Evening Star Newspaper, September 19, 1926, Page 98

FINANCIA INTEREST CENTERS ON FOREIGN BONDS Domestic List Practically Dead Level of Prices. 1021 1039 intai “-ir! Maintains | e | 1084 | 9% [ 101% | 88y BY BYRON SELLER. Special Dispatch to The Star. NEW YORK. September 18.—In- vestment activity this week has been confined for the most part to forelgn obligations. Domestic fixed interest rate bearing securities have maintain. | ed practically a dead level of prices. There has been a slight shading of | quotations in response to indications of higher money, but it was very slight, not enough to establish a trend. There seems to be no douht that for the present demand for funds for busi- ness purposes is going to increase and that money rates will work moderately higher. The fact, then, that bonds have been | 8o stable has a significance as vet not generally recognized. The inference | is that no disturBance of current | values in high-grade securities is to be looked for and that investors are convinced that once the seasonal de- mand for funds is past money will become easier again and bonds re. sume the slow upward movement which has been in effect since the World War. Short-Time Fluctuations. Of course this is a long look ahead. Traders are not interested in what will happen next January or next year. They are concerned only with the short-time fluctuations. Such bond buyers are holding off and this makes for the current dullness in transac tions. On the other hand, genuine investors, those whose chief aim is to keep their funds emploved, are ot willing to sacrifice their holdings and so from ths offering as well as | 00 from the buying side business is slow. | ‘The probability is that the bondholder | 94 who iooks to the longer range of | gt prices is perfectly correct in not |11, | “o3u 928 924 | 106 105% 119 107% 104% 997 107% 103% 7% troubling himself about the current minor price changes. All this refers to seasoned honds. The case tith new issues is a lml-‘mo"' different. Here the market has begun | jo5 to discriminate rather sharply. There | 106y is no longer the eager demand of the | 111 late Spring and early Summer for|121% the lowest vielding of these new offer- | 102t ings. Unless it is an exceptional in-| 104% stance, any new investment priced 1% to return the buver less than 5 per | 954 cent Is not easy to sell. 110 Price Dropped a Point. 109 The price of one utility issue in|jgoi this class brought out on a lower | 193 than 5 per cent basis was actually | 93y dropped a point by the bankers them- | 102 selves when they discovered the situ- | 116% ation. Doubtless this is a temporary | 104% condition and eventually utilities will | 99 be able to finance themselves on just 108% as favorable terms as the hailroads of equal strength. but for the present investment sentiment has not been educated quite up to that point. While domestic bonds have been hesitating between these opposing forces, foreign dollar loans have heen active and strong and many of them have been making new, high prices for the vear and a few the hest prices since they were put upon the market. This has been the real feature of the day-to-day transactions. Two causes have heen operating to bring this about. One of them was | the high vields all these forelgn bonds offer, returns which are no longer possible in the domestic list. The other is the growing belief that | affairs abroad are on the mend. This belief may not be well founded. but that is not the point. The investor | 18 more confident about the outlook even for those countries the depre- ciated currencies of which have been the great financial problem of Europe. French bonds, for instance, have sold this week higher than at any other time this year. There has | been no_ corresponding improvement in French finances nor in the French | franc. It is more a change in the state of mind of the investors. Japanese Bonds High. Take another example, that of Jap- anese bonds. For months these have dragged along the market with a minimum of price range. This week, however, they. too, were bid up to a new high price. In the case of Japan the factor that held the market for the bonds back was doubt, not about finan: stability, but about political relations. That, too, has been put in the background, giving _another illustration of a changed mental attitude on the part of the investor. Coming to German bonds, the best | illustration of the favor with which these obligations are now received is in the reception accorded to the new state of Prussla fssue offered this week. The price at which this latest German obligation was marketed was on a basis to return the buver less than on any other new German offer- ing since the war. Of course, the German government 7s, the interna tional loan designed to put the Dawes’ plan into operation. sell now to re turn the investor less than he is al lowed on these new Prussian bonds but the German have advanced from 92 to 105, which is the prevail- ing quotation, a gain of 13 points. They probably would sell higher were it not for the fact that the call price is also 105. All this does not alter the fact that it ‘s easier to distribute a German | bond in the American markef today | than at any time since financing for German governmental divisions and industries was resumed here after the war. 94% 1% 95 103% 901y | s8u | 928 WHEAT PRICES BREAK | i ON WEATHER REPORT 3 | 1020 | 187 62 984 3 By the Assoclated Prese | CHICAGO, September 18.—All grain averaged lower in price today. Heavy | 7qy selling of wheat. induced by more | goy favorable weather conditions in the | 54, n northwest and a forecast of “goi generally fair over the three prov-| g7 inel in the pits and values broke sharply. | “gg Corn and oats followed in the wake !, o7 of wheat. At the finish wheat showed g5 & net loss of 5 to 1lx cents, corn was g5 down 113 to 13%. oats were off Lad | 153y to % and provisions 10 to 35 lower. it Although sentiment was bearish “aqy traders failed to press the selling side | o33 on the declines. There was short “g¢ govering and scattered buving at gy times, however. which acted as a gheck on the market. Little export demand was in evidence at the sea-| 7g . but one report said charters |goq ad been let for abhout 2,000,000 3oy ushels of wheat. of which 400.000 “gqy Bushels were at the gulf. The trade g3 Jooks for a liberal reduction in the 731 domestic visible supply of Monday. the | g8 @gures probaecy reaching 2,000,000 973 bushels. o There was little general demand 88\ for corn. aside from week end profit = @z taking by shorts. Much long corn 824 was unloaded on the decline. Warmer 104% weather of the past few days has 113 ripened corn rapidly in many sections. = 81% Oats averaged somewhat lower with = 94% other grains but failed to reflect the 997 tull decline scored in corn 10115 Provisions were lower in line with 103% hog values and the weakness in 98% grains. < | 69 —_—————| ¥ Dther Financial News on Page 11| *% o revealed a lack of buving power | jagio- ——1026—\ High. Low. v. 101-20 99-19 Liberty 3% s 1932-47 102.26 10121 Liberty 15t 4% s 193: 100-31 100-138 Liberty 2d 4% 8. BONDS. Righ. 01+ 10 101-15 100-26 Liberty 3d 4%s 1 103-7 108-20 106-9 Treasury 4%s 1947-62.... 925— 926—— Tow. fiien. Tow. 101-29 Liberty 4th 4% s 1933-38.. 102-9 107+ FOREIGN. 100% 96% Argentina 6s A-95: 92% 102% 103% 984 101% 1094 86 100 108% 940 97U 97% 100 107% B80T 92 634 804 8l 1034% 101 112% 122 103 106% 994 57l 100% Argent; 96% Australian Govt 81% Bordeaux 6s 1934. 100% Brazil 8s 1941. 102% Canada bs 1952 101% Canada 5%s 1929. 100% Chile 8s 1926 107% Chile 8s 1941 103% Dutch East Indies 6s 1962 92% French Govt 7%s 1941. 984 French Govt 88 1945 101% German 75 1949. .. 4 78% Holland-American s f 65 1947 881y Ttaly 7s, 1951.... 92% Japanese 635 1954. 100 Jergens Utd Margarine 63 1947 106% Netherlands 6s 1972 73% Paris-Lyon Med 68 1 8215 Poland 8, 1950. .. 104% Queensiand 6s 1947. 110% Queensland 7s 1941. ... 97% Rlo de Janeiro 8s 1946 102% Sao Paulo, State of, 8s 1936 86 Seine, Dept of, 7s. 87 Serbes, Crotes, Slovenes 85 1962.. 108% Sweden 65 1939. 102% Swiss 5%81946...... 117% United Kingdom 5%s 1929. 103% United Kingdom 518 1927. e INDUSTRIAL AND-MISCELLANEOUS. 108% Amer Agri Chemical 745 1941. 99 Amer Smelt & Ref 1st 55 1947 107 Amer Smelt 15t 6s1942. ... 102% Amer Sugar Refining 6s 1937 967 Amer Tel & Tel cl tr 45 1929 100% Amer Tel & Tel cl tr 65 1946 101% Anaconda Copper 65 1953 10212 Anaconda Copper cv deb 7s 90% Armour & Co 4% s 1930. .. 99% Atlantic Refining deb 58 1937. . 100% Bell Tei (Pa) ref 6s 1948 Bethlehem Steel p m 58 193 Bethiehem Steel s £ 65 1943 Chile Copper 68 1932 Cons Coal (Md) 1st ref 55 1950 Cuba Cane Sug cv deb 85 1930 Detroit Edison ref s 1940. Dodge 68 1941. : Emplre Fuel & Goodrich (B F) 618 1947 Goodyear Tire 85 1931 Goodyear Tire 85 1941 Humble Oll & Ref 5345 1932. Indiana Steel 5s 1952. .. Inter Mer Marine 65 1941. Inter Paper 58 B 1947..... International Tel 55 ret Kelly-Springfield 8s 1931 Lackawanna Steel 68 1250. Liggett & Myers 5s 1951. Manat! Sugar 8 £ 73 s 194; Midvale Steel 58 1936. New England Tel 55 1 { Y Edison 15t 6% 1941. NYGasELHG&P 55 1948. N Y Tel 4145 1939, N Y Tel 65 1941. . North American Edlson 6s 1952. Pacific Gas & Elec 58 1942 Pacific Tel & Tel 58 1952 Philadelphia Co ref 6s 1944 Public Service 65 1944. ... Sinclair O11 78 1937. Skelly 6138 1927 South Porto Rico United Drug 65 1944...... U'S Rubber 15t & ref 58 1947. U S Rubber 7138 1930. U S Steel s f 55 1963 Utah Power & Light 55 194 Va-Carolina Chem s f 75 1947 Westgrn Union Tel 615 1936 Wilson & Co 151 68 1941. .. RAILROAD. Atchison gen 4s 1935. . Atlantic Coast Line Ist 45 1952.... Balto & Ohio gold 4s 1943 . Balto & Ohio cv 4%48 1933 : Balto & Ohio ref 8 1996. Baito & Ohio 65 1929.. . B&OPitts LE& W Va 4s 1941, B & O Southwestern Div 5 cfs 50 Brooklyn Manhat s f 6s A 1968 Canadian Northern 6%s 1946 Canadian Pacific deb 4s Central Pacific 45 1949. .. Chesapeake & Ohio cv 41481930... 9 Chesapeake & Ohio gen 4148 1992.. Chesapeake & Ohio cv 55 1946. 106 Chicago & Alton 3145 1950. .. Chi B & Quincy 1st ref 5s 1971. Chi & Eastern 111 gen 58 1951 Chi Gredt Western 4s 1969. . Chi M & St Paul cv 4145 1932 Chi M & St Paul gen 435 1989, Chi M & St Paul ref 4145 2014 Chi M & St.Paul cv 58 2014. Chi & Northwestern 63 19 Chicago RaHways 58 1927..... Chi R 1& Pacific ref 45 1934. ... Chi Union Station 4138 1964. 116% Chi Union Station 6%s 1963 %1 Chi& Western Ind con 4s 1952. 102h C C C & St L ref 65 A 1929, 105% Cleveiand Term 5145 1972 95% Colorado & Southern 4345 1935 88% Cuba R R 53 1952 1027 Delaware & Hudson 5%s 1937. 86% Den & Rio Grande con 48 1936. D& R G West 55 1955 Detroit United 4%s 193; Erfe 1st con 48 1996. Erie gen lien 45 1996 Erie cv 45 A 1953. Eriecy 4s D 1953 FlaEC387 Grand Trunk s f deb Grand Trunk 7s 1940 Great Northern gen 5145 1952. Great Northern gen 7s 1936. . Hudeon & Manhattan ref 5s 195 Hudson & Manhattan adj 58 1957 1llinois Central 5%5 1934 Inter Rapid Transit 55 1 Inter Rapid Transit cv 78 19 Inter & Great Nor ad) 65 1952 Kan C Ft Scott & M 45 1938 Kansas City Southern 3s 1950. Kansas City oSuthern 5s 1950..... Lake Shore 48 1928.... Lake Shore 45 1931.... Louls & Nash unified 45 1940 Mil Elec Ry & Lt 1st ref 5 61. MStP&SSM6s 1931, Mo Kan & Tex 1st 4s 1990 Mo Kan & Tex a!j Mo Kan & Tex pr I & Missouri Pacific gen 48 1975. N O Tex & Mex inc 55 1935. New York Cent deb 45 1934 New York Cent ref imp 58 2013 New York Central deb 63 1935. New Haven deb 45 1957...... \ H & H cv deb 65 1948 Y Ry 68 191 Y West & Boston 4145 1946 orfolk & Western con 4s 1996 orfoik & Western cv 6s 1929 orthern Pacific 3s 19 orthern Pacific 45 1997. Northern Pacific ref imp 6s 2047 Ore Short Line ref 45 1929. Ore Short Line gtd 65 1946. Ore-Wash 1st ref 4s 1961 Pennsylvania gen 4% s 1965. Pennsylvania gen 58 1968 Pennsyivania 6145 1936 Peoria & Fastern inc 4s 1990 Pere Marquette 1st 55 1950 Reading 4% Rio Grande RIATK& L 41451934, SILIM&SR&G4s1933..... StL & San Fran prin 4s A 1950, St L & San Fran pr In 5s 1950 4 St L & San Fran 5%s B 1942, St L & San Fran adj 6s 1956 St L & San Fran inc 65 1960, Seaboard Air Line ref 45 1959 ... Seaboard Alr Line adj 5s 194 Seaboard Air Line con 6s 1945. Southern Pacific cv 4s 1929 Southern Pacific col 45 1949 Southern Pacific ref 4s 1955, Southern Ry gen 4s 195 Southern Ry 1st 55 1994. Southern Ry dev 6155 1956 Third Ave adj 5s 1960. Unlon Pacific 1st 4s 1947, Unfon Facific cv 45 1927. Virginian Ry 1st 58 1962, Wabash 1st 55 1939 Wabash § Western Maryland 4s 957 Western Pacific 5s 1 ( 83% West Shore 1s! = bl 102% i3 64ty 48l 90% 48% 47l 111% 65% 2ty 94t 651936, 1034 % 4 100 11 9 2! ' BOND SUMMARY FOR THE WEEK | ——1925—— | High. Low. 10129 99-15 110230 1011 10119 100-16 101-1 101-20 10810 104-13 Low. Last. Yield. 100-13 3 42 5 101-26 391 100-19 884 27 1047 100% 108% 104 98% 1024 103% 99% 99% 83 8F% 10 1027 $91 107-18 874 Ly BY EDWARD C. STONE. 88 | Washington bankers, as well as 104% | those from New York and all over the 104% | country, expect some lively discus- 101% | sions on branch banking at the com- 100% |ing Los Angeles convention, the issue 108 | centering around the McFadden bill, 108% | which has twice failed of passage in 37% | Congress and which will bob up again 99% |at the next session. As all bankers 102% |are aware, the Hull amendment is, 104% | what caused the split, the Senate and 1054 | House being unable to agree on this 103% | feature of the bill. Two years ago 96% |the American Bankers' Association 105 |indorsed the McFadden bill, but since 105 [that time those favoring and those op- 854 | posing branch’ banking appear to have 92% | grown wider and wider apart in their 98% |views. Branch banking is being 107 |more discussed in advance than any other question and intense interest is already being shown in what action may be taken at the convention. Tn discussing the measure recently, Chairman McFadden of the House currency committee, author of ' the bill, declared that the present bill. while drafted in extremely technical terms, as must be the case in all financial legislation, contains no_ pro- vision unfair to any State bank or trust company, nor does it give to na- tional banks any advantage over the State banks. It i based upon the policy of “live and let live"—its un- derlying ideal being a high standard of banking for the United States based upon best banking practices de- veloped under both national and State laws. McFadden Urges Agreement. “The only controversial features of the bill," Chairman McFadden added, “are the provisions relating to branch banking. This Is a subject of violent 3 controversy in many States and it 106% | appears almost impossible to draft a 82 | formula which will satisfy every 97% group. There are those who object 108 | 1o branch hanking in any form: there 95% | are thoke who- favor home city branch 103 | banking hut object to any form of 105% | hranch banking on the outside of the 110% | home city of the parent bank: there 120 |are those who favor home city branch 102% | hanking not only within the city 108 | proper, but also in the contiguous 9% | quburbs thereof, but who also dbject 96% | {5 State-wide branch banking. There 109% | are those who favor State-wide branch 105% | hanking but who object to national {or interstate branch banking: and 101 | {here are those who favor branch 9% | hanking in its widest form, such as 96% | jq in vogue in Canada and European 101% | countries.” ‘ 116% | [n all his recent addresses touching 106% | pjg bill, the author has urged hankers | to agree on what they consider for the 108% | pegt interests of all concerned and let 108% | thejr Senators and Representatives % know just what legislation they hope 100% | will he enacted. He insists that some 104% | qefinite agreement among bankers is 108' | most essential to keep the measure's 9% | passage from being blocked a third 132 | time. 106%| Ritchle Would Arouse Bankers. 93% | Gov. Albert C. Ritchie declares that 107% | bankers are keeping too aloof from 105 | politics and are not doing their share 96% | in helping settle the bafing industrial 108% | and social problems that have devel- 112 | oped in the past two decades and 98% | which most vitally concern the bank- ers of the country. He concludes an artie appearing in Trust Companies | Magazine as follows: “The banker's own self-Interest re- quires a higher interest in political institutions. Political consciousness is | not an abstraction. It is a living. flow- ing spring that must not be allowed |to dry up or to be contaminated. Bankers are more interested in the % sound administration of government 84% | than perhaps any other element in the 81 |gtate. Their ultimate security rests in 98% | ceeing that this interest is not a selfish %6 | one. but is one for the common good. Give to it some measure at least of | the character and thought and energy bankers give to banking. | "The life and the stability of busi- 2| ness is dependent upon a virile. intel- ligent democracy. which will accord to business the self-governing rights | and freedom which, so long as they “108% 103% 98 102% | 103% 106% 90% 100% 1024 9% 100% BRANCH BANKING FIGHT SEEN . AT LOS ANGELES CONVENTION s McFadden Urges Unity on Measure. Ritchie Would Awaken Bankers—Teller Appointed Bank Examiner. are not abused, American political in- stitutions intended it should have; and in the crusade for thate American bankers must both lead and serve. Bankers’ Plan for, Insignia. Howard Moran, president of the District Bankers’ Association, has asked John Poole, head of the Federal- American Bank, with Harry V. | Haynes of the Farmers and Mechanics Bank, to form a committee of which Mr. Poole will act as chairman, to decide on some proper insignia for the association. It is felt that ‘those who have served the association long and well should have an insignia to indicate this fact and it is also con- sidered that delegates to the national convention should wear something definitely identifying them with the local organization. Some kind of badge no doubt will be decided upon in the near future. Institute Program Ready. The program for Wednesday’s open- ing night of Washington Chapter, American Institute of Banking, at the Willard, was announced yesterday. The Clearing House Association prizes for the three ranking highest in the banking fundamentals class last vear will be awarded by John Poole for the association. The Charles J. Bell prize awarded the three students taking highest rank in the standard banking course will be awarded by Mr. Bell himself. Vice President Robert V. Fleming of the District Bankers' Asso- clation will speak briefly as will E. J. McQuade, representing the institute’s alumni association. The largest class ever graduated more than 100 students—will receive their certificates at this time, these being presented by T. Hunton Leith, chapter president. Paul B. Detwiler, head of the national organization, will be honor guest of the evening, dancing being scheduled to follow the regular program. Enrollment for this vear's classes takes place this week at the headquarters on F street. Facts About Those Millionaires. Local bankers express surprise that the National Capital has 86 million- aires, as reported by Joseph S. Mc- Coy, Government actuary, a few days ago. They confess they did not think there were more than 80. One banker said he thought he could name most of them and headed the list with Sec- retary Mellon, adding that he thought the list of women should be led by Mrs. Henderson. But that was as far’ as he got, explaining that he did ¢ in what order he should name the oth ‘Another banker said he could name 50, but hesitated so much that he was lost after mentioning five. Just then one of Washington's expert bond salesmen came along, Who humorous- Iy remarked that he knew the whole 86, where they lived and what bonds they owned, but saying with regret that he was not in the lucky number. It is assumed that the group includes men in Congress and ‘others high in official life although they would natu- rally file their tax returns in their home States. At any rate nothing since “peep week” at the tax returns has aroused more discussion on the subject of individual wealth. Appointed Bank Examiner. Harold J. Seeley, formerly a note teller at the Federal American Na- tional Bank. has received appoint- ment as assistant bank examiner in the Second Federal Reserve District, with headquarters in New York City. Mr. Seeley is a graduate of Washing- ton Chapter. American Institute of Banking, and of the Jamestown, N. Y., High School. The board of directors of the Lin- coln National Bank has declared a special dividend of 2 per cent payable October first to stockholders of record September 20. The stock books will be closed from September 21 to 30. Willlam B. Hibbs of the firm of W. B. Hibbs Co., Is passing the week Sales. BONDS. $12,000—Ana. & Pot. River R. R. st 12,000—C. & P. Telephone lst 5s. 15,800—C. & P. Tel. i g 213.000—Capital Traction |7 5.000—City & Suburban Ry. st bs. 91,000—Georgetown Gas Lt. 1st 5s 23.000—Pot. Elec. Power 18t 58 193,000—Pot. Elec. Power Cons. 5s. | 8.300—Pot. Elec. Power Gen. & Ref. 57.200—Pot. Elec. Power Ref. 7s. 10,000—Wash., Alex. & Mt. Ver. 1st 38 4,000—Wash. Alex. & Mt. Ver. ctfs. 3.000—Wash., Balto, & Ana. 1st 58 106,000—Wash. Gas Light Gen'l 204.200—Wash. Gas Light 6s.... 201,000—Wash. Ry. & Elec. Cons 4g. 45.300—Wash. Ry. & Elec. Gen. & R 30.500—Dist. of Col. Paper Mfg. 1st 12.000—Southern BIdg. Co. 6158, 3.800—Wardman Park Hotel 6s. | Shares. STOCKS. 5,546—Capita! Traction. —Washington Gas —Wash. Ry. & Elec., 2 . Lllec. Power, pfd —Pot. Elec. Power, int. res 262—Commercial National Bank 104—District National Bank... 372—Federal-American National Ba 93—Liberty National Bank .. 10— Lincoln Natlonal Bank . 23— Metropolitan National Bank.. 307—Riggs Natlonal Bank.. 37—Second National Bank. 142—Washington National 403—Amer. Securlty & Trust 405—Continental Trust...... 90—Merchants’ Bank & Trust. 70—National Savings & Trust. —Union Trust _Washington Loan & Trust Sec. Sav. & Com’l —Seventh Street 30— Washington Mechanics . »__Corcoran Fire Insurance. Firemen's Fire Insurance 5—National Union . 2—Columbia. Title. 43—Real Estate Title 59—D. C. Paper Mfg., pfd 3,188—Lanston Monotype Merchants' Tfr. & Storag Mergenthaler Linotype.. ational Mtg. & Inv., pfd. & W. Steamboat. 1—Security Storage 40—Washington Market . 65—Federal Tfr. and Storage, pf 249 Peoples Drug Stores pfd. 1,242—Mer. Tfr. & Stg., pfd. Furnished by W. Up to and Including Friday, September 17, 1926. HE YEAR 1926 TO DATE ON THE WASH. INGTON STOCK EXCHANGE. B. Hibbs & Co. Orsn. High. bs. 6s 6s... 10415 701, 205 9014 107% 0_Farmers & Mechanics’ Nationai Bank nk. UNLISTED DEPARTMENT. | Shares. ISSUE. 146—Chapin-Sacks 8% pfd 4—Chapin-Sacks 7% pfd . 6—District Title Ins. 100—Miller Train Control 25—Raleigh Hotel Co . 6—Washington Title In Shdres. BAN! 103 190—Departmental Bank s 74 | 10—Northeast Savings Bank.... 994 10—North Capital Savings Bank 884 | Bales. ~ BOND! $1,000—Metropolitan Club 43s..... 014 102% Open. end at his country place near Lees- burg, Va, Assistant Cashler Harry E. Mer- cler of the Franklin National Bank has returned from a two weeks va- catibn spent in Philadelphia and At- lantic City. Eliot H. Thompeon of the Wash- ington Ioan & Trust Co. has just completed a new country home at Epping Forest, near Annapolis. S, COTTON DECLINES IN LATE DEALINGS Early Slump Followed by Rally, But Market Breaks in Final Trading. —— By the' Associated Press. NEW YORK, September 18.—An early decline in the cotton market to- day was followed by rallies on appre- hensions that the tropical storm ap- proaching Florida would cause rains in the South Atlantic States over Sunday, but the market broke again in late trading. December sold off from 16.42 to 16.25, new low ground for the movement, and closed at that figure, the general market closing barely steady at a net decline of 9 to 17 points. The opening was steady at u changed prices to a decline of points. Buying developed on the storm news, and relatively steady Liv- erpool cables, but Southern hedging was renewed, while there was further commissfon house liquidating. Prices soon showed net losses of | some 10 to 15 points, but then rallied on reports that the storm approach- ing the coast of Florida was gaining in intensity and that it was likely to cause rains in East Gulf and South Atlantic States. For a time the market showed con- siderable firmness, selling up to about sterday’s closing quotations, but at 16.24 for October and 16.52 for| January the advance was checked | by renewed liquidation combined’ with Southern and local selling. On the whole, it seemed 'as if the storm threat was more than offset by the trend toward increased estimates of the crop, and there were rumors of some large private crop figures in the late trading. One of these estimates was between 15,300,000 and 15,400,000 bales, while another was ahove 16,000,000, and while these rumors were not con- firmed, they appeared to have a sen- timental effect on the market. Octo- ber sold off to 16.05 and January to 16.34 in late trading and the close was at the lowest figures of the day. Private cables attributed the rela- | tive steady showing of Liverpool to spinners calling with Continental and Bombay buying and said hedge selling was lighter, The amount of cotton on shipboard awaiting clearance at the end of the week was estimated at 79,000 bales, against 57,000 last year. | DRY GOODS ARE QUIET. Prices Hold Steady—Jewish Holi- day Slows Up Some Markets. NEW YORK. September 18 (#). Cotton _cloths markets were quiet to- day. Prices held steady. Many of | the primary markets were' inactive, | OWing to the observance of a religious holiday. Rurlaps were quiet. Raw silk was firmer. Business continues seasonably good in wholesale and re- tail lines. . = A Scotsman is usually hetter at |! blending colors than an Englishman, according to a textile expert. $50,000 Business Life Insurance Age 35, $1,700 Annually Available to avoid sacrifice of assets and to replace capital. Premiums are returnable on demand in 20 years and are usu- ally charged ‘to the firm's in vestment account. Consultation at This Office or by Appointment George E. Keeler 1130 Investment Bldg. Cor. 15th and K N.W. Tel. Franklin 9193 . - Florida Properties List your Florida acreage, lots or city property with me.'fi fees or expenses whatever. Describe fully. State lowest cash price. Address Box 388-H Star Office We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of inter- est. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of Thirty-five Years insures your protection. Percy H. 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LOANS ON BUSINESS PROPERTIES Ample funds available for loans on office buildings, hotels, stores, apartment houses. We Invite Brokers' Applications WENMERSROS 809 15th St. N.W. Phone Main 9486 Securgd by fret deed of tryet on real estate. valli Commu aal We Wil Loan at 5} % | 713, 715 and 717 14th St. A Third of a Century Without a Loss PRIMITIVE, YET PERFECTED The security for your funds in our 6% FIRST MORTGAGES is of a primitively basic nature —Home. [t is a primary, es- sential “commodity”: it must be had. Therefore it is sound protection for investors. In ad- dition, the handling of your in- vestment in this manner through us has been perfected by our third of a century’s suc- cessful experience. B. F. SAUL CO. Main 2100 925 15th St. N.W.