Evening Star Newspaper, December 21, 1927, Page 14

"FINANCIAL" "THREE NEW PEAKS ON EXCHANGE HERE Pepco 5s, Railway Pfd. and Sanitary Grocery Pfd. Sell ct Tops for 1927. B> EDWARD C. STONE. Three more 1927 peaks were scored on the Washington Stock Kxchange today, when Potomac Electric Power consolidated bs sold at 1037% for the first time, and Washington Railway & FEleciric preferred came out at 1007, this also being a fraction above the year's best previous mark.. The third irsue reaching a new top wa Sanitarv Grocery preferred, whic at 105%. " ngfiht’r ]tx‘;l issues were also sll‘un‘g. Capital Traction s moved at 10434, Potomac Electric Power 6s at 105% and Washington Gas 6s, series A. a: 1051%. Potomac Power 61z per (‘.enl stock sold at 107% and the 6 Dervcerti‘ jssue at 111%. Fifty uhm‘esln( A :S‘G- ington Gas ngh!‘s?}g‘:/xl 8415 and 2 renthaler a 4. o‘Pg)iples' Drug Stores pr}e“f;;re;l(:g?rl‘: ds e ity hn(!‘:«l‘;l(:l( Traction registered re were sales of 150 shares of National Mortgage & Investment preferred at 5% and 5%. The l:as dividend list is now the longest it been for some time. -re Bonuses and Dividends. directors of the District Na- u.:f.'.lf Bank yesterday declared the usual Christmas bonus for dll members of the staff. It is based on the salaries Teceived and the length of service. The regular 3 per cent quarterly dividend and 2 per cent extra declared Jestercay by the American Secuclty % Trust Co., are payable on Jan- ary 1 to stockholders of record De- cember 81. The transfer books will e closed from January 1 to 10. The hal month's salary ;ute?bn:edu Christmas has been distributed. M';:: Qdirectors of the Seventh Street Savings Bank have declared the regu- Jar semi-annual dividend of 6 per cent payable December 31, of reco~d December 28. Nev: Storage Director E’Iec':ld. o directors of the Merchants 1:::«» & Storage Co. have elected David P. Smith to the board. Mr. to stockholders | Am NEW YORK STOCK EXCHANGE THE EVENING STAR, WASHINGTON, T. €., WEDNESDAY, DEUE’MBER 21, 1927, Received by Private Wire Direct to The Star Office. Open. High. Low Close. A:lflbl Pow (5 1404 140w 140 Al Abr&Stras 7%pf 111 111 Adams Ex (6) 183% 185 183% 185 Adv Rumley.... 13% 13% 13% Adv Rumley pf. 39 39% 39 Ahumada Lead.. 3% 3% 3% Ajax Rubber.... 11% 12 1% Albany Papr(2). 254 25% Allled Chem (6) 152% 153 Allis Chalm ¢6). 1 114 Amal Leather. .. 11% Amal Leather pf 0% Amerada (2).... 30% Am Agricul Chm 19% Am Agri Ch of.. 65% Am Bank N(13), Am Bk N pf (3). Am Beet Sug . Am Beet Sug pf. Am Bosch. . | Am Br Sh (11.60) Am Brown Bov. Am Brown Bo pf 111 111 AmC& Fpt (7). Am Chicle (3). . AmChie pr pf(7) Am Drug (80¢). Am Encau (2.40) Am Express (8) Am & For Pow. . Am&Fo Po pf (7 Am Hide & L pf. Am Ho P (240). American Ice(2) Am Internatl(2) Am LaFr&Foam Am Linseed.... Am Linseed pf. . Am Locomot (8) $Am Loco pf(7).. AmMch&Fy(13) AmMa&Fy pt(7) Am Metals (3).. Am Republic.... 78 Am Saf Raz t4% 56's Am Ship & Com. 3 Am Smelting (8) 184% AmS & R pf(7). 130 Am Stl Fdys (3) 64 Am Stl Fy pf(7). 114 Am Sugar (5). 5% 8% Am Sugar of (7) 107 Am Sumatra.... 64 & Ca (5). Am Tel & Tel (9 179% Am Tobacco (8). 172% AmTobaccoB(8) 172% Am Type pf (7). 110% Am W W (m80c) 604 AmW Wks pf(6) 102 179% 178% 179 172% 171% 171% 172% 170% 171% 110w 110% 110% Smith ic at present assistant secretary- surcr of the company. u;:m board yesterday afternoon also declared the quarterly dividend on pre- ferred stock of $1.75 per share, and the semiannual dividend of §5 per share on the common stock. John Newbold is president, Ben L. Prince vice president and C. B, Buck treas- e company. “‘;;t;‘ !lll:mk m‘refl are listed on the local -exchange. The last sale in the common was made at 132 and in the preferred at 106. George A. Fuller Issue Is Sold. ¥ i) of 45,000 shares of e e Faer Co cumulative snd participating $6 prior preferred stock at 99.50, made by National City Co.. has been sold. Application will be n}nde to list the stock on the New York Stock Exchange. On completion of present financing there will be out- standing these 45,000 shares of prior preferred, out of 60,000 authorized, in addition to 36,500 shares of cumulative preference stock, out of 60,000 au- thorized, and 30,000 shares of common stock, the amount authorized. all of 0 value. nT::’PMhM\phh Dairy Products Co., Inc., 6% per cent prior preferred stock offered yesterday by Eastman, Dillon & Co., and Stroud, Kurtz & Co. reported ‘was also’ today to have been Seven Bond Issues to Be Redeemed. S. 'W. Straus & Co. announce that seven bond issues, amounting to $11, 20,000 at the time they were brought it, ha nbeenmll:‘du:thnzung l‘, jums ranging from o4 pl.:.'m’rhm issues, which bear cou- ns of from 6 to 7 per cent, have n refinanced by banks and insur- ance companies at 5 and 51 per cent. e issues are $5,000,000 Murray mu' Office Building first 6s_(New York); $5,000,000 Ambassador Hotel proper- ties first 6s (Atlantic City): $800,000 Madison Park Building first 68 (Chl- $550,000 141 West Seventy-first : 00 Garden Apart ew York); $360, 2 gqmt Building first 6%s (Jamaica, N. ¥.); $60,000 (partial call) Lincoln Hotel neral mortgage 6s (New York), and go.ooo (artial call) Holtels Statler Co’s 6s. Decline in Wholesale Prices. ‘Wholesale prices declined in Novem- ber about one-third of 1 per cent, ac- to Deplr'.me‘nt °ttl€ggrc;::’ based on prices of - :n%um This is a slight reaction from the recent upward trend, the in- dex number standing 96.7, compared ‘with 97 for Ocmer this year and 98.4 November year. ’"or the 550 commoditics, increases were shown in 157 instances, and de- creases in 154 instances, while there were no changes in 239. Mellon Discussess Gold Exports. re is no cause for concern at thrh:ut.vlrd movement of gold from the United States, according to Secre- tary Mellon. He thinks the movement §s the natural result of trade develop- ments, and believes that no one can predict what the future gold situation will be. The Secretary observes that this country has been on the verge of gold exports several times in the past and yet there have been fl{fl:‘; stances arising to change the tion of the gold movement. Second National Votes Bonus. At a meeting of the board of dll-‘ rectors of the Second National lBanr held this forenoon the regular L)e pent semi-annual dividend wut le- clared and an extra dividend of yli r cent. Both are payable January 1. g‘;a directors also voted an extra gratuity for the employes in keeping with the Christmas season. ‘ Bank Employes to Celebrate. The employes of the Federal-Ameri- fan National Bank will have their fifth nnual Christmas party tonight at the Eolumbh Country Club. The officers and directors attend the Yuletide events and the families of the entire personnel also take part in the gay oc- casion. Without anticipating what Banta may do, it is proper to state that a number of surprises are likely 1o come from the tree. Dancing will add zest to the party. Meard In Financial District. The North American Co. has made wpplication to the New York Stock Exchange for the listing of 112,595 maditional shares of common 10Ut nominal or par value. The Childs Res- taurant Co. also wishes to list 3,578 aAditional shares without nominal or par value. The Arundel Corporation directors have declared an extra dividend of $2 8 share in addition to the regular quar- terly dividend of 50 cents a share. This makes $3 instead of $2 that will be paid this year. The stock is quite widely held here, but is listed on the Baltimore Exchange. November Fire Losses Cut. November fire losses in the United States and Canada amounted to $18.- 992,200, compared with $26,724,400 in November, 1926, a reduction of $7,732,- 200, according to records of the Jour- nal of Commerce. Losses for the 11 months of this year were $288,660,200, Am Woolen Am Woolen pf. Am Writ Pa otfs Am Wr Pa Am Zine. Am Zinc pf. Anaconda (3) 42% 41w 42% 7 7 7 41% 41% 41% 9 59% 58 59 Archer-Dan (3). 59% 59% 60 ArmourDelpf(7) 84% 84% 84% 84 Armourofill(A) 10% 10% 10% 10% Armourofll(B) 6 6 b5 5% Armour Il pf(7) 66% 66% 66 65 Arnold Con&Co. 53% 531 534 58l Artioom (3).... 43 Asso Dry G (2% 49% Asso DG 1st (6) 112 Asso Ofl ($3.20). 39% Atchison (+10). 1947% AtlCoast Li110) 190 At GuIf& WI.. 394 Atl Refining (4). 1084 AtlasPowder(4) 63% Atlas Pow pf (6) 102% Austin-Nichols Austrian Cr 4.52. AutoSales...... 8% Autostrap A (3) 44% Baldwin L (7).. 253% 254 2534 2 Bald Loco pf (7) 121% 121% 121% Balto &0 (6)... 117% 118% 1174 Balto & Oh pf 8k 8l 8% Bambgr pf(6%). 110% 110% 110% Bang & Ar (3%) 0% 72 70% Banz & Ar pf(7) 110% 110% 110% Bank of Am (12) 389 389 389 Bk Comerce +18. 575 575 575 BankofMan(16). 585 585 Barnsdl A(b2%) 25% Bayuk Cigars.. Beacon Ofl...... 15% Beechnut(13.60) 714 Best & Co (3) 5T% Bethlehem Steel 56% Bloomingdale... 46% Bimingdle of (7) 110 Bon Ami Cl A (4) 664 th Fish 1st.. Botany C MillsA. Briggs Mfg Co. . Bkin-Edisan (8) 194% Bklyn-Man (4).. Bkin-Man pf(6). Bklyn Un Gas(5) 145 Brown Shoe (2% 49% Brunswick B (3) 24 Brunswick Ter.. 18% Buff&Susq of (4) 53 Burns BrosA (8). 102% Burns Bros (B). 17% BurnsBros pf(7) 99 Burroughs Ad +4 141 Bush Term (g2). 62% Bush Termrts.. 4% 4% 4 Bush Ter de (7). 111% 111% 110% Bush Trm pf (7) 116% 116% 116% Butte Cop (50c). 4% 4k 4% Butte&Super (2) 11 11% 10% Byer&Co......; 99% 10.% 97% Calif Packg (4). 76 78% 76 Calif Petm (1) 24% 240 24 Callahan Zine... 1% 1% 1% Calumet & Ar (62 119 ~ 123% 116% Calu & Hecla (2) 24 24% 230 Can Dry (*3%). b53% b53% 53w Can Paeific (10). 213% 215 2124 Car Cl&O sta (5) 105 105 105 CaseThreshg(6) 270 271 168 Cent Alloy (2).. 28% 30/ 28% Century Rib M.. 12% 12% 3 Cero de Pasco(4) 67% 67% 0% Certain-Teed (4) 53% 53% 653 53 Chand-Cl 6 6 6 6 Chandler pt. 16 16% 16 16% Chase Nat B(18) 545 545 543 543 Chase Nat Bkrts 43% 43% 43% 43% Chat-Ph Bk(16). 570 570 570 570 Ches & Oblo (10) 206% 206% 205 206% C & O Corpn (3). 2 B0% e Chi & Alton. T Chi & East I11, 2 42! Chi & Bast 11] pt 2 Chi Great West Chi Gt West pf Chi Ind&L pf (4 Chi M1 & St P.. Chi M1l & StP pt CM&StPefs.. C M&StP pf cfs. Chi & Nwn (4)., 86 Chi Rock Is (5). 108 108 CRI&Ppf(6). 103 103% Chi Yellow C(¢). 424 424 271 334 86% 07 107 103 103% 42% 42w 2w 52% 40% 42 Christi B (1.20). 67 674 Chrysler Cor (3) , 62% 62% 6l% 61% ChryslerpfA(8). 114% 114% 114% 114% City Stores (B). 61% 61% 61 CCC&StL pf(5). 107 107 Cluett Peab (6). 7% T7h Coca-Cola (6)... 129% 129 Collins & Atk(4) 102% 104% Collins&A of (7) 109 109 Col Fuel & lron.. 85 85% Col Gas & EI (6) 92 9l Col G&E pf A (6) 10815 1081 Col Carbon (4) 93 93 92 92 Com Cred (1). 22 22 2% 21% ComCrpf B (2), 25 25 25 25 Com Cred pf 6% . 88% 89 88l 88y Com Solvents(3) 169 178% 167 167 Com Powr (2%). 67 67 654 66 Conde Nast(2).. b1% 51% bl1% 5ik Congoleum-Nair 7% 8% 274 2Th Cong Cgrs(t4%) 83 83 82% 824 ConCigars (7).. 83% 85 83 84y Consol Distribut % % % & Consol Gas «6).. 117 1174 117 1174 ConsolGas pfe6) 103 105 102% 102% Consol Textlle.. 3% 3% 3% 3% Cont Bakg A (4) 51% b5l 50% 50% Cont Baking B.. 5% 6 % 6 Cont Bak pf (8). 96% 96% 96% 96 8¢ 85 85% 335 338'a Contl Insur (n).. 90 91w Cont Mont (8Uc) 10% 11 Corn Prod (13 66 6bY% CrucibleSt 8T% 904 Crucible pf(7).. 1124 112% 1124 112% Cuba Cane Sugar Th Th Th Cuba CaneSupf 31 31 304 Cuba Company 28 28 274 Cuba RR (4.80). 88% 90 884 101% 102 109 109 82% 85 9ls 914 108% 108l as compared with $349,724,400 during the same period last year, a reduction of $61,064,200, or more than 17 per ent. Cuban AmS (1) 21k 21% 21 Cuban Dom Sug. 11% 1l% 11% Cudany Pkg (4). 51k 62% B1% urciss 62% 63 61w 140 ranm&Straus 116% 1164 115% 1164 Cushman’s (§4) Cushmann pf (8) Davison Chem. . Deere&Co f (7) Del & Hud (9).. Del L& W (7). Detroit 4 (8).. Devoe & R(2.40) Diamad Mtoh(8) Dodge Bros €I Dodge pt (7) Dome Mines (1). Dul SS & Atlan, Dul S8 & AU pt. Dunniti int (4).. Du Pont (114% ) Duquesne pr (7) Eastman (18). Suton Axie (2).. isisenionr & Bro. 1 AutoLt (T6%) tslectric Boat. .. Eive Fower & Lt BP&LDL 40% (1) lec Falt pr (7) ulec Relrigeratn 61 StRe Bar «16) Emp Capwell(2) wua Jono (o) kngineers Pub 8 wrie R R. iquitableTr(12) trie St S (b)) rieSuns cfs 2% sureka f1ade).. Iixchauge (14). Fairbanks (3).. ed LagLinl 4v). '6d Lk pi 18). Fed Mings(1v). F1d Phoenixi4). Kifth Ave (84c). First Natsi14). i3k Rubber. ... FIsK 18 pE 7). Fleischmn( 13 Founation C Fox Kl A (4). Frank-S pf (1).. FreeptTex(id%) Gabriel $n (34%) Garduer Molor. ., Gen Am Lnk(4). Gen Asphait. ... Gen Cable A(4) Gen Cigars (4) .. Gen kleo (16)... GenlSlec sp(6UC) Gen GasA(ol% ) Gen Gas B(el%) Gen Mot (T7%). Gen Mot pf (7). Gen Vutdr Ad(2) Gen Ry S18 (6). uen Hefrac (3). tillette SaR(16) Gimbel Bros.... Gimbl Br ptf (7). dden Co. ... Glidden pr pf(7) Gold Dust (3)... Goodrich Ru (4) Goodyear Tire. . Goodyr 1st pf(7) Gothin S H (24) Gotham new 2 Gotham H pf (7) Granby Con Min Grt North pf (6) Gt Nor prefsib) GrLNOr O (%) Grt Wes S(2.50) Gt West 8 pt (7) Green Canan Guantanamo Sug Gulf Mo & Nor... GuMé&N pt (6) Gulf States Stee) Guif Sta Ist(7). Hartman A (2) Hin 8 010%s HavEl Ry pf(6). Homestake (17). Household (14). Houston OU.... Howe Sound (4). Hud Man (2%). Hudson Mot 5) Hupp Mot(1.40). Lllinols Cen (7)., 111 Cen 1sd 1i (4). indep 011 (1)... lodian Mot (1%) Indian Mot pt(7) indlan Refiniog. indian Refg ctfs ingersoll Rd(15) Iniand St (2% ). Lnspiration Copr interboroRapir tutcont) Rub(1). internat Agri... int Agricul prior Int Bus Ma (6).. int Cement (4)., lut Com £ng (2) Lot Comb pf (7). int Harv (36)... 2 lotMich pfi3.20) int Mer Marine. Lot Mer Mar pf. int Nickel (2). .. intl Paper (2.40) it Paper pf (1) lut Ry Cent Am. Inter Salt (6) 1ot Tel & Tel island Creel Jowel Tea...... Jones Brus Tea. Jones & Lau (7). Jordan Motor... Kan City South. Kayser J (4).... Kelly-Spring. ... Kels-Hayes (2), Kennecott C (6). Kinney pf (8) Kraft Ch (1) Kresge (1.20) Kresge SS pf(8) Kresge DS pt... Lago Ol (76¢). . Lambert Co ( Lee Tire & Rub. LehighValisig). Lehn & Fink (3) Life Sav (1.60).. Lig & Myrs(f14) Lig&MyrsB (£4) Lima Loco (4).. Liq Carb (3.60). Loew's Inc (13). Lort Long-Bi Loose- W11(1.60) worillard Co .. Louisiana Uil .. La Ol pt (6%). LouisGasA(1./6) Louis & Nash(7) Ludlum Steel(2) McAndrws(13%) McCrory (1.60). McCrory B (1.60) Mcintyre P (1).. Mack Truck (8) Mackay (7)..... Mackay pf (4).. Mad Sp Gar (1). Magma Cop (3). Mallison & Co. Mallison pf (7 Manatt Sugar... Manati Sugar pf Mandel (2%)... Man I Sup (6). Man Elev gtd(7) Man £l m g (d5) Man Shirt (2)... Maracatbo Oll. Marland OMl.. ... Marlin Rock (f4) Marun-Pary (2) Matnieson (4).. May Dept 8 (4) Maytag (13). Mexican Seab. Miami Cop (1). M1d-Continent. . Mid-Cont pt (7). Middle States. .. M1d States O1l et Midland pf (113) Miller Rub (2).. Minn & St Louts MStP&SSM 11(4) Mo Ken & Tex. . MoK & T pf (8) Missourt Pacific Missourt Pac pf . Montana Pow (6 Montgmry W (4) Moon Motor.... Mother L (50¢). Motor Met (3.60) Motor Whi (2) Mullins Body Muliias B pt Open. High. 135 185 13 113 113 40% 41 39% 116% 116% 116% 185 185% 1834 1364 136 3 163 135 115% 167 26% 104 2z 16% 903 ik 404 85 1 108% 237 134% 824 26% 104 6% 34 20% 26 26 26% 0% 0% 0% 106 108 5‘ Low Close. 135 13 40 116% 185% Munsingwr (3). Murray Corpn.. Nash Motor(t6). Nat Acm Nat Bellas Hess. NatBHess pf(7). Nat Biscuit(17). Nat Casb K (A)3 Nat City Bk (20) Natl Dairy (3).. Nat Distiilers Nat Distille: Nat Kinamel & S. Nat Lead pfA(7) Nat Pw&Lt (3ve Nat Radiator(3) Nat Ity Mex 2d. Nat Supply (16). Nat Surety (10). Nat Teu (4).. Nevadu Ci1ig) .. NOTex & M (7) N Y Air Br (3).. N ¥ Cent (¥). NY C&SL (6)., NY Dock pf (5) NY NH & Hart. . NY NH&H pf(7) NY Unw W (l). N ¥ Railways pf NY State Rys pt. NY Steam pi (6) NY Sum pr A «7) Niag Lock pf... Nortf & Wn(r10) NorAm 010%suk North Am pf (8) NorAm 5d p(7) North Pac (6) Nor Pac cfsi6).. Norwalk Tire pf. Vil Well Sup.... omnibus. .. vpnnm Col (4).. Orpheum Cir (3) Vs Kievator «6) uus tlev pf (6). vus Steei. s Ous Stl priort1) Owens Bot (ct4) racine Coast. ... racine Gas (). Pac Tel & Tet (7) Lackard (3).... Falke Moo ... . . Pan-Am Petrolm Pan-Am Pet (B). W-Am West B, Panhandie. ..... Parmt-kam (38) Paramount rts. . Park & lutord., Park Utan (3uc, Pathe kxchang Pathe Iux A 4 Patno (az.10).. Peeriess Motor. . renubLix Cmi(2) penna R R 3%) Peoples Gas (§). Peoria & East. .. PhilaCos% bt PhilaCo8%pi(3) Philag RC1... Parip Morrt; Phiilips Pet Phoentx Hosiery Plerce-Arrow. .. Pierce Arrow pt. Pierce Oll....... Plerce Petrolm. . eullsbury (1.60). PittsTerm Coal.. Pitts Ter pt (). Pltts &W Va(6). PorRicoTobA(7) Porto Rico To B, Postum (6)..... Pr Stl Car pt (1) Prod & Retiners. Producers&R pt. Prophylac B(14) Pub Serv NJ (2) Pub Serv pr (6). Pub SE&G pf(8) Pullmn Corp(4). Punta Aleg Sug Pure Oil (11%). Purity BakA(3). Purity Bak B (2) Radio Corp of A. Reading (16).... Reading 1st (2) Heal Silk Hos. .. Keid Ice Crm(3) ReldlceCr pf(7) Kemingtn-Rand Hem-Rdist «7), Reo Motor (71).. Kep Ir & St (4. Rep1&8pt (7). Reynolds Spogs Rey Tob B(16%) RichfieldO(f1.15) Rossia Lns (6) Royal Da3.13% . Rutland pf..... St Jos Lead (13) St L& SanFr(8). St L&SanF pf(6) Seab Alr L pf... Seagrave (el.20) Sears-R (nzi).. Seneca Coper... Shattuck F G'(2) Shell Un (1.40).. Shuber The Snider Packg Co. So Por Rie S(£2) South Calif £d.. South Dairies A. Sou. Dairies 8... South Pac <6). .. Southern Ry (8). Spicer Mfg. SHG&E (3% StdG & Epf (4). Stand G&Elec rts Std Mill ¢5). ... StdO1ICal(t28 ). StdOILNJ (11%) Std OHINY (1 60) Sterlg Prod(17). Stewart-war (8) Strom Car (2)... Studebaker (5).. Studebak pf (7). Submarine Boat. Sun O1l (1 1) Superior O1l Sweets of Amer. Symington Cl A.. Telautogra (60c) Tenn Copper (1) T'exas Corpn (8) Cex Gulf Sul (4) Tex & Pacifio. ... Tex PC&U(60¢). Tex Land Trsto The Falr (2.40). Third Avenue... Tidewatr As Oll. TIAWASOLInT(6) Tidewatr Oil 800 Tide W Oll pf (5) Timken (15).... Tobac Prod (7 Tobac Prod A (7' Transcont Ofl... Transue & W(1) Twin City R (4). Underwood (4). Cn Bag &Paper. | Union Carb (6). Unton Oll (t23) Union Pac (10). Un Pacifio pf(4) UtdCgr8t(C80¢) United Drug (9) Utd Drg 1st (3% Utd Dyew of (7) Utd Fruft(16%). USCIPDL (). U 8 Distributing U S Hoffman (4) U S Aleohol (6). U u u . U S Rub 1st (8). U S Smelt (3%). USSmpf(3%). U S Steel (7). U 8 Steel of (7) Un Leaf Tob (3) Unl Ple 1st f(8) Univ Pipe(12%) Utah Copper (6) Ut) P&LE A (e2) Vanadium (14). van Raalte pt Viek Chemn t4) .. Vietor Tik Mch . Victor ev pf (8). Victor or pf (7). Va-Caro Chem, ., W7k 115% 191k 59% 537 W04 9ol y6 4% 854 FLUGTUATION WILD IN COPPER STOCKS Specialties Also Bid Up, but Rest of List Has Real Reactionary Tone. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 21.—Vio- lent upbidding of the copper shares, accompanied by the usual extrava- gances in a few other specialties, did not serve to obscure the fact that the general list in today's Stock Market had a reactionary tone. The fluctuations in the copper stocks were fully as wild as at any time during the movement to date. It was difficult at times to follow the prices under the new abbreviated form of reporting—that is, by any one who was not in continuous touch with the tape. For example, Greene Cananea dropped from around 145, the level at which it closed yesterday, some 11 points at the same time that Anaconda, Calumet & Arizona, Cerro de Pasco, Kennecott and American Smelting and Refining were all setting new highs for the year and some of them new highs for all time. Of course, holders of Greene Cananea were simply attempting to take profits that had accrued during the swift upturn, and there were few buyers on the way down. These realizing sales out of the way, the stock re- covered a part of its loss. Other Striking Advances. Other striking advances were scored by such stocks as American Repub- lics, now in the mystery class; A. M. Byers, which is well above $100 a share, was at a new high; California Packing, International Nickel, Timken Roller Bearing and Paramount-Fam- ous. Once any of these had started there were plenty of speculators eager and willing to fo along. Meanwhile however, standard investment shares were sagging. Steel was lower. So was General Motors, which all the forenoon sold consistently below the, price at which the huge block of 18,000 shares was taken the day be- fore.. Apparently that buying did not serve the purpose intended. Then there was a long list of stocks in which liquidation was evidently go- ing on under cover of the strength in the specialties. These included Inter- national Paper, Montgomery Ward and Radio. Of the last named 4.000 shares came out at 91, off 213 points. General Electric sagged and American Can, which has been so conspicuous recentl, paused to consolidate its new position, The movement of the railroad shares was puzzling. At the start they were almost uniformly higher, with especial strength in Erie. This was in the face of the car loading report, which show- ed the total of 877,600 cars for the week onding December 10, a loss of 114,855 from the same week a year ago, and a loss of 131,096 for the cor- responding week of 1925. Rails Turn Downward. 1t looked as if an attempt was being made to bring the rails irta line for the sake of the effect on the rest of the market. Strength in the carrier stocks,” however, was not maintained and later in the day they turned down- ‘ward. ‘The Erie November report, which came out today, showed a drop in gross from $10,960,629 in 1926 to $9,787, 858 in 1927 and in net operating income from ' $1,691,356 in 1926 to $652,312 in 1927. Rail stocks were not weak and there were exceptions where the buying was predominant, but in general they were in supply. McLAREN IS MADE HEAD OF AJAX RUBBER CO. NEW YORK, December 21 (#).— Negotiatiors were completed yester- dav wherehy the Ajax Rubber Co. has acquired control of the McLaren Rubber Co. of Charlotte, N. C., through exchange of stock. H. L. McLaren, one of the best known_ executives in the rubber in- dustry, was elected president and gen- eral manage: of the Ajax company, to direct and supervise the operations of both companies. He will assume his new duties January 1. In addition to Mr. McLaren, R. E. Peavey of Boston and C. C. Codding- ton of Charlotte were elected to the Ajax board of directors. Mr. McLaren was president of the Ajax company about six years ago, during the peak of its prosperity, but withdrew at that time to form his own company. He will divide his headquarters between New York and Racine, Wis. — N. Y. C. BUYS STEEL. NEW YORK, December 21 (#).— The New York Central has bought re- quiremgnts of track material, tie plates, ~ spikes and bolts, costing $3,000,000 in connection with rail pur- chases and for maintenance purposes the first half of 1928. The road bought 177,140 tons of rails for $7,600,- 000 on November 7 for 1928 delivery. Orders were distributed among Beth- lehem Steel, Carnegie Steel, Jones & Laughlin, Inland Steel and the Bourne-Fuller Co. Va-Car Ch 6% of Va-Car Ch\pf (1) Vivadou (b10)... Vulean Detin Wal Waldorf (1%).. Walworth (1.20) Ward Baking B. Warner Plo A... Warner-Quin(2) Warren Brs(15). ‘Warren Bros rts. Warrenlist pf(3) ‘| warF&Pipe Cor. W Penn El p£(6) W Penp k1 bt (1) West P Po (8). . West P Po pf(7) West DalryA(4) Western Dairy B West Maryland- West Paciflo. ... Westn Paciflc pf West Unton (8). Westhse A B(2) Westinghse (4). Weston Electri. White Eagle (1 WNhite Mot (2) Willys Od pf (7) Wiison & Co. ... Wilson Copf A.. Worthn Pump. . Wright Aero (1) Wrigley (t33%). Yellow Truck. .. Yel Tr&Co pf (1) Youngstn Sh(6). Hourly Sales on N. Y. Market. tlam,.. 648.00012m.... 1.240.400 1o.m..1744.900 $pm... 2, Dividend eates as riven in i adirierty 0t Unicas Liherwise tenda are not_incl “Bozt of trading :ht“lfl.ll‘lllrl gg‘ o s vear—no recular rate 2fon oer ent in’ common atuck oasable 2% % quarterly ~ Flus 5% n stoek ay- whea arn Payavle in 1 stock fIns 10% 0 stock Share 1n e $1 o ey H A EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Courses Open for the New Year. What courses are open to the in- vestor planning his program for the coming year? First he bay leave the major por- tion of his funds in the bank sacrific- ing his present income in the hope that he may enter the security market on more advantageous terms at some later time. For those who believe this the best solution the savings bank furnishes the best medium. Money there deposited is always immediately available, and if left long enough it earns its keep. Incidentally the sav- ings banks pay a larger interest on accounts than is to be had from United States Government honds. In most States these institutions are sec- ond in safety only to Government bonds. Secondly the investor may turn to real estate mortgages. There is much to be said in favor of this form of in- vestment just now. The return, se- curity considered, is liberal compared with either stocks or bonds. Mort- gages have the disadvantage of not being marketable. They are suitable for those who want a permanent in- vestment. There is no opportunity for appreciation of capital in a real estate mortgage. Two other drawbacks should be men- tioned and one is that although mort- gages are written for a definite term, usually three years, as a matter of practice they run on indefinitely. A formal renewal is very often dis- pensed with as long as the interest is kept up vegularly. The other is the expense and trouble of foreclosure in event of default. Sometimes the in- vestor has to take vore the property and carry it. All this admitted, well chosen real estate mortgages, on which anywhere from 5 to 6 per cent can be had, are as attractive as anything else in the way of an investment under present conditions. Total gross aesets . Deductions: Onpaid_current bills . Good will. patents. etc. Net assets for capital stock . Seven-year annual average earni Net earnings 1925. ' Net earnings 1926. Earnings 6 months 1 1922, Dividen RTINS T ‘Also stock dividend of 10% in 1920. Reported final half of year business run- ning satiatactorily and. would cover divi- dend requirements. At B5. stock yields 9%. (Consult_your banker or broker for fur- ther, information as to value back of fhu stock. Scrapbook this for future teference. SRR In a battle with a savage fox, Sid- ney Nunn of Ottershaw, Ireland, smashed his gun and the animal’s skull before he killed his foe. FINANCIATL.” COTTON S FIRMER AFTER EARLY SAG Offerings Are Light and Prices Snap Back From Open- ing Drop. Associated Press, W YORK, December 21.—The cotton market opened steady today at a decline of 1 to 6 points, active months showing net declines of about 6 to 9 points after the call under Southern selling or realizing by recent buyers probably influenced by rather easier Liverpool cables. Offerings were light and the market steadied up on renewed covering, com- bined with trade buying which was accompanied by reports of a better spot demand in the South. January rallied from 19.09 to 19.19, the general market showing net advances of 4 to 5 points at the end of the first hour. Liverpool cables reported hedging and local liquidation in the market there, but a fair calling and also freer buying of cotton cloths by India. Wrong Number Club Formed. Telephone girs of Hull, England, have formed a Wrong Number Club, with the motto, “Dance with the girls who cut you off.” A special invitation to the opening dance was sent to the subscriber who had made the most complaints. He sent a graceful letter of acceptance, and had a happy eve- ning. Money to Loan Secured by first deed of trust on real estate Prevailing interest aod commiseion, 430 Wash. I. & Trust Joseph I Weller 130 Wil s § W JEWELRY AND FURS ALL RISK Le Roy Goff INSURANCE All_Branches 610 Woodward Bui Offices Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspec- tion invited. B. F. SAUL Co. Main 2100 925 15th St. N.W. DIVIDEND NOTICE Vasco Products, Inc. BRENTWOOD, MD. By order of the Board of Directors the third an- nual cash dividend of eight (8) per cent on, the Preferred Stock of Vasco Products, 1ncorporated, has_been declared, payable on January 1, 1928, to Stock- holders of record Decem- ber 15, 1927. C. J. MAINS, President. JAMES L. FEENEY, Secy-Treas. The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District of Celumbia and Nearby Suburbs in Montgomery County, Md,, for 3, 5 or 10 year terms on your Apartment 5%% Office Building Business Property Apply RANDALL He HAGNER & COMPANY Incorporated MORTGAGE LOAN CORRESPONDENT 1321 Connecticut Ave. Telephone Main 9700 MONEY for SECOND : MORTGAGE LOANS Homes and Business Properties PHILIP MILSTONE 1104 Vermont Ave. Decatar 168) 1st 'l:ru‘st Loans D. €. and Montgomery County Large Construction Projects FRED T. NESBIT 1010 Vermont Ave. M. 9392 Mortgage Money Loaned at Low Interest Rates Economie Conditions Tyler & Rutherford Loan Corresponaent Mutual Benefit ife Ins. Co 1520 K Street Main 475 CHURCH LOANS We are in a_vosition to handle con. struction loans for Caurches and Instita- tions—FPhone Main 5611. Money to Loan Consult us regarding vo § md Trust Loan requ ments, We can make such loa at low rates and attrac terms. Special attention given small loans. W. H. WEST COMPANY First Mortgage and ConstructionLoan Applications Invited at Glover & Flather 1508 H St. N.W. Main 1753 Money Available for FIRST DEED OF TRUST LOANS 6% Reasonable Commission Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Fromot Action Lowest Rates of Interest and Commission Thomas J. Fisker & Compeiny, lac. Mortgage . First Safe—Conservative Make your savings and surplus est interest rate consistent with absolute safety. In financing homes and in the sale of Wm H Saunders Co, Inc REALTORS uBK First Mortgage Loans 6 E 0 Notes funds work for you at the high- 40 Years’ Experience these securities Main 1016 NO SOONER had the age-of electricity sup- planted the age of steam than many torren~ tial rivers and streams, hitherto of little economic wvalue because unnavigable, were discovered to hold the key to untold wealth. But before this wealth could be touched, before the violent waters could be captured and shackled to the turbines, a vast capital had to be raised. And in this, as in all other great phases of industrial prog- ress, it was the bankers of the country who raised it. The House of Hambleton—founded in 1831 as dry goods importers and reorganized as bankers at the beginning of the new industrial epoch in 1865—has for many years taken special interest in extending the dominion of hydro electric power. HAMBLETON & CO. SOUTHERN BUILDING—WASHINGTON, D. C. BALTIMORE. Established 1865 NEW YORK. PHILADELPHIA. CHICAGO.