Evening Star Newspaper, August 23, 1927, Page 10

10 IN ANCIAL, THE EVENING STAR, WASHINGTON, D. C. TUESDAY, AUGUST 1927 23, FINANCIAL. PICK NEW LEADERS 10 BOOST MARKET Dealers Send Old Favorites Up, Then Other Stocks Come to Front. * . BY GEORGE T. fIUGHES. Special Dispatch to The NEW YORK, August 23.--New lead- ers were picked out to shepherd the market into higher ground tods The old favorites, General Motors and United States Steel, were bid up to new high records, for the present shares in the casa of the first and for all time in the case of the second early in the session, but later on the market broadened out, and other stocks came to the front. There was a little morc news that might have been expected to influence prices than in other recent sessions but it is doubtful whether the mar ket responded to anything else than its own technical condition. Money was still 313 per cent. The latest il prediction statement showed declines both for the country as a whole and for the Seminole ar On the other hand, there was a cut in Pennsylv: crude. Heavy buying of pig iron was reported in St. Louis. Copper metals.| were dull, with an easier tone. Industrials Strong. The market appraisal of all this w strength jn investment stocks, ind trials and rails alike; a mixed move- ment in the oils, but mostly down ward; strength in United States Steel and to a less degree in the independ ents and animated buying of the cop per stocks. Features of the invest- ment ‘demand were the rise in East- man Kodak and in Union Pacific, both of them lacking in speculative appeal. The weak spot in the oil shares was Pan-American Petroleum, both classes of stock. The decline here was evi- dently reflecting doubt as to the per- manency of the present dividend rate. The rise in the coppers was led by Kennecott, which touched 72, at the highest in its history, and by Cerro de Pasco at the best of the year. Both these are among the lowest cost pro- ducers and are able to make a profit even under the most adverse condi- tions in the metal market. Still, the strength in this part of the list seem- td to be more tardy recognition of the attractive return than any fore- cast of improvement in the trade. Motors Irregular. Motor stocks were irregular. Gen- eral Motors was still strong and Pack- ard had a substantial advance, but fnost of the day the others did little. Hudson seemed to have discounted the raising of the dividend and Chrysler and Nash were awaiting some n buying incentive. There was one out- standing feature in the tobaccos and that was Congress Cigar, which ran up rapidly to the highest that stock has ever sold. Industrial specialties which attracted attention included Fleischmann and Childs Co. Case Thrashing Machine was strong, and in the equipment group Pressed Steel Car stood out with a gain of from 2 to 3 points on merger talk. Variations in Afternoon. The selling in pan-American issues became urgent in the afternoon, and the stocks extended their losses some- thing like 4 points. Other oils sold off gomewhat, and for a brief period the Whole market was irregular. Then Buying orders appeared in Steel, run- fing that stock up abave 139 where, i tho 40 per cent stock dividend be taken into account, it was selling at the highest in the history of the cor- poration. American Can came to the front, making a new high for the year, Which was also the highest for the jresent share: St. Paul, common and preferred, Were actively bought, standing out in dn otherwise quiet rail market. Shorts in Paramount-Famous were hard zlressed to cover as that stock pushed to new high ground on the move- shent. Finally the long-neglected sugars were taken up simultaneously With an advance in the price of the <€ommodity. * Highs Reached in Final Hour. The high prices of the day were reached in the ffnal hour, when Steel sold at 140 in volume. Houston Oil bad a characteristic run-up against the short interest, and there was a substantial rally in Yellow Truck and Coach. Delaware & Hudson was taken at advancing prices in impressive fashion. Commonwealth Power, up 2 points, provided the interesting “eature of the lower-priced utilities. Call money again renewed at 3% per cent. Wall Street Briefs NEW YORK, August 23 (#).—Wall Street hears that the recently formed Trade Marks Products Co., controlled by George F. Whelan and his asso- ciates, will take over Mr. Whelan’s interest in Pressed Steel Car Co. and will make an offer of exchange for the munority interest outstanding. Press- ed Steel shares advanced on the Stock Exchange yesterday on the rumors. Plans are under w3y to retire the pre- ferred stock of Pressed Steel Car. Metal buying of pig iron has devel- oped in the St. Louis area, says Daily Metal Trade. Melters, large and small, are filling their requirements for the balance of the year. Optimism seems to be universal, and in many instances inquiries appear to have been in- creased to take care of anticipated new business based on an encourag- ing agricultural outlook. American Power & Light earned $4.87 a share on the common stock, after preferred dividends, in the year ended June 30, against $4.70 a share the year before. Net income was $10,- 367,433, against $9,290,051. Some active inquiries for machin- ery has given a more encouraging tone to the market, and it is the gen- eral opinion that the coming Fall sea- son will bring a revival of business, American Machinist reports. Orders from Japan for 1,200 tons of gas pipe for the Tokio Gas Co., about 1,650,000 feet, have been placed by Mitsui & Co. with Jones & Laughlin Steel Corporation and United Statgs Steel Products urnor’l(mn IMPORTS, EXPORTS GAIN. Large Increases at Baltimore Port Record of Week. BALTIMORE, August 23 (Special). Both imports and exports through th: port of Baltimore last week showed large increases compared with the previous week, the former $913,118 and the latter $1,336,732. according to the weekly report of the collector of customs. Total imports for the week were $3,531,266, of which $2,501,806 was ud- mitted duty free, while exports amounted to $2,399,880 and consisted of copper, wheat, flour, tinplate, steel, canned goods, feed, tobacco, asphalt, grease, linseed ofl cake, coke and steel rails. BAR SILVER QUOTATIONS. ZW YORK, August 23 (®).—Bar eflver, 543%; Mexican dollars, 407;. LONDON, August 23.—Bar_silver, 25 3-16d per ounce; money, 3l per cent; discount rates short, and three- wmonth bills, 4 5-16a47 per cent. Open. High. Low Close. Abitib! Pow (5). 107 107% 105% 106% Abrahm&Straus* 88 88 8% ¥8 Abr&Stras1%pf 110's 110% 1104 110% Adams Exp (6). 168% 1°8% 163 168 Adv Rumiey. 1215 134 124 134 Adv Rumley pf. 37 38% 37 387% Ahumada Lead.. 41y 4}y 4l dl Alr Reductn(16) 187 189 187 188% Ajax Rubber... TH% % T Th Albny Pappt(7) 97 97 97 Allied Chem (6) . 157's 159% 157% Allis Chalm (6). 1074 107% 107% Amal Leather... 14'» 141 14 Amerada (2) 29% Am Agricul Chm Am AgriCh pf.. Am Bank N (2), Am Beet Sugar. Am Bk Not pf(3) Am Bosch. Am Br Sh(31.60) Am Brown Bov. Am Brown Bo pf Am Can (2)..... Am Can pf (7). 132 Am Car&Fdy(6) 104% 104% 1044 Am C & F pf (7). 129% 129% 129% Am Chicle (3).. 59% 60t b8 Am Drug (80c). 13% 13w Am Encau (2.40) 42 42 Am Exypress (6). 155 152 Am & For Pow.. 24% 4 Am&Fo Po pf(7) 102 101% Am Hide & Lea. 10 10 Am Hide& L pf. 64 64 Am Ho P (2.40). 53% 53% American Ice... 31% 3l Am internatitz) 51% bt Am La France.. 7% 7Th 64 Am Linseed.... 47 c”'. 45% Am Linseed pf.. 734 3% 172 Am Locomot (8) 1134 1134 113 Am Metals (3).. 43 d3% 43% Am Piano (3)... 35 354 354 Am Po& Lt (f1) 62% 62% 62l Am Radiator(5) 136% 1374 135% Am SafetyR(33) 471 470 46% Am Seating(t4). 46% 46% 450 AmShip& Com. 3% 34 34 Am Smelting (8) 169w 1T1'x 169% AmS&RPI(7). 127 127 127 Am Snuff (12).. 128 128 128 Am St Fdys (3) 55 554 5% Am Sugar (5)... 9% 91\ &9k Am Sugar pf (7) 113% 113% 113% Am Sumatra.... 60% 0% 59 AmTel &Ca(5). 344 36% 3ak 97 157% 1074 1% 2978 24% 102 10 64l 554 e 51% 2 Lz Am TobaccoB(8) 1424 142' 142'% Am Tobac pf (6) 1154 115% 115% Am Typ Fdrs(8) 1305 130% 1303 Am Type pf (7). 11l 111% 111% Am W W (m80c) 52 52 51%. Am WW (c1.60) 1\)) 105 105 Am Woolen. . £ 22w Am Woolen 52% Am Writ Pac 22 22 21% Am WrPapfefs 6ol 574 5ile Anaconda (3)... 4% 46 Archer-Dan (3). 45% s 45% ArmourDel pf(7} 86% ¥6% Bt Armourof III(A) 9% 9 9y Arnold Con&Co. 377% 37is 264 An Metl(1%).. 264 26l 26% Dry Gizlg) 45% 46's 46k Al & SF(19%%). 195% 195% 194 Atchison pf (5). 102% i02% 102% AUCL (18%).. 196 197 195% AUGUIf& WI.. 36% 36'% 36% Atl Gulf&WIpf. 33l 364 364 Atl Refining (4). 125 125 121% Baldwin L (7).. 258% 259 v574% :! Balto & 0 (6)... 121y 121% 120% Balto & Oh pf(4) 791 Tyly 794 Bang & Ar (3%) 78w 0% 78% Bang & Ar prai) 110% 110% 110% Barnet Leather. 56% 59 6% BarnsdallA(23) 23 Bayuk Cigars... 95 Beech-Nut (13). 544 54ls Gdls Beechnt pf B(7) 1164 116% 116% Belding Bros (2) 21% 22 zI% Best&Co (3).... 50% 50% 50% Bethlehem Steel 64% 64% 63 o Beth Sti pf (7).. 116 116% 116 Bloomingdale... 49 40 40 Bon AmiCl A(4) 595 60% b59% Booth Fish 1st.. 4o% 45% d5% Briggs Mfg (3). 274 Tm T4 Bkin-Edison (8) 18lis 181% 181l Blkn-Mn Tr (4). 56% 56% 654 By Man T pf(6). 83% 83% 83% Bklyp UnGas(6) 145 145 145 Brown Shoe (2). 43% 44% 43% Brown Shpf (7) 120 120% 120 Brunswick B(3) 33% 3dl 33% BurnsBrB(2). 22 22 22 Bush Term (b8) 59% 894 b59% Bush Ter de (7). 102% 102% 1024 Bush Trm pf (7) 1175\ 117% 117% Butterick (g2) 53% 537 63k Byer & Co. . T9% T9% TBW Byer & Co pf(7). 110% 110% 110% Calif Packg(4).. 64's 64% 6€3% Calif Petm (1).. 2% 2% 21% Callahan Zine... 1% 1% 1% Calumet & Ar(6) 71 % 0% Calu& Hecla(2) 16% 164 16% Canada Dry (3). 55% 57 B2o% Can Pacific (10). 186% 188% 186% Can Pacificrts... 4 Case Threshg(6) 261 Cent Alloy (2).. 29 Cent Leath. 18% Cent Leather pf. 8214 Century RibM.. .11% Cerro dePas(15) 64 Certain-Teed.4) 504 Certo Cor (13%) 1738 Chandler pfiasg) 184 Ches & Ohlo(10) 192% 193 C& O Corpn (3). 13 % Chi & Alton..... Chi & Alton pf.. Chi & East Ill.. Chi & East L1l pt Chi Great West.. Chi Gt West pt., ChiMH &StP., Chi Mil&StP pf. CM&StP et C M&StP pf cfa. Chi & Nwn (4).. 1 92% 9% Chi Rock Is (5). 103% 110% 109% CR1&Ppt (6). 101% 101% 101% ChileCop (2%). 36% 36% 364 Chrysler Corp(3° 57% 59% Chrysler pf A(8) 113 113 113 City Stores (B). 50% 50% 50 Cluett Peab (5). 66} 66% t6 Cluet Pea pf (7) 120 120 120 Coca-Cola (5)... 117 117% 117 Collins & Atk(n) 20% 90% 90 Collins&A pf (7) 104 104 103% Col Fuel & Iron. 74 9 1% ColGas & El (5) 96% 47 96 Col GRE pf A(6) 106 106 105% Com Cred (1) Com InTrpf 6l 88 88 Com Solv B (8). 348 370% 343 Com Powr (2%) bT% 59 5% Conde Nast (2). 40% 4l 40% Congoleum-Nair 24 24% 23% Cong Cigar (4) 68 69% 68 Con Cigars (7. 8314 B3l 824 Con Cigars Dll'l) 106 lUGV. 106 Consol Distribut L3 % Consol Gas (5).. 113 H@‘a 112w Cons Gaspf (5). YB'a Y8 uxy ConRRCubapf 8 67'% Consol Textlle. . Cont Bakg A(4). Cont Baking B.. Cont Bak pf (8) Cont Can (5). Cont Mot «80c Corn Prod (13) Crex Carpet. Coty Inc (5. CrucibleSteel(6) Cuba Cane Sugar Cuba Cane Su pf Cuba Company. . Cuban Am'S (1). Cudahy Pkg (4). Cuyamel Fruit.. Davison Chem. . 6 334 Deere&Co pf(7). 115 116% 115 Del & Hud (9).. 20%% 214 208% 2 Del L & W (7). 167 167% 167 DR G Wst pt, 58% 684 58% Detrott Ed (8).. 151 151% 151 Dodge BrosCIA 14 18% 174 Dodge pf (7).... 6%% 70 6914 Dome Mines (1) 7 9 7ia Dunhill Int (4). 50% 50% d49% Dupont (19%).. 299 299% 297 Du Pontdeb(6). 112 11z 112 Eastman (18)... 167% 170% 167% Eaton Axle (2).. 26 26w 26 Efsenlohr & Bro. 124 1214 12% £l AutoLt(t6%) 924 93 92 Electric Boat... 20 . 19% Elec Power & Lt 26% 25 24% Eleo PELLPI(T) 105 105 105 Elec Refrigeratn 15 15 E| Stge Bat (16) Em-Brantgm(A) !92\0 3 ¥4 13% a8 Erte Stm S(2%) FEuraks Va f443% Fairbanks (3)... A 30% oK1y 39 { e Lt (h2.40).. Fed Min pt (7). Fed Mot T'f80c) First Nat S(13) ¥isk Rubber. ... Fisk 18t pf (7)., Fléischmann (3) Foundatlon (5). Fox Film A (4). Freeport (14%). Gabriel Sn(3%) Gardner Motor.. Gen Am Tnk (3) Jen Asphait.... 4| Gen Asph pf (5). ien Clgars (4). 0 Eleo (16) Genklec sp(6ic) Gen GasA(ol%) Gen Gas (B).... (GenMotors(t10) Gen Motors(w.1.) Gen Mot pf (1) Gen Qutdr Ad Gen Ry Sig (5). Gen Refrac (3), Gimbel Bros. Gold Dllat-.u.. Goodrich Ru (4) Goodrich pf (7). Goodyear Tire. . Goodyr pr pf(8). Gothm S H (2%4) Gotham new 2% Gotham H pt(7) Gould Coupler A uranby (4)..... Grt North pf (5) Gt Nor pf cfs(5) Grt Nor O(1%). Great WnSug(n) Green Canan.... | Guantanamo. ... Gulf Mo & Nor.. Gu M & N pf (6) Gulf States (5). Hanna Ist pf. Hartman A (2). Hrin B blu% stk Helme Geo (4).. Hocking Val(10) Homestake (17). Houshld P(3%). Houston Oll.... Howe Sound(4). Hud Man (2%). Hudson Mot (5). Hup Mot t1.4v). Illinois Cen (7). 11l Cent pt (6) indep Vil (1)... 1ndian Mot (1%) Indian Refining., Ingersoll-R(14). iniand St (2%). Inspiration. . Internat Agri... Lot Agricui prior Int Bus Ma (4). int Cement (4).. Int Com kng (2) iut Harv (J6)... Int Mich pr(3.20 int Mer Marin Int Mer Mar pt. . int Nickel (2)... intl Paper (240) int Paper pt (1) int Ry Cent Am. int Ry CA pf(5) Int Tel & Tel 16) Int Tel & Tel rts intertye (1134). 1sland Creek (4) Jewel Tea...... Jones Bros Tea. . Jordan Motor... Kan City South. ayserJ (4) Kelly-Spring. .. Kelly Tire 8% pt Kennecott C (5). Keystone T & R. s Kraft Ch (11%). Kresge (1.20)... Kress S H'(1)... Lago 01l (3) Lambert Co (5). Tire & Rub. Lehigh Val(33%) Lehn & Fink(3). Lite Sav (1.60).. Lig&MyrsB(£4). Lima Loco (4).. Lig Carb (3.60). Loew’s Ino (2).. Loft...... Long Bell Loose-Wil(2 Lorillard pt ('I). Louistana Louls & h Ludium Steel(2) McCrory (1.60). Mack Trucks (6) Mackay (7). . Madison Sq Gar. Magma Cop (3). Mallison & Co... Mallison pf (7). Mandel (2%). Man El Sup (5 Man Shirt (2)... Maracaibo Uil... Market St prior. Marland Ofl..... Marlin-Rek t3% Martin-Pary(2). Mathieson (4).. May Dept S (4). Maytag (2%)... MetroG pf (1.89) Mexican Sea Miamt Cop (1).. MidContinent(3) Middle States. .. Mid States Ofl ct Midland pf(t12) Miller Rub (2).. Minn & St Lct.. Min St P & SSM. Mo Kan & Tex.. Mo K & T pf (6). Missouri Pacific, Missour! Pac pf. Montana Pow(5) Montgmry W(4). Moon Motor. . Mother L (50e).. Motor Met(3.60) Mullins Body... Munsingwr (3 Murray Corpn.. Nash Mot (14%) Nat Acme (sta). Nat Bellas Hess Nat Biscult 153 Nat Bisc pf (7). Nat Cash R(A)3 Natl Dairy (3).. Nat Dept Stores Nat Disttllers. .. Nat Enamel & S. Nat Lead (5)... Nat Led pf B(6) Nat Pw&Lt(80¢) Nat Supply (4). Nat Surety (10). Nevada C(1%) N Y Alr Br (3).. N Y Cent (8). N Y Central rts. NY C&StL (6).. NYC&StL pf(6). NY Dock......o NY Dock pf (5). NY NH & Hart.. NY NH&Har rts NYOnt & W (1) N Y Rallways pf NY Stm pf A (7) Niag F ot (1%). Norfolk South.. Norf & W (8)... NorAm b10% stk North Am pf(3). North Pac (5)... Nor Pac cfs(5). Ofl Well Sup. 0il Well Sof. Omnibus. .. Omnibus pf (8). Opnhm Col (4). . Orpheum Cir (2) Orpheum pf (8). Otis Elevator ( Owens BollClB) Pacific Coast.... Pac Coast 18t. .. Pacific Gas (2). Pag Ol Stubs Pac Tel & Tel (7 Packard (12.90) 1 Parmt-Fam Ul) Paramt-F pf (8) Park & Tiiford., 132% 132% 2% 1 48 High 42% 95% 20% 24 16'% 133% 133 2L 24% 38% Low cmu 2% 89!y~ B9y 2% 2% 28% 28% 104% 1047% 8 105 e 314 88 ) NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Open. T Th 34n 2015 23% 24 Low Close. T 17 Th 3344 204 23% Park Utah(80c). Pathe Exchange Pathe Ex A (4). Patino(1.21 2-3) Peerless Motor. . Penick&Ford (1) Pa Dix1eCt(3.20) 244 Penna RR (3%) 66 Peoples Gas (8). 1504 Peoria & East. . PhilaCo6%pf(3) Phila& RC&1. Phillips Pet (3). Phoenix Hoslery Plerce-Arrow. .. Plerce-Ar pf(8). Pterce Oil. . Plerce Petrolm Pitts Coal of. Pitts Stl pt (7 PittsTerm Coal. Pitts Ter pf (6). Pitts & W Va(8) PorRicoTobA (7) Porto Rico To B Postum (6)..... Pressed Stl Car. Pr St Car pf(7). Prod & Refiners. Prophy Br (13). Pub Serv NJ (2) Pub S NJ pf(7). Pub SE&G pf(6) Pullman, Ine. ... Pullman Co (8). Pullman ctfs(8) Punta Aleg Sug. Pure OIl (+2)... Pure Oil pf (8).. Purity Bak A(3) Purity Bak B(2) Purity Bak pf(7) Radlo Corp of A. Radio C pf (314) Reading (15). Real Silk Hos(4) Reid Ice Crm(3) Rem-Rand $1.60 Rep Ir & Sti (4). Reynolds Spngs. Rey Tobac B (5) Robt Rels & Co. . Rossia Ins (6).. Safety Cable (4) St Joseph L(13). St L&San F(18). St L Southwest. Savage Arms. .. Schulte (3%). .. Sears-R (n2%). Shattuck F G (2) Shell Un (1.40). Shubert The (5). Simmons (2)... Simmons pf (7). Simms Pet. Sinclair O11. Skelly O1l (2). Sloss-Shef (6) Snider Packg Co So Porto R Sug. . South Por pf(8)., | South Calif Ed.. South Dalrfes A. Sou Dairles B... South Pac (6)... Southern Ry (7) South Ry pf (5) Spicer Mg Std G & E(3%). Std G & E pf(4). Std Mill (5).... StdOiICal(t28). Std OILNJ(11%4) Std OII NY(1.60) Sterling Pro(t6) Stewart-War (6) Stromb Car (2). Studebaker (6). Submarine Boat. Superlor Oll.... Tenn Copper (1) Texas Corpn (3) Tex Gulf S t43%. Tex PC&0(60c). Tex Land Trst n Thatcher Mfg... Thatehr pf(3.60) The Fair (2.40). Third Avenu: i Tidew Aso (60€) | TiaWASOIIDt(6) Timken (15).... Tobac Prod (7). Transcont Oil. .. Underwood (4).. Un Bag & Paper. Unton Carb (6). Union Oil (12%) Un Pacific (10). Utd Cigar Stores United Drug (9) Utd Frult(15%) USCIP&F(10) 2 USCIPpDL(T). U 8 Distributing US Dist ptn(7). S Hoftman (4) 8 Alcohol (5). S Leather wi. S Leather A.. SLeat pr pf(7) S Realty (4).. S Rubber. S Rub 1st (8). S Smelt (3%). U S Steel (7). U S Steel pf (7). U S Tobacco(3). Uni Pic 1st pf(8) Uni Pipe (12%). Utl P&Lt A (e2) Vanadium (3) Vick Chem 4).. Vietor Tlk Mch. Victor pr pt (7). aqccgaaca vn-Car Ch pt (7) Vivadou (3). Vulcan Detin, Wabash.... Waldorf (1%).. Walworth (1.20) Ward Baking B. Warner Plc A... Warner-Quin(2) Warren Bros(4). Web & Heil..... Weh&Heil pf(7) West P Po (6).. W Penn EI pf(7) West P Po pf(7) West Maryland. West Md 2d pf.. West Pacific. ... West Pac pf (6). West Union (8). WesthseAirB(7) Westinghse (4). Weston Electrie White Mot (4).. White Sew M(4) Willys-Overland Willys Od pf (7) Wilson Co pf A.. 21% Wison & Co pf.. Y 66% Woolworth (5).. 173 173's Worthn Pump... 33% Worth Pump(B) 45 Wright Aero (1) 41 Yale&Towne(5). 83% Yellow I'ruck... 31% Yel Tr&Co pf(7) 86% YungstnS&T(5). S9% Hourly Sales on N. Y. Market. 1lam.. 500.900 12 noon. 1,483,100 272,100 2 p.m.. 1,415,080 102% 10’% 107 167 110% 110% I 54 bay 56l 56% 36 37 66 66 165" 165% 185 136 84% 13 39% 44% 1814 955 d extrs or svecial a;vf 100 shaces. kg "|’ Blae- 2/80 “-P-m znl- n-é—no rotular m'a" imon- atock. 0Avabl uarterly % Sle. 5% 0 -{na X [ 0 stock. " T Pute 10% 15 wock.” ¢ Pias 1/50 hace'tn atock b Fius 81 8 lhlfl In goecl tock ~(Blus 6% in stock. 1 Plus in 6k, & Pavabie 1/40 of & ehiare quarterly In Cliass A S0k, i€ 9 Plus 83 in b SHEA ) cou:umn NEW YORK GBAIN PRICES. l\h\’V YORK, August 23 (#).—Rye “frm; No. 2 Western, 11315 f.o.b. New York and 1.11% c.if. export. Barley—Firm; malting, 90% New York. Middle West, ‘e % H mx;mua Fix 3 cit. 12.70a \Vheat-Fulures opened steady; do- mestic, September, 1.44 bid; December, 1.47% bid. —_— ‘Westinghouse Electric & Manufac- turing has an order from the Great Northern Rallroad for six locomotives, involving about $1,000,000, part of a 015£00 ,000 expansion program by the Toal BANKERS DISCUSS | _commosss e ] |BUTTER AND EGGS NEW PAPER [SSUE Sentiment Divided as to De- sirability of Bills of Small Size. Bankers of Washington are divided over desirability of the new smaller paper money which the Treasury De- rtment is planning to issue for the !lme next Fall in the form of the e bill. Opinion among the bankers, accord- ing to an informal survey conducted today, appears to be far from unani- mous, with some coming -out in out- spoken condemnation of the new smaller paper money and others de- fending just as_vigorously the policy already adopted and under way by the Treasury. Objection to the smaller bills was expressed on several points, oppon- ents declaring it would put the banks and the public throughout the country to an unnecessary expense in the form of new-sized bank tills, pocketbooks, cash registers, and other facilities for handling money. Difficult to Count Is Claim. Some tellers were opposed to the smaller currency as being difficult to count and handle, and these were particularly averse to the plan of having to handle two sizes of paper money during the several years which it will take to withdraw all the old money, and replace all the denomina- tions with new bills. There were also those who came forward with the arguments that. the new smaller bills would be easier to counterfeit, and harder tb detect. On the other side of the question, however, there were several bankers who defended the Treasury stand as definitely “progressive,” and the re- sult of long experiment, well justi- fying the step. The saving to result to the federal government, and hence indirectly to the American people, was said to be a real and substantial argument in favor of the change Those who favored the smaller bill admit that some difficulty will be argument in favor of the change. particularly while two sizes are in circulation, but they said the ad- vantages of what they considerer the more convenient size of money, the saving effected in handling smaller units throughout the years to come, were strong arguments in favor of the new notes. Plate Printer's Objections. The Plate Printer, organ of the Plate Printers’ Union at the Bureau of Engraving and Printing, continues this week its attack on the smaller notes, going into the history of the change to point out-what it says is re- jection of the plan by all prior officials except the Bureau of Efficiency and former Director of the Bureau Louis A. Hill. At the Treasury today it was said that only a comparatively few “mild” protests had been received against the proposal, which was officlally an- nounced on May 26 of this year by Secretary Mellon. In his statement Secretary Mellon pointed to the saving to be effected, and the testimony of*bank tellers, pay- masters and others who had handled Philippine currency, the same size as the new proposed notes, to the effect that they “find it more convenient n every respect than the larger size.” The fact that the new smaller note may be carried flat without creasing, the Secretary also pointed out was a factor in prolonging its life. The smaller bill will be more difficult to counterfeit, the Secretary said. Public Utilities Active. Activity in public utilities featured the Washington Stock Exchange again today, with Barber & Ross, both stocks and bonds, and American Security & Trust Co. stock furnisifing the only other trading. Barber & Ross 6%s sold in the amount of $4,000 at 95%, following a sale of $1,000 at the same price yesterday. American Security & Trust Co. turned over 10 shares at 443. ‘Washington Gas 6s A again were in demand, $500 selling at 10214, com- pared with 1037% yesterday. Buying of Potomac Electric prefer- red 5les was strung out through the sion, going at various prices from § up to 102 and back to 1017%. C, amtul Traction Co. was steady at 104, two shares changing hands. Bankers’ Council to Meet. The Council of Administration of the District of Columbia Bankers As- sociation has been called to meet Fri- day afternoonat 4 o'clock at head- quarters in the Becker Building. The board of trustees of the Better Business Bureau will meet Friday at 12:30, at the Hotel Harrington. Stockholders of the Security Storage Co., have been called in special meet- ing Thursday morning, September 22, at 10 o’clock to vote on changing the par value of the stock from $100 to 525 and increasing the number of shares from 5,000 to 20,000. The staff of Dollars and Sense, official publication of the Washington Chapter, American Institute of Bank- ing, met yesterday with the editor, Aubrey O. Dooley, at the Commercial National Bank to formulate plans for the coming year. Federal-American Resources. Total resources of the Federal- American Co., as of July 30, 1927, stood at $1,782,213.49, with the total net worth listed as $1,452,382.85, it was announced today. Six per cent dividends have been paid on prefer- red stock from the date of issue, preferred having been issued at par 100, and now bid at 101. Common stock issued at $20 per share, no bonus, and no commissions, now is selling on the exchange at 34% and 34, The annual outing of the officers and employes of the Commercial National Bank will be held next Sun- day at Morgantown, Md. C. E. Moran Co., now located in the Southern building, plan to take possession of its new home, 1716 H street northwest, about Septem- ber 15. Germany's Borrowings Since. 1924. Since 1924 Germany has borrowed about $3,850,000,000 from abroad, of which 85 per cent came from the United States, according to the index published by the New York Trust Co. A large part of these loans has been used as a _method of paying for the excess of German imports. The recent industrial recovery in Germany has called for an increased importation of raw materials, parti- cularly in the past year. Exports, on the other hand, have not increased in proportion, and the result has been a large unfavorable balance of trade. This has chiefly been paid for by draw- ing upon foreign loans. The adverse balance of trade for the last two months of 1926 and the first four months of 1927 was almost equal to the total long-term foreign loans placed during the year 1926, Dillon, Read & Co,, as sinking fund trustee for the United States of Brazil 6% per cenmt external sinking fund gold bonds of 1926, due October 1. 1957, announce that '$320,000 principal CHICAGO, August 23 (Special).—An- other big' increase in butter supplies was made during the last month, with stocks now 145,146,000 pounds, com- pared with 89,897,000 a month ago. Stocks of American cheese are 67, 089,000 pounds, compared with 49,999.- 000 pounds a month ago. HELENA, Mont.. August 23.—Wheat production in Montana is now fore- cast at 72,696,000 bushels, by far the largest crop in the history of the State. ATLANTA, August 23.— Georgia peanuts are selling for $100 per ton. They will reach market two weeks earlier than last year. Returns from this crop will add considerably to the cash pouring into the southern part of the State from tobacco and cotton. CLEVELAND, August 23. —The Aetna Rubber Co. has been enabled to double its dividend owing to the in- creased demand for dipped rubber gloves, battery boxes, radio and auto- mo‘!ll\'e parts and electric refrigeration units. e OIL OUTPUT HELD VEXING PROBLEM Drilling in Wildcat Territory May Defeat Plans to Restrict Production. BY J. C.'ROYLE. Special Dispatch to The Star. NEW YORK, August 23.—On an oc- casion rare in the history of thz pe. troleum industry, oil men today are watching the drilling of an important well and hoping sincerely it will prove a “duster.” Even the people with ad- Jjoining property hope so in some cases. Al are fearful of what the bringing in of a gusher may do to the industry in its present weakened and precarious condition. It has been rumored that the T. B. Slick well in the Little River section of the Seminole field, the most impor- tant wildcat drilling in Oklahoma at present, would be shut down before testing the Wilcox sand, in which for- mation the oil is found. This is em- phatically denied by the Slick Co. They say the well will test the Wilcox sand, but if it produces, it will be shut down and remain capped so long as conditions in the industry made it de- sirable, as the company is anxious to keep all unnecessary oil off the mar- ket. If the well is a big producer it would mean the opening of another Seminole gusher area. Have to Enforce Shut Down. It would be hard to enforce the shutdown agreement for any length of time if the well were a big one, so the industry may be faced immediate- ly with another large drilling: cam- paign. If one property owner in the vicinity starts, the others will start in self-defense, so that the oil may not be drained from beneath their ground before they can tap the deposit them- sclves. That is why the majority of ofl men are hoping for a duster. Oil men are frequently forced into drilling competitions by old and in- accurate surveys. One case is cited where an operator discovered a strip of land four miles long right in the middle of a field that belonged to no one. He leased it from the State and started a line of wells. In self-de- fense owners on each side of the strip had to start wells also and the field is now adding 20,000 to 30,000 barrels a day to the over-supply. Plea of Seminole Operators. Oil men in the Seminole fleld say nobody ever stopped the search for gold, black or yellow, by agreement. Whether this is true or not, the latest attempt to restrict the Seminole out- put to 450,000 barrels a day by agree- ment apparently is meeting with no marked success, although some oper- ators say that production will be held to that figure. It may be possible that the 500,000-barrel mark will be passed, according to others. New locations in Oklahoma in the last week totaled 83, with more than half in Seminole County. There were 47 new wells started in that region. Most of the new wells were in the Little River section, where a com- petitive drilling campaign has started. Proposal to Pinch Output. ‘When the Oklahoma Corporations Commission approved the curtail- ment scheme and appeinted Ray H. Collins, fleld umpire, as special agent of the commissioners to see to the enforcement of the order, it was be- lieved the producers would accede to the demand that maximum produc- tion be held at 450,000 barrels a day, because it was proposed to pinch down wells on a pro rata basis. Wells in the original Seminole area were to be cut 10 to 15 per cent, and new drillings clipped 100 barrels. The committee of five appointed to oversee this work and the umpire have worked and are working hard, but production continues near the top notch. It is charged more or less openly that certain operators are not making any sincere effort to in- sure the success of the movement. CANNERY CRbPS DROP FROM PRIOR RECORDS Association Predicts 1927 Pack Will Not Suffer From Overproduction. By the Associated Pre Pointing to government estimates of smaller cannery crops this year, the National Canners’ Association today expressed the opinion that the 1927 pack will not suffer from overproduc- tion. Officials of the association recalled press reports of August 15, in which both Assistant Secretary of Agricul- ture Dunlap and the National Canners’ Association were quoted on the matter of overproduction and explained that all reference to the outlook should be accredited to Mr. Dunlap alone. ‘Mr. Dunlap's quotations,” they said, “applied to conditions existing in early Spring, since which time there has been a very material change in both crop acreage and crop prospects. “As evidence, the pea pack this year is estimated by various reliable authorities to be at least one-third less than a year ago. The sweet corn crop is estimated by Government statisti- clans at 450,400 tons as compared with 803,000 tons the last year.”: e L GERMAN BONDS AND STOCKS. By Special Leased Wire to The Star. NEW YORK. August 23.— (Quoted in dollars ver millign marks,) Ger Gt (w 1) Bs 101418, 0"500 975.00 4148 00 amount of outstanding bonds have | Pri been called for redemption on October 1, 1927. The bonds will be redeemed at 100 and accrued interest. George O. Walson, president of the Liberty Natlonal Bank, has returned trom the Thousand Islands, where he | 5; was the guest of Joseph H. Himes, tormer member of Congress from Ohio. A ring on the finger's worth two on the phone. AT STEADY PRICES Market Continues Firm. Poultry Slightly Lower. Fruits Are Plentiful. A continuad firm condition of the | butter and egg market was reported this morning, slow receipts and in- creasing demands being attributed by dealers as the principal reason for the firmness. Cheaper prices are not anticipated in the near future. Poultry prices were slightly cheaper this morning, and the plentiful sup- plies of vegetables meant very low prices for many varieties of the prod ucts of nearby gardens. Liberal supplies of peaches and mod- erate supplies of watermelons and cantaloupes were reported. Heavy receipts of peaches resulted in a we er market. There was only a light ¢ mand for watermelons reported, the market continuing steady. Dealers reported more liberal sup- pliss and cheaper prices of apples, and liberal supplies of blackberries also were reported. New Jersey black- berries, 32-quart crates, were quoted at $4 and $4.50. Today’s Wholesale Prices. Butter—Fresh, 1-pound prints, 46; tub, 43a44; store packed, Eggs—Fresh selected, 34a33; hen- nery, 38a40; current receipts, 30a32 , 'alive—Turkeys, hens, 25; toms, 25: fowls, ring chick: large, 30; medium, 26a27; small, roosters, 15al cl 16; keats, young, 50a60; old, Dressed—Turkeys, 44a 28a30: Spring fancy hes 4 5: keats, young, 80a90. M fresh Killed — Beef, 18a: 28a30; fresh hams, 17a18; loins, 33a36; Seaokea hams, 36; smoked shoulders, 18. Live stock—Calves, choice. 14; me- dium, 10a11; thin, 7a8; Spring lambs, 13a1313. Fruits and Vegetables. Daily ‘market report of fruits and vegetables compiled by the Market e, Bureau of gricultural Economic: Cantaloupes—Supplies _liberal; _de- mand light, market slightly weaker; Delaware and Maryland East Shore, pink and green meats, standard 36s, B 1.75; extra jumbos 36s, 1.75a2.00; few higher. Grapes—Table stock; 1 car unloaded. Green peas—Supplies light; demand light, market steady: Colorado, 45- pound crates, 5.5026.25; mostly, 5.50 26.00. Lettuce—Supplies liberal; demand Tlight, market about steady; New York, 2 dozen crates Big Boston type, 1.00 al.zs. Colorado, crates Iceberg type, 4-5 dozen, 3.50a4.00; few higher; Cali- fornia, crates Iceberg type, 45 dozen, 4.50a5.00; few higher; poorer low as 3.50. Onions—Supplies _limited; moderate, market about steady; Mas- sachusetts, 100-pound sacks Yellows U. S. No. 1, 2.50a2.65; New York, 10 pound sacks Yello N nary condition, 2.00 Limited Demand for Peaches. Peaches—Supplies liberal; demand limited, market dull; Virginia, bushel baskets, Elbertas, large to very large size, 2.00a2.75; best, mostly 2.50; sixes Elbertas large to very large size, 2.00 a2.50; sixes Belles and bushel baskets Belles, 1.50a2.00; Delaware, bushel bas- kets Belles, fair quality and condition, 1.25a1.50; few best, 2.00; New Jersey, bushel baskets Belles, few sales, most- Iy _around 2.00. Pears—Supplies light: demand mod- erate, market stead: “alifornia, box- es Bartlett, medium to large size, 4.00 a4.50. Potatoes—Supplies light; demand moderate, market steady; New Jersey, 150-pound sacks, Cobblers, United States No. 1, mostly 3.25; few sales low as 3.00. Sweet potatoes—Supplies moderate; iemand light, market dull; North Caro- lina, cloth top barrel yellows, best, mostly 3.50; poorer, low as 3.00; old stock, . Tennessee, bushel hampers, Nancy Halls, No. 1, 1.25a1.50. Melon Supply Light. ‘Watermelons—Supplies ligh! mand moderate, market stead. ginia and North Carolina, boat re- ceipts, bulk, per 100 melons, Thur- mond Grays, 28 to 30 pound average, 50.00; carlot sales, Nonh Carolina, 4 tiers, Thurmond Grays, 22-pound aver- age, 150.00. Tomatoes—Supplies liberal; demand moderate, market steady; homegrown, 1;-bushel hampers, mostly around 50. Blackberries—Supplies liberal, in- cluding considerable holdovers; de- mand light, market dull; New Jersey, 32-quart crates, Black Diamonds, fresh arrivals, 4.00a4.50; heldovers, 2.75a3.75, according condition. Lima beans—Supplies liberal; de- mand moderate, market slightly weaker; homegrown, 32-quart crates, 25 quart; East Shore Maryland, bushel hampers, 2.00a2.50; best, mostly 2.50. Celery—Supplies light; demand light, market steady; New York, % crates, 2.50a2.75. DROP IN AU.TO OUTPUT. demand July Production in United States Shows Less Than June. By the Associated Press. July automobile production in the United States amounted to 263,405 cars, as compared with 313,983 in June and with 354,394 in July, 1926, it was announced today at the Com- merce Department. The production decline affected in equal proportions both passenger cars and commercial vehicles. Truck production in July, included in the general total, was 29,981, against 40,265 in June and 37,388 in July last year. NEW YO;K PRODUCE. NEW YORK, August 23 (Special).— Cucumbers from the western part of State sold at 1.50a2.00 per bushel bas- ket. Dills realized from 1.75 , and pickles ranged from 2.50a3.50. Hudson Valley Clapp's favorite pears, No. 1 stock, sold at 1.50a2.00; occasionally higher on extra fancy large and lower on inferior; Bartlett pears from California sold at auction, ranging from 1.75a4.20 per box. Upstate yellow onions peddled out at 1.90a2.25 per 100-pound bag. Orange County yellows brought 1.50a2.00, few 10a2.25, and reds, 1.50a1.75, few 1.85 a2.00. Bushel baskets of muckland carrots wholesaled at 65a75, and 100-pound sacks at 1.15a1.25. Catskill Mountain cauliflower, best offerings, changed hands at 3.50a4.00. In a few instances extra fancy com- manded 4.25a4.50, while fair to ordi- nary cgulifiower sold at 2.00a3.00. RECORD IN oiL PRODUCTS. Receipts in Week at Baltimore Largest in Port’s History. BALTIMORE, August 23 (Special).— Receipts of oll products last week were thought to be the largest in the history of the business to this port. Eight tankers brought 712,000 bar- rels; of the total 382,000 barrels were erude oil, 200,000 zasnllne and 130,000 gas oil. The flelds of Colombia, Mex- ico, Texas and Louisiana contributed to the unusual receipts. A total of 21,537 barrels of fuel oil was taken on board during the week by oil- burning steamers. 1» Monoy to Loan t dued ot trust on n‘nd !ug =_.._.__=__= Mortgage Money Loaned at Low Interest Rates Keonomic_Conditions Tyler & Rutherford Loan Correspondent Mutaal Henefit Life 1520 K sulec *" Main 475 feal estate We will gladly reccwe 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. 6% ¢ First 0 Mortgage Wm " .:nders e Notes e o € i .00“0000““.“0“”0000 i Money Available for | F IRST DEED OF CONSULT US —for safe investment of Tour surplus funds. Look to Jfuture by invest- TRUST LOANS 6% Reasonable Commission Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. 6%% First Deed of Trust Notes for Sale Secured by Improved Real Estate in the District of Columbia Principal and Interest GUARANTEED REAL ESTATE MORTGAGE & GUARANTY CORPORATION Main 1403 26 Jackson Place Resources Over $4,000,000 L. E. Breuninger, President Funds Available —for— First and Second Trust Mortgages Prompt Attention to All Applications THE COMMERCIAL NATIONAL COMPANY Incorporated Paid Up Capital, $700,000 Commercial National Bank Bldg. 14th and G Sts. Riches T IS not what you earn, but what you save, that makes you rich. QAVINGS — to be safe should be safely invested. We recommend First Trust Notes on selected D. C. properties. ,.{m'sm 1415 K St. Main 4752 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 Capital $1,000,000.00