Evening Star Newspaper, September 20, 1926, Page 27

FINANCIAL. COTTON 1S LOWER ON CROP REPORTS Talk of Increased Offerings From the South Also Bearish Factor. atedd Press YORK, September futures ope October, 16.09 ary, 1632 Ma May. 16.78. The market opened ba steady to- v at an advance of 3 points to a de- cline of T points, most months being lower in re - to relatively easy Liverpool e 10 belief that the volume of hedge outh was steadily in- pointing to an increase in the indi- cated crop. October broke to 15.93, net decline of 12 points, and new low zround for the movement, while Janu- ary sold off to 21, the general list Showing net losses of about yoints Dy the end of the first hour. Palk of ir sed Southern offering; 1 the private crop figure evidentiv m 3 et the tropical s during early trading. ate report estimated the c dition 551 and the indicated crop §15.000 bales, while another made the condi 5 and the indicated yield 15,201,000 bales. After the early Leen absorbed, the market rallied on the tre al storm threat, Decembe contracts selling up to 16.35, or 2. points ahove the low level of the morn ing and 10 points net higher. Demand seemed 1o be chiefly in the way of covering, however, with buying other- wise held in check by the private mid month reports showing an ine he crop indication on the The market was barely stes day December eased ¢ points from the best to 16 erul market showing net about 5 to 7 points. Reports that the tropical storm was working into Alabama Aury of covering in th noon. which sent pr December, or about 17 er. There was r torm news, but offerings ineres figure. and the marke several points under months about net 3 points higher hedge selling d, about the ge declines of ) to 16.4 this back un New Orleans Quotations. NEW ORLE September Cotton——Futures 11 :a.m. bids steady: ‘tober, 16.0%; December, 1 . an - rv. 16.34; March, 16.45 M 16.60 The cotton market opened h er to- day owing to favorable Liverpool ca- bles and storm news, first trades showing gains of 8 to 14 poims Prices improved after the opening but soon eased off on_ profes clling. Ogctober trading down to 1 Drecember to 16 and Janua 16.12 2 to & points under dav's close, »ntinued upward during the on the news that the trop- m had struck inland Octo- inced to 1612, December to and January to 16.3%. midsession prices eased off Liverpool Market. LIVERPOOL, September 2 Cotton—Spot, _quiet: prices t good middling, ; striet middling, low mid- middling middling, middling, including eipts. 2,000 hales, closed _quiet. 1000 Americ no American. September cember, 8.70; May. CALL MONEY FIRMER. NEW YORK Call money ruling rate, Toans firm: days, 4% prime mercantile collater months er, 41y mixed 16 NEW HAV ciall—Prices 10; power 410 crump's ving Fisher. Yale economist sht. 1 ptember reports. (Cony Washington Stock SALES, & r. Hs—S500 at Rws. & Elec. £ 10374, ot 2075 Washineton Gas Light—7 at 7 DU Paper pld—10 at R0 AFTER CALL tion 58—S1.500 at —Call loans. 5 and 6 per cent Bid and Asked Prices. BONDS. PUBLIC Flec. Pow. pfd.—2 Ca 101 M UTILITY Capital Traction R ity & Suburban 1st 5 K Hotel STOCKS. NATIONAL BANK = everyds American Carcoran i emen s National Ur TITLE INSURANCE Co Md MISCELLANEOUS - pfd rage © hants Tran & Storage Tt o Trans & 1 Mercd) Mergent Natl Mige ‘eoples Drug Stores 1 Anston Monotvis =tv Stor, W a-hington D= 12 to 15| had | i | .42 for | nts net high- | | i Toward | | Exchange | at 5 at 70. | { meaning of the tin | progre i | | guidance. | but THE EVENING NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, September A serles of conflicting price mo characterized trading on the Exchange today. For a time it looked as if the upward movement in the oil shares was getting definitely under way. But after prices had been bid up fractionally the usual profit-taking sales made their appearance and the market subsequently turned dull. Standard of New York and Standard of Indiana held for most of the ses- sion at prices prevailing at the Satur- day final, but the upward movement kept on in Red Bank, carrying the price up another 2 points at one time. Accompanying the buying in this stock was the report that the com- pany had brought in a well in Wood- son Fields, Throckmorton County, Tex., flowing 200 barrels of oil daily and 1,000,000 cubic feet of gas. If the report for the third quarter of one of the prominent motor com- panies, issued today, can be taken as NEW YORK, September 20.—Fol- lowing is a list of bonds and stocks traded in on the New York Curb Mar- | ket today: INDUSTRIALS High Gith Sales in hundreds. 14 Actoa Life Ins 1Al Gt South 1 Alb Pick Bar vie 2 Am : 3 Am 40 Am Gas I Am Gas & El pf, 1 Am Hawaiian S § 1Am Tng 3 Brall Co Low Supernow A Superpow # TAWP 1 vte pd wi & 68 180 18 4400 £ n'wi ROT 073 & Bump W P 50 Commonw P € 4 Con G Balt n 23 Consol Laund ;.. 3 Cont'l Bak bl Curt Pub. Pub’ bid ¥R Covie Dubilier C & R )P4 N&C 0 wi 1 Jurant © Mot LB & S pid 1B & S new ¢ Invest Tne Pow Cor 1t Fanny i Insp ord Mot 2 Horn & Hardart 11 nd 2 Intern Ponn Wat Pow 1 v ! 1 K Bur Lo Real Assn Bkl I Rem Noiscl 1 7 Reo Mot i Rich Rad’ pid g K Mot H & Lilh Bros I Sou Cities Uil A ou G &P A 1 Southw Bell pras 11 5Stand Pub ¢ A A Stroods & Co. ¥ Stz Mot 19 Swift Lt Crumbull St Tung Sol 1 i6 Warner, Bros Pir 1 West Pow i VERYMAN'S } INVESTMENTS | | BY GEORGE T. HUGHES. | | This s the first of a series of ar-| ticles designed to explain in as simhl(“[ subject will allow the financial statements ey The terms as the which corporations report s to their stockholders. subject is peculiarly timely because | of the Interest aroused by the criti- | cisms of Prof. Ripley of Harvard, the | well known economist. on current | practices and his insistence on more detalled information than is ordinarily iven The viewpoint taken here will be always that of the investor. Other; classes are vitally concerned with the alvels of financial statements—the | banker in order to decide whether a | loan may be safely made, the whole- saler that he may know how much | credit to extend to the retailer, and ' the accountant, whose business is the | construction of these statements. Al | these, however, are able more or less | fo take care of themselves. They arc | trained specialists, but the ordinary | v investor is in great need of | He is urged to demand a| halance sheet and an income account | before he buys securities of any kind, { in the majority of cases, even | when the figures are supplied, he does | not know how to interpret them. It} f4to ald this group that these articles | have been prepared. No profession of originality is made! except possibly as to the manner of treatment, which will be as elemen- tary as possible. As far as may be. | nothing will be taken for granted, and | the terms used will be explained as| the series goes on. As the case stands today. number of the annual reports cor porations make to their stockholders Ave wasted, in that the figures are presented in a form understandable | only by the expert. A few companies have attempted to make their state- ments plain to the ordinary reader. They are exceptions. Equally myste- rious to the average man are the sta- the greater | { tistical data which accompany the of fering circulars of new fssues. In this case also it is hoped that light may be thrown on what seems to most of us a dark matter. | hunar | Gy of Lyan 6s 1034 Direct to The Star Office an example of what is to be expected | trom other companies, there is cer- tainly nothing in the outlook for motor stocks upon which to base fur- ther operations for the rise, Never- theless, the motors on the Curb Market displayed no pronounced weak- ness, although a fractional decline was recorded in Reo Motor. The spe- cial operations in Durant Motor again resulted in substantially higher prices, the stock selling at its best for the vear when it crossed 14. Rickenbacker Motor gained fractionally, but was only slightly above its low for 1926. Among industrial specialties, Warner Brothers Pictures, in view of the recent sharp fluctuations, continued to command attention and was taking its cue from the action of the senior shaves on the stock exchange. At 47 it compared with the Saturday final of 491, The market without any pronounced was fairly active, but change in prices throughout the list. MINING STOCKS 20 Ao Tin Tung.. .04 20 Arizona Globe . .08 1 Bingham " Mines.. ‘42 “alumet & Jero... .1 7 Cons Con eka Croe on Lead ) > Golden Center M 10 Goldfld Cons thorne M 1 Hecla Min 125 Kay Copper Cor ) Val, mont Mining J Zine! 190 4 Nipissing 16 Noranda th Butte 1 Ohio_ C Sales in hundreds. ©N 2 Utsh Apex. . INDEPENDENT OIL STOCKS. Corp Co_of dep Pandem_Oil 8§ Pecr Ol Corp Pennok_ 0il_Corp 17 Reit-Foster Oil § 0 &R Oil. . STANDARD O11. 30 Gal Sig Ol K00 Eumble 0il & R 0TI P L. ... . 0 Tmp_ (0 of € new 0 Ind P L. .. 4600 Inter Pet ¢ Ltd B0 s 105 0 Ohio 500 Vacuum 6il BONDS Pl 8e 7 & Elec #1003, m Pow &Lt 65 100 'm Roll Mills 6x. 10 m Seating s 5 TAm W W s A 4 Anaconda tis 1 Con Ciear Cons Pub tner ¢ uhan i M e A U Pow Atineau Pw e 7 General | Pet Gk 1013 & R Bs BR ot 1003 oR oK 7 3 PM B C 1 D Phil EP 5 3 Phila Rap Tr s, 1008 2§ Pu Ser N J 5lga 991¢ Gigx A 104 Del “Ga.. 1025 Am " bu 51 &L 6s D40 Y Glgs 1055, 09 1 Sun_Oil 68 n & § 1S Rub 6 Wabash Ry Warner Br West Penn, 58 G 48 Westingh 53 wi.. Sales in FOREIGY thousands. And N C s ww Antioqua 7s A 13 Antioqua B i Baden 78 1 Buenos ‘A 1 Buenos A 14 Buenos A 7. 1 Ber C E Gl 4 Denmark 51a¢ Free St Bav 1143 Firat Prus 6148 inland 648 w1 Ger Con Mun 17 Fried L 2% 08 Le Motz ¢ 7581001 1Tow Aust Tiga. 953 lag Mills M° 75 020 i Sanda Fally 1Santa Fe 78 12 Saxon P W_6 zmm &GH 7!5, Swiss Govt Thys Ir & St % LS W B Stw Weatp U E1 8 -dividend. SHORT-TERM SECURITIES. Adirond, P. & L. C. 6s 19: Alum,_Co. of Amer. 7 Am. Tel & Tel. Co Anaconda Associate Baltimore & Ohio 6s_ 1 Bell Tel. of Canada s 1 Can, Nor. Rwy. 41a8 1 Central of Georgia s 1 Chi. Mil. & St P, 0s 1 SSe5haseas! 3 SRS & Py 2, Columb. G. & E. 1st Continental G. & E Fisher Body Corp 22 SRS S SE ZRBSITIE RO Hershey Ci Humble 01l Sinelair C. Oil Son. Pac. R_R Sta. Oil of N Swilt & Co. &8 Union Oil of Calif. SLEETPES ber 6% Selting 03, Weatinghouse F. & By b2 08T o 330rs02055e35500 ! FEREE PR EREDEh STAR, WASHINGTON, FRUIT FOR CANNING IN HEAVY SUPPLY Apples, Pears and Grapes | Plentiful—Peach Crop Soon to Be Exhausted. Housewives are on the alert for frufts and vegetables for canning and preserving purposes. It is thought the peach supply soon will be ex- hausted, ,but there are ample sup- plies of apples, pears and grapes on hand and cheap prices rule, aceord- ing to dealers Preserving pears were $1.50 a bushel this morning, the frult | for eating purposes bringing $2.50. Grapes were quoted at $1.50 a crate, while apples were so plentiful that dealers offercd them at a wide range of low prices. i A drop in price of reported. Half-bushel baskets of choice stock were offered at 7. while the smaller vegetables low as 50 cents. Péppers wer ed at $1 a bushel, but onion scarce and high, very few of nearby crop being in evidence, Today's Whelesale Prices. Butter— Funcy, one-pound _prints, 51: tubs, 19a30: store packed. ~Fresh selected, 42 ent receipts, 38, Uive—Tur ; White Leghorn roosters, . 15; ki offered at tomatoes wa hennery, cu Poult Spring broflers, 33a3 20; old stock choice, 1 11a12; . 7a8; lambs, ait and Vegetable Revi Today’s market report on fruits and etables, compiled by the Market rvice, Bureau of Agricultural -Supplies libe demand et steady i light, wshin: ton, tion extr: 00; « bananas, bananas, land a large sizes, 4 small to medium_si ge—Supplie mand moderate, m; ork. bulk per ton, Copenhager 00, ntaloupes— H nd light, market steady; Colol pink meat jumbo flats, 1.00; 9: 1.0 1 stand and 1 1.00a1 salmon tints, s and 3.00: hone; do. al.50 Winter Winter bushel 1y various v Supplies moderate: de- do | dews, and 0 Celery | foderate, . 15001 rate; demand | eady: New 30 mostly 8% and Eastern supplies light; no report Lettuce moderate, market firm dozen crates. bi .25: few higher; Colorado, berg type. dozen, ates iceberg type, plics moderate; demand York, 2- 00; Cali 5 dozen, ow s Onior light, w Indiana mostly light; demand Michigan and steady Sucks, vellows, 100-pound ) Market Steady. Supplies moderate: market steady; Pennsy ew Jersey, bu dium to I ginia. _bushel ze. most Supplie e; market demand ew Yorl o 1 hington, no sa Wl; demand New Jersey., United SKupplies libe market steady sacks. Cobbler 1. 4.50a4 30-pound States No. Long Island, 150-pound round Whites. United States mostly 4.75 weet potatoes— -Supplies moderate demand light, market steady; North Carolina, cloth-top stave bs Hlows, " 1y 3.00, Corn light erate, et firm: homesrown ed, per sugar corn, | mostly uc light, ate. und No, ine. ited demand mod sack mar a30 dozen, Supplies light: demand aull; New York, few | <, bushel baskets, faney, demand lizht, ;. Colorado. 43-pound Telephones, mostly 6.00; let- tuce. crates, mostly 7.50. HAS 151,000 ON PAY ROLL. NEW YORK, September 20 (#).—| More than 151,000 employes were on the pay roll of Gemeral Motors Cor-| poration with annual wages of $254,- 394,000, when the consolidation of her Body, as a manufacturing divi- n of General Motors, became effec tive on June 30. This total does not include employes of certain afiiliated companies or employes of deales ing General Motor car: manufacturing operatior in 48 cities, 12 of which : The corporation bu supplies from 6,000 concerns and does business with 12,000 banks. It has 45,800 stockholders. FOREIGN EXCHANGE. W. B, Hibbs & Co ) inal Selling <hecks T 5 | (Quotations furnished ¥ gold pound dollar. . anc. . . . - franc mark lira. franc. . drachma London Paris. | Brussels, Berlin, Ron Zurich, Athens, e 00001414 | 00014 14 02067, : 1738 erown crown 877 NEW YORK. September 20 (P).- Foreign exchanges mixed: quotations in, demand. 484 -day bills on ance, demand, demand, 3.63; {cables, 3.64. nd—Belgium. Dema 2 40.02 Holland, Austria, Jugoslavia, Argentina, .121%; Rumania, . | 4.70; Brazil, 15.25; Toklo. 4S. hai, 67.37 ,\’nmresl. 100. GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) § R Bla. - Asked. Ger Gt (w In) Bs 1914-18 1125.00 1200.00 Hamburg 4338 1010 100.00 110.00 (Quote in dollars per.thousand marks.\ Ger Gen Elec 4138 pre-war 23.00 5.00 Ger Gen Elec 4138 1010 2.00 K e, 1 aei.. B0 Hamb 3 Hign & 48 pre-w. 1.50 Hamburg Amer Line 415 28.00 North German Liyod 41gs 5.00 North German LI10y X 15.00 Prussian Consols 313s. . 1.00 T e TSRO i Dusseldor{ 48 pre-war. . 4.00 Fri fort a-M 4s pre-war. . 4.00 Munich 4s pre-war. . e Badische Anilin B A E G (Ger Ge Elec) Commerz and Privat Bank. Dlacanto. Gelinchatt: ...+« Dresdner Bank Deutsche Bank .. ... Daratasdter Bank Mercur Bank Vien Hevden Chemical Aust A E G (Gen ol Hpssloitrey Berlin D€, MONDAY. SEPTEMBER 20. 1926 Stocks Bonds 0dd Lots Carried on Margin Buck & Company —BROKFRS— Fatublished 1916 312 Evans Building 1420 N. Y. Ave. NW. ! Tel. Franklin 7300 Direct Private Wires to New York Up to $200 within one d: interest _and brokerage. tape. We take 2nd. trust. Bring in what have 704 District onal Bank Secured by first deed of trust on evailing interest and commi: Joseph 1. Weller i3o g, We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street 733 12th St. N.W. Melvin C. Hazen, President Floyd E. Davis, Treasurer "' T _ Prompt K_cti&rf First Mortgage | Thomas 3. Fisher & 5th_Street. LOANS D. C. and Montgomery 1010 Vermont Ave. * M. Sird o 4 to your mfl("’.um 1 Real Estate Small Loan so- Pays 59, Interest compounded semi-annually th on, & Trust FN.W. Columbia Permanent Building Association Clarence 1. Gessford, Secretary Loans ! Lowest Rates l:f Interest and Commission Company, Inc. CONSTRUCTION Co. FRED T. NESBIT 9392 Equitable Co-Operative Building Ass’n JOHN JOY EDSON, President Organized 1879 Assets .. .. $5,136,31 WALTER S. PRATT, J 6tk YEAR COMPLETED Surplus Secretary ....$1,406,495.76 Subscriptions for the 91st Issue of Stock Being Received e i a e aa ] Systematic Saving The right road to financial independence Join the Equitable’s happy throng stematic savers and learn of a simple. So most effective manner to save. who would not save otherwise. stic about vet many folks are enthu " 915 F Street our of systematic Are You Prepared for a Storm? FEW months of heavy finan- A cial going—where would it put you? Illness in family— unemployment—Iloss through theft— could you meet contingencies like these? A regular plan of saving and in- vesting in sound. conservative se- curities will enable yvou to ride out financia! storms. . Our 67, First Mortgage Notes have never brought loss to an in- vestor. They are issued in convenis ent denominations of $100 and up- wards. Swartzell,Rheem & Hensey Co.,, Mortgage Bankers' T27-15¢h. Street, AW, WashingtonDC. 57 Years Without Loss to An Investor. of Smith Bonds, at 102 <> Notice Is Hereby Given That the FIRST MORTGAGE BONDS Secured by the - INSURANCE BUILDING N.E. CORNER 15TH AND EYE STREETS N.W. WASHINGTON, D. C. Have Been Called for Payment Prior to Maturity > Issue originally $350,000 and reduced by our plan of annual amortigation to $330,000 <> Present bonds October 16, 1926, for payment at 102 and accrued interest — “NO LOSS TO ANY INVESTOR IN s3 YEARS_ - THE F. Founded 1873 H.SmrTH Co. SMITH BUILDING: Washington, D.C.—Main 6464 PHILADELPHIA BUFFALO ALBANY H FINANCIAL. The New York Life Insurance Company First Mortgage Loans On Tmproved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 3 Years, 5 Years, 10 Years 5%% Office Buildings Business Prope Homes Apartments RANDALL H. HAGNER & GOMPANY 1321 Connecticut Avenue 12 Years Old 15th St. opp. U. S. Treasury Incorporated. \ MORTGAGE LOAN GORRESPONDENT Telephone Main 9700 C. E. MORAN Suite 318, Southern Bldg. ANNOUNCES Wm. Lee Moffatt Has Been Appointed Manager of Sales Department What a Relief to Be Absolutely Sure HAT is precisely the feeling investors enjoy if they choose as a medium of investment our First Mortgage Notes The fact that they are secured by Improved Real Estate in the Nation’s Capital doubly insures against loss and absolutely guarant safety and remu- neration. Annual Return 61, Mortgage Investment Dept. Capital, Surplus & Undivided Profits. Over $2.000.000. Prosperity —for any business man, or corporation, often depends upon' the banking connection involved. | Metropolitan policies are the result of over a solid cen- tury's experience, and they have played a definite part in shaping the business destinies of many of Washington’s oldest and most successful commercial enterprises. * National Metropolitan Bank i & Are your in ervery wan 3% Paid On Savings banking connections Years ADEQUATE? O1d Main 2100 A Third of a Century's Experience The Apartment Profit Problem —needn’t be your prob- lem. lLet our Property Management Depart- ment take over all re- sponsibility for finding tenants, collecting rents. keeping vour property in proper condition —and earning a bigger profit for you. B. F. SAUL CO. 925 15th St. N.W. If you are going to BUILD - we are prepared to make you satis- factory loans at considerable saving of time and trouble. OSSEEPHELPS FOUNDED 1007 1417 K Street—Main 9300