Evening Star Newspaper, December 23, 1927, Page 14

14 = 'FINANCIAL, PRICES ARE FIRW ONLOGAL CHANGE Half of Traidng Before Holi- day Is in Bonds—Lan- ston Strong. BY EDWARD C. STONE. Tn the last trading before Christmas on the Washington Stock Exchange prices held firm. Bonds figured in more than half of the sales. Wash- bonds in the A . and a $1,000 tran: ue took place Railway & dropped on closed up to Washingto ic 48 opened at 0 sale to 913, and a new peak for 19 in sold at the year's of 110. Federal Amer R ron came out at Mortgage & Investmer opened at 5ix on a 100-sh &nd closed with a 40-sha Oniy one bank stock board, D t Natior 2. National preferred are transfer, o <ale at 5l ppeared on the ng at 345 “tment the bid was lowered to 60 from the bid on District Title w Q' 5 points 1o 45, and the sked price on Washington Buse Ball was raised to 35, with 45 offered. ‘The list of stoc! now selling e: @ividend was g increased today. and attention is again called to the fact at the exchange will be closed tomorrow. ‘Wardman Company Votes Dividends. The board of directors of the Ward man Real te Investment Corpora- on has declared the regular dividend ©of § per cent per annum on its ¢ A preferred stock. pavable to stock- holders of record December 29. Divi- dend checks will be mailed December 31 A dividend of $3 per share was also declared on the common stock, pavable as of December 3 The corporation repor 3 income for the year and a substantial sum has been carried to the surplus account. Officers wera elected as follows: Harry Wardman, president; Thomas P. Bones, vice president: James D. “Hobbs, treasurer; Henry J. Robb, sec- retary, and Daniel Thew Wright coun- sel. Mortgage Co. Dividend Deferred. Stockholders today received the fol- lowing notice signed by Frank J. Hughes, president of the National Mortgage & Investment Co., which bas headquarters in the Denrike price on C g: - ce hereby given that, owing 2o the present depressed condition of the market for real estate securities, the payment on January 1, 1928, of the regular semiannual cumulative @ividend of 4 per cent on the preferred stock of the corporation, by resolution of the board of directors, has been de- ferred until there is an improvement in the real estate market. “This action is taken in order to rotéct the best interests of the stock- olders of your corporation by con- serving its assets, and to avoid the sacrifice of the properties of our clients who have been unable prompt- | Am Republie.... Oven. High. Low CIX)-. Abitibl Pow(5). 139 141 139 1404 Abrahm&Straus 113 113 112 13 AbraStras 7%pf 111% 111% 111% 111% Adams Ex (6)... 190 190 190 190 Adv Rumiey of. 87% 37T% 3TN Ahumada Lead. EONEL IR ] Alr Reductn(17) 183 183 183 183 Ajax Rubber... 11% 11% 1% 11% Albny Pap pf (7) 101 101 101 101 Alaska Juneau.. 1 Allted Chem (8) 154% Allled Cm pf (7) 123 Alits Chalm (8). 114 13 31 184 6d% 40 214 a4 144 5T TN 106 1 1 1 1647 163 154% 123 128 123 1144 114 114 2! 1% 1% 31 184 Am Agri Ch pf.. 644 Am Beet Sug pf. 40 Am osch...... Am Br Sb (41.60) Am Brown Bov. Am Brown Bo pf Am Can (2)..... Am Car&Fdy (8 Am Chicle (3).. Am Drug (80c). Am Express (8) & For Po Am For Powr rts Am&Eo Po bf (7 Am Ho P (240). American Ice(2) Am Internati(2) Am LaFr&Foam Am Linseed. ... Am Locomot (8) 10974 AmMch&Fy(13) 175 AmMa&Fy pf(7) 240 Am Metals (3 AmMeta; Am Piang Am Po & Lt (f1) Am Radmtor (6) 134% Am Ry Exp (6). 106 o' 58 211 ddn 43N 144 574 Tola 106% 10474 105 72 T 3 133 144 13% 169 172% 6% 66 30% 304 B0w bo8% 3 LI 6w 6w 6% 64 63% 634 109% 108% 108+ 179% 175 176% 240 240 240 49% 48 48y 113% 113 118 21 214 214 66% 65% 66% 135 134% 135 111% 105 110% X2l 78 79N 58% 58 bl 40 40 40 8 3w 3w 186% 184w 184 67% 65 6bl 8 T TT% 108 107 103 4% 64 64 179 178 178% 175 171% 175 175% 172 175% 1184 1181 1184 128% 128% 1i8% 110 110 110 60 59% 60 1015 101% 101% 19 19% 19% 4% alyy 598 Am Saf Raz t4% Am Seating (14) 40 Am Ship & Com. 3% Am Smeiting (8) 1854 Am Stl Fdys (3) 66 Am Sugar (6) T8 AmTobaccoB(8) Am Tobac pf (6) 1181z Am Type Fo(8). 128% Am Type pf (7). 110 Am W W (m80e) 59% AmWWks pf(6) 101% 19% 48y 48Y 4T .y 604 60t Ban 10% Archer-Dan (3). ArmourDel pf(7) Armouroflll(A) Armourof111(B) Armour L1l pf(7) Arnold Con&Co. Artloom (3).... Asso Dry O (2 Atchison (t10).. Atchison pf (5). AtiCoast L(t10) 188% AUGUIT& WI.. 39y AtI Guit& W1 pf. 39% Atl Refining (4). 108% AtlasPowder(4). 64 Austin-Nichols an AutoSales...... 84 Autostrap A (3) 4% Baldwin L (7).. 254 Bald Loco pf (7) 120% Balto &0 (6)... 117 Balto& Oh pf (4° 8lle Bang & Ar (3%) 704 Barnet Leather. 50 624 105% 10>% 188% 189 4% 394 4% 40 39% 108% 108% 1084 61 4 a 8% 8% LU TLAR e 2541 254 118% 117% 118 Blly 81 0% 0% 0% 50 50 25% 264 26 1v to meet their obligations to us owing to the present depression.” The stockholders are also asked to send in their/old preferred and com- mon certificates to be exchanged for the new stock, in accordance with eaction taken at a special meeting in October. Today’'s communication like- wise includes the statement of condi tions as of October 31, which ghows total resources of $5.575,327.63. Deferring of the dividend has caused & weakness in the stock on the local exchange, recent sales being around 4%, Confer on Bank Trust Co-operation. The general agents and managers section of the District of Columbia Life Underwriters’ Association, at its semi-monthly meeting this week, listened to the reports of the com- mittee formed to co-operate with the banks and trust companies of the city, the purpose of which is to con- #erve the vast estate being ‘created Rhrough life insurance by placing this estate under the administration ‘of the banks’ trust departments, Last year the total amount of estates icreated through life insurance Smounted to some $50,000,000. The committee reported that two anectings had been heid with the Tbankers, and that they were asked to form a fiduciary section of the bank- ers’ association similar to the sections wperating succeesfully in other cities, 4n order that they might meet ‘regularly with the life underwriters 10 further these ends. It was reported that one banking dnstitution, alive to the possibilities, Had conferred with the president of the Life Underwriters’ Association “with reference to themmatter of com- petition of the banks with the life underwriters, it ving been brought out that the life underwriters were fighting_shy. of certain institutions where they feared competition. This matter of competition hetween the bauks and trust companies and the Lfe underwriters, whether direct or indirect, was discussed at length, and certain institutions were highly com mended for their stand against any such competition. The underwriters feel that consider- sbie progress has been made in the meectings aiready held and are Jooking forward 10 the bankers giving some whole-hearted cooperation in the fu ture. It was announced that the Jan- usry meeting of the Lite Underwriters’ Association will be addressed by the rust officer of one of 1the leading loca) trust companies, who has given much time and thought o the matter of tnsurance trusts. Columbia Bank Votes Bonus. The directors of the Columbia Na. tonel Bank yesterday afternoon voted 10 give a 325 Christmas present 1o all employes of the bank and also a 6 per et bonus based on the % il during the past yesr. 't Bift ry for many y arate from the oth The busrd ared the umun) 2 per cent quis dividend due ot this thin yable 1o stockh CT Yrcember 21, Frank 3. Stryker, the presdent, snnouned Barnsdl A(b2%) 25% 105 105 105 105 68% 69 116% 1164 116% 19% 19% 19% 56 56 B 58% 66% 68 18 118 118 46 45% 45% 67 664 67 5. 8" 2% 3 284 % 14 1w 3 3 197% 195 197% 1464 % 48% 3% 33w 33% 17% 17 174 7% 7% 176 b2 52 652 99% 99% 994 17 17w 174 144 143% 143% 61% 61% 6l 3% 3% 3% 17 1168 117 5 % Beechnut(13.60) 68% Beechnt pf B (7) 1164 Belding Bros (2) 19% Best & Co (3)... 56 Bethiehem Steel 57 Betb Sti pf (1).. 118 Bloomingdale... 45% Bon Ami Cl A (4) 66% ;l:wm rl:{na&u. 5 gEaMrg Co.. 234 British Empire jy British Emp 2 3 BkIn-Edison (8) 195% Bklyn-Man (4). 67% Bkiyn Un Gas(5) 144 Brown Shoe (2% 48% Brunswick B (3) 33% Brunswick Ter.. 175 Buft Roch&P (4) 76 Buft&Susq pf (4) b2 Burns BrosA(8). 99% Burns Bros (B). 17% Burroughs Ad 14 144 Bush Term (g2). 6i% Bush Termrts.. 3% Busb Trm pt (7) 116% Butte Cop (50c). 5 Butte&Super (2) 104 Byer&Co......, 97w By-Products (2). 72% 7 Calif Packg (4). Calif Petm 234 lal 1% 118n Calu & Hecla (2) 23% Can Dry (v3%).. 54 Can Pacific (10). 212 CaseThreshg(6) 272% Cent Alloy (2).. 31 Cent Alloy pf (7) 109 Century RIbM.. 12 Century Rpf (7) 85 Cero de Pasco(4) 70% rtain-Teed (4) Certain-T Chand-C| Chandler Mot pf. 164 Chbase Nat B(15) 140 Ch atBkris 41% Ches & OB (10) 205 C&OCorpn (3). E0% Chi & Alton T4 Chi&Alonpt.. 11% Ch1Gt Wemt ptf.. 29 ChiMU&StP.. 158 Chi Ml &SPt 34 CM&StPefs.. 1% C M&SLP pf cfes, 23% Chi & Nwo (4).. 8Ty Chi Pne Tool (§) 133 Chi Rock Is (6). 107 CRI&PUL(6). 103 CRI1&PoL (7). 109 Chi Yellow Cr¢ Chilas (3 . ChileCo (2%).. Christ! B (1.20), Chrysler C City Stos 4 Cluett Peab (6).. 78h 7% Cocu-Cola (6)... 124% 14kt Colline & Atk(4) 102% 103% Collins&A f (7) 109 109 109 109 ColFuel&iron.. b2 s #2% B4 Col Gan & ) (6) 90% 0% 9o% 91 Col GAE pf A (8) 108% 108% 108% 108%, Col Carbon (4 v24 Com Cred (1) 21% Com Cr pt (1 Com Cred of |ComCrptB(2), | Com Inv (3 60) | Com Bolventa(8) 166% 171% Com Powr (2%), 66 6ix Conde Nest(2)., 61 51 10% 985 % % 8% 2% s 1% 1% 119% 117% 117% 23 23w 23 5 66 563 66 214% 212 214% 2z 2 o1 29% 29's T6% 273 272 53% b2 116 116% 118% O 5% G% 164 164 164 540 639 539 42% 4% d2n 206% 206 206 Bl T4 1 2 18y 4% 18 B4% 7% 135 108% 108 109 4% pre 69y 63% 1% 28% 29 18 1% 33% 84 1% 17% A3% B4% B6% 87 182% 132% 107 1084 108 103 109 10y 69 61y 63 Gl 61y 8% 8y, 128 1284 102 105% 28 %, 24% [N T 166% | 66 HGy Heard in Financial District Federal Amerd ol Vank . by quarteriy dividen 2% per D fernl the red and conts Common ¥ he Libwrty ? Che evening wurcens A ful ik fenture from 1he e o per 1t han bank 1obby [ wian & of ity added 1y Course Limtribut tree and duneing Amerbcan bee Farnings Up i of Amer rRer e o © with ka of Unec oy s dn the 1 ber Quring u cating the Ve dndustry we W e THNER N betler than 1 when net v ) o ) b comon sty nide i or ¥17 preforred diy POTATOES ARE STEADY. CHICAGO. T PRV Nl L A) Putat oceipte. 34 st W iarkn, 140 cirs, total Lnited Blales Wliytaiis, S10 care; prices unchiaiged, M Congoleum-Nulr 7% .9 ErR(14%) BO% Hly at®tl).. b4 LA | Consor wtribut % | Conmol Gas (6)., 117 | CousuiGus ot [ | Conmol be. AN | Cout Bakg A (4) 4dn'y | con, Y e 102% 116 1170, 1020 10z Bl 109 % Gt 140 1421 BLTRIE 2 Tuwon % 6, 2% Hw Conth Inmur (n). | 0% ant Mont (Bve) o 1108 (13) [ Corn Proa pf (1) 140 1424 Ly 106 (18) .. 1% 116 usibies ool (6) 2% 14;4’ Cubs ICIC(480), Cuben Ams o)) Cuban Dom Bug Cudany Pk 14) ur Aero Hd'e srite A pf (7). 11K sehmann pf (8) 1ih 4z 4 24 14 by 629 e o ' 13 s 6% 1k ne e 41% 4 LT TN I8 140 A% 4% A0 [EL U E L E T LY 199 19 9% T Tam T2W 0 2% 12% 1 12% 6'n i o i Wa 10 i by G0 B BBy w19 $2) dlv sl Dayison Che el & 1uad (4) el w1 1evos & KRi2 40) Diamma Micho8) a0y IET 190, | Hanie Mines (1) Vhul 85 & Atan [l 8 5 & AvIpt § tmanit tn ¢ bu Pent (1} TR EVENING STAR. WASHATNGTON, 0. ©, TRIDAY, DECEMBER 23, 1927. Close. 16% 165 274 1% 97 [ 0% Open. High. Low Duaquesne pf (7) 115' 115% 115% Eastman (18)... 165 165 Eaton Axle (2).. 2% Siseniohr & Bro. 1% AutoLt (16%) 908 eotrio Boat. .. 154 0 Power & Lt 0% Elec Refrigeratn 9 Stee Bat (16) 1k Horn, t5nd Jonn (8). Engineers Pub 8 Engurs PS pf(7) auit Bldg (7)., irte R R.. o 18t pf .. ErieStmS ofs 3% tureka frek). . Fatrbanks Co pf. ‘airbanks (3).. l'ed Ligtihl 40). 'ed Min pf (7). 1d Phoemizie) . First NatS(1%). Fisk Rubber. ... F1sk 1St pf (7)., Fleischmn(1314) roundation Co. . Fox Fiim A . FreeptTex(i5%) Gabriel Sn (3%) Gurdner Motor.., tien Asphait. .. Gen Cable A(4). Gen Cigars (4). . Gen Kleo (16).. tenlsiec spi8uc) Gen Mot (17%). Gen Mot pf (7). Gen Outdr Ad(2) Gen Outdr A (4). Gen Ry Sig (6). Gen Refrac (3). filiette SaR(16) Gimbel Bros.... Gimbl Br pt (7). Glldden Co Glidden pr pt(7) Gold bust (3)... ‘ivodrich Ru (4) [ ©1 T ' 354 108% 91 [N 63y B4 T 104 2% 43 0% 7 40'y Sl 1024 24 13% 8l Goodyr 1st pf(7) Gothin S H (24) Gotham new 2 Gothum H pt (1) Gould Coupler A Granby Con Min Grt Nortb pt (6) Gt Nor pf ofs(6) UrtNor O (1), Grt Wes 8(2.80) Gt West 8 pf (7) ireen Canan Guantanamo Sug Guif Mo & Nor.. Gu M & N pf (6) Gulr States Stee 18t pt. 67y 674 6 HanovrNatB130.1310 1310 131 Hurtman A (2).. 23% 23 HID BDIVRSE 20 0% Hershey Corp... 36 36 Hershey pt. W Tl Hershy pr pt(6) 100% 100 Hollunder & Son 33 Household (14) 64 64 Houston Oll.... 160 160% Howe Sound (4). 47% 47k Hud Man (2%). 51 51w Hudson Mot (5) 811 817 Hupp Mot(1.40). 3% 341 Lllinots Cen (1) 135% 6 "y 100% 1009 83 s 64 o4 165 159w 46% 46 50 00y B0k Bi%w 33% d4w 135 1354 % 26 a“ 44 aan Indian Refining. Y Indian Refg ctfs Intand 8t (2%). Inspiration Copr toterboroRapTr Intcontl Rub(1), Internat Agri. Int Bus Ma (5) int Cement (4).. (nt Com Eng (2) Lat Comb pf (7). Int Harv (J6)... Inter Har pf (7). intMich pfi3.20) int Mer Marine. 1ot Mer Mar pf. int Nickel (2)... intl Paper (2.40) int Paper pf (7) Inter Salt (6). int Tel & Tel (§) 1sland Creek (4) Jewel Tea...... Jewel Tea pt(7). Joues Kros Tea. Jones & Lau (7) Jordan Motor. KCP& L 1st (7) Kan City South, Kan C S0 pr (4 Kayser J (4) elly-Spri o W 56% 82 24T 2474 2 185 135% 5% ah 41 8 Byn 4% Ton 1094 1090 69 69 148% 151% 6% 664 80l B0y 119% 120 284 31 121 a2t 13% 144 114% 114% 26% 274 23% 23% 89 90% 89 n9 65 66% 0% T0% 16% 1w B4 85 B2% i 17% 17w 9% U54 BBl Bs Blw 31y 121 1214 1210 121% - 136% 1364w 62's 63 69 0% 574 57% KraftCh (1 134) Kresge (1.20)..., Kresge Dept 8.. Lago Vil (1be). . Lambert Co (16) Lee Tire & Rub. LehighVai(3y) Lehn & Fink (3) LifeSav (1.60).. Lig & Myrs(ft4) LIg&MyraB (£4) Lig &M pf (7) iy Long-Bell (A) a8 104 29 164 38% 109 20 164 20t una Otl. .. LoulsGasA (1./6) Louls & Nash(7) Ludium Sreel(2) McA McCrory McCrory B (1.60 Mclntyre P (1).. Mack Truck (8) Mad 8q Gr (1%4) Makina Cop (3). Malitson & Co. ., Manat Sugar. .. Manati Sugar pf Mandel (2%).,. Man K1 Sup «6), Man 8hirt (2),., Maracaibo OI1,.. Murket 8t prior, Martand On Mar Rock (13%) Mathiewon «4) Muy Dopt 8 (4). Maytag (13). Moxi miCop (1),, Mia-Continent., Mida 204 1060 1 B b6y % 3614 74 40 06% v 74 40% 1% 48 any Bon woU 49 49 120% 127 8Th BTw 84 b 13 19% 197 Wh cun Blates.,, @ onOllor 1, Midlund pECH12). 237 Milier ltub 3y, , Minn & Bt Louls Min 8P & B5M Mo Kan & Tex MoK & T pf (6), Misnouri Pucifia, 1 12bv 1279 Hbly B % uaw 4% an 1% 19y R 1Y 14 1 7 04 dw d% (XN TEN 4 w7t bt Bl [N ER N [T 1208 1210 Gu 6 A% vl oy, 2 1% 10% 122% Moon Motor . 1 7 Mother L (60e), % Motor Met (8 60) 201, Motor Whi (2)., Mulline oy .., Munsingwr (3 Murray Corpn. | Nash Motor(16). Nut Acine (win), Nat Bisoutt(17), Nat Canh 1 (A)D Nat City B (20) Natl Duiry (8) ., Nat Dept Btores, Nut Distillere Nat stiilers of Nat Led pf 13 (8) Nat Wl s Nat Itadlatoro8) Nat ltad pf (1), 11ty Mo 24 tBupply (18) Nat Huply pf(7) Nat B YEN Ony T T Vg 176 [N o ian [ (I Hbte dhaty 0 intn histy Hate 116y Liph i B 1 Wity Wity 24 5 SYCKSUL pti8 WY ook . Y ONI & Hart Y NHAN ufT) VY ik Wiy NY lallways pf NY Bienn vl (8) Nink Lock pf . Notlolk Bouth, 10wy | 60 vy s, ity i 6% Al 0k B PR 1ty “w 0y it "y 14ty HOw o A A by TS I’ "Ik lNorf& Wn(t10) NorAm b10% stk North Pac (). Nor Pac cfach) Norwalk Tire. 011 Well Sup. Omnibus. Opnhm Col (4) Orpheum Cir (2) Otis Steel Otls Stl p Owens Bot (ct4) Pacfic Coas! Pac Coast 1st. Pacitic Gas (). Pac U1l Stubs. . . Pac Tel & Tel (1) Packard (3).... P'atwe Motor. . Pan-Am Petrolm m Pet (B). n Bin West 8 Panhandie Panhandie pt Parmt-Fum (8) Paramount rts. . Paramt-1 pt (8) Park & Tilford. . Park Utah (80¢) Pathe Exchange Pathe Kx A (4) Patino 1a2.10). Penick & Ford. . P’enick&F pt (7) Penubix Cmt(2) Penna R R (3%) Peoples Gas (8). Pere Marg pf(5) Pere M prior (5) PnilaCod % priv PhilaCo6 % pf (3) ©’hila& RC 1 I’nilp Morris Phillis-Jon ( Emilips Pet (3), Plerce-Arrow Pillsbury (1.60). rius Coal. Pitts Coal pt rorRicolobA(7) orto Rico To B, | Postum (8)..... Pr Stl Car pf (1) ¥'rod & Kefiner: Pub Serv NJ ( Pub S NJ (7). Pulimn Corp4 Punta Aleg i Pure Oil (11%). Pure Vil pf (¥).. Purity Buk B (2) Radio Corp of A. Reading (16) Reuding 18t (2). Keid Ice Crm3) Lemingtn-Rand Hew-Ralat (7)), Reo Motor (f1).. Kop 11 & SU (4,. Rep | & 8 pr (7). Heynolds Spnks Rey Tob B(16%) RichfieldO(11.15; Ros31a 1ns (6) .., | Royal Dad.13%. St Jos Lead (13) St L& Sank'r8). St L Southwest., Savage Arms. Schulte (3%) Seabd Alr Line. Seab Alr L pf... Seagrave (el.20) Sears-R (i), Seneca Coper... Shattuck ¥ G (2) Shell Tra (a2.41) Stell Un (1.40).. Shuber The (6). Suider Packg So Por Ric 8(£2) South Calif Ed., South Dairtes A. Sou Dairies B. South Pac (6). So Rwy M&O(4) Spicer Mig..... SO &K 3Y) Stand G&Elec rts Std MUl (5). ... Std Millg pf (6). StdOICaI(12%). StdOILNJ(11%) 8td OINY (1 60) Sterlg Prod(17). Stewart War ( Strom Car (2). Submarine Boat. Superior U1 Superior St Syumungton C1 A, Telautogra (606) Tenn Copper (1) Fexas Corpn (3) Fex Gulif Bul (4) & Pacifio, .. X PC&UB0C) . Tex Land Trst o The Fair (2.40). Third Avenu Tidewatr As Oll, Tidewatr O1) 800 Timken (16).. Tobue Prod (7).. Tobac Prod A (1) T'ri oot Ofl. .. Transue & W(1) Underwood (4). Un Bug &P Union Carb Union O1l (1244) Unton Pao (10). Un Pacitio pf(4) UtdCgr8L C80e) Utd Cgr 8t pr(6) United Drug (9) Utd Drg 18t (3% Utd Fruitatb ). UBCLP&E (10) U 8 Distributiog U 8 Hoffman (4) U 8 Aloohol (8). U S Lenther A US Leat pr U S Heaity U8 Rubb s U8 Kub et (8). UBBmeit (3%), UBSmpt ). U 8 Steel (7)., U B Steel pr (1) Un Leaf Tob (3) Uni Pic 1st pe Univ Pipe: s Uni Pipe pf (1) Utah Copper (8) UL P&LUA (03) vanadium (14).. Van Itaalte pf. Viek Ch Vietor vi ol 1 Va Caro Cham. . Vi Car Chong pt Vivadou (b10).,, Valean Detin ., Vule Dot pf (1), Walan. .. .y Wabash B8 (6),.. Walworth (1 20) Ward isaking 5, Warner 1o A, Warner-Quinti) Warrenist pfi8) Warien Bros s Wb v e o “ W aston Kleotne VWuston A Whoel & Ll pf White takle (1). ANite v HM oty Villye Over lan Willys o pf (1) W laon & Co Wanlwor th (8) Wiliht Awro (1) Witilay (18 ) callaw Frook Connautn Shb) Honrly Nitos w8l I RLTAY NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star’ Office. 1 4 bty ity 19 T 1009 0l L 1y Wity uily laty Wl n 0 Vil i 4l al N Wity 14y LN 17 1% 0% iy FI ' VA mNY e m W dpm Low. Close 191 191% 637 46 1083y 1014 [ 1t U Mavket [T 1,546,000 | 0. COPPERS LEADERS TALY'S GOLD BASIS | ON THE BULL SIDE General List Irregular and Pre-Holiday Realizing Is in Evidence. BY GEORGE T. HUGHES. , Special Dispaten to The Star. NEW YORK, December 23.—Trad- ing on the Stock Exchange fell off substantially today. Copper stocks Wi still strong, most of them at highs.” Steels were in demand 1 and at intervals some of the but the general list was decid- and there was evidently a good deal of pre-holiday realizing going on. Considerable attention was paid to the credit situation. The Increase in brokers’ loans, amounting to $85967.- 600 for the week, announced after the close of business Thursday, brought the total up to the largest amount ever recorded since the Federal Re- serve Board began publication of the figures. The rderal Reserve Bank {tatement showed the reserve ratlo not only at the low of the year, but except for 1925 the lowest since 1921. Gold reserves were at a new low for the year 4 simultaneously there was an increase in reserve mnote cir- culation and in holdings of discount- ed bills. The margin between money e and credit stringency is still large, but it Is not as large as it was. Coppers Are Strong. Copper stocks were strong right from the start. Before the session was half over Kennecott, Chile, Cerro de Pasco and Anaconda had all made new highs for the vear. For the first two this was a new high for all time. naconda sold at the best since 1920. turnover in all four was large and realizing sales made little impression in the price. International Nickel, which goes with the coppers, above 83, was at the best for the present $25 par sha The demand for U. S. el plainly from the same sources that were on the buying side Thurs- day put that stock up above 151 to the highest since early October. The demonstration, however, did not have the same stimulating effect on the shares of the independents as it did on the day before. While Steel was going up, General Motors was barely able to hold its own and the motor stocks as a group were heavy. Montgomery Ward surpassed all previous records as it crossed 122, now a familiar performance, but other recent favorites, such as International Harvester, Radio, International Paper and Congress Cigar were lower. Harvester Loses Ground. International Harvester at one time was bff between 8 and 9 points. Con- tinental Insurace had another severe setback. .It had lost 1414 points yes. terday and the old stock at 305 was down 11 more points today. From time to time brisk buying would come Into the rails, chiefly the seasoned dividend payers. As long as this special demand kept up the price would respond. but when the stocks were left to take care of themselves they sagged back again. New York Central made the hest showing. On the other hand Reading weakened and New York, Ontario and Western went lower, reflecting gelief that there would be no dividend this year. Money, which had renewed at 41 per cent, went to 5 per cent shortly after noon, but without effect upon the market. 1In fact, the list hardened and some of the stocks which had been under pressure earller in the day came back, although trading was stiil in small volume. Radio was one of the later favor- ites, while St. Louis-San Francisco and Rock Island led the rails. Then Greene Cananea, having absorbed profit-taking, began to move up until at 145 it was 6 points higher than the preceding close. The pace was so slow that at times the ticker came to a dead standstill, - -e. COTTON GOODS ACTIVE. NEW YORK, December 23 (Special). ~—Cotton goods markets were active today, with prices firm. Print cloths advanced an elghth of a cent to 8§14 for 64x60s and 95 for 68x72s. . PIG CROP GAINS. An increase of 11 per cent in the Fall pli crop of 1927 over the Fall crop of 1826 for the 11 Corn Belt Stutes and also for the United Sta a8 a whole was shown today by December survey of the Department of Agriculture. FOREIGN EXCHANGE. (Quotations furnished by W. . Hibbe & Co.) Nominal gold Selling checks valuo 1 %4 K60 Vienn's I + Deceml: hanges mixes ireat Hritd cables, 488 quotations demand, 1132 60-day 20315 cablew, 3933 Italy, demand, 5.27; cablew, L 13,951 Germany 40401 N 27.01; Denmark, 26 Spain, 1675 11 1 . Rumania, . 78; Bragll, 12.05; Tokio, 46.2§; Shanghal, 64.00; Montreal, 99.84%. SHORT-TERM SECURITIES. (Roported by J. & W. Seligman & Co ) f e T Al 1 Alea |4 Sin Tuin it 08 Hioo sees S e o Sodal B o eading lapn TP stk s ewe i eoyular ente W b \ e + e R v R o Vavatie ey 04 W 1! L wnla 1 s, A e S S e e by W el o owl s, 1 MOVE GIVEN PRAISE Envoy Here Says It Indicates Fascist Success and Aids " European Trade. Details of the monetary reform just dectded upon by Italy, providing for a return of the lira to gold standard, were outlined today by the Italian Ambassador, Giacomo de Martino. In a telegram to The Star, Ambas- ador de Martino gave a summary of | the provisions upon which the change was based and concluded by express- mg the bellef that the return of Italy to the gold standard is a step of great importance in the economic develop- ment of his country under the Fas- clst government and is an indication of the rehabilitation of the continent of KEurope. His message read in part as follows Federal Reserve Consulted. “The measure was decided in_full co-operation with the Bank of Eng- land and the Federal Reserve Bank, which have acted for 15 banks of issue In Europe and other continents on the gold basis. “The Italian monetary reform was the subject of careful and prolonged study and is based upon the following factors: “1. Balanced state budget, which has shown a substantial surplus for the last three fiscal years. “2. Adjustment of war debts owed the United States and Great Britain on a very favorable basis and organi- zation of an autonomous amortization fund for administration of war debts and reparations. Stern control of foreign ex- change trade, “4. Concentration of the issue privi- lege exclusively to the Bank of Italy and replacement of treasury notes for small denominations issued by the state with silver coin fully ¢overed by the value of their precious metal. Policy of Deflation. “5. Stern policy of deflation by the withdrawal without substitution of 4,000,000,000 lire in state notes of 25 lire and reimbursement to the Bank of Italy of 2,500,000,000 lire issued for war’ needs by the transfer to said bank of net proceeds of the Morgan loan of 1925. The deflationary policy was continued so as to reach the pres ent volume of 17,500,000,000 lire against a record level of 22,000,000,000 in 1920. “6. Careful supervision tional banking system. “7. Conversion of the floating debt into funded obligations, which has completely eliminated floating indebt- edness, leaving only the nine-year ‘Treasury bonds due 1931, “8. Floating of foreign loans to Italian industries in the American and British markets within safe limits and the proceeds of which were put at the disposal of the State Treasury. “9. Creation of a new sinking fund for the internal national debt, which has already bought and destroved 300 million lire of public debt bonds dur- ing the first quarter of activity and buying during the fourth month ad- ditional 450,000,000, which are being destroyed. over na- Control of All Prices. “10. Superviston and control of all wholesale and retail prices. “The Bank of Italy, as a result of the credit arrangements made with the Bank of England and with the Federal Reserve Bank for a total amount of $75.000,000 and with a banking syndicate headed by J. P. Morgan & Co. for an additional $50.- 000.000, has at its disposal for the defense of the new gold lira a total of 16,497,000,000, against a total actual circulation of 17,500,000,000 that is a covering of 94 per cent for defense purposes. “The main characteristics of mone- tary reform are the following: . “1. Bank of Italy will convert against presentation to its Rome cen- tral office its own paper currency in gold or forelgn exchange of those countries which are on gold standard. ‘2. The new gold parity is fixed in the ratio of a welght of fine gold of grams 7.919 for each 100 lira corre- sponding to 19 lire per $1, 92.46 per pound sterling and 3.76 per gold franc. Status of Paper Currency. “3. All paper currency Issued by the Bank of Italy and Treasury notes of small denominations will possess full legal tender power until withdrawn from circulatio The same power will be enjoyed by silver, nickel and copper coins to an extent equal to that enjoyed previous to the monetary reform. Bank of Italy is authorized to include in its assets expressed in gold lire on the basis indicated in No. 2, all its reserves, allocating resulting sur- plus to reduction of state debt toward the bank of issue. “5. Bank of Italy is obliged to keep A reserve in gold or forelgn exchange as indicated in No. 1, for an amount not lower than 40 per cent of the total paper in circulation or any other side obligation. “The return of Italy to the gold standard represents a step of capital importanee toward the rapid economic development of the country brought about by the sound and courageous volicles of the Fa: t government and offers another indication of the reha- bilitation of the European continent.” e DIVIDENDS. vl-..| . ate it able ¢ 0 o3 3 Jand Par- Hitre ot 4 BEEETEAEESEE o 1357 [u‘::‘ Gen 5 TR, et ' Wl Jhier & )’ 7e 0t u % Hobart Trus R )t o s [l 8 M Wi agyers st ~I N tt " ol SheMold Steel. b 3 Wik Sk L4 ;\Wu- I Wiyt Ay Westehester o Do 81 MRerion e FEDERAL LAND BANK BONDS Quoted by Alox Brown & Sons. Clusi na o \‘f‘ FINANCIAL. - s [T 5t [ mes [ e [ wir | PUB.SERVICE CORP.or N.J are i PER SHARE ANALYSIS. What Is Back of Kach Sharr. May 31, 1027 assets .. ... sseta for common .. r annual average ~eaini \ock uutstanding December Net earmngs 1925 (357727068H) 1 Net earnings 1026 (357727565H) ... Stock pays dividend of .. .. .. Records back to 1907 continuously wince that At 42, stock yields 4.7%. nault your banker or broker for shee’information as 10 value tack of stock.) Scrapbook this for future reference. show dividends time. AUTO ACCESSORY TRADE. (»).—- The automotive parts and accessory NEW YORK, December 23 business is approaching the end of vear with a seasonal shrinkage in volume but in a batter position than prevailed in the final weeks of 1926, reports to the Motor and Accessory Association showing Manufacturers’ that volume has been declining s September, with the low point of entire year reached above last year's -level. Equitable Co-Operative B JOHN JOY EDSON, President Organized 1879 Assets ... Subscriptions for Per share. -$130. in November. Aggregate business, however, has run $5,292,042.70 the 94th Issue of Stock Being Your Christmas Mon SILVER QUOTATIONS. NEW YORK. December 23 (8. Gar silver, 57%; Mexican 'dollars, 443, RUBBER ADVANCES. NEW YORK, December 23 (3. cial) —Crude rubber, smoked. ribi. sheets, advanced #%c, at today's roc quotation of 41 This compares wir month ago and 28’ CHURCH LOANS Wo are in jon_to ction loane” tor Charehes it hatita. tions—Fhone Main 5644, = Mortgage Money Loaned at Low Interest Rates Eeonomie Conditions Tyler & Rutherford Loan Corresponuent Mataal Benefit fe Ine. Co 1520 K Street Main 475 First 6% & Safe—Conservative Make your savings and sur, furids work for you at the hiz est interest rate consistent wits absolute safety. 40 Years’ Experience In financing homes and in the sale of these securities Wm H Saundoe_r‘s Co. Inc Main 106" 133 K .I l. l ’ WALTERS. 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