Evening Star Newspaper, February 11, 1928, Page 22

BUSINESS SCORES GAIN DURING WEEK Clearings Higher in Leading Cities—Stock Exchanges to Clese Monday. BY EDWARD C. STONE. Bank clearings this week in the | Jeading citics of the United States #how an increase of 11.7 per cent over | the corresponding week Jast year. New York scored & 16 per cent gain. Dun's| rt says leading outside centers did not do as well, but clearings made more | than a 3 per cent advance. report by the De- of Commerce reveals a gain ss over the previous week. payments, however, for the | as a whole, were below the NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Oven. High, Low, Closs. Abitibi Pow(n). 78 ~ 78 ° T8 78 Abr&Stras 1%pt 111% 111% 111% 111% Adv Rumley. .. 14w 13w 14 Adv Rumley pf. 43 424 Ahumada Lead T Ajax Rubber. nW 1% Alaska Junea Albany Papr(2). Allied Chem (8) Allis Chalm (6). Amerada (2). Am Agri Ch pf. Am Bk N pf (3). Am Br Sh(§1.60) Am Brown Bov. Am Brown Bopt h8 AmCan (2)..... S0 Kl AmCar&Fdy(6). 107% 108 Am Chain pf (7) 1004 100 100 AmChicle (3).. 73 7 T8 AmChic pr pf(7) 108 108 108 Am Drug (80c). 12% 128 124 0) 60 60 60 6) 185 185 Am & For Pow.. Am Hide & Lea Am Hide & L pf. Am Ho P (240).. Am Ice (1214)... Am Internatl(2) Am LaFr&Eoam 121 50 3% 64 62 63 46 107% 108 10018 108 601n 2% 2% Kl 8l 81 sponding week last year. Whole- sale price lovels were above both the | weeks included in the com- | tson. | In the money market the most im-| portant event was the action by the Federal Rescrve Bank of Atlsnta in in- | creasing the rediscount rate from 313/ to 4 per t At the same time the | nd Reserve Benk voted to con- the 3!, per cent rate. All but! 1 have now raised the | s bank clearings in New | ly fall off, reflecting ! holiday Monday | the New York Stock Exchange. The w ngton Stock Exchange will also be closed. but the local banks will be open as usual, New Currency Issue Delayed. | suance of new currency of reduced ay be deferred for some time after October 1, 1928, original date planned for issuance. Under Secretary of the Trea v Mills has advised the House appropriations committee. He said the Treasury was studying the problem as to whether it would be more desirable to postpone the issuing of the new “ones” until after the department is in a position to take care of all denominations, even if it involves a delay of six months or a year in carry- ing out the program. Announcement of the delay will be highly pleasing to Washington bankers wio have been far from enthusiastic over the issuing of new paper money &t any time. The difficulty of handing the new notes and the old ones at the same time has caused the widespread opposition to the proposed size reduc- tions. All the equipment with which paper money is handled in the banks will have to be replaced and the cost Inyolved is considered another count sgainst the change. New Assistant Cashier Elected. The directors of the International Exchange Bank have eclected thess officers for the ensuing year: Joseph Schiavone, president: Francis L. Neu- beck. vice president and attorn Hugh W. Barr, vice president; Frank J. Kaufmann, jr, cashier, and Walter L Birch. assistant cashier. Mr. Birch promoted to a junior office, has been with the institution for the past two years as a receiving teller. He was formerly on the staff the Columbia National Bank. After the organization meeting the irectors declared the regular semi- snnual dividend of 3 per cent payable February 16 to stockholders of record on February 6. Bankers’ Journal On Outlook. So far this year little tangible evi- dence has appeared of the improve- ment in business that has been $o con- fidently predicted, with the exception of the steel »nd motor industries. says the current issue of the American .~ Bankers Association Journal. “The similarity between conditions in the stec] and motor industries, how- ever, is not so complete as might ap- pear on the surface, in that while prices are beirg increased in the former line, they are being reduced in the latter. With the substantial price cuts that hate been arnounced by several leading manufacturers since January 1, and the almost continucus revision of models, it would seem that a stiff competitive year 15 in prospect and that perhaps profits will not b2 as satisfactory as volume.” Investment Trusis Discussed. The growing power and legitimate Breng of British investment trusts ere creditec in a special Commerce De- partment bulletin to the fact they give tmall investors the same facilities 28 those enjoyed by large § “The large investor.” szys. “may do, and us himeell such things as the diversifica- 1100 of averaging of nvestments in or- der that risks may be well distributed. For aggregations of small or average nvestors, however, the investment trust, §f wisely and competently managed, will @n what the large investor does and what the small investor cannot do for fumself to anything like the same de- gree it operating alone.” The department points out that dur- ing recent years there have been es- tablished in the United States o large number of companies whose purposes end methods of operating are more or Jess similar 1o investment trusts in Great Britain, Gleaned in Financial District, Benitary Gro were 307 per cent anead of the same | sonth a year ago: Peoples Drug Stores Bained 187 per cent in January busi- mess; McCrory Stores made a 3 per cent | inerease, Kresge 88 and Woolworth 6.1 e Federal Farm loan Board an- | . tor of W. R, Compwn | v Kansas City Joint Sk Land Bank and the appointment 1 M. Longworthy, Kanzas City, and | e on voed o hold 15 cut Gown the amount surks 8nd bonds aliowed | ember Wanks of the Federal Re- ysLem. e Inwrstate Commerce Commi has authorized the Heanoard Alr Line Fatlwey W 3 85142000 first and oomiidaied 6 per cent morigage gold bonds &nd §7.500 000 ar H § t e 4 noes and Y pledge v oollateral | [ for notes 86000000 first ! snd conwolidewd morgaye 6 per cent goid [ $4.000000 Bratnard- Al morigage 6 per cent | 910 5 per cent notes will i of the! L Inllon & new | Phijadelpnis will be opened T nev siructare bas ot a complewly ap luted i tie hewrt 7% oracker, Mee of F reps biding i Butterick C By-Products (2) Calif Packz (4) Cal Pet Callanan Ca Century R pf (7) El'y Cero de Fasco(4) Certain-Teed v Co., January sales | ¢ Am Linseed.... Am Linseed pf.. Am Locomot(8). 1104 1105 110 Am Mch&Fdy(2) 161% 1 Am Metals (3).. 43 Am Metals pt(7) 11 Am Plano....... 2 Am Piano pf(7). X5 Am P& Ltil), 664 Am Radiator (5) 1324 1 Am Ry Exp(6).. 124 1 Am Republic. 60y 59 AmShip&Com. 4 4 4 4 Am Shipbldg (8) 1053 1055 105'% 105' Am Smelting(8) 179% 183 1793 IX1Y Am Snoff (12).. 154% 154% 150 150 Am Stl Fdys (3) 61% 61 61 Am Sugar...... 56 56% 56 Am Sugar pf(7). 104% 104% 104 Am Sumatra.... 58 58 551 b5k Am Tel & Tel(9) 178% 17813 178% 1781 Am Tobacco(8). 164% 164% 164% 164 Am Type Fo8). 121% 121% 1214 121 Am Type pf(7). 11 111 Am WW&EIl(c1) T Am Woolen. 60 567 104 s AmWrPa pf cfs. AmZme..odeue Am Zine pf. 3% Anaconda (3)... 58t Arch-Dan pf (7) 114 ArmourDel pf(7 Armourofl1l(A) Armouroflll(B) Armour 111 pf(7) Art Metal (1%). As=0 01l (2).... 3 Atchison (110).. 186% 187 18 AtlCoast L(110) 175% 1761 175 176% AUGUIf & Wi.. 42 42 4lu 414 Atl Refining (4) 10314 1034 100%3 101 AtlasPowder(4) 65 63 6 63 Atlas Tack 14 14 13% 13% Auto Sare: 8% R Kw B AutoSalespf(3) 36 36 36 16 Autostrap A (3). 45% 454 454 45% Baldwin Loc (7) 244 244 244 243 Baito & O (6)... 110% 111% 110% 111Y% Bang & Ar (3%) T6% 6 7 Bang & Ar pf(7) 113 Barnsdl A(b2ig) 23 uk Cigar. Bayuk 18t pf Beacon Oil..... Belding Bros (2) Beechnut (13).. 8! 114 0% 15% 114 90 14% 0 15% 19% 19% 194 194 BO0% BOW KOW EONW 86 86 &6 5T ATH 5T 60'n 604 60 120% 120% 120% 120% 41% 41% 41 41 70 T4 70 Ti4 70 169 170 20 20 Bethiehem Steel Beth Stl pf (7) Bloomingd: Bon Ami Cl Ac4) Borden Milk (6). Botany C MilisA 20 Briggs Mfz Co.. 13 British Empire 3y Al Bkiyn-Edison (8 229 132 Bkiye-Man (4).. 57 b7 Bklyn-Man pf(6 »7% 277 BrownShoe(2%) 48% 4B Brunswick B (3) 0% 3 Brunswick Ter.. 1 Bucyrus-Erie (1) Bucyrusev (2'§) 35% 35 35l 354 Burroughs(14). 161% 161 16132 161y Bush Tern (g2). 61 61 61 61 Bush Ter de (7). 110 110% 110 110% Bush Trm of (7) 117% 117% 117% 117% ButteCop &7... 4's 4% 44 4% Butte&Superc2) 11% 1l 11% 114w 4Tl 4T% 4T 4Ty o 113% 112 112 % T T0% 3 3% ' 25% 2% 102 Hyer & Co. f8... no... 2 lumet & Are6 102 u & Hecla (2) 22% nDry G Alei3) 644 n Pacine (10) 201 r Cl&0 stacs) 104 hreshz ®) 254 2 “ 101 101 2% 22% 6b's 62 6 04 2014 204 108 104 104 By 25K L59Y Bl'y Bl'y Bl 6% 65% Gt o8 66l 55 rto Corpn( k3 Chat-Ph Lk(16) €51 Ches & Ohloc10) 191 C & O Corpn (1), 1 & Alton pf . Ch. & East i1, Cnl & East 111 Chi Great West, Chi Gt West pt, Chi MII & St P, Chi MI&SLP uf, CH&asLPels CMA&SLP pteta, 1% 4l Chid Nwn (4).. Kow Klly Chi Pne Tool (8) 132% 132% 1 Chi fock 18 (6), 108% 109 10K Chi YeliowC(4), 3% 3B% 37 3K% ChileCo (2%4).. 40% 4l% 40 41w 60 G0% G0% 60T 14% 115 114% 115 116 146 146 7 % By a8 38 4 64 10% 1078 23% 24 17 17 31% Bl 17 17% Ky 6 Ga% 10% 107 28%m 28% 17 17 B1% 3% 160 17 a1 3% K 1T te 182% 1084 Colline & Alk(4) Col Kuel & lron. TH% %7 Col Gan & K1 (5) 94 93 Col GEE pf A6) 107T% 10% Col Cs 94 u3 67 hhy 165% 165 66l 66 4% 4% 46 'y 92 107 N 16hY 66y 24% ) Bolentsiy), 165 Com Pow (24). 66 Congoleum-Nalr 24% Cong Cigarm (4), 76% 6% Con Ciguini?),, Bl 2 Consol Distribut % 1 Connol Gam (6)., 136% 146% 1450, BEB) 100 101w 1015 il b 1 'y . b ont Mont (80e) 10 Cotn Vrod (1), Cory Ine (g6), .. ont Vake A (4) W 0% A Fisk Rubber.... Fleischmann(3). Fox Film A (4). Fox Film (rts)., Frank-8 pf (7). Freeport (13).. Fuller GA pr pfd Gardner Motor. en Am Tnk4). Gen Asphalt Gen Bakg pf (8) Gen Cigars (4)., Gen Eleo (15)... GenElec £p(60c) Gen GasA(ol4) Gen Motors (5).. Gen Mot nf (7).. Gen Outdr Ad(2) Gen Outdr Ad(4) Gen Ry Sig (h).. ien Refrac (3). 125G Gimbl Br pf(7).. Glidden Co..... Glidden pr pf(7) Gold Dust (3)... Goodrich Ru (4) - Goodrich pt (7). Goodyear Tire. , Goodyr 18t pt(7) Gothm Hos 3214 . Gothm new 1. Graham-Paige. Granby Con M| Grt North pf (5) Gt Nor pfefs(b) GrtNor O (14%). Gre Wes S(2.80) Gt West S pf (7) Green Canan. ... Gulf Mo & Nor, Gulf Sta 1st(7). Hanna 1st pf. Hartman A 5 Hartmn B(1.20), Hershey pf (4).. Hershy pr vf(6) Hoe & CoA..... Hollander & Son Household (t4) Houston Oll., Howe Sound Hud Man (23%). Hudson Mot (5), Hupp Mot(1.40). 1liinots Cen (7). Indep O1l (1)... Indian Mot (114) Indian Mot pf(7) Indian Refining. Indlan Refg ctfs Inland St (23%). Inspiration Copr InterboroRapir. Intcont] Rub(1) Int Bus Ma (5).. int Cement (4) Int Com Eng (2 Int Harv (§6) IntMich pf(3.20) Int Mer Mar pf, Int Nickel (2)... Intl Paper(z 40) Int Paper vf (1) Inter Salt (6)... Intl Silver...... Int Tel & Tel (6) Island Creek (4) Jewel Tea...... Johns-Mansville, Jones Bros Tea. Jones & Lau (7) Jordan Motor. ., Kan City South. Kan C So pf (4). AayserJ (4)... Kelly-Spring. .. Keis-Hayes (2), Kennecott C(5). Rinney (G R)... Kinney pf (8)... Kraft Ch (1114) Kresge (11.80).. Kress (S H) (1). Kroger Groeicl) Lago L1l (15¢).. Lambert Cots).. Lee Tire & iub, LehighValidiy) Onen. High, Low. clv:.. 16% 70% 80% 1% 16 T BO% 1% 112% 112% Roly 85 1051 1057 68 1001 116'e 134 48 106% Lehn & Fink3), Life Sav (1 60), Lig&MyersB(15) Lig & M pf (7)., Carb 13.60), s inc (13). Long-Bell (A).. Loose Wil(1 60 Loritlara Co. ./, Louisiand Uil La Ol pt (6% LoutsGasAci.75) Louis & Nash(7) Ludlum Sieelt2) MacA & 1(2.60). McCall Corp (2 MeCrory B (2),., Muck ‘Iruck «6) Mud Sq Ur (1%) Magtna Cop 14y, Mallison & Co. , Maltison pf (7)., Sup (b). Man Bl m g (d6) Man Bhirt (2).. Maracaibo Ol Mariand Uil Miller Hubber. .. Minn & St Louls Min BLI'EESM, . MBLP&SSM 11(4) Mo han & Tex.. Mo K&Tex pf(7) Missouri Pacitic Missour: Pao pt. Montana Pow (6 Montgmry W(ts Moon Motor.... Mother L (buc). Motor Met (4.60) Mullins 818, ... Munsingws (3), Nanh Mot (16% ) Nasn & Chat (1) NuthsHens pfol) Nat Bincult (8), Nat Bise pf (7). Nat Casn It(A)S Nutl Dairy (3) Nat Distiiler :N-xll'uh.{t (e Nat Jtadial . ity Mex 24 Dt Bupply (16), Nat Burety t1v) Novada Colt). NUTex & M(7), NY Ar Br (3) N Y Cent (8),., NY Castiag,, NY N M & Hart, NY NH&W ptiT) NYOu&Went1), iy piy Crex Carpet.... | rily Cul Cubun At Cusany Peg (4. Curten A 1) Coshmn's (84)., B4 145 H 140 auly 49 [SERIT 1642 167 B0 1454 unly e il 155 k) "a Lavison Chem el It a9 [ el L& W (11), RETR I |G wetpr.., BUILLING CONTRACTS NEW YORK, ¥ebrusry 11 Totel oonstruction oy @uring Jenuwry of the Yorky Mo, 8420,168.500, the ¥ Com gepents, Ll Pt cent ol e counlry's Yolume gure Wis dwsl Bergest ary Lotal on 1eond, wn i i o Jusiary Just yeur compiten Jand, 2ie cential West ana ‘feras made sew bigh recurds for Junuery MACHINES REPLACE HANDS A Production of gold one of the oldest Duteh Decoming mechsnimed Lybwse onee Jubor wos done catirely by Ysna Vhe change de degurded e yesult of weigors e vy by Wi portovir deprosaion und ey st + pequest cfforts W Micrenss dxu.n.‘ and Wkl S, " awigded 1 ales emet aliy s ned W hdge C Fhates i ConpArueion W e |y Detrait ¥ (8) ., | limvoe & 16z 40) Ianmond M 1 Donge roe C) A Dodge vf (7). ., Lisrrie Mines (1), Dulunt deli (1Y) Ti0 1z " Tim 7w 6 12 U264 T 326 821 166Y 16T 166y 66 I R T 100 00 1o BRI PN O T TY TS [ENERENY 71 ) 14 ot | e owr & 10 v B2 . Blen P& I ) 1075 107 W01 101y Dhen Jefiinerein 11% 115 i 114 a Bior Bateh) G0t G0 05 Tos, Vhanmervon B pt, 8% 8% #hy il - Juhn (6) DRI T L Engineers Fub B 84 u4 W4 NY Hieam pf (6) Norfolkk W(110) 1A B10Y% 81K NorAm ¥ pf(1) Notin 86 (8)., Not 1Pac cfuib), Norwalk Tire, ., Ol Well Bup, Omnibus OppiCol 1A 160 | Gpphenm Otin Vilevate(17) OllwBiasl, ., .., Outlet Co (4). ., Owens 1ot (614) uo 011 8 o Fuo el & Vol (7 Fua Va| & el pt Vackord Moty Pan-Am Petrolin Pan-Am 11 (1) Pan-Am Went s, Panhundie Parmt-bam Vark Uteh ¢ Vathia Ix Fat I rut v nick & Kord, , Panleka W nf (1), Vann 1ix Cont (4) %) [ Kngniw 8 pf (1) 1080 1084 10wy 1088, Baquais BI0g (1), 10 B0R 108 J0dM LRI By 0vere BI% b2y Ii1y 2% | ; 61 4l b7 U U T Bl By B WY Vs 100 100 1 PRI Vi Aae 1aw 1 ban Ben Wi b (e Ved Ligtihi 4h) Fad LAY pli8), Fia Phos lunib) Fitih 640), Vs baibid i o I It (Kig), e Marg (16), Philatab %pl(8) Fhile e G, I s Pel (§), Flaica-Ariow, .. Vierea Avinw pf Pierca Ol ., 136 [ 61 6y 2 Otim B prior?).* Bl i 1" 1h 12 bt 40ty At T Vit nw ) vt [ a0ty 4l Tt 1 16% T0% 80% 100ty alk >4 133 48 106% K] W Wity e 1 i 400y Ay I8y Iy Wt 11T 1A ity Mok, ity 27 2hty 1063, u iy (I o Gl bl% 1 0w B 491 *l 109 167% L4 [ ) Bty PE 104y, iy N s | V8 Pitts Coal. Pitts FtW p! . Pitts St pf (7)., Pitts Ter nf (6), Pitts&W Va(6). Porto RRico Tob. . Porto Rico To B. Postum (b). Pres Stl Car (n). Prod & Refiners. Pub Serv NJ(2). Fublle Serv rts Pullman Co (6).. Pure Oil (50¢). Purity RakA(3 Purity Bak B (2) PurityBak pf(7) Radto Corpof A. Reading Ry (4). Real Silk Hos Iemingtn- Ran Reo Motors(t1). Rep Ir & Stl (4), Reynolds Spngs. TceynidsTobB(5) Richfleld Oil (1), & Co. Rossla Ins (6).. Roval Da%. 134 Rutland pf..... Southwest, Savage Arms, Schulte (3% ). Schulte pf (8).. Seabd Air Lin Shell Un ( Simmons Simms Pe Sinclatr Ol Skelly O11 ¢ Snider Packg Co Snider kg pf... So Por Ric S(f2) South Por pf(8) South Dairies A. South Dairies B, South Pac (6). .. uthern Ry (8) uth Ry pf (5). C Spicer Mfg. SWUG&E Q3 Std Mill 15). . StandO Cal(2%) StdOILNJ(11%) Std OIINY (1 60) Std Plate Glass. Sterlg Prod(t7)., Stewart-\War (8) Strom Car (2).. Studebaker (5) Studebak pf (7). Submarine Boat. Superior Ol Symington Cl A. Tenn Copper (1) Texas Corpn (3) Tex Gulf Sul (4) Tex & Pacific. ... X PC&O60C) . x Land Trstn The Fair (240), Thatcher Mfg. . Tidewater AsOll. TIAWASOPL6) Tide W Ol pf(5) Cimken (15). ... j Tobac I’rod (m). Tobac Piod A (1 Tob Prod cfsiA) Transcont O, ., Cransue & W(1) Twin City R (4). Un Ol of Calc 1on Pae «10) . edBis(1.60), ULdCrrstCaue) United Drog (%) Utd Drg Ist (3% TuItth 1) SCIP&F(I0) U'S Hoffman (4) U8 Alconol (5). | US Leather wi. tubber. ..., b Ist (8), [ USSmei 3). U S Steel (7)., U S Steel nf (1), haly 101 Al 1450 1 Victor Tik Meh. Victorc uf 16)., ! victor s pfib). | Vivadou ib10),, Vulcan Detin Waldorf (1%).. Walworth (1.20) | Wara Baking 13, e Cor | W renn i1 pres) | W Penn k51 pf (7 West 1> 1’0 (6).. Went P I'0 pf(7) West DairyA(4) Wentern Duiry B Waest Maryland, Went Md 2d pf. . Went Pucific. ... Westn Pacifio pt West Union (8)., Westhse A B(2), Westinghse (4), Westhse 1st ( White Engle ( White Mot (2)., White Itack(13), White Sew Mach Willys-Overiand Wilson & Co.... [} Wilwon & Co pf. . Woolworth (6). . Wrikht Aero (2), Wriglay (1d%). Yellow Truck. ., Vel v & Copt., o) HK waver rad Ien et NEW YORK, Youngstown dispatchen Cleveland district by Cleveland plant of the Co, 1o be sold at ® shortly AL000,000 tor the proper By Spwetal Lo Ger G Loan T [T with diaw oM i A'hyn o wae e e da i i I W K Wi ha 1071 il s e Wi Janilstk a M A e Wi Ml A e wan i annd Povar Bank r"”:L i Eri iy ) L i it Alskiion A 10} llann ot (o, Lo 4h [ i [N in Ao ALuve (atie SATURDAY, FEBRUARY 11, 1928.° w. Close 484 M HIN W i atione necial dive i v 1" 1y, ) sl g it [ h i o0 i ' I 0 T R | Vi = LRI ) than 100 anntes ay PLANS PLANT PURCHASE. February wny Hteel will atrengthen ita position i the rurlm»lnu Tydraulic Btecl recelver’s sule “Triscon has arranged (o bid which 1s cquipped for pressed steel fabricating #s | GERMAN BONDS AND STOCKS. A Wite (o The Bia NEW YOI, February 11, A Truscon the Askond 0o o0 ha ) T o | ¢ o b g 1 i o el MOVES ON STOCK MARKET Several Important Shares ractionally Lower, While Some Show Gains. By the Associated Press. NEW YORK, February 11.—Price changes were about evenly balanced be- tween gains and lesses as the stock market opened today with several im- portant stocks fractionally lower. Yel- low Truck & Coach preferred, although dircctors yesterday passed the dividend, advanced 173 on announcement the General Motors will purchase outstand- ing holdings at 93 a share. Early interest was most shares which recently hav to favorable trade conditions, including packing hous king and copper is- sues. American Zine, common and pre= ferred, quickly attained new record prices'of 151, and 767 respectively and American Snufl preferred rose nearly 4 points to a new peak in response to favorable 1027 carning: 0 stocks, which have recently unde: liquidation, showed ngth, particularly Pathe “A," which improverd more than a peint, There was some buying of ed motor accessory hares, notably Eaton Ankle, Yellow Ick common was extensively sold on the poor ecarnings showing, falling to the lowest level of the year. Canadian Pacific and Union Pacific were up about 2 points, but other rals were quiet in the early hour. Leaders such as Gene eral Motors and U. S. Steel were rela- tively idle, forelgn cxchanges opened unchanged. ; manifest in responded h Wall Street Featur NEW YORK, February 11 (Special). | =-This has been a hard week for hold- ers of the securities of sugar compani The dividend on American Sugar com- mon has been passed and the stock fs down 10 points. New low prices for many months have' beein established on the bonds of the Cuba Cane Sugar Co. and its stocks show a combined market price of only 31':. Manat{ gar is off to a new low and so is South Porto Rican Sugar. Among the unlisted sugax i »s there has been liquidation and T prices. TIRE STOCKS he tire stocks have been aflected recently more by conditions in the rubber market than by greater_ activity in automobile pro- duction. It is the same old story of | inventories on which heavy write-offs | have to be made in a declining market for the raw material. Kelly Spring- the early part of 1927, is not show up 5o well and its 8 per cent prefer stock is selling close to an 11 per cent Income basis, Goodrich is off 12 points from the high of the year and Geod- year this week has been at the lowest of the year. POTATO TRADE SLOW. CHICAGO, Fcbruary 11 (United States Department of Agriculture). Potators~ Recelpts, 123 cars: on track, 212; total United States shipments, 807 | cars: demand and trading slow, market steady: Wisconsin sacked round white: 1.65a1.75; Idaho sacked russet Bur- banks, 1701.85: few fancy, shade higher: commercial pack. 140a1.50; new potatoes, Florida crates, Bliss triumphs, United States No. 1, 3.25. ERIE DIVIDENDS. NEW YORK, February 11 (4".—Until 1928 carnings for the Erfe Railroad are more apparent, some quarters in the financial district do not look for re- sumption of dividends on the road’s preferted stacks before late In the vear It had been expeeted action would be taken in April. GOLD FOR ARGENTINA. NEW YORK, Febr 11 (P ~Gold valued at $1,000,000 15 going to Buenos Alres, Argentina, on the steamship Southern Cross today, The shipper s believed to be the Chase National Bank B. & 0. GIVES ORDER. NEW YORK. Febru. 11 @) Baltimore & Ohio has ordered 2000 car bodies from Standard Steel Car Co. TREASURY CERTIFICATES. CReparted by J & W Selieman & Co ) Iy Rt Moty Olter » Mar, 13 A 1 i 1 FEDERAL LAND BANK BONDS. Q1 oted by Alex. Brown & Sons ¢ S Maturite e 1001 FOREIGN EXCHANGE. (Quatations furnished by W, I Hikbe & Co ) NEW YORK, Fehuary Forelgn ex iomixed; quotations (n cents) At Hritain, - demand, 407 1-16; cables, 489 516, 60-day bills an_ banks, 4830 demands, 499 116, cablos. 39 Haly, de- mand, 520, cables, Demand: Belghum, N2 Hollnd, 40 Sweden, 28 Awitieriund Gireece, | "o, Vo Qermany, 'l 1401 Norway, Denmark, 2076, D Bpain, 1700, Poland, 1125, Crechos Jugonlavin, 1 it 610 Avgen- Toklo, 4071, Bhanghal, i Montieal, 00814, SHORT-TERM SECURITIES. Clemted by )& W Seligman & ¢ Ui Vi L RO T T Weeling Blest £ 00y ULy field Tire, after a wonderful record in | The | [RREGULAR [PUBLIC IS BEARISH ONSTOCK HARKET Small Group of Rich Oper- ators Believed Holding Up Prices. BY CHARLES F. SPEARE. Specinl Dispatch to Tha sm—il —_— NEW YORK, February 11.—The spec- ulative situation is confused and difficult to interpret. Prices hang in the balance between a et of factors that are ex- tremeiy bearish and another set that T nts changes in the business life of the country demanding a response in values. The public that was bullish and wl!gt 1long with the market to the end of 1927 has turned bearish. There is said to be a larger public short interest in stocks than in any recent year. On the oppo- site side of the battle over prices is a small group of newly rich but shrewd ani analytical capitalists with unlimited funds, who are not only interested in the Iay to day fluctuztions in stocks, moving from one attractive issue to® another, taking moderate profits and then going into something else, but who are in- vesting their money for a long period of years in securities of strong American companies regardless of the fact that hese securities are now at their highest level in their history. Market Holds Up Well. The interesting ‘phase of the situation |is that In spite of the obvious effort |now being made to check this sort of operation by means of higher Federal Reserve Bank rediscount rates and the sale of Government securities, there con- tinue to be almost daily advances of large proportions in different parts of the stock list. A decided reaction in the mariet was anticipated when it became known that the Federal Reserve Board finally had adopted a policy of higher | money in order to check the inflation in securities and the volume of brokers' loans. There have been declines, to be sure, but not-as extensive as predicted. It may be that the market will be slow banking quarters as it did in 1926. Then there was an interval of about 60 days between the advance in the rediscount rate and the collapse in prices started by the adverse Interstate Commerce decision in the Chesapeake & Ohio case. onditions today are better than they were then, at least so far as the sub- structure of the market is concerned. | I'he public was badly extended at that time while today it has trimmed its salls and has a large reserve of liquid funds available to take advantage of the Ibreak in prices which it hopes will I some day develop. The call money mar- ket is full of funds placed there by {those who have realized their profits | from the rise of the last few days and |are holding them in reserve to reinvest { at an opportune time. New Issues Affect Loans. | More stocks have declined this week than have advanced. For this reason it is difficult to explain the new high | {record in brokers' loans on any other I basis than that it is being affected by new issues of securities. | have so far this vear amounted to over { $1,000,000,000. ‘This is an aspect of the | case that the Senate committee should | carefully investigate. Adding the aver- {age loss in prices since last Saturday to that of the previous week, we have | on= that is 10 points below that of last | October. This is not much change for {a market that between January, 1927, | and the end of ptember, had an aver- age advance of There are individual groups of stocks, | { however, where the losses have been | much in excess of those displayed by the general average. In analyzing the stogk list closely this week, some very significant price movements are dis- | elosed. | ‘Take, for instance, the ralls whose I best prices were reached last Summer before the sharp decline in earnings |set in. A list of 25 members of this oup, including the investment issues and those that were buoyed up by the expectation of merger benefits, showed | an average decline of 21 points from | the high of last year. This average was ! Influenced considerably by the decline of 65 points in Delaware & Hudson and (of over 50 points in Lehigh Valley. | Eliminating these two stocks the loss | amounts to about 17 potnts, | Industrials Show Loss. | | Another group represents of the ! outstanding investment industrials | which the investment ‘trusts of a cer- taln type take much pride in detatling | as being carried in their portfolios. The | tocks cted were last year selling | age price of the | uld be between 135 and 150, | one of the fssues in recent times | :[has been actively in the cyes of the | trading public. It includes General | | Motors and United States Steel. This | week this group shows an average cline of 20 points from the high of |19 With the one exception of Mont gomery Ward, each stock shows a los A third group is composed of 20 auto- | mobile, nccessory and tire companies. The average decline in these shares is 10 points, although since the first of this year there have been when new record prices i motor stocks have N widely featured. Not a few of the smaller companies in this list have | | seen the quotations for their shares re: | duced 50 per cent in value from the | year previous and others 25 per cent. Ol Stacks Suffer. No fndustry has been through more | diieult times i the past 12 months | than that devoted to the production and refining of oil. Ol stocks have made several false moves, For the most part they lave suffered severe reverses and active members of this Kroup arve today an average of 10 pointa below the high of last vear The independent tron and steel com- pantes, the sugar producers and refin- ers, the manufacturers of textiles, the meat packers and certain of the mov~ g picture compantes, all reflect the securities a perfod of unfavorable business, which In some cases 18 most acute at the moment and fn others ts | on the mend, Like in the other groups | described above, there hax been a dra: te veadjustment i the prices of th seeurities to the ehanged conditions in thelr business 1fe. 1L wil be gathered from this veview that there alveady has been a fair amount of reaponse o decreased earn- Ings of trade and of transportation and that the sifting process through whieh the market has been moving has tme proved it technleal positton matecially Againat this there are the evidences of Inflation that huve occurred recently I various public utility, express com- pany and tiade mntk concerns and tn Bome of the metal shares on - alleged discovertes of hidden values which are AL oW belng unvovered. Bustness tmprovement Noty There no doubt will be w careful see lecton of stacks by these who are iden- Uied Wb warket movements, vesulting N the same sort of opposite tendencles I prices that have been consplenons thvoughout this year. 1IC were not for he doan sttuation: which must be eor- 1 oand the undestiability from a il atandpomit of contiiing the mavket at w high average price level Into the pertad ef the active prostden- Hal compitgn, with the possibility of a market broak qust when it would be MOSE embariasting (o the campaten man- aners, one might ook for better prig oi the hasts u? AN provement i busi- ness ‘The evidences of such fmprovement W ieresing . Not only are they o be Tound I the lron and steel trade, where prodietion s moved up from 60 per Cont fo BA per cent In less than twe wonths, but 1n vavious other direotions, WL of Which 1a reflested (i A weekebye to react to the pressure on it from || Such fssues | || FINANCIAL, week gain in the carloadings of the railroads. ‘They are still too much under those of a year ago to make the January or February reports good reading for stock- holders,” Loadings of coal are off 20 per cent, of coke, 40 per cent: of ore, over 25 per cent, and of forest products, about 10 per cent. This represents the heavy tonnage movements at low ton mile rates. The high-class traffic holds up well and is off only a nominal amount from a year ago. Wheat, corn and cotton have had | fair recoveries this week but there have been declines in some of the metals and in rubber. A phase of the situation that is attracting attention is the in- crease in unemployment, especially in the Metropolitan centers to which those out of work naturally gravitate. This Is a seasonal condition but exaggerated | this year by the slowing down in manu- | l;ct‘uvg’r’lg and retall lines in last quarter ——e Have You Been Stung Yet? Some men have to get st { ?1'.’;5'.."':';’.‘ b:;nlre they lvlar:m wm:-. 52?1? making inves 1 you lnvenb—lnvgsunu.‘men“' B - e BELGIAN HARES NUMEROUS. | BRUSSELS.—The rabbit population of Belgium s estimate1 at 100,000,000, or four times as great as before the World War. The hares represent a potential supply of 330,00 paters pply 0 pounds of POWER OUTPUT GAINS. NEW YORK, February 11 (#).—Janu- ary output of Southeastern Power & Light Co.’s system was 19,589,159 kilo- | watt hours greater than a year ago, reaching 197.480.217 kilowatt hours. ' ion to handle eon- rehes and Inatita- 1st Trust Loans Any Amount D. C. and Montgomery County Large Construction Projects FRED T. NESBIT 1010 Vermont Ave. M. 9292 Invest in Guaranteed 6% First Trust Notes Secured on District of Co- lumbia and Montgomery County, Md., dwellings, Denominations of $250, $500 and $1,000. Title & Investment Co. of Maryland 1512 K St. N.W. Phone Main 2676 e —————————e e ——— —_——————— | T e —— i . | | APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjacent Suburbs of Montgome: and Prince Georges Countie:. M,:i}: 5Y2% INTEREST ! Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY of AMERICA 1001 15th Street N.W. Main 8100 SAFE FI'R'S'T r @ Third | of a Century 2 | A ot Without a | Loss Main 2100 G Pisa, ALILEO GALILEL was fase swaying lamp high up in the 1 It led him to experiment with MORTGAGES NO UNCERTAINTY It is not unusual when places money for investment to wonder if the selection was wisely made. worry investors in our one And sometimes But follows wonder. 6% FIRST MORTGAGES do not experience this feeling uncertainty. | have exercised good judgment is proved by the record of these securities, B. F. SAUL CO. That they 925 1 ed by a ower of cights swinging on a string. And he discovered and formulated the laws ot the pendulum. He was nineteen years old then. ‘The laws of the pendulum are applicable to ine vestments which tluctuate and those petsons ine vesting in such securities must be prepar BCEPt A swang one way market value, d to or another in their A saner way to invest, however, is to purchase investments which are not governed by the laws ot the pendulum, but which are always steady and are worth par everv day in the year, Such secutities are the First Mortgage notes issued by Swartzell, Rheem & Hensey Company, which bear a regular 610 return and do not ause the investor @ day's worry converning their value or swwrity, This is the class ot investiments which you should seviowsly consider, Swartzell.Rheem & Hensay Co, Mordgade Barkers TS Strewt, NN, Waakinghn e, 58 Years Without Loss to An Investor