Evening Star Newspaper, December 31, 1927, Page 14

BUYING CONFIDENT ON STOCK MARKET Ends Year True to Form. Attention Centered on Shares Going Up. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK. December 31.—The siock market closed the year true to form. Attention was concentrated on stocks that were going up. The day was not without its quota of “new highs.” The note of confidence was dominant. If here and there pr weakened for one reason cr another it was deemed a matter of no great importance. Leadership was motors and the coppers. tors was higher, but the real features were Packard. Hudson, Studebaker, Dodge, Chrysler, Willys Overland, Hupp and Nash. Packard established & new high since listing. Hudson, above 84, was up over 2 points. The market indicated no concern whatever | about the much-talked-of competition next year. Coppers Are Strong. Copper _ stocks were uniformly | strong. Greene Cananea at 151 had bettered its previous high by nearly iwo points. Calumet and Arizol above 119 was up more than 3 points. U. S. Smelting and Kennecott were bigher. There was nothing new in the copper trade: it was simpl case of the speculative element find- ing these stocks easy to move. Railroad shares were not So ac- tive, save in one or two instance: . Paul stocks were bought on con- dence that the new management would put the property back on its old-time prosperous basis. Southern Railway was bid up to approximately jts previous best price, although in this case investment demand wa probably as effective as buying b traders. Underwood Prominent. Among the specialties Underwood Typewriter, Warren Bros., American International, Coty. Erie Steam Shovel and Collins & Aikman were prominent. The steels, especially the two which had ficured so largely in the gossip of Friday, Youngstown and Inland. were the objects of realizing. Both 1he two named came down sharply from the top of Friday. There was little doing in the oils. An interview with the president of €tandard Oil of New Jersey was in- terpreted as not particularly encourag- ing as to the outlook for 1928. A few preferred stocks moved forward, ameng them American Bank Note pre- ferred, which at 65 was selling on 46 per cent basis. The price is equivalent to 130 for a 6 per cent pre- ferred stock. e OUTLOOK OF CAN FIRMS IS MORE PROMISING Special Dispatch to The Star. " l."BAL‘I'L\(ORE. December 31.—With surplus stocks of canned goods re- duced and consumption at a tairly heavy rate, the outlook for the can manufacturing companies appears more promising for the mew year. Can companies have made large com- mitments for tinplate in preparation t Summer. h”r::x)ur about to close was not an unfavorable one so far as earnings of Jeading can companies are concerned. Earnings of Continental Can, operat- ing in Baltimore, are estimated about $7.50 & share in 1927, compared with $6.72 a share earned in 1926. Ameri- can Can, which also has local fac- tories, is expected to report profits closely approaching the figure of $4.38 a share shown for 1926. assumed by the General Mo- | NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. ADbitib! Pow(8). Adams Ex (6).. Adv Rumiey. Adv Rumley of. Ahumada Lead. Alr Reductn(t7) Afax Rubber.... Alaska Juneau.. Allted Chem «6) Allls Chalm (6). Am Agri Ch pf. Am Bank N(13), Am Bk N of (3). Am Beet Sug ... A:m Beet Sug pf. Am Bosch...... Am Br Sh (11.60) Am Brown Bov. Am Brown Bo pf Am Can (2)..... Am Can pf (7).. Am Car&Fdy Am Chain pr (7) Am Chicle (3).. AmChic pr pf(7) Am Drug (80c). Am Encau (2.40) Am & For Pow.. Am For Powr rts Am Hide & L pf. American Ice(2) Am lce pf (8) Am Internati( Am LaFr&Foam Am La Fr&Fo pf | Am Linseed. Am Linseed pf Am Metais (3).. Am Plano. Am Po & Lt (11) Am Ry Exp (6). 1 Am Republic. ... Am Saf Ras t4% Am Seating (14) Am Ship & Com. Am S Am Stl Fdys (3) Am Sugar (5)... Am Sumatra. Am Tobacco ( Am W W (m80c) AmWWks pf(6) 1 Am Woolen of.. ArmourDel pf(7) Armouroflil(A) Armourof11i(B) Armour [l pf(7) Asso Dry G (2% Asso 0il(13.20).. Atchison (110).. | At Guit& W1 AtlasPowder(4) Austin-Nichols Auto Sales. . Autostrap A (3) Baldwin L (7) Balto &0 (6)... | Barnsdl A(b3%) Barnsdl B(b2%) Beacon O11 . Beechnut(13.60) Belding Bros (2) Best & Co (3)... Bethlehem Steel Beth St pf (7) Bon AmiCl A (4) Booth Fisherfes. Briggs Mfg Co. . Bkin-Edtsop (8) Bklyn-Man (4). ) Buff R&P pf (6). Burns Bros (B). BurnsBros pf(7) — YOUNG MEN ADMITTED AS MEMBERS OF OLD FIRM NEW YORK, December 31 P).— Three young men who began work in Wall Street only three years or s0 ago are prepared to begin the new year as partners in Henry Heinz & Co., one of the oldest brokerage houses in New York. Sherman M. Bijur started his career as an office boy; Artbur J. Newmark in the statistical depart- ment, and Sylvan E. Weil in the crude rubber department, all with the firm which they are joining An apprenticeship of three years is wnusually brief, even in Wall Street. Wall Street Briefs 2AIL INCOMES DOWN.—Aggre- ra’:;:Anel operating income of the first 55 rallroads to report November earn- ings was $70,347,000, a decrease 903,000, or 22.05 per cent under the 10tz] for the same number a year ago. Their gross revenues were 109 per cent smaller. COLLINS & AIKMAN.— Rumors fhat Colline & Alkman Corporation has been acquired by other interests bo 1 have no basis in fact, says W. G.|CRI&Pof (1), 109 Mo ullough, trearurer and a director of the company. “Control rests in the hands of a wmall group, composed largely of executives, and no negotia- Uons are pending for the sale of this eontrol.” CURTIS PUBLISHING.—The Cur- tis Publishing Co. declared an extra @vidend of 59 cente on the common stock and the regular monthly of 50| cents, both payable January 2 to mock of record of December 20. Blniiar payments were made a month sgo. Loring A. Schuler was elected & director, succeeding Barton Currle, pesigned. CHIL! @erned §159 & w COPPER— Copper Co hare in the first nine monthe thix year, sgainst $1.95 & shore in the wame period of 1926, Net rofit wee $8,267.977, againet 3K 8,204 KALMAN STEEL — Youngstown @ispal nes say the Kalman Bieel Co rehused the Bykes Metal Lath ex, Onio, Tor $250,900 and plans Jinie the Youngstown and Niles plants in the manufacture of rein Lorcivig sieel bars BILK IMPOITATIONS 860,000 About valued at were Jmpurted from the nix year and manufsctured by Anerics is into broad silk, veivet, howiery and ribbon, the Bilk Amsociation of America reports, This broke ) records in the histury of the Wik AnBusiry, und wes an incresse of 30 per ccut uver 1924 More wik is Bow Worn in the United States than in any other country, the associstion atates, and 1 United Slates for sume Qe heE bven 1he Jargest Smporter of raw silk and the lurgest manu §acturer of vk fabuics in the world AL MOTORS cabeulite 1hit au Fou de 10 yeurs oK DU PONT-G¥ ull Street wlati '.‘L investment of ¥, 1 Nemoure & Co. Jens s in Geners) Motors Corporstion et an astimnuted cost of 1 OOy will sad Pwre than §50.000,000 this year 1o the du Font company s carnings, directly wnd indirectly The return in divi Bends i put at wiore then 30,000,900 Wince the investment was made, Gen ersl Motors declared dividends equel o mole 1 $100,000.000 un the v pont ho\dings. The 8997488 shures of Genvral Molor i 0 Slock sre carrled on the du Font Books at §119.774 640, or around §30 o sbare. ‘The investent, st current (prices, represents 8 inarket valustion of aboul §560,000.000 lank Burroughs Ad t4 | Bush Term (g2). Butte&Super (2) Butterick Co. ... yer & Co. Calif Packg (4). Calif Petm (1).. Callahan Zine. .. Calu & Hecla (2) Can Dry (+3%). Can Cent Alloy (2).. Cen Century R pf (7) Cero de Pasco(4) Certain-Teed 14) Certo Corpn(t4) Chand-Cleve. Chandier Mo . Chbase Nat B(18) 5 C & O Corpn (3). Chi & Alwn. . Chi & Alton pt, of $19,- | Chi& East L1l pt 71 ChiGreat West,, ChiGt West pf.. Chi M1 &St P.. Chi M11 & BLP pt CM&SBLPcts, C MA&SLP pf cf Chi& N Ch1 Rock 1 Chiide (32.40),, ChileCo (2%).. Christ! B (1.20). Curysier Cor (3) City Btores (B). Cluett Peab (6. Coca-Cola (5)... Collins & Atk(¢) 1 Col Fuel & iron. Col Gas & E) Col G&E pf A Com Cred (1)... Com Cred pf 6%. Com Inv (3.60).. Com Bolvents:$) | Com Powr (24 Conde Nast(2),. Congoleum-Nalr Cong Cgra(14%) Con Cigare (1), Consol Distribut Cont’l Ins (2). .. Cont Mout (s0¢) Coro Prod (13), | Coty Ino « Crueiblest be Compsuy . . han Am 8 (1), Lan Dom Bug. datiy PHu (4) riins Aero. .. Sushmens pf (8) Del & Hud (v) el L & W (17). DRO Wetpf.,. Detrolt 154 8).. Devos & i 40) Dismad Miehi ) Bros Ci A Dunniid it (4). Du Pont (114% ) Duguesne pf (1) | ) Autsla (184%) aton Axie () Kleotrio bost Kleo Power & Enkineers Pub 8 Kngnre PH o(T) Equit Bida (1), LquiableTr(18y Am Express (8) 169 4 ting (8) 1828 183 AmS & Rof(7). 133 Am Snuff pf (6). 102! 102% 102% 1023 Am Te! & Tel 179 . 1787% 173% 173 AmTobaccoB(8) 174's 174% 1734 174% Am Tobac pf (6) 120 Atl Refining (4). 107 Bk Comerce t18. 570 570 Barnet L pf (7). 104% 104% 104% 104% 5 5 5 5 Borden Milk (6). lfif‘l 168% 1677 167% Bklyn Un Gas(5) i52 2% Bush Teér de (7). 109 Calumet & Ar (6. 116% 119% Pacifio (10). 209% 209% CaseThreshg(8) 269 Ches & Uhlo (10) 2035 204% 202% 202% 128% ) 1ot B4 Cont insur «6),, 200 Open. High. Low.Close. 147 147 14 145 185 185 183 12 2 12 38 34 182% 1841 182)% 1844 1N 12 1% 12 1 1 1 1 158% 154% 158% 1534 17 17 17 11 30% 30% 30W 304 19% 19% 18 698 80 624 16% 39 o0 4% 16 63% 8% T88% 141 141% 140% 140% 109% 110% 109% 110% 99% 100% 99% 100% 3 3 3 73 1091 108'% 109'% 109% 13% 184 13% 13% 52 53w 52% :.‘lh 169 80 15% 24'% Am&Fo Poof (7 108 " 621y B4 85 . 84%s 85 Am Locomot (8) 112% 1121 112% 112% Am Loco pf(7).. 126 AmMch&Fy(13) 1764 178 127 126 127 1764 178 46% 4TH 46 46w 21 21 20% 20% 63 65 63 65 Am Radtator (5) 134's 13515 (344 185% 10 31 594 40 111% 110 111w W T3 W 59% 58l 53l 40 40 40 3% 3% 182 182% 133 133 133 66 67% 65'% 664 T T8 TT % 61% 61% 61% 61 179 178% 178% 173 120 120 120 6% 60% 6l% 102 102 102 20% 20% 20% 49% 49% 57% 5S% 60'a 6% 851 86 1i% 12 6's 6% 61 02 20 92 1934 192 Atchison pf (5). 103% 103% 103% 108% 40w 40 40 40 107% 107 107% 63 63 63 4% 4% as 8l Bl 8l 8 A% 44 44 ddn 63 N 259 259 259 269 17% 117% 1174 117% 570 570 25 5w 24% 25w 24% 24% 24% 24% 104% 105% 104% 105% 15% 16 154 16 Tis T2% 71 19% 19% 19 B54% b4% B4 b4k 57% 58'3 57% 684 % 67 2t 24 3% 23% 17 217 216 215 55% 56 152 49% 49% 16% k&3 96% 17% 98% 98% 43% 1435 62% 62% 109 9% 46 9% 48 Co.. . 98 96% 96 96% Byer &Conf (7) 112% 112% 1124 1124 6% TT% 24 24% 2 k> 6% 7% 2% 24% 1 1 116% 117% 22 224 56% 67 208% 208% 2681 268% 29% 30% 22% 22w 56% 57 69 20% 30% Ry NJ (t12) 310 310 310 310 87 87 87 87 69% 69% 68% 69% 53% 54 63% Hd 5 % 43 643 647 8 T 1l 9% 79% % Th 1% 12 W 0% i3 13 2915 2813 284 19% 19 19% 87 36% 37w 19% 18% 19% 87% 3BW 37w 86 86 86 12y 1z 112 109 109 ol% T% 12% 13 29 19% 36a 1% azn 90 62 62% 9% 128% 128 128% 1% 109% 110% MW 8% T84 Yl 0% Y1k LI0W 110% 110% 3% 3% 23% Bty 59 69% 169% 169 16u%, 66%m 66 66 65l “ 9 e W s Bl's Bl% Bl 2% 1 B 09 9% H0% 28% P Bl B2% Consol Gus (6).. 124% 128% 12 Ounlol(;lrtlvflh 1014 101% 101% 101% EL I U T 9 b 6% B4 V2% 92% 2% B B4 Bi 200 200 200 9% 9% [T 64 1224 128 vf: w i 31 3% 21w 2T 22% 22h 12 2w 64 B4 61 6l e 116 A a4 e LY 1810y 12y 1870 137 6b% 66% 168% 168k d9%4 B9 1874 187% 204 224 i Ti% 1% 12 A b6y 57w 4204 121 Lo Liom PR T U6% 26% 1% 14w PR Wi [Vt w117 LT TU TTI 70 107% 107 107% 107" Yia Wi B Bl 4 41s dion e Yoo 0 1 G4 114 ahl Hish 161 % 187% 22 78 2% h b4 s Hew 99 26% 1" EU 1% Open. High. Low fll;- e 644 64l B4 [22 62% 62% 627 Erte Stm S (2%) 344 36% 34 Erie Stm S pf(7) 111% 118 ErieStmS ofs 3% 3 354 ErieStmpfefs7 111% 112 Hureka(ftele).. 7% 6% Exchange (1%). 21% Fed Ligt(h1.40). 4" Fed L&T vt (8), Fed Min pf (7)., Fed MotT(f80c) First NatS(1%) Fisk Rubber.... Fisk 18t pf cv(T) Fleischmn(314) Foundation Co.. Fox 'llm A «4). FreeptTex(t5%) Gabriel Sn (3%) Gardner Motor.. Gen Am Toki4¢). Gen Asphait. ... Gen Cable A(4). Gen Kieo (18) .. Gen Gas B(elyy Gen Mot (174). Gen Mot of (7).. Gen Outdr Ad(2) 27% 28 13% 14 131 3% 64% 634 1% 813 81 587 bG8l 68 13% 136 133% 381y 381y 38le 138 138l 137% 126% 126% 126% 49% 48% 121% 120 ). Gillette SaR(15 Gimbel Bros.... Glidden Co. Glidden pr pf(7) Gold Dust (3)... Goodrich Ru ( Goodyear Tire. . Goodyr 1st pf(7) Granby Con Min Grt North pf (6) Gt Nor pf ofa(s) GriNorO(13%). 23% 28% 23w Grt Wes S(2.80) 37 374 87 Green Canan.... 147% 151% 1474 Gulf Mo & Nor.. 55 554 65 Gulf States Stee) 52% bk 52% HavEl Ry pf(6). 68 69 68 Lershey pf. U 74 3% Hershy prpf(6) 101% 101% 101t Hov& CoA. 201 2915 294y Household (14). 66% 667 60y Houston Ol 1561 1564 156' Howe Sound 44 45 4dn Hud Mao (2%). 50% 51% 50% Hudson Mot «6) 83 844 3 Hupp Mot(1.40), 3d% 34w 3¢ Lliinots Cen (7). 1324 132% 1324 Indian Mot (13%) 44 4“ Indlan Refinin, s Indian Refg ct! Ingersoll pf (6. Inland St «3%). Inspiration Copr intcont! Rub(1). Internat Agri... Int Agricul prior int Bus Ma (6).. Int Cement (4).. 1ot Com Eng (2) Int Harv «6) Int Mer Maring Lot M of. int Nickel (3)... Inti Paper ¢2.40; Int Paper pf (6). lat Paper pf (1) 20% 20% 9% 9 2% 2% 2% 94y 95 927% 68 68% 674 9% 97w 9T% 43w 43w 43 9745 9744 9Th 951 954 95l 20% 20% 20% 204 1ol 164 16% 60 60 118% 120 117% 0% 554 854 56 56w Siw 2444 244w 2444 4 4w 4 404 40% 40% 8b% B 85l 2% 73 2% 103 108% 1031y 107% 107% 107% 70 7 70 192 192 192 148 148 147w B4’ 86 847 B34% 348 33% 13% 14w 13% 63% 63% 624 26% 26 256 8 8 kil 18 T8 864 864 B85% 88% 90 88% 554 b9% 55k 0% Tily 70 Y 9w MY 82 82 82 93% 93% 93% 38% 38% 38% 33% 34% 33% 121% 121% 121% 1224 122% 1224 64% 6oty 64N 6% 7% T64% 59 59% Jewel Tea...... Jones Bros Tea. Jordan Motor... City South. Kelly-Spring. ... Kelly Tire 6% pf Kelly Tire 8% pf Kennecott C (5). Kinney pf (8)... KraftCh (1 1%) Kresge (1.20)... Kress S H(h1%) Lambert Co (18) LehighVai3%). Leho & Fink (3) Life Sav (1.60).. Lig & Myrs(£t4) Lig&MyrsB (14) Lima Loco (4).. Lig Carb (3 60). Loew’s Ing (13). Lot Lieseen Long-Bell (A).. Loose-W1I(1.60) B54% 34% 53% 38 38% 37% 10% 10% 104 S0% 90% 90% 29% 29% 28% 6% 26% 26% 61's S51% 61y B21 BHY N2l 86 85% 86 106% 107% 106% . 115% 118 1154 8% 22% 234 55 ob bdlg 894 89 89w LoulsGasA(1./6) Ludlum Steel(3) McAndrws(13%) Mallison of (1).. Manati Sugar pf 78% 7814 7Tyl Mandel (2%).... 397 39% 394 Man £18up B).. 56 56 55 ManEimg(48) 42 4z 42 Market Stprior. 49's 49% 491 1 O .. 864 6% 3o Mar Rock (13%) 48 48 48 Martin-Pary (2) 15% 16% 16% thieson (4)... 124's 1244 124% May Dept 8 (4). 84% 855 B4l Maytag (13).... 334 334 334 MiamiCop (1),, 18% 1B% 18y Mid-Continent. , 9% bw Middle States. .. 2l 2% Mid States Otl ct e 14 Miller Rubber... 2714 274 274 Mino & StLouls 2% 2% 2 Mo Ken & Tes 4l 41k 407 MoK &Tpf (). L07T% 07% 1074 Missour! Pacifio. 51% 62 514 Missour) Pao pf. 112% 113 112! Montana Pow (6° 103 108 103 MontgmryWes). 117% 119% 117" Moon Motor. 7 Tn 6% 24 ) Murray Corps Nash Motor(18). Bellas Hess, Biscuit(17). Casnh H (A)3 Nat City Bk (20) :’:ul Datry «3) 24% 26 4% 100% 101% 100% 42 4 42 170 170 170 9% KO 49% T44Ys T44Y 1424 864 664, 66 Dist . b3t BBW 621y Nat Distillers of 63 63 63 Not Led pf B (6) 116% 116% 1164 Nat Pwkl 80 28 28 224 Nat Radistor(3) 374 47 3% Nut Ity Mes 24 2 2 2 Nat Bupply (16). Burety (10) Nevada C¢ 97 9T 96% #dBh 168 18 195 4% 46 162108 131% 138 1o 110 62% 6, 31% 0 W 9 v8 28 28 100% 190% 190 L% 60 e, 6% DA% B4 104% 10414 10415 vl 96 ol A6V 6% 64 108 184 45 162 181% 1o 62y a1 NYC&StL nf(6) . NY NH & Hart.. NY Onta W (1) NY Bteam pf (6) Nisg Fod (1% Nor&Wstn (*10) NorAm p10% North Am of (3) NorAm K4 vf(7) Nor Pac ofeib).. O Well Bup Ofl Well 8 of. aific Gue (3). Pao VIl Btubs, .. Pac Tel & Tel (1) Packard (3).... aike Motor an-Am Petrolm Pan-Am et (B), Van Am West B Fanhandle . Parme-Fam (18) 114% | & Tifora. . n‘l.l'. 1y 49 4 19% " JERI i B B4l [ORTY A A MW 1K 281y 22 diw v 64y 128ty 2oty by b " At s Lis Coted) Penne HR ¢ o Merq ( PhilsCo8%pr(3) Fhile & RO B Philip Morris. EI T T 180 Bl A0k 40N d0Y 108 104 104Y My b 14 S0 BOW BOS 4 aw ta 11 42 Alhe i o itieo To B, Btum (8). ..o ¥ 1280 Frossed 8L) Car,. (e 1w 3 e 112 % 4% 62% 36 112 86 5% 214% 43% 994 9 18 23'y 374 161t 559 24 T 1004 20% 66% 156 15 B50% 834 34 132% 44 4Bl 45 Pr St Car pf (7) Pub Serv NJ (3) Pub Serv pf (8 Pub SE&G pf(8) Pullmn Corp(4). Punta Aleg Bug. Pure Ol (+1% Purity B (2) PurityBak pf(7) Radio Corp of A Reading (16). Reading 2d (2). Real 811k Hos... Kemingtn-Rand. Rem-Rd st (7).. Reo Motor (t1). Kep Ir & St (4, Reynolds Spngs. Rey Tob B(16%) RichfleldO(11.15} Robt Rets & Co.. Rossta lns (6).. St Jos Lead (13) St L& SanFr(8). St L Southwest.. St L Swo pf Savage Armi Schulte (3% ). 41% 108% 26% 05% 107% 907% 25 60 9 160% 27 6 188% 4l Seab Alr L pf. Jears-R (n2% Seagrave (el. Seneca Coper. .. Shattuck ¥ G (3) Shell Un (1.40).. Shuber The (8).. Simmons (2) South Por pf(¥). South Calif £d South Dal Sou Dair South Pac 16 Southern Ry (3). Spear & Co Spicer pf (8) SG &K (SR, Std Mill (5). Std Milig pf StdOIHCAILTZ% ), StdOILNI(T1%) Std VIINY (1.60) Sterlg Prod(t7). Stewurt-Wat (6) Strom Car (2).ee Studebaker (6).4 Submarine Boat. Supertor OIl. Sweets of Am: Symington Cl A.. Pelautogra (606) Lenn Copper (1) re: Tex Land Trsto Chatcher Mfg... ‘The Fair (2.40). Third Avenu Cidewatr As Oll. T1dWASULIDIE) Cumken (16 Lobao Prod Cranscont Oll... Transue & W(l) Underwood (4).. Un Bag &Pap Union Carb (6).. Unton Ol (12%) Union Pao (10). Utd Biscuit..... ytdlgrstCyve) United Drug (9) U 8 Distributing U 3 Hoffman (4) U S Aloobol (6). Rubber..... Rub 18t (8). Smelt (3%). Smpt (3%). Steel (1)... U 8 Steel pf (7). Un Leat Tob (3) Uni Plo 1st pf(8) Utah Copper (6) Ut P&LL A (a2) Van Raalte pf... Vanadium (14).. Victor Tik Mch.. Victor ov pf (6). Victor or pt (7). Va Caro Chem Vivadou (b10) Vule Det pf (7). w Warren Brs(16). Warrenist pf(3) Warren Bros rts Wark&Pipe Cor. Web & He W Penn El pf(6) Western Dairy B West Mary land West Pacific. tn Pacific pt West Union (8). Westhse A BtZ) Westingnse (4). White Eagle (1). Nhite Mot «2).. White Sew Mach Wortho Pump. Worth Pump (B) Wright Aero (1) | Wrigley (13%). 321 Yol Tr&Co pI (1) 885 E8iy Youngsto Shb). 100 100 ividend rales as (iven D Lhe ALUYE (alle 4fe e annusl cash meots imtest quarieriy or 1 oer Qquarter o83, arusd, w Plas $1 0 etock 1 Plue n Kot Il/"u 1.8 opare ausrierly n Glaes A etock, m Plgs n - atuc) o Ay aben o viue 81 Th preferred ‘tock + Plus one-balt of common stock . CHICAGO LIVE STOCK MARKET CHICAGO, December 81 (United Stuten Department of Agriculture).— Hogs—HRecelpts, 5,000 head: generally strong to 10 higher; top, 8.85: bulk of better grades of all welghts, 160 pounds up, K.60a8.80; few 130 to 160 pound uverages, 8.00u8.45; limited sup ply of pikw, 7.50a7.85; most packing wown, 7.3607.60; estimated holdover, 1,000 Cattle—Receipts, 300 head; com- pared with week 4go, fed ateers weal ing 150 pounds upward, 25 to 35 gher, lkht offerings very uneven; montly steady; light yearlings, 50 to 76 higher, this advance including light mixed yearling steors and heifers; welghty steern closed for year at a new high price: bullocks scallng over 1,800 pounds very mcarce; no finished atevrs offered; bulk of steer run, 30 to 90 day fed k besf cows and helfers, 76 higher; bulls that much up; 160 10 2.00 higher; best fed 1600, average welkht, 1,80 pounds; sprinkling at 16,60a17 Bhoop—Hoceipts, 1,000 head; yestor duy's late trade on heavy lumbs, 6o to 76 below Thursday; practically no wading today; for wook, fat ln ] - vek ibs, U6 (o 60 lower; spots off more on heavies and plain offerings; sheep and feeaink lamby unchanged, week's top; Wentor Wbw, 1400, fal natives, 1480, elaughter yeurlings, 10.60; fu ewen, 700, feoding lamba, 13.25, ‘WOOL QUOTATIONS. BOWTON, December 31 (Hpecial) Haw wool dealers oame to (h of 1037 with Inventuries Hght and disposition to make p convewalo Five Tervitory wool, clean basis, v quot day ut 1.1% to 1.16, Fre combing, 1.06 1o 110, haltblooa, 102 o 107, th elghthe blood, 06 (o by, and_quarter blood, 86 to KY, Ohlo wrade feecen sold from 47 (o 60, Texas Zamonth wool fram 110 1o 113 and Pexan elght months at 9% 1o 1.00 . Heatland an Crase, ) BAleur opera CAUTION ADVISED IN 1928 DEALINGS George B. Chipman Sees Many Uncertainties on the Financial Horizon. BY EDWARD C. STONE. The year 1928 will be a time for cau- tion. Higher money rates may result from withdrawal of Wall Street funds for industrial purposes. Some blg corporations may reduce dividends late in the year, and presidential eiec- tion uncertainties are likely to cause lower security prices than now exist, in the opinion of George B. Chipman, resident partner of Harriman & Co. When asked to explain his views on the 1928 outlook, the veteran broker said: “Philip Guedalla, the English writer, in a recent article stated that ‘Amer- icans are eager to speculate upon the future, always provided that such speculations do not take a gloomy turn. For there is no graver offense in the whole calendar of Americam crime than the anti-national sin of “knocking,” and if one menace lies in wait for this country’s bright forward- looking eye, it is the temper that dis- misses any hint of difficulty as churl- ish pessimism, as deliberately defec- tive vision.’ . “Therefore, in trying to give a pic- ture of the year 1928, most of the in- terviews or opinions are optimistic or are tempered in such a manner as to indicate optimism, and I hesitate to criticise the situation as it presents itself to me, but offer for your analysis the following suggestions: “The security market during the year 1927 has enjoyed a phenomenal risq in many of its securities, and the principal argument in favor of the advance has been low interest rates and a plethora of investment funds. During the year general business has not been satisfactory, and we have now react.:d the level of prices at which it is well to consider that if we are to have a good business year the money which has been turned into the stock market for its activity will have to be withdrawn to be used in busi- ness, and this will have a tendency to raise the level of money and to lessen the supply. This in itself will with- draw one of the arguments against further advances in security prices. Dividends Furnish Problem. “Should business not improve as it is hoped it will, then the question will be whether many of the corpora- tions that have increased their capital during the year 1927 or before will be able to maintain their present dividends. This, too, will have an effect of bringing about a decline from the present level of prices. As a matter of fact, we probably will see toward the end of 1928 some reduc- tion in dividends that are now being x“""(‘,l‘he market as a whole still pre- sents selective problems because of its many diversified interests, in that what is flesh for one company, so to speak, fowl for another, but this theory must not be carried too far when the general security level is as higl. as it is now. ““There is no particular reason to look for a drastic decline in the early part of 1928, except what declines nay take place due to a technical condi- tion that may exist within the market. But as the latter part of 1928 ap- proachet nd we approach then the election of a President and the uncer- tainties that this makes, we may look for lower prices than now exist. Instaliment Buying Untested. “A great deal has been said about the advantages of installment buylng, but there has never been a true test of this Luying as it is now done in this country—that is, since this method of purchasing has become so general—for we have had no decline or dullness in business conditions. Take for an example the conditions that existed in the coal flelds during the Iast anthracite strike, which last. ed only for a short period. There was a total collapse on the part of the merchants doing business on time pur- chases in that small area that the anthracite coal flelds covered. “The automobile companies that are selling the major part of their prod- ucts on time will probably suffer dur- ing 1928 if business does not improve, ind on this point the general consen- sus of opinion Is that we are going into a pertod of normal profits. This means normal earnings and normal employment, which is far from what wo have had. Earnings, labor and employment have been above the nor- mal. Therefore, it seems that this is a_time for caution. “Neither do 1 picture the railroad situation as one which should be viewed with optimism; certainly not until the present proposed consolida- tions are allowed or disallowed, and until the Supreme Court has passed on the question involved in the O'Fal. lon case, which is the question of the valuation of the railroads,” Mr. Chip- man concluded. Brokers' Loans Up 91,000, Brokers' loans Increased another 3,261,000 during the week ended De- cember 28, reaching a new peak of $3,717,622,000, uccording to the Fed- eral Reserve Board at Washington. At this time a year ago such loans which represented borrowings of brokers and dealers from New York Federal Reserve banks, totaled $2.787.- 761,000, Large new bond issues and financial adjustments Incident to the end of the voar have much do with the iIn- ase in these bo wings, as well as speculation in stocks. The Federal Reserve statement showed little change in the local bank- o o ing position. The Reserve Bank of Richmond was marked up to 46.52 from 45.45 per cent the week before. Rediscounts in the fifth district were nearly the same as the previous week totaling $28,636,000. Heard in Financial District. 1. A. “Pop” Fleming has heard the annual Winter call to Florida and can- not resist it. The veteran financial writer will leave Washington tomor- row for the land of sunshine and will again be located at Hotel Indialantic at Melbourne. Arthur Foraker, local manager of 12astman Dillon & Co., announces that Emlen M. Drayton of New York has joined the firm as a partner, which will glve the concern a second floor man on the Stock Exchange. The year now closing has been extra im- portant for the firm's Washington office, which branched out into much anlarged quarters. ‘The board of directors of the John H. Wilkins Co., coffee merchants, has declared the regular semi-annual div dend of 4 per cent on the outstanding preferred stock, and a dividend of $1.50 per share on the outstanding common stock. Both dividends pay- able January 10 to stockholders of record December 30. The November surplus of the Sea- board Air Line Rallway dropped to $42,674 after charges, but before adjustment bond interest, from $303,- 215 In November last year, and for 11 months this year to $1,530,616 from $3,812,919 in the same period of 1926. November gross fell to $4,906,763 from $5.503.750 a year ago. Stockholders here have noted with wide fnterest the report that the F. W. Woolworth Co. had the largest Christmas sales on record and that the year's total sales are likely to be $20,000,000 ahead of 1926. The Washington office of Edward B. Smith & Co., New York Stock Ex- change firm, is to be closed. The firm proposes to give the major part of its attention to the New York, Boston and Phlladelphia offices. . HUGE STEEL MERGER IS BEING NEGOTIATED Youngstown-Inland Now at Stage “Where Anything Might Hap- pen,” Campbell Says. By the Associated Pre YOUNGSTOWN, Ohio, December 31. —Although a merger is not likely, ne- ! gotlations between the Youngstown | Sheet and Tube Co. and the Inland Steel Co. of Chicago “have reached the stage that = anything might hap-| pen,” according to a statement today by J. A. Campbell, president of Sheet and Tube. However, his statement was taken here as an admission he is negotiating for outright purchase of the Inland properties. - The combination would give the Youngstown company assets of approximately $400.000.000, with low capitalization and an unbroken com- mon dividend record. An authorized but unissued bond is- sue of $100,000,000 could be used by Sheet and Tube to purchase Inland Steel, acquisition of which would In- crease the Youngstown company capacity from about 3,300,000 to nearly 5,000,000 tons ingot steel capacity. Referring to the $15,000,000 out- standing Sheet and Tube company's 7 per cent preferred stock, which slumped almost to call price yester- day, Mr. Campbell said the preferred stock could be recalled at any llme! and that its replacement with a 6 per :‘I:m. issue has been under considera. | n. SOVIET LOAN TO ISSUE. $50,000,000 Internal State Offering | to Be Made Shortly. ! i MOSCOW, December 31 (#.—An| iInternal state loan of 100,000,000 | rubles (about $30,000.000) will shortly | be issued by Soviet Russia | Announcemen: of the loan was made | in an officlal statement today reading he central executive committee | of the United States Saviet Russia | has approved the. issue of a state internal loan of 100,000,000 rubles for | a term of three years. The loan, will | be used entirely to meet the needs of rural economy." o OTIS STEEL SCHEDULE. NEW YORK, December 31 (F).— Sheet miils of Otis Steel will go on | full operation the first of the year, | and producing facilities other than| for sheets. on an 80 per cent basis. | | | | | | Wall Street Features | | NEW clab. issues today was coincident with ex pectations of a highly favorable pu lication of the company's new Vi tory 6 line, which is to be formally | YORK, December 31 (Spe The move in Dodge Brothers displayed next week. This latest | offering, it is felt. will place the com- | pany in a strong competitive no-fllon} In the $1,000 car fleld. and should | have its reflection in 1928 earnings. SISCHMANN. —Accumulation of Fleischmann during the past week is said to have been due to the prospects | for increased earnings as a result of | the new method adopted for the| manufacture of the company ‘s | pr CANADA DRY GINGER ALE— Announcement is expected after the | first of the year of the purchase by | anada Dry Ginger Ale of the Saru- | toga Vichy Co. Terms have not vet been announced, but will be made public at the same time. This ix ex e Canada Dry in a mpetitive position in its IMPORTANT PERSONAL TAX INFORMATION The law ro%uixu & return of personal property, ject to the District of Columbia In- nn{lblo‘l‘uo!mo-hmolonoweut (¢ of 1%) of the current value, based on values of Jmuug 1, 1928 (closing securities quotations s of December 31, 1927). If you will send us a list of your securities, we shall be pleased to assist nh{tfldfl' return by indicating ehos’: whicl and furnishing the necessary quotations. We shall be glad to offer tment ist you in placing current funds to the best which i strengthen your inv advantage. By consulting Yyou incur no obligation. CRANE, PARRIS & COMPANY Investment Bankers Since 1883 823 15th Street N. W, Telephone, Main 593 your re taxable estions to on and to ratlo of the Federal |+ FINANCIALS PER SHARE ANALYSIS. What Is Back of Each Share. Total gross assets Deductions Patents and trade marks ... Unpaid current bills. . .. .. Net assets for common and A. . Ten-year anpual average earnings. . . earnings 1 =l ag 1026 . 6 months 137 » dividend of . _ Dividends have been b since 1917, except in 1023 October 3. Wall Street News reports lower- ing of dividénd rate on common may be con- sidered. At 116 stock yiclds 67 | (Conmult your banker or hroker for fur- | ther Information as to. values back of this ) Scrapbook this fur future references i — PRICES ON PARIS BOURSE. PARIS, December 31 (P).—Prices were irregular on the hourse today | Three per cent rentes, 62 france; ex-| change on London, 124 framcs 2| centimes; 5 per cent loan, 82 francs | 50 centimes. The dollar was quoted at 25 francs 40 centimes e Have You Been Stung Yet? Some men have to get stung good and hard before they learn to be cau- tious in making investments. Before you invest—investigate AMERICAN SMELTING. NEW YORK. December 31 American Smelting & Refining Co. estimated to have earned around a share on the common for 192 Several factors may modify earnings. WE FINANCE —all classss 01 meome.ornd. ing oroperty Large Loans a Specialty - Current interest rate and commiesiom Higbie & Richardson, Inc. 816 15th St N.W. APPLICATIONS INVITED for First Mortgage Loans On Improved Real Estate —for three or five vear terms a: prevailing interest rates. Lincoln National Bank Washington, D. C. w.— | and i Construction Loan Applications Invited a: it is said, among them the amount | i of metal loes at plants during the| year. In 1926 the company earned $23.38 a share on the common. THE ANNUAL MEETING OF THE stockholders of the National Capital Bank of Washineton. D _C. for the election of directors and the transaction of any other business t brought before the meeting,_ will the banking house. Tvesday. January 10, 1928 he. tween the hours of 12 o'ciock noon and 3 o'clock p.m H C. STEWART Cashier. | Glover & Flather 1508 H St. NW. Don’t Lose a Day VOID losing several days’ in- / ; terest between the January ma- dividends and the turities of your investments or re-investment of | your funds. Now is the time to make reservations of the 6% First Mort- gage Notes offered through Swartzell, Rheem & Hensey Company. Then, in future years you will have no such problem, for this time-tested organization provides for continuous re-investment of principal—enabling you to get highest returns by keeping your money constantly employed in earning interest for you. 5 We highly recommend every ofiering on our list. Bear in mind that these are the recommendations of a House whose investors have never suifered loss in over fifty-cight years. Swarizell. Rheem & Hensey Co., age Open Until 5:30 PM. | Tuesday, Januery 3rd | More Profit WILLIAM B HOOVER, WOODBLURY BLAIR. 1t ¥ FRANK W, STON FRANA STETSON, CHAS. €. LAMBORN. Treasurer K PERCIVAL WILSON. Seeretary FRANK R ULLMER. Assi Treas WRUCE BAIRD. st Tro Ofcer DAVID BORNET. Awt Tro Gt JOHN W CALVERT, st Trews, WoOHILES FARDOK. Asat. Treas ALENANDER 3. FANT At See JONN M ROTELER. Amt. S AUDLEY AL P SAVAGE. Auditer IRECIORS b, At S R for You QJanuvary funds that re-employment in an terest-earning accoyut. this strong, old hank, w net yvou worth-while come. Depasit vour terest Coupons and D dend Cheeks, NOW, Payday Patrons will find open fo posits untat §:0 ¢ day, lanuvary ded. It vy not already a depositor the New Year by open this s m acvount bank sat Same Rate of Interest Paid on Large and Small Accounts Safe Deposre Baves ¢ .\';"H'NJ, R‘.N’l National Savings& Trust Co. Cupital and Surpies Oldest Savings Institution wn the Distrct of Cobuebia Cor. 15th and New York Ave. Year 33 00 v W0