Evening Star Newspaper, March 3, 1927, Page 14

14 ; L] TREND 15 UPWARD IN STOCK MARKET Today’s Recovery Regarded as Natural Sequel to Re- actions of Past 2 Days. FINA Bpecial Dispatch to The Star. W YORK, March 3.—Recovery which set in on the Stock Ifichange today was looked upon as a natural sequel to the sharp yeaction of the past two days. The technical position of the market had heen materially strengthened as a rve- sult of the recent liquidation, and the manner in which the prominent in- dustrials rebounded was an indication that recent offerings represented for the most part weak holdings. Steel stocks played a prominent part in the resumption of the upward Jnovement. Crucible Steel, up sharp- iy to mew high prices, was evidently hought in expectation that some of the good things heard for many uonths were likely to materialize in the not distant future. Republic Iron and Steel was another favorite, and he special operation in Colorado Fuel and Iron, which was suspended yes- terday, was resumed. Above GO‘ th? price ‘compared with the previous final of 39. ‘Wabash Rallies. Vs treet had been expecting a re;‘u?:' s$8 basis for St. Louis-San ¥Francisco common. The declaration after the close yesterday of an extra o5 cents for the quarter was taken as disappointing by some, but the un- official statement after the meeting that the extra would be paid as long as Rock Island continued $5 distri- butions, virtually meant $8 for the stock. Wabash common rallied well across the 70 level, but the rails, as a group, while generally higher, were without particular feature. v Considerable attention was given over to the motor shares.. There was obviously a good-sized short interest in General Motors, which was anxious to cover . whenever the opportunity presented’ itself. Under this support- ing influence the stock was more than a point higher most of the session. JTudson Motor responded readily to an increased demand, while Willy: Overland was taken in large blocks at new high prices for the year. Buy- ing of the last-named stock indicated growing recognition of the benefits the company now is deriving from the successful offering of the Whip- pet line. The sudden run-up in the Jow-priced Kelly Springfield shares evidently was the result of a pool ©operation. Stromberg Again Drops. . New low prices of the year for Stromberg Carburetor, off another five oints in face of the decline of more han 11 points on the day preceding, ‘was a response to the drastic cut in the annual dividend rate. The actlon of this stock had an unsettling in- fluence upon the market for other motor accessories, notably Stewart “Warner Speedometer. At 63%, the price was down over a point on the At day. It was difficult to obtain an adequate explanation for the further sharp runup in Commercial Solvents class “B” which was accompanied by con- flicting rumors concering extra divi- deds and stock split-ups. General Railway Signal again established a new top. Allled Chemical was bid 'up across 140 again. New high prices for National Lead followed repofts that directors were considering a re- capitalization plan whereby stock- holders were to benefit by a special stock distribution. ‘When restrictions on trading were removed a sale of 10,000 shares was made at 403, a decline of 172; points from the morning’s opening quotation, but the next transaction was at a rally of 5 points and later sales were made at 46. Shortly ‘before trading was resumed officials of the exchange ruled that all stop loss orders not * previously executed became market orders. NCIAL. NEW YORK Received Abitib! Pow (5). 4 Abr&Stras71%pf 111% 111% 111% 111% Adv Rumley.... Adv Rumley pt. Ahumada 160c) Alr Reductn(t8) 1454 146 Ajax Ruber..... Alaska Junea... Alb & Susq(f11) 212 All Am Cable(7) 167 Allied Chem (8) Allied Cm pf(7). Allis Chalm (6). Amal Leather Amerada (2) Am Agricul Chm {Am Bank N (2). Am Bk Not pf(3) Am Beer Suxar. {Am Bosch...... Am Brake Sh(6) Am Br Bov El(2) 35! Am Can (2).. Am Can pf (7).. Am Car&Fdy(8) 104% 106 104'% { Am Chatn A (2). Am Chicle (3).. Am Chicle cfs3) Am Drug. Am Express (). Am & For Pow.. | Am&Fo Popf‘7) Am Hide & Lea. Am Ho P(240). Am Ice (+10). Am Internatl(2) Armour of IIl(A Armour of 111(B* Art Metal (1135) 23 Asso Dry G(2%) 404 424 40% Asso DG 1st(6). Atchison (t7%). 168 AtlantCL (18). Gulf&W1I pt. Atlantic Refing Atlas Powdr (4) Atlas Pow bt (6) 100 Atls 8 Raldwin L (T) Balto &0 (6)... 112 113% 112% Bang & Ar (3).. 57% Bang & Ar pf(7) 107% lgg lg;l& Tack..... Barnet Leather. Barnsdall A (2). Barnsdall B (2). Bayuk Cigars... Bayuk 1st pf(7). 104 Beech-Nut (13). Belding Bros (2) 23% Bethlehem Steel Beth Stl pf (7).. Bloomingdal Bimingdle pf! Bon AmiCl A(4) 53% 53% 53% Booth Fish 1st.. 45 45 Briggs Mfg (3 33 Bkin-Edison (8) 152 Blkn-Mn Tr (4). Bkin Un G (4).. Brunswick B(3) 327 327 32% Brunswick Ter, Buft Roch&P(4) Burns Bro (10), Burroughs (3) Bush Termina! Bush Ter de (7). Bush Trm pf(7). 109 Butte&Super(2) Butterick (m2). Byer&Co...... Calif Packg(4).. Calif Petrol(2). Calumet & Ar(6) 67% 67% 67% Can Dry (c2%). Can Pacific (10) 186 THE. EVENING STAR, WASHINGTON, ummwmmmumsmofio Open High Low.Close. 87l 87w 874 87l 13 35% 4% 11% 17 t o 584 ite 143 Y 28% 304 884 81y 3218 131 39 8% 234 594 414 58 113% 56's 5 99 45% 48 73 23% 3% 13% % 9714 188% 36 113 61 188% 193 56 53 33% 3L 53% 58 494 107% 3% 110 45 68% 1% n 8915 116% 93% 40 94% 11% 56'4 55% 66 30 40% 13 354 4% 1444 1% 1% 131 36 4% 1% 1% 212 212 167 167 1407 139% 1 16 143 85% 354 49% 484 128% 128% 143 30t 304 105 13419 133 20% 20 881 884 39 8% 244 5914 Am Locomot (8) 1124 113l 112% Am Metals (3).. Am Po & Lt (11) Am Radiator(5) Am Rad pf (7).. 134% 1 Am SafetyR(23) Am Ship & Com. 5 Am Smelting (8) 150% 153'4 149' AmS & Rpf(7). 120% 1205 120% Am Snuff pf (6). Am Stl Fdys (3) Am Sugar (5). . Am Su; ) Am Sumatra.... Am Tel & Tel(9) 159 Am Tobacco (8). 121 122 Am Tobacco B(8 1211 121 Am Typ Fars(8) 144 Am W W (¢1.60) Am W W 1st (T) 106 Am Woclen..... Am Wool of (7). Am Writ Pa ctfs Am Zinc. Am Zine pf. 41% 414 58 57 115% 113% 134% 56'a 55% 83 158% 121% 1214% 144 144 5% 106 24 T4 3% 1 1 95 9% 48% 47 98 ' 9715 170% 168 189 188 36 36 114% 112% 61 61 100 100 8 8 185% 56 34 334% 314% 31 b54% 53% 104 104 58 58 28% 23% 50% 49 107% 107% 3% 3% 110 110 68% 68% 91% 91% 11% 11 8915 89% 115% 114% 94 93% 40% 39% 94% 94 109 108% 1% 11 56 56% 581 55% 67% 65% 30 30 40% 40% 188 186 CarCl&Ocfs sta5 101% 101% 101% Case Threshg (8 154% 156% 154 Wall Street Briefs Case Thr pf (7). Central Alloy (2) Cent Leather ctf: Cent Leather of. NEW YORK, March 3 (#).—Profit | Century Rib M. . of General Asphalt Co. for 1926 equivalent to about $8 a share on the common stock has aroused interest in tury R pf(7) | Cerro dePas(15) Certain-Teed(4) 111 26% 9% 63 14% 80 111 11 26's 26% 9% 9% 63 63 16% 14% 80 ‘Wall Street as to probable dividend |Certain-T 1st(7) 109% 109% 109% action by the directors in the near future. Dividends have never been paid on the common stock. Some quarters anticipate an initial payment at the annual rate of $4. The International Acceptance Bank | is shipping $600,000 in United Smlesl gold coin to the Straits Settlements. Pierce-Arrow Motor Car Co. and Pierce-Arrow Sales Corporation report net income of $1,267,695 for 1926, equal to $12.67 a share on the 8 per cent cumulative preferred stock on which back dividends amount to about 40 per cent. Allowing for reg- ular annual dividends on this pr ferred, balance is equal to $142 a share on the common. In 1925, net income was $1,629.781 or $15.46 a Chandler pf(23" Ches & Ohlo (8). 155% 156 Chi & Alton..... & Chi & Alton pf.. Chi & East 1l pt Chl Great W Chi Gr West Chi Ind&L pf(5) Chi MU&SLP. ... Chi MII&StP pf. C M&StPefs. ... Chi & Nwn (4).. Chi Pne Tool (6) 134 Chi Rock Is (5). CRI1&Ppf (6). CR1&Ppf (7). 106% 106% 106% ChiStPM&O.. 60 C StPM&O pf(5) 120% 120% 120% Chi Yeliow C(4). Chila Chi (12.40) .. 'op (2%). share on -the preferred after prior | Ghmaues c1s0 preference dividends, and $2.20 A Pl are on the common. The prior pref- erence stock has been retired. Authority has been granted to list common stock of the Wheeling & Lake Erie issued on conversion of prior lien and preferred stocks on~the New York Stock Exchange as conversions take place. The committee on busi ness conduct has notified members of the exchange that it would not be necessary to submit further reports covering their position in Wheeling & Lake Erie securities, SEUBERT IS ELECTED. ‘Made Head of Standard Oil Co. of Indiana. CHICAGO. March 3.—Elevation of Edward G. Seubert, for several years secretary-treasurer, to the presidency of the Standard Oil Co. of Indiana announced today by the board of ctors in an annual statement, ) also revealed the greatest net in the company’s histos Co: Mr. Cul M. Burton. cracking proces: company 37 vea main as a divector. eubert succeeds Dr. Willi inventor of the Burton| who has served the and who will re- “ul u —e PRICES ON PARIS BOURSE. PARIS, March 3 (®).—Prices were steady on the Bourse tod: Three per cent rentes, 52 francs 45 centimes; exchange on London. 124 franes 8 cen- times; 5 per cent loan, 66 francs 15 centim The dollar was quoted at 25 francs ntimes, Cu in Cong “on Cij Chrysler pfA(8) 1 Cluett Peab (5). Coca-Cola(17%) 182 Collins & Atk(4) Col Fusi & tron. Col & Southn (3) Col'Gas & EI () Col G&E pf A(6) 100% 1014 100% Col Carbon (4).. Gom Credit (1). Com Cr of (1%). Com Inv (3.60).. Com Solv B (8). Congoleum N... Cigar (4).. 8 (7). Jstribut ConitiRCuba pf 6 Consol Textile. . Cont Bakg A (8) y | Cont Baking B.. Cont Bak pf (8). Cont Mot (80¢) Cont Can (5). rn Prod (12 Crucible Steel (6" Crucible pf(7).. ba Cane Sugar ba Cane Su pf Cuba Compy (3) Cuba R R (4.80) ban Am 8 (1) dahy Pke (4) yamel Frult.. Davison Chem. . Del & Hud (¥).. Del L & W (17). RG Wst pf Detroit kd (8). Devoe & Ri2 40 o Dodge Bros Cl A POULTRY MARKET STEADY. CHICAGO, March 3 (®).—Poultry— Alive, steady; 241%a27%: roosters, 19; als. ducks. Et 1 £l e [oit B BUTTER UNSETTLED. CHICAGO, March 3 (#). —Butter un gettled; receipts, 4,699 tubs: creamery 491;a49%; standards, 49; extra p a4s: seconds, higher; receipts, 13, s, 24a24%; Lod; Dome Minés (2) Doug Pect(12%) 52% 655 Dupont (8)..... 188 prA?). .. Sastman (18).. Etsenlont & Bro seniohr pf (7) AutoLtithle) ectric Boat. .. ec Power & Lt ec P & L of(7) ec Refrig (2). Eiec Sto Bat(16) Elk Horn Emporium ordinary | 1ma-John (6)... Endicott pf (7).- 1 22% 80Y% 7% 60 45 50% B36% 384 41% 105 631 80% 59% 20 85 80 19% 22 531h 260 18% 53 S1% 1% 515 Cushman’s (§8). 106 Cushman vf (8). 104 32% 2919 1819 1484 55 138% 39 23 22% 165 T 10'% 48 14% 25% 4 13% 20% 18% 12% 83% 83 134 134 81 80 97% 974 T 10% 48% 60 45 45 50% 50% 36% 36% 88l 38% 43% d41% 105 105 65% 63% 182% 180% 83% . 80% 6215 59% 91 90 85% 8d% 80's 80 19% 19% 22 22 54 531 270 260 20% 18% 53 32 824 291 281 183 181 149% 148Y% 55 b47% 139 138% 891, 3y 13% 36 4% 146 1% 1% 212 167 193 113% 574% 107% 53 33% 31w bd% 104 58 23% 51% 106 104 32% 2914 181 149' 5474 139 39% 26% 256% 26% 25% 83% 8% 132 14w 1t 35% 83% 83% 8l 527 187% 131% 14% 193 132 14% 924 78 1. 1 99 34w ok 1% 35% 83% B 545 193 131% 67% L67% 67% 67% 175 8% 117% 117% [ Engineers Pub 8 Engnrs PS pf(7) Erte RR..... Erte 1stpf... Erte 24 of . Erfe Stm S(24) Erfe Stm S pf(7) Sureka Va f141 Exchange (1%). Fairbanks (3). . FairMorse pf(7) #amous P (18) Fed Lt&T (k1.40) Fed L&T pf2(6) Fed Min pf (7). Fed Mot T1f80c) Firat Nat S(1%) Fisk Rubber. ... Fisk 1st of (7). Flelschmann (3) Foundation (8), Fox Fllm A (4). Freeport Tex (2) Gabriel Sn (34) Gardner Motor.. Gen Am Tnk (3) Gen Asphalt.... Gen Asph pf (5) Gen Bakg pf (8) Gen Clgars (4)., Gen Elee (h3) SenElec spific) Yen Gas Arells) Gen Gas fA(7). Gen Motors (8). Gen Mot of (7). en Outdr Ad(2) Gen Ry Sig (5). Gen Refrac (3). 3imbel Bros. ... Gimbl Brpf (7). Glidden (2) Gold Dust .. Goodrich Ru Goodyear pf (7 Gotham new 2% Granby Consol.. Grt North pf (5) Gt NrOre(t14%) Grt Westn Su (8 Green Canan.... Guantanamo.... Guantan pf Gulf Mo & Nor... GuM& N pf (6) Gulf States (5). Gulf Sta 1st (7). Hanna 1stpf.... Hartman A (2).. Hart B b10% stk HayesWpf(7%). Helme Geo (4)., Houston Oll. . Howe Sound(4). Hud Man (2%). Hudson Mo(33%) Hup Mot (1.40). Illinots Cen (7)., Indep O11 (1)... Indian Mot (1%) IndianRefg ctfs. Inland St (23). Inspiration (1). Interboro Rap T1 Intcontl Rub(1) Internat Agri... Int Bus Ma (4). Int Cement (4).. Int Com Eng (2) Int Harv (§6)... Inter Har pf (7) IntMtch pfi3.20) Int Mer Marine. Int Mer Mar pf.. Int Nickel (2) Int Paper (2)... 105% 61 251k 251 Int Tel & Tel (§) 1. Intertype (11%4) Jewel Tea...... Jones Bros Tea. Jordan Motor... Kan City South. KayserJ (4).... Kayser stk rts. . KayserJ 1st pf 8 Kelly-Spring... Kelly-Spring pf. Kelly-Spring 1st Kennecott C (5) Keystone T & R. Kinney (G R)... Kinney pf (8)... Kraft Ch (11%) Kresge S8(1.20) Kresge DS pf(8) Kress S H (1).. Laclede Gas(12) Lago O11&Tran. Lambert Co (5). Lee Tire & Rub. Lehigh Val(3%) Lehn&Fink (3). Life Sav (1.60). Lig & My B(ft4) Lima Loco (4).. Liq Carb (3.60 Loew's Inc (2).. Loft...... Long Bell A (4). Loose-Wiles (8 Lorrilld b8 % stk Louisiana Oll. .. Lou!sGasA(1.75) Ludlum Steel(2) McCrory (1.60). McCrory B(11.60) McCrory pf (6). Mack Trucks (6) Macy H R & Co. Magma Cop (3). Manati Sug pf. . Man El Sup (6). Man El m g (d5) Market St prior. Marland Ol (4). Marln Rock t2% Martin-Pary(2). Mathieson (4).. May Dept 8 (4). Maytag Co(12%) MetroG pf(1.89) Mexican Seabd. . Miami Cop (1).. Mid-Continent. Middle States. .. Mid States Oll et Minn & St Louls Minn & St L ct.. Mo Kan & Tex.. Mo K & T pf (8) Missourt Pacific Missourt Pac pf. Montana Pow(5) Montgmry W(4) Moon Motor. ... Mullins Body... Munsingwr (3).. Murray Corpn.. Nash Motor (4). Nat Biscult (5). Nat Cash R(A)3 Nat Cloak & Suit Nat Cloak pf (7) Nat Dairy (3) Nat Dpt Stor Nat Disttlle Nat Distillers pf Nat Enamel & 8. Nat Lead (8). ... NatPw&Lt(80¢) Nat Ry Mex 2d.. Nat Supply (4). Nat Surety (10). Nevada C (1%). N Y Air Br (3) N ¥ Cann NY Cent: 3 NYC&StL f(6) NY & Harl (6).. NY NH&Hart. .. NYOnt&wi1) Norfolk South. . Norf & W (8)... NthAm b10% sth North Am pf(3) NorAm Ed pf(7) North Pao (6).. Northwn Tel (3) Norwalk Tire .. Nunnally (1.50). O Well-Sup (2) Oll Well 8 pf... Omntbus.... Opnhm, Col (4). Orpheum Cir(2) Otis Elevator (8 ) Owens Bot(Ci5) Pac Gas&E| new Pae Ofl Stubs. Pac Tel&Tel rt: 0! 64% 18' 40% STOCK EXCHANGE Low. Close. 234 9914 PN 574 105'% 61 25'% 25 201y 100 87% 107 39 D. TRADE IN RICHMOND RESERVE AREA IN JANUARY BELOW 1926 Month Does Not- Measure Up to Period a l Year Auo—Labor Not So Fully Employed. BY EDWARD ¢ 8STONE January witneased a fair volume of businesa n the loval Fifth Federal Reserve distrlet hut the month'a ae: tivities did not measire up to thoee af the same month last year, fhe Weld eral Roserve Rank of Richimond saye in fts monthly veview, just publiahed “Debita to individual aceonnts flg ures for the four weeka ended Febin ary 10 were approximately 4 per cont below aggrogate debita duting the cor responding period last yenv, Husiness failures in the Richmond diateiot n were leas numerous than in 1926, but the labilitiea in ® Inmolvenciea were larger than last year, Labor fs not s fully employed as {n January a year ago, and a considerable amount of un: employment has developed fn vecent weeks. “Textile mills avo running practh 1y full time, but margina are narrow and forward orders scarce. The d mand for bituminous coal, while larg is below that of January a year ago, when the strike was on in anthracite fields. Bullding permits lssued fn Jan- vary In the fifth district were fewer in number and lower In estimated val- uation than those issued during the rst month of 1926, ‘Retail trade at department stores was 3.2 per cent below the volume of trade reported for January last year, and nearly all lines of wholesale trade also reported materially lower sales Pan-Am B (6).. Pan-AmWnB(2) Panhandle Park & T1l . Park Utah(80c). Pathe Ex (c3) Patino Mines... Pearless Mot. .. Penick&Ford(1) Pa Dix1eCt(3.20) Pa Dix Ct of (7) Penn C & Coke. . Penna RR (3%) Penn-Seab Steel Peoples Gas (8) Peoria & East Pere Marq(48).. Pere Mara pf(5) Pere M prior(5). Phila& RC&1.. Phila&RC&1 cfs. Phlilips Pet (3). Plerce: Arrow. .. Plerce-Ar pf (8) Plerce Ofl. Pitts Coal...... Pitts Coal pf.... Pitts & W Va(8) Postum (5)..... Pressed Sti Car. Prod & Refiners. Pub Serv NJ (2) Pub SE&G nf(6) Pub § NJ of(7). Pullman Co (8). Punta Ales Sug. Pure O11 (12)... Pure Ol pf (8).. Purity Bak A(3) Purity Bak B(2) Radto Corp of A RS 1 Ccfs (4) Rand Min(al.57) Reading (15 Real Silk Hos(4) Real Si1k pf (7). Remington T(5) RemgnType cfs. . Raplogle Steel. . Rep Ir & St1.(4).- Rep | &8 pf (7) Rey Tobao B(5). Rossla Ins (6).. Royl D(a1.33%). Rutland pf..... Safety Cable (4) St Joseph L(13) StL & SanFr (7) StL&SanF pf(6) St L Southwest. Schulte (3%)... Seaboard Air Lip Seab Alr L pf... Seagrave(el.20) Sears-R (n2%). 3eneca Copper. .. Shattuck F G(2) Shell Tra (a96.7) Shell Un (1.40) Shubert T! Simmons (2). Simmons pf (7 Simms Pet(115). Sinclair Ofl..... Sinclalr pf (8).. 101% Skelly O1] (2)... 85% South Port S (8) 168% Sou Calif Ed (2) 83% Sou Dairles A(4) 36% Sou Dairles B Soutb Pac (6) Southern Ry ¢ South Ry pf (5). Spicer MfR..... Spicer pf (8)... Std Gas & El £3. Std G&E pf(3)... Std MIIL(6).... T Std Millg pf (8). StdO!ICal(12% ) Std OILNJ(t1%) Std 011 NJ pf(7) 114% Std Ofl NY(1.60) 32 3td Plate Glas3. Stewart War (8) Strombg Car (2) Studebaker (5). Submarine Boat. Sun Ol (11). Superior O1l.... Symington Cl1 A. Tenn Copper (1) Texas Corpn (3) Tex Gulf Sul (4) Tex & Pacific. .. Tex PC&O(60c). Tex Land Trstn The Falir (2.40). Third Avenue ‘Thompson (3. Tide Water(1%) Timk Roll B(16) ‘Tobao Prod (7). Tob Prod A (7). Transcont Ofl... Underwood (4).. Un Bag & Paper Union Carb (8). Unlon-Oll (12%) Un Pacific (10). Utd Cigar S(e2). 130% 27% 124% 904 . 38% . 108% 21 20 Rub 1st (8). Smelt (3%). 110% 35 158 114% 1 Ut! P&Lt A « Vanadfum (3).. Vick Chemical. . Victor Tlk Meh.. Victor ev pf (6). Victor pr pf (7). Va-Caro Chem.. Vivadou (3).... Vivaudou pf (7). Vulcan Detin... Vule Det pf (7). 106% 69% Walworth (1. Ward Baking B. Ward Bak of (7) Warner Pio A... Warren Bros(4). Weber (4)...... W Penn El pf(7) West P Pot6).,. West P Po pf(7) West West Md 3 fine new home. fignvea fon he npening wimth of 1007 1 ahonld nob be overinged that husinesa woa vory opening of fasl Heve ooy wetion nt e ey Aght Co Reporte Aconrding (o (he Waahington fiae Lot 00w report tor dxnitRer, fied Wit the Fublie Uilities Commiscion net operating yaventes fotalad €516 00, compared with $511,888 for the anme month o vear ago e expenaea fur Inal dannary , 63207, In compatiann withy operst g expenaea in Janonry, 1998, of $OAND. otal operating Inenme for the month under veview, aftar dedie ton of operating and all other eharges, amounted to $116,7704% Total net Income for tha reached (he aum of 866,065 61, e conalderably helow fthe same month lagt yoar. The difference js explained by the nbove statement, which shows (hat operating revenues thin yenr weva lighter, while the ex penken were at the same time con siderably heavler. The slump in apernting rovenues s no doubt lnrge 1y due to the fact that January this year was wo much milder than was the sama period in 1926 The Goorgotown Gas Light Co. has Iso filed fts monthly statement for dannary with the commission. This shows total opernting re: for the month to have totaled $70,152, while ing expenses amotnted to $id,- After the usnal deductions the month’s operating income checked up to $13 Iollowing the substrac- tion of all ‘charges tho company re- ported a net income for the month of $0,656.92, Building Deal Interests Streef. Bankers in the financial district much interested in the big real s deal announced yesterday In which President Peter A. Drury of the Merchants Bank & Trust Co. bought the Southern Building at Iif- teenth and H streets, from the South- ern Building Co., at the reported price of about §3,000,000. There had been many rumors about the transfer of this property. It is known that sev- eral weeks ago New York interests made an effort to purchase the fine e structure. . Drury is the sole owner, the of which he is president having no connection with the transaction. He also states that he bought it for no group or syndicate. The sale, how- ever, will be of direct benefit to the Merchants Bank as the new owner will see to it that the institution can secure as much additional space as may be required to meet ex- pansion needs. Congress Given Yearly Report. The highest level of bank credit on record, as well as exceptionally large outputs by tactories, farms and mines, were the leading factors in keeping business good during 1926, says the annual report of the Federal Reserve Board just submitted to Congress. The year also was characterized, the report adds, by orderly distribution of commodities, a declining price level and a sustained demand for merchan- dise. An increased flow of savings into investment channels, a contin- uous decline imTong-time money rates, and a stable and relatively easy con- dition in the short-term market, it added, were features of the financial situation. ‘While the general banking and credit situation was stable, there were more bank suspensions in 1926 than in either of the two preceding years. Nine hundred and fifty-six banks in the country with total deposits of nearly $285,000,000 suspended operations, as compared with 612 with deposits of about $175,000,000 in 1925, and 777 suspensions, with deposits of about $215,000,000 two years ago. The 1926 suspensions were chiefly in agricul- tural sections of the country and the board said that causes of the fallures for the most part did not originate in developments of 1926, but dated back to conditions and developments of the last seven years. New Insurances Offices Opened. The Continental American Life In- surance Co. of Wilmington, Del, of which ‘Norman E. Ellsworth is the general manager for the Southern divigion, is. having a formal open- ing of its new 'offices today, at 923 Fifteenth street.. A .host of visitors called at the headquarters this fore- noon and congratulated Mr. Ellsworth and his staff of agents upon their Mr. Ellsworth is a former president of the District of Columbia Life Underwriters' Associ- ation and -many-members of that or- ganization .were among the callers. The offices will remain open until 9 o'clock this evening for general public inspection: Local Securities Remain Firm. Washington Gas Light stock was among the local market leaders to- day, when 95 shares changed hands at 10%.* Railway and Electric came out at 91%. One hundred shares of Capital Traction sold at 107% and ten more at 107%. ‘I'welve shares of Second National Bank sold at 275 and ten of the Natlonal Bank of Washington at 290. National Mortgage & Investment preferred was active, 100 shares sell- ing at 8¢ and 70 at 85. Bonds were steady on light trading. Heard in Financial District. C. F. Jacobsen, cashier of the Na- tional Metropolitan Bank, and Harry V. Haynes, president of the Farmers and Mechanics’ National Bank, were among Washington financiers who at- tended the dinner of New York Chap- ter, American Institute of Banking, at_the Waldorf-Astoria. Shannon & Luchs have sent invita- tions to leading bankers and business men to attend the opening of their new business home at 1435 K street next Monday from 9 a.m. to 9 p.m. —eeeee West Pac of (6). 74 74 3% T4 West Unlon (8), 151 151 151 151 thseAIrB(7) 149 154 149 154 9. 72 72 tina menth oo ate We: Weston A (2) White Eagle ( White Mot (4).. White Rock (12) White Sew M(4) Wickwire ctfs. . Willys-Overland Willys Od pf (1) Wilson & CO.+.o Wilson & ColA). Wiison&Co pf(T) Woolworth (5).. Worthn Pump. . Wright Aero (1) Wrgley (13%).. Yellow Truck... . Youngstn S&T 5 31% 51% 2% 27% 90% 90% Hourly Sales on N. Y. Market. 120.. 836.900 tla.m 519.000 2 o.m. 1,297,000 1p.m 1088100 Dividena rates as given (n the above table Sarations, speci: dena e Sinkal b ctyments 5 . 4 ot Toted axtra-or special Aivi- iess than 100 shares 4 in sta oF tock ™ ¥ Slis Iufla:,‘fé T i, i avable (D cash tock. € P18 | ‘ahare 1o THURSDAY, MARCH 3, 1927, ' ON NEW YORK BONDS o] Weceived by Privats Wire Disest te The Star Office, (%) hia takila sapiies guotations sintn Thn 590 Eitinn $45 pin A cupn b e prbtishied 16 UMITED STATES, 1asies asm b 81 000 Saie High [ADRIL] TR Lib tar Aigw 5 Linsatyn o 9 Lihsaeqe i LibAth 44w | vasne, ... | 1@ aw 1044 LERUYL 5 104 ) NIIN] 103 14 IRLE] 1401 i W, 806 i1 101 14 in 4 1100 20 10 11 4 FOREIGH Arpantine fa fu 69, Arpanting Balintss Argantinag s A Avatriala . Bank of Iapan e Bank ot Chile by Helglim e Ralglom A %e. Ralglum 18 Balglum T8 ot Helglum 1% Palginm e, faolivia fa., Anrdsane 69, . Rrazll 6% Brazll 1a Rrazll 8. .. Canada bs 1931, Canada b3 1062, Canada 6% 162 Chile7s 1942... Chile Bs 1941, ChileAa 1946, Con Pow Japan T8 Copenhagen 6% Cuba b%8. Czecho 1%n Czo0ho §5 1951 Czecho 88 1952 et. Danish Munic 85 A. Danish Munic 8s B. Denmark 65..... Dutch East [ 6847, Dutch East I 6s 62. Finland s £ 6s45... Finland 7s. Framerican 7% French 7s. French 7%s. French 8s German EI P 6%s.. Holland-Ame ftaly s Japanese 6%s. Jergens U M 68 47. Lyon 6s. . Marsetlle 6s. Mexico 4s 04 asntd. Mexico 48 10 asntd. Mexlco 6sasntd. Montevideo 7s. .. Netherlands 6s 54.. Netherlands 6s 72.. 11 13 9 6 16 12 g Norway 6s1944.... 13 Norway 6s1952.... Orient Dev deb 6s.. Paris-Ly-Med 6: Paris-Ly Med 7: 10 Porto Alegre 8s. Prague 7%s Queensland Queensland Rhinelbe Un 78.... Rio de Jan 8s 1946, Rio de Jan 8s 47. Rio Gr Do Sul 8 Sao Paulo City Sao Paulo 88 1936, Saxon (PW) 7s.... Seine 7s 42... Serbs Crot Slo 8s Swiss 618 1946... ‘Toho Elec Pow 7s.. Toklo 5s. Utd King! Utd Kingm 6%s 37 UtdSteamCopen 6s. Uruguay 8s. Yokohama 6s w | 100% 104 110% 110% 104 103% 944 106% 101% 100% 108 108% 991 100 103 4 106Y% 1084 108% 110% 110% 104% 1034 103% 110% 110'% 104% 103% 102 106 112% 121% 104% 104% 111% 121% 104% 104% 105' 95% MISCELLANEOUS. Am Agri Chem 7%s 19 Am Cotton O11 55. .. 8 Am Smit & R 1st 65 10 Am Smlt & R 6s. Andes Cop 78 rets. . Armour&Co 4%s rf Armour Del 5%s.. Associated Oil 6s. Atlantic Refin 5s. Barnsdall 6s ctfs Bell Tel Pa s B... Bell Tel Pa5sC... Beth Steel pm 68... Beth Steel 5%863. €0 25 3 18 16 Chile Copper 6s 32. 129 Jommonwith P6és. 3 Con Coal Md 1st 5s. Con Gas N Y 6%s. . Consumers Pow 6s. Cuba Canecv 7 Cuba Canecv 8s... Cuban Am Sug 8s.. Denver Gas b Dery (D G) Det Edison Det Edison Dodge w 16s.... Donner Steel 78.... Duq L & P5%s 49. Duguesne Light 6s Bast Cuba Sug 7%s 6 Empire Fuel 6%s..124 Empire G & F 7%s.141 Goodrich 6%s. HumbleO & R 6%s illinots Bell 1st 6s. 1 Bulmaa®on Int Paper 6s 47 int Paper 6s mtT&T6% Kan CP&L 63 A 52. Kan G & EI 6852... Kelly-Spring 8s. ... Lackawa S 6850... LaclGref34...... Laclede G 5% 63.. Liggett & Myers 68 Liggett & Myers 78 Lortllard (P) 7 Loutsv G & Manati Sug sf 7%s Midvale Steel 6s. bontana Pow 6 Mor's & Co 1st 4%s GEL HEP 4s. B L H&P bs. 0 Public Servic Punta Alegreis. Remingtn 104% 21 104 96% 101 2 100% 104% 102% 121 118 100 115% 923 1064 99 107% 110% 106% 97 100% 105% 100 1017 1043 105% W 100% 103% 101 105 110 97 108% 100% 90% 99% 10044 X i sifver, 55%; | Hug Hast Orfent 7s. 1 | Weatn Union 84n. | At&S Feve 48 08.55 3 FINANCIAL. = Sales. High. Law, 2:55. » 33 100% 100% 100% aee 12 95 941 94% #o Por RicoSug 7s. 1 108 108 108 Southwest Bell 6s. 1 103% 103% 103% Htand O1I NI Sswi 24 102 101% 101% 99% 99% 99 7 106% 106 108 16 108% 108% 108% 17 95% 95% 95% 8 ftub T4, 3 106% 1064 106% r 17 106% 108% 106% 19 99% 99% 99% 25 94% 93% 93% 16 106 105% 106 % 101% 101% 101% 1 111% 111% 111% 52 101% 101% 101% 1 102% 102' 102% 2 102% 102% 1024 12 106% 106 106 5 104% 104% 104% RAILROAD. fin Crude Of1 #in Pipe Lin Warner Sug 1a 39, Warner Bug Ts 41 Went Klec ba. Westinghoune 5s. . Willym-Ov 614m 33, Wilnon & Co 1st 8814 Atchison ad) 4w, 90% Atchison gen 48 Atlantic C L 1st 4 AtlantioC Lol 4 AtlantieCL 7s Atl & Dan 1st 101% 101 101% 105% 105% 105 lozw 102% 102% 1 108% 108% B&OPLE W e b, i3 & O SwDIV 58 of: & O Tolado 48 Brdwy & 7th Av 5 96% 96% 115% 115% 83% 84 96% 964 105 105 1017 102 99'2 99% Can Nat 4%8 54 Canad North 7; Canad Pac deb 4i Can Pac 413 46 Centof Ga 518 Cent Pac 1st 5s 90, Ches&Ocvi%hs.. ChiB & Q gn 48 53. Chi & E 11l gn 58 61 Chi Gt West 4859, CM&StP4s25... C M&St P 4s 25 cfs CM&StP deb 4s cfs. CM&StPgn8d... CM&SPev4iss32efs CM&SP cv 5scfs 14 CM&StP6s. Chi&NW 4% s Chi & NW 6% Chi & NW 7s. Chi Rys 5s. ChiRI1&Pg! ChiRI&Prf4s... ChiTH&SESs... Chi T H Inc 63 60.. Chi Un Sta 4%s.... Chi Union Sta 5s 44 Chi Union Sta 6%s. 102 995 60 60 103% 103% 103% 107% 107% 107% 1z 112 12 106% 106% 106% % % 7% 89% 894 89% 93 95% 92 97% 104% 104'%% 104% 17 117% 117% 87% 874 874 104' 104% 104's 103% 103% 1 103 102% 1 3 102% 102% 102% 93% 931 “93% 122t 120% 121% 9% 914 80% 35 94 81% 5% 814 814 921 91% 92% 106% 106% 106% 111% 111% 111% 99% 99% 99% 108 107% 107% 103% 103% 103% 94% 94% 94N 109% 109% 109% 113% 113% 113% 895 89 89% 9914 98% 98% 03% CCC&StLrfésA. 02% Cuba Nor 6s 66.. Del & Hud 1strf4s 6 Del & Hud cv 63 35.261 12 DesM&FtDds... Det United 4%s. Erie 1st cons 48 Erfeconv 4s . Erieconv 4s B..... 11 Erieconv 4s D.....342 Erie conv ext 7 Erie Genessee R 6s FlaBC5S74....00 Gr Trunk stdb 6s. Great North s Gt Nor 4%s 76 D. Great North 5%s. Gr Nor gen 7s... Hav E Ry 51s rets Hud & Man ref 5s.. Hud & Man aj 6s... T11Cen 4853. . couen 111 Cen 4%366..,,. 2 [11 Central 5%S.... 111-C-C StL&NO 6s. Int Rapid Tran 6s. Int Rap Tr 5s stpd. Int Rap Tran 6s... 3: Int Rap Tran 7s. 10; 108% T 103% 103% % % % % 80% 80'% 98% 9% 9Th 106% 106' 106% 95 9% 95 73% T8 100% 100 100 887% 89 99% 99% 985 98!3 985 96% 96% 96% 106 106 106 104% 104% 104% 692 A9 69 96% 96% 96% 16€..14° 14 881 884 884 101% 101% 101% 101 100% 101 . 3 103% 103% 103% Mo Pacific gen 4s.. 6% T6% T6% Mo Pac 58 1985.... 100% 100 100% Mo Pac 6s 49 D. 108 107% 107% Mo Pac 6s 55 B.... 107% 107% 107% Mont Trm ref 5s 41 99% 99% 99% Nassau E Ry 4s57. 61% 61 61 NOT&M5%S.... 105% 105% 105% N Y Cen gen 3%s.. 801 80% 80% N Y Cent 45 98. . 9l 91 91 NYCrfim4%s13 99! 99% 99% N YCentribs 106' 106'% 106% NYCentLSec! 80's 80% 80% NYChI&StL 5%sA. 105'% 105 “105% NYChi&StL 6%sB. 6 105% 106 NYC&StL6sA. 10274 1027% 102% New Hav deb 4s 57 5'a 5% 75 N Hav&H clt 6s 40. 104% 104 N Y Rys6s65..... N Y State Ry 4%8. NYStateRy 615 62 NY W& Bos4s. Norfolk & W cn 4s. Nor & S gen 5 5 Nor Pac 33 2047... Northern Pac 4s. .. Northern Pac 58 D. Northern Pacr 1 63 Ore & Calif 1st b Ore Wash 1st 4 Pennsyl gen 5s. Pennsyl 6s 64. Pennsyl 6%s. Pennsy| gold i Lake Shore 4s 28 Lake Shore 4s 31.. Louis & Nash uni 41 Louls & Nash 6s B. Louis & Nash 7s... Man Ry 1st 90. Market St 7s 40. 917 91%_ 91% 103% 103%103% 113% 113% 113% 100% 100% 100% 8%l 88 B84 1087 108% 1087 103 102% 102% 2 1% 112 106% 106% 106% 8515 86 864 3% 43% 43% 95% 95% 95% 100% 100% 100% 94 93% 93% 85% 85% 85% 100% 100 100% 102 102% 102% 100 99% 99% 98 9% 9T 93% 93% 93% 10 105% 105% 105% 9 89% 89% 89% Peoria & E Inc 4s RIArk& L4%s.. StL 1 M&S gn 5s31 St L IM&S R&G 4s. San A & Arn P 4s.. Seab A Lref 4s Seab A L ad) 5s. Seab A L con 8s. 3% 8T 98% 97H 99 93% 867 86% 86% 106% 106% 106% 113% 113% 118% 120% 120% 1204 10215 10216 1024 Sou Pacific ref 4s.. Sou Ry gen ¢ Sou Ry Con 53 Sou Ry 63 56. Southern Ry TexArk 'S e;,usn: lol Tr L&P 6%s 30 Unton Pao 1st 4 Union Pac 1st rf 4s Unton Pac 4s 27 Unlon Pac cv 6s 997 99% 101% 101% 101% 103% 103% 103% Virginia Ry 1st 6 Va Ry & P5s. Wabash 1st bs. West Maryland Western Pacific bs. West Shore 4s 2361 Wheel & L B cn 4 Whel & LErf 4%s e BUBBER ADVANCES. NEW YORK, March 3 (Special).— Crude rubber, smoked ribbed sheets. advanced % of . cent at today’s noon quotation of 397%c. This compares with 3732¢ a montl ago, and 5dc a year ago. i SILVER gUOTATIONS. 98% 983 98Y 103% 1034 103% T9% T9% 9% 99% 867 88 90% March_3. (®).—Bar exican dollars, 42%. INTEREST CENTERS IN SPECIAL ISSUES Cities Service Break Reflect- 1 ed in Bond Market Deal- ings Today. BY GEORG Special Dispatch to Tho Star. NEW YORK, March 3.—Today's bond market was made up of a series of unrelated moves in sp sues In the first place weakness developed in Cities Service Power and Light and in Emplre Gas and Fuel bonds coin- cident with the break in Cities Service stock. All are securities of affiliated ) companies. The Cities Service Power and Light 6s which had closed the preceding day at 103 and which have sold this year at a high of 104 broke below 101. Empire Gas and Fuel 6 which carry warrants to Cities Se stock at $50 per share were do T. HUGHES. n | point and one-half at 10214 and more than 8 points under the high of the vear. Empire Gas and Fuels 7i;s weakened in sympathy. In the later trading the bonds continued to move in accord with Citles Service stock. The incident in the foreign list was the selling of Polish bonds, both the 6s and the 8s. Here, too, there was recovery after the early losses. Liqui- dation was based on published reports of a hitch in the negotiations for the proposed new Polish loan. An upward vement which attracted attention wasd that in Detroit United 413s. These bonds have been inactive a long time, but today demand appeared and the quotation was up a point at 94. An other development was the increased interest in sugar bonds. Price changes were small, but the turnover was the largest and included more fssues than in a week or more. In the general list Delaware & Hud- son convertible 5s were still active and so were Erie convertible D 4s, both moving with their respective stocks. Local transactions were mostly heavy. High-grade bonds were firm. Kansas City Southern 5s sold above par and New York, Chicago & St. Louis 5%s were in active demand for a time. There was little change in United States Government obligations pend- ing announcement next week of the terms of the Treasury’s March 15 financing. iWHEAT HAS SETBACK ON LIVERPOOL NEWS Forecast of Probable Larger Ship- ments From Argentina Has Bearish Effect Today. By the Associated Press. CHICAGO, March 3.—Favorable weather for domestic Winter wheat, together with Liverpool quotations lower than due, had an early bearish effect today on wheat here. Liverpool had a forecast of probable enlarged shipments from Argentina. Opefing unchanged to %c lower, Chicago wheat underwent a moderate general set- back. ‘ Corn and oats were also easier, corn starting unchanged to half cent off and subsequently receding all around. Provisions were firm. Some trade notables took the posi- tion today that action of the wheat market of late strongly suggests a balance has been reached between sup- ply and demand, neither having suffi- cient preponderance to cause uneasi- ness. This being so, it is asserted that the new crop outlook will be the con- trolling factor, and so far the outlook for domestic Winter wheat is auspi- cious. A steadying influence, however, which developed today regarding wheat was talk that there had been good overnight acceptances of United States offerings to Europe, and that it will be bought at $1.75, notwith- standing that Liverpool still quotes fu< ture deliveries at $1.50. In this con- nection falling off in the demestic pri- mary movement was predicted, and it pointed out that British estimates continue to include a quota from India, although India is already im- porting from Australia. VHEAT— May July September RYE— 1 September . 90% Baltimore Markets BALTIMORE, March 3 (Special).— Potatoes, 100 pounds, 1.25a2.75, Sweet potatoes, barrel, 2.50a3.50. Yams, barrel, 2.00a3.00. Beans, bushel, 4.50u 5.50. Beets, 100, 4.00a6.00. sprouts, quart, 15a25. Broccoli, bar- rel, 75a90. Cabbage, ton, 18.00a22.00. Cauliflower, crate, 2.00a2.25. bers, crate, 7.50a8.50. Carrots, 100, 4.00a5.00. Celery, crate, 4.00a4.50. Kale, barrel, 75a90. Lettuce, hamper, 00. Onions, 100 pounds, 2.00a x Oyster plants, 100, 4.00a5.00. Peppers, crate, 4.00a7.00. Parsnips, basket, 40a50. Peas, bushel, 2.25a4.50. Spinach, bushel, 60a90. Squash, crate, 4.00a4.50. Tomatoes, crate, 2.50a4.50. Turnips, basket, 30a50. Apples, barrel, 1.00a4.00; bushe!, 40a1.50. Grapefruit, box, 2.50a3.50. Oranges, box, 2.75a4.50. Strawberries, quart, 25a40. Dairy Products. Live poultry—Turkeys, pound, 40a 45; old tol 35a38; poor and crooked breasts, Winter chickens, 38a young chickens, 34a36; poor and thin. 25a30; old hens, 31a32; Leghorns, 25a 30; roosters, 20a2; capons, 33a36: d“iks' L'tsa.‘l-:; Doo;‘l and thin, 23a25; gulnea fowl, each, 50a75; eons, pair, 30a35. i Dressed poultry—Turkeys, pound, 40a45; old, 35a38; poor and crooked breasts, 25; chickens, 32a35; roosters, 20; ducks, 30a35; capons, 33a38. Eggs—Receipts, 1,203 cases; native g;ui nearby firsts, in free cases, dozen, a25. Butter, good to fancy creamery, 53a54; ladles, 30; rolls, 26a28; store packed, 25a26; process butter, 39a40; Hay and Grain Prices. ‘Wheat—No. 2 red Winter, domestic, licky, spot, 1.40%; No. 3, garlicky, spot, 1.36%. R No. 2, spot, 821; No. 3, 79%; cob corn, new, 4.00 per barrel 2, 57a57% per bushel; No. 3, 52a52%. per_bushel. # Hay—Receipts, nire tons. For desir- heavy clover mixed sorts there is A ) premium over timothy. of timothy are ample, and only the bet- tion, Low-grade stuff gen hard to move at any reasonal - 0, timothy, 23.50; No. 2 timothy, 32.50a 23.00; No. 3 timothy, 21.00a2: 3 light clover, mixed. 33.80834,00; N clover, 3 o 1 clover, mixéd, 24.00a25.00. ' ° 13 pot pound, 48a53; prints, 53a55; blocks, dairy prints, 26a28. spot, 1.44%; No. 2 red Winter, gar- Corn—Domestic, No. 2 yellow, 85; Oats—No. 2, new, Rye—Bag lots of nearby, 1.00a1.05 able quantities of clover hay and fair demand, and such are bringing ter grades are coming in for atten- Quotations today per ton: No. clover, mixed, 25.00a2 No. Straw—No. 1 wi tomi oo 1 gaty 140087606, ’ B ] 4 i