Evening Star Newspaper, September 11, 1928, Page 15

TFINANC1AYX, BONDS IRREGULAR IN QUIET MARKET [Public Service of New Jer- sey 4 1-2s and Few Other Issues Gain. BY CHARLES G. SPEARE. #pecial Dispatch to The Star. NEW YORK, September 11.—An in- different market for the general run of bonds today, with considerable activity In a tew of the speculative issues, re-\ flected the higher rates for money and the uncertain trend of stocks. United States Government issues were irregular. The Liberty 32s touched a new low record for the year at 99!5. Their high for 1928 was 101%, and for all time 103, made in 1922. The first | and fourth Liberties were steady. The long-term Treasury certificates were lower. The nearby Treasury cer- sificates have adjusted themselves to the 412 per cent rate paid on the new nine- monti notes. It is expected that these vill be heavily oversubscribed by the and tkat the allotment will be somewhere between 40 and 50 per cent. Books will probably close by Thursday. First mortgage rails were softer, with declines of a point from the high of last week. The legal public utilities were also fractionally down. Among the second and third grade rails there was an uneven trend, but generally a slight- Iy lower average. The feature of the market was '.he Public Service of New Jersey 4%s. These rose over 3 points and were nearly 40 points above the iow of the year Andes Copper 7s gained a quarter, ! Anaconda Copper 7s a point and Barns- dall 6s nearly a point. Mercantile Ma- rine 6s, United States Rubber 5s and Goodyear 5s were fractionally higher. The Cuba Sugar Producing Co. bonds were difficult to sell in large amounts. Most of the French issues showed im- provement. The rise in Germans has been quite extensive and has resulted in some profit taking. South and Cen- tral American issues stood at about last week’s prices, ‘The day’s financing amounted to over $14,000,000, of which the tion was in industrial bonds. policy is to offer convertible features of warrants with bonds of this type. The selling emphasis is possibilities of stocks into which the ‘bonds may be converted. .. Washington Stock Exchange SALES. Capital Traction 55—$2,000 at 101, $5,000 at 101, $10,000 at 101, $5,000 dt 101, $3,000 at 101. ‘ashington Gas 55—$1,000 at 103, ‘4.000 at 103, $500 at 103, $5,000 at ‘ashington Gas 6s “A"—$600 at 10313, !IW at 103%5. : 'ashington Gas 6s B—$200 at 105. Washington Rwy. $1,000 at 103. Chestnut Farms Dairy pfd.—10 at 107, 40 at 107, 10 at 1071} Pmmwc Electric 6% Pld .—1 at 112, e | Italian Pub S 7 on the speculative | Elec. gen. 65—} Orent Dev deb 6; THE EVE NG [ovwe o BONDS s s UNITED STATES, (Sales are 0 $1.000.) les. High. Low. Close. Lib3%s... 228 9910 9828 Lib1st4%s 70 10023 10019 Lib3deks. 16 9931 9931 Lib 4th 4%s 115 100 3L 10027 . 140 9816 9812 9826 10316 11118 FDREIGN. Saies. Hizh. Low, Close Argentine5s...... 4 91% 91K 1% Argentine 63 Ju sy, 15 99% 994 | Argentine 6s Oct59 22 99%; 99% Argentine 6s A. 993 99l Argentine 6s B.... 9935 99 Australia 438 5 B9 83y Australia 53 195! 97% 9% 97 97 6 102% 102 102 8 9% 9T 9T% 7 100% 100% 100% 18 105% 105 105 1 107% 107% 107% 28 105% 105% 105% 6 115 114% 115 4110 110 110 4 106% 105% 105% 2 100% 100% 1004 32 961 96 96 14 96l 96% 964 15 100% 100 100 21 1081 108% 108% 1 101% 101% 101% 2 100% 100% 100% 4105 105 105 3 100% 100% 100% 14 102% 10U% 101% 2 30 30 30 3 100% 100% 100% 5 2% 92w 92 Con Pow Japan7s. 6 994 93% 98% Covpenhagen 414 ‘63 17 89% ¥9% 89% Comnlusen Gsct.. 1 96% 96% 96% Cuba 5% 14 103% 103% 103% 7 109% 109 109% 5 110% 110% 110% 1 104% 104% 104% 9 104 1033 104 3 103% 103% 103% 8 926 91y 914 1 96% 964 96Y% 2 101 100% 100% 3 105% 1057 105% French 7s... 11 107% 106% 107 French 7%s.. 10115 115 115 German EI P 6%s 1 95 95% 95% Germarn s, 13 106% 106 106 4100 99% 100 4103 103 103 4 98% 98% 98 « 2 99% 99Y% 99y flolhnfl-Amer‘!.. 2103 103 103 Irish Free State§s. 1 95% 95% 95% ltaly 7s..... 27 9T 9T 9TH 12 97% 9T 9% 34 924 92% 92% 55 102 101% 102 4 100% 100 100 . 29 100% 100 100 Belgium 7s 1955 Belzium 7s 1956 Beigium 7% Belzium 8s. Boiivia 8s. Bordeaus 6s..... Brazil 6%s 192 Brazil 615 1927, .. Bremen State 7s... Canada 5s 1931. Canada 5s 1952, Canada'5%s 1929, . Chile 7s 1943....., Chinese Gov Ry és. Christiania 6s. Danish Munic 83 B. Denmark 6s....... Dutch East 1 6s 47. Dutch East 1 63 62. Finland 53s...... Finland s f 6s 45 Finland 7s. ... Framerican 7%s Marsellle 6s. Mexico 4s 04 asntd. Mexico 4s 10 asntd. Mexico 5s asntd. Milan 6%s. Netherlands New So Wal New So Wales 58: Nord 6%s Norway 5s 1963 Norway 5%s. Norway 6s 1943, Norway 6s 1944. Norway 6%s 195! % 3 3 92% 92% 92% l'l 103% 103 8 103% 102% 108% 5 102% 102% 102% 2 99% 99% 99% Paris-Ly-Med 6s.. 4 99% 99% 99% Paris-Ly-Med 7s. Peru 6: Peru 7. Twi %, DIA—10 at|reu7gs Electric 103‘/| 10 at XDB%. 50 at 10814, W:: ington & Elec. pfd—25 at Pedéral-American Co. pra—5 at 102,/ 10 at 1017%. Mergenthaler Linotype—20 af Peoples Drug Stores pfd.- —!0 lt 112, AFTER CALL. $1,000 at 103. Capital Traction Co. at 1t Washington Gas 65 “A”—8$1f Mnt 10415, Peoples Drug Stcres pfd.—5 at 112, 10 at m'/.. To at 11175 Lanston Monotype—6 at Money—Cal! loans, 5 and 6 per cent. Bid and Asked Prices. Al Wi Al & “nlnmne: Arcnae K3 . Balt. Wy Rwy. & Elec. 4s.. w:g Rwy. & Elec. cen. 65. ‘MISCELLANEOUS. Ross. Inc.. 6% BRbeT ot Faves Dairy s Chevy Chase Club s'/z Tt 00 03 " Wardman park Uttty 57 101% 102% STOCKS. PUBLIC UTILITY. American Tel & Telga vash. Rwy. & Elec. Wath: Rwy. & Elec pid. NATIONAL BANK. Fari Faimlt Ak efien berty Na nll Metropo“un Rigi Sccor 2 Natlonal @ak of Washington .. ¢ TRUST COMPANY. American Security & Trust Co.. tinental : SAVINGS BANK. Bank of Bethesda Commerce & Savings East Washington .. .. d States 1. 0 shington Mechanics.. .. FIRE INSURANCE American . Columbla Title Fcal Estate Title. .. Bhevs ch gt evy airy Ehastnit Farms L Chestnut Pa Commerctal Natl C_Paps Federal-American Co. com. .. Federal-American Dld Lanston Mcnoty) 4 Merch Merch Tra; Mergentnaler Linotype at’| Mige & Inv. ptd eoples Drug Stores pfd Security Storage Wash Mech Wasi Woodward & Lothrop pfd. “Ex-divident el FOREIGN EXCHANGE. (Quotations furnishea by W. B Hibbs & Co.) Nominal gold Selling checks value (or par). _today. London. 34. poun g 360 .1389 1130 2666 Seine 75 42...... Serbs Crot Slo Wuhlngwn Rwy. & Elec. gen. 65— Soi o Toho EI Pow 7s. Tokio %3 1961 115. Utd Kingm §%s 2! UtdKingdm 51337 15 104t% 104 Uruguay 8s. Yokohama 6s w1.. AmA‘rlC:em T%: | Pan-Amer Pete 7s. | Pathe Exchange 7s Poland 65 40... Polund 7s (rets). 1 106% 106!% 10615 30 93% 93 93 8 105% 104% 105% 4 981 98Y% 98% 1 994 99% 99% 10 103% 103'% 103% 21 104% 104 104 4 99 9 99 7 9 91 91 5 118% 118% 118% 104% 5 109 108% 109 4 96 95% 95% MISCELLANEOUS. 3 105% 105 105 R1st6s 15 101% 101 101% 3 107% 107% 1074% 4 103% 103% 103% 994 21 105% 105 105 20 106 106% 106% 6100 993 = 6 85 85 55 105% 105 ms% 197 135% 132 1354 271 135% 133 135 Armour&Co4%s39 6 92 92 92 48 93% 984 93% 6 102% 102% 102% 6101 101 101 60 106 1054 105% 5 106 105% 106 Atlantic Refin 6 Barnsdall 6s 1940. . Steel 53853 Bethlehem Stee| Bklyn Union 6% Bush Term Bidg 58 Certain-Td5%srets Chile Copper 6s. .. Col Gas&El deb b: Cen Coal Md 1st 6s. 24 102% 102% 102% 9 104% 104% 104% 1280 280 280 1 100% 100% 100% 10 94 93 94 36 95% 94% 95% 99% 8 105% 106 6% 64 6y 1 79% 79% 9% 3105 105 105 Dery (DG) 16 1 0% 0% 70% Detroit Edison 4 103% 103% 103% Detroit Edison 6. 1 107% 107% 105% Dodge6s.... 124 985 93% 98% Donner Steel 7s.... 4 98 93 98 Bast Cuba Sug 7%s 11 95 94% 95 11 113% 113% 113Y% Gen Asphalt 6s36.. 1 108 108 108 Received by Private Wire Direct to The Star Office Sales. High. Low. Close. 1 86% 11 104v Warner Sug 7839.. Wast Klec b . Westn Union . Westinghou Willys-Ov 6%s 33. Wiison & Co 1st 6s. 6 101's WinRepeatAr 7%3. 5 107% Yngstn S&ET 6s wi. 46 100': RAII.ROAD AL&SF cvt 4s 0. 9% 871y 94% 4% 1102 . 19 104% « 11 109 3 92% Bang & Aroos ¢s 51 2 85% Brooklyo Elec 6148 27 95% Brooklyn Elev 6 94% Bkive Manhat 6s 994 Buff R & Pitt 4%, 934 Canada South bs... 7 105% Can Nat4%s30... 10 98% Can Nat 4%s b4 974 1 Can Nat 44557, Canad North 6%s.. Can-d North 7s. Ca Pac deb Pac 1st 6s 90, Chesa Corp s w .. 10 Ches & Ocv 4l Ches & O gn 4 %8 'CB&Q4%sT77B.. CB&QIl3¥%s... CB&Qllldiv4s.. Chi&E 1l & 68 61. Chi Gt West ¢s69. CM&SLP ret 414589 2 ChiMiISP&Pac5s 76 7: LMSP&PIOIGOS!DIZ\)‘I 1 106% 1 103% CCC&StLbsD... CCC&StLrf6sA. C&S Istes29..... Cuba R R 5s..... Cuba Nor 5%s cts. Den & Rio G cn 4s. D Rio G West §s. Erie conv 4s A Erie Gem 4s. Fla East Cés 'M . Gr Trunk stdb 6s. . Gt Nor 4%4s 76 D..._ Grt Northn 4%s E. Great North bs. 110 % 2 1007 10 5 106' 1 973 6 971y 2 103% 19 H 2% 3 101% 101% 101% Hud & Man rif bs. [11-C-C- StL&NO 58 16 103% Int Rapid Tran 6s. 8 793 Int Rap Tr 6s stpd. 6. 79 Int Rapid Tran 11 80 Int Rap Trans 7, 34 9919 Int & G Nor 1st 6s. 18 lDt'A Int&GtNoradj6s52 4 93% IntRysCA6872.. 2 Int Ry CAm 6s41. 10 Int Ry C A 6%sret 10 KansasCity S3s.. 1 6 . 53 Lehigh Valcnds.. 6 LehighValcon 4%s 1 Longlsrf4s49... 4 Loulis&N: uni4s 1 Louis & Nash 7s... 1 103 Man Ry 15t 90..... 6 69% Market St 75 40.... 18 973 MUEIRy & L6s51 2 102% Ml El Ry & L. 55 61 18 lOl‘/, Minn & StL ref 4s. Minn & StL cn 5s. . M St P&SSM cn 4s. M StP&SSM cn 5s. . MStP&SSM5s383td 2 Y8l 5 100% 2 8% 2 104% 7 100% .10 79 2 100% 61 993, Mob & Ohio 4%s 179 95'7‘0 Mont Trmref 5341 6 99% 59% 143 8614 97 9% Nassau Kl 4851... 1 104% 9114 6 97n 1 99% 12 106% . 1107 NYChI&StL 514sA. 10 107 NYChI&StL 53sB. 10 106% NYC&StL6sA. 10 101% 13 83 3 90 5 104% 1 112% 28% 47% 35‘/1 Northern Pacific 4s 15 Nor Pac 4158 2047, 2 % Northern Pacr i 6s 30 1127 OreShort Lirfs 4s. 16 983 Ore Wash Ist4s... 2 89 5 102 6 1003 9 107% 13 104% Pennsyl con 43%s. Pennsyl gen 4 % Pennsyl gen 5s. Pennsyl 58 64..... Pennsyl 6%s. 20 110% Pennsyi gold 7. 59 108% Pere Mar 1st 4 2 92 Pere Marq 1st 11 103 Portland K1 PL 6s. 1 101% Reading gen 43 6 995 RIArk& L 4%s.. 13 95% St L IM&S 45 29 19 984 StL | M&S gn 2 100 St LIM&S R&G 4s. 1 94% 38 102% 102% 102% 3 107% 107% 107% 16 92 91% 92 1 9% 914 91% 4 99% 99% 99% 2 101% 101% 101% ’f 103% 103% 103% 94 ls 981, 1 |03‘h 103'/: l(lfl‘h 8 Gen Mot Ac Cor 6s. [ 1llinots Bell 1st 6s. Intl Cement 58 48.. Intl Match 5s 47 M Int Paper 63 47 Inter Paper 6s..... Int Tel&Teleg 4%s 2 J Kayser & Co5%s Kan City P& L 5s. Lackawanna St 58 Lacled Laclede G 5%s b. Ligget&Myers5s51 Lortllard 5 Mid-Con 6%s 40 Midvale Steel 5s. Mont Power deb bs New England 51 15 106% 106% 106% N Y Edison 5s 4 1104 104 104 NYGELH&P4s 2 93% 93y 931 NY Tel4%s « 49 100% 100 100 947,-. 12 12 2 103% 103% 10314 11 10134 1013 101% 9 101% 101 101 1 104% 104% 104% 2100 100 100 1290 ¥9% 89y 14 106% 105 105% 11 99% 99% 99y 5100 100 100 StL&SFpl4sA. 25 88 StL&SFre%sis 90 s9% StL&SFinc6s... 40 101% StL S W con 4s 33, 9614 StP& KCShL 4%s 5 95% SanA & ArnPs.. 17 90% SeubA Lrefds.... 8 Seaboard AL 4ssta 2 SeabAL adj 6s 1949 80 Seab A Lcon6s... 24 SB All Fla 6535 A. Sou Pac ¢s 29 Sou Pacific ref Sou Pac 4%s rets Sou Ry gen Sou Ry Con 5s Sou Ry 63 Tex & Pac 55 B 1971 1 101 Third Aveadj §s.. 10 64% Tol Tr L&P5%s30 1 997 Union Pac Ist4s... 5 954 Union Pac Istrfds 3 90% Union Pacific 43 68. 13 Un Pac 4%s 67. Virginia Ry 1st b Whash 4%8'78 rets Wabash 1st 27 110% 14 120% .i 105% 6 91% N Y Tel6s4l...... 16 107% 107 107 N Y Tel 6s49...... 17 109% 10.% 109% North Am Edis 6s. 26 99% 993 9us; NorOhioTr& L 6s 5 101% 101% 101% 2 101% 101% 101% 3103 102% 102% 5 104% 104% 104% Paramount 88 1947 31 100% 100 100 Phila Co 63 67 w1.. Phila&ReadC&| bs. Philips Petro 614s. Plerce-Arrow 8s Pierce Oil deb 8s. Por Ric Am Tob 68 28 99 48% 9 Postal Tel & C5%s 17 95% 94% 9 Public Service 4%s 721 1541 150% 152 Punta Alegre7s... 24 98l 98 98% RemingtonAr 2 99 98% 99 Rem Rnd 6%s war. 14 95 94l 94% Stnclair O1l 6 15 98% 981, 98% Sinclair U1l 6%s. 99% 99% 99% Sinclatr Oll 7s. 5 102 101% 102 Sinclair Crude 6%s 19 98 97% 97% 2 94 9% 9 10 92y 12 108 1 106 92 107% 10% 106 105 1 101% Wabash bs 76 B 5 99 West Maryland 4s. 15 Western Pacific 68. 4 West Shore 4s 2261 1 Wheel& LEcn4s. 4 Aluminum Co. of Amer. 8 1052 American Rediator 4% |l\lner|cln Tel. & Tel c % mo obper 63 Biito, & Ohio e mz Batayian Pet. Cor BEIPTE of canad 8 Tobs Galifornia et Corp 8)as” 193 Can: Nat Rwy 1930 gudll;‘yn: '&;‘Runc 4, 19670 uau ¢ 4Vs8 Edison EL 11 'of ‘Bos “Was 1 J.1 924 92w 92w 2 108% 108% 108% 4104 103% 104 9 102% 102 102% 98%; 98K 981 TennElecPow 6547 10 107% 106% 107% United Drug 6s63. 12 964 96 96% |USRubIstrfbe,. 25 89% 59 89 i 14 101% 101 101% 9 17T 106% 107 7 100% 100 100% Utah Pow & Lt bs. Oregon Short Line Pure Oil Corp. Shell Union Oil Co. Sou. Pa 86 104% 102 101% 107% 100% 894 871y 934 T4t 90% 104 1084 105% 98y 97l Y% 106% 103% 1015% 10034 993 9 9l 91% 8% 801 94% 8474 1061 978 9% 103% 112 102% 9 79 9% 99 107 93% 864 4 103 691 9715 1024 101% 15 50 89% 9814 100%: 87% 1044 100% 8% 100% 99% 954 99% 59% 143 89% 99 98l 104% 91’y 9T 998, 106 107 107 106 - 101% 82 9% 104% 1124 23% 47% 85% % 1123 9815 89 102 100% 1075 104 110 103 92 102 101% 9 4% 9874 100 94% 874 89% 10} 95% 9564% 110% 120% 1 64% 997 95% 907x 105% 9% 101% 99% T9% Bid. 103 98%2 - % ac. 9 Elandl.;d i N Sersey B i04s St L. Ir, MU & €0 Rwy Swift & Co. 55 1932 . Dhion o] Go"'of Gl 108, Smelting Co. Western Blectrl 5 Wheelth Stel Corp. 5126 1545 45 1920 982 1002 86 104% 3 102% 102% 102% 15 103% 103% 103 102 101% 1074 100"z 891 874 944 SHORT-TERM SECURITIES. (Reported by J & W Seligman & Co.) Ofter. 1037 98 101 | the previous final of 83'%. i common and Spiegel May Stern were STAR, WASHINGTON, D. ADVANCE IN CURB STOCKS CONTINUES Market Recovers Strength After Early Uncertainty. Films Shares Featured. BY WILLIAM F. HEFFERN Special Dispatch to The Star. NEW YORK, September 11.—The up- ward movement on the Curb Exchange received somewhat of a check at the outset of trading today. The halt proved only temporary, however, and when no great amount of real liquida- tion came upon the market operations for the rise were renewed with the same reckless abandon that has char- acterized trading for the past month. Fears of a hardening of call money following yesterday's advance to 8 per cent resulted in a good deal of early profit taking, but when funds again flowed into the stock market for em- ployment sentiment was reassured. Interest again centered in shares of amusement and theater companies, coincident with merger rumors. Uni- versal Pictures, which is said to have important contracts with practically all the leading organizations, moved upward more than 3 points to a new top, while Fox Theaters class A con- tinued in demand not far from its re- cent high. United Gas & Improvement was in most favor in the utility group, advanc- ing to within striking distance of its former high of 150. American Super Power issues were actively bought and Electric Bond & Share Securities demonstrated the underlying strength of its technical market position by ab- sorbing heavy realizing sales and cre ing the previous closing price of 120 thereafter. Heavy short covering in Auburn Auto followed declaration of the usual 2 per cent stock dividend and regular quar- terly $1. At 89 the price compared with Walgreen among _ specialties to establish new tops. Rights to subscribe to the new offering of Curtiss Aero Stock changed hands actively between 7 and 8. ‘There was little or no feature to the trading in the ons, although offerings were well absorbe CORN SCORES GAINS Wheat Also Shows Upward Trend Following U. 8. Report. CHICAGO, September 11 (#).—Corn and wheat as well scored gains in price today as a result of the Government " | crop report sharply reducing the 1928 estimated corn yield. This reduction is to 141,000,000 bushels under the aver- age of private estimates. The aggregate corn crop now expected in nine States of the largest production is 2,011,000,000 bushels, lglilnst 2,088,000,000 bushels a month aga Corn closed nervous, 1% to 2% net higher; wheat unchmged to 3% up; oats, showing tal, to l%a% advance, and provisions varying from 12 cents decline to a rise of 7 cents. WHEAT— September . December . AT y September (new) December (new) September . December March May - COTTON PRICES DROP. United States Crop Report and Weather Advices Cause Reaction. NEW YORK, September 11 (#).—The bearish view of the supply situation promoted by the recent Government crop report and reports of improved weather in the South was reflected in further declines in the cotton market Liverpool. ~While there were rallies from time to time on covering and trade buying, prices were at about the lowest levels of the day and movement in midafternoon, active months showing net losses of 20 ta 30 points. W, B & A EARNINGS. BALTIMORE, September 11 (Spe- cial) —Earnings of _the ‘Washington, Baltimore & Annapolis Electric Railway have continued to decline since control was acquired by the Consolidated Gas, Electric Light & Power Co. In the first seven months the company failed to earn interest requirements on its first moregage 5 per cent bonds by $78,970. Control of both the electric raillway and the Anndpolis & Chesapeake Bay Power Co. appears to hinge on the abil- ity of the company to continue interest payments on the bonds, now selling on the Baltimore market around 80. This is in spite of the ownership of a ma- jority of W., B. & A. stock by the gas company, involving $1,135,802. It is generally belleved the Consol- idated wants the power franchise only and intends ultimately to dispose of the electric railway, possibly to one of the trunk lines. But the indentures of the bond mortgage places all property own- ed by the company at the time the bonds were issued under the lien, and also all property afterward acquired, de- spite the fact that the common and preferred shares of the Annapolis & Chesapeake Bay Power Co. have not been deposited with the Cleveland Trust Co., trustee, under the mortgage. CALL MONEY EASIER. NEW YORK, September 11 (#).— Call money easier; all loans, 7% clos- ing bid, 714: time loans frmer: mixed 60-90 days, 63,a7; 4-6 %; prime mercantile paper, Bunkers ucceptnnnes unchnnged TREASURY CFBTIFICATES (Reperted by J. & W. Seligman & Co.) Rate—Maturity Va5 Dec. 18, DIVIDENDS Pay- Hdrs. of + pe PSS Fiod. _uble, Trecord: Ala Power 5% pf. 512! Nov. . 15 Do. 6% pl HE ol o DB Lives Bi. 1un minion Stores. Blemtnc Auto L syEETE T Evans Fear (Fred) & Co. a""x.‘“.?.:‘,." é m’ ales) 2 P%0u" 6o ) 33388 £3 bddaas t 88 1 stk (P G) 6o, 'm"ll:d Steel Co....50c 383RR88eeEEene 2 8. .!w! DOODORODDOOOOOR DOORODR0000000DDDOOOD] 9999200 > R RRDDD! [ S388 5 SREEEEEESE8EEGS! H w White Eagte on day. 1 Selling was promoted by weakness in TUESDAY. SEPTEMBER 11, 1938. « NEW YORK CURB MARKET . Received by Private Wire Direct to The Star Office Following is a list of stocks and bonds traded in on the New York Curb Market today: Salesin ~ INDUSTRIALS 174 4 Amer Gas 10512 1 Amer anmflan s 8.1 185 Lt & Tra 49 Amer Sta Sec 33 Amer Buperp A mer_Supe; 3 Anctor Bost_Fe ‘1 Anslo_oml Hisrs. pponaug Co. 12 Armstrong Cork. ‘war. 5 Caterpil 2 Cavanagh 1 Cons Auto Mer pfd 47 7 Hall Lemp, !Qg:lpvlrf% StA. g an Ink 1Intl Prod ptd 89 Ind Ray Cor 2]l Saf Raz’ 1 Libb Owens Sh Gi ws_deb rts. . 82 Marc Wire I..rmd B 1Magnin & Co. 1 Marion st L h Wl Hud Pow § Monawk Hud war: 7T Nat Pub Ser A.. 17 Nat Rub Mnh 1% Nat Sug R N 1 Nat Theater s 1 O 1Pug 8 P & L Df 18 Pug Seller 7 days 3 Rainbow = Luminous: 12 Ray Bestos Vs Real “Assn Bklvn h Rad )u!n Low. C! sequs 58 iR, lose. i 18% 18%. 52t 577s w290 2 Wait s198 Wlllreen algreen ' wa 13 Watson s W “‘ 28% 12 Ynul\l Spr & Wi 1 Young 8 & W pfd 54 14 Zonite 36% 3 Yukon Gole E INDEPENDENT OIL STOCKS. nde 23 Pantepec Ofi 8 Relter-Foster oil Cal pf TANDARD OIL, ISSUES AND FOR- S emites "MBR SUBSIDIARIES - STOCKS. 2300 Anglo Am Ol . Lobos. .. 21% 21% 3 126% 126% . 33, 83 83% . . 81 81 Sales "Bows. thousands. = E‘é" b'?um P& PSS A 4 Alfled PBCK Es 90 90% 93% i 2 Jorh 3914 1ia%s 1934 108% 108te 10263 10212 Ppal,E1 Pow ss rk P & T i ¥ i E s 80 z lncln az Ry slas A i, 3Cit H Serv 4Gen Laun Ma lhx 7Gen Vend 6s 1024 S105 91z 5s 37 100 *47 100 5 A 9 Loews Theater 8. . 3! 2 Los Angeles & & E 5 95* § Mass Gas Sy, 0012 ittt 9914 107, N 119’. 99 95 o 931, 93% 10305 1051 3 10093 1009, oy goni 0., Slos: amn 8s. 100% Smide : i lu 4 Southeast. i 105 Sou t‘-l ‘g4 Eou Cal Ed FOREIGN BONDS. " Sales housands, 2 % cmn Blai'A. %0% 10013 e ..E-B_»e.'.;é=.$_.._u i iyt o8 2 o W-iith warrants. With 125 people to the square mile, Salvador is now one of the most densely populatéd countries in the world, 4 1 estimated at $200,000,000. LABOR AND CAPITAL IN JOINT ENDEAVOR Philadelphia Interests Unite in Ef- fort to Solve Transportation Problem. BY JOHN F. SINCLAIR. Special Dispatch to The Star and the North American Newspaper Allian NEW YORK, September 11.—Early in 1928, largely through the good offices of . Jett Lauck of Wasl T. E. Mitten, head of Philadelphia’s tnmpor- tation system, and W. D. Mahon, presi- dent of the Street Railway Employes’ Union of America, signed an agreement whereby labor and capital in Philadel- phia joined hands on a 50-50 basis in the development of trans tion in one of America’s oldest cities. These two men—Mitten and Mahon— have been sceking industrial peace for more than 30 years. Each has always had great respect and admiration for the other. Yet for more than half of that time they have been obliged to fight each other in business. Now they have buried the hatchet. Is it wise for labor to join hands with capital in the management and develop- ment of business? That is one of the major problems now being discussed by the leaders of labor and-capital. Mr. . Lauck, former professor of eco- nomics at Washington and Jefferson University, is the man who largely sup- plied the data upon which the trans- rtation brotherhood movement was uilt. . Lauck, who is popular with labor and respected by capital, views the Mitten-Mahon agreement as ‘“the E;tcedgm from which the organized la- r movement will develop-a new era of economic welfare and democratic achievement.” Other labor leaders are not so certain. J. M. Budish, a recognized labor econo- mist, belleves that such an agreement is “a road that leads to the disruption and death of the labor movement.” He con- siders the new plan merely another company union movement of the type in the past. But Mr. Mitten and his son, Dr. A. A. Mitten, on one side, revresent\n; capi- tal, and Mr. Mahon, respected national labor leader for 30 years, and his son, O. M. Mahon, on the other side, repre= senting labor, are sawing wood and say- ing nothing. This experiment in Philadelphia is worth watching. (Copyright. 1928. by North American News- paver Al ANNUAL CROP FINANCING PLANS ARE UNDER WAY By the Associated Press. NEW YORK, September 11.—The annual migration of money is on. Not money alone, however, is movlng to the harvest flelds and back again in the form of additional currency, for credit in the form of acceptances makes a goodly portion of the estimated uno 000,000 required to move America’s The movement of funds, beginning early in September, starts in the l.lrge cmes and flows gradually to the farm- ing communities. The return flow, noticeable during September, October and November, spreads from the South west across the flelds of Kansas, up from the Southeast and down from the Northwest until the money is back at its source in the money district of the Middle Atlantic States. The outward flow usually is signalized by “tight money” in the security mar- kets; the return by an easing of money market conditions and increased busi- ness in agricultural sections. There is a lull for a while, and then the out- ward flow is resumed, sprudlng throughout the country this time, to meet the Christmas demand for funds, Early in the following year it returns again. pring ‘crop Ehntin‘ usually 15 financed by sm banks. harvest time !lmerl have repaid !hexr loans, but seek new financing for the harvest, and the village banks draw upon the small city institutions to meet the demand. Purchase and transpor- tation of the crops is financed chiefly by banks of the larger cities of the interior. As the raw material reaches the Eastern market and the manufac- turer, financing is carried on by the :nrxe banks of estabhshed money cen- ers. Meanwhile the smaller banks have cleared the early loans and are repay- lng the larger banks for the harvesting aid. These in turn clear their accounts with the interior banks from which they borrowed, and the money and crefllt gradually return to the gigantic financial institutions of the East, These lend it anew to manufacturers desiring to finance preparations for the | Chrlstmns trade. B. &0 NET INCOME. BALTIMORE, September 11.—While net income of the Baltimore & Ohio Rallroad Co. for the year 1927 was $44,817,227.06, a decrease of 10.66 per cent under 1926, according to the annual report just made publie, it was, however, the largest in the history of the com- pany with the exception of the pre« vious year. The general recession in business that prevailed throughout the country as a whole is given as the cause of diminish- ing revenues in June and thereafter to the end of the year, accentuated somewhat by the marked decline in the export of coal traflic incident to the s;:flement of the miners’ strike in Eng- Figures given show that during the year the company acquired about 17. 18 per cent of the stock of the Wheeling Lake Erie and 40.41 per cent of the ‘Western Maryland. SILVER QUOTATIONS. NEW YORK, September 11 (#).—Bar silver, 57%. Mexican dollars, 43 severely criticized by organized lnbork CHICAGO LIVE STOCK MARKET CHICAGO, September 11 () (United States Department of Agriculture) — ‘Hogs—Receipts, 19,000 head: market less active early; moeuy steady with Monday's lveme. , 13.30 paid for choice 180-215 butchers, medium to choice, 250-350 pounds. 1215 a13.0f 200-250 pounds, 12.25a13.3': 160-200 pounds, 11.75213.30; 130-160 pounds, 11.40a13.15; packing sows, 11.00 al11.85; pigs, medium to choice, 90-130 pounds, 10.25a12.15. Cattle—Receipts, 8,000 head: calves, 3,000; slow; shipping orders light; ma- tured slaughter classes steady; best steers early, 18.10; vealers, strong to 50 higher; stockers and feeders, strong to 25 higher; slaughter classes, steers, good d_chols 1,300-1,500 pounds, 15.10a 18 25 1,100-1,300 pounds, 15.10a18.25; 950-1,100 pounds, 15.10a18.10; common and medium, 850 pounds up, 9.25a15.10; fed yearlings, good and choice, 750-950 pounds, 15.. 25!1(!0 heifers, good and choice, 850 poun down, 14.35a17.50; common and medium, 8.65a14.60; cows, good and choice, 9.25a13.35; common and medium, 7.6529.25; low cutter and ulls, good and choice cutter to medium, 17.50a18.50; 17.50; cull and common, 8.50a14.25: stocker and feeder steers, good and choice (all weights), 12.00a14.15; com- mon and medium, 9.25a12.00. Sheep—Receipts, 28,000 head; carly attempt to break fat lambs sharply un- availing; market on natives now around 15a25 lower and active; sheep, weak to 25 off ‘nnd‘zr lm:xelu.g. nl:x; u:uvew d;; mand for feeding lambs at strong to 25 higher rates; lambs, good (92 pounds down), 13.85a15.15; medium, 12.35a13.85; cull and common, 12.35; .ewes,. medium to _choice pounds down), 4.25a7.25; cull and com- mon, 1.7585.35; feeder lambs, good and choice, 13.85a14.25. U. S. TREASURY RECEIPTS. Treasury receipts for .September 8 were $4,407,043.20; expenditures, $10,- 494,041.45; 136,730,469, choice,. FIRST TRUST LOANS 51,9 Money to loan on D. C. real estate. Applications in- vited.. Prompt attention. W. H. WEST COMPANY Founded 1894 1519 K Street Main 9900 “The Streets of Bye and Bye % Lead 1o the House of Never” —Cervantes Your Idle Money Invested in Our First Mortgage Notes Will Pay You Procrastination Will Never Pay a Cent Euthaeis R ‘ashing is You mui By e entire 1040 or 15 lum BOSEMELPS 1417 K St. Main 9300 Ready Money for Mortgage Borrowers FOR loans on completed build- ings, or for the construction of new ones, this Company is a ready . source of first mortgage funds in virtually lny amount— consistent with the character and value of the property. Without-obligation on- your -part we shall be pleased to send you further information. In request- ing it, please specify the amount of the loan, desired. and give a brief description and the approxi- mate val u-uan of the property. REALESTATE MORTGAGE & GUARANTY CorPORATION Capital Resowrces $3,400,000 26 JACKSON PLACE On Improved property We invite applications for loans on im- proved property on a MONTHLY PAYMENT BASIS OR STRAIGHT THREE-YEAR PLAN Low Interest Rates SECURIT Real Estate Dept. 15th and Penna. Ave. BRANCHES: Southwest—7th and E Streets S.W. Northwest—1140 15th Street N.W. Northeast—8th and H Streets N.E. Central—7th and Mass. Ave. NW,