Evening Star Newspaper, September 25, 1927, Page 33

FINANCIAD. NGENTIVE NEEDE INSTOCK MARKET Stocks Irregular—Bonds Are | + Strong—Business News Is Mixed. BY GEORGE T. HUGHES. : Special Diapatch to The Star. NEW YORK, September 24.—Doubt As to the future of the security mar-| kets has not heen dissipated by their | action this week. Stocks have been highly irregu with a sharp set back and partial recovery. Bonds have been strong, especially the high grade ones. Business news is mixed There has heen some seasonal im-f provement to certain lines, but it does | not include the iron and steel trade. Money is a_trifle firmer The stock market is still weigh- ing the relative importance of money and business. For the long ranze outlook the majority opinion the money situation will prove the more important factor, but that does | not prevent more attention heing paid | to unsatisfactory profit margins, with some ermedi: effects on stock ! quotations. Perhaps that is the | ast deduction from the market's course this week In the h ed the reactior shares, Steel, were the most conspicuous ferers. Other industrial stocks times broke badly, but their lo did not have the same effect on sen ment as did the weakness in the steels. For a month or more the turn in the steel trade has heen confidently | predicted, but it has not come. United States Steel Corporation is_estimated | to be operating at about 65 per cent | of capacity, and the average rate for | the Pittsburgh district is fixed around | 60 per cent. No reliable estimate is available of third-quarter earnings but they are not likely to be hetter | than those of the first half vyear. Attention to Stock Yield. That being the case, more attention is being paid to the yield that lead- ing industrials stocks affected at present prices and present dividend rates. If business justifies nothing more than the prevailing scale of dis- bursements to shareholders, there does not seem to be an ood reason why stocks should go higher when the yield is little more than can be had from the highest grade of hands. The usuai answer to this argument is two-fold. Im the first place, it is sald that easy .money will put stocks up to unheard-of price levels, and, in the second place, it is urged that the investment fashion of the moment is all on the side of common stocks and against bonds. No one can say what easy money | may do after having witnessed the stock market performances of the past year, but it is not true that 21l the investment resources are going into stocks in disregard of bonds. ‘There is good reason to believe that more funds are being shifted into the bond market. The average price of a selected list of domestic bonds is only a small fraction below the high of the year reached in May. For- eign bonds are approximately at their | high for all time. . There has been | a decidéd renewal of interest in the bond market this week and it would not be surprising if it were carried much further. As to the money situation itself, the rate for call loans has hardened, but that is the only change. = The Federal Reserve statement for the 12 banks eambined shows a fractional increase il the reserve ratio and that for the New York bank alone a rise from 71.8 per cent a week ago to 811 per:cent this week. Total gold reserves are higher than a week ago and higher than they were at the same time in 1926. Brokers' loans have reached a nmew peak, according to the Federal Reserve figures, and when_transactions in the new Gen- | eral Motor stocks are issued next week the total will be ever higher. All this, however, gives no worry to speculators. , New Incentive Is Needed. ‘What the market really needs is some new incentive. It seems im- possible that this incentive will be found in increased industrial profits or in any other pronounced ease in money. The profits are more apt to be lower than higher and the money | outlook has been discounted for the present at least. On the other hand there is room for something new in the railroad fleld. August earnings| as they are coming to hand are some good and some not so good but the | September figures are expected to make a far better showing, especially | in the Northwest. Moreover, railroad stocks have the advantage over in- dustrials in two respects. Their average is farther below the high of the year than is the case with the industrials and the yield on the rails is_more liberal. Finally the large number of im- portant cases awaiting decision by the J. C. C., should not be forgotten. These include the Chesapeake & Ohio application for approval of stock con- trol of the Erie and the Pe Mar- quette. They include th Loree Southwestern merger proposition and the matter of the Buffalo, Rochester & Pittsburgh lease. Tie Northern Pacific-Great Northern plan is still be- | foreé the commission. It is also time some result was reached in the St Paul reorganization. While there has been no intimation from Washington as to when action will be taken in any | of these cases, it might come unex- pectedly and give the stock market the impetus it seems to require. FARM EXPORTS GAIN. Heavy Cotton Shipments Aided Last Year’s Figures, Officials Say. | Heavy fore ark- | the steel | of midw uf- | | n shipments of cotton contributed largely toward bringing | Jast year's agricultural exports to the Jargest volume they had reached since 1922, the Department of Agriculture | announced ye The _agricu 1 export mounted to 1 i<ing the period as a base of 100, comy 108 for 1 Grain exports, prinei- | pally wheat and flour, also were | higher and there were heavy exports | of fresh and dried fruits. Dairy | products, cattle and meat products | touched the lowest point since 1914, | TR e SOUTHERN 0UTLOOK GOOD. NEW YORK, September Walter ( investment director of the Southern Rai ing for s improved for the in the last thr of the year. “The Sout the results of the poor crops in the South and this cond naturally will show itself to some ex- tent in the year’s earnings, but with improved Fall and Winter il traffic | in prospect, some recovery will Mills throughout the South awe busy with no indication of a let-up in sight I look for much improvement in the textile industry and be i passed through its worst years.” banker has mining interests Rthodesia. index | 1910-14 | a with | ystem C. &TEABNINGS GAIN. NEW YORK, Septembe: () %he Chesapeake & Ohio had 1026 my High | 10125 11032 1015 {10117 100 25 110318 101 29 111010 106 9 —1926— ——1927— High Low. 100% 97% H 100 103 9274 | 111% 105 | 1081 105% 93% 90 105 Low 99 19 101 21 100 13 Low. o 6 | 100% 964 100 81% 814 88 100% | 105% 102% 1027% 101% 109! 48 | 10015 105% | 1043 102 10614 11097 1074 107 984 9% 103 106% 10314 100 105% 108% 614 92t 98 107% 101% 00% 9915 874 9418 106 114'% 119% 104 10685 98% 98 106 99 119 105 1018 109 105" )87 102% 104% 109t 9 102% 101 1084 99% 108% 97% 104% 107 122 1034 105% 108 100 105 103% 105% 98 103% 18 106% 991 110% 100% 100% 102% 112% 105% 104% 99% 101% 102 107% 9518 108% 8% 8818 92% that | 109% 106% 9% 31 824 104 110 1 87 excepting United States| 4o (02 102t 20 1 | 10616 1034 103'2 99 107 102 9674 975 101% 102% 904 { 103% 102% 99% 100% 93 95% 8% 924 107% 921 101% 104 119% 101% 102% 843, Y% 102% 96% 102% 99% 93% 2% 100% 114% 104 97 107% 9% 974 9874 1037% 1034 100 93% 100% 101% 103% 91% 105% 108% 105'% 99% 90 95 56 113% 110% 102% 93% 95 9% 1007% 103% 98% 102% 99% 118% 107% 81% 0% 57% 964 58% 114% 81 92% 98% 187% 103% 9% 96% 122% 105% 92 v a16% 98% 109% 115% 98% 84% 8 100 86 93 76 997 99% 98 9642 110% 98Y% 9T 106 109 0% 106 36'% 50 934 6613 91% 114% 98 88 100 108% 1 113% 42 95% 894 92 93'% 102% 89% 98 92% 116% 102% 3% 64% 47% 90% 48% 111% 65% 8% 94% 81 101% 95% 88% 108 1027 85% 974 106% 114% 93 102% 110% 924, 5% 62 85% 66 894 2% 93% 98% 96% 95% 105% 94% 101% 106% 58 97% 69 0% 61% 86 108% 9674 83% 94% 102% 111% B6% 101% ——192T ey High Low. 101 25 100 23 103 30 102 28 1014 100 8 101 21 100 23 104 12 103 13 114 31 110 5 0. 8. BONDS, Liberty 3%s 1932-47.. Liberty 1st 4148 1932-47. . Liberty 2d 4% 1927-42.. Liberty 2d 4%s 1928. . Liberty 4th 414 s 1933.38, Treasury ¢%s 1947-62... FOREIGN. Argentine, June 58 19 Argentina 6s A-1957 Australia 531 Austria s 1943. Belgium 8s 1955. Belgium 7%s 1 Belgium 8s 1941. Bordeaux 63 1934: Brazil 815 1957 Brazil 83 1941. Canada 5s 1952 Canada 5%s 19 Chile 85 1941 Chile 85 1946. Chinese Govt Ry 5s 1951, Copenhagen 5145 1944 Czechoslovakia 8s 1961. Denmark 68 1942 Dutch Bast Indies 63 1947 Dutch East Indies 8s 1962. French Government 7s 1949 Erench Govt 7%s 1941 French Govt 85 1945 German 7s 1949...... Holland-American s £ 6s 1947 Italy 78 1951.... Japanese 614 s 1954 Netherlands 6s 197 Norway 6%s. Paris-Lyon M Poland 8s 1950. . Queensiand 6s 1947, Queensland 7s 1941. Rhinelbe 7s. Rio de Janeiro $s 1946 Rome 6155 5 ¢ Sao Paulo State of, 85 1936... Seine Dept of. 78 Serbs, Croats, Slovenes Sweden 6s 1939 Swiss 548 1946. .. Toho Elec Pwr 75 1955 United Kingdom 5¥s 192 United Kingdom 5%s 1927 Yokohama 63 61. .. 9. 9% Amer Agri Chemical 7%s 1941 Amer Smelt & Ref 18t 58 1947 Amer Smelt 1st 6s 19 Amer Sugar Refining 6 cenee Amer Tel & Tel cl tr 48 1929.. . American Tel & Tel s £ 5: Anaconda Copper 6s 1953 Anaconda Copper ov deb 7s 1938. . Armour & Co 4%s 1939 Armour of Del 1gs 43. ‘e . Atlantic Refining deb 5s 1937.... Barnsdall Corporation 8s 1940 Bell Tel (Pa) ref 5s 19: Bethlehem Steel p m bs Bethlehem Steel s t 68 1948 Detroit Edison ref 6s 1940. Dodge 6s 1940 seve Eastern Cuban Sug 7%s 1937, Goodrich (B F) 6%s 1947, Goodyear Tire 85 1941. Humbie Oll & Ref 5%s 193 Indiana Steel 55 1952 Inter Mer Marine 6s 1941... Inter Paper 5 A 1947, International Paper cv 631941, International Tel and Tel 412s. Kelly-Springtield 83 1931. Lackawanna Steel 5s 1950 Laclede5%S........ Liggett & Myers 6s 1951. Manatl Sugar s £ 7%4s 19 Midvale Steel 5s 1936. . . New England Tel 5s 1962, N Y Edison 1st 6%s 1941 NYGasELHG&P 531948 N Y Tel 4%s 1939 N Y Tel 63 1941 Northern States Power 58, Pacific Gas & Elec 58 194; Pacific Tel & Tel 63 1962. . Pan-American 6s 34..... Philadelphia Co ref 6s 1944. Public Service 6s 1944.. Sinclatr Ol 78 1937......0 Sinclair Crude Oll 6 Standard Oil N J 5= United Drug 6s 1943 U S Rubber 18t & ref 65 1947 U S Rubber 7 U S Steel s £ 65 1963 Utah Power & Light 58 Warner Sugar 7s 1939. Western Union Tel 6%s 1936. Wilson & Co 1st 68 1941.... BAILROAD. Atchison T & S Fe gen 48 1996 Atlantic Coast Line 1st 4s 1953, Balto & Ohlo ref 5s 1995, Balto & Ohio 6s 1929. B&OPittsLE& W Va 4s 1941.. B & O Southwestern Div 5s cfs 50 Brooklyn Manhat s f 68 A 19 Canadlan Northern 6%s 194 4 Canadian Pacific deb 4s. Central Pacitic 4s 1949 Chesapeake Corpn 5s w { Chesapeake & Ohlo cv 4 %5 193 Chesapeake & Ohio gen 4%s 1992. Chicago & Alton 3%s 1950.... Chicago Bur & Quincy 4%s 77 B. Chi B & Quincy 1st ref 58 1971 Chi & Eastern 111 gen 58 1961. Chl Great Western 48 1959.. Chi M & St P cv 448 1932. Chi M & St Paul gen 4 %48 1989,,.. Chi M & St Paul ref 4.8 2014.... 2 Chi & Northwestern 6%s 1936 Chicago Rallways 58 1927. Chl R 1& Pacific ref 4s 1934, « Chi Union Station 4%5 1963. . Chi & Western Ind con 4s 1952 CCC&St Lref6saA1929... Colorado & Southern 4%s 1935, Cuba R R 581952.... Del & Hudson cv 58 1935 Delaware & Hudson 5%s 1937.. Den & Rio Grande con 4s 193/ Den & R G West 58 1956. Detroit United 4 %s 1932 Erie 1st con 4s 1996 Erie gen lien 48 1996. Erie cv 4s A 1953 Eriecv 4s D 195 FlaECbs74... Grand Trunk s £ deb 6s 1936, 4 Grand Trunk 7s 1940.. Great Northern 4%s 1976. Great Northern gen 5%s 1952,... Great Northern gen 78 1936...... Hudson & Manhattan ref 6s 1957, Hudson & Manhattan adj 5s 1957. Illinois Central 4% 66.. ..., Inter Rapid Transit 5s 1966. Inter Rapid Transit cv 7s 1932 Inter & Great Nor adj 6s 1962 Kan C Ft Scott & M 4s 1936. Kansas City Southern 3s 1950, Kansas City Southern 68 1950, Lake Shore 4s 1928. Lake Shore 4s 1931. Louis & Nash unified 48 1940 Louls & Nash 1st ref 58 2003 Mil Elec Ry & Lt 1st ref s 61. MStP&SSMG6is 1931 Mo Kan & Tex 1st 4s 1990, Mo Kan & Tex adj 5s 1967. Mo Kan & Tex pr In 68 A 19 Missouri Pacific gen 48 1975. issourl Pacific 5s F New York Cent deb 48 1934... New York Cent ref imp 68 2013, New York Central deb 6s 1935. New Haven deb 4s 1957... N Y NH& Hcvdeb 6s 1948, N ¥ Ry 681965.... N Y West & Boston Norfolk & Western con 48 19! Northern Pacific 3s 2047. Northern Pacific 4s 1997. Northern Pacitic ref imp 6s 2047 Ore Short Line ref 4s 1929, Ore-Wash Lst ref 431961 Pennsylvanla gen 43%s 1965. Pennsylvania gen 53 1968, Pennsylvania 6%s 1988, Peoria & Eastern inc 4s 1990 Pere Marquette 1st 58 1956. Reading 4%8 1997 Rio Grande Western RIArk& L 4%81934..... StLIM&S R &G 481933 St L & San Fran pr In 4s A 1950 St L & San Fran pr In 68 1950, St L & San Fran 5%s D 1942 St L & San Fran ad)j 6s 1955. St L & San Fran inc 6s 1960. StPKCS Line 4%s1941. Seaboard Alr Line ref 1959. Seaboard Alr Line ad) 68 194 Seaboard Air Line con 6s 1945 Southern Pacific cv 43 1929, Southern Pacific col 43 1949.. Southern Pacific ref 4s 1955. Southern Ry gen 3s 1956 South Ry 18t 58 1994......0 Southern Ry dev 6%s 1956, Third Ave ad) 58 1960. .. Union Pactfic 1st 45 1947 99% 101% 1064 1195 56'% High . 101 20 101 13 108 11 108 7 100 18 100 15 L1013 104 1 144 1 Prev wee . 1087 . 1ot THE SUNDAY | BOND SUMMARY FOR THE WEEK Low. Last. Yield. 101 13 103 7 | 100 16 100 31 103 31 114 3 100 3 103 g Close. High 99% 991 100 98 103 99% 114% 110t 100 Low. 994 99% 97% 10219 99'% 114% 110 99% 92% 107 9914 1144 110% 100 923 107 105% 102 1081, 10 1077 | 106 105% 1024 1024 | 109 103 | 109%% 1011 107 1051 104% 105 106 114% 1064 1w 11 1067 103 96% 101% 106% 101% 951 100% w7 | 113% 1132 105 91y 1064 1034 1014 104' 104% 99 1170 105% 94% | 106% i14'9 110% 106% 103 96 1014 100% 104'% 104t 983 117% 10542 94% 105 104% 99 105% 95% 103% 102's 108Y% 1047%% 9974 106 104% 1034% 102% 108 104% 99 103 102% 108'a 104% 100 106 105 109% 0% 90 102 984y 106 101% 1054 851y 99 108% RT% 106% 107 1 102% 105 103'% 100% 1032 102 105 10245 99% 109% 102 103% 104% 10 103% 104% 1024 56 124% 96l 1077% 115 9% 12 115 101 92Y% 101% 112% 48 1047 95 88% 101% 10215 101% 99 95% 2% 89 102% 1034 Wi 991 101% 99% | niture store owned by | niture that | could acquire even a STAR., WASHINGTON, HOMES ON INSTALLMENT PLAN HAD ORIGIN D. C. SEPTEMBER 1927—PART 1, IN WASHINGTON| First Project, Handled by Old Home Sav- ings Bank, Included Every Reasonable Precaution by Financiers. BY I. A. FLEMING. Back in Chicago in the late '608 or the early '70s there was a large fur- John M. Smyth Soon after their opening they selling furniture on the ¥ tial payment plan, this being the first cquaintance with the payvments in a long experience. The Smyth nouse sold lifetime fu actually indeed some passed into the s ownership and promises ve equally well a third and fourth gen- eration. The Smyth house, lfke its furniture, is still in active operation. In those a person of some stand ing and reputation could buy a piano on monthly payments, but the rank and file, who today may purchase any piano made on weekly contributions, second instru- ¢ by saving and saving for & Co name, ment_on months, Today the installment business cov- the earth like a pet, and credit an easy matter for the just and often for the unjust. It has been a matter of common knowledge 3 that installment payments were a ranged most any old w weekly or monthly, and that many of the notes incident to this way of doing, and that the strongest merchants and manufacturers engaged in this h\ls‘b ness were in the habit of making their collections through banks, while others had the notes discounted, tak- ing up any that were not promptly paid on maturity. Homes on Monthly Payments. Tt was not until many years later that the story of homes and lots on monthly payments began to leak through news sources. Later it devel- oped that this syalemD }}nrl its concep- 1o ‘Washington, D. C. v 'l': x}:’:\S since developed, too. that the old Home Savings Bank was the origi- nator of the plan. Let Howard Moran, vice president of the American £ ecuri- ty & Trust Co. formerly a high fMcial of the 1ome Savings Bank, which he helped organize, tell the rest of the story. Mr. Moran's ‘Story. “In this era of competition banks and trust companies have come to re- alize that they have new competitors in their field. This has been particu- larly felt within the past few years through the fact that the American people have not placed in savings ac- counts the same volume of money as e past. h“‘gil“hp‘m\'eslment houses have been drawing upon the savings deposits and the bujlding and loan associa- | tions have been getting their share “The manner in which to meet this competition has been a question only lightly discussed up to & year ago. Of course, this change has heen onty gradual. Statistics, however, reveal an ever increasing movement from the banks and trust companies and solution must be found to meet acknowledged competition. “Perhaps the experience in Wash- ington, D. C., of a banking institu- tion will assist bankers to find one means of meeting the changes which have taken place. ‘When the building and loan asso- ciations were organized it was pri- marily to loan on real estate for the purchase of homes, and in many in- stances this was confined to a month- Iv payment plan. It was not, how- ever, until about 25 years ago that other agencies, seeing the value of such a-loaning plan, developed it. Home _Savings Progress. “In Washington,’ ne §avings Bank, which was the originator of monthly payment plan of loan made great progress in securing increased husiness, not alone in savings, but in the loan fleld, and until its merger with the American Security & Trust Co. it was able to increase its busi- ness more rapidly than any other institution ever formed in the city. in the period of its existence. A great Geal of this success was due to the encouragement given to build- -rs and purchasers of homes to trans- act their business on a monthly pay- ment plan, and it brought to the in- stitution, which at that time was somewhat outside of the financial distriet, much progress. “Before this plan was introduced the builder would obtain first trust real estate loans on specific houses built, and then accept a second trust for the balance of the deferred purchase price, to be paid on a monthly pay- ment basis. In a good many in- stances these monthly payments in- cluded also the monthly pro rata of the interest on the first trust which ordinarily is payable semi-annually. This was being done so that the home buyer would know exactly what amount he would have to set aside each month. “Payments on these second trust notes were usually of sufficient amount to mature the note within six yvears, and as the first trust was usu- ly made for a period of three years it s generally necessary for the purchaser to renew his first trust for a second period of three years. At the expiration of that time the pur- chaser had become in the habit of making monthly payments and he would desire to place the first trust on a similar basis. Meet Competition. The Home Savings Bank had made a specialty of first trust loans to build- ers and at the same time had encour- aged them to leave with the bank for installment | collection, their second trust notes. | This was done as a means of tying more closely the builders to the insti- tution, as they were excellent pros- | pects "for business in other depart | ments, and brought to the institution | of people who were making | yments through us on the | notes left for collection. We found that in many purshasers aiter settling the full | mount of their second trust would | | make an application to a building and | a monthly pay- and in consequence we would this customer both as a | borrower and a depositor. | For such cause we finally decided | to adopt a monthly payment plan_of {loan, which we feit would be an im- | provement over that of the bullding and loan assocfations, and in this manner keep on our books the busi | ness which we had originally secured. Monthly Payment Plans. s a result there came into exis tance with the institution this month- payment plan of loan. We made ans’ up to 75 per cent of our ap- | praised value of the property, which is | | the maximum made by the building | |ana N associations.” We required a_paym 1 per cent per month | | of the principal amount of said loan, which payment included principai and interest, and we also provided in the note and deed of trust the priv- | ilege of making larger payments in multiples of $5 up to $100 per month, thereby encouraging the bor- rower to reduce his loan as rapidly as possible. As we figured interest on the balange of the principal remaining unpald each month, the amount . paid on account of 'interest decreased each month, and accordingly the amount paid on account of principal increas- ed, so that the borrower paid inter- est only at the rate of 6 per cent at any time on the loan. These loans, as a result, pay themselves out in about eleven and seven months, Folders w sued from time to time describing these loans, and sent to customers—deposits and borrow- ers—and as a result we have held most of the loans which might ha been placed elsewhere. This is being continued today, with the samo suc cess as experienced in the past, The Advantages. | Certain advantages accrue throug the iIntroduction of this mnnll:lhymx:x:\!! |ment plan. No matter what the rate |of interest might be on a term loan. we are assured of & number of such monthly payment loans covering the above period of time, at 6 per cent interest, and we have, therefore, en- couraged such loans on that basis, An analysis will show that taking into consideration other charges made on a term loan, at even a lower rate of in- terest, there is little difference in cost between the two types of loans to the borrowers. As is the rule with most loaning agencies, we make a charge of commission for term loans, but make no charge of commission for this monthly payment plan of loan, and that, too, has been another encourage- ment to such borrowers, as it is not necessary for them to make renewals from time to time, as they would on the regular term loan, During our years of experience with this loan plan we have had occasions arise whereby individuals have desired to reduce their monthly payments after a certain amount of the loan has been paid, and we have been able to allow this reduction in cases that were believed entitled to this privilege. All of this business has been particu- larly satisfactory in Washington, where there are so many Government em- ployes, whose compensation is small, and where it is almost impossible for them to save out of their salary. When they are in a position to pur- chase a home with a small cash pay ment, and make their monthly pay ments on a basis similar to rent, this plan_has undoubtedly proved to their benefit. i instances | | ment loan, NEW YORK MARKETS. NEW YORK, September 24 (#).— Rye firm; No. 2 Western, 1.11 f.o.b. New York and 1.04% c.if. export. Barley firm; malting, 94 c. York. Wheat, spot, firm; No. Northern Spring, c.i.f. New York, lake and rail, 1.47%; No. 2 hard Winter, f.}).b. New York, lake and rail, 1.43 No. 2 mixed durum, do., nominal; No. 1 Manitoba, lake and rail, to arrive, 1.6314 in bond. Corn, spot, firm; No. 2 yellow, c.if. track New York, lake and rail, 1.14%; No. 3 yellow, do., 1.1013. Oats, spot, firm; No. 2 white, 60. TLard, firm; Middle West, 12.95a 13.05. Tallow, easfer; special loose, 815; extra, 814; other articles un- changed. CLOTH MARKET QUIET. The cloth market was fairly qulet today and prices were somewhat more stabilized in the corsage yarn cloth section. Fine cotton goods in the gray were without feature, resellers showing a disposition to dispose of part of their yardage and not finding buyers except at concesslons larger than they are ready to grant. The burlap market has held fairly quiet since the middle of the week when consumers bought heavily. The Yokohama raw silk market was closed for a holiday and trading here was at a standstill. HOW IS BUSINESS? Showing Current Business Activity Compared With Same Week Last Year GENERAL BUSIN] New York City, N of the previous earlie eur. AC untry Indicate e K Weekn of “netivity uabove the correspon Bluck areas indicate declines from same week: bank debits outside ACTIVITY BY FEDERAL RESERVE DISTRICTS Check transactions compared with the same week a year ‘aj ndeTphln 0.3 % | Dolle | W) 8% | 8. . [Teveland ichmond Ul e Kanwas City | Dallns arerrc T O S0 LEADING BAROMETERS. Showlng trend of dollars (checks cashed) Employment (Department of Labor) Wages (Dlrllrtmelll of Labor) ..... Cost of living (Ind Wholesale prices (Fishe Index) - Agricultural prices (Dept, of Agriculture). oods (car loadings) . . Movement of strial Conference Board). important factors. Present trend. e Steady i Steady % Changes from year ago. el COTTON 15 STEADY | | By the Associated Pr NEW YORK, September 24 () — | s IN BRIEF SESSION, Rallies From Opening Decline | Leave Prices About Even | at Close. s, w lies from prehensions of YORK, September an opening decl nother cold cotton ma ff to 20.65 the ing ber the general n net declines o The opening decline of 3 to night selling order t tively easy offerings v points under over- and in response cerpool cables, n absorbed evidently pre that the low tempera- | tures reported in the Canadian north- | west might work down into the cot- | | | & ton belt over Sunday. October nd March sold up from 11, active months showing net ad- | ances of about 10 to 13 points hefore | the end of the first hour. Demand | was supplied around these figures by | selling that appeared to represent fur- fes Nedkipe Iy st an e trade, and later there was liquida- tion or reselling by early buyers. The close showed reactions of 17| points from the bhest. An estimate said to be based upon | the views of 400 members of a South- cotton organization was pub- | lished placing the indicated crop at | 12.455,000 bales. This may have been | a factor on some of the earlier buying, but demand was not aggressive and after the early flurry of covering, trading was comparatively qulet. | Part of the day's business was at- tributed to further switching from Oc- tober to later months in preparation for possible October notices next Tues- day. Private cables said there had been some continental buying there sup- plied by liquidation and hedge selling and that the fluctuations in cotton | were restricting business in cotton | goods at Manchester. | The amount of cotton on shipboard | awalting clearance at the end of the week was estimated at 98,477 bales, against 123,717 last year. allied from 20.29 to 20.48 | to! or AUGUST EARNINGS SMALLER NEW YORK, September 24 (#).— The Northern Pacific had smaller | August earnings than a vear ago, net operating income declining to $1,883,.- 436 from $2,746,155, and to $9,209,634 from $12,167.248 for the eight months. | August gross revenues fell about 89,000 below August, 1926. Officlals say much of the decrease in 1927 earn. | ings will be offset by large returns the rest of the vear. WHY DO THEY STAY WITH THE MUTUAL BENEFIT? The percentage of policy- holders who continue their policies until maturity is larger with this Company than with any other. This has continued for 25 year Apparently they like the Company. So will you. The Mutual Benefit Life of Newark, N. J. Idle Funds IAZY money is money that is not doing its share to help you along in the world. UT idle funds toworkby purchasing First Trust Notes se- cured on approved D. C. properties. The interest rate is 6%. M"-’I!EEVER » ervice First Deed of Trust Notes for Sale Secured by Improved. Real Estate in the District of Columbia Principal and Interest GUARANTEED REAL ESTATE MORTGAGE & GUARANTY CORPORATION Main 1403 26 Jackson Place Resources Over $4,000,000 L. E. Breuninger, President Investments Need This Service Ezxactly,which class of securities should you buyduring this period — bonds, preferred stocks or common stocks? And justwhich onesin each class are sound—or “out of line” and, hence, cheap? These are guestiflns which the Investor's Supervisory Service answers for its clients with a high de; of accuracy. Any in- dividual investor or banker can share the benefits of this service, provided byanablestaff of econ- omists and investment analysts, for a reasonable annual fee. will obligation by osking for . FINANCIAD. REAL ESTATE LOANS 512 % FRED T. NESBIT 1010 Vermont Ave. Maln 9397 WE FINANCE ~insses income-producine oroperty Large Loans a Specialty Current nt rate and commission Higbie & Richardson, Inc. 816 15th St N.W. | Securea by first deed ot trust on real Jnspepb 1. Weller 29, In Nearby Virginia 1 Prudential 5 /2 7 Insurance Co. 0 Loans Commonwealth Investment Co D17 15th St. NW Phone Main First Mortgage Loans Applications Tnvited at 5%% On Improved Property Money to Loan evailing interest and commissio Wash. Seeust oth & ¥ N.W Construction Faans at Minimum Rates | Glover & Flather 1508 H St. N.W. WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat': 3ank 14th and G Streets $17,000.000 Resourct X ALDSON PRESIDENT R. GOLDEN D0y fi. M.-P. MURPHY & CO. Members New York Stock Exchange Successors to JOH N L. EDWARDS & COMPANY Mortgage Notes Secured by Improved Real Estate in the D. C. Assured Annual Return SHANNON & LUCHY)| 1435 K Street N.W. A copy of our Fortmghtly Review sent on request 1416 H Street Northwest 52 Broadway, New York Richm 'nd, Va. Mount YernonSavings Bank Washington, D. C. | The Bank That Service Buit | Hours, Beginning October 1, 1927: Daily, Except Sunday and Holidays, 8:30 A.M. to 3 P.M. 1st, 15th, 16th and Last Day of Each Month, 8:30 A.M. to 5:30 P.M. Saturday, 8:30 A.M. to 12 M. and 5 P.M. to 8:20 P.M. LET US FINANCE YOUR HOME LOANS To Run 5 Years No Annual Curtail 51,9, Interest WM. H. SAUNDERS CO., Inc. Main 1016 1433K The New York Life Insurance Company e 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%2% Apply RANDALL H. HAGNER &. COMPANY MORTGAGE LOAN (CORRESPONDENT 1321 Connecticut Ave. Telephone Main 9700 Apartment Office Building Home Business Property FIRS'T MORTGAGES SEASONED INVESTORS —know experience that safety is the first and essential by ‘feature to be sought in deter- mining the investment of sur- Over a Third of a Century plus funds. Our 6%, FIRST MORTGAGES Without a —are recognized, by conserva- Loss tive investors, as both safe and profitable in the utmost degree. B. F. SAUL CO. Main 2100 925 15th St. N.W. Retail trade (Federal Reserve Board) ... Wholesale trade (Federal Reserve Board) . Failures (Dun’s) Bond prices (Annalist) Stock prices (Annalist) . . Stock market volume (shares traded) . . . AL Zlghis seserved. Cambiidge Asso, 947 1024 103 103% 6% 9814 96l August tharn ve income gaining § and surplus $148,258 after taxe ing fund. Surplus for the eight months 35 from §17, INEIRRERNES & betged Tama Virginian Ry 1st 58 1962 Wabash 1st 58 1939 Wabash 6%81975...... Western Maryland 4s 1953, Western Pacific 63 1946, W est Shore Lat 45 2368 109 105 106'% 86% 1001 Wk o Investors Supervisory Service THERE IS NO - SUBSTITUTE FOR SAFETY 105% 106 85% 86 99% 99% . (o3, Boston.) |