Evening Star Newspaper, November 4, 1927, Page 14

* Money to Loan PN"I‘HI!I |m| Joseph 1. an ler 420, Wan! FIRST MORTGAGE SECURITIES Secured on Improved Real Estate in the D. C.—assured annual return HANNON & LUCH Investment Dept. 1435 K Street t trust on real estate "FINANCIAL. REACTION OCCURS ON STOCK MARKET Brokers” Loans Factor. Steel and Motors Feel Ef- fect of Piessure. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 4.—Opera- | tions on the Stock Exchange today lost a good deal of the buoyancy that characterized trading throughout the session yesterday. There was no doubt that speculative sentiment had been influenced to some extent by the disclosures in the latest brokers _ MON EY for SEC MORTGAGE LOAI\S Homes and Business Properties PHILIP MILSTONE 1103 Vermont Ave. Decatur 1681 REAL ESTATE LOANS 519 FRED T. NESBIT 1010 Vermont Ave. Main 9302 Mortgage Money Loaned at Low Interest Rates Economie_Conditlons Tyler & Rutherford Loan Correspondent Mutual Heneth 1520 K Street Mlln 475 In Nearby Virgini. IIICG e 2 0 nsur: g Comonwnlth Investment Co. N.W. Phone Maln 2623 FINANCE -—all exnm‘,%plgr:_gm-nmdndnl Large Loans a Specialty Current interest rate and commission. & Richardson, Inc. 816 15th St. N.W. NOTICE LIFE INSURANCE BROKERS AND SALESMEN Our Preferred Whole Life Policy just out. Net cost end of first year, age 35, for $5,000, is $97.55. Sold only to Super- standard or Preferred Risks. licy with values at B ot ot o, Modic Bll‘ \‘lu [o“. H R R BRYARLY & BRO,, Home Life Insurance Company of New York 1001 15th St. N.W. (Rust Building). Phone Main 5391. Insurance. Established 1016 Stocks Bonds Grain Cotton 'rfli"a' call for weekly mar- ket 1eHer v, Obiigations BUCK AND COMPANY 1420 New York Ave. Franklin 3300 ———— The Mutual Serial Building Association Under Governmens Supersision Subscribe NOW for stock in the 36th Series Shares $1 Eud:, Payable Monthly 59, Interest paid on your savings John Finn President Thomas E. Petty Secretary 1421 You Street N.W. J. Walter Stephenson Treasurer 306 7th Street S.\W. || teaving 2. Continental Trust Co. 14th and H Streets Capital $1,000,000.00 Checking Accounts Savings Accounts Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Acceptance Credits Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER. President Capital $1,000,000.00 loans figures made public after ves- terday’s close by both the New York Stock Exchange and Federal Reserve Bank. In view of what was generally con- sidered to be heavy liquidation during the early part of the period covered by the loan figures of the Federal Reserve, a good sized reduction had been expected. Pressure Against Motors. Pressure made itself felt from the outset against General Motors. Others of the group which had been under cummulation earlier in the week | felt the effect of profit taking. This was particularly true o: Hupp Motor, although all sorts of rumors were circulated in an endeavor to maintain a pul ‘c following on the buying side. One was to the effect that merger negotiations were in prog- ress L tween this company and inter- ests identified with Studebaker, but they appeared to have no foundation in fact. Hudson was another that acted disappointingly. but in no in- stance did the decline extend very {far. In the afternoon Hupp over more than the ground lot and V'hite Motor, despite intimations of { unfavorable dividend to be taken later in the day. rallied sharply from the recent low of the ar. 8. Steel was offered ely at in- terv: . the decline extending almost 2 points before recovery set in. The independents, however, held compara- tively steady. The oil shares did not do as well as they had Thursday, but in most in- stances the recent improvement was held. The decision to extend the Seminole curtailment agreement to January 1 was an encouraging factor, but buyers of the oil stocks have had so many disappointments that th) hesitated to follow the recovery. So far as group movements were con- cerned, the coppers gave the best ac- count of themselves. Calumet & Arizona was bid_up sharply to its highest since trading started on the stock exchange, and Greene Cananea came within a short distance of equal- ling its previous high. Kennecott, Anaconda and Cerro de Pasco were prominent on the side of advance, and were evidently being influenced by the gradual improvement in the market for the copper metal. Coppers Find Buying. When it was realized that the cop- pers were vulnerable to buying opera- tions they attracted a large public fol- lowing and gains were pronounced. American Smelting and Refining finally joined with others of the groun but Calumet and Arizona remained ,lha favorite at an advance of some 5 | points. Radio Corporation was taken in hand again-and on an enormous turn- over reached its highest price since it was listed in 1924. Interests identified with Baldwin Locomotive and several other recent pool favorites, were said to be responsible for the buying to- day. Fox Film “A" reached a new high for the year following the pri- vate showing of its latest production which is said to embody several new features. Growing recognition of the favor- iable rate of operations in its truck end of the business was reflected in higher prices for International Harvester. The rise to a new high record in Southern Railway yesterday ap- peared to have discounted for the | time being the possibility of an in- crease in the regular annual dividend to $8. Profit taking carried the price down more than a point in the late | trading today. Other r«\u! did little in either di- rection. A concerted drive against Timken Roller Bearing was successful in de- pressing the price some 3 points and Dodge Bros. preferred was off rather sharply. Despite the denial of rumors that plans were under way for acqui- sition of Christie Brown by National Biscuit, shares of the former company were in urgent demand at a new high of 73%. Call money, after renewing at 3% per cent, remained in plentiful supply at this figure. PIERCE-ARROW LOSES. NEW YORK, November 4 (#).— Pierce-Arrow Motor Car Co. had net loss of $258,616 for nine months this | year, in contrast to net income of $980,090 in the same period of 1926, | eaual to $1.15 a share on the common, after 8 per cent preferred dividends. Third quarter net loss was $373, against net income of $71.609 in the second quarter and net income of $176,246 in the third quarter last year. U. S. DISTRIBUTING CORP. NEW_YORK, November 4 (P).— {U. S. Distributing _Corporation had | net income of $632,154 in nine months | this year, equal to $6.03 a share on the 7 per cent comulative preferred, | 22 cents a share for the com. mon. _ All_subsidiaries showed satis- factory third quarter gains, except its anthracite distributing subsidiary, Pattison & Bowns, earnings having been affected by the general depres- |ision: 1n tie anthracite” soaT d bsrry. P LUMBER TRADE STEADY. NEW YORK, November 4 (@) Shipments and orders of the organized | lumber industry were about the same | for the week ended October 29 as the | preceding week, it is shown In reports | from 500 of the leading mills of the | country to the National Lumber | Manufacturers' Association. Softwood | mills sbowed production about the same and_ slight decreases in ship- ments and new business. Compared with a year ago. new business was | much heavier. The week’s hardwood | production was larger, but shipments and new business were less than the week before. Unfilled orders of 224 | Southern pine and West Coast mills were 546,124,379 feet, against 537,499, 24 the preceding week. | | WOOL PRICES FIRM. BOSTON, November 4 (Special).— | Prices were firmly maintained today |in the Boston wool market, although | a distinct let-down in the volume of business has appeared. Mill stocks are understood to be below normal, but dealers are reluctant to raise ask- ing prices much with a new clip about to come on the market. Fine terri- tory was quoted today at 1.12al. clean basis; French combing at 1.05 | 1.08; half blood at 1.02a1.05; three- | eighths blood at 93297 and quarter {blood at 83a87. Fine Ohio combing fleeces were quoted at 47a48, grease basis: half blood and three-eighths blood at 47a47%, and quarter blood at 4732248, . ELECTED TO EXCHANGE. NEW_ YORK, November 4 (#) - James B. Harriss of Wilson, N. C,, has been elected a member of the New York Cotton Exchange. THE NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. AbiLIbl Pow (5). Abrahm&Straus Abr&Stras 7%pt Adams £xp (6). Adv Rumley..... Adv Rumley pf. Ahumada Lead. Air Reductn(t7) Ajax Rubber.... Alaska Juneau.. Albany Papriz). Allied Chem (6) Allied Cm pf (7) Allis Chalm (8) Amal Leather. Amerada (2) Am Agricul Chm Am Agri Ch of.. Am Bank N(3). Am Beet Sug ... A Beet Sug pf. Am Bosch. Am 5z Sh (1.60) Am Brown Bov. Am Can (2)..... Am Car&Fdy (6 Am Chain pr (7) Am Chicle (3).. Am Drug (80c).. Am Express (6). Am&Fo Po pf (73 Am Hide & Lea. Am Hide & L pt. A'm Ho P (240). American Ice(2) Am Internatl(2) Am La France, , Am Linseed Am Linseed Am Locomot (8) Am Metals (3).. AmMetals p£(7) Am Piano (3) Am Plano pf Am Po & Lt (11) Am Radiator (5) Am Ry Exp (6). Am Republic.... Am SafetyR(13) Am Seating (14) Am Smelting (8) Am Snuff pf (6). Am Sul Fdys (3). Am Sugar (6) Am Sumatra. Am Tel & Tel Am Tobacco (8). AmTobaccoB(8) Am Tobac pf (6) Am W W (m80c) AmW Wks pf(6) . Am Woolen..... Am Woolen pf.. Am Writ Pa ctfs Am Zinc pf. Anaconda (3) Archer-Dan (3). Armourofill(A) ArmourofIl(B) Armour I11 p£(7) Arnold Con&Co. . Asso Oll (33.20). Atchison (110).. AtICL (18%).. Atl Refining (4). Austin-Nich pf. Auto Sales. Autostrap A (3) Baldwin L (7).. Balto & O (6)... Bambgr pf(6%). Bang & Ar (3%) Bang & Ar pf(7) Barnsdl A(b2%) Bayuk 1st pf (7) Beechnt pt B (7) Bethlehem Steel Beth Stl pf (7). Briggs Mtg Co. . Bklyn-Man (4).. Bklyn Un Gas(5) Brown Shoe (2% Brunswick B (3) Buft&Susq pf (4) Burroughs Ad(4) Bush Term (b8). Bush Ter de (7). Butte Cop (50c). Butte&Super (2) Byer & Co.. Calif Packg (4) Calif Petm (1).. Calumet & Ar (6) Calu & Hecla (2) Can Dry (t3%).. Can Paclfic (10). | CaseThreshg(6) Cent Alloy (2).. Cerro dePas (15) Certain-Teed (4) Chand-Cleve Chandlerpf( Chase Nat B(18) Chat-Ph Bk(16). Ches & Ohilo (10) C & O Corpn (3). Chi & Alton.,... Chi & Alton pf.. Chi & East Ill... Cht & East 111 pt Chl Great West.. Chi Gt West pf. Chi Mil & St P.. Chi Mil & StP pf CM&StPefs.. C M&SLP pf cfs. Cht & Nwn (4).. Cht Pne Tool (6) Chi Rock Is (5). Chi Yellow C(4). Childs (32.40).. ChileCo (2%).. Christl B (1.20). Chrysler Cor (3) Chrysler pfA(8). City Stores (B). 99, | Cluett Peab (5) . Cluett Pea pt (7) Coca-Cola (5)... Collins & Alk(4) Collins&A pf (7) Col Fuel & tron.. Col Gas & El (5). Col Carbon (4).. Com Cred (1)... Com Cr pt (1% Com Solvents Com Powr (2%). Conde Nast(2%) Congoleum-Nair Con Cigars (7). Con Ctgars pt (7) Consol Distribut Consol G ConsolGas pf(5) Consol Textile. . Cont Bakg A (4). Cont Baking B.. Cont Bak pf (8).. Cont Can (6). Cont Can pf(7) Cont Mont (80c) Corn Proa (13) Coty 1n¢ (6).... CrucibleSteel (6) Cuba Cane Su pf Cuba Company.. Cuba R R (4.80)., Cuban Am 8 (1). Cuban Dom Sug. Cudahy Pkg (4). Curtiss Aero.... Curtis A pf (7).. Cushmann pf (7) Cuyamel Fruit. Davison Chem. . Deere&Co pf (1) Del & Hud (9).. Del L& W (17), Diamd Mtch(8). Dodge Bros C) A Dodge pt (7. Dome Mines (1). Dunhill Int (4) Dupont (9% DuPont deb (8). Duguesne pt (7) Eaton Axle (2).. K1senlohr & Bro. £l AutoLt (163) Electric Boat. .. | EElec Power & Lt Elec Refrizgeratn i1 Stge Bar (16) | Ena John (5)... | Engineers Pub 8 | Engnrs PS pf(7) | Erle R R. | Stpf...... i tm 8 (2%) SrieStmS cfs 2% Euteha Va f14% Open 129% Arch-Dan pt (7) 111! 1114 11 ArmourDelpf(7) 82% 825 823 9% 5%k 63 35% Artloom pf (7).. 114% 114% | Asso Dry G (23%) 464 40 185% 186 118% 43% 254 117% 109% 0% 110% Bk Comerce t18. 532 25 107% 15% 65 115% 51% 115 136% 43% 3% 51% 132 6415 105 4 8% 81 66% 24% 90% 16% 49 190 16913 25% 61 b1k 5% 17% 583 525 208 83 7 10% 40 2% 124 28 16% 29 15 28% 89% 128% 104% 69% 54 113% 53 82 124% 122 94% 105% 2% B9%, 96 19% 22% 169 68 42% 237 T84 102 ] (5).. 113% IN‘/A ll'l'm 113% 99% ConRRCub! pré 68% GS 4 53% 5% 94 6% 125 Cont Insur (6).. 222% 222% 222'% 2 9 Corn ExBnk(20) 600 600 59 105 B1% 28% 20% 82 18% 11% 64% 4 113 119 51 32% 123% 180 181 i36 14 60% 1% 58'% 306 114 17 Eastman (18)... ISB% le‘ % 107 6214 59% 31% 31% 3 High Low Close 1299 1277 128 107% 104 107 a1t 174 9 Fed L&T of (6). Fed MIn&S(10). Fed Min pf (7). £1d Phoenix(4) First NatS(113). Fisk Rubber. ... Fleischmann (3) Foundation (5). Fox Kilm A (4). Freept-Tex t4% Gabriel Sn (3%) Gardner Motor. . Gen Am Tnk(4). Gen ATC pt (7). Gen asphalt. ... Genlllec sp(6ue) Gen Motors. ... Gen Mot pf (7).. Gen Outdr Ad(2) Gen Ry Sig (5). Gen Refrac (3). lette SaR(i5) nbel Bros. ... nbl Br pf (7). dden Co..... Glidden pr pf(7) Gold Dust (3)... Goodrich Ru (4) Goodrich pf (7). Goodyear Tire. . | Goodyr 1st pf(7) Gothm S H (2%) Gotham H pt (7) * | Granby Con Min 165% 100% 100%: 46%) 467 684 6 61 100% 100% 21% 21% 51 3 35 i 56 1144 114% 463 46% 465 | 40 40 40 185% 184% 185 186 186 186 1nms u7 2 29 PR Y v 434 25415 254 254% 7% 117 117 109% 109% 109's 0% 0% T70% 110% 110% 110% 540 532 540 254 24% 24% 107 1073 107% | 15% 65% 115% 115% 115% 51% 50% 50% 114% 115 135 ld‘s 44% 43% 33% 32 51% 51% 134% 132 1 64% 6414 105% 105 4 327 | 51% 8% 66 23% 90% 16% 48% 191% 1894 1 269% L66'% 2 25% 254 63% 61 51% 51% 51% 5% 5 17% 1T% 583 572 525 525 209% 207 83 % 10% 40 2% 12% 2814 16% 15 28% 28Y% | 901 &9 89 | 128% 128% 1284 | 108% 104~ 104 45 3% 69% 54ty 53% 113% 113% 113% 54% bi% 53k 82 81 80 124% 124% 124% 122 121% 121% 94% 93% 94 105% 105%° 105% 2% 1 TN 89% 89% 96 100 19% 19% | 22% 224 | 165 166% 67% 6T 42y 42y 23 23 T TR 103 103 | 1l 89% 100% 19% 221 169 68% 424 3% 8% 103 99% 99% 99% 685 8% 4 53% 5% 5% 93% 93m T5% T6M 125 1 4 51% 52% 5% 91 6% 125 % 9 Y 600 587 105 80% 9 600 59% 105 80, 28% 59% 105 1% 7 g 13 113 120 119 61 50% 33 34 180 178%% 178% 131 130% 131 136% 135 135 14% 13% 14% 60% 59% 60 1% 1% 1% 68 GBYa 584 208 805, 305% 114 114 uz7 117 164'5 164% 50% Grt North pf (5) Gt Nor pf cfs(5) GriNor O (1%). Grt \Wes S(2.80) Gt West S pf (7) tireen Canan. Guantan p? (8) Gulf Mo & No Gulf States St Hacknsk A (13 Hanna 1st pz. Hrin B bl %stk. HavEl Ry pt(6). Helme Geo (4).. Helme GW p£(7) Hoe & CoA..... Houshid I (3%) Houston Oil..... Howe Sound (4). Hud Man (2%). Hudson Mot (5) Hupp Mot(1.40). Lllinols Cen (7). 11 Cen Isd 11 (4). Indep Ofl (1)... Indian Mot (1%) Indian Mot pf(7) Indlan Refining’. Indian Refg ctfs Inland St (23%). . | Inspiration Copr. InterboroRapi'r Intcontl Rub(1). Internat Agri. .. Int Agricul prior Int Bus Ma (4).. Int Cement (4).. Int Cement pf(7) int Com Eng (2) Int Comb pf (7). Int Harv (j6) Inter Har pf (7). IntMteh pf(3.20) Int Mer Marine. Int Mer Mar pt. Int Nickel (2)... Intl Paper (2.40) Int Paper pf (7). Int Ry CA pf(5). Intl Silver Intl Silver ) Int Te} & Tel (6) Iowa Central. .. Island Creek (4) Jewel Tea...... Jewel Tea pf(7) Jones Bros Tea. Jordan Motor... Kan City South.. Kan C So pf (4). Kayser J (4) Kelly-Spring Kelly Tire 6% Kelly Tire 8% nt Kennecott C (). Keystone T & R. Kresge (1.20)... KressS H (bl). Laclede G pf (5) | Lago Ot (75¢).. Lambert Co (16) Lee Tire & Rub. LehighVai(31%). Lehn & Fink (3) Life Sav (1.60).. | Lig & Myrs(£t4) | Lig&MyrsB (14) Lig &M pf (7) Lima Loco (4).. Liq Carb (8.60). Loew's In¢ (2).. Long Bell A (4). Loose-W11(1.60) Lorillard Co .. Loulsiana Ofl. .. Louls & Nash(7), Ludlum Steel(2)' McCrory B (1.60) Mack Truck (6) Mad Sp Gar (1). Magma Cop (3) Mallison pf (7)., | Man Ei Sup (5). | Man EI'm g (d5) Man Shirt (2)... | Maracaibo Oil. .. Market St prior. Marland Oll. . Mar Rock(133;) Mathieson (4)... Mathieson pf (7) | May Dept S (4). { Maytag (12%).. Mexican Seab. .. Miami Cop (1).. Mid-Continent Mid-Cont pf (7)., Middle States. .. Mid States Ol ct Midland pt (12) Miller Rub (2)., Min St P & SSM. MStP&SSM 1i (4) Mo Kan & Tex. . MoK &T pt (6). Missour! Pacific. Missour! Pac pf. Montana Pow (5) Montgmry W (4). Moon Motor. . Mother L (50¢). | Motor Met (3.60) Motor Whi (2).. Mullins Body. .. Munsingwr (3). Murray Corpn... Nash Motor(15). Nat Acme (sta), Nat Bellas Hess. vat Biscuit(17). Nat Cash R (A)3 Nat City Bk (20) Nat Lead (5).... Nat Led pf B (6) Nat Pw&Lt (80¢) Nat Ry Mex 2d.. Nat Supply (4). Nat Surety (10). Nat Tea (4)..... Nevada C(134).. NOTex &M (7) N Y Alr Br (3).. N Y Cent (8). NY C&StL (6).. NYC&StL DHM Y Dock Y & Harlem Y NH & Hart. . NY NH&H pf(7) NY Ont& W (1). NY Steam pf (6) rfolk South 71l Well Sup. 01l Well 8 pt. 227h, 11% 91 17 26% T T 74 37% 26% 5% 7% 74 3704 107 107 61% 62 59% 59% 31% 31% 31% 3% 7 13 3% 107 629 9% 31% 3% 3 Omnibus. .. Orpheum Cir (2) Otis Elevator (6) Otls Elev pf (6) Otls Steel. . Outlet Co (4 Owens Bot (CQE) Pac Coast 1st.... pacific Gas (2). Pac O1] Stubs. ... Pac Tel & Tel (7) Packard (12.90). Paige Motor. . ... Pan-Am Pet (4) High, 98Y % 140 5 96% 102% 34y 835 145 90% 10% 50' Low Cluse. t 98Y T3y 90 874 8 564 98Y T4 90% 40 8 574 llU’n H(Y‘\ 21% 130% 33% 102!, 3315 8274 14% 90% .56 llD"u 1204 132 53 51 Pan-AmPetB(4) Pan-Am West B Panhandle. p Panhandle pf. .. Parmt-Fam (§8) Park & Tilford. . Park Utah (80¢). Pathe Ex A (4).. Patino (a2.10).. Peerless Motor. . Penick & Ford. . PennDix Cmt(2) Penna RR (3%) Peorla & Fast. .. Pere Marq (18 { Pere Marg pf(5) Pere M prior (5) *hilaCo5% pf2Y i Phila Co (k4)... PhilaCo6 % pf (3) Phila&RCI... Phila&RC&I efs. Philip Morris. .. Phillips Pet (3). Plerce-Arrow.. . Plerce Arrow pf. Pierce O1l Plerce Pet: Pillsbury (1. 60). Pitts Coal...... Pitts Ter pf (6). Pitts &W Va(6). Postum (5)..... PorRicoTobA(7) Pr Stl Car pf (7) | Prod & Refiners. Producers&R pf. Pub Serv NJ (2) | Pub Serv pt (6). Pub S NJ pf(7). Pub SE&G pt(6) Pullmn Corp(4). Punta Aleg Sug. Pure Oil 11.87%. Purity BakA(3). Purity Bak B (2) PurityBak of(7) Radlo Corpof A. | Radio C pf (3%) Reading (15)... Reading 1st (2). Real Silk Hos. .. Reid Ice Crm(3). | Rem-Rand $1.60. Rem-Rd1st (2).. Rem-Rd 2d (8).. Rensselr&Sar(7) | Rep Ir & 3tl (4). Rep1&Spf (7). Reynolds Spngs. | Rey Tobac B (5) | Rossta Ins (8).. Rossia Ins Co rta Royal Da3.13%. Safety Cable (4) St Jos Lead (13) «| St L & San Ft8). { St L Southwest.. Savage Arms. . Schuite (3%).. Seabd Alr Line.. Seagrave (e1.20) 3ears-R (n2%).. Seneca Coper. ... Shattuck I’ G (2) ;| Shell Un (1.40).. 12! Shuber The (5. Simmons (2).... ! Skelly OI1 (2 | Snider Packg Co So Por Ric S(£2) South Por pf(8). South Calif Ed. . South Dairfes A. Sou Dairies B... South Pac (6)... Southern Ry (1) | Spaulding pf (7) | Spicer Mfg. | Spicer pt (8).... S G&E (3%). Std Mill (6)..... Std Millg pf (6). StdOiICal(128). Std Oil,NJ 11%) Std OlINY(1.60) Sterling Prod(16 | Stewart-war (6) { Symington C1 A. Telautogra (60¢) 5 | Tenn Copper’(1) | Texas Corpn (3) Tex Gulf Sul (4) Tex & Pacifl "% | Tex PC&O(80C). | Tex Land Trstn | Thatcher Mfg... Thatchrp?(3.60) 3 | The Fair (2.40). { Thompson (3.60) | Tidewatr As Ofl. TIAWASO1Ipf(6) i Tidewatr Oil 80c 14 | Tide W Ofl pt (5) ‘Tlmkcn (15).00e Tobac Prod (7).. | Tobac Prod A (7) % { Transcont Oil... | Transue & W(1). Underwood (4).. Un Bag &Paper. Union Carb (6).. 7 | Unlon Ofl (1235) 126% 4 10T5% 59 Union Pac (10). i UtdCerSt(C80c) Utd Cgr St pf(6) United Drug (9) Utd Frult(15%). USCIP&F (10) U S Distributing U S Distr pt(7).. S Aleokol (5). Leather w1, Leather A..: Leatprpf(7) Realty (4).. Rubber..... Rub 1st (8). Smelt (3%)., SSmpf (3%). U S Steel (7)... U S Steel pf (7). U S Tobacco(3). Unl Pic 1st pf(8) Unlv Plpe(123%) Utl PELt A (e2) Vanadium (14).. Van Raalte pt. .. Vick Chem (4).. Victor Tlk Mch.. Victor ev pf (8). victor pr pf (7). | Va-Caro Chem. . Va-Car Ch 6% pf Va-Car Ch pf (7) | VaEI& P pf (6). 1 Vivadou (3).... Vulean Detin. Wabash. ... Waldorf (1%) Walworth (1.2 Ward CL A (8) Ward Baking B. Ward Bak pf (7) Warner Plc A... Warren Bros (4) WarF&Pipe Cor, Web & Heil..... Web&Heil pf(7). W Penn El pt (7) West P Po (6)... West Marylan, West Md 2d pf. West Pacific. ... Westn Pacific pf. Westhse A B(2) Westinghse (4). White Eagle (2) White Mot (4).. White Sew Mach White SM pf(4). Wickwire eft... Willys-Overland Wilson & Co pf. Woolworth (5).. Worthn Pump.. Wright Aero (1) Yale&Town(15). Yellow Truck. .. Yel Tr&Co pf (7) Youngstn Sh(6). Hourl: Sules u U u ! us iy u i ‘g U thy dendy, ure Gt inen Uni 947 108%: oun N. ¥, 564,700 12 m. lpm..1385600 2 p.m. Dizidend eates ag aiven o ¢ ; the annunl eash p Low Close FOUR NEW HIGHS ON EXCHANGE HERE W. R. & E. Preferred and Common, Gas and Com- mercial National Up. BY EDWARD C. STONE. Four new high marks for the year were scored on the Washington Stock Exchange today, when Washington Railway & Electric preferred and common, Washington Gas Light and Commercial National Co. preferred went on up the financial ladder. Twenty shares of Railway common sold at 395, an advance of 15 points above the previous best price of the yvear and a gain of 210 points from the lowest 1927 sale. Railway pre- ferred sold an eighth higher than previously, a 10-share lot moving at 100%. Washington Gas opened at yester- day’s closing price of but on the next three sales, involving 50 shares, came out at 8214 The new mark registered by Commercial National ock was made on a l4-share rnovar at 110, a jump of 7 points since the last sale. Capital Traction opened at 108, ad- vanced to 108% and closed at 10° Riggs sold at 49.'» and 494, and 18 shares of American Security .& Trust changed hands at 452. Sand & Gravel, Lanston and Sanitary Grocery pre- ferred sold around recent levels. There was considerable activity in bonds at firm prices. National Banks Expanding. The Wall Street Journal announces today that national banks are begin- ning to enter the mortgage loan bus n under the broader powers col d_upon them by the McFadden act. Effect of the trend of national banks in this direction is to open up large amounts of bank credit to the first mortgage business. Under the McFadden law the na- tional banks are permitted to make first mortgage loans on improved real estate, either city or country, with ma- turities up to five years. The amount of such loans is restricted to 50 per cent of the property value. An important phase of this develop- ment is the plan being worked out by some of the national banks to sell par- ticipating certificates in first mort- gages, instead of the mortgages them- selves. This would divide these obli- gations into smaller and more conve- nient denominations for marketing. Equitable Directors Elected. At the annual meeting of the stock- holders of the Equitable Co-operative Building Association Wednesday these directors were elected: John Joy Ed- son, John B. Larner, Frederick V. Co- ville, Gilbert H. Grosvenor, Harry G. Meem, Walter S. Pratt, jr.; Frederick B. Pyle and Robert L. Lewis. The present officers are expected to be re- elected at an organization meeting next week and a vice president chosen to fill the vacancy caused by the death of Perry B. Turpin. The stock- holders were told that the past year had been one of marked prosperity, total assets having increased to $5,- 292,042.70. Older Men Best Policy Holders. Reports have just been received in ‘Washington. showing that the man who buys the larger quantities of life {insurance and who is middle-aged or past does not lapse his insurance so readily as do the younger ones, who buy the smaller policies. These facts have just been brought to light by a large Middle West company. The company analyzed the condi- tions which affected $800,000 of lapsed business and discovered that 67 per cent of the policyholders who allowed their life insurance to lapse were under 30 years of age, 19 per cent were be- tween 30 and 40 vears of age and 21 per cent were over 40 years old. A little more than 55 per cent of this group of policyholders lived in the rural districts and in towns so small that no street address was given. About 42 per cent of the policies were for $1,000. Norment Heads Home Mutual. Clarence F. Norment was re-elected president of the Home Mutual Build- ing & Loan Association at the annual me->ting held recently. Maurice F. Flznn is vice president, Ode]l S. Smith sécretary and treasurer and Frank S. Smith, attorney. The board of re-elected directors in- cludes John Alden, John N. Auth, W. Bowie, William F. Gude, R. Lee Horton, William E. Howard, George King, jr.; Arthur J. May, C. F. Nor- ment, M. F. Flynn, George L. Starkey, Odell S. Smith, Alfred Walford, G. W. Forsberg and Karl Achterkirchen. The annual report showed the asso- ciation to have enjoyed excellent busi- ness during the past 12 months. Reports Farm Prosperity Mounting. ‘With the farmer’s financial position greatly improved as compared with his situation a year ago, optimism pre- vails throughout ‘the fertilizer indus- try with respect to the use of plant food on next season’s crops, according to Charles J. Brand, executive secre- tary and treasurer of the National Fertilizer Association, in announcing that the annual Southern convention of the assoclation will be held at At- lanta November 8 and 9. “All lines of business that deal with the farmer are feeling much more op- timistic now than last year,” Brand said at his Washington office. “Though cotton farmers raised nearly 18,000,000 bales last year and this year appear to have a crop of about 5,000,000 bales less than last, they are receiving some $200,000,000 more for this year’s crop than for last year's big one. Rate Dispute to Be Adjusted. Secretary Mellon states that the fu- ture policy of establishing rediscount rates for the Federal Reserve banks will be worked out dun‘ni t‘i;le pr::ent meeting of the board with the reserve bank ;%vernors and agents. The board has decided not to ask the Depart- ment of State for a ruling on the legal- ity of the board's establishing the rates for the various banks. The Chicago bank has not withdrawn its request %! for such a ruling, but it is now in- 67 180% 26 52 6% 2Th 87 87 82% 82% Murket. {%teagins epe than ulo oy ¥ ot z"&"‘f “G‘l comm Flas "2/50 k. Paid °¢mp Jonino reemier uu. " Slis B% 1 l’I’r‘; " ofook d T 5-» cent By Suariry. b ablewhen earn i 1 Plus 2 «nare a lu\lnutll e"rlu. 1,80 ars o apecinl nar-‘a'-md lwcb tended (o solve the problem within the orgapization. A. B. A. Committee Heads Named. New heads for the committees of the American Bankers' Association o serve with President Thomas R. Pres- ton of Chattanooga have been named. The long list takes in representative bankers from all parts of the country, but does not include any Washington financiers. E. S. Wolfe of Bridgeport, Conn., heads the committee on Federal legislation; Lewis F. Pierson, New Yofk, is chairman for the fiftieth an- niversary; Charles P. Blinn, Philadel- phia, Federal taxation, and Fred I. Kent, New York, commerce and marine. Western men were given most of the other honors. Heard in Financial District. Francis G. Addison, jr., vice presi- dent of the Security Savings & Com- mercial Bank, has returned from the A. B. A, convention. John E. Parker of G. M. P. Mur- phy & Co. has gone to Atlantic City to_pass the week end. L J. Roberts and T. Hunton Leith attended the Babson commercial as- - | sembly held yesterday in Baltimore. | The Treasury’s November 15 financ- ing program will be announced Mon- i [day. A short-term issue is expected. —— REPORTS ARE DENIED. NEW YORK, November 4 (#).—Cur- rent reports that the Canadian sub- sidiary of National Biscuit Co. is nego- tiating to acquire Christie Brown Co. are officially denied. PINANCIATL 1 Will Sell 25 Shares F. H. Smith Co. 7%% Preferred Stock at 96% per share. FORT ISIQFSL N.W. M. 8847 MPAN [nvesTmenr Bankes Woodward Building Washington, D. C uhlnl = The New York Life Insurance Company Offers to Make First Mortgage Loans Oo Improved Real Estate in the District ot Colun.bis and Nearby Suburbs in Montgomery County, Md., for 3, S or 10 year terms on your 5%% Apply RanNDpaLL H. H 'mpm“l“:dk & ComMPANY MORTGAGE LOAN CORRESPONDENT 1321 Connecticut Ave. Telephone Main 9700 Apartment Office Building Home Busin, Property = Over a Third of a Century's Experience It Is Not Without Good Reason —that so many prop- erty owners in Wash- ington continue us, year after year, as- managers of income-producing properties of every de-, scription. We are well past the Third-of-a Century mark in years and experience. And experience is invaluable to successful manage- ment. B. F. SAUL CO. Main 2100 925 15th St. N.W. N ey "Equitable Co-0p2rative 31ilfing Ass’n JOHN JOY EDSflNé President WALTER S. PRAYT, Jr. Secretal Organized 4ith YEAR COMPLETED Assets. ss.zvm .70 Surplus - $14 _mvl Subsctip ns for the 94th Issue of Stock Bell' Received Save Systematically in The Equitable $2.50 Start a systematic savings account at the Equitable and provide the way for g Per £ Share Financial independence. Our plan of S 915 F STREET = manner and helps you accumulate money. Start now. Loans on Real Estate for Periods of 3,5 or 10 Years WE HAVE UNLIMITED FUNDS TO LEND ON Residences, Apartments and Business Properties in the District and nearby Montgomery Co., Md. BOSS=MHELPS Founded 1907 oan Correspondent Joho Hancodk Mataar Lile" Ingurance Co. Main 9300 On Improved Property We invite applications for loans on im- proved property on a MONTHLY PAYMENT BASIS OR STRAIGHT THREE-YEAR PLAN Lowest Interest Rates | AM]EMCAN S]ECURHW AND T ST OMPAN Real Estate Dept. 15th and Penna. Ave. BRANCHES: Central—7th and Mass. Ave. N.W. Northeast—8th and H Streets N.E. Southwest—7th and E Streets S.W. Northwest—1140 15th Street N.W. TOTAL RESOURCES OVER $38,000,000