Evening Star Newspaper, September 7, 1927, Page 11

FIN MOVES MODERATE NBOND MARKET Issues Trade Government Quieter—Convertibles Fluc- tuate Along With Stocks. BY CHARLES F. SPEARE. Special Dispatch 1o The Star. NEW YORK, September 7.—80 long as there is such a heavy flow of funds into the stock market as at present the ‘market for bonds will be re- stricted, both as to price and volume of trading. In the past two days there has been more response on the part of stocks to ths Treasury an- nouncement and the indications of a fong period of easy money than there has been in bonds The movemen! today were mod- erate, with more discussion of what the market may do later on when it is faced with a large amount of new offerings. Coniident predictions are being made of much higher prices for high-grade corporation and municipal bonds. If these are accurate, lower grades of investment securities must also improve their position. As an evidence of forthcoming issues, the Ttalian group of government and mu- nicipal bonds teday was stronger than it has been for some time. Government Bonds Quieter. *Prading in U. S. Governments quieted down, although the second 4%’s held the advance that has been made on the arbitrage between the old and the new notes. An unusual incident in this group was the rise in the first 31's of % of a point. These ‘bonds are tax exempt. The fourth 414’s also ‘were slightly higher. % Convertible bonds moved in the game manner as stocks. Brooklyn Union Gas 5%%s, International Paper 6s and J. Kayser 53s were all strong. International Mercantile Ma- rine 6s were again above 101. Good- year bs, United States Rubber bs, Dodge 6s, Amour b5%s, Bethlenem Bteel 6s, Chicago Railways bs and Third Avenue 5s were fractionally higher. Aside from the improvement in Italian government and city bonds there was not much feature to the foreign list. The French, Belgian, German and Argentine government issues were a slight fraction above Tuesday’s closing level. Junior Rails Slow. In spite of the strength in railroad stocks this week, not a great deal of nterest has been displayed in Junior railroad bonds. Erie new 5s, which were sold quite “heavily during the latter part of August in order that holders might subscribe to one or two popular offerings, have since ral- lMed a point. Missouri Pacific general 4s, Great Western 4s, Chicago and Eastern Illinois * 5s and Missouri- Kansas-Texas adjustment 5s exhibited & moderate amount of activity around ent levels. .".:Allhough most of the bond syndi- eates have now been dissolved and their issues distributed, there are sev- eral intact. Two of last Summer’s pub- e utility bonds which have just been given a free market were selling today 3 to 4 points under the subscription price. A feature of the outside bond market this week has been the sharp bidding up of bonds of various invest- ment companies, one of which has advanced nearly 50 points since it was offered six months ago. SUGAR MARKET QUIET. ANCIAL. ved by Pfivate Wire UNITED STATES. (Sales are in $1.000.) Sales, High. Low. Closed Lib3%s.... 177 101 26 101 22 10126 Lib1st4l%s 59 10311 1038 10311 Lib2d 4%s. 124 100 18 10017 100 18 Lib3d 4%s. 31 1014 1012 1014 Lib4th4%s 79 1043 104 1042 ... 20 108 106 106 US4%s52. 2114 114 114 FOREIGN. Sales. High, Low. Close Argentine 63 Ju 59, 21 99t 99% 99% ctB9 19 99% 99% 99% A, 5 99% 99% 99% Argentine8sB.... 1l 99% 99% 99% Australian 5 9 9TM 97V 0T Austria 78 L. 9108 102% 102% Bank of Chile 6%s. 3 95% 954 95% Belgium 6s. . 4T 99 99% 99% Belgium 6%s..... 169 105 104% 105 Belgium 7s. 40 1074 107 107% Belgium 7s ¢ 48 105 104% 105 Belgium 71 19 114% 114% 114% Belgium $s. .. 10 110 109% 110 Bolivia 8s. 12 103% 103% 103% Bordeaux 6s 61 1002 100% 100% Brazil 614s. 92% Brazil 7s Brazil§s..... Bremen, State, Canada 5s 19: 7107 8 103% 103 103% 6102 101% 101% 30 105% 105% 105% 21 102% 1024 101% 101% s 109% 156 98% 97 98% 2 101% 1007% 101% 5 1024 102% 102% 5 105% 105% 105% 2 108 108 108 2108 108 108 1 111% 111% 111% 14 105'% 105% 105% 8 103 108 103 104% 104% 104% 105 105 Chile 8s1941.... Con Pow Japan 7s. Copenhagen 5%s.. Czecho 8s 1951 Czecho 8s 52 5 Danish Munic 8s B Denmark 6s. . DE15%s Nov 63. Dutch East 1 6s47. 3 Dutch East 16362, 11 105 El Salvador 85 48.. 2 108 107ik 108 Finland s f 68 45 1 96'% 964 98% Finland 7s. ... 26 100% 100% 100% Framerican 7%s 2 1054 105 105 French 7s 113 107% 107% 107% French 73 40 115% 115 115 French 8s. 81 111% 110% 111 German 7s 25 106% 106% 106% German Agr Bnk 7s 7 101% 101% 101% Ger Gen Elec 75... 7 104's 104% 104% Greek 7s. 1 96% 96% 96% Haiti 6s 6 100'% 99% 100% Hungary 7%s, 5 1021 1024 102% Italy 7s... Italy Pub 7s. Japanese 4s. Japanese 6%48. eee 91 95% 95 « 16 91% 914 91k « 33 101% 100% 101 « 9 100 100} 1004 THE EVENING STAR, WASHINGTON, D. [ovwr o BONDS o reeuer] | PRIGES ARE EASIER Direct to The Star Ofice. Sales. High. Low. Close. B6% 86% 84U Can Nat 4%830. .. Can Nor 438 1935.. Canad North 615 Canad North 7s. Canad Pac deb 4 Can Pac 4128 46 Central Pacific 4s. . t Pac 1st 68 90.. 9 104 sa Corpbswl.. 97 98% Ches & O cv 4%8.., 12 100% Ches & O gn 434s., 2 100 Chi& Alton 3s..... 3 72% Chi & Alton 3148 Chi B & Q gen 4s 53 CB&Q4%s17B.. Chi B & Q 1st rf 58 CB&Q-1ll 3%s... Chi & E 111 gn 58 51 ChiGt W 48 50, ... 19 100% 100% 6 99% 99 118% 114% B6% 99 934 103% 98% 26 118% 5 114'% 20 86% 41 99 1 93% 40 CM&StP deb 4s cfs 104 CM&StPovils., 5 CM&SPevilpadicfs 31 CM&StPgn4éks. 2 CM&StPridls 1 CM&SPri4%h CM&SP cv 5scfs 14109 CM&StPS e Chi NW 4145 2037.. Chi & NW 78 . Chl Rys 5s.. . ChiRI&Prf ds. ChiTH&SE ba. Chi'T H inc 63 60.. Chi Un Sta 4%48.... Chi Union Sta 5s 44 Chi & W Ind on ¢s, C&WI5%s62. CCC &St L 4%s... CCC & St L bs. . CCC&StLrfésA. C&S1stis?) CubaRR & Del & Hud 18t rf 48 Del & Hud cv s 35. Den&RioG 4% 36. Den & Rio G cn 4s.. D Rio G West 5s. Erie 1stcons 4s.... Erie gen 4s. . Erieconv4s A.. e 1OR® RBewa - HARSRn o Gt Nor 4%s76 D... Great North 5s.... Great North 5%s.. Gr Nor gen 7s..... Green B & Wdb B. « 22 100% 100 100% Mexico 4s 04 asntd. 10 22% 2216 22% Mexico 4s 10 asntd. 15 21 21 21 Mexico s asntd. 2 3 33 Montevideo 7s. Netherlands 65 7 Nord 6%s Norway 5% . 17 102 Norway 6s 1943.,., Norway 6s 1944, Norway 651953, , s Orient Dev deb 6s. . Paris-Ly-Med s Paris-Ly-Med 7s.. Parjs Orleans 7 33 104 106 101% 102 4 102% 102% 102% 4 1027 102' 102% 2103 103 103 9 96% 96 95 15 96% 96% 96% 33 108 102% 103 -+ 21 102% 1024 102% + 81031 103% 103% « 6106 105% 105% .13 83 827 83 98% 105 106 3 112% 112% 112% 2 104% 104% 104% Prague 714s. Queensland 7s..... Rio de Jan 8s 1946. Riode Jan 8s 47. 26 105% 104% 105 Rome 63s.... 2114 91% 91% 91% Sao Paulo City 8s.. 1 114% 114% 114% Sao Paulo 1950 2 107% 107% 107% Saxon (PW) Ts. 12 102% 102% 102% Seine 7s 42. 2 104% 104% 104% Serbs Crot Slo 6 100% 100% 100% Soissons 6s. « 8 9% 9 99% Sweden 5%s. 63 104% 104% 104% Sweden 6s. 9 1047% 104% 104% Swiss 53%51946.... 1 104% 104k 104% ‘Tokio 5s... . 83 T TTH TT% Utd Kingm 5%829. 1 117% 117% 117% Utd Kingm 5%s 37 22 105% 105 105% Utd Steam Corp 6s. 2 95 95 95 Uruguay 8s. 1 111% 111% 111% Yokohama 6s. 19 94% 94% 94% Futures React Under Liquidation. Refined Prices Unchanged. - The early today and prices were unchanged at Cuban, /duty paid’ After opening unchanged to 3 points higher on covering and commiasion nouse buying, how sugar futures re- acted under liquiddtion, with prices at midday 2 points net lower. The recent upturn had apparently weak- ened_the technical-position, and in ab. mence of any official advices from Cuba relative to thie restriction of the mew crop and an easier London mar- ket there appeared to be more dis- position to take profits. Advices from abroad stating tha: the Java crop will exceed earlier es:imates by about 44,000 tons, with a probable outturn of 2,330,000 tons, against last year's erop of 1,959,948 tons, were also a factor on the setback. Refined prices were unchanged at 8.75 to 6.00 for fine granulated. A fair withdrawal demand was report- ed, but new business was light, with deliveries from refineries being inter- fered with an account of the truck. men’s strike. — EXTRA DIVIDEND. NEW YORK, September 7 #).— American Cyanimid declared an extra dividend of one-half of 1 per cent on the common stock and the regular quarterly of 134 per cent on the eom- mon and preferred stocks, all payable e:ln;)er 1 to holders of record Septem- r 15. SRS "COTTON GOODS QUIET. NEW YORK, September 7 (Spe- elal) —Cotton goods markets were eagain quiet today at unchanged prices. Print cloths were quoted at 9 cents for 64x60's and at 10 cents for 68x72's. Raw silks were unchanged in a slow market. ‘ PIG IRON IS LOWER. NEW YORK, September 7 (#).— Dropping to within 2 cents of the low- est level since 1916, the Iron Age com- posite price for pig iron stands this week at $18.04 a ton, compared with $18.13 for the four preceding weeks. The finished steel composite price is unchanged at 2.367 cents a pound for the thirteenth week. New Bond Issues NEW YORK, September 7 (Special). «—A new issue of $3,000,000 in 15-year sinking fund 6 per cent gold deben- tures of the Bates Valve Bag Corpora- tion is being offered today by a syndi- eate made up of the J. Henry Schroder Ba king Corporation, Blyth, Witter & Co. and Otis & Co. The deben- tures are priced at 98 to yield 6.20 per cent. A. C. Allyn & Co. and True, Web- ber & Co. will offer in the near future en issue of $1,500,000 DePaul Uni- versity Building (Chicago). The bonds will be a direct obligation of the De- ! Paul Educational Aid Society and will be secured by a closed first mortgage ¢n its leasehold estates in the land and building. A banking group comprised of Keen, fraylor & Co., Redmond & Co. and Stone and Webster and Blodget offers today a new issue of $884,000 City of Mount Vernon (New York) 4% cent school tember 1, cent. 1t is understood the city of Detroit for bids on $19,040,000 city bonds, the money to be used for public will ask gmprovements. . | SILVER QUOTATIONS. s. NEW YORK, September 7 (P).—] hlv-' §6; Mexican dollars, ¢1%. per bonds due serially Sep- 1928 to 1947, inclusive, at prices to yield from 3.76 to 3.95 per MISCELLANEOUS. Am AgriChem 7%s 7 103% 103% 103% AmCottonOfl 6s.. 13 98% 98 98% 4 102% 102% 102% 1109 109 109 2 104% 104% 104% 21 100 99% 100 13 105 104% 104% 31 104% 104 104 20 108 108 108 43 .92 91% 91% 18 105 104% 104% 109% 109% 107 107 920 90% 89% 89% 103 103 98% 98% 104% 104% 106% 106% 101 101 101% 101% 104 104% 104% 104% 105% 105% T&Tstbs.... Am T & T deb5%s. Ana a ev db AndesCop deb 7s 43 Armour&Co ¢%s 39 Armour Del 53 Associated Oil 6; Barnsdall 63 194/ Bell Tel Pats B Bell Tel Pa s C Beth §t m % Beth Steel Gs. ... v, Brier H 8t 15t 5% 5 Bkiyn Ed gen 58, ». BkiynUnion 5%s.. 177 227 225% 226% Bush T Bldg 65 60. 2 103% 102 103% Central Leather 6s. 20 103% 103% 103% Chile Copper b: Con Coal Md 1st b: ConGasN Y 5% 4 106% 106% 106% Cuba Canecv8s.., 28 99 98% 99 Cuban Am Sug 8s.. 14 108% 108% 108% Denver Gas §s. 1 99% 99% 99% 3110 110 110 2 107% 107% 107% Goodyear 5srcts.. 232 94% 94% 94% Goodyear 8s 1941.. 1 120% 120% 120% H 6 102% 102% 102% 4 99 96% 96la 7 104% 104% 104% Tilinois Steel 435.. 10 99% 99% 99% Indiana Steel b 1105 105 Int Mer Marine 6s. 6 101% 101 101 L7101 100% 100% 174 105% 105 1051 Inter Paper £d 6s.. '8 104% 104% 104% Int Tel&Teleg 4%s 45 94% 94} 944 Kan CP&L5s A 62. 2 105% 105% 106% Kan G &El16s52.. 3 106% 106% 106% Kelly-Spring 8s.... 2 108% 108% 108% Lackawa S 5850... 1 101% 101% 101% Laclede G 5%s5 52., 15 104% 104% 104% Liggett & Myers 65 4 102% 102% 102% Louisv G & E5s52. 2 103% 103% 103% Mid-Con 638 40... 1 104% 104% 104% Mor's&Colst4iss 9 854 85% 84 N Y Edison 6%s... 3 115% 115% 115% NY Tel 4%s . 2 100% 100% 100% NY Tel 6841, 32 110 109% 109% North Am Edis5s. 30 100 99% 99 NorOhio T& L 6s. 1 98% 98% 98% PacGas & El6s... 2 103% 103% 103% PacT&T 5s52. 3104 104 104 Pan-Amer Pete 26 102% 102% 102% Peoples Gas 5s. 3 108% 108% 103% Phila Co 5%s 38 9 103% 108% 103% Pierce-Arrow 8s 5 9T% 9T% 974 Public Service 6; 1 106% 106% 106% P Ser Gas 5%s 64 3 106% 106 106 Punta Alegre7s... 8 108 108 108 Remington Armsés 1 97% 97% 97% Sharon StIH 8s.... 1 108% 108% 108% Sinclair Oil 6s 1 100% 100% 100% Sinclair Ofl 63s... 11 96% 96 96 Sinclair Ol 7s Sin Crude O11 6s... 15 100% 100% 100% Sin Pipe Line5s... 10 93% 93 93 Skelly Oil 5%s. 6 95% 954 95% So Por Rico Sug 7s. 1 109% 10! 109% Standard O1l N J 5s 95 103% 103% 103% Sug East Orient 4100 100 100 Tenn Elec Pow 6 1073 107% 107% + 30 108% 108% 108% 5 107% 107% 107% 47 94 94 94 1106 106 105 6 108% 108% 108% 4 100% 100% 100% 1 108% 103% 103% 3 111% 111% 111% 20 103% 103% 103% 3 102% 102% 102% 18 101% 101 101 U S Rub 7%s. . U S Steel st 5 . Vertientes Sug 7s.. West Elec bs. . Westn Union 6%s. . Westinghouse 6s. . Willys-Ov 6%s 33. Wilson & Co 1st 6s. Winchester A 7%s, 1 106 106 106 Youngstn S&T 6s.. 8 105 104% 104% RAILROAD. Atchison gen 4 5 96% 96% 961 4100% 99% 100% 96 96 99% 100 . 12 104% 104 104 + B 104% 104% 104% . 11 108% 103 108 3 Ti1% 111% 111% B 104% 104% 108% Hud & Man ref 5s.. Hud & Man aj 5s... Il Cent 4s 53. . Int Rapid Tran 5 Int Rap Tr 5s stpd. Int Rapid Tran 6s.. Int Rap Tran 7s. Int & G Nor 1st 6 Int.& G Nor ad 6s.. IntRysC A bs 73.. Int Rys C Am 6s 41 Iowa Cent 15t 58, .. KanCity Ft S ds... Kansas City S 3s Kan City Term 4 Lake Shore 4s 28 Lake Shore ¢s 31 Lehigh Valen 4s Leh Valcn 4%s 03, Louls & Nash 7s... Man Ry 1st 90. Market §t 7s 4 MIEIRy &L Mil El Ry & L 58 (1 M & St L 1st rf 4s. MStP & SSMen 4s M St P&SSM cn 5s. M St P & SSM 6%s MK M K&T4sB... M K&T pr In K& Tadj5s © - RSt nurRe DS oom o0 Mo Pae Mo Pag5s F 77 Nassau E Ry 45 57. NOT&M in5s. NOTex&MbsB.. NOT&M5%S.... N Y Cen gen 3 . NYCrfimd%s13 NYCentribs.... NYC&StLdbds.. NYChi&StL 5%sA, NYChi&StL 5%sB. NYC&StLésA.. 1 New Hav deb 4557 New Haved6s.... N Hav&H clt 6s 40, N YOnt Wist4s.. NY O&W gen 4s 55. NY W & Bos 4%s. Northern Pac 4s... Northern-Pacri 6s Ore Short L rfs 4s, Ore Wash 1st 4s... Pennsylgen4%s. Pennsyl 58 64. o S ot a EY-Fae St L IM&S gn 5s 31 StLIM&SR&G4S. .. StL&SFpldsA.. StL&SF prinbs. StL&SFb%sD. StL & S F adj 6s Seaboard A L 4s st Seab A Liref 4 SB All Fla 6s 35B. Sou Paclfic elt 4 Sou Pacific ref 4s. Southern Ry 6% Sou Ry Mo & O 4 Third Av r-l" 60, Union Pac 1st Union Pao 1st rt Virginia Ry 1st bs. VaRy&P 6 Wabash 1st 68 Wabash 58 76 B.... Wabash §%s75... 10 West Maryland 4s. 1 Western Pacific 6s. 24 West Shore 45 2361. 5 90 WisCengn4s49.. 1 824 .. NEW YORK MARKETS. NEW YORK, September 7 (P).— Flour barely steady; Spring patents, 6.8527.25; soft Winter stralghts, 5.90a 6.25. Rye easy; No. 2, Western, 1.10% tob. New York and 1.08% cif. ex- port. Barley barely steady; malting, 90% c.if. New York. Wheat futures opened steady; domestic December, 1.40%. Other articles unchanged. a9 il gt WOOL PRICES STEADY. BOSTON, September 7 (Special). SweranSn menl 14 100% 99% 100% | —Prices are being maintained in the Boston wool market and a fair vol- ume of wool moved today. Fleeces are slower with increasing difficulty in moving quarter bloods at 44 cents. Fine territory types are preferred. Fine Ohio grade fleeces were quoted today at 45246, grease basis; half blood at 45, three-eighths blood at 44a 45 and quarter blood at 44. Fine territory was quoted at 1.10al.12, clean basis; French combing atl1,05, half blood at 1.00a1.05, three-eighths blood at 90292 and quarter blood at 80a82, STEEL DEMAND BETTER. NEW YORK, September 7 (#).— Iron Age says September starts at a better pace in steel demand than Au- gust, but the rate of production re- mains at about the average of both ise of swelling the backlogs of orders, which with most mills were the smallest in many months. A few pro- ducers have found rol u‘n-chedulel a trifie more economica' Bullding and construction enterpri s continue to #4 tbe July and August. There is thus prom- | INCOTTON MARKET Early Upturn Followed by Selling on Weather. Values Off Slightly. By the Assoclatad Pre NEW YORK, September 7.—The cotton market opened steady today at an_advance of 8 to 15 points, December contracts selling up to 22.95 on buying which was supposed to include considerable price fixing for the trade, as well as covering. Slightly more Southern hedge sell- ing was reported on the upturn, which also met realizing. and proba- bly a little selling on more favorable weather reports and the relatively easy showing of early cables from Liverpool. This' supplied the {nitial demand and prices eased -off 8 or 10 points from the best, with the market back to about yesterday’s closing quo- tations at the end of the first hour. A crop estimate of 14,635,000 bales was reported by a Memphis trade in- terest, which was said to have been a factor on the carly decline in Liv- erpool, but which appeared to be off- set in the local market by another private report placing the condition of the crop at 55.6 and the indicated vield at 12,863,000 bales. The market eased off further dur- Ing the middle of the morning under | liquidation and selling, which seemed to be promoted by a favorable view of the weekly report of the Weather ureau. December contracts droppd to 22,71 and March to 22.92, making net declines of ahout 13 to 16 points, but these prices brought in some cov. ering and the market became quiet but steady. 'December rallied about 7 points from the lowest, ruling aro 22.78 at midday. Anie N Washington Stock Exchange SALES. Caital Traction Co.—5 at 106, #0 08, 70 0 b 08 4 '“l}“hfl& 3 at 106, 50 at 106. 2 at as Lt.—10 at 77, 12 at 76%, 10 R & E. com—10 at 205, Contienial Fruny 3 Lanston Mon. 10 ai 100% > 1ofgreepthaler Lin—10" at -i00%. 1 at :nfj.i"%fl?‘ t—10 at 76%. 10 at 76%, ot. Elec. . 51585 at 10! fio(“r)xh.,ln . Co. S 800%. 3 at 2 l:t 3 a Gas Be—31000 a Gas G5 8300 at UNLISTED DEPT. leigh -t . 10BRlsish Hotel Co—50 at 100%. 56 at Money—Call loans. 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel & Amer. Tel, & Am. Tel. & T Anacostia na, " & P.'Tel. of Va, 85 Cabital Traction K. R. Cliy & Suburban 5 Georgetown Gas 1si ash. R Wash: Bug. & Eioe: : MISCELLANEOUS. Bhceonut P, 15,2784 Chesrt ae T B D.°C’ Paper Miz, 6o Pot. Joiut, Stk. 10 Bi Souihern Bldg. 6% Wasn. Market 5s 103 Wardinan Park Hotel P iggi 76 300 2558425 wy, & wy, & 3 “ee NATIONAL BANK. National Capital.. ... Columby S E52IEISE & ash, Wash. ‘armers Federal-American Libert, Lineoln National Second . National Babk of ‘Wash, TRUST COMPANY. American Security & Trust.. 4 Continental Trust . 1 Merchants’ : National Savings ‘& Trus Union Trust .. Washington Loas 3 SAVINGS BANK Bank of Bethesda.. Commerce & Savings. East Washingt Security Savings & Com. niied” sthes: i 5 Washington M American Corcoray Firemen's " National Union. TITLE INSURANCE. Columbia Title. Real Fstate Tiiis. Titlo Tov. Co. of Md. coi MISCELLANEOUS, JBarber & Roas Inc. com. ‘hevy Chase Dairy pfd. Commercial Nat'l Co. pfd. . Paper pid, mer. - com. | ederal-American pfd anston Monotype . Merchants’ Tran & Storags Stor. btd e ae R DIVIDENDS. Company. Rat, P‘("- Pb.l s ate. riod, able, Am Exehids Trost 3380 0ct. S 3 m Siingroower .. ife Do. 6% .~ 180 Bohn' A & B Mf 3730 Budd Wh 1st_pf.$1.756 Cresson Cons Gold ciab Algm ‘i’ (1) 508 penver ‘am. pr.’ S125 et pras SOS Canan 1 o s Glen” Alden ioai. Gt_Lakes Tuwing. o. 24 f.:: Manliatfan Ei 8it anhattan Sh pf. Merrimac. |\ Chem, | Muirhead's \ Caf_ pi National Clty Ba National, City Co. . ai r 7 of 19 Okla Nat Gas.S1.13646 Lia Owens Botti g Do. vt of. Penn C L § 8 8 Em‘ g e ol : Oct; Immiedi Qct. Remington Arms, DE- Reo’ Motor ‘& : Salt Creek Cor 3 Thibize Art. Silk. g 23 Twin City Rap Tra o . o : EEEe0S Gho Saancasan: : _ d shares ol aniry 7 Bank trust Bci}t :l h.rl-n’ - rom Ma lPe::od from May 9 to Sept. CAR LOADINGS AT PEAK. Freight loadings for the week which ended August 27 ate reported by the American Railway Association to have totaled 1,109,225 cars, the highest figure of any week this year. It is, however, w’fla.tchm of 1%::; cars compared @ _corespon week of 1926, but*43,589 cars higher week of this ZonReRRGR €, WEDNESDAY, SEPTEMBER 7, 1927. Wholesale Market Today’s market report on fruits and ‘vegetables, compiled by the Market News Service Bureau of Agricultural Economics, says: Apples—Supplies moderate; demand fair, market about steady; bushel baskets, Virginia, Northwestern Green- ings and Grimes, U. 8. No. 1, 2% inches up, 2.00a%.25, mostly around 2.15; Maryland, Delaware, Virginia and West Virginia, various varietles, 214 inches up, wide range quality and condition, 1.00a1.75. Cantaloupes—Supplies moderate; de- mand and trading rather slow, market dull; Maryland, standard flats, 12s and 158, pink meats, 60a75; jumbo flats, 98, 76a80; New Mexico, standard flats, 128 and 158, pink meats, mostly 1.00; jum- bo flats, 9s, 8s and 6s, pink meats, mostly 175; Colorado standards, 36s and 45s, salmon tints, 1.75a2.00; stand- ards flats, 128 and 15s, salmon tints, 75285, Honey dews—Supplies mod- erate; demand moderate, market steady; California, standard crates, 9, fair_quality and condition, 2.00a2.25; jumbo crates, excellent quality and condition, 4s and 5s, 2.00a2.25; 6s, 2.25 a2.50; 8s to 128, 2.75a3.00, Green peas—Supplies light: demand light, market steady; Colorado, 45-1b. crates, 3.75a4.00; few best, high as 4.50. Lettuce—Supplies liberal; demand slow. market steady; California, crates Iceberg type, 45 doz., best, 3.50; falr to ordinary quality and condition, 2.00 23.,00; Colorado, crates Iceberg type, 4-doz., fancy, 4.00a4.25; 4-5-doz, or- dinary condition, 2.50a3.00; New York, 5.doz. crates, big Boston type, 75a85. Cabbage—Supplies light; demand light, market dull; New York, bulk, per ton, round type, 30.00. Onions—Supplies moderate; demand good, market steady; New York, In- diana and Ohio, 100-pound sacks, yel- lows, U. 8, No. 1, 2.40a2.50; ordinary quality and condition, 2.00; Ohio, 100- pound sacks whites, mostly 2.75; New York, 100-pound sacks white, 2.75a 3.00. Peaches—Supplies heavy; demand slow, market slightly weaker; bushels, Virginia, New Jersey and Pennsyl- vania, Elbertas, large size, 2.00a2.25; mostly around 2.00; fair quality and condition, some ripe, 1.50a1.75; small to medium size, 1.25a1.75; New Jersey Belles, medium to large size, 1.50a 1.75; few 2.00. Pears—8upplies light, demand mod- erate, market steady; California, boxes Barletts, green, 3.00a3.50; ripes and turning, 2.50a2.75. Potatoes—Supplies moderate; de- mand moderate, market steady; New Jersey, 150-pound sacks Cobblers, U. 8. No. 1, 3.35a3.50; fair condition, 3.25; Eastern Shore Virginia, cloth top stave barrel, Cobblers, U. S. No. 1, 3.75a4.00; mostly 3 Sweet potatoes—Supplies moderate; demand and trading slow, market dull; Virginia and North Carolina cloth-top barrel yellows, No, 1, 2.50a 8.00: ordinary quality and condition, a1.50. Celery—Supplies moderate; demand moderate, market slightly stronger; for good stock New.York, 2-3 crates, best, 2.75a28.00; fair quality and condi- tion, 2.00a2.50. Tomatoes—Supplies moderate; de- mand slow, market dull; homegrown 14-bushel hampers, 35a50: Spinach—Supplies light; demand light, market dull; Maryland bushel baskets, Curly, 1.00. Grapes — Supplies light; demand light, market steady; Maryland 6-bas- ket crates Moore's Early, 1.50a1.75; Concords, 2.00; Delaware and Mary- land, 12-quart climax baskets, Moore's Early and Concords, 65a75. —_— GETS SCHOOL BONDS. BALTIMORE, September T7.—The Equitable Trust Co. of Baltimore has been awarded the $225,000 Calvert County 4 per cent general schoot bonds on a bid of 98.06. Other -bids, in order, were: Robert Garrett & Sons, 97.79; Mercantile Trust & Deposit Co.. 97.29, and Hambleton & Co., 96,98, Stein Bros. . Boyce and the Mercan- tile Trust & Deposit Co. of Baltimore were successful bidders for the Prince Georges County 41" per cent b with an offer of 10151 onds, FOREIGN EXCHANGE. !Quctations furnished by W. B, Hibbs & Co,) .ml;ovl:lmnl Selling checks London. pound u.ir:gtfii s1.869" Montreds. " doll 3 Pari 193 08 lo. crown Stockholm, * erown’ NEW YORK, September 7 (7).— Foreign exchanges irregular; quota. ¢ tions (in_cents): Great Britain, de. mand, 485 11-16; cables, 60-day bills on ' banks, 481 France, demand, 3.1 11.16; 3.92; Ifaly, demand, 5.48%; 5.43%. Demand: Belgium, 13.91; Germany, 23.78; Holland, 40.04%; Norway, 20.39%; Sweden, 26.831: Denmark, 26.75; Switzerland, 19.27%; Spain, 16.87%; Greece, 1.32; Poland, 11.20} Czechoslovakia, 2.96%; Jugoslavia, 1.76; Austria, 14.09; Rumania, .61%: 13-16; cables, cablgs, Del 486 ' 8.39; | KN Argentina, 42,75; Brazil, 11.85; Tokio, 47.18%; Shanghai, 60. 100.01 9-16, The New York Life Montreal, | ¥ RAIL EQUIPMENT BUYING SMALLER Roads Improve Methods of Getting Crops to Market Without Big Purchases. BY J, C. ROYLE. Special Dispatch to The Star. NEW YORK, September 7.~The crops of the country are moving to market without delay, car shortage or confusion on the part of the cai riers, except in a few isolated in- stances. Reports by telegraph from all over the country bear out that statement. This condition is most satisfactory to the railroads and to the farmers and exporters, but it is bringing no encouragement to the raflroad equipment manufacturers. Makers of locomotives and freight ears have not piled up any extraol dinary profits so far this year, as their second-quarter statements show, and they are not likely to do much better in the remaining months of 1927, Some crops are smaller than usual and some are larger, but the general average is about normal. The carriers are handling them without increasing their facilities. Increased Efficiency Factor. Ability to do this has resulted from increased efficlency in manpower and mechanical equipment. In the first place, the carriers have been main- taining an ample surplus of service- able locomotives, even in time of heavy trafic. They have been able to do this by more efficient work in the shops and on the part of engine crews. Then, too, the present.day lo- comotive is decidedly more efficient than the older types. It handles a larger trainload at materially greater speed than was the case three years ago and at lower operating costs. Hence it has not been neces- sary to increase the mumber of loco- motives purchased to keep up with! the increase in traffic. The same is true to a lesser degree of the freight car situation. The mod- ern car carries more freight than the older types. It is stronger and less likely to get into disrepair. Cars are loaded, hauled to destination and re- turned for another trip so much faster that fewer are needed. It is possible, however, that the number of freight cars bullt this year will finally come up to the total of 1926, since traffic has increased so appre- ciably. Railroads have been loath to bu, more locomotives, even of the latesi type, for there have been so many re- cent improvements and mechanical changes that engines are likely to become obsolete almost overnight. The number of orders for new locomotives placed in 1927 is expected to be be- tween 25 and 50 per cent less than those bought last year. One locomo- tive concern has reduced its activities to about 10 per cent of capacity. Others are combing the foreign mar- kets for business. Control Outlook Good. When 1927 opened, the freight car manufacturers had unfilled orders for only 21,242 cars in their, books. This compared with a back log of 40,794 units at the start of 1926. Only 38,041 new cars were placed in service in the first half of the year, as compared with 53,582 in the corresponding pe- riod of 1926, On July 1 unfilled or- Not all the obsolete and worn-out cars Not all the obsolete and wornout cars are beipg replaced. The car service division of the American Rallroad As- sociation declares 100,000 open-top and box cars could be retired without di- minishing the efficiency of the service to the shippers. The “heavy traffic, however, is ex- pected to lead to large purchases of equipment accessories and parts for repair. Signal and train control de- vices as ‘ordered by the Interstate Commerce Commission have still to be installed in large quantities, and a number of . companies in those branches of the raliroad supply indus- try are expected to benefit this year. —l SHORT-TERM SECURITIES. (Reported by J. & W, Seligman & Co.) Amer. Thread Co Anaconda Copper 6s 1 Associated Oil s 1985 Baltimors & Onio G 1929 ntavian y g.u"fle' ' Co. of bt Amer. Tel. & Tel. Co. 43 1020 . 68 19287, S=S55 X s 1043 Co. of Can. 88 1058 & ONio B 23 2333233 S FRSRIELIE PSR IGIFITTER Fr ittt st ERS 5058555053550 SR8 o. 9: cr. ol P e ath. Pac. R. R. C. i : ¢ B T 525555555 5! 283332333232333 = 3SR BERERR R FRTE R SEE s S855505% 8 i&’g EER3E3S3IRS3! ooy Insurance Company Offers to Make F irst 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 Apartment Home 514,97 cwn, Apply RanpaLL H. HAGRER &. CoMPANY MORTGAGE LoaN 1321 Connecticut Ave. CORRESPONDENT Telephone Main 9700 The Bank of Personal Service —in keeping with the standards of a “big bank,” yet with that personal contact which makes it a pleasure to do business with us. T IE COMMERCIAL NATIONAL BANK Capital & Surplus, $1,400,000.00—~Resources, Oyer $17,000,000.00 Corner Fourteenth u:d G Sts. SERVICE 3% On Savings FINANCIAEL.' L00000000000000000000000000000000000000000000000000¢ H H Consult Us —for safe investment of your surplus funds. Look to the future by investing NOW. Wm. H. Saunders Co., Inc. Founded 1887 We have specialized in the sale of such securities for 40 vears. 1433 K St. N.W. 10000000000000000000000 0000000000 Main 1016 1900000000000 Equitable Co-Operative Builling Assn. JOHN JOY EDSON Organized 1879 Assets Snburipfiou larly. substantial sum. stick to it, 1417 K ST. s AN Over a Third of a Century Without a Loss Bk Main 2100 President $5,228,031.94 Surplus , for the 93rd Issue of Stock Being Received TART AVING YSTEMATICALLY Join the Equitable and deposit a small portlon of your salary regu. It will in time grow to a Start now and Join Today! 9i5 F ST. R SRR R R R RN On Improvecl Property A We invite applications for loans on improved property on a MONTHLY PAYMENT BASIS OR STRAIGHT THREE-YEAR PLAN Lowest Interest Rates MERICAN S]EGHJMW TRUST COMPAN Real Estate Dept. 15th and Penna. Ave. BRANCHES: Central— 7th and Mass. Ave. N.W. Northeast—8th and H Streets N.E. Southwest—7th and E Streets S.W. Northwest—1140 15th Street N.W. TOTAL RESOURCES OVER $38,500,000 FIRST OUR EXPERIENCE— extending through over a Third of a Century—enters into our selection of every property rep- resented by our 6% FIRST MORTGAGES We insist upon soundness and safety. Security in all cases is about twice the value of the amounts secured. This is your double assurance of safety and interest payments when due. SAUL CO. WALTER 8, PRATT, Jr., Secretary 1th YEAR COMPL .$1.469,905.78 $2.50 Per Share Life Insurance Company WILL LEND YOU MONEY ON RESIDENCES, APARTMENTS. BUSINESS PROPERTIES IN DISTRICT OF COLUMBIA AND NEARBY MONTGOMERY CO., MD. 5l PER CENT INTEREST THROUGH ROSSEHELPS FOUNDED 1907 LOAN CORRESPONDENT MAIN 9300 MORTGAGES 925 15th St. N.W. SUBSTITUTE - FOR _SAFETY