Evening Star Newspaper, September 15, 1928, Page 14

TRADE GAIN SHOWN INBANK CLEARINGS Report of D. C. Institution Indicates Increase—New Stock Issue Here. BY EDWARD C. STONE. ‘That business in Washington is im- proving as the Fall season advances, is shown by the week’s bank clear- ings. Local clearings for the week ended September 13 totalled $27473,- 000, in comparison with $23251,000 for the previous week and also a gain of 8.7 per cent over the corre- sponding week a year ago. The leading cities elsewhere in the country also reported a gain over the previous week as well™s an advance over the same period in 1927. Business in Richmond, judging by the bank clear- ings,w as ahead of the previous week, but behind last year's record. Balti- more did not record such a good show- ing, clearings being below the week of September 6 and also under the 1927 figures. Norfolk, another city in this district, was behind last year, but showed a fair gain over the previous week. New $200,000 Stock Issue Offered. Sterrett & Fleming, Inc., placed on the local market today a new $200,000 issue of 7 per cent preferred stock, par yalue $100 per share. The stock is priced at $100 and accrued dividend. With each share of preferred stock there will be given 1-5 of a share of common stock of no par value. The purpose of the new issue is to provide additional working capital, as well as to assist the company in doing more of its own automobile financing. The officials state that much good busi- ness is now being turned over to other companils that should be retained by the firm. The company started business in Washington in 1913. Robert F. Flem- ing is president. The other officers are to remain with him in the active management of the company. The cir- cular announcing the issue states that business so far this year has been well shead of any former period. In addi- tion to Mr. Fleming the directors in- clude W. B. N. Brookes, Allen R. Green- law, Wilton J. Lambert and T. C. Willis. ‘Willard Summarizes B. & ‘0. Earnings. In the annual report of the Baltimore & Ohio Railroad for 1927, Daniel Wil- lard, the president, says in part: “Net income for 1927 after all charges was $22,632,344, the largest heretofore edrned with the single exception of 1926. After deduction of dividends on com- pany's preferred stock at the regular rate of 4 per cent, there remained a surplus for 1987 of $20,277,816, equiva- lent to $11.10 a share on the average amount of common stock outstanding during the year, on which dividends at the: rate of 6 per cent were declared, amounting to $10,964,491, leaving $9,313,325 to be transferred to the ac- cumulated surplus which now totals $90,935,665. “During the year your company in- creased its capital through the issue and sale, as of June 9, 1927, of 632,425 shares of common stock. With the approval of the Interstate Commerce Commission, these shares were sold at & price of $107.50 a share, less a charge for underwriting of $2.25 a share. From the net proceeds of this sale, amounting to $66,562,731, your company was enables to retire on or before January 1, 1928, obligations in the amount of $35,800,000, the remainder of the pro- ceeds being available for additions and betterments to the property. Through such retirement of funded obligations the fixed charges of your company will be reduced by $2,144,000 per annum.” Bond Salesmen Storm Capital. ‘Washington was taken by storm today by over 200 officials and salesmen of Halsey, Stuart & Co. and of the other investment banking houses participating in the forthcoming Wardman bond is- sues totaling $13,500,000. ‘They-were the guests of Harry Ward- man, head of the construction company by that name. They were breakfast guests at the Carlton Hotel and were to be entertained later at the Wardman Park Hotel. This forencon they met many bond men prominent in the local financial district. ring the day they were to view the leading hotels and apartment houses which are to figure in the bond issues to be placed on the ‘Wardman properties. Definite announcement of the exact properties included in the underwriting will be made shortly. The huge bond issue was the talk of the financial dis- trict today. It has been anticipated for several weeks, but was put off on ac- count of the bond congestion reported in New York and because Midsummer 15 a poor time in which to bring forward &ny new security. It is stated that the bonds will be placed on the market the latter part of the coming week. The rate of interest to be paid and all vital details will be made public then. They will be divided into $11,000,000 and $2,500,000 offerings. Local Banks Vote Dividends. The directors of the Farmers & Me- chanics’ National Bank have declared the regular quarterly dividend of $3 per share, payable October 1 to stockhold- ers of record at the close of business September 21. The board of directors of the Ana- costia Bank has declared the usual quarterly dividend of 5 per cent, payable September 30 to shareholders of record Beptember 25. At the meeting Maurice Otterback, the president, reported that business in the Anacostia section of Washington is picking up steadily. The directors of the District Na- tional Bank have declared the regular quarterly dividend of 2 per cent, Robert N. Harper, the president, announces. ‘The dividend is payable September 29 to stock of record September 25. The dircetors of the Federal-American Co. have declared the usual quarterly dividend of $1.50 per share on the pre- ferred stock and 30 cents per share on the common, payable October 1 to stock of record September 27. Banker to Entertain Friends. E. J. Stellwagen, president of the Union Trust Co., will entertain about 20 bankers and other business men at his estate on West River over the week end. The party left here at noon today and will return tomorrow evening. The ‘©Oaks is one of the most attractive places on West River. ‘The Interstate Commerce Commission has ordered further postponement to Oc- tober 22 of the effective date of its cer- tificate authorizing Virginian and Nor- folk & Western Railroads to construct extensions to provide additional coal- carrying facilities to Guyandot Valley in West Virginia. New construction was opposed by Chesapeake & Ohio, which has asked the commission to Teconsider its decision. ‘The number of stockholders of the Pennsylvania Railroad Co. will be sub- stantially increased and average hold- ing materially reduced as a result of the employes’ stock plan, under which more than 101,000 workers of the Pennsyl- vania Railroad and associated com- panies subscribed for the recent offer- ing of 350,000 shares of stock at par. NEW YORK BANK CLEARINGS. NEW YORK, September 15 (Special). —New York bank clearings, $1370.- 000,000: New York bank nces, £140,000,000: New York Federal Re- sesve balances, $134,000,000, Daniel Willard. _NEW . High. Low. Close. %" B e % 89% B89N 894 89N 370 3870 370 54% 54 54% 61's 61 613 3% 3% Th 7 8% 8% 4% 4 217% 217% 198% 198% Abitibl Power (4] Abitibl Po pf(6) Adams Exp (6).. 370 Adv Rumley.... 54 Adv Rumley pf. 61 Ahumada Lead.. 3% Air Redetn (13). 77 Ajax Rubber. 84 Alaska Junea... 4% Alb&Susq(i11)., 217% 217 Allied Chem. ... 198% 198 Amerada(2).... 32% 33 32 32% AmAgriChpf.. 69% 70% 69% 70 Am Bank N(13). 129% 129% 120% 129 Am Bk N pf(3). 60% % 0% Am Beet Sugar.. 22% 22% Am Beet Sug pf. 61% Am Bosch 37 Am Br Sh(j1. 414 Am Brown Bov. 13% Am Brown Bo pf Am Can(2)....e Am Chicle(3) ... Am Drug(80¢).. Am Encau(2.40) Am & For Pow.. Am&For Pr2d 7. Am Hide & Lea. Am Home Pr(3) Am Ice(12%)... Am Internatl(2) Am LaFr&Foam Am Linseed.. . Am Locomot(8). Am Mac&Fy (4). | Am Metals(3).. Am Piano pf.. Am P & L(11) Am Po&L pf(6). Am Radlator(5) T4 84 84% 11% % 84% 1% % 441 444 110% 110% 109% 1105 6 6 64 6l 115% 115 115% 971y 97% 9T% 160 160 160 49% 49 49% 54 b4 b4 b4 8415 848 84y 84N 103% 104% 103% 104 6% 115 9Te 160 49 154% 154' 154% 1541 72 8% 72 2 71 2 n o% 5% b 88 88 88 88 250% 2507% 250 250 b9% 59% 59% 59% 112% 112% 112% 112% 6% T6% T6% 17 107% 107% 107% 107% 70 0% 70 0% 182 182% 182 182% 166 166 166 166 168 168 168 168 8% 59 584 59 16% 16% 40% 40% Am Republic. ... Am Saf Ra t4%. Am Ship & Com. Am Shipbldg(8) Am Smelting(8) Am St Fdys(3). Am St Fy pf(7) Am Sugar...... Am Sugar pf (7) Am Sumatra.... Am Tel & Tel(9) Am Tobacco(8). Am TobaccoB(8; AmWW&EIl(cl). Am Woolen. Am Woolen p: Am Writ Pa ct; Am Wr Pa pf cfs Am Zine. . Am Zinc pf. Anaconda (4). Archer-Dan(3).. Archer Dan rts. ArmourDel pf(7 Armour, 111(A). Armour, I11(B). Armour,I pf(7) Arnold Con & Co Asso Dry G(2% Asso 0il(2). . Atchison(10). Atchison p£(5). Atl Coast L(110) Atl Gulf & W1, Atl Gulf pf(3) Atl Refining(4). AtlasPowder(4) Auto Sales. . Balto & O(6) Bang & Ar(3%). Barker Bros(2). Barnsdall A. Beacon Oil... . 42% 49t 51 504 193% 195% 193% 194% 104% 104% 104% 104% 169%% 169% 169% 1691 94% 54% 53 53% 57% 57% 57% 57% 1724 173% 1724 173% 82 82 82 82 1% 11% 1l 11% 114% 116% 11415 116 % T2 TlW T2 29% 29% 29% 29% 85% 36 35% 36 18% 19% 184 19% 8% 8% T84 14 14 85% B6% 85% 67% 67% 66% 67% ATH 4T% 45% 46k 110 110 110 110 6% 7T 6% 6% 8% 8% 84 8 165% 165% 165% 165% 50 5l% 50 51 5% 5% 5% bY% 624 62u 62 624 2% % 2% 4% 164 164 163 163 52 52 5l% b2 54% 56% 54Th 56 44% 45% 4% 454 37h 3% 36 46% 47 a6% 43 43 43 34% 36 34% 174 174 174 107% 107% 107 8 i Best & Co(3)... Bethlehem Steel Bloomingdale. .. Blmingdle pf(7) Bon AmiA4)..; Booth Fisheries. Borden Milk(6). Briggs MfgFCo British Empire. Brockwy Mot(4) Bklyn-Man(4).. BklynUnGas(5) BrownShoe (21 ) Brunswick B(3) Brunswick Ter., Bucyrus(1).... Bucyruscv(2%) Buff&Sus pf(4). Burns Bros(B). Burroughs(t4). Bush Ter de(7). Butte Cop & Z. Butterick Co.... Byer & Co. Byer & Co pf(7) Calif Packg(4).. Calif Petm(1).. 1 110% 107% 110% 1124% 112% 112% 112% 78% 80% ‘78% 80 85% 3b% 35% 3o% Callahan Zinc... 3 3 24 8 Calumet&Ar(6). 108% 112! 108% 1121 Calu & Hecla(2) 32% 334 824 831 CanDryGAle(3) 82% 83% 82% 83% Can Pacific(10). 213 215% 213 214% Cannon Mills... 49% 49% 48% 49 Case Threshg(6) 349 851% 349 Cent Alloy(2). 4 434 42 Century Rib M. . 12 12 2 Cerrode Pas(5). 93% 93% 924 93% Certain-Teed(4) 45 45 Certo Corpn(f4) 174 ke Chandler-Clev., 11% 11% 11% 11% Chandler-Cl pf.. 22% 22% 22% 22i4 Ches & Ohlo(10) 186% 187% 186% 187 C&OCorpn(3). 67% 68% 67% 68% Chi & Alton. 10% 11% 10% 11% Chi & Alton p 16% 17% 16% 17% Chi& East1l1pf 58% 60% 58% 60% Chi Great West. 13 13 Chi Gt West pf. 27% 29% Chi Ml &St P.. 37 Chi Mil & StPpt 53 54% 53 54% Chi& Nwn(4).. 85% 874 854 867 Chi&Nwn pf(7). 140 140 140 140 Chi Pne Tool(6) 1324 134% 1324 133% Chi R1&Pac(6). 122% 124 1223 123% CRI&Ppf(6). 101% 101% 101% 101% Chi Yel Cab(3). 33 33 33 33 49 49 49 49 55 55% 55 5% 52 52% 52 52% 5 12 Chile Co(233)... Chrysler(3) 106% 108 105% 108 City StoA(3%). 53% 53% 534 534 City St B6% stk &8 88z 8Tl 88l Cluett-Peab(5). 76 76 76 Coca-Cola(6)... 172 172 17 Collins & Aikmn 63% 64% 63% 64y Col Fuel & Iron. 64% 65 61% 65 Colo Fuel pf(8). 130 130 130 130 ColSou 1st(4).. 71 71 71 Col Sou 2d pf(4). 72 72 72 Col Gas & EI(5) 124% 124% 124% 124% Col G&E pfA(6) 107 107 107 107 Col Carbon(4).. 99% 103% 99% 102% Com Cred(1).... 33 33% 33 33% ComInvTr(3.60) 103 108 107 107 Com Inv (war).. 13% 14 13% 14 Com Solvents(8) 214% 219% 214% 217 Com Powr(+3)., 831 Com Powr rt 1% Conde Nast(2).. 631 Congoleum-Nair 26% Consol Gas(5).. T9% ConsolGaspt(5) 97 80 ConRRCuba pf 6 Consol Textile. . 2% Container A 1. 2415 Container B 60c. 12 Cont Baking A.. 36 Cont Baking B.. 6% 85% 8 85 Cont Bak pf(8). Y Cont Can(5).... 1221 122% 120% 122 Cont Insur(6).. 81k 814k 81k 814 Cont Mont (80c) 131 14 13% 13% CornExBank(20: 762 762 762 762 Corn Pro(13%). 89 87Y 88% Coty Ine(g5). 221% 218 221% Crucible St ( 80% 78% BO4 Cuba Company. 26% 25% 25% Cuba R R(4.80). 87 87 87 CubaCaneSugar. 5 Cuban Dom Sug. 7% Cudahy Pkg4). 72% Curtiss Aero(1). 147 Cushman’s(§4). 205 205 205 Cutir-Ham(3%) 59% 60 59% Davison Chem.. 61% 62 Debenhms(2.18) 42 42 Deere&Co pf(7). 124 Del & Hud(9)... 1 Del L & W(17).. 132% 13 Detroit Ed(8).. 218% 2 Devoe&}t C1A 13 5d% Diamond M(19). 160 Dodge Bros A.. 214 Dodge Bros pf 7 108 108l 107% 10813 Dome Mines(1). 9% Y% 9% 91 Drug Inc(4). 111% 111% 111% 111% DulSS&Atlan. 3% 3% 3% 3% Dupont(+13.50) 389% 3891 38913 3891 Dug Lt 1st(5).. 101 101 101 101 Eastman(18) 179 179 178% 1784 Eaton Axle(2).. 62% 62% 60% 61 Eisenlohr&Bro. 18 18 18 18 Eitingn pf(63). 104% 104% 104% 104% Elec Auto L(4). 108% 106% 103% 106% ElecPow&Lt(1) 37% 38 37% 38 Elec Stor Bat(5) 87 88% 87 88% End-John(5)... 81 81 81 81 Endicott pf(7).. 123% 123% 123% 123% Engineers PubS 40% 40% 40% 40% Equit Bldg (2).. 32 32 32 32 Erle RR.... 59 60% 59% 601 Erle 1st pt. ., 59% 59% 594 S9N 25% 87 5 14815 146 9% 2184 2191 54Tk 54l 547k 16215 160 162% 21% 21% 21y Eureka V(%) Exchange(1%) Fairbanks(3). Fed MotT(f80c). Fidelity-Phoenx First NatS(1%) Fisk Rubber.... Fisk 1st p£(7).. Fisk 1st pf cv(7) Flelschmann(3) Fox Film A(4).. Frank-S pf(7).. . High. Low. Close. T1% T0% T Freeport (16%4). 67 1 Fuller pr pf(6)., Gabriel Snub A, Gardner Motor.. Gen Am Tnk(4). Gen Asphalt, Gen Cable. Gen Cable A (4). 1 Gen Elec(15) GenElec sp(6 Gen Ice Crm(3)., Gen Motors(17). Gen Mot pf(7).. GenOutdrad(2). Gen Ry Sig(5).. Gen Refrac(3).. Gillette Raz(5).. - Glidden (rights). Gold Dust(3) Goodrich(4). Goodyear Tir Gotham($23%).. Gotham n(32%) Gothm pf exwar Graham-Paige. . Grhm-Paige cfs, Granby Min(4). Grand Stores(1). Grand Unfon. ... Grand Un pf (3) Grant W T (1).. Graselli (2.68).. Grt North pt(5) Gt Nor pf cfs(5) Grt Nor O(1%). Grt Wn Sug 2.80 Greene Cana(4). Gulf Mo & Nor. . Gu M & N pf(6). Hacknsk W (1) Hack pf A(1%). HamiltnWpf (6) Hanna 1st pf... Hartmn B(1.20). Hershey Corp. .. Hershey pf(4). Hoe& CoA..... Hoe & Co rights. Homestake(17). Houshold(14).. Houston Oil. Howe Sound(4). Hud Man(2%).. Hudson Mot(5).. Hupp Mot (£2).. Illinots Cen(7) Indep Oil(1). Indian Mot (1 Indian Mot pf(7) Indian Refining. Indian Refg ctfs Ingersoll R(15). Inland S(kt6%). Inspiration Cop. InterboroRapTr InterconRubber Internat Agri... Int Ag Ch pf ¢ Int Bus Ma(5) Int Cement(4). Int Com Eng(2). Int Comb p£(7). Int Harv(j6) Int Harv pf(7) 3% 144 29% 28% 100 82% 30 1. Int Mteh pf 3.20 Int Mer Marine., Int Mer Mar pf.. Int Nickel (3)... Int Nickel (rts). Int Paper(240).. Int Paper pf(7) IntPap cfs(2.40) Int PrtgInk 215, Int Ry Cent Am. Intl Salt(5)..... 1ntl Silver pf(7) Int Tel & Tel(6) Jewel Tea(4) Johns-Manv (3). Jones & Lau(7). Jordan Motor. .. Kan City South Kayser J(5). Keith-Albee. Keith-Al pf (7. Kelly-Spring. Kels Hayes(2).. Kelvinator Corp Kennecott (6).. Kinney pf(8) Kolster Radio. Kraft(g1%). Kresge(11.60)... Kress (S H)(1). Kroger Gro(el). LagoOil....... Lambert Co (16) Lee Tire & Rub. Leh Por Cmt 2% LehighVal(334) Lehn & Fink(3). Life Sav(1.60).. Lig Myers(5).. Lig & Myrs B 15 Liq Carb(3.60).. Loew's(13).. Loew's p£(6%4). Loft.. Loose-W (1.60) Lorillard Co. Louisiana 011 LouisGasA (1. Louis & Nash (7) Ludlum Sti(2)., McAndrews 2.60 McKeespt Tin P) Mack Truck(6). Mackay(7)... Macy Co (2). Mad Sq Gar ( Magma Cop(3) Mallison & Co. Manati Sugar. Man Elec Suply. Man El m2g(ds) Man Shirt(2)... Market St prior. Marland Ofl. Marlin-Roc 334 . Marun-Parry. .. Mathieson pf(7) May Dept S(4) Maytag(13). Maytag pf (3). Mengel Co. MetroG pf(1.89) 178% 129% 148% 1208 104 59% 118% 32% 123% 19% 46% 102% 57% Mex Petm(12).. 2 Mexican Seab. Miami Cop(1) Mid-Continent. Middle States. Mid States ctfs. Mo Kan & Tex.. Mo K&Tex pf(7) Missouri Pacific Missour! Pac pf. Mohawk C 62%2¢ Montgmry W (15 Moon Motor.... Mother Lo(30c). Motion Pic Corp Motor Meter A.. Motor Prod (2). Motor Whi(2) Mullins Mfg, . Munsingwr(3) Murray Corp.... Nash Motrs(16) Nat Acme (sta). atBHess pf(7) atl Biscuit(17) at Cash R AG) Nat Dairy(3). Nat Dept Store ‘Nat D St 1st(7). Nat Distillers. ... Nat Enamel & S Nat Lead(5).... Nat Pow&Lt(1) Nat Radfator. ... Nat Ry Mex 2d. Nat Supply (16). 9 Nat Surety(10). 3 Nat Tea(4). Nevada C(1% N Y Air Br(3) N Y Central(8). N Y C & StL(6). NYNH&HQ1) N Y Ont&Westn N Y Railways pf N Y Stm pfA(7) Norfolk South. . Norf & Wn(110) NorAm b10% st} North Am pf(3) NorAm £d pf(7) North Pac (5).. Nor Pac efs(5).. Northwn Tel(3). Norwalk Tire... OU Well Supply. % 254 25% 2444 43%% 704 24% 434% 18y 87 45% 1% 4 108% 474 414 129% 148% 120% - FASHINGTON, - I 7. SATURDAY. SEPTEMBER 15, 1058 YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Ofl Well S pf.... Omnibus pf(8).. OppmCollins(£4) Owens Bot(ct4). Paciflc Coast.... Pac Coast 2d pt. Pacific Gas(2).. Pacific Light (3) Pac Oll Stubs. .. Packard Mo(14). Pan-Am Petrolm Pan-Amer Pet B Panhandle pf... Parmt-Fm(j8 Park & Til (13. Park Utah(80c). Pathe EX..cv00e Pathe Ex(A)..., Patino M(2.92). Peerless Motor. Penick & Ford., Penn Dixle Cmt. Penn RR (3%). Peoria & East. ., Pere Marq(18).. Pere Marq pf(5) Phila & R C& 1. Phil Morris(1). PhillipsPet(1% Plerce-Arrow. ., Pierce-Ar (A)... Pierce-Arrow pf Pierce Oil. ..., Pierce O1l pf. ., Pierce Petrolm. . Pillsbury (12.10) Pitts Coal...... Pitts Ter pf(6).. Pitts&WvVa(6).. PortoRicoTobA., PortoRIcoTobB Postum (3). Pressed Stl Car. Pr St Car pt(7) Produ & Refinrs. Pub Serv NJ(2). Pullman Co(4).. Punta Aleg Sug. Pure 01l (50¢). ., Purity Bak(3).. Purity Ba p£(6). Radlo Corp..... Reading Ry (4).. Real Silk Hos. .. Rels (R) & Co. .. Remingtn-Rand Reo Mot(1.20) Rep 1& S(4). Reynolds Spng: ReynldsTobB(5) Richfield O11(2). Rossia Ins(5)... Royal D(a3.222) Rutland pf..... St Jos Lead(13). StL & SanF(18). StL&Southwest. Savage Arms(2) Schulte (g3%).. Seab Air Line. .. Seagrave(el.20) Sears Roe(32%) Seneca Copper. Shattuck FG(2). Shell Un(1.40).. Shubert The(5). Simmons Co(3). Simms Pete Sinclair O1l. Skelly Oil(2). Snider Packg Co Snider Pkg pt... So Por Ric S(f2) South Calif Ed.. South Dairfes A, South Pac(6)... South Ry(8). SouRyM&Ocfs 4 Spang Chalfnt. . Spear&Co pt(7). Spicer Mfg... Spiegel Co (3).. Std Com Tob(3). StdG & B (3%). Std O Cal(2%).. StdOIINJ (11%). StdO1INY(1.60). Std Plate Glass. StdSanPro(1.68) Stanley Co...... Stewart-War(6) Studebaker(5). . Sun 0il(n1)...., Submarine Boat, Superior Ofl.... Superior Steel.. Sweets of Amer. Tenn Copper(1). Telautogh(80c). Texas Corpn(3). Texas Gulf Sul(4 Texas & Pac(5). Tex Pac C & Oll. Tex Ld Tr(new) gl Fair(2.40) ird Avenue. Thomp J R(3.60) Tidewater AsOil Tid WASO1Ipf(6) Tidewater Oil 80 Tide W Oil p£(5) Timken(15).... Tobac Prod (8). . Tobac Prod A(7) Tob Prod cfs(A) Tob Prod ctfs B. ‘Transcont Oll. .. Transue & W (1) Trico Prod(2%) Udwd El #(4) Un 01l Cal(2). Union Pac(10).. Utd Biscuit 1.60, Utd Cigar St(1). Utd Fruit(15%) Utd Paperboard. Open. 100 96 5% 212 29 9% 105 26% 20 14 18% 1% 73 189 USCIPect(10). U S Distributing U S Distribpf(7) S Alcohol(5). s S Realty(4). U S Smelt (3%). U S Steel(7).... U S Steel pf(7). Uni Leaf Tob(3) Uni Pipe pf(7).. Univ Pipe & Rad Util P&L A(e2). Vanadium(t4).. Van Raalte. ... Van Raalte pf. Vick Chem(4).. Victor Talkg(4) Va-Caro Chem. . Va-Car Ch pf(3) Vivaudou Co...s Wabash. .. Wabash B(5) Waldorf(1%) Warad Baking B. Ward Bak pf(7) Warner Bros Pie Warner Pic A... Warner-Qu(2). Web&Heil pt(7) W Penn EI pf(6) West P Po pf(7) West DairyA(4) West Dairy B... West Maryland. West Pacific. ... West Pacifio pf. Westhse A B(2) Westinghse(4). Westhse 1st(4). White Eagle(2). White Motors(1 White Rock(2) . White Sew Mach Willys-Ov(1.20) Wilson & Co.... Wilson Co pf A. Wilson & Co pf. Woolworth (6).. Worthn Pump. . Wright Aero(2) Wrigley (153 )., Yellow Truck,.. Youngstn Sh(b). u o u u Dividend rates as given in 357% 9419 are the annual cash Dayments bas half-vearly declara f trading latest quarterly or * Unit o t Partly extra, 1 Plus § $3 in preferred stock. 1 a Faid this i vear—no regular % in Payal 1% % In st /120 shai ble 1/10 sha: ar Stores common stock. B Plus oc! e . High. Low. Close. 100 100 100 96 96 96 5% 75 T5% 212 212 212 29% 23% 28% T9% T9% T 24% 24% 22% 51 6% ! 44% 25% 24% 128 160 206% 105% 87 12 26% 32% 8814 129% 160 208 105% the above table on the ons. an 100 shares. in stock. & Plus lus 1/25 in stock. ate. auarterly in CHICAGO DAIRY MARKET. CHICAGO, September 15 (#).—But- ter unchanged; receipts, 10,746 tubs. Eggs unchanged; receipts, 12,441 cases. Poultry alive unchanged; receipts, two cars, IUUEIESS: A '329,785,000 feet. STOCKS IN DEMAND AT SHORT SESSION Film Issues Recover Some- what From Price Drop of Yesterday. BY GEORGE T. HUGHES. Spectal Dispatch to The Star. NEW YORK, September 15.—Ad- vances predominated in the Stock Mar- ket today. The upward movement was by no means pronounced, but buying orders were well distributed and made themselves felt in practically all sec- tions. Because of the abrupt break in War< ner Brothers Pitcures issues just before the close yesterday, interest centered in thejr action again today. The A stock, having left off previously at 99, rallied well across 105 and the junior shares moved sympathetically. = There was nothing outside of the technical market position of these stocks to account for yesterday's sudden decline, which was set down to the touching off of stop loss orders. Other Amusement Shares. Other amusement shares which were influenced by the break in Warner Brothers rallied with the leaders of the group and Keith-Albee, Stanley Co. of America and Fox Film A were up from 2 to 3 points. The announce- ment of the $12,750,000 new financing to be done by the last named company failed to have any effect. Operations for the rise in the cop- per group received added stimulus by the advance in the price for the red metal to 15 cents a pound delivered. It indicated a larger profit margin and the prospect for increased earnings during the latter half of 1928. Ana- conda, Calumet & Arizona, Cerro de Pasco and Chile were the favorites, while American Smelting & Refining crossed the 250 level. There were no developments in the outside news to account for the buying in the railway section, which was more pronounced than at any time during the past weeks. The bidding up of such issues as New Haven, which was taken in large blocks; Northern Pacific, Great Northern preferred, Southern Pa- cific, Canadian Pacific, Atchison and Atlantic Coast Line was attributed, in some quarters, to the desire upon the part of powerful stock market interests to liquidate recently favored industrials under cover of strength in the rails. Representation of the Fisher interests in New York Central was given as the reason for the upturn of some 3 points in that issue. The motors were not as prominent on the side of the advance, although General Motors at 207!> was 2 points higher. Chrysler and Studebaker con- tinued to improve, but were held in check by realizing sales. Republic Iron & Steel was again the favorite in its group, while U. S. Steel was fraction- ally higher. Other Issues in Demand. Low priced oifls were in demand, notably Barnsdall A, the Pan-Amer- ican issues, Standard of New Jersey and Tidewater Associated new. Union Carbide & Carbon gained almost 3 points, Brooklyn Manhattan Transit was the leader of the traction issues and Electric Auto Lite, on reports of record earnings, sold up sharply to a new high record. Wall Street Briefs E. M. Herr, president of Westing- house Electric & Manufacturing Co., foresees a generally prosperous last half of the year, based on improving trade conditions, which, he says, is in striking contrast to the lagging tendency noted in most lines of industry a year ago. Coal, textile, and railroad equip- ment industries have experienced a decline more marked than in other ac- tivities, but reports of abundant crops from the great farming sections of the ‘West were encouraging and it would not be long before industry generally would be greatly benefited. Packard Motor Car Co. officially de- nied reports of a pending merger with Reo Motor Car Co. August net operating income of the reorganized St. Paul Railway is esti- mated around $2,500,000, compared with $1,225,638 in August last year. ‘World stocks of zinc are estimated at 65,100 metric tons by the foreign correspondent of the American Zinc Institute, with 40,300 in the United States and 5,800 in Germany-Poland. The report said despite the so-called depression in the zinc industry, there has been the normal advance in world consumption of the metal in 1928. There- fore, the horizon is brighter now than at any previous time this year. As long as the present rate of output is not augmented, the improvement might reasonably be expected to be reflected in the market belore long. Due to the short Labor day week, lumber production, shipments and orders declined from the high level of the week before, the National Lumber Manufacturers’ = Association reports. Daily averages showed the movement is continuing at the high rate of recent weeks. Production was 323,959,000 feet, shipments 344,719,000 feet and orders Unfilled orders of 319 Southern pine and West Coast mills were 824,090,296 feet, against 791,809,- Slz_kreet for 312 mills the previous week. Probably the most important ques- tion of general business for the re- maining gonths of this year, says Col. Leonard P. Ayres, vis2 president Cleve- land Trust Co., is whether this violent “bull” market for stocks will continue to mount until it reaches a down- turn that is self-induced through its own excesses, or whether it will keep on advancing with only technical re- actions until it encounters a period of reduced industrial and business ac- tivity. The present up-rush in stock prices is based, he believes, on hope of continued and increased corporation profits. ‘The week's new hond offerings took a spurt to $101,425,000, almost double the volume of new issues the week be- fore, amounting to $54,424,000. A year ago the total was $47,119,000. Sell Knuck-ll;vn Planes. NEW YORK, September 15 (#).— The airplane has reached that stage through which the motor car and motor boat passed—sale in “knock-down" form. An airplane supply company is offering for $90 to ship to any would-be aviator all the parts for a plane, except cloth, engine and wheels, ready to be erected and bolted together. The plane is guar- anteed to fly and be free from defects. World Wears U. S. Rubber. ‘The United States is the largest source of rubber footwear in the world, exports of rubber boots, overshoes, ga- loshes and canvas rubber-soled shoes last year reaching 8,140,601 pairs, worth $7,072,937, the Department of Com- merce reports. Canada, France and the United Kingdom are the biggest com- petitors, e -— Exploit Estonian 0il. TALINN, September 15 (4).—Domes- tic production of gasoline is under way here as the result of discovery by Swed- ish interests holding Estonian oil shale concessions of a method of distilling the shale on a commercial basis. The Swedish company/%iready has sought g:rmmlon to open gasoline stations this city. ¥ ~ DECLINE IN MARYLAND CROPS IS INDICATED The composite of prospective yields of Maryland crops declined 8.4 per cent from August 1 to September 1, accord- ing to S. R. Newell, Federal Agricultur- al Statisticlan for Maryland. Condi- tion declined in all crops except all tame hay, which remained the same as a month ago, and peaches and pears, which showed some slight improvement. The greatest decline was in the to- bacco crop, which declined 17 per cent during the month. Corn declined 12 per cent, potatoes were 10 per cent low- er. The condition of tomatoes for can- ning was reported at 50 per cent of normal, which indicates a yield of only about 2.5 tons per acre, as compared to the average yield of 4.4 tons made last_year. ¥ Weather, insects and diseases have all participated in the lowering of the crop prospects. The two stor&ns during August blew down corn and tobacco, flooded tomato and potato fields, and in general so damaged crops that they be- came more liable to diseases which have taken hold. The Mexican bean beetle is reported to be doing consider- able damage in some sections. Little damage was apparently done on the Southern Eastern shore and in the Western counties. The tobacco crop of Southern Mary- land, one of the most important cash crops in the State, is reported to have been severely damaged. The indicated production of corn on August 1 was about 22,000,000 bushels, by September 1 the indication had dropped about 3,000,000 bushels, or 19,- 000,000 bushels. The winds of August 11 and 12 laid many flelds flat to the ground. By the end of the month the stalks had recovered to some extent, but not sufficiently to offset the dam- age _which had been done. The indications of September 1 are for a production of all tame hay about 93 per cent of last year, or 678,000 tons this year as compared to 724,000 a year ago. The carry over of last year’s hay crop into 1928 was larger than usual, this together with the present indica- tion of production would mean a total supply of hay 21 per cent larger than the five-year average supply and nearly as large as the total supplies of last year. The quality of the hay crop this year will be somewhat lower than that harvested last year. FOREIGN CARTELS ARE HANDICAPPED U. 8. Held Immune From Trade Combines Among Co‘npeti- tors Abroad. Special Dispatch to The Star. BERLIN, September 15.--Manufac- turers of the United States have com- paratively little to fear from the com- binations, or so-called cartels, of Eu- Tope. To be effective, those combinations must necessarily be arranged among the industrial "leaders of Germany, France, Belgium, Great Britain and Italy.® These leaders are essentially competitors. They may combine against the United States in the foreign mar- kets for a time, but at the first sign of success, it is apparent that the combina- tion will disintegrate. That is the way international bankers have outlined the situation to the writer. Each country, the bankers declare, has as much to fear from the other Eyropean nations in the continental market as it has from the United Stages. The gaining of an advantage by bne continental nation would bring about steps by the others to effect a re-establishment of balance. One big factor in the German industrial fleld confirmed the remark of an American banker, who said that the normal length of any “gentlemen’s agreement” in com- merce and industry was approximately three weeks. The foregoing must not be taken to indicate that the United States need fear no foreign competition in world markets. Such competition will be more severe in the next six months than at any time since the end of th» World War. The European nations, and especially Germany, possess un- doubted advantages. They have cheap labor and plentiful labor. They are close to the most important consum- ers of their products. Most important of all, they are thoroughly conversant with the sales psychology of foreign buyers. But these are obstacles which Aberican exportsers have been able to oevrcome in the past, and which they can overcome in the future. SRS NEW OIL PIPE LINE. NEW YORK, September 15 (#).—Ex- pansion of the properties of the Texas Corporation provide for a new trunk pipeline from Oklahoma to Lockport, Ill., requiring 40,000 tons of steel pipe, R. C. Holmes, president, announced today. Additional projects include the doubling of capacity of three refineries in Texas and one in Wyoming. Two of these will be connected with the company’s pipe line system. 2 ‘The pipe line from Tulsa to the Lock- port plant in the Chicago district will result in a substantial saving in trans- portation costs on the crude run at that plant, which has been served for years by Prairie Pipe Line Co., with 7,500 barrels of crude oil daily, and will enable the Texas corporation to move its own oil to that point. The Lockport refinery wil be doubled to about 15,000 barrels capacity daily. TINANCIATL" STABILIZATION OF FRANC ASSISTS FRENCH TRADE Special Dispatch to The Star. PARIS, September 15.—Stabilization of rhe franc has given France a new lzase of life industrially. For years, the fluctuations of the cur- rency have checked progress, because none know what costs must be. Pur- chases and sales and contracts of all sorts-were made on a tentative basis, which prevented French producers from meeting foreign or domestic competitors on a satisfactory basis. The industrial situation is perhaps best indicated by the automobile in- dustry. Citroen, the largest French pro- ducer, is now turning out from 250 to 300 cars a day. Saiwes of the higher priced cars have taken a jump and this has been refiected in the importations of American cars. The gains recorded by the American manulacturers have not been equal to those made in other countries of Europe, but have been re- markable in view of the strong com- petition. It is understood that nego- tiations now are in progress between the largest American producer and a popular French manutacturer for the building of American motor vehicles in the factory of the French concern. In the next six months, France is expected to absorb more American raw naterials than during any similar period since 1918. The balance of trade, how- ever, probably will continue in favor of France. kxports from this country are largely in the luxury class, and the value of the industrial article is high, as compared with the products import- ed from America. France commands a “preference” market all over the world and is increasing the prestige of its products steadily. The sales of these articles means much to this country, since the home market is badly resiricted by the 12 per cent luxury tax still in effect. France needs capital badly, but Amer- ica, through her tourists, is provi no small amount. It is conservatively estimated that Americans by the end of this year will have spent $500,000,000 in Europe. Of this huge sum, France gained by far the larger part. Western Maryland Earnings. BALTIMORE, September 15 (Spe- cial) —Estimated earnings of the West- of September were $112,097, or 26 per cent less than they were for the cor- responding weekglast year. Slower coal movement accounted for $86,148 of the loss, while revenue derived from othe: classes of freight showed a drop of $20, 506. The total estimated earnings for the first week were $326,438. For the current year to September 7, estimated earnings were $12,460,306, a comparative decrease of $2,854,341, or 19 per cent. Revenues from coal ship- ments were $5,679,299, a shrinkage of $2,174,810, or 28 per cent. MERGER l’I.A.N RUMORED. NEW YORK, September 15 (#)- Wall Street hears a plan to merge the Niles-Bement-Pond Co. with the E. W. Bliss Co. for the manufacture of air- craft on a large scale is under negotia- tion. 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