Evening Star Newspaper, March 8, 1927, Page 10

FINANCIAL * HARKET BSTRS . HEAW OFFERN Some Prominent Industrials & Work Even Higher After K. Selling Stops. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 8.—The stock ‘market readily absorbed the heavy offerings which came upon it today. and many prominent industrials even showed an ability to work higher after liquidation had been completed. The element favoring further reaction made the most of the substantial in- crease reported in brokers’ loans after the close of business last night. ?\'fl:i- elling orders had accumulates ;;:gl‘:‘;s \'olfim& Industrials and rails with few exceptions were carried down substantially within the course of the first hour. But the mannerin which such stocks as General Motors, Tnited States Steel, several of the ils and railwa: This Hquidation Teft no doubt that the undertone of the market still was trong. S Phe motor shares appeared to be chiefly concerned with the tech position of the market for this cla of stocks. The early reaction carried General Motors down 2 points to 1843%. but the support accorded it around the low for the (;la; ln(llgared a ood demand on any fairsized reac- fiom Hudson Motor, which has been recelving the support of a good-sized short interest, resisted the selling and subsequently was brought above yes- terday’s final. White Motor, however, wvas pressed for sale at new low prices for the vear. The fact that the com- pany reported a deficit after dividend for 1926 of $333.709 against a surplus of over $3,000,000 in 1925 was a & tinct disappointment, although it was mot expected to make a favorable com- parison with the prosperous period of 1925. In view of all that had been maid about the railroad end of Tim- Xen’s business, the disclosure that net for 1926 was equal to only slightly more than $7, compared with $6.73 a snare in 1925, was not entirely in line with what had been generally an- ticipated. Timken was offered down more than a point when it changed hands under S5. 3 Reports concerning the oil industry were not as unfavorable as they had ‘heen recently. The decline in domes- tic crude output during the week end- en March 5 was cause for less appre- hension over what is to be expected in the future and was due, in part, 10 the decision to curtail the tremen- dous qutflow in the Seminole Field. Houston Oil continued to monopolize attention of the speculative element, and the pool supposedly operating in the market for the stock had every- thing its own way. At 120 it was within a fraction of its high for the iyear, and compared with Monday's final of 114%. Heavy offerings of :Barnsdall “A” carried the price to a new low on the move and were as- ceribed to the growing belief that the -dividend rate would not be increased at the coming meeting. General i Asphalt after early weakness retraced ‘all the lost ground. 3 | Maskets at & Glanee NEW YORK (®): Stocke—Firm; “Houston oil touches new record peak. “Bonds—Steady; United States Govern- ment issues at record highs. Foreign exchanges—Mixed; Argentine pesos ‘touch par. Couon—m.ufl;: less u‘t;;s larger PBrazilian crop estimates. CHICAGO: Wheat—Barely steady; . TIMKEN PROFITS UP. NEW YORK, March 8 (#).—Tim- Xken Roller Bearing Co. earned $7.05 A share in 1926 with net profit of $8,474,103, - compared with $6.73 a share in 1925 and net of $8,088,338. FOREIGN EXCHANGE. "MQuotations furnished by W. B.Hibbs & Co.) Homial Selling checks wold valos. ;1 o L8865 $4.85 i 5 b 1704 n: : 014 2 0001434 agve. 4 02063, Varsaw. zloty +¥lopenhagen. crown . Oslo, crown. . Stockholm. crown NEW YORK, eign exchanges regular. Quotations (in cents): Great Britain—Demand, 480 13-16: cables, 485%: 60-day bills on banks, 48 France—Demand, 3.90% cables, Italy—Demand, 4.42; cables, 4.42%. Demand—RBelgium, 1 23.70: Holland, 39.9713; Norway, 25 Sweden, 26.70';: Denmark, Switzerland, 3%%; Spain, Greece, 1.29: slovakia, 2 tria, 14.12% 42.37%. Br: Shanghzi, 61.50 90; Germany Argentina 11.8713; Tokio, 49, ; Montreal, 9 . ! SHORT-TEM SECURITIES. #Reported by J & W. Selizman & Co.) i 2’1 Tel. of Canada an. Noi Ry, Co. 78 19036, .. 113 Bigs 1940 1 Al 16460 s 1030 1 REFRASEE s, Femu R g e OV Co 0 1 Sinelair ] equipments absorbed | Am Linsd pf (1) Open Hizh Low Clbse. Abitibl Pow (5). 91's 91% 90% 91 Abrahms&Straus 65 65 65 65 Abr&Stras7%pf 11115 111% Adv Rumley pf. 36% 36l Adv Rumley.... 13% 13% Ahumadait60c). 5% 5 Alr Reductn(t8) 146 146 1% 1% T4 1% 165% 165'% 137% 139 121% 121% 951y 12% Allled Chem (8) Allled Cm pf(7). Allis Chalm (8). Am Agricul Chm Amal Leather. Amerada (2) Am Agrt Ch pt Am Bank N (2). Am Bosch. ..... Am Brake Shi(6) Am Br Bov EI(2) AmCan (2),... Am Car&Fdy(8) Am Chain A (2). Am Chicle (3).. Am Drug....... Am Express (6). 130' 131 Am & For Pow.. 20l 20% Am&Fo Popfi7) 90 , 90% Am Hide& Lpt. 49% 50' Am Ho P(2.40).. AmIce (110)... Am Icenf (6)... Am Internati(2) Am La Fr(1)... AmLinseed. 10% 5T 1% 112 142% 142% 41y 41y Am Locomot (8) AmMa&Fy pf(7) Am Metals (3).. Am Po& Lt (f1) 56% 56% Am Radiator(5) 114% 115% Am Ry Exp (6). 914 91y Am SafetyR(23) 528 3 Am Smelting (8) 1 149 AmS &R pf(7), 120% 120% Am Snuff (12).. 129% 129% Am Snuff pf (6). Am Stl Fays (3) Am Sugar (5)... Am Sumatra. Am Tel & Tel(9) Am Tobacco B(8. Am Tobac pf (6) Am Typ Fdrs(8) Am Type pf (7). Am W W (c1.60) Am W W 1st (7) Am Woclen Am Wool of (7). Am Writ Pa ctfs Am Zinc pf. Anaconda (3) Ann Arbor pt... Archer-Dan (3). ArmourDel pf(7 Armour of III(A’ Armour of 111(B* Art Metal (+133) Asso Dry G(214) Ass0 D G 1st(6). Atchlson (+7%). Atchison pf (5). Atlant CL (18). AtlGulf & WI.. Atl Gulf&WI pf. Atlantio Refing. 114% 115% Atlas Pow pf (6) 100 100 Austin-Nichols. 8 8 Austin Niepf(7) 52 52 Baldwin L (7).. 1821 186 Balto & Oh pf(4) 75% 754 Balto &0 (6)... 111% 111% Bang & Ar (3).. 656% 57% Bang & Arpf(7) 107% 107% 3 73% 105% 105% Barnet Leather.. Barnsdall A (2). 33% 33% 32% Barnsdall B (2). 81% 31% 31 k 53% Cigars. 54 b4 Bayuk 1st pf(7). 103% 103% 103% Beech-Nut (13). 58% 58% b58% Belding Bros (2) 24% 24% 244 Bethlehem Steel Beth Stl pf (7). Bloomingdale. Bon AmiClA(4) bk 54% 54k Botany C Mills A 24% 24% 24 Briggs Mfg (3).. 33 33 381% British Empire.. 1 1 1 Bkin-Edison (8) 150% 150% 150% Blkn-Mn Tr (4). 68% 684 6TW Bk Man T pf(6). 87% 874 87% Brown Bnos 3. 31k 0k i rown Shoe (2). % 8l Brufewick B(3) 32 32 Brunswick Ter.. 10% 10% Buff Roch&P(4). 100% 104 Buff R&P pf(6).. 108 Buff&Susq pf(4) 45 Bush Terminal, Calit Petrol(2). Calumet & Ar(6) 664 Calume! Can Pacific (10). 183% CarCl&Octs stab 102% Case Threshg (6 150 Central Alloy.(2) Cent Leather. .. Cent Leather ctf) Cent Leather pf. Cent Lea pf ctfs. Century Rib M., Century R pf(7) Cerro dePas(15) Certain-Teed(4) Chandler pf(23%) 22 Ches & Ohlo (8). 154 Chi & Alton. . ™% Chl & Alton pf. . Chi & East 11 pt. Chi Great West. Chi Gr West pt Chi MII&StP. Chi MII&StP C M&StP of: C M&SLP pf c Chi & Nwn (4).. 81 Chi Pne Tool (6) 129% Chi Rock Is (5).. 80% CRI&Ppt (6). 97 ChiStPM&O.. Childs (12.40)... Chile Cop (2%). Christie B (1.20) 38% Chrysler Corp(3) 42 0; | Chrysler pfA(8) 105 Cluet Pea pf (7). 116% Coca-Cola(17%) 180% Collins & Afk(4) 81 Col Fuel & Iron. 58% ColGas & B (5) - 85 85% 84l B85% Col GRE pf A8) 101 1014%01 101% ColCarbon (4).. 79 79 78% 179 Com Credit (1).. 19% 19% 19% 19% ComCrpf B(2) 22% 22% 22% 22% Com Inv (360).. 52 52 50% 50% Com Solv B (8).. 262 270 261 269% Congoleum N... 19% 19% 19 19% Cong Cli (4).. 53% 53% 5H3% 53% Con Cigars (7).. 81 80" Conso! Distribut 1% Consol Gas (5) 98 3% Cont Bakg A (8) 621 Cont Baking R.. Cont Bak pf (8), Cont Can (5) Cont Can pf( Cont Mot (80c), Corn Prod (+2%" Coty Ine (8)... Crucible Steel (6% Cuba Cane Sugar Guha Cane Su of Cuba Compy (3) 31% 31% Cuban Am 8 (1). o256 24% Fudahy Pke (4). 51% b51% Cushman’s (§8). 104 104 104 Cuyamel Frult.. 82 32 3l% 814 28% 287 Davison Chem 29 29 TREASURY CERTIFICATES. +Reparted bvJ & W Selleman & Co.) Rate—Maturite %8 Mar. 15 3w Tune 15 FEDERAL LAND. BANK BONDS. 1Quoted by Alex. Brown & Sons. Closizs.) Bid, P PDE! P Eed 2! PRER SEELEE ot SSoeo0: IR it s s bt oF SEA - Del & Huod (¥) 180 180% 178% 180% Dol L & W (7)., 147% 147% 147 147% DRG Wstpf... 53 58 526 52% Detrolt EA4 (8).. 138% 138% 138% 138% Devoe & R(2 40) 38% 38% 384 384 Dodge BrosCl A 24% 24% 24 24% Dodge pt (T)... 83 835 82% 834 Dome Mines (2) 8% 8% 8% 8n Doug Pect(t2%) 55 55 556 55 Dupont (8)..... 192 194% 188% 194% ©asgman (18)... 132 132 132 132 Katon Axle (2).. 25% 26W 256 25 76% 6% 176% 18% 13% 13% E' AutoLt(t8%) 764 Btsenlohr & Bro. 13% Electrio Boat... 15 15 14% 14% Eleo Power & Lt 174 17% 17 17% EP&LDI 0% (7) 105% 105% 105% 105% Elec Refrig (2). 33% 33w 32% 33 Klec Sto Bat(t6) 693 0% 67 674 28 98% 45 Open. High. Eureka Va ft41, 64 65 Fairbanks (3).. Famous Pl (18). 110% 111% Fed Lt&T(K1.40) 40% 414 Fed L&T of2(6) 93 Fed Min & Smelt 85 Fed Min pf (7).. 80% Fed Mot T/f80¢) 28 First NatSi1%) 28 Fisk Rubber.... Flelschmann(3) Foundation (8). Fox Film A (4). Freeport Tex (2) Gabriel Sn (3%) Gardner Motor. . Gen Am ''nk (3) Gen Asphalt.... Gen Cigars (4). Gen Elee (h3).. GenEleo ap: 6iic) Fen (Gas Avel %) Gen Gas pf B(7) Gen Motors (8). Gen Mot of (7).. Gen Outdr Ad(2) Gen Outdr A (4) Gen Ry Sig (5).. Gimbel Bros.... Glidden (2) Goodrich Ru (4) Goodrich pf (7). Gothm S H(23%) Gotham new 2% Gould Coupler A Granby Consol. . Grt North pf (5) Gt NrOra(t1%) Grt Westn Su (8 Gt West S of (7) Green Canan.... Guantanamo. Guantan pf (8) Gulf Mo & Nor.. Gulf States (5). Hanna 1st pt. Hartman A (2) Hrtn B b10% stk. Have E ctfs (6) Helme Geo (4).. Homestake (+7). Houshld P (3%) Houston Ol Hud Man (2%). Hudson Mo(3%) Hup Mot (1.40).. [linols Cen (7). I Cenlsd If (4 Indep Ol (1). Inland St (2%). Inspiration (1). Interboro Rap T1 Intcont! Rub(1). 14% Internat Agrl... s In Ag C pr p£(7) 61 Int Bus Ma (4). Int Cement (4). . Int Com Eng (2) Int Harv (§6; IntMtch pf(3. Int Mer Mar pf.. t Nickel (2). nt Paper (2) Intl Shoe (7).... 167 167 Int Tel & Tel () 126 127% Jewel Te: 59 Jones Bros Tea. 16% Jordan Motor... 1% Kan City South,- 47 KayserJ (¢).... 51% % pf Kennecott C (). Keystone T & R. 41% 41% w 124% b61% 69 T1% 21% 22 125% 125% 81 81 278 42% 21% 4% 54% 56% 157% 157% 62% 62% 41% 41% 40% 41 58% 59% KraftCh (11%) e Kresge 88(1.20) 49% Kresge 88 pf(7). KressSH (1)... Laclede G pf (5) Lago Oll&Tran. Lambert Co (5).. Lee Tire & Rub.. Lehigh Val(33) Lehn&Fink (3). Lig & My B(f14) 69% 112% 112% 20% 69% 8 114% 35% Long A . Loose-Wiles (8) Lorrilld b8% stk Lorilfard pf (7). 116% Louisiana Oil... 16% LoutsGasA(1.75) 258 Louls & Nash(7) 134 Ludlum Steel(2) 29 McCrory (1.60). 58 McCrory pf (8). 98 Mack Trucks (6) 105% Mackay (T)..... 122% Magma Cop (3). Man E18up (5). Man El m g (45) Market St 2d pf. Marland Ofl (4). Marin Rock 123 Martin-Pary(2). Mathleson (4).. May Dept 8 (4). Maytag Co(12%) Mexican Seabd. . Ailami Cop (1).. Mid-Continent. . Middle States. Midland pf(t1 Mtller Rub (2) Minn & St Loul Mo Kan & Tex.. MoK & T pf (6) Missouri Pacific. Missourl Pac pf. 98% Montana Pow(5) 86% 86% Montgmry W(4) 65 Moon Motor,...- Mothr Lode (76c Motion Ple (1).. 11 Motor Met(3.60! 85% Motor Whi (2). 22% Murray Corpn.. 35 Nash Motor (4). 66% 68% Nat Biscuit (5). 103 103% Nat Biscu pf (7). 131% 131% NatCash R(A)8 40 40 Nat Cloak & Suit :3% % 25 43 167% 29% 4% 34% 2% 2%, 37% 37% 100 100% 47% 48% Nat Cloak of (7) 181 117% 20% Nat Lead pf (7). NatPw&Lt(800) Nat Ry Mex 1st. Nat Ry Moz 2d.. Nat Supply (4). Nat Surety (10). 263 NatTea (4)..... 117% 117% NevadaC (1%). 14 14% NOTex& M (7) 133% 1334 N Y AirBr (3).. 44 44% NY n .. 18 N Y Canners pf. 48 NY Central (7). 141% NYC&StL pf(8). 102% NY Dock.es..-o NY Dock pf (5). NY NH&Hart. .. NYOnt&W(1) Norfolk South.. Norf & W (8)... NthAm b10% sth North Am pf(3). NorAm EA pf(7) Northn Cent (4). 12% 34% 104% 12% Nunnally (1.650). Off Well-Sup (3) D1l Well 8 pt. ). Opnhm. Col (). Orpheum Cir(2) Otis Blevator (6 Otls Elev pf (8). Otls Steel...... Otis St prior(7) Outlet Co (3)... Owens Rot(Ct5) 78 Owens B pt (7). 117 Pac Coast 1st 5 51 Pac Gas&El new 32% 32% Pag O11 Stubs. 1% Pac Tel&Tel rt % Packard.(12.90). 34% Motor 10 B (8 61% Pan-AmWnB(3) 30% ndl 8 Pathe Bx (c3).. 39 Patino M (a97c). 26 Pesrions Mot.... 2TH NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Ofice Low. 63% 4% 110% 40% 93% 8% 61% 48 112% 504 68% 21% 125% 81 5314 165% 623 40% 40% 58% 167 125% 59 16% 16% 45% 51 58 48% 112% N2x 69% 112% 43 1663 29% 116% 14% 26% 134 28 58 98 102t% 122% 331 2'4 36% 100 46% 9% 86 63% 9 4 11 856% 22% 82% 657 i 1 40 34% 90 6% 25 174% 117% 20% 117%. 14% 138% 44% 17% 47% 139% 102 12% 34% 1044 12% 51 $2% CHRISTMAS SAVING CLUBS HERE SHOW 6 PER CENT GAIN OVER 1926 78,145 Accounts Opened With 27 Banks, Ad- vertising Committee Reports—Treasury Notes to Be Exchanged for Libertys. BY EDWARD C. STONE. year's Christmas Savings conducted by 27 Washington banks, show an.increase of 6 per cent in the number of accounts over the record total of 1926 and a gain of al- most 10 per cent in the amount of money subscribed to be paid during the present year. The advertising committee of the District Bankers' Assoclation, which conducted the co-operative campaign and placed the advantages of Christ- mas savings clubs before the public, today announced the results of the drive. After the early months of the year no new members join, as there would be too many weekly back pay- ments to meet. In submitting its report, the com- mittee gave the number of accounts opened for the present vear as 78,145 and the total amount subscribed to be paid lnz during the 12 months as 14,903. e report for 1925 showed that 66,270 accounts were opened that year. In 1926, when all previous rec- ords were driven to the four winds, the number of local accounts reached 73,615. And now comes the report of 4,530 more accounts this year than were opened a vear ago. mparison of the amounts sub- scribed is also enlightening and sur- prising in the rapidity of growth. In 1925 this total was $4,447,741. In 1926 it jumped to $5,544,967. This year’s ad- vance to almost $6,000,000 means a gain over last vear of $449,936 and reveals an interest in Washington in this type of savings, which bankers consider amazing. ‘The committee has also made the discovery that the mortality rate of Christmas savings accounts closed dur- ing the year is not so great as in regu- ————— e Penick&Ford(1) 22% 23 Pa DixieCt(3.20) 36% 36% PaDIxCtpf(7) 98% 99% 98% 99% Penna RR (3%) 58 684 57% 57% Penn-Seab Steel. K T T T Pere Marq(t8).. 122 122 122 122 Pere Marq pf(5) 91 911 91 91 Pere M prior(b). 33‘6 934 93% 9l 91 Phlla Co (4).... 1 Phila& RC&1.. 44% 44% 45% 444 4;‘/& 3 Phila&RC&] cfs, Philip Morris... 37 Phtllips Pet (3). 56 56% 56 Phoenix Hosfery 45% 45% Phoenix pf (7).. 106 106 Plerce-Arrow... 22 21% Plerce-Ar pf (8). 97 97 Plerce O1l. . Pterce Petrolm.. t 22% 28 35% 386% 54 2% 35% . - 33 127 5% 2% [} D! Pitts Term Coal Pltts & W Va(6) Postum (5).,... 93% Pressed Stl Car. / 5219 Prod & Refiners. 2 Producers&R pf. 42 Pub Serv NJ (2) Pub SE Po pf(7) Pub SE&QG pf(6) Puliman Co (8). Punta Aleg Sug. Pure Oll (12).... Purity Bak A(3) Purity Bak B(2) Radlo Corp of A. Radio Cpf (3%). Reading (15)... Real Silk Hos(4) Remington T(5) RemgnType cfs. Remingtn ist(7) Remingtn 24 (8) Replogle Steei. . Rep Ir & Sti (4). Rep 1 & Spf (7) Reynolds Spngs. Rey Tobac B16). Roy! D(a1.33% ). Rutland pf..... Safety Cable (4) St Joseph L(13) StL & SanFr(18) StL&SanF pf(6) St L Southwest. St L Swn pt (5). Savage Arms... Schulte (334)... Seaboard Air Lip Seab Atr L pt... Seagraye(el.20) Sears-R (n2l). 3eneca Copper. Shattuck F G( Shell Un (1.40) 8 U ell Un pf ( Sher-Wil pf (7). Shubert The (5). Simmons (2). Simms Pet(1%3). Sinclatr Ofl..... Sinclatr ptf (8).. Skelly Ofl €2)... South Port 8 (8) Sou Calif Ed (2). Sou Dairies A(4) Sou Dairies B. South Pac (6) Southern Ry (7) Spicer MIg.covo Std Gas & El g3. Std GEE pf(3).. StdO1ICal(t2%). Std OILNJ(11%) Std Oll NJ pf(7) Sta ONl NY(1.60) $td Plate Glass. . SterlingPro(t6). Stewart War (6) Strombg Car (2) Studebaker (5).. Submarine Boat. Sun Ol (11) Superior Otl.... Superior Steel. . Symington...... Symington Cl A. Tenn Copper (1) Texas Corpn (3). Tex Gult Sul (¢) Tex & Pacific. .. Tex PC&O(60¢) . Tex Land Trst n Third Avenue... ‘Tide W O1) pf(5) ‘Timk Roll B(15) Tobao Prod (7). Transcont O1! Un Pacifie (10). Utd Cigar 8(c2). Jtd Dr Ul . Utd Frult(15%) USCIPEFIN) 2 USCIPpL (7). U 8 Distributing Ut) PELt A (03) Vanadium (3)... Vick Chemical., Victor Tlk Mch,. Viotor ov pf (8) Viator pr pf (T). Va-Car Ch 8% pt Vivadou (3) Wabash. . Walworth (1.20) Ward Bakiog B. Ward BIPI'Df ) lar sayings accounts, The statistics for thé whole country show that ap- proximately 70 per cent of the amount subscribed is paid in and returned by the banks at the end of the year. To- day's report shows what an impor- tant factor these clubs have come to be in Washington and predictions of saviogs far above $4,000,000 are al- ready being made for next year. Will Redeem Second Liberty Loan. Secretary Mellon has announced the offering of a new issue of 314 per cent five-year Treasury notes in exchange for second Liberty loan convertible 434 bonds, which are callable for re- demption on and after November 15 of this year. The offering to exchange forecasts call of all the second Libertles, al- though the Treasury anticipates there will be a generous exchange of the expiring Liberties for the new five- year notes. An additional attraction to holders of the Liberties is payment of the May 15 interest as an offset to the premium of this issue on the market, even though the exchange is made prior to May 15. The May 15 interest, the announcement said, will be paid on delivery of the new notes. There {8 now outstanding about $3,000,000,000 of the second Liberty loan, which if exchanged entirely for the new offering would enable the Treasury to effect a saving of ahout $23.000,000 annually. The second Lib. erties would have matured in 1942, it not called. National Savings Stock at 515. Ten shares of stock of the National Savings & Trust Co. sold today or the Washington Stock Exchange at 515, which makes it the highest priced | bank stock in _Washington at the present time. Riggs National Bank stock sold today at 466, and the Bank of Bethesda appeared on the board at 41, Union Trust sold at 260, its re- cent high. Capital Traction opened at 107% and closed with a sale of 150 shares at 107%, following an earlier turnover of the same number of shares at the same price, making the day's sales 310 shares. Washington Gas Light sold at 71%, Railway & Electric at 91% and Mergenthaler at 10815, Peoples Drufi was strong at 109. Barber & Ross 6143 came out today at 99 and closed at 98%. There were several other bond transactions, prices holding firm. Cotton Standards Unity Urged. Representatives of the leading merican cotton exchanges and as. sociations have been invited by Secre- tary Jardine to meet with similar rep- resentatives from European exchanges and officials of the Department of Agriculture in this city on March 14 to approve the newly drawn up uni- versal cotton standards. It s intend- ed to put the new plan in effect on August 1 for two years. Twenty for- eign representatives will be here for the meeting. Local Insurance Man Honored. Barl D. Krewson, agency director of the Washington branch of the New York Life Insurance Co., who has been with the company for 25 years, was the guest of honor at a luncheon and office meeting recently. Out-of- town uests were Thad C. Bell, super- intendent of agents, and KFred C. Munsell, supervisor of agents. The result of a teetimonial contest was read to Mr. Krewson and he received several handsome gifts. Press Fight on C. & 0. Merger. George S. Kemp of Richmond and the other members of the C. & O. minority stockholders’ committee have made public a lengthy letter ex. plaining their opposition to extensive stock ownership in either the Erie or the Pere Marquette with the even. tual idea of a merger with these roads. The committee claims that the stock of either of these roads is too high at present and that the whole plan is unsound. The letter is in reply to President Harahan's state-' ment that the C. & O: must expand or that rival roads will get control of important traffic feeding lines. Heard in Financial District. _ The Virginia Bankers' Association is to hold its annual convention at Virginia Beach, June 23 to 25, this year, thereby not conflicting with the dates of the local bankers’ meeting, as_was the case last year. The Institute’s forum dinner to- morrow night at 6 o'clock at the City Club promises to he largely attended. The Richmond banker, S, Young Tyree, is considered an excellent drawing card. George H. Burr & Co. report that the recently offered $500,000 issue of Louis Mark Shoes preferred stock has been’ largely oversubscribed. G. M. P. Murphy & Co. has pub- lished a review of the electric power industry, referring especially to moves toward consolidations. EXTRA DIVIDENDS, NEW YORK, March 8 (#).—Mid- land Steel Products declared extra dividends of 48 cents a share on the common stock and $1 a share on the preferred in addition to regular quar- térly dividends of $1 on the common and $2 on the preferred. All are pay- able April 1 to holders of record March 18. A. Kemper resigned as vice president. — PRICES ON PARIS BOURSE. PARIS, March 8 (#).—Prices moved irregularly on the Bourse today; 3 per cent rentes, 52 francs 40 centimes; ex- change on London, 124 francs 4% centimes; § per cent loan, 65 francs 85 centimes. The dollar was quoted at 25 francs 56 centimes, e ————————————————————— West P Po pf(7) 114 114 West Maryland., 26 ° 26% 25% West Md 2d pf.. 32% 33% 32 West Pacific.... 30 30% 29% West Pacof (8). 73 173 West Unlon (8). 146% 146% WesthseAirB(7) 149 151 Westinghse (4). 72 72% Westhse 1st (4). 3 Weston Elec.... Wheel & L 1 pt.. White Eagle (2) 118% a Willys Od pf (7) Wilson & Co.... Wilson & CotA). Wilson&Co pt(T) Woolworth (5).. Worthn Pump. « Wright Aero (1) 30% 31% Yale& Tne(?).. 75 75 Yellow Truck... 26% 26% 26! Youngstn S&T 5 8% 90 29% Hourly Sales on N. Y. Market. tlam 586000 12 835,000 1p.m. 1,037,000 3p.m. 1,264,300 Dividend rates as iven in above tl& re tho annual on. i ok, et * fipit_of thap 1 Ak TR L b i oV e eone, S [ BONDS o] Received by Privats Wire Direct to (%) This table carries quotations received up to 3:16 p.m. A com- plete table will be published in the 5:30 Edition, UNITED STATES. (Sales are (n $1.000.) Sales. High. 53 10118 Libistes 71 10323 Lib2d 4%s. 181 10025 Lib3a4ks. 46 10115 Lib 4th 4% s 826 104 10 - 635 104 24 83 10716 uz1o0 FOREIGN. Argentine 6s Ju 59, Argentine 8sOct59. Argentine fis A Belzium 7sct. Bolivia Rs. Bordeaux 6: Canada 5s 1931, Canada 58 1953.... Canada 6%s 1929., Chile 78 1943 Chile 85 1946 Chinese Gov Ry Con Pow Japan 7s. Cuba 5%s... Czecho 7%s rcts. Czecho 85 1951 Czecho 83 1952 ot.. Danish Munic 8s A. Denmark 6s. - Dutch East | 6s 62, El Salvador 8s 48., Finland s f6s45... Finland 7s. . Framerican 7%s. 108'% 108% 110% 110% 104% 1034 107% 94%% 1004 101% 101t 109 108% Marsellle 8s. Mexico 48 10 asntd. Netherlands 6s 54 Norway 6s 1944, Norway 6s 19562, Orient Dev deb 6: Paris-Ly-Med 6s Paris-Ly Med 7s Paris Orleans 7s Queensiand 7s. Rhinelbe Un 7: Rio de Jan 8s Sao Paulo 1950. ... | Serbs Crot Sio 8: Selne 7s 42 MISCELLANEOUS. Ajax Rubber 8s... 2 106% 106% 101% 101 108t 108t Am T & T deb 5% Am Water Wks Anaconda cvdb 7s. Andes Cop 7s ret; Armour&Co 4 %s rf Armour Del 5%s.. Associated 011 & Atlantic Refin 6s. Barnsdall s ctf. Bell Tel Pa 5s B Bell Tel Pa 63 €. Beth Steel pm 5. Beth Steel rf 6 Beth Steel 5363, Beth Steel 6s. ... Bklyn Unfon 5%s. Bush T Bldg 6s 60. Cen Leath 6s 45 :f: ConGasN Y 5%s. Consumers Pow 5: s e ZaBei Det Bdison 53 40. Det Edlson ref 6: 105% 103% Duguesne Light 63 Empire Fuel 6%s. . Empire G & F 718 Fisk Rubber 8: Goodrich 8% Gaodyear 8: . Goodvear 8s 1941., Hershey 6% Hoe & Co 81 Tilinols Bell [linofs Steel ¢ % Int Mer Marin Int Paper 68 47, Int Paper 6s. e S nnd e B e RS L u e ane et Kelly-Spring 8s Lac) G ref 34 19 Lot Manat Sug M1d-Con 6%s 40 Midvale Steel 68, New Eng Tel 6t N Y Edison 8%s. .. NYG EL H&P bs, 0 WROWRDANNRE AN SNE DD Nor Oh{o T & L 8s. Nor States Power 5 Pac Gas & E b1 Pac T&T 1st 68 Pao T& T 6862 |CMEStPre e |ccc&StLsa. .. | Great North 5% FINANCIA r RAILROAD. Sales. High. Low. 2:55. Atchison gen 9 M4 3% 93% Atlantle Lol 4s.. 31 9214 92u 92% Atlantio C'L st 4a. 6 94% 94% 94t AtlantioC L 7s.... 2 103% 108% 108% AN & Dan 1t 4848 15 @0 80 80 3 9% 93 93 2 98 974 9T eee113 101 10074 101 "ot 101% 100% 101% 34 105% 1054 105% 1R 108% 108% 108% 9 93% 934 6% 98% 98% R & O SwDiv 5s ofs Brdwy & Tth Av 58 6% 76 PKIvn Manhat fs., : Canad North 8%s.. 2 118% 118' 118% Canad North s 7 115% 115% 115 Canad Pae deb 4 21 9 CanPac4%ndh. .. 8 96% 964 96% CarClinch&0 6552 & 108% 103 108 Cent of Ga &a...... 8 102% 102% 102% Central Paciflc 4s.. 8 91% 91% 91% Cent Pac 1s1 5290, 12 102 101% 107 Ches @ Ocvdle... 1 99% 991 99% Chea& Oendths.. 18 981 9TH 97T% Chi& Alton 3%s.. 111 86 65% 63% ChIB&Q st rf6es 3 105% 105% 105% CB&Q-NI3%s... 13 87% 87% &% Chi & E [l en 5a 81 18 R1% Chi Gt West 4269 127 0% © MRSt P 4n 25 ofs 50% CMASIP deb 4 ofs 59% CM&StPoven a0t CMESPeve U ai2efs 59% 6% CM&SP rf 4% ofla f0i4 CM&StPevEs... 3 A 59% OMRSPevSactsl4 12 594 58% 58% CM&StPés 1 103% 103% 103% 1 91% 91% 9% 1110% 1115 1% 1 106% 106% 106% ChiRye58...ccc00 5 TT% T4 1% ChIRT&Pgnds.. 8 89% 89 59 ChiRT&Prfdas... 12 934 CRITH&SBSs... § 954 95% ChiTHincfs 0., 18 91% 91% 91% Chi Unfon Sta k... 13 104% 104% 104% Chi Unlon Sta 58 44 2 103% 1024 101% Chi& Windends. 6 RT% K7 &7 2 103% 103% 103% 1 102% 102% 102% 10 109% 109% 109% 5 99% 99% 99% 42 9T Cuba R R 5s. 195 ¢ 95 Cuba Nor 6s 68 4 102% 102% 102% Del & Hud cv 53 35. 46 120% 120 120% Del & Hud 7s 30. 4 106% 106% 1064 Den & Rio G en 4 9 Den&RI0G 4138 36. D & Rio G imp §s.. D Rio G West §s...113 Erfe 1stcons 4s.... 4 FErie gen 4s Erfeconv 4s A Erle conv 4s B. Erie conv 4a D. Erfe conv ext T: Fla EC6s 74 Gt Nor 4%s 78 Great North fs. COCRSILrIRs AL 50 0% 5 106% 106% 106'% 15 99% 99% 99% 19 94w 9% 9% 7 103% 108% 103% Gr Norgen 7s..... 18 114 113% 113% f};;r‘: B& WdbB. 247 24% 24% rots 2 89 89 HavE Ry 6%s 8% 98% RT% 874 93% 93% 27 97 97 1107% 107% 107% 4 102% 1024 1024 10 103% 103% 103% 6% 76% 77 “T6% R0 974% 21 Int RyaC A 58 72.. Iowa Cent 1st §s. 3 934 & Nash fs. 5 109 & Nash 7s..." 6 104% 104% 104% Mich Cen deb 4s M&StListrfds.. M St P& SSM on 4 M St P&SSM en 5s. M St P & SSM 8%s MK&T ist és 6 MK&T4sB. 86 .86 MK & T adi 58, 5 1004 100% 100% MK &T prin6s A. 24 101% 101% 101% Mo Pacific zen 4s.. 41 6% 76% 76% Mo Pac 58 1965.... 37 100% 100 100% 6 107% 107% 107% 7 1075 107% 107% 3 99% 99% 994 3 60 60% 60% 5 7% 8T 874 1 100% 100% 100% 4 101% 100% 101% 97 97 97 101% 101% 101% 86k 864 86% 86 P Y ST Mont Trm ref 6s 41 Nassau P! Ry 48 §7. New Or Term 4s. NOT&M in 5 NO Tex & M & N ¥ Cent 4s 98 N Y Cent ded 13 106% 106 106% 1 107% 107% 107% NYC& St L db 4s. NYChI&StL 5%sA. NYChI&StL 6%sB., NYC&StL6sA.. New Hav deb 4s 56. New Hav deb 4s 57 1 105% 105% 105% 1 105% 105% 105% 15 103% 103 103 1 79% T9% 179% 3 4% 74w T4% 11 107% 107 107% 7 104% 104 104% 7T T TR TTH .« 25 2T%h 274 27% Ry 4%s. 564 564 56% NYStateRy 6%s 62 e NYW&Bosslys. 82 Norfolk & W cn 48, 931 934 93% Norfolk & Wev 6s. 7 164 164 164 Nor&Sgenbsbe.. 1 91% 914 91% Nor Pac 38 2047... 6 674 Northern Pacr 1 6s Ore Short L rfs 4s. Ore Wash 1st 4s... 16 98% 98'5 984 27 997 99% 99% 4 109% 1087 109% 24 103 102% 103 12112 112 112 GOVERNMENT BOND LISTLEADS TRADE Buying of U. S. Securities Makes Up Bulk of Dealings in Market Today. BY GEORGE T. HUGHES. Special Dispatch to The Star. { NEW YORK, March 8.—Buying of United States Government securities made up the bulk of the trading in the bond market today |~ Announcement after the close of business yesterday of the offering of a new five-year 314 per cent Treasury note in exchange for the second 41, per cent Liberty bonds had a stimu lating effect upon all the other issues today, except the third 4%s, which, maturing next year, is now a short- term obligation. The second Lib ertles were littie changed on e . Indicating that the market for them had ahout measured the value of the exchange privilege, but the first and fourth 415 Liberties, the Treasury 4%s, the Treasury 4s and e Treas- ury 3%s sold higher than they have ever done before. { Trading in the Treasury 4is was especially heavy, as the price went ’lhrfluxh 112, where the yield to the optional retirement e in 1947 1s 93 931 | 6 97T% 97% 97% | 4 66% 684 24 113% 113% 113% | WD o racEio: 3.43 per cent. Bankers were confident today that nearly all the second 4%s { would be exchanged for the new 3! | per cent notes. Dealers were re ; luctant to make a market in the new notes until thay had some line on the allotments, but it was believed they would sell ‘above par. Other features of the day were reac- tions in some of the con speculative rails and a slight sion in Japanese bonds, principa the Yokohama 6s. probably the result of earthquake reports. This selling, however, did not make much impres- sion on prices. Japanese 613s resisted it noticeably well. The reaction in th railroad group was most pronoun: in Erie convertible D-ds, “with smaller losses in Chicago Great Western 4s, Denver & Rio Grande Western bs. International Great Northern adjust- ments and Seaboard Air Line adjust- ments. For a time there wae pressure on the local tractions, particularly on Third Avenue refunding 4s and on New York Railway income Gs, but this did not last long. High-grade investment bonds con. tinued dull. Buying interest in United States Governments did not spread to this part of the li:t. The weekly state. ment of the Federal Reserve member banks showed an increase in holdings of bonds, stocks and securitles other than the United States of $31,000.000 from the amount of a week ago. Com- pared with the statement of a year ago this time the item showed an in- crease of $301,000,000. So far there is no sign of any liquidation by the banks such as would affect adversely the bond market. o Stock Exchange SALES, gsinacostia & Pot. R. R. 5s—S1.000 at otomac Elec. cons. 5s—$3.000 at 101. Sl i, o Eaitar Trach " xt; t ::nn'.;l T “apital Traction Co'—: g Waghineton Gas Lisht Co1 at 11%. 10 at 715,10 at 71% at JD By & Elec. pfd—30 at 91%. 5 ‘l‘lla:;lglxsluml Bank—10 at 400, i Nat avings & Trust Co.— 1 nk of Bethesda—o at 41. " APTER CALL 045ity and Suburban Rwy. 55—$2.000 at Capital Traction Co.—150 at 107%. CM'B. Tl 5o §000 at Tho'’ % Washington —10 av 100, Sion Co TR0 at 107% ion Co. - ‘Trust Co 0 at 23‘0. Money—Call loans. 5 and 6 per cent. Bid and Asked Prices. BONDS. €T & v Alex. & MtV lex. & MOV ctfs. Wash.. Balt. & Anpap. 3s.... Washington™ Sas 58 Washineton Gas fs ceries A.. Washineton Cas 6 series B.. Wash. Rwy. & Elec. 4 . RWY. & Elec. e 1 e i Wash. Mkt Col e Wardian' Pacic ol 5% o STOCKS. PUBLIC UTILITY. American Tel. & Telza...... 22 88% 884 88y | Potom: *hita Wash, Rwy. & Elec. Wash: Rwy. & Elee: pia NATIONAL BANR National Capital 2 ‘olumbia 7 106% 106% 106% g um 43 2 108% 108% 108% 5 107 107'% 107% 23 95% PCC&StL 6s B 76.. Port RL&P 7%s 46 RIArk& L 4%s. Loy 98% 98% 93% 93% 85'% 85% 99% 99% 14 102% 102% 102% 22 100 99% 99% 95% 95% | X n TRUST COMPANY American Security & Trust Continental Trust . 54 9T% 97T% 97 |Unior 11 95% 95% 95% 10 94% 94 - 94% 5106 105% 108 1 83% 83% 83% 12 8% 3% 7T3% 8 81% 8l% 81k 17 86% 85% 864 96 98% 98% 98% 7 9T 9Tk 9TH 29 99 98% 99 3 8 89 89 10 93% 93% 934 41 86% 86% 86% 1 106% 106% 106% 4 113% 113% 113% 7 120% 120% 120% Term AssoS L4s.. 2 88 88 88 TexArk FS5%960. 3 1044 104% 104% Third Ave ref 4s... 6 Third Ave adj bs. Unton Pao 1st & Union Pao Ist rf 68 Union Pac Istrfds 3 92% .92% 92% Union Paccv 7 101% 101% 101% 38 104 108% 103% 5 95% 98% 98% 1 101% 101% 101% 53 80 T9% 7Tow 0 48 32. L 4%s Wilkes& B Istbs.. 1 78% 78% 78% ik of Bethesla ‘ommerce & Saving & Sotirity Savinka & Commercs Uniged staten. . Washington Mec FIRE INSURAN ri Firemen s . . National Union TITLE INSURANCE. o!:}mbh Title RS, R T GERMAN BONDS AND STOCXS. (Quoted in dollars per million marks.) . Asked. Gt (w In) Bs 1914-18 1300.00 1: fombt "usunln.. e 95 lgnfi ( u doliars et {honsan 8. <olS 8 253222833¢8s: oo E20a e b (=< - 3"‘255.3?;-??-: 53 53! EEEIE TG o 22 8333222328338238338% L S binces