davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
BONDS IN REACTION;
TRADING LIGHTER
Sagging Tendency Prevails
Pretty Generally Through
out the List.
BY GEORGE T. HUGHES.

NEW YORK. December 23.-Re.
action was still in evidence in the
bond market today, and at the same
time the volume of business fell off
In fact, it was lower than at any
time before this week. Whether the
January reinvestment demand has
been fully anticipated or whether it
is yet to make itself felt. there was
no sign of buying on this account
today.
The sageing tendency prevailed
pretty uniformly throughout the list.
with only few features. one of
these was the break in Warner Sugar
is of 1889. They had lost points on
Wednesday, closing at 10. Selling to-
day at 20. they We're down another
points, or II points in two days. The
same company's first rs of 1871
dropped back in sympathy for a loss
of a point or more. Today'S quota
tons. however, for both issues Were
far above the low of the year.
Other sugar bonds were not
affected by the weakness in Warner
Sugar. Cuban Dominican 712s were
at one time higher and the rest of the
list was steady. Oil bonds held their
ground we'll also, but among the min
nearly three points. Kelly-Springfield
IS had a brief run-up and Inter
national Telephone and Telegraph 5l2s
crossed 10, rejecting the strength in
the stock. Buying kept up in local
fractions, especially New York Rail
ways incomes and Third Avenue adj
justments. Wall Street seems conf
dent that the fare problem will be
solved favorablv to the companies.
Among the speculative rails Denver
and Rio Grande Western 5s made the
best showing. SeabCard All-Florida Is
held their gain of the day before.
Most of the United States Govern
mentp obligations worked slightly
lower and no interest was taken in
the high-grade first mortgage rails.
In the foreign group Italian rs were
in supply around the PRECEDING close.
Department of the Seine Is had a
fractional setback. Brazil Gas weak
ened on reports of disturbances I'm
that country. The new Kingdom of
Bulgaria Is were admitted to trading
and sold'at premium of half a point
above the offering price.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
EVERYMAN'S
INVESTMENTS
BY GEORGE T. HUGHES.
"NO Par Value"

In recent years the custom of issu-
ing stocks without par value has
gained ground with great rapidity.
The argument in it's favor is that it
serves to put the investor on his
guard. which the old form of STOCK
with fixed par did not do.
inexperienced buyers always had if
the back of their mind the idea tina!
there was some correspondence be-
tween the par value of a bond and
that of a stock. A bond must ap-
proximate it's par value as the ma
turity date approaches and when it
falls due 1t must be paid off at par.
A stock has no maturity date, but
nevertheless the idea that the par
value and the real value bore some
relation to each other was hard to
dissipate. Particularly was this the
case with stocks selling at large dis
count from their nominal par.
All this confusion of thought was
done away with when the no-par stock
was adopted. Then a share became
in appearance what it really is in
fact, an interest in the business and
its value was the proportion of the
capital and surplus of the company
that one share bore to the total num-
Der of shares outstanding. AS the
surplus increased the value of one
share increased. When Improbable
operation reduced the surplus the
value of the share was reduced ac-
cordingly.
This becomes very plain in the
balance sheet of company having
stock of no par value where stock
and surplus are Jumped together in
one item on the asset side. Under the
| old methods Of stock with fixed par
| it is perfectly possible for a corpora
ton to have profit and loss deficit and
still be solvent. 1t could not, how
ever, under these circumstances, de-
| clare any dividend because it's capital
| was impaired, the stock no longer hav-
ing a book value equivalent to the par
value. Corporations in this predica-
ment have sometimes hurdled the
difficulty by the simple eXpedient of
recapitalizing with a change from a
| fixed par to no par for their stock.
| That wiped out the deficit on paper
| at least.
The point to bear in mind Is no
matter what the par value of the
stock Is or whether it has no par, it
simply represents an undivided share
IN a going business and that it's real
| value will fiuctuate with the ups and
] downs Of that business,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
BY EDWARD G.. STONE.

Probabilities are that the per cent
bonds of the Potomac Electric Power
Co, maturing in 1941. will be called
on April l, 1927, at 105 and interest.
These bonds were issued in the Fan
of 1921 at slightly below par. They
were made callable on 30 days notice
at 107 and interest during the first
five years and at 105 thereafter. Up
to the present time the company
would have had to pay 1O7.
There is s1,60S. 800 of this issue out
standing. Since they are dated l94l,
they have Is years longer to run UNI
less the company exercises its right
to call them in. Probability that they
will be called is based upon general
conditions now prevailing in the man
Cial markets, scores or new Doho 10
sues being put out almost every week
at per cent and selling aboVe par.
Should the directors of the Potomac
Electric Power Co. deem it advisable
to call in this issue in a few months
il is considered likely by local invest
ment bankers that the corporation
would offer a new bond issue paying
around per cent. or perhaps prefer
red stock. Many other utility compa-
MES are Offering preferred stock In the
place of bond issues.
It is, of course, too far in advance
for the company officials to make any
statement regarding future plans loI
these bonds, which are now Delng
quoted on the Washington Stock tx
change around JOG. But with money
as low as 1t is at present, 1t would
not be god business to let the issue
run until the bonds expire.
Directors of the National Metropoll-
tan Bank met yesterday and voted
the usual bonus to all the institution
employees. A 1 per cent Chrlstnas
dividend for the stockholders was de-
clared about a week ago, when the
regular semi-annual payment was also
voted.
President George w. White TOLD the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
Wall Street Briefs

NEW YORK, December % N1.-
Heavy dealings on the Stock Exchange
Yesterday in shares of Nash Motors
End Hudson were accompanied by
rumors of a meeting of officials of
che two companies to talk over a
merger, but Chicago dispatches to
Wall Street later quoted President
Nash as saying the report was "in-
teresting," only he had no knowledge
of any contemplated meeting, or much
less of consolidation.
General Petroleum Corporation has
completed negotiations to purchase
the assets of the Boston Pacific Oil
Co., and the Balboa Oil Co., private
dispatches from San Francisco stated.
Assets of the Boston Pacific exceed
s2,100,000, and Balboa's are valued at
$1,250,000 Both operate in California.
All employees of the New York Curb
Market have been given Christmas
bonus Of 10 per cent of their annual
salaries, the same as a year ago.
Iron Trade Review says railroad
business is pre-eminent in the iron
and steel market, which is character
tied by. the usual pre-Christmas
FOuT plcCeu UelWecU
10000 and 5000 tons of track fasten-
ings at Chicago. Active freight car
inquiry requires 100000 tons of iron
and steel products, while $3.50 cars
ordered during the week will bring
47,250 tons to the mills.
Alliance Realty Co. declared an
extra dividend of 87k cents a share
and an increased quarterly dividend
of 6212 cents, placing the stock on
an annual basis of $3.50 share, pre-.
viously 81. Both are payable Jan,
uary IS.
Arrangements are understood tc
have been completed for Servel Corpo
ration, refrigerators, to obtain add
tional working capital, without reor
ganiZation.
Oversubscription of a public offering
of 100000 shares of Patino Mines anC
Enterprises, Inc. was reported yes
terday by Lehman Bros.
Universal Pipe and Radiator Co
directors will meet the first week il
January for consideration of dividends
on the common stock.
Prices of cast iron pipe in the New
York district are showing an easier
tendency, quotations now rangins
from 5000 to $51 60 for 6-inch ant
over and $54.50 to $3.50 for 4-incl
delivered, New York.
The November earnings statemen
of the Southern Pacific, out tomor
row, is expected to show a decline il
gross revenues compared with No
vember last year but gross and ne
for the IL months will still be ahea
of year ago.
An intensive retail drive by one o
the General Motors car divisions cal
red November sales of the corpora
ton to users to 101 ,729 cars fror
99,073 the month before, and 60,25
in November, 1925. While contrar
to the seasonal trend. larger Noven
her sales than in October, do not il
dictate that the trend of sales ha
increased to any material degree, sal
Alfred p. Sloan, jr., president.
Bethlehem Steel Corporation ha
signed a five-year power contract fo
their Gainesville, Pa, shop with tn
Chester Valley Electric Co., q unit {
Municipal Service Co., involving 81
100000.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
Baltimore Markets

BALTIMORE. December % (Spe.
aD.-Potatoes-100 pounds, 1.50a3 25;
sweet potatoes. barrel, 1.00a2 90: vans,
barrel, 1.25a1.75: bushel. 35a9O; beans.
bushel. 1.50a300; beets, 100, 4.OOa5. 90;
brussels sprouts, quart, 10a25: broccoli.
hushel, 30a40: cabbage, ton, 25.0Oa
$500; caulifiower. crate, 2.0Oa2.25; GU
cumbers, crate, 3.00a5.00; carrots, 100.
4.00a5.00; celery, crate, 1.25a2.25: egg
30a40; lettuce, hamper. 1.00a2.00;
onions. 100 pounds, 1.50a2.50; oyster
plants, 100, 5.0Oa700; peppers,
crate, 3.00a5.00: parsnips. basket, sea
so: savoy cabbage. bushel, 5Oa75;
spinach. bushel. 100: squash, crate.
1.50a2 so; tomatoes, crate, 6.00a7 90;
turnips. basket. 25a40.
Apples-Barrel, 1.00a3.50; bushel, 35a
1.25; cranberries, box, 4.00a5.0O: grape.
fruit. box, 2.50aS.50; oranges, box,
2.50a4.00.
Hay and Grain Prices.
Wheat-No. red Winter. domestic.
spot, 1.47&; No. red Winter, gar
licky, spot, 1.4112.
Corn-Domestic, No. yellow, 80;
No. spot, export, no quotations; cob
corn, new, 3.5Oa3.6O per barrel.
Oats-No. 2, new. 90 per bushel; No.
8, 55a56.
Rye-Bag lots of nearby S5a95 per
bushel.
Hay-Receipts,>72 tons. The best in
quiry for hay is for those sorts show
ing q heavy mixture of clover and
straight No. l clover. OF these de
scriptions the receipts are light and
keep mostly cleaned up. Timothy hay
in ample supply. and only the better
grades coming in for any attention.
Lowgrade and damaged stuff has no
definite market value.
Quotations today, per ton--No. l
timothy, 24.50; No. timothy, 23.50a
24.00; No. 3 timothy, 21.00a22.50; No.
l light clover, mixed, 25.00a25.50 No.
light clover, mixed, 23.O0a24.00; No.
l clover. mixed, 2450a25.0O.
Straw-No. 1 wheat. 13.5Oa14.00 per
ton; No. 1 oat. 14.00a15.00 per ton.
Dairy Products.
Live poultry-Turkeys pound. 47a4S:
old, 42a43; poor and crooked breasts.
30: Spring chickens, 25a26: leghorns.
21a23: poor and thin. 1Sa20; old hens.
22a26; leghorns. 1Sa20; old roosters,
16a17; ducks, 24a27; poor and thin,
1Sa20; geese. 22a26: guinea fowl. each,
5Oa75; pigeons, pair, 30a35.
Dressed poultry-Turkeys. 46a52;
old toms. 43a45; poor and crooked
breasts, 80: chickens, 20a27; roosters,
17a1S; ducks, 25a2S; geese, 22a2S.
EggS-ReceiptS, Gil cases; native
and nearby firStS in free cases offered
at 49a5O.
Butter-Good to fancy creamery,
pound, 52a57; prints. 57a59; blocks.
Sass; ladies'. 80; rolls, 23a2S; store
packed, 23a24: process butter, 37a3S;
dairy prints, 23a2S.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
STOCK EXCHANGE
SESSION IS DULL
Specially Industrial Demand
Is Good, However, With
Advances Recorded.
BY STUART p. WEST.
annnial &isnatch TO The Star.

NEW YORK, December 23.-Pre
holiday dizziness was again one Oh lht
main characteristics of todays STOCK
market session. The volume OF bust
moss throughout the first hour was
somewhat larger than that Tor the
corresponding period yesterday, Out IN
fhe later trading the main body OF
stocks turned dull with little initiative
taken on either side.
Nevertheless. the demand for ln0us-
trials of the speciality type kept on
and here and there substantial al
vances were brought about. Motor
socks as a group were most proml-
nent' but their strength failed to act
as an influence upon other parts OF
the market In view of the near ap-
nroach of the annual automobile show,
bidding up of the motors was not uh'
usual and proved popular move
Heavy buying came into Dodge
BROTHERS class "A" at rising prices
White Motor at one time was selling
more than a point above the previous
final and an active demand for Pack.
rrd, WHY'S Overland. Studebaker ana
Chrvsler brought about further i'm
provement in these issues.
New Line RumOred.
Hudson was Influenced by the re-
mort that it was to offer an entirely
new line of Essex models, which was
expected to meet with public approval.
Nash Motor around II was selling at
new high prices for the year, and
compared with yesterdays final of
695s.
Leading industrials of the type of
United States Steel common and
General Motors were inclined to work
higher and their firmness inspired
confidence in the market at the pres
ent price level. Independent Steel
shares did little save Bethlehem,
which had the incentive of the early
Inauguration of common dividends.
Call Money Higher.
The call money renewal was fixed
at 51a per cent. but the increase IN
the demand for funds incident to
year end requirements resulted in the
carrying of a good sized amount of
loans, and in the afternoon new
loans were arranged at 6 per cent, the
highest since September 80.
Industrial specialties which con-
tinued to work higher included Col
Inns G. Altman preferred and common,
both getting to their highest so far
reached. Warner Bros. Pictures
class A had another of its character
istic upturns, although there We're no
new developments to account for its
strength. Radio Corporation stood
out prominently and higher prices
were reached by International Tele-
phone and Telegraph. South Porto
Rico Sugar. one or two of the cop
pers and Marland, Pan-Americap B,
White Eagle and Atlantic Refining
among the oils.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
WOOL SENTIMENT STRONGER

BOSTON, December % (SpeciaD.---
While the approaching holiday is hav-
ing it's effect on the wool market, sen.
timent is noticeably stronger. Fine
cOmbing territory wool has sold all
the way from 1.07 to LIP and half
blood territory sorts are held from
81 to 1.04. Ohio delaine is in better in
quiry from worsted mills and Austral-
ian spot wool is in stronger demand
following reports of sales of fine
merinos at 1.02, clean basis, in bond
here.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
DECLARES EXTRA.

NEW YORK, December % OP.-
An extra dividend of 81 share ant
the regular quarterly disbursement OF
$3.50 a share were declared today by
the Delaware, Lackawanna ant
Western Coal Co. Virtually all of thu
stock is owned by Glen Alden Goa
Co. Dates of dividend payments have
been advanced one month to CORE
spond to payments by Glen Alder
Coal
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
POTATO MARKET STRONGER.

CHICAGO. December % LE1.--Pota-
toes, receipts, AZ cars; on track, 1862;
total United States shipments, ASA
cars: trading, light: market slightly
stronger on round whites. dull on rus.
sets; Wisconsin sacked round whites
220a2.30; occasional, 2.40; Idaho sack.
ed russets, 2.75a2.9 80.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
NEW YORK MARKETS.

NEW YORK, December % P).-
Rye, easy; No. 2 Western, 1.0912 fob.
New York, and 1.073s elf. export.
Barley, easy: mailing, 87asa89s elf.
New York. Lard, firm; Middle West,
~. 70a1280. Wheat futures opened
steady: Domestic May, 1.44as. Other
articles unchanged
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
WHEAT SCORES GAIN
IN TODAYS DEALINGS
Smaller Estimates of Canada's
Prairie Provinces Yield
Give Prices Boost.

CHICAGO, December 23.-With re-
duced unofficial estimates of the wheat
yield in Canadian prairie provinces
confirmed. wheat prices averaged q
little higher early today. Talk was
also current that for some weeks no
likelihood was apparent of a burden
some accumulation of wheat in any
domestic market. Opening at Ii
off to Il up, wheat soon scored a
slight general advance. corn, oats
and provisions were easy, corn start
ing unchanged to 1saA higher, but
then undergoing a sag.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
COTTON GOODS ACTIVE.

NEW YORK, December % (SpeciaD.
Cotton goods markets picked up in
fairly active trading today at I'M
changed price levels. Print cloths
were quoted at 6% cents for 64x60s.
and at 73s cents for 6Sx72s. Raw
silks were quiet and unchanged
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-23
STEEL SCRAP UP.

NEW YORK, December % R).-
Heavy melting steel scrap is up 25
cents a ton in the Pittsburgh dis
trict. now ranging from $16.75 to
$17.25.
Douglas daily dispatch., 1926-10-06
Cochise County Fair
Opens Here Tomorrow

,(continued from Page one)
Douglas daily dispatch., 1926-10-06
Bandit Stays One and
Wounds Others in n. j.
Continued From, Page one)

Brunswick hospital.
Kearney was on the way with his
wife and son to vis;t another son,
student IT Rutgers university.
He was shot dead by the bandit
leader when he refused them lift
TO New Brunswick. The son also was
shot and all three were dragged frol,
the car. Previous TO that, Struyf, two
companions and another notorist had
fled the scene, the latter locking his
ignition. Before shooting the kear-
neys, the leader shot his own COM
panion through the shoulder because
of the latters reluctance to use force.
: Racing toward New Brunswick, rne
bandits wrecked the Kearney machine
in collision with a telephone pole.
There they commandered a farmers
automobile, and forcing the owner
out, proceeded to Stelton| crossing,
where they smashed through the
Pennsylvania railroad gates and made
their way to Newark, on the Lincoln
highway. The car was found abanv
doned. the seats covered with blood
and the body wrecked.
In the bandit machine on Steltol.
road was found two shotguns and
nearby, a revolver.
Douglas daily dispatch., 1926-10-06
Mexico's New immigration
Law Is Now in Full Force
Continued From Page one,

Continued From Page Onel
The law requires that these border
cards must be revised, or restamped
during the first three months of the
new year, otherwise the old cards must
be taken up and new cards, requiring
photographs and papers, issued No
charge will be made for restamping OF
border cards, but they cannot be re-
stamped until after January /, 1927.
Because of the old cards being used
over next year, Chief immigration Of
ficer Gabilondo warns everyone hold
ing such cards to take proper care of
them in order to avoid trouble when
the cards are restamped
Concerning the border cards, Gabil-
ondo made the following statement
Tuesday: starting from the first day
of January, 1927, persons holding old
border cards that are in active use
must come to the immigration office
to have these cards revised or restamp-
ed for the new year. This must be
done during the first three months of
the now year and cannot be done until
January /. 1t is important that proper
car must be taken of these cards"
Douglas daily dispatch., 1926-10-06

also went down to the box to steady
the Cardinal pitcher. Foul. Combs
struck out, missing drop curve py =
foot Koehig up. Ball 1, outside,
Strike /, called. Foul, strike 2. Foul,
Koenig grounded out to Bottomley,
Paschal making second on the play.
! Ruth up. Ball 1, low and outside.
Foul strike 1. The crowd laughed
when Ruth went after slow ball.
Ball 2, inside. Ball 8, outside. 1t was
growing dark again and a shower
threatened. Hornsby threw out Ruth
at first. No runs, no hits, no errors.
Cardinals-Thomas went into the
box for the Yankees. Bottomley up.
1t started to rain again. Bottomley
singled into right. Bell up. Foul
strike 1. Foul, strike 2. Bell was
trying to sacrifice. Ball 1, low OUT
side. Foul. Ball 2, high. Foul. Foul
Bell hit into double play, Koenig to
Lazzeri to Gehrig. Hafey up Strike
/, called. Hafey went out, Dugan to
Gehrig. No runs, ONE HIT, no errors.
Ninth Inning
Yankees-Meusel up. Ball 1, inside.
Meusel went out, Bell to Bottomley
Gehrig UP. Ball 1, low, outside. Bali
2, outside. Strike 1, called. Haines
was using binding speed in the dark
Strike 2, swung. Gehrig got a SHARP
single to right for his second hit of
the game. Lazzeri up. Hit into q
double play, Thevenow to Hornsby to
Bottomley. No runs, ONE HIT, no
errors.
The official box score:
Douglas daily dispatch., 1926-10-06
LEGION PEOPLE
TO ADVERTISE
CITY ON TRIP

Mrs. r. L. Hoyal, chairman of the
national legislation committee of the
American legion auxiliary is now en-
route to Philadelphia, Pa. where she
will attend the national conven5ion OF
the auxiliary, which opens October 1S.
More than so Arizonians win attend
the national convention, but Mrs.
Hoyal VIII be the only Arizona woman
to speak before the convention. Her
subject will be, National Legislation
Affecting the Ex-Service Man"
Capt. H. C. Johansen, formerly sta
toned at Camp Harry j. Jones and
Fort Huachuca, but now attending the
quartermaster school at Philaaeipaia,
has offered Mrs. Hoyal's party his car
to be used as their official car, and
the Arizona secretary of state has
loaned the party license plates No.
100000. With these license plates,
Douglas name plates and the Arizota.
state flag on their ear, Mrs. Hoyafs
party of Arizona delegates will over
look no opportunity to advertise theit
home state.
The Arizona delegation will head
the huge parade which will precede
the opening of the national convention
because a greater increase in member
ship was secured in Arizona than in
any other state.
Several thousand special leaflets.
prepared by the Douglas Chamber Ok
Commerce and Mines, were given this
Arizona delegates for distributiSn in
the east during the convention.
At the close of the convention Mrs.
Hoyal will visit in New York and
New orleans and will not return to
her home in this city until abour
November l.