Evening Star Newspaper, October 18, 1925, Page 101

FINANCIAL. THE SUNDAY STAR. WASHINGTON, D. ¢, OCTOBER 18, 1925—PART 6. FEDERAL RESERVE AIDS STATE N[”ABLE AI]VANE[ g e BANKS AND TRUST COMPANIES High, High. . 8. BONDS. High. Low. Last. Yield. IN FURHGN B[]NDS All Privileges Are Available Through Correspondent FINANCIAL. REAL ESTATE LOANS, First and Second Trusts WE PAY MORE INTEREST Construction Loans Lowest Interest Fates i ON SAVINGS ACCOUNTS | Than any other National Bank i N. L. Sansbury Co., Inc. | o Weahingien Frenzied Trading In Stocks Is Big Feature of Week By the Associated Press. NEW YORK, October 17.— Feverish speculation in the stock market, with trading swelling in Tow. Low. 98-22 965, 98-4 102 101-19 100-20 Liberty 2 4348 1927-42.. 100-28 100-21 99-8 e e 101-4 385 10223 102-1 101-1 Liberty 3d 4%s1928..... 101.8 10i- 108 98-8 108-9 101-20 Liberty 4th 43 1933-28... 102-9 102+5 393 10708 99-8 108-10 104-13 Treasury 44s 1947-53... 106-14 106-14 382 1926 __ygp5 Prev. week's Sen Interest on DAILY Balances High Come in and let us explain 1012 To120 . 100 99-26 9928 3 52 Members Institutions—Big Gains in Local Locarno Agreement Called 101 28 29 - -47. 10221 1132‘-\\56‘ 1137-\ 21221‘5 ::'43":'“‘:12.01. 101-31 101-24 :géfiz ;gg Most Important Move Since Armistice. BY 'ORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, October 17.—The chief deyelopment of interest in the investment market this week was the rise in the average price of foreign government bonds to the high of the year, which, incidentally, was high- er than the best level reached in 19 The advance was all the more re- markable because it came while pes- ism as to the French f especially the 7 per cent loan ted in this country in aid of the Dawes plan, were the leaders, but some of the recently issued German municipal loans, which had been dragging for weeks past, also had a better market and other Luropean loans outside the French were carried along. Locarno Accord Vital. The news affecting the market wi of coarse, the wecord apparently reached between F in the conference a was described some quarters as the most important happening in Eu- Tape since the armistic Now there are two f in the investment ap) Fovernment S of them the political « ther the finan- cial. Evide v = market this week put more stress the former than upon the latter because there was no improvement in foreign finances upon which to establish a rising market for foreign sec In fact, the French situation s rap oaching a cri- plainly fore: in the de. clining tendency ¢ 1ch exchange, even though unaffected. It is not the comparatively &nnuasl payment to America ied in the temporary rangement reached t month that ma baluncing h bu 1 S0 hope! 1 t expenses ability to in taxes. The charges on of foreizn ily sis hadowe small embod 2 gover e a furth come the Fre they’ 100,000 out of d 1) francs w 1r's Out. as franc: ich Suggested Way irrangement governn > the, the on itions were - general This includes sor dian bonds, his n from the standpoint of the Ar ican investor, Liber Turning to ¢ cipal infiuer pectation of taxes when One result was t for Liberty 31;s year. This bond which 1 80 loses in at portion to the ¢ large income grade investme changed about balar for day Issue Weak is higher r: the Stock to rals York ness will show in the near fu of the new year At the sameo possible to Vestment stocks are going up 5 and at a time. (Copyright. 1025.) 10 potr SRAIN MARK‘ET RALLIES. Good Gains in Wheat Help Corn. Provisions Gain. Special T ateh CHIC. ment w wi to The Sta ober 17. today in wheat responsible for the lower opening. The close was % cents up for the day and 13 % cents hi for the w N December, 1.4713a1.47%; old, 1.45% 441%al.44%; old, Trade in corn was largely local in 96 103% 100% 98 111 109 91 99% 1044 1048 14 1095 108 4734 964 101% 101% 111% 99, 997 105 109 8415 8 93 9114 1044 4 101% 106% 101% Low. 8914 High. Low. 97% 95 108% 101% 97% 96 101% 93w 851 £3% 110% 106% 108% 106% £91 £0 100 95 104% 101% 103% 102 108% 1017% 110 106% 110% 106 Gl 100 94y 101% 98% 105 111 1034 1034 1017% 106 9914 898 844 954 107 89% 893 1094 81% 107 112% 9814 104 923% 96% 97 ket 91 9914 100% 1023 101 101 39% 874 85 93% 107 92% 025 898, 9214 98% 93 08% 915 79 81 90 88 £0% 78 764 881 73% T24% 2% 89% 65 99% 102% 0% 101% 109 934 100 821 8% 103 100% 87% 94 3% 634 98% 104 INDUSTRIAL AND MISCE 82 92 943 9534 103% 9915 96% 100 9934 100 FOREIGN. Argentina 65 A 1957.... Argentina 7s 1927 Austrian Govt bs Austria s £ 7s 1943 Belgium 6s 1955. Belglum 73%s 19 Belgium 8s 1941 Bordeaux 6s 19 Brazil 88 1941. .. Canada 5s 1962 Canada § Chile 85 1926. . Chile 8s 1941. Chile 85 1946. Govt Copenhagen 5% 19 Czechoslovakia 8s 1 Dutch East Indies 6s 1962, French Govt T 1941. French Govt 8s 1945 German 7s 194 Holland-American's £ Japanese 4s 1931 Japanese 6%48 1954.......... Jergens Utd Margarine s 1947. Lyons 651934 s Netherlands 6s 1972 Paris-Lyons-Med 6s 1958 Queensland 6s 1947. Queensland 7s 1941. . Rio de Janeiro 8s 1946 Sao Paulo, State of, 831 Seine, Dept of, 7s Serbs Crotes Slovenes 8s Sweden 6s 1939. . Swiss Blas 1946.. United Kingdom 5% s 1937 Amer Agri Chemical 7%s 1941. Amer Smelt & Ref 1st 53 1947. Amer Sugar Refining 6s 1937. Amer Tel & Tel cl tr 451929, Amer Tel & Tel cl tr 63 1946. . Anaconda Copper 63 1953. Anaconda Copper cv deb 78 ‘38. Armour & Co 4%481939........ Atlantic Reflning deb Ga 1937. Bell Tel (Pa) ref bs 1948. Bethlehem Steel p m 6s 1936 Bethlehem Steel s f 65 1943 Chile Copper 631932.... Cons Coal (Md) 1s ref 5 1950. . 4 Cuba Cane Sug cv Aeb 8s 1930. Detroit Edison ref os 1940. Dodee 65'41. : Emplre Fuel & Gas %8 Goodrich (B F) 6%s 1947 Goodyear Tire 8s 1981 Goodyear Tire 85 1941. 4 Humble Ofl & Ref 5%451932.. ¢ International Te : ChiM & 17 03 111 93 TN 108% 741y Indiana Steel b5 1962 . Inter Mer Marine 6s 1941 Inter Paper 5s B 1947 5srets..... Kelly-Springfleld 851931 ... Lackawanna Steel 6s 1950. . Liggett & Myers o8 1951 Manati Sugar s f 7l%s 1942 Midvale Steel 65 1936. . ... New England Tel bs 1952 {son 18t 6163 SELHG& P bs 184 ork Tel 4381939, New York Tel 6s 1941.. North American Edison 68 1952 Pacific Gas & Elec 53 194 Pacific Tel & Tel 68 19 Phiiadelphia Co ref Public Service s 1 Sinclair Oil 7s 1937, Skelly 6 q987 5 0L South Porto Rico Sugar 7s 19841 Union Bag & I'aper 6s D United Drug 6s 1944.. ... U S Rubber 15t & ref is 1947 U S Rubber 7148 1930 U S Steels £ 551963. Utah Power & Light 55 1944, Va-Carolina Chem s £ 7s 1947. Western Union Tel ¢ 45 1936 Wilson & Co 1st 68 1941 RAILROAD. Atchison gen 481998... .., Atlantic Coust Line Is s 1352 Balto & Ohio gold 43 1943.. .. Balto & Ohlo cv 4%s 1933 Balto & Ohlo ref Balto & Ohio 6s 1 B&OPIttsLE& W B & O Souths Brooklyn-Manhat s f 6s A 1968. Canadian Northern 6%s 1946, Canadian Pacific deb 4s. Central Pacific 48 1949, ... Chesapenke & Ohlo cv 4% 1930, Chesapeake & Ohlo gn 4% 1992, Chesapeake & Ohlo cv 58 1946. ., . Chicago & Alton 335 1950. . . . Chi B & Quincy 1st ref 55 1971. Chi & Eastern Iil gen 53 1951. Chi Great Western 4s 1959., ChiM & St Paul cv 4345 1932, Chi M & St Paul gen 4%s 1989, St Paul ref 436 2014 ChiM & St Paul cv 58 2014. Ch! & Northwestern 638 1536. Chicago Railways 6s 1927 Chi R 1 & Pacific ref 4s 1934, Chi Union S n 4%s 1964 Chl Unlon Station 6%s 1963. Chi & Western (nd con 481952 CCC&StLrefGsAls Cleveland Term 5%s 19 Colorado & Southern 4%s 1535 Cuba R R 551952 Delaware & Hudson & %s : Den & Rio Grande con 4s 1936, D. & R. G. West b3 1955, Detroit United 4%s 1932 Erle 1st con 45 1996.... Erle gen llen 45 1996 Erie cv 43 A 1953, Erie cv 45 D 1953, T TeT i I Grand Trunk s £ deb 6s 1 Grand Trunk 781940 Great Northern gen 534 s 1962, Great Northern gen 7s 1936. Hudson & Manhattan ref 5s 1967 Hudson & Manhattan adj bs 1957 4 Illinois Central 6% s 1934.. Inter Rapid Transit 55 1966 Inter Kapid Transit cv 7s 1 Inter & Great Nor adj 6s 1952 Kan C Ft Scott & M 4s 1936 Kansas City Southern 3s 1950. . . Kansas City Southern bs 1950, Lake Shore 4s 1928 Lake Shore 4s 1931 i Louls & Nush unified 45 1940 Louts & Nash st ref 5% Mil Elec Ry & Lt 1st ref bs MSLP&SSM 61931, Mo Kan & Tex 1st 45 1990 Mo Kan & Tex adj 65 1967 Mo Kan & Tex prin 5s A 1963, Missourl Pacific gen 4s 1975 N O Tex & Mex inc 6s 1935, New York Cent deb 45 1934 New York Cent ref imp 6s 2013 New York Central deb 6s 1936 Close. 96% 102 97 High. 964 102% 97 . 100% 100% 86% 109 107% 86% 99% 102% 102% 102 109 109% 49 98% 100% 102% 109% 103% 103% 100 104% 98 88 834 93 9814 116% United Kingdom 5%s51929....... 118% . 104% ANEOUS. 103% 984% 106% . 101% Div 5 cfs 50. 9744 101 100% 102'5 B6% 109% 107% 87 100 102% 102% 1024 100% 110 b1 99 101% 108 110 103% 103% 100% 104% 4944 8819 ¥3% 93% 99% 87 87 106% 80% 106 112% 9T% 103% 914 5% 105% 104 118% 104% 104 a8ty 107 102 97% 101 100% Low. 964 102% 96% 100% 864 108% 107% 88 9% 102% 102% 102 108% 108% 48% 954 100% 102% 109% 103 108 99% 103% 98 8715 83 92% 99 86 96% 102% 96% 100% 86% 109% 107% 864 100 102% 102% 102% 109% 109% 49 98l 10 % 103% 109% 103% 103 100% 104% 9944 7% 105 1104, 4o BY 1. A. FLEMING. There seems to be an impression in some sections of the country and with sonte interests that the Federal Re- serve system 13 of a benefit solely and alone to the national banks. This is entirely erroneous, as the system is, and has been, of great benefit to State banks and trust compantes time and again. This was especially the case in the matter of the (Government financing of Liberty bonds and Victory notes and also in rediscounting of assets of savings banks and trust companies, at a time when the demand for loans was 80 active that banks were com- pelled to rediscount to care for their customers’ demands. ‘While non-member banks cannot do rediscounting directly they obtain the privilege through their correspondent, a national bank, and all national banks are members of the system. The manner in which bankers per- sonally interested in savings institu- tions and trust companies are fighting for the extension of the charter of the reserve system s an evidence of edly selfish for the trust compan and savings banks to make a fizht against the enlarging of the powers of national banks to per- mit them to make morsgage loans and compete for share of this business, the chief source of loans in the larger cities, thereby also aiding the market for mortgage money. Real estate operators are in favor of this amendment being pushed through so that there may be more stability in the mortgage money rates. Want to Do Mortgage Business Bankers are asking in the proposed amendment to the reserve act for the right to make period of five years. P ihere is probubly more profit in these relatively long-time loans than in two and three year mory many of these cover installment p: ments, made with gre and regularity by s: laried employe: City bankers fiveyear farm not loans, but as competing with r will the e permit tying up titution’s the ater in farm lo any r funds \l estate loans for a | This changed nd_Electric > active er of the en- . the common making the advance, with reaction to all 9,400 shares have been against 6572 for the r. The preferred up to 6.554 shares inst 791 | sensational 1681;. In traded ir ng of 84, as active and Mergenth from 157 Lanston ha { points higher has been st to 194 in the pasf Action in H Even more been ma ! some ser i | withs It in some bank stocks to w ose inte - gilt-edged nor teh their notably in i Security avings and al and National, while practi bank stocks have nd Tr Trust eral gains Columbia National's sational from | Prices Trading Also Sharp Advances. tomers’ rooms are jammed to stand- ing room only and order clerks in rooms have all they can do to book and care for the business coming in. Traders are not inclined to take profits when the list is acting so strongly and yet there Is some profit taking, followed usually by re-entry into market. The trading list is growing by leaps and bounds, so to are traders and the end of the great- est bull market ever known is not yet. STOCKS N CRASH AS MARKET ENDS Sudden Break Hits Liveliest Saturday Trading in Past 20 Years. By the Associated Press. NEW YORK, October den outburst of bear profittaking swept over today's stock market after an initiul display of strength, carrying prices down 2 to 10 points from their early highs Total sales approximated 1,500,000 shares, making it the most active half-holiday market nearly 20 years. Motors Again Leaders. The wildest speculation again took place in the motor stocks. Hudson, which opened 2 points higher at 106, a new top, broke to 96 and the rallied feebly. General Motors at- tuined new maxtmum price at 13 and then collapsed to 126%. Yellow Truck broke from 40% to 851. Net declines of 2 to nearly 8 points also took place in Chrysler, Dodge Bros A, Fisher Body and Studebaker. United teel common wus bid up to or within about u point of the vear's high and then broke below 5. American Can closed 3 points lower ut Pont showed u points gt 1981, points above that Reactlon Not Due to News. r g in the day's for the reaction, Ny accepted as the speculative ude re d there the credit 17.—A sud- selling _and in vorable over ned strength of New York which closed 2 points higher . or within @ fraction of the s high, was or the outstand features gains on e re d by Amer Razor, Continental In hman's Bakery, Postum attuck Mercantile Shares Tumble. ile shares were hard hit by of McCrory B ra net Co. high of 3 Net points were Macy. Manhattan fonal Cloak and Suit, Sears and Woolworth £ in the foreign with exchanges fluctuations | Demand s but Frenct wer around in lire ruled strong but moderate reces ns took place in the Scandinavian tes BETTER TONE IN STEEL. More Stable as Orders Increases. () —T} 204.404 tons in un f the Steel ed with evidences d gen buying st of the month, caused of increased confidence in th Volume of nd forward offers were small owing to the more acute fuel situation, de- spite larger foreign offers. Scrap steel was more active and firmer. Copper was steadier. FOREIGN EXCHANGE. YORK, October 17 hanges steady Great L 484 demand, demand, 4.04; Demand: Belgium, 80: Holland, 40.14 Sweden, land el . 2.96; Jugoslavi; um Brazil, 1 Montr BALTIMORE I.IVE STOCK. BALTIMORE, Md., October 17 (Spe ).—The general live cattle market and shows little change m last week under mod- both on the wharf and ards. Demand generally, -, but centered on cattle of first quality, there being very little de- mand for fommon to ordinary stock breadth the volume to dimensions unequaled since the riotous mar- kets of 1918, pushed all other finan- clal developments this week into relative obscurity. Trading was featured more by the enormous daily transactions and the violence of fluctuations than by any sustained movement of prices. Waves of bullish en- thuslasm repeatedly swept over the :‘nnlrkel. but were difficult to con- rol. : On top of a frenzied scramble for the motor shares United States Steel and General Motors headed the forward procession, but an on- slaught of profit taking and bear selling caused a quick collapse in prices at the end of the week. ———e COTTON REPORT OUT. Census Bureau Reports on Cotton- seed Supplies. Cotton seed, crushed, during the| two-month period August 1 to Septem- | ber 30 totals 597,242 tons, compared | with 377,377 tons for the same perfod | a year ago, and cotton seed on hand at mills September 30 totaled 776,017 tons, compared with 390,049 tons on | that date a year ago, the Census Bu- | reau yesterday announced. 1 Linters produced 116,583 bales, compared with 70,178 a year ago, and on hand 49,961 bales, compared with | 65,929 a year ago. Exports of cotton-seed products dur- | ing the two-month period were: Crude | ofl, 925311 pounds, compared with | 741,785 a year ago: refined oll, 5,410,- 672 pounds, compared with 1,531,765; cake and meal, 31,057 tons, compared with 17,398, and linters, 4,520 bales, compared with 9,562. CHICAGO BUTTER PRICES. CHICAGO, October 17 (#).—Butter | higher; receipts, 8,914 tubs; cresmery | extras, [03;; standards. 4 extra firsts, 4714249; firsts, 45a4632: seconds, 43244, Eges changed; receipts 4.054 cases WE FINANCE —all classes of Income-productug propert} Large Loans a Specialty Current int. rate and commission. Higbie & Richardson, Inc. 816 15th St. N.W. Money to Loan Secured by firet deed of trust on real estate. | Prevalling iuterest aud commission, Joseph I. Weller W R “Suppose You Have a Fire Tonight!” WM. H. KYLE ns—Insurance, Room 21, 1410 G St. N.W. Phone Main 6193 15t and Zod Trust Notes For Sale How lon d/a‘. Fl ori Z 1418 Ege St. NW. Main 5904 QUICK LOANS On Your Real Estate Equity $100 to $5,000 No Waiting—Courteous Service District Loan Procurement Co. 1417 F St. N.W. M. 4438 Branch Office: Potomac Bunk Bide. Wisconsin Ave. M St W. 1021 at % Oven Evenings 7 to 9 INVESTORS —interested in the purchase of SECOND or FIRST TRUST Notes are invited to Inspect my offerings. WILLIAM H. KYLE Room 21, 1410 G St. N.W. M. 6193. i ! TRUST 6 1/ 2 % NOTES GUARANTEED Real Estate FIRST Mortgage & Guar- anty Corporation 26 Jackson Place N.W. Guarantees its first trust notes as to payment of in- terest when due and pr cipal at maturity of note Denominations $100 $500 $1,000 Resources Over $2,500,000 L.E.BREUNINGER, President We offer a limited number of choice 7% First Mortgage Notes secured on northwest residential properties . 0’'Donnell, Mgr. Department, Main 9080 Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 SYCHOLOGY oF THE STOCK MARKET A93pagecloth bound book written ding financial autherity. many scientific facts of great value to investers and traders. Compiimentary copy furn: wh. +d supoly laste Ask for R. 512 Richard D. Wyckoff Analytical Staff, lne. 42 Broudwar New York Have You Got a HundredDollars? vou had vou kept ing for ques- see how much by not in- n our FIRST MORTGAGE NOTES a chance to Main 2345 will the Baom last ? This man knows! Here is Roger W. Babson’s opinion—in Forbes Magagzine, October 15th issue be sought eagerly. Get your copy of Forbes early. Mr. Babson has studied every pre- vious American “boom.” He is the best informed man in this country today on “booms.” That is why B. C. Forbes, editor of Forbes Magazine, is extremely gratified to present this remarkable analysis of Florida and her future. It is a subject of burning interest. It is on everyone’s lips today. Isthe Florida “boom” really just a “bub- ble”? Or is it a sound expansion — speeded up by modern methods? We hear much of large scale spec- ulation and overnight profits. But what of Florida’s more solid resources and industries? What of permanent home TODAY Forbes—the most progressive Magazine of Business Otherarticlesof timelyinterestin thisissuet “What the Washington Traffic Survey Reveals.” “How Busy Business Men Can Keep Fit.” “New Uses for Gas in Industry.” “How Stocks Have Soared - What A bout Business™ —by B. C. Forbes. In every issue of Forbes vou will find:— Opportunities for investors—building and mortgage survey—digest of corporation news — section dcvoted to new moves in business—editorial comment on current questions—news of public utilities—new industrial methods—Wall Street pointers —and other features. The increasing popularity of Forbes is exceeding all predic- NYChi &St Lalys 74 New Haven deb 43 1957, ... NYNH&H cvdeb 6s 1948, N Y West & Boston 43%s 1546 Norfolk & Western con 4s 1996. Norfolk & Western cv 63 1929 Northedn Pacific 3s 1947. 3 Northern Pacific 48 1997 4 Northern Pacific ref imp & Ore Short Line ref 4s 1008, -0 *7 Ore-Wash Ist ref 4s 1961 . , Pennsylvania gen 434s 195 Pennsylvania gen 5s 1963 Pennsylvania 63 s 1936, Peoria & Eastern Inc 4s 1990 Pere Marquette Ist 5s 1950 DS era 4 91 Reading gen 45 1997. . . higher, ribs 25 cents off R R LY i 1, cents lower. £ Rio Grande Western cit 4s 19 RIATK&L 43451934, . . StLIM&SR&G 45 1933, St L &San Fran prin 4s A 1950 St L & San Fran pr In 5s 1960 St L& San Fran 53s B 1942 tions. Every month sets a new mark in subscriptions and news- stand sales. Business executives are finding Forbes to be rich with facts and comments on leading questions, and an authoritative guide always. If you are not now a regular reader of Forbes, the coupon be- low will be a convenience. on the newsstands Quotations today at Light street ' C of October J | wharf—Beef cattle, first qua 9 to ) pound: common to medium, b to § pound. Bull to quality, 4 to & pound. Cows. choice to fancy. 4 to 6 pound: common to fair, 2 to 3 pound. | Oxen, s to quality, 4 to 6 1pund. Milk cows, choice to fancy, head, 3.00; common to fa character, and the trend of prices was influenced by the action of wheat. At the close prices were lsaly cent up for the day and %a% for the w. December, 76142763 ; May, 80 Country sold a little corn to overnight. The wet weather was favorable for husking. Oats showed little change, and prices moved within a narrow range. Closing prices were unchanged to 1% cent up for the day and 14al3% lower for the week. December, 39 May, 4414, Provisi tional from from 285 3 and Trust from 298 to 410 to mmercial from 1130 to 195, with increased trading in | all the issues named Some th favoritte banking wre pr: ¥ certain to con vising scale of prie s concentrate in st Patents, Etc. becoming a matter of good v< to eliminate the old ill. etc., from corporation assets. the figures set might total al- the corporation building? What will be the future returns to investors? If you want an authorita- tive answer, read this article bythe well-knownpresident of the Babson Statistical Organization. It is invalu- able information and will 340 Lo Riggs from 15th Forbes Maj zine may be fainedatimportant newsstands in_all the larger citie: Avoid being disap- pointed by going to your news dealer early. ordinary to medium, pound, 10 to 1 rough and common, pound, 6 to mall culls, pound, 6 to 8 chofce, pound, 5 to 6; old 3 to 4; common, 2 to 3; lambs, 14 to 15; fair to good. common. thin, 8 to 10. s, straight., 12 to 13; sows, 10 to nd boars, 5 to 7: live pigs, oats, 10 to 12. Exit Good Wil It is form these time item of » statements « was when this account nything and wway with it Mergenthaler has practically elim- inated it. Lanston long showing over 9% s were hi and bellies 1 MERGER INTEREST GROWS | rinst NEW YORK DAIBY_PRICES. \EW YORK, October 17 (#).—Grow- erest is manifested in the finan- over the eventual dispo. sition of the St. Louis-San Francisco Railway in the merger program for Southwestern carriers. Although the *Frisco is the largest of the South. western roads available for cons tion, it has failed to take the initiative in merger moves, while the smallest road In that territory, the K City Southern has outlined p head a system including the * ouis Southwestern, £ als are reported ready to oppose this step, but experts be- lieve that soomer or later all four | roads will be brought together under the general grouping plan tentatively outlined by the Interstate Commerce Commission, ¥ StL & San Fran ad) 6s 1956 .St L & San Fran inc 6s 1960 Seaboard Alr Line ret 45 1959 Seaboard Air Line ad; bs 1949, Seaboard Air Line con 68 1945 Southern Pacific cv 4s 1929, , . Southern Pacific col 45 1949 Southern Pacific ref 48 1955. Southern Ry gen 43 1966 Southern Ry 1st bs 1994 Southern Ry dev 6%s 19 i Third Ave ad) 53 1960, . Union Pacific 1st 4s 1947, Union Pacific cv 48 1927 Virginlan Ry 1st 63 1963, ‘Wabash 1st bs 1939, Wabash 5% '75 Western Maryl 90% Western Pacific bs 1 £4,000,000 charged to it, has started the wipe-out process and hopes before many years to have it entirely wiped out. The Woolworth Company, § and 10 cent stores, has set a pace for the rest of corporationdom by wiping out $40,- 000,000 credit of good will, etc., in four years. Wall Street Still Going. Weeks ago conservative brokers admitted that the strength and broadness of the New York stock mar- ket must be near zenith; that it would not keep up the pace month after month much longer. They were advising and urging the taking of profits. But the market is bigger, more active and stronger than ever. , Cus- NEW YORK, October 17 (#).—But- ter unsettled; receipts, 11,363 tubs. Creamery, higher than extras, 52}a 53; do., extras, 92; score, 52. Eggs, steady; receipts, 9,431 cases; fresh gathered firsts, storage, 34a 3415; fresh gathered seconds and poorer storage, 30a33; Pacific Coast whites, extras, 71%a74%; do., extra firsts, 65%a7l. WEEKLY BANK REPORT. NEW YORK, October 17 (#).—The actual condition of clearing house banks and trust companies for the week (flve days) shows excess reserve of $10,429,950. This is a decrease in reserve of $10,024,040, compared with last week, when excess reserve 'of $20,454,790° was reported. FOR BUSY BUSINESS MEN Edited by B. C. Forbes Published 1st and 15th of the month Member of the Audit Bureau of Circulations e —— Tear off, £ill in and mail co— COUPON FORBES MAGAZINE, 120 Fifth Avenue, New York, N. Y. I don’t want to miss this interesting article on Florida—or the other good things. O Enclosed is $1. Send me the next EIGHT issues of FORBES, under your special offer. O Please enter my subscription for FORBES for one year,/and bill me ($5.00 per year). 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