Evening Star Newspaper, October 31, 1927, Page 15

OVERNIENT LS 0F BN TRONG Best Rails and Utilities Also Gain—Industrials Are Irregular. BY CHARLES F. SPEARE. / 8pecial Dispatch to The Star. NEW YORK, October was a rather sharp division today between the prices for high-grade bonds and for speculative issues. This was quite mnatural in view of the recent conditions in the stock market and in the foreign list, which have caused some profit-taking as well as liquidation in bonds of semi- speculative character. Probably the most significant develop- ment was the strength in the United States Government issues. The market for these has broadened considerably and last week practically every bond on the list advanced some between % and % point. Today a new high record price was made for the Trea ury 3% per cent bonds at 10 These sold at one time as low 4 }32!3. The fourth 4%s went above ~There High-grade rails and public utilities were also firm with more than 414 per cent coupon financing in the latter group about to be announced. The sup- Ply of this type of bond is limited and there is a ready demand for all offer- ings, which have recently been only in small blocks. Aithough the German list went off sharply last week, there had been | very little recovery in it when the| market closed Saturday, which caused | Some further selling today in a num- | ber of issues at the low prices of the :::,rr; Hu“"en;n tlherv were a few g spots in this group among the better grade State and public utility | issues. ~The French list was quite | ®oft. The muncipal 6s were off 1; to| %, the rails about the same and the | French government long-term issues 3 to % lower. Belgians acted about the same as did French bonds. Else- Where there were losses of % to 13 in TItallan, Norwegian, Brazilian and | Chilean bonds. Industrials were irregular. Sinclair 6%s declined, while Pan-American Petroleum 6s advanced. The sugar bonds were steadier. Iron and steel issues were soft. So ‘were the members of the automobile, i Tubber and tire companies. Railroad bonds that are sensitive to railroad earnings and prospects, such as Seaboard Air Line adjust- ments and consolidation 6s, Florida East Coast Line 5s, Western Mary- land 4s, Rock Island 4%;s, and Den- ver & Rio Grande Western 5s, were heavy. The day’s issues of new securities was the smallest in several weeks, following an output of between $750,- 000,000 and $800,000,000 earlier in the month, s EQUIPMENT NEEDED. NEW YORK, October 31 ().—Prob- able shortage next year in railroad equipment, both cars and locomotives, is reported to members of the Rail- ‘way Business Association by Alba B. Johnson, its president. Unless the railroads take prompt steps to obtain new equipment, he questions whether it would be possible for them to con- tinue giving satisfactory service in the event of increased railroad traffic. Total tractive power of freight loco- motives owned by class 1 railroads declined 1.02 per cent in nine months this year, he stated, while total capac- ity of freight cars increased only one- quarter of 1 per cent. STOP ORDERS REFUSED. NEW_YORK, October 31 (P).—Wil- liams, Nicholas & Moran, specialists in General Motors common stock, served notice today that further stop orders in that stock would not be ac- cepted, due to the physical condition resulting from the huge trading vol- ume in the issue, which made taking of stop orders and their execution un- satisfactory both to customers and the firm. Other specialists in the stock were functioning as usual. Refusal of stop orders has been done before when similar conditions arose, EARNINGS SHOW GAIN. NEW YORK, October 31 (#).—Net earnings of Engineers Public Service Co. for the year ended September 30 were $1,261,786 larger than the| year before, reaching $11,142,017. = ARGENTINE CORN HERE. BALTIMORE, October 31.—For the first time in many years, over half a million pounds of Argentine corn was landed in Baltimore last week from the steamship Capillo from Buenos Alres. It was said by Chares E. Prince of the Federal Horticultural Bureau, that this corn, which is smaller than American maize, is valued as pigeon food. NEW YORK MARKETS, NEW YORK, October 31 (P).— Flour steady; Spring patents, 6.75a 7.15; eoft Winter straights, 6.00a6.40; hard Winter straights, 6.60a7.00. | firm; No. 2 Western, 1.09% f.0.b. | York and 1.08% c.if. export. Barley steady; malting, 89% c.if. New Yorl Pork. quict; mess, 34.50; family, 40.00 | 243.00. Lard, steady; Middle West, | Tallow, steady; speciai | loose, 87%; extra, 9. Wheat futures ghened steady; domestic December, .27 asked. FAIRBANKS, MORSE & CO. NEW YORK, October 31 ().—Net income of Fairbanks, Morse & Co. for nine months of 1927 dropped to $1,- 391,150 from $2,446,101, in the same| 26, equal to EGYPTIAN COTTON. CAIRO, Egypt, October 31 (P).—An | pticial i estimate of th, akes the | } BONDS ARE CALLED. NEW YORK, October 31 (). —Ala- bama Power Co. has called for redemp. irst mort- u 6 per cent 51, ut the principal amount and accrued interest, with a premium of § per cent. United States Mortgage & Trust Co. is truste 10SS IS REPORTED. YORK, October 31 Brown Boveri El poration and subsidiaries Lad net of $151,640 for nine months of 1927 after charges, against profit of $1,465, 898 before Federal taxes, in the same period of 19 gage lien a goid bonds, du FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Sons. Closing.) Dhivx. Urity, - Tid. Asked' yiuid Todi-ar.,. 108 Vel Vil (Sales are Lib4ath 4%s 172 US 3% 43-47 11 JS 451944, 346 US4yss2, 187 FOR Argentine 6s Ju 59. Argentine 6s Oct59 Argentine 6s A. Argentine 6s B. Australia 5s 195 Australia 53 195 Belgium 7s 1956. Belgium 7% Bremen, State, 7s. . Buenos Aires 7s 57 Buenos Aires 7s 58, Canada 5s 1952 Canada 5%s 192 Chile 75 1943, Chile 8s 1941, Chile 8s 1946, Chinese Gov Ry 5s. Christiania 6s Copenhagen 5: Cuba 5%s. Czecho 7%s rets Czecho 8s1951. Czecho 8s 52.. Danish Munic 8s B. Denmark 6S....... DEI5%s Mch53. DEI15%sNov53.. Dutch East 1 6s 47, Dutch East I 6s 62 Salvador 8s 48, Framerican 7%s. French 7s. French 7%s. French 8s. German El P 6%s. . German Ts... Ger Am Bank Ger Gen Elec 7: Greek 78....... Hungary 7%s. Italy 7s. Italy Pub 7s Japanese 4s. Mexico 4s 04 asntd. Mexico 4s 10 asntd. Milan 6%8.......0 Netherlands 6s 54.. Norway 6s 1944, Norway 6s 1952.... Orient Dev deb 6s. Paris-Ly-Med 6s. . Paris-Ly-Med 7s.. Paris Orleans 7s.. Queensland 7, Rhinelbe Un 7s. 941 41 Swiss Confed 8s... ‘Yokohama 68 w 1. MISCELL. Am Agri Chem 738 Am Repub deb 6s. . Am Smit &R 1st b8 Am Writing Pap 6s Anaconda 1st 6s... Anaconda cv db 7s. Andes Cop 7s ret: Armour&Co 4%s 39 Armour Del 5%s. Atlantic Refin 5s. Barnsdall 6s 1940., Bell Tel Pa5sC.. Beth Steel pm 5s.. Bush T BIdg 65 60. Chile Copper 5s. Con Coal Md 1st ConGas N Y 6%s.. C Cuban Am Sug 8s.. Davison Chem 635 . | Fisk Rubber 8s..., Goodrich 6%8..... Goodyear bs rets Hershey 5%s. Hoe & Co 6358. Humble Oil 5s. Humble O & R5%8 Tilinois Bell 1st 5s. Illinois Steel 4%s. . Indiana Steel 5s. .. Int Mer Marine 6s. Int Paper 58 47.... Int Paper cv 6s Int Paper cv 6s Inter Paper £d 65 Int Tel&Teleg 4% J Kayser & Co 5 Kan G & El 63 52 Kelly-Spring 8s. Lacl G ref 24.. . Laclede G 5143 52. Lizgett & Myers 7s Lorillard (P) 5s.,. | Lortllard (P) 7s... Loulsv G & K 6s 52 Manati Sug st 7%s Mid-Con 6%840... | Midvale Steel 5s... | Mor's & Co 15t 4%s New Eng Tel is N Y Edison 6% Pac T & T 15t 5s PacT & T 6862, | Pan-Amer Pete 7s.. Peoples Gas 5s., | Phila Co6%s 38. Phila& Rd C & I 58 PhilaCorf6sA. Public Service €s. . PServGas5ls64. Punta Alegre 7s. .. Remington Arms 6s Sinclair O1l 6s. Tenn Elec Pow 6s. ‘Toledo Edn 1st 7 United Drug 6s. US Rub 1strf 5s., U S Rub 7%s,.. Sales. High. Low. 56 10116 101 14 10318 10315 100 100 30 100 29 1041 101 24 101 24 . 173 106 21 106 21 10922 10919 11423 114 16 Utd Kingm 53;s 29, : Central Leather 6s. ~ n $1.000.) Close. 101 14 10315 99 31 100 30 1041 101 24 106 21 109 19 11419 9931 10331 EIGN. Sales. High. Low. 31 99 991 Close. 9914 99% 9 99% 100% 100% 100t 99% 98% 99% 102% 101% 101% 106% 106'a 106% 104% 104t 104% 114 113% 113% 109% 109% 109% 104 104%% 104% 98% 981 St 92 i 105% 101 95% 101% 95% 95% 4 106% 106 1017% 1017% 4 1001 100% 4 109 109 109% B o o crmmaBalnDalananld (eI BRuorand [ 101 98% 24% 23% 91% 102! 14 | B &0 532000 D, THE EVENING STAR, WASHINGTON, D. C, MONDAY, OCTOBER 31, 1927. l ~ew York , [B()INIDS srocx excrance I Received by Private Wire Direct to The Star Ofice. - '/ UNITED STATES. Sales. High, Low. Close. 57 1087 108% 108 1007 100% 100 100 4 1067% U S Steel sf 5s.. Utah Pow & Lt 5 Vertientes Sug 7 Warner Sug 7s 41 West Elec 58....40 Westinghouse 8: ‘Westn Union 63%s.. Wilson & Co 1st 6s. 13 102 Winchester A 7is, 2 106% Youngstn S&T 6s.. 17 105 RAILROAD. Atl&Danlst4s48 1 824 Atchison gen 4s B & O Gold 4s. B&Ocvalks, B&O ref 6s 106% 105 8214 97l 961, 99% 104% 104% 109% 10234 11 105% 88 96% 7018 95%, 9% 100t 9674 100 15 104% 1047 1091 6 102% B&O Ist 5sct. B&O6s.. B&Orf imp 6 B & O SW 58 5 B & O Toledo 4s B&O PLEWY 4s.. Brdwy & Tth Av 53 Bklyn Manhat 6s.. Buff R & Pitt 4%s. Can Nat 4%s30.., Canad North 6%s. Canad North 7s. Canad Pac deb 45, Can Pac 4%846... Cent of Ga5%s..vs Cent of Ga 6s. Central Pacific 4 Cent Pac 1st 58 90, Chesa Corp 53 wi. . Ches & Ocv 4%s.. Ches & O gn 4%s.. Chi & Alton 3% Chi & Alt 3%s¢c CB&Q4%STTB.. Chi B & Q 1st rf bs. C B & Q-111 dlv 4s, Chi & E I1l gn 6s 51 Chi Gt West 45 59 CM&StPgnsy. CM&SPrf 4%sct.. CM&SP cv 5s cfs.. CM&StPEs..... Chi & NW gn 3%s.. Chi & NW gen 4. Chi & NW 61 Chi & NW 7s Chi Rys bs ChiR1&P CRIPac43s w.l. Chi TH& S Ebs., Chi T H inc 6s 60.. Chi Un Sta 4%s. .. Chl Unlon Sta 5s 44 Chi & W Ind cn 4s.. CCC&StLrf6sA. Clev Term 53%s. C& S TSt 4s29 Colo & Sou 4%5. .41 Cuba RR6s.. CubaRR 7480000 91% ! Del & Hud 1strf 4s Den & Rio G ¢n 4s.. D & Rio G imp 5s.. D Rio G West 5s, Det United 4%s. Erie 1st cons 4s. Erie gen 4s.. 106% 100% 101% 102 % 101% 96% 100% 107% 82% 99% 105% 105% 106% 115% 106% 105 104% 105% 91% 106% 99% 102 h 99% 96% 104% 104 103% 113 117% 105% 94% 109 112% 117% 105% 94% 117% 105% 94% 109 109 94% 94 ANEOUS. 10 104% 1 100% 14 102% 108% 105 102% 97% 101 101% | 103% | 104% { 215 104 105 v 106% 108Y% | 101% 105 122 95% 17 104% 165% 104% 5 101% 105 122% 98% 17 104'% 105% 105% 104% 104% 1 % 99% 103% 105% 106% 97 984 93% 981y 100% 106% 97 98% 93% 98Y% 4 100% b 110% 110% 103% 103% 101 101 106% 1067 108% 108% 107' 10745 91 94 105'% 103'% i NY O&W gen 4s 55 INYOnt Wist4s.. {NYRys6s A65... | N Y State Ry 44s. Erle conv 4s A. Erieconv 4s B Erfe cvt 55 67 Erie & Jersey 6s Erie Genessee R 6s Erie (Pa) cit tr 4s. FlaEC5874...... Great North 4%s Great North 5s.... Great North 5345.. Gr Nor gen 7s. Hud & Man ref Hud & Manaj 5s.. 111 Cent 4s 52 111 Cent 4s 53 111 Cent ref 4s. 111 Cent 4% 66. Int & G Nor 1st 6s. Int Rapid Tran 5s. Int Rap Tr 5s stpd. Int Rap Tran 6s... IntRysCAS5s72.. Int Rep C Am 6s 41 Jowa Cent rf 4s. Kansas City S bs. Lake Shore 4s 28 Lake Shore 4s 31 Lehigh Valcn 4s. LehighVal con 4% Lehigh Val 552003 Long Is db 55 34... Louis & Nash 5%s. Louis & Nash 7: Market St 7s 40. M&StListrfds.. MStP&SSMcn4s MStP&SSM5s38gtd MStP&SSMb5%s. MK&Tadj5s.... MEK&TprinbsA, MK&TG6sC Mo Pacific ge Mo Pac 5s A 65 Mo Pac 5s F 77 Nassau El 4s 51, NOTex&MSisA.. NOTex&M5sB.. NOT&M5%s, N N S rBeeS 0 o P RN Y Cent 45 98 Y Cent deb 4. NYChi&StL 5358A. NYChi&StL 5%sB. NYC&StLésA. NY NH&H 48 56... NY N Hav&H clt 65 NYRys6s65... NYW&Bos 4% Nor & 8 gen 53 54., Nor Pac 3s 2047 Northern Pac 4s... Nor Pac 4148 2047.. Northern Pac 5s D. Northern Pacr i 6s Ore Short Lirfs 4s. Ore Short Licn 53, Ore Wash 1st 4s... Pennsyl con 4%s. . Pennsyl gen 4%;8 Pennsyl gen 53 Pennsyl 6s 64 e - NSRRI AN NNRORRORNRaNAee 105% 103% 112% 104% 112% ~ Pere Mar 1st 45 56. Pere Marq 1st b8 PCC&StLGsA.. Port RL &P 6s 42, Reading gen 4%3s., Reading J C4s5l.. St L IM&S 4829, StL 1 M&S gn bs St L IM&S R&G 4s. StL&SFpldsA. StL&SF prinbs, StL&SF5%sD.. StL &S Fadj 6s. StL&SFinc6.... 3 StL&SFplésC.. St LS Wcon 4s 32, | San A & Arn P 4s. Seab A Lref 4s. Seab A L adj 5s, Seab A L con 6s. SB All Fla 6535 A, SB All Fla 68 35B., Sou Pac 48 29...... Sou Pacific clt 4s., Sou Pacific ref 4s.. Sou Ry gen 4s. Sou Ry Con 5s 94 Sou Ry 65 66. Southern Ry Texas & Pacific 1st Third Ave ref 43 60 Tol Tr L&P 5% 30 Unlon Pac 15t 4s. . Union Pac 1st rf 43 Un Pac 4%s 67 Union Pac cv 68. Virginia Ry 1st 5s.. Wabash 1st 5s. Wabash 2d 55 West Maryland Western Md 514s. . Western Pacific 5s. West Shore 452361 5 91 WisCengnds49... 4 86% . SAVINGS ACCOUNTS GAIN. BERLIN, October 31 (P).—Savings accounts in Prussia increased from 404,000,000 marks in December, 1924, to 2,728,000,000 in Auguat, 1927, ac- cording to figures published today by the Sparkassen Zeitung, a savings hank journak é % 91% 91 86% 86l HUGE COFFEE CROP GETS HIGHER PRICE Brazil Marketing Big Yield Through “Defense Commit- tee” Arrangement. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, October 31.—Brazil is finishing production of the heaviest coffee crop in her history, but this has not meant a lesser cost to the American family for this widely used product. On the contrary, the price of coffee is approximately 6 cents a pound higher than it was in June and the price seems still on the upward path, according to some experts. Not only is Brazil raising its largest crop this vear, but there was a carry- over of approximately 6,000,000 bags from the previous crop staring the market in the face as well. The con- sumption of coffee in the United States has advanced with the popula- tion and perhaps a small percentage more. The coffee trade in this country has been fighting the advance, buying only to meet actual needs in the be- lief that the jump in prices was a temporary flurry and that the huge volume of production in Brazil, where most of the American supply comes from. would force prices down. Now. however, some of the members of the trade are beginning to believe that the advance is stabilized and that prices will not fall in the near future. Reverses Normal Trend. Government regulation of the in- dustry in Braeil is credited with hav- ing reversed the normal economic trend in which the surplus determines the price of the large volume of a commodity actually needed for con- sumption. It is in this way that the surplus_wheat of the United States exported to Europe has a major bear- ing on the price of wheat within this country. The Brazilian coffee defense commit. tee is credited with inducing the price to advance in the face of astonishing: ly high production. This committee is invested with powers which enable it to regulate the amount of coffee which may move from producing cen ters to seaports. As the government of Brazil controls the railroads, it has been a comparatively easy matter to do this. The committee has built enor- mous warehouses, from which oniy sufficient coffee is shipped to meet world demand. The defense commit- tee was able to borrow $50,000,000 to finance the holding of this coffee. Growers who need money bring their coffee in to the warehouses, are given warehouse receipts and are able to secure substantial cash advances on the latter. It is doubtful if the Brazilian gov- ernment could have made a success of this plan had it not been that the flow- ering of the plants in the growing sec- tions gave clear indications that the present huge crop was to be followed by a much smaller one. The overpro- duction of this year is being held to meet next year's demands. The de- fense committee declares it is develop ing the principle of orderly marketing along sane and logical lines. Growers Get More. In June of this year, when coffee began to move from the Brazilian plan tations to shipping points, current Santos in New York was about 16 cents a pound. Today it is about 22 cents In June the price for December deliv ery was 13% cents in Brazil. Today it is about 20%; cents. It is estimated that the Brazilian grower will receive at least $100,000,000 more for his cror than if the former system of market ing had been followed, but some sta tisticians go so far as to say that since a heavy market may readily become a demoralized market, it is probable the growers got $200,000,000 more than they would otherwise. The effect of the advance comes most heavily on the United States, since of a world consumption of about 22,000,000 bags this country takes about 13,000,000. The Brazilian out put this year now is estimated at about 22,000,000 bags. The output of the other producing countries certainly will not fall below 6,000,000 bags, and this leaves Brazil's carry-over at an equal amount. This, however, has ceased to terrorize growers there, since if the next crop is small they will get for both about the same amount as two good crops would return. The present price of coffee compares with a par peak of 32 cents a pound, and dealers and growers do not con sider the present price excessive. Get on the Right Track needs. Satisfactory Terms Loans for Fifteen Years No Renewal Charges Lowest Interest Rates \WEAVER BRO REALTORS 809 15th St. N.W. Mortgage Loan Correspondent Metropolitan Life Insurance Company With Us We are the Mortgage Loan Cor- respondent for the Metropolitan Life Insurance Company. 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