davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-18

six years early in the nineteenth
century, and. according to historians,
she proved herself as efficient and
callous as any man of those days
Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-18

During repairs to Derby Cathedral
al Derby. Ireland, recently, an oak
beam which formed part Of the bell
caging was found to he dated 1857.
Evening star., 1927-08-28
CANCELLATION HITS
TRADERS IN STOCKS
Action Ordered Over Lackawanna
Securities, Original Issue, Wipes
Out $4,000 in Commissions.

BY the Associated Press.
NEW YORK, August 27.-Cancella-
ton Of all contracts in the original
issue of Lackawanna Securities Co.
capital stock on the curb market
caused d loss Of traders Of approxi-
mately $4,000 in commissions, it was
estimated today, in addition to the
loss of all profits accruing on the adj
vance Of the price of the shares. The
constitution of the Curb Exchange
provides that commissions must be
paid on all transactions. even IL they
are subsequently voided.
Lackawanna Securities stock was
admitted to trading in March. and
transa ctions aggregated about $4,000
shares at prices ranging from 81 to
1861. Trading fell off sharply after
the recommendation Of an Interstate
Commerce Commission examiner that
S33, 500 900 bonds of two subsidiary
lines Of the Lackawanna Railroad be
excluded from the assets of the securi.
ties company. thus reducing the assets
to the $58.000 900 4 per cent bonds of
the Glen Alden Coal Co.
The new Lackawanna Securities
stock. admitted to trading yesterday
on "whenissued basis changed
hands. up to the close today, to the
extent of 700 shares at prices between
$73 and S79 share.
Evening star., 1927-08-28
Reserve Ratio Unchanged.
DRY GOODS MARKET.

NEW YORK. August q @.-Cot-
ton goods markets were strong to-
day. with the price tendency steadily
upward, Sales for the week were
large enough to cover the output
Several contracts were made for de-
liveries 10 TO IL weeks ahead. Yarns
were firm and advancing. Raw silk
held steadier. Silk goods sold mod
erately. Burlap markets were strong
with Calcutta prices above the parity
of sales here. Agents of wool goods
mills offering fancies for Spring
mems wear report a very fair volume
Of business during the week Heavy
and light weight knit underwear
lines are being advanced from 25 ia
so cents dozen, due. to the rapid
advance In yarns. This Is the sec
ond advance within two or three
weeks.
Evening star., 1927-08-28
,iTOTAL BOND SALES
DROP follow LEVEL
Market Yesterday Records
Lowest Volume of Trading
for the Year.


NEW YORK, August 21.--TradinG
In the bond market today fell to the
smallest volume of the year. total
transactions aggregating little more
than $4,000 900. IT was the first time
this year that total sales dropped be
low the 100000 mark. even in a
Saturday short session.
Despite the inactivity of the market,
however, high grade issues continued
to be supported by current easy
money conditions and the disposition
of bond owners to retain their hold
ings. even at the present high level
OF prices. lrregularity which crept
into the trend was almost entirely
owing to week end profit taking in
some of the semi-speculative liens,
such as Erie ID" IS, International
Telephone SIPS and other convertibles
which have been intermittently strong
in recent weeks.
Cities Service Power 6S again at
tracted attention around their pre-
vious peak price at 10ih and Davis
Chemical 5l1S touched par for the
first time this year, up a point. Park
Lexington 6Ias and New Haven As
were a point or so higher, but Wheel
, ing Steel 5ias lost ground.
French issues were firm, but reflect
ed the hesitancy of traders pending
developments in the Paris govern
ment's refunding plan. Completion Of
negotiations with American bankers is
understood to he awaiting a sign from
the United States Treasury Depart
mcnt, which has been opposed to the
granting of loans to countries which
have not funded their war debts
Argentine IS were offered in rather
heavy amounts, but held close to yes.
terday's last price.
United States Government bonds
were irregular and dull.
Evening star., 1927-08-28
NEW HIGHS SHOWN
IN COTTON PRICES
Nervousness of Market Past
Week Attributed to "NeW
Crop Outlook"

! BY the Associated Press
NEW YORK. August 26.--Increas.
: ing nervousness over the new crop
outlook has been reflected by adj
vances in the cotton market here
! during the past week Prices made
new high records for the season on all
| positions during the days trading,
with December contracts selling up to
or slightly above the 22 cent level. or
| about Az cents per pound above the
prices prevailing shortly before the
publication of the last Government
/ crop report on August 8. Realizing
sales were rather heavy at times dur
! ing the week, hut they were absorbed
on comparatively moderate reactions,
and bullish sentiments seemed to be
growing more general owing to a con
| tinuance of unfavorable weather and
crop reports from the South. There
was feeling early this month that
with a dry, warm August there might
be considerable Improvement in
| crop prospects and that weevl damage
might prove less than apprehended
Weather ShOwery.
The weather has continued showery
| over the greater part of the belt.
however, while recently temperatures
have been unseasonably low in some
Eastern and Central sections. Mean
while, Texas has failed to receive
needed rains, and there have been
many complaints of shedding and de-
terloratiOn from that quarter, al
though the boil weevil does not ap.
pear to have been so active as in
Eastern and Central parts of the belt.
All reports reaching here have en-
| phasized boil weevil damage as a
serious factor otherwise, and it would
appear that the crop scare of this
August has been based very largely
upon the situation in that respect
Buying on bullish views of the crop
outlook was stimulated by reports that
European spinners were becoming
uneasy, and that spinners generally
had so far bought very little cotton
for forward shipment
Expected Crop Reports Factor.
The idea appeared to be that the
demand from this source would ma
ter1aliZe in time to offset the effect
of increasing new crop receipts, and
the market toward the end of this
week appeared to be discounting a
growing belief that the next Govern
ment crop report. due on September
g. would show considerable falling
off. as compared with the August /
indication Reactionary sentiment
based on the extent of recent ad-
vances, was more or less in evidence,
but some of the early week sellers
on that theory were said to be re.
buying later on the continued unfavor-
able crop news.
The Liverpool market was very
strong. indicating increased anxiety
abroad. The volume of buying or
ders received during the day readily
| absorbed all available offers.
Closing quotations were at the top
of the session and the whole list was
at new high records for the season.
Evening star., 1927-08-28

1t is believed that If the gold bullion
we're transported from South Africa
by airplane instead of by rail and
water, the saving in theft insurance
charges would be $500.000 q year.
Evening star., 1927-08-28

Activity and advancing prices In
several bank stocks developing in the
local and other important market cen
ters brings many inquiries from the
layman as to the reason therefor
when the dividend return is usually
only around 3 per cent per annum
and there are so many other hlSh
grade shares available that bring much
larger returns" 1t furnishes an in
teresting problem to many. but 1t does
not induce any large investment de-
mand from the general public.
Investors in bank shares have ap'
parently little interest In the imme-
dia.e returns on their investments,
but are buying almost entirely with
ewes on the future and with close
consideration of so-callcd concealed
assets in many of the banks-not hid
den with any idea of deceiving the
shareholders nor the tax collectors,
but assets that have been acquired
years before, and that are not counted
as assets in the published statements
of condition to the controller of the
currency.
Concealed Assets" Outlined.
Nearly all banks carry their prop,
erty and banking buildings at cost
and often there is a large profit there.
in. not caShable. however. unless the
sale Of the property is made. The
controller of the currency, however,
would offer no objection to crediting
the bank with a respectable part of
the gain through the surplus account.
II has been done before
nna ,f I,n al,
banks Is the profit made on Govern.
ment securities and on other Sc
curitieS. stocks and bonds There
have been few in any issues of Gov.
ernments, as they are termed, that
have not offered q handsome oppor-
tunty for profits in addition to form
ing secondary reserve especially
useful in the event of an emergency
that would require important amounts
of cash quickly for the Governments
are just as good as cash anv time.
Then. too, nearly every bank has
investments In "other bands. stocks
and securities" that usually are car.
ried at cost. The returns on the
investments in "other bonds. stocks
furnish employment for much money
that might not otherwise be brought
into use.
Some Local Bank Statistics.
The Riggs National Bank has a
capital of $2.500,00O,' surplus of
$1,750,O00 and undivided profits of
S45S.65S. 1t holds $S,017,S97 Govern.
ment and $4,73S,,14S. other bonds. 1t
has deposits of $31, ,12S.579; has $685.
per cent dividend and is quoted at
$500 share, bid.
The American Security & Trust Co.
has a capital of SO 100000. a surplus
of So. 100000. and undivided profits Of
$443,29O. 1t owns $4.031,34S Govern
ment and $7,230.357 other securities;
has deposits =: $31 ,12S.579; has $685..
362 other assets. and carries its build
ing at $1,414.386. 1t pays Is per cent
and the last sale was 450.
National Savings & Trust Co, with
the Riggs National. the only banks
selling stock above $500 a share-has
long been a leader in the local finan.
cial situation. 1t has capital of ST..
0O0. 900. like surplus and undivided
profits Of s1,259.000. 1t has SAIL 900
par value of Governments and 81 ,040,.
1875 of other bonds, stocks and securi-
ties; carries it's great banking house
which in every case includes realty
but not furniture and fiXtures-at ST.,
Evening star., 1927-08-28

continued good times in the transpor.
tation business as 1t Is to stress the
market meaning of advancing prices
for industrial shares.
Objection may be made on the
ground that speculative eXcesses have
done much to give the market its
present strong appearance. There Is
little merit in this claim. but not
much. 1t does not apply to the grade
Of stocks we have been discussing.
Speculative Excesses MI.
However that may be, there are no
speculative excesses in trade. The
absence of money, the surplus of
credit have not tempted merchants
to swerve from their conservative tao
tics. There is no overstcking. There
are no inflated inventories. Hand to
mouth buying is still popular. If
there has. been a certain amount of
let-up in volume of business it does
not presage reaction. Prosperity is
never quite uniformly distributed and
there are numerous weak spots, but
the average is high.
Coming more specifically to the
financial and economic indicia, COM
modify prices display more firmness.
OuL VI - tUdISeS III the COlllDlldIlOn
made by Dun's Review there are 38
advances against "a declines. whereas
a week ago the reductions numbered
81 and the increases 81. Bank clear
ings are 6.S per cent ahead of the
corresponding week in 1926 This in.
crease. however, is all in New York
The rest of the country shows a slight
decline. Loans to brokers. according
to the latest Federal Reserve state
ment. are down over $40. .000, 900 in the
week despite the larger speculation
on the Stock Exchange.
Reserve Ratio Unchanged.
The reserve ratio of the Federal
Reserve system as a whole is exactly
the same as it was a week ago and
more than points higher than the
same week in 1926 Call money has
been 3h per cent. the low of the year.
all the week This is the season when
normally rates should harden, but
there has been nothing of the sort
so far.
Summing it up. there Is no reason
to expect any great change COM
mercially or financially. 1t will take
some new unforeseen development to
disturb the even tenor of business or
banking operations.
Evening star., 1927-08-28
NEW YORK GRAIN PRICES.

:...: YORK. August 81 GO.-Ryc-
Firm: No. western. 1.16 fob. New
York and i.14H elf. export.
r Enthusiastically: mailing. 93A elf
New York.
Wheat - Spot steady; No. dark
northern Spring. elf. New York. lake
and rail, 160%; No. 2 hard Winter,
fob. New York. lake and rail. l.524
No. 2 mixed Durum. do. nominal; No
Manitoba. lake and rail TO arrive,
1.74ih, in bond. =.
Corn-Spot firm; No. . yellow elf
track, New York, lake and rail. 1.23
No. yellow, do. 1.27.
Oats-Spot steady; No. ? white. 46
Evening star., 1927-08-28
Monev to Loan

Secured by tirst deed OF trust On resi- eststs
PrevafllnT interest and commission.
Joseph |. Weller 'aS slss.' w:sssi sssi I - WV.
Evening star., 1927-08-28
COTTONSEED OIL FIRM.

NEW YORK. August q R.-Cot-
tonseed oil was unusually active and
firm today, closing to 25 points
higher under broad commission
house demand and covering, inspired
chiefly by the strength of cotton
Sales. 21,900 barrels: prime crude
900. nominal: prime Summer yellow
spot. 1920; September. closed. 1926:
October. 1855: December. 1897: jan
uary. 1892: March. 1l.09.
Evening star., 1927-08-28
MARKETF0RECASTS
BUSINESS FUTURE.
Bright Outlook Estimate
Based on High Levels of
Industrial Equities.
BY GEORGE T. HUGHES.

Special Dispatch to The Star
NEW YORK, August Eff the
stock markets judgment is correct.
the business outlook is bright. This is
not overlooking the fact that prices
ing the weeks trading or that there
have not been some declines. 1t is
simply emphasizing the forecast the
market gives when it marks up the
price of such typical industrial equi-
ties as General Motors, United States
Steel and General Electric to the righ-
est points those stocks have ever sold
under the present forms of capitali-
zation.
The phenomenal growth of General
Motors to the point where that cor
poration. it is estimated, produces over
40 per cent of all the automobiles and
trucks sold by the industry and the re-
markabla record of earnings these
sales have produced probably justifies
the market appraisal of the shares.
These two facts clearly point also to
widespread prosperity. The automo-
bile business is as important as any
other one line Of trade under present
conditions. and that it is able to ope-
rate so profitaby means much with
regard to the industrial situation gen.
orally.
Reflects Investment Demand.
AS for L. S. Steel. which has been
the other outsta nding favorite of the
week, the market action Of the stock
is probably more of a reflection OF in.
vestment demand than of the state OF
steel production. Buyers of this stock
are paying attention 10 the assets
| back of it and to it's demonstrate ted
! earning power over a series Of years
rather than to any immediate increase
! in demand for it's product. All this
| may be admitted and still it will be
| true that the strength in L. s. Steel
stock indicates confidence in a long
| period of reasonably stable earnings.
| The same can be said of General Flee.
| trio and of the market action of other
stocks representing the strongest cor.
porations in their respective lines.
There is. however. another deduc-
| ton to be made. When 1t comes to
| the various smaller organizations, both
| speculation and investment this week,
as for long time past, have been
more selectlve. Some of the lesser
| units are so we'll managed that they
are able to hold their own, but many
others show inability to meet the in
| creasing competition and this. too the
| market has been rejecting.
Rail Record Noteworthy.
Turning now to railroad stocks. the
week has been noteworthy as the
period in which Atchison sold at the
highest in ats history. Much the
same story Is told here as with the
ndustrials. Atchison is perhaps the
premier railroad stock from an invest
ment standpoint. Buyers are willing
to put their money into the shares Of
this carrier without being too partic.
ular about current income statements.
There is not in the railroad field the
same kind of competition that obtains
in the industrial and SO the inference
that only the largest and strongest or.
garizations are able to operate at the
most satisfactory results cannot he
drawn 1t Is fair. however. to say
that the strength in the leading rail
road stocks 10 Just as significant Of
Evening star., 1927-08-28
WHEAT FUTURES STEADY,

NEW YORK. August q R.-
Wheat-Futures closed easy; domes-
tic September. 1.40%; December
1.44A: foreign in bond, October
1.49A: December, 1.463s.
Douglas daily dispatch., 1927-12-30

be erecteO cfor increases of the
navy, for increasing the maximum of
annual expenditures for public build
ings, providing for the Boulder dam
and the Muscle Shoals projects.
I have reviewed the estimates
of probable revenue for the fis-
cal year 1929 submitted by this de-
partment to the president and to
the congress and am satisfied based
on existing information, that these
estimates, if they err, err on the
side Of liberality.
"It is apparent, therefore, that
unless the senate modifieS the tax
reduction provided for in the house
bill, and unless the two houses ul-
timately agree to limit tax reduction
to the figure recommended by the
budget message, estimated receipts
will not be adequate to meet eStimat-
ed expenditures as submitted in. the
budget.
I'm the present tax bill before
your committee, evidently on the
assumption that they were made
quate, the official estimates have to
a large extent been disregarded.
While I am satisfied that the esti-
mates of revenue are as acurate as
can be made from available data,
and certainly no figures have been
submitted which in any way chal-
lenge their accuracy, it is neverthe-
less true that the estimates were
made in the absence of definite
knowledge as to the taxable income
of the calendar year 1927. Both of
corporations and Of individuals
''It is impossible to secure more
accurate information before March
Is next when the returns for the
calendar year 1927 will be filed. Only
after that date will we be in a posi-
ton to know with reasonable defin-
iteness the income for the calendar
year 1927 reported for tax purposes
on which we may rely for tax re-
ceipts during the first half of the
fiscal year 1922
Douglas daily dispatch., 1927-12-30
SCHOOL FRIEND
OF HICKMAN'S
REVEALS GRIMES

KANSAS CITY, Dec. 20 P9-Police
here announced tonight that Frank
Bernoudy, 20 year old Kansas City
youth, had confessed he took part in
several holdups, motor car thefts and
petty robberies with William Edward
Hickman and Welby Hunt.
Bernoudy was arrested at his home
after the detective bureau was advised
by Los Angeles police that he was
a. a-cuainted with Hickman.
Following his arrest the young man
told detectives they said, how he and
Hickman and Hunt read murder stories
together.
"We had just finished holding up q
drug store the night of December l.,
1926,'' Bernoudy said. ''The three OF
us had been reading a murder story.
Hickman laughed and said;
st'You know, it would be worse than
that to kill someone and cut him TO
pieces; into very small pieces and
throw them along the road Some
day I'm going to pull a job like that !"
Bernoudy said he met Hickman and
Hunt while the trio we're working in
the public library here in 1925 and
told police they began planning the
series of robberies and holdups he adj
nits having taken part in, shortly
afterWard.
Chief of Detectives Toyne tonight
said that he believed other Kansas City
high school students had been involved
with Hickman in the crimes committed
here before the confessed kidnaper and
slayer of Marian Parker went to Cali
fornia the first time.
GLOBE TELEPHONE EXCHANGE
GLOBE, Dec 20, Demonstration
work on the new Globe telephone
exchange wa sstarted today by w
G. Wilson, contractor of Gallup, N.
M. Excavation work will be complet-
ed by the end of this week. Total
cost of the new exchange exclusive
of telephone equipment and fixtures
is estimated at $4,000. The building
is being erected by the Mountain
states Telephone and Telegraph COM
pany.
Douglas daily dispatch., 1927-12-30
Administration
Continued from Page One)

on which government buildings will
Douglas daily dispatch., 1927-12-30
Girl. KIDNAPE.R
OF ] OAKLAND is
I'M MEX, BELIEF

REDLANDS, Calf, Dec % tP)-M-
though expressing the belief chat
Ernest A. Robert" McClelland. ac-
cllsed kidnaper of Evelyn Smith, IL, Of
Oakland, had escaped over The REexi-
can border, police late today were
probing into his possible connection
with the robbing of Mrs. Lawrence
Ferguson of $1OO cash and diamond
rings early this morning.
A faxed telephone call, in which the
robher or robbers lured Mr.. Ferguson
to an adjoining community, and
chloroforn1, with which the woman was
disposed of, were used in accomplish
ing the robbery. The fact that the
fake phone call was made by tapping a
wire leading in.o the Ferguson home
led the officers to believe it was o
"two man job," but they continued a
hunt FOR fingerprints that might con-
meet the escaping kidnaper with the
robbery They pointed out thai Nc
Clelland had but one dollar, which he
borrowed here; and that he might have
robbed Mrs Ferguson of the cash and
diamond rings, stripped from her fling
ers, to aid his escape. Mrs. Ferguson
was in a critical condition tonight in
a hospital
The kidnapped girls statement that
AGcClelland several times asked her il
she would like to go to Mexico, and
the fact that Redlands is on the di-
rect route from Oakland to CaleXico
Mexican border town, indicated the
kidnaper's intended destination.
Evelyn remained in the care of po-
lice officials tonight, awaiting word
from Oakland that her parents or po-
lice officials were coming here for her