Evening Star Newspaper, October 11, 1927, Page 14

FINANCIAL. Money to Loan nd “coms .'.F'..,'.""' SRS T SRR TO ONEY idu iior refinancing l;rdl ortga on leal !-ut'. 'v.: District of Columbia and vicinity. Lowest Rates. Appli- cations invited. THE COMMERCIAL NATIONAL COMPANY (Inc.) Pald-up Cash Capital. $700.000 Commerelal Nat'l Bank Blde.. 14th & G 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 First Mortgage Notes —are secured on Imprpve‘d Real Estate in the Nation’s Capital The loans on these properties are made only after rigid analysis by our .{\p- praisal Committee of special- ists. ACCRUED ANNUAL RETURN HANNON 7 1435 K Street N.W, STOCKS IRREGULAR: UTILITIES FEATURE Group Not Weak, but Some Do Not Act So Well—Rails Are Mixed. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, October 11.—Fluctua- tions on the Stock Exchange today were marked by great irregularity Successive waves of selling were fol lowed by recovery and then another decline. The best that could be said for the market was that the liquida- tion of the previous session had been checked temporarily at least. Perhaps the most significant feature was found in the public utility group. The stocks of the electric light ana power and gas companies long have been favorite mediums of speculation for the rise. They had the advantage of constantly increasing _earnings. something the railroads lack, and thelr public relations status had been better than that of the carriers. So it was an casy matter, with money conditions what they were, to be up prices. Up to today the utilitles had stood out against reactionary tenden- cies elsewhere, so that the fact they showed themselves sensitive today was all the more noticeable. Groap Not Weak. This is not to say that utility stocks were weak. Such was not the case. One or two were still in good demand, as, for instance, American Telephone & Telegraph, but others, most of them medium and low priced, did not act so well. American Power & Light, Amer- ican Water Works dnd North Ameri- can came within this classification. For a time the local tractions were strong, especially Interborough and Brooklyn Manhattan, responding to the suggestion that an increased fare was not without the range of possi- bility. Changes in the railroad shares were mixed. Missouri Pacific, common and preferred, were outstandingly strong, evidently reflecting special buying of some kind. New York, Ontario & Western ran up 2 points. This interest was not based on the earnings situation, for present estimates are that the $1 divi- dend will not be fully covered this year. This leaves the old story of a transfer of control from the New Haven to New York Central as the Main 2345 Ascertaining the Facts No. 3. ®NE of the ques- tions our apprais- ers are called upon to answer beforeNmy First Mortgage Note is offered to the in- wvesting public is whether the resi- dence ou which we are asked to make a loan is typical and comparable in value to surrounding prop- erties in that particu- lar location. ~MEEE=0S 1415 K St. Main 4752. 17th and Eye Sts. N.W. N this fine structure we sell attractive space, faultless service and unexcelled location. The fact that rentals are lower than those in any new building in the city is additional evi- dence of efficient man- agement. : Inspection invited. Moore & Hill, Inc. 730 17th St. N.W. Continental Trust Co. 14th and H Streets Capital $1,000,000.00 4 Checking Accounts ¥ Savings Accounts " Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Acceptance Credits Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE @ COOPER, President only explanation. Best Stocks Not So Strong. The high-priced dividend-payers did not share this show of strength. Del- aware & Hudson reacted, and such typical stocks as Atchison, Baltimore & Ohio, Chesapeake & Ohio and Union Pacific inade little or no progress. The market for the motor shares was just as uncertain. General Mo- tors held firmly, while the independ- ents -were being sold more or less ef- fectively. = Announcement from De- troit that production of the new Ford would begin within a few days was received with indifference. In fact, General Motors moved up vigorously shortly after the news had been made public. Mack Trucks was another mo- tor stock well supported. On the other hand, Hudson, Nash and Studebaker were heavy. —_— SPOT SUGAR FIRMER. NEW YORK, October 11 (#).—After selling off 1. to the basis of 4.556 for Cuban duty paid, at which level sales were confirmed of 10,000 bags of Cuban afloat to a local refiner, the raw sugar market today developed a steadier tonme, and a further buying interest at the same level found mo further offerings. THE EV ING STAR. WASHINGTON, . NEW YORK STOCK EXCHANGE Open 134 92% 111% Abitibt Pow (5) Abrahm&Straus Abr&Stras 7%pf Adams Exp (6). Adv Rumley.... Adv Rumley pf. Ahumada lead. Alr Reductn(17) AJax Rubber.... Alaska Juneau.. Allled Chem (6) Allis Chalm (6). Amal Leather... Amerada (2).... Am Agricul Chm Am Agri Ch pf.. Am Bank N (2). Am Bk N pf (3). Am Beet Sug Am Bosch...... Am Br Sh (J1.60) Am Brown Bov. AmCan (2)..... Am Car&kdy (68 Am Chain pr (1) Am Chicle (3).. Am Drug (80c) . Am Encau (2.40) Am Express (6). Am & For Pow. . Am&Fo Po pf (7} Am Hide & Lea. Am Ho P (240) . American Ice(2) Am Ice pf (6)... Am Internatl(2) Am La Franc Am Linseed. Am Linseed pf. . Am Locomot (8) Am Machine (2) Am Piano (3)... Am Piano pf (1) Am Po & Lt (11) Am Radlator (5) Am Republie.... Am SafetyR(33) Am Seating (14) Am Shipbldg (8) 108 Am Smelting (8) 167% Am Stl Fdys (3). 49% Am Sugar (5).. Am Tel & Tel (9] Am Tobacco (8). 1504 AmTobaccoB(8) 150% Am Tobac pf (6) 114% Am Type pf (7). 115 Am W W (m80¢) Am Woolen..... Am Woolen pf.. Am Writ Pa ctfs Am Wr Pa pf cfs Am Zinc... Anaconda (3)... Arch-Dan pt (7) 110" ArmourDelpf(7) 85 Armouroflll(A) 9% Armourof1ll(B) 5% Arnold Con&Co.. 33 Asso Dry G (2%) 46% AtT& SF (19%) 189% Atchison pf (5). 102% AtICL (18%).. 194% Atl Refining (4). 115 AtlasPowder(4). 63 Atlas Pow pf (6) 105 Austin-Nichols. 5% Baldwin L (7) 251 120% Balto & Oh pf«4; 80% Bambgr pri61%). 108% Bang & Ar pf(7) 111% Bk Comerce 118. 545 Barnsdl A(b2%) 21% Beacon Oil.,.... Beech-Nut (13). Belding Bros (2) est & Co (3)... Bethlehem Steel Beth Stl pf (7).. Blmingdlie pf (7) Bon Ami Cl A (4) Briggs Mfg Co.. BkIn-Edison (8) Bklyn-Man (4).. Bkin-Man pf(6). Bklyn Un Gas(5) Brown Shoe (2). Brunswick-B (3) Brunswick Ter. . Buff Roch&P (4) Buft R&P pf (6). Buft&Susq pf (4) Burns Bro (10).. Burros Add (t4) Bush Term (b8). Bush Ter de (7). Butte Cop (50c). The steadier tone ta the spot mar- ket and more favorable London ad- vices and unconfirmed reports that as soon as President Machado of Cuba returned to Havana tomorrow he would issue a decree withdrawing 150,000 tons of sugar from the present crop for export, and the possibility of postponing the start of the next sea- son’s grinding to January 15, were responsible for firmness in raw sugar futures. Another bullish influence was the estimate of the United States Department of Agriculture placing the domestic beet yield at 6,760,000 tons of sugar beets, against last year's harvest of 7,220,000 tons. £ A GERMAN BONDS AND STOCKS. By Special Leased Wire to The Star. NEW YORK, October 11.— Bid. Asked. Ger Gt Red Loan with draw ctfs att per 100 R M.... v Gt Loan without draw ctfs per 1.000 R M. 36.00 (Quoted in doliars per million marks. R IPAD. . ..., 00 .00 -1 00 EX R e dep A E G (Ger Go Blec) i 000 1380 . G. Farben. . Disconto Gellschaft. Berliner Handels. Bank. Heyden Chem .. Mercur Bank Vie: Nor Ger Lloyd. . Austrian A" B G "(Gén Elec) . DIVIDENDS. Pe- Company. . Tiod. Frm’lklf‘n“tyh 0 e AT L General Developit. 3 Gen Tire fifi.‘.’fl'm 506 GO,S)IIM (HW) o 5.00 3.00 90 1.00 Pay- 3 Pay- Hidrs Do pi Mid Wes 2 Natl Elec Pow A N Y ‘Merchandire.’ Do. bf. South Cal 2 Weber & Hielbroner Corp pf. (In)... 81 o FEDERAL LAND BANK BONDS. {Qusted bv Alex Brown & Sous. ‘Cloging.) . viel 0 0 Nov 1 Oct18 & s July i an H '5' July 158 Juiv of Record. | Co Butte&Super (2) Butterick (g2).. Byer & Co... By-Products (2 Calif Packg (4). Calif Petm (1)., Callahan Zinc. ., Calumet & Ar (6) Calu & Hecla (2) Can Dry (+3%). Can Pacific (10). Can Pac 1st pd. . CaseThreshg(6) Cen Ry NJ (112) Cerro dePas (15) Certain-Teed (4) Certo Corpn t3% Chand-Cleve. ... Chandlerpf(23) Chase Nat B(18) Chas & Ohlo (10) C & O Corpn (3), Chi & Alton.... Chi Yellow C(4). Childs ($2.40).. Chile Co (215).. PIA(8). City Stores (B). Cluett Peab (5). Coca-Cola (5)... Collins & Alk(4) Collins&A pf (7) Col Fuel & Iron. Col & Southn (3) Col Gas & Ei (5). Col G&E pf A (6) 1 Carbon (4).. Com Cred (1) Com Cred pf 6% . Com Inv (3.60).. Com Solvents(8) Com Powr (2% Conde Nast (2).. Congoleum-Nair | Cong Cgrs(t4%) | Con Clgars (7). Con Cigars pf (7) Consol Gas (5).. ConsolGas pf(5) ConRRCuba pf 6 Consol Textile. . Cont Bakg A (4) Cont Baking B.. Cont Bak pf (8). Cont Can (5).. Cont Can pf(7).. Cont Insur (6).. Cont Mont (80c) . Corn Prod (+3). Corn Prod pt (7) CRcBeooes 7 R SR B 'o'fi:~¢-:=-—-—=— 5 SHORT-TERM SECURITIES. (Reported by J. & W. Seliz Co.) Alum. Co. of s ma"nfi%: hica Amer: i % & 929 i Abconda Cormer 6 % nda Associated Off 0 1 Baito. & Ohio 6s 19! atavian Pet. Cor. 4 roia. Co. shstzy zE8=cE e % % < 2T s" - RSBt 2222 ® =555, 2, 3 1y 3 22 FETFRETE SRR 323 RS RS2SR bbbt wm e Feee oty 5 SSS RS Orezon_Short Line Sine B 3333, % ST Capital $1,000,000.00 . Calif.’ b R B S. Rubbe % Rubher Py, 1990, =X B Fncstine 80 Eor. B i R2%: R 835 5 g WEFRETR SRR S52gise % Coty Inc (5).... CrownWP1stpf7 CructbleSteel (6) Cuba Cane Sugar Cuba Cane Su pt. Cuba Company Cuba R R (4.80). Cudahy Pkg (1), Cuyamel Fruit.. Davison Chem. . Deere&Co pt (7) Del & fTud (9).. 2 DelL& W (17). Det & Mack pf... Diamd Mteh(8). Dodge Bros Cl A Dodge pf (7).... Dome Mines (1), Dunhill Int (4).. Dupont (19%).. 333% Eastman (18 166% Eaton Axle 26% Eisenlohr & Bro. 11% El AutoLt (16%) 92% Eleetric Boat. 14% Elec Power & 27% EP&Lpf 40%(7) 118 Klec P&LT pf (7) 106% Em-Brantgm End Jebn (5), 479 L High 138 9 467% 627 40% 104 85 9% b3 33% 47% 189% 102% 195 115 63 105 5% 261 337% 168 26% Low. Close. 34 134 924 T11% 157% Endicott pf(7).. Engineers Pub S Equit Blde (7)., EquitableTr(12) Erle R R Erie 15t ! Erie 2d pf. Erfe Stm S ErieStmS cfs 215 Brie Stm S pf(7) Eureka Va f14% Falrbanks Co pf. Fairbanks (3).. Fed Ligt(h1.40). Fed L&T pf (6). Fed MIn&S(10). ted MotT(f80c) Fid Phoenix(4). Fifth Ave (64c). First NatS(1%). Fisk Rubber. . Fisk 1st pt (7) Fleischmann (3) Fox Filin A (4). Freept-Tex t4% Gabriel Sn (3%) Gardner Motor Gen Am Tnk(4 Gen Asphalt. . Gen Cigars (4).. Gen Blec (15)... GenElec sp(6Vc) Gen Motors, ... Gen Mot pf (7).. Gen Qutdr Ad(2) Gen Outdr A (4). Gen Ry S1g (6). Gen Refrac (3). Gillette (t43%).. Gimbel Bros Glidden Co.. Glidden pr pf(7) Gold Dust (3)... Goodrich Ru (4) Goodrich pt (7). Gothm S H (23) Gotham new 214 anby Con Min., Grt North pf (5) Gt Nor pf efs(5) Grt Nor O (1%). Grt Wes S(2.80) Green Canan..., Guantanamo. Gulf Mo & Nor.. Gulf States Steel Gulf Sta 1st(7). Hartman A (2).. Hrtn B blu %stk. Hoe&CoA..,.. Hollander & Son Houshld P (33%) Houston Oil...... Howe Sound (4). Hud Man (2%). Hudson Mot (5) Hupp Mot(1.40). Illinots Cen (7). 111 Cen Isd If (4). Indep V11 (1). Inland St (2% Inspiration. InterboroRapTr Intcontl Rub(1). Internat Agri. .. Int Bus Ma (4).. Int Cement (4).. Int Cement pf(7) Int Com Eng (2) Int Harv (§6)... Inter Har pt (7). IntMtch pf(3.20) Int Mer Marine. . Int Mer Mar pf. Int Nickel (2)... Intl Paper (2.40) Int Paper pf (6). Int Paper pf (7). Int Ry CA pf(5). Inu Stlver...... Int Tel & Tel (6) Intertype(t11z), Iowa Central. ... Island Creek (4) Jewel Tea...... Jones Bros Tea. Jones & Lau (7). Jordan Motor... KCP & Lo1st (7). Kan City South.. Kan C So pf (4). Kayser J (4). Kelly-Spring. ... Kelly Tire 6% pf Kelly Tire 8% pt Kennecott C (5). Keystone T & R. Kraft Ch (11%) Kresge S S 11.20 Kresge SS pf(8) Kress S H (h1).. Laclede Gas (12) Lago O11 (75¢).. Lambert Co (5). Lee Tire & Rub. LehighVal(3%). Lehn & Fink (3) LifeSav (1.60).. Lig & Myrs(ft4) Lig&MyrsB (£4) Lima Loco (4).. Liq Carb (3.60). Loew's Inc (2).. Ceveoons Long Bell A . Loose-W11(1.60) LorillaraCo .. Louisiana Oil... LaOll pf (6%5). Louis & Nash(7) McCrory (1.60).. McCrory B (1.60) Mclntyre P (1).. Mack Truck (6) Mackay pt (4).. Macy R H (5) Mad Sp Gar (1). Magma Cop (3). Mallison & Co Mallison pf (7 Manati Sugar Manati Sugar Mandel (2%). 1 8up (5). Elmg (d5) Manilla EI (2%). Maracaibo Oll... Market St prior. Marland Oil.... Marlin-Roc(3%) Martin-Pary (2) Mathieson (4). .. Mathieson pf (7) May Dept 8 (4). Maytag (12%).. MetroG pf (1.89) Miami Cop (1).. Mid-Continent. . Middle States. .. Mid States Oll ct Midland pf (t12) Miller Rub (2).. Minn & St Louis. Min St P & SSM. Mo Kan & Tex.. Mo K & T pf (6). Missourt Pacific. Missouri Pac pf. Montana Pow (5) MontgmryW(4). Moon Motor..... Mother L (50¢). Motor Met (3.60) Motor Whi (2).. Mullins Body... Mullins B pf (8) Munsingwr (3). | Murray Corpn 881« | Nash Motor(t5). 31 | Nat Acme (sta). 228, , Nat Bellas Hess. §2 | NatBHess pf(7). 521 55 Nat Biscult 15% Nat Cash R (A)8 Nat City Bk (20) Natl Dairy (3).. Nat Dept Stor Nat Distillers. 39 17 195% 132 70 Nat Pw&Lt (80c) Nat Ry Mex 2d.. 2 e Open High Low Close.! 125 124 124 | 37Tk 38% 874 85 85% 85% 413 413 410 66 66 654 614 584 | 33 40 103% 23% 21% 33 6% 65% 168 39 54 2% 184 82% 8l% 12% 103% 36% 21% 123% 123% 62 B52% 6% 5% 3% 4% 37% 10% 90% 154% Received by Private Wire Direct to The Star Office. North Am pf (3) NorAm Ed pf(7) North Pac (5)... Nor Pac cfs(5).. 01l Well Sup..., Omnibus....... Orpheum Cir (2) Otis Elevator (6) Otis Elev pf (6). Otis Steel....... Otis St prior(7) Owens Bot (Ct5) Pac Coast 1st... Pacific Gas (2). Pac Tel & Tel (1) Packard (12.90). Paige Motor. ... Pan-AmPetB(4) Pan-Am West B, Panhandle. Parmt-Fam Park & Tilford. . Park Utah (80¢) Pathe Exchange Penn C & Coke. . PennDix Cmt(2) Penna RR (3%) Peoples Gas (8). Peoples Gas :ts, Peoria & East. .. Pere Marq (18).. Pere Marq pf(5) Phila Co (k1)... PhilaCo8%pt(3) Phila&RCl... Phillis-Jon (4) Philip Morris Philip Morris rts Phillips Pet (3). Pierce-Arrow. .. Plerce Arrow pf. Plerce Oil. .. Pierce Petrolm.. Pillsbury (1.60). Pillsbry pf(63) Pitts Coal...... Pitts FtW pf(7). Pitts Stl pf (7)., Pitts Ter pf (6). Pitts &W Va(6). Postum (5)..... Pressed Stl Car. Pr Stl Car pf (7) Prod & Refiners. Pub Serv NJ (2) Pub Serv pf (6). Pullman, Ine.... Punta Aleg Sug. Pure 01l (12)... Purity BakA(3). Purity Bak B (2) Radlo Corpof A. Radio C pf (3%) Reading (16)... Reading 1st (2). Reading 2d (2). Real Si1k Hos. Real Silk pf (7). Reid Ice Crm(3). Rem-Rand $1.60. Rem-Rdist (7). Rem-Rd 2d (8).. Rep Ir & Stl (4). Reynolds Spngs. Rey Tobac B (5) Robt Rels & Co.. Rossla Ins (8) Rossia Ins Co rts Royal Da3.13% . Safety Cable (4) St Jos Lead (13) St L & San F18). St L Southwest. | Seab Air L pf. Seagrave (el.20) Sears-R (n2%).. Seneca Coper. .. Shattuck F G (2) Shell Un (1.40).. Simmons (2) Simmons pt (7). Simms Pete. Sinclatr O11. Sinclair pf (8) Skelly Oil (2)... Snider Packg Co. So Porto Rico 8. South Calif Ed.. South Dairles A. Sou Dairies B, South Pac (6)... Southern Ry (7) South Ry pf (5). Spaulding pf (7) | Spear & Co...... Spear&Co pf(7). SWdG&E (3%). Std Millg pf (6. StdOiICal(12%). Std OILNJ t1%) Std OIINY(1.60) Sterling Pro(16) Stewart-War (6) Strom Car (2). Superlor Oil. Tenn Copper (1) Texas Corpn (3) Tex Gulf Sul (4) Tex & Pacific. ... Tex PC&O(60¢). Tex Land Trst n Thatcher Mfg. .. Thatchrp?(3.60) Third Avenue. .. i Tidewatr As O TIAWAsOlIpf(6) Tide W Oll pt (5) ‘Timken (15) Tobac Prod (7). . Tobac Prod A (7) Transcont Oll... Uhderwood (4),. Un Bag &Paper, Union Carb (6).. Union Ofl (t23%) Union Pac (10). Un Pacific pf(4). Union Tank (5). UtdCgrst(C80c) Utd Cgr St pf(6) United Drug (9) Utd Drg 1st (8% Utd Fruit(t5%). USCIP&F (10) U S Distributing U S Distr pf(7). S Hoffman (4) 8 Alcohol (5). 8 IndAIf pf(7) S Leather w 1. S Leather A, S Realty (4) S Rubber. S Rub 1st SSmpt (3%5). S Steel (7) cgocgaoadca - 1] EE] g8 8v £5 c) Uni Ple 1st pf(8) Univ Pipe(t214) Uni Pipe pf (7).. Utl P&Lt A (e2) Vanadium (3)... Viek Chem (4). Victor TIk Mch. . Va-Caro Chem. . Vivadou (3). Vulcan Detin.. .. Vulcan Detin(A) Wabash, Wabash p! ) Waldorf (1%).. Walworth (1.20) Ward Baking B. Ward Bak pf (7) Warner Plc A... Warren Bros (4) WarF&Pipe Cor. W Penn El A (7) W Penn El pf (7) West P Po (6)... West P Po pf(7). West Maryland. Pacific. Pac pf (6. Union (8). Westhse A B(2) Westinghse (4). Weston Electrie. Wh White SM pf(4). Wickwirs Willys-Overland Willys Od pf (T) % | Wilson & Co. ... 190% 190! 62% 62% Wilson Conf A.. Wilson & Co pf.. Woolworth (5).. Worthn Pump. . Wright Aero (1) Yale&Towne(4). Yeltow Truek. Youngstn S&T Open. High. 53 53 104% 104% 95% 104% 941 934, 934 334% 33% 11% 1% 25% 25% 1474 147 119% 9% 8% 8% 71 71 % % 47 42'% 158 47y 10% 4% 17 144 25 66'% 152% 5% 3914 4 130% 96 103% 52 159% 96% 80%, 147 117% 1Y% ) 27% 427 102 8% 33 25% 58% 647 54 114% 41% 45% 24% 85% 61% 284 96 9T% 627 6% 147% 6l 1324 M 45% 67% 55% 1% 74 120% 99 109% 13% 81 120% 3% 31% 3% 8% 49% T4% 96 13% 23Y% 21 44% 32% 15% 85 88 116% 94% 110 6% 57 C. TUESDAY. OULOBER Low. Close. 531 10% 95 94 3314 12 25% 17y 119% 8% 7 5 41 42 159 47 10% 8 17 14% 25 66t 155% 5% 40 130% 96k 103% 52 40% 1o 3% 33% 107% 63% 159% 96% B0 148 118 T 89 28 42% 102 54 114% 41% 454 24% 85% 61% 28% 96 T 9Tk €3 6% 1475 6% 135 9% 45% 674 37 111% % 121% 133% _134% 99 109% 13% 81% 62% 98U 53 120% 3% 314 3% 8% 11 1927 GAS LIGHT RISES TONEW HIGH MARK Reaches 81 in Heavy Turn- over on Local Exchange. Railway Pfd. Strong. BY EDWARD C. STONE. Washington Gas Light climbed to a new hign of 81 today in lively trad- ing on the Washington Stock Ex- change. The stock opened at 80% for a five-share lot. The next 10 shares saw the price reach 81, where 60 more shares were sold later in the session. ‘Washington Railway & Electric pre- ferred was strong at 99, while Mer- chants Transfer & Storage preferred, which was so active yesterday, was up to 1027% today, closing at 102%. Sani- tary Grocery opened at 1021 and ad- vanced to 102%. Lanston moved at 107, Peoples Drug Stores at 119, and Potomac Electric Power 51 per cent preferred at 105%. while the 6 per cent shares sold at 111. Columbia Sand & Gravel came out at 102. Bonds were quiet at recent levels. It was announced that the local mar- ket would be closed tomorrow, Colum bus day. Burkhart Heads Insurance Firm. At the first annual meeting of the Great National Insurance Co., held in this city yesterday, Joseph A. Burk- hart, president of the District Bar ‘Association, was elected president, suc- ceeding Representative Frank R. Reid of Illinois. The board of directors was enlarged by the election of Harry Wardman, Harry M. Crandall, Mr. Burkhart, Maj. Gen. Eli A. Helmick, Wade H. Cooper, president of the Continental Trust Co. and the United States Savings Bank, and Joseph H. Milans. Spencer B. Curry was re-elected gen- eral manager and also made vice presi- dent. Eli A. Helmick was elected treas- ured; Representative F. N. Zihlman of Maryland, secretary; and Dr. D. G. Davis, controller. These officers are also on the directorate. It was announced that the company will branch out from Washington and do business in Maryland, Virginia and North Carolina. It was . further stated that Frank White, treasurer of the United States, has been appointed a member of the advisory board, others named to the board being Maj. Gen. W. A. Holbrook, Maj. Gen. Charles G. Treat and Dr. Charles W. Hyde. The finance committee is headed by Maj. Gen. Kenzie Walker, chief of finance in the War Depart- ment; Col. E. V. Bookmiller and Cupt John F. Unmacht. Insurance Men Start Rorums. The Distriet of Columbia Life Un- derwriters Association will start its Fall meetings Thursday evening at the Raleigh, at 6:30, the dinner to be followed by an address by George H. Harris of the Sun Life Insurance Co. of Canada. The members feel highly honored as Mr. Harris is making the long trip especially to give them the benefit of his insurance experience. ‘The Association Bulleton, just pub- lished, announces that Paul D. Sleeper of the Aetna Life has agreed to act as chairman of the program committee during the rest of the year. President John Cremen and his as- sociaties. are pushing a membership drive which is expected greatly to en- large the local organization. Two ap- plications to be acted upon at the next meeting are those of Mary G. Mannix and William P. Jackson. Reserve Board Support Urged. In the opinion of the.Alexander Hamilton Institute’s business bureau there should be no doubt about the Federal Reserve Board's authority to order any one reserve bank to. co- operate with the other eleven in sta- bilizing conditions in the country as a ‘whole. “All sections of the country benefit from general stability. If the final au- thority rest collectively with 12 dif- ferent reserve banks acting independ- ently of each other, an unsound condi- tion will prevail. It does not matter what Congress intended to put into the Federal reserve act in 1913, the important thing is what Congress ought to put into the Federal reserve act in 1927, “The Federal reserve act should be revised to guarantee alert and intelli- gent generalship instead of the pro- crastination which results from the debating society methods possible un- der the present law.” 50% 5% 98 13% 24% 21% 44% 32% 15'% 85 88 117% 95 110 6% 5744 49 49 130% 130% 41 41% 190% 190% 81% 81% 109 109 35 35% 108% 108% 188% 188% 60% 60% 142% 142% 198% 201% 17% 17% 93% 93% 49% 49% % 5% 118 118 22% 22% 46% 45% 28% 28% 69% 70 94l 94% 19 19% 20 107% 107% 110% 110% 106% 106% 114% 114% Foresees Shakeout in Market. McNeel's Financial Service believes that surface indications mark prepa- ration for--a substantial technical shakeout in the stock market. this more or less sidewise movement of prices, which has been in progress for some time, continues with strength in some specialties and weakness in others,” McNeel's states, “it’ will almost certainly forecast an important downward speculative movement. “Since September 15 there has been a turnover of stocks on the New York Stock Exchange of approxi- mately 40,000,000 shares, and in one session alone the turnover was over 8,000,000 shares, without any ap- preciable net gain in the average level of the market.” $300,000,000 Farm Gain Seen. Farm cash income for the current crop year, June, 1927, to July, 1928, will equal $10,280,000,000, a gain of $300,000,000 over last year, the Brook- mire Economic Service expects. Al- though latest estimates indicate that all major crops except wheat, potatoes and hay will fall short of last year, the recent improvement in prices will average enough higher to compensate for the smaller yields. Definite in- dication of the expected increase in income has already been given by the increased sale of equipment in the Spring wheat territory and improved cenditions in the Western live stock area. Heard In Financial District. The Washington banks will be open as usual on Columbus day. The Washington Clearing House committee held a meeting yesterday, attending to much routine business. Thelnterstate Commerce Commis- sion_has authorized the Seaboara Air Line to guarantee $925,000 of 5 per cent notes of the Baltimore Steam Packet Co. E. J. McQuade, chairman of the bankers’ committee on banking forms, has called a meeting of his committee for Thursday. The first meeting of the class in public speaking at the institute wili be held tomorrow evening. Prof. Charles S. Richardson of the Univer- sity of Maryland will conduct the work if there is sufficient interest shown tomorrow. ——e POSTUM BUYING FIRM. NEW YORK, October 11 (#).—Ne- gotiations by Postum Co., Inc., for 81% 33 84 the acquisition of Log Cabin Products Corporation of St. Paul, Minn., a fruit company, are expected to be completed in a day or two. Hourly Sales on N. Y. Market. 1lam.. 460.20012m.... 865300 1pm.. 1175800 2 p.m... 1,477,300 Dividend rates as eiven in the above tal _I‘ i re aunarterly year—no “1f fFINANC AVERS INDUSTRIES ARE WASTING FUEL Engineering Professor Says Ap-! parently It “Costs Too Much to Save” in Operating Plants. By the Associated Press. ST. LOUIS, October 11.—Some in- dustries find it cheaper to waste fuel than to save it, W. Trinks, professor of engineering at the Carnegie Insti- Society of Mechancial Engineers in convention today. The speaker mentioned instances of steel companies discarding gas engires for steam unite which could be operated more cheaply although more wasteful of fuel. Likewise railroads because held to steam electrification was more cclared. “Likewise, in our present domestic life,” he said, “it costs too much, ap- parently, to save fuel.” lared that altogether too many houses were flimsily built, “keeping out the rain, the wind and the neighbor’s curiosity,” but constructed with little regard to insulation and consequent fuel econ- omy. A high tax on fuel, out of the sur- plus of which the Government could pay for fuel-saving equipment, in part, at least, is one possible remedy for the present tendency, Trinks said, “All of this would be changed as if it were touched by a magic wand if fuel suddenly became scarce and ex- pensive. If that change occurred, the On Improved Real Estate and Nearby Suburbs Md, for 3, 5 or 10 Apartment Home 1321 Connecticut Ave. tute of Technology told the American |s costly to the present generation, he | The New York Life Insurance Company Offers to Make First Mortgage Loans 5140 v, . Apply RANDALL H. HAGNER & COMPANY Incorporated. MORTGAGE LOAN CORRESPONDENT 1AL, fuel engineer, who-is now the ‘Ath wheel' on the wagon of many Indus- tries, would suddenly ride into prom- inence. : 10.60. most pigs, 9.75a10.2 Cattle— . 8.000 head: beet stock strong, cutter cows and weighty sausage bulls strong to shade higher: stockers and feeders f lly steady; als 25 to 50 higher supply strictly grain fed steers negligl ble; medium grades predominating: lit tle beef in_run; best feeders, 16.00; 1 bulk fat steers, 12.00a 00 head of Western ; bulk ralers to big 0: mostly 14.005 0 5.00. 17,000 head. fat lambs fairly active; aroun ' 15 higher asking 25 up in spots; early sales na tive lambs, 13.35a13.65; best bids few 110 to 130 -ound b -k s, 11.00a11.50; culls, 10.00a10.50 quality rangers improved: bulk goo¢ to choice eligible, 13.50a13.75; asking, up to 14.00 for choice; sheep steady fat ewes, 5.50a6.25 PLAN TO REDUCE STOCK. NEW_ YORK. October 11 (P).— Julius Kayser & Co. has informed the New York Stock Exchange of a pro posed reduction in authorized capita stock by 70,000 shares of preferred stock. i3 the District of Colun.bia in Montgomery County, year terms on your Telephone Main 9700 Dividends Are Free From earned over 34 times. Priced at Market d CITIZENS BANK BUILDING BALTIMORE, MD. Elimina CITIES SERVICE COMPA Preferred Stock Normal Federal Income Tax Cities Service Company is one of the largest public service organizations in the country. Dividends are payable monthly and are being Traded in on the New York Curb to Yield Over 6% % AND . r,mPAN\/ : lNVESTM‘NT Banxers WOODWARD BUILDING WASHINGTON. D. G te Every Element of Risk 4OR the investor who cannot afford to gl take chances—whose invested money must earn a substantial, steady profit —this new issue of 615% Collateral Trust Gold Bonds affords a distinct opportunity. Behind each bond is not only the safety assured by precedent, but the uncondi- tional guarantee that actually INSURES the payment of principal and interest in the same manner that an insurance policy protects against unforseen circumstances. Secured by ‘mortgages on conservatively appraised homes in the Dis- trict, guaranteed by Federal Security & Mortgage Company and safeguarded further by Equitable Surety Co. of New York, thege bonds in $500 and $1,000 denominations yield INTEREST 6]/2% "NET DISTRICT NATIONAL BANK Trustee Under This Bond Issue Insured Mortgage Bonds form an ideal investment for the small investor as well as the large ome. Every feature of protection is embodied in them making their yield absolutely certain. They may be bought on de- ferred payments. Fedenal Secuity & Morgage Co. Capital and Surplus Over $750,000.00 1412 K Street N.W. TEAR OUT — MAIL NOY Federal Security & Mortgage Co., MI2 K St. N.W,, ‘Washington, D. C.: Please send me further information rezarding the Series GA Insured Merteage Bonds. NAME .. . CHICAGO LIVE STOCK MARKET CHICAGO October 11 (United States Department. of Agricu'ture).—Hogs— Receits, 20,000 head: fairly active, senerally steady to strong; spots shade higher on heavy butchers and packing sows; top. 11.85; bulk gcod and choice 160 to 260 pound averages, 11.00a11,75 0 to 240 pound weights, 11.60a11.85; 0 to 300 pounds, 11.50a11.80; few butchers 325 to 350 poun ., 11.00a 11.25;"packing sows, mostly 10.00a10.35; numerous sales of lightweights, 10.50a 5.