Evening Star Newspaper, September 20, 1928, Page 15

FIN ANCIAL. THE EVENING STAR, WASHINGTON, D. €, THURSDAY, SEPTEMBER 20, 1928.° STORM CUTS OFF | (v BONDS o s Received by Private Wire Direct to The Star Office SEAFO0D SUPPLY Deliveries From Bay, Boston and New York Dela\yed—Lit-| tle Fruit Sold. Merchants who expected today to purchase their Friday . fish supply at the Municipal Fish Wharf found that there were no sea foods available, the storm having cut off the supply from all sources. The empty bins today presented a | situation that has existed but a very few times in the history of the busi- ness. The storm not only cut off the means of catching the fish. but it also | stopped the boais that ordinarily bring in the greatest supply, which comes from the Chesapeake Bay. The storm reached far enough North to also cut off_the Boston and New York supplics. | Due to the fact they were unable to | dispose of but a_ small percentage of | their supply of fruits and vegetables | yesterday, retail dealers today still had & fair amount of this type of produce. Tomorrow, however, purchasers will feel the full extent of the storm damage in that line, it is believed. Today's Wholesale Prices. Butter—One-pound prints, tub, 49a50: store packed, 30a32. Eggs—Fresh, selectet], 38a40; hennery, 43a45; current receipts, 37a38; storage. 35a36. Poultry, alive—Turkeys, 30; fowls, large, 28: Spring chickens, large, medium, 31a32: small, 30a31: Leghorns, 28 roosters, 19a20; keats, young, 60a80; old, 30. Dressed—Turkeys, 40a42; fowls, large, 32a33; small, 28a30; Spring chickens, large, 38a40: medium, 38a40; small, 38; Leghorns, 37: capons, large, 42a45; small, 30a35; ducks, 28a30; keats, young, 80a1.00. Meats, fresh killed—Beef, 22a26: veal, 20a28; lamb, 26a29; fresh hams, 28a29: fresh pork loin, 40: shoulders, 22a24: smoked hams, 26a29; smoked ‘shoulders, 20a22; bacon, 24a26; lard, 15a15'5. uL{\;e stock—Calves, 16a17; lambs, al5. 50a51; Fruits and Vegetables. Apples—Supplies moderate; demand light, market steady; bushel baskets, Virginia, U. S. No. 1, 2% inches up Jonathans, mostly around 1.50; Grimes and Smokehouse, 1.25a1.50; various va- Tieties, 1.00a1.25. Cabbage—Supplies® limited; demand light, market slightly stronger. New York, 90-pound sacks domestic round type, 2.50; Virginia, barrel crates, ap- proximately 100 pounds net domestic round type, fair quality and condition, 2.00a2.25. Cantaloupes—Supplies mogerate; de- | mand light, market steady. Colorado | pink meats, jumbo flats, 6s mostly 1.00, 8s and 12s, 125; few 1.35; standard flats, 12s and 15s, 1.00a1.25; salmon tints, standard flats, 12s and 15s, ordi- nary quality, 90a1.00. Miscellaneous melons—Supplies moderate; demand limited, market steady. California, standard crates honey dews mostly 2.50, few high as 2.75. Colorado, standard 9;;3 honey dews, mostly green, 1.75 Celery—Supplies light; demand light, market steady. New York 2-3 crates, best, 2.25a2.50; fair quality and con- dition, 2.00. Lettuce—Supplies of Western stock moderate; demand moderate, market firm. Colorado, crates Iceberg type, 4-5 dozen, 4.50a4.75, few 5.00. Cali- fornia, crates Iceberg type, 4-5 dozen, 6.00. Eastern stock—Supplies moder- ate; demand light, market dull. New York, 2-dozen crates big Boston type, 1.00a1.25; few, 1.50; poorer low as 75. . Onions—Supplies liberal; demand light, market dull; New York, 100- pound sacks, yellows, U. S. No. 1, me- dium to large size, mostly 3.50; few low as 3.25; Michigan and Indiana, 100- nd sacks, yellows, U. S. No. 1, most- ly 4.00; Utah, 100-pound sacks, Valen- cia type, U. S. No. 1, 3.75. 5 Grapes and Peaches. Grapes—Eastern stock, supplies light; demand light, market steady; Delaware, 12-quart climax baskets, Concords, 65; 2-quart climax baskets, Concords, 18a 20; Western stock, supplies moderate; ‘demand moderate, market steady; Cali- fornia, lugs, Flame Tokays, 1.65a1.75; Malagas, 1.25a1.50. Peaches—sSupplies moderate; demand limited, market steady; Pennsylvania and New York, bushel baskets, Elbertas, U. S. No. 1, large size, 2.40a2.50; New York, bushel’ baskets, Hileys, small size, fair quality, ripe, 1.00. Pears—Supplies moderate; demand light, market steady; Oregon, boxes, Bartletts, fancy, medium to large size, 3.25; New York, bushel baskets, Bart- Ietts, No. 1, 2.25a2.50; 2-inch minimum, 2.00a2.25; No. 2, 1.25a1.50; poorer, low Potatoes—Supplies light; demand moderate, market steady; East Shore, _ Virginia, cloth-top stave barrels, Cob- blers, U. S. No. 1, 225, Sweet Potatoes—Supplies light; too few sales reported to quote. ~ Cucumbers—Supplies light; demand light, market dull; New York, bushel ‘baskets, No. 1, 1.50a1.75. Plums and Prunes—Supplies mode ate; demand limited, market stead: Idaho, suit cases, Italians, 85a90; New York, 12-bushel baskets, damsons and blue varieties, 1.25. —_— WHEAT HOLDS FIRM IN QUIET MARKET Buying Based on Frost Forecast in Canada and Labor Trouble in Argentina. Special Dispatch to The Star. CHICAGO, September 20.—Wheat trade was quiet today, but the market held firm. It was benefited by buying stimulated by the strength in Liverpool, unfavorable labor conditions in Argen- tina and Australia and a forecast of frost in Canada. Scattered early buying was based on the Liverpool strength, that market closing 75 to 11, higher. Some selling by houses with Northwest connections developed at 115 for December, and this held the advance in check. At midday September was 1.10%y Decem- ber 1.1475, and March, 1.19%. ~The Northwest movement is increas- ing again. Minneapolis stocks in- creased 1950000 bushels for five days, with the Northwest receipts today 1,418 cars. Winnipeg had 2,394 cars. Corn was higher, helped by the strong ! cash situation. There, was a better de- mand from domestic corn at 1.08% 1. 0. b, Chicago, or 7!> over yesterday's closing on September. Country offer- ings were smaller. At midday Septem- ber was 1.02;, December, 7635, and March, 78%. The crop needs warm ‘weather now for curing purposes. Oats were higher with other grains. At midday September was 422, Decem~ ber, 4215, and March, 44. Burlington Names Officials. CHICAGO, September 20 (#).—F. E. Wwilliams, executive vice president, and Grenville Kane were elected directors of the Chicago, Burlington & Quincy and Colorado & Southern Railroads at 2 meeting of stockholders here today. They succeed respectively the late C. D. Burnham and Howard Elliott. R e Prom Capper's Weekly. Mother (at beach)—It makes me nervous to see Betty swim so far out. She might get a cramp. Father—Don't WorrY, guard there's 1o life UNITED STA’ (Sales are Lib 4th 4ks US3%s43. US33%s47. | usans... Argentine 5S...... Argentine 68 Ju 9. | Argentine 6s Oct59 Argentine 6s A.... | Argentine 6s B.... Australia 4%s56.. | Australia 5s 1955. . | Australia 551957 | Austriy .. 6% | Bank o1Chile B tum 6s. Be'gium 6%s... Belgium 7s 195 Beigium 7s 195 Belgium 7%s, Belgium 8s. Bolivia 8s. .. Bordeaux 6s. Brazil 6148 19 Brazil 6%s 1927, Brazil 7s...... Bremen State 7s... Canada 5s 1931 Canada bs 1952 Canada 6%s 1929, Chile 73 1943. . Chinese Gov Ry 5s. Colombia 6s Jan 61 Con PPow Japan 7. Copenhagen 4% '53 Covenhagen bs ct. . Cuba b%s.. Denmark 6s. D E15%s Mch 5; Duteh Kast 1 6s 47. Finland 5%s. Finland French 7s. French 7s. German 7s.... New So Wales 57 New So Wales 58 Nord 6%s..... Norway b6s 1963 Norway 5%s. Norway 6s 1943 Norway 65 1944 Norway 6%s 19 Orient Dev deb Paris-Ly-Med 6 Paris-Ly-Med . Peru 65 67 w1 Queensiand 6s Queensland 7 . Rio de Janeiro 6%s Rio Gr Do Sul 8 Rome 648 Sao Paulo 85 1936. . Shinyetsu 6348 52.. Sweden 5% Sweden Utd Kingm 5%s 29. UtdKingdm §%s 37 Yokohama 6s wi.. AmAgriChem 7% Am Smit& R Am Sugar Ref 6: Am T & T cl tr bs, AmT&Tstbs... Am Tel & Tel 5%s. Am Water Wks 6s. Am Bell Tel Pa b8 B. Bell Tel Pa 58 C. Bethlehm Sti pm b8 Beth Steel rf 6s. Beth Steel 5% Bethlehem Steel Bklyn Union 5% Bush Term Bldg 68 Certain-Td5%srcts Denver Gas 5: Detroit Edison Detroit Edison Dodge 6s. R Last Cuba Sug T%s Gen Asphalt 6s 36. Gen Mot Ao Cor 6: 1llinois Bell 1st 6s. Lllinots Steel 4%s. Intl Cement 55 48 Intl Match 5s 47 Int Mer Marine §: Int Paper 68 47 Inter Paper 4%s J Kayser & Co %8s Kan City P& L b Lackawanna St! by Laclede G 6%8 52. . Loulsv G & k58 52. Midvale Steel s... Mont Power bs 43.. Mont Power deb bs Mor's&Co 1st 4%s. NYGELH&Pbs Nor States Pow 6: Nor States Pow 6s. Pacific Gas & E 6s. Pac & T 1st bs... Paramount 6s 1947 Pathe kixchange 78 People’s Gas bs.... Phila Co bs 67 w 1. Phila&ReadC&l 58 Philips Fetro b%s. Pierce-Arrow 8s. Por Ric Am Tob 68 Posta) Tel & C5%s ReminglonAr 6s 32 1tem Knd 6%8s war. Sinclair Ol 6s. Sinclair U1l 6148... Sinclatr O1f 7 . Sinclajr Crude 6%s Sin Pipe Line bi Skelly Ol 5148, ... South Bell Tel 5s. . Stand OIl N J b3 SugarEstOrienteis TennKlecPow 6s 47 United Drug bs 63. U S Rub Ist rf 5s.. Utah Pow & Lt & Vertlentes Sug 7 Warner Sug s 39, Warner Sug 78 41.. t Klec 5s...... Westn Union 6s 61. Westn Union 6%s. Westinghouse bs. . Willys-Ov 6%s 33. Wiison & Co 1st At&SF cvt 45 05 Atchison gen Atlantic C L B & O Gold 4 B&OCv4l 'R&Oretss ... B&Ob. 2000 D.us SabweanetnmEE Brrnmme wSea RER o= o o e High. 9821 9818 1013 101 6 TES. $1.000.) Low. Close. 48 18 100 28 101 1014 1016 9818 9818 9818 9828 98 20 99 3] 8 6 19 9 5 17 61 91l 99% 997 100 993, 883 97 105% 100 964 96t 100 5 1081, @ o - mECaraRENCORwm RW® o mE o 10 3 102 102 104% 100% 10214 30 Low. I 991y 9914 100% 9915 881 961y 961y 105% 14, 110 105 100 96 96 100 1081 1013 1011 104% 100% 102 30 91% 987y 89 9613 104 2 1044 9% 103 MISCELLANEOUS. 8 105'% 105% 58 3 101% 101% 11 104% 103% 7 105 17 105% 104% 49 107% 107 32 99% 88 26 105% Barnsdall 6s 1940. 256 16 5 3 5 11 102 136Y% 104% 100 12 112% 2104 1102 3 104 1 101% 14 24 11 2 4 6 21 12 4 1 6 13 7 5 41 18 26 20 13 & 12 1 6 1 6 99% 103% 00 94% Public Service 4%s 325 151 99 4% 9874 99% 102 9TH 94 92 10; 1020y 95 1074% 9814 8915 1013 108 100% 99 88 105% 103% 10215 110% 103% 102% 102 Yngstn S&T 68 w 1. 63 100% RAILROAD. 904 104% 13415 152 9214 93% 101% 111% 105% 108Y% 100% 101 101% 99% 103% 99% 8T 106% 100% 1074 110% 99% 1004 105% 101 102% 100 74 104 98 88 105% 103% 1023 110% 103% 102% 101% 100 90% 1 1024 10320 10310 103 10 FOREIGN. Sales. High. Close. 9l 9915 991 100% 991y 88% 96k 9615 102% 101% 99% 103% 994 8T% 106% 10U% 107w 110% 497 103% 102% 102 100 90% 931y 93% 92% 99 10215 102k Close, 103 109 92% 10215 High 104% 109 3 Low. B & OSW 6850 Brooklyn Elec 6 Brooklyn Elev 6148 Bklyn Manhat 6s Canada South §s. Can Nat 4148 30, Can Nat 4348 54.... Can Nat 4%5s67... Can Pac 4%s 46. | Car Clinch&O 6s 52 Central of Ga 5%s. Central Pacific 4s. . Cent Pac 1st 5s 90. CI Chi & Alton 3%s. Chi B&Q gen 4s 5. CB&Q44s77B.. ChiB & Q Ist rf 58, Chi&E 111 gn 58 51. Chi Gt West 4359, C M & St P zn 89 ChiM&StP4155C89. 10 ChiMIISP&Pac5s 75 41 CMSP&Pacad) h=03266 Chi&NW 4%s 1987, 1 Chi & NW 615 2 Ch1& NW 1s. Chi Rys 5s ChiR1& Prfés CRI1Pac4%swi. CiTH&SBGS... Chi T H inc 6s 60 Chi Un Sta 4%s.... C& W 15%s62.... CCC&SIL 4155 1577 CCC&StLrf6sA. C&S 1st4s29, Cuba Nor 5%s cts Del & Hud 1strf 48 Den & Rio G cn 4s. D 1110 G West bs. rie Gen 4 .o lirieconv 4s B. Erieevt 5867 w i Fla lBast C bs 74 Gr Trunk stdb 6s. GtNor4%s76D... Grt Northn 4%s B. Great North 58. Great North 5% Great Nor gen 1s. Green B & W deb Hav El Ry 5%s 51, Hud & Man a) 6s... Hud & Man ret 5s.. I11 Cent ref 4s 111 Cent 4%5 66. . 111 Cent Chi 4%s. 111-C-C- StL&NO 1ot Rapid Tran 63, Int Rap Tr 6s stpd. Int Rap Trans 7s.. Int & G Nor 1st 6s. Iowa Cent 1st 5s. .. Kan City Ft S 4s... Kansas City S bs. . Kan City Term 4s. LehiVgen 414s 2003 Long IS rf 4s 49 Long 1s deb 5s 34 L &N 4%s 2003 Man Ry 1st 90.. Minn & StL ref 48 M St P&SSM cn 4s. e 1 R BN b S 2 100 103 9915 99% 106% 40 934 100 9 994 90k 9874 99% 692 14' 89 100% M StP & SSM 6%s. MEK&T4sB.... M K & T ad) 68. Mo Pacific gen Mo Pac 5s A 65. Mo Pacbs F 7. Mob & Ohio 434s 77 Mont Trm ref 5s 41 Nassau El 451 NOTex & M 55 N ¥ Cent 48 98. N ¥ Cent,deb 43 N Y Centrf 6s. N ¥ Cent deb 63 N Y CentLS cl 3%s NYChI&StL 6%45A. NYC&StLESA. NYNH&H 45 56. NY NH&H db 45 57 NYNH&H4s. NY NH&H cv db 6s NY NH&H clt 6s... Ont W 1st 4s. 86% e Ehe Eulloarmmmoom ke @ Y Y Y Y N N N e Nor Pac 38 2047... Northern Pacific 4s Nortbern Pacr 1 6s Ore Short L rfs 4; Ore Short Lien 5 et Pennsyl con 4%s., Pennsyi gen 41 Pennsyl gen bs. Peunsyl 6s 64 rEm el E8oan Reading gen 4%s St LIM&S 4829 StL 1 M&S gn 68 31 StL&SFpl4sA. StL&SFr4%sis StLS Wcon 4s 32. St P& KCShL 4%s. St P Un Dep bs.... San A & Arn P & Seab A L ref 4 Seab A L con 68 SB All Fla 6335 A. SB All Fla 6s 35 B. Sou Pac ¢s 29.. Sou Pac clt 4s Sou Pacific ref Sou Pac 4%s rets.. Sou Ry gen 4s Sou Ry Con 6s. Sou Ry 68 56 Sou Ry 6%s. Tex & Pac 58 B 1971 Third Ave ref 4s 60 Third Ave adj 5s. Union Pac 1st 4i Union Pacific 4s 68. , 120% 100% 68% 6649 95% 88ls 98% 105% 9943 90% 98% 103 VaRy&P5s...... Whash 43578 rcts Wabash b3 76 B Wabash 6%s 75 West Maryland 4 West Md 5%s 77 West Shore 4s 2361 Wis Cen gn 4s 49. 9 3 U. 8. GOVERNMENT BONDS. (Reported by J. & W. Sellgman & Co.) Security Rate. Maturity. iLiberty First 3'28 June 15, 1947 “Liberty st conv. Vs June'1, I “Liberty Kourth 4's 5, *U. 8. Govt. 4Yas Oct. 15, 195 . 8. Govt. 4s, D 2 | Farmers UL 8. Govt. 3 1U. 8. Govt, 3%s June 15, 194: 2i “Exempt from Federal normal iticome tax. 1Exempt from Federal income tax both normal and surtax. LT COTTON FLUCTUATES IN EARLY TRADING Hedging From Southwest Brings Frequent Changes With 15- Point Range. Speciaf Dispatch to The Star. NEW YORK, September 20.—Follow- | ing the sharp rally of $2 a bale on an | active covering movement late Wednes- day, the cotton market fluctuated nerv- ously during early trading today. Steady selling of hedges from the Southwest and the releasing of October contracts by spot’ interests furnished contracts and frequent price changes over a range of 15 points occurred dur- ing the morning. Private reports showing considerable storm damage to fields in Georgia and the Carolinas exerted an influence on sentiment. Uncertainty over the size of the ‘crop owing to shedding in dry sections of the West and excessive rain- fall in ¢he East, together with the de- cline of 5! per cent in prices,' have tended to decrease the selling pressure from professional sources. It was evident from the action of the market that a larger number of mills were willing to take cotton at prevailing price levels than has been the case heretofore. E VOLUME OF BOND TRADING DECLINES Andes Copper Takes Lead ‘Among Convertibles—Gov- ernment Issues Dull. BY CHAREES F. SPEARE. Special Dispatch to The Star. NEW YORK, September convertibles attracted most of the atten- tion given to listed bonds today. While the volume of trading in them was not so large as in previous sessions, the fluctuations covered a range of from 2 to 9 points. Apparently it was quite easy to bid up these issues on compara- tively small transactions. Andes Copper 7s were the most active of the group. They had an early ad- vance of 2 points, followed by a reaction of a point and then further improve- ment. Anaconda Copper s were up 1': points on moderate sales. Brooklyn Union Gas 5':s opened 4 points lower and then went to a net gain of 9 points. Public Service of New Jersey 4'.s also had a striking gain. At one time they were over 4 points above yesterday's closing. Other prominent convertibles were Barnsdall 6s, with a rise of a point, and J. Kayser 5'5s, which gained over 2 points. The market for high-grade issues was dull and somewhat heavy. Liberty bonds were lower and Treasury certifi- cates higher. The issue of $23,000,000 Republic of Bolivia 7s had a depressing effect on the old 7s, which had recently been bid up. It was announced that the Kingdom of Netherlands 6 per cent bonds, due in 1954, are to be called on April 1, 1929, at par. This is a $40,000,000 issue brought out in 1926 at 98': and later selling at about 105. Its price today was around 101. Probably it will be replaced by new 4!2 or 5 per cent bonds. !B. & 0. LEAD; LOADINGS. August Figures Show 280,578 Cars Handled in Month. BALTIMORE, September 20.—The Baltimore & Ohio Railroad mdde the best showing in loadings of revenue freight during August among the car- riers serving the Allegheny region, fig- ures just issued revealed. The Western Maryland Railway made a worse showing. ‘The Baltimore & Ohio handled 280,- 578 cars, a loss of 3,523 cars, or 1.2 per cent, compared with the corresponding month in 1927. The Western Maryland moved 39,312 cars, a shrinkage of 5,132 cars, or 11.6 per cent. In the Southeast the Seaboard Alr Line Railway led the list in extent of decrease, that company having handled 59,659 cars, a comparative drop of 8354, or 10.8 per cent. TREASURY (jERTIFICATES. (Reported by J. 3 . RatRiatunyy & W- Seliiman & Cog 9720-32 9726-32 Washingten Stock Exchange| SALES. D. C. Paper 6s—$1,500 at 94, Potomac Electric 6% pfd.—10 at 113, 6 at 113. % pfd.—10 at 109, 8%, District National Barik—5 at 243. Columbia Sand & Gravel pfd.—10 at 9215, 10 at 9215, 5 at 9214, 10 at 9214, Lanston Monotype—10 at 11314, Mergenthaler Linotype—10 at 10053. Peoples Drug Stores pfd.—10 at 113. Sanitary Grocery Co. pfd.—10 at 135, 10 at 135, 10 at 135%3, 15 at 135, AFTER CALL. ‘Washington Gas 5s—$500 at 10215, Potomac Electric 55%—5 at 10834, Washington Gas 6s A—$500 at 105. ‘Wfigington Rwy. & Elec. pfd.—10 at Norfolk & Washington Steamboat Co.— 4 at 30475, Capital Traction 55—8$500 at 1011}, Potomac Electric cons, 55—$1,000 at 1017;. Potomac Electric 1st 55—$3,000 at 100. Money—Call loans, 5 and 6 per cent. Bid and Asked Prices. BONDS. ) PUBLIC UTILITY. American Tel. & Telga. Amer,_ Tel. & Telza. 4! Am. Tel. & Tel. ctl. tr. 55, t. R, R. 5t Wi Was] Wash! Wash Was) + Balt, & Gas 53 s 6 MISCELLANEOUS. Barber & Ross, Inc.. 6155, Chestnut. Farms Dairy 6, Chevy Chase Club 5. D. C. Paver Mfe. Pot. Joint Stock L'd_ Bk, Wash. Market Cold Storase' 5 Wash. Cons, Title 6s.. Wardman Park Hotel 5% STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga NATIONAL BANK., Natlonal Capital . Columbia .. Commercial ", District National & Mechan! merican Lincoln [.00000.0 0 National Meiropolitan Riggs . Second 1000 " National Bank ingt TRUST COMPANY. American Security & Trust Co, Union Trust ...... . Washington Loan ‘& Trust! SAVINGS BANK. Bank of Bethesda Commerce & Savi East Washington Potomac . Liees ey Security Savings & Commercial. 4 Washington FIRE INSURANCE. American Corcoran Firemen's "\ National Union TITLE INSURANCE. Columbia Title. ... Real Estate Title Title & Inv. Co. of M Wash. Cons. Tille pfd MISCELLANEOUS, Barber & Ross. Chevy Chase Dairy pd. ... Chestout Farms Dairy '¢om Chestnut Farms Dairy pfd Commercial Nutl Co, pfa:! Lanston_ Monotype. ... Merch. Trans. Merch, Trans. & Stor. pfd.. Mergenthaler Linotype . Natl. M, ptd Wash' Mech. e. com.. Wash. Medical Bldg. Cor Woodward & Lothtop prd o aend iden 25 cenls extra. 20.—The | Montgomery Ward Develops Sample And Chain Stores CHICAGO (#).—Montgomery Ward & Co., one of the leading factors in the mail order trade, is extending its activi- ties by developing a chain of retail stores. They are expected to number 150 soon after the first of next year and will specialize in tires, in motor acces- sories and radio supplies. The company also is establishing sam- ple stores in rural areas where various types of merchandise may be examined before being ordered by mail. It] has Ve rt business, mainly to Gamada: 'Latin ‘Amerita and the Far East. i =“= HEHRHHEIEN Total sales went to a new high record at $202,404,600 last year, and for the first eight months of this year have been substantially ahead of 1927. Heavy accumulation of thé company's common stock by powerful operators, together with buying influenced by this favorable showing, have carried the price up more than $100 a share on the New York Stock Exchange in recent weeks. Capitalization consists of 205000 $7 cumulative class “A” stock and 1,141,251 shares of common, both of no par value. Full dividends are now being paid on the class “A” and the first common divi- dends were paid in 1926, when the stock was placed on a $4 annual basis. Earn- ings on the common equaled $8.05 a share in 1925, $6.25 in 1926 and $10.25 in 1927, Rumored in Philadelphia. PHILADELPHIA, September 20 (Spe- cial).—Reports current here this week that a large chain store company is making inquiries about the vacated plant of the Baldwin Locomotive Works point to Montgomery-Ward & Co. of Chicago, which, it is said, has long wanted to bid for the Philadelphia lo- cal trade. Sears, Roebuck & Co. not only has a huge distribution building in Philadelphia, but has two large retail stores here and one in Camden. The Baldwin plot of 20 acres is within five blocks of City Hall, while the Sears, Roebuck stores are located far from the regular shopping district. SILVER QUOTATIONS. NEW YORK, September 20 (). ilver, 57, Mexican doliars, 43% YOING SEES CRED FUTURE S SHF First Money Statement From Reserve Head Studied by Wall Street. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, September 20.—The first statement that has come from Federal Reserve sources since the period of extreme money rates began was made today by Gov. Roy A. Young of the Federal Reserve Board before the Indiana Bankers' Association. It at- tracted wide attention and was care- fully read in Walk Street. Gov. Ycung said that the American people seem to be more concerned about present credit conditions than were the members of the Federal Reserve sys- tem. He stated that if unsound credit practices had developed these will in time correct themselves. He intimated that there were those who were taking undue advantage of conditions and probably would be hurt by them. This was an intimation that the Federal Re- serve system was not responsible for building up a speculative pyramid. Gov. Young forsees a demand for ad- ditional reserve credit in the next 60 days to the extent of about $300,000.000. This will be obtained by member bank rediscounts.. The_ borrowings by mem- ber banks at the Federal Reserve insti- tutions on September 13 were $1,069,- 246,000. They compared with $375,000,- 000 the year previous. Inasmuch as brokers’ loans have in- creased $184,000,000 in the last three weeks and there has been only a slight average gain in stocks since last Thurs- day, it was thought today that the loan figures to be issued after the closing of the market might show some reduction. RAINS THREATEN OYSTER. 30 to 50 Per Cent Loss Expected by Conservation Commissioner. BALTIMORE, September 20.—Oyster- men in Maryland may face a serious depreciation in.their product because of the heavy rains of August, accord- ing to Swepson Earle, State conserva- tion commissioner. The rains reduced the salinity of the water, Mr. Earle said, and for this rea- son a reduction in the oyster supply as large as from 30 to 50 per cent may result, Mr. Earle said. An exhaustive survey of conditions in the lower bay, made by R. V. Truitt, professor of aquaculture at the Univer- sity of Maryland, was basis for the statement. Paris Bourse. PARIS, September 20 (4).—Prices improved on the Bourse today. Three per cent rentes, 66 francs 55 centimes. Five per cent loan, 94 francs, 20 cen- times. Exchange on London, 124 francs 151, centimes. The dollar was quoted at 25 francs 60 centim FINANCTIAL, BRITISH PLANS, RUSHED TO CUBA BY PLANE, WIN LONDON (#).—An airplane was suc- cessfully employed by a British firm cf interior decorators to aid in obtaining a contract for furnishing and deco- rating the Houses of Parliament at Havana. In one of the keenest busi- ness competitions in recent history the airplane played a vital part. Foreign competitors early last March obtained sets of plans upon which to base their decorative schemes, while the British firm did ndt receive them until the end of April, when it was no- tified all drawings and estimates were due at Havana June 1. As transpor- tation would require about three weeks, the British firm had only one week in which to produce some 140 large de- signs, but obtained a two-week ex- tension of time. Artists labored morn- ing, noon and night for three weeks and then dispatched the designs by ship, train and finally airplane, which made delivery with only 20 minutes to spare. . BALTIMORE JUDGE SCANS DODGE MERGER Takes Jurisdiction Over Trust| Agreement in Chrysler Deal. Special Dispatch to The Star. BALTIMORE, September 20.—Juris- diction over the administration of the trust agreement between the Continen- tai Trust Co. as trustee and Dodge Brothers, Inc., the motor company which is incorporated under the laws of Maryland, was assumed yesterday by tie Circuit Court, in a decree signed by Judge Joseph N. Ulman. ‘The trust agreement was entered into last July 30, according to the proceec- ings, in connection with the consolida- tion of the Dodge concern with the Chrysler Corporation. ‘The proceedings asking the court to assume jurisdiction and advise the trus- tee in the performance of the trust were entitled: “Ex parte in the matter of the Continental Trust Co., trustee under a trust agreement with Dodae Brothers, Inc., dated July 30, 1928.” Judge Ulman's decree stated that the court assumes jurisdiction over the ad- ministration of the trust “in delivering and passing over and holding or deal- ing with shares of stock of Chryster Corporation now held under the trust agreement.” o STEEL VOLUME SHOWS GAIN FOR AUGUST New orders placed during August for fabricated structural steel showed a volume that is believed to have broken all records. The total of such steel ordered amounted to 274,467 tons. which repre- sents 95 per cent of the monthly-capaci- ty of the industry. Not since 1909— when the capacity was much smaller— has such a percentage been shown, and Commerce Department officials re- garded the showing as an index of the C. & 0. MERGER FOE OFFERS TO AID PLAN G. S. Kemp Reported Ready to Back Marquette Purchase If Given Representation. By the Associated Press. NEW YORK, September 20.—George Cole Scott of Richmond, Va. a direc~ tor of the Chesapeake & Ohio Railway, deciared yesterday that George S. Kemp, head of a committee opposing the C. & O’s plan to acquire the Pere Marquette, had offered to suppor: the plan if two members of his com=- mittee were taken on the board of di- rectors. Scott headed a minority coms~ mittee, which opposed an original plan under which the C. & O. would have acquired both the Pere Marquette ani the Erie. After becoming a member of the board of directors, he served as one of the committe which worked out the present pian. 3 His statement was made on return- ing from Europe. The Interstate Commerce Commis- sion has approved acquisition of the Pere Marquette stock by the C. & O at $110 per share. The stock has ap- preciated considerably in value and the C. & O. now seeks permission to ac- quire it at $133 a share. Kemp Replies to Scott. RICHMOND, Va., September 20 (#), —George S. Kemp of Richmond, leader of the minority fight against the efforts of the Chesapeake & Ohio Railroad to secure control of the Pere Marquette, said here today that he had “neither the time nor the inclination to engage in a controversy with George Cole Scott in the newspapers.” Mr. Kemp stated today that Mr. Scott was selected by his committee to repre= sent the stockhglders’ protective com- mittee on the Chesapeake & Ohio di- rectorate, and as soon as he was put on the directorate he “tried to have us dissolve our committee, which we refused to do.” Chicago Produce CHICAGO, September 20 (/).—But- ter—Unchanged: receipts, 6.849 tubs. Eggs—Unchanged; receipts, 7,287 cases. Poultry—Alive, firmer; receipts, 4 cars; fowls, 28; Springs, 30; roosters, 18; Spring ducks, 24; geese, 21. Hot vinegar will dissolve any paint that happens to stick to glass. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and ission. Joseph 1. Weller it Wl & § Tt Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. activity in building and other construc- tion in the country. 1520 K Street Main 475 part, for the $4,000,000 due Sept. 1, 1931 the normal Federal income tax not in excess of 2% agree to reimburse resident holders of these bonds, upon transfer, succession and inheritance taxes) not exceeding 5 $11,000,000 Price 100 and Interest ion within sixty days after payment, for A letter from Mr. Harry Wardman, President of the Company is summarized below: Company: Wardman Real Estate Proper- ties, Inc., a Maryland corporation, will own in fee simple and will operate five modern apartment houses, four apartment hotels (in- cluding the well-known Wardman Park Hotel), the Wardman Park Hotel addition now being constructed, the Carlton Hotel and one office building leased to the United States Depart- ment of Justice, all in Washington, D. C. Purpose of Issue: The proceeds from the sale of these bonds will be applied to the re- tirement of mortgage indebtedness upon prop- erties to be owned by the Company and, in construction of the Wardman Park Hotel addition. Security: These Bonds will, in the opinion of counsel, be secured by a first mortgage upon the Wardman Park Hotel, the addition thereto now under construction, the Carlton Hotel, Boulevard Apartments, Cathedral Mansions North and the Department of Jus- tice Building (subject toits lease to the United States Department of Justice), as well as the furniture, furnishings and equipment of the Company contained therein, funds now being provided for the retirement of liens formerly outstanding; and by a direct mortgage upon the Company’ssixremainingproperties togeth- er with futniture, furnishings and equipment. Valuation: new, less depreciation, independent engineers report a valuation of $28,887,146 (including land, buildings, furniture, furnishings and equipment and a valuation of $2,153,687 for the Wardman Park Hotel addition when com- pleted, but exclusive of furnishings to be installed therein). These Bonds, together with Based on reproduction cost the total underlying mortgages to be outstand- ing, will represent §5% of this valuation. Wardman Real Estate Properties, Inc. First and Refunding Mortgage 6% Serial Gold Bonds $3,000,000 due Sept. 1, 1938 $4,000,000 due Sept. 1, 1948 Dated September 1, 1928 and redeemable. Authorized $16,000,000 at any one time outstanding, issuable in the above or other Series. Principal and interest payable March 1 and September 1 at the office of Halsey, Stuart & Co., Inc., New York City or Chicago, without deduction for per annum. Coupon bonds in denominations of $1,000 and $500. The Company will proper appl £4 mills per annum on each dollar of the principal amount, which such holders may have been required to pay to any State or the District of Columbia on account of the principal of and,or interest on any such bonds. all taxes (other tham ~ The First and Refunding Mortgage will, in the opinion of counsel, be a first mortgage on property valued at $18,539,880, and a direct mortgage on the balance of the property valued at $10,347,266. Through provi- sion for the refunding of underlying mort- gages, the First and Refunding Mortgage will from time to time also mortgage on the balance of become a first the properties included in this latter valuation. Earnings: Independently audited earnings of the Wardman Park Hotel and the Depart- ment of Justice Building for the year 1927, together with the independently estimated re- sults from operation during a normal year of the Company’s other properties, indicate to- tal annual net income of $1,509,186 after de- ducting interest ($267,544) upon closed un- derlying mortgages but before depreciation and Federal income tax. The nual interest upon these First and Refunding Mortgage bonds will require $715,000. Sinking Fund: The Company will covenant in the Indenture to provide a sinking fund beginning November 1, 1929 semi-annually thereafter through Halsey, Stuart & Co., Inc., for the retirement, prior to maturity, of $960,000 principal amountof bonds of the Series due 1938 and $1,600,000 prin- cipal amount of bonds of the Series due 1948 (equivalent to 32% and 40%, respectively, of .the principal amount of each of these Series). Management: The men responsible for the past successful record of the Company, to- maximum an- and operating gether with Mr. Emory L. Coblentz, Chair- man of the Board of Directors of The Poto- mac Edison Company and a prominent Mary- land banker, will be actively engaged in the management of this Company. A circular fully descriptive of the issue will be sent upon request HALSEY, STUART & CO. ed tha it ivery a INCORPORATED offered for delivery when, as and if lssued and t Interim certificates, later exchangeabe for definitive the office of Halsey, Stuart & HAMBLETON & CO. A.B.LEACH & CO,, INC. ROGERS CALDWELL & CO., INC. WILLIAM R. COMPTON COMPANY Dy us and subject to the approval of connsel. It s will be ready on or about September 20, 1938 for Co., Inc. All statements herein are official or are base { on information which we rellable and while we do Dot guarasies them, we ourselves have relied upon them in the purchase of this security.