Evening Star Newspaper, October 8, 1927, Page 14

i1 ¥ LIST REAGTIONARY IN STOCK MARKET -Short Session Sees Bears in Driver’s Seat—Sterling Cables Reach $4.87. By the Associated Pres NEW YORK, October 8.—Reaction- price tendencies characterized the opening of today’s Stock Market. Initial losses of a point or so were rocorded by Missouri Pacific preferred, Case Threshing Machine and Colorado Fuel. Sterling cables were quoted at $4.87, the highest since December, 1914, Special buying again developed in the public utility group, American *Telephone touching a new high record at 183 and Montana Power at 1091 in the first few minutes of trading. Rub- bers turned heavy on the pessimistic forecast of the nine months’ earnings of the United States Rubber Co. Liquidation was quite pronounced in soma of the recent pool specialtles, yarticularly General Electric, Ameri- can Power & Light and Coca-Cola. General Motors old stock was stricken from the list today, the new opening unchanged at 135%. 2 Rails yielded with the industrials, the Interstate Commerce Commission’s denial of an application for approval of a proposed 20 per cent stock divi- dend on Pere Marquette undoubtedly being a factor in the selling. Outside the strength of sterling, there was little of interest in the for- eign exchange market. Wall Street Features Montana Power. NEW YORK, October 8 (Special).— Montana Power has been one of the features among public utilities during the past week. It sold at new high prices today on buying that was evi- dently based on prospects of excellent earnings for 1927. It is expected that third quarter net will approximate that of the same period of last year, when $1.76 a share was earned on the common stock. Fourth quarter earn- ings, according to present indications, will compare favorably with the $2.27 @ share earned in the period last year. Net for the full year is estimated to exceed $7, and 1#ports have been cur- rent that there is the likelihood of an increase in the present $5 dividend “rate. For the full year 1926 the com- pany was able to report net availnh!e for the common of $6.59. At today’s ‘prices Montana Power was selling on {a basis to yield more than 4.50 per cent, which was considered attractive for a public utility. Phillips Petroleum. The oil shares were under consid- erable pressure again today, with Phillips Petroleum the most per- sistently sold. Anxiety over the safe- ty of the present $3 cash dividend was the basis for the heavy offerings. Un- less conditions in the industry change radically for the better, which ap- ipears unlikely in the immediate fu- ture, it is expected that a drastic change in the dividend policy will be effected. Rumors have been current that the next dividend on Phillips Pe- “troleum will be paid in stock instead of cash. Wall Street Briefs . PRESSED STEEL CAR—The spe- «clal meeting which directors of Pressed Steel Car Co. were to have held today ‘in comnection with capital charges ! was postponed to October 14 for com- 1 pletion of certain legal formalities. ~ A. T. & T. EARNINGS—American “Telephone & Telegraph Co. stock, Avhich touched highest levels yester- day in 25 years, is expected to show ‘ebout the ‘same earnings per share his year as in 1926, $11.95. Revenues will be larger and the shares outstand- ing at the close of 1927 also will be Jarger. No new financing is looked for, as the company carried over enough funds from last vear's stock financing to meet its needs. BALDWIN LOCOMOTIVE — Bald- TINANCIAL, . TAD EVIE.\ NG STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. o e—————————— ——" Oven. Abitibt Pow (5). 1375 Abrahm&Straus 93 Adams Exp (6). 157% Adv Rumley. 105 Ahumada L 3% Alr Reductn(t' l'lg 22% 158'% 122% Allled Chem (6) Allled Cm pf (7) Allls Chalm (6). Amerada (2).... Am Agrigul Chm Am Bank N (2). Am Bk N pt (3). Am Bosch...... Am Br Sh (J1.60) Am Can (2) Am Can pf ( . Am Car&Fdy (8 Am Chain pr (7) Am Chicle (3).. Am Drug (80c).. Am Express (6). Am & For Pow. . Am&Fo Po pf (7) Am Hide & Lea. American Ice(2) Am Internati(2) Am La France. . Am Metals (3).. AmMetals pf(7) Am P1ano (3)... Am Po & Lt (f1) Am Radlator (5) Am SafetyR(33) Am Shipbldg (8) Am Smelting (8) Am Stl Fdys (3). Am Sugar (5) Am Tel & Ca (5). Am Tel & Tel (9 Am Tobacco (8) . AmTobaccoB(8) Am Tobac pt (6) Am Type pf (7). Am W W (m80c) Am Woolen pf.. Am Writ Pactfs Anaconda (3)... Armouroflll(A) Armourof11l(B) Armour 11l pf(7) Arnold Con&Co. . Asso Dry G (2%) Asso D G 2d (7). AtT& SF (19%) Atchison pf (5). AtICL (18%).. AtlGulf & Wi.. At! Refining ( Austin-Nichol: Baldwin L 7)., Balto& U (6)... Balto & Oh pf (4] Bang & Ar (3%) Bang & Ar pf(7) Amal Leather... Barnsdl A(b233) Bayuk Cigars, Beacon Oil. Beech-Nut (13). Belding Bros (2) Bethlehem Steel Beth St pf (7).. Bloomingdale. .. Blumenthal pf.. Bon Ami Cl A (4) Briggs Mfg Co.. Bkin-Edison (8) Bklyn-Man Bklyn Un G Brown Shoe (2). Brunswick B (3) Buft R&P pf (6). Buff&Susq pf (4) Burros Add (t4). Bush Term (b8). Bush Terde (7). Bush Trm pf (7) Butte Cop (50¢). Butte&Super (2) Butterick (82).. Byer&Co..eues Calif Packg (4). Calif Petm (1).. Calumet & Ar (6) Caiu & Hecla (2) Can Dry (+3%). Canada Sou (3).. Can Pacific (10). Can Pac 1st pd. . CaseThreshg(6) Cerro dePas (15) Certain-Teed (4) Chase Nat B(18) Chandlerpt(23) Ches & Ohio (10) C & O Corpn (3). Chi & Alton pf.. Chi & East Ill... Chi & East 111 pf Chl Great West.. Chi Gt West pf. Chi Mil & St P.. Chi Mil & StP pf C M&StP pf cfs. Chi & Nwn (4).. Chi Pne Tool (8) Cht Rock 1s (5). ‘win locomotive works has an order for ten locomotives from the Ferrocarril del Pacifico, Republic of Colombia. 8. H. KRESS & CO.—September sales of S. H. Kress & Co. rose to $4,555,633 from $3,880,691 in Septem- ber, 1926, and for nine months this year to $36,536,636 from $33,118,950 in the same period last year. GRAHAM BROTHERS—Shipments of 113 and 2 ton trucks by Graham Brothers in September established a new high monthly record for the year, exceeding 2,000. Shipments of all ve- hicles totaled 5,107, an increase of 17 per cent over August. NATIONAL AMERICAN—Stock- holders of National American Co. have approved a stock split-up on the basis of four new shares for each old share 'held. GENERAL VENDING — William Wrigley, jh., is in New York for a special meeting of directo.: of Gener- 1 Vending Corporation to form plans 'for expanding business through a con- troct whereby Hoff Vending Corpora- tion, subsidiary of General Vending, 'will become _distributor of Wrigley products in the United States. PERE MARQUETTE DENIED DIVIDEND 0. K. BY 1. C. C. Proposed 20 Per Cent Stock Dis- tribution Held Unjustified by Federal Body in Decision. By the Associated Press. The Pere Marquette Railway was denied permission today to declare a 20 per cent stock dividend amounting to $9,009,200 by the Interstate Com- merce Commission, which held that the financial structure and situation of the Pere Marquette Co. did not jus- tity such a dividend. “Considering the financial structure of the Pere Marquette and the pur- poses for which surplus should be accumulated,” the commission sald, “the amount of its invested surplus is insufficient to justify distributing all or any part of it to stockholders as & sock dividend. “‘Moreover, as the proposed issue of stock would result in the capital lia- bilities exceeding the capitalizable assets, the granting of authority to “'sssue stock for distribution as a stock dividend prior to the finding of the final valuation of the property would not appear to be compatible Wwith the Ppublic interest.” SILVER QUOTATIONS. NEW YORK, October 8 (#).—Bar $ilver, 557%; Mexican dollars, 42%. . ‘WOOL DEMAND GOOD. BOSTON, October 8 (Special).—Low and medium grade fleece and territory wWools were in best demand as the ek closed in the raw wool market. Merritory combing, clean basis, was uoed at 1.10al.15 for fine, 1.05a1.08 ,- Brench combine, 1.03a1.05 for half Bloed. 93a95 for three-eighths blood, and 82 to 85 for quarter blood. Ohio > fleece wools in the grease were Fine, 45%a46%2: half blood. Chi Yellow C(4). Childs (32.40).. ChileCo (2%).. Christi B (1.20). Chrysler Cor (3) ChryslerpfA(8). City Stores (B). Coca-Cola (5)... Collins & Alk(4) Col Fuel & Iron. . Col & Southn (3) Col Gas & El (5). Col Carbon (4).. Com Cred (1)... Com Cred pf 6% . Com Iny (3.60).. Com In Tr pf 6% Com Powr (23%). Com Solvents(8) Conde Nast (2).. Congoleum-Nair Cong Cgrs(14%) Con Cigars (7) Consol Gas (5 ConsolGas pf(5) ConRRCuba pf 6 Consol Textlle. . Cont Bakg A (4). Cont Baking B.. Cont Bak pf (8). Cont Can (5). Coty Inc (5).... CrucibleSteel (6) Cuba Cane Sug; Cuba Cane Su pt. Cuba Company.. Cuban Dom Sug. Cudahy Pkg (4). Cuyamel Fruit.. Davison Chem. . Deere&Co pf (7). Del & Hud (9).. Del L& W (17) DRG Wstpf... Devoe & R(2.40) Dodge Bros Cl A Dodge vt (7). Dome Mines Dunhill Int (4) Dupont (+915). . DuPont deb (6). Eastman (18)... Eaton Axle (2).. Eisenlohr & Bro. El AutoLt (1613) Electric Boat. .. Elec Power & Lt Elec Refrigeratn El Stge Bat (16) Em-Brantgm(A) Emporium C (2) £nd John (5)... Endicott pf(7).. Engineers Pub S Engars PS pf(7) ©quit Bldg (7) E 115% 166% 26% 11% 939 16% 28 124% % £ ot. Erte2d pf...... Erfe Stm 8 (2% Eureka Va f14% Fairbanks (3).. Fed Ligt(h1.40). Fed L&T pf (6). Fid Phoenix(4). Fisk Rubber. ... Fisk 15t pf (7).. Fleischmann (3) Fox Film A (4). Freept-Tex t4% Gabriel Sn (3%) Gardner Motor. . Gen Am Tnk(4). Gen Asphalt. Gen tigars (4).. Gen Elec (15).. Genllec ap(60c) 1% Gen Gas B(113 44 “three-eighths blood, 45a16, and r blood, 45246, Genl Motors (n) 813574 Gen Outdr Ad(Jjg 51 183% 151 150% 115% . Low 137w 93 Close. 139% 93 ¥ 157% 4 189% 5l 251% 3 121% 132% 5613 38 16% 6615 10% 5874 335 115% 103 194 344 114% 5% 250 120% 80% 70 110% 63 196% ! 4 1924 115% 166'3 26% 117% 931 16 27% 1% 1% 3 31 7 124% 8% 106 275% 65 Gen Ry Sig (5). Gen Ry S of (6). Gen Refrac (3). Gillette (1413).. Gimbel Bros.... Glidden Co. ... Gold Dust (3) Goodrich Ru ( Goodrich pf (7). Goodyear Tire. . Goodyear 1st pf. Gotham i pf (7) Gould Coupler A Granby Con Min Grt North pf (5) Gt Nor pf cfs(5) Grt Nor O (1%). Grt Wes S(2.80) Gt West S pf (7) Green Canan.... Guantanamo. . Gulf States Stee Hacknsk A(1%) Hrtn B b10%stk Hoe&CoA..... Hollander & Son Houshld P (314) Houston Ofl. .. Howe Sound (4). Hud Man (233). Hudson Mot (5) Hupp Mot(1.40). Hlinots Cen (7). Indep Oil (1)... Indian Refining. Inland St (23).. InterboroRapTr Internat Agri... Int Agricul prior Int Bus Ma (4).. Int Com Eng (2) Int Harv (§6)... IntMtch pf(3.20) Int Mer Mar pf. Int Nickel (2). .. Intl Paper (2.40) Int Paper pf (7) Int Ry CA pf(5). Open 139% 112 3% 104% 52% 15% 6614 8% 105 62 97 100% 99 26% ne 121 Int! Silver...... 1 Intl Silver pf(7) Int Tel & Tel (6) Island Creek (4) Jewel Tea...... Jones Bros Tea. Jones & Lau (7). Jordan Motor... Kan City South, KayserJ (4).... Kelly-Spring. Kennecott C (5). Keystone T & R. KraftCh (11%) Kresge S S t1.20 Lago Ofl (75¢).. Lambert Co (5). Lee Tire & Rub, LehighVal(33%). Lehn & Fink (3) Lig & Myrsft4) LiS&MyrsB (f4) Liq Carb (3.60). Loew's Inc (2). . Loose-Wil(1.60) Lorillard Co .. Louisiana Oil... LoulsGasA (1.¢5) McIntyre P (1).. Mack Truck (6) Mackay pf (4).. Mad Sp Gar (1). Magma Cop (3). Mallison & Co. Mallison pf (7). Man £1 Sup (5). Market St prior. Marland Oil May Dept § (4). Maytag (+2%).. Mexican Seab. .. Mid-Continent. . Middle States. .. Midland pf (112) Miller Rub (2). Minn & St Lo Mo Kan & Tex. . Mo K& T pf (6). Missour! Pacific. Missour} Pac pf. Montana Pow (5) Montgmry W (4). Moon Motor.... Mother L (50¢). Motor Met (3.60) Motor Whi (2) Mullins Body Munsingwr (3). Murray Corpn.. Nash Motor(15). Nat Bellas Hess. Nat Biscult 153 Nat Cash R (A)3 Nat City Bk (20) Natl Dairy (3).. Nat DSt 1st (7). Nat Distillers Nat Lead (5). Nat Lead pfA(7) Nat Led pf B (6) Nat Park Bk(24) Nat Pw&Lt (80c) Nat Ry Mex 2d Nat Supply (4). Nat Surety (10). Nat Tea (4).. Nevada C(1%).. N O Tex &M (7) N Y Cent (8).... N Y Central rts. NY C&StL (6).. NYC&StL nf(6). NY NH & Hart. NY Ont& W (1). NY Steam pf (6) NY Stm pf A (7) 107% 83 7 2 254 Norfolk South... a Norf & W (8) NorAm b10%stk North Am pf (3) NorAm Ed pf(7) North Pac (5). Nor Pac cfs(5) Ol Well Sup. Oil Well S p Omnibus. Opnhm Col (4). Otis Steel.... Otis St prior(7). Outlet Co (4)... Owens Bot (Ct5) Pacific Gas (2). Pac Tel & Tel (7) Packard (12.90). Paige Motor... Pan-AmPetB(4)’ Pan.Am West B. Parmt-Fam (§8) Park & Tilford. . Patino (1.21 2-3) Penick & Ford. . PennDix Cmt(2) Penna RR (3%) P Phillp Morris. .. Phillips Pet (3). ! Phoenix Hoslery Plerce-Arrow. . . Plerce Arrow pf. Pierce Petroim. . Piltsbury (1.60 Pitts Coal Pitts &W Va(6). PorRIcoTobA (7) Postum (6)..... Pressed Stl Car. Pr Stl Car pf (7) Prod & Refiners. Pub Serv NJ (2) Pub SE&G pf(6) Pullman, Inc. Punta Aleg Su; Pure O1l (12)... PurityBak pf(7) Radio Corpof A. Reading (15)... Real Silk pf (7). Reld Ice Crm(3). Rem-Rand $1.6 Reynolds Spngs. Rey Tobac B (5) & C Royal Da3.13%. Safety Cable (4) Lead (13) San F18). St L Southwest. Schulte (3%)... Seab AIr L pf... Seagrave (el.20) Sears-R (n2%). Shattuck F G (2) Shell Un (1.40).. Shuber The (5). Simmons (2) Stmms Pet High 139% 138 12 Low. Close. | 138% ! Sinclair Oll..... 12 63 Low Close 16% Skelly Ol (2)... So Porto Rico S, South Calif Ed.. South Dairfes A. Sou Dairles B... South Pac (6)... Southern Ry (7) South Ry of (5). So Rwy M&O(4) SAG&E (3%). Std G & E pf (4). Std Millg pf (8). StdOfiCal(t284). Std OiL.NJ t1%) Std OIINY (1.60) Std Plate Glass. Sterling Pro(16) Stewart-War (6) Strom Car (2)... Studebaker (5). Studebak pf (7). Submarine Boat. Sun Oil (11).... Superlor Ol..., Sweets of Amer. Telautbgra (60¢) Texas Corpn (3) Tex Gulf Sul (4) Tex & Pacific. .. Tex PC&O(60c). Tex Land Trst n Tidewatr As Oil. TIAWAsO1Ipf(6) Tide W OIl pf (5) Timken (t5).... Tobac Prod (7). Tobac Prod A (7) Transcont Ofl. .. Transue & Wil.. Underwood (4). Un Bag &Paper. Union Carb (6).. Unlon Ol (#214) Union Pac (10). Un Pacific pf(4). UtdCgrSt(Cs0c) Utd Cgr St pf(6) United Drug (9) Utd Drg 1st (3% Utd Frult(tb%). USCIP&F (10) U 8 Alcohol (5). US Leather w . U S Leather A.. US Leatprpf(7) S Realty (4).. S Rubber..... S Rub 1st (8)., SSmpt(3%). SSteel (7)... U S Steel pf (7). Uni Plc 18t pf(8) Univ Pipe(t21;) Utl P&Lt A (e2) Vanadium (3)... Vick Chem (4).. Victor Tlk Mch. . Victor cv pf (6). Va-Caro Chem. . Va-Car Ch 6% pf Va-Car Ch f (7) Vivadou (3).... Vivaudou pt (T). Wabash . Wabash ) Waldorf (13%)... Ward Baking B. Warner Plc A... 281 W Penn El pf (7) 111% West P Po pf(7). 1164 West Maryland. 61% West Pacific.... 41% West Pac pf (6). 677 West Unlon (8). 160 Westhse A B(2) 45% Westinghse (4). 85 White Eagle (2). 22 White Mot (4).. 38% White Rock (12) White Sew Mach White SM p£(4) . Wickwire cft. .. Willys-Overland Wiison & Co. ... 24% 40 39% 167 74 122% 134 9944 83% 63% 64 u u u u j Wilson & Co pf. Woolworth (5) Worthn Pump... Wright Aero (1) Yale&Towne(4). Yellow Truck... Youngstn S&T 4. Dividend rates are the annual est quarterly &r:;el 57 8y 33% 85 based on t haif vearly declaration Otherwiss fioted” exirs or snecial di jess, than 100 ehares. 1 Plus 4% in stock § Pave common "stock 1 Plus 2/50 in a'Paid this' vear—no rezular rate. n common stock vavab ‘e Plus 54 In stock. o Pav. n_cash or Plus 1/50 pecial % Baltimore Markets. BALTIMORE, October 8 (Special).— ‘White potatoes, bushel, 1.00a1.25; bar- rel, 1.50a3.25; sweet potatoes, barrel, 1.5022.50; yams, barrel, 1.50a2.00; beans, bushel, 75a1.00; beets, 100, 3.00 24.00; cabbage, 100, 3.00a5.00; carrots, 100, 3.00a4.00; celery, crate, 1.25a1.75; 6% | corn, dozen, 20a35; cucumbers, bushel, 1.25a2.25; eggplant, basket, 30a40; kale bushel, 25a33; lettuce, crate, 2 lima beans, basket, 60al.00; onions, 100 pounds, 1.00a1.75; peppers, basket, 25a40; spinach, bushel, 15a50; Savoy cabbage, bushel, 40a50; tomatces, bas- 25a230; packing stock, bushel, 6.00; cantaloupes, crate, 1.00al.50; grapes, common, basket, 50a75; dam- sons, bushel, 2.50a2.75; peaches, bushel, 1.00a2.50; pears, bushel, 1.25a3.00. Dairy Farm Products. Live poultry — Spring _ chickens, pound, 256a28; Leghorns, 23a26; poor and thin, 20; old hens, 22a28; Leg- horns, 17a18; old roosters, 15a18; ducks, 22a26; small and poor, 17a18; pigeons, pair, 20a30; guinea fowl, each, 75, Eggs—Receipts, 1,492 cases; native and nearby current receipts in free iusee, dozen, 38; strictly fresh, dozen, 0. Butter—Good to fancy, creamery, pound, 44a49; prints, 49a51; block, 48a 50; ladles, 36a38; rolls, 33a35; store packed, 33; diary prints, 33a35; process butter, 40a41. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, 1.39%; No. 3 red Winter, export, 1.361;; 2 red Winter, garlicky, export, -37; No. 2 red Winter, garlicky, ex- port, 1.34, Corn—No. 2 yellow, domestic, 1.12a 1.13; cob corn, old, 5.50 per barrel, nominal. Oats—No. 2 white, new, 58%a59: No. 3 white, new, 571;a58. Ry a New hay 18 arriving in only limited quantity and in somewhat irregular condition. It is, therefore, not being officially graded and sells strictly on its mer- its, within range of 15.00 and 17.00 a ton, timothy and clover grades. Straw—No. 1 wheat, 10.00a11.00 per ton; No. 1 oat straw, 13.00a14.00. S i REHEARING IS GRANTED ON N. Y. C. MERGER PLAN By the Associated Press. A rehearing was granted by the In- terstate Commerce Commission today to the New York Central on its pro- posal to consolidate with itself the Michigan Central and the Cleveland, Cincinnati, Chicago & St. Loufs, its two important subsidiaries. Dates for the taking of additional evidence will be 14 | announced later. At the conclusion of the first hear- Ing on the subject, examiners in charge recommended that the commis- sion refuse the New York Central ap- plication. The railroad asked for the opportunity, which was granted to. day, to present new evidence. . TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) ——Close. 4 1 of that country. 0] b. C., SATUT:{DA\Y. OCTOBER 8. 1027.° SLIGHT DROP HERE INBANK CLEARINGS Week’s Total Just Under Last Year—Rediscounts Up in Fifth District. BY EDWARD C. STONE. Bank clearings in Washington for the week ending on October 6 totaled $30,790,000, compared with $23,445,000 for the previous week, but lower by the small fraction of three-tenths of 1 per cent than for the corresponding week in 1926. Philadelphia, St. Louis and Fort Worth had similar infinitesimal declines, but the total clearings for the United States as a whole were 11 2| per cent ahead of last year, according to Bradstreet's tabulation. Fifth District Rediscounts Grow. The Richmond Federal Reserve Bank’s statement this week revealed.a sontinued upward trend in rediscounts, which rose to $30,252,000 in the Week ended October 5 from $27,101,000 the week before. This indicated greater seasonal business activity in the local Federal Reserve district compared with previous weeks, but at the same time a much lesser need for reserve bank credit than at this time last year, when Richmond rediscounts amounted to $43,164,000. Government securities held by the Richmond bank increased to $27,455,- 00 from $7,060,000 a year ago. Poland’s Fine Financial Showing. According to a report from the Polish legation, an increase of almost 50 per cent in the reserves of the Bank of Poland since the beginning of this year is one of the striking fea- tures of the recent financial progress Amounting to 131.- 000,000~ zloty on December 31, 1925, the bank's reserves rose to 364,000,000 a year later and 389,000,000 zloty on August 20, 1927. The zloty is now valued at approximately 11 cents. The price of the shares of the Bank of Poland has shown a marked in- crease, rising from a quotation of 54 in June, 1926, to 138 in August, 1927. A. & P. Enters Cigarette Field. Sale of popular priced cigarettes at cut rates by the Great Atlantic & Pa- cific Tea Co, stores and other grocery chains may revolutionize preseat methods of cigarette distribution. “Trade circles,” says the Wall Street Journal, “see the cigarette manufac- turers as the gainers through wider distribution of their'products, and to- bacco chain store systems possibly forced to reduce prices to meet com- petition. “The A. & P. stores, estimated to number 18,000, are selling the 20-for- 15-cent brands at two packages for 25 cents. Schulte Retail Stores Corp., maintaining about 270 stores, sell these brands at a straight price of 15 cents. United Cigar Stores Co., with around 3,000 stores and agencies, hold to the 15-cent straight price. “At the cut rate, A. & P. stores are making a profit of approximately 8% on their gross sales. Schulte and United Cigar and other independent dealers make a profit of approximate- ly 2412% on these cigarette sales.” Same Officers Are Re-elected. The directors of the Bank of Com- merce & Savings organized for the year yesterday by re-electing these officers: Maurice D. Rosenberg, president: Joseph Sanders, W. A. Bennett and Irving Owings, vice presidents; John M. Riordon, executive vice presiden Joseph H. Milans, secretary; Dr. Clal ence A. Weaver, auditor; Alexander Wolf, general counsel: Frank Owings, cashier, and Oliver Exline, assistant cashier. In the evening at the City Club President Rosenberg and the directors were hosts to the entire staff at a dinner given especially in honor of the bank’s twentieth anniversary. Bankers’ Bulletin Appein. The October bulletin of the District Bankers’ Association appeared today and is filled with notes on the various activities of the organization. It call- ed attention to the coming Fall meet- ing on Tuesday afternoon, October 18. Special reference is made to Management week,” which it sponsor- ed by the Department of Commerct and aims to check waste in industry. It has been claimed that 50 per cent of waste in the production and dis- tribution of goods is due to faulty management. It is because this loss reacts upon the general prosperity of the country that the Commerce Department em- phasizes the importance of the cam- paign, which is almost wholly educa- tional and in which the Washington banks are asked to co-operate. Buili: Associaticn Tlects. “ie National Permans: : Building Association held its annual meeting vesterday and elected these officers: William Neuland, president; Robec : E. Buckley, vice president; Roland M. Brown, secretary, and Millard T. Dixcn. treasurer. The officers, vith the following, comprise the board of directors: Adolph Levy, John B. Geler, John G. Meinberg, Harry V. Lansdale, J. Leo Kolb, George Menke, Harry M. Packard, William Briggs and Jo- seph F. Zegowitz, Heard in Financial District. President John Poole of the Federal- American National has been in Fred- ericksburg, Va; as a guest at the opening of the new Planters’ National Bank. Thomas J. Groom, vice president of the Washington Mechanics’ Savings Bank, has returned from a vacation gx-}ssl:d at his old home in Mobile, a. The steel work on the Union Trust Co.’s large addition and the Second National's new branch office building has progressed very rapidly during the week. The Security News, published in the interest of the American Security and Trust Co., made its October ap- pearance today and is a wideawake sheet, The complete proceedings at last bankers’ convention at Hot Springs have just been printed and copies are being sent to the member banks. Trust Company Insures Employes. Local bankers are interested in a report from Chicago stating that the Central Trust Co. has worked out a plan for providing its employes with group life insurance protection which will extend belond the retirement age. It is so arranged that each group policy becomes a paid-up policy after the employe retires. —_— SLOAN IS OPTIMISTIC. NEW YORK, October 8 (#).—Busi- ness of General Motors Corporation is continuing favorably and 1928 is looked forward to with a good deal of optimism, said Alfred P. Sloan, jr., president, on his departure for Europe. *‘Our financlal position is very satisfac- tory, and although the motor industry shows a slight falling off, due to vari- ous circumstances, we expect this sit- uation will be eliminated with the ad- vent of the new year."” DIVIDENDS. Pe. Pay- Hidrs. of Rate. riod. able. $1.50 Nov Company. record Q Novib Qet Nov 1 Qet De Allis:Chalmers . S, unton Bii of et i 2 Romance in Trade Is in Name Only At Gary’s Offices By the Associated Press. NEW YORK, October S.—News- paper men called frequently to the office of the United, States Steel Corporation to await for lengthy periods the outcome of official meet- ings long wondered why the late Elbert H. Gary, chairman of the hoard, apparently was 59 deeply in- terested in romance. Volumes of “Romances of History” occupled shelves In office cabinets otherwise given over to business and refer- ence books. A reporter, growing impatient one . sought to find in ‘“ro- mance" respite from the weariness of prolonged waiting, only to dis- cover that the volumes were rgere- Iy fabric backs pasted upon card- board, a camouflage for heaps of catalogues, pamphlets and old papers. SHARP EXPANSION IN RETAIL TRADE Some Unemployment Report- ed, but It Is Seasonal. Building Is Good. BY J. C. ROYLE. Spedial Dispatch to The Star. NEW YORK, October 8.—Some un- employment is beginning to make it- self evident in various sections of the country. This should occasion no alarm as to the business and indus. trial situation or becloud the prospect of business prosperity. - It represents merely the interval between changes of employment among itinerant workers. The harvest hands and sheep shearers have just about completed their season’s work. They have flocked into the cities for a brief change be- tween jobs. Then, too, the suit case mechanics, like the birds, have com- menced to work South and have not “lit” yet. Untrained labor has been released on construction jobs in some sections and is working toward districts where Winter work will be in progre: It is worthy of note that the men in frofit of the employment offices are re- markably well dressed and in good physical condition. Bond Demand Sign. The financial situation of workers and employers alike is indicated with much plainness by the demand throughout the industrial districts for bonds and high-class investment se- curities. Even in the farming dis- grlc;u investments have doubled since Retail trade has expanded sharply and further gains are anticipated as October goes on. This is due in some measure to improvement in the agri- cultural situation and early marketing on the part of the farmers. The im- provement in industrial lines has been less rapid, but this, too, is slowly im- proving. Building construction is holding up remarkably well, although it has fallen below the August peak. There is no doubt that more money is being spent on large engineering projects than in any previous year. Housing construction has fallen, but still is at a high rate. The slight increase in construction costs is attributed to higher prices for some grades of lum- ber, but the lumber industry is just about holding its own as to profits, although orders have been good. The amount of money available for build- ing purposes may be estimated from the fact that the Prudential Insur- ance Co. announced today it had loaned §150,791,001 on real estate mortgages in the first nine months of this year. The steel industry i better than holding its own as to output, and prices are fairly firm. Shipments of non-ferrous metals have been better in the last week, although demand for copper is still below normal. For- eign buying has shown improvement. Zinc has been fairly active on gal- vanizers’ orders, but lead is dull. Quicksilvet* has improved in price. Ra s sugar has shown little change since the Cuban Congress passed its legislative measures to restrict out- put and obviate dumping on over- crowded markets. Estimates of the European beet sugar output have been reduc -1, Coal Prices Slump. The settlement of the coal strike on temporary terms in Illinois has not helped soft coal prices. wh’.h have slurmped badly in New England. Anth- racite demand still is holding off. Stocks are high in both divisions. The continuation of the huge crude oil production is baing followed by gaso- line price wafs in various sections, since oil companies are anxious to keep stomge stocks as low as possible. Automobile production is slightly down from the Summer peak, but still is remarkably high. Affiliated indus- tries have felt: the effect of the delays which obviously have retarded the in- troduction of the new Ford Car. Tire manufacturers in general are in a most advantageous position, with re- placement demand exceptionally heavy. A record movement of grain is assured on the Great Lakes this Fall. until ice makes navigation im- possible. The only fly in the ointment tor the Northwestern terminals is that Eastern millers and exporters are not absorbing grain fast enough to pre- vent congestion. -— g Have !{o;ll Been Stung Yet? ome men have to get stun, 00K and hard befcre they lgarn to gegcau‘?' tious in making investments. Before you fi -est—investigate. —_— BIG DAIRY MERGER*R TO INVOLVE $25,000,000 CLEVELAND, October 8 (#).—A deal is n completion for a merger of the Telling-Bellevernon Co. of Cleveland and the United States Dairy Products Co. of Philadelphia involving the sale of $7,500,000 worth of Telling stock, it was reported yesterday. The two concerns control an esti- mated yearly business in dairy prod- ucts of $25,000,000. Their combined | sales would cover a good portion of Ohio and Pennsylvania. The Telling Co. common stock would be purchased at $50 a share. BUILDING CONTRACTS DROP. NEW YORK, October 8 (#).—Sep- tember construction contracts in 37 States east of the Rocky Mountains, which included 91 per cent of the total in the United States, are put at $521,611,000 by F. W. Dodge Cor- poration. This was 6 per cent under August and 7 per cent below Septem- ber last year. The largest item In the September contract record wus $202.877,200 for residential buildings, or 39 per cent of all construction. ‘The nine-month total was $4,796,482,- 100, a decline of less than 1 per cent compared with the same period of EARNINGS ARE SMALLER. NEW _YORK. October 8 (A).— FINANCIAL™ FRCS ARE HIGHER INCENTER MARKET Vegetables Slow Sale at Low Prices—Capons Dearer, Wholesalers Report. An increase in the price of one grade of eggs and decreases in several vari- | eties of vegetables, which are reported selling slowly at the low prices, are quoted by wholesale market dealers today. In. the egg line current receipts are | selling at from 38 to 40 cents a dozen in place of 38 cents straight, for which they sold vesterday. String beans are going at 50 cents a bushel, with sales reported as being very slow with the market flooded with that product. Dealers report that many bushels of the beans were sent to Baltimore by dealers in an effort to sell them to canneries there because of heing unable to sell them here. Shelled lima_ beans are selling at 20 and cents a quart. Fancy and heavy capons, which sold yesterday at from 38 to 40 cents a pound, today are bringing a top price of 42 cents wholesale, Prices are as follows: Beef, 18a21; fresh ham, loins, 35a36; shoulders, 19a20; smoked hams, 25a26; smoked shoulders, 18; strip bacon, 25a26; lard, 15a15%. alves, live, 15 cents a pound, and live lambs, 12a13 a pound. Butter—Fresh, one-pound prints, 53; tub, 50a51; store packed, 30a3l. Lggs—Fresh selected, 40; hennery, current receipts, 38a40. Poultry, alive—Turkeys, 33; small and medium, 24a25; large, Spring chickens, 28a30; roosters, 15a16; ducks, 18a20; keats, young, 65a75; old, 35. Dressed—Turkeys, 40ad2; Spring chickens, 35a38; roosters, 18a20; ducks, 18a20; capons, fancy, heavy, 40a42; smaller, 35; ducks, 25; keats, 80a90. Vegetables—String beans, 50 bushel; shelled lima beans, 20a25 quart; spin- ach, 50a75 crate; tomatoes, 25, 50 and 75 half bushel basket, according to grade; squash, 75a1.50 bushel, accord- ing to grade; bunch turnips, beets and carrots, 3.00a4.00 per 100 bunches, with the latter price predominating on car- rots; cut-off carrots, 1.00 bushel; pars- nips, 75 half bushel; eggplant, 1.00 crate; sugar corn, 25 dozen ears, in five-dozen lots, and sweet potatoes, 1.00a1.25 bushel. PRICES HELD DOWN BY STORAGE BUTTER Arrivals at Four Big Centers Heavier—Supplies of Fancy Stock Reported Limited. fo By the Associated Press, CHICAGO, October 8.—Supplies of fancy butter on all markets are lim- ited, but, with buyers substituting storage butter in lieu of fresh, any tendency to advances in price arc curbed. Sentiment regarding the fu- ture trend of the butter market, as shown by trading in December and January options, appears less firm, but with no decided weakness in evidence. Arrivals of butter at the four chief markets are heavier than a week ago. The spread between prices at Chicago and the Eastern markets would encourage this. Receivers in some quarters, however, report also a slight increase in shipments from factories, Indications point to a fairly satis factory volume of butter production during the Fall and Winter. Excellent bastures have been the rule throush- out a large portion of the producing sections, and the daivy cow should go into Winter feed in prime condition. SERVICE CHARGE HITS SOME SMALL ACCOUNTS Others Brought Up to Required Amount, Baltimore Bankers Find. Aids Big Institutions. Special Dispatch to The Star. BALTIMORE, October 8.—The new ruling of the Baltimore Clearing House Association, which calls for a service charge of $1 a month on ac- counts with a monthly balance of less than $200, and regulating the amount of interest to be paid on accounts of more than $500, has caused the clos- ing of some checking accounts, the transfer of many small balances to savings accounts and the consolida- tion of a number of accounts which heretofore had been divided between two or more banks, according to statements by bank officials. Many small accounts subject to check have been withdrawn and the funds de- posited in the savings department of the institutions which have been cus- todians of them or transferred to other banks. Mutual savings banks are re- ported to have been benefited by this operation. Several accounts which averaged less than the minimum service charge requirement and the minigum amount upon which interest may be paid have been brought up to the re- quired average. Many small deposi- tors who heretofore had accounts in two or more banks, each averaging less than $200, have been consolidated. In other words, all the funds have been deposited in a single bank. The majority of bankers say that the ruling has been beneficial; others say that it has helped the big in- stitutions at the expense of the smaller ones. AVIATION PROSPERING. NEW YORK, October 8 (#).— American aviation will continue to make steady progress, in the opinion of Charles L. Lawrence, president of Wright Aeroplane Co., sailing for Europe. While it is true we have smaller ships than they have abroad, most of our companies are making money, he asserted, whereas in Eu- rope, with 70 per cent government subsidy in most countries, they are not showing any profit. o FOREIGN EXCHANGE. (Quotations furnished by W. B Hibbs &Co.) ominal Selling checks Landon. pound. Montreal. dollar Paris. f rlin, Rome. Zurich. Athen: 0 00001415 000111 20014 Ccrown . Stockholm. crown. .. NEW YORK, October 8 (#).—For- eign exchanges firm; quotations (in Great Brifain, demand, 2; cables, 487 3-32; v bills on hanks, 482 13-16. demand, 3.92 9-16; cables. 3.92 Italy, demand. 5.46: Belgium, Holland S weden, 2 Denmark, Switzerland. 19.28%: Spain 17.41: Greece. 132%: Poland, 11.20: Czechoslovakia, 296%: Jugoslavia, 84: Union Ol of California carned §2.24 a share in the first nine months this year, against $2.57 a share in_ the same period of 19: 1.76: Austria, 14.08: Rumania, .62%; Argentina. 42.90; Brazil. 11.90: Tokio. 46.56% ; Shagghal, 61.87%; Montreal, 10090%, o Money to Loan firel deed Of truet on real esfate Secured b Prey I{vll interest and commiy b o | Joseph 1. Weller ¢35, %esh, c.. Oth /0 lnlnrlnr MC:‘ Commonwealth Investment Co. 917 15th §t. N.W Phone Main 2423 "WE FINANCE ~lasses B:"n":r;mmc-nroduclni Large Loans a Specialty Current int rat ' commiasion Higbie & Richardson, Inc. 816 15th St N.W. MUNICIPAL BONDS Exempt from Income and District of Columbia Taxes. Interest 57 to 6%. Bankers Bond & Investment Co., 34 Southern Building Main 1596 Real Estate LOANS Quickly Made Waggaman & Brawner, Inc. 1700 Eye St. NW. Frank. 7485 Money Available for FIRST DEED OF TRUST LOANS O 6% Reasonable Commission Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Prompt Action First Mortgage Loans lowest Rates of Interest and Commission Thomas J. Fisher & Company. Inc Our First Mortgage Notes —are secured on Improved Real Estate in the Nation's Capital. The loans on these properties are made only after rigid analysis by our Ap- praisal Committee of special- ists. ACCRUED LANNUAL RETURN SHANNON & LUCHS] 1435 K Street N.W. Main 2345 SEE US IF YOU NEED MONEY —to refinance that ma- | turing First Mortgage. - f Loans made on Real Estate in District of Columbia and vicinity. Ample funds available. Lowest Interest and Commis- sion. Prompt Service THE COMMERCIAL NATIONAL COMPANY Paid Up Clslllh(cl;p' al, $700,000 Commercial National Bank Bldg. 14th and G Sts. First Mortgage Loans Applications Invited at 5%% On Improved Property Construction Loans at Minimum Rates Glover & Flather 1508 H St. N.W. 6129 First Deed of Trust Notes for Sale Secured by Improved Real Estate in the District of Columbia Principal and Interest GUARANTEED REAL ESTATE MORTGAGE & GUARANTY CORPORATION Main 1403 26 Jackson Place Resources Over $4,000,000 L. E. Breuninger, President - 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 —we can also take care of vou. Our experience, ex- tending over a period of } Thirty-five Years ‘-insures your protection Percy H. Russell Co. 926 15th St. N.W.