Evening Star Newspaper, December 31, 1924, Page 26

1 1FezIsEITIPRLICT sivesvwn " « B T 1] i s .ton— Highe o6 kg FIN SPECTACULAR RISE INMANY STOCKS Year Closes With Violent Ad- vance in Several Pivotal Issues. BY STUART P. WEST. Special Dispatch to The Sta; NEW YORK, December 31.—The: o outstanding features on the Stock | change tod: were the big rise in neral Electric accompanied by ex- traordinary outside trading in the shares of the new Electric Bond and Share Company when issued, and, sec- ce selling and buving which was going on in con- with the establishing of the ose of the vear. had closed Tues- Right at the start at 310. Then, in the it went considerably higher still. . The reason for the re- rkable turnabout was that Wall Street had not realized what the dis- tribution of General Electric inter- ests in its public utilities would mean for holders of the parent company stock. On the old basis of 250,000 shares of Electric bond and ecommon, all owned by General 2 tric, the earnings figured out $40. On the new basis of 1,850,000 shares the earnings nominally appeared to be only $5.25, which were pretty low for a stock that v pushed up violently far above par. Holds Valuable Properties. But the secret lay in the immensely valuable equities of the various prop- erties in which the Electric Bond and Share Co. owns more than a half in- teres Among these are Am 2 and Electric, the common stock of W sells around Lehigh Pow around 11 atlonal Power g around 240 rolina Power, around 330, and American Power and Light, around 6. All these companies have been pay- ing dividends very small in comparison with what they are earning. Both National Power and Carolina Power are earning around $60 a share, and Lehigh Power between $20 and $30. The explanation for the ectacular jump in General Electric today was sim- Py that the Street was waking up to the potential value of the new Electric Bond and Share Co. stock, which is to e given, share for share, to owners of General Electric Equipment Stocks Jump. There was another story around to the effect that the General Electric's next move would be the distribution of ite Radio Corporation holdings, and enough «rede was given to this sto to precipitate a big rush of buying in Radio Corporation stock ss than two weeks ago Radio stock was selling around 44. up about 20 points from th A spectacular rise occurred stocks of the railway uipment com- panies, but for no new reason. Alll the indications now point to a record- breaking railway buying movement in the coming year. American Car and Foundry was the leader, touch- img 200 for the first time. Railway Steel Springs sold up nearly 5 points. American Locomotive made a new high above 109, Lima got above 70 again and Baldwin Lo »motive a opening below 131 ran up over 3 points. Industrials Are Feature. The year ended on the Stock E change with another series of violent advances in high-priced industrial share: This was the big feature. As the day went on it outweighed heavy realizing in other directions and brought about an upward turn in the main body of stock: 1t was perhaps fitting that the old vear should go out with a specu- jative movement more sensational than anything that has been seen #0 far. This was Wall Street's final tribute to the election results, after the enthusiasm which these created | for the entire business.outlook. The market was saying more plainl to- day than at any time in the last two months that it was looking for a business boom in 19 Whether or not it is oversanguine in its judg- ment is a question which remains to be decided. Nobody of experience can look upon such a wild advance as that of the last few weeks without feeling some concern. MAREKET CLOSES STRONG. nection tax losses at the c General Electric day night at today it sold Jater trading, Sharp Advances Feature Close of 1924 Trading. By the Associated Press. NEW YORK, December 31.—Spectac- ular advances in special stocks featured the closing stock market session of the vear, which displaved a strong under- tone. General Electric was the sensa- tional performer, soaring points, while Radio Corporation added 8 points 10 its recent remarkable advance approximated 1,500,000 shares. The closing was strong. General tric_ ran off 5 points from the top on profit-taking, but Congoleu; Sears, Roebuck & Co.. Universal e pre- Ameriean Beet Sugar preferred ckel Plate” were marked up l Markets at a Glance W YORK ocks—Strong; Gen eral Electric soars 25 points. Bonds teady; industrial issues in de- and. Foreign exchanges—Firm; ster- ling holds near yvear's higher. Cot- firmer spot markets. ‘Sugar—Steady: Cuban buying. Cof- fee—Weak; lower Brazilian market. CHICAGO: Wheat buying. Corn—Steady with wheat. Cattle—Higher; demand. Hogs—Lower. MEXICO TO GIVE UP TELEPHONE CONTROL By the Associated Press. MEXICO CITY, December 3 The Mexican Telephone and Tele- | zraph Co.. which for several years has been controlled by the Mexican zovernment, will soon be handed cver to the private owners, according i Col. W. J. Repp, who has arrived in Mexico City to receive the prop- ert Col. Repp states that preparations jave been made to introduce im- Jrovements in order to place the Lompany on the same level as the elephone companies in the United States and Havana owned by the <ame Interests. rong; foreign NEW BAKERY FIRM STARTS. BALTIMORL, December 31 (Spe- | cial).—Another large baking cerpo- ration, the Hall Baking Company inc., has filed articles of incorpora- | tion with the State tax commission. he company is capitalized at $5.000,- 600, consisting of 50,000 shares of jreferred stock, par value $100, and 10.000 shares of common stock, no par value. CLOTH MARKET STRONG. W YORK, December 31 (Special). Cotton goods wound up the old year with a quiet day, but with firm to stronger quotations. - The print cloths cc-e advanced % cent, the 64 by 60 E cents and the 68 by 72 to 105" fairly aeti recorded in w silks were cemt fucreases Ans. | Am CI c ¢ b=t ANCIAL. NEW YORK STOCK EXCHANGE THE EVENING Received by Private Wire Direct to The Star Office Acme Coal pf. Ad Rumly pt ( Air Reduct (15). Ajax Rubber. ... Alaska Gold. . Alaska Juneau. . Allled Chiem (4). Allis Chalm (4). Allfs Chim pf (7) Am Agricul Chm Am Ag Chm pf. . Am Beet Sug (4) Am Beet S pf (6) Am Bosch...... Am Brk Shoe (5) Am Can (18).... Am Can pf (7) Am Car & F (12) Am Chicle. Am Chicle ctf: Am Drug Sny Am Express (6). Am Am Am Am Am Am Am Am Am Am Am F P £ pf (7) Hide & Lipf. Ice (7)...... Tce pf (6). Internatl. .. La France (1 Linseed. .... Linseed pf Locomo (6) . Metal (3). .. Am Radiator (1) Am Ry Exp (6). Am Ship & Com. Am Sm & Ref (5) Am Stl Fays (3) Am Stl Fy pf (7 Am Sugar. . Am Sugar pf (7) Am Sumatra. ... Am T & Tel (9). Am Tobacco. . .. Am Tobacco (B) Tobae pf (6) Water Wks. W W pf (6). Am Woolen. Am Writ Pap Am Zine . Am Zine pf. Anaconda (75¢). Am Am pt. | Ann Arbor Arch-Dan pf Art Metal (1). Asso Dry G (5).. Asso D 2d (7). 550 Ol (1%).. AtT &S Fe (6) AT&SF pf (5 Atl Birm & At... Atl Coast L (18) AtGuif & WT... At Gulf & W I pf Atlantic Reflinin Atlas Tack..... Austin-Nichola. Auto Knitter Baldwin L (7).. Bald Loco pf (7) Bal & Ohio (3).. Bal & Oh pf (4). Bang & Ar (3).. Barnet Leather. Barnsdall A Barnsdall B. Bayuk Clgar Bayuk 1st pf ( Beech-Nut (3).. Bethlehem Steel Beth Stl pf (8).. Booth Fisheries. British Empire. British Emp 2d. Bkl Edison (8) Brk-Man Tran Brklyn Un G (4) Brown Shoe (4). Buff R& P (4).. Burns Bro (10). Burns Br B (2). Bur Add Ma (3). Butte Cop (50¢) . Butte & Superior Butterick Co.... Caddo Central. . Cal Packing (6). Cal Pete (1%). Callahan Zinc. Calu & Ariz (2). Calumet & H 50c Can Pacific (10). Cent Leather. . Cent Leather pf. CRRNJ (112). Century Rib (2) Cero d Pasro (4) Certain-Teed. .. Chand Mot (3) Ches & Ohio (4). Chicago & Alton Chic & Alton pf. Chi & 1 111 pf Chic Gr West Chic Gr West pf. Chi Mi1 & St P... Chi Mil &S P pf. Chi & Nwn (4). Chi Pneu T (5) iRI& Pac. 1& P pf (). I&Ppf (7). hi Yellow C (4) Chile Cop (2%). Chino Copper Cluett Peab ( ca-Colo (7). . Colo Fuel & Iron Colo & Col G & E (2.60) . Col G & 13 pf (7). Col Carbon (4) Com In Tr pf Com Solv B. Com Solv rits. . Congol-Nairn (3 Conley Tin Foil. Consol Cigar. Con Cigar pf (7) Con Distributrs. Consol Gas (5). . Consol Textile. . Cont Can (4) Cont Insur (6 Cont Mot (8 Corn Prod (2). . Corn Prod pf Cosden Co Crucible S! Cub Am Sug (3). Cub Cane Su pf. Cuba Dominican Cuyamel Fr (4). Davison Chen uthern. .. (4). De Beers (88c) Del & Hud (9).. Del L& W (6).. D&RGWstpf.. Devee 1st (7) Dome Mines (2). Doug Pectin (1). DuFont (8)..... Duquesne pf (7) Eastman (i8). | Baton Axle ec St Bat (i5) Emmerson Brnt Emmerson B pf. End-John (5). Fairbks (2 an ous Pl (8) Fed Lt & T (*7). Fed Mines pf (7) Fisher Body (10 Fisk Rubber. ... Fish Rybber pf. Fleischiman (14) Foundation (6). Freeport-Texas. Gardner Motor. . Gen Am Tnk (3) Gen Asphalt. ... Gen Asph pf (5). Gen Baking (6). Gen Electric (8) Gen Elspl (60¢). Gen Motors (5). Gen Mot db (6).. Gen Petrol (2) Gen Refrac (2 Gimbel Bros. : Ginter Co 11%). Glidden Co Gold Dust. Goodrich . Goodrich pf (7). Goodyear pf.... Granby Consol. . Gray & Davis. Gyt North pf (5) Grt Nor Ore (4). Grt Wstn Su (8) | Greene Canan. uantanamo Gu Mo & N pt 6¢ Gulf' St iiteel (0) Open. High. 10 «51 87% 50 110% 5% 3 8 . 120% 36% 1% 70 67 96 21% 64 8% 23 24% 1% 104% 28% 45 57% 18% 149% 18% 55% 290 40 51 87% 13% 5314 5% th 45% 42 32%4 9615 107 116 617 239 15% 85 8474 91% 10% 4% | 515% 6214 10 144% 320 11% 654 Hanna st (7). Hartman Co (4 Hayes Wheel (3) Hoe & Co A (4). Homestake (173 Househ P (131) Houston Ofl. ... Hudson Man. Hud Man pf (5). Hudson Mot (3). Hupp Mot (1).. . Hydraulic Steel . Illinois Cent (7) Independ Oil (1) Indian Motoreye Indian Refining. Inland Stl (213). Inspiration Cop. Interb Rap Tr. Internat Agri. Int Bus Mac (8). Int Cement (4). Int Com Eng (2 Internat Har (5) Inter Har pf (7). Int Mer Marine. Int Mer Mar pf.. Internat Nickel. Inter Nick pf (8) Internat-Paper. Int Ry Cent Am. Inter Shoe (3). . Int Tel & Tel (6) FInvineible Oil. Iron Prod (4% Jewel Tea . Jones Bros Tea. Jordon Mot (3). Kansas & Gulf. . Kan City South. Kayser (Julius) Kelly-Sprigfield. Kelly Spring pf. Kennecott (3). . Keystone T & R. Kinney G R Kresge Dep Str. Lee Rub & Tire. Lehigh Val (3%) Lig & Myrs B (3) Lima Loca (4).. Loews Inc ( Loft. . Z Loose-Wiles E Lorrillard (3)... Ludlum (2) Melntyre (75c). Mack Trucks (6) Mack Tilst (7).. Mack Trk 2d (7) Macy H R & Co. Magma Copper Mallinson & Co an El Sup (4). Man El md g (5) Manhat Shirt (3) Maracaibo Oil. .. Market St 2d pf. Market St prior. Marland Ofl Marlin Rockwell Martin-Parry 4. Mathieson Alka. Maxwell Mot A. Maxwell Mot B, May Dept St (5). Mex Seabd (2).. Miami Cop (2).. Middle States. Midvale Steel . Minn & St Louis Min StP&SSM M StP&SSM pf 4 Mis Kan & Tex. MK & Tpf (5).. Missouri Pacific Missouri Pac pf. Montgom Ward. Moon Mot (3 Mother Lode 75¢ Munsingwr (3). Nash Mot (110). Nat Biscuit (4) Nat Cloak & Sut Nat Dairy (3).. Nat Dept Stores Nat Dp St Ist (7} Nat Distillers pf Nat Enamel & S Nat Lead (8). .. Nat Supply (3) Nevada Copper NOT&M 123% NY Air Br (4).. N Y Central (7). NYCStL(6)... NYC&StL pf (6) N Y Dock pf (5). NY NH & Hart.. NYO&Wst (1) Norfolk South.. Norf & W (i8).. North A... (3.40) North Am pf (3) North Pac (5). Nunnally (1) Ontario Mining. Orpheum (13%). Otis Blev (1512) Ous Steel Owens Bot (3).. Pacific Gas (8).. Pacific Mail. ... Pacific Oil (2) .. Packard (11.50). Pan-Amer (4).. Pan-Amer B (1) Park & Tilford.. Penn C&C (4).. Pennsy RR (3). Penn Seab Steel. Peoples Gas (8). Pere Mar pf (5). Phila Co (4).... Phila & RC& 1. Phillip Moi'ris. . Phil-Jones pf (T Phillips Pet (2). Pierce-Arrow. . Pierce-Arrow pf Pierce A prior $. Pierce Oil...... Pierce Ol pf. Pierce Petrol Pitts Coal...... Pitts Stl pf (7). ’itts Term Coal. Titt Tr Coal pr. . Pitts Ut pf (1.20 Pitts Ut ctfs 1.20 Pitts & West Va Postum-Cer (4) | Press Steel Car. ! Prod & Refiners Pro& Rpf (3%) Pub Ser NJ (5). Public Serv rts. Pullman Co (8). Punta Al Su (5). Pure Oil (1%). Radio Corp of A. Radio-C pf (3%) Ry Stl Spg (8).. Ray Cons Cop. Reading (4). Reading rts. ... Reading Ist (2). Read 24 pf (2). . Remington Type Replogle Steel. .. Rep Ir & Steel.. Rep I & Spf (7). Reynolds Sp (1) Rey Tob B (3)... | Roy Duth 4.42% St Joseph Ld (2) St L & San F (5) SULSanF pf (6).. | St L Southwest. St L Swn pf (5). Savage Arms. .. Schulte (8). . aboard Air L. | Seaba Air Lipf.. Sears-Roebk (6) Seneca Copper . Shell Union (1). | Simmons (2). | Simms Pet (50¢) | Sinclair Of1..... Sinclair pf (8).. { Skelly Oil.%. ... | Stoss-Sheft (6) South Pac (6).. Southern Ry (5) South Ry pf (3). Spicer Mfg..... picer pf(S). td Gas & E1 (3) St Oil Calif (2).. { SLOINJ (1) Std Plate Glass. Sterling Prd 5% Siew Warner (3 Stromberg (6). . Studebaker (4). Submarine Boat Superior OIl.. . . Superior $t1 (3) | Terines: Copie STAR, WASHINGTON, D. 63 0% 70 45% PRIGES GO HIGHER - INBOND MARKET 0il Liens Rise—Coppers Er- ratic—Good Buying in Railroad Issues. BY GEORGE T, HUGHE! Special Dispatch to The Rta; NEW YORK, December 31.—The bond market closed the year firm. This applies to’ high-grade invest- ment securities as well as to the speculative descriptions. Transactions entered in today go upon next year's accounts and profits or losses are not subject to the 1924 fncome tax. It had been expected that holders who had profits in bonds would take today as the first op- portunity to realize upon them with- out being subject to this year's taxes. Nothing of the sort occurred. The firmer ‘tone in the money market which has veen in evidence the past week or so was also ignored. The only inference possible was that the owners of these high securities were confid that no substantial in- creases in charges for money was in sight. Liberty Loans Higher. The United States Government loans were nearly all moderately high- er. At today's prices, only the first 43 Libertys and the fourth 4ls re- turn 4 per cent on the investment. The next highest yleld is obtainable from the second 4is, which were in active demand today. The Treasury f14s and the new Treasury 4s were both firm at the best recent price: Of the high-grade rails Unlon Pacifi first 4s and New York Central were up. . Next to the high-grade group the most interest attached to the course of foreign bonds. Here the selling which followed the unfavorable news from abroad and had so much effect on prices lust week appeared to have spent ltself, and while quotations did not recover, they did not go lower. Keen Competition ed. It was admitted today that there had been excessive competition be- tween the new French government issues and the new rallway and steamship bonds to which the gov- ernment had glven indorsement. This brought about a congested condi- tion which affected prices unfavor- ably. Elsewhere in the foreign list Czechoslovak 8s continued heavy, but Anton Jurgen 6s were strong and higher. Among speculative domestic bonds Virginia Carolina Chemical 7s and 714 with warrants were In good de- mand at higher prices. Sinclair Oil rallied rather sharply st. Paul of the rails were a little bonds { higher. LIQUOR WRITS INCREASE. 500 Per Cent Injunctions Issued in Baltimore. Special Dispateh to The § BALTIMORE, I | junction proceedings against vio- lators of the prohibition laws have increased 500 per cent since October 1, 1423, according to figures listed in the office of Federal District Attor- ney Amos W. W. Woodcock. Since the beginning of 1924 en- forcement of the prohibition laws has resulted in 250 preliminary injunc- tions against cafes, restaurants and dwellings. Of the 230 temporary in- junctions 119 have led to permanent Testraining orders. Before January 1, 1924, 30 places were closed by w of the injunction route. In ex- plaining the increase, Woodcock sald: “An injunction is never requested unless there has been a trial before a jury or a plea of guilty of violating the Volstead act. It is done to help the enforcement prohibition in Maryland.” mber 31.—1In- . Civil War Flag Presented. Special pateh to T RICHMOND, Va., Breckinridge Long, an attorne of | Washington, has presented to the Confederate Museum here the tatter- ed remnants of the flag of the 4ith North Carolina Regiment, Confed- erate States Army, carried by his father in more than 49 engagements. Poultry Show Prospects Big. Special Dispatch to The Star. CUMBERLAND, Md., December Il —Indications point to twice as many entries as last year at the second annual exhibit of the Tri-State As- sociation of Poultry and Pet Stock to be held at the armory here Jan- 13, 14, 15 and 16. Entries close Star. December 42% Tex G Sul (17%) 104 Tex & Pacific... 44% Tex & Pac C& O 11% Tide Wat Oil (4) 130% Timken (13%).. 88% Tobac Prod (6). T72% Tobae Prod A (7 98 Transcont Oil... 4 Transu & W (3) 31 Twin City (4)... 60 Underwood (3). 40 Un Bag & Paper 42% Union Oil (1.80). 87 Pacific (10).. 143% Pac pf (4)... 744 Un Tak Car pf (7 114 Utd Alloy Steel. 28 Utd Cigar (13%) 62 United Drug (6) 117% Utd Fruit (10).. 212 Utd Paperboard 21% Utd Ry Inves pf. 59 s Cast Iron P S Distributing 38% 7S Ind Alcohol. 854 U S Realty (8).. 121 U S Rubber. ... 4l% U S Rub 1st (8). 95% US Smelting... 3 U S Steel (17) 118% U S Steel pf (7). 122% U § Tobacco (3). 55 Universal Pipe.. 48 Univer P pt (7). 74% Utah Copper (4) 86 Utah Securities. 43% Vanadium...... 29% Va-Caro Chem.. 2% Va-Caro Chpf.. 10% Vivadou. . L Wabash . \\‘n-s{: p: g. . vabash p! . R’:\dor( (1%).. 18% Webber & H (1) 1% Wells-Fargo. ... 12% West Pen (4). .- 118 West Pen pf (7). 94% West Maryland. l.fl, West Md 2d pf.. Western vacific West Pacpf (6). “West Union (7). Westinghse 4). Wheel t L Erie. Wheel & L W hite Bagle @) White Mot ). . Wwickwire Sne\(\c v n & Co pf. Wills-Over pf.. 5% Woolworth (3) - 128% ‘Worthington. .. Worthington B ¢ T4 Wrizat Aero (1) 20% | wrigley (3) 45 cxtra. iPayuble in preferred sto.! Taies A% gV tue ubove o6 387 w 8% 1148 63% 15 28 27% 69% 1t 19 10% 744 122% 123 76 T8% Ctherwise | Cntexs b ot tacluded, | @tvidenas C., WEDNESDAY, DECEMBER 31, 924. FINANC | [ovwvvom BONDS moexmensver] | SHARP ADVANGES Received by Private Wire Direct to The Star Office. UNITED STATES BONDS, (Bales are in $1.000.) Bales. High. Low. Clese. 100 101 100-28 101 36 i01=17 101-11 101-17 - 680 100-28 100-21 100-27 - 142 101-6_ 101} 101-6 - 812 101-27 101.20 101-27 418 100-28 100-17 100-28 29 105-2 104-21 105-2 FOREIGN. Sales. High. 7 95% 74 95% 102 o7 874 92% 108% 107% 111% 92% 84 824 96% 100% 101% 1024 1025 99% 108% Lib 3%s. Lib Ist 4%5. . Lib 2d 4%s Lib 3d 43 Lib 4th 4% US4si9dd. .. US4%s1952. Low. Close. 95 954 95 5 101% 102 961 97 87% 8% o1% 92% 108% 108% 1074 107% 111% 111% 92% 92% £3y 84 82 824 %6 96% 100% 100% 101% 101% 102 102% 102. 102 99 99% 108% 108% 106% 106% 106% 107% 42% 42% 90% 20% 947y 947 96% 968 97% 984 9T 97H 109% 109% 99% 99% 109 109% 927 9274 92% 983, 8% 103% 86t 924 sl 98Y% 103 23% 88 91% 79 89 82 0V 90% 838 £3% 19% 824 88 100 103 97% 974 9% 112% 8 8% 87 101% 109 94 93 94% 99 88% Eb% 83 984 100% 4 116' 115% 1047 106% 110% Argentine 6s A. Argentine 6s B. Argentine 7s g-l‘lum [ g elgium 6148 wi. . Belgium 7s. ... Belgium §s’ Berne 8s. Bolivia 8s Bordeaux Brazil 7s.. Brazil 8s. . Canada bs 1926. Canada 5s 1931. Canada 55 1952 Canada 5%s 1929, Chile 75 1943 (L‘:”e 881926 *hile 85 1941, ... .. Chile 85 1946...... :g% Chinese Gov Ry 5s 43 Con Pow Japan T7s. 903 Copenhagen 513 95 Cuba 51 $ 968 Czecho 85 1951.. .. 98% Czecho 8s 1952 ct. . 97% Danish Munic 83 A 110 Denmark 6s. . Denmark 8s. < DI15%%s Mch 53, DEI5%s Nov '53. Dutch East I 6547 Dutch East I 6s'62 El Salvador 85 48. . Finland s f 6s 1945 Framerlcan 7%s. . French 7s w . 315 French Govt 7is. French Govet 8s. . Germany Tsw 1. Greek 7s w i. Haiti 65 g Holland-Amer 6s. Hungary 6%s. Japanese ds. . Japanese 6%s Jergens U M 6; Lyons 6s..... Marseille 6s. .o Mexico 45 '04 asntc Mexico 5s assented Montevideo 7 3 Netherlands 6s '54. etherlands 65 * orway 6s 194 orway 6s 1944 Norway 6s 195 Norway 8s. Parls-Ly's-Med 6s Paris-L ed 7s Parls Orleans Ts. . Queensland 6s Queensland s Rio de Jan 85 194, Rlo de Jan $s 1947. Rio Gr Do Sul 8s. . Paulo City 8s. Seine Dept of 7s Serbs Cr'tes Slo Solssons 6s Sweden 5ls ct. Swiss 56 1946. .. Swiss Confed §s Ud Kingm 5329, Ud Kingm 51337, Uruguay 8s. Zurich 8s. 7 seoeee. 2 1108 MISCELLANEOUS. Ajax Rubber 8s... 4 96% Am Agr Chem Ths 4 95% Am Chainsf6s'33 5 97 AmSmit &R 1st5s 1 95% AmSmit &R 6s... 2 104% Am Sugref 6s..... 7 100 AmT& Teltrds.. 19 96% 5 101% 96% 95% 97% AmT& Tcltrbs.. 3 100% Am T & T deb 5%s AmT& Tevés. .. Am Writ Pape Anaconda 1st 6s Anaconda cv db s Andes 7s 25% pd. .. Armour & Co 4%s. Armour.of Del 5 Associated O1l 6 Barnsdall s f 8s. Bell Tel Pa 5s. Beth Steel pi 5s. . Beth Steel 5%s ‘53 Beth Steel s f 68 Brier H St 1st 5% Bklyn Union G 5s. Bush T Bldg 0s '60. Calif Pete 638, Central Leather 5s Chile Copper 6s... Col Gas & El5s... Col Gs & El 5s sta. Commonwth P 6s. Con Coal Md 1st 58 Consumers Pow 58 Cuba Cane ev 3¢ Cuba Cane cv d 8s Cuban-Am Sug 8s Det Edison §s "40. | Det Elison ref 6s.. Donngr Steel 7s. .. Du Pont de Duquesne Light Est Cuba Sug Smplre G&I 7123, Feder Metls 78 39, Fisk Rubber §: Gen Elec deb b: Goodrich 6 Goodyear §: Goodyear 85 1941. Hershey 68 1942 Humble O&R 5%s. Illinois Bell 1st 58 Int Mer Marine 6s. Inter Paper 58 '47. KCP & Lt 5s A . Kan G & El 6552 Keyser (J) 7s. Kelly-Spring 8s Liggett & Myrs 5s. Lorillard (P) 5s Magma Cop cv 7s. . Manati Sug sf 718 Marland Oil §s'31. Midvale Steel 5s. . Montana Pow Gs. . Mor's&Co 1st 4%s. New Eng Tel 5s. .. N Y Eden 1st 61s. NY Tel 4365...... N Y Tel 6s°41. N Y Tel 68 '49. North Am Ed 6s North Am Ed 61s. Nor States Pow 5s. Nor States I'ow 6s. Northwst B Tel 7 Otis Steel TH4s. ... Pacific Gas & El 53 Pacific T & T 68 '52 Pan-American 6s. Pan Amer Pete 7s Phila Co ret 68 A Phil & Rdg C&I is. Pierce-Arrow 8s.. Public Service 5s. ! 2ub Serv Eleo 6s. . Punta Alegre 7s.. Sinclair Oil 6%s. Sinclair Oil7s. ... Sin Pipe Line bs South Bell Tel & S0 Por Rico Sug 7s Southwest Bell 5s. Steel & Tube 78. Sug Est Orient 7s. Tenn Elec Pow 6s. Tide Wat Oil 6%s. U S Rub st 1l 5s.. U S Rubber 7%s. U SSteelsfs.... Utah Pow & Lt 5s. Va-Car Chem 7s. .. Va-Car Ch 7%s sw Warner Sug 1539, Warner Sug 7s'41. West Elecs...... West'n Union 618 Westinghouse 7s Wickwire Spen % Willys-Ov 61s'33. Wilson & Co 1st 68 Wilson & Co cv 6s. Wilson&C ev 7 Winchester A 7 Youngstn S&T 6s. Colie ] PomBunw~cSnalm wnon —e P e R L Lo 'Y 8 - ® - ESunriraRan10nS0es ~ametnmba Lo B 96% | 99% 102% 85 104% 1041 91 T4 44% TT5% 90 9815 111 107 6 100 92 851 | 55 | 101% ) %4 101% 96y NEW YORK, December 31.—Dela- ware, Lackawanna and Western Coal { Company. today declared an estra dividend of 5 per cent and the regu- lar quarterly disbursement of 23 per cent. < ¥ 4 RAILROADS. Sales, Ann Arbor 4s Atchison adj 4s Atchison Gen 4 B&ODriniks B & O gold 4s B&Ocvi%s Balto & O 1s &Orfimp 6s & OPLEWV 4s.. & O SW div 338, B & O Toledo 4s Bklyn-Manhat 6s. Buff R & Pitt 4%s. Canad North 6% Canada North 7s Canada Pac deb 4s. Car Clinch & O 6s B B B Ches & O cv 4148 Ches O gn 434s. ... Ches & Ohio cv 5. Chi & Alton 3 Chi B&Q gn 45 '58. Chi B&Q Ist rf 58, CB&Q-Ill div Chi& Ii1gnbs.... Chi Great West 4s. €M & Puget Sd 4s. Chi'M & St P 4s'25 CM& St Pdb 4s. Chi M&St P ov 414 Chi M&St P rf 4% Chi M & St I’ cv 5s. ChiM&StP gs... Chi &N W ChiRys3s........ ChiRT& Prf4s Chi Un Sta 4%s Chi Union Sta 5s Chi Un Sta 63%s. Chi & W Inc en 43, Chi W Ind 7l%s CCC&StLGs..... CCC&StLrfés A, Cleve Term 5s w 1. Cleve Term 515 Cuba R R bs. Del & Hd 1st rf 4s. Del & Hudson 51s Den & Rio G cn 4s. D & Rio G imp Us. . D&RG1Istrf5s.. Det United 414s. Erie Ist cons 4s. Erfe gen 4s.. Erie conv 4s A. Erie conv 4s B. Erie conv 4s D. rie Genessee Gr North gen 7s... Green B& W db B. Havana ERL&P 5 Hud & Man ref 5s. Hud & Man aj 58 111 Central ref 4s. . 11l Central 5%s. Int Rap Tran 5s. .. Int Rap Tr 5s stpd. Int Rap Tran 6s Int Rap Tran 7s... Int & G Nor 1st 6s. Int & G Nor aj 6s. . Towa Cent rf 4s. Towa Cent 1st s Kan City Ft 4s Kan Cy Term 4s. Lake Shore 4s '28. Lake Shore 4s '31.. Lehigh Val cn 4 Louis & N Louls & Market St Ry is. M El Ry & L 3s. . K&T6sC...... Mo Pacific gen 4s. . Mo Pacific 58'65. Mo Pacific 6s...... Montrl Tm 1st 6s. . NOTex &M5sB.. N Y Cen gen 3%s.. N Y Cent deb 4s. N Y Centribs..... N Y Cent deb 6s. .. n LS cl 3%s. New Havcdés. New Haven 7s. . New Haven 7s fr. . New York Ry fr 4s NY Ry rf 4sctfs... New York Ry aj 58 NY Rysadjbsct.. NY State Ry 41s. NY W & Bos 4%s. Norfolk & W cn 4s Northern Pac 2s Northern Pac 4s... Northern FP'ac 53 D Northern Pacr i 6s Ore Short Liref 4s. Ore Sht Licn §s '46. Ore-Wash Ist rf 4s Pennsyl gen 414s Pennsyl gen 5 Pennsyl 6% - Pennsyl gold 7s. .. Peorfa & E inc 4s.. Pere Marq 1st 58 Tor RL & P 6s'47. Reading gen 4s. .. Reading gn 4les Rio G West cl 4s RIATK & L4%s.. St LIM&S 45°20. .. St LIM&S R&G 4s. SFpldsA.. StL &S F prin 5s. L&SFb5%sD.. & S ¥ adj 6s StL &S F inc 6 t L&SFpl6sC.. StLS'W conds” St P & KCShL 4%s Seab’d A Liref 4s.. Seab'd A Liadj 5s.. Seab’d A L con 6i ©w BonoacnROa=San 5 1 .13 1 3 30 .26 . 10 38 10 32 15 16 24 13 18 36 5 141 & 2 b 11 26 15 1 86 30 52 221 7 Brommohmo Sou Paclfic 45 '28. . Sou Pacific ctl 4s. . Sou Pacific ref 4s. . Southern Ry gn 4s Southern Ry 1st 5s Southern Ry 6s ct. Southern Ry 6%s. Third Ave ref 4s.. Third Ave adj 5s.. Tol St L& W 4s... Union Pac 1st 4s.. Unfon Pac 4s 27 Union Pac cv 8s. .. Virginia Ry st 5s.. Va Ry & P 1st bs.. Wabash 1st 5s. ! Wabash 2d 6s. Western Md 4s.... Western Pacific bs Whel & L E rf 4%s 8 1 High. €4 82% 88% 99% 86% 894 85% 100% 103% 101% 83% 99% 691 82% 83% 116% 116 T9% 106% 99 87% 95 87% 106% 62% 87% 101% 8815 7% 60% 854 807% 59% 4% 84% 96% 845 88% T3% 100% 103 107% 5% 487 83% 92 9914 108%, 5% % 100% 94% 63% 90% 684 93% 3% 85% 1% 831 T1% 85% 935 85 78 101% 86 80 59% 4 84u 96% 843 884 733 100 102% 107 55 47% 81 91 994, 103% 95% 9315 100% 9% 63144 90% 68% 94% 634 90% 68 HIGHEST ON RECORD. New Clearing House Figures Reached in New York. Special Dispateh to The Star. NEW YORK, December 31.—Ex- changes at the New York clearing house totaled $249,868,181,338, the highest on record, and $5,733,000,000 greater than the 1920. $213,996,182,728. previous Total clearings for 1923 were high of The Norfolk and Western Railroad has been authorized to issue $6,000,000 divisional first lien and mortgage 4 per cent bonds, to be sold at not less than $88. BALTIMORE, schedule. cember ¢ al).—The steel industry in the Bal- timore district is on a 100 per cent Most of the (Spe- companies have sold their entire.output for the first quarter of 1925, and some are booked solid for the first half of the coming vear. AWithout Ileaders of the industry are unusually exception optimistic on the outlook over the 3t six moaths { port, | ter, |48 INGRAIN MARKET More Liberal Export Business in Breadstuffs Help Wheat Quotations. By the Assoclated Press. CHICAGO, December 31.—Helped by a more liberal export business in breadstuffs, wheat today scored sharp early advances In price. Overnight demand from Europe for rye espe- clally was said to have been on a big ‘scale. The wheat market ap- peared to be responsive also to re- ports that an ice pack which was said to have formed over a wide sec- tlon of domestic Winter wheat ter- ritory was somewhat similar to a pack which caused a loss of 12,000, 000 acres in 1917. The opening, which ranged from % to 1% higher, with May 1.75 to 1.75% and July 1.50% to 151, was followed by addi- tlonal gains that in some cases went nearly 3 cents above yesterday's finish. Corn and oats sympathized with wheat strength. Corn opened at % écline to % advance, May 1.28% fo 1.28%, and then rose to a materlal extent all around. In oats the start was at 7; lower to % higher, May 62% to 633%. Later there was a moderate general ad- vance. Provisions were irregular without significant change. WHEAT— December .. May July i CORN and 1 1 3 i COTTON DECLINES IN TRADING TODAY Renew.. Selling and Poor Liver- pool Cables Weaken Quotations. inted Press. SW YORK, December 31.—Renew- ed realizing or liquidation featured today's trading in the cotton market Liverpool cables were rather disap- pointing, while further good gains were reported in the South. After opening steady at a decline of 1 to 5 points, prices eased off under New Orleans, local and commission house selling. March declined from and July from 2496 to 24.87 b the end of the first hour, or about 7 to 10 points net lower. The Southern rain news was reflected In the rela- tively easy ruling of October, which declined to 24.10, or 12 points net lower. New Orleans Quotations. NEW ORLEANS, December 31.—The cotton market opened quiet. Liver- pool was about as due and first t here showed losses of 3 to 5 points. Prices promptly rallied when it w seen the liquidation of yesterday had run its course. March traded up to 2447 and May 2475, 3 to 4 points above the close of yesterday. It was largely a pre-holiday market with traders unwilling to enter upon new commitments. The map showed rath- er liberal rains in the Central and Eastern portions of the belt, but only light rains in West. GRAIN AND PROVISIONS. BALTIMORE, December 31 (Spe- cial).—White potatoes, 100 1bs 1.50. Sweet potatocs, bbl, 2.00a6.00. Yams, bbl. 4.00a5.00. Beans a5.00. Beets, 100. 4.00a8.00 and kale, bu., 50a75. Brusse 15a25 Cabbage, 100, y, bu., 60a83. Carrots, 100, 4.00 Cauliflower, crate, 2.50a3.00 Celery, crate, 1.7524.00. Cucumbers, bu., 3.00a6.00. Eggplants, crate, 3.00 26.00. Lettuce, bu., 1.00al.50. Onions, 100 1bs, 2.65a3.00. Oyster plants, 100, 8.00a10.00. Parsni sket, 50a Peas, hamper, Peppers, crate, 4.00a7.00. 1.50a 2.25. Squash, matoes, crate, basket, 60a7 Apples (packed), barrel, 3.000a7.00 bu., 75a2.00. Cranberries, box, 7.00. Grapefruit, box, 1. Oranges, box. 3.0024.00. Selling Prices at Nvou. Wheat—No. 2 red Winter, spot, ex- 1.83, nominal; No. 2 red Win- spot, domestic, 1.87%; No. 2 red Winter, garlicky, domestic, 1. 3 red Winter, garlicky, no quotation Sales—None. £lorn—Cob, new per barrel: track 2. old, 1.45. Sales—None. Oats—No. 2, new, 67 asked bushel: No. 3, no quotation. Rye arby, 1.15a1.25; No. 3 rye, spot, 1.52 nominal. Hay—Receipts, none. Demand hay shows some improvement, is centered entirely upon the ter descriptions of timothy and light clover mixed, of which grades there is no oversupply on spot. Me- 24.53 to 24.43 Brocoli s sprouts, 4.006.00. Spinach, b crate, 4.00a4.50. 4.00a8.50. Turnips, T 6.00 No. vellow, corn, spot, yellow, per for but bet- dlum and low grade hay Is in ample | receipt, and poor and weedy and grassy mixtures are hard to move at any price. Quotations today—No. 1 timothy 19.50a20.50; No. 3 timothy, 16.00. 18.00; No. 1 light clover, mixed, 18.50 a19.00; No. 1 clover, mixed, 17.30a 18.00; No. 2 clover, mixed, 15.00a16.00. Straw—No. 1 wheat, 12.00a13.00 per ton; No: 1 oat, 13.00a14.00 per ton. SHORT-TERM SECURITIES. (Quotations furaished by Redmond & Co.) —Noon.—, Bid. Ofter. Aluminum Co. of Amer. Aluminum Co. of Amer. ‘American Sugar 6s 15 American Tel. & Tel. Anaconda Copper 8 1025, Anglo-American Oil Tlys 1925 Associated Oil 6= 1933, Bell Tel. of Ci da bs 19 Central of Georzia Gs 1620. Central Teather 5s 162 Gl M & St. Paul 6s 934 Chi., R. I. & Pacific 535 1024 Columbl s & El 1st 5s 102 Continental Ges & . e 102 Du_Pon! a8 . e Federal Sugar Ref. 6s 1933 her Body Corp. 6s 1 Pisher Lody Corp Os 192 T. & R. 8s 1931 Guit il Corp. of Pa. § Humble 0! 3is 1 Lehigh Pow. Sec. Corp. M., St P. & 8. K. M. 61 Morris & Co. 7%s 1930 New York Central b 1 Oregon Short Line 4s 1920. Peona. K. R. 75 193 Pure Ol 5345, Augu Switt & Co. 5s 1032 Tidewater Oil 813 1 Unlon Tank Car 7s 1030. U. 8. Rubber 7%s 196 Western Union_ 8355 1036 Westinghouse E. & M. 7s 1031, Wheeling Steel 6s 1026, i > 1077, alied v 10377 TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) March 13, 4%s March_ 15, 4135 June 15, 1925 28s September % December §s March 13, 7 on 1 102 fore | ades | To- | IAL, YEAR'S CLEARINGS MAKE NEW HIGH Total of $1,167,398,426 Ex- ceeds 1923 Record by $65,000,000. 2 BY CHAS. P. SHAEFFER. More money chan, in ti ged hands in ti District of Columbia during 1924 t1 ever before, it was learned from the Washington Clearing House Associa- tion this morning. The total, as re resented by checks passing throv the association, amounted to $1,1 ,426, an increase of more than 900,000 for the 12 months of 18 Y s estimated that approximatel per cent of Washington business transacted by check. 7 Check disbursements last 10 vears has aimost 1915, the first y of the ¢ were kept, clearing steadil year 143 durin tripled. T for which recor: []]"us; Association only $410,0 They have since gr with the exception of the the beginning of war-time deflation, when & Toon ot 521,000,000 uiader the preceding year was corded. Last S the first po- riod a billion-dollar exchange was corded. G Yearly clearings to date follow saw Jwn A new high monthly v established for the period endin ‘,‘2 day which saw a total of §111,298,271 Passing through the assoclation. This exceeds the previous high reeord «ss | tablished last June by more tham $8.000,000. A large supply of holiduy funds, together with unprecedentcd vuletide expenditures, help to svell the total G record Today's Trading on Exchange Thr‘, bid price for co the Washington Railway and Elec Company was advanced to 89%. of 83 points, on the 1 “' this morning. This marks the serious attempt of traders to se the security since the amic comprom firsg pur- able of last Saturday, although par was and withdrawn follo | ing yesterday’s session. There we no sales made, members holding 1 | 1ssue at 101 Wardman Park good demand, gain par and three qua Washington extent of $5,000 1 Mort ferred, gaine on odd lot changed h brought Savings Bank 2 unchanged. A sale of 10 shares Heurich Brewery Co. listed mection at 38. wer point Gas at 10 and Investr an cighth sales after ds at 9 nd East Other issues were of Christian sold on the un- Bank Votes Dividend. Directors of the National Bank of Washington today declared the regu- lar = nnual dividend of 6 per nt, and an extra of 1 per cent, both payable January 2 to stockholders of record at the close of business toda The sum of $50,000 was also o dered transferred to the surplus fund. Finance Plans Approved. _The Interstate Commerce Commis« sion today approved plans for the rearrangement of the Pennsylvania Telephone Co., under which the Bell Telephone Co. of Pennsylvania will sell to the Lehigh Telephone Co. fof $4,227,100 all of its property in Care bon, Lehigh and Northampton Coun- tles. The purchasing company, in turn. will sell to the Bell company all of its properties in Wayne, Lacka~ wanna, Luzerne, Berks and Schuylkill Counties, for $1,830,900 Commissioner Eastman of the Penna regulating authorities to dissent, declaring he was * persuaded that a transaction of kind in the public interest, |that “the transaction is the same. effect. as a marking up of the of the Bell company’s property.” timated, in his dissent, that profit upon the sale will this and in lue He the be is { CHICAGO LIVE STOCK iIARKET CHICAGO, December (United States Department of Agriculture).— Hogs-—Receipts, 0 head; uneven; | generally 10 lower; spots off more on li lights, pigs nd mixed load: weighty utchers show least decline; desirabl 0 to 300 pound butchers, 10.85a10.85 mostiy; early top, 10.90; 170 to 190 pound i kind, 10.00a10.35; 140 to 160 pound averages, 9.6529.90: bulk ong | weight slaughter pigs, $.5049.00: des ese narrow; heavyweight Cattle-——Receipts, steers strong _ to 15 to 25 up; matured kind, showing most advance; Kkilling quality medium to good; shipping de= cand fairly active; local interest 11,000 head; 25 higher fed most~ a {12.50; well many than | runly numerous loads short fed to conditioned steers, 7.50a10.10; sales looking sharply higher Monday's low time; she stoci steady: spots higher; bulls, 10 up: weightly bologna bull 5 some held higher; vealers uneven; few selected offerings upward to 14.00 to outslders; most shipping calves, 1250 downward; ckers taking medium to good light {calves at 10.00a11.00; stockers and | feeders showing upturn on fat steers; bulk on country account, 5.25a6.25 Sheep—Receipts, 20,000 head; dull; no early sales fat lambs: few bid 16.50a17.00; looks to 100 lowe best bid earl fat sheep stead good to cho early, 9.50; fec ing lambs, higher; ~early sales 16.00a16.25. 25 FOREIGN EXCHANGE, (Quotations furnished by W. B. Hibbs & Co ) Nominal Selling checks sold value. today. London. pound -$4.8005 Montreal. dolla franc cls, fran L mark . lien . franc . drachma Rome. Zurieh, Athens, Madrid, peseta Vienna, crown Budapest, crown Prague, crown Warsaw, zloty Copenhagen, nia, Stockbolm, crown . 2026 2026 NEW YORK, December 31.—Fore eign_exchanges, steady. Quotations (in United States dollars): Great Bi ain, demand, cables, 4.7 60-day 4.70%. Franc demand, . cables, .0543%. Italy, demand, , 0425%. Belo gium, d cables, .0499, ‘2381, Holland, Norway, .1508. Sweden, .2694, Denmark, .1761. Switzerland, .19:7. 1397, Greeco, .6181%. Poland, zechoslovakia, .0302. Jugo= 8 Austria, .000014%. Ru- 0052%. Argentina, .4012, 1160. Tokio, .38%. Mon- mand, demand, Brazil, treal, .89 RATES ON BAR SILVER. YORK, December 31L—Baw 66%; Mexioan dollars, 518§,