Evening Star Newspaper, August 27, 1927, Page 11

FIN NCIAL. NING D, . SATURDAY AUGUST 2 FINANCIATL/S GAPITAL TRACTION - NETINGOME DROPS July Report Shows Decline in Operating Revenue—Other Local Exchange Features. Trac for the to $33, last income of the July, Net tlon o, month TR6.52 Capital is compared 2 menth of July v i for June of this year, according the monthly re port filed today with the Public Gtili ties Commissic of fe » on also f. this v compared with up §1.34 to Ju revenue fell o of e Operations months of show a droy the net ¢ nding $340 1 com Operating 294.20 in July 110 $372.3 in J in was sh June 2 rating wn exp the June W S25RI0T.08, as in July this S267, 40046 Gain June bl 3 S 1926, | higher cost, in Jul | Gross income in July this year was £59,546.92, apaved to $80.478.43 | in June and $60.716 in July The number of revenue pas: carried in July ] pared with 5 4,981, in Ju B. & 0. Income Declines. The Baltimore & Ohio Railroad Co. showed in_ met railway operating income for the month of July this year of $1.921.263 as com Jared to July of last year, according to a statement of earnings and ex- penses made public today. A the first seven months of this | calendar year there was a falling off | in met railway operating income from $26.472,745 for the period of 1926 to | £26.33 for the seven months of 19 Railway ped_during by $738.502 as operating revenues drop: the seven-month period as compared to last year. while there was a decrease in net revenue from all railway operations of $299,381 for the same period. Fire Insurance Company Formed. Formation of a new capital stock fire insurance company in this city, to be known as the Economy Fire In- surance Co., was announced last night, following the filing of articles of incorporation yesterday in the State of Maryland, calling for §2,000,- 000 of paid-in capital and an equal amount of paid-in surplus. Offices will be established in the Denrike Build- ing, at 1010 Vermont avenue, Roy A. Haynes of Ohio, former pro- hibition commissioner, 38 to be presi- dent of the company. “The volume of carefully selected insurance already pledged to the company,” he said, “is sufficient to insure its very rapid growth and development.” Official announcement of the com- pany said that several widely known manufacturers, chain :tore operators, ® public utility owners and operator * were interested. Directors and work- ing personnel will be announeed with- in the next month, it was said. “In its operation,” continued the statement, tne *ompany will follow the accepted practices of _existing stock fire insurance companies and also will feature one or two specialities ‘which it is believed will greatly lessen th: expenses and improve the pra tices of such compani>s, These in- clude the writirg of a continuous policy which may be renewed at the end of each premium paying period by the issuance of a renewal receipt. The company will return to its policyhold- ers in the form of profit sharing divi- dends a portion of the profits earned in the conduct of its business.” Ford Operations Renewed. Renewed operations by Ford on a record basis with his new car, soon to come out, would, in the opinion of Jackson, Boesel & Co, of New York, ! be bound ‘to “stimulate business all over the country.” “The Ford specifi- cations are now fairly well known,” L it was said, “and there is considerable Speculation in the automobile acces- sory company stocks likely to benefit from a revival of Ford production. Midvale steel products, according to private advices received yesterday from Detroit, will supply 60 per cent of Ford’s automobile frames. The huying of Midland preferred, which is paving $12 a share, emanated from Detroit and_was for permanent in- Vestment. The stock gained over 5 points, Other companies mentioned in connection with Ford contracts were Flectric Auto Lite and Stewart- Warner.” “Small Size Dollar” Under Way. A new prediction that the small si dollar bill may be ready by Fe 1928, instead of the Fall of the year, as previously e e by Assistant Sec: 3 Treasury Dewey, in charge of the Bureau of Engraving and Printing. A definite date, he said, could not be fixed, but the hope now is to distribute the first bills to the public early in the year. | Showing by General Motors. Tn the first si xmonths of 1927 Gen- Motors produced 41 pe the automobiles and trucks sold by the industry, according y of the s operations ju completed by & Week: investment bankers. This figure is the climax of an unbroken growth from 1924, when the company’s pe centage of the total automobiles sold was 16 per cent as compared with a per cent total in 1925 and one of 28 per cent in 1926, Electricity Output Increased. An increase in the output of ele {gieity of 54 per cent in the past five years 18 one of the éxplanations for ihis country’s achievements in pr duection and productivity, according to The Index, published by the New York Trust . The United States produces amost six times as much electricity as either Germany or Canada, its nearest com petitors, though Americ ranks third in pe: output. The four | branches of the industr e right nd power companivs, 1he street rail ways, the telephone, and the manu facture of electrical equipment—had | a Rross revenue in 1926 of some $5,900.000,000 and wested capital | of about $19,500,000,000. | Personal Mention, George F. Mur of the Bank of Washington from a short Visit to Asbury er: all ation: returned Park, DRY GOODS ACTIVE. I ‘ Sales well up to print cloths, sheetings, and napped zoods, L has heen done on colored goonds than last wee re advianc Men's wear andling ROON for the pring s re ohtaining a very fair volume of advance husiness on new showings made this week. Raw and =ilk goods were ir- laps were higher in firmer here, with goods ailable sli under Caleutta quotations. A further advance was anuotnced in heavy and light weight knit underwear. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) w T oG, some Rato—Matnrity | B&Ort imp 6s. (Sales are in Sales Hi LIb3%s... 7 101 Libist4%m 1103 Lib2d 43 100 Lib3d 4%s. Lib4th 44w US3% 43-47 | usixs. | US4s1944. US4%ss2. | | Argentine 63 Ju 59 13 Argentine 6s Oct59 11 Argentine 6s A.... Argentine 6s B. Australtan 6s... Austria 7s. Bank of Chile 614s. Belgium 68...0000. 49 Belgium 6348 | Belgtum 7s ct. Belgium 7148 Belgium 8s. Bollvia 8s dordeaux 8s, | Brazil 6%, | Brazil 7s. Brazil 8s... Canada 53 1931 | Canada 5s 1952 Canada 5%s1929.. Chile 83 1941..0.00s Chinese Gov Ry bs. Con Pow Japan 7s. Copenhagen 5%s.. Cuba 6%s Czecho 74s rots, Czecho 8s 1951, Czecho 8s 52 .- Danish Munic 8s B. Dutch East 1 6s 47. Dutch East I 63 62. Finland 7s.... Framerican Tl%s, French 7s.. | French T%s. French 8s. German s German Agr Bnk Ta Greek 7s.. Hungary T%s Italy 7 Italy Py Japanese 4s. Japanese 648, Lyon & Marsel Mexico 5s asntd. Montevideo 7s. Nord 8%s. Norway 65 1943. Norway 6s 1944. Orlent Dev deb 6s.. Paris-Ly-Med 6s. Paris-Ly-Med 7s. Paris Orleans 7: Poland 6s 40. Poland 8s..... Porto Alegre 8s. Prague T%s. Riode Jan 8s47... Rome 6%4s...... Saxon (PW) 7s. Selne 7s 42. Solssons 6 Toho Eleo . Utd Kingm 5%s 29, Utd Kingm 5%s 37, Uruguay 8s Yokohama 6s. 1 Am Smit & R 1st 6» Am Smit & R 6s Am Sugar ret 6: Am T & Tcltr ¢s.. Am T & T sf 6s. AmT& Tdeb 5 Am Water Wks §s Am Writing Pap 6s Anaconda 1st 6s... Anaconda ¢v db 7s. AndesCop deb 7s 43 Armour&Co 4% Armour Del 6% Atlantio Refin 68 Barnsdall 63 1940, Bell Tel Pa 68 C. Beth Steel p m b Beth Steel rf 5s... Beth Steel 5343 53 Beth Steel 6: Brier HSt1st5 Central Leather ts Con Coal Md 1st b8, ConGasN Y 6%s.. Consumers Pow §: Dodge Empire G & F T%s. Fisk Rubber 8s ‘Goodrich 6 %! . Goodyear 8s 1941.. Hershey 6%s. Indiana Steel b: Int Paper 63 47 Inter Paper cv Inter Paper fd Int Tel&Teleg 415 IntT&T6%s..... Kan CP&L 6s A 652, Kan G & El 6s 52 Kelly-Spring 8s. Liggett & Myers bs Midvale Steel b N Y Edison 68 44... Nor Ohio T & L 6s.. Pac Gas & El b Pac T &T bs63. Pan-Amer Pete 6s. . Pan-Amer Pe PhilaCorf6s A Public Service 6. . Punta Alegre 7 Sinclair Ol Sinclair O1l $%8. . Sinclair O11 7 Sin Crude O1l 6 Standard Oll N Sug East Orlent 7s. Tenn Elec Pow 6s. United Drug 6s. US Rub 1st rf 5s.. U S Steel sf 6 Utah Pow & L Warner Sug 7s 41 Westinghousa 6s. . Willys-Ov 6155 3 Winchester A 7%, Youngstn S&T 6s.. 12 15 2 24 3 18 o L B S e ] s [OPSTONINE SN Atchison ad] 4s. Atlantic C L 1st Atl & Dan 2d 4s 48 31 3 .12 5 3 13 3 1 B&O 6s B&OSW 5550, Brdwy & Tth Av bs. Bklyn Manhat 6 Buff R & Pitt 4 s, Canad North 7s Canad Pac deb 4s.. Can Pac 433 48... Car Clinch&O 6s 63 Cent Pac 1st 55 90 ChesaCorp 53 wi | Ches & Ocv 4%, CB&Q4%3T1B.. 21 Chi& Elllgnbsbl i Chi Gt West 48 69 C M&StP 43 25 cfs CM&StP deb 4s cfs CM&SPcv4 % sizefs CM&StPrf4ks. CM&SP rf 4%sct CM&StPevbs CM&SP cv 63 cfs CM&StP6s.... Chi NW 4%s 2037 Chi & NW 7s. Cht Rys 53 ChiR1&Prfds.. Chi Unlon Sta 63 44 | Cht & W Ind cn {C&wlibyse2.... CCC&StLreésA. Clev Term 5s. {Cuba RR 734s..... Cuba Nor 5% s cts. . | Del & Hua 1st rf 48 | Den & R1o G cn 4 | D Rio G West & Erle 1st cons 48 Erle gen 43 Erle conv 4s D. Erlecvt 68 67 wi... Erle Genesses R Fla EC6s74. Gr Trunk stdb Gt Nor 4%3 76 D, Great North 6 Gr Nor gen 7s. 7 Hav ElRy 6%s8 51, 1 |tiud & Manajbs... 13 | 111 Cent 4% 5 66.... 10 M C-CStLjt4%e, 3 int Rapld Tran b; 24 4 8 1 11 9 1 1 1 2 6 1 1 1 9 12 5 Int Rap Tr 6s stpd. ot Pys C A 68 73,0 ON NEW YORK ) UNITED STATES. 104 | FOREIGN. Sales. Ifizh. Low. Close. MISCELLANEOUS. RAILROAD. $1.000.) gt Low 5 1018 € 1036 9 1009 [l Close 1018 1036 100 % 1012 104 1 100 105 25 108 24 11316 100 100 100 a9y o 193 0914 100 100 09y 93 o8 1027 1027 91, 9% YOG 991y 101104 104% 105 3y 1130 109 110 104104 1001 10016 1061 1061 101% 101 105% 10 1021 1021 1087 1091 10078 1007 105% 105 103 108 108 1084 1% 111% 1047 1047 1047 105 10015 100's 1045 104% 105%% 105% 1145 114% 110% 110% 101% 101% 95'e 2 94 91 9 101 101 100% 100t 100 100 82 , 32! 102% 102 99°% 100 102% 102% 102'4 102% 95% 95% 95% 95% 102% 102% 101% 10174 83 974 L 105 105 105 105 105'5 105'% 95 3 97% 102% 98 117% 105% 111% [N 105% 105% 111 11 102% 102% 102% 109 109 104% 104% Y9% 99 104'% 104'% 108'% 108'g 99% 100% 91 91 104'% 104'% 108% 1087 107% 107 ) M & StListrt ¢s.. | MStP&SSMends ONDS smoce sxcuuvcr] Reccived by Private Wirs Direct te The Star Office, = UL Sales High Low Close. 1101 101 101 61 100 100 100 3 99 49 99 106 106% Ta 7% 100% 101 18 18% 88Y R8Y% 100% 100% BUa B9TR 10115 104% 78 997 99% Kansas City S 5 Lake Shot 28. Lake Shore 4s 31. Louls & h 58 B. Man Ry 18t 90..... Mil El Ry & L 58 61 @« MStP & SSM 6%s MK&T4sB,..... MK&TprinbsA. Mo Pacific zen 4s. Mo Pac 58 F 77.. Mont Trm ref bs 41 Nassau B Ry 4857, NOT&MSb6%s.... N Y Centribs N Y Cent LScl3%s NYChI&StL 5% sA . NYChi&StL 6%sB. NYC&StL6sA. New Havencd 6s.. N Y State Ry 4% Nor Pac 352047 Nor Pac 4%s 2047, Northern Pacr 1 8s Ore Wash 1st 4s Pennsyl gen 4% Pennsyl bs 84, Pennsyl 6%s Pennsyl gold 7s Port RL&P 7145 46 RIArk & L 4%s.. StL&SFplésA.. StL&SFprinb StL&SF6%sD StL &S Fadj6: StL &S Finc 6 StL'S W con 4 Seab A L ref 4 Seab A L adj 6 Seab A L con 6 SBAIl Fla 6s36A. Sou Pac 48 29 Sou Pacifio ref SouPac 414sA 77, Soun Ry gen 4s. Sou Ry Con &s 94 Sou Ry 6s 56 Southern Ry 6%s Third Av ref 4s 60, Third Ave ad} Union Pagc 1st 4s... Unlon Pac 1st rf 48 Un Pac 4%38 67. Union Pac cv 8i o S casmoan 10815 83 107 106% 103 1y 1013 4% 9019 102% 101% s 9014 102% 104% 112% 3 64! 93 Y5% 41 98Y . 1101% 101'% 101'% Wabash 5s 76 . 16 1007 1007 1007 West Maryland 48, 6 8% 84'a 84l West Md 5138 77,4 34 1007 100's 100% BALTIMORE, August 27 (Speciall.— oes, barrel, 1.50a3.25; bushel, ; sweet potatoes, barrel, 1.50 .00; yams, barrel, 1.50a3.00; beans, bushel, 1.00a1.25; beets, 100, 2.00a3.00; cabbage, 100, 2.00a4.00; , 100, 3.00a4.00; celery, crate, 1.75a2.50; corn, dozen, 15a23; field corn, dozen, 10a15; cucumbers, basket, 50a60; eggplant, basket, 40a60; lettuce, crate, 3.50a4.00; lima beans, bushel, 1:00a1.50; peppers, basket, 25a30; tomatoes, basket, 40 50; packing stock, = bushel, 50ab squash, basket, 30a40. Apples, bushel, 1.00a1.55; blackber- ries, quart, 12al5; cantaloupes, ba- ket, 25a50; damsons, basket, 60a75; peaches, bushel, 1.00a2. ket, 60a75; pears, bushel watermelons, each, 15a40. Hay and Grain Prices, Wheat=-No 2 red Winter export, 1.461%; No. 3 red Winter export, 1.43%; No. 2 red Winter garlicky, export, 1.40%; No. 3 red Winter gar- licky, export, 1.37%. Corn—No. 2 vellow, domestic, 1.29; New po 90% 90% 8Y's BI% 101% 1015 28 106% “ 104 104% 104% 104 104 8% 8l 106% 106% 104 104 87% 87T% 110 110 118% 118% 107% 107% | 120% 120% 102% L02'% 104'3 104'% 100 100 4 104% 10 103 103% 94 9% 114 114k 105 105 4 108'% 106% 108 108 103% 103% 99% 100 % 104% 104% 98 981y 108% 103% 103% 1035 1025 1024 105% 105% 104% 104% 106% 107 1067% 1067 100'% 100'% Y6l 964 % 100'% 1004 | 100% 100% 103% 103'% 100% 100% 107 107 107% 107% 94 94% Y 109 109 4 100% 100'% 1067 10674 103'3 103% 1025 102% 106 106 104°% 105 105 90 90 6% 70t 90 96% 0% 9975 997 104 104 103% 1 111' 111t 104% 104+ 72's 9T% 981 4% 114% 86% 86 99 99 107% 107% 037 100' 104 103% 11 1048 T2 97% 8% 114% $6% 59 1005 100% 100 100 90% 90% 7 100% 40'y 2 66% 661y 67% 68y 68 66% 66l 65% 681y 674 6 66% 104 67h 66'% 66t 104104 10015 106% Bl 9 10415 B9'% 104% 102% 106'% 10 B0 BI% 104% 104% 102% 1024 105 105 B6% B6% 94 79 % 121% 12 95% 9 9512 1147 114% 114% 98 98 U8 108 107 107 991 99 991 105 106 106 115% 114% 115% £7 87 87 100% 100'% | cob corn 50 per barrel nominal. Oats—No. white, domestic, No. 3 white, domestic, 57. New oats selling 2'2 and 3 a bushel under old oats, Rye—Nearby, 1.05a1.1 Hay—Receipts, 49 tons. New hay is arriving in only limited quantity, and in somewhat irregular condition. It is, therefore, not being officially graded and sells strictly on its merits within range of 16.50 to 18.00 a ton for timothy and clover grades. Straw-—No. 1 wheat, 10.50a11.00 per ton, Dalry Farm Products. Live poultry — Spring chickens, pound, 24a28; small, 20a24; old hens, 20: ; Leghorns, 15a17: roosters, 14a26; ducks, 18a22; old, 12a15: pigeons, pair, 20a30; guinea fowl, each, 75a1.00. Eggs—Receipts, 617 cases; native and nearby firsts in free cases; 32 dozen, current receipts, 30. Butter—Good to fancy, creamery, pound, 41a46; prints, 46a48; blocks, 45a47; ladles, 3: 6: rolls, 31a34; store packed, 31; process butter, 39a40; dairy prints, 32a34. CHICAGO GRAIN MARKET. CHICAGO, T, August ®).— Early gains in wheat were lost in the late trading. Weakness was due to an absence’ of huying orders more than any particular selling pressure, as offerings were entirely of a realiz- ing nature, Wheat closed weak at a net loss of 1; to 134¢; corn was unchanged to %c down; oats unchanged to ¢ off, and provisions Ti4c to 20c advance, After starting unchanged to 3 higher, Chicago wheat scored slight additional gains. Corn opened 14 to % up and later advanced a little more. Oate were firm in line with other cereals and provisions sympathized with hog strength. Harvesting in the Canadian North- west s making rapid progress and with 10 days continued warm weather will become general. Unsettied weather conditions in_ continental Yurope, with showers in Germany and zenerally unfavorable for harvesting, is doing much to encourage expoi siness on this side of the Atlanti Winnipeg reported a good-sized export trade yesterday and said business would have been better if freight space had been available, as many of iropean countries were in the et for wheat because of the de- layed harvesting abroad Freight rates and the upturn in premiums served {o limit offerings to- and checked foreign buying to some extent. Oregon, Washington and Idaho have raised more than 130,000,000 bushels of wheat, according to a reliable crop ithority on the West coast. This is ,000,000 bushels more than the Gov- ernment estimate. WHEAT— High September Ny December 3 3 Mareh New York Stock and Bond Averages. SATURDAY, AUGUST 27, STOCK! .. 300 shares. al stock 7 Is averaged 133.213 Tot: Twenty Indus in, .07, net Tos, 5 High, 1923, 140.56: low, 125.58, BONDS. sules (pur value), 8 de rails averaged 9 ry ralls averaged 97.73: Tons, .05, public utilities averaged 87.18; 9% 9L Yl% 10 L8 TT%h T 0% 105% | TAR, WASHINGTON. | WEEK END TRADING. IN BONDS QUIET i ;Market Dull and Only Small | Changes Registered in Quotations. | Specin Dispateh o The Star | | NEW YORK, August all | | changes were registered in a aull week end hond market. Aside | from a_moderate volume of trading in | Pressed Steel Car convertible around vesterday's high level, a sharp h occurred in United States Treas- ury long maturities and a slight ad. | vance in a number of the foreign is- sues, there was no distinguishing fea- ture during the session. i A further slight recession oecurred in_a number of the new high-grade iilroad honds which reached their | Dbest figures in last week’s advance. | There was also a softer tone to the | good industrials, which went up along | with the new rails. This reflects more | the absence of demand than profit- taking, as trading in nearly all of this group has fallen off to a minimum. American Smelting & Refining showed a fair gain. More activi developed recently in Consolidation | Coal which have long been selling | on a 6% per cent income basis. A | curious incident of the French group is the premium of half a_point that has held for the last two days on the City of Bordeaux Gs over those of Lyons and Marseille. This week's new issues of $120,000.- 000 are the largest in ov two months, due to the two $40.000,000 of- ferings. It ix expected the coming week will be quiet from the standpoint SLIGHT ADVANCES Operations for Rise Make| Progress on Limited De- mand—Market Features. BY WILLIAM F. HEFFERND NEW YORK, August 27.—Opera- tions for the rise made further head- way in the curb market at the close of the week, although the demand was not as urgent as on previous dayvs. This might have been due in large part to the desire to even up specula- tive accounts over the week end, which naturally involved profit taking. Glen Alden Coal crossing 183 sold at a new high record. Its strength was due indirectly to the recent void- ing of contract in the original issue of Lackawanna securities, The sole as- set of the Lackawanna Securities Cor- poration will consist of the $58,600,000 Glen Alden Co. 4 per cent first mort- gage bonds. Under the first plan this security, together with the bonds of the Morris & Essex Rallroad and the New York, Lackawanna & Western, were to make up the/ assets of the holding corporation. The upward movement in Durant Motors which followed the recent ic statement of W. C. Durant The stock was almost a point above the Friday final. Auburn Auto and Marmon Motor were in demand again. Shares of merchandising and distributing com- panies continued prominent, with all classes of metropolitan 5 to 50 cent stores issues at new high prices. Mel ville Shoe suddenly came to the front, rising 3 points. U. discounting the improvement in earnings, was bid up almost 2 points | further. 4 Public Utilities were for the most part slightly higher. Oil shares did little one way or the other. Heavy realizing _following the spectacular rise earlier in the week in Johns- Manville shares carried the shares down to 1121, as against the high of 120%. EVERYMAN’S INVESTMENTS BY GFORGE T. HUGHFS. Investment. Trusts—The Holding ‘ompany. In these days of the popularity of the investment trust, it is timely to recall that there is more than one class of stock which has some of the principal characteristics of this seemingly new idea in investment. For instance, fire insurance com- panies are heavy holders of all kinds of investment securities, bonds and tocks. In fact, much of their income omes from their security holdings instead of from the premiums the owners of the fire insuramce policies pay. Moreover, the insurance com- panies are shrewd judges of the mar ket. They know values, and their buyers are seldom deceived. he result is that the shareholder in the insurance company has an in- terest in many other enterprisgs. the securities of which are in the insur ance treasury. Then in a sense any holding company is an investment trust. The holding company s very com- mon in the public utility field, and it diversifies risk by spreading out its operations over a large geographic field. Here, too, the shareholder in the utility holding company henefits. True, there is only one kind of diversi- ‘cation here, that of interests in dif- ferent parts of the country, but many of the recently organized investment trusts are similarly limited by their in- vestments in only one line of industry. Finally, many individual corpora- tions are large owners of stocks in other businesses. Probably the best example of this in the railroad list is the Union Pacific. This railroad has heavy holdings of stocks in the Balti- more & Ohio, the New York Central, | the Illinols Central, the Chicago & Northwestern and other roads. 1/nion Pacific stockholders are not dependent ¢ upon the prosperity of that road itself. Much interest was taken in the announcement the other day that the du Pont Co. had purchased United States Steel stock to the mar- value of some $14,000,000. With extensive interest in General Motors, the du Pont shareholders en- joy the advantage of a restricted in- vestment trust. ‘here is one serious drawback to all these forms of investment trusts and that iz the comparatively high price of the stocks involved. The invest- ment _trust proper is generally low priced. On the other hand, all these stocks we have been discussing have a ready and active market, something that all the new investment trusts do not have. N BAR SILVER PRICES. NEW YORK, August 27 (#).—Bar silver, 54%; Mexican dollars, 41. LONDON, August 27 (P).—Bar silver, 25 3-16 per ounce; money, 2% per cent: discount rates, shori three-month bills, 4 5-16 per cent. Husbands whe lose the last: train CAteh Aty o W, s Anais i 8. Freight, still| M NEW YORK CURB MARKET Received by Private Wire Following is the list of honds and} stocks traded in on the New York Curb Market today: INDUSTRIALS High. Witk 101y 14 T Ty Aeolian T8 Dl . Aero_Sup Mix B Alb Pick Bar vic Alb P Ba I Alum A i 103 1 L & Tr 7 Pow & I pfd 10 Rayon Prod. 161 Rolling M Superpow Superpow B Asso Gas & FI.. Atlas Plywood 3 Brt-Am_Tob RBiklyn Ci 2 Bucyrus U Pip | TM &S P il ngon _ Schild B & Sh n Cor Tnvest Ine .. A P&l 2d pid A 100 tey Welte (K. % B belg fen Tee Crean llette 8 K. 1 Hellman R 3t Hovden 11 Ind R: 1In-ur 2 Intern [ Intern T'til B 42 Johne-Manv 0. 1 Joske Bro v t efs 4 Kinnear Stores 4 Lackaw Sec n wi 70 Leh Pow n Leh Val ¢ of 3 Leo Fitz P armon Mot ... avis Corp Shoe . Box M Municipal Serv |0 1 Murphy G € ... 4 Nat Puh Ser A.. 2 Nat Sug RN J H Y N H & H pi 1081 lew Process . 31 Y Central n ew York Merch 35 Y Tel Co pfd. 1147% A iR 4% 1R% 03 1 Philin_ Morri G 6 Serv EL Corp. 2 Shredded Whi i8ihca Gel vie. . Iver 1 & Bros.. e T P&l Tung 3Tni Fl Coa Uni G Tmp € FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal"Selling checks "old value, today. London. pound. .. 848005 $4.8598 Montreal ~dollar. ..., 1.00 © Paris__frane Brussels. frand Berlin, Rome. Zurich, Athers Madrid, Vien'a. B mark . lira. . frane dra S liaR 000014 14 10014 1 rown. . Warsaw. sloty peahagen. Oslo. crown. Stockholm, erowi’. NEW YORK, A\lgflfit 27 (P).—Fo eign exchanges easy. Quotations (in cents): Great Britain—Demand, 485 13-16; cables, 486 7-32; 60-day bills on banks, 4813-16. France—Demand, 3.91%: ca- bles, 3 Demand, 5.39%; cables, 5.40. Demand—Belgium, 13.91%: Holland, 40. Sweden, 26.831: 2 Switzerland, i 16.8114; Greece, 1.30%: Poland, 11.20;] Czechoslovakia, 2.9614: ° Jugoslavia, 1.76; Austria, 14.09; Rumania, .62; Ar- gentina, 42.60; Brazil, 11.811: Toklo, 47.311;; Shanghai, 60.62%; Montreal, 100.07 18-16. FEDE!!AL—I.ANDB_ALN K BONDS. (Quoted by Alex. Brown & Sons. Closing.) Ger- Denmark, Spain, A P Rate—Maturity 58 v 10413 = et W EEER, e e Am. Tel. & Tel. Co. ds 1020, American Thread Co. 6x 1928 1a Copper e 1026 A ed Ol s 1035 Baltimore & Ohjo 6 Bayian Pet, Cor. '4%as 104 Bell Tel, of Canada 58 1955 Can: t. 10:50 G Goodyear T. 1998 Hershey Choc. Co. 5lex 1040 le Ol 558 1937 ... w8, Gas Co. blas 1046, New York Tel. 6x 1031 Oregon Short Line dx 16 Ol Co. Gl4s 1033 . 0IL P, . fc R. R. (0. 4% 1920 Y, 6% 103: Toas .o Sou. Pac Stand_0il of Oil of N.J. bx I ML &S R it & Union 0l of ¢ s Smelting o vk Steel C. 5% o GERMAN BONDS AND STOCKS. By Special Leased Wire to The Star. NEW YORK, August 27.— i ks.) (Quoted in dollars per millign marke) | Ger Gt (w In) Bs 1014-18. 800.00 B75.00 Hamburg 4%s 1019.. . A5.00 80.00 (Quoted _in dollars per thousand marks.) Ger Gen Elect 4158 pre-war 25.00 27.00 Ger. Gen Elec 4148 1010 Berlin 48 pre-war, Hamb 3s. 3% & 4 . Hamburg Amer Ling 4%u. North German Lioyd North Ge! Prussian Krupn bs 1922 Dusseldorf 48 pi M h r“ e mech 4n pre- A'E'G (Ger Go Eleci. . AE G (Ger Ge Blee) pid .00 Privat Bunk | i Wheell ur n Cl Ne Austrian A E G (¢ Direct to The Ster Office Md Ist nid . Air B n o3 a8 Wess O & Snovte 05 MINING STOCKS Sales T Miindreds 10 Am_ Explor 20 Divide Extens ekn (roeans | M Ohio Cop’ " 4 Tech Huches 1 Tono Min ... Syles INDE hindreds. Am Con Oilfds . § New Max FNEY O 1 8ait Ck Prod A Sou Oil & Trans, Tid Osage 0 NV Venernelan Pet Wilcox 0 & G 0 STANDARD OIL ISSUES. 101 19% 1N I 16 iK1 80 1 1 Sales 400 Ohio Oil . 00 Praitie O & G 1 50 Sou W Penn P I 78008 O Tud. 1008 0 K 100 € 0 200 Vacu Sales in thousands. Al Am Seating Anaconda Be A Beacon 01l 6 T Can B T Can fs B 102 P cfs dep 58 s air’ Robt ‘5lan. en Invest 58 A Georgia_Pow Be 7% Grand_Tnk 6158 10 & Gulf Oil P 58 47 097, Gulf Sta Ut 5s A 2 India P & L 58 A Interstate Pow 58 3 Interstate Pow fs 5Kopp G & C 58 Lehigh Pow fis A a1 2615 97 % & L 68 102 Y Bn.. 1048 AT DTN 0T 0015 1001 1007, 100% 1003 Sales in thousands. 3 25 Ag Mo Bk 78 47 1 Baden 7s | 3 Brisbane 58 7 Bue Aires 78 7 Bue Aires 7% 4 Bue Aires 1 Burni & Wain 63 061 n' B Ge S 6 A 95 openhagen b¢ 2514 5 Danish Con 5138 10 Denmark 5 tax 10 Free St Pr_ 6l 2 Ger Cons Mu sarca Hy, El 100 014 sl 1003 100, ). 25% 07 Y 100 % 5 a0 1y 10043 03 it 13 101 b 12 K 3 Ri% K7 1B ki 35 0315 238 3 Mo Bk Bogota 1 Mor Bk Chile 68 1 Muni- Medellin 1 Peru s y D8 S M In 78 4510070 7 Serba 78 B ... BA% nnes H 78 46 0815 El Se Ta A.. 97 Sil Glas AL 08 *Ex BUSINESS ST;%ENGTH SEEN Dun’s Report Makes Note of Favor- able Factors. NEW YORK, August 27 will say today Beneath the surface irregularities in business, appearing both in demand and prices, several elements of strength remain clearly visible. These construetive factors, prominent among which are the practical absence of speculative excesses in trade and the relatively low state of unsold sup- plies, minimize the possibilities of an abrupt reaction, and tend to sustain confidence. Hoped-for gains in some lines have not yet materialized and conspicuous activity is nearly ever where lacking, but the latter phase is one that usually prevails at this period. With the change in seasons that is mot far off, an upward turn should normally occur, although no rapid expansion is probable, and re- sults in different quarters may be ex- pected to vary considerably. Weekly bank clearings, $8,341,005,000. FLOUR PRICE DROPS. MINNEAPOLIS, Minn., August 26 (®).—Flour, 10 cents lower; in car- load lots, family patents quoted at to 7.85 a barrel in 98-pound cotton sacks. Shipments, 46,403 bar- rels. Bran, 28.00a28.50. Wheat, No. 1, Northern, 1.38%al1.43%. Septem- b 7%; December. 1.407: March, Corn, No. 3, vellow, 1.10a 3 Oats, No. 3, white, 44%ad7. Flax, No. 1, 2.21a2.23. b 9 10 0615 1008 10072 RR1, R 8 ORI DTl Nily 101 8% 981 (#).—Dun's Have You Been Stung Yet? Some men have to get stung good and hard before they learn to ke cau- tious in making investments. Before you invest—investigate! Frompt Action First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. "FINANCE ~—all classes Dr%t‘,‘l‘l;f:omnroduanl Large Loans a Specialty ‘urrent Int cate and commission Higbie & Richardson, Inc. 816 15th St. N.W. REAL ESTATE LOANS 51, % FRED T. NESBIT U Ave, 0302 | B. & 0. NOT CONCERNED. | | \ Money to Loan | Secured by tirst deed ot trust on reat est: Prev g _interest d Plans for $60,000,000 Potomac Joseph I. Weller *30\ "3 e i ‘ OFFICES FOR RENT SAUL BUILDING 925 15th St. N.W. A few desirable off vailable in < modern office by situated in hen the ate st Power Project Merely Formative. BALTIMORE. August 27 (Specia)).— Plans of the Potomac Power Corpora | 1 tion for the development of a $60,000, | 900 power project on the Potomac | River are In a formative stage and | 1o not concern the Baltimore & Ohio | | Railroad at this time, accordir | vtticials of the road. | At a hearing for a preliminary | ilcense in Harpers Ferry Wednesday | officials of the power company assert {ed that one plan for the development | involved the relocation of the Balti more & Ohio's tracks near Harp Ferr Officials of the railroad explained that present proceedings would per !'mit the power company to make a survey only. Not until a definite plan has heen adopted and an applicatior for permission to hegin construction | has heen filed with the Federal Com- | mission will the railroad be position to intervene in the ca sserted idin finaneial to e Al da e of b 10— i deseabie LAWYERS BUILDERS ACCOUNTANTS INSURANCE BROKERS All Outside. Kooms. Assuring Amole Light Rents $10.00 per month for pri- vite room and reception room; also larger suites available. B. F. SAUL CO. Main 2100. 925 15th St. N.W. in a . At | The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Md,, for 3, 5 or 10 year terms on your - B%% Apply Apartment Office Building Home Business Property RanpALL H. HAGNER &. COMPANY i -+ Incorporated e W I g MORTGAGE LOAN CORRESPONDENT 1321 Connecticut Ave. Telephone Main 9700 APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Colum and adjacent Suburbs in Montgom- ery and Prince Georges Counties, Md. 5:% INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT Ghe PRUDENTIAL INSURANCE COMPANY.of AMERICA 1001 15th Street N.W. Main 6888 The High Costof Folly T may be a great thrill to spend all of I your salary to gratify your passing whims; but when adversity knocks at your door you will find out the high cost of folly. DON'T SPEND IT ALL! And invest a part of your savings in sound securities. In fifty-eight years no investor in the First Mortgage Note offerings of this time- tested organization has ever suffered loss. Our First Mortgages are issued in con- venient denominations of $100 and up- wards. Swartzell, Rheem & Hensey Co,, Mortgage Barkers' - 727-15th. Street, \.W,, Washington.D.C. 58 Years Without Loss to An Investor SAFE FIRST MORTGAGES YOU DON'T MAKE INVESTMENTS EVERY DAY It is all the more important, therefore, that you should be safely counselled as you invest vour funds. Consider, we sug- gest, our 6%, FIRST MORTGAGES Our Third-of-a-Century ex- perience in the investment field recommends them alike from the points of view of safety of prin- cipal and dependability of income. B. F. SAUL CO. Main 2100 925 15th St. N.W. Over a Third of a Century Without a Loss FOR SAFETY THERE IS NO SUBSTITUTE