Evening Star Newspaper, January 23, 1928, Page 13

JANUARY 23, FINANCIAL, PRICES GO LOWER INCOTTON MARKET Larger Ginning Figures and N. C., MONDAY, 1928, FLEXIBLE TRUCKS IN MORE DEMAND On-Time Delivery Necessi- FINANCIA FOREIEN BNDLIST Fio worene Lowm ARREFEATURE Themas J. Fisher & Company, Inc. INAUStrials Move in Narrow THE EVENING STAR, WASHINGTON, [ vor BONDS o rmer Raceived by Private Wice Dicect to The Star Ofico Quotations to 2:35 p.m.—Final Quotations In 5:30 Edition. UNITED STATES. Sales. high Low (Saies are 10 $1.000. 17 112% 112% Salen. High. 1:w 29 104% 104% 86 10121 10117 Wilson & Co 1t 6 8102 102 1 1035 WinRepeat Ar 7138 4 106 10613 10018 Yngstn S&T 58 w.i 228 101% ANNUITIES—CASH REFUND Le Roy Goff INSURANCE AN Branches A10 Wondward Building KR 8. B J0Y El)fifl? President WAl d 13th YEAR COMF 4529201230 Surphus, ... ......... Subscriptions for the 94th Issué of Stock Being i, 206 1124 104% 102 106% 101 Wastn Unlon 6% 258 Wastinghous 10120 103 & 100 16 Received % 100 16 101 Mortgage Money Loaned at Low Interest Rates | Kconomie Conditions Tyler & Rutherford Laan Corresnandent Mutual Beneft Vife Ine. Co. 1520 K Street Opening for Bond Salesmen Local hond house special- izing in high-grade honds has an opening for thoroughly experienced hond salesmen. These ‘'men must have an established clientele. Only those with stated qualifications will be con- sidered. Address ‘Box 467-A, Star Office ON HOMES 5'2% tien te Ap Interest cations. Run for five vears with- out curtail- ment. Wm H Saunders Co, nc. Founded 1887 * Main 1016 433 K Leas Correspondent for the Provident Mutnal Life Insurance Company of Philadelphia Buck & Company RROKERS Fatablished 1916 Stocks Bonds Grain Cotton vite or rall 1o weekiy market retier. No obligations BUCK AND COMPANY Evans Bldg. 1420 New York Ave. Franklin 3300 We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street i | Doubly Protected 6% INSURED The diversified security of improved home property in the District of Columbia behind Insured Morigage Bonds appeals 1o conserva- tive investors, additional safe- Mortgage As an guard Insured Bonds are guara principal and the Federal Seen Mortgage Company with resources of over $1.O00.000, —and unconditionally guar. snteed by the Equitable Surety Company of New York with capital of over $1L000,000, under the super: jon of the New York State Insurance Department Moturities 2 1o 10 ¥ e Denvminations $500 and 31,000 Deferred Pavments Arranged MAIL THIS COLPON TODAY Federal Security & Mortgage Co. 1412 K Streer AW Washington. . C Please send me further infor regarding Insured Mot ‘Main 475 Price Range—Rails Do Little. BY CHARLES F. SPEARE. Special Dispateh to The Star NEW YORK, January 23.—The dip in the call money rate today per cent had no effect on that part of | the bond market where easy money Is | usually most reflected. Dealers are still trading on the assumption that time | money rates may be harder later in the year, and that there is some possibility of an advance in the re-discount rate 1o 4 per cent. There is also the tradition that about this time in Jenuary, many operators in bonds are inclined to reduce their commitments in anticipation of lower | prices at which they may repurchase later in the season. The influence of undigested bonds of the poorer grades is still one with which the market has to reckon. Foreign Groups Up. ‘The bright spot in the semi-specu- l::lnvedmlrket u‘m ib:aloundkln se for- ef epartment. it week's advance in this was most striking, and the effect o of gains then ranging from 1 to § points in French. German. Japanese, Brazilian and Italizn issues was to bring out some profit-taking sales today. However. there were additional gains in the French rails, in Japanese gov- ernment and municipal bonds and in | |some of the Central American issues, The largest piece of new financing was A $20.000.000 issue of a German public | utility with par* of the proceeds em- | ploved to refund the first mortgage 612 per cent obligations of this cor- poration into 6 per cent bonds. ‘The final figures of 1927 corporate, | French §s. . Ar Aastria is Relgtum 6% Belgium 714 Reigium 83, | Bolivia 8s... | Bordeaux 6s Brazil § Brazl T Denmark 8s French is published today. The gross amount of all {ssues was just short of $10,000,000,- 000. Of this $2,135,000,000, or about 22 per cent represented refunding opera- tions. Corporate issues alone were $7.- | 300.000. with refunding operations about $2,000,000.000. ‘The net addition to all bonds and stocks piaced during the year | was $7.735.000. or approximately of all | the issues in 1926, including those of the | refunding. Industrial Range Narrow. Industrial bonds today moved within price limit. The M German 7s. Greek 7s. Haiu 6= '3 points above . California Petroleum Ss were slightly higher as were the Ar- mour 51;8and Dodge 6s. The Anaconda Copper 7s. Andes Cooper 7s were both off about 13, while J. Kayser 5138 gained that amount. Local tractions were Mere was 1 spec. ere was little doing in the - dlative rails, United States Government | bonds of the longer maturities showed a | moderate recovery. { - STERLING PRODUCTS PROFIT. NEW YORK. January 23 (P).—Ster- ling Products, Inc., earned u.'fi?- share gnu‘z;'r. against |:0 a nzh." in 1926, come rose ,208, S $6,205,236, from OIL OUTPUT DROPS. NEW YORK, oft pmduefl?n( d‘%mflmfi averaged 618,250 barrels daily, | :r.:fw barrels daily lm:n Lhz m: —— SUPERIOR STEEL LOSS. NEW YORK, January 23 (#).—Supe- rior Steel :,}“'“7“"‘ ’!,m. = had net loss of come 8. 1’ % 1,817 in 1 ock Exchange Sales. ‘Ollpoi:nl Traction Co.—20 at 109% at . ! w:finm Rwy. & Electric pfd.—5 at | 215, | ChevyChase Dairy ptd.—10 at 108, Atter Canl, ' Washington LAb4th 4%s 134 US 3% 43-4 201 110721 US4%sb2 536 103 28 10223 11023 115623 FOREIGN, . Migh. Low. 2:85. A Argentine 63 B. to 3'3 | Australla b 1953 Austratia 53 1957 Rank of Chile 8% Relgium 6. . Belgium s 1955 Relgium 78 1956 Danish Munic 8s B DE 5% Nov 3. Dutch Eust | 6562, Kl Salvador 85 43, Finland s f 65 45. Kinland 7s. . Framerican 7 }3s.. | French T4;s... foreign and municipal financing were | German Ei P ¢4 8. Ger Am Bank 7 Ger Gen Elec Hungary T4, oo Utd Kingm 648 29 Utd Kingm §%8 37 21 Utd Steam Copen €9 MISCELLAN | Ajax Rubber W A cre»iadSl nuasnREaiSnns Bid and Asked Prices. 1038 24 10218 107 21 110 23 11816 105 24 10218 107 21 110 23 11816 9975 997 100 100 W 100% s s R388wan~en H a e EXa 532 -3 9% 118 106% 1 96% 2 110% 9% EOU! 5 108% BONDS. PUBLIC UTILITY ArmourkCo Bell Tel P & Cavital T Beth Steel 6 Ban &% alt | Wiarhingt " Wash & Ve gen’ s BonH MISCELLANKOUS Bariwr & Rome I 870 P Chesnut Varme Dairy s | sy Chase Clut 0C Paver e o ot Stk Mkt Colg S0 Wardman Fack Howl B STOCKS. PUBLIC UTILITY Rwy Hoe & Co Humble O1! wy. & Kleo com wv & Elec oty i1 waen | NATIONAL BANK it Bank of Wash TRUNT COMPANIES Mont Power " & Teom SAVINGS BANKS Wash Loan b A0 VIKE INSURANCE S 170 014 i 1 Bery Punie | 10w b st PRI e 1" . & Ty “vlawd Bell Tel Pa 58 C. .. BethlehemSt| pmis Beth Steel rf ba. .. Heth Steel bi58 83, Chile Copper Col Gus&E del Con Coal Md it bs N Y bl Pow ba. Midvaele Stee) b Publie Bervie [p i I8 1ie he [} Atlantie Refin bi Barnsdall §» 1940, Humble O & R 6%s (1inols Bell 18t Mont Powar deb b North Am Kalw Nor Ohio Tr & 1. Pacinc Gas & K b8 Pao T & wt b . Vertieniae Bug Warnes Rug 18 41 Wealt leiec om0t Bkiyn Unlon 6%3. . Bush Term Bidg b8 9974 % | MStP&SSMSaisgrd 1044 288 4 103% | J5%-1~ JOTOPER - == e =un=SSrerannEs 104% 1018 10485 100' 102 1087, TN = - 100 104 108, 108 (T2 101 1044 07 = Foanz =35> = SelceneSax 104 107 104 106% ks L 100t vbly #h'e 10on'y 0% 1004, 1074 o i 103 1091, 21001, 2m [ EL UL -—u3ns 96'e 104% 1018 104'% 10 104% 101% 104 1008 102 1080, 1085 n 102y, 104 104% 104 104'% 1084 Ll 100% 104% whis 104 106% 104" 106% 1 1020 103 108% 104 1084 108 LU 0 RAILROAD. Atchisonadjds... 1 At&SF cvi 45 05-55 10 Atchison gen és. 6 AtlanticC Ll és Atlantic C L Ist 4 Atl & Dun 18t Atl & Dan 2d 45 © Orfimp 68 & O PLEWY ds. B & O Toledo 48 1 Brdwy & Tth Av i, 1 RklynKlevated 6135136 Bklyn Manhat & 7 Buft R& Pitt 4 Can Natdlgs 30 CM&SPevA 1383 CM&StP deb 48 CM&SLPgndlys CM&StPrf4ln CM&SP rf 4ly=ct, M & SUPev 5 CM&SIP cv bncfs Chi NW 4 Chi Rys os. . Chi R1& P gn 4w, ChMRI&Prt4s.. CR1Pac+4 ChiTH&SE Chi T H inc Chi Un Sta Chi & W Ind cn 4s. C& WI1Ss'yn62., CCC & St L ox CCC&StLrfésA, Clev Term & Cuba R R . Cuba Nor §l3acts. Del & Hud 7s 30 Den & R10 G cn D Rio G West 5 35 8 6 5 1 10 25 Great North Great Nor gen Hav EI Ry 5% 11 Cent 4% » 6 LI Cent Chi 434s. . 11-C-C StL&NO bs. Int Rapid Tran 5s. Int Rap Tr bs stpd. Int Rapid Tran Int Rap Tran Int & G Nor ad és. Int RysC A 5a72., Int Rep C Am 68 41 Int Ry CA 633mret KanCity Ft S 4s. . KansasCity 8 3s, Kansas City 8 6 Kan City Term 4s. A Rm—RRR ANNRES Man Ry 1st 90. Market 8t 7s 40 M1 El Ry & L 68 51 Ml EI Ry & L b8 61 M St P & 88M cn M 8t P&SSM cr b MBtP & S8M § 3 MK&T) MK&T4 Sensnan~m NYChI&StL 61anA NYChI&SIL 51388, NYCaStL6sA NY NH&H 4u b6, NY H Hav&H ot 6 N YOnt W ilat ¢s. Nor Pag in 2047. ., Nor Pac 4 4yn 2047, Northern )ae b8 D. Northern Paor 1 Ore Short L. rfa Ore HUL B W con 4a 32, HULEW Iatan. ... Bun A & Arn P an. Beabourd AL A Locon #x. .. R AL Kl on 3 A, BRAIViafndb B, Sou Ry gen Mou Ry Con an e, Houthern Ry 414a. TexArk VS bigs A0 Third Ave ref ¢ Third A PhirdA s Union Pae ov & Virginie Ry 1a1 8n Valty & I on Wabash Iatoa, ... Waest Murylund 4u Went Md bYyu i1, West flo b WisConandndp., 1074 0 o 1004, n Ny 1004 1008 10K 2101 1004 [ 1029 1004 " 11, 07 .”l 1086 102% 101 101 1008 DAN 0ty Dale itn T [ e 1 1250 b 1004 100 10Ky 1014 1064 [T 1024 100 [ FOREIGN EXCHANGE. (Quotations turaishad 3% 93 e 9y 98y 84 T4% YN 100% 1045 104% 10R% 111% 961 89 6915 96% 6% 961 100% 098, win 024 | 1w 1204 1088 0 o o HRte 1004 1000 BT 1014 10bk ne 1020 100 (N ! pacity. | | to see,” Mr. White continued, “is strict | enforcemsnt of the motor vehicle laws. | No maker wishes to sel la three-ton {ates Smaller Vehicles, With High Speed. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 23.—Time, “the essence of the contract,” is dom- inating the designs of motor trucks in 1928. Purchasers demand that trucks | must be operated on strict schedule— they must be on “time"--and the man- ufacturers are building them with that idea In view. It is for this reason that the most popular models for trucks of the day are under (wo tons capacity. “In the pres-nt congested mnamnn§ of traffic.” s2id Walter C. White of the | White Co. today. “if a truck is not flex- ible enough to take full advantage of | the movement of traffic lights it is not | doing its duty or bringing full value to its owner.” “Delivery service which fails to keep | up with modern trafic demands must 50 the same way as the old open-fac cracker barrel.” declared D. F. president of one of the largest depart- ment stores in the Middle West. Everything on Time. “Nowadays everything must be on | time,” asserted O. L. Amold, vice presi- | dent of the General Motors Truck Co. | Trains must be on time. Newsplpera1 and groceries must be delivered on time. 8o must flowrs and bread or any other commodity A truck today is not mere- | ly smmething that takes goods from one pf}*'\ to anather It is an arm of mer- ci#rdising which has become essential.” Tae latest figures compiled by the Autepwobile Chamber of Commerce shov that these demands have result- | ed in a preponderance in the use of one to two ton trucks. These totals | show 731,366 one to two ton trucks in operciion as compared with 237.496 under one ton and 124,110 over two and a haif tons. The reason for this nopularity lies not only in speed and fi~xibility, according to Mr. White. but in lower taxes. The tax rates on com- moercial vehicles in most States are favorable to those under three-ton ca- | “What the truck manufacturer wants truck and have the operator load five | appeared to be some old trade orders | and that the turnover in cotton cloth tons on it. That is not fair to the ve- hicle or the reputation of its maker. It is even more unfair to the States, counties and cities in which such trucks | ars cnerated. ! “§nrins, wheels and tires are de- | signed for a certain load. If more of a | load ‘s p'aced on them. the weight does | not est proper distribution over a rond; bearing surface. As a result, the road is damaged and worn out long before it should be. | Little Attention to Load Limit. | “There are 26 States which have placed a limit of 22,000 pounds on any | vehicle, iIncluding the trucks itself and its contents. It is seldom that penal- tes are im| . however, for \nlnr-’ tions of this rule. The roads seem | nobody's business until taxpavers com- | mence to complain that the road 1is|wi worn out before the bond issue which ! built it is retired.” 1t is odd but true that many reputable truck manufacturers want to see their |undo the work of years in building up ! || They | motor trans | competitors make good trucks | explain their attitude in this way: If, & customer makes & bad purchase and | gu a fleet of poor trucks, he is always “must operate eeconomically, efficiently | | nt on trading them in at so high a | figure as will average down his costs snd make his mistake less apparent| than it otherwise would be. The bane of | the truck manufacturers' life is trade- Easy Cables Factors in Decline. Dy the Assaciated Press. NEW YORK, January 23.—The Cot-~ ton Market opened easy today at a decline of 10 to 29 points. Active months soon sold 20 to 31 points net lower under heavy general selling and liquidation promoted by talk of an easier spot situation, relatively easy Liverpool cables and rather larger gin- ning fgures than expected. The decline carried March contracts off 1 18.28 and May to 18.37, but there in the market for foreign account at these figures. Active covering checked the decline and caused rallies of 7 to 8 points from the lowest by the end of the first hour. The census report showed 12.501.845 bales ginned prior to January 16, com- pared with 16.616.075 last year. Private cables reported -hedging and continental liquidation in Liverpool. and yarn was disappointing, with buy- ers holding off. ‘The volume of business tapered off on rallies of about 10 points from the early low pri and the market sagged | back again, ive months at midday | showing net declines of about 20 to 29 | points. Some local statisticians inter- | preted the ginning figures as pointing ' to a crop about 100,000 bales above the Government estimate of last December. | which, of course, would be a very small | difference. | COTTON GOODS QUIET. | NEW YORK, January 23 (8pecfal).— Cotton goods markets were quiet at the start of the week. Print cloths génta- tions were unchanged at 77 fn!r!s X605 and at 87, for 68x72s. Raw silis ad- vanced 5 points in an active market, Milton Proved Right. Visitors at Vallombrosa this Fall: have no doubt now that Milton was right when he wrote the lines about “thick as the leaves in Vallombrosa.” | The leaves have been falling thicker than ever because of tempests in lhel‘ Apennines. Around the ancient abbey. which the lines of “Paradise Lost" made famous. the chestnuts. firs and | beeches which shade the valley have | been falling victims to the wind. On ! his trip to Italy as a young man| Milton heard of the valley and perhape | visited it. | | TSN L Poison Gas for Robbers. | Safc crackers will make their own | enemy. in attempting to rob safes equipped with a new device perfected by a German. Crystals of deadly chemicals are deposted between the walls in a bed of porous concrete and are converted iInto gas by heat from the drill or the blowtorch. A com- pound of chlorine. carbon monoxide | and hydrocyanic acid, the crystals emit | fumes said to be more deadly than || anv used during the World War. They | netrate any mask. it is claimed Moreover, they realize that one or two bad accidents might ins of this sort. tation's reputation for re- speed with safety. 1 said Mr. Armold. liability an “Today's _truck. and quietly. It must be fast—but safe | There must be features that will make | the driver comfortable. for he is more | than a driver. He now is a for the company he represents ™ According to Emerson ALPH WALDO American essayist, EMERSON, master said: “One thing is forever good. That one " thing is Success.” $YSTEMATIC $AVINGS In the Equitable Make up your mind to save systematically through the lquitable and stick to it. Our plan has met with the hearty approval of thousands of Washingtonians hecause it helps them to get ahead more quickly. Join today. 915 F St. N.W. Guaranteed 6% First Mortgage Securities —which you choose from our offerings are se- cured by Direct First Mortgages on carefully selected, improved property in the District of Columbia. 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