Evening Star Newspaper, August 25, 1927, Page 15

FIN NEW BOND ISSUES AGAIN DOMINATE Interest of Investment Seek- ers Attracted, With Over $100,000,000 in Offerings. BY CHARLES F. SPEARE Special Dispatch to The Star. NEW YORK, August day the investment n devoted to the distribution of this| week’s new issues and to prepara- tions for bringing out additional of- fering: 1y next month than to the regular Stock Exchange and over-the- counter trading. The past two days have brought into sight over §100,000,000 of bonds, of which a large percentage has been of high quality. This week's total output will be the largest of the month, and it has given the invest- alr test of its ability to absorb new securities following the | indifferent attitude of the public to euch issues a month or so ago. New Rock Island 314 Issue. The new Rock Island 4'5 per cent bonds, amounting to $40,000,000, will take up nearly $29,000,000 of notes, so that the additional fixed cha against the company from this finan sng will not be a serious item. Event- ually it is expected that the bonds will be made legal for savings banks, as the dividend policy of the company has been a fairly conservative one, and the prospects are that payments can be continued indefinitely, at least the present rate on the common stock. The new Australian §s were admit- ted to trading. The old rallied slightly. There was a continuation of the demand for the mnew South Wales 58 at 95, but some heaviness in State of Queensland 7s, which have been selling at a premium of 13 points over par. In general the foreign list was quieter and price movements nar- rower than for some time. U. 8. Securities Vary. United States Government 4%s and the Treasury 4s improved slightly. On the other hand, the 33 per cen bonds, which sold at approximatel 101 last week, continued to sag. The Lorillard 5lis, which were brought out early in the Summer, were listed and sold fractionally above the original price and then fell back to the old level, which is approximate- 1y that of the company’s first 5s. J. Kayser 5%s continued strong, as did International Paper convertible 6s. International Telephone 5lzs, Cuba Cane Sugar 8s, General Motors ac- ceptance 6s, Pressed Steel Car 5s and the Bethlehem Steel issues. There has been a slow but constant improvement in prices of mnearly all of the list of public utilities, which is reflected in such issues as Utah Power & Light 5s, above par; Cities Service Power & Lflghl 6s, New Orleans Pub- lic Service 5s, Toledo Edison Ts, North American Edison 5s and the bonds of the American Telephone & Telegraph Co. and its subsidiaries. GULF COAST LINES’ DEFICIT. NEW YORK, August 25 ().—Gulf Coast Lines had a deficit of $89,' for July, after taxes and charges, against surplus of $51,218 a year ago, and for the seven months this year, surplus of $198,242, against surplus of $999,082 in the same period of 1926. SOUTHERN PACIFIC INCOME. NEW YORK, August 25 (P).—A drop of $1,348,024 in net operating income for July compared with July last year is reported by the Southern Pacific. The total for the month was $3,908,540. Net operating income for the seven months this year was $23,- 894,558, a decrease of $707,949 from the same period of 1926, July gross reve- nues were $1,225,738 smaller than a year ago. Washington Siock Exchange —Again to 't was more | Wathincion fay. District National Bank—3 & AFTER CALL. Washinston Cas 5 1 000 15108, e 3 &t 1023 $400 ai ° oot T2 3% asnineion G 10” fllb ot 52,000 at Polomac Electric * cons. 55— 10234 Merkenthaler Linofyve-—5_at 1093, ashington Gs" B—3800 g w‘u $200 at 1031 S100 at %. $200 103%. $300 at 103 ‘Money—Call loans—>5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY & Telga. ds. el Telea.' 43w Am. Tel. & Tel. ctl. tr. 5s.. Anacostia & Pot. R R. 5s.... Ana & Fou suar S Amer. Tel. Amer. \llSCELLA\EObS Barber & Ross. Inc. Glos.. .. Boertat. Farms Dairy 01 Chexy Chase Club 555, o “ uthfl‘" Bldgz. 618 Spuiner Blde. 0495 Wardman Park Hotel STOCKS PUBLIC UTILITY Amer. Tel. & Telga.. Y Capital Traction. Waehington Gas. riolk & Wash & Elec. pfd " NATIONAL BANK “Washington. TRUST COMPANY. American Security & Trust... 4 Sontinental Trust. 317 Yerchants! 1! National Sav on T rust WAtk Toan & frust SAVINGS B, Hank of Bethesda ... Bominerce. & Savings. East Washinston. . nk s & Trust Vpitad” state > Washington Mechaiics American . doreoran .. {AT“\H!)!' ational” Urio) s "TITLE INST Colyuia Tt eal Estate Titl e 1o 1. com ELLANEOU! Barber & Ros: E Bhevy Chase Dairy i e sl National Co o Paper nfd D. C: Raper vid 'Pno'r&'rfisu ANCIAL. UNITED STATES. (Sales are in $1.000.) Salos Higt Low 1015 1015 109 1009 1008 10i5 1001 1044 1041 100 A1 106 28 109 11 FOREIGN. Sales. Figh. Low. Argentine 8s Ju 69. 15 097% 99 Argentine 68 Octs9 8 100 89 Argentine 6s A. 4 100% 100 Argentine 6s B. 99 Australian i £3 Lib 4th 4% » b US3% 43-47 US3%s... US4s 1944, US4yss2. 1m4 Belglum 7s Ct.... Belgium 8s. Bolivia 8. 3ordeaux 6 Brazll 6%s Brazil Brazil 8 Canada 6s 1931. Canada 53 19 Canada 5%s 1929 Chile 73 1943 Chinese Gov Ry 5s. Con Pow Japan 7s. Copenhagen 6%s. . Cuba 6%s. . Czecho 7%s rets Czecho 8s 1951. Czecho s Denmark DEI5%s DE1I5%s Nov 585 Dutch East 1 6s 47. Dutch Bast 1 6s 62, El Salvador 8s 48. Framerican 7% French7s.... Fronch 7%s. 101 1051 102 102 26% Ger Gen Elea 78 Greek 7s.. Haltl 6s.. H\mgury ‘l%l. . Marsellle 8s. Mexico 4s 10 asntd. Netherlands 6s 54. Nord 6%s. . Norway 6%s. Norway 6s 194 Norway 6s 1944. Norway 6s 1952... Orient Dev deb 6s. Paris-Ly-Med 6: Paris-Ly-Med 7s.. - s 12 Y sERowarnSon afcarnb s n: Prague T%s. . Queensland 7s Rio de Jan 8s 1946. Rio de Jan 8s 47 Rome 6%s. Sao Pauio 8s Selne 7s 42 Serbs Crot Slo 8 Solssons 6s. Sweden 5%s. Sweden 6s. . aee Swiss Confed 8s. ‘Toho Elec Pow 7s. Toklo 58 Utd King Utd Steam Corp 6s. 2 Uruguay 8s. 5 Yokohama 6 947 94% MISCELLANEOUS. Ajax Rubber8s.... 2 Am Agri Chem 7%: 4 AmSmit &R 1st6e 6 Am Sugar ref 6s. 6 Am T & Tl tr & Am T & Tl tr 5i AmT& T sf b Am T & T deb Am Writing Pap 6 Anaconda 1st s, Anaconda cv db 7s. AndesCop deb 7s 43 Armour&Co 4%s 39 2 Armour Del 5%s.. Associated Oll 6s. Atlantic Refin 6s.. Barnsdall 6s 1940.. Beth Steet pm bs.. Beth Steel 5%s 53. Beth Steel 6s. Bklyn Ed gen 5s... Bklyn Union 5%s.. Bush T Bldg 5s 60. Central Leather 6s Con Coal Md 1st 5s. Consumers Pow 58 Cuban Am Sug 88 Det Edison ref 6 i 120% 102% 104% 99'% 3 100% 100% 104% W 103% 9 113% 108 101% 104% 103% 9T% 1034 104% 1044 100 103% 854 1047 11 100 109% 1104 98% 102 4 105% 103% 103% 104 95'h & 106% 4 106% 97 4 100% 96 4 100% 100% Goodyear 8s 1941. Humble O & R 5%8 Lilinois Bell 1st 6s. ~ 3 11linots Steel 434 3 Int Mer Marine 68 Int Paper 6s 47, Inter Paper cv & 2 Inter Paper fd fs.. 10 Int Tel&Teleg 4335118 It T&T5%s 46 Kellv-Spring Lacl G ref 34.... Lacleds G 5%8562. Liggett & Myers is Lorillard (P) 6s. .. Loulsv G & E 58 62 Manat! Sug sf T%s Mor's & Co 1st 448 New Eng Tel 68 N Y Bdison 6%8.e. N Y Tel 4% N Y Tel 8s N Y Tel 6s 49. Nor Ohio T & Nor States Pow bs. Nor States Pow 6s. Pac Gas & El bs... PhilaCorfésA. Plerce-Arrow 8s. Public Service s.. Punta Alegre 7s. Remington Arms Stnclair O1l 6s Stnelatr Ol 5%s. Sinelair 011 78 Sin Crude O11 Sin Plpe Line So Por Rico Sug 7s Southwest Bell 6s. Standard OIl N J Tenn Eles Pow 6s. Toledo Edn 15t Ts United Drug 6s.... U S Rub 1st rf s 106% 1084 107'% 94 105% 108% 100% 100% 103% 100% 100'% 1o5% Vertientes Sug 78 West Elec bs. . Westn Unton £ Westinghonse b8 Wilson & Co 1t s Winchester A 71/,u 10 Youngstn S&T 6s.. 5 1047% RAILROAD Atchison gen 1 AtlanC L 4%864.. Atl & Din 24 48 48. 101% 106 1047 9614 B & O Toledo 4s. Bklyn Manhat fs.. Buff R & Pitt 4%s. Can Nat 4%s 30. Can Nat 4%864. nad North 6%s. Canad Pac deb 4s.. 100% 1 9% 119 6% 09t 1 48%% 1196 106 Can Pac 4%846... Car Clinch & O 5s.. Centof Gab¥ 8,400 Close 1015 1008 1011 1041 28 100 26 100 26 10531 105 31 108 26 108 26 114 Clase. ) 100 100t 99% 0814 91% 99% 104% 106t 105 109% 2 10316 100 106% 1011 1054 10 106% 101% 103% 97% 100 4 101% 5% 94% 91 101% 100% 100% 20 5T 103% 1047% 104% 100 103% 85 1047% 115% 100 109% 110% 98 102 105% 103'% 103% 104% 95% 106% 106% 9T% 100'% 9614 100% 100% 1 ! 1031 106 { Nassau B Ry 4s 57. THE EVENING STAR, WASHINGTOX: D ¢, THURSDAY, AUGUST NEW.YORK CURB MARKET Received by Private Wire Direct to The Star Office [ BONDSrremses] Received by Private Wirs Direct to The Star Ofica. Sales. High. Low. Clo-' 2 93 931a 3 103% 103% 62 99 98T 1100 100 8 107% 107% Central Pacific 4s.. Cent Pac 1st 63 90, ChesaCorp 63 w1 CB&Q4%s71R. Chi B & Q 1strf 5s. Chi & E 111 gn 68 61 Chi Gt West 4569 C M&StP 48 25 ¢ CM &St P gn 89 CM&SPev4 ths32cfs 3 CM&StPgn4tis. CM&StPrfdk%s, CM&SPrf 4%sct CM&StPcvba... CM&SP cv bscfs 14 CM&StPés Chi NW 4%s Chi & NW ref 5s Chi & NW 7s. Cht Rys bs ChiR1&Pgn ChiR1&Prf ChiTH&SESa ChiT H Inc 68 60.. 6 Chi Un Sta 4338... 12 Chi Union Sta 6%s. CCC&StLrf6sA. Clev Term 5s. . 5 994 a7 97w 96 1424 107 92% 100 85% Cuba Nor 5%s cts.. Del & Hua st rf 4s Del & Hud cv 68 35 Del & Hud 7s 30... Den & Rio G cn 4s. D & Rio G tmp 5s.. D Rio G West 6s. Erie 1st cons 4 Erie gen 4s.. Erle conv 43 A Srie conv 4s B Erle conv 4s D. Frie cvt 58 67 wi Erle conv ext 8.0 Fla EC5874 Grnnd ‘Trunk 7s. Gt Nor 4%s 76 D.. Great North bs Great North 5% Gr Nor gen 7. . Green B& W B. Gulf Mo 5s B 50. . Hav EI Ry 53 51, Hud & Man ret 6 Hud & Man aj bs. . Il Cent 48 52.....0 Il Cent 48 53......4 11 Cent 4% 66.... IC-CStL it 4%e Int Rap!d Tran bs. Int Rap Tr 68 stpd. Int Rap Tran 6s... Int Rap Tran 7s... Int Gt Nor 53 1956, Int & G Nor 1s . Int & G Nor ad 6s.. Int RysCA6s72.. Int RysC Am 6s 41 Int Ry C A 6%sret Kansas City S 5s. Kan Clty Term 4 Lake Shore 4s 28 Lake Shore 4s 31 Lehigh Valcn 4s Lehigh Val 5s 2003 Lonis&Nash uni 48 L &N 4%s2003... Man Ry 18t 90..... Market St 78 40.... Mich Cen deb 48 29. M St P&SSM en 5s. MStP&SSM5s3setd M St P& SSM 6%s MK&T4sB... MK & T ad) 68 MK&Toprinbs MK&T#6sC, Mo Paefic gen 4 Mo Pae 5s A 65 Mo Pac5sF17.... B3 99% Mont Trmref 5541 5 93% 2 L7% 10 89% 2101 3 104% 1 100% 107% 9% @ b (SIS TR UL P " PR TR =T PPNy Yt New Hav deb 4s 67 New Haven c 4 s, N Y Rys 6s A 65... N ¥ State Ry 4%s. NYW&Bos 4% Nor & S gen 55 54.. Nor Pac 3s 2047 Northern Pac 4 Northern Paer ! Il Ore Short L rfs 48 Pennsyl gen 4% Pennsyl gen bs, Pennsy! bs Pennsyl 6156, Peansy! gold 7 Peo & B 1st 48 40... Philippine Ry 4s 37 PCC&StL 6s B 75.. Reading gen 4% Rlo G. West ¢l RIArk& L 4% St L IM&S 45 29, StL 1 M&S gn 6s 31 a e St St P& KCShL 4%s San A& Arn P 4s.. Seaboard A L 4s sty Seab A L ref 4i Seab A L adj Seab A L con 6. SBAIl Fla 6s35A SB All Fla 6s 35B. Sou Pac ¢s29. Sou Paclific clt 4 Sou Pacific ref 4 SouPac 4%sA 7. Sou Ry gen 48 Sou Ry Con 5% Sou Ry 6s 56 Southern Ry 6% Term Asso S L 4i TexArk FS 6%s OO e Pati®SNOE S Bn munaBas Virginia Ry 1st (TR va Ry & P 68, Wabash 2d b1 104% 84ty 1004 99% 90 West Md 5% Western Pacific West Shore 45 2361 3 90 New Bond Issues Special Dispatch to The Stas / YORK, August 25.—Public of- fering is being made today of the $40,- 000,000 issue of Chicago, Rock Island & Pacific Railway Co. secured 415 per cent gold bonds, serles “A,” due Sep- tember 1, 195 by a banking group Spever & Co., the Na- 0. and J. & W. Seligman The honds are priced at 95 to Wl about 4.85 per cent. The bank- announced that the issue had been bscribed and the books closed. ‘ndicate made up of Harris, Lee, Higginson & Co., . of New York., Kidder, y & Co., Marshall Field, Glore, rd & Co., Brown Brothers & Co., Edward B, Smith & Co., E. H. Rollins & Sons, the Equitable Trust Co. and John Nickerson & Co. offers today a new fssue of $17,000,000 New Eng- land Gas & Electric Association @ Massachusetts voluntary assoclation) 5 per cent convertible gold debentures mnituring September 1, 1947 The de- bentures ar> heing marketed at 99 to yield 5.08 per cent. Two bond issues aggregating more than $1,000,000 have been arranged for the Northfolk Portsmouth Bridge Cor- poration and will be publicly offered on Friday by Peabody, Houghteling & Co. and William R. Compton Co. — Fruit, flowers and lo~ves of the or- ange tree all yield diff .ent perfumes, MANVILLE SHARES MONOPOLIZE CURB Spectacular Rise Due to Pro- spective Improved Earnings. Other Issues Record Highs. BY WILLIAM F. HEFFER! B Special Dispatch to The Star. NEW YORK, August 25.—Johns Manville shares monopolized specula- tive attention on the Curb Exchange today. To explain the spectacular rise which has taken’ place in the issue on the ground of expected improved earn- ings, as a result of a new product ahout to be placed upon the market by the company, would be rather far fetched. ‘Whether the rise was due to a tech- nical market condition or some im- pending development in the affairs ot the company was a q was little stock for up. Because of the fact that it is now a ““Morgan stock” it was an easy mat- ter to attract a, public following once the rise got under way. Above 120, the price was more than 5 points higher on the day, up 15 points since Tuesday's close, and compared with the low for the year of 55%. Public utilities continued prominent, although the demand centered in par- ticular issues. ited Gas and Im- provement and Northern Ohio Power were selling at new high prices, while American Gas and Electric after early profit taking rallied to within a small fraction of its best. New high records also were estab- lished by nlton Sylphon, Grand Stores and Realty Assoclates and there was an urgent demand for Celanese issues. The new $40,000,000 issue of Chica- go, Rock Island and Pacific 41 per cent bonds was admitted to trading and immediately sold at a premium from the subscription price of 96. New York Central new shares moved forward into new high ground in sympathy with strength in the rail- way shares on the Stock Exchange. Detroit International Bridge 61s sold into new high ground above 104 and were considered attractive at the cur- rent level. The market for oil shares backed and filled with little initiative taken on either side. FIGHT 1S INSPIRED - BY PENNSYPROECT Plan to Electrify Washington- New York Lines Arouses Power Companies. Special Dispatch to The Star. BALTIMORE, August 25.—Knowl- edge that the Pennsylvania Railroad will electrify its lines between New York and Washington is believed the fight now being waged between the Consolidated Gas, Electric Light and Power Co. of Baltimore and the Northern Maryland Electric which is allied with the Philadelphia Electric Co. before the Public Serv- ice Commission and the Potomac Electric Power of Washington is also expected to get into the fight before it is over. The announcement that electric power would replace steam in all operations of the Pennsylvania Rail- road in and near Baltimore within the next three or five years, was made yesterday by George M. Smith, superintendent of the Baltimore division. Electricity will be used for freight as well as passenger service and for shifting freight in the distributon yards as well as on through lines be- tween New York and Washington, said Mr. Smith. Probable Allotment. It is thought that the Philadelphia Electric fs assured the sale of the power to electrify the Pennsylvania lines between Wilmington and Phil- adelphia. A New York company is expected to get the business between Philadelphia and New York. Behind the dispute between the Con- solidated and the Northern Maryland Electric is said to be a fight between the local company and the Philadel- phia Electric to determine what con- cern will get the larger share of the business between Philadelphia and Baltimore. The Philadelphia Electric is the cor- poration that will sell th power which will be developed at the Conowingo dam being constructed in Harford and Cecil Counties, Maryland. Pepco Likely to Take Part. The Potomac Electric Power Co. of Washington planning a dam on the Potomac River, is also expected to get into this scramble before it is over, for the business from Baltimore to Washington and at the terminals near ‘Washington. In fighting for the privilege to ex- tend its lines to Havre de Grace, it is said that the Consolidated of Balti- more, is not primarily concerned with the right to sell power to the people of Havre de Grace. It is fighting, it is said, to get the business of supplying current to the Pennsylvania Railroad from Havre de Grace to Baltimore, to get the business of supplying the cur- rent the Pennsylvania will use in Bal- timore itself, and perhaps the current for electrifving its lines between Balti- more and Washington. FOREIGN EXCHANGE. (Quotations furnished, by W. B, Hibby & Co.) Nominal Selling checks Kold value. od -54.8665 Oaleer o Stockholm, NEW YORK, August 25 (#).—For- eign exch.ges steady. Quotations (in_cents) Great Britain, demand, 48513-16; cables, 486 3-16; 60-day bills on banks, 481%. France, demand, 3.9113-16; n\hlps 3,. 1-16. Italy, demand, 5.44%; cables, 5.44 Demand— —Belgium, 13.91; 23.80; Holland, 40.0 Norway, Sweden, 25.!(3: Denmark, Switzerland, 19.27%; Spain, 31%; Greece, 1.3013; Poland, 11.20; Czechoslovakia, 963%; Jugoslavia, 1.76; Austria, 14.09; Rumania, .61%; Tokio, 47.37%; Shanghai, 60.50; Mon- Argentina, 42.62%; Brazil, 11.81%; treal, 100.03%. BANK OF ENGLAND CHANGES. LONDON, August 26 (#).—The weekly statement of the Bank of Eng- land shows the following changes in pounds: Total reserve decreased 49,000. Circulation decreased 408,000. Bullion decreased 457,000, Other securities decreas 448,000, Public deposits decreased 370, 000, Other deposits increased 2,279,000. Notes reserve decreased 17,000, Government secyrities increased 5,465,000, The proportion of the bank's reserve to liability this week is 28.97 per cent; last week it was 29.48 per cent. Rate of discount, 4% per cent, " erowi. Germany, Co., { Following Is the list of bonds and llockl traded in on the New York Cui Sales in hundreds. B hu ndreds. 1 Sales in Al i rb Market today: o 2 r‘&’ i1 " & El pid Am Ilh“ull_mn sS Am T, & Trac. Am Pow & L' bt 1 27 Am Rayon Prod 4 Am Rolling M Amn_Stove B Am superpow B § Amo @ 1At Fruit . 034 Auburn Au Bancitaly Cerp . . L 5 fall deb Tty Blackst V G % polin Aé.um 4 Horden 1 Bord Co ¥ paid. 113 # Botuny ‘cons M. 74 fll‘ Rn“(! M f e 13 3 Bloten Biey R R 25 Bueyrus Erie Wi t Pip Cor at States E i v; 1 % % Commonte B iy s Consol: Dairy P L Balt ll aun Ltd. Wat Firestone “Tire. h'mwz T 78 ‘Mot Co * Forhan Co A 1 Foundation ¥o ‘A 30 Fox Theaters A, n W3 i 2nd Bisem R'C ton_StIphon Iul({ Steam 9 Gleason Prot len " Alden bodi 1 id B R REREFEE S st 5830 Sux B i St Drod.. 1 Mumm El Pow Yyork Eont York Merch.. North O Pow C.: 8 Pl'llll flhl(l |2 Benn Onio Pen Ohio E * Ben Onio » T benn Wat PoCn B Phila Elec.. 52 . 31 1. ot 106 Shet o Bt 1905 i1 14 g B$Sou P & I, war. H Stand Com 'Ton. Sol 'l‘unr qm L.nm‘; A 2 U Ihlc]ult B, on M&M Ltd 04 u Am lupmr. : G 10 61 it nmmn Gol frossely S0'Lu l 20 Flor Goldfld g 70 Golden State .. 00 Hawthorne M 1. Hecla Min 2 New Cornelia §j Newmont Min FER IR 10 r’xky‘” 1d nity Gold 3 W nd Mabareav. INDEPEND! EE e iz BB Dt B S Pz T - ORI DL ZZD: T S5 Venezus Wileog O, l G N ' SYARDARD OIL - 2= INDUSTRIALS. High. e o aone S SaseEes 2 MINING STOCKS. Low. 1omSoisn Fisem ey 253938 i o SCETGETNERER! EE S S S S, Sk FRR ISR EE 5#::: Close. & = FREER SRR BRI PSR o F I FR SEE HODRIIT i S DA 10 S =t : e Pt Suad S GOaR S e Fountis 2 SR B A S Bt E == & Pee) ,4 B Om xisDe 2 o B etonS - Bt 3t e uscs @ 19 dsicisie s otaBEERLEE. R ORRNNS RERRR RN PARTTERAR | flfln!mn ‘Ov|l fan n. 48 W . 3 1500 Brairia O fen 100 Prairie P L. ... 1 58. S W 0 But Gen I 56 A 10 & 1 Be T&R 58 | Trunk 93 0P a0 Gult 0 1007, 59 Ind P & L 081 1Inter P Sec 7s E 37 Interstate Pow & Interstate Pow 5 10 D Ee e 1003 34 Kovver G & 07% Len T 10 Potomac Ed B 3 Pu Oil Co 6% X 104 57 Pure Oil Co 5y 00 1Q B G&! 5 A ‘;‘\..m’ n‘r:{\ m' em R 58 A o8 Sty i % Rem b ie 96 106% m.n, 101 100% HEHH -uu 101 Br Bic 0144 1y '8 Th7 h-m Ml 6 LT Ma 05 ww100 99% _FOREIGN BONDS. » 2Ras T g 2558223 R SEER g P DTN NIDRII DL 222 £233% FE= plds i O CHICAGO GRAIN MARKET. CHICAGO, August 25 (P).—Wheat was erratic in the closing minutes of trading today. A complete recovery was recorded following the establish- ment of new low prices for the present downturn, but the market eased later. The principal factor in bringing about the higher trend was the absorption of surplus offerings by houses with export connections, Corn was affected by wheat. ‘Wheat closed {irregular at higher to 13 cent lower; corn was steady to % cent down; oats 1§ to 3% ceht lower and provisions varied from 5 cents up to 72 cents decline. Advices current today from the Ca- nadian Northwest and North Dakota were decidedly bearish. A crop ex- pert, traveling in Saskatchewan, who has covered practically all the frost sections of the territory which some days ago claimed 60 per cent damage, found the general opinion that the loss will not exceed 30 per cent. Tak- ing Saskatchewan as a whole, he said the frost damage wlll be nearer 10 per cent than 20 per cent, which means that the province, because of the extra good stand, will yield at least as much as last year. From Al- berta came word that, with the heavy acreage, wheat is nearly a perfect crops and needs but about two weeks to mature. If frost is delayed two weeks, central Alberta will harvest a bumper crop. In the northern part of North Da- kota late wheat apparently is develop- ing with only moderate amount of rust damage. WHEAT— % cent S GERMAN BONDS AND STOCKS By Special Leased Wire to The Star. NEW YORK, August 25.— (Quoted in dollars per million marks.) 8 1 Ask F'Gon Elec o Flec 434s 110" Hambure Am 4138, orth German Lioyd 41as. n'&. i“‘s‘fl'llhc METAL MARKET. NEW YORK, August 25 Copper steady; electrolytic, spot and futures, 13.12%. Tin easy: spot and nearby, 63.87%; October, 63.50. Iron| steady and unchanged. Lead quiet; Zinc easy; Kast St. ot” and ruturll. umnum ) Bpot, 11.62%. £ 8% 83333853333322% Hln FINANCIATL. *% 15 SROP IN COTTON 3170 & POINTS, Decline Is Followed by Rallyi Based on Covering or Rebuying. By the Associated Press. NEW YORK, August clines of 37 to 42 points wer Dby rallies in the cotton market today on covering or rebuying. the better weather reported in the South was restricted by apprehension that unsettled conditions would re- appear in the Southwest by the be- ginning of next week. and offerings were comparatively light during mid- afternoon. December sold off to 21.47 and March to 21.69 under initial offerings, but private reports of rain in parts of Oklahoma and Arkansas, seemed to bring in more buying at the decline and there were rallies of several points from the lowest, the market showing net losses of about 12 to 16 points at the end of the first hour. Private cables attributed the decline in Liverpool to continental selling, lo- cal Ilqmllallon and hedging which had supplied covering and trade calling. The selling here was considered chiefly the result of realizing and selling for a reaction after the advances of the past few days. The buying promoted by private re- ports of rains in Oklahoma was sup- plied on a rally of 10 or 12 points with the market easing later on a favorable —Early de- view of the official weather forecasts | and continued realizing or liquidation. A somewhat reactionary sentiment seemed to be encouraged by the more favorable average of the weather news, and some Southern as well as local selling was reported on the decline. December sold off to 21.33, with the general market showing net losses of 37 to 43 points during the middle of the morning, but there was some trade buying and covering on the decline, with midday prices 8 or 10 points up from the lowest. LIVERPOOL, August 25 (@). Cotton, spot, fair demand; prices steady. American strict good mid- dling, 12.29; good middling, 11.94; strict middling, 11.59; middling, 11.29; strict low middling, 11.89; low mid- dling, 10.54; strict good ordinary, 10.19; good -ordinary, 9.74. Sales, 8,000 bales, including 6,100 American. Receipts, 3,000 bales; no American. Futures closed easy. October, 11.02; December, 11.13; January, 11.16; March, 11.21; May, 11.24; July, 11.15. BAR SILVER QUOTATIONS. NEW YORK. August 25 (#).—Bar silver, 5413: Mexican dollars, 41. LONDON, August 25 ().—Bar sil- ver, 25%d per ounce; money, 3% per cent; discount rates, short bills, 4 5-16 || per cent; three-month bills, 4 5-16a4% per cent. . Austria proposes to enlarge its ex- tensive program for the electrifica- :mnn% railways, which was started n : followed | Selling on | 0000000032000000000000000 6‘7 CONSULT US o - nvestment Of Toursrotus fands. . Look i tnvest- First Mortgage the future by ng h.OW Notes Wm. H. !lunden Co., Founded HlR‘I llfl! B % nw. Washington 900000000000 Loans Money to loan on Im- proved Real Estate in the National Capital. Appli- cations confidential. Promgpt Service Interest Rates 51, & 6% Mortgage Department HANNON_& LUCH)) 1435 K Street Main 2345 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 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. The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nnrby Suburbs in Montgomery County, Md,, for 3, 5 or 10 year terms on your Apu-lmon( Home 512% Office Building Business Property Apply RanparrL H. HAGNER &. Coupm MORTGAGE LOAN (CORRESPONDENT }321 Connecticut Ave. Telephone Main 9700 Neglect to Maize a Will —quite usually results in hardships to dependents, as well as division of an estate at variance with what might have been desired. fIProtect your family by drafting a binding Will—and as an added safeguard name this bank as Executor or Trustee. 2Z70UR TRUST DEPT. invites your inquiries. National :..‘ T iy [II\ IN (I"l 113 Years old Metropolitan 113 Years old Bank 15th St., Opposite U. S. Treasury FIRST funds. A Third of a Century Without a Loss B. F. Main 2100 THERE IS NO IT IS SIGNIFICANT —that many people who have had the long enjoyment of independ- ent means are careful to see that well improved property is made the backbone of their investment with our offering of 6% FIRST MORTGAGES —should be of helpful guidance to you who may be seeking safe and profitable placement for invest- ment funds, either large or small. SAUL CO. MORTGAGES This fact, in connection 925 15th St. N.W. SUBSTITUTE FOR SAFETY