Evening Star Newspaper, August 5, 1927, Page 10

! 10 %' "ISCOUNT RATE CUT HELPS STOCKS GAIN Tush Made to Cover Short Contracts in Oils—Specu- latives Are Leaders. BY GEORGE T. HUGHE »cial Dispateh to The Star. NEW YORK, August 5.—The stock ) arket had before it today the accom- ished fact of a reduction in the re- «’scount rate of the New York Fed- 1l Reservé Bank. It had also a 3% r cent money renewal rat. cvidence of prolonged credit Initial quotations were p <1l higher. In some instances sweep- < gains were recorded, and new high »cords of one sort or another hung . Dealings were on an enormous a Before noon, however. a_flood o lizing sales met the mariet, and good part of the opening advance as canceled, while the list whole rwed a nervous and somewhat un- teady appearance. Several Opening Tn the opening buy v ere a number of interestin; sjethlehem Steel started «vernight jump of nearly znd at a new high since 1924. «ral Railway 1 had the aston ng rise of over 7 \otors began the d nd rapidly ran up 0, the best 1.t which the present shares have ever old. United States Steel responded ore sedately, but it was up a point it the opening. Of equal importance was the rush 10 cover short contracts in the oils. ‘fhis movement had begun yeste ay, but it was carried much further {oday. Practically every stock in this part of the list was in urgent de- and. Perhaps the most striking in, although not as large as in other shares, was that of Standard Oil of New Jersey. Buyers emed to have come to the conclusion simultaneously that no matter how bhad the oil outlook, the Standard Oil companies were going to make money. Phillips, Marland and Pan American calls B were very strong, while Atlantic Refining had on open- ing gain of over 3 points. As else- where in the market, all these ad- vances were mnot maintained when the realizing began. Speculative Issues Lead. In the general run of stocks the rule was that the purely speculative issues made larger gains than the investment shares. In this respect the response to the lower rediscount rate was not logical. Evidently, however, high-grade rails and indus- trials had more or less discounted the money situation. Atchison opened higher and so did Union Pacific and New York Central, but they did not hold this position. Instead the util- ities came into prominence under the Jeadership of Brooklyn Edison, Brooklyn Union Gas and Peoples Gas of Chicago. The seasoned dividend paying rails were not weak by any means, but the demand was not as pronounced. There was a good deal of irregu- larity in the motor group. Nash was strong at the best for the vear, while Mack Trucks was under pres sure, getting below par. Woolworth again stood out in its class and allied Chemical, General Electric and Westinghouse Air Brake were all up at one time or another. News that the Stock Exchange authorities were looking into the situation of Manhattan Electrical Supply did not prevent that stock from duplicating its previous high. Markets at a Glance NEW YORK (#).—Stocks irregular; high-priced shares break after fairly strong advance. Bonds strong; Chesa- peake Corporation 5s reach 89, new high. Foreign exchanges irregular; Spanish pesetas drop’ below 17 cents. Cotton lower; favorable crop advices. Sugar higher; firmer spot market. Cof- fee advanced; trade buying. CHICAGO.—Wheat barely steady; improved weather in the Northwest. Corn firm; poor crop advices. Cattle steady. Hogs firm. REGEIVERS.APPOINTED FOR SERV-EL CONCERN Courtlandt Nicoll and Frank E. Smith Named by United States District Court. rush there up over a point C: C: Ce: C Ci CI By the Associated Press. NEW YORK, August 5.—Equity receivers were appointed today in the United States Court for the Serv-El Corporation, electric refrigerator manufacturers, which was created under the laws of the State of Dela- ware. The corporation, alleged to be a holding company, had liabilities amounting to $4,200,000 outstanding to banks. Courtlandt Nicoll and Frank E. Smith were named joint receivers under bond of $25,000. The receiver- ship was the result of a suit of Thomas R. Pugh, a selling agent, who holds a note for $10,000 and who alleges that while the corporation’s assets exceeded its liabilitles it cannot get additional cash from banks to meet its obligations. ‘The corporation as in excess of $9,000,000. The same receivers were appointed in equity suits filed subsequently by James H. Douglas, attorney for the Serv-El Corporation of Delaware, against the Serv-El Corporation of New York, and the Absorption Re- frigerator Co. of Newburgh, N. Y., subsidiaries. assets are given CROPS ENCOURAGING. NEW YORK, August 5 (®).—The Northwest crop situation from Twin | Citles to Puget Sound is encourag ing, Howard Elliott, chairman of the board of the Northern rific Rail- road, reported after a 10,000-mile in- | wpection trip. He said yields of small grain will be above th verage, the backward corn crop should with a late Fall, the beet Nebraska, Idaho and better than last y apple production be smaller, prices better. shington will to be s in W promise MUSE STATE POSITION. NEW YORK, August 5 (P).—The committee on business conduct of the New York Stock Iixchange has re- quested member firms to submit by noon today statements on their short and long position in Manhattan Jlec- trical Supply Co. as of the close of business August 4. Out-of-town firms will state their positions by noon Au gust 8. BUILDING IS HEAVY. NEW YORE posed high s the have a total value of buildings planned 1o Walpole and Medford, Mas: 1l; Rutland, C CI C C Blkn. Erle Shreveport, New C: Erf RR. 1st pf. FINANCIAL. THE. EVENING STAR., WASHINGTON. D. C., FRIDAY. AUGUST 5, 1927, FINANC NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Abltibi Pow (§). 101 Abrahm&Straus 77 Adams Exp (6). Adv Rumley.... Adv Rumley pf. Ahumada Lead. . Alr Reductn(16) 191 Ajax Rubber... Albny Pap pf(7) - Allled Chem (6). 159% 160% 153% 155 Allls Chalm (6). 1084 109 | Amal Leather. 4 Amerada (2) Am Agricul CI Am Agri Ch pf.. Am Bank N (2). Am Bk Not pf(3) Am Bosch...... Am Br Sh(j1.60) | Am Brown Bov. AmCan (2)..... Am Car&Fdy () Am Chain pr(7). Am Chicle (3).. Am Drug (80¢). Am Encau (2.40) Am Express (6). 150 Am & For Pow.. 2 Am&Fo Po pf(7) Am Hide & L pf. Am Ho P (2.40). Am Ice (110) Am Ice pf (6) | Am Internati(2) Am Linseed Am Linseed | Am Locomot (8 Am Machine (2). | Am Metals (3).. AmMetals pf(7) 111% 1i1% 111% 111% Am Plano (3)... Am Plano pf (7). Am Po & Lt (11) Am Radiator(5). 129% 134% 1294 131% Am Rad pf (7).. 135 Am Republic. Am SafetyR(33) Am Seating(14). Am Shipbldg (8) Am Smelting (8) 171 Am Snuft (12).. Am Snuff pf (6). 101 Am Stl Fdys (3) Am Sugar (5)... Am Sumatra.... Am Tel & Tel(9) 1683 171l% 168! 169 Am Tobacco (8). 146 Am TobaccoB(8) 145% 146% 144l 144's Am Tobac pf (6) 115 115% 115% 115% Am Type pf (7). 111 Am WW (c1.60) Am Wat Wks(n) Am Woolen..... Am Woolen pf.. Am Writ Pa ctfs Am Wr Pa pf cfs Am Zinc pf... Anaconda (3)... Archer-Dan (3). ArmourDel pf(7) Armourot 111(A) Armourof 111 (B; Arnold Con&Co. Artloom (3).. Art Metl(113) Asso Dry Giz%) 44% AtT& SF(19% ). 198'a 198'% 1934 194% 102% 102% 102% 1024 196% 193% 36% 364 364 334 334 33 Atchison pf (5). tCL (18%).. 200 tiGulf & WI.. l} gulflf&.wl pf. tl Refining (4). 129% 131% 125 26! Austin-Nichols. . il Baldwin L (7).. 246% 247% 242 Balto & O (6)... 121% 122 i thon gulzo & Oh pt(4) ambgr pf(6%) 107% 107% 7 Bang & Ar (3).. el Bang & Ar pf(7) 114 Bangor & Arrts. Barnet Leather. BarnsdallA(2%) 25 Beech-Nut (13). Belding Bros (2) 22 Bethlehem Steel Beth Sti pf (7)., 112% 113 Bloomingdale. .. Bkin-Edison (8) 174 n Tr (4). By Man T pf(6). Bklyn UnGas(5) 1334 141% 133% 141 Brown Shoe (2). 42 Brunswick B(3) Burros Add(t4). 115 Bush Term (b8). Butterick (g2).. Byer & Co. By-Products (2) 71% 73% TI% 72 Calif Packg(4).. gn}:t Petrol(3). . alumet & Ar(6) 0% 70% T Calu & Hecla(2) s 16 anada Dry (3)., 53 an Pacific (10). 190% 190% 186's 186 Car,CI&O sta, (5) 102% 103 Case Threshg(6) 261 ent Alloy (2). ‘ent Leather pf. ‘erro dePas(15) ‘ertain-Teed {4) handler pf(3%) 18% 19 18y Ches & Ohlo(10) 193% 194% 190% 193 Ches Corpn. 7 1 Chi & East Ill... Chi & East 11l pt. Chi Great West. Chi Gt West pf. Chi Mil & St P. Chi MII&StP p: CM&StPefs.. C M&StP pf cfs. hi & Nwn (4).. Chi Rock Is (5) Childs (32.40)... hile Cop (2%) . Christie B (1.20) Chrysler Corp(3) 54% 55 Chrysler p A(8) 112 City Stores (B). Cluett Peab (5).. ‘ollins 1% 1 74 | MidContinent(3, goll‘l;nx: AR 12% 1087% 111% J ollins&A pf (7) 105% 10! Col Fuel & Iron. e oo Col Gas & El (5) Col G&E pf A(6) 107 Col Carbon (4).. Com Cred (1) Com Crptf (1%). Com Cred pf 614 Com Inv (3.60).. Com Solv B (8). Com Powr (214) ‘onde Nast (2). ongoleum-Nair 23% 234 Cong Cigar (4)., Con Cigars (7).. Consol Distribut Consol Gas (5). End Jobn (5) Engineers Pub 8 Engnrs PS pf(7 Erle Stm S( Esle S oa Open Hich Low. Close. 104% 101 T RS 196 8% 9 97 97 13 14% 1 1 61 61% 104 104 584 5 W1 40 4 15015 14 22 2 00 9 65 58l 114 40 217% 99% 1 65 48 49Tk 121% 122% 12 91 v1% Y 00's 51w B 44 4 72 109% 10 97 97 5% 5% 4 36 9% 61 361 3 9% 9 61 135 13! 537 53 b 47% 4T 4 457 48T 41 93% 934 128 128 12 101% 10 65% b ¥9% 8 62 6 5ah 891y 627 i 11 99 9 4 4 3 200 36% 6% 6 79 79 8l 8liy 114 3% 51% 25% 8 16% 66 22% 59 3% 5lls 88 16% 557 59 T T 97 107% 107% 12y 30% 41 60 60 58% 102% 103 100% 100% 100% 100% 65 604 93% e 171% 165% 167 146% 145% 145% 98 20% 52 19% 45'% 46 431y 834 9% 5ty 3% 45 26 45% ad% 6% 119% 119% 81y 80 114 102 313 B 97 8% 12ty 304 2l 85 68 13% 8l 3 0 40 7147 1% 21% 9% 100 4 0'a 120% 1% 91% 0y 501y 0% 4l% 70 5 6 i 365 94y 604 5 135 2'5 524 Th 8 s 128 L 101% 2% 53 3 &8 0% ol 1 I 98 4% 20% 62 19% 45 41% a6y 46% 3% 7' 2 1 33 6% 8% 80 | Gabriel Sn(3%). Low Close. 4% T 4119 4l'y 99 99 99 160 ' 160 160 201 20 20 145 145 145 Open. High, Eureka Va ft4% 75% 76l Fed Lt (h2.40).. (42 Fed L&T pf (6). 99 Fed Min&S(10). 160 Fed Mot T(f80c) 20' Fid Phoenix (4). 115 First Nat S(136) 24% 24% 24% 24% Fisk Rubber.... 17% 17% 17 17% Flelschmann(3) 60% 60% 58'% b8™ Foundation (5). 60 60 58% 584 Fox FIlm A (4).. 59 59 584 08% Frank-S pf (7).. 115 115 115 115 Freeport (t4%). 6% 7' 74 76 59 53 104 104 587k Gardner Motor.. 9 9% Gen Am Tnk (3) 55l Gen Asphalt.... Ti% 1T7% T3% 17 Gen Asph pt (5). 1174 117% 117% 11 tien CIgars (4)., 68's 68% 68 684 Gen Eleo (15)... 128% 129% 12214 125 GenLlec sp(60c) 114 11% 11% GenGasA(olls) 40 4l 40 41% Gen Gas (B).... 41 44 44 44 GenMotors(110) 229 2307 224% 227 Gen Mot pf (7).. 123% 123% 123% 123% Gen Qutdr Ad(2) 49 49 49 49 Gen Ry Sig (5).. 147 147' 138! 141% Gen Refrac (3 71% 6% 69% Gimbel Bros.... 46's 46's Glidden Co..... 1% 14% Glidden pr pf(7) Gold Dust...... Goodrich Ru (4) 65% 66' Goodrich pf (7). 1034 103' 10 Goodyear Tire... 565 56l 53 i Goodyr prpf(8), 111t 111% 11U% 111 Gothm S H (234) 695 70 68is 6813 Gotham new 215 69% 69% 68'a 63l Gotham H pf(7) 109 109 109 109 Granby (4)...... 0% 40% 39% 40% GrtNorth pf (5) 98 98% 97 97% Grt NorO(1%). 19% 19% 18% 1 Grt Westn Su(8) 117% 1171 117% 117% Great WnSug(n) 39% 9% 3 Gt WestSpr (1) 121 12 Green Canan, 65% 6. 815 8% Gulf Mo & Nor.. 74 70's 0% GuM &N pf (6). 111% 111% 111% 111% Gulf States (6).. 5L 51 50 50 Hartman A (2).. 245 241% 24'5 24% ¢ 0 121 63 ‘e 121 4 63 8% o Pac Tel & Tel (7 1 4 Packard (12.90). 367 36% Palge Motor 1t Pan-Am (6) H Pan-Am B (6). . Pan-Am West B Panhandle Panhandle pf. .. Parmt-Fam (§8) Paramt-F pf (8) Park & Tiiford. . Park Utah(80c). Pathe Exchange Pathe Ex A (4). Patino(1.21 2-3) Peerless Motor. , Penick&Ford (1) Penn C & Coke. . Pa Dix1eCt(3.20) Penna RR (3%) Peoples Gas (8), Pere Marq (18). Pere Marq pf(5) Phila& RC& L., ehillp Morris. .. Phil-Jones pf(7) Phillips Pet (3). Phoenix Hosfery. Plerce-Arrow... Plerce-Ar pf(8) Plerce Ofl.. Pierce Oil pf. Plerce Petrolm. Pitts Coal.... Pitts Stl pt (7 PittsTerm Coal Pitts & W Va(6) Postum (6)..... Pressed Stj Car.. Pr Stl Car pf(7). Prod & Refiners. Producers&R pf. Pub Serv NJ (2) Pub Serv pt (6). Pub SE&G pt(6) Pullman ctfs(8) Punta Aleg Sug. Pure Ol (12). ... Purity Bak A(3) Purity Bak B(2). Purity Bak pf(7) Radio Corp of A. 9% 115 S87h 108 2 Hav El Ry pf (67 81l S1'a S8l'a 81k Helme Geo (4).. 100 100 100 100 Hoe & CoA..... 36% 36% 36% 36% Hollander & Son 351 35% 35! 354 Houshld P(3%). 60 65% 60 3k Houston Ol1. 15476 155% 113% 147 Howe Sound(4).. 38 39 381 39 Hud Man (2%).. b¥ 58% b7% 5T Hudson Mo(3%4) 89% 897 86's 86% Hup Mot (1.40).. 19% 19% 19% 19% Illinots Cen (7).. 135 135% 133% 133% Indep OI1 (1) Indian Refining.. Indlan Refg ctfs Inland St (2%).. Inspiration..... InterboroRapTr. 37% Internat Agri... 10% Int Agricul prior 4214 Int Bus Ma (4). 89 894 Int Cement p£(7) 108 108 Int Com Eng (2) 41% 62t Int Harv (§6)... 193% 199 Inter Har pf (7). 129% 130 Int Mtch pf(3.20. 74% 74% 72 3 6% 6% 6% 6% 43 43% 40% 40% 66% 667 61 64 56 56'% 100% 100% s 69% 54% 207 37% 10% 4219 37 10% 10% 421y 424 87% 88 108 108 49% 50 193 193 129%3 130 Int Mer Mar pf.. Int Nickel (2)... Intl Paper (240). Int Paper pf (7). 100% 100% Inter Salt (6)... s 6 Intl Shoe (7). 5 195 195 Intl Stlver + 176 173 173 Int Tel & Tel (6) 1407 142% 139% 139% IntTel& Telrts 4% 4% dls 4l Jewel Tea. 60% 60% 60 60 Jones Bros .. 2T% 28% 274 27% Jordan Motor.... 17% 1Tk 17% 17% 224 5 56 S ok llg'/n 112% « 38% 41 Bon AmiClA(4) b57% 67 7 K Booth Fisherles. s S g Briggs Mfg (3. . 284 2815 28% 28% 42 115 55% 56 89% 65 24% 65 51 54% 78% TS5 6% 6% 15% 16% 1434 46% 46% 46 T4 164 37% 3T% 36 15% 80% 15% 15% 15% 31% 30 92% 924 89% 113% 113% 111% 113y | Marland Oll..... 60 36% 364 | Martin-Pary(2). 9% 9% 17 1% 15% 16 31 32% 30% 60 60t 36% 374 631 63% 6 112 b1% 52 66 89 91 96% 96% 9 107 10 3 16'% 163 20% 1 46% 366% 366% 36 b64% 55% b 41 41 4 2 6 8! 11 65'% 65% 83% 834 % % 1124 % 111 98! 99 Cont Bak pf (8). Cont Can (5) Cont Mot (80c).. Corn Prod (13).. Coty Inc (6).. CruclbleStee!(6) Cuba Cane Su pf Cuba Compy (3) Cuban Am S (1). Cuban Am pf(7). 104 Cuban Dom Sug. ! | Cushman’s ($4). 118% 118% 118% 1184% | Cuyamel Fruit.. Davison Chem Deere&Co pf(7). 119% 120 Del & Hud (9).. Del L & W (17). DRG Wstpf... Detroit Ed (8).. Devoe & R(2.40) Diamd Mtch(8). 135 Dodge Bros Cl1 A Dodge pf (7).... Dome Mines (1). Dunhill Int (4) 3509 24 22% 86% 104 14 14 44 4 213 213 60 151 33 60 151 ' 68 7 50 <172 172 278 p 13 184 18% 23% 23% 15% 1% T8k 13 70 0% 284 28% ) 104's 1043 1 . 65% 6b% 65% 31 654 % 30% (1) 199 AlO’ 100 109 8 179 174 56% b56% b65% 663 |Laclede Gas(12) 235 82% 82% B2% 42 29% 29% 29% 204 |Lehigh Val(3%) 114% 114% 107 1094% 110 60% 60% b68% 58% | LifeSav (1.60).. 39% 84 16% 16% 16 66% 66 874 874 83% 84 3% 13 20% 20% 6% 6% T6% 76l 4 467 4674 43% 44 30% 30% 30% 30% 119% 120 207% 209 163% 163% 162% 162% 60 60 135% 134 1T% 1T% 1T% 17% 68% €7 65% : 7 . 4 G0% 49% 49% Dupent (19%).. 297'% 297% 286 289% Eastman (18) Eaton Axle (2).. Eisenlohr & Bro. El AutoLt(18%) Electric Boat... Elec Power & Lt Elec P&Lt pf(7) 1044 188% 170 B9 B9 BBY 221 104' 104% 1 175 82% 42 55% b5u | Llg & Myrs(ft4) 117 84l 64% 64% 5% 24% 24% 70 - 16 &l 102% 102% 2 & 2614 2531 253% | Eoccia 0} 30% 30% 29 29 8% 78 n Ry NJ(T12), 822% 30w 3004 Byon 6215 63% 624 63 52% 524 51 6% 18% 514 6% 18% 69% 8% 14% 48 % 16% 36% 154 3% 15% 30% 90 60 L 61 52% 52% 112 49% 50w | MetroG pf (1.89) 112 66% 116% 105 1% 95% 7 107 734 6% 16% 204% 0 4% 0% 115 4% 1 360 % % 0% 110% 14 134 27 13 89% 17% 22% 044 14% 15 T4 TI% 13 13 70 0% 27% 28 17% Kan City South. 66% 66% 61% 65 KanCSopf (4). 69% 69% 69% 66% 56% 55 23% 23% 22 22% 22n 22% 68% 69 68 68% K3 Y% % Y% 60 60 69% 59% 67 ' 67% 66% 67 14% 14% 4% 14% 9% 89 9% 80 235 235 235 Lago Ol (3).... 31% 31% 31 8% Lambert Co (6).. 80% 80% 78% 787 Lee Tire & Rub.. 11 11 10% 10% 109 35% 35% 3b6% 385% 2214 lf?['a 22 22 I W Lig&MyrsB(f4). 116% 117 116% 116% Lima Loco (4).. 66% 67% 66% 66% Liq Carb (3.60).. 50 50% 50 504 Loew's Inc (2).. 51'6 5i% 51% 5% Loft....... 6% 6% 6% 6 Loose-Wiles.... b52% 52% 51 51% Loose-W 1st (7) 120 120 120 120 Lorillard Co 4 39 Loutsiana Oi| 2215 Kel 22% Kennecott C (5). Keystone T & R. Kraft Ch (11%). Kresge (1.20)... Kresge Dept S.. Kress S H (1)... Lehn & Fink(3). 2l 90% LouisGasA(1.75) 27% Louis & Nash(7) 146 Ludlum Steel(2) 25% McCrory (1.60). 89 85% 79% 824 McCrory B(1.60) 82 90 82 84l McCrory pf (8).. 105% 105 105% 105 Mcintyre P (1). 25% 26% 25% 254 Mack Trucks (6) 102'% 102% Mackay pf (4).. 68 68 Macy R H (5) 199% 205 Madison Sq Gar. % 22% 22 Magma Cop (3).. 36% 36% 386% Mallison & Co. 16% 16 Mallison pf (7) 87 Mandel (2%) 45 Man El1 Bup (5. 132 ManEIlmg (d6) 47% 47% 46% Man Shirt (1%). 3l 3 31 Maracaibo Oil... 14% 14% 14'% Market St prior.. 56 59% 56 36% 384 36 Marlin-Rek t3% 49% 49% 48 18 18 18 118 118'% 116 6% 77 75 80% 324 30% 25 25 25 5 5 6 15% 15% 15% 15% 31% 32% 31% 3Bl% Mid-Cont pf(7).. 101% 101% 101% 101% Middle States... 2% 2% 2% 2% Mid StatesOflct 1% 2 1% 2 Midland pf(t12) 133 134 132% 1324 Minn & St Louts, 3% 3% 3% 3y Min St P & SSM. 425 424% 42 42 MStP&SSM 1i(4) 62% 62% 62% Mo Kan & Tex.. 50% 50ia 49 49% Mo K & T pf (6). 105% 105% 105% 105% Missour] Pacific. 657% 57% 55 b55% Missour! Pac pf. 1047 105% 103% 104 Montana Pow(5) 104 105 103% 103% Montgmry W(4). 0% 674 687 Mother L (50e).. 2% 2% Motor Met(3.60) 307 24% 41 457 25% 1% 90% 7 5% 25 Mathleson (4).. May Dept S (4).. 5 MaytagCo(12%) 30% 25 Mexican Seab. .. 5 Miami Cop (1).. A 30% 2. 24% 4% Munstngwr (3) 4 Murray Corpa... 25% Nash Mot (14%) 79 79% % Nat Biscult 16% 135 135 1384 13814 Nat Bise pf (7).. 138% 138% 138% 139% Nat Cash R(A)3. 44% 44% 4du 44y Natl Dairy (3) 8% 67% 6714 Nat Dept Store 22% 22% Nat Distller 45% 424 42% Nat Distillerspf b 57% 57% _67% Nat Enamel &S. 29% 29% 29 29 Nat Lead (5)... 113 113 11214 1124 Nat Pw&Lt(80c) 2l% 21% 214 21% Nat Supply (4).. ST 87 86l 6% Nat Supply pf(7) 116 116 116 116 Nat Surety (10), 238 39% 234 287 4215 40 424 162155 165 14% 1% N Y Centralrts.. 5% NY Chi&StL(11) 127 NYC&StL pf(6). 106% NY Dock. 52% 127 106% 106% 2l 49's 106% 50 Radio C pt (3%) Ray Copper (250 Reading (15).... Reading 2d (2).. Real Silk Hos(4) Reid Ice Crm(3). Rem-Rand $1.60, Rem-Rd 2d (8).. Rep Ir & St1 (4). Rep 1 &S pt (7). Reynolds Spngs. Rey Tobac B (5) Rossia Ins (6).. RoyalD(al.33%) Safety Cable (4) St Joseph L(13). St L&San F(18). St L Southwes! Schulte (3%)... Schulte pf (8) Seabd Air Ling Seab Alr L pf. Sears-R (nZ%). Seneca Copper... Shattuck F G (2) Shell Tra(a2.41). Shell Un (1.40).. Sher-Wil pt (7). Stmmons (2). Stmmons pt (1) Simms Pete. . Sinclair Oil..e o0 Sinclair pt (8) Skelly Ol (2)... Sloss-Shef (6).. Snider Packg Co SPortoR Sug(n). South Por pt(8). South Calif Ed.. South Dalrtes A. 424 677 1in 804 43n 284 105% 587 110% South Ry pf (5). Spaulding pf(7). Spicer Mfg. .. Std G & E(3%). Std Mill (5)ueaes Std Millg pt (6). StdOilCal(12%). Std OiLNJ(T1%) Std Oil NY(1.60) Std Plate Glass. Sterling Pro(t6) Stewart-War (6) Stromb Car (2). Studebaker (5).. Submarine Boat. Sun Oil (11). Sun Oil pt (6) Superior Oil Superlor Steel Telautogra (60c) Tenn Copper (1). Texas Corpn (3). Tex Gulf S t4%. Tex & Pacific. .. Tex PC&O(60¢c). Tex Land Trst o Thatcher Mfg. .. The Fair Tidew Aso (60e) Tid WASOLIpL(6) TideWat O(80e). Timken R(5%1). Tobac Prod (7). Tobac Prod A (7} Transcont Oll... Transue & Wil.., Underwood (4).. Un Bag & Paper. Union Carb (6).. Unton Oil (12%4) Un Pacific (10).. Un Pacific p(4). Union Tank (5). Utd Cigar S(c2). Un Cig St p£(7). United Drug (9) S Dist cfs new S Hoftman (4) S Alcohol (5).. S Leather A. SLeat pr p£(7 Realty (4).. Rubber..... Rub 1st (8).. S s El S Smelt (3%). SSmptf (3%3). U S Steel (7).... 1. U S Steel pf (7).. 134 Uni Pic 1st pf(8) 102 adacagaaac Unv P&R(12%). 31 Utah Copper (6). 119% Utl P&LL A (e2) 31 Vanadium (3)... 49% Vick Chem {4).. b5% Victor Tlk Mch. 36'a Victor cv pf (6). 89% Victor pr pt (7). 97 va-Caro Chem.. 11% va-Car Ch 6% p3 36% Va-Car Ch pf (7) 86% Va El&P pf (7). 108 VaIronCoal&C 40 Vivadou (3).eeei 28% Wabash.eeeosss Wabash pf A(5). Walworth (1.20) Ward Baking B. Ward Bak pf (7) Warner Plc A... Warren Bros(4). WarF&Pipe Cor. W Penn ELA(T). W Penn El p£(7) West P Po (6).. West P Po pf(7) West Maryland.. West Md 2d pf %, West Pacitic. West Pac pt (8). West Unlon (8).. WesthseAlrB(7) Westinghse (4). 49% 36% 4914 37% T4 28% b8Y% 189 49% 52% NYNH& o NYOnt& W (1) N Y Rallways pt Niag F pf (1%). Norfolk South... Norf & W (8)... 1 NorAm b10% stk 49% North Am pf(3). 52% Nor Am Ed p£(7) 101% North Pac (5)... 95% { Nor Paccts(5).. 9% 011 Well Sup 01l Well 8 ot, Omnibus. Opnhm Col (4).. Orpheum Cir (2) Otis Elevator (6 Otis Elev pf (6). Otls St 524 5214 101% 101% 95% 93 9i% 94 94 36% 35 35 108% 107% 107% 12% 12i4 1215 0% T0% 0% 2% 27 2 136% 135% 135% 121120 974 27% 136% 04% 104 62% 62% 63% 29% 3014 63w o 10 9% T4% T4 T2 T2% 73 8 .. T6% T6% 37% 87k 37% 3T tis Stl p Owens Bot(Ct5). Pacific Gas (3).e be.ew La L L4 i o White Mot (4) White Rock (2).. White Sew M (4) White Sew Mach Wickwire ctfs... Willys-Overland Willys Od pt (7) Wilson & Co. 35% 47% bila % Woolworth (5).. 166% Wright Aero (1) 40 Wrigley (13%).. 56 Yellow Truck. 34% Yel Tr&Co pf(7) YungstnS&T(5). 86% 86% Hourly Sales on N. Y. 1lam.. 1p.m.. 1,636,300 2pm.. 672,700 12 noon, 120 182 984 105% 24y 61% 9019 97 56'% 38% 31w 316 56 80 33 91 62% 49% 98 38% 49 132% 134 102 29% 119'% $0% 484 55% 40 49 133% 337 96 85 Market. 1,210,100 1,992,600 Dividend rates s eiven in the above table are the annual cash pavments based on the Jatest auarterly or half yearly Unless otherwise noted. extra or L S S e an larations. evecial divi 100 snaren, o BANK STOCKS LEAD ON EXCHANGE HERE Shares of Six Institutions| Dealt in on Local Board. Financial Notes. BY EDWARD C. STONE. Bank stocks featured trading on the Washington Stock Exchange today, six issues appearing during the ses- on, one scoring a new top for the year. Five shares of Continental Trust sold at 115, a gain of a point| over the best previous price in 1927.1 Two shares of Riggs National changed hands at 485. The largest trading was in American Security & Trust stock, 30 shares selling at 336. Ten shares of Merchanics” Bank & Trust came out at 156, within two points of the high for the year. The same number of shares of Union Trust stock appeared on the board, being quoted at 280, the high mark for the year, which was reached some time ago. The trading in bank stocks ended with a sale of five shares of Farmers & Mechanies' at 300, un- changed from the last quotation, which incidentally is the 1927 top. Capital Traction sold at 106, Po- tomac Blectric 6 per cent preferred at 1091, and the 51, per cent preferred at 101%, closing for the week at 1013, the day’s turnover reaching 150 shares, Five shares of Commer- cial National Co. moved at 103. Bonds were confined to the Gas jssues. A $400 sale in series A bonds was recorded at 102%. The series B bonds sold at 103%; and 104%. The newly listed Medical Building stock Went on the slate for the first time, with 115 bid and none offered. Rediscount Cuts Anticipated. ouncement that both the New o Boston Federal Reserve Banks had reduced their rediscount rates to 3% per cent came after the market closed, but strength in invest- ment lssues over the last few weeks was belleved to have foreshadowed such action, The cuts made by these two institutions quickly followed simi- lar action by Kansas City and St. Louis. The weekly reserve bank statement showed rediscounts in the system as a Whole of $445,373,000 on August 3, com- pared with $547,605,000 on August 4 a year ago. Bills bought in the market amounted to $177,882,000 against 5,492,000 on the corresponding date last year. i At the Richmond bank discounts were at the exceptionally low level cf $19,161,000, compared with $43,148,000 at this time last year, and $18,982,000 a \Week previously.” The local ratio stood at 69.21 against 61.61 per cent a year ago. Tel, & Tel. Earnings Improve. The American Telephone & Tele: ph Co. reports gross earnings of $8,219,000 in June against $7,493,000 in’ June, 1926, and operating income of $3.295,000 against $2,033,000. Gross in the first six months of the year was $48,539,000 against $45,227.000 in the same period last year, and operat- ing income was $20,167,000 against $18,215,000, g The annual report of the Baltimore & Ohio Rallroad for the year 1926 re- veals a net income of $28,494,204.95, the largest in the company’s history, as compared with $20,793,508.11 in an increase of $7,700,786.34. The Norfolk & \ashington Steam- boat Co. reports splendid Summer business, the steamers being crowded to capacity on many, of their trips dowy the Potomac. The new Hotel Cavalier at Virginia Beach is drawing additional Washingtonians to _that Tesort this year, practically all of whom go down on the boats. Placed on Forum Committee. . Hunton Leith, assistant cashier of the Security Savings & Commercial Bank, has been placed on the national forum committee of the American Institute of Banking. Mr. Leith made an enviable record as president of Washington Chapter last year and no doubt this success brought him the national honors. He has served on nearly all the important committees of the local chapter. His new duties call for the extension of a guiding hand among the other chapters in this territory. Because of his broad ex- perience all his suggestions are sure to be of great value. Merchants’ Bank Changes Begun. Work has just been started on the construction of a mezzanine in the Merchants' Bank & Trust Co. in the Southern Building at Fifteenth and H Streets. The men are working at night in order not to interfere with business_ during regular banking hours. Steady business growth has made the additional space necessar and several other improvements will be carried out at the same time. Personal and Other Local Notes. Charles E. Howe, cashier of the American Security & Trust Co., leaves here tomorrow for a month’s vacation, most of which he will spend in Mifflin- town, Pa., his old home. President John B. Larner of the Washington Loan & Trust Co. has returned from a short outing at his Summer home at Mifflintown, Pa. President Lanier P. McLachlen of the McLachlen Banking Corporation, will be back at his desk Monday after a month's vacation passed in Connec- ticut. President Peter C. Drury of the Merchants’ Bank & Trust Co. will pass the week end at his country es- tate at Bluemont. Edward J. McQuade, vice president of the Liberty National Bank, will be back at his desk tomorrow or Monday after a five-week trip abroad. His boat was slightly delayed on the re- turn trip. Miss Helen Rector, secretary of Vice President Thomas P. Hickman of the Franklin National Bank, will be married tomorrow to W, A. Parks of this city. The wedding will take place at Laurel, Md. Woman Banker Is Honored. Miss Helena B. Reed of the Lincoln member of the national public speak- ing and debate committee of the American Institute of Banking, word reaching here today from New York states. Miss Reed is a graduate of Washington Chapter, and some years ago was chairman of the women's committee. She holds a very respon- sible position in the Lincoln Bank, and the national honor conferred upon her will be most gratifying to the alumni and present students of the local institute chapter. e FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Sons. Closing.) Rate—Maturity. e bs May 1311- o 5 [EP—— I n stocl k. § Plus vear—no _rezul n common stock < Plus 5% (n stock. . e Payi % in stock. tly extra ¢ w _common s a Faid this Ten ver cent | uarterly. o National Bank. has been named a | tharo in stockt b Plus £1 8 cic. " {'Blus 8% in ) avabie 1/40°6¢ o brus Commodity News ATLANTA, August 6.—Between five and six million pounds of Georgia _bright leaf tobacco have been sold at the first of the auctions of this season’s crop in South Georgia at an average price of 20.5 cents a pound, with the prospect of increased offerings for next week. All the large exporters have repre- sentatives on the ground. DETROIT—According to officials of the Chrysler company the popular response to the new offerings of the “g2" model has exceeded all expec- tations. These orders are compelling capacity production and the plants are oversold. BOSTON—The the Pacific Mill per cent of capacit; single shift and the wor: department is on a 56 per cent b: In Dover, N. H., the plants are on a 126 per cent basis and the mills at Columbia, S. C., are working at 137 per cent. YOUNGSTOWN—Despite the low point of steel operations this week in the Mahoning Valley, a better feeling is prevalent and a general quickening thre industry is expected du the month. Consumer ocks are known to be small and better de- mand from auto makers with new models appearing soon is expected. POULTRY 1S HIGHER IN GENTER MARKET Eggs Slightly Firmer—Early Buyers in Evidence in the Fish Trade. Lawrence plants of operating at 100 on a loomage sarly morning buyers were in evi- dence at Municipal Fish Market get- ting supplies for their Friday trade. Buyers experienced no difficulty ob- taining supplies of fish, crabs, shrimp, lobsters and other marine products in season, and prices, according to dealers, were reasonable. . Increased demand and higher prices were reported in the poultry market, while butter, eggs, meats, fruits and vegetables were offered &t prices quoted yesterday. A slightly firmer condition of the egg market was reported, while lAhE' butter market, slightly weaker earlier in the week, was reported firm. Today’s Wholesale Prices. Butter—Fresh, 1-pound print 44; tub, 41%3a42; s d ggs—Fresh selected, nery, 30; current receipts, 23. Poultry, alive—Turkeys, hens, tom: V! pring chick- en: 27a28; small, ; roosters keats, young, 50a6 Dressed—Turkeys, 2 3 chickens, 35a38; capons, fanc 39a40; smaller, 35; ducks, 20a25 young, 60a70; old, 30. Meat, fresh killed—Beef, 18a20; veal 20; lambs, 20a32; fresh hams, 3a2, shoulders, 17a18; loins, 30a32; smoked hams, 26; smoked shoulders, 18. Live stock—Calves, choice, 121%; medium, 10all; thin, 7a8; Spring lambs, 13a13% Fruit and Vegetable Review. Today's market report on fruits and vegetables, compiled by the Market News Sel e, Bureau of Agricultural Economics, say Cantaloupes—Supplies of - Eastern stock moderate; demand good, mar- ket slightly stronger; North Carolina, Ridgeway section, salmon tints, stand- ards, 45s, mostly around 2.00; stand- ards, 36s and 27s, mostly. around 2.50; smaller sizes, 1.00al Hone_v_Balls. California, standards, 36s and 45: few 3.65; some fair condition, low as 3.00; Jumbos, 36s and 45s, best mostly 4.00; poorer, low as 3.50. Lettuce — Supplies light; dem?nd good, market slightly stronger; New York, 2-dozen crates, Big Boston type, a2.50; mostly 2.50; Western stocls no sales reported. Onions—Supplies moderate; dcmn’nd fair, market steady; East Shore, Vir- ginia, bushel hampers, yellows, J Massachusetts, 100-pound sacks, vel- lows, 2.75. Peaches—Supplies moderate; demand better, market firm; North Carolina, bushel haskets, few sales, very large size, 4.50: ; Virginia flr)d North Carolina, bushel baskets, bertas, best, very large size, 4.0024.50; poorer, low as 3.50; Virgini bushel baskets, Belles, large to v large gize, few 4.00; poorer, 3.25a3.75; bushel baskets, Carmans and sixes Carmans very large size, 2.75a3.00; fair condi- tion, 2.25a! Potato Market Firm. Potatoes—Supplies moderate; llent, market firm; Ex Shore Virginia and Maryland, top stave barrels, Cobblers 1, 3.25a3.50; m 3.35a3.50; poorer, slightly scabby, 3.00. Watermelons—Supplies _moderate; demand good, market steady; car lot sales, South Carolina, 5-tiers, Tom Watsons, 20-pound average, slightly sunburned, 175; no other sales re- ported. Peas—No supplies on market. Tomatoes—Supplies liberal; demand good, market steady; homegrown, 1- bushel hampers, 50a65; few high as - 30a32, Spring heavy, ; keats, 5. Sweet pot.’\toes——Supplics light; de- mand good, market firm; North Caro- lina, clothtop barrels, vellows, good quality and condition, 7.50a8.00; most- ly 8.00. Alabama, bushel Fampers, whites, No. 1, 1.75a2.00; mostly 1.90. Tennessee, b el hampers, Nancy Halls, No. 1, 2.00a2.25. Cabbage—Supplies _light: light, market dull; Virginia, crates, approximately 100’ poun round type, 2 Limas—Supplies _ liberal; moderate, market about steady Carolina _ bushel hampers, 2 East Shore Virginia, bushe 2.5022.75. Apples—Supplies moderate; demand moderate, market about steady; Dela- ware, Maryland and Virginia, bushel baskets, Willlams, 2.50a2.75; fair quality and condition, some drops, 2.00a2.25; various varieties, mostly 2.00; few higher. demand barrel ds, net demand North 2.00a2.50; 1 hampers, INCOME IS SMALLER. NEW YORK, August 5 (@) June net operating income of cla ‘ailroads was $87,363,547, against $107 393,636 in June, 19! het was $472,611,052, 598,414 for the first half of 1926. CERTAINTEED EARNINGS.™ NEW YORK, August 5 (#).—The Certainteed Products Corporation earned $2.89 a share on common dur- ing the first half as compared with $2.84 a share for the first half of last year. PUBLIC WORKS HEAVY. EW YORK, August 5 (#).—Marked gains have been made this year in the construction of sewers, bridges, com- 1 and public buildings and in ting projects, the volume of contract-letting in July alone being 34 per cent above the month's average for six years, the Engineering News- Record reports. Between January 1 and August 1, projected work reached r|a cumulative total of $3,194,398,000, wgainst $3,363,737,000 for the corre- sponding period of 1926. There have been decreases in water works, streets, roads, industrial building and Federal GOVerRment: CORSLFUOtion.: st half of |g INACTIVE TRADING Evening of Accounts Pending | Government Report Monday Noted in Dealings. 5.—The cot- ady at an ad- vance of 6 to 10 points on relatively firm Liverpool cables and further | covering. Trading was moderately ac- tive. There was evidently a tendency to wait for the Government report of Mon nd much of the business was attributed to evening up of ac- counts after the wide fluctuations of the past two or three days Decem- | ber ontracts sold up to , and were ruling around 17.79 at the end 4 first_hour. reported replacing by in the Liverpool market, with trade calling and covering on re- ports of rains in the South. Another private crop report was issued making | the conditions 70.1 and the indicated crop 14,1 00 bales. The market later was quiet, but fairly steady. Bulges seemed to mect some liquidation of cotton held ov the big decline of last Wednesday, however, and offerings _increased slightly around midday, with prices yielding quite readily in the absence of any aggre: ve demand. December sold off to 17.65, or 17 points from the high price of the morning, the gen- eral market showing net declines of about 5 to 9 points. According to a canvass made this morning, New York Cotton Exchange members, on the average, are looking for a Gov- ernment condition report of about 72.7. New Orleans Market. NEW ORLEANS, August 5 (@). Overnight buying orders and Liver- pool better than due caused the market here to open steady this morning. First trades registered ains of 5 to 8 points up from yester- day’s close. Prices kept on improving after the opening until October reach- ed 17.40, December 17.65, 13 to 14 points higher than the close yester- day. When the weather map came in it showed less rain in the Western belt than had been looked for and prices dropped off 11 to 12 points. il RUBBER HIGHER. NEW YORK, August 5 (Special.— Crude rubber, smoked ribbed sheets, was up i at today’s noon quotation of 3513. This compares with 351z a month ago and 37% a year ago. REAL ESTATE LOANS 515 % FRED T. NESBIT 1010 Vermont Ave. Main FIRST and SECOND MORTGAGE LOANS On Washington Residences Business Properties PHILIP MILSTONE 1305 D St. N.W. M. 1929 Mortgage Money Loaned at Low Interest Rates Economic_Conditions Tyler & Rutherford Loan Correspondent Mutual Benefit Life 1520 K Street ~ Main 475 In Nearby Virgini 1 Prudential 5 /2 % lnfllraml:‘e Co. oans Commonwealth Investment Co. 917 15tk St. N.W. Phone Main 2623 WE FINANCE classes of income-producing oroperty Large Loans a Specialty Current int rate and commission. Higbie & Richardson, Inc. 816 15th St, N.W. —all Buck & Company BROKERS Established 1916 Stocks Bonds Grain Cotton Write or call for weekly mar- ket letter. No Obligations BUCK AND COMPANY Evans_Bldg. 1420 New York Ave. Franklin 7300 ‘_V;mted té Buy Large Detached Home Must have seven mas- ter bedrooms, three serv- ants’ rooms. Kalorama Heights preferred. Address Box 459-J Star Office FIRST DEED OF TRUST NOTES Let your money earn you a good income. Call Wm. S. Phillips & Co. | Incorporated | Main 4600 ‘ 1516 K Street N.W. COTTON ADVANCES | TALS —— | —_— ‘ Money Available for FIRST DEED OF TRUST LOANS 6% Reasonable Commission Prompt Replies to Applications | JAMES F. SHEA 643 Louisiana Ave. N.W. | I | FIRST MORTGAGE LOANS 512%—6% Application for first mortgage loans promptly acted upon by our Loan and Investment Department Low Commission W. H. WEST COMPANY Founded 1891 916 15th Si Main 9900 P OFFICE SPACE SAUL BUILDING 925 15th St. N.W. Abundant light and air. Ex- cellent service, Several desir- able rooms or suites. Unex- celled location. Modern eleva- tor building. Rents Recently Adjusted B. F. Saul Co. 925 15th St. N.W. Main 2100 Money to Loan Secured by first deed of trust on real Prevailing interest and commissior Joseph I. Weller ‘fi‘.’d:;"“,gil'-.}‘f"# LOANS 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. Russell Co. 926 15th St. N.W. 900000000000000000000000¢ 6 ¢7 CONSULT US o —for safe {nvestment of Jour surplus funds. ook R {0 the Juture by tnvest irst g Wm. H. Saun Co. Mortgage ne. . Founded 1887. 1433 K st. Notes ow. Washington. D. G, g NO 90000000000000000 90000000 Continental Trust Co. 14th and H Streets Capital $1,000,000.00 Checking Accounts Savings Accounts Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Acceptance Credits Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER. President Capital $1,000,000.00 Guaranteed 0 Mortgage Bonds Yield District intangible tax refunded. PROPERTIES secur- ing these bonds are owner-occupied homes in the District of Co- lumbia. APPRAISALS by committee headed by Vernon G. Owen, Pres. Thos. J. Owen & Sons, real estate appraisers. District National Bank of Washington, trustee for this bond issue. Payment of principal and interest uncondi- tionally guaranteed by FEDERAL SECURITY & MORTGAGE CO. Resources Over $1,000,000.08 1412 K Street Main 1960 L boromane oo o