davidaulloa/AmericanStories huggingface dataset:
Evening star., 1925-12-02
COTTON IS STEADY
IN TRADING TODAY
Market Opens Off, But Early
Declines Are Mostly
Regained Later.
By the Associated Press.

By the Associated Press
NEW YORK, December 2.-cotton
futures opened steady: December.
oO.32; January, 1858; March, 1884:
May. 1895; July. 1898. The market
opened AT an advance of to 13
points on buying. which appeared 10
be Influenced by relatively steady
Liverpool cables, which included
further demands for October from
houses with foreign trade connections.
setbacks occurred after the call IN.
der local selling promoted by favor
able view Of the weekly weather re-
port. but offerings were readily alb
sorbed, and the market held generally
steady at the end of the first hour,
January selling around 1877, or nine
points net higher.
The weekly report Of the weather
bureau Indicated that conditions have
been generally favorable for picking.
and that the work had been nearly
in Texas and oklahoma.
Quotations In New Orleans.
NEW ORLEANS. December (P).--
Cotton futures opened steady. De-
cerf,ber. 1910: January. 1884: March,
1907: MAY. 1888; July, 1888. The
market opened URN III SNiip'thE
with better cables than expected. First
trades showed gains Of 10 II points.
The market gained few points add,
tional right after the call. January
trading up to 1885. March Ia i?.0s
and Nav at 1854. Prices soon eased
off points owing 10 faVorable
weekly weather report. but soon ra J.
lied again TO practically the hlSh
points on prospect for less favorable
weather in the Western belt.
Cotton Values at Noon.
NEW ORLEANS. December Cot
ton futures. noon bids steady. De
cen1her. 1855: January. 1915; March.
1915; May. 1892: July, 1852.
NEW YORK. December Cotton
futures. l1:45 am. bids steady. De
cember. 2O.42: January, 1919: March,
1874: May, Ia.3s; July. 1913.
Evening star., 1925-12-02
ENERYMAN'S
INVESTMENTS
sy GEORGE r. HUGHEs.
Denmark Dollar Bonds.

Tn. high credit standing Of the
Kingdom, Of Denmark ts reflected IN
tn. prices at which it's dollar bonds
sell in the American market. The
Yields obtainable at recent quotations
On these bonds are around oi7 per
cent. which compares favorably with
those to be had from the obligations
Of the other countries of northern
Europe.
There are two direct obligation Of
Denmark available to American in
vestors. one a S per cent issue. due
January l, 1912, and the other 5@7
per cent bond maturing August l.,
1855. The respective provisions for
REDEMPTION of these two bonds are
important only in 50 far as they fore
cast the length Of time the investor
will be allowed to retain his holdings.
In neither case is the redemption
price below the market price. The
ss may be called at los on so days
notice and the 512s may be retired on
and after August |. 1880. at par on
three months notice.
Another Danish issue is the consoli.
dated municipal loan carrying per
cent coupons in two series. "A" and
b" due, at 1914. February /. 1916.
Both these series are callable at 1914.
on and after February l. 1926. but
the market price IL substantially
above this figure. which sharply re-
duces the yield. Thus, II one Of these
per cent bonds Is purchased At 10
and Is retired 8 year later at 1919
the investor will have only 5 per cent
on his money. The only difference
between the two series is that the
"A" bonds are the joint obligations Of
IL municipalities and the B" bonds
are similar obligations of Copenhage
and FredericksberE.
Very recently another Danish con-
solidated municipal loan. the joint OBJ
legation Of 26 municipalities, carrying
S11 per cent coupon and callable at
par on November 1. 1880. was offered
at a price to yield $50 per cent. which
Is about in line with the return on
other Danish dollar securities. The
city Of Copenhagen has a 81 per cent
bond issue Of its own outstanding in
the New York market. 1t natures
July l. 1914. but annually, on July l,
$3.50. 900 par value are retired by lot
It 100. The market price ranges just
,elow par. Like all the other obli-
cations here discussed, this is high.
grade Investment.
tCopyrtrht 1p2sN
Evening star., 1925-12-02
OFFICIAL OF N. & W.
DEFENDS RAIL PLANS
Declares Taking Over Virginian
Would Cut 100000 From
Yearly Expenses.
Bv tn. Associated P-..s

Bv the A.socat.d Press
Dispute over possible operating
economies which the Norfolk and
Western may be enabled 70 make by
or=olidation with the Nirglnian under
pending proposals marked the hear
inSs yesterday before the Interstate
Commerce Commission.
w. J. jerks. operating vice presl-
dent of the Norfolk system. the only
witness. was held on the stand
throughout the day by W. c. Bronson.
counsel for the Chesapeake and Ohio
Railway, one of the opponents Of the
project.
Mr.. jerks presented itemized estl-
mate. that 81 900 900 a year could he
saved by the two roads in the cperat-
ing cost of handling the present busi :
ness, provided they operated as unit.
Joint use Of terminals. shop facilities.
and electrical generating plants. elini-
nation of locomotives and locomotive
repair expense were included, but as
to almost every figure opposing
counsel had detailed questioning.
While the State of Virginia. Norfolk
and other communities served by the
two roads are among the list of op-
ponents to the project, the technical
questions were all left to the debate Of
the railroad representatives.
Evening star., 1925-12-02
John Barnes Ends
So Years Work
With Exchange
R> the Associated Press.


fTEW YORK. December .
John r. Barnes, whose memory re
calls the activities and personal
tiles of Russell Sage. Jay Gould,
Commodore Vanderbilt and Of
many other prominent figures In
the history of Wall street. an
nounces his retirement January
as superintendent of the floor
department Of the New York Stock
Exchange, where he has served for
SO years.
Floor boys employed on the ex-
change were all under his charge,
and many Of the youths he en-
ploved in past years he later saw
become members of the exchange.
Mr.. Barnes Is - and in place OF
pension T. was announced that
special provision" will he made
for him by the exchange.
Evening star., 1925-12-02
NEW YORK CURB MARKET
Received BY Private Wire Direct to The Star Once

would distribute a stock dividend OF
2S per cent was reflected In further
buying of both stocks.
Gulf of Pennsylvania responded to
declaration Of the regular quarterly
dividend and special buying was In
progress in Gibson Oil At the four
level. following the bringing in OF an
important well on the company's prop
erty in the Panhandle Field, Texas.
The new United Cigar Stores went
forward briskly to the accompani.
ment Of higher prices for the old
shares on the Stock Exchange. The
demand for Goodyear Tire common
represented short covering.
Evening star., 1925-12-02
BANNER TRADE SEEM.
Hardware Dealers Expect Rush in
Christmas Trade.
Today's Wholesale Prices

Special Dispatch TO The Star.
NEW YORK. December lizard =
ware Age says:
Hardware tobbers are very busy
shipping Winter goods. staple lines
and special merchandise designed for
holiday selling campaigns. according
10 reports from important market
centers. 1t is freely - edicted that
this Will be an unusually successful
Christmas for the hardware trade
Prices are stronger in all cities.
and there are persistent rumors that
tools and possibly wrought goods will
be advanced soon.
Retailers who are preparing for
holiday business are not as active as
they have been. though the trading
on strictly staple lines Is fairly good.
COLLECTIONS continue TO improve"
Evening star., 1925-12-02
SPLENDID OUTLOOK
IN STEEL INDUSTRY
Orders for Early Part OF 1926
Already Assured, Big
Firms Report.
BY J. c. ROYI.F.
.pecial Dispatch 10 The Star.

Special Dispatch 10 The Star.
NEW YORK. December 2.-orders
just placed for parts and raw ma
terials indicate that the automobile
industry will GO into the new year
with schedules aimed AT produc-
tion Of 5000, 600 cars. This trend
toward heavier output in 1926 has
been felt first in the steel centers
since bankers claim that while Detroit
factories form the thermometer of the
automobile trade the steel mills are
its barometer.
For EXAMPLE the Steel Products Co.
of Cleveland has just received an order
for $500. 900 worth NJ automobile
parts. According TO Charles F..
Thompson. president of the company.
this ia the largest single order ever
written on the compa any's hooks. The
parts will be used original equip
ment on 1925 model cars. The order
consisted largely of engine valves and
tubular cha ssis parts.
The steel industry Is preparing to
car. for the demand which active
automobile production entails and
meet other increasing requirements
in addition. When the ore freiehters
now on the lakes reach Lake Erie
ports the last iron ore of the season
will have been delivered. The steel
situation in the Pittsburgh district
is distinctly healthy. according 10
dispatches received from there today
and advices from New York Offices
to Pittsburgh compa MES.
Production there has failed 70 yield
to the influences which normally
cause decline at this time OF year.
The principal independent company
is operating at 40 per cent Of capacity,
and while United States Steel Co.
plants are working slightly under this
rate. their activity is mounting stead
ilv.
Machinery Outlook Good.
Heavy buying by manufacturers
who require steel for their products
ls in evidence. and iobhers and deal
ere are replenishinE their stocks ~ he
ready for Spring demand. Some
orders are being placed in anticira
ton Of 4 general price advance. The
farm machinery producers are buying
extensively.
Pittsburgh wire products mills are
operating at about 80 per cent. and
strip mills are at SIS per cent. with
prices steady. Orders for plates are
rather light. as is call for structural
steel.
Steel leaders in the northern Ohio
section report an increased demand
for 1925 delivery Of pig iron. semi-fin-
ished steel and finished products
Operations in the MahoninG Valley
continue high. with sheet. strip. bar
and hoop departments running almost
at 100 per cent of capacity.
ICopvrrrht 1929
Evening star., 1925-12-02
BY WILLIAM F.. HEFFERNAN.

NEW YORK, December oil
shares commanded a prominent place
again today in the operations on the
Curb Exchange. With leading trade
journals reporting substantial de-
clines in practically all States. reports
of impending recapitalization plans.
consultations and substantial divi-
dend distributions on this class Of
stock, the news relating to Oil was
highly favorable.
Confirmation Of the report that the
Sta ndard OF New York. after con-
summation Of the merger of that
company with Magnolia Petroleum
NEW YORK. December Fol-
lowing is an official list of bonds and
stocks traded in on the New York
Curb Market today:
Evening star., 1925-12-02
COMMODITY NEWS
WIRED STAR FROM
ENTIRE COUNTRY

MORGAN CITY. La. December 3
Muskrat skins made new high rec
ord at the first auction sales Of the
sea son here. Pelts brought S12o to
s1.s7 each for first offerings, with bid
i ding active.
EAST LIVERPOOL. Ohio. Decem-
Der 2.-More orders are on the books
Of manufacturers than AZ any time
this year. Much Of this is due 70 de
ma nd from jobbers and depa rtnlert
stores anticipating replacement needs
after the holiday trade.
San FRANCISCO, December q
The merger OF the two foremost IA xi-
cab corpa nies here into a $4,000. 900
company has given rise 10 rumors
that the leading cab companies Of San
Francisco. Oakland and Los Angeles
will he consolidated.
AKRON. December 2.-Akron tire
manufacturers are doing everything
rossible to combat the higf prices of
crude rubber. Reclaimed rubber is
being used to a greater extent than
ever before. Reclaimng departments
are being enlarged and modern ma
chinery installed.
BOSTON, December 2.-Shoes made
from ostrich skins are being featured
in the windows Of one of Boston's
large department stores. They are
said 70 be a S strong $ calfskin, ot soft
russet color, with a peculiar grain and
dots that stand in RELIEF.
CHICAGO, December >. ciday
trade is far exceeding any previous
buying period in Chicago. Streets are
ian1ned. though Christmas is still
1three weeks away.
Evening star., 1925-12-02
PORT BUSINESS GROWS.
BALTIMORE, Dec

BALTIMORE, December tSpeciaD
of sea going vessels at the
port Of Baltimore during the month
OF November totaled 233. or "a more
than for October. Eleven nations
were represented. the United States
leading with 173 steamers and l
schooner. or l. more than for the
previous month. There followed Great
Britain. with q; Norway. 12: Japan.
Italy and Sweden. each: Denmark
): Germany and Holland, each, and
Danzig and Czechoslovakia each.
Evening star., 1925-12-02
COMPLETION IS URGED
OF ALASKA RAILROAD

Completion OF the Ala ska Railroad
over a period NJ wears at cost OF
S1l.s1S.7S1. so that II may he oper-
ated efficiently and economically. was
recommended in the annual report of
Noel w Smith, general manager ~
the road.
The report called attention to the
cutting down Of the annual operating
deficit by s4sa.9ol.sa during the last
fiscal year. the i924a5 faure being
s1.24S 614.52.
The road hauled sass tons Of
freight a decrease of az per cent
under the preceding years figure. at
tributed chiefly to smaller shipments
In ore. This decrease, however. was
declared TO have been more than onset
by economies In operation.
Evening star., 1925-12-02
BOOK VALUES REDUCED.
Central Leather Directors An
nounce New Move.

NEW YORK. December fP,.-
Stockholders Of the Central Leather
Co. have been notified that the di-
rectors have ordered the book value
Of the company's assets as Of Sep
ten,ber so reduced by adjustment
azsregatins t7.4o7,o7s to cover writ
ing off Of plants and other assets.
These adjustments will not affect op-
Grating results for the first months
of 1925 as heretofore reported. The
adjusted balance sheet shows that
after providing for all liabilities and
preferred stock at par and accrued
dividends. balance amounted 10 So
sO7.37o. which represents book value
of S247o share on the common stock
figured on the basis Of growing
concern.
Evening star., 1925-12-02
Washington Stock Exchange

Washington. Alexandria and Mt. Vernon ;.
ctf.-Sl 900 az 10.
Washington Rwy. 4 Elec. 4s-S1 600 at
Capitol TRACTION Colo at 1o3. 80 at
Potomac Elec. Pow. ptd.-5 at 1o4,. 3
At 1oti,. a. 1o4l., 10 at 1o4l.. 5 a,
- Washington Ss. Light at ssl,. 10 =,
6aS, 10 at 6a',. so at 20 10 at 70
at Washington "a Rpy. 4 Elec. com-s a, sss
10 at 23s. 10 at 23s. 10 at cas-. 10 at
WASHINGTON Rvy. L El.c. ptd.-Io at
ao44s. 10 At a1i 10 at ol. 10 At 81. so =,
National Metropolitan Bank-1o =, s5s.
RiSFs National Banks q, 42o. 10 At 42o.
Merchants Transfer storax. Coo a.
AFTER CALL.
Washington Rwv. Elec. pfd-S AZ aoh
Capital Traction $4,000 at as. 81 900
wa.hlnston Rwy. El.c COMO A.
Washington Ga. 81 1861, 900 At Ios
Mcnsv-Cail loans. and per cent.
Evening star., 1925-12-02
A Fonl and His Money.

The fact that a stock certificate is
printed in fancy green scrollwork IS
no proof that II is worth any more
than ordinary wall paper. Thousands
Of people In Washington would have
saved their money II they simply had
asked their banker to tell then, what
he knew Of some supposedly wonder
full investment.
Evening star., 1925-12-02
STEEL COMPANY BUYS
LAND ON MISSISSIPPI

NEW YORK, December 0p)).-
Carnegie Steel Co.. a subsidiary Of the
United States Steel Corporation. has
bought about s6 acres Of land in the
vicinity Of Fort Allen. La, with .
frontage Of three.ouarters Of mile or
the Mississippi River.
It il proposed to build q system 81
warehouses and water terminals 70,
shipping steel to foreign and seaboard
ports.
Evening star., 1925-12-02
.ST.PAUL' CRASH
RELATED T0L. c. c.
Former President Gives His
Views on Causes of Great
Railroad Failure.
Ry the Associated Press.

Ry the Associated Press.
H. F.. Byram. former president and
now receiver or the Chicago. Mil
waukee e. st. Paul Railroad yes
terday gave his account Of the
roads financial disaster 10 the In
terstate Commerce Commission.
ma ior cause of the railroads
failure early this year To meet its
obligations. he said. lay in Panama
canal competition with transconti-
mental railroads. with cessation of
business expansion in the Northwest
which affected all railroads in the
territory. contrihutory factor.
He defended the railroads bust
ness policies prior to the receiver
ship on every point raised during
critical questioning by J. J. Hickey.
chief of the commissioner Bureau
of investigation. Telling of efforts
made to avoid the receivership Nh
Byram said that tho only way our
of the situation brought about by re-
duced earnings was the receivership
and the consequent writing down Of
bonded obliga tions.
Canal Sharp Competitor.
BY some calculations as to Panam ma
Canal traffic. the witness eStimat ed
that the st. paul's loss of gross reve-
nue. from that competition could he
placed as high as SIS 900 600 a year.
Replying To remark by Mr. Hickey
that all the traffic the canal carries
in year wouldn't equal three da vs.
traffic on the transContinental rail
roads" he explained that his figures
did NOT touch that aspect Of the situa
ton. but insisted they were correct
as to its competitive effect.
Taking up the policy of the road
during the last few years in purcha s
ing the Chica 90. Terre Haute South.
eastern and the Chicago MiIwa ukee
and Gary lines. Mr.. Hickey suggested
that this had worked To impair the
already weakened 81. Paul credit"
Claims Profit in Purchase.
"But that wasn't burden" Mr..
Byram protested. referring 70 the
Terre Haute purcha 80. That trans
action has showed A profit IN the st.
Paul system from the first year. II
| was considerable benefit"
1T added $50 600 600 70 your ALREADY
| too heavy burden of bonded indeht ed
| ness" Mr.. Hickey persisted
But II made profit" Mr.. Byram
returned calculating that the trans
| action had meant gain NJ $4,000. 900
a year. through savings in purchase
ny the 81. Paul Of coal on It's own
line and through revenue from com
! mercial business
Defends Another Move.
The Gary Line was Represented as
a factor in the combining of the new
business and the actual OUTLAY. Mr.
Ryram asserted was only S315 900. for
! the Terre Haute stock. He agreed
| that the St. Paul had guaranteed to
pay interest on Terre Haute income
bonds. which had not received resu-
lar interest before. and Mr.. Hickey
| then cited money loaned to the Terre
| Haute. This had been returned in
! bonds. the witness assert ed. insisting
(, when II was brought out that these
, bonds had been sold q discount
/ totalins $500 o00 that the purcha 50
nevertheless had been profta BILE
Evening star., 1925-12-02

Wholesale prices at Center Market
were little changed from Yesterday.
Trading was in fair volume. the hull
following Thanksgiving being prsc-
tically ended.
Today's Wholesale Prices.
Rutter-Fancy. 1-pound prints.
4oi7ssaL: tub. 4saa5s1l; store
packed. as.
Egss-Local fresh. fancy. selected.
candled, 71a72; average receipts, s4
ass; hennery, white. 7Sas5; storage,
! 4oa43.
Poultry-Alive: turkeys. top. ga
~ small and thin. 80: Spring chick
ems, 27a2s: fowls. 25aos; Leghorns.
Isa2o; ducks. 2oa25: geese. 1Sa2c;
keats, soa75; rabbits, top. 80: sec
onds. l5a20. Dressed-Turkeys. top.
45a5o: small and thin, 37aSs: Spring
chickens, 80: fowls. 27a2s; LeEhorns.
- ducks, so: geese. *: keats.
goa 90.
Live stock-CaIves. IA: hogs. 11s12.
Meat-Beef, 17a1s: lamb. 3os33;
pork loins. 2sa30: pork shoulders. -
a24; fresh hams. 23a@s.
Fruit and Vegetable Review.
Today's market report on fruits and
vegetables FURNISHED by the Market
News Service Bureau of Agricultural
F'C0nomlCS) says.
Apnles-Supplies moderate: demand
moderate. market steady. Barrels
New York. 4 212 inch BaIdwins 4.75:
PENNSYLVANIA and Virginia. \ S-inch
Works, 5.50a6 90: Staymans. 65Oa7 90.
RoXeS-Nash ashington. medium to large
size. extra fancy Delicious. $50: Stay
mans, mostly 800: Jonathans. 2.s5a
800. Bushel baskets. very few sales.
Cahba aEe-Suppres moderate; de
nd nIs
York. bulk, per ton, Danish type,
1000
Celery-Supplies moderate: demand
moderate. market steady. California.
crates, 4-6 dozen, s.noas.ao; few
dozen. SIS.
Lettuce moderate: de-
mand moderate. market steady. Cali
fornia, crates, Iceberg type. As dozen.
i, ,S.Oha6.50.
Potato Market Steady.
Onions-Supplies light: demand
light. market steady. New York. 100
pound sacks. Yellows. L. s. No. /.
medium size. mostly 2.75; Michigan.
1 10opound sacks. Yellows, L. s. No.
l, large size. 300a3.25.
Potatoes-Supplies moderate: de-
ma nd moderate. market steady. Mich
isan. 150-pound sacks. Russet Rurals.
|. s. No. !. mostly 500.
aulif1ower-Supplies light: demand
moderate. market steady. New York,
Long Island crates. 3.50a3.I5.
Toma matoes-Suppies light; dena nd
moderate. market steady. Cuba. skies,
ripes. wrapped. fancy count. originals.
6.0oa6.25: repacked. 7.00a7.5O.
String Beans-Supplies very light
demand moderate. market steady.
Florida. a bushel hampers, green, or
binary quality. 2.00a2.50
Peppers-Supplies moderate: de-
msnd moderate. market fairly steady:
FLORIDA. pepper crates. fancy stock,
3.nna35n.
Other Prices Today.
EgEpla Supplies light; demand
moderate, market stead: Florida.
Pepper crates. fancy stock. s.0oa35o.
Sauash-Supplies very light: de-
nland moderate. market firm: Florida.
pepper crates, white, wrapped, 4ooa
$50.
Spinach-Supplies liberal; demand
moderate, market fairly steady: Tir-
ginia. Norfolk section. cloth top veneer
barrels, Savoy type. 3.ooa3.25.
kale-Supplies liberal demand.
moderate. market steady: Virginia
Norfolk section. cloth top veneer bar
rsls. 1.50.
Evening star., 1925-12-02
LIVE POULTRY FIRM.

CHICAGO. December tP).-Poul-
try-Alive, firm: receipts. FIVE cars:
fowls. 17a2412: Springs, 25: turkeys,
40: roosters. 1s; ducks. 1sa2l geese.
IL
Evening star., 1925-12-02

To obtain uniform service from
tires. ef4ciency experts advise chang
int them all around once a month.
Evening star., 1925-12-02
HOLD FIRM
AT CENTER MARKET
Lull in Buying Right After
Thanksgiving Has Passed.
Beet Is Unchanged.

Wholesale prices at Center Market
were little changed from YESTERDAY
Trading was in fair volume. the hull
following Thanksgiving being prac-
tically ended
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-31
,.uv urnNrprc lMRNAi THURSDAY, DECEMBER 81 1925.

ed in any contract. Their position
was that arbitration was the only
way to prevent deadlocks. The min
ers continued their strong opposi-
ton to arbitration.
operators and miners agreed that
effort be continued to complete an
agreement at this conference.
THE discussion took a wide range
and continues at the present time"
Neither side would admit that any
material progress has been made ex-
cept to discuss plans that had been
submitted to both sides since the
Joint conference broke up in Atlantic
City last August. The only new pro-
position offered since reaching New
York was that of Alvan Markle,
chairman of the joint conference. who
offered his panaca for the ills OF the
anthracite industry yesterday.
The Markle plan has occupied the
center of the conference stage most
of the time and from this discussion
has wandered into many avenues.
The miners announced they are OPP
posed to that part of the plan which
provides for the appointment of three
Impartial citizens" to have the de-
Gliding vote in breaking the deadlock
on disputed points. They again
made 1t known that they are as
strongly opposed to any arbitration
as ever and that they will not sign
a contract embodying that kind Of
settlement.