Evening Star Newspaper, September 26, 1927, Page 20

s Mo R BULLS HOLD SWAY ON CURB EXCHANGE New Highs Numerous—Utili- ties Are Leaders—Royal Baking Powder Slumps. BY WILLIAM F. HEFFERNAN. Special Dispateh to The Star NEW YORK, September high records were as numerous ot Curb Exchange at the start of week as on any previous day during the present speculation for the rise Over the week end buying orders had mccumulated in sufficient quantity to give the market a Strong appearance at the outset What was of most significance. how ever, was the action of public utili ties. If there was any thought that a technical reaction was warranted from the current price level, this was not the case so far as the utilities were concerned. panding _opera tions, the tendency toward unification of related properties, increased earn. ing of subsidiaries to holding com- paniex, belief that the present ease in money would continue for some time and the fact that this class of companies is less effected by adverse | husiness developments were a few of | the reasons set forth for the desire to fncrease holdings of these issnes, American Super T American S Powe =old new high records So did Penn- iia Water & Power, while there wer Up. | per issues was little or no Commonwealth Edison sale below its previous high of | 1571, where it left off last week. Elec- | tric Investors rose from 40% to within | & small fraction of its previous hizh | of 421 before the session was half | over. Electric Bond & Shares and| Lehigh Power were others under per: sistent accumulation Others that went into mew high | ground for the vear inoluded Alabama & Great Southern preferred, on its Following is the list of bonds and stocks Curb M Sales in hundreds b Al LA 1A 5 traded in on arket today: ANDUSTRL ) Pick KA bl im o n 1 Arch Co 10 Am i Am 1Am ) A At Ba Binckst V G Gas & Ei pfd 1 Hawaiian S S Lauy I & Trag 1 Rolling M & Chent X 1st pfd Gas & El tas Plywood ncitaly Corn & E1 that 1, Alum 1o b M 1 Nuaz & Sh of Shon Cor Dt war L 2d pf A 101« 4 Welte Cor A ardo Sug Co.. 16 deral Water_ A’ Film forida Po Inspec M. est T =s pid., 10 H 1 i D108 1y THE EVENING STAR, WASHINGTON, NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Lo Star G n Del 9 Magdal Synd. 3 Mexico Ohlo 4 Mount Prod 1 New Mex Land 5 Pandem Oil 60 Pantepec Oi1 20 Reiter-Foster oSon” OKR 1 Con s it Ck Prod .. I Osage O Osage ONV the New York AL o (] PN 6 Tid [ | saten in single shar 100 Angle B0 Ang 100 ALl 100 Buckese 700 Contl - Ol n.. 6000 Humble 01 & R ) Imp Ol Can n yInd 1 16300 nter Pei” € Lid 100 Nat | Transit ¢ Transit Am Am O avie e Jobos T4 P oI 400 Praine P 1. 100 South_Penn 0 'n 20080 ands 1 Allied Pk Re 1 Allis Chalmers 2 Alum Co Amer 9 Am Gan & EI ( Am Pow & Lt 9 Am Rad 11 5Am Roll Mill s 1 Am Seating 14 Annconda 6 30 Appal El Pow B3Ark P & L b A A Sim Harl I Ca P 5¢ & n wi Inil Glan ot 7 & L3¢ . Robt Invest n Pet B orgia & F 88 Pow R 5% S Blye O Pa e 118 N 3114 [ STANDARD OIL 1SSU BOOM IN FLOODS ALONG MISSISSIPPI Congress to Be Asked for Million to Make Delta Safe. Would Boost Values. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, September 26 gress will be informed shortly the expenditure of hundreds of mil- lions of dollars is necessary to make the Mississippi Delta safe from the incursion of flood waters. But it will be shown at the same time that the spending of this money will be an investment which will return im- mediate and profitable results. [t is estima that the amount spent will be regained immediately in im- provement of values of the land so protected. Business leaders in the South in New York said today that country as a whole could not afford to permit the valley of the Mississip- DI to be at the mercy of floods. The alluvial soil of the Delta is so rich and the climate so favorable that now crops can be produced practically the | vear around. Flood Hazard Great. Because the 12,000,000 acres in the area suhject to floods is at the mercy of the river, the land in the district is valued at only about half the price asked for farming land in the wheat and corn belts, where one crop a vear is produced. Protection against floods would be followed, business men estimate, by an advance of at least 100 per cent in land values. The losses from the flood have been exceedingly heavy, but the was not without its bright side. The destruction of some of the cotton and cane crops has had the effect of turn- ing the policy of farmers throughout the region toward greater crop diver sification. The agriculturalists now the | disaster | D. C, MONDAY, are turning away from cotton and sugar toward garden truck, fruit and vegetables. Their land and climate make it possible for them to grow for the Northern markets all the yedr round and market their products 3 vantageously, without undue competi- tion from Northern growers. The Red Cross is fostering this trend. as are the railroads. The carriers are put. ting in loading platforms all through Louisiana and Mississippi to handle truck shipments this Winter. Will Better Live Stock. The flood also will result in a bet- terment of the class of live stock he- ing raised in the South. The Red Cross is shipping in blooded st wherever possible. to take the place of scrub animals. Carloads of the hest strain of hogs and of registered Jersey cows are being distributed to build up the grade of the dairy and meat producing herds. One large cheese manufacturer is establishing five branch plants in Mississippi. The c path of the disaster is also counted on to help in eradicating malaria which is one of the greatest burder of the farm communities, both a health and from an industrial stand- point. The new structures put up hy rellef organizations have all been ade. quately screened from mosquitoes, and the workers have used every method possible to induce the Inhabit | ants of malarial reglons to take pre cautionary measures and plan can paigns to eradicate the disease- ing insects. GAS COMPANY BOUGHT. BALTIMORE, September 26 (Spe- | cial).—The Southern Cities Utilities Co. of Philadelphia has purchased the Citizens' Gas Co. of Salisbury The deal was completed in the Mary- land town last week when represen- tatives of the purchasing company paid to stockholders of the Citizens $304,000 for their holdings. Officers of the selling company thereupon re- igned and new officials were elected, | Walcer Whetstone being chosen pres- ident. SEEKS BOND ISSUE. The Mobile & Ohio Railroad asked permission today from the Interstate Commerce Commission to issue ell $13,879,000 in 415 per cent 50-year | bonds. The funds will be used to re: tire maturing debts. SEPTEMBER an-up which has followed the | from | and | 26, 1927, |AMERICAN CURRENCY FLOODS PARIS BANKS | Quantity Sufficient to Affect Inter-| national Money Market—Legion- naires Spending Much. | By the Associated Press PARIS, September 26.—American | bank notes are filling up the valuts of | all the exchange houses of Paris in zing quantities, sufficient to | the international money marke ce the dollar has slipped on the | Bourse three or four centimes during the convention week of the American | This has been attributed by | observers to the influx of | ash and the consequent un- | ng of francs. The French | | banks never have had so much United | tates currency, not excepting the pe- | riod of the World War, during which the American soldiers were paid in nes ‘The Legionnaires hrought over their spending money largely in rolls of | bills without taking the trouble to pur chase letters of credit. One bank alone accumulated $2: r | American money in one and two dollar | bills. It is impossible to estimate | even in round figures just what the inaires spent dur the week temporary branch office of the quitable Trust Co. at Legion head (quarters in Convention Hall alone cashed half a million dollars. | SATTERLEE RESIGNS. | NEW YORK. September 26 (A).— | | Ernest K. Satferlee has resigned as | president of the Franklin Savings | | Bank. Hfe will return to the field of commercial banking, in which he was | former | PERE MARQUETTE. | NEW YORK, September 26 (#).— | | The Pere Marquette had a better Au n a year ago, surplus rising | fter charges, from § o revenues were $£4,340,213, | | $4,281,570. irplus for the }’-Ulht months of 1927 w: $4.744,304, | ainst $4,644,912 in the same period | | 98 | write down | new EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Bank Stocks as Investments. There is an increasingly large num- ber of investors who prefer bank tocks to any other form of securities. Not that they purchase these to the excluslon of the issues of railroad, public utility or industrial corpora- | tions, but they like to include a ce tain proportion of them in their in- vestment list. The attraction of a bank stock is not so much that of income, for most of them return little compared with other shares, but that of appreciation in capital aceount. For the past 10 years, during the | period of greatest prosperity that the United States has ever known, the earnin; of banks from the lo ing of money to customers and also from the profits made on their own invest- ment accounts have heen steadily | rising. A compilation just made of the capital and surplus and undivided earnings of 10 of the leading New York City institutions shows tha in addition to total capital of $289 730,000 they have surplus and un- divided profits of $418.404,000 and that the market value of their shares is over $£2.000.000,000 A considerable portion of reserves dates fro b war, the case of s from the deflation period of 192 when many banks and trust ce panies in the country were forced to their reserves owing to losses taken in loans on merchandise. It has been the practice of hanks to enlarge their capital from time to time as the requircments of business compelled the increase of banking a commodations to customers. On such ions the holder of a bank stock received the “right” to subscribe to ock at a_price very much be- low that at which the old stock had heen selling, and as not infrequently the dividend rate on the old shares was maintained on the new he had | eventually more dollars of principal and more dollars in income. Another factor in the growing| popularity of bank shares has been | that of consolidations in which the | holder of the stock of a small bank for instance, has had the opportunity | the nd in - | Railw DRAKE ELECTED TO BOARD Member of Mellon Group on Amer: ican Rolling Mill Directorate. CINCINNATI, Ohio, September ¢ American Rolling Mill has added Frank Drake of the Moellon 1 group in Pittsburgh to its di e to fill tha vacancy cansed hy resignation of 8. M. Goodman Hamilton, Ohin. Col. Drake is presi it of the Standard Steel Car Co, his concern controlled the Forged Steel Wheel Co., which was the owner ¢ the Columbia Steel property at But ler, Pa. and Elyria, Ohio ntly » ed by the American Rolling Mills Co It also was announced that American Rolling Mill Co. has brot in two more natural gas wells in its Ashland (Ky.) tract, one which is waid to have a flow of 3,000,000 feet a day and the other about 1,200 f day. the ht ZINC STOCKS GAIN. NEW YORK, Septamber 26 The American Zinc Institute re stocks of slab zinc on September imounted to 14 short tons, ase of 1, tons on September Production the first half of th month was 24,044 short tons and ship. ments 22,507 tons, of which 21,145 tons were domestic. Metal sold. but not vet delivered by September 15, was 1% tons, Total retort capacity was 131 484 tons. (7 - rta an in. ATCHISON EARNINGS DOWN. NEW YORK, September ) harp declines in August earnings compared with a year ago are reported by the Atchison, Topeka & Santa Fe gross dropping to $21.720.9x, 448,654, and net operating ir 070,426 from $8,407,763 operating income for the first months this year fell to $3 from $33,%2,783 in the same of 1926 from come to 10%.4 peri e —————————————————————— of selling out to the management of <ome larger instiution at the fancy price paid for control other class of securities has the per centage of capital appreciation been so large recently as in that of bank shares In nvestment merits. Bunker Hill & Sullivan Mining, more than four points higher because of the prospective in. | crease in earnings from recently ac auired properti United Freight, because of its gr #hipping prospects; Bullard because it was thought to be under: valued marketwise on account of pres- ent earnings. and Murphy Co., on merger prospects despite denial that anvthing along this line is under con- sideration. 1 Hanminesd . Tmperial 0il Advences. 3 Hood i Imperial Oil of Canada among the | 4 jner Riv ¢ Ktandard Oils reached a new high for | Insur Co N A0 the year around 65. Humble equaled| gy Intern Tuil vid Its previous tops, while the oils as a Joske T Froup were in better demand than In many weeks. Pantepa Oil was an exception, _breaking into new low ground. Royal Baking Powder lost more than 30 points. This followed the statement by the president of the eompany repudiating rumors that a torporation change was planned. Rumors also have been current that tontrol was to pass to another prom- Inent food product company. This was also denied and the recent gyrat- Ings in the stock were ®id to have been purely speculative. Bonds of the old Czarist government pontinued in active demand, although there were no new developments to account for their strength. Snider Packing 6s because of their conver- ¥on privilege moved forward into new und in_sympathy with the stock. National Public Service 618 sold at eir highest and Boston & Maine &8 feached their previous high records. 1 0 Wbt 404 . C G, ; 1 v 034y TOBACCO RECEIPTS DROP. i gk 3 Ber CE 618 2010014 St Boi 1 Brishane &s ‘57, 045 Pales of Maryland Leaf Total 1,543 Hogsheads for Week. ke Davie Co'n 3 i 4 Buenos A n Ohio S 9 Buenos A 2 Pean Ohio Bd N, 6 Buenos A % Po Ohio Fd n bi 10; 1 Buenos A Pen Ohio Ed war 1615 11 Copenhagen 053 £ ;:"E"\J',“',-".‘:’ ;10855 1 Danish Con 515100 Poecial Dispatch to The Star. 3 propley Drug S b BALTIMORE, September 26.—Re- & Philip Morris jeipts of Maryland leaf tobacco last ‘}:‘]‘\“""(,:‘ L S week showed a big decline, amounting Prate & Lamb b only §88 hogsheads, while sales’total- . M 1,5¢3 hogsheads, leaving a stock in Btate tobacco warehouses of 19,056 togsheads. While good and fine tobac- fos continue bringing high prices, com- non grades are low, as is the case in 1l domestic market: The 1927 crop & now practically all housed and re- Erted as curing very well. Next year 25 Fox Theaters 13, Frank HHMC 1 Freshman_ Chas 7 Fulton Sylp) 1 Galv Houston 1 Garod Corn. at fakes| 24 Dk Machine, 4 T 1Gen Puh Sar.. & Co3lgs 9R8 rrag Co Ba A 1008, t P & L 6x A 1045 A P Ser G139 A 104 Ra E QL kL Os . i E P Bigs 7 5 Phila’ Rap 28 Phillips t 5%s 053 8 Por Rican Tob fis 10013 c Ed 58 E 977 Pub S 'E&G 5% n 104 1Pu 01l Co 68 A 103 14 Pure Oil Co Bigs G0 s 4 Rem Ran 8% A 00 1Schul R E 68 X ubert Thea 0s. Snider Pack 6% 4 2 1051 s 103 82 36 73 Leh Pow n 1 Leh Val C efs.’.” Y 1 Leonh Tietz Ine.. i E 1 3 Long Isl Lt pfd 1 Massey Harris N Mavis Corn .. .. Marvis Bottling .. Mead Johnson 335 Meiv Shoe 2 Mesabi Iron 3 Met 5&50s Stra 3 Met A 1 Mid West Util. 3, Mirror vhd 7 Mohawk H Po 1 Mohawk Val n.. 2 Murphy 6 C 3 Nat El Pow A 24 at N & L 7s pfd 108 at Pub Ser A 22 ] 20 5 B Handeraft Tile Inlaid No. 3147 911y YAE& bow seA 008 arn Br Pie 25 3 Webster Mil 010e DR 10 Westy C 548 '87 101 % Salesin FOREIGN BONDS. thousands. andcoralt -'a ne note in floor design Blended colors, hand-set effects in durable, springy linoleum Creations by Armstrong now showing at local stores Meridionale 7s A 1 Montevideo 63 ‘A 0: 2 Mor Bk Chile 6a 07 & Muni Medellin 81037 f ni Medellin 78 3Serv El Corp... .75 2 Sieberling R C.. lica, Gel vte.. ou R ) ou P & L p p 4 Rio Grand 7a '67 &N 50 Rurs Govt 5. Rus G ¢ 1 Stand Com T 1Pug SP & L. 1 Pyrene Mig 1% Roval Bak Pow: e Maryland market will offer one of the largest and best crops for many 8 oty “Govt 0 Tax p Quotations today for leaf tobacco s Falia Bx A 100 r 100 pounds: Inferior, 5.00a$.00: 1Stand G & E A. 58ax S Mo 1 6ls 983, osted, 3.0024.00; sound common and | 4t SUlivan Mach 1 & Sihomes’ 1 25y b 9.00a16.00; good common, 3 B . 35 Blinmes B 78 § .00: medium, 31.00a40.00; good ia Wash o fine red, 41.00a55.50; fancy, 56.00: o Bl x : jeconds, common to medium, 5.00a 1 Tob Prod Export, 4 i 3 215 14.00; meconds, good to fine, 25.00a45.00; 1 Trans Lux Piet.. : . % A 08% ipper country, alr cured, 3.00825.00;| 1 Traon Ser pra® fround leaves nominal. i Tramb Sth pfd. . 1 Tubize A § o LEHIGH VALLEY PROFITS. Truscon St o B Tiine® do1° Ting so Lamek i Biseutt B+ NEW YORK, September 26 (). ol B B ot ugust earnings of the Lehigh Valley i G i &, 11 below those of August, 1926, net jperating income of $1,385,458 com- Jaring with $1,706,060, and for the ¥ight months this vear $6,44 , In ni L & P o L &P 8ol fontrast to §8,995,362 in the same pe- hod of 1926. l Fléher’s Price Index varied hues. Bold ashlar effects that resemble quarried blocks of irregular sizes adroitly laid by hand. These Armstrong Floors are heavy inlaid linoleum — ready for lifetime wear if cemented in place over dead- ening felt. Patterns for every room in the house. Prices? Something to fit 2 harried budget! SQUARE QUARRY TILES -« -actually.embossed One of the newest Armstrong Floors—embossed inlaid lino- leum, No. 6018. A quarry tile effect in actual relief; mortar- liners that are pressed slightly into the floor. Mellow colors ... patterns cleverly fash- ioned so that no visible repeat catches theeye...an airof ctaftsmanly hand-set- ting — there’s a distinctly modern and tasteful touch to these new Armstrong Floors. This week local stores feature the Handcraft effects. Small tiles in popular shades in jade, taupe, gray. Larger tiles in squares of INCOME SHOWS SLUMP. NEW YORK, September 26 (#).— Net income of New York Air Brake Co, for the first half of 1927 dropped to $445.483 after charges and Federal taxes, from $1,236,687 in the first half of 1926. This is equal to $1.48 a share on 300.000 no-par shares, against $5.32 a share on 200,000 common shares, after dividend requirements on class “A" stock called for redemption on July 1, 1926. NEW YORK MARKETS, NEW YORK, September 26 (#).— Flour, firm; Spring patents, 7.00a7.35; soft Winter straights, 6.00a6.3 Winter straights, 6.85a7.25. firm; No. 2 Western, New York and 1.09% ec.Lf. export. Barley, firm; malting, 94% c.if. New ;{ork,a Pork, firm; mess, 33.0 y, 37.00a41.00. Lard, firm; Mi West, 12.95a13.05. Tallow, fiz‘:’: ;p?cial loose, 81i; extra, 8%. Wheat. utures opend easy; domestic, 2 eries op Decem S Freight. .. L & Bond A. att & Bond B Watson J W.... West Da P vic Wesson 0 & S vie 7 Wess O & 8 pfd1017% Wh S M deb rts 18% Salea in Hundreds. The following table shows the aver- e movement from week to week ) of the wholesale prices of 200 rep- fsentative commodities (from Dun's Review) and (2) of the purchasing tower of the dollar: Purchasing Index No.ot ~ power Drices in per of the dol- cent of pre- lar in pre- | war basi | ie 1917 100 net. 247 0 380 MI ) Cresson Dolores o 10 120 Golden Fogm 40 Hawthorne M 1.. 18 Heela Min...... 2 Mason Val Date— May (peak) . January (low) Average .. Average First au 4 Second Guarte; Third quarter, 228335 E R3S 19 SiapmiDis POTATO MARKET WEAK CHICAGO, September 26 (#).—Po- tatoes—Receipts, 247 cars; on track, 421 cars; total United States ship- ments Saturday, 1,205 cars; Sunday 44 cars; trading fair, market weak; Wisconsin sacked round whites, 1.50a 1.75; Minnesota sacked round whites, 1.50a1.60; sacked Red River Ohios, 1.50a1.65; Colorado sacked People's Russets, 1.75a1.85; Idaho sacked Rurals, '1.55a1.65. Rallways are trying to stop thefts by vagrants, of oiled waste around car axles, the absence of which causes hot hoxes, B & Ohio Coprer.." . 4 Premiey Gold M 0 Red Warrior 20 San_ Toy.. s #0 Spearhead Goid 16 Teck Huzhes 1Uni Verde Ext. i 40 Yukon Gold 20 Saletin INDEPENDENT OIL STOCKS. hungreds. Am Con Oilfids. Am Maracaibo 11 Brit:Am Oil ... 12 Carib_Synd. Qity Serv n... 0 City_Serv n Bl Cit Serv_n pt B! Creat Synd 1 Crown Cent Pefe b GAF Re pf. won Oil cor. liland 0 “vie!! 1f 0l of Pa Embossed | Handcraft Tile Inlaid, No. 6033 ST ity o B Dot miminoie S 25! o 2 3 Ganas 28! | nDRE 2 DRORDI-15 D! and'Patterns Hazel Dell Brown’s new book, “The Attractive Home —~How to Plan Its Deco- ration,” gives helpful hints on home decoration, advice inplanning decorativelycor- rect color schemes, and shows color plates of the newest Armstrong patterns. Seant upon receipt of ten cents in stamps. $55 Qi DD D ~SmEoms ISR : €9 August average.. eptomber— el week . .. Second week. . Third week.. Fourth week Forelgn Weekly Index. Qeump's (London Financial Times) | kdex number for England: 1101, 1% ) S e 525 et b8 CHIPPED TILE EFFECT with freely spotted flkufl The pattern (Number 3016) shown above to the lefc isa pleasing combination of three shades of red—each tile framed with a gray interliner. Here and there a “chipped tile” effect is introduced, giving a hand- set appearance. Notice the freely spotted floral motifs —placed with artistic irregularity. ARMSTRONG CORK COMPANY, Linolewm Division, Lancaster, Pennsylvania Armstrong's Linoleum Jorevery floorinthe house . - . . EMBOSSED * JASPE - ARABESQ Tndex No. of | rices in per cent | Armstrong’s Linoleum New Fall Patterns Now on Display at Embossed No. 6018 Date— Average Average First quarier Second guarter..’ Fourth quarter. Average .. First quarier cond _quarts ird quarter. ‘ourth ‘quarter November . December . January— irst_week . econd _weel hird week .. Fourth week January average.. o e Sixth Floor 3 .‘fi';_‘"‘« P k We Suggest You Bring Your Floor Measurements for Estimate, ugusl averags. irst_week. . cond week hird weel ourth week (Covyright, 1027.) RO S AR IR St + PRINTED et PLAIN » INLASD 1