Evening Star Newspaper, August 28, 1927, Page 35

+ FINANCIAL.” [FOTAL BOND SALES DROPTO LOW LEVEL Market Yesterday Records Lowest Volume of Trading for the Year. By the Associated Press J. NEW YORK. August in the bond market today smallest volume of the year, transactions aggregating little more than $3,000.000. It was the first time this vear that total sales dropped be Jow the $4,000,000 ma even in Saturday short sessior Despite the inactivity of the market, however, high-grade issues continued to be supported by current easy money conditions and the disposition | of bond owners to retain their hold ings, even at the present high level | of prices. Irregularity which crept into the trend was almost entirely owing to week end profit taking in some of the semi-speculative liens, such as Erfe D" d4s, International ‘Telephone 5148 and other convertibles | which have been intermittently strong in recent weeks. Cities Service Power 6y again at- tracted attention around their pre-| vious peak price at 103%; and Davis Chemical 5%s touched par for the first time this vear, up a point. Park | Lexington 61;s and New Haven d4s were a point or so higher, but Wheel- ing Steel 5lis lost ground. French i t ed the hesitancy of trader: developments in the Paris govern- ment’s refunding plan. Completion of negotiations with Am n bankers is ng a sign from the United States Treasury Depart- ment, which has been opposed to the granting of loans to countries which have not funded their war debts. Argentine 6s were offered in rather | heav terdav’s last price. United States were irregular-and dull. —Trading vending | Baltimore Markets. THE SUNDAY STAR, BOND SUMMARY FOR THE WEEK' —~—1026—— High 0125 1 1032 1015 10117 105 Low 99 19 101 21 100 13 100 25 103 18 101 29 11010 High 9 —1027 101 21 100 23 103 30 102 23 101 11 100 7 101 21 10) 23 104 12 103 13 11431 110 5 Low 0. 8. BONDS. Hign L.iberty 3%s 1932-47..... 101 8 Liberty 1st 438 1932.47,. 103 8 Liberty 24 ¢ s 1927-42 1009 1 Liberty £d 4% s 1928 1015 Liberty 4th 448 1933-38. 104 4 Treasury ¢%s 1947-52 11 —1020 1927 Hizh | 100 100% 99% 103 9274 111% | 1081 1 93% | 90 105 | 105% al| | Todv [ 10615 106% | 100 105% 108y | 10 937 | 191 o0 { 109y o mn | 114% 119% 104 106% 98% 981y 106%% 105 119 1064 105 1 101% 109 9874 104% 1 29y, BALTIMORE, August (Spe- cial).—Although white potatoes have been in more liberal receipt this week, the market rules steady. with ! prices a shade higher under a fairly good demand for well graded stock.| but_all inferior, sunburned or un- graded stock are slow sale, even at | sharp discounts under quotation: round stock bringing a premium of | 25c a barrel over long potatoes. Bushel baskets are selling most 1.0021.25 for well graded No. 1 po tatoes, while No. 2s and mixed stock are neglected and of uncertain value. Demanrd for sweet potatoes and yams continues light and all offerings must grade No. 1 to bring top values of | 2.50a3.00 a_barrel, while No. 2 stock sells mostly 1.50a1.75. But all off- grade, smali or irregular stock is slow sale at uncertain prices, while culls are not wanted. | Native and nearby garden truck in liberal receipt and under only a fair demand, the market rules easy, with prices in buyers' favor at the follow - ing quotations Stringless green bushel; beets, 2.00a 0024.00 hun- hundred; cucumbers, 50260 40a6v basket; 0a2.25 per 100 pounds; pepper: 30 basket; squash, 30a 40 basket; tomatoes, 40a50 basket, and 50255 bushel for packing stock. Receipts of native and nearby green fruits ample for trade wan and the market generally rules easy at the following quotations: Apples, 1.00 to 1.75 bushel; blackberries, 12 to 15 quart; cantaloupes. 25 to 50 basket; damsons, 1.50 to 1.75 bushel; huckleberries, 15 to 20 quart; peaches, 1.00 to 2.00 bushel: Bartlett 2.00 to 2.50 bushel; Si to 2.25 bushel; plums, 60 to 75 basket, and watermelons, 30 to 40 each for select, and 15 to 20 for primes, while culls are not wanted at any price. Closing grain quotations: Wheat, No. 2 red Winter export, 1.46; No. 2 red Winter garlicky export, 1.40; corn, domestic No. 2 vellow, 1.29; cob corn, 5.50 barrel, nominal: oats, No. 2 white domestic, old, 50; No. 3 white *nme!lic, old, 57; rye, nearby, 1.05a . dozen: basket; eggplants, onions, Egg Prices Increase. Current receipts of strictly fresh native and nearby eggs continued light and with the demand on the increase there is no trouble to place desirable stock at full quotations and even bet- ter where the offerings are candled and show the grade. Market firm, with a good inquiry for choice fresh- gathered eggs, and buyers are willing to pay a premium for this class of stock. The market closed today at 32 cents a dozen for firsts in free cases, an increase of 2 cents a dozen over opening prices Monday, and 30 cents a dozen for current receipts in free cases. g Live Poultry Quotations. The general live poultry market rules easy under more liberal receipts, which have been more than ample for trade wants this week. [Fairly good demand prevails for large fat Springers, 213 pounds and over, at| 28 cents a pound, but smaller stock mot so active at 24 to 26, while Leg- horns sell mostly 20 to and condition. OIld hens, 3 and over, in fair demand at but lighter fowl and ILeghorns in ample supply and slow sale at to 17. while old roosters are plentiful at 14 to 18. Demand fair for young ducks, 4 pounds and over, at 18 to| 22, but smaller fowl, as well as old ducks, are neglected 15 and 16.| Guinea fowl scarce and wanted at 75 t0 1.00 each for young weighing 1% pounds and over, but pigeons in ample supply and s sale at 20 to 30 a air for both young and old Cattle Market Steady. The live cattle under generaly hght cially of top grade cattle and a fairi good demand for this class of stock, but all undergrades move slow ut in side values. Demand continues good receipts, espe. street pound. to 8; G to 8: com 6 to s to fancy, per common to fair, | .00 pound, 14 to 1 ; large rougi, % to 10: rough and common, 6 to . Sheep—Choice, 4 to 5: old bucks, : common not wanted. 13 to 13 : common thin, ket rules steady | v- | 3 102 86 | 100 108% 1 974 Low 96 96'% 96'4 100 811y 105 1054 81 8% 100" 10 102 103 1031 86 98 8% 88'y 92 1062 " 104 110 lfll 4 84 87 103 1024 117% 103% 10315 99 107 | 1054 102 967 amounts, but held close to yes- [ 102% 97% 1 104% 101% Government bonds | 109% 102% 00" 93 9 8 924 074 924 1014% 101% 104 12 1 1034 1 98 a3 1164 1 108 1 100 108% 105% 98 1034 1 18 1 106% 1 3 110% 1 100% 100 1023 112% 1 105% 1 104% 1 99%, 1014 1 107% 1 95'% 108% 1 108% 1 99% 90 113% 1 102% 93% 95 107% Bl% 0% 57 96% 58% 5T% 114% 81 92% 984 119% 187% 974 98 122% 108 —16% 930 | u3% o6l Ylin 114% | | s—Straight, 10 to 11: sows. 7 to | . 5 to 6. " Live pigs—14 to 16; shouts NEW YORK GRAIN PRICES. YORIC, August 27 (B).—Rye western, 1.16 Lo.b. York .md 1143 c.if. expor Steady: malting. 93% it {100 New | dart | northern Spring and rail, 1.60% f.0.b. New York, lake and ruil 0. 2 nmwd Durum, do., nominal; ake and rail to a spot_firm; No. 2 yellow c.i.f. track, New York, lake and rail. 1 No. 3 yellow, do., 1.27. Oats—Spot stead, No. 2 white, 46. 105 | 1197 | 103% 104 105 775 100% BT 194 01 105% 102% 843 91y 074 o 964 105 102% 9% 93% 92% 00% 14% 04 97 07's 97% 9% 987% 03% 03'% 00 93% 00% 03% 1% 05% 05% 95 56 10% 95% 89z 92 102% 3% 64% 4T% 90% 48% 474 111% 65% B7's 94 115 81 103% 101% 95% 88% 108' 105% 1024 £y Y74 106% 114% 3 ¥0%% 61% a6" 103 96 & 85% B1' 104 u2 41 921 99% 101% 981y 66% 957 83 High 100% 974 101 974 98% 97w 105% 101% 99% 927 114% 111 110 107% 100% 934 9% R) 108'5 104 1065 104 1024 101 110 1084 110 108 304 21 1014 9 110 105% 105% 103% 1 102% 1054 102% 105% 9% 115 105 2% 108! 10 10 101% 97 102 9 1035 10 1017 95ty Low 106« 924 107 101%) 102 1024 ' 97N 105% 9Ty INDUSTRIAL 105 97w 1034 1004 1084 101 1047 10w 109'% 106% 934 88'y 9 8T 102% 100% 108% 964 105% 102'% 101 98% 1044 101% 83w T 102 109 891, 85 103 105% 110% 105% 108 101w 9 120% 1027 101% 105% 103% 102% 95% 191 97 18 107 108% 102 10 99Y 108 104% 106 102 108' 1024 100% 97 105 103 1164 114% 109 108 1004 98% 109% 107% 102% 100 103% 99% 104% 101' 105 102'3 104% 1034 107% 103% 102% 97% 101 9% 1085 106% 964 88 106% 103 109% 106% 100 9Tl 93 7 113% 111% 102 97% 9T% 92% 98 93% 97% 93'% 10t 97 104% 100% 103 102% 96 92% 104% 101% 1017 95% 119% 117% 86k 83\'. 107% 105% 90 BO% T4y 69% 679 56 b6% 1134 111% 86 TdW 954 Y24 100% 97% 118% 116'% 90 86% 103% 102% 981y 964 98 94 154 114% 105 103 93 90w T35 924 81% 3% 84 Bdln 91l 108 106% 116 114% 100 sam 1z 108 115% 1134 00 93 93% 84 01 Y65 9w 54 954 83 3% 994 987 ELEY 3% 93 o 86w 197T% Y6 Wik 101 9. % Y8« 9B 108% 105% 65w 914 12 8 Yla B 102 Y% 111% 06% 113 1L 53 Al% 105% 103 101 ®74 97y L% Y 69's 97 16 Wwo 1034 6% muu 99 0 104t S 864 FOREIGN Argentine June 5s 1959 Argentina 6s A-1957.,. Australian Govt & Austria 7s 1943, Baigium 65 1955. Belglum 7%s 1945 Belglum 8s 1941. Bordeanx 6s 1934, .. Brazil 6%s 1957, Brazil 83 1941. Canada 58 1952 Canada 5%s 1939, “hile 83 1941 . Chile 8s 1948. . “hinese Govt Ry 58 1951.... Copenhagen 515 1944.. Czechoslovakia 8s 1951 Denmark 63 1942 .. Dutch East Indies 68 1947, Dutch East Indles 63 1982. French Government 7s 1949. French Govt 7%s 1941 Erench Govt 8 1915 Serman 75 1949... foiand- American s f fs 1947 ltaly 7s 1951 Tananese flas 1951 Netherlands s 1972 . Norway 51gs Paris-Lyon Med fs 1 Queensiand Rs 1947, Queensland 7s 1941. Rhinelbe 78 . Rio de Janeiro $s 1948 Rome & hulosme of. 851938 . Seine Deptof. 7s . Serbs, Croats, Slovenes 8s 1962 .. Sweden 65 1939 Swiss 548 1946 . United Kingdom 5%s 1939, United Kingdom 5%s 1927, Yokohama 6s 61. . AND MISCEL Amer Agri Chemical T%s 1941... Amer Smelt & Ref st 58 1947, Amer Smelt 1st 65 1947 Amer Sugar Refining 6s 1937, Amer Tel & Telcl tr 4s1929.,, A ierican Tel & Tels f 5. A 1aconda Copper fs 1953 . Anaconda Copper cv deb 7s 1938. Armour & Co 4138 1939 Armour of Del 158 43. Atlantic Refining deb 5s 1937 Barnsdall Corporation 68 194 Bell Tel (Pa) ref 5s 1948 Bethlehem Steel p m 6s 1938 Rethlehem Steel s f s 1948 Coal (Md) 1st ref 5 1950, Cuba Cane Sug cv deb 8s 1930, Detroit £dison ref 6s 1930 .. Dodge 6s 1940 Eastern Cuban Sug 1‘6! 1937 Empire Fuel & Gas 7%s 1937.. Goodrich (B F) 61%s 1947, Goodyear Tire 8s 1941. Humble Ofl & Ref 5%s Indiana Steel 5s 1952. . Inter Mer Marine 68 1941. Inter Paper 5s A 1947. International Tel 58 rets. 1024 103 109 104' 99% 104 104 108% 0ty 10 101% 100 1054 101 2 Kelly-Springfield 88 1931. Lackawanna Steel bs 1950 Laclede 5%s. . Liggett & Myers 58 1951 Manat! Sugar s £ 7%s 1942, Midvale Steel 55 1936 New England Tel 53 1952. N ¥ Tel 6s 1941, Northern States Power 5s. Pacific Gas & Elec 5s 1942 Pacific Tel & Tel 6s 1 Pan-American 6s 34 .. Philadalphia Co ref 6s 1944, Public Service 6s 1944.. Sinclatr O11 7s 1937 Sinclalr Crude Oil United Drug 6s 1944. U S Rubber 1st & ref 58 1947. U 8 Rubber 7s 1930 . USSteel s f5s1963. Utah Power & Light §s Warner Sugar 7s 1939. Western Union Tel 6%s 1931 Wiison & Co Ist 6s 1941. RAILROAD Atchison I &S Fe gen 4s 1936 Atlantic Coast Line 1st 43 195! Balto & O 1st gold 45 1948... Balto & Ohtocv 4%s 1933, Balto & Ohlo ref 5s 1995. Balto & Ohio 6s 1929..... B&OPIttsLE& W Va s 1941.. B & O Southwestern Div 6s cfs 50 104% Brooklyn Manhat s f 6s A 1968... 97% Canadfan Northern f4s 1946.... 119 Canadian Pacific deb 4s. 86 Central Pacitic ¢s 1949 93' Chesapeake Corpn 5s w 9384 Chesapeake & Ohlocv 4 %s 1930.. 100% Chesapeake & Ohlo gen 4 %8 1992. 100 Chicago & Alton 3bs 1950, . B4y Chicago Bur & Quincy 4%s 77 B.. 100% Chi B & Quincy 1st ref 5s 1971, 107% Chi & Eastern 111 gen 58 1951..400 Chi Great Western 4s 19: Chi M & St Pdeb 4145 19: Chi M & St Paul gen 4% 1989, Chi M & St Paul ref 4%s 2014 Chi M & St Paul cv 58 2014 Chi & Northweste: Chicago Rallways 5s 1527 Chi R 1 & L'acitic ret 4 1934 Chi Union Station 45 1963. .. Chi Union Station 813 1963 Chi & Western lud con #s 1352, CCC&StLrer6sa vy ...... Colorado & Southern 4 %s 1935... Cuba R R 58 195! Del & Hudson cv 584335 Delaware & Hudson 5%s l'l'l. Uen & Rio Grande con 4 Den & R G West 65 1955 Detroit United %8s 1932 ie Lst con 48 1996 1€ gen lien 43 1996 riecv 48 A 1953 Lriecv 43 D 1958 Kla BCH8T4.... Grand Trunk s £ deb Grand Trunk 78 1940 .. .. reat Northern 4%s 1976. Great Northein geu 58 1952, Great Nortiern sen 7s 1936...... Hudson & Manhattan vef 5 1351, tudson & Manhattan ad} 5s 1957, Lilinots Central 435 66. ... tuter Rapid Transit 5s 1966 tnter Rapld Tranyit cv s 1932, inter & Great Nor ad) 68 1952 Kansas City Southern 3s 1950, iKansas City Southern 53 1950 Lake Shore s 1928 Lake Shore +s 1931 Louts & Nash unified 43 1940 Mil ilec Ry & Lt Lst ref 68 61, MSUP&SS My 193, Mo iKan & Tex ISt 43 1y90. .. Mo Kan & lex ad) 53 1967 Mo Kan & I'ex pr in 23 A 19 Missouri Pacific gen 48 1975 New York C’ent deb 43 1934 .. New York Cent ret tmp 58 2013 New York Central deb 6s 1935, New Haven deb #s 1957 N Y N H & Hcvdeb 63 1945, N Y Ry 631985 . N Y West & Boston 4% 1946, Norfolk & Western con #s 1998 Northern Pacinic ds 2041 Northern Pacific 4s 19 Northern Pacitic rer imp #s 2047 . Jre Short Line ref 4s 1929, ore Wash Ist ref 43 1961. Pennsylvania xen 43 1965, vennsylvania sen 5s 1988 Pennsylvania 6%s 1980 Peorta & Eastern inc I'ere Maruiotte Lst 58 1956 . Reading 4%s 1997 ... 110 Girande Western oIt 48 1949 R1ATK & L 4%3 1934 e SULIM&S R &G 481933 St L & San Kran ur in 48 A 1950, . StL & San Fran pr in 38 1950 L& San Kran s D 1942, SUL & San Fran ad1 62 1955 SUL & San Kran lue 83 1960, SUPKCS Line dlys 1941, ., Seaboard Ar Line vef 1959 . Seaboard Alr line ud) 58 1949 Seaboard AIr Liine con 83 1445, Southern Pacifio cv 48 1929 Southern Pacific col 4s 1943 Southern Pacifia ref 48 1955. Southern Ity gen ¢s 1956 . South Ry 1st 58 | Southern Ry dev ts 1956 Uhird Aveadi5s 1960 ... Union Pacitic 13t 4 1947 virginian Ry 15t 5s 1962 Wahash 18t 58 1939 Wabash 5148 1975 .. Western Maryland #s 1952. Western Pacific 5s 11148 West Shore 1st 4s 336A.... 103 9T% 7 Yoty 115% Y9m 90% 1024 111 1124 50 10474 101 8% Y6% 94% 88 1017 103'y 101 Y8 951; Low. 1018 1018 103 6 00 8 101 103 31 104 1 113 16 113 18 High 10) 100% 9819 64 101 1084 1017 81 106" 13% 115 9% 106 1041 100 104°% ¢ 104 117 105'% 95 103 103 1094 1047 99°% 101% 104’9 109 904 90 102 100 % 105% 101 104'% 81% 983 108% S8 106 110% 107% 120% 102% 104% 100% 101 116% 108% Last. Yield. 103 6 100 9 101 2 Low Last. 99's 99'% 100 100% Y8 98 102% 1027 99'4 103% 92'y 1014 10: 109% 109 100% 100+ 1075 1084 | 105 105 104% 1047% 1034 105 105% 103% 11450 114% 1105 110% 106'% 106% 100 101% 93'% 9% 101 101 108% 108'% 101% 101% 5 108 1124 115 104 90 106 1034 100% 104% 104 104'% 108% 1045 100's 1031 1047 101% 96'% 96% 95% 9% 108% 1034 1047 100% B6'% 96% ity »T% 101y 101°% 1024 101 9B 95 Te% 10T% 107y 15 105 8474 100 90 1044 1045 Bl 997, “ » n | Inv ¥ plr value of Governments and $1,040,- WASHINGTON, D. ¢, AUGUST 28, “CONCEALED ASSETS" A FACTOR Reserves Acquired 1 Not Counted in Pu BY I. A, FLEMING. Activity and advancing prices in several bank stocks developing in the local and other important market cen- | ters brings many inquiries from the 'man as to the reason therefor, when the dividend roturn is usually only cent per annum and there are so many other high- zrads shares available that bring much lirger returns.” It furnishes an in- teresting problem to many, but it does not induce any large investment de- mand from the g public tors in |‘I||k ares ha o parently little interest in the imme- diate returns on their investments, but are buying almost entirely with on the future and with close consideration of so-called concenled assets in many of the banks—not hid den any idea of dececiving the s nor the tax collectors, that have been acquired vears before, and that are not counted as assets in the published statements of condition to the controller of the around 3 per aled Assets”™ Outlined. anks carry thelr 3 nking buildings at cost and often there is a large profit there- in. not cashable, however, unless the sale of tha property is made. The controller of the currency, however, would offer no objection to crediting the bank with a respectable part of the gain through the surplus account. It has been done hefore. One of the ch ots banks Is the profit made o ment securities and on curities, stocks and bonds.” have been few in any issues of Gov- ernments, as they are fermed, that have not offered a handsome oppor- tunity for profits in addition to form- ing_a secondary reserve especially useful in the event of an emergency that would require important amounts of cash quickly, for the Governments are just as good <h any time. Then, too, nearly every bank has investments in ‘“other bands, stocks and securities” that usually are car- ried at cost. The returns on the investments in ‘“other bonds, stocks furnish employment for much money that might not otherwise be brought into use. Some Local Bank Statisti ‘The Riggs National Bank capital of $2,500,000,* a _surplus of $1,750,000, and undivided profits of $458,658. It holds $8,017,897 Govern- ment and $4,7381145, other prop- of many | Govern- us a per cent dividend $500 a share, bid The American Security & Trust Co. has a capital of $3,400,000, a surplus of $3.000.000, and undivided profits of $443,290. Tt owns $4,031,348 Govern- ment and $7,230.357 other securities; has deposits ~¢ §31,128,579; has $2,95, 362 other assets, and carries its build- ing at §1,414,386. It pays 15 per cent and the last sale was 450. National Savings & Trust Co., with the Riggs National, the only banks selling stock above $500 a share—has long been a leader in the local finan- cial situation. It has capital of $1,- 000,000, a like surplus and undivided profits of $1,259,000. It has $411.000 95 of other bonds, stocks and securi- th»q carries its great banking house— which in every case includes realty but not furniture and fixtures—at $1 MARKH FORECASTS BUSINESS FUTURE Bright Outlook Estimate Based on High Levels of Industrial Equities. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, August stock market’s judgment is correct, the business outlook is bright. This is not overlooking the fact that prices 1ave not moved uniformly upward dur- ing the week’s trading or that there have not been some declines. It is simply emphasizing the forecast the market gives when it marks up the price of such typical industrial equi- ties as General Motors, United States Steel and General Electric to the righ- ast points those stocks have ever sold under the present forms of capitali- zation. The phenomenal growth of General Motors to the point where that cor- poration, it is estimated. produces over 40 per cdnt of all the automobiles a trucks sold by the industry and the re- markable record of earnings these es have produced probably justifies the market appraisal of the shares. These two facts clearly point also to a widespread prosperity. The automo- bile business is as important as any other one line of trade under present conditions, and that it is able to ope- rate so profitably means much with regard to the industrial situation gen- erally. Reflects Investment Demand. As for U. S. Steel, which has been the other outstanding favorite of th2 week, the market action of the stock is probably more of a reflection of in- vestment_demand than of the state of steel production. Buyers of this stock are paying attention the nssets back of it and to its demonstrated rning power over a series of years rather than to any immediate increase in demand for its product. All ‘hl‘\‘ may he admitted, and still it will be ! true that the strength in U. 8. Steel; stock indicates confidence in a lnnl:l period of reasonably stable eav The same can be said of Ger tric and of the market action ot other stocks representing the strongust cor- | porations_ in their respective lines. There is, however, another deduc- tion to be made. When it comes to the various smaller organizations, hoth speculation and investment this weelk, as for a long time past, have heen | more selective. Some of the lessor | units are so well managed that they are able to hold the! wn, but many others show inability to meet the in- | creasing competition and this, too the market has been reflectinz. Rail Record Noteworthy. Turning now to railroad stoc weck has boen noteworthy as period in which Atchison sold at highest in ats history. Much same story 18 told herve as with the industrials. Atchison is perhaps the premier railroad stock from an invest- ! ment standpoint. Buyers are willing to put their money Into the shares of this carrier without being too partic- ular about current income statements. There is not in the raflroad field the ame kind of competition that obtains in the industrial and so the inference that only the largest and strongest or- wanjzations are able to operate at the most satisfactory vesults cannot he drawn. It 1s fair. however. to say 27.—If the the | the | the | the IN ESTIMATING BANK PROFITS Increase Value of Stock. |other fof $16, *| as fast as the others, perhaps, but all H weeks. n Years of Business, blished Statements. 200,000. Tt has deposits of $11,334,000 and is quoted at $515, bid. Stock in the up-town savings bank the United States Savings, is quoted at $500 a share, bid. There is a r son for it as the bank pays 30 per ! cent annual dividends. Its capital ix | but $100,000 and it has accumulated a like surplus and $7.560 undivided | profits. It is located at Fourteenth | and U streets northwest. values its building at $75,000 and has deposits of $2,341,2 he stock is held very closely by Wade H. Cooper, president, and other officers. The Washington Loan & Trust Co. has $1,000,000 capital. a surplus of %£1.690,000 and undivided profits of §203,109. Its Jarge banking hou: valued at $1,003,045 Government ~ honds bonds nd quoted at 495, hid, 33.000. 0ld Bank's Good Record. National Metropolitan Bank has a capital of $800,000, surplus of $540,000 and undivided profits of $491,000. [t rries $1,013,000 Government securi- ties and has $17.687,000 deposits. The building is fed at $818,180. It is hid and 440 asked. I-American Bank has a cap- ital of $1,300,000, surplus of $650,000 and llYI(l vided profits of $137,218. Tt 28 Government securities, 'I in other bonds. It has de- |I(NIIA of $13,030,931, carries its bank- ing house at $818,180 and is quoted at 415 bid. The Commercial National Bank has a capital of $1,000,000, surplus of $400,- 000 and undivided profits of $181,227.14. 1t holds $1,000,000 Government bonds and has deposits of $15,164,160.04. It is quoted at 261 bid and 270 asked. Bank- ing house, $1.681,946. Others With Heavy Assets. All the trust companies referred to have very heavy assets that do not show in their periodical reports and running in some instances into high values. We refer to the estates in liquidation, some of which have been carried on for years and with large resultant value to the trust company The banks referred to above as lead- ers in the recent improvement are by no means the only strong shares. They are all developing beautifully and their shares are gaining. not quite It nd has deposits with a stride that promises to mark them up quite sharply. All practi- cally without exception carry large blocks of Government securities and many of them other securities. The District National and Lincoln, with the Liberty, Second National and Bank of Washington, show sharp price gains. In the savings hank section the Se. curity Savings and Commercial is a leader. and the Bank of Commerce and Savings is showing up well Shares in the Anacostla Bank are quoted at 300 bid. Other banks and trust companies are all attracting investors to their shares, with the chances for the re- vival to go much further. Compliment to Our Bankers. It is a great compliment to our bankers to note their fame for wise banking, for tact in making paying investments and wisdom in managing their institutions. Their reputation for working in close personal har- mony, for_co-operation, one for all, and thelr harmonious annual conven- tions has gained much favorable publicity. continued good times in the transpor- tation business as it is to' stress the market meaning of advancing prices for industrial shares. Objection may be made on the ground that speculative excesses have done much to give the market its present strong appearance. There is a little merit in this claim. but not much. Tt does not apply to the grade of stocks we have been discussing. Speculative Excesses Nil. However that may be, there are no speculative excesses in trade. The absence of money, the surplus of credit have not tempted merchants to swerve from their conservative tac- tics. There is no overstcking. There are no inflated inventories. Hand to mouth buying is still popular. If there has been a certain amount of let-up in volume of business it does not presage reaction. TProsperity is never quite uniformly distributed and there are numerous weak spots, but the average is high. Coming more specificallv to the financial and economic indicia, com- modity prices display more firmne: Out of 72 changes in the compilation made by Dun's Review there are 3% advances against 34 declines, whereas a week ago the reductions numbered 31 and the increases 21. Bank clear- ings are 6.8 per cent ahead of the corresponding week in 1926. This in- crease, however, is all in New York. ‘The rest of the country shows a slight decline. Loans to brokers. according to the latest Federal Reserve state. ment, are down over $20,000,000 in the week despite the larger speculation on“the Stock Exchange. Rescrve Ratio Unchanged. The reserve ratio of the Federal Reserve system as a whole is exactly the same as it w a week ago and more than 3 points higher than the same week in 1926. Call money has been 314 per cent. the low of the yvear, all the week. This is the season when normal rates should harden, but there has been nothing of the sort so far. Summing it up, there is no reason to expect any great change com- mercially or financially. It will take some new unforeseen development to disturb the even tenor of business or banking operations. e DRY GOODS MARKET. NEW YORK, August 27 (P).—Cot- ton goods markets were strong to- . with the price tendency steadily upward. Sales for the week were large enough to cover the output Several contracts were made for de- liveries 10 *o 12 weeks ahead. Yarns were firm and advancing. Raw silk held steadier. Silk goods sold mod- erately. Burlap markets were strong, with Calcutta prices above the parity of sales here. Agents of wool goods mills' offering fancies for Spring men'’s wear report a very fair volume of business during the week. Heavy and light weight knit underwear lines are being advanced from 25 to 50 cents a dozen, due to the rapld advance in' yarns. This is the sec- ond advance within two or three; COTTONSEED OIL FIRM NEW YORK. August 27 (®).—Cot- tonseed ofl was unusually active and firm today, closing 7 to 25 points higher under a broad commission house demand and covering. inspired chiefly by the strength of cotton. Sales, 21,900 barrels: prime crude, .00, nominal: prime Summer yellow spot. 10.20; September, closed, 10.26; October, 10.55;: December. 10.97; Jan- uary, 10.92; March, 11.09. It is belleved that If the gold bullion were transported from Nouth Africa by airpiane instead of by rail and that the strength in the leading rail- voad stocks is just as significant of L) water, the saving in theft insurance charges would be §500,000 a year. 1927—PART 1. NEW HIGHS SHOWN IN GOTTON PRICES Nervousness of Market Past Week Attributed to “New Crop Outlook.” By the Asenciated Press NEW YORK. August ing nervousness over the new outlook has been reflected by ances in the cotton market here during the past week. Prices made new high records for the season on all positions during the day's trading, with December contracts selling up o or slightly above the 22 cent level, about 4% cents per pound above the prices prevailing shortly hefore the publication of the last’ Government crop report on ’\\X“Il\[ 8. Realizing sales were rather he times dur- were absorbed moderate reactions, senfiments scemed to be growing more general owlng to a con tinuance of unfavorable weather and ciop reports from the South. There was a feeling early this month that with a dry, warm August there might be a considerable Improvement in crop prospects and that weevil damage might prove less than apprehended Weather Showery. The weather has continucd showery over the greater part of the belt, however, while recently temperatures have been unse ably low in some N 26.—TInc while, Texas has failed to receive needed raing, and there have heen many complaints of shedding and de- terforation from that quarter, al- though the bholl weevil does not ap- pear to have been active as in Bastern and Central parts of the belt. All reports reaching here have em- phasized boll weevil damage as a serlous factor otherwise, and it would appear that the crop scare of August has been based very la upon the situation in that r Buying on bullish views of the outlook was stimulated by repor European spinners were uneasy, and that spinne had so far bhought very little for forward shipment. ixpected Crop Reports a Factor. The idea ‘appeared to be that the demand from this source would ma- terialize in time to offset the effect of increasing new crop receipts, and the market toward the end of this week appeired to be discounting a growing belief that the next Govern- ment crop report. due on September 8. would show a considerable falling off, as compared with the August 1 indication ~ Reactionary sentiment- based on the extent of recent ad- vances, was more or less in evidence, but some of the early week sellers on that theory were said to be re- buying later on the continued unfavor- able crop news. The Liverpool market strong, indicating increased anxiety abra The volume of buying or- ders recelved during the day readily abscrbed all available offers losing quotations were at the top of the session and the whole list was at new high records for the season. WHEAT FUTURES STEADY. NEW YORK, August 27 Wheat—Futures closed easy; tic September, 1.40 December, 144%; foreign in bond, October, 1.49%: December, 1.46 that ing cotton was very Funds Available —for— First and Second Trust Mortgages Prompt Attention to All Applications THE COMMERCIAL NATIONAL CCMPANY Incorporated Paid Up Capital, $700,000 Commercial National Bank Bldg. 14th and G Sts. Just Issuep 1927 Edition | Facts and Figures on Washington Securities Giving in condensed form valuable information re- garding capital structure, dividends, price range, taxable status, officers, etc., of local companies. Furnished Free Upon Request Y. E. BOOKER & COMPANY Investment 1508 H Street We Specinlize in Securities of _ Washington Corporations Member Washington Stock Exchange Bankers Direct Wire to New York Savings Mean Riches Y saving some- thing each pay day you be- come the day fol- lowing that much richer. B Y investing your savings in safely secured First Trust Notes on approved prop- erties you are safe- guarding vour sav- ings. | CANCELLATION HITS TRADERS IN STOCKS| Action Ordered Over Lackawanna Securities, Original Issue, Wipes Out $10,000 in Commissions. By the Associated Pre NEW YORK, August —Cancella- tion of all contracts in the original issue of Lackawanna Securities Co. ital stock on the curb market aused a loss of traders of approxi- mately $10,000 in commissions, it was estimated today, in addition to the loss of all profits accruing on the ad- vance of the price of the shares. The constitution of the Curb Exchange provides that commissions must be paid on all transactions, even if they are subsequently voided. Lackawanna Securities stock was admitted to trading in March, and transactions aggregated about 25,000 shares at prices ranging from 87 to 106%. Trading fell off sharply after the recommendation of an Interstate mmerce Commission examiner that $33,506.000 bonds of two_subsidiary lines of the Lackawanna Railroad be excluded from the assets of the securi- ties company, thus reducing the assets to the $38.000,000 4 per cent bonds of the Glen Alden Coal Co. The new Lackawanna Securities stock. admitted to trading yesterday on a “when-issued basis,” changed hands. up_to the close today, to the extent of 700 shares at prices between $73 and $79 a share. WE FINANCE inases income-producing oroperty Large Loans a Specialty Current int rate and commission Higbie & Richardson, Inc. 816 15th St N W. REAL ESTATE LOANS 51 % FRED T. NESBIT 1010 Vermont Ave. Main 492 1st and 2nd Trust Loans Funds on Hand for Large and Small Loans Reasonable rates and prompt attention to all applications. N. L. SANSBURY CO., INC. 1418 Eye St. N.W. ain 5904 In Nearby Virginia 5 1 /2 Prudential Insurance Co. Loans Commonwealth Investment Co. D17 15th Nt N.W Phone Maln 2023 N lnvestments worth is deter is mined by its absolute safety and assured an- nual return. Our FIRST MORTGAGE SECURITIES Qualify 1435 K Street Main 2345 Il | First Mortgage Loans On Improved Property Construction Loans at Minimum Rates Glover & Flather 1508 H St. N.W. WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat" Bank 14th and G Streets Resources, $17,000, R. GOLDEN DONALDSO RESIDENCES APARTMENT HOUSES BUSINESS PROPERTIES In Washington or Nearby Maryland, in Large or Small Amounts at %% WM. H. SAUNDERS 0., INC. 1433 K St. NW. Main 1016-17 Loan Correspondent Provident Mutual Life Insurance Company G. M.-P. MURPHY & CO. Members New York Stock Exchange Successors to JOHN L. EDWARDS & COMPANY A copy of our Forinightly Review sent on request 1416 H Street Northwest 52 Broadway, New York Richmond, Va. The New York Life Insurance Company Offers to Make F irst Mortgage Loans On Improved Real Estate and Nearby Suburbs in Montgomery County, in the District ot Columbi Md, for 3. 5 ar 10 vear terms on your Apartment Home 5%% Apply Office Building Business Property RaNDALL H. HaGNER &. CorPANY MORTGAGE LOAN CORRESPONDENT 1321 Connecticut Ave. Try Us First Telephone Main 9700 —for quick mortgage money. We recognize the vital importance to the bor- rower of quick action. We wish to make loans. We accept all good opportunities offered. Low Interest Rates and Commission —_— Immediate Answers on Applications B. F. SAUL CO. Main 2100 925 15th St. N.W. A Third of a Century’s Experience Main 2100 —as with any other in- vestment management will enhance it; lack of the right man- agement will decrease its earnings. property heing managed? It would have much to gain—we suggest—if un- der our care as directed by our Third-of-a-Century experience. B. F. SAUL CO. It Is With Rented Property value. 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