Evening Star Newspaper, March 1, 1927, Page 14

14 * FIN ANCIAL. STOCKS GO LOWER ON PROFIT-TAKING Confident Tone of Past Two Weeks Absent—Irregular- ity Follows. Special Dispatch to The Star. NEW YORK, ) ) 1.—The con- fldent tone which heen so con- spicuously present in the market for ihe past two weeks was not in evi- dence on the Stock Exchange today ‘ihe main body of stocks opened ac- tive and strong and continued so throughout the first half hour. Then profit-taking became urgent, carr g prominent industrials in n instances well below yesterday” prices. Thereafter — stocks with a good deal of indec tains and losses intermins It was a question whether the fact 1hat the increase in brokers’ loans for he first time in seven weeks had trought about a sudden cha in rantiment toward the fu ice 1ovement. However, it tional proof that public pa i1 the Stock Market was on reale than it bee 1aonths. General Motors Feature. any final . with General Motors featured the early | Ar ding, advancing to a new high un moved | Open Hizh Low Close AbItibl Pow (5). 874 8% Abr&Stras 1%pf 112 Ahumada(t60c) 4% Air Reductn(t6) 147 Ajax Ruber..... u* Alaska Junea... All Am Cable(7) mq Allted Chem (6) 141 Allls Chaim (). 94 Amal Lellh. 1% 1% 169 169 1437 140 94 169 19% 35% Am Agricul Chm 12% Am Agrt Ch pf.. a1 Am Bank N (2). G 4 Am Bk Not pfi3) & Am Br Bov EI(2) Am Bosch . .. Am Brake Sh(6) Am Can (2) ... Am Can pf (7). Am Car&Fdy(6) | Am Chatn A 12). Am Chicle (3) Am Drug ...... Am Express (6) Am & For Pow | Am&Fo P Am Hide Am Ho P(2.4 Am Ice (110) Am Internati(2) Am La Fr 1) | AmLinseed. 5 Am Locomot (8) 113 Mach & Fdy 814 Si4 Metals (3).. 424 424 Po& Lt(§1) 594 & Radiator(§) 1174 11 Rad pf (7).. 133% afetyRi33) 53 Ship & Com. S5l Smelting (8) 150 36 17 1™ 1410 141 44 10t a4 10 135 19% a4 1 er the same character of buying tt ccompanied the upturn on prev Jays. But is reacted sharp other indusirials, when lhe ist turned reactio vas carried forward to R pr ng earned $9.95 6 it was not consids motor Others of the group was profit taking, but losses iined within narrow lmit: While selling was most per: the recent favorites. efforts were made to check the decline by brining new jeaders to the front. Allied Chemical was_bid up three points to its best for 1927. Stocks, in which the float- ing supply is known to be small, or where a good sized short interest is thought to exist continued to e a xood account of themselves. T WAS true of American Ice up five pomnts at one time. International Comab.istion, in which a new pool is reported to be operating ran up briskiz for a gain of more than two poin‘s detore the de- l.)lnd subsided. Colorade Fuel and ‘ron proved readily respons.ve to u sudden demand and was pushed for- ward to its best prices at 3. The short interest in Industrial A was still having difficulty in getti its outstanding contracts, althoagh im- provement was not pr ed. Steel Continues Higher. Steel shares, which were brought to the front-in the late trading ves- terday, continued higher for a time. bethelehem reaching a new high for the move. Steel common held most of the time above 169, but others moved sympathetically with irregu- jarity in the general body of stocks. The action of Radio Corporation shares following publication of the favorable report for 1926 proved that the improvement had been pretty well discounted. The ability of American Lecomotive to earn its full 1926 com- mon dividend requirements, whereas in the m\i‘(-:lhul year l;idefic‘:\l 'was re- ported on the preferred issue, was reflected in a rise to new high prices for the year in the stock. Baldwin was lower most of the session, but with offerings comparatively light. High-grade, dividend-paying issues gave the best account of themselves in the railway section. Canadian Pacifle, selling ex the $2.50 dividend. stood out strongly. Lackawanna and Delaware & Hu were conspicuous, and St. Louis Francisco, which had the incentive of for iarge distributions following tomor- row’s meeting, continued in demand. Merger rails were quieter than on any day since the upward movement got under way. —— BUY TEXTILE PLANTS. Collins & Aikman Acquire Proper- . ties of A. T. Baker & Co. NEW YORK, March 1 (P).—Prop- erties of A. T. Baker & Co., manufac- turers of velours in Philadelphia and North Carolina, have been acquired by Collins & Aikman Co., capitalization of the two companies approximating $15,000,000. The transaction was com- pleted without additional financing. Melville G. Curtis, president of Col- lins & Aikman, announced the two mills of Baker & Co. in Philadelphia and one in North Carolina would be operated in conjunction with the threc Collins & Alkman mills in Philadel- vhia Increased production and va ous economies are expected to msull from the_consolidation. A. T. Baker, jr., will remain chair- man of the subsidiary bearing his name, and his former position as presi. dent will be filled by Melville G. Curtis. P. R. T. ANNUAL REPOBT. PHILADELPHIA, March 1 (#).— The annual report of the Philadelphia Rapid Transit Co., issued today, shows the passenger revenue in 1926, includ- ing subway-elevated, street cars and motor busses with eight months of tax- dcabs, amounted to $57,196,610. Oper- ating _expenses and taxes tolaled $44,915.254. Motor bus operation re- sulted in a deficit of $274,247 for the year. POULTRY MARKET STEADY. CHICAGO, March 1 (P).—Poultry, v; receipts, 3 cars; fowls, a38; turkeys, 30; 20a32; geese, gs, 2 roosters, ducks, A6als. FOREIGN EXCHANGE. uotations farnished by W. B Hibbs & Co.) st e nilal” Seliing checks lulg yalue, d ki aris. 1 russels. mm: Sroeicuonm, " erows | SHORT-TERM SECUKITIES. fi S Chacrisstn S wiRblEs s o0 ) Alim Co of Al 8% um Co of Amer Amer. Tel. ( Tel. Co 48 1 Amer. Thiead. Co. n 14 Avaconda Covver s 1920 ssociated Ol B8 19 e imore. & Ohto 08 o il Tel. Co. Canada 58 an. Nor. Ry. Co. 43 Coniral of Grorgl Chip Ml & St aul s, 1 Ehiie ovper conv. B 19; Gs 1934 E_5u 1928 27 55 1935 o City of Lyon Columbia G nienial G & E 5 u Snuff pf (6). Stl Fays (3) 46 Sugar (5).. 84% Sugar pf (1) 108 46 84 45t 84t 1084 108 Am Tobacco «8) Am Tobacco B(8 1217 m Tobac pf (6) 11: Am Typ Fdrs 8) 143% Am Type pf (7). 109 Am W W (e1.60) 77 Am Woelen..... 24% Am Wool of (T). 73 Am Writ Pa pf. 1% Am Zine pf. . 49 Anaconda (3)... 47'» ArmourDel pf(7 96 Armour of IIl(A Armour of 111(B® Arnold Con&Co. Artloom (3). Asso Dry G(2 Atchison (17%). Atlant CL (48), AtiGulf & WI.. Atlantic Reflng. Raldwin L (7). 41% 171 192% 374 17 1974 114 17 115 198 195 1145 118% 1 573 57 35 33% 324 31w 57% 57w Xfl'ih 1031y m’{' 58 58 23‘- 23% 23% 51% 50% 54 54 Th Th . 34 33" . 3 3 lS"’« 1524 68% 87% 90% 3% 317 12 112 335 3313 33% 12 11 11% 92 90 91 107 107 107 116% 115 116% 25 24% 24% 98% 98 98 40% 40% 40% 102 108‘6 109 1% 1\‘& lll- 58 57 58 59'% 584 58% % T4 To% 67 67 674% 30% 30 30% 6T% 67% 67 15% 15% 15% 43% 41 41 190% 188% 189 156% 153% 155% 26% 26% 26% 9 9% 9% % 9 9 61% 61% 61% 80 74 80 61% 61% 61% 48 4T\ 48 10 10 - 10 22'% 22% 22% 156'% 1556% 1556% T4 8 T Barnsdall A (2). Barnsdall B (2). Bayuk Cigars... Bayuk Ist pf(7). 1031 Beech-Nut (13). 58 Belding Bros (2) 23'% Bethlehem Steel 511 Bon AmiCl A(4) 54 Booth Fisheries. 7' Briggs Mfg (3). 33% British Emp 2d. 3 Bkin-Edison (8) 15213 Blkn-Mn Tr (4). 68% Bk Man T pf(6). 874 BkinUnG (4).. 92 Brown Shoe (2). 31% Brown Sh pf (7) 112 Brunswick B(3) 33% Brunswick Ter. 11 Buff Roch&P(4). 90 Buft R&P pf(6).. 107 Burns Bro (10). 115 BurnsBrB (2). 25 Burns Bro pf(7) - 98% Bush Terminal. 40% Bush Trm pf(7). 108% Butte Cop (50¢). 4 Butte&Super(2) 11% Butterick (m2). 58 Byer&Co...... 59 By-Produets (2) 74% Calumet&H(1%) 15% Can Dry (e2%). 43% Can Pacific (10). 189 Case Threshg (6 155% Central Alloy(2) 26% Cent Leather... 9% Cent Leather ctfi 9% Cent Lea pfctfs 61% Century Rpf(7) 74 Cerro d'P“d 15) 61% Certain-Teed(4) 47 Chand-Cleve.... 10 Chandler Dl’(!‘bl 224 Ches & Ohlo (8). 156% Chi & Alton. . T4 Chi & Alton pf.. 10% Chl & East 111 pf 49% Chi Great West, 16% ChiGr West pf. 27% Chi MII&StP. 14% Chi MII&StP 22 C M&StP cf: 14% C M&StP pt 21% Chi & Nwn (4).. 85% Chi Pne Tool l!) 136‘¢ Chi Rock Is (5). CRI&PDI(6). 9 CRI&Ppf (7). 106% Childs (12.40)... 51% ChileCop (2%). 36% Chrysler Corp(3) 43% Cluett Peab (5). 10% 50 16% 15% 15% 27% 2T 27% ‘ll'i 14% 14% 22% 22w 18% 134 21's 21% N'V- B 106' 106! o 51% 51% b51% 36% 36'2 364 43% 42% . 424 631 6216 62% 182% 182 1821 Collins & Atk(4) 85 82 84 Col Fuel & Iron. 62% 58% 62% Col Gas & EI (5) 86% 85% 85% Col GEE pf A(6) 101 101 101 101 Col Carbon (4).. 81 81% 81 81% ComCredit (1).. 19 20 19 19% ComCrof (1%). 21% 21% 21% 21% Com Cr pf B (2) 22l 2 22% 22% Com InTrpf 6% 90% 90% 90% 90% Com Solv B (8). 256 262 2564 258 Congoleum N... 18% 18% 18 18% Cong Cigar (4).. 4% 544 54 54 Con Cigars (7).. 84l 83% Consol Distribut 1% Consol Gas (5).. 99% Cons Gasrts.... 4 Cons Gas pf rts. 3 ConRRCuba pf6 72 Consol Textile. . 4 Cont Bakg A (8) 677 Cont Baking B.. 8 Cont Can (5).... 0% Cont Can pf(7). 125 Cont Insur (6).. 139 Cont Mot (80c). 1% Corn Prod (2% 50% Corn Prod pf(7). 128% Coty Inc (6)... 69 CrownWP1stpf? 90 | Crucible Steel(8* 897k ' Cuba Cane Sugar 9% Cuba Compy ¢3) 33 Cuban AmS (1). 26 Cndahy Pke (4). 51% Cushman's (§8). 106 106 Cushman pt (8). 107 107 107 107 Cuyamel Fruit.. 33, 33 33 33 Davison Chem.. 31% 320 31% 31% Deere&Co pf(7). 106% 106'; 1 106 Del & Hud (). 183% 1844 182+ Del L & W (t7). 151% 153% 151% 152 DRG Wstpf... 56% 56% 56 56 Dodge Bros Cl A 26 26% 25% 25% Dodge pf (T).... 3% B3% 83% 833, Dome Mines (2). 8% 84 8% 8% Dupont (8)..... 194% 195 1905 19215 Du Pont deb (6) 107% 107% L07% 107% Bastman (t8).. 131% 134% 131% 133 Eastman pf (7). 119% 119% 119% 119% Baton Axle (2). 26% 26% 26 2 isenlohr & Bro 145 14% 1 AutoLt(t6%) 5% Electrio Boat. .. 14% ilec Power & Lt 18% Klec P & L pf(7) 99% Elec Refrig (2). Elec Sto Bat(16) Elk Horn . lZS“a 12815 1281 69 689, 68% 90% 90 90% 913 88 9 9 % 51m 523, 106 106 52% 14% #nd-John (6)... Engnrs PS pf(7) 99 Equitable of n 122% 122% 122‘/1 122'1- Erte R R. 464 Erie 1st pf. EG‘K EBrie 24 0f...... 51% Frie Stm S(2%) 26% Eureka Va f143% 65 654 Exchange (1%5). 18% 184 18% % Famous P1 (18) . 112% 111 Fed Lt&T (k1.40) 42 Fed L&T pf2(8) 92% Fed Mot T(f80c) Y 28% Fid Phoenix (4). 94% 94% 94% 94% Fifth Ave (64c). 13 -~13 13 13 66'/. 51% 264 THE Fleischmann(3) Foundation (8), Fox Film A (4). Freeport Tesx (2) Gabriel Sn (34%) 3en Am Tnk (¥) Gen ATC pf (7). (Jen Asphalt. 3en Clgars (4) Gen Eleo (hd).. senkleo spi60e) Gen Mot pf (7). Jen Outdr Ad(2) Gen Outdr A (4) Gen Ry Sig (5). Gen Refrac (3). Gimbel Bro Glidden (2) Gold Dust Goodrich Ru (4) i bt (). f(7) Gothm.S Hi2k) atham new 214 Gotham 1st (7). iranby Consol. . Grt North of (5) 3t NF Orect1ig) | Grt Westn Sn & | Gt West S of (7) G3reen Canan Guantanamo Gulf Mo & Nor.. Inif Srates Ry, | Guir sta 1st (M. st pf tman A art Bb10% s Havana El rets ctfs (6) Hayes Wheel. .. Helme G W (17) | Hoe& Coa..... Houshld P 1313) Houston Ot .. Howe Sound (4). Hud Man (24). | Hudson Mo(3%) | Hup Mot (1.40). | IMinots Cen (7). 111 Cent pt (6).. 111 Cen Isd 1t (4) Indep O11 (1) .. | Indian Mot pt(7) Indian Refining. IndianRefg ctfy Inland St (23%). Inspiration (1). Interboro Rap T1 Intcontl Rub(1). Internat Agri... | InAsCpron?) Int Bus Ma (4). | Int Com Eng (2) Int Harv (§6)... Inter Har pf (7) IntMteh pf(3 20) Int Mer Marine. .Int Mer Mar pf Int Nickel (2). Int Paper (2)... Int Paper pf (7). Int Tel & Tel (6) Intertype (+113) Towa Central. ... Jewe!l Tea...... Jones Bros Tea. Jones & Lau (7) Jordan Motor... KCP & L 1st (7) Kan City South. KafserJ (4). Kayser stk rts. Kelly-Spring. . . Kelly-Sp#ing pf. Kennecott C (5). Kinney (G R) Kinney pf (8)... Kraft Ch (11%) Kresge SS(1.20) Kresge DS pf(8) KressSH (1)... Lago Oil&Tran. Lambert Co (5). Lee Tire & Rub. Lehigh Val(3%) Lehn&Fink (3). Lig & Myrs(ft4) Lig & My B(ft4) Lima Loco (4).. Llq Carb (3.60). Loew’s Inc (2).. Loft. Loose- Wiles (E) Loose W 24 (7). Lorrilld b8 % stk Louisiana Oil... LouisGasA (1.75) Ludlum Steel(2) McCrory (1.60). Mack Trucks (6) Mack T 18t (7).. Mackay pf (4).. Magma Cop (3). Man EI Sup (5). Man El m g (d5) Man Shirt (1%). Maracaibo Ofl. Market Street. Market St prior. Marland Ofl (4). Marln Rock 2% Martin-Pary (2). Mathieson (4).. May Dept S (4). May Dept Srts. . Maytag Co(12%) Mexican Seabd. . Miami Cop (1 ). Mid-Continent, . Middle States. .. Mid States Of ct Miller Rub (2).. Minn & St Louis MStPRSSM 11 (4) Mo Kan & Tex... Mo K & T pf (6) Missourt Pacific. Missourt Pac pf. Montana Pow(5) Montgmry W(4) Moon Motor.... Mothr Lode (75¢ Motlon Ple (1).. Motor Met(3.60 Motor Whi (2). Munsingwr (3) Murray Corpn. . Nash Motor (4). Nat Acme (sta). Nat Biscult (5). Nat Cash R(A)3 Nat Cloak & Suit Nat Cloak pf (1) Nat Dairy (3)... Nat Dpt Sto Nat Distillers. Nat Enamel & S. Nat Enam vf (1) Nat Lead (8).... NatPw&Lt(80e) Nat Supply (4). Nat Supply pf(7) at Surety (10). vada C (1%). NOTex &M (1) N Y Air Br (3) N Y Canners, NY Central (7). NY Chi&SiL(11) NYC&StL pf(6) NY Dock..... NY Dock pf (5). NY NH&Hart. .. NYOnt&W (1) Niag Fof (1%). Norfolk Soutb.. Norf & W (8)... NthAm b10% sth North Am pf(3 rthn Cent (4 North Pac (5).. Norwalk Tire... O1l Well-Sup (2) Ol Well S pf... OmnIbus. .oeeee Opnhm, Col (4). Orpheum Cir(2) OUI St prior Outlet Co (3)... Owens Bot(C15) Pac Coast 1st... Pac Gas&El new Park & Tilford.. Park Utah (60¢) S 40y hmw 120 15 1024 43 42% 20 441y 929% 101 660 A5y 84 1 11T 48 61 105% 60t 26t 481y 1190 91y B3k 39 537 667k 22% 128% 127 79 304 931 128% 127 1637 127% 5». T 99"4 129% 3% 3 57% 17 119% 18% 112 50% 51 63% 25% 81 59 494 3% 63 22 70 T 117% 36% 925 917 2% 54 54 e 160% 169% 29% 15% 26% 31 60 106% 110 1% 35% 647 53% 28% L9 5 42% 56% 35 23% 94 0% 1% 26“- 8% 16% 35% 3 1% 34 Mfih 191 02% % ™ EVENING NEW YORK STOCK EXCHANGE n.edw‘bymummmummm T ' Penick&Ford( STAR, WASHINC iTON, D. C, TUESDAY, MAKCaL TELEPHONE COMPANY EARNINGS BY EDWARD €. STONE. The statement of the Chesapenke & Potomae Telephone Co.'s operations for January to the Public Utilities Commirsion shows operating revenues of $817.524, ame of $10,810 com- pared with and operating eapel decrense n( $14.3 2 Taxen for the month were $60 of $0.110 compared with l'l‘lr‘"\‘“l and other llaneous expenses amotinted to $12,735, an in- cronse of $1,828 compared with De- comber. leaving a net income of which fs o decrense of mpared with December. atement also shows that new equipment added during the first month of 1827 amounted to $160, while vetirements for the sam period amount 5, making he first month additions to month period equipme for the ending 1,1 187055 45.408 Net operating revenue Ta e’ 10 o ating_income pperating income “deductions Interest deductions Net income. Mayflower Hotel llud Reslxnu. Henry L. Merry, president of the Mayflower Hotel Co, since this organi- zation was formed, has resigned, ac- cording to announcement made today, and Daniel J. O'Brien, who has been serving under him as vice president, has been elected president. Mr. Merry came to Washington late in 1924 to undertake the task of getting the immense hotel completed, decorated, finished and equipped, as well as to take chatge of securing the personnel for its successful operation. The hotel was formally opened on February 18, 19; Mr. Merry ollginally planned to re- Pathe Ex (¢3).. Patino Mines... Peerless Mot... 41 26% 28% 22% 36 41 39”. 1) Pa Dix1eCt(3.20) PaDixCtpf (7) 99 Penna RR (3%) 587% Penn-Seab Steel. 1 Pere Marq (18). 121 Py prior(5), 93 Philag RC& % Phila&RC&] cf Philip Morris. .. Phillips Pet (3). Plerce-Arrow... Pierbe-Ar pt (8) Pitts Coal Pitts Coal Pit Prod & Refinera. Producers&R pf 46's Pub Serv NJ (2) 359 Pub SE&G pf(6) 104 Pullman Co (8). 183 Pure Ofl (12)... 33% Purity Bak A(3) 52 Burity Bak Br2) 54% ‘Radio Corp ot A. 54% Radio Gpf (3%) 52 Ray Copper(26c) 15% Reading (15)... 109% Real Silk Hos(4) Reld lceCr pf(7) Remington T(5) Remingtn 1st(7) Replogle Steel. . Rep Ir & Sti (4). Rep 1 & § of (7) Reynolds Spngs. Rey Tobac B(5). Robt Rels & Co.. Roy! D(a1.33%). Rutland pf..... Safety Cable (4) St Joseph L(13) StL & SanFr (7) St L Southwest. Schulte (3%). .. Seaboard Air Lip Seagrave(el.20) Sears-R (n2%). 3eneca Copper-. .. 2% 30% 30% 108% 108ly 106'4 ,106% 59%° 591 39% 39% 109'% 21% 20% 102 Shell Un pf (6).. Sher-Wil pf (1), Shubert The (5) Simmons (2)... Stmmons pf (7). ) Skelly Ot (2). Sloss-Sheff (6) South Port 8 (6 Sou Calif Ed (2) Sou Dalrles A(4) Sou Dairles B... South Pac (6)... Southern Ry (7) South Ry pf (5). Spicer Mfg..... Std Gas & E1g3. Std G & EIl pf(4) Std MILl (5).... StdOl1Cal(t2%). Std OILNJ(t1%) Std Ol NY(1.60) 3td Plate Glass. Stewart War (6) Stromberg (6). Studebaker (5).. Studebak pf (7). Sun Ofl 11)..... Superior O1l. Sweets of Amer. Symington Cl A. Tenn Copper (1) Texas Co (3).... Texas Corpn (3) Tex Gulf Sul (4) Tex & Paclfic. .. Tex PC&O!60c). Tex Land Trst n Third Avenne. .. Thompson:§ 60) Tide W OI1 pf(5) Timk Roll B(15) Tobac Reod (7). Transcont 01! Transue & Wi Twin City (5). Underwood (4).. Underwd pf (7). Un Bag & Paper Unilon Carb (8). Unlon Ol {12%) (in Pacific 110). Utd Cigar Sie2). Utd Drug (8) .. Utd Fruit(t5%) USCIP&FII0) 2 1 8 Distributing U S Hoff (¥3%). U S Alcohol (5)., S Realty (4).. 8 Rubber. . S Rub 1st (8), S Smelt (3%). 8 Steel (7) USSteel wi, U 8 Steel pf ( Iniversal Pipe Univ Plpe pf(7). Utah Copper (8) Utl PELt A (e2) Vanadium (3).. Van Raalte..... VanRaalt 1st(7) Vick Chemical Victor T Victor o Vietor pr Va-Caro u u u u u of (6] (Do em. . SHOW A DECREASE IN JANUARY Drop of $7.431 in Net Income From Decem- ber Shown in Report—D. J. O'Brien Mayflower Hcad main here only long enough to get the hotel well started, but was pre- vafled upon to remain. e now con- siders that the success attained gives him the right to relinguish the re- sponsibilities. After remaining here about a weck to advise with the new management he plans to go to his country home in Connecticut for a short rest. Arthur J. Hernett, the present resident manager, has been elected vice prsidnt to fill the va- caney caused by the promotion of Mr. O'Brien. Capital Traction Report Sent Out. Tho directors of the Capital Trac- tion Co. today mailed printed copies of the 1926 annual report to all stock- holders. In it President Hanna says it is cncouraging to note that:for the first time in seve years an increase over the preceding year is shown in passenger revenues, accompanied by a slight reduction in operating expense. The gain in revenue was small and entirely due to expansion in bus busi- e Receipts from rail revenue howed a slight loss. Net earnings for 1926, i “fell slightly under ments for a 7 per cent dividend, but the directors felt entirely justified in using undistributed surplus of past vears in making up the small defi- ciency While the decrease from railway passenger revenue was over $66.000, yet the increase in bus passenger rev- enue reached §9: the year. Gross income showed gain of $24,413, while the total net income after all deductions of $802,868.84 re- vealed an Increase of $14,396.90. Reserve Credit Demand Grows. The Fifth Federal Reserve Bank of Richmond reported today that the de- mand for reserve bank credit in this district expanded slightly between the middle of January and the middle of February. The volume of rediscounts for member banks rose from $21,860,- 000 to $23,658,000. Total bill holdings at the reserve bank declined from over $35,000,000 to $33,840,000. The value of Federal reserve in actual circula- tion also dropped, as did member bank reserve deposits. A smaller volume of reserve bank credit was outstanding at the middle of February, the report said, than at the same time *a year ago. The volume of rediscounts for member banks held by the Richmond Federal Reserve Bank totaled $23,658,000 on February 15, 1927, compared with $39,- 191,000 on February 15, 1926. Member bank reserve deposits were higher this year, totaling $69,175,000 on February 15, compared with $65,- 629,000 a year earlier. The actual cir- culation of IFederal reserve notes stood at $74,493,000 on February 15, 1927, and $79,964,000 on the same date in 1926. Total cash reserves amount- ed to $110,956,000 at the middle of February this year, while a year ago they were $103,984,000. The ratio of cash reserves to note and deposit liabilities combined rose during the year to 74.89 per cent from 68.78 per cent in February, 1926. Thirteen Creameries Sold. Thirteen creameries of Southern Dairies, Inc., located in Maryland and Pennsylvania, have been taken over by the Western Maryland Dairy Cor- poration. In addition, the Western Maryland has absorbed the business of Ditch Brothers, operating the Farmland Dairy. Acquisition of the Southern Dairy creameries wiil add an average of about 6,000 gallons daily to the raw milk supply of the West- ern Maryland, it was stated. Bank Adds New Director. Paul Lesh, member of the Wash- ngton law firm of Peele, Ogilsby & Lesh, has been added to the board of directors of the Central Savings Bank, President Francis M. Savage an- nounced today. s Local Securities Again Strong. Stocks and bonds were again strong on the Washington Stock Exchange today. Capital Traction maintained yesterday’'s new high at 107%; 44 shares of Mergenthaler changed hands, ' closing at 109%; American Security & Trust came out at 377, and Federal-American National sold at 320. The active bond market was le!d lI{J))0 Georgetown Gas 5s, which sold a ; RUBBER ADVANCES. NEW YORK, March 1 (Special).— Crude rubber, smoked rubber sheets, advanced % ' cent at today’s noon quotation u! 40'2 cents. This com- pares with 38 cents a month ago and 53 cents a year ago FEDERAL LAND BANK BONDS (Quoted by Alex. Brown & Sons. Closing.) Va-Car Ch 6% of 33% Va-Car Ch of (7) 2% Vivadou (3).... Vulean Detin... Wabash........ Wabash pf A(5) Walaort (14 )., Walworth (1.20) Ward Baking B. Warner Pic A... Warren Bros(4). Weber (4)...... W Penn El pf(7) West P Po pt(7) West Maryland. West Pacific. West Pac pf ( West Unlon (8). WesthseAlrB(7) White Mot (4)... White Rock ($2) White Sew M(4). Wickwire ctfs. . willys-Overland Wiilys Od of (7) Wilson & Co.... Wilson & Col Wilson&Co pt(7) Woglworth (5).. Worthn Pump.’. Worth Pump(A) Worth Pump(B) Wright Aero (1) Yellow Truck.-.. Yel Tr&Co pf(7) Youngstn S&T 5 Hourly Sales on N. ¥. Market. 1lam 595100 120.. 990,200 1p.m 1318000 2p.m. 1.578.400 above table 32" il Seariy ‘daciarations, se noted extra or special divi- led jess th i s 3% T ptock, . 9 Plus 2/80 regul ON-NEW YORK (*) This table carries quotations recelved up to 3:15 p.m. A com- plete table will be published in the 5:30 Edition, UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Lib3%s... 7 101 20 101 20 101 20 Libist4%s 2 10312 103 11 103 11 Lib2d 4%s. 63 10021 10019 100 21 Lib3d4ks. 7 10112 10111 10112 Lib 4th 4%s 105 103 27 103 25 103 25 US4s1944. 41 1075 1074 1074 us 40 11115 11112 11112 FOREIGN. Sales. High, Low. £:55. 90% 90' 903 98% 084 98Y% 98% 98% 98% %o 99 :m*. Argentine 6s B. ... Australian b Bank of Chile 6%s. Belglum 6s. Belgium 6% gim 78, Belgium 7s 9t 954 100% 103% 1021 112% 1091 1041 9 93% 93 107 101% 104% 101% 100% 108’ 99 100 10: 10674 108'5 108'% 2 1081 108% 110% 1103 1041 Canada bs 1931, Canada 5s 1952 Canada 5%s 1929.. Chile 78 1943 Ch| 103% 10615 Czecho 8s 1951 Czecho 8s 1952 ct. . Danish Munic 8s B. Denmark 8s. . DE15%s Mch 53 DE in 1 Nov 3. Dutch East | 6347, Dutch East | 63 62. EI Salvador 8s 48. Finland s f 65 45 100" 5 102% 101% 101% 101% 109% 109t 10912~108% 9814 107 10204 95 99% 9812 a 10: 954 9t 4 100% 105t 95% 95t German E1 P “bl German 78 Ger Am Bank 7s, Mars Mexico 4s 04 Mexico 43 10 asnt Mexico 5s asntd Montevideo 7 Netherland Netherlands 68 72.. Nord 6%s. 5 Norway 6% Norway 6s 1943 Norway 681044 Norway 6s 195% Orient Dev deb Paris-Ly-Med 6s. Paris-Ly Med s Paris Orleans Peru 7%s. Poland 6s 40 Poland 8s. Prague 7%s Queensland 6s. Rhinelbe Un 7s.... 19 Rio Gr DoSul8s... 1 Sao Paulo 85 1936.. 3 Sao Paulo 1950. Saxon (PW) 7 Seine7s 42... Serbs Crot Slo 8: 4 103% 121 105% 10474 yadLid Al DS ocxreaer] | FOREIGN BOND LIST Received by Private Wire Disect to The Star Offica, 3 Sales. High. Low. 2:55. 4 105% 105'3 106% 8 101% 101'3 101% 1 111% 111% 111% 35 101'% 101% 101% 2 102% 102% 102% 1102 102% 102% 12 106 106 106 4 104% 104% 104% RAILROAD. At&S F cvt 48 03-55 18 88% 93% 1 91% 1 o Warner Sug 7s 41.. West Elec 5 n Union 6%s. Inghouse 5: 884 9314 884 93% 3 51 w 103 lfls‘i 80 80%% %Y 94 9T% 98 100% 100% 100% 101 105% 1054 105% 102% 102% 102% . 8 108% 108% 108% 4s 10 934 931 93 B&OSwDIlvescts 11 1024 102 1024 B&OToledods... 2 83% 837 83T Bklyn Manhat 6s.. 53 99 98% 99 Canada South 5s. 1 105% 105% 105% Can Nor 43531935, 1 98% 98% 98% Canad North 7s 8 115% 115% 115% Canad Pac deb 6 S41 83% B84 CanPac4%s46.... 5 96} 96% 96% .1 102% 102% 102% Central Pacific 48.. 6 91% 914 9% Cent Pac 1st 58 90, 24 101% 101% Ches & O cv 4%48. 99% 99'% Ches& O gn4lss.. 11 9TH 9T ChiB&Qgn4sss. 3 93% 93% CB&Q-Illdivds.. 1 95 Chi& B [l gn 68 61 25 81% Chi Gt West 4359, 13 CM&StPdb4s... C M & St P gn 89 CM&StPeval CM&SPevsissizets 11 CM&StPgn4ls. 20 | CM&StPrfatks. 18 CM&SP re 4155 cfle 11 Chl & NW ref 53... Chl & NW 7s Chi Rys 5s. . ChiR1&P gn 4s.. ChiRI&Prl4s ChiTH&SES5s. Chi T H inc 6s 6 Chi Un Sta 434s. ... Chi Union Sta 6%s. Chi & W Ind cn4s. 30 87's 87t CCC&StL 4448 2 99 99 CCC&StL6s.. 2 103% 103% CCC&StLrfésA. 3 102% 102% Clev Term 5s. 4 104% 104% Clev Term 5%s. 2 109% 109% Colo & Sou 41%s. 6% 89% 93 95'4 92% 97»‘ 1w yu 117% Cuba Nor 6s 66. Del & Hud cv 53 35 313 122'3 121% Den&RioGen 4s. 11 61% 91% D Rio G West 53... 42 80% Erie gen 4s. 2 6% Erieconv 4s A, 81'y Erieconv 4s B 81% Erie conv s D.....513 92'% FlaEC6sT74... 20 99% 99% Gr Trunk stah 6s.. 3 108 108 Grand Trunk 7s 4 115% 115% Gt Nor 4%s76 D. 4 94% 94% Great North 5s.... Great North 5%s. Green B & W d! 2 Hav ERy 5%s rots Hocking Val 4%s Hud & Man ref 58 Hud & Man aj 5s. Il Cen 4s58. . 111 Cen 4% s 66. 11l Central rf 58 55. 111-C-C StL&NO 5t 1 103% 103% Int Rapld Tran 6s. 131 78% 78 Int Rap Tr §s stpd.184 78% 77% Int Rap Tran 6s.., 11 81% 81 Int Rap Tran7s... 23 98% 98 Int & G Nor 1st Int & G Nor ad 6. il Int RysCA5sT72.. Int Rys C Am 6s 41 Jowa Centrf4s.... Kan City Ft84s... 15 5 10814 108% - Kansas City S 3! Toki0 68..uccceeee 10 Utd Kingm 53%s29. 15 Utd Kingm 5%s37. 11 1 Uruguay 8: Yokohama 6sw 1 MISCELLANEOUS. Am AgriChem 7%s 7 104 104!’ ‘Am Cotton Ol b: 25 96 " Am Repub deb 6s 1st b8 B Am Smit & R 1st 58 2! ost: Barnsdall 6s ctfs.. 115 Bell Tel Pa 6s B. 12 Bell Tel Pa§sC. Beth Steel pm 6s... 6 Both Steel 5%853. 3l Beth Steel 6s .13 1 Bklyn Ed gen 5s. Bklyn Union 6%S.. Bush T Bldg 63 60.. Sommonwlth P 6s.. Con Coll Md 1st 6s. Con G Y 5%s Con-umorl Pow 5: Cuban Am Susg 8s.. Denver Gas § Dery (DG) Det Edison 58 40. Dodge w 1 6s. Dugquesne Light 63 Empire Fuel 6%s.. Empire G & F 7%s. Fisk Rubber 88.... Goodrich 6%s Goodyear 8s 1931 Goodyear 8s 1941 Hershey 5%8.. Hoe & Co 6%s. Humble O & R 5%' 1ilinols Bell 1st 6 11linois Steel 4158.. Indiana Steel 5s. @ rewde dbnmmoScre mmat 102% 91 5% 105% 103'3 103% 4 108 108% 115% 115% 106% 106% 4 110% 110% 1204 121% T 102 100 - @ 12, Lorfllard (P) 6s. Manat Sug sf 1%8 Mid-Con 6%s 40. 1067 964 4 100% 99% + 1014 97 100% 99% 101% 1017% 101% 100% 103% 100% 105% 1075 104% Y6% 100% 99% 101 100% 94% 1034 102 99 106 108t 107% 95% 106'% 107% 98 PacGas & BI6s.... Pac T & T 1st b Pac T & T 6862...« Pan-Amer 68 1934. Pnila Co 58 38. Phila Corf6s A Phila & Rd C & Publlc Service Public Serv Elec s P Serv Gas 6%s 69 itemingtn Arms R ASUAN® GOKAGHRLRN » Kansas City S §s. Kan City Term 4s. Lake Shore 4s 31. Lehigh Val cn 4s. Louis & Nash uni 4 2 Louls & Nash 5%s. Man Ry 2d 4s 2013, Market St 78 40.. Mil El Ry & L 6 M St P& SSM cn 48 MStP&SSM5s38gtd M St P & SSM 6%s. 97 98% 88 3 9TH% 9% 3 101% 101% 1 87T 87w 7 85% 85% 291 101% 100% 7 102 101% 13 103% 103% 36 77 H 8 100% 100 103‘5 6% 100 107% 107% 99 877% 100% 100% 807 90% 96% 99% Mo Pacific gen s, Mo Pac 5s 1965. 7 107% 107% Mo Pac6s 55 E. 17 107% 10T% Mont Trmref5s41 5 99% 99 New Or Term 4s. 14 87% 8T NOT&Min5s 10 100% 100% N O Tex & M 5s B.. 10 100% 100% 10 80% 807 1 90% 90% 1 96% 96% NYCrfim4ts13 1 99% 99% N YCentribs.... 104 106% 106‘h N Y Cent LScl3%s 80t NYChi&StL 6%sA. NYChi&StL 5%sB. NYC&StL6sA.. New Hav deb 4s 57 N Hav&H clt 6s 40. N Y W & Bos 4%s. Nor & S gen 58 54.. Norfolk & W en 4s. Nor Pac 3s 2047 Northern Pac 4. Northegn Pac 5s D. Northern Pacr 1 63 88 88 1 102% 102% 41 99% 99 11 109 109 15 103% 1084 15 112 111% Pennsyl gold 18 106% 106% Pere Mar 1st 4s56. 2 89 89 Pere Marq 1st 5 7 104% 104% Philippine Ry 4537 2 42% 424 PCC&StL5sA.. 22 107% 107% Port RL& P53 4 Reading gen 4%s. Reading J C 4s 51 Pennsy! con 4% Pennsyl gen 443 Pennsyl gen 5s. 9813 l 100% 100"1 31 86% 85% 16 100% 100 3 102% 102% 0 % 984 St L1 M&S gn 5s 31 StL&SFplésA.. St LS W con 48 32. St P& KCShL 4%s Seaboard AL 4s sta Seab All Fla 6s. MARKET LEADERS Poland 8s Extend Gain To- day—Rails Strong—0il Is- sues Somewhat Heavy. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 1.—Strength in foreign istues again was the fea- ture of the day in bonds. Trading spread out over a larger number of obligations than on Saturday or Mon- day, and while gains were mostly small, the whole list showed evidence of better support than in a long time. Poland 8s, which had set up a rec- ord high for all time in the preceding session, extended their gains today and Poland 6s bettered their best previous price when they sold at 84. Yokohama 6s were in demand around 96, and Uruguay 6s pushed ahead into new high ground on the movement. Practically all the French bonds gained ground, with the most Interest shown in French 71ig just under 110. Some large blocks of French 7s were taken fractionally higher. Brazil 632s were still the favorites among that country’s obligations. German Gen- eral Electric 62s with warrants went up nearly two points and the flat 7s with warrants, which had reacted late yesterday, regained the loss today. There were several features in the railway group. One w . the heavy trading in Delaware and Hudson con- vertible §s, at an advance of a point or more. This is the bond that is con- vertible up to October 1, next, into Delaware and Hudson stock at 15 Another was Wilkes-Barre and East- ern first 5s, guaranteed by the New York, Susquehanna and Western. Closing yesterday at 77, they opened up almost a point and advanced to 79, which was a new high record for years back. Missouri-Kansas-Texas adjustments also were conspicuously strong today, selling up to a new top above 101. Trading In this issue was very activ Oil bonds did not do so well. Sin- clair issues were heavy with the 6148 dipping below par at one time. Barns- "all 6s, with warrants lost ground. The only one in_this group to move forward was the Empire Gas and Fuel 7158, There was heavy selling of the Interboro 5s, but the price recession was slight. Cities Service Power & Light 6s, opened lower, but subse- gty railied the high-grade group. New York Central 5s, and the United States Steel sinking fund 5s, were activ traded-in. but for the most part, this part of the list was neglected. EMPLOYMENT SAGS. CHICAGO, March 1 (Special).—Em- ployment in this section continues to sag slightly. The number of appli- cants has increased faster than ¢he number of jobs, but there has been a recovery in some lines of manufac ture. —_— BUCYRUS EARNINGS. NEW YORK, March 1 (#).—Bucy- rus Co. earned $30.77 a share on the common in 1926 with net profit of $1,503,966, against $33.51 a share on the common in 1925. and net profit of $1,620,629. EXPRESS PROFIT UP. NEW YORK, March 1 ().—Net in® come of American Railway Express for the first 11 months of 1926 was $2,110,032, compared with $2,041,345 in the same’ period of 1925. Washington Stock Exchange CIDllal T unon B’filfl(fiolo“.‘n s~;W°. Too, 51 sooq AN 4 oo se gEtn 55303 2% 000 o 10k slllfl at lfl _’amm Traction Co—~2 at 107%. 8 at vg’vmohmac Electrc, pld—5 of, 108%. American ety 2 Truse 668 ‘it 37 ioaia{?n:nfl)? Linotype=-10 at 109. it o s Drug Stores Dld—fi at 108%. AFTER CALL. 5 Capital Traction 5s—S$500 at 101% Washington s—S1.000 at 10] “v‘rfimum“-‘-’e “B'--$1.000 at 104% . ak m' -Ameriéan Natioval Bank—2 at orsenthaicr. Lin 10 at 100 umnn:n Gas Loghi—10 ¢ 705 ‘National Mtge. vest. !'d —25 I. ! . Lanston HOHBUDH Money—Call loans. 5 Bid and Asked Prices. BONDS. PUBLIC U’HLXTI ican Tel. & 4 d o Der am. Agked. 99 7 10354 Wash. Rwy. & El Wash. Rwy & Elec. ge: u sch.ANl:oLs e ;:xm fo1d o < Wardman Park Hotel 5% STOCKS. PUBLIC UTILITY. American Tel. & Telga Capital Traction Washingion Gase Norfolk’ AT E Elec ~ com. & £les. ot Wash. Rwy. Wash. Rwy. NATIONAL BA: National Cavital. mbia i Commereial Distric Farm Federal-American Literty ., . Lincoln R 5 National Baiik of Wasl TRUST COMPA Sou Pac 4829..... 2 Sou Pacific ref 4s.. Sou Ry gen 4s. 63 87 % Sou Ry Con bs 94.. 37 107% 106% Sou Ry 68 56. 2 113% 113% Southern Ry 6%s. Term Asso S L 4s.. TexArk IS 5%s 50. Texas & Pacific 1st Third Ave ref 4s. Chird Ave ad) Lol Tr L&P 5% 30 Unton Pac Ist 4s. Unton Pac cv 6s. Virginia Ry 1st Vva Ry & P 58, Wabash 1st Wabash & West Maryiand Western Paciflc s, Wilkes & E 1st 5s.. 46 80 CALL MONEY EASIER. NEW YORK; March 1 (®.—Call money—Easier; high,, 4%; low, 6 105% 105% 20 66% 66% 14 95% 95% 9 102 1017k 2 103% 103 % 8ol American Sequrity & Trust National S -in: Union' Trast ash Loan & American Corcoran . te it Bl Tov"'0t 'Md: “com MISCELLANEOUS. ton “Monotype. Lanston Mopotype 4%; ruling rate, 4%; closing bid, 4%; -Time loans—Steady; mixed col: lateral, 60-90 days, 4iadd; months, ‘ 4%adjs; prime mmnmn per, 4a4l. » - hants: T H:fiufl'mm