Evening Star Newspaper, September 12, 1927, Page 14

| 14 v FIN \ (REALIZING SALES CUT STOCK GAINS Early Rise Followed by Sags Due to Advanee in Rate on Call Money. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, September 12.—The stock market moved with uncertainty at the resumption of trading for the week. There was an early period of strength during which a dozen or more new high records were set up, but later on realizing sales canceled most of the gains and one or two points of weakness developed. There was no discussion of outside develop- ments as factors in the market. The market left off with mixed price changes, but with the trend slightly downward. Steel proved more sensitive to selling pressure than Gen- eral Motors, but both were lower. The rails came off with the industrials in the last half hour. In general, how- ever, the day's results were indecisive. Some attention was paid to the re- newal rate for call money, which was fixed at 4 per cent and was the high- since Aug 4, ulthough new had been ed at that figure vidence of a hard- t as it was, was seized upon professionals an excuse to sell s wenkened, . It will take a much sharper rise in money to dislodge the average hold- er of long stocl Investment Demand Holds. As usual there were advances which were most easily explainable on the ground of investment demand. One ! of these was American Telephone & Telegraph, which reached the highest ! price since 1902. Telephone's last earnings statement was highly favor- able and the stock is so widely dis- tributed that the floating supply is small. Union Pacific was another case in point, selling at approximately the highest of the year. Attention was called to its large holdings of shares in other roads, including New York Central, Baltimore & Ohio, and Illinois Central. Pennsylvania like- *wise attracted notice as it sold frac- tionally above its previous best this year, which was also the best since 1910. The steel stocks fluctuated with great uncertainty. U. S. Steel itself was very strong during the first hour, equaling its previous record high, but it had a setback around mnoontime ! that carried it down 2 points from its s early top, and most of the inde- pendent steels with it. If anything, news from the steel centers was more encouraging, but just as the | stock had been going up while opera- = tions in the industry were declining, * so today it was not affected by the better trade advices. The turnover in U. S. Steel was again very large. Smelting and Refining Up. American Smelting and Refining was the most prominent stock in its group, selling to a new high for all time in response to repeated predic- “ tions that nearly $20 a share will be shown in the 1927 income statement. ! Kennecott Copper also ran up to a mew high for all time, but here the ‘ attraction was the high yield. Against these advances were de- clines in National Dairy Products . and International Paper. The first . named had been under pressure last week, but gave way further today. There was no news to account for the setback in the International Paper. It seemed to be a cass where the @iscounting of the future had been carried too far. CLOSE IS IRREGULAR. Steel Comes Back in Last Hour and Again Reaches 155. NEW YORK, September 12 (P).— The closing was irregular. The heavy realizing and short selling of various #tocks diminished somewhat in the final hour when the uprush of par- ticular stocks signified that powerful constructive interests were again at work. United States Steel got up to 155 again and many other shares resumed the advance which was interrupted when call money rates began to harden. Total sales approximated 2,200,000 #hares. NEW YORK, September 12 (#).— Btocks irregular; Pennsylvania Rail- road, American T. & T. and American Smelting reach new peak: Bonds mixed; Erie “D" mearly 4 points. Foreign exchanges steady; Japanese yen cross 47 cents. Cotton weak; more favorable crop outlook. Sugar steady; Cuban support. Coffee higher; firmer Brazilian markets, CHICAGO.—Wheat Zforeign estimates. Corn weak; favorable weather. Cattle strong to higher. Hogs active and higher. CORN VALUES BREAK; WHEAT ALSO LOWER Fine Weather and Big Receipts Cause Sharp Downturn in the Coarser Grain at Chicago. 4s rise lower; larger B the Associated Press. CHICAGO, September 12.—All grain went down in price early today, with corn taking the lead. Fine weather and big receipts broke the corn' mar- ket. Opening 1% to 3 lower, corn continued to descend. Wheat started £ off to % up, scored additional gains and then underwent a general sag. Oats were casier. Provisions dis- played relative strength, Corn today dropped to the lowest s which December and March de- es have vet touched this season. At one time values fell to 241, cents a bushel under the recent top level. Weakness was promoted by contin uance of good growing weather, the hest experienced at any time this vear. < 1 of corn in Chicago ¢ totaled 469 cars. ins in Canada, unwelcome at acted temporarily to give s to the wheat market in the face of corn weakness. Large re. ceipts_at Duluth, however, counted later as a bear influence, and, with corn prices tumbling, wheat also gave way. Corn closed unsettled 3a4 net lower; wheat, %all, down: oats, % off to & de up and provisions varying from setback to a of 1 WHEAT. Sentember December. Close. 30 LARD- epiember clober .. 1302 1315 ocks and for a time | ; but they did not o | . ANCIAL Open. Abitibl Pow (5). 106% Abrahm&Straus 90 Adv Rumley pf.. 354 Ahumada Lead. 4% Air Reductn(16) 184% Ajax Rubber.... 87 Alaska Juneau.. 1% Albany Papr(2). 274 Albny Pap pf (7) 99% Allled Chem (6). 163% Allis Chalm (6). 113 Amal Leather... 15% Amal Leather pf Amerada (2).... Am Agricul Chm Am Agri Ch pt. Am Bank N (2 Am Bk Not f (3). Am Beet Sug ... Az Beet Sug pf. Am Bosch. ..... Am Br Sh (j1.60) Am Brown Bov. Am Brown Bo pf AmCan (2)..... 63 Ami Car&Fdy (6} 104% Am Chicle (3) 59% Am Drug (80c).. 1 Am Express (6). 15! Am & For Pow. Am&Fo Po pt (7) 106 ‘s Am Hide & Lea. Am Ho P (240). Am Homesrts. . American Ice... Am Internatl(2). Am Locomot (8) Am Metals (3).. Am Piano (3)... Am Piano pf (7) Am Po & Lt (11) Am Radiator (5) Am Republic Am Safet: 140 Am Stl Fay: 5414 Am Sugar (5)... 924 Am Sugar pf (7) 114 Am Sumatra.... 59% Am Tel & Tel (9) 1717% Am Tobacco (8). 1461 AmTobaccoB(8) 145% Am W W (m80c) 54k Am Woolen..... 25% Am Woolen pf.. 62 Am Writ Pactfs 19% Am Wr Papfefs 51 Am Zinc.. Am Zine pf, Anaconda (3) Archer-Dan (3). Arch-Dan pf (7) 108'2 108' 1 ArmourDel pf(7) 3 ArmourofIIl(A) ArmourofIl1(B) Armour Il pf(7) Arnold Con&Co. . Artloom (3)..... Asso Dry G (23) su. AssoD G 2d (7). 106 1 AtT& SF (19%) 193 8 53% 91 114 114 59% 59Y 171% 1724 146'4 146% 145% 145% 53% 54% 924 114 60 172% 146% 145% 5519 25% 62 19% 51% 91 5% 64% .h‘u 194% 192% 192% THE EVE\’I\'G STAR, WASHINGTON, Elec Power & Lt. ec P&Lt pf (7) ec Refrlgeraln Elec Refrig rts. l 31 Stge Bat (\‘S) Open. 27 106 High, an,clon 27% 108 . y 31 Tovie Stm S pe(7) 1074 147)7‘. 0 Eureka Va £14% Fed Lt (h2.40).. Fed L&T pf (6). Fed MotT(£80c). Fid Phoenix(4). Fifth Ave (64c). First NatS(1%). Fisk Rubber. ... Fisk 1st pf (7) Flelschmann (3) Foundation (5).. Fox Film A (4 Freeport (t4% Gabrlel Sn (3%) Gardner Motor. . Gen Am Tnk(4) . Gen Asphalt. Gen Cigars (4) .. Gen Cig deb (7). Gen Elec (15)... GenElec sp(6vc) Gen GasA(01%) GenMotors(t10) GenMotors(w.1.) Gen Mot pt (7).. Gen Outdr Ad(2) Gen Ry Sig (5). Gen Ry Sig rts. . Gen Refrac (3). Gimbel Bros. , | Glidden Co. Ia idden pr pf(7) d Dust. Goodrich Ru (4) Goodrich pt (7). Goodyear Tire Gothm S H Gotham new 2 Gotham H pf (7) Granby (4)...... Grt North pt (5) Gt Nor pfcfs(b) GrtNor O (1%). Grt Wes S(2.80) Gt West S pt (7) Gulf States Steel | Guif Sta 1st(7).. Hanna 1st pf.... Hartman A (2).., Hrtn B b10%stk. Hoe & Co A... Hollander & Sof Houshld P (313) Houston Oil. Howe Sound (1) Hud Man (213).. Hudson Mot (5). Hupp Mot(1.40). Illinots Cen (7). Indep Ol (1)... Indian Mot (1%3) Indian Refining. Atchison pf (5). 102% AtICL (18%) 195 Atl Gulf & WI.. Atl Refining-(4). 121”4 Atlas Tack...... 8% Austin-Nichols.. 6 Baldwin L (7).. 261% Bald Loco pf (7) 123% Balto & O (6)... 121% Bambgr pf(632). 109% Bang & Ar (3%). 75 Barnet Leather. 57 BarnsdallA(213) 23 Bayuk Cigars... 9214 Beacon Oil. . 15% Beech-Nut (13). 55% Belding Bros (2) 21% Best & Co (3) 50‘ Bethlehem St 6519 Beth Stlpf (7)., 116% Bloomingdale... 39 Bon AmiCl A (4) 62 Botany C MillsA 28% Briggs Mfg (3). 26 BkiIn-Edison (8) 179% Blkn-Mn Tr (4). 55% Brown Shoe (2). 45% Brunswick B (3) 33 Brunswick Ter.. 11% Buft&Susq pf (1) 51% Burns Bro (10). . 104% Burns BrB (2).. 24 BurnsBros pf(7) 94% Burros Add (14). 120 Bush Term (b8). 64% Bush Ter de (7). 104% Bush Trm pf (7) 118 Butte&Super (2) 9 Butterick (g2) 521% Byer & Co... . 80% Calif Packg (4). 64% Calif Petm (1).., 23% Callahan-Zinc... 1% Calumet & Ar (6) 70 Calu & Hecla (2) 164 Canada Dry (3). 54% Can Pacific (10). 186 Can Pacific rts. . 4% CaseThreshg(6) 272 Cent Alloy (2).. 103% 102% 103% 196 195 195 35% 35 35% 122% 120% 120% 814 81 6% 6 6% 26114 25915 2591 1237 1237 12: 121% 119% 119% 109% 109% 109% 5 44 57 57 22% 2315 9313 921 93“ 2815 2815 281 26 21% 21% 176% 176% 55% 55 55 45% 43 431 33% 33 33w 1% 11% 11% 51% 51% 51% 106 103% 104 24% 24 24% 9% 94% 94y 123 120 122% 647 631 6315 105% 104% 105% | 18 118 118 9 - 8u 8 5214 521 521 80% 77w 774! 6414 641 64% 54'% 186% 185 185% 4% 4% 4% 272 265% 269% 28% 28% 283, 28% Cent Leath..... 184 187% 18% 18% Century Rpf (7) 80 80 80 80 CerrodePas (15) 65% 65% 64% 647 Certain-Teed (4) 51% 511 50’. 51 Certo Cor (13%) 75 5 m m Chand-Cleve.... 7 Chandlerpf(21:) 22 22‘6 22 2’ Ches & Ohio (10) 197% 197% 195% 195% C&OCorpn (3). 74% 74% 178% 3% Chi& Alton pf.. 14% 14% 137 13% Chi& EastIll pt 73% 78% 78 8 Chi Great West.. 16 16 15% 15% Chi Gt West pf. 34% 35% 34 34 Chi Mil & St P. 18 18% 1% 17% Chi Mil & StPpf 33% 34y 33% 33% CM&StPefs.. 17 1% 17 17% CM&StPpfcfs. 32% 3315 32% 33 Chi& Nwn (4).. 92% 93% 911 92 Chl Rock Is (5). 109% 109% 108 108 CRI&PDL(6). 101 102 101% 102 CRI&Ppf (7). 108% 108% 10815 108 Childs (32.40).. 62% 6214 62 62 Chile Co (213).. 36 36% 35% 36 ChryslerpfA(8). 114 114 114 114 Chrysler Cor (3) 60 60'% 58% 58% City Stores (B).. 49% 49% 49% 49% Cluett Peab (5). 72% 13y 72 72 Cluett Pea pf (7) 120% 120% 120 Coca-Cola (5)... 123% 123% 122 Collins & Aik (n) 881 89 88% 89 Collins&A pf (7) 104% 104% 104% 104% Col Fuel & Iron.. 87 88 83% 84 Col & Southn (3) 126 129 - 125 Col Gas & El (5). 95 95 94% Col G&E pf A (6) 106% 107 106 Col Carbon (4) 81% 81 Com Cred (1) Com Cr pf (1% Com Cred pf S‘a . Com Inv (3.60).. 45% Com In Trpf(7). 91 91 91 Com Solvents(8) 190 190’6 187'% 187% Com Powr (3%). 5 59% Congoleum-Nair. 24% Cong Cigar (4).. 6% Con Cigars (7).. 8l1% Consol Distribut Consol Gas (5).. 117% ConsolGas pf(5) 99% ConRRCuba pf 6 68% Consol Textlle,. 474 Cont Bakg A (4). 49! Cont Baking B.. Cont Bak pf (8).. Cont Can (5) Cont Insur (6) Cont Mont (80c). 10% 10% 10% Corn Prod (13).. 56% b57% 56% 57 Corn Prod pf (7) X'NV. 134% 114% 1344 Coty Inc (5).... 90% 90% CrucibleSteel () Cuba Cane Sugar Cuba Cane Su pf. Cuba Company. . Cuba R R (4.80), Cuban Am S (1). Cudahy Pkg (4). Cushman’s (§4). 12 Cuyamel Fruit.. 477% 48% 47% 48% Davison Chem.. 36% 36% 35% 35% Deere&Co pt (7). 115% 115% 115% 115% Del & Hud (9).. 207% 207% 206 206 Del L& W (17).. 134 134 134 134 Detroit Ed (8).. 158% 159 158'% 158% Devoe & R(2.40) 38% 384 381 384 Diamd Mtch(8). 133% 135. 133 133 Dodge Bros CIA. 18 19% 17% 19% 54% 21% 82% 597 245 67% 82 ™ 23% 67% 2’!7 67% !M'/; % % 120% 120% 120% Indian Refg ctfs. Inland St (233).. Inspiration..... InterboroRapTr. Int Bus Ma (4).. Int Cement (4).. Int Com Eng (2) Int Combus rts. . Int Harv (§6)... Inter Har pf (7). IntMteh pf(3.20) Int Mer Mar pf. Int Nickel (2). .. Intl Paper (2.40) Int Paper pf (7) Intl Silver.. Int Tel & Tel (6) Int Tel & Tel rts. Iowa Central.... Island Creek (4) Jewel Tea...... Jones Bros Tea. Jones & Lau (7). Jordan Motor. .. KCP & Li1st (7). Kan City South.. Kayser J (4).... Kelly-Spring. ... Kelly Tire 8% pf Kels-Hayes (2). Kennecott C (5). Keystone T & R. Kinney pf (8). Kresge (1.20). KressSH (1).. Laclede Gas (12) Lago Oil (3).... Lambert Co (5). Lee Tire & Rub. LehighVal(3%). Lehn & Fink (3) Lig & Myrs(£14) Lig&MyrsB (f4) Lig &M pf (7)... Lima Loco (4) Liq Carb (3.60). Loew’s Inc (2) Loft. Loose-Wil(2.60). Lorillard Co .. Lorillard pf (7). Louisiana Oil.., La Oil pf (61%%). LouisGasA(1.75) Louis & Nash(7) Ludium Steel(2) McCrory (1.60).. Mack Truck (6) Mackay pf (4)... Madison Sq Gar. Magma Cop (3).. Mallison & Co. Mallison pt (7)., Mandel (2%). Man EI Sup (5).. Man El m g (d5) Man Shirt (2). Maracaibo Oil. Market St prior.. Marland Oil..... Marlin-Rek 1314 Martin-Pary (”) Mathieson (4)... May Dept S (4).. Maytag (2%)... MetroG pf (1.89) Miami Cop (1).. Mid States Oil ct MidContinent(3) Midland pf (112) Miller Rub (2)., Minn & St Louis, Min St P & SSM. Mo Kan & Tex... Mo K & T pf (6). Missourl Pacific. Missour Pac pf. Montana Pow (5) MontgmryW (4). Moon Motor..... Mother L (50¢).. Motion Pic (1).. Motor Met (3.60) Motor Whi (2).., Mullins Body . Mullins B pf (8). Munsingwr (3).. Murray Corpn... Nash Mot (145) Nash & Chat (7). Nat Acme (sta). Nat Bellas Hess. Natl Dairy (3).. Nat Dept Stores. Nat Distillers. .. Nat Enamel & S. Nat Lead (5).... Nat Pw&Lt (80¢) Nat Supply (4). Nat Surety (10). Y Air Br (3).. N YCent (8).... N Y Central rts. NY C&StL (6)... YC&StL pt(6). Y Dock. NY Dock pt (5)7 NY NH & Hart., NY NH&Har rts, NY Ont& W (1). NY Rys part cfs. NY State Rys... Dodge pf (7). 69% T0% 69% 70% Dome Mines (1). 10% 11% 10 10 Duluth-Superior. 41 41 Dunhill Int (4).. 51% 51 Dupont (193).. 316% 3161 311% 3117% Du Pont deb(6). 113% 113% 113% 113% Duquesne pf (7). 116% 116% 116 1167 Eastman (18)... 166% 166! 166% 166% Eaton Axle (2).. 287 20% 28'4 28% Eisenlohr & Bro. 124 12% 12% 12% El AutoLt (163%) 984 98y 97 97 Electric Boat..., 19% 20 19% 19% NY Steam pf (6) NY Stm pf A (1) Niag Lock pf.. Norf & W (8)... NorAm b10 %8tk orth Am pf (3). orth Pac (5)... or Pac cfs(5).. orthwn Tel (3) Norwalk Tire. .., Ofl Well Sup.... 69% 434 99 22 145 12% 291 17% 101% 584% 43% 99y 22 145 J9‘¢ 247 43% 122% 621 69%4 42% 101% 58% 24% 81% 18 133% 5 4 100% 231 31% 6% 187% 108% 14% b5 87 45 20 116 80% 33% 24% 14% 2 30% 138'% 27 3 44% 47 107% 554 104 101% 7 29% lll-l'fi 46 24 91% 180 5% 38 23 44% 26% 123% 25 87 25‘,' 161% 6 1283 107 9 50% 34 8% 13 100 110 . 116 187 53% 2% 35 124% 38% 12214 1044 45% 23% 8% 13 100 110 116 187 185 52 4% 92% 53% 2% 3 35 124 124 uu - 53% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Open. High. 76 1% 261% 26% 105 105 Opnhm Col (4).. Orpheum Cir (2) Orpheum pf (8). Otis Elev pt (6). Otis Steel..... Otis St1 Drlor(1) . Outlet Co (4). Outlet Co pf (7). Owens Bot (Ct5) Paclific Gas (2).. Pac Tel & Tel (7) Packard (12.90). Pan-Am B (6 Pan-Am West Panhandle...... Parmt-Fam (j8) Park & Tilford. . Park Utah (80c). Pathe Exchange. Pathe Ex A (4).. Penick & Ford. .. Penick&F pf (7). PaDixleCt(3.20) Penna RR (33%) Peoples Gas (8) . Pere Marq pf(5). Pet-Mull 15t(7). Phila&RCI. Phillips Pet (3). Pierce-Arrow. Plerce Arrow Pillsbury Pitts,Coal. Pitts Coal pf.... Pitts Ter pt (6). Pitts &W Va(6). PorRicoTobA (7) Porto Rico To B. Postum (5). 1 Pressed Stl Car. Prod & Refiners. Prophy Br (13). Pub Serv NJ (2) Puliman, Inc Pure Ofl (2). ... Purity Bak/ A3, 1055 Radio Corpof A. fvl ] Radio C pf (313) Rand M (a3.04).. Reading (15)... Reading 2d (2).. Real Silk Hos. ... Real Sllk pf (7). Reid Ice Crm(3) Rem-Rand $1.60. Rem-Rdlst (7).. RepI&Spt (7). Reynolds Spngs. Rey Tobac B (5) Robt Rels & Co. . Robt Rels 1st pf. Rossla [ns (6).. RoyalD(a1.33%) Safety Cable (4) StL&SanFr 181 St L Swn pt (5). Savage Arms.... Schulte (3%). Seab Afr L pf. Seagrave (el.20). Sears-R (n21).. Shattuck F G (2) Shell Un (1.40).. Shuber The (5).. Simmons (2).... Simmons pf (7). Simms Pete..... Sinclair Ofl, Skelly Oil (2)... Sloss-Shef (6).. Sloss-Shf pt (7). 1 SPorto R Sug(2) South Calif Ed. ., Sou Dairies B. .. South Pac (6)... Southern Ry (7). South Ry pf (5). Spicer Mfg...... SWG&E (3%). Std G & E pt (4). Std Mill (5)..... Std Millg pf (6). StdOilCal(t28). Std OIINJI (1114 Std OIINY (1.60). Std Plate Glass. . Sterling Pro(16) Stewart-War (6) Studebaker (5).. Submarine Boat. Superior Oil. Sweets of Amer. Tenn Copper (1). Texas Corpn (3). Tex Gulf S t41;. Tex & Pacific. Tex PC&O(60c). Tex Land Trst n Thatcher Mfg. .. 0). Third Avenue. Tidew Aso Noc) TidWA=Oilpf(6) Tide W Oil pf (5) Timken (t5).... 1 Tobac Prod ( Tobac Prod A (7) Transcont Oil... Transue & Wil Twin City R (4). Underwood (4).. Underwd pf (7). Un Bag &Paper. Union Carb (6).. Union Oil (12%) Union Pac (10). . Un Pacific pf(4). Utd Cigar Stores Utd Cig St pf (7) United Drug (9) Utd Drg 1st (31" Utd Fruit(15%). Utd Paperboard. USCI1P&F (10) U S Distributing U S Distr p£(7).. U S Hoffman (4) U S Alcohol (5). U S Leather wi. US Leather A... US Leatprpf(7) U S Realty (4).. U S Rubber, U S Rub 1st U S Smelt 11‘/&). U S Steel (7)... U S Steel pf (7). Uni Pipe (12%). Utl P&Lt A (e2). Vanadium (3)... Van Raalte..... Vick Chem (4) Victor Tlk Mch. . Victor cv pf (6). Victor pr pt (7). Va-Caro Chem.. Va-Car Ch 6% pt Va-Car Ch pt (7) Va Ir C&C pt(5) Vivadou (3) Vulcan Detin Wabash.......o Ward Baking B. Ward Bak pf (7) Warner Pic A... Warren Bros (4) WarF&Pipe Cor. W Penn El pt (7) West Maryland. West Pacific. ... West Union (8). WesthseAirB (7) Westinghse (4). Weston Electric. ‘White Eagle (2). White Mot (4).. White Sew M (4) Wickwire cft. ... Willys-Overland | willys 0d pf (7) Wilson Copf A.. Wilson & Co pf.. Woolworth (5).. Worthn Pump Worth Pump (B) Wright Aero (1) Wrigley (13%).. Yellow Truck. .. Yel Tr&Co pf (7) YungstnS&T(5). Hourly Sales 153% 135% 341 94y 5 884 B8Y on N. !. Market. 586,800 1p.m.. 1,394,800 . 1,005,600 2 p.m... 1,781,400 kiven in the ahove table ‘ments tased on the ¥ Tearly declarations. llll’l or special divi- AT o?“‘n‘fifn ]eu than 100 shares. ! P:ln'y exie. '3 blue 4 pie'in “coniino v.m. Vear—no. rexular "'x'x' cial fto ™1 Bun 07 ik atocit. ) Pius 2% Kk Payable 1,10 of & share auarterl ' Clnss' A" stock, ‘m lus R in 0 Partly stock. * p Plus 33 in preferred o 2 Plus one-half of ccmmon stock. Man; idle miners in Polan are re- tur!iE; to worb & H:z: & 1% lumbia Oil Co. S| August $1,000,00 MOXDAY, SEPTEMBER 12, STEAMBOAT STOCK REACHES NEW PEAK Other Issues Strong on Local Exchange—New Institute Faculty—Other Notes. BY EDWARD C. STONE. Stock of the Norfolk & Washington Steamboat Co. hit 300 on the Wask:- ington Stock Exchange today, estab- lishing a new high mark for the year and a gain of 7% points over th sale at 292%. The turnover was 11 share Other local issues opened the week strong. Qne share of National Met- ropolitan came out at 420, the same as the last sale, which was the peak for 1927. Continental Trust climbed 2 points to 127, a new top. District Na- tional was strong at 245 Lanston came (lllt at 102 and cl d at 10214, while 22 shares of Metgen- thaler sold at 110. Potomac Electric 514 per cent preferred sold at 1023, Washington Rallway & Electric pre- ferred at 94 and Washington Gas Light at 76% i Bonds also were strong, with mod- erate trading at the levels recently prevailing. There was one sale in the unlisted' department, Chapin Sacks 8 per cent preferred moving at 103. Institute Faculty Announced. The faculty for Washington Chapter, American Institute of Banking, has now been completed with the possibl exception of one or two subje will be taught in the second semester. The teach seured by 1. J. Roberts, institute president, and James A. oper, chairman of the educational committee, are all splendidly equipped for the work al already having taught with marked success in the institute, According to present plans, banking fundamentals will be in the hands of Eliot H. Thomson, commercial law again will be taught by Raymond B. Dickey, negotiable instruments will come under B. J. Laws, standard eco- nomics_covered by F. J. Donahoe, while Y. E. Booker again will be the instructor in investments. The newly added course in analysis of financial statements is to be in charge of W. G. Buchanan. The institute activities will now ccne to the front very rapidly. The usual dinner takes place this evening at 6:30 at Hotel Hamilton. President W. W. Spaid of the District Bankers’ Association will be the guest of honor and chief speaker. Officers of the institute will also stress the impor- tance of registering at once for the course offered during the first half vear. Classes begin Monday, Septem- ber 26, New Local Tssue on Market The Federal-American € offering a new issue of $3 mortzaze notes secured by the Hiil Building, corner Seventeenth and 1 streets northwest. The mnotes are Aated September 1, 1927, maturing one to five vears, 7 Ssued in $300, | $1,000 and $5.000 denominations. The notes are to bear interest semi- | annually at the rate of 6 per éent per annum, payable on March 1 and Sep- tember 1. They are offered at and acerued interest. The com bringing out the new issue calls tention to the fine location of the Hili Building and states that the struc- ture now is nearly all rented. The Federal-American National Zank is trustee. Congress to Discuss Banking Laws. New banking legislation to stabiliz price levels and thus prevent labor troubles and permit farmers to work out their own difficulties will be thoroughly discussed at the incom- ing session of Congress. according to a statement issued today by Repre- sentative James G. erum: of Kansas. a Republican member of the Iouse banking and currency committee. The disagreement hetween the Fed- | eral Reserve Board and the lueclors} of the Federal Reserve Banks” over | the board's power to order rate | changes has demonstrated the neces- sity for a new banking law, says Mr. Strong. He proposes to press action on a bill sponsored by him in the last Congress which would irect the Federal Reserve tem as to the pol- icy which it should strive for in fixing s rediscount rates, conducting its open market operations and ing its moral advice and other ercising its powers over the volume of credit in use and hence over the general price level and the interna- | tional value of gold.” Bankers Off to Convention. President John Poole of the Fed- | eral-American National Bank, Lliot H. Thomson, publicity manager of the Washington Loan & Trust Co; T. Hunton Leith, assistant cashier of the Security Savings & Commercial Bank, and Robert L. Flather, manager of the new business department of the American Security & Trust Co., leave here tonight for West Baden, Ind., where the twelfth annual convention of the Financial Advertisers’ Associa- tion opens tomorrow. The sessions of the convention will be devoted to the consideration of the matter of properly acquainting the public with the varied services now rendered by banking institutions. The modern policy of banks is to take the public_into their confidence and ex- plain the business in such a way as to enable their customers to get the best results from their banking connec- tions. Last year the local Bankers' Asso- ciation undertook an educational cam- paign, which went into detail to de- scribe what a bank means to a_com- munity; who actually owns the bank; what happens to a check from the time it is drawn until it is returned to its maker; how banks are able to make a profit on their business; and how the customer can co-operate with the bank in obtaining such service and assitance in accordance with his re- quirements. The District of Columbia Bankers' ociation now is planning a cam- gn for the early months of next year to explain the fiduciary service now rendered by trust companies and a number of national banks. This sub- ject will be one of the important mat- ters for consideration at the conven- tion. The delegates from Washington will go instructed to secure, if possible, the convention in this city next year. Gulf Refining Enters Local Field. The Gulf Refining Co. announces the purchase of the plant of the Co- in Rosslyn, Va., and \flll enter the Washington field at once. company will handle gasoline, and lubricating oils in this W. Healey is to be in charge of th: Washington office of the Gulf Co., which comes within the supervision of the Philadelphia district, of which R. E. Garrett is.sales manager. The Columbia Oil Co. was organized here 25 years ago. Robert G. Worth- ington, president of the concern, will become affiliated with the Gulf Refin- ing Co. Quarterly Dividend Declared. The directors of the District Na- tional Bank have declared the regu- liin‘ly dividend of 2 per cent due at this time. WILLYS-OVERLAND. W YORK, September 12 (#).— A statement by Willys-Overland Co. as of August 31. shows cash and cash items of $17,016,804, with current lia- bilities of $8, $14. In July and in 612 per cent bonds and $745,900 preferred stock were retired. Sales for the first eight months this vear 152,106 units against 138,188 in same period of 1926, sy 1927, to Loan Money daed of trust on l’!ll .ml' S Joseph I. W Money to loan on Im- proved Real Estate in the National Capital. Appli- cations confidential. Prompt Service Interest Rates 512 & 67 Mortgage Department SHANNON‘E LUCH S] reet Main 2345 G. M.-P. MURPHY & CO. Members New York Stock Exchange Successors to JOHN L. EDWARDS & COMPANY A copy of our Fortnightly Revicw sent on request 1416 H Street Northwest 52 Broadway, New York Richmond, Va. MONEY TO LOAN —on improved D. C. property at prevailing rates of interest. See Mr. Field Hedges & Middleton, Inc. Realtors 1412 Eye St. NW. Franklin 9503 TO HOLDERS OF SECOND LIBERTY LOAN 4 PER CENT BONDS EXCHANGE OFFERING OF NEW TREASURY NOTES * Becond Liberty Loan bonds have been called for payment on” November 15th next, and no interest will be paid aiter that date. tice is given of & new offering of United Stafes 'I'nnurz7 notes, m exchange for Second Liberty Loan Converted 4!{ per cent bond ‘The new notes will be dated Sep!ember 15, 1927, and will beargnterest from that date at the rate of 314 per cent. The notes will mature in five years but may be called for redemption after three years. Interest on Second Liberty Loan Converted 43¢ per cent bonds surrendered and accepted in exchange will be paid to November 15, 1027, ‘Thepriceof the new munol notes, is 100 '4. Hold- ers lumndmngsecond Liberty Loan Convert- ed 4 }{ per cent bonds in exchange will receive, at tl @ of delivery of the new notes, interest on such Second Liberty Loan Converted 4 !{ per cent bonds from May 15, 1927, to November 15, 1927, less the premium on the new notes issued Holders of Second Liberty Loan Converted 414 per cent bonds who desire to take advantage of this opportunity to obtain Treasury notes of the new issue, should arrange with their bank for such exchange at the earliest possible date, er will remain open only for limited after September 15th. Further information may be obtained from banks oré:ll‘kl companies, or from any Federal nk. Reserve A. W. MELLON, Secretary of the Treasury. Washington, D. C., September 6, 1927. LEEUWENHOECK 1632 ~1723 A bigger than FINANCIAET REAL ESTATE LOANS 52 % FRED T. NESBIT 1010 Vermont Ave. Maln 9392 Bonds for Anything Consult Experts Geo. H. Price Co., Inc. H, Deland, Pres. F. 815 15th St. Main 4793 Real Estate Security m E shall be glad to immediately, inves- tigate all applications for loans on First Trust security submitted to us. mHERE will be no delay either in getting our reply—or in the money being advanced. EEVERdGOS| REALTORS 1415 K Street Haximn ervice Main 4752 APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjacent Suburbs in Montgom. ery and Prince Georges Counties, Md. 5: % INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT Ghe PRUDENTIAL INSURANCE COMPANY of AMERICA 1001 15th Street N.W. Main 6888 " Life Insurance Company WILL LEND YOU MONEY °© ON RESIDENCES, APARTMENTS. BUSINESS PROPERTIES IN DISTRICT OF COLUMBIA AND NEARBY MONTGOMERY CO., MD. 514 PER CENT INTEREST BOs LPS ST PHE LOAN CORRESPONDENT FOUNDED 1907 MAIN 9300 1417 K ST. NTONY LEEUWENHOECK, Dutch drygoods merchant and janitor of the city hall of Delft, wanted to see little things they really are. So he learned the secret of lens-grinding and in time learned to make better lenses than any of his contemporaries. Then he mounted his lenses in frames and looked through them at such objects as sheep-hair and ox-eyes, fly-brains and human skin. And one day he looked through a drop of apparently pure water. Thousands of minute carnivora met the gaze of the first of the microbe seekers. cultures on pepper; killed them with heat. was the first man to see blood circulating in the tail of a tiny, living fish. The searching methods of this pioneer in microscopy find their counterpart in the scrutiny with which Swartzell, Rheem & Hen- sey Company, pioneers in the First Mortgage Note field, investi- gate all properties before placing a first mortgage thereon. He experimented further; grew bacterial And Leeuwenhoeck That is why Swartzell, Rheem & Hensey Company offerings have been absolutely safe for over fifty-eight years. Swartzell,Rheem &Hensey Co., Mortgage Bankers 727-151h. Street, \.W.. Washington.DC. 58 Years Without Loss to An Investor