Evening Star Newspaper, January 21, 1928, Page 22

22' "™ ‘TRADE DIPS NOTED FIN BY RESERVE BOARD ‘Wholesale Business Suffered in 1927—Bank Credit Am- ple for All Needs. BY EDWARD C. STONE. Despite the fact that the volume of b 'Ss Activity in 1927 was nearly as large as in 1926 and larger than in any previous year, production and wholesale trade the last few months were in smaller volume than at the close of any year since 1924, according to the Federal Reserve Board. The output of mines and factories, th me of building, factory employ- and the earnings of industrial ers all showed a distinct decline 7. caid the board, although the of farm products was larger than n 1828. Distribution of commodities o consumers was on a high level, the b id. and there was no evidence ue accumulation of inventories. general level of commodity prices. ‘which had been on the down grade for the last two years. turned upward in carly Summer of 1927 and at the e of the year was only about 1 per t Jower than at the end of 1926. K credit was ampie throughout . the board reported. for all s of enterprise. and money rates o relatively low. especially after mid: mer and early Autumn. when d rates at the reserve banks were ed from 4 to 3'> per cent. The v of capital ds arising from ptionally large tions of domestic and foreign es were in record volume. Income Tax Blanks Available. nal Revenue Department is among local banks the n which the income tax re- t0 b made for the calendar Each vear more and more h large accounts are ask- ance in the making out tax returns, Many clients get s in the banks to make out te return for them. rge blanks for business firms and for all net income of over $5.000 ‘and the smaller blanks for individual retu: contain no changes from last year. as Congress has made no changes in the law since the last year. Mt. Vernon Line Changes Name. A circular sent out this week an- founces that the name of the Wash- R.sm'\ Alexandria & Mount Vernon L8] ¥ Mount Vernon, Alexandria & Wash ington Railway Co, & new company having been formed under the laws of Virginia. Holders of the first mortgage 5 per cent bonds have been informed that the change was made to meet| legal requirements and that the oper- ation of the electric road will go on as before. The circular states that the new comnany has no indebtedness ex- eept $15.000 of notes and $32.500 equip- ment trust obligations. and has an au- thorized capital of 5,000 shares no par value stock Of this stock 4.800 shares ‘were issued o the committee for the account of the former depositing bond- holders and the Temaining 200 shares are in the treasury of the company. The committee had deposited with it $2.376.000 of the bonds, out of the to- tal issue of €2.500.000, and now holds v Co. has been changed to the | | atlas Tack ANCIAL." | Open. Hich. Low Close 1541 155% 154% 154% 111 1113 111 111 242 243 241 242 954 95'% 954 951 1w 1w 11 11 3 3 3 3 3 1827 1854 182 182 126 12% 12% 2% 2% 99 99 164% 155 1234 1284% Abitibi Powr(5). Abr&sStras 7%pt Adams Exp (6). Adams Ex pt(5) Adv Rumley Ahumada Lead. . Alr Reduetn(t7) Ajax Rubber.. Alaska Junea. Albny Pap pf(7) Allied Chem (6) Allied Cm pt (7) Allis Chalm (§). Amal Leather. . | Amal Leather pt l:\merldl 2)... ! Am Agricul Chm Am Agri Ch pf.. Am Bank N(#3 Am Beet Sug Am Bosch. . | Am Br Sh(j1. Am Brown Bov. Am Can (2)... | AmCar&Fdy (6). 10! | AmChic pr pf(7) 108 | Am Drug (80e). 1814 | Am Encau (2.40) 63 Am Express (6). 176 Am & For Pow.. 26 Am For Pwr rtx, Am Hide & L pf. Am Ho P (240) Am lce (1213). .. Am Internatl(2) Am Linseed.... 605 | Am Locomot(8). 1124 112% 1124 112% Am Loco pf(7). 127 127 127 127 AmMetals (3).. 43 44 44 44 | Am Metals pf(7) 115% 115 115% 115% |AmPiano....... 200 20 20 20 { Am P& Lt(f1). 65 65 654 Am Radiator (§) 131% 1 131 131 Am Ry Exp(6).. 118 120' 117% 120 670 66% 6615 {Am Seating (3). 40 40 40 40 AmShip&Com. 4 4 4 Am Shipbldg (8) 109% 110 109% 110 Am Smelung(8) 176 176 1754 175% | Am Snuff pf (6). 104 105': 104 105's |Am St Fdys (3) 677 674 674 {AmSUFYpO?) 114 115 5 | Am Sugar (5) 6% T 3 i Am Sumatra.... 62 H Am Tel & Tel(9) 179% 179% 1 . | Am Tobacco(8). 168 168'; 168 168t | Am TobaccoB(8) 170 170 170 170 Am Type pf(7). 113 113 13 Am WW&EI(cl) 581 58 58% | 2215 54% 9 154% 156% 1234 123% 17 117% 12% 12 T0W 091 109 18% 65'4 0 | Am Republic. | Am Woolen..... 2213 Am Woolen pf.. 55 | Am Zine pf... 444y 44% ! Anaconda (3)... 55 551y | ArmourDel pf(7 §8's 881y | ArmourofliltA) 12% 13 | Armouroflil(B) T Th | | Armour 111 pf(7) T0W T0W | Arnold Con & Co 50 av Asso Dry G233) 46 lG‘y‘ Asso DG 1st (6) 112 H Atchison (110).. 193 3 192% 192% Atchison pf (5). 105% 105' 105 105% JAUGUIf & WI.. 427 44% 42 44 H 1f&W1 pf. 43 Tn 427w 43% | 107%: 1 107 1074 | Atlas Pow pf (6) 104 104 108 104 PR YU TR FL P S% % 5 8 | 37 39 374 39 Autostrap DR LI L L T Bald Loco pf (7) 120% 120% 120%¢ 120% Balto &0 (6)... 115% 115% 115 115 Balto&Opt(4) &2 82 82 82 Bang & Ar (33%) #1'3 Ell3 80 Bang & Arpf(7) 113 113 113 Barnsdl A(b233) 25% 25% 2 106% 105 Beechnut (13).. Belding Bros (2) Bel Nat Ryspt 7 Best&Co (3)... b4% b54% 54's Bdw Bethlehem Steel 58 584 57's 58 Beth Stl pf (7).. 1204 120% 1204 120% Blmingdle pf(7) 199% 110 109% 110 19% 19% 19 86% 87 THE EVENING STAR Fleischmann(3), Foundation Co.. Fox Film A (4), Freeport (1%).. GabrielSnb(31%4) Gardner Motor. . Gen Am Tnk(4). Gen Asphalt.... Gen Asph pf (5)., Gen Cable A(4).. Gen Cigars (4).. Gen Elec (15)... GenElec sp(60: Gen GasA(o1%) Gen Gas Brell) Gen Motors (5)., Gen Mot pf (7). Gen Outdr Ad(2) Gen Ry Sig (5).. Gen Refrac (3). Gillette Raz (5). Gimbel Bros. .., Gimbl Br pf(7). Glidden Co..... Glidden pr pf(7) Gold Dust (3)... Goodrich Ru (4) GoodrichRub rts Goodrich pf (7). Goodyear Tire Goodyr 1st pf(7) Gothm Hos 3214, Gothm new 321, . Gotham H pf (7) Gould Coupler A Granby Con Min Grt North pt (5) GrtNor O (14). Grt Wes S(2.80) Gt West S pf (7) Green Canan Guantanamo Sug Gulf Mo & Nor.., Gulf States Stee) Gulf Sta 1st(7). Hanna 1st pf. Hrtn Bo10%, Hershey Corp.., Hershey pt. ., Hoe & Co A. Houston 011, Howe Sound (4) Hud Man (235), Hudson Mot (5). Hupp Mot(1.40). Lllinots Cen (7). 11l Cent pf (6) indep Oil (1) Indian Mot (115) Indian Mot pf(7) Indian Refiuing. Indian Refg ctfs Inland St (215). InterboroRapTr. Intcontl Rub(1) Int Agricul prior Int Bus Ma (5).. Int Com Eng (2) Int Harv (§6)... IntMtch pf(3.20) Int Mer Mar pf. Int Nickel (2)... Intl Paper(2.40) Int Paper pf (1) Int Ry CA nf(5) Int Tel & Tel (6) Intertype(tiig). Jewel Tea...... Jones Bros Tea. Jones & Lau (7). Jordan Motor. KCP& L 1st (7). n City South. KraftCh (11% Kresge (1.20). ., Kress (S H) (1). Laclede Gas (12) Lago O11 (76¢) Open T 46'% R6%W 103% 25% 128 63% 8974 133 56% 681y 133% 1% 3T% 404 3374 High. Y 461y 88ty 103% 128 64y 0% 138 56% 6814 133% 1% 37 Low Closs. T0% R6 102% 260 124 631 881y 133 56% 6814 132% 1331, 8 56k 534 105% 4% 48 864 1034% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. PittsTerm Coal.. Porto Rico Tob. Postum (5) Pres Stl Ca: Prod & Refiner: Producers&R pf Pub Serv NJ(2). Pub 8 NJ pt(7). Pub SK&G pf(6) Pullmn Corp(4). Punta Aleg Sug. Purity Bak B (2) PurityBak pf(7) 1o Corp of A. fo C pf (3% n 102% Reading 2d (2).. 44% Real Silk Hos. .. Real Silk pf (7). Remingtn-Rand. Rem-Rd 2d (8). . Reo Motors (1).. Rep Ir & Stl (4). Reynolds Spngs ReynldsToLB(5 Richfield Ol (1), Robt Reis & Co. Royal Da3.13%. St Jos Lead (13) StL&San ' (18). Schuite (3%) 5 " | Seabd Air Line Seagrave ( Seneca Copper. . Shattuck F G (2) Shell Un (1.40). Shubert The (5) Simmons (2)... Simms Pete. Stnclair Oil. . o | Sinclair pf (8 Snider Packg C Sunider Pkg pf... So Por Ric S(f2) South Calif Ed.. South Dairfes A. South Dairies B. South Pac (6). .. Southern Ry (8) South Ry pf (5). Sou Ry M&O ctfs Std Mill (6)... Std Millg pf (8). StandO Cal(213) StdOi1L.NJ(11%3) Std Pl Glass pf.. Sterlg Prod(i7). Stewart-War (6) Strom Car (2). Studebaker (5). Studebak pf (7). Submarine Boa Sun Oil (§1) Sun Ol pf (6) Superior Steel. . Sweets of Amer. Symington. ..... Symington Cl A. | Telautogh (80c) Texas Corpn (3) Tex Gulf Sul (4) Tex PC&O160c) . Tex Land Trstn | Thatcher MIg. . The Fair (2.40). TidewaterAsOil. TidWASOIIDS(6) Tidewater Oil K0 Tide W Ol pf(3) Timken (15) 12 Tobac Prod (m). Tobue Prod A «7 Tob Prod efs(A) Transcont Vil. .. Transue & W(1) Unton Pac (10). UtdCgrstiCave) United Drug (4) / Low. Close, 34 34 5% 125% 24" ‘s { when brokers' “|ground was recovered today by the » | together + | production and price cutting, and in | . | distributors of merchandise. Mixed in JANUARY 21, 1928 FURTHER RECOVER . INSTOCK MARKET Motors, Utilities and Rail Equipments Vehicles for Bear Movement. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 21.—Furiher stock market and Wall Street came to the end of the week expressing more optimism in its speculative operations than it did at the closing last week. Materfal for the advances that took place was to be found in the moderate- ly cheerful trade reviews of the week in’ the annual reports of such concerns as Montgomery Ward Co. and the Hud- son Motor Co., both of which indicated much larger-earnings per share in 1927 than in 1926, in the plans for bringing | combinations in industries that have been suffering from over- the moderately oversold condition of the market itself. Many Groups Strong. The leading groups in today's mar- ket were the motors, public utilitles, sugars, hosiery companies and national with them were stocks of motor acces- sory corporations, insurance companies and some of the equipments. The largest single transaction was a block | of 10,000 shares of Westinghouse | Electric which appeared on the tape | early in the day at 971, representing an overnight gain of “, to be added to yesterday's net advance of 4 points This established the stock at the high- est price since the present shares were | | issued. The recognized market leaders. such | as General Motors common and United States Steel common, were inclined to | lag behind less influential shares, but | i this they have done frequently when ! | opportunity has been given to specu- | lative holders to reduce their commit- ments while the rest of the list wes| | rising. In anticipation of poorer earn-| ings for December, which will begin to| appear the early part of next week. the rail shares held back. At one time the . Southern Raflway. Mobile & Ohio cer- | tificates were off 5 points with the| market in them nervous. ' Some profit-taking naturally followed the buoyant early period. This brought | down the prices of the independent | motors, but at the lower levels there | was good support. and in view of the | extent of the advance since yesterday, | loans showed the first | substantial reduction, stocks acted well. | Montgomery Ward Feature. Monigomery Ward forged ahead after the market "had absorbed the selling j orders and gradually worked up to 125.| In the second phase of the buying | movement there was _ pronounced | strength in quite a large list of mdus- | Both bunds are callable at par. | market seems to do, that there is risk in EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES, High and Low Coupons. Close study of the market prices of foreign dollar bonds brings out still an- other distinction in addition to those already discussed in the articles imme- diately preceding in this series. That is the fact that a bond with a low cou- pon sells at a relatively higher price than one with a high coupon even when they are obligations of the same bor- rower. For illustration, we may take the case of the Great Consolidated Electric Power Co. of Japan. This foreign utility has two bond issues listed on the New York Stock Exchange. One carries a 7 per cent coupon and matures in 1944 and the other carries a 615 per cent coupon and matures in 1950. The return on the 615 per cent issue, both the direct income return and the maturity yleld, is uniformly lower than that on.the 7 per cent issue. At first it would seem as though the 7 per cent bond was the more attractive purchase and so it is for some investors, those who give en- tire attention to the matter of income. The veason for the comparatively high price of the lower coupon issue is that it has a greater possibility of price appreciation. In case the credit of this company improves so that its bonds sell on a 6 to 61z per cent basis the advance in the lower coupon bond will be larger th':n in the one carrying the higher rate. One other point is of importance. | The speculative attraction then is greater with the one selling farthest away from the call price. There is a good deal 1o be sald in favor of taking the lower cou. | pon rate bond. It we assume, as the | buying such foreign bonds, 2 ought to be compensated for that ris not only by the vield but by the chance of making a profit on the principal. | BEST YEAR IN HISTORY 1927 Income 50 Per Cent Above! That for 1926, Annual Report | of Mail Order House Says. | By the Aw ated Press. | CHICAGO, January 21.—Montgomery Ward & Co. during 1927 did the big. gest_business of its history, increasing | 50 per cent the net income over 1926, the annual report to stockholders | said last night. ! The mail order house reported a net | income of $15.119.245 last yeer. as com- pared with about $10,000,000 for 1926, and $2.210,000 greater than the previous record year of 1925, The large profit, George B. Everitt. president of the | firm, was attributed to improved mer- chandising. with economies in selling | and operating expenses. After income | tax and class A dividends are deducted | a balance equivalent to $10.25 per share | of common stock will remain. compared with $6.25 a <hare in 1926 | Current assets of the companv tntal £53610,988, with liabilities of $10,- 950.452. | During 1928 the company is to erect as reported by FINANCIAE COTTON GOES LOWER IN TODAY’S DEALINGS | Easy Liverpool Cables Have Bear-| ish Effect on Staple Prices. South Is Seller. By the Assoriated Press. NEW YORK, January 21.—The cote ton market opened steady today at a decline of 13 to 21 points under South- ern and commission house selling, in- | fluenced by relatively easy Liverpool cables. Trade interests were buyers on the decline, which carried the price of May contracts off to 18.65. Active months generally were about 15 to 20 points below yesterday's closing quota- tions. Trade buying helped to absorb offer- ings at these figures, and with covering for over the week end, the market steadied up a few points from the low- est_before the end of the first hour. | Private cables reported continental | liquidation and hedging. with a poor | off-take at Liverpool and only a small | turnover in cotton varns and cloths, as buyers were cautious. WHEAT PRICE STEADY AFTER EARLY DROP| Unfavorable Winter Crop Outlook | Reports Help Offset Open- ing Decline. By the Associated Press. CHICAGO, January 21.—Unfavorable | [I° | reports as to the domestic Winter crop ' "MONTGOMERY WARD HAS |outiook for wheat tended to steady Chicago wheat values today after a wavering start. Initial weakness here was ascribed to Liverpool setbacks based on prospective large world shipments. Opening unchanged to * off, Chicago wheat sagged a little more and then seored slight general gains. Corn was ! easy. starting at !, ta 3 decline and subsequently showing some further drop. Oats held firm. Provisions inclined downward. CHICA({O LIVE STOCK MARKET CHICAGO, January 21 (U. S. Dep'. Agriculture). — Hogs — Receipts. 9.000 head: around steady with yesterday's average: top, 845, bulk good and choice, 160 to 300 pounds, 8.252340 light lights mostly 7.60a8.25: bulk pigs. 7.25a7.75: lightweights down to 6.75 kinds lower: most packing sows 7.25a7.50: few best lightweights. 7.5%a 7.65: shippers, 3.000 head: estimated holdover. 1,500 head. Cattle— Recetpts. 700 head: compared with a week ago good and choice fed steers, after losing substantial early ad- vance, closed 25 to 50c lower. lower grades held early upturn. finishing 25¢ or more higher; stockers and feeders. 25 to 40c higher: highest of season: fat cows. 25c higher: heifers, includinz | trials, including Vanadium Steel, Sears n modern con~rete mail ordsr plant at veerling offerings. 25 to 50c up: b | Roebuck and A. M. Byers, with Montana | | Power jumping up 6 points to a new ;| high record price. The earnings of the Hudson Motor Co. for the year end- | ing December 31 were equal to slightly over $9 a share. . Prices held strong up to the closing | | not only in the regular list, but in the Fort Worth, Tex WINDMILLS STILL SOLD. BUT MOTORS GAIN FAVOR The windmili is losing its place to the 15 t0 25c up; vealers 2.00 to 2.50 high er: better grade fed steers bscame top- heavy on early upturn. after top had reached 1375 rlings. 13.00: tive liberal supply steers at 16.00a17.50 most lower grades. 11.75a14.00: most light heifers, 11.00a12.50: fat cows. a9 best kind. to 1200 Securgd by J | Money to Loan rest and_com 1st Trust Loans Any Amount D. C. and Montgomery Conunty Large Construction Projects FRED T. NESB.{I 1019 Vermont Ave. M. Lowest Rates of interest and Commission position to handle eon- Chareh I ”‘IL‘- and Instite- In Nearby irgiia nsul 2 0 rance Commonwealth Investment Co. 017 15th ', '. Phone !ln 2623 O YOU NEED MONEY —to rafinance mat Az THE COMMERCIAL NATIONAL COMPANY (inc.) Paid-up Cash Capital. $700. Commereial Nat'l Bank L 14th & 6 WE F INCE —all clases of income-producing orooerty Large Loans a Specialty Current intarest rate and comm:ission Higbie & Richardson, Inc. 816 15th St. N.W. Mortgage Money Loaned at Low Interest Rates Economie Conditions Tyler & Rutherford Loan Correspandent Watual Benmefit Life Ine. Co. deed Of trust on res) estate. a uup"- 1. We 1520 K Street Main 475 We Have Money Available mmediate ment, 1 to receive ap- loatls on resi- . business or ment e ——————————— |First Mortgage Loans | Thomas J. Fisher & Company, Ise. o wiae ot & # N Jor the account of the former deposit- ir2 bondholders two shares of stock of the n°w company for each $1,000 bond of the old company deposited with the mm Bon Am;’l‘.llk A 167§9; 1‘75?{ !gga l:;&:« 'LL::n;::: QotE): Utd Dyew pf (7) specialties, and the average gain for the | COMbustion engine and _hydroelectric | cyp Borden 6). 5! 5 . > Ut Frui1s;) 9 9 | session was a substantial one. The ac- | POWer. Department of Commerce re- Is. we Briggs M{gCo.. 22 22w 22% 22 | Lehigh Y 94 g USCILPSFO0) 7 7% | ton of the stocks Friday and today POS Indicate it is one of the few items | jignt vealers closed 13.00 to 1 = British Empf| ol ke b S Distributing gives ~considerable encouragement to | ¢f A€ricultural machinery whose exparts iy " cnipers, 14.50815 50 tice. The committee announced | British Emp2d. 5% 5% 5% 5% e S Hoffman (4) those who have been consistently bull- | [40 S P Sk day ne | ,Sheep—Receipts. 300 head: odd loads i s Jt advisable to hold this | Bkiyn-Edison (3 218 218% 21715 217, | Lima Loco (4)... Alconol (5). i throughout the recent period of |ttt Helanc. fubled home of the [of”natives aud fed lambs. firm. for | Biiyn-Man (4).. 565 57 5613 57 | LiaCarb (3.60). Lenther wi. market unsettlement. | pomer unp. oS, Jo the siectiic | weok fat lambs closing 30 (o Bklyn-Manpf(§, 8 8¢ 84 84 |Loew'sInc (13). Leather A, | Snteday maker and vaes of e ol |sheep and feeding lambs Bkiyn Un Gas(5) 153% 154 153% 154 ’,,‘ '~B A US Realty 14). ‘:“l‘ ay m"‘ 'i fl:‘:d -‘fl’;“ ":m‘ ml-d-b higher. Week's top prices Brunswick 8 (3) 33 33 33 3 LongBell (A) U'S Rubber dome An Increasd Sbort Wusiness. but | st 1375 fak o P Brunswick Ter.. 184 184 184 18y | Looko- Wil(1.60) U S Rub Is (8) e e _— ""‘P“,";"‘ Of | Fall clipped lambs, 12.00: Bucyrus Erle 28% 28w 28 28% | Lorlliard Co.... Smelt (34g). S DOTNT Dran Al Nw folor ship by | wethers, 11505 fat ewed.” T Bucyrus E (ev). 36% 36% 36| Louisiana Oil. USSmpf (ilg) i emploving & rotor tower to pump Water. | yng chearing lambs, 13 B Aoy, T8 Tk 0% Tee (il Germany is also produring wind-driven Burroughs(v4).. 149% 149% 149% 149% 7:“':';“»‘&;":“"’ equipped with stor- Bush Term (b2). 61 1 o3 Jarrell Host to Bank's Staff. Bush Ter do (7). 108 Thomas E_Jarrell. president of the | ButteCop&Z... hington Savings Bank. was host at | Butterick Co.... dinner 1o the officers, executive and | BYer & Co...... mce committees, and employees of | Calif Packg (4). ® bark 2t his home. le;nm Calif Petm (1).. 26% 26% 264 26% | Mallison&Co... Thursday evening. Calumet & Ar(6 107% 107% 106 106 | Mallison pf (7).. 5 Calu & Hecla (3) 21% 21% 21% "21Y | Mandel (2%)... Chevy Chase Bank Officials. CanDry G Ale(3) 57% bT% 57% 57%|Man ElSup (5). organiZation meeting of the | Can Pacific (10). 207% 207% 206% 207% “""%"l"‘?’ of Chevy Chass Savings Bank | Cent Alloy (2).. 30 ~ 30% 30 304 l-n*-llmlz*“ eric E. Farringlon agein was | Cen Ry NJ (112) 308% 3085 308'5 308l | Man Shirt <°’- resident. The other officers |Cerode Pasco(d) 662 664 65% 66 | Maracaibo Ofl. 2t time wers Thomas W.|Certain-Teed (4) B9%a 594 68l b8y | Marland Oll.... t vice president: Joseph A | Chandler Motpf. 16% 164 16' 16y ! Martin-Pary (2) second vice president: Paul| Chat-Ph Bk(16) 670 675 670 675 | Mathieson (4).. 1 Ezra Troth, third [ Chea & Ohio(10) 199% 199% 198t 199 | May Deut S(4) and cashier; Clyde D.[C&OCarpm (3), 78% 8% 78w 78y MavtazCo(2).. weeretary. 8. Peacock, guditor, | Chi & Alton pf.. 117 11 i i gl 8r4 R A Weaver. assistont cashler, |CHiMI&StP.. 17 17% 7% | Mid-Continent., Mire i . s Chi MIESIP pf. 34 34l 4% 341 | Middle States. . ore Savings Co-operation Seught. CM&StPels., 17 17% 17% 174 | Midland pfor W W Boaid, president of the Dis-!C Ma&stPofefs. 34 34% 34 34 | Miller Rubber. t nf Coiumby s Assoctation. | Cnik Nwn (4).. B4 Bl A4 B4 | MIn St PASSM named t fool (8) 133 133 133 133 | MoKan & Tex.. ¥ co-oprration 18 ¢5). 110% 110% 110 110 MoK &T pri8), fristmas savings clubs. ROb- | Childs (32.40)... G0t B0l b0l B0t | Missouri Pacific g. president Rigzs Na-| ChileCo (2% 40k 404 401 40y | Missouri Pac pf. Banx, chairman; Francis G| Christ B (1.20), 116 117 116 117% | Montsna Pow (5 1161 ce president Becurity Say- | Chrysler Cor 13) “69% 69% bew B8y | MontamryW(13; 1200 ommercial Bank. Howard|CityStorA (3%) 624 b2l b2 b2u | Moo Motor.... €14 Ve Dresigent Amerjcan Be- | City Stores (B). 66% 69 68% 68w | MotherL (S0c). % Trust Co, and Jehn M. Rior- | Cluett Peab (5). 55 Hb% 851y 85l | Motor "“,‘ -40) jie vice president Benk of | Coca-Cola (5)... 13bh 13% 1354 13l | Mullina Mfg. ... & Bavings | Colline & Atk(4) 106% 107 105% 106 gsingwy: (2). e o Bt s it | Coi Fuel & iron. 79 79 Tun, 78% | Murray Corp... ineos Soking Dy ColGas& EI(5) 91 91 90w 91 | Nash Mot (15%) © hardware business 2s a4 whole | Col G&E pf A(6) 108l 1084 108's 1084 Acme (sta). ring trade, | Com Cred (1)... 22% 22% 22 22 | Nat B » Hens. N m — h rs. 5.5005.90. sirong we! 85.50: heavy sausage bull 5 N Wright, Slade & Co. | MEMBERS i New York Stock Exchange New York Cotton Exchange Chicago Board of Trade Stocks and Bonds Bought and Sold for Cash or Carried on Margin THE MAYFLOWER HOTEL t to 875 00 most- u u . L ctors of the new company . Rre members of the bondholders com- mittee and business men of Alexandria, i V2. The bondholders protective com- | mittee consisis of Lewis H. Parsons, chairman: Samuel J. Steele, Philadel- Villiam G. Eaker, jr., Balti- . | all Street Features — NEW YORK, January 21 (Special).— 134w | R. H. Macy stock is geiting up into the © "so | price area of bank shares. Selling at wér, | 250, representing a 100 per cent in- 25% | crease in market value from the low of last vear, it yields 2 per cent on the investment. but there is expected to be & larger return for shareholders through | some form of recapitalization later on. | UNION PACIFIC PREFERRED— Union Pacific preferred stock now is CHICAGO STOCK MARKET. ! Leased Wire ta The & CHICAGO, January 21 —Tolloving is HEAD OF SEARS-ROEBUCK , GHISAGS, danuary 2 roiiries WEST POINT GRADUATE | closing quotations. on the Chicago Exchange: CHICAGO. January 21 (. —Robert { E. Wood, new president of Sears. Roe- buck & Co. has spent only 9 years in selling at the highest price in 20 years the mail order business. He became and at the lowest income return basis| vice president of Montgomery Ward & | of any of the preferred issues. Above | Co. in 1919 and had bsen vice president | 87 it yields slightly less than 4.60 per of Sears, Roebuck & Co. since 1924. | | cent which makes it a smaller return| Wood is & West Point graduate and & | Investment than many bonds consider- | soldier of years' standing. He was act- | led to be of very high grade. Union!ing quartermaster general when the Pacific’s own 4', per cent bonds are| United States entered the World War | selling just above par in 1917 ATLANTIC GULF AND WEST INDIES—It is understood that the | earnings of Atlantic Gulf and West! ppORENCE--San Marino. a republic Indies have been improving recently ! oniy"3g square miles in area. but which and that the bankers identified with G {0 JHEACE Tiler B oTeR. QAL WIVER ooy ;h" & M Wew FEPOTt | vears before Columbus discovered Ame: | of results than in some lect, *| cumulation of both classes of stocks % Mty made plans for electric o day and radio communication with the has been under way recently and a pool ") 0 ¢ the republic | | ey Ay outside world. Until now the rep o Operate on & | jay bheen accessible only by road but | basis of the changed outlook, for the | (i yroliey will take its people direct to ronoem. the Italian city of Rimini, 20 miles away on the Adriatic sea Lni Pic 18t uf( Uni Pip Uni Py Ut v Vanadium (14). Viek Chem (4).. Vicksbg S&I(5) Victor Tik Mch. Victore pf 16).. Vietor pr pf (7). 50 50 el 98% 100% 98% 99% 75% 6% T6% 767 Macy (R H) (5). AMad Sq Gr(1%) 25 Magma Cop (3). 4 1 . irecto Dr. Pred First Mortg‘age and Vivadou (bin).. Vivaudou pf (7) Vulcan Detin. .. Walworth (1.20) Ward CLA (K) . Ward Buking H. Ward Bak pf (7) P Warner PleA. .. | Warner-Quini2) Warren Bros(4) REPUBLIC MADE ACCESSIBLE. W Papn Ei pf(6) W Penn Kl pf (7 West P Fo p(7) & | st Muryland { FOREIGN EXCHANGE. ta Factfiop (Quotations furnished hy W B. Hibbe & Co.) NEW Y()_fiK-KAUFAi BY AIR. HALIFAX —Business interests here are considering the establishment of an aerial freight, express and mail line between this city and New York. Gov-| ernment departments plan to experi- | ment this Winter with air mail routes between Halifax, Montreal and Ottawa. | CONCRETE TELEPHONE POLES. ROME - Five thousand concrete tele- phone poles have been placed along the new 210 kilometer railway line betwgen | 17 N | Rome and Naples. Manufacture of the | 3 wan laho | poles, known locally as “palt di cimento | N Pow gt Doy | armate certrifugato,” has given Italy a ¥ Leahe new industry 1508 H St. N.W. Main 1753 thse A B(2). tinghse (4). Westhne Iat (4). White Lagle (2) Mot (2).. pound ., tollar omCe ptB (2) 24 24 Z4% 24'a BHess pf(7) X on Solents(s). 164 16215 162% Biscult (8). faw MIch " 6 6h% 65 Cash R(A)D H e ¥ i 50'a 5O% | Natl Dairy (3).. 7 e i | 265 26% | Nat Distillers. .. Wilson & | Bildaneat Nie | k2 w2 | Nat Lead prA(7) Witaon | . | L Pwi Lt (80¢ henhi : b t Radiator. .. Nat Supply (16). Surety (10 ads Co1%). NY A Br (3., NYCont(8)... NY C&BtL8), .. 5, 1 N Y CHL pl(s) g ] 1 o | 164 66% { a more | Conde Nust (2 1] j shortly. | Congol vrward frmness MeciCicai i . Retallers | ©, o0 Ditribul " yaf Bty 00 (5).. 123% 124 123% 123 B 0ot Al | ConuoiGan pf6) 1017 101% 1017 1017 ¢ 0! Mmpending Beavy | ConppCubapt® 0% 0% 70% 704 | Yook for the early part| Coneol Textile.. 3% VEEY. At least s very sallbfaclory. | Cont Bakg A (4) bl Other Financial Notes, | Cont Baklug B.. b'w Pides: troet Cont Bak of (8). 98 lcen & ContCan (6).... ¥3 S g Yot ot Insur (8)., #1% Cunt Mont (806) 114 Corn Frod (13).. 6% Coty 1nc (16)... 1347 1 teel KDL 186N a0 an Bl N Woolworth (b) .. Worthn Pump. . Wiight Aerotl). Yule&Town Yellow True Youngstn Sh(b) | NEW YORK, January 21 (#) —For- | elgn exchanges, firm. " (Quotations in cents): Great Britain, demand. 487; cables, 487 7-16, 60-day bills on banks, 483 5-16. PFrance, demand, 3.92 13-16; cables, 303 1-16. demand, 528%: les, 5.20'¢. Demand--Bel- glum, 13.03; German, 23.791,; Holland, | 40.30; Norway. 26.60 Sweden, 2682, Denmark. 26.76!,: Switserland, 10.251,; Spain, 17.14; Greece, 1.32',. Poland, 1125, Crechoslovakia, 206,: Jugoe slavia, 176!4; Austria, 14.10; Rumanta, 62; Argentina, 42.78: Brazil, 1200, ‘Toklo, 46.60; Bhanghal, 63.62';; Mon- treal, 90.81'4. B | ek whis | i 1% “hly 3505 134' 13b%s BEYy BT BRY [N 4 ONE-MAN ENGINES. BERN —-One-man_engines are being tried on the Swiss Federal Railways in | An effort to reduce operating expenses As most of the lines have been elec- ! trified, great saving is looked for. but the experiment still is in preliminary atages. NY & Hurlem(5) NY N H & Hart, NY NH&H pt(7) NY Unt&Wil).. NY Stm of A7) Norfolk & W (8) NorAm blo% stk North Pae (5). Nor P'ac ef lortgage Loans On Improved Real Estate Qats SN Quaker Oats nt 330 Rvan Cae A0 Sangama SR80 Seats 1030 Stew Unéerwriers next Thursday evening st 58t 615 rading Flue 0 "otk the ity | Crucibless e Cuba Ce Yty ver G in 3 inlo Sulie e secretary of the | t Co., gave 8 Gy Company. . uban Am S (1), udaby Pkg (4). urties Aero. ... urtin A Ut (7). Cunhimun's Bons, Cuyamel Frust., ©a g on the | espectally | e of careful save | ure independence | manager of the! M. P Murphy 4 by b Aorens on e air last | b lf Y% b4 1]1 smmotdle industry and | Davison Chem .. 43% 43% 42% 43 s 1or the coming year | eereato uf(7), 1167 116% 116% 116% Hailway Co will re-| el adiud (9).. 17uv 170% 1o 1i9% oo Pebruary 3 for| el L& W (17), 134 1335 Laan L equipment trust | 116G WRUUELL 06l bh % i o 1B, payable Septem- | U0 K0 (8). Vid% 174% 174% 174% 1w March 1, 1943 Devos & 1(240) B B 44 140 140% 140 19% 1% Jwy 2% 22% 2% 2% OT% 66% 6% B2% 1% 61% 124% 124 1245 150 160 350 W% 62 124 160 L view ) {u [ oy o partly s + Pius one in et —for three or five vear terms at unllnul ek prevailing interest rates Lincoln National Bank Washington, D. C. FEDERAL LAND l:AN.l( BONDS. 1Quoted by Alex. Hrown & Sons” Closing + il\h Au‘h:‘dl' \I:‘h‘ O1l Weil Bup. Omnivus. ... of Gr GERMAN BONDS AND STOCKS. | iy Special Lensed Wire 1o The Star NEW YORK, January 21 .-l aFic LInES inmiaaTe _menTiy ew a0 | PR108 00 (0 STOCH won - TEAAS OF Tne maw I I f i | Ounsteel. .. .., Owenn ot (c14) Pacific Gan (2)., 1ae Ol B b PaeTel & Tel (1 4y Packura Motid) 140% | Palke Motor. .., Yty | Pun-Am Petrolm oy | 0 | Van-Am Pet (H), i 3 ! | 2% -Am West B8 9 (1% | 3 4 3 | L L . by i 61 L B14Y B1h 16 118 185 1685 2in 2% 18 1 18 UBv wTv ONY 109%, 108k 109% 4% 4% 14% B B4 B4 12 1% 1% % 9% 9% able 4Bl ¥ W Asked with diaw M aN00 200 v 1928 HEN | mma t1en8) | Dudye Bros €1 A Dage pf (1) INOD Ao il Ber bl marke ) e ol l'g..l' - e aberty Bonds Kachanged Rapidly, o1 third Liberty Lown Bonas wlue of $525,000000, have | Pome Mines (1), tage oF the recent Treasury | 11 88 & Atian, 2ehimnge of Y securi- | 1unhillint (4) per cent Trewsury | PPubont deNoin) \nide this an. | Duavesne uf (1) ement Wy in issuing & reminder | 1 o elon privileges will expire | t Moncay | Eisentohr & 1o Frior v tie Wginning of the conver- | Kisenlone pf (1) wereloi there were outetanding | Vies Auty 1,06), 2006 in third Liberty bonds | kieciric Bost Jwoerve buses sre conducting | Kiee Powr & L but the Treasury has Jetrigeratn ourt of the new noves | ychiange for third & Wil of $700,000,000. | COKE 18 CHEAPER. YORK iain L \ hl B4 e 165 PIEe 17 New York Stock and Rond Averag SATURBAY SANLARY W Ko & 1o wat ner e 4 by e Ll 4 e i 0 o0 oo R a1n 18 105 27% & Tiltord ., . man (18) ark Utsh (8Uc) ton Axle () SIS, Back of Kach Share 1w " ON HOMES Prompt Atten. ton te Applic cations Run tor five vears with- e ocurtails ment Wm H Saunders Co., lnc Founded 1881 \Main 101e [EAUH N L aan Cavvsdandont foe e tno M (a2.19) riess Motor, ok & Vord. , Iok& W pf17), Penn C & ke, . Penn Dix Cint12) Penn R (34). 80 R | gpSimae | I5ya0g W L TR L TR N TERNY HONDN W sales (par value) 4300 13 o0 it 0 'R0 o 1ith 00 17% 26 106 1% 284y h 168% o i laip Wanky | o o Interest 127 M prior (6) hilaCol % prfis) Pulla&RC). B9 | Phillips Pet (3), VFea Ligiion) 4n) 4% | Phoenis Hosiery S cents o "km LAT pf ¢ 108 Pieros-Ariow, oty 8275 | Kea Mot eno 2 20% 4 20 | Pierce-Arrow uf #lo@ time can | Kifih Ave (840 12 P OW,.0000 and §24 UL A Pioe fusin) 205 206 204% Piorce Petrol v Qe z“‘ Kt NatBolig), sm'y 260, 26y 2hy Pillsbory (1,60), . ¥isk Kubbe 6 10 16 16W PitteConlivesins ” e Talls averaged WY o ur Ger X 4 et ie et pf. ustrlan A B G (den Blew) t | ek VY Vairbunke (3) Apsel and_ parmin stack anistandiog Ty lends wakd cantingly ARCODE T years LA and TR AU AN Boek Viokte 42 o v Mhakders | i Al e feried stohy alh s anher o Rkt e | AR AY B AT Rk o e ! stk DeaRUOOR (Nl f0r fUluie ieleisnce, NEW g 4 e Core b * Junuary 21 (A, Piits- Blandsrd Epot dropped Lrought w8250 e foung W weeiidary rally averaged BB Wt ned s 0 bl wea tain. 2 ¥ 1 ane DL 'TREASURY CERTIFICATE! (Hovnited by J & W Beligman & Co ) W en averaged WaAy " of b\ 2 Averaeed e e Hate “Offer [TTRIIRIES Moty WA et gl ) \ P1ig lodgeme Cambtwed waaih Bivers cans WAL vear age e - 4160 o §2.76,