Evening Star Newspaper, September 7, 1928, Page 14

L Hed Money to Loan FINANCIAL, st oot NEW U, S, FINANCING Prevailing Interest and commission. Joseph 1. Weller {2 Wesh & § T Consult Us First today. Prompt Service No Appraisal Fee Company Incorporated Pald Up Cash Capital $900,000 If you need money for your Real Estate financing iet us have your application The Commercial National 1al National Bank Bids. D it et 0 $2,000 Fairfax Apts. 6! 20 F. H. Smith 3! 12 International Bank 50 Real Estate Mtg. & Guar. $1,300 Southern Consolidated Granite 6!3% Gold Bonds 28 Wardman Mtg. & Dis. Corp. MEHLMAN & COMPANY 1319 F St. N.W. Phone Main 8847 Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 47 “We close at 4:30 p.m. until Sept. 4th” * PLAN CONSIDERED Proposal to Exchange Third Libertys for Certificates Has Been Advanced. The Treasury Department was un- derstood today to be considering wheth- !er to accept the large amount of third Liberty loan bonds already submitted by owners for re- demption on Sep- | tember 15, when the loan matures, as possible ex- changes for the new September of- fering of nine- | month 41> per cent | certificates of in- | debtedness. | The third Lib- | ertys are 414s, and a large number of owners are known to be anxious to lavail themselves of the privilege of exchange, now that the Government has come out with a new certificate, dated September 15, and bearing interest at 13 per cent higher than the old thirds. It is un- | derstood another question under con- sideration was whether the Treasury might consider checks mailed out by the Government in payment for the | thirds as exchanges. These questions become of interest to investors principally, as the amount ot the new offering was considered so small, $525,000,000, in comparison to | the amount of thirds still outstanding. $970.000,000. If there is a substantial Raymond B. Dickey. Abitibi Po pf(6) Adv Rumley. ‘Adv Rumley pf. ‘Ahumada Lead Alr Reductn(2) Ajax Rubber. Alaska Junea. .. Albany Papr(2) Allied Chem.... Allis-Chalm (7). Amal Leather. .. Amal Leather pr Amerada(2).... am Agricul Chm Am Agri Ch pf.. ‘Am Bank N(13). Am Beet Sugar. Am Bosch Am Br Sh(j1. AmBShoe pf(7). Am Brown Bov. Am Brown Bo pf Am Can(2)..... AmCar&Fdy(6). Am Chicle(3)... AmChic pr pf(7) Am Drug(80c).. Am Encau(2.40) Am Express(6). Am & For Pow.. Amé&For Pr2d 7. Am Ice(t2%)... Am Internatl(2) Am LaFr&Foam Am LaFrance pf Am Linseed.... Am Loco pf(7). Am Metals(3). . Am Metals pf(6) Am Piano pf.... AmP&L(11).. Arh Po&L pf(6). Am Radiator(5) Am Ry Ex(6)... Am Republic. Am Saf Ra 14%. Am Seating(3).. Am Ship & Com. Am Shipbldg(8) Am Smelting (8) Abitibl Power(4; Open. High. Lo 50 894 9% 81 4% 25'% 197% 136% 11% 75 32% 21% 3% 127 23% 315 42% 124% 15% 524 108% 97 86'% 111% 2 70t 234% 457% Am&ForP pf(7). 108 97 Am Locomot(8). 1 54 884 NG STAR, WASHINGTON, NEW YORK STOCK EXCHANGE - D. €. FRIDAY, SEPTEMBER 7, 1928.° Received by Private Wire Direct to The Star Office. 50 49% 8915 894 Adams Exp (6).. 3;5‘0 360 350 45% 43% 65% bl 31 3% 9% 8% 8% 84 5% 4% 25% 25% 199% 197% 136% 136'% 1% 1% 76 k3 32% 3% 22 21'% 3% 2% 128 1274 23 Y 31% 43 244 124% 124% 16% 15% 52% 52% 110 . 107% 97 87 86 111% 111% 12 11% 0% 0% 234% 234% 46% 45% 108 108 100 96% 43% 42% 89% 8744 103% 103% 103% 1677 169 7 7 3% 324 4% 90 242 w. Close. 50 Eaton Axle(2).. Eisenlohr&Bro. Eitingon (23).. Eitingn pfi672). Elec Auto L(4). Electric Boat... ElecPow&Lt(1). Elec P&Lt pf(7) Elec Stor Bat(5) End-John(5) Equit Bldg (2) Erle RR.. Erfe 1st pf. Eureka V(1% Fairbanks(3). Fed MotT (f80c) Fidelity-Phoenx Fifth Ave(6dc).. First NatS(1%) Fisk Rubber.... Kisk 1t pf cv(7) Fleischmann (3) Poundation Co.. Fox Film A(4).. Freeport (16% ). Fuller pr pf(6) Gabriel Bnub A, Gardner Motor. . Gen Am Tnk(4). Gen Asphalt. Gen Bakg pf(8). Gen Cable...... Gen Cable A(4). Gen Cigars(4) Gen Elec(15) GenElec sp(6 Gen GasA(ol%) Gen Ice Crm(3). Gen Motors(17). Gen Outdr Ad(4) GenOutdrAd(2). Gen Ry Sig(5).. Gen Ry S pf(6). Gen Refrac(3).. Gillette Raz(5). Gimbel Bros.... Gimbl Br pf(7). Glidden Co Glidden (rig Gold Dust(3) Goodrich(4) ‘Goodyear Tire.. Open. High. Low. Close. N Y C & StL(6). N Y CStL pf(6) NYNH&H1) N Y Ont&Westn N Y Railways pf N Y Stm pf(6).. N Y Stm ptA(7) Nort & Wn(110) NorAm b10% stb NorAm Ed pf(7) North Pac (5).. Nor Pac cfs(5). Norwalk Tire. 011 Well Supply. 01l Well 8 pf. Otis Elev(17).. Otis Steel...oes Outlet Co(4). Owens Bot(ct4) Pacific Gas(2).. Pacific Light (3) Pac Ol Stubs. .. Packard Mo(14). Pac Tel & T(7). Pan-Am Petrolm Pan-Amer Pet B Pan-Am Wn B.. Patino M(2.92). Peerless Motor. Penick & Ford. . Penn Dixle Cmt. Penn R R (3%). People’s Gas(8). Pere Marq(18).. Phila Co (151) Phila & RC& 1 Phil Morris(1).. PhillipsPet(13%) Phoentx Hosiery Plerce-Arrow. .. Plerce-Arrow pf Plerce-Ar (A)... Pierce Oil... .. Pierce Oil pf. ... Plerce Petrolm. Pillsbury (12.10) Pillsbry pf(6%) PItts Coal.....s FURTHER ADVANGE SCORED IN STOCKS Market Rises in Fresh Out- burst of Bullish Activity. Sales Large. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 7.—Appar- ently out of all control the Stock Mar- ket registered again today a series of sweeping advances. There were plenty of individual stocks which did not par- ticipate, but all the activity centered about those that were rising. The turnover was once more on a 4,000,000~ share basis and the tape was unable to kéep up with business on the floor, fall- | ing a half hour and more behind. For this new outburst of bullish en- thusiasm there was only one develop- ment that could be brought forward in explanation. That was the increase in brokers’ Joans reported by -the Fed- eral Reserve Thursday, which was not as large as had been anticipated. Now as a matter of fact the Stock Exchange monthly compilation showed that specu- lative credit is being obtained from sources that do not have to report to the Federal Reserve, so that this sup- posedly small increase is not as signifi- cant as it appears. Demand Exceeds Supply. On the other hand, the fact that the Government was compelled to pay 42 per cent on its quarterly financing is evidence that there is no expectation of easier money in that quarter while time money, which is the important barometer, is firm at 67, per cent, with 633 per cent sometimes paid and 7 per cent~taJked of. The Street, however, paid no atten- tion to these considerations. The de- mand for stocks was greater than the FINANCIAL.” U. S. EXPORT TRADE REACHES HIGH MARK Latest Figures Indicate Big Gain Over Imports—Gold s!:iy- ment Record. BY JOHN F. SINCLAIR. Special gispatch to The Star and the North Snerican Newspaper Alliance. NEW YORK, September 7.—The United States, for the fiscal year, which ended June 30, shows the largest excess in the value of exports over imports in any fiscal year since 1920-21, the ex- cess amounting to one and a quarter | billion dollars, according to the Depart- ment of Commerce. ‘This amount is made up as follows: First, excess of merchandise exports over imports, $731,000,000; second, ex- cess of silver exports over imports, $20,000,000, and third, excess of gold exports over imports, $498,000,000. The amount of the precious yellow metal which was boxed up and sent to other nations totaled $627,000,000, a new American record. Imports of gold during the same time were $129,000,000. The only country which sent the United States more gold than it received from Uncle Sam was Canada, which sent the United States $58,000,000 more than it received from across the border. Manufacturing exports continue to set the pace, the total export figures being 4 per cent larger than rast year and 70 per cent larger than in 1920-21. The United States seems to be estab- lishing definitely its place in the eyes of the world as an industrial and manu- facturing nation. When Finance Minister Montes de Oca announced officially yesterday tha: the expenditure of the Mexican govern- ment for the next year would be $128,- 500,000, he gave warning that each governmental department must con- tinue to spend only within the limits set, as they had during the past year. The amount set for the cxpenditures tures for this year. The large interna- tional debt expenses will be handled separately, after the report of the in- :fmntkmnl bankers has been made pub- c. (Copyright. 1928. by North American News- Daper Alliance.) . DIVIDENDS. Hidrs. of Pe- Pa Company. Rate. riod._able. ~ record. Am. Steel Found..75¢ Q Oct. 15 Oct. 1 T 5 Q : . 15 Am.Superp'r $6p1. t. 115 Do lIst pf......$150 @ Oct. 1 15 Art Metal Cons. 37isc 4 Q | Boston_ Elev. Ry. 3150 Q Oct. Do 2nd Bf.... 5350 SA Chartered Bank of dia. Aust L.14% Int . .t a 34 Q oc . P'b'y&Co.pf.S1.75 Q Oct. Columbia Graph...35% Fin _ Con. Aut. Mer. pf . “43%c Cres. Cons. Gold M Detroit & Clev. Nav' 20c Dom. Textile, Ltd. . $1.25 Do pf 233 A otor pf.. .13 GIf. Sts. Stl. 1st pf 1% Kth.-Alb.-Orp. pf. 144 | n D pes.l 1 National Candy. 433sc Do ist pf......% 2nd pf. .. 8175 Penney Pratt & Lamb. Inc. Richfield Oil pf..4: St.Louis _South- tern Ry pf..1147% av. Elec. Pw. deb. A '$2 Do deb. B....31.87) joenes . Seaboard Nat_ Bk 84 Sher. Wms. of Can..£1.50 DES: o SRS Southwestern Gas & Elec. pf......$1.75 Southwest'n Light & Pow. pf.. Truscon Steei .. 30c Union Tob. pf. A.$1.75 J. S. Trust g T 000090 © 0025000 DPOOOOLOO £LLOO DOOREEE 00O 3 within Mexico for next year' is approxi- mately $10,000,000 below the expendi. Unemployment in Northern Ireland continues to incre: exchange offering there is possibility | y 7t s % 3 { that cash purchases of the new 41s|Am SEOTCLE:s- ) nhm' be small. stccr;“taljy M:}I‘lom In | Am Stl Fy pt(7) v 1125 112% is announcement offering e new S - 293¢ 79 Trust Money | b, e o mions on x| AT SuBar...... 73 17 ‘13 changes would be allotted in full Up 10| ‘Am Tel& Ca(s). 21% 211 21 | the amount of the offering. Am Tel & Tel(9) 181% 182% 181 Some investors fear that unless they | am Tobacco(8). 170 173% 170 | get their Liberties already submitted | Am TobaccoB(8: 170% 173% 170% redemption entered as exchanges in-|am Typepf(7).. 110 110 110 stead of for cash they may not be able| AmwW&El(el). 61% 62% 61 to get in on the cash purchases, as it{ Am Woolen pf. 40% 40% 40% !is already predicted in financial circles| Am Wr Pa pfcfs 35% 35% 35% that the cash oversubscription will be | Am zinc.. . 31 B3l 81 Founded 1854 !large. It was though likely that the|Am Zinc pf 90% 90% Y04 1519 K Street Main 9900 | Treasury might decide to take the steps | Anaconda ¢4). T4 6% T4k | under consideration as it would reduce| Archer-Dan(3). 7% T78% 17i% —— the amount of cash outlay necessary by | Archer Danrts.. 3% 3% 3% | the refunding process. ArmourDel pf(7 95% 95% 95 ‘The Government has falling due on| Armour, 1ll(A). 20% 22% 20% | September 15 about $70,000,000 in in-| Armour, IlI(B). 10% 1L 10% terest payments on the public debt in| ArmourIlipf(7) 88% &8% 884 addition to the maturity of the thirds, | Arnold Con & Co 42% 43% 42l but will have coming in the third in-| AssoDry G(2% 47% 51% 474 stallment of income taxes. 2:::]011(2;‘;.. lg:% lgf)& Ig:% tehison pf(5). % Mellon Statement. A Gaird Wi, o ‘Sok 5an EudRon Mot il The final redemption of the third|AtIGulf pf(3).. 57 57% 57 RSO 58 ).+ G ieAalaOT() Liberty loan, Secretary Mellon said in| Atl Refining(4). 169% 169% 166% 167% Lllinots Cen(7).. 144% 143% Rossia Ins(5) o his statement, “brings to a close the |AtlasPowder(4) 82 82 82 82 |IllCentpf(6)... 142% 142t 1425 | pooo S as.252)" vast operations begun by the Treasury | Atlas Pow pf(6) 105 | indep Oil1). 27% 2T% " in 1927, which, in the course of 18| Austin-Nichols. 6 Y 515 | Indiun Refining. 33% 33% 3 St Jos Lead(13). months, have resulted in the refunding | Auto Sales...... 12 12 9y 9y | Indian Refgctfs 317 StL & Sank'(18). or retirement of over five billions of |AutoSalespf(3) 30% 30% 30% 80t | Lngersoll R(ib). 92% StL&SF 2d pd (6) Liberty loan_ bonds, accompanied by | Balto & O(6)... 115% 116% 114% 114% | [numetian Gl Sate Sivscharaa) important reduction in interest charges.| Bang & Ar(3%). 72 72 7L 72 ||ncerboroRapTr. Schulte (g3%). Of $5,264,000,000 of second and -third | Bambgr pf(632) 109 109 109 | [nterconRubber 9% Seab Air Line. .. Liberty loan bonds outstanding in Feb- | BankofCom(18) 670 670 670 | nternat Agrt Seab Air L pt. ruary, 1927, all but $20,000,000 of which | BankofMan(16). 800 803 800 803 |intAg Ch pt (1) Seagrave(eL.20) {bore a 4%, per cent rate of interest,|Barker Bros(2). 28% 30 30 5 Sears Roe($2% ) EAVER BRO about $1,300,000,000 will have been re- | Barnsdall A. 31k 824 314 Shattuck FG(2) a tuhed ;nl)m aln:lng fl;xend and1 su;ph;& gavukuiunrs. L1110 11l% 110% Shell Un(1.40).. TE AL " The balance have been replaced by | Beachnut(t3).. 78 78 b S| he(5) . REALTORS bonds bearing 33 per cent interest | BeaconOll .10, 17 173 P y three-five year notes bearing 3'- per | Belding-Hemwy 14 15 D o 809 15th Street N.W. cent interest, all with maturity or call | Best & Co(3)... 84% 86% i O Main 9486 dates convenient for sinking fund pur-. Bethlebem Steel 62% 64% ) Mortgage Loan borrespafldent Metropolitan Life Insurance poses, and by short-term certificates, | Bloomingdale... 39% 40 Skelly Oil(2)... i Company including the issue now offered, all ma- | Bon Ami A4) 73 3% Sloss-Shef(6) Buck & Company So Por Ric S(f: turing _on quarterly tax payment dates.” | Booth Fisheries. 8 8% 8 sgu::rc:fitsx«;dz.’. The interest on the new issue is 115 | Borden Milk(6). 165% 166 165% South Dairfes A. per cent higher than that of the last| Boston & Maine. 75 75 75 South Dairies B. issue of Government securities. The 15- | Botany Mills(A) 12% 13% 12 South Pac(6) year Treasury notes issued last June | Briggs MfgFCo. 47w 49% 47% bore an interest rate of 3% per cent. [ Brockwy Mot(4) 62% 64% 62% KERS Estabished. 1916 Stocks Bonds Grain Cotton selite o call for weekly market *" No obligations Brockway pf(7)» 130 132 180 D. C. Stock Exchange. Bklyn-Man(4).. 69% 71 Interest on the local stock exchange | BrownShoe(2%) 47 47 47 BUCK AND COMPANY Evans Bldg. 1420 New York Ave. today seemed to center largely in small | Brunswick B(3) 57 57% 65% Franklin 7300 Pitts Term Coal. PortoRicoTobA . PortoRicoTobB. Postal T&C pf 7. Postum (3). .00 Pressed Stl Car. Pr Stl Car pf(7). Produ & Refinrs Prophylac(131%) Pub Serv NJ(Z). Pub Serv pf(6). Pullman Co(4).. Pure Oil (50c). . Purity Bak(3).. Purity Ba pf(6). Radio Corp..... RadioCo pf(315) Reading 2d(2).. Real Silk Hos, Rels (R) & Co Remingtn-Rand Reo Mot(t1.20). Rep 1&S(4).... Rep 1 & S pf(7). Reynolds Spngs. Rey Tob A(5)... 1 Goodyr 18t pt(7) Gotham(12% Graham-Paig: Grhm-Paige cfs. Granby Min(4). Grand Stores(1) Grand Unlon.... Grand Un pt (3). Grt North pf(5) Grt Nor O(1%). Grt Wn Sug 2.80 Greene Cana(4). Gulf States Stl.. Hanna 1st pf... Hartman A(2 Hartmn B(1.20 Hershey Corp. Hershey pf(4).. Hollander & Son Homestake(17). Houshold(14) .+ Houston Oil..... Howe Sound (4). Hud Man(2%).. Hud Man pf (5). supply and the only way for prices to move was upward. Perhaps the most remarkable incident was the jump in Montgomery Ward. The stock had closed at 222 It opened up more than 2 points and then without inter- mediate reaction soared to 242, a high for all time, and up nearly 20 points on the day. The stock jumped 1 and 2 points between sales. Presumably an overextended short interest had been caught, but that did not alter the fact. Buying of U. S. Steel was resumed on a large scale and the stock was | forced up above 157, a new high for the year and less than 4 points below its high for all time. Doubtless the steel trade outlook is bright, but it has been for some weeks and to attribute to- day’s strength in steel stocks to any- thing in the business situation is fan- tastic. The independent steels went along with the leader, with new highs for the year in Central Alloy, in In- land and in Republic. Sears Roebuck followed the lead of Montgomery Ward into new .high ground, in this case for the present shares. Motor Stocks Irregular. ‘The motor stocks were more irregu- lar, but the trend was distinctly up- ward. General Motors, after fluctuat- ing uncertainly in the trading, regained the ground lost Thursday. Chrysler, Packard and Studebaker were higher. Speculation for the rise kept up in Briggs Manufacturing despite the denial of the president of the Chrysler Cor- poration of a story that his company was seeking control. ‘The run-up of 4 or 5 points in Amer- ican Sugar was seemingly a forecast of dividend resumption. Raw sugar futures as well as actual sugar are at the lows of the year, with downward a second Wehasckposition fonespesianzalion vestment salesman with established clientele in Washington and vicinity., Unusual liberal commissions. Reply in writing only. All resliaslwilliDeitesatadbeonteatialies conveni terms. W. H. WEST COMPANY Samuel McCreery and Company 815 Fifteenth Street, Washington, D. C. Members New York Stock Exchange Philadelphia Stock Exchange OnilibavediDistionty in Maryland and District of Columbia 6% Interest No Commission Charges Int Com Eng(2). Int Harv(j6)... Int Harv pf(7).. Int Mteh pf 3.20 int Mer Marine, Int Mer Mar pf.. Int Nickel (3)... Int Nickel (rts). 1nt Paper pf(7). In Pap pf cfs(7) Intl Salt(6).... Int Tel & Tel(6) Intertype (t1%) 1siand Creek(4). Jewel Tea(4)... Johns-Manv (3). Jones & Lau(7). Jones Tea. . Jordan Motor... Kan City South. Kayser J(5). Keith-Albe Keith-Al pf(7) Kelly-Spring. .. Kelly Tire 8%pt Kels Hayes(2).. Kels Wh pf(7).. Kelvinator Corp Kennecott (6). Kinney (G R). Kolster Radio. . Kraft(gl%). Kresge(11.60).. Kress (SH)(1). Kroger Gro(c1) . Kuppenheim(2). Lago Oil.. Lambert Co (16) Lee Tire & Rub. LehighVal(3%) Lehn & Fink(3). Lite Sav(1.60).. Lig Myers(15).. Lig & Myrs B 16 Lig & M pf(7).. A very desirable piece of I TY property suitable for a ing room, library, trend, but the sugar refiners are able e B iie Boal‘ding School parlors and office den, having to operate at profits when the producers Loty steam heat, elec- S s rooms. For a num- are not. Sallltal‘lum _ ber of years a fash- ionable boarding Money renewed at 7' per cent. The | tricity and gas; and banks called $20,000,000 in loans, but| situated in the north- H l or Ilote school for girls. For sale at a very low price funds were in supply at the renewal rate | cast section of the city, and on unusually low terms and predictions were made that lower| on a high elevation with money would be seen next week. four acres of ground. In 65 rooms Afternoon Trading. addition to 65 sleeping rooms 15 pgths Wwith small first payment; Prices continued to advance in the; and 15 baths, there is a large leased at an attractive afternoon, United States Steel crossed | auditorium with stage, large din- 4 acres rental. 158 and maintained leadership among standard stocks. International Nickel —phone had a short run up against the short interest, touching 122}>, where it was up 6 points. Radio, selling at 224, was up between 5 and 6 points. Timken Roller Bearing at 137 recorded an ad- vance of 6 points. Curtis Aero ran up some 3 points, but later reacted, and ‘Wright Aeronautical was up 4 points at 188. The rails lagged behind but were not weak. It was primarily an industrial market. It may have been significant that the volume ran slightly under that of the preceding session. The tape was farther behind today than it was Thurs- day, suggesting that the market today was broader, but that transactions were in smaller lots, often a sign of distribu- SouRyM&Ocfs Spang Chalfnt.. Spear & Co. Spicer Mfg..... Std Com Tob(3). SdG&E (3%). Std G & E pf(4). Std Milling(5).. StdOCal(2%).. StdOIINJ (t1%). StdOINY (1.60). Std Plate Glass. Std P Glass pf. . StdSanPro(1.68) Stanley Co..... Stewart-War(6) Strom Car(2)... Studebaker(5).. Studebak p£(7). Submarine Boat. Sun Oil(n1) Superior Ofl.... Superior Steel. . Sweets of Amer. Xas Corpn(d). STIFF MONEY PROSPECT SEEN IN FINANCE PLAN Texas Gulf Sul(¢ Texas & Pac(5). Tex Pac C & Oil. Tex Ld Tr(new) Special Dispatch to The Star. Thatcher Mfg. NEW YORK, September 7.—In fixing The Fair(2.40). the rate on the new $525,000,000 Treas- The Fair pf(7) ury notes at 4'; per cent, or quarter Third Avenue. . per cent higher than had been anti- Thomp J R(3.60) cipated, Secretary Mellon and the Fed- Tidewater AsOil eral Reserve Board have given notice ’I‘IdWAsollDflG) that they anticipate a long period of Tidewater Oil 80 stiff money in this country. Tide W OIl pf(5) For the first time in years the policy Timken(15) of the Treasury in its financial program 405" gmfl . o has been to fully meet the market, Toban "'do?‘ 7) 112% 112% rather than to discount the market. 1“'"";"‘:‘ 2|~~~ 8 .“ This shows its eagerness to make the Sl « l*f % 39 new loan a great success by giving to Uy L) L its subscribers a security that compares Udwd El ©(4).. favorably with others in competition Un Bag&Paper, with it, and should mean a large over- Union Carb(6). subserption on September 15. Un Oil Cal(2) ‘The poor reception of the last issue Union Pac(10). of 3% per cent long term bonds, which Union Tank(5). were sold at par and quickly fell to a Utd Biscuit 1.60. discount of 2 per cent, was one that Utd Cigar St(1). the Treasury did not care to chance. Utd Fruit(154) Consequently, it has adopted a liberal Utd Paperboard. rather than an over-conservative policy. U S Distributing In a sense the action of the Treasury U S Alcohol(5). in making the rate on tho new notes USIndAlcopf(7) 415 per cent, or higher than going rates, has an effect similar to that of an ad- vance in the Federal Reserve rediscount rate. The necessity for this rate grew U3 Leather FOR PEOPLE OF out of the enormous amount of money ulty of the Washington Chapter, Amer- | CominvTr(3.60) 92 104% 92 . ican Institute of Banking, will be the | Com Solvents(8) 185 1924 185 bt Sy ) now tied up in securities and the re- MODERATE MEANS duction in capital supplies caused by OUR dean again this coming season, accord- | Com Powr(13).. B4% 85 84 . ing to announcement of the fACUY b | conde Nastczy. . 64 64 o4 T Tl e A’ E. Henze, vice president of _the | Gonee (Aot 24% 24% 24% Maytag(3). 244 23% 2% 22 5 chapter and chairman of the educas |'o,, cpra tats) 3% 2% Maytag pf (3). i (3%). the export of gold. This is the first tgne s:ncedmzlt;lhat a rate as high as that placed on the new notes has been 0, required; it is also the only occasion GA’ FIRST MORTGAGES —are an investment that as- sures not only desirable in- come returns, but also fullest | investment buying, odd lots having the [ Brunswick Ter.. 45% 45% d5% call with prices being well maintained | Bucyrus(1).... 38% . 38% 37w without exception. Yesterday’'s great | Bucyruscv(2l%) 45% 46% 45% activity in bonds had subsided entirely, | Buft&Sus pf(4). only about $8,000 changing ownership. | Burroughs(14). The bid and asked prices also indicated | Bush Ter de(7). firmness for the stocks and bonds that | Bush Ter pf(7). did not show on the sales sheet. : Butte Cop & Z.. Among the most interesting transac- | Butte & Sup(2). 10% 10% 10% tions was a small lot of Washington | Butterick Co.... 45% 46% 44 Gas at 97, a considerable advance over | Byer & Co. 109% 113 109% the last previous transaction. Mer- | Byer & Co 111% 111% 111% gdfi“lhui;r mz;]v:dflup (rulcflonllly to 99%, | By-Prod(12.75). 74 8 8% playing t| rst signs of strength ” ” for some days. Chestnut Farms Dairy E:E:;’:‘Zfi:z, 72{: 73,: 73;’: preferred sold at 105 and the preferred | Cajumet&Ar(6). 102 103% 102 S shares of the Potomac Electric Co. Were | Caju & Hecla(2) 33 33 31% WE FINANCE in good demand. CanDryGAle(3) 78 784 1764 o Two bank stocks showed on the sales | Can Pacific(10). 213 214 2124 —all classes ot income-producing sheet, Riggs National 530, slightly |Cannon Mills... 47% 47% 46% Lo S, ialt higher; Liberty National at 253 and the rCase Threshg(6) 356% 361 3364 Large Loans a Specialty preferred shares of the Commercial | Cent Alloy(2).. 42% 43% 42% Qurrent interest rate and commission Securities Co. at 105. Railway 4s|Cent Alloy pf(7) 110 110 110 e & brought 923, Washington Arcade 6s, | C. 4 Higbie & Richardson, Inc. e 4 2 St 816 15tu St. N.W. Main 5027 Q&Nw:;rk Ave. al 1237 Wisconsin Ave. REALTOR EquitCo-Operative Building Ass’n. JOHN JOY EDSON, President tion. Organized 1879 WALTER S. PRATT, Jr., Secretary 48th YEAR COMPLETED teseses...$5,449,24449 Surplus & Profits. . ..$1,578,070.05 Subscriptions for the 95th Issue of Stock Being Received $AVE $Y$TEMATICALLY| In the Equitable e Begin NOW, ' and make your deposits regularly. Thousands of thrifty Washingtonians are using our systematic savings plan to advantage. How about You? Come in and talk it over. 915 F St. N.W. 100, while Washington Gas 6s were | Century R pf(7) 179% 79% very firm at 103%. Cerro de Pas(5). 80 80% Dividend Declared. Certain-Teed(4) 45% The board of directors of the Wash- | Shandler-Clev.. 1l 1l ington Mechanics' Savings Bank has | Shandler-Ci pf.. 224 declared the regular quarterly dividend | Shes & Ohlo(10) 1895 1893 1895 of 4 per cent, payable October 1, to|CS&QCorpn(3). 69 — 69% 68y stockholders of record September 20, | Cht & Alton. 10% 104 10% The Acacia Mutual Life Assoclation | Ght & Alton be-. 18% 16% 16% has introduced a new feature in its| Shi Great West. 13% 13% 13k bullding, a First street and Indiana | CP1Gt Westpf. 29 = 29% 283 avenue, in the form of the “Acacia ChiMiIl&StP., 37T% 37T% 374 Lorillard Co.... » Chi Mil & StPpf 53% 54% 53% Lorillard pf(7). e “heet foor. Tnavgurated by | Ci & NwAl).. K6 86" e Ky | Loulslana Oil... | President William Montgomery as a|CPH&Nwnpf(7). 138 138 138 LoutsGasA (1.5 part of Acacia’s service program, mem- | hi Pae Tool(6) 115 117 115 Ludlum St1(2) bership is limited to members of the g;;‘“&l’-';m- 128% 123% 1221 McAndrews 2.60 association, but facilities and privileges [ G 1& ¥ p£(6). 101101 101 MeCalil Corp(3). of the club have been extended to others | Chickasha (3).. . 50 = 80% 50 McCrory A(2).. | in many special cases. Although the 3% b4 524 Melntyre P(1).. club has been organized but a few 48%s 49% 48l McKeespt Tin P) months, more than 50,000 of Acacia’s | Chrysler(3).... 103% 1064 103 Mack Truck(6). 100,000 members have joined. Since the | City St B5% stk x5 Macy (R H) (c6) club's_doors were thrown open more | Cluett-Feab(s). 7% , Mad Sq Gar (2). than 3,000 persons have used it. The | GO L'}'f;ikmn 56% 56% b6 club is equipped with writing rooms, | G0l Fuel & lron. 6% i 6 291 Col Sou 1st(4).. 70 0 rest rooms, lounges, showers and man; 3 o b k- 101 oo et V| Col Gas & EN(6) 124 1244 1223, Man EI Sup(6).. 30 Col G&E pfA(6) 107 107 107 51 m2 50% Dickey Again Heads Faculty. Col Carbon(4).. 94% 97% 94% x:: Is":nrx'-‘tz(?)fit " Raymond B. Dickey, attorney of 'this | Com Cred(1)... 82% 334 327 bo Oil.. city, Who for years has headed the fac- | Com Cred 18t 67 8% 88 85 " MarietSiest. .- - FIRST & SECOND TRUST MONEY ‘ Complete Financing Zot both FIRST and SECOND frusts on I i 1 . . —HOMES i | Loew's pf(6%). Loft... Loose-W(1.60) Loose-W 15t(7). ' —APARTMENTS —BUSINESS PROPERTY 1° No Appraisal Fee Prompt Service ! Real Estate Mortgage & Guaranty Corporation 26 Jackson Place ain 1403 SIAIEE FIRS T MORTGAGES 6% Unconditionally GUARANTEED Weston Electrio White Eagle(2) 26 26% White Motors(1 40% 2 N White Rock(2). 3 Over a Third White Sew Mach 36% - White SM pf(4) ofa 20 an’s home. ~ This bers of her committee as follows: Ju- | Cont Mont (80c) 12% 1% :om"[‘)any specializes in dith M. Fishburn, vice chairman, Com- | SornExBank (20 this type of investment mercial National Bank; Hilda M.|Sorn Pro(t3i). B4 E2W Mother Lo(30¢). secured by owner-occu- !Shomo, _secretary, the Washington | CrucibleStl (5). 179% 79% 794 Motor Prod (2). Va-Car Ch pf(7) pied homes in nearby Loan & Trust Co.; Laila M. Sloat, Na- | CubaCaneSugar. o aw Motor Whi(2) vivaudou Co. Maryland. Interest and | tional Metropolitan; Alice H. Whitton, | Cuba Cane Su pf 17% 17% 174 Mullins Mfg. . -» Vulcan Detip... 34% 34% s principal are uncondi- First_Natjonal Bank Alexandria: Elea- [ Cuba Company. 23% 24 23% MunsiBEWriE) Vule Det p£(7).. Wilson & Co pf. tionally guaranteed. | nor Dankmeyer, Security Savings and | Cuban Am S(1). 18 17% Murray Corp, Woolworth (5).. 195% Booklet and informa-° | Commrercial; Esther Lau, Riggs Nation- | Cudahy Pkg(4). 5% 1214 got s Worthn Pump.. 401 4: tion on request. |al Bank, and Mildred Woodcock, Amer- | Curtiss Aero(1) 148% 151 1i6% Lo Wright Aero(2) 186 Loss |ican Security & Trust. Cushmann pf(7) 129% 129% 129% Nalsorth(ra0s Wrigley (153%).. T8% i Ward Cl A(8) Yale&Twne(5). 68 ward Baking Yellow Truck... 37 6% 36% & Cushmann pf(8) 110 110 110 Warner BrolPI;! Youngstn Sh(5). 92 92 93% e ? Cutir-Hami3%) 60 60 59 Quarterly Dividend Omtited. | Cuvamel Fruit.. 57% 5% 57 Whendr PO A ... 1€ 5 Hourly Sales on N. Y. Market. warner-Qu(3). . + : ¢ 899,700 12 noon1,661.600 NEW _YORK, September 7 (#)—The 56% 57 564 !Cc. G. spring & Bumper Co., Detrot, 2014 202t 199% | omitted the quarterly dividend of 2 per | D&l L& W(17). 134% 135 134% 1 Warren Bros(4) o i cent on the preferred stock, due at this | Devoe&R C1A 13 53% 63% 53l warren F&Pipe. .. 2.442. Do 3,412,900 time. DevoekR 1st(1) 113) 1% 113% Web & Hell..... 6 % 6T d rates as given In the above table " Diamond M(19). 160 163% 160" W Penn El p£(6) " ) 4 | ffe ine snnual cash ts b . Dodge BrosA.. 20% 21 204 W Penn Kl pf(7) 2" 112 Store Co. Reports Gains. Dodge Bros pf 7 104 1054 104 West P Po pf(1) West Dairy B... RK. September 7 (P)—Sales | Dome Minea(1). 9% 10° @k ot B & Ol iren Btores Tor_ elght ) IR West Marylan stock, ¢ % |3 nths this year rose to $8,854,394 from | .. D % West Pacific. 21 8210 32 ble, when L z West Pacific Df. _56Y 6% | fho Beparcty ‘Shock ot plus 3. ° 18 3 in Mors&Esk(313) Va-Car Ch pf(3) Century Without a tional committee. Mr. Dickey will con-| </ C S 3 Maytag 1st pf(6) S 1 557 duct the course in commercial law, . _ | ConsoL CBraC). Sik 8 Sl Mengel Co...e.n 0 3 Stest ey 141 F 1 | Other faculty members and _thelr b ¥ Mexican Seab. ) or the courses for the first semester will be [ Sonsol das(h). . Etid 4 Miami Cop(1).+ ULt 1 peC8) 1259 e et ; e ConsolGas pf(5) 98 9T% e I EeRE T p 22% Investor ' ments, Boltha J. faws: ‘standard vco- Commo Rt : Midland pf(112) e intluence interest rates and bond prices civilization First Mnr‘:- |trust functions, B. Ashby Leavell. t":::fi::::m a . “‘.'n‘:.".:y;"l{nl&f.) vanadium(14).. 2 2% | tes % it U A A = s - e - 0l 5 B. f V. A cesee 2 B | s Tt B! ot | Cont tek pfis). s Ven Ratitavtes possible protection for every of security. In particu- the women’s committec of the Wash- | <00t Cant6).... Missouri Pac pf. Vick Chem(4). . lollar inves lar First Mortgages on ington_Chapter, has' appointed mem- | S00t Lnsur¢6). . Montgmry W15 Vitor Talks(1} dollar invested. Maybe the Moon Motor. ... il i man with a million dollars can afford here and there to take a chance. But the man of moderate means must al- ways give first attention to safety. Nat Bellas Hess atl Bisc(16%). at Cash R A(3) Available in Amounts of $250 and Upward - B. F. SAUL CO. Main 2100 925 15th St. N.W. Nat Distlllers. . Nat Distillers pf Nat Ename) & S Nat Lead(5) 1 Pow&Lt Nat Radlator Nat Ry Mex Nat Supply(16). .| Dupont(+13.560) 390 390% 390 390% fi’mzi“.z ‘},.12 ‘5‘?55’5"3??“3335 ‘?Zr'f.’lt Du Pont deb(6). 115% 118% 116% 1154 | Nevada C(1%). West Unfon(8). hate auarterly in sales were 30.4 per cent larger than Au- | Dua Lt 18t(5).. 101% 101% 101% 101% Ny Ajr Br(3).. Westhse A B(2) 4 45% @ust, 1927, Eastman(18)... 184% 184% 183 183 N ¥ Central(8). 176 176 174% 174% Westinghse(4). THERE IS NO SUBSTITUTE FOR SAFETY, 1/120 S0k Pavable 1710 shareduarien United Cigar Stores common stock. B Plus 1% % In stoek.