Evening Star Newspaper, December 6, 1926, Page 14

C., MONDAY, DECEMBER 6, 1926. FINANCIAL. 14 TRADING LIGHTER FINANCIAL THE EVENING STAR, WASHINGTON, D. ANGE | [DEMAND FOR BONDS IS GREAT NEW Y ORK Srouk EXCHANGE |1 ™ CLAY TELLS SECURITY SELLERS ON NEW YORK Recelved by Private Wire Direct to The Sales. High. Low. Close. 3 UNITED STATES. Open. High. Low. (Sales_are in $1.000.) 71024 101% 102 IN STOCK MARKET Field Left to Professionals Today—Baldwin Fluctua- ation Scares Outsiders. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, December 6.—1f Wall Street had looked for an increase of public interest in the market over the week end, its expectations were not gratified. Outside capital was not at- tracted, but, on the contrary, appear- ed in reduced volume. More than cver the field today was left to the vrofessionals. For this such a wild gamble as went on last week and the week before in Baldwin Locomotive was partly re- sponsible, The - violent fluctuations, entirely without explanation in the financial affairs of the company, in- timidated the conservative element. This was the sort of episode calculat- ed to spread the impression of a high- ive state of things in the ly, with the ins comlng from a few big plungers rather than from substantial capital. The market took only a perfunctory interest in the money changes. Call funds renewed at 4iz per cent and went to 5 later in the day. This fol- lowed the deficit reported by the New York clearing’ house hank on Frida It only meant, of ¢ at the f of the month corporation vequirement had temporarily withdrawn enougl from the market for the remaining surplus to command better terms. T=ring ths greater part of the riue variations apart from a few o1 the high-priced industrials were ~mall and of no importance. The Abitibi Pow (4). ::r;rém&stnu- r&Stras 7%pt Adv Rumiey. Ad Rumley »£(3 Ahumada(160c) . Alr Reductn(16) Ajax Rubber.... Alaska Junea. .. Allied Chem (4). Allfs Chalm (6). Amal Leather... Amal Lthr pf(7) Amerada (2). Am Agricul Chm Am Agri Ch pf.. Am Bk Note (3). Am Beet Sugar. Am Brake Sh(6) Am Br Bov EI(2 Am Can (2).... Am Can pf (7).. Am Ca-r&T"dy (6) Am Chicle (3) Am Drug. .. Am Exp) ess . Am & For Pow. . Am & Fo P pf(7) Am Ho P (2.40). Am Ice (+10). Am Ice pf (6) Am Internatl. Am La Fr (1). Am Linseed. Am Locomot (8) Am Loco pf (7). AmMa&Fy pf(7) Am Po&Lt (g1). Am Radlator(5). Am Ry Exp (6). Am Safety R (3) Am Ship & Com. Am Smelting (8) 134% AmS& R pf (7) 119% Am Stl Fdys (3) 44% Am Sugsar (5)... 82% Am Sugar pf (7) 108% Am Sumatra.... 41% Am Tel &Ca (5). 28% Am Tel & 'Tel(9) 149% Am Tobacco (8). 120% 56% 58 110% | Am Tobac B (@) 118% Am Tobze pt (6) 110% Am Typ Fdrs(8) 119 im Wa Woel.20 61 rincipal gains occurred.in stocks of specialty type, easy to mark up on account of their small floating supply. Stocks in which the public is chiefly interested were doing little. Among the oils, Standard of Cali- fornia, Shell Union Transport and In- dependent Oil and Gas were some- what higher, while other members of e group were doing scarcel :han holding around Saturds E Boath Porto Rico Sugar, after drop- ping off at the start, ran up to where it was selling well above last week’ cloging. American Sugar moved within a range of a point. The to- bacco stocks as a group kept strong and at was active buying_in R Tobacco B, To- bacco Products and in United Cigar Stores. American Locomotive, if it did not take the leadership away from Baldwin, showed at least that it had been powerfully affected by the big jump in the latter. Amer can Locomotive ran up and drew some fresh buying into Lima Locomo- tive and into American Car and Foundry. It remains to be seen whether optimistic predictions _re- garding the size of railway orders afier the f of the year will be realized any better than they were a year and two years ago. st Markets at a Glance NEW YORK (#).—Stocks-firm: In- ternational Harvester at record high. Bonds irregu dy. | Foreign _exchange French | francs react. Cotton steady; unfavor- | able weather. Sugar firm; Cuban crop to be restricted to 4,500.000 tons. Cof- fee higher; trade he on_ firm cash situation. Corn steady; mode e country movement. Cattle firm. Hogs easier. | WEALTH IS GREATER. TOPEKA, December 6 (Special).— The total wealth produced in the 12 States served by the Santa Fe Rail- road this year from farms, cattle, mines and lumber climbed to $§,000,- 000,000. Kansas produced agricultural products outside fruit and vegetables | valued at $340,000,000 and Kansas | iive stock brought $130,000,000 and lumber $600,000. Missouri crops were | valued at $370,000,000, live stock at $280,000,000, minerals at $15,000,000 and lumber at $10,000,000. i POTATO MARKET DULL. CHICAGO, December & (#).—Pota- +oes; receipts, 107 cars; on track ‘otal United States shipments & day, 601; Sunday, 11 cars; practi no early trading, market dull -onsin sacked round whites, 2 fancy, shade higher; ordinary, 2.15; Minnesota sacked round whites, occasional, higher; 1 0a2.75; occas ancy, higher. o FOREIGN EXCHANGE. Quotations furnished by . B. Hibbs & Co.) Nominal Scling checis chmi ‘adrid. peseta. . lenna. Cro; sudapest. rague. Varsaw. zloty openhagen.” crown o, crown tockMolm, NEW YORK, December 6 (#).—For- | ign exchanges lower. Quotations (in | sents): Great Britain — Demand, | 1$49.16; ca ¢ bills on anks, 4807 nce — Demand, | Italy—Demand, | crown Fr 3.91. '33; cables, 4.34. Demand—Belgium, 13.90 '3.773¢; Holland, 39.9 sweden, 26.73; De: rland, 19.29; 31%; Poland, 1.96; Jugoslavi %; Austria, 4.12%; Rumania, ; Argentina, 0.871; Brazl, ; Tokio, shanghal, 58. Montreal, 99.98 7-16. TREASURY CERTIFICATES. (Quotations by J. & W. Seligman & Co.) ———NOOn ——— 15.20; e, echoslovakia, —— SHORT-TERM SECURITIES. \dtrond. P. & L. C. 6 \lum. Co. of Amer. im. Tel. & Tel. C: \nsconda_Copper G Acsociated Oil Gs 194 jaltimore & Ohio 6 dell Tel. of ‘ofumb. G. & E. 1 ‘ontinental G, & E, r 3ulf 0il Corp. Pa. fershey Choc. Co. fumble 1l 5l3s ase. Gas Co. Blas { Cent Leathr ctfs. { Congress Cgr (3. A w W 1st (1) 106% Am Woolen. 31% Am Wool pf Am Writ Pa pf.. Am Zine. . ArmourDel pf(7 94% Armour of III(A. 16 Armour of TII(B) 8% Artloom pf (7).. 113 Art Metal (1)... 23% Asso Dry G(2%) 42% Atchison (7).... 154% A1 Birm & At... % Atlant C L (110) 200 Atl Coast Lirts.. 15% A1 Gulf & WI.. S84 Atl Gulf&WI pf. 38 Atlantic Refing. 109% Austin-Nichols. 9% Austin Nic pf(7) 56% Auto Knitter % Baldwin L (7).. 155% Ralto & Ohlo (8) 106% Balto & Oh pf(4) 72% Bang & Ar (3).. 44 larnsdall A (2). 28 Barnsdall B (2). 26 Bayuk Cigar.... 514 sethlehem Steel 46% Bloomingdale... 386% Rooth Fisherles. 7% Briggs Mfg (3). 256% British Emp 2d. 2% Blkn-Mn Tr (4). 71% Bk-Man T pf(6) 8% 3Kin Un G(t11). 95% Brown Shoe (2). 33 Brown Sh pf (7) 110 110 Brunswick Ter. 15% 15 Burns Br B (2). 29 Burroughs (14). 11 Bush Terminal.. 27% Butte&Super(2) 12% Rutterick (2)... 55" Byer & Co. . 42 By-Produots (2) 9% Callf Packg(4).. 68 Calif Petrol(2). Callahan Zinc. .. Calumet & Ar(8) Canada Sou (3). Can Pacific (10). 163% 164 Case Threshine. 154 154 ™ T 52% 52 14% 14% 62% 62% 157% 106% 72% 9% 120 27% 12% 5% 42% 80% 68% 81% Cent Leather pf. Century Rib M.. Cerro De P (4).. Certain-Teed(4) 44 44 Chand-Clepf(4) 24 24 Ches & Oh (112) 161% 162 Chi & Alton. .... 4% Chi & Alton pf Chi& East Ill. .. Chi & East Il pf Chi Great West. Chi Gr West pf. Chi MII&StP. ... Chi Mi1&StP pf. C M&StPecfs. ... C M&SUP pf cfs. Chi & Nwn (4):. Chi R I &Pac.. CR1&Ppt (6). !CRI&PDI (D). Childs (32.40).. Chile Cop (2%). Christie B (1.20) Chrysler Corp(3 Coca-Cola (7)... Collins & Aik(4) Collins&Aik pf 7 Col Fuel & Iron Col & Southn (3) Col s & KL (5 Col Gas new (5). Col G&E pf A(6) Col Carbon (4).. Com Crpf B (2) 22 Com Inv (3.60).. 60 Com Solv B (8). 224 Congoleum-N.. 20 55 Con Cigars (7).. 85% Consol Distribut 1% Consol Gas (6).. 111 ConRRCuba pf 6 Consol Textile. Cont Bakg A (8) Cont Baking B Cont Eak pf (8). Cont Can (16) Cont Insur (6).. Cont Mot (80¢).. Corn Prod(12%) Coty, Inc (16)... Crucible Stl (5). Cuba Cane Sugat Cuba Cane Su pf Cuba Co (4) Cuban-Am 8 (1). Cuban-Am pf(7) Cudahy (new).. Cushman’s (8).. Davison Cnem.. Del & Hud (9).. Del L & Wn (17) DRG Wst pf. Detroit Ed (8).. Detroit Ed rts. . Devoe&Ra(2.40) Dodge Bros CLA Doage pf (7).... Dome Mines (2), Du Pont (+12).. Dupont deb (6) . Duguesne pf (7) Eastman (18)... Eaton Axle (2).. Essenlohr & Bro. Electric Boat. .. Elec Power & Lt Elec P & L pf(7) Elec Refrig (c2) Flec Sto Bat(*+6) Emmerson Brat. Emmerson-Bt et £nd-John (5). .. Endicott pf (1) Engineers Pub S Engnrs PS pL(7) Equitable pf (7) Erile RR 897 101 68% 115% 121% 24% 12% 10% % Erie Stm S pf(7) Eureka Vac (4). Famous P1 (§8). 98% | Famous pf (8).. FedLight(*1.40) 41% F o T e P R L 2 Fed Min & Smelt 83 Fed Min pf (7)., 74% Fed Mot T(f80¢c) 24% FrstNP 1st19.44. 101 89% B9% 94 561 110% 110% 10% 10% 35% 34% 5% 139% % Close | 89% 58 0. 128% 60 110% 16 60% 7 185% 120 45% 108% 41% 28% 4 149% 120% 119 110% 119 61% 4 106% 36 89% 1 874 846% 48 94% 15% 8% 13 28% 42 155% % 4 200% 25% 2% 1% 88 95'% 33 110 15% 297 119 27% 12% 55% 42% 9% €8 163% 149% % 52% 13% 62% 43% 23% 160 4% 6% 15% | First Nat 8(1%) ;flk Rubber.... isk 1st pf (7)., Fleischmn(t2%) Foundation (8). Fox Film A (4 Freeport-Texas. Gabrlel Sn (33%) Gardner Motor. . Gen Am Tnk (3) Gen Asphalt. ... Gen Asph pf (5). !Gen Elec (h3)... Gen Elec sp ( Gen Gas A(e1%) Gen Gas (B).... Gen Motor(t11). Gen Mot pf(7).. Gen Outdr Ad(2) Gen Ry Sig t5%. bel Bros. den (2)..... Goodrich Ru (4) Goodrich pf (7). Gothm S H (2%) Gotham new. 214 Gould Coupler A Granby Coasol. . Grt North pf (6) Gt Nor Ore (13%) Grt Wstn Su (8) Green Canan.... Guantanamo. ... Gu M & N pf (6) Gulf States (5). Hanna 1st pf.... Hartman B k4 40 Haves Wh(13%) Helme G W (17) Homestake (17). Household (t4). Houston OIl. . Howe Sound (4). HudsonMan (2% Hudson Mo(3%) Hup Mot (1.40). Tilinols Cen (7). Tndep O11 (1)... Indian Mot pf(7) IndianRefg ctfs. Iniand St (214). Inspiration (2). Interbor Rap Tr. Intcontl Rub(1). Tnternat Agrl.. . In A= Cpr pf(7) Int Bus Ma 3% int Cement (4). Int Cement pf(7) Int Com Eng (2) Int Harvstr(8). . Inter Har pf (7) ntMtch pf(3.20) Int Mer Marine. Int Mer Mar pf.. Int Nickel (2) nt Paper (3)... nt Tei & Tel (8) Intertype (11%) Tewel Tea...... Jones Bros Tea. 38% 1 yordan Motor... 384 109% © 9% 56% 1% 187% 106 110 ) 59% 164 150 ™ 521 1842 625% 43% 23% 160 4% 6% 31 46% 8% 24 9 18% £ 122% 24% 12% 124 178 96% 33% 8215 1 % 68% 1184% 22% Kah C So pf (4). Kq¥ser J (3).... “Callv-Spring. Kéjsey Whi (6). Ke@inecott C (5). |,\1ney G R (4). Krhft Cheess. ... Kresze S8(1.20). Laclede Gas 110. Laso Ofl & Tran Tambert (3%).. TLgé Tire& Rub. . Ldbish val (15) LeB&Iink stf(3) Liffe Savrs(1.60) ifrett & M (14) TAR & M B (14). Liltia Loco (4).. Tiiq Carh (3.60). Loew's Ino (13). Toose Wiles. Loose W 24 (7). Torfllard (§2)... Lorillard of (7). LoufsGasA (1.76) Ludlum Steel (3! McCrory B 11.60 { MelIntyre P (1). Mack Trucks (6) Macy H R & Co. Magma Cop (3). Manat! Sugar pf Man EI Sup (5). Man El m g (D5) Man Shirt (1%). Maracaibo Ofi. . Marland Ofl (4). Marland Ofl rts. Marlin Rock (2). May Dept St (8). Maytag Co (2) MetroG pf(1.8 Mexican Seabd. . Mifami Cop (1).. AMid-Continent. . Middle States. .. Miller Rub (2).. M St P & SSM pt Mis Kan & Tex.. MoK & T pf (6). Missouri Facifie. Missourl Pac pf. Montgmry W(4) Moon Mot (1%). Mothr Lode(75¢) Motion Pic (1).. Motor Met(3.60) Motor Whi (2).. Murray Body... Murray Body ctf Nush Mot (13).. Natl Aeme. . Nat Biscuit t6% Nat Cash R(A)S. Nat Cloak & Sait Nat Dairy (3)... Nat Dpt Stor Nat Distiller: Nat Lead (8). Nevada C (1%). NY Air Brake(2) N Y Canners. ... NY Central (7). NY Chi&StL(11) NYC&SLL pf (6) MY NH & Hart.. NV On & West.. NY Rys part cfs Niag F pf (1%). Norfolk South. . Norf & W (110). N Am(10% stk). North Am pf(3). North Pac (5) .. Nunnally (1.50). Of Well Sup (2) Omnibus pf (8). Onvx Hos (3.20) Opnhm, Cel (4). Orpheum CIr(2). Otis Elevator (6] Otfs Steel. ... Otis Stl prior(7) Owens Bot (t4). Pacific Gas (8).. Pac Ol Stubs. Packard (t2.: | Paige Motor Pan-Am (6). . Pan-Am B (8) Pan.AmWnB(2). Panhandle. ..... Park & Tilford. . Pathe Ex (c8)... Peerless Mot. ... Penick&Ford (1) Penn C & Coke. . | Pa Dixie Ct(80c) Pa Dix Ct pf (7). Penna RR (3%) Penn-Seab Steel. Peoples Gas (8). Pere M prior(5). Phila Co pf (3).. Phila& RC&I. | Philip Morris. .. | Phillips Pet (3). | Phoenix pf (7). 15| Pierce-Arrow. .. 24% 101 | Plerce-Ar pt (8). Pierce Perolm.. Pitts Stl pf (7).. Pitts Term Coal. Porto Rico Tob. Postum (5)..... | Pressed Sti Car. | Prod-& Rertiners. Producers&R pf. Pub Serv NJ (2). Pub SE&G pf(8) Pullman Co (%). Punta Aleg Sug. Pure Oil (12%). 145% 145% 120% 120% 35! 35% 48% 21% 122, 3045 95 ‘8 40 26% 43% 15 9% 173% 21% 68% 6% 97 35% 44% 46% 2T% 2T% 103% 186 Economist of Moody's Investment Service Addresses Local Club at Luncheon Toddy. qulworth Sales Show Increase. BY EDWARD C. STONE. The demand for bonds is now three times greater than it was before the World War, and our national income. is about $64,000,000,000 annually against $34,000,000,000 before the war, Paul Clay, economist of Moody's In- vestment Service, told the members of the Washington Bond Club and guests, at the monthly luncheon this noon at the Metropolitan Club. Mr. Clay spoke on “The New Era in the Bond Market,” taking up the forces and factors which have made the re- cent market so strong. “The first step in this new era,” he said, “was the rise in commodity and goods prices, which carried with it a corresponding rise in personal incomes. There is, therefore, a larger margin of income over require- ments, which makes it possible to save and add to capital a higher per- centage of earnings. These savings now average about 143 per cent against the 10% per cent prevailing in wartime, so the total yearly sav- ings are approximately $5,300,000,000 greater than before the war. Extra Funds Boon to Bonds. “Savings from all sources are ulti- mately absorbed in new plant capacity and in working capital. ~Actual needs for new capacity have been limited by the better utilization of plants— which itself is the result of the war boom in productive thought. War breaks up conventional ideas and causes thinking to become inventive and creative. This is one of the great- est consquences of any great war. “Our new plant requirements, using the phrase in its broadest sense, are now only about $3,600,000,000 greater than before the war, so that the ex- — e 4% 43% 4% 43% 58% 48% 48% 43% 58% Purity Bak (A). Purity Bak (B).. 43% Radio Corpof A. 67% Radio C pf (3%) 51% Reading (4)... 8 Reading rts. Reading 1st(2). 41 Remington Type 112% Replogle Steel. 10% Rep Ir & St (4). b5% Rep [ &S pf (7). Reynolds Spngs. Rey Tobac B(5). Robt Rets & Co.. Rossia Ins (6).. Royal D (a3.078) St Joseph (12).. StL & SanFr (1) StL&San F p£(6) Savage Arms. .. Schulte Stor(§8) Seaboard Afr L.. Seagrave(el.20) Sears-R ‘n2%4). Seneca Copper-. . Shattuck F G(2) ShellT&Ta2.17% Shell Union (12) Shubert The (6) Simmons ($2.25). Simms Pet (1) Sinclatr Of1. Sinclair pf (8) Skelly O11 (3). Sloss Sheff (8).. 1 South Port 8 (6) Sou Calif Ed (3). South Pac (6)... Southern Ry (7) Southern Ry rts South Ry pf (6). Spear & Co Spicer Mfg. Std Gas & El g8. Std G & El p£(4) Std 011 Cal t2%. Std O NJ 1.12% Stand Ofl NJ rts. Std Ofl NJ pf(7). Stewart War (6) Stromberg (6).. Studebaker (5).. { ubmarine Boat. Sun Ol1 (11).. Superior Ol ‘Tenn Copper (1) Texas Co (3).... ‘Texas Co new(3) Tex Gulf Sul (4) Tex & Pacific. .. Tex & PacC& O ‘The Falr (2.40). ‘Thompson(3.60) Tide Water(1%) Tide W Oil pf(5) Timken (16).... Tobac Prod (7). Tob Prod A (7). Transcont Oil.... Underwood (4) Union Carb (6). UnoOtl (2)....0e Un Pacific (10). Un Pacific pf(4). Un Tank Car(5). Utd Cigar 8 (c2) Utd Drug (8)... UtdDrg 1st(3%) United Fruit (4) U 8 C1P&F(10) U 8 Distributing U S Hoftn(13%). U S Ind Aleohol. 813 } U S Realty (4).. U S Rubber..... U S Rub 18t (3). U S Steel (7).... U S Steel pt (7). Uni Pic 1st pf(8) Untversal Pipe. . Untv Pipe pf (1) Vanadium (t4).. Vick Chemical. . Vivadou (8).... Vulean Detin. 28 47 28% 90 9% 109% 114% 3% | 46% | 94% 534 1497 129% 974% 27 Wabash pf A(6). waldorf (1%).. Ward Baking B. ward Bak pf (7) ‘Warner Bro . Warren Br ‘West Maryland. West Md 2d pf.. West Pacific. ... West Pac pf (6). Westhse A B () Westinghse (4). Weston Elec. ... Weston A (2) Wheel & L Erle. Wheel & LE pf. White Eagle (2) white Mot (4).. White Rock (12) ‘White SM pf(4). Wallys-Overland Wilson & Co. ..« ‘Wilson & Co(A). Woolworth (16). Wworthn Pump. . Wortn Pump(B) wright Aero (1) Wrig Wm (14) .. Yellow Tr (760). Youngstown (4) o 1am 370.900 “ pm. 195,700 —Paid this year—no 10 in common s in stock. when [ in cash or stock. stocl b Pl T o6 D 0 sh: in stock, g:%a:h ? share in special stock. 3““' 4% 1n sock: uq-‘:)\zlka. 1/26%C1"a share quarterly tn Clase A, stock. — 9 in sfock. B PR o e e ividend rates ‘ments based e ¥ Yearly deciarations. ‘extra or specii tly extra. _§Pavable SFis S5 ok 2 2p.m. rate, k Dayabie 3% %. ol inuial cash 1 t_auarterly or ofess ‘Oiherwise To cess of savings over requirements is, roughly, $1,700,000,000. It is this an- nual excess production of new capital that has built up the plethora of funds which has resulted in the present unparalleled demand for bonds.” Additions to Membership. There have been twq additions to the Bond Club’s membership since the last meeting, the president, Carroll Morgan, announced today. A. B. Dickinson, connected with J. and W. Seligman & Co., has become an active member and Charles J. Bell, president of the American Security and Trust Co., an associate member. The club's membership now represents 70 per cent of the investment houses having ‘Washington offices. Interest in the club and the forum speakers is spread- ing very rapidly. Peoples Drug Sales Jump. Sales of Peoples Drug Stores, Inc., for November amounted to $591,964, compared with $420,933 for the same month last year, an increase of $171,- 031, or 40.63 per cent. Sales for the first 11 months this year amounted to $5,566,128, compared with $4,667,118 during the corresponding period of 1925, an increase of $899,010, or 19.26 per_cent. November sales of F. W. Wool- worth Co. showed the largest gain for any month this year except May, reaching $22,632,891, a gain of 8.98 per cent, and for the 11 months this year, $212,285,545, against $199,689,378 in the same period of 1925, an increase of 6.31 per cent. The sales of the McCrory Stores Corporation for the first 11 months of the year reached $27,536,780, compared with $24,245,044 in 1925, an increase of over 18 per cent. Securities opened the week strong ! on the Washington Stock Exchange, three bank stocks being included in the trading list.. District National sold at 227, Riggs at 285, while ten shares of National Metropolitan open- ed at 406 and ten more sold at 406%. Potomac Electric Power preferred registered 108, Railway & Electric pre- ferred opened at 90% and advanced to 901 on three further sales totaling 32 shares, while Capital Traction opened at 104% and then hit 10933, the highest price paid for this stock in some weeks. Washington Gas Light changed hands at 72 on a 60- share turnover. Two shares of Na- tional Mortgage & Investment pre- ferred brought 8%. In the bond division Washington Gas 6s opened at 103% and closed at 1041,. No other bonds were out. Philippine Bonds Sold. Philippine Government _collateral bonds amounting to $329,500, bearing 415 per cent interest and maturing in 1956, have just been sold by the Insu- lar Bureau of the War Department, at the rate of $100.61. Based on the prices quoted for for- eign bonds now on the market, these Philippine bonds would not have brought more than $60, it is stated at the department, but for the fact that they are a moral obligation of the United States Government and are exempt from taxation. Institute Alumni to Meet. Edward J. McQuade, president of the Alumni Association of Washing- ton Chapter, American Institute of Banking, stated today that plans are completed for the annual meeting, which takes place tomorrow evening at 6:30, in the Java room at the Franklin Square Hotel. The election of officers and members of the gov- erning board will be preceded by a dinner. Mr. McQuade has kept the activities of the assoclation before the banking public through ‘“Dollars and Sense,” all his reports showing an unusually prosperous year. Other Financial Notes. Bankers today reported continued interest in mext year's Christmas sav- ings clubs, the united advertising campaign and the special advertising ;n]each bank, proving most success- ul. E. 0. McDonnell, member of the brokerage firm of G. M. P. Murphy & Co., is in the city for an indefinite stay, and P. Erskine Wood will re- turn to the New York office for a time. The handsome new brass doors that the District National Bank is having installed at the entrance are nearly completed. GERMAXN BONDS AND STOCKS. (Quoted in dollars per million marks.) Ger Gt. (w. 1) Ba 1914-18 1775.00 1825.00 Hamburg 4%8 1919 9500 106.00 (Quoted in dollars per thousand marks.) Ger Gen El -war 20.00 28.00 r Ge e 18T o Hamburg North ey Solrars sl BVt B ommerz an; v: Diseonto. Gellsehaft .- -+ @b SHSUBn e 3B wouad saced:eoooon=8=obb 2323:13383334523388 33 148 Heyden Chemical 1.00 120,00 Aust A E G (Gen Eiec) Newag Stock (Berliner) g FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Sons. Closing.) prox. Asked. "Vield. e e3s SERSEREEAN S5sssssssases 5855555550500 5500000 P I bttt [ S e e N g © R 833 3% 8 WOOL MARKET QUIET. BOSTON, December 6 (Special).— Trading in the Summer Street Wool Market was very quiet today, with prices_little changed over the week end. Most of the stocks, however, are in firm hands, and there is no evi- dence of distress selling. Manufac- turers are holding off until after the inventory season, but it is known that demand from the clothing trades will mean placing of sizeable orders hefore very long. Fine territory, fluctuated around 1.05 to 1.10. Texas 12 months choick was quoted '1.08a1.10 clean, Boston. GRAIN EXPORTS GAIN. BALTIMORE, December 6 (Spe cial).—The maritime exchange repor of exports of foodstuffs last weel shows a large gain in grain, compared with the last several weeks. For the week there were 936,875 bushels o grain shipped, against 424,149 th previous week. The exports includes 708,312 bushels of wheat, of whici the full cargo of the steamer Arizon for Italy, with 443,041 bushels, mac up the bulk. Other grains were 211 200 bushels of barley, 17,143 of r and 220 of corn. Flour increased fror 5,638 barrels the previous week 1t 19,303 last week. Charters for fu cargoes of grain from the Atlant range are being reported. Four fi tures have been made for Greece an the continent for Decgiaber and Janu ary loading. v | Con Gas N Y 5%s. Sales. High, Low. Close. Lib3¥s... 9 10018 100 14 10018 Lib2d4s... 51007 1007 1007 Lib 1st 4%s 10221 102 17 102 21 100 25 100 24 100 26 1015 1014 1015 1031 10230 1031 10220 102 17 10217 105 25 105 25 105 25 109 26 109 21 109 26 igh. Low. Close W 89% 8% 98y 98k 93% 98% 98% 98% 981 98% 100% 100% 96% 96% 101% 101% 96 96% 100% 100% = . 90% 91 95% 95% 99% 99% 99% 99% 110% 110% 107% 107% Bolivia 8s. . 103% 103 Bordeaux 6s. o 8 % 9 88% 94% 104% 101 104% 101% 100% 107% 108 24 9% 102% 104% 104% 4 105 110% 104 101% 103% 103% Argentine 6s Oct§9 27 Argentine 6s A. Argentine 6s B. . Argentine 7s. Australian 5s Austria 7s. 1 Bank of Chile 6%s. Bank of Japan 6s.. Belgium Brazil Canada 6s 1931 Chile 8s 1941. Chile 8s 1946 . . Chinese Gov Ry 53. Con Pow Japan 7s. Cuba 5%8......000 Czecho 7%s roti Czeche 8s 1951. Czecho 83 1952 ct.. Danish Munic 8s B. Denmark 6s. ...... DEI5%s Mch63. Dutch East I 8s 47. Dutch East I 6s 62, El Salvador 8s 48 Finland s f 6s 46 Finland 7s.... Framerican 7%s. French 7s French T%s French 8i German E1 P 6%s. German 7s.... Ger Agr Bank 7s. Ger Gen Eleo T Greek 7s. 102% 104% 104% 105% 110% Lyon és. . Marsetlle 6s. g Mexico 4s 04 asntd. Mexico 4s 10 asntd Mexico 6sassente Montevideo 7s..... Netherlands 6s 5. Netherlands 6s 72. Norway 6s 1943. Norway 6s 1944. Norway 6s 1952. Orfent Dev deb 8s.. 2 Paris-Ly-Med 63 Paris-Ly-Med 7s 103% % 9216 104% Queensland 6s. 104% Queensland 7s. Rhinelbe Un 7s.... 46 Rio de Jan 85 1946 Rio de Jan 8s 47. Rio Gr Do Sul 8s... Sao Paulo 85 1936. . Sao Paulo 1950 Saxon (PW) 7s. Seine 7s 42. Serbs Crot Sofssons 6s. . Sweden 5% s ot. Sweden 6s. .. Swiss 5% s 1946. Swiss Confea 8 Toho Blec Pow 78.. Otd Kingm 5165 29 Utd Kingm 5165 37. Fokohama 6s w1, 98Y% 2 117% 105 104% 93% 93% MISCELLANEOUS. Am Agri Chem 7%: 6 104% 103% Am Smit & R 1st s 12 100% 100% Am Smit & R6s... 25 107% Am Sugarref 6s... 106 AmT& Tecltrids.. 9814 AmT&Tecltrbs.. AmT& Tsfbs. AmT & T deb 5%s Am Water Wks 5s. Anaconda 1st 6s. . . Anaconda cv db 7s. Andes Cop 7s rets. Armour&Co 4%s rf Armour Del 5%s. 1 Associated O11 6s.. Atlantie Refin 5s.. Dell Tell Pa s B.. Beth Steel pm 5s.. Eeth Steel rf 6. Beth Steel 5%s Beth Steel 6s. Bkivn Ed gen 5s... Bklyn Union 5%s. . Bash T Bidg 58 60. Cen Leath 6s 45 cfs Chile Copper 6s 32. Commonwlth P 6s. Con Coal Md 1st 5s. 101% 108% 9814 101 9614 101% 104% 160 101 102% e 105% 104% 827 105% 4 101% 95% Y64 9814 98 108% 108% 6T 12 Consumers Pow 58. 29 Douge w i 6s. . . Donner Steel 7s. Duquesne Light 63 (st Cuba Sug 7%s. K£mplire G & F 7% Fisk Rubber 8s. Goodrich 6%s Goodyear 8s 1931.. Goodyear 83 1941.. Hershey 5%8. Hoe & Co 6%s itnois Bell 1st 5s. Illinots Steel 434s.. int Mer Marine 6s. 190 iht Paper 58 47.... " 6 int Paper 8 3 it T&TS Kan CP&L 58 A 52. an G & E! 8s52.. nelly-Spring 8s... _aclede G 5%s 52.. iiggett & Myers 78 Lorillard (P) 58 Loriara (¥ (s Loulsv G & E 53 52. 3 Manat! Sug sf 7%s. M1dvale Steel 68 . Mor's & Co 1st 4 2 4 vew Eng Tel 5s. .. 3 3% 103% « Y Edison 5s 44.. 103% N Y GELHE&P5s 105% N Y Tel 6841. 108% N Y Tel6s 49. 110% ‘orth Am Ed 63 105% orth Am Ed 6%s. 105t Sor Ohio T & L 63. 95% ~or States Pow 53. 100% Vor States Pow 6s. 104% 100% 101% 10d% 4 101% 104% 10214 4 108% 110% 94 107 105 116% 107 105% 116% 1T & T 58 6! van-Amer Pete edples Ga< 5s. 8 Rub 1st rf S Steel s 68 tah Pow & Lt 68 Westn Union 6%4s. 7112 112 12 Westinghouse b: b 24 101% 101 101% § ot ot - 1ot 1 101% ‘Winchester A 7% 2 104% 104% 104% Youngstn S& T 12 103% 103% 103% RAILROAD. Ann Arbor 4s...... 12 79 Atchison gen : Atlantic C Licl 4s.. Atlantic C L 1st 4s. Atl & Dan 1st 4s 4 B & O gold 4 9% B&OPLEWV .. iwDI1v 63 of Bklyn Manhat ¢+ Buff R & Pitt 434 Canada South 6s. .. Can Nat 4% s 54. Canad North 7s. Canad Pac deb Car Clinch & O 5s. Cent of Ga 5%s. Central Pacific 49. . Cent Pac 1st bs 90. Ches & O &n 4%s. Chi & Alton 3 Chi & Alton 33s. .. ChiB & Q gn 43 53. Chi& EIgn bs. 24 Chi Great West g{?:ss; P 4s 25 cf ) cv4 1% s32cf CM&StP r :’;fi; ot1e CM&SP cv s ofs 14 CM&StPés 5 9 92 1 2 Chi T H inc 6s 60. .. Chi & W Ind cn 4s. C& W1b%s 62 CCC&StLSs..... U8 StLif6sA. {iev Term Bs. . Cleve Term 5%s. Cuca RR6s. .. Del & Hud 1st rf 4 Del & Hud cv 68 Erie conv4s B..... 68 Erfeconv4s D.....557 Erfe conv ext 7s. FErie & Jersey 6: FlaEC5874.. .4 Hocking Val 4%s. . Hnd & Man ret & }H Central rf 5s Int Rap Tran .. 50 Int Rap Tr 6s stpd.102 Int Rap Tran 6s...107 Tnt & G Nor 1st és. Int& G Nor ad 6s.. 49 Int Rys C A 6s 72. Int Rep C Am 6s 41. Towa Cent 1st 5s... Kan City Ft S 4s Kansas City S 6s. Kan City Term 4 Lake Shore 4s 28. Lake Shore 4s 31 Lehigh Val cn 4s. . Lehigh Val 6s 2003 L & N 4352008, Louls & Nash 5% Man Ry 1st Yv. M1 El Ry & L 5. M St P& SSMen ds MStP&SSM5s38gtd M St P& SSM 5%s MK&TprinbsA. MK&TSEsC Mo Pacific ge Mo Pac 6s 1966 Mo Pac6s49D.... Mo Puc 6s65 E.... Nassau E Ry 4s §7. New Or Term 4s... N Y Cen gen3%s.. N Y Cent4s98.. N ¥ Cent deb 4s. INYCentribs.... N Y Cent deb 6s... N Y Cent LS cl 3% NYC & StLdb4s.. NYCRI&StL 5%8A. NYChI&StL 5%sB. NYC&StL6sA. New Hav deb 4s 56 N Hav&H clt 6s 40. N Y Ont Wist4s.. NY O&W gen 4s 65. N Y Rys 6s 66. NYRys6s A8 N Y State Ry 4% NY W & Bos 4%s. Northern Pac 3s Northern Pac 4s. .. Nor Pac 4%s 2047.. Northern Pac 5s D Northern Pacr 1 68 Ore Short L rfs Pennsyl con 4%s. . Pennsy! gen 4}4s.. Pennsyl gen 68. ... Pennsyl 55 64. ... Pennsyl 6%s Pennsyl zold 7s. Peo & E 15t 4s 4 Pere Mar 1st 45 56. Pere Marq 1st 6s.. PCC&StL5s BT6 Port RL & P 53 43. Por RL &P 6s47.. | Reading J C 4s61.. Reading gen 4% Rio G W ist4s.... Rio G West ci 48, St L IM&S 4s 29 St L IM&S R&G 4 IStL&SFpl4sA. 100% 92% 98 [N BOND MARKET Trading Quieter Today, But Values Hold Ground—Erie Issues Draw Interest. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 6.—Trad- ing in bonds at the start of the week was quieter, but prices were firm. In the domestic list the inquiry was still for securities yielding from 5 to 6 per cent and dealing in these an- swered for the bulk of activity. Kansas City Southern 5s among mortgage bonds and St. Louis-San Francisco income 6s among adjust- ment issues were typical of the class of bonds for which demand was most pronounced. The Kansas City 7 is- sue duplicated the high of the year and the St. Louis-San Francisco bonds did the same at 96%. In the latter case, however, today's quotations really represented a new high for all time, because when the bond sold there before it was dealt in “flat™ and there was still a large interest dis- bursement to come off the price. Now the bond is traded in “and in terest.” A good deal of attention was paid to the Erie issues, but without much change in price. The large equity in the coal properties which belongs to the convertible A, B and D bonds was emphasized as the operation of the sinking fund steadily retires the Erie Pennsylvania Coal collateral 4s. In bonds of higher grade Illinois Cen- tral 4%s, American Telephone and Telegraph sinking funds bs, Consoli- dated Gas 51)s, Western Electric de benture 58 and Wabash 5¢s were all well taken. Both maturities of Bal- timore and Ohio refunding 6s sold above part and at approximately their best price. Speculative issues were more i regular. Interboro bonds gained =t the start and then reacted. There was some selling of the Cuba: Sugar issues early in the day, but it was well ab- sorbed and prices maintained around the preceding alasa. ‘The . steadiness of International Mercantile Marine 6s was accounted for by the suggestion that purchases were being made for account of the company. Ofl bonds fluctuated over a narrow range. Features in the foreign group in cluded the strength in Poland 8s and to a less degree in Poland 6s, with dealings on a larger scale than in some time, and the selling of Queens- land 7s, which at one time were at a new 1926 low, a part of the loss being regained later. . WHEAT GOES HIGHER IN TODAY’S DEALINGS Firmness at Liverpool and Scarcity of December Offerings Cause of Early Advance. By the Associated Press. CHICAGO, December 6.—Influenced by firmness of Liverpool quotations and by scarcity of December offerings here, wheat values early averaged higher today. Fine weather in Argen- tina, however, tended to bring about reactions. Starting at % to 1% ad- vance, wheat scored a slight ad- ditional upturn and then fluctuated within limits of about 1. Corn and oats displayed relative strength, corn opening ! to 4 up, and subsequent- ly hardening further. Provisions were easy. One of the prime factors today in the wheat market here was the amount of grain already tied up in the ice at the Soo, and the further amount held back between the Sou and the head of the lakes, the total being judged sufficient to disorganize badly the immediate supply and de- mand situation. According to trade experts here, it is practically assured that even if the present tie-up is broken there will be no additional trip for boats as orginally planned when the lake navigation close was counted as about December 12. Under such circumstances & re- actionary trend of wheat prices at ‘Winnepeg was apparent at times to- day, but the effect here was more than offset by the upward slant of quotations at Liverpool. In addition, houses with connections East were conspicuous buyers here. KRESGE SALES RISE. ‘November Figure Brings 11 Months Total to $98,767,244. NEW YORK, December 6 (#).— November sales of S. S. Kresge Co. jumped to $10,956,594 from $9,425,235 in November last year, making the 11 months' total $98,767,244, aguinst $87.982,049 in the the same period of 1925. REO EXTRA DIVIDEND. NEW YORK, December 6 U).—Reo Motor Car Co. declared an extra divi- dend of 2 per cent in addition to the regular quarterly of 2 per cent, both payable January 3 to stock of record December 15 e PARENTS GET BONUSES. READING, Pa., December 6 (Spe-. cial).—Parents employed by William H. Luden, candy manufacturer, have just received $1,750. from the Luden education fund. Employes who keep their children in school after the age of 14 years are pald a bonus of $25( SFprin6s. 1 e o 8 tLSWcond4s32. 9 | StP& KCShL4%s 2 Seab A Liref 4 2 E S S S Seab All Fla Sou Fac 4s . Sou Pacific clt Sou Pacific ret 4 -t | Southern Ry 6% TexArk FS 5%s 50. Texas & Pacific 1st Third Ave ref 4 Third Ave adj 6s. . Tol Tr L&P 5%s 30 Union Pac 1st 48 Union Pac 1st rf 4 Union Pac 4s 27 Union Pac 1st rf @ o @ o= ErB e nBaalfmaarBve Virginia Ry © 82% _ SILVER QUOTATIONS. NEW YORK, December 6 (#).—Bar gilver, 52%; exican dollars, $0%e a year for each child. Payments are made semi-annually. AR DEPOSITS SHOW GAIN. BALTIMORE, December 6 (Spe- clal).—Deposits in 14 mutual savings banks in Baltimore at the end of Oc- tober totaled $157,836,179, the largest in the history of the institutions. This compares with $156,255,880 on de- posit at the end of September last and $151,139,262 at the end of No- vember, 192 Vanity Case Holds Umbrella. An umbrella that may be folded and carried in a vanity case recently was invented by a German. The handle and ribs are collapsible and will fit neatly with the cover and lipstick. face powder and puff in & case of the customary size. PRICES ON PARIS BOURSE. PARIS, December 6 (#).—Prices were irregular on the Bourse today. ‘Three per cent rentes, 49 francs 60 centimes; exchange on London, 122 francs 65 centimes; 5 per cent loan, 53 francs 85 centimes. The dollar was quoted at 25 francs 36 centimes. CRUDE OIL PRODUCTION. NEW YORK, December 6 (#).— Crude ofl production in California last week averaged 655,500 barrels daily, against 656,600 the week before. The output In the Los Angeles basin de- clined 1,400 barrels dally to 336,500,