Evening Star Newspaper, February 23, 1927, Page 14

14 STEEL IS LEADER. N STOCK HARKET Soars to Record High—Other Shares Participate in the Advance. teh to The S YORK, Februar: Steel (ummun '.ion in 1901, of the upward stock exchange uneasiness had the developments Monday was zation ot the sumed leadership movement on the today. Whatever been occasioned by ¢ section pated by the spectacle of s of one of the most promi- industrial corporations in the being carried to record nad time over the thday holiday to t news bearing upon movements of the demand which made the ¥ as trading slarted wa mple proof that specu- lative sentiment had undersone no nge. With the course of the first hour gains in this quarter ex- iended to more than two points. But it was the steel stocks which subse- guenty orbed speculative interest. Reports from the steel centers con- tinued to siress the fact that opera- tions were on the inc , with the Steel Corporation now oper at 91 per cent of c y. But this couid hardly explain the sudden demand for Steel common. The impression ap- peared to be growing that when direc- tors act upon the question of divi- dend for the additional stock the pres- ent rate of 7 per eent will be continued. in view of this belief the new Steel common was selling on a basis to yield over 6 per cent, which was con- Sidered highly attractive in the pros- ent mark Above 161, the old stock compared with Monday’s final Wall Street vashington's vze the lat future price rails. The heavy itselt felt for Bi the of Néw high records for the \cul were tablished by Republic Iren and ecel, Bethlehem Steel and Crucible zains extending to 2 points or more. Youngstown Sheet and Tube stood out strongly close to its top prices, while United States Cast Iron Pipe appeared to be influenced by the support of the strong pool which has been op- erating in the stock for many months wast. Among the rails Hudson and Man- hattan was moving forward at the same time buying was making itself felt in Pennsylvania. Reading, which had broken sharply Monday, resumed the recovery which set in toward the close that day and had practically re- traced all the loss. St. Louis-San Fran- cisco, after establishing a new high for the year, lost most of the gain. Offerings of the stock possibly were influenced by the announcement that the road had applied for permission to issue either common or preferred as conditions may warrant. Rock Is- land was carried to within a fracticn of its best while Wabash common at 70, recorded a gain of 2 points, Shares of roads of the -type of Canadian Pa- cific, Atchison, Norfolk and Western, Dalaware and Hudson and Union Pa- cific, were bid up sharply at intervals. WHEAT HAS SETBACK ON FOREIGN REPORTS ‘Weakness in Corn Also Is a Bear- ish Factor in Today’s Dealings. Oats Also Down. By the Associated Press. | CHICAGO, February 23. — With Liverpool quotations lower than due and with predictions current that sup- plies arriving in Europe will exceed requirements, wheat suffered an early setback today. Weakness of corn tended also to depress wheat. Starting % to %c off, wheat showed but little power to rally. Corn, oats and provi- slons went sharply downgrade, corn opening %a3c to %c lower and con- tinued to decline. Heavy shipments of wheat report- ed as being made by Argentina and Australia acted as much more than a counterbalance at times today for aksertions that pressure of Southern Ilemisphere wheat had already been discounted. Trade gossip meanwhile continued to lean to the view that Yresident Coolidge would veto the AMcNary-Haugen bill and was accom- panied by talk that such action would affect the market neither one way nor another, except to facilitate wrading based on supply and demand condition Decided weakness shown by corn today was simultaneous with general commission house selling. May broke to within % cent a bushel of the Jow price record for the season. Re- ceipts here today were estinmted at 545 cars. ‘WOOL PRICES STEADY. BOSTON, February 23 (Special).— Prices were steady on the Boston wool market today, despite the diminished volume of trading this week. The slowing down in the wool business is attributed to the uncertainty existing in the goods market, with mills cover- ing only their immediate necds. Fine is quoted at 1.10a1.12, French .05a1.08, half-blood at 1.00 ee-cighths blood at 90a93 and quarter-blood at S$0as2 clean basis, Hine Ohio delaines and half-blood wools are held at 45246 grease basis, with Missouri and Michigan staple oted at 2 to 3 cents lower. Quarter- ood Ohio wool is held at 44ad5. REALTY MORE ACTIVE. !BOSTON, February 23 (Special) The plan of the Bosto Railroad to } - the present North Union S excited great activity in real estate in “section of the city which has long been dormant. It is un road will have the co-ope metropolitan planning boa thoroughfares. rd to widen —e DIVIDEND RAISED. NEW YORK, February Cmmon stock of the W: has be dend 1 2 $1. with a quarte: dividend of 30 cents, payable March 15. The regu- iar quarterly of 75 cents on the pre- ferred also w ithoy . DRY GOODS UNCHANGED. NEW YORK, Fe —4’otton goods ma unchanged price levels were quoted at 7 centsf o0s and at 7% cents for 68x silks were steady in a quiet m: NEV} YOB:K fi;BKETS. NEW YORK, February 23 (®).— ny No. 2 Western, 111 4, f. 0. A%, c. i, f. Middle West tures opened eas; Other articles unchanged. SILVER; QUOTATIONS. NEW YORK. February Ba 2 | | (Special). | re quiet to- | FINANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct te The Star Office Abitibl Pow (5). Adams Exp (6). Adv Rumley pf. Ahumada(t60c) . Alr Reductn(16) Ajax Ruber..... Alaska Junea. .. | All Am Cable(7) Allled Chem (8). | Allis Chalm (6). Amal Leather. .. Amerada (2).... Am Agricul Chm Am Agr! Ch pf.. ! Am Bank N (2). Am Br Bo pf (1) Am Can (2)..... Am Car&Fdy(8) Am Chain A (2). Am Chicle (3). . Am Chicle cfs(3) Am Drug....... Am Express (6). Am & For Pow. . Am&Fo Po pf(7) Am Hide & Lea. . Am Ho P(2.40).. Am Ice (110). Am La Fr (1)... AmLinseed. .... Am Locomot (8) Am Loco pf (7). Am Mach & Fdy Am Metals (3).. Am Piano pf (7). Am Po & Lt (11) Am Radiator(5) Am SafetyR(33) Am Smelting (8) Am Stl Fdys (3) Am Sugar (5)... Am Sugar pf (1) Am Sumatra.... Am Tel & Tel(9) Am Tobacco (8). Am Tobacco B(8 Am Typ Fdrs(8) Am Type pf (7). Am W W (c1.60) Am Woclen. Am Wool ot Am Writ Pa pf.. Am Zinc........ Am Zine pf. Anaconda (3). Arch-Dap pf (7) ArmourDel pf(7: Armour of Il1I(A Armour Il p£(7) Artloom (3). Art Metal (11%) Asso Dry G(21) Asso DG 1st(6). Atchison (17%). Atchison pf (5). Atlant CL (18). Atl Gulf & WI. . Atl Gulf&W1 pf. Atlantic Refing. Atlan Ref pf (7) Atlas Pow pf (6) Austin-Nichols. Baldwin L (7).. Bald Loco pf (7) Balto & O (6) Balto & Oh pf Bang & Ar (3).. Bang & Ar pf(7) Barnet L pf (7). Barnsdall A (2). Barnsdall B (2). Bayuk Cigars. Bayuk 1st pf(7). Beech-Nut (13). Belding Bros (2) Bethlehem Steel Beth Sti pt (7) Bloomingdale. Bimingdle pf(7 Bon Amt (4).... Booth Fisheries. Briggs Mfg (3).. Bkin-Edison (8) Blkn-Mn Tr (4). Bk Man T pf(6). BkinUnG (4).. Brunswick B(3) Brunswick Ter. Buff&Susq pf(4) Burns Bro (10). Burns Br B (2). Bush Terminal. | Bush Trm p£(7). Butte&Super(2). Butterick (m2).. Byer &Co...... Calif Packg(4).. Calif Petrol(2) Callahan Zine... Calumet & Ar(6) Calumet&H (1%) Can Dry (c2%). Can Pacific (10). Car Cl&Ohio(3). CarCl&Ocfs sta5 Case Threshg (6 Central Alloy(2) Cent Leather pf. Cerro dePas(15) Certain-Teed(4) Certain-T 1st(7) Chandler pf(23) Ches & Ohio (8) . Chi & Alton. Chi Great West. Chi Gr West pt.. Chi MII&SP. Chi Mi1&StP pf. C M&StPefs. ... C M&StP pfcfs. Chi & Nwn (4)., Chi Rock Is (5) .. CRI&P DL (6). CRI&PDS (7). Childs (2.40)... Chile Cop (23%). Chrysler Corp(3) Chrysler pfA(8) . Low. Close. 8812 88 10% _135% 21 ~ 9] 133 81 241 110 10% 2414 1104 4 119% 119% 56% 114 50 2 146% 46 198% 119 CCC&SLL (5). 2 Cluett Peab (5). Coca-Co'a Int(7) Collins & A1k(4) Collins&A pf (7) Col Fuel & Iron. Col & Southn (3) Col Gas & EIl (5) ColGas rts..... Col G&E pf A(6) Col Carbon (4) Com Credit (1). ComiCrist pfé3z Com Cr pf B (2) Com Solv B (8). Congoleum N... Cong Cigar (4).. Con Cigars (7).. Consol Distribut Consol Gas (5) Cons Gas rts. . Cons Gas pf rts. r kCenuuumn oté Consol Textile. . Cont Bakg A (8) Cont Baking B.. Cont Buk pf (8). Cont Can (6).... Cont Mot (80c). Corn Prod (2% | Corn Prod pf(7). | Coty. Inc (5). CrownWP1stp! Crucible Steel (6 Crucible pf17).. Cuba Cane Sugar Cuba Cane Su pf Cuba Compy (3) Cuban Am 8 (1). Cudahy Pkg (4). ! Del & Hua (9).. | Del L & W (17).. | DRG Wstpf. Detroit 120 (8).. Dupont (8) Du Pont deb (6) Duguesne pf (7) | Bastman (18).. Eastman pf (7). | Baton Axle (2). isisenlonr & Bro 1 AutoLt(t6%) lectrie Boat. .. Elec Power & Lt Elec P & L pf(7) | Elec Refrig (2). Elec Sto Bat(16) Engineers Pub S 2% 181% 149 182% 107% 115 1307% 120% 5675 | 114 51 a8 46 | Brie Stm S(23%). { Erfe Stm S pf(7) Fureka Va 1414 Exchange (1%). Falrbanks (3)... Famous P (18). Famous pf (8).. Fed L&T(n1.40) EP&Lpf 40%(7) | Fed L&T pf2(6). Fed Min pf (7).. Fed Mot T(f800) Fid Phoenix (4). Fisk Rubber. ... Fleischmann(3) Foundation (8). Fox Film A (4). Freeport Tex (2) Gabriel Sn (3%) Gardner Motor. . Gen Am Tnk (3) Gen Asphalt. ... Gen Bakg pf (8). Gen Cigars (4).. Gen Elec (h3)... GenElec sp(6c) Gen Gas A(el%) Gen Motors (8).. Gen Mot pf (7).. Gen Outdr Ad(2) Gen Outdr A (4). Gen Ry Sig (5).. | Gimbel Bros Gimbl Br pt . Glidden (2)..... Gold Dust. Goodrich Ru (4) | Gothm S H(2%) Gotham new 214 Gotham 1st (7). Granby Consol. . Grt North pf (5) Gt Nr Ore(t1%) Grt Westn Su (8 Gt West S of (7) Green Canan Guantanamo. ... Gulf Mo & Nor.. Gulf States (5). Gulf Sta 1st (7). Hart B b10% stk Havana El rets. . Hayes Wheel. Hoe & Co A. Houshld P (314) Houston OMl.... | Howe Sound(4). Hud Man (2%). Hudson Mo(3%) | Hup Mot (1.40). Illinots Cen (7). indep Ol (1) IndianRefg ctfs. Inland St (2%). Inspiration (2).. Interboro Rap Tt Intcontl Rub(1). Internat Agri. .. In Ag C pr pf(7) Int Bus Ma (3).. Int Cement (4).. Int Cement pf(7) Int Com Eng (2) Int Harv (J6). Inter Har pt (7 IntMteh pf(3.20) Int Mer Marine. Int Mer Mar pf.. Int Nickel (2)... Int Paper (2). Int Paper pf (7). Int Ry CA pf(5) | Inter Salt (6). Intl Shoe (7). . Int Tel & Tel (6) Intertype (11%) Jewel Tea...... Jones Bros Tea. Jordan Motor. Kan City South. Kan C So pf (4). KayserJ (4).... Kelly-Spring Kelly-Spring pf. Kennecott C (5). Keystone T & Kinney pf (8). Kraft Ch (11%) Kresge Dept S. . Kresge SS(1.20) Kresge SS pf(7). Laclede Gas(12) Lago Oil&Tran. Lambert Co (5). Lee Tire & Rub. Lehigh Val(3%) Lehn&Fink (3). Life Sav (1.60). Lig & My B(f14) Lima Loco (4).. Lig Carb (3.60). Loew's Inc (2) Loose Wiles. Lorrilld b8 % stk Louistana Oil. .. LouisGasA(1.75) Ludlum Steel(2) MeCroryB(11.60) McCrory pt (6) .. Mack Trucks (6) Mackay (7). Macy H R & Co.. Magma Cop (3). Manati Sug pf.. Man El Sup (5). { Man Elev gtd. .. Man El m g (d5). arland Oil (4). Marin Rock 123 Mathieson (4)... May Dept S (4). Maytag Co(12%) Mexican Seabd. . Miami Cop (1).. Midland pf(112) Minn & St Louis. | Min St P & SSM. MStP&SSM li(4) Mo Kan & Tex Mo K & T pt | Missourl Pacific. Missour! Pac pf. Montana Pow(5) Montgmry W(4) Moon Motor. . .. Mothr Lode (75¢ Motor Met(3.60). Motor 1(2) Mullins Body. . . Mullins B pf (8). Munsingwr (3).. | Murray Corpn. Nash Motor (4). Nat Biscult (5). Nat Biscu pf (7). Nat Cash R(A)3. Nat Cloak & Suit Nat Cloak pf (7). at Bnamel & S. at Lead (8). NatPw&Lt(80e). Nat Ry Mex 2d.. Nat Supply (4). Nat Supply pf(7) Nevada C (1%). N Y AirBr (3).. w61 | N 105 9% 48% 319 26% 52% 182% 0% ! | NYCRSIL pt(6) NY DOCK..veue NY NH&Hart. .. NYOnt&W (1) Niag F pf (1%). Norfolk Soutn Norf & W (8). NthAm b10% sth | NorAm Ed pf(7) 4 | North Pac (6)... Norwalk Tir | Ot Well-Sup (2) Oll Well S pt.... Omaibus. . Opnhm, Col (4). Orpheum Cir(2) Otis Elevator (6 Otis Steel...... Otis Sti prior(7) Outlet Co (3)... Outlet Co pf (7). Owens Bot (7).. Pac Gas&El new Paclfic Gas rts. Pac Oll Stubs. Packard (12.90). Panhandle...... | Park & Tilford. . Laris Utah (60c) Open. High. 26% 267 1064 107 Low. 106% 623% 62% 62 16% 41 a1 16% 16% 39% 111% 114% 112% 120% 120% 42 42 105% 105% e 91 T8% 8% 29 29% 941 941 1T% 174 50% bHlly 80 2 105% 25% 49% 50% 111% 112 184 189% 21% 21% 70 % 123 36% 244 697 Tih 122 36 41 41 168 168 2915 29% 15% 15'%: 25% 5‘ 27% 284N 61% 61% 100 100 96% 99 2 v"u 125% 1% 116‘1 116% 314 41% 3 H3% 1014 68 79% 31% 120% 41'%% 105% 9% 8% 28 9315 17% 501 80 67 4ty :u 49" 111% 184 21% 69% T 120% 36 24 0% WA 56% 584 6 41 168 28% 15‘ 11. 61% 100 964 125% 139 34 16" 3 37 61 40'% ‘OH “ 1000 86'% 6% THE EVENIN \ G Ciose. 26% | 107 62% 16% | 407 | 114% 120% 41% | 105% 91% 78Y 2914 9315 17% 5018 80 68 12’ 188 21% 69% T 121% 36% 24 STAR. WASHINGTON INESDAY CHIEF FEATURES OF McFADDEN BANKING ACT ARE EXPLAINED Effect on Branches, Mortgages. Investment ness IS Analyzed BY EDWARD C. STONE. The effect of the new McFadden bank act on bank loans, investmeng securi- ties, real estate loans, branch banking | and other banking activities, is ex- | plained in a copyright analysis of the act issued by XKiplinger, Jacobs, a Washington firm of b;ml\ representative Referrnig to section 2 (b) of the act, the analysis explains that this specifi- cally authorizes *“national banks to en- | zage affirmatively in the business of | | buying and selling investment securi- ties” under regulations to be dfafted by the controller of the currency to define “marketable obligations.” These regulations, together with the $ro- visions of the act, will constitute, in ef- fect, a Federal blue sky law for na- tional bank investments. Regarding real estate Pathe Ex (¢3) Patino Mines. Penick&Ford( Penn C & Coke. . Pa Dix1eCt(3.20) Penna RR (3%) Penn-Seab Steel. Peoples Gas (8), Pere Marq (18) Phila& RC&1.. Phillips Pet (3). Plerce-Arrow. .. Plerce-Ar pf (8) Plerce Oll pf. Pierce Petrol: Pitts Coal.... Pitts Coal pt Postum (5).... Pressed Stl Car. Pr St Car pf (7) | Prod & Refiners. Prophy Br (13). Pub Serv NJ (2) Pullman Co (8). 40% Purity Bak B(2) RadioCorpof A. RadioCof (3%). RS I Cefs (4) Reading (15)... Reading 2d (2). Real Silk Hos(4) Remington T(5) Remingtn 1st(7) Remingtn 24 (8) Replogle Steel. . Rep Ir & St (4). Rep 1 &S pt (7) Rey Tobac B(5). Roy! D(a1.33%). Rutland pf. Safety Cable (4) St Joseph Li(13) StL & SanFr (7) StL&SanF pf(6) St L Southwest. St L Swn pf (5). Seaboard Air Lip Seab Air L pf... Seagrave(el.20) Sears-R (n 2%). 3eneca Copper. .. Shattuck F G(2) Shell Un (1.40).. Shell Un pf (6). Shubert The (5) Simmons (2) Skelly Ol (2). Sloss-Sheft (6).. South Port S (6) Sou Calif Ed (2) Sou Dairles A(4) Sou Dairles B. South Pac (6). Southern Ry (7) South Ry pf (5). Spaulding pf(7). Spear & Co pf(7) Spicer Mfg. . Spicer pf (8).... Std Gas & El g3.. Sta Mill (5) StdOiICal(12%) . Std OILNJ(11%) Std O1I NJ pf(7) Std Oil NY(1.60) Std Plate Glass. . SterlingPro(16). Stewart War (6) Stromberg (6).. 25% | Studebaker (5).. Studebak pf (7). Submarine Boat. | Superior 1. Superior Steel. .. Sweets of Amer. Symington . Symington Tenn Copper (1) ‘Texas Co (3).... | Texas Corpn (3). Tex Gulf Sul (4) ‘Tex & Pacific. .. Tex PC&O(60c). Tex Land Trst n ‘The Fair (2.40). Third Avenue. .. ‘Thompson(3.60) Tide Water(13:) Tide W Oll pf(5) | Timk Roll B(15) | Tobac Proa (7). | Transcont Ofl... | Underwood (4). Un Bag & Paper . | Union Carb (8). Unlon Oil (2%) Un Pacific (10). | Un Pacific pf(4) Utd Clgar S(c2). Un Cig Stpf(7). | Utd Drug (8)... UtdDrg 15t(3%) Utd Fruit(15%) USCIP&F(10) U S Distributing U S Express. ... U S Aleohol (5). U S Ind Al pt(7) U S Realty (4).. 7S Rubber. U'S Rub 1st (8). USSmopf (3 1] S Steel (7) | 118 Steel wi U S Steel pf (7).. 1 S Tob pf(7)... (Iniversal Pipe. . Ut PRLt A (e2). Vanadium (3) Vick Chemical Victor Tlk Mch.. Victor cv pf (6). Victor pr pt (7). Va-Caro Chem. . Va-Car Ch 8% nt Vivadou (3). Vulecan Detin. ... Vule Det pf (7). Wabash........ Wabash pf A(5). Waldorf (1%).. Walwarth (1.20) Ward Baking B. Ward Bak of (7) | Warner PicA... | Warren Bros(4). | W Penn El pf(7) West P Po(6)... West P Po pf( West Maryland. West Ma 24 of.. West Pacific. West Union (8). WesthseAirB(7) Westinghse (4). Weston Elec. ... White Eagle (2) White Mot (4). . White Rock (12) White Se M pf k4 Wickwire otfs. . Willys-Overland Wilson & Wilson &CG(A . Wilson&Co nf(7) Woolworth (5).. o 10 12 56% Babson & | f mortgage | Securities and Other Activities of Busi- by Capital Firm. | bonds, the anal s points out | some of them may be able to qu before the controller as proper inv ‘ment securities for national banks and | thereby improve their marketability. Heretofore they have been regarded not as investments, but as real estate loans limited to one year, d. ther - | re, practically excluded as '8 | ments. ational h!nk! mortgage los real estate for ms up to five with a limit of 50 per cent of value of the property. that i improved vear | the ] Other Striking Changes. | Section 5200, “the heart of the na- | tional banking act,” has been com- pletely rewritten. The 10 per cent limitation of capital and surplus loan- wble to a single customer remains the same as in the old law, but this limit | now applies to the indorser of paper | who obtains a loan from the bank, whereas under the old law the limit | ran only against the maker of a note. | It is ed that under this and other provisions of the new act many lines | of credit in national banks must be reorganized. The status of loans upon cotton, grain and other readily mar- ketable ~mon-perishable staple com- | modities modified materially by the new a tegarding develops thi branch bs t the finally | future branches of | al banks and State bank of the Federal Reserve Sys- tem to “limits of the city,” not * porate limits of the city Thus it | will devolve upon the Federal Re- | rve Board and controller of the cur- rency to determine by interpretation whether this means the natural limits or metropolitan avea, or the legal corporate limits. This may re- open the whole controversy over whether branh banking should be per- mitted in “contiguous territory.” Branch Banking Limited. The act limits future extemsion of branch banking to cities of 25,000 pop- | ulation or more, with a sliding scale of the number of branches permitted, and this applies only to States which by law permit State bank branches. It is made easier for a State bank | to consolidate wth a natonal bank under a national charter; national banks have perpetual charters, thus strengthening their trust powers; na- tional banks may purchase and hold real estate for future bank sites; or- ganization of small national banks in | outlying portions of large cities is faclitated by reduction of the capital required; stock dividends may be de- clared by national banks, and Federal Reserve charters are also given per- | petual charters. Traction Notes Offered Today. Pubiic offering of a new issue of $2,500,000 three-year 6 per cent gold notes of the United Railways & Elec- wric Co. ot Baltimore, dated March 1, 1927, and due 1930, is being made by Alex. Biown & Sons. Proceeds from the saie of these notes, which are priced at 991 and interest to yield about 6.28 per cent, together with | cash supplied by the company, will be used to redeem the company’s 6 per cent notes maturing August 1, 1927, according to C. D. Emmons, president of the United Railways & Electric Co. Seaboard Offers §5,000,000 Bonds. The Seaboard Air Line today offered $5,000,000 Seaboard Air Line Railway Co. first and consolidated mortgage 6 per cent gold bonds, series A. They are priced at 98% and interest from March 1, 1927, to yield over 6.10 per cent. The Seaboard-All Florida Railway is also offering $2,000,000 first mort- gage 6 per cent gold bonds, series B, which are guaranteed as to principal and interest by indorsement by the Seahoard Air Line Railway. They are priced at 97% and interest from Febru#ry 1, 1927, to yield over 6.30 per cent. Dillon, Read & Co. is one of the firms handling the issue. Gas Light Stock Leads Trading. tock of the Washington Gas Light Co. led quiet trading on the Washing- ton Stock Exchange today, opening at 697 on a 32-share turnover and ad- vancing to 70 on a sale of 100 shares. Railway & Electric, preferred, sold at 90, ten shares of American Security & Trust stock changed hands at 375, and | 20 shares of National Mortgage & Investment, preferred, at 814. | There were but two hond transac- tions, Washington 6s, series B, | selling gt 1047, and Washington Rail- way & Blectric general 6s at 104. Stanley Theaters Show Gains. Net income of the Stanley Co., with which the Crandall Theater interests are associated, during 1926 before charging off for depreciation, reached 148,809, a gain of ed with 1925. The - of the consolidations nking, it now | of the year, income_account re- flects receipts from acquived theaters for only a short period, says the com- pany's annual report. |~ The issuance of additional stock to | | Ainance acquisitions increased the num- ber of the company’s shares from ap- proximately 334,000 shares at the be- cinning of the year to 616,000 at the close. The company announces that 1926 was the best year in its history, the number of its theater holdings being expanded from 93 to 210, Heard in Financial District. The listing committee of the Lon- don stock ISxchange has granted per- mission for transactions in common stock of the North American Co. | A delegation of local bankers is | planning to attend the annual dinne | of New York Chapter, American Insti | tute of Banking, Saturday evening. ‘The chairmen of the committees for | the coming savings bank regional con- vention here in April are to meet this afternoon at 4 o'clock. Representative Frank R. Reid -re- ports that the newly organized Great | National Insurance Co. is getting an excellent start on this year's business. Work on the addition to the ington Loan & Trust Building is pro- gressing with unusual rapidity and is highly pleasing to the trust company’s officials. The demand for office space in the building has far exceeded the amount available. | Worthn Pum Wrgley (13 Yale & Tne (1).. Yellow Truck * Youngstn S Hourly Sales on N. Y. 500 12 0..1,001,300 2 p.m. 1,657,500 ble dends l“ nut included e it of lndxm{ legs. than 100 ehaces. artly exica Pay: able in common stock 1 FIIII 2/!0 J ok " o Bald This" vear—no_ reuiar i v '3 eils B aq. i noe\: in_CI; tock, m in i «fiek‘ b "Ih praterred -mk & s one falt f ~ommon S0k, | Bush T Bldg 55 60.. FEBRUARY FINANCIAL. (v o BONDS o e ] Received by Private Wire Direct te The Star Ofica, UNITED STATES. High. Low. (Sales are in $1.000.) . 18 10114 10114 5 101 3L 1008 24 101 1006 103 12 103 10 100 22 100 20 . 118 Libth 4%s 162 US3%s.. 36 U S4s1944. 320 US4a%ssz. 104 111 FOREIGN. Argentine 6s Ju 59. | Argentine 6sOct59. Argentine 63 A. Argentine 6s B. Australian 5s Austria7s. .. Bank of Chile 63%s. Bank of Japan 6s Belgium 6 Belgium 6 | Belgium 7s. Belgium 7s ct | Belgium 8s. Bolivia 8s Bordeaux 6s. Brazil 6%s. Brazil 7s Brazil 8s. Chile xq 1041 | Chile 85 1946 Christiania 6s. Con Pow Japan 7 Copenhagen 515 Cuba 6%s..... Czecho 7145 rets. Czecho 831951, Czecho 83 1952 ct Danish Munic 8s A. Denmark 6s....... DEI5%s Mch 53.. DE In 5% Nov 53.. Dutch East I 6s 47, Dutch East ] 6s 62. El Salvador 8s 48.. Finland s £ 63 45... 10 Finland 7s... Framerican 7 French 7s. French 7%s. French 8s. 1 German El P 6%!. . { German 17 Ger Am B Ger Gen Elec 7s... Greek 7s. | Haitl 6s... Holland-Amer 6s. .« Hungary 7% ltaly 7s. Japanese 4s. Japanese 61 Jergens U M 6s 47. | Lyon 6s... Marsetlle 6 Mexico 4s 04 asntd . Mexlco 4 10 asntd. Mexico 5s asntd. .. Montevideo 7s. Netherlands 6s Netherlands 6s 72. Nord 6%s. Norway 6%48. Norway 6s 1943. Norway 68 1944. Norway 6s 1952. Poland 6s Poland 8s..... Porto Alegre 8s. Prague 7%s. Rhinelbe Un 7s. Sao Paulo 8s 1938. . Sao Paulo 1950 Serbs Crot Slo 8s. Solssons 6s. . Sweden 5%sct Swiss 5%s 194 Swiss Confed 8 Toho Elec Pow 7s. . Tokio 5s. Utd Kingm 53837, Uruguay 88....... Yokohama 6swi.. 14 10113 101 12 103 27 103 25 1043 106 25 106 20 2 1115 95'y llm“ 95 9815 97t 712 106% 4 101% 108% 110% 104% 102 102 103% 1027 106% 954 5 100% 102'% 101% 109'¢ 109% 9814 107 103 105 10412 102 100'% 108 108% 100 984 100 102% 106% 1087 108'% 110% 104% 102 1014 102% 102% 106 & 100% 109'% 109" 9812 107 1024% MISCELLANEOUS. Am AgriChem 73%s 3. AmSmIt&R1st5s 9 Am Smit & R 6 Am Sugar ref §s AmT& Teltr AmT&Teltr AmT & Tst bs.. | Am T & T deb 63s. Am Water Wks 5s. Anaconda 1st 6s... Anacondacv db 7s. Andes Cop 7s rets. . 2 Armour&Co 4%srf Armour Del 5%s.. Barnsdall 6s ctfs. . 139 Bell Tel Pa5sB... Bell Tel PassC... Chile Copper 6s 32. Commonwlith P 6s. Con Coal Md 1st bs. ConGasN Y 65%s.. 10 Consumers Pow 6s. 20 Cuba Canecv 8s... Cuban Am Sug 8s... Denver Gas 5s Dery (DG) 7s. Det Edison ref 6s.. 7 14 Duquesne Light 6s. East Cuba Sug 7%s Emplire Fuel 635 EmpireG & F 7 Fisk Rubber 8s. Goodrich 6%s. Goodyear 8s 1941.. Hershey 51%s. HumbleO & R5%s Illinois Bell 1st 6s.. Illinois Steel 413s. . Kan G & El 6352 Kelly-Spring 8s.... | Lacl G ref 34 Laclede G 5%s 53.. Liggett & Myers 7s. Loulsv G & E 68 63. Manatl Sug s 7%s Mid-Con 6%s 40... Midvale Steel 6: Montana Pow 5s... Mor's & Co 1st 4358 Nat Tube 1st 5s. New Eng Tel 5s.... N 'Y Edison s 44. . N Y Edison 8%s... NYGELH&P 4s. N Y Tel 4% N Y Tel 6s 41 N ¥ Tel 65 49 North Am Ed 6s. North Am Ed 6%s. Nor Ohio T & L 6s. Nor States Power 6 Nor States Pow 6s. Pac Gas & ElI bs. Pac T & T 1st 68 Pao T & T 6362.... Pan-Amer 6s 1934. Pan-Amer Pete 7s. Phila Co5%s38... PhilaCorfésA... Plerce-Arrow 8 Public Service Public Serv Elec 63 P Serv Gas5%s59. Punta Alegre 7. Remingtn Arm: Sinclair OH! cee 1 Sinclair O1l 8%s Sinclair O 1 Stn Crud Sin Pipe L{ So Por R 104% 1o1k 104% 101% 2 108% 10%4 98% 103% 101% 4 103% 115% 9214 987 108" "% 110'% 106 % 100% 94% 107" 106 25 1115 | Toledo Edn 1st7s. | United Drug 6s. ... | USRub1strf5s Sales. ¥ outhwest Bell 6. ! tand O1l NJ 58 w { nn Elec Pow 6s 1017 102 v 1054 105% 815 108 1081 9 1074 107 107 96 95% 106% 106% 107 107 U S Rub7%s.... U S Steel sf 6s. Utah Pow & Lt 6s | Vertlentes Sue 78 | West Elec 53. | Westn Unfon 61¢s. 1074% 1011 1047 102 100% 108 1084 | 100 98% 100% 10274 106% 1083 | 108% | 110% | 1041 1024 1014 10 1024 106'% 95 102% 101 109% 1094 | 105% 110 96 100% 100% 101% | Warner Sug 7s 39 Warner Suz 7s 41 6 10174 101% 1% 11% Westinghonse §s.. 11 Willys-Ov 6145 33. Wilson & Co 1st 6s. 13 1 Youngstn S&T 6s.. 13 104! RAILROAD Atchlson gen 4s. AtlanticC Lct AtlanticCL 7s Atl & Dan 1st 4548 80ty 9% 98 1014 101% 10034 10: 10 10174 101% 108 102 B & O SwDiv 65 ofs o 84 B & O Toledo 4s. Brdwy & 7th Av 5 Bklyn Manhat 6s Buff R & Pitt 4%s. Can Nat 415 30, Can Nat 4%s 54, Canad North 6%s.. Canad North 7s Canad Pac deb Cent Pac 1st 5 90. . Ches & O cv 4% Ches&Ognilzs... Chi & Alton 3s..... Chi & Alton 3%s. .. ? Chi B& Qgn 4s53. Chi B & Q 1st rf 5s. CB&Q-Illdivds.. 2 Chi & E 111 gn 58 61 60 Chi Gt West 4 59. . 82 CM&StP4s25cfs. 2 CM&StP deb 4s cfs. CM&StPcv4algs. 31 | CM&SPev4 i s3lets 83 CM&SP rf 4%5scf14 11 Chi&NW 4% 1987, 11 Chi & NW 7s Chf Rys 5s.. ChiRI&Pr! ChiTH&SESs Chi T H inc 6s 60.. Chi Un Sta 4%s. Chi & W Ind cn 4s. C&WI15%s62. CCC&StL5s..... CCC&StLrf6sA. Clev Term 53 Clev Term 5%s. C&S1st 4529 Colo & Sou 4% Cuba Nor 6s 66 Del & Hud cv 55 35. 14 Del & Hud 5%s.... 10 Den & Rio G cn 4s. 5 D Rio G West 5s. Erie 1st cons 4: Erfe conv ext 7s.... Erie (Pa) cit tr 4s. FlaEC5574...... 33 Gr Trunk stdb 6s.. Gt Nor 4%s 76 D, Great North 5s. Great North 5%s.. 10 Gr Nor gen 7 31 Hav E Ry 5%: Hud & Man ref 5s.. 43 Hud & Man aj 5s. 11 Cen 4s 53. 111 Cen 4%s .. 11l Central 5%s. Int Rapid Tran b Int Rap Tr 5s stpd. 34 Int Rap Tran 6s... ;0 IntRysCA5s73.. 11 Int RysC Am 6s 41 13 Kan City Ft S 4 Kansas City S §s. Kan City Term 4s. Lake Shore 43 31... Louls &Nash 7=... 12 Lehigh Val cn 4s... 27 Man Ry 1st 50. 98% 881 | M St P & SSM cn 48 11 974 MStP&SSM5s38gtd 101% | MK&Tprinbs Mo Pacific gen 4s.. 107% 100% 100% 4 105% Mo Pac 6s 55 E. NOT&MIn5s. NOTex &M 5s NOT&MS5%s. N Y Cent LScl 3%4s NYC& St Ldbds.. 30 NYChi&StL 5%sA. NYChi&StL 6%sB. NYC&StLésA.. 105% 105% 108 5% 108% 1047 8% 58 77 82 N Hav&H clt 6s 00. N Y State Ry 4%s. NYStateRy 6%sS 62. N Y W & Bos 4%s.. Nor & S gen §s 54.. Norfolk & W cn 4s. Nor Pac 35 2047. Northern Pac 4s. Ore Short L rfs ¢s. Ore Wash 1st 4 Pennsyl gen 4%s. Pennsyl gen 5s. Pennsyl 5s 64, Pennsyl 6. Pennsyl gold Peorla & B inc Pere Marq 1st 5s... PCC&StL 5s B 75.. Port RL& P 6342, Port RL & P68 47 Port RL&P 7%8 46. Reading gen 4%s.. RIATk & L 4%s St L IM&S 48 29... StLIM&S gn 5831 20 St L IN&S REG 4s. 16 StL&SFpl4sA., 52 102% 99% Seab A L ad) 5s. Sou Pacific ref 4s.. Sou Ry gen 48..... 11 Sou Ry Con 5s 94 E Southern Ry 6% TexArk F'S 6348 50. Texas & Pacific 1st Third Averef 4s.. . Third Ave 1st 5s 37 Third Ave ad} 5s. Unlon Pag 1st 4 Union Pac 1st rf 4s Union Pac 4s 27. Wabash 5%s 76. West Maryland 4 Western Pacific 5. Wilkes & B 1st §s.. . ——w GIVE TERMINAL CONTRACT. NEW YORK, February 23 (®).—The Erle Railroad has awarded a contract for a freight and storage terminal at Youngstown, Ohio, to cost $1,000,000 with the land and requiring 800 tons of structural steel. 6 T5% | since the fi 102% | | the « | eign group. 4 | Railroad 'RAIL AND FOREIEN | BUNUS ARE STRONG Unuertone Good in General List, But Two Groups Con- sume Leadership. HUGHES. h to The Stai NEW YORK, hond market was definitely February Ihe ng to Ithough m ctivity ed the convertible in the foreign issues. Th not suffer from a diversion of interest it have been expect and while there is still a good de to be done in permanentiy the flood of new offering t of the vear, progress it that direction is good. Trie convertible “D" 4s again wers ature of the speculative rails They opened for one block of $100,0( lue at 93, which was a n cord for all time, and changed hands subsequently in almost equally large lots just below that figure, final Iy re ain and then cross ing ngth was, of course | a reflection of the demand for E common, into which the bonds in nils and rket did ed, of work placing Alton 318 rancisco income 6 wer favored in the buyin Hudson convertible went up’ with the stock. Internation | al Great Northern adjustments opened | down, but rallied later. | There were two leaders in the for One of them s and the other was Brazil 612s. The French railroad bonds started in at 99, compared with the preceding close ‘of 98%, and ran o a halt point, transactions being i large volume. There was no explan tion of this sudden development of interest in this one issue. For me of the time other French rails we: only moderately stimulated. The buying in Brazil 6ls was similar to that of last week and in some qua- ters was thought to forecast the new Brazil loan. Brazil 7s were just as strong as the 61gs, but not so active Otherwise, foreign bonds were firm but with little price change. The feature among domestic dustrials was Granboy Mining, i at one time between 3 and 4 points Warner Sugar obligations extended their gains of Monday. Manhattan Railways 4s did better in the local traction list. There were only sligit losses in the oil bonds, notwith- standing the unfavorable trade situ- ation. Reduction of the eall money rate to 3% per cent at midday stimulated some interest in high-grade invest- ment issues. PACKING PLANT SOLD. BALTIMORE, February 23 (Spe cial).—The plant and other property of Shafer & Co., Inc.. meat packers which went into the hands of receiv- ers shortly after the first of the year, has been sold at auction for $1,035,000 A bondholders’ committee was the successful bidder, giving $500,000 for buildings at Highlandtown and $535 000 for current assets, provisions and leasehold property. The plant is in operation. The committee includes Eugene Levering, Fred G. Boyce, jr., and Emory L. Coblentz. EARNS $2.75 ON COMMON. NEW YORK, February 23 (#®).— Southern California Edison Co. had earnings of $8,859,461 for 1926, after all charges and depreciation. equal. after preferred dividends, to $2.75 « share on the common stock. BUTTER IS LOWER. CHICAGO, February 23 (#).—But | ter lower; receipts, 15,280 tubs; cream- | ‘ery extras, 51%; standards, 50%; extra | firsts, 50%a51%: firsts, 43%a49%: se | onds, 46a: Eggs higher; receipis. | 18,601 cases; firsts, 2312a24; ordinar \msls 2215 HOLDING COMPANY ;(_)B.HED. NEW YORK, February 23 (®).— Oil Well Supply Investment Co., has been formed to acquire 130,000 shares of common stock of oil well supply company and 15,000 shares of A. M. Byers common stock. BIG MOLASSES CARGO. NEW YORK, February 23 (®).—A cargo of 1,500,000 gallons of molasses in- 2 | from Holland and Poland, to be used | in the manufacture of industrial alco- | hol, has arrived at the plant of the Eastern Alcohol Corporation, owned jointly by National Distillers Prod- ucts Corporation and E. I. du Pont de Nemours & Co. The shipment is 2 by-product of the European beet ! sugar industry. ' POTATO0 MARKET. CHICAGO, February tatoes—Receipts, 119 cars: on trac 230; total United States shipmen Monday, 607; vesterday, 237 cars: supplies liberal, demand and tradin good for good russets; slow on round whites: market firm on russets; dull on round whites; Wisconsin sacked round_whites, 1.85a2.05; mostly 1.95a 2.00; Idaho sacked russets, 2.70a%.90. mostly o TREASURY CERTIFICATES. (Reported v ) & W Selleman & Co 100588 100132 6 4% 160 10028:32 100 bise FOREIGN EXCHANGE. (Quotations furnished by W.B. Hibbe & Co.) Nominal Selling checks vold value. today. $4.85 522.80. London. pound M sotrea). dofa; Paris frane. - ssels. Stockhotm. ciowh. .. YORK, February 23 (). Foreign exchanges irregular; quota tions in cents: Great Britain, demand 484 11-16; cables, 4851-16; 60-day bilis on banks, 480%. France, demand, cables, 3.911;. TItaly, demand, ables, 4.36. Demand: Belgium, 13.90; Germany. 23.69%: Holland. 40.00; Norwa 68: Denmark, 2 snam. 16.82 FEDERAT, LAND BANK BONDS. Ouoted by Alex Brown & Sons Clostng.)