Evening Star Newspaper, December 12, 1923, Page 28

T 28 b FINANCIAL CENTRALIS FEATURE N STOCK MARKET North Western Also Gets At- tention Among Rails—Steel Common Is Active. BY STUART P. V jul Dispateh to The Star. NEW YORK, D er 12 the individual moves in today’ market three were particularly note- worthy., The first was an overnlght jump of two points in w Yor Central, which 1d at 107 right at the opendng at the cl Tuesday. The sccond was a period of active buying in United States common, which carried the stock up point. The in Chi- Sowing previous St Among stoek as against 105 to 96, a gain of third was a partial ad North Western point the over recover: break o inins Loxt. New itral promptls lost its carly n the ouncement of the new financial plan. The street had been expecting a distribution of the Cent holdings of Reading rights and wa not disappointed in the or t e 50 at the wominal figure « per right in proportion to th ount York Central held his, with ¥ ings tiahts well abov ously a valuable privile companying proposition of cont inereas: W York Stock itself- fered to holders at par—had heen reached middle of November ing price like the Ay larg ndise Early York ¢ on < not to be decting purchas and remi debt. Mainly, it rsion of francs ground that until becomes now this the war to the conv nto dollurs on t the repar: brighter oD reign Exchange Stends. rket paid no at- shington reports was ving the two in- which the proposes to on ik than is ation. ms mmittees ymmission gend i rm. Furt vember trade imports hrown upon the iing by the No- the British board swed an inerease 000 pounds over turn, _increa ptember 2 veflectio Amer figures ¥ pure Jut w in 8 0 pounds less In were the month 1 unfavora- ndise siderably the Data on S earnir and t quarters dividend may be soon, instead with an incoms inal_approxim 1in dividends, he income statement of the Cuban erican Sugar Company for al year ended Septembe contribution to th ding the sugar trade. Por T the company showed charges and pre- equivalent to § ; 10 par value stock. ational Nickel had one of its it butl characteristic moves With apparently no..news. to for advanee. This is pany stock listed . and this is regarded twice the account ts the only al incent- the wer 11 olle motor parts stocks the Hayes Wheel, which Pool operations, and ring, which gained got @ Timken & point re was some furthe in the su te markable annual r American Company. nying for nduced by jort of the a time Cuban MARKET CLOSES STRONG. Corn Products Jumps Six Points in Last ‘Hour. ated Pre NEW YORK. Decemby support w issues in forthcoming today’s stock which umed its move to ground. Bullish demonstrations ducted in the food, motor, stee] rubbe despite intermittent e dakine ales approximated 0,000 shar - closing was strong. ing of Corn Products, wh £iX points, was the feature of the late de DRURY BUYS STOCK OF EXCHANGE BANK Institution Capitalized at $50,000 May Be Branch of Merchants’ Bank. d ket rer of the con lxchange 0th northwest, of olling interest Bank of Washing- Pennsylvania avenue ving with it the resig- sidant H. H. Hevenor, ated shortly after noon by Peter Drury, president of the Merchants' Bank and Trust Com- pany of thi No monetary con- siderat announced. The ze Bank is capitalized at $a0, with surplus dnd undi- vided profits of approximately $17,000, and has deposits aggregating ap- proximately $800,000. Mr. Drury. while in dis- cussing the transaction, is understood to have acquired the institution for his personal interest. While no an- nouncement was made on these lines, understood the present offictal sonnel of the acquired bank, with ption of its president, will e in force, under the supervi- m of the Merchants’ Bank and Trust Directors of the ge Bank will meet this after- , #t which time members of the werning of the Merchants' Bank will at and reticent hat Mr. Drury will Exchange Bank as a conforming with the of the Attorney General o anking. The capi- tal stock hange Bank is of $i0 par value, while it is quoted on the unlisted departments of the local stock exchange at $13 “bid.” The new acquisition materially strengthens the District banking situation. Mr. Hevenor, the outgoing head of the Exchange Bank, is & rela- tively new pe nage in_ District banking fields, having come here from atc rafch Nt e regard: Adams Express. Air Reduction. . | Ajax Rubber. | Alaska Gold. ... Alaska Juneau.. Allled Chem. ... Allls Chalmer; Am Agr Chem Am Ag Chm pf.. Am Beet Sugar. Am Beosch. Am Can |Am Canp Am Car & Fdy Am Chain (A).. Am Chicle Co. .. Am Chicle pf. Am CotOpf ctis Am Druggist. Am Express. AmH & Lea pf.. Amlce. . Am Internat’ Am La France Am Linseed. Am Linseed pf Am Locomotive. Am Loco pf. Am Metals. [AmEsdiator, Am Ship & Com. Am Smelting. Am Smelt pf Am Shuft Am Steel Am Sugar. Am Sumatra. Am Tel & Teleg. Am Tobacco. . Am Tobac (B) AmW W 7% pf. Am Woolen. ... Am Woolen p! Am Zinc & Lead Am Zinc&Ld pf. Anaconda...... Armour of Del pf. Arnold Constab. Assets Realizn. . Ass0 D Good Associated O! Atchison. . Atchison pf..... Atlan Bir & Atl. | Atlan Cet Line... i Atlantic Fruit Atl Fruit stfs... { Atlantic Guif. 1 At1Gulf pt Atlantic Ref.... Austin Nichols. | Auto Knitter. Baldwin Loco Balto & Ohlo. Balto & Ohfo pf. i Barnescall (A). Barnet Leath. .. Beechnut Pac Beth Steel. | Bklyn Edison. .. Brilyn-Man Tr. Brkin-Man T pt. Bklyn Brunswk Term. Buff Reh & Pitts. Burns Bros (A). Butte Copper. .. Caddo Oil. Calif Pack Calif Petrol. Calif Petrol pf.. Callahan Zinc. . Calumet & Hecla Canadian Pac... Case Plow Wks. Central Leatn Cent Leath pf... Cent RR of NJ.. Cerro de Pasco. Chandler Mot.... Chesap & Ohlo. . Chi & Alton..... Chi & Alton pf.. { Chi & East Ill. Chi & E 111 pf. Chi Grt West. Chi Great W pf. Chi Mil &St P.. Chi Ml &St P pf Chi & Northwn.. Chi Pneu Tool ChiR1& Pac... Chi R I&P T9%p1- CStPM&ODE.. Chile Copper.... Chino Copper... CCC&StL. Cluett Peabody. | Coca-col { Colo & Soutn. Columbia Gas. ... Columbn Carbon Com Solv (A)... Com Solv (B). Comp Tabulat. . Congoleum Co. Conley Tin Foil. Cons Cigar.. Cons Gas of NY. Cons Textile Cont:Can Cont Can pf. ! Continental Mot Corn, Products. Corn*Prod pf. { Cosden & Co | Crucible Steel Crucible Stl pf.. | Cuban-Am Sug. Cuba Cane Sug. Cuba Cane Sp Cuban Dom'can. Cuban Dom pf. Cuyamel Fruit.. Davison Chem Del & Hudson. .. D Lack & West. Detroit Edison.. Dome Mines. ... Dugont (ET). Douglas Corpn.. Duquesne 15t pf. Eastman Kodak. EatonAxle &8p. Elec Stor Bat. Endicott-Jehn. . | Endicott-J pt... i Erle Erie 15t pf. . | Erle 2d pt. Fairbanks Co. | Famous Players | Famous Play pf. Fed Mines & S. . Fifth Ave Bus. .. Fisher Body Fisher B of O pf. Fisk Rubber. ... Fleishman. .. ... { Foundation Co.. ! Freeport Texas. Gardner Motor.. Gen Am Tk Car. Gen Asphalit. Gen Cigar. Gen Electric | Gen Elec spl Gen Motors. Gen Motors p! Gen Mot 6% del Goldwin Corp... Goodrich. . Goodyear pt Goodyear pr pf.. Granby Consol.. Gray & Davis... Gt Northern pf.. Great Nor Or Guantana Sug Guif Mo & Nor.. Gulf St Steel. ... Gulf 8t 1st pf. Hartman Corp. . Hayes Wheel. Hendee Mfg. Househ'd Prod. . Houston O11. Hudson Motors. Hupp Motors: Hydraulle Stl. .. 11inbis Central. 111 Cent pf £ pd.. Ind Oil & Gas. Indiahoma 2 Indian Refining. Inland St Inspiration. Interb Rap Tr. {In Ag Chemical. In Ag Chem p* Int nt In Combust | Int & Grt North. Int Harveste Int Mer Marin Int M Marine pf. Int Nickel. . ‘int Nickel pf. Intl Paper. . Int Tel & Teleg. York approximately a year and a hntlxnnrpw Corp., g0y oy 0% 167% 23% 14% 49 27 5 a1 415 882 22% 11y 16 820, Chi & Nwn pf... ] Close. 5% 6T% | 7 3 1 67% 45% 11 854 40% 373 104% 1105 168 23% 144 49 126% % 161% THE EVENING Received by Private Wire Direct to The Star Office. ! NEW YORK STOCK EXCHANGE Open. High. Low. Close. 10% 10% 10% 107 51% 531 49 | Invincible o1 Iron Products. Iron Prod ctfs. . Jones Tea Kansas & Gulr. Kansas City 8. . Kansas C So pf. Kayser (Jullus) Kelly Spr Tire. Kennecott. Keystone Tire.. KinneyGR..... Lee T & Rubber. Lig & Myere pf. Lima Locomo. Loews Inc. Loft Inc. | Loose-Wile Loose-Wiles pf, Lorlllard (P). .. Louls & Nash. .. MeCrory Stor pf Melntyre Por., Mack Truck: Macy Co. . Mugma Copper. Mallinson & Co. Manhatn 1] gugr Manhat Sbirt. .. Maracalbo Oii. . Market St Ry Market St prior. Marland Ofl. ... Martin-Parry . . Mathison ATkili. Maxwell (A). .. Maxwell (B). { May Dp Stores. Met Edison pf. . Mex Seaboard. .. Mex Seabd ctrs. Miami Copper. Middle St Ofl, Minn & StL..... Minn StP & S8AL. {Mo Kan & Tex.. Mo K & Tex pf. . Mo Paclfic. . Mo Pacific pf. Mont Power pf. Montg'y Ward.. Moon Motors. .. | Mother Lode. Nat! Acme. Nat Biscuit, . Nut Cloak & S . Natl DeptStores Natl Enamel Natl Lead Natl Ry of M | Nat Supply. . | Nevada Copper. | N Or Tex & Mex. NY Air Brake. . N Y Canners. . N Y Central.... NYChi&StL.. NY Chi & StLpf. NYNH&Hartfd. NY O & Westrn. orfolk South. . { Nort & Western | North Amer. ... 25 Y 19% 52% 35 334 ey 3% 62 18% 17 65% Oklahoma Prod. | Ontarto Silver. Orpheum Circuit. Orpheum Cri pt Otis Elevator. Otis Elev pf .. 1 Otis Steel...... Otis Steel pt.... Owens Bottle Pac Gas & Elec. PacificOll. ..... Packard Motor. Packard Mot pf. Pac Tel & Tel... Pan-Am Pete. .. Pan-Am P (B). Pennsylvania... Fenn Seabd Stl People’s Gaa. Pere Marquette. Philadelphia Co. Phila Co pf. . Philip Morris! Phillips Pet Phoenix Hoslery Phoenix Hos pf.. Plerce-Arrow... Pierce Ar prior. « | Plerce Ar pf.... 49% 104% | 7 145% | 121% 32% 66 90 32 143 65% 6% 45% 65% 7% 108 115% 104% 19% 132% 124 103% 108% 24% 6315 €5 113 20% 29 26% 3% 70 87 9% 9% 176 99 8% 46% 67% 12% 5% 46% 343 86% 197 10% 15% 80 814 9% 28% 40 0% 12% T 6% 28% 6% 15 8114 100% 40% 41% 201 3% 61% 28% 22 % 102% 108% 6 2% 4 37% 24 % 5 | Tide Water OIl.. Plerce Ol . Plerce Ofl pf. Pitts Coal pf Pitte & W V. PIUSRW Vap Postum Cereal.. Produc & Ref Pro & Ref ctfs.. Pub Service Pullman Co Punta Alegi Pure Ol Ray Con Copper. Rezding. .. { Reading 1st pf.. | Reading 2d pf. B85% 26 21% 44 122% b4 18% 11% T8% 55% 55 18% 48% 923 24u 72% 25% 22% 43% 122% B3% 18% 11% 8% 56 55 13 4T% 9234 24 72 497y 35 22% 19% 4214 33% | Replogle Steel. Rep Ir & Steel. . Rep Ir & Stl pf. Reynolds Spr... Rey Tobac (B) Royal Dutch. Rutland Ry pf.. St Joseph Lead. . St L&San Fran.. St L&San Fr pf. St L Southwn St L South pf.... G8% Savage Arms... 34 Schulte Stores. . 108% San Cectl Sug. 2 Seabd ALpf. 14% Seneca Copper.. 5% Shell Tr & Tran. 83% Shell Union 16% Shell Union pf.. 91 Stmmons. ... 26% Simms Petrol 11% | Sinclalr ofl. 23% ; Skelly O11 . 2% Slosa-Sheffleld.. 59 Sloss-Sheff pf... 84 | S0 Porto Sugar. 59 | South Pacific... 87% | Southern Rwy.. 874 | Splcer Mfg Co... 15% Spicer Mfg pf... 92 Stollof Callf... 56 StandOllof NJ 35% Stoflof NJIpf. 116% Sterling Prod 8% Stern Bros pf... 115 | Stew'd-Warner. 89% Strombg Carb... 824 Studebaker-. .... 106% Submarine Bt.., 11% Superior Oll. 28 SweetaCoof A.. 8% ‘Tenn Copper 9 Texas Company, ' 41% *Tex Pac Ld Tr. 295 Tex Gulf Sulph. 584 Texas & Pacific. 19% Tex & PC&Oll. 9 114 38% 8% 91% 2% 61% e 127% T1% 187 179%: 1 36% 3% b6 82 81 19 62 931 100 373% 89% 94% Timken Bearing Tobacco Prod. ., Tobacco Prod A. Trans Cont Oil.. Union Bag & P.. Unlon OMl. . Unlon Pacific 1% 187 11 36% 34 82 3% 62 100 89% 94% 63% 29% 28 8% 4% 29 18% 11% 84% 89% 9% 17 16% 59 ¢ United Fruit. United-Ry Inv. Utd Ry Inv pt. Utd Retail Strs. U S Cast I Pip USCastIrPpt. U 8 Food Prod. . U S Hoffman M. U S Indus Alco. U S Rubber. U S Rub 1st pf.. Va-C Chem pf... Vivadou... Western Md 2d. West Pacific. West Pac pf. West Air Brike. . 16% 59 85 85 61% 61% 60% ™ %% - “ RAILROAD BONDS . ARE WEAK TODAY Northwestern’s Dividend Cut Still Felt—Sugar Issues " Strong. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 12.—Bond quotations moved irregulurly today. The reaction which came into the rallway list late Tuesday following the cutting of the dividend on Chi- cago and Northwestern stock con- tinued today. how the bonds of the Northwestern which were most affccted. These were indeed frac- tionally lower, both the long-term low-coupon and the short-term high- coupon Issues; but this appeared to be Aue more to doubt whether the bonds would be continued on the list of le- gal investments for savings banks than to any other cause. The state- ment of u Northwestern official that the dividend rate on the new basls wus 4 and not 3 per cent, as at first Understood, would preserve the legul status of the bonds, Other Ratlx Weak. Obligations of other railroads i the northwestern part of the country e weak, nota the Chicago, Terre Hauts and Southesstern 55, & new block of which was offered Tues- day at 8015 They broke to 75 today. All the St Paul bonds were weak, and it is the St. Paul which guaran- fees principal and interest on the Terre Hay issue. Erle gen @l 4« and convertible . D 4s were firm, while there we large transactions in New Haven franc 13 at higher prices Missouri Pacific 4s also rallied from Tuesday's low. Senti- ment toward Missourl Pucific seeur- itles has improved in the last few weeks. w York Central debenture ith the xtock, into which convertible. The conversion fon is that $105 in bonds may nged for $100 in sto - are $100,000,000 of these bonds £ which woald doubt- provided substantially price prior to v o1, the conversion privilege exy annot be call- ed for redemption below 110 Sugar Obligations Strong. In the indust list tern Cuba Sugar 7138 were strong, as were most of the sugar bonds Probably the good report of the Cuban-American Sugar Company had something to do with the interest Shown in this group. International Mercantile Marine 65 were heavily #old around Tues y's low price. High-grade investment ues, includ- ing llbertys, W e fairly steady Txcept for a further advance in Bolivia 8s there was little to note in the foreign department. The principal new issue of the d: was $5,000,000 in Virgintan Railw, |first mortgige os. due 1852, at 94, % per cent o yield about COTONGROPPUT AT TOIHBAS r's cotton crop was esti- mated today at 10,051.000 bales by the Department of Agriculture. The last forecast of this year's crop, made by the Department of Agriculture on November 2 from the condition of the crop on October 25. placed the production at 10,248,000 i bales. Today's report .was based on j reports of correspondents and field statistictans and from the present ad- { vancement of picking and ginning, considered with ‘actual ginnings to December 1, which amounted to 9,- 243,917 running bales. Last year's crop totaled 9.161.817 bales, that of + 1921 was 1641 bales and the 1920 crop was 13,439,603 bales, while the average for the five years, 1915 to 1919, was 11,481,084, and for the five vears, 1910 to 1914, was 14,259,231 bales. The average weight per running bale this vear is estimated at 498.7 pounds gross, compared with 501.7 pounds in 1 and 4985 pounds in 19 BETTER UNDERTONE IN COTTON TRADIN By the Associated Press. NEW YORK, December 12.—The better tone which had developed in the cotton market yesterday was in evidence again this morning. Liver- pool was again better than due, and the market here opened firm- at an advance of 22 to 31 points on the higher cables and continued cover- ing. January sokl up to 33.76 and May to 34.35, or about 33 to 38 points net higher, before the initial buying orders were supplied, and while this advance was followed by slight re- actions the undertone was steady. Trading was comparatively quiet, be- ing restricted, probably by lingering uncertainty as to the probable show- ing of the government's crop report due this afternoon. Advances in New Orlemns. NEW ORLEANS, December 12— Early trading in cotton today brought about advances of 33 to 39 points, The January position rising to 33.70 a pound. Values were supported by a better Liverpool market than due and by new buying, although the new demand was somewhat restricted by uncertainty over the government's estimate of the crop. Some demand arose from continued wet weather in the northwestern section of the belt and from accounts of & good gpot demand in Texas markets. Cotton Breaks 95 Points. NEW YORK, December 12.—Gov- ernment crop estimates reported to- day were larger than expected and cotton on the local market broke 50 to 95 points, carrying January to 32.90 and March to 33.10. At the de- cline there was heavy commission house and mill buying, which caused moderate rallies. Later the market became very strong, advancing 140 to 165 points from the bottom and fully 100 points over last night's close. The demand from spinners was a big factor and it Was estimated that among the visit- ors gathered on the exchange to Witness the report today were repre- sentatives of New England southern cotton mills valued at $100,000,000. ————————————————— Wheel &LERf.. 16 15 15 15 White Eag Oll.. 24 . 24 24° 24 67 56% 67 % 8% 5 % % % 2% 2% 2% 23% 21% 23 willys-Overld.. 9% 10% 9% 10% Willys-Overlpf 76 78% 7ok 78% Wisconsin Cent. 38% 38% 38% 388% ‘Woolworth..... 279 279% 278 278% Worthington... 25% 25% 25% 26% Wright Aero 2% 12% 12% 12% *0dd lot. High. Low. Last. Call Money..... 5 4% % HOURLY SALES OF STOCKS, 11 am.....318 900 1pm..... 648 200 12m......548 200 \ 2p.m..... 783 400 I ON NEW YORK STAR, WASHINGTON, D. C, WEDNESDAY, DECEMBER 12, 1923 BONDS stocx excaavee] Received by Private Wire Direct te The Star Office. (Sales are in $1.000.) 1 UNITED STATES BONDS. represent (Fractions Example: thirty. 98-3 means 98 3-32.) Sales. High. 99-31 Lib 3y Lib 1st-2¢ Lib Ist 434 Lib 2d 4%s Lib 3d 4%s. JLib 4th d%s US4%s1952. 299 : 49 78 145 1742 391 68 Bales. High. Lo Argentine 7s...... Austria7s. .. Belglum Tis Belgium 6s. Beigium 8s. Bern 8s.... Bolivia 8s. Bordeanx 6s. Brazll 7; Braail 85 Brazil 73%s. ... Canada bs 1926 Canada 5%s 1928 Canada 58 1931. Canada 58 1952 Chile 85 1946 Chile 85 1926 Chile 85 1941. Chinese Gov Ry bs. Copenhagen 5%s Cuba b¥es ctfs. Czechoslovakiu 8s. Denmark 8s Denmark 65 Dutch EI5%s. . Dutch East 1 6s5'47. Dutch East I 65'62, Framerican 713 French Govt § French Govt 7%s. . Halti 6s 5 Holland-Amer 6s. . Italy 618 1925. Jupanese 4s o Jergen UM 6s°47.. Lyonts...... Marseille 6 Mexlco 5s. . | Montevideo 7 ctheriands 65 | Norway Norway 6s 19 or! Paris-Ly Med 6s. |l'ru|,uv‘ 7 . Queensland 7s.. Queensland 6s. . Rio de Jan 8s 1946, Rio de Jan 88 1947, Rio Gr Do Sul 8s. Sao Paulo State 8s. Seine Deptof 7s. .. Serbs Croats Slo 55 | Ud Kingm 5% 57. Ajax Rubber 8s. .. Am AgrChem Ths Am SmlL&R 18t 55. Am SmIt&R b Am Sug ref 6s. AmT & Tey6s. ... Am T & Tl trbs.. Am T & Tcltr4s Am Writ Paper 6 H Anaconda cv db | Anaconda 1st 6s. .. {Armour & Co 433 { Armour of Del {ass0 Ol 65 rets, Bell Tel Pabe . | Beth Steel 5%s '53. | Beth Steel rf 5x.... Beth Brier B St 1st 5%5. Bklyn Edison 75 D. Bkiyn Ed gen 6s... Bush T Bldg 55 '60. Calif Pete 648 w 1. Central Leather 58. Cerro de Pasco 8s. . {Chile Copper 6s Commonwth P 68 Con Coal Md 1st 5s. Cuban-Am Sug 8s. Cuba. Cane cv d 8s Cuba Cane cv 7530 Dery (D G) 7s. ison ref 6x. Du Pont de N ¢ % Duquesne Light 65 Est Cuba Sug 7%s. Empire G&F T%s. Fisk Rubber 8s.... Gen Elec deb 5s Goodrich 6338. ... Goodyear 8s 1931.. Goodyear 8s 1941. . {Hershey 6s1942... { Humble O&R 53ss. {inots Bell 1st 5a. ‘Int Mer Marine 6s. 3 Int Paper 1st 53 B, KCP&LtSs A2, Kelly-Spring 8s. .. | Liggett & Myrs 7=, ! Liggett & Myrs 5s. { Lorillard () 3s. .. | Loruitard (¥ 7s... { Magma Cop c Manati Sug st 7 Marland Ofl 7%s. . Mexican Petrol 8s. Mich St Tel 1st bs.. Midvale Steel 5s. .. Montana Power 58 Morris&Co 1st 418 Nat Tube 1st 5s.... New Eng Tel 5s. N Y Edsn 1st 6%s. NYG EL H&P 55. .. NYG EL H&P 4s. N'Y Tel 6s ‘41 N Y Tel 65 '49 NY Tel43s.... N Am Edison 6s. Nor States Pow bs. Nor States Pow 65 Northwst B Te 7s. Otis Steel 7% Otis Steel 8s. Pacific Gas & El bs Pacific T & T 65 '52 Pan-Am Pete 7s. .. Pan-Am Pete 61¢s. Phila Co ref 6s A. Phila Co 6%s '38 Pierce-Arrow 8s Plerce Oll deb 8s. Producers & Rf 8s. Public Service 5s. . Punta Alegre7s. .. Saks & Cosf7s. Sinclair Oil 7s Sinclair Ofl 6%s. Sin Crude Ol 6: Sin Crude Ofl 5% Sin Pipe Line 6s. . South Bell Tel 5a. . So Por Rico Sug 78 Sug Est Orlent 75.. Tenn Elec Pow 6s. Toledo Edn 1st 7s.. . a8 o] - BouRNBRE poRmRaanzo - - o ETI =TT 98- 1 98-13 98-10 99-8 98-14 99-17 FOREIGN. 5 102 12 27 15 5 5 .66 12 .15 .45 1 2 4 10 15 16 11 3 8 1 120 14 8 46 10 81 4 .44 ent Dev deb 6. 4 19 16 1 14 - Bruwsannai Guanan Peam ® o Brtom = 1 2 Union Bag & P 6s.. 2 Unit Drug ov 8s. U S Rub 1strf 5s 1 24 USRubber T%s... & US Steelstbs.. Utah Pow & Lt bs. Va-Car Chem 7s. .. Va-Car Ch 7%s w. Warner-Sugar 7s.. ‘West Unlon 6%s. .. ‘Westinghouse 7s.. Wickwire Spen 7s. ‘Wilson & Co 1st 6. Wilson&C cv THs. Wilson & Co cv 6 Youngstn S& T 6s. 14 8 18 T 1 2 15 i 8 13 8% 97% 9674 98% 108% 9214 103 100t s 974 92% 98% 424 981 9612 85% 94 974 821 654 1035 111% 63t 1087, 100% MISCELLANEOUS. 88 108 100% 11 101% 95% 9334 106% 95% 110% 85% 103 102% 873% 82 66 103 108% 107% 1% 94% 94% 83 9% —_—— A Feol and His Money. The fact that a stock certificate is printed.in fancy green scroll work is no proof that it is worth any more than ordinary wallpaper. of people in Washington would have saved their money if they simply had asked their banker to tell them what he knew of some supposedly wonder- ful investment. LIFT DIVIDEND RATE. NEW YORK, bursement of 1% preferred stock, econds. Close.. 99-31 98-1 989 99-8 98-12 99-17 . Close. 102 8% 97% 96% 981 108% 86% 5% T8% 95% 96% 99% 101 99% 994 104% 102% 105 44 8% 904 93% 108% 937% 89% 96 94% 88 964 92% B9% T6% ‘Thousands December 12.—Di- rectors of the American Type Found- ers Company today authorized an in- crease in the dividend rate on the common stock from 13% per cent to 1% per cent quarterly. dend, together with the regular dis- per cent on the s, 15-ta stock pk zecord J: The divi- payable January anuary-10y RAILROADS. ‘Bales. High. . 56% 87% Close. 55% RTH 80% 82% 96% 82% 101 82% 83% Ann Arbor 4s Atchison gen Atchison adj 4s Atlantic CL el 4 refbs....... 6 0 PLE&WYV 4s. 26 OSWadly3%s. 3 B & O Toledods... 2 Bklyn-Manhat 6s. 242 Canadian North 7s. 10 112% Canad North 6%s.. 1 111 Canad Pac deb 4s.. 36 78% CarClinch & O6s.. 2 93 Car Clinch & O 6s.. 10 95% centof Ga6s...... 7 100% Central Pacific4s.. 3 B86% Ches & Ohio cv 5s.. 1 8 Ches& Ocv 43%s... 11 87 Ches & Ogn4%s.. 9 85 Chi & Alton 3%s... 12 33% Chi B&Q gn 45°58. 20 864 Chi B&Q 1st rf 5s.. 22 99 ChiGreat West 4s. 8 51% CM& Puget Sd 4s. 24 5l% Chi M &St Prf43%s 35 49% Chi M&StPcvis.. 16 bdk Chi M&St P 48'25. .17 67% Chi M&S P cv 4%s. 33 54k Chi M&St P4s'34.. 6 70% CM&StPgn4ks. 1 T Chi& N W 61¢s. 9 106% Chi& N W 7s. . 20 105% Chi Rys os. . 3 13% ChiRI&Pgn4s.. 2 T8% ChiRI& Pacrf 4s. 92 78% ChiUnSta4%s.... 13 92 Chi Un Sta 6%s. 1 116% Chi & W Ind cn 4s. 72% Cleve Term 5s.. 954y Colo & Sou 4%s. 814 Cuba RR5s... 83 Del & Hd 1st rf 4s. 84 Del & Hudson 5its 98 Den & Rio G cn 4s. 69% D& RGstreos.... 10 484 Erfe 1st con 43 26 62% Erfegends . . 556 Brie conv is A Erie conv 45 D Gr Trunk sf db 6s. Grand Trunk 7s. Gr North gen Gr North gen 513s. 17 Havana ERL&P 58 1 Hud & Man ref 6 Hud & Man a) 5s 111 Central ref 4s.. Ill Central 5%s. Int Rap Tran b! Int Rap Tr Gs stpy Int Rap Tran 68 Int Rap Tran 7 Nor aj 6s. . Cent rf 4s Kun City Ft § 4= Kanses Clty S 5s. Kan City Term 4s. Lake Shore 45 °28. . Lake Shore 4s '31.. Lehigh Va en 4 Louis & Nash 7 Louls & Nash 5335, Louls & N 65 2003. . Manhat Ry cn 4s.. M&StL1strf 4s.. M StP & SSM 6%, & Tlstds.... &T &T & Mo Pacific 6s Mo Pacific gn Montrl Tm 1st6s.. 6 N OTex & Min5s. 10 N Y Centgen3ks. 6 ¥ Cendeb 6s....691 NYCendebds.... 7 N Y Centr {5 50 ew Haver cd 6s.. 36 ew Haven7s..... & ew Haven 7s fr. . 261 New York Ry rf 4s. 4 NYRyrfdsctfs.. 2 New York Ry aj N Y Rysadj 5sct. . N Y State Ry 4%s. N Y W & Bos 4%s. Norfolk & W cv 6s, Northern Pac 2s. Northern Pac 4s. .. Northn Facr i 65.. arthern Pac 5s D. Ore Short Liref 4s. Ore-Wash 1st rf 4s Pennsyl gen Gs.... Pennsyl gen 4%s. . Pennsyl 6%s...... Pennsyl gold 7s. Pennsyl con 43¢s.. Fere Marq 1st & Pere Mrq 1st 45 '36. Reading gen 4s. Rio G West cl 48 RIArk & Li4l%s St L IM&S R&G 4s. StL&SFpldsA. StL&S I prin 5s. StL &S Finc 68 StL&SF5%sD.. StL&STFadfés StLS W lst4s.... St LS W con 4s ‘32, St P Un Dep 5iss. . StP & KCShL 4%s. San A & Arn P 4s.. Seab’'d AL 4s sta.. Seab'd A Lref 4s.. Seab’d A L adj bs.. Seab’d A L con 6s. Sou Pacific 451929, . Sou Pacfioref 4s. .. Sou Pacificelt 4s. . Southern Ry 1st 58 Southern Ry gn 4s. Southern Ry 6% Southern Ry 6s ct. Third Ave ref 4s. .. Third Ave ad) bs. . Tol StL & W 4s. Union Pac 1st 48 Unfon Pac cy 4s. Union Pac cv 6s. Union Pac 1st rf 68 Virginia Ry 1st 55.152 Wabash 1st 58 Western Md 4s.... 10 Western Pacific 6s. § Wisconsin Cent 45. 6 TOTAL SALES (Mar Value] 1lam.. 3339000 12noon 5453000 1pm.. 7339000 2p.m.. 80540000 SHORT-TERM SECURITIES, Aluminum Co. of Amer. Aluminum Co. of Amer. American American Sugar gs 163 American Tel. & Tel. 68 1924 American Tel. & Tel. ts 1925, Anaconda Copper 6g 1920 s Anglo-American Oll Ti3 Hafimore & Ohlo 6a 1024 Canadian Northern 5% 1 Central Argentine Rwy. 6s Gentral Leather fe 1625, . i cht., R. 1. clfic 53 1926.. Du Pont 7%s 1601.. 1014 o 80 Fisher Body Corp. 6a 1027 Fisher Body Corp. 6s 1928 Goodyear T. & 1. 8s 108 Great Northern 7s 1986. Hoe! lley 6s 1924. Humble 01l 0is 1882, Kennecott Copper 7 1i 1 Libby, McNell & Libby s 131 M. . & 8. 8. M. 8355 1931 & Co. T35 1630. R. R. Tn 1630 Swift 3 ‘Tidewater Ofl 63;s 1831.. Union Tank Car 7s 1880. U. 8. Rubber T3s 1980. ‘Western Union s 1986 ‘Westioghouse E. * VOTE STOCK INCREASE. New York Central Directors Also Act on Reading Rights. SW YORK, December 12.—Direc- tors of the New York Central rail- | road today authorized an increase of 10 per cent in capital stock to be offered to stockholders at par, in proportion to their holdings next January 2. The board also determined 'that the 603,650 Reading rights which the New York Central will recelve shall be offered to stockholders next February 1 at #3 each. Payment in full'ls to be FINANCIAL,’ Grain, Produce and| Live Stock LOCAL WHOLESALE MARKET. Prices of strictly fresh eggs took & drop this morning. Yesterday's receipts from nearby Maryland and Virginia were much greater than any day the past month, it is stated, causing the change in prices. To- day’s quotations were 50 and 52 cents and dealers expect further decreases before the close of the week. Market conditions today indicated a ‘tendency toward lower prices for turkeys for the Christmas holiday season. Prices, however, will be d termined by the size of shipmen Washington’s Thanksgiving _turkey prices were much higher than prices in other cities, but it Is expected no such difference will be countenanced the next two weeks. Chicken prices were lower this morning. Live chickens were quoted at 25 cents, while the price quoted on cents. Domestlc du"'kx were quoted at 25 cents, the price of Long Island ducks being quoted at 32 and 33 cents. Eggs—Strictly fresh, selected, can- dled, per dozen, G5; average receipts, 50a52; storage, 30a32. Live poultry—Roosters, per 1b., 16; turkeys, per Ib., 30a32; spring chick- ens, per b, 25; keats, young, each, 80a70: fowls, per Ib., 22a23. Dressed poultry—Fresh-killed spring chickens, per 1b., 30ad2; roasters, per 1b 28a30; he per 1b., 27a28; turkeys, per Ib., 235a38; keats, young each, 80a85; roosters, per 1b., 20. Game—Rabbits, No. 1, per dozen, 3.00a3.60. 2, 1.26a1.50. Live stock—Calves, choice, per 1b., 1213; medium, per Ib., 11; thin, per 1b., 8al0. Lambs, spring, per lb., 13. Live pigs, 2.00a5.00 each; live hogs, per 1b. | 1%. “Green fruits—Apples. per basket, 50a2.00; per barrel, 2.00a6.00. Call- fornia oranges, per crate, 6.00a7.00; Florida, 3.00a4.00. Lemons, per box, 3.50a4.50. Grapefrult, 3.00a3.50. Cran- berries, 5.0026.00 per one-half barrel. Grapes, California Emperc 52.00. Vegetables—Potatoes, a 2.50; No. 2, 1.00a1.60. Potatoes, round, | per ' bag, 2.00a2 sweet potatoes, | 5.50a6.00 per bbl uthern lettuce, per crate, 1.00aZ. nearby, 5041.00 Tceberg, 4.00a4.50. bbage, northern, 1.50a2.00 per 100 nearby, 1.00a 150 bbl half-bushel basket, southern, per 1 per basket, 5.0024.00. ate, washed, Beans, 50. Peas, v York cel- q Peppers, per crate, Florid. Eggplant, 4.00a5.00. Kale, 75a1.50. ‘Spinach, per bb] Southern cucumbers, per b 6.00. Carrots, 100-1b. Brussels sprouts, 10a20. GRAIN AND PROVISIONS. | BALTIMORE, Md, December | (Specfal). —Potatoes, 100 150 pounds, '1.00 ms, barrel, 1.50ad : 5: beans, bushel, 2 ; 100, 2.00a5.00; broccoli, ; brussels sprouts, Qunn,‘ 10a1 cabbage, per 100, 4.00a6.00; savoy, bushel, 30a40: cauliflower, crate, 1.00a2.00; carrots, per 100, 3.00 a5.00; celery, crate, 1.75a5.25; cucum- bers, crate 4.00a4.50; eggplants, crate, 3.50a4.00; lettuce, bushel, 25a30; kale, bushel, 25a30; onions, 100 pounds, 2.00 23.00; 'oyster plants, 100, 5.00a7.00; parsnips, basket, 40a45; peas, hamper, 3.00a5.0 peppers, crate, 2.50a3.50; pumpki per 10/ 10.00a15.00; spin- ach, bushel, 50a70; bushel, 30a35; tomatoes, crate, Apples, packed, barrél, bushel, 50a1.25; box apples, loose, 100 pounds, 1.00al.2 berries, barrel, 7.00a9.00; grapefrui box, 1.75a2.75; oranges, box, 2.00a2.75; pineapples, drate, 3.00a4.50. i Settling Prices on Grain. Wheat—No. 2 red winter, spot, 1,09%; No. 3 red winter, spot, 1.06%:: No. 2 'red winter, garlicky, spot. do- mestic, 1.083;; export, 1.0 No. 3 red winter, garlicky, spot, 1. No. 4 beets, bushel, tions. Sales—Bag lots of nearby at 1.05 per bushel Corn—Cob., new, 3.90a3.95 for yel 10w and 3.75a3.50 per barrel for white No. 2 corn, spot, 86; No. 3 c 834 90. Sales—Bag lots of 80855 per bushel No. 2wl rn, spot, new, red winter, garlicky spot, no quotz-i { track corn, yellow, No. new white, at . new, 53 asked; 52 asked. l!"y —Nearby, 75a85; No. 2 rye, spot, 7612, Hay—Receipts. 34 tons. 'There is a gradual cleaning yp of the accu- mulated stocks of hay in the market and the situation has a better under- tone for the better grades of timothy and No. 1 clover hay, for which ther! is a fair demand. Medinm and low grades are draggy. uotations: 1 timothy, 27.50 per ton . 2, 25.50a26. 3, 23.50a25.00 2. 22.00a23.0 1 clover mixed, 23.50a24.00; clover, 24.00225.00. Straw- . 1 straight rye, ton; No. 2 tangled rye, No. 1 wheat, 15.00a14.00; 14.00215.00. DAIRY PRODUCTS. | BALTIMORE, Md., December 12 (Speclal)—Live poultry—Turkeys, pound, 25a35; young chickens, 23 leghorns, 18a20; old hens, 18a23;! leghorns, 18; old roosters, 14als; 25.00 per 15.00216.00; No 1 oat, | president, | ot { tlem iment, NEW CORPORATION DECLARES DIVIDEND Mortgage and Guaranty Com- pany Votes Initial Pay- ment. Directors of the Real Estate Mort- gage and Guaranty Corporation yes- terday declared their initial semi-an- nual dividend of 4 per cent on the preferred stock of the company, and 4 common dividend of 2 per cent, which is at the rate of 8 per cent per annum on the present market value of the stock. Both disbirsements will be made January 6 to stock of record December 31, Vice rPesident Roy L. Neuhauser reported. The corporation has proved an un qualified success, officlals aver, and on December boasted discounts and sur- plus of approximately $87,000, Cap ital stock outstanding totals about half a milijon dollars. Michael A. Weller, president of the M. A. Weller Construction Compan and a director of the National Cap- ital Bank, was added to the board of the corporation at yesterday's meet- Ing. as was Horace E. Smithy, vice pre: ent of N. L. Sansbury & Co. and a director of the Citizens' Saving Bank. The company wa prominent los men and i Louis E. Citizen Thoma Park Roy the C organized by 1 bankers and business officered by the following uninger, president of the vings Bank, president Somervilie, president of the vings Bank, vice president euhauser, vice president of izens' Savings Bank, vic Gen. Anton Steph general manager of Dulin & Marti: treasurer. Railway Common Active. < of the Washingto ectric Company agal ght on the Wash- ington Stock change this mogu ing. a total of 470 shares changina owne ip at 70, the high level fo the present movement. Most of to- day -s were made in small 1 ten and twenty shares, inter sperved with two sales of 100 share: each. An anticipated early disposition of the valuation suit of the Potomar Electric Power Company, now pend- before the District Supreme Court, which will possibly culminats in a “melon” of approximately $4.- 000,000 to com n shareholders, 1= responsible for the renewed activit at higher prices The remainder of the list in t session was oderately active 3 occupied _the 1in | changea pric Bankers Back Mellon Plan. ¥ Mellon's proposal for he federal tax schedu has been heartily indorsed by the ad ministrative committee of the Ameri can Bankers' Assoclation. The com mittee reiterated opposition to th proposed federal bonus for ab bodied service men, though it fav full ald for the disabled. It will en 1list the support of members of the as sociation in favor of these policles pted at the suggestion of the ccc nomic policy commission. New Move in Bankruptey Case. -Judge P. L. A. Lieghley hac been named new special master tu hear evidence bearing on the solvenc; »r ingolvency of the Cleveland Dis- agount Company by Federal Judge Westenhaver. Carl D, Friebolin, who has been handling the case, asked to_be relieved. Immediately after the announce- ment of the appointment receivers for the discount company sald they would ask Judge Lieghley for a sol- vency hearing at the earliest pos- &ible time. Judge Lieghley will be called upon to hear bankruptcy proceedings against the company growing out of the amended petition allowed by Fed- eral Judge Westenhaver., His hear- ings will be final. but wiil be re- botted | with recommendations (o Judge Westenhaver, who will rende { the decision. Branch Bank Over Top. Deposits of the Park road branch of the Riggs National Bank totaled $1.000.565 at the close of business December 10, and thus prematurely attained the goal that had been set for its first vear of operations. This subsidiary was thrown open to the public on January 8 last, with $240,000 deposits. Rall Settlements Made. The United States Railroad Admin- istration today announced final set- = ccounts arising out o federa time control with four railroads. The Erie line was held to be entitled to a $5.000,000 pay- the Central of New Jersey to $4.5 . the Seaboard Alr Line and the Pittsburgh and Shawmut Rallroad Company to $325.- 000. Mortgage Bonds Offered. S. W. Straus & Co. have purchased and are offering an issue of $475,000 ducks, 18a2 geese, 20al25; pigeons, pair, 25a30; guinea fowl, each, 35a70. Dressed poultry—Turkeys, 25a37 ohickens, 22a24; old roosters, 15a18; ducks, 20a25; geese, 19a25. Eggs—Loss off, native and nearby. firsta, dozen, §0; southern, 48. Butter—Creamery: good pound, 50a55; prints. creamery, 42a46: ladle: rolls, | store packed. 28: dairy prints, | process butter, 39. TODAY'S CHICAGO PRICES. ! CHICAGO, December 12.—Owing large- Iy to_a better outlook for settlement of German reparations and for | stabilizing German finances, wheat | scored a moderate upturn in price today Quring the early dealings. At first, however, the market was of a hesitating character as a result of declines fn Liverpool quotations. On the other hand, domestic receipts were small and there was some buy- ing on the part of northwestern houses that yesterday were sellers. The opening, which varied from un- changed figures to %a% lower, with Decemper 142% to 1.03 and May 1.08% to 1.08%. was followed by a general advance. Persistent buying of May for coun- try account gave strength to the corn market. After opening at 1 lower to % gain, May 73% to 73%, prices made a decided upturn all around. Oats were firmer with other grain, starting g} a shade lower to i ad- vance, May 45% to 45%. Later all months showed a rise. Provisions held steady, lower quotations on hogs. WHEAT— Open. High. 1.03 LOo4% 1.08% 1.09 despite Low. Lo2g; 1ok 1.06¢ NEW YORK, December 12.—David A. Schulte, head of the A. Schulte Company, ' tobacconists, ahnounced today that his company was nego- tiating for the control of the Philip Morris Company, but denied reports that any stock of the newly organ- ized Continental Tobacco Company would be offered in exchange for purchase of the ‘Philip Morris stock. RATES ON BAR SILVER. LONDON, December 12.—Bar silver, 333, pence per ounce. Money, 1% per cent. Discount rates, short bills, 3 3-16 per cent; three-month bills, 33, per t. “NnEW YORK, December 12.—Bar sil- wer, $563; Mexican dollars, 49%. first mortcese two to fifteen year 6% per cent serial coupon gold bonds secured by the land and Lincolnshire Club Hotel, at Charles street, adja- cent to Beacon street, Boston. Coupons are pavable December 1 and June 1 Road’s Value Discussed. Arguing for the fixing of $70,000.- 000 as a federal valuation for the Great Northern rallroad system Ralph Budd, president of that cor- poration, told the Interstate Com- merce Commission today that any northwestern transit raliroad in the same territory would need a 15 per cent rate increase over the charges made by the Great Northern to earn a fair return. The Great Northern, however, will in all likelihood be able to render it« present service at present rate levels, Mr. Budd said, because of the high efficiency of its plant and the lo cation of industries alond its lines. Tentatively, the Commission has fixed a value on the property of the Great Northern at $396,000,000: TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) T . 100132 1003 100118 1005 100 13-16 100 20 100 2532 101 1 1007-16 100 8- 100 118 100316 100 Lo, 508152 100 5500 100 13-16 100 15-18 100116 1003-18 4%s March 15, 1024 4583 Mareh 13 Tor B2 Bptembir s Eeptember 13 S Mdven 3, 1 4343 June 15, 1625, 4348 December 15, 4%s March 15, 1026, 4i{s September 15, 1926 $¢ls Marcn 15, 5 4385 December 15, 1027 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Belling checks. gold value. today. 48665 438y 1.00 198 183 288 +188 London, Montreal, Parls, franc. Rrussels, frai Berlin, Rome," 1 Zurlch, Athens, drachma. Madrid, peseta. Vienna, crown. Budapest, crown. Prague, crown. Warsaw, mark. Copenhagen, crox Christiania,’ crown. Stockholm, crown. By the Associated Press. NEW YORK, December 12.—For eign exchanges easy; quotations (in United States dollars): Great Britain demand, 4.37%; cables, 4.3 day bills on banks, 4.35%. . demand, .0532; cables, .0532% . Italy demand, .0435; cables, 043514, Bel glum, demand, .0460%: cables, 0461 Germany, _demand, 0000000000002 cables, .00000000000027, Holland, de mand. 3820: cables, .3825. Norway demand, 1504, Sweden, .5631. Den- mark, .17.85. Switzerland, .1715. Spain, .1306. Greece. .0173 Poland. 100000030. - Czechoslovakia, .0203%. Jugoslavia, .0114. Austria, 000014 Rumania, .0051%. Argentina, .3330. Brasll, ,0930, Montreal, .97 13-3% rax