Evening Star Newspaper, September 1, 1927, Page 14

lp FIN | | - EMPRATIC RALLY IN STOCK MARKET Stable Money Rate at Month End Factor—Rail Shares Lead the List. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 1.—The stock market rallied emphatically to- day. Not only was all the loss of the preceding session recovered, at least for the so-called pivotal stocks, but prices were carried above Tuesday's close. The technical tondition had been improved by the setback of yes- terday, but a more important influ- ence was the successful passing of ithe month end without disturbance of the call money rate. It was again evi- dent that the dominant factor in the market was the huge surplus of ‘money. The rally was led by the railroad shares, which seemed to have thrown off the depressing effect of the July earnings statements. Wall Street still believes that Autumn results will make pleasant reading to stockhold- ers, and compare favorably with those of a yvear ago. It is not predicted that the August reports will furnish :bullish ammunition, b.t it is Insisted ithat when these September state- ‘ments begin to be released about Oc- tober 20, they will tell a different story. It is not certain that the railroad ‘men themselves subscribe to the specu- :lative viewpoint. President Storey of Ithe Atchison in a Chicago dispatch to- iday was quoted as saying that he did not expect the earnings of his road for the balance of the year to equal !those of 1926. “The combination of circumstances,” Mr. Storey continued, i“which made 1926 an exceptionally progperous year for us has not re- appéared in 1927.” Atchison stock, however, ran up over 2 points along with the rest of the railway shares. The recovery was most pronounced in the stocks of the Southwestern roads, including Texas and Pacific and Missouri Pacific. Baltimore & Ohio was prominent in the Eastern group and so was New York Central. There were almost no railroad stocks which at one time or another did not show a ANCI Open. High. Low.Close. Abitibl Pow (5). 106% 107% 105% 107 Abrahm&Stra 85 86% 85 8 Adv Rumley. 1% 1% 11 Adv Rumley pf.. 34% 34% 34 Ahumada Lead.. 4% 5 4 Air Reductn(16) 178% 184 Ajax Rubber.... 8% 8% 84 8% Albany Papr(2). 25 26% 24% 26% Allied Chem (6). 158% 162% 158% 161% Allied Cm pf (7) 122% 122% 122% 122% Amal Leather... 13 13 13 138 Amal Leather pt 73% 731 73% 73% Amerada (2).... 29% 20% 20% 29% Am Agricul Chm 12% 12 12% Am Agri Ch pf.. 424 42% A= Beet Sug pf. 49 49 21% 21% 431 43% 84 9% 11 34 4% 5 178% 184 Am Br Sh (j1.60) Am Brown Bov. Am Can (2). 62V 63% Am Can pf (7) 3. 133 133 138 Am Car&Fdy (6) 102% 103% 102% 103% Am Chalnpr (7) 101 101 101 101 Am Chicle (3).. 57% B57% 57 57% Am Drug (80c).. 13% 13% 13% 13% Am Encau (2.40) 47 47 46 49 Am & For Pow.. 23% 23% 23% 23% Am&Fo Po pf (7) 104% 1045% 104 104 Am Ho P (240). 51% 52% b51% b51% American lct 29%" 29% 29 29 AmIcepf (6)... 91% 91% 91 9% Am La France % 7 B Y Am Linseed..... 47%% 49% 47% 49 AmLinseedpf.. 72 172 72 72 Am Locomot (8) 109 109 108 109 Am Loco pf(7).. 125 1256 125 125 Am Machine (2) 107% 111% 107% 111% Am Metals (3).. 43 3 3 Am Plano (3)... 35 35 34% 34% Am Plano pf (7) 94% 94% 94% 94% AmPo& Lt (1) 65 65% 64% 654 Am Radiator (5) 133 1331 131% 133 Am Rad pf (7).. 134% 134% 134% 134% Am Republic.... 45 45 45 45 46% 46% 46% 46% Am Seating (14) 44% 44% 43% 44% Am Ship & Com. 3% 3% 3% 3% Am Smelting (8) 167% 169% 167% 169 Am S & Rpf(7). 127% 127% 127% 127% Am Stl Fdys (3). 54% B57% 54% 55 Am Sugar (5). 90 9% 90 0% Am Sumatra.... 58% 59% 58% 59% Am Tel & Tel (9) 168% 169% 1687% 169 Am Tobacco (8). 144% 144% 144% 144% Am Type Fo(8). 131 131 131 131 Am W W (m80c) 51 52 50% 52 Am SafetyR(13) 6% | Gabriel Sn (315) THE EVENING STAR, WASHINGTON, D. C., THURSDAY, SEPTEMBER 1, 1927. MELLON TO WEIGH |ADVANCE IS SHARP Low. Close. Ti% 75 50% B2 54 High. %% 52% 87% 60% T0% 130 130 Open. Freeport (14%). 74% 50% Gardner Motor.. 8% Gen Am Tnk (3) 58% Gen Asphalt.... 67% Gen Bakg pf (8). 130 Gen Cigars (4).. 67 Gen Elec (15)... 140 GenElec sp(60c) 11% Gen GasA(oll) 41% Gen Gas (B).... 43% GenMotors(+10) 245% GenMotors(w.1.) 128% Gen Mot pf (7).. 124% Gen Outdr Ad(2) 50 Gen Outdr A (4). 57% Gen Ry Sig (5). Gen Refrac (3). Gimbel Bros. ... Gimbl Br pf (7). Glidden Co Glidden pr pf(7) Gold Dust...... Goodrich Ru (4) Goodyear Tire. . Gothm $ H (2%) Gotham new 215 . Gotham H pf (7) Gould Coupler A. Granby (4) Grt North pt (5) Grt Nor O (1%). Grt Wes S(2.80) Green Canan.... Guantanamo. .. Gulf Mo & Nor. Gu M & N pf (6) Gulf States (5). . Hrtn B b10%stk. HockingVal(10). Hollander & Son Houshld P (313) Houston Ofl.... .. Howe Sound (4). Hud Man (2%).. Hud Man pf (5). Hudson Mot (5). Hupp Mot (1.40). Illinots Cen (7). Indep Oil (1)... Indian Mot (13) Indian Mot pf(7) Indian Refining. Indian Refg ctfs Ingersoll R(14). 230% 245% 126% 123% 124% 124% B1% 50 57% 5T% 147% 67% 46 106% 15 87 Am WW (cl.60). 105% 105% 105% 105% Am Whisepf (7) 106 106 106 106 Am Woolen 24% 25% 24% 25 Am Woolen pf.. 56 56 58X Am Writ Pactfs 20 20 20% Am Wr Pa pfcfs 52% 52% 53% Am Zinc. 6% 6 6 Am Zinc p! 38 38 Anaconda (3) 46 4 ArmourDel pf(7) 87% 6 87% 87% ArmourofIll(A) 9 9 9 gain. In the industrial group General Elec- tric retained its leadership. crossing 142, the righest at which the present shares have ever sold. Mont- gomery Ward came to the front set- ting a new high for 1927. In this case the stimulus was a 9 per cent increase in August sales. . United States Steel and General Motors rallied together. The former was up 3 points at 146 and the latter showed a gain of the same amount at 249. The strength in Steel did not have much effect on the independents, although American Steel Foundries was higher. Nash was the favorite of the independent motor stocks, cross- ing 84 to the best ince the stock split-up. There were one or two weak spots, among them National Dairy Products, which was heavily sold on the under- standing that the company's busi- ness had suffered with the unseason- eable weather. Markets at a Glance NEW YORK (#).—Stocks, strong; railroads start brisk buying move- ment. Bonds, firm; Erie “D” 4s rise with stock. Foreign exchanges, easy; Norwegian krone at new 1927 high. Cotton, firm; bullish crop estimates. Sugar, higher; firm spot market. Cof- gee, lower; weak Rio reports. £ CHICAGO. — Wheat, firm; reduced op estimates. Corn, steady; predic- ‘tions cooler weather. Cattle, steady ito strong. Hogs, higher. i || New Bond Issues NEW YORK, September 1 (Spe- lal).—Goldman, Sachs & Co. and Prine & White offer today an issue of 84,000,000 Abbotts Dairies, Inc., (to be ormed under the laws of Maryland) per _cent debentures due September 3, 1942, and priced at 100. . Halsey, Stuart & Co. head a syndi- ecate awarded the issue of $3,000,000 Btate of Louisiana, Port of New Or- Jeans general improvement bonds. ® ArmourofIll(B) 5% Armour Ill p£(7) 65 Arnold Con&Co.. 37% Art Metl (1%)... 25% Asso Dry G (2%) 46 46% AtT&SF (19%) 193% 195 192% 194 AtlGulf & WI.. 35% 385% 35 35 AtlGuIf&WIpf. 36% 36% 36% 36% Atl Refining (4). 117% 118% 116% 118Y% Austin-Nichols.. 4% 4% 4% 4% AutoSales pf(3). 34% 34% 34% 34% Baldwin L (7).. 256 259% 256 259% Bald Loco pf (7) 1283 128 123 128 Balto& O (6)... 119 120% 118% 120 Balto & Oh pf (4) 79% 80 79% 80 Bang & Ar (3%). T4k T4% T4% 4% Bang & Ar pf(7) 109% 109% 109% 109% Barnet Leather. 54 54% 54 54% BarnsdallA(213) 223% 23% 22% 22% BarnsdallB(23%) 22 22 22 Bayuk Cigars... 92 92 92 Beech-Nut (13). 54% b54% 54% 54% Best & Co (3)... 5¢ 50 50 Bethlehem Steel. 61% 62% Beth Stl pf (7).. 115% 116 Bloomingdale... 38% 38% 38% 38% Blumenthal pf. . Bon Ami Cl A (4) Booth Fisheries. Booth Fish 1st. . Botany C MillsA Briggs Mfg (3). Blkn-Mn Tr (4). Bklyn Un Gas(5) Brown Shoe (2). Brunswick B (3) Burns Br B (2).. Burros Add (t4). Bush Term (b8). Bush Ter de (7). Butterick (g2).. Byer & Co Byer & Co By-Products (2). Calif Petm (1 Callahan Zinc. .. Calu & Hecla (2) Canada Dry (3). Can Pacific (10). Can Pacific rts. . CaseThreshg(6) Cent Alloy (2).. Century Rib M. . Century R pf (7) Cerro dePas (15) Certain-Teed (4) Certo Cor (13%) - Chand-Cleve. ... Chandler pf(2%) Ches & Ohio (10) C & O Corpn (3). Chi & Alton pf. . Chi & East 11l pt Chi Great West. 5% 5% 65 65 37 3% 25% 25% 46 46% 54% 554 53% 145 147% 145 145 43 43% 43 43% 32% 32% 32% 32% 22 22 2 112 "112% 112 57% 59 57% 108 103 108 524 521 52 74% 5% 74 110% 110% 110% 110% 2% 2% T2% T2 2% 22% 21% 21% 1% 1% 1% 1% 15% 15% 15% 15% 54% 54% b54% b5du 183% 185Y% 183% 184% 4 4% 4 4% 261 264 260 260 29 29 29 29 14 14% 14 14 kil 78 78 78 63% 641 63% . 64% 48% 48% 481 48% % % 5 %5 6% 6% 6% 20 20 0 20 21 192% 194 192% 193% 8% 75 8% Td% ‘13% 13% 13% 13% ki) kil 15% 16 55% Baltimore Markets. BALTIMORE, September 1 (Special). +=New potatoes, barrel, 1.50a3.25; bushel, 1.00a2.00: sweet potatoes, bar- irel, 1.50a3.25; yams, barrel, 1.50a2.50; beans, bushel, 1.00a1.25; beets, 100, 2.00; cabbage, 100, 1.50a3.50; carrots, 100, 3.00a3.50; celery, crate, 1.75; corn, dozen, 20a30; cucumbers, basket, 50a 75; eggplant, basket, 40a50; lettuce, crate, 3.50a4.00; ma beans, bushel, 1.25 a1.75; peppers, basket, 25a30; tomatoes, basket, 30a50; packing stock, bushel, B0a55; squash, basket, 25a35. Apples, bushel, 1.00a1.15; black ber- ries, quart, 15a18; cantaloupes, basket, 25a50; damsons, basket, 60a75; peaches, bushel, 1.00a2.00; plums, basket, 60a 75: pears, bushel, 1.25a2.50; water- melons, each, 12a35. Hay and Grain Prices. Wheat—No. 2 red Winter, export, 1.42; No. 3 red Winter, export, 1.39; No. 2 red Winter, garlicky, export, 0. 3 red Winter, garlicky, 33%. No. 2 yellow, domestic, 1.25, nominal; cob corn, old, 5.50 per barrel, nominal Oats—No. 2 white, new, 55a55%; No, 3 white, new, 54a541;. Old oats sell- ing 2% and 3 a bushel over new oats. Rye—Nearby, 1.05a1.10. Hay—Receipts, 65 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 17.50 a ton timothy and clover grades. Straw—No. 1 wheat, 10.00a11.00 per ton. Dairy Farm Products. Live poultry — Spring chickens, pound, 24a28; small, 20a25; old hens, 20a426; leghorns, 15a17; roosters, 14a ; ducks, 20a22; old, 15a18; pigeons, «air, 26a30; guinea fowl, each, T5a 1.00. Eggs—Receipts, 673 cases; native and nearby firsts, in free cases, 32; current receipts, 30. Butter—Good to fancy creamery, pound, 41a46; prints, 46a48; blocks, 45a47; ladle: 35a36; rolls, 3la34; store packed, 31; process butter, 3% 40, dairy prints, 32a34. TREASURY CERTIFICATES. (Reported by J. & W. Sellgmap & Co.) ate—Maturity. B % Sept. 15 4 Sept. 15. s c. 15, 19 s Mar. 15 192 e Mo 15 103 A FEDERAL LAND BANK BONDS. (Quotad by Alex. Brown & Sons. Closing.) 5555533 R2222RE! Chi Gt West pt.. Chi Mil & StP.. Chi Mil & StP pf CM&StPefs.. C M&StP pf cfs. Chi & Nwn (4).. Chi Rock Is (5). CRI&PDf (6). CRI&PDpf (7). Childs (32.40)., Chile Co (2%).. Christi B (1.20). Chrysler Cor (3) Chrysler pfA(8). City Stores (B). Cluett Peab (5). Coca-Cola (5). .. Collins & Alk (n) Collins&A pf (7) Col Fuel & Iron. . Col & Southn (3) Col Gas & El (5). Col GRE pt A (6) 33 16% 16% 16% 16% 30% 324 108% 109% 108% 109% 101% 101% 101% 101% 108 108 108 108 62% 62% 62 62 36 36 36 36 58 61% 58 61 59% 60% 59% 60% 114 114 114 114 48% 48% 48% 48% 66% 66% 66% 66% 116% 116% 116% 116% 89% 91% 89% 90% 102% 102% 102% 102% 82 83% 82 83% 122 122Y% 122 122% 93% 94% 93% 94% 106% 106% 105% 106% Col Carbon (4).. T3 73 3 3 ComCredpf6%. 76 76 76 76 Com Solv n(8).. 180 184% 179% 182 Com Powr (2%). 58% 60% 58% 60% Congoleum-Nair. 23% 24 23% 23% Cong Cigar (4).. 6T% 69% 67% 68% ConClgars (7).. 82 82 82 82 Con Cigars pf (7) 105 105 105 105 Consol Gas (5).. 110 111% 109% 110% ConsolGas pf(5) 100 100 99% 99% Consol Textile.. 4% 4% Cont Bakg A (4). 43% Cont Baking B. . 4% Cont Bak pf (8). 89 Cont Can (5).... 73 Cont Mont (80c). 10% Corn Prod (13). 6% CrucibleSteel (6) 89% 89% Crucible pf(7).. 111 Cuba Cane Sugar 8% Cuba Cane Su pf. 384 Cuba Company. . Cuban Am 8 (1)." Cudahy Pkg (4). Cuyamel Fruit. . Davison Chem. . Del & Hud (9). Det & Mack pf. Devoe & R(2.40). Diamd Mtch(8). Dodge Bros Cl1 A. Dodge pf (7).... Dunhill Int (4).. Dupont (19%).. Du Pont deb(6). Eastman (18) ... FEaton Axle (2).. El AutoLt (16%) Electric Boat. .. Elec Power & Lt Elec Refrigeratn 14% EI Stge Bat (16) ?:V; 32 7L 32% 32% 324 32% 105% 106% 105% 105% 87% 88 87% 87% 59 61% 58% 61 60 60% 60 60% 59 59 59 59 29% 30% 29% 20% 107% 107% 107% 107% 9% 111 8 37 19% 23% 48 111 84 37% 20% 24 48 4T% 4T% 35% 35 35 209 207% 209 60 60 131% 181% 131% 131% 17% 18% 17% 18 68% 70 68% 70 50% 50% 50% 50% 300% 309% 300% 308Y% 113 113 113 3 166 166 166 7 28% 27% 95% 20% 26 35 207% 60 166 28 94% Emporium C (2). End John (5)... Engineers Pub 8 Engnrs P8 pf(7) Equit Bldg (7) ErteRR..... %) 2 1) Eureka Va ft4% Fed MotT(f80c). Fid Phoenix(4). First NatS(1%). Fisk Rubber. ... 22% 22% 22% 22% 135% 136% 136% 136% % 26% 25% 26 % 15% 16% 69% 69% 69% 69% | pe, Inland St (2%)., Inspiration. ., .. InterboroRapTr. Intcontl Rub(1). Internat Agri. .. Int Bus Ma (4). . }m gemem (4).. nt Com Eng (2, Int Harv ue)“). n’za% IntMtch pf(3.20) 74 Int Mer Marine.. 5% 5% 5y Int Mer Marpf.” 375 38 378 Int Nickel (2).., 65% 66% 65% Intl Paper (2.40) la,u. 56% 54 ) 89 b54% 49% 48% 194 192 4% T3% }n:gnperpt(s i nt Paper pf (7). 102% IntiSitver.. o 2" igg* igg Int Tel & Tel (6) 146% Int Tel & Telrts. 5 Intertype(t13). 33y Island Creek (4) 64% Jewel Tea..... Jordan Motor. Kan City South. Kayser J (4) 89 102% 168 147% 146% 5% 5 33% 64% 65 18% 65 18% 64 57 29 Kelly Tire 8% pf Kels-Hayes (2). Kennecott C (5). Keystone T & R. Kinney (G R)... Kinney pf (8)... Kraft Ch (11%) Kresge (1.20). .. Kresge Dept S.. Kress SH (1).. Lago Oil (3).... Lambert Co (5). Lee Tire & Rub. LehighVal(3%). Lehn & Fink (3) Life Sav (1.60).. Lig & Myrs(ft4) Lig&MyrsB (14) Lima Loco (4) Lorillard Co. Louisiana Oil. La Ofl pf (63%). LouisGasA (1.75) Louis & Nash(7), Ludlum Steel(2) McCrory (1.60).. McCrory pt'(6). . Meclntyre P (1).. Mack Truck (6) Mack T 1st (7)., Mackay (7). Mackay pt (4)... Macy RH (5)... 2 Madison Sq Gar. Magma Cop (3).. Mallison & Co. Mallison pf (7). . Manati Sugar pf. Man El Sup (5). . Man El m g (d5) Man Shirt (2) Market St prior. Marland o1l arlin-Rek 133 471 Mathieson (4)... 116% 1 May Dept S (4).. 79 Maytag (2%). 47% 4T% 47 16% 1156 115 Mexican Seab... 4% 4%, 3:;’1 3:;‘\ MiamiCop (1).. 15 15 15 15 MidContinent(3) 30% 31% 30% 314% Mid-Cont pf (7). 100 100 100 100 Middle States. .. 2% 2% 2% Minn & St Louis. 3% 3y 3% 3y MStP&SSM.1i(4) 63% 63% 63% 63v, Mo Kan& Tex.. 45% 46% 454 46% Mo K & T pf (6). 106% 106% 106% 106% Missourl Pacific. 51% 531 51% 53 Missour] Pae pf. 100% 102% 100% 102 Montgmry W (4 3% 5% 8% 5% Moon Motor. Th Th Th T Mother L (50c).. 2% 2% 2% 2% Motor Met (3.60) 28k 29 28% 29% Mullins Body. 5T% 60 57% b58% Munsingwr (3 46% 46% 46% d46% Murray Corpn... 26% 26% 25% 25% Nash Mot (t434) 821 84% 82 g4 Nat Biscult 535, 137% 139% 1374 138 Nat Biscpf (7).. 140 140 140 140 NatCash R (A)3 45% 45% 45% 45% Natl Dairy (3).. 6214 62% 60 Nat Dept Stores. 23 23 23 23 Nat Distillers... 37% 374 375 37 Nat Lead pfA(7) 132% 132% 13214 132% Nat Led pf B (6) 109% 109% 109% 109% Nat Pw&Lt (80c) 22% 22% 204 203 NatRyMex2d.. 1% 1% 1% 1% Nat Surety (10). 246 247 2454 247 Nevada C(1%).. . 15% 15% 15% 15% NYAIrBr(3).. 45% 45% 4% 45% N Y Cent (8).... 153% 155% 163% 154% NYCentralrts.. 5% 5% b4 5% NY C&StL (6)... 123% 126% 12315 126% NY Dock... 6L 63 61 63 NYNH&Hart.. 49% 50% 4% NY NH&Har rts 1% 1% 1% NYOnt& W (1). 32% 34% 32% NY State Ryi 12 12 12 Norfolk Sou 54% b4% 5% b4% . 185% 186 185% 186 NorAm b10% 54 5d% b53% bAw NorAm EApf(7) 101% 101% 101% 101% North Pac (5)... 92% 94 924 9315 Nor Paccfs(5).. 92% 93% 921 93u Northwn Tel (3) 53 53 63 53 24 4 2% 2% . 35 35% 35 35 . 108 108% 108 108 Omnibus. .. 1212 12 12 Opnhm Col (4).. 72% 2% 721 172% Orpheum Cir (3) 25% 25% 24% 25% Pac Oll Stubs. .. 1% 1% 1% 1% Pac Tel & Tel (7) 136% 137 136% 137 Packard (12.90). 40% 41% 40% 41% Paige Motor 11% 12 1% 1% Pan-Am (6) 47% 48% 4Tk 48% Pan-Am B ( 48% 49% 4T% 49 Panhandlepf... 55 55 55 55 Parmt-Fam (j8) 103% 103% 102% 103 P 37% 38% 37% 011 Well Sup Oil Well S pf. Pathe Ex A (4).. Peerless Motor. . Penick&Ford (1) Penn C & Coke. . PaDixieCt(3.20) Penna RR (3%) Peoples Gas (8). 147 Peoria & East... 40 Marq pf(5) PhilaCo6 % pf(3) PhilagRCI... Phila&RC&I cfs. Phillips Pet (3). % 65 64% Y% 147% 147% 1 42% 40 4 9% 2% Czechoslovakia, 100.06%. ) NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. High. Low. 324 105% 105 4 61 150 1 Open. Pllisbury....... 3 Pillsbry pf(615) Pit Cin Chi&StL. Pitts Coal Pitts &W Va(6). PorRicoTobA (7) Porto Rico To B. Postum (5).. Pressed Stl C: Producers&R pf. Pub Serv NJ (2) Pub SE&G pf(6) PurityBak pf(7 Radio Corp of A. Radio C pf (3%) Reading (15)... Reading 2d (2).. Real SilkHos(4) Real Silk pf (7). Reid Ice Crm(3). Rem-Rand $1,60. Rep Ir & Stl (4). Reynolds Spngs. Rey Tobac B (5) Rossia Ins (6).. RoyalD(a1.33%) Safety Cable (4) St Jos Lead (13) StL&SanFr 181 St L Southwest. . Schulte (3%) Seabd Alr Line. Seab Air L pt Seagrave (el.. Sears-R (n2% Seneca Coper Shattuck F G (2) Shell Un (1.40).. Shuber The (5).. Simmons (2).... Simmons pf (7). Simms Pete. .... Sinclair Oil Sinclair pf (8). Skelly Oil (2)... Snider Packg Co. SPorto R Sug(2) South Calif Ed. . South Dairfes A. Sou Dairies B South Pac (6) Southern Ry (7). South Ry pf (5). Spicer Mg, StdG&E (3%). Std Mill (5)..... Std Millg pf (6). StdOilICal(12% ). Std OIINJ(111). Std OIINY (1.60). Sterling Pro(16) Stewart-War (6) Strom Car (2) Studebaker (5).. Submarine Boat Superior Oil Symington. Symington CI Tenn Copper (1). Texas Corpn (3). Tex Gulf S 1414, Tex & Pacific. ... Tex PC&O(60c). Tex Land T#st n | The Fair (2.40). Third Avenue. .. Thompson (3.60) Tidew Aso (60¢) TIdWASOIIp (6) Timken (15).... Tobac Prod ( Transcont Ofl Twin City R ( Underwood (4).. i Un Bag &Paper. i Union Carb (6).. Union Oil (123;) Union Pac (10). . Un Pacific pf(4). Utd Cigar Stores Utd Cig St pf (7) United Drug (9) Utd Fruit(15%). USCIP&F (10) U 8 Distributing U 8 Distr pf(7).. Hoftman (4) Alcohol (5). Leather w 1. Leatprpf(7). Realty (4). cacagcca “an U 8 Tobacco(3).. Utah Copper (6) Utl P&Lt A (e2). Vanadium (3)... Vick Chem (4).. Victor Tlk Mch. . Victor pr pf (7). Va-Caro Chem. . Va-Car Ch 6% pf Vivadou (3).... Vulean Detin. . .. Vulcan Detin(A) Vul Det pfA(7). Wabash........ Wabash pf A (5) Walworth#(1.20) Ward CIA (8)... Ward Bak pt (7) Warner Pic A. .. Warner-Quin(2) Warren Bros (4) WarF&Pipe Cor. Web&Heil p£(7) . W Penn El pf (7) West P Po (6)... West P Po pf(7). West Maryland. West Md 2d pf.. West Pac pf (6). WesthseAirB (7) { Westinghse (4). Weston Electric. White Mot (4).. White Rock (2). White Sew M (4) Willys-Overland Willys Od pt (7) Wilson & Co. Wilson Co pf Wilson § Co p! Woolworth (5) Worthn Pump. ... Wright Aero (1) Wrigley (13%).. Yellow Truck. .. Yel Tr&Co pt (7) 89% YungstnS&T(5). 87% Hourly Sales on N. Y. Market. 418,600 1p.m 793,100 ,008,800 2 p.m...1,287,900 Dividend rates 28 mven in the ahove table are the annual cash payments on the faiost ouarterly or half vearly declarations. Unless othet'visa noted. extra or special divic dends are not_included. * Unit of tradinz less than 100 shares. 1 Part'y extra. § Plus 4% in rtock, in _common stock. Plus » Paid n per cent 334 % quarterly. avfe “when eart 1 Plus 56% 34% m common stock. payable < Plus 5% In stock. d Pay- fied. e Payable in cash or 107 in stock. & Plus 1/50 share 'n stovk 1'Plus $1 a share in special % §Plus 6% in stock. lus 2% in kBavaple 174 of a share auarierly A stock Clus B% in stock. stock. n Plus $3 wn preferred ctock. one-half of ccmmon stock. o FOREIGN EXCHANGE. (Quctations furnished by W. B. Hibbs & Co.) Nominal Selling checks old value. today. London. pound 4.8065 % Montrea. ~ doll o, erown. . . Stockholm, crown’. 3 NEW YORK, September 1 (#).— Foreign exchanges easy. Quotations (in cents): Great Britain—Demand, 4855 cables, 486 1-16; 60-day bills on banks, 481%. France—Demand, 3.91%; cabics, 3.92. Italy—Demand, 5.42; cables, 5.42%. Demand—Belgium, 13.92; Germany, Holland, 40.03%; Norway, Sweden, 26.83%; Denmark, Switzerland, 19.27%; Spaln, reece, 1.32; Poland, 11.20; 2.96%; Jugoslavia, 14.09; Rumania, .61%; 1.76; Austria, Argentina, 42.68% ; Brazl, 11.87; Tokio, |4 & & 47.37%; Shanghai, 60.25; Montreal, Fisk 1st pf (7).. e i SRIDRIDRORIANN 2R3 22353 3 W PESRISERR SR S T -~—__§..-_..__ 13 3 i 13 Fleischmann (3) Foundation (5).. Fox Film A (4). L3 85% 61% 6% 65% 85% | Phoenix Hoslery 61% | Plerce-Arrow. .. 56'% " Pierce Arrow pf. 66 . Plerce Oil...oous Manchester (England) Art Gallery is to hold in the autumn a special repre- s sentative exhibition of the work of an artist 83 years old, Miss Isabel Dacre. -~ FRENCH BOND PLAN Secretary Expected to Take Up Refunding Project on 1 Strength at Liverpool and Return Tuesday. Secretary of the Treasury Mellon will return to Washington Tuesday from his extended European cruise, it was learned at the Treasury tuday. While no official notification has reach- ed the Treasury as to the proposal of the French government to refund the external loan of about $75,000,000 French 8 per cent bonds, by flotation of a new issue of $100,000,000 in this country, it was believed this matter would probably be one of the first and most important problems facing the Secretary on his return. Official communication, it is belleved, will first take place between the French Ambassador, Paul Claudel, who announced yesterday in New York his government’s financial in- tentions in this direction, and the State Department, as in all fiscal mat- ters, will refer the matter to the reasury. Tln the absence of Secretary Mellon, Acting Secretary Mills today declined to comment on the possibility of American Government sanction to the hig refunding program proposed by the French Ambassador. The French 8s were originally an issue of about $100,000,000 negotiated in 1920 through J. P. Morgan & Co., and floated in this country, but the total has been sub- stantially reduced from the original. Local Exchange Active. The Washington Exchange was ac- tive again today with trading mostly in public utilities, at prices steady to stronger. Riggs National Bank turned over three shares at the previous sale price of 505, 30 shares of Federal- American Co. common went at 35 and National Mortgage & Investment pre- ferred sold at 7. Potomac Electric preferred 5%s was in demand, several blocks selling at 102%. Bank Clearings High. Although the August total of checks passing_through the Washing- ton Clearing House dropped below the figure for August of last year, it still stands above all Augusts prior to last year, according to the re- port made public last night by C. E. Bright, manager. August this year stood at $103,580,305.20, as compared to the peak of $104,912,119.72 reached last August. The first eight months of this year are somewhat ahead of the corre- sponding figure for 1926, according to a recapitulation of the year to date. as follows: IN GOTTON TRADING Lower Crop Figures, Weather Factors. By the Associated Press. NEW YORK, September 1.—The cotton market opened firm today at an advance of 25 to 38 points on cov- ering, or rebuying by recent sellers, and a moderate trade demand pro- moted by relatively firm Liverpool cables, apprehensions of further show- ers in the South and lower private crop figures. December sold up to 22.88 and March to 23.09 in early trading, and while there was some realizing and renewed liquidation at these figures, ofterings were absorbed on moderate setbacks. Spot sales in the Liverpool market today amounted to 15,000 bales, in- cluding 10,000 bales of American. There were also reports of an in- creased spot demand in the South. which no doubt contributed to an early advance. A private crop report placed the condition at 56.7 and the FINANCIAL." INCOME LARGER. ¢ NEW YORK, September 1 (#).— Net income of American Railway Ex- press for the first five months of 1927 was $920,919, against $916,392 in the same period of 1926. G. M.-P. MURPHY & CO. Members New York Stock Exchange Successors to JOHN L. EDWARDS & COMPANY REAL ESTATE LOANS 5, % FRED T. NESBIT 1010 Vermont A, Main 0302 —— Mortgage Money Loaned at Low Interest Rates Economle_ Conditions Tyler & Rutherford Loan Correspondent Mutual Benefit Life 1520 K Street = Main 475 A copy of our Fortnightly Review senmt om request 1416 H Street Northwest $2 Broadway, New York Richmond, Va. WE HAVE PREPARED AN ANALYSIS OF Chesapeake Corporation indicated yleld at 12,812,000 bales, while another made the condition 568.7 and the indicated crop 12,907,000 bales. The market showed increasing strength and activity after publica- tion of the private end-August crop figures. There was covering and re- buying by recent sellers, while some observers thought they saw indica- tions of a reviving commission house demand on the advance, which ex- tended to 23.10 for December and 23.25 for March, or about 60 points above yesterday’s closing quotations. Real- izing checked the advance at these figures, but the mid-day market was within 3 or 4 points of the best. New Orleans Market. NEW ORLEANS, September 1 (#). ~The cotton market moved upward at the opening today with better cables than due from Liverpool and private cables reporting the foreign markets were well liquidated, with spot sales of 15,000 bales. First trades showed gains of 31 to 33 points and, although there was a slight recession after the opening on profit-taking, the market quickly rallied and October sold up to 22.60, and December to 22.88, 41 to 46 points above the pre- vious close. The undertone remained firm and the general price trend was upward. A private authority made the crop condition 56.7, with an in- dicated yield of 12,800,000 bales. WHEAT SCORES GAINS IN TODAY’S DEALINGS 1311073 Unexpected Rise at Liverpool and Croop Outlook Same. Prospects of crop production re- mained practically unchanged during August, except for cotton, but recent price advances in cotton and corn have lifted the purchasing power of farm products, the Department of Ag- riculture said today, in its September review of the agricultural situation. “The crops present as varied a pic- ture now toward the close of the sea- son as they have since Spring,” said the Department. “Of the country’s two greatest cash crops, wheat has turned out well, while cotton promises anything but a big yleld. Of the two leading feed crops, hay was a record crop, while corn is a partial failure. Pay Rolls Are Smaller. Volume of employment and of total pay rolls during July was at a lower level than at any time in the past three years, it was brought out to- day in the July and August business review of the Federal Reserve Board, which reported that more than sea- sonal decline in industrial production continued through August. “Volume of reserve bank credit in use during the past month,” said the board, “has been at a lower level than at any time in the past two years, reflecting decreases both in the re- serve banks’ holdings of acceptances purchased in the open market and in their discounts for membér banks. Accommodation extended by the re- serve banks has been in unusually small volume for the system as a whole. Factors in the diminished re- quirements of member banks for re- serve bank credit have been the con- tinued receipt of gold from abroad this year, and the decreased demand s for_currency by the public. “Volume of member bank credit also decreased in recent weeks and there Wwas some decline in the demand for | Dece loans for commercial purposes, re. flecting a slowing down in industrial and trade activity. During the month | December the discount rates at eight Federal reserve. banks were reduced from 4 to 3% per cent and there was a corre- sponding reduction in the rates charged on bankers' acceptances. These reductions in rates were sup- ported by purchases of United States securities by the reserve banks. “Money rates in the open market, which had been tending downward since Midsummer, showed a sharp de- cline following the reduction in the reserve bank rates, and the lower rates in this country have been an influence causing funds to be trans- ferred to foreign money centers where higher rates prevail, with the conse- quence that sterling and other ex- changes have advanced.” Personal Financial Notes. E. J. Stellwagen, president of the Union Trust Co., returned to his desk this morning from an extended vaca- tion at Poland Springs, Me. M. D. Esch, assistant cashier of the Second National Bank, will return Tuesday from a vacation motor trip to Niagara Falls. Frank P. Harmon, vice president of the Merchants Bank & Trust Co., will return Monday from vacation at Blue Ridge Summit, Pa. ‘The publicity committee of the Dis- trict Bankers’ Association met yester- day to consider recommendations made at the convention at Hot Springs. Indications reached Washington to- day that counsel for opposing sides in the involuntary suit of bankruptcy filed against Dean Onativia & Ce., in New York were holding conferences with a view to composing the case and preventing interference to the work- ing out of the plan agreed upon by the creditors’ committee, GERMAN BONDS AND STOCKS. By Special Leased Wire to The Star. NEW YORK, September 1.— (Quoted. in doliars per million marks.) Ger Gt (warln) 8s 1014-18 70000 800 Hamburg 4%s 1919...... 60.00 7 (Quoted_in dollars per thousand mar] Ger Gen EI 4348 nrecwar: 5800 53 German_ Gen El 4%s 1 f Berlin 48 pre-war . amb'g 3. 3348 & 48 pre: Hambg American Line. 438 North German Lloyd 43%s. North German Lloyd . Prussian_Consols 3% Krupp s 192 Dusseldort 48 . 5338333 88 ) ‘00 +3 cotSorisns oo SBEEABEE e BERia: - 3333333252333 nk ... I?ler Bank ercur ik Vien: % #erden "'3“5" &.. s ll.sg“ - 5 Austrian A « Lower Yield Figures Have. Bullish Effect. | By the Associated Press. CHICAGO, September 1.—Wheat prices took an early swing upward here today owing largely to an un. looked-for advance at Liverpool. Be- sides, unofficial estimates of the prob- able yleld of domestic wheat showed a material decrease as compared with last month’s figures. - Opening at % decline to 5 advance, Chicago wheat soon made decided gains all around. Corn, oats and provisions were like- wise firmer, corn starting 14, off to 1% up and subsequently scoring a general upturn. A general buying rush today on the part of previous sellers of wheat fol- lowed issuance of monthly private crop estimates. An average of the es- timates pointed to curtailed, produc- tion. the total average forecast being 285,000,000 bushels of Spring wheat as against 298,000,000 bushels indi- cated by last month’s Government data. Furthermore, late threshing re- turns were said to have seriously re- duced the yield of domestic Winter wheat. Some buying of corn today was based on an unofficial forecast of se- vere frost, beginning in the Canadian Northwest and extending as far south as Towa, by September 5. Readiness, too, with which deliveries here today on September contracts were absorbed counted as a bullish influence on all grain. WHEAT— High. Sel femlr o 1 March 2 nio B0 Dok Ho3 L EEE SRR 350 GRi no BOSTON STOCK MARKET. By Special Leased Wire to The Star. BOSTON, September 1.—Following is a list of today’s highest, lowest and closing prices for the most active stocks dealt in here: Amoske i Gafia ala & He Carson Hill M. e 2 Libby. McN Kiorenthaier Mohawk . 4 New En 138 138 Pacific g‘l‘; 39, A Warren Bros 158 uif u8% Tower —_— Live within your means and put something away for the future. HE best way to accumu- late a safely secured “rainy day” fund is the pur- chase of a McKeever & Goss First Trust Note on an out- of-income basis. wE will be glad to ex- plain the advantages of such a savings arrange- ment; and to explaiu the careful manner in which every mortgage investment proposition is investigated by us before acceptance. ~-MEEBEERS~ 1415 K- Street Main 4752 Common Stock Copies may be bad upon request EDWARD B. SMITH & CoO. Members New York, Philadelphia and Boston Stock Exchanges 1508 H St.,N. W. Washington New York Philadelphia Boston OLDEST National Bank in the District of Columbia For Pay Day Depositors’ Convenience —this bank will remain Open Until TRAVEL_ERS’ CHECKS & LETTERS OF CREDIT SAFE DEPOSIT BOXES COMPLETELY EQUIPPED 11 ill TROSY DEDT. One Dollar will open a Savings Account | National Metropolitan Bank 15th St., Opposite U. S. Treasury Established 1814 —113 Years Old COMPOUND INTEREST PAID ON SAVINGS MORTGAGES FAMILIARITY WITH PROPERTY VALUES in Washington — developed in the course of over a Third-of-a- Century experience in the field of Washington realty — safe- guards the principal and inter- est of every investor in our Over a Third of a Century Without a Loss 6% FIRST MORTGAGES For we maintain standards in the selection of property that eliminate absolutely every pos- sibility of hazard or risk. B. F. SAUL CO. Main 2100 925 15th St. N.'W. THERE IS NO SUBSTITUTE FOR SAFETY It Takes More Gas 7o Make the Hills FEW months of heavy financial going—illness in family, unemploy- ment, loss through theft—and you realize that it takes more gas to make the hills. You start to worry if you have been neglecting to save—or you thank your foresight if you have provided yourself with reserve fuel in the form of sound investments. There are two features of the First Mortgage Notes offered oy Swartzell, Rheem & Hensey Company t...t make them so popular with investors. Interest checks are mailed out regularly twice every year. And no investor has suffered loss in more than fifty-eight years. Swarizell, Rheem & Hensey Co., ks e 88 Years Without Loss to An Investor