Evening Star Newspaper, August 19, 1928, Page 21

FINANCIAL,” STOCKS AND BONDS ACQUIRE STRENGTH Week's Activities Marked by Broad Recovery—Specula- tive Spirit Revived. 10z 2 |16 | Rien i 11014 | “wns 106 o | 101 {10412 10313 100 o3 Low FIRY ariy 9% 101% e 111 | 1108 1 100% a8 10815 104 | 109t 104 1021y 1004 S0% TS j110 1087 10%% BY CHARLES F. SPEARE. Evecial Dispateh to The Star NEW YORK. August 18.—On Tues- day call money loaned at 8 per cent. &tocks that day declined an average of 11, points. Bonds dropped to the 1awest Jevel of the year. On Thursday money was down to 4lz per cent. | Siwcks Tose an Average of 13 points. This momentum carried partly through Friday. Bonds. after a month of stag- fation, decame B 1ne change from a condition of de- to one of speculative exhilara- | s as sudden and posi- typical August here areas of low pr ¢ give way quickly sunshine and in- 10 yant { days o 1o determine now that hes occurred |11 nvestment mar- thing is whether t! in the speculative and kets is permanent or Stocks Advance Steadily. The situation § advancing steadily markets of about half the size of those | . s o4 fol 1054 y 99 | 116% 105 {10315 108 & 1 1064 1 ws 105 | 1w s rial group early this week | 107 the hign average of Jast | u7 1d on 1.s members, which | jow then, is more out of | 108 rmony with :‘mr money, -the rate for comm(r‘c\NHU‘? per and acceptances and the ruiing | \:: Peheral Reserve Bank rate than n |100 compensate somewhat for | 107 better exhibit of industrial | 105 the June quarter tl hree r provement taking place in he first half of August. | ¥ the holder of uofks on | 10: in. however, from 1 to 1'> per| remainder of the Summer than in May and Juns The question, therefore. is whether those stocks that have been most popular recently have a true basis for further appreciation when the| favorable and unfavorable circum-| stances that surround them are bal- anced against each other. The rise in| them since July 1 seems eufficieut and fulls respensive to improved earnings Bonds Feel Pressure. Investment securities are more sensi- | the to money rates. from season 10| season. than are speculative fssues. If Wall Street has a real a June. this is earings the first t adaitional 1 July and will ¢ 104 103 103 2 924 9 such measurements as | 103%: }1!5“‘ 2 1074 1044 ynt 101 i 103% han in | 116% 106% onths of the year, with | 158%s 103% 931 8y 0%y 100' 96\ 102t vl . 1024 19y 108 104% 101 complaint | :«»s 4 against the Federa! Reserve banks for|jg; tting the screws on the money mar-| g 1034 at. it should be that portion of it ge, 102 whose business is the underwriting and | jog., u2% distributing of bonds and preierred |y stocks. 971y 1t is to these securities thati o7y 103 the greatest injury has been done, 101171 114 say nothing of the embarrassment of | 110 the Treasury Department, whose policy | 1024 in refunding the third Liberty 4!4s! 110 must be formulated at a time of the 103 most acute money stringency in seven vears. 1044 1 106% 1014 108 985 107 100 w9 The Federal Reserve action has ob-| 106l 102 viousiy forced the invesiment market| 9a into a condition where the flow of — new issues * originator to the consumer i+ nearly suspended. The | luz is not entirely that of the Federal | 101 R ve authorities. Investment bank- ere cannot blame others for overloading | | the market with securities at unreason- prices between January 1 and 1 wl there were abundant evi- mur'u;' rates were ng and the suppiles credit were creasing. A considerable portion of | 114 this new financing was expedient in that it refunded high interest bonds | and siocks into comparatively low in-| ., terest and dividend vield obligations.| g It was not at all réquired for business| yy development. Proof of this will found in the large sums transferred proceeds of these issues. The investment banker may argue,!101 however, that the expansion in business | 191 in the last three months requires ad-| . ditional capital in order to accommo- ub’ 105% 1027 1101% 101 . O 26 $7% aya 102t 9. 106% 103 109% 106" 102% 9Tt 111 4T 100 105% 100% tnto the call money market from the | gy, { 107% 1013 " date it but that, owing to the high in- | 100 terest rates, he cannot sell new secur- | 101% ities to his regular throw the onus of restricting trade on ; 103 the Pederal Reserve banks. It is at this | 110 point that one finds a sensitiveness to the criticism being leveled at the sys- tom. Money Situation Unchanged. There haz been no basic change this week in the money situation. The tem- porary ease and the abundanck of funds | do not =ignify that rates will be lower f from now on 2nd =0 provide opportun- | ity for a resumption of a broad specula- | tion In stocks or another outpouring of | s, | 100 It does not contribute to the prestige | * | of New York as an international money | ~ center to have interest rates of 8 per cent one day. 4!, per cent the next, and 7 per cent the day following, or to | suggest an apparent superfiuity of funds | on Thursday followed by an acute scar- | eity on Priday. Nothing esiablishes a | money market like a stable rate; noth- | ing brings it into disrepute so quickl: a5 the fluctuations that have occurre in w York during the last few days. | ; 1t was recognized by nearly every one | j lart Spring t public participation in | ;4 the stock market had reached dangerous | ;5 proportions and that interference on the | 41 part of anking interest: was right and 2 i v Y | d | two months of comparative in- | ecuvity in stocks, but with a gradual appreciation in market values, one finds | that wers eonservative in | it of irritation and resente ment that the Pederal Reserve author- | ities should continue their pressure and | mamtain their policy o 1064 & w4 releasing credit | 104 clients. This might | 1u3ly 110% v 108 w1130 . 1105 from securities for commercial needs. | 100 This week's flare-up in prices has dem- | % onstrated clearly enough what would' ¥sn happen to the stock market if any con- | 110 crsslons were to be made o in the | 104 way of iower intefest rates. ay be | 103 scospted as a fact that the policy of | 94 the Pederal Reserve banks has not | 1ok changed znd will not change until the | 1% peak of the commercial demand on| 54 been paseed in October or | 193% I money has 10 Novem s Business Outlook Good s sitie o Ahaltas this week | 1160 have b conditions ! in the & Railroad car- Joading: th? oduc- ton of end the o market A ds| 7 " 1118 1 of aceept- | 19 { Gov. | “4n he political | 1 most setive | 114% he election | L1dm ime to time will be a factor in | |08 e gpeculative markets. There i 801047 mv): 'Zn»,m.a between the two plai | 104 ferms 8nd in the temper of the twol candidates respect 1o business iples that it will be dificuii this Jear to estabiish the logic of & move- ment' in prices either way in hnnmnK with the current betting odds. Bot marties this year will be more active in & therr campeign contributions mgeumlwtnlluvmthmmmu- stocks ook strong or weak for the effect that this may have on timid party foliowers CANADIAN PACIFIC REPORT NEW YORK. August 18 (P —The Canadian Pacific Railroad reports gross | peceipts for the seconc wesk of August of 34208000 and from January 1 of $116984,600. reprosenting increases of $384.000 and 388,000 respectively ever corresponding periods of 1927, Honver's speect e Ll 1000 10U 14 10B's 10 {1070 1034 i 94l 884 10 103 15 1 101 8 1001 99 14 105 10 116 & =192 Hieh 109 1014 29 104% 10 908, 101y 118 Til% 100 s 1 a0 1065 1038 105% 105 1080 1 109t 105% 1 97T 100 103 30°s 109 e . YN INDV: TRIAL AND MISCELLANEODS. 1941 108 102 93ty 104 104 104 Nt 104 va 10ty It 108 an'e 95 1014 100t 100, 1021y LIS 105 100 100 1z 100 108 96 4 1004 1040 105 3% 110% 93 2 1047 1041, N 0y e 4 “4in b I wl ol it 100 105 461a 6 T 1035 95 B3 Y% 1050 Yots 100 n5 Wik [ 2% 1024 I8l s [TRY “aia 113 THE SUNDAY STAR. WASHINGTON, |IMPORTANT GAINS MADE BY OLD-TIME NATIONAL BANKS 00 99 31 09 9 R 9 09 30 FOREIGN June bs 1959 Acrgenting #s A-1957 Australia 88 1956, Austrin [s 1943 Bank of Chile 8 '3 19 Bagium s 1955 Helgium Tws 1945, Baigium 88 1941 Hordeans s 1934 Brazil 6158 1926-5 Braail 2 1941, Canada aa 1963 Canada 8448 1% vakia ¥s 1961, Denmark #s 194 Duteh kast ind; rman s 1949, <h Free State 3. taly (810980 ...... Japanese 5ie8 1964 . Mexico 48 asst smalil 190 2 Milan 8138 1y, s, Lyon Peru 88 1960, Peruis... rolind ¥s 1980, WQueensiand is 1941, Rio de Janeirs ¥s 1948, Lome 6y Sao Paulo Stat Seins Lept ot Seros, Croats, 810 Sweden 65 1939, Swiss op8 1948, £ Tonho Klec Pwr 78 1986, UDited RiNgAOM 3 gs 1939 Utd Kingdom 548 1337, Y okotiaie #s 81 € oL 85 1938 1054 oz 1084 Awier Axri Cheullcal | . Anmer Smelt & Kel (8t Aner Swmelt 130 68 1947, Amer Sugar Ketluing §s 1937 Amer Aundes Copper is 1043, Armour & Co digs 1989 Armour of Dei &b 43. Atlantic Kenu:ng deb 6s 1931, Barnsdall Corporation s 1940 el I'el (Pa) raf 38 1948 . etnienem Stesi o m dx 1938 setnienemn Steel o [ 48 1445 Cons Coal (Ma) Ist Cuba Ca Detrolt wdison ref §s 1940 Dodke s 1940 General Motors 8= 1937. . sundrich B K) Sus 1967 .., Humbie Utl & Ret 2498 L¥d3Z. (ndinne Steel 58 1983 ... . international Mateh 58 194 inter Mer Marin tuter Paper Interuational PIOPRTITEN Manati Suga 3 € {He 194 Slidvale Steel o8 19 New England Fel os 1963 NY 1800 L8t S e 1941 Nortbern States Power Paciiic Gas & 116 38 1943, Pacine Tei & 1953, Pan-American 6334 . .. : Philadelphia Company 5= 1967.40 Public Service 42;5 1948 Sinclair U1 63 1350 0 Soanctar s A94LL . Sinciair Crude O1] 3lgx 19, Southern Beil Telephone by Standard OIL N J Western Union L'el 6ias 1v38 Wilson & Co 1 Youngstown Si KAILKUAD Atchison I ® 3 Fe cen 48 Ly¥s. . Atlantie Coust Luife 18U 48 1963 . Ballv & U L8t 2010 48 148 Ballo & URIO oV & iy 193] BEilo & UNLO ret s 1Y9h BEOPUBSLES W Vs B %O Southwas 0 Cauadian Ceutral Pag: Chesapeaks Chesaprake & URIO GV 4158 1930. . Chesaeake & ONIO Ren 4 s 1993, Chicako Bur & Quinicy 4438 17 B.. Chi B & Quincy st ref 48 1471 Chi & Eastern 11 ¢en on 1981 . | Greal Wasiern 48 1959 . 1M & St Paii en § e 1989 Chicago & Northwestn 4 97 94 90ty 9ty 105% 3ty Chi i & Pacine Chicako Hock Laiand 44 BiLRIOD SaUon 4w 1983 .. Shi & Western Lud sun s 1963 L & SUL rel 88 A 1949 Cleveland Terminal 54s.. Colorady & Suuthern ¢ s 1938 Cuba KK os 1952 ... Cuba Northern 38 194 Delawaie & Hudsun o e 1937, . ven & KI0 Grande o Ven & KU West Detroit United 4 ana Lrunk s € d aud Lruuk s 1340 ... @4t NOTtnern ¢ s 1976 et NOrthetn xen 3y 145 ireat NOrnero gen (w (V38 Havana Etectric Hallway 5% Audaun & Maunatian cel ou 1400, Hudson & Mauhatuan «d) se 1987 Liithois Central 4 % s 88 Loter HApIO L'ransit oa L Liter Kapid [rausit ov (s 1483 inter & (icast Mot 4d) s 193 . nt Hwysof Cent Am 8y aan L ELSCOL & M 48 cansas Cily Boutnern aansas CiLy Southern Loake 3NOre 48 1928 wake Snore 48 1¥SL Louis & Nash unilied 48 Lvav. Louts & Naan et el 5 4ye 2003, it Elec Ky & Lt Lat ref o8 61 AIPaSSME vh'a ) id'a 1% it 1y 108° 100 10gs #n W Ll Wik Y4 43 104 117% 104 127 17 04 104 1064 10, 1075 1) 1004 XY New York Ceutrs: deb 8x (¥4 NUNH & oY 16D 68 Y4 NOY Hy bs Lu8s N Y West = HOBLOD ¢ e 198 Nortulk & WesLern cup 48 L9y Nortoern Faeine ss 204i. .. Nortnern Pacino 4s Lvi. . Cautiny (VLIS 8 ierw Maraueite | Port B Y L& P éa 1947, oading dne 100l Ak & Ldae U3, SLIMESK&U s lusl.,. SLL & 340 €'Can OF 10 48 A 1980 St L % Sau K'ran pe in St L & 34 Fren (0o St EKCB Lie ¢ s 1081, 3eaboarn Air Line ref 198! Beubosrd Alr Line ad) o8 L Buabourd AIF L1060 00D 68 1V Aouthern Peaific ov 4e 1V3 3ouLhern asifie col 4m L sonthern Peoifio ref 48 |66 Southero iy gen s 1986, S0uth Hy Let be L¥9s. . Bouthern Ky dev dips 1986, Ihird Aveadi ss LUs « Union Pacific (a1 4s 194 Virginian Ky | Watash L8t 108 0 B 103 . 120% Wik 1045 1 s 11116 103 Prov week s uhte 1094 103 10048 3% 98 1o 105 10878 1034 107y 113 106 o6 Diin 102 5 92 107 100 43N 1044 ted 106 14ty 108 95 N 0 105 9n'e 102 102 9% TN 104 ELY 105 2y 101w 105 U4 106 + Yt 16T ol B4 i W 7% Y 8 166 4 106 i 100 00y 10104 108 9% B th 4 102% 103 20ty sty 1008 8y 1031 104« 174 12 100"y it 167 as TN 1671 Wwois Wity [UIEN 1 1005 103 934 Wols 114k 100 100 " 104 03 Wity 104 108 9 Daly 97 a8l 17 100 102 9 4 LIS Lo 98 105 s 104! 127 997 LUTY 105 19! e 101 w3 10 i 9! 104 e 100% 99 106% 101 1025 I 100, 7 s E 105 EX ¥ 2 ", 104 1 a4 it i 97 106t 1 91 A 964, 4 Wy oy Loy i » 4 71, | No. 9% | highe: itk N D. €. AUGUST ‘19, STOCKS GO HIGHER INBULLISH MARKET ‘,‘Further Recovery Occurs at Week End Session—Rails Are in Demand. Comparison of Capi RY 1. A. FLEMING. An interesting comparison of essen- By the Associated Press | tial features fs made between the show- | NEW YORK. August 13.—8tock|ing by banks operating under the na- . | prices made further recovery in today's | tional bank act 30 vears ago—to be | brief session of the market, which Was exact, December 1, 1898—with the same | featured by a broad demand for the | statisties regarding the nattonal banks |rallroad shares. Week end profits- | (hay have survived the intervening taking forced recessions in some of the | years up to and Including June 30 | recently popular industrials, but nearly | 1928, the date of the latest report cf | a score of issues in that group, includ- | the banks to the controller of the | ing Allled Chemical, American Can | currency. & * land Columbia reached new high| December 1. 1898, there were 12 na- ground. ‘Trading was fairly heavy for | tonal banks operating in the District Midsummer half holiday session. the | Eight of these are still doing business | day's sales running close to 1,000,000 At the old stand. while five of the ac- shares |tive national banks of today weie Inasmuch as Friday's final rate |organized later than the date men- | ries over the week end, call money was | tioned. [ not a factor in today's market, although | _National Metropolitan Bank was the the subject received widespread com- | leader of its group of banks in ment in week end marke! letters. Time | matter of capital. surplus and undi- money held steady at 6 to 6!, per|vided profits and earnings, - thowing cent, as against a ruling rate of 6'; a | 40.01 per cent on capital, but was week ago. Optimistic Comments. dividends paid by $1.000 and in éarn- Wall Street derived iderable en- | 2015 1o ‘:!;p'l’;u e A S all Street derived considerable en-{20.15 to per cen couragement from the optimistic com E. Southard Parker was then presi- ments on business by William C Dur- dent of the Metropolitan. and Charles ant, Alvin Macauley and [n(lhr:.r’ ‘bla:lnr:s C. Glover huded’ the Riggs NA}L!:akx‘ml | ive fox urope . Chariee B MItchell | banke % mlo given, oot in Al cases ths * | president of the National City Bank, |values of the last century were of De- | expressed the opinion that the call rate | cember 2, 1889, and of the present da | would average 61, per cent this Fall | nationals shown 25 of June 30. {and that commercial rates would rule‘l Any oneé so inclined can figure out ,|about 1 per cent lower. . & (the exact profit of the old-time banks w'rher‘e ‘wu':mmr‘fi;n IJ::':*!:I ,:”ne‘:!‘ for ém \m]g;:mngd gwu n;tewe;nlg; explain the sudden reviv - | cember 1, . an: ember 2, ureupln the railroad shares. Brokers : | expressed the opinion that buying was | - The Comparisons. 1 |Influenced by reports of business ex- December 1. 1898, the Columbia Na | pansion and expectations of heavily In- | tional had capital. surplus and undi- creased traffic as a result of Bumper | vided profits of $384,663. The gain on « | CTODS. g | capital for the year was 8.74 per cent, ‘[exas & Pm‘mg sr\:rt‘gm-'nfl!n(;lnstn { while on capital, surplus and profits D aatian " ran Vs owly 6] i aLk maHeL B0 e ant. The » | points to a new top at 987.. St. Paul| June 30 of this year the same bank "wmmnn and preferred. Canadlan Pa-'phad capital, surplus and undivided cific. Chicago & Eastern Illinois pre- terred. Gulf, Mobile & Northern and the Missouri Pacific issues all sold 2 or | more points above vesterday's final quotations, and most of them closed at or near t | Allied Chemical assumed the leader- | ship of the indusirial group by climb- | Recefpts of Spring chickens have been {ing nearly 8 points to 180°. Other | ;running more liberal the past week and issues to break inio new high ground | as a large percentage of the arrivals are inclu Eaton Axle. Loff, Grand |only ordina: » . " Baltimore Markets BALTIMORE, August 18 (Special).— Baking, United Biscuit and Continental | lower. and while the market holds Can. | steady prices are generally in the buy- Motors Issues. ers' favor. except for large springers, Motors quited down somewhat. Gen- 2!z pounds and over. of which there | » | eral Motors closed fractionally lower, |is no surplus. Demand continues good +|at 1851, and Chrysler closed about a !for large. fat springers, but thin. poor. « | point lower at 83." Graham Paige im- |looking fowl are not wanted and hard ’growd slightly. but failed>to reach the ' to move even at the lower values. Leg- | igh mark established yesterady. Hupp [horns when large and fat meet with was in brisk demand. closing a int | ready sale, but poor, thin stock is a .[hlgher at 62%. United States « | advanced 1', points to 149, or just | 5 points below the year's high. Atlantic Refining, which has been bought recently on reports of unusual- ly large current ecarnings, ran into | heavy profit-taking, closing 2%, points lower ot 163 Foreign ~hanges quiet trading. with quoted around $4.35 { question of buyer than price Mixed colored springe: poun and over, are selling 32a33 a pound and smaller, 30a31, while Leghorns sell mostly 25a32, as to size. OIld hens a in lighter roceipt and under a fairly good demand for choice, fat fowl. The v held steady in sterling cables eighing_under 3!, pounds moves slowly at 17a18. Old roosters in ample supply have a genarally slow zale at 14a17. Receipts of young duck: continue light, but ample for the ds mand, And only stock weighing 4 pounds and over attracts attention At | 21a2: at 17 at 15a18 - Guinea fowl are also in light receipt, and birds weighing 1 pound and over meet with ready sale at 90a1.00 each. Demand for pigeons is only fair at 25a30 a pair for both young and old Egg Prices. | While receipts of native nearby cgas 525, | pave been moderate the past week, ihe t|demand has been only fair and the | market holds steady but quiet under an advance of '; cent a dozen over open- ny prices Monday. Strictly gathered eggs meet with ready sale at full values, but with the average cur- Market Report, Yesterday dailly market report on fruits and vegetables (compiled by th Market News Service Bureau of Agri cultural Economics) said: Cantaloupes—Supplies moderate. d mand lght, market dull; North Caro-| fina. Ridge section and Eastern Shore Maryland, jumbos, 36s, various va- ties, 1.50a1.75, mostly 1.30: few extra jumbos high as flats, all mostly around 73. miscellaneous melons supplies light: demand light: marke | steady: California honeydews, all sizes. 1.50a2.00. Pears—Supplies light: demand mod- erate, market firm: California, box Bartlets, fancy, mostly 3.25. Potatoes—Supplies moderate. demand | moderate, market about steady. Eastern | Shore Maryland and Eastern Shore Vir- ! ginia, cloth top stave barrels, Cobblers, | United States No. 1, 2.00a2.25. mostly 2.00 Peaches — Supplies light: demand moderate. market steady: North Caro- «!iina, bushel baskets, Elbsrtas, United tes No. 1, medium to large size. 1.50a some falr quality, 1.25a1.50; | bushel baskets, Belles. United States No |1, medium size, 1.2381.50: sizes, Elbertas. United States No. 1. medium to large size. 75; mostly 1.80. Virginia _ | bushel baskets, Hileys, United States | o [No. 1, medium size, 1.2521.50; few very ‘fln! quality and condition, 3a2.00 bushel baskets, Carmans. United States | o ful. buyers hesitate to take hold and prices have to be shaded. There was | little activity on the exchange and most sales of the “etter grade of eggs are being made on the stréet. The market closed today rt 311, cents a dozen for firsts in free cascs and 29 cents a dozen for current receipts, but small, ungraded stock had to be sold at discounts Receipts of new potatoes were light but ample tor the demand, which easily satisfied, and the market ruled easy with values a shade lower. Oni well-graded No. 1 stock attracted at- tention, while No. 2's and culis were not wanted at any price. No. 1 potatoes brought 1.75a2.00 a barrel and 65a73 & bushel, to size and quality. Eastern Shore sweet potatoes and yams were in ight receipt and sold fairly 1l at 3.0025.00 a barrel for the former and 4.00a5.00 a barrel for the latter, but No. 2 stock would not bring over half price. Receipts of native and nearby garden truck continued liberal on all lines ex- cept. cucumbers. which were scarce and in good demand at full values. but prices on other lines were generally in the buyers' favor ai the following quotations: Stringless beans, 90a1.73 bushel: beets and carrots, 3.00a4.00 100; cabbage, 3.00a6.00 100; sugar corn, 10a 18 dozen; cucumbers. 50a1.00 basket | eggp'ants, 75a1.00 basket: lima bean 1.25a1.75 bushel; onions, 73a1.00 bushel: veppers, 23a3) basket; squash. 40a30 basket: tomatoes, 50a1.00 basket and | 50a60 bushel for packing atock Cantaloupe Quotations. | Cantaloupes in liberal receipt and | with demand centered on large native | fruit the market rules easy at 30 to 30 | A basket and 73 to 1.50 a crate, but | “ medium to large size, 1.00 | size, 75a85. Maryland, bushel baskets, Carmans, United States No. 1. small to | medium size, 75a1.00; few higher: Slap- small size, 75190. Supplies moderate; demand moderate, market steady: lowa, 100-Ib. 2 |sacks, Yellows, United States No. 1, 2.3582.40; Massachusetts, 100-1b. sacks, Yellows, United States No. 1, 2.50. Lettuce—Western, supplies moderate demand moderate, market steady: Cali- .| fornia crates. Iceberg type. 4-5 dozen, W | 4.7525.00; Colorado crates, Iceberg type, ! 4-5 dozen, ordinery quality and condi- tion, 4.00. Eastern, supplies moderate. demand moderate: market firm: New York, 2-dozen crates, Big Boston type, 2.0022.25. Watermelons—Supplies moderate . de. mand limited, market steady; Georgia « |and South Carolina. bulk, per 100 « | melons, Thurmond Gray 34-pound « average, few sales, 50.00a55.00. 8tring beans—Nearby Maryland truck 2 Maryland, bushel the | | sacond to the Riggs in the matter of | tock it has had an effect | Union common and preferrsd. Purity | on the better fowl, which are a shade | teel {drug on the market and is more a | steady but quiet at 20a28, | while smaller fowl moves slowly | a18, and old ducks are neglecied tresh | ront receipts where quality is doubt | receipts light; bas- kets, stringless, mostly around 2.50. Lima beans—Supplies liberal; de- mand light; market dull; North Caro- lina, bushel hampers, 1.25a1.50, mostly 100’ | 1.,50; Eastern 8hore Maryland, bushel 1044 1085 10t | 4 100% | i | 1ot [ Hoy B7 | N o8 T4 gk e 10d% 102 10l 26% | hampers, 1.50a2.00, mostly 1.75; ordinary condition, clean-ups, low 50 cents, Sweet potatoes—Supplies | mand moderate, market steady. North | Carolina, cloth-top barrels, yellows, No | 1, 5.5006.00; ordinary quality and condi- tion, 4.00a4.50. Cabbage—Bupplies moderate; demand light, market dull; Virginia, Rural Re- treat section, barrel crates, round type mostly 1.75 Apples—8Supplies moderate light, market dull. Maryland, bushel baskets, Gravenstel J. 8. No, 1, 21 to 21, ‘nch, 1.28; Maryland and Vir: ginfa, hushel baskets, various varieties medium (o0 large size, unclassified, 7 125; few Woll Rivers, high as 1.30: irginia. bushel baskets, Pippins, U, 8. 0. 21, to 2%, inches, 1.23a1.80 8. No. 1, 23 to 3 Inches, 1.30a1.75 S8TOCK FOR EMPLOYES. NEW YORK, August 18 (#).-~Direc- tors of the Standara Milling Co., one of the world's largest flour milling con- cerns, have approved a plan to lssue from time to time 25,000 shares of stock 8. prices to be determined later to officers, employes and certaln of those -actively engaged in the conduct of the business. he plan will be submitted to a meting of stockholders Beptember 10, OIL TAXES LOWER. NEW YORK. August 18 (P)-—Owing to lower prices for fuel ofl in New York Harbor, on which the value of Mexican crude and fuel olls for faxation is based, Mexican oll production taxes for August are 378 of a cent to 1,129 cents A barrel under July rates, few as 00 light; de demand OB B 87y 40 'y e 68 92 Bh 4 [ vhla (Ll flats are generally slow sale at half | | price and less. Peaches in ample supply | 'and only fancy large sound stock will bring top values of 75 to 1.75 a bushel, while small poor stock is slow sale even at discounts, Bartlett pears in good | demand and choice unbruised stock | meets with ready sale at 1.5 to 3.00 | bushel Watermelons continue in fairly liberal receipt but demand is good and | | (he market holds steady at 35.00 to 40.00 | 100 for extra selects, 25.00 to 30.00 for selects and 15.00 to 20,00 for primes. but | culls are not wanted at any price. Live Stock Market. The general live cattle market rules | steady under moderate receipts of de- | sirable stock and a fairly good demand, but common, ordinary cattle is slow sale | | At inside prices Demand good for choice, fat Spring lambs which meet with ready sale at full values, but poor, | thin stock as well as sheered old sheep | | are not desirable and values have to, be shaded. Quotations today at Light ! | Btreet Wharf: Beel cattle, fivst qual- ity, pound, 12 to 13; common to me- | dium 6 to 10: bulls as to quality, 6 to | 9. cows, choice to fancy, 7 to 9: com- | mon to fair, 4 to 6; 0Xen as to quality, | 8 to 0. calves, veal, choice, 18',: large, | fat, 12 to 14; large, rough, 10 to 11:/ thin, 8 to 10; rough and common, 7 to 8. Bheep, choice, 3 to 0; old bucks, 3 to 4. Lambs, opnn{‘ cholee, 13 to 14; fair to good, 11 o 12; commeon, thin, 8 to 0. Pigs, straight, 10 to 11; sows, 7 tu 8; stags, 4 to §; live pigs, 11 10 12; shoats, 9 to 10 | oxu-mwfr-m quotations—Wheat, No. {2, Red inter, garlieky, spot, 1.30%,; | August delivery, 1.303,; September de- Ijvery, 1.32; cargoes on grades sold | follows No, 2 Red Winter. garlicl ' 1.20%; No. 3, 1,267 ; No. 4, 1234 ; 5, 1207, Corn, No. 2, yellow, domestie, | spot, 116, cob corn, 373 per bareel . No, 2, white, domestic, new, 40a No, 4, white, domestic, new, 48a Rye, nearby, 1.05a1.20, 1928—PART 1 talization and Book Values With Figures 30 Years Ado Is Givcn—Trcasury Transfcrs. | profits of $735.325, and hook value of $314.22 Parmers and Mechanics National had rngml surplus and profits December 1 1898, of $476.334. made 16.73 per cent on capital and 8.53 per cent on capital, surplus and profits. June 30, 1928, the same bank had capital, surplus and profits of $802,593. The book value was $318.49. December 1. 1898, the National Caj ital had a capital, surplus and profits of 9285425, on which it earned 11.70 per cent: on capital alone, 820 per r,;nl. The book value was $148.40 a s June 30. 1928, the same bank had surplus, capital and profits of $491,934, and a book value per share of $245.96 December 1, 1898, the Riggs National had surplus, capital and profit of $658,594, on which it earned 37.89 per cent, on capital alone 28.77 per cenr The book value per share was $155.60. June 30, 1928, the same bank showed capital, surplus and profits of $5,081,935; book lue was $203.28, Bank of Washington. on December 1, 1898, had combined capital, surplus and profits of $499.716. on which it earned 6.50 per cent. while on capital alone it |earned 1623 per cent. Book value, | $256.10. June 3, 1928, the same bank had combined capital. surplus and profits of $2.302592, and a book value of $219.29 a share. Second National figures show capital, surplus and profits as of December 1. 1898, $328.499. on which it made 4.63 per cent, while on capital alone it made 6.78 per cent. Book value, $144.80. June 30. 1928, the same bank had capital, surplus and profits of $1,311,925, and a book value of $174.92 a share. Thirty years ago the Lincoln Na- tional had capital, surplus and profits of $240.731, on which it made 3.38 per cent on capital and 281 per cent on capital, surplus and profits. Book value, $117.70. June 30, 1928, $1.025.244 capital. surplus and with book value of $256.31. Other statistics are of equal interest System Transfers Millions. Millions of dollars daily 15 transferred batween the banks of the country ove: the leased wires of the Federal Reserve stem. Almost instantaneously a bank in one .part of the country can transfer funds to the credit of another bank hundreds of miles away. Although the general public hardly knows of its ex- istence. the lcased wire system of the Federal Reserve would make it pos- sible for a bank to withstand shocks which would have meant serious trouble vecrs ago wher slower methods of communication prevented prompt re- course to out-of-town resources. Nowadays when a bank in New York | wants to transfer funds to Richmond, for instance, it notifies the Federal Re- serve Bank of New York that it wishes |to make the transfer. The Federal Re- serve Bank of New York over the leased | wire to Richmond. passing through the Federa]l Reserve Board at Washington, notifies the Federal Reserve Bank at Richmond te credit the bank there with the sum named and charge (o its | account. Hundreds of transfers of this character are handled daily and at the end of the day ths accounts of the various Federal Reserve banks th | each other are settled through the gold settlement fund of the Federal Reserve system profits, | Workers Buy Insurance. More light on the sources of the big life insurance sales for 1927 comes from | the Phoenix Mutual Life, which has just finished its third biennial study of the life insurance buyer. Bankers, brokers or other persons en- | gaged in finance and insurance as part- ner. manager or salesman bought one out of every 1515 policies sold by the | country in 1927. Saleamen, generally, acquired 1 out of every 11 policies |isucd. One out of each six policies | 1ssued went to an executive in & manu- facturing or commercial enterprise. | Office workers were the most numer- ©ous buyers of all. for they took one out of every four policies issued. | The automobile salesman was the least active buyer in the salesmat group, for he bought only six-tenths of 1 per cent of the issued policies, in con- fasturing enterprise. who acquired four times as many. Salesmen for commer- jcial houses were still bigger buyers, for | they took 3.5 per cent of the policie: armers, dairymen. nurserymen horticulturists bought 2.4 per cent of | the total number. Professional people. with lawyers and | doctors in largest number, constituted 10 per cegt of the buyers, while the semi-professional group, with a number of teachers, made up another 8 per cent. \OUTPUT OF PETROLEUM | HITS NEW HIGH RECORD By the Amociated Prew. | Final figures on American petroleum output for 1927 were announced yes- terdav by the Unitad States Bureau of Mines as 901.129.000 barrels | This is a new record for all time and | much above any previous year's pro- jduction. The oversupply. of petroleum resulting was indicated, the bureau said. | by the fact that total stocks of all classes of petroleum were 63.453.000 barrels higher at the end of the year than at the beginning One of the prinelpal factors in oc- casloning the increase was the excep- tional productivity of the Seminole dis- triet n Oklahom: which was credited with a petroleum output of 136.000.000 barrels in 1927, as compared with 11 000,000 barrels in 1926, ‘The production of gasoline and other motor fuels from petroleum in 1927 was | 334,039,000 barrels, which was also a new record | COTTON MARKET LOWER | AFTER PROFIT-TAKING. Prices Decline Under Week End Realizing~—Active Months Sell off By the Associated Press NEW YORK. August 18 —The cotton market was lowsr today under further week end realizing, which appeared to ba coupled with some selling by the South. After an early decline of about 20 to 26 points prices recovered a good part of the loss on covering promoted ' | y unfavorable erop advices, but the demand soon subsided and active months sold off (n the late trading December declined to 1860, closing at that figure. with the general market ' cloalng Y at net declines of 23 to 30 points COMPANY REPORTS LOSS. NEW YORK, M.fl:.l " Leather ©o. of Litt! Te- ported a net Jows of $238627 for the | six months ending June 30, against a net profit of 877838 for the correspond- | ing period last year | SUGAR MELTING REPORT. || NEW YORK. August 18 (I . Total meltings of 18 United &tates sugar vefiners from January 1 te August 1l 7:: Injgl'!,m.l‘l.d mnm Jnmut 1,]2!1.- 3 I m Jan o August lg,wl”". g 4 the same bank had | |trast to the salesman for the manu- | large | | FINANCIAL. BONDS SHOW GAINS - INQUET SESSIoN !Market Reflects Strength in Stecks—Industrials Are Somewhat Irreqular. I WILL SELL 500 Law & Finance G. M. #'is. 1048 $3.000 on” Apartments, 1%, 1933 an “Real Futate Mortsaze & @ A%, s e Morteage & Guar- mon @ Mortsage & Inv. otd. Morizage & Investment o7 : % td. Bid. F. mith % ofd. Bid. Units Wardman Morigage & Dis- count @ AN Tairs National Capital Morteare 3 Lnits American Bond Ca. @ 0. Arcade Market pfd. B | | ] | Arcade Market com. \lri"lr it Bid. X ain Control. 20 Units Vasea Products. B 130 Vasen Products com. Bil THCMAS L. HUME 1412 G St.—Main 1346 | By the Assoctated Press NEW YORK, August 18.—Prices held fairly steady in the bond market todas despite the customary Saturday dull | ness, with a number of issues moving | to slightly higher levels in reflection ot the strength of the stock market. In- | dustrials were somewhat irregular under profit taking, but rafls generally were in demand. United Siates Govern- ment issues were neglected. | The St. Paul issues were prominent {in the advance of the rails, the 5s {gaining more than a point. Missour: | Pacific 3s, Prisco 4'is and Oregon Short Line 4s also were in demand at higher levels. Canadian Pacific 4!,8, however, dropped a point, and New Haven 4. and Seaboard Air Line 6s also felt the I pressure of week end profit-taking. | Chile Copper 5s, Dodge Bro: | Morris & 4':5. Youngstown Sheet | & Tube 55 and Pisk Rubber 8s were | among the industrials to show gains. | These were offset by a_decline of more | than 2 points in Penn Dixie Cement 6s. | iof 1 point in Keith Corporation first | 6s and smaller losses in General Mo- tors acceptance 6s, Lorillard debenture 58, Skelly Ofl 5'5s and Humble Oil 5!5s | Some utilities improved, notably Puo- {lic Service of New Jersey 47.s nearly 2 points, and American Te { phone & Telegraph 3'.s The foreign list was inclined to heaviness. Australian Commonwealtl | .4':: and Dominican first 5. especially ite | NG ALL-TREADS LEHMAN'S TIRE SHOP 12th & K N.W. jiin Main 147 Real Estate Loans mproved property. Pkt\lll?‘ ine- rates and com 1003, rompt Good service. THOS. E. JARRELL CO. Realtors 721 10th Street NNW. Main 766 "WE WILL SELL $1,700 Southern Consolidated Gran- Corp. 6';% Gold Bonds. 83.00 up | % were weak. . 834 | | Weekly Metal Review. | || count . oromen M & e | 309 National Mig. & Inv. Prel. Bid 40 F. H. Smith Pref. N .Bid MEHLMAN & COMPANY 1319 F St. N.W. Phone Main 8817 By the Associated Press. NEW YORK, August 18.—Steel plant {operations in many instances were re- ported to have been increased due to the active demand for quick shipments |against existing contracts. The rail- {roads were somewhat more active with bids reported in the market for fair | quantities of various equipment. There | |was also buying of finished steel for he cil industry. Prices were firm and leading manufacturers advaneed vari- {ous qualities of steel sheets for the fourth quarter shipment. Pig iron was steady and fairly active. nsurance Co. 1 | Demand for copper from dcmestic mm | consumers has tapered off somewhat, as | Commonwealth Investment Co. Loans it is estimated that they have pur- [l %) *tb St N.W. Fhese Msts 303 cnmdfl! 'I; ;1" c;nt of their September | === needs. Buying for foreign account has been quiet, b, since only amall Sep- Money to Loan tember purchases have been maae. | « real estate there s some Antielpation Of IMPTOVEd | = pepemtie it oo e aor | inquiry. Some producers have sold | Weller &0 Wa | their September domestic quota while | . Wl "nuu "y jothers still have metal available. The | price remains at 143, cents for elec- = | trolytic delivered in the Connecticut | valley. | | Tin developed considerable activity toward the close of the week with con- | sumers and dealers coming in the mar- xet for spot, August and September. [ The tone was firm. London also ad ! vanced. | Lead was steady with a moderat. i business reported principally for prompt !and August shipment. Refined stoc! |for_July showed a small net decline. Zinc displayed very little change. Consuming inquiry was routine and for prompt and September shipment. Ore was steady. Antimony was a trifle easier at the lend of the week following a display of steadiness and moderate activity Complete Financing jearly. PFar Eastern markets were firm. | —of both FIRST and SECOND | IJt trusts on Report on Earnings. ::gr::nm“ —BUSINESS PROPERTY No Appraisal Fee Prompt Service Real Estate Mortgage | & Guaranty Corporation Main 1403 26 Jackson Place In Nearby Virginia 5]/2% : Prudential L &0 AW —all classes of income-producing property Large Loans a Specialty Current tnterest rate and commission Higbie & Richardson, Inc. 816 15tu St N.W. FIRST & SECOND TRUST MONEY | By the Assoctated Press | NEW YORK, August 18—Earnings | per share of common stock of corpo- | rations reporting during the past week ow 12 months Club “Aluminum _Ute Swandarc Miling Co 6 months American Machine & Belding Hemingway | Certain-teed Prod | Clev. Cin..” Chicazo fo R O | Electrie _Autd-Lite Corp. Eureka Vacuum OCleaner Co | Hecla Mining _Co s International| Pager Co. 1. | Intercontinental Rubber Co .. 2 { Keystons. Steel & Wire Corp.. ¢ : raft-Phenix Cheese Co.. LOANS ON 19 co 19 Poundry Co.32 09.... s Corp, & 8t Lou plications ockwell _Corp Tea Co EA evada Consolidated Copper Co R L ew York I R. R Co N N Richfield Oil.Co Salifo Shell’ Union Oil_Corp Tidal Osaze Oil Co.... U. 8 "Gypgum Co e Actior Courteous Treatment et 1 33 years speaks Weston Elec Yale & To e Mtz Co Tegsed capitalization |WHEAT PRICES DECLINE 1731 K St. N.W. ' ON BIG CROP MOVEMENT By the Associated Press CHICAGO, August 18.—Influenced by | reports from railroad sources that the movement of wheat to Northwest ter- minals will be the largest on record, wheat prices averaged lower today. Auspicious harvesi weather in Can- ada tended also to ease wheat values down, but was offset somewhat by | relative firmness of Liverpoo! quota- tions. Notable strength in ‘'ne corn , market today counted also at times as A sustaining factor regarding wheat Wheat closed weak. 13 net lower: corn at 'y to 13, advance: oals nchanged Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reavonable Interest and emmission Rates JAMESF. SHEA 642 Loui MORTGAG | | B. F. SAUL CO. Main 2100 THERE IS NO SUBSTITUTE MAKING MONEY EARN MONEY To make money, even in large amounts, is for many people comparatively easy. But a ful money earner is often at a ]l‘,*S to know just how to make earned money productive of still more. 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