Evening Star Newspaper, January 2, 1927, Page 39

| LSNDFOREEN |Bond Transactions on Excha { ) FINANCIAL. BONDSHOLD STAGE Investment Interest Confined 1o Two Groups as the Year Ends. BY BYRON SELLER. Special Dispatch to The Star, NEW YORK, January 1.—The year ends with investment interest con- fined to two groups, so far as fixed rate interest-bearing securities are concerned. These are first ITnited States Government obligations, .and second, foreign dollar bonds. Outside these two classes the market has been firm but dull. B Taking up Government issues first, practically all the active descriptions, . Libertys and Treasury bonds alike. have sold this week at the best prices of the year. and, for the Treasury bonds, at the best prices for all time. The whole group is working toward a 31 per cent yield basis, and that the Treasury Department will be able to { float the next long-term loan on terms more favorable to the Government than at any time since the first Lib- erty 3%s were sold admits of no doubt. Two Inferences Drawn. Two inferences are to be drawn from the display of strength in this quar- i ter; one of them that the banks have no expectation of any important hard- ening of money rates, and the other that as the sunnly of the United States securities is diminished through debt retirement, higher prices for obli gations remaining outstanding are as sured by the demand from corpora- tions which find them the most con- venlent media for idle funds. For this * last purpose no substitute is in sight. In every balance sheet, cash and Gov- ernment honds are for all practical purposes synonymous. Both convey the same idea to the mind of the ana- Iyst. This view of the mattér, namely, that Government bonds for temporar: investment are in a class by them selves, is confirmed by the fact that there has been no overflow of demand into high-grade corporation bonds, long or short term. If-anything, these have lagged behind the rest of the markei. Even the savings banks do not seem to have been active purchasers of the first mortgage rails. This may be ex- * plainable on the ground that the pre- vailing vield of the most seasoned securities of this type. is only around 415 per cent and that further invest- ment in this group would mnot be profitable if the movement, not yet .general but attracting wide attention, to raise the rate of interest on sav- ings bank deposits is to be justified. The best municipal bonds return less than the corresponding railroad issues and so they, 0o, are not available i savings banks wish to increase their income for the benefit of depositors. More Money in Mortgages. The only conclusion is that larger J sums are being placed in reai estate mortgages. In fact, -as interest stands today the real estate mortgage makes a more favorable comparison in point of yield with corporate se curitias than at any time during the past year. The buying of foreign bonds has gone on with quite a different motive. Here the sttraction has been net only the high yield which these securities almost uniformly give, but the specu- lative possibilities. In other words, it has not been a purely investment movement. That this is the case is abundantly’ proved” by’ the way in which French securities have taken the lead. Whether the French finan- cial sltuation has cleared up suffi- ciently to support the rise in French dollar bonds this week is not the question. The pointiis that there is greater opportunity for additional ad- vances in the French list than any where else in the foreign group. Compare ‘the French with the Ger- man, for instance. German 7s, the internation.! loan, selling at 107. afe ' two points above the price at which they may be called. The investor who buys German 7's at this time does so because the 615 per cent re- turn is attractive to him. The buyer of French 7s, on the other hand, has ‘not only the immediate ‘compensation of & 7 per cent yield, but the chance, } It all turns out iwell, of five Loints or thereabouts edditional profit before the sinking fund call price is reached. French 7%s Are Higher. French 13s sold this week higher than ever before In their history and on a lower yield basis than any other French bond, and for one reason only, that they are gon-callable before ma- turity. The buyer at prevailing prices envisages even larper profits here, always provided there is no new set- back in French fnances. In other words, an investor is willing to_take the risk on a foreign bond if he is paid to do so. It will not do then, to take it for granted that the strength in the for- eign issues this week was a reflection of any striking change abroad. It is true that the Bank of France has un- dertaken to hold the franc around the 4-cent level for th~ present, but it is not official stabilization. What has happened is that some check had to be put to the deflation process to give time to French business to readjust itself. The international debts are still a menace to permanent reforms, and until they are settled and it is seen that the expected industrial / ’ ¢ , crisis can be successfuly met, doubt will remain about ation. Belgium has balanced its budget and has ratified the debt agreement with the United States, but at a heavy cost to Belgian taxpavers. Belgian dollar bonds have been second in strength «only to the French during the week, ; .but that was not due to cenviction that Beiglar's tioubles were at an end, either. Probably it is fair to say that the risk inherent in these foreign bonds 1s slowly being lessened, but that in some idegree it still holds. It is also to he kept in mind that after all the rise In the general market during 1926, 7 per cent represents a larger speculative quality on any se- curity in December than it did last January. the French situ- BEARDLESS FACES SAVE MUCH TIME TO CHINESE Barbering by One-tenth of 400,000,- 000 Population Would Consume 760 Yeurs Per Shave, By the Associated Press. SHANGHAI, January 1.—1If 1 in 10 of China's 400,000,000 population spent 10 minutes a day shaving, the aggregate time consumed would rep. resent !n cound numbers 760 years per shave, But the Chinese wastes no time in shaving s face. He is a befrdless / individua!, and the only use he has for a razor is in the process of hair cut- ting. Shears or clippers will net do, . and one of (ne common sights in any Chinese city street is an itinerant barber with a razor, resembling a diminutive butcher's cleaver, engaged in reducing a eoolie’s head to the semblance of a biliiard ball. The rest of the paraphernalia consists of a pan or bucket of water, & wooden stool and a towel Soap or lather has no place in the operation, but the customer comes forth looking as though he had been sandpepered and polished. / By the Associated Press. THE SUNDAY STAR, WASHINGTON, D. C. JANUARY nge for 1926 Reviewed NEW YORK, January 1.—Following are high, low and total sales of bonds on theé New York Stock ‘Exchange for the year 1928: Total sales, $3,088,710,000, Year agp, $3,324,940,000. Two years ago, $3,825,825,000. United States Government bonds (dollars and thirty- seconds) in thousands of dollars: Sales. 23420 289 -y £ mEmRT U 8 Liberty 3%s 103247, 1 § Hveny 382 2070 S Liberty st 4s.. . Liberty 1st d4a reg S Liberty 2d ds...... . S Liverty 2d s reg .o Liberty Lat 41en. .00 Lib 1st €lam reg.. .. Lib st 4 333333333 223333332222 EagtiTetl TLibery . Liverty 4th 4 1 & rex Treaniry 3% s ‘10465 Treasury 4% 1944-64. Treasury 4% reg. ... 4% 104763 & 1947-52 reg 10 08.19 CORPORATION BONDS. High. "B 107 Sales (in thousands of dollars). 48 Adams Exp col ir 4s. 78 Ajax Rubber gold 8. Am Agr Chemical 748 Sanrs! = =Sl e RS S e B AR B o S AR5 s Sugar Tel & Tel s T&T 1 T & T sf 5s 1960 . Tel & Tel col 48......... Tyvg, Foundries 6 1040 W & Elsctric Amer’ Writing Paper 6 Am wmm,{ 'aper 6s ctf , Anaconda Copper 7s 193 Anaconda_Copper 6s 198 o i ora 2R RanaT 3555255 ZS285-332 23382325 i s R - S 7 1943, hilean Nit Ce Za3 oz tl Knox & North 5 tiantic Coast Line ; Line unified 41 1% 2005320 S EEE PR PEL S P R PR e FERBE PSS Guif & W 1 Ba Atl & Yadkin st 45! & Northwestern' 5. Balt & Ohio 68 & onio rig & & t & [ o [ Q CAENAZRRE3ERER R R BE SR e S SR NS B L BAGR IR S RE 802035050 Bs 1995 0 Ohio rfg s hio 58 .. Ohio 18t Bs. . 68 ctfs ctfs 8 £old 48 . & 4s PLE, Q & Cin div jedall ‘Corp 6s ctf..... ling Heminway 6s.. 0100 of Pa ist & ri¢ Su B.. 22525253251 8 W di W div b 23832 T e 253 nerpt: 223232 & & Beth Steel con 548 4 Beth Steel rfg 58 4 Beth Steel p m e 9 Booth Fisheries Bs . 5 Boston & N Y Air L Botany Cons Mills 61 (53 S0 33253 F) > : 33 & vn Edison ken Sy - Bilvn-Man Tr' Rap Tr s Bkiyn Unlon Gas deb 5% Bkl B Burl G R & Nor tol Bush_ Terminal Bide Buah Terminal con Callfornin’ Gas & Flec CRnfornix gete e c-n%“gmnm 1 Can" North deb 6% Can North 4%s Gan R"Re T an . Can Natl 4%s 1054, Caroline C o Bs ent_of ‘Georsia 8% Coni N Engiand. 4n e o Conpra) Pacific B . . Central Pacific Tat et Central Pac gid R‘% Cent B R of N J 5s Central Steel 8 l"hfll : (()’I!((l (\lr'l al. e o el Bn: Ches & Ono CEREREL Y 2333 3333 FPESFIPOER FE RE P Sy Rizwa l—awsaag—uuu—ma 223333 3255300 nonn 25505, = SURSERE R R Pk totobd BIEER55R5 2 930! .00 54 EESSEEFEE RS " er A ndiana 5%8 indiana 4s. er"Be. o S awamaiaadau R3IRLRS3353R0553A33 ) & & Y0l G st Be.. Gies R Commercial Cable #s. 285322822903 223 £ 3 CB& Neb div” CB&Qaus NI div Chie City Conn Ry Chi 6 L & Coke 1st 58 Chi Gr ‘Western 4s. . 8 ¢ L'gen 6s 1968 T, 1at Ba 1966 St P 6 t P oovi Be mer BII1D B e 25aBDa £ 3 S . 32 3 2020, Iy Vg FERErrn S23390003553: —»3 o 3Ror e 22 R823333338332283233333323R335 252382 EE5 saaa9a; sa35a930 D TR e o nppnnen? 9, 2 11, 5 o FEFER §8 PEPEPEE T8 PEEE & FRER FRE R R FRSSRE SEEES F EEEes ‘R, 2 2 orthwn rig 5. n 58 1987, 2 3 B 335233 2 B Dpe1D0 22RIIERRE 2329002232 FEL N -2 ik 4 P M & O con fx. P 2223222003305 Sannnsnnasans o Rt RREERGE S ok i eth i € C Sugar evt deb 7s. Cuba Co B 1935 Cuba North Rys 6. 333332352322 3233335 23899932223 A3335 333333223 R233RRRRRRIRINIARRRIAZILS: & *3 & Hudson 71 Del & Hudson 5 & El nv Gas & El & R G im) w 19 i3 9 D G Dery Corp 238338% Det Edizon col dison rfg on 58 1 3332 Det Det U'n Rys 41 Dominion 1 & S 1 Duguesne Light Duquesne Light East Cuba ‘Sug Slkhorn Coal ¢ Empire G & I Empire G & F Erie Erie Erie Erie rie ie rie Erie & Jersoy 2325 e Sl aoo— =+ \ o 2SABRURIZIIZFERLEZ g 3 SR FERESEE EF g Dli:: =522z ZEESE 3 353 Federal Lt 1st ated Metal: et 2205855522 lorida lorida ‘onda. Johns & Ft SR 23RIB225E: General Gen Elec 3los Gen Petrol 5w 255D SRI3LEER 12353 S 52%2% Ga Car & N, Goodrich "B F, Goodyr T & R Goodvear T Gould Coun 6 Granby C M S Granby € M S Grapd Rap & 1 Gr Tk Ry of C: Gr Tk _of Cana FraE - t Northern i3 3ESNZTRER Gt “Northern 4 Gr'n Bay & Wes 0 o RSO gy e . e Havana _Electric 55503 IRI2R 252 x: 5322202 FEPEE. FEEEE Hocking V1 Hoe R & Go ] | R A | | EERREEEOR] v o aoszlsosreeas3S S senos Sons s o R3ReSSxa 0203 seamen Sy R n R i 23RS IR RE RN 38335303833 22308553855 0R2R " 5ER Humble Oil Tilinois Bell Tel Tllinois Central Tllinois Central Tilinois Central TIl Cent rfg 48 1 Cent col tr IC & C StI, & N 1 Steel _deb 4 Indiana_Steel By Ind U w0 mon 3T g0 S ey SEsa £3355203 =352 30gneeso33 s SE3SRIRBBLRI253 I AR B B B BT FEPEPEREE B @3 38! o FEE SFEEEE FEERE & :umm—;mun;;}}::s Interh R Trans TR T rig be. Interb R T ref - ety N e LTy RSS2 Agricultural G N st 53955253 3322333222 - oy o 2 Paper ¥8 of Cont Int Towa Central 1 PERE SRR FF FF FERPE R FRR REEPE [+ttt | 4 [ ] PR & = Towa Central r Jamestown. F Kna & Mich KECFtS& K CFtLS& - . o azem B Do DR B S m e 3 EC s =3 Kansas Gas & 2953333552550 33s: =32s330350x R3SE3233322R T2 2RRS LIRS TRTSE22 +HH | H 0w FIRIEE | FREFIFEIE X Kelly Sprine Tir Kentucl Kinney & ¢ K 228 Steel 5 Gas of St G of St & M 8 deb & M S Gold & M S gen EE T £+ et F S RSPz amsTrIIo~BT o =z Fiquid Carbants LY of Penn co Liggett LigFet Myers o S3pstue S o i i 1 M & 233 52232323322232232533% SR8 2R33R33R WPBL I MAILDT D FELER R SEEFSE FEIT TLong Teland gen Lorillard Co 78 Lorillard Co s Lou & Nashvill Lou L'& N col tr 58 Louis & N Gold & Nash 1 unified NS0 Mon o n, 485 Manhanan & Hanhattan 24 arket S Met e, ot e id Con Peirol e asan e d Ead EEnS ©acatom 22! 25 3 PRERER B SESESEER WSS PSR ERETEE |41 T4+ SRRDSARARALADAD BUA MO o B BEEER F RSEITE t t 2123023530: 3323223 FEEER REFEREEIR SRS F Eaaa Ead Bt B R e e e A B B A RS . R FREEFERE BE FRTE PR FEERNGE $52%ez 03 ettt FERE R 35 ‘R RERRERFEPPRN Mo Mo Pac gen 4s. Mo Pacific_3d Mobile & Ohio a FESFPEE Montreal Tram Morris & Co 1st Morris & Essex ge Bond Murray' Body 6 Narh e I —— Nat_Dairy Nt Rye of Mex Nt 'R of Mex Nt R R of Mex * S 520 323 SRR S PR AR HHHE Tex & Mex T EEEEE R DA BT b St EE S 3332323538723 3 330 3000222 RN2232R3 2322428322322 § bait Cumberland T & T b % Cuyamel Fruit te 1940 D Eden | & 1 Donner Steel fg Tat con ext 1% Gen R R R Ist sf 68 Erie-Penn col tr 4s.. e Tt 68 ser B 1084 eral Tt & Trac bs. sk Rubber 8s.... ast Coast Bs 1974.. ast Coast 434s.... .. & Rio Gr 1st ds.° . Asphalt 6a 1030.. Gen Refractories B8 8 & R8s 1041 2 Great Falls Power Bs t Nor 51gs sor B.. Gt Northern 5s . Gulf Moh&M RR 5ijs B Hav E Rv 1 & P Hershey Choc 5148 con” 4%8 & M adj inc bs & Ref 613 7,00 Be s Inland Steel 5igs 1045 Inspiration Cop 6158 Interb R Transit Agricultural col Be..... Gt North adi .. Mer Marine " sf Paper rix 6s A. sor A el & Tel ovi 5 Towa Central cifs &Gas 2d Ba.... Mem s Mem 48 Kan C & M Ry & B Kan C Pow & Light 58. Southern 58 ... K C Southern let K C Term 1st 4% Kayser J lat 75 Keith B F 63 A I 1st Bs L § Lehigh Valley 88 2003 Lenigh Val Conl 8w 1035 £ of Penn.gen 43 - Emdm Ry Bs.. Myers 55 . LT deb 5e 1034, L 1 deb 5e 1937 ofg 5 i a ey 2003 L evt 50k Pl Mo Pacific 6 ser E... Pac rfg 5s 1965... Montana P 58 ser A. s Body & Chat Bs. Nassau Elec con 48 stpd 2 Natl Acme 7168, Prod d s Terminal 4s. ... & Mex inc 58 A, Low. Close. o = 5] HERBRR25332233 TAETE > 2 AE T FEEE, TR el PTErTEE) aaopDeses D005 CR PR Tt B atpd. ... .. T SIS e 1083 B 1040 049 sor Al Det Edison 5e 1855 . Detroit R Tunnel 4% Dodge Bros deb 6 rita’ 1040 Doid Jacob Packing 68 106 % 1085 10014 EZEF orp 6 TR Atgs.. 31229203 SEST PEGS an SRS ior lien 2RUF20E3 Biod o &f e $ 6 stpd 1942 o SR32-CE FEERIE, | e | s ovt TR a B mizicemdn NTRS REPEIT PR, @ Glov 415 P A 940”0000 S333332233257 R w9iemt ) 39532502 TRt £ 1940 .. &P & P 6s sta nd 458 an 7 da fis 5=35C5%m: 22333 sor AL L Y 3 st deb B ctall 1950 RRRRSRR S EnY + i3 Ed lommons aNm & bbb ot 13 Bl To85 2o £33 19 , e h HER PRERAERERER PRl o 2 pomzSSSS2Spe S SSeeS o353 .l it 6s. e sta. . SARS e sta. Bs. .. R RS2 R R RSN ERERRIRRRSSEST im0 Amer SETRREE R s 1945 O e be 1938, fx 42 ey 2 &3 FEREIGERES we w230 S005B0u N3 100! 2323232522333353 i ome | REFRRREPREESR FRSFREE Fl 83 o 8n Central 4y v & Coovt Tha. sghe found Bs. . ... 1950, L 51aa.. ¥ 45 192 48 1931 &, Biae. .. S tt 9735 =3 338 S fs ctt n 438,000 e 2 33 . i s 3’1 IR 2523550 oo ooz e tE PPl PR FF 223232053! e 2 235232323333 SR SR {1 P Bs 1037, 0100 gt g 4%3. joint 48 e 233355 %u SR 190 2 £ R x 3 2o0RS Do 20TeD3 D! L] i9d0.. 1st 58 B 1061, < B 10510 1st b B oo 235920 S R i i 3 1 BESFPEPFTRFLPERPET PPFEREE S 2orDS-noIDDODD5s! SREEERERERREH WRERFRE TR PERE R R BSOS RS NS S RBR IS IR DS # PREPEREGEE TR | | R e exi 4 new 6s. 233222552s 283238222 Shhreld 2352455500 3335335385 3ens3323neersTeat 00e05s o), S 1941 EY o 128 -1 233 FEFEEF, 2F 131333 435w 57 ‘asad. 4% 1077 assd . 45 1051 As. T e e P e 133 FEERRES 2P SS5poe03330e EECESEEERER P e Blgm. ... o <y High. 100% 183w i % Sz ittt € O ~n s 5a9%00eeH P AEERS53 ) B e E 22" 2955 SSnxone! RS on_f 104370100 ELH &P pur'm 4al H & Plool Ba. . & Greenwood 1, ba N H & H evt s 1043 222D LLLLLL LU ALLLLLLLLE, & H col tr 6s 18 & H deb 48 1950 & H deb 48 1957 & H dh 3l 19 & H cvdb 3lge 195 West st i de. . West gen 8. . ine B3 1986 s e i - ¥ ¥ 8 & W gen Bel S°& W Term' Bs.. Telephone rig Tel deb s 1938 West vt 6s... Weat con 4s Weat divl 48... Now Ara- Edisan 8348, cr or Am_Edison No Am Edison 5 1 N Onio T & L 63 ser A 0 No Am Cement 148 1040. 285 Northern Ohio 58 ... Nor Pac 68 ser B. Nor Pagc prior lien North Pacific gen 3s. N States Pow @a ser N States Pow 88 ser A Ogdenburg & L C 4x Ohio Public Service 7 Ohio Public_Service 7 Ohio River Edison 6x..."." Old Ben Coal Corp @ ofs. Oont Pow & N Falls 5s Ontario Transit om. Ore & Cal 1st bs.. Ore Ry & Nav con Ore Short Line con 5s. Ore Short [, rof 4s... Ore-Wash RR & Nav 4 Pacific Coast_1st Be... ac Gas & Elec 5. | ac of Mo 1st ext 4 Pac of Mo _2d ext 5s’l .. Pac Tel & Tel 5g 19377 .".] Pac T ref 5s 1053.. . B P & Trans 7a. an-Am P & Trans 6s. Paramount _BAway Cor Park lex 6 Penn R Penn 2550000 3RRTRIFLD %33253 A R Phila Co ref 6s. ... Phila Company 614« Phila-Read C & 1 580000000 Philippine Railway 4a. . jerce Arrow 88 ...... Pierce il deb 8 170111 Pillshury Flour Mills 8.0 CC &St L gen ba ser AL € C & St L'Bs ser B 1975 Pt Arthur Can & Dock 6 ser A Portiand Elec Pow 68 1047.. .. Portland Gen Elec_5s. . Portland Railway 5s 1030, PRy Lt & P Ist 68 B... Portland R L & P b 194! Porto R Am'Tob 8. .. ssed Steel Car Bs. .. ) Ser El & Gas 514w 1959 106 E & Gns 5108 10641 108% Pub Ser El Pow 68......... 108 P Alegre Sug 7e 111% Reading gen 4% a9 RCRRof N J col Rem Arms s { '6s ser Rep L& 8 BYx. o Rep [ & § sf 38 1040 Rio Grande W Ist 45 70" Rio Gr W col tr 4s 1949 Robbins & M Co s f 78 Roch Gas & Elec 7s 1 Roch Gas & Elec R T Ark & Louis A Rogers Brown Iron 1s.. st d 1st ds st &P oAl st 8 st P Febie 4 P SEE TR 55253 23, ;R =3z joks” Ty T2z SIC2FLUSRE2ARE § PRI {OPR Rt~ is Merch St T ria N St 1. F 51 D. SIL&SF D lien 4= ser A SIL&SF p lien 5¢ ser B. StL &S Y 6sner C F adj 6s. .. ine fs Br 5s W b S 2x0225203. 155 FEREEEE 154 b bt west_con 48 City Ca con B8, K C Short L 4158 t Paul Union Depot Bs.. . an Antenio bub Serv’ fe.. SA ran Pass 1st 4% Schnlco Co Inc B3 etf. Seaboard A L con '6a. ea A L gold 4s stpd Sea Afr Line adj 5s. 2 g:l A'fi %;n "r! R‘I Sea orida Ry Shemela Farme 05 Sierra & San Fran P Sinclair C Ol col 7s.. BaacsTe D 1a D ' Sinclair € 0i] Pur 63 1928 inclair Pipe Li Skellv Oil B1g%.. . ... Smith (4 0) Corp 8 o rto. Rico Sug 7 Bell Tel & Tel bs.. Power 6s... So S So Col g Nor Alabama 'ac cvt 5s 1935, Pacific cvt 45 19 Pac ref 4s 1055 South Ry gen 6l4s... South §nn [ v South con 5 ou n 4e o Ry 45 N & O Southwestern Bell T Standas illing §tandard Milling [ Ad Steel Tube 7s ser C... Stevens Hotel Co 8s. Sugar Est Oriente 7 Tenn CT & R R gen Bs Tenn El Pow riz 6s A. Ter R B A of St L ref Texark-F 'S 3148 A 12 gt oo TS B e (500 5 B OB 4 o 55! SR o1 D 23208 293 D B B BN S B DS NOT R 33, SR Rttt s B Sae: et BB A BB D oI P £ 232,2552 52352323 Third Ave lst Third Ave adi Third Ave ret 4s.. .11l Toledo " Edigon 1st 7¢ . TSt L & W 50-yr 45 1050..." Tol Trac Bl4s. g A Trumbull Stl @s 19030 Vlster & Del _con bs. Tn El Lt & P'5lae | TEILL & P 1st Bs 1032 U FI Lt & P ref bs 1038 Un Oil of California_6s. U Oil of Calif Ba series C. nion P Tinion R Tnion Pacific ovt 4s . . Union Pacific ref 4s..". ' 1927—PART 1. Net Low. Close. change. Kubber Tnited Stores @ tes Suk Chem an 2% Su Sugar Water 3 Warner Waeh WP W B L wxrse W Va Coal & Westorn w W Weat W Union R 5 W& LE *5 son & 12 Wis Cen s S b st 3 Fl b | A Argentine Ark Gs 10 Arg 6 1 Ark 6% rig 1 Ark ste s 10 Argentine bs sopise o Beigian 7 4400 Heigian Tn 5268 Bolgian 6l4a it 580 517 X1 1459 ey SR Bogota Bs 1 Braz Brazil Bremen Canada S S 1 101% 10612 10315 R 5 2000 1547 5109 a9 Chil Chitean Chinese Gov Colombian 6 Copenhagen Cuban Bs Czecho zecho Crecho Danish Danish Danish Dutch B El § Finnish sig Finnish + French 8s P s French 7 French Ger C_Agr Ger Ger Ger 10013 07 5 Ere s Gt Con_EI Greek 74 Heidelburg 7 Holland-Amer Hungarjan At AR | P i wingIRAn Japanesa b woua ® AR Lyons 6s Mexi, s 4 [ a3 ameams £y P Paris-Lyons- aris-Lyon POy Peruvian 7% Prague R e e Y 2223 e AR RS w2305 20 23335 s +] 1+ Rima Steel omo2253053 | +++++; BR225 San bt W2 Seine 75 10 Soissons e Swer » ER5352 ERR SRR RERARE PR I A Trondhjem: Tpper Aust guayan 2252 F 4 | ] 4 2332235520 [ Py 50U S » United Drug 6. United ruel_Gas 68 Un_Rys of St Louis' & 'S Rubber 715 Steel & {5 Re: tah Lt & rac Jtah Power & I & Eled Cruz & Pac 78 1047 v b 1st bs Virginia Railway Bs Wavaeh' rix blas 1676 Walworth Co Gla8 ... Walworth Co 8 W ar g W Penn Pow 3 Electric W Kentucky Coal 78 Maryland 48 . Y & Penn gen 48 is ser B Union 6148 Weat Union col tr Est : stinghouse El Mig 7 Weat Shore 4a ...... White Sewing Mach kwire-Spencer lys Overland 6148 . Co 1st 68 § Wineh Arms ctia 744 Wisconain, Cen gen'4s . D div Youngstown S & T Alpine Mont St Bolivian 8s 1 Cuban bs 1914 042 Mun Bs &F Mun 88 Ser B .. Dominican Rep sf .'i‘*- Dominican Rep s 1858 Dresden of 7s rets 1945 . E Ind sfg 6s 1962 .. Dutch E Ind 65 1947 .. E Ind 5l%s 1053 Mar .. D E Ind 5% 1853 N Elec Pow Co Ger 6 El Salvador 8s 1948 . Est Railway ext sf 7. Finnish 6s 194 Finnish Mun L 6348 ser A’ Mun L 6 Framerican I Devel 73as 194 S Erench 7138 19410 94 t S'S 78 194 Bk 78 1950 Ext Loan 7s 1949, Gen Elect 7s 1945, Gen El 6135 1930 Ger Gen EI 614s without Good Hope 7s ctf 1945, 5 Graz Rs 1951 N s P Jap 7d 10440 1964 o Haitian' 6s 195%."." W Mymic. 354 10 Italian 7s 1051 . Jap Ind’ Bank & 1927, a5 1054, - Jap Ster Loan s 1931 . Jurgen M “Works Leipzig sfg 7 rets Low Aus H El Pow 6 4 Marseille 6 10:i4. e small Mexico Bs ‘assd. Mexico 45 assd Mexica s 1910 Monteviden 7« 1 Orwegian ¢ Orlental ‘Do 1t e Oslo City 6 1055, d Paris.Oricane & 1 rie-Orleans sfg 7 3 Panama 5iaa 1053 0. 5 1004 Paulista Rv' 78 1049 Peruvian 8s 1944 . v & 1940] Polish Rs 1050 - Polish 8= 1040 3 Porto Alegre R’ Tl 195 cee Queenaland’ State 7' 1 Queensiand State 83 1947, Rhinelbe 7s 1046. .. Rhinelbe 7s 1046 warrants Rhine Main 78 cts 1050 ;. Bhine Wesinhaiia 7s 1050 s § Rio de Janeiro Rs 1946 Rio de Janeiro R8s 1947 Rio Gr do Sul R 19 Rotterdam 6s 1964 . San Paulo City Pauio State Rs San Panlo State S San Panlo State 7a Saxon Pub Works Serbs. Croats. Slov 8 1063 1036. . 65 1030 Swedish 5ias 1954 Lt Co Tokio City Bs 10/ 8 1046, Urnguayan 6s rete 1060, S Copenhag 6s 1937 FINANCIAL. Net Close. change 107 + 3 High. Low. 107% 103% 104 %12 * 1030 xsxé 10863 . 5 013 108 108 108 108 416 amed! L 1645 bt 40% pld. . B bt By, [FEaEs Power bs n Pow 5ys ser B hn Pow e ser A de ser B 194: [ > 1baa ¥ as Sxz £ St 7 & OTEEEE FOREIGN 1SSU] 178 1055 ... o o Szeoocaze: % SEXSREIFE SIze S5 4 & Gihs lusd' an Gizs temp il C Ry El 7s 195 oty British 528 1929 . British 5las 1957 Buenos Aires 6348 78 19 Canadian 5% “anadian B 10 Canadian 4148 103 Chilean Mort Bk 6 Chil Mort BK 63%s Chilean &s 1926 s 1841 Chilean Xs 1946, e 194 Ry hrist (Oslo) ¢ ologne 645 1 o s 1925 [ Bigq 1044 Cordoba_7s 1042 Cuban 5iss 105 T ZERRESEE FEFEEEE FIETTFEEET s 1051 0 65 1054, EESAaER: FEOEE g EEFFEE i 1950 .. ¥ s ser B. b # +++] SEDBTITEI~EE, SERELE 1650, < 1044 e e EERPEE NSttt E e b St 2R, FEid oDoo: R2325! F FRER FRFRATIE 194 o PBRNDDW. BRY = L [+ +++] L+ + L3138 m0D: Sttt e GHE SRR PPRSRERe 33035 nswnnnRndno0ERR I P 2 g e e ey 3 3 - 1065 %0: 2 SERE S2omo500555:s 7 8. s 1958 33333232223 SRR R BRI IS ASE BORE R F RS 33300035953 35533, ooy | Ht ] 4] 19 Ronee meboEaon - & L RRRAR AR [+ 550555 232235820 2232333 » % 3 * 232223235555 300! RS R233 20 23 e 2 FR 6. AIRR 88 333RIRRRITEIR2AIR3 FRE RS 222333335532 22350 203 & FFE =353 S232RRERR238 SREEE FER PRRRRR SR = a33%335 0903 SEES RErTy 68 192 52RO DI= S I N e eSS EREER 23 2 3, PR R SR PRER o 23 3 22323 233 8 5 RECOVERY OF EUROPE WILL SPUR U. S. TRADE, 1. T. BUSH BELIEVES BY M. S. RUKEYSER. Irving T. Bush, who leaped to com- mercinl eminence by his efforts to relieve traffic_congestion around the port of New York, belleves that the economic comeback which Europe is now staging will be more helpful than hurtful to American trade. Mr. T'sh, incidentally, s a self-| made 1 0, who built up a business for 1 uself, although, he inherited enous " to make the entering of busi- ness (uite unnecessary. At the age of i he inherited $1,000,000 and a lara tract of waste sand lots along 1> water front of South Brooklyn. Instead of electing to be idle, he plunged into a career of energetic building. He provided port facllities which ships from 88 ports scattered throughout the world use when they bring_merchandise destined for the United States. The Bush Terminal Company, of which Mr. Bush is head, combines in one organization all the services which importers require— landing facilities, storage warehouses selling rooms and proximity to rail- roads. As ‘we chatted about the business outlook, Mr. Bush, a tall handsome individual with brown eyes and sharply chiseled features, turped to the ~European _situation. “I don't think our own prosperity depends on a prostrate Europe. If we can't com- pete with a normal worldi—and I am confident that we can—we don't de- serve to succeed. Europe will buy more from us as she gets back— more copper cotton and foodstuffs, but she will also sell more to others. However, in competing in yortd mar- kets, Europe will have lost the tem- porary competitive advantage of hav- ing an undervalued curcency, which enabled it to undersell those who were on a gold standard. “In our foreign n-‘deg- can hope to sell three types of commedities. First, raw materials and foodstuffs. Secondly, articles made through proe- esses of mass production, such as automobiles and agricultural products. Thirdly, products of American inven- tive genius, such as kodaks, cash registers and safety razors. We shave the world, you know.” ‘Although Mr. Bush, as former presi- dent of the Chamber of Commerce of New York, is interested in every as- pect of business, his special training has been in foreign trade and ship-| Ing.” 3 l‘llked bhim what he thought was the. future of the American merchant marine. “We can only have a hothouse growth,” replied Mr. Bush, candidly, “because American youths won't work on ships unless they can get shore wages. We don't want our ships manned with coolie erews. If other nations in which labor is remunerated on a lower basis can man ships for half. the wages and carry our mer- chandise for less than we can, it is good business for us to buy their services. As long as we have a fleet of coastwise ships and adequate naval auxiliaries, we are protected. If we need more ships for naval purposes, we should build them.” As to the effect of forelgn -com- petition on American wage prospects, Mr. Bush sald: ‘‘We should not con- sider wages in that light.” He ex- "WE_FINANCE plained that America should not at- tempt to compete in foreign trade in products which depend on cheap hand labor; but should concentrate on products in which machinery and managerial skill are combined with labor.” Mr. Bush looks for no domestic boom in"1927, He is inclined to doubt that the volume of business will be,as large as in 1926. “There will, however, be no smash or marked slump, in my opinion,” said Mr. Bush. “There may be some readjustment in trades which have developed too rapidly, such as the bullding trades. Moreover, this will be the third year in the presidential term, and that is always an occasion for getting out the hammer and may be somewhat disturbing to confidence. “‘Business, however, is no longer subject to great upheavals. The operation of the Federal Reserve s) tem has obviated the-fear of money panics. Moreover, there is now in- finitely more wealth in the country than before the war—far more than we -‘realize. Furthermore, sclentific management has placed business on a more stable basis. The new under- standing between . capital and labor, which has reduced the unit cost of production,. the improved efliciency of transportation, and the disposition to WE PAY MORE INTEREST ON SAVINGS ACCOUNTS in Whashingten Interest on DAILY Balances Commercial Nat'l Bank 14th and G Streets [ $17,000,000 bring production closer: to the time of consumption are factors.” 1 asked Mr. Bush whether he thought Europe’ would adopt the American technigiie of mass produc- tion. *“The European countries,” he sald, “will come around to it, but it will be a slow process. Germany is about ready for it, but England and France must change the mental atti- tude of both employers and employes before they can link up machinery with man power in the manner our manufacturers have.” Mr. Bush has a terminal building in London as well as in New York. He is in his fifty-eighth year. The discussion of forelgn trade and ships suddenly came to & halt as Mr. Bush looked at his watch, and an- nounced that the Leviathan, which was about to dock, was bringing his son back from Europe. To meet the boy at the dock was more important than anything else on his.calendar. (Copyright. 1927.) The New York Life YOGI DOCTOR AS HEALER WINS FAME IN BERLIN Man Called Enigma by Medical Profession Performs Cures by ¢ Laying on of Hands. By the Associated Press. BERLIN, January 1.—A yogl doc- tor, Wilhelm Sachs, has set the West nd as well as Berlin's poorer dis- tricts aflutter. Sachs is a German and not a Hindu. He has certainly not the reputation of being a charlatan, even the medical profession going no fur- ther than to call him an_enigma. Prominent physicians have attested in writing that Sachs has actually performed some marvelous cures by merely placing his hands on the pa- tients. These cures, they declare, must remain a mystery from the standpoint of medical sciencs Insurance Company Offers . First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby'Suburbs in Montgomery County, Maryland 3 Years, 5 Years, 10 Years Apartments 5% RanpDarL-H. HAGNER rporated MoORTGAGE Loan 1321 Connecticut Avenue Gor Te Within the last year Sachs has been treating the wealthiest and the poor- est alike, all for the same fee. He has never studied medicine, nor does he profess to have any knowledge of that sclence. He is a tallish young man of about 30, with sparse, fair hair, and rather commonplace expression. His general appearance is that of the average Ger- man ex-army officer. His extremely modest apartment is in the city southeastern district. Sachs says he first learned to prac- tice yoga during the war in a prison camp in England, the surgeon of which was a Hindu, who discovered his powers and trained him for his present work. | Australi | wheat to supply 89 BUYING OF WHEAT - HAND-TO-MOUTH Shipments From Australia and South America Ex- pected to Be Heavier. By the Associated Press. CHICAGO, January 1. ~Wheat trad- s are looking forward to increased shipments of wheat from now on for many weeks ahead by Argentina and Much wheat, though, is ex- pected worked off to Europe from the United States during Janu ary, as southern hemisphere wheat will' hardly be available in large quan ties to foreigners until about wmid- Fehruary. Faced by such conditions, wheat values, compared with a week back, showed 1%¢ to 1%ec drop, with corn 114e to 3% ¢ down, oats 1,¢ to 8¢ off, and provisions varying from 2c de- cline to a rise of 55c. Notwithstanding evident need for importing countries where stocks are unusually scant, the prospect that Furopean arrivals of new wheat from below the Equator will soon be of liberal proportions has done a good deal to keep European buyers on a hand-to-mouth basis. Can ada meanwhile is putting forward her surplus, and the superb quality of United States hard Winter wheat this season is eausing transatlantic coun tries to take United States wheat, re rdless of premiums over prices it which other countries are offering. Most of the surplus wheat remain- ing in the United States at present ap pears to he Southwest, d holders there are showing a_ decided disposi tion to keep their wheat except at a satisfactory price. A= a result, when the market declines the receipts fall off, whereas on upturns the movement to market evinces more freedom. One of the reasons given for the conserva tism being shqwn by Southwestern holders of wheat is uncertainty as to whether the new domestic Winter crop will emerge in good condition. What the outcome will be in this re- spect cannot well be known, however, until at least February or March. Chances of a_good sized movement of corn after January 1 are largely responsible for setbacks in the value of corn. In the oats market, offerings of medium and low grades have done much to alance the builish effect of a scarcity of cholce oats, Influenced by the Government pig survey, provisions have averaged higher, Most of the gains In lard wera lost, however, as a result of hedging sales by packer: Provident Mutual Life Insurance Company Funds to Loan In Small or Large Amounts at 5U; Per cent. WM. H. SAUNDERS CO., Inc. Realtors 1433 K St. NW. Main 1016-7 When ;nrflNee'd‘ a Lun Think of Welch, Realtor Loan Specialist Money to Loan At 51,9, and 69, Interest Before Placing or Renewing Your First or Second Trust— Get Welch’s Figures Reasonable Charges (No extras) 15th and N. Y. Ave. Main 4346-4347 Loans at 57 to 5127 Economical Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, 1520 K St. N.W. Main 475 Listed stocks and bonds bought and | sold on commission.; Accounts carried on a conservative marginal basis. We invite correspondence an securities ' HARRIMAN & Co. Members N. Y. Stock Exchange 111 Broadway, New York WASHINGTON OFFICE 729 15th St. N. W. Telephone: Main 1603. PROMPT MORTGAGE SERVICE Come to us with your First Mort- gage needs. We are always in the market for desirable mortgages, and our service is keyed to help you most. Low rate of interest and commission - B. F. SAUL CO. Main 2100 925 15th St. N.W.