Evening Star Newspaper, February 21, 1926, Page 34

FINANCIAL. THE_SUNDAY STAR, WASHINGTON, D. . FEBRUARY 21 1926—PART 1. FINANCYAL, ——~—_—————_—'fi——‘_l_—_—,————'1————_'—_* Spaa B fe ph W1 T ~ ~ NEW YORK STOCK EXCH ANGE OND MARKET QUIET. |Four High Spots STEEL ORDERS SLOW. |McFADDEN BANKING 1E, R S Fluctuntions Narrow With Volume| Are Features im | Ratiroads, However, Are Making MAY Bh( ()Mh L‘\W 1 2 s Small Saturday. . M Price I iries. = Week’s Finance| e e NEW YORK, February 20 (®.— NEW YORK, February 20 (#).— With Saturday marking the beginning | BY the Associated Press. The volume of new business in_the, of a triple holiday for the less active SW YORK, February 20. gleclimasket (dhring the past Weeltt branches of the financial field, the | Price movements in the week's |, not very !mpreesive, snid morel bond market today revealed an al-| Stock market' were irregular and '{:"K"lf"""’e':llgm was. elwou’r]ne’rd“ Net, | MOS8t complete lack of animation.| inconclusive in seeming harmony | onE Lhe ¢ oard. The railroads Close. Chge. | Price fluctuations were limited mairly | With the tradition that February | oS0 , Howeyer, an. S% —""5 |to narrow fractions, with a marked | is an off month in the securities |With some sood business pending in 102% + 7| curtailment in the volume of business. | markets. Several developments | oihet directions, the outlook was for 3% — 3 |_In view of the large amount of new | outelde the market, however, at | !mProvement —with more settled 85 1 |financing which the investment war-| tracted considerable interest, |\ tlOn, roduction and distiibu- | 188 — 3 |ket was called upon to absorb this | Dotobly the declining trend of js ctimen e Ta el 12— 1 |week, the loss of buying interest in| commodity prices, the continued |PIE lron market were awalting re 40 — % |listed bonds was considered a natural | stiffness of call money rates, the | 2djustments of values on a basis of 123% — % |development. Investors were in-| reeurrent weakness of Irench |Sheaper fueh and the demand was 53 — 1 |clined to withhold orders pending an | france, which carried them down |*Io% and of a handto-mouth char- 44 -14 |announcement regarding the size and | to within about iy of a cent of the | P " 74% — 1% | type of the United States Treasury’s | extreme record low of 3.42 cents o Sonape 4 i ! T 100% - % |financing on March 15, A o ass, ax 3 iho large |Ssumption appear to have covered |on Kebruary 4 by a vote of 293 to 90,1 usual type of bond B el 101 Moderate activity wes stirred up to.| Influx of new . bhond offerings, |lmmediate needs on the recent ad- ths majority of both parties voting!affords limited opportunities for 46% day in the bonds of the sugar com- which ran close to $200,000,000, the ,\nnce to the 14% cents level. tor the bill, has now reached ti 4 1s compared with stoc 48% panies under the leadership of Man.| highest of any single week in over j Inittee stage in the Senate. He 1s red on 29% atl 658 which advanced a point to| @ year. etdne enate committee on ban 104 |the highest level of the year. Cuban e — SRR e o e e nics were confined almost 20" Z 18| worked higind Cuba Can fssues also | PARIS MARKET UNEVEN. €1y 10, the one sectlon of the Bil g; 1" |no new developments to account for | PARIS. February 20 (®).--Prices which s designed to prohibit the es 7 9;:: 1% m_-i_ d;l;m\nd‘ moved irregularly on the bourse to- tablishm f o 4 o rading in Liberty Bonds was un-|day. Three per cent rentes, 48 francs S of the Federal nks their opy 7 usually quiet. Prices of foreign obli- [ 50 centimes. Ixchange on London, ve EYRLCE] here i« no opposi-| pbujlding up % gations held firm with the exception | 136 francs 52 centimes. e per cent 1 to the other 16 sections of thelaccount as a 42% 43% loan, 55 francs 25 centimes. The dol- lar was quoted at 28 francs 90 cen- times, ASURE 6 DAYS High. Low. 136.056 134.24 Year to Date. High. Low. 139.16 132.03 . 11123 105.16 Yeur to Date. 66,163,697 67,201,221 idn on Bill Next t Pre- Senate Commiittee in Executive Se: Average price of 50 stocks Same period a year ago. 884 Total Sales o 10,081,798 Same period a yvar ago. Week—-Summary of Facts Brought Gut vious Hearing—Bankers Give View 23 Low. 62 90 13 Clo Stock and dividend. Consolidated Distributor. Consolidated Gas (5) nsolidated Textile. Continental Can (16). .. Continental Insuran (6) Continental Motors (80c). Corn Prod Ref (2). Corn Prod Ref pt (7) Coty Ine (4). Crex Carpet (4 4 Cructble Steel (5)... ... Crucible Steel pf (7).. Cuba Cane Sugar. » Cuba Cane Sugar p Cuba Co (4)... Cuban Amer Sugar (2) Cuban Amer Sugar pf(7). % Cuban Dominican Sugar, . Cuban Dominfcan Sug pf. Cudahy Packing (7)..... Cushman’s Sons (3) ... Cushman's Sons pf (7) Cuyamel Fruit (4). .. Daniel Boone Wool Mills. Davison Chemical S Deere & Co pf (7). Delaware & Hudson (9) Delaware Lack & Wn (17) Low. 80% Miel, 83 High. Low. 4% 3y 104% 100 3 3 854 831 138 137 124 11% . 40% 39% 1247 123% 534 52 45% 40 76 73 100% 99% 10% 474 45k 1484 27% 104 3 20 91 87 Stock and dividend. Abitibi Power & P (1) Adams Express (6) Advance Rumely 2 Advance Rumely pf (3).. Ahumada Lead (+1).. Alr Reduction (+3).. Ajax Rubber. . Alaska Junea . ... Al American Cables (T Allied Chem & Dye (4) Allled Chem & D¥e pf(7). ers Mt (6). = i is cxpected its leading sup | ing : ters that the Meckadden national and I bill_will become within ' a sur next 60 days. The St commit-| & Co, will go into executive session on! The profits measure next week, and it is an-i vance in stock icipated that an early, fav - hav Iport will be made. {reach of banks by for home con-i The bill having passed the se [ 1imit bank investn present inter period of easy vields, a John ling Nickersc 19 19 614 59 81 8 8 1147% 133 1% o i w made during the &« s over the past islated out of the restrictions which 12% 1% 140 . 135% 121 891 109% 30 87 401 55% 35 80 Am A Am 2 Am Am n Am “ + % STOCK IS RETIRED. NEW YORK, February 20 (#)-— Certain-teed Products Corporation has retired $190,000 par value of its pre- | ferred stock from sinking fund, a total of $1,360,000 retired since 1918, leav ing $1,300,000 now outstanding. J. uary sales were 20 per cent larger than in December and ahead of Jan- uary, 1925, a big month for the com- | pany. common stocks investment., continues the surve {to be found in convertible and nt attached Ix which ar (1) Am pf () « Am Bosch Magneto Am Brake : Am Brake Sh & F Am Brown Boverl Am Rrown Bov Can (18) “an pf (7) nnew w i r & Found 128% s 44 96 34415 3 of M,,,c,,,, 6's, and Sao Paulo 8'8 of bill, whigh amend the 1 bank | losses on invesime . PEGVEIN b POWErs | 5 surplus throu rofits on 146% 148% jof natlonal banks e “jh’ i St il desir 50 97 80 6 15 26 79 Car & Foundry pf(7) Chain Class A (2) Chicle Chicle ctfs Druggists Syndicate. xpress (6) Forejen Power For Tower pf (7). Hide & Leather Hide ther pf Tee (100 : Tce pf (6) International LaF Fi ngine (1) Linseed. . Linseed pf (7) comotive (8) ~ocomotive pf (7) Metal (4) fetal pf Piano pf Radiator (4).... Railway Express (8). afety Razor (2). hip & Commerce Smelting & Refin (7 Smelt & Refin pf ( Snuff (12). nuff pf (6) teel Foundrie: t1 Foundries pf ( Sugar Refining (3) Sugar Refining pf (7 Am Sumatra Tobacco Am Telegrh & Cable (3 Am Tel & Telezraph (9) Am Tobacco (5) i m Tobacco C1 B (8). Am Tobacco pf (6) Am Typefounders (5). Am Typefounders pf (7) m WaterWks&E1(1.20 Am Woolen. . " Am Woolen pf ( Am Writing Paper pf Am Writing Papr pf ctfs Am Zinc Lead & Sm Am Zinc Lead & Sm pf Anaconda 3 Archer-D Archer-T ) Armour&«'o of 111 ¢ Armour & Co of 111 Ci Armour & Co of 111 pf (7 Arnold Constable & Co loom (2 : Artioom pf (1) Art Metal (1) Assoe T 4 Atch Top & Santa F Ateh Top & S Fe pf ( Atlanta Birm & At. Atlantic Const Line ¢ Indies pf tic Refining. Atlantic Refining pf (1 Atlas Powder (). Atlas T: Austi Austi Auto Knitter Hosiery Raldwin Locomotive (7) 3 Raldwin Locomo pf (7) Ralti & Ohio (5). . Balti & Ohio pf (1) Bangor & Aroostook ( Bangor&Aroostook pf(7) Barnet Leather : Barnsdall C1A (2) Barnsdall €1 B Bayuk Bavuk Cf Beech-Nut Packi Belding Brothers ( Bethlehem Steel. . Bethlehem Steel pf (7) Bethlehem Steel pf (8) Booth Fisheries Botany Con Milis Rriggs Manufacturg (3) British Empire Steel. Brooklyn Edison Elec(8) Broowlyn-Man Tr (4) Brookn-Manhat T pf (6). Brookn Union Gas (+11) Brown Shoe new (2) Brunswick-Balke-Collen. Brunswick Ter & T Buffalo Roch & Pitts Buffalo Roch & Pit pf(6) . Burns Brothers Cl A(10). S C1B (2) Burns Bros pf (7) Burroughs Add Mach(3 Bush Terminal. - Bush Terminal deb (7)... Butte Copper&Zine (30¢) aperior (2). Butterick Company Byers (A M). Byers (A M) pf (7). Caddo Cent OI1 & e . 3 California Packing (18) .- ifornia Petroieum (2 Callahan Zinc & Lead Calumet & Arizona (4) Calumet & Hecla (113).., ‘anadian Pacific (10). ... Case (J 1) Thresh Mach. . Case (J 1) Thres M pf Central Leather Co Cent Leather ‘o pf Central R Rof N J (+ Century Ribbon Mills » dePasco Copper(4). in-teed Products(4) Certain-tdProd 2d pf pandler Motor (3). ndler-Cleveland *handier-Cleveland pf. ‘hesapeake & Ohio (4) . “hes & Ohio pf (613) *hicago & Alton “hicago & Alton pf “hicago & Alton ctfs. . “hicago & East Ilinois. . “hicago&East TNlinois pf. ‘hicago Great Western. . ‘hicazo Great West pf. “hi Mil & St Paul. . “hi Mil & St Paul pf. . “hi Mil & StP ctfs of dep. ‘hi M&St P pf ctfs of dep “hi & Northwestern (4) .. “hi & Northwestn pf (7). *hi Pneumatic Tool (3). . hi Rock Island & Pacific. s L6, < 1 l&l.«cnfl.). “hilds Co (32.40) . ... “hile Copper *hino Copper. ... Christie Brown ctfs Chrysler Corp new er Corp pf (8). Cluett-Peabody (5 5 t-Peabody pf (7). ola (7). Colorado Fuel & Iron.. “olorado & Southern. \44v>v 991, 581y 345 21 569 47a 105% 67 107% W 145% 35 59 " 65 C alumhx..n Carbon (4). Commer Credit (1%) . Commer Cred 1st pf(6'2). Commer Invest Tr (3.60) . Commer Inv Tr pr (6'2) . Commer Solvents A (4) Commer Sol s 7% Congoleum-Nairn. 14 Conley Tin Foll (stpd)... " % Condolidated Cigar. e Conaelidated Cizar pt(7 834 114% 59t 338 99 6914 97 137 135 19% Kl 62% 1007 135 20 K 66% —12¢ ~11 i3101%% - % 1% 242 3 1% | 106% » Inspiration Copper 5 Interboro Rapid Transit. 4 Intercontinental Rubber. 4 Long-Bell Lum Denver & Rio Gr West pf. Detroit Edison Co (8).... Devoe & RayndsA (2.40) .. Dodge Brothers Class A. . Dodge Brothers pf (7). .. Dome Mines (2). Douzlas Pectin (1). Dupont de Nemours (10) . DuPont de Nem deb (6) . . Duquesne Light 15t pf(7) tman Kodak (18). aton Axie & Spring (2 isenlohr & Bros. .. lec Auto Lite (1613) ectric Boat lec Power & Light ctf. Elec Pow & Light pf (7) El P&L pf etf 40% pd (7). Electric Storage Bat (+6) Emerson-Brantingham. . . imerson-Brantingham pt ndicott-Johnson (5). ... ndicott-Johnson pr ) l-,rie . B Erie 2d pf EurekaVacuum Clean(4) . Exchange Buffet (133)... ‘airbanks Horse (3).. 4 Famous Players-Las (8). Famous Players-L pf(8). Fed Lt & Trac (x1.40). Fed Lt & Trac pf (). 4 Fed Mining & Smelting Fed Mining & Smel pf (7). Fidel Phoenlx F Ins (8) . Fifth Avenue Bus (64c). . First Nat Plet 1st pf (8). First Nat Stores. Fisher Body (5) Fisk Rubber. Fisk Rubber 1st pt Fleischmann Co. . . Foundation Co (8) . Fox Film AD Freeport-Tex Gabriel Snub C| mual.n Gardner Motor 5 en Am Tank Gen Asphalt .. Gen Asphalt pf (5). Gen Cigar (8) . en Cigar w i en Cigar deb pf (1) Slectric (). 11‘-“ S & ISlec 7% plA.. Gen Motors (7). Gen Motors pf 2 Gen Motors deb (8) Gen Motors pf (7) z Gen Outd Adv vot tr ctfs. ien Outd Adv Cl A (4) en Petroleum (3). .. Gen Ry Signal .uui Gimbel Brothers. . . Gimbel Brothers pf (7). Glidden Company (2). Gold Dust. S Goodrich (BF) Co (4). Goodrich (BF) pL(7). .. Goodyear Tire& Rm pf(7). Goodyear T & R pr pf(8). Gotham Stik Hos pf (7). Gotham Silk Hos (213) Gould Coupler C1 A (2) Granby Consoltdated Great Northern pf (5 Gt North Ore ctfs (13) Great Western Sugar (8) . Greene Cananea Copper. . Guantanamo Sugar...... Gulf Mobile & Northern. Gulf Mobile & Nor pf (6). Gulf States Steel (5) . Hartman Corp (213). Hayes Wheel (1314). Helme (G W) (16%) Hoe (R) & CoClass A. ... Homestake Mining (17).. 5 Household Prod (1313) “ousmn Oil. Howe Sound Hudson & Manhat (213 7. Hudson & Manhat pf (5). 4 Hudson Motor Car (3). Hupp Motor Car (1). 11linots Central (7) 4 Tilinois Central pf (6). 4 Independ Ofl & Gas (1). indian Motorcycle (50¢) . 45% 135% 45% 40% 86% 18% 22 222 . 102 Indian Motorcycle pf (7). 1 Indian Refining Indian Refining ctfs. Ingersoll Rand (3)... Inland Steel (2%)... . 2) Internat Agricultural. Internat Agri prior pf( Internat Bus Mach (8) Internat Cement (4) i Internat Comp Eng Internat Harvester (5).. Internat Harvester pf(7). Internat Match pf (3.20). Internat Mer Mari Internat Mer Marine pf.. Int Nickel (2). Internat Nickel p Internat Paper. Internat Paper Df ( 7 ) . Internat Rys of Cent Am. Internat Shoe (6)...... Internat Tel & Tel (6).. Intertype Corp (1133).. Island Creek Coal (19)... Jewel Tea. .. Jewel Tea pt (7). Jones Bros Tea. Jordan Motor Car (3). Kansas City Southern. Kansas City South pf(4). Kansas Culf. Kayser (Jullus)& Co(3). Kelly-Springfield Tire. Kelly-Springfleld Tire pf. Kelly-Spring Tire 1st pf. . Kelsey Wheel (6)...... Kennecott Copper (4). Keystone Tire & Rubber. Kresge S S (1.20).... 4 Kresge (S8 8) Copf (7) Kresge Dept Stores. ... Kresge Dept Stores pf (8) Kupperhelm(B) & Co(2). 4 Kuppen (B) & Co pf (7). 4 Laclede Gas (8).. Lee Rubber & Tire. Lehigh Valley (3%). 71 Lehn & Fink (3). Life Savers. Liggett & Myers (14). Liggétt & M CI B (14). Liggett & Myers pf (7). Lima Locomotive (4). Loews Inc (2) Loft Inc. C1 Loose-Wiles Biscuit. Loose-Wiles 1st pf (7) Loose-WillesBis 2d pf(7). Lorillard (P) Co (3).. Louisiana Ol Refining. Louls Gas & EI C1 A(1% Louls & Nashville (6) . Ludlum Steel (2)... McCrory St C1 B ((25.60). 4 McCrory St pf (7). McIntyre Porc \imos (l) Mack Trucks (6). ... Mack Trucks 18t pf (7).. Mack Trucks 24 pf (7)... 110% 130 49% 46 135% 47% 41% 19 22 22333 1024 113% 111% 31 18%: 79 6% 303 957 183% 53% 106 1109 110 26% 135% 110 106 110 27% 138 1104 108 8% ill‘f!€ i+l + (R 2 I 3 (o | 1374 834 48'y 33 887% 8419 49% 1% 85 35'a 814 90% 28 26% 55% 3 130 26% 86 8014 T0% 50 52% 25% 49% 4% 1087 3% 40 8% 54te 102% 687% 17% 16% 123 81% 124% 9% 9% 32% AT% 92% 108% 119 100% 109 174 AT 33% 109 7% 54 T4% 58% 123 17% d dividend Mackay Cos (7) Macy (R H) & C 4 Macy (R H) & Co pf Magma Copper (3) Mallinson & Co. Manati Sugar Manhat Elec Manhat Elevated gtd (7). Manhat Elev mod gtd(5). 4 Manhat Shirt (11). Manila Elec Corp (2)... % Maracatbo Oil Explora Market St Ry prior pf Market St Ry pf..... Marland Ofl (4) Marlin-Rockwell ( Martin-Parry (2). Mathieson Alkali (4). May Dept Stores (5) Maytag Co (2). Metro Goldwin p Mexican Seaboard. Miami Copper (1)..... Mid-Continent Petroleum MId-Continent Pet pf (7). Middle-States Oil. .. ... fiddie States Ofl ctfs. Midland Stl Prod pf (19). 4 Mijler Tire & Rubber Minneapolis & St Lo Minn & St Louts ctfs Minneapolis St P & S S M Minneap St P & 1 pf M StP&SSM ISd itnes (4). Missour! Kansas & Tex Missouri Kan&Tex pf(5). Missour! Pacific. . Missouri Pacific pf Montana Power (4) Montana Power pf (1) Montgomery Ward 28, Moon Moters (3) Mother Lode Coalit (3) Motion Picture (113). Moto-Meter C1 A (3.60) Motor Wheel (2).. .. Mullins Body s Mullins Body pf (§) Munsingwear (3) Murray Body Nash Motore (¥ Nashville Chat & StL(T). Nat Acme (stamped) Nat Biscuit (+4) Nat Biscuit pf (7) t Cash Register ctfs Nat Cloak & Suit (4) 4 Nat Cloak & Suit pf (1) t Dairy Products (3).. at Dept Nat Dept St 1st pf (7) Nat Distillers Products Nat Distillers Prod pf Nat Enam & Stpg. ... Nat Enam & Stp pf (7) 2 Nat Lead (8) 2 Nat Lead pf (7). Nat Power & Light (10¢). Nat Rys of Mex 1st pf 3 s of Mex 2d pf upply (3) Nat Tea Co (4) Nevada Consol Cop (1)... NptNews&H Ry GRE(3) . Npt N&H Ry G&E pf(7) N'Y Alr Brake (2)... ¥ Air Brake C1 A (1) nners (c2)... v Central (7). " Chicago & St 1. ¥ Chi & St Lpf«s) " Chi & StL pf ctfs(6) ¥ Dock . ¥ Lacka & West (). New Haven & Hart. . v Ontarlo & Western. . ¢ Railways ptetfs. . N Y Raflways pf ctfs.. N Y Steam ist pf (7) Niagara F Pw Co pf(13) Norfolk Southern.. .. Norfo'k & West (18) Norfolk & West pf (4) North Am (b10% sock) North Am pf (3) 5 North Am Edison pf (6) Northern Central (4) 4 Northern Pacific (5) Norwalk Tir & Rub(1.60) Nunnaliy Co (173). 01l Well Supply (2) 011 Well Supply pf (1) Omnibus Corp. Omnibus Corp pr A (8) Onyx Hosiery : 4 Onyx Hosiery pf Oppenheim Collins (3) . Orpheum Circuit (2). ... Orpheum Clrcuit (pf (8). 78 Otis Elevator (6). Otis Elevator pf (8) Otis Steel. . ! 4 Otis Steel pf. Outlet Company . . Owens Bottle (4) Owens Bottle pf (7 Pacific Coast. o Pacific Coast 18t pf (). 4 Pacifific Coast 2d pf (4) 4 Pacific Gas & Glec (8) Paclfic Oil (3). Packard Motor Car (2). . Paige-Det Mot Car(1.80) . , Pan-Am Pet & Trans (6). VAL L LD LS AL, g e et v e el Pan-Am Pet & T C1 B (6) . Pan-Am West Pet B (2).. Panhandle Prod & Ref. .. Panhandle Prod & Ref pf. Park & Tilford. Park Utah (60c) . Pathe Exchange Class A. Penick & Ford. Pennsyhanll Railrd (3). Penn Seaboard Steel. Peoples Gas Chicago (3) . Peoria & Bastern. i i Pere Marquette (4)...... Pere Marquette pl ). Phila Co (4). Phila Co pf (3)...... Phila & Read Coal & Iron. Philip Morris & Co. Phillips Petroleum (3). .. Plerce-Arrow . . Plerce-ArTow pf. Pierce Oll.. Pierce Oll pf. Pierce Petroleum. Pitts Coal Pitts Steel pf (7) Pitts Terminal Coal...... Pitts Utilities pf (11.20). Pitts U pf ctf new(f1.20). Pitts & West Virginia. ... Porto Rican Am Tobacco.: Postum Cereal (4.40) .. Pressed Steel Car. Pressed Steel Car pf ( Producers & Refiner Producers & Refiners pf . . PublicService N J (5). ... Public Service N J pf(7). Public Service N J pf(8). Public Ser EI&Gas pf(6). Public Ser El Pw pf. Pullman Company (8) Punta Alegre Suga Pure Oil (2).. Pure Ol pf (8) ‘Radle Corp of Am....... Radpi Cor of Am pf(3%). R R Sec Il Cen ctfs (4) . 1034 43 1% 20% 4% 37% 95 30 12% 12% 63 40% 64% 45 6% 12% 27 62% 99 109 92% 100% 129 33 25% 103 39% 45 68% . 109 High. 135 102 .17 44 25 47y AL 881y 53" 30 314 26 4615 126% 97 ™ 1 122y 41 33, 21, 497, 6614 4419 a2 85 8% 6% 18% 16 524 1% 129 22% 83 8 68% 50 4T 19% 48% 37% . 108% 1% 26 64 42 9615 581 16 15 114% 72 106Y% 68% 90% 15% 34% 86% 108% 118 99% 109 .. 167% 45 29% 43% 46% 5 55 Rallway Steel Springs (1) 58% 114% Rallway Stl Spr pf (8)... 123 11% Ray Consol Copper.... 12% Net. | - 1926--26— Chy 5 Close. High. 135 101% 17 43' Low. 134 100 u7 42 258 46 6R% 86 881, 47 504 201, 129% 30 3 24 441, 381: Stoek and dividend. Reading (4)....... Reading 15t pf (2). .. Reading 2d pf (2).. Reid Ice Cream (3). .. Remington Typewriter. Remington 2d pf (8) Replogle Steel Republic Iron & Steel Republic Iron & St pf(7). nolds Spring 0lds Tobacco B (4) Robert Reis& Co........ Robert Reis & Co 1st pf .. Rossfa Ins Co of Am (6).. Royal Dutch (a1.319-10) . fety Cable (4).. Joseph Lead (13) Louis-San Fran (7), Louis-San Fran pf (6). Louis Southwestern. ... Louis Southwst pf (5) Savage Arms (4)....... hulte Retail St (§8). huite Retail St pf (8) aboard Alr Line. .. 381y 58Yy 1201 90 913y 12431125 213 121% 23% 234 9 9 121 12% ’H’ 36% Seagrave (1.20) 2 rs-Roebuck & Co (8) Copper K Ak G (2) Unton Ol (1.40) ion O pf (). mmons Co pf (7) mms Patroleum (1).... clair Consol Oil. ... S:“‘ “onsol Oil pf(8) 1161 1164 el 4L T picer Mf, ndard Gas tandard Gas & ndard Milling tandard Oil of Cal (2) tandard Oilof N J (1) d Oil of NJ pf( d Plate Glass 0d (4). arner (6) omberg Carburet (6) tudebaker (o (16) bmarine Boat 1OIl (1) or il ngton nington Class A 341y 87 Texas Co (3 'y I/‘nt.vl'f Texa: & I‘ ac luAl& il 116 h Corp (3oc). em (1) Sulphur (10 110 110 ter Oit = imken Roller Bear (74). obacco Products (8) obacco Prod C1 A (7). 313 Transcontinental Oil Transue & Wims S F (2 Twin City Rapid Tran(4) Twin City Rap Tr pf (7). Underwood Typewr (3). Union Union Oil of T cific (10) I8 cific pf (4) Union Tank Car () United Alloy Steel ( T It T 12615 1295 168 1168 “nited Cigar St (*31,) “nited Cigar SUpf (7) “nited Drug (7)..... United Drug 15t pf (313) . United Fruit (¥12). United Paperboard (30¢) . United Railway Invest United Railway Investpf . US Cast 1P &Fdy (10).. USCast1P&Fdy pf(7). U S Distributing...... . v press. ... 'S Hoffman Mach (3) U S Industrial Alcohol . U S Industrial Alco pf(7) U S Realty & Impv new U S Rubber. U'S Rubber 1st pf (8).... U S Smelt Ref & M (313). USSmelt R&EM p(3%). U S Steel (7). = U S Steel pf (7). U S Tobacco (3)...... Univer Pict 1st pf (8).... 4 Univer Pipe & Radiator. . Univer Pipe & Rad pf ( Utah Copper (5) - Utilities Pw&Lt C1 A (2) Vanadium Corp (2) Vick Chemical (312) . Va- ‘ar Chemical. ‘ar Chem ctfs. .. r Chem pf ctf: Va Iron Coal & Coke. Vivaudou ¢ Vivaudou pf (new). 19% Wabash. . E 53% Wabash pf A (3).... 14% Waldorf System (1%). 21 Walworth Co (1. 116 Ward Baking Class A 3714 Ward Baking Class B. 9415 Ward Baking pf (7). 12% Warner Bro Pic Cl A 43 Warren Bros (4). 51 Weber & Heilbroner (4). 8812 West Penn Elec Cl A 962 West Penn Elec pf (7 94 West Penn Co pf (7). 11 Western Maryland. ..... 16 Western Maryland 2d pf. 19% Western Pacific. . 72 Western Pacific pf (6)... 116% Western Union Teleg (8). 97 West'house Air Brk(17).. 66% West'house E & M (4). .. 9% Weston Elec Instrument. 19% Weston Elec Inst CIA(2) . 18% Wheeling & Lake Erie. . . 22 Wheeling & Lake Erie pf. 25% White Eagle Oil (2) 57% White Motors (4). 3315 White Rock Min S (12 2 Wickwire-Spenc Stl ctfs. 9% Willys-Overland. . 72Y% Willys-Overland Df U ] 415 Wilson & Co ctfs 112% Woolworth F W 35% Worthington Pump. .. 58 Worthingn Pump pfB(6). 16 Wright Aeronautical (1). 45% Wrigley (Wm Jr) (t4).. 62 Yale & Towne Mfg (15).. 22% Yellow Tr & Coach (75¢ 90 Yellow Tr & Coach pf(7). 63 YoungstownS&T (4). RIGHTS—EXPIRE. 24 Pac Gas & Elec Mar31... 27, % Pub Serv, NJ, Mar31.,.. 3 165 Readlng, July 1..... 21% % Seaboard Air Line..c.ss. 3 6 White Motor Apr18..,... o®% 16% 50'% 67 96 100% . 100 15% 22 38 80% 145% 123 % 19 31 284 471 Net. | Close. Che. 10 Bank Has Hundred Branches. Although State.wlde hranch bank 1s permitted Ight states in Union, it is of in the te of Cali-l fornia’ that it has developed 1o point of attracting public notice the Bank of l 300 ¥ v from t Oregon b undary lines tlon, con addi- com hich rches nd holdir in irgs Bank of Los Angeles other large State Lanks h veloped State-wide branch bankin, ystems and desire to inue to <0 a8 members of the I Reserve | ¢ ystem. Over against these anch banking institutions ved a group of small ba smeller towns and citie: der the name of the C: of Independent Un group is fighting a life-and-death struggle not only to preserve own existence but to arr opment which will destr system of banking in California. Experts Present Views. These two groups appeared before the te co st week stated their cases. The c. 1% 3 | banking 1273 " 101 1 129 8 1015 2 114% 91 104 172 13 13, % {branch ban was presen {by Dr. H. Parker Wills, pr at Columbia University .| was emploved " by the {branch bankers to mak i{igation, the report of {before the committee. This report lappears to be a mass of statistical | {and technical data which the mittee will have study lefsury John Drum, preside cantile Trust Co. of | spoke more specifically he Californin branch ms. This is the t { Drum has appear .| sional committees oppositi section 9 of the bill. The gist rgument s that Cong gt to restrict the exercise of the ch 2|ter powers of after they hs - |eral Reserve S He defended | . branch banking as it is practiced in California. McFadden CLairman McFadde banking and currency lthe invitatior esti laid com- | o at its in Lank ird before « in ess Pleads for Bill. of the House _committee, at or Pepper subcommit i bill before Con; % | jections 13y *| hereaft To% 18% 31 26 2 46% — 114 28% — 7 843 — 25 367 s % 13 | provisions |the statement that th i resentatives had clearly iconclusion that it is imper this time to -kl‘ a new con of mem i Reserve Systen state bank will Le permitted to establish any branches beyond the corpor: its of the minicty in which the parent bank is located. He said that if Con- | ress did not take this oppor o curb the branch banking activities | of ¢ e banks which re operating under the g e of the pa age nd protection of the Government of the TUnited States, the time is not fa nt when these branc banks will be strong enough to assert their in dependence of the Federal Reserve vstem itself and he a position thereby to injure if not destroy Many Bankers Test Following Chairman McFadden. | about a dozen bankers took the stand. each of whom represented a unit bank fwo of which were metropolitan unit | banks of Los Angeles and or politan unit bank of san A strong case against b Wwas made out by these witnes proved to be thorou the subject. These W the firing line and the | tee appeared to be impre: earnestness and the intelligence of | these unit bankers as they told thej story of their struggle for existenc in the face of the gradual encroach- ment of the great branch system. 1 The paper read by Howard Whipple. president of the First National. Bank of Turlock, Calif.. was perhaps the best presentation of the philosophy of branch banking which has vet been made on the subject and the commit tee appeared greatly impre d by the clearness in which he presented the is sue involved in the bill. He stressed the point that branch banking in California could not. in the nature ¢ the case, be any different from I banking in the other countries where it is in vogue, such as Canada, tralia, British Isles and on the Con tinent of Europe. He showed how in these countries it had been left large 1y to the operation of economic law. | gith the inevitable result of fhe al sorption of all of the small unit bank in the rural districts by the branch banking systems in the large cit i Banking Monopoly Feared. He pointed out that there were only 11 banks in the entive Dominion of | Canada, and these were situated in | the two cities of Toronto and Mon- treal, and that of these 11, three con- trolled the banking policies of the Do- | The entire agricultural and from the ition in_thy metro- | -ancisco. nch banking who | two cities, is which number about 3, showed how also in England about f banks controlled the situation there. He brought out that unless a legisla- tive body, representing the people, tervened upon social banking can lead to but only one sult, and that is monopoly of credit facilities. | Mr. Whipple was supported by number of other banks, hoth large and | mall, in the view that branch bank- | ing in v started | on the road to monopoly and that if in the interest of the public Congress ) does not prevent the use of the Fed- eral Reserve system as an instrument in the furtherance of branch banking, | it will only be a matter of a few year: before the entire banking resource of the State of California will be | under the control of three or four | powerful State banks Some Bank Problems. | Limitations placed by law on na- tional and many State banks with re- Isyect to the type of securities they | may purchase” constitute a_serious | wroblem in ‘ahtulwnnl buying dur- i rubber fit is for | market | the Western division als also by t exists the pos on’ securities entua Special fornia | ¢ usually thro e« ement wh appreci I to the secu price serves as busine: scale and vance. In pany's convert tive of 20 ().—0bs day ot YORK, Fet servance of Wash rt Monday will be marked in tinan gial district by the closing of the New York Stock Excl and all other s curities and dities marks The banks will not-be open, as it i a1 holiday. suga having taken a | Tuesday A plan Bliss « instead ¢ orginal today ' holders. J the machir sfactory under 1 West Vir porati special 1 W. Lane, v i approved i stock sident. stated ‘ te su pre sine | months beh he said, although | piants were ru operating two s timates all ch net resu same | The week's hi {out the country nanc 4.8 per week reporte 8 per cent the Net sales of ) for 1 ased to S1 $7.351,000 the vear before s §1.241.9 ter toxes the Atchison. To in the week ended wier than the corespondir Hod 1 136. Tmprovemer reported in the New inquiries and pend sen to 8,000 tons. (1 nage 1 the trade in some which d the market second quarter de view of existing price lev take the view that buyers think 1! present an opportune time to cover on at least part of their forward re quirements. Eustern Pennsylvania is quoted at $22 to §23 a ton base, with Buffalo at $21 to $22. fore The annual dividend rate on the £25 par value stock v.r the British Amer can 0il ed on a 10 per cent b v, The previous regu larly vearly rate since 1923 had been 8 per cent, but distribution of bonus es at various periods brought the rate to 10 per cent The company reported he best operating vear in its history king its first tisfactory showing in vears. George W. Alan of Winnipeg was elected a director to succeed the late Slr Augus- tus Manton. Vet profits of Quaker Oats Co. for 1925 was $3.502,748. equal after ferred dividerds to $39.8! @ share on the common stock. against $5,28 or $37.39 a share, in 1924 WEEKLY BANK REPQRT. NEW YORK. I 0 #) The actual condition of cleari: house banks and trust companies ic the weck shows exce 58,510. Th st week taled éu.nu.vw