Evening Star Newspaper, October 18, 1927, Page 13

) TIROELE + B DEPITS =Controller’s Call Shows Local il Savings Institutions Have Gain of Million. BY EDWARD C. STONE. According to complete figures cov- ering every bank in Washington, the total decline in deposits in local banks on the controller's last call as of Octo- ber 10, 1927, compared with the re- turns on June 30, was $1,889,016.53. © The natienal banks of the city re- 1 ported a slump of $1,607,505.11, the savings banks made a gain during the period of $999,170.11, and the trust companies noted a falling off in de- posits since the June 30 call of $1,380,- 681.53. Total funds on deposit in Washing- ton banks September 30, were $257,- 060,878.78, as compared with $258,949,- 895.31 on June 30, the June figures having been the highest in the history of the Washington banks. For this and several other reasons local bank- ers consider the October 10, even with the lower total, as highly favorable. Savings Banks Reveal Increase. The decrease in total deposits among the national banks was not unexpected. Tax withdrawals are given as the main reason. These funds were checked out to meet the heavy taxes due this year for the first time in September, the collection date on the intangible and real estate taxes having been moved back from November. An installment of the in- ternal revenue taxes is also due in September. While six of the national banks reported decreases of various pro- portions, the other seven had larger deposits than in June. The National Metropolitan led the list with an in- crease of $1,012,042.71. Next in order came the National Bank of Washing- ton, with an advance of $440,966.45, and the District National with a gain of $348,5663.95. Compilation of the savings bank figures is equally interesting, the in- * prease of $999,171.11 being most grati- )t © & Commercial reported the fying. Only five of the 22 banks in this class failed to hold up to the June figures. The Security Savings largest gain, but this bank's figures include the deposits of the old Central Sav- ings Bank, which was absorbed dur- ing the period under review. Two Outstanding Incidents. The Park Savings Bank really led this division with the largest gain, $287,226.27, Next in order of increase came the Potomac Savings Bank, followed by the Chevy Chase Savings Bank with a gain of more than $179,- 000 and the Washington Mechanics’, which gained over $171,000. There are two outstanding facts in connection with the last two banks mentioned. The Chevy Chase Savings Bank has reported an. increase on every controller’s call since the instl- tution was founded. In the case of the ‘Washington Mechanics’ Bank the de- posits on the exact date of the Octo- ber 10 call were ‘ne largest that they. had ever been at the close of any day’s business. Study of the trust company decline in bank division. Five of the seven local institutions experienced slumps. The two banks reporting gains in this class ‘were the Merchants’ Bank & Trust and the Union Trust. The Merchants’ gained $835,916.18, and the Union Trust added $790,638.10 during the period. $10,000,000 Deposits Retained. Further comparisons are illuminating. There was an increase in ds calls ‘Washington of March 23, 1927, and June 30, 1927, of $12,164,703.87 As above noted the falling off d $1,889,016.58, $10,275,787.34 of th nt fllmfln:‘ ,275,787. e amou: n deposits on the June 30 call, Intosh issued a call exactly three Yyears ago on October 10, 1924. The ’hnu:h th tt.::“t‘h'rw“mth:hfl is or. year pe: $42,522,814.20. The number of banks doing business here now and on that date laslln is ul:o“nlno—-u. 4 The Summer lul in business an important ,» which cannot be overlooked in the latest bank deposit figures. The December call will re- flect the increase in Fall and holiday bul Fur the big dent ippiest of all local financiers, all expressing the opinion that they have done especially well in recent weeks in meeting the sharp competition of the building and loan assoclations. Three New High Marks Today. ‘Three new peaks for the year were scored on the Washington Stock Ex- change today, when Capital Traction, Union Trust and Merchants Transfer ].na:::n" climbed on up the price Capital Traction and Railway pre- ferred were the market leaders. Capi- tal Traction opened at 111%, up a halt point from yesterday’s close. Follow- ing this sale of a 10-share lot, 90 more shares were sold at 112. Washington Raflway & Electric preferred sold to the extent of 45 res at 9935, Union Trust was the only bank stock out, crossing the 300 mark for the first time. One share sold at 304% and one more at 305, This was & gain of 24 points over the last sale at 281. Merchants Transfer climbed to 103%, Potomac Electric Power 5% per cent stock came out at 106, but closed at 105%, Sand & Gravel was again at 108, Sanitary Grocery preferred at 102 and Washington Gas Light re- mained at 81. Bonds were neglected. Other Financial Notes. B. F. Keith Corporation is nego- tiating with a syndicate of bsnlsgrl to sell $10,000,000 of preferred stock for new construction and expansion. ‘The corporation now operates 34 theaters in the United States and Canada. Net income of the Stanley Co. of America for the first nine months of 1927 approximated $8,700,000. This is the concern with which the Cran- dall theatrical interests are associated. President J. T. Exnicios of the De- partmental Bank is passing two weeks' vacation in the Adirondacks. ‘The new public speaking class at the Institute will hold its real session tomorrow evening under Prof. Rich. ardson of the University of Maryland. Eugene E. Thompson, head of Crane, Parris & Co., is attending the meeting of the national councllors of the Chamber of Commerce at West Baden Springs, Ind. A representa- tive of the Investment Bankers' Asso. clation. ‘WINS DATE CARGO RACE. NEW YORK, October 18 (#).—-The annual race of ships with cargoes of dates from the Persian Guif to New York has been won by the steamship Sharistan, which arrived ten days ahead of her nearest com- petitor. Keen rivalry exists among competitive importing firms operating in Iraq or Mesopotamia, to land the first shipment of Nesz crop dates as the first fruit of the season is In t demand. A season’s output of dates has been known to reach 400,000 tons. Every trick of the trade is used, says the assoclation of date importers, to load and clear NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office Followin, stocks traded in Curb Market today: Sates | hundred ke D> 8238 PRV e R, i~ O i g onaol o, ER D2 e e 0000 ! wereses iy 3333833833883 omSal Sl o - 8 » e 1902020 B R 00 u:l T - R F R ERERGE 9D trom Bastimeisecs > o 53 5 R S R RS SRR B S 3R RS 003 INITAR 1 'm!g 4 Cel st Dl 2 Geltu © nolst ptd 1 o8 & F tegh 3l ¥ ) P& 68 ptd ohn-Hall Marx. ommonwlth Ed 0000200 " FPao2s0s: = ® FiE FER - oy Bes w & o % o 5 3 o e300 3080 D29 T wrn35m o et ==l = ", H b & FER el - S b o e AR SR (A1 2 2 QR i i g% 8 g 2 e ES 00! 3528 3 T D DI SO PR RRR SRR R 9 - 0o D30I s O 35 (-, B S $5oeien PP estors rimsen o St - rats aracs - o0t e Sombtomton s 5! ™ S DI B A-TH TS R e R A Tt =t Bawo: LR o Barameat o FEF SRR S F SRS e FRRRNWSRE F AR o B const SeRoRa, B ® » » v Bt Boecin 2 SR Eeernta SIS W F3 - - W F - IS 1o SESES L SE555 - © aon e oS ESER L EERIEERa SN Ewwen’ T S dda 25 E; 3 :o J B 1 West &doll:‘;fi. 39 El‘lm in MINING STOCKS. reds. 50 Am Con M&M Lt . 3 Am Explor: 5 Bun] i o & o & CRRE $»NJ o Nivisdine f . i N33 s o - » RESe ST B2 anSn23 s DO uR S ales ~ STANDARD OIL ISSUES, 0 units, 190 Anelo, Am Ol .. 36 % 22 L dw DY the ships and get them through the | Sal Perslan Gulf on the way to mar. e e D e I e =i o - oy e Beo 1 SRuswenartatioe wade R D S S L A RS h B o S o SR S E A B S am NS o) - re35m - P ) 0w g 2ans: 23! B DR RO W OO SO NI G-I NS " Somnonrion " - o - o 2w RO 848, socoBishaostn .. o rg G e e e 4 e B DR DR SBISR A BT -] SE342a0R e o acstd: ) 17 g H i R STRRS R B is the list of bonds and on the New York 2 B F FIR GRS FORSE @R & R ERRS a0 *® : % H % L3 el mri'gfl?'&u&'.im.tfl 180% J8% sieady TR E A £ T W SRR & FRORE R SRR R R FR s j3 =o555205 % G - 2339333592 S3E 23S E BRI e Swommion EFEE] EIAIIR N FERE =3 o ZoEEEe gy 4 Do 9o 01 1007 100% 108 1 3 10 ™ WE SR AR R %~ msr000 3 ey 850 3 1 Comw Ed 4 8 1Cons G Balt Gs A 107% 5 Cons Tex 8s. . 14 Cont Sec Bs A SDet Intl 6las.. 7 Dat Intl 7a. .. 100 1 Eitingon Sch 08 21 Refrie fs R Fia P & T, 10 Gal Sie Pet 7 [ 25Gnif O Pa Ba 00 3% 1Gulf St Ut bs A _OR% Hood Rub 7e...102% 21 Tnd Oil & Gas 88 97 2Ind P & T bs.. 0 15 Inter N G_fx ww ATnt Pow 8 78 B 81Int Sec Amer 58 13 Inferst Pow Bs. a0 Tnterst Pow_ 68 28 Tnv Co Am Bs wi 10 Tnvestors Ba bs 7 Kon G & Coke b8 ECERTS 3 FEARNGE B SRR BSRRRRR RRRRRASR FRAREPASFISFRRER B FEIFEFPAF O ¥ 332323 2. oo 4239 3 Copaarti inasans 33282 ™ = RERFEFE PRI RE3SE22I0IA 22301525388 52323232 FRARERRRARPRTE R, © 35 E":q: ) 2o 52533322353 EE ! = ' 3 SH 3 ‘) 7 Servel D 3] it ccos 122! SREASR 1% 3 535 2 S ER FREAPEFEFRERSFER B 9955955355230 powsss [P 9555555253535 n o005 ey o050 3233333203235 22332233R223335233E33338 o et <43daq3c © Sanaman e Saraarinors 233238233333 » LRI NI DI DL 333 A B 101 (3 ;w 3 E' el osi- S 225282 ® ORI RS RRReRRs i ?Eeiapgiifi 2235358223 seeste5 00 aer00s 4 ™ 2228585 250s0nz0000e - 232 FREE §RFETENTE & 322 J £ e k0 22 AR, o : s DS Srars. 2 3 ooty O gaan % 2%m, pars QP12 O - ,_ s 3 z -3 s FSS5F e o @ B 2E g2 NEW YORK, October 18 (Special).— Public offering is being made today of the new issue of $47,000,000 Republic of Poland stabilization loan of 1927 7 per cent externals sinking fund gold bonds, maturing October 15, 1947, by a banking group comprised of Bank- ers’ Trust Co., Blair & Co., Inc.; Chase Securities Corporation, Guaranty Co. of New York, W. A. Harriman & Co., Marshall Field, Glore Ward & Co,, E. H. Rollins & Sons, Tucker, Anthony & Co., and Palne Webber & Co. The bonds are priced at 92, to yleld over 7.86 per cent. A new issue of $8,464,000 Southern California Gas Co. first mortgage and refurfding 5 per cent gold bonds due September 1, 1957, is being marketed by the Chase Securities Vorporation, Stone & Webster and Blodget, Pyn- chon & Co.; Hunter Dulin & Co., Peirce, Fair & Co., and Blyth Witter & Co., at 99, A. B. Leach & Co., Inc., and Charles C. Hood & Co., are offering today a new issue of $2,287,000 City of Jersey City, N. J., gold 4% per cent bonds due serially June 1, 1931 to 1966 inclu- sive. The bonds are priced to yleld 3.95 per cent. A banking syndicate headed by Bon- bright & Co., will offer somellmye this weeek lnt i;flled of $66,000,000 in 4% per cen! onds of the New York Power & Light Corporation. Offering will be made in the near future of an issue of $10,000,000 Amer- ican Natural Gas Corporation 615 per cent sinking fund gold debentures due October 1, 1942, with stock purchase privileges together with an issue of $5,000,000 of convertible $7 preferred stock by G. L, Ohrstrom & Co, CHICAGO LIVE STOCK MARKET CHICAGO, October 18 (United Staty Department ' of Asrlcunur»).—-flog:—' Receipts, 26,000 head; early market mostly 10 to 15 lower; majority good and choice hogs, 190 pounds up, sold early; later trading, 15 to 25 lower than yesterday’s average; top, 11.75; bulk good and cholce, 160 to 200 pounds, 11.00a11.80; 210 to 300 pounds, 11.45a8 11.75; heavier butchers, mostly 11.00a 11.50; pagking sows mostly 9.86a10.15; few best loads, 10,25a] pigs fully igcz lower; spots off more; bulk, 9.75a Cattle—Recelpts, 10,000 head; steers strong; spots higher; sh‘.d'nt:a: steady o strong; bull weak; bidding lower on vealers; not much beef in stel?r rn!n; tswgk“! and feeders fairly active at steady prices; better grades, 9.00a10.25; best fed steers, em‘ly,g 16.50; some held around 17.00; yearlings, 16.00; talking 14.00 on vealers. Sheep—Receipts, 21,000 head; fat lambs very slow; 15 to 25 lower; few early sales and most bids on natjve lambs, 18.00a13.25; asking around 13.65 for best; good to choice range lambs eligible, 13.50a13.76; cholce West- erns held above 14.00; few 100 to 126 pound buck lambs, 11.00a11.50; culls, 10.00a10.50; sheep steady;- fat ewes, 5.50a6.25; feeding lambs fairly active, b early sales, 18.30a14.00, CONDITION OF ALL LOCAL BANKS SHOWN BY CALL OF OCT. 10, 1927 Followl statement of the co: as requested in the controller's call as June 30 call being included for purpos ndition of all the banks in Washington of October 10, 1927, the figures of the es of comparison: NATIONAL BANKS. June 30, 1927, $8,678,788.41 4,581,091.69 15,164,160.04 Bank of Washington . Columbia .. Commercial District .... Farmers & Mechanics' Federal-American . Franklin Liberty Lincoln Metropolitan .o National Capital .. Riggs 44,813,323.16 Second . 5,824,201.49 3,493,705.54 13,030,951.02 7,407,182.15 17,687,452.07 1,871.417.70 9,445,448.47 4,923,085.14 3,255,451.10 Oct. 10, 1927. Increase. $9,019,764.86 $440,966.45 3,986,625.96 . 15,207,157.19 9,794,002.42 3,581,874.83 13,194,996.71 4,750,678.45 3,029,325.67 7,242,044.91 . .. 18,699,464.78 1,012,012.71 1,695,941.41 . 42,276,049.33 6,090,836.25 Decrease. 226,125.43 165,137.24 175,476 2,537,278.83 266,634.76 Totals ....ovnunnnn 1140,018,'."557.88 SAVINGS Anacostia_ ........000000 k of Brightwood . entral Savings Bank Chevy Chase ....... Commerce & Savings Departmental evane East Washington . Industrial [nternational Exchange. McLachlen . Morris Plan Bank . Mount Vernon North Capitol . Northeast ... Park .. Potomac . Prudential Security Sav. Seventh Street United States Washington M Washington Savings . Woodridge-Langdon 8.&C. 995,291.87 785,212.80 1,641,188.34 831.430.81 3,565,405.62 1,482,824.92 1,364,993.70 3,035,546.20 7,046.15 1,615, 4 2,341,227.61 T 195113077 . 695,013.66 427,393.18 504,249.82 $138,568,752.77 BANKS. $1,349,169.29 629,003.80 T84, 1 2,046,622.77 . . 801,330.57 26,261.47 1,010,679.36 387.99 498,124.96 645,591.62 1,665,340.72 908,439.03 3,620,388.54 1,580,321.97 1,621,512.14 272,7172.47 2,643.86 005.43 $1,507,505.11 $69,476.08 2,850.61 79,018.28 .. A 247,097.45 6,124.86 . 139,621.18 24,152.38 77,008.22 54,082.92 97,497.05 Totals tesssasees... $36,328,066.88 $37,327,286.49 *Consolidated with Security Savings & Commercial Bank. TRUST CO; $31,128,579.94 2,740,381.74 8,330,604.82 5,160,921.97 11,330,934.86 American Security Continental ...... Merchants' Bank ..... Munsey ....... National Savings Union Trust Co. . 7,720,427.13 Washington Loan . 16,133,660.59 MPANIES, $30,842,276.65 2,667,384.37 9,166,580.00 5,112,317.49 11,197,430.99 8,511,065.23 13,667,834.79 $286,303.29 72,997.37 *'48,604.48 ¢ . 133,503.87 790,638.10 e Totals .eveeeeensess $82,545,571.05 $81,164,889.52 $1,380,681.53 RECAPITULATION. Natfonal banke ».$140,076,257.88 Savings banks +.. 36,328,066.38 Trust companies . 82,645,571.05 $138,568,752.77 . $1,507,505.13 37,3217,236.49 1 81,164,389.52. . 1,380,681.53 Totals +..civveeess.$258,949,805.31 Comparison With Call A comparative statement, showing of the controller of the currency as of respectively: Oct. 10, National banks .$138,568, Savings ban! Trust compani « 81,164, 87,327,236.49 $257,060,878.78 ......... $1,889,016.53 1 of October 10, 1924. increase in deposits as shown by calls October 10, 1924, and October 10, 1927, Oct. 10, 1924, $113,555,266.16 30,770.808.87 70,212,004.55 Increase. $25,018,496.61 6,556,432.62 10,952,884.97 , 1927, 762,77 ,889.52 Totals . +$257,060, ,878.78 $214,538,064.68 $42,622,814.20 (Statement compiled by Audley A. P. Savage, suditor, National Savings & Trust Co.) CURBLIST RESISTS SELLING ORDERS Bears Meet With Only Partial Success—rFavorites Turned Adrift. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, October 18.—The ele- ment favoring further price deprecia- tion in speculative market values met with_only partial success in the curb markéy taday. Endeavgring to bring out real liguidation ‘by “concentrating operations on a few issu hese pro- tessionals flooded the market with sell- ing orders at the outset. The result was a rather general early decline, but as the session progressed - the leaders offered better resistance. The point of most significance was that the main body of stocks no longer was in a position to withstand these bear attacks. Pools and professional operators who had steadfastly stood by their favorites on previous oc- casions were disposed to let them drift with the general trend, This was par- ticularly noticeable in the case of Celaniz Corporation, which had been one of the prime favorites during the campaign for higher prices. Around 87% today, it was down almost 2 nolnt; compared with the recent high of 11 Merchandising and chain store issues no longer held their place of prominence. W, Grant, which recently sold as high as 129, was off almost 4 points for its top and no effort was made to work for higher prices in others of the group. Despite all the liquidation which had taken place in the ol group, there was nothing encouraging about their action at the current level to holders. The recent action of Prairie Ofl and Gas in passing its dividend- caused some anxiety over the safety of other dividends. Humble Ofl, Im- perial of Clnl.d.l-fl and Ohio Oil sold night loss of § points. Farajo Sugar lost 3 points before recovery set in. Libbey-Owens Co., at 120 was 3 points lower, and &uch favorites as Deere common and Borden were subjected to profit-taking. Neverthel the sell; ing was not as persistent as on Mon- day, possibly because of the belief that the reaction had been sharp enough for the time being. ‘Trading started in the new Republic of Poland stabllization loan, first sales t&k;;g place at the subscription figure — e STEEL TRADE BETTER. NEW YORK, October 18 (#).— Youngstown dispatches say the ex- pected improvement in new steel busi. ness for the fourth quarter {s develop: ing in a moderate way and the trend is definitely upward. New sheet and strip business is coming forward in encouraging volume, stimulated by recent price declines in sheets. — BONDS ARE CALLED. NEW YORK, October 18 (#).— Piggly Wiggly Corporation has called for redemption on November 15 its $1,500,000 of 7 per cent gold deben- tures, at 105. TR DIVIDENDS. Stock of record i %’“: i‘§ & Corp. 850 o5 Do, ... ext R T gfl., el B, O8 FEDERAL LAND BANK BONDS. (Quated by Alex. Brown & Sons. Cloging.) ate—Maturi ay oy §'§ ity ll: ' When follows the sun SHIP BOARD PLANS SPEEDIER VESSELS Reconditioning of Three Big Craft to Help Solve Ma- rine Question. BY J. 0. ROYLE. Special Dispatch to The Star. NEW YORK, October l!.—shlpglng men and shipbuilders in Great Brit- ain, Germany, France, Italy and other countries are waiting with keen- est anxiety for the decision of the United States,Shipping Board on the bidg for the reconditioning of three large and important Shipping Board vessels. This has become evidefit through continued cable inquiries from abroad for details of the situa- tion. The interest among American shipbullders and shipping companies is no less apparent. It has now become known that a bid has been received from one of the great steel corporations of $1,182,000 each for changing the Courageous, the Triumph and the Deflance, big freighters, from steamships to Die- sel electric drive. Proponents of the plan to change these ships so that they can compete with the newer ships built abroad claim that this is a small r sum than the ships could be duplicated for new under the most advantageous conditions and under the cheapest kind of labor costs in any foreign shipyard. It is also under- mmf that the bid was far lower than the Shipping Board anticipated. 14-Knot. Cruising Speed. The proponents of the plan state that when these vessels are recondi- tioned they will have a cruising speed of 14 knots an hour, which is equal to the economical speed of even the best of the foreign freighters; that they will have space for 1,000 tons more cargo than at present, and that they will put the fleet corporation on a basis of equality with the operators of vessels on the world trade routes which run under foreign flags. The scheme employed to make the cost of reconditioning as low as it is now evident it will be is based on the old established American principle of mags production. Instead of making one huge Diesel engine, in construc- tion ‘of which the low-cost labor of foreign builders gives them pre-emi- nence, the plan provides for the con- struction of four smaller engines for each ship. These will drive electric generating units, which in turn wil drive the screws and othér machinery. With three ships to work on, each part will therefore be multiplied by 12, which will put preduction on a mass rather than a single unit basis. The same will be true of all steel parts used in changing the lines of the ves- sels at bow and stern to permit the additional speed. Boiler and bunker space will be conserved and turned Into cargo-carrying space. Low cost of operation will be obtained through uul of the Diesel engines and cheap uel, 3 Necessary for Competition. ‘The main advantage, however, is that the vessels will have a speed of 14 knots. It has always been claimed that it was impossible for ships under American registry to compete with foreign lines unless that speed could be maintained for ocean freights now run on as strict schedules as do pas: senger liners or raflroad trains. ‘What this will mean to American shipping can be judged from the fact that shipping men say shipping en- tered this Fall in a less favorable sit. uation than a year ago. Then cotton exports were passing across the ocean % (at a high rate and there was a huge demand for American coal owing to the British strike. ' The demand for coal has returned to mormal and the relatively high price of cotton is hold- ing down European takings. Grain shipments now are at their height, but are net equal to those of last year. e this, American farmers have to pay for transportation to the na- tions whq buy their products instead of g able to obtain an advantage through use of Qmafleuu vessels, ere is an of 10,000,000 tons i by America 1. mich OF 16,50 8 7 Y ica m| 80 _8low and so uneconomical that it m.r‘;.mt ‘be rough this new plan, it will give an reased advantage not only to th American mechant marine, but to the American farmer, manufacturer and shipper. clim the honeysuckle ug‘-mm}!fi VOLUNTARY POWER RATE CUT ON EASTERN SHORE Reduction of 15 Per Cent in Four Counties Across the Bay to Be Effective December 1. Speclal Dispatch to The Star. BALTIMORE, October 18.—A volun- tary cut of 15 per cent in electric rates is to be made in four counties on the Eastern Shore December 1, the Public Service Commission has been informed by the Eastern Shore Gas and Electric Co. The Eastern Shore power concern filed with the commission a new rate schedule, bringing domestic charges for electric current to 13% cents in most of the territory served and 141 cents in Crisfleld. The new schedule follows by less than two months an order handed down by the Public Serv- ice Commission in September for an investigation of the rate structure of the company. The Eastern 'Shore company, which has a companion concern of the same name in Virginia, serves Caroline, Dorchester, Wicomico and Worcester counties on the peninsula. BUYS POWER INTEREST. Insulls Get Substantial Holding of Commonwealth Light Stock. CHICAGO, October 18 UP).—Insull, Son & Co., Inc., announced here yes- terday they had acquired a substan- tial interest in the common_capital stock of the Commonwealth Light & Power Co., which controls the Inland Power & Light Corporation. The In- land Co. is a Virginia Corporation, with properties in Kansas, Michigan, Arkansas and Missouri, . PRICES ON PARIS BOURSE. PARIS, October 18 (#).—Prices were irregular on the Bourse today. Three per cent rentes, 56 francs 25 centimes; exchange on London, 124 frances 814 centimes; 5 per cent loan, 75 francs 75 centimes. The dollar was quoted at 25 francs 48 centimes. o POLISH LOAN GOES WELL. LONDON, October 18 (#).—Appli- catfons have been so numerous for the London portion of the recent Polish stabilizatién loan—£2,000,000 in 7 per cent bonds—that the lists were closed at noon today, indicating an oversubscription. REACTION TRAILS ST. PAUL, October 18.—Butter fat is selling at 48 cents a pound, an ad- vance of several cents from the low point of the Summer. With pastures good and plenty of feed, dairying is continuing to show profits to Minne- sota farmers. BOSTON.—Boston has been expe- riencing a shortage of good beef. Prices do not seem to count. The trade is anxious to take the best at top prices which are now within 2 or 3 cents of war-time levels. FORT WORTH.—The Fall clip of mohair will total about 6,000,000 pounds, setting a record for the State. The Spring clip was 5,000,000 pounds. Sealed bids are being re- ceived at concentration points for stored mohair. ATLANTA.—The Georgia pimento pepper industry has spread out this year and the estimated yield is placed at 8,000 tons valued at $300,000 an in- crease of 5,000 tons in 12 months. YOUNGSTOWN. — The Trumbull Steel Co., largest independent tin plate maker in this district, has been running ten more mills during the first part of this month at its Liberty plant. it GAS PROPERTIES UNITED. NEW YORK, October 18 (#).—Ac- quisition of virtually all the capital stock of the Oklahoma Natural Gas Corporation by a new company to be known as the American Natural Gas Corporation was announced here last night. The transaction combines prop- erties in the Oklahoma gas area com- prising leaseholds on more than 200,000 acres and total values estimated at $40,000,000. Purchase of control of other natural gas properties is con- templated, including appruximately 100,000 acres owned by the Phillips Petroleum Co. in Texas. The entire holdings of the Phillips Co. in the Oklahoma Natural Gas Association have been taken over by the new con- cern. ——— TROWBRIDGE PROMOTED. NEW_YORK, October 18 (#).— James R. Trowbridge has been elected president of the Franklin Savings Bank to succeed Ernest K. Satterlee, who resigned recently. He has been with the bank since 1918 and hereto- fore has been vice president and con- troller. The bank has deposits of more than $84,000,000. COTTON'S ADVANGE Early Bulge Meets Selling. Frost in Tennessee Is Bull- ish Factor. By the Associated Pre NEW YORK, October 18.—The cot ton market opened steady today at an advance of 6 to 16 points on continued covering by near month shorts, buy- ing promoted by reports of frost in the Memphis district and a late rally in Liverpool. The opening demand was qulckly supplied by hedging or realizing, but after selling off from 20.80 to 20.67 for December, or within 6 points of yes- terday’s closing quotation, the price firmed up again on the predictions for light frosts in parts of the Carolinas, Georgia and Alabama. There was doubt, however, of damaging tempera- tures and the baige met renewed Southern or local selling, the market showing reactions of 12 to 15 points ;rom the best at the end of the first our, REPORT NEARLY READY. NEW YORK, October 18 (#).—The report on the three Southwestern roads, Missouri-Kansas-Texas, Kan- sas City Southern and St. Louis Southwestern, which L. F. Loree pro- poses to unify and which is being prepared by the engineering firm of Coverdale & Colpitts, will be com- pleted the end of next week. Part of the report is now being studied by Mr. Loree. The full report will be submitted to special committees of directors of the three roads on or about November 1. PIPE LINE SALE 0. K.'D. COLUMBUS, Ohio, October 18 (#).— The Public Utilities Commission yes- terday authorized sale by the Pure Oil Pipe Line Co. to the Buckeye Pipe Line Co., Lima, of pipe lines in southern and southeastern Ohlo for $800,000. The Pure Oil Pipe Line Co. is a subsidiary of the Pure Oil Co., Chicago, and the Buckeye Pipe Line go. a subsidiary of the Standard Oil 0. Weekly Express Service to England and France 7" INW ry. New York—-Vigo_; Bordeaux Service A Longest Gangplank in theWorld” vy At Le Havre de Paris no tenders between you and shore. .. just another gang- plank . . . then a boat train « « o three hours . . . Paris! France of a thousand years meets you at the French Line gangplank ... three thousand miles of it straight across the y-green Atlantic . .. the cuisine spoils you for all but the best of Paris restau- rants ... and think of what goes with it, Jjust as it always did! . . . why travel any other way and put off for a week what you might have at once? e Weekly Express Service Ile de France-Oct. 22 France Oct. 29 Paris Nov. 26 s 8 z - One-Class Cabin Service Suffren - - - Nov.2 De Grasse - « Nov.9 | Rochambeau, Nov.16 De Luxe liners sail 1 AM. Saturdays North African Motor Tours~ Straight into the land of the Arabian Nights... Awon- derful caravansary will minister to you with every luxury . .. the 41 famous Transatlantique hotels . . . - where smart continental Europe goes. A de luxe itin- erary . ... 57 days, including Mediterranean crossing, ‘private automobile —all expenses —$1750 . . . 10-day itinerary as low as $200, . Mediterranean and Moroccan Cruises Three 28.day cruises to the Mediterranean and Morocco by 8. 8. FRANCE: January 7, February 8 and March L o 14 . ., new route and nmew ports , . ., stop-over privileges from one trip to another, Round trip, $550, *see Our illustrated booklets are a trip in themselves rench fine 3408 Niw Yotk Avn, Washington, D, C. or Any French Lino Agen or Toucist Offcs