Evening Star Newspaper, December 14, 1924, Page 58

BOND SUMMARY FOR THE WEEK High. High. Low. b < : T \ 102-20 102-29 102-29 368 ] 1923 —1088-— 4 9620 - 102-20 Liberty st 4340 1933-47.., 101:39 101-16 101+22 400 T | Low.- Glows, ek Zow. Bate. Lew, Glews: Chge. 96-24 937. 101-6_ 100-21 100-25 398 : 98 press 93w 90% 4 — i ™ 0: i 101-18 101-3 101- 6 394 61 1% 9920 96-27 1052 10121 101-31 393 = 16 % 9% B8 b Bt # 29 0 6 % o, 'satufday Advances Range 15 10 sw| From Fractions to More Danger Seen .in Expecting| 9% —— Kelly Bpringfield Tires. 76 @ Kelsey Wheel... ‘Weak Issues Suddenly to - Turn Strong by Merger. CHANGES TO BE GRADUAL . Uncertainty Over Money Rates Vital Factor in Past Week's Markets. BY GEORGE T. HUGHES. Special Dispatch to The Sta NEW YORK, December 13.—Rafl- Wway securities have again held the center ‘of the stage in thls week's investment market. For the most part It has. been speculative obliga- tions, in which interest has been con- centrated. Probably the most important de- Yelopment was ths giving of conaent by the Interstafe Cofmerce Commis- sion “to the acquisition by the Mt Souri-Pacific of - tits - New Orleans, Texas and Mexico. This was in accord Wwith the commissions tentative plan for consolidations and it might have Been expected that approval would be given. but until the decision was ac- tually rendered the financial commu- nity did not feel at g1l certaln about the outcome.” The importance of this decision Is that it seems to point to favorable action on some of the other combinations now being planned, of Which the most important is the Nickel Plate group. Investments Need Stady. The result was to stimulate buying ©f the various obligations of the Toads concerned Jn this and other con- solidations. There Is great danger hier that speculative enthuslasm will &0 too far. Economies in operation and increasing. teafic may reason- ably be expected fform these voluntary mergers, but in the last analysis the investment m of. any security rests first on the value of the prop- erty, on which-it la a_llen, and sec- ond on its earning power. These fundamentals are 0o often overlook- €d by those who sssume that when You marry a weak road to a strong 3‘::,”“ :[e(::rtflelhof‘ the former are ce rals 0 the invest: of the latter. et Accompanying the diseyssions al- ready under Way there bave been many rumors of others In prospect. Whether true or false, such rumors help along a speculative movement, but the prudent investor will be wary about going along with the current. ‘This is not meant to minimize the portance of the very.real improve- ment in railroad conditions. Taking the class 1 railroads, operating reve- nues for October showed a decrease ©f 2.6 per cent under the same month & year ago. Operating Revennes Lowered. 1Operating expenses, however, wers reduced 3.4 per cent: under thuse for October, 1823, 50 that the net operat- 1ag Income for all these roads in Oc- tober was $127,105,100, compared with 3103775700 In October of iast year.| This net operating income, by which | meant what I3 left after the pay- lent of operating expenses, taxes and ; equipment rentals, but before inter- bt and other fixed charges, was the largest this October for any month since August, 1918. On’this basis an | upward movement in railway secu-| jtles 15 entirely logical. It is a mts- t8ke, however, Hét to discziniinate ¢ bettween the p erous and the non- | prosperous; between -the strong and | the weak, just ag it is & mistake to assume that mergers will work mira- <lzs ©o illustrate the present condition there are a number of cases where rafl- Toad stocks are selling to yleld no more, and in a few instances less, than the senlor securities of the same road. Rail- 1984 bonds of assured investment status returning from 5% to & per cent have been neglected to buy stocks which at pfevailing divi‘end rates and market p:l:es give the investor a smaller in- come. Shifting Sometimes Dangerous. Of course. the explanation is—and within limits it s a correct explana- tion—that the market price of the stocks 18 fixed not by the present dividend, but what may reasonably be expected iy the future, earnings considered. This 14 @ commonplace . of ~all speculation, oad yet it Is exactly wha?, mekes spec- ulation dangerous.. The fdture does not elways turn out the way roey. dreams of the speculators patnt it. Meanwhile, #hrewd buyers may profitably pick up the new neglected Investment obliga- tions, > iThe investment situation with the utilities is very>similar'to that in rail- road securities. Sound utllity preferred stocks are to be had vielding from 6% 3 7 per cent, while the common stocks of the same utllities are being bid up o unheard-qf by reported’éarnings, but entirely un- attractive from the standpoint of pres: ent income. § Preferred Stocks Sater. 1t the outlook is eo bright and the fipancial condition of m:: companies is 80 strong as the quotations for their common stocks would indicate, the pre- farred stocks are on the bargain counter. ‘Trde, the preferred stocks have limited Dessibilities of price appreciation, but mg are a ubt as to 'the course of mone rates has held’ down - quotations t?r high-grade investments this week. ‘There is not very much change in the DpEices of Government loans, but they sBow 1o tendency to advance. It is mostly corporations and -banks which niéw hold Liberty bonds, and they may b expected to sell when and if they néed money in business. On the other hand, the amount of Liberties out- standing is constantly being decreased thirough operation of the Treasury's sinking fund, atd if the quotations 86 83 169% 168% 115 39% 10619 IJO; 159% 140 % 104% 7 should fall below. par the British gov. [—— —— ermment would ‘at once come into the wiarket as the largest buyer. No Werry Over Geld iThe first mortgage ralls of the #ivings bank type have not been so much affected by the signs of hard- ening probably for the reason that maving banks have no reason to sell. ‘THare has been some buying by in- sgrance companies of selected issues ;gzmn( around 5% per cent. Bood deal of attention is. b PRi@ to the matter of gold whieh because of thelr Influence on t§e. money market would have an upon “all - these high-grade There i{s as yet no indication of exports in sufficient volume to ke any great impression upon our gtéat gold surplus. FCopyrizht, 1024, by Consslidated Prem.) FAVOR STOCK SPLIT-UP. {NEW YORK, December 13.—Direc- tors of the Fisher Body have LHH 55 PSR 35 - gezgyiesh H e T - ) opsa3 | sptzaye | uessitug| o3| g g8t ByEsdy B S 14% —— American Chicle 88 6 American Express. 3. 88 7 Am & Forelgn Power 38%. 119 114% 91% 7 Am& Foreign Pow fullpd 119% l::a 14% T4 —— American Hide & Leather. .. Hide 2% 86% 121% 824 —— Amer Tob new) 813 —— Amer Tob B (ne: 136% 14 American Tobacco. 185% 14 American Tobacco 10, 7 Amer Type Foudrie: 24 Am Water W & El par 7 Am Water W. Elec 1ot pt. American Woolen. American Woolen pt. —— American Zinc Lead ~—— American Zinc L& 8 pf. —— Anaconda Copper. —— Ann Arbor pt. Armour & Co 7% pf. Asso Dry Goods. 130 Associated Oil (new)... 32 30 Atchison, Topeka & 8 Fe. 118 Atchlson Topeka & SFept 95 Atlantic Coast Lint 1 Atlantic Gulf & West Ing.. 124 —— Atlantic Guif & W I pt. 78% —— Atlantic Refining. 18% —— Austin Nichols. . Baldwin Locomotive. 52 5 Bsltimore & Ohio. 6% ¢ 37% —— Hethlsher Steel. Bethiehem Steel pf new. .. Bethlehem Steel, 8% pt. Brookiyn Ddlson Electric... 1244 Brooklyn-Man Transit aw Brooklyn-Man Transit pf... T4% Brookiyn Unior: Gas. California Petroleum California Petroleum pf Calumet & Arizona. Case Threshing Mach Central Leather C Central Leather Co +12 Central I Century Ribbon Mills. 10% 4 Cerrode Pasco Coppe: 24% —— Certai-Teed Products. 26% 8 Chandler Motoro. 87% 4 Chesapeake & Ohlo 4 —— Chicago & Great Western 10% —— Chicago & Great Weste.n pf. 10% —— Chi, Milwaukee & St Paul... 181§ —— Chl. Milwaukee & St P ... 49% & Chicago & Northwestern. 100 7 Chicago & Northwest pf. 21% ~—— Chicago, R 1 & Pacific... €5% 6 Chl, R1& Pacific 6%. 7 Chicago R 1& Pacific 7%.. ~—— Chicago, St Paul Min & O 4 Chicago Yellow Cab. 20 83 2.60 Columbia Gas (new) 89% 4 Columbla Carbon. 43% 4 Commercial Solvents, A. 88 —— Commercial Solvents. B. Daniel Boone Mills Davison Chemical. , Delaware & Hudson. 55 -:R & Federal Mining & Smelt'g. Federal Mining & Smelt pt Egezgseat 55 srgagenizs L H gesseazjspisipegyennic R N R N e S RN .. o 15 2"s58Fs Frefersefe s # 57 EsPeRen a8 FRs"" v = . 13 3 =es;Egagygeyg-25ny 2283 EH F P - =3 3 ¥ giasipgsehi =i§ 81% 114% 117% 93% 95 - 5 F3 I 3 L3 FLEETTER S TH T I g:z;;f:g;;gi:é 1 G T 184% R IE T I Y Yeovvean “ + e + + + + + + 2 3 7 4 + + ™ + + & + + + o SEFENREE FREEEF LR AR E AR AR AN - ey §§ = a 33d5e poft PRI EL e Pea PRt % Fssiisis HELTER 1T $750eF 144444101 k] i 7] e .. 2T 8E |ggage 3| | §§a82§5y| enlie| 3% | 3o yonyetyy HE SRR HEHE ='§§§§§a!=§F <5388esyggeggnssy " 3 HLA - = L3 4- Lima Locomotive. 2 Loew's, Incorporated. &|sysensg |2/ ezg| = FH -1 $3 10% —— Maxwell Motor, Class B, 8% May Department Stores. 904 4% 20 Miamt Copper. 3 Lisgett & Myers (B)...... FER 41+ ++4 E4F+ +4 FERREL LTI E L4 Minneapolls. ¢ P& 8§ M. 28% 10% —— Mo Kan & Texas new 20% —— Mo Kan & Texas pfnew. ... 9% —— Missour: Pacific. 29 —— Miusour) Pactfis pf... . 614 4 Montana Power 80% 3 Nat Datry Products % — Department Stores. Natfonal Distille 18%% —— Nat Enamel 89 67 7 169% 1231 8 73% B84 8 1214 50 New York, Chi & St 6 New York, Chi & StLpf. 19 —— New York Deck.... 41% & New York Dock pf. 14% —— New York, N H & Hart. 18 —— N Y, Ontario & Western 12 —— Norfolk Southern. . 47% & Northern Pacific. 18 —— Onyx Hoslery. . 68% 514 Otis Elevator (new! 6% —— Otis Steel Pennsyivania Rallroad People’s Gas, Chicago. . Peoria & Eastern Pere Marquette pf. Phtladelphia Company. Phila & Reading C& I Phillips-Jones. Phillips Petroleum. Plerce-Arrow. . 39 Public Service new. Putiman Co. 40% B - Punta Al 30w 20 1% Pure Ofl. 4815 26% —— Radio Corp. of Anurlu.' Railway Steel Springs. '“ —~——— Ray Consolidated Copper. 49% 32K — Renangton Typewriter. 234 T — Replogie Bteel e o blican Iron 83 — Bt Louls SBouthwestern. 8T% 8 &t Louls Southwestern 2% Savage A 96% 8 Schuite Stores. 6% —— Seaboard Air Li; 1614 — Seaboard Air Line 98% 6 Bears-Roebuck. 83 2.08 Shell Trading 16% 1 Bhell UnionOfl...... 22 1 Simmons Company. 10% 80¢ Simms Petroleum. @ Sloss-ShefMield 6t1 & Iron. £ 1443 s3atgasisaliesiogeasy {|3e sgzeg,Bagofunyy 111 Ld §233ut [ {al =11} gagess i : " Vatval Pige & Rad pf - Utah Copper. L6 — Utah Becurities. . 19% — Vanadium Corporation. 34 — Va-Car Chemical i | i 3 §2§= - §eagryrases HE sgedz aw 8 & = ¥ T5gesy 57558 Hi: \5|;.a==s=.§=§sg H £hey ] %5 i & -2 I i %1 L, —— Virginia Railway & Powe: bash +1% 4+ Py ST+ 4 lteb © I ¥ ses"Frees 257 |+|.'|I+|I+00+Ql+4l|[+++l+l'{++¢-§“"|++flll|"|‘|’ll0|¢¢ll|||||l S g * o 2323 E2ER8sifs tEF] FET Y 23geg;nggsgaas i 5333783885500 FHEFEH oy 5= 1+ PP P 3 R PR 59 ........ $338533" aaua:‘é:i‘g;g’fi 11444+ 11 TS a3 P PR MY - S 33 e & LTI C+498 110 F LI+ 0+ 2 (3 FHFH L E Y FHEEL T g3 E8zgex 33338 E 3 §aipgnn 5 5, e S 3 % snies g5 & =ges, EEnaiey % g i - e ®. e R TR ™ ’-!I S L FER I S FHIEHE B 5 3 .. SHEHIH LI EEI LI+ - = 2572552002255 EH 55 £ L i L T i sezgiizeggn fisangss 1] +3 5 fle 88 1! Chile 85 1946 107 Denmark 851945 = 92% Dutch East Indies 6s 1947, , 92% Dutch East Indies 651962, ... .. 84 Framerican Ind Dev 75451942 89% French Govt 7t%s 1941 924 French Govt 83 1945. . 78 Holland-American 5 £ 68 1947 7614 Japanese 43 1931 88% Japanese 6345 1954 seee 73% Jergens Utd Margarine 651947, 72% Lyons&s 1934. .. 72% Marsellles 68 1934, A 7. 104% Queensland 7s 1941. 37% 98% United Kingdom 5338 1987 INDUSTRIAL AND MISCELLAXESTY. 9% A $4% Anaconda Copper s 1953, 944 Anaconda Copper cv deb 7 83% Armour & Co 4 3% 1939 96% Atlantic Refining deb 97% Beil Tel (Pa) ref 6s 1948 #7% Bethlehem Steel pm 68 844 Bethlehem Stsel u¢ du 1048, 9%% Central Leather s 19: 99 Chile Copper 6s 1933 . 86 Cons Coal (Md) 1s ref $7% Cuba Cane Sug cv deb. 104 Detroit Edison ref 6 106% Du Pont de Nem 7% 19 00% Goodyear Tire 114% Goodyear Tire 96% Humble Oll & 99% Indiana Steel 55 1952. 79% Inter Mer Marine 65 1941. 823 Inter Paper bs B 1947... 974 Manati Sugar s £ 735 1942, , ... 85% Midvale Steel 53 1936. . . : 97% New England Tel b8 10834,1.. . 1097 4l 88% 93% New York Tel 4%s1939.... 104 New York Te} 68 1941. 91% North American Edison 90% Pacific Gas & Elec 55 19 90% Pacific Tel & Tel bs 1953 $9% Philadelphia Co ref 6s 1944. 77 Public Service 959 87% Sinclair Ofl 76 1837, 97 Sinclair Crude Ol 5%s 192 100% South Porto Rico Sugar 7s 1841 %4 83 tn.on Bug & Vaper 65 D. 5 111% United Drug cv 8s 1941... 78% U S Rubber 1st & ref bs 184’ 99 U S Rubber 73%81930. 102% U S Steel s f 55 1963. 46% Wilson & Cocv 7%s 1831 RAILROAD. 85% Atehison gen ¢s 1998 86% Atlantic Coast Line I 6% Balto & Ohioprini 81% Balto & Ohio gold 4s 1843, 82% Balto & Ohlo cv 4%s 1938, 78% Canadian Pacific deb 4s. 92% Carolina Clinch & Ohlo 85 Central Pacific 48 1949 88% Chesapeake & Ohio cv 69% Chi & Hastern Ill gen B0 ChiGreat Western 43 1959 82 ChiM & St Paul cv 435 19 77% Chi M & St Paul gen 4345 198! 48% Chi M & Bt Paul réf 433s 3014. $2 ChiM & StPaulcvbs2014..,... 74 Chicago Railways 53 1927.. 78% Chi R I & Pacific ref ¢s 1534 89% Chi Union Station 4%s 1964, W 100% CCCI'!L&'O(.IAHB, 102% Cleveland Term b%s 1972, 8034 Celorado & Southern %5 1985... 81% Cuba R R bs 1953. . 97% Delaware & Hudson §%s 1937 66% Den & Rio Grande con 48 1936 84% Den & Rio Grande 1st ref bs 1836 843 Detroit United 43,35 1932.", 61% Ei!s 1st con 4s 1996, $3% Erie gen llen 4s 1996, 58% Hudson & Manhattan ad§ §s 1! 100% Illinots Central 53%s 19: 58% Rapid T 55w 39% N Y West & Boston 43s 1845, 91% 88 Norfolk & Western con én96. 183 106% Norfolk & Westorn cv és 1 86% Northedn Pacific 3s 1947 Northern Pacific 43 1997, . 86% 80% 1084 101% Northern Pacific ref imp 6s 98% 92% Ore Short Liné ref 48 1 B4 79% Ore-Wash 1st ref 4531961 95 90% Pennsylvania gen4s 1965, 104% 99 Pennsylvania gen 5s 196 111 107% Pennsylvania 645 1936.y, Peoria & Eastern inc s 1090 99% 91% Pere Marquette 1at §s 145! 7% Reading gen 48 1997, , .. cy. L TLPLEE t-3 ot Fl LR TR s 2 Virginian Ry 1st ‘Wabash 1st §2.1939 " Western Marytand 4s 1983, ce0 e on lesters. 9462 oo, est Shore 1st 65 3861..... [ 2 F 5 [ %% 100% 90 é 1154 96% 111% % 53 8 Than Eight Points. S5 0ILS SHOW NEW VITALITY and Southern luul Rails, Motors and Public Util- ities Scoring Gsine. By the Associsted Press. NEW YORK, December 15.—The stock market closed the week with & strong undertone. With the ad< vances of the day, which ran from fractions to nearly 83 polots, the market regained most of the ground lost during the sharp reactlon In ve issues, inoluding eight motors and accessories, en ralls even public utilities, created new mazimum Qquotations for the year. The list Included practically 4l of the Van Bweringen stockss which made & further favorable re< to the Brle directors’ approval the Nické]l Plate lease, and such '1:.1y diversified lssues as Jorden Max 115% o 1044 | &tosTanh, Américan Car and Foun- dry, American Radiator, Continental Can, Chicago Pneumatio Tool, Iron 95 | Products, United Drug, Great West. 95 | ern Sugar, Simons Co., Armour or Delaware preferred, sher Body, Balttmore and Ohio and Southern Rallway, Ofis Show More Vitality. 100%! OU shares. which have been lag- ging beliind the general list since last Spring, showed more vitality on publication of estimates of & substan- tial decline in the week's production of crude oll. Marland, Standard Oil of California, Houston, Pacific and 35 Pan American B closed 2 to 3% pointe 999 higher, while several others gained u 107 | point or more. 107% Standard industrials showed little change on the day, United States Steel common closing unchanged at 117% and Beldwin and American 1089 Can improving tractionally. Cop- 119% | pers hardened in reflection of rising prices for the red metal. Some of the most violent bullish demonstra- tions took place In the public util- ftles. West Penn Power and Fed. eral Light and Traction olosing at net gains of 7 and 6 points, re- :zu:t’l‘vely. American Exprese jump- 93% 100% 108% Foreign Exchange Stiffens. Forelgn exchanges stiffened per- ceptibly, with Spanish pesetas de- | valoping marked strength, touching & new top price of the year st 14% . eents, 2 net of 8 points on the day [and 33 on the week. Buying of this currency is sald to be for the &c- count of speculators who went short when the Moroccan troubles were at their height, and had not previ- ously covered. - Demand sterling ruled about % ofa cent higher atound 34.69% and French | francs were quoted around 5% cen The weekly clearing- house state- ment showed mixed changes, loans, discounts Investments dropped 372,583,000 below ‘the weei befere cash in own valuts increased $3,831,- 000; the reserve of member banks in 4%l the' Federal Reserve Bank gained $38,015,000; net demand deposits |dropped $14,535.000, and time deposita feil off $9.891,000. Aggregate re- serves totaled $705,984,000. leaving exoess reser f $71,026,790, an in- crease of $89,808,250. Wall Street Features. NEW ' YORK, December 18.—Tis 10th anniversary of the resumption of trading on the New York Stock: Exchange. after being clomed four- and-ome-haif months by the war; brought _interesting comparisons of stock prices. On Saturday, December 12, 1914, the market was “active ard stron Eighty-seven issues Wwere traded in to the ~extent of 112,000 shares. United States Stee! common sold at 48, about $70 & sharc under today's quotation. American Can, & leader in the market then, made i six-point galn to 25%. It is $120 share higher today. Rock Island common, selling today around 45, 1v years ago was quoted at 1%. South. ern Raflway, then now a dividend payer Year's Biggest Dividend Dar. Next Monday will be the blgge:: dividend day of the year, with 2i5 stocks selling extra dividend. The 77 |more important listed on the New 108 | York Stock Exchange include Adams i 1084 | Express. Advance-Rumely, Americut 90% | Car and Foundry, Coco Cola, Flelsch- 833 | mann, Great Western Sugar, Gulf 101 |States Steel, Kresge, Mack Truck, Pa- 83% [cifio Oil, Phillips ' Petroleum, Pere 58 | Marquette, Reynolds 8pring, United 03y | Clgar Stores, Youngstown Sheet and 7% |Tube, P. Lorillard, Hudson Motor 63% | Company, International Business Ma- 86 |chine, Cuyamel Frult, Slmmons Pe- 74% | troleum, Stromberg Carburetor and 106% | Atlantic Coast- Line. Relling Mill Vetes Dividend. American Rolling Mills Compar.: today declared a dividend of 50c the common stock, payable Januar; 103y |15, and the regularly quarterly @i% 683 |idend of 1% per cent on the pre- % | Cerred. % Earnings of the Armour Company 83% | for the current year are expeoted to 70y {be about $5,000,000 above preferred. 89 |[dividend requiremen: which ls 9774 | equivalent to about $¢ a sbare on t! 94% | 3,001,348 shares of §35 par value co 92% | mon stock mow outstanding. 100% 109% 8 % 85% '5e«|COTTON SELLS LOWER 8% 86 IN SATURDAY TRADING 3% | By the Aswoctatet Prem. 93| NEW YORK, December 15.—Yes- terday's advanoes in the cotton mar- ket wero followed by moderate re- actions today. A disposition to take 85 | profits on recent purchases was pro- by relatively easy ILdverpoel 87% | cables. and rather smaller domestic 1241 | consumption figures than es; 6034 | Declines, however, were held in cheok 84 | by the continued bullish character 107 | of Southern spot advices. After pell- 96y | Ing_early at 23.46, March contraots 8244 | rallled to 23.70 and closed at 23.55, 033 | the general market closing steady 102 | at declines of 2 to 12 points. 110% Cotton on shipboard at the end of 56 | the week awalting clearance was es- timated . at 190,077 bales, against 984 | 300,868 last year. 726 | Fall River sales of print cloths 874 | for the week were estimated st 83% | 30,000 pleces. ¢ty ER S, 3% CLOTH MARKET QUIET, 9% 43 5-,3“: yagl Bidhket Lines Will Be Open- 84 6% 843 87% 7\ od Nest Woek. NEW. YORK, December 18.—Cotton. 74y | §00d8 were quiet today, prices hold- -10\“ ing . generally . unchanged. Seme 107 | bouses were holding firm. for current . 50% | Prices on contract deliveries. Yarna were unchanged. Raw silk continued quist and easy. .Burlaps showed lt- 953 | tle change from the easier trend of 1008 | Fecent Vool blanket. lines 63| Will- be. ned..by the large .pro- duoers. . Wk, . Searcity im creyon yarns was noticeadle, despite the groat increase in production.