Evening Star Newspaper, November 3, 1928, Page 27

FINANCIARS fl L BONDS FIR INTRADING TODAY Hybhc Utilities Shares Also ! Show Strength—Legal Issues Higher. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, November 3.—The strength in railroad and public utility issues, which had been the feature of | the bond market since the middle of the week, continued today. Higher prices prevailed in many of the legal and other issues that are acceptable to institutions as invest- ments. Bonds of the Northern Pacific, Union Pacific, Illinois Central, Rock Island, Frisco, Wabash and New Haven were particularly strong. There was also an advance in a number of the newer industrial and public utility 415 and 5 per cent issues, Inland Steel 4155 being a case in point. One of the largest dealers issued a circular today in which an advance in bonds was predicated on the recent rise in the long-term United States Government obligations, which rise seems to be discounting an easier tone for the money market. The copper convertibles were easier. Not much was done in the oil convert. ibles, Two weak industrial specialties were Certainteed 5s, which sold at a new low level 7 points under the high of the year, and National Radiator 6',s. American Water Works 6s, Pan- American Petroleum 6s and Dodge 6s were all higher. ‘The foreign department was quiet but steady. The Bulgarian loan is expected to be made about the middle of No- vember. Markets at a Glance NEW YORK, November 3 (#).— Stocks'_irregular, Woolworth at new high. Bonds steady: week end selling causes some recessions. Foreign ex- changes mixed; sterling touches pre- vious 1928 low. Cotton quiet and steady. Sugar, holiday. Coffee, holiday. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 3.— Potatoes, white, 100 pounds, 1.00a1.10 reds, 75a90; sweet potatoes, barrel, 1. a2.25; bushel, 75a1.00; yams, barrel, 2.00a2.50; beans, bushel, 3.0024.00; beets, 100, 4.00a5.00; broccoli, bushel, 60a75; cabbage, 100, 3.00a6.00; carrots, 100, 4.00 a6.00; caulifiower, crate, 1.50a2.50; cel- ery, crate, 1.50a2.50; kale, bushel, 40a 50, lettuce, bushel, 75a1.25; onions, 100 pounds, 2.50a3.50; peppers, basket, 30a 40; parsnips, basket, 50a60. Pumpkins, 100, 8.00a20.00: bushel, 40a70:. tomatoes, 2.75; turnips, basket, 25a40. Apples, bushel, 75a2.00; damsons, bushel, 1.5022.00; grapes, basket, 60a 65. grapefruit, box, 3.50a4.50; oranges, box, 3.50a6.00; pears, bushel, 1.25a3.50; plums, bushel, 1.50a2.00. Dairy Market. Poultry, alive—Young turkeys, pound, 45; old, 35a40; Spring chickens, 20a3 Leghorns, 20a27; old hens, 25a30; Leg: horns, 23a24; small and poor, 20; old roosters, 18a20; ducks, 22a25: small, 18a20; guinea fowls, each, 40a85; pig- eons, pair, 30. Eggs-—Receipts, 904 cases; native and nearby selected white, free cases, dozen, 48a50: first, 45; current receipts, 43. 3utter—Good to fancy creamery, pound, 46a50; prints, 50a52; blocks, 48a50: ladles, 35a38; store packed, 33; process butter, 42243, Hay and Grain Prices. Wheat—No. 2 red Winter, export, no quotations: No. 2 red Winter, garlicky, spot, 1.3435: November delivery, 1.34%; ::!moea on grade no sales; bag lots, no es. Corn—No. 2 domestic, 1.10; cob corn, new, 4.0084.25 per barrel. Oats—No. 2 white, 5215a5314; No. 3, 50251, Rye-—Nearby, 1.10a1.20. Hay—Receipts, 17 tons. New hay is arriving in only limited quantity. It is, therefore, not being officially graded and sells strictly on its merits, within range of 16.00a18.50 a ton, timothy and clover grades. Straw—No. 1 wheat 11.00a12.00 ton; No. 2 oat, 12.00a13.00. INVESTMENT TRUSTS Special Dispatch to ‘The Star, NEW YORK, November 3.—Following are today’s bid and asked quotations on securities of investment trusts, holding and finance companies and insurance companies: spinach, crate, 2.50a 153 1] Am & Brit Con com. Am & Brit Con 757 m & Brit Con 6% pf. Financlal Tr. Y 8 A s Bankstocks Corp Md A. stocks Corp Md B. Bankstocks Corp Md pf Bankstocks Corp_Md units. Colomll Invest Shares.... l'll\ reified Trustee Shares. Diversified Trustee Shares B. East Bankers' units. First Inyest A pf.... Fixed Trus, Share: Greenway Corp. Greenway Corp pfd. lmtrcnnt Inv 6% uni Insur Shares A 1927, In Sec Corp Am 6! In Sec Corp Am 6% »! In Sec Corp Am A In Sec Corp Am B. Invest “Trust N Y. . Joint Sec Corp B units Joint Invest Inc Mass Iavestors. Pacific Investing. Pacific Investing pf S"rm\d Financial Invest 3 i rgonos rarsoo! BEESS B RRRY; pi 13 corp Xt Pow. . aros A res ares arcs ares 7 § Bhaves S Shares C HOLDING AND FINANCE COMPANIES ® Founders Trust 8% pl... 443 47% vders Trusi 74 pflll 49% 6234 w Corp_units.". . 133% ce A iy Secur i 5 Secur DI 110 s Beour wATTARi | id Corp INSURANCE COMPANIES ActnayMre ........ . 810 Actna, Ll IngiNewark | 29 mer Camdag xm nm‘. Stand Gen ' Reinsur.. Globe & R Gt American Hanover Hartford Fire Home . . Imp & Exp..... Liovd's P G aryland 99 7 1013 US+es1944. 50 107 US4%ss2. FOREIGN. Sales. High. Argentine 6s Juby. 2 99% Argentine 65 Octsy 9 100 Argentine 6s A 3 100 Argentin: Australia 438 68 Australia 58 1955 Australia §s 19 Austria.is Bank ofCh! glum 68, Belgium 61, Belgium 78 1955. Belgium 78 1956, .. Bremen State 7 Canade 58 1931, Canada 58 1952, Canada 6%s 1929, Chile 65 '60. Chile 65 61. Chile 78 1943 Colombia 6s Jan §1. Con Pow Japan Copenhagen 4% '53 Covenhagen 6s ct.. Cuba 5%s. Denmark 6 | DEI5%s Mch 53.. Dutch East 1 68 47. Dutch East 1 6s 62, iinland s £ 65 45. Finland 78........ Frametican 734s... French 1 French 1% German 7s. Ger Am Banl Ger Gen Elec 7s. Greek 1 Haiul 6 Hungary 7%s ltaly 7s. Italian Pub S 7 Milan 6348, Norway 59 1963 Norway 5%s. Norway 6s 1943, Norway 6s 1944 Orient Dev deb 6 Paris-Ly-Med 3., Paris-Ly-Med 7s.. Peru6s 67 wi,.... Peru 7s. Peru 7% Poland . Poland 7s (rets) Poland 8s... Prague 7% Rhineibe Un 7s, Rio de Janeiro 6% Rome 6%s. San Paulo City 8 Sao Paulo 1950 Sazon (PW) 78 Seine 78 42. . Serbs Crot Slo Soissons Sweden 5% Sweden 6s.... Swiss Confed 8s. Tokio 58. .00 Utd Kingm 6%s 29. UtdKingdm §%4s37 2 105 Uruguay $s... 6 1084 MISCELLANEOU: AmAgriChem T%s. 4 105 Am Smit& R 1st 53 19 101 Am Sugar Ref 6s.. 2 104% Am T & T cl tr 4 1 9% Am T & T ¢l tr 5 2 104% AmT&TSsL6s... 43 106% Am Tel & Tel 6%s. 15 108% Am Water Wks 6s. 3 100 Anaconda 1st 8. 42 106% Anaconda cvdb 78. 20 143's Andes Copper 7s. 80 156% Armour&Co4%s39 4 927 Armour Del 534s.., 7 924 Atlantic Refin 5s 4 101% 15 136% 1 106% 2 109% 2 102 4 102% 5 105 Certain-Td5%srcts 14 90% Chile Copper b 20 96% Colon Oil 6s°'38. 29 106 Col Gas&EI deb 7 101% Cen Coal Md 1st 10 78% Con Gas N Y 6% 1 105% Consumers Pow b3, 2 104% Cuba Canecy 7s 2 2% Denver Gas s, 3 100 Dery (DG) 75... 1 T4 Detroit Edison 68, 7 1084 Dodge €s... 21 104 Donner Steel 7; 1 100 Gen Asphalt 6s 36, 2 108% Gen Mot AcCor 6s. 3 102% Goodrich 6%s.. 6 108 Goodyear b8 rets.. 64 93% Humble O11 3 1004 HumbleO & 1102 83l 99'y 106 103% 96% 92% 115% 107y 99y 104% 98 Syt 103% 102t 110% T8% 118% Bell Tel Pa s C. Beth Steel rf 51 Illinots Steel 4%s. ., Intl Cement b Intl Match 68 4 98 95 101 int Tel&Teleg ¢ %8 Kan City P & L bs.. Kan G & £ 65 53. J Kayser & Co 5%s Kelly-Spring s Laclede 5s. 5 114 1110 1 101 M1d-Con 6% 40, 5 105 Mont Power 68 43.. Mont er deb b8 Mor'sé&! New England Tel 6 N Y Edison 6% NYGELH&P4s 1 13 101 ceeees 17 107 12101 Nor States Pow 53, Nor States Pow 6s. Pacific Gas & K1 ba. PacT & T b8 b2 Pan-Amer Pete 6; Paramount 6s 1947 Pathe Kxchange 7s PhilaCoss 67 wi.. Philag& ReadC&) Poilips Fetro o i Por Kio Am Tob 4 Postal lel & Colas 33 Pressd Steel Car 58 10 97 Public Service 4+ s 232 162 RemingtonAr 6s 32 Hem iad 6l e war, Sinclair O1l 68. Sinoliair VIl 6% Sinclatr O11 7 Sinelair Cruds Skelly Ol 5438, #o Por Rico Sug Ts Southwest Bell os. Stund UIL N J b8 46 rennklecPow 6s 47 United Lrug ba 53. U S Ruo Istrt ba. . U S Rub1y%s UBSSteeist Utah Pow & L Vertienies Sug 7 Warner Sug 78 41.. Wiison & Co 181 s WinRepealAr 1445 Tngatn S&T bs w1, 8 103 8 10 4100 1 11 13 15 103 5 104 5 106 9 4 64 90 . 9100 .18 108 2 1014 81 6 1 8 107 5 101 RAILROAD. At&SFevias05... 3 91 ALCnIBON gen & 20 Atlantic C L 1st 4 AtlanticC Lol 4 AtanC L4564, 8 & 0 Gola 4 5 94 91 94 | B &0 5s 2000 D B&Otimy s, . B&OPLEWY ds.. Bang & Aroos 4s 51 | Broukiyn Elec 614s Hronklvn Elev flys Bkivn Manhat &s. . BuZ R & Pitt ¢%4s. 10 Midvale Steel 6s... 10 100% 100 6 105% 105 809 Yo% 9ty yale 9% Y6% 5 993 Yin 3 2 9% « 18 101% 1015 1015 2 97% 9Th 5 93l 1 105% 10 % 105% 2 9% Y4l 99 9% 9 o i Ve wt~ THE EVE ’TN’G B’[‘ R. WASHINGTON. D.- Co = BONDS= clos 10 2 u' Close. % 100%4 101 106 106% 1074 108 105% 108 105% 10514 10015 100% 96 96% 964 96k 1004 100% 1084 108% 10215 102% 101% 101% 10412 104 1001x 100% 101% 101% 90t 90 99 o B3l S8h 96 96 10245 1028 1045 1043 10316 1034 104 104 103% 103% 97 97 100 100 Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are n $1.000.) Sales. High. Low. 99 3 3 1011 46 9917 9917 9917 320 104 26 104 24 104 26 107 21 107 70 11224 11222 1122 Low. Close 98 b8 1% 1 1024 1 8314 BRI 991y 100 100% 100% 9% 92h 994 991y 9% 99% 106 105 8T BT% 6815 681y 984 96 5% Sales. High. Can Nat 448 67.., Canad North 6% Canad North Canad Pao d Can Pac 4% Central of Ga Central Pacific 4 Chesa Corp 58 w 1. . Ches & O gn 4% 8 ChiB&Qlstrf Chi&E 111 gn 68 61, Chi Gt West 4n59. 13 CM&StP ret 41,883 16 ChiMIISP&Pacbs 75 28 CMSP&Pacadi 5503 Chi NW 4348 2037 ChiR1&Preds., CRIPac4%swi, ChI'T H Inc 65 60.. Chi Unfon Sta 6% Chi & W Ind cn 4s. C& W 164862, CC( & St L rf 6 Term 68 Colu&Sou 4%s... Del & Hud 1st rf 4s Den & Rio G en 4 D & Rio G im| DRG & Wst 5478 Erle conv 4s A. Erieconv 4s B. Erfecvt 5867 w Fla Kast Cbs 4. Grand Trunk 7 Gt Nor 443 76 D. Grt Northn 4%s Great Nor gen 7s.. Hud & Manaj §s... 31 9% 10 117 2 90 5 1041 1 Innu. | Hud & Man ref § 111 Cent 4% Int Rapid Tran 5 Int Rap Tr 6s stpd. Int Rapld Tran Int Rap Trans 7s Int&GtNorad] 6s 52 Int Ry C Am 6s 41. Int Ry C A 8%srot 105 105 107 107 1144 114% 106ts 106% 995 991y 1028 1025 98l 98k 99% 99% 101% 101% 95% 9% 964 96% 101% 1015 1004 100% 1001 100% 91y 91y 100% 100k 91 94 9T 9T 100% 101% 103 108 102%-102% 9T 9Tk 995 991y 103% 104 91 91 101% 101% 107% 107h 83y 837 88 88l 995 9913 106% 106 1034 95' 921 Y2 1154 1154 1074 1074 991 991y 10413 10438 9 95 99% 99% 1035 103% 10245 1021y 110% 110% 8% T84 1148 118% 104% 104% 108% 108% S. 104% 104% 11 101 104 104% 99% 994 104' 104% 105% 1064 108 108 997% 100 1054 105% 143% 1431 58! 158%y 92% 924 92 924 101% 101% 136 136% 106% 1064 109 1094 102 102 102% 102% 104% 105 89% 90% 96% 96% 106 106 101% 101% T8% T8% 105% 105% 104% 104% 2% 2% 99% 100 A T 108 10 10345 10: 100 100 108% 108% 102% 102% 107% 107% 3% 93% lowa Cent rf 4s. Kansas City S 3s, Kansas City S 58, Kan City Term 4 Lake Shore 4s 31 Lehigh Valcn 4s Louis & Nash 5s Louis & Nash 5%s Man Ry 1st 90...,. Market St 78 40.... M St P&SSM cn 4s. MK&T4sB... MK & T adj b8, MEK&Tprinssa. Mo Pacific gen 4s.. Mo Pac 55 A 65 Mo Pac 5s F 17 Nassau El 48 51 NatRyofMex 4s 77. NOTex&M 4355 56, N ¥ Cen gen 33%s. . NYCentrtss NYCRI&SIL 5145A. NYChi&StL 613sB. NYC&StL6sA. New Haven 314s 54 NYNH&H 4s 66, YNH&H4%s. 8¢ 92 NY NH&H cvdb 6s 16 114 NY NH&H clt 6s... 10 104 N Y State Ry 4% 2 42 NYStateRy 6%862 5 55 Nor& Sgenbsb4.. 8 91% Nor Pac 3s 2047. 3 66% Northern Pacr16s 4 11313 Pennsy! con 414s. 1103 Pennsyl 63 64... 1 104% Pennsyl 6%s. 4 1104 Pennsyi gold 7s.... 21 103 Peo & E It 4s 40 6 831 Peoria & E inc ¢s. 1 39 RIArk& L 4% 6 97T St L IM&S 4829, 3 99% St L IM&S R&G 48. 5 944 StL'&SFpl 4 7 90% StL&SFr4%s7s 26 iy StL&SForinbs. 1 102% StLS W ist4s. 2 86% StP Un Dep6s.... . 1 106% San A & Arn P 4, 1 91% 2 60 25 43% 19 50 12 101% 64 99% 5 58 2 13% 25 97 7 824 2 1084 1107 1 107% 1 102% 13 76'% 7 85l bAL adj 58 1943 Seab A L con és SB All Fla 6335 A. Sou Ry 64s. Son Ry Mo & O 4s.. Third Ave ad) 6 Tol Tr L&P 5% Union Pac 18t ¢s. Unilon Pag 1st rf Union Pacific 45 68. 50 89 Un Pac 4%s 67 2 9% Wbash 4%s'78 rcts 27 93l Wabash 2d s 30 101% Weat Maryland ¢s. 20 32 Western Md 5145 1 99% West Shore 45 2361 3 &9 COTTON IS HIGHER. Market 9 95% 1 9% 59 Closes Steady—Weather Reports Discounted. NEW YORK, November 3 (#),—Re- ports of ‘freezing weather at additional points in the northwestern parts of the belt failed to stimulate any.general or aggressive demand in the cotton mar- 100% 100% 102 102 Illinois Bell 1st 68, 6 104% 104% 104% | dertone. 98 98 100% 101 114 110 101 114 110 101 2 104% 104% 104% 1 103% 103% 1034 106 105 100 9445 94! 1007 101 1067 107 1 110% 110% 110% 101 101 6 101% 101% 101% 1 105% 105% 105% 103 108 105% 105% 105% 99% 100 B0 B0% 995 9lta 94 984 6% 97 148% L 98% 99Y 93 994 99% 102% 103 97l 93 934y 10415 10413 20 1025 1023 102% 4 1064 106 YTl VT BOin BdA % 100% 1007 107 107 a 101 101 9T% YT « 105% 106% o 100w 1014 107 107 w1101 90 94 o4 91 9% vak 987 “ 85% 941y 95 94 9 984 ket here today, but brought in enough buying to maintain a fairly steady un- January contracts sold up from 1912 to 19.21 on trade buying 35 98% 98% 98%|and covering, but just about lost the 2 102% 102% 102% 3 96% 96% 965 5 99% 99% 9uk 3 96% 96% 96% 1 104% 104% 104% 1 104% 104% 1045 gain under realizing and closed at 19.13. ‘The general market closed barely steady, net 2 points higher to 3 points lower. Futures closed steady, 3 points higher to 3 lower; December, 19.20-23; Janu- ary, 18.16-18; March, 19.15-16; May, 19.00-01; July, 18.82; spot, quiet; mid- dling, 19.35. NEW YORK BANK CLEARINGS. NEW YORK, November 3 (Special) — 12 103% 103% 103% s, $1,480,000,000; 3 101k 2010 1omms New York bank clearings, §: 1 ¥7% 87% 874 |New York Federal Reserve credit bals 1 108% 108% 1084 4 115% 115% 1150 944a New York bank balances, $145,000,000; ances, $126,000,000. SHORT-TERM SECURITIES. lgman & (Reported by J. & W. !”3" S Amer. Tel, Anaconda Coppe! Bulto & Ofto 445 1033, Batay. Pet. Corp. 41 Bell Tel. of Canada Calif. Petroleum Cor) Canadian Nat. RY. Nor. R: Ches. & Ohio' R Shiciso Rock lallnfl s um Colorado & Ry 4s 1920 ... Colambin Gas & Eiec, 58 19082.. Cudany Packing Co. 5t4s 1947 Edison Bl 1L of Bost. 4 319 en. Mot. Accep. Corp, : Fetrgleum corp, s *1940. Goodyear T. & R. GremaTin of Cannda 65 mu Guif Oil of Pa. bs 1937. Hamble Oil 51is 1932 Michipan Central RY. Pure Ol Corp. 5158 1 Shell Union Oil 58 1 Stnclair Crude oil 8 lwu uthern Pac. R. Stand. Oll of N. Jersey 58 1046 St. L. Ir. Mt & So. Ry. 4 1 SWIft & Co_5s 1933, Union_Oii. Co. of Ci U. S. Smelting Co. 5! Western Eleciric Co. 58 1044.. Westinghouse F. & M. 55 1948 Wheeling Steel Gorp. 5'zs 1948, Special Dispatch to The Star. NEW YORK, November 3.— Bid 55.00 Asked 60.00 Ger Govt Red Loan Hflh draw ctfs att per 100 R M. .. QGer Govt Red Loan ‘Hholfl, 6.00 draw ctfs per 1,000 R M ':’ Kk8.) CEmted T dolare per thoisan i marksl Hamburg 41 9 o (Quoted dollars per LI\D\VSHH" Bnr . Ger Gen Elect 4'.s rl! WAar. Ger Gen Elec 4'.s 1919 . Berlin 4s pre-war. ... Hambpurg 3s. 3's & 45§ Hamburg Amerfcan Lin( "Al North Getman Lioyd 4 Krupp 5s 1921 . Dusseldort 4s pre-war Prankfort a-M d4s pre-! War. Munich 4s pre-war Ap o (Quoted ip A:m- (8e0'Gr Hlec A E G (Ger Ge Elec) pfd B. Commerz and Privat Blnk I G Farben.. . isconto Gellschlt erliner Handels. . dner Bank. Deutsche Bank_ .. Darmstasdter Bank.. Hevnin"C1 INerenr Ranie vi R'"'z"; PR Eié) Dstria a8 Gaielc 233833¢ ;5;.;;:,;‘::3’;:;:: O T 83333333333238 88 ADVANCE N CORE SHARES CONTINLES Power Companies, Oils and Airplane Industry Issues Go Higher. BY WILLIAM F. HEFFERNA 8pecinl Dispatch to The Star. NEW YORK, November 3.—Shares of power companies, the oils and the air- plane industry were prominent on the side of advancing prices at the close of the week on the Curb Exchange. New high records were marked up in many instances, with advances rang- ing from 1 to more than 5 points. Arizona Power was bid up from the previous high of 23 to a new high above 27. Northeastern, opening on a block of 6,400 shares at 40'4, subse- quently went to a new top at 41. United Gas & Improvement, which stands to benefit by the Pennsylvania Rallroad plans, and Electric Bond & Share Se- curities were in demand and the same was true of American Gas & Electric across 180, Humble was the feature of the oils, going to a new top around 90. It was influenced by the prospect of special consideration of stockholders at the coming meeting. Standard of Kentucky held most of its recent improvement. Marmon Motor gained fractionally to a new high, notwithstanding that the official confirmation of the various merger rumors was unobtainable. Interest centered in the initial trad- ing in Universal Aviation Corporation, the stock changing hands being 181, J The company was recently formed to acquire an interest in and to supervise operations of a number of companies engaged in the alrplane transportation and manufacture busi- nese. Keystone Aircraft was less promi- nent, but held firm. Niles-Bement- Pond was bid up from the previous final of 84!, close to 90. High-priced speclalties were featured by Realty Associates. CHICAGO fiTOCK MARKET. Special Dispatch to The Star. CHICAGQ, November 3.—Following is a report of today's sales, high, low and closing quotations, on the Chicago Stock Exchange. Bales in STOCKS. hundreds. lell. 2Allled Prod A B 5All Amer Mohawk ~ 2 Altorfer Cv pf 2am Siates’ A TAm Siates Sar 1Art Metal 1 RS0 1y &5 10 A%00 Anpar Ind’ 3Atls Stores 2 Auburn Motor 2 Auto Wagh pf 2 Bastian Bless 7 Baxter Latind 1 Beatrice Cr . 1 Bendix_Corpn N 17 Bore. Wainer 1Brach & Sons 3Ceco Mig . 5 Bunte Bros 2 Butler Bros . 2Camp W & C Fndry 2Cnstle A M 3 Coloex * M Lot Duigy Brad 0. "8 S 8 P ht St § 2 Chain Belt . 5 Cherry Bur Y & M RR pr elfow Cb.” 16 Club Aluminum.. .. 2 Coleman Lamp & Sh. 8 Gommonwealih 2 Consumer Low. 0 A Curtls Co. j Bavis Tndusi A, Dayton Rub A 1Decker & Cohn 10 Erla . 4 Foote "Gear ", . 1G H Hormel 4 Galesburg _ Coul 4 Gleaner Comb Harv 72 TGt Lakes Alr A 1Hart Parr ...... 18 Grigsby Grunow 5 Hart Carter pf Hershey A, ershey B enney Mot Hennev Motor 3 Hib Bpen B & C. Tilinols Brick. . 158 Inland Wire & Cable. 2Lane Drug....... 1Lane Drug pfd.." 3 Kalamazoo Stove. 4 Kellogz 2 Meados EMugn“ Mig Co.. Ws Mg pid. Merch s b M1 T i Metro, st 1dl Uil 6% ‘br i, id SU_Prod.... id West Ui id W UL 6. p i [ id West ULl 67 M M M ¥ M prd 1 4] i 2 i 3 Miller & Hart DN Modine Mife... .. 1 Mohawk Rubber, . 2 Monighan Mfr Corp 3 Monsan Chem... 3 Mont Ward A, 1 Morgan Lxrhh ’5 Nach Na! e le Lt-nnpr Nat S Noblitt Sparks. 4 North Am Car. 2 Onkes Prod 9 Onkes Prod 1Peop L & P A QRS afy Paor & Co B Tl"tl’fECl Circle. ’l Pines Winter(r 33 Db Sery pd 4 Rich Toll pfd A: 1Rich Tool pid B. lReHnnce Mifg Co. 8 Ross. - Gear 45!\"\&"’! Sta ‘Sun:uno Elec . Saunders 8t pid’ 13 Shatier Ol pid . 4 Sonatron Tube l!'flnll! C Rad Stand Dredg Co D[d lgllfi!r "Wndlfl (%:]‘ . 2 Sulherimn ] 2Bwift & o il 3 Swift Inti . " ’;.,“)"ifix%': 8t td’ 2 Twel ir b A 1) Twelfth 8t Stf war. 8 Unit Corp pfd...... 1Un_Redroducers 13U"8 Gypsum -+ S Univeral. Producis’ 11 Utah Radio Prod 6 Vorlrllone »t pfd W % *, Wilcox ‘Rich B 8 Winton Engine. 1 Wis Parts. 3 Woodworth' ‘vfd 28 Yates Machine pp. i, Zenith Radio. ... 190 102,500 shares, BONDS. Total sales, 1 Sales * in thousands. 13 Chi Rys Ser A bs 27 nzru 2Fed Pub 8vc & 2 Pettimul By '4: 2 Metro El Ry 18t & FEDERAL LAND BANK BONDS. Special Dispatch to The Star. NEW YORK, November 3.— Bid; Asked. Land 4s May 1958-38_.... 0814 903 Land 4vys Nov 1958-38... 007 Land 43 Nov. ‘195737 Land 4145 Jen. 1957-37 and 4145 May 198 and 4'4s July 19 Land 4128 May. 1 Land 41.s Jan 1 Land 4105 J &3 1953033 Land 418 J&J 19550035, Land 414K Jan, 1956-36, 315 J.&J. 17520p43 . 4348 "Jan. 19540p3 43,5 July 19540034 85 Nov. 1941op31.. 55 May 19410p31 Bank Bank Bank Bank Bunk Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank Benk Land Land Land Land Land 10034 New York Stock and Bond Averages. SATURDAY, NOVEMBER 3. S1 OCKS. 22,300 shares. High, ‘1028, g Twenty . railroads averaged | net loss, High, 1028, 133.03; low, 138.36. BONDS. Total bond sales (par value), §5.- n first-grade rails averased net ‘loss, .04 Yem wecondary rails averaged 98 net wain, 0. Ten public utilities averaged 93, riet Fossl 01 JoTen indusirials averazed 100.12; net joxs' o Combliied average, 97.36; 32 net loss, ;(nman . Average month ago, 05 vear ago, 0854 NEW YORK CURB MARKET Received by Private Wire Direct to The Star Offies Following is a list of stocks and bonds traded in on the New York Curb Market toda, Sales in hundre 65 Acoustic Prod 4 Adams ~ Millis, | 14 Aeolian Co_pid 1Aero Sup Mf Al 3Aero Sup Mf B. 1Asfa ‘Abeco pfd.. 3 Alles & Fisher.. 3 Allied “Pack 1Alpha Port Cem'. INDUSTRIALS, Hizh. Low. Close. 1 Alum Co Amer 20 Am ‘& For Pow 5 3Amer Arch Co...... fds 2 Amer A o 8Am Com Alcohol vic BSY 24 Amer Cigar. ......... 145 iAm Colortype 4 9 Am Cyanamid B 8 Amer’ Dept Stores... 23 Amer El.. 11 Amer Nat Gas. . 2 Amer P & L pld ‘A 30 Amer Rayon Prod 5 Amer Roll Mill..., 1 Amer 8ol & Chein i §Amer 8 & C p ofd!: idies Beda:: ia Bec war .. Superp A r Buperp B 6 Anchor Post Fency 5 Anchor Cap..... 1 Anchor_Cap pid 5'Anelo Chil Nitra, 7 Apponaug Co . 2 Arizona Power 1 Arundel Corp 3 Asso Laund A Dye & Print.. 6Asso Gas & Fl 3 Atlas Plywood . 1Axton Fisher A 2 Aviation Corp 8 Bahin Corp 13 Baneltaly 2 Bastian Blessing 1Benson & Hedzes 1Bird Grocery Str 7Bliss E W . 1Blim § . ¢ 10 Bohn Al & B ‘ 12 Boeing Airplane wi 18 Boeing Airpiane pf wi RBridgept 4 Brist M Al »fd 2 Bullard Ma T . 2 Bunte Bros 37Can Marcont W 1 Cavan Dobb pfd 4 Gelan Cor Am 13 Consol Laund ....0. § Gopel prod A Black 1 Dinkler Hot A ww' 4 Doehler Die C C 5 Dubilier C & R . § Durant, Mot 5 East States Pow Bl Bond_& Sh Cor.. 1EI B & Sh Co pfd .. 20 El Invest Inc 15El P & L optl wa 34 Elgin Nat W Co . 6 Elcc_Shovel © pt 10 Evans Auto Ldg . 39 Evans Well Lead ':. 9 70 Evans Wall Lead .ris .05 6 Fazeol Mot Co ... 3 Fairchild Aviation' A 2 Fandango _Corp A 7 Fanstoel Prod 5 Fedders Mfx A . 4 Federal Screw 0.l 6 Federal Water A ... 10 Fiat deb rts ........ 4 Filenes Sons . 1 Filenes Sohs pfd " 4 Film Inspec M 19 Fojlansbee Bros . 1 Foote Br G_& M. 1y Ford Mot Co_Can 1 Foundation For A. 5Fox Theaters A ... 1Freed Eisem R C 21 Freshman Chas 2 Gamewell Co 1 Gears, & Forgings B Am Inv rts wi. g Golden Sta Min jorham Mfg otham Knithic Hich 00! reen{ Tap & Die. .. rigsby Grunow f round Grip Shoe cif 63, all Lamp..... all Frinting appin C Bt A art Carter Conv nld 3 Trrerzosoo00 Henney Mot { iram Walker G Wor Ch A P2 TIT uyjers ... 4 Hivetade Food 2 Imp Tob Can.. 18 Insur_Secur 8§ thtern ULl B {Intern, Gl v 1K C P 8 vl M GO D B Wms 8t e Super C... ey Found & M. [ibb_Owens ¢ McN & 8 Mapes Cons MI&. ... 109 Mare Wire Lond Bl 1 Marion Steam Shov.. 52 Marmon_ Mot ‘ 6 Massey Harris ", 18 Mavis_Bottling 10 May Drug Str . 4McCord R B yic 1l0 4 McKesson & Robb: .. 5 McKess & Robb pid. . 5 Mead Johnson: . 18 Mesabi Iron 5 Metro Chair Mid West Ul . Mid W Util pfd 1 Miller Sons .. 1 Meck Jud Vo wi 13 Mohawk Hud Pow 33 Moh Hud P 1st pfd. I 3 Mohawk Hud war 1 20 Mond Nickel ris 8 Montecat deb rts .10 1 Moore Drop Forg A.. 24 Municipal Serv 5 19 Nat Banc Serv 1Nat El Pow A . Nat Food Prod A Nat Mfg & Stores Nat Pub Ser A. al Rub Mach: at Sug R N J.. athan Strauss’ wi at Trade Journal ehi Corp ehi Corp Pid. ichols & Blie) ilos Bem Pnd’ m Uity agtern Pow 222222222 lNo\'aacI . 8 Parp Cab M| 1 parke Davis 03 3 penier’ At 1y Pe B . 4 Penn Ohio Ed . . 1 Penn Ohio Ed wWar. ! 1 Penn Ohlo. Ef‘fl 1Penn P & L Ts 20 Pet Milk wi . 1 Parfect Cirele . 5 Phil'p Morr| 1 Philippe (Louis) 1 Plerce Governor 8 Pigly Wiawly 3 piliiey Howes P i1 2 Pittsb & Lake E . i Pow Becur Cor 4 Pratt & Lamb C . 14 Proct g‘ Gamble 2§ prop Stk THos Mil 2Pub S P & Pyrene Mln . 85 Rainbow. Lumious’ " 21 Radio Keith Orp A wi 3 174 Real Assn Bklyn ..., 1 Ross Gear & Tool 36 Royal Bak Pow new. 1 RHnrlolfl Sl Eosuw asSowsSoatss Sk s33g-aaua ESSSTL2R. 88308 28! 5 Safe-T-Stat 1111111 14 Sateway Stores ! Regls Pap: 12 Shnitass Gro 4 Schulte Real 7 Schulte Unite: 1 Schulte Uni pfd 30’1 or Jen Candy A 26 38ec Gen Am pld willli 1Seiberling R C....... 43% 3Serv El n Southeast P & Lan. .. SO R & L war 7 South_Asbestos...... 180 C E A pfd. 28ou C E B pfd. . 7 Sonthern. Stores A 'y Spald A G & Bro 1] Spanish & Gen reg 17 Spencer Kelloge n.. 2 Spieg M Stern pfd. .. 1§tand Mot v 21 Stutz Mot 13 gullivan Mach Bupsrheat Co 8 Switt Intl ... 18yra W Mich B 1 Tampa El n ex Corpn ris wi imken Dt Axle ishman Reaity ranscon Alr Trsp. rans Lux Pigt ubi ATh S B Vi ni Carbon vie i Elee bond rts! <coadadaaddd 53 3 West Auto 8u 1 west Va Pulp Paper:: 1 Winter B J . 5 Woodworth Ine 8 Zonite Sales in hundreds. 10 Ariz_ Globe © - 15 Cent Am Mines g 12Com Tun & Drain.. .85 20 Cons Cop_Mines ... 1 Cresson _Gold . J 130 Divide Extens 110 Falcon Lead Min 51 Goiden Center M 40 Goldfid_Cons 1Hecla Min . . 6 Hollinger 4Hud Bay Min & 8m 221Iron Cap_Copper 18 Mason_ Val . 15 New Cornelia 4 Newmont Mining 11 Noranda ... 10Qhio Cop " 11 Roan ‘Anteiope’ Cop. 14 Shattick Denn . 10 St Anthony Gold ... 31 Uni Verde Est 10 West End Consol M.. . 10 Wost End Ext Min.. Sales INDEPENDENT OIL in hundreds. 10Am Con Oilfids. .. 25 Am Maracaibo Co 81 Barnsd deb rts A Brit-Am Ofl 21 Garlb Synd 38 Cities Serv ' n 4 Cit Serv pfd 28 Columbia Synd. . 57 Creole Synd... 4 Crystal Ref 2 Darby Pete. pire G & F 7 1Gulf Oil Pa ouston Gl Gas. ntercont Pet. 8 Lion Oil ... 31 Magdal _Synd 10 Mount Guif 1 Mount Prod.’. 1Nat Fuel Gas 2 New Bradford O .30 Northwest Oil 27 Pantepec OIl on § Relter Foster Oil. 5 Rvan Con.... 7 Salt Ck_Pro 33 Texon Oll & Land 2Tid Os O non-vt. 1 Trense Oil pfd 26 Venezuelan Pet... STANDARD OIL ISSUES AND FOR- MER SUBSIDIARIES—STOCKS 2% MINING 8TOCKS. A82.39. 583850 82525.3 Lo e mBmaens Sales in units 200 Atl Lobos 1000 Contl Oil 50 Cumberland P'L n 200 Gal Sig Ofl .. 8800 Humble O & R 50111 P L . 4800 Imp O Can 100Ind PL ... 7400 Inter Pet Ltd" 300 Nat Traneit 700 Ohio Ol . 3900 Prairie O & G 030 Prairie P L . 3000 South Penn O 150 Sou W Penn P L 26008 O Ind . 500 Kansas Kentucky a 1600 Vacuum on' > Sales in BONDS. thousands. 30 Abra Strauss 5las willols 45 Abitibi P & P 55 A.. 25 Ala Pow 4lus. 2 Ala_Pow 5s. 3Alum Co Amer 58 2 Alum Ltd 5s...... Asgoe Cor 6 Con Alc 65 A c El 5 m & Lt 6 m Roll MU ss.. m m aconda 6 A Pow 553 & & 83Asra Gas & 5Asso C G El 1Asso Sim H 7 Atlas Plyw 2 Bates Valve 18 Beacon Oil 6s... 9Bell T Can 5s A 2 Boston & Me 35 ‘A C 99 §Gan Nai Ry 16 E. .1 3Caro P & L 5¢.. 4 Cent States El B8 2Cent Sta P . L 5158 ¥ Chi Pnen Tool 5%as. 1 Childs 3s.. 1Cincir St Ry 5‘;: A 19 Git Serv 55 1Cit Serv_Gas 5i:s. 4Cit Ser Gas Pip 65 5Cit Serv Pow 5 1 Cons Gas Ralt 1 Cons Tex s 10ontl G & E s; udahy Slas 25 Det Intl 8zs 2 Det Intl 18 .. 00 § Empire 0 & R'5: 2 Fed Sug 65 21 Fed Water Ser: 3 Firestone T & R 58 6 Fisk _Tire 5!>s . Wi Fa P & LSS 3 Gatineau Pow '6s 1 Gen Laund Ma 6 3 Gen Rayon 6s 9 Gen Vend 6s 12 Georgia Pow 55 N 4 Gulf Oil Pen 55 '31 18 Gulf Oil Pen 5s 3 Houston Guif G & & Houston Gulf @ 05 A In 22383: 1 Intl See 4 Tntersta §Inter hvest. Cory 1lown Neb elvin Corps 6s. 1Kop Gas & Coke 85 23 Lehigh Pow 65 A. 1Long Isl Lt 6s 2 Louls Pow & Lt 84 5 Mass Gas 5'a8 . 3 McCord Rad | 63 1Minn P & L 4'a8 23 Missouri P 5s wi 1Mont War P C 58 A 1 Motris & Co Tlas .. 6 Narrag Co 55 A ... INat D Prod 828 3Nat P & L 6s:A 19 Nat Pub Serv 5s TNAL RUb_M 65 R«gfllhnn S"l\‘l! s 'es B 24 Nor Am Efi Stys B 8 Nor States P M 13 8o Bhved 6 A ww 1 enn 3 Phila B P a8 12 thl\lla R Est 6s . 38hawin W & P 4! 1 8loss Shefr 6s .. 3 Southenst © & 1. 280U Cal Ed 88 51 78ou Ashestos 6s 2 8ou Gas 6'as .. 2 Southw G & E 85 J 1 8outhw P L 6s A 6 8un Maid Rals 6'2s.. 7! :gvm Ofl 5'a8 1 wift & Co 58 . i txes B &L 20ien & Co 618 2Uni Lt & Rail 8lus.. 1yan Camp’ Pack 3 1Va Elec & Pow 58 A lflfl‘l 8 Warner_Quinian s 1 Westy Chlor 5les S'II 2‘& 8 Wekizen Tov ‘87 ‘A 100 85 Wheel Btl 4vs B .. FOREIGN !ONDS. 1'% mer t.«m a- A “’2 i 253852587852 35 333! Fraa i kit 108 Sales In thousands. 1 Adriatic Elec Ts. 1 Berlin 6s .. Bolivia RBuenos Alr i guflm!vm‘r;x Thas. auca 8 Som BBk 8158 uba Co 68 20 Danish Cong 87 3 Denmark 414 21 Biec Pow Ger' 1Estonia 78 ... 1Eur Mtg & Ty iias 5 Finland Res 11 Free 8t Prus elsen Min 6. 13 ger gons Mgn A;‘ food FTRAR S luanom State 6s 1Isrco Hyd Elec 75 14 Toita, Praschinl 7 4 1tal Superpow 6s 1 Jusosl St M Bk 75 98 Lombard Elec 7s All 13 Mendoza 7ios 51 ... 2 Montevideo 6s A 2 Mor Bk Bosota 7 3 Mor Bk Denmk 1Muni Medellin 75 3 Muni Medeilin 6/ 3 Nippon Elec 6128 9 Par; 2 Rio 19 8antinso 18erba 18 1Silesia_Ts 3 Stinn Hugo 78 "36 wa 18 Tyrol Hyd_Elec 7s.. A 1Unl Elec Serv s A 113 ' 113 6UNI StI Wks 6las A 02% 02% xd—Ex-dividend. wi—When issued, n—New. Www—With warra CHICAGO POULTRY PRICES. CHICAGO, November 3 (#).—Poul- try—Alive, steady:' receipts, 2 car. fowls, 26'; Springs, 25'.a26%2; roos- ! ters, 19: turkeys, 30a35; ducks, 17a23; geese, 20. TREASURY CERTIFICATES (Reported by.J & W. Seligman Rate_Maturity 1928 11901433 97 20-32 97 20-32 29-33 CUSTOMERS' LOANS VITAL IN SPECUL s| BY CORRINGTON GILL. Any analysis of brakers’ loans with- out nfention of loans on securities made to bank customers other than brokers would be overlooking one of the most interesting phases of the present wave of speculation. If we assume that there are but three classes of security owners (those who buy stocks and bonds outright; those who buy through their banks partly on borrowed money, and those who buy on margin through brokerage firms) the changes in brokerage loans and cus- tomers’ loans have significance. As the first type of security owner does not borrow on his securities, he can be dis- regarded in the study of loans. Moves in Loan Figures. The broad moves in loan figures, as represented in the above chart, when considered with the price changes in the security market, tell in a fairly ac- curate’ manner which class of security owner is selling and which class is buy- ing over any period of time. If one be- lieves the generally accepted theory that the large market operators are usually successful at the expense of the general public, knowing when the large operator is buying and the public selling is important for investors as well as speculators. Such knowledge can, in a gencral way at least, be gained from a { study of the Federal Reserve Board fig- , ures as plotted above. It must be remembered that those who borrow at banks on stock and bond collateral beside brokers are not only small borrowers, but also include some of the largest stock market operators, who depend on direct bank credit rather than credit derived indirectly through brokers. There are no figures available for the period immediately preceding the March break of 1926, and we must therefore limit ourselves to the loan figures released for publieatio: ATIVE ANALYSIS LOANS IEW' HUNSE s Cdl Fam@Ey I BROKERS' LOANS fll-------l-- that time. Toward the last of Februe ary of that year, it will be remember- ed, security prices Began to tumble and did not reach their low point until the middle of April. Meanwhile, brokers’ loans declined $800,000,000, while loans to customers other than brokers increased $500,000,000. Roughly, about three-quarters of a billion dol- lars' worth of securities had passed from brokerage accounts into collateral at banks for customers other than brokers. In Wall Street parlance, stocks had passed from weak into strong hands. Rise in Stock Values. During the last three quarters of 1926 and all of 1927 customers' loans tell us nothing. The changes other than seasonal were too small to have signifi- cance. While these loans were increas- ing gradually by $500,000,000 from April, 1926, to the close of 1927, brokers’ loans ::ore steadily climbing some $1,400,000,- The rise in stock values during the first five months of the present year was caused apparently by both classes of security buyers, for both brokers' loans and customers’ loans rose to new high records. On the June reaction in the stock market brokers’ loans fell cor- respondingly, while loans to other bank customers rose, indicating that stocks were again passing from weak into strong hands. Since the first of Aus gust. however, the loan figures tell us another story. While security prices have steadily mounted. custemers’ loang have fallen off $318.000.07). ~~roma panied by an incerase of $513.""" 760 in brokers' loans. ‘The only conclusion that ron be drawn is that stocks have pass:d from strong into weak hands. How long such a situation crn continue without correc-: tion is problematical. We have never witnessed such a drastic decline in cus< tomers’ loans. accompanied by rising prices and rising brokers’ loans, since the loan figures first became available. BALTIMORE STOCKS Special Dispatch to The Star. BALTIMORE, November 3.— Sates. STOCKS. 23'Arundel Corporation. 93 Black & Decker com 3 Commercial Credit pfd 25 Consolidated Gas com ... 10 Manufacturers' Fin Co pfd. 60 United Porto Rican Sugar c 10 United Porto Rican Su 5U S Fidelity & Guaranty. ‘BONDS, 1000 Maryland Elec Railway 6las 1000 United muuys & El Tne 4! DIVIDEND& Regular. Last sale. .8 Pay- Hdrs. on . able. “record. Q' Dec o 1 o 1 ov 13 Company. | cushman’s * 8¢ | Do 7% pf | Do 38 pr | Drug_Ine Ind Limestone pf. Mensel_Co pf. Purily Bakeries Water $5 Do 36 pf.. Stand Ol of U S Dairy Prod A: B B & Utah Radio Prod... Initial, Associated Gas & Elec 85 L5135 Q@ Com'l Invest Tr Jan 1Dee 5 ... Novio Jan’'i Dec 5 Nov 24 Nov 17 | carib Syndicate. Flintkote Co Interim, Dordtsche Petrol....10% *Payable in casi t2ayable in no par common stock of Colon il Corp. BOSTON STOCK MARKET. Special Dispatch to The Star. Soles High. Low. Close. 235 Amoskeag. 150 Arcadian . 185 Arizona _Com 60 Boston_Elev. 150 Calu_ & _Hecia. 140 Cobper Range 200 East Butte 350 East _Steamship, 90 Encineers Pub 189 Gillette 35 Hood Rubber 120 Island Creek 225 Isle Royale 33 Mass Gas 150 Mayflower 135 Mohawk 300 Nat Leathi 25 New Cornelia " 20 New Eng T & T... 700 North Butte 50 Old_Dominion. . 20 Quiney 10St Mary's Lan Shannen ... 25 Swilt Internat . 10 Torrington ... 320 United . Shoe "M .. 130 United Twist Drili.. fd. c 100 Waldorf 10 Warren Bros B 18 13 200 Wirone Sl i inv are tan Over a Third of a Century Without a Loss wit prai B. F. SA . Main 2100 THERE 1S NO SUBS B When in Deubt—Buy Fundamentally they offer one of the soundest forms of restment-—because real estate is universally rec- ognizedeas one of the most Our offer of 6% —is doubly secure—for long experience and tional Capital justify our ap- CHICAGO LIVE STOCK MARKET CHICAGO. November 3 (#).—United States Department of Agriculture— Hogs—Receipts, 4,000 head; moelslx steady with Friday's average: top 0. paid for a load of around 230-pound weights; shippers. 500; estimated hold= ever, 2,000. Butchers, medium to choice 250 to 50 pounds, 8.00a9.55; 200 to 250 tounds, 9.00a9.55; 160 to 200 pounds, §5a9.55; 130 to 160 pounds, 8.508 950 nominal. Packing sows, 8258 8.75. Pigs, medium to choice, 90 t0 {130 pounds, 840a9.25 nominal. Cattle—Receipts, 300 head; compared to a week ago strictly good and choi% fed steers and yearlings 50 to 1 higher; lower grades lost early advance, closing only little better than steady; urgent shipper demand early in week dwindled as week closed; slaughtered Western grassers 50 higher early, with few here late when in between fed steers suffered break: the sharpest downturn of the sea: on_mcst fat and cutter cows, butcher and yearnns heifers; ly 50875 on cows ani 50a1.00 on heifers. Light bulls weak to lower as week closed. Stockers and feeders barely steady: country move- ment comprising mostly stockers at 10.00a11.50; extreme top fed steers and yearlings, 1 ; & sizeable suoply at 17.00, and better heavies up to 17.75. Sheep—Receipts; 5,000 head: today’s run practically all direct; for the week 35 doubles from feeding stations, 23,500 direct; fat lambs closing 83a1.25 lowe) half fat comebacks and native throwa outs off most; sheep and feeding lambs weak; practical top fat native lambs, 14.00. Top prices for week: Fat na- tive lambs, 14.00: comeback Westerns, 13.35; fat yearlings, 11.25; fat ewes, 6.50; feeding lambs, 13.25. Bulk prices for week: Fat native lambs, 12.75213.8: comeback Westerns, 12.00a13.50; throw. out natives, 9.00a11.00; vearlings, 9.00a 11.25; fat ewes, 6.00a6.50; feeding lambs, 11.50a12.50. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal sola Belling checks e ., today. London, pound chsia 343424 Paris, franc 1 -0390% 2 Zurich, frafic. Athens, drachma Vaarid, peseta. Vienna. schilling 261 Stocknolm. ciown. ‘268 ° SILVER QUOTATIONS. NEW YORK. November 3 (#).—Bat ite C Sorpera: MORTGAGES First Mortgages they based on real estate—and gible of assets. First Mortgages familiarity h real estate in the Na- isal. UL CO. 1925 15th St. N.W. TITUTE FOR SAFETY