Evening star., 1921-12-31
STOCKS ARE Slow;
PRICES STEADY
Heavy Cash Trading in Loss
Taking-Strength in Evil
denCe-NoteS.
BY s. p. WEST.

NEW YORK, December 31.-Todays
short session was under the same
impetus as that of yesterday. Sales
way made the market appear very
irregular and there were just as many
sales for cash as on the preceding
day. This was the last day on which
tax losses for the year could be
recorded. And the late comers were
taking full advantage of it.
1t was common belief that the fail
ure Of Wagner & Co., which was an
nounced yesterday. was making itself
felt In the market today mCre than
1t had yesterday, and, although the
failed company was not believed to
be heavily committed in any one
stock. number of issues were said
to have been sold for it's account.
The opening was irregular and trad
ing continued so throughout the day
strong undertone, however, was
manifest at all times.
Pool activities were not so notice
able, but there undoubtedly was buy
ing for investment in a number of
issues. Several of the automobile ac-
cessory stocks were in active demand.
after a certain amount of selling had
made its appearance, and most of
these moved forward rather sharply
toward the close. The recent specula-
tive favorites were practically neg
lected.
There was little of incident in any
of the other markets. The foreign
exchanges were comparatively steady,
but the grain market was decidedly
irregular.
Frisco and Cotton Belt.
ment among the holders of St. Louis
and San Francisco preferred stock
to bring pressure to bear on the di-
rectors for a dividend declaration.
such as is now in progress among
ferred holders, the Frisco is in as
good or better position to inauugrate
disbursements on the senior stocks
as the Cotton Belt. Based on the
latest reports. st. Louis and San Fran
cisco is earning at the annual rate
of 30 per cent for the preferred and
St Louis Southwestern 9 per cent for
it's similar stock. There is only
$500. 900 of the Frisco preferred out
standing.
Grent Northern.
Compared with the other northwest
ern roads. Great Northern made re-
markably good showing in its Novem-
ber earnings statement. Net operating
income was $3.410.066. which is larger
than in the same month since 1917.
The falling off from October is only
about $518,000. which is less than the
proportionate decrease in the case of
either st. Paul or Northern Pacific
Great Northern will end the year with
fixed charges fully covered and about
per cent for the stock. The best in
formed opinion is that next year neith-
er Great Northern nor Northern Pacific
Will have to rely on the Burlington
dividends to cover their own per cent
dividends. Just now Northern Pacific
is in the better position of the two, but
Great Northern made the better show
ing last month.
United States Realty.
United States Realty and Improve
ment earnings for it's 1922 year
are estimated. with four months to
go, at in excess of $50 share Earn
ingS for the full twelve months,
which ended April 80, 1921. are equiv
alent to over SIS a share on the l6l, =
G2S shares of realty stock During
the twelve months drawing to a close
the company has shown Improvement
in all departments and funded debt
has been reduced more than 81, 900 900
The company will go into the new
ysr in strong cash position and
with officials confident of further i'm
provement in earnings.