Evening Star Newspaper, January 19, 1925, Page 22

SELLING PRESSURE IN STOCK MARKET Many Saturday Gains Wiped Out, While Some Shares Bound Forward.. stock that t ny NEW her b fquence ° ay W Tk a emen he Disp STUART P. WEST. ch to The Star. ORK, market ea man ere ot nd t principal singl er, ed P lat t in er on. exception orrespondingly and hs s ear in references to the ateel Iron A 1 Iy in view hich poured unday Ge: werful neral recent operation today realizing, and as w.con- Y of the gains made. late week and again at the outset educed States Stesl w high and other active stocks bid up actively quieted down. house the showed 3 more attention was being paid xpressions of conservatism. Steel Leads Market, advance across 126 for the first time wag the incident of the day. The upturn did not last long, how- and the stock was freely noticeable the latest ates Steel Saturday ning, the independent steels with of 't nd Colorado ere well th of into Wail Motors Active. » course of Ganeral Motors fitted statements stock. & in the first hour or so which carried the stock But with the rest lcw that figure. ough stoc e market hesitating in the later Motors was taken in on what looked to bs con- buying orders. there was another sensational 3 Motors. not 50 much affected. al- s like Hudson and Moon steady and Mack Trucks went g ed » res we passing of the Mexican Sea- d dividend had been predicted for but the market was not prepared for it, as was shown immediate drop of over e tim, the Genera) Nash ints in the stock. Saturday’s jump in American Sugar| pretty nt of the pre incipal effect was felt in the pre- rred stock, which rose over 4 po! said there was cash on hand, with no bor- | nwings, and that during the last 10 ome averaged $11,000,000 an- 16 vi n e, i ad @t i Selling in Ofl Shares. | Shell Union at 2615 was selling at ew hi 10 st goin n n statem state s Inc the &h, b ks, g on M ut large A 1 1and. below month. thern Ore duplicated its high of but on the whole the action of the ndent group was a disappoint- January had or commo! for & circles ourse of plainty in Steel It was upturn of U and early Crucible rawn alo Steel, Fuel the he the flood st has be: Thers wa At Oth the actio r oils was not particularly pleas-| folowing profit-taking bull ot of shares ) Phillip: c 0il and Cosden. ad ment as against 10-year period. trnan Koda us dend ed n whil on Ga ional wit talk, States There was special buying in e public-utilitiet; ge Manhattan Trans! touched a new People’s Gas of Chicago. Harvester went u the great rise ch s at h made Re; s Tecord prices. alling for Both Accounts Noted in N MARKET CLOSES HEAVY. a d. well $8,130,00 still on alty was "{hch“ . Tl 50; Last Hour. g lower money Associated Dress. 2W YORK, January 19.—Stock prices »ved irregularly lower today under the eight of & moderate volume of profit- king and bear selling. Trade and finan- al news was largely favorable, includ- ates, new high records “wheat and corn price and encouraging isiness developments. Sales ated 1,400,000 shares. T 1d extra firsts, 82a65; refrigerator, firsts, | g, ind t everal ri closing was accounts was resumed in the late popular s falling below last week's | of g quotations Markets at a Glance v YORK—Stocks heavy; standard on _profi Wickwire Spenc viel 1d exchanges ely privat high CHICAGO—W FOREIGN EXCHANGE, o8 furnished by W. B, Hivbs & Co | er ot 1 cal 5 outsid creased receipt heavy. S the aking. r 78 jum stead Cotton lower; bear- inning estimates, Coftea i new high Corr : hogs Nominal Se! goid ralue. L.$4.8005 100 w3 183 NEW YORK EGH WY WOOL PRICES STEADY. | (Special).— | ORK ipts extra first ond January opened quietly ol market, in ening. intmen ADVANCE IN FLOUR. a1 this A declin <a alers are waiting in- | to see whether the. London ! week moderate is regarded possible, but any | ve here P’ dealers ice position as very strong. ! and ° o5, a68; Paci do. 19 with pric will sl &h, would PBALTIMORE, January \nother barr N T, i on Winter straight need 1 nuzé OiV BAR SILVER. EW Y 687547 adva nee Western here t ORK Mexi Jar of or Wint flours forenoon Opinion in Bethlehem a new high. top acroks 82, buying. « nearby hennery | cents per | Adams Exp (6). Alr Reduot (15). Adax Rubber. .., AlHéd Chem (4) . Allis Chalm (4). Allis Cbim pt (7) Am Agricul Chm Am Ag Chm'pt. . Am Bk N (+121) Am Beet Sug (4) | Am Beet S pt (6) { Am Bosch . | Am Brk Shos (5. Am Can (18). Am Can pt (7)., Am Car & F (12) AmC& Fpt (7). Am Chaln A(2).« Am Chicle. .. Am Chicle pf ot . Am Drug Snyd Am Express (6). Am & For Pow Am & FT P pt, Am& FP25% (7 Am Hide & Lea. Am Hide & L pt. Am Ice (7). Am Internatl Am La Frane Am LaFrn pt Am Linseed « Am Linseed p Am Locomo ( Am Loco pf (7) Am Metal (3) Am Radfa.or (4) Am Ry Exp (6). Am Republic. Am Safety Raz Am Ship & Com. Am Sm & Ref (8) Am Stl Fays (3). Am Sugar Am Sugar pt Am Sumatra Am Sumatra pf. Am T & Tel (9). Am Tobacco. ... Am Tobacco (B) Am Water W' Am W W 1at Am Woolen Am Wool pt: Ani Writ Pap pt. Am Zine...... Am Zine pt. . Anaconda ( Ann Arbor. Ann Arbor pf Archer-Danie! Arch-Dan pf (7) Armour Del (7). Arn Cons & Co. Art Metal (1) Asso Dry G (8) Asso Ol (115). AtT &S Fe AT&SFpt (5). Atl Birm & At... Atl Coast L (i8) AtGulf& WI... AtGulf & WIpt Atlantic Refiinin Atlas Powder (4 Atlas Tack. ... Austin-Nichola. Baldwin L (7).. Bal & Ohlo (5). Bal & Oh pt (4). Bang & Ar (2).. Barnsdall A. Beech-Nut (3). Bethlehem Steel Beth St1pt (8).. Booth Fishertes. Bkl Edison (8).. { Bric-Man Tran.. Brklyn Un G (4) { Brown Shoe (4 Brown Sh pt (7). Brunswick-Blke | Buff R& P (4) | Burns Bro (10). Burns Br B (2). Bur Add Ma (3). Butte Cop (0c). Butte & Superiol Butterick Co. Cal Packing (8). Cal Pets (1%) it Pet pf (7). aHahan Zine.., Calumet & H 56c Can Pacifio (10). Case Threshing. Case Thresh pf.. t Leather. Cent Leather pf. CRRNJ (112). Century Rib (2) Century R pf (1) Cero d Pasco (4) Certain-Teed. ... Certain-T 1st ( Chand Mot (2).. | Cnes & Ohio (4). Ches & O pf (8% Chicago & Alton Chio & Alton pt. Chic & East 111 Chi & E 111 pt Chic Gr West Chio Gr West Chi Ml & 8t P.. Chi Mi1 &8 P pf. Chi & Nwn (4).. Chi R § & Pac. .. RI& Py (6). 1&Ppl (7). hSLEM&ODT () Chile Cop (2%4)- ! Chino Copper Cluett Peab (5). Joca-Colo (7). Colo Fuel & Iron Colo Boutharn.. ' Colo Sou 1st (4). Col G & E (2.60). Col G & E pf (7). Col Carbon (4).. Com Solv A (4. Com Solv B.. Congol-Nalrn Contey Tin Foil. Cousol Cigar | Con Cigar pf (7) Con Distributrs. Consol Gas (5) tle | Consol Textil higher. | Cont Can (4) * | Contlnsur (6).. Cont Mot (80c).. Corn Prod (2 Corn Prod pf (7) Cosden Co Crucible St (4). Cub Am Sug (3). Cuban Cane Sug Cub Cane 8u pf. | Cuba Dominican . | Cuban Dom pf.. | Cushmans (3)... | Cuyamiel Fr (4). | Daniel Boone. ... Davison Chem Del & Hud (9). . I Del L& W (6).. 98 89 13 e 824 106% 15% 46% 172 4 804 4415 9814 162% 116 202 123 268 39% 9 [ 1551 84 88! 123 19, -—The to absord canceled. n seld up time, then was still the price | enough 1184 1214 b1 10474 8214 66 38 124 99% 4T 54 95 10% 38% 133% 88 87% 36V 102 6215 EDA 4% sup- ited this were not ng. Re- at their top fig- Great of opti- trade, over 1 reet that a en going | s a lot of ). the same er motor three n ot the n ike Pan- s Petrol iscounted ent, The ts. 0 in the| increased | bid up ¥ Brogk-. 1" Securi- Brooklyn Inter- in sym- wheat approxl- elling for raite Bonds p 6 points. | sterling | Sugar | rm: com- | 7 records; 1 season’s iling checks today. $4.780, | Detroit Ed (8) | Dome Mines (2). | Doug Pectin (1). | Du Pont (8). stman (18)... aton Axle. . | Elec st Bat (3). Elk Horn pf. - carb - frete Ly | Emmer.on & pi | End-Jobn (). 15 oos s | Brles. o5 as sty to | ETle 18t oL, e to | Erie3apt. | Fairbks (2.60) Famous Pl (8).. Famous pf (8). &T (*7). 136 Al Mines.. 24% ed Mines pt (1) 62 \ Phoentx (6) 159% th Ave (64¢) 1 her Bedy (10 2693 visher Body (n). 68% Fish Bd O pt (8) 10 Fiax Rubber 123 ;ysh Rubber pf. 797 fielschman (14) 83t Foundation (6). _94% Freeport-Texas. 10% Gardner Motor.. 6 Gen Am Tnk (5) 584 Gen ATC DT (1)= - 99 Gen Asphait 59 r Gen Asph pf (5). 7 an Ot | Gen Cigar (5)... 961 | Gen Electric (8) 8131 Gen Elspl (60c) 1'% en Motors (5). 73% en Mot pf (7 en fetrol (2 Gen Refrac (2). in the | es firmly | | ading of 3 a dis- | regard | (Spectal). | e Open. High, 98 89 13 £o Gimbel Bro Ginter Co (1%). Glldden Co, ... Gold Dust. Goodrirh. . Goodyear pf | Gdyear prior (8) Granby Consol. . Grt North pt.(5) Grt Nor Ore (4. Grt Watn Su (8) Gregne Canan. .. Gu Mo & N pf 63 Gulf St Steel (5) Hartman Co (4). Hayes Wheal (3) Househ P (314) Houston OIl. . Hudson Man. ... Hud-Man pf (5). Hudson Mot (3). Hupp Mot (1)... Hydraullo Steel. Ilinots Cznt (7) Independ 011 (1) Indian Refining. Inland Stl (2%). Interb Rap Tr Internat Agrl. ., 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) nternat-Paper. Int Pap pf st (6) Inter Shoe (5) Int Tel & Tel (§) Iron Prod (43%). Jewel Tea. .. Jones Bros Tea. Jordon Mot (3). Kansas & Guif.. Kan City South. Kan C S0 pf (4). Kayser (Julius) Kelly-Sprgfield. Kelsey Whi (6). <ennecott (#).. eystone T & R. Kresge Dep Str. Laclede Gas (8). Lee Rub & Tire. Tehigh Vai (313) Lig & Myrs (3). Lig & Myrs B (5) Lig & Myrs rgts Lima Loca (4) Loews Ine (2 Loose-Wiles Bis Lorrillard (3). Loulslana Oil. Ludlum (2). Melntyre (i5¢). Mack Trucks (6) Macy HR & Co. Magma Copper. . Mallinson & Co.. Man EI Sup (4). Man El md g (5) Manhat Shirt (3) Manila Elec (n). Maracaibo : Marlend Oil. ... Marlin Rockweil Mathieson Alka. Maxwell Mot A.. Maxwell Mot B May Dept St (5). Metro G pt (i.89 Mex Seabd (2) Aliami Cop (2) Middle States. .. MStP&SSM 11 (4 Mis Kan & Tex. MK&Tpt(5).. Missour! Pacific Missouri Pac pf. Mont Power (4) Montgom Ward. Moon Mot (3) Mother Lode 75¢ Mullins Body. Nash Mot (710). Nash pt (7). Nat Acme Nat Biscuit (14) Nat Cloak & Sut Nat Cl & S pf (7) Nat Dairy (3).. Nat Dept Stores Nat Distillers pt t Enamel & S at Lead (3).... Nut Ry Mex 18 t Supply (3).. Nevada Copper. . NOT&M 123%.. NY Air Br (4).. { Y Air Br A (4) N Y Canners (%) N ¥ Central (7). NYCStL(8) N Y Dock....... { Y Dock pt (5). NH & Hart.. Norfolk Soutl “f & W (18) orth Am (3.4 orth Am pf (3) North Pac (3).. Nunnally (1) Otis Elev (5%) Otis Steel. Oweus Bot (2 Pac Coast 1st. Pacific Gas (8).. Pacific Of (2)... PacTel & Tel. .. Packard (11.50). Packard pf (7). Pan-Amer (4).. Pan-Amer B (4) Panhandle...... Park & Tilford.. Penn C&C (4).. Pennsy R R (3). Penn Seab Stesl. Peoples Gas (8). Phila Co (4).. Phila Co pf (3).. Phila & RC& L. Phillip Morris Phillips Jones .. Fhillips Pet (2). Pierce-Arrow. . Plerce-Arrow pf Plerce Oil. Plerce Ol pf Pierce Petrol. Pitts Coal.. Pitts Term Coal. Pitt Tr. Coal pr. Ppitts Ut pf (1. Pitts & West Va Postum-Cer (4). Press Steel Car. | Press Steel C pt. Prod & Refiners | Pro & R pf (316) Pub Ser N J (5). | Public Serv rts. Pullman Co (3). Punta Al Su (3). | Pure Oil (1%2). Pure Ol pf (8).. rp of A :pf (313) ST Ccfs (4). Ray Lons Cop Rea 5% 4z | 105t | Read 2d pf (2).. Remington Type | Replogle Steel. . Rep ir & Steel.. Rep I &S pf (7). | Reynolds Sp (1) | Rey Tob B (3).. | Rossia Ins (6). Roy Duth 4.42% St Josepn La (2) St L & San F (3) Savage Arm: | Schulte (8). | Sears-Roebk (8) | Seneca Copper.. + Bhattuck-Ariz. . Jous | Sheil Union (1). * i Shell Un pf (8).. 7 | Simmons (2). 55% | Sirams Pet (50c) 99 | Binclair Oil. 5714 | Sinclair pt (8). 97 97 | Skelly Oil.. 96's 96% | Slos: heff (6 808% 310 | Sloss-Shf pf (7). 114 | South Pac (8). . 3% | Southern Ry (5) »fG). 124 ) 80 83% 937 b6'% . Low. 45 808 106% 20%: eon 40 EIL) 18 [ 884 B4 8914 86% 8174 264 65 354 164 s 2% 56% 0 122% 13 122% 81 428 16 484 284 291 294 a4 12 521 84 361x 108% 19 19 1'% €0y 30 Nat Ry Mex 2d.. ° 3 144% 42% 804 104% 71l 59 71 15% 49 2! 6L 91 16% Y% 41 59% 78 50% 8510 115% 166% 1 7 26 100% 33 28% 19 88 26 85 06t 05M 81 [1) 24 13 4an a4 9014 1064 194 89 80 9% 18 96 86 ‘o4 ‘NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Close, 65 2 13 a1 45 204 108% 19% | 69'% 894 92 30% 2.’!\‘; 128 431 465 694 | h'*“ 0% | 10% | 4in | Teune 26 8614 96% 104% | 1'% &ty | Underwood (2). §0,000,000 SSUE 1S OVERSUBSCRIBED Bond Prices Display Firm Tone at Opening of Week’s Trading. BY GEORGE T. HUGHE Special Dispatch to The Sear. NEW YORK, January 19.-—Prices for bonds held generally firm at the opening of trading for the week. Here and there among the high-grade rails there were fractional recessions, but United States government bonds held their ground and inquiry per- sisted for middle and second grade iseues yielding from 5l to 6% per cent. The new $50,000,000 Sinclair is- sue was oversubscribed Second Grades Popular. The outatanding feature of the market for some time past has been | the =slow absorption of these second- grade bonds. To f{lustrate, Missouri Pacific 6s #0ld today above par, which was higher than at any time in 1924, For months this bond was quoted around 98, although the financial con« ditlon of the Missouri Pacific would have warranted a higher price Southeri Ratlw general 4=, re- sponding to the same influence, xold today within a half point of the record high for last year Seaboard G« Strong. In the speculative group the fea-| ture was Seaboard Air Line 8x, which At $9 equaled their best previous price. The refunding 4s were also strong. abova 62, and thers was a fractional advance in the same road's adjustment 55, M. K. & T. adjust. ments ‘crossed §1, but receded under profit-taking afterward St. Paul 4s of 1925 were fraction- ally lower, but not_especially active. | Chicago Railway 58 and Brooklyn | Manhattan Transit 6s were firm around their recént highs. Wilson and Company convertible 744 had a sharp run up for a time. Cuba Cane | 8% s0ld at par again {were a shade higher. Agricultural Chemical again in demand. Brasil Issues Higher. Brazil issues were the feature of | the foreign list. both the 7a and the fs selling higher. Mexican fissues kept up their advance and Bolivia 88 were a little higher. In the European list, City of Co- i penhagen 53s reacted and there was no noticeable improvement in the French bonds. Todny's new issues included $5 000,000 Sinclair Crude Oil purchasing three-year 6 per cent notes fo yleld 625 per cent, $5,000,000 Munson Steamship Line thréc-vear 6 per cont| notes to yield 6.37 per cont and $2. ties Service convertible “D of 1966 to yleld over i American s were REPORTS ON OVERLAND. | NEW YORK, January 19.—The! forthcoming annual flnancial state- of the Willys-Overland Co. will est the company has ever T N. Wiy president, in- ned stockholders a letter point- ing out that the ratio of current as. sets to current liabllities is batter| than 7 to 1. Cash and bank certifi- | cate deposits more than covered lia- | bilities, with no notes payable a¢ of | December 31 The compan retired mora than a million dollars in bonds | durinig 1924, leaving $9.000,000 out- | | standing. and 12,000 more cars wers| 0ld from stock than weré built that| enr. | “On account of the fact that there| rée accumulated back dividends on! your preferred stock.” he wrote, “you| will be especially interested in !h‘! outlook as we see it for the automo- | bila industry and particularly for | Wiliys-Overland this year.” i LIVE POULTRY LOWER. 0, the CHIC Januaty 19.—Poultry—| Alive, lower; fowle, 13a21: Spriny 2; roosters, 15; ducks, 2 $t Ofl Calif (2).. StOINJ (1), St Ol NJpf ( Std Plats Glass. Sterling Prd 5% Stew Warner (5 Studebaker (4). Studebak pf (1) Submarine Boat Sweets (new). . Symington Symington (A) Telautograph e Coppe Texas Co (3). Tex G Sul (11%) Tex & Pacifle... Tex & Pac C & O Third Avenue. .. Tide Wat Oil (4) Timken (13%).. Tobac Prod (6). Tobae Prod A (7 Transcont Oil. .. Transu & W () Twin City (4)... 624 6275 624 41 < HI8%% 118% 118% 6214 Unfon Ol (1.80). Un Pacific (10). Un Pacpf (4)... Un Tak Car pf (7 Utd Alloy Steel. Utd Clgar (13%) United Drug (6) Utd Fruit (10).. Utd Ry Invest. . Utd Ry Inves pf. U S Cast iron P. U S Distributing U S Hoft (50¢).. U S1nd Alcohol. U S Realty (8). . U S Realty pf ( U S Rubber. U S Smeltin, U SSteel ( U S Steel pf (7). Universal Pipe. . Univer P pf (7). Utah Copper (4) Utah Securities. Vanadium. Va-Caro Cheny Va-Caro Chpf.. Vivadou fWabash Wabashpf A... Waldort (1%). West Pen (4) West Pen pf (7). West Ele pf (7). West Maryland. West Md 2d pf. Western Paclfic. West Pacpf (6). West Union (7). West Alr Br (8). Westinghse (4 Wheel & L Erle Wheel & LE pf. White Bagle (71 White Mot (4). . ‘Wickwire Spen.. Wickwire pfd. Wickwire Sp rts. Wickwire pf rts. Wilson & Co. Wilson & Co pf. Willys-Overlan¢ ‘Wills-Over pf.. Woolworth 13.. 122 122y Worthington... 70% 71 Wright Aero €1) 194 19% Wrigley (3) 48 48 Yellow Cab..... 40 40 Youngstn S&T. 734 3% rtly extra. $Payabie in preferred stock. d iaies a8 glven In the wbove tablé e anpual cash pusments based on the itest q of Kalf-yesrly declarations. 24% 244 831 s3n 128 129 127% 127% 4% aa . 3% 88 125% 126% 124v 1244 41% 431 7 80 91 91k 9% BI% 29% 204 2 24 10 % 21% 5% 1§ 15 95 115 164 25 874 9L 1214 108% 7% 15% 29% 165 15% 29% 28% 3% 14 82 " 17 7% 22% 10 3% 121% 684 22% 9% T34 120% 6% 19 19 4% a7 4“0 40 8% T3% 74% 4% Vit | Eniews 40 ‘Ilndkndl e wot included, othorwives voted-esita ot specinl l |Argentine 6s A.. Chile Copper 6e | J | Swaden 6 | Andes 7s 23% pd. | Armour & Co 4 | Armour of Del | Beth Steel rf 38 | Can Gen Eileb 6s. | Consumers Cow | Det B | Goodyear 85 1941.. ANUARY 19 [osew o BONDS o maaner] Received by Private Wire Direct to The Star Office. - UNITED STATES BONDS. (Salés are in $1,000.) 4 ales. High. Low. Clése. Lib3%s... 251 10115 10110 101 15 Lib1st43%s 84 10122 10119 10122 Lib2d 4% a. 105 100 80 100 26 100 26 Ldb 3d 43s. 216 10114 10198 10114 Lib4 4%s.. 262 10127 10124 10124 US 481944, 215 10020 100 17 100 17 US4%s'32. 148 104 25 104 23 10425 FOREIGN. Saies. High. low. Close. 13 95 28 20 11 24 u 16 9 3 13 rgentine és B. Argentin Austria 7s Bank of Japan 6s. Belgium €3 wi. Belgium 6%s w { Balgium 7148 Balgium 8s. Bolivia 8 Canada bs 193¢ nada 3s 1931, , Canada Gs 1952 CAnada 6 Chile 85 1941, Chile 85 194 Chinese Gov Ry Christiania $s...,, Con Pow Japan 7a. Copenhagen 5igs. . Cuba § ‘ Czecho 381981 . Caecho 88 1952 ot . Danish Munio 8s A Danish Munic $s B Denmark 6s Denmark {DEI5%s Mch'53. DEI5%sNov 83, Dutch East 1 6547 Dutch Kast I 6362 1 8alvador 88 48. . Finland s { 6x 1345 Framerioan 7 French 78 w | French Govt Japaness ¢ Jergens U M 6s 47 Marseills 88 Lyons 6& Mexico 48 snte Mexico 54 assented Montevideo 7s. Netherlands 68 etherlands Gs Norway €s 1043, Norway 6s 1944. Norway 61852 | Ortent Dev deb 6s. Paris Orleans T Prague Tijs Quaensland Quaensland 7 Rio de Jan 8 1948, Rio ds Jan 8 1947, Rio Gr Do 8ul 8s.. Sao Paulo City 88. Sao Paulo Stats 8 Seina Dept of 78... Serbe Cy'tes Slo 38 Soitkons 68. ... Sweden 3lsct. .. 1044 101% 16 67 116% 106% Swiss 519 1948 Swisa Confed 3 Am Agr Amm Chain 8 f 88 '23 Am Teapub deb 6e. Am Smit & R 1st bs 2 AmSmit & R 69... Am Sug ref 68 AmT&Telirds.. Am T& T el tr 58. Am Tol & Tel 8 wi.. Am T & T debs%s AmT&Tcves.... Am Water Wks 53 Am Writ Paper 6. Anaoonda 18t 6s Anacenda ev db Associated Ofl 68. . Atlantic Refin Barnsdall ¢ f 2s. Bell Tel Pabs.... Beth Steel pm 5s 12000 08 G 080 68 1 Beth Steel 545 ‘53 Beth Stesls f 6s. .. Brier H St 18t 6%s Bkiyn Ed gen bs.. I e RRAm AN SERNA © entral Leather 53 Chile Coppsr Cin G E 5138 Commonwth P 62 Con Coal Md 1st 5 Cuba Cane cv it '3t Cuba Canecvdfs. Cuban-Am Sug $s. Denver Gas 3s. Det Edison 53 "40.. on'ref 6. . Donner Steel Du Pont de N 7% Duquesne Light ks Est Cuba Sug 7%s Empire G&F T¥%s. Feder Motls 7539, Fisk Rubber 8 Gen Elec deb 33... Goodrich 8%s Goodyear 88 1931.. © rRCsuaBAnMm Hershey 68 1942 Humble O&FR Tlinois Bell 1 ilinois Steel Indiana Steel &s. .. Int Mer Marine 6s. Inter Paper bs '47. KCP & Lt 58 A '52. Kan G & El1 65, Keyser (J) 78..... Kelly-Spring 8s... Lackawa S 52 '50.. Liggett & Myrs 5s. Lorillard (P) 55 Magma Cop cv 78. Manati Sug sf %8 Marland Oil 88 '31. Midvale Steel Montana Pow New Eng Tel bt N Y Eden 18t 615s. NYG EL H&P 48 NY Tel 4%s.. N Y Tel 65’41, 49 & B L e e T P T rth Am Ed 68, North Am Ed 6'48. Nor Ohio T&L 6s.. Nor States Pow 5s. Northwst B Tel Otlis Steel Tis Otis Steel 8 Pacific Gas & E Pac T & T 18t 55 Pacific T & T 63 '52 Pan-American 68 Phila Co 5%s'88 Phila Co ref Phil & Rdg C&I 5 Pierce-Arrow 88.. Public Service 8 Pub Serv Elec Punta Alegre 8inclair Oil 6s Sinclair Oil 6. Sinclalr Oi178.. &in Crude Oil 5%s Sin Crude Oti 68 Sin Pipe Line 53 South Bell Tel 5s. 8o Por Rico Sug s Southwest Bell 5s. Sug Est Orient 7 Tenn Blec Pow United Drug és. U S Rub Ist rf 6s.. U S Rubber 7%s U S Smelter 6s. U S Steels f5s. Utah Pow & Lt Va-Car Chem 7s. Va-Car Ch 7%s sw Warner Sug Warner Sug I N o 8= as 106% 8614 9114 100% 101 834 9919 102 " 98% 7 99% 1005 8ang 105% 101% 1041 91% T6% 46 {1 e { Int Rap Tran 6s | Lenigh Valcn 4s.. 1925. West Elecss....., 12 98% 98% West'n Union 6%8 2 111% 111% Westinghouse 7s.. 12 1084 107" Wickwire Spen 7s. 11 9514 854 Willys-Ov 8% 33, 1 100% 100% Wilson & Co 1st 7 98% 93 Wilson & Cocvés. 7 634 62 Wilson&Ccv 71s. 86 64% 81% Youngstn S&T 16 96% RAILROADS. Sules. High. Ann Arbor 4s 1 64% Atchison Gej .27 88% AtlanticCLcl4s.. 2 8613 Atlantic CL1st4s 7 90 B & O gold 4s 9 87% B&Ocvits 29 89% B & O ref G .43 884 Baito & O 18t 5 32 100% B&Oés. €0 108%4 B&Orfimp 6s 20 101% B&OPLEWV 4s.. 10 .85 B & O Toledo 43 10 69% Bliyn- 54 85 Buff R 4 8T% Canad North 8%, 2 Canada North 7 1 Canada Pac deb 4s. 11 Car Clinch & O 40 Centof Gabys... 15 Central Pacific 4s. 26 Ches & Ocv 434s.. 9 ChesOgn 4 . 10 Ches & Ohio cv 6. 171 Chi & Alton 314, 6 Chi B&Q gn 45 '68. 6 Chi B&Q 1st rf 5s.. 20 Chi& E1gnbs.... 30 Chi Great West 43.118 CM& Puget Sd 4s. 6 Chi M & St P 452§ 136 CM&StPab4s., 11 M&SLP gn 4539, 7 hi MESE P ov 4141104 Chi M&St P rf 4%s 22 Chi M & St P v 58, 12 ChiM&StP 6s.., 1 Chi & N W re: 22 Chi & N W 5 Chi & N'W 7 12 Chi Ry ve 53 Y 4 15 5 1 16 .19 98% 1114 107% 85% 100%% 83 | a2 64% 002 . Closs. B4t $8's 86% 90 87% 89% 8814 W 100% 108% 101 85 Chi Un §ta 41js Chi Union Sta b8 Chi Un Sta 618 Chi & W Ine cn 4 10 Del & Hd 1str? 48, Del-Hud cv 55 3| Den & Rio G cn 4s. D & Rio Gimp 3s.. D&RGIstrf5s. . D & Rio G Wst Erie 1st cons 4s Eric gen 4s Erie conv 4 Erieconv4sD... Erie & Jersey 6s. . Erie Gencases R ¢s Gr Tronk sf ab 6. Grand Trunk 7s. Great North §s GrNorth 5%s..... Gr North gan 7s... 19 Gresn B & W db B. 35 Hud & Man ref 5s. 47 Hud & Man aj 45 Til Cent ref 38 '35., 20 11 Contral 515¢ 2 St L&NO 55 26 int Rap Tran 5s... 15 Int Rap Tr és stpd. 15 S 841 T4'h 103 W 101% 4 107 11644 931 07 100748100 1097% 1104 14 14 #61 fon 68 68 1064 1004 | 102 487 694 Y, 74% Int Rap Tran 7s... Int & G Nor Jst ds. Int &G Nor aj 8s.. Towa Cent Ist 58 Kan City FtS4s . Kansas City S s Kansas City S 8s. . Kan Cy Term 48 Lalke Shore 4s " fake Shore 4s " 3 Louvis & N uni 4+ Louis& Nis B Louis & Nash 5 Manhat Ry cn 4s. . Market St Ry 7 Mil Ei Ry & L 58, M & St L 1¢t ref 48 2 M StP & S8M cn 48 4 3 1 M StP & SSM cn & % -| M S(P & 88M 5% i Mt & SM 434s. ; muaROS —ABROR A~ K& { Ké& H K& Tadjbs.... MK&Tprinis A Mo Facifio . Mo Pacific b Mo Pacific & N O Tex & M KO Tex & M 5 NY Cengen 3l K Y Centcn 48’98, N Y Cent deb 4s. .. N Y Cent ri 5 N Y Cent deb 6s... . % | ¥ Cen LS cl 3%s Y Chi & St L5%: NYC&StLEsA.. 2 New'Haved6s.... 2 ¢ ! Kew Haven 78 i T, Ont, Ws 1st 48 ew York Ry fr 4s Y Ry rf 48 ctfs 'Y Rysadjssoct.. Y State By 4. Y W & Bos 4 Norfolk & W cn 4s orfolk & W ev KNorthern Pac3s... Northern Pac . Northern Pao is D Northern Pacr i 6s Ore Short L ref 48 Ore-Wash 1st rf 4s Pennsy! gen 4%s. Pennsyl gen b Pennsyl 614s. 49 ¢ @ FoantuaSa-su-al 88 | 1294 | 60%; | 847 97 i Pere Mara i Por RL& P 63’47, Rio G W e St L IM&S 4525, St LIM&S R&G 4 StL&SFplisA. StL &S Fprinbs. StL&SF Szfi’s D. StL &S Finods... StL STV Ist 4s. StLS W con 4s'32 8t P & KCShL 4%8 | St P Un Dep 5% 8an A & Arn P 48, Seab'd A L 4s sta Seab'd A Liref 4s Seab'd A Load bs Seab'd AL con 6w Sou Pacific 4s 2 Sou Pacific ctl 4 Sou Pacific ref 4s Southern Ry gn 4s Southern Ry 1st 53 Southern Ry 6s ct Southern Ry 6%8 Texas & Pac 1st 63 Third Averef 4s... Third Ave adj bs. Union Pac 1st 4s. Union Pac 48 '27. Un Pcistrlse Union Pac ev b3 | Virginia Ry st Va Ry & P st 68 ‘Wabash 1st 5s... Western Md 4 | Western Paot West Shore lst 4 Whel & LE rf 4% | Wisconsin Cent ¢s. 2 BOUNNN AmBmER - . wa PR ETI TP +- TR PR 107% » 100 6 484 21% 9% + 108% 1064 103% 104 954 96% 94 0 94 s 101 101% 65 €5 oM 9% 81% 81% 6814 631 9% 9% 10714 100 56 48% 92% 99% © @ ool NEW BUSINESS GROWS. NEW YONK, January 19.—New business aggregating $36,653,700 was booked by the Westinghouse Electric and Manufacturing Company in the last quarter of 1924, a gain of more than $2.000,000 over the same quar- j ter of 1823. BUTTER LOWER TODAY. CHICAGO, January 19.—Butter— 46% | 35436 - 820 3821 | PEgs—Lo 927 92% 9% | liTsts, 5BasBls; ordinary firsts, 80aSh; Lower; creamery extras, 383 stan, ards, 38; extra firsts, 37a37%; firs seconds, 32a34. 17.00a8.00 [ hushiel, $5a2.00 | port. 1.96 {nearby firsts. doz sto {the amount ‘FINANC 1AL, COTTON OPENS WEEK AT LOWER FIGURES Bearish Ginning Reports Offset by Firm Cables From ! Liverpool. By the Associated Press. NEW YORK, January 19.—R 1y firm Livérposl cables were offsat by rumors of private bearish ginning figured at the opening of the cotton | market today and first prices wére 2 t6 5 points lower. March contracts s0ld off to 23.60 and May to 2 after the call, making net Ueclines of about 12 to 13 points, but offerings tapered off at these figures, followed by rallies of 4 or 5 points on co ing. with the early market fairly steady. Reports of damages by floods in the Eastern belt probably had a sustain- ing influence, but buving seemed to find its chiéf encouragement in the steadiness of Liverpool and faverable Manchester trade advices. It was rumored that private returns indi- cated a ginning of 13,230,000 running bales to January 16. New Orle: Quotations NEW ORLEANE, La.. Janua Cotton futures opened stead: uary, 23.85 bid; March A 3.96; July, 24.16; October, 23.45, GRAIN AND PROVISIONS. BALTIMORE, Jawuary 19 (8pecial). | ite potatoes, per 100 pounds, 1.25a1.50; sweet potatoes, barrel, 2.50a 6.00; yams, bartel, 2.50a4.50. Beans, hamper, 1 00. Beets, crate, 2.00a 2.25. Broceoli and kale, a60. Brussels sprouts, quart, 0 Cab- bags, ton 5.00a30.01 bushel, 75a1.00, Carrots, 100, flower, crate, 2.75a5.00. Y 2.50a4.50. Eggplants, crate, 4.00a4. Lettuce, basket, 1.004 0. Onions, pounds, .00a2.40. Oyster plant Parsnips. basket Peas, hampe: 50a4.00. Peppers, crate, 4.00a6.5 Spiuach, bush 1 1.50. Rquash, crate, 3 65a90. Apples 100, basket, packed, barrel, Cranberries, box, 6.50. Grapefruit anges, box, 2.75a3 quart, 30a40. Selling Whea Prices at Noon. 2 red Winte; ex- 2 red Winter. spot, do- 2 red Winter, gar No. 3 mestic, 2. lieky, domestic, ;. 10 GuO None tn—Cob, new, per barrel; yellow, spot corn, 6 el track ow, per b 30a1.40; No 38 tons. For the better grades of timothy and choice i{ght clover-mixed hay theré is a fair demand at full quotations, and the 100 | DIRECTORS SILENT ONDIVIDEND ACTION Deferred Disbursement on Railway Common Held Un- likely in Near Future. BY CHAS. P. SHAEFF back dividend on co R A mon of the Washington Rialway and ¥ tric Company to compensate holdc for the lean years from 1919 to 19 when no disbursements were mac appears remote as far as tho imme diate future is concerned. Thig became known this when it was authoritatively lear the question was not even casu discussed at either the annual mee ing of stockholders or the subse quent mesting of directors on Satu morning | day. The att question, ude_of directors on hich aifects 65,000 shares of stock, is that some return should be made to owners of the compan for the barren period stated above. As far as is known, this attitude nanimeus, at least in so far as prir ple 18 concerned. What reimburse nt is meted out is another matte A nunfber of the Loard have voice the thought t the full amount arrears, 26% per should be dis bursed. Ofcia of the carrier are mow giving eir mole attention repayment alf the impounde fund to light consumers, as set fort the compromise some wWeeks Ago bursément will be made abo it t ddle of the prese the e ne to di hold t liquid ex, Md., was r and sewer fac bonds are paya all of the the district eds of wa furthermore, by Prince ¢ | from direct taxe: sessable property well as from the rates. They are ditionally guaranteed by Montgomery and Counties, Trading on Local Board. Waslhington Light stock est: roc supply of good hay is limited. Low grade and inferfor hay is draggy and of uncertain value Quotations today—No 20.50a31.50; No, 3 timothy 1 light clover, mixed, 19 over, mixed, 17.00a18.00. No. 1 wheat. 12.00a1 1 0at, 12.00a14.00 per DAIRY PRODUCTS. BALTIMORIE January 19 (Spe Young chickent, Oid hens, . 014 roosters 40a45: old. 3 1b, Leghor eghorns, Young turkeys poor and crooked breasts. 2. Ducks, | 0a20. Geose, 5a40; guinea fowl, each, 40a75 Dressed poultry—Turkeys, 1b., 5: poor and cro¥ked breasts hickens, 23a38. Old roosters, Ducks, 20a30. 20a28. Eggs—Réceipts. 8. Pigeons. pair, 1 offered 5§ bid, 5; quotations, Butter—Creamery. 1b., 37a4 g00d 1o faney. ladles, 30a32! process butter. @uiry prints, 22 YOUR INCOME TAX Expert Advice Given by United States InternalRevenue Bureau Based on Latest Changes in Legislation. ARTICLE NO. 8. It should be noted that the revenue | act of 1924 provides specifically that the status of a taxpayver relative to of. his personal exemp tions shall be determbined by portionment in accordance with number of months the taxpaver was single, married. or the head of a fam- | & dity. Under the preceding act the amount | 6f the exemption 10 which a taxpay- | er was entitled “was determined by | h atus as a single person, married pérson or the head of a family on the last day of the taxable yedr. A taxpayer, who was marrier on June 30, 1924, is entitied to an ex- emption of $1.750. Fof the first six months of the taxable vear he is classed as a single person, entitling him to an exemption of $500—one- £3% < e & 10314 | PAIE of the 31000 exemption allowed {complete taxable vear—a {1ast six monthe he is clas: a singlé person who is single for the nd for the d as a mar- ried person, entitling him to an ex- emption of $1,250, one-half of the ex- emption allowed a married ¥person liv- ing with wife or husband for the full taxable vear. If on June 30 he be- came married person for the first half of e yesr aud as & 9ingle patson for the iatter half. In such computations a fractional part of a month is dis- regarded, unless it amounts to more than half a month, in which case it is considered & full month. These fig- ures are based on the assumption that the return is made on the ecalendar year basis, as most are 1f on June 30, 1923. @ taxpayer ceased being the head of a family— the support in one household of a relative or relatives being discon- tinued—he is granted the same ex- emption as in the case of a taxpayer married on June 30, & total of $1.750. With regard to the $400 credit for a dependent, however, it js provided that the taxpayer’'s status on the last day of the taxable year (December 31, if the return is made on the cal- endar year basis) shall determine his right to such credit. If on that day he was the ehief support of a age or is incapable of self-support because mentally or physically de- fective, he is entitled. to the credit. If during the vear his support of such dependent ceased, the credit is not allowed. The next article in this serles will appear in tomorrow’s Star. LABOR BANK CONSIDERS By the Assoclated Press. - NEW YORK, January 19.—The Fed- eration Bank of New York, the labor institution which grew in 18 months from orlginal resources of $500,000 to $8,500,000 on December 31 last, is now considering increasing ital another $500,000 or $1,009,000. Peter J. Brady, president, sald the matter would be decided at an early meeting of the stockholders, and that they would also be asked to consider changing from a State bank to a trust company. President Brady, in e ower. Receipts, 3,238 cases: refrigerator firsts, 48a48%. his annual report. announced the bank had yiclded profits of $65,001 during 1924, \! 00 per | ai). | 18| cases: native and | widower, he is classed as a| dependent. who is under 18 vears of | $400 | INCREASING CAPITAL| its cap-| en 10 shares c timothy, | 17.00a19.00; | tenor hundred <old at i 100 <0ld at 86. Union Tru 178, but Railway prefer after selling an eighth hig! and Inves nlisted “itizens | changed hands at of Munsey Tru The hond was neglected §2,000 Potomac Electric first 5e. par and par and a quarter, and §1.0¢ Potomac consolidated 5s at 93 be the only transactlons. New Financing Unnecessary. Flotation of a $125,000.000 bond sus by the American Telephone a Telegraph. Company recently wi make it unnecessary for saffiliated mbers of the Bell system to d new financing at this time. Part o the proceeds derived from the sale {it is understood, will ba used to ac quire a block of Northwestern Bel Telephone stock and so enable th company to retire a $30.000,000 bons issue. Other subsidiaries also will be financed through loans or simila stock purchases The course negotiable instri ments of the local chapter, Amarica Institution of Banking, will be opene Wednesday night. with R. B. Dicke; j charge. On the following night & j oper meeting and informal dance b | the chaptér and friends will be heic lat the headquarters. These will cor | stitute the only breaks in the regula | schedu Tonight e sta Co. 'eold fo i | i nohue d hanking tomorrow vill address ti on “Cash and Dis day night the stand ts will hear ¥ Colle Joseph K unting counts, P ard economics st Donohue, on “Public Regulation,” a srdon Finney will conduct t} Buying Commercia Me cred Paper EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. PREFERRED STOCKS. While bonds as a class are belie investments than stocks, there ais some preferred issues which are muc | more conservative than some bonds A bond of one corporation is safe [ than the preferred stock of the same company. but that is not to say it ie better than the preferred ue o some other enterprise. In considering preferred stock thera are a number of teéchnical pre visiong which should be carefully ex amined. The first is that of par value Nearly all preferred stocks have xed par value, although of late ther have been a fi without par value | 1¢ the stock has a par value the div dend is expressed In per cent. A per cent preferrd stock of $100 pa pays $7 & vear. A 7 per cent pre terred stock of $50 par pays $2.50 « year. When no par value is assigned the dividend is expressed in dollars so that you have, for instance, a pre red stock of no par paying $7 c 0 or some other sum stated in the certificate. The next point is Whether the stoc is cumuiative or non-dumulative. I the dividend is not paid (the techn: | eal term is “passed”) for any period | When due it must be paid up at some ;lfllvr time in the case of a cumulativ stock. It often happens that large sums accumulate in the way of ur paid dividends on this kind of pre ferred stocks. All such accumula tions have to be taken care of beforr { the common stockholders receive an return on their investment. This pre vision does not apply when the stock | is non-cumulative. In that case | | the company does not earn or does | not pay its dividend in any one year it is under no obligation to make it {up when -times become prosperot again. All that is certain is that If the preferred dividend is not paid in | uny one vear the common stockhold- ers will not recelve anything either Evidently a cumulative preferred i stock is safer than a on-cumulative There are, however, some non-cumu- lative preferred stocks which are highly rated because so far as any one caR seé there is no probability of the corporation being forced to sus- | pend payments even for one quarter. In my next article 1 shail mention ! other points wiich must be scruti | nized by prospective buyers of pre- by Consolidated Press