Evening Star Newspaper, February 18, 1927, Page 14

FIN TRADING IS EXCITED INRAILWAY SHARES Volume of Business in Car- k. rier Stocks Again ¢ Enormous. Epecial Dispatch to The Star, NEW YORK, February 18.—Excited speculation in the railway group fur- nished the outstanding development on the Stock Exchange today. 'The volume of business in this quarter egain reached enormous proportions, with the movement of prices highly nervous. Rumors of change of con- trol involving a number of issues prominent in the recent buying played an important part in the proceedings. The market started in with the up- ward movement still in progress, both in the dividend-paying and so-called merger issues. Then after the rrst hour leaders of the group were called upen to absorb unusually heavy profit- taking sales, which some were able to do without materially affecting prices, while others broke badly under the pressure. Pennsy Conspicuous. Pennsylvania stood out conspicuous- 1y, the demand carrying the price to ihe highest since 1916, and it main- tained most’ of the improvement, while others turned downward. Buy- ing was influenced by rumors that of- ficials of the road were seeking a new traffic outlet which would benefit its strategical position. With control of Wheeling & Lake Erie and Western Maryland resting with other railroads it was logical that a move along this ine could be looked forward to. New York, Ontario & Western, with con- #rol in the hands of New Haven, was bid up to new high prices for the year. : The activity which came into the market for Northwestern carriers could not be attributed to any merger developments, because plans involving the consolidation of the Northern Pa. cific and Great Northern have already Teen announced. The possibility of rate increases probably figured in the calculations. Erie was consistently Strong, with new highs for the year in both the common and first pre- ferred. The buying here was fully as aggressive as anywhere else in the Jist. A minor point of interest was the strength of Hudson & Manhattan, which, it is predicted, eventually will be taken over by the Pennsylvania. Motor Sharies Sold. While all this buying was going on in the rails heavy selling of the mo- tor shares was in progress. Hudson, Studebaker and General Motors were offered down freely and Stude- baker reached a new low for 1927. Chrysler was another that was under pressure. There was nothing new 10 account for the selling of the motors, and a few of them received fairly good support. Mack Trucks, for instance, was higher at one time and Willys-Overland was relatively firmer than the rest of the group. American Smelting and ' Refining made a new high for the vear at the outset and held most of the gain. It was simply thought to be behind the rest of the market and proved re- sponsive once the demand got under way. Industrial Alcohol was an- other favorite and Union Carbide and Carbon went to its best prices. An overnight jump of almost 4 points in Baldwin Locomotive was indica- tive of the scatrcity of the floating supply, but it lost part of the gain when the general list displayed nervousness. CLOSING IS FIRM. Rail Shares More Responsive to Bull- ish Sentiment Late Today. NEW YORK, February 18 (®).— The closing was firm. Railroad shares continued to be more responsive than industrials to bullish sentiment in the luter dealings, although some excep- tional strong spots also cropped out in the latter group. Laclede Gas ad- vanced 4 points on an increase in the ennual dividend rate from $8 to §12, and American Smelting improved as much, while Chesapeake & Ohio gain- ed 5 points. Pittsburgh & West Vir- ginia, American Woolen pfd. and Case Threshing were down around 4 points. Wheeling & Lake Erie pfd. jumped 61; and Wabash sold well above 71. Total sales approximated 2,300,000 shares. WHEAT PRICES RALLY IN LATE TRADE TODAY Unfavorable Crop News From the Southwest Has Bullish Effect on Grain Values. By the Associated Prese. CHICAGO, February 18.—Wheat prices rallied in the late dealings to- day, owing partly to unfavorable crop reports from the Southwest. Passage of the McNary-Haugen bill failed to have any important effect. Wheat averaged lower in the carly dealings, buyers being backward and selling from Northwestern sources having a bearish influence. Wheat closed ir- regular, ¢ net lower to ' advance, corn, 3ad to 3 do oats, a shade to 5 off, and provisions at 10 to 17 gain. in some quarters today less con- cern was expressed as to chances that low temperatures would cause injury to the growing crop of domestic Win- ter wheat. Snow reported over a con- miderable part of the wheat belt, Kan- sas_in particular, was expected to modify probability of harm. Besides, warmer weather was reported as de- veloping northwest and west. An increase of 2.98 per cent in Win- ter wheat acreage of 11 countries, which produced 45 per cent of the 1326 world crop, is indicated by re- vised estimates. Another bearish fac- tor today was the apparent slackness of overnight export business in wheat from North America. WHEAT— High. Close., 1.41 A July Sentemiber RYE— May 107 2 033 L0TH RUBBER ADVANCES. NEW YORK, February 18 (Special). ~-Crude rubber, smoked ribbed sheets, advanced % cent at today’s noon quo- tation o 39 cents. This compares with 39 cents a month ago and 61 cents a year ago. siards WY - KELLY SPRINGFIELD LOSS. NEW YORK, February 18 (P).— Unfavorable conditions in th «und tire industries affected 19 ings of the Kelly-Springfield T which reports net loss of §3 for the year. This comy profit of $1 hare on tlhie common after preferred dividends. Varlous departments have been reorganized and January busi- ness is said to have heen the best for that month since 1918. ® ANCIAL. Open, High. Low. Close. 8714 8714 875 814 1B% 134 13 13 Adv Rumley pf.. 38 38 38 38 Ahumada(téve). 4% 4% 4% Alr Reductn(16) 140 140 140 Ajax Ruber. . 10% 11% 10% Alaska Junea... 1% 24 2 All Am Cable(7) 153 153 153 15 Allied Chem (6). 138% 141% 137' 141% Allis Chaim (8), 91 9214 Amal Leath, 19% 20% Amal Lthr pt( 106% 106% Amerada (2).... 5° Am Agricul Chm Am Agri Ch pf.. Am Bank N (2). Am Bk Not pf(3) Am Bosch...... I Am Br Bov EI(2) 35% Am BrBopt (1) 96% AmCan (2)..... 484 AmCan pf (7)., 128% 128% 12815 128% Am Car&Fdy(8) 104 104% 103% 104 AmChalnA(2), 29 20% 29 29% 42y 43w 42% 43% 10 104 10 104 Am&Fo Popfi7) 874 87% 87% 87 Am Express (6). 132% 132% 132% 132% AmHide&Lea.. 9% 9% 9 9 AmHo P(2.40).. 324 32% 32 32u Am Ice (110)... 124% 124% 123% 123% AmIcent (6)... 85% B85% 85% 857 Am Internatl(2) 38% 39% 88% 39% Am La Fr (1)... 8% 8% 8% 8% AmLinseed..... 24% 24% 24% AmLinsd pt (1) 59% 60 59% Am Locomot (8) 110% 110% 110% 110% AmMach& Fdy. 80 8215 80 821 Am Metals (3).. 41% 42 41% 424 AmPianopf (7). 104 104 104 104 AmPo&Lt (1) 55% 5b% 65% 55% Am Radlator(6). 113% 113% 113% 113% Am SafetyR(33) 50% 50% 50 50 AmShip&Com. 5 5 5 5 Am Smelting (8) 147 140 146% 147% AmS&RPL(T). 121% 121% 121% 121% Am Snuff (12).. 129%5 1291 129% 1291 Am Snuftpf (6). 98t 9812 9815 Am St Fdys (3) 46 45V Am Sugar (5)... 4 Am Sumatra.... 47% 46% 47 Am Tel & Tel(9) 157 159'% 157 159% Am Tobacco (8), 122% 1224 122% 122% Am Tobacco B(8 122 122 121 121% AmTyp Fdrs(8) 144 146 143% 146 AmTypepf (7). 109 110 109 110 Am W W (c160) 65 65% 64% 65 Am W W 1st (7) 105% 105% 105% 105% Am Woclen..... 24} 24% 21% 2215 Am Wool pf (7). 73% 78% 69% 70% 104 10% 50% 51k 464 46% 46 46 4 41 95% 957 14% 14% Th 7% 23 Abltibl Pow (5). Adv Rumley.... ArmourDel p£(7) Armour of Ill(A; Armour of 111(B) Arnold Con&Co. Asso Dry G(2%) 42'% Asso Oil (12.40). 50 50 50 Atchison (17%). 171% 172% 170% 172 Atchison pf (5). 100% 100% 100 100 AtlantCL (18). 193 196 193 195 Atlantic Refing. 1124 112% 110 11 Atlas Pow pf (6) 98 8 98 Atlas Tack. 84 84 Austin-Nicl 8% 8% % 4% 14'% % % THE EVENING STAR, WASHINGTON, D. C. FRIDAY, FEBRUARY 18, 1927. [ BONDS moecmmes] NEW YORK STOCK EXCHANGE anwmm:.mmm h, Low. Close. 104% 104'% W 9T Open. Hi EI Po&Lt £ pd(7) 104t 104 Elec P& Lpf(7) 97% 975 Elec Refrig (2). 33% Elec Sto Bat(t8) 76 Emporium C (2). 36% #nd-John (6)... 66% Engineers PubS 23% Equitable pf (7). 122 Erle RR. LA Erfe 1st pf. . 5% Erle2d of...... b3 B3% 53 53% Brie Stm S(235). 26% 267 2674 267 Stm S pf(7) 105% 106% 105% 105% Bureka Vac t4% 621 6215 62 62 Exchange (13). 15% 15% 15% 15% Fairbanks (3)... 40'; 40'c 40'; 40% Famous Pl (18). 109% 109% 108% 109% Fed L&T(n1.40) 41 41 40 Fed L&T pf2(6). 9315 Fed Min pf (7).. 8% Fed Mot T(f80c) 28% Fid Phoenix (4). 95% First NatS(1%) 29 Fisk Rubber.... 16% Fleischmn (2).. 47% Foundation (8). 814 Fox Film A (4). 66% Freeport Tex (2) 444 Gabriel Sn (3%) 31% Gardner Motor.. 7 Gen Am Tnk (3) Gen Asphalt. ... 83 Gen Rake pf (8). 128% 123% 1221 122 GenCigarpf (7) 118 118 118 118 Gen Elec (h3).. B3 8315 K31 83 GenElecsp(8ic) 11% 11% 11% 11% GenGasA(el %) 43 454 42 454 Gen Motors (8).. 155 .155% 153 155% Gen Mot pf (6).. 104% 104% 104% 104% Gen Outdr Ad(2) 41% 41% 40% 40% GenOutdrA (4). 58 58 58 584 Gen Ry Sig (5).. 9415 Gen Refrac (3).. 43 Gtmbel Bros.... 41% Gimbl Br pf (7). 103 Glidden (2)..... Goodrich Ru (4) 521 5314 52% 53 Goodrich pf (7). 99~ 99 99 99 Goodyear pf (7). 100% 100% 100% 100% Goodyr prof(8). 107% 1074 1074 107% Gothm S H(2%) 66 66 65% 65% Gotham new 235. 66% 66'4 66'a 66% Gotham 1st (7).. 107% 1079 107% 107% Gould Coupler A. 8% 8% 8% 8% Granby Consol.. 34 341 34 34y Grt North of (5) 90% 9115 8915 90% GtNrOre(t13) 21% 21% 21 21 Grt Westn Su (8 113% 114% 113 113 Green Canan. . 32% 324 32 32 gum:lnlr;w(.. . 0l dp o uantan pf (8).. 100% 100% 100% 100! Gulf Mo& Nor.. 61 51% G0~ 80 Guif States (5).. 60% 60% 60 Hanna 1stpf.... 60 HartmnB(ke.40) 24% 247% Have Elctfs (6) 93% 933 031 93y HayesWpf(715). 103 103 103 103 Helme G W (17). 841 841 8415 85% Houshld P (3%) 48 47% 47% Houston Ofl. 86! 85 85% Howe Sound ( 391 3915 391 8914 Hud Man (2%). 53% b53% 51% 52% Hudson Mo(3%) 62% 627 61% 627 Hup Mot (1.40).. 21% 21% 21% 21% Illinols Cen (7).. 127% 129% 127% 129 Ili Cent pf (6)... 128 12815 12814 128% Indep Ol (1) 1. “3om 30% 200 2 1214 23% 23 122 122 46% 445 59 57 45% 587 9315 T8% 2915 45 314 7 49% 84 82% 20 60% 60'a 60 60 24% 24% 48 85% Auto-Kniter. g g 187 Baldwin L (7).. 189 189 186 Balto &0 (6)... 115% 115% 113% 114% Balto & Oh pf(4) 76% 764 764 T Bang & Ar (3).. 56 57 56 Bang & Arpf(7) 106% 107 106 Barnsdall A (2). 33% 3 33% 33% Barnsdall B (2). 30% 30% 30% 30% Bayuk Cigars... 52% 524 b52% 52 Bayuk 1st pf(7). 102 102 102 102 Beech-Nut (3). 58\ 584 68% b58% Belding Bros (2) 23% 23% 23% 234% Bethlehem Steel 46% 46% 46% 46% Beth Stl pf (7).. 107% 108 107% 108 Booth Fisheries. 6% 6% 6% 6% Briggs Mfg (3).. 32% 33% 324 33% British Empt, % 1% 1% 1% British Emp 2 3 3 3 Bkin-Edison (8) 150% 150% 150 150 Blkn-Mn Tr (4). 68% 68% 6% 68% BkinUnG (4).. 91% 91% 91% 91% Brunswick B(3). 34 34 33% 33% Brunswick T 10% 10% 10% 10% Burns Bro (10).. 114% 115% 114% 115% Burns Br B (2). 24 24 24 24 Burroughs (3).. 125 125% 125 125 Bush Termtnal.. 35% 35% 35% 35% Bush Trm pf(7). 106% 108% 106% 108% Butte&Super(2). 11% 11% 11 11 Butterick (m2).. 60 60% 60 60 Byer & Co... 60 60 59% 59% Byer & Co p£(7). 107% 107% 107% 107% 67 67 30's 30% 2 2 66'% 66 Callahan Zine. .. 2 Calumet & Ar(6) 66% 663 Calumet&H(1%) 15 15 15 15 Can Dry (c2%). 384 38% 37% 38 Can Pacific (10). 188% 189% 187 187 Case Threshing. 143% 143% 141 141 Central Alloy(2) 26% 26la 26% 26% Cent Leather..n. 9% 9% 9% 9% Cent Leather pf. 64% 66 64% 66 Cent Leatherctfs 9% 9% 9% 9% Cent Lea pfetfs. 60 61 59% 60% Cen Ry NJ(t12). 301 303 301 301 Century RibM.. 13 13 12% 12% CerrodePas(t5) 61% 61's 61% 61% Certain-Teed(4) 47% 47% 47 Certain-T 1st(7) 109 109 109 Chand-Clev: 9% 9% 4 Chandler pf: ) 22 2 Ches & Ohio (8). 1567% 162 Ches&O pf(6%). 158 160 22 167% 161% 158 160 ™ T 12 11 11% 37 8T% 3T% 8T 49 49% 49 49% 16% 18 15% 17% 287 30! 28% 30% Chi Mil&StP pf. Chi& Nwn (4).. 87 Chi & Nwn pf(7) 132 Chi Pne Tool (6) 135 135 Chi Rock Is (5). 78'2 78% CRI&PDL(6). 9Tla 97% 974 ChiStPM&O.. 62 64 62 Childs (12.40)... 50% 50% 50% 50% ChileCop (2%). 35% 36 35% 36 Chrysler Corp(3) 424 424 41k 41% Chrysler pfA(8) 104% 104% 104% 104% Cluett Peab (5). 63% 63% 63% 63% Cluet Pea pf (7). 114 114 114 114 Coca-Cola(t7%) 177 177% 176% 177% Collins & Aik(4) 76 76% T6% 6% Col Fuel & Iron. 59'; 059's 58% b58% Col & Southn (3) 92 92 92 Col Gas & Bl (5) ¥4 84 86 Col Gasris..... 3% 3 Col G&E pf At6) 10 100% 100% Col Carbon (4).. 82 2 81 Com Credit (1).. 16 Com Crof (1%). 21 ComlICrist pf6ls 8 Com Inv (3.60).. 53% Com In Tr pf 6% 90% Com Solv B (8). 243 Congoleum N... 18% Cong Cigar (4).. 54% Con Cigars (1).. 85% Con Cigars pf(7) 100 Consol Gas (5).. Cons Gasrts.... Cons Gas pf ris. ConRRCuba pf 6 Consol Textile. . Cont Bakg A (8) Cont Baking B Cont Can (5) Cont Mot (80c). Corn Prod (12% Coty. In¢ (5)... Crucible Steel(6) Crucible pf17).. Cuba Cane Sugar Cuba Cane Su pf 48% 48 484 Cuba Compy (3) 32 31% Cuban Am 8 (1), 26 o 26'% Cuban Dom Sug. 17 17 Cudahy Pkg (4). 521 52 Cuyamel Fruit.. 33 3 Davison Chem. . 2615 28Y Del & Hud (9) 185% 130% 183 Del L & W (7). 154 161% 152% DRG Wstpf... 584 57 58 Detroit d (8).. 136% 136% 136% Devoe & R(2.40) 40 40 40 Devoe&R 1st(7) 104 Dodge Bros Cl A 26% Dodge pf (7). 83% Dome Mines Doug Pect(12%) 52 Dul SS& Atlun. 4% DulSS&Atinf. 7 Dupont (8) Duquesne pt (7) El AutoLt(16%) Eaton Axle (2).. Eisenlohr & Bro. Electrio Boat. .. Elec Power & Lt 132 3% 100% 80% 53% 90 244% 90% 90 244 241 18% 17% 17T% b5 54% 55 853 Bdly 84% 100 100 100 4 973 85 84 85 106'% 106% 106% M 9% 9% 281 181'% 15215 58% 136% 40 104 25% 3%, 9% 25 25% 83% 83% 9% 9% 525 53 4% 7 178 115 T2% 25 14% 154 16% 16% 115 Inland St (2%). 43 42y Inspiration (2).. 23% 23% 2314 Interboro Rap T: 46% 46% 46 Intcontl Rub(1). 12% 12% InAgCprpf(7) 65 {ntgusMfl(i).. 59 Y nt Cement (4).. 51% 52 5l% 51% Int Cement pf(7) 105% 105% 105% 105% IntComEng (2) 51 524 -50% 524 Int Harv (J6)... 159% 161% 158% 160% Inter Har pf (7). 127% 12T 1271 1273 IntMtch pf(3.20) 62% 62% 62% 62% Int Mer Marin T T T 7% 43% 424 42 42% 4l 423 55% b5 55% 99% 99% 99% 131 120 129% 249 248 248 57 66% 56l 128 125 16 16 19 19 63 58% 51% 52 67% 67% 6T% 67% KayserJ (4).... 52% 52% 52 52 KayserJ Istpf8 121 121 121 Kelly-Spring... 10 10 Kennecott C (5). 62 62% Keystone T & R. S % *h % S % Kinney (GR)... 26% 26% % Kraft Ch'(I'1%) . e o o 53% 53% 63w 53 Kresge SS(1.20) 49 491 4ors sure 49 49% 48% 487 Kresge SS pf(7). 111% 112/’ lll; 112fi Kuppenheim(2). 37% 37% 37% 374 flcllu;l glltt(lg; }gfi» 184 182 183% clede G pi % 109% 109% 4 Lago O1l&Tran. . “ o e ‘20w 20% 21% 20% 21w LambertCo (5). 70 70% 69% 69% LeeTire& Rub., 7% 7% T 74 Lehigh Val(313) 122% 126 12274 124% Life Sav (1,60), . 24% 24% 24% 24% Lig & Myrs(f14) 92% 92% 921 923 Lig& My B(ft4) 91% 92% 911 92 Lig & Mpf (7)... 129 129 129 129 Lima Loco (4).. - 71% 72 Ldq Carb (3.60). 57 Loew’s Inc (2). Loft. Int Paper (2) Int Paper pt (7). Int Tel & Tel (8) Island Crk (24). Jewel Tea. Jewel Tea pf (7) Jones Bros Tea. . Jordan Motor. . Kan City South. Kan C So pt (4. 249 125 16 19 53% 7 7 6% 7 29% 29% 29% 29y 16% 15% 15'c 15% 26% 25Y% 25% 25 136'% 139 136% 139 26% 26% 26% 26l% 100 100 100 ‘100 99% 99% 9TH 9TH 140 140 83% 3 % 76% 75 57% b67% 57 K 51% 51% 50% 50% 19 19 19 19 42% 42% 42% 42% 5T 57% 56% 56% 35% 356 35% 91 91 91 0% 69% 2% 26% 8% % 15% 16% 15% .15% 36% 36% 36 103 103 103 3 3 2 Lorillard (§8). Loutsiana Oil... LouisGasA(1.75) Louls & Nash(7) Ludlum Steel(2) McCrory pt (6) .. Mack Trucks (6) Macy HR & Co.. Magma Cop (3). Mallison & Co. Manat! Sug pf. Man E1 Sup (6). Man El m g (d5). Maracaibo Ofl... Market St prior. Marland OIl (4). Marln Rock 123 Mathieson (4)... May Dept S (4). Maytag Co(f2%) Mexican Seabd. . Middle States. Mid States Oll ct. % 1% Midland pf(12) 11y 119 118 Minn & St Louis. 3% % 3! Mo Kan & Tex.. 42% 44 428 43 MoK&Tpf(6). 99 99% 99% 99% Missour! Pacific. 54's 5d4% 51 52% Missourt Pac pf. 104% 1047 101's 10214 Montana Pow(5) 847% gfl‘ 84% 84% i 1% 9 3 647 Montgmry W(4) Mors & Esx(3%) 81% Mothr Lode (76¢ 4% Motion Pic (1).. 11 Motor Met(3.60). 35% Motor Whi (2).. 22Y% Murray Corpn.. 3T 667 Nash Motor (4). Nat Biscult (5). 98 t Cash R(A)3. 40% Nat Cloak & Suit S Nat Cloak pf (7). Nat Dairy (3. Nat Disti . Nat Distillers pf Nat Lead (8).... Nat Lead pf (7). NatPw&Lt(80c) Nat Supply (4). Nat Surety (111) NevadaC (1%). NOTex&M(7) N Y Air Br (3) N ¥ Canners. . NY Central (7). NY Chi&stL(11) NYC&StL pf(6 81% 4% 11 35 22% 36% NY NH&Hart. .. NYOnt&W (1) Norfolk Soutn. . Norf & W (8)... NthAm b10% sth North Am pf(3). NorAm Ed pf(7) North Pac (5) Norwalk Tire. Nunnally (1.50). Otl Well-Sup (2) 36% Opnhm, Col (4). Orpheum Cir(2) Otls Klevator (6 Otis Steel...... Otis Sti prior(7) Owens Bot (7). Owens B pf (7). Pacific Coast. 8 664 9 n7 17 o 20% 26% 26% 25% BY EDWARD (. STONE. At a meeting of the directors of Peoples Drug Stores, Inc., held in New York today, it was voted to place the common stock on a §1 annual basis by the declaration of an initial guarterly dividend of 25 cents per share. The dividend is payable on April 1 to stockholders of record on March 8. The compan: preferred stock, which is now selling on the Wash- ington Stock Exchange around 110, has been on an § per cent basis for some time, Insurance Forum Marked Success. General Agent E. J. Berlet of the Philadelphia_office of the Guardian Life Insurance Company,' made a brilliant_address before the District Underwriters’ Association at the monthly forum and dinner at the Raleigh last evening. Mr. Berlet dis- cussed insurance salesmanship in such a practical way that his hearers were intensely interested in all that he said. The forum discussions were alwo the best the association has had for several meetings. George B. Far- quhar, president of the local organ- ization, presided. New members admitted to the asso- clation include J. A. De Force, S. S. Edmonston, jr.; Harry Shalin, Mrs. N. C. Stevens, Roy E. Blick and Roy R. Knox. Local Securities Remain Strong. Washington Gas Light stock léd trading on the local exchange today, 31% % 1% 34% 10 Pac Gas&Elnew 31% 31% 314% Pacific Gasrts.. s Pac Oil Stubs. 134 Packard (12.90). 343 Paige Motor.... 10% Pan-Am B (6)... Pan-AmWnB(2) Panhandl Park Utah (60c! Pathe Ex (c3), Patino Mines. Pentck&Ford(1) Pa DixieCt(3.20) Pa Dix Ct pf (7) Penna RR (3%) Penn-Seab St Peoria & East. Pere Marq (38). Phila& RC& 1 Phillips Pet (3) Phoenix Hosiery Plerce-Arrow. Pl il. . Pierce Oll pf. Pitts & W Va(6) Postum (5) Pressed Stl Car. Pr Stl Car pf (7) Prod & Retiners. Producers&R pf. Pub Serv NJ (2) 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. Radio Cpf (3%). Ray Copper(25c) Reading (15)... Reading 1st(2).. Readirfg 2d (2). Real Silk Hos(4) Reld lce Crm (3) Remington T(5) Remingtn 15t(7) Remingtn 2d (8) Replogl: RepIr & . Rep 1 &S pf (7). Reynolds Spngs. Rey Tobac B(5). Royl D(a1.33%). Safety Cable (4) St Joseph L(13). StL & SanFr (7) St L Southwest. Schulte (3%)... Seaboard Air Lip Seab Air L pf... Seagrave(el.20). Sears-R (n 2%). Seneca Copper. Shattuck F G(2: Shell Un (1.40) Sher-Wil pf (7).. Simmons (2) Simms Pet (1). Sinclair Ofl..... Sinclair pf (8). Skelly Oil (2)... South Port S (6). Sou Calif Ed (2). Sou Dalries A(4) Sou Dalries B.... South Pac (6)... Southern Ry (7) South Ry pt (5). Spicer Mfg..... Std Gas & El g3. Std G & El pf(4) StdOlICal(t2%). Std OILNJ(t1%) Std O11 NJ pf(7). Std Ol NY(1.60) Std Plate Glass. . SterlingPro(16). Stewart Wl:sl)G) 52% 57 41 107% T1% 477 40% 42% Superior Ofl. Sweets of Amer. Symington A(2). Tenn Copper (1) Texas Co (3) Texas Corpn (3). Tex Gult Sul (4) Tex & Pacific. .. Tex PC&O(60c) . Tex Land Trst n The Falr (2.40). Third Avenue. .. Thompson(3.60) Timk Roll B(15) Tobac Prod (7). Tob Prod A (7). Transcont Ofl... Transue & Wil.. Underwood (4).. Un Bag & Paper. Unlon Carb (6). Union Oil (12%) Un Paclfie (10). Un Pacific pf(4) Utd Cigar S(c2). Utd Prug (8)... Utd Fruft(15%) USCIP&F(10) 11§ Distributing U S Hoft (13%). U S Alcohol (5). Rub 1st ( Smelt (3%). Sm pf (3%). Steel (7).... 1 Steel w i S Steel f (7). U S Tob pf(7)... finiversal Pipe. . Ut P&Lt A (€2) Vanadlum (3 Vick Chemica Victor Tlk Mch. . Victor ev pf (6). Victor pr pf (7). Va-Caro Chem. . Va-Car Ch 6% pf Va-Car Ch pf (1) Va Ir C&C pf(5). Vivadou (3). Vulcan Detin Vule Det pf ( Wabash........ Wabash pf A(5) Wabash pf B... Waldorf (1%) Walworth (1). .. Ward Baking Warner Pic A PEOPLES DRUG COMMON PLACED ON $1 ANNUAL DIVIDEND BASIS Initial Quarterly Payment of 25 Cents a Share Declared, Payable April 1. to " Holders of Record March 8. shares changing hands. It opened at 6912, dropped to 3 and closed at 69%. ~ Capital Traction opened at 106% and closed at 106%, the day’s sales reaching but 15 shares. Thirty- seven shares of Washington Railway & Blectric preferred sold at 91 flat. The recently listed Bank of Bethesda stock came out at 41, Barber & Ross common sold at 38, and 100 shares of National Mortgage & Investment pre- ferred registered 814. Washington Gas 6s, series B, came out at 1047 and a $1,000 transfer of Chesapeake & Potomac Telephone of Virginia 6s came out at 101. New Offerings Announced. Bastman, Dillon & Co. will shortly offer $2,000,000 10-year, convertible, 6 per cent sinking fund gold notes, with stock purchase warrants attach- ed, of Nichols & Shepard Company at approximately 98. The company has operated continuously for 79 years and 18 one of the three largest manu- facturers of grain threshing and reaping machinery in the world. The notes are convertible until February 1929, into 10 shares of 7 per cent cumulative preferred stock (par $100) at 92, during the following two years at 94 and thereafter to maturity at 96. A. S. Gouldman & Co., investment bankers of this city and Baltimore, are participating in an offering today of 100,000 shares of class A stock of the Associated Gas & Electric Co. The issue is priced at 401, to yield approximately 10 per cent, and is listed on the New York Curb and Boston Stock Exchange. Simmons Pleases Bankers. The address of President E. H. H. Simmons of the New York Stock Exchange here last night, which is reported elsewhere in The Star, was greatly enjoyed by the large mumber of local bankers who heard it. The distinguished broker and banker presented much new information in regard to foreign and domestic secu- rity offerings and the attitude which other nations take toward them. He has been a member of the New York exchange 27 years. Banquet to Draw Over 700. It was announced today by T. Hun- ton Leith and Chairman Joseph. D. Yerkes that there will be over 700 guests at tlie institute silver jubilee banquet tomorrow evening at the ‘Willard. Guests will be here from as far away as Chicago, the president of that chapter planning to attend. Several local banks have invited many out-of-town guests. The four speakers on the program will not be allowed over an hour each, accord- ing to Toastmaster Frank J. Hogan. Credit Demand Increases. A pick-up In demand for reserve bank credit is noticeable in the weekly reports. Rediscounts at the Richmond Bank increased during the ..cek to the substantial extent 'of $3,462,000, to $25,122,000, yet the vol- ume was low in comparison with a gerlod when credit demands are eavy. The ratio d reserves to combined currency and domestic liabilities was slightly lower at both Richmond and in the combiried system. The ratio of the local market was 76.27, against 78.17 per cent., and of the 12 banks combined 78.4 ‘against, 79.5 per cent the previous week. Heard in Financial District. The regular quarterly dividend of $2.25 on American Telephone & Tele- graph stock will be paid on April 16 to_stockholders: of record March 15. Sales of F. W. Woolworth Co, for the first two weeks of February were close to $9,000,000, an increase of more than $1,000,000 over the same period last year. The gain for the two weeks was well distributed over the country. Commissioner of Revenue Pryor G. Ragland has filed notice in the Cor- poration Court of Danville, Va., that he will move for the imposition of u fine of $500 on the Industrial Bank of Danville for its alleged failure to com. ply with sections 17 and 22 of the new State tax law. The bank is charged with failing to file a report giving the names of the stockholders, with their holdings. . IR CONSIDER DIVIDENDS. , Hamburg-American to Weigh De- claring of 6 Per Cent Payment BERLIN, February 18 (#).—The Hamburg-American line, which has paid no dividends on its stock since 1923, will consider the declaring of a 6 per cent dividend at its general meeting March 28. Decision to recom- mend resumption of dividends was reached today. A similar dividend has been recom- mended by the North German Lloyd line, which is closely allied with the Hamburg-American, FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Sons. Closing.) Approx Rato—Maturity Bid, 439 Nov 193 Aved; vield 403 May 5" Mav Nov May gas) S5 SSSoS! SS5055: 233333322228 B BN 235! 22areacasss < - b e 3 88 Warren Bros(4). W Penn El A (7) West P Po(6)... W Penn El pf(7) West P Po pf(7) West Maryland. West Md 2d pf. West Pacifio. West Pao pf (6). West Unlon (8). WesthseAirB(7) xelllnxhx. 4. 87% 102% 102 106 102% 102 106 wi & L Er Wheel & L £ pf. Whi Whi White Rock (12) Wh SewMpt(Q4) Wickwire ctfs. . Willys-Overland Willys Od pt (7) Wilson & CO. ..o Wiison & Co(A). Wilson&Co pf(7) Woolworth (6) Worthn Pump. . Worth Pump(B) Wright Aero (1) Yale & Tne (1).. Yellow Truck(2) Youngstown (4). Hourly Sales s 82 3% 26'% 88% on N. Y. Market. 1lam 651,000 12 0..1,167.200 1 p.m. 1,632,900 2 p.m. 1,820,700 Diyidond rates as given in the above ..bl are the annual cash paym b fatest auarterly or b el wide 1o e not_included P A ez than 100 shacen, lus o o fPustly extra, 3 Flus 4% I slonk:, BF% o Pald thi” vodr—no_rekular crate o o o Siaricily ' Pius B% in stock " Pa wheny earned, @ Pavabls TPlus 10% In o us In_ C; A stock, ‘m 1 In E parily stock O p Plus 33 In oreferred sto SR gk, e el ot ; UNITED STATES. Sales, High. Low. (Sales are In $1.000.) Liblst4%s 3 10310 10310 Lib2d 4%s. 77 10022 100 20 Lib3d 4%s. 36 10113 10112 Lib 4th 438 113 10327 10824 US4ysb2. 30 11031 11029 US4s1944. 1 10622 106 22 FOREIGN. Sales. High. Low. 98! 984 99% 98'% Argentine 6s Ju 59. Argentine 6sOct59. Argentine 6s A.... Argentine 6s B. Australian bs. Austria 7s. . . Bank of Chile 6%s. Bank of Japan 6s. . Belgium 6s. . Canada 6s 1931. Canada 5s 1952. Chile 75 1943. Chile8s1946...... Chinese Gov Ry 58 Con Pow Japan 7s.. Copenhagen 53s. Cuba 648.......0 Caecho 7148 rets. Czecho 85 1951. Caecho 85 1952 ct. Danish Munic 8s A. Denmark 6s. .. DE In5% Nov53.. Dutch East 1 6s 62. Finland s £ 6s45... Finland 7s..... Framerlcan 71;s... French 7s.. ntd. Mexico 4s 10 asntd. Montevideo 7s. Netherlan s 54.. Netherlands 6s 72.. Norway 6s 1943 Norway 6s1944.... Norway 6s1952 Orient Dev deb 6s. Faris-Ly-Med 6: Paris-Ly Med 7: Paris Orleans 7 Peru 7% Poland 8s 40. Queensiand 7: Rhinelbe Un 7s. . Rfode Jan 8s 47. Rio Gr Do Sul 8s. Sao Paulo 8s 1936 Saxon (PW) 7s Seine 7s 42... Serbs Crot Slo 8s 112% 1224 104% 112 122 104 Swiss Confed . ‘Toho Elec Pow 7s.. Utd Kingm 53%s 29. Utd Kingm 5%s 37. Yokohama 6swi .. 41 MISCELLANEOUS. Am Agri Chem 7%s 6 104% 104 Am Cotton Oil6s... 4 95% AmSmit& R 1stbs 8 101% AmSmit &R 6s.... Am Sugar ref 6s. Am T & Tcltr 4s, AmT& Tl tr Am T & Tsf b: . Am T & T deb 5%s. Anaconda 1st 6s. Anaconda cv db 7. Andes Cop 7s rets. . 5 Armour&Co 4%srf Armour Del 5%s. 14 Atlantic Refin 5s... Barnsdall 6s ctfs.. Bell Tel Pa 5s B... Bell Tel Pa§sC... Beth Steel pm 6s... Beth Steel 56%s53. Beth Steel 6; Bklyn Union 63s.. Calif Pete 6%s. Chile Copper 6s 32. Jommonwlith P 6s. Con Coal M4 1st 5s. ConGas N Y 5%s Consumers Pow 5s. Cuban Am Sug 8s. Dery (DG) T Dodge w 1 6: DugL & P5%s49. Dugquesne Lizht 6s. Empire Fuel 613s. . Emplre G & F 74s. Fisk Rubber 8s. . Goodrich 63gs... Goodyear 8s 1931 Hershey 6%s. Hoe & Co 6%3s. HumbleO & R5%s Lilinots Bell 1st 5 Lilinois Stee! ¢ Int Mer Marine Int Paper 58 47. Int Paper 6s. . IntT& T 5%s.....37 KanG & El 6s52... Kelly-Spring 8s. ... Laclede G 6%s 63.. Lorillard (P) 6s. LoutsvG & E5862. Manat) Sug sf 7%s Midvale Steel 5s. Mor’'s & Co 1st 4%3 New Eng Tel 5s.... N Y Edison bs 4. N Y Edison 6%s. @ 5 325 00 et 2 2 S 10 20 D i 1 1 68 3 O e BN e North Am Ed 6s. North Am Ed 6% NorOhto T & L. Nor States Power 6 o Stn Crude O} Stin Pipe Line So Por Rico Sug s Southwest Bell 6s. Stand Ofl NJ 5s w i Sug East Orlent 7s. o Felanm@aaaniion 2 Youngstn S&T RAILROAD. Atchison gen ¢s. 4 AtlantioC Lo} AtlanC L 4%s 64.. AtlantlcC L 7s.... Atl & Dan 1st 4s 48 Atl & Dan 2d 43 48. B & O gold ¢8. . 100° 105 & & & & & 2:55. 103 10 100 22 10112 103 27 11029 106 22 2:55. 9814 98% 99% 984 98 103% 9574 100% 9614 100% 104'% A 10274 111% 108% 104 s % W % 100% % 105% 102% 102% FINANCIAL. Received by Private Wire Dissct to The Star Ofica, : Sales. High. Low. 2:55. 5 108% 107% 107% 93 93 84 84 T6% 6% 987 98% 4% 98 118% 115% 5% 102% B&Orfimp . B&OPLE WVa i B & O Toledo 4s. Brdwy & 7th Av 6 Bklyn Manhat Buff R& Pitt 4% Can Nor 4155 1935 98 Chi & Alt 3%4s ctfs, ChiB&Qgn 4s53. 23 Chi&Elllgn5sb61 13 Chi Gt West 48 59. 294 C M&St P 4s 25 ofs 27 CM&StP deb 4scfs 33 CM&SPcv4ssd2efs 16 s. Chi&NW 43 s 1987, Chi & NW 64s. CCC&StLrfésA. Clev Term 5s. C&Slistds29..... Cuba RR6s... . CubaRR 631936 cfs 2 Del & Hud Istrf 48 3 Del & Hud cv 58 35.401 Den & Rio G en 4s. 29 D Rio G West 5s. .18 Des M&FtD 4s. Erle gen 4s.. Erleconv 4s A. Erieconv4sB. Erieconv 4s D. Erie conv ext T: Fla EC6sT4. Gr Trunk stdh Grand Trunk 7s.... 13 GtNor4%s76D... 3 Great North 5%s.. 2 G Mob&N 5%s B 50 Hocking Val 43s.. 2 2802 91% 106% 99% 107% 115% 111 Central rf 5s 111 Central 5%s. Int Rapid Tran 6s. . Int Rap Tr 5s stpd. Int Rap Tran 6s Int & G Nor 1st Int & G Nor ad Int RysCA 5872 5 Int RysC Am 6s 41 34 Kan City FtS4s... Kan City Term Lake Shore 4s 28 Lake Shore 4s31... 2 Lehigh Val 55 2003. 13 Louls & Nash isB. 1 Louis & Nash 7. 6 Man Ry 2d 4s2013. 3 Market St 75 40.... 5 MilEIRy &L5s51 2 MilEl Ry &Lbs.. 1L M St P& SSMcn 48 20 MStP&SSM5s38gtd 5 M St P&SSM5%s. MK & T ad 5s. 3 MK&ToprinssA. 49 Mo Pacific gen 4s.. 19 Mo Pac 5s 1965 Mo Pac 6s 49 Mo Pac6s55 E. Nassau E Ry 4s57. N Y Cen gen 33%4s.. N Y Cent 4s 98. N Y Cent deb 4s. NYCrfimd%si3 N YCentrl6s. N Y Cent deb NYChI&StL 5%sA. NYChi&StL 5%sB. NYC&StL6sA.. New Hav deb 4s 57 N Hav&H cit 6s 40, New Haven c d 6s, N Y Rys 6s 65. N Y State Ry 44 Nor Pac 3s 2047 Northern Pag 4s. Nor Pac 4148 2047. Northern Pac 5s D. 1 Northern Pacr ! 6s Ore & Calif 1st 5s.. : Peoria & E Inc 4s.. Pere Marq 1st 5s... PCC&StL 5s B 765.. Reading gen 4%4s.. RioG W Ist4s.... Rio G Westcl 4s... 3. San A & Arn P 4 Seab A Lref 4s Seab A L adj 5s.... Seab A L con 6s Seab All Fla 6s. 54 44 Unlon Pac st 4s... Union Pac 1st rf 43 Union Pac cv 6s. Virginia Ry 1st 5s. Va Ry & Pis. . Wabash 24 6s. 4 West Maryland 4s. Western Pacific 5s. Wilkes & E 1st §s.. Wisconsin Cent 4 FOREIGN EXCHANGE. (Quo*ations furni by W.B. Hibbs & Co.) Quotations furnished by W. B, Hibbs & o Londe 1 g London. pound. . ; » 1" doMar ! : - Tranc, . Brussels. Berhn, Rome. lira . Zurich. Srand Warsaw. zlot: Conenhagen, Oslo, crown S Stockholm erown. . s 2669 NEW YORK, February 18 (P).— Foreign exchanges irregular; quota- tion in cents: Great Britain, demand, 4.84%; cables, 4.8511-32; 60-day bills on banks, 4.80%. France, demand, cables, 3.91%. Italy, demand, cables, 4.34. Demand—Belgium, Germany, 23.69: Holland, orway, 25.12; Sweden, 26.67%; Denmark, 26.63%; Switzerland, 19.22%; Spain, 16.75; Greece, 1.28%: Poland, 11.50: Czechoslovakia, ~ 2.96; Jugo: slavia, 1.76; Austria, 14.121%: Rumania, 41.80; Brazil, 11871} ; Shanghai, 64%; Mon- PRICES ON PARIS BOURSE. PARIS, February 18 (P).—Prices were heavy on the Bourse today. Three per cent rentes 52 francs 30 centimes; exchange on London, 123 francs, 81% centimes; five per® cent loan, 66 francs 80 centimes. The dol- lar was quoted at 25 francs 52% cen- times. 23 RAILS ARE LEADERS INBOND MARKET Eries Stand Out in Carrier Group—Some Foreign Is- sues Show Strength. BY GEORGE T. HUGHES. Special Dispatch to The Sta V. YORK, February 18.—Activ ity in the bond market today centered about those issues which reflect the movement in stocks. The outstand- ing feature was, of course, the rail- road list and in particular the bonds Large blocks of Erie convertible “D" 4s changed hands at steadily advancing prices until the issue was selling at approximately its highest for all time. This was in response to the privilege that the bond carries of conversion into Erie common stock at $50 a share. Next in point of interest came Hudson & Manhattan income s, which crossed 88 for the first time in their history. Buying here was based on the report often heard that the Pennsylvania would eventually take over the property. In this case, how- ever, there was an investment de- mand which helped along the specula- tive buying. Outside of these two issues the sec- ond grade rails were firm, but not anywhere near as active as railroad stocks. Chicago Great Western 4s and Seaboard Air Line adjistments were among those in greatest demand. A few foreign issues made progress, but most of them simply held their own. Strong spots were Brazil §%s, which had apparently initiated a fresh upward movement, and Brazil 8s, up at one time between 2 and 3 points. Another bond activity bought was the Fiat 7s with warrants, selling above 99 with a gain of a point. International Telephone & Tele- graph 5%;s had a large turnover, with a rise of approximately a point. On the other hand, there was selling of Kelly-Springfield 8s coincident with the publication of the annual state- ment, United States Governments were steady and slightly higher, and so ‘were some of the high-grade rails, but volume of trading was small. rie CHICAGO LIVE STOCK MARKET CHICAGO, February 18 (United States Department of Agriculture) Hogs—Recelpts, 23,000; fairly active: butchers around 15 higher; light hogs 15 to 25 up; average weight, 200 to 220 pounds, often showing full ad- vance; in-between grades of lig'.t hogs up more in spots; packing sows steady; pigs 10 to 15 higher: ton, 12.25 paid for numerous loads 150 to 170- pound weight; bulk 140 to 200 pounds, 11.90a12.2 bulk 210 to 300-pound butchers, 11.70a12.00; packing sows, 10.50210.75; pigs upward to 15 or better; heavyweight hogs, 11.50a11.8; medium, 11.75a12.10; light, 11.75a12.2: light light, 11.50a12. packing sow: }010&1\)490; slaughter pigs, 11.; 2.15. Cattle—Receipts, 2,000; all classes steady; killing quality mostly common to medium; no weighty steers here; onz load 1,376-pound averages, 10.65; best little cattle, 10.25; bulk, 8.50a 10.00; stockers and f 25; light heifers, 7.25a8.5 with weight, 6.00a6.25; vealers mostly 11.00a12.00 on light kind and 13.00a 14.00 on shipper weight. Sheep—Receipts, 10,000; opening fairly active; 15 to 25 higher than ‘Thursday: early bulk desirable lambs, 13.35a13. asking upward to 14.00 for few fancy handyweight; heavy lamb: 12.85a13.35; extra weights, 11.85a12.40; choice lightweight clipped lambs held around 12.00; sheep steady; fat ewes, 6.50a8.50; some held *higher; feeding and shearing lambs strong; medium to good kind, 12.25a12.85; late yesterday's top on fefi Westerns to city butchers, SILVER QUOTATIONS. NEW YORK, February 18 (#).— Bar silver, 577; Mexican dollars, 44. P Washington Stock Exchange SALES. Washington 6s 36 B—S$1000 at 04 $500 at 1 5 tal Traction Co.—10 at 106%. & at 106 5 Washington Gas Light—10 at 60%. 10.at at 607, 10 at 69%. b at 69%. Rwy. & Elec. pfd—10 at 91. 10 AFTER CALL . & P. Tel. of Va. 55—$1.000 at 101. Money—Call lvans. 5 and & per cent. Bid and Asked Prices. BONDS. PUBLIC UTlLlTY.B“ American Tel. & Amer, Tel, & t. El. Pow. gl 4. 7 Wash. Alex. & Mt. Ver. 5s w Alex! & cts Bait. o Barber & Ross 61ss ‘37, Chestaut Farms Dair D. C. Paver Co. M{. L0t dotat Steckc Ld B . Mkt. Cold Wardman Park Hotel 5%s. STOCKS. PUBLIC UTILITY. NATIONAL BANE. National Cap Columbia TRUST COMPANY. American Security & Trust.. 370 Continental Trus 1068 Merchants, Bank. ational Savings Union Trust.. Wash. Loan & Frist! SAVINGS BANK. Bank of Bethesda. 0 Commercs & Sa East Washington. Seeurity " Sav Siventh Stieet: .. C0T United 8 N 500 Washington Me: 50 FIRE INSURANCE. Firemen ' National Union. ainis TITLE INSURANCE. Columbia Title. Real Estate Titi Title Iov, of Md. com. Federal-Amer. com. Federal-American Lanston Monotype, é’:fl'{i}':i"‘";:" e e g