Evening Star Newspaper, September 5, 1926, Page 19

FINANCIAL - BONDS MAKE G00D SHOWING IN WEEK Firm in Face of Increased De- mand for Money for Com- mercial Purposes. BY GEORGE T. HUGHES. NEW YORK, September 4.—In the face of an increased demand upon the money supply for commercial pur- poses, the bond market this week has given a remarkably good account of itself. In fact, if the averages for all grades, including semi-speculative as well as investment issues, are taken it will be found that the quotation Is practically at the high of the year, first reached in the middle of June. This is true for domestic bonds and in only a slightly lesser degree for foreign obligations also. The weekly statement of the Ied- eral Reserve banks showed increases in holdings of discounted bills and in note circulation and a corresponding drop in the reserve ratio, the system as a whole and the New York bank revealed the same trend, and vet the bond market has been undisturbed. Even Liberty bonds and Treasury issues are up slightly on the week. The conclusion is that investors are convinced that the present hardening in money is a seasonal phenomenon and does not forecast any stringency. High Grade Bonds Inactive. Although prices have held firm, ac- tivity in the gllt-edged group has been on a small scale. Trading has con-| cerned itself chiefly with the higher vielding and more speculative de- scriptions. In the railway list this| has meant adjustment and income bonds, on which interest is payable only if earned. But about the contin uity of disbursements there is o present doubt in view of the earnings situation. This list is smaller than it was # year ago. The improvement in railroad condi- tions has gone so far that more and more railroad bonds are - now in- fluenced in their price movement by money rates rather than by current income. Roads that still offer possi- bilities of price appreciation have been in brisk demand all the week, and some of them have made new high records for the year. Of course, it has not been bonds of the seasoned dividend payers that have been the objects of this speculative buying, but rather those of roads the stocks of which are comparatively low priced. In this respect the trading in bonds has differed from that in &tocks. Rails Outlook Bright. / The outlook for the railroads con- tinues bright. There is no indication of a let-up either in traflic or in net earnings. both of which, for many roads. are making new r has led to talk about m ous carriers doing new financing by sale of additios mmon stock incident this week, however, s that there is still opportunity i placing new bond issues on highly | favorable terms and that even thel Iargest earnbrs among the railroads are not likely entirely to abandon this method of obtaining new funds. This | was the sale by the Illinois Central | of a $35.000,000 issue on a less than | 5 per cent basis and unsecured h\i mortgage. Placing a loan of this character at a price to return so| amall an amount to the investor is! & convincing demonstration of the ! strength of the investment demand, as | well as the possibilities still open in | Dbond financing. ‘Along the same line, the high prices | at which the State of New York sold | £28,475.008 serial bonds Is very im-| pressive. The successful syndicate | bidders subsequently offered the | honds to the public at prices to vield from 3.50 to 3.80 per cent the lower | return for the shorter maturities. Only twice in the past dozen vears h the State been ahle to sell its securi- | tles at a higher price. Of course | the credit of New York State is of the highest and its honds ave tax-exempt | securities, but income taxes have heen reduced, and money. while ensy. is not as low as it was. The way in| which all new offerings have been taken has heen very gratifying to the investment bankers. French Bonds Strong. Turning to the foreign field, Euro- | an obligations have held the center of the stage. Some of the French bonds have reached new tops for this year and all of them have sold around | their best figures. 1 firmness in French for a_new French loan, provic war debt agreement ix ever Meanwhile there has been real | change in the French financial out look. Belgian bonds have done a lit- tle better this week and for this there seems to he substantial foun- dation. Belgium s making progress toward currency stabilization, and Wall Street is talking about a new $10,000.000 international loan, either late this year or early next. Finally the drastic deflation meas ures taken by the Italian government had an effect not only on the lire, but | on Italian dollar bonds, which sold this week higher than at any time since the break following the dissolu- tlon of the syndicate. The low prices which Italian obli- | gations bring in the American market veflect the difficulty our investors have in understanding Italian condi- tlons under the present government and their uncertaity about what would happen if. in the course of svents, there should ba a_successor to Mussolinl. Notwithstanding all the doubts about foreign investments, the higher vields they offer. compared with domestic_securities. is the lure, which in the last analysis maintains | the market price r no SHIPPING OFr.BALTIMORE AT RECORD IN AUGUST RALTIMORIE. September 4. All records for monthly arrivals at this part were broken in August. ship. ping men agree, and it is doubtful it even wartime activity equaled the | past month. The great demand for coal, and to a lesser extent for other supplies. brought about by strikes in England, accounts for the unusual ac S8iPpIng. “hree hundred and forty sels arrived, of which 171 were American. *During July there were 240 arrivals, of which 182 were Amer. jcan. The increase in all vessels, in spite of the decrease in arrivals of vessels of American registry. indicates that the great rush of foreign ship ping has not vei reached fts peak The coal and merchandise by these ships is estimated to be more than 1.000,000 tons. iirst in number of foreign registered arrivals were the British, 38 in number. LAUNDRIES CONSOLIDATE. NEW YORK. September 4 ().} Another step in the movement that is transforming the laundry industry of the United States into great chains has been taken in the consolidation of 1t wholesale laundry companies in the Greater New York district. The husiness of these companies is ob 1ained principally from small hand laundries and laundry agents through- out the city, as well as from hotels, steamship companies and manufac- turing concerns. More than per cent of laundry business in and adjacent four ves- THE SUNDAY STAR WASHINGTON, D. 0, SEPTEMBER 5, 1906 PART T MORE PROTECTIONS FOR BANKS BOND SUMMARY FOR THE WEEK 1925 Low. 10129 g9.15 High. 10230 101-1 10119 100-16 121 1039 1011 igh, 874 103% Low, 95 101% 96 101-20 10810 10813 ~—1925— 1926 101 102-; 100- 101. High. 100% 2% L9% 103 8% 110% 108% 83% 105 105% 103% 102% 109% 109% 48% 100% 103% 104% 108% 106% 99% 103% 105% " T Gow. 103-7 108-20 106-9 Treasury 4%s 1947-5! U. S. BONDS. 20 99419 Liberty 31%s1932-47..... 6 101=21 Liberty 1st 414s 1932-47.. 100-13 Liberty 2d 4% s 1927-42 ~15 100-25 Liberty 3d 4145 1928. . 101-29 Liberty 4th 415 1933-33. Low. FOREIGN. 96% Argentina 6s A-95% 100% Argentina 7s 1927. 96% Australian Govt 55 100 Austria 7s1943.. 81% Belgium 6s 1955. 105 Belgium 7%s 1945. 105% Belgium 8s 1941. 81% Bordeaux 6s 1934 100% Brazil 8« 1941 102% Canada 5s 1952. 101% Canada 5%s 1929. 100% Chile 8s 1926. 107% Chile 8s 1941. 107 Chile 8s 1946. 39% Chinese Govt Ry 5s 1951 984 Copenhagen 51%s 1944. .. 98% Czechoslovakia 8s 1951 102 Denmark 6s1942.... 108% Dutch East Indies 6s 1947. 103% Dutch East Indies 6s 1962. 921 French Govt 7%s 1941 98 French Govt 8s 1945. 101% German 7s 1949 78% Holland-America 92% Japanese 645 1954. . 100 Jergens Utd Margarine 6s 1947... 81% Lyon 63 1934...... 811 Marsellle 6s 1934 106% Netherlands 6s 1972 734 Paris-Lyon Med 6s 1958. 104% Queensland 6s 1947 i 110% Queensland 7s 1941 4 1007 % 107 6 111 974 Rio de Janeiro 8s 1946..... 102% Sao Paulo, State of, 83 1936 85 Seine, Dept of, 7s. 87 Serbes, Crotes, S| 103% Sweden 6s 1939 102% Swiss5%81946........ 117% United Kingdom §%s 1929 103% United Kingdom §%s 1927 INDUSTRIAL AND MISCELLANEOUS. 103% Amer Agri Chemical 7%s 1941.... 99 Amer Smelt & Ref 1st 5s 1947. 107 Amer Smelt 1st 651942, .. 102% Amer Sugar Refining 6s 1937. 96% Amer Tel & Telcl tr 45 1929 100% Amer Tel & Tel cl tr 55194 101% Anaconda Copper 6s 1953. 102% Anaconda Copper cv deb 7s 90% Armour & Co 4% 1939..... i Atlantic Refining deb 5s 1937. Bell Tei (Pa) ref 55 1948. . Bethlehem Steel'p m 63 1936. Bethlehem Steel s £ 68 1943 Chile Copper 65 1932....... Cons Coal (Md) 1st ref 5s 1950. Cuba Cane Sug cv deb 8s 1930 Detroit Edison ref s 1940 Dodge 63 1941. . . Empire Fuel & Gas 7%s 19 Goodrich (BF) 6%5 1947. Goodyear Tire 8s 1931. Goodyear Tire 8s 1941. Humble Oil & Ref 545 1932 % Indlana Steel 5s 1952... Inter Mer Marine 6s 1941. Inter Paper 5s B 1947... International Tel 55 rets Kelly-Springfield 8s 1931 Lackawanna Steel 53 1350 Liggett & Myers 58 1951 Manati Sugar st 7 Midvale Steel s 1936 New England Tel 55 1952. 115 N Y Edison 1st 6155 1941. 973N Y Tel 4155 1939 107% N Y Tel 65 1941 101% North American 01 9715 Pacific Gas & Elec 55 1942, 9874 Pacific Tel & Tel 5s 1952 103%; Philadelphia Co ref 63 1944. 100 Public Service 6s 1944. 93% Sinclair Oll 78 1937 129 Skelly 6% 1927....0.... . South Porto Rico Sugar 7s 1941.. 103% United Drug 6s 1944. . 91% U S Rubber 1st & ref 53 1947 105% U S Rubber 7%s 1930. 106 U S Steelsf5s1963. o 95 Utah Power & Light 55 1944 105 Va-Carolina Chem s f 7s 194 ‘Western Union Tel 6% 193! €5% Wilson & Co 1st 6s 1941. * RAILROAD. £91 Atchison gen 4s 1935. . 92 Atlantic Coast Eine 1st 45 1952. 89 Balto & Ohio gold 45 1943. 94 Balto & Ohlo cv 4%481933. 9315 Balto & Ohio ref 5s 1995. 1021 Balto & Ohio 63 1929. . §9% B&O Pitts LE & W Va 451941 88 B & O Southwestern Div § cfs 50. 924 Brooklyn Manhat s f 68 A 1963, 117 Canadian Northern 6%s 1946. £0%a Canadian Pacific deb 4s 89% Central Paclfic 4s 1949 977 Chesapeake & Ohio cv 4 92 Chesapeake & Ohlo gen 41381992, Chesapeake & Ohio cv 55 1946 102% 964 99% 865 038 " 1025 Chi B & Quincy 1st ref 5s 1971.... 73% Chi & Eastern 111 gen 58 1951. 641a Chi Great Western 4s 1959, . 481 Chi M & St Paul cv 4135 1932, 90% Chi Al & St Paul gen 4135 1989 484 Chl M & St Paul ref 435 2014. 474 Chi M & StPaul ev 53 2014 111% Chi & Northwestern 85 1936 65% Chicago Railways bs 1927, #74 Chi 11 & Pacific ref 4s 1934 Chi Union Station 4135 1964 Chi Union Station 6% 1963. ... Chi & Western Ind con 45 1952. CCC&StLref 6s A1929, 103% Cleveiand Term 535 1972. . 954 Colorado & Southern 435 1935 888 Cuba R R 53 1952 102% Delaware & Hudson 5%s 1937 85% Den & Rio Grande con 48 1936 62 D& RG West b8 1955. 90 Detroit United 4145 1932 e 1st con 4s 1996. rie gen lien 4s 1996. 68 Erlecy 4s A 1953. 734 Erfe cv 48 D 1958 97% Fla ECH8T4. .. S 1067 Grand Trunk s f deb 65 1936 114% Grand Trunk 7s 1940.. 102% Great Northern gen 5%s 1952. 110% Great Northern gen 78 1936. 92 Hudson & Manhattan ref 58 75% Hudson & Manhattan adj bs 195 102% Tllinois Central 5%s 1934. 62 Inter Rapid Tranyit 5s 1066. 6% Inter Rapid Transit cv 7s 1932 66 Inter & Great Nor ad)j 6s 1952. 89 Kan C Ft Scott & M 4s 1936. 7214 Kansas City Southern 3s 1950 93% Kansas City oSuthern b3 1950 98% Lake Shore 43 192 26 Lake Shore 4s 1931 931 Louis & Nash unified 45 1940. +9% Mil Islec Ry & Lt 1st ref 53 61.... 102% MStP &S S M 61451931, 84 Mo Kan & Tex 1st 45 1950, 0t Mo Kan & Tex adj bs 1967. Mo Kan & Tex pr In bs A 1962. Missouri Pacific gen 48 1975 N O Tex & Mex inc bs 1935..... New York Cent deb 4s 1934. New York Cent ref imp 68 201 New York Central deb 6s 1935 New Haven deb 4s 1957. .. N Y N H & Hcvdeb 651948, N Y Ry 65 1965 N'Y West & Boston 4355 1946.. Norfolk & Western con 4s 1996. orfolk & Western cv 6s 1929 Northern Pacific 3s 1947 orthern Pacific 4s 1997 o 108% Northern Pacific ref imp 65 2047.. 967 Ore Short Line ref 4s 1929 £3% Ore-Wash 1st ref 4s 1961. 94y Pennsylvania gen 4%s 199 102% Pennsylvania gen 58 1968 111% Pennsylvania 6133 1936. 85 Peoria & Eastern inc ¢s 1990 101% Pere Marquette 1st 58 1950. 9414 Reading 4%s 97. 741 Rio Grande Weste s8% RIATK & L d14s51934... 9% StLIM&SR&G 451933 77% St ', & San Fran prIn 4s A 1950 93 StL & San Fran pr In 53 1950. 99y St L & San Fran 5% 924 St L & San Franadj 6s 195 #2% St L & San Fran inc 6s 1960. 69% Seaboard Afr Line ref 4s 1959 76 Seaboard Alr Line adj 949 91 Seaboard Alr Line con 967 Southern Pacific cv 48 8514 Southern Pacific col 4s 1949 90 Southern Pacific ref 4s 1955 81'% Southern Ry gen 4s 1958 104 Southern Ry 15t 5s 1994.... 112 Southern Ry dev 615 1958. 411% Third Aveadj 5s 1960. 9214 Unlon Pacific 1st 4s 1947 ©91; Union Pacific cv 451927, 9y% Virginian Ry 1st 5s 1962 101% Wabash 1st 55 1939, 49t Wabash 5%s 75. 66% Western Maryland ¢s 1952 957 Western Pacific 53 1946. ; 831 West Shore 1st 45 3361. 101-7 102 100.26 101-7 102-20 .. 108 Prev. week's Closa. -3 101-3 High, Low. 99 104% 103% 118% 106% 104% 100% 1084 103% 99% 1024 103 73% 99% % 103% “Taw 2% 86 Mich. Low. Tast. Yield. 101 4 101-6 329 101-28 10130 3 88 100-22 100-23 3781 101 1026 107-16 18- 3179 102-14 390 318 BANKING INSTITUTE! FACULTY CHOSEN Addison, Booker and Baden New Members of Staff of Instruction. BY EDWARD C. STONE. One of the strongest faculties yet secured by~ Washington - Chapter, American Institute of Banking, has been completed for the coming year and was announced yesterday by T. Hunton Leith, chapter president. Classwork, which begins soon, will be carried on in the new headquarters of the District Bankers’' Association, which have been especlally arranged to meet the needs of the students in banking. The institute educational committee, of which I J. Roberts is chairman, feels that it has been most fortunate in obtaining the services of the following instructors: Institute’s New Faculty. Eliot H. Thomson, LL. D., banking fundamentals, publicity manager, ‘Washington Loan and Trust Co. Raymond R. Dickey, LL. B., LL. M., commercial law and negotiable in-- struments, member of the District of Columbia bar. F. J. Donohue, A. B., LL. B., stand- ard economics and standard banking, instructor in economics, Catholic Uni- versity, member of the District bar. , Willlam A. Deviny, A. M., Ph. D,, accounting, instructor in accounting,’| corporation finance, investments and income tax, Catholic/University. Francis Addison, ¥, credits, vice president Security Sav- ings and Commercial Bank, past presi- dent District of Columbia Bankers’ Association and member of the Dis- trict bar. - Y. 1. Booker, investments, member of the firm of Y. E. Booker & Co., investment bankers. Fernand Petit, public speaking, vice resident Merchants Bank and Trust vice president and secretary Mortgage Bond and Guaranty <Cor- poration. 3 Baden, William H. functions, trust officer, Loan and Trust Co. Three New Men on Staff. While several of the men have al- ready taught successfully at the insti- tute, three financiers, Francis G. Ad- dison, Y. E. Booker and Willlam H. Baden, appear among the instructors for the first time. They are all splendidly qualified for instruction in the courses assigned to them. Fer- nand Petit had charge of the class in public speaking during the last part of last year, but this will be his first full year in the service. Mr. Petit was at one time on the stage and has never lost his interest or ability as a public speaker. The chapter officers, faculty and members of the educational commit- LL. B, trust Washington 17% 86 2% 7214 $8% 8% 07% $5% 13 103% 864 9554 101% 3 99% v6 108% 1874 69 103% 29% T 9315 165% 65% % | his secret of success, which 99% 6 | notes fall due, against which are set tee are to have a dinner at the City Club on September 13, at which plans for the year will be fully outlined and discussed. Stephen 1. Miller, educa- tional director of the national or- ganization, will be a special guest and make the principal address. The courses this year are to be more complete than in the past. Twice as much classroom time will be devoted to some of the subjects as was allotted to them last year. Bankers' Committee Named. Howard Moran, president of the District Bankers’ Association, an- nounces in the current issue.of the assoclation's Monthly Bulletin the full membership of the following impor- tant committees for 1926-19 Commercial activities — Victor B. Deyber, chairman; James H. Baden, B. Agee Bowles, Charles D. Boyer, Robert V. Fleming, Albert S. Gatley, ¥Frank P. Harman, jr., Hileary G. Hos kinson, W. Reginald Lewls, Fred Mc- Kee, W. W. Marlow, Avon M. Nevius, John M. Riordon, H. L. Selby, L. A. Slaughter, Frank J. Stryker, J. Frank White. Law and Addison, Jjr., Fleming, W. Thom. Standardized banking insurance— Lanier P. McLachlen, chairman; L. A. Slaughter, C. H. Pope, Francis G. Addison, jr. Fraudulent securities—Eugene 1. Thompson, chairman; Joshua livans, jr.. vice chairman; Robert V. Fleming, |James D. Leonard, Mdward J. Me- | Quade, John Poole. As already announced, the Bulletin this year s being published in new form, the mimeograph method having been abandoned. The September four-page publication is yery attrac- tive in appearance. President Moran urges member banks to send in all information that will make the of- ficial organ grow in interest and value. Southern Has Year’s Dividends. Detailed _figures taken from the Southern Railway's July report, is- sued a few days ago, show that after allowance for other income and the deduction of fixed charges and pre- ferred dividends the earnings for July were equivalent to $1.55 per share of common stock, as compared with $1.20 for July, 1925. For the first seven months of 1926 estimated per share earnings amounted to $8.17, com- {pared with $6.90 for the correspond- ing period of last year. Southern has already earned well over its full vear's dividend of $7. With the heavy Fall trafc still to come, officials expect that the 1925 earnings of $16.32 per share of com- mon stock, exclusive of the equity in undistributed earnings of subsidiaries, avill be exceeded. New Treasury Financing Soon. | Announcement regarding Govern- | ment.financing incident to September 15 is expected to be issued by the Treasury Department within the next day or two. Consensus of opinion is that it will take the shape of an issue of short- term certificates of indebtedness bear- ing interest at 31, per cent, or pos- | sibly 315 per cent. It is thought that the new certificates may be for nine { months, as June 15, 1927, is an “open date” as regards the Treasury's float- ing debt maturities. There is some speculation as to what the size of the issue may be. On September 15 next $415,000,000 of legislation—Francis G. chairman; Robert V. W. Spaid, Corcoran the income tax installment payments. Bankers expect the Treasury to bor- row between $250,000,000 and $300,- 000,000. Last previous Government financ- ing took place on March 15, last, when the Treasury issued $500,000,- 000 in 3% per cent bonds maturing 1946-56. Ford Gives Away Secret. Henry Ford, for the first time in his busy life, it is sald, has written out em- plified by the Ford Motor Co.'s busl- ness. Naturally that secret is mass production, the principles of which are set down in simple and practical language by Mr. Ford in the new edi- tion of the Encyclopedia Brittanica. s PITTSBURGH, September 4.—The Homestead and Duquesne Works of the Carnegie Steel Co. are operating ‘| roosters doing better at 20. day and night shifts on a seven-day-a- week basis, and information is that they have enough orders to continue at this war-time speed untl gfter the first of the year. AGAINST FRAUDS ARE NEEDED Even Close Espionage and Bonding Com-~ panies Are Frequently Proved Inade- quate to Check C BY I. A. FLEMING. “Eternal vigilence is the price of liberty.” It is also the price of a rec- ord as a successful banker. Bankers have a saying, ‘‘You have to trust some one,” coupled with “You cannot perfect a plan to beat a crook it one of your trusted men goes wrong."” 1t is also true that crooks and com- mon frauds are working night and day on schenges by which they may induce a bankédr to part with the circulating medium, and that thousands of at- tempts are being made all over the country to get something for nothing. ‘And to protect themselves against the ever-present danger the bankers lean hard on the bonding companies and the latter exact a heavy fee for their guarantee. Lesson Is Lost. It doesn’t matter that the discovery of the peculations of a trusted em- ploye, honored with the confidence and respect of his assoclates, leads to com- plete disgrace, prison, loss of friends, traversing alleys instead of sidewalks, dodging in haliways when an old friend is sighted, mental and physical agony and perhaps a suicide’s grave— the lesson is entirely lost on others similarly inclined. Discovery is sure— always there is a slip-up and then ex- posure—then police and bonding com- pany. Bonding is a costly matter, so much sp that one of out leading trust com- panies has undertaken self-insurance on forgeries perpetrated by outsiders, while covering all their employes un- der a big blanket mortgagy. Asked how the scheme ‘worked, an official of the company answered: “Fine: we have a good balance in the fund for future use. Furthermore, I believe if the bankers of Washington would club together and underwrite their own losses, it might be an excel- lent business venture and the saving, as compared with the bonding charges would be an appreciable aid to every sank.” Might Try It. Bankers, as a rule, do not feel like getting out from under the perfect bonding shield—they sleep sounder nights because of it, but if it was dem- onstraged that it could be done with perfect safety, they might give it a test. o Local bankers are doing many things these days of co-operation that are resulting in benefit and actual gain. They are eliminating unprofit- able accounts, imposing checking charges on too active accounts with- out the required compensating balance and eradicating check kiters and other similar pests. Some of the latter die very hard. protesting. promising. etc., but they die just the same, when they attempt to form connections with another bank and find that their reputations have preceded them. Not Covered by Bonds. A series of forgeries were uncavered in the trust company underwriting losses itself, that will cost a few hun- dreds of dollars. A woman presented a check for a small -amount—about $40—but the teller not knowing her asked for iden- tification, but not being able to give it, she was referred to one of the of- ficials and obtained his O. K. to the check, which was thereupon cashed L.+ omoes direct. by the teller. ‘Later she appeared with another check signed by the same depositor, and later developed a scheme to glut the account before the bell put a stop to it. The account became overdrawn. Notice was sent to the depositor, which brought him to the bank in short order with an emphatic protest, with the statement that he had sev- eral hundred dollars to his credit. His checks were brought out: the signa- ture in every case perfect, but only that on the first check genuine. After- ward the other signatures were cere- fully and ably traced. While the matter was under con- sideration the paying teller reported rooks—Examples. that the woman had just presented another $200 forged check. She was detained and the police were notified. She was then exam- ined, but showed no evidence of fear or recognition that she had done any- thing wrong. She was plainly doped, almost stupid, and was being used by the payee of the original $40 check. The matter is in the hands of the law, but the bank may charge the loss to itself. Not Under Bond. If a man can obtain a bank’s money on his own check on the bank when his account does not warrant it, the bonding company is not responsible. Some customers go wrong after many years of doing a regular upright busi- ness, through various circumstances. Checks have been promp#ly credited to their accounts when deposited and they are permitted to use them as cash. If returned “not sufficient funds,” the bank is not protected by bond. Rates of insurance against hold-ups have become very heavy recently and a few of the larger banks are protect- ing themselves in this respect. All checks and moneys in transit, securities, etc., are intrusted either to the registered mail or express, heavily insured. A recelving teller in the savings de- partment of a local bank put over a tough fraud some time ago, one that left suspicion on himself and an inno- cent bookkeeper. This teller was not ambitious, but was satisfied to steal the deposits of one client of the insti- tution. He did it this way, receiving the deposit slip -vith the amount of the savings, following the usual habit of entering the sums deposited on the bank book and initialing each record in the pass book, so as to indicate that he personally had received the deposit. Instead of following the regular order and putting the deposit slips on the spindle where they woul reach the bookkeeping department, the teller simply tore them up as fast as they came in. The pass book when left for bal- ance disclosed the fact that the client had very little to his credit. Then came the climax. g The president was called in and the teller closely questioned. He ad- mitted that he had peceived the de- posits, as his initials established. Ye: he remembered a number of them, but could give no reason why they had not followed the usual course to the bookkeeper and been credited on the records. The bookkeeper handling their spe- cial account was utterly in the dark | as to why the slips of deposits had ! not reached him, but averring posi- tively that they had not. - Tt would have been an injustice to have made a charge against cither, as it could not be substantiated. The honding company was called in, made its investigation but made no progress with the matter. The losses, Were paid, but further bonding of the recelving teller in the case was refu ed, so that despite his clevernes Justice, in a measure, found its mark. Making a Profit. Washington is_again in the New York stock market heavily, “and a goodly part of it does not originate in the brokers’ and investment bank- investors who pre- banks relieve them assuming it There are many fer to have the of ‘all responsibility by themselves. Hence they give their orders to their bankers, who in turn phone it to the broker who will for- ward it to New York, buy the stock, and make the delivery. The banker then sends it or has it sent to the transfer office, regis- tered and insured, has it transferred as requested by the buyer, and re- turned to the bank, where it is con- signed to a safe deposit box. it is not the habit of the bank to charge a commission for this serviee, which would be against the rule of | the New York Stock Echange. but a service charge is made plus expenses. Baltimore Markets | ! BALTIMORE, ptember 4 (Spe- clal.—With receipts of native and nearby eggs running very light, and the demand showing more life, there is little trouble to place desirable stock at full quotations. and even better where the offerings are of first quality and grade. Market firm with values higher at 37 cents a dozen for firsts in free cases, an increase of 5 cents a dozen over opening quotations Monday, and buyers are quick to clean up this character of stock. Prompt and liberal shipments are ad- visable after Monday, Labor day. With the exception of Spring chick- ens, which are in liberal receipt, the live poultry rules steady under a fairly active demand for stock show- ing quality. Large fat old hens are in especially good demand by the Jews for their holiday next week at 27 to 30 cents a pound, and this class of stock has been in light receipt the past week. Small hens should be fattened be- fore shipping, as they tend only to lower the values of other stock and will not bring over 20 to 25, while Leg- ‘horns sell mostly 20 to 22, as to size. Large fat Springers, 2 pounds and over, brnig 27 to 30, but smaller fowl are slow sale at 25 and 26 and Leg- horns are easy at 23 to 6. Old Market is steady on ducks of the better sort, there being no surplus of this kind which sells 25 to 27, but small and poor are not wanted, even at 15 and 20. Demand for guinea fowl continues very good with receipts light. and young stock 1% poundsand over sells readily at 75 each, but smaller will not bring over 50. Pig- eons are in fair demand at 20 to 30 a pair. Produce Quotations. The white potato market rules slightly easter again under continued liberal receipts. For well graded stock there is a fair dtmand, but ungraded and No. 2 stock not so desirable and all offerings of such move slow even at the sharp differences in quota- tions. Barrel stock selling 3.5083.75; run of the patch, 3.00a3.25, and No. 28, 1.50a1.75, while sacks bring 1.25a1.75 hundred pounds and 3.50a3.75 for graded 150-pounid sacks. Sweet potatoes and yams also in more liberal receipt and the market has an easy tone under only fair de- mand. To bring full quotations offer- ings must grade No. 1, and anything of off , small or irregular qual- ity is slow to find favor. All No. 1 sweets bring-3.75a4.50 barrel, and 2.00a 2.50 for No. 2s. Yams, 3.00a3.50 for No, 1s and 1.60a2.00 for No. 2s, while No. 3 sweets and yams are: neglected at 1.00a1.25. ‘Native and nearby garden truck in| fairly liberal receipt and, with demand good, the market rules steady to firmer on most lines at the following quotations: Stringless beans, 1.25a1.50 bushel: Deets, 2.00a3.00 hundred: cabbage, 2.00a4:00 hundreds; carrotts, 3.00a 5.00 hundred; sugar corn, 15a25 demand prevails at 50a1.75 bushel and eggplants, 65a75 basket; onions, 1.00a 1.75 hundred pounds: peppers, 25a30 basket; savoy cabbage, 50a60 bushel; lima beans, 3.00a3.50 bushel 40a60 basket, and tomatoe: basket and 75a90 bushel for stock. Cantaloupes_continue in liberal re- ceipt and market rules y at 25a65 basket and 40al.25 crate. Peaches also plentiful and only fair demand at 35a75 hamper, while water- 35265 basket. Nearby pears in good demand at 35a75 hamper; while water- melons aré plentiful at 30.00a35.00 hundred for extra selects, 15.00a.2: for selects and 5.00a10.00 for primes; culls not wanted at any price. Live Stock Values. The general live cattle market shows little change from last week. Receipts* continue light on the wharves and also at the stock vard. Demand falirly good for all top grade cattle, but under grades move slow” at low and irregular prices. Handy-weight choice veal calves are in good demand, but rough and poor stock are not wanted. Spring lambs also in good demand, but poor lambs and rough sheared sheep are hard to place. Quotations today at Light Street wharf—Beef cattle, first quality, pound, 8 to 9: common to medium, pound, 5 to 7; bulls, as to quality, pound, 4 to 6. Cows, choice to fancy, pound. 5 to 6; common to fair, pound, 3 to 4. Oxen, as to quality. pound. 4 to 6 milk cows, choice to fancy, head, 50.00 to 75.00; common to fair, head, 30.00 to 50.00. ’ Calves, veal choice, pound, 14 to 14%3: ordinary to medium, pound. 11 to 13: rough and common, pound, § to 9: small culls, pound, 7 to 8. Sheep, choice, pound, 6 to T7: old bucks, pound, §_to 6; common. pound, 3 to 4: lambs, Spring choice 1414 to 15; fair to good pound 11 to 13; common thin, pound, 8 to 10.. Hogs, straight, pound. 13 to 14; sows, pound, 10 to 12; stags, pound.; 6 to §: old boars, pound, 4 to 5; live pigs, pound, 18 to 20; shoats, pound, 16 to 18. MUCH TOBACCO SOLD. 40,227,166 Pounds Disposed of in Georgia Market This Year. ATLANTA, September 4 (#).—An aggregate of 40,227,166 pounds of bright leaf tobacco was sold in Georgia this season -at an average price of 23.59 cents a pound, for a total value of $9,488.269, it was announced today in the official warehouse report to the Georgia Department of Agriculture by the United States Bureau of Agricul- tural Economics. The report stated that approximately 1,000,000 pounds of this total was producea outside of Georgia and that this poundage would reduce the total value about $236,000 to get the State’s net returns. G L STEEL FIRM SALE. NEW YORK, September 4 (#).—Re- ports have reached Wall Street that the sale of the Cleveland Steel Co. to another steel company is under nego- tiations. The plant was bought the Rockefeller Foundation in 1916. am a good m to connect with some one who wants a real private or execu- tive secretary. 12 years’ expe- rience. Address Box 2. DEMAND FOR STEEL NOT FALLING OFF Good Business in Sight—Cop- per Activity Increases. Tin Goes Higher. Cigarettes An exceptional opportunity is pre- seuted to shace in the large pramie of the cigarette industry. The in- crease in the use of cigarettes is tremendous. Profit of 30% can be realized from large and small amounts. Rigid investigation in- vited. Detalls on request. Address Box 93-V, Star office. By the Associated Press. NEW YORK, September 4.—The steel market during the past week was again quite active,\ and, despite the phenomenal actlvity during the Summer months, there were no evi- dences of any falling off in the de- mand. There has evidently been no accumulation of supplies and, with good business in sight from railroads and automobile manufacturers, as well as for steel products generally, the trade feels very optimistic re- garding probable developments dur- ing the Fall months, and prices were steady. Pig iron was more active in the East, with shipments large, although forward buying continued quiet. Recent reports of increased activity and a firmer tone in the London mar- ket brought in a little domestic buy ing of copper early in the week. Offerings previously pressing for sale were absorbed or withdrawn, and some business was placed on _thq basis of 14% cents for eclectrolytic delivered. The demand tapered off later, while there were reactions abroad followed by rumors of small offerings here at concessions toward the end of the week, but producing interests generally were said to be holding for full prices in anticipa- tion of a renewed demand after the holiday. Tin advanced further on the de- crease of 425 tons in the world’s vis- ible supply, with consumers fair buy- ers, although at. the 66-cent level for prompt straits there was some selling for a reaction. Lead was steady and unchanged. Consumers are providing for a con- siderable part of their future require- ments, notwithstanding weakness abroad. Zinc was steady, but demand was not very active, although consumers were requesting quick delivery on previous orders, while producers were not offering very freely. ‘Antimony was firmer, with a better demand from dealers, promoted by the firm Chinese market and reports of renewed disturbances there. PRICE OF SILVER. NEW YORK, September 4 (#).— Bar silver, 61%; Mexican dollars, We Will Loan at 54 % Economic Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Ave. M. 475 FIRST MORTGAGES FOR SALE o7 6%2% THE F‘}I '{)‘r !Bfl:fill‘\' 1 TORS BUY In denominations of $250, $500, $750, $1,000 and upwards, se- cured on improved real estate situated in the District of Columbia. JAMES F. SHEA 643 Louisiana Ave. N.W. LOANS We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of inter- est. Should you have Money to Invest —ave can also take care of you. Our experience, ex- tending over a period of Thirty-five Years —insures your protection. Percy H. Russell Co. 926 15th St. NW. Cities Service Company ||| oReeeRReRETRRRERRERT & @;rw 803 Wilkins Bldg. Main 6189 E who builds for himself a Secure Financial Surplus in- sures not only his own future happi- ness, but the success and happiness of his WE FINANCE —all classes of income-producing property | Large Loans a Specialty | family. Current int. rate and commission Higbie & Richardson, Inc. First SIS : Mortgage WE PAY MORE INTEREST Investmen ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain . 9| Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 R. GOLDEN DONALDSON, PRESIDENT Annual Return 6% % Mortgage Investment Dept. (SHARNGN & TUCHY) 713 14th St N.W. Main 2345 . P RRREERR VR IeERRRE The New York Life Insurance Company First Mortgage Loans On Tmproved Real Estate in the District of Columbia and Nearby Suburbs Montgomery County, Maryland 3 Years, 5 Years, 10 Years 5%% RAanNDALL H. HAGNER: & COMPANY TIncorporated. MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Office Buildings Homes Business Properties Apartments WHAT IS THE GAIN OF INVESTMENT? Primarily it is absolute prin- cipal protection. But a strong box can- accomplish that. So interest yield is the secondary consideration. To gain attrac- tive interest without in any way impairing principal safety is the accomplishment of truly desirable securities. Tt is ac- complished with the added surance of thoroughly experi- enced management in our. A Third of a Century Without a Loss 6v2% FIRST MORTGAGES - B. F. SAUL CO. Main 2100 925 15th St. N.W.