Evening Star Newspaper, January 31, 1927, Page 14

FINANCIAL TREND 1S HIGHER N STOCK MARKET Qils Move Fractionally. Wheeling Incident Out of Way. Motors Up. BY STUART P. WE! Special Dispatch 1o The Star NEW YORK, January 31.—The stock market had = exhibited toward the close of last week signs of a somewhat oversold position and while there was nothing outside of techni- ¢al conditions upon which to found a rally, it was nevertheless felt to be due. Buying, which was mostly in the nature of short covering, showed at “the epening today in advances of a half point‘to a point. Some recession vecurred toward the end of the first hour, hut the buying movement was later resumed. The over-Sunday news amounted to nothing and the market started off the week confronted by the same con- sideration which faced it during the greater part of January. Diverging views regarding the state of trade and what.the tendency was, were the chief influence, Wall Street was looking for more light on this subject, especially upon whether the competitive feature was growing, spreading beyond the lines already known about. The painful process of trying to add quarters of a point to the valuations of the ofl shares was resumed. FPan- American “B” furnished an excep- tion. It disclosed quite a bit of short covering. But the changes in such stocks as Midcontinent Petroleum. “Marland and Phillips Petroleum were trifling. Universal Pipe and Radiator prefer- red and common were bid up and other stocks easy to move because of the small floating supply were driven forward. These included Commercial Solvents B, J. I. Case and du Pont. Tho motors were fairly strong because there was & good sized short interest to lean upon. Mack Trucks and Gen- eral Motors were the leaders. Those who have been committed to the short side of Mack Trucks for some time had plenty of paper profit left and evi- dently decided to take it. With the Wheeling incident out of the way, so far as any market effect was concerned, less interest was taken in the junior rails. But New Haven was quite an exception, going ahead ©on a large turnover. - For a long time past, whenever New Haven has been strong the rumor has persisted that the road would be operated jointly by some. of the transcontinental lines. This, it is believed, would help both parties to the deal. It has been ono of the most interesting suggestions of railway mergers. which has been made. Markets at a Glance NEW YORK (#).—Stocks strong; Canadian Pacific highest in 11 years. ‘Bonds steady; French government is- sues strong. Foreign exchanges firm; Spanish pesetas at new high. Cotton barely steady; favorable weather, Sugar easy; commission house selling. Coffee higher; European covering. CHICAGO.—Wheat lower; disap- inting export demand. Corn easy; country offerings. Cattle lower. Hogs easy. VOTE ON STOCK INCREASE. NEW YORK, January 31 (P).— Stockholders of Puget Sound Power and Light Co. will vote March 7 on a proposed increase in capital stock by 100,000 shares of no par value pre- ferred. T, F. & W. GRAND STORES. NEW YORK, January 31 (®.—Net profit of ¥. & W. Grand Stores for sel6 wus $682,184, equal after pre- ferred dividends to $6.01 a share on the common, against $635,835, or $5.55 @ share in 1925. The year's sales were almost $2,000,000 more than in 1925. FOTATO MARKET STEADY. CHICAGO, January 31 (®).—P toes—Receipts, 114 cars; on.track, total U. S. shipments Saturday, 90 Sunday, 13; demand and trading im- proving, market steady; Wisconsin sacked round whites, 2.00a2.20, mostly around 2.10; Idaho sacked Russets, 2.70a2.85, mostly 2. 80. e PROFITS CLIMB. NEW YORK, January 31 (#).—The New England Telephone and Tele- graph Co. earned $8.29 a share on its stock outstanding in 1926, with the met income .of §9,174,301, compared with $4.72 a share in 1925, when net income was $3,921,220. ta- FOREIUN EXCHANGE. (Quotations turnishes oy W cold value ndon. pound. . ..".".$4.8665 $4.8; real. dollar. ... 1.01 3 oty Cojenhagen. crown Oslo, crown Stockholm. crowi Rate—Maturity. 4$%s Mar. 15 19: 848 June | 31%s Sent 4%s Dec. 15 L FEDERAL LAND BANK B NDS. Quoted by Alex Brown & Suns Closing.) Aorox Rate—Maturity K 4158 Nov. 1V PUTTTT. Aium_Co. of Amer. is .1 Am. Tel. & Tel. Co. 3¢ American Thread Co. 6 1 Anaconda Copoer’ 82 102 Associated Oil 6s 19 Baltimore & Ohio 0s Bell T Canada 5 Can, Nor. Rwy. ¢ Ceniral of Georgi, 'hi. Mil & Chiie Copper iy of Lvun Gs Peona, R. R. Pure Oil Blon 1 3 Sinclair C. Gl P, C. 62 1428 o ) Pac. R R ( L &P Co Jubber 0 e 1128 melting Co. 514 1935 Unie ited pling Stl. Ccr. 5%s 1048 98 Abitibl Pow (5). Abrahms&straus Adams Exp (6). Adv Rumley pf. Ahumada r6Uc) . Alr Reductn(t6) Ajax Ruber..... Allied Chem (6) Allis Chalm (6). Allis Chal pf (7) Amal Leather. Amerada (2) Am Agri Ch pf. Am Bosch.. Am Can pf (7)., Am Car&Fdy (6) Am Chain A (2). Am Chicle (3).. Am Chicle efs(3) Am Drug....... Am Express (6). Am & For Pow.. Am&Fo Popt7) Am Hide & Lea. . Am Hide & L pt. Am Ho P(2 40).. Am lcectin)y, .. Am Ice pf (6)... Am Inte; el AmLaFr (1) . Am LaFra pf(7). AmLinseed. . ... Am Linsd pf (1) Am Locomot (8) Am Mach & Fdy Am Metals (3).. Am Po& Lt (11) Am Ry Exp (6). Am SafetyR(13) Am Ship & Com. Am Smelting (8) AmS&Rpf(7). Am Sugar (5).. Am Sugar pf (7) Am Sumatra..., Am Tel & Tel(9) Am Tobacco (8) Am Tobacco B(8 Am Tobac pf (6) Am W W (c1.60) Am Woolen..... Am Wool pf (7). Am Zinc. . Armour of T1I(A" Armour of 11 (B) Armour TI1 pf(7) Arnold Con&Co. Art Metal (1132) Asso Dry G(2%) Atchison (17%). Atchison pf (5). Atlant CL (+10) Atl Gulf & WI.. Atlantic Refing. Atlan Ref pf.(7) Austin-Nichols. . Auto-Kniter.... Baldwin L (T).. Balto & O (1613) Balto & Oh pf(4) Bang & Ar (3).. Barnet Leather. Barnsdail A (2). Barnsdall B (2). Bayuk Cigars. .. Bayuk 18t pf(7). Belding Bros(3). Bethlehem Steel Beth Stl pf (7). Bloomingdale. .. Blmingdle pf(7) Bon AmY (4).... Briggs Mfg (3). Bkin-Edison (8) Brown Shoe (2). Brunswick Ter. Burns Bro (10). Burns Br B (2). Burroughs (t4). Bush Terminal. Butte Cop (50c). Butterick (m2). Byer &Co...... Calif Packg(4).. Calif Petrol(2).. Callahan Zine. ... Calumet & Ar(6) Can Dry (e2%). Can Pacific (10). Case Threshing. Central Alloy(2) Cent Alloy pf(7) Cent Leather. Cent Leather Cent Lea pf ctfs. Century R pf(7) Cerro dePas(15) Certain-Teed(4) Chand-Clev. ... Chandler pf(2%) Ches & Ohio( 12 Chi & Alton..... Chi Great West. Chi Gr West pt.. Chi M1IEStP. C M&StPefs. ... C M&StP pf cfs. Chi & Nwn (4).. Chi Pne Tool (6) Cbi RT& Pa CRI&PDpf(6). CRI&PDLI(T). Childs (12.40)... Chile Cop (21). Christie B (1.20) Chrysler Corp(3) Chrysler pfA(8) Cluett Peab (5). Coca-Cola (1)... Collins & Aik(4) Collins&A of (7) Col Fuel & Iron. Col & Southn (3) Col Gas & EI (5) Col Gasrts. ... Col G&F: pf A(6) Col Carbon (4).. Com Credit (1).. Com In Tr nf 6% Com Solv B (8). Congoleum N... Congress Cgr(3) 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 Bak pf (8). Cont Can (16).. Cont Insur (6).. Cont Mot (80c). Corn Prod (+2%) Crucible Steel(§) Cuba Cane Sugar Cuba Cane Su nf Cuban Am S (1). Cuban-Am pf(7) Cuba Co (4).... Cudahy Pkg (4). Davison Chem. . Del'& Hud (¥). Del L & W (7). DRGWstpf... Detroit Bd (8). . Devoe & R(2 40) Dodge Bros Cl A Dodge pf (7)... Dome Mines (2) Doug-Pec ( Du Pont (+12).. Du Pont deb (6) Eastman (18) Caton Axle (2 Etsenlohr & Bro. E! AutoLt(16%) Electric Boat. .. Elec Power & Lt Elec P& L pf(7) Elec Refrig (2). Elec Sto Bat(16) End-John (5)... Engineers Pub S Engnrs PS pf(7) Erle RR. Erle 1st pf . Firle Stm S(2%) Eureka Vac t4% Fatrbanks (3).. Famous PJ (18). Famous pf (8).. Fed L&T(n1.40) Fed Mot T« f80c) F1d Phoentx (6). Fifth Ave (64c). Eirst Nat Solig) #1sk Rubber. ... Fisk 1st pf (7)., Fielschmn #21% . Foundation (8). Fox Fllm A (4). Freeport Tex (2) Gabriel Sn (3%). Open High 84 67 Law. Cioss 8414 84 671% 66 36 134 81y 224 6013 1064 T9% 424 57% 924 51% 5% 141% 138 140 50% 5214 90 90 84% fig % 84% 8b% % 15 2% 100 6% 156% 9% 139% 100 k! 140 52 20 50%, 90 2% 3 100 % 14% 3 14% 90% 90% 90% 907 242 244% 241% 242% 18% 18% 18 18 53 53% 9 15 100% 1 1 3% 4 172% 4 14115 4815 134% 404 25% 831 9% 52% 173% 10812 1 111% 122 39 28% 94y 12% 29 16% 85% 48% 8 67T% 41% 31 Received by Private Wire Direct to The Star Office Gardner Motor. . Gen A Tk (3) Gen Asphalt. ... Gen Elee (h)... GenElec sp(60¢) Gen Gas Acel 1) Gen Gas pfA(8). Gen Gas (B).... Gen Motor(t11), Gen Mot pf (7). Gen Qutdr Ad(2) Gen Outdr A (4) Gen Ry Sig (5) Gimbel Bros Giidden 12). Gold Dust. Goodrich Ru (4) Goodyear pf (7). Gothm S H(214%) . Gotham new 2 Gotham rts. . . Granby Consol.. 3 Grt North pt (5) 85% GtNrOre(ti) 21% Grt Westn Su (8 1121s Green Canan.... 30 Gulf Mo & Nor. Gulf States (5). 2% Hartman A (2).. Hayes Wheel. Hoe & Co A Houshld I’ Houston Ol Howe Sound(4) . Hud Man (213). Hudson Mo(3%) Hup Mot (1.40). Indep O!1 (1) IndianRefg c int Bus Ma t. int Cement (4). . Int Cement pf(7) Int Com Eng (2) Int Harv (j8)... Inter Har pf (7). IntMtch pf lut Mer Marine. int Mer Mar pt Iut Nickel (2) int Paper (2). Int Tel & Tel ( Intertype (113) Jewel Tea...... Jordan Motor... KCP & L 1st (7) Kan City South. Kayserd (4)...0 Kayser pf (8)... Kelly-Spring. Kelly-Spring pf. Kelsey Wh (6).. Kennecott C (8). Keystone T & R. Kresge SS(1.20) Kresge Dept S.. Kresge DS pf(8) Laclede Gas t10. Laclede Gasrts. 6% Lago Oil&Tran.. 21 Lambert Co (5). 66% Lee Tire & Rul 7 Lehigh Val(t5).. Lebn&Fink (3).. Liggett & M(14) Lima Loco (4).. Liq Carb (3,60), Loew's Ine (13). Lofteceusoss Long Bell A (4). Loose Wiles 13 Kl 174 Loutsiana Oil. Ludlum Steel 27% McCroryB(11.60) 63% Mack Trucks () 9314 Macy HR & Co.. 136% Magma Cop (3). 34% Manat! Sugar. Manati Sug pt. Man El Sup (5). Man Elm g (D5) Man Shirt (1%). Maracaibo Oll... Market Street. .. Marland Qi1 (4). Marin Rock t2% Mathieson (4) May Dept (). May Dept § rt Mayt MetroG pf(1.8: 0 Midland pf(112). 111 Minn & St Louls. 2% MStP&SSM 1i(4) 62 Mo Kan & Tex,. 344 MoK & T pf (6). Missourt Pacifie. Missourt Pac pf, Montana Pow(5) Montgmry W(4) Moon Moter. Mothr Lode e Motion Ple (1).. Motor Met(3.60) Motor Whl (2).. Munsingwr (3).. Murray Body (n) Nash Motor (4). Nat Biscult (6). Nat Cash R(A)3 at Cloak & Suit Nat Cloak pf (7). Nat Dairy (3).., Nat Distillers. .. Nat Lead (8)...4 NatPw&Lt(80c), Nat Ry Mex 2d.. Nat Supply. (16). Nevada C (1%). NY Alr Brake2) NY Central ( NY Chl&StL(11) 188% NYC&StL pf(6). 104% NY NH&Hart... 46 NYOnt&W(1) 26 NY Ryspartcfs. 14 Niag Fpf (1%). 2T% Norf &W (110). 158% NthAm b10% sté 46% North Pac (5)... 82% Norwalk Tire. 4 01l Well-Sup (2) Omnibus. .. .vse Opnhm, Col (4). 58% Orpheum Cir(2). 33% Otis Elev pf (6). 110 Owens Bot (¢16) 78 Pac Gas&El new 32% Pacific Gas rts.. b Pac Ofl Stubs... Packard (12.90). Palge Motor.... 12% 33% 38 31% 647 9% 4% 19 162% 19% 1% 91 14% 31% 12% 1% 34y 10% 63 Panhandle pf. .. Park & Tilford.. Park Utah (60c) / Pathe Ex (c3) 3 Patino Mines. Peerless Mot. ... Pa Dixie Ot(80¢) 3 Pa Dix Ct pf (1) Penna R R (3%) 58% Penn-Seab Steel, % Pere Marq (18). 121% Pere M prior(5). 95 Pere Marq pf(5) 914 Philag RC&1.. 42% Philip Morris. .. Phillips Pet (3). Prerce-Arrow. .. Pierce-Ar pf (8) Pierce Oil.. Plerce Oll pf. Plerce Petrolm. . Pitts & W Va(6) 132% Porto Rico Tob. . Postum (5)..... Pressed Stl Car. Pr Stl Car pf (1) Prod & Refiners. Pub Sbrv NJ (2) Pub SE Po pf(7) 114% Puliman Co (8). 188% Punta Aleg Sug. 44 Pure Oil (12)... 284 Purity Bak A(3) 48 Radlo Corp of A. 52% RS Ll Cots (4) Ray Copper(26¢) Reading (6).... Real Silk Hos 44 Remington Type 133 Replogie Steel.. 10% Rep Ir & St (4). 59% Rep I & S pf (7). 100 Reynolds Spngs. 4% Rey Tobac B(5). 122% Robt Rels& Co.. Th Rossia Ins (6).. 80 Royal D (a3.078) 51% 51 Rutland pf (1).. 52 63 STAR, ' WASHINGT JANUARY BANK CLEARINGS SHOW BIG GAIN OVER MONTH IN 1926 Increase of $4.221,522.12 Reported for the Period—New York Exchange Head to Make Speech Here. BY EDWARD C. STONE. ‘Washington bank clearings for Jan- uary totaled $117,074,963.02, a gain of the first month of ording to the figures. report- ed by the Washington Clearing House Association today. The clearings for the same month a year ago amounted to $112,853,440.90. These figures are also way ahead of January, 1925, when local clearings reached $109,562,616, the returns show- ing steady business expansion in the Capital during a three-year period. Great interest always centers in the clearings for the opening month of the year, and bankers and business men will be highly gratified to note the steady advance in the number of checks' cleared in the past 31 days. The figures are especially significant considering the fact that many other cities in the country have had sharp declines in their clearings during the past four weeks. The gain of more augurs well for the of the city during 1927, although some bankers say it is not wise to put too much stress upon the clearings as a busineks barometer. The figures for the month starting tomorrow will not be as large, owing to the fact that February is such a_short menth and includes both the birthdays of Wash- ington and Lincoln. While Lincoln's birthday is not nationally celebrated, it makes quite a difference with busi- ness. Exchange President Coming Here. E. H. H. Simmons, president of the New York Stock Exchange, will give a talk in the auditorium of the United States Chamber of Commerce IFebru- ary 17, it was announced today by the Board of Trade. All the bankers in Washington have been invited to hear this talk. The meeting is under the auspices of the Board of Trade, and President E. C. Graham will preside. Mr. Simmons will take for his sub- ject, “The Myth of American iinan cial Imperialism.” and it is expected that he will have some very important statements to make on foreign se- curities. * George. B. Chipman, resident part- ner of Harriman & Co, was instru- mental in arranging for Mr. Simmons' — over than $4,000,000 commercial’ life St Joseph L(t3). StL & SanFr (1) Schulte (3%)... Seaboard Air Lin Seab Alr L pf... Seagrave(el.20). Sears-R (n2%). Shattuck F G(2) ShellT&Ta2.171% Shell Unfon (t2) 41% 1025 48% 35 4% 41% 4% 4 102% 1034 48% 35 Simmons(+2.25) . Simmons pf (7). Simms Pet (1). Sinclair Oil,. Sinclair pf (8). Skelly Ol1 (2). South Port S (§) Sou Calif E4 (2). Sou Dairfes A(4) Sou Dairies B?.. South Pac (6)... Southern Ry (1) South Ry of (5). Splcer Mfg..... Std Gas & E| g3. Std G & Bl pt(4) 8td Mill (5)..... Std Ol Cal 12%. Std Oil NI (+1%) Std Oil NJ pf(7) Std Ofl NY(1.60) Std Plate Glass. . 1075 107% 121% 128 941 94% 2% o 54% a4 5T% 71 59 38% 116 3% 64 54% 3 w 15 11% 56% 56%% 53 56% 15% 17% 39% 284% 89 0% Sybmarine Boa Superior Of Superior Steel Tenn Copper (1) Texas Co (3) Texas Corpn Tex Gulf Sul (4) Tex & Pacifie. .. Tex PC&O(60c). Tex Land Trstn Third Avenue. .. Tide Water(135) ‘Tide W Oil pf(5) Timken (5)..., Tobae Prod (7). Tob Prod A (7) Transcont Oil. Underwood (4), . Union Carb (). Union O11 Cal (3) Un Pacifie 110). Un Paclfic pf(4) Utd Cigar S (c2) Utd Drug (8)... UtdDrg 1st(3%) United Frult (4) USCIP&EF(10) U S Distributing U S Hof? (13%). USa US Re us . U S Rub 1st (8). U S Smelt (3%). U'SSteel (7).... 1 U S Steel wi. U S Steel pf (7). U S Tobaceo(3).. finiversal Pipe. . Univ Pipe pf(7). Vanadium (t4). Vick Chemical. . Vietor Tlk Mch.. Victor cv pf (6). Vietor pr pt (7). Va-Caro Chem Vivadou (3). Vivaudou pf Wabash........ Wabash pf A(5) Waldorf (1%),. Walworth (1)% Warner Bros Warren Bros Weber (4) W Penn El p West Maryland. Md 2d pt.. West Pac pf (6) Westhse Alrls 8 Westinghse (4). Weston Klec Weston A (2). Wheel & L Erle. Wheel & L B pf. White Bagle (2) White Mot (4).. WhiteRock 12.70 White SM pf(4). Wickwire ctf: Willys-Overl Willys Od pf (7) Wilson & Co. Wiison % Co(A). Wilson&Co pf(7) Woolworth (6).. Woolworth w5 Worth Pump(A) Wright Aero (1) Yale & Tne (1).. Yellow T'r (76¢) . Youngstown (4) Hourly Sales 86 864 on N. Y. Market. 11a.m. 384,700 12 0.. 619,600 1p.m. 818600 2 p.m. 999,100 Dividend rates as given in the above .:.ble are the annual cash payments based on the st auAtiery OF hall yearly declaration iass therwise Coted extta or special divi- jends are not included * Unit of ll‘ldlf\’ less than 100 lh%fll» + partiy exita & Plus 4% in stock. '3 Pay- able in common stock 2/50 in Slock " a‘Paid. this vea b Ten per cent in_com l 20 Blacierly. ‘¢ Pius 5% in stork e *when earned. ' o Pavable” in_ cash Or tPuis <Plae 86% appearance here. 1t will be the first speech the present Lead of the New York Stock Exchange will have given fn Washington and is sure to arouse unusual interest. Local Securities Again Strong. Issues on the Washington Stock Exchange opened the week strong. Mergenthaler Linotype reached a new high of 111 on a 20-share turnover and Peoples Drug Stores preferred was also very strong at 111, which is the high for the year. Federal- American Co. common sold at 33, within a fraction of its highest mar ‘Washington Gas Light sold at 69%, Rallway and Electric preferred came out at 90% and cloged at 90%, and Traction advanced to 104% on a 25-share turnover. Ten shares of Riggs National Bank sold at 475, a decline from last week’s high mark. The bond market was quiet, Wash- ington. Gas 56 changing hands at 1001, and the 6s, Series B, moving 4t 104%. President Robert N. Harper of the District National Bank was showered with flowers and congratulations today, it being his birthday. The banker said it was his twenty-first. It was the second time . during the present month that he has received similar felicitations as many of his friends were under the impression that the thirteenth, instead of the thirty-first was the correct -date. As a sort of preliminary celebra- tion. Mr. Harper gave a dinner last evening at the Racquet Club to the officers, directors and all the em- ployes of the District National Bank. There were 67 guests present who reported a most enjoyable evening. Bank Joins Association. It was voted at the last meeting of the Council of Administration of the District Bankers' Association to admit the Bank of Brightwood to membership. In this connection it is interesting to note that Ray L. Scheiner, head of this institution, is the youngest bank president in Washington, The bank is also com- paratively young but is enjoying a very steady growth. Kenly Predicts Heavy Traffic. President J. R. Kenly of the At- lantic Coast Line sees a silver lining in the cotton situation in the South. He says: “There is reason to believe that during the rest of 1927 traffic in the Southeast will continue to be heavy. Material progress is being made toward financing that portion of the cotton crop that will be ware- housed for future marketing. The present situation may result in bene- fiting the farmer’s position by bring- ing him to a realization of the need for a better balanced system of agri- culture.” WHEAT HAS SETBACK IN LATER DEALINGS Increase in World Shipments and Supplies in Passage Causes Selling on Bulges. By the Associated Press. > NEW YORK, January 31.—In- creased offerings whenever prices bulged led to a material setback in wheat today toward the last. World's shipments increased more than 1,000,- 000 bushels for the week, and there was an increase of 2,000,000 bushels in supplies on ocean passage. The United States visible supply, however, decreased 2,136,000 bushels. Notwithstanding that world ship- ments of wheat were today announced as being larger for the last week than for either the week previous or for a year ago, European prices gave no evidence of decline. In this connection the fact was pointed out that this was altogether contrary to forecasts that when Argentina started to ship freely European markets would lead in a downward swing of values. Firm- ness of trans-Atlantic markets today was “the more noticeable on account of the fact that enlarged shipments from south of the equator have mnow been in progress flve weeks. Appar- ently very few of these shipments.are going to consignments and an un- usually large proportion of them are May . July September . BUTTER IS HIGHER. CHICAGO, January 31. (#).—Butter —Higher; receipts, 12,332 tubs; cream- ery, extras, 50; standards, 49%4; extra firsts, 4815a49; firsts, 46%6ad7ls; sec- onds, 44a4515. Eggs—Lower; receipts, 13,022 cases; firsts, 3234a33;. ordinary firsts, 31a31%; refrigerator not quoted. STUDEBAKER DIVIDENDS. NEW YORK, January 31 (@).— Studebaker directors today declared the regular quarterly dividend of $1.75 a share on the preferred stock and a dividend of $1.25 on the common stock, both payable March 1 to stockholders of record February 10. o COTTON GOODS STEADY. NEW YORK, January 31 (Special.— Cotton ‘goods markets were quiet at the start of the week, with prices gen- erally unchanged. Print cloths were quoted at Tc for 64x60s and 7%c for 68x72s. Raw silks sold off 5 cents in a slow market. Grand XX at $5.95 topped the list. TRAFFIC DECLINES. NEW YORK, January 31" (®).— Freight traffic on Canadian railroads in the week ended January 22 declined to 57,058 carloads from 59,128 the pre- _ceding. week, but exceeded the total of a year ago by nearly 4,000 carloads, Receipts from connections were 37,189 garloads against 33,431 the week be- ore. - o CALL MONEY STEADY. NEW YORK, January 31 (®).—Call money steady; all loans, 4; closing bid, 4. Time loans steady; mixed collateral, 60-90 days, 4%; 4-6 months, 4%. Prime mercantile paper, 4a4% Y * FISCHER'S PRICE INDEX. NEW HAVEN, January 31 (P).— Prices, 145; purchasing power, 69 Januaty average, 1455 and 68.7; crump’s, 137.1; average, 137.8. Irving Fisher. (Copyright, 1927.) Tl i 5 NEW YORK, January 31 (P).— Crude 6il production in California last week averaged 650,600 barrels daily, a decrease of 4,800 barrels daily from the week before. The output in the Los Angeles basin declined 1,600 bar- reals daily, Received by Private Wire Dissct te The Star Ofica. - UNITED STATES. (Sales are to Sales. . 173 101 12 32 103 10 54 10022 % 38 10110 Lib4th 4%s 92 10325 6 106 21 16 110 25 TS 481944, US4yss2. Atgentine 6s Ju 59. Argentine 6sOct59. Argentine 63 A.... Argentine 6s.B. Australtan Gs Austria 7s... z Bank of Chile 61%s. Bordeaux 6s. Brazil 61s. Brazil 7s. Brazil 8s. Canada s 1931 Canada §s 195: Canada 5% 192 Chile7s 1943, Chile 85 1941. Chile 85 1946. . Chinese Gov Ry s. Con Pow Japan 7s.. Copenhagen 5%s. Cuba 5%s..... Czecho T3S rets... Czecho 85 1951. ... | Czecho 83 1952 ct.. Danish Munic 8s A. Danish Munic 8s B. Denmark 6s. ... Dutch East I 634 Duteh East I 6s 6 Finland s f 63 4 Finland 7s. .. Framerican 715 French 7s. French 7%s. French 8. . 118 German EI P 6%s.. 14 German 7s... 442 Ger Am Bank 7 Ger Gen Elec 7s. Greek 7s. Haltl 6s. Holland-Amer s Hungary 7%8..4.. Italy 7s Japanese 4S... Japanese Gl5s. . 8 Jergens U M 6s47. 10 Mexico 4s 10 Mexico 58 asn! Montevideo 7s..... Norway 6s 1043.... Norway 6s 1944. Norway s 1952, Orient Dev deb 6 Faris-Ly-Med 63 Paris-Ly Med Ts. Saxon (PW) 7s. Seine 7s 42., Serbs Crot Slo Swiss Confed 8 Toho Bisa Pow 7s.. 10 Utd Kingm 5%s37. 15 UtdSteamCopen 6s. 10 Yokohama 68 w1 .,135 Ajax Rubber 8s. 1.000. 103 . Low. 3:10. 10111101 12 8 10310 110% 110 104% 102 10214 95 1004 1084 103% 111% 109% 9% MISCELLANEOUS. 4 106% 106% 100 19 100 19 1019 10110 103 24 103 24 106 20 106 20 11022 11023 1167% 105% 92% 9% 106% Am Agri Chem7i;s 22 134'5 104'% 104% 9 Am Repubdeb 6s,. 1 Am Smit& R 1stbs 17 Am Smit &R §s.... AmT&Tcltr4s.. 99 AmT&Tcltrés.. 7 AmT & Tsf 53 45 AmT & T deb bigs. 47 Am Water Wksbs. 2 Am Writing Pap 6s 1 Anaconda 1st 6s... 3 Anaconda cv'db 7s. 59 Andes Cop Ts rets. . 21 Armour&Co 4%4srf 9 Armour Del §%s.. 25 Barnsdall 6sctfs. Bell Tel Pa 68 B. Bell Tel Pa 55 C. Beth Steel r2 5s.... Beth Steel 515883, 17 Beth Steel 6s. . 48 Bklyn Ed gen 5s... 11 Calif Pete 6%s.... 10 Cen Leath 6s 45 cfs 482 Chila Copper 6s32. 40 Commonwlth P6s. 3 Con Coal Md 1st5s. 5 ConGasN Y5%s.. 9 49 2 8 2 101% 108 104% 103 103% 100% 99Y% 102% 104% 103t 101% 4 110% 104% 81% 4 106 Consumers Pow 5s. 38 . Cuba Cane cv 7s. Cuba Canecv8s... Denver Gas. bt Dery (DG) Det Edison 5s 40 Det Edison ref 8s.. Dodge w | 6s. Duq L& P 514849, Duquesne Light 6s. East Cuba Sug 7%s 29 Empire G & F T%s. 3 2 4 5 2 29 1 5 Goodyear 8s 1941.. Hershey 5%s. . Hoe & Co6%s..... HumbleO & R 5%s Illinols Bell 1st 5s. 20 Int Paper 6s. IntT & T 5% Kan CP&L bs Kelly-Spring 8s. Lackawa S 58 50... LaclGrefdd,..... Laclede G 5348 52 Liggett & Myers 5s Lorillard (P) 6s. .. LoulsvG & E 58 52. Manati Sug sf 7%s Mid-Con 6%s 40... Midvale Steel 5 Montana Pow 5s... [or's & Co 1st 4%s ‘at Tube 1st 5s. North Am Ed North Am Ed 6%s. Nor States Power b Nor States Pow 6s. Pac Gas & Ei & PacT & Tistbs... Pac T & T 6852 Pan-Amer Pete Phila&RAC& 158 Public Service 6s. P ServGas5%s 64. Remingtn Arms 6s. 31 Sin Crude O11 6s., . 96 107% 108% 115% 107 110% 121% 102% 100% 102% 107% 924 95% 105% 103 103% 100% 991 102% 104% 1031 101% 110% 105 8114 106% 102% 9915 & 101% 98% 79% 4 102% 105% *107% 108 115% 106% 110% 121% 101% 100% 102% 106% 954% 108% 100% 99% 101% 100% 108% 94% 105, 105% 107% 108% 115% 1067 110% 121% 102 100% 102% FINANCIAL I on NEw Yore B 'NDSs-roc:nml Sales. High. Low. 3:10. USRubistrffs.. 18 96% 961 964 U S Rub 7%s. 3 106'% 106% 106% U S Steel sf5s..... 50 107% 107% 107% Vertlentes Sug 7i 2 99% 99% 99% Warner Sug7s39.. 42 93 91% 92% Warner Sug 7s 41.. 17 103% 103% 103% 3 102% 102% 102% 1112 112 112 21.102% 102% 102% 2 102% 102 102 Wilson & Co 1st 6s, 71 102% 101% 102% Winchester A 714 2 105% 106% 105% Youngstn S&T 6: 22 104% 104% 104% RAILROAD. At&S F cvt 45.05-55 1. 88 Atchison gen 4s. 3 3% Atlantic C Lol 4s. Atlantic C L 1st 4s. Atl & Dan Ist 4548 Atl&Dan2d 4s48. 2 884 93% 925, 943 81% 5% T5% 9815 97% 98% 21 101% 101% 101% 47 101% 101% 1015 5 105% 105% 105% 19 102% 1024 102% 7 108'% 108% 108% "‘; 95 94% 941 35 1024 102% 102V B&O Toledods. ... 11 831 83 ’flrzfl: Brdwy & Tth Av 6s. 79 8% 8% Bklyn Manhat6s.. 84 99 OR% 987 Buff R & Pitt 4%s. 964 95% 9515 t415830... 991 991 99% 1106 106 106 8 98y 98% 98% 5 118% 118% 118% 5 1154 115% 115% 1 84% 84% 84% 8815 93% 92% 4% 81% Can Nor 4155 1935. Canad North 615 Canad North 7s. Canad Pac deb 4s.. Can Pac 4133 46 51 96% 961 96k Centof Ga bs...... 4 10215 102% 102% Central Paciflc 4 1 921 9 9214 Cent Pac 1st 55 90.. 35 1022 102% 102% Ches&Ocv41%s... 16 9915 99%, 99% Cnes&Ogn ¢ 1 i 9T Chi&Alton 3%s... 2 634 63% 63% ChiB&Qgn4s63. 4 944 94 94 ChiB&Q1strf5s. 6 106% 106% 106% Chi& E[llgn5s51 21 83% 82% 8 Chi Gt West 4869, 108 71 70% CM&StP4825... 1 59% C M&St P 4s 25 cfs. 35 59% CM&SLP deb 4s cfs. 5913 CM&StPgnsd. 86% CM&StPevdlss. 59 CM&SPevil;s32cfs 59% CM;figtfr‘zl%l. 60 CM&SP rf 4348 cf) 60% 5 Chl & NW ref 5s... XN': 132‘)\: Chi & NW 7s. ChiRys6s..... 5% 76 ChiRI&Pgn4s. 89% 89% ChiRI&Prf4s. 92% 93 ChiT Hinc6s60.. 41 91% 91 91% Chi Union Sta 6%s. 41 118 1174 117% 8 87% 874 87% Chi & W Ind cn 4s. CCC&StLb5s..... 1 1041 104% 104% CCC&StLrtésA. 3 102% 102% 102% Clev Term 5s. 21 104% 104% 104% Clev Term 5% 2 109% 109% 109% C&S1stds29. 1 99 99 99 Colo & Sou 4%s 5 9T% 9TH 9T Cuba R R 5s. 2 95% 95% 95% Cuba RR 7¥%s. 3 108% 108 108% Cuba Nor 6s 66. 8 102'5 102% 102% Del& Hud Istrf4s 1 93% 93% 93% Del & Hudcv5s35. 6 115 115 115 Del & Hud 7s 30 1 106% 106% 106% Den & Rio G cn 1 913 9% 91% 99% 99% 99% 9 8% 79 94% 94% 94% 81% 81's 81k k4 6% T6% 81'a 8l 81% 81t 8114 1 88% 88 2 9% 99% 1 107% 107% 107% 1 115% 115% 115% .18 95% 95 95% 3103 103 103 3 109% 109% 109% 36 114 113% 113% 6 105% 105% 105% 9 90 90 90 16 26 3 Erie gen 4s.. Erieconv 4s A. Erie conv 4s B. 8% Gt Nor 4%s76 D. Great North 58. Great North 5%s. Gr Nor gen 7s.. G Mob&N 512 B 50 Hav E Ry 5%srets Hud & Man ref §s.. Hud & Man aj §s... 11} Cent ref ¢s. 111 Cen 45 52 Il Cen 4%s 6 111 Central 5% 111-C-C StL&N! Int Rapid Tran 5s.. Int Rap Tr6s stpd. Int Rap T! 6s. 98% 8614 93% 98% 864 93% . 2 s 9% 41 97 9T 97Y% 5 102% 102% 102% 5 103% 103% 108% 18 784 I8 T8% 40 78 8% T8% 20 81% 81% 81% IntRap Tran7s... 33 98% 984 984 Int &G Nor1st6s.. 4 107 107 107 Int &G Norad 6s.. 35 90 89% % IntRysC A5s72 s 77 Kansas City 8 3s T4 T4% Kan City Term 4s.. 887% 88% Lake Shore 4s 2: 99's 99% Lehigh Valen 4s. .. 88% 88% Louis & Nash uni 41 96% 96% 96% Louis & Nash s B. 2 106% 106% 106% Man Ry 1st 90..... 70 Man Ry 2d 45 2013. Market St 75 40.... Mil El Ry & L 5s. M&St Lilstreds.. M&Lrfex5s..... MStP&SSM5s38gtd MStP &SSM6%s. ME&T 1st 48,000, 16 5 29 2 4 1 % 97T 108% 10015 T4 878 . 8T 1 86% 86% 86% 23 99 (9 gy Mo Pacific gen 45 Tt lg?m Mo Pac 58 1965.... 27 100% 100 100 Mo Pac 6s 49 D. 35 107% 107% 107% Mo Pac 6s 55 E. 30 107% 107'% 107% Mont Trmref5s 41 4 99% 99% 99y Nassau E Ry 4s567. 2 61% 61% % New Or Term 4s. 1 88 88 i gé % NOTex &MG5sB.. 13 100% 100% 100% NOT&MG5s. 22 105% 106% 105% N Y Cengen3ls.. 14 80% 80% 80% 100 91% 91% 91% N YCentdebds... 27 97% 96% 96% NYCriim4%s13 6 99% 99% 99% N YCentri5s..... 11 106% 106% 106% NYC&StLdb4s.. 12 96% 96% 96% NYChi&StL 5%sA. 10 105% 105% 105% NYChi&StL 5%4sB. 4 106 105% 106 NYC&StL6sA 5 1024 102% 102% New Havdebds56. 1 79% 89% 793 New Havdeb4s57 14 73% 73 173 New Havencd 6s.. 11 109 108! 109 N Hav&H clt 6s40. 3 104% 104% 104% NYOntWist4s.. 3 78% 78 NY O&W gen 4s 55. NY Rys6s65..... N Y State Ry 4%s. NYStateRy 65 62 N Y W & Bos ¢%s. Nor & S gen 55 54.. Nor Pac 3s 2047.... Northern Pac 4s. Northern Pacr{ 6s Ore Short L rfs 4s. Ore Wash 1st 4s. Pennsylgen 4% Pennsyl gen 5s. Pennsyl 58 64. . Y N Y Cent 4s 98. Y 11 92% 92% 18 113% 113% 113% 47 9 98% 99 4 B8% 88% 88% 85 100 99% 100 1109 109 109 24 103% 103% 103% 4 112 111 « 21 106% 106 i 4 424 41% 424 3 105 104% 105 25 108! 108% 10815 14 108% 108% 108% 2 106% 106% 106% 9% 98% 99y 86 Peoria & E inc 4s. Pere Marq 1st 5s. PCC&StLGsA. PCC&StL6s B 75.. Port RL&P 735 46 Reading gen 414, Rio G Westcl 4s RIArk& L 4%s.. StL IM&S 4529 5 101% 101% 101% 27 102% 102% 10214 48100 991 9914 23 974 9% 974 9 101% 101% 101% StLSWconds32. 1 94% 94% 94% StP&KCShL4l4s 6 93% 93w 93% SanA&ArnP4s.. 1 89% 89% 89% Seaboard A L 4s 15 81% 81% 81% Seaboard AL dssta 16 817% 81% 81% Seab A L ref 4. 24 8% 76 6% Seab A L adj 5s. 110 88 87 884% 985 981 % 9714 Sou Pac 45 29. Sate dare Sou Pacific ref 4s. . S6% 86% 5 107% 107% 107% 8 115% 115 115% Southern Ry 6%s.. 4 121's 120% 12134 TexArk FS5%850. 2 104 10415 (04%s ‘Third Ave ref 11 65% 65% 65% Third Ave adj 76 63% 63% 63% Tol StL & W 4s 2 90l 90k 90% Tol Tr L&P5%830 22 99% 991 9915 Union Pac 1st4s... 7 95% 95% 95% Union Pac4s27... 4 99% 994 99% Union Pac 1st rf5s 1 108% 108% 108% Virginia Ry tst §s 11 103% (02% (02% Va Ry & P & 1 99 99% 99% Wabash 2d55..... 1 101% 101% 101% Wabash 5 s 7 7 104% 104% 104% 02 106% 106% 106 6 108 107% 107% West Marviand 57 80 79% 80 Western Pacific 4 99% 99% 99% West Shore 452361 11 87% 86% 86% BUYING IS RESUMED INFOREIGN ISSUES Some New High Marks Set in Trading Today on New York Exchange. BY GEORGE T. HUGHES. Dispateh to The St W YORK, January 31.—Buying of foreign bonds was resumed at the start of the week and prices of the leading issues pushed through theh old tops and made new high records not only for the movements but fc all time. Volume of trading was again largs particularly in the Italian gover ments 7s, where at one time there wa a bid in the market for one block « $150,000 par value. This was one o the issues that reached a record h during the day. Another was the Italian Public Utility 7s which at 9 were up % of a point from Saturda cloge. In the French list, French goverr ment 7%s advanced a full point a 112 where they too were highe than ever before, responding to the demand for non-callable bonds French 7s and French Nationa Steamship 7s surpassed their previous prices, thg latter se above par. Belgian 6s Are Strong. Belgian 6%s got to 102 for th first time. Brazilian 8%s touched for a gain of a half point and at new maximum. Both series of An tioquia 7s went through their pre vious highs. In short, the whole foreign class was as Strong as or s one day since the present up ward swing was initiated. Interests in domestic bonds ecen tered about a few particular issue Among these the oils were con spicious. Barnsdall 6s with wa rants ran up a point with .the stoci. and the bonds without warrants made a record high above 84. Pan American Petroleum 6s were stronx and there were heavy dealings Sinclair Pipe Line 5s at higher pric while the Sinclair Oil descriptions improved _fractionally. Empire Gas and Fuel 638, carryir warrants for the purchase of Cities Service common stocks at $50 pe share, sold up a point to the bes price on record. International Mer cantile Marine 6s continued their slov but consistent advance. There was a heavy turnover in Central Leathe: 6s, one block of $380,000 par cominz out on the tape up fractionally ‘Warner Sugar 7s of 1939 regained : part of last week's loss. On the othe hand, most of the copper bonds wer heavy in sympathy with the marke for copper metal. Junior Ralls Irregular. Junior rails were irregular. Ne Haven obligations were in good d¢ mand and there was bank buying Missouri-Pacific 6s, both series, o their attractiveness as &' ‘rtterm in vestments if the refundiis plan goe. through. On the other hand, Chicag: and Eastern Hlinols 6s and Chicag Great Western 4s were in suppl around recent levels, For most of the time the same wa true of the Eries. Strictly high-gradc investment issles also appeared i\ have come to a standstill for th( present. This was évident in sucl typical bonds as Pennsylvania gen eral 4%s, Illinois Central 4%s, Rock Island refunding 4s and, in the utility; group, American Telephone and Telé graph sinking fund 5s. United States Government bonds were dull, Washington Stock Exchange SALES. Gas 55—$500 at 100%. Gas Gs '3 ser B—3500 at ashington Gas Light—10 at 691 Wash. Rwy. & Elec. pfd.—10 at 90%. 10 at 90% Washington Washington 4% Feder: AFTER CALL. Capital Traction Co—10 at 104%. 5 1043, 10 at 104%. Money—Call loans. 5 and 6 per cent Bid and Asked Prices. BONDS. PUBLIC UTILITY. American Tol, & Telga. 4s... H Tel, & Telga. 4 1as. el & el Sl tr 38 Asa ax 108 3253 Fx3320,23555 e MISCELLANEOUS. Chestuut Farms Dai Chevy Chase Club 5% D. C, Paper Co. Mfg. Pot. Joint_Stock Southern .Bldg. 615 sh. Mkt, Cold Storage iman Park Hotel 5%s. STOCKS; PUBLIC UTILITY. Amer. Tel. & Capital Traction . Washington Gas Norfolk & Wash. i Potomac Elec, pf Wash. Rwy. & El & Elec. f Wash. Rwy. : NATIONAL BAN| . 218 380 . 233 Seco r National Bank of Wash. G TRUST COMPANY. ican See iR oot Serchants. Firemen's Natioral Unior . TITLE INSURANCE. ot i o Title Inv. of fl; com. b . Pape; JISCELLANEOUS, . C. Paper pfd... 0 Feds Federat Liorage bid Tran & Stor. pid. 1 atl. Mige. & fnv. K Peoles Briue. Stores” b Secuirity Stox Waodwan o e, 1 L. & N. PROFITS DROP. NEW YORK, January 31 (#).—De- cember earnings of the Louisville and :(:oshvfllo were smaller than a year , gross revenues declining about $500,000 and net openung'lncome $1,423,568, - compared with $2,227.090. Net operating income for 1926 was $27,039,319, against $26,938,619 In 1925. i