Evening Star Newspaper, September 7, 1927, Page 12

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22 . CURB SHARES RISE ONWAVE OF BUYING Royal Baking Powder Fea- ture—N. Y. C. Old and New Strong—Many New Tops. BY WILLIAM F. HEFFERNAN. Bpecial Dispatch to The Star, NEW YORK, September 7.—A wave of buying swept through the curb market today and carried many is- #ues to their highest for the year and in numerous instances to the highest ever reached under the present forms ©of capitalization. So rapid was the early advance that 4t was natural for the market to en- counter heavy profit-taking sales after the first hour. Nevertheless, most of the improvement was maintained and little attempt was put forth to arrest the upward movement. Amgng the high-priced issues, Royal Baking Powder stood out as the fea- ture, advancing into new high ground of 234 for a gain of 19 points. The possibility of revamping of the com- pany’s financial structure resulting in a substantial stock ' distribution ap- peared to be the basis for the buying. Melville Shoe was another prominent specialty to reach its highest prices, erossing 121, for a gain of more than five points. This was part of the gen- eral upward movement of general merchandising and chain store issues, all of which shared to some extent in the improvement. Estimates that New York Central, including its subsidiaries, was earning at the rate of between $20 and $25 a share on the cld stock, encouraged buying of both the old and new, the latter reaching its best since trading siarted when it crossed 160." Other issues that went to the highest in- cluded Curtiss Aero, Curtiss Publish- ing Co., Gillette Safety Razor, which changad hands at 100, the objective often mentioned for the stock; Celanez issues and New York Merchandise. New top for Auburn Automobile was recorded following the statement that the company had acquired control of the Limousine Body Co., the Lycom- Manufacturing and Dusenberg, ‘This was in line with the plan of the Auburn Co. in rounding out an organization whereby overhead will be materially reduced. Reports that negotiations are under way for the merging of the Phila- delphia Electric Co. with the United Gas and Improvement appeared to be the main incentive for the buying of the latter stock recently. American Gas & Electric and Buffalo, Niagara & Electric Power went to their high- est for the year. il g = CHICAGO LIVE STOCK MARKET CHICAGO, September 7.—Hogs— Recepts, 16,000 head; uneven: weight averages 160 pounds down, 25¢ to 50¢ lower than yesterday’s best prices; more decline on half fat and grassy kind: weights 180 to 220 pounds, most- Iy 10c to 15c lower; heavier butchers, fully steady; numerous sales weights, 270 to 340 pounds, and packing sows, 10c and 15c higher: top, 11.40; bulk Zood and choice 160 to 200 pounds, 10.75a11.35; 220 to 250 pounds, 10.75a 11.25; 260 to 300 pounds, 10.30a11.00; bulk packing sows, 8.75a9.25; light- weight, 950 and better; most pigs, 8.75a9.50. Cattle—Receipts, 13,000 head; fed and yearlings. steady to 15c choice kind showing most ad- grassy natives and western rangers tending lower; she stock steady to 15¢ lower; in between grades grass cows showing decline; good market on yearlings and desirable fed heifers; bulls very slow; vealers most- ly steady: strictly choice long year- lings, 14.90; lighter offerings, .60; active demand for fed steers of value to sell above 13.75; bulk vealers, 14.00 al4.50. Sheep—Receipts, 24,000 head: slow; early sales fat lambs weak to 25c lower; early bulk native lambs, 12.50; best held above, 12.75; few sales down to 12.00: culls around 900; bidding around 13.00 on most offerings good to choice rangers; choice westerns held round 13.25: sheep slow, about steady; good and choice lightweight fat ewes, 5.50a6.00. PIG IRON OUTPUT DOWN. NEW YORK. September 7 (A).— Pig_iron production in August was 2,947,276 tons, or 95,073 tons dally. compared with 2,951,160 tons, or 95,199 tons daily in July, Iron Age reports. Thus the daily output was only 126 tons less than in July, whereas the de- cline of July from June was 7% per cent and that of June from May was 6 per cent. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. A Study in Bond Values—I. Analysis of securities to determine their investment rating is a highly technical process, but perhaps a few of the more elementary principles in- volved may be stated in simple form. The easiest way to accomplish this end is to take a concrete purpose, and for that purpose I have selected the 6 per cent honds of the International Mercantile Marine Co. These bonds, maturing in 1941, are secured by a first mortgage on all the company's property. The first thing then to look into is the relation be- tween the amount of bonds outstand- inz and the value of the property on ‘which they are a lien. The total issue in the hands of investors, according to the latest statement, was $35,526,- 000. Now examine the balance sheet. In condensed form it was as follows as of December 31, 1926: Asse 1926, Prop. (less dep.) S168.687.088 S1 Inveitments ..~ 6.662.807 Sec Den.with tr 7500 Other def. chgs. Current ass-u Cur. liab. Total liab..... $216.060.308 $215.25 Examining this balance sheet we find on the liability side only three items, which are an offset to the property value on the asset side as far as this inquiry is concerned. These three items are funded debt, purchase money obligations and loans on mortgages. These roughly amount 0 $50,000,000, against which the prop- erty aceount is over $168,000,000. This leaves a margin of over $100,000,000 in property value as protection for our bonds according to the values the property is carried at in the balance Zheet. These book values of property, however, are often misleading. They may be too high or they may be ‘oo low, depending upon the method of accounting. The balance sheet yields no_information on this point. Another element of doubt comes in when we try to decide what the prop- erty would bring if the bondholders were compelled to foreclose and take it over either for operation on their own account or for sale. Often there is no satisfactory answer to this ques- tion. In this case it happens data is available as will be discussed in the NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office Following is the list of bonds and stocks traded in on the New York Curb Market today: Sales INDUSTRIALS. in’ hundreds. High, 6 Aero_Sup Mfx B 1 4 Alb Pick Bar vie 7Alb Pic B A pfd 2 1Allisd Pk pr pfd 9 # Alum Co n 0! 2 Am Cyanamid ‘B 1 Gas & El... Hawaiian § § Laund M rts L & Trac..1 Low 7 Brockw_ Mot ¢ iy cite B 2 Bucyrus Erie n R. ) E B g8 i) 3 low. B Caterpil Tract n. 44 Celanese C Am 14 Celan C A is 2 Celluloid_Co of.. 30 elotex Co...... ‘en Aguirre 'Sug: Bttt R ‘onsol & Balt n onsol Laund. .. ourtlaulds. Lid. Curtiss Aero M. Curtis Pub nfd 2 Davega Inc 1 Davenport_ Hos o Co. bz S100 LHZEEY Durant Motor .. 1 ur Duplex B pf. 4 uz Co A vic. Bong .. ey Invest BEL optl ¥ elte ageol Mot Ca ot o EELLELE, = w0 2 1 Freshman. Chas. 25 Fuiton_Syiphon 1 Galv Houston El. oor 3 s v F - - @ oD e SonaE st F O PRt e AR A AR ) i it o - e gy ™ B ER TER IR R R PR F TRR P PR RS 3camopk D ol . FARE Aot Attt ARt PP At R ER PR FER PEE R B e o ot og 33 R R R E PR & - S 2 S B B RS A R D S B - Hevte corn avis Bot! 15 A58t B S oo Homsson i CEER IR e e RS D SRR DS A SO Mo xS ESIEL R SRURRRRRE # SEEREF - oo Dowioson miomGnons! o on o T s et o % oS Newber: v 3 bt bt o 12853 w5 PLAALBLLLLZ: » 3 19 - < SEpt e Etebh pesiontoaSao F SR FRNEE HESERRERS oy 51 »- . o e gao g s P R s FARRR AR SV U R RS R F EER e 8, AR 3 33 o ' hp ) hilip Mor: ilin_Morris’ Wi . 3 BIRgEgReE o Nl Y 383" xS0 $ERTLILALT L——— 5 R AL OISR 4 ot Tk v Bros, 2 55 8 £ 25 3 i L o > % Southw Bell pfd 117 /‘iigxww & L pf110 "’3. Withing. 20 t % Pap . 12 Stand Com_Tob. 2 Stan 0 4 Stand Sanitary M 89 Louis d Pkg. 2! ’% FEAERR ) FEER o 19 NS Douzmies i et R S S e RS TR 23 40 4 % s s Wheeling Stl ... 3 3 Wh Sew Ma db rt 141 14 MINING STOCKS. e L e THE EVED .f“a 18, 2 s pId i & |o'_?m‘:1:3 10§& 1 50 90% 9 S o Margay Oil jount Prod. ... Nat Fpel Gas n e e e cox n. 1 Woodley Pet n.. "Bl Sales STANDARD OIL ISSUES. i D 100 Imp O Can rég 2000 Inter Pet C Lid 900 Ohio Ol ... 100 Pe S 0 Onig pfd 100 Swan & Finch. 500 Vacuum Ol . {hotsana thousands. Allied_Pk 100 Allis Chalmert 27 Alum Co Amer 58 15 Am Gas & El 87A Pow & Lt Us105 LAm Roul Mill 65 104% 42 78 . 3 Eiting _Schild * 83 30 Ei Kefnig 08 . Rol 3 Gal Sig P s 30 1Gal Sig O 6s... 17 Gatineau Pow Bs 08 21 Gatineau Pow 6s 100% L Gen Iuvest bs A 1433 14 1 Gen Pet .. 100 2Ga & Fla 68 A §Ga_Pow 5s. 4G T& 12 GTRC 5. 1Gult O Pa 11 Gulf O Pa & 4 Investors Eq 6s. 101~ 101 Km Mil L 6s wi lJl:z Gas & C b3 b7 i high Pow fis A 1024 10: McN & L 7s103% al 97l ar G Isl Lt T g S 3 =5 sl SE, 5 Ay G 100 west Gas ur. 101 - S -5 e a1 gy illips Pet 5% Ric_Tob 6 58 & Frozss: LR 2005% 't g, . e B E S S B rerr e S e S 2 S ovay “A 98 15 Sou Cal Ed 5s '51 101 7Sou Gas Gizs. 108 24 Southeast P&, Gs 102 % 5 Southw G&E 5sA 96 1 Southw PaL : 49 Stand _Invest s 10: 98 O N'Y 6%s.. 10 128 M Raisin 6%5 0! 73un Oil 54 10 witt & Co 5 1 ooy S S S SS 0002020008 SE0T! N B 2 8 oS iz csic o 3: 2 EEEI3 1 5 2% oeenS0! 3 ks OLR 33s D01, 1 Wisc Cent 5s... 97% FOREIGN BONDS. ousands. Ax Mig B 7s 48 97% Bk ‘47 97 100 3 20 We iz wi AR FFRTEE SR o F T, = 5 e SEF SSERERZ3383323E238ESEE5R Qoo ark 5se.. 101% B Mi&In 718 A 100 Fir Boh Wwa 78 04 Fr 8t Prus 6%s 0015 Ger Cons Mun %% 10074 5 Hamburg Sta @s 97% Tsarco Hy Elec 78 93} 17Jugo 8 M B 7s. 863 5 Leonh T C 7%s. 118 8 ww 102% i 7s A 040 SF SRR oo Soso0es5h 0y SSa33352332282R =3 1003 031] - 2023 %053 rol 04 55 0" B S0 12 B *Ex-dividend. > DIVIDEND OMITTED. NEW YORK, September 7 (#).— Directors of Gulf States Steel Co. to- day omitted the regular quarterly dividend of $1.25 a share on the com- mon stock. due at this time. James Bowron, chairman of the board, said it seemed to be conservative policy to take action until earnings showed improvement. & 98% BUTTER IS FIRM. NEW YORK, September 7 (#).— Butter firm: receipts, 21,996 tubs. Creamery, higher than extras, 45%%a 46; creamery, extras (92 score) Eggs firm; receipts, 30,813 cases. Fresh gathered. firsts, 31a33; seconds and poorer, 26a30; eggs in storage, fancy, 51%3a3213. Cheese firm; re- ceipts, 423,328 boxes. State, whole milk, flats, fresh, fancy to fancy spe- clals, 26a2 PRICES ON PARIS BOURSE. PARIS, September 7 (#).—Prices were firm on the Bourse today. Three per cent rentes, 57 francs 60 centimes; exchange on London, 124 francs 2 cen- times; 5 per cent loan, 77 francs. The 1 Nipissing 2 Noranda 48 Ohio Cop. 2 Premier Gold FEEFE tE 2 Utah Metals. . 3 West End Ext Sales INDEPENDENT OIL STOCKS. in bundreds. > 4 Sl _mext article in this series. . . . dollar was quoted at 25 francs 51% centimes. POTATO MARKET STRONGER. CHICAGO, September 7 (#).—Pota. toes—Receipts, 71 cars; on track, 182; | total United States shipments, 643;, trading just fair, market slightly stronger; Wisconsin, sacked, Irish Cobblers, 1.90a2.00; fancy, shade high- er; Minnesota, sacked, round whites, 1.65a1.90; sacked, sand land Ohios, 1.40a1.50; Nebraska, sacked, early Ohios, 1.50a1.65; South Dakota, sacked, early Ohios, 1.60a1.70. NG STAR, WASHINGTON, D. C WHEAT NERVOUS; LOWER AT CLOSING gz Increase in Available Stocks Re- |l ported—Early Advance Is Not Maintained. By the Associated Press. | CHICAGO, September 7.—Rains in | Canada and a forecast of additional | moisture, unwelcome at Harvest, gave | an upward trend to the wheat market today most of the time. Buying, how- ever, failed to develop volume and reaction came towards the last that carried prices under the finish of the previous day. The world's avail- able stocks showed an increase of 4, 343,000 bushels, making the total 154,172,000, as gainst bushels a year ago. Wheat closed nervous, % to lower; corn, 1 to 1% down; oats 4 decline to % advance and provisions varying from 10 set back to a rise of 7. Despite an advancing tendency shown at times by wheat values today on account of less favorable harvest weather in Canada, the market was largely an_affair dominated by pit traders. Demand developed on de- clines, and selling increased on ad- vances, with a majority of specula- tors apparently undecided as to the course of the market for a long pull. Corn firmness, based on prospective | cooler temperatures, helped wheat ral- | lies somewhat. Sxport business in wheat, however, afforded but little encouragement for friends of higher price: Overnight purchases for Burope were estimated at only 300,000 Lusl 's and transat- lantic buyers as a rule appeared to be | waiting for the Canadian crop to move . WEDNESDAY, SEPTEMBER 7. 1927 in larger bulk and for increased ar- rivals of domestic Spring ‘v heat in the Northwest. WHEAT— Cilediein <8 FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Sons. Closing.) 3333358380350 2N SRR R R - MOTHER:- Fletcher’s Castoria is a pleasant, harm- less Substitute for Castor Oil, Paregoric, Teething Drops and Soothing Syrups, espe- cially prepared for Infants in arms and Children all ages To avoid imitations, always look for the signature of MM Proven directions on each package. Physicians everywhere recommend it. Cathedral Mansions—South’ 2900 Connecticut Avenue Northwest Corner Conn. and Cathedral Aves. Your Comfort Is Studied Here = Under McKeever & Goss Management Rentals from $40 to $165 HOSE who value refinement of environment with scru- pulous cleanliness, and efficient service, will appreciate resi- dence in Cathedral Mansions, SOUTH. The watchful eye of Mrs.. Simpson, our resident manager, keéps everything in order and every phase of service functioning efficiently. The Suites, large and small, are delightful—roomy, bright, cheerful—and in perfect condi- tion. Limited number of Suites of one room and bath to six rooms and two baths. Twentyfour-hour elevator and switchboard serviee. See Mrs. Simpson in charge at Cathedral Mansions, SOUTH—or MCKEEVERM _REA LTO 1415 K Street Main 4752 THE LOW SALE PRICES WILL PREVAIL ALL THIS WEEK If you have been away on your vacation or if you have put off buying, you can still make your selections of Lifetime Furniture at the prevailing low sale prices. Savings now are substantial, We urge you to come early in the week. Tllustrated Below is A Karpen Suite in Your Choice of Upholsteries This is indezd one of the remarkable values that still bear the sale prices. Three full size Karpen pieces—overstuffed type—in your choice of some of the best-looking materials you ever laid eyes on. Scfa, Armchair and Wing Chair, Reversible cushions, Webbed construction. Soft spring edge. P (BT Three Pieces In Tapestry .......$168 In'Velout'...........5195 In Brocaded Mohair ........$250 In Plain Color Mohair ..$265 MAYER & CO. Seventh Streef Between D and E

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