Evening Star Newspaper, September 15, 1927, Page 14

‘14 ¥ U..S. STEEL LEADER IN'STOCK MARKET Motors, Up Spectacularly, Encounters Selling—Bulls Turn to Other Shares. BY GEORGE T. HUGH Bpecial Dispatch to The Star NEW YORK, An other sensational advance in General market boiling sult was to bring nto the gener: September 15 Motors set the stock today heavy profit : list, but the rking for h prives simply ted their attention to new leaders, principally Steel, rush- ing that stock up to a new high wortly after noon. Money renewed 4 per cent, which was the lowe: the recont hardening. It is remain there or go even two or three days at rate. And yet money not a f in the market today Instead the mo nent wi of two forees, one the v profits after su < 1< been w imp s a result e to take nes: s to buy on & wever slight For the con- clement in the speculative today s just as confident as that over the period in flationary influences will comps further upward revision pr Selling Not Surprising. It. was not came into the market today. have been unprecedented had th: been the case. The eight-point up- turn in General Motc vesterday and the nearly six-point gain this morn- | ing were enoush in themselves to in- vite professional attack. The surpris- | ing part is that the selling was not more effective than it was. What real- Iy happened was a shifting of leader. ship, new stocks heing taken up while the others were resting he opening in General Moto: wvery similar to t of the day hefore. The first transaction was a block of | 2.500 shares from 26313 to 263%, com: pared with the preceding close of | The opening w: world of TS was 2 s a new high, ! and before the first hour was over| the price had mounted above Du Pont went along. as it always does, to a new high for the present shares, whove 330. | When General Motors appeared to have exhausted its possibilities for the time being attention was turned to Steel, which had been dragging early in the day. Once the buying got un- der way it was not difficult to run Steel up also to a new high record as 1t touched 158. Neither with Steel nor with General Motors was there any suggestion of relating the speculation to trade developments. United States Steel is now operating at slightly bet- ter than 67 per cent of capacity, com- | pared with 70 per cent last week and 71 per cent two weeks ago. Chrysler Is in Demand. At this time a year ago the cor- responding figure was 86 per cent. As far as the minor stocks were con- cerned, the movement was highly irregular. Chrysler was in demand among the independent motor shares, and Sloss Sheflield among the inde- pendent steels. Two new favorites were found among miscellaneous in- dustrials in Allis Chalmers and Amer- jcan Radiator. The former sold at a new high for all time, and the latter at the best since the par value was reduced from $100 to $25 in 1920. “irst place in the railroad list was given to Chicago & Northwestern above 97, and at ‘the highest since; 1919. Stocks of other Northwestern roads were moderately higher, princi- pally Northern Pacific and St. Paul. Prices Hold Firm Later. As predicted call money went to 31 per cent in the afternoon. For a time the market quieted down, but prices held firm. Forenoon profit taking seemed to have been completed. ~Steel dominated_the trading, supplanting Genéral Motors and still pushing ahead. Houston Oil initiated a new upward movement, New York Central sold only fractionally below its pre- vious best and American Smelting Reflning was again actively bought. General Electric came in for more at- tention and Mack Trucks was up over #wo points as it approached 107. The most impressive thing about the proceedings at this stage was the deliberate character of the buying, in- dicating that confidence, which had bheen slightly shaken by the early sell- ing, had been completely restored. There were no conspicuous weak spots anywhere, Wall Street Briefs NEW YORK, September 15 (#).— ‘The committee on securities of the New York Stock Exchange rules that *when ued” contracts of General Motors Corporation must be settled on Feptember 23. Transactions in no par shares may be settled by delivery of | certificates of stock for no par shares," or the equivaynt in certificates for| stock of $25 pa | | Washington Oil declared a dividend | of $1.00, pavable September 20, to| stock of record September 14. A divi- | dend of the same amount was declared | on June 20 and on March 20 a di dend of $2 was paid. The New York Curb Market mem- bership of J. B. Kimberly was bought by B. F. Feiner, jr., for $32.000, an increase of §2,000 over the previous sale. Tron Trade Review says much of | the heightened morale and increased | demand which characterized the iron and steel markets last week, has eb- bed, despite the upturn in steel ingot production in August after four months of decline and the third con- gecutive increase registered by the un- | filled tonnage statement of the steel | corporation. Negligible _inventories | compel sufficient small-lot buying to maintain steel production at close to| 70 per cent. But with suc major con- suming factors as railroad, automo- | bile and oil industries buying meager- | Iy. th ustained demand requisite to market is 1 ing. ¢ financing of about $18,500,000 | ineau Power Co., subsidiary of International jer Co., is expected soon. American Brown Boveri Electric Corporation had a deficit of $359,297 surprising that selling | 1t would | at not | |ams | Buft&Susq pt (4) |CM&StPets.. '"FINANCIAL, | Open Abitibl Pow (5). 106% | Abrahm&Straus | Abr&Stras 7%pf 112 164 1 Adams Exp (6). Adv Rumley . | Ahumada Lead.. | Air Reduen(18) . 18 Ajax Rubber. Alaska Junea { Albany Papr Atbny Pap pf (7) Allied Chem (6) Allied Cm pf (7) Allis Chalm (6). 1 | Amal Lea | Amerada . Am Agricul Chm Am Agri Chpf.. Am Bank N (2). Am Beet . Am Bosch. ..... | Am Br Sh (j1.60) 2615 98 16 v | Am Brown | Am Can ( | Am Cargidy (6) 1d | Am Chicle (3).. | Am Drug (80¢).. Am & For Pow.. 251 Am&Fo Po pf (7) 1064 Am Hide & L pf. Am Ho P Am Homes rts American Ice... Am Ice pf (6)... | Am Internatl(2). [ Am La F [ Am Linseed. | Am Linseed p { Am Locomot (8 | Am Loco pr(7) | Ani Machine | Am Metals (3) Am Piano (3) | Am Piano p tAmPo& Lt (1) | Am Radiator (5) 141 Am Ry Exp (6). 98 Am Republic.... 49 | Am SafetyR(33) 49u | Am Seating (14) 44u | Am Smelting (8) 1761 uff (12).. Am St Fdys (2). Am Sugar (5). Am Sugar pf (7) 115 Am Sumatra. Am Tel & Ca (5). Am Tel & Tei (9) 793 ) 1104 | Am Tobacco (8). AmTobaccoB(8) Am Tobac pf (6) 11613 Am Type Fo(8). 134 Am Type pf (7). 113 Am W W (m80c) 53 Am WW (cl.60). 114 Am Woolen..... 25 Am Writ Pactfs 19 Am Wr Pa pf cfs Am Zine pf. Anaconda (2) ArmourDel pt(7) Armourofl1l1(A) Armourof111(B) Armour 11l pf(7) Arnold Con&Co. . Asso Dry G (233) AtT&ES F (19%) Atchison pf (5). AUCL (18%3).. AtlGulf & WI... Atl Refining (4). Atlas Pow pf (6) Atlas Tack..... Baldwin L (7).. Balto & O (6) Bang & Ar-pf(7) BarnsdallA(21) Bayuk Cigars... Beech-Nut (13). Belding Bros (2) Best & Co (3)... Bethlehem Steel Beth Stl pt (7).. Blumenthal pf. . Bon Ami Cl A (4) Botany C MillsA Briggs Mfg Co. . Bkin-Edison (8) Blkn-Mn Tr (4). Bklyn Un Gas(5) Brown Shoe (2). Brunswick B (3) Brunswick Ter. Buff R&P pf (6). 50 194 35% 8l 121% 110 22% 94 57 21% 53% 64 89 63 21 179 55% 143 44% 32% 10% 108 Burns Bro (10).. Burns Br B (2) Burros Add (14). Bush Term (b8). Bush Ter de (7). Butte Cop (50c). Butte&Super (2) Butterick (g2).. Byer & Co. By-Products Calif Packg (4). Calit Petm (1).. Callahan Zinc Calumet & Ar Calu & Hecla Canada Dry (3) Can Pacific (10). Can Pacific rts.. CaseThreshg (6) Cent Alloy (2)... Cent Leath. . Cen Ry XJ (112) Cerro dePas (15) Certain-Teed (4) Chand-Cleve. ... Chandlerpf(2i4) Ches & Ohio (10) C & O Corpn (3). Chi & Alton Chi & Alton pf.. Chi & East Il pt Chi Great West., Chi Gt West pt. Chi Mil & StP., 106 125 105% 4% 9 7 6 22'% 1% T3 16% 53 4 270 28% 18 320 66% 7 21 T3% 81y 13% 9% 15 34% 19% 18% 34 3315 96 138 129% 110 39% 61% 361 61% Chi Mil & StP pt C M&SLP pf cfs. Chi & Nwn (4).. Chi & Nwn pf(7) Chi Pne Tool (6) Chi Rock Is (5). Chi Yellow C(4). Childs (12.40).. Chile Co (2%). . Chrysler Cor (3) Chrysler pfA(8). City Stor A (3%4) City Stores (B).. Cluett Peab (5). Coca-Cola (5) Collins & Alk(4 Collins&A pt (7) Col Fuel & Iron.. Colo Fuel pf (8). Col Gas & El (5). Col Carbon (4). Com Cred (1) Com Crpf (1%). Com Cred pf 6%. Com In Tr pt 61 Com Solvents(8) 193 Com Powr (2%). 60% Conde Nast (2),» 42 Congoleum-Naif. 23% Cong Cgrs(+41%) 66 Con Cigars (7)., 82 Consol Distribut. 7 Consol Gas (5).. 1184 ConsolGas pf(5) 997 ConRRCuba pf 6 67 Consol Textile.. 43 Cont Bakg A (4), 50 | Cont Baking B.." 6u | Cont Bak pf (8).. 9415 Cont Can (5). 7 Cont Insur (6). | Cont Mont (80¢)., | Corn Prod (13).. Coty Inc (5).... CrucibleSteel (6) Cuba Cane Sugar 49% 4% 126% 89 104 85% 130 94%, 80% 19% 22 8215 in the first against profit in the first eptember 1 ars ver million marks.) Asked Bo‘on G000 7000 4% 1919 i o 0 onimerz and 1. G. Farben. . Disconto _Gellschaft Berliner Handels. . resdner Bank utsche Bank armstaedter Bank fercur Pank Vienna. """ Chemieal Avstian A E G tGen Elec) 00 40.00 5600 20 11.50 44350 £i5 100 Cuba Cane Su pf. Cuba Company.. Cuban Am S (1). | Cudahy Pkg (4). | Cushman’s (§4). 125 | Cuyamel Fruit.. 47 | Davison Chem.. 364 | Deere&Co pt (7). 115 115% 115% 11 Del & Hud (9) Del L& W (17).. DRG Wstpf... Detrolt Ed (8) 208Y3 34 60% Dodge Bros Cl A. Dodge pf (7)... Dome Mines (1). | Dunhill Int (4).. Dupont (19%) Eastman (18) Eaton Axle (2).. El AutoLt (16%) Electric Boat. .. | Elec Power & Lt. Elec Refrigeratn Elec Refrigrts. . | El Stge Bat (16) | Elk Horn pf..... Em-Brantgm(A) Emporium C (2). 18! &5 52 . 166 29 9% 19% 27 13% a- 70 24 5 3% "THE EVENING NEW YORK STOCK EXCHANGE - Received by Private Wire Direct to The Star Office. High. Low Close. ! 4 106'% 106% | End John (5) 2612 5% 1 18012 1391 St 1 114 25 50% 1944 103% 103'% 10: 3649 ' 121% 120% 1207% 102% 102% 102% 102Y% 87 21% 110 22% 9% 57 53% 6419 116% 116% 116% 116% 90 63% 27% 27 2T% 22% 179 56 144 44% 10% 108 106% 125 106 4% 9 52% 52% 52% 9% 6 6615 66% 66 22% 1y T2 16% 53% 1857 1857 185% 185% 4 275 28% 18 320 66% 51 51% 51 7 21 196% 196% 1u.'3 1 3% 8l 14 9% 15% 35% 19%, 18% 9715 138 130 110 40 62 3% 62% 112% 112% 11. 49% 49% 50l 491 76 128 89 104 87% 130 94% 80% 20 22% 8474 871 87% 8T% 874 194! 60% 42% 23% 66 82% 118 99% 67 4% 50 6% 9414 T4 207 10% 58 21% 24% 48% 126 47 36% 8l 157% 157% 156 jo | Devoe&R 1st(7). 111% 111% 111% 111% )0 | Diamd Mtch(8). 137% 139% 1: 18% 69% 53Y% 3283 335% 327 172 29 9T% 19% 27% 14 Y% 70 25 5 3 2612 987 164 1 106" 10 6 uit Bldg rie R R. rie 1st pf rie Stm S (215 Eureka Va f141g Fed Lt (h2.40). Fed Min&S(10). Ked Min Fed MotT(f8uc). Fid Phoenix(4). fth Ave (64c). StNatS(1%). Fisk Rubber sk 1st pf (7). leischmann (3) oundation (5 ox Film A (4). eeport (14%). hriel Sn ( 148 1 pt (8). 131 (4).. 67 ec (15)... 1 c spLbLe) SA(0l%2) 40 GenMotors(110) 2631y SenMotors(w.t) 1 .| Gen Mot pt (7 176 179% e 1391y 54 91% N 1147 GO0t 114 25 18% 114 S 65 36 | 49% | 50% | 193 1931 103 354 36 8 8 260% 260% 259% 259% | Intl Paper 121 121 109% 110 22 2% | 94 95 | 57 57 115 i 63% 6874 | 89 | 63 90 63% 27% 22 178 55 144 21 178 55 143 | Hupp Mot(1.40). | Indep 01l (1). | Indian Refining. { IntMtch pf(3 ! Gen Outar Ad ien Qutdr A (4). Gimbel { Glidden Co. Gold Dusst... Goodrich Ru ( iotham new Gotham H pf Granby (4). Grt North p) Gt Nor pf efs(h) | Grt Nor0 (11 en Canan. ntanamo. L Ry pf(6). Val(10) | Hollander & Son Houshld P (3%) Howe Sound (4). Hud Man (21 Hudson Mot ( 19 136'% 20% 28 11% 1012 181 Illinois Cen (7). Indian Mot (13) Indian Refg ctfs Inspiration. .... Intcontl Rub(1). Int Bus Ma (4).. Int Cement (4).. Int Com Eng (2) Int Harv (j6)... 2 Inter Har pt (7). 133% 20) 80% Int Mer Mar pf. 39% Int Nickel (2) 65% 2.40) 547 Int Paper pf (7). 10315 Int Ry CA pf(5). 72 Intl Silver...... 171 Int Tel & Tel (6) 157 Int Tel & Telrts. 7 Iowa Central.... 21 Island Creek (4) 65 Jewel Tea...... 66% Jones Bros Tea.. 24 Jordan Motor... 19% Kan City South., 64'% Kan C So pf (4).. 71 Kayser J (4) 59% Kelly-Spring 27% 4% 44y 10 108 10% | 108 | 54 51% 51% 51% | KraftCh (11%). | Kresge (1.20) 24% 24% 241 24% | KressSH (1) 106 106 124% | 63% 63% 63% 63% 1054 106 4 dn! 8 H 7 % 22% 1l 0% 16'% 52'% Tl 163, | 531 R 270 275 284 28 | 18 18 | 320 320 6614 k2 15% 341 18% 18 95% 138 129% 130 108% 108% 39% 40 61 61% 36% 36% 60% 60% 112% 49% 50 4N 5 126% 126% 887 89 104 104 8415 86 130 130 94% 94% 80% 803 19% 20 22% ] 82 84 49% 191 192 59 59% 41% 41% 23% 23% 66 66 80% 80% % % 117% 117% 99% 67 4% 4% 49 49 6 6 941 944 3% 203 10% 57% 91 91% 205 12 47 354 36 207% 20 133 60% 156 60% % 139% 18 6914 8% 5314 332% 18 6915 814 520 | Kelly Tire 8% pt 823% 32% 2% | Kennecott C (5). | Lehn & Fink (3). May Dept S (4). Kelly Tire 6% pt 82 85 . 7 1 8% 54 4% 00 1% Keystone T & R. Kinney pf (8)... 1 Lago Oil (3).... Lambert Co (5). 77% Lee Tire & Rub. 134 LehighVal(33). 107% 38% Life Sav (1.60).. 21% Lig & Myrs(ft4) 125 | Liz&dMyrsB (1) 124% Lima Loco (4).. Liq Carb (3.60). Loew's Inc ( Loft Loose-Wil(1.60). Loose-W 1st (7) 1 Lorillard Co Louisiana 0il. LouisGasA(1.75) Louis & Nash(7) 156 Ludlum Steel(2) 24l McCrory (1,60).. &0 McCrory B (1.60) 85 MecCrory pf (6).. 110% 6474 | Mack Truck (6) 104% Mackay (7). Mad Sp Gar (1). Magma Cop (3).. Mallison & Co. .. Mallison pf (7).. Mandel (2% | Man £1 Sup (5 { Man £l m g (d5) Man Shirt (2).., « Market Street Market St prior { Marland Oil. Mar-Rock(1315). Martin-Pary (2) 18% Mathieson pf (7) 115 80% 824 15 821 Maytag (12%).. Miami Cop (1).. MidContinent(3) Middle States. .. 2% Mid States Oil ct 17 Midland pf (112) 1384 Miller Rub (2)., 264 Min St P& SSM. 45% M St P&SSM pt 68% Mo Kan & Tex... 46 Mo K & T pf (6). 107% Missouri Pacific, 547 Missourt Pac pf. 104% Montana Pow (5) 102% MontgmryW(4). 7% Moon Motor. Ta Mother L (50c).. 2% Motion Pic (1).. (4 Motor Met (3.60) 27% Motor Whi (2).. 26% Mullins Body... 65% Mullins B pt (8). 106 Munsingwr (3) 46% Murray Corpn... 24 Nat Acme (sta). 5% Nash Mot (1435) 92% Nat Bellas Hess. 351, NatBHess p{(7), #6% Nat Biscult t5%. 1 Nat Bisc pf (7).. 1 Nat Cash R (A)3 Natl Dairy (3)..; Nat Distillers Nat Lead (5). at Lead pfA(7) 136 Nat Pw&Lt (80c) 2414 Nat Ry Mex 2d.. 1% Nat Supply (4).. 86 t Surety (10), 259 Nat Tea (4)..... 169 Nevada C(1%). N Y AIr Br (3).. N Y Cent (8). Y Central rts NY C&StL (6)... 131 NYC&StL p£(6). 107 NY Dock. . 62 NY NH & Hart.. b51% NY NH&Harrts, 1% NY Ont& W (1).. NY State Rys. .. NY Steam pf (6) Norfolk South. Norf & W (8)... NorAm b10%stk: 56 North Am pf (3). 53 NorAm Ed pf(7). 102% North Pac (5)... 96% Nor Pac efs(5) 94% Northwn Tel (3) 53% 46 62 e 186% 166 171 28% 287 9% 19 26% 14 % 69% 25 5 33 0il Well Sup. 3414 Oil Well S pt.... 108% Omnibus. 1214 Opnhm Col (4).. T Orpheum Cir (2) 26l Orpheum pf (8). 104 Otis Elevator (6) 142 Otis Steel... . 9% Otis Stl prior(7). 7414 Owens Bot (C13) 78 108% 12% T6% 2614 104 144 9% 751 LR 4| Pac Tel & Tel (7) Packard (12.90). Paige Motor. 6013 | Pan-Am (6)..... 60 | Pan-Am B (6)... 3215 | Pan-Am West B. 71' | Panhandle. . Panhandle p 144! Parmt-Fam (58) 3 | Paramt-F pt (8) { Park & Tilford. . *| Park Utah (80c). | Pathe Exchange. | Pathe Ex A (4 Patino (1. H “ | Peerless Motor. . | Penick & Ford. .. *{ PennDix Cmt(2) Pere Marq (18).. 8'2 | PhilaCof % pt (3) Ph 2C&T cfs. Philip Morris. . . Phil-Tones pf(7) :| Phillips Pet (3). | Phoenix Hosiery | Pierce-Arrow. | Pierce Arrow pf. Pierce Petroim. . | Pillsbury (1.60). Pitts Coal. Pitts Coal pt PittsTerm Cos | PorRicoTobA (7) Porto Rico To B. Postum (5).... | Pressed PrSuc Prod & Refiners. | Pub serv NJT (2) | Pub Serv pf (6). Pub SE&G pf(6) Pullman. Inc.. Punta Aleg Sug. { Pure Ofl (£2). | Purity BakA(3). Purity Bak B (2) PurityBak pf(7) Radio Corpof A. Radio C pf (3 | RayCopper | Reading (15). Reading 1st (2), | Reading 2d (2).. Real Silk Hos. | Reld Ice Crm(3) ., | Rem-Rana 11 60, | Rem-Rd1st (7).. | Rep Ir & Stl (4). | Reynolds Spngs. | Reynlds Toh(5). | Rey Tobac B (5) Robt Rels & Co.. Rossta [ns (6).. RoyalD(al1.33%) Safety Cable (4) St Jos Lead (13) St 1 & San F8). St L Southwest. Savage Arms.... Schulte (313), | Seabd Air Line.., Seab Air L pf. Sears-R (n23%).. Seneca Coper.... Shattuck F G (2) | Shell Un (1.40).. Shuber The (5).. Simmons (2) Simms Pete. Sinclair Ol Sinclair pf (8) Skelly Oil (2). | Sloss-Sht pf (7 ! Snider Packg Co. SPorto R Sug(2) South Calif Ed.. | South Dairies A. Sou Dairles B. South Pac (6)... j Southern Ry (7). South Ry pf (5). Spear&Co pt(7). Spicer Mfg. SG&E (3%). StdG & Epf (4). Std Mill (5)..... Std Millg pf (6). StdOIlCal(128). Std OILNJ t1%). Std ONINY (1.60). Std Pl Glass pf.. Sterling Pro(16) Stewart-War (6) Strom Car (2). Studebaker (5).. Submarine Boat. Sun Ol (i1).... Sun Oil pf (6)... Superior Oil..... Superior Steel. .. Telautogra (60c) Tenn Copper (1) . Texas Corpn (3). Tex Gulf Sul (4) Tex & Pacific. ... Tex PC&O(60c). Tex Land Trstn Thatcher Mfg. .. Thatchrpf(3.60) Thompson (3.60). Third Avenue. .. Tidew Aso (60c) TidWASOIIp? (6) Tide W Oil pt (5) ‘Timken (15). Tobac Prod (7).. Tobac Prod A (7) | Transcont Oll.... Transue & Wil... Underwood (4).. Un Bag &Paper. Union Carb (6).. Union Ol (1214) Union Pac (10).. | Un Pacific pf(4). UtdCgrst(C80c) Utd Cer St pf(6) United Drug (%) Ttd Drg 1st (33" Utd Fruft(5%). USCIP&F (10) USCIPpt(7).. U S Distributing U S Distr pf(7).. U S Hoffman (4) U S Alcohol (5) . U'S Leather w 1. US Leather A.., U S Realty (4).. U S Rubber. . U S Rub 1st (8).. Smelt (3137, S Smpf (315 S Steel (7).... S Steel pf (7). Tobacco(3). ! Uni Pic 1st pf (8) Uni Pipe (12%). Utl PELt A (e2). Vanadium (3)... Van Raalte Vick Chem | Veksbg&Spf(5). Victor Tlk Mch.. Victor pr pt (7). Va-Caro Chem.. Va-Car Ch 6% pf Vivadou (3).... Vivaudou pt (7). Vulcan Detin.... Wabash........ Wabash pf A (5). Ward Baking B. Warner Pic A. .. Warren Bros (4) Warren1st pf(3) WarF&Pipe Cor. Web&Heil p£(7). W Penn El A (7) W Penn El pf (7) | West Maryland. | West Md 2d pt West Paciflc. West Pac pf (6). | West Union (8). West Air Br (8). Wsthse AirB(n). Westinghse (4). Weston Electrie. Weston A (2)... White Eagle (2). White Mot (4) | White Rock (2). White Sew M (4) White Sew Mach | Wickwire cft.... Willys-Overland Wilson & Co.. Wilson & Co pt.. Wilson Co pt A.. Woolworth (5).. Worthn Pump. .. Wright Aero (1) Wrigley (133%).. Yellow Truck. .. Yel Tr&Co pt (1) YungstnS&T (5). Hourly Sales 11am.. 106% 46% 24 4% 75 L 661,500 1p.m.. 13 B0 es, 4704000 3 DuBhee e 2043,400 STAR, WASHINGTON, D. C., THURSDAY, . High. Low.Close 4l 41% 4l 1 1% 158% 156% 4074 11% 51 15! 1 44 100 106% 107 6514 548 15t 116 641y B8% 9% 175 148 T 126 161 66 40'% 114% 2% 50 56% 135% 86+ 101 27 30% 215% 188 34 54% 56 34% 33% 94% 94% 94% 87% 87% on N. Y. Market. 1,215,600 21% 190 34 55 56'% 34% o |ing steadily. NEW HIGH RECORDS ON EXCHANGE HERE Continental Trust and W. R. & E. Co. Preferred Reach | 1927 Tops. BY EDWARD (. STON There was a lull in bank stock buy- ing on the Washington Stock change today, but Continental Trust by a fractional gain reached another k, 1297 p advance since last week's hington Railw: Elect o reached a new h nd closing : ctrie 6 per cent pr 10915, while the 5 a i clos Light made during the on, American Co. preferred ap- peared on the board at 1011; and 100 shares of National Mortgage & Inv ment preferred sold interest swung to the bond ington Gas 6s, series A, at 10415 and a §$1,000 t 3 honds took place at 105 ction 5 chgng rher & Ross o and_Washington Railw figured in the day's final The hooks are now closed Traction stock and Mer is being quoted ex di Potomac Has Exhibit at Fair. The Potomac Savings Bank is con- ducting a_banking exhibit this week at the Wairfax Fair. Safe deposit boxes are on display, the method by which they are operated being explained by an attendant; regular, vacation and | Christmas savings plans are featured; { while considerable attention to the | value of opening new accounts is also |given special stress. The advantages | of a combination checking and s ings account are brought to the front nd one of the modern machines used hookkeeping attracts much atten- | tion from those with a mechanical | turn of mind. The novel exhibition is in charge of E. T. Burdette, who handles the Georgetown bank’s advertising. It is one of the first exhibits of the kind made at a county fair anywhere in the country, reference to the files of the National Advertisers’ Association ealing that such a scheme has rare- been tried. Firm Opens Securities Department. Waggaman & Brawner, Inc., today announce the opening of a securities hde[h’ll'lmenl under the management of Thomas C. Montgomery. and Frank B. Pryor, with offices in their building at 1700 T street. They have cstab. lished New York connections and will deal in bonds and stocks listed on the New York Stock Exchange, also in local securities, having membership in the Washington Stock Exchange. The firm of Waggaman & Brawner, Inc., has been well known hers for years in the real estate and mor field, the officers belng John W. Bra-v- ner, president; Floyd P. Waggaman and Ennalls Waggaman, vice presi- | dents; W. E. Burnside, secretary and treasurer. Mr. Brawner is a vice presi- | dent and a director of the Lincoln Na- tional Bank and the City & Subur- n Mortgage Co., a_director of the iremen’s Insurance Co., and a mem- ber of the Washington Stock Ix- change. | Messrs. Montgomery and Pryor | have been for the past four years as. | sociated with the Real Estate Mort. | gage & Guaranty Corporation. rict Treasury Allotments. Secretary Mellon has announced the 1 figures of the cash subscriptions | received and allotted for the offering | of 315 per cent Treasury notes and 3 per cent Treasury certificates of in- debtedness. Cash subscriptions for the offering of Treasury notes azsre- ated $1,093,697,750 and the total of such cash subscriptions allotted was 0,522,600 Subs cent certificates of indebtedness aggre- gated $381,320.000 and the total of uch subscriptions allotted was’ §250,- 7 In the local fifth district, the Rich- | mond Federal Reserve Bank received total subscriptions for the 313 per cent Treasury notes of $42,899,050. The Treasury allotted the sum of $10.103,500. For the offering of 3 per cent certificates of indebtedness, the fifth district subscriptions reached 25,402,000 and the sum of $11,859,500 allowed. Recent Rulings by the I. C. C. The Philadelphia, Baltimore & Washington Railroad Co. has been au- thorized by the Interstate Commerce Commission to issue $3,822,000 of gen- | eral mortgage 414 per cent bonds and to deliver them to the Pennsylvan Railroad at par in partial reimbu ment for certain expenditures for addi- tions and betterments and for certain advances. The Pennsylvania Railroad was given permission to guarantee the issue, ‘The_commission has authorized the New York, New Haven & Hartford Railroad to issue $49,036,700 of cumu- {lative 7 per cent preferred stock, con- sisting of 490,367 shares of the par alue of $100 each. This stock is to be | sold at not less than par and the pro- ceeds used to reduce the road's in- debtedness to the Government, which amounts to $87,000,000. The number of local bankers who are planning to attend the coming convention of the American Bankers' Association at Houston, Tex., is grov Among those now ex- pecting to attend the sessions are | Howard Moran, last vear's president ¢ in the on en- and vice president of the Americar: Security & Trust Co.; Ezra Gould, president of the Washington Mechanics’ Savings Bank; Francis G. Addison, vice president of the Security Savings & Commercial Bank; Lanier P. McLachlen, head of the McLachlen Banking Corporation; George O. ‘Walson, president of the Liberty Na- tional Bank; Maurice Otterback, presi- dent, Anacostia Bank; Victor B. Deyber, president, Second National, iand Harry V. Haynes, president, Farmers & Mechanics' Bank and chairman of the Washington Clearing House Association. Personal and Other Notes. Lawrence A. Slaughter, vice presl- dent of the Commercial National Bank, has been back at his desk for several days after returning from his annual vacation passed at Saranac Lake. Corcoran Thom, vice president of | the American Security and Trust Co., | is back in town after spending five or six weeks at a New Hampshire re- sort, President Victor B. Deyber of the Second National returned a few days ago from a motor trip through New England. Reuben A. Lewi of the A. B. A. Jo at_the local bankers terday. Alexander Wolf, general counsel of the Bank of Commerce and Savings, has returned from a six weeks' trip abroad. H. E. Mayer, a_director of the same fnstitution, has returned from a motor trip to Lake Champlain. associate editor was @ guest luncheon yes- Dividend rates as gtven in the ahove table are the annual casn payments vased on the latest ouarterly or half vearl. Unless otherw:s noted, extra dends are not included. * Tnit of trading less than 100 shares. v Parily extra. 3 Plus 4% in ¢tock, ¥ Pa able 'in cominon stock. ~ Y Plus 2/60 in stgele. aPaid this year—no_recular rate. bifen per cent in common stock, bayabie 33 % quarterly. ¢ Plus 5% in stoék. d Pay- abs "whea earned, e Pavable in_cash or stock. fPlug 107 in etock. € Plus 1/50 are in stork 4 Plus $1 a ehare in special ock. 1 Plus 6% in stock. i Plus 2% in stock: Kk Payable 1:20"of A ghare quarterl in_Ciass A" stack lus 8% in tly stock. " b Pl i& preferred :;‘Il;'y stocl .n‘ u: n SEPTEMBER 15, - [ ment crop - | tion, but served to disrupt confidence riptions for 3 per | of the District Bankers’ Association | 1927, PRICE TREND VIEW TUMBLES COTTON Agriculture Department Re-| port Brings $7.50 a Bale Slumb in Staple Prices. By the Associated Pre NEW YORK, September rp drop of $7.50 a hale New York Cotton Exchange followed circulation of an port by the cotton divi Department of Agriculture on the future trend of cotton prices, which brouzht a heavy volume of liquida- 15.—A on the on of the | decline of about last Govern- | made a bale since the tirnate, The report, which quoted the de partment as stating that should the present estimate of production be realized and past relationships hetween upply and price prevail, it is likely prices will decline during the next few months, lacked official confirma his 31650 a The morning list dropped below the {low record established Tuesday, De cember selling 5 per pound, | compared with 21.52 on® Tuesda; March dropping to 21.65, a i on Tuesday. On the report, imating the crop at 1 000 bules, December contracts sold at 24.72 and March brought the mal bale from these prices. The market opened steady today at an advance of 9 to 16 points on overnight buying orders, which ap- peared to have been brought in by factors responsible for the advance of the previous da Farly cables from Liverpool were | @isappointing, but the market there rallied 15 to 18 points net higher after the | call, December advancing to 22.52 This bulge met considerable realiz- ing, with selling of later months here against purchases in Liverpool, and prices eased off in early trading. De- cember declined to = 2247, active months showing net losses of about 18 to 24 points by the end of the first hour. The market was very nervous and unsettled later by reported references | to cotton in a Department of Agricul- ture discussion of average farm under liquidation. DENY DROP FORECAST. | Agriculture Officials Say No Decline Prediction Is Warrented Now. By the Associated Press. Officials of the Bureau of Agricul- | tural Economics, Department of Agri- {culture, emphatically denied today they had made any statement indi- cating the present cotton supply out- Jook should cause a decline in market prices. They had been informed that losses New Orleans today on the strength of a report credited to the Bureau of Economics. “We believe,” they declared, of an article written in the depart- ment a month ago, saying there might be a reduction in cotton prices if at the end of the season the crop the percentage of production then apparent. ° “There have been no developments to warrant the inference that this prediction has come true, nor can | i there be before October 1, at the | least. This bureau spoke only of the August outlook, which had nothing to do with conditions at this time. An old discussion of the cotton situation | apparently has been presented as something new and has had an un- | warranted reaction on market bulletin | | boards,” 'WHEAT PRICE DROPS " ON HEAVIER SELLING Early Gains Wiped Out by Bear Offerings Based on Increasing Movement of Crops. By the Associated Press. CHICAGO, September 15.—Wheat price gains today ran into selling based on the increasing movement of new wheat Northwest and on asser- tions that frost in Canada had done no damage. Besides, late export ad- vices failed to bear out early indica- tions that European business would | total a good-sized volume. Corn eased off toward the last with wheat. Wheat closed unsettled, 1 to 1% net lower; corn, % to 1 up; oats at 14 decline to 1, advance, and pro- visions varying from 5 decline to a rise of 22, Indications of good export business in wheat added foday to the bullish effect of unlooked-for strength of the Liverpool market and to frost reports from Canada. Some of the wheat buy- ing here appeared to be against simul- taneous spread sales at Winnipeg. Meanwhile, frost reports from Can- ada_were ‘emphasized by word that ice formed at Edmonton. | Sharp advances in the corn market today, associated with predictions of cooler temperatures over the corn belt and with drought complaints, were in the face of Washington Agri- cultural Department statements that the general average of farm prices for the remainder of the year is not likely to exceed the present level. In some trade quarters here this comment from Washington prospective prices attracted much attention and was se- verely criticized. ‘WHE., i September December CORN-— September December March . OATS— September December March RY! September . December 96 March ., 1.00% 99 a0 SILVER QUOTATIONS. NEW YORK, September 15 (#).— Bar silver, 65% | Mexican dollars, 41%; befors the New York open- | v. | ing and active months here sold about | prices, and there was a sharp break | of $6.50 a bale’ were experienced in | “this | story was based on a mere fragment | had materialized in accordance with | FINANCIAL. The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District of Colan.bia and Nearby Suburbs in Montgomery County, Md, for 3, 5 or 10 year terms on your 51400 .o, Apply RaNDALL H. HAGNER &. COMPANY MORTGAGE LoAN CORRESPONDENT 1321 Connecticut Ave. Telephone Main 9700 Apartment Home Waggaman & Brawner, Ine. announce the opening of a Securities Department to deal in High-grade Bonds and Stocks under the management of MR. THOMAS C. MONTGOMERY MR. FRANK B. PRYOR with offices at 1700 Eye Street N.W Members—Washington Stock Exchange SPECIAL DEPT. FOR LADIES 5:30 P.M. TODAY —for the special con- venience of the many departmental employes and others who are pa- trons of OUR SAV- INGS DEPT. fOne Dollar or more will open a savings ac- count. Orgized i 1816 —113 Years Old SAFE DEPOSIT BOXES Ll (118 (1] [k Ll TRUST DEPT. OLDEST Natl. Bank In District of Columbia National Metropolitan Bank Capital. Surplus and Undivided Profits. Over $2.000,000.00 15th St., Opposite U. S. Treasury COMPOUND INTEREST PAID ON SAVINGS G. M.-P. MURPHY & CO. Members New York Stock Exchange Buccessors to JOHN L. EDWARDS & COMPANY A copy of our Fortnightly Review semt om request 1416 H Street Northwest 52 Broadway, New York Richmond, Va. EEEEEEE: | | | | FIRST MORTGAGES WERE YOU TO EXAMINE CLOSELY into our methods of property se- lection you would be quickly as- sured of the character and se- curity that recommend our 6% FIRST MORTGAGES Our Over-a-Third-of-a-Century experience counsels a degree of conservatism that provides abso- lute protection for our investors. Over a Third .ofa Century Without a Loss B. F. SAUL CO. Main 2100 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY | 1 Diversification Liquidity of Assets Skilled Management = nrm Bankstocks Corporation of Maryland Cumulative Convertible 6Y2% Preferred Stock N Investment Trust holding capital stocks of the more prominent banks, trust, casualty and insur- ance companies of the United States. The Company has earned in excess of Six Times its dividend requirements on all outstanding Preferred Stock. We recommend this issue at $58 per Unit and accrued dividend. I lgle——S g | ——— ] Harris-Mooney & Company INVESTMENT BANKERS Southern Building H. George Thyson Resldent Manager NEW YORK Main 10432 BALTIMORE Harris-Mooney & Co., Southern Bldg., Washington, D. C. Without any obligation on my part send descriptive matter. Name Address