Evening Star Newspaper, January 28, 1927, Page 14

FINANCIAL WHEELING FEATURE IN STOCK MARKET {Terrific Squeeze in Store for Shorts—Other Rails Are | Irregular. Special Dis NEW YORK Wheeling and dominated interest in the s.wck mar ket today. The question whi discussing ness was wheth; vernight to deliver Wheeling and Lake Wall Street was | lown to busi i I-,| i | Ajax Ruber..... Received by Private Wire Direct to The Star Office High 66% 134 10 30% Low Close 66 184 10 B0% Oven 66'4 134 10 30% 4% 136 10 Open Abrabms&Strau Adams Exp (6). Adv Rumley Adv Rumley pf. Ahumada *60c) Alr Reductn( 16) GenEBlec sp(60c) Gen Gas Atel15) Gen Gas (B).... Gen Gas pfA(8). Gen Motorit11) Gen Outdr A (4) Jen Ontdr Adt2) Gen Ry Sig (5). (iimbel Bros. ... Glidden « Gold Dust Goodrieh Ru « 136 1% 1% 3 135% 18215 185 881 BRY Alaska Junea Allied ©hem () Allis Chalm (6). Amerada 12) 1% 132% 881y SH otham new 2t anby Consor t North of Nrrecr) 5) Am Chicle Am Drog Am & For Pow stocks would result m a squeeze. It could not mean well a corner. becuuse a corner oniy occurs where more stock has been an is actually outstanding but the stocks are heid by w 3 interesi who not only wouid not seil figure but mizht not be per | to lend to the hard-pressed | In this event there would b | in the supply, foreing | d had their stock called | 'y to pay | at ai suaded shorts. a deficiency those who b in to pay wha in_the ope Lrie started in | 3 points higher, ated for a time | then began to mount violently. The excitement was all in the common shares. | Other rails were irregular. Penn- | sylvania down a fraction, New York | Central up a fraction, Baltimore a Ohio most of the time unchange Rock Island at one stage gained a point. and some buying came into | the Northern rails Northern Pacifi was up over a point, Great Northern | preferred and Chicago and North- | Western nearly a point There was nothing new affecting this Northern group of stocks. They had been the first to wove when the rails started upward in December, they had been the first to come down when reaction set in. They were ogically the first to do better when “the market gave the chance. Erie first preferred disappointed its fol Jowing when after again going to 57 it promptly fell back to Street was not looking for 1o happen at the Erie acheduled for after the business. Bethlehem Steel made the same sort of response to the excellent 1926 re- port that United States Steel had made, that is it made practically no response at all. Even the hope ex- pressed by the president that di dends would be resumed before long was passed over. Among the strong specialties were National Supply, which was selling at iis best of the year and Collins and Aikman gquoted with the dividend off. More attention, on the other hand, was given to the position in the mer- chandizing stocks. These had been boosted continuously most of the last year on the figures.of record business and record earnings. Now the suspicion began to dawn that these conditions were not contin- uipg and that comparison would have to be made to the disadvantage of this year’s returns. Kresge sold at a new low for 1927. Some selling was moted in Montgomery-Ward. Gimble ‘was an ex :eption with a rally of ov.. a point. But th! stock h.d been sel i ganyway v .1 two or three poin of tlI season's low. Oils hung monotonously around the previous close. It was evident that anybody who wanted them at the cur- rent Jevel would not have to bid hard. GAIN IN WHEAT PRICE FAILS TO HOLD WELL Offerings Become Larger ou Early Bulge Today and Values Have Reaction—Corn Easy. meeting close of By the Associated Press. CHICAGO, January 28.—Exhaustion of supplies at Liverpool and unex- pected higher quotations for future deliveries there led to an early upturn in Chicago wheat today. Offerings enlarged on the bulge, however, and gains failed to hold well. Starting unchanged to lc ‘o 53¢ advance, wheat hardened and then reacted somewhat. Corn and oats were easy, corn opening at %c¢ off to %c up and later showed a geueral sag. Pro- wvisions tended upgrade. Wheat traders were given a jolt to- @ay by announcement that no spot quotations of wheat at Liverpool could be had. The explanation re- ceived was unprecedented, that Liverpool stocks of wheat had been completely exhausted for the time being. A rush to the buying side here ensued, but the conditions at ~Liverpool were in general regarded as merely transient, breadstuff sup- plies on ocean passage being of lib- eral volume. Big surpluses of wheat in Ar- gentina ané Australia, as well as Canada, served also to make many would-be speculative purchasers cautious. On the other hand, ship- ments from the southern hem! this week were reported 7,660,000 bushels, compared with 000 bushels last week. demand for North American wheat today was better. KLEN 40 181, 46 1.00° DODGE EARNINGS GAIN. NEW YORK, January 28 (@).— rnings of Dodge Brothers, Inc., 1926 amounted to §6.46 per common stock, compared with $1.03 | per share for the eight months of | operation in 1925, and with $6.52 per share for 1925 including four months earnings of a predecessor company. President I ports. Sales aggregated 4. as against $216,841,368 in the yeur before. The company's earned surplus increased Jrom $9.841.969 at the beginning of the year to $25,571,388 at the end. The 7otal number of passenger and com- mercial vehicles sold during the year was 331.764. BUTTER IS HIGHER. CHICAGO, January 28 (P).—Butter —Higher; receipts. 6,949 tubs; cream ery extras, 49; PRICES ON PARIS BOURSE. PARIS, Januvary 28 (P).—Pricex were firm on the Bourse toda; per cent rentes, 53 francs 60 centimes; exchange on London, 123 francs § cen times; 5 per cent loan, 67 francs 55 | am Three | Am Ho P Am dce « Am luternatl .. Am La Pr 1) AmLinseed.. .. Am Linsd pf (1) HartninBekd 10) Have 51 ot1s (§) Haye: Wheel . HayesWpf Hoe & (o A Househld (1315) [ Afn MAEH & Py {ouston Ol . Am Metals (3) Am Metals pi m Lt gy Am Am Am Hudson Mo 1) Hup Mot 1 40) . 1itnois Cen (7)., 111 Cent pf (6).. Indep 01 (1) Indlan Refining. Inland St (215) . Inspiration lnlelhnro RapTl In Ag Cpr pf(7) Int Bus Ma 314 . Int Cement (4).. Int Com Bng (2) Int Harv (j6) ... Inter Har pf (7) IntMtch pfi3 20) Int Mer Mar pf Int Nickel ¢ Int Paper Int Paper pf (7). Int Tel & Tel (6) Intertype (113) Jewel Tea...... Jewel Tea pf (7) Jones Bros Tea. Jordan Motor Kan City South. Kayser J (4). Kayser pf (8) Kelly-Spring. .. Kennecott C (5). Keystone T & R. Kraft (I115) Kresge §5(1.20) KressSH...... Laclede Gas 110, Laclede Gas rts. Lambert Co (5). Lee Tire & Rub. Lehigh Val(t5). Lah&Fink stf(3) Life Sav (1.60). . Liggett & M(i4) Lig& M B (t4). Lig & Mpt (7)... Lima Loco (4).. Lig Carb (3.60). Loew’s Inc (13). 45% 8% 109 a1 &N 45 9% 109 45% 81 Am 109 Am S Am T Am Ty Am T Am Typ Fdrs:8) 131 W W (el 60) 64t Am W W ISt (7)) 1081: Am Woclen ... 5 Am Wool pf (7 Am Zme. Am Zine pf Anaconda (3). Archer-Dan (3). Armour of LilcA Asso Dry Gizlg) 40% Atchison (17%). 163% 163% 161% 162 Atchison pf (5). 100's 100%: 100% 100% Atl Birm & At... Atlant C L (110) 1 AtIGulf & WI.. AU GuIt&WI pf. Atlantic Refing. Austin-Nichols Auto-Kriter.... [ '. 4 Baldwin L (7). 147 148 146% 146 Balto& O (161%) 1084 109 107% 108 Balto & Oh pf(4) 74 T4% T4 74% Bang & Ar (3).. 503 50' 49% 50% Barnsdall A (2). 30% 30%s 30% 30% Barnsdall B (2). 28% 28% 28 Belding Bros(3) 224 223 22 Bethlehem Steel 437 44% 437 Beth Stl pf (7).. 107% 107% 107% 107% Bloomingdale 38 38 38 Bon Am1 (4). 4% 54 53% Booth Fisheries. 6% 64 6% Botany A (4)... 2815 281 281 Briggs Mfg (3). 29% 29% 29% Bkin-Edison (8) 151% 151% 151 Blkn-Mn Tr (4). 672 67 67'% BkIln Un G(f11). 90% 90% 89 Brown Shoe ( 31% 824 3 Brunswick Ba 37T% 37% 37 Brunswick Ter.. 10n 11 10% 11 Burns Bro (10). 115 115 113 113% Burroughs (t4). 119 11 11814 1184 Bush Terminal. 34% 34'2 344 34% Bush Terde (7). 92% 92% 92% 92% Butterick (m2). 52% 52% §2% Byer & Co... 44 4T% 44 Byer & Co DlU) 106 106 106 By-Products (2) 66% 66% 66% 66% Calif Packg(4).. 661 661 661 66% Calif Petrol(2).. 31 31% 31 3l% Callahan Zine... 2 2 1 1% Calumet&H(1%) 15% 15% 16% 15% Can Dry (e2%). 38% 38% 38% 38% Can Pacific (10). 166% 166% 166% 1662 Case Threshing. 133'% 135 133 135 Central Alloy(2) 27% 27% 27 2T% Cent Alloy pE(7) 106% 107 106'% 107 Cent Leather.... 9% 9% 9% 9% Cent Leather ctf: 8% 8% 8% 8% Cent Leather pf. 55% B556% 5b'% B5b% Century RIbM.. 12 12% 12% 12% Cerro dePas(15) 60% 60% 60% 60% Certain-Teed(4) 421 42% 42% 42% Certain-T 1st(7) 106% 106% 106% 106% Chandler pf(2%) 22% 22% 22% 22% Ches & Ohio(¥12 153% 154 152% 153 Chi&Alton..... 6% 6% 6% Chi & Alton pf.. 10« 10% 9% Chi & East 111 pf 46'c 465 46% Chi Great West.. 10 10 10 ChiGr West pf.. 26% 26% 25% Chi MII&StP. 10% 10% 10% C M&SEP cfs. 10% 10% 10% Chi MII&StP pf. 19% 19% 19% Chi& Nwn (4).. 79% Chi Pne Tool (6) 125 ChiR1&Pac... CRI&P DL (6). CRI&PDL(T). Chile Cop (2 . Christie B ( 4 Chrysler Corp(3) 39% Chrysler pfA(8) 103 Cluett Peab (5). 65 Coca-Cola (1)... 168% Collins & Atk(4) 68% Col Fuel & Iron. 49% Col Gas & El (5) 84% Col Gas rts. 2% Col G&E pf A(6) 100 Col Carbon (4).. 73% Com Credit (1).. 15 Com In Tr pf(7). 96% 9 Com Solv B (8). 232's 235% Congoleum N... 18% Con Cigars (7). . Consol Distribut Consol Gas (5).. Cons Gas rts. Cons Gas pf rts. ConRRCuba pf 6 Consol Textile. . Cont Bakg A (8) Cont Baking B.. Cont Bauk pf (8). Cont Can (16).. 70% Cont Mot (80c). 11 Corn Prod (121} 4 Crucible Steel(6) 78 Cuba Cane Sugar 10 Cuba Cane Supf 48% Cuba Co (4).... 30% Cuban Am S (1). 26% Cuban Dom Svg. 17% Cudahy Pkg (4). 51% Cuyamel Fruit.. 33 Del & Hud (9).. 171% 172 Del L & W (17). 140% 141 DRGWstpf... 484 48% Devoe & R(240) 39% 40% Dodge BrosCl A 24 24 Dodge pf (7)... B2% Dome Mines (2) Du Pont (F12).. 169% 164 Du Pont deb (6) % 106% 106% Duquesne pf (7) 115% 115% 116% 115% 127 128% 126% 1284 25 24% 24% o1 12 64 64 64 oW 145 1% 40 145 404 4u 40 145 40% 108 108‘: 1[77 36% 1074 8 8974 2% 37 Long Bell A (4). Loose Wiles. ... Louisiana Oil La Oil pf (613) . Louis & Nash(7) Ludlum Steel(2) McCrory (11.60). McCroryB(11.60) Mack Trucks (6) Mackay (7) Mackay pf (4). Macy HR& Co.. Magma Cop @), Mallison & Co. Manati Sugar. Man EIl Sup (5) Man El m g (D5) Man Shirt (1%). Maracaibo Oil. . Marland OI1 (4). Marln Rock 2% Mathieson (4).. May Dept (n)... Maytag Co (2).. Mexican Seabd. . Miami Cop (1).. Mid-Continent. . Middle States. .. Mid States Oll ct. Miller Rub (2).. Minn & St Louis. Mo Kan & Tex. . Mo K & T pf (6). Missouri Pacific. Missourl Pac pf. Montana Pow(5) Montgmry W(4) Moon Motor.... Motor Met(3.60). Mothr Lode (75¢c Munsingwr (3).. Nast Motor (4). Nat Biscult (5). Nat Biscu pf (7). Nat Cash 'R(A)3 Nat Dairy (3)... Nat Dpt Stores. . U 26% 10% 10% 19% 96 193 103 65 168 69 67% 51 49'% 84'% 83% 2% 2% 100 100 4 3% 16% 15% 96% 232% 232% 17% 18% 39% 103 65 169 Nat Supply e, Nevada C (1%). N O Tex & M (1) NY Alr Brake2) N Y Canners. ... NY Central (7). NY Chi&StL(11) NYCESLL ot (6) NY Dock. NY NH&Hart. .. NyOnt&Ww (1) Niag F pf (1%). NthAm b10% stk North Am pf(3). NorAm Ed pf(7) North Pae (5).. 186% 104% 34 44% 1 70 26% 69 - 93 1% 8% 93 Opnhm, Orpheum CIr(2) Otis Steel Otis Stl prior(7) Owens Bot (¢16) Pag Gas&El new Pacific Gas rts Pac Oil Stubs. 140% 140% | Packard (12.90). % 47% | Paige Motor. 40% | Pan-Am (8).... 244 | Pan-Am B (6). Panhandle. ... Park & Tilford. . Park Utah (60c) Pathe Ex (c3).. Patino Mines. .. Penick&Ford(1) Penn C & Coke. . Pa Dixie Ct(80c) Penna R R (3%) Penn-Seab Steel Peoples Gas (8). Pere Mara (18) Pere M prior(5). Phila Co (4). ... Phila& RC& 1 Phlilips Pet (3). Pierce-Arrow. .. Pierce-Ar pf (8) Pierce Oil pf. Pierce Petroli Pitts Coal pf. . pitts Term Coal. Pitts Ter pt ( Pitts & W Va(6) Porto Rico Tob. . Postum (5)... Pressed Stl Car. Prod & Refiners. Pub Serv NJ (2) Pub Serv pt (8). Pure O11 pf (8). Pub SE&G pf(6) Pullman Co (8). Punta Aleg Sug. Pure Oil (12).. Purity Bak A(3) Purity Bak B(2) Radio Corp of A Ray Copper(25¢) Reading (5). Reading 2d ( Real Silk Hose. . Remington Type 32% 32% 171% 171% ISastman (18) . Eaton Axle (2). . Eisenlohr & Bro. I AutoLt(16 7 P& pf 40%7) lec Refrig (2). lec Sto Bat(16) Em-Brantgm(A) End-John (5). Engineers Pub S 22 Engnrs PSpf(7) 9% EBrie R 42 Brie 1st pf . b7 5 b Erie 2d pt 51% 5074 Krie Stm S 26% 2T 26% Erie Stm S pf(7) 104 104 104 | Eureka Vac t4% 624 63 62 6% | Fairbanks (3).. 40l 40% 40 40% Famous Pl (J8). 109% 111': 109% 110% Famous pf (8). 1224 122% 1224 122% Fed L&T (nl1.40) 3 38Y | Fed Min pt (7).. 7 Fed Mot T(f80c) £1d Phoenix (6). First Nat S(1%) | Fisk Rubber.... Fisk 1st of (7). | Fieischmn 121 . | Foundation (8). Fox Film A (4). ¥reeport Tex (2) .en Am Tnk (3) Gen ATC pf (7). | Gen Asphalt.... 104 6 107% 107% T 9% T™% centimes. The dollar was quoted at 25 francs 363 centimes. 53 53 81% 28% 81 Raplogle Steel. . Rep Ir & St (4). _Gen Cigars (4). 1 109 ¥'Gen Elec (h3)... 59 &9 1 59 NG _STAR. WASHINGTON, ' | NEW YORK STOCK EXCHANGE 10% 59 | The exterior will have the same archi. D. C. FRIDAY. JANU UNION TRUST CO. PLANS TO BUILD ADDITION, DOUBLING BANK'S SIZE | Perpetual Bulldmg Assoclat;n Opens New Home at 11th and E Streets With Re- ception—Land Bank Officials to Meet. BY EDWARD C. STONE. Edward J. Stellwigen, president of the Union Trust Co.. announced to day that the directors have voted to erect an addition ‘o the bank that will | { directors are Mr. Berry, Mr. Bishop, Mr. Carr. Mr. Baltz, Mr. Custis, Frank- | lin W. Harper, Vernon G. Owen, John | C. Scofield and George Wright. Land Bank Officials to Meet. The annual .nidwinter conference of the officials of the joint stock land bnks has beer. called by the Federal Farm Loan Toard to meet in Wash- ington on February 3 and 4. These meetings provide a means for the board and bank: to . discuss the | various problems in connection with | I (e operation of the farm loan sy double the size of the present build ing, which is located at Fifteenth and H streets northwast The addition will give the trust company a front- age of more than 100 feet on H street. tectural lines as the present structure. When the work is completed the Union Trust Co. will have one of the finest bank buildinzs in Washington 1 present building was erected 1§ M. There are now 55 joint stock | & ago and has always been noted | 'and banks in the United States rur its beauty. It is expected that W. J. Ball. president of the La- | work will be commenced this Spring | favette-Indiana Joint = Stock Land and that the additio space required | nd president of the American by the bank ¢ husiness expan sociation of Joint Stock Land sion will be lable in less than a | Banks, spent several s in Wash vear. ington recently, in company. with " The original Union Trust Building | other bankers in the system. con- was built with an idea of possible ex- | ferring with Treasury officials in con- pansion to the west. While the plans nection with the proposed amend- have not yet been drawn, it is in. | ment to the Far 1 Loan Act giving tended to retain the entrance at the | the Treasury department more direct corner as the only way of entering | supervision over the banks. the building from the H street side. | This bill is sponsored by the Treas- It now seems probable that the office | T department and is now before building to take the place of the old | the House Banking and Currency Shoreham Hotel across the street will | Committee. be under construction at the same Pennsy Reporis Record Year. e. i , The December statement of the Perpetual Building Thrown Open. | Pensylvania Railroad shows total rail- The Perpetual Building Association | Way revenues for 1926 amounted to opened for business today in its hand- | $709.817.000, the largest in the com- some new home at the corner of Elev- | pany’'s history except for 1923, when enth and I streets northwest, after a were $11,580,000 greater. As com- gala reception last evening that crowd- | P 1925, total revenues in ed the home to every nook and corner. | ¢reased $37,680,000 and expenses, $23,- The officers and directors were. de. | 221,000, ‘which® with increased taxes lighted with the interest shown, Hand- | of $5.409,000 and increased rents of some floral decorations, many of which | $2.743,000 resulted in an increase in were from friends and customers, add- | het railway operating income of $6.- ed much to the occasion. A host of | 323,000 over 1925. the previous high people who were not down town last | record. ‘Net railway operating income evening dropped into the offices today. | for 1926 was §106,433,000. The report The association is celebrating its [ Showed 13.41 per cent earned on the forty-fifth vear by opening this new | Stock before deductions for sinking home. The company now has assets | 80 other reserve funds, and 12.45 per of more than $13,500,000 and surplus | ¢ent after such deductions. of $1,000,000. Earnings for December showed a de- The officers of the organization are: | Crease in net railway operating income James Berry, president; Arthur G. | Of $3.191,000, while gross carnings Bishop, vice president; Marvin A. Cus. | Sained. Ghes s Hlin i O Bele weaatgur |1 0 SRV TIORRsCETRCame Aol The Chesapeake and Ohio reports a secretary. Members of the board of | net income for 1996 ot $20 187 S0, Tor the 12 months ended December 31, 1926, the gross revenues were $133.974,030, an increase of $10,373,860 over 1925. Operating expenscs were §90,970,788, an increase of $1,328,009. while the net railway operating Income was $37,011,025, an increase of $6,713,981. The net income of the company was an increase of $9,139,506, as compared with 1925. The operating ratio for the period was 67.9 per cent, a de- crease of 4.5 per cent over the same period a year ago. Discounts Drop Sharply. There was a drop of about §125 000,000 in rediscounts by the 12 Fed- eral reserve banks shown in the weekly statement. This brought about a strengihening of reseives, as in by a rise in the ritio from 79.6 per cent. The Richmond ratio also was materially higher at 76.36, compared with per cent. Discounts in the local fifth district amounted to $21,232,000, an e ption. ally low figure. At this time a year ago the volume of discounts was ap proximately $25,500,000 and the re- serve ratio around 70 per cent Local Securities Are Firm. Prices were firm on the local stock exchange '.udu Capital Traction sell- ing at 103%, Potomac Electric Power preferred at 109%. closing at %, and Washington Railway and Electric pre- ferred at 90%. Four shares of Riggs National Bank changed hands at 479, one point under yesterday's close. Merchants' Transfer and Storage pre. terred sold at 100%. Washington Gas 68, series A, sold at 103 in small lots and 1043 for a $500 bond. Washing- ton Market Cold Storage bs came out av; Rep [ &S pf (7). Reynolds Spngs. 4% Rey Tobac B(5). 122 Robt Rels& Co.. 8 Royal D (a3.078) 51 Safety Cable (4) 54" St Joseph L(+3) SLL & SanFr (7) StL&SanF pf(6) St L Southwest. St L Swn pf (5). Savage Arms.. . Schulte (33%). .. Seaboard Alr Lin Seagrave(e!.20). Sears-R (n . 3eneca Copper. Shell Union ( Simmons(+2.25) . Simms Pet (1). 099's 99% 4% 122% 8 99% 4% 4% 4 122% 8 8 51 54% 507 54% Sinclair pf (8).. Skelly Of) 2) Sloss-Shf pf (7). South Port 8 () Sou Calif Ed (2) Sou Nairies A(4) Sou Dairies B .. South Pac (f) . Southern Ry (7) South Ry nf (5). Spear & Co.. Spicer Mfe ... 8td Gas & E123. Std 011 Cal +2 Std Ofl NJ(+114) §td O11 NJ pf(7) §td 01l NY 1 60) Std Plate Glass. SterlingProd (5). Stewart War (6) Studehaker (5). Studebak pf (7). Submarine Roat. Superior Ol1. Symington. Tenn Copper (1) Texas Corpn (%) Tex Gulf Sul (4) Teax & Pacifie. .. Tex PC&O(60c). Tex Land Trat n The Fair (2.40). ThirdAvenne Thomnson (3 60 Tide Water(114) Tide W OIl nf(5) Timken (+5). ... Tobae Prod (1) Transcont Ofl... Un Bag & Paper Union Carb (6). Trnion O Cal (3° Tn Pacific 110) Un Pacifie pf(4) Hillyer Back From Europe. Edward L. Hillyer, vice president of the Union Trust Co.. and one of the governors of the Washingtlon Stock Exchange, has returned from a business trip to Europe that took him to Paris. Berlin and Switzerland. He also visited London. Mr. Hillyer was away about two months. Bankers' Council Meets Today. The council of administration of the District Bankers' Association holds a regular meeting ut 4 o'clock this aft- ernoon. One of the important matters to come up is the matter of dates and place of the next annual convention. Kresge Earns $3.36 Per Share. The S. S. Kresge Co. reported for 1926 net income of $12,504,442, or $3.36 4 share of common stock outstanding. Laeatineme (0 rnings in 1925 were $11.809,260, or Utd Drue (8) . i il UtdDrz 1st(3%) 5 4 : Fointi nited Brnit (4) FOREIGN EX(,HANGE SCTP&EFOIN 3 Ser Phpf o (QuotauG Turniahed s W tiiuus & Uo ) 178 Distributing cold valus today. 1S Hoff (+2%)., i -S4 BEGS 84 B Paris. frane Briienels Berlin, pound il 17 8 Aleaho! (5). 17 S Realty (4) U S Ruhher.... 1S Rub I8t (3). 17§ Steal (7). 17 8 Steel w i U S Steel nf (7). Tniversal Pine. . Univ Pipe pf (7). Vanadinm (4). Viek Chemteal. . Vietor Tik Mch. . Victor pr pf ¢7). Va-Caro Chem. . Vivadou (3).... Wabash Wabash pf A(5) Waldorf (1%). Ward Baking B. Ward Bak vf (7) Warner Bros. .. Warren Bros(ii® West Maryiand. West Md 2d pl West Pac nf %) West Union (8). Westhse A'rB 8 Westinghse (4) Weston [lec. ... Weston A (2).. Wheel & L Erie Wheel & 1. I pf KIE3] 1650 00UyL 1y ot 00014 Pragve town VZOB 1 arsaw 7lote 1150 nhagen. crown. .. crowi 4 Stockholm. ¢rown NEW YORK, January 28 (®).— Foreign exchanges, irregular; quota- tions in cents: Great Britain, mand, 48111-16; cables, 60-day Dbills on banks, demand, 3.93%: demand, 4.29; Demand—Belgium, Y many, Holland, JO way, Sweden, 2 ; Switzerland, Greece, 1.31 hoslovakia, 2.96; Austria, 14.123 Argentina, i Tokio, Shanghai, 64.37%: Montreal, TREASURY CERTIFICATES. il L Rouited bY 1% W Sligman & Co ) WhiteRoc! 0 Bt Ofter 100 146 48811 : 99.84% White SM nf(4). 3 i r J {og ea Wickei-ectfs.. B vt 15 1 1516 100 | Willys-Overland 2 5 10 1 o0 B0z | Wilson & Co. Wilson & Cot Wilson&Co pf(7) Woolworth (5). Woolworth wi(5" Worthn Pumip. . Wright Aero (1) Yale & Tne (7). 72 72 “4e Yellow Tt (75¢). 26% 26% 26% Hourly Sales on N. Y. Market. fla.m. 310,100 12o.. 604,300 Lom. X02.300 2 p.m. 960,500 Dividend rates as civen in the above ichle STEEL SHEETS DOWN. | NEW YORK, January 28 (#).— | Youngstown dispatches say prices of steel sheets are down §1 to $2 a ton in the district. i PARTNNE R aN GREEN BAY DIVIDENDS. NEW YORK, January 28 OP).— ireen Bay & Western Rallroad de. | dlared rogular anoual diyidends, of 0 5 per cent on the class “A” deben e, 4he sl ash, BAVHERLS Nioclarations’ | tures and capital stock and a dividend i le Hoted "cxira or soeclal ¢ one-half per cent on the lass “B” endg, o Aebentures, all payable February 7 Vit of trading less th | + Partly extra § Plus 4 to holders of record February 4. — able in common stock. stock ‘iPm this vear—no rerullr ral RUBBER ADVANCES. NEW YORK, January 28 (Special). ARY - 28, 927. FINANCIAL. @ONDS@I .. AND FOREIGN Received by Private Wire Direct to The Star Offica. plete table will UNITED (Sales are Lib313s... Lib ist 4%s Lib2d 4%4s. Lib3d 4%s. Lib4thd%s US3%s... 1784819 1 US%s62. 57 30 1 65 Argentine 5s Argentine 6s Ju 59. Argentine 6s0Oct59. Argentine 63 A.... Argentine 6s B. Australian 5s. | Austria 7s. . a | Bank of Chile 612s. Bank of Japan 6s. | Belgium 6s. Belglum 6% Belgium 8s. Bolivia &s Brazil 6%s. Brazil s, Brazil 8s. Canada 5s 1981.... Canada 58 1952 Canada 5%s 1929 Chile 7s 1943 Chile 83 1941.... Chile 8s 1946. .. Con Pow Japan 7s.. Copenhagen 515 Cuba 5%s..... Czecho 1%s rets. Czecho 83 1951. Czecho 8s 1952 ct Danish Munic 8s A. Danish Munic 88 B. Denmark 6s. . . Duteh East 1 63 47. Dutch East I 63 62, Finland s £ 6s 45. Finland 7s... French 7s. French 7%s French 8s.. German EI P 6%s. . GermanTs..... Ger Am Bank 7s. Ger Gen Elec 7s Haitl 6s. Holland-Amer 5. Hungary 7%s. Italy 7s Japanese 6 Jergens U M 6: Lyon 6s. Marseille 6 Mexico 4s 04 asntd. Mexico 45 10 asntd. Mexico Gsasntd... Montevideo 7s. Nord 6. Norway 6s 1952 Parts Paris Orleans 7s. Peru 7 Poland 6s 10 Poland 8 Prague 71;s Queensland 6s. Queensland 7s. Rio de Jan 8s 47 Ri0 Gr Do Sul 8 Sao Paulo 8s 193 Sao Paulo 1950. ... Saxon (PW) 7s Selne 7 42. .. | Sotssons 6s. . Sweden 58 ct Swiss Confed 8s. Utd Kingm 5%s Yokohama ésw i . Am Sugar ref 6s... AmT& Teltris.. Am T & T cl tr bs, Am T & Tsf 5s. Am T & Tdeb b Anaconda 1st 6s. Anaconda cv db 7s. Andes Cop 7s rets. Associated Ofl 6s. Barnsdall 6s ctfs. Bell Tel Pa 6s B, Bell Tel PassC. Beth Steel pm bs, Both Steel 5'%353. Beth Steel 6s. Brier H St 1st 5 Bklyn Ed gen 5s. Bklyn Union § Bush T Bldg 6: Calif Pete 615 Cen Leath 6s 45 Chile Copper 6s 2. ConGas N Y 6%s.. Consumers Pow 58. Cuba Canecv 7s. Cuba Canecv 8s. Cuban Am Sug s Denver Gas 6s. Det Edison 53 40. Dodge w16s..... Donner Steel 7s. Duguesne Light East Cuba Sug 7%s Bmpire G & F 7155, Fisk Rubber 8s. Goodrich §1S..... Goodyear 8s 1 Hershey 5%s.... Hoe & Co 61;s..... HumbleO & R § illinols Bell 15t § Int Mer Marine 6s. Int Paper 5s 47. Int Paper 6s... mtT & T5Ys Kan CP&L 85 A 55 Kan G & K1 65 52. Kelly-Spring 8s Lackawa S 58 50 Lacl G ref 31. Liggett & Myers Lorillard (F) bs Lorillard (F) Louisv G & E 58 Manati Sug sf 7 Mid-Con 6%s 40 Midvale Steel 5s. Mor's & Co Ist 41is New Eng Tel 5s. .. N Y Edison bs 44.. NYGELH&P s, N Y Tel 418. ,. N Y Tel 63 41. N Y Tel 65149, North Am Eid 63 North Am Ed 6%s. Nor States Power 5 Pac Gas & EI 58 Pac T & T 5852, Pan-Amer Pete 68 Peoples Gas 5s.... PhilaCorf6sA... Phila & Rd C & 168 Public Service 6s. . Public Serv Elec 63 P Serv Gas 5129 64. Punta Ala:r. s Remingtn Arms 6 Sinclair O1! 6s. Southwest Bell 5s. Stand O1I NJ Ss w | ~Crude rubber, smoked ribbed sheets, advanced 1 cent at today’s noon quo- tation at 381%. This compares with ' 341 a month ago and 67% a year ago. stock. . ocl s glock k Lavable 1/40 of & share quarierly Class, m ! n Partly sock - pPlus 83 in preferred stock. G Pls one-half of common $t0ck, Sales High. Low. Netherlands 65 54.. 103 Netherlands §s72. . Norway 68 1044.... Orient Dev deb 6s. . Rio de Jan 8s 1946. Toho Elec Pow 7s.. UtdSteamCopen 6s. J219 MISCELLANEOUS. Am AgriChem Tl5s 5 1044 104's 104% AmSmit&R1stés 7 101% 101 Armour&Co 43.srf 34 92% Armouf Del 5%s. . . Beth Steel rf 5s.... . 15 103 Con Coal Md 1st bs. (*) This table carries quotations received up to 3: 15 pm. A com- be published in the 5:30 Edition. STATES. in $1.000.) 3:10 0112 1019 10112 20 10310 1038 103 10 81 100 22 100 15 100 15 39 10110 1017 1017 103 24 103 23 103 24 150 108 27 103 25 103 27 106 20 106 20 106 20 11023 11020 11023 FOREIGN. Sales. High. Low. 3:10 91% 90% 91 98% 98 98 98% 98 98y 983, 98 98% 981, 984 9TH 9T 104% 1056 95% 95% 100% 100% 96l 96% 100% 101'% 104% 104% 103% 103% 113% 113% 108% 108 104'% 104% 97 974 9% 9% 981 981: 106% 106% 101 101 & 104% 104% 1017% 1017 26 17 11 12 4 108l 108% 99 99% 99% 10214 102% 106% 105% 110 110 % 107'% 107% 4 110% 110% 4 110% 110% 104% 104'% Framerican 713s... 102'¢ 103 109'% 110 % 109% 109'% 15 99 109 102% 102% 105 105% 99y 99% 101% 101% 105 105 9T 974 97 9T B1% 31% 5 101'% 101% % 103% 107% 1074 96'a 96% 100% 100% % 101% 1017% 101% 102 101% 101% 97 9T 9414 94 100 100% 99': 99% 101 101 83 84 9515 95% 104% 105 105 1 1124 112 % 103% 101'% 101% 100% 101 96's 96'% 104 104 113 113% 987 1 Sales. High. Low. 3:10. Warner Sug7s39.. 43 91': 91 91 Warner Sug 7s 41.. 28 103 102% 103 West Elec 5s. . 38 102% 1024 102% Westn Union 612s. 20 111% 111% 111% Westinghouse 5s.. 100 102% 102 102% Willys-Ov 614833, 9 102% 102% 102% Wilson & Co 1st 6s. 9 1024 102 102 Winchester A 7358, 4 105 105 105 Youngstn S&T 6s.. 9 104% 104% 104% RAILROAD. At&S Fovt 4s05-55 9 881 881 881 < 28 9% 93% 92% 92% o 941 94k 105 105 81% 101% 102 101% 102 105% 105% 14 102% 102% 102% 10 108% 108% 108% 13 102 4 102% 1 19 9% 78 B&OPLEWY ds.. B&O SwDiv éscfs Brdwy & Tth Av 5s. Bklyn Manhat6s.. 37 99 98% Buff R& Pitt4%s. 7 964 95% Can Nat41s54... 1 96% 96% 96% Canada South 5s... 6 106 106 106 Canad North 612s. . 7 118' 118% 118'% Canad North 7s. 3 115% 115% 115% Car Clinch&O 6552 4 108% 108t: 108% Centof Ga5sls.... 2 104' 104% 104'4 Cent of Ga 6s. oo 11 102% 102% 102% Central Pactfic 4s. 1 924u 924 92% Cent Pac 1st 55 90. 48 102% 102 Ches&Ogn4lzs.. 9 98 98 Chi& Alton 315s... 46 63% 631 63% ChiB&Qgn4s53. 30 94 93 94 ChiB&Qlstrfss. 10 lflfir\n 106% 106% Chi & E 111 gn 58 51 67 83 3 Chi Gt West 4s859. 201 70'% C M&St P 4s 25 cfs. 61 59 CM&StPdbds... 7 CM&StP deb 4s cfs. 9 CM&StPcev4ls 3 CM&SPcviizsi2efs CM&StPgni%s. CM&StPrf4les. CM&SP rf 4%s ct14 CM&StPevis... CM&SP cv 5s cfs 14 CM&StP6Bs..... Chi & NW gn 3125, Chi & NW ref 5s. 96% 80 58% 8 a 584 10315 103% 80 80 2105 104% 105 1 lll'. 111% 111% 6 ll\5'- 104% 104* 2 102% 1027 10; 15 87% 8T 87 8 104'5 104'% 104 3 104% 104% 104'% 2 1021 10212 102%% 104% 104% 9T% 9T 95% 95% 2 102% 102'; 102% 30 103 102 103 91 93% 94 115 114% uu. 91% Chi Union Sta 5s 44 Chi & W Ind cn 4s. C&WIGKs62.... & StL5s. C&StLrf6sA. Colo & Sou 41 Cuba R R §s. CubaRR 68 1936 cfs Cuba Nor6s66.... Del & Hud 1st rf 43 22 Del & Hud cv 58 35. Den & Rio Gen4s. 2 Den&RioG 4158 36. 1 D Rio G West 5s...185 Det United 4%s. 7 Erie st cons 4s.... ;1:;» 306 . 5 ||z\~ ll‘”v 112! e 99% Firie conv 4s D. Erie Genessee R FlaEC5s74.. r'r Trunk sldh 6s 94 -) W 9% 914 111 Cen 43 52. " 13 102'1 102‘L 10"‘. T11Cen 4%866..... 111 Central 535 T-C- CStl’i&l\Ofias Int Rapld Tran 6s.. Int Rap Tr 5s stpd. 60 78'% Int Rap Tran 6s. 4 81 Int Rap Tran 7s... 205 98 Int & G Nor 1st 6s. 12 101 2 int & G Nor ad 6s..134 IntRysCA5sT72.. 16 97 96% 101 6 105 104% 105 49 98% 98% 98% 6 103% 103% 103% . 43 102% 101% 102% 14 106'% 106 106% 28 104% 104'; 104% 27 107% 107% 107% . 29 107% 107% 107% W 92% 56 95'c 95% 95% 1 102% 102% 102% 40 103% 103'% 103% 60 104% 1037 103" .14 99 98k 99 1 100!z 100'; 100': 76 99'%: 99'a 99 102% 102% 104% 105 104% 104% 5156 156 156 5101 101 101 3 103'% 103'% 103! 3 101% 101 101 2 110% 110% 110% 3 81% B81% 81% 6 105% 105% 105% 7 1024 102% 102% 98 98% 100% 1077% 108 98% 98% .’! 102"1 102% 102% o 94% 945 6 96 96 5 105% 105% 105% e #8770 107% 107% 31 108 1075 107% 3 115'% 115% 115% 4 106% 106% 106% 6 .110% 110% 110% 1102 102 102 3100 100 100 46 10216 102t 1024 6 103% 103t 103% 83 98% 98 98% 12 99% 98 99 7 102% 1021 102% 15 109% 109% 109% 10 108% 103% 103% 6 105 1041 105 38 103% 101% 102% 1 100% 100% 100% 1.100% 100% 100% 5120 120 120 5 100% 100% 100% 3120 120 128 2100 100 100 1105 105 105 40 105% 105 105% 48 984 981F 98 57 891 89% 89 15 108% 103% 103% 4 103% 103% 103% 1 924 924 92% 3 98% 984 98% $ 1084 108% 108% 13 110% 110% 110% 59 106%¢ 106% 106% 47 106% 105% 10 5 100% 100% 1 5 1004 100% 100% 4 102% 102% 1027 11 1os% 10.; . 10 105 1 104% 27 l05‘x 105% 1054% 25 110% 110% 110% 17 96 95% 11 101% 101 134 100 99% 99% 69 101% 101 101% 8 100% 100% 100% 32 94% 94': 94% 156 107% 1075 107% 10 103% 103% 103% 185 102% 102 3 2 99% 99% 99% 5 105% 105% 105% 23 108% 108 108 96 101 Kan City Ft S 4s... Kansas City S58... 5 Kan City Term 4s.. 7 Lale Shore 4s 28. 5 Lake Shore 4s31... Louis & Nash uni 4¢ ll .97 Louis & Nash 7s... 4 105% Man Ry 15t 90..... 30 70% Market St 75 40.... 5 97% MilEl Ry &L 5s... 18 99 M&StListrf 4 5 19 M St P& SSM51s. MStP & SSMG%S MK &T st 4s MK& M K & T adj 5 MK&anlnal MK&T6sC.. Mo Pacific zen 4s Mo Pac 6s 49 D. Mo Pac 6s 55 E. Nassau E Ry 4s57. NOT&Min 5s. NOTex &M5sB. NOT&MG:sS 105 0% 7Y% 98% 19 96% 105 T0% 97'% 874 4 10l 8613 98% 102 102% 102% o 44 103 TT% 620 "‘. 7 43 107% 107% 107% .. 63 107% 107% 107% 3 61% 61% 61% 4 100% 100% 100% . 38 100% 100 100% . 2105 105 105 N Y Cent4s98.... 11 91% 9_1" 1% NYCentdebds... 2 97 97 97 NYCrfim4%s13 1 99 99 99 NYCentribs.... ..5 106% 106'% 106% NYChi&StL 512sA. 105% 106 NYChi&StL 5138B. 6.. % 105% 1057 NYC& SQLG!A L 1L 102% 102‘1 102% 73 ¢ 108% 108 A 1047 lOl,i 106 N Hav&H clt 6s 40. NYOntWistds N Y State Ry 4:s. NYStateRy 6145 62 N Y W & Bos 413s. Norfolk & W en 4s. 11 orthern Pac 4s. . 92! Northern Pacr | 65 § 1% 11 OreShort Lrfsds. 9 98% Ore Wash st 4s... 4 884 88% Pennsyl con 41 3 102% 102 E Pennsyl gen 41is. 99% Pennsyl gen 5s. ... 109 Pounsy! is ¢4. Pennsyl 61s. 2 Pennsyl #old 75,5, 6 106% 106% 106% Peo& E1st4s40i. 7 86% 86 86Y Pere Marq 1st5s.. 4 104% 104% 104% PCC&StL5sA.. 6108% 108 108 PCC&StL 58 B T 15 108% 108% 108'% Port RL & P 6s47. 2 100% 100% 100% Reading gen 13s.. 21 983 9! Rio G W 1st 4s. 15 a5 91N Rio G West ¢l 6 85% 85% RIATK& L4%s.. 20 95% 95% StLIM&S4s29... 2 & St L IM&S R&G 4s. 11 84 85% 8! 6! 19 101% 101% 1()11- 6 1022 102% 102% 32 100 99% 99% 133 97% 12 l0l*v 101% lOI1 95 98 88%, 102 99% 109 103 4 111% St StP & KCShL 4 s San A & Arn Pds.. Seaboard A Li4s... 5 Seaboard AL 4s sta 17 &2 Seab A Liref 4s. Seab A Ladj is. Seab A L con 6s. .. BONDS ARE STR[]NG Irregularity Noted, However, in Domestic List—Realiz- ing Is Evident. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, January 28.—In two departments the bond market was stili strong today. These were the foreign issues and United States Government obligations. In the general run of domestic bonds, however, thare was a good deal of irregularity, realizing sales appearing in many of the is- sues which had enjoyed substantial advances earlier in the month. This was noticeably the case in the junior railroad bonds. ‘There was no let-up in the demand for high yielding foreign dollar loans. The leaders today were Yokohama 6s which were taken in large volume at a high record. The bonds first were brought out last November at 93 and immediately sold at a premium. To day they were up nearly 4 poluts from the offering price. One house alone was said to have taken $300.000 par value of this issue. Brazil 6%s which have been strong all week, maintained their position today. finally reached a new top for all time, Belgian 78 of 1955, likewise pushed through their old high. United States Government bonds were not especially active, but the Treasury 3%s on a comparatively small turnover sold above anything of record in their history. Strength in this part of the list was perhaps a re- flection of the showing in the weekly statement of the Kederal Reserve Banks, revealing as it did an increase in gold reserves, coincident with a de cline in_circulation and in discounted bills. The reserve ratio stood at the high of the year and higher by more than 4 points than at the same perio. a year ago. Some of the highes grade of railroad mortzages improved in sympathy with Government bonds. Southern Railway consolidated 5s were in active demand at higher prices in this part of the list. The setback in the second grade and more speculative bonds was most ap- parent in Erie_convertible “D” 4s, which were down at one time over a point; in International Great Northern adjustments, which at 90 were off points from thelr recent high; in Chi. back below 71; in Seaboard Alr Line adjustments, below 88, and in Missouri Pacific general 4s, which at 77 were cff a point. The loss in the Missouri Pacific is- sue was probably connected with the announced plans for new financing. The amount stated in the published reports was from $90,000,000 to $100 000,000, the proceeds to be used to rc tire both series of 6 per cent bonds now outstanding. The 6s significantl sold today at the redemption price. New bonds, if issued, will be senior t« the general 4s, which sold off today. . POTATO MARKET DULL. CHICAGO, Janauary 28 (#).—Pdt toas—Receipts, 58 cars; on track, Total United States shipments, 54 cars; demand and trading very slow. market dull; Wisconsin sacked rouni v\hl!u 2.10a2.20; partly graded, 2.00s 2.05; Tdaho sacked Russets, 2.70a2.55 lno.slly‘ a2.80. —_— WILL SPEND $9,000,000. NEW YORK, January 28 (#).—Di rectors of the New York Telephone Co. have authorized expenditure of $9,153,220 for thé new construction in various parts of its territory, chiefly in the metropolitan area. "WILL REDUCE DIVIDEND. CHICAGO, January 28 (#).—Butle: Brothers, wholesalers of merchandise. announced that beginning May 15 they will reduce their dividend rate from 121 per cent to 10 per cent. The company’s quarterly earnings in 1926 wero §2.44 a share, against §2.03 n 2 Washington s;ock Exchange SALES. apital Traction Co—10 at 103%. § at 1037%. 5 at 1 Potomac Electric pfd—5 at 100%. 8 a 109%. 5 at 109 Ricks Notional Bank—1 at 479, 3 at 479 AFTER C. Washington Gas 6 "A" $300 at 103. $300 at 1 2 w};:, iaion Mariet Cold Storage 5e—8500 Merchants' Transfer & Storage pfd.—10 at 100%. 10 a Patomac Electric 10— at 1003 Elec. pfd- o4 ashington Rws. Money—Call loans, 5 and 6 per cent Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. ke Sou Pacific clf 15 . Sou Pacific ref 4s - Sou Ry gen 3! 29 1164 115 Southern Ry 61%5.. 36 121 Term Asso St L 58 TexArk FS5%s 50, Third Ave ref 4s ol Tr L&P 515 30 Unton Pac ist 4s... Unfon Pac 1st rf 4s Union Pac 4s27. .. Virginia Ry 1st 5s. Va Ry & P5s.. Wabash 1st 5 . Wabash 538 75. 1 1044 104% 1044 - West Maryland 4s. 44 80 79% 79% Wos( Shore 4s 2361 6 867 86)% 86l 11 95% 5 924 14 994 3 lfl'l 2 1 ‘lOI"q 104% 104% 85 96% 964 96% 8 1074 107% 107% 3.99. 98% 99 SILVER GUOTATIOI! NEW_YORK, January 28 (#). ‘Mexican dollars, 43 silver, 57%; _N t Amer. Tel Amer. Tel. & Telga. 412 Amer Tel. & Tel. Anacostia & Poi & Telga. 4s. OCKS. PUBLIC UTILITY. Amer Tel. & Telga... . Capital Traction . Washington, Gas Norfolk & Wush Potomac Elec. h Rw. . Rw. o e lec. com.’.’ & Eiec.’ pfd. NATIONAL BAN National Columbia Commerci District . Farmers & Mechanics Federal-American . erty . National Riggs .. Second . National Bank of Bethesda Commeree & Sav. East Washingto \merican “orcoran Union o TITLE INSURANCE. Aumbla Title, cal e Title. e Tv ts' It thale; Scrlm & Lin nlu cago Great Western 4s, which dropped