Evening Star Newspaper, August 4, 1928, Page 13

FTINANCIALD * {TILTIES ISSUES “LEADBOND SHLES Dull Market -Ends Week. Kayser 5 1-2s and Cuba Sugar 7s Features. RBY CHARLES F. SPEARE. Special Dispatch to The Star NEW YORK, August 4.--¥a fuctuations in indv sted in & dull mar- ket today tional changes in high-grade rails and in foreign dollar issues. J. Kayser 5lys were up 2'; representing the largest gain department of the market Sugar 7s sold again at with 65 early in the week, and were relatively stronger than the 8 per aent issue. National Radiator 6!,s made a further gain, while North American 6'.s were lower American Natural G 5i.s, bid up vosterday from 97 were off to 98' Dodge 6s held d 97 was & firmer trend 1. With half per cent more in yield than when they were brought out, the Frisco 4! are attracting a good .nvestment de- | mand. In fact, nearly a dozen &', cent rails and publ tilities of this year's peared to have sta- bilized around the present level Other new issues continue to sink to lower levels. O was the Gas & Electric debenture 5s, which was brought out at 101 at the top of the market and ow dov This situation closes the door d- ing of various long-t debenture: riy ) points, in_thi o the high- | i | Cuba Cane | . compared | flordeau 8 Brazil 614s 1927, Brazil 7s. Brazil 8s. [ o BONDS o o] Lib 315 Lib 1st 4% Lib 3d 48, Lab 4th 4 4 Argentine bs Argentine 6s Argentine 6 Ausivalia 44§85 Australia §s Australia bs 'R® | Austria and public | Bank otChile 6%s.. Belgium 6s. Be'yium 648 Belgium 7s 1 olgium 78 1 Beigium 7443 Belgium 8s. Boiivia 8s. Bordeanx Canada Canad; C r Columbia e bonds now | J ber | Dutch Kast 1 63 4 Duteh Eas! Krench 7s. s | French 7345 German 7s. Ger Am Bank 7s. Haitl 6s nto | Japanese 618 Milan 63s al Agricultural Bank 6s4 dare now at the | NeUheriands g 51 equivalent yield of the old 7 per cent | 3 bonds. A few of ths issues were fraction: and Beigian bonds wer South American lower. French | higher but dull. COTTON IS STEADY; | OFFERINGS LIGHT Advance of 11 to 21 Points Occurs at Opening—Crop Reports. By the Associated Press ew S0 Wale: | Norway bips. Norway 6s 1944 Norway 64s 1952 Peru 6s 67 w 1. Peru 1s | Poland 6s'40. ., | Poland 7s (rets) Poland 8s. .. Queensiand 6s. Rio de Janeiro 6 Rio de Jan 8s 1948, Rio Gr Do Sul 8s. Rome 6s. . Sao Faulo 1950, Suxon (PW) 17 Seine s 4., NEW YORK, August 4—The cotton | S Swiss 5igs | opened steady today at an ad- vance of 11 to 21 points on trade buy~ and covering. the latter being pro- Government crop report next Wednes- day. Offerings ‘The market held steady d the first | hour, ber seiling aro 19.58, or | about 14 to 22 points above yesterday's | ug&n Selon average of . be w the of t reports, probably increased disposition to even up short con- tracts for over the week end. amount of cotton on shipboard awniting clearance at the end of the week was estiggated at 40,000 bales, | against 46,000 last year. LOW PRICE RECORDS IN GRAIN MARKET New Marks for Season Established| as Tradiag Is Opened. By the Associated Press. | CHICAGO. August 4—Both in wheat and corn today. new low price records for the season supplanted others which had been established hardly 24 hours were comparatively light. wheat ©eorn belt was the main bearish factor. firm. Provisions were easy. Kl TAPLIN BID EXPECTED FOR WESTERN MARYLAND Special Dispatch to The § BALTIMORE, August 4-—The next | move in the fight for control of the | Western Maryland Railway is expected 10 be an offer from F. E. Taplin and sssociates for the purchase of the Bal- | timore & Ohio Railroad’s holdings of | the carrier. The Baltimore & Ohio owns more than 40 per cent of the stock of the ! Western Maryland, and, including hold- ings of friendly interest, it is believed that the Baltimore & Ohio actuslly controls a majority of the stock. fhe Taplin interest is seeking to force the EBaltimore & Ohio to divest itself of its Western Maryland holdings. Although many rallroad men regard the Pittsburgh & West Virginia Rail- | way's control by the Taplin group and the plan to bulld an extension from Cochran's Mill to Connellsville, Pa., a5 a threat to obtain a greater divi- #on of freight rates or to force some Tokio b%s 1961 Utd Kingm 53s 29, | UtdKingdm & 448 37 Yokohama §s w 1., MISCELLANEOUS. :::fir:f:.:;l‘:. 12 105% 105% 105'5 0 8L bs 1 10! Am Smeit & R S an Barasdall 6s 1940, Beth Steel 5148 53, Betniehem Steel 63 Bklyn Edison 6s. Bkiyn Union 5 b Bush Term Bidg Certatn-Td5 e srets Chiule Copper b Lol Gasecisl deb b, Cen Coal 814 181 b8, Detroit Edison 5s 40 | wetroit Kdison 6 | Lodge 68 | Duguesne 315567, . | lSast Cuba Sug 748 Extra auspicious weather in | G0 Mot Ac Cor e | Goodrieh 6%s. .. and sl In the | 00 0 Se re | Swiss Confed Opening half cent to one cent off, | Hoe & Co6s, wheat recovered somewhat but then | Humble uil ox weakened again. Corn started lzc to lllinois Bell ist 5s 1%ac down, and later underwent a ma- | A11inois Steel 444 terial further sag. Oats held relatively | Indiana Steel os.., | 1nt Mer Marine 6s, latl Cemeut o Loutsv G & B 5352 ManatiSug sf 748, | Mid-Con S s 4u. ., Midvale Steel bs 1 Moat Power b3 43 N ¥ Edison 58 44 IN Y Teisign North Am Edis 5. Nor Uhio Tr & L 63 | Pacino Gas & K1 6s. | PacT&T bmb2... | Pan-Aner Pete 61, Pag-Amer Pote Ts. | Paramount 6 Pathe Kxchunge 78 | Peopie’s Gan o | Phia Co b 67 w 1., 2 7 | Poilips Petro §%s | Public Service 1 148 | Rem Ktna 5148 war, 1 | tnt Paper b 41, 1 nier Pup | int TelaTe {4 Kayser& Cob%s | Kan City P& L bs. | Keliy-Spring 8: | Laclede ¥ Tel6s 41 Y Tel 65 49 trunk v | Sinclatr Ou unk line to buy the P. & W. Va., work Stnclatr Ul 6 whi il physieally jo w : | Sinciatr O11 7 hich will physically join it with the Sinciais Ok has actually begun on the connection Western Maryland. This extension wil] be financed with a bond issue, it & understood CHICAGO LIVE STOCK MARKET CHICAGO, August 4 (Un Department of Agriculture) —Hogs— Receipts, 4000 head; market uneven, mostly steady. top, 11.40, paid for good to choice, around 200-pound weights shippers ook 500; estimated holdover | 3.000. Butchers medium 1o choice 10 350 pounds. 10.25; 200 10 250 pound 1 Sin Pipe Lin Skelly Oll 5 | Stand OIL N J 68 | PennEleciow 63 47 United Drug b.‘u. States | U S Ruo 15t et by ed States USRub T | U8 Stesi 81 b | Vertientes Sug 7s.. warner Sug 78 41 West Klec b8, 0| Westn Unjon 5x b1, | Westn Union 6% Received by Private Wire Direct to Cuba Nor 53scts.. 1 Del & Hud 53s. . 10026 100 100 100 1018 2 100 B 1014 Erie 1st cons Erie Gen 4s. Erlecvt 5567 w FOREIGN. Grand Trunk 7s. Sules. High, Low. Close. heesas ' 4 9 921 Jugy, 12 Octsd 2 Hud & Man ref Hud & Man aj 5 111 Cent ref 4s. 111 Cent 4% s 66 111-C-C- StL&. 1955 1957, 138 N 1108 108 108 5 08 9B 08y 1 100% 100'% 1000 1106 108 106 8 1084 108 108 6 106' 105% 1057 114t 1144 1145 110k 110% 110% 3105 105 105 99% 99N 99N 6% 96, 96 961 96 1 1004 1001 100 2109 109 109 4 100% 1001 100% 1051 10564 106ty 1004 100% 100t 2 9% a1y 91y 39BN O8N 98N S8y 89 1103 103 108 2 1041 104% 104%5 1102 1024 1024 4104 108y 103 1 103% 1037 1083 4 9WL 9L 91k 5 1004 1001 1004 6 107 1074 1 T 1154 1156 1164 | Ny 4 106% 106% 106 2 100'%s 100% 100! 6 100 100 100 6 95 b Int Rap Trai 288 Int & G Nor 956, ver 4 3 Mil MStP&S MX&TI Mo Pacific & Mo I'ac b5 A 6 Mo Pac bs F' 77. N OT&M 58 C 1 N Y Cent 45 98 ew Haven 45§ NYN Nor Pac 38 2047 Pennsyl gen 41 Pennsyl 68 64.. Pennsyl 6145, s 675, 20 Pennsy| gold 7s. 10 9415 : 2 101 101 2 96y 9 1 100% 100% 1007 1102 102 102 1 102% 102% 102% 9 91 904 901 2 100% 100 100% 11 83% 83 83 B8% 8814 BE% 13 100% 100% 100's 3105 104 105 %8 13 96 96 96 ? l(lg'- 10T% 107% 106% 106% 105 S 41 934 92y 33" Sou Ry 6%s.... 4 107 106% 106% | Term Asso S L 4 5,100% 100 100 3 105% 105% 105% £l ELSE TN 9 99wy 1 104% 104% 104% 2 108k 108% 1081 c3 12 a2 a2 1 -81% Bl siw 8 9% 1% 9% 1 118% 118% 1184 § 5 1045 104% 104k 14 97 96 941y 101 St LIM&S4s29 96! S i Seab A L ref ‘s, Seab A L o=\, 6 Sou Pac 8 29. Sou Paciile r % Un Pac 4%s 67 Wabash 5s 76 B. 1109 109 109 1104 104 104 5 98N 9N ukh 1 108% 103% 105% 12 103% 1034 105% 6 107 106% 106% 16 105% 105% 106% 2 125's 126% 125Yy 89U Yl 9n 17 L% wlt 91 5 1013 1014 1013 21 101% 1003 1013 6 1021 102 jo2 10 104%% 10415 104y 4 103% 103% 10 1 2574 254y 25718 2 101% 1014 101t 192 02 w E O TR 1 99% 11 17 9% 97 +e B3 B2 % 82 » 5 105% 106% 1054 3 104 103% 1034, 1 107% 1074 1075 Bl 9T Y6 97 2 99 9y 99 B B T 20 1024 102 1024 6 1075 107% 1079 5. 904 w0ls w0l 2 93 924 93 5100 99% 100 2 103% 103% 103% 1 97% 974 97y 1 108% 103% 1034, 1108 © 108 108 2 95% 95% 95% 9 9y 9y 3 103 1o 1 93 93 w3 33 116 113 116 2 103% 108% 108'% 2 108'3 108Y% 108Yy s 2100 101 101 1103 108 103 1104 104 104 1106 105 105 I T ] 1 102% 102% 102% 1 103% 108% 103% 2 100% 100k 100% . 3 106% 106% 106 . 2 110% 110 110 99 9% 99y 2108 108 108 uty ) fi-'n%e;‘" I 3 ils B %S G & 4 Perefect Cir 3 Pines Winter| 1 Public Serv 13 Pub Berv pf 1Real Bilk He 1 102% 102% 1023 10 104%; 104% 1041, 4 99% 99k Yl 7 90 70 3% 108% 98 sm] 121% 947 9% Zenith Tota Bales in A 3 i oy thousands. L 35 121% 121 93% 2 99 6 99 10 101% 101% 101% TO9Th 9T Wik 4 i vt 3 Y2 925 2 1928% 102% 102 1 106% 1061 196% 3 96 "h w6 10 BT BT 874 4 100% 100% 100% 2 106% 1065 1061 w 99 2 10615 106 106 i 6 102 102% 1021, 4 1007 1017% 1017 10915 109% 1041, 99 2 Northw Aluminum Co. Americun, dads mer. Tel. & Anaconda_Copper ialto, & Ohio 4! Fdison El Int Rapid Tran bs. Int Rap Tr 68 stpd. 20 t int Ry CA 6448 ret Kan City Term 4s, Leligh Valends... Man Ry 1st 80.., Market St 78 40, Ry & L bs 61 Mob & Ohio 4348 77 Nassau El 4s61... Union Pag 1st rf Western Pacific 5. West Shore 4s 3361 Wilks-B & El 13t bs Wis Cen gn 4s 49, er pi Motor ck. 1 s Walgreen 8ik pur’ w 21 Wayne Pump pfd 1 Yates Machine P Radio .. 1 sales. 37,000 shares. BONDS i Ryy Ser A S, st ‘84 2 Bederal U 80 57, 98 El st 38trauss 8 D §'ux SHORT-TERM SECURITIES. (Reported by J & W Seligman & of Amer Sales, High, Low. Close. % 9 95 1041 104'% 104% B9ty RO ROL 88l BBY 0 5 112 97 97 107% 1 10 TB% 100 51% M 904 L 674 97 11 9% 0% B84 67% 2014 R84 1 1 3 1 1 1 100% 99 9 59 14% 105 0% 105% 108 106% H&Haks. NY NH&H cv db 63 Y NH&H clt s W en ds. Ore Short L rfs 48, teading J C 48 51.. Stl | M&S gn 68 31 SB Al FIPJs 35 A, 96 865 114 1208 88 90 97 98% 07 98 8T 704 83 1204 88 90 CHICAGO STOCK MARKET. 97 | Bpecial Dispatch to The Star. CHICAGO, August 4.—Following is a report of today's sales, high, low and closing quotations, *| Stock Exchange: on the Chicago Low. Close. 92 Toan g, 15 15 A Com et b 1 Am m ‘e pld. 3{ Am_Shipblde.. sousBnegusss 15 234 497 13 59 1033 T 9n wov 0w 21100 ' 100 * 100 Co.) B B8 1952 10014 ‘2 194 7% fll:r\ I ki lec. Ba 1 Packing Co 8% ] 8B RSEHOLDS INTRADING TODAY Pittsburgh Plate Glass Ad- vance s One of Features in Session. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. closed on in crefain directions, but with the main body of stocks showing little change. individual issues. One of the outstanding features was the adavnce of 15 points in Pittsburgh Plate Glass to a new high of 250. This followed proposals to raise the capital- ization to $§65,000,000 from $50.000,000 to reduce the par value to from $100 and to distribute four new share: for each of the present cent stock dividend. It is the inten- ton of the directors to establish the new dividend basis. British Celanese dropped below the 15 level following intimations that the offer of £2000000 7 per cent preference stock had not been wholly subscribed to and that allotments would be made in full. The spectacular National Rubber Ma- chine bonds and stock continued their ubward movement, both reaching new high records. Evans Auto loading “B" ‘Warner Brothers Pictures “B” wa: taken in heavy volume at new high prices, but there was still a wide dif- ference between the price of the “A" and “B." The upward movement in Columbia Graphophone kept on for a time, but the market encountered profit taking later. The oils were led by Vacuum, but most others of the group were little changed. Markets at a Glance NEW YORK (#): Stocks—Strong; Chrysler leads advance of independent Firmer; week's new offerings smallest in years. by Foreign exchanges—Mixed; and yen higher. Cotton—Higher: covering. Sugar and coffee—Higher. sterling GAS ATTACK ROUTS DISTRIGT GUNNERS Surprise Maneuver Silences 260th Artillery. Firing at Fort Monroe. Special Dispatch to The Star. FORT MONROE. Va, August 4.-— Tear gas poured down on Baiteries B and C. 260th Coast Artillery, District National Guard, completely dispersed the batteries in a surprise attack dur- ing yesterday's maneuvers at Fort Mon- roe. The gas was released suddenly to show the kind of attack enemy air- planes might make, and it routed the batteries in short order. The batteries were firing a trial shot problem, each battery sending up eight test shots. At the conclusion a thin white cloud of smoke, like fog, floated around the guns. Lieut. Leroy 8. Mann of Battery B shouted, “Gas,” and every- | body ran. The attack made position near the guns untenable for an hour and a half afterward. It was learned tear gas and smoke screen has been used to show the kind of barrage that might be laid down by enemy airplanes to cover an attack with phosgene gas. Last night, at a reception given in honor of Maj. Gen. Summerall, chief of staff, United States Army, by Brig. Gen. Robert E. Callan, commander of | the 3d Corps Area, the following offi- cers of the 260th Coast Artillery, Dis- trict of Columbia National Guard, were present: Maj. Walter W, Burns, com- manding officer of the 260th; Capt. J. D. Eggleston, Capt. L. N. Gosorn, Capt. 8. M. Grayson, Capt. Robert A. Daly, PFiist Lieuts. Morris, Mann, Heale and Mulligan and Second Lieuts. Atkins, King and Volava. Battery B received special commend tion yesterday for its efforts at bat- talion inspection. Capt. Eggleston, com- mander of the battery, complimented the work of First Sergt. Lynch and Sergts, Reinmuth, Leek, Schilz and Despeares and Marvin. 'BULLET FROM TRAIN MAY SOLVE SHOOTING Prince Georges Police Continue Search in Mystery of Wounding of Mrs. Ruth Baulser. Special Dispatch to The Star | BRENTWOOD, Md., August 4.1t is| the belief of Deputy Sheriff A. W. Hep- burn of Prince Georges County that the mystery shot which eritically wounded Mrs. Ruth Baulser, 35 years old, in the kitchen of her home, 3903 Newton street here, Thursday after- noon may have been fired from a Bal- timore & Ohio Rallroad train. The Baulser home 1s near the tracks, Hep- burn does not attach a great deal of weight to the theory that Mrs. Baul- ser may have been shot by boys hunt- NEW YORK, August 4.—~The week | the Curb Exchange with | npern?flns for the rise still in progress | ‘The speculative element favoring higher | price levels concentrated its efforts on | Directors | also proposed distribution of a 10 per| shares on a regular annual $2| was still discounting the recent favor- | able dividend action. | THE EVENING STAR. WASHINGTON. D. €. SATURDAY, AUGUST 4, 1098 NEW YORK CURB MARKET . Received by Private Wire NEW YORK, August 4.—Following is a list of stocks and bonds traded in on the New York Curb Market today with the volume of sales and prices up to and including the close of the market: Sales INDUSTRIALS. in” hundreds. High. » Alt Gt 8o pfd 1Alum Co Amer 4Am & For Pow war. yanamid 5 1Bahin Corp_ pfd 4 Baneitaly Co 1Beld Hall Elec' A 17 Bliss E W vo 3 Bl Crtanere Lo ad Hii-Celunere 4 31y Bway D 8t 1 pid 3 BKIvn CIty R R 1 BP Ep Wyant Can Marconi” W.. A 78 & Bunmp tles Corp. q Check Cab Mix Shilgs o pid Cit § P 7y wid 20 e Uten. ... Tnc P & L optl war! Pow Co 1y P 1 Fansteel Fiat deb ris lor Pow 17 1 Flor Shoe pfd * Ford ‘Mot Co ta Ford Mot C © han Co A 8 Fox Theaters A’ . 1Freed Eisem R G 10 Fulton Sylphon ... 4 Freshman _Chas .. 1Garland Steam Ship 17 Gen Ba pid Can . 55 815D3 obel A ... 2 Holland Furn 2 Hygrade ~Food 1Insur Co N A 2 Insur Co N A 3Intl Print Ink.. Intl 8 Raz Intl Shoe Intern Util B Interst Dep Strs Ttal Sup deb ris 1 1 3 1 1 3 4% Lakey Found & M 1 Leath & Co 1 o 1 B Stenm Sh n Mot 7 2 Mavis_Bottling. .. S N8 Theater Bup. Nelson H ... Pie Bak Am AL 'y Piedmont Hydroel wa 5 i Plerce Governor ... 1 Piggly Wigaly 11, Pitts Pl Glass. ... 1 Brop Silk Hos Mil. ug S P & L . Reul Assn BRlvi afe-T-Stat ... B m nita ¥ hulte United iberling R C'' v El n vic. rv El n vie utheast P & 22 1o _:55.»‘—“—' 2Toddy vie B 1111l 1 1 Transcon Air Trsp. ] Triplex Safe Olnss 7Uni G Imp C. .. 3 Uni El Coal vic P A 8 Uni Lt 1 Uni Milk 2B Frelght ...... Gypaum 'iis zgzgac e e ] warner Bros P Wire Wheel Corp.'.. Youne Spr & Wire MINING STOCKS, Sales i 1€l i 38 Cons Cop Mines ... . 65 Cresson Gold = e, 3 Golden Center M | 7 Hollinger ... 3Hud Bay Min & Sm Cap Ci 11ron BuBon erde Est . 3 Wenden Cop Sales INDEPENDENT OIL in hundreds 2Am Con O BE-55 5w 2 v ptd 9Cit Ber B B pfd 7 Creols Synd rhy O & R pfd 4Gulf Ol Pa .. 1 Magdal Synd 1 Mexico Ohlo . . 2 New Mex Land 21 Pantepee 01 1 Pennok il Corp 2 Reieter-Faster il 0Texon Ol & Land 1 Tidal Osage O 4 Venezuelan Pet " 1Wilcox O & 8 18% Sales STANDARD OIL I88U! - funits. MER SUBSIDIARIES " STOCHY 400 Cont] 170 i A 1 83 Direct to The Star Office 7 Lehigh Pow 6s A ... ¥ MN, & L 55 en iits Steel 65 w Cor N'Y §is".. o 28tand P & L 65... 18un Maid Rals 6'2s.. (dTexas B & L 9 0 Transcon i 2 Un| Lt & Rail 68 A 6 Warner Quinlan 65 1 Western Pow 528 A 12 Wheel Stl 4'28 B Sales in thousands. FOREIGN BONDS. 95'n 98 i Baden 78 1 Buenos Aties 2 Antioaula 75 D 102 100 ") nos Aires 8 82 t Bk Ger 8ta 65 B & Priv Bk 5128, ain 6138, . 0i.. . 81 86 & 931 Denmark PRt lec 78 A* fa d [l 75 A ww 96'4 1 Mendota 7Tlas '51.... 98% 7 Montevideo 6 A, ... 3Mor Bk Bogota 7s... Bk Chile 65 31 2Parana T5..... Rio Grande 75 '61 8Rus Gov 6.8 cfs 1 1 s, 1 Uni Elec Serv 75 Al 10 Uni Stl Wks 6':8 A 2 Vienna s P 1 Warsaw 780 3 Westphal U E 65 A i--Ex-dividend When issued. 3 f6a 86% 8 89'2 | wl n w—With warrants. COTTON INDUSTRY LOOKS FOR REPORT Crop Situation Declared Un- certain, Due to Weather. Estimates Awaited. BY J. C. ROYLE. Special Dispatch to The Star. l NEW YORK, August 4.—The report | of cotton consumption for the year 1927-8 by the leading authority has proved somewhat disappointing to the | cotton industry, but now that time has been given to analyze it, the sentiment | is showing a decided change. The report in question showed 14.- 896,000 bales of lint cotton consumed. This compares with 18,315,000 bales for the 1926-7 season. Linters consumed | this year totaled 942,000 bales, as com- pared with 1,053,000 for the previous ear, making a total consumption of 5,839,000 bales, as compared with 17,- 386,000 for the last 12 months. ‘The fact remains, however, that con- sumption for the year, despite the drop, was the second largest ever known. It was exceeded only in the 1926-7 cot- ton year, when the world had the largest supply on record. Average con- sumption of lint cotton for the last decade has been only 12,173,000 bales and the average carry over of lint cot- | ton has been 4.822,000. The carry pver for the 1927-8 year is estimated at slightly more than 5,000,000 bales. Supply Offsets Consumption. | Consumption has been smaller, owing to the decrease in the supply. 'l‘hc1 leading expert makes the actual world growth for the last cotton year, which includes linters, 13,906,000 bales, against 10,100,000 bales for the previous an- nual period. The commercial crop of lint and linthrs actually marketed was 14,443,934 bales, as against 19,205,939, The manufacturers of the United States, Great Britain and Japan made organized efforts to reduce consumption to enable them to work off the surplus stocks of goods accumulated during the | big crop year of 1926-7. These figures | indicate that the world in the present crop year. which has just started. needs @ crop of between 14.500.000 and 15,- | 000,000 bales to supply its needs and | maintain the existing surplus. They also suggest that the world would ab- | sorb such a crop easily. However, spin- | ners are disinelined to make forward commitments, although the price of the staple has declined about $16.50 a bale since the Government made public its large acreage figures showing 46.695,000 acres planted. The future of both the crop and the market is perched high atop the fence until weather conditions shall blow them to one side or the other. The situation may be somewhat clarified by the Government report and estimate of the, crop to be issued August 8. The crop is in low condition in some sec- tions and some territorfes have had | excessive moisture, | Manufacturers Uncertain. On’the other hand, Georgia, Alabama | and South Carolina are counted on to | produce a much better cotton crov than | Iast year unless the boll weevil become | more than usually active. To date | polsoning has been effective and cot- ton plants in those States are thriving. The cotton goods manufacturers are | in a state of uncertainty, They feel | that if weather is favorable they can buy raw staple cheaper, but they fear that the cron will suffer 'and that high- er prices will result. They know from long experience that attempts to ralse Roods prices when raw cotton goes up is alwavs met with determined resist- ance, and with a lot of labor trouble on their hands many of them are thor- oughly uncomfortable. FOREIGN EXCHANGE, {Quotations furnished by W R Hibbs & Co.) “Nominal gold Selline checks valie (or par). today. London, 84,8863 1.00, pound Montieal Paris. { have affected securitics and business to | |seem to compensate through tion the buyer who proposes to hold for | FINANCTIA L, MARKET RECOVERS FROM REGENT DROP Notable Advances Mark Trading During Week. Money Rates Tighten. Special Dispatch to The St NEW YORK, August 4.--Money has been tighter this week, stocks and bonds have been firmer than might have been expected with credit conditions as they are, and in Wall Street, at least, more satisfaction has been expressed over the progress of the political campaign. Evidently the June decline in stock prices corrected many wrong conditions. The slump in bonds in July was pro- nounced enough to attract an investe ment demand of sufficient size to ab- sorb securities of merit. Th asl)ccll of the market situation has been im- proved by the withdrawal of new offer- mgs. There is today a complete cessa~ tion of bond underwritings. Early this week the average price of industrial stocks had worked back to within a few peinis of that at which it stood on June 1, with numerous issues rising steadily under the influence of expanding profits in industry and in merchandising until they had exceeded the levels previously reached. There are still those who are willing to run the nisk of high carrying charges of stocks and a high average level of prices in the belief that the earnings and outlook of some of our strongest corporations have not been fully represented in current | market quotations. Prosperity Growing Steadily. The country is undoubtedly prosper ous. It is steadily becoming more so. The hesitation thia® was first shown just | a year ago and continued for hr‘ar)y" nine months has been replaced by an | aggressive attitude under the favor of a large domestic and foreign trade and fncreasing indications that American crops this year will again be abundant. The diversified interesis of the country, and its natural resources, together with the backlog of reserve wealth and sav- ings accumulated in the pest five vears, form a combination that does not per- mit of a prolonged industrial rcncnoml It may be argued that surface condi- tions are more promising than those that lle farther down in the business and credit structure. Certainly we are | experiencing a Midsummer nightmare over money and credit conditions. These | are bad enough. If they were as bad as they seem, would they not before this a far greater degree. Left to themselves they may work out satisfactorily before the peak of the country's money de- mnnx: is reached. The inhibitions that | have been placed on money lending this week by the New York banks are not severe enough to correct what has come ! to be the strangest phenomenon of this year’s money situation. 1f this is acute, why wait until September in order to ! relieve it and give full accommodation | to the commercial and agricultural re- quirements that commence to accumu- late about the middle of August? Lending Call Money. Capital always flows in the direction of highest return. In the period after the Civil War this proved to “a the bullding of rallorads. Th .urplus funds of Europe then assisteu in the financing of such enterprises. . Later it found its best outlet in com- binations of industrial companies, flourishing in the “trust” era, 25 and 30, years ago. | During the so-called Coolidge bull | market, and especially in the latter | phases of it, money was drawn from nearly every source and center to pur- chase industrial and public utility shares and the stocks of banks, trust companies, insurance companies and in- vestment trusts. | Today, because money rates are high —and the fact that they are high has | been advertised fully to the entire world —idle_capital is being loaned out in | ‘Wall Street by the banks of practically every state in the Union, by nearly every large corporation in the Umtcdl States, by thousands of bank deposi- | fors who formerly were innocent of the | rate of interest paid on their deposits, | and to such an extent by the money | markets of Europe and Canada, that it | has affected the exchange rates of Lon- | don, Paris, Beriin, Amsteraam an Montreal. t It is now as common to hear men | say that they are lending money on call | to Wall street at 6 and 7 per cent, as it | was two months ago for tnem to tell of | their profits in General Motors, Radio, | Steel and other popular issues. Every- body has been doing it, even those with | bank balances as low as $5,000. It is the money making fad of the day. Shaw Action Recalled. When call rates frequently went from 25 per cent to 50 per cent, and Leslie Shaw, who was then Secretary of the | Treasury, had to dump Government money into the banks in order to pre- | SUES RESERVE BANK. Attorney Seeks to Prevent Raise in Discount Rate. NEW YORK, August 4 (#).—Suit to resirain the Federal Reserve Bank of New York from enforcing its re-dis- count rates was flled in United States District Court yasterday by Frank G Raichle of Buffalo, N. Y., a law partner of Willlam J. Donovan, assistant to United States Attorney General Sar- geant. Raichle charged that the bank had spread propaganda of a “money shorsi- age,” which he said did not exist, e< cept, so far as it had been created fo selfish purposes, and that the rates wer, deliberately fixed to restrict the cred: avaflable for investment. Raichle charged that the Increases made by the Federal Re- serve Bank was to raise interest rat: generally and to raise the “call mon: rates of the New York Stock Ex- change.” e A : FOREIGN EXCHANGE. NEW YORK. August 4 (#).—Foreign exchanges mixed. (Quotations in cents). Great Britain, demand, 4.85',; cables, 4.85: 60-day bills 4.81%. France, demand 3.01; Italy, demand, 5.23 5-16. Demand—Belgium, 13.90; Holland, 40.11; N 26.741;: 1 the object of Sweden, Switzerland. 2474 ; Greece, 1.29'4: Poland, 11.25; Czecho- slovakia, 2.96'; : Jugoslavia, 1.76; Aus- tria, 14.08: Rumania, 61'4: Argentine. 423-16; Brazil, 12.00; Tokyo, 453-16; Shanghai, 65';: Montreal, 99,843, First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. FIRST & SECOND TRUST MONEY Complete Financing —of both FIRST and SECOND trusts on —HOMES ~—APARTMENTS —BUSINESS PROPERTY No Appraisal Fee Prompt Service Real Estate Mortgage Guaranty Corporation Main 1403 26 Jackson Place Lfioney to Loan secutred by first deed real estate. Prevailing Interest and com: ? Joseph 1. Weller +» ission. L & Fros ~W. In Nearby Virginia 514% e, Bought, Sold or Exchanged SMITH-HENDERSON & CO. Main 69538. 414 Southern Bldg. WE FINANCE —all classes of tncome-producing oroperty Large Loans a Specialty Current interest rate and commission Higbie & Richardson, Inc. $16 15tw St. N.W. Mortgage Mney Loan At Low Interest Rates Tyler & Rutherford Representine Mutoal Benefit L1 1520 K Street ain 475 “We close at Sept. 4tb* Consult Us First If you need money for | your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee The Commercial National Company Incorporated Paid Up Cash Capital. $800.000 vent a furthet rise, none but the larg- || est institutions in New York, Boston Philadclphia and Chicago took ad- | vantage of these rates. Few small country banks loaned on call in New York prior to the war. They did not Know how to go about the business. | The public has never until now recog- nized the simplicity and safety with | which it could transfer & 2 per cent de- | posit account into a 6 or 7 per cent call money commitment. Having learn- ed the trick it wil not soon forget it. Another element in the situation that has never operated to any extent is that of the use of funds in the call money market that were originally raised ‘ for investment in securities or for busi- ness projects, but which are temporarily direeted into the open market for money as_the best medium for profits. ! What Is necassary to loosen up the | 43 per cent of brokers loans that is now supported by the funds of all lenders except local and outside banks? Obviously greater business activity and a range of security prices that will pprecia- | A term of years and is willing to ac- cept a lower income return than he now obtains on his market funds 1 These are contradictory conditions. | In the process of striking a balance be- | tween them it is clear that there must be further unsettlement in Commercial National Bank Bldg. Uih and G 5'%2% and 6% Real Estate Loans Save your time and energy by coming first \"here )'flu kno“' 'hc money can be found Prompt decisions. Mortgage Loan Department SHANNON & LUCHS, Inc. on’ 1967 . Ho "4%s 1030 s 1930 en Mol Accen. Corp i 1937 Gen, Pet. Corp: on’ 1040 | Goodwenr ¥ & 1 ind Trunk of G auit o' of Pp 5 . Mans Cian Co. Biyn. 1048 2 % | Mas. Gas Co. 515 New" T "6 1041 Qreuon Bhort Line 4v 143 e OV Gorp ' Bean Bl umxm'§u oot g lou, Pue R T Co n 1930, 0 Btandard O eraey 5% BULE ML & o Wy, 4 1020 Bl & Co_ b 3 Uiten ‘O ool Galie. b 1935 U8 Smeitive Co. 5! Western Bleelric Co, Weatinehouse Bl Wheeling teel Corp FEDERAL LAND BANK BONDS. | Bpecial Dispateh tp The Star, NEW YORK, August 4. . the stock 3050811 60 200 pounds, 1020 | Westinghouse b 130 9.60al] 40 Yogetn S&T Gs w i, packing sows, § medium e, 96 1 9.25a10.7. | d; compared | g near the house. There 1s little game in the vicinity and unless they were tar- get shooting, 1t is not thought like they would have been in the vieinity, HONDS, Hepburn also is considering the theory | [ . that the bullet, which was steel-Jacketed bilini P & P os A and appeared to have been fired from a PR D 26-caliber revolver, may have been laid| a7 Al Lid by on the tracks by boys to hear it ex-| _8Am Com Ale % plode. The condition of Mrs, Baulser| 5 Am Qus & Bl ds was reported today st Casualty Hospl- 5 Am Roll Mill 8s tal, Washington, to be unchanged, She 2 An t 18 took wenk to be questioned by police. The bullet lodged loss than a half an inch from her heart, CHICAGO POTATOES. CHICAGO, August 4 (United States Department of Agriculture),~Potatoes- Receipts, 00 cars; on track, 224; total United States shipments, 626 cars; tradifg fair; market about steady; Kan~ sas and Missourl, sacked Irish Cobblers, B0af5; Minnesota, sacked early Ohlos, 90; Virginia, barrel Irish Cobble market. 1435 K 8t N.W. Phone: Main 2345 N Over a Third of a Century's 4 Experience 1160 9% 993 RAILROAD, e 9215 b, t Pragiie. crown. Warsaw. zloty Covenlingen, ¢ Oslo. orawn’ Stockholm, SILVER QUOTATIONS. NEW YORK. August 4 4P).—Bar sil- ver, 587, Mexiean ‘dollars, 44%. e — New York Stock and Bond Averag, SATURDAY, AUGUST 1. Atchison gen 4x. .. y L Atlantic C L Ist 4n, - %e %, 50 o 75 lower: most ligh! R&Oaysh +'50 10 1.50 under the recent high | &0 'l’:lzn";",f(b Dy s, 20| 8&0ctimpe | B & OSW bs by | B & O Yoledo 4n wieek ago, light v and most gras 041 DeYy » Wi 978 T “ 100% 100% 101 103% 1034, 1031, 1087 1085 10%8, 1 w A | Bpecial Disbatch to The Star. HBALTIMORE. August 4.~ Sales. STOCKS, | A4 Pirst National Bank 100 Commeretal Credit 60 & P.Tel, Balto 23 Consolid 100 Easter 10 Fidelity & Deposit . 43 Pein Water & Power 63 United Ratlway & Electric crown oy onYy, qoay oaa! 01 jor a7 o7 R ghiny Brooklyn i1e | Bkivn Manhat o8 BUAYn Ay, car) few aboy treme 1op 16.25. top Brax 1048 euglings o 12.00 o 46 higher 1200, meat 1375 down ers acti ers. 10,50 [N Yy 99 Cons Gas s y 1 Roston & Mo Ax AC R 2 Gent. States BL by Acent Al Bt Ser 610 toinn G & B 45 A B BOSTON 'OCK MARKET. Spoctal Dispateh 1o The Star BOSTON, August 4.—Following is a list of today’s highest, lowest and clos- | ing prices for the most active stocks dealt in here Sales 10 Arcadian 130 Qalu & Hecla | 30 Bab Seeatniith Biineors Pub Sei ranklin Kinds of Property farips a4 North 1% a4 Pac deb 48 Central of Ga 6 Chess Corp b8 w i, . o Bid Asked, 100 H 9% 9% 7N 105% 1056 Receipls, 3000 head: practi- e loday, for the week, from feeding 11.200 diree’. fat lambs clo pyenly stetdy 1o 25 higher teady Lo strong; f ! 3 2t Rer Grs Py A ACIL Sery Pow 8les.. 1 Com Lavaben 65 ACon'tI G & F 85 A B Cudahy b1 3 RO 9% 9y 97% 105% 694 e come within the scope e our property management service and facilities. It will pay you to make early i uiry concerning our bility from the point of view of your particular noeds. 1B &Q Istrf b8, 1 1 West 4% 59 b | A Pacia Tt 1625 dry-fed year. | CHIMISP&Pachs Py ,v‘,,,;: Jouto | CMBP&Pae a0 1803 Bulk prices for week :":;.‘ L‘NW‘»M»’:‘_.., 14.75a15.75. native, | G NW 4348 203 1050a12.25; fat | Chi ftywbe. fecding lambs, 13258 | :‘Ilu”%.' 1o Chi Unton Sta 6s 44 6 108% 10% E . Chik W indends, 1 BBl BRY Sometiaes one thinks one has 10/ C& W (5%862... 10 106 104% 105 , mold people into a shape 10 be loved | COCASIL A 1 oKy DBY . _ before one ean love them: and as one | ¢ & 8 1ot 4% 2 994 99% 09 kg t gets older, one finds it s 100 much’ Cuba R R s, 6 9T 9T 97% has ll.h% a0 ble. Cubs RR 7% 1106 106 108 used for , 2,715, SANITARY GROCERY DIVIDEND The Banitary CGrocery Co. has de- clared the regular quarterly dividend of 81,0215 a share on the proferred stock, rnv-ble Heptember 1, 1028, to stock- holders of record August 17, and a divi- dend of $2 a share on the common stock, payable September 16, to stock- holders of record September 5. - . v ealied & Joshua tree, spongy wood and is 81, ywenty ral LLENTH net galn, 0K e, Thk 157001 tow, 1030, BONDS. wales ‘op pricet for week' Fal range 15.50; fat nativ Yings, 12.75; fat e ing lambs, 1400 Pal renge lambs 14.50815.00: yeariing ewes, 650740 1375, b, het Tntl % Fod Wit ol P& L Neison hond ale A.Tthfll (var value), .‘.;'Cr‘“flfairlll ralls averased 9200 ‘on secandary ralls avernued 1608 unchanged 'l’l: rl.l‘ wlllitles averaged 4723, " oy "o dinlriats averaued 0411 net Tombined averase, D411 net waln, R I TRFASURY CERTIFICATES, Afteported by J & W Beligman & Co.) o Maturit, % 38 Keweenaw 190 Muss Gas 0 Moha R Yass 40 Nut kn*t‘l‘ ‘r( 0 Quiney .. 1l BE R & SR apd, B. F. SAUL CO. 30 Tovtington Main 2100 925 15th St. 3 4 " "‘\ &N-kaefi () g"‘ E ATV R