Evening Star Newspaper, December 28, 1927, Page 15

¢ for the vear. and Consolidation Coal TIN 3 CONVERTRLE LIS |G - LEADERS IN BONDS Other Transactions - Small and Unimportant—Rail List 1. Dull. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 25.—Today bond market was enlivened by a num- | & ber of rapid and unusually large fluc- tustions in convertible bonds. Aside from these, transactions were moder: ate in size and the price change of small importance. The features Were Brooklyn Gas 5ls and Liquid Carbon §s, both convertible into stock. The former jumped to 280, advancing 5 points between transactions and show- ing a gain for the day of 17' poin The then declined about 10 noints and were feverish throughout the rest of the session. Liquid Carbon 6= followed up ves- ANCIALS BONDS STOCK EXCHANGE Raceived by Private’ Wire Direct to The Star Ofice UNITED STATES. Argentine 83 Ju Argentine el | Belgtum 834s. 1um 78 1958, 958 terday’s rise of 413 points with an- < other of § points. which carried them 1 13315, A third feature was the C¥ advance of 4 points in Dery 7s. and Chs later a decline of 5 points in the same issye. R. Hoe 6%s fell to a new low 58 were in supply at 1. the lowest in some months. o Other industrial bonds were irregu- lar, with a generally heavy tone and not much business in them. ‘The rail list was dull and prices Mttle changed. Florida East Coast bs advanced to 90. a 3-point rise from the low of the month. Seaboards were heavy and there were movements of a maximum of 1 point in other spec- ulatwe issues. Of the total of new bonds offered today about 50 per cent were those of railroads ,incinding the New Or- { Chinese Go Con Pow Japan 7 DLanisbh Munic 8s A Jeans, Texas & Mexico first 415, In- | & termational Griut Northern first 5s and Lehigh Valley general consoli- dated 4s. There has been an inter- and quite significant progres- | sion i the credit standing of the first. | mamed road. In 1924 it sold first mortgage 51is at 99 and in 1926 its L Sa were priced at par. It i now of- fering 4ls at 98. Since the first issue this mortgage has hecome legal for savings banks in New York. 18 also lexal in eight other States. iment bonds were im- N Mexican govern provad by the evidence of more friend rela between the republic the United States. Poland 7s ad- to 89. Yokohama 6s were strong after several days of weak mess, Italiuns, Peruvians and Brazil- Jans were fractionally lower, with the group continuing steady but not so active. U. 8 col;emmem ‘m m;led . especislly the first 31is and the fourth 4 if 3%s, both prices. The 3%s again touched 103. Washington Stock Exchange SALES. - Ei‘u“ 531,000 at su...:ll:o P Sl e el 0 "&.u;—anu 25 at 85 10 at . B. & E pld—10 at 100%. 7 at Tir. » aler at 1084 Drug Str. ntd.—10 at 1225, Grocery Co. pid.—10 at 105%. AFTER CALL. - ’-'i" Gas G "A"—S$300 at 108% . $1.000 t Co._pfd—5 at 105%. S ’é‘?flcm:n nu.:". Shs B mE e UNLISYED DEPARTMENT. Chavin Sacks Ks pid—80 at 105. 5 at 105 i Estate Ins. Co.—10 at 205. tre. vid—4 at J08. FEETRTED BT s WATIONAL BANKS Noalmey Baii of Wash'. TRUST COMPANIZS Security & Trost Co = e Msasione & Trust. . Wash, Lown & Trist SAVINGS BANKS Vet W asts o4 B e Com Bank 438 e~ : 5 ‘Meihiiicn % , FIRE INSURANCE » manscan Cemesran 3 INSUBANCE “ Tt < r 4 i ffi“fl M eom 205 MISCELLANEOUS [ Sand & Gravel vl‘ll’l“’ e e, « wen wid Ty axe wio 1y Bt N Vo mu“fi..—— ob .'g Rl ! (1 N " Latbron vid “jox oo a A e FEDERAL LAND BANK BONDS ) ] - sturiy i -t i1 . 104 : I i FaRTA 9 b e 51 b I TREASURY CYRTIFICATES (Revorted br 4 & W belignisn & Co) oy . (4] Uta Kingm iy 37 Utd Steam Copén 6 Yokoha 1988.. 1987.. lao 974 Duteh iSast | 68 47, Duteh Kast | 63 63, Foland -lr‘l - Freach Ts. u 18 ” 3 8 27 18ame vre 0 §) OO0 ) Sales High Low. o4 FOREIGN 'Ih:. High. Low. Close. | B & O Tolodo 4p . 67 1 Octs® 15 100 190 98l FI0Y 004w 99N 100% 99% 984 97T 103' 95% 98% 2 109% ,109% 9 ¥0% | 804 14 9é% meSswi.. 25 Y4k « B8l 8% 26 9% 1'8h 68% 1005% 108,'4-108% 148 104% 103% 103% 112% Y% ¥l 11s 106 4% 93N MISCELLANEOUS. Coy Armour&Co 4 %8s Armour Uel 6. Associated Ol 6. Atiantio Refin §: gen Bkiys Unies S \gs. . Bush T Bidg 6s 6. Utinote Bell st bs. 1llinols Stesl 4158 fadisna Btee! 6s. .. int Mec Marine 6. int Paper 68 47.... inter Paper fd 9. . » Ksn CPP&L 6o A 63. Kan (G @ K1 S0 83, Laciede G %0 63. | Manst Sug ot 138 | Midvaie Steel bs. LB 3 1" 7 28 9 2 10 iz L 23 [ 2z " 1 5 15 .13 W 106% 106% 101 104% Ay 1047 YT 10 9% 01 % 1084 ik 101'% 1024% 102% 106% 103 105% 106'a 101% 106% J 1020 10 104 Wi Publie Service 149 34 104% Public Service e, © Rarvilas bigs &4 Reminging arme 8 Hhuarou U M b Sincisin M sinclen UM sinelei O 1 $in Crude O 310 Fipe L Suelly Hlbihe Sy lal! ol ba.... S0 Por Hieo Bus 1 30th west isel) be. Tenn Kiss Pow bs. Toledo KAn fet 70, U Res je0 T be, Warner Byg 1s 41, Westn Union 6%e. Westinghanse ve Willys-Ov 6% 88 Wiison & Co it 88 Winchester A 1%s Youngein 84T 8s " " 2 9 34 4" b2 108 ws w1 108 vie vl 100% 104% RAILROAD. 100% 108% 104% 110% 105 100 107 1 Atchison gen Atiantio C Lol Atlantio C L At & Dab 1a BAOQ B&O PLEWY 91% | Brooklyn Elev's 99°4 | Hkivn Munbail As . Buff R & Pl ays.. . o | Can Nat e ws 84 81y | Can Nat elgs Canad North 6 “116% 8Yly 100% 108 1144 | Cenrpac dat 109t Chesa.corp &8 991, | Ches @) cv 4 3. o0 |Chia Alt3sciss 97ty | SUI B & Q Ren 40 43 ChiBaQistrife Cht & I LIl gn be b1 L | CB1 Gt Wem 4 b, C M & Puges S 4s, 0814 | 5 MarStP 49 26 b0, & 02 | oMaStP dabas ofs Ry ChRI&PrIAg. 4 10 95% a‘ Pac 4s wd4151 7 97 Sales. Hizh Low Close 1., STEEL'S POLICY TOBEUNCHANGED +| Conservatism of Morgan and 48 Ilcrial’ poficy. 8 104% 104} 104% T 91w alls 9k 5 106% (106% 105% 1106 1106 18 7 wen 108% 108% 96! 106 106 1106 7 Dol & Hud Sipa 95% | Del & Mud 78 30 34 102 | 102% | KtNor 4143 76 D.. 102 Goeat North 4 s w: 54 | Great:North bs. 95% | GreatiNarth 6%s. 1007 { Gr Nor qen 7s. 103% | Hud & Blen cet 5 106% |Hud & Maoahss. 2% 93 93 108% W64 1064 1964 N 1124 1013 101% i « 101% 0Ly 190 100 nt Rap T'r 5 Ti% int RapTran i L iae RupFran 7 111% 1% | iav& G dorad. 105M", 1054 L1t RepC Am 63 41 1%’ 91, IRE Rys C A 68 73. . it 9% | L Ry CA 6% ret 4 |heavier than 103% |3 ‘enigh Nal 6s 2003 112% | [ ehighValcon 4%s 9% | 1a 1064 | N 10915 | N Y Cen 4n 42 . 96 106% 104% 106 102 191% 105 1064 1015 104% Rote 1048 9T 1095 101% 108 % i 1017 102 102 106 0 1064 102% 102 104 1uay 106% 105 w7 107 110Y 1084 V0dty w ot W' 0 108% 100 106% " 104 1z 100 106% 1044 g la.ct 43 g Isdb 5534 106% 106% T 1w % -~ ~Fil 98% 104% lm 109' 1097 1045 194% 68 b 9 1023 102% . Yk 100% 100% A B 92l Ve 9l 91t 105% 1084 102% 402k B2 Bl 103% 103% 5 1024 101 102k 10 99 99 99k 1 _Bad B&% b3% 1 100% 100% 100% Shes N ¥ Con gon 3% 8. NYCefimat N ¥ Cent 48 v \ gl sl 2 196 104% 105 v I s EeSiEizeckaces ) Cauernles vniteatu 14 . 103% BIATK & Lowe.. i 1St | M&S gn 68 31 MES &G I 1 $ y €y swc 4 ,,!!!-.rrrrrrr >>>eneRmen SsrrrXEdecsn g::i TxTex ST H H ‘.‘.“Z Snd- - ERTTEHY HEE iie: %5 Wostern M4 68 ) Waoul Hhare 40 1381 Whee! & L. Ban 8. Wis Con ¢0 49 PO 1 S SIS N - T CALL MONEY STRONGER, NEW YORK, Deeember 28 ) Call money stronger; sl loans, 5%; dosing bid, 6%. Time lesse seady mixed collatersl, 6090 duyw, dad%; 48 months, 4%; prime mecantile pupe, I%ud NEW YOBRK MARKETS. 3 106% 1054 0al T il 260 B 8% «25 108% 103% 103k s 93 #8 | ployment of thousands, and the fo% 115% 116% 0 8% 13 103% 14 1% u Taylor Pojnted Qut as Indication. . BY J. C. ROYLE. Special Dispateh to The Star. NBW -YORK, :December 28.—Like all Gaul, the executive control of the Upited States Steel Corporation now is divided into three paris. But.cloge students of the industry and of -the affairs of the great corporation began to rea)ize today that the election of J. 1P Morgan as irman 9f.the beard and Mywon . ¢. Saylor as chairman of ithe finance committee, like maat elec- itions, did .not Invoive .any great change in finapcial policy or The election -has not added a ton Lo the orders of the company, nor changed operating acuvity in the slightest. Ils results and, the fact that it is over, however, have brought a certain amount of comfort and assur- ance to investors. The supreme au- thority which formerly rested in the hands of Judge E. H. Gary now is divided, but these is nothing to indi- cate that the policies followed by the former chairman of the beard will be materially changed. Farrell Chief of Operation. (!'reuldefu:hiumes A. Farrell, known as one of eatest sieel saleamen and producflm’:w expen:vin Amerioa. wiil have complete chatge of the phys: ical operaiion and sales of the corpo- ration as.in.the past. The chairman of the board no longer s an executive officer, abd J. P. Morgan, probably. w! not concern himself with the daily tivities .or ;problgms ef .the concern. The Steel Corporation, however, al- ways bas been knawn us a “‘Morgan compa and the head of the great banking house .which helped to bring the corporation into existence, un- doubtedly will hold a steadying hand on the reins :Myron Taylor long has been known as a financial authority. He also has been known as being closely con: nected with the Baker interests, which are among the heaylest hald- exs of Steel Cogporation. stocks. “Thus the election ;has sufficed to give a voice to two of the leading ffnanciuf in the corpora- groups prominent tion's affairs. The du Pont interests as yet haye not been represented formally, but there remain two places on the board of directors and a.vice presidency to be filled. Blow to Rivkiand :Expectations. The well known conservatism of the three chief executives of the com- pany has led the financial and busi- ness interests to believe today that the possibility of a .stock dividend in steel, with a slight increase in djvidend rates, has passed out of the pictuse, at least-for a long time. .Steel aen all over.the country undoubtedly feel relieved in consequence. A decided uptrend in steel produc- tion is expected both by the Steel Corporation heads and by independ- ents after January 1. Demand for ,structural steel, .nails -and -bars Js expected to be as heavy as a year ago, while call for steel for automo- e manufacturers is .expected to be last’ Spripg. Fagm equipment manufacturers and some minor consumers already are placing orders. Competition, however, js sure to.be keen and profit margins narrow. James A. Campbell, président.ot-the nniulfiwn.sheet and Tube Co.,.one of the largest independants, said ! day that he had confidence there would be no severe setbacks In gen- :n);mlluu in l::l ‘unl tlut‘a\e ateel industry was due for a prosper- ouu‘nmp-':gnd vlc'l‘l t:c:‘.. nperl-uw in-the ning ey have already apeed- ed up this week. The mills are work- ing at a rate this week 10 per cent higher than the average for the jast four months. Industry in Better ;Shape. tuation {n the Industry is Mr. pbell sald. “Sentiment bas improved, and I persapally Je- Ueve that steel prices must work higher. I think we shall have pretty fair business for the,year, .at least the -first part of | -gl‘h rallroads (will be better buyers.and.so .will the automoblle Industpy .and. i A The Mississippl flood .cantrol plana of the Government provide (or the, em- use of mpch steel. | «are all slgns of better business for . the steel in- dustry.” Production In the Ritisbu; trict In being stey a there are firm, with a al tendency. Barges for naort of terior waters are being built In col siderable numbers, | Fisher’s'Price-Index l The followipg table shows the aver: ge movement . (rom . week : {0 . week ) of the wholesale prices of 0 rep- resentative commodities (from Dun'’ Revigw) and ) .of the purchasing 1, | bower of thedaliar: (London Elganoip! Times) er for Kngland: wdtithe ! L Crump's index nursk mesmher ey veimlar pmberoe ot Wi : | e Fourin" Week Bt What I Back .of Kach Share. Per share. Total $228.01 Deductions: | g s CBeIVes ... L e... t_agrets for common R P TN 'fiz Searnings 1028 0, Net_earnings 1 ; Stock pa v of SRivigands yald_continug | AR AL 225, atock..viclds thi %. {Cquauit your hanker or hroker. for. fur- ther I nformatipn a8 to Vajues back ot tis Seraphuok this for fugure reference. "k WOOL MARKET FIRM. \BQSTON. ; December 28 (Spectal).— The Boston Wool Market was firm to- day. Imports of greasy combing wool slumped to 315,129 pounds last week as against 996,394 pounds in the previous . week, -according to the Government reprepentatjve here. Carpet wool im- ports.at Bostan totaled 317,524 poynds last \week. Fine territory was quoted today at 1.12a1.15 clean basis; French combing at 1.06a1.10; half bl at 1.02a1.06; three-eighths blood at 9§a98 and.quartgr blood at, 86a88. Fine Ohio fleeces were tumte;i7 n.; 1;1:_4! ;l(r::r s: haif-bjopd at 47a48: thrge-eighths Pioed ar 45 and quarter blood at 48a50. PAGKARD BARNINGS UP. NEW YORK. December 28 (®).— Packard Motor Car Co. earned $1.84 2 shage in the quurter ended November 30. against-$127 a share in the same quarter, Jast vear. net profit rising to §5,633.268 from -$3,885,475. Shipments were 13.020 cars against 9,046 in, the same period of 1926. the latgest quar- ter the companv ever had for preduc: tion and earnings. steel and other commoditie .on .in-|, B itable Co-Operative Bailding Ass'n All Classes jlittle Southern Rrices eased RANGE S NARROM INCOTTONTRAD Early Rise Offset by Easing Tendency' Later—Hedging in Liverpool. By the Associated Press. NEW YORK, December 28.—The cotton .market opened steady today at an advance of 4 to 7 points on turther buying promoted by reports of an improving tonen the cotton goods situation. The advance to 19.89 for May met considerable gealizing, how- ever, .while ithere gppeated to be a nelling. ,oft in early, trading, and,by ‘the.end of ithe first hour May was selling around 19.77, or 6 points net Jower, the geneyal market showing net losses of.about 3 to 7 points. A few January notices were repogted, but, there was continued covering .by near months shocts or trade buying of that position against sales of later deliveries. Private cables said coveripg, with lo- cal and Bombay buying, had. absorbed continental liquidation and.a small volume of hedging .in the; Liverpool market. The reaction from the opening ad- vapee carried the market,off to 13.75 for May, or about 6 to 10,points bel vesterday's closing quotations. There was enough buying to absorb the eem- | paratively light offerings at these §g- ures, however, and- the market swas steady later, May. selling up to 187 and the geperal list showing net ad- vances of nbout 3 to 5.points at mid- . No fresh news factor was in.evi- dence, but the buying was, attributed to a feeling that the jmprovement wre- ported recently in the demand for.cot- ton goods would be reflected by an increased spot demand after the holi- days. ————e SILVER QUOTATIONS. NEW YORK. BDecember 28 (PL— Bar silver, #7341 Mexican dollars. 4. \ -of Washington Realty —both finished and prospective—are included in, our readiness to. make mortgage loans. No amounts toa high ner too low. No'delay in con- sidering. No waste of time in providing funds: See us. Low Interest Rates B. Main Over a Third of a Contwyy’s ' Experience | souN 90Y EDSON, President | vk | Subscri Ml Don't spend all jyyour } Christmas mency—start.a | systematic Savings ‘Ac- count with theiEquitable! No matter what you .are .gaving for—a hame, ‘yous children’s education —you'll find the Equita- ble’s plan an helping hand | to accumulate money. | Start now. \ { | This firm meintains an Let us explain to you Mortgege Loan F. SAUL GO. | Your Christmas Maney A5 F St.(INW. Immediate Action ‘On your Real Estate|l.oan Application give you immediate servige. . Insurance: Camapany Real atate Loan;Plan. —Lowest InterestiRates ~Long Term —No RenewalCharges lmmedi'e- Answers .an Applications F. SAUL CO. 2100 925 15th St. N\W. Find An Apartment —well tenanted, well - | .serviced, economigally -operated, .and to satis- .factory annual inceme, from the owner's point nof .view, ;and you . wil! find - the secret inspe- cialized management. ~Such . management we offer. 925.15th St. NW. WALTERS. PRATT. Jr., ry -t XEAR L‘fl.\ll’l.‘l‘% $1.511,] Received 50 Per Share oggenization trained to the ‘Metsopalitan Life BROQ ‘ S *Main 9486 FINANCIAL.’ The New York Life Insurance Com Offers to Make _— First Mertgage Loans On improved Real ‘Estate in the Distsict -of Columbia -and Nestby Suburbs in Montgomery County, Md./for 3, 5 or 10.year terms on your Apariment Home i Apply RaAnNDALL M. MAGNER i COMPANY MORTGAGE 'LOAN CORRESPONDENT 11321 Connecticut Ave. Telephone Main:9700 Offiee Building Business _"n.orly Burglary Insurance AN AZTNA RESIDENCE BURGLARY .POLICY guar- antees to pay you.the full insurable amount of your pos- aessions that are stolen and not reclaimed. It covers l'saulc.hold furnishings, silverware, cut glass, books, cloth- ing, jewelry .and all your other treasured things. It guards yéur property constantly, even if you are away, four months in the year. It even pays the cost of repair- ing any damage.done to your home by burglars. This policy i1s extremely liberal in its provisions, yet the cost is but a few cents a day. Act now and secure your home againat all risk of Jess. WILLIAM R. ELLIS 1539 Eye St. N.W. These Bonds are unconditionally guaranteed as o principal and -interest by Ahe Federal Security & Mertgage Company, with re- sources of over $1,000,000.00. and the Equitable Surety Company of New York, under supervision of the New York State Insurance De- partment, with resources of over $2,000,000.00. ndesUly: trusteed by a Jocal National Bank. Secu: ‘4rusts on - conservaiively - appraised owmeroccupied homes hm District of Columbia. District of Columbia intangible tax refunded & up to 6:mills. YieM 6% per anaum. T et €. E."MORAN & CO. Investment Bankars 1716 H St.N:w. by the Let Us Guarantee the Success of' Your January Investments NVEST your January funds in the , fust mortgage bondsoffered by the rRealBstate Mortgage. & Guaranty Corporation, and make certain of sifety and.a 6% wcame. of bank pmsifl?s? bank \dr:'t::s. business men and préfessional men of Washington who serve as our officers antd dhrectors. Each issue is amply secured by a divect closed fiest mortgage on income-producing property in ‘Wash- mgton or its environs. Each:bond baars direct and unequiv- ocal guarantee that places every dollar of this Corporation’s resources—more than $5.000,000-~behind your inwest- Wowns for furthor particulars abont cur cuo- rent offerings. DewomsinatuansiSi,o0e ifee, Sase, S1ee. Maturitics one 00 2o yours. ReaL Estars Marrease : W 26 JAGKSON ;N NEW YORK, December *8 UM ' York, mr; elnl Vige wuny, No T Wedtern, 1LE0Y%, Cob. 12,00a12,10, Gthey i A W34 s i v Atehison ad)én.,. 3! AL P ovienlbebl 3