Evening Star Newspaper, October 4, 1926, Page 29

FINA OTTON S LOVER | * INTRADING TODAY Rain Reports Contribute to Advance After Early Declines. By the Associated Press. NEW YORK. October 4—Cotton fu tures opened steady. Octoher, December. 23, March, 13,55 opened st 6 points to a decline of 1 point. Over-Sunday selling orders from the South were in smaller volume than recently, while there appeared to be eonsiderable trade buying, well as overing and buying for a reaction. This was reflected in a firmer tone as soon as early offerings had been ab. sorbed, the market selling up to 13.43 Yecember and 13.70 for March v 1d of the first hour, or about 12 10 19 points net higher. Reports of rain at some the Western belt and of storm formation in the Yu nel probably contributed vance, while the smaller Southern relling here led to talk of n increased holding movement in the belt A private crop report estimated the condition 57.4 and the indicated vield 15,350,000 bales. points in tropical an Chan to the ad New Orleans Market. NEW ORLE.A La., Octobe UP):—Cotton futures opened st October, 03; December, 1 ary, 13.30; March, May, 3 The market opened easy today, first trades showing no chan to 4 points down, and near positions showing loswes of 5 to 8 points s soon rallied, however, on huying and ¢ ering due to rain in the Western belt d 1o a etorm warning for a disturb. ance south of Cuba, moving north- westward. On the advance October rraded 1o 13.32, December to 13.40 and January to 13.46, or 14 to 16 points ahove Saturday's close. The tone at the end of the first half hour was steady. Liverpool Quotations. LIVERPOOL, October 4 (#).- ton, spot, fair demand; prices eas American strict good middiing, 8.4 good middling, 8.06; strict middhn; 781 middling, 7.36: strict low mid- | diing, 6.96; low middling, 6.31 good ordinary, 5.66; 491, Bale 4.700 America no American. steady. October, T anuary ; Washington Stock Exchange SALES. tomae Elgctric Power pfd —5 at 107% Sprhanta Transfer & Storage bid s o 2005 8 at 1001y Jrakold $ Mergenthaler Linotype—10 at 107 AFTER CALL ACavital Traction Co.—3 at 1034 onal Bank—1 at 41 igton Rws. & Elec. & ) at 1031 reenthaler Linotype—20 3 and r. Ge- at 107, 1 at Sashington Ruy. & - L 'r‘ . 107 at T Wishinkthn Ru Wathineton Gis 5 Money—Call loans, $5.000 at Power & Eie =100 5 and 6 ver cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY i at 1075 Acked 9915 ihurban Farmis Dairy 61gs.. e N o 61 Mt Cold Storage b ardman Park Hotel b s STOCKS. PUBLIC UTILITY Telka *148 1 Steamboat | 2+ fd S Wash Rwy. & F NATIONAL BANK National Capital Bolunbia omimercial ks woond . wtional Bank ‘of Wash TRUST COMPAN 1can Security & Trust t Lin 4 s Ennu Al Metropolitan TITLE INSURANCE 30 ] 57 FOREIGN EXCHANGE. (Quotations furtished by W. B Hibi 0 ) X Hibbe & ( Selling checks Ele. Privat Bank -naft Jeuitsche Bank Darmstaedter Banik . NETIAL. NEW YORK CURB MARKET Recelved by Private Wire NEW YORK, October- 4.—Follow- ing is a list of bonds and stocks traded in on the New York Curb Mar- ket today: Sales in hundreds 1 Ala Gt South 1Alb Pick Bar vie iy Allied Pk pr 1Am Brown BE F Am Elec A Seating pfd Superpow #Am Super pr pid 19 Am Thre ¢ pfd Ao Gas & Elec BAtias P C new 1 Auburn Auto Co |1 Baneitaly Cor 'y Bige 1 Borden 2 Brad 1 Comonw P n pfd 200 Commonw P € w 1 Consol G Balt n 1 Consol Laund. . 1 Contl Tob Inc T Happing Hart Fi Heliman R pfd 3 Horn & Hardart i In Rayon Corp A 1, Insur Co N A Intern Util Ae! ntern Util B an H C A h Morris 1 Philn Moy ! 1 Timken oh Prod | 10 0 Direct ‘to The Star Office 08 10 34 L 10 Eureka _Croesus 30 Faleon Lead M tah Apex . 2 Valenciana D' M Sales INDEPENDENT in hundreds. m M s 43 Carib Sy B Cit Se 0 . 21 Gibson Oil Cor . 5 Leonard Oil i Lion Oil 7 Mex Panuco i M o 11 New 3 Pennok 3 Reite 40 Ro 1 Tid Osage O NV # Tide Water Oil, 2 6 Tide Wat Oil pf § 1Wile 0 & G n.. 1 Woodley Pet n. 30Y ol 3 Sales ST in wnits 100 Anglo Am Oil. . 100 Buckeye P L 50N Y 1200 Ohio_ 011 F00 Prairie 0 & G 0 U 4 ; 500 o 'K 1008 O Ky -..0. S 0 Neb'nl 30008 O NY S § 0 Onio pfd ] uam. Oil.. .. 87 BONDS 3 A s 57 Am Pow & B Am W 60 Am Writ 10 Appal B! 3 & Cons Gas Ba Con G_Bal 6 v B8, ndahy 51y Detr't City G e Pr Po 68 A 10215 Li034] A 1 CEFER, « o est 48 Loews Tne_ s 1 Manito P 51,8'A 3 Mass, 5 N 4 N 518 1P 0 Co B1me Al er: 68, 10, | we a8 Wahash R B 43 91 S8 Warn B Pic 6198 116 11413 FOREIGN BONDS. - [ Sales in thouzands. 7 Antioqua 78 B i Ra 78 R B o8 3 057 23 Buen Aire B OR1 1 Danish Con 5% $7 s D I ] - -la:\'ans:v 2 Suin " 8% | o balance sheet to a distinction be-|hogsheads, while sales amounted to 07 s EEPE R Fre ra EVERYMAN’S MONDAY, OCTOBER 4, TOBACCO RECEIPTS DROP. 1926. Money Secured by first deed Prevaili INVESTMENTS | |Brices Hold Steady, { But Some !oleplll. BY GEORGE T. HUGHES. An Important Distinction. ‘We now come in our discussion of tween two classes of accounts apply- ing equally to assets and liabilities. If the reader will take up any balance sheet at random and examine the asset side, he will find it naturally falls into two divisions, one composed of property of varfous kinds in which money i8 invested more or less per- manently and the other composed of items which are either cash or in the regular course of business will be turned into cash in a comparatively short time. Similarly on the liability side there are besides the stock repre- senting the owners’ interest and the surplus long-term debts such as m¢pt- gages, secured or unsecured, on the one hand and on the other obligations which must be liquidated at regular and short intervals. Generally these two divisions are separated in the balance sheet for the convenience of the analyst, but not always. The terms used to distin- gulsh between the long time and the short time items are fixed assets and fixed liabilities for the one and cur- rent assets and current liabilities for the other. It is not always easy to decide in just which division every item belongs, but in the main the two are so different in character that they may be readily separated. For instance, current assets include cash, marketable securities, meaning stocks and bonds which may be turned into cash on_ short notice, accounts receivable which in the ordinary course of business are pald off regu- larly, and inventories, meaning goods manufactured and ready for sale which it is reasonable to expect will be turned into cash eventually. Cur- rent liabilities include notes payable, meaning money borrowed from the bank for short perfods; accounts pay- able, meaning the routine expenses in- curred in doing business and certain other items, among them taxes due, interest accrued on bonds but not yet due, and sometimes the amount of dividends declared but not yet paid. “The amount by which the total of the current assets exceeds the current llabilities is called the working cap- ital. The larger this excess the stronger the financial position of the corporation concerned. At least, that is the general rule. Every analysis of a balance sheet begins with an ex- amination of the ratio between the current assets and the current liabili- ties FISHER'S PRICE INDEX. NEW HAVEN, Conn. October 4 (Special).—Prices, 148 3-10; purchasing power, 674-10; September average, 148 2-10 and 67 5-10; quarterly average, 148 4-10 and 67 4-10; crumps, 146 3-10; September average, 144 6-10; quarterly, 142 410, Irving Fisher, Yale economist, reports. (Copyright. 1926.) o GASOLINE REDUCED. NEW YORK, October 4 (#).—Gaso- line and kerosena for export were re- duced onehalf cent a gallon today by the Standard Oil Co. of New Jersey. New prices are 27.90 cents a gallon for export gasoline. Standard white kero- sene is 19.15 cents, and water-white kerosene, 20.65 cents in cases. PIG IRON ADVANCES. NEW YORK, October 4 (#).—Pig iron has been advanced 50 cents a ton in the eastern Pennsylvania district, to $21.50 for No. 2 foundry grade. S 00T, 041y 97 oig In China, one of the earliest com- mercial products produced was silk, and hence a man’s wealth was meas- ured by the amount of silk he owned. Even the first coins of the Chinese people carry on their faces repro- duction of various kinds of silk, and the product was used very much as use money today. But like other early kinds of se- curity, silk was not enduring, and rotted away after being kept for any great length of time. Today, how- Grades Are Easier to Buy. Special Dispatch to The Star. BALTIMORE, October 4.—Receipts of Maryland leaf tobacco last week showed a big decline compared with the previous week, totaling only 720 1,492 hogsheads, leaving 19.476 hogs- heads in State tobacco warehouses. Prices held steady although some grades are easier to buy. Quotations today: Interior and frosted, firm leaf, 3.00a 8.00; sound common and greenish, 9.00a14.00; good common, 15.00a24.00: medium, 26.00a34.00; good to fine red, 35.00a51.00; fancy, 52.00; seconds, com- mon to medium, 6.00a20.00; seconds, good to fine, 21.00240.00; upper coun- try, air-cured, 0a35.00; ground leaves, nominal WILL BUY COACHES. NEW YORK, October 4 (#).—The Chicago and Northwestern Railway plans expenditure of about $10,000,000 ' for the purchase of 120 all-steel sub- urbanl coaches, the first to h: ball- | bearing wheels for quick starting. MANY NEW SIDINGS. BOSTON, October 4 (Special).—A survey made by the Bureau of Com- mercial and Industrial Affairs of the Boston Chamber of Commerce shows | a net gain of 168 in the number of | railroad sidings devoted to industrial lants during the last year. Prompt_ Action. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher Company, Inc. 8 15th_Streot. We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street Our Direct Up to $200 within one day, 6% interest_and brokerage. = No tape. We take 2nd, Srd or trust. Bring in what have to your property. Real Estate Small Loan Co. ational Bank Bldg. LOANS 6 CONSTRUCTION LOANS D. C. and Montgomery Co. FRED T. NESBIT 1010 Vermont Ave. 0dd Lots Carried on Margin Buck & Company —BROKERS— Established 1916 312 Evans Building 1420 N. Y. Ave. N.W. Tel. Franklin 7300 Direct Private Wires to New York FIRST MORTGAGE SECURITIES Safe Dependable Remunerative Annual Return « 6Y2% Mortgage Investment Dept. (SHANNON. & LUCHY 713, 715 and 717 14th St. Main 2345 Wire System WE take pleasure in announcing the in- stallation of a direct private wire to the offices of Messrs. Dominick & Domi- nick, New York, which enables us to give prompt and efficient service in the execu- tion of New York Stock Exchange orders. THE Dominick & Dominick wire system reaches Washington, Baltimore, Phil- adelphia, Boston, Buffalo, Chicago, Cin- cinnati, Louisville, Pittsburgh, Rochester and St. Louis, giving us direct communica- tion with the principal markets of the country. Y. E. BOOKER & CO. Investment Bankers Telephones: Franklin 260 Franklin 261 1508 H Washington, D. C. Members Washington Stock Exchange Street OLDEST NATIONAL BANK IN DISTRICT OF COLUMBIA When Time is Money —there's definite advantage in being a customer of “The Metropolitan.” We centralize, for your convenience, facilities for the handy transaction of your banking, trust, safe deposit and related business. National - Metropolitan RN | 1o Qo oy e, (R (LTR 7 oid 8. 112 Years Old Bank Opposite U. S. Treasury Somewhere in Washington is $6000 or more through his own honest efforts. a man who has accumulated Because he has been intelligent and industrious enough to do that, he is now looking for an opportunity to better himself. We Have the Opportunity! Are You the Man? J7 Years Without Soss lo an /nvestor ever, man's wealth invested in First Mortgages is safe and indestructible, because itissecured by the most tang- ible and durable of security—real estate. And if his money is invested in First Mortgages purchased through Swartzell, Rheem & Hensey Com- pany, he also receives the liberal re- turn of 615%. Swartzell, Rheem § Hensey Co., Morlgage Bankers 727-15th. Street, \.W., Washinflon.D.C. We are a company manufacturing an automotive product which is sold to distributors, garages and fleet owners Qur plant is in Detroit, Michigan. Our product is the rec- ognized leader in its field, fully protected by patents. It is nationally advertised and distributed and backed by the strongest factory guarantee known. The results accom- plished are so positive and remarkable that a steady and consistent repeat business comes from every customer established. Our company has established distributors in the cities of ew York, Philadelphia, Buffalo, Detroit, Chicago, Cleveland, Columbus, Toledo, Milwaukee, St. Louis, In- dianapolis, Kansas City, Pittsburgh, Minneapolis, Los An- geles and Portland, Oregon. Business has grown to such proportions, however, that we find it necessary to estab- lish distribution in Washington, and we much prefer to select a local man for the job, if we can find one with the necessary qualifications. The man we select will earn $10,000 per year from the start, with no limit to future earnings. He will be obliged to carry a complete stock in Washington, but that will be the only investment required. He will be assisted at the be- ginning, for as long a time as he may require, by trained factory representatives, and will receive the fullest co- operation from the factory at all times—such co-operation including local newspaper advertising. Space will not permit further details. If vou feel you are ualified and would like to go into the proposition, address %ox 10-C, Star Office, immediately. Our General Sales Man- ager will be in Washington all next week and will gladly grant you an interview at that time. 4 M. 9392 FINANCIAL. The New York Life Insurance Company First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 3 Years, 5 Years, 10 Years 5%% Office Buildings Business Properties Homes Apartments RANDALL H. HAGNER«& COMPANY Assets . Subscriptions for the 91st Issue of Stock Being Received 1321 Connecticut Avenue lain 2100 Incorporated. MORTGAGE LoAN GORRESPONDENT Telephone Main 9700 Equitable Co-Operative Building Ass’n JOHN JOY EDSOX President Organized 1879 $5,136,317.22 WALTER S. PRA 46th YEAR (¢ Surplus [ A e ] Are You Saving Systematically in the Equitable? Think of the comfc saving each week systematically —wiil when you are old. What a jo glance over your savings a tew hence and that you have al fortune. Don't et s without jeining the Equit tematic saving plan. Once s never stop 915 F Street A Third of a Century's Experience The Attention to Apartment Tenants —which we. as specialists, can give. helps increase vour profit. Only a spe alist can afford to give the full-time service neces- sary to keep tenants satis fied. let trate on your property for you for your gain. B. F. SAUL CO. us cong N-W 925 13th St A Man’s Judgment Is as Good as His Information— And this holds true in Investment. Of what vital importance it is that the In- vestor have authentic dependable infor- mation regarding a contemplated medium. Our First Mortgage Notes are secured on Improved Real Estate in the 7 pital. The 1| these properties are m inspection by our Appraisal Committee. Highly To Help You Keep Watch -Over Your Investments FTER you have exercised your best judgment in making your selection of investments, it is equally impor- tant that you watch them closely. A decision by the Interstate Commerce Commission or by a court, a strike in England, an increased tax rate, a new Governor in Texas, a coalition cabinet in France, a magazine article by a noted economist, 2 Mussolini decree in Italy - all may affect the value of the securities which you own. Since 1883 the investment banking house of Crane, Parris and Company has been helping investors keep watch over their investments. We shall be glad to go over your inveéstment holdings every six months—or oftener—and suggest any changes which may seem advisable. By consulting us you incur no obligation. DIDIDIDI0 0 DIDIDI DI DI DIDID DD DIDIDIDIDIDIDIDIDIDIDIODIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDI DD CRANE, PARRIS & COMPANY Investment Bankers since 1883 823 1571 ST, N. W. Telephone Main 593 | 004 0004D04DI0IDIDIDIDIDIDIDIDID DD DIDECIDIDIDIDISIDIDID D000+ e BID OO0 0 BID BI040+ 0104 0IDID0 DO DeD DD DI IO IO