Evening Star Newspaper, October 17, 1927, Page 12

SPECIALTIES CLIMB ONCURB MARKET Bulls Fail ta Affect General| List and Selling Is Impressive. HEFFERNAN. - BY WILLIAM F Spectal Dispatch to The Star. NEW YORK, October 17.—The ele- ment favoring continued price appre- | ciation failed to influence buying to- ay in the main body of curb stocks by oncentrating their efforts in a few selectedl specialties. Prices fluctu ted good deal of indecision most of | fon with gains and losses about | d, but with | more impressive than the buyi The tendency.to bid up motor stocks was not in evidence. Talk of Ford mpetition appeared to he more of a factor in the speculative calculations than heretofc It was dificult to attract a genuine following in such sues as Durant, Reo ana Stutz though for a bricf rval his prices prevailed for the first two sues, Ford of Canada fiuctuated tween 569 and 562, compared with last week’s close of 568. Speculative Wall significance in the 0il & Gas director quarterly common dividend of 50 cents due last week. Failure of the lar unit in the midcontinent field to ma tain its div caused uneasir Prairie Oil & Gas was fr ered below 47, Standard Indiana and Vacuum were lower, and ther growing belief that te repor the contrary, many independent companies h iad mot heen thoroughly liquidated at the current price level As a group, n Street placed | passing the ac ast end desy s to of the shares of public utilities gave the best account of themselves. How ever, United Light & Power class “A,” which was taken in large blocks last week, was freely offered at a decline of a half point. United Gas & Improve- ment and Electric Bond & Share held comparatively firm. Shares of Rayon and related com- panies fluctuated errs Industrial Rayon sold at a new high for the year, and Celluloid common had one of {its characteristic upturns.| Celaniz Corporation common, on the other hand, broke some 10 points and carried with it the first preferred Tubize Artificial Silk at 302 lost § points. RAW SUGAR UNCHANGED. Several Factors in Advance in Fu- tures—Refined Steady. NEW YORK, October 17 (#).—The | raw sugar market u unchanged early today at 4.71 for Cuban duty paid, with no sales reported. Expgotations of some bullish an- nouncément from Cuba relative to the restricting or delaying of the next Cuban crop, a firmer London market and reports of a tropical storm in the vicinity of Cuba were responsible for a firmer feeling in raw sugar futures. Prices at midday were at about the best of the session and from 4 to 6 points above the previous close on covering and active buying by houses with trade and Cuban connections, In refined sugar, prices were un changed at 5.80 to 6.10 for fine granu lated, with only a small inquiry re- ported, INITIAL DIVIDEND. NEW YORK, October 17 (#).—Di- rectors of Consolidated States Tele- phone Co. today declared an initial quarterly dividend of 50 cents a on the class “A” stock, pavable No. vember 1 to holders of record Octo ber 20. UTILITIES FIRM FORMED. NEW YORK, October 17 (#).— Formation of the West Texas Utilities Co. to include all the properties trolled by the American Public Servi Co., in central West Texas, was an- nounced _today. The announcement was in connection with the sale by Halsey, Stuart & Co. and others, of an issue of $12,500,000 first mortgage 5 per cent bonds'cf the West Texas company. As now constituted, the West Texas Utilities Co. serves a total of 97 communities. OLDSMOBILE SALES UP. NEW YORK, October 17 (F).— Domestic and foreign retail sales of Oldsmobile cars have broken records for the third consecuiive month, September showing a gain of 14 per cent over September, 1 Substan- tial increases were reported for August and July ove ponding months last year. trade in nine months this year has increased 20 per cent. COTTON GOODS QUIET. NEW YORK, October 17 (Special). —Cotton goods maret week, with trading quiet and prices unchanged. Print cloths were quoted at 8% for 64x60s, and 9% for 68x72s. Raw silks were unchanged, pending resumption of trading Tuesday after | the holiday in Japan. RUBBER UNCHANGED. NEW YORK, Octaber 17 (Speci =—Crude rubber, sm ked ribhe he remained unchanged at today’s noon quotation of 34%. This compared with 33% a month ago, and year ago. 1% a started the | | reduction POTATO MARKLT WEAKER. CHICAGO, 17 (P).—Pots toes—Receip ; on track 621; total United States ents day, 1,789; Sunday, moderate, marke early Ohios, Wisconsin sac 1.80; Minnesot: round River Oh. brown sucked, October 391 reked Idaho, beauties, russe COPPER ADVANCLD YORK, Octol ) —T NEW YORK T Hamb Hamby 19000 Darmstaeqter g 5500 Jevden Cher ! ) Nor Ge 10 Austrian A L ¢ 1.00 | present regulatory s; hers |in Washington STAR, WASHINGTON, D. C, MOND NEW YORK CURB MARKET Received by Private Wire Following 1s the list of bonds and stocks traded in on the New York Curb Market today: Sales in INDUSTRIALS, hundreds 1 m BB B FVe Am D8..c..x. 1Am Gas & EL. 113 7 Am Gas & EI'p104 {Am L & Trac.... 180 1, Am Pow & & Am Sgl & Ch p pf 1 4m Qperpow’ A, 3 ™ Shporbow B, Suverp 1st pf m Superp pr bl 1 Bohn “Alum, Borden_ <o, Siates E_bi M&SPnwi : M&S P oot wi m Dup v B B & Sh pid- 3§ Shon Co. est Ine.. . an 4 2'pf A 1008 Co.. 2135 1 Pow toy Welte 'C geol Mot Co.. Jardo” Sug Co. 1 ers Mfe A deral Water Ford Mot Co Cun 5i | Freed Eisem R d Corp u Bak A. pak B Cot n. X ZEEE s o ) ¢ n Laund Mach 20 Moo 22552243 FEER - st < o orp 1 R pid: ! 60 Indust Ray C 4 Insur Co N A 2 Int Cig Ma Co'n Util _A.. vul B 5. 12! wsley Millb. 2 Lackawan Sec B S Leh POW n..... 8Leh Val C 1Len Val 4 Lib Owens Sh Gl 1 Lit Bros. .. > Mare Wire, Lon. . 1 Marmon_ Mot... 13 Mavis Corp..... 12 Mavis Boutling. . 1 Mctall Corp ne... 1 McCord Rad B. O 8iA St B AT Blodrs it West, Util, Mid W U 0s pfd Mid W U vr lien 13 Midvale Co. wk_Huid P; 1 D P pfd A105 Nat El Pow A.. Nat Leather Pal 7 Pub’ Ser ¢ Pub Ser B.'] at Rad pid Nat Kad o Aarkaia e e oraas £t 6013 g% HE o V1is FEEEER 5. Nor +tatgs P G Northe Pow 3% Obtio Bell 7 78 b 1. 1Pa: s Direct to The Star Office 1Unt Bl Coal vte 20% 130 Uat %% 4 B n G 3 R RS o ProvreEEs yosum . Battery 1 nJ W Bond “A’ Bond B ba_Prod A D P vie B b & S5 101 MINING*STOCKS, oot T et Sales in hundred. 1am wanr‘n 2 21 Golden Ce 20 Galden 10 Hawthoy 1 Ke! Noranda .. 41 Ohio , Copper e G 4 ek Hughos. . 1 Uni Verde Ext 12 Uaity Gold... . 3 Utah Met b Wenden ¢ 6 Wright H Salesin INDEPE 158 Am Con Oilfids.. aracaibo Co erv. . Tl Ey T OIL § 95 3y 512 8 Creole, S S 4') Emp G & F fln nf lU‘U son Oil cor. . lh\l]f 01l of Pa 2 Houston Gulf Gas 6 Intercontl Pet % Lono 8 G i Del. i Mexico Ghio. ... 20 Mex Oil . 1 Mount Prod 2 Nat Fm- 4 New M 5 Roite 10 S & Royal Con l) & R 4 Ryan Con .o 4 Thdal Osave 0] 10 Osage O NV ranse Oil pfd. . 1 Venezuelan Pet. . 2 Wileox 0 & G n Sales STANDARD OIL ISSUES. in units. 100 Anglo Am Oil. .. 500 Chesebrough Mfg 1 4400 Conth Ol 'n, ... 1800 Humble Oil & K. 700 Imp O of Can n. 100 Imp O of Can reg 00 Inter, Pet C Ltd. 200 Nat Transit ... 300 Ohio Oil ... 00 Penn Mex Fael. " 500 South Penn 0 ' 200 Southern P L n. 008°0 Ind. ... 50 Swan & Finch 800 Vacuum Oil Bales in thousands, BONDS. 8 Alum_Co Am 5s101% 1Am Cynam Bbs.. 85 Am Gas & E Gs ]()v"h o Am Pow & Lt 631075 5 4 48, ing s Appal EI Pow b8 Ark P &L bs.. 98 AU Fruit 8s...0 1815 b Beaverb'd 06 65 6 Boston € Gas' 5s 102 4% 5Bos & M Gs M 1031 40 Bos & M bs AC 9713 4 Can Nat Ry 4148 081% M&SP 58 n'wi 94 &SP 58 Anwi 621 in St Ry 5348 A 10014 S OO G Ci bl e G & G ¢ & Co CosgroveMC 6% Cuban TI 7%s A 11 Cudahy 5%48.., Det Cty G b8 B 10 Det Intl 6%, Det Intl 7s.. Dix G G 6 El Refrig Emp O & R Fed Sug 6n. ... Fi Tire & K 53 Eisk Tire 5las Fia P & I, 55. G G 98 3 Gatincan pw'dy: 101 % 1Gen Ice Cr 635145 7 Gen Invest bs A, 138 2 Gen Pet Gs.....100% 20 Ga, Pow 5 ill0 083 5G T&RC 5145 *31 100 1 Grand Tr 648, . 109% 5 Gulf O Pa 5 Guit O Pa 10 Ind Oll & Gas 68 9835 5Ind P&L 58 A.. 991} 1Int N'G G5 ww. 102} 78 1 90 s 064 58 wi D94 3 Kemsley M B 512135 B Kop G & Coke 58 081 n Oh £d G t Ed b pL. 101 Pen Wat Pow { Penn Salt ... ples Drug Sto Phila E : Philio Morris” Glas Pow Corp Can. PW pid 1077 15 Safe & Lt.. 142 1 Rinitar Grocery. 220 4 Seeman 0 Bros. ... 3‘:2 1 Self Prov Strs.. i !V\‘\: I"V }71 Ck‘\eu .. .’%#% feherling 35 %3 ,yw'»' Mte. ..\ a1l G Int'repea 11, o9 Sou BaL a8 Sou P&L D nmnn’l 19 Sou P & L war. i, Sonthw P&Lt pfd l]()% \,.,.,3“.( Wit 21 Fid, Com Tob: SE'P €7k bl 1003 Stinnes Hugo... 12 St Mot e ot 20 Superheat Co.. wift Inotl... Timken Xe. .. Axle DIl Prod Export e EoE SR BB St & Tung 1 int 13 Uni VERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Biscut Biscuit B! Federal Reserve Bank Rates—I. The significance of an advance or a in the rediscount rates of YFederal Reserve banks of the United States did not occur to the average citizen until a national bank- ing issue was made recently of the en- forced cut in the rate of the Chicago Federal Reserve Bank from 4 per cent to 3% per cent. It is necessary to go back about 20 years in American finarcial history to obtain a proper prospective of “the tem of banking in this country. ~ At about this time of year in 1907 the banking panic re- Jled the very worst features in our y scheme and compelled the adoption, seven years later, of the Federal Reserve plan, with its central- hority at Washington, but re- 1 brs throughout the United States. not until the country entered the World War, In 1917, that the new banks functioned actively, but in the subsequent mobilization of banking reserves and the flotation of Liberty bonds and Treasury notes they played a most important part in the cu | bringing success to the cause of the allies, Bri Federal the system is composed of Reserve Board of seven | members, Including the Secretary of Treasury and the comptroller of curreney, who are ex-officio mem- This board has its headquarters The Federal Reserve 12 in number, located in . Boston, Philadelphia, Rich Atlanta, Cleveland, Chicago, néapolis, St. Louis, Kansas City, and San Francisco. These 12 represent the member banks district and are governed by 1sses of directors. These are s A director, who represents the ng banks; a class B director, ho may be a business man or farm: to the local conditions, id n class C director, who is the rep. sentative on the board of the central Washington and of the gen public. Of each class there are \bers, making a governing 9 in every one of the 12 the 1 bank, in turn, chooses to sit in the Federal Re- el Council, which meets regularly with the Federal Reserve Board in Washi In the of ucceeding articles T will discuss fundamental policies and functions the system, s 1003 2 Laclede Gas 5%8100%; 1027 Lehigh P s A.103 Lib McN & L 58, 7% 19 Lone Star Gn 58 085, 3 Manito P 5148 A 10 55 Gas 5138 2 Midwest Gas lMl.H&PfinA]m INat P & L 6 A. 10 Rad Gls .. 100 v Cons Cop Ba ORI Eug G & E b8 018} & Shep 68, 105% S P M 6% 30 Okla N'G: 9 Ohio P 414 10hio P bs 52 B, 2 Oswego Riv P 65 ZPOh E 1‘1_. 102 100 * ]ll{% oo, B 6 haw 4328 A wi hubert Theat 65 ca Gel 6348 wi Snider “Paciy 0 Cal Fd bs '3 1 South Dairics Ga: 2 Sou Gas 6lss. .. 17 Southea P&L, 85 1 Southw G&E 58 A ¢ Sorthw Pel. 654 48°0 N Y 6in.. 1 Stutz Mot 7145, F2S3S33 ROSS FRESR S 2R IR 20 Tranzeont OIl 7s. 111 5Tl Lt&Rai 5128 043 BUS Rub Al 130 3 US Rub G14s ' 7S Rub 61« 1018 Rub 6i4s 7S Rub 6148 S Rub 648 s Rib 6148 AU P & Li 538 7 West Pw 5148 A 0! B8 Westy C 5%s Sales in FOREIGN BONDS. nmumml. 1A 12 A M 5 Bank 61 H'Al-’nm Pet 4% 2 RBer C El 6348 9 Brazil fl“nP w 1 puenos Al'7a'} juenos Ai 78 '52 fi“\lfi'\ol Air 7‘&! 1"““0 2R C G S 6a A 04% 7 n'ln'rh( Port 8ths 90 3 Deutsche Bank l‘n "",t/y 18 Free St Pru 158 08% 2 Free St Pru 0s wi 065 26 Ger Cons M 7s.. 100 3 Hamburg E 78.. 10114 3 W\m?}\lrj& q;‘" fl: 1{:3 un T, Tis § o s 120'4 B 7e 48 0R% 9R% Bank Ts 47 0R% 98 Priwia 0a 001} 2 Mor o Mor Bk Den fln lflll 3 Nurembersg 61 Perelli 7s. 0914 a7 Rus G Russ_ Govt 6iss. u G 6ls ncfs nta Fe City 7 18ax s MY 78 45 10 78 Sorbs 7x B 1’& Stinnes H i & Sthnes Tt 7y 50 lmn a8t H 78 'u‘ ww 9314 - 5le101% 1 7s; 04 78 A 1001 97% v 94 B TR Nort 10014 16U S W 6%s A, *Ex dividend. Bid. Gs 1 Tan pet, Cor, a3 Petro Cord' 51 Ry. 4% P Faul s 1°& P, o 1028 & Hud EL UL Bos. 4-(.1 i e Humbie, 0il 93 Mas ooe s hie: New York Tel. 63 1041 regon Short Line ds 1020 Sinclair C. Ol P. C. 0s 1 Son” Pac. R R Co. ds 10 St O ot &Y of N I St; Ol of I ML ES Ry, 48 10 Swift & B 1042 ... Ehton Gt ol Calt. b 1948 Union Pac. R. R, Co’ s 1928 8" utbor 73 871950, Smielting 2 ik Steel €. & 10014 075 SHORT-TERM SECURITIES. (Reported by J. & W. Selizman & Co.) ~—Noon,—— Offer. MEXICO'S BUYING POWER CURTAILED Imports From U. S. Are Need- ed More Than Her Exports Are by World. i 1 | 1¢ BY J. C. ROYLE. ! Special Digpatch to The Star. NEW YORK, October 17.—Mexlco faces a decided falling off in trade with other nations, especially the United States, as a result of the re cent political and military disturh- ances south of the Rio Grande. The United States, ling to the De- partment of Commerce, has heen send- ing about $135,000,000 worth of goods a year to Mexico, faxporters today seemed unanimous- ly of the opinion that the recent dis- | e turbance would cut that total ma- terially. Mexico has been buying 52 per cent of her foreign goods from the United States,, 11 per cent from Great Britain and 13 per cent from Germany. Where Mexico will be hurt is in the amount of goods she sells, the greater part of which came to th country. The mesnnl Mexican government is vehement in serting that the revolt is of a minor nature and now is over. Those merchants here who have done business for years with our Southern neighbor, do not place undue em- phasis on the Serrano-Gomez revolt, but neither do they minimize the after-cffects of the outbreaks. Costly to Revolutionists. The revolt has alread cost revolutionists some 150 3 one of th men executed had his following, since Mexico, after all, is feudal as the castle of a robber baron on the Rhine centuries ago. These followings have only the hills and jungles for refuge. Most of the fugi- tives are afraid to return to their homes, so they must continue to be revolutionists or bandits, the appel- lation varying according to the view- point of the person applying it. Since they must live, naturally thelr first thought is of loot, and, of course ,the most valuable loot is owned by for- elgners. Such is the situation which export- ers fear will operate to restrain trade. They foresee the cutting of railroads, destruction of bridges, looting of mines, oil flelds and warehouses and the seizure of plantation iven well trained troops are helpless to cope with such depredations, as was proved when the American forces were in Villa’s territory, and every such o currence adds to the timorous feel ing of shippers of goods. The vevolt has come at a time when Mexico needs foreign goods,far more than foreign nations need Mexican products. The huge flush production of the Seminole and West Texas fields has cut down the need for Mexican oil. _Production in the Tamaulipas an1 Vera Cruz fields, already curtailed as a result of the disagreements over the land laws with the Calles admini; tration, has been still further re- stricted. Will Affect Buying Power. The products of the M in mines a 2 somewhat similarly ]\Luml The world production of silver is in exces of demand since British India went on | a gold basis. Mexico has been seek- in, all kinds of expedients to keep the price of silver up, but certainly the gr the | | There’s all the differenc edo and another. Slip think you were wearin comfortable, easy - fit business suit . until unfinished worsted, fu only Sheldon. knows how, Py The States has had to be curtailed and cer- tainl. going will keep Mexican production up. power Ange differ vorable adjustment of the land laws would American present. age movefnent from (1) of the wholesale prices of 200 rep Review) and power of the dollar: 1926 week averaged 6 glance in the mirror and note its ultra smart appearance. The Debonair is made of black outside world has no need of Mexican silver. tries would be better off with it cut off entil Indeed, other mining coun- The entire copper min- ng indusiry has been cramped by the low price of the red metal and the slackness United even with low-priced labor, is at a dis- in the Mexico, demand both and abroad. of tates dvantage as compared with Peru, hili and other producing countries, output of lead in the United produc are not measures which American to urge any All this” will reflect on the buying of Mexico, and as a resultl ican exporters are turning to Co. ontbia, * ITicaragua, Venezuela and ‘uba for their trade and letting Mex co and Mexicans alone to settle what nces exist internally. revive at be calculated to activities in Mexico not. Fisher’s Price Index The following table shows the aver- week to week esentative commodities (from Dun’s (2) of the purchasing Purchasing power. of the dol. lar in pre- WAr cents. te. 1913 Index No. ot brices in per cent of pre- r basis, 1913 Date— May (peak) .. Jannary (low).. . Average Average . i quarter. Second quarter. Third auarter.. Average Third quarter. Fourth auarte November Decembor Fbranre vorase March _average. First quarte April averag May average. June average. . Quarterly averago. July average August _average. Septem! vorage. N S S2 az99agaaaa &3 oSS [reegpouts Foreign We ‘kly lndex. Crump’s_(London Financial Times) index number for England: Index No, of prices in pet cent of pro-war busie, 1., 1913-100 Dato— Average Average First_auarier. . Second quarter, Fourth quarter.s’s’s Average . .. First quarier.’, Second quarter.’, Thir Fourth quarter. QOctober ... November | December B D03 HDB! .s.u-.»u_-oa:maz 35558 & ERDOOZWS RS BDD Febritary average March averake...s First anarter. .. .. Avril average. . G June average..... uarterly _average. July average ..-..._....._u._.........-.uu_-.-.4............»4...»‘- First week.. . . cond wey (Covyrisht. 1027.) OIL OUTPUT DOWN. NEW YORK, October 17 (P).— ‘rude oil production in California last 3,500 barrels daily, decrease of 1,500 daily compared with the. week hefore. XEXEXEXEXEXEXEXEREXEXEK The Debonair A Tuxedo b y Sheldon e in the world between one tux- into the Debonair and you would Featured at Forty Dollars g a ting you 1y silk trimmed and tailored as Black or white silk waistcoats, $6 Tae HecarCo Direct Elevators to Our Second Floor Men’s Shop AY, OCTOBER 17, 1927. POLISH FINANG NOW HELD “SOUND" People Rejoicing Over New American Loan and Stabilization Plan. By Cabla fo The Star and Chicazo Daily News. Copyright, 1 . WARSAW, October 17.—The American loan and stablizating plan not only seem to place Polish finances on a sound basis for the next few years, but is regarded here as another manifestation of the growing control of American banks over Europe. Dictator Pilsudski throughout the negotiations has belied his reputation as a romantio dreamer. It required real courage to accept all the condi- tions imposed by the foreign bankers, in view of numerous susceptibilities of Polish opinion regarding the question of national dignity and in view of the popular overestimate of Poland’s economic strength. Public Studies Conditions. Even now, after the first rejoicings over nl_:tflhllm: the loan, the public is beginning to count the cost and look carefully at the conditions. Criticism is aimed chiefly at the power given the American adviser, Charles De: wey, and the requirement that thre quarters of the sum obtained must be spent on stabilization. The Nationalist right, which last vear fulminated against the idea of a controller, now dccepts this quietly probably under the influence of the big industrialists, whose money is needed for the approaching elections Under the same influence they bewail the fact ‘*hat credit for industry is not included in plans for use of the loan. Monopoly Feared by Socialists. Fear is expressed lest the wide pow- ers of the adviser be used to secure monopoly for a group of banks which supplied the loan. The Socialist or- gan, Robitnik, calls the American ad- viser “the new sovereign in Poland.” The paper enumerates the powers to control expenditures, to control cus- toms revenue as security for the loan, to conrtol expenditure of the treasury reserve, to control distribution of cred- its in loans for agriculture, to have new REPORT OF o FHE CONDITION McLachlen Bankmg Corporation At Washington. in_the District of Columbia, at,the closé of busiuess on October 10 RESOURCES, ans and discounts, i cluding rediscounts, ac- ceptances — of other banks and foreign bills of exchange or drafts, ®old * with_indorseme: of this bank... . Overdralts. unsecu Other hords, ~ stocks, curities, ete.. owned. . Banking houss, * furnituré and “fixtures. Cash in vault and anount due from national banks. it due from State banks, trustcompal United Sta than included e Checks ‘o the_samo city o a3 reporting bank.. Total of items 10. 11, $213.828.78 a Chécks draits o banks (ineluding Fede al Reserve Bank) locat- ed “outside of city or town of reporting bank Total $1.064.3 30 679.79: 45.858.51 160.068.47 in item 30.435.11 town LIABILITIE: Canital stock paid in.... Surpius fund .. sUndtvided ofits . .....$61.918.50 b Romrye i terest. taxes and " contin- encies ... $150.000.00 150.000.00 ¢ Loss current e: benses Daid 43.930.05 | Certifieq Ini Tofil to reserve deposits | able within' 30 days) Individual devosits subi o L0 check., s Total of démand deposits {other than”bank depos- subject to_reserve, 54,911,641 biect 'to agable after 0 days. or subject to days” or more notice, d_postal savings) : s deposits (inclnding certificates of de- other than for money_borrowed).. . . ... Other time deposits.’. Total of “time _deéposits subject to_reserve. items 85 and 37..8710.399.08 D!st!rlr'll;;:xla Cn'l;{lmhm. ks my knowledxe and beliet. Subgcribed Ao ':wfimmfgslrel;omc are Thts 951.041.64 nosit 14th day of October, 1927. (Seal)) "JORN M. MerACHLEN. Caueco—.m;arz\-' . ::’ IP"C""“ = IACHLEN, R HOR FDWIN' HBE':;R J. A WATSON, Directors REPORT OF CONDITION Of the Northeast Savings Bank At Washington, in. the Dis RESOURCES, 1 aLoans and mucmmu,s 2. Overdrates PR unsecured 6. C. soao,zgg%g ther bonds stocks. . secitr- ities. ete.. owned. <. . Banking house, $100.0 furniture and fixtures. 520.000. Cash in vault and_amount e from national banks Amount due from _State banks. bankers and trust companies in_the United States (other than in- cluded in Item 10) . Exchanges for clearing house . Total ‘of Ttems 'i0. “ii and 12.. .$154.196.31 . Other assefs. loans on Ad- iusted Service Certificates 14.684.00 Tolal oceororonsssssses. S1.008.807.88 TLIABILITIES. . Capi‘al stock paid in. Surplus fund . ... a Undivided prof $42.206.19 24.196.33 773.028.50 117.072.01 18.134.85 18.839.45 $100.000.00 60.000.00 17.000.86 aAmount due to State bhanks, * bankers ~ and trust companies in the United States....... . Ceptified checksGiiistind- it Demand " dénosits " (other than bank _deposits) subject to reserve (de- nosits pavable within 50" davs Individual deposits subject to_check. .. Dividends unpaid” . Other demand deposits Total of demand (other than Dosits) subje v “"mi 1.662.13 27517 (payable ys_subject to 30 or_more notice, and postal savings) : Savings _devosits ~ (inelud: ing time certificates of denosit other than for money borrowed) . . Other time deposits Total of time de eubject 1o _reserve, Items 35 and. 38 $1.099.404.12. Total oov. o S1.008.807.84 District of Columbia, City "of Washington. s 1. W. R, LEWIS, cashier of the above- named bank do solemnly swear that the Ghove statement ia true to the best of my knowledge and belief. W.R. LEWIS, sSubscried and sworn, to before me this . 1t any of Oty B FarcLierr. Notary Publie. ABT. ST, TALBERT. OOVER, EADY, Directors. l,'orrect—Al?l!‘P SR uN F, H FIN ANCIAEL. the declding voice in the credit policy of the Bank of Poland and the minis- try of finance, and then asks if cases are not certain to rise wherein Poland national interests will be opposed to American banking interests, More criticism of this nature prob- ably will be heard in the future, when the sense of relief through receipt of the loan is worn off. OLD BELT TOBACCO ACREAGE CUT URGED Growers Grumble That This Year's Large and Good Crop Brings Low Price. Special Dispatch to The Star. Va., October tobaceo situation throushout the Old Eelt of Virginia and North Carolina continues to bhe unsatisfactory from the growers’ standpoint, who claim to have the largest and best crop pro- duced in 15 years. yet one ‘which ix bringing prices 35 per cent lower than last yvear Danville has sold slightly over 4,000, | 000 pounds of leaf since Octob 4, at an average price of $17.40 per hundred pound-, which the srowers’ contend is below ‘the cost of production. The larger buying concerns claim that overproduction is the cause of the price slump and this has led to movement sponsored Ly Samuel Har per, one of the largest landowners in Pitisylvania County, for mass action by the landowners of the county to reduce next season’s acreage by 50 per cent. In the meantime a c sconomic consequenge belt is being predicted by warehouse- men. It has been a tradition for many ars that the soil within the V n Carolina Bright Belt produces that type of cigarette tobacco for which iere is greatest demand. Two years ago when the boll weevil brought | heavy losses to cotton growers in Georgin and South Carolina, the farm- | ers turned their attention fo the cul. ture of tobacco and have found that they produce a type similar to 'that | 17.—The ange of broad in the tobacco | REPORT oF coxuuxo\l CHEVY ‘CHASE SAVINGS BANK At Washington, D, C., at the close of busi- ness on October 10, 197 RESOURC 1. aLoans and disco cluding rediscounts,’ ac- ceptances of uther banks and foreign bills of ex- change or drafts sold with indorsement of this bank.$528.673.96 Querdrafts, unsecured 10540 S. Government securities 15.808.25 145,433.02 " in- owned o Other "bonds, ete. stocks, ‘securi- owned V... 760,617 furniture and fixtures, 38, 138.001.92 149,265 46 1602 in vauit’ ‘and “amount 1e from national banks. b Miscellaneous cash items . . Other assets ..... Total LIABILITIES, . Capital stock paid in Surplus fund ... % - . .$100.000.00 21,000.00 vided prof- .$10.547.19 cia tion. 1,02 s current ex- benses paid .. . Reserved for taxes, interest, ote.. accrued Amount due ks, banke compinies in Stales Certified ¢ Casbic 20 0.00 and_ tr the United 115506 22,999.64 déposiis (othe & Gdeposita) | wubject o (deposits payable 30 dave) deposits bank Indivi to ¢ . Certificates of deposit diie in Jess than 30 days (other than for money | . Dividends un; Total of di (other than ot subject 430,073 | 2,400.00 45.00 deposits Hubje serve (payable after 30 . or subject to 50 days’ or more notice, and (ineludin s ol depe other than for money b rowed) Total ol tims ¢ obligations representing money _borrowed other than rediscounts) ities other than tho - bove stated ........... 15.87 Total . 5979 088 0 City of Washingiol, Biairice of ‘Columbia. ss ZRA TROTH. cashier of the above- natied panie. do solinials, swor. that th above staterient fe true to tho best of my knowledge and belie J. EZRA TROTH. Cashier, Subseribed and sworn to before me this 14th day of October, 1027 (Seal.) CHAKLES G. HUBBARD. “Notary Public. Correct-—Attest: EREDERIC ERNEST FARRI\GTOV THOMAS W. P 60.000.00 REART. WATKER, A Dire: —— = 3 grown in this section. The egormous - increased acreage in those tw® States and the fact that the crop there ripens a month before that of the Brizht ulted in the buyers fos cigarette-making concerns satisfying a good portion of their needs before the Old Belt markets open, hence the decrease In compet tion on the auction floors, CHICAGO LIVE STOCK MARKET CHICAGO, October 17 (U. S. Depart. of Agriculture). — Hogs — Re. ceipts, 35,000 head; fairly active; bet. - grade hogs around 10 cents lower; steady; top, 1190 paid pound averages; bulk 170 to 200 pounc 240 pounds, 11.60a most butchers, 2350 to 300 pounds, ‘11.65211.85; heavier butchers, 11.25211.50 largely; bulk packing sows, 10.00a10.40, best light weights, 10.50a, 10.60; bulk slaughter pigs, 10.00a10.50, Cattle—Receipts, 32,000 head; better grade grain fed steers, fully steady; others and Western grassers, steady to 25 cents lower; stockers and fe ers and fat she stock, 10 to 15 cent off; vealers about 50 ¢ s lower; by » steady to 15 cents lower; best fed steers, 16 00: shipping demand active from 14.30 upward; weighty Western meass steers, 1250 in load lots; odd Iots up to 13.00, most vealers, 13.30a 1400 to packers. Sheep—Receipts, lambs, opent cents T ment. W for good 11.40 to and choice, 11.70; 210 to 290 30,000 head: fat slow; weak; spots 25 arly sales and bids on native bs, 13.50° numerous loads held around 13.75; few 100 to 130 pounds buck lambs, 11.00a11.50; culls, 10.00210.50. good to choice ranga lambs eligible, 13.75a14.00; asking up to 14.25 on sheep steady; fat ewes, 5.50a6.25; feeding lambs, active, cents higher, quality cons fully ered eligible, 13.50214.25 JRT OF CONDITION OF THE \atmnal Capital Bank At Washi the District of Columbia, at the clos on October 10, 197 RCES. iscounts. 1ne ¢ rediscounts, a eptances ~ of other banks, and foreign bills of exchange or drafts, ®old with —indorsement of this bank. . ‘erdraft 10.12 % V3 U.' S Government securi- ties owned: b Ail other United States Government _securities {including *premiums. i Other orida; siocks. seduric ties. ete.. owned 6. Banking fouse, furniture aud 84500 .. . Rea estats than b Lawful o of bu 1. aLoans and +$1.205.200.78 ‘wecrired, nsecured. 04 161.060.95 265,516.76 50,000.00 47458 97 162.836.09 0w nz house reserve with F eral Re: a » Ttems with Federal Reserve Bank in process of col- ection .. . i Cash 1n vauit and ‘amount due ggom national banks AmouM due from bank and trust companies in the United States (other than in. Gluded In items 8.°9 and 19.060.54 125.645.84 35.960.08 43.405.55 Fxrh'ml’(’ honse . . Checks on the same city or town as reporting ~ bank (other than item 12) Total of items 8, ‘10, 1T, 12 and 13..$230.139.23 neous cash items vernment securi ties borrowed. .. Other 6.066.39 10647 85.000.00 25.00 $2.208,087.2¢ LIABILITIES. tal stoc paid .. s fund Tudivided profits Less onrre expenses paid $200.000.00 £00,000.00 $137.141.57 20,601.9: — 116.530.44 toral Re- leferred State and the Bank a0 banlers compant St chy rount, serve 2 \mr-u.u trust United Certified 057848 in 76.930.69 ! 2,357.94 82848 ontstand- s (other osite) sitbe Ject 1o resarve . (deposits ble within 30 days) - “k deposits subject Dividends i . Other demand Total of demand denosits (other than bank depos- 1) “sublct 1o, resery $1.580.117 cubject to le after 30 ct to 30 wtice, and fal saving Al savings deposits. . . | of time deposits sub- t to reserve, item : $17.128.33 X fent ‘securi- patlen borrowed .- . Liabili other ian those above stated..... 17.128.33 85.000.00 Total . Dlillh! of Columbia, ss. H C. STEWART. cashier of the above- nanied bank. 40 soleranly swear that, the above ijmu-mn}v\ll-l irue 1o o best of m3 Gnowiedge and beliel ' C. STEWART. Cashler. Subseribed_and swort {0 before me. thir 15th day of October. 1927 (Seal.) \\\i Correct—Attest: H. H, MCKEE JOHN B, EARNSHAW. LEWIS FLEMEI EEARENCE ¥ DonoHOE. Directors. o REPORT OF Reser ict N CONDITION Of the COLUMBIA NATIONAL BANK At Washington, D. C., at the close of business on October 10, 1927. RESOU! a Loans and discounts, including r¢ other banks and foreign bills of exchange or drafts sold with indorsement of this bank . Overdrafts, unsecured . U. S. Government securities owned: RCES. ediscounts, acceptances of SS 179,176.51 45.35 a Deposited to secure circulation (U. S. bonds, par value) . . b All other Unite jovernme: cluding premiums, if any) ....... Total Other bonds, s Banking hou . Cash in ecurities, etc., owried furniture and fixtures, $13,; 519.80. ..., Lawful reserve \\Ilh Federal Reserve Bank ... vault and amount due from national banks . . . $250,000.00 nt ‘securities (in- g . . 208,321.49 :ISEVEZ! 49 ‘Amount due from State banks, bankers and trust companies in the United Stajes (other than included in items 8 and 10).... Exchanges for clearing house Checks on other banks in the sa bank (other than item 12) . Total of items 10, 11, 12 and 13 . b Miscellaneous cash_items Redemption fund with U. 8 Treasurer me Treas Total EIABIL Capital stock paid in. Surplus fund . i a Undivided profits . ¢ Less current expenses paid . Reserved for taxes, interest, . Circulating notes outstanding .. Amount due to Federal Reserve Bank (deferred cr(«hl-x) Amount due to national banks a Amount due to State banks, bankers and the United States ... cone 27. Certified cliecks outstanding Cashier’s checks outstanding Total of items 24, 25, 26, 27 and 2 ete., accrued city or town as reporting 1111 §309,913.39 539.00 12,500.00 ..$5,006,068.43 urer and due from U. §. ITIES. $250.000.00 o 400,000.00 oL $117.369.43 8,921.96 108,447.47 11,000.00 249,995.00 66,963.33 2,450.64 424,107.57 3,842.92 13,946.55 rust companies in Demand deposits (other than bank deposits) subject to reserve (deposits payable within 30 days): Individual deposits subject to check Dividends unpaid 2,605,747.90 699.00 Total of demand depofi!l“ (other than ‘bank ‘lflp()fltfllauhject to reserve, items 29 and 33 . Time - deposits sub]ecl to r subject to 30 days’ than for money borrowed) . Postal savings deposits . Total of time deposits subject to reserve, 38 Total ... or more notice, Savings deposits (including time certifi ..$2,606,446.90 erve (payable after 30 days, or and postal savings): tes of deposits other 846,425.16 22,442.89 ‘items. 35 and o....$568,868.05 ceerdeeiereienss $6,006,068.41 City of Washington, Dl%lrltl of Columbia, ss. 1, A. N'MITCHELL, cashier of the above-named bank, ‘do solemnly sweat that the above statement is true to the best of my knowledge and belief. A. N. MITCHELL, Cashier. Spbscrlbed and sworn to before me this 14th day of October, 1927, (Seal.) Correct—Attest: W. CLARENCE DUVALL, L. WHITING ESTES, ALBERT F. FOX, ERNEST C. GUY, DAVID J. KAUFMAN, Al JOHN W. SCOTT, Notary Public JAMES A. MESSER, JOHN H. MILLER, WALTER S. PRATT, Jr; B. FRANCIS SAUL, FRANK J., STRYKER, Directors.