Evening Star Newspaper, October 10, 1926, Page 45

FINANCIAL, INTEREST CENTERS IN FOREIGN BONDS Hamburg Loan With Low Rate Attracts Attention in BY BYRON SELLER. i NEW YORK, October 9.—The event | of the week in the investment market ! wag the renewed interest in European | government bonds following the offer- ing and sale on this side of the state | of Hamburg loan with a coupon rate ! lower than any German bond sofd here since the war. ' The amount of the offering was comparatively smail. $10,000,000, but the interest rate and the price were more favorable to the borrower than any of its predecessors. In fact, there are only a few continental European dollar ioans of countries participunt in the war with 6 per cent coupons. The French cities of Bordeaux. Lyons and Marseilles have a 6 per cent bond, hut that was put out in 1919 when the French financial difficulties were not commonly foreseen. There is a Bel- gian 6 per cent loan, offered in 1925, but that was originally marketed at a discount of 4 points greater than the new Hamburg offering. Testify to Germany's Credit. Each successive German bond issue testifies to the improvement in Ger- many's credit with American in- vestors, and each incident of this kind has heen followed by a corre- sponding marking up of the older German oblizations. That is what happened this week. Three or four of these sold this week at the highest prices in their history, and there was active trading in all of them. To a very moderate degree. feeling extended to other foreign bonds. The French railway loans probably re- eeived more attention than any other group. French government obliga- tions themselves ruled practically un- changed and so did the Belgian issues, notwithstanding cabled reports that a decision had been reached to sta- bllize the Belgian franc at approxi- mately its present value with relation 10 sterling. In this connection a large new loan was mentioned as a necessary prelim- fnary to stabilization. Tt will be in- 1eresting to see. if and when this new financing is affected, whether it can he done on any better basls than Bel- gian bonds are now selling. As a mat- 1er of fact. our market makes little distinction as far as the dollar bonds mre concerned between Belgium, which has ratified the refunding war debt reement with the United and France, which has not. es the matter of currency sta- bilization seem to be much of a fac- tor, although doubtless any renewed collapse in French francs would be re- flected in the French bond list. Looked On With Misgiving. Coming back to Germany, the ease with which loans for German prov- Inces and municipalities are floated is not looked upon without misgivings in certain quarters. For instance, = the Midland Bank Limited, one of the larzest of the British Institutions, in a review published this week, takes the position that these large foreign horrowings may impair Germany's abllity to meet the Dawes plan re- quirements during the next few.years. It points to the difficulties in the way of curing exchange to meet the ntly mounting service on these foreign loans at the same time that transfers on veparations account are increasing. No one hag ever offered a convinc- ing answer to this question of how the exchange obstacle Is to be over- come, but bond buvers are not dis- posed 1o borrow trouble on that score now. Th simply a reviving Ger- many. tive return on Ger- secu and a ready market for German dollar bonds. That is enough for the present. Outside the foreign list, trading in been very dull. ice is just about where week ago. Large institu- buyers, which are the main tional support of the market 90 per cent of the time, are inclined to hold off, and traders find scant pickings in fluctua- tons as small as lately. Comment is over again in the Str easier it is to interest an investor in a new issue than a seasoned one. This is good for the bond salesman, and he ix making the most of it, but it is not to the liking of the old-time trader. they have been heard over and et on how much Silver At Low Mark. The factors that govern the long range ngs of the bond market | present no new aspect, unless it be the outlook for ~commodity _prices. | Silver has made another new low and. while specific reasons can be : xigned therefore, most of them con- nected with currency re-organization in India, attention has again been called to the fact that in the past de- pression in the price of silver has heen coincided with or preceded gen- eral commodity price decline Any effect upon the general level of hond prices is apt to be experienced %o gradually that only an academic interest is taken in the subject now, but it is a point that ought not be overlooked. If we ave in for a long period of falling commodity prices, no matter how slowly. there can be no perma- nent reaction in the highest grade of investment bonds . CHICAGO LIVE STOCK MARKET CHICAGO. October 9.—Hogs—Re- ceipts. 5,000 head: desirable hogs, 200 pounds up, generally 10 to 15 lower: others mostly off: top. 13.80; bulk desirable 170 to 230 pounds. 13.25 | 3 no finished R13 practically 6 to 300 pound butchers off most | packing sows mostly 10, de- | mand for light lights very narrow: |l liberal supply held over for Monday; shippers took 1.500 head: estimated | holdover. 6,000 head: heavyweizht | hogs. 50a11.80: medium, 13.258 1385 light, 12 85a13.85: light light, 11.75813 packing SOWS, 10.25a 12.00: slaughter pigs. 11.00a12.25. 7 Cattle—Receipts, 1,000 head: week's offerings near 90000 heud: no depend. | able outlet lute for tat steers and vearlings: carvy-over liberal: price | decline nneven: mostly 75 to 1.00: | some late sales more: fat she stock | weak to 30 lower; bulls steady: veals | to 50 lower: - and heav Sheep—Receipts. 5,000 head: run} largely direct: odd loads of natives steady to weak: around 14.00; culls sluggish: for week: 15400 head di- rect and 254 doubles from feeding sta- tions: fat lambs closing 75 to 1.00 higher; sorting lighter: cull native | lambs and best yearling wethers mostly 1.00 higher: sheep strong to mostly 25 higher: feeding lambs around higher: week's top fat range lambs, 14.60: fat native lambs, 14.76: fat vearling wethers, 11.50: fat ewes, 7.25: range feeding lambs, 13.85 YOUNGSTOWN SURPLUS. NEW YORK, October 9 (#), Youngstown Sheet and Tube Co.'s third-quarter operations are expected 10 strengthen its cash position by $6.500,000. Surplus after dividends for the quarter is estimated at $3.250.- 000, and. in addition. $2.250.000 of new money is avallable for charges. BOND SUMMA 102 ——1926—— High, High. Low. Lew. U. S. BONDS. Righ. Low. Last. Yield. 10129 99 15 101 20 99 19 Liberty 315s 1932-47 100 18 100 10 100 17 3 40 10230 101 1 102 26 101 21 Liberty 1st 43,5 1932-47.. 101 28 101 21 101 25 392 10119 100 18 100 31 100 18 Liberty 2d 434s 1927-42.. 100 21 100 13 100 18 3 87 1021 1011 101 16 100 25 Liberty 3d 43is1928..... 1015 1012 101 5_ 366 1039 101 20 103 7 101 29 Liberty 4th 41,5 1933-38. 102 6 101 30 102 6~ 392 10810 104 13 108 20 106 9 Treasury 4%s 1947.52.... 107 28 107 18 107 25 372 19— _—1926—— Prev. week's High. Low." Righ. lLow. FOREIGN. Close.” High. Low. Last. 97% 95 100% 96'% Argentina 6s A-1957. ‘ 103% 101% 102% 100% Argentina7s 1927 00% 976 96 99% 96% Australlan Govt b 101% 93% 103 100 Austria 7s 1943. 88% 83% 87% 81% Belglum 65 1955 104% 1037 103% 110 « 110% 51% 834 104% i 96' 89 _ Ti2i 104 87 {108 183 1 92 8214 | 1045 113 96 Bd% 16% 59'% 73" B4 9. 100% 106% 34% 1 1 1 1 1 1 1 1 1 1 1 107% Detroit Edison ref 631940, Belglum 7135 19 4 Belgium 8s 1941 Bordeaux 6s 1934. 4 Brazil 83 1941.. Canada bs 1952 Canada 5%s 19 Chile 88 1926..... Chile 85 1941 Chile 85 1946. .. Chinese Govt Ry bs 1951. . Copenhagen 5158 1944 Czechoslovakia 8s 1951. Denmark 6s 1942 French Govt 7135 1941. French Govt 8s 1945. German 7s 1949. ... Holland-American s 5 Ttaly 78 1951 Japanese 6148 1954. Jergens Utd Marg: 5 Netherlands 65 1972 Norway 5%s Paris-Lyon Med 6s 1 4 Poland 8s 1950. . Queensland 65 1947. 4 Queensland 7s 1941. Rhinelbe 7s Rio de Janeiro 85 1948 Suo Paulo, State of, 85 1936 Seine, Dept of, 7 Serb, Croats, Sl Sweden 63 1939.... Swiss 5138 1946. . United Kingdom 55 192 United Kingdom 615 192 INDUSTRIAL AND MINCELLANEO 03% Amer Agri Chemical 7335 1941... 104 99 Amer Smelt & Ref 15t 65 1947.... 100% 100% 100% 100% 07 Amer Smelt 1st 65 1942. . 108% 108% 108 108% 02% Amer Sugar Refining 6s 19. 104% 104'5 104% 104% 967 Amer Tel & Tel cl tr 4s 1929. 97% American Tel & Tels f bs 01'% Anaconda Copper 6s 1953 02% Anaconda Coppercvdeb 7s 90's Armour & Co 4135 1938.... 99% Atlantie Refining deb 58 1937 101 101 101 100% Bell Tel (Pa) ref 5s 1948. . 102% 102% 101% 102 92% Bethiehem Steel p m 6s 1936. . 97% 98 97 98 95% Bethlehem Steel s f 65 1943 100% 101 100% 100% 105 Chile Copper 6s 1982, ...., 1064 106 104% 105% 7812 Cons Coal (Md) 1st ref 5s 1950 83 83 82! 82% 92%a Cuba Cane Sug cv deb 8s 1930, 99 99 97 9T 92% Dodge 65 1941. 01'; Emplre Fuel & Gas 7% 04 Goodrich (B F) 6%s 1947 09% Goodyear Tire 8s 1931. 19% Goodyear Tire §s 1941 018 Humble Oil & Ref 535 1932 02% Indiana Steel 55 1952....... 84% Inter Mer Marine 65 1941 91% Inter Paper 5s B 1947 107 International Tel 6 ri 109 102% Kelly Springfield 83193 104% 96% Lackawanna Steel 63 1950. 99 102% Laclede 5355, ....... . 103% 96% Manat! Sugar s {7125 194 99 93% Midvale Steel 55 1936. . ... 96% 100% New England Tel 5s 1952 101% 115 N Y Edison 1st 633 1941. 116% 104 NYGasELHG&P os 1943 105% 97% N Y Tel 41481939..... 98% 3 N Y Tel 65 1941. 108% 101% North American Edison 6s 103 97% Paclific Gas & Elec 5s 1942. 99% 98% Pacific Tel & Tel 55 1952 100% 103% Philadelphia Co ref 65 1944 104% 100 Public Service 6s 1944. 103% 93%_Sinclair Oil 7s 1937. . 9% 7y % Sinclair Crude Oil §s. 100% 148% 129 Skelly 633 1927.. 184 107% 108% United Drug 6s 1944. 106% 95 91% U S Rubber 1st & re 93 108% 106% U S Rubber 7% 195! 106% 107% 106 USSteelsf5s 1M3........ 106% 99% 95 Utah Power & Light os 1944. . 97 90 56 Warner Sugar 7s 1939 59% 113% 111 Western Union Tel 61,5 19 111% 101 95% Wilson & Co 1st 65 1941... 98% RAILROAD. 93% 891 Atchison gen 45 1935 91 95 92 Atlantic Coast Line 1st 4s 19 93% 9213 89% Balto & Ohio gold 4s 1943, 91 97% 94 Balto& Ohiocv 4351933 96% 98% 93% Balto & Ohio ref 53 1995. 974 103% 102% Balto & Ohlo 681929...... 103 92% 89% B&OPittsLE& W VA 4s 91 102 B & O Southwestern Div 3x cfs 50. 100% 100% 100 100% 98 92% Brooklyn Manhat s f 6s A 1968... 96'% 96% 96 96 118% 117 Canadian Northern 6135 1946. 1175 117% 117% 117% 86% 804 Canadian Pacificdebds..... 85 86 91% 89% Central Pacific 451949. ... . 91 91 99% 97% Chesapeake & Ohlocv 4138 1930.. 99 99 98% 98% 97 92 Chesapeake & Ohlo gen 4133 1992. 95% 96% 95% 96% 61% 1% Chicugo & Alton 318 1950. . . 61 61% 60 60% 106'-102% Chi B & Quincy 1stref 55 1971.... 106% 105% 105% 105% 79% 3% Chi & Eastern 11l gen 581951. 7% 78% 11% 18 707 64% Chi Great Western 43 1959. 68 B6% 484 95 90% Cl w 1117 Pennsyivania §'zs 1936. ... 2 42 35 Peoria & Eastern inc 45 1990. 39% 40% 40 404 104’5 101' Pere Marquette 1st as 1950. 02% 102% 102% 102 98' 94l Keading 4135 9 S 9T 98 9T 971y 86 74's Rio Grande Western cit 4s 19 82% 83 821 82y, 94%s 887 RTArk &L 4151004, 9% 94% 93% 943, 94 89% StLIM&SR&G 4519 ... 9% 92% 9% 92y 84% 77% StL&SanFranprin4sA 1950.. 824% 82% 824 823 99% 93 SUL&SanFranprinssido.... 98 98w 974 9 | 103% 99% St'L & San Fran 5%s B 19 101% 1024 101% 101% 98% 91l St L & San Fran adj 6s 1956 . 98% 9T 97 97y 961 82% Stl & San Fran inc 6s 1960 89% 89% B87% 88n, 96% 69% Seaboard Air Line ref 4 1954 3% 73 124 721 877 176 Seaboard Air Lineadj as 1949, 80% 961 91 Seaboard Air Line con 6s 8%, 967y Souhern Pacific cy éx 1324 Southern ool 45 19407 i 93 90 Southern Pacific ref 4s 1955, 86'a 81% Southern Ry gen 4s 1336, 108 104 Southern Ry st 5s1 1187 112 Southern Ry dev 65% 41% Third Avead;ss 1 4 95% 92% Union Pacific 1st 45 1947, 100 99% Union Pacific cv 48 1927 103% 99% Virginian Ry 1st 55 19 104 - 101% Wabash 1st 531939, 105 99% Wabash 5138 1975 1081 Nurtnern Vacific ref imp 65 2 96'a Ore Short Line ref 4s 1529, . 82% Ore-Wash st ref 4s 1961 9k Chi&N W 43,519 1024 101% 102 Chi & Northwestern 6% s 1936. 111% 1113 111% Chicago Railways 5 1927 1% ‘ Chi R 1 & Pacific ref 45 1934. 91 Chi Union Station 4155 1964 . 97% Chi Union Station 6% 1963 . 18 Chi & Western Ind con 4s 135, 86% 103% 102% C C C& St L ref 6s A 1929. 103% 108% 106% Cleveland Term 5%s 1972 107% 9715 Yo% Colorado & Southern 4% 1935 96% 2 88% Cuba R R 55 1952... 96 95 95 122%x 108% Del & Hud cv 5 1935. 119% 113% 1131 105% 1027 Delaware & Hudson &'%s 19 105 103% 1033 91 85% Den& Rio Grande con 4s 19 90 89% 90 78 62 D& RG West 5s 1 70 68% 69% 96 Detroit United 4%s 19 94 9% 94 80% 74 Erle 1st con 4s 1996. 9% 9% 79% 72% Erie gen len 45 1996 1% 7% 7% 71 Erfe cv 48 A 1953 %% 6 5% 85 Eris cv 4s D 1953 83% 82% 82 100% Fla EC5s74.. £5 9815 97% 97% 108 106% Grand Trunk s f deb 65 1936. 106% 106% 106% 1163 114% Grénd Trunk 7s 1940...... 102 102% Great.Northern gen 5,5 19 115 110% Great Northern gen 7s 1936 993, 92% Hudson & Manhattan ref 55 1957. 96 82is 6% Hudson & Manhattan adj 55 1957. 81 104% 101% Illinois Central 5%s 1934 . 102 102% 102 102% 75% 62 Inter Rapid Transit 5s | 0% 1% 69% 71% 97% 85% Inter Rapid Transitcv 7s1932... 94% 96% 94% 9514 83% 66 Inter & Great Nor ad) 65 19 80% 80% 79 79u 93 89% Kun C FtScott & M 4s 1936 9% 92 9% 91y 76 721 Kansas City Southern 3s 1950. 2% 2% T2 725 . 991, 93% Kansas City Southern 5s 1950. 97 97% 9T 975 99% 98% Lake Shore 4s 1928...... g - 98 96% lake Shore 43 1931. .. . 95 93% Louls & Nash unified 45 1940 110% 106 Louis & istref 6 5 98¢ 89% Mil Elec Ry & Lt Ist ref 55 61. 104 101% M StP&SSM6%s1931.. 87% 84% Mo Kan & Tex 15t 45 1990. .. 95% 90t Mo Kun & Tex adj 63 1967 . 1035 96% Mo Kan & Tex prin 5s A 191 74l 66 Missouri Pucific gen 4 1975 100% 96% N O Tex & Mex inc bs 1935. 96l 94'% New York Cent deb 4s 1934 106% 101% New York Cent ref imp 5s 2013 108% 106% New York Central deb 6s 1935. 70 58 New Haven deb 4s 195 104% 97% N Y N H&H cvdeb 6s 1948 . 32% 207 N Y Ry 651965..... i 26 21 24 27 78% 69 N Y West & Boston 4148 1946 6% T68% 76 7615 93% 9 Norfolk & Western con 45 1996... 91% 91% 914 911 166 138% Norfolk & Western cv 65 1929.... 166% 162% 162% 1621 61% Northern Pacific 3s 1947 86'« Northern Paclfic 4s 1997 Pennsyivania gen 4158 1965 Pennsylvania gen bs 1968 Youthful Mead of Radio Cor- poration of America Has Bright Outlook. Started Career as Penniless Russian Immigrant and Has Accomplished Wonders. BY M. S. RUKEYSER. The average American, it seems, may soon be able to sit leisurely in his parlor and observe on the screen events that are at the same instant taking place among lion’ hunters of South Africa or explorers near the North Pole. Radio, which has carried the human voice across a continent, may, before long, enable Americans who stay at home to watch their relatives tour through Europe. These seemingly fantastic expectations are based not on the vague dreams of an impracti- cal visionary, but on the anticipations of the active general manager of the Radio Corporation of America. 1 asked the youthful David Sarnoff, who is one of the main sources of energy behind the giant of baby age of the radio industry, whether sight by radio is scientifically possible. T sought his views as a successful busi- ness man, not as a second Jules Yerne or a craracter who had stepped out of the pages of Aladdin and his won- derful lamp. “Television,” answered Mr. Sarnoff without hesitation, “has been defined as ‘the instantaneous transmission of views of moving objects from one point to another distantly remote.” It is quite a different problem from the tranemission of photographs of still objeots by radlo. Television 1s Possible. “That television by radio is scien- tifically possible already has been in- dicated 1n laboratory experiments. both on this side and across the ocean, during which shadowgraphs of moving objects were transmitted by radio over short distances. “But there is a vast gulf between the results thus far achieved and the perfection mecessary to bring about the day when an American family, sitting by its hearthside, may see by radio, upon a silver screen in the home, the moving picture of an event taking place a thousand miles away. Research, science and mechanical skill must unite before then to con- quer a multitude of physical and mechanical difficulties. “But man has ever reached the goal measured by his capacity, and we al- ready know enough about the prob- lems of television to believe that dis- tant seeing by radio is not only pos- sible, but probable.” ‘Mr. Sarnoff was born in the town of Uzlian, South Russia, five years be- fore the principles of radio transmis- sion were discovered by Marconi, and at 356 Mr. Sarnoff is charged with the management of the leading radio en- terprise in the world. At 15, after working as a newsboy for five years, Mr. Sarnoff found employment at the Herald Square branch of the Postal Telegraph and Commercial_Cable Co. as messenger boy at $6 per week. He was not of the stamp that regards carrying messages as a life work. Within six months he had learned the Morse code and was able to operate a telegraph instrument. When he heard of an opening in the old Marconi Wireless Telegraph Co., which has since formed a part of the Radio Cor- poration of America, Mr. Sarnoff ap- plied for the job as assistant operator, but was taken on only as an office bhoy. Soon after the company was short of operators and tried out Mr. Sarnoff in an emergency. He became a regular operator and rose swiftly to his_present post. Radlio first seized the imagination of the American people when it reported the digaster of the S. S. Titanic, April 14, 1912, Mr. Sarnoff was then a wire- less operator at the Wanamaker re- ceiving station in New York. For 72 consecutive hours he sat at his post with receivers clamped on his ears awaiting further details after the first brief flash that the liner had crashed into a submerged iceberg and had sunk four hours later, with an appall- ing toll of life. Finally a list of the rescued began to come over. Not un- til he had given the world the name of the last survivor did Mr. Sarnoff stagger home to bed. Stimulates Public Imagination. Radio broadcasting in the last five years has stimulated public imagina- tion as nothing has done before. On the business side, it encouraged a mushroom growth of amateur manu- facturers of radio instruments. Over- production and incompetence brought chaos into the new industry. Recently there has been a readjustment, with business drifting to the strong and efficient. I asked Mr. Sarnoff whether the manufacture of radio instruments has been stabilized. n “If by stabilization of the radio in- dustry,” he said, “is meant that stage of progress where the basic princi- ples of the radio art are thoroughly understood, where large-scale produc- tion has been developed, and where efficient channels of distribution to the public have been perfected, radio may be sald to be well on the way toward stabilization. Stabilization be- vond this point may readily mean stagnation. When the day comes that radio will have nothing more to hope from science, from research, or from organization it will be a retrograding art. “Interpreted - from the standpoint of the best achievements in the indus- try, radio as an art may be said to have passed from the theoretical to the practical stage; as a service it is becoming a permanent feature of American life, and as an industry it has already attained sufficient volume and position to make it comparable to some of the leading industries of the country.” 1 next asked concerning the imme- diate business outlook for the radio industry. “Radio, it can be confidently pre- dicted, will reach a higher efficiency in industry, a greater development in art and a larger public usefulness during the 1926-1927 period than in any previous year of its progress. “The radio season this Fall will re- flect the highest achievements of the radio art as developed by the great electrical laboratories of the country. Main Factors of Improvement. “The main factors of improvement that will be evident, I believe, will be: “(a) Improved quality of reproduc- tion, due to acoustical perfection at- tained through recent loud speaker development. “(b) Increased volume, attained with- out distortion, by the use of new pow- er tubes now on the market. (c) Simplicity of operation, includ- ing operation directly from the light- ing circuit, featured in the best tvpe of radio sets offered to the public this Fall.” As 1 listened while Mr. Sarnoff de- » | scribed ‘the mechanical difficulties in this stirring new means of communi cation,, | recalled what Matthew Ar- nold had said half a century ago about the railroads, which were then new and unfamiliar. Mr. Arnold lamented the lack of cultural development in England, and those who attempted to defend existing conditions pointed to the perfection of the railroads. Mr. Arnold replied, in substance, “What good are the railroads if they carry DAVID SARNOFF. you only from one stupid city to an- other?"” The present-day Matthew Arnold might question the utilitv of even so marvelous a force as radio broad- casting, if little can be received through the air except jazz and banal entertainments. I discussed this subject with Mr. Sarnoff, asking him what are the cultural possibilities of broadcasting and particularly what improvements in subject matter he advocates. “The very essence of broadcasting is made communication,” explained Mr. Sarnoff. “It thus offers a vast field of cultural and educational in- fluence. “The problem, however, of how to use this new and great medium of communication for the best educa- tional and cultural purposes chal- lenges the imagination. Already some of our great universities are alive to the tremendous opportunity for education influence that radio offers. [ look forward to the day when the board of education of every metropolitan community in the United States will include in its activities a special extension course to be broadcast by radio. Lectures on household economics, child wel- fare, public health and other topics are program features still subject to systematic development by radio.” Changes Are Swift. Radios are perhaps the swiftest changing applied science. Improve- ments follow one another with such rapidity that the equipment of today is likely to be obsolete tomorrow. 1 asked Mr. Sarnoff to indicate what are the next steps in radio advancement, With characteristic definiteness, he indicated that the following six de- velopments are at the forefront of the immediately practical improve- ments which may be expected: “(a) Simplification of radio receiv- ing sets to the point where the mini- mum of servicing of the equipment in the home will be required. This involves progressive improvement in battery sets as well as in the re- celving devices which operate di- rectly from the lighting circuit. *“(b) Vacuum tube and loud speak- er development to the end that the greatest perfection may be attained both in the reproduction of the human voice and of instrumental | music. “(c) Improvement of high-power broadcasting transmission, as well as progress in short-wave transmission, with the end in view of solving the problems of ‘static,’ ‘fading’ and ‘in- terference.” Moth lines of development are necessary to insure the highest | possibilities of broadcasting service. **(d) Progress in the direction of in- ternational broadeasting. The mech- anisms of & broadcasting system that will enable us to send and receive programs from across the seas are engaging the attention of engineers both here and abroad. “€) Improved picture transmission by radio. Development now proceed- ing along this line promises much further progress. “(f) The utilization of radio devices in other industries—notably in the moving picture industry, where the synchronization of sight and sound | promises interesting developments.” ‘Will Supplement Cables. There has been some fear among | lay investors that the new competition of the radio might eventually drive cable and telegraph companies from the field. As to this, Mr. Sarnoff declared: I believe that cables and radio will continue to develop technically as well as commercially, and that these two methods of international commu- nication will supplement rather than supersede each other. “America’s position as the center of world-wide wireless is due pri- marily to the development of a single transoceanic radio communication system in the United States. For international communication is a two- way circuit. Transoceanic communi- cation abroad is either under gov- ernmental or unifled control. The best way to have destroyed the pri- macy of our own position was to permit European countries to dic. tate to us their terms of communi- cation, as they would have been able to do it there were two or three radio systems on this side, each com- peting for the traffic of a single sys. tem from abroad. The best way, in fact, to have impoverished or even destroyed our system of international wireless communication was to have divided the limited international trafc among numerous stations on this side none ra proll!mbly could afford to operate “Far from being a mon i international communlcalion‘ofl?:v lr:x" mation of the Radio Corporation of America gave the first real competl- tion offered to cable communications. The Aimost immediate result was a reduct i a res mefinph eduction in transoceanic “The public has been { 5 ary in the ‘present competition. ba: o an; !(o‘n yatado ,and cable communica- Ve then discussed financia ters, with special 'referem'g“:nm(ah; e:;nlt;ls prospects of the Radio Cor- P ton of America for the current ...“In general,” Mr. Sarnoff rems I may say ‘that the prospeces s very encouraging, but I am not able to answer your question specifically Corporatign. G Dou©f the Radig B o Serporalid predict its future Mr. Sarnoff is of u i has dark hair and a"‘i‘ié.‘.‘:?h?"ci',’.t: plexion. - He is modest in spite of his rapid and spectacular rise and youth- tul in his ways in spite of the weight of heavy responsibili o e ponsibilities on his (Copyrizht. 1926, . DIVIDEND DECLARED. | NEW YORK October 9 (#) Fuel Corporation declared a dividery of 16 23 cents on the stock repre- sented by certificates of deposit issued by the Union Trust Co.. to be distrib- uted November 15 to holders of record October 30. More than 98 per cent of Ohio Fuel stock has been deposited for exchange into stock of the new Columbia Gas & Electric Corporation, and the dividend today makes dlflvl- THE SUNDAY STAR, WASHINGTON, D. €. OCTOBER 10, 1926—PART 1. RY FOR THE WEEK |SARNOFF THINKS “TELEVISION" _PROBABILITY OF NEAR FUTURE DEMAND FOR STEEL SHOWS DECREASE Production Well Maintained and Outlook Is Good for the Winter. By the Associated Prese. EW YORK, October 9.--The de- mand for steel was slightly less active in some descriptions during the past week. Production, however, was well maintained and producers were gen- erally quite confident of a continua- tion of good business throughout the ‘Winter. At the same time, the re- action in the stock market and the big break in cotton were considered possible adverse factors in the eco- nomic situation. Pig iron was moder- ately active and prices were firmer. The copper market has remained quiet. Domestic consumption con- tinues heavy, but it is thought that deliveries during the past few months have probably exceeded meltings, and that buyers are now disposed to draw upon their stocks rather than place fresh orders on a declining market Particularly in view of the continued poor foreign demand, producing in- terests generally, are not pressing for. business, but small sales have heen noted at 14'; cents for electrolytic de- livered at Connecticut valley points with more reported available at that figure at the end of the week. Tin, after making a new post-war high through enforced covering of nearby needs and admitted stringency of supplies, reacted nearly a cent on the shrinkage in automobile output, indications of enlarged Chinese ship- ments and with the setback in prices abroad. Lead was depressed further. Buy. ing has been limited owing to the weakfiéss abroad. There was not much ctange in zinc prices. A better consuming demand was reported for October and Novem- ber shipment. Antimony was stronger owing to in- creased demand from dealers and con- sumers. SILVER QUOTATIONS. NEW YORK, October 9 (#).—Bar silver, 56; Mexican dollars, 42Vj. WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streets Reseurces $17,000,000 K. GOLDEN DONALDSON, PRESIDENT M. to Loan Secured by first deed of trust on real estate. Prevailing interest and commussion. o Joseph 1. WE FINANCE ~—all classes of income-producing property| Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. FOR SALE ° First Deed of Trust Notes Bearing 61,% Interest See WELCH Realtor Established 1899 15th and New York Ave. Main 4346-4347 No Loss to an Investor in 27 Years S Provident Mutual Life Insurance Company Funds to Loan In Small or Large Amounts at 5% Per Cent WM. H. SAUNDERS CO., Inc. Realtors 1433 K St. NW. Main l.l¢-1J Maryland Tobacco Plantations managed and developed on approved mod- ern methods YIEL] LARGE PROFITS. Marsland tobacco is always in demand at &ood prices. You can own one of these small plantations, which we will rent from you on a crop-sharing basis, we do- ing all the work. and pay you every year large profits. For_ further particulars address Maryland Tobacco lantations Company. Dent. W, Company, Dept Transportation Bldg., FINANCIAL. BUTTER BARELY STEADY. Trading Quiet and Supplies Are Ample for Demand. CHICAGO, October 9 (#).—Butter today was barely steady, with trading quiet and supplies ample to meet re- stricted demand. Butter scoring 90 to 91 points was easier, prices declin- ing one-half cent. The car market was steady. with trade dull. 3 92 score, 45%3; 91, 44; 90, 4215; 89, 41: 88. 38%; 87. 37%. Centralized: 90 score, 421, 89, 40; 88, 38. plsie g INCOME DECLINES. NEW YORK, October 9%(#).—0p- erating income of the American Tele- | phone and Telegraph Co. for August declined to $2,886,865, from $3,010,775 in August last year, but gross rev- enues advanced to $7,380,314 from $7,151,817. Operating income for the eight months of 1926 also was smaller than a year ago, $23,960,915 against $24,717,249, but gross was $60,031,122 against $55.840,165. 4 We Will Loan at 537 Econemic Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Ave. M. 475 When You Need a Loan Think of Welch, Realtor Loan Specialists Money to Loan At 51,9% and 6% Interest Before Placing or Renewing Your st_or 2nd Trust RessorEly TR O B Main 4346-4347 The New York Life Insurance Company First Mortgage Loans o On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 3 Years, 5 Years, 10 Years Homes Apartments 5%% Office Buildings Business Properties RANDALL H. HAGNER‘& COMPANY Incorporated. ‘MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 A Third of a Century’s Experience —that and produces regular prof- it for owners has been a specialty with us for a Third of a Century. have the facts, experience and methods—perhaps even need. F. SAUL CO. Rendering a Rental Service satisfies tenants We the tenants—you 925 15th St. 1 I your business dcal- i ings. 809 15th St. N.W. ';‘! Character i i —is best expressed in i Whenever you | need money on Real i Estate consult us | about your problems. It ' \)/EAVER BRO REALTORS il Phone Main 9486 dends on the stock of Columbia Gas accrue from November 18, 809 15th St. N. now being made for space in the ready about July 1, 1927 Apply REALTORS Exclusive Rental Agents (Brokers Protected) W. CONTRACTS FOR LEASES NEW WASHINGTON BUILDING 15th, New York Avenue and G Streets Y EAVER-BROS “Washington's Finest Store, Bank and Office Building in Washington's Best Location™ Main 9486