Evening Star Newspaper, February 28, 1926, Page 102

FINANCIAL. NEW YORK STOCK EXCHANGE WEEK ENDING FEBRUARY 27, 1926. Last Wi High. 2 135.19 133.39 Year to Date, 73,602,612 73,369,501 Last Week. 8,340,395 . 6,168,280 Average price of 50 stocks. " Total Sales. .. Same period a year ago. Same perfod a y 192526 Hizh. Low. Stock and dividend. 108 Continental Insuran (6).. 15% 8% Continental Motors (80c). 32% Corn Prod Ref (2). “ee 1925--26— High. Low. Stock and dividend. 62 Abitibi Power & P (4).... 4915 Abraham & Straus 90 Adams Express (6). 18 Advance Rumely.. 47 Advance Rumely ;g @.. 7% Ahumada Lead (f 86% Alr Reduction (15).....+ llfi‘fi 111% 118% 9% Ajax Rubber. 1 Alaska Junea 203 Albany & Susque (+11).. 119 All American Cables (7). 80 Allied Chem & Dye (1).. 117 Allled Chem & Dye pf(7) 711 Alils-Chaimers Mfg (6).. 1034 Allis-Chalm Mfg pf (7).. 131, Am Agricuitural Chem. . 861% Am Agriculturl Chem pf. 38% Am Bank Note (1.60).... 29% Am Beet Sugar (4) 76 Am Beet Sugar pf (7). 25 Am Bosch Magneto...... ? 901 Am Brake Shoe & Fy (6). 174 10716 Am Brake Sh & Fy pf(7). 116 398, Am Brown Boveri Elec... 2} 904 Am Brown Bov El pf (). 1584 Am Can (18). : 115 Am Canpf(7). 45% Am Can new w { 973 Am Car & Foundry (5).. - 120% Am Car & Foundry pf(7). Hich. Low. Close. «Coty Inc (4).. 64% Crucible Steel 92 Crucible Steel pf (' 7% Cuba Cane Sugar. 87% Cuba Cane Sugar p! 45% Cuba Co (4). 20 Cuban Amer Sugar fl)A . 93% Cuban Amer Sugar pf(7). 2% Cuban Dominican Sugar. . 16 Cuban Dominican Sug pf. 71 Cudahy Packing (7). 62 Cushman's Sons (3)... 99% Cushman’s Sons pf (7)... 44 Cuyamel Fruft (4). . % Danlel Boone Wool Mill 27% Davison Chemical 82 Deere & Co pf (7). 138% Delaware & Hudson (9) 126 Delaware Lack & Wn (17) 35 Denver & Rio Gr West pf. 110 Detroit l2dison Co (8) 40 Devoe & RayndsA(2.40).. 21% Dodge Brothers Class A. . 731 Dodge Brothers pf (7) 12% Dome Mines (2). Douglas Pectin ( l"i . 203 140 211 89 10018 30 1091 109% 274 82% 115 92% 92% 3254 832 4 124% 125% 54l: B5% — 1004 102% L 1261 127% 241 24% High. 138 12 40% 3% . 124% 123% 123% 53 52 2 29% 104 an to lfll lG 11178 Low. Close. 185 11 38% 3% 2% %EK 1% 1% 88 101 46% % % 45%; 42 . 107 164% 148% 46% 18! 2215 Am Chain Class A (2). 87 Am Chicle. 37 Am Chicle ct?: § Am Chicle prior pf 1% Am Druggists Syndicate. Am Express (8) . . « Am & Forelgn Power $7 Am & For Power pf (7).. 819 Am Hide & Leather. . 6812 Am Hide & L 83 Am Ice (110). 741 Am Ice pf (6 321 Am Internatio 11% Am LaF Fire Engin 20 Am Linseed. 53 Am Linseed pf ( 101 Am Locomotive (8) 115 Am Locomotive pf (7). 45% Am Metal (4 90 Am Plano pf ( 897 Am Radiator (4). Am Radlotor pf (7) 12! 11214 129 T b2 Th 180% 114 139 42% 115 1047% 11 147% 1144 118% 108 132 58 104 29% T4% 3 91 Am Sugar 6 Am Sumatra 130% Am Tel & i 85 Am Toba: E 811 Am Tobacco C1B (8). 1041 Am Tobacco pf (6). 103 n Typefounders ( 34% Am WaterWks& 8 Am Water Works pf (7). .1ul s A Woolen. 3 Woolen nf . 1490 16w 7 Am 247y .-\m *o of 111 pf(7). Arnold Constable & Co. Artioor (3). Art Metal (1).... Dry Goods (213) . a 0fl (2) 90 2t A 15 Armo 127% 95 1% 220 . 47 102 116% 551 181 480 2314 1 pf (7) 881 i Auto Kuitter Hostery 1 103% 106 8954 5l Atla u';x, Atlan tic Reti c Re motive (7). £ (4). Bangor & Arcostook ( Bangor& Barn 18% Ba 16 B 38Y% Bay 60 zm 25% 40% 61 37 41 101% 115% Belding Brothers Bethlehem Steel. . 93Y% Bethlehem Steel p! 109 Bethleh 4% Booth F 25 Booth Fisheries 1st pf. Jotany Con MIlis CIA(4) . anufacturg (3) e s 1251 39% 109 26% 9 95 281 11% 95 66 187% 10 e-Collen. . Ry Sec. Brunswick- Brunswick T 86% Buffalo Roch & Pit pf(6). 70 Buffalo & Susquehan (3). 215 Burns Brothers Cl A(10). 17 Burns Brothers C1 B (2). 9115 Burns Bros pf (1) 65 Burroughs Add Mach(3). 14% Bash Terminal. .. 41 Butie Copper&Zine( 6% Butte & Superior ( Butterick Company vers (A M).. 21% 33 “allahan Zine & Lead lumet & Arizona (i4%) lumet & Hec: 136% Canadian Pacific (10). 24 Case (J 1) Thresh Mach 60 Case (J 1) Thres M pt 143 Central Leather Co. 49% Cent Leather Co pf. 265 Central RRof NJ (112). 20 Century Ribbon Mills(2). 431 Cerro dePasco Copper(4) . 40% Certain-teed Products(4) Chandler-Cleveland. .. ndier-Cleveland pf... e-a; eake & Ohlo (4) dhio pf (6 80% Chi Preus Tool (5) 40% Chi Rock Island & Pacifi 82 Chi Rock Is1& Pac pf (§). Y 4 133%51134% o us 129 % 56% % 131 114% 142 42% 115 % 105 11 147% 115 113% 108 132 60% 104 808 3 128% 951 2% 221 44 108 1164 155% 18% 234 884y 1t 107 108 26% 26 404 63 87 41% 101% 118‘/: 126% 40 109 26% 9 95 38% b% 21% 33 1 2F R VEERE L E LT &L P41+ kb 1§+ L+ 11+ Duluth So Shore & Ati pf Dupont de Nemoura (10). 228 DuPont de Nem deb (6). 108 Dugquesne Light 1st p!('l) ll.”t Durham Hoslery pf.. Eaton Axle & Spring (2) Efsenlohr & Bros. Elec Auto Lite (16 E ectric Boat Elec Power & Light otfs. Elec Fow & Light pf (7). ElP&L pf ctf 40% pd(7). 110 El P&L pf ctf full pd(7) Electric Storage Bat (18 Elk Horn Coal. Emerson-Brantingham. . 110% 77% BrmaresniBEatEnAmE 175 Endicott-Johnson (5). Erte. Erfe 15t pt. Erie 2d pt BurekaVacuum (). 4 Exchange Buffet (1%) . 4 Fairbanks Co Fairbanks Horse (3). Famous Players-Las (8). Players-L pf(8). Famo! Fed Lt & Trac (*1.40) 4 Fed Mining & Smeltin; 4 Fed Mining & Smel pf(7). Fidel i Fifth . ¥ First Nat Stores. i Fisher Body (5).. 5 Fisk Rubber. Fisk Rubber 18t pf (7). Fisk Rubber 1st pf stpd Flefschmann Co. enix F Ins (6) venue Bus (64c) 4 Fox Filin Class A (4). Freeport-Texas (Gabrlel Snubber A (+3%) Gardner Motor 4 Gen Am Tank Car (3). Gen Asphalt. 5 Gen Asphalt p % Gen Clgar (8). Gen Clgar w i Gen Clgar deb pf (1) Slectric (8).... n ctric Spec (60c) Gen & Elec A (1%). Gen Gas & Flec 7% pf A.. Gen Gas & F Gen Motors Gen Motors deb (6) . Gen Motors pt (7). Gen Outd Adv vot t Gen Dutd Adv C1 A (4). Gen Petroleum (3)... Gen Ry Signal (t4%).... Gen Refractories (2). Gimbel Brothers. . 4 Glidden Company (2). Goid Dust. Goodrich (B F) Co (4) Goodrich (B F) pf (1) Goodyear Tire&Ru pf(7). QGoodyear T & R pr pf(8). m Siik Hos (213) Gotham Stlk Hos pf (7). Gould Coupler C1A (2).. Great Northern pf (5) Gt North Ore ctfs (1%) .. 70% Endlcult Johnson pf (7)< . 116% 37 4! 122% 1224 264 Great Western Sugar (8). 103% Greene Cananea Copper. . Guantanamo Sugar...... Gulf Mobile & Northern. . 124 9 31 Gulf Mobile & Nor pf (6). 102;‘ Gulf States Steel (5) Hanna (M A) 1st pf. Helme (G W) (16%) Hoe (R) & Co Class A. . Homestake Mining (17). 4 Household Prod (£313). Houston Ofl...... 4 Howe Sound (2) . Hudson & Manhat (1‘;.) . Hudson & Manhat pf (5). Hudson Motor Car (3) Hupp Motor Car (1). 1llinots Central (7) ILilinols Central pf (6). Independ Ol & Gas (1)... Indian Motorcycle (2) Indian Motorcycle pf ( Indian Refining. . . Indian Refining ctf: Ingersoll Rand (3) Ingersoll Rand pf (6). Inland Steel (2%).. Inland Steel pf (7) Insplration Copper (2) '3 Interboro Rapid Transit. Intercontinental Rubber. Internat Agricultural. ... Internat Agri prior pf(7). Internat Bus Mach (8) Internat Cement (4) Internat Cement pf ( Internat Comp Eng (2).. Internat Harvester (5)... 131% 4 Internat Harvester pf(7). 122% Internat Match pf (3.20). Internat Mer Marine. . % Int Nickel (2) Internat Nickel pf 1:) internat Paper. Internat Paper Internat Rys of Cent Am. Internat Te! & Tel (6)... Intertype Corp (t1%).. Iowa Central.... Iron Prod (2) Jewel Tea. Jones Bros Jones & Laughlin Pt (1) Jordan Motor Car (3).... Kan City Pr&L 1st pf(7). Kansas City Southern. ... KKansas City South pf(4). Kansas Culf. Kayser (Jullu: Internat Mer Marine pf.. 66% 126% 110% 46 63% Kayser (Jullus) 18t pt(8 10(% 4 Keily-Springfied Tire. 19 46% 46 % 43% 107 156% 168 143% 143% 42% 42% 188 40% 37% 37% 86% 86% 216% 217 102% 112% 112% 621% 62% 108%3108% 16 74 6% 26% 95% 108% +++ i+ LII+1 1 Date. Low. 130.91 105.16 Net. Chge.. -8 -1 - 1% i = = (o Ty — 2% -~ s - 2% — 3% Lo - EAREEE S 2 MK SENEEERE RS L I+ 1+ FFIEEL ) PEFISEIS VTR FRBE LNV LT LTI+ 0 ) BOND MARKET WEAK. NEW YORK, February 27 (#).— | Downward price tendencies prevailed in today’s dull bond trading. Signs of real weakness, such as spotted the stock market, were lacking, but scat- tered liquidation of both investment and speculative holdings had a de- cidedly unsettled effect. Only a few rail {ssues with specula- tive possibilities were able to attract buying interest today. These included Chesapeake and Ohlo convertible bs, whose fluctuations recently have cor- %] responded to the varying reports re- garding the progress of the Nickel Plate merger. The latest news -indi- cated that a favorable decision was in 13| sight and the bonds moved up almost three points. Frisco adjustment 6s also were strong, rallying more than a point. Fractional declines were general in all other sections of the list, with porfit-taking causing more extended losses in a few issues. Booth Fish- eries 6s dropped 6 points and recession of a point or 8o took place in St. Paul Convertible s, St. Paul and Kansas City Short Line 4l;s, Eastern Cuba Sugar 7l%s and Warner Sugar 7s. The purchase of a $5,000,000 bond will offer the 21-year 7 gations next week. per cent obli- ~1026--26— High. Low. 106% 99 141 114 % 66 69% 114% 34 21% Stock and dividend. Mack Trucks 2d pf (1) Mackay Cos (7). Mackay Cos pf (4). Macy (RH) &Co. . Macy (R H) &.Co pf (7) Magma Copper (3)...... Mallinson & Co. ... Manati Sugar.. . Manati Sugar pf (7)..... Manhat Elec Sup(4%). .. Manhat Elevated gtd (7). Man Elev mod gtd (d5). .. Manhat Shirt (1%).. Manila Elec Corp (2) Maracatbo O1l Explor: Market St Ry prior pf. Market 8t Ry 2d pf Marland Of] (4). . Marlin-Rockwell (2) Martin-Parry (2).. Mathieson Alkali (4) May Dept Stores (5). May Dept Stores pf (1). Maytag Co (2) Metro Goldwin pf (1.89). Mexican Seaboard . Miami Copper (1) Ald-ContinentPetr, Middle States Oll ctfs. Midland Stl Prod pf (19). % Miller Tire & Rubber (2). Minneapolis & St Louts. Minn & St Louls ctfs..... M StP&SSM Isd lines (4) . Missour! Kansas & Tex. Missour! Kan&Tex pf(6). Missour{ Pacific. Missour! Pacific p Montana Power (5). Montgomery Ward % Moon Moters (3) .. . Mother Lode Coalit (). Motlon Picture (1%). . Moto-Meter Cl A (3.60).. Motor Wheel (2). 3% 2% 67 434% 92 36% Murray Body. 4 Nash Motors (+17) 66 ashville Chat & StL(7). 174% at Acme (stamped).... 11 at Cash Register ctfs t Cloak & Suit (4) Nat Cloak & Suit pt (7).. at Dairy Products (3).. at Dept Stores. at Dept St 1st p at Distlllers Products. . t Distlllers Prod pf. . t Enam & Stpg. . Nat Enam & Stp pf (.J Nat Lead (8 t Lead pf (7). at Power & Light (400). at Rys of Mex 1stpf... Rys of Mex 2d pf. at Supply (3). Nat Surety ( at Tea Co (4). 1 311 [ ¢ Chicago & StL (6).. 5 N YChi&StLpt (6).... C Chi & StL pf ctfa(é). N Y Dock N Y & Harlem (5). N Y New Haven & N Y Ontarlo & Western. . N Y Railways pt ctfs N Y Rallways pf ctfs. Vingara F Pw Co pr(i%) folk Southern. . rfo k & West (18) rfolk & West pf (4)... orth Am (b10% sock) ... orth Am pf (3).... orth Am Edison pf (6). Northern Pacific (5). Norwalk Tir & Rub(1.60) Nunnally Co (1%). Of1 Well Supply (2)... 011 Well Supply pt (7)... 107 Omnibus Corp 224 174% 99% 944 41 . 195 17 23"‘ Onyx Hosfery. .. Onyx Hostery pf (7). Oppenheim Collins (3 Orpheum Circuit (2) Otis Elevator (6) Otis Steel. . Otis Steel pf Outlet Company. Outlet Company pf (7). . Owens Bottle (+4). Owens Bottle pf (7). Pacific Coast. ... 4 Pacific Gas & Elec Pacific O1l (3) Packard Motor Car (2)... Paige-Det Mot Car(1.80). Pan-Am Pet & Trans (6 Pan-Am Pet & T CI B ( Pan-Am West Pet B (2).. Panhandle Prod & Ref.. . Panhandle Prod & Ref pf. i Park & Tilford. 4 Park Utah (60c). Pathe Exchange C Penick & Ford Ivania Coal&Coke. ivanfa Ratlrd (3). Penn Seaboard Steel. ... Peoples Gas Chicago m Peoria & Eastern. Pere Marquette (4) . Pere Marquette pf (5) ... Pere Marquette pr pf(5). PhilaCo (4)... il 46% Phila Cont (3). 87% Phila & Read Cor 12% Philip Morris & Co. Phillips-Jones(4).. Phillips Petroleum (3) Phoenix Hosfery. 10% Plerce-Arrow. . 43 Plerce-Arrow pf. 1% Plerce Oll. . 1291 821y 39% 247 14% 521 b1 36% 18 Seasonal Slump In Trade Noted During Past Week By the Associated Press. NEW YORK, February 27.—The downward readjustment of stock, bond and commodity prices this ‘week coincided with a further sea- sonal slackening of business and trade activity. Meanwhile, money rates stiffened, presumably in re- flaction of the heavy withdrawal of funds to meet month-end and tax-day requirements. New se- curity offerings again exceeded $100,000,000, with several large for- eign and domestic loans still in prospect, including a Belgian gov- ernment bond issue of $150,000,- 000, about half of which will be of- fered in the New York market. —_— PRESENT RATE STANDS. American Radiator Co. Not to In- crease Dividends. NEW YORK, February 27 P).— issue for the city of Liepzig, Germany, [ American Radiator Co. will continue was announced by ‘imyer & Co., who | to pay regular quarterly dividends of $1 a share for the present, C. M. Wool- ley, chairman, said today, in connection THE SUNDAY STAR, WASHINGTON,- D. O, FEBRUARY 28, 1926—PART 6 FINANCIAL. STOCKS 20 T0 60 POINTS . FEBRUARY’S ADVANCES IN BONDS UNDER RECENT PEAKS| MfAKE PRICES CES HIGHEST IN 9 YEARS NEW YORK, February 27 P.— The declining tendency. of stock prices during the past week, which carried both the rail and industrial averages to new low levels for the year, was featured by a series of sweeping de- clines in so-called specialties, which had been bid up to exaggerated values of pool manipulat on. Since the publication of figures on the huge volume of brokers’ loans by the New York Stock Exchange and the New York Federal Reserve Bank | was started banks have substantially marked down the loaning value of these securities, necesitating .irger margins to carry them as collateral on the loans. This has decreased the buying power of pools sponsoring them and has made them vulnerable to bear attacks. Many of them now are selling 20 to 60 points below the high levels established only a few weeks ago. peenaloes” with Wall Street reports that the com- pany either would increase the rate or declare an extra soon. Earnings last year were satisfactory and indi catfons pointed to a good year in 1926, he added, the outlook being better than at this time a year ago as build- ing has shown an increase over the same perfod in 1925. Net. | ~1925--26 High. Low. 60% 127 Stock and dividend. 43 Reld Ice Cream (3).. 46% Remington Typewriter Net. Close. Chge. 52 % o4 High. Low. . b2 51% . 118 107 108% 108% 107% - (EEEE S ERE 2 P L g et 100 Remington 1st pf (7) 103 Remington 2d pf (8). 11% Replogle Steel. .. 42% Républic Iron & St 84% Republic Iron & St pf( 5% Reynolds Spring 3 72% Reynolds Tobacco B (4). 10 Robert Rels & Co. 85 Rossta Ins Co of Am (8). . 48% Royal Dutch (a1.319-10). 48 Safety Cable (4) 36% St Joseph Lead ( 57% St Louls-San Fran ( 76 St Louis-San Fr: 43% St Louls Southwester 70% St Louis Southwst pf (6) 481 Savage Arms (4). Schulte Retatl St (§! Seaboard Alr Line Seaboard Air Line pf. Seagrave (1.20). Seara-Roebuck & Co (8). . Seneca Copper Shattuck (Frank G) (2).. Shell Unlon Ol (1.40) Shell Union O11 pt (8).. Sheubert Theatre 4 Simmons Co (12%). Stmmons Co pf (7). Stmms Petroleum (1) Stnclair Consol Ofl. ...... Sinclair Consol O11 pf(8). Skelly O11 (2) Sloss-Sheft Steel & Ir (6). South Porto Rico Sug(6) . Southern Pacific (6). Southern Railway (7) Southern Ratlway pf (5). Spalding (A G) 18t p£(7). Spear & Co pt (7). 3 Spicer MIg. 4 Standard Gas & E1 (3) . Standard Gas & E1 pt (4). Standard Milling (6).... 4 Standard Oll of Cal (2) 4 Standard Ollof N J (1)... Standard Ofl of NJ pf(7). Standard Plate Glass Sterling Prod (4). . Stewart-Warner (6)..... Stromberg Carburet (6). Studebaicer Co (16)..... Studebaker Co pf (7). Submarine Boat Sun Ofl (1). Superior Ofl. Superfor Steel Sweets Co of America. Symington. + Symington Cla: Telautograph Corp 100(:) Tenn Copper & Chem (1). % Texas Co (8).. Texas Gulf Sulphur (10). Texas & Pacific. Texas & Pac Coal & Of1 Texas Pac Land Trus The Fair (2.40). Third Avenue - Thompson J C (3.60). i Tide Water O1l (1). Tide Water Ol pf (5) & Tiken-Detroit Axle (6)... Tobacco Products (6) Tobacco Prod Cl A (7). Transcontinental Oil. . Twin City Rapid Tran(4) Twin City Rap Trpf (7).. Underwood Typewr (3) Unlon Bag & Paper. . Union Ol of Cal (2) Union Pacific (10) Unlon Pacific pf (4) Union Tank Car (8).. Union Tank Car pf (7). United Alloy Steel (50c). United Cigar St (*3%)... United Drug (7) United Dyewood . United Fruit (112). United Paperboard (2). United Rallway Invest. .. United Rallway Invest pf. USCast1P&Fdy (10).. U S Cast I P& Fdy pf(7). U S Distributing U S Hoffman Mach (3). U S Industrial Alcohol. U S Industrial Alco pf( U S Realty & Imp (4) U S Rubber. .. U S Rubber 1st pf (8) , SSmeit Ref & M (3%4). S Steel (17). U S Steel pf (7). U 8 Tobaceo (3) U S Tobacco pf (7). Univer Pipe & Radiator Utilitles Pw&Lt CLA(2). Vanadium Corp (2). Vick Cherifcal (336). Vicks Shrevept & Pac (5) 18% Va-Car Chem new w i.... b56% Va-Car Chem 6% pf w i 62% Va-Car Chem 7% pf wi 1% Va-Car Chemical. % Va-Car Chem ctfs 7% Vivaudou. .. 94% Vivaudou pf (new). 19% Wabash 56% Wabash pf A (5). 14% Waldorf System (1%). 21 Walworth Co (1.80) 118 Ward Baking Class 374 Ward Baking Class B 943% Ward Baking pf (7) 12% Warner Bro Pic C1A. Warren Bros (4)... Weber & Helibroner (4).. West Penn Elec CIA. ... West Penn Elec pf (7). West Penn Co pf (7). ‘West Penn Power pf (7). Western Maryland Western Maryland 2d pf. Western Pacific. Western Pacific West'house Alr Brk(17).. iWest’house E& M (4)... u USSmelt R&M pf(3%). U 1 Univer Pipe & Rad pf (7). 5 o8 52 b65% 4% 41% lu 1144% 1 United Drug 18t pt 43%) 10274 57 5% 1053 45 123%2126 26% 126% 6115 1143 231 724 351 81 49 92 Western Union Teleg(8). 1 REREREDY Ik .| class of investment. REEAEANNE: o wee B F REFS 5E 48% 48Y% - 611 - Special Review Shows All Grades of Investment Se- curities Have Been Popular—Liberty 31%s in BY GEORGE T. HUGHES. NEW YORK, February 2’ he ad- vance in the bond market which has been in progress practically without interruption since the beginning of the year has gained momentum the past four weeks until the average level is approximately at the high point and higher than at any time in the past nine years. Few students of investment con- ditions predicted the movement, Look- ing backward, however, it is possible to discern the two underly —first, confidence {r the s money rates and, second, a slowly srowing belief that the price trend in commodities over the longer period is downward. These two fundamentals logically make for strength in the bond market. Government Bonds Strong. All grades of securities have par- ticipated in the buying favor. Gov- ernment bonds have heen strong, not anywhere near the record highs, of course, but well above the quotations prevalling in the closing months of last vear. The most interesting de- velopment in this connection was the buying of Liber; s, the one en- tirely tax exempt issue. It has been ex- pected that the prospect of lower sur- taxes would act to depress the market for tax exempts, but it has not work- ed out that way. State and municipal bonds of the higher grade have been easily absorbed. The buying of the ether Libertys was, of course, mostly by banks and flnancial institutions and by a few corporations with large surpluses of cash for which they wished temporary employment. There will always be a more or less large demand from this source which, taken with the decreasing supply brought about by operation of the legal railway issue became pro- to hold up the price. There is nothing in sight now which would encourage the expectation that Libertys will go below par, or even much below their present level. Rallway Issues to Front. The high-grade rafl nd_public utilities bonds are also around their post-war record highs. It was not until the second half of February that the upward movement in the so-called | legal raflway issues hecame pro- nounced, but at tnat time there was a sudden development of interest in these securities. Selling as they do on a 4.50 to a 4.75 per cent basis, they present no attractions to the individual investor. To a layman the price appears much too high. The explanation, of course, is that savings banks must have this Widening of the fleld in which these banks may em- ploy their resources to include the first mortgage public utility issues will bring a certain amount of com petition into this part of the mark Other Grades in Favor. A larger public interest was invited by the rise in the middle and second grade bonds. In this group have been some decided galns. Take, for exam- ple, bonds carrying 6 per cent cou. pons, the obligations of corporations with an improving flnancial position, and it will be found that the price appreciation here has been large and persistent. In the railway list there only a few such 6 per cent is- sues still selllng below par, while bonds such as Missouri Pacitic 6s have had striking advances until the pre mium paid has been substantial. More discrimination has been shown among industrials, but the element of specu- lation has not been absent. The bette: demand for the sugar companies’ bonds 1s typical. Last year, with the exception of the Porto Rican companles, the sugar producers had a difficult me. The price of the commodity was either at or below the cost of production an the resulting pessimism was reflected in the market for the sugar bonds. With the 1925 annual reports out of the way, however, senior sugar se curities turned definitely upward, in fuenced not so much by the better trade outlook as by the high return the bonds offer. Money Seeks Outlet Abroad. In no respect have recent develop- ments been more interesting than in the improvement, almost uniform and sustained, in_ the foreign field. Prob- ably some of this increased favor to ward foreign securities s due to greater confidence inspired by the rec- ords of these bonds since the war for regularity of interest payments and observance of sinking fund provisions, but In greater degree it has been the result of the advance in domestic bonds going so far that investors who were not satisfied with a moderate re- turn on their money have been forced to direct thelr attention to foreign ob- \igations. Fonly in isolated cases have price movements in the foreign group been influenced by changes in conditions in the countries represented. When any such influence has made itself felt it has almost invariably been of a favor- able character; unfavorable happen- ings have been ignored. South American Bonds Attractive. he South American bonds well {l- ]vl;‘;l"dl«‘ the point. The \.'r.ld‘;h‘l:hc;;l» ce r and above for suc " ;:“‘\lo::e’\”:dw 7s, Republic of Bolivia ss and City of Bogota 8s stmply proves that the 7 to § per cent return in the minds of buyers more than compensates for whatever risk there may be. Doubtless all these bonds and | others in that class have been under- valued in the market a long time, but it is only recently that the average purchaser has come to realize it. The credit of Uruguay has always | stood high among South American countries, and there is no goed reason why the obligation of its chief city | should not be rated corresponding! well. Colombia has forged ahead, ur til now, from a financial standpoint, its condition compares favorably with that of other nations in the Southern Mosl lnteresung Move. Hemisphere. Recognition of this progress is evident in the market for the bonds of its capital city. Bollvia s a country of iarge undeveloped re- sources, but comparatively poor finan. cially. Nevertheless, it has a long and ionorable record of meeting its obli- sations, a record which justifies the in- creased valuation of its bonds. Sentiment Changes Toward Bragf. The better known South American -ountries, such as Argentina and Chile, have long enjoyed the favor of investors. But even the bondy of these powers, especially of the | former, have done better. The cas of Brazil is unique. There has beer a lurge advance in current quota tions for Brazillan bonds, but in this instance there has been a particula: reason therefor. Brazil has had financial difficulties in the past which have operated to depress the price of its securities in outside markets. It was the London investor who first recognized that this condition had changed decidedly for the better and it was in London that market improve ments for Brazilian obligations be. | gan, an improvement which now ex tends to the American market Comparatively large advances have been made by all the active Brazilian bonds, not only the obligations of the central government, but those of its greatest city, Rio Janeiro, as wel Coffee Loan Case Hluminating. The incident of the coffee-secure. loan is {lluminating. Objection h the Department of Commerce to the floating of bond issues in this coun try designed to support the price of commodities which American con sumers must import prevented the offering of this loan in the United States. It was, however, floated in London, and very largely oversub scribed. Now a certain number of these sterling honds are being resold to American investors. Incldent: it is Interesting to note that Brazil 8s, the dollar {ssue, share with French Tiis the d netion of hei {two of the few entir high-vielding foreign {traded on the New European Issues Also Advance. Turning to European issues, market has been more hesitant, 1 still not without advance. Frencl bonds are in a class by themselves and not representative of the feeling to- ward other continental securities. As far as permitted by the agreement under which the bonds were origi nally sold the countries of Norther Europe have refunded their high’ (oulmn rate {ssues on a lower yleld and the market for the ne well stabilized. Callable provisions limit the possibility of price appreciation in others. The test of the American investment con: munity's attitude toward Itallan bonds is yet to come. Apparently the feeling is more kindly than i was. There is also a good deal of co tusion about the status of the flood of German state and municipal of- ferings. Most of these are not listed on the exchange, and the over-the counter dealings are more difficult to follow. Probably, however, there has been improvement here also. The «gestion that these German bor. \ rowers may have difficulty in finding exchange for transfer of funds rep resenting interest and principal on their bonds has received little tention. (Copyright, 1 SCORES SUCCESS RULES. Credit Expert Gives Views +$50.000-Per-Year Man.™ Special Dispatch to The Star BALTIMORE, February 27.—Mos \ of the rules for success as laid dow: by successful busines men and maga zine writers are “pure bunk,” Champe S. Andrews of New York, president of the National Association of Credit Men, told the local association at a dinner here this week. Mr. Andrews spoke on “The Difference Between the 5,000 and the $50,000 a Year Man.” “The first rule given in most o e anthologles of success is the " Mr. Andrews sald that work will make you al success. The man who la late at night with papers piled in front of him is not advancing o the road to success any more than the laborer digging a ditch. Both work harder than any man in this room and get less pay. *‘Be honest.' This is another slo #an of the success magazines. Hon esty is the commonest thing in the world. The man who draws $0 a » month as caretaker is just as apt to be honest as the $50,000 u year man. “The hardest thing is to get the all around man. The $5,000.a-y man has been defined as the man who can do one thing well; the $10,000 mun as one who can do two things well, the $20,000 man, three things, and the £50.000 man as one who can do man things and knows how to make other men carry out his plans. “Be broad. The biggest problems before the world today is how to pre vent another world war, yet few of us know anything of it or éven of the & | World Court, which the United States is to enter. The world in general, and captains of Industry in particular, need men who understand general condi tions.” 6.1 e by 2 PAYMENT ON ENGINES. NEW YORK, February 277 (@), Baldwin Locomotive W will ceive $610,000 from the government o | Rumania next Monday on joint ac counts with American Locomotive for sale of locomotives in 1920, Financial Highlight s of Past Week Brought Out in Nutshell by Statistics Specia® Dispatch to The Star. Kelly-Springfield Tire p!, NEW YORK, February 27.— Kelly Spring Tire 1st pf.. Keisey Wheel (6). .. Kennecott Copper (4). Keystone Tire & Rubber. Kinney (¢ R) Co (4) Kresge S5 (120). Kresge (S 8) Co pf (7) Kresge Dept Stores. .. Laclede Gas (8)... Lee Rubber & Tire Lehigh Vailey (3%) Lehn & Fink (3). 4 Life Savers. . Liggett & Myers (14). Liggett & N CIB (14)... Liggett & Myers pf (7). Lima Locomotive (4). Loews Inc (2). Loft Inc. .. Long-Bell Lu Loose-Wiles Blscult 80% Lorlllard (P) Co (3) 408 4 108% Lorrilard (P) Copf (7).. 113 13% Louislana Oil Refining... 16% 227 Louls Gas & EI Cl A(l%) 25% 106 Louis & Nashville (‘) 182% 31% Ludtum Steel (2). 54% MoCrory St C1 B ((36.60). 109% MeclIntyre Porc Mines (1). 27T Mack Trucks (6) 187 Mack Trucks 18t p! This week. High. Low. High. Low. ...+ 136.00 13395 138.45 136.85 This week. Last week. . 8693 86.85 . 103.93 104.02 This week. Last week. Year ago. Federal reserve ratio . -0 3.7 .3 ey valdwisa This week. Last week. call . 4i5t05 e 415 10 4%, Month of Weston Elec Instrument . 19% Weston Elec Inst C1A(2). 18% Wheeling & Lake Erle. 22 Wheeling & Lake Erle P( 256% White Eagle Oll (2) 574 White Motors (4) . 3315 White Rock Min S (12.40) 2 Wickwire-Spenc Stl ctfs. 9% Willys-Overland 7‘7% ‘Willys-Overiand 1 Wilson & Co ctf=. . 112% Woolworth F W (5) 35% Worthington Pump. 58 Worthingn Pump pfB(6) 16 Wright Aeronautical (1). 45% Wrigley (Wm Jr) (14)... 22% 920 63 20% Plerce Ofl pf. Tt 414 Pierce Petroleum 37% Pitts Coal 79 Pitts Coal pf (6). 134 Pitts Ft Wayne & 30 Pitts Terminal Coal 79 Pitts Term Coal pf ( 12% Pitts Utllities pf (11.20). 63 Pitts & West Virginia. ... 40% Porto Rican Am Tobacco. 64% Postum Cereal (4.40) 45 Pressed Steel Car. . . 76% Pressed Steel Car pf (7).. 1214 Producers & Refiners. ... 62% PublicService N J (5). 97 Public Service pr (6) 99 Public Service NJ pf: 7). 109 Public Service N J pf(8). 92% Public Ser El&Gas pf(6). 129 Pullman Company(8).... 33 Punta Alegre Sugar. 25% Pure Ofl (2)... 103 Pure Ol pf (3). 76% Radio Corp of Am. 45 Radpl Cor of Am DI(!%) 92 Chi Rock Isl & Pac pf (7). ok 3% Chi St P Minn & O pf (5). 49:» Childs Co (32.40) Chile Copper (2%) 16% Chino Copper 50 Chri 4214 C 70% Cieve & Pittsburgh(315). 70% 581 C uett-T'eabady ( 68 103% Clueit-Peabody pf (7).... 110 80 Coca-Cola (7).... 151% 301 Colorado Fuel & Tror. 4414 Colorado & Southern. 45% Co umbia Gas 1043 Columbla Gas & El pf 46 Columbian Carbon (4). 3i Commer Credit (1%2). 981 Commer C'red 1st pf(612). 26 Commer Credit pf B (2).. 50 Comme. Invest Tr (3.60). 97 Comme: Inv Tr pr (6%). 80 Commer Solvents A (4) 76 Commer Solvents B 16% Congole im-Nairn 261 Consolidated Cigar. . 798 Consolidated Clgar pf(7). 3ta Consoitdated Distributor. &1 Gas (5) ed Textile. Stocks (average of 50 issues). Bonds (average of 40 issues) . Foreign bonds (average of 10 issues). ISANSEE PR T L L Month of Jan., 1926, 4,882,739 106,974 Month of Dec.. 1925. 5,033,364 104,853 80 12274 617% 89% 994 493 119% Yellow Tr & Coach(75¢). . Yellow Tr & Coach pf(7) Youngstown S & T (4). RIGHTS—EXPIRE. 2% Pac Gas & Elec Mar 31. % Pub Serv, N J, Mar 31 16% Reading, July 1. 3 Seaboard Alr Line. .... 1% 68% R R Sec 11l Cen ctfs (4). 2% 4* ‘White Motor Apr 10 1% 654 Railwy Steel Snrln‘s(‘). 56% 114% Ry Steel Springs pe(D. 123 - 1 armDidend fates ta eiven tn the atove table aro tho anwual can 11% Ray Consol Copper. Enlen otllerwlle noted, L jiasea or spo .;P‘]mdo aic nulk included. % ly_extra. us 4% in stool o I e avlo in preleried stock” 3 1le‘s 235 %. ins peoch. 4% 96" Readinc 2d pf (3)... Fias 3% tn S Moy Unfilled steel orders . Pig iron production . Building permits: Number of cities . Amount Commercial failure: Number . % ’ Liabilities sevee Revenue car loading: All commodities .. Grain and grain )xroduru. Coal and coke . Forest products Miscellaneous prnducln § 25 ot ol s i el I 167% 43 28% 111% . 426 331 . $271,346,116 $330,489,044 426 $248,448,899 2,073 1,878 2,340 $48,227,004 $36,528,160 $64.440,986 ‘Week of Feb. 13, '26. Previous week. Year ago. . 917,144 914,904 903 13,682 19¢ o 42 46% EEVEY FTY L =5 stock. qulmr Paid this vear: no u‘ e "ls', quarterly. 26 % 1275 —10% 100 - % lll 696 i 118% 114 Cemsienta 10188