Evening Star Newspaper, January 16, 1924, Page 28

. FINANCIAL. { THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, JANUARY 16, 1924. OIL SHARES JUMP INSTOCK MARKET Sinclair’s Shortage Talk Used as Means of Forcing Prices Forward. BY STUART P. WEST. Epeeial Dispatch to The Star. NEW YORK, January 16.—Oil shares came to the front again in 10day’s stock market. They had done othing for the first hour or so, when an interview with the head of 1he Sinclair Corporation appeared, nvhich was quite the most bullish statement yet made regarding oll «wonditions. Mr. Sinclair saild that the oil out- look had never been better, that do- ‘mestic production had fallen below consumption, that he expected prices 10 continue going up and that if con- sumption abroad proves anything like what he expects to find the oll trade would be in for a “serious shortage.” This statement was followed by ac- tive buying of the oil shares, more es- pecially Pacific Oil, Sinclafr, Simms Petroleum, Cosden, Producers and Re- filners and Pure Oil. On top of Tues- day's sudden jump Plerce Oil pre- ferred had a further sharp advance. Low-Priced Ralls Active. Low-priced rails again came in for attention. The advance in Wheeling and Lake Erie preferred continued, and there was unusual activity at ris- ing prices in the Wabash common and preferred. The latest rumors are that | Wheeling _and Lake Erie is to be taken over into the Van Schweringen system. With Wabash it is simply a case of good éarnings and a promis- ing outlook for the beginning of divi- dends on the preferred “A" at the rate of b per cent. The Eries were strong for*a time, and so was Southern Rallway, bui these stocks were not as prominent as they have been in other periods recently where speculation has turned into the rafls. Reading sold Thigher, and Lehigh Valley was active- 1y bought on the idea that it stood to benefit in the same way as Reading by the working out of its segregation plan. Pools Hunt Strong Spots. Pool managers were proceeding | cautiously in view of Monday's sharp | check, but here and there evidences of renewed activity appeared. Indus- trial Alcohol was bid up across 70 again_on reports of exceptionally Eoud business and a high-profit mas- =in The Plerce Arrows were the strong feature among the motors, anticipat- ing that the figures for the second half year will be encouraging. Gen- eral Electric, as has been the case right along, appeared to fitop at the 200 level. The inference drawn from this was that whatever plan for re- capitalization or stock dividend which may be on, has this figure in mind as ® basis. H Plerce Ol More Active. { Pierce Oil stocks, both common and | preferred, became increasingly active at the highest prices reached for the | present movement. As the preferred crossed 30 today it was in apparently greater demand than at any time in the past several weeks. For the twelve months ended De- cember 31, 1922, Plerce Oil reported 2 net loss of $4,087,507, and for the following six months its_net loss amounted to $1,268,321. But it is vnderstood that developments which | have been projected for months past are about to occur. The street heard that a meeting of interested partles | was held Tuesday. but no informa- | tion was given out. More interest has attached to Transcontinental Oll, and the move- ment in this stock’ has been con- nected with recent reports from the Tacific coast to the effect that the ! Standard Oil of California has taken a larger interest in its oil opera- tions in Colombia, carried on jointly with Transcontinental Oil. Trade Reviews Favorable. The sudden turn for the better in the outlook for French finances was the outstanding incident in the sit- uation today. Following the very sharp recovery in the franc, there was active buying of French govern- ment and municipal bonds in all the markets. Steel shares were evidently helped by the midweek reviews telling of continued increase in activity, both in new business and in production. The Iron Age made a statement that construction work appeared to be the dominant factor, “with indications | that the pace set in structural steel | in 1923 will be maintained for months to come.” Again today the rumors which have circulated regarding the dividend prospects of American Can were met by the information from well in- formed persons that the company s, not considering a stock dividend, a | split of any kind, a cash extra or an increase in the regular rate. If earn- | ings are malntained at the current | rate throughout the first half of 1924 | there is a likelihood that directors | will do something additional with respect to the dividend. Call Money Rates Lower. Call money, after having loaned Tuesday at 5 per cent, was 4% charged this morning for stand- ing loans, was quoted In the after- noon at 4 per cent again. a reminder of the present over- | supply of money and the powerful support it meant for bond and stock .markets. Doubtless this This was i consideration had | something to do with the strength of the afternoon stock market. MAREKET CLOSES STRONG. Several Low-Priced Stocks Extra Active at Close. By the Associated Press. i NEW YORK. January 16.—Railroad shares set the pace for the upward movement in today's stock market, which eventually embraced all sec- tions of the list. High foreign ex- changes, cheaper money rates and favorable trade news were the domi- nating factors. Sales approximated 900,000 shares. (s The closing was strong. Bullish demonstrations took place in several of the low-priced stocks in the late Gealings. Pittsburgh and West Vir. ginia, Martin_Rockwell, Central Leather preferred, Remington Type- writer and Utah Securities rising 3 points or more. The pan<American fssues turned heavy. e MILLIONAIRE BANKRUPT. Action of Howard Houlder, Ship Owner, Astonishes London. LONDON, January 16.—Financial| interests were astonished when they read in the official gazette today that Howard Houlder, ship owner and re- puted millionaire, had filed a petition in bankruptcy. He says that the failure In no way affects the firm af; which he is a member, but that it is due to personal industrial ventures| undertaken with a view to assisting in postwar reconstruction. FILM FIRM BANKRUPT. NEWARK, N, J, January 16.—The company’s finances, crippled by the fact that the picture featuring Lady Diana Manners, “The Glorious Adven- ture,” has not as yet become a com- merelal success, Prizma, Inc., & mo- tion picture concern of Jersey City, vesterday consented to appointment of Charles K. D. Walsh of New York and Albert I Drayton of Jersey City &5 equity receivers in $10,000 bond. NEW YORK STOCK EXCHANGE Recelved by Private Wire Bsust to The Star Ofice Adv Rumley pf. Alr Reduction. Ajax Rubber, Allled Chem. Dt.. Am Chaln (A) AmCot O ctfs. .. Am CotOpf ctts Am Druggist Am Expres: Am & Forpt w i AmH & Leath.. Am Safe Razor. Am Ship & Com. Am Smelt pf. Am Snuff pf. Am Steel Fdy... Am Sugar... Am Sugar pf Am Sumatra Am Sumatra pf. Am Tel & Teles. Am W W 6% pf. Am Woolen. ... Am Writ Prpf. . Am Zinc & Lead Am Zinc&Ld pf. Anaconda . Armour of Del pt Arnold Constab. Assets Realizn.. Asso D Good! Assoctated Ofl. Atchison. . Atchison pf. .. Atlan Bir & Atl. Atlan Cst Line Atlantic Frult Austin Nicho! Avto Knitter... Baldwin Loco. . Balto & Ohlo.. . Bangor & Ar pf. Barnesdall (A). Barnesdall (B). Brunswk Term. Brown Shoe. Butte Copper. Butte & Supe! Call Canadian Pac. Carson H Gold. . Central Leatn. Cent Leath pf. Ches & Ohio pf. Chi & Alton..... Chi & Alton pt. Chi & EIll pt. Chi Grt West. Chi Great W pf. ChiMil &St P.. Chi Mil &St P pt Chi & Nortkwn. ChiRI & Pac... ChRI&P 6%pt Chi R 1&P 7%pf. ChiStP M &O. Chile Copper. Chino Copper. Columbla Gas. . Columbn Carbon Comp Tabulat. Congoleum Co. Cons Cigar pf. .. Cons Gas of NY. Cont Insurance. Corn Products. . Corn Prod (new) Cosden & Co Crucible Steel Cuban-Am Sug. Cuba Cane Sug Cuba Cane S pf. Cuban Dom’can. Cuban Dom pf. Cuyamel Fruit.. Davison Chem. . Davison rts. . Del & Hudson. .. D Lack & West. Dome Mines. ... DuSS &2Atl pf. Dugont (BD... Eastman Kodak Eaton Axle &Sp. Emerson-B pt Endicott-John. Fairbanks Famo Famous Play pf. fadMines&S pf. o Fidelity F In: Fifth Ave Bu: Fisk Rubber Fleishmas Freeport Tezas. _ Gardner Motor.. Gen Am Tk Car. Gen Aspbalt G Gulf St Steel.... , Hanna (M A) pt. Hartman Corp.. Illinots Central. {ll Cent ptfpd.. IndiandMotorcycle Indisn Refining. ndian Ref pf. .. *Ingersoll-Rand. Inland Steel. I Int & Grt North. Int Harvester.. Int Harvester pr Int M Marl, Int Niok Intl Paper. Int Tel & Tel lnumg". %.Il Invincl! = Iron Products.., 19% 4% 131% 3 110% 23% 60% Kansas & Guif. . KCP&Lt 1st pf. sas City 8. . ! Kelly Spr Tire. . Kelly-Spr 8% pt Kennecott...... Keystone Tire.. KinneyGR.. Louis & Nash Mack Trucks. .. Mack Trucks 1st Macy Co. . Magma Copper-. Mallinnon & Co. Mallinson pf. Manhut El Sup. . Manhatn El guar Manhat Shirt Maracatbo O11. . Market St Ry Market St pf. Market St prior. Market St R 24. Maxwell (A)... Maxwell (B) May Dp Stot Mex Seaboard. . Mex Seabd ctfs. Miami Copper. Middle 8t Ot Midvale Steel Minn & StL..... Mo Kan & Tex.. Mo K & Tex pf.. Mo Paciflc...... Mo Pacific pt. Montg'y Ward.. Moon Motors. Mother Lod Munsingwea: Nash Motor: t1 Acme. t Blscutt. ... Nat Cloak & Suit. Natl Dept Stores Natl DeptSto pf. Nat! Enamel. ... Natl Enamel pf. Nat Supply. NYNH&Harttd. NY O & Westra. N Y Shipbldg. North Amer-.... North Am pf. North Pacific. ... Ohlo Bdy & Blw Onyx Hosiery pt Orpheum Circuit. Otis Elevator Otfs Steel % | Pac Coast 2 5t 148% 2 16% f. Pac fic Develop. | Pac Gas & Eiec. PacifcOfl. ..... Packard Motor. Pan-Am Pete. .. Pan-Am P (B). Pennsylvania Penn Seabd Stl People's Gas. Pere Marquette Phlladelphia Co. Phila Copf..... P&RC&I (Wi Philip Morris. .. Phillips Pet: Plerce-Arro Pierce Ar pI.... Plerce At prior. Picreo Ol . PureOfl... Railway Stl Sp.. Ray Con Copper Reading. Reading rts. Reading 1st pf.. { Reading 2d pt... Rels Robert. Reis Robert pr. Remington..... Replogle Steel. Rep Ir & Steel. . Rep Ir & St1 pt. Reynolds Spr... Rey Tobac (B). Rossia Insur. Royal buteh.... St L&San Fran. St L&San Fr pf. St L Southwn. .. StL South pf... Savage Armi Schulte Stores. . { SSheca Copper. Seaboard Air L Seabd A Lpf. Sears Roepuc! bk pf. 03 | Sears Roebik pi snell Unfon..... Shell Union pf. . Sinclalr pf. .. sxelly Ofl..ouee Sloss-Sheffleld. South Pacific... So Porto Sugar. Southern Rwy.. Southern Ry pf. Spicer Mg Co. St Ofl of Calit. Stand O1l ot N Stoilot NJpt. i Stew'd-Warner. Strombg Carb. . Stud Submarine B Superior O1l. Sweets Co of A. Tenn Copper. Texas & Pacific. Tex & PC & Oll. Tide Water Oll.. Timken Bearing United Drug. United Ry Inv.. Utah Copper.. Utah Securities. Vanadium Corp. Va-Car Chem... 1 Nash Motors pf. MARKED RECOVERY IN FRENCH BONDS Improvement in Franc Exchange Causes Turn—Domestic Is- sues Also Stronger. ST. PAULS LEAD RAILS $40,000,000 - Argentine Offering Expected Tomorrow. BY GEORGE T. Dispateh to The Star. NEW YORK, January Recov- oy cepecally narked rerch bonds characterized today's market. The improvement in the French issues followed up on that in france ex- change, and that in turn was due to the radical measures advocated by the French government in order to balance the budget. The result in the bond market was substantial advances, not only in French §s and French 7%s, the direct obligations of the government. but the French citles issues, Bordeaux. Lyons and Marseilles 6s. The recov- cry in the bunds was not commensu- rate with that in the exchanges, but, on the other hand, neither had been the decline. Domestic Insues Strong. In high-grade investment issue: United States Steel sinking fund 5s made a new high on the present movement, and all the United States government loans were firm except the tax-exempt 3%s, which continued the reaction of the past few days. Seilers of these bonds evidently be- lieved that tax exemption next year will not be quite so important as at present. St. Louls, Iron Mountain and Southern 4s of 1929 advanced on small sales. Good short-term securities (n general. such as Westinghouse Elec- tric 73 were in demand St. Paul bonds were the leaders among the speculative rails, with the greatest advance in the The gain In the last-named amounted to over 2 points. All the other obliga- tions of this road were active and higher. Baltimore and Ohio converti- ble 4138 got well above &7, and some speclal buying appeared in the Wheel- ing and Lake Erle 4s and 41¢s, where the motive was the favorable earn- ings statement. Tractions were most- 1y dull. New Offerings Announced. New issues included $3,000,000 City of Toronto 438 offerred at 904, to yield 5.15 per cent, $1.750,000 San ‘An- tonio Public Service first and refund- ing 6s offered at 95 and $1,500,000 Southern California Gas 6s of 1958 of- fered at 98. The New Argentine issue is expected tomorrow, and the amount is said to be $40.000,000, with a 6 per cent coupon, to be offered at 97. NEW RECORD MADE IN COKE PRODUCTION A new record in the output of by- product coke was established in 1923, HUGHES. 16. in during the year has been exceeded but twice in history, according to fig- ures issued today by the geological survey. The 2,999,000 tons reported by producers for December brought the year's output of by-product coke to 37,527,000 net tons, an increase of 6,693,000 tons over 1920, the previous record year. Combined production of beehive and by-product coke was placed at ap- proximately 55.487.000 tons, almost equal to that of 1917 and only 1.8 per i cent less than the record set in the t !war year, 1918. e WALL STREET NOTES. { Martin-Parry Expands—Bell Sys- i tem’s 1924 Budget. | NEW YORK. January 16.—The iMartin-Perry corporation announce ltoday the purchase of the Oakes !Company of Indianapolis, manufac- turers of metal stampings and draw- {ings. Payment will be made in cach. { Martin-Parry for some time has pur- {chased large part of the Oakes Com- ipany's output. | The Alaska Packers' Association ‘has declared an extra annual divi- dend of $2 a share derived from in- come on its Insurance fund, in ad ditlon to the regular quarterly divi- *ldend of 82 % 104 5% 68% 843 3% 705 | 13% 8% 49% b1 895 10% 10% 1: . 18% 1 109% 109% 864 60% 61% e Profits from {operations in 1923 were $344,7 i Expenditures of $270,000,000 for im- |provements and extensions to the {Bell System are provided for In the {1924 budget of the American Tele- phoné and Telegraph Company and associated organizations. This is an {increase of $30,000,000 over 1923. i Receivership of the United States iFood Products Corporation will be {1ifted shortly. according to reports in the financial district. A plan of re- organization is understood to pro- Ivide for scaling down the capital |stock, with a new issue of $10.000.- nnery 1000 preferred stock and an offering of ! $2,000,000 in bonds to stockholders. S FOREIGN EXCHANGE. Hinbs & Co.) Selling checks London, pound Montresl, Paris, fragc . Brussels, {ranc Athens drachm: Madrid, peseta . YVienoa, erown Budapest, crown Prague, crown . Warsaw. mark Copenhagen, crown . Christiania, crown Stockholm, * crown. .{ Pan-Am Pete 6%s. By the Associated Pres: NEW YORK, January 16.—Foreign exchanges steadv. Quotations (in United States dollars): Great Britain, demand, | .25 ; cables, 4.25%: sixty-day bills .23 France, demand, 465. Italy, demand, Belgium, de- ; cables, .0426. Germany, ~00000000000023 ; cables, .00~ Holland, demand, 3728 ; N demand, 1422 Denmark, de- Switzeriand, demand, Spain, demand, .1284. Greece, Poland, demand, .00000- [} “sechoslovakia, demand, '.0291. Jugoslavia, demand, .0115%. Austria, demand, .000014. 'Rumani, demand, .0050. Argentina, demand, .3284. Bra- zil, demand, .1116. Montreal, .97 7-16. HUDSON MOTOR ELECTS. TROIT, January 16.—At the an- mBA‘I! meeting of the stockholders of the Hudson Motor Car Company yes. rday, directors W With he ‘exception of F. O. Bezner. Directors re-elected the present offi- cers and authorized the regular quar- terly dividend of 76 cents on the common stock, payable April 1 to stock of record March 30. ‘Worthington. ‘Worth’'gton (B). Wright Aero. Wrigley, Jr. lot. 29 61% 12 839% 39% 93% A % High. Low. Last. Call Money..... w4 4 HOURLY SALES OF STOCKS. 11 a.m.....209 800 1p.m 613 200 18m......581 600 2pm..... 760 100 4s of 1934. (W, and the total production of all coke ! re-elected | | ON NEW YORK BONDS@: Recelved by Private Wire (Bales are in $1.000.) UNITED STATES BONDS. (Fra it thirty - seconds. o 1P S eans 903-32) 98-26 98-26 99-25 Brasil 7% & Canada 538 1929 Chile 831941. ... iChile 71943 ..... Chinese Gov Ry bs. Christiania 8s..... 1 Copenhagen 5%s. 108 i 95% 41% 108% 90% 4 92 Czechoslovakiu 8s. 22 Denmark 8s....... 14 Denmark 6s. . 8 Dutch E15% Dutch East I Framerican 7%s French Govt 8s French Govt 7 Halt 68 Holland Italy 6%s 1925 Japanese 1st Japanese 2d 418 Japanese 4s. : Jergen UM 68 °47.. Ly 68 24 Marseill Mexico s Montevideo 73. Netheriands 63 orway Norway 6s 1943. Norway 681952. ... Orient Dev deb 6s. Paris-Ly’s-Med 6s. Prague 1%s Queensland 7 Queensland 6 Rio de Jan 8s 1946. Rio de Jan 8s 194’ Rio Gr Do Sul #s Sao Paulo City 85.. Sao Paulo State Seine Dept of 7 Serbs Croats Sl Ud Steam Copen 6s 3 Uruguay 8s Zurich 8s RSREEY MISCELLANEOUS. Ajax Rubber 8s. Am AgrChem 7%s 2 AmChainsf6s33. 4 Am Cotton Oil 5s.. 11 Am SmIt&R 1st 55. 15 AmT&Tcltrés.. 9 Am T & T deb 5%8.135 ‘Anaconda cv db 7s. 21 Anaconda 1s* 6s. ... Armour & Co 4%4s. Armour of Del 53 Asso Oll 6s rcts. Atlantic Refin 5s.. Barnsdall s £ 85 Bell Tel Pa os Beth Steel 5%8 Beth Steel pru 58 Beth Steel s 1 6s. .. | Brier H St 1st 5138, Bklyn Edison 7s D. | Bush T Bldg 5a60. Calif Pete6igs w i Central Leather 5s Cerro de Pasco Ss.. Chile Copper 6s.. ... Commonwth P 6s. . i Con Coal Md 1t 5s. Cuban-Am Sug 8s. Cuba Canecvd 8s. Cuba Cane cv 75 ‘30 iDery (DG) Det Edison Donner Steel Du Pont de N «%s. Dugquesne Light 65 Est Cuba Sug 7%s. Empire GEF 1% Fisk Rubber 53 @ am oxSawmcimnoune | sen Elec deb s Soodrich 6%s. Goodyear 88 1931. . | Goodyear 83 1941.. Hershey 68 1942... Humble O&R 5%s. Ulinois Beil 1st bs. Indiana Steel 5s. ... Int Mer Marine 6 {Int Paper 1st5s A. int Paper 18t 5 B. KCP&Lt5sA 52, Kelly-Spring §: Lackawa 8 58 50. . jLiggett & Myrs 7s. Liggett & Myrs is. Lorillard (P) bt | Magma Cop cv Manati Sug sf 7% Mariand Of! 8s '31. | Mexican Petrol §s. | Midvale Steel 5 ct Montana Power 5 103 Morris&Co 1st 4% 9 New Eng Tel bs... 1 {N Y Edsn 1st 6%3. {NYG EL H&P 58 |N Y Tel6s 41. N Y Tel 6849, ® 99% 104% 107 Nor States Pow 5s. Nor States Pow 63. Northwst B Te 7s. . | Pactfic Gas & El 6s 18 Pacific T & T 58'52 20 Pan-Am Pete7s... 1 16 41 9 Phil & Rdg C&I bs. Va-Car Chem 7s Va-Car Ch'7%s w. R it R R T R ‘Wilson & Co cv 6s. Winchester A 7%s 4 L Youngstn S& T 6s. 25 SAVE $250,000 ON BUILDING. CHICAGO, January 16.—A new idea in promoting efficiency in office build- ing construction was made here in comnection with the erection of. the Straus building. A conference of building experts brought together by the National Association of Bullding Owners and Managers, at the request of 8. W. Straus & Co., has resulted in saving $250,000 in the cost of the building and increasing the rentable space throygh suggested economies. The structure is to be completed by y 1. , 85 95 L ———— il:l.m ice cream cone was invented in CM &St. Pdb 4 " 110% | S Direct te The Star Ofica. 1 RAILROADS. | Bales. High, Atchison gen 48 Atchison adj 4 B&Opriniy B& Ogold ¢s. %8 81% 97% 23% | 101% i 874 854 80% 97 3 69% [ 73% Bkiyn R T 78 21... 2 Buff RE&Pitt 4% 89 112% Canad North 6% Canad Pac deb 4; Chi & E1ll gn b8 Chi Great West Chi GrWest 4s (n) CM & Puget Sd 4s. 11 Chi M &St Prtf 4%3146 Chi M&Bt P cv bs..138 Chi M&SBt P 4s "2 Chi M&St P 4s'34 4 -1 Chi R1& Pac rf 4s Chi Un Sta 4% Chi Un Sta 6% Chi T H & SE 51 Chi & W Ind cn 4s. CCC&StLrf6s A . Cleve Term &8 Cleve Term 5% Colo & Sou 43 Cuba RR 7%s. CubaRR 5 Del & Hd 1st rf 4s. Del & Hudson 5 Den & Rio G cn D& R G st rf 51 Det United 4% Erle 1st con 48, Erie con ext 78 Erie gen 4s . Erfeconv4s A Erfe conv4sD.... Gr Trunk sf db 6s Grand Trunk 7s... Gr Northgen 7s. .. Gr North gen 5%s. Havana ERL&P &s Hud & Man ref 5s. Hud & Man aj 5 111 Cent ref 58 Int & G Nor 1st 6s. Towa Cent rf 4s KanCity Ft 8 KansasCitr § ansas City 8 5 Kan City Term Lake Shore 4s " Lake Shore 48'31.. | Lehigh Valley 6s. . Louis & N 58 2003. . Manhat Ry cn 4s.. Me Pacific Mo Pacific gn New Or Term |New Haven d New Haven 78 New Haven 7s fr.. N YRy rfdsctfs.. New York Ry aj 68 iNY W & Bos d%s. Norfolk & W cn 4s. Norfolk & W cv 6s. Northern Pac 3s. | orthern Pac 4s Northn Pacr 1 6s.. Northern Pac 5s D. |0 Short Lcn 5s Ore Short Liref 48 |Ore-Wash 1st rt 4 Pennayl gen 5s Pennsyl gen 4 © ) = BB udhslkooSats e s Peansyl con 4% Fere Marg 1st . 60 Pere Mrq 1st 45 '56. 2 Reading gen 4s....134 Reading gn 4% swi 41 6 8% | 5% ! 76% | 85k 684 | 76% | 994 | 1% 97 {Sou Pacific 4s | Sou Pacflo ret 4 | Southern Ry 1st 53 | Southern Ry gn 4s. 12 Southern Ry 6%s.. 1 Southern Ry 6sct. 72 Cniop Pacev 4s... { Union Pac 1st rf 55 i virginia Ry 1st & Va Ry & P 1st 5 Wabash 1at 5. Western Md 4 ‘West Shore 1st 4 Wheel & L E ¢n ¢s. Whel &LE rt 43, _TOTAL SALES (War Value): 1la.m.. 3698000 12 noon 7592000 1pm.. 9919000 2p.m.. 11484000 GOOD YEAR ON PENNSY. | Bailroad Expected to Make Flne! Financial Record. PHILADELPHIA, January 16 —j | Forecasting earnings of tire Pennsyl- vania railroad system for 1924, W. ‘W. Atterbury, vice president, spoke hopefully of again living up to the old Pennsylvania slogan of pre-war “One dollar for dividends; one " at twenty- fifth annual dinner of the Pennsyl- vania railroad transportation depart- ment. .. He added. that over $100,000,000 would be needed within two or three years to handle business in sight. He forecast gross earnings for January of $53,000,000. This would compare with $59, 000 for January, 1923. DRY GOODS PICK UP. {per_basket, 2.00a4.50. {a16.00; No. | CHICAGO LIVE STOCK MARKET. | Grain, Produce and Live Stock } LOCAL WHOLESALE MARKET. Very few changes in prices of f0od- stuffs have been reported this weel. In the mcat market there {5 a plen- . titul supply, the supply being greater | than the demand. Prices are report- ed as being falrly reasonable. Re- celpts of pork.continue fairly heavy and low prices prevail. ! Frults and vegetables eon!ln\lo! plentiful. A decrease tn receipts of spinach the past few days is report- 54 ,and prices are corresponaingly Apples continuc very plentiful, sup- plies coming from nearby and distant states, prices ranging from $2 to $6. Apples were so plentiful last fall that many Erowers converted their fruit into cider. EEBS—Strictly fresh, selected, can- dled, per dozen, 37a3%; average re- ceipts, 15 atorage, boasy. LVeToE® T Live poultry— oosters, per 1b., a turkeys, per Ib., 25: spring chickens, per Ib., 25a26; Keats, young, cach, 60a 70; fowls, per Ib., 23a24 2 Dressed poultry—Frésh killed spring chickens, per 1b., 30a32; roasters, per Ib: (30882 hens per b, SEaic:” thr: 3 a30; keats, y 3 each, 8085 ers, per 1b. 20, "5 ’ 1, per dozen, 2.0083.60; No. 2, 1.25a150. 0o Live stock—Caives, cholce. per 1b., | 4a15; medium, per 1b., 12a13; thin, per Lambs, spring, per Ib.. 13. %, 300500 eacki; live ogs, fruits—Apples, 0x, 1.6023.00; . California 3.50a5.25; per basket, per barrel, oranges. per Florida, 3.50a4.50. 3.50a4.00. Grape- Cranberries, 4.50a arrel. Grapes, Cal- ifornia Emperos, 1.50a2.50. Vegetables—Potatoes. nearby, per bbl., No. 1, 2.50a3.00; No. 2, 1.50a2.00. Potatoes, round, per bag, 1.76a3.25: sweet potatoes, 5.00a8.00 per bbl. Southern lettuce, per crate, 1.00a2. Iceberg, 2.50a3.25. Cabbage, north, 2.00a2.50 per 100 Ibs.; Florida, 1.75a 2.00 basket: nearl K bbl. Tomatoes, Florida, 3.00; Beans, #outhern, per baskct, 1.25a3.00. Peas, 7 . California, 6.00 a6 50, Squash, 2.50a3.00. Peppers, per crate. Florida, 2.00a2.50. Eggplant. 006,00, bbl., ~ 1.25a1.50. i .75. _Southern ucumbers, per bushel, 4.50a5.00. Car- ots, 100-1b. sack, 2.25a2.50. Brussels sprouts, 20a25. GRAIN AND PROVISIONS. BALTIMORE, Md., January 16 (Spe- cial)—Potatoes, white, 100 pounds, 1.00a2.00; 250-pound sack, 1.50a3.25 sweets and yams, barrel. 2.00a6.00: bushel, 1.00a: beans, bushel, 1.004 22.75; beets, 100, 4.00a6.00; broccoli and kale, bushel, 25a30: Brussels sprouts, quart, 2 cabbage. 100 pounds, 4.0026.00; savoy. bushel. 40a50; carrots, 100, . A 08 -50; egg- crate, 1.75a2.00; lettuce, hamper, onions, 100 pounds. 1.50a oysterplants, 100, 6.00a7.0 parsnips, basket, 45a55 1.00a2.25; peppers, crate, spinach. ' bushel, 1.00a1.25; squash, | crate, 2.00a3:00; tomatoes, crate, 2.25a | .00; turnips, bushel, 35a40. Apples, packed. barrel, 2.00a4.0 bushel, 50a1.25; loose, 100 pound .00a1.35; box apples, 1.25a2.25; berries, barrel. 6.00a9.00; grapefruit, box, 1.50a2.75; oranges, box, 1.50a2.50 pineapples, crate, 3.00as. berries, quart, 40. Settling Prices on Graln. Wheat—No. 2 red winter, spot, 1.133%; No, red winter, spot, no quotations: No. 2 red winter, garlicky, domestic, 1.12%; expors, nio quotation; No. 3 red winter, garlicky, spot. no, quotations: No. 4 red winter, gar- licky, &pot, no quotations. Sales—None. Corn—Cob, new, 4.30a4.35 for yel- low, and 4.15a4.20 ver barrel for | 0. 2 corn, spot, 89: No. 3 corn, ; track corn. yellow, No. 3. ne. . 2 white, 54% and 55; No. le‘vhue ew, 531 and 54. ye—Nearby, 75a85; No. 2 rye, spot, 80%5. g Hay—Receipts, 83 tons. There is a falr demand prevailing for the bet- ter grades of timothy, light mixed and No. 1 clover agd prices hold steady. Low-grade and damaged hay | is dull sale and of uncertain value. Quotations—No. 1 2 N s 00 o, 1 Tight clover, ‘mix- | No. 1 clover, 22.00a 1, clover. mixed, 25.00225.5 " 24.50a25.00. 1 straight rye; 24.00a No. 1 tangled rye, 15.00 1 wheat, 13.00a14.00; No. 1 oat, 14.00a15.00. CHICAGO, January 16 (United States Department of Agriculture).— | Hogs—Receipts, 31,000 head: 30 cents | good and choice medium and eight butchers, 7.30a7.35; top, desirable 170 to 210 pound aver- 7.15a7.25; packing sows,” 6.65a illing pigs, slow: strong weight, 6.25a6.75; big packers not buying. Cattle—Receipts, 11,000 head: fair- 1y active: beef steer: butcher she stock, ste. top matured steers, 1.606 pounds: handy-w 1. long ‘vearlings, : bulk mixed steers, $.25a10.00; good to choice vearling beef helfers, 10.50: most short red helfers, 5.2 2 co .7526.00; few bologna bulls 47525.00; vealers largely 30 eents higher; packers paying around 10.5 few lots upward 1o 11.00; shippers u ward to 11.50 and above numerous loads going out at 5.25a7.00; trade steady. Sheep—Receipts, 14,000 head; v: best feeding lambs l(rongd -l steady; fat wooled lambs, 13. good ~ feeding lambs, 12,6 handy-welght fat ewes, 7.75, DAIRY PRODUCTS. gl steers, BALTIMORE, Md., Jahuary 16 (Spe- | 3™ cial).—Live poultry—Turkeys. i young chickens, 15’;:5?0'1'::-" 18a23; old Hens, 18a25; leg- ola roosters, i4ais; eese, 18a25; pi 5 25430; guinea fowl, each, 35005 ssed ‘poultry—Turkeys, pound. ; chickens, 23a26; old roosters, : “ducks, 25828; geese, 20233, Eggs—Loss off, native and nearby firsts, dozen, 35; southern, 34 Butter—Creamery, to fancy, 50256; prints, 56a58; nearby creamery, adies. 34335, rolis, 35a10; stors + dairy prin 28a30; ! butter, 39, FHICERspree TODAY’S CHICAGO PRICES. CHICAGO, January 16—Fresh strength developed in the corn mar- ket today at the start and was soon communicated to wheat and oats. horns, horns, Country offerings of corn overnight | Fed were exgremely small. One of the largest houses operating extensively n Illinois and Jowa was said to have obtained only three carlowds on the best bids so far this season. The resulting upward swing of prices | carried September delivery above the season's previous top quotations. | Corn opening prices, from the same as yesterday's finish to %al higher, May, to 79, were followed by moderate gains ali around. Persistent- buying in small lots rallled wheat from an initial decline due to weakness at Liverpool. After opening % to }%a% lower, May, 108%. and July, 107%, wheat rose well above yesterday's finish. 3 Oats started at % off to % up. May, 47% to 47%. and later showe gains all around. Commission house selling of lard weakened the provision market. WHEAT- High. Close. v i Jul; September CORN Spectal Dispatch to The Star. NEW YORK, January 16.—Business began to pick up iIn the cotton goods markets today and prices were firm at their slightly lower levels. cloths . were quoted at 10% cents for the by 60c and 12% cents for 68 by 72s. The silk market was active after Tuesday’'s practical sus- pension because of the Sricas wors quoted down 4r averags rices: were quoted dow F:l §° cents & "pound:- ~The Yokohama matket was reported qulet, Print me: | Anaconda which varied { pion FINANCIAL. REDISCOUNT RATE CUT IS PREDIGTED Local Credit Analysts Look for Change—Bank Merger Near—More Elections. Close observers of ket. including local belfeve that should serve ratio continue ent high level there sale reduction in rediscount rates probably in the late winter months or in early spring. The rate now prevailing at the twelve federal reserve banks is 4% per cent fiat. If credit conditions later on, warrant a reduction, the lead will probably be taken by the New York member as that institu- tion ow boasts a reserve ratio con- siderably in excess of other members. having enjoyed an eleven point ad- vance only last week. Whether this abrupt increase was caused by a scasonal accumulation of funds, as many are inclined to be- lleve. 'will be known the latter part of the week, when new federal Teserve statistics, ' will be available, Prova- lent opinion, though, sees the in- crease as only temporary and not a forerunner of continued ioan liquida tion at the federal reserve. If directors of the various reserve institutions do deem it advisable to cut their rates it is more than like that the local district, Richmond, will be among the last to adopt such a ve, inasmuch as that fnstitution’s reserve ratio is among the lowest o the entire system. Bank Merger Probable. Directors of the Merchants and Trust Company were expec! approve a plan jate this whereby ~ the Exchange Bank Washington, located at 20th street and Pennsylvania avenue, w. merged with the Merchant operated as a branch. Stockholders of the Exchange, meet- ing yesterday, consented to liquidate their holdings in that institution looking toward a consolidation with the Merchants’. A majority of the capital stock of the Exchange Bank (more than $25. 000) was purchased by Peter A. Dr ry, president of the Merchants’ Ban} and Trust Company about a month ago. The purchased capital repre- sented the holdings of the bank's former president, H. H. Hevenor. Deposits of the Exchange aggregate approximately $770.000, with total re sources of about $850,000. Trust Company's Officers. Directors of the American Security and Trust Company re-elected late yesterday afternoon the following of- ficers to serve the ensuing year Charles J. Bell, president; Corcoran Thom, B. F. Saul, Howard S. Reesidc, Howard vice presidents; James F. secretary; Charles E. Howe, er; Alfred B. Leet, trust officer. m L. Beale, real estate officer; David N. Houstom, T. Staniey Holland, Kenneth F. Brooks, Ellfot Moran and Arthur G. Nich- assistant trust officers; Martin R.'West, William W. Keck, John L. Fusitt, Edwayd E. Swan, Hans W Ireland, Percy C. Brady, Harry T White and James C. Dulin, jr. as- sistant treasurers, and John ton, assistant auditor; Fred U note teller, promoted to assi: treasurer, and J. Dann Faber, elect- ed auditor, were new names added to the official roster. Mount Vermen Bank Elects. G. M. Bugniazet, vice president of the International Brotherhood of Electrical Workers, has been added to the directorate of the Mount Ver- non Bank. Other directors were re- elected. Office low: R. Golden Donaldson, chairman of the money mar- credit analysts, the federal re- around its pres- will be a wholc- re-elected for the vear fol- jthe board: William Muehleisen. pres- liam H. Johnston and E. Davison, vice presidents: Willlam Baum, vice president and cashier; Tt Highfield. assistant cashier, and T, Hayden Johnson, counsel. Munsey Trust's Permonnel. The existing directorate of the Munsey Trust Company will continue in force another year, stockholders elected yesterday. Nor were there any changes in officers, the following being re-elected: Frank A. Munses. president; Wilton J. Lambert, vice president and general counsel; C. H Pope, vice president and treasurer: C. D. Ratcliffe, vice president and ae- istant treasurer; T. @ Willis, secre- tary and assistant treasurer, and I J. McMahon, assistant treasurer, Trading on the Washington Stock Exchange today was well diversified with the price level of favorite fs- sues unchanged. Transactions were, for the most part, confined to utilities and banking institutions Railway common gave evidence of returning activity, 160 shares selling at 70 and 70%, while 277 shares of preferred sold at 75% and fractional- Iy above. Gas was easy at 481 and 488, and Merchants' Bank and Trust Company in good demand at 129 and a fraction. Capital Traction was Slightly stronger at 94% and 94%. s ———— TREASURY CERTIFICATES. i 1s s 3 Juse 15, 192 < S8 Soptember 13, 16241 368 .\hrcnnls."'l:%. * 1001 ne 15, 1925......0 483 Devemiee 16, 1025 I%s Mreh 13, 1926, . i8R, Soaron 158 Derimber 13, 16 is S, 1024 448 Decembér 15, 1 s SHORT-TERM SECURITIES. March March tnum Co. of Amer. Te 1925 Aliminam Co. of Amer. T 108 et e o American . fakimore & Ohlo Ge 1624 adian Northern 5« 1f “Argentine Rwy. 8s 1 Central Leather 3s 2 and Pac. Body Corp. 3 A 2 Body Corp. s 1 i Fisher Kennecott Libby, M Sate et o, 1024 tate Tel. S [ is & Co. T%s I Porme & R 145030 Union Tank U, 8. Rubber 7 Western Union 193 Westinghouse E. & M. . Pagable. 00 Meh. 31 Mer Feb. 15 Feb. Feb. 1 Jan. May 1 Apr. Feb. 15 Jan. Feb. it It ey, © % rontional Rovs. n('en(‘nls‘.im o Q 1% TRETE TR 75 Melrille Shoe pf. Q 1%% Vicgintan A% perry & Ry. pf. MOTOR FIRM TO BE SOLD. ST. LOUIS, Mo., January 16.—Ap- Japanese |18 Naturally the pugilist's face is apt to wear an injured expression. plication for an injunction to prevent aissolution of the Dorris Motor Car “ompany was denied by Circuit Judge. Frey, who also ruled against ap- poin{ment of a receiver, which was sked for by Webster Colburn, for- ey general manager of the com- y, and several other stockholders,