Evening Star Newspaper, December 17, 1927, Page 15

[ FINANCIAL, FINANCIAL. TRADERS ARE BUSY ON GURB MARKET ‘List Absorbs Profit-Taking| 3 and Most of Recent ‘ Gains Are Held. THE EVENING - IN BOND MARKET UNITED SIA!EB. by in O Only Moderate Amount of Profit-Taking Noted—Some Gains Are Scored. STAR, WASHINGTON, D. C., SATURDAY, DECEMBER STOCKS COME BACK | [ ~EW, YoRrK curs maRKET Received by Private Wire Direct to The Star Office ! | Following is the list of stocks and 3 Warner Gear A.. 3 | bonds traded in on the New York ] Watson T W 5 Curb Market today: INDUSTRIALS. 1 1927, 15 vanguard, selling at a new high fo. the vear around $1% and an advance of more than a point. Electric In vestors, American Gas & Electri Lehigh Power and Southeastern Power ruled strong. Bancitaly established a new high on the current recovery with sales abov: 138, and Newmont Mining rose on ex pectations of a 5 per cent stock divi dend. Standard Oils were firm, al though they did not assume a prom inent part in the operations. Ind pendent oils just about held their owr . ROYAL TYPEWRITER. NEW YORK, December 16 (%) Royal Typewriter Co. declared a !extra dividend of $1 a share on tI common stock, with the regular sen | annual dividend of the same amour | both payable January 17 to holders ¢ record January 10. The regular sem Sal 3 High Low 89 69 96% 98 ¥ | 1205 Strong Investment Situation| 101 Supported by Continued Easy Money. 1B &0 Toledo 4s... | Brdwy & 7tb Av b8 | Bkivn Manhat 6 | Buff R& Pitt 448 { Can Nat 4%4857... | Canad North 6 4s. | Can vac ssen 4. .. iCentof Ga ks Centof Ga 6s..... | Central Pacific 4s. | Cent Pac 1st 68 90, | Chesa Corp s wi. . Ches & O gn 4148, . Chi B & Q gen 48 53 Lib3%s. .. 41 101 20 101 26 101 30 Lib st 4% 60 103 104103 10 108 10 Lib 3d ays 3% 100 100 19 100 Lih 4th 4% 0!216 103 103 24 1033 USi3ys 1 10715 10715 107 15 1017 11017 1101 11517 11515 11517 e Sn vic i | Wheatsworth Inc Whi Sew M_d ris IYel TaxiCN ¥ n MINING STOCKS. 20'Am Con M&M Lt Am Expiora L'Anglo Chil €N} 0 Ariz_Globe ( it Beaver Cons ¥ Bunker Hll 17 Carnegie Meials.. 24 Con Cop Mines, Range. Gold Extens - Sales in hundreds 6 Acetol pr...... Ala Gt South piid Alb P Bar A ptd Allson Drug A Alum' Co n Alum Co n ptd Am Cigar. Am Dept Am Fo Pw Am *m Am Am Am Am Am Amstr Am Am :: V;':: 108 il 1017 9519 us 23 us 51 08 FOREIGN Sales Hich Low Close Argentinebs...... 1 914 9% 914 Argentine 63 du 5y, 1100 100 100 | Argentine 6s Oct59 2 100 )94 99 | Argenune6sB.... 3 100 b o0 | CB&Q-111div4s, Argentine 6sA.... 1 100% 100% lo0 | Cht & E [l gn 62 61 Australia 58 1955.. 15 950, §1, | Ch1 Gt West 4869, istralia 58 1957.. 11 7 |[CM&StPdbds... Austria7s........ 10%5e 1037 [CM &St Pov e3ga. Bink of Chile 6%s 95 9 &SPevd los3zers Belzium Bs.... 14 StPgn4tes s | Belzium 834 C M & St Pov b, Belgium 78 1955... 6 * M&St P ey 5s ofa Belgium 7s 1956... 10 1 & StP 6 Belgtum 11s INW 41632037, Balivia Rs. ... IRI&Fgnas,. Bordeaux fs. . hi R 1& P ef 4n Srazil 614 R 1 Pac 4l4s w.i. Brazil 1s Cht Union Sta bs 44 Brazii8s....... Ch! & W Ind cn 4s. Bremen, State. 78 C& WIs%sgz,,, Buenos Alres 7s 57 CCC&StLrfRsA. Buenos Alres 6% o0, | Colo & Sou 43%4s. ., mobile trade in spite of predictions 108, 108 108 |CEEARNSe 29 I that December would witness a rapid 102 102 102 |Cuba Nor6iact expansion in the number of contracts 100% 10015 100% | Del & Hud 1 from this quarter. o 2 98 w8 88 oints in the 2 . G A 8 95 93 .;:D)}'ufi“(‘;‘ 0 lnvite; . few common stock went from 141 to 101 1014 125, where it met astonishing support. 105 10 1t now {s only about eight points 108 108 higher than at that time. Genera ? 10 Electric dropped 26 points and has 1 rallied 14 points. Rail Shares Not So Buoyant. Except for Atchison common, which | this month duplicated its previous | high tigure of §200 a share; Canadian | whose December price is 15 5 g 4 better than that of October D gom Ut And Southern Railway common, now Common’ P ' bt 1041 on 8 per cent hasls ‘;mm‘m of 1 v‘f’mml"inr-x 18 Jer cent previously, there has been no Govel Prog A1:l 7 ,]m’,mfu.ufln of the buoyaney in invest- rowles Mi“wii 8% ment railroad shares which at dif: g ate e 1 ferent times emphasized the demand Deere &' Co o for strong equity issues earning a sub De For R ©'vie' 2 stantial margin over dividends DFBC wic cts dep 98 The same conditions may be said to Dochier Die’ €' ¢ obtain in the investment group of| Bobier e & R public utility stocks, of which there Durant' Mot .\ ire a_considerable number now selling EUD & Shn Cor at prices pximating ~the high | ' 2200 Humble' 011 & grade d the glit-edsed in-| ] i B dustr | Eajardo Sue Co. 1 % 4100 Inter Pt Vet Pansteel Prod 200 3 ;:r:a( many stocks added to the long _,::d‘ S RTE A list of those at record prices for the SRR vear. Membership in this group eh‘s:l Elrestone rr,,.”v 208 been secured by numerous m irest T 75 pfd .. shxn‘ chiefly due to the psychologi- Sond Mot Co k-nfll;:‘,_ cal effect on speculative sentiment of Fox Theaters. A. the more cordial relations apparently Ereed Eisem R C established between the United States Freshman Chas. and Mexico since Lindbergh's spec- el Eo | tacular flight from Washington to s Mexico City. ialk A Mexico Move Important. B The effort to create an entente cor- 4 ;:;unf';rmm diale not only with Mexico but with 3 Gen Pib Ser. . Central America and some of the Gen Pub £ vid: worth making on beha o meric: old Seal Elec. Doiiness at a time when Buropean Gorham Mfc". countries are placing themselves in ty 6 AP T a1 a position to compete in those mar- 1} Greent Tap & Die kets with American goods. So far as § Hiaopiness C st Mexico is concerned, it is equally im- 2Hires Ch A...... portant that relations be created that 1;1""'“""1 l";.’rr;l‘;r(" | will permit the free production of her 9 Hors & Hard resources, such as oil, copper and sil-| 3K v 7 ver, in which American capital has a | 203Ind Ray Cor A very large stake, Another and possi- 1 Int CigMach Co'n bly the most important of all develop- 43 Intern Tl B ments growing out of more intimate TphavMeny m.. political relations south of the Rio + Kroeger Gr&Bk C 14 | Grande would be in the way of open- 1 Kruskal & Krus. | ing up the vast territory to public 5 Calconrt Real ni utility development and duplicating | 20 Leh Pow n o .- . there some of the success that has o ‘\v’"ly‘r:‘:“ . already been achieved in Central and 8 Lemur Co Lo South America. 210 Owens &h' 611 The hesitancy in General Motors 15 Jan Rowman A | stock, after its months of leadership and prior speculative position over United States Steel common, is an indication that Wall Street anticipates a year of severe competition with the Ford Motor Co. and smaller earnings per share than during either 1926 or 1927. It apparently holds a dif- ferent view regarding a uumber of the smaller automobile manufacturers who are not placed in such a_direct line of attack as is General Motors and whose stocks have been among those in public demand at the high- est prices of the year. There is in this an element of speculation based on the possibility of merging several %mall units for their mutual protec- i New / ptd. tion and_more economical operation| i NY'Te 9 vt during the pAriod of intense selling ch ‘& Shep. activity. Hawaljan 33 M O BY CHARLES F. SPEARE NG Special Dispatch to The Star NEW YORK, December ing in speculative industri quieted down considerably today the prices quoted for them ind onily a moderate amount of taking in spite of the la v registered during the week. Eviden 1¥ holders are look profits in a continuation demand for stocks The best gain made by Porto Ri vertible 6s. which recer over 3 points, but today points in sympathy v several points in Con stock. U s, Rubber ered a portion of yester The rail list was ir & Rio Grande and advanced Island, Seaby Missouri Pacific and Western Maryls have all been during the week United t were Liberty 3. In the Ttalian ana easier, 63 have around th CHICAGO LIVE STOCK MARKET CHICAGO, Decer States Department Hogs—Receipts, 5,000 head; trade tive; market steady to str sever loads butchers, 240 to 270 pounds top, 8.55; bulk desirable, 210 pound average: 18.30; most 160 t0 200 pound averages, 7.90a8.25; Pigs, 7.00a7.50; selected lots up to 7 most packing 75 mated holdover, 1,000 | Cattle—Receipts, 400 head: com- pared week ago. fat steeis and year ngs, 75 to 2.00 lower; yearlings gen- | N erally 1.00 to 2.00 lower; better grades | NOTS $%3..-- off most, sharpest break of vear:|NOTway SMe stockers and_feeders awer; fat [OTNRY BREARE e~ cows, 25 to 75 off; helfers gencrally | Or'5n' De? deb s 1.00 down; cutter cows about steady; | paris iy aieq o bulls, 25 to 40 off; vealers, 2.00 lower; | parie;LY-Med 7 only specialties of steers and vearlings P““ . olass sold above 17.75; extreme top [Pors 7HE: - yearlings, 18.00: heavies, 18.75; most | pers 5225 1996 fed steers, 14.75 downward to 11.00; rof.?w\ A ;‘l":w:‘lnld‘s'(xvm bulls, 7.50; vealers, late, [ porig Alegre 8s. ... Sheep—Receipts, 3,000 head; practi- | Queensland 7s cally none on sale today; for week: Rhineibe Un 7. Lightweight fat lambs closing 65 to | Riode Jan 8s 47 75 lower; heavies unevenly, 75 to 1.25 | Rto Gr Do Sul 8 lower; sheep weak; feeding lambs | Rome 6%s...... weak to 25 lower; week’s top, fat na- | Sao Paulo 8s 1936 tives and fed Westerns, 14.25: slaugh. | Sao Paulo 1950. ter yearling wethers, 11.35; fat ewes, | Saxon (PW) 7 7.25; feeding lambs, 14.00; bulk fat na- | Seine Ts 42... tive lambs, 12.25212.35; fed lambs, | Serbs Crot Sio 8; 12.50a14.00; fat ewes, 6.00a6.75. | Sweden 53 FiiEma S Washington Stock Exchange SALES. on 5e—S$500 at 104 ric 15t 55—3$5,000 7t 1011 as 1% *B—$5000 "a¢ 1ok §oboicar 102 ) Wy Elect —$ 0 4 S1000 atgy % CerIe e—S1.00 ington Gas Light—5 at 841, 10 »id—10 at & Elec. 50 at 110 Special Dispateh to The Star. NEW YORK, December 17.—When the market in October, | of an r-extendes hlll\r’ United States § 1 new com- mon s declined 129 after) selling above 160, has | been back to ). In the interval conditions in the jron and steel trade have been un- favorable I'rices have allowed small profits to manufacturers, ingot pro-| duction has dropped to the lowest total for this season in se al ye: Wl and new contracts have been disap-{ pointing. Especially has there been) an absence of demand from the auto- BY WILLIAM F. HEFFERNA! Special Dispatch to The § NEW YORK, December 17.—One of he busiest half-sessions of the year | annual dividend of $3.30 a share prevailed on the Curb Exchange to-|the preferred st was ay day. Almost as much business as pos- | thorized, payable January 1 sible was crowded into the two-hour | of record January 16 session and prices gave another ex- - hibition of general strength. The in NEW SALES RECORD. < |troduction of profit-taking sales gave 5 Ithe 1ist a spotty appearance at times,| WINSTON SALEM, N. C.. Decen ber 16 (). —Establishing a new sale 122 | but the absorbing capacity of the mar- | rroved itself. | record of 50,263,416 pounds since th Issues such as Firestone Tire, Nor- [opening in October, the Winst thern States Power and the 614 peér|Salem Tobacco Market closed yester cent convertible bonds, together with |day for the Christmas holidays and Quaker Oats, which scored sensation-|will reopen January 3. The averase al advances during yvesterday's ses.|price paid for the weed this seaso: sion, were less conspicuous in the|was $21.84 per 100 pounds dealings today, but all held the gains . established, and Firestone Tire RUBBER ADVANCES. touched 205, a new high record for the year. Sheaffer Pen, which has| NEW YORK, December 17 (Special) —Crude rubber, smoked ribbed sheets | been on the trading list only three days and which started off at 665 and |advanced a quarter of a cent at today's quotation of 401 cents. This com sold up to 849, continued to sell around its high. There is talk of a split-up | pares with 37% cents a month ago and in_the stock. |37% a year ago. Lehigh Valley Coal, Bucyrus-Erie — Celanez. Ford of Canada, Fox Thea- ters and Johns-Mansville were promi- nent in trading and all scored good ublic utilities continued in the lead. | ectric Bond & Share was in the K4 stock broke 104 as a res ov as a result e 1perp pr | position, C M C N =2 | OM. 7 to sto C N below This week rofit ek pro 99 103 1040 14 1037 1034 | 1064 | 104 Mason Vai. New Corneiia cwmont Minine 1 Y & Hond Rox it 5 Atlae Plywood A o sk i 3 Banea €0, - Baned Co 52 Bancitaly . Corp § Blise £ W Shoes 3 Bohack H ¢ Bonn - Alum 2 Borden " Co Bridgen Mach Britlo M. - Brillo M% A Brockw Mot n: © ! Bidvn City R R.. Bulcyrus Brie wi Bulcy E C pid wi o COD e & E'r Campbell Wy wi Can Marconi W Carnation Milk eols g Cane Blow. . v Cen Pt aterpil Tract 8 sty Fot erol], Tract 1. np G & B 78 bl 6% “lfuloid Co n F5mp G & 1 7e pt 108 elluloid Co 3 Giheon O -Cor ©- | 03 elotex Co bid Haie ol Py Houston' Guit Gas Titer B, Kl Pt i 1061x 104 14 =i i1 57 Ohio Cop. 10 Shattuel 8T, Deni h Hughes | | i o Belmont 10174 group was o e Iy decl 0718 10 101 10 West End Ex( Sales INDEPENDENT OIL STOCKS in hundreds 78 Am Con Oilfids 12 Am Maracaibo (¢ i Brit-Am Oil n rib_Synd ity Serv n it Serv n pl. “olumbia Synd Canada 5s 1952 Canada 51gs | Chile 72 1943 Chile $s 1941 Pow Japan Copenhug s. enfhigs 1015 o 7lsrets,, 1051 “zecho s 108 108 Bast | 8s 62 105 Salvador 8s48.. 1 | | Kinlana s £ 6s 45 941 Finland 18 ! 1001 Framerican 7%s. 104 French 7s 105% | French 7% SETH | French 8s. 32 110% German 7s... 106% | Ger Am Bank 7s. 997 Ger Gen Elec 75, 1034 Greek 7s..... 95 96 96 - | Hungary 7148 1025 102% 102% 1| Italy 7s. .. 37 96 9674 | Italy Pub 7s 981 | Japanese 4s.. 91% 914 91% | Japanese t s, 101% 101% 101% | " | Marseille 6s....... 99 99 Mexico 4s 04 asntd. Mexlco 4s 10 asntd. Mexico s asntd Milan 6%s........ Netheriands 68 54. 5% 'y slippinz S0 « ¢ « C « « e conv 48 A 1e cvt 5s 67 wi & Jersey s 15 C 5874 Trunk stdh and Trunk 7s. .. Great North 43 aw « 1047 1047 | Gr Nor zen Ts 1056% 105% | Hav 114 111 110%a 110% 106% 106% 99°% 99 sl 103 sigind 108 ‘en Aguirre SUg. | 3 Cent Pip Cor. Promot Action First Mortgage Loans Thomas J. Fisher & Company, In 1 Cent Cent Cent Cent Sta El pfd G Sp & Bump M &S Ponow ity Ico & Fuel and o apancee Mex been )2 agdal Synd ) Mk Dit L 9 Mount Prod 6 New Bradford 'O 10 New Eng Fuel 0 1 New Mex Land 28 Pandem 01 1 Pantepec 0i1 " 1 Pennok 0il’ Cor Reiter-Foster 011 Royal (on 0 & R yan Con alt Ck Pro nezeilan Mex enezuelan Pet oodley Pet n Y70l n 24 Sales STANDARD OIL ISSUES AND FO! in units "MER SUBSIDIARIES—STOCKS 4500 Cont’l 0l n 1815 00 Gal Six ' 011 i1 ) Gal § 0 pid ld 40 10 Gal € O pld n.; - . | i) | ¢ 1= W { o 31 Ry 5145 81, Hud & Man ref 6s. Hud & Man aj 5: 11l Cent 4s 53. 111 Cent 4% 8 66. . Int Raptd Fran 6 Int Rap I'r 58 stpd. Int Rap Tran 6s. .. Int Rap Tran 7. Int & G Nor ad 8s.. Int & G Nor 1st 6. Int RysC A 68 72.. Int Ry C A 6%s ret Towa Cent 1st 5s. Kan City Term 4 | Kansas City S 68 Lake Shore 4s 31 Long Is rf 43 49. Pacitic, hest | points 10 3 (United % Agriculture 2 . 3 APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY 823 I 2 263, 390 3 90 Located in the District of Columbia and adjacent Suburbs in Montgomery and Prince Georges Counties, Md. 52% INT'ERES T this week there have been & 1025 102% 9913 99% I:um 101 101 101 1025 102% 102% { 9l 945 94 947 Y4 94 | 1014 10La 101 | 102% & 00 Pen Mex Fuel 1900 Prairie 0 & G n 00 Prairie P L 500 South Penn 6 ‘1 100 South P L n. 41008 0 Ind."." 2008 O Ry..... 3008 0 Neh 'n 508 0 Ohio n 400 Vacuum 01l Louts & Nash 7s:.. Man Ry 2d 4s 2013, Mil EI Ry & L 58 51 102% 102 102% | M St P & SSM cn 48 108% 106 106% | M St P & SSM 8148 106% 106's 106% | MK & T 4s B, 109% 109 109% | M K & Tadj 5s.... 89 8s% 88 |MK&TprinbsA. 105% 105% 105% | MK & T8sC. o 0" Mo Pacifie en 4s.. 15 115 115 | 3o Pacbs F 11.... 1113 11134 11135 | Mob & Ohio 4348 77 105 105 105 106 106 106 |NOTex&Mb5sB.. 90% 90% 90% | N Y Cent 48 98. 106 106 106 | NYChi&StL 6%sA. 107 107 107 |NYChi&StL §%sB. 100% 100% 100% |[NYC&StL6sA. 10315 103% 103% | NY N Hav&H 48 56 98 971 Y71 | NY NH&H db 48 67 104% 104's 1041 | NY NH&H cvdb 6s 103% 103% 103% { NY N Hav&H clt 61 103+ 103% 1037 | N Y Rys8s85.,.... 1125% 112 1121 | NYStateRy 614s 62 ySi 98w ! N Y W & Bos4%s. ¥8 7% w8 |Norfolk & Wen4s. 3 Nor Pac 38 2047... 117% 117% 117% | Northern Pao 4 108% 106 . 198% | Northern Pacr 1 s 5 94% 95 Uruguay$s....... 2109 109 109 |OreShortLress. Yokohama 6s w 1. 94% 94 94% | Pennsylgen 4%4s.. Peansyl b8 64 MISCELLANEOUS. | Pennsyl 6% Am AgriChem 7%: 4 104% 1045 104% | Pennsyl gold Ts. Am Repub deb 6 3 1024 1024 1024 | Peo & B 1t 48 40. AmSmit & R 6s 5 108% 108% 108's | Pere Mara 1st 68 Am Sugarref8s... 9 105% 105% 105% | Port R L & P 58 42, [AmT&Teltrds.. 12 99% 99% 99% | Port RL P6s47... Am T & Tl trbs. 105'% 105% 105% | Reading gep 4348, . AmT&T st & 1054 105% 105%: | Rio G Westcl 48... AmT&T deb 6% 109% 108% 108% | R 1 Ark & L 43, Am Water Wkabs. 1 100% 100 100% | St L IM&S R&G 48 Am Writing Pap s 94 94 04 IStL&SFpl4sA. Anaconda 1st 6s. . 105% 105% 105% | St L& S F pr In b8, Anaconda cv db 115% 114% 1154 | St L &S Fadj6s.. Andes Cop 7srcts. 293 128 127 1274 | tnos. .. Armour&Co 43%s 39 9214 8 92 Armour Del 5%s. 58y BaW 8Kl | Associated Ol 6s.. ® 3034 103% 103 Barnsdall 6 1940.. 8 100% 100% 100% | Bell Tel Pa 53 B. 1062 106% 106% | Seab A Lad) b3 Bell Tel Pa 6s C. 109% 109% 109% | Seab A L con 6s. Beth Steel rf 5s.., 102y 102 102% | SB All Fla 6335 A, Beth Steel pm 68.. 6 10212 102% 102 | SB All Fla 68 35B... Beth Steel 51863, 5 102 10La 102 |Sou Pac4s29... Beth Steel 6s. 1047 105 | Sou Pacific ref 4a.. | Bklyn Ed gen 58 2 A 105 | Sou Pac 4%sA 77.. Bklyn Unlon 5%s.. 10 7 | Sou Ry gen 4s. i Chile Copper 5s.... 16 96y | Sou Ry Con 6s 94.. Con Coal Md 1st 5s. 2 i a2, | Sou Ry 6s56. Consumers Pow 58 14 105% 105 105 | Perm AssoS L 4s.. | Det Bdison ref 6s.. 6 105w 1084 104 | Term Asso St L 6s. | Dodge és...... 5 £9% B9 | TexArk I°S 638 60 | Donner Steel 7s. 95 | Tex & Pac 68 77 rts Goodyear bs rets. 94% | Tnird Ave ad) bs | Bersney 5% 4 1027 1027 | Unlon Pao 1st rf 48 Hoe & Co 6%s Tl 97l 97l | Un Pac 43, 61 | Humble 011 55 100% 100% 1004 | Unton Pac cv 6s. * |Humble O & R6%8 2 10234 102 1027 | Virginia Ry 1st Lilinois Bell 1st bs. « 105% 105% | Va Ry & P 6 09+ | Lllinots Steel 4% 99% 1001 | Wabash 58 76 B. i3] | Indiana Steel 68 105% 105% 1054 | West Maryiand ¢s. Int Mer Marine 6 105% 105% 1055 | West Md 51877 Inter Paper d 6s 104 | Western Pacific s | Int Tel&Teleg 4% g | West Shore 4s 2361 1 | 1 Rayser & Co 58 3h 1067% 10674 | Wis Cengn 4s49... 1 | Kan CP&L 68 A 53. 5% 106% 1053 | Kan G & Bl 68 62 105% 1057 105 | Laclede G 6%862.. 6 106 105's 106 | Lortilard (P) 6s... 987 98T 98I Manati Sug sf7%s 1 .105% 105% 105% AMidvale Steel b 101% 1otz 101 Y Edison 53 44.. 4 105% 105% 105 ¥ Edison 6%s... 5 1164 116% 116% \ Y G E L H&P 4s. 9T% 978 9T | YGBLH&PEs. 3 109% 109% 109% | N Y Tel 448 101% 101% 101% Y Tel 634 1087 10815 108 Y Tel 6s 49.. 1113 111% 111y North Am Edis b 5102 1014 102 NorOhto T & L fs. 1 102% 1021 102 Nor States Pow 58, 6 10214 102 Pac Gas & K1 68 103, 103 Pac T & T 15t bt 1041 104 Pac T & T 58 62 106% 10 Pan-Amer Pete 61 103 102 Peoples Gas 68 105% 105 Phila Co 5%s 88...103 104% 103 PhilaCorf6sA... 8 104 104 | Phiia & RAC& | 58 102 102 Plerce-Arrow 8s... 169Xl 98 Por Ric Am Tob 6s 151 105' 104 Public Service 533 10 105 104% Public Service 6s. . 1074 P Serv Gas 53%s 69 105% P Serv Gas5%s 64 105 Punta Alegre 7 106 Remington Arms 61 93 e poceres Salen BONDS thousands 194 Ala’ Pow 458 wi 1% Alum Co Am 10 Am Cyanamid ‘5s. TAm Gas & El 6s /i 31" Appal El Po 9 Asso G Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY of AMERICA 1001 15th Street N.W. Main 8100 5 Asxo El 5ipae 40 At Fruit s 27 Bates Valv 8 Bell T Can [ty RESer VELFIIE B e A —on SHEREE Toho Elec Pow Is.. Tokio 5%s 1961... Utd Kingm 5%s 29 Utd Kingm 5%s 37 Utd Steam Copen 6: Gax' 5% ¢ Sar Pow 51ra 5 ColRyPALT v 5 Comw Ed 4138 D Cona Tex ’hfl". Capital Tra. olomac I ashington $5.000 at 107, Washington at 01 Was ! Wiehington R ashingt wy. 1005210 ¢ 1003, Lanston Monotype—=27 at 110, 10 at 110, 10 a¢ 110, 10 at 110 AFTER CALL. National Mige. & Iny. pfd.—30 at 53 10 a1 85 ashington Gas Light—10 at 84 Eotomac Hlechyiz 5 iia bii—10 at 10 ac Blectris Biss nfd.—10 at 107 100 8¢ 107. 10 at 107, 50 4t 107 goAmeriean Security & Trust o1 at Caital Traction Co.—10 at 109%. BONDS. Bid and Asked Prices. PUBLIC UTILITY | Bid. Asked 99 % 5 101 105 981 ah 100 * 103 104 g 103% 1013 L doay 108 3 etls. 143 It B1gs Intl 7e 1 Dixie G G f1i4 A Fitingon Schil 6< I Refriz 6 A Tire R AR RS A AT S Casalty | Masa Gas o avis Bottling . Mccall Corp rta ad_ Johnson Mol Shoe Co pd 1 ’ % Mengel - Box.". - 2 Gen Vend s, . Mesabi Iron D 5 Georetn Pow P ; ; b GTeR s ls, | ohawk Hu ; CESRE 3, 5 4 11 Guif Oil P Ax 37 Sei 6 14y ! Radio. . LEEoe Dassss oV Robt 515 atineau Pow s Gatinean Pow s BGen Am In 56 A 10 Gen Lau M 63 Hammer It Into Shape T IS an old Chinese belief that Panka, the first man, who was a giant in build and brawn, hammered the world into shape with -5t 10 92 1034% 1014 984 974 9734 94 0% 9 5% 9415 94's 997 97% 103% 92 1134 120'% 92w 108% 1064 102% 58 97 100% 101 109% 101% 104% B5% 101% 100 92 88 1001 g3 e 142 A 108 DRy b 1008 Municipal Kt 10 Mu' Rad 1 Nat Hak 18 5 Hood Rub Bts 2 Hygrade F fs 98 Ind Oil & Gax i 3 India P&T e A 41 Intl Match s Alnter P'S 75 21n Corp Am' 5s 1Inv B & sh 8o N L&P 5e 1 Kems & Millh 6s Lehigh Pow s 18 Lib McN & 1. 5155 vest G s lwau G KT 9734 94 0% 79 95'% 94% 94l 99 974 103% Amar. Tel. & Tele 5 Am: Tel. & Tel. o - N A 3 Neisner - Broi 15 Newh J 1 pi an adze. c C. &P 3 . Be Capital Traction K. R Gty & Suburban, s Georgetown Gas 1st 5s. Botomac Elec 1st bs. .. tomac Elec, cons otomac Elec. 65 1053 . h.. Alex. & Mt. Ver Alex. & Mt. Ver Washington Gas 5= SA e o Wash. Gas 6s. series A 5 H Wash. Gas 6s series B . & Elec. 45 . & Elec. gen. 65 MISCELLANEOUS & Ross. Inc. Bl ut Farms Dairy 6. base Club 5las..." Sometimes when you get started on a spending splurge it requires some good hard blows with the adze of common sense before you can hammer your financial program back into shape. Money Question Paramount. Altogether the market this week has again moved against the facts of business, which are not satisfactory, but in harmony with the investment situation, whose foundations are strong and continue to be supported by easy money. It is important, there- fore, to consider whether money is to remain abundant and cheap in the fu- ture. This question is intimately related to the present large flow of gold out of the country. In the past week Holland and Sweden have joined the list of nations buying our gold, and most important of all, an additioral 7,600,000 has been sent to London. We are on the eve of the adeption of policies that may determine the discount rates of the Iederal Reserve Banks as well as of the Bank of England and the Bank of Germany fo~ the next six months. | Associat:d with this is the proposed stabilization of the currencies of Italy ind France in the early part of 1928 Bankers' Meeting Recalled. It will be remembered that early in July the heads of all of the large e 1 central banks of Europe met here st e 4 | with the governor of the Federal Re- serve Bank cf New York. A month later the IPederal reserve rediscount rate was reduced from 4 per cent to 315 per cent. Subsequently the Bank of Germany discount advanced to 7 per cent. -The Bank of England had unwisely reduced its rediscount rate to 41, per cent, and was only uble to keep it *here during the Summer Le- cause of the lower rate here. Following these events sterling ex- charge began to rise when, according to seasonal! precedence, it should have declined. The currencies of Holland, Germany and scandinavia foilowed. Argentine and Brazil negotiated large loans in New York and drew gold out of this market in payment. Poland went on a gold basis and she, to®, #ECY d the payment of a )»Hv\'llllv\ of the procecds of her loan in yellow BT PN PO PRNE | - PST P TP e 113% 1204 92% 106% 106t 1025 58 97 100% 101 109% 1013 104% B5% 102 100% 92 88 3! S EeD I SIS IRINT AR D EEN 1 Palmolive Co... 1 Pender D Groc A 13 Pender D Groc B 5 Penn Ohio Sec. .. 12 Penn O E 65 pfd APenn 0 E b pfd1 2 Benn Salt. o1 21 Peop Drue Store 1Phila Elec.. .. 1 Philin Morria. 1 Poterg Sug i 2 Pow Seeur Corp. 2Puk SP&L.. '4 Rolls Royce ptd 4 Safeway ~ Stores. haefer’ Pen. Serv El Corp But you'll find that a well-formed and faithfully followed plan of monthly expenditure that calls for regular saving and investment works out best . . . especially if your investments are such sound securities as the 6% First Mortgage Notes offered through Swartzell, Rheem & Hensey Company. o 103 03 100 ity 93 951 94% 94% 106 s 100% iy oh% EATSTCISTEE 3t Wash. Mkt C: Wardman Park Hotel 5l.e PUBLI UTILITY. American Tel. & Telga Capital Traction. ... 66 Washington Gas_ . 83 Norfolk & Wash. Steamboat. 300 Potomae Elec pfd 6s 112 Potomag Elec, nid. 575 ¢ 108% Wash. Rw Elnc. con 4 W:xh. Rwy. & Elec. pid 1 NATIONAL BANK ational Capital.. . E’)lumbla veee Commercial strict armers & Federal-Am: jberty PR PREEE FELERE REFER 109% 101% 104% 86 6 102 14 100% 92 88 ] 3 Philipe Dot 5118 S Pitt S&Rolt 5is 1 Potero Sug 7o 11 Potomac E 5 'F #Pw Cor NY Bign 52 Pub Serv 4148 B GLE 58 A chtld 0 03" A Servel Del_6ia. #Schulte R B 6 X Shawsheen * 78 ShW&P4tis A ider Pack 6ia 5 Solvay Am Bs A 5Sou Cal' G B 57 10015 7 Southe P & L 681071 A Staley Mte 6x, . 01, 10814 10817 i P 9050 1 & Coba 1007 7 Texas P & 1’530 1001 18 Transcont oif 78 114% 3 Uni’ Biscutt A'Ga101 RUni Ind 6148 a3 Gt DDA DAD: oD S ie e T B e Sono2S3I25R st e Fes Bl el ZECSERLEES, 3268 R4 N Swartzell, Rheem & Hensey Co., Mortgage Bankers T27-151h. Street, ., Washinglon.DC. CHICAGO STOCK MARKET. By Special Leased Wire to The Star Sales STOCKS, 50 Adams 10 All war pfd 1 ot 2 High. Low Koyalty.. 21 21 amer Kad i1y 4y 1o AmFurmitMart’ pE 100 100 Am Snipbldg 1154 115 Am States B 44 States war % Del pt il pr. Iy Co 53 50 SaIotal Bank of Wash. .. 310 TRUST COMPANY Amer. Securit Continent. T Merchant National Tnion Trist h. Loan & Tris SAVINGS BANK and Samit Mfg anley’ Co n. ttz Mot . wift “Intl." Tac Wash M imken_Axle. . Tol E 78 nfd. .. rico Prod . rans Lux Pici rumbull St} Tubize A S B Vic 4 Tung Sol Lam A i Biscuit A Biscuit B, Biscnit Am El Coal vie Ene 58 Years Without Loss To An Investor P 10014 1004 114 S2x% | | 00 an | 100 as {350 Bendix . 1700 & Beck 210 Brach & Nons 110 Butler 40 Cambl nt 11 P8 pi Cent & & West ) et SOW PL 0Cent S 0 W pt.. )Lhi Cit & CR D ni Elec MUK A Kys Ser 38 Riwss Ser 4 5 Club Alummum 0 Commonwith Ed 100 Consumers Co 10 Eday Paper . 30 Emp G&F pf 7k, 10 Emp G&F pf Re 400 Evans Auto Lic A G Evans Auto Lg B 0 Foote Gear 3 10 Godebanix i 100 Gossard H_ W 30 Great 400 Haty 173 Kell 1008 101 0 0 101 % 39 101 R 5ls arner B P §1,5 arner Quin s 1013 ster Mil 835 FOREIGN BONDS, % Pl ettt ey FE Fiy SIATPVE BrLRASHT M ORTGAGES ,,.‘ EEE avings Potomac Savings Security s Com. venth Stréet Tinited States Washington Mechanios FIRE INSURANCE 70 pi. 1055 e BB mnsm in" thousands. 2 Adriatic Aeri M B 6s 47 TAeri M_B 75 '8 18 Baden 7s. ., 15 Bank Priceia’ ite atavia Pet 11 10 Brazil Biow 370 ° 7 Brishane 5 nos A T '3 meis b5 Cent B'G S e B Danish Cons 5%« 107 Eree St Prus 6 Free St Pr fiiys 3 Ger Cons Mun 1a ndt M B Fin 7y 3 Irish 1 S wi 41Leo Tietz & Mendoza 7. 4 Menidion & 3 Mor B Bogol 7 Mor Bk Chile G 13 Muni, Mede or Hy E § sa R G 3 Shiny Elec 78 e CHARLES M. SCHWAB —says: “It is not so important 10 Amerfcan ....... y Corcoran viremen RKational Taion. TITLE 1 Columbia Title tal te_ . + Co ‘of Md. com B sk 1 3 E 3 R 1 i to accumulate money for the proverbial ‘rainy day’ as it is to have it at hand for the day of Our gold to this country and put a strain on the European money market. Again he says: “It is indeed fortu- nate in this disturbed period in mone- tary affairs, when so large responsi- metal, .| bilities have been placed upon this It has been the:poliey of the Gov: | country, that we have had in the Fed- ernment., acting through the Federal | eral Reserve System an agenoy ca. teserve Board, to maintain low iIn-| pable not only of exercising am im- | terest rates during the second half of | portant influence towards stability in the year. There have been two pur-|our money markets, but also of noses in mind impelling this policy. | aiding in financial reconstruction The first was 1o aid the refunding op- | abroad.” erations of the Government, which 5 must be continued Into 1928 when the Low Rates in Prospect. v Tiberty 4145 mature, and the sec.| Inasmuch as these movements of ond. the need of assisting European |8old apparently will continue for a tountries during their transition from [ While longer, the interpretation to be Gepreciated currencies to a gold basis. | Placed on the Secretary’s words_ls that the machinery of the Federal Re- Mellon Explains Policy. serve Banks will be employed to off- There are two significant paragraphs | set any effects these movements might in the last report of Secretary Mel-|have no money rates and that low lon, which present the official view of | discounts here will be maintained as this subject. Dealing with the move- |long as possible to assist in the recon- t struction of Europe. This is believed 106 n Swifch heese Meadows Mig Co. 3000 Marvel Carb 150 MeCord Rag 75 M. Quide Norris, 50 Ml SU Prod. 10 Mid 110 Mif W #50 Mud West Tl Mid W'Dl 7a bi Munn-Hor s Minn-Hox 2000 Montom W 1070 Morgan Litho. 500 Monsantoch . 150 Nat El Po w'A atl Rad; 0 Nat_ Stan North Am Ca No_West UL t Ut 78 pf 200 Novadel ~com 10 Okla Gas & Ei Pirk Barth pfd 50 Pines Winterfr 110 Quaker Oats. 37 Quaker _Oats pid RS Music Reo Motor.. Sharon Stl H 8s. Sincialr U1 68, Sinclair O1l 61 Stnelair O11 78 Sin Pipe Lire 108% oL B0 rage 1 Federa] American cum Federai-Amenican id 95% larger opportunity.” 100 94 94% 94 1047 104 1061 106 o3 103t 103 103 100% 1001y 100% | 107 107 107 | 108% 105% 108 108 107% 108 96% 96 96 105% 105% 105 108% 108% 108% 102 101% 102 100 100 100 8814 K8 881 106% 106% 106% | 103% 103% 103% 104 104 104 101% 101% 101% | Aerchants ovehAns Mercenthaler Nt hion. Drus Stuie oottty Siorase Secinty Grocery Co anite & Whse T Contention e “on Waeh Mealeal Bids."Corp seb ward & Lothrou p Woodwand Sag "L s Unlisted Department. (These securities odt iisted u BONDS. ke Navy Club 58 A [ AT (e City Club 78 Metrovolitan Shelly Ons e[ Ocver a Third 6% FIRST MORTGAGES Southwest Bell §s. tandard Oil N J 68 Sug East Orlent 78 Tenn Elec Pow fs. Toledo Edn 1st 78. United Drug 6s. .. U 8 Rub st rf 6s.. |USRub 1% | U S Steel sf 6s. Utah Pow & Lt 5s. | Vertientes Sug Warner Sug 7s 39, Warner Sug 78 41.. | West Klec5s...... | Westinghousebs.. 9 | Witson & Co 1st 68. 9 s Stin H 7a 1 Swiss Govt 5 1 Trol, Hed B0 7 ni SUW 6146 *Ex-dividena: 0% A . of a Corn —represent the safest custody Century ; ‘ you can give your surplus funds, returning you regular interest income without wear- - BOSTON STOCK MARKET. By Special Wire to The Star, BOSTON, December 17.—Following is a iist of today's highest, lowest and closing prices for the most active stochs dealt in here: Sales. 38 Arcadian Without a Loss hange ing themselves out in so doing, as you await the “day of larger Ciub 4% ment of gold between the United High, Youngstn S&T 6s. . RAIL Atchison gen 4s .. Atlantic C L 1st 48 Atl & Dan 1st 48 48 n-sacks e Din-Sacks 8s nfd i Pie Co i Retrich Brewers SHiriss ch’ Boparimental Bank. | Miller ‘l\;fl(n Contro! Bank e Ranik vin Bank gon Savings Bank Washington Titla Tns Co Washington Base Eail (10 Waodridge & lansdon § 80 Steel Tube | 0 Stew W | 330 Swilt & Co | 0 Swift Tntl | 4105 105 105 ROAD. 1 BRT 99 97% 48 83 97 96% 9T's 1005 100% 100% 109% 109% 109 104% 104% 104% 1054 105 1051 102% 102% 102% 1115 1114 111% 1067 106% 1067 98 5 99 Un Biscuit 1010 Warner Gear ... ) Oil Autom . | 1t Mz ¢ Tota 05001 5000 Chi € & Con R 68 §000 Metro E1 K 15t 48 1000 Pac Coast Cem 68 1000 Swist st Bs.... 43 ares. 8914 701 AR 1024 BONDS States, England and other European countries, he says: “The reserve pol- fcy is at least in part responsible, not simply through specific operations de- signed to deal with gold movements, but principally by the pursuance of a larger plan, which has had as its ob- jective the restoration of the gold standard throughout the world and which has found expression in the granting of credits to a number of European banks of issue, and in a discount and open market policy which, as far as possible, has avoided a rate position which would attract to be the purpose of the return visit which Gov. Strong of the Federal Re- serve Bank and Representative Mec- Fadden are making to European bank heads. If it were not for this situation it would be difficult to find excuse for the rising prices of speculative securi- ties, as trade, broadly speaking, is not good. Some investigation this week of earnings of the iron and steel com- panies and of the Eastern and South- ern railroads for the December quarter reveals the fact that actually it is ex- remely bad. iy 575 Arizona Com ' ! 1140 Bingham Mines .. 5 Boston & Maine... 870 Calu_& Hecla. . 380 Copper Range R4 Dom Stores . 160 Edison Elec 25 Island Creek .. B> Mass Gas ... 48 Mayflower 0 'C.. 6 S S EFE 190 Mergenthaler 95 Mohawk . 34 Nat Leathes 180 014 _Dominion 406 Quiney ......- 351 St Marys Land. 86 Swift Internat. 18 Tower Mfe ... 15 United Shoe M. T e aEE 2a2E255.23 - ® @ Main THERE opportunity.” B. F. SAUL CO. 2100 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY