Evening star., 1927-10-03
AMERICANS INVEST
HUGE SUM ABROAD
Purchase $1,058, ,340,575 in
Foreign Securities First 8
Months of This Year.
BY EDWARD C. STONE.

BY EDWARD C. STONE. 81
The Department of Commerce re.
ported today that American investors
purchased $1,05S,340,575 of foreign
securities during the first eight
months of the present year. COM
period a year ago.
During the third quarter of this
year. II European countries or cor
porations borrowed $93.615, 900 in the
United States. while II Canadian is
sues during the same period totaled
$54, ,609 500 and 10 Latin American is
sues amounted to $72,7O2.000.
These figures were included in the
total American investment. Con-
sidering only new foreign invest
ments and excluding those issues
which were for refunding previous
Indebtedness, the statement said that
$974,472,875 had gone abroad by Sep
tember /, or $176.715.025 more than
up to that time last year.
The department said that Germany
again was prominent in the American
money market and that Europe as
a whole was taking more money from
the United States for investment
purposes than Latin America. The
department reported that a great
deal of American money was flowing
into Canada. particularly for Canadian
bank stocks.
Bank Offics i'm New Quarters.
Rapid progress is ebing made to-
ward the completion of the new ad-
dition to the main Office building of
the Washington Loan & Trust Co.
IT, L. 1oko 70
department moved from the annex on
since 1910, into the spacious western
lobby of the main building. At the
same time the safe deposit depart
ment moved into new and commodious
quarters underneath the real estate
offices and also in the new addition
to the building.
The new vault is one Of the finest
examples of modern safe deposit
equipment and creates the impression
Of absolute security and ample dlmen-
sion. The vault Is safeguarded by
electrical devices Of the latest type
and approach from every side and
from underneath the floor is made
plainly visible by means Of a system
of mirrors and lights.
Provision has also been made Tor
the escape of any one accidentally or
Intentionally locked in the vault by
means of a safety portfolio, which
can only be opened from the inside.
Alfred H. Lawson is the real estate
officer of the company and William
II. Harper is the manager OF the safe
deposit department.
Company Calls I'm Bond Issue.
The Public Service Commission Of
the State of New York has approved
the merger of the Sodus Gas &
Electric Light Co., Marion Power Co.
and Northern Cayuga Light &
Power Corporation into the Lake On.
tario Power Corporation and has au-
thorized the issuance of $1,000,000 of
Lake Ontario Power Corporation first
mortgage 30-year 51s per cent bonds.
The Sodus Gas & Electric Light Co.
has, in accordance with the indenture,
issued it's call notice for the payment
on November 1, 1927, at los and ac-
crued interest. of all Of its outstand-
ing first mortgage per cent bonds,
due May !, 1941.
Bonds Active ON Local Board.
Bonds were unusually active on the
Washington Stock Exchange today
NIlSti tuO WIEN OpCtlCus
Chesapeake & Potomac Telephone 5s,
Washington Railway & Electric As,
the Washington Gas Light issues and
Wardman Park Hotel 513 appeared
on the list, selling at recent levels.
Capital Traction IS also were dealt
in at 102, and there was a So 900 trans
action in Barber & Ross 612 per cent
bonds at 81.
Stock trading opened with Capital
Traction selling at 106 on turnover
0f 100 shares. Later it climbed to
1865 where it closed. Potomac Elec-
trio Power 5la per cent preferred sold
at 1852 and Washington Gas Light
held its recent high price of 80. Chevy
Chase Dairy preferred, registered 107
and D. c. Paper preferred, came out
at 90A.
After call Columbia Sand & Gravel
preferred sold at par, while shares
of Sanitary Grocery preferred changed
hands at 102. Riggs National. Ameri-
can Security & Trust and Union Trust
are being quoted ex dividend. Federal
Storage preferred is another local
stock that is now eXdividend.
Special Cotton Research Planned.
Alfred A. Mercier, who, has been en-
gagged for seven years in textile
research with the Bureau of Stand.
ards, has joined the staff of the Cotton
Textile Institute, Inc. as research as.
sociate. He will continue to work
chiefly through the Bureau Of Stand
ards in Washington, making studies of
specific problems in research which
may be disclosed by activities Of the
new section Of the institute.
More Failures i'm August.
The report of the Federal Reserve
Bank of Richmond states that there
were 143 failures in the fifth district
during August, compared with ia in
July of this year and 107 in August,
1925. Liabilities in August totaled
$2,155,805, as compared with $4,065, $50
in July. 1927, and 81 ,433,713 in August,
1926.
Rediscounts for member banks held
by the Federal Reserve Bank at Rich.
mond rose from $40 1923, 900 on August
Is to $29,S37, 900 on September Is.
The volume of Federal reserve notes
in circulation turned upward during
the past month, rising from $685..
900 to 3,269 900 during the period be-
tween August Is and September Is.
Statistics on construction work re-
vealed the only serious weakness in
the business situation in the fifth dis
trict, the report said.
Heard in Financial District.