Evening Star Newspaper, September 17, 1927, Page 14

"FINANCIA TREND IRREGULAR | Adv Rumley pf. 337 General Motors at New High. | air reavencis)”. 135 Ajax Rubber... 8% Coppers Are Strong—Most | Aitiea chem () i . | Allts Chalm (). Rails Sluggish. Abitibl Pow (5). 10 88 Amal Leather. Amerada (2). Am Agricul Chm Am Agri Ch pt.. Am Bank N (2). Am Beet Sug ... lt‘ BY GEOR HUGH h to The Star. prkomests NEW YORK, September 17.—The | Am Bosch k in the stock market closed with | Am Br Sh (J1. Am Brown Bov. ive trading and irregu- | N The atispiciid Amnm“nuopr Jar price ng The conspicuous | AT Brown B moves were upward, they ha heen for a long time, but there were | AT Car&i heavy ings from traders who \‘"flfl_}" ¥ wished to be vut of the market over | AMChIC DE pL(7) 1 » weck end and they were not ab- | Am Drug (80c).. | Am Express (6). 1 1 without concessions. D s ws as came to hand was | Am & For Pow. . cot ive. It included an indics tion of a stand for maintenance for scale by the United ration and a series ‘v\I(V‘ ws which \\<'|\‘> Am Internatl(2) e ek | Am La France. . -“"“""‘“"‘;\I:":x"““r: { Am Linseed. ... de plain, | Am Linseed pf. . S04 09 nd today's advices were all en- |fm Locomot(8) 109 ouraci The market, however, | W 0008500 340 paid little attention to the news 1t | Am Plano pt (1) " concerned itself with its own techni- | \rie %y tiey. 657 al conc nd nothing else. The | 4 p24iator (5) 147 surprising part is that after the wild | s Rag pf (7)... 134 uphidding earlier in the week there | xm Republic. ... was no pronounced reaction. ‘Am SafetyR(33) 1 Motors once more made a igh for both the old and the | (\m\&""( . ck opening sales of the | 1t while 13,000 shares new »d hands the tation T we continued 24 Am Hide & Lea. w-. Am Ho P (240). 523, | Am Homes rts. . L American Ice. 54%% d favor he time is fast of business for Winter will be m: 147 48 Snuff pt (6). 102 1 Fdys (3). ¢ zar (5). ed with previ 37, vely. U. S. sold around ewhat later. there was a T 9 the | Am Tobacco (8). *ted | AmTobaccoB(8) in the | Am Type Fo(8). points in | sy Type pt (7). Gimbel Brothers, with partial reac- ‘ Am W W (m80c) tion afterward; new highs for Du-{Am Woolen. pont, Consolidated Gas and Ieoples | am Woolen pf . Am Writ Pactfs 18% Xone of these moves needed any ex- | Am Wr Pa pfefs 507 planation. Gimbel Brothers' earnings | Am Zinc.... 7 are reported as steadily improving. | am Zinc p 36% Dupont was going along with General | Anaconda (3)... 49% Jlotors and the hi le seasoned | Armourofl1(A) 1 dividend paving utilities are still con- | ArmourofIll(B) 5 sidered the safest speculative medium. | Arnold Con&Co.. 36 Coppers Active and Strong. :szg Il:r(s' ;: ::;6)1 50% The coppers were active and Strong | yeco D G 24 n, Calumet and Arizona, Cerro de | | Pasco and Greene Cananea being the - day’s favorites. The buying in Great Northern Ore, which® was_ evident based on some special development, kept up, and Texas Gulf Sulphur was in vigorous demand | \ew York, Ontario & Western fea- ed the railroad list with a further responding to the sugges- York Central was 13 580 24% 601y 3 . 108 AtT& SF (191) 19814 19: AtICL (1835).. 194% 19; Atl Gulf & W 357 3! Atl Refining (4). 118 Atlan Ref pf (7). Atlas TacK...... Austin-Nichols.. 6% Baldwin L (7) 256 Balto & O (6)... 121 Bambgr pf(61z). 109 Bang & Ar pf(7) 110 Barnet Leather. 56 BarnsdallA(21;) 23 Bayuk Cigars... 93 Beacon Oil...... 14% Beech-Nut (13). Belding Bros (2) Best & Co (3)... Bethlehem Steel Bloomingdale... 40 Blumenthal pf.. 89% Bon Ami Cl A (4) 63% Botany C MillsA 26 Briggs Mfg Co.. 23% Blkn-Mn Tr (4). 54% s tu advance, tion that the New negotiating with the New Haven for -+ purck of the latter’s interest in Ontario & Western. Other railroad stocks were sluggish, with no really significant price changes. There was also a good deal of selling of the inde- . pendent motors, particularly Hudson and Studebake he latter at 58 was down over 5 points from its recent high. Independent steels were ne- I glected. Houston Oil and Commercial Solvents were lower and there was a long list of less active stocks which showed fractional declines. General Motors extended its gain further in the last hour, and so did Consolidated Gas. Eastman Kodak ‘was another feature. On the other hand, the great majority of industrials worked slightly lower. Steel was down over a point, and so was Gen- eral Electric, and yet there was no weakness. Right at close, however, heav selling developed in General Motors, carrying the price down for a net loss on the day. 214 53% 63 Brown Shoe (2). 44 Brown Sh pf (7). 119 Brunswick B (3) Brunswick Ter.. 10 Buft&Susq pf (4) 51 Burns Bro (10).. Bush Term (b8). 61% Bush Trm pf (7) 117 Butte Cop (50c). 4% Butte&Super (2) Y Butterick (g2) 524 Byer&Co....... T8 By-Products (2). 79% | Calit Packg (4). 65% Calit Petm (1).. 22 Callahan Zine... 15% Calumet & Ar (6) 757 | Calu & Hecla (2) 16% Canada Dry (3). 56 Can Pacific (10). 185 Can Pacificrts.. 4 Car CI&O sta (; CaseThreshg(6) 271 Cent Leath.. 18% Cent Alloy (2) Cerro dePas (15) Chand-Cleve. Chandler pt (2 Baltimore Markets. BALTIMORE, September 17 eial —Potatoes, bushel, 1.00a1 . Sweet potatoes, barrel, | barrel, 1.25al bushel, 75a1.00. Beets, hundred, 2.00a | 3.00. Cabbage, 100, 2.00a3.00. Car- rots, 100, 2.00a4.00. Celer: 1.75a2.50. Corn, dozen, 10 cumbers, baskef, 75a1.00. Eggplants, basket, 23a35. Lettuce, crate, 1.50a 250. Lima beans, basket, 40a6. | Onions, 100 pounds, 1.00a1.%5. Pep:| pers, basket, 25a30. Savoy cabbage, bushel, 50. bushl, 60a7; squash, basket, 15 (Spe- 185 67% 674 1) 20% C & O Corpn (3). Chi & Alton.... Chi & East 111 pt | Chl Great West, . | Chi Gt West pf.. Chi Mil & St P.. CM&StPefs.. C M&StP pf cfs. Chi & Nwn (4).. Chi Rock Is (5). Chile Co (2%) Christi B (1.20). 61 Chrysler Cor (3) 60% ChryslerpfA(8). 113% 11 City Stores (B). 50% Cluett Peab (5). Coca-Cola (5)... 128 3% 8 T9% 16% 36'% 18 18%% 33 95% Cantaloupes, . Grapes, common, bas- Huckleberries, quart, 20a bushel, 1.00a3.00. Pears, 50. Melons, each, 10a35. Hay and Grain Prices. No. 2, red Winter, export, red Winter, export, red Wintet, garlick; No. 3 red Winter, ga bushel, % 6. domestic, 1.10; 30 per barrel, nominal. Oats—) 2 white, new, 55 8 white, new 54a541,. Old oal" ue]lmg bushel over new oats. arby Col Fuel & Iron.., Col Gas & E1 (5). Com Cred (1) . 19 Com Cred pf 6% . 82% Com Solvents(8) 194 | Com Powr (23%). 60 Congoleum-Nair 23t Cong Cgrs(t4%) 66% Con Cigars (7).. 83% Consol Distribut % . | Consol Gas (5).. 120% { ConsolGas pf(5) 99% Consol Textile.. 413 Cont Bakg A (4). 49 Cont Baking B.. 5 Eniiens Cont Bak pf (8). 94%% i hens, Cont Can (5).... 73 old roosters, 15a | Cont Insur (6). mall and poor, 16a ‘an":.“x!on.; :’:gl’" sl v rn Pro 5 guinea fowls, | Goty Tno ¢5 619 cases; native|Crownw: Plstpt] LD Fcae {(‘ruc:hlesteeusl it receipta, in free | CrucivleSteel (6 lozen, 36; strictly fresh, doz- | Cuba Cane Subf. | Cuban Am S (1). 24 Cudahy Pkg (4). 48% Cushmann pf (8) 112 | Cuyamel Fruit.. 47% | Davison Chem.. 351 & - - “r[;elléflud(r.. 208 RG Wstpf... FOREIGN EXCHANGE. Diamd Mteh () 1Quotations furnished by W.B. Hibbs & Co. Dodge Bros C1 A N 1 Selling checks | Dodge pf (7).... s3.4040 | Dome Mines (1). S » Dunhill Int (4).. Dupont (19%).. 85% 94% coh ¢ in limited quantity rewhat irregular condition. fore, not being officially nd sells strictly on its merits, > of 16.00 and 18.00 a ton, 1l clover grades. . 1 wheat, 10.00211.00 per 1= arrivi and in sc th v Farm Products. 10% 5674 95% 9% 92 38 80 pigeons, 108 Receipts en, 38, Butter—Good to fancy ecreamery pound, 42a47; prints, 47a39: blocks, 46 a1s; ladles, 35a46: rolls, 32234; store ked. 32 v pri; 32a34; proc- ess butter, 3940, 147 17% 70 9% 55 341% 3 1697 B aton Axle (2). senlohr & Bro. AutoLt (16%) 98 ectric Boat... 18% cc Power & Lt 267 ec P&Lt pt (7) 105 ec Refrigeratn 13% ec Refrig rts. Bat (16) 72% firm. (Quotations | demand, | day bifte | demand, de- nd John (5) ndicott pr7).. ngineers Pub S 124% 1 cables, Dem: ium, 23503 nd, 40 26,891, Germany, Norw Denmar rie Stm S V.| Eureka Va f14% | Fairbanks (3 Fed Min pf (1) s. | F1d Phoenix(4). en. | Fisk Rubber.... Fisk 1st pf (7) 11| Fisk 1st pf eviT) xnm 1 \ Fieischmann (3) | Foundation (5). | ImA (4). | Freept-Tex { Gabriel Sn (313) Gardner Motor 945 147 ) Rumania, .6 18 razil, 11 hai, 61.50; Montre TREASURY CERTIFICATES. (Reported by J & W S man & Co.) Gen Am Tnk(4). }:;}; Gen Asphalt. . ““'5#3 WM” oo 00 Open. High 4+ 107 89K 11t 185 814 Albny Pap pf (7) 99% 100 164% 16474 16: 117% 117% 117 14 Am&Fo Po pf (7) 1047% 104 10 1091 10915 109%: | 447 3413 94 6614 134 Am Smelting (8) 180% 1801 1774 | 1291 1201 301515 150% 150% 1401 14015 1401 140'% 13 1% 109% 109% 109% 108 5 118 117% 1174% 1 121% 120% 109 110 56 95 14% 56% 567 21'% 54% 53 63 40 W 63 26 23% 2 547 Bklyn Un Gas(5) 146% 147 44% 119 321 32% 32 10 51 104% 1047 104'; 105 61% Bush Ter de (7). 105% ;l;@ 41 22 1% 76 17% 56% 55 4 103% 103} 271 18% 28Y 285 2814 68 67 2074 Ches & Ohio (10) 194': 195 3% 8 T9% 16% 36% 18% 18% 33% 96 108% 108% 108 37l 1 60% 50% 74 128 Collins&A pf (7) 104% 1041 104% 1041 85% 95 1914 82% 198'% 194 601 4 237 661 83% 82% 121%5 119% 121% 100 4% 4') 9 91‘ 734, 200t 200%: 10% 5T 955 9114 92 38 82 24 GO 12 47% 35% 208 206' 20614 59% 5914 147 18 70 174 20 98 187 27 105 13% 7215 117 1 E_EVENIN STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Low Close. 106 106 88 1% 3 » 8% 8% 99% 100 141 ' 10470 10474 | 100 w.{ T 51 0% 80 | 44y 341y 94 657 146 134 44 3419 931 6574 146 134 | Gen Elee (15).. R9% | H_ul 18415 184 | Open. 1397 1% 40 Genllec sp(6c) Gen GasA (o1 (B). GenMotors(w.1.) Gen Mot pf (7). Gen Outdr Ad(2) n Ry Sig (5). Gen Refrac (3). Gimbel Bros. Gimbl Br pf ( Glidden Co. Gold Dust. Goodrich Ru (4) Goodyear Tir Gothm S 1 Gotham new 213 Gould Coupler A Granby Con Min, rt North pf (5) t Nor pfefs(3) 100 rtNor O (1%). 274% Grt Wes S(2.80) 4 anan. antanamo. 10254 ] 8% | Hanna 1st pe Helme Geo (4) Hoe & CoA..... Hollander & Son Houshld P’ (33) Houston Ofl Howe Sound (4). Hud Man (213). . Hudsoh Mot (5) . Hupp Mot (1.40). Illinois Cen (7). ndep Oil (1). ndian Mot (11 36 59 394 56 843 184% 135% 1201, Al | 507 | 113 6 50% 1094 108 108 118 256 256 120% 109 110 109 110 56 5674 623 40 B9% 627 40 89% 63 26 23 5. 54% 146% 146% 44 44 119 “ 26 3 10 51 10 51 6113 105 17 4% 9 1ls 520 K 3 22 1% T4 16% T9% 657 22 1% 4% 16% 184 3 42 10313 103 2917201 18% 18% 2819 66% 64 20% 6614 6% 207 194 3 8 ks 3 i 174 32% 94% " 947 108 36% 37 61 6L 59% 59'% 113% 113% 50 50% | T35 T3% | 127% 127% 83 831 94% 9. 19% 19 82% 82% 196 6019 23% 6614 83 0 66 % % 99 44 100 4% 4 5% 5% 9414 " 200% 10% 9414 2001 10 Mz 12 47 4T% 35% 35 17% 69% 8% 697% 1% R4 7% 3 1697 171% 28% 284 12% 974 18% 98 18 146 185 9ty 99t o1 wh. 1015 | Missouri Pac pf. Inspiration InterboroRtay | Int Cement (). Int Com Int Mer Marine. i Int Mer Mar pt. per (2. er pt (7). Intl Silver. .. 183 Int Tel & Tel (6) 154 Int Tel & Telrts. 6% Intertype(t11). 34 Island Creek (4) 6. Jewel Tea. . Kelly Tire 8% pf 881 Kennecott C (5), 76% Keystone T & R. Kraft Ch (11 lno=x:e (1 Lago Oil (3). Lambert Co (5). | Lee Tire & Rub. LehighVal(313). Lehn & Fink (3) Life Sav (1.60) Lig & Myrs(f14 Lig&MyrsB (f4) 12 Liq Carb (3.60). Loose- \\\1(1 60) Loril Louis LouisGasA (175 Mack Truck (6) 104 Mack T 1st (7)., 110% Mad Sp Gar (1), 24% Magma Cop (3) Mallison & Co... Mandel 1212) Man Shirt (2). Market Street. .. Marland Oil. ... Mar-Rock(1314). Mathieson (4 Mathieson pt (1) 113% May l)ex;l S (4). Ma Miami Cop (1).. MidContinent(3) Middle States. .. Mid States Oil ct Midland pf (+ Miller Rub (2) MinStP &S 1% 1381 6414 46 107 5414 103% Montana Pow (5) 102 MontgmryW(4), 80% Mother L (50c).. 2% Motion Pic (1). 6% Motor Met (3.60) 27 Motor Whi (2 26V Mullins Body 6314 Munsingwr (3). 46 ash Mot (t432) 90° Nat Acme (sta). at Bellas Hes Mo Kan & Tex. . MoK & T pf (6). Missouri Pacific. at Distillers. at Distillers pf at Lead (5) t PW&LE ( t Ry Mex 2d. at Surety (10). t Tea (4)..... 16 evada C(1%).. N Y Air Br (3) N ¥ Cent (8) ntral rts. tL (6) 5815 126 24‘ NH & Hart., Y NH&Harrts. 1% NY Ont& W (1). 40% NY Steam pf (6) 100 orAm b10% stk orth Pac (5). or Pac efs Northwn Tel (3) Norwalk Tire. Omnibus. Opnhm Co. Otis Elevator (8) 1467 OtisSteel....... 9% Outlet Co (4). 6814 Pacific Gas (2).. 4214 Pac Oil Stubs. Pac Tel & Tel (7) 15 Packard ( Paige Motor. Pan-Am (6). Pan-Am B (6). Pan-Am West B. Panhandle. . Panhandle pf.. Parmt-Fam (j8) 104% Park & Tilford.. 38% Park Utah (80c). Th Peerless Motor. ., Penick & Ford. .. bl1% s Penna R R (334) Peoples Gas (8). Pere Marq (18). . 131 Pere Marq pf(5) 95'3 PhilaCos% pf2% Phila&RCI... Phila& | rh 12% { P Phillips Pet (3). P’hoenix Hosiery Pierce-Arrow. .. Pierce Arrow pf. Pierce O1l e Pierce Petroim. . Pillsbury (1.60). Pitts Coal. PPorRicoTobA (7) Porto Rico To B. Postum (5)..... Pressed Stl Car. Prod & Refiners. Pub Serv NJ (2) Pub SE&G pf(6) 107 Pullman, Ine.... 78 Punta Aleg Sug. 3 Pure Oil (12). Purity Bak B (2) | Radlo Corpof A. Radio C pf (3%) Reading (15) .. Iteal Silk Hos. .. Reid lce Crm(3). Rem-Rand 11,60, i 0% 241y 44 54 1167 24 644 380 587 6. Itep Ir & Stl (1), 66% Reynolds Spngs, By Rey Tobac B (5) 149 Robt Refs & Co., 8 Rossia Ins (6).." 1267 HopqiD (@133 %) 4k 149 . .u 14815 8 ion o _Close. 138 | Safety Cable (4) High 697 41 1131 R0% Open. 69 a1 1131 0% Low. Close % 6874 St Jos Lead (13) StL & San F18). L Southwest. vage Arms Schulte (315) Seabd Alr Line. Sears-R (n Seneca Coper. attuck F G (2) hell Un (1.40).. uber The (5). Skelly ¢ Snider Snidey SPorto R South Calif Ed. South Dairies A+ Sou Dairies I South Pac (6) Southern Ry (7) gouth By pe St Ml (5 StaoilCal( Std O NY(1.60). Std Plate Glass. Stewart-War (6) Strom Car Studebaker (5) Submarine Boat. Superior Qil | Symington, Symington Cl A | Tenn Copper (1). Tex: Tpn (3) Sul (4) Ochie). nd Trst n air (2,40 “Third Avenue pson (3 Tidew Aso (60 Timken (5). Tobac Prod | Transcont Oil ¢! Underwood (4).. Un Bag &Paper. Union Carb (6).. Union Oil (21%) | Union Pac (10). TtdCRrSt(Csoc) Utd Cgr St pf(6) Utd Dyew pf (7) Utd Fruit(t31). | USCIP&F (10) US Distributing | US Distr pf(7).. *| US Hoffman (1) { U'S Alcohol (5). US Leather w 1. | US Realty (4). U S Rubber..... { US Rub 1st (8). | US Smelt (332). U S Steel (7)... U S Steel pf (7). | Uni Pic 1st pf(8) Uni Pipe (1213). Utl P&Lt A (e2). Vanadium (3)... Van Raalte. Victor Tik Mch Victor ev pf (6). Va-Caro Chem. Va-Car Ch 6% pt Vivadou (3).... Vulean Detin. Vulcan Detin(A) Vul Det pfA(7). Wabash. . S orth (1.20) Ward Baking B. Warren Bros (1) WarF&Pipe Cor. Web & Heil. . ... Weh&Heil pf( i W Penn El pf West Maryland. West Pacific.... West Pac pf (6). West Union (8). West Air Br (8). # | Wsthse AirB(n) Westinghse (4). Weston Electric. | Weston A (2)... White Eagle (2) White Mot (1).. w M (1) verland s Od pf (7) Wilson & Co. ... | Wilson Co nf A Wilson & Co pf Woolworth (5) .. Wright Aero (1) Yellow Truck 66 4115 141 2101 189 5% 5414 in the are the mmm casn_payments or nalf vearly dec ve tanie s than 100 ! 1 Plus 4% in stack, common P 1 Pari’'v extra able in stock. in &tod 2 ayahle 107% 1n stoe e 'n stoek 0 Plus $1 a share 1Plus 6% in stock. § Plus aple 170 af A wharo a m Llus R7 n Plus $3 n pre one-hal? of ccmmor stoc . RAIL EARNINGS DROP 28 PER CENT IN JULY Loss of Passenger Trade and Coal Strike Are Blamed. By the Associated Press. CHICAGO, September 17.—Net rail- way operating income in July showed a decline of $32,000,000, or 28 per cent—the largest decline for month in more than three years, an editorial in the Raiyway Age's cur- rent issue reports. The decline in the net earnings, the | editorial stated, due to a_combi | nation of causes, including loss in | passenger husiness and decline in car loadings “due partly to the strike.” A decline in the railronds’ earnings of almost 9 per cent, wherea the reduction in_ope was set at only 3 per cent, was also | reported by the editorial which e hibited complete statistics for the month. loadings have heen nce July o be smaller than la ear,” it adds, “and it seems pro able that the net return reported for both August and September will he iess than in 19 Whether show a further decrease or an increas in the last quarter depend upon whether there is an e: ansion in general business resultir in an incrensed hovement of frelght BANK DEBITS IMPROVE v ORLE ‘vspm fal).—Bank debi {improvement in this section since the |recent advance in cotton, indicating general improvement in busin Debits for the last week in August and the first week in September | totalled $151,133,000, a gain of § 438.000 over the same period last Job) and manufacturers report P xpansions of busin *ptember show a marked 17 th ELECTRICAL TRADE GOOD. ¥ YORK, September 17 (#).— construction accounted for placed in | equipment | Switching equipment New large | the market for | the last week |and transmission line (are at least as high as they wel car. and in some cases higher, al World repor ovement in nditions land are apparent. 1 Middle West have inc BUTTER IS HIGHER. CHICAGO, tember 17 (A) ter higher; receipis, 8,593 tul v 43; standard !m( | teml | Biggest Decline in Three Years. | any | coal | total | ting expenses | continued | it will | of the year will | material sales | 5 b B ADVANGE IN TRADE = SHOWN BY CHECKS Bank Clearings in Capital Pick Up—Savings Bank Votes Dividend. BY EDWARD C. STONE. Bank clearings in Washington dur- | ing the past week showed a good gain {over the previous weelk, but were 5.06 per cent, below the figures for the same period a year ago. Checks pass- ling through the local clearing house this w . against the low the week of Sep- tember § of $22,388,000. Dollar volume of trade for the whole | country during the week ended Sep- 10, as seen from figures on check payments, was greater than in | etther the preceding week or the cor- | responding week of 1 ording to | the Department of Commerce. Whole- ale prices continued to average high- compared with the preceding | week, but were still below the level of last year. Prices of cotton con- tinued to advance, Iron and steel | prices, showing no change from the preceding week, averaged lower han a yvear ago. Business failures were less numerous than in the preceding week, but were er than in the same week a year Crissinger Successor Soon. President Coolidge has asked Secre- recommend a successor ¢ as governor af the 3 Board. Mellon i belieyed to ha names under consideration, among th possibilities heing Gov. Benj. \Strong ew York Federal Reserve Parker Gilbert, agent gen- tions and former Under- E , attended a conference between Mellon and Strong, and this gave rise to ru- mors that he might be named. Washington bankers are heartily in accord with the statements of Presi- | dent Coolidge and Secretary Mellon 4| that the appointment should not be a political one. In and Out of the Local Banks. The United States Savings Bank has declared its customary 7' per cent quarterly dividend, due at this on_ September 30 | ord September 20, The weekly calling vesterday of the quotations on local stocks not listed under exchange rules brought out few c the bid prices of these Title Insurance picked up points to 140 and Park Savings Bank climbed 10 points to 60. A banking group composed of Baker, Watts & Co., and Mercantile Trust & Deposit Co., both of Balti- more, and Eldredge & Co., New York, were successful bidc terday for [ §2,000,000 State of West Virginia road bonds, dated January 1, 1927. Group Insurance Growing Fast. Insurance authorities, basing their figures upon claims so far paid under group polici predict that total claims this year will come to $50,000,- 000. The 1926 group claims totaled $37,081,002, It is further estimated that alout 27,000 families will share in this disbursement. Association President Guest. W. W. Spaid, president of the Dis- trict of Columbia Bankers’ Association, will be a guest aty the annual dinner for Washington bank women, which the women's committee of Washing- ton chapter, American Institute of Banking, will hold at the Women's City Club Monday evening. Miss Mary Carr Maris of Philadel- phia Chapter, A. I. B.. and Mrs. Ollie Gentry of Richmond Chapter, A. 1. B., will also be guests of the women's committee at this dinner. Huge Treasury Operations. Fiscal operations aggregating $1,- 500,000,000, were recorded. on Septem- ber 15 on the books of the Treasury. | In addition to flotation of two kinds,of vernment Securities, redemption of | maturing issues of certificates of in- | debtedness and payment of interest on obligations, the collection of thir quarterly income tax installments fig- ured in the operations. Income tax payments due were esti- t approximately $465,000,000 ury officials, Beane Notes Buying Movement. A. C. Beane, senior partner of Fen- | ner & Beane, the New York Stock Ex | change firm, which has an office in the Willard, has just returned from Ku- rope, where he found interest by Eu- growing very rapidly. azed at the eagerness of the French investors to purchase our securities, :ause they consider even at present prices that the yields are liberal. The average Frenchman is satisfied with a | return of 4 per cent if there is com- | bined with this return a reasonable | speculative possibility. There is no way of estimating the | volume of American sécurities bought | by French investors during the last | year, but it runs into hundreds of mil- |iions of francs. I was told that Eu- ropean investment trusts also were heavy buyers of ‘American common stock Personal and Other Notes. e President C. D. Ratcliffe of the ¢ Trust Co. is on a three-week | va . Te is now at Atlantic City also visit Bridgeport, Conn. | Cashier Frank Owings of the Bank of Commerce & Savings is spending a at his Summer place on | K . Thomson of the Washing- Loan & 7rust Co. has returned | from the national advertising conven- st Baden, Ind. Hunton Leith, assistant cashler {of the Security Savings & Commer- ial Bank, has l(‘lulno(l from the same | convention. Assistant Cashier J. F. hipley of the same institution is pass- ling two weeks' vacation in the West. >resident William D. Hoover of the National Savings & Trust Co. I8 ex- pected back from Hot Springs early next week. President Charles J. Bell | of the AmericanaSecurity & Trust Co. also is expected home soon. e e ERIE R. R. VALUATION. The Erie Railroad’s owned property tentatively been valued by the te Commerce Commission at 3 148, as of June 30, 1918. The total used property was valued at | ,300,001. I tion at W | . STOCK MARKET. sed Wire to The Star. , September 1 | & f today’s highes ‘ ) s for the BOSTO! “ollowing lowest and most active Low. €l arson Hill | Copper Rang ast b tte | East Mass p East Steamship | Hond Rubber in the | 14 Dominion ific Mills .\ { Torrmgton 1 | United” Fruit nited Shos M i B 19 ATURDAY, SEPTEMBER 17. | ropean investors in American securi- | “I was | 1927.” BIG MONEY SUPPLY AIDS STOCKS' RISE Business Is Poor, Thoughg Power Output Figures Show. | Commodities Higher. Special Dispatch to The Star, NEW YORK, September y group of economists met here a fow | days ago to confer on the outlook for | business and the trend of securities These men judge conditions in the modern sclentific manner and are | devoid of sentiment and not given to hysterla. One of them has a national reputation for good judgment in ob- serving and interpreting the economic trend of the time: | The composite opinion of this gather- ing was that stocks even at the pre ent high average were not abnorms from the investment standpoint or in their relation to the excessive supply of capital released from business and | having an outlet solely in the market | for securities. Their argument ran | to this effect—that so long as the surplus of funds continued to be as great as it is at present, it would be employed in the purchase of both in- vestment and speculative shares re- gardless of their yield and after prices | of them had discounted all probable measurements of worth. If these premises are accurate one | might reasonably expect to witness within the next vear a range of quo- | tations that would make existing ones look relatively cheap. Certainly the market possesses a_vitality greater | than it has exhibited at any time | ithin this generation. Memories a One quickly forgets even the | high spots of oth seculative periods. However, familiarity with major price fluctuations over a period of ‘30 i does not recall to the writer any conditions similar to those now existing or a market that at the end of a threeyear advance showed | such an ability to go forward at a | quickening pace. | Commodity Prices Up. | For a long time this country has | been taking in gold and receiving | huge balances from the rest of the world. Until recently it has_avoided the inflationary results of these eredits. 1t is now experiencing the effects of inflation which are centered on the securities market. Commodity prices have been declining since 1925 They are now beginning to advance, though they will probably be affected from week to week by the daily wild | fluctuations in agricultural products. In a comparatively short time corn has declined 25 cents a bushel, wheat | 15 cents and cotton has dropped 10 | per cent from its market value since | the end of August. The general trend | of commodities, however, is upward Evidence of the ecxcess of money over commercial requirements is to | be found in the active participation | of the public in the stock market. This is greater today 1s been since the early part of 11 The testimony of brokers is that clients have a larger supply of funds with which to speculate than ever before. At the same time the volume of in vestment purchases exceeds all other years. Stock exchange houses tell of weekly shipments of 0dd lots of stocks | amounting to from $2.000,000 to $3,000,000 continuing without inter- | ruption for several years. This has | obviously taken an enormous amount | of shares out of the market and re- | duced the floating supply so that | those outstanding are readily marked up on small transactions. The opera- | tion of the law of supply and demand on securities today furnishes one of the most reasonable explanations of | its strength. s.week has witnessed an aver- | age price for stocks nearly 50 points over that in January, almost 75 points above that ruling during the March decline last 3 and nearly 100 points | | higher than'in 1924, when the present | bull movement began. A certain | nount of exaggeration is siven to these figures by the extraordinary ains in a limited number of high- priced shares that have been market leaders during the last half of the life of the bull market. The picture is also blurred by the fact that many shares have gone down while others have been going up. The process of selection and rejection of securitie: | been more actively other speculative campaigns. No doubt many persons have been taking advantage of market conditions to capitalize their profit. The trans- fer books of corporations clearly sug- gest liquidation of large blocks of stocks held intact for many years. These have been broken up into small- er units representing the public's par- | ticipation in the market. At the same time the sellers of one set of stocks have concentrated their attention on | a few issues with the result that a large proportion of each day’s trans- actions has taken place in a few wide- ly explojted issues. There is every in- dication that the interests that have made such a wonderful manufactur- ing record for the General Motors Cor- poration have allied themselves w the United States Steel Corporation and that a management notable in the past for building up equities may in the future be more generously inciined toward its shoreholders. When the stock market broke with such violence in March, 1926, there followed a period of several months of depression pending the recuperation of its patrons. The immediate sequel to the 10-point average decline was an equivalent advance, with funds pour- ing into Wall Street from all quar- ters to take advantage of what were regarded as bargain prices. It is with- in veason to expect anviher severe slump in the market some time this Autumn. When it comes there will again be thousands of “sold-out bulls” br FINANCIAL’ Money to Loan Secured by tirst deed of trust on Prevailing interest and comm: Joseph I. Weller ;0% When You Need a Loan Consult WELCH Realtor TLOAN SPECIALIST Money to Loan At 5% % Interest Before l’nflnx or Renewing Your BOND SALESMAN Financial house has opening in its bond department for ex- perienced hond salesman to sell high-grade bonds. To the man with proper ability, training and with a clientele, we offer an at- tractive proposition. Replies confldential. Address BOX 377-V Star Office The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District of Colun.bia and Nearby Suburbs in Montgomery County, Md,, for 3, 5 or 10 year terms on your 5%% Apply RanparL H. HAGNER &. CoMPANY ted MORTGAGE LoAN CORRESPONDENT 1321 Connecticut Ave. Telephone Main 9700 Apartment Office Building Home Business Property LET US FINANCE YOUR HOME LOANS To Run 5 Years No Annua! Curtail 51,9, Interest WM. H. SAUNDERS CO., Inc. Main 1016 1433K To the Holders of CRANDALL'S TIVOLI THEATER, INC,, Real Estate Trust Deed Six Per Cent Gold Notes, Maturing April 15, 1928, and April 15, 1929 Notice is hereby given that Stanley-Crandall Washington has elected and intends to redeem on Octobef all of CRANDALL S TIVOLI THEATE Deed Six Per Cent Gold Notes matur 1929, issued and outstanding under dall’s Tivoli Theater ington, D. C.. and Joshua 15, 1924, and that upon presemtation of coupons maturing on and after the s redemption, at the principal office Washington, D. C.. 1503 Penns ington, District of Columbia, as follows: April 15, 1928, maturit principal amount thereof thereon to October 15, 19; April 15, 1929, maturity, at 1001 per cent of the principal amount thereof and all accrued interest thereon to October 15, 1927; and ail coupons for interest after such date shall be void and of no effect. STANLEY-CRANDALL COMPANY | OF WASHINGTON September 16, 1927, Washington, D. C. Company of 1927, te Trust . 1928, and April 15, st Agreement of Cran- ith The Riggs National Bank of Wash- as_Trustees, dated April said Notes with all interest i1 date herein designated for f The Risgs National Bank of Ivania Avenue Northwest, Wash- id Notes will be paid and redeemed » at 1001, per cent of the and all accrued interest APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbi 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 . eager to take up the good industrial and railroad shares then offered. The most important question new is whether the advance in securities will produce a recovery in trade. The probabilities are that combined with | an improved agricultural position, the | definite program _stabilizing oil and | iron and steel prices and better rail- 0ad returns in the final quarter of the year, some recovery will take place and will continue well into 1928. Trade Reaction Pictured. Certainly business today is poor. In analyzing this week the gross earn-| ings of American railroads for July, | the “Financial Chronicle” finds in | them unquestioned evidence of a trade reaction of much larger proportion than generally acknowledged. The total gross revenues for the month were off about 9 per cent and net operating income was nearly 30 per cent under a year ago. Going further, FERS'T MORTGAGES GOOD EXAMPLES ARE WELL WORTH FOLLOWING The number is increasingly large of people in Washington who—in seeking opportunity to place investment funds to advan- tage—have chosen our the figures of electric power produc- tion in the United States give clear symptoms of industria on. Since | March there has been a decline | in the amount of electricity gener public utility plants in contr: a gradual monthly increas year ago. at'| In analyzing a cross sec-| tion of the earnings of any one of the large public utility holding corpora- tions with a wide distribution of operating companies, it will be found that most of them have shown a slackening in demand for power from manufacturing concerns since the early part of the year. Nearly $200,000,000 of new bond is- sues have been placed on the market this week. Twice this amount is in early prospect. In spite of existing low money rates it would “hardly seem possible for the bond average to ad- vance a great deal in competition with all of the new securities with the preference of the public for equities over fixed Interest bearing securities and with an already fairly high range of prices for domestic bonds and a Jarge number of foreign issues now Over a Third of a 6% FIRST MORTGAGES The principal remains intact and safe. Income returns are sure and regular. “Over-a-Third- of-a-Century Without a Loss” reflects invariable satisfaction on the part of investors. B. F. SAUL CO. Main 2100 925 15th St. N.W. Century Without a Loss IS NO SUBSTITUTE FOR SAFETY selling at or above the call level, -