Evening Star Newspaper, September 9, 1928, Page 33

FINANCIAL. PRICES IRREGULAR IN GURB DEALINGS Week End Profit-taking Sends | Some Issues Down; Others Gain. Br the Associated Press. NEW YORK. September 8.—Prices puisued an nreguiar couise in the caro | Liaise (00ay. A pumber of issus were w0 new nigh levels by buying efecting the strs OCKS on the | “big boarw,” end proiit- tak.0g s°ni others down several point Kadio, amusement, oil and some utility | sharcs were prominent In the advance. Universal rictures responted to re- B that earlupgs are cstimated at hare and tnat the company is| 13 taiking piciures this year | oy cluncing more tnan 5 points to the | ev.ous high at 25, where it resisted T A moved t0 & new ciosed fractionally | lower on the day. acvanced more than a point. New highs were established by Art Metal Works converiible preierred, | Cohn, Hall & Marx, Gramapnone Co. | Nichols & Shepard, Young Spring & | Wire, Zenith Radio and ochers. | American Gas & Electric, Electric Bond & Share, United Gas Improve- | ment and National Electric Power A | were among the utilities to seek higher levels. Guif, North American, Stand- ard of Kansas, Creole Syndicate and | Humble led the oils upward. Pantepec and Prairie encountered profit-taking. Vacuum closed unchanged. Baltimore Markets Special Dispatch (o The Star. | BALTIMORE, September 8.—The | Tive poultry market holds steady to firm | under an improved demand, du¢ to the Jewish holiday September 15, and larger shipments of poultry are ad- visabie the first part of the week. Best market days will be Monday, Tuesday and Wednesday and all kinds of prime, fat poultry will be in demand, especially heavy, fat old hens, large, fat young roosters and heavy ducks. The market for Spring chickens is firmer under a good demand for large, 1at fowl 21, Consolidated Films | | e 101 26 04 1v 103 15 190 99 31 109 99 14 93 4R 9 109 30 e 1928 Hizh Low. 110214 100 23 | 10330 102 2i 10121 1001 108 2 1 ‘||Vl 5 in Viow 1% 9% 101 97% tRy% 96 11 92% 1 107% an 9 104 104, 100% 24 10534, 1024 102% 99w 105 05 96 923, 103% 6 94 83 108% 105'4 I3 104 101 35 1084 104 116 111 106% 1024 94 X3 107 104% 105 97 102y 97 105 103% 106% 102% YN 4 119% 116 107 103% 920 105 97 103%4 100% 109% 1071y 106 1041 100 98% 107 101 105% 103% 116% 1064 128% 103% 93 881y 95 85l 103% 100'% 106% 96% 107 10245 102% 98 106% 101n pounds and over, and values are a shaae higher on this line. Medium sized 10: 865 2 76 95 springers, 2 pounds and under, are not | 1091, 1071 #0 desirable, and all poor, thin stock is | hard to place even to the Arabs at; gy concessions in price and shipments of | 194 L) 821y 102% 9y springers under 2 pounas are not ad- | 108y 104 visabie. Mixed colored Spring chickens, | 143 101% 2 pounds and over, are selling 33 to 36 | 105% 1034 cents a pound, and smaiier, 30 to 32, but Leghorns will not bring over 25|98 1024 to 32, as to size. Demand for old hens is on the in- | crease and the market rules firmer at | an advance of 2 cenls a pound for | heavy, tat fowl 4 pounas ana over, but ; jo3% smali poor towl are not wanied and |jo6 Old | 1064 102 hara to sell even at lower values. 25% d 6% 92 09% 99% 103% hens, 4!, pounas and over, meet With | 1(9% 102% reaqy saie al 29 and 30; meaium, 3'z t0 4 pounds, not so active at 24 to 28, 102 107% 103 97 waile ail poor, tnin 1owl move slow at | 117 114% 18 1o 20. Large iat Legnorns, however, | wii nou bring over 22 and 23. rocsters are in fair demana at 16 to 13. b np demand next wock, buc it iakes laige, 1al 5.0CK, * pouncs ana over, o biwg wWp vaues or 28 W0 20, But smnau, poor lowi, as weil as old ducks, | aove s.ow at 16 to 0. ace In more liocrai receipt and oniy | buGs wogmng 1:; pounus ana over | I Lieoy Wil 1€2uY dwi AL 80 CONLS eaca, | 1 wiiie smalier $.0CK 1S not S0 a i @ by 10 b Cen.s eacn. Pigeons steaay | 1 @ 2o 2nd 30 cens a pair 104 botn young &NQ 0. UNAET ilgn. receipts of native ana neardy €23s ti: Past week Lne mar- ke hoiws vy nra and ail iresh gaiherea sc.ecied whites meet witn l.acy sale at 42 cens a dozen in iree | ceses, With nrsis in iree cases bringing 3, but current reccipts are running mosuy mixed and- 0l LTEGWAr Quauty, whicn moves siow at 33. Potato Market. The market for white potatoes holds stcauy under ampie receipws and a .aw- iy guoa gemana, but too many nauve &ana nearby oarrels coming in are show- ing sanburn or ungraded stock and CONCEsSioNs In price are necessary 1o rasve this class of siwock. No. 1 graded potatoes are oringing 1.00al.25 per 100 pounds, and 1.50a2.00 per barrel. But mixed, ungraded stock sells mostly at 1.25a1.50 a barrel as to quality and condition. Sweet potatoes and yams are in lignt receipt and in some instances 1 1 1 1 1 1 the supply is not equal to the demand | in:& which is centered on No. 1 stock ex- ciusively and all off grade potatoes are generauy siow sale. No. 1 sweets are bringing 1.25a1.50 a bushel, and 3.50a 4.00 a oarrel, but mixed and ungraded siock will not bring over 2.50a3.00, while No. 2 stock is not wanted at any price. Yams are selling at 3.00a3.50 a barrel as to quality ana condition. Garden Truck. The market for native and nearby garden truck holds steady to firm, under | & 1airyy good demand at the following quotations: Stringless green beans, 1.20 @2.00 a bushel; beets, 3.0024.00 hundred; cabbage, 3.00a7.00 hundred; carrots, 4.0025.00 hundred; sugar corn, 25a45 dozen; eggplants, 40a>0 basket; lima beans, 4.0va4.50 bushel; onions, 3.00a 4.25 per 100 pounds; green peppers, 20a 25 basket; red peppers, 30a40 basket; tomatoes, 50a90 basket, and 80a82%2 bushel for packing stock. Fruit Quotations. Receipts o1 native and nearby green fruits ave generally light and the mar- ket firmer at the following quotatfons: Apples. T5a bushel; cancaloupes, 50a 1.2> basket; damsons, 75a1.00 basket; grapes, 40a65 basket; peaches, 1.25a2.00 busnel, Bartleti pears, 1.00a2.50 bushel; Seckel and Clapp favorite pears, 75a 2.25 bushel, and watermelons, 35.00a 40.00 a hundred tor extra selects, 25.00a 30.00 for selects, 10.00215.00 for primes, and 3.0025.00 for culis. Cattle Prices. The general live cattle market rules | Steady 15 firm under only moderate receipts and a good demand is pre- vailing but centered on top grade stock. | All under grades are slow to find favor ot the wharf arrivals con- | of common to ordinary ! cattle. Spring lambs and handy weight | veal calves are in light receipt and find ready sale at fuil values. Quo- ialions today at Light Street Wharf— Beef cattle, first quality, pound, 13 to 14; common 1o medum, 8 to 12; bulls, 25 1o quality, 8 to 10; cows, choice to ian-y. 3 to 10; common to fair, 5 to 7; | oen, as to quality, 6 1o 9: calves, veal, choice, 1615; large, fat, 14 to 15; large, rouzh. 11 to 12: thin, 9 to 10: rough and common, 7 to 8; sheep, choice, 5 0 6; old bucks, 3 to 4: lambs, Spring. choice, 14 to 14'.: fair to good, 12 to | 13; common. thin. 9 to 10: hogs, straight, 11 to 12; sows, 8 to 9; stags, 4 to 5; live pigs, 11 to 12: shoats, 9 to 10. Grain Quotations. Closing grain quotations—Wheat, No. | domestic. 3 me: 1.23a1.24; cob corn, 5.75a 6.00 per barrel: oats, No. 2 white, do- mestic, spot, 48a49; No. 3 white, do- mestic. spot, 46',a47 rye, nearby, 1.05a1.20. A (IR ar Copper Production Report. NEW YORK, September 8 (#).— United Verde Extension Mining Co. pro- duced 4,054 080 pounds of copper in August. agamnst 3,585.742 in July and 3,810,180 in August, 1927, Nat;nnal Tea Co. Sales. 110 Old [ 102% ¥8% 110 ng cucks are expecied to be 1n 103 1044 106% 1014 wuinea 10wl [ — 1007 106% 100% 10: 105% 114 106 107 100 99 06'x 102 984 98 9% 98 02% Y78 o1 99% 05% 102% 04t 101% St B8 06% 103 (9% 1064 02% 97% 29 7 14 111% 02% $T% 01% 101 o2y Y% 93 47 98 9w 107% 101% 101% 95% 101 122% 117w 123 Y2 83 99% 91k 95 99 9T 97 10 vdk% B0 Tds 69% Y4 111% T4% 82% 89 96 197% 95 102% 97% 118% 116% Y3k 8% Wik 18 110% 108 100% Y6% 98l L4% ®50 100% & 109% 106% 116% 114% 1015 94 114 108 115% 113% 9l 79 uile »4 102% 102% Tub% 105% 83 96 105% 106% 105% 1w T 42% 65% 9% i w8 B6a 991 106 [SEN 103% 98 * van Y2 B4y 99% 100% 95 prn uithe 14 | 125 166 100 10 1024 NEW YORK. September 8 (#).—Au- gust cales of National Tea Co. rose to $8,763.115, an increase of $2,398,235 over August last year, X 1054 103 1074 103k 88 784 10 PR 4% 96% 10412 10313 100 & 100% 95% 122u 9ty 109 105% 100 Lackawanna Steel 5s 1950. 102 104 —_—— 1004 R 9 1018 10t 105 10 115 o 1043 101% 99 Wi 1 9 99 44 1t 10 16815 1044 100 1008 96 10510 100 109 104% 94 1047 100 1013 8% 108t 104 1157 112% 1104 105 96l Bl 108% 105 1064 103% 101 964 4« Unitea ninga 106% 103 100 94 Al 106% 104 102+ 8t 109% 106% 106 102 100 Ynly 109 103% 10615 104 186 110% 10 91t 91 £0% BT% 1058 99% 107% 491y 109% 104 103 99 1051 102t s3ia 0% 087 106'¢ 49 104' 101% 1084 100% 103% 100% 108' 102% 950 1025 YT 10z 106" 106 1020 1054 9)% Ligeelt & Myers bs 109% 101% v8Y 111% 105 119 113% 111% 105% 1050 ¥9% 109 105 108 1003 104% 1004 105 102 105 1u2's 101 97 118 9% v9% 95 U S'Steel s 1 53 1963 103% 98% Utah Power & Light bs 1944, 95 rdiy 1120 108% W 105% 100 101 9% 99 9% 98 9l 95 91 0l 96% 105 100 97’5 WL 107% 101% 100% - 96% 115% B3 96y Bi% 100% 96% 100 7 105 Vit 103% 96% 105% 110% 104's Chi B & Quincy Lt ret 38 1971 93 ¥dl 2% 6% 104% 94 97% 1041 95% Chicago & Northwestn 43s 2037 t 114% 1074 B T34 96l H3% 9% 9L 103 91% 1l9% 114 93h K% 108 100 110% 105 100 954 100% 2 3% 83% T Yl B3k 109% 106 17 110 101% 98% 113% 1054 115 111% 93 4% 9% 85 91 74 97 90 93% wyly 100 6% 98 Yo% bATR 110% 104's 109% i0o% Lay 112 32 3 92 984 By 72% 645 ! 89 1164 1L 100 8 Y4l Bba 104 L7 114% 1045 115% 1085 105% 100%; wan 9 TEN H9' 975 93'4 1044 102% 98 2% u4 ol 987 e 40 3 48% Southern Pacific ov ¢s |92y, 87% 3outhern Pacifie sol 91 85% Youthern Ry gen ¢ 104 ©3% Unlon Pacific I8t ¢s 1947, 109 104 1064 10. 1075 1)2 1014 3% SUMMARY FOR THE W 4 ubiic Service 4153 1948. 974 Sinclal 104'c 100 6% Sinclair Crude O1l 5% 1938 106% 102% Southern Bell Telephone 6s. .. 102 Standard 01l N J & United brug U'S Rubber st & ref b8 I 9l St P K CS Line 4458 194 57's Seaboard AIr Liine ref 195Y. THE SUNDAY STAR, WASHINGTON, EEK w Last Tield 912 9915 100 25 100 39 99 31 99 3L 100 29 100 30 99 12 9820 98 30 99 14 99 99 99 11210 111 31 11131 Prav week's Close High Low Last 99% 100 90 i 99% 100 99w 100 Tw 98 97 W% L 102 103% 102% 102% 973 98 100% 100% 1140 115 10 110 99% 1044 $5% 96 1081y 1037 105% 104% 104% 00t 100% 300 80, 974 Bn 97 1005 100 109 105 104% 1044 103% (04 1037 103 10415 1034 103% 107 106% 106 145 1idh . 106% 108% 108 . 106% 95% 26 u. 9. BON Liberty 1148 1932-47... ... Liberty 18t ¢4 e 1932 47, Liberty td ¢4 s 1938 f.iherry 4th ¢ G = 193338 U S3%81040-4 US3%a10 US4als194 FOREIGN Argentine. June 5s 1959, Argentina 4s A-1967 Low 9 101 6 Bank of Chile 6138 HBagium #a 1 HBalgium i %s 1945 Baiglum xs 1941 Rordeans fs 1934 Brazil 6135 1526-57. Brasl As 1941 Canada 48 1952 Canada s \ae 1925 103 Krench Government 18 1949... Krench Govt 74s 1941 Irish Free State itaiy 18 1951 .. Iananese 6 s 1964 Mexico 45 asst small 1904. Milan 618 1952 Netherlands 62 L 1070 10415 10812 108 100% 101 1905 1004 o 19% Y9N Y9 LK 0L Peru 6s 196/ 101ty 101% 9 Peruis. Poland 83 1950 Queensiand 68 1947, Queensland 7s 1941. Rlo de Janeird 83 1946 Rome 64852 Sao Paulo State of, Seine Dept of. i 08107 93 & 93 9% 1060 166 10,5 1047 105% 1042 104w 98ly 9y U8l 103t 1021 1032 In 104% 104 1045 98 954 L18%) 104 961 s 1074 is 1936 Toho Kiec i oYy Utd Kingdom 538 193 Y okohama 65 61 s NDUSTRIAL AND MISCELLANEOUS Amer AxriChemical i s 1941, Amer Smeit & Rer 18t 58 1941, Amer Smelt Lst 63 1947, Amer Sugnr Refining 63 1937, Amer Iel & Tl i tr American & Tel Anaconda Copper 8s 19 Anaconaa Copper ev deb s Andes Copper s 1943 Armour & Co 4% 1939..... Armour of Del 5% 43 Atlantie Renning deb 5s 1937, Barnsdall Corporation s 1940 Bell Tel (Pa) ref 68 1945 Bethiehem Steel p m 55 1936 Bethlehem Steel € 63 19 Cons Coal (Md) st re Cuba Cane Sug Detroit kidison cef 88 L 104% 104'a 10 v6 964 95T 1939, Toieennee 105 105% 105 105 TR SR 107" 107T% 1074 107% 04t 103a 104 99l 19 99w 105 101 105 105y 104+ 105 4 1087 107% 108% 106% 105 2 106 106% 106 951y 100 998 100 100% 105 104 108 TRy Kl Txly W iBa T8W » W% 0T 9l 95 General Motors 6s 193 Goudiich B ) s 19847... Humble Ol & Kel 5he 1932, Indiana Steel bs 1952 International Mateh 58 1947.... tuter Mer Mar In 107w 107w 167 107 101% 1014 101% 101% 105 103 103 103 W 8% 97% 8¢ e 103% 103% 103 99 99 9y s4% 16 94% 95 1i3 L4 14 114 107% 108% L08% 08k 101% 1043 1010 101 104% 104% 104% 1043 101% 102% 1014 102 1035 104k 1058 105% 957 100 99% 100 105% 196'% 106 106l 14 114% 1145 114 1064 106'% 1064 104ty 100 100% 99% 100 107% 10T% W7 107% 100% 101% 101 9 103! 94 5lgs 1947, Reily-Springnela 8s 1931 Laciede 54 s. 1951, Manatl Sugar s £ 1445 1942 Midvale Steel 58 1956 .. New England Tel bs 1963 N Y Kdison 18t 64 NYGasLH&PGsL N Y Tel 4143 1989 N Y Tel 68 1941. Northern States Po Pacific Gas & Klec s 1943, Pacitic I'el & Lel o8 1963, Pan-American 6s34.... *hiiadelphia Company 105 ¥ 1025 1024 102' 102's 9%% 99 985 uS, 110% Drl'a 141 149% 98T 98% Doty 984 101% 1.2% 101% 161% 9% Usle 974 OTH 104 103% 1027 102% 102% 1020 102 102 ¥6 - Yok Y34 96 85 K9y w8 88% 101% 101% 101 101% 107 168 106% 1067% 100 10: 100 100% =Tw 87 85% 87 110% 110% 10 110 101% 102% 101 101% 100 100% 109% 100% LIl 63 1930, Sinctuit O is 1981, 1953.. . Warner Sugar 18 193y Youngstown Stes Atcnison I Atlantic Coast Line tst 4s 1963 Ballo & U 18t gold 48 1948 Balto & Oh1oCV ¢ 448 1933 Balto & Uhlo ret 63 199 BEOPItsL K& W Va 4 1941, 8 & O Southw Brookiyn Mannat s t 6s A | 94 4% Y8% 96l 93 vl 4 w3 98 98% 98 93 100% 1020 101% 101% 924 w2 120 1021 10z 9 98% $24 0z 98 102 96% Canadian Natlonal4 'y Canadian Northern s Can an Pacific deb ¢s Central Pacific ¢s 194 ci “hesapeake & Ohlocv ¢ %8 1930. . Chesapeake & Ohio gen 4 s 1933 Chicago Bur & Quincy 448 17 B.. wa% 9 Y8l YW 9s% 105% 195 105% 105% | 850 854 | 69% €9 KO | 164 6% D6L 98% 9l A% 110 10 4 110% 8245 blls 2% t4% udk 54 vdlk 9t 98% 9BlA 16 11T (16% i16% 37 8% 8Tn 83 100% 10% ool 0% 108 105 107% 108 9hly 985 96l 8% Y6 T4 6 Chi & Kastern 111 gen o8 1961 Chi Great West Chi M & St Pa D 48 196 en 4% 198 % t 6l 9sbe 110 811 Y4« £8% 9304 Chi & Northw 6% 1936, Chicago Rallways ba 1921 Chi R | & Pacitic Chicago Rock Island 44%s Chi Union Station 4 %= 1983..... Chi Union Station 8% s 1963..... Chi & Western tnd cop 4» 1963 CCU &St Lref x4 1929, Cleveland Terminal 5% s Colorado & Southern ¢ Cuba R H 59 1952 . Northern 51,8 Delaware & Hudsun % Den & Kio Grunde con 43 193! Den & R G West 68 1956. Detroit United ¢% Krie 1st con 48 1¥98 ISrie gen fien 48 199 FlawChs i Grand LI'runk s £ deb 6s 1! Grand Trunk Great Nor Great Northern gen b4 s Great Northern g 3% 90 9Ly H0% 96y »5 0 i o: bl Bk B0 547 w6l 2% 974 108 i 0 9% by 90k 9% ¥4 Hdla 106% 106% 1 112% 113% 112 9T 9T Bl 1 105 108 2 4 ({0 Nt 98% 99 % Hudson & Manhatian ad) 5s 1967, Hudson & Manhutwo ret 6s 1957, [ilinots Central 4% 66 Inter Rapid Lransit 58 191 Inter Rapid Transit ov is 1933 Inter & Great Nor ad| §s 1963 Int Rwys of Cent Am 635 194 iansas City Southern 3 1960 Kansas City Southern Lake Shore ¢s 1931 Louls & Nash unified 45 1940. r 5%, waiA 983y L9% 1 0% T8 T Y85 99% 9% Y1 9ily 9% T4 4% 99% 100 944 iy 991y 9% 45 1005 106 1064 1064 100 100% 100 100% 100 i 100 1004, 870 BT rity 104% 104350 104% 1045 1000 161 100% 100W T4 8% Tak Y3 100% Yyl 100 w6l 1% 16m 106 106 106 106% 106% 167 105% 10b% 1125 i13% 112 2 oy Mil Klec Ry & MSLPESSM Mo Kan & I' Missour) Pacific zen 48 1976, Missouri Pacifie 68 F' New York Ce New York Ce 8% 16 Norfolk & Weste: $20 Northern Pacine Northern Pacific . Northern Pacitio ref imp #s 2047.. Ore Short Liue cef ¢s 1929, Ore-Wash (st ref ¢ 1961 Pennsyivania gen ¢ 4y s 1985 Pennsyivania gen bs 198y, nsyivania 64 193 vere Marquette Iat 58 Reading ¢ 4gs 1947 . Rio Girande Western c 113 vy £y ce BN . 94 4 88l B8l BTy 101 101% 101 L 101% 101% 101% 101% W% U5 9Bl %Y BRY 43 LIRS 49' B0 SILINSSREG s St L & San ¥'run or ID St L & San ¥'ren or In 58 |90t 3t |, & San ¥ran ino 8 1960, 94% Seaboard Alr Line ad) is 1949 Seaboard Air Line con 6 1946 vey Southern Pucific ref »y 110% 110 110% 120% 120 G4 64y 95 uhh 106 105 106k 103% 1020 1024 103 103 103 80 x0% 80 B0 98 991 984 v9 B8 874 B6% 874 South Ky 1t southern Rv dev & % Chird Aveadi e 1960 . Mg Virginian Ry 18t b8 1983, 9. 101% | th IMARKET PUZZLES EXPERT OBSERVERS Broad Upward Trend With Frequent and Violent Changes Mark Week. BY CHARLES F. SPEARE. Special Dispatch to The Sta NEW YORK, September 8.—It is as difficult to read the stock market with its background of high money. high average prices and a prestize that goes with long success as it is to analyze the present political situation, confused by the new elements of religion and prohibition. Those whose business it is to interpret the one are as muddled in their minds as this year's reviewers of the presidential campaign. ‘The most visible fact this week is a market of broad proportions, of violent and transitory movements in groups of industrials and public utilities and very little headway by the general list. Compared with the previous week, when transactions were smaller and the average advanced five points, the net results since last Saturday have been negative. This would indicate that the pools are distributing stocks and that the public is again buying them as they rise from day to day to new high records. Precedents Cast Aside. All precedents by which a normal market might be interpreted are being set aside, just as are the usual indica- tors of the political trend. No atten- tion is being given to money rates or to the correlative factors of money. Brokers tell one that their custome:rs have such large balances and are so strongly margined that they have no fears of a 10 or 15 point break. With the country prosperous they see no reason to sell their securities eéven though they are extravagantly high, and from an income standpoint, un- satisfactory. The Government this week has had to pay 4!z per cent to borrow money for nine months, which is 50 per cent above the average return on a group of industrial stocks that are the favorites of speculation. No suspicion can be cast on the legitimacy of the stock movements from the standpoint of increasing profits b, the three most important groups of American corporations. An analysis of both income statements and balanc sheets for the first half of 1928 ind. rates a remarkable recovery from the last quarter of 1927 and the first three months of this year. This reaches into nearly every conspicuous field of in- dustry. Increased Profits Shown. A complilation recently made shows that 310 business corporations had an increase of 8 per cent in profits in the first six months of 1928, compared with the same period of 1927. Reduced to groups the following percentages of ad- vance were indicated: Copper, 45; mo tor equipment, 25; motors, 23 chemical, 13; retail chain stores, 12; food prod- ucts, 6, and petroleum, 4 per cent. The only groups whose earnings declined between January and July were those representing coal, railroad equipment, building materials, iron, steel and tex- . ;n the public utility field 32 com- penies showed an average gain of 12 per cent, with a rising trend in the second quarter of 1928 over the first quarter. Railroads had a net operat- ing income in the first half of the year per cent less than last year. Beg ning with July their results were much better and are expected to improve throughout, the remainder of 1928 in comparison with the Summer and Autumn months of 1927. The debatable questions, therefore, have to do primarily with the present high average range of prices and the rmanency of a bull campaign that is E:mg carried on in the face of opposi- tion by the bankers of the couniry and their official representatives. Treasury Bows to Markets. The bankers are in the position of the reformer and are, therefore, un- popular, They are against the pressnt gambling spirit of the public because they more accurately than the public appreciate what it means to divert from commercial channels the present encrmous volume of money invested in zecurities and supplementing the earlier lockup of capital in real estate and in installment purchases. If support of the reasonableness of their position were necessary it would be amply sup- plidd by the terms of this week’s Treas- ury financing and the fact that Secre- tary Mellon has, for the first time knuckle down to actual conditions in tne markets tor money and for bonds. Those who, looking back over the history of recent Government financing, thought they might witness some con- cessions by the money market to the Government emergency have seen this week a continuous rate of 7', per cent for call money renewals and an ap- proach to 6% per cent for long-time money. ‘The only exception to the general tendency in mediums of credit has been a decline of !; per cent in bank accept- ances due to the efforts of the Federal Reserve to extend its facilities to the commercial world during its season of maximum money requirements. This they may do by purchasing bills and releasing their credit which, in turn, will be multiplied four or five fold by member institutions, It does not mean any easler rates for those who are borrowing for speculative requirements and who are likely to pay more for accommodations at the end of Septem- ber than at the beginning of the month, ‘What seems to be a contrary attitude is the support that the Pederal Reserve is giving to sterling exchange, now at the lowest of the year, in order to pre- vent the import of gold, which also would act in relief of credit. s During the discussion of brokers’ loans and what they represent, it has been claimed that a separation of them into s on stocks and loans on bonds would indicate that much of the expan- sion was due to borrowing by invest- ment houses against securities issued in the first half year and substantially unsalable. The fallacy of this argu- ment is proved in the steady rise in brokers’ loans, and particularly the in- crease of $214,000,000 in August, re- ported by the Stock Exchange, although there was every indication that during that month there had been a large dis- tribution of these new bond issues so that on September 1 the shelves of dealers were sufficiently bare to war- rant them in taking up this week about $75,000,000 of new issues, for which they have found a ready market. One factor iff the stock market today that has never been present before during a bull movement Is what might be described as the private investment trust. There are many such. They operate quietly and mainly in speclal- ties with which they are intimately identified. Unquestionably they have “een responsible for part of the buoy- ancy in the industrial list. These trusts are, In a sense, traders in stocks, in and out of the market from week to week. On the other hand, inves'ment trusts whose securities are publicly distributed are still afraid of the market and have their funds invested abroad or in call loans. One of the largest this week had only 2 per cent of its capital in Ameri- can stocks. There is a theory that a change in the course of prices will.come after the Government financing has been success- fully completed on September 15; an- other that the market will remain steady until the eve of the election. I all calculations of what it may do, on cannot afford to overlook the fact that it has a tremendous momentum, the lsaven of unlimited capital and a brilliant leadership. The captain of the bull forces, whose identity is some day to be revealed, will take his place with James R. Keene, the great ma- nipulator of matkets a generation since he took office, been compelled to | Do & AID FIRMS BY I A. FLEMING. An additional position and a_new title has been added to the official roster of many of the largest banks of ! the country. This has come through { the enlargement of the clerical forces made necessary by the vast enlarge- | ment in the business of the banks. “Director of the personnel” is the title and in the name is suggested the duties of the new officer—that is, to study the employes of the company. to famillarize himsslf with their indi- vidual abilities f{:’ 1the poslfl;:‘l:«(l’;;¥ occupy, perhaps their preparednes ndvn’:xcu‘:ent in their line to a higher position, perchance, and, this is the un- | fortunate part of the director of per- sonnel's duties, to determine that this or that clerk is entirely unfitted for the position he occupies, perhaps for bank work entirely, in which event elimination from the service should come speedily "“(ii before any great e has been done. dng\‘:;"x the director must be prepared to go much further than this. He must, { be what is known as & good ‘mixer, not in the one-time sense of the term. but that he is there to be of service | of the various employes, must convince them that he is not a monitor, that he { is not expected to be a tale bearer to his superiors, not to spy on their work, but that he is there to beb of service to the employes of the bank. to help them if possible and that he the better | fills his own position if he betters theirs, Shoutd Know More. While the director is in no sense of the word a spy. his employers insiet that he should know something of the character and private life of the em- ployes, always with a view of assist- | ing and advancing that interest of the | worthy employe and naturally with & view of separation of the employe wno?e private life suggests possible trouble in the future for employe and bank as well. An early separation i= much r;st(er l;lhm scovery of trouble. dLA dlreyetor of the personnel must be a diplomat, He has a hard position to 11, but once ne has obtained the confi- dence of the force it will be easy for the hamnnigushwm;‘klng of all in the terest of the bank. mwl:en a small or moderate-sized in- stitution has little need for a director of personnel. t cashier and his as- sistants will be able to handle the mat- 3y Bank of Italy. he Bank of Italy, that great insti- tvu.tl;on that has literally covered the State of California with branches, has an entire personnel burcau. Neoessanlg Iy having hundreds of employes, . is anxious that they should be “all white, all wool and 100 per cent honest, and they make use of the bureau v:a(B perlz sonnel for that purpose. The Banl of Italy is now in the Federal mservet. system and is l‘ tsugfr of the greates E ce in its e. msn::n':nnl the great banks and trust companies of New York have been forced to introduce the new official in their business. Not many reached the stage of action, at least, the American securit{ Co., has taken advantage oOf portunity to nstall a director. ‘A Personnel Director’s Views. are his views regarding his po- sll‘i‘tl)en"and the work he is doing and n_do: c"“l’he results of my appointment, made late in 1926, have been most bene- ficial, the main one being a great re- duction in the annual turnover of em- ployes. The officers and staff of the company have accorded the personnel department the utmost co-operation and the employes especially seem to be thoroughly consclous of the fact that the personnel is one man who is ever alert and on the job in their interests. They know that with the establisnment of a personnel department complete employe records would be kept and the complete history of their services in the company made available to the officer charge. m"'!’“he:r records include punctuality, attendance and efficiency rltlflzi The most beneficial result of the efficiency rating has been the closer supervision by officers and department heads of their respective departments. s does not mean driving tactics with the supervisors constantly nagging clerks on to reater speed and accuracy, nor does it mean that the big stick of threats of dismissal has been held over the heads of employes. It has taken more the form of an’ever-ready guiding hand and m:ad. Reports Every 90 Days. “The officer knows that every three months he will be requested to give a rating on each person under his super- vision. With this fact ever in mind he gives careful attention to the work, lpfi pearance and mod: of conduct of eac vidual in his charge. h"(!bndrr the old method new em- ployes were allowed to come into_our organization and drift along for perhaps a year or two, and finally it was (vlir.- covered in certain cases that they were totally unsuited for bank work. After such a period of time personal attach- ments had been formed and dismissal of the employe was ]:ndrefl a \;edry disagree- le thing for all concerned. 'b“:l'hlsngtam of affairs has all been changed with our new system in opera- tion. The new employe comes in for a trial and his every move is so carefully watched and recorded that in a very short period of time it is evident Whether he or she will make the grad> and become 8 valuable or just a weak k in the chain. lm“When the rating of an old employe drops below par the personnel director pays a visit to the department head or officer in charge and after & conference has definite. knowledge of just how_this clerk is falling down on the job. With these facts in hand he takes steps to ‘pep’ this man up and in practically all cases has him back with a satisfactory rating the next quarter The practice in force with this com- of the unworthy to walt for the ton banks have ol but_one, & Trust the op- SEPTEMBER 9, 1928—PART 2. DIRECTORS OF PERSONNEL AND EMPLOYES \Largest Banks of Country Have Added New Official Whose Activities Are Described by D. C. Appointee. pany in the past, I do not believe, was any more lax in this respect than great many other institutions of a simi- lar nature. It wes simply that depart- | ment heads were o concerned with their | own progress that people in their care were forgotten except for the infrequent reprimand for some glaring error. “It is an act of justice to release a boy or girl early in their career so that they may find a position in which they will be happier and better fitted to carry on. Close Supervision. «“Close supervision of the new employe will determine in a brief space of time his or her fitness for A permanent posi- tion in a banking office. during the first month or two, the time for dismissal. “There are & grea in the modern banking some that have 1t found unfit then is t variety of positions institution, to be filled by old heads t have reached the absolute limit ;;‘athc)r capabilities, but the ‘watchful supervisor makes sure that the com- pany an square deal. “It is wron those who have d the employe ar2 getting a g to take the attitude that to be urged will never make good. All of us need the spur at times time and when applied at the proper it will bring good results. The active supervision by competent officers will urge on to greater things those of the employes who are inclined to get in a rut. atter of ;nwnrd of encouragement coming at a tough period during a in either case will many times make Often supervision is only a guidance and again it is only heavy day and the seemingly difficult task easier for a young clerk. “The Amer! jcan Security and Trust Co. is doing much for its employes. From the viewpoint of general welfare, the company makes a generous contri- to the employes’ bution “The Security Club.' called association The nu- merous social and athletic activities of the employes are all controlled by this club. The athletic teams—tennis. bowl- ing, base ball, golf and basket ball—are th boys and girls. g’:w:ois theyhousr grgan and is edited by the employes and financed by the company. Service Rewarded. The Security “Long length of service is rewarded with additional vacation with pay, and the old employes are finally pensioned. Life insurance is carried on the lives of all employes and the cost paid en- tirely by the company. In addition to that, insurance is carried under the longshoreman’s compensation act. The group insurance carried also provides the services of the Instructive Visiting | Nurse Society, which service is used {requently. “Tuition in the Washington Chapter of the American Institute of Banking is paid for employes by the company. Lunches are provided by the eompany for the staff at less than cost. purchasing department makes The pur- cheses for employes at a considerable saving.” 100 Per Cent Stock Dividend. Out on Fourteenth street northwest, after you pass U street, there are two savings banks that are little jewels, great moneymakers for their share- holders. Incidentally their shares are not far from the highest values in the city, indeed one, the Park Savings, is today quoted at $95 bid. As the par value is but $10 a share, the present bid price is the equivalent of $950 a share bid for each $100 of capital stock. Park Savings Bank Now it is announced by the that the share- holders in the bank will vote on the 2d of October on the proposition of issuing 100 per cent stock dividend to b2 given outright to the shareholders. TRADING IN BONDS HIT BY REALIZING Market Turns Dull and Irregular. Amusement Issues Show Gains. By the Associated Press. NEW YORK, September 8—Price movements were narrow and irregular in dull trading on the bond market today. The enthusiasm of the stock market was lacking, and. although most issues displayed something of thelr ,earlier firmness, week end realiz- ing tended to check a general advance. Rails especially seemed to have re- covered their strength of early in the week, but gains largely were fractional. Illinois Central 434s, St. Paul 48, Missouri Pacific 55 and Seaboard All- Florida 6s were in demand at higher prices. St. Paul 5s of 2000 closed un- changed. Amusement issues were among the few industrials to improve. Pathe Ex- change 7s with warrants gained more than a point and Paramount Famous Lasky 6s improved fractionally in sym- pathy with the strength of stocks. Public service of New Jersey 4las ,lumfimx under profit-taking, but held the to below a point. Dodge Brothers 6s, Anaconda Copper 7s, East Cuba Sugar 7s and other recent favor- ites also closed lower. ‘The foreign list dull featureless. United States Government obligations were irregular, Treasury 4s and 3%s alone showing any improvement. LEHIGH VALLEY EARNINGS. NEW YORK, September 8 (#).—The Lehigh Valley Railroad earned $1.24 a share on the common in the first half of 1928, after preferred dividends, against $1.42 in the first half of 1927. Net income was $1,507,189, against $1,732,323. The second quarter made a good showing, with net income of $2.350,975, against $1,893,834 in the sec- ond quarter last year. was and Brought Out in N NEW YORK, September 8, 1928. Stocks (average of 50 issues)......... Bonds (average of 40 issucs) Foreign bonds (average of 10 issues). | Federal Reserve ratio..... Money rates in New York: Call Time .. Unfilled steel orders.. Pig iron production.... Building permit: Number of cities Amount ... umber . Liabilities tevsses Revenue car loadings: | All commodities Grain and grain products Coal and coke. Forest products Miscellaneous products. igh. vee 20404 580 . $338,819,896 Commsrcial failures (R. G. Dun & Co. reports): Numbe: . 1,723 $29,586,633 ‘Week of August 25. .. 1,080,8 Financial High Lights of Past Week utshell by Statistics This Week. Last Week. Low. High. Low. 201.83 200.62 198,22 This Week. Last Week. . 90.48 : ] 90.01 . 106.27 106.13 This Week. Last Week. Year Ago. veese. 6868 69.5 6.4 Last week. 7 to8 8l Month of July, 1927. 3142014 95,199 This week. o Tato8 Month of June, 1928, 3,637,000 102,710 Month of July, 1928, 3,570.927 99,001 541 580 $368,087,324 $313,666,388 1,047 1.756 $20.327,073 $43,149,974 . 1223, Previous week. Year a 1,056,905 61,170 169,858 66,011 414,285 64,228 25,521 FINANC BULLS HOLD SWAY IN STOCK MARKET Prices Are Steady With Some Gains in Heavy Volume of Trading. By the Associated Press. . NEW YORK, September 8.—The “bull” movement in the stock market gathered increased momentum today despile rather heavy profit-taking in some of the recent favorites. Early gains ran from 1 to 8 points, with nearly t score individual issues, including most of the amusement shares, setting new high records. Trading was in enormous volume for a half-holiday session, the dl: s sales running around 2,000,000 shares. ‘Widespread public speculation, sup- plemented by the tremendous buying power of speculative pools, continued to provide the background for the ad- vance., New leaders were brought fo) ward whenever the old favorites showed | signs of wavering. The rapidity of the advance in some of the highly specu- lative issues indicated the existence of a small floating supply. “Bear” traders, TATL.” 9 COTTON ADVANCES. Quotations Jump $1 a Bale After . U. 8. Crop Report. NEW YORK, September 8 (Special). —The Government crop report appeared at, noon today, giving the indicated yield of cotton this year at 14,439,000, an in- crease of 158,000 bales over the figures of a month ago. This estimate was based on-the condition of 60.3 ver cent and an acreage of 44.916.000. The yield per acre was placed at 153.9 pout-- and the amount ginned to Septemosr 1 was estimated at 956,000, as against 1,533,000 a year ago. Figures were about in line with expec- imlnns as private agencies had agreed | in showing less deterioration during Au- |gust than normal. The Government places the deterioration at less than 8 per cent, as compared with a 10-~."p | average of 11 per cent, and a loss of over. 13 per cent last year. Trading ceased at 11:50 am., 19 minutes before the report was issued, and during the last few months active covering advanced quotations $1 a bals mths to highest levels of the Curb Seat Brings $90,000. NEW YORK. September 8 (#).—Sale of a scat on the New York Curb Mare ket has been arranged at $90,000, un~ changed from the previous transaction. ‘The high record of $37,000 was estab- lished last June. having taken severs punishment in sev- eral of the “blue" chip issues, were more cautious in their selling attacks. Warner Bros., “A,” which sold as low as 22 on January 5, was pushed up 8 points today to a new peak at 130. The common advanced 6 points to a new top at 123',. Fox Film ran up 5 points to a new high at 11414, before it ran into heavy profit taking. Stanley Co. of Americe. and Keith-Albee also moved into new high ground. while Shubert Theater and Pathe “A" recorded sub- stantial gains. Timken Roller Bearing. Commersial Sovents, ‘American Sugar Refining, United States Rubber, American Lin- seed, Gardner Motors, Adams Express and Montgomery Ward all sold 3 to 6 points higher. Radio broke more than 7 points, but quickly recovered a good part of its los General Motors yielded 3 points, Wright Aero, Purity Baking and Ameri- can Can, 2 points each. United States Steel, National Biscuit and Kolster Radio yielded a point or more. The closing was steady. Wholesale Markets. Yesterday's daily market report on fruits and vegetables (compiled by t Market News Service Bureau of Agri cultural Economics) said: Apples—Supplies moderate; demand light, market dull: bushel baskets, Vi ginia and Maryland, U. S. No. 1, 2 inches up, various varieties. 1.00a1.25 Grimes, 1.50: 2% inches up, Grimes, few sales, 1.25. Cabbage — Supplies light: demand moderate, market steady: Virginia, bar- rel crates, round type, 2.50. Cantaloup2s—Supplies moderate: de- mand slow. market dull; Colorado, pink meats Jumbo flats, 6s to 9s, 1.25a1.50; standard flats, 12s and 15s, 1.50a1.75, mostly 1.75: Salmon Tints, standard flats, 9s to 12s, 1.50; California, Turlock section. Salmon Tints, standards, 45s. 3.0023.25: Jumboge 45s, 3.50. Miscelia. necus melons—Supplies moderate; de- mand slow. market dull: California. Turlock section, Persian melons, Jumbo crates, to 6s, 3. 3s and 4s, 2.75; standard crates, 2.50; pony crates, 2.00. Celery—Supplies light: demand light. market steady: New York, two-tnird crates, best. mostly 2.50; some fair qual- ity. green, 2.00. Lettuce—Supplies of Eastern stock light; demand light, market steady: New York, 2-dozen crates Big Boston type, best. fair quality, 1.50: poorer, 1.00a1.25. Western stock—Supplies mod- erate; demand light, market steady: Colorado. crates Iceberg typ: to dozen. 4.0024.50: California. crates Ice- berg type. 4 to 5 dozen, 4.50a4.75, best mostip 4.75. Onions—Supplies very light: demand light, market ~steady: Indiana, 100- pound sacks, vellows, U. S. No..1, 4.00a 4.25. “Peaches—Supplies moderate; demand | slow, market slightly weaker. Mary- land and Virginia, bushel baskets. El- bertas, U. S. No. 1, medium to large | size, 1.50a1.75: few 2.00; medium_size, | 1.25a1.50: bushel baskets, Hales, U. S. fancy No. 1, medium to large size, 2.00a | - baskets, | 2.25; Pennsylvenia, bushel Belles, U. S. No. 1, medium to large size, 1.50a1.75. limited: Pears—Supplies light, boxes, Bartletts, fancy, 3.25a3.50. Potato Prices. Potatoes—Supplies light; demand moderate, market firm: East Shore Vir- ginia, cloth top stave barrels, cobblers, U. 8. No. 1, 2.25. Sweet Potatoes—Supplies light; de- mand slow; too few sales reported to quote. Grapes—Eastern stock; supplies light. demand moderate, market dull; Dela- ware, 12-guart climax baskets, Con- cords, 50a60; Western stock: supplies moderate: demand moderate, market ii\;l'; California, lugs, Malagas, 1.25a | Peas—Supplies moderate: modcrate, market firm: Colorado, pound crates, Telephones, 4.50a4.75; some ordinary quality, 4.00. . Amusement Firm's Earnings. NEW YORK. September 8 (#).— Keith-Albee-Orpheum Corporation and subsidiaries report net profit of $257,035 for the first half of 1928, after all charges, equal to $2.58 a share on 100,000 shares of 7 per cent preferred stock. Orpheum Circuit. Inc., had net | loss of $150,584 for the half year, after | charges. y demand | market about steady: Oregon, ! demand | 45- | || Mortgage Money Loaned | At Low Interest Rates | Tyler & Rutherford I] mepresenting sutual Benedt Lite tns. Co. | 1520 K Street 5 Money to Loan Secured by first deed of trust on real estate. Prevailing Interest and commission. Joseph I. Weller 3.75% & § Y3 { WE FINANCE | | ~—all classes of income-producing | oroperty Large Loans a Specialty Current interest rate and commission - Higbie & Ri<hardson, Inc. 816 15tu St. N.W. In Nearby Virginia Prudential 5 /2% Insurance Co. Loans I Commonwealth Investment Co. 917 I5th St. N.W. Phone Main 2023 | Loans to I Salaried Pecple “Character Plus Earning Ability Our Basis of Credit REASONABLE RATES EASY PAYMENTS WASHINGTON WIMSETT COMPANY 903 N. Y. Ave., 2nd Floor. | | Ly | | I WILL SELL * & Inv. ptd. 52.000 Arlington 933 @ 9. 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