The Boston Globe from Boston, Massachusetts • 26

THE BOSTON GLOBE FRIDAY, TXISrTTX'RY 8, 1926 23 STOCK MARKET AVERAGES MOTOR SHARES ARE STRONG FEATURES Market Fails to Reflect Rediscount Increase The Kidder Peabody Acceptance Corporation BALANCE SHEET 31, 1925 Investments Look in 1936? December ASSETS Cash r. Govt. Bond Dfmand I. nan iNind by Accept ny-s) Other Bukrra Afil- $1,523, S9S.88 4.687,882.09 1,000,000.00 1,805,110.6 3I8.980J? 2.028.388.05 1,388,038.01 107.522.20 S3.130.009.St 10.S51.541. 10 S16.038.896.65 Sotm and Account Rt-rrittbla Bond Ktork Uni Estate CKlompri' liability on Arrptun a laneed Uitrn of Credit LIABILITIES Capital Stock 10,000.000.00 Acceptance Outstanding lea S13O.1S3.07 In Fort folio) S4.2S7.S66.67 Letters of Credit Outstand- ing 10.s5i.544.i0 Bond 17,000.00 Recrre for Tate pad Dividends 01.886.16 Profit and losa 1,451,100.73 $46,038,896.65 NEW YORK CURB MARKET 20 Industrial ..143.80 .142.84 ..142.50 .120.39 142.93 lll4.81 SO Rail 117.61 116.84 117.65 103.81 117.65 96.13 Thursday Wednesday Week ago Year ago High, Low, 1925 Total stock sades 1,806,000.

snie i Shares sold High Low Jan 7 Jan 6 800 Bkln Man 8174 81 81 2800 Brooklyn G. 78 77 78 78 1200 do 6 6 6 6 1100 Brown Shoe 48J4 48 48 48 2Q0.BrownShoepr.109H 109 109 w600 Burns Bros A-132J4 130 130 138 100 Burns Bros 39 39 89 100 Burns Bros pr. 98 98 98 100 Burrough Ma. 93 93 93 100 Bush Ter new. 22 22 22 100 Bush Ter 89 89 89 800 Butte Cop 5 6 6 600 Butte Superior 'is 15 lo 300 Butterick Co 22 22 22 2)) 35 IB 85 2100 Caddo 100 Calif 131 181 8200 Cal Petrol 33 32 82 2600 Callahan Zinc.

2 2 2 1000 64J4 63 63 1100 Calumet H- 15' 15 15 800 Canadian Pac.14874 147 148 400 Case 66 6474 64 200 Case Thresh pr 9774 97 97 1000 Central Leath. 20 19 20 1500 Cen Leather pr 68 67 67 900 Cent Rib Mills 32 82 82 1800 Cerrode Pasco 62 61 61 900 Certd Prod. 48, 48 200 Certainteed 1st i 04 104 104 100 Certainteed 2d 90X 90 90 2900 Chandler Mot. 48J 47 48 88 92 25 5 15 22 35 130 83 2 62 15 147 64X 19 67 82 62 48 48 4200 Ches Ohio 400 200 Chic Alton. 400 Chic Gt West 1500 Chic Gt 27J 9500 137s 7900 do certificate 13 5400 Chic 2174 2200 do certificate 21 Jg 600 Chic 7975 -100 Chic North pr.11875 U875 11874 4100 67 56 57 126? 125 126 125 126 8 11 125 125 8, 874 1174 27 27 12 13 12 18 20 21 874 1174 2774 13 13 N2174 2174 7974 66 Other Banker A crept an re sold with endorsement of this Corporation 34,331,360.93 Each bond investment we offer is subjected to the searching scrutiny of an organization of specialists which is unapproached in its field.

Our Statistical Department not only is engaged in constant study of national and world economic conditions, but in addition surveys each individual loan application to determine trends of values, rental demand, and population movements, over a period of years. In addition, the fullest resources of the Architectural, Engineering, Legal and Inspection Departments are brought into play in order to insure that every factor of safety shall be fully covered before the loan is made. Such securities have a definite place in every well planned investment program. For your January investments we are in a position to offer a list of exceptional attractiveness, yielding from 5.75 to 6.40. TF foresight were as easy as hind-JL sight, the problem of making permanently profitable investments would be a simple matter.

And yet the future can hold nothing but a repetition of the lessons of the past. The same economic laws will govern that have always governed. It is true that no individual can ever' acquire a knowledge of these laws through his own experience The most successful investors are those who have learned to rely on the massed experience of others over a loqg period of years and the combined judgment of a large corps of experts. Only an institution such as S. W.

STRAUS CO. can supply this service in fullest measure. Our record of forty-four years without loss to any investor has not been attained and cannot be maintained through the judgment of any individual or small group of individuals. CALL, PHONE OR WRITE FOR CIRCULAR 819-N STRAUS ESTABLISHED 1882 400 Coot Bak pr 984 3000 Creole Synd 35 200 Curtiss Aero 21 000 DeFor vtc 10 300 Dubilier 0 300 East Roll Mill 41 300 East Tex Ei 14 3100 Elsenlohr 1914 4700 Elc Sec 82 8400 Elc Inv oo-'u 2600 Elc Refrig 1...... 88 13200 Engine IPub Svc.i...

29 1400Fegeol Sites 30 200 Fed Mtr 87 2000 Forliaa A 1 19 13700 Fox Tbea 34 3200 Frsebman 21 60 Galena 8 Oil 28 4900 Gen Bak A 17 4300 Gibson Oil 5 800 Glen Alden 164 98 14 21 9 8 40 11 19 81 68 87 27 30 87 38 33 20 es 17 5 160 48 91 5 85 37 34 17 1 86 2 23 11 44 194 10 23 4 120 3 36 6 12 7 86 10 62 2 82 56. 45 24 8 70 35 29 137 45 08 14 21 9 9 41 34 19 82 68 88 28 10 37 19 34 21 28 17 5 164 48 81 6 35 87 34 18 1 87 2 24 12 44 221 10 25 4 122 3 87 6 12 7 87; 164 60 2 83 67 46 24 8 70 35 29 138 1000 Grenada Oil 1400 Gulf Oil of Penn 6300 Grimes Rad 300 Hollander 1200 Imp Oil Can 4S00 Int Tet 3600 In Rub 3800 Ksy Copper 1 1300 Kelvins tor 87 1160 Kirby Pet 2 15300 Lago Oil Tx A 24 19000 Lago Pet 12 2500 Land Oo Fla 47 38100 Leh Pw Sec 221 4 M) Leonard Oil 10 1000 Lion 25 2100 Mex Panuco 4 3900 Midwest Util 124 2100 Music Master 8 34000 Nat Pw Lt 37 1700 New Brad Oil 6 7O0 Oil 12 6500 N'ipissing 7 48 92 6 36 37 34 18 1500 Nizer 340 Nor Oh Pw 3600 Nor Ont LtAPw 4300 Peer Oil 7800 Power Co 1800 Prairie Oil A 1200 Rand Kardex 200 Reo Mtr 19ofjO Rickenbacker 20 Rovs Rad ct 400i) Salt Ck Prod 1000 SerTel Corp A 7000 So Cal Ed 7000 87 16 60 2 83 67 46 24 8 72 35 20 140 .1 INVESTMENT BONDS SHAWMUT BANK BUILDING, BOSTON Telephone Main 8466 44 YEARS WITHOUT LOSS TO ANY INVESTOR 19268. W. 8. IBS.

EDWARD B. SMITH CO. Members NEW YORK PHILADELPHIA BOSTON STOCK EXCHANGES High-Priced Industrials Display Certain Buoyancy (By th Associated Press) NEW YORK, Jan 7 Stock prices displayed a firm undertone today despite the uncertainty regarding a change In the New York Federal Reserve Bank rediscount rate, which was raised from 3 to 4 percent after the market closed. While the recent sharp decline in the New York banks reserve ratio combined with fact that lt was the only contral bank which held to the 3 percent rate, clearly foreshadowed an Increase, the news coming at a time when the call money market was flooded with a large surplus of loanable funds on stock' collateral, undoubtedly took many persons by surprise. Its effect on the Stock Market will be awaited with keen Interest tomorrow.

Revival of speculative interest In the motor shares, particularly some of the low-priced Issues, was one of the days features. Hudson wag bid up over four points to 122, closing just below the top. General Motors, Dodge, Indian Motorcycle, Packard, Pierce-Arrow common and preferred and Wlllys-Overland showed net gains of 1 to 3 points. Break in Wheat Wheat broke 3 to nearly 5 points on professional selling based on the failure of foreign markets to. follow the Chicago advance, and reports that Argentine crop failure were exaggerated.

January cotton closed 5 points higher on covering by nervous shorts, but the late months sold oft as much as 19 points. Coffee was 6 to 20 points net lower on profit-taking following the recent advance. Raw sugar advanced 1-32 of a cent. Ralls moved Irregularly higher. Specail buying of Norfolk- Western sent that stock up nearly 4 points to 153.

a new high record. Delaware Hudson, which Is expected to announce the segregation of its coal properties before the end of the year, jumped 5 points to 165, the highest in over 2Q years, Wabash pfd A touched 75, the highest price in over a year, and net gains of a point or more also were recorded by Atlantic Coast Line, Canadian Pacific, Lackawanna. Lehigh Valley and Wabash Common. Peoria Eastern Jumped more than four points to 21. Buoyancy of several high-priced industrials was associated with reports of large earnings and prospects of higher dividends.

American Smelting was run up over four points to 144, the highest quotation since 1907. American Brake-shoe and Foundry, Columbia Gas, Consolidated Gas, Liggett Myers A and Federal Light and Traction and General Railway Signal also sold at their highest quotations in a long time. Oils Gather Strength Oils gathered strength on merger reports and stiffening commodity prices. Associated, which is being bought as a unit in the new Rarnsdall merger, advanced 2 points to 47, the peak price for the present $25 par stock, and Pacific, which owns a majority interest in Associated, showed a net gain of 1 at 76. Pan-American issues held firm on a subsidence of recent selling pressure.

Call money held steady at 4 percent all day, but large sums were available in the outside- market below that figure, some loans being reported as low as 3. Time money and commercial paper rates were unchanged. Foreign exchanges moved within rather narrow and Irregular limits. Demand sterling ruled slightly higher at $4.81 In reflection of the Improved showing made in the weekly statement of the Bank of England. French francs advanced a few -points to around 3.86 cents.

Danish kroner rallied 5 points to 74.75 cents on the announcement that arrangements been made here for a new revolving credit of $40,000,000 at slightly better terms than the one which has just expired. NEW YORK STOCK MARKET Shares sold High Low Jan 7 JT 200 Abitibi A 7374 73 73 100 Adama Expressl0874 108 JS 10874 109 100 Adv Rumeiy. 17, 1774 1774 18 1500 Ahumada Lead 9 8J4 9 9 300 Air Reduction. 110 74 110 110J4 110 700 Ajax Rubber. 10J4 10 10 10 2700 Allied Ch Dye.114 112 114 1J2- 100 Allied pr1207g 12074 120 130 6500 Allis-Chalmers S3 91 S3 92 100 Allia-Chal pr .110 14300 Am Ag Chem- 30 8400 Am Ag Ch pr.

85 14)0 Am Note 42 1800 Am Beet Sugar 8574 800 Am Bosch Ma. 32 8000 Am Shoe. 161 110 110 109 28 30 28 81 84 81 40 41 40 84 84 84 81 31 32 150 160 161 4400 Am Brwn-Ewi 48 47 48 48 200 Am Brown pr. 97 97 97 97 7900 Am Can Co. .29374 291 293 290 9400 Am Can 48 48 48 48 300 Am Can 121 121 1800 Am 110 11074 110 100 Am .124 124 124 300 Am Chain 24 24 24 24 200 47 47 47 4674 100 Am Druggists.

4 4 4 4 200 Am .137 137 139 139 500 Am For Pow 42 41 41 41 800 92 91 91 91 600 Am Hide 15 16 16 15 200 62 ,62 62 63 800 Am Ice Socur135J4 13374 135 133 1400 Am InternatI. 44 43 43 44 400 Am Laf 16 2000 -do 200 AmLafrancepr 987 800 Am Linseed O. 52 100 Am Lin Oil pr. 86 1500 Am Loco new. 118 117 117 117 200 11874 119 119 2500 Am 66 100 Am 11674 11674 H674 700 Am 11 4 114 114 200 Am Rep Corp.

73 73 73 74 1500 Am Safety. 69 69 69 69 400 Am Ships 6 6 6 6 12600 Am 144 140 1441 140 400 Am Smelt pr. .114 114 114 1800 Am Steel Fdy. 45 46 45 46 600 Am Stl Fdy pr.113 113 113 8600 Am Sugar R. 78 78 78 77 300 Am Sugar pr.

.102 102 102 102 8200 Am Su Tob. 13 11 1274 2500 Am Tel 142 143 143 200 Am Tobacco. .115 115 115 115 1600 Am Tobacco B11474 114 114 114 1700 Am Wits. 72 70 71 71 600 Am Wool 41 41 41 41 200 Am Zinc 9 1000 Am Zinc 40 4200 Anaconda 60 100 Ann Arbor pr. 66 400 Archer Daniels 43 11900 Armour A 26 9000 Armour B-dfl.

17 400 Armour 97 100 Arnold Cstble 15 3100 Ass'd Dry G. 63 -100 AssdDGds lstl02 34400 Assd Oil Co. 47J 8800 Atchison 138J4 187 138 1000 Atchison pr. 95 94 94 1800 Atlanta Ry. 9 9 9 400 Atlantic L.

267 259 2000 At I. 674 67 600 At A I pr. 66 63 800 Atlantic Ref .108 108 800 Atlas 17 17 600 Austin Nichols 26 25 6200 Baldwin Loco. 134 132 2500 BaltOhio. 93 93 100 Bait Ohio pr.

67 100 45 14500 Bamsdali 33 8300 Barnsdall 29 1500 Bayuk 47 600 Beechnut Pack 68 1600 Belding Bros. 39 17200 Bethm 60 1100 Beth SU 7 pc-10174 101 100 Beth SU8pcprll5 115 100 Boone Mills 1 I 4100 Booth Fish's. 8 7 B00 Booth 1st pr. 61 48 2600 Briggs Mfg Cn 86 85 800 Bldn 18574 134 llOO.Brook Manhat 67J4 57 .67 15 108 17 25 133 93 93 67 f7 45 1. 82 32 29 29 45 44 68 68 89 89 49 49 101 100 115 1 I 8 7 51 45 86 86 184 134 57 67 CO.

INCORPORATED Securities Commission Orders Philadelphia Shares 100 600 6500 14200 100 1100 1000 800 600 2000 800 300 200 60600 700 100 100 11000 700 800 1600 200 1500 500 1000 Sales old nigh WPennPw pr109 Westing 7574 Westhsa lstpr 84 Weston EI Ins. 17J4 Elec Ins 28 Wheel 304 Wheel ALE pr. 60 White 28 White 854 White RM Spr 07 Wick wire eta. 354 Wiliys-Over. 33 Willye-Over pr 984 Wilson 45 Wilson Co pr 17 21974 218 Worth 434 Worth Pump A 78 Wright Aero.

1 2875 Ysie Towns Co 64 Yellow Truck 314 Yellow Trkpr. 9574 VoungMtown 8954 for the day aggregate Investment Corporation Financing 1 Federal Street BOSTON Of Vital Importance To Investors are frequent analyses of their investment lists. Fundamental business conditions and the individual needs of investors are constantly changing. Let us analyze your investment holdings to see if they adequately ml your particular needs. The Partner oj this firm are always accessible to our clients.

Whitney Elwell Member Seer York Stock Exchange Botton Stock Exchange 30 State Street, Boston Main 7300 WALL-ST NEWS AND GOSSIP NEW YORK. Jaw 7 More than was available today for lending' at 3 percent following establishment of the 4 percent renewal rate and decline In call money to 3 percent basis on the floor was predicted. UTILITIES MOSTLY t'P Tender the leadership of Consolidated Cas, which scored a new high record, the utilities group, for the most part, was higher. During the past two days Buying of good grade utilities by important Interests has been noted. There Js little doubt that expansion plans for the year are very comprehensive.

SOUTH AMERICAN OILS The South American group of oils moved up sharply and there are all sorts of rumors of big developments In South America by the Important oil companies, which forces some brokers to the opinion that huge production In the United States next year la not likely. GENERAL MOTORS Tree Sloan. In a letter sent to stockholders of General Motors with the extra common dividend checks, points out that after the payments the corporation still has In excess of in cash. -He adds that dividends can only bo paid out of earnings. This may mean that the corporation Intends to distribute some more of its surplus cash, even though earnings might not be kept op to th last year's pace.

BIG EQUIPMENT ORDERS The ecrulpment shares and those of the electrical companies were quite strong today under buying based on reports of heavy business. RAILROADS OUTLOOK Prosperity for American railroads was forecast today by George F. Brownell, vice president and general counsel of the Erie Railroad, who declared on the eve of his departure for Europe that the outlook was better than at any time In the last 20 years. AM. STEEL FOUNDRIES American Steel Foundries has begun the New Year with a good volume of biKlness on its books, and with prospects of a continuance of current activity for several months, said F.

E. Patterson, treasurer and secretary. The company Is operating at an average of 89 percent of capacity with a steadily upward BUSINESS FAILURES Commercial failures In the United Wats daring 1925 are calculated by R. G. Dun Co at 21,214, with total liabilities of $443,744,272.

The year before defaults totaled 20,613. with indebtedness ef $343,225,449. The increase In defaults was relatively greater In the New England States than in any other section the ratio of Increase there being 22 pereent- BRITISH AUTO INDUSTRY 'The automobile Industry In Great Britain Is In better, ahape than lt has ever been. Sir William Letts, managing director of Willys-Overland, Ltd. eald on his arrival from abroad today.

TRADE WITH RUSSIA Trade between the United States and Soviet Russia. In which elx trading companies specialize, amounted to for the year ended Sept 29, 1925. The Russian Information Bureau In Washington reports nearly double the turnover for the previous year. Experts from the United States were and Imports from the Soviet Union $13,679,633. Imports of Russian manganese for the year, estimated at M.OjO.ojO.

are not Included. Cotton valued at $4,284.8523 led the list of exports to Russia against $36,700,000 the ear before. In an analysis of earnings of IS representative railroads the New York Stock Exchange firm of 1L Hents Co hows that the Seaboard Air Line increased Its 1323 earnings 117 percent shove 13? 4. New Haven followed closely with a 87 percent gain and Missouri Pnclfle was third with an increase of SI percent. BOSTON MEN PURCHASE GREENWICH WATER CO GREENWICH.

Conn. Jan 7 (A. Saie of the Greenwich Water Company to Put ram Sc Storer of Boston was made public today. Pred L. Putnam was elected president.

The property includes the Port Cheater Water Company, 3 acre of land and two reservoirs. DIVIDENDS Massachusetts Gas Cos 1 DIVIDEND ON COMMON SHARES A dividend of 1 has been declared tm the roc moo abarve of Manssrhnsetts Gt Companies, parable February 1, 192, at the edlee ef the Old Colony Trust Company. Trsnrfer Agents, to shareholder ef record ei Jaasary IS. 192. E.

N. WEIGHTING TON. Treasurer. MONEY AND EXCHANGE Money: Call 60-days 90-days Six months Commercial Bank Clearings: Clearings Balances Foreign Exchange: Sterling Sterling Francs (Paris) Francs Francs (Swiss) Lire Marks Fiorina Kronor Kroner (Norway). Kroner Pesetas (Spain) Drachmas Schilling (Austria) Dollars (Buenos Aires) Milrels (R de Janeiro) Canadian Pesos (Chile) .1204 (Last sale i Low Jan 7 Jan 6 119 122 118 2874 2874 2854 27 27 28 15 15 50 51 60 108 108 108 47 47 48 40 40 40 18 18 18 117 117 117 2 2 2 66 6774 57 8274 8274 2875' 2875 2875 93 93 840 840 16375 8575 3954 9374 122 93 6874 40 775 4854 3775 1854 2375 14074 6575 Shares 2200 900 2700 100 1600 100 900 600 200 900 200 6100 100 100 60 100 800 600 400 800 400 1000 800 6000 200 100 2700 1600 300 400 4000 2400 200 100 200 400 600 2700 300 400 2400 16000 400 100 1400 1200 200 600 3000 2300 400 8800 17800 1400 600 600 100 1400 400 1400 600 600 14000 1700 1000 1400 1700 4100 600 2000 100 100 2600 23800 2100 800 2100 1100 400 2400 100 600 17200 800 100 800 200 100 100 1100 600 1200 8800 300 85 7600 1800 100 120 100 100 100 200 21S00 600 9300 sold High Int Tel Intertype.

29 Jewel Tea 2874 Jonea Tea. 1575 Jordan Motor. 6175 Kan City So. 48 Kayser 41 Kelly Tire. 1854 Kelsey Wheel.

119 Keystone T. 274 Kennecott. 6754 Kinney 8274 Kresge Strs. 2875 Kresge St pr 93 Kresge SS. ..840 Laclede 9...

16374 162 Lehigh Valley. 8575 8474 8954 8975 Liggett 9375 92 Liggett Mpr.12275 122 Liggett MB 9355 92 Lima 6854 6875 Loews 4975 3974 Loft Inc. 775 755 Beil Lumber 48 48 Lorillard 3874 3774 Louisna 1875 18 Louisville Gas. 2375 2375 Louisville N.14074 140 Ludlam Steel 66 6475 Mack Motor. .15474 162 152 Mack 1st prll 074 110 110 MackayCopr.

7275 7275 7275 Magma 4375 4 3 4375 Mallinson Co 2675 25 25 Manat! 45 44 44 Man El 62 5874 6074 Manhat mtg. 42 42 42 Man Shirt. 3275 3154 32 Maracaibo OIL 2875 2854 2875 Marland Oil 6854 6774 58 Marlin Rock. 2875 28 2874 Mar Parry. 20 20 20 MaihiesonAlki JS 94 84 May 134 133 13875 Maytag 22 22S 22 McCrory Strs.

117 11575 11674 McIntyre Pore 24 23 2474 Mex Seabd Oil 1054 954 1074 Miami 1274 1274 1274 3675 8575 3675 Mid States Oil 2 175 2 do certif. 75 74 74 Minn St 374 St 4954 7374 41 J4 94 Mo 394 Mo Pac pr. 88 Mont 7954 Montgo Ward. 8175 Moon 3675 Mother 774 MotlonPicture 21 Motor Met Co 4875 4275 43 Motor Wheel- 8275 32 82 Mullins Body. 18 18 18 Murray Body.

1274 12 12 Nash Motors-460 460 460 Chat St L. .188 188 188 Nat 1274 12 1274 Natl Cash Reg 6274 6174 62 Nat 7675 75 76 Nat Cloak. 6674 65 6674 NatDalry Prod 79 7874 79 Nat 4274 42 42 Nat Distillers. 32 32 32 Nat 178 17174 17274 Nat Lead 11674 11674 11674 Ry Mex 1st. 854 774 855 Nat RyMex2d 474 874 4 Nat 6674 6674 6674 Nat 21654 21654 21654 Nevada 1374 13 1354 New Or 13075 130T4 13074 Newp Gas.

111 111 115 115 NY Air Brake 8774 3654 3774 NYAirBrkA 6674 66 6674 NY 7774 7774 77 NY 13854 13275 13274 NY CStLpr 9774 9774 9774 Harlem .200 200 200 NYNH4H. 4454 4 44 28 27 27 Railway. .305 804 804 Ry pr ctf. 774 775 7 State Ry. 28 28 28 NewY Ry pr 60J4 6074 NiagraFallsPpr 2874 2874 2874 Norfolk 3674 3674 8674 Norfolk 153)4 16075 153.

Norf pr. 85 84 85 No American-65J 4 4 65 83 39 91 91 68 89 774 49 87 18 2375 14075 6474 162 110 43 27 44 67 42 28 67 28 9374 13375 22 117 2275 1074 12 35 1 4254 $2 1774 12 460 .12 6274 75 65 7854 4174 8174 17154 116J4 774 874 6674 215 1874 8674 6574 7974 13275 97 200 44 775 160 63J5 Shares cold High 800 American pr 60 100 No Am Ed pr- 9475 2800 North Pacific 7554 1700 Norwalk 1354 600 Nunnaily 17 200 Onyx Hos pr. 98 600 Oppenheim-, 49 500 Orpheum Circ. 2954 1300 Otis Elevator-126 1400 Otis Steel 1274 6Q0 Otis Steel pr 92 600 Outlet Co 6074 1100 Owens Bottle- 6574 600 Pac Coast. 45 100 Pac 2d pr 52 800 Pacific 130 67600 Pacific Oil 77 6200 Packard Mot- 42 3500 Paige 28 800 Pan-Ara 7374 12500 do class 7555 1700 4375 1100 554 100 Panhandle pr-.

'55 1100 Park Tilford 28 2700 Paths Exch A. 83 100 Penn Coal 15 7800 '6474 9100 Penn Seab Stl. 274 800 19 600 People's Gas. .118 2100 Peoria 21 1300 Pere Marq. 8574 1100 Philadel Co.

6874 100 Fhilsphia 6 pc 4774 C300 Phil 4575 9300 Phillips ,4654 1000 Phoenix Hosy 4475 1800 Pifcree-Arrow. 3875 6000 Pierce-Ar 1800 Pierce Oil 1)5 1000 Pierce 6 400 Pittsburg Coa) 42 89 Pitts Ft-W pr.14375 600 Pitts Stl 97 900 PittsTermCoal 69 100 Pitts Coal pr 88 600 Pitts 1675 100 Pitts Util pr ct 1575 200 Pitts West .115 4300 Postum Cereal 11074 3900 Pressed Steel- 79J5 1300 Pressed Stl pr. 95 1700 Producers R. 16 200 FubSLPpr-10674 1200 Pub Serv J. 8074 4900, Pullman Car.

.16854 8400 Punta Ale Sug. 4674 4200 Pure Oil 3054 1800 Radio Corp. 4375 800 Radio Corp pr. 46 HO Rail Secur 72 100 Rail StiSpr pr.11975 2500 Ray Con Cop. 1275 2000 Reading.

88 1000 Reading 20)4 400 Reid Ice Cream 55 ,100 Reid pr 97 3300 Remington 200 Renting 2d 800 Replogle Steel. 1554 6400 Rep Ir 63)5 100 Rep pr. 9474 600 Reynolds Spr- 1074 6100 Reynolds B. 98 200 Rosaia Ins. 9275 2400 RoyDutchNY 66 200 Rutland pr 57 1500 Safety Cable.

4974 1090 Savage 274 100 ScbulteStrspr.il 3 '1100 Seabd Air Line 60 800 Sea grave Corp 14 700 Sear-Roebuck239 1300 Seneca Cop 974 600 Shattuck Co. 6754 10300 Shell 27J4 600 ShubertT 68 1100 Simmons Co. 64 4500 Simms Petrol. 27)5 7500 Sinclair Oil Co 2274 800 Sinclair Oil pr. 92 1700 Skelly 8174 400 Sloss-Shef Stl.136 400 So Rico Sugl 1 6 6000 Southern 2100 Southern Rail.119 10)0 South Ry pr 92 2030 Spicer 29 990 St JosephLead 45 2400 99 1500 St Louis 7074 2500 Standard Gas.

68 100 Stand Gas 64 600 Stand 8374 100 Stand Mill pr- 83 400 Dupont PowD10374 10374 1074 103 100 Duquesnelstpr.l 1274 H274 11274 1000Eastn Kodak.11174 11075 11174 111 2000 Eaton 2974 29 2974 2954 7000 Elec 32 3174 8174 8174 700 Elec 9254 917 91 74 9174 100 El 40 107 107 10774 1200 ElecStor Baty 75 7454 7454 74 200 Emerson Brant 874 374 874 200 Emer Brant pr 2274 22 22 100 Endicott-J pr. 113 113 113 1300 Erie 3854 8874 3874 3874 1400 Erie 1st 4474 444 44 54 44 200 Erie 2d 4274 42 42 4274 200 Eureka 53 63 63 1200 6254 6175 5254 6174 6300 Famous Playsl0974 108 10974 0654 1200 Famos Play pdll774 11674 116T4H17 8400 8774 3654 3774 86 1000 Fed 10554 10374 10374 104 6200 Federal Sm pr.104 10354 104 103 600 Fidty Phoenixl88 183 188 183 100 Fifth Ave Bus. 16 16 16 100 First Nat prl03 102 103 10274 1400 First Nat Strs 44 42 42 43 1800 Fisher 103 10154 102 102 1300 Fisk Rubber. 24 24 24 24 100 Fisk Rub IstprllS 115 115 115 15600 Fleischmann 6554 64 64 55 1300 Foundation Col58 157 16754 157 74 1100 Fox Film 8354 83 8374 83 4500 Freeport 21 20 20 20 4000 Gabriel 4074 3974 40 89 100 Gardner Motor 9 9 954 9 400 Gen Am Tank. 6354 58 6374 64 4700 Gen 7154 6974 70 70T4 800 Gen Asphalt prll074 110 1107 109 200 Gen Cigars.

..114 114 114 114 9700 General Elec. .331 827 82954 82674 8800 Gen Elec Spl. 1174 U74 1174 600 68 68 68 68 300 T854 9874 9875 9874 26400 Gen Motor. .12674 124 126 124 100 Gen Mo 7 pc .11474 11H4 114J4 400 Gen Outdor A. 6355 63 6354 6374 2400 Gen Out A ctf.

6254 82 8274 8254 14200 Gen Petroleum- 68 67 6774 6774 8900 Gen Ry Signal 8454 8174 8254 8154 1000 Gimbie Bros. 7374 7254 7254 75 100 10954 10954 10954 10974 1600 Ginter 4354 42 42 4374 24100 GUdden 2654 25 26 25 2000 Gold Dust Co. 4754 4654 4754 4754 800 Goodrich Rub. 6474 6354 64 64 100 Goodrich 97 97 97 100 Goodyear prl0354 103 ,103 103 700 Gotham 8974 8974 89J4 3974 200 Gould Coup A. 194 1954 1954 2254 2154 2174 7674 7674 7654 2675 26 26 9855 9774 9774 674 5 5 600 Gulf Mobile.

3574 84 85 100 Gulf pr. .10174 10174 101 74 10174 400 Gulf State StJ. 9274 91 91 92 2000 35 100 Hayes 45 800 Hoe Co 85 400 60 1600 48 600 Houston 71 1000 Howe 2754 700 Hudson M. 8774 28000 Hudson Motorl2254 11854 4200 Hupp Motor. 2774 27 600 Illinois Cen.

..12255 122 2200 Ind Oil Gas. S3 32 800 Ind Motorcyle 1955 1 9 1800 Indian 1274 100 Indian Ref ctf. 11 100 Indian Ref 100 Inger-Rand n.104 1800 Inland Steel. 43 800 Inland Steelpr.113 900 25 1200 Int Rap Tr. 3075 1200 Int Agri 2074 1955 100 Int Bus Mach.

143 14874 800 Int 6674 6674 8 00. Inter Com pr.104 10374 1400 Int Combuan. 6354 6274 1000 Int Harvester.13254 13054 1 100 Int Harvest prll9 119 1000 Int Mtch 67 66 100 Int 1074 1074 1400 Int Mer Marpr 4275 4174 1700 Int Nickel. .5, 4674 44 900 Int 6274 6154 800 Int Paperpr7s. 9774 9774 8475 46 85 60 48 71 2754 8654 12274 2774 12254 8274 19 1174 1274 104 104 4274 1X3 2654 8074 2074 14874 6674 10374 6274 18174 119 6654 1074 4174 4674 6154 8774 New York r-Lnst sale- Jsn 8 Shares 10700 8200 200 300.

2100 1300 200 8000 800 1500 14000 300 2000 9500 6500 22200 10 3000 100 800 200 8500 6500 16000 600 8240 600 6700 700 6500 1600 1200 4500 4100 8800 800 800 100 800 400 1700 7600 2200 100 1300 7600 1200 200 65600 400 200 1400 1400 1000 200 8100 8200 800 2500 28200 82200 13.100 700 200 6100 400 800 1200 8500 600 7500 500 100 sold High Stand Oil Calif til 5 Stand Oil 4575 Stand OiINJprll7 Stand Glass. 775 Sterling 8874 9074 Strom 7774 Studebaker 6954 Subros Boat. 874 Sun Oil 4054 Superior Oil. 4 74 Symington 2074 Tenn 1454 Texas Co. 374 Tex Sulphurl234 Tex Pac Coal.

1975 Tex Land Ts640 Texas 68)4 Third ArRR. 13 Tidewater Oil. 86 Tidewater 9974 Timken Roller 6675 Tobacco Prod. 1004 do 8 Tob Prod .10874 Trans Oil 475 7874 Underwood T. 6374 Union 6754 Union OU of C.

4075 Union Pacific-14 9) 4 United 2875 United Cigars. 9575 do 174 United 162 Uni Drug 1st. 66 United Fruit. 23874 Uni Inv pr- 80 Cast lipe.200 USC IrPipr10174 USDistribut. 65 US 6274 7375 USInd US Realty n.

6974 US 8374 4875 Smelt pr. 4974 Steel 13874 US Steel 12674 Tob 6675 Universal Pipe 2774 Util Pow 8574 Vanadium Stl. 8274 VaChemprct- 1174 Va-Caro 2275 Varo-C 6 pr. 6654 Varo-C 7 pr. 98 Vivadou 2675 do right.

74 Wabash 4655 Wabash 76 Waldorf Sys. 1774 Ward Bak 192 WardBakingB $254 Warner BrosA. 1754 Warren I) roe. 4775 Weber 82 1674 Maris2dpr. 2355 West 8874 West Pacifkpr 80)4 West Elec 8874 Low Jan 7 u7i el 74 el74 1,704,000 ah an U.

8. CERTIFICATES AND NOTES Following sra tha closing price hid In ti open market Thursday for (Mates er tltlrates of indebtedness and dotes of the dif ferent Issues: CERTIFICATES Month Percent Tear Rid Aked Tlc4 June 1 tJl 21-32 3 Jnne S1-, lnM 00 8 Dec lutd 0 31-33 100 1-33 3.71 NOTErt 1020 M0 6-83 1u 2d 100 3-16 1127 101 1927 lul T-33 4a Sept 4 Dec 4Vt Accentstila in payment ef Federal tsies cn dates of maturity. BOSTON BANK STATEMENT Jan 6 urp and undi profit. $01.271, 0rt Individual deposits Due to banks 000 It deioita 21,568,01 Time deposit Exch for clearing bouse Du from Cash in banka IS.odH.tka Rea In lesal Loans, disc A Invest. Decrease.

lucre Sl.IM.I. I. 513, (as 1.844.01k 27,110, US) 19, 732. Us 2, lb, US) 4.2IK, (SO 7.M7.US) BANK OF FRANCE PARIS. Jan 7 The prinoRwl Item In th' weeks statement of the Hank of France, the urea in franca, last Ouoe omitted, compare a follows: Jan7 jan It 6, 541,100 C.54M.USI 6,045,200 321, 2s 821, 200 83, 70 722.800 0.O29.71SI 61,085.

la 8.023,38) 3,322, MS) 2,239. 1U) 35,650,18) 21,700.08 tki 0,4 7 fluid Silver Ioana and disc Circulation Deposits Adv to State. Bank rate DENMARK NATIONAL BANK GETS $40,000,000 CREDIT JMVV YORK, Y. Jon 7 (A. 1.) A 4 A iakl i Wk rvsa SmA revolving rcvvivniH credit of $10,000,000 tfAiifi hiiM hpen arrAn are on 1 At a In A I for BANK OF ENGLAND Jan 7 This weeks statement of the Bank of England compares as follows: Jan 8 Dec 81 Jan 9.

25 CirculUlon. 143. 406.000 100.730,000 127.662,000 Pub depoa. 12.002.000 8,962,000 12.911 000 Priv depos 124.829.000 160,681.000 117.170,000 Govt secur. 46.362.000 64,087,000 61.664 000 Other secur $7,461,000 103,280,000 75.666.000 Reserves 21,016.000 19,676,000 20,761,000 Pr to 11a 16.36".

11.68", 16.96 Bullion 144,673,000 144,666.000 128.664.00 Bank rate. 6 4 RESERVE SYSTEM RATIO INCREASES 2.9 PERCENT This weeks statement of the Federal Reserve System, as of Jan 6, shows the ratio of total reserves to deposit and Federal Reserve note liabilities combined to be 70.2 percent, compared with 67.3 percent last week and 74.6 percent as of Jan 7, 1923. NEW YORK RESERVE RATIO UP 7.4 PERCENT NEW YORK. Jan 7 (A- P. The statement of the condition of the Federal Reserve Bank of New York at the close of business Jan 6 shows the ratio of total reserves to deposit and Federal Reserve note liabilities combined to be 80.1 percent, compared with 72.7 percent last week.

LOCAL RESERVE RATIO IS 6 PERCENT HIGHER Th weekly statement of the Boeton Federal Reserve Bank, as of Jan 6 shows the ratio of total reserves to deposit and Federal Reserve note liabilities combined to be 63.5 percent, compared with 67.5 percent last week and 70.9 percent a year ago. BOSTON'S LARGEST BANKS SHOW GAIN IN DEPOSITS The leading Boston banks nniformly made striking gains is deposits betaeea (lie controller's call for condition Sept 28. 1925, and Dec 81, 1923. The following tabulation show how the largest institutions stood on those respective dates: Dec 81, 25 Sept 28. 23 First National $33.224.810 27S.754.301 National fbawmut 186.510.268 160.677.894 Old Colony 170.424,094 159.614.442 Atlantic National 95.281.871 86,622.674 State Street 62,489.245 68.102.844 Merchant National 67.336,31 64,149,13.