Evening Star Newspaper, February 2, 1928, Page 14

14 *3 DECEMBER PHONE EARNINGS SLUMP {Net Revenues for Year $1,- 978,979, According to the Annual Report. TIN 1 Operating revenues for the year 1927 of the Chesapeake & Potomac Tele- | phone Co. amounted to $7.247.8 operating expenses were $5.268.825: making net operating revenues for the year $1.97 according to the an- hual report just submitted to the Pub- | lic Utilities Commission. ~Taxes pald‘ during the vear assignable to operations, amounted to $538.593. Equipment added to the system for| the 12 months ending December 31 amounted to $3.391.282. erlrrm(}‘n!S\ for the vear were 51.10?.483»3 ing | net additions for the period $2.287.799. The December statement. also filed to- day. showed a net income of $59.988. compared with $146.370 in Dvc(-mbs:. 1926, and $108.771 in November. 1927 ed decline being due to very | e ting expenses. Other Total onerat ner; = revennes pable to ob- income e income Groes income andmiscells actions . income .. BY EDWARD C. STONE. | ANCIAL. High 12 135 Rn 13% Onen Abr&Stras T%pf 112 Adv Rumley... Ahumada Lead. Ajax Rubber Alaska Junea. 4 Albany Papr(2) 29 29% Albny Pap pf(7) 107 108 AlllanceRIty (13) 714 1% { Allied Chem (6) 155's 155% | Amal Leather.. 14l 14% | Amerada (2) Am Agricul Chm | Am Agrt Ch pf.. Am Bank N(13). | Am Boseh...... | Am Br Sh. 41 60) Am Brown Bov. | Am Brown Bo pf Am Can (2). Am Can pf (7). AmCar& Fdy (6) Am Chicle (3).. Am Drug (80c). Am Encau (2 40) 1300 1391 1091y 110 T T 13% | Am Express (6) Am & For I'ow.. 241y 2. Am&Fo Po pfel) 106% 106'y Am Hide & Lea. 14% Am Hide & L pf. 6% Am Ho P (240). Amlce (121). . Am Internati(2) 80 Am LaFr&Foam 6% Am La France pf 65' Am Linseed. 704 Am Linseed pf.. 94 Am Locomot(8). 1 Am Loco pfe7). 127% 127% Am Metals (3).. 44 444 Am Metals pf(7) 115tz 115'% Am P& Lugl). o 68t Am Radiator (5) 1 3 | Am Ry Exp(6).. 125 Am Republic. .. Am Safe Raz(4). Am Seating (3). Am Ship & Com. dx 4l Am Smelting(8) 176% 177 AmS& Rpl7). 1345 135 Am Snuff (12).. 145% ldo™ Am SU Fdys (3) 6% bbla Am Su Fy pf(7) 114 Am Sugar (5)... i 40 40 House Passes Director Bill. | A bill to permit any private banker | to hold a ml;mn in two banks and to | enable a class A director of a Federal | reserve bank to hold two other banking positions was passed by the House yes- ay afternoon. "’-?ni measure. sponsored by Chairman | McFadden of the banking committee, as approved after the House reject 189 to 139, a motion by Representative | Goldsborough. Democrat. Maryland, 10 | interlocking _directorates in | banks with aggregate capital and indi- | ¥idual profits in excess of $5.000.000. Acacia Reports Best Year. 1 President William Montgomery of the Acacia Mutual Life Association report- | ed vesterday that new insurance paid | in during 1927 totaled $55.057.500. a | new gain in business of 26 per cent, oy far the best record the company has | ever made in one year. A gain of over $4.000.000 was made in assets during “he year, this total now standing above 23 000.000. S | % mamn feature of the president’s re- | port was his citation of the fact that the net lapse last year was the small- st ever recorded in the history of the association. This is the direct outcome of an intensive campaign looking to-| ward the virtual elimination of the; iapsation evil in so far as Acacia is Officers of the association include in | addition to Mr. Montgomery, J. Harry Cunning! president; J. P. Yort, mcn;flut Baldwin, assistant treas. urer, and Dr. J. B. Nichols, medlw‘[ Directors are as follow: T. Jefl Adams. W. L. Andrews, Charles E. Baldwin, Harry Blake, C. C. Comb&& W. K. Cowden. Paul B. Cromelin, J. Harry Cunningham. L. Whiting Estes, E. C. Graham. James C.Hoyle, Thomas E. Jarrell. J. Claude Keiper, Arthur D. Marks, H. L. Rust, Jr.:xl...ul: s‘!;'lnklm ene E. Thompson. E. e. g:nd-l D. Winston and J. P. Yort. Novel Meeting of Bond Club. | Ralph S. Child of the buying de- | partmens of Bonbright & Co.. will give | a talk before the Bond Club of Wash- | ington, at the Hotel Lafayette next Tuesday, at 3 o'clock. Mr. Child's sub- | ject will be “Super-power—thé Inter- connection of Electric Companies in the United States” and accompanying this will be a moving entitled “Elec- tric America” will be especially interesting. describe rather fully the industry. Members have been invited to bring guests. Credit Men to Honor Miller. i ter | Bush Tern (g2). banquet y. ‘The uet this year will have an unusual interest for the wholesalers and bankers of the Na- X in view of the fact that| honor of Stephen 1. Miller, the new executive manager of the national as- | sociation. Robert V. Fleming. president of the Riggs National Bank, will act as toastmaster. Lister T. Watts of the Stanard Oil Co. of New Jersey, president of the local association, has appointed Prederick P. H. Biddons, secretary of the American | Becurity & Trust Co. and also a di- rector of the Washington Association of Credit Men, 2s chairman of the spe- cial committee in charge of the testi- monial banguet. He will be assjsted by W. C. Hanson, Ravmond D. Lewis. Lister T. Watts. P. W White, John N Auth, W. P. Bimpson and John A Reilly. Four New Institute Prizes. Pour new $50 prizes for proficiency in class work at the inatitute have been | offered, President 1 Roberts an- nounces President Rovert V. Fleming of the Riggs National Bank President W W. Bpaid of the District Bankers' Association, President George O Wal- »m of Liberty National and President Floyd E. Davis of Lincoin Nationsl are | offering the new awards Last year's $50 prizes also have peen | renewed by President Charles J Bell of the American Security & Trust Co, | Washingwon Clearing House, William J. | Visther, vice president Riggs Natioral, President Vietor B. Deyber of Becond | National, President John Posle of Fed- | ersl-American National and George W | White of National Metropolitan, These | { ©1is, wraling $500, make pomsibie the | © awarding of special honors in connecs | don with every class In the chapler, Capital Traction Stock at 115, Capital Traction stock reached 115 on the locsl exchange \oday, present merger negoliations being weigned ss | the reason The day's sales Wlaied 55 shares. Washingon Reiway & FKlec- tric sl was strong moving at 1037% Gas wild at 68’y Sand & Gravel at 104, Povomer Electnc Power per oent preferred st 108"y and four shares of Rigge Netionel Bank sl 500 flat Bonds were slw) strong. Potomac Eiee- wic Power 6o regiswenng 108, Gos B, series A 106, weri B 109, and Beuvwsy & Electric 4s st 42 Financial District Notes 3 Prenk White cashiler of the Na- tional Bank of Washington, s back Bt b desk Bfer & severe sllack of the grip. Eugene B Thompsn, head of Asiciaed Bk Exchanges, has turned from & rip W New Orleans Grose neome of e Washinguon Conmslidated Title Co, whose issucs are Jisted on Use locsl market, Wtaled 3514, €25 in 1927 Net tnoome wfter Laxes 8u0 Interest wes $1087162 After puy- | ment of preferred aividends, which were covered 438 Umes over, §83947 was wdded U surplus . Pick Woman Al BEATIIE, Wesh - Miss Genevieve 1 A Bhefler of Seallie Las e B POMEG Uik BISt WOIE COMInIENe! U, Alseka by 'he Foreign Trede and Trevel Expoeition Bl 15 Chakr- Vien of the ol 1w ale Qroiers O woitisin Crliluiiie, the re ka Agent G | Byer & Co | By-Products (2) Am Sumatra. ... Am Tel & Tel(9) 174 Am TobaccoB(¥) J6¥:a 16 Am Type pfi7). 1124 11 Am WW&Elel) a7l AmW WISt pf(6) 104 Am Woole: Am Wooien pf.. Am Writ Fa ctfs AmWrPa pf cfs. Am dinc..... Am Zine pf. Anaconda (3) Archer-Dan (3). Armourbet pt(1 ArmourotllicA) ArmourofiiliB) Armour Ll p1e7) Arnoid Con & Co Asso Lry Gizig) Ass0 Ol (2).... Alchison (710).. 1867 1s8'y AT&SanteFerts. 3l 84 AtlCoast L(110) 18213 182 AUGUIL& Wi.. 43 44 Ati Renming (4) 10213 102 AtlasPowder(4) 66 o Atlas Pow pf (6) 107 107 atias Tack..... ld% 15 Ausun-Nichols. & ble Aulo Sases..... s 9% AutoSales pfi3) $6's 36'a 43 59 w0 49 4 a6 8w 38w Baldwin Loc (7) 250 250 Bang & Ar (3%) T Bung & Ar pf(7) 112 Barnet Leather. & Barusdi Acbzig) Bayuk Cigars... 1234 124's Bayuk 1st pfe7) 10842 1085 Beacon Uil..... 13'a 15% Beechnut (13).. B0t Selding Bros (2) 195 Belg Rys pf 4.12. 2613 Best & C0 13). .. o'y Bethichem Steel 581 Beth St pf 17).. 120% 121 Bicomingdale... 412 4l% Bimingdle pf(7) 111 111 Bon AmiCl A(4) T3} 76 Booth Fisheries. 7 7 Borden Milk 6). 169 169 Boston & Maine. 9% o9% Botany C MillsA 1% 1y Briggs Mfg Co.. Britisb Empire. British Emp Ist. British Emp 2d. Bkiyn-Edison (8 Bkiyn-Man (4).. ©0' Bkiyn-Man pf(6. 573 Bkiyn Un Gasb: 154 BrownShoe(2%) 50% Brunswick B (3) 4 Brunswick Ter. . Bucyrus-Erie (1) Bucyruscv (2%) Buff Roch&P(4) Burns Bios (B). T 112 02 St 46 10 35014 607 155% 51 334 18 29 47 5k 17 36 Burroughsii4).. 148!z 162 624 624 Bush Ter de (7). 109% 109% Butte Cop & Z Butte&Super(2) Butterick Co.... T Ta Calif Packg (4). Calif Petm (1 Callaban Zine Calumet & Ar6 an Pacific (10) 20545 Can Pacific 2d pd 203 CaseThresng(6) 260 Cent Afloy (2).. #0% Century Rib M.. 12 entury R pf (7) B0 ero de Pascod) 66 6l s 8 Chat-Ph ik(16) 674 “hes & Ublo(10) 196 O Corpn (3). 6% hi& Aiton..... 6% hi& Alton pf.. 9's Ch, & East 1), 39% 1 & East 11l pt Gdle Chi Great West, 10's Chi Gt Went pf b Ch M &BLF.. 11 MI&BLP uf CM&StPcla.. D M&SLP of cfs. 203 261 31 12' Blly 66'e 93 39 bRk 11 2 0% 16 41 »le Ere 16 EI R Rl Chid Nwn pf(T) 144 144 Cht P w0l (6) 137 135 1 Rock Is by, 109% 110 1 Yellow(iie) 4z hilds (2.40). 49% 16 Co 2 4y risu B Zh% rysl b7m, City Blores (B). 69'm Cluett Peab (6). vz ea piT) 119% 119% e (6). .. a2 1840 oliine & AtK(4) 101% 102% | Fuel & lron, F2% Kl o Bou et (4) TT% TR Bou 24 pf (4) T4 it & Kby uh Wt 1on'y " 2ty LAY hs 100 165 o 1l C R i 109 151 Com in Tr pfe1) Com Solentacd) Com Vow Conde KastiZ). . Congaleum-Hul garn (1) Wi Connol | nwteibut Conmsl Gew 16). 102% 0% #v 60's by Conltit Cunsol Textile. . T 187% Crucivie uf1)., Cubs Cane Bu pf Cuba Company | Cuban Am S 1) | Cuban Am uti7) Cudaty ke 18) 2hY% 21 108 am 1on 62 1 161 Iz 4y a 173 19 53 I "i 174 188 ivamel Fiuit., fiaviean £hem Tiweredt o ufid) Drei & Hun (%), beiLaw Oy, o 111% 111% 109 Low Close. 12 12 13% 13% 34 13% 13% 4 4 29 29% 1073 108 T 1547 14 155% 144 304 19% 66% 84 184% 4T 16'4 58% T 1091, Ty 13 106% 144 664 127 a4n 115 56in s9% 4t 1764 1343 145 [ n 68 1697 2% 11z Wy ved by Priv Detrolt EA (8 Devoe & R(2 3t | Devoetrt 18147), Diamond M (19)° Dodge Bros Cl A- Dod 1 (7).... Dome Mines (1). 71% | Dul SS & Atlan. Dunhill int 14). DuPont deN(10). Du Pont deb (8)" Duanesne of (7F Eureka V (+14) Exchange (1%), Eastman (18)... iaton Axle (2).. Eisenlohr & Bro Elec Auto L(6). Elee Powr & Lt. Elee P&LY pt (7) EIPo& Lt fpd(7) ec Retrixeratn Elec Stor Batih) Em-Brantgm(A) d-John (5)... Engineers Pub 8 Engnrs PS pf47) Kaquit Bldg (7)., Bquitable pf (7). EquitableTr(12) e2d pf.....s Fairbanks Co pf. Fair Morse pf(7) ed LIkt h1 40). Fed MotT(f80c). Fid Phoe Insi5). Fifth Ave (64c). First NatS114) Fisk Rubber. ... Fleischmann(3). Foundation Co.. Fox Film A (4). Freeport (1%).. Fuller GA pr pfd GabrielSnb(3'5) Gardner Motor. . ien Am Tnk4). Gen ATC pf (7). Gen Asphalt.... Gen Asph pf (3). General Cable. .. Gen Cigars (4).. Gen Elec (15) nklec sp( Gen GasA(ol%) Gen Motors (5). Gen Mot pf (7). Gen Outdr Ad(2) Gen Ry Sig (5). Gen Refrac (3). Gillette Raz 13). Gimbel Bros. ... Gimbl Br pf(7). Gl.dden Co..... 13's | Glidden pr pf(7) 7 sy 49 45 B8 186% 188'y 33 18245 1 43 44 97ty 98l 66 66 107 107 Gold Dust (3) Goodrich Ru « Goodrich pf (7). GoodrichRub ris 3%% | Goodyear Tire. . Goodyr 18t pf(7) Gould Coupler A Graham-Paige.. Granby Con Min 14 15% | Grt North pf (5) ° Yiy 36 3o 250 5¢ ! Banlo &V 6)... 112% 113% 112% 113% T 112 o2 2815 234 1234y 124 1085 108'5 15 T 194 B64 ob% 57 120% 120'3 414 11 5 9% 19 o6 5 7 7 169 o'y 1 169 59% 19 153's 153' 50'a 50 32 174 2uty 363 T Ta% 17 17 Y8 YN 148'3 162 62 624 109 109 4 4% 10 10 463 | 109 0 T 150'% 12 50 6h% Bl's Bt 603 Yia 391y 674 10% bte 15 80'5 16% 30 e 144 187 109 41 4 41 41 122% 125 674 HT% 69 69 w9 Y2 9% 1195 133% 134 1014 102 Kl Bl T T8 % D w9k 108% 108 Wit W6 220 Wity . o8 h 109 100 161 14 ona 0l a9% 674, W 16% 300 Gnty b 'a 10z 0% an ann AN 'y Bl 10 69 185% i 1"ns 27% “ T0' sy 49 b 21 s 61 LN 161 0l 48y s 173 148 10 B 62 161 b3 e i 174 188 | ! | ! Kinuey uf (8) ! Laciede G Grt Nor O (1%). Grt Wes 8(2.80) Gt West S pf (1) | Autostrap & (3). 4oz o'y 45% 45% | Green Canan.... Guantanamo Sug Guif Mo & Nor.. Gulf States Steel Hacknsk W(1 Huck pt A(1%). Haunna 1st pt... Hartman A (2).. Hrto B 010 %stk 15' | Helme GW pf(7) Hershey pf (4).. Harshy pr pfe6) ®6%m | HockingVal(10) Hoe& CoA..... 57% | Household 114). Houston Oil.... 41'3 | Howe Sound (4) 1 Hud Man (2%). Hudson Mot (5). Hupp Mot(1.40). t1iinots Cen (7). indep Ol (1)... Indian Mot (1%) indian Refining. !ndian Refg ctfs ingersoll RA(t3) Inland St (2%). Inspiration Copr InterboroRapTr. Intconti Rub(1) Internat Agri... Int Bus Ma (5). int Cement (4).. Int Com Ei 2) Int Harv (36)... Inter Har pf (7). IntMteh pf(320) Int Mer Marine, Int Mer Mar pf. Int Nickel (2) Intl Paper(2 ¢ fnt Paper pf (1) Int Ry CA (). ntl Siiver .1 int Tel & Tel (6) Jordan Motor... Kan City South. Kan C So pf (4). Kayser J (4). K Kels Whof (7). Kennecott Cis). Kraft Ch (11%) Krenke S8 uf %) Kress (S H) (1), Kroger Grocicl) (z) Lago Uit 175¢).. Lambert Cot5).. Lee Tire & Rub, Lehn & Fiuki3). LehighVali3'4) LifeS8av (1 60). Lig & Myers(1h) LigaMyersB(13) b3 80), Loew's Inc (13). Loose Wil(1 60) Loriilara Co.... Louisiana OI1. .. Louiw3anA1.75) Louls & Nush(7) Ludium 8t Macksy pf (4). . Macy (1) (¢h) Mad 8a Gr () ) D (3) Mallinon & Co Mallison pf (7 Man Kl Sup (6). Mun Klev g1d(7) Man ki m g (45) Man shire (2)., Market Ntreet ., Market Bt prior. Martand O1l, ... Mariin-Rock(2). Mid Cont pf (7)., Middle Stutes. .. Mia Siuten Ol €t Miller ltubber, . Miun & Bt Louls Min B ENEM M H1 PABSM pf 2T% | Mors&kiski3'4) Mother L (60 BMotor Whi i2).. Multine Mfe, Multine i pfi8) Munsinewr (3) Murray Corp. ., Nash Mot 1950 ) Nat Acme isia). Nat Helian Hean Nathilese uf(1) Nat Bisuit (8).. Low Close Open. Hieh 1=3 86 186 0 49°% Nat Bise pf (7). Nat Cush R(A)3 Natl Dairy (3) Nat Dept Stor Nar Nat Distillers pf Nat Enam pf (7) Nat Lead (6)... NatPow&L(80¢c) Nat Radiator. ... Nat Rad pt(7).. Nat Ry Mex 2d.. Nat Surety (10). Nevada Cil%). N Y Alr Br (). N Y Cent (8)... NY Dock. NY Dock 1 4 NY & Hatlem(5) NY N H & Hart! NY NH&H pfe7) NYOnt&Wes(1). N Y Ratlways vt NY Steam pt (6) NY Stm pf A (7) Niag Fpd (1%). Norfolk&W (i10) NotAm 010% stk NorAm Ed pf(7) Northn Cent (4). Notth Pac 15) Nor 'ac cfsif NorthwestTel(2 Norwalk Tire... o1 Welt Sup. Umnibus Quinibus p Orpheum Cir 12) Orpheum pf (8). Ous Elevatr(17) s Elev pt (6). QusSteel...... Outlet Co (4)... Uwens Lot «ct4) Pacific Gas (2). 'ac U1l Stubs. .. Pac Tel & Tel (1 ckurd Mot(3) 169% 28t A 9 R0 % Ba'e 10813 101y 199 108 101ty 1081y 1010 Fanhandie...... Varmt-Fams). Vark & Tilford. . L'ark Utah (8uc) Pathe Exchange Pathe EXA..... ! Patino M (a2.19) Peerless Motor. Penick & Ford. . Penick&l pf(7). 10 DIx Cmt(2) 0 R R (3%). P’eoples Gus (8). Pere Marq (18). Lere M prior (5) PhilaCos% pf2ly PhilaCot % pt(3) Phila& RCI.. Py Morr! Phil-Jones pf(7) Phillips Pet (3). Plerce-Arrow... Pierce-Arrow pt Plerce Vlil. .. . Pilisbury (1.60). Pitts Coal...... PlLs&W Va(6). Porto Rico Tob Porto Rico To B rostum () & Producers&R pf Pub Serv NJ(2). Pub Serv pt(6). Pullman Co (6).. Punta Aleg Sug. Pure O3l (30¢)... | Purity Baka(3). Purity Bak B (2) PurityBak pt(7) Radio Corpof A. Radio C pf (3%) Leading Ry 4). Real Silk Hos i Real Silk pf (7). Remingtn- Rand. Rem-Rd 181(7). iteo Motors(11). Rep Ir & SU (4). Reynolds Spn KeyuldsTobB(5) Richtield U1l (1). Rossla Ins (6).. Hoyal Dalidk. St Jos Lead (13) StL&San ¥ (718). St L&SanF pf(6) St L&Southw Suvage Arms. Schuite (314 Seneca Copper. . Shell Un (1.40). Shubert The (5) Simmons (2).... Stmms ¥ South Dairies A, | South Dairies B. South Pac (6).. Southern Ky (8) South Ry pf (5). SouRyM&O cfs 4 SpearaCo pf (1) | Sucer M. iSlUG&EQ . SWG & Epf (4) Std Mill45).... Std Mg pf (6). | 814 Plate Glass. | Std PIGlass pf.. Sterlg Prod(17). Stewart-War (6) Strom Car (2).. Studebaker (5). Submuarine Bout. Sun Ol (n1).... Buperior OIl. .., Superior Steel. . Symington. ... Symiugton Cl A, Telautogh (80¢). Tenn Copper «1) Texas Corpn ¢3) x Gulf Sul (4) Tex & Pacine. .. Tex PC&UI60C) . Tox Land Trst n Thateh cv pf ‘The Kalr (2.40) Third Ave Thomp J i3 60) Tidewster Al Tidewater Ol 80 Timken (16)..., Tobac Prod (m). Tobac Prod A «7 Tob Prod cfa(A) ' cont UII. . Union Carb (8). Un Ol of Cal(2) Unton Pao (10). Un Pacific pfi4) Unitediin(1.60), UdCgrst Utd Frutti1b iy ) UsCIraran U 8 Distributing UK Hoffiman (4) U B Alconol (b). 8 Leather wi. Leather A.. Leat pr 1(7), melt 134 ) i wf (34 EEceecece 1067 Ahsy 109 1614 Unt Leaf Tob(d) Uni Flo Ist ol 8) ULl P&L1 Ace2), Vanadium (14), Van It Vick Viotor Tk Mah, Viotor a pf 18). . Va-CaroChem. . Va-Car Ch 8% nt Vaar Chopti1) Vivadou (b1, Viva Vule Vulcan L 100 1% Jon 178 160le 10l NEW YORK STOCK EXCHANGE Wire Direct to The Star Office Open’ 140% 53 % 24 bdly 69 Y . 119 143 s L 35%% 1355 [ wilty 61 1on Ay b W a0ty a4l [ i " L r Low. Close 2 140% 521y T0% (TN Uty [N 1084 [N e 107 2%y 8 [THN 140% e 134% 650n 254 v3'y | markets. + | llams. at its best since 1920. BEARS RAIL OILS ONSTOCK MARKET Utilities Bid Upward—Some Industrial Specialties Show Good Gains. BY GEORGE T. HUGH Special Dispatch to The | NEW YORK, February 2.—Heavy selling of the oil share pronounced strength of industrial specialties of the so-called pool variety, sharp upbiddings | of high priced public utilities and sus- | pension of the selling which was so much in evidence in the raiiway section yesterday were the outstanding develop- ments on the stock exchange today. Reduction in the Pure Oil dividend, announced Tuesday, and publication of the unsatisfactory earnings statement of the Marland Oil Co. served to heighten uneasiness as to additional unfavorable disclosures in the oil industry. Atlantic Refining was a special object of attack and broke sharply to a new low since 1925. Wall Street had in mind the statement of Atlantic Refining officials when dividends were resumed last June. This was to the effect that future dis- tributions would depend largely upon oil conditions as payments fell dve. Gen- eral Asphalt, Houston Oil, Phillips Pe- troleum and other prominent issues suf- fered in the decline. A block of 4,200 2015, after which the price reacted | further. Rediscount Rate. It there had been any skepticism over maintenance of the New York | Reserve rediscount rate at 3', per cent | after the meeting of directors today, it was dissipated by the action of the Boston directors yesterday. If precedent was to be followed the Chicago increase | would first have its reaction in lhe’ Boston district. 1 Steel shares were favored in the buy- ing, notably Vanadium, which was car- ried ‘to its highest since 1920. So far | as the steel shares were concerned, the | markel was basing its calculations not so much upon what had occurred in the Anal quarter last year as to what was to be expected in the form of first! quatter results. United States Steel | was more than a point higher most of the session. Crucible, Bethlehem and Republic, Iron and Steel showed im- provement. Inland was responding | iurther to the recent favorable dividend | action Montana Power's Strength. Numerous explanations were ad-| | vanced for the unusual strength of | | Montana Power. Of course there was a | large short interest built up during the past few months, which was no small factor in the action of the stock. Then there were reports of valuable contracts in 1928, which should add materially to | earnings. Rumors also have been cur- rent that the company is to figure i a connected with People’s Gas reached its highest for all | time with the demand said to be ema- nating from Chicago. Detroit Edison, another of the high-priced utilities, was adjusting its market value to that of others in its category. Specialty favorites included Diamond Match at its record price, Gold Dust | Corporation, up another three points or so; Canada Dry Ginger Ale, at a new top since listing. and Transue & Wil- In the j case of the last named. buying was' based on expected benefits to be de- n::: through resumption of Ford activ- it Wall Street Briefs WIRE HOUSE MERGER.—Merger tendencies. which have grown to im- pressive proportions in the banking. in the membership of the New York Stock Exchange. This is believed to be due to the advance in the price of seats to around $300.000. and the nation-wide participation in New York securities Negotiations are reported to be under way for a consolidation of one of the oldest wire houses of the country, rated as the largest individ- ual factor on the Chicago Board of | Trade, with a young New York firm || which has been prominently identified | | with the market plans of Fastern oper- | ators. Formal announcement of the | merger is expected next week. ; PURE OIL CO.—Henry M. Dawes, common dividend, says the ol business is going through one of the cycles of overproduction which seems to be herent in every industry in which supply of raw materials is affected by discovery element. The industry Is in a sound position, he says. but no| one can tell how long this particular | phase will last. The company's finan- cial condition is satisfactory, but di-| rectors felt the conservative course was to husband resources. F. & W. GRAND STORES.—F. & W. Grand Stores earned $3 a share in 1927 on the new capitalization of 260,000 shares of common. after pre- ferred dividends, against $6.01 a share on 100,000 shares in 1926. Earnings on the basis of old capitalization for (T L6 Gikh | TSN oy ooy ! 108 S vl 1927 were equal to $7.80 a share. SEARS. ROEBUCK & €O —January | sales of Sears, Roebuck & Co. reached | $24.240.148. largest for any January | since 1920, an increase of 9.8 per cent | over January, 1927, and the tenth suc- | cessive month to show A gain over the | same month of the preceding rd Bak vt (7) rner PloA... Warner-Quin(2) Warren tiros(4) Warreniat uf(3) Wark&Pipe Cor Web& Hell pf(7) w 180 637 Dy 1010 1001 1014 101k 102 102 102 | ! 110 110 109Y s s Wenton White White Mot (2)., Roek13), Sew Mach ver lund Wilson & Co pf, Woolw bt Worth Pump (1 Witkht Aerodl) ley 11d%). Truok .. 4 Ha W wasin SheB) 1005 101 100 100y Sules on N, ¥, Market, 27,600 1360000 0 1840 Fiun NGty [E 49 Nty 69 il o ahle & ) o ok Whage N R R DA T N § are poari iv n et wieferrod ook wicherrod oo, A shares of Pure Oil changed hands at A E G consolidation with a rich company not ||| the utility industry. || railroad and industrial flelds in recent | |' | years, are becoming more pronounced ||/ | president of Pure Oil Co.. explaining || | the action of directors in reducing the ||| FER SHARE ANALYSIS. What Is Back Eueh Shar Tom t Fotal R 0 current billy weta for capital V 3 *35.40 ferred staking Tund, w dividend of $1.40 Is of %1 have been paid contini- o0 stock vields 4 per cent. Consult vour banker or hroker for fur- ther information as’ o valuce back ¢f this Scraphook this for future cefe GERMAN BONDS AND STOCKS. By Sneciat Leased Wire to The & NEW YORK, February 2 i i 58.00 Asked 62 00 A Ln with draw hoper 100 ROM d Loan withoit raw ctfs per 1000 R M Quoted 0 doliars per mil anihis g0 1919, .. ... Q! Ger Corm Dusweldort 42 Dreswar | Mun L G (Ger Gen Elee) pf Commerz ‘& Privat Bank. 1.G Ferbe Narth Germ: Anistrian A ON HOMES s40p 5 tion to appli- Interest cations. Run for five years with- out curtail- ment. Wm.H Saunders Co , Inc Founded 1887 Main 1016 1433 K Correspondent for the Provident Mutual Life Insurance Company of Philadelphie Doubly Protected 6/2% INSURED Mortgage Bonds The diversified security of improved home property in the District of Columbia behind Insured Mortgage Bonds appeals to conserva- tive investors. As an additional safe- guard Insured Mortgage Bonds are guaranteed as to principal and interest by the Federal Security & Mortgage Company with resources of over $1.000,000. —and unconditionally guar- anteed by the Equitable Surety Company of New York with capital of over $1.000,000, under the super- ision of the New York State Insurance Department. Maturities 2 to 10 Years Denominations $500 and $1.000 Deferred Payments Arranged MAIL THIS COUPON TODAY Federal Security & Mortgage Co. 1412 K Street N.W. Washington, D. C. Please send me further infor mation regarding Insured Mort gage Bonds. Name ..... 1000 | AVAILABLE Man ot 15 veurs’ experience in m ngement wnd ownershin of high-el buhlie garages and service stations. Address Box 483-B. Star Office. 1st Trust Loans Any Amannt D. C. and Montgomery County Larze Construction Projects FRED T. NESBIT Offices i ,_“m Vermant Ave w on92 Saul Building O e 925 15th St. N.W. Ezpericnce Several desirabl very reasonable rex tinn invited. B. F SAUL CO. Main 2100 925 15th St. N.W, rooms at 5. Inspec- Producing Property| ; I Wright, Slade & Co. MEMBERS 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 Connecticut Ave. at DeSales St. Telephone Main 1581 Resident Partner Keeping its earnings continuously at h level is another. Our Property Managing Service has been functioning to this good end for over a Third of a Century. one thing. B, F. SAUL CO. Ma < TRUCKS FOR EVERY PURSE AND PURPOSE New Trucks for«Old and Money in Your Pocket We furnish the truck. repairs. garaging. washing. painting, tires, chains. gas, oil and complete insurance including $50.000 liability protection. In caze of need well immediatels supply an emergency truck. All on the S. 0. S, Lease Plan. ! Ask to have the Sterrett man call. | “S. 0. S. Call—Franklin 505" . /_A'v';z\(lcfi TRUCK MAINTENANCE TRUCK SALES W LEASES SUBSIDIARY OF GENEEAL MOTORS D BY VELLOW TRUCK AND COACH M) 30-38 M St. N.E. \ CONTROLLE! FG. €O. A Wadi in Palestine T is arid, in most of Palestine. There are long months of drought. Then man and beast can walk on the wadies. Wadies are dried out river beds. But occasionally, torrential storms break. Down the wadi comes thunderous tides >f water. Sometimes unsuspecting Arab families are caught and drowned in these storms. On other roads, the going is sometimes fair and cle Financially, a man can carry on at a careless clip following the road of his whims and fancies. But when the storm of hard times breaks, let him look to his safety—unless he has taken due precaution. 3 Such precautions are the First Mortgage Notes which may be purchased through Swartzell, Rheem & Hensey Company. For fifty-eight years these reliable securi- ties have protected thousands of inves- tors against loss. Their present vield is 6. an especially attractive one when you consider the high margin of safety. Swartzell, Rheem & Hensey Co, NMori§age Barkers TET15th. Street, NN, W C. 58 Years Without Loss To An lnvestor Mr. Business Man: A the removal ¢ We regard Oue gently and prof change re you contemplating of your Business Home? are prepared to furnish you with all particulars ing the Most Desirable Available Business Properties in Washington's Ist and 2nd Commercial Zones Rusiness Property Specialists are in a position to intell by aid vou v purchasing and financing any you desire to make, Call Main 2345 Business Property Dept. SHANNON & Lucns, Inc K Swewt NP, Rewlrors