Evening Star Newspaper, August 18, 1927, Page 14

31 = STOCKS SHOW FIRM INLESS TRADING Spirit of Caution Prevails, Speculators Awaiting Signs of Secondary Reaction. BY GEORGE T. HUGHES. Epecial Dispatch to The Star WALL STREET, NEW YORK, Au- gust 18.—The spirit of caution dom- inated trading on the Stock Exchange today. Prices were generally firm, but business fell off and there was a disposition to await events before re- newing the general advance. The professional clement was _casting about for s of the secondary re- action that is supposed to come when the so-called “support stock” bought on a big break comes on the market for resale. At the same time short sellers have been too roughly treated in recent sessions to take any unnec essary chances. The result was a market which looked more or less “tired.” Steel Shares Show Up Well. Of the standard stocks, the steel shares gave the best account of them- selves, particularly the independents. Bethlehem Steel was the outstanding feature, at a new high for the vear and at the best since 1923, still fore- casting dividend resumption. Youngs- town Sheet & Tube came n tr er than in weeks. United Sta moved uncertainly early in the day, al- though it did sell fractionally than at any time since Judge Gary's death. None of these movements had any discernible connection with the tr~"e developments. The character of the trading was revealed by the way In which the new groups were brought to the front. On TWednesday it had been the merchan- dising shares that were used to di- vert attention when the rest of the list was faltering. Today it was the amusement _stocks, Paramount-Fa- mous, Fox Film, Loew and others, that were taken up. The theory was hat these stocks had been thoroughly liquidated and were entitled to a rally Department store and mail order is- sues malintained their gains and in some cases i:icreased them, Sears Roe- buck, for instance, making a new high for the present shares. Dealings in the rails were fully as restrained as in the industrials. Nevertheless, there was no repetition of the weakness of Wednesday. Read- ing pushed ahead, Delaware & Hud- son was up fractionally and Balti- more & Ohio was strong. Gossip con- cerned itself more with merger pos- sibilities than with earnings. Market Quiet in Afternoon. The market continued quiet and rregular in the afternoon. The re- newal rate for money, which was 3% per cent down % of a point and at the low of the year, failed to stimulate buying. The motors were heavy. On the other hand the oils came into favor again and nearly everyone in the group moved up at least fraction- ally. United States Steel came down somewhat. The selling gained in effectiveness @s the last hour approached. Such typical stocks as Allied Chemical, Baldwin, American Smelting and Re- fining and Timken all worked lower. Yellow Truck, which had been under pressure almost from tHe start, lost more ground. The most striking re- versal was that in Hudson, which was down some two points on the day aftéer enjoving an earlier advance, Chrysler went off with the rest. ‘'WALL STREET BRIEFS. NEW YORK, August 18 (#).—With the opening of a 10-mile extension to the Western terminal of the Chicago, Milwaukee & St. Paul Railroad last month, Seattle gains the distinction ©of being the largest city on the longest electrified railroad in the world, says the General Electric Co., which has built the 260-ton gearless electric loco- motives that haul all trains in that divisioh. This extension brings the total electrification of the St. Paul ig! road to 655 miles, from Harlowton, | Callahan Zinc... Mont., to Avery, Idaho, and from Othello, Wash., to Seattle and Tacoma. Five mountain ranges are crossed. Telautograph Corporation earned 61 cents a share on the common stock, efter preferred dividends, in the first seven months this year, against 42 re:lt! a share in the same period of Inquiries received in the market for machinery and machine tools indicate that a steady volume of business is in sight for the Fall period, American Machinist reports. Improvement in production schedules has been an- nounced in the typewriter industry and among manufacturers of electrical equipments. A shortage of forecast by E. thracite coal is Loomis, president ley Raiiroad, who unless anthracite consumers placed orders promptly it would be doubtful if they could get all the coal [ and the kind of coal they want this Winter. “Few dealers have enough coal to withstand the rush of buying #nd tae reaction upon mining activity will be great,” he said. “The depressed condition of the coal industry has had an unfavorable effect on railroad traf- fic and earnings.” Stockholders of Westinghouse Air PBrake approved a change in author- Ized capital stock of 1,000,000 shares, $50 par, to 4,000,000 shares, no par value, and « distribution of four shares of new stock for one of old to holders | of record September 15, Iron Trade Review says structural steel continues in heavy demand, but improvement in this direction is neu- tralized’ by slack in automotive and railroad buying. ‘The Banca Centrale de Chile has in- creased its gold reserve in New York to $23,797,000 with a shipment of $3,100,000, consigned to the National Bank of Commerce. This is the latest of a series of gold shipments from Chile that began in February, 1926. S BOSTON WOOL MARKET. BOSTON, Anugust 18 (Spe: —Mill buying of fine territory wools in mod- erate amounts was the only feature of the Boston wool market today. Pulled wols received a moderate inquiry. Fine territory combing was quoted today at 1.10a1.12, clean basis; French comb- Ing at 1.00a1.05; half blood at 1.00a| 1.05; three-eighths blood at 90492, and | guarter blood at 80a$l. Ohio dy rombing fleeces were quoted at 45a46, rease basis for fine delaine, with half Blood at 45: three-eizhths blood at 4a 45, and quarter blood at 44. S DIVIDENDS DECLARED. Pe. Pav-ll 104, able. Amer Stang m Tel & Tei Co el-Can_Pap Co Lt.1 5 Do pt 1% nef Loan Society hes & Ohio R Do_ ot * fon RR of € Frucible St Co pf 1 Eub Am Sugar Co Do. pt 51 ous GI G Co pi 1% 7% ntern Salt ¥ elsey H Wh C Kentucky H Lord & Tavlc Stahoniny Okla 21 ¢ Peck & Hills F ( Do 18t ot ndt i Oil h) boe pe.1% % Do, "FINANCIAL/ NEW YORK STOCK EXCHANGE Abitib! Pow (5). 102 Abrahm&Straus 85 Abr&Stras 1% pf 112 Adams Exp (6). 163 Adv Rumley pf. 35 Ahumada Lead. . Alr Reductn(16) 179 Ajax Rubber. Alaska Juneau Albany Papr (2) AllianceR(133%) Allled Chem (6) Allis Chalm (6). Amal Leather. Amerada (2) Am Agr! Ch pf. { Am Bank N (2). Am Bosch. 2013 Am Br Sh(41. 43"y Am B Shoe pf(7) 120 Am Brown Bov. 11% Am Brown Bo pf 46 AmCan (2)..... 60% Am Car&Fdy(6) 104' Am Chicle (3).. 60 Am Drug (80c). 13 Am Express (6). 159 Am & For Pow.. 3% Am&Fo Po pf(7) 100 Am Hide & Lea. Am Hide & L pf. Am Ho P (2.40). American Ice. .. Am Ice pf (6)... Am Internatl(2) Am La France. . Am LaFra pf(7) Am Linseed. ... Am Linseed pf.. 1% 23% 55 145 31 44 61 2% 9% 49 Bia 851 49% Tdh Am Loco pf (7). Am Metals (3). Am Plano (3)... 35% Am Piano pf (7) 94% Am Po & Lt (11) 61 Am Radlator(5) 133% Am Ry Exp (6). 100 Am Republic.... 49% Am SafetyR(33) 45 Am Seating(t4). 4% Am Ship & Com. 3 3% Am Snuff (12).. 128 Am Stl Fdys (3) 5i% Am Sugar (5)... &8 Am Sugar pf (7) 112 Am Sumatra.... 6593 Am Tel & Tel(9) 169 Am W W (m80c) 524 Am Whise pf(7) 104 Am Woolen. . 24 Am Writ Paci 2. Am Wr Papfcfs 46 Am Zine. . 7 Am Zinc pf.. Anaconda (3)... Archer-Dan (3). ArmourDel pf(7) 86 Armourot [II(A) % Armourof Ill (B, 5% Arnold Con&Co. 31 Asso Dry G(2%) 45 Asso Oil (2).... 44% Atchison pf (5). AtUGUIf& W1.. 37% AtIGuIf&WI Df. 461 Atl Refining (4). 125% Atlas Powder(4) Atlas Pow pf (6) 102 Baldwin L (7)., 258 Balto & 0 (6)... 120 Balto & Oh pfid) 79 Bang & Ar (3%2) 2% Bang & Ar pfl) 104 Barnet Leather. 55% BarnsdallA(2%) 24% Bayuk Cigars... 95% Belding Bros (2) 22% Best & Co (3)... Bethlehem Steel 6274 Beth St1 pf (7).. 115 Bloomingdale. .. Blumenthal pf.. Bon AmiCl A(4) 58 Booth Fisheries. €% Botany CMills A 24 Briggs Mfg (3). 28% Bl 85 Blkn-Mn Tr (4). By Man T pf(6). 65 82% Brown Shoe (2). Brunswick B(3) 41% Burns Br B (2). Bush Term (b8) Bush Ter de (7). Bush Trm of (7) 117 Butterick (g2).. 54 Byer & Co...... By-Products (2) Calif Packg(4).. Calit Petm (1).. T4 22% 1% 70 18 567% Calumet & Ar(6) Calu & Hecla(2) Canada Dry (3). Can Pacific rts... 3% Case Threshg(6) 253 Cent Alloy (2).. 29% Cent Leath..... Cen Ry NJ(t1 Cerro dePas(t5 Certain-Teed 1) Certo Cor (13%) Chand-Cleve. ... Ch1 & Alton. Ria Chi& Alton pf.. 13% Ches & Oblo(10) 193 C&O Corpn (3). 72% Chi & East 1l pt 79% Chi Great W 16 Ch) Gt West pf. 35 Chi Ind&L pf(4) 73% ChiMil & StP., 16% Chl MII&StP pf.. 32 CM&StPefs.. C M&StP pt cfs. Chi & Nwn (4)., 91% Chi Rock Is (5). 109% CR1&Pof (6). 101% Childs (32.40)... 61% ChileCop (215). 36% Chino Copper... 22% Christie B (1.20) 59 Chrysler Corp(3* 567 Chrysler pf A(8) 112 City Stor A(3%) 49 City Stores (B). 49% Cluett Peab (5). 65 Coca-Cola (5)... 118 Collins & Afk(n) 91% Collins&A pf (7) 1047 Col Fuel & Iron. Col Gas & El (5) Col Carbon (4).. Com Cred (1)... Com Powr (23) Congoleum-Nair Cong Clgar (4).. Con Cigars (7). Consol Gas (5).. 111% Cons Gas pf (5). 9 ConRRCuba pf 6 Consol Textile. . Cont Bakg A(4). Cont Baking B.. Cont Bak pf (8). Cont Can (5) Cont Can pt(7) Cont Insur (6). Cont Mot 180¢). Corn Prod (3) .. CrownWP1stpf7 CrucibleSteel (6) Cuba Cane Sugar Cuba Cane Su pf Cuba Company. . Cudahy Pke (4). Cuyamel Fruit.. 49 Davison Chem., 32 Deere&Co pf(7). 117 Del & Hud (9).. 206'c Del L& W (17). 166% DRG Wstpf... 59 Dodge Bros CLA 18% Dodze pf (T).... T1% Dunhill Int (4). 50 Dupont (19%).. Du Pont deb(8). 112% 166 26t 92 21 % 50% 8% 6% $0% 917 T4 36 217% 48"y stman (18).. KEaton Axle (2).. El AutoLt(16%) Electric Boat. .. Elec Power & Lt Klec PELLDI(T) | Flec Refrigeratn £l Stge Bat (16) £nd John (6)... Engineers Pub S Epqit BIAg(T).. Erle RR. . Erte 15t pf. Erte Stm S(2%) Eureka Va ft4% Fed Lt (h2.40).. Fed L&T pf (6). Fed Min pf (7).. 9% “ed Mot T(f80c) 19 Fid Phoenix (4). 139% First NatS(1%) 25 ¥isk Kubber.... 16% 3 66's 97 THE EVENING STAR, WASHINGTON._ D..C, Received by Private Wire Direct to The Star Office. 107n 102 87y 814 112 164 35 % 4% W 179 Th 14 23% 4 181 8 1t 23% 55 W15 1 106% 105t 105% 14% 1% 31 43% 1201 1% 46 61 1044 1 60, 120 1% 41 60 60 13% 167 23ks 20 1014 100 100 10 3 (3% 52 bl w9 29 91ty 50 Bt 854 50'a 3% 85 4% T34 Am Locomot (8) 111% 111s 1094 109% 1240 124 123% 1249 43% 43% 35% 35% 94% 94% 61 60 134% 133 100% 100 50% 494 45 41 454 4 3w 128 5314 88 128 54% B8y nz 12 9% 09 s » 169 524 bl 104% 104t % 224 2l 20% 48 46 % T 405 40 4ok 46 455 45% 6 86 9% 9% 5% 5l 344 81 6% 45% 44 4dly 4 %). 1:3% 1937 192% 1934 1024 1024 102% 102% AUCL (8%).. 195% 197% 195 195% 3% 37 127 36% 36 124% 62 102 1574 119% 9 3% 72% 109+ 103% 57% o554 5 24% 95% 95 2% 21% €3 62% 115 115 41y 42% 4% 4 24 8% 28 58w 55 83% 82% 4% 41% 17 B84 n7 A4 76 Ta% 28 1% 70 16 57 22% s 70 16 56 Can Pacific (10). 188% 189% 188% 189% 4% 3% 262 29% 29% 3% 16% A% 15% 80 90% 109'% 101% 61'% 26% €5 116% 91's A 104% 9% 95 3% 17 55 21% 5% 80 1% axin 65 5% 4% 5 K9t 190°« 101 Bhle 9y 90 % 35% 20% 4Th 49 314 116% 204 165 59 1814 0% 50 285 112 2% 117 207% 19 % 50% 2¥7% 1z a1 3n Am Smelting (8) 165% 16:% 164% 1604 Open Hieh Low Close 107 14% 3w 43% 120% it 44 60 1035 00 134 158 22 101 10 (34 5ls 29% 9l 50 T 85% 49 8% 43% 85% 91% 60% 1334 100% Ope: Flelschmann(3) 61 Foundation (5). Fox Film A (4). Freeport (14%). Gabriel Sn(3%) Gardner Motor. . Gen Am Tnk (3) den Asphalt.... Gen Asph pf (5). tien Clgars (4).. Gen Elec (15)... Genklec ap(60c) Gen G & E1 A(8) Gendotors(110) Gen Mot pf (7). Gen Ry S1g (5. Gen Refrac (3 Gimbel Bros.... Glidden Co...... Glidden pr pf(7) Gold Dust...... Goodrich Ru (4) Goodrich pf (7). Goodyear Tire. . Gothm S H «2%) Gotham new 23 Gotham H pf(7) Granby (4)..... Grt North pf (5) Gt Nor pf cfs(b) GrtNorO(1%). Great WnSug(n) Gt West S pr (7) Green Canan.... Guantanamo.... Guantan pf (8).. Gulf Mo & Nor., Gulf States (5). Hanna ist pf.... Hrin B b10%stk Hoe & CoA..... Hollander & Son Houshld P(3%). Houston Oll.... Howe Sound(4). Hud Man (2%). % 53 £ 57'% 68 1z 67 116% 2264 2 124 50% 414 4 3% 128 54 88% 11z 69% 163 Am TobaccoB(8) 1427 1427 1427 142% 52 104 22 21% a8l 7 40 46 4ol 6 9% Sty 34% 45 444y 36% 37 125% 63 102 5% 121m 9% 3% 1084 56% 25 95 21% 50% 50% 50% 50% 2% 115 1w 85 Hud Man pf (5). Hudson Mo(3%) Hup Mot (1.40). Lllinots Cen (7). Indep V1l (1)... Indian Mot pf(7) Indian Refining Indian Refg ct Ingersoll-R(14). Inland St (2%). Inspiration..... InterboroRapTr intcont! Rub(1) Int Agricul prior Int Bus Ma (4). Int Cement (4).. Int Cement pf(7) Int Com Kng (2) Int Harv (§6).... Inter Har pf (7). Int Mtch pf(3.2 Int Mer Marin, Lnt Mer Mar pf.. int Nickel (2)... Intl Paper (240) Int Paper pf (7) Int Ry Cent Am. Int Ry CA pf(5) intl Silver...... Int Tel & Tel (6) Int Tel & Tel rts Intertye (t1%). Jewel T Jones Bi ; Jordan Motor... Kan City South. Kayser J (4) Kelly-Spring Kelly Tire 6% Kelly Tire 8% pt KKels-Hayes (2). KKennecott C (6). Kinney pf (8)... Kraft Ch (11%). Kresge (1.20)... Lago Ol (3).... Lambert Co (5). Lee Tire & Rtub. Lehigh Val(33) Lehn & Fink(3). 131% 21% 94k 8 Ex) 90% 131% 2% 94l .| Life Sav (1.60).. ki dison (8) 183% 183% 181% 183% 58 831 Bklyn UnGas(5) 143's 148% 143's 148% 41% 324 32% 32% 32n Buft&Susq pf(4) 51% 51% b5l% b51% 21% 21's 20% 20% 58 69% bB8% 59% 102% 103% 102% 103 17 64 781% R1w T3% 804 78 61's 64's 6€2% 63 23 1% 70 16 567 4 263 258 29% 8 3% 164 32 16% 31% 91 110% 101% 61 36% 116% 92% 1047% 80% 98% 3% 17 55% 24% €5% 80% 112% 987x 63 5% 43% R9Y% 4% 121 190% 10y 56 91% 91 % 35% 20% 474 49% 31% 116% 20614 166 659 18% 0% 5 2864 1z 30% 67 Lig&MyrsB(t4). Lima Loco (4) Liq Carb (3.60). Loew's Inc (2) Loft...... Loose-Wil(2.60) Lorlllard Co.... Lorillard pf (7). Louisiana Oil. La Oil pf (6%).. LoulsGasA(1.75) Louls & Nash(7) AMcCrory (1.60). McCrory B(1.60) Mack Trucks (6) Mack Trk 2d (7) Mackay (7)..... 1 Mackay pf (4 Macy R H (5)... Madison Sq Gar. Magma Cop (3). Mallison & Co... Mallison pf (7)., Mandel (2%).... Man EIl Sup (5). Man EI m g (d5) Maracalibo Oil... Market Street... Market St prior. Marland Oll..... Marlin-Rek t3 Martin-Pary (2 Mathieson (4) May Dept S (4).. Maytag (2%).,. Mexican Seab. .. Miami Cop (1) MidContinent(3) Middle States. .. Midland p£(t12) Miller Rub (2).. Min St P & SSM. Mo Kan & Tex.. MoK & T pf (8). Missouri Pacjfic. Missour! Pac pf. Montana Pow(5) Montgmry W (4) Moon Motor. Mother L (500).. Motion Plc (1) Motor Met(3.60) Motor Whi (2).. Mullins Body... Mullins B pf (8) Munsingwr (3). Murray Corpn. . Nash Mot (t4%) Nat Acme (sta). Nat Bellas Hess NatB Hess pf(7) Nat Biscuit t5% Nat Enamel & S. Nat Enam pf (7) Nat Pw&Lt(80c) Nat Surety (10). at Tea (4)..... Nevada C(1%).. N Y Alr Br (3) N Y Cent(3). N Y Central rt; NY C&StL (6).. NYC&StL pt(6) . NY Dock....... NY Dock pf (5). NY & Lack (7).. NY NH & Hart.. NY Ont & W (1) N 'Y Railways pf Niag F pf (1%). Norfolk South Norf & W (8)... NorAm b10% stk North Pac (5)... Nor Pac efs(5). 011 Well Sup.... 011 Well S of. Oomnibus....... Opnhm Col (4).. Orpheum Cir (2) Otis Elevator (6 Otis Steel....... Outlet Co (4). ... Owens B pf (7).. Pacific Coast. ... Pac Coast 1st. .. Pac Coast 2d (4) Pacific Gas (2 Pac Oll Stub Packard (12.90) Paige Motor.... Pan-Am (6).. Pan-Am B (8) Pan-Am West B Panhand| Parmt-F ) Paramt-F pf (8) 41% 97 91% 19% 139% 140 24% 24% 16l 18k Park & Tilford.. Pathe Ex A (4 Patino(1.21 2-3) Peerless Motor.. 2i% Penick&Ford(1) 24 24 Donlohk¥ p£(7), 103 104 Low Ulose 18% 131% 21'% 60% Open. Penn C & Coke.. 15 Pa Dix1eCt(3.20) 27% Penna RR (3%) 65% Peoples Gas (8). 150 Phila& RC& 1. Phil-Jones pf(7) Phillips Pet (3). Phoenix Hoslery Plerce-Arrow. ., Plerce-Ar pf(8). Plerce Oil. Postum (5). . Pressed Sti Car. Prod & Refiners. Prophy Br (13). Pub Serv NJ (2) Pub SE Po pt(7) Pub SE&G pf(6) Puliman Co (8). Pullman, Tne. ... Punta Aleg Sug. Pure OI1 (#2).., Pure Ofl pf (8)., Purity Bak A(3) Purity Bak pf(7) Radlo Corpof A. 10 C pf (31%) RSTICefs (4). Ray Copper (25¢ Reading (15)... Real Silk Hos(4) Real Silk nf (7). Reld Ice Crm(3) Rem-Rand $1.60 Rem-Rd 1st(7). Rep It & Stl (4). Rep I & S pf (7). Reynolds Spngs. Rey Tohao B () RoyalD(al1.33%) Safety Cable (4) St Joseph L(13). St L&San F(13). St L Southwest. Savage Arms Schulte (3%)... Seagrave(e1.20) Sears-R (n2%). Seneca Copper-. . Shattuck F G (2) Shell Un (1.40).. Simmons (2 Simmons pf ( ! Simms Pete Sinclalr ON Sinclalr pf (8) Skelly Oi1 (2). Snider Pk of... S0 Porto R Sug. . South Por pf(8). South Calif Ed South Pac (6). Southern Ry (7 South Ry pf (5). Splcer Mfg....q St G&B(34). Std G & E p(4). Std Mil (5).... Std Millg pf (6). StdOlCal(+28). Std OILNT(+134) Std O11 NY(1.60) Std Plate Glass. Sterling Pro(16) Stewart-War (8) Stromb Car (2). Studebaker (5). Submarine Roa Sun Of1 (11). Supertor Oll.... Telautogra (60c) Tenn Copper (1) Texas Corpn (3) Tex Gulf S t4%. Tex & Pacific... Tex PC&O(60¢). Tex Land Trst n The Fair (2.40). Third Avenue... Thompson(3.60) Tidew Aso (60e) TIAWASOIIpf(6) ‘Tide W O1l nf(5) Tidken (15).... Tobac Prod (7). Tobac Prod A (7° Transcont Ofl... Underwood (4).. Un Bag & Papel Unlon Carb (6). Union OI (t2%) Un Pacific €10). Un Pacific nf(4) Utd Cigar Stores Un Cig 8t pf(7). United Drug (9) UtdDrg 1st(334) Utd Frult(+5%) USCIP&F(10) 2 U 8 Distributing U S Hoffman (4) U 8 Alcohol (5). U S Ind Al pf(7) US Leather w1 U7 S Leather A. USLeat pr pf(7) us U S Rubber..... U S Rub 1st (8). US Smelt (3%). US Smpf (333). USSteel (7).... U S Steel pf (7). Uni Ple 1st nf(8) Uni Pipe (12%). Utl P&Lt A (e2) Vanadium (3)... Vick Chem 74).. Victor Tik Mch. Victor cv of (6). Va-Caro Chem. . Va-Car Ch 6% 1 Va Tron Coal & C Vivadon (3). Vulcan Detin Wabash........ Wabash pf A(5). Ward Baking B. Warner Pic A. WarF&Pipe Cor. Warren Bros(4). ‘W Penn EI pt(7) West P Po pt(7) West Maryland. West Md 24 pf. West Pacifie West Pac pf (6). West Unfon (8). WesthseAIrB(7) Westinghse (4). Weston Electrie Eagle (2) White Mot (4).. White Roek (2). White Sew M(4) Willys-Overland Willys Od pt (7) Wilson & Co.... Woolworth (5).. Worthn Pump. .. Worth Pump(B Wright Aero (1) Yellow Truck... Yel Tr&Co pf(7) YungstnS&T(5) 170% 33 45% 40 36 97 87% THURSDAY, 4 |'Sidney West, Inc 100% 28 81% 58 56% 45 87% 12% 4in 41 Hourly Sales on N. Y. Market. 440.500 12 noon. 961,010 2pm.. Dividend rates as etven in are the annual cash payments b: latest quarterlv or hall Unless otherwisa noted extrs or special d re not included tlam.. lpm.. 1,280, 2 Plus 4% 1n stock e vear—no_rezuial in common stock o e Plus 5% in stock. Plus 8% in Plus $3 in preferred a Pius ono-half of common stock By Special Leased Wire (o The Star. NEW YORK, August 18.— (Quoted In dollars per million mar! Ger Gt (w In) bs 1014-18. 925.00 Hamburg 4%s 1019. (Quoted_in_dollars Ger Gen Elec ™ Ger Gen Ele Darmstaedter Mercur Bank Vi Heyden Chem Austrian A B iends mUnit of tradine lese than 100 ehaces. 2/60 690,700 000 the above table on vearly declarations. 1 divi Pay: in to. tock. stock’ GERMAN BONDS AND STOCKS. ks.) Asled 7 TRADING 1S QUIET ON LOGAL BOARD District National Elects Di- rector—New Bank to Welcome Public. BY EDWARD C. STONE. The vacation spirit apparently swal- lowed up the Washington Stock Ex- when only three issues during the session. action figured In three sales involving 19 shares at 104. Po- tomac Electric Power 5% per cent preferred was sellling ex-dividend to- 23 shares in three lots changing hands at 101%. There was but one sale in the bond division, a $1,000 transfer in Washing- ton Gas 6s, serles A, being recorded at 10314, A lull was noted in the recent bank stock advances, not a share ap- pearing on the board. Washington Railvay & Electric common and preferred, Potomac Elec- tric Power 6 per cent preferred and Lanston Monotype were quoted ex- dividend. District Bank Elects Director. The directors of the District Na- tional Bank yesterday elected Eugene C. Gott, who is head of the firm of to_membership on the board. Mr. Gott fills the vacancy caused by the recent death of Sidney ‘West, who had served the bank long and efliciently. In addition to his connection with the men’s furnishings store, Mr. Gott has other large local financial interests. He has held con- siderable stock in the District Na- tional Bank for some years. He is a member of the Racquet and Colunibia Country Clubs and the Merchants and Manufacturers' Association. Bank’s Housewarming Tonight, The Takoma Park Bank’s handsome new structure, at the corner of Car- roll and Willow avenue, will be thrown open to the public for the first time this evening between 8 and 11 o'clock. The officers and directors have issued a large number of invita- tions, and many bankers from down- town Waskington have expressed their intention of going out to inspect the new building. Takoma Park citi- zens will turn out in large numbers, as they are very proud of their new- est financial institution. MclIntosh Wins Court Support. The efforts of a dozen California na- tional banks to place a check upon Joseph M. Mclntosh, controller of the curreney, in connection with his au- thority to approve or select the name under which 56 other national banks may do business in that State failed when Chief Justice McCoy of the Dis- trict of Columbla Supreme Court de- cided he had no power to interfere with the discretionary powers vested in the controller by Congress under the general banking laws, and partic- ularly the McFadden act of February 25. “’The net result of this decision is that no national bank, operating now as a first, second (or whatever the nu- meral i) bank can prevent the start- Ing up of another bank in the samo place using the name first, second (or other numeral) bank if the new bank {s a branch of a national bank in an- other place which has _consolidated with a State bank which had branches \Where the orignal naitional bank is located. An appeal was noted. Early Trade Expansion Forecast. espite the general reaction in man- un[s)ctul:-lng activities during the Sum- mer months to the lowest levels re- ported in the past two years, business conditions continue sound and all signs point to normal trade expansion during the Autumn months, says the Brookmire Economic Service. The buying for Autumn and Winter re- quirements, due to the recent trade Teaction, is expected to develop earller than in recent years. One favorable condition in the present business sit- uation is the absence of heavy inven- tories, indicating that buyers have contracted for only immediate needs. Life Insurance Growing Steadily. New paid-for life insurance written in Jaly by 45 companies, with 81 per cent of the total life insurance out- standing in all United States legal re- serve companies, amounted to $894,- 000,000, against $931,000,000 in July, 1926, according to report of the Asso- ciation of Life Insurance Presidents to the Department of Commerce. For the first 7 months new busi- ness of all classes written by the 45 companies amounted to $6,713,000,000, against $6,599,000,000 in the same pe- riod of 1926. Another insurance report of interest is that the North Carolina Power & Light Co. has taken out $3,500,000 roup insurance on 1,700 employes and their 350 families. More Bankers on Vacations. President Charles J. Bell of the American Security & Trust Co. left Washington yesterday for a vacation in Canada. He will spend several days in Quebec before going to his camp on the Saguanay River. President Thomas E. Jarrell of the Washington Savings Bank has re- turned from 10 days at Atlantic City. Vice President Thomas P. Hickman of the Franklin National Bank is back at his desk after a vacation in Maine. President Edward J. Stellwagen of the Union Trust Co. will return short- ly before Labor day from his Sum- mer vacation passed at Poland Spring House in Maine. Roy L. Newhauser, vice president of the Real Estate Mortgage & Guar- anty Co., will leave here tomorrow for East Gloucester, Mass., to continue his vacation. Financial Gleanings. The outlook for continued prosper- ity is good, in the opinion of Prof. Irving Fisher, political economist at Yale University, who sailed for Europe today. With the exception of minor recessions which possibly might occur in the next few months, no serious setback appeared in sight, he asserted. The North American Co. has de- clared regular quarterly dividends of 1-40 of a share in_common stock on the common and 75 cents a share on the preferred, both payable October 1 to stock of record September 6. F. W. Woolworth Co. opened its first 25 and 50 pfennig store in Ger- many when a two-floor site in men was thrown open for public in- spection on July 29 and started doing business the following day. BUTTER AND EGGS QUOTED. NEW YORK, August 18 (#).—But- ter—Firm; receipts, 11,085 packages; creamery, higher than extras, 4315a43; creamery, extras (92-score), 42; cream- (88 to 91 score), 33%adlY; stock, current make, No. s — Irregular; receipts, 14,983 cases; fresh gathered, seconds and poorer, 25a28; nearby hennery whites, closely selected extras, 47a4y; nearby 00 | And nearby Western hennery whites, firsts to average extras, 33a46; near- by pullets, 28a31; Pacific Coast whites, extras, 45a47%; do., extra firsts, 4112044, Cheese—Firm; receipts, 214,437, NEW YORK GRAIN PRICES. NEW YORK, August 18 (#).—Rye— Firm; No. 2 Western, 111 fo.b. New York and 1.10 c.Lf. export. Barley —Firm; malting, 92% c..f. New York Wheat—Futures opened steady; ds mestic September, 144%. Other ar- ticles unchanged. o= A honey bee must visit 56,000 clover blossoma te make g reund of honey. AUGUST 18, 1927, TREASURY FINANCE PROCESS OUTLINED Acting Secretary Announces Sale of Securities Sept. 15 to Meet Maturities. While no decision has been made as to the details of the offering, to be made, Acting Secretary of the Treasury Ogden L. Mills today announced the Treasury would put an issue on the market for September 15, financing to carry the Government over the end of the quarter. The September financing is expected to be part of a heavy program the latter part of this year, as there are falling due not only the regular quar- erly maturities but the second Liberty loan, which has been called for No- vember 15, $380,000,000 in Maturities. Maturities on September 15 will be $380,000,000. Income tax payments and regular revenue of the Govern- ment will not be sufficient to meet the maturities and regular expenses of the Government for the end of the quarter, but how large an issue the Treasury will put out or what its terms will be Mr. Mills emphatically said had not been determined. The Treasury considers the program of retiring the Second Libertys, already under way, as “very satisfac- tory” Mr. Mills said. Since March, the Treasury has retired about $1,900,- 000,000 of the Second Liberty Loan of 4 and 4% per cent bonds. Issues Now at Premium. The two issues which the Govern- ment offered in exchange for the Libertys are now at a substantial premium on the market which is of course pleasing to the Treasury. By September 1, the amount of Second Libertys still out are esti- mated to be $1,200,000,000. This issue has been called in its entirety for November 15. Maturities on December 15 amount to $336,000,000 in notes. . CHICAGO GRAIN MARKET. CHICAGO, August 18 (#).—Wheat was subjected to wild and erratic fluc- uatfons today as a result of a mixed local trade. The heavy tone of the market in_Winnipeg handicapped the efforts of bull leaders here. Covering by September shorts gave strength to the corn market. Oats were affect- ed by the action of wheat. Gossip was decidedly mixed today. Some advices from the Canadian Northwest were to the effect that fear of frost damage in the immediate future had passed with prediction of more favorable weather. One report stated that while wheat in the south- ern part of Alberta was about three weeks late ideal weather conditions from now to September 1 would result in a large crop, but if a killing frost should occur before that date the crop will be ruined. Another expert telegraphing from Wainwright, Alberta, said frost injury begins to show 30 miles west of Saskatoon. At Biggar, wheat shows 35 per cent damage by freezing. Some frosted flelds are expected to show damage when matured to show 70 per cent total injury. The same source points out that in the southern sec- tion the damage is less severe, while in some parts a large per cent of wheat is taking color with no frost damage apparent. Wheat closed weak, 1 to 1% lower. Corn was unsettled at % down to 14 up. Oats, % to % off and provisions 215 higher to 10 lower. e VHEAT— o5 pp b 2 5 u__yy Db bk tib ke i bt b A Bous S5 P 228 250 Ban3 BREAF 33 333 225 o bt ® SILVER QUOTATIONS NEW YORK, August 18 (#).—Bar silver, 543%; Mexican dollars, 411. LONDON, August 18 (#).—Bar sil- ver 251 per ounce; money, 31 per cent; discount rates, short bills, 4 5-16a43% per cent; three-month bills, 4% per cent. -PARIS BOURSE FIRM. PARIS, August 18 (#).—Prices were firm on the Bourse today. Three per cent rentes, 58 francs 60 centimes. Ex- change on London, 124 francs 2 cen- times. Five per cent loan, 76 francs 90 centimes. The dollar was quoted at 256 francs 511 centimes. Baltimore Markets. BALTIMORE, August 18 (Spe- clal).—New potatoes, barrel, 1.25a 3.25; bushel, 1.00a1.25; beans, bushel, 1.00a1.25; beets, 100, 2.00a3.00; cab- bage, 100, 2.00a4.00; carrots, 100, 3.00a4.00; celery, crate, 2.00a3.50; corn, dozen, 30a40; field corn, dozen, 20a25: cucumbers, basket, 40a50; egg- plants, basket, 90a1.00; lettuce, crate, 4.50a5.50; squash, basket, 50a60; tomatoes, basket, 20a40; packing stock, bushel, 40a50. Apples, bushel, 1.25a2.25; black- berries, quart, 12%als; cantaloupe, basket, 25a75; damsons, basket, 75a 1.00; huckleberries, quart, 15al8; peaches, basket, 1.2521.50; plums, basket, 50a75; pears, bushel, 1.50a 3.25; watermelons, each 15a50. Dairy Farm Products. poultry—Spring chickens, a30; small, 20a25; old hens, 18a25; Leghorns, 16a18; roosters, 14a16. Ducks, 16al8; old, 12al5. Pigeons, pair, 20a30, Guinea fowl, each, 75a 1.00. Live pound, Eggs—Receipts, 2,375 cases; native and nearby firsts in free cases; dozen, 30; current receipts, 29. Butter—Good to fancy, creamery, pound, 41a431;; prints, 44a46; blocks, 43a45; ladles, 31a33; rolls, 30a32; store packed, 31; process butter, 35a39; dairy prints, 30a32. Hay and Grain Prices. Wheat—No. 2 red Winter export, 147%: No. 3 red Winter export, 144%; No. 2 red Winter garlicky, export, 139%; No. 3 red Winter garlicky, ex- port, 1363. Corn—No. 2 yellow, domestic, 1: cob corn, old, 5.50 per barrel nomina Oats—No. 2 white, domestic, 60; No. 3 white, domestic, 58. Rye—Nearby, 1.05al.15. Hay—No receipts. Straw—No. 1 wheat, 10.50a11.00. BANK OF ENGLAND CHANGES LONDON, August 18 (#). —The weekly statement of the Bank of England shows the following changes, in_pounds: Total reserve decreased 96,000. Circulation decreased 655,000. Bullion decreased 751,000. Other securities increased 2,428,000, Public deposits increased 6,004,000. Other deposits decreased 1,183,000. Notes reserve decreased 115,000. Government securities increased 2,- 515,000, The proportion of the bank's re- serve to liability this week is 29.48 per cent; last week it was 30.82 per cent. Rate of discount, 41; per cent. TINANCIAL. Money to Loan Secured by frat dued ot trum on real estate Prevailing interest and commiasion Joseph I. Weller 432 Wesn L RY CLEANIN AT WOODRUFI®S s of the Higheat Quality and it costs vou less Light Spring Overcoats, $1.0 For Fatimates, Mnin 1300140133 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. Adjusted Rental B. F. Saul Co. 925 15th St. N.W. Main 2100 LOANS—— RESIDENCES APARTMENT HOUSES BUSINESS PROPERTIES In Washington or Nearby Maryland, in Large or Small Amounts at 5Y5% WM. H. SAUNDERS CO., INC. 1433 K St. N.W. Main 1016-17 Loan Correspondent Provident Mutual Life Insurance Company 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. Ample Funds for Refinancing Your Maturing First Mortgage Loans. Prompt Answer, Current Interest Rate THE COMMERCIAL NATIONAL COMPANY Incorporated PAID UP CAPITAL. $700.000 Commercial National Bank Bldg. 14th and G Sts. N.W. Loans Money to loan on Im- proved Real Estate in the National Capital. Appli- cations confidential. Prompt Service Interest Rates Mortgage Department HANNON 1435 K Street Main 2345 tf (T 1 Bl Organized 1814 Add to Your Standing —in the business world by maintaining connec- tions with this century- old bank. The prestige The Metropolitan enjoys is the reward of over one hundred and thirteen years of successful and uninterrupted service, in behalf of the Nation's Capital. 3% Paid on Savings National Metropolitan s Bank Years Years Old Old Capital, Surplus & Undivided Profits, Over $2,000,000.00 15th St. opp. U. S. Treasury New York Money to Loan on First Mortgages Stanley-Mark-Strand Corporation 615% SINKING FUND GOLD NOTES DUE JULY 1, 1941 L Stanley Company of America owns all Preferred Stock and 75% of the Common Stock of this Corporation. Price To Yield about 6.40% EDWARD B. SMITH & CO. Members New York, Philadelphia and Boston Stock Exchanges 1508 H St., N. W. Washington Philadelphia Boston We can take care of your requirements in amounts either large or small. Our methods avoid delay. Our Third-of-a-Century experience makes us considerate of your desire for quick action. Low Interest Rates and Commission Immediate Answers on Applications B. . SAUL CO. Main 2100 925 15th St. N.W. The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District ot Columbia and Nearby Suburbs in Montgomery County, Md., for 3, 5 or 10 year terms on your Apartment Home 5%% Office Building Business Property Apply RANDALL H. HAGNER & COMPANY, INC. MORTGAGE LOAN CORRESPONDENT The greatest enemy of aviation to- day is fog, declares Lieut. Comdr. Richard Ry 1321 Connecticut Ave. ‘Telephone Main 9700