks 6% pf. Am W Wks 7% Df.. 89% Am Woolen. . . Am Waolen pf. Am Writing Pr pf. Anaconda......... Asso Dry Goods. Asso Dry G 2d pt. Assoclated O11. Atchison Atchison pf. Atlantic Cst Line. . Atlantic Gulf, Atlantic Ret. Atlas Tack. ‘Austin Nichols. Baldwin Loco Balto & Ohio. Bangor & Ar'nst'k. 8 Barnesdall (A) Bayuk Bros. . . yuk Bros pf. Barnet Leather Beechnut Packi Beth Steel (B). Beth St 7% (n) Beth Steel 8% pf. Booth Fisherles. Bklyn Edison.. 13 Bklyn Rapid Tran. 1% Bklyn Rap Tr ctfs Brown Shoe pf. Burns Bros (A). Burns Bros (B). Butte Copper. Butte & Superior.. 2% Butterick......... 19 Caddo Ofl..... 8% California Peking. & California Petrol. 81 California Pete pf. %% Callahan Zinc. 10 Canadian Pacific.. 143% Central Leather... % Central Leath pf.. 6% Cerro de Pasco. “ Chandler Motor... 6% Chesap'ke & Ohfo. 2% Ches & Ohlo pf w 1. 102% Chi & Alton. . 2% Chi & Alton pf. % Chi Great Westrn. 4% Chi Great W pt. Chi Mil & St P. Chi Mil & St P pf. Chi & Northwn Chi Pheumat Tool. Chi R1I & Pacific. Chile Copper. Chino Copper-. .. Cluett Peabody Cluett Peabody pf. Coca-Cola. Colo Fuel. . Columbia Gas Y Columbia Graph... 2% Columbla Graph pt 12 Comp Tabulator... 71% Com Solvents A... 45 Conley Tin Foil... 18% Cons Cigar. . . 3T Cons Cigar pf 81 61% 12% 124+ 6% 1% 126% 120% 6% - 108% 69% . % 2% Cons Textile. Cont Can. Cont Can Continental Moto: Corn Products. ... Corn Products pf. Cosden & Co. Cosden pf.. Crucible Steel Crucible Steel pf.. @ Cuban-Am Sugar.. 24% Cuban Am Sug pf.. 101 Cuba Cane Sugar. Cuba Cane S pf. Davidson Chem De Beers Del & Hu Del Lack & Wi Dome Mines. . Dupont (ED.. Dupont deb. . Eastman Kodak. . Electric Stor Bat., Elk Horn Coal... Endicott-Johnson. % Endicott-John pf.. 117% Erle. u Erie 1st pf. Erie 2d pf.. Exchange Buffét.. 0% Famous Players... 88% Famous Players pt 8% Fed Mines & S pf. Fifth Ave Bus w 1. Fisher Body Fisk Rubber. Freeport Texas Gen Asphalt Gen Asphalt pf. Gen Baking Gen Cigar..... Gen Electric Gen Elec spl w 1. Gimbel Bros pf. Golawin Corp Goodrich Goodrich pf. Granby Consol. ay & Davis. Groat Northern bf. 74k Great Nor Ore 1% Gult Mo & Nor. Gulf Mo & Nor p; Gulf States Steel. Harbishaw Cable, Hartman Corp. ‘Hupp Motors. Hydraulic Stee! Illinois Central. Indiahoma. Indian Refining. Inspiration terboroug] It Agrl Chemical 7% Intl Agri Chem pf. &% Int Cement....... 88 Int Combustion E. 24% Int & Grt Northn. 221§ Int Harvester.... 8 Intl Paper. 1Intl Paper (sta). Invincible Oil. Iron Products. 1sland Ol s Tea. Jlg.:‘:uu & Gulf Co. Kansas City Sou.. 18% Kansas C Sou pf... b Kayser (Julius).. 1% Kelly-Spring Tire. 49 Kelly-Spring §% pf. 106 Kennecott. . 6% Keystone Tire. 9% Lee 'n;-v :l lB\lbber 28% | Lehig] loy . tive. High, Low. Close. % % 1% 1% 16 % 10% 3 8 8% 6934 3 e 2% 819 182 123% 7 Eangays® o Igzasgegyuangyo ey % 5T% 8% 13 % 110% ©4% % 8% 59% E 2% (3 82% 188 128% T 5 3 67% 26% 20% 51 83 8% 8% 20 100 86% 9% 12% 151 28% E) 6% 2% 8% 0% 897 28 100 90 2% 1% 8% 0% ™ 3% [ 120% a L3 96% 6 Ll 98% © 10 81 , D. C, FRIDAY, JANUARY 12, 1923 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office 166 Louls & Nashville. 16 17 Mack Truck. Mack Truck 1st... Mack Truck 24. Malligon & Co. Manati Sugar. Manhattan El ctfs, 38 Manhat Elec Sup.. 65 Manhattan Shirt.. 45% Market St prior. . Marland Ofl. Mathison Alkili. Maxwel] (A) Maxwell (B) May Dept Stor 8% May Dept Stor pf. . 117% McIntyre Porcu... 18% Mexican Seaboard. 16% Mexican Sbd ctfs.. 16 Miami Copper. .... 2114 Middle States OIl.. 121 Midvale Steel..... 233 Mo Kan & Texas.. 13% Mo Pacific........ 16% Mo Pacific pf...... &% Montgomery Ward 21% Moon Motors. 1% . % a . 118% Nash Motors pf.... 100% Natl Acme. .. . 1% Natl Biscult wi.... 29 Natl Biscuit pf.... 121 Natl Cloak & Sult. 61% Natl Enameling... en; Natl Lead . 124% Natl Lead . 118% Nevada Copper.... 15 N Y Air Brake. 2 N Y Air Brake (A) 4% N ¥ Central....... 8¢ NYNH& Hartfd. 20% NYO& Western.. 19%° Norfolk & Western 110% North American. .. 103% Northern Pacific.. 74% Ohio Body & Blw.. 714 Oklahoma Prod... 2 Orpheum Cireuit. . Otis Elevator. Otis Steel Owens Bottle: Pacifc Develop. Pacific Gas & El. PacificOll. .. Pan-Am Pete ( Panhandle P & R... Panhandie pf. 8 Pennsylvania..... 4% Péople's Gas...... @ Peoria & Eastern.. 12% Pere Marquette... Fhiladelphia Co... € Phillips Pete...... 6% Plerce-Arrow..... 14 Pierce-Arrow pf.. 83 Plerce Oil. ... Piggly-Wiggly. Pitts Coal. . Pitts Coal pf. Pitts & W Va Pitts Steel pf. Postum Cereal Pressed Steel Car. Producers & Ref. . Producers & Rf pf. Public Servof N J. Pullman Co Punta Aleg Pure Oil. .. Rallway Steel §pr. 114% Rand Mines.. .... 8:% . Ml e T Remington Typr.. 3 Replogle Steel. Rep Iron & Steel. . Rep Iron & Stl pf.. Reynolds Springs. Reynolds Tob (B). 48% Royal Dutch...... 51% 8t Joseph Lead St Louls South: Savage Arms. . Seaboard A L pf. |Sears Roebuck. ... {Shattuck-Arizona. Shell Trad & Tran. 3% Shell Union.. 8. % Sinclair O11 4 |Binclair pf. Skelly Oil Sloss-Sheffield So PortoRSpf... a4 Southern Pacific.. 8% Southern Railway. 25% Southern Ry pf... 6 Spicer Mfg Co..... 20% Stand Oil of Calif. 6% Stand Oilof NJ wi 42 Stand Ofl of N J pf 117 Steel & Tube Df... 104 Sterling Prod. . 63% Stewart-Warner.. 847 Stromberg Carb. Studebaker. Studebaker pf. Submarine Boat. Superior Ofl...... Sweets Co of Am. . Tenn Copper. Texas Company. Texas Gulf Sulphur 597 Texas & PC& Oil. 214 Texas & Pacific. Third Avenue Tide Water Ofl. Tobacco Prod. Tobacco Prod A. Trans Contl Ofl. Unlon Pacific { Union Tank Car Union Tank Cr pf. 110% United Retail Stra 79% USCastIr Pipe... 32 U S Food Prod. 4% U S Hoffman Mch. 20% U S Indus Alcohol. 67 U S Realty. . 987 U SRealty pf..... 106% U S Rubber . 6T U S Rubber 1st pf. 103 USSteel......... 106 U S Steel pt.... U S Tobacco.... Utah Copper Vanadium Corp Va-Car Chem'l pf. Vivadou. cenn ‘Wabash. 9 Wabash pf (A)... 26 Wells-Fargo Exp. 8% Western Elec pf. . 118% Western Md...... 10% Western Md 2d... 2% Western Pac pf... 67% Westhse Eles & M Westhse 1st pf. ... Wheeling & L White Eagle Oil White Motor. White Oil. . ‘Wilson Company . Willys-Overld. . . Willys-Overld pf. Wisconsin Cent'l. Woolworth Worthington. Wright Aero 6% 62% 16% 8% Call Money. . HOURLY SALES OF 1lam 806 700 1p.m. CASE TESTS LABOR LAW. Dispute Over Western Union Bringing Girls to T. 8. DETROIT, Mich, January 12— ‘Whether the Western Union Tele- graph Company violated the contract labor law by bringing -twenty-five young woman employes to the United States after they had been deprived of their jobs in Newfoundland by the closing of a number of offices is to be decided here by Federal Judge Arthur J. Tuttle. Five of the girls were placed in the Detroit office of the telegraph com- pany. The immigration authorities sought their deportation. The case ‘was brought into hown yesterday in 2 _corpus hearing. Attorneys hamn siven. time fn which to alo briefs, ; BOND QUOTATIONS LITTLE CHANGED Libertys Move i-n Narrow Range—Brazil Issues Fea- ture of Session. . BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 12—Except in a few scattered spots the bond market, though not weak, did not dis- play today the strength and activity 80 evident in the forelgn exchanges and in the stock trading. For new issues offered at what ap- peared to be attractive prices there was further ready absorption. Some times also underlying securities which looked like bargains were well taken, but generally sBeaking bond trading was at low ebb. The action of the liberties was con- sidered significant in some quarters. For the last week or ten days price changes here have been small and irregular. Nome of the old 448 is selling_ within a point of par. The now Treasury 4%s remain firm around the issue price, but show no inclination to go higher. Tho trans- fer of interest from high-grade in- vestment securities to seeond-grade and speculative is taken by some authorities as foreshadowing the ap- proach of a period of inflation. Quo- tations for time money showed no change. Cuban Loan Interesting. The most interesting news of the day in regard to new financing was the award to the Morgan syndicate at a price about four points higher than that offered by any ether bid- der of the $50,000,000 Cuban loan. The coupon rate will be 5% per cent and the price at which the loan was awarded to the syndicate was $96.77, Coincident with the announcement of the award the republic of Cuba external 4% of 1949 dealt in on the exchange advanced over three points. 1t was noteworthy also that thé $10,- 000,000 State of North Carolina new 4%5 were eagerly absorbed, all the maturities up to 1946 being taken with- in @ half hour after the subscription books were opened. Buyers of tax exempt honds apparently regarded the 440 per cent return very attractive. The new Lacleds Gas 5%s were also re- parted ail sold. Brasis Score New High. Among forelgn bonds the features were the new high record for Brazil 7%s, and the equaling of the high rec- ord ‘for the United Kingdom 55 of 1929. In both cases this was in sym- pathy with the strength in sterling exchange. Serbian 8s, however, made another new low. In'the general list the outstanding development was the sharp advaWce in all the B: Rapid Transit {ssues. EooRion The Chile Copper 6s and 7s both made new highs corresponding with the speculative enthusiasm shown in the stock market over the Anaconda deal. Cerro de Pasco §s went up like- wise. Another strong industrial bond wasg International Cement 8s, which are convertible into stock at 331-3. The stock sold around 33 on the exchange. [ COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CHICAGO, January 12.—Although the housing shortage was reduced by the building of 24,515 homes here in 1922, there has never before been such a demand for building materials at this season as exists néw. Immedi- ate delivery are demanded of quan- titles of cement, brick, stone, sand and gravel. SAN FRANCISCO, January 12—De- mand for lumber from Australia and the orient has become so heavy that there is a scarcity of ecargo space on both steamers and sailing vessels to- day. Practically all vessels capable of carrying lumber are chartered sixty days ahead. This is in sharp i contrast to conditions a year ago. PHILADELPHIA, January 12.—Cot- ton goods manufacturers have gener- ally sold their production to March and some even are billed up six months ahead. The firmness of the staple has induced the demand for finished goods, the quantity of which in the process of manufacture is heavy today. HUNTINGTON, Pa., January 12— The capacity of the plant of Plerce Butler & Plerce, manufacturers of radiators, will be Ancreased 50 per cent. Demands for its products ex- ceeds the plant's capacity. CHICAGO, Ill, January 12—The coal buying movement In this market is not strong today owing to as- suranoes by union leaders and gov- ernment officials that there wi|l be no strike aext April. The market is not overstocked. BOSTON. January 13.—Prices for New River and Pocahontas bitumin- ous coal here are both up 25 cents a ton for spot deliveries. This represents an advance of $2 a ton in recent weeks. ATLANTA, Ga, January 12-—The sales of spot cotton in the south con- tinue large. One large grower in south Georgia has just sold 1,800 bales at 25 23-32 cents. PITTSBURGH, January 12.—Over 150 manufacturers of glassware, pottery and kindred lines followed an annual cus- tom ahd exhibited their wares here at the William Penn and Henry hotels this week. Hundreds of buyers are here. ST. PAUL, Minn, January 12.—The Great Northern railroad has purchased 1,000 box cars from the Pullman Com- pans and 500 automobile cars from the American Car_and Foundry Company, at a cost of $3,675,000. Deliveries will be made in June and July. BEVERLY, Mass., January 12.—The United Shoe Machinery plant today is operating at 75 per cent of capacity and output is being steadily increased. The chie dificulty lies in securing abor. —_— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks, Zold value. tod: London, pound 4. Copenhagen, Christiant; Stockholm, By the Associated Pres: NEW YORK, January 12.—Foreign exchanges irregular. Great Britain, demand, 4.675-16; cables, 4.679-16; sixty-day bills on banks, 4.6511-16. France, demand, .0700%; cables, .0701. Ttaly, demand, .04963%; cables, .0497. Belgium, demand, .0643%; - cables. .0G44. Germany, demand, .000096; cabl .000097. ° Holland, demand, .3965; cables, .3968. Norway, demand, 11862, Sweden, demand, .2693. Den- ‘mark, demand, .1998. Switzerland, de mand, .1889. Spain, demand, .1572. Greece, demand, .0123. Poland, de ‘mand, .050062. Czecholovakia, de. demand, .0288. Argentina, demand, .3787. Brasll, demand, .1162; Montreal, 99%. —_— TILA ROSA, N. M., January 12.— Large stockmen in this section are find- ing themselves almost compelled to re- linquish part of their immense holdings before the rush of new settlers. Many of the stockmen in financial straits are ring to checkerboard their lands| DRd gell alternate squeres for agricul- tural purposes. - FINANC IAL [ve voxx BONDS ot scmmer| Received by Private Wire UN ITED!.SITATES BONDS. les High. Low. 10116 10106 9880 9850 9864 9864 900 9862 9838 W14 9900 9663 Close. 10116 98 80 Liberty 3%s... Lib'y 1st-2d 4%e Liberty 1stds.. 1 Liberty 1st'4%s 9 Liberty 2d 438, 251 Liberty 3d 4% s. 1507 Liberty 4th4%e 786 9876 0850 Victory 4%s'23 76 10026 10020 US4%s1962.... 213 10002 9994 FOREIGN GOVERNMENT, STATE : AND MUNICIPAL. es ($1,000). High. 1 1014 9% 9% 98% m% 98% e 85% Low. Close. 100% 101 %% 9% 6% 98% 98% 98 m% 1% 8 8 n % & 5% o8% 8% oY 9% 100% 102 9% Argentine 7 Belgium 7% Belgium 6s. Belgium 8s. Bern 8s. ..., Bolivia 8s. Bordeaux Brazil 7s Brazil 8s Brazil T%s. .. Canada 6s 1926 Canada 5351929 Canada 5s 1931 Canada 5s 1952 Chile 851945. ... Chile 851926. Chile 851941, Copenhagen 6% Czechoslovakla 83 Denmark 8. Denmark 6s Dutch East I 6s°47.. 4 Dutch East I 6s'62.. 21 French Govt s French Govt T3is. Haltl 6sctfs. ... Japanese 1st 4345, Japanese 2d 4%s. Japanese 4s.. Lyons 6s. . Marsellles Gs. Mexico 58. Netherlands 6s. Norway 8s. .. Norway 6 ctfs. Prague 7%s Queensland 7s. . Queensland 6s....... Riode Jan 85 1947.. 9 Rio Grde Do Sul 8s.. 1 Sao Paulo, City, 8s... & Sao Paulo, State, 85.. 6 Selne, Dept of, 78. ... 21 Serbs Crotes Slov 8s. 162 97% R aaRaleak Sueawldue Sweden 6s.... Swiss Confed s Ud Kingdom 5%5'29 23] Ud Kingdom 5s'37. 20 Zurich 8s....... 1 MISCELLANEQUS. Am Agri Chem 7%s.. 6 108% AmSmelt&R1stis. 183 92 Am Sugar Ref ¢s. 8 103% Am Tel & Telcv 6s... 3 116 AmT& Teltr5s. 6 99 AmT&Tcltrds.... 13 2% Anton Jergenscv és.. 6 81 Armour & Co 43;8....39 89 Atlantic Refining 5s..22 9933 Bell Tele Pa 7s. 24 107% Bethlehem Steel rf6s 2 Beth’'em Steel pm 58. & Beth'em Steel s £ 6s. . 17 Brier Hill St 18t 6 14s. 16 Bklyn Edison 7s D Bkiyn Edison gen Bush Tm Bldg 68 '60. Central Leather 5. Cerro de Pasco 8s. Chile Copper 65. Chile Copper 7s. Cin G & E15%; Comp-Tab-Rec 63 Con Coal Md 1st 5s. Cuba Cane Scvd §s. Det Edison ref 6s. . Du Pont de Nem 7%s. Duquesne Light 6s. East Cuba Sug 7%s. Empire F & G 7%s. Fisk Rubber 8s. Framerican I D 738, Gen Electric deb 6s. . Gen Electric deb 5s. . Gen Refractories 6s.. Goodrich (BF) 6%s. Goodyear Tire 8s'31. Goodyear Tire 8s'41. Holland-Amer s t€s. & Humble Oll & R 5145, 14 Indiana Steel 5 Inter Mer Marine 6s.. 2 Inter Paper Ist 53 A.. 3 Inter Paper 1st 5 Julius Kayser £ Ts o Kelly-Springfield §s Lackawanna 858 '23 . Lackawanna St 5860 8 Liggett & Myers 5s... 6 Liggett & Myers 7s... 13 Lorillard (P) bs. Magma Copper cv 7s. Manat!i Sugar s £ %38 & Marland Oil 7%s..... 8 Marland Oil 88 war. .. Mexican Petrol 8s. Midvale Steel 55 Montana Power 5s. National Tube 1stbs. 8 New England Tel 58. 7 N Y Edison 1st 6%3.. & New York Tel 6s'41.. 8 New York Tel 4%s... 11 North Am Edison 6s. 10 North States Pow 5. 1 Northwst Bell Tel 7s. 15 Pacific Gas & £l s, Pac Tel & T¢l 53 '62 Packard Mptor §s Phila Co ;ées A. Producefs & Ref 8s. Producers & Rf 85 Public Service bs. Sinclair Ofl 7s. . 8in Crude Ofl 5%s. Sinclair Pipe Line Gs. Sou Por Rico Sug T Stand Ofl of Calif 7s Steel & Tube 7s. Tide Water Ol 6%s ‘Tobacco Prod s £ 7 Toledo Edison 1st Union Bag & P 6s. Union Tank Car 7s. United Drug cv 8s. U S Rubber 1st rf 55, U S Rubber 7%s. U S Steelsf 5s Utah Power & Lt 08 Va-Car Chemical 7s. . Va-Car Chem 7%s W. ‘Warner Sugar 7s. ‘Western Union 6%s. ‘Wickwire Spencer 7a. ‘Wilson & Co 18t 65 ‘Wilson & Co cv %8, ‘Winchester Ams 7348 15 OPPOSE AMALGAMATION ° OF THE RAILWAY UNIONS CLEVELAND, January 12.—Oppo- tion to the amalgamation of the six- teen railroad unions was expressed here by W. G. Lee, Brotherhood of Railroad Trainmen, and Warren S. Stone, president of the Brotherhood of Locomotive Engineers. Replying to a circular letter to the rallroad executives sent out by F. H. Fljozdal, president of the Maintenance vay Workers' Union, which is O g tha movement, Mr. Les Sh1d he “saw no practical pian where- by the different classes of railroad D rkers might be brought together into one compact organization.” ‘Mr. Stone said he has not answered the letter, but he let it be known that he is against “one big union.” D. B. Robertson, president of the Brother- hood of Locomotive Firemen and Enginemen, was in Youngstown to- day attending the funeral of his sister, but he has previously an Rounced that he is opposed, to the movement. —— Footwork Barred. From the Los Angeles Times. The Navy boy was home on leave for the first time and the old man was admiring his uniform. ut, tell me, my boy, why do they make the pants so wide at the bot- tom?” "So we can roll them up quickly,” lained the lad. i ‘ou're no son of mine,” warned the old n, “if yer goin’ ter fight wid ver fagt! 'Tls yer jacket sleeves thatsoughto be wide at the bottom.” 8% BonBEaannsuslis aumaBan 8 1 21 7 2 % 8% 1004 105% 108 103% 104 101% 95% 108% 2% 8815 109 10314 1% e 93 105% 110% % 101% 108 102 103 104 107% 9% 108% 2% 8814 108% 105% otg ) 2 105% 110% % 101% 1024 101 9N 101% 108 102 BowcBoBoBolivacawltBlonul onan Direct to The Star Office, RAILROADS. Bales ($1,000). Hign. Atchison gen 4s. 9 %0 Atchison adj 4s 6 821" Atlantic C L col 48 O PLE&WV .0 SW div 3% O Toledo div 48, BKIR T 7’21 ctsta..106 88% Buff R & Pitts 438 Canadian North 7s... 1 118% Canadian North 6%s. 1 111% Canadlan Pacdebds. ¢ 79% CarClinch & Ohlo5s. 2 Sl Central Pacific 4s 187 Ches& Ohlocv 5s.... 52 95% Ches & Oniocv4%s.. 1 8% Ches & Ohlogn 435..10 86% Chi & Alton 3%s. 2 z214 ChiB&Qlstrf5s... 4 1004 Chi&Eastllignis.. 4 g0 Chi Great West 45 3 51 ChiM&StPred4%s., 2 1% ChiM&StPcvss... 20 6% ChiM&StP4s1925. 9 7go ChiM&StPceviles. 6 63% ChiM&StPgn4les. 13 80 Chi&ENW 638, . - 6 110% ChiRI&Pacrf4s...23 sy Chi Un Station 4%s. . 1% ChiUn Station 6%s. 3 115 Chi & W Ind con 4s. k) CCC&StLrf6sA. 101% CCC&StLdb4%s 2 Cleveland Term 5%s. & 105% Colo & Southern 4%8 10 &7 Cuba R R s, oo 1 8% Del & Hudson 5%s. 5 101% Den & Rio G con 4g. .. 4 T5% Den& R G 1st rf 5s. .. 59 6615 Erie 18t con 4s. 10 & Eric gen 4s. «B w“u Erie con ext 7s. 1 104% Lrie conv 48 A 17T W% I’}:ne conv 4s D .6 4% GrTrunk sf deb 6s...15 104% Grand Trunk 7s. 3 118% Great North gen 7s. .. 13 110% Great North gen 518, § 102% Havina ERL& P53 8 8334 Hudson & Man ref 5s. 2 B4% Hudson & Man aj 5s. . 20 {{'1 gemnl ref 4s. ‘entral 514s. . T 102% Inter-M 4%s ctfs sta. 1 . Inter Rap Transit 5 2 Inter R Transit 7s. ... Int & Gr Nor aj 6s. E ) KansasCity Ft84s.. 1 79 Kansas City Sou 3s... 1 6814 Kansas City Sou 5s.. 27 881 Lake Shore 4s 1931 10 2% Long Island ret 4s. Louls & Nash 53%s. Manhattan Ry cn 4 Market St Ry cn bs. Mil El Ry & L 1st &s. M & St Liref ext 5 M & St L 1st ref 4s. MBtP&SEM6ks, ME & T 1st 4s. MEK&TprinssA. MK&T6SC. ... MK& T adj 5s. Mo Pacific6s........ 13~ 8% Mo Pacific 1st 55°66.. 1 85% Mo Pacific gn 4s 0 eu Montreal Tram'1 1 88% Nassau ERy 45 1957. 10 0% New Orleans Term 45 5 78% NOTex & Mexincba 15 794 N Y Centraldeb6s... 8 105 NYCentralriSs.... 47 o1% New Haven cvdeb 6s.23 7214 New Havendeb4s57 5 4ot New Haven 7s. w Haven 7s francs. 10 6s% YStateRyd¥4s.... 1 67 NY West & Boe 4%45. 28 487 Norfolk & West cn 4s.. 4 91 Norfolk & West cv6s 2 112% Northern Pacific 4s. North Pac ref im 6s. Northern Pacific 5a. Ore & Calif 1st 5e. . Ore Short Liref 4s Ore-Wash 1st ref 4s Paris-Lyons-Med 6s. . Pennsylvania gen Gs. Pennsyl gen 4%s. Pennsylvania 61¢s... 9 110% Pennsylyania gold 7s. 2 110% Pc -ia & Bast inc4s. 1 23 Pere Marq 15t 58..... » 9 Reading gen 4s. 5 8 Rio Grande W clt 4s.. 5 68% StLIM&SR&G4s.. 3 & SILIM&S48'29... 10 89% StL&SFprindsA. 17 6% StL&SFprinbs. StL&SFinc 68 StL&SF5%s StL& S Fadj 6s. StL &S F prin 6; St P&KC Sh L4 %, Seaboard A L con 6s. . Sou Pacificcv 4s. Sou Pacific ref 4s. Southern Ry 1st §s. Southern Ry gen 48. Southern Ry dev6%4s 8 1011 Third Ave ref 4s. 7 0% Third Ave ady5s..... 6 68% Unlon Pacific 1st 4s.. 27 &2 Union Paclfic cv 4 10 5% Union Pacific cv 6 8 108 Virginia Ry 1st 6¢ 8 9% VaRy & Pow1stbs.. 3 8% Wabash 1st is. .. - 6 9% Western Maryland 45 4 631 ‘Western Pacific5s... 10 83 West Shore 1st 4s.... 63 83% TOTAL SALES (Par Value): 1lam... 3501000 12noon.> 651609 1pm... 7041000 9662000 STEAMER LOST AT SEA. Cuban Consul Aboard German Ship Missing Since December 6. NORFOLK. Va, January 12.—The Gorman steamship Helnrich Kays which left Norfolk December 3, and has not been heard from since De cember 6, when she reported in a wireless message that her steering gear was broken, has been lost at sea, it is belleved in local marine circles. The vessel carried a crew of thirty men and three passengers. one of whom was Jose Macas, chan- cellor of the Cuban consulate crops, recently transferred from Charleston. S. C, to Berlin. Fable Without Moral. From Farm Life. Once upon a time a distressed farmer went to a workingman in the village and said: ; “I am looking for an nidustrtous corn husker—3 cents a bushel and board.” “Then you are not looking for me, old top,” sald the workingman, with his thumb on his nose. “I can maké three iron men in eight hours witli the street gang, or 35 cents an hous as a carpenter's helper. Now why should 1 do your shucking?” “But my corn {8 yet in the fleld, and the snow fileth,” said the distressed farmer. “What shall I do?” “Don't ask me, old_to) workingman, as he gririned and passed on down the street. And the distressed farmer went back home to think it over. Foot Ball Then and Now. From the Boston Transcript. It you think that foot ball is a rougher game now than it was in the past, read this paragraph written in 1582' ‘As concerning foot ball playing. it may be called rather a friendly fight than a play of recreation; & bloody, murdering practice than & fellowly sport or pastime. For doth not every one lle in walt for his ad- versary, seeking to overthrow him and to pitch him on his nose, though it be upon hard stones, or what place soever it be he careth not, so he have him down? And he that can serve the most in this fashion he i5 count- ed tho only fellow, and who but be- 2p.m. (