Evening Star Newspaper, December 9, 1923, Page 46

FINANCIAL, D. FINANCIATL., SPIRITED BUYING - INTOBACCO STOCKS Liggett & Myers Gains Over T 46 RAILROAD STOCKS SHOW MORE LIFE Lines Still Face Difficulties, THE SUNDAY STAR, WABHINGTON, NEW YORK STOCK EXCHANGE o1 1933 High. Low. High. Lew. 23 100 19% 64 60% 31% bt 24 185 9% 4% 4k 91% 6% 80 69% 115% 101 112 105% 69% 3T% Bl 3% 42% 27w 36T 10w 0. DECEMBER 9, 1923—PART 1. BOND SUMMARY FOR THE WEEK H‘lh Low. 103 02 101 69 100 80 10178 10100 101 00 i, 9484 10190 9600 9890 9560 9870 9600 9920 9554 9910 9674 9918 10188 8586 9920 96427 Liberty ith 43,8 19 100169890 10006 98-1 Treasury 4%s 194 1922— ——1028— igh. Low.' High. Low 102% 99 108% Low. 99-27 98-4 98-1 98-6 983 High. 99-30 98-8 98-7 98-15 98-10 99-10 99-1 9811 98-4 99-18 99-14 . week’ Close. High. 1017 102% T U. S. BONDS. 99-5 Liberty 3%s 1932-47 97-7 Liberty st 45 1932-47 96-12 Liberty 2d 48 1927-42 96+20 Liberty 1st 41,8 1932 96-24 Liberty 2d 43,5 1927~ 97-25 Liberty 3d 43¢ s 1928 98.7 411 98-11 437 98-8 Div, Rate. =— Advance Rumlev. Advance Rumely pf Ajax Rubber Allied Chemical & Dye. Allied Chemical & Dye pf.. Allis-Chalmers Mfg. Week ending December 8, 1923, Net. . High. Lew. Olose, m.- 0% 9 33% % 69% 1% 48% 12 ot ‘Week ending December 8., 1883, Net. High. Low. High, Low. Olose. Chge. 300 177 Kresge (SS) Company.... 300 295 300 + 7% 87 % Laclede Gas. . 9 1% — 71% 54 Lehigh Valley. 62% 240 190% 224% 74% 68% 64 21% 14 17% 1983 — S 99-17 4 FOREIGN. Low. Last. 18% * 100 Argentine 7s 1927 Loew's, Incorporat But Outlook Is Held to Be Much Improved. GOLD SURPLUS PILING UP Week's Record Inflow Thought to Indicate Easy Money for Long Period. BY GEORGE T. Kpecial s ch ta The St NEW YORK, De th long-range viewpoint the two important developments of the week affecting the security markets were, firet, the Dresident’s message as bear- ing upon taxation and the future of the railroads and, second, further evi- dence of the steady accumulation of &0ld. with its implleation of a contin- uation of ¢ money and the proba- bility that ueh ease would be standing in iou to speculative ac- tivity. 8.—From st erfluous titude » way that mmended street. The financial »xpected him to indors Melion's program for lower . Interest centered on the President’s discussion of the railroad problem Rallroads Less Worrfed. Fhe only reasonable explanation of The failure of rallroad securitles, both stocks and junior bonds, to respond this year's record-breaking car- adings ‘and {ncrease in net income been the fear that the Incoming Congress would make a successful tack upon the transportation act d that new and oppressive meas- ures of regulation would be proposed. It now appears plain that however these attacks may develop, they must be carried on in defiance of the ex- pressed views of the Chlef Exccutive. Tt sounds like a truism to say that confiscatory rates cannot be imposed upon the carriers because the Con- stitutlon forblds conflscation. Yet is very phantom of sweeping rate reduction and consequent bankruptey for some of the weaker roads has besn haunting Wall street for months. That ghost at least has been laid Merger Specter Removed. Of nearly equal interest is the mat- ter of consolidations. While no one ias been able to cxplain just how compulsory consolidation was to be precd re was always the vague car that somehow or other strong roads would be saddled with the weaker ones and that the only sult as far concerned would be Te- to depress mar- values. The President did not to say how any censolida- 2 could be enforced. He did cever, that combinations ¢ conferences with se- curity holders, so that in this case al80 as well as in the matter of rate- making there should be no confisca- So s removed anothef specter h has been haunting the street. this is rot to say that the fu- the rallroads is not without es. Investors in railroad se- 16t continue to take the ss risks olved. The: expect that their properties would be subject to regulation in the public interest, and that all they can hope for is a reasonable return ou capital involved. Probably the of wild speculation in railroud ! 1 fs past. It does clear the sround for a consideration of these securities on their investment merits. What Gold Influx Means. second development of which challenges attention the continued inflow of gold. Figures made public this week showed that during the last seven November Britlsh banks had ced aboird ships bound for New the is vame in vne week as has been coming in an entire month. Various explanations are made of th movement. Secretary of Com- it e Hoover attributes it in large measure to purchases of American securities b foreign buyers. No doubt there has been very extensive buying of this sort. A good deal of it has come from Holland, and the chances are thut German investors bhave figured in e transactions. It Is hard to explain the buying of some of the very high-grade, low-coupon- rate railr bonds of the savings bank elass on any other theory. The return on these bends at present mar- i3 so low that they uttract V¥ that investor who places safety «bove every other consideration, There has 0 been accumulation of some of t foreign dollar issues ted in Ne York for account of on the other side. What these n our securities unrem‘n s is the d re to eecure an obligation payable a stable cur- vency. It Is hardly surprising such a desire should be strongest in those investors who have suffered from the %reatest depreciation in their own national currencies. Reserve Board's Plan. But whatever the reason for our mounting surplus of gold, the result | It means an abundance ! is the same. of funds certalnly for all legitimate husiness demands. and probably for speculative activities also. Nor ls it likely that any course adopted by the Kederal Reserve Board can per- manently conceal ‘the real monetary situation ar avert the natural conse- auences. The federal reserve authori- ties this week have allowed it to be undersiood that the reserve banks are about to resume the purchasing of gove wnt securities in the open market. Last spring the polcy was to dispose of holdings In government bonds and Treasury certificates. Now upparently they are to re- acquirc The motive may be, as has ‘been stated, to increase earning as- sets, but the course to be adopted teatifies to the existence of this same surplus. There are many economists who belleve that ultmately all this leads to gold inflation, with the at- tendant rising prices for commodities and the temptation to ecxcessive speculation. Whether or not such will be the re- sult. only the future can reveal, but it 1s a matter whch either investor or speculator must take into account. BOND MARKET STEADY. Mexican Issues leen Most Atten- tion Yesterday. . NEW YORK, December 8.—Bond prices continued firm in today's briet and unusually dull trading on the New York Stock Exchange. Traders evinced considerable inter- est in the Mexican {ssue, due to the conflicting ~ influences prevailing— declaration of the debt readjustment plan_operaton and continued reports of revolution in several Mexican states—but net changes were small. 4 per cent bonds improved slightly, while the 5s sagged about a point. The only outstanding change in the industrial group was a jump of & woints by Wickwire Spencer Steel 7s. 1ese bonds fell off about 12 points Friday. Raliroad mortgages again were ac- tive, with many of the higher grade ‘tnvestment {ssues receding elightly., Active United States government Kmdx were practically unelnn:nd. o o dA% \ 2% 66% a1 57 49 318 49 814 6% 321 118% 93% 201 141 U 5 30% 14% 61 334 162126 T4% 122 8 50% 2% 424 28 641y 48 534 129 874 2514 68 864 109%, 308 baw 84 231 he 114% 1204 126 9615 T8Iy 1024 LH 915 85 83 19% 17 s railroad securities are | 100 o9 205 0% 46t 18% 169% 106 80% 70 1414 T6' f104 T 917, (T3 10% 12% 45% 37 68% 66 65 188 12 10% 15 84 86 6! 86 6714 | 4% 38 ‘102'« 937 i 180 181, 9% 28 9% 44 91 8% 22 19% 8 95% 704 45% 28% — — 8% loz!fi 34% 22 4% % 19 5 47 16 % 4% 21% 15 82 6 91% 614 19 w' Tia 25 12 16% 116% 274 87% 19% BAY "60 63% 43% 20% 12% | 83% 24 2212 10 76% 883 b4% 34% 0% 17 48% 34 58% 84% 61 118 89% 256% 208 an Ak 104~ 6874 100 49y 60 106 115 189 25% 1% 208, B8, 1431 138 T4% 11% 33t 38 o9 102% 1524 407 85 108% 36% bR 1257y 1618, 159% 105" 1095, 1 19% 53ty 9414 1874 89 274 105% 908, 127 34 160 14835 115% 20% 04%% 118 a3 a93, 1058 212 16 22 1% 54 83 103% 84% 186% 12 175 89 90 51% 1023 12% 9245 624 99 838 16% 80 86 84% 14% 20 62% 104% 429 4“4 lh‘m 1w 47 16% 83 b8% T6% 19% 8% 49'% 24 82 €3% 24% 45% 624 1% 45 Am Agriculture Chemical. Am Agriculture Chem pf.. 88 American Bank Note . 100 American Beet 5t 404 American Bosch Magneto. 373 American Can..... . 105% American Can pf. 110% American Car & Foundry. 168% Am Chain class A w i 23 American Chicle 2 American Cotton American Cotton Oll pt American Express American Hlde & Leather. Am Hide & Leather pf. American Ice American International. American Linseed. American Linseed pt Am Locomotive (new) American Metal American Radiator American Rolling Mill pf.. American Safety Ruzor. Am Ship & Commerce. American Smelting & Ref. Am Smelt & Refining pf. Amerlcan Snuff. . American Steel Foundry American Sugar Refining. Am Sugar Refining pf.. Am Sumatra Tobacco Am Tel & Cable. .. ‘Am Telephous & Teleg American Tobacco. Am Tobacco ('lass B. Am Tobacco pf (new) American Woolen. American Woolen pf. . American Zinc Lead & Anuconda Copper. Armour & Co 1% pf Arnold Constable & Co Asso Dry Goods. ... Assoctated Ofl (new) Atchison. Topeka & 8 Fo Atch, Topeka & S Fe pf Atlantic Coast Line Atlantic Guif & W I Atlantic Refining Atlas Powder (new). Austin Nichols. ... Auto Knit Hoslery Baldwin Locomotive. Balt!more & Ohlo. . Baltimore & Ohlo pt. Barnsdall, Class A. Barnsdall, Class B. Bayuk Bros. Beechnut Packing Bethlehem Steel. Bethlehem Steel pf new. .. British Empire Steel 24 pf. Brooklyn Idison Electric. Brooklyn-Man Tran tr ctfs Brookln-Man Tr pf trctfs. Brookiyn Union Gi Burns Bros Class B. Butte Copper & Zinc. Butte & Superior. Butterick Company. California Packing Caltfornia Petrolm (new). Callahan Zine & Lead. Calumet & Arizona. Canadian Paclfic. Central Leather Co. Central Leather Co pf. Central Rallroad of NJ Cerro de Pasco Copper Chandler Motor-...... Chesapeake & Ohio Chesapeake & Ohlo pf. Chicago & Alton Chicago & Alton pf. . Chicago & East Illinots. Chi & East linols pf. . Chicago & Great Western. Chicago & Gt Western pf.. Chi, Milwaukee & St Paul. Chi, Milwaukee & St P pt.. Chicago & Northwestern. Chicago & Northwest pf Chicago Pneumatte Tool Chicago. R1& Pacific. Chi R 1& Pacific 6%. .. Chi R1& Pacific 7%. .. Chile Copper Chino Copper. Coca-Cola. Colorado Fuel & Tron. . Colorado Southern. . Columbta Gas (new) . Columbia Carbon. . Commercial Solvents, A Commerctal Solvents, B. Comput Tab Lecord Congoleum Company . . Consolidated Clgar. Consolldated Gas new. Consolidated Textile Continental Can. . Contifiental Motors Corn Products Ref. Cosden Company. Crucible Steel. uban-American Sugar. uba Cane Sugar. ... Cuba Cane Sugar pf. Cuban-Dominican Sugar uba-Dom Sugarpf. ... Cuyamel Fruit..... Davison Chemical Delaware & Hudson...... Delaware, Lacka & West. . Detro!t Edisan Dome Mines. Du Pont de Nemour: Eastman Kodak. Eaton Axle & Spr. Elcctric Storage Buttery Elk Horn Coal. Endicott-Johnson, Endlcott-Johnson p: Erfe Railroad. 1le Railroud 1st pr. ¥rie Railroad 2d pt xchange Buffet. - ue Players-Laskey amous Play-Laskey pf th Avenue Bu: Fisher Body. Fisk Rubber. Fleishmann Company Foundation Company. Freeport-Texas. General American Tank. General Asphalt...... General Asphalt pt. General Baking. General Clgar. . General Electric, General Electric special General Motors. . General Motors p! General Motora 6% de Gimbell Brother: Gimbel Brothers.pt.. Glidden Company Goldwyn Plctures, Goodrich (B F) Company. Goodrich (B F) Co pt Goodyear Tire & Rub pf. . Goodyear Tire & Rub pr pt. Granby Consolidated Gray & Davis.... Great Northern pf Great Northern Ore ctf; Great Western Sugar pf... Greene Cananea Coppe: Guentanamo Sugar. . Gulf, Mobile & Northern. Gulf, Moblle & North pt. Gulf States Steel. 284 7 25 22% 8% 108 148y 20% 3% 14 87 64 29% 78 16 18 28 6450 404 76 96 10% 131 11 128, 24%5 SRxw o % I |rs|nw —a PORaNna 29 13% b 914 4d% 66% 89% 81 Hartman Corporation..... Hayes Wheel. . Hendee Manutacturing. Homestake Mining. Household Products. Houston Oil. Hudson Motor Car. 1luppmobile Motor Car 1llinois Central. ... Independent Oil & Gas ... Indiahoma Refining. Inland Bteel. . Inspiration Copper Sse Interboro Rapld Transit.. Inter Agricultural pf. International Cement. Internat Comb Engine. Internat & Great North... Interndtional Har, new... Inter Merchant Mraine. Int Merchant Marine International Nick International Nickel pf. International Paper. International Sho Invincible Ofl. Iron Products. . Iron Prod ctfs. . Jewel Tea Jewell Tea p! Jones Bros Te 159. —— Kansas City Soulhern 28. —— Kayser (Jullus) & Co. 20% —— Kelly Springfield Tire..... 76 € Keleey Wheel. 29% 3. Kennecott Copp: |1l { o] [w2] [ ===[ =]+ =] | l‘““l I=1-11 l“l" = 5 AN Mp===-Sloretene Tire SRUIDT 6634 115 104 19% s 107% 110% 116 104% 193 124141180 106% 107! 23% 63 13 65 105% 108 14% 5% 13 49% 9% 40% 374 18% 68 38'% 55 26 23 281 €4 18 6572 16 6% 18 102 103 % 2% 38% 13% [ R Fle++i+ +HLb+ I ++ L+ bt |+t [ N N | LR SRS NEARE L LN 21% 0% 10 49% 334 228 56% n 1% 66% 178% B5 20% 94 1% 8% 40 120 6T 10% 19 30% 6 36% 146 847 16 584 657 27% 21 60% 14 4y 9 Té% . 88 287% 404 18% Dividend rates as given in the above table are the annual cash payments 5 42% 23 199% 19% 8% 62 el - |-~z:|~|-1||§:u~ Lott, Incorporated. .. Loose-Wiles Biscult Lorillard, P. Loulsville & N Melntyre Porcupine Mine: Mack Trucks. . Macy (R H) & C Magma Copper. Mallinson & Co. Manhattan Elec Supply Manhattan Elevated gtd. Manhattan Shirt. Maracalbo Oll.. Market Street Railway. Market St Rallway pr pt. Market St Raflway 2d p Market St Rallway pf Marland Oil & Refining. Marlin-Rockwell. Martin-Parry. .. Mathleson Alkall Maxwell Motor, Class A Maxwell Motor, Class B.. May Department Stores. Mexican Seaboard. Mexican Seaboard Miami Copper. . Middlo States Ol Midvale Steel. . M. St Paul & S 8M. Mo Kan & Texus new Mo Kan & Texas pf new Missouri Pacific. Missourl Pacific p Montgomery Ward. Moon Motors Mother Lode Coalition. Natlonal Acme. Natlonal Biscult. Natlonal Cloak & ‘iu’! pf.. Nat Department Store Nat Enamel & Stampg. Natfonal Lead. Nat Rwys of Mex 2d pt. Natfonal Supply Nevada Con Copper. . New Orleans, Tex & Mex.. New York Alr Brake N Y Alr Brake class A New York Central...... New Yorlk Chi & St Louis. New York Chi & StLipf. New York Dock......eeen New York, N H & Hart. New York Ontarlo & W Nortfolk Southern. Nortolk & Western. North American. North American pf Northern Pacific. . Nunnally & Compa Orpheum Circult Otis Elevator Otis Steel. Owens Bottle Pactflc Coast. Pacific Gac & Electric Pacific Mail Pacific Oil. . Packard Motor Car. Pan-American Pet Trans, Pan-Am P Trans Class B. Parish & Bingham. ... .. Pennsylvania Railroad. Penn Seaboard Steel People’'s Gas Peorta & E Pere Marquette. Philadelphifa C cmpany Philitps-J Phillips Petro Philip Morris & Co Plerce-Arrow. . Pierce-Arrow pf. Plerce-Arrow prior pf Plerce Oil. . Plerce Ofl pf Pittsburgh Coal. Pittsburgh & W Virginla.. Postum Cereal. Pressed Steel Car Producers & Refiners. Public Service new Puilman Co. Punta Alegre Sugar Pure Ol Railtwvay Steel S Ray (.nn~olld-’l(ed Copper. Reading < Reading 2d pf = Remington Typewrite Replogle Steel. Republic Iron & Steel Repubilc Ir & Steel pt Reynolds Spring. ... Reynolds Tobac Royal DN rehs Rutland pf. St Joseph L. St Loufs-San Francisco Sz Louts-San Fran pf. St Louls Southwestern. ... St Louis Southwestern p?. Savage Arme. PR Schulte Store: Seaboard Afr L!ne Seabonrd Air Line pf. Sears-Roebuc Seneca Copper. hell Trad & Tran hell CUnion O11. . Shell Unton Oil pf Simms Petroleum. Stmmons Co.. Sinclair Con Oil Skelly O1l. Sioes-Sheffield Sti & Iron South Porto Rico Sugar. Southern Pacific. . Southegn Rallway. Southern Rallway pf. Splcer Manufacturing 8tandard Oil of Californi Standard Oil of NJ. Standard Oil of N J pf Sterling Products. ... Stewart Warner § 3 Stromberg Carb. Studebaker. .. Submarine Boat. Superior Oil.. = Sweets Co of Americ Tennessee Cop & Chem ‘Texas Company . 4 Texas Gulf Sulphur.. Texas & Pacific. . Texas & PactfcC &' ° Third Avenue Tide Water Ofl. 3 Timken Roller B Tobacco Product: TobaccoProductsClass A. Tobacco Products pt- Transcontinental Oil..... Underwood Typewriter. Union Bag & Paper. Unon Pacific....... Union Pacific pf.. .. United Alloy Steel. United Cigar Stores. United Fruit. United Railway Tnvest. United Rwy Invest pf. USCCIP & Foundry USCIP&Fdy pt United States Food Prod. U 8 Hoffman Machine U 8 Industrial Alcohol United States R & Imp. United States Rubber. U S Rubber 1t pf.. USSmelt R&M.. USSmeltR & Mpf. United States Steel United States Steel pf.. Tnited States Tobacco. Utah Copper. Utah Securities...... Vanadium Corporation. Virginla-Carolina Chem. . Va-Car Chemlcal pf. V¥ Vivaudou. Wabash.. Wabash pf A.. ‘Wabash pf B... 4 Waldorf System (new) Weber & Helbroner. Western Maryland Western Maryland 2d pt.. Western Pacific. . . |m|~|~f—w=«=lmw-~|~1“|-w|—§m||-|t~|rwmwlli|~!|~»||1«»—m=|1»- R o - S| anle woe o S wI“ll“”ll Claad o & I o ey 2 BusZon | asefa] | Western Union Tel Westinghouse Air Brak. West'ghouse Elec & MIg. Wheellng & Lake Erf Wheeling & Lake E pf. White Eagle Oil. White Motors. .. Wickwire Steel Wilson & Co. .. Willys-Overland Willys-Overland pf. Wisconsin Central 8 Woolworth (F W) Worthington Pumj 1 Wright Aeronautic: b5 Youngstown Sheet& T. 84 60% i 172 54% 208 111% 89 17% 82% 65% 30 29 38% 1% 42% 25 12 6% 29 41 27% 5 31 40% 43% 12% 8t 8% 64 176% 0% 18% 89 66 30% 31 41% 33% 26% 13 FhL A be hhbe bt PA LA+ 444141 (N +4 1 414+ = R R 4404 FL L 4]+ Lttt +Httttt R GDM# 1 109% 104% 108% 90 108 100% 103% 100% 106 103% 106 67 938 100% 1124 100 97 97 1024 108%, 101 98 94y 98 T4% 93% 96 988, 97% 100% 98% 101% 44 8ot 85 107 ql 9014 8474 93% a1 845 86% 86% T2% 74 74 74 4745 Adv 9315 100 6614 2% 106 97 o4 96% 81 94 11215 988 96 5% 100 based on the lats rterly or half vearly declarations. Unless otherwise| 884 et SAKE 9% SDICia) dividese ain Dot Lacluded, SIMIUT aXtia 86% 97 81, 864 103% 98% 1084 831 99 101 102% 100 108% 103% 106 623, f28 96% 110% 99 98Y 975 93 101 93 Belglum 7%s 1945 93% Belgium 63 1985 91 Belgium 8s 1941 69 Bordeaux 6s 193 91% Brazil 8s 1941 99 Canada Gs 1925, 100 Canada 5%s 97% Canada 59 19 100% Chile 81 1945 100 Chile 8s 1926 100 Chile 8 1941. 41 Chinese Govt Ry s 86% Copenhagen 514 1944 75 Czechoslovakla 83 1961. 107 Denmark 8s 1945 931 Denmark 6s 1942, 921 Dutch East Indics 68 1947. 924 Dutch East Indies 63 1962. 83% Framerican Ind Dev 1‘55 1942 814 French Govt fs 194 . 85 French Govt T1js 1 71 Holland-American & f 63 90% Japanese 15t 45 1925 90% Japanese 24 4148 17 764 Japanese 4s 1931.. 3% 69 69 424 25 907 109 634 103% Lyons 6s 1934. Marseilles Mexico bs 1954.... Mexlco 45 1954. ... Netherlands 6s 1972 Norway 8s 1940, . Parts-Lyons-Med 63 1958. Queensland 7 1941. 100 Queensiand 6 \3‘7. vee 88 Rio de Janeiro 83 1946. 95% 8no Paulo, State of, 85 1936 Seine, Dept of. 1024 Sweden 65 1939 . 111% Swiss Confed s ¢ 106% United Kingdom 5% % United Kingdom 5is 192 NDUSTRIAL AND MISCELLA Amer Agri Chemical 7ts 1841 Amer Smelt & Ref 1st 58 104 Amer Bugar Refining s 1937. Amer Tel & Tel cl tr §s 1946 Amer Tel & Tel cl tr 4s 1829 Armour & Co 4%s 1939.... Atlantic Refining deb Gs 1987. Bell Tel (Pa) ref s 1948.. Bethlehem Steel p m 53 1936 Bethlehem Steel s £ 65 1943. Brooklyn Edison 78 D 1940 Central Leather 58 1926 Cerro de Pasco 8s 1931. Chile Coppr= 6s 1932.. Cons Coal (Md) 1st ref 5s 195/ 1934, 4 Cuba Cane Bug cv deb 8s 193(. Detroit Edison ref 63 1940.. Du Pont de Nem 7%4s 1931. 3 Empire Fuel & Gas 71s 1937. General Electric deb 6s 1952 3 Goodrich (B F) 6%s 1947 ~ Goodyear Tire §s 1931.... Goodyear Tire 8s 1941... Humble Oil & Ref 533 1082. Indinnl Steel s 1952. ... Inter Mer Marine 65 1941 Inter Paper 5s B 1947. . Kelly-Springfield 8s 193 Lackawanna Steel G5 1850. 5 Liggett & Myers 658 1851. Manati Sugar s £ T%s 1943 idvale Steel Gs 1936. ew England Tel 58 1 978 964 98y 6% 947% 998 100% 991 104% 102% . 106% 464 BT% 93 107% 94k 954 9414 97 Jergens Utd Margarine 63 1047. ew York Edison 1st 614 1941, N Y Gas ELH & P 6e 1948. New York Tel 6s 1941 New York Tel 43;s 1929. orth American Edison 6s 1952. Pacific Gas & Elec 58 1942.. Pacific Tel & Tel b8 1952 Philadelphia Co ref 68 1044. 5 Public Service 68 1959 Sinclair O1l 78 1937 Sinclalr Crude O11 South Porto Rico Sugar 75 1941. Union Bag & Paper 6s D i United Drug cv 8s 1941.. S Rubber 1st & ref 5s 1947 U S Rubber 7135 1830. U 8 Steel 8 f 55 196. Ttah Power & Light 53 1944, Va-Carolina Chem s f 7s 18. Va-Carolina Chem 734s '37 war. Western Union Tel 618 1936 4 Wilson & Co 1st 63 1941. ... Wilson & Co cv 7 RAILROAD, 4 Atchison gen 48 1895 Atlantic Coast Line 1st 45 19 Balto & Ohio pr In 3138 1625 Balto & Ohio gold 43 1948 Balto & Ohio 6s 1929. Balto & Ohlo cv 414s Balto & Ohio ref bs 1995. B&OPitts LE & W Va B & O Southwn div 338 1 nadlan Northern 6ias 1945 Canadian Pacific deb 4s. % Central Pacific is 1849, Chesapeake & Ohio cv b3 1946 Chesapeake & Ohio cv 4%y 1 Chesapealke & Ohlo gn 4.8 1 Chicago & Alton Us 1949..... Chicago & Alton 338 18 Chi B & Quinc: Chi & Iiastern 11l gen 58 1951. Chi Great Western 4s 165 Chi M & §t Paul ref 4135 Chi M & St Paul cv 14. Chi M & St Paul ov 4346 193 Chi M & St Paul gen 4% Chi & Northwestern 61 4 Chicago Rallways Gs 1. 5 Chi R I & Pacific ref 4s 1934 Chi Unfon Station 6138 1963. : Chi & Western Ind con 4s 1952 € CC &St Lref 8s A 1929 4 Cleveland Term 5%s 1 Colorado & Southern 413s 1935 Cuba R R s 1852 Delaware & Hudson 5% Den & Rio Grande con 48 1936. nde 1st ref o3 1435 Den & Rio 4 Erfe 1st con s 1996. rie gen lien 4s 1996. Erie cv és A 1953. Erfe cv 4s D 1953 3 Grand Trunk s f deb 63 1936, 4 Grand Trunk 7s 1940. S Great Northern gen 7s 1936. Great Northern gen 5%%s 1952. Hudson & Manhattan ref &s 19| 2014... Hudson & Manhattan adj 6s 1957 Tilinols Central 5%8 1934..... Inter Rapid Transit 6s 1966. % Inter Rapld Transit cv 7s 192 Tnter & Great Nor adj 6s 1852. Kan C Ft Scott & M 4s 1936. Kansas City Southern 3s 1950. ¥ ansas City Southern 6s 1950. Lake Shore 4s 1928 4 Lake Shore 48 1931 Lehigh Valley 6s 1928 4 Louis & Nash unified 4s 1940 Louls & Nash 1st ref 5l4s 2003 Market St Ry con s 192 g Mil Elec Ry & Lt Ist ref s "61 M St P &SSM8k%s 1931 Mo Kan & Tex 1st 4s 1990. Mo Kan & Tex pr In 5s A 1962 48% Mo Kan & Tex adi 6s 1967 85% Missouri Pacific 6s 1949 4T% Missour! Paclfic gen 4s 1976. 72% N O Tex & Mex Inc 6s 1935 101% New York Central deb 6s 1935. 86 New York Cent deb 4s 19; 921 New York Cent ref Imp 68 2013. 52 N Y N H & H cv deb ®s 1948. 27 New Haven deb 4s 195 82% N Y West & Boston 4%4s 101% 102% L 86% Norfolk & Western con 4s 1996.. 107 58% 81% 102 991 90% Norfolk & Western cv 68 1929. Northern Pacific 35 1947 : Northern Pacific 4s 1997 Northern Pacific ref imp 6s 2047 Ore Short Line gtd Gs 1946. . Ore Short Line ref 4s 1929. 12 Points—Rails Sell Off. Oils Do Better. !0ne of Most Active Saturday Ses sions of Year—Sales Run Above 700,000 Shares. | Bx the Associated Preas NEW YORK, December & ng of high priced tobacco Ities, many of featured today's brief sessfon of ti stock market. Tt was one of » half-holiday gessions th vro established b hich closed 12t points higher. at 240; 1 Schulte Store 2 = and O Kreag ; Armor o preferred, at M G t 197, and by Natio 3 Overland commen. Taubul Fro rply on prof taking in the 1 Qealing: Ralls Drop at Close. Railroad shares cnjoyed a brief terval of strength, .but the he selling of the Northwestern carrier apparently based on speculative few of a reduction in the freight rates o grain, as suggested in the Preside address to Congress, a reaction before the close. Loss of a point more were register by Chicago Northwestern common cferred, Om and Northern Central jumped 9 point nover. industrial shares falled 1 h progress, United Stat 1 common, Baldwin and Americs n all showing fractional recession Studebaker showed 4 nominal gain buving took place in otha itive grour being record ewart Chandler ppea more than a point Independent Ols Improve. independent oil stocks tmproved Mote discounts and )0 in net - of m reserve b and time dep 2 Aggregate reserve tof e of $12,541 | exchang Dem; cent neld" fir orny principal oy slight rece BALTIMORE PRODUCE. BALTIMOR Md.. .—Demand for strictly fres nd ¢ ezgs showed im provemer he past two with the that prices ad: and the d firm today ral lve poul mark: to firm er a fair 1y moderate 1. 1 Mgh wee “0ld_roosters, x' 14 And 15. 1 bring top qu nd thin have Ducks sell all. while gees 0 and 21 for poc tations, whi { e yharply dis i 4 nd 18 or the forme z and 0 With th »% chickens and fancy 8% | dressed pountry will not bring an 5 {more than live and under prevad 5| weather conditions only light st ments are advisable Receipts of white potatoes contin liberal and the market in consequen: ander only a fair demanr {for 100 gradea stoc 1.25 to 1.1 per 100 pounds, and 75 to 1.00 for X ion of 96 | 81 sack as to qualit and cond Sweets and yams ar- in only ate receipt and with d- mand good the market rules steady 4.00 to 450 a barrel for the form 30 1o 1.00 the latter. N k of both sells mostly 1.50 to | while bushel haskets bring 1.30 to 1.75 14-8 Dbaskets, 30 to 90 Native arby gard | modera and prices firm ar the bringing 1 truck follow M to 5.00 hun ¢ ule, 10 €00 to 690 hundred to 40 bush 50 barrel: _‘u-v hundred to . 7.00 ory bushe pounds hundred . pumpk iach, RO to parsnips 10,00 to bushel, market rules c with mand cente entirely brands of ock a barrel for packed stoe bushel. while loose ing mo ed pounc on known |FOREIGN EXCHANGE WEAK -Spirited sharés which high levels for the year, the car, total sales running over 700,000 Tobacco Prods at 11633 United brought abou' wing (o the chur December A geese and duclye for mos: to 25 moderate de- Ore-Wash 1st ref ds 1961 vania gen 6s 1963. Pennsylvania gen 4%s 196i Pennsylvania 61s 1936. Peoria & Eastern inc 4s 1990 Pere Marquette 58 1950 Reading gen 4s 1997.. em Rio Grande Western clt 4s 1949, L 43%s 193¢ S8R & G 45 19 67% St L 89% Seaboard Alr Line ref 4s 196: 223, Beaboard Air Line adj 6s 194 58% Beaboard Alr Line con 6s 1945 90 Southern Pacific cv 4s 1929. . 83% Southern Pacific ref 4s 19565.. 77% Southern Pacific col 4s 1949, 92% Southern Ry 1st bs 1994 6614 Southern Ry gen 48 1956 100 Southern R+ dev 63s 1956 39 Third Ave adj 5s 1960 881 Union Pacific 1st 4s 1947 94% Union Pacific cv 4s 1927. 90% Virginian Ry 1st Gs 1962. 93% Wabash 1st s 1939 6% Western Maryland Western Pacific 58 1941 FINANCIAL JOTES YORK. Dece . Edison is_quot roads of 1! § moer ST wnnually by adoy ice on branch lines Rallroads fix 3 est possible valy upon their properties States as of December Marshal) K““uww s uld be plac in the 31 nex 72% . Company 47%. A.‘;'s ast werk, vear ago. Collec COTTONSE iD OIL DROPS. 11 to 17 points net lower. gg%‘ barrels 79% 9. 0,000,000 as low- United reports distribution dry SilewW. spot nominal: March, 11.70; |