Evening Star Newspaper, February 8, 1930, Page 20

SMITH WILL SPEAK - ATTRUST PARLEY Washington Bankers to Hear|™ *+ Former Governor at A. B. A. Division Conference. BY EDWARD C. STONE. Alfred E. Smith, former governor of s~ New York State and now chairman of ¥+ the board of the County Trust Co., will ‘. be one of the speakers before the eleventh midwinter trust conference, according to an an- nouncement of the trust company di- vision, ~American Bankers' Associa- tion, under wboie es the meet- .“‘mg'fll be h!}g February 18, and 20 at the Com- modore Hotel in Many ‘Washington bank- ers are arranging to attend the con- ence. “!‘The possibilities of the cl:rponta ia serv- s’}.d.“cn-ng of means in this country, as seen by Mr. Smith, promises to be an interesting feature,” the announcement : said. “During the last few years he has been amazed by the many services which the trust department has per- formed for him in meeting his own personal problems.” Another speaker will be James H. Perkins, president of the City Bank Farmers' Trust Co., New York. who will describe “The Uniform Trust” and tell how this new form of the investment trust may be adapted by the trust com- pany. Answers will be made to such questions as to how the machinery is set up for supervising the investment of funds in this trust and what pro- portion is kept invested in common stocks, bonds and cash. P. D. Willcock, manager of the Midland Executor & Trustee Co., Ltd., Manchester. England, will speak on executor and trustee work. ‘Mr. Willcock is an outstanding leader in trust work in England. How to handle trust business in a branch banking system will be discussed by William J. Kieferdorf, head .of the trust department, Bank of Italy, San Prancisco. L. H. Roseberry, head of the trust department, Security First National Bank, Los Angeles, will discuss “What Is Adequate Compensation for Trust Service,” covering the lack of uniformity in feés charged for trust service and answering such questions as the sclentific way of determining fees, whether compensation should be based on income or on a part of the prin- cipal and what fees are too low. Francis H. Sisson, vice president Guaranty Trust Co., New York, will indicate the rate of growth in trust business for 1929, as revealed by a national survey being made by the trust company division. Investment Firm Elects Officers. At the annual meeting of Waggaman, Brawner & Co., Inc., local investment bankers, the following were elected offi- cers and directors for the ensuing year: Ennalls Waggaman, president; F. P. ‘Waggaman, vice president; F. B. Pryor, vice president and general manager; ‘T. C. Montgomery, vice president; W. E. Burnside, treasurer; J. F. Brawner, sec- Tetary and assistant general manager, and T. E. Kelley, assistant treasurer and cashier. Insurance Trusts to Be Subject. Harold D. Krafft, president of the District of Columbia Life Underwriters’ Association, announces a dinner meet- in‘m_:! the association next Thursday, February 13, at the National Press Club. The guest speaker will be Walter E. Roberts of the Equitable Trust Co. of New York, who will discuss “Life In- surance Trusts.” As a large number of Washington bankers are deeply in- terested in this subject, the meeting is to be made a joint affair and many bankers are expected to attend. The dinner starts at 6:30 in the main ball Toom. Collateral Shares Dividend Fixed. Kenzie W. Walker, chairman of the board, Standard Collateral Shares Cor- poration, announces that the dividend on Standard Collateral trustees shares to be paid on February 15, 1930, by the Empire Trust Co., trustee, to hold- ers of record on January 15, 1930, will be 52.88 cents per share, as compared with 48 cents per share for the corre- sponding period of 1929. Another. Woman Bank Official. In connection with the election of Miss Mary J. Winfree as assistant cash- ier of the Commercial National Bank, it is interesting to note that another local bank also has an active woman bank official. Miss E. M. Michael has been assistant cashier of the North Capitol Savings Bank for some years, carrying out the duties of the office most acceptably. On the last control- ler’s call this bank reported capital stock, $90,000; surplus. $60,000; undi- vided profits, $7,866, and deposits, $1,~ 509,072. The other officers include Theodore Michael, president; George c::fitt, vice president; P. Henry Coates, cashier, and E. S. Burgess, secretary. Financial District Gleanings. President Robert V. Fleming of the National Bank, who has been Alfred E. Smith. H. Cooper of the Commercial National Bank is passing v.rfi week-end in New York and Atlantic 3. FINANCIAL. ' NG _STAR, WASHINGTON, D. (.;., SATURDAY, FEBRUARY 8 1930. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct t- The Star Office. Notice—All stocks are sold in one hundred-share exe whie] ~Prev. 1030.~ Stock and Dividend Rate. Abitibi Power & Pap. ; Adams Expr (1.60) Advance Rumley. .. Advance Rumley pf. % Abumada Lead Allled C & D pf (7] Allis-Chalmers (3).. Amerada Corp (2)... Am Agricul Chem. “Am Argicul Ch pf... Am Bank Note (18). Am Beet Sugar...... % Am Beet Sugar pf... Am Bosch Magneto. . Am Brown Bov Elec. Am Brown B E pf(7) AmCan (4)........ Am Car & Fdy (6). Am Chain pf (7).... Am Chicle Co (12%) Am Com Alco(n1.60) Am European Sec. .. % Am & For Power.... Am&Forn Pwr pf(7) 4 Am Hawalian S S (3) Am Home Prod (4.20) Am Ice Co (t4).....: 43% 35% Am International (2) 2% 2 AmLaF & Foamite. 33 30 AmLaFr& Foam pf 97 Am Locomotive (8). 114% 111% Am Loco pf (1) Am Metal (3) % Am Plano.. 4% 8% Am Plano pf, 94% 77 Am Power & Lt ($1) 101% 100 Am Pow & Lt pf (). 84 80 Am P&L pf A st (5). 37% 80% Am Ra&StdSan1%. 75 183 126% Am Rad & 88 pf (7).100s 27% 20% Am Republies....... . 8 91% 80% Am Rolling Mill (2). 238 17% Am Seating (2).. 94% 83 Am Shipbullding (8) zgr 69% Am Sm & Ref (4) % 50% 112% 1104 Am Steel Fdy pf (7). 49% 46% Am Stores (2)..,.... 107 104 Am Sugar Rfg pf(7) 25% 19% Am Sumatra (3). 27 26% Am Tel & Ca ( 2321 216 Am Tel & Tel 225 197 Am Tobacco (8) 227% 197 Am Tobaceo (B) (8). 135 125 Am Type Fdry (8).. 03 £81% Am Wi 35% 185 ot (3 8% Am Zinc Ld & Sm... 69% Anaconda Copr (7). 40 Anaconda W&C (3) 17% 42% 12 34n 60 240% 2 108% 5170 108% 102% Atch T&SF pf (5) 170 166 Atl Coast Line (11 80% 72% AtlG & W Indies 395% 364 Atl Refining (1: 90% 811 Atlas Powder (4 237 175% Auburn Auto (14 4% 3% Austin Nichol 1 87y 6 225 1 4% 15 Autosoles Corp 37 Auto-StBafR A ( 4% Aviation Corp Del. 35% 30% Baldwin,Loco (1.75). 116 111 Baldwin Loco pf (7). lég‘fi l;g Baltimore & Ohlo (1) 1 i o ‘B 18 341 208 116 EH.,(I’)‘.‘) . evpf (3%). 9% Budd (EG) Mfg (1). 8% Budd Wheel (1) 40% 29% Bullard Co (1.60). 50% 43% Burr Add Mach (1).. 44% 36 Bush Termnl (2%).. 108 100% Bush Term deb (7)., 22% 16% Butterick Co. 95% 80% Byers (A M).. 69% 66% Calif Packing (4)... 24 1 Callal Zine & . 89% 81% Calumet & Aris (10). 83% 29. Calumet&Hec(adl) 71% 63% Canada Dry G A (5). b6l 551 Ci a South (3).. 220% 187% Canadian Pac (10) 82% 27 Cannon Mills (2.80) 22% 18% Capital Adm (A)..,. 84% 31 Capital Adm A pf(3) 249% 192% Case (JI) (6)....... 13 120 115 Case (J 1) Co pt (7). 100 68 54 Caterpillar Tr: 56% 35% Celotex (3). 34% 30% Cent Alloy Ste 110 5 57 @). (2). 18 31y 107% Cent Alloy St pf(7). 100s lgé ¢ 4 Century Rib Mills... 10 5 56 Cent Rib Mills pf (7) 208 581 8 teed Prod. .. ¢ 44% 36 Cbecker Cab (4.20).. 229 203 Ches & O} T4% 63% Chesape; 6% rn. tn pf.. Chi Mill St P&Pao. .. 45% 41% Chi Mill St P&Pac pt 89% 84 Chicago& NW (5)., 32% 22% Chi Pneu Tool ChiR 1 & Pac (1) Chi Yellow Cab(3).. 25 Chickasha C Oil (3) 57% Chllds Co Frank B. Pryor, vice president and general manager of Waggaman, Brawner & Co., Inc., has left for North Carolina, ‘where he will inspect some gas proper- ties. He plans to return to Washington the middle of the coming week. The following members of Washing- ton Chapter will attend the annual ban- quet of Baltimore Chapter this evening: A. A Henze, T. H. Leith, James A. Soper, Frank M. Perley, Miss Mabel V! Royce, Miss Mildred Woodcock and Miss Rose L. Royce. January building and engineering contracts in 37 States east of Rockies total $323,975,200, 2 per cent increase over December, but 21 per cent decrease from 1920 month. Shubert Theater reports net loss of £072,055 in six months ended December 31, against net profit of $470,882 in like 1928 period. DIVIDENDS DECLARED, - NEW YORK, February 8 (#).— ASCTRIES Proa 553? :;ai;f‘]:';) Do pf. .. -13% 1. .87 B i e Hidrs. of M b R 2 £0DOOPOODOOOD: : DODOO OODED O 11131 E Brit So Africa SD. Initia?. i TP (3) 40% City Ice & F (k3.60 8%, City Stores (1). 33 Clark Equipmen: 82 Cn 48% C ‘ola A (3). 14% Collins & Atkman 31% 24% Columb Graph (87¢). 14 195% 1684 Columblan Carb (16) 81% 23% Com Credit (2 22% Com Credit pf ( 123 Comwlith Power((4). 12% Comwlith&Sou(60c). 18% Congoleum-Natrn. ., 45 CongressCgr (15%). 44 Consol Cigar (7). 76% Consol Cigar pf (7)., 1 67 Consol Cgr pr pf 6%. 15% Consol Film (3). 18 Consol Film pf (3) 96% Consol GasN Y (4).. 99% Consol Gas NY pf(5) 1 Consol Textile...... 12 Container Cor A 1.20 4%+ Container Corp B.... 50% Contl Can (3%). 28 Contl Dia Fibre (3).. 59 Contl Insur (2.40). 5% Continental Motors., 21% Contl Oil of Del. 27% Contl Shares (1), ... 8744 Corn Prod (13%).. 24% Coty, Inc (k2)....... 25% Cream of Wht(13%). 43 Crown Cork & 8 17 Crown 3 89% pf (7). 208 u:% of. 14 2% 64%4 58% Cuban-Am Sug pt...260s 65 48 45 Cudahy Packing (4). 2 45% 8% 614 Curtiss Wright Corp. 14 7% 15% 13% Curt WrightCorpA. 18 14% 110 105 Cushman's pf (8).,. 20s 110 8% 64 Cutler-Hammer..... 4 78 86 28% Davison Chem 2 84 177% 161% Delaware & Hud (9), 19 181 Sales— Add 00. High. 26% % 481 118 e 110% 100 esignated by the letter s (65s) e noen Siotks (o be sold in odd lot Low. Closs. Close. 26% 26% B50% 51 30% 314 16 18% a1 3 % % % T 123% 124% 124% 28% 294 20u 2 2 2 84 B4 8u 31 81K 30 128 128 128 B8 5O% 60 19% 20% T 281 28y 84% 84y R 36 36 A% 48k 18% 4% 664 €8 &6 134% 138% 13484 80 80 8oy 85 85 84 48% 48% 43y 28% 284 28, AT 4TH 4TH 931 94% 94 108 108 108 21% 214 21 58% 58% B8l S5 85 6% 41% 424 41n 2% oM 2y 8¢ 84 8% 100 100 100 138 18 13 50% 50% 60% N 4% 4% 4 90% 91% 90% 89% 89% 21 21 4% 98 T6% T6% 43 43% 49% 113 48 48 48% 102‘!& 106% 106% 227% 230% 227 lgIVt 182% 135 1% 15% 42% 42% 42 33% 34w Bdu 236% 240% 287% 103% 1031 108% 170 170 170 38 381 87% 874 83w 2224 225 224y A% e 5 6 15 18 15 4% 4% 45 54 BW by 83% 3% 33 115 115 114% b 117% 118% 117% 79% 9% 79 0% T1% 70 22% 221 22 7:% 8% T4% 2614 99% 1005 10014 8% 3w 5 Y% 82% 84% u2y 59 BB 219 2245 21984 31% 32y 32 22 22 22 35 35 3414 2304 282 233 121% 122 120% 67 681 67 52% B3 B4 31% 31% 32y 105% 106 106 4 5 b8 58 68% 63% 64 % 14% 14% 415 41% 428 2;2 234 228 2844 112% 100 1% 1% 18 18 6% 45% 5% 91 ~Prev. 1080.— High. 85 82% 70 90% 831 Hershey Choe pf(15) 480 450 131 128% 9% & 82 3% 57 | 88% 159% 137% Macy(RH) & Co(n3 52% 45 27% 50 17% 89% 89y 114% 1144 i) K 64% 65 45% 4B ™% 14 100% 110 % 18 84 84 177 181 56% 46% 106% 108 92% 87 13 50% d45% 9% 20 stock and . Dividend Rate, | Del Lack & . l:g Denvé& RG W pt. 189 Diamond Match (8). 20% Dominion Strs (1.20) %7 Drug Corpn (4) 15 Duplan 8ilk (1) 1124 Dupond de Nem (4). 114% Dupont d N debd (6).. 76% Eastman Kodak (18) 127"1 Eaton Axle & 8 (3). 7% Eitington-Schild. 81 Elec Auto Lite (8). 1064 El Auto-Lite pt (7) 4914 El Pwr&Lt(1)..... 126% EP&LPT 60% pd 4.20 69% Elec Storage Bat (5) 3% Emmerson-BrotA.. 39% Eng Pub Serv (31).. 9414 Eng Pub Sve of (53%4) 39% Equitable Bldg (3%) 564 Erfe RR...coreanne 61% Erife RR 1stpf (4).. 57% Erfle RR2d pf (4).0n 86 EurekaCacCl(4)... 18% Evans Auto L(32%). 20 Fairbanks Copf..... 8415 Fairbanks Morse (3) 59% Fed Lt & Tre (31%). 91 FedLt&Trof (6).. 7% Fed Motor Tr (80¢). 3214 Fed Water Ser A 3.40 29 Federated Dept Strs. 65% Fid Pho Fire 1(2.60). 284 Firestone T&R(1.60) 8015 Firestone T&R pf(6) 50% First Nat Strs (23%). 3 Fisk Rubber... Fisk Rubber 18t pf. 87 Follansbee Bros (3). 60% Foster Wheeler (2).. 161 Fox Film A (§4).... 88% Freeport. Texas (15) 5% Gabriel Snub A, 69% 12 Amer Invi 99% Gen Am Tnk Car($: 49% Gen Asphalt ;0)). « 11% Gen Elec spec ( 4614 Gen'l Food Corpn (3) 6414 Gen Gas&FEl A (te2). 904 Gen Mills pf (8)..... 37% Gen Motors (18.30).. 104 Gen Motorsdeb (6).. 117% Gen Motors pf (7)... 35 Gen Outd Adv A (4) Gen Refrac (t4%)... 39% Gen Theat Equip vts 92% Gillette Saf Raz(hb) 1133 Gimbel Brother: 37% Gold Dust (2%). 40% Goodrich B F (4) 95% Goodrich pt (7) 62 Goodyear Tire (5)... 90 Goodyear 1st pf (7). 21% Gotham Silk H (2%) 9% Graham-Paige...... 32K Grand Silver Strs (1) ;;fi Grand Unton, 37 Granite City 8tl (4). 19% GtNectfsOP (a3%). 90% Grt North ptet (i). - 20% Grt West Sug (2.60). 12% Grigsby Grunow (2). 114 Guantanamo Sugar. 38% Gulf Mo & North. 174 - 12% Hahn Dept Stor 81% 71% Hahn Dept 8 pf(6%) 99 Hamilton W pf (8).. 103 lég',‘z 100% Hanna (M A) 1st (7) 13% Hartman Corp B 6% Hayes Body......... 87 Helme (Geo H) (17). 82 Hercules Powder (3) shey Choc (5). .. Hocking Val (10). .. 7 Hollander & Son..... 19 Houdaille Her B (2). 50% Housed F' pf 13.12% . 524 Houston Oll. ., . 35% Howe Sound (14 46% Hud&Man Ry (3.50). 53% Hudson Motor (5),.. 20% Hupp Motor (£2). Illinois Central (7). Ind Motor Cycle..... 214 Independ O1l & G (3) 17% Indian Refining. 16 Indian Refining ct. 264 Inspiration (4).... 134 Insurance Shars ¢5e. 20% Interboro Rap Tran.. % 25 Interlake Irom (1)... 152% Intl Bus Mach (n6).. % 56% Intl Cement (4).. 5 Int Combustion. 80 Inter Comb Eng pf.. 78% Intl Harvester (3%) 31% Int Hydro El A (e2). 65% Intl Mateh pf (4).... g(l,“ Int Nickel of Can (1) 79% Intl Pap & Pwr pf(7) 9315 Intl Print Ink pf (6)¢ 62% Int Tel & Teleg (2) 80 Inter Dept St (2).... 19 Investors Equity(2). 43 Jewel Tea (4) 54 148% 117 Johns-Manvil] !22 118% Jones & Laugh pf(7) Jordan Motor Car. Kan City Sou (5) Karstadt (R) (1. 34 Kay 85 Keit by 3% Kelly-Spr! 224 Kelsey Hay: 1% Kelvinator Cor| 55% Kennecott (5). 1% Kolster Radio. 7 12 23% Kreuger&Toll (1.34). Gr&Bak(nl). Lambert Co (8) Leh Port Cm pf 32% L!hlVlvaall Pt (3). h 52% Liquid Carbonio (4). 42 Losw's, Ine (3) 16% Lorillard (P) Co. 92% Lorillard (P) pt (7).. 8% Louisiana Ofl....... 88% LouG&EIA (1%).. 42% 138 128 Louis & Nash (7) 43% 32% Ludlum Steel (2) 40% McCall Corp (23%) 85 McGraw-Hill (2) 14% McIntyre Porc M 61 McK'port T P (143%) 82 McKesson & Rob (2) 16 MeLellan Stores. 70 Mack Trucks (8) Magma Copper (5).. 5 Manat! Sugar... 25% Man Elec Supply 80% Man Elev mod (d5).. 20% Man Shirt (2).....e0 89% Marlin-Rockwl t4% . 37% Mathieson Alkill (2) 1 M ‘0 18t pE(6). 284 Meiville Shoe (2).... 83 Mengel Co pf (7) 16% Mexican Seaboard. 26' Miami Copper (4). 26 Mid-Continent P (2). Middle States Oi1 Mo Kan & Tex Missouri Pacific. 4 Missouri Pac pt (5).. 36% Mohawk C Mills (3).. 49 Monsanto Ch (g1%). 38% Montgomry Wrd (3) 3% Moon Motors. 58% Morrell J ( 4% Motor Mef 556 Motor Pr 26% Motor Whey . 18 MurrayCor(b2 % st! 51% Nash Moters (§) t Reg,A( Nat Dairy (t‘) Nat Distillers L] 308 2 2 19 2 20 8 -y @ 3 o peaBom el cBunE ool e S nene I Grand Union pf (3).. ° 158 k3 147 76 45 22 81y% 15% 125% 116% 189% 1 ¥3 Bales— Prev. Add 00. Righ. Low. Close. Close. 146% T4% 145 22% 81% 15 126 115 190 914 102% 61 138 8% 6 % (on reports of an advance in cigaret | Special Dispatch to The Star. FINANCIAL. ———— _— RAILROAD STOCKS | [Cosex sone BONDS o sscmwes] HIGH-ERADE BOND LEADERS IN UPTURN Tobacco Issues Also Active in Short Session—Rally at Close. BY GEORGE T. HUGHES, NEW YORK, February 8—sg; - tive demand today centered ap;eul":. high-priced rails, the tobacco shares and a limited list of public utilities and specialties in the industrial group, Yesterday the rail average for the first time went through that of Decem- ber 9, which gave these shares the same technical advantage as had been realized mmlly‘:z the industrials when they duplicaf and then ex- ueAdneth factor er factor that had to do mfil muem llv‘.lunflm talls was split-up in Canadian Pa- cific shares, wglch naturally suggested similar action by other carrier stocks. Among those mentioned lgln as likely to recapitalize were Union Pacific, Dela- ware Hudson and New York Cen- tral. Today's movement in the rails, however, was not confined to the high priced issues, but Quoted in the medium-price range. Industrial shares showed the effect of some over-exploitation recently. Ap- parently all that was happening in this B T e i Tt of speculative su and a m amount of rmufi?:' ‘The tobaccos were active and mo;: prices, which were later denied by one of the manufacturers. Two conspicuous industrials, Simmons and Standard Oil of New Jersey, sold at the lowest prices of the year. ‘The last half hour of trading wit- nessed greater buoyancy and a sharp r\l.ln-uug in ll"m:kl that had been ne- glected earlier. to advance, with Union Pacific show- u;:x a gain of 81, points, Canadian Pa- cific over 5 points, Delaware & Hud- son 4 points, Lackawanna about 6 points and Pennsylvania 4!2 points. This was the first important demon- stration in the ralls since last Sum- mer. The general market was encouraged by these advances and public utility and industrial stocks that had been heavy in the first floor showed some recovery. Trading was more active with prices advancing. Preferred Stocks BY GEORGE T. HUGHES. Effect of Outstanding Shares. An example of how the amount out- standing affects the investment value of a preferred stock is afforded by Eastman Kodak. This well known and highly prosperous industrial has no funded debt and ahead of the common there is only one class of stock, a 6 fir cent cumulative }yrelerred outstanding to the amount of $6,165,700 or 61,657 shares. To pay the preferred dividend takes only $369,042, and the net income of Eastman Kodal 1927 and in 1928 was in each case over $20,000,000. Evidently it would take nothing short of a financial eatastrophe to im- peril the dividend on Eastman Kodak preferred. It is not surprising then that the stock, limited though it is to their former high aver: level. age Bolivia The rails continued | & Private Wire Direct to The Star Office UNITED STATES. Low. Close. 997 997 8 100 30 10030 100 30 321018 1015 1017 1 9926 9926 9926 10 1078 1078 1078 81118 1118 1118 FOREIGN. es. u UB 4% B3... Argentin 104 3 98y 92y 103% 103 108% 108y 111 1108 108% 108 116% 115 104 92y 103% 108y 111 " 8% ven to the | porq Brazil 6% s 1926, Brasi] §4s 1937 Brasil 7s. 98 9714 100% 100% 1083 108% included several | Ch! 100% 100 110% 110% 1% 91K 100% 100% 104% 104% 106 106 9y 014 99 98Y% 116% 116% 122 121% 86 98% 101 101 96 96 98% 984 9% 9% 96% 96 98% 108% 103% % 6 95% 95% 108% 103% .. 108% 108% Mex 481904 asnd. 13 13 Mexico 45 10 asnt. 97% 101% 1014 102% 102% 103% 102% Poland 68 40... Poland 7s (rets). Poland 8s. . Queensland Queensland 7s. Rhinelbe Un 7 EP S10T% 107% 104% 104% 3 90% 00% 92%° 92% el Rio Gr do Sul 8 6 per cent return, has repeatedly sold | g, to yield less than 44 per cent, a basis comparable to that given by the most conservative bonds. ‘This particular ?rdernd. has other claims of merit. It is not only cumu- lative, but is non-callable, which does not _artificially market price. It has voting po 'h preferred share being entitled to one vote, while it takes 10 shares of com- mon to give the holder ingle vote. The chief reason, however, aside from the financial strength of the eomplng. for the high price the stock commands in the market is the small amount of the issue, B It has often happened in the bond market that the quotation for high- grade securities has been depressed by an increase in new offerings, even though those new offerings were just as sound and in every way desirable as those already outstanding. Not only corporate but Government borrowers have found this condition a bar to financing on favorable terms. When the supply is increased, whether 1t be of bonds or of preferred stock, new investors must be found, and until they are the market is weighted down. Markets at a Glance NEW YORK, February 8 (#)—Stocks strong; investment rails reach new 1930 high. Bonds firm; rails improve, Curb firm; Pennroad cre 16 in large turnover. Foreign exchanges easier; Canadian dollar at new 1930 high. Cot- ton h!ghesr; steadler cables and trade buying. Sugar steady; better spot sit- ualion Coffee stea oy port. Brazilian sup- FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Wihtad At HEL f u{:: T } 9 1 Lendon, pound. PBeris, franc s arsaw, slof Gopenhagen Oslo, crow: o, n s, | Stocknolm, e SHORT-TERM SECURITIES. (Reported by J. & W, Seligma; f AREREnES S e, 973 i B B Canadian Chicago Rock Isla; Chile Copper Co Cudahy Packing Ci Edison El. 1I. Beston Union Il Go. . United 158! Weatern Electric_Co. 5 Wheeling Steel Corp. Wheeling Steel Corp. 4 boptiie oo didoang BALTIM h — l” l\t';l ""I ‘x{. l;rl N i A bt 58 Uhien Trust 5.0 ey 10000 United Ra 19000 Uhited R S *(m lg,}% 1u"; i % Bwiss Confed 88 Toho El Pow Toho El Pow 7 Tokie 5%8 196: Ut KI!IB'! 5%e 87, 8 1 9% 95% MISCELLANEOUS. Abramé&Straus 6%e 16 99% Cp 47 102 Associated Ol At Gult 88 69 Atlantie Refin - - B arnrmm S2uBaBRE aan Bonaa Gen Mot Ae Cor Gen St]1 Cast 5%s 4§ Goodrich 6%4s. 1 17 Humble O & R 6% s Bt Soronmnas o iteel B8, Mor's & Co 1st 4%s. P BRBB0S -~ Phillips Petre 634 Postal Tel &C §%s. Rem Rnd 6% war, Richfield Ol 68 ¢4. . 1 9% 99% Four-fifths tobacco Germany o7 1008 101 1030 1000 Sapafla ecs the Unived Sber'™ peiermany now e Low. Close. 99% 100 Sales. High. Transcont! Ofl 6%s 3 100 i 981 984 United Drug 68 83.. 17 98% 6 85y 1 8 89 4 87 87 1 105% 105% 105% 1 102% 102% 1024 26 101% 101% 101% 2109 108% 108% 5 108% 108% 103% Wilson & Co 1st 6s. 2 100% 100% 100% Win Repeat Ar 73%s 1 100 100 100 Youngstn S& T bs. 14 101% 101 101 RAILROAD. Atchisén gen 4s.... 18 931 92% 934 Atch deb 4% 55 140 139 139% 16 9214 92% 924 99 8 102% 102 1024 11 102 102 102 2104 104 104 7109 109 4 92% 92% 924 2 101% 101% 101% 3 9T 9TH 9TH 3 9TH 9T 9TW 10 o4 98% 93% +es 10 100% 100 , 6 83% 83% 83n , 2 110% 110% 110% 1 101% 101% 101% 10 104% 104% 104% 39 99% 998 99% 14 92% 92% 92% 5 101% 101% 101% Ches & O Corpn 46 100% 100% 100% Ches & O 4%s 93 8 94% 94w 94y Ch&O4%8B1996. 24 944 94 94 10 97% 97T% 974 Can Pacific otfs bs. Canada Sou Cent Pac 1st 58 90 ISSUES IN ADVANCE Prime List Steady on Action of Reserve Board In Easing Money. BY F. H. RICHARDSON. Epectal Dispatch to The Star. . NEW YORK, February 8.—Bon were irregular today, with interest cen- tered once again in railroad issues. High-grdde railroad bonds were traded in large amounts, mostly at unchanged prices. The junior issues were very active, with gains about offsetting losses. In general, prime issues tended to firmness, U. 8. Government loans to slightly higher levels, and foreign dol- lar_credits to fractionally lower ground. The action of three more Federal Re- serve banks in following New York' lead in reducing the rediscount rate had a further eas effect on money rates. The municipal market was stiil slow, as indicated by the extension of the syndicate on New York City's 865, 000,000 issues, of which $14,000,000 stiil remains to be distributed. Some pend- ing issues, including San Francisco’s 860,000,000 proposed loan to buy gas and electric properties, have been post- poned as a consequence, For next 1 MM% 7% % 1 64% 64% 64% 2100 100 100 1 98 93 93 Chi MIISP&Pacbs?s 26 92% 92% 92% CMSP&Pacadjss0s 33 74 8% 13% Chi&NW conv 4%s. 67 100% 100% 100% 6 105% 104% 105% 3 108% 108% 108% 5 99% 991% 994 3 81% 811 81% 12 68 67 67 10 92% 92% 92% « 1 100% 100% 100% 10 93 93 93 96 96 964 964 964 808 83% 83% % 98 96 101 101 . 12 87 56 67 Fonda J&G 44863, 3 28% 28% 28% Gr Trunk st db 6: 3105 104% 105 Grand Trunk 7s. 2110 110 110 10 94k 94k 94l 1 109% 109% 109% 9 111% 111 111% Hud & Man ref 01 97 7 97 111 Cent 45 63 111 Cent ref 891 88% 1% 91% 98% 68 6744 92 92 102% 102% 864 8T4 94 a9 304 30% 95% ° 95% T6% T5% 89% 80% Int Rapld Trans 7s. 12 92 Int & G Nor 1st .+ 156 103 Int &G Noradj6s.. 4 87% IntRysCA6sdl.. 4 Iowa Cent 1st bs... 3 KanCity FtS4s... 9 KanCity 8 1 Kan City T .19 Leh! Val en 4 Louis & Nash Man Ry 1st Market St 7 MIEIRy&L M St PASSM § 5 88 88 88 1 100% 100% 100% . 2 9% 95 5 vt 18 112 111% 112 Mont T'rmrefbsdl 9 95% 95% 95% Nash Chat& ltLAll. 2’2' 10 98% 984 2 105% 105% 106% 2 106% 108% 108 11 95% 94% 95% 6 1067 1084 106% 1 106% 106% 108 8 8 88 84 6 83% 83y 83% H 4%867. 19 01% 0l% 91% &H evdb s 12 130 129 130 s&Wn gen 68 12 'l: % 78 zazzzzzzzzzzz 4044 11 M0 1 4 %z22000 z P 2z z - 884 | w, 9014 | A week, however, a total of over $42,000,- 000 of municipal iss dulec ’“cdp“m::lgg‘f‘n" ues are scheduled nves bonds moved unce; = 1y, only the railroad issues lhowl.n:“ -‘:y WA n Suadtn puret of g e Bou n burst of bu; ¢ Oil 6s, which advanced gveg ‘Dn lnotn.! to a new high price for the 3 bonds, of whlcph $10,000, ' company at a ratio of 55 shares of stock for each $1,000 par value deben- ture. The stock, traded on the Curb, hai!nre::‘s:ny beedn nmdve -n? higher, second grade railroad grou Florids East Coast 5s dropped l'/: points, still retaining part of Friday's gtfl!r: g:&-t Northern Railroad 5,6 were French bonds were off sl Italian issues were strong in ign department. Greek 6s dropped a point, While Japanese bonds inclined to slight- 1y lh:,.h" levels. South Americans were quiet, htly and fore Washington sak Exchange SALES. Washington Rwy. & Elec. 4s-—$1,000 at ::,"B".?W at 85, $1,000 at 85, $1,000 Barber & Ross 6!45—3$1,000 at 8815, Capital Traction Co.—10 at 88. Potomac Electric 515% pfd.—5 at 108, 5 at 108, 5 at 108, ‘ashington RWy. & Elec. pfd.— b7 1 Rwy. Elec. pfd.—3 at Riggs National Bank—10 at 52414, Security Savings & Commercial Bank— 10 at 476 Lanston Monotype—1 at 115, 2 at 115, 10 at 115. Mergenthaler Linotype—10 at 109, Real Estate Mtge. & Guar. pfd.—100 at 7, 50 at 7. . AFTER CALL. Washington Gas 6s B—$500 at .106, $1,000 at 106, $1,000 at 106. Wi oy Ges 55—$500 at 101, $500 al . Capital Traction 55—$1,500 at 94. W;chinmn Rwy. & Elec. pfd—17 at Wash Gas 65 A—$ 102%. Peopies Drg Siores DIds, ot 105, Capital Traction Co.—5 at Mergenthaler Linotype—I1 7% Bid and Asked Prices. BONDS. PUBLIC UTILITY. . Tel. & Telgn. 4143 '3 AR BLE R dn R Antcostis & Pot. R 8. Anacosti C. & P. Tel. of Va Capital Traction City & Suburban Georgetown Gt otomac & Ross, Inc. anbit. % . Tel. & Tely 01 | &t FraCuian Ore Short L rf 48, Ore Wi 10 984 984 984 30 89% 89W BOW W Washington Gi & te 1 1081 1081 1061 | Wi 22 103% 102% 108 15 108% 108 108 12 100% lggh 1004 rq 1st . 51 ;C.Chl?bl B75 3 106% 1067% 106% Port E1P L 6 . 97% 9T 9TW 1 8 84 84 1 100% 100% 100% 964 964 ) RIArk&L 4% Rio G West cl ¢ YISt PRI % 89% 108 6 116 116 5 122% 12! 122% 1 91% 91% 91% 1 87% 87% 87% 14 100% 100% 100% 4 82 82 382 2 52 B1% B2 .12 90% 89% 89% 24 94% 94% 4% 5 Third Ave ref 4 Un Pac st rf ¢s. 1 96% 96% 96% 10 1084 108% 108% + 20 10314 103% 108% 1 100% 100% 100% Whash é34s8rcts 8 91 901 91 Wabai 1102 102 102 99 99 99 1 108% 108% 108% 11 81% 81 15 9T% 97% 9% 2 65% 65% 65% NEW YORK BANK STOCKS. NEW YORK, February 8 (#).— Banks, Al\tnrl'. w1 99% 99% 993 | Lib Readinggen4%sA 15 93% 9ew 98M| § 81% :fl National Capital Celumbi Gommerclal”", Ritionar Bank of Washington.’ 305 TRUST COMPANY. 4 3 & momes Big BHEE s 3285 geEvegse & - Unlisted Department. BONDS. S Army-Ni fem | Eenirel oty e s Bank. iR DR more than 600,030 el