Evening Star Newspaper, March 10, 1928, Page 24

‘FINANCIAT.” 'THE ' EVENTING ~ HIGHGRADE BOND | Coxev vomx_BONDS st secis - UINDERTONE BETTER Week’s Big Turnover Cen-| tered in Semi-Specula- tive Securities. BY CHARLES F. SPEARE. Snecial Dispatch to The Star NEW YORK, March 10.—With af tention centered on an unusual stock market again today there was a dis- position to draw away from bonds ex- cept those issues that are affected by convertible features. The turnover this week has been one of the largest of the year. but has been centered in a few semi-speculative bonds. A little better tone has been | shown by several of the higher grade rails and public utilities. This was in vidence (o a slight extent again fo- day in a number of the new 4!. per cent public utilities like Philadelphia Electric and Duquesne Light. Legal | ?‘llls were fractionally higher, though | ull. In the active rail group, St. Paul gen- eral 5s and adjustment 5s had difficulty UNITED STATES. (Sales wre in $1 000 ) Sales Hixh Low. w13 2 10226 102 26 100 14 100 14 3 20 Closa Lib 3% 10113 Lib 1st Lib3a e Lib ath ey e US 3% 43¢ US3%s... US 4= 1044 US1%ss2 811019 6 11519 FOREIGN. Swes. High Argentine Ss. T 92y Argentine 65 Ju o3 17 100 Argentine 63 0cts9 9 1004 Argentine 6s B. | Austeatia 6 1955, . | Austratia 53 1957, | Anstria T . | Rank of Chile 6% s | Belgtum 6n Relgtum 6% Belgium 8 1955 Relginm 7819 Belglum T4s. Bolivia 8. Bordeaux s, | Rrazil 633, Prazil 7s., 110 18 1518 110 18 11519 Low. Close. ity 924y 100 100 100 100 1004 10014 98 101% 107 1084 B O8T 101 1014 107 107% 108% 10857 1964 1064 15 115 105% 105'% 1014 101% 98la 9NN 100% 1003 10w 110% Bremen Stat . Rnenos Atres 7s 57 Buenas Aires 7s 63 100% 100% 100 1004 107% 107% 101% 101% 1013 102 1014 101% 110% 110% Canada 5% s Canada 88 1931 Chile 78 1943 Chile 8s 1941 in holding their ground, as there was considerable profit taking by those who purchassd these issues when they were | first listed. The Seaboard group con- tinued heavy with the adjustments off a point. United States Rubber 5s sold early above 93, where they were up 2 points | fro mthe low of the week, and then ! reacted along with Goodyear 5s. Andes | Copper 7s, Hudson Coal 5s, Dodge 6s | and the Interborough issues. Third | Avenue adjustments were up 1'4/ ints. There was some activity in| orth American Cement 6'. Foreign bonds were quiet, with| strength in Italian municipalities and in Prench and Belgian government bonds. | STEEL ORDERS GAIN. NEW YORK, March 10 (#.—Un-| filled orders of the United States Steel | Corporation at the close of February amounted to 4,398.189. an increase of 122242 tons compared with the end of the preceding month. SILVER QUOTATIONS. NEW YORK, March 10 (#).—Bar silver, 57 Mexican dollars, 433, RUBBER DECLINES. NEW YORK, March 10 (Special).— Crude rubber, smoked ribbed sheets, de- | clined !4 of a cent at today's quota- tions of 26. This compares with 331, a month ago and 403s a year ago. Washington Stock Exchange| Sales. Capital Tract. Co.—20 at 11115, 10 at| 11113, €0 at 111%, 10 at 111%, 10 at 1113, 34 at 111%,. ‘Washington R. & E. pfd.—20 at 104, 30 at 104, 50 at 104. Col. Sand & Gravel Co. pfd—10 at 105, | 40 at 105, 10 at 105, Mergenthaler Lin.—10 at 103%. After Call Pot. Elec. 6s "53—$1,000 at 108!5. Pot. Elec. 5158 pfd.—10 at 107i,, 10 at | 107%. 1 at 107°,. Wash. Gas Lt.—5 at 89. Nusx,1 M. & Inv. pid—40 at 5%, 10 at Wash. Gas Lt. 6s “A"—$500 at 106%. Mergenthaler Lin—10 at 103%. Money—Call loans, 5% and 6%. Bid and Asked Prices. BONDS. PUBLIC UTILITY Ame:r. Tel. & Telga. 4. ... Amer. Tel. & Telga, 4% . Am. Tel. & Telga. . tr Anacosua & Poi K. Ana. & Pot. guar. C. & P. Teirphone 5 C. &P Tel. of Va5 Cap. Tras R Gty & Suburban 5s. i ~ gen. Bx 193 Pot. Joint W. M. Cold Btorage by | fraly Pub 78,0000 | Utd Steam Coven 63 4 97 | Uruguay 8s....... | Am AzriChem 748 | Am Smit & R 1si Chile 83 1946 Christiania 6s. . Con Pow Japan 7s. Copenhacen 51s.. Czecho T1;s rets, Crecho 8= 1951 Czecho & . Danish Munie §s B Duteh East | s 47, El Salvador 8s 8., Finland s f 63 45 Finland s Framerican 7%s. . French 7s French 74%s. French 88 German 7a Ger Gen Elee Ts. ., Holland-Amer 6s. . Hunzary 7%s..... italv Ts .. 110% 1104 1011 101% 997 9974 101 101 105% 105% i 114 1% 11 110% 110% 104 1041 10 110 99% 1001 100% 100% 108% 1084 1077 1077 16% 116Y% 1mo 110 1074 107% 1031 104% 104 104 1024 1024 98te frdly Brunmammmansmnriancnuasats s 1004 1084 Japanese 4s. Japanese 64 Marseille 6s. Mexico 48 10 asntd. Milan Gigs. . Montevideo Ti Nerherlands fs 54, Netherlands fs 72, New So Wales ‘58s. Norwav 6%s . ..... 100% 100% Norway fis 1943.,, Norwav 6s 1944... 2 1021 Norway 63 1952... 1 102 102 Orient Dev debfs. 2 1004 100% Parts-Ly-Med 6s.. 33 Paris-Lv-Med 7s.. 1 Paris-Orleans 7s. Peru 6s 67 w.! Peru 7s. Poland 6s 40, Poland 7s (rets) Poland ts. Queensiand €s. . Queensland 7s.. Riode Jan 8s 1946, Riode Jan ks ¢47... Rio Gr Do Sul 8s. Rome €%s. 8ao Paulo 1950..., Sao Paulo City 8s.., Sao Paulo 8s 1936.. xon (PW) 7s, 2 101% 101% 231 23 a2 93 103% 103w 1023, 102y 106% 106% 947 947 " 2 wlandaBuna 104 10¢ a 104 104 104 104 84 B4y 0% 903, 100% 100% 108% 108% 14 114 106% 1073 110 110 106% 106% 93% 93% 1074 107% 120 120 106% 106% 102 102 105% 105% 101% 1013% 99% 99% 104% 104% 1031 1034y 108 104 1124 112% 9% T9% 91% 92 106% 1064 97 9TIh 1 109% 109% 109% MISCELLANEOUS. 2 105% 105% 105% 3 101% 101% 101% 4 102% 102 102 2 1081 108% 108% 1 105 105% 105% 101 9 6 100% 108%, 114 107 110 1064 933 107% 120 106% 102 105% 101% 99% 104% 1034 104 12% 9% 92 106% Crot Slo 8s.. ons 6 Sweden 5143 Sweden 6s. Swiss Confed Toklo bs. Tokio 6%s 19 1 14 Kingm 6% 37 Am Cotton Oil §s. Am Smit & R 63 Am Sugar Ref 6s.. AmT&Teltrds., 1 99% 993 994 AmT&Teltr5s.. 4 100% 106% 1 AmT& T sfbs.... 14 106 10 Am Tel & Tel 6%s. 11 109 N . 1 100% 1005 100% « 61 105% 105% 105% Anacondacvdb?s. 7 111 111 111 Andes Copper 7 122 Armour&Co 4% 6 921 4 92% Armour Del 5% 3 91 90% 90% Atlantic Refin 5s. 3 102% 102% 102% Barnsdall 63 1940,, 6 100% 100' 100% I Tel Pa 6aC. 4 111% 111% 111% BethlehemStl pmSs 2 101% 101% 101% Beth Steel 6%8 53. 31 103% 103 103 Beth Steel 6! . 3105 105 105 Bkiyn Unton 6% 3 270% 270% 270% 12 967 95% 96% 10215 1024 a9ty 9915 | Received by Private Wire Direct te The Star O Sales. High. Low. Close 1116 116 116 1 90% 90% 0% 2 100% 99% 99T 1 108% 1084 108 5 101% 101% 101% 12 96% 96 96 21 104% 104 104 40 09% 9915 99N 1110276 102% 102% 18 60 5 60 7 108% 108t 108% 28 B8 KR 4 6T% 074 2 % 18 W 923 Canad North 7s Canad Pac deb ds.. Can Pac 4148 46... Central of Ga 6% s tral Pacific Cent Pac 18t ba 90, Chesa Corp 63 wi.. Ches & O gn 4%s.. Chi & Alton 3%s. Chi 5 & Q Ist ri Ch&E 111 en 68 6 Chi Gt \West 43 CM&SLP deb 43 cfs CM&SUPgnEY.. CM&SI'eva tpnizofs 5 T4l CM&StPgnats 71 103 M&SP rf dlgscf. 1 76% 6% M&SP 5y (new). 223 96% CM&StP adj (new) 480 6415 Gdtn Chi & NW gn 3%s. 85 Chi NW 438 2087, 26 1084 103 Chi & NWref5s... 1 112t 1124 Chi& NW s, 2 1121 1123 Cht& NW 7s...... 5 ChRVEDS...o0ues Chi R1& Pgnds.. ChiRI&Prr4 CRIPac4%awi. ChTHG&S b Chi T H inc 6s 60 Chi Un S1a 4448 | Chi Union Sta 5s 44 Colo & Sou 418 Cuba R R bs. Cuba Nor 6%s cts. Del & Hud 1st cf 43 Den & Ri0 G en D Rio G West 5 krie gen 4: Erleconv 4s A, 18 cvt 58 67 wi. Erie conv ext 7s. FlakCbs .. Gr Trunk stdb 6s i Grand Trunk 7s. Grt Northn 4 ;s | Greut Nor gen 7a.. Hav EIRy 6%s61. 1 75 Hud & Manarbs.. 53 928 9214 LIl Cent ref 48 5 9T 9T 11 Cent 438 66.... 9 10115 101% 11 Central rf 53 55. 11 109 { 111 Cent Chi 434 101% int Rapid Tran 6s. 17 8% Int Rap Tr bs stpd, 19 T8is int Raptd Tran 2 754 Int Rap Tran7s... 14 95% {nt & G Nor 1st 5 1074 106% Int & G Nor ad 6: 794 9y Int Rys CA 58 72.. N3te B3 {1t Ry C Am 68 41, 9 96 Int Ry C A 6% ret 94t 94 lowa Cent rf 4s.... 100 104 Kansas City 8 3 8 Lake-Shore 4x 28., 997 Lehigh Vaicn 4 91y Long Island 6537.. 5 100 Louls&Nash uni4s 6 u8 Man Ry 1st 90, 1 71'g Market St (s 40 5 Byl uel MStP&SSM5 1100 100t < 4 106% 1061 16 Sl 8L 11 93% 96 96% 26 96% 103% 9 97 4 102% 1024 2104 101 994 98ty 9T 96 9 91 BHW Baw BT% 874 60 98% 98t 2 105% 105% 10 867 86 5109 109 1 116% 116% 23 100 100 115% 115 > 1 1 - { Mo Pucific gen 43 Mo Pac 53 A 65.... 17 102% 1027 Mo Pac 5s F 17, 47 102% 1010 Nassau El 4851 2 b7y 5T 'w Or Term & 3 93l 93n NUOTex& M5B, 3 1004 1004 N ¥ Centdeb 48 10 98t ws NYCrfims4 1103 103 N Y Centribs. 3 NYChi&StL b158A NYCRhI&StL 64sH. NYC&StL6sA. 1 103% 103W NY NH&H db 4s 57 1 Sl'a Sl'y NY NH&Hcvdb6s 4 116% 116 N Y Rys 6s 65 1% N Y State Ry 4% bl% NYSrateRy 64s 62 67 N Y W& Bos 4% YUy Nor & S gen 6s 54 964 Northern Pacr i Pennsyl gen 4%s. . Pennsyl gen bs, Pennsyl bs 64, Pennsyl 6%8...... Pennsyl goid 7s. PCC&StL 58 B 75, 8 11384 1 Port RLP6s47... 1 103% 103a St L IM&S R&G 4. T 98% 96% StL&SFDI4sA. 9 ¥2 u2 StL& 16 103% 103% 3 10213 1021 | 34 101% 101w 5 102 1017 StL&SFurinés . 2 100% 100% StL S W con 93 St P & KCShL 9674 Seab A L ref 633 Seab A L ady b3 Seab A L con 63 Ba% SBAIFla6s3bA. 33 50 9 SBAIFIa6s3sB. 3 814 S1%W Sou Fac 48 29. 1 9yly 9y Sou Pacific ref 4s. YT Sou Ry gen ¢ 46 921, Southern Ry 6%8. 34 126% 1264 Tex & Pac 53 77rts 10 1034 1034 Third Ave(ad) 6s.. 49 59 Ga% Unton Pac 181 4, 3 984 97n Union Pac 1st rf 1 96% 963, Un Pac 438 67 5 100 100 Union Pac 14 100% 100% Virginia Ry ist 19 109 108y Wabash 1st bs, . 1105 105 bash 6s 76 . 1 103% 103% t Maryland 1 8oW 854 Western Pacific 6 6 100% 100% 100% 100% 98 103 109% 1074 11113 112y 7 105% 1 STAR. WASTITNGTON, LOANS AND EASY MONEY LIFT LIST Contraction of Brokers’ Bor- rowings and Cheap Interest Rates Big Factors. Special Dispateh to The Star. NEW YORK, March 10.—In January and February the shrinkage in the market value of several hundred listed stocks was $750,000,000. One-fifth of this occurred in ‘motors. In the past week the appreciation in General Motors common alone has been nearly $350,000,000. The contraction in brokers’ loans during the period of liquidation amounted to $140,000,000, and the average decline in the market was 10 points. Already this month's recovery brings the average within a point of the highest of the year. What is the explanation of this latest contradiction by the stock market of these facts of business that go to make up security values? It is not to be found in a pronounced industrial recovery. The good elements in the trade situation continue to be conspic- uous because of their contrast to average conditionss A large proportion of the corporation reports for 1927 pub- lished from week to weck are unsatis- factory. Current returns indicate the slowing down in production. Even the public utilities have begun to show signs of restricted use of electrical power in industry. Cheap Money Boosts Prices. Is the reversal of the market then to be traced back to the predominant cause for price inflation in 1927, namely, abundant capital at lower rates of interest? To a degree the answer is in the affirmative. The governor of the Federal Reserve Board this week, in his testimony before the Senate committee investigating brok- ers’ loans, marfifested little anxiety over this item in bank accounts. Sev- economists expressed the opinion that the present inflation was the soundest of the post-war period. In other words, if there is to be speculs tion it is safer for the banks to center it in securities which are readily sale- able than in real estate or in commo- ditles which may. eventually become the collateral in “frozen loans.” There is much to be said in favor of this argument. As Wall street has been watching the thermometer of brokers’' loans through- out this year tor variations in the specu- lative fever, the diagnosis made hy Gov. Young brought encouragement, which was quickly translated into terms of ex- panding transactions and rising secur- ity prices. Along with this came the Treasury’'s announcement of Spring financing, which did not include any | provision for taking up or exchanging another portion of the third Liberty 414 per cent bonds. The influence from this was that, as money rates are now higher than i the Autumn, when the last short-term notes were issued on a better basis than the new notes, Sec- retary Mellon must postpone his long- term arrangements until Spring in ex- pectation of ecasier money rates. So, with an official decree that brokers' loans are not extravagantly high and an official suggestion that money rates may be lower two months hence, the pro- fessional element started out on an- other speculative jamboree. Opinions on Trade Conflict. It has been difficult at times to know | whether the Washington interpretation of the business and financial situation was the correct one or whether the emphasis which New York banking in- terests have been placiug on certain weak elements in speculation, in credit and in industry deserved most attention. The former is obviously colored by political considerations and _desire: ! Frequently the Washington viewpoin has been diametrically opposite to that in New York. There is believed to be conflict of opinion between the two on the question of discount rates and on the preferential treatment of foreign money markets over American markets. Good business is good political capital | ; in a presidential year. So the issue may arise as to whether an extended position in brokers’ loans and a high average of stock prices, compelling an artificially stiff discount rate, should take precedence over any aid to busi- ness or to agriculture that might come in the next six months from a lower rate than that now quoted by the Fed- eral Reserve Banks. In the enthusiasm of the moment, Wall Street is basing its market commitments on the pros- pect of lower rather than higher money and s betting on the dominance of the D. 0. SATURDAY. MARCH 10, 1926 REPORT OF CONDITION Baltimore & Ohio BALTIMORE a0 OHIO RAILROAD COMMON STOCK ~ BALTIMORE, Md. (#).—The Balti- more & Ohlo, oldest trunk line rafiroad In the United States, will celebrate on July 4 the 100th anniversary of the date on which it began to bulld track from Baltimore to the Ohlo River, which gave the road its name. Its lines now run from the Atlantic tidewater to Chicago and St. Louls, and exceed 5,000 miles in length. In the last decade the road's gross revenues have increased more than 100 per cent, and the gross income has more than doubled. More than half the revenue freight is in coal, and about a fourth is wholesale manufactures, chiefly iron and steel products. Two- ’Lthlr‘&zx of the road's traffic originates on s _line: and has caused unsettlement in the markets for rubber securities. Although retail trade in January de- clined, the returns of the chain stores for February show an increase of about 15 per cent over last year. Employ- ment statistics this week read some- what better. State and national projects are expected shortly to take up some of the slack among the jobless. More Cows in Germany. BERLIN.—Germany has more cows now than before the war, latest reports show. The increase is taken to indicate *hat war losses in live stock have been completely recovered. REPORT OF_CONDITION OF THE United States Savings Bask At Washington. in_the District of Columbi at the close of b on February 28, 1 cen of other hank reien hills o nga or drafta sold with indorsement of this, bank. . ... .$1.860.458.07 Overdralts wcured. SR unaecured F1:0.6 Other bon ties et owned . Banking Touse. furniture _and $10.0 om0 . Cash in ‘vault and amount due from national banks nt due from = State anks. bankers and the T States than cluded in item 10) Exchanges for house . . . o Total of items 10 oA S0 244.43 513.912.05 ‘stocks. ‘sectiri- in- 70.232.53 8.089.80 Total - 68.115.51 LIABILITIES Capital atock paid in. . . Surplus fund 7 . a Undivided profits b Reserved for $100.000.00 150.000.00 741,59 © Leas current expenses 138.701.08 | e 2.143.85 | - State \ks. bankers und triist companies in the United States 5 . Certitied e Total of 19.918.16 522.08 1.012.85 21.00 enin i n.. BIRNE Deniand deposits fother than_bank deposits) mih- reserve (deposite oD d deposits tother than bank depas- ita) subiect 10 reserye. items s Time to time certificates posit other than money borrowed ) 1.581.449.71 Total . . $2.766.115.51 Disteict_ofs Colimbia, I. WM. R DELASHMUTT. cashier of the med b do” solemnly swear that ve statement is true to the best of for 1 aLoane and di BANK close of business on RESOURCES, nts, i eluding _ rediscount contancen of ¢th and foreign billa of ex: change or drafta sold Overdrafty. U |!l ')u\r;um'nl securi- tien owned b Al other United States Government | weeurities uding premiums, if owned. 86490072 A fixtires, itie e Banking house. {\lnrml' e A Cah ‘in_vault and due from national banks. from 'State in item 1 n other bank me eity o as reporting bank. .. Total of itemal0. 11 e L2 b Miscellaneo Total LIABILITI wtock paid i . Certified . Dividend che than hank deposite) suh- ‘t to reserve (depo ble within 30 dayw posit | other than maney horrowed ) 1otal NORTH CAPITOL SAVINGS 1 he District of Columbia, At Whlulnnl on, n the Poaanmbls. 1.600.00 NT.T17.27 155.03 1022.596.70 12.016.06 033,96 72416 767096 e S1.600.891 City ot Washington Districi of Coiumbia. HENRY COATES. cashier above. the abore statemen my krowiedge and bel wh_ 1R BENJAMIN ROBINSON. N st THEODORE LARENCE JOHN FO_F_PH HAS. W. FLO SOWERS tary Publie. MICHAEL, OHE. EN HOLLANDER. . HERBERT, A. ECKERT. KHER . REPORT OF ¢ OF THE District National Bank ington. in the District of Columbia se of business on February 28. 1078 ances - of _other banks and foreign billa of exchange or drafts sold “with_indorsement of this bank... = ties owned: a Deposited to mecure eire o S R . Other bonds. stk “se- rities. etc. and now outstandimg . Banking house. SO30 B44.58: furmture and fix‘lires. SK1LO2TOS. . Real estate 0w than banking house . Lawful reserve with Fed- rral Rescrve Bank. . Ttems with Federal Re- werve Hank in process collection Cash in vault and due from natie hanks g nt due from State ke, bankers ot trust companies fn the United States (other her nt al .- Fxchankes for ~elearing ~house Checks on ‘other banka in 7.315.400.74 2.738.99 _625.549.16 438,970 92 49.708.97 030.671.66 113,105.34 671,723.64 89.579.86 621,275,827 158,005 54 23348760 14,048 65 . "FINANCTAL.” [ Dist N REPORT op EORDITION ™ of the, National Capital Bank At Washington, in the District of Columbia at the clos of business on February 28, 1028 RESOURCES. 1. aLoana and_discounts, in- Lading _red ac- nces of other hanks and_ foreign bills of ex- change or deafte sold with the indcrsement of Charter 5 ounts. 14611 . 295562 other United 206,231.26 ., “ 26500195 house, 4745897 212.389.98 | other er Meme with ~ Federal Re. erve hank in process o 14.6472.36 25061861 companies in the 1) Statea (other than in items . in- 3.050.83 1.451.0% the same city a4 reportine hank (ot than item 127 . Total of items . 1 and 13 . h Miscella TABILITIES. atd brofits ... S116.511 o Lesx current axpense paid 11,009 105.502.71 in the Uni s 121.387.59 atanding ... .. £ . Dividend checks outstand- depasits than hank deposits) sub- enosite 20 v check . Other demand deno Total of demand denosit (other than hank dena el snhject t dage or mare notice. and postal savings) - . Postal savi denosita. . . of time denosits suh- to reserve. item 217344 10 ther " than | - | District of Cohy I. H. €. STEWA named Fank. do_solem awear that the ahove statement is true to the best of my koo and belief. H. ¢ STEWART. ashier. Subacribad and swaen to hefore me this 8th_dav of March 1678 (Seal.) CHARLES A M~CARTHY g Notary Public. D. C. Correct—Attast Directors. Charter No_ 2038 Reserve District No. 5. REPORT OF CONDITION SECOND NATIONAL BANK At Washington. in the District of Columbia. at the close of business on February 2K, 1978° | RESOURC 1 aLoane and discounts. in ciuding _rediscounts. ceptances of othe banks and foreign bill ofexchange or drafte sold with indorsement of this bank. .. verdrafts. unsecured st bAl United States vernment Uit finelu hremium any) Other bon curities, etc. a Customers’ 130,604 8% stocks, owned. | 8.306.70 hability ‘ac- count " of _a~ceptances executed by this b and by other hanks account of | this hank. | and’ now outstanding 215331 Banking house. $3 } furniture fixtures $18204 84 . 420.418.04 Lawtul_reserve with Fed- | eral Reserve Rank... . 41180264 | Ttema with Federal ' Re | serve Bank in process of colleetion AEFH 28.828.04 | Cash in vault and amount due from unational hanks o Amount due trom’ State nanks. hankers and trust Umpanies the United | States fother than' in | ehided in' ttems 8 8 a0d | 0} 5 |12 Exchanges “for 13. “clearing hotise 102.231.67 Checks on’ other banks’ in Chevy Chase Sa At Washington, D. €. Inmbi, 78, 1928, RI 1. 'aLoans and REPOR! OF THE at the close of b ESOURCES. : iscounts, n- cluding_ rediscounts’ a centances of other banks and foeeign hills of change or drafte ol with indorsement of th hanke Sk e Overdratts ot = trom natinnal Banke. b Miscellaneous vash. Heme. - . Other assats. 1t any. . LIARTLITIFS. . Capital atack ‘yasi i rolus fond Do, LaUndivided R 1543 Caghier a chy Deémand deposit DAk deposits) reserve with . Dividen Individual “tibject to (denosite Davable tanding. et other an for money horrowed ) . Time depowita snbject 1o ve (payabie after days. or wnbject to 30 d; or more notice, and postal ings denosite tincluding time certificates of de. posit other than for money norrowed) L. .. s payable (incliding “ali ligations representing ey horrowed other than rediscountss . Tolade.. ... ¥ of Washington I. J. EZRA 1 ashis o the belie J. EZRA TROTH day of March. 1 (Seal ) OF CONDITION n the 5- et of Co- ness on February $512.194 7% 18225 174.564.41 . 51.6; 73,40 17 1.49% 85 77830 100,000 00 21 00000 Ll 14.357.16 316.794.47 ' 341451 24.187 61 £0.000.00 0f the ahove. named bank. do solemnly swear that the above statement is t Knowledge and hest of my Cashier. Subscribed and sworn e h P 0 befors me this CHARLES G. HUBBARD. Notary Publie. eat : PS> i EST FARRIN GTON, ractors 1 aLeans and discounts, 11.097.36 | 4o REPORT OF ¢ MUNSEY TRUST RESOURCES nding _rediscounts. ac- centances of other hanks and 1 change with ind bank Overdratts. Bonds. stocks. ete. owned nk due from national bank: Amount due from ~Stats banka. hankers and_trust companies in the United ates (other than in- uded in item 10). ... . Total of items 10 and 11, $567.080.39 Miscellaneons cash ‘item: . Other assets..... Total eos's LIABILITL Gavital rtock Taid'in. $606.284.38 cLess current expenses paid. 36.026 90 Reserved for taxes. inter- est. etc.. acerued Amount due hanke ... ... z . Amount " due ~“io " Siate banks. hankers and trust companies in the United States . S¢oiese. Certified ¢l to nativnal r . Dividend et 1o resecve (deposits Payahie within 30 days) Individual deosite sublect Iess than fother than for davs money nd depomits - Total of demand deposits her than baok depus- itsi subject to reserve. Time reserve {pavable 30 days or subject 50 davs’ or more notice. < and Dostal savings) Savings deposits 1nchuting tme certificat pusit “other money borrowed) . Total of time devosts Ject 10 reserve. iem . SU11 68 TN Liahilities other than those above stated Total Resersa District No. 5, NDITION ™ CO. At Washington. in the District of Columhi at the clos of businees on® Febeaary £y $5.268 41268 354.578.31 .761.494.014 41122023 155.860.18 267884 12.988.70 . .$8.965.500.60 .. $2.000.000 00 500.000 00 1119248 47850 2.643.980 10.300 00 32347851 91168818 1) Chile Copper 6s. Col GaskEl deb bs. Con Coal Md 1st ConGas N Y 5% Consumers Pow Washington over the New York banking o - policy. M. R. DELASHMUTT. DURANT IS MENTIONED Motors Hold Spotlight. Siieribedl anas iien: (o) ates S (Al A corporation whose stocks have a Wash. Cons. Title s wledge and bell Wardman Park Hotel 534 . STOCKS. PURLIC UTILITY ? The same @ty ar town av o borting b hes | i Htem 1) Total of teme 10,1112 ana 13 - 2 Chocke Distriet of Calusbia, . . POPE. treasurer of the aboves ? ‘n:un«i Pank. do ‘solemnly swear that the 4 997 99% 69y 8 79 8% TRY 29 106% 106% 106% Above statenent is true 10 the Y 3 104’ 104% 1047 ue 1o Dest of my { TUh day of Mareh Kuowledse and beisef. 1 Seal) THOMAS E. PETTY, Amer. Tel. & Telsa. . 180 feyial Traction ashinglon Gas - & W. swamboal . ymac Kloe. uia mac Fiec b3 NATIONAL BANKS. ital. -2 Becond 710 ¢ k Fitlonal Bank'of Washikiod 3 TRUST COMPANT Ames Sece Comtienta Herchante Natwonal bu Twion Teun L Washisgton iswn & Trust SAVINGS BANKS Bauk of Bethensa Lowmern & ~aviogh Eant Wastiinglo Yo Becurs Peventi Tuiten S0 Wt Sariike & Com. . - Mechanica | Corovian irenes TITLE o Titie . e 41tle w1 M3 Tive wio MISCELLANEOUS 1N | Cuba Cane | Loulsv G & E bs 62 1 B9% 89 K9% Cuba Cane 4 92% 92% 92% Cuban Am Sug 8i 1 106% 106% 106% DetroitEdisonbs 40 8 103% 103% 103% Detroit Edison 2 108% 108 108 Dodge 15 834 B8 Ril Fisk Rubber 29 119% 119 119% Gen Mot Ac Cor 6s. 21 103% 1634 103% 2 108% 108 108 8 934 93 93 1 100% 100% 100% b 105% 1054 105% 6 105% 105% 105% i11inots Bell 1at 65, Int Mer Marine §s.. Int Paper 68 47, 2101 101 101 Inter Paper f4 5104 103% 104 int Tel&Telex 4% 31 66 96 96 J Kayser & Cob%4s 20 111% 111% 111% Kelly-Spring 8 1 108% 108% 1084 Lackawanna St 104% 104% 104% Lorillard (P) Ts... 4 117'% 117% 117% 4 106% 1054 105% Manati Bug 5T T%8 10 106% 106% 106% Mont Power deb b 2101 101 101 NewEnglana Telbs 1 110% 110% 110% N Y Edison bs44.. 1105 105 1056 New York E4 6%s 1 117% 117% 117% N Y Tel 4y T6 108% 102% 102% T 108 108 108 1110% 110% 110% 9 102% 102% 102% 1 104% 104% 104% North Am Edis r Ohio Tr & L 68 Nor States Pow b, % 1034 10 Nor States Power 6 1 105% 10 | Pacife Gan & K) 68, 5 103% 103% 10 | Pan-Amer Petefis 12 103% 103 103 { Paramount 65 1947 b3 9% 9% 99 athe Fxchangze 78 631 634 | Phile Cobe 61 w . % Piiis Cort 6s A 10374 PhilsgTtead CA | 6a 2 . Bnl Plerce-Arrow & 3% 9% ik o 10 Dl e 7 Peoyies inue T 19i% ety Fatitary G e Vash, Vianh Unlisted Department. eric oien ) sONIs Aske wd umier Exshange | I Por Rle Am Tob 6s 4 101% 101% 101% | Sharon St1 H %, 1107 107 107 Hinels 1 YKl 9% 9% Yo 100% 100% Wila | #in Pive Ly Skelly 01} Southwest Bell | Stand OIL N J tu 46 | Sug ast Ortent 18 | TennkiecPow 6 47 United Drug 6 5 107% 107% 107% (8 Rub Istef 68., B3 9ika 92% 92 1 H Rub 7% L 14107 02% 103 () 8 Sreel of b8, ... 108% 10K% 10K% tah Pow & 11 ba B2 102% 102y, Ve Hug s, 1 101 101 101 West 5100 b8 .. 000 B 104Y 104 103% Westinghouse bn.. 2 105 106 106 | Wilson & Co tat8e. 1 10%% 1018% 104Y% | Yngetn S&T bew 2 106% 106 106% 103 103 103% 100 100 100 107% 107% 107% o 1T 100% 100% 100% RAILROAD. ATBEK eyt dn 05-56 o Acnison gen 12 & O Gola 4 Ba&Oe 1 & O ref 6 1 & O 68 2000 D, B & O Istbec B&Oimp B&IBW be 100% 10! 1040 108 1048, 104 104% 10i% 109 10% 0 FE B0 110 [ Bhiynilevated tsklyn Manhut Can Nat4%m 2o Can Nat 4% 808, Can Nat 4ye b, Cotisgd NoiLh 840, e 100t 00t F00 4 100y 3 122% Jaan L AS WINNER IN MOTORS Cutten, Fisher Brothers and Du Ponts Also Among Those Said to Have Profited by the Rise. By the Associated Press. NEW YORK, March 10.—There was much guessing today about winners and losers in the climb of General Motors common, which in the last seven days has gone up 22Y; points, an increase in value of $391,500,000. ¢ Among those mentioned as winners were Willlam C. Durant, former head of the company, who it is estimated has cleaned up $10,000,000 in his trading in the stock during the past two years; Arthur W. Cutten of Chicago, the Fisher Brothers of Detroit, the du Ponts of Wilmington, Del.; the Timkens of roller-bearing fame, the Graham Broth- ers and Clarence Bitting of Detroit. ‘The losers’ names are mentioned only in whispers. Some financial writers say that bears have taken probably the worst whipping i motors ever administered by an or- ganized clique. Many of them sold the stock at 130 and 135, Many “stopped” their stock 138 to 140. A “stop” order automatically becomes a buying order when the price of the stop is reached, and this accounted for the great activity of the stock between 1397, #nd 145, as the “stops” were caught and I the Lears covered. Having stopped out two or three times, the bears have usu- ally resold the stock, moving up the stop loss few points, only to have that point reached again and again, Yesterday's close was 1597 AUTO TRADE BUYING. NEW YORK, March 10 (#).—Makers of sheets, strips and highly finished automobile stocks in the Youngstown district are recelving liberal specifica- tions from the automoblle industry. | Republic Tron & Bteel expects to com- plete installation for manufacturing rallrond spikes in 60 days, sy el { BOSTON KTOCK MARKET, By pecint Laaned Wire o The Nt BOBTON, March 10.—Followl list of today's highest, lowest an - Ing prices for the most active stocks deult in here; hy Anishivag Wh donton & M 1N Calu & e 10 Mohuwi 100 New' F om0l i0th Pt i 4, 10 90 M o il D005 100 1005 L00 Werion Biva, ... A7 . market value of nearly $3,000,000,000, as 1s the case with General Motors, stands out distinctly even in a crowd of industrial glants. This may be sald to have becn General Motors week in the market. The publication of its an- nual report for 1927, showing such items as assets, $1,098,000,000. cash and United States securities, $208,000.- 000; inventories, $172,000,000. wages, $303,000,000; net earnings, $235,000,000, and cars sold here and abroad 1554,- 577, furnished a new enthusiasm for the securities of the company. But there was a further factor in that Gen- eral Motors all other producers of medium priced automobiles were feeline less effect from Ford competition than they had anticipated two months ago and were shipping out cars in larger volume for this season of fhe year than at any time in their history. For instance, last month the Chevrolet production was approximately 117,000 cars, about 35 per cent greater than a yei g0, and nearly five times the re- ported output of the Ford Co. for the month. Willys-Overland shipments in January and February were close to 40,000 cars, or about 50 per cent In excess of the same months in 1927 Studebaker sales in this period were 34 per cent larger than a year ago. And %0 it has been with other producers, which would explain the movement in their securities after taking into account lower anu per_car as the result of a potential competition Steel Trade Improves. ‘The fron and steel trade has for wecks benefited from this increase in motor production, so that at present shipments of steel products over the ralroads in Chlcago and Pittsburgh are, in some instances, larger than a year ago. Just now there s hesitancy on the part of buyers who have covered thelr require- ments and are not disposed o force up prices through urgent cemands on pro- ducers. A few of the rallroads, espe- clally those in the Northwest and in the territory of the transcontinental !nes ure loading more cars of freight than a year ngo. In general, February trafic returns will be unsatisfactory. February bullding perinits were about 8§ ‘)rr cent_higher than in the same month st year. ‘This, in tme, will be trans- luted Into fron and stecl tonnage end nto purchises of other bullding mate- riuls. This week has witnessed improved conditions In the market for sugar with higher prices for the product and for sugar securities. It has seon the de- velopment of a better attitude toward ofl stocks growing out of the actual decrease i oll production and arrange- ents for further contraction in the Oklahoma and Callfornia felds. Home- thing may come to the benefit of the bituminous coul trade and to the large body of those dependent on It for n- come and for a livelihood from the Investigations now taking place, What- ever happens will be constructive. ‘The only wesk spol that has been uneov- ered 18 In crude rubber, which has dropped (o 40', cenls from nearly 42 CERY I January on meoount of the eapoctud Jemoval of jrade restiivtions, Notary Publie. G. Penay. Anderson, A. Goldamit! Dore, Correct—Atteat: Wade H. Cooper, Wm. D. Barey. Wilbue H. Zepp. Wm, shmutt, W W.F W O, R o PORT ' OF CONDITION OF THE Department Bank At Washington, in the District ot Columbi, At the close of bLusine Feb W RESC 1. a Loans and discounts, in- cluding_rediscounts.” ac other tank Lhange 4 with L hank £ A $653.444.97 Wi wecired unwecured o : ara criiment sl en owned I other Government Fineluding Other hondx. United States securt Ul e s oremiums) sockn. e owned s and 20.163.00 | tics. ot 154.537.00 Bapking o ANNE furniture S7.300.08 110, 14882 70,037 4% AN 04 SL00.007 00 1 natl m 10870007 4% b Miscellaneous cash itens Total LIA Capital stock Surplus fund G wtndivided profits 310,540 ol 140,00 100, 26,500 54 curr Dennos Daid siatae 4.807.51 L0160 100146 188,40 werved for ta e “heckn in Cashier's chiecka’ o g Divi ik otal ot tietna 1 ek Dutatand than hank Inct o reserve 190,405 04 ablect ta e toma 0 i1 At N 0N 4 A TA0 80 FLOT0NT 0 " Weatdent af the above N i wwear that e ale o ooy Ko ledws and e .‘mll - o betora \ ity o " seel “REARLE B enaned Nutary Publio SPEWART, "y W ‘ ‘ HICIARDS " A 1’~Hl| URGY LA BOW. LIRY, Convoct ‘ AR EXNICION PUTHEN Direvton " “"w Diatriet ot ¢ v wamed the atave WY Row e iy S, st000.000 00 | 1 T 800000.00 | © Less current expens vaid . 4000 notes Certified ing Canhier's checks outstand- ng . Dividend checks vutatand a1 deposite v hank depasital 40 Tewerve (e pavable ”witin deposits Joct to check Other demand dobosite Total of doniand ther than auhjoct, ems .08 08 than Ay g il thayable afte o subiect o rmare wotice, 1 ) A0 dave, suiblect Items AN Cntted fother than s tnelnding i donositn mont woc Norrowed o wn svecutod Wanka fon S Wi i Whan Yy o Total umbia, City | FUPT, ) Ik solamily ar bt g ay ot March i8val ) Ty @ 0 the Deat of W lebie 86.763.63 28,150.00 556.616.71 [ETRENRTY 400.997 30 120,556 81 B38.018 71 ESRUICRE 00150 5401043 30 ERRIEO O SETTRE 20880 00 D208 07 MMM dqudia Washing awear that Cantiier | town ot parting bank_$10.808 10 b Miscellane v s cash items... 15.099.96 fs R«hmq_lmn fund with 1 | ST Mrreasnrer and fram TS 18 Other assets Total. LIARILITIES 18, Capital stock pawd . Surplus fund > & Undas idest prof $63.60 £730.000.00 300 000 00 Expenses Dand 3 D 04239 | LTHO4T 80 | | semae | [ERTTRY 123, Circunatin e Amoint e 0 Rank e 1o national WHhn S0 day et Tndividual deposite Check o county wnicinal ey et By nlestie O this Bank or el Otha Totai wesets surety ank e delosit other ihan ey barrowed | ity o netpal Cdepsits vt By whade Bl i tor wihet st ek e " HRRNTNN | Tatal WE ' time ad biedt o TN it ¥ ehusiis e e i a and e et dadlar 0 hange | Wat it ol ol CWIW v ow Bank, o RARL R Ta0an | ST N0 S8 0 o Waahiu w [RRHIT Canhiee of (e above WENJANMIN HORINSON Notary Pubilie Correct " AT S PEAAN LTI Sy 1 ROy i) Hiss 1 EE O RREEN ROUERY, IRVRE Dlieviwe, todan and Lol ot WOW MARLOW, Cashi Sutuciited ad swan o bel Wy ot A TR W el we (heald @R RR Lutieet - Atest [ B Notary Putie { o | \ " AR Vligae, [} N Ak viner Fraak 3. Biehy Wieciwee § Sul ibed and swos TR e e | At Washingtoa. | 4% the clues of bus § a0 w Wik Anowleie sl beliet AR Ay Wl M Sealt) Correct—Atteat: w CHARL] : A 8 ¢ . RATCLIFYF] H. POPE. Treasurer o before me tais R. BURHANS, Notary Pudie, D. C. oN. ““\I.LJA “Llllnr. T REPORT ““l“ IQ:)SDRION WASHINGTON. MECHANICS' SAVINGS BANK RESO! 1 aLoans and disounts, Cluding redisounta. s teptances of otlier banks and forewn lls of ex. change oF dratts sokd A indorsement | ot ites ownad DAL other United States estate owned oibes N other tha kel wotem W01 “hacks oh other banka b W it e s e Cated vutade of ity & WD WE renoriie EIRE) l: s e ooiss Cther assty . Toral LLARILITIRN, o wationat Certined hecks Gunniain “l::\‘.\'hl\‘ Vhecks vuistant Danand Ahan Auount Wenosiis Bk (ot (et Sl W esive Junte vavanie Witk S Tdividual vy ek W che The dhints v A Jave o ew G e Cwere wotin, Al atal vavingat n et Lk s s Waney Toat L at Colu ETHOS. 3 GROOM N A e WAt b e THOS Sutscrite Tt el s WURERY Notay Wt Atbst SN covan W CHAS L RAPRLRR PO WIS n the District of Columd Siness on Fetvuary STRNET < S1788.388 34 1688 Haseas 39338 30 13041 7L 1L T AT e TaSLEL FEETIE S0 000 ERCRNY 1T 3w 38 e A awn t Beteee RORERT ablia BACHRACH Al