Evening Star Newspaper, September 1, 1928, Page 20

riINANCIA - ADVANCE IN STOCK MARKET CONTINUES {ssues Chosen for Leadership Score Gains—Motors Hold Spotlight. RY GEORGE T. HUGHES, @pecial Dispateh to The Star Am Rr Shi) NEW YORK. September 1.—New Qi nioln oy, high records for the issues selectad for am . leadership were marked up on the Stock | AmcCar&Fdy(6) Fxchange as the week drew to & close. | am Chain pf(i). The characteristic shifting about from | am Chicle3) one group of favorites to another was i | Am Drug8oe) . . evidence and. although trading was not - Am Encau(2.40) as active at it had been. the tape fell 15 minutes behind actual transactions on the floor Because of | Abitibi Power(4 | Adv Rumley Adv Rumley pf. Ahumada Lead. Atr Reduvetn(2). Ajax Rubber. Albany Papr(2) Ameradac2). ... Am Agrieul Chm Am Agri Ch pf.. Am Rank Nti3), Am Reet Sugar | Am Bosen. Am & For Pow. . | Am&For Pr 2d 7 the extended week end Am Home Pri3) suspension of operations many traders ' Am lce(v2lg).. had left Wall street Priday night. But Am Internati(2) for this fact and the desire to even up | Am LaFr&Foi accounts until after the Labor day holi- | Am Linseed. ... activity and strength might have | Am Locomot(8) been even more pronounced. It was Am Loco pfii). worthy of note. however, that as the de- | Am Metals(3). . shifted from one group of spe- Am Metals pf(6) to another profit-taking was 'Am absorbed and declines limited. :m C m + Motors Active. Am Saf Ra 4%, he motor stocks maintained their | aAm Seating(3). place of prominence despite the fact | Am Ship & Com. that General Motors felt the effect of | Am Smelting(8) realizing sales at intervals. After open- am s & R pf(7). inz on & block of 3.000 shares at & frac- | am Snuf(12).. tional improvement. the price crossed Am Stl Fdya3). 204 to & new high for the current move. | Am Sugar but subsequently lost the gain In the | am Sumatra. meantime enormous buying orders made ' Am Tel & Ca(5) themselves felt in Hupp. Chrysler and ' Am Tel & Tel(9) udebaker, the first two establishing | Am Tobacco(8) mew high records. Studebaker, after | Am TobaccoB(8 Aging hands on A block of 22000 | Am Tob pf(6).. ares at 80, crossed this figure. where | Am Type pf(7). i+ was some 2 points above Friday’s AmWW&Eicel). final Am Woolen. . The upward movement in the coppers Am Woolen pf.. carried Chile to a new top above 51.|AmZine....... while Cerro de Pasco and Anaconda | Am Zinc pf..... equaled their previous highs. The mar- | Anaconda (4) ket encountered selling in the last hour | Archer-Dant(3). chich offset in a number of instances | Armour, 1I(A). all the improvement Armour, 111(B). Continental Can replaced American Arnold Con & Co Can as the leader in this quarter, Soar- | Asso Dry G2l ing to a new high at 127. Unconfirmed | Asso Oil(2).... rumors of a recapitalization of the | Atchisonuif)... financial structure involving a 100 per At Coast L(110) cent stock dividend were in circulation. | Atl Gulf & WI.. Large blocks of Radio Corporation Atl Refiningid). changed hands at advancing prices, the AtiasPowder(4) gain extending almost 6 points when it | Atias Tac crossed 221. Amusement shares were Auto Sales. led by Fox Film “A.” which reached s | gajawin Loc(7). best price at £3. Sears-Roebuck had | gaito& 016). another of its characteristic upturns. re- | Baito & O pf(4). flacting the continued prosperity of the | Bang & Ar(3% ) merchandising indusry. A. M. BYErs| BunkofMan(i6) had & speetacu * run-up and at 113 | Barnet Leather. compared with the previous final of BarnsdaliA.... Beacon Oil. Erie Tssues Strong. | Belding-Hemwy Strength of Erie issues was 4n out- | Best&Co(3)... standing feature in the railway group. | Bethlehem Steel the demand possibly reflecting the prox- A Booth Fisheries imity of the expected offering uof ex- Borden Milk(6). change of new preferred for the ores- ent issues. Missouri Pacific issues, St Paul preferred, Southeérn Pacific and Chesapeake & Ohio were carried higher with the course of the session. A better demand came into the il shares, notably fyr Barnsdall Corpora- tion class “A." which reached a new 1928 high. and Richfield Ofl, which ex- tended its recent gain. | Brizgs M{gFCo. ! British Bmpire. | Brockwy Mot(4) Bklyn-Mani4). . Brunswick B(3) Brunswick Ter. | Bueyrus(1).... Bueyrusev(zls | Burns BrosA (8) BurnsBros pf(7) Burroughs(i4). | Bush Term(g2) | Bush Ter det). Butte Cop & Z. . ‘ Butte & Sup(2). ! Butterick Co. .. Py — By-Prod(12.75). Markets at a Glance NEW YORK, September | Btocks strong: airplane issues rise sub- stantially; bonds steady; trading dull: | cant Paekz4). | Callaban Zine. . fereizn exchanges steady: ven up 33: UL SR, RS Sundny. | Calumet&Ar(6). CHICAGO.—Wheat steady; bullish | Calu & Hecla(2) Canadian reports: Corn steady: better | CanDryGAle(3) exports demand. Cattle irregular. Hogs | Can Pacifie(10). steady to lower. | Cannon Mills et o | Case Threshg(6) POTATO MARKET WEAK. | Cent Alloy(2).. CHICAGO, September 1 (United Biates t of Agriculture). — Potal . 85 cars: on track, 224 cars: total United States ship. ments, 570 cars; trading slow: market weak; Kansas and Misouri sacked Irish Cobblers, 571,a75: mostly around 70; Nebraska sacked Irish Cobblers, 80a1.00: Wisconsin sacked Irish Cobblers, few gales, 1.00; Minnesota ' sacked early Ohios, 85a90. SILVER QUOTATIONS. NEW YORK. September 1 (#).—Bar silver, 58%; Mexican dollars, 44. CHICAGO STOCK MARKET. CHICAGO. September 1.—Following Epecisl Dispateh to The Star. is a report of today's sales, hlg’\“ Jow | icago and closing quotations, on the Stock Excihange Bales in STOCKS. bundrea: 1jis Aeme e 13 All Amer Mohawk 1'% 4 4t 50 3 1 Basiiaa_biess 1,3 Bazier Laur A Bors Warner i; Borg Warner v { butler _Broe 3 1; Camp W & G Frary ZCaste A M 24 Ceiotex i Cent & faCent & b W U i Couin Belt 8Cm Clty & C R 332 o1 Gity & C R pid % Chi NB&M RR pr in 3} Chickasas_Cot Ol {Giuo_ Aluminum +3 Coleman Lamp & 8h. 3 » 1 Consumers Co. o 2 Consumers Go war X _ § Crane Co X i Decrer & Cona i 31 I ¥any Paper 21a : Housens)d % i LEmpire G & F 6% Dt : 102 Pt 51 54 Conl Dise 1 B H W Drage Grunyw Carter pid 5 Motor 1 riex % neliogs SwiLe 14 meveione B4 & Go ol Hei Co & Lion weat U1l n-Heneywel er & Harl ine Mis wk Rub righan Mig Corp bionsanto Chem Mont Ward A forgan Litho cchman BPIE o Net ke Pow A st Lesther 2oL Brandard B Noplitt Bparks 3 Pines_ Winterfr « Pub Berv rts @ R 6 Music oy Zon Eoss Gear 1 Bangamo Elec 8o Colo Pow A gonatron Tube Spiegal May Stern Btand Dredging Co Bwtt Int Butherjand Init Gotp blg on 1 A pfd £ Gypeoum & Gypsum 114 Fepronyeers o g 4ly 1 | Cerro de Pas(5) | Certain-Teed(4) | Chandler-Clev Chandler-Ci pf. Ches & Ohiot10) |C&0Corpna). Chi & Alton, ... | Cni & Atton pf.. | Ch1 & Bast 11l pf | Chi Great West. S Chi Gt West pf. Chi Mil & 8t P.. | Chi Mil & StP pf Ch: & Nwn(4).. | Chi RI&Pac(6). | Chickasha (3). | Chilas(2.40).. ChileCor2i4). | Chrysier(3). City St B§% stk COC&SIL pl(5). Cluett-Peahis). Coca-Colat6)... olling & Aikmn | Col Fuel & Iron. | Col & Southn(3) | Col Gas & El5) | Com Credi1)... Com Cred 151 614 | CominvTr(s 60) | Com Solventsa(8) | Com Powr(v3).. | Conzoteum-Nair 1 ConRCErs( T4 ) Conley Tingot | Consol Cgrs(7). | Con Fitm ufi2). Consol Gas(5).. | ConsolCaspf(5) ConRRCuba pf 6 Container A 1.20 | Cont Baking A Cont Baking B Cont Bak pf(8). Coat Cant5). nt insuri6) . | Cont Mont (80c) | Corn Proc3i). | Coty Inc(gb). Crueible Sti (5). CubaCaneSugar Cuba Cane Su pf Cuba Company . Cuban Am 8¢1) { Cuban Am pf(7) dahy Pkz(4). Curtiss Aeroll) r-Ham1%) Suyamel Fruit, . Davison Chem, . el & Hud(9) Den RG Wa pf Devoe 1 C1A 13 Dodge Bros A Dodze Bros pf 1 Drug Inci4) Dunhill Int(4). ., Dupont(7113.60) | Dua Lt 1ste). . Eastman(18). .. ton Axlec) niohrd Bro, niohr pf(7) Elec Auto L(4) trie Boat 5len Powk Lt (1) Hilec PALLDICT) Kiee Bior Bai(h) | Eik Horn Fnuineers Pub & Eng Pu 8 pf(i) Euuit Bldg (2) Er * | Erie (st ot Bureka V(1) | ¥airvankss) FairbankMpt(7) FedLight(h1.40) Federal M & Bm | F'ad MotT( f80c) ¥idelity-Phoenx First Nat8(1%) | Pisk Rubber. | wieisenmann(3) Foundation Co. Fox Fiim A(4) Freeport (1814 ) Ganriel Bnub A, Gardner Mator Gen Am Toki4) Gen ATC pf(1) Gen Asphalt Gan Cable . Gen Elee(18). Gen lea Crm(1). Gen Motors(17). 203 204 2014 ) Am Express(f), ? 167 57% Tin TR (LI 24 2% 182 182 164 1644 164 1634 17 s 100 1 ARy AR 16 161 U PN AT 48 1947 19470 1681 1681, 4% 14% 7 kil 6314 . Sl 170 171 434 431 6l bly 62 624 66% BB 467 467y At 38% 481 1544 154% 54 54 1061 1064 734 3 103 204% Tl 34 3 1047 204 T8l 2144 188% 189% 68% 704 1% 1% 184 184 6l Bl 124 124 B0% 30% 384 39 5% 5% 87 A7Th 125% 1264 51 51 51 51 51 9 1028 1031 5 106 7 168 57 664 115 119% A2% &9 LIEY 65l 115 120 33 ROY, 2 177 LU 28% 7% 14 22 26 9% a7 76t 125 Al 1% A2 201 201 % 9% 5 H 18% 18% w1y 1 8274 17 100 195 198 2 A0, 205 0% 101%; 17 117% 11 IPELIDE 101101 JETETE Baly ABla e D88 10 et A0 10 430 113 434 13 9% 110 Thia 26 10 6% 26y 1877 167% 16814 i 1% THE EVENING STAR, WASHINGT NEW YORK STOCK EXCHANGE Received by Private Wire Direet to The Star Office. Law. Close. FLR ) 44y 4 Aty Gen Mot pf(7).. | Genoutdrad(2). Gen Ry S1g(6) .. Gen Refrae(}).. | Gilletta Raz(5). Gimbel Bros Glidden Co. . Glidden pr pf(7) 94 | Gold Dust(3). .. 01 . Goodrich(4). ... 104 | Goodyear Tire 71 yGotham($2ig) . | Gotham nct215) Gould Conpler A Graham-Paige. . Grhm-Paize cfs | Granby Min(4). and Union and Un pf (3 L[ Grt North pf(5) | GUNor pf efs(s) | Grt Nor O(114). aene Canad). | Guantanamo Su. | Guit Mo & Nor.. Hanna st pf. Hartmn B(1.20) | Havana Bl Ry.. | Hershey Corp. Hershey pf(4) Homestake(17). Houshold(14) Houston Oil. Howe Sound (1), Hud Mant24).. Hudson Mot (i), Hupp Mot (£2)., Indep Oil(1). ... Indian Refining. Indian Refg ctfa Iniand S(k16% ) Inspiration Cop. | InterboroRapTr | InterconRubher Internat Agr) int Cement( { Int Com Kng (2 | tnt Harv(j8) Int Mteh pf .20 Int Mer Marine. Int Mer Mar pf. Int Nickel (3) Int Nickel (r12), Int Pape 240). int Paper pf(7) In Pap pfefs(7) IntTel & Tel(6) fewel Tea(4). .. Johns-Many (3) Kan City South., Kan C Sopfd). Kayser.J(5). Keith-Albe | Kelly-Spring Kels Hayes(2).. Kelvinator Corp Kennecott (§). Kinney pf(8). Kolster Radio. | Kraftigiig) | Kresse:11.60) | Krozer Groe1) 1140 | Lago Onl 80 | LambertCo (t 7412 | Lee Tire & Rub. 804 | Lehighvalisig) 24 | Lehn & Fink(3). 29 ILiIg& Myrs B 15 Lima Locomtve, Liq Carb(3.60). Loew's(#3). ... Loew's pfi613). Loft sEine Lioos 1.60). Lorillard Co. Louisiana Oil. .. LouisGasA (LT3 | Louis & Nash (7) Ludlum Stle2). . MeKeespt Tin P} Mack Truek(6). Macy (R H)c5) Mad Sq Gar (2). | Magma Cop(3). Mallison & Co. .. Man Bl Sup(5).. Man El m2g(ds) Man Shirt(2)... Maracaibo Oil Marland Oil. 1114 | Mar-Rock t 71| Martin-Parry. 101 20 "0 EIEY A 1000 804 | 15 > 10114 1000 a7 114 121 [ 18 7 185 . Close. 1008 A2 1045 125 a2k 1014 52 1044 hs 20t 1020 1084 8% & R6'e { Utd Bisew Open. High, Low. Clost 651y 66ly 6Bl 6 T ¢ e TR 143 143 43 143 484 401y 4RW 40 180 180 1R 178 BRS BRM ARM 7 T T 7L 43% 4% 1177 a7 1oy 47 61% 15 IRep 1&S(4). | Reynolds Spug RteynldsTobB(5) Richfield Of1(2)., Rossia Ins(5).. Royal D(a3.222) Rutiand pf. St Jos Lead(13) StL & Sank(18) SUL&SK 2d pd (8) StL&Southw Savage Armsi ) Schulte (23%). Seab Afr Line ars Roe((21g) Seneca Copper Shattuck FG( Shell Un . Shubert The(5). Simmons Co(8). mms Pete. ... clatr ON. . Iy OH(2). .. So Por Rie 8(12) South Calif 1d. . South Dairies B. wuth Dact6), South Ry(8). South Ry pfs). SouRyM&Ocfs 4 Spicer Mfg Std Com Tob( StdG & B (23). Bpfid). [ 8 ' Std O Cal( Des SIOIINI (71349 StdOINY (1 60). StdSanPro(1.68) Stanley Co..... Stewart-War(6) Strom Car(2)... Studebakor(5).. Submarine Boat Sun Oilen1) Superior Ofl Tenn Copper(1). Taxas Corpn(3). Texas Gulf Sul(« Texus & Pac(h). Tex Pac C & OIl. Tex Ld Trinew) The Fair(2.40). Third Avenue. Tidewater AsOil TiAWASOIDT(6) Tiken(15). .. Tobae Prodim) Udwd Kl F4).. Union Carb(6).. Union Pacc10).. t160 Utd Cigar St(1). Utd Cgr St pf(8) Utd Fruit(15%) U S Hoffman(4) U S Alcohol(h). | US Leather.... { US Leather A.. US Realty(4).. U 8 Rubber. US Rub ist pf.. {USSmeit (31g) {USSmpfi3te). U 5 Steei(7). U S Steel pf(7). U S Tobacco(3). Uni Leat Tob(3) Uni Pie 1st pf(8) Univ Pipe & Rad Uni Pipe pf(i). Ul P&L Ace2). Vanadium(i4) Van Raalte..... Vick Chem(4). . Vietor Talkg (1) Va-Caro Chem. . Va-Car Ch pfi3) Vulean Deun. .. Wahasn Wabash B(5) Wabash pf A(5) Waldorfel ). . ward Bak:ng B | Ward Bak pf(7) Warner Bros Pie Warner I’ Warner Quiz) Mathieson(8). May Dept S(4) . Warren F&Pipe West Dairy B Maytagi3) Maytag pf (3) Mengel Co Mexican Seab Miam) Cop(1).. Mid-Continent. . Middle States. .. Midland pfi112) Miller Rubber. . Minn & St Louis Mo Kan & Tex .. Mo K&Tex pf(7) 70" | Missouri Pacifie 117 | Missourt Pac pf 15 | Mohawk C 82350 6114 | Montgmry W (15 124 | Moon Motor Motor M Motor Prod (2). Motor Whi(2) Mullins Mfg | Murray Corp. Nash Motrs(t6) Nat Acme (sta). Nat Helias Hess [ Natl Bise(614). Nat Cash R A(3) Nat Dairy(3). Nat Dept Stores Nat Distillers. . at Enamel & S Nat Ppw&Licl) Nat Radiator Nat Ry Mex 2 NatSupply pf(7) Nat Surety(10). NatTead)..... Nevada Ct1%). N Y Alr Br3).. N Y Central(¥). NYC&StL6), N Y CStL pt6) NYNH&H() | N ¥ OntkWestn Nort & Wn(110) NorAm b10% sth North Pae (5).. Nor Pacefsib). Norwaik Tire 011 Well Supply. omnibus. ... OppmCollinsif |Ous Klevii1).. Oris Steel. . Otis St prpf(7 Outlet Cot4). | Owens Bot(et Pacific Uas(2). . Paeific Light (3) | Pac 01 Btubs. .. Packard Mo(14) PacTel & T(7). Pan-Am Petroli Pan Amer Pet B Panhandie Parmt-Fmi8). Park & Til (13). Park Utah(8ve). Pathe Kx 3 Pathe Kx(A). | Patino M(2.92 nn C&Coke. ., Penn Dixie Cmt. | Pann R R (3%4). Paople’s Gas(8). Phila Co pf(213) | Phita Co pf (3). | Phila & RC& 1 Phillips-don(1) PhillipsPetcl i) | Phoenix Hoslery Pierce-Arrow. ! Pierce-Arrow pf | Pierce-Ar (A) ) pierce-Ar pr (n) Pierce Oil. .. ... Plerce Petrolm Pillsbury (12.10) Pitts Coat, ooos Pitt I pt Pitt FW&Co(7) Pitts&WVa(6). PortoRicoTobA PortoRicoTobB. Posia) T&C pt 1. Postum (3)... .. Pressed St Car. Pr & Car pf(7) Pub Bery NJ(2) Puliman Co(4) Pure Ol (Bbe) Pure Ol pf (k) Purity Bak(3) | Purity Ba pts) | Radin Corp. .. RadioCo pf(313) Reading Ry (4). fiesl 8ilk Hos 1871 " Remingtn-Rand 7% Rem-Rd 1st(1), 201% Reo Mot(11.30). 145 20% Bl A6% 12% % a9 By i 10 FN 110 % 281 130 218 58 1044 LI 264 23 20 ki 85 145 148 67 201 1014 T West Maryland Wast Pacific pf. West Union (3 Westhse A B(2) Westinghse(4) | Westhse 1st(4) | Waeston Electric White Eailel2) White Motors1 White Rock(2). | White Sew Mach Willys Ov(1.20) Wilson & Co.... Wilson Co pf A. Wiison & Co pf . Woolworth(5). Worthn Pump. . Wright Aeroi2) | Wrigley(151).. Yale&Twne(13) Yellow ‘Truck. . 105 107 105 683 200% 104 129 176 9% 67 38 67 il 106 . | kinds, "slow, 9l ven in tne ed on the Youngstn $h(5) My Dividend rutes pre the annual cash pgyments b | latest quarterly or half-vearly decinrations *Unit of trading ‘ess than 100 shares 1+ Partly extra 1 Plus 4% in stock & Plus $3 in preferred stock 3 Plus 1/35 in stoc A Faid this vear—no regular rale o | able in s © Plis 5% in stock d Pav able when earned. e Pavable in cash or stock f Plus 10% (n stock e Plua 89, T stock b Partly stock | Plus 200 In | stock k Plus 17120 share auarterly in Stock. m Pavaole 1/10 share auarterly in United Cizar Stores common stock n Plus Tha% in stoek MEAT TRADE IS BRISK. Trade in smoked meats of various deseriptions continued brisk during the | past 30 days, with the little change in price levels, according to a review of the meat cnd | stock situation in | the United States issued today by the Institute of American Meat Packers. | The price differential between heavy and light pork loins widened further with the result that the heavier loins should now represent one of the most economical buys for consumers. The statement adds “The fresh pork trade was fairly sat- isfactory during the month just closed. was only fair, constdering the light sup- ply, but_wholesale prices strengthencd | during the month. The beef trade was unsatisfactory during the first part of the month but improved to some ex- tent_in the last two wecks “The export trade was comparatively quiet.” CHICAGO LIVE STOCK MARKET CHICAGO, September 1 () (United | States Department -of Agriculture) Hogs—Receipts, 2,000 head: market un- [ even; steady to 10 lower: top, 13.00 paid for a double deck of choice 215 | unds; shippers. 2,000, estimated | oldover, 2,000 butchers, medium to | cholce, 250-350 pounds, 11.60a12.60, | 200-250 pounds, 11.75a13.00. 160-200 | pounds, 11.40a13.00; 130-160 pounds, | 111081275, packing sows, 10.60a11.40, | pigs, medium to choice, 90-130 pounds, | 10 25a12.40. Cattle—Receipts, 500 head: compared "t a week ago all grades and weights fed | | steers and yearlings, active; unevenly 50a1.00 higher: shipping demand broad, | {Tight plain cattle kiber accouni | showing advance: corn-fed cows and | !helfers, strong to 25 higher: grassy weak (o unevenly lower; vealegs still 80 lower than last week's | high time; weighty sausage bulls, 10a15 lower; grassers, off more; stocker and | feeders, In good demand, strong to 25 | higher. Bheep—Receipts, 1,000 head; odd lots of natives, little change; for the week, 212 doubles from feeding stations, 8,000 direct: fat lambs closing, 7501.00 higher feeding lambs, 15a25 higher; sheep, | mostly 15025 lower. The week's top prices: Fat fat range lambs, 16.50; fal natives, 15.35; dry-fed yearlings, 13.00 fat ewes. 7.00; feeding lambs, 14.25. The week's bulk prices: Fat range lambs, 14.60815.28; natives, 14.28n15.00; throw- | outs, 10001100, fed comebacks, 14750 15.00; clipped comebacks, 1325 year- 1ings, 10.75a12.00. fal native swes, 8.00a 6.75, feeding lambs, 13.35a14.10, . American automobiles are being used for bus service across the Syrian desert Caylon plans to ersct & marine aqua- rium and marine biological laboratory in Colombo, pove (woie | | stockholders | tions that have an invested capital of (one billon dollars The demand for fresh pork products | | (Copyright . SATURDAY, SEPTEMBER 1. GERMAN WAR DEBT OBLIGATIONS GAIN o 0 \ ‘ . |Nation Is Expected to Pay $600,000,000 a Year Under Dawes Plan. BY JOHN F. SINCLAIR. apecial Pispateh to The B.ar and the North | Ametican Newspaper Alliance The NEW YORK. September 1 1, | Dawes plan for getting reparations from | Germany, launched in 1924 1 | starts In earnest today. ‘The first four | years have been years of experiment “|in which Germany has been allowed | aradually to increase the anmual amount | paid to the Allies. Beginning today, Germany will expected to pay the full $600,000,000 year for an Indefinite number of yea Can she do it? uppermost in the minds of international | students of finance really | be | This is the question | FURTHER D. C. GAIN INTRADE EXPECTED) Business Men Are Looking Forward to Heavy Sales in Fall. Financial circles are getting ready 1o | swing into the spirit of Fall business after the Labor day week end and Mon- day hollday with a large number of | bank officfals and employes scheduled | to return from vacations | Much Interest has been evinced here | i in the optimistic statements issuing | | from various nationally known business | and financial houses as to the pros- | prets for Fall, and there were ctidences today of a substantial confidence among | lncal leaders in the forthcoming season in_Washington. The cool weather which broke the hot spell, has already appeared to have | some influence on the disposition of | The provisions of the peace treaty, which required Germany to make a payment of approximately $5.000.000.000 { within less than two years, failed. Then the London conference of 1921 fixed Germany's subsequent burden of repa- rations at $31,000,000.000. But it is one thing to fix an amount a nation is. to pay the amount demanded When the war was at its height leaders of the allled nations met and | agreed to have no commercial deal- | ings with Germany at any time in the future. This agreement was applauded by the war enthusiasts of all nations. who did not understand anything about the basic laws of economics and finance Experience sinee the war has shown to the world that before any govern- ment can continuously discharge a heavy dobt to another government it is necessary that the debtor government first he permitted to stabilize its cur- rency and balance its budget | In 1824 it was seen that some plan within Germany’s capacity to pay must | be decided upon. Three distinguished Americans. Gen. Charles G. Dawes of Chicago: Henry M. Robinson. president of the First National Bank of Los An- geles, and Owen Young, president of the General Electric Co., were selected to represent the United States, The Dawes plan-—-so namd hecause Gen, Dawes was chairman—was the re- wlt. This plan was merely an attemp! o recognize certain basic economic, rather than political, fundamentals in the fixing of reparations. It was based on Germany's economic capacity to pay and on the world's ability to receive such payment. The young Undersecretary of the American Treasury, S. Parker Giibert, | ‘was selected as agent general for rep- | arations pavments. The plan has been in operation for four years. Mr. Gil- hert estimates that between January 1, 1025, and May 31, 1928, Germany's for- ! eign borrowings have been $1,285 K 000. The total amount of reparations payments made by Germany during this time amounted It is seen. therefore, that Germany bor- rowed $185.000.000 in excess enarations pavments which she met Will Germany be able to pay the allies this amount of about $2.000.000 | & day? She must do it in one of three ways First, by selling to the world at least | $600,000.000 A year more in goods than che buys, thereby establishing that much “outside” credit which she can use to square this obligation Second, by borrowing $600.000.000 a year from other nations, thereby again | getting credit sufficient to take care of these oblization: Or she can use a combination of the first and second plans There is another way in which she | could meet the obligations, and that 1s i by sending to the allies the amount in! gold. But this would complétely de- moraiize her internal! finance. Such a move is out of the guestion. But Germany. in every vear since the war, has had to buy more goods in value ! outside of her boundaries than she has sold. There does not seem to be any | iImmediate prospect of a change in this regard this vear. It looks as though | Germany will need to borrow heavily from the allies to meet reparations pay- | ments for some time to come. Otherwisa the big test starts year, beginning today. It is enly a be- ginning, too, for the total amount of the reparations which Germany is to pay finally to the allies has not yet been definitely fixed A business man wants to know why the Ford Motor Co. was not. included in the bililon dollar corporations yesterday. The Ford Co. belongs entirely to the Ford family. ‘There are only three Mr. and Mrs. Ford and their son, Edsel Ford. Not ? of ts stock is listed on any 1ts reports are condensed, and it impossible to state accurately the amount of invested capital in the busi- ness. Only once, when he was buying out all his partners, has Henry Ford asked Wall Street “for money.” That the this | was se “ral vears ago, and he paid the | larger by about $400,000,000. reflecting obligation off in les than a year. However, as the Pord Motor Co. and Henry Ford are one and the same, it probably should be included in the second class. Perhaps even in the first class; that is, among thoss corpora- or more ut interests in this time A 18 placing of the Ford proper classifieation At more or less of a guess. New York City is spending approxi mately $700,000.000 fn an attempt to solve its congested transportation prob- lem. More than 12000 persons are at work day and night bullding new subwavs in a desperate attempt to re- lieve the traffic problem of America's largest city. While this has been going on for years far below the surface, there is little on the surface to show that any such stupendous work is being done 1928, by North American News. paper Alliane B. & 0. DIRECTORS TO MEET. BALTIMORE, September 1 (Special) Directors of the Baltimore & Ohio Railroad will resume thelr monthly meetings toward {he end of next month afler & recess of three months. Action then will be taken on the dividend on the common stock, payable in December. | The best opinjon is that no change will be made In the present $6 annual rate. What the board will do at its December meeting will depend upon | earnings In the interval, it is said. The carrier made a good showing in July so far as net operations is con- cerned and it Is believed that August and another thing to receive | to $1,130,000,000. ¢ of the | the buying publ'c, and the merchants 1of the city are prominently displaying | Fall goods. Although it is expected | that some hot weather will follow or- | fore actual Fall sets in. the seasonal | cool spell has been seized upon by some as an encouraging harbinger of what |15 expected shortly to be an increase | in Autumn business activity through- | out the National Capital. i Telephone System Extensions. Charles T. Clagett, general commer- fcial superinieydent of the Chestpeake |& Potomac Telephone Co. {have been authorized by the board of directors for extensions and betterments | to the telephone system in this city. " Fhis will bring the total amount ap- | propriated for such improvements to the system here so far this year to $3,673,- 350 The plant fo be added includes new ! underground conduit and cable in the | | Main, Franklin, Cleveland. Georgia and | Lincoln central office areas | aceounts, equivalent, after deducting 7 | pares with net loss of $219,853 in pre- | Ltd. | elevated banking room idea and clear- i | National Bank to accept a position with | has an-|the Department of Justice. | | nounced that expenditures of $137,190 About | FINANCI bank position have been of relatively minor importance.” Emission of new bonds continues in extremely light volume with total for the week ended August 31, at $9,700,- 000 contrasted with an aggregate of $110,492,000 for the corresponding woek- Iy perfod of last year and $70.043,000 in 1926, The weekly figure establishes the second lowest total for the year to | date, the record low having been r corded n the week of August 3, at $6,638.000. ! Coinage by the Philadelphia Mint during August consisted of the follow- ing number of pleces: Quarters, 840, - 000; nickels, 1,340,000, and cents, 19.- 198,000; total, '21,378,000, with aggre- | gate value of $468.980 Report of Virginia-Carolina Chemical Corp. and subsidiaries for year ended June 30, 1928, shows net profit of | $2.510.702 after expenses, depreciation | depletion and provision for doubtful | per cent prior preference dividends and | allowing for dividend requirements on the 8 per cent cumulative partieipating | preferred stock, to 68 cents a share earned on outstanding 486,700 no-par shares of common stock. Thit com- | ceding vear o Among visitors to the city this week was George C. J. Richard, general sales manager of the Chubb's Australian Co Sydney. Australia, art metal workers and’ general contractors, Mr Richard is on a three-month tour of the country, studying the construc- tion plan of financial institutions in all of the large cities. He eame to Wash- | ington for the purpose of studying the vision counter screen at the Federal- American National Bank—with a view to recommending it to the largest finan- cial {nstitution in Sydney. Miss Grace Wooden has resigned her | position with the Federal-American CHICAGO POULTRY PRICES. CHICAGO. September 1 (#) — alive, steady: receipts, thre Springs. 30: broilers, | . roosters, 21: Spring ducks, 17a22; | | Spring geese, 19. No butter or egg market on account | has been | more than overbalanced by AT MPORTS INCREASE. | Gain of $3,000,000 Shown at Bal- timore—-Customs Drop. BALTIMORE, September 1 (Spe- | elal) —~While imports received at the i port of Baltimore have jumped over 183,000,000 in value to $65,079,641 during the first seven months of 1928, the customs recelpts at the port have dropped nearly $4,000,000 during the same time, This i= explained by the fact that most of the sugar brought here recently the custom-free Philippine Islands product instead of the usual run of Cuban sugar, which is subject " to duty. The sugar of the islands. which are possessions of the United States, can- not be taxed as imports, but that from Cuba nets Uncle Sam about 1'4 cents per pound. Most ores are entered free of duty { and much of these are entered in Bal- timore. Bananas. too. have poured into the port by the shipload without a penny being collected. and such animal prod- tiets as hoofmeal. hornmeal, dried blood and bones, used in fertilizers. have come In considerable quantities. all free Oil is another thing that Baltimore receves much of, and it is very val- uable, but gives no cash to the Federn! coffers, CRUDE PETROLEUM OUTPUT By the Associated Press. The production of crude petroleum in the United States during July, as an- nounced by the Bureau of Mine amounted to 75426000 barrels, repre- senting a daily average of 2,433,100 bar- rels, or an increase over the daily aver- | age output in June of 15,500 barrels. “The majority of the States, includ- ing the important producing States of California and Oklahoma,” the monthiy statement said. “reported decreased out- put in July, but these declines were the west Texas district, where the daily aver- ge output inereased approximately 50,000 barrels. The various flelds of the west Texas District produced an average of 365000 barrels per day in of heliday. 20,000 feet of underground conduit and 1 70.000 feet of cable will be provided under this program, Mr. Clagett an- nounced Commercial Review, Although no new commercial move mentz of outstanding importance have cither been expected or witnessed. ac- | cording to Dun's Review this week ‘the sustained vitality of conditions in { varfous lines is having a constructive | tnfluence.” “Sentiment is supported.” said the review “by the relatively favorable re- | suits in different channels, particular |1y in_certain of the major industries. |and September begins with prospects \ mainly encouraging. Such adverse &s- | pects as exist hold a secondary place. | being overshadowed by phases of an opposite character, and there is a | strong foundation for the progress that normally should come with the Autumn season. Indications of pending ex- | pansion, as well as of some actual cur- {vent gains, appear in dispatches from | widely separated sections and diversi- | fled irades, while the general agricul- tural situation is better now than had seemed likely early in the year. The broad significance of that fact in its bearing on the future is obvious, and the renewed activity and buoyancy of | the stock market apparently is a mani- festation of confidence in the business i outlook. porations have revealed impro./>ment over the returns for 1927 in a majority of instances, and the gradually increas- |ing firmness of commodity price notably in iron and steel, is strengthen- ing the position of some sellers. Con- tinued keen competition for orders in many quarters not unnaturally tends to Reports of earnings by cor-| keep profit margins narrow, yet eco-| July, as compared with 262,000 barrels for the Seminole district.” SRl APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the Di: strict of Columbia and adjpcent Suburbs of Montgomery and Prince Georg es Counties, Md. 5%% INTEREST Apply to H.L.RUST | LOAN CORRI | i 1001 15th Street N.W. ] COMPANY ESPONDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA Main 8100 nemies in operation are an offsatting NO BETTER ASSURANCE element, and the financial status of many companies is satistactory. That | conditoin 1s evidenced lally large total of dividends now in | course of disbursement, and these settlements, in conjunction with other |outlays of funds, have maintained money rates at comparatively high levels, Despite that seemingly retard- |ing factor, however, preparations for an extension of commercial commit- ments are being made, and ‘here is #n expectation that the Fall volume wiit | disclose at least an avérage growth | With the practical ending of tions and the accelerated movement of crops, a new stimulus should te m- parted to trade, and signs of quicken- ing of demands, both to cover present and forward needs, are becoming mere the unusu- | | -——can be had than positive knowledge that vour invest- ments are absolutely protect- vaca- | | ; ed against all risk of loss or - depreciation. This assurance vou have when vou invest in our— 69, FIRST MORTGAGES To safety of principal they Quver a Third i of a the | | by numerous.” { Reserve Bank Credit. “The volume of reserve bank credit, after increasing rapidly for several months, declined in recent weeks,” ac- cording to a statement by the Federal | Reserve Board published today, “but | was still at a higher level for this sea- | son of the year than at any time in { the past six vears.” | “compared with a year ago bills and securitios of the reserve banks were Without @ add Loss wort | l | | | Century | | i | B. F. SA Main 2100 | a greater outflow of gold, offset in part | by a decrease in the demand for cur-|| repey. Growth of member bank credit, | | which has been rapid for the year. ha: not given rise to an increase in re serve requirements, and consequentl in demand for reserve hank credit by i member banks, owing to the fact that THERE IS XO { the entire growth in member bank de- | SUBSTITUTE FOR interest earnings well h while. Available in Amounts of $250 and Upward UL CO. 925 15th St. N.W. posit liabilities has been in time de- | S - a | posits, while, owing largely to gold ex- | ports, net demand deposits showed a | decrease for the year. “Since the middle of May loans and investments of member banks in lead- ing cities, which have about 60 per cent | of the loans and investments of allj member banks, have declined. Whether his decline is representative of changes i the condition of all member banks. it {s impossible to say. The decline for banks in leading cities has represented | reductions in the banks' holdings of [ investments and in their loans on se- curltles. Notwithstanding this liquida- | tion the banks of the country approach | the scason of heaviest demand for bank | eredit and currency in connection with | the financing of the movement of crops | to mfrket and of the Autumn trade fwith a greatly inecreased volume of | loans end investments and a heavy indebtedness at the reserve banks. “Total reserve bank credit outstand- | ing in the third week of August aver- aged $1.470,000.000, showing an increase of $370.000.000 over the corresponding period In 1027, This increase in re- serve bank credit was brought about A loss of $4A7,000000 from the | country's stock of monetary gole, offset | 0 part by a decrease of $107,000,000 in | the demand for currency. Changes for | Jects from vantage. Look at skyscraper in which are much larger th the whole bullding mid. editice Fhat is just tn as seen tron It you vuug your u curely, througn soun will one day be able structure trom this Your present contr saved capital may be of your building. results will be favorable September, Octoher, November and December also | are expected (o reflect marked improves | ment in net income. | GERMAN BONDS AND STOCKS. Special Dispateh to The star NEW YORK, September | Bd | Asked Ger Gt Red Lean with diaw | cits att” per 100 R M 3,00 MO0 | Ger Gt Red Loan - witheut draw oty per 1000 R M . 40.00 4300 | (Quoted in dollars per million marks ) Mambure “4%ss 1010 25,00 4500 (@uoted n dollars per thousand marky) | Cer Gien Blee 415 precwar... 3300 3500 Ger Gen Elee 4108 1010 3.3 Berlin s prewar a00 fiambure 38, 305 & 4 prew 80 famburs American Line 4'3s. 3100 orth Gierman Lioyd 4'es 31.00 rupp A 1911 12 Suseldort 45 pre.war 0 ANKIOrt oM Ax pre-war 0 Minich 4s pre-war 80 Quated in dollars per’ shace ) A E G Grr Ge Blee) 200 A K O (Ciar Cin Fiee) pta B 900 Commers and Privat Rank. 4300 16 Farhen 120 00 Diseantn Gelisehaft erliner Handels rerdner Rank utiche Bank matandter Rank even Chem ercur Bank Visnna North German Lisvd Austrian A E G (Gen Eiee) .. 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