Evening Star Newspaper, September 25, 1927, Page 32

BROADER AGTIVITY Intangible Tax Big Issue With Organization — Banking Education Important. BY EDWARD C. STONE. The Washington Bond Club soon will start Fall and Winter activities which this year are to be made some- what broader than they have been in the past, according to Winslow B. Van Devanter, manager of the local office of the Guaranty Co., who was elected president when C. C. Morgan com- pleted his year's work The club was organized in June, 1925, having as charter members representatives of 10 investment houses. It has grown rapidly in regular and associate mem- bers, and now has representatives from 20 financial concer The other officers for the coming year are Kenneth 5. Wales, manager, Bonbright & Co., vice president; and ¥rankiin H. Ellis, manager of k. H. Rollins & Co., secretary and treasurer. New members of the board of gov- ernors are Sidney T. Thomas, man ager, Gillett & Co., and L. M. Proctor of Alexander Brown & Sons. Taxation will be one of the special problems studied by the local club during the year. It will be recalled that a special committee consisting of Charles Carroll Morgan, Y. E. Booker and Sidney T. Thomas was appointed last Spring to consider all tax matters 80 far as they pertain to the District. The intangible tax, however, is the matter in which the bond men are most_interested. Definite announcement of the first meeting of the year will be made in a few days, the president deciding to have the opening meeting as soon as all the members are back from their vacations. . Urges Watch on Bank Costs 8. M. Hann, vice president of the Fidelity Trust Co. of Baltimore, who 'was a bank examiner in this territory for several years, was a special guest at the local bankers’ luncheon last Wednesday. Mr. Hann was greeted by many personal friends who still remember his visits to their banks and the thorough manner im which he made his examinations. In a splendid short address, Mr. Hann discussed banking problems in general but stressed in particular the importance of watching and keeping down banking costs. He is a strong advocate of banks closing all their unprofitable accounts, regardless of the depositors’ future prospects or any other factors that often figure in keeping these accounts open. Riggs Bank Gets Valued Letter. President Robert V. Fleming of the Riggs National Bank has been pre- sented with a letter written by W. W. Corcoran in 1850 and which, of course, rls Mr. Corcoran’s authentic signa- ure. The letter was obtained by Thomas ‘W. Brahany from a collector of rare letters and signatures, who turned it over to the Riggs bank official because of Mr. Corcoran’s close association ‘with the founders of the institution. Mr. Corcoran wrc' the letter to a friend, relative to national financial conditions, conversations which he h: with Treasury officials and to action ‘which Congress might take at a ses- BALTIMORE, September 24 (Spe- cial). —Closing grain quotations: Wheat—No. 2 red Winter, export, 1.891; No. 3, red Winter, export, 1.37. No. 2 domestic, yellow, 1.15; Corn- ech corn, 5.50 per barrel, nominal. . 2 white, 56a57; No. 3 6. , nearby, 1.00a1.10. Market for white potatoes continues steady with a fairly good demand pre- vailing for well graded stock, but in- ferior, sun-burned, as well as un- graded potatoes are not desirable and all such offerings move slow even when offered at discounts. Receipts this week have been generally lighter from all sections. Maryland and Vi ginfa No. 1 potatoes bring to 3.25 barrel and 1.50 to 2.00 for No. 2 stock but bushel hampers selling mostly 1.00 to 1.25. Under lighter receipts the market for sweet potatoes and yams has shown an improvement this week and values are a shade higher, but to draw top prices all stocks must grade No. 1, as all small or irregular stock is hard to sell, while No. 2s and culls are not wanted at an Sweets are bringing 1.75 to rel, yams 1.50 to 2.00 and bush baskets of both sweets and yams to 90, as to quality and condition. Garden Truck Supply Ample. Native and nearby garden truck continwes in ample supply under & ¥ 50 bar- fairly good movement, but prices mostly favor buvers and market gen- erally rules easy at the following quotations: Stringless green beans, 50 to 75 basket; beets, cabbage and carrots, 2.00 to 4.00 hundred: corn, 10 to dozen; egg plants, 25 to 35 baske lima heans, 50 to 85 basket; onion 1.00 to 1.75 per 100 pounds: peppers, and 30 basket; Savoy cabbage, 40 and 50 bushel; spinach, 50 and 60 bushél; squash, 40 and 50 bushel; to matoes, 15 to 35 basket and 25 to 35 bushel for packing stock. Market for green fruits holds gen- erally steady under a fairly good demand, but centered principally on choice large stock, as small fruit generally is not so desirable and moves =low at inside prices. Apples are bringing 2.50 to 5.50 barrel and 75 to 1.76 bushel, while crabapples sell mostly 50 to 75 basket, peaches are selling 1.00 to 3.00 bushel and pears, 1.25 to 3.00 a bushel, as to kind and quality, g Receipts Light. of native and nearby fresh eggs that grade firsts are light and for this sort there is prompt sale and a premium over quotations, but the average nearby receipts of so-called firsts are of such frregular quality that they can only be termed current receipts in many Instances, and have to be sold at the lower values. Prompt ship- ments and careful grading are neces- sary to command top values. The market closed today at 40 cents a dozen for firsts in free cases, an ad- vance of 2 cents a dozen for the week, ,while current receipts are quoted at 38 cents a dozen in free cases, also an increase of 2 cents a dozen. B The general 'live poultry market rules steady to firm with prices a shade higher, although it is doubtful if this condition will continue next week, as the bulk of the trade for the Jewish holiday has already been supplied. Receipts of Spring chickens have been fairly liberal this week and ample for the demand which is centered on choice fat stock 2% pounds and over at 27 to 29 cents a pound, while smaller fowl bring 25 and 26 and Leghorns sell mostly 23 to 26, as to size and quality. Re- ceipts of large fat old hens have been light and this line will be espe- sion soon to open. The value of the letter, however, is really in the signa- ture. Mr. Fleming and Charles C. Glover, chairman of the board, prize it ®0 highly that it is intended to have it fromed for permanent preservation. Banking Essentials Made Clear. Dr. Samuel W. Graflin, in his ad- dress the other evening before the Jocal institute chapter, gave the young bankers some gripping advice on the necessity of education in banking. You start an education but never end it,” he said. “If you don’t know a little more each day than you did the day before, you are falling behind the times. Honesty, energy, ambition, courage, persistence and high ideals are the fundamentals beneath success in the banking profession,” Dr. Graflin asserted. The speaker’s humor was as good as ‘his sound advice. ‘He stressed the im- portance of economy but added that it could be carried too far and often is. As an example of too rigid economy Dr. Graflin referred to a woman who ‘was 50 close with her money that she knew the name of the Indian on every penny she had. Many friends greeted Dr. Graflin at the conclusion of his address. Before going to Brooklyn to engage in Y. M. C. A. work, he was pastor of the Anacostia Methodist Church for 15 years. Recently he completed a long leoture tour on the Redpath circuit. Insurance Men to Meet Here. Showing a 22 per cent gain over last year, the Washington office of the Mu- tud Benefit Life of Newark, N. J., recently passed the $2,000,000 mark in oduction and is expected to double December 31 the yearly business of only three years ago. The fiveday convention openmg here tomorrow s primarily for local men, but the unusual program has at- tracted delegates from 14 other agencles of the company from OKla- homa to Rhode Island and from New York to Georgla. Heard in Financial District. ‘Washington bank clearings for the week ending September 22 totaled $24,869,000, the figure being under the same perlod last year and also below the previous week. 3 The local offices of Henry L. Doherty & Co. will be moved to larger quarters in the Southern Bullding on October 1, according to announcement by J. J. Burnett, district manager. Moody’s Weekly Review says that in spite of cautionary signals, the public is increasing its buying in the stock market, the increase having been very evident during the past week. Enrollment at the institute has passed last year's mark, which was a record up to that time. Virginia showed a gain of 26 per eent in the sales of ordinary life in- surance during August. The country 88 a whole made a 5 per cent gain. BANK CLI'Z—AB.INGS GAIN. NEW YORK, ptember 24 B).— ‘The Northern w Jersey Clearing House Association reports clearings for the week ended September 23 at $43,214,858, against $40,931,388 a week ago and $36,301,717 & year ago. REYNOLDS OPTIMISTIC. NEW YORK, September 24 (#).— Arthur Reynolds, president of the Continental & Commercial Bank, Chi cago, says he does not beligve infla- tion is going to_reach *khe yannt where it will becomt " serious factor. Al- though w thought moneyv has been unnecessarily cheapened through low- ering of the Federal Reserve redis- eount rates, which has promoted some speculation, he had no real fear that the situation was dangerous. BIG CONTRACT AWARDED. NEW YORK, September 24 (#) The Finnish government is installin a high frequency carrler telephone equipment over the 200-mile line be- tween Helsingfors, the capital, and Wiborg, its principal port, an order for the new system having been given to the Standard Electric A/S of Oslo, Norway, a subsidiary of Internationa Telephone & Telegraph Corporatio of New York. It will provide simul- clally wanted for the next Jewish holiday, which will come on October 6, the best market days being Sep- tember 29 to October 4. Old hens, 4 pounds and over, meet with ready sale at26 to 29, while stock weigh- ing 315 to 4 pounds sells mostly 22 to 2§, but lighter fowl and Leghorns will not bring over 18 to 20. Old roosters in better demand at 15 to 18. A fairly good demand prevails for ducks weighing 4 pounds and over at 22 to 24, but smaller stock is slow sale at 16 and 18. Guinea fowl con- tinue in light receipt, and for stock 1% pounds and over there is a good ON STOCK MARKET Bear Covering Operations Aid Rise—High-Priced Piv- otal Shares Climb. By the Associated Press. NEW YORK, September 24.— Strength and activity of the public utility shares, half a dozen of which attained record high prices, featur the resumption of the upward move ment of prices in tod stock market. Buying of these sl was_stimu- lated by merger reports and large current earnings. There was little in the day's news to influence the price movement. Bear traders who had sold stocks treely, earlier in the week furnished considerable buying power through their covering operations, and pools were again active in a number of specialties. Operators for the cerned themselves with high priced pivotal stocks, notably the General Motors shares, United States Steel, American Smelting and du Pont. The usual week end realiz- ing came into the market during the day, but sales of this character were promptly and effectively absorbed. Railronds were rather quiet, show ing little disposition to get far awa from yvesterday’s final figures. Atchi- son, Frie and a few others were up a point or so. Rubber issues were agaln active, Kelly Springfield 6 and rise again con- some of the | 8 per cent preferred getting into new high ground, although some others re- flected prifit taking. Mail order issues sold well, Mont- gomery Ward moving up more than 2 points and Sears Roebuck about half as much. Houston Oil staged one of its characteristic spurts, but petrol- eum issues otherwise were not very active. Foreign exchanges held firm, de- mand_sterling ruling around $4.86% and French frances slightly higher above 3.92 cents. Fractional advances were scored by most of the European currencies, German marks touching a new vear's high around 23.83 cents. The weekly bank statement showed excess reserve of clearing house mem- bers of $25,067.450, an increase in re- serve of $55,330,090 over the previous week end. The actual condition this day showed decreases in all the prin- cipal items except cash in own vaults, which gained $2,082,000, and reserve in Federal Reserve Bank of member banks, which rose $42,323,000. Loans, discounts, investments. etc., declined $109,433,000, reserve in own vaults 553,000, net demand deposits $101,- 12,555,000, $5! 753,000, and time deposits, demand at 75 cents each, but smaller fowl and old stags move slow at 40 to 65. Pigeons hold steady at 20 to 30 a pair for both young and old. Live Cattle Market Firmer. The general live cattle market rules firmer under light receipts on the wharf and only fair at the stock yards. Demand fairly good for top grade cattle, but all undergrades move slow at low and irregular prices. A good and constant demand prevails for choice veal calves, which are in light receipt, but all over large or rough calves, as well as small, poor cull stock are undesirable and slow to move out. Quotations today at Light street wharf: Beef cattle, first quality, 10 to 11; common to medium, 6 to 9; bulls, as to quality, 6 to 8; cows, choice to fancy, 6 to 8; common to fair, 4 to 5; oxen, as to quality, 6 to 8; milk cows, choice to fancy, per head, 60.00 to 75.00; common to fair, 30.00 to 50.00; calves, veal, choice, pound, 15 to 1514; large, fut, 12 to'13; large, rough, 8 to 10; rough and com- mon, 7 to 8; sheep, choice, 5 to 7; old bucks, 4 to 5; lambs, Spring, choice, 13 to 13%; fair to good, 10 to 12; com- mon, thin, 7 to 8; hogs, straight, 11 to 12; sows, 8 to 10; stags, 5 to 7; live pigs, 13 to 15; shoats, 10 to 12. CURB STOCKS CLIMB; MANY NEW RECORDS Utilities Steady—Wide Movement Characterizes Several Features in Short-Session Dealings. By the Associated Press. NEW YORK, September 24.—Price movements on the Curb Exchange to- day were decisively upward with the buying in numerous issues lifting quotations substantially to new high records. Swift & Co. continued in de- mand and extended the recent upturn 314 points to a high at 130. United States Battery rose 413 points to a fresh top and Bunker Hill Sullivan moved up 7 points to a high mark at 121. Other wide movements were Deere & Co. up 314 points and United States freight issues. Pronounced strength prevailed throughout the session and later in- cluded additional upturns to new quo- tations for the year. Alabama Great Southern common and prefer: American Superpower “A"” and * issues, and Celluloid preferred, ceived continued support, high figures. Public utility shar held steady, with early strength in United Gas Im- provement and Philadelphia Electric. Tmperial Oll continued a strong fea- ture in the oil division, moving up 4 points from the low reached on an early reaction to 58%. Humble and International Petroleum were fraction- ally higher. DESERTS KIN 12 TIMES. Wisconsin Man, Failing to Support Family, Goes to Prison. re- lfting to Correspondence of The Star. GRE! , Wis.—Twélve times and out. upan. That was the lot of Harry Hussin, w appeared fn Municipal Court here for the twelfth time on charges of abandoning his wife and family. “You've been here 12 times, and every time you have promised to be- have yourself and to support your family,” Judge Monahan told the de- fendant. “Now there is only one course for the court to take. Have you anything to say?” Hussin had a lot to say, but his plea that he must undergo an opera- tion before he could work was inter- rupted by a sentence of not less than one or more than two years at hard labor at Waupan. . 4-POUND TOMATO—;MISED. Plant Growing It Up-State Was Imported From Italy. Correspondence of The Star. WATERTOWN, N. Y.—A tomato weighing four pounds and a quarter is_ being exhibited at the police office by Lieut. Archie Tauroney, which he grew in a garden in the rear of his home. The tomato was picked from a plant that was im- ported into this country from Italy. James Crusot, well known Itallan gardener, who maintained a garden along side of the railroad tracks, near the New York Central Station, and who is now in Italy, imported the plants to this country. Before leaving for Italy Mr. Crusot gavg Lieut. Tauro- ney a number of plants. The tomato on exhibition at the police office is of extraordinary size. Lieut. Tauro- ney plans to exhibit some of the ll‘mxmnoeu at the Jefferson County Fair, i Woman Kills Big Snake. Correspondence of The Star. SEAFORD, Del~—~Mrs. Mary Cal- houn, wife of Thomas H. Calhoun of Concorn, near here, had a thrilling fight with a large black snake, in which the woman came out victor, Mrs. Calhoun discovered the reptile, which measured six feet, in her chicken house when she went there to gather eggs. The snake showed fight and Mrs. Calhoun got a club and killed it. Your Guide to Dependable Oil Heat / At the right is a checking guide to aid you in selecting a perfect oil heating machine. Before you decide, check and compare any you may consider, point for point, with the standards of performance rendered by the Hardinge—the precision-built ma- chine withaTenYear Guarantee. terms to suit. taneous transmission of four separate telephone conversations and one high apeed telegraph transmission, .- If you will do this fairly you will quickly conclude as thousands of others have done that the Hardinge can be depended upon to give a life-time of service and to pay for itself through its amazing fuel economies. Anyone who can afford coal can afford a Hardinge. Sold on v less, The Hardinge Standard of Efficient Oil Heat (1) Made in 15 different sizes—a unit to exactly fit any type of installation from bungalow to sl (2) Completely burns fined to use of high gravity oil; (3) Automatic, thermostatic control—quiet, clean, odor- per. rade of fuel oil—not con- (4) Listed as Standard by Underwriters Laboratories and the Board of Standards and Appeals of New York. (5) Constant speed standard motor. (6) All bearings submerged lubricating oil—reducing oiling and inspection to a minimum. (7) Automatic gas valve—giving the most dependable ignition for fuel. (8) Introduces oxygen for combustion without use of blower—completely atomizes, mechanically, any grade of fuel burned. (9) Distributes heat evenly under entire fite-box of boiler. (70) Protected by advanced automatic devices—insuring . absolute safety of operation under all conditions. (77) All parts interchangeable. (72) Sold on a Ten-Year Gu: company with 37 years cision-built machines. (73) Built to give a lifetime of dependable service with proper care and (74) Installed ready to turn on the heat on terms to suit. (15) Approved by leading architects and he: nd used with amazi; ntee of a financially strong nce in making pre- use. fuel sands of finest and largest homes, buiidmn and industrial plants in America. The Heating Corporation 2425 14th Street N.W. Washington, D. C. 1 sately have confidence in DINGE FUEL OIL HEAT : THE SUNDAY STAR, WASHINGTON. D. T. SEPTEMBER 25, 1927—PART 1 BOND CLUB PLANS UTILITIES LEADERS DEER GROWS HORN LIKE RHINOCEROS Freak of Yosemite Valley Sheds It Along With His Regu- lar Antlers. Correspondence of The Star. SAN FRANCISCO. During last Winter Yosemite Valley had an!enjoyed having his neck flnlumnmnwW e Do Not Penalize Our FriendswmimmmnN o Interest or Extras Added to Charge Accountsmmm Open a Con- venient Charge Account. No We Extras. Do Not Pen- alize Our Friends. while it lasts. $27.50 Spinet Desk 193 This practical and artistic spinet desk is made of ma- hogany veneer on gum- wood. Nicely finished. Budget Payments $7.50 Buffet Mirror $5.98 This artistic buffet mir- ror is 42 inches long and the decorated frame is in polychrome finish. T LA OO OO0 T 100 0011 ORI T 01D TO O LU AR AR AL SO Gate-Leg Table 173 A practical occasional piece of furniture. Mahog- any veneer top, mahogany finished legs. Regular price, Budget Payments the | variety to his diet. Gold BOTH SIDES.OF-7"H.AT.K ST.-"THE . DEPENDAB! the most conveniently arranged terms. exclusive little sideshow in addition to the wild animal circus. The main ex- hibit was a “rhino deer,” that by some curious, freakish prank of nature had a horn similar to that of a rhinoceros projecting through the roof of its up- per jaw half-way between his nose and eyes. Otherwise he was like any other deer, and tame as the tamest. Daily he made his rounds from house to house, seeking food to give Like a pet dog he stroked, IT*PAYS TO Annual until an attempt was made to touch the curious horn growth, Even the best of his friends were not permitted to do this. Then the park deer began to shed their antlers, and speculation was rife whether the malformation on the upper Jaw of Old Horney would disap- pear when he shed his horns. Soon he disappeared into the forests, to re- turn without antlers and without rhino spike. Now his antlers are starting to grow agal and there Autumn FURNITURE SALE The only way in which you may appreciate the Furniture values in our Annual Autumn Sale is to come and inspect the bargains first hand. Comparison will show that here are the most extraordinary savings, the newest styles in fine furniture and The wise furniture will not miss this event .STORE" seems to be evidence that the spike is coming back. The Real Trouble. From the Brston Transeript. Hub—I wish, my love, you wouldn't finish my sentences for me. Wife—You talk so slow, dear. Hub—That fsn't the troubl listen altogether too fast. m We Do Not Penalize Our Friends —No Inter- est or Extras Added! This $225 Jacquard Velour Living Room Suite Here is the suite of your choice! It certainly would look attractive in that living room of yours. Beautifully styled and made. i Settee, armchair and club chair with reversible cushion spring seats and mahogany finished carved wood frame. The material is a three-tone jacquard velour patterns. in tasteful Charge It! i 2> $195 Walnut-Venéred FANY Dining Suite A popular Tuder design, complete ten- piece dining room suite is another attrac- tion in the sale. Walnut veneered on gum- wood. Buffet, extension table, china closet, inclosed server and six chairs with seats of genuine leather. $149 Buy on the Convenient Budget Plan $198 Walnut-Veneered Bedroom Suite This specially charming suite is con- structed of selected walnut veneers on'gum- wood. Two-tone finish with darker shade panels. The suite comprises a size bow-end bed, large dresser and full size elegantly made vanity, Buy on the Convenient Budget Plan chest, full 5169 Cane Back Chair 123 The frame of this un- usually comfortable arm- chair is of solid mahogany. The seat and back is of open cane. Budget Payments $1250 Fiber Rocker 5095 Choice of chair or rocker, each fitted with auto type cushion seat covered in cre- tonne. Arms are broad and comfortable. This 2-Piece Console Set .75 The artistic console is fin- ished in mahogany—the mirror frame is polychrome finish to harmonize. Budget Payments VUL TOEIE TN RY LRI VR AR ER T