Evening Star Newspaper, October 12, 1927, Page 14

‘14 BIG PRUSSIA LOAN SSUES TOMORROW Directors of Southern Re- elected—Good Profit Shown So Far This Year. BY EDWARD C. STONE. ~Offering is to be made tomorrow of the $30,000,000 Prussian state loan, State Department officials here having indicated that there is no longer ob- jection to such a loan, obstacles which had arisen in Germany having been overcome. The State Department of- ficials informed bankers a few days ago that the objections raised to the loan in Dawes plan circles in Germany should be removed. -This now has been accomplished. The big loan is being negotiated for improving navigation and aiding in agricultural developments in Prussia. Southern Railway Doing Well. The present directors of the South- ern Railway were re-elected at the annual meeting held in Richmond yes- terday, as were the officers, 72 per cent of the stock being represented. President Fairfax Harrison, stated that the decline of 11.96 per cent in passenger revenues in the eight months ended August 31 was primarily | due to the collapse of the Florida | hoom, the cotton debacle of 1 nd Mississippi floods. Notwithstanding the falling of in passenger busine: substantial profit is shown for the fi sight months, he said. Local passen- ger business has been conducted at a a numYer of local trains have | ntinued. Mr. Harrison said directors are not considering another stock issue at present. There are 17,188 holders of stock in the company, With an average holding of 110 shares, compared with 14.87¢ stockholders, with an average holding of 123 shares a year ago. The num-| ber of women stockholders has shown an increase, approximately 7,800 hold- ing 334,000 shares. Shoe Production Increasing. Shoe production in the United States during first eight months of 1927, amounted to 227,480,747 pairs, an increase of 8.8 per cent over the 209,004,406 pairs manufactured during corresponding period of 1926, the Commerce Department announces. During _the first seven months of the year Cgnadian shoe factories pro- duced 10,191,993 pairs of leather foot- wear, an increase of 2.6 per cent over the 9,931,670 pairs manufactured dur- ing the same period last year. September shipments of electric in- dustrial trucks and tractors, as re- poried Jo the department by the nine leading manufacturers in the in- dustry, totaled 79, against 92 in Au- gust and 97 in September, 1926. Dur- ing the nine months ended with Sep- tember, shipments totaled 956 vehi- cles, against 1,042 shipped during the first nine months of 1926. Railroads Install Train Control. Of the 44 railrpads that have been ordered by the Interstate Commerce Commission to install automatic train control devices upon certain portions of their lines, 32 had done so to the extent of 100 per cent of the require- ment on July 1, according to a report of the commission. The Chicago & North Western has installed safety devices on the great- FINANCIALS Commodity News PHILADELPHIA, October 12 (Spe- cial).—Four full cargoes of coal are | being loaded here for ports in the | West Indies. These will approximate 16,000 tons. BOSTON.—The shoe business in the principal manufacturing cities in Massachusetts is showing fair ac- tivity. Production at Haverhill in the last two months aggregated 88,430 cases, an increase over that of a year ago. FRESNO.—Despite heavy out-of-the- State shipments, which have been running as high as 1,700 cars a day, prices of juice and table grapes re- main firm. Strong demand seems to continue in Eastern centers. FORT WORTH.—Daily average crude oil production in the greater west Texas fields showed a litile change in the last week, running 432,- 945 barrels, or 655 less than for the previous week. YOUNGSTOWN.—Pipe mill opera tions in_this district are showing a slightly better tendency, with an im- proved tone to prices. Fifteen of the 20 pipe units in the Mahoning Valley are active, compared with 13 last week. FEDERAL LAND BANK BOND ISSUE EXPECTED SOON Special Dispatch to The Star. BALTIMORE, October 12.—Invest- ment bankers here look for an early issue of Federal Land Bank bonds. The belief prevails that the securities will be marketed by the banking group headed by Alexander Brown & Sons of Baltimore, which handled the other loans floated by the land banks, The amount will be about 000 and the loan will bear a cent coupon to be offered around par, according to rumors in the financial | district. ~Outstanding Federal Land | Bank issues, all of which are quoted at substantial premiums, yield from 4.03 to 4.10 per cent. The loan will supply the land banks with new money to extend additional credits to farmers, and if the interest rate is reduced to 4 per cent, will mean further reduction in the rate charged to agriculturists. POTATO MARKET STEADY. CHICAGO, October 12.—Potatoes, 2.75; on track, 475 cars;. total United States shipments, 1,465 cars; trading good, market steady; Wisconsin sacked round whites, northern section, 1.60a 1.80; central section, 1.40a1.55; Min- nesota and Dakota sacked round whites, +1.40a1.50; sacked early.Ohios, 1.40a1665; Idaho sacked rurals, 1.60a 1.75; sacked russets, 1.60a1.90; fancy, shade higher. GRAIN XPORTS GROW. OTTAWA, October 12 (#).—The total value of wheat, oats and barley ex- ported to the United Kinglom and other countries, the United States ex- cepted, during the month of Septem- ber, amounted to $20,886,801, accord- ing to a return issued by the Dominion Bureau of Statistics. This compares with an export value for those com- n;g:lt(es of $17,207,285 in September, s LIVERPOOL COTTON. LIVERPOOL; October 12 (#).—Cot- ton spot in increased demand; prices steady; American strict good middling, 12.35; good middling, 12.00; strict mid- est number of miles of road, 356; while the New York Central has equipped the greatest number of loco- motives, 835, with train control ap- report s ‘of . special in- on where hundreds shares of Miller Train Control stock are held. The Miller devices are now being marketed by the Gen- eral Railway Signal Co. The shares are quoted weekly on the local ex- change, the bid price last Saturday having advanced to 23 with none offered, although an informal asked price of 3% was reported. Heard in Financial District. George L. Starkey, president of the National Bank of Washington, will leave here at the end of tbe week for dling, 11.65; striot low middling, 11.15; low middling, 10.80; strict good ordi- :{:. 1100.45: ood oirdl;ury, 10.00. 8, 4 sales, includis 7,300 merican. o A . pts, 19,000 bales. American, 13,700 bales. . 3 Futures closed SHIPPING NEWS a motor tour up_the Susquehanna |Sob Trail to Buffalo, Niagara Falls, To- rontc and other places in that section. He will also visit Erie and several other places in Pennsylvania, return- ing to Washington in about two weeks. The Universal Chaif Theaters Cor- poration has enlarged its circuit by ac- quiring two theaters in Winchester, Va. A syndicate, headed by the Century Trust Co. of Baltimore, Stein Bros. & Boyce, and Pogue, Willard & Co., has purchased and is offering a new issue of $1,700,000 5-year 6% per cent gold notes with detachable stock purchase ‘warrants of the Silica Gel Corporation. Local merchants report that business s good, but they are anxious for some sharp Fall weather that will give trade a real boost. Clothing dealers are especially interested in cooler ‘weather. American Tel. & Tel. earnings .per share this year probably will be about the same as last year, when $11.95 a share on an average total of 9,790,262 outstanding shares was shown. CHICAGO LIVE STOCK MARKET | CHICAGO, October 12 (United States Department of _Agriculture).—Hogs, receipts 15,000 head: fairly active, strong to 10 cents higher; most ad- vance on packing sows: light lights higher in spots: top, 11.90; several loads, 225 to 260 pounds at that price; bulk good and choice 160 to 200 pounds, 11.10 to 11.75; 210 to 240 pounds, 11.65a11.85; 250 to 300 pounds, 11.60a11.85; packing sows mostly 10.15 a10.50; best light weights up to 10.75; bulk pigs, 10.00a10.50. Cattle—Receipts, 12,000 head; fed Steers steady to 25¢ higher; mostly 10 to 15 up; western grassers and stockers and feeders steady; shippers demand broader; killing quality slight- 1y improved: best fed steers, 16.70; fin- ished yearlings held higher; bulk fed steers, 13.00a15.25; western grassers $.50210.50; better grades stockers and feeders, 9.00a10.00; vealers, 13.50a 14.00. Sheep—Receipts, 20,000 head: fat lambs fairly active, 10alsc higher asking 25c higher on spots; bulk na- tive lambs, 13.50013.75; selected na- tives held around 14.00: bidding, 13.90 a14.00 on good to choice rangers: choice westerns held above 14.15; buck lambs averaging 100 to 130 pounds, 11.00a12.00; culls, 10.00a10.50; sheep steady; fat ewes, 5.50a6.25 mostly; feeding lambs fully 25c higher; bulk, 13.50a14.00. AGENTS BUY OWN GOODS. INDIANAPOLIS, Ind., October 12 (Special).—It is interesting to know what the expert prescribes for him- self. Three hundred and forty lifs in- surance agents, attending an educa- tional conference, tabulated their own lite insurance policies, the various forms appearing in the followinz order: Limited payments, ordinary life, term, endowments and annuities, s TahRen FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Sons. Cloging.) ‘Avpros Rate—Maturity. Bid. Asked. vield. Ba May 194 031y 4.0 Nov, 4.05 May Jan E L6 toh DUE FRIDAY. OCTOBER 1. auretania—Southampton st oy Dominien—Pore S oreme {October DUE SATURDAY. OCTOBER 15. Ryndam—Rotterd: MeXico—Vera Criz afl.» DUE SUNDAY. OCTOBER 16, loa—Port Limon. land—, Cimeronta—Clangor? *October DUE MONDAY. OCTOBER 17. —Hamburg . mhc-&ur—ss%m‘g-:mon A an—Sou Miunewaska—London -+ Banta _AnacValparai s Frederick . VITI—Copenhagen Bolivar—Puerto Colombi Haiti—Dominiga . Maraval—Arinidad DUE TUESDAY. OCTOBER 18. Drottningholm—Gothenburg . Lancastria—Southampion *. ana OUTGOING STEAMERS, SAILING TODAY. Be{‘nnrxlllr—-chl'rbollrl and Southampton. ton. 4~ Cherboure, Southampton and ola—] .‘ on, Cristobal and Puerto Falcon :a.fi Juan. Puerto Cabello and Mara- Fort St. George—Bermuda. SAILING TOMORROW. Hellig Olav—Oslo, Christiansand and Copen- en. Amerio hant—Plymouth_and_Lond Bractions Mo Tavame Crlstones " wnd Facific Coast (around the world). Santa Teresa—Havana. Cristobal. Iguiaue and Valparaiso. Coamc—San Juan, 1 8 - | smaller, 3: ROOSTERS HIGHER INGENTER MARKET Eggs Continue to Advance. Other Values Remain About the Same. Increased demand and light receipts has resulted in higher prices of roost- ers, this particular stock of the poultry market being in demand for soups, salads and sandwiches. Live roosters last week sold as low as 15 and 16 cents, while dealers today quoted them at 19 cents. Dressed stock brought 20 and 21 cents. Prices of other poultry remained about the same, with the exception of dressed turkeys, the price being quoted at 40 and 45 cents, last week's top price being 42 cents. Egg prices continue to soar. Hen- eggs were quoted at 48 and 50 cents this morning, the specially selected selling at 45 and 46, and cur- rent receipts at 42 cents. Prices of most commodities today were about the same as prices report- ed yesterday. Today's Wholesale Prices. Butter — Fresh, 1-pound prints, 53; tub, 50a51; store packed, 30a81. Eggs—Fresh selected, 45a46; hen- Poultry, alive—Turkey small and medium, 24 6 Spring chickens, 28a3 ducks, 18a20; keats, younsg, 35. P 90. Meat; 18a20: veal, 23a25; lamb, 25a28; fresh ham loins, 35a36: shoulders, 19a20; smoked hams, 23a26; smoked shoul- ders, 18; strip bacon, 25a26; lard, 15a 1514; calves, 15; lambs, 13. Frifit and Vegetable Review. Today's market report on fruits and vegetables, compiled by the Market News Service Bureau of Agricultural Economics, says: Apples—Supplies liberal; demand mod- erate, market steady.. Boxes: Wash- ingtor, extra fancy Deliclous, medium to large size, 4.00a4.50, mostly around 70a75; | STAR, WASHINGTON, BIG PRUSSIAN ISSUE COMES OUT TOMORROW NEW YORK, October 12 (#).—Final details of the $30,000,000 loan to the State of Prussia by a New York syn- dicate headed by Harris, Forbes & Co. have been completed and the bonds will be offered tomorrow at 96%, to vield about 6.28 per cent. The issue is in the form of 6 per cent sinking fund gold bonds, due October 15, 1952. Public offering had been expected in financial circles about two weeks ago, but delays were caused, it is understood, by , objections by the Reichsbank and _intimations from Washington that Governmentapproval might ‘be withheld. On assurance that the proceeds were to be used for pro- duetive purposes, however, approval of the Reichsbank was given, and the United States State Department inter- posed no objections to the loan. HOLDING OF COTTON IN SOUTH FAVORED “Bear” Hammering at Interests in Belt Charged in Wire to South Carolina Governor. By the Associated Press. COLUMBIA, S. C., October 12.—Ex- pressing hearty sympathy for every effort to secure. for cotton producers the very best possible price, Gov. Rich- ards yesterday made public a tele- gram signed by the International Mar- ket Forecast Bureau of America. Sent from New York, the telegram was as follows: “Professional operators here, know- ing that the cotton situation is the most bullish since the war, are ham- mering the market in an_effort to . [shake Southern interests from their ;| holdings so that they can accumulate large lines of long cotton to be held for the sensational advance which is bound to occur after the peak of the movement has passed. “Unless you issue proclamation im- mediately making a direct appeal through the local newspapers to your farmers and merchants to hold their cotton, they will become panic-strick- en and unload their product right on the bottom of this decline, playing into the hands of these sharpshooters. “This night letter is being sent to the governors of all Southern States and if they will act in absolute unison it will save the Southern people ower one hundred million dollars.” 4.25; fancy Delicious, medium to large size, 3.50a4.00; extra fancy Jonathans, medium to large size, 3.25; combination extra fancy and fancy, medium to large size, 3.00. Bushel baskets: Vir- ginia, 2% inches, Grimes, U. 8. No. 1, 2.25; unclassified Grimes, 215 inches up, 1.75; 2% inches up, 1.25a1.50; un- classified Jonathans, 23 to 23 inches, 1.50a1.75; Pennsylvania, unclassified Grimes, 2% inches up, cloudy, 2.00; Maryland, unclassified Starks, 2% inches up, 1.50; Delaware windfalls, 214 inches up, Staymans, 1.00a1.25; 3 inches, 1.25a1.50; New Jersey, No. 1 Delicious, 2% inches up, 2.25. Cabbage — Supplies moderate; de- mand light, market dull; New York, sacked, per hundredweight, Domestic, round type, 1.25a1.35; few higher. Celery—Supplies moderate; demand moderate, market about steady; New York, two-third crates, best, mostly iglsl fair quality and condition, 1.50a Grapes—Supplies of Eastern stock liberal; demand moderate, market about steady: New York, 2-quart climax baskets, Concords and Niagara, 18a20; Delawares, 18; Sa- lems, 12%al5; Michigan, 12:quart climax baskets, Concords, 65a70, mostly around 60; supplies of West- ern stock moderate; demand moder- ate, market steady; Lugs Flame Tokays mostly around 1.75, few higher. Lettuce—Supplies of Eastern stock light; demand light, market steady; Virginia, Norfolk section, 2-dozen crates Big Boston type, 50; New York, mostly poor condition, no sales reported; supplies of Western stock moderate; demand moderate, market slightly 'wegker; Colorado, crates Iceberg typé, 4-5 dozen, 2.50a3.00; California, crates Iceberg type, 4-5 dozen, 3.00a3.50. Onion Market Steady. Onions—Supplies moderate; de- mand good, market steady; Michi- gan 100-pound sacks yellows, U. S. No. 1, large size, 1.75a2.00; Ohio, 100- pound sacks yellows, U. 8. No. 1, medium to large size, mostly around $1.75; New York, 100-pound sacks yellows, U. S. No. 1, medium to large size, 1.65a1.75. Peaches—Supplies light; demand light, market steady; few sales; New York, bushel baskets, Elbertas, 3.25. Potatoes—Supplies heavy; -demand moderate, market steady; Michigan, 150-pound ~sack, Russet Rurals, United States No. 1, 3.40; Maine, 150- pound sacks, Cobblers, United States No. 1, 3.25; Pennsylvania, 150-pound sacks, Round Whites, United States No. 1, 3.25, few higher; Idaho, 110- pound sacks, Rurals, 2.75; Minnesota* 150-pound sacks, Round Whites, United States No. 1, 3.25. Pears—Supplies moderate; demand’ moderate, market steady; New York, bushel baskets, Bartletts and Seckels, No. 1, 3.00a3.25; Oregon, boxes, An- Jous, extra fancy, 4.25a4.50; Washing- :oznfi‘ boxes, Bartletts, extra fancy, Sweet potatoes—Supplies moderate; demand light market dull; home- growns mostly supplying market. Tomatoes—Supplies moderate; de- mand moderate, market about steady; homegrown, %-bushel hanfpers, va- Cauliflower — Supplies libera mand moderate, market du York, Long Island, crates, 1.35a1.50, best, mostly 1.50; other New York, crates, 1.00. e e e, AD EXPERT TALKS. Fred Millis Addresses Members of Washington Club. Fred Millis of Indianapolis, adver- tising expert, outlined to members of the Washington Advertising Club at a luncheon at the City Club yester- day his methods in conducting large advertising campaigns. The club members were particularly interested in his explanation of the “‘Say-it-with- flowers” campaign for the Interna- 7| rious varieties, 65a70. Panuco—Progreso. Vera Cruz and Tampico. Themistocles—Piraeus, = Constantinople and Constanza. African Prince—Santos. West_Arrow—Rotterdam. SAILING FRIDAY. OCTOBER 14. Malestic—Cherbourg and_Southampton. Carmania—Plymouth, Hayre and London. Paris—Plymouth_and Havre. ‘alvo—Cadiz_and - Barcelona. Port au Prince, La Guayra and M ) Bridgetown—Puerto - Colombla and - Carta- ena. Beflin——Plymouth, Cherbours and Bremen. Munamar—Nassai. SAILING SATURDAY, OCTOBER 18. Baltic—Queenstown and Liverpool. Conte Blancamano—Naples and Genoa, Lapland—Plymouth, Cherbourg and Ant- werp. Republio—Plymouth, Cherbours and Bte- men. Rotterdam—Plymouth. Boulogne and Rot- lam. gamaria—Queenstown and Liverpool. Transylvania—Moville and Glassow. Carrillo—Santiago, Kingston and ' Puerto Manuel ‘Amo; Kingston and Puerto 1 and Port Limon. neiro, Montevideo and San Domingo City and Nerjssa—Halifax and Johns. Fort_ Victoria—Bermuda. SAILING SUNDAY. OCTOBER 16. Bremen—Plymouth. Cherbourg and Bremen. SATLING MONDAY. B R o) Santander " and July July July 82283232 R3BRIoSosae SPPEFREETEET = % 233305555 Frrerrree - e 2285 %3 33 Colon—Coruna, Yoro—Ringston. Rochambeau—Havre. SAILING TUESDAY. OCTOBER 18, President Roosevelt—Plymouth, Cherbours and_Bremen. Cristohal—Port_au Prince and_Cristobal. Mayaro—Granada, Trnidad and Demerara, tional Florists’ Association, and the “Gifts-that-last” campaign for the In- ternational Association of Jewelers, both of which he organized and super- vised. He is now engaged in a sim- ilar advertising campaign for the tional Laundrymen’s Association. Miss Gwen Dew told of the cam- paign for the Florists’ Telegraph De- livery Association,.in which she has been engaged. Norman C. Kal, presi. dent of the club, occupied the chair. DELEGATES SEE FAIR. Two Conventions Adjourn for View of “Iron Horse.” Two conventions meeting here to- day spent part of the day at the Fair of the Iron Horse conducted by the Baltimore & Ohio Raiiroad in Balti- more. The American Association of Railroad Ticket Agents adjourned aft- er an hour’s session this morning, and its 500 delegates went to Baltimore on a special train, The Florists’ Telegraph Delivery As- sociation spent the morning balloting for officers and listening to talks on publicity by Miss Gwen Dew and on business personality .by Roe Fulker- son, This afternoon those delegates who are not in Baltimore were play- ing golf at the Indian Springs Club. There will be a banquet tonight. During a heat rvave in Peking in 1748 21,0000 are said to have died. Wall Street Briefs TODAY IS HOLIDAY.— Columbus day was observed in Wall Street to- day with the closing of the New York Stock Exchange, the Curb Market, the Cotton Exchange and all other securi- ties and_commodities markets. As it is a legal holiday, the banks also were closed. U. 8. STEEL.—The finance com- mittee of the United States Steel Cor- poration transacted only routine busi- ness at a meeting yesterday. NATIONAL RADIATOR.—Common stock of National Radiator Co. was placed on an annual dividend basis of $3 a share, with an initial quarterly dividend of 75 cents a share, payable December 15 to holders of record De- cember 1. An initial quarterly divi- dend of $1.75 a share also was author- ized on the preferred stock, payable November 1 to stock of record Oc- tober 21. UNION PACIFIC.—The Union Pa- cific has distributed orders for 30,000 tons of rails among Illinois Steel, In land Steel and Colorado Fuel and Iron Co. GILLETTE RAZOR—Gillette Safe- ty Razor declared a special extra div- idend of 50 cents, in addition to the usual extra of 12% cents and the reg- ular quarterly of $1, all payable De- cember 1 to stock of record November 1. Net profit for the nine months this year was $10,030,431, equal to $5.01 a share, against $9,301,463, or $4.65 a | share'in the corresponding 1926 period. NORFOLK SOUTHERN.—Southern Railroad this year will equal those of 1926, says Ernest Williams, chair- man. North Carolina will have the greatest tobacco crop in its history, estimated at 400,000,000 pounds, while the cotton crop will not be as good as in 1926. The board had not discussed the question of restoring dividends, he sald, which were discontinued in 1914. INTERNATIONAL ACCEPTANCE. —“How 1 is your. prosperity go- ing to last?” is'the question most fre- quently put to an American abroad, and in this question lies ar equal fear that it might continue too long, as well as that it might come to a sudden end, because at present Europe’s own sta- bility and progress is linked up with ours, Paul M. Warburg, chairman of the International Acceptdnce Bank as- serted on his return from Europe. The bankers reported marked progress in Europe’s recovery. SOUTHERN RAILWAY. — Stock holders of the Southern Railway Co. have increased 17 per cent, now total- ing 17, 188 with an average holding of 110 shares, against 14,876 and aver- age holding of 123 shares a year ago, indicating a more general distribution. Fairfax Harrison, president, stated at the annual meeting, that directors were not considering another stock issue at present. He attributed the decline of 11.96 per cent in passenger revenues for eight months this year to the collapse of the Florida boom, the cotton debaclé of 1926 and the Mississippi floods, despite which a sub- stantial profit was shown for the perigd: ANGLO-CHILEAN NITRATE.—The report of Anglo-Chilean Consolidated Nitrate Corporation for the first half of 1927 shows net income of $119,759 carried to surplus account, but after deductions for bond interest, deprecia- tion and depletion, there was a deficit of $3,611,683. At the close of 1926 there was a deficit of $2,243,319. AMERICAN DISTRICT TELE- GRAPH.—Common stock of American District Telegraph Co., of New Jer- sey was. placed on an increased an- nual dividend basis of $4 a share to- day, formerly $3, with a quarterly dis- bursement of $1 a share, payable October 29, to holders of record, Octo- ber 15. TRACKWORK — SHIPMENTS. — Third quarter shipments of trackwork “|for tee rail track of 60 pounds per yard and heavier, are put at 32,726 tons by the American Iron & Steel In- stitute, against 42,168 tons in the second quarter and 40,165 tons in the third quarter last year. —_— HEAVY TRAVEL IN PARKS. SAN FRANCISCO, October 12 (Spe- cial).—Increased travel in the national parks is reflected in the report for the 1926-27 season in Yosemite, which end- ed just a few days ago. Visitors to- taled 490,430, a 79 per cent increase during the year. Private automobiles entering the park totaled 137,478, car- rying 444,786 passengers. AKRON BUILDING BOOMS. AKRON, Ohio, October 12 (Special).— Building here so far this year has ex- ceeded that done in the corresponding period of 1926 by fully $3,000,000 Akron now ranks third in Ohio in building operations, being led only by Cleveland and Cincinnati. . POULTRY MARKET FIRM. CHICAGO, October 12 (#).—Poultry, alive—Firm; receipts, nine cars; fowls, 16a23; Springs, 20a23%3; turkeys, 25; I roosters, 17; ducks, 23a25; geese, 14a19. D. €., WEDNESDAY, GO0DFAL IS SEN BY RETAL TRAOE Cheap Credit Available. New England Section Hav- ing Excellent Season. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, October 12.—Retail trade throughout the country promises to be better than in any Fall and early Winter for many years. This trend has already made itself apparent to many merchants, who are taking steps accordingly. A survey just completed of the larger trade centers of the country shows only a few spots whera the sales prospects are poor or only | fair, while the large majority of dis. tributing points anticipate good busi- ness. There are two reasons why dis- tributors are confident of the general trend. One is the weather, which re- cently has heen favorable, both far farmer buying power. The other is the fact that credit conditions are definitely easier this year than a year ago. Loans, discounts and investments of the member banks of the Federal Reserve system are nearly a billion dollars larger now than at this time |in 1926. Money rates are comparative- Iy low for commercial paper, ruling at 32 to 1 per cent under the rate at this time last year. Cheap Credit Available. Cheap credit, has been available for commercial borrowings. This has en- abled m€rchants to take advantage of opportumities for increase of trade. The cheap credit would not have been available if bankers in close touch with each section had not anticipated a fine volume of business for the borrowers. In addition to loaning the merchants money, the banks have added to the buying power of thelr customers by >xtension of large credits through their investment accounts. This has dis- tributed sums amounting to $408,000,- 000 above those put out at this time last year. The weather has tural districts in a position to lead in Seasonal trade expansion this Fall. Consumer purchasing power for the country as a whole is estimated to be approximately 11 per cent higher than a year ago, while the farmer purchas- ing power will exceed that of last year by a range of 10 to 15 per cent, ac- cording to territory. Distribution has slowed down somewhat in the South, owing to the recent decline in cotton prices, but still is well ahead of that of last year. The position of the live stock man and of the corn grower has been improved by the strength shown ,n'I!;:ve iniflck prices. e improvement has not bed marked in the industrial dlstflms‘b\!‘l‘; it 1is wisible, none the less. Steel schedules are rising, although they are under those of last October. It is likely that output for the fourth Quarter will be under that of October, November and December, 1926. Build- ing still is on a wonderfully active basis in Eastern and Midwestern Stat- es, building materials are subject to severe competition, however. The au- tomobile industry will not get to its maximum activity until Ford gets his | production. However, the general in- dustrial activity is well above long- term normal. Good New England Season. The New England States seem likely to have an_ exgeptionally fine season, except in th cities where the fate of certain old-time textile concerns still hangs in the balance. The gain as compared with last year is con- servatively estimated at 15 per cent. In the Middle Atlantic and South At- lantic States gains of only 5 to 7 per cent are anticipated. The Western and Southern States are still some- what of an uncertain quantity, but most reports from those sections as- sume that the improvement will ap- proximate 10 per cent. Nebraska, Kansas and the Dakotas are expected {f register specially favorable condi- ions. The gain in the East, North, Cen- tral and West North Central groups may reach 10 per cent also, while in the South Central group 12 per cent is counted on. The intermountain region has not yet discovered what can be counted on from the sugar beet yield, but trade there should be as good,as in 1926. On the Pacific Coast the sales quotas are expected to run 15 per cent higher than a year ago. put the agricul- %’-T:.,u :I’o‘:flllf-. real estate Veller ‘5ol Kty Mortgage Monej Loaned at Low Interest Rates Tyler & Rutherford Ww jutual Benefit Life 15201(‘5&2‘«&%‘%415 e e Joseph 1. Wm sales and for the strengthening of | OCTOBER - 12, 1927 PRICES ON PARIS BOURSE. PARIS, October 12 (#).—Prices moved irregularly on the Bourse to- day. ‘Three per cent rentes, 056 francs 25 centimes; exchange on Lon- don, 124 francs 3 centimes; 5 per cent loan, 76 francs 55 centimes; the dollar was quoted at 25 francs 46 centimes, PR, CAR LOADINGS HEAVY. Freight loadings for the week ended October 1, as reported today by the American Railway Association, totaled 1,126,390 cars, an increase of 522 from the figure for the preceding week and a decrease of 53,650 from the total for the corresponding period Money Available for FIRST DEED OF TRUST LOANS 6% Reasonable Commission Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. T SRS | TSI A SATURDAY it RAINED We Can Protect Your Profits Geo. H, Price Co., Inc Pres. F. H. Dela 815 15th St. Main 4793 I Have a Fund of $100,000 | to purchase desirable Second Trust Notes at very hé reasonable rates Prompt Answers J. DALLAS GRADY M. 6181 904 14th NAV. " LOANS | We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate - . Current rates of inter- est. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of Thirty-five Years -—insures your protection Percy H. Russell Co. 926 15th 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'l Bank 14th and G Streets First Mortgage Loans Applications Invited at 5%% On Improved Property Construction Loans at Minimum Ratés « Glover & Flather 1508 H St. N.W. The New York Life Insurance Company 1321 Connecticut Ave. Offers to Make First Mortgage Loans On Improved Real Estate in the District ot Colum.bia and Nearby Suburbs in Montgomery Md, for 3, 5 or 10 year terms on your = 5149 Apply RANDALL H. HAGNER & COMPANY % Incorpol MORTGAGE LOAN CORRESPONDENT County, ‘Office Building Business Property rat Telephone Main 9700 Over a Third of a Century's Experience Main 2100 B. F. SAUL CO. Management —is attended by satis- factory measure of suc- cess only when under the guidance of ex- perience. Our ex- perience, continuous through over a Third- of-a-Century, covers all phases and problems of property management. 925 15th St. NW. FINANCIAL.” S ————— REAL ESTATE LOANS 52 % FRED T. NESBIT 1010 Vermont Ave. Maln 9392 e Real Estate LOANS Quickly Made Waggaman & Brawner, Ine. 1700 Eye St. N.W. Frank. 7485 Promot Aetlon First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. The regular quarterly dividend | of Two Dollars and ty-Five Cents ($2.25) per share will be paid on October 15, 1927, to stockholders of record at the close of business on | September 20, 1927, ' H. BLAIR-SMITH, Treasurer. SRR R Equitable Co-Operative Building Ass'n JOHN JOY EDSON, President Organized 1879 Assets .. ....$5,228,031.94 WALTER 8. PRATT, Jr., Se 4ith YEAR Co!ll’;.mle!rlgnr’ Surplus $1,469,905,78 Subscriptions for the 93rd Issue of Stock Being Received STEP UP THE LADDER TO FINANCIAL INDEPENDENCE! €$2.50 = § are Sl Start a svs’ematic savings account at the Equitable and provide the way for Financial saving encourages thrift in a regular manner money. Start now. independence. Our plan of and helps you accumulate 915 F STREET 4 Our Service to the (0 Foundation cy of ev pends upon the strength The dation. estate securing Financial soundness is particuierly dependent upon the safe investment of the major part of your surplus. For it is only .from secure investments that you can reap a known income. Such an investment MORTGAGE NOTES. The fact that the improved real each one is located in the Capital City of the U. S. doubly insures their safety. SHANNON; 8; LUCHS Borrower URRENT interest rates, fair appraisals, and quick service. erything de- of its foun- is our FIRST APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjscent Suburbs in Montgom- ery and Prince Georges Counties, Md. 2 /o INTEREST : Apply to H. L. RUST COMPANY . LOAN CORRESPONDENT &he PRUDENTIAL INSURANCE COMPANY o AMERICA 1001 15th Stree(N.W. Main 6888 en in Need of a Real Estate Loan Phone or Write Our Loan Department We have unlimited funds available FOR LOANS m ERTIES 1N GOMERY COU! . 3 4 Founded 1907 4 Local John Hancock ‘417K St oF COLOMBIA 2xD NEARBY: MOSE: For periods of 3, 5 and 10 years at 5} per cent BOSSEEPHE| PS ul “u'Llll'llh Co. Main 9300