Evening Star Newspaper, January 16, 1927, Page 53

FINANCIAL. BONDLIST STRONG | {10120 10230 101 1 10119 100 16 101 1 101 20 110810 104 13 INWEEK'S TRADING Foreign Groups Smgled Out‘ for Special Attention of Traders. BY GEORGE T. Special Dispatch to The NEW YO story. of the ~the bond m v, HUGH Jany 15.~The ! k's developments in | ket is one of great activ steadily avorites taken up | as the advance in others slowed down temporarily. Again the averages have made high since 1813 for do- bonds and a new high for all time for the foreign group. The strength in the market has been & surprise even to those who were most optimistic about the reinvest. ment demand two weeks ago. It had bheen expected that the large disburse- | ments of interest and dividends on ! the first of the vear—a record-break- ing sum, by the way—wauld flow back fnto investment securities, but the re- | sult eweceded all anticipations. High Yields Attractive. Naturally enough, it was the higher Yielding varieties which were in the most urgent demand because these combine speculative possibiliti “investment valu vet the gilt-edge bonds w neglecte United” States o nent securities held firmly around the best prices of the month and of last year, with the Treasury obligations selling at ap- proximately the highest since they were first’ put out. The volume of trading on the exchange on one day of the week was the greatest in two years and this does not take into ac- count the dealings over the counter which in some issues are always larger than those made “‘on the board.” The question asked now is how much further the advance is likely to g0 and whether or not a reaction is in order. Of course, as to that no one can speak with confidence, but at least it can be said that there is no change, or any sign of any change, in the fundamentals back of the rise. These are: First, the abundant sup- | ply of money, and second. the down- ward trend in commodity prices. Of the two the money factor Is playing the larger part just now. The trend in commodities operates as an influ- ence on bond prices very slowly, but falling rates for money act as an im- mediate stimulant. Now what is the situation with regard to money? The quotation for day-to-day funds, which is of the most interest to speculators in stocks, is not so important as is the trend of commercial paper. Still it is interesting that buyers of stock on borrowed money have been able to finance thelr commitments this week at a lower rate on the average than in months past. More significant is the decline in the quotation for bank- ers’ acceptances and a distinctly easier tone in the market for commer- cial paper. Reserve Ratio Higher. The weekly statement of the Fed- eral Reserve banks shows a reserve ratio over 4 points higher than it was a week ago and more than 2% points above what it was in the same Week of 1926. Holdings of discounted bills are down heavily on the week and slightly on the year. Part of this 1% seasonal, but, whatever the reason, the fact remains the same; the busi- ness of the country is being carried on with less recourse to the facilities of the Federal Reserve system. Under these circumstances, it was natural that reports of a prospective reduction in. the rediscount rate of the New York Reserve Bank should have be- come widespread. No action to this effect was taken at this week’s meet. ing, however. That something of the kind will be done in the more or X immediatefuture is confidently e lieved. The only argument to the contrary is that reductign might be taken as an invitation to increase speculative activities. If any one group of bonds was singled out for special attention this week, it was the foreign group. The hidding-up process went on with more enthusiasm in this part of the list than anywhere else and obligations of France, Germany and Italy in Europe K ry rising | a new 1021 1089 106 404 0414 21, 1010 and of Brazil in South America went | #88 easily to new high levels. Sometimes there was reason for the higher mar- ket valuation in the financial and economic conditions in the countries represented, but more often there was no change whatever In the actual situation of the debtor nations. It was simply that domestic securities having advanced so far that the vields on them were no longer attractive to those buyers who felt able to assume a certain amount of risk, there was a diversion to the larger return obtain able on foreign obligations. Italian Bonds Sympathetic. The only proviso was that there be no adverse developments affecting the particular country or security in- volved. For instance, nothing new has taken place in Italy to make interest and principal on Italian dollar bonds mora secure than it was six months ago. What has happened is that all the other 7 per cent European dollar loans having gone through their pre vious high points. the Italian issue moved up in sympithy. 17 this process should £0 on & few weeks more, 7 per cent returns in good foreign bonds will become as rafe as they were common during most of 1926. As it is, Belgian obligations are selling to vield only 61 per cent, and the same is true of most of the German descriptions. The same point may be made with regard to the domestic railway bonds, The junior issues which have been in such high favor this week are not protected by any larger equities, in either assets or earnings than they | have been for some time now. Here, | too, Ft 18 A warrowing of the spread | bhetween the best and second best which ilways accompanies a rising market fixed interest rate bearing | securiti> i | BUTTER IS FIRM. Confidence Appems Restored, With Buyers Operating More Freely. | CHICAGO, January 15 (), —Butter today ruled firm, with prices on top scores e 10 higher. Confidence appears to restored, as huyers ure little more airly active Cheap butter is still | light supply und wanted. The centralized car market was firm under an improved demand, especially 90- score cars. Recelvers expressed more confidence, and heldfor premiums. Fresh—92 score, 48%; 91 score, 4 90 score, 463; 89 score, 46; 8§ ;norv. 4b: 87 score, 44. tralized—90 score, 463 59 mm, 46%: 88 score, 45, COTTON GOODS FIRM. NEW YORK, January 15 4P).—Cot- {on goods closed the week firm, with prices slightly higher than a week ago. Sales ran far ahead of produc- tion and are estimated as high as a jnillion pieces in gray cloths. Raw \ilk remained fairly steady and gener- 1ly quiet here. Burlaps were little hanged. Wool blanket lines for Fall 927 will be opened Tuesday. The inside; narket reports show more buyers in 104% 18 51% 4% 997 101% 291, 088, 1004 106% 34% 90% 98 95 103% 1 96% sitendance than at any time in three | g6 inanths. S T U. §. BONDS. 101 22 99 19 Liberty 3%4m 1932-47 103 2 101 21 Libert 101 5 100 13 Libert: 101 17 100 25 Liibert iys 103 16 101 29 Liberty 4th 4145 1933-3 110 10 106 9 Treasury 414s 1947 ."I,nw FOREIGN. 100' 96's Argentina 6s A-1957. 1024 100 Argentina 7s 1927. 99% 964 Australtan Gov: l\‘fl 100 Austria 75 1943 814 Belglum 68 1953 Belgium 738 1945, Belglum §s 1941... Bordeaux 6x 1934, 4 Brastl 85 1941 « n\' 105 108% 105 hagen b 'ys 1944 Caechoslovakia 83 1951 Denmark 681842, ... . 106% 10818 106% 1031 French Govt 73s 1941 French Govt 8s 194 German 75 1949. . Holland-American s f 68 1947. Ttaly 78 1951. . 106% 9% 95 £ 3% 94vy 82 106 * 104 114% 110 119% 95 104 9% 106 102% 98% 86 984 87 1064 103 104% 1024 19 117T% 1063 103% %! Paris- Lvon Poland 8s 1950 Queer Rio de Janeiro 8s 1 Selne, Dept of, 7s. . Serbs, Croats. Slovenes 8s 1962. Sweden 63 1939, Swiss 5145 1946 United Kingdom 6% 1929 United Kingdom 5 s 1927 INDUSTRIAL AND MISCELLANEOU 103 Amer Agri Chemical 714 1941-... 101% 99 Amer Smelt & Ref 18t 53 1947. ... 109 107 Amer Smelt 1st 65 1942 106% 102% Amer Sugar Refining 987 96% Amer Tel & Tel c! tr 48 192 102% 97% American Tel & Tel s f 68 104% 101% Anaconda Copper 5! 10915 102% Anaconda Copper cv deb 7s 1938.. 927 901 Armour & Co 434s 1989 102% 99% Atlantic Refining deb by 1937 105 s Bethlehem Steel s f 63 1943 # Chile Copper 6s 1933, Cons Coal (Md) 1st ref 5- “‘0 923 Cuba Cane Sug cv deb 8s 1930 108% 107% Detrolt Edison ref ¢s 1940 974 92% Dodge 65 1941. . 106% 1011 107 104 112% 109% 122 119% 103 101% 105% 102% Goodyear Tire 8s 1941 Humble Of1 & Ref 6%s 1982, Indiana Steel 55 1982. . Inter Mer Marine 8s 1941, Inter Paper 58 B 1947 International Tel bs rets. Kelly Springfleld Lackawanna Steel 5s 1980 Laclede 6%s. Liggett & Myers §s 1951. . Sinclair Ol 78 lll'l Sinclair Crude Ol I United Drug 6s 194 U S Rubber 1st & rol s 1947.. U S Rubber 7%s 1930 U S Steelsf5s1963... Utah Power & Light 5s 1 Va-Carolina Chem s f 78 1947. ‘Warner Sugar 7s 1939.... Wilson & Co 1st s 1941 RAILROAD. Atchison gen 4s 1935 Balto & Ohio 6s 19: B&OPIttsLE& W Va B & O Southwestern Div b8 Brook! Canadian Northern 80% Canadian Pacific d¢ 289% Central Pacific 4s 194! Chesapeake & Ohlo cv ¢35 1930 Chesapeake & Ohio gen 4% s 1992. Chicago & Alton 335 1950.... Chi B & Quincy 1st ref 5s 1971 8% Chi & Liastern 11l gen 551951 Chi Great Western 48 1959.... Chi M & St Paul ov 4348 1932... Chi M & St Paul gen 4%s 198 Chi M & St Paul ref 43s 201 Chi M & St Paul ov 58 2014. . Chi & Northwestern 65 193 Chicago Rallways bs ChiR1I & Pacific ref 4s 1934. Chi Union Station ¢34s 1964 Chi Unlon Station 6%s Chi & Western Ind con 4s 1952 CCCa&StLiref6sA1929.... Colorado & Southern 435 1935 Cuba R R bs 1962. . Del & Hud cv bs 1985. Delaware & Hudson 5% 1 lt Den & Rio Grande con 4s 183 D & R G West b5 1955. Detroit United 4%s 1932 Erie 1st con 4= 1996 Erie gen lien 4s 19! Eriecv 4s A 1953. . Erie cv 4s D 1953. FlaECbHsT4... Grand Trunk s £ deb 6s 193 Grand Trunk 7s 1940. . Great Northern 4 s 1961. Great Northern gen §%s Great Northern gen 7s 19 Hudson & Manhattan ref 68 1957. Hudson & Manhattan adj 5s 1967. Illinois Central b%s 1934 Inter Rapid Transit 6s 1966 Inter Rapid Transit cv 78 1932 66 Inter & Great Nor ad) 6s 1952. 89% Kan C F't Scott & M 48 1936 72% Kansas City Southern 38 nso. b7 1144 111% 81 66% 2% 8% 957 94% 109% 102% 1156 110% 99% 924 9614 Lake Shore 4s 1 98% Louls & Nash unified 98V 89% M1l Elec Ry & Lt lat ref 6s 61. 104 101% MStP&SSM6%s 1931 §7% 84% Mo Kan & Tex 1st 48 1990. 97 90% Mo Kan & Tex adj 5s 1967. HM‘ NIA New York Cent deb 4s 1934 106 101% New York Cent rof imp 55 2013, 108% 106% New York Central déb 6s 1936. 20% N Y Ry 6s 1965 69 N Y West & Boston 4148 1941 90% Norfolk & Western con 45 1996 i 61% Northern Pacific 3s 1947 -86% Northern Pacific 4s 1997, 108% Northern Pacific ref imp 96% Ore Short Line ref 45 1929. 828 Ore-Wash 1st ref 4s 1961 94% Pennsylvania gen 4% 108% 102% Pennsylvania gen 58 Port RY L 9414 Reading 4% 97. .. . 74% Rio Grande Western clt 45 1949. . 88% RIArk & L 41481934, 80K% StLIM&SR&G 451933 77% St L & San Fran pr in 48 A 1950 93 St L & 8an Fran pr In 58 1960. 99% St L & San Fran 5%s B 1942 91% St L & San Fran ad) 6s 1956. 828 StL & San Fran inc 6s 1960. 86 StPKCSLinedlys 1941, 69% Seaboard Alr Line ref 4s 19| 76 ~Seaboard Air Line adj 5s 1949 91 Seaboard Air Line con 68 1945 96% Southern Pacific cv 48 1929. 85% Southern Pacific col 48 1949 90 Southern Pacific ref 4s 1955. 81% Southern Ry gen 4s 1956 108 104 Southern Ry 1st b8 1994. . 119% 112 Southern Ry dev §%s 1956 66% 41% Third Avead) s 1960. 923 Union Pacific 1st és 1947 #9% Union Pacific cv 4m 1927, 103% 99% Virginian Ry 1st s 1962 104 101% Wabash 1st 6s 1989 105 994 ash 5% s 1975. 96 66% Western Maryland 4s 195! 100% 99% Western Pacific 55 1946. 87 834 West Shore 1st 4s 2361. High. . 101 16 103 10 - 100 26 101 16 103 23 110 16 Low. Last. Yiel 1013 10112 32§ 102 81 103 10 363 100 28 100 26 873 101 11 101 14 354 103 11 103 23 364 110 10 110 16 355 | i . Last. 98% | 100 103% 101% 95% 113 994 100% 104% 10314 17% i 10474 04 109Y 2% 100% 107 116% 101% 108% 114% 991 86l 104% 101% 108% 106 985 102 104% 924 101% 1084 6% 78% 99% 100% 867 87% THE _SUNDAY STAR. WASHINGTON, D. BOND SUMMARY FOR THE WEEK o ow. u! 15 BY EDWARD (. STONE. Securities on the Washington Stock Exchange ended the week at strong prices in light Saturday trading. Capi- tal Traction closed at 1037%. Two bank stocks came out, Union Trust closing at 2405, and ~Washington and Trust 478%. Federal- American Co. malntained its high jnark, 50 shares changing hands al The remainder of the trading was bonds. Potomac_ Blectric Power 6s sold at 107%, Wardman Park Hotel 58 at 98, nd Washington Gas 5s at 100%. During the week as a whole trading was less active in the previous week but pra no sales were recorded as rece: More Bank Officers Klected. Officers of the National .\lptrnrml: tan Bank re-elected are George W. White, president; O. H. P. Johnson, vice president; rederick de C. Faust trust officer; C. F. Jacobsen, cashier; R. P. Hollingsworth, assistant_trust officer; J. Gales Moore, auditor, and Charles E. Bright, A. H. Bedford and C. L. Eckloff, assistant cashiers. The directors of the MC[,avl len Banking Corp. have elected McLachlen, president; Firman Horner, vice president: John sie, vice president and treasurer, Archibald McLachlen, - assistant treasurer; Guy { sistant treasurer, and k. W. Gold-| ney, auditor. | Loan at commor in Mitchell Optimistic on 1923, |y cotton mill stocks closed the year 1926 Charles E. Mitchell, president of the Natlonal City Bank, known to many local bankers, believes 1927 will be a good business year. Production and distribution are normal, he says. Commodity prices show no signs of inflation; the amount of reserve credit is now less than a year ago; indus- trial conditions in Europe are gen- erally getting better, and currency stabilization has made progress. He further argues that since the world is approaching more normal condi- tions “there 1 every reason to expect that business at home and in the foreign branches will continue to en- joy’a healthy growth.” Land Banks Change Dividends. In addition to the of current semi-anni ment by Kansas City Joint Stock Land Bank, there have been several changes. in usual payments by other banks, according to the Wall Street Journal. Fremont declared « semi-annual dividend of 312 per cent, reducing the annual rate to 7 per cent from 9 per cent; Lincoln declared a_semi-annual of 4 per cent, reducing the rate to 8 per cent from 9 per cent; Virginian declared a_40-cent dividend (on $10 par), reducing annual return from 10 recent omission dividend pay- | other firms are offering a_new C., PRICES OF WASHINGTON STOCKS . HOLD FIRM AS WEEK CLOSES Saturday Brief Session Witnesses Light Trading—Week Shows Few Recessions. C.E. Mltchell Bulllsh on 1927. $1, in additifon to the regular annual dividend of 4 per cent. Most of the leading railroads are stressing the need for earning enough to pay dividends that will enable the railways to finance more largely in future by the sale of stock Harahan, president of the peake &' Ohlo, says: “I thirik it 15 desirable and is be coming feasible for the railroads to semi- {finance more largely by the sale of stock than has been the case within recent years. This is all contingent, however, on the proper treatment of the railroads, allowing them to earn sufficient that their credit may be well developed.” Three Brothers Bank Presidents. The election of Representative Bacharach to the presidency of the Second National Bank in Atlantic City . brings to light the interesting fact that three brothers in this family are all heads of banks. Harry Bacharach, former mayor of Atlantic City, is president of the Equitable Trust Co. at the seaside re- sort and has held that offic founding of the bank’in 191f Benjamin Bacharach is president of the Chelsea Safe Deposit and Trust Co., also an Atlantic institution. This bank opened for business in 1 and now has deposits of over $2, 000 Cotton Mill Stocks S Due to the depression prevailing in the cotton industry durims recent years the average price of Southern lling Low. at the lowest level recorded since pre- war days, according to a survey made by R. 8. Dickson & Co., Inc., of Gas- tonia, 8. C. The average for 25 stocks was $110.56 at the close of 1926, against $144.54 at tke close of 1923. The evarage decline for 1924 was $17.34_per share, while the total de- cline from the high mark of 1923 to the low mark of 1926 was $34.54, plac- ing the average at the lowest level recorded since. pre-war days. Heard in Financial District. The District Bankers' Assoclation will hold a regular meeting tomorrow afternoon at . 4:30 at headquarters, President Howard Moran presiding. Directors’ meetings yesterday of the Washington Title Insurance Co., the Lawyers’ Title Insurance Co. and the District Title Insurance Co., resulted in the declaration by each company of the regular semif-annual dl\, idend of 4 per_cent payable January Hayden, Stone & Co. unll three issue of $3,000,000 San Antonjfo Joint Stock Land Bank 6 per cent farm loan bonds, due January 1, 1957, at 103 and interest to vield 4.62 per cent. For the vear 1926 the volume of business of the Liggett Drug Stores was $58,856,195, comparing with $43,- per cent to 8 per cent; Atlantic, of Ralelgh, N. C., declared an extra of 254,376 in 1926—an increase of Sle.-] 101,819, or 23.35 per cent. BY M. S. RUKEYSER. Yurope I sending missions to America to discover the secret of the nation's business success. A reputa- tion for efficiency in manufacturing has been spread throughout the world. And yet the average American knows little about the actual technique of production, which has brought his country into leadership. 1 discussed these questions recently with Otto Herbert' Falk, one of the leading macMne and power equipment bullders of the country, who has studied questions of manufacturing efficiency from behind the lines. Mr. Falk has .modern ideas, but in ap- pearance and manner he is a business man of the old school. He probably feels more at home in the factory of the Allis Chalmers Manufacturing Co., in Milwaukee, of which he is presi- dent, than in the central offices in New’ York. And ho has good reason eference, for Milwaukee, his recently presented hin Wit loving cup as “Milwaukee's foremost citizen.” Mr. Falk, who is in his 62d year, has friendly blue eyes, grayish hair and a ruddy complexion. His company does not come in direct contact with' the public except in the investment field. Commercially, the chief customers are other cor- porations—manufacturing and publtc utility ‘companies—and to a lesser extent public authorities who operate public works, The Alis Chalmers makes instruments of the new indus. trial efficiency, including mining ma- chinery, saw mill and flour mill equip- ment, turbines, miscellaneous- elec- tricgl equipment, cement mixers, air compressors, steam, gas and ofl engines, and pumping machinery. Not Universally Case. After the war, it was widely as- sumed that American industry was over-equipped. If that were true, it ‘would seemingly shut off the market for placing new machinery. “It is true,” said Mr. Falk, in throw ing light on this subject, “that some American industries, which expanded greatly during the war, like the flour | mills, have an excessive but this is not universally the case in all industries. Nevertheless, the country’s industries as a whole, have a capacity which will readily take care of any business which is likely to be offered. Opr current sales of machinery are not so much the result of a desire for further plant expans s of the new impulse for effici i In this heightening % machine tools, which are outside of oun line, play an important part. We! sell machinery. primarily because the ! new product Is so much better than | the one which was sold five or ten| years ago that the 0ld machine is con- | sidered obsolete. The new machine will save enough money to pay its own | way, and the purchase price is a capi- talization of the expected savings. Busine With Utilities. “Of course, a large part of our busi- s is with public utility companies ich have been expanding their plants and equipmient in ac with_the growing demand for trica] service.” Mr. Falk said that keen competition is faced in the machinéry business: The real basis for new sales is fn the vork of research’éngideers in the ‘company laboratories, Who are always dissatisfied with the current line. and who are perpetually seeking improve- ‘ments. “This incessant experimentation and change,” sald Mr. Falk, ‘“make this an expensive business. We never set- tle on a product, but are always trying to improve it. In this business, every individual job is engineered to meet specifications and ‘pecullar needs of the buyer. The main urge among, buy- ers is to purchase'devices. which will heighten thelr.awn efficlency. ln de: elec- v'-cldlu which, machine maker to | van, W. J. Dow, A. L. Foste) cordance | B AMERICANS EXCEL IN MACHINE EFFICIENCY OTTO H. FALK SAYS tronize, the price appeal is paramount, although the questions of quality and serviceabllity are considered.” The peak year for the Allis ‘mers Co. was in 1918. In 1926, how- ever, sales ran higher than in 1925 and, Ellhough detailed reports for De- cember were not available, Mr. Falk felt confident that profits had run somewhat higher than in the previous year, 2 Does An Export Business. The company does an export busi- ness, but it is a relatively small pro- portion of the total: In Europe, the American companies face low priced competition from German and Swiss makers, but are preeminent in cer- tain speclalties, such as mining ma- chinery. American concerns are also skilled in the making of hydro-electric machinery. I asked Mr. Falk whether he be- lieved “the large volume and high profits of general business would stim- ulate the buying of machinery. “The big volume of general busi- ness,” he said, *'if continued, will help our business, which is dependent on general prosperity. I believe prospects are good for thi Before taking charge of Chalmers Manufacturing Co., Falk was a wmanufacturer of castings. In 1912, when the prede- cessor company to the present Allis Chalmers Manufacturing Co. got into Chal- ar, the financial difficulties, he was appointed | receiver,. He effected a sound reor- ganization, and in 1913 became presi- dent of the company. The war time expansion enormously stimulated the demand for products of the company. Mr. Falk for many years played a leading role in the Wisconsin National Guard, and served as commanding major and chief quartermaster in the United Btates Volunteers in the Span- ish war. He retired from the State military forces in 1911 with the rank of brigadier general. et WILL OPEN NEW OFFICE. Northeast Building Association Now in Its Eleventh Year. During the coming week the North- east Bullding Association will open its attractive and commodious office in the new bullding erected at 2010 Rhode Island avenue northeast. The organization recengly entered its eleventh year. James L. Sherwood as president. * and John L. ]\nflpp have served continuously as first and second vice presidents re- spectively. 8. 8. Symons is secretary. Frank M. Hatley is treasurer. Allen E. Cowles is assistant se and William Torher counsel. Members of the boar H. C. Althoff, Mrs. L. L. Anderson, K. P. Armstrong, N. D. Baron, Jullan F. Belfield, J. D. Donovan, J. E. Dono- Thomas P. Hickman, Alfred Jeffery, Thomas S. Mallon, Dr. Redmond Mayo, John L. Openshaw, James E. Payne, John Rubino, J. . L. Sherwood, jr., Joseph P. Stubener, Roy L. Swenson, John-J. Robin and N. J. Ward. The. officers also: are on the board. general ORK, - January 15 P.— Rye, firni; No. 2 W‘lhrn 1. “K to.b New York, and LI1%:c quiet; - malting, mnuu elf. N, Y. Wheat, spot, firm; No. 1 dark Nemurn Spring; cif. N. Y., u ; No, 2 hard Wlmer. iob. rail, 1.603%; No. 2 1.58% spot, firmer; No. 2 yellow, c.if. track’ N. Y. -all rail, 9114; No. 3 yellow domestic, 88: Oats, spot, quiet: No. 2 white, pa:LOther artitles uncm»vf- i JANUARY 16, i the 1927—-PART 1. OIL STOCKS GAIN; INDUSTRIALS LAG {Deadlock Between Opposing Forces in Market Feature of Brief Session. By the Associated Press. NEW YORK, January 15 parent deadlock between speculative forces in the stock mar-| ket and a further advance in bond | prices to the highest general level since before the beginning of the World War were the contrasting fea tures in this weeks’ financlal markets. Commodity markets were mixed, wheat and cotton futures showing moderate gains on the week, whi coffee and sugar prices lost ground. The explanation that “there is mno| outstanding news to put them up while money is too cheap and plen- | tiful to put them down,” was used by | many brokers to explain the inertia of the stock market. Signs of better buying was apparent in the rails and | oils, but most of the other popular shares showed extremely narrow and irregular changes. A year ago this time conditions were exactly opposite, bond prices were floundering around within a nar- row area, while stock prices were | soaring upward on predictions of ex. panding busines: Industrials, as An ap-| opposing | group, were slug- | gish although sev e taking advantage of the public interest cre- | ated by the rise in rallroad stocks. started to bid up oils and specialties in which favorable merger or divi dend developments are believed 1o be pending. Many of the popular in- dustrials showed small net recessions at the close. The only important overnight news | development was the report that drill- ing permits had been refused in Mexico to American ofl companies which failed to apply concessions before January 1 under the new land laws of that country. This had little effect marketwise, only fractional de- clines being shown in shares’of com- panies operating south of the Rio Grande. A drop of 50 cents a ton in pig iron prices was reported from the Pittsburgh * district, but steel shdres held fairly steady. A broadening demand was appar- ent for the oil shares. Net gains of a point or more were recorded by Amerada, Independent Oil and Gas, Midcontinent ~Petroleum, Panhandle and Phillips. Woolworth (old stock) responded to the announcement of record-breaking 1926 earnings by mov- ing up about 2% points. Sharp gains also were recorded by American Ag- ricultural Chemical preferred, Ameri- can International Corp., Cushman's Sons, General Refractories, and West- inghouse Air Brake. With the exception of raw sugar, which dropped 1-32 of a cent a point, all the principal commodity markets pointed upward. Wheat futures ad. vanced nearly a cent a bushel and cotton closed 4 to 7 points net higher. Coffee. futures were firm. EAB,N’INGS S}IOW GAIN. NEW YORK, January 15 (#).—. sociated Gas and Electric System had gross earnings of $28,802,770 for the year ended November 30, an increase of $11,199,233 over the preceding year. Net earnings were $12,844, 832 i * +| @ saln of $5,963,787. Demand ‘for Newcr Economles m Manu- facture of Goods in U. S. Is Met l)y Improved DCVICES. ATCHISON TRAFFIC UP. NEW YORK, January 15 (®).— Freight - traffic on the Atchison, To- ! peka and Santa Fe picked up in the week ended January 14, loadings of {39,645 cars comparing with 34,491 a year ago. WE FINANCE T classes of income-producing property| Large Loans a Specialty Current int. rats and commission Higbie & Richardson, Inc. 816 15th St.-N.W. Mortgage Investments Safe Dependable Remunerative Annual Return 6% Mortgage Investment Depariment Street -As- | FINANCIAL. When You Need a Loan Think of Welch, Realtor Loan Specialist Money to Loan At 51.% & 6% Interest Before Placing or Renewing Your Get Welch's ‘ Reasonable Charges (No Extras) 15th & N. Y. Ave. Main 4346-47 FOR SALE First Deed of Trust Notes. Bearing 61,% Interest See WELCH Realtor Established 1899 15th and New York Ave. Main 4346-4347 No Loss to an Investor in to Loan Years Money *mmnn( interest and coi Joseph medent Mutua.l Life Insurance Company Funds to Loan In Small or Large Amounts t 57, Per cent. WM. H. SAUNDERS CO., Inc. Realtors 1433 K St. NW. Main 1016-7 WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 R. GOLDEN DONALDSON. PRESIDENT, HOME FURNITURE LOANS HOME OWNERS to $200 within one day. 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Larg’e Loans For Large proj ects By arrangement with the METROPOLITAN LIFE INSURANCE COMPANY (the World's Largest) we always have available ample funds to loan on Real Estate projects which require large sums. - 809 15th St. N. EAVER BRO REALTORS