Evening Star Newspaper, March 6, 1927, Page 39

FINANCIAL. DEALINGS NARROW IN BOND MARKET High- Grade Investments Dull, But Firm Speculative List Irregular. Bpecial Dispatch to The Star. NEW YORK. March 5.—The bond market this week continued to be a speclalty affa Dealings in a small group of securities were fairly active, but trading generally lacked breadth. High-grade investment lssues were firm but dull. Speculative lmm[u con tributed most of the hu were irregular, but had a p.\md under tone. The market in these was upset on Wednesday in sympathy with a sudden reactlon in stocks, but soon regained its equilibrium. In striking contrast with the dullness in old bonds was a quickening of in- terest In new securities. Publie offerings were substantially larger than the previous week. That market at least gave promise of early ex- pansion. Money Undertone Firm. The continued hesitancy of the market for listed investments was perhaps a further reflection of the heavy financing done during the first six weeks of the vear. Other fn- fluences, however, also_ were at work. Money had a firm undertone and 1s likely to continue steady until forth- coming heavy tax payments are made on March 15. The fact that Govern- ment financing is impending also tend- ed to curb activity in.the bond marker. The investment community is waiting to see what form that financing will take. Renewed buying of foreign bonds was a feature of the trading. A revival of interest in French external loans was noticeable in particular. That buying was ascribed to the news that the Poincare government would make a payment of $10,000,000 interest on her war debt to the United States without awaiting ratification of the debt settlement by the French Cham- ber of Deputies. This announcement suggested sev- eral Interesting possibilities. It was surmised that Premler Poincare had reason to believe he would be able to obtain ratification of the debt settle- ment. Ratification of course, would result in removal of the Washington ban against American loans to France. Bankers already have petitioneq Wash- ington to lift that ban, complaining that American money is loaned indi- rectly to France by London bankers, thus depriving our bankers of the high rate of interest they could com- mand were they to loan directly. Polish Bonds Gain. Polish government bonds responded to plans for stabilizing Polish finances by selling at a new high record price. They are up nearly 20 points from the low price quoted six months ago. Italian bonds, which were an active feature last week, were in further de- mand. The Itdlian government is re- ported to be arranging a large stabili- zation loan here, and the City of Rome issue heretofore mentioned will be brought out shortly. It will he for $30,000,000. Convertible railroad bonds featured the domestic corporation division of the market.© Their movements were overned by market conditions in their related stoc Missouri, Kansas & Texas adjustment 5 per cent bonds, which are convertible par for par into | ] preferred stock, sold at a new high record price. Another convertible raflrcad bond to establish a new high record was the Delaware & Hudson convertible 5 per cent issue. That, however, reacted following news that the D & H & S optlon on the Buffalo, Rochester & Pittsburgh would not be renewed. The Delaware & Hudson sought to make the road part of new eastern trunk-line sys- tem. Erie series D, convertible ds, continued active, but irregular. 0il Bonds Are Strong. Some of the oil and traction bonds were strong. Citles Service issues re- acted in sympathy with the stock on account of the reported illness of the company’s president. The market in the United States Government bonds was flat. It was waiting for the new financing by the Treasury. Banks appear to have com- pleted their investments in anticipa- tion of the new offering. One of the largest new issues offered for public subscription was $19,800,000 public service gas and electric 5 per cent refunding bonds. They were sold At 99, to vield 5.06 per cent. The bonds were well taken. An incident of interest in connectior with the new offering was . the announcement by the Mortgage & Bond Co. of New York that it had reduced the interest rate it will pay on real estate mortgage bonds to the public from 5% per cent to 5% per cent. The company offered $2.000,000 10-vear guaranteed honds at par to yield 5% per cent. The reduction fs typleal of the general tr typle trend of interest New railroad resented by Texas & financing was rep. A anfi issue of $16,000,000 ’acific Rallway general mortgage and refunding 5 per cent bonds, offered at 9513. More rallroad bond issues are in the offing. | | CHICAGO LIVE STOCK MARK.ETJ CHICAGO, March 5 (United States epartment of Agriculture).—Hogs— . 7.000 head; light light and butchers and medium-welight butchers around steady with verage: heavy b v with low’ time; finishe hogs_scarce; top. 12,00, paja sor Soy 151 pound weight: bulk, 140 to 200 pound v 1.75a12.00; bulk, | ight, 11.40a11.70; butchers, 11,258 v packing sows, Iy no market on s took 15.00; estimated head heavy-weight medium. 11.35a | 00; light light, | SOWS. 10.15a sianghter pigs, 11 12.00. ";1';'1-1{!«“-”)!\_ 400 head com- pared . heavy slaughter steers and od to choice \»afiings lEht-weight steers: 25 slatgh- bulls and steady: veal- week's top r steers, 13.25; 200 yearling vealers, 15.50; stock- 9. les steers. pound 11.2! light, 10811y k ter 11.00a12, > vealers, '11.00a13.00; feeders, 5 Receipts 3.000 good to choice killers, choice 74-pound Montana \hmrlrs: lambs, 14.75; for week, 64 doubles from feeding stations, 12,800 at lambs, closing_ 50 to 75 vearlings around 50 higher; 25 higher; feeding and shear- il 75 higher; week's fed Western lambs, 16.15; native, fed clipped lam wethers, 13.50 heay 14 arling and sheari vhpped lam? 10117 100 25 103 18 101 29 11010 106 9 19! Sixh- Low. 100% 99% 103 92',6 101% 109 105% 9874 102% 104% 1091 92% 102% 101 104% 99% 102 110% 100 108% 7% WIK 964 96% 100 81y 105 105% 81‘& 100‘4 102% 101% 107% 107 1034 86U 921 984 101% 8% 881 92% 100 106% 95 3% 824 104 110 95'4 9Ty 102% 84 87 108 102% 117% 108% 108% 99 107 102 967 9784 101% 102% 90% 99% 926 100% 93 954 104% 8% 924 107%- 921 101% 05% 101% 107 104 109% 119% 101% 102% 9% 107% 102% 9634 102% 99% 93% 92% 100% 114% 104 97 107% 101% 9% 98% 103% 100 93% 100% 103% 1% 105% 105% 95 56 110% 5% 7 51;‘& 89% 94 93% 102% 89% 98 92% 116% 80% A8% 297T% 922 51% 102% 3% 64 4T% 90% 48"4 11!'6 65% 87% 94% 116% 81 101% 95% 88% 108% 102% 85% 62 90 74% 64 e'l v. 97'a 1630 114% 93 102% 110 92% T6% 101% 62 86% 66 39». 93"’. 98% 964 . 93% 106 89% 1014 84% 90% 96% 65% 94% 101% 106% 58 9T% 22 69 0% 61% 86% 108% 967 8 &‘«. 4 102% 111% 36% 101% 94% 99% 92% % 81% 104 100%° sil 112 41% 924 9 3 99% 1014 66% 957 B3 . 83% e High 101 21 108 18 101 4 101 21 108 29 “ll 18 Hien Low. 100 97% Argentina 6s A-1957 98% 974 Australian Govt §s.. 1054 101% Austria 7s1943.. 98 92% Belgium 6s 1955 114 111 Belglum 7%s 1945. 109'% 108 Belgium 8s 1941 97% 93% Bordeaux 8s 1934 .96 89 Brazil 61%4s 1957 108‘4 104 Brazil 8s1941. 104% 104 Canada 5s 1952. . 102% 101% Canada 5%s 1929, 109% 108 Chile 8s 1941. . 109 107% Chile 8s 1946. .. 30% 244 Chinese Govt R 100 99% Copenhagen iil;s 110 106% l‘zocho-lovakm 8s 106 103% Denmark 6s 1942 1084 102% Dutch E 103% 102% Dutch East Indies 5 1044 99% French Government 7 112% 105 French Govt Tls 1941 110 108% French Govt 8s 1945 109% 106% German 7s 1649, 99 91'% Holland-Amer! ‘can sf6s19 97 92% Italy 7s 1951. 102 99 109% 104% 108% m:" 101 95 &7‘9 97% 93% 1064 104 113 111 126% 1181 106 102% 105% 104% 102% 97% 102% 97% 104% 108% 104 102% . 8. BONDS. Liberty 3148 1932-47 Low. 101 8 102 29 Liberty 3d 4745 1928 Liberty 4th 414 s 193, 5 Treasury 4%s 1947-52 FOREIGN. Jergens Utd Margarine 65 19 Netherlands 6s 1972 Norway 5%s. ... Paris-Lyon Med 6s 195 Poland 8s 1950. Queensland 6s 1947. Queensland 7s 1941. Rhinelbe 7s Rio de Janeiro 8s 1946 Sao Paulo State of, 85 1936 Seine Dept of, 7s. Serbs, Croats, Slovenes 88 1 Sweden 65 1939...... Swiss 5148 1946. 118% 116% United Kingdom 54 105% 104% United Kingdom G3s 1927. INDUSTRIAL AND MISCELLA 105 104 101% 100% 108% 107% 105% 104% 99% 98% 102% 101 104% 1087% 109% 106% 931 91% 101% 100% 106% 98% 104 102% 100% 984 108 101% 110% 110% 834 78 102 98% 108% 107% 96, 93% 108 107 109% 105% 108 105% 110% 110% 122 120% 102% 102% 104% 102% 99% 95% 99% 97 111% 109 106% 99% 100% 99% 105 104% 108% 102 108% 104% 99 97% 104 103 1168% 1156% 107% 106 99% 98% 109 108% 106% 104 100% 99% 103 101% 104% 103% 106% 108% 102% 9% 101 100% 107% 106% 96% 94' 108% 106 107% 106% 9% 9Th 95 7 112% 111% 102% 101% Amer Smelt 1st 631947, Amer Sugar Refining 6s 19 American Tel & Tel s f §s. Anaconda Copper cv deb 7s Armour & Co 4% 1939 Atlantic Refining deb s Bell Tel (Pa) ref 65 1948. .. Detroit Edison ref 6s 1940 Dodge 6s 1940 Empire Fuel & Gas 7%s 1937 Goodrich (B F) 615 1947. Goodyear Tire 85 1931 Goodyear Tire 8s 1941 Indiana Steel 55 1952 Inter Mer Marine 6s 1941. Inter Paper 5s B 1947. .. International Tel bs rets. Kelly-Springfleld 8s 1931. Lackawanna Steel 6s 1950 Laclede 5%s. . Liggett & Myer: Manati Sugar s £ 7% s 1942 Midvale St 55 1936. .. New England Tel 6s 1952. N Y Edison 18t 6%s 1941. NY Tel 4%s 1939 N Y Tel 6s 1941. Pacific Gas & Elec 5s 1942 Pacific Tel & Tel 5s 1952 Philadelphia Co ref 65 19 Public Service 6s 1944 Sinelair Of1 37. . Sinclair Crude Ol 6s United Drug 6s 1944 . U S Rubber 7%s 1930. U S Steel s f 55 1963. Utah Power & Light bs 1944 Warner Sugar 7s 1939. Western Unlon Tel 6% 193 ‘Wilson & Co 1st 68 1941. . RAILROAD. 94% 92% Atchison T & S Fe gen 4s 19 96 93% 95% 93% 98% 97 102% 100% 103 102% 95 92% 102% 101% 100 98% 118% 117% 85% 83% 924 91 99% 99% 98% 97% 69 61% 106% 105% 80% 2% 69% 61 56% 98 95 6z BT 60% 65% 112 111% 1% T4% 934 924 98% 97% 118% 117% 89 86% 104% 102% 97 96% 96 94 128% 114% 106 108 92% 9% 81% 7% 96 93 84 81% 1% 8% 83 T8% 94% 84% 100% 99 108% 106% 116 116% 05% 94% 109% 108 114% 118% 99% 98 884 103% lO“A 'l 97 83% 9 Balto & O 15t gold 4s 1948 Balto & Ohlo cv 4%s 1933. Balto & Ohio ref 55 1995 Balto & Ohio 6s 1929 B&OPitts LE& W s Canadian Pacific deb 4s. Central Pacific 48 1949. . Chi & Eastern 111 gen 55 195 Chi Great Western 45 1959. Chi M & St P deb 4145 1932 Chi M & St Paul gen 4145 19 Chi & Northwestern 6% 19 Chicago Railways 5s 1927. . Chi R1 & Pacific ref 4s 1934 Chi Union Station 4145 1963 Chi Union Station 6%s 1963 CCC&StLref6sA 1929 Cuba R R 58 1952. Del & Hudson cv 5s 1935 Den & R G West bs 1955. Detroit United 4%s 1932 Erie 1st con 48 1996 Erie gen lien 45 1996. Erie cv 4s A 1953 Eriecv 4s D 1953 FlaEC5s 74 Grand Trunk s b Grand Trunk 7s 1940...... Great Northern 4%s 1976. Great Northern gen 7s 1936. Hudson & Manhattan ref 5s I1ligols Central 5% s 1934. . 96% 93 4% 100% Kan C Ft Scott & M 45 1936 Kansas City Southern 3s 19 Kansas City Southern Lake Shore 45 1928 Lake Shore 45 1931. ... Louis & h unified 45 194 Louis & T3% 99% 99% 98% Beigene 95% IOHh 107% 99% 98 101% 100% 88 86% 100 96% 108 101 9% 76 975 96% 107% 106% 108 1074 76 6% 109% 106% 30% 26% 82w 8% MStP&SSM6ls1931. Mo Kan & Tex 1st 45 1990, Mo Kan & Tex ad; 5s 1987. New York Cent deb 4s 1934 New York Cent ref imp 58 2 New Haven deb 43 1957. .. NYNH& Hcvdeb 6s 1948 N Y Ry 65 1965. rthern Pacific 35 2047 Northern Paclfic 4s 1997 thern Pacific ref imp 6s Liberty 18t 4% s 193247 Liberty 2d 4145 1927-42. . Last. Yiel 101 18 31 103 13 35 100 21 34 101 12 34 103 29 3 111138 84 Low. Last 99 9% 98 i 104 ligh. Low. 101 50" 101 14 . 103 13 108 10 100 23 100 19 101 14 101 11 103 29 103 24 111 15 111 Prev. week's Close. High. 99 994 98 9814 108's 103% 95k 95% 117% 112% . 109% 109% 95% 957 93% 93% 107% 1041 38. . % 1077 108% 100% 108% 104% 108% 103% 101% | 109% 105% 107% 9T% 9474 | 101% 106 106 1004 1 7 9 5 106Y% 12 121 104% 105 100% 101% 104 108% 118% 104% 4 120% 104% 104% 100 100% 103% 1034 118% 104% 962 NEOU! Amer Agri Chemical 7%s 1941. . Amer Smelt & Ref 1st 55 1947 e Amer Tel & Tel cl tr 4s 1929 Anaconda Copper 6s 1953 . . 193 Barnsdall Corporation 6s 1940. Bethlehem Steel p m 55 1936. Bethlehem Steel s f 63 1948. Cons Coal (Md) 1st ref 5s 1950.. . Cuba Cane Sug cv deb 85 1930 Eastern Cuban Sug 7%s 1937. Humble Oll & Ref 5%s 1932 NYGasELH&P bs 1948.. North American Edison 65 1952 % U S Rubber 1st & ref 55 1947. 6. 95 Atlantic Coast Line 1st 4s 195 & B & O Southwestern Div bs ofs 50. Brooklyn Manhat s £ 6s A 1068 . Canadian Northern 6%s 1946. Chesapeake & Ohio cv 4145 1930 . Chesapeake & Ohio gen 41§s 1992, Chicago & Alton 3% 1950. .. . Chi B & Quincy 1st ref 5s 1971. 5 Chi M & St Paul ref 4148 2014. . . Chi M & St Paul cv 65 2014. . 36 Chi & Western Ind con 4s 19, Colorado & Southern 4%3 1935. Delaware & Hudson 54 1937 Den & Rio Grande con 4s 1936 Great Northern gen b%s 1052 . 1967 Hudson & Manhattan adj 5s 1957. Inter Rapid Transit 55 1966. . . Inter Rapid Transit cv 7s 1932 Inter & Great Nor adj 6s 1952 0. sh 15t ref 638 2003 Mil Elec Ry & Lt 1st ref 55 61 Mo Kan & Tex pr In 5y A 1962. Missouri Pacific gen 45 1976 w York Central deb 68 1935. . . NY West & Boston 414s 1046..... rfolk & Western con 4s 1996. .. 2047. Short Line ref 45 1929. .. Ore-Wash 1st ref 4s 1961. Pennsylvania gen 4148 196; Pennsylvania gen 5 1968 . Pennsylvania 61,5 1936, Peorfa & Eastern inc 4s Pere Marquette 1st § Reading 4 %s 1997 101 109% 106% 112% 111% 4Ty 41% 105 103% 100 98 86 84 96 9% 94 92% 8% 84% 101% 99% 102% 101% 100% 99% 937 6% 88% 9914 99% 90 944 88 108 106% 123 119% 64% 624 965 94% 100 99% 1033 1024 108 10 104% 1q4% 3 % 1004 99% 88 86's West Shore Ist 4 \ RIATk & L 4%s1934. StL1 St L & San Fran pr In 5s 1 St L & San Fran adj 6 St L & San Fran Inc 68 1960 StPKCS Line 4345 1941 Seaboard Air Line ref 195! Seaboard Air Line adj 5s 19, 195 Southern Ry gen 4s 1958. South Ry 1st 55 1994. . . Southern Ry dev 6% s 1956 Third Ave adj 55 1960. . Union Pacific 1st 45 1947. Urion Pacific v 48 1 Virginian Ry 1st 5 Wabash 15t 55 19 Wabush bles 1975, Western Maryland 4s Western Pacific 5x 194 61. Rio Grande Western clt 4s 19, M&SR&G 451933, St L & San Fran prIn 4s A 1950. vz St L & San Fran 5138 D 1942 49 Seaboard Air Line con 6s 1945. Southern Pacific cv 48 1929. Southern Pacific col 4s 1949 Southern Pacific ref 4s 1955 3 e 1041 9% 994 6% Loy 047 80 865 87 99% 86% articles uncl THE SUNDAY STAR, WASHINGTON, BOND SUMMARY FOR THE WEEK | . C. AND NORFOLK - IRMS IN MERGER | Mortgage Concerns’ Boards | Vote to Unite—Stockhold- ers’ 0. K. Sought. BY EDWARD C. STONE. President Harry A. Kite of the | Mortgage Bond & Guaranty Corpor tion of this city, announced yester |that the directors of this compa |and those of the Mortgage Security |Corporation of Norfolk, Va., have voted for a_consolidation of the two concerns. holders’ meetings of both companies have been called for March 24, to ratify the merger, and the new company will be known as | the Mortgage Security Corporation of | America. | Notlces have been mailed to the stockholders of the Washington con- cern outlining in detail the merger {plan and the necessary exchange of stock. The Washington company's | present preferred stock has a par value |of $10 per snare, while the new pre- {ferred will carry’a par value of $100 per share. The local common stock |is now valued at $10, while the new |common will have no par value, al- though the announcement state it will have a book value of $20 per share, One-half share of the new $100 7 per cent preferred and one-half share | of the new $100 8 per cent second pre. ferred will be exchanged for 10 share |of the $10 preferred now held, or one full share of the new second prefer- ed may be exchanged for 10 shares of the old $10 preferred. One-half share of the new common will be ex- changable for 10 shares of the com mon now held. Application will be |made to list the new stock on the Baltimore and Boston stock e: The Mortgage ¢ | Corporation 1 |the new board of | Washington office will be maintained at the present location, 1010 Vermont avenue. Fernand Petit, vice presi dent and general manager of the present local company, will be a identified with the consolglatec poration. The officers of the local firm are Harry A. Kite, president; Appleton P. Clark, jr., vice president; Hugh A. Thrift, vice president and treasure Fernand Petit, vice president and sec- retary; M. E. Greene, assistant treas urer, and Daniel T. Wright, counsel. The consolidated balance sheet of the two companies places resources at $39,000,000 and capital and tos pr directors and a . | over $4,000,000. Local Bank Stocks Strong. | In yesterday's trading on the Wash- ington Stock Exchange, District tional Bank stock reached 250, a new high for all time. Federal-American National came out again at 320, which is its high for the ‘present year, while stock of the Farmers and Mechanics National recorded its first t ction { on a small turnover. Capital Traction closed the week at the strong price of 107%. The sesslon was notable for one of those rare sales {in Washington Railway and Blectric common, 20 shares coming out at Vznu This stock has recently been by f-lr the most erratic issue on the board. Washington Gas 6s, changed hands at 104%;, while the serfes B bonds again sold at 185. Sat- urday's reading of quotations on un- listed stocks showed few changes dur- ing the week. Base ball stock mains unchanged in spite of the ap proach of the playing season, ing bid and 95 asked, and no sales re ported. Brilliant Banker Coming Here. William Russell Morehouse of Los | Angeles, president of 'the savings k division of the American Bank ers’ Association, will preside at the regional conference to be held in| Washington on April 7 and 8. He is an author as well as banker, and at present is vice president of the Se- series A, home cit; Mr. Morehouse has written numer- ous books on banking, some of the titles of which are: “Banking Deposit Building,” “Bank Letter: “Bank Window Display Advertising,” “‘Bank- iuide Book,” which has been 2! “The How to in the and “Written minations for Bank Employes.” Some of these books have been tr lated into three languages February Bond Issue Heavy. Real estate bond issues announs |for public offering in February amounted to $59,479,600 compared with 862,500 In January and with $51, 136,500 in February t year, accord- ing to compilations made public yes- terday by S. W. Straus & Co. A some- what larger than normal proportion of these loans were on completed structures. The total number of is sues for the month was 82 compared with 51 In February, 1926. Commodity Prices Stronger. Wholesale commodity prices in ihe main, displayed a stronger ttndency this week than for a number of weeks, 30 out of the 59 changes that appear in the list of quotations collected by Dun’s Review being advances, against 29 declines. In last wee complila tion there were 26 advan and 24 reductions; in a similar comparison for the corresponding week a year ago 40 recessions contrasted with 19 advances. COTTON GUODS FIRM. NEW YORK, March 5 (#).—Cotton goods were very firm today, with de- mand for finished lines active. Do- mestics and wash fabrics sold freely and many of the colored goods were more active than for some time. Yarns held steady. Burlap markets closed the week firm and the month's advance business thus far has been good. Silk was steady and in mod- erate demand. Further lines of fancles In men's wear and dress fabrics for Fall are being opened and new business is mud(-ru!e BUTTER BAB.ELY STEADY. CHICAGO, March 5 (®.—Butter today ruled barely steady on 92 score butter and firm on the medium and lower grades at unchan; | Trade generally was slow, on the 92 score goods, which were in liberal supply and difficult to move. Recefvers were holding rather firmly, but buyérs showed very The centralized car m: steady at unchanged prices. were equal to the demand, rather slow. Fresl , 49; 90 score, 4815 87 scor core, 49%; 44 89 score, N‘EW YOB.K HARKETB N ‘W YORK, March § (#).—Rve No. 2 Western, 1173 Tiowb. York .and. 1.15% e Wheat, spot, irregular: Northern Spring, c.if. Ne 67%; No. 2 hard Winter, flo.b. 'k, all'rail, 1.56%; No. (l\lc to Tk %3 in b yellow, e. rail, 88; No. easy; Middle rail, Corn, spot, eas; No. track New \ork sll yellow, ‘est, 12.95a13. os O\Mr ns so far this year when it brought 285 | re- | curity Trust and Savings Bank in hls-) D. C, MARCH 6, 1927—PART 1. FINANCTAL. REACTION EXTENDS IN STOCK MARKET Heavy Selling Takes Place for Both Accounts—O0il Price Is Reduced. By the Associated Press. NEW YORK, March 5.—The reac- tion in stock prices, which had been! under way two days. was extended to-| day selling again place for Apart from a second cut In crude oil prices, there | was nothing in the day's news to ex-| plain the selling, which appeared to| be a further corrsction of an obvious- ly top-heavy speculative position built up in the recent rapid advance. Total | sales feil just short of 950,000 | Bear selling was ~onducted on the theory that practically ali of the “good news" ment was d way, and that some onstructive development was ry before sufficient bullish en thusiasts could be created to resume| the general upward swing. Most ob-| servers agree that the trend of busi ness is the key to the future 1aove- | ment of security prics L attention is being paid to the so-calied “business barometers.” The excuse ng was based on the fear of an extra session of Con- gress proved groundless when seem ingly (vt‘fidul assurance that no such ction was contemplated by President Coolidge passed unnoticed as a mar- ket factor. Today's selling converged largely on the motors, motor accessories and spe cialties, in' which prospects for 1 s favorable as they Roller v 5 points to 83%, but ss on selling at ome’ quarters to the de-| omplications regard roller bearing apps | ratus for railroads. General Motors Mack Truck, Stewart-W w hur declined a point or . Steel, Allied Chem: ican Smelting and Inter Combustion all sold down a point or counting out of the ew and impo velopment of the company recorded I\ an Republics, Buffalo, Pittsburgh, Ch and Union Americ Roc & Northwestern preferred Pacific preferred. Houston Oil soared over 10 points to ._closing within a_point of the top; Reynolds Tobacco B jumped | held Ithe dealings continued toda ook | | which the upward raove-| | | to nearly 6 points to 110 and then backed down to 107%, and Atlanti Refining, Kelly Springfield comm S. H. Kress and National Surety anced 3 points or mory Heaviness of some of the Eastern ils may have been due to the ported decision of locomotive engi- neers to ask for a 15 per cent in- crease in wages. Foreign exchanges hela fairly isteady with demand sterling quoted around $4.843%, and French francs just above 3.90 cents ad- | {WHEAT PRICES RALLY { AFTER EARLY DECLINE Extensive Rail Shipments of Cana- dian Grain Bring About the Late Bulges. By the Associated Press. | CHICAGO, March 5.—Extensive all-rail shipments of Canadian wheat, able strength of bout in the wheat market closed firm at 's finish to % higher, corn % off, oats varying | trom a shade decline to 1% advance, and provisions unchanged to 40 down In connection with a bulge which | lifted wheat prices at Winnipeg to § | . May, talk became ing of Winni in progres Profit-taking on | however, tended id here. | the same as st sales of July. advances in Chicago, | to check the upturns here. tavorable domestic crop conditiol | Southwest and Liverpool quotation: lgwer than due had given bears here a decided initial advantage, special | notice being taken of advices from a Chicago crop expert that throughout | a large portion of Texas Winter wheat | territory the soil is thoroughly soaked, that wheat shows a good stand and { color, and that the plant is well | stooled. Prospects of large a 1s of wheat | in Great Britain during March and of heavy deliveries on future contracts at Liverpool were given as reasc for unexpected weakness of the Liv pool market. British millers, never theless, were reported as purchasing big quantiti wheat, both afloat and for immediate shipment to Eu rope. Meanwhile domestic arrivals of wheat Southwest continue liberal. the other hand, millers in that section | | were again good buvers. i Big receipts of corn here, 238 cars today, in the face of a slow demand, had a depressing effect on the corn market. Oats held steady, helped by continued good inquiry for all grades Provisions had a downward trend, in line with hog values and with corn - STOCK 1S CALLED. N March 5 (), can Chain Co. has called for redemp- | tion on April 1 its entire outstandi jssue of 250,000 shares of class “A" stock at $30 a share and accrued divi- dends. An fssue of §11,000,000 of new preferred stock, proceeds of which will d to provide funds for retiring % stock. is understood to have been underwritten by Dillon, Read & Co. and Hemphill, Noyes & Co. OIL PRODUCTION UP. NEW YORK, March 5 (A oil ‘production in domestic fiel January 1 to March 5 is estimated at 153,457,000 harrels by the Oil, Paint | and Drug Reporter, compared with | 117,055,000 barrels in the same period | last year. Daily production is now at the rate of 2462900 Dbarrels against 1,920,500 a year ago. OVERCOUNTER GAINS. \EW YORK, March 5 (P).—Sub- | stantial gains were made in nume ous issues in “over the counter trading this week, despite the irregu- larit; prevailing In other security markets. National Fuel Gas featured the high-priced issues, up about 1% points.Internationul Silver touched | a record high, the week’s gain of /7 points, making a 30-point advance since the first of the year. Casein Co. of Amercia, White Rock, second | preferred, and Remington Arms, first | preferred, were other. strong issues. ORDERS ARE HEAVY.. ! Crude NEW YORK, March 6§ W—On‘ler! of Briggs Manufacturing Co. automo- bile supplies are 40-per cent ahead of[ any former peak business, necessitat- | ing “an expansion program that will! incease capacity to 1,000 bodies daily. | STt "toh’m(:‘ H I .‘:'"..:-rv-un rvestom. Lot 't 1 0. INVESTMENT .BLDG.. 5&- Main 3033, ! TRADING IS LIGHTER ON CURB EXCHANGE Bullish Actxvmes Contmued in Those Issues Recently in the Foreground 5.—Bullish | that have| position in | on the curb exchange. Business in the short period, however, lacked the volume of nearby sessions There were a few movements in| new area. among them belng Auburn | Auto, 2 points to| ores, which | also a new and Lake | ting and several, were in demand at moderate gains, while pressure de veloped in Pillshury Mills and North American Cement, which yielde respectively. arrowly tional ad- Vacuum dis- strength. Citles Service | opened off ‘% of a point at 49, and then yielded on all offerings to 48%. The mixed trend in this group became pronounced in the last hour when selling caused prominent issues drop below the low quotations reached earlier in the week YORK, March in those issues lately a foremost activities 61, burgh ined 2 points to high record. P rie, Ame an public utilities wit ie WE PAY MORE INTEREST ON SAVINGS ACCOUNTS | Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 | R GOLDEN DONALDSON. PRESIDENT HOME OWNERS LOANS Tn fo $300 within one day. 6 Interest and brokerage, ~No tane. We take 2nd, 3rd or {rust. Bring in what Davers have to your proverty. Fr. Real Estate Small Laln Co. District National Bank Bld Real Estate Financed Business and Residential Loans on 2nd| d 3rd Trusts. Reasonable rates. Im- mediate action ]." PEOPLES FINANCE CO. 10 Vermont Ave., Rm. 508. Main 2908 FIRST DEED OF TRUST NOTES ON HAND Bearing 613 Per Cent and 7 Per Cent Interest In Amounts of $250.00 Up See WELCH, Realtor 15th & New York Ave. Main 4316-347 ~ Established 1809 No Loss to an Investor in 27 years. 4090000000000 0000000 00000 1 CONSULT US M. .! Wm ‘H‘sannden Co. e gnge l'"\lnd%‘] lfis lfl" K ll \(mel‘! b"w York - icago Board of Trade THE MAYFLOWER HOTEL Sour surulus funds. to the future by In\eal Notes hington, D. C. | +000000000s00000000000000! York Coffe YFori " Buin WASHINGTON, D. C. - Telephone Main 1581 Stqok Ex: Sugar 34 ping in Clients of other houges st I them- Wasbington are invited to av selves of our facilitie Main Office 71 Broadway. New York. ~ Mauiy AvallaklaVFar First Deed of Trust | LOANS Reasonable Interest and Commision Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. LOANS /e will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of inter- est. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of Thirty-five Years —insures your protection. Percy H. Russell Co. 926 15th St. N.W. G. M.-P. MURPHY] & CO. Members New York Stock Exchange BSuccessors to JOHN L. EDWARDS & COMPANY A copy af our Fortnightly Review sent on request 1416 H Street Northwest 52 Broadway, New York . Richmond, Va. Mortgage Money l.olned at 5% to 6% Tyle:o & Rutherford 1520 K Street Main 475 , Money to Loan | Sacured by first dead of trust on real sstate, MONEY TO LOAN Prevatling \nterest and. comimission Josep"nl Weller 400V & 3 Frase At 51%% and 6% = Before I’l.(l"' or Ren _Ride Your 1st or 2d Tri ~ WE FINANCE Consult Welch, Realtor —all classes of income-producing LOAN SPECIALIST proprety Reasonable Charges. Quick Replies. Large Loans a Specialty 15th & New York Ave. Current int. rate and commission Main 4346-4347 APARTMENT. CHURCH. THEATER. RESIDENCE AND GARAGE PROPERTY. CONSTRUCTION LOANS. FRED T. NESBIT 1010 Vermont A Main 9392 Higbie & Richardson, Inc. 816 15th St. N.W. CONSTRUCTION LOANS 6% Interest Your needs are readily met here. There are no delays, and the arrange- ments we make will please you. B. F. SAUL CO. Main 2100 925 15th St. N.\W The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate n the District of Columbia and Neamy Suburbs in Montgomery County, Md. for 3, 5 or 10 year terms on your 5%% Apply @anvDary H. FAGNER & COMPANY MORTGAGE LoaN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Home Apartment Office Building Business Property Harriman & Company TRINITY BUILDING, 111 Broadway, NEW YORK == MEMBERS NEW YORK STUCK EXCHANGE TRANSACT A GENERAL BROKERAGE AND 8TOCK EXCHANGE BUSINESS WASHINGTON OFFICE 729 15th Street N.\W. Telephone: Main 1603 T Make The Most From Your Rentals A Third of a Century's —by having us, as expe- rienced specialists, super- vise their management. We know where to find tenants, how to hold them, where to locate the “little” losses, how to cut operating expenses and still give better tenant service. It pays! B. F. SAUL CO. Main 2100 925 15th St. REPUTATION Over 30 years of operation in the Real Estate business has placed this firm among the leaders in the City., QOur Real Estate Loan Department is prepared to make loans on Satisfactory Terms at Reasonable Interest Rates with Reasonable Charges. WEVERSBROS 809 15th St. N.W.. ‘Main 9486 ¢