Evening Star Newspaper, September 22, 1928, Page 14

FINANCIAL, SLOAN SEES RECORD MOTORS EARNINGS o 14 FINANCIAL/ ‘'THE EVENING STAR. WASHINGTON, D. €. SATURDAY, SEPTEMBER 22, 19%8.° NEW YORK STOCK EXCHANGE | MOTORS ARE ACTIVE Received by Private Wire Direct to The Star Office. v EEK SHOWS GAIN IN BANK CLEARINGS Money to Loan Secured by deed of trust on real estate. Prevailing interest and commission. Joseph 1. Weller i3 W35 % § W' Commodity Notes Live Stock. SAN FRANCISCO, September 22.— Shipments of cattle out of northern California, Oregon and Nevada have Open. High. Low. 110 110 110 54 54 b4 Close. 110 54 Open. High. Low. Close. 52% 52 62% 52% 89 89 89 89 Open. Packard Mo(t4). 92% Pan-Am Petrolr 46% Low. Close. 91 9l 46% In Nearby Virginia ' FalrbankMpf(7) FedLight(h1.40) Abitib Power(4 Abitibi Po pf(6) : ‘Expanding Fall Trade Seen Here—Trust Progress Noted by Insurance Men. BY EDWARD C. STONE. Business in Washington gained dur- ing the past week, according to the bank clearings report from the local Clearing House Association. Clearings | for the week end- i ed September 20 amounted to $29,- e 035,000, compared 1 ‘with the lower fig- 4 ure of $27,473,000 in the preceding week. The figures Abr&Stras7% pf 113 Adv Rumley.... i Adv Rumley pf. Ahumada Lead. Air Redetn (13). | Ajax Rubber. Alaska Junea Allied Chem. ... Allis-Chalm (7). Amerada(2).... 32% 4m Agricul Chm 20 Am AgriChpt.. 69% Am Bank N(13). 1241 Am Bk N pf(3). 61 Am Bosch...... 36% Am Br Sh(j1.60) 41 Am Brown Bov. 14% Am Brown Bopt 50% Am Can(2). 1084 Am Can pf(7 140 Am Chain pf(7). 98% Am Chicle(3)... 86% Am Drug(80c).. 117 Am Encau(2.40) 77 Am EXxpress(6). 22 Am & For Pow.. 44% 78% 8 also showed an in- | § crease of 169 per k | cent over the cor- | sesponding week of 5 : I last year. : | This city was shead of Balti- 4 | more, which had a | sharp advance over = i the previous week, i but fell behind S last year. The | same situationpre- A. L. Baldwin. | 3 vailed in Richmond, clearings being [Am Radiator(5) 155% 155% well above the previous week, but below the same week a year ago. | In the country as a whole bank clear- | ings were larger than in the previous | ‘week or a year ago. Insurance Underwriters Meet. ‘The event of the month in local in- | surance circles was the first Fall meet- ing and dinner of the District Life | Underwriters’ Association at the Burl- | ington Hotel Wednesday evening, with | A. L. Baldwin presiding. John C. Mc- | Namara of New York delighted his | sudience with his practical es= | tions on “insurance prospecting.” | has_been _brilliantly successful as an | agent and gave his hearers the full ! benefit of his experience. Wide interest was manifested in the | report of the annual national convention | held at Detroit. That a great service re- | mains to be rendered the American | public through the co-operative efforts | of the trust companies with the life | insurance companies was the outstand- ing thought developed at this conven- tion. Speakers representing the great trust companies of the country, together with the leading life insurance men, declared that through the co-operation | of life insurance men With trust com- | Ppanies it is possible to handle estates in | such a way that the needs of the family | are met in detail and at the same time | the estate is made to yield the maxi- | mum income. Wi Judge Thomas C. Hennings, chair- man of the insurance trust commit of the American Bankers' Associatiory cited instance after instance in his own experience in which the close co-opera- tion of a life insurance man, a trust officer and a client had worked out estate programs which rendered a service of tremendous value to the client’s value. History was written at the great De- | troit meeting when the American Col- | lege of Life Underwriters presented diplomas to the first graduating class | and granted to each one the degree | of chartered life underwriter. The American College of Life Underwriters is a chartered, incorporated institution, which lays out courses of study on economic and financial subjects for life insurance men and conducts ex- | aminations in those subjects. | At the national convention, Edward | F. Brashears of Washington, was elect- ed tuird vice president of the associa- | tion. The officers of the local associa- | tiop are A. L. Baldwin, president; H. Cochran Fisher, first vice president H. Lawrence Choate, second vice presi- dent, and Harold Krafft, secretary and | treasurer. | American Ice Considers Merger. | i ‘The Wall Street Journal today says | that the consolidation of the American Ice Co. with the Atlantic Ice & Coal | Co. of Atlanta, Ga., is forecast with the | return of C. C. Small, president of American Ice, from Atlanta, where he conferred with officials and leading stockholders of Atlantic Ice. It has been mutually agreed that some form | of consolidation would be constructive. Engineers of the two companies have inspected the respective properties, ; while auditors have reported favorably, | on financial conditions of the two or-| ganizations involved. Final consider- | ation of the merger, as well as terms | on which it might be arranged, must, however, await the return of several di- rectors of American Ice Co. to New | York. i The Atlantic Ice & Coal Co. has a| capacity of 800,000 tons of ice and does | annual gross business of between $5,- 000,000 and $6,000,000. Taxation Commitiee in Session. | The taxation committee of the Dis- trict Bankers' Association, Howard Moran, chairman, met yesterday after- | noon. While the members have little | to say at this time yet the work so far accomplished is highly gratifying. The committee’s efforts rewarded by virtu- ally every bank in Washington, concur- ring in the tax protest, through ths medium of forms supplied by Mr. Moran. The group now awaits the decision of the Court of Appeals, to which was referred the test case brought in the District Supreme Court by the Riges | National Bank, and decided by Justice | Stafford in their favor. Serving with Mr. Moran on the com- mittce are Henry H. McKee, National | Capital Bank, F. G. son, jr. Security Savings & Commercial Banl Joshua Evans, jr. District National Harry V. Haynes. Farmers & Mechanics National, and W. W. Spaid of W. B. Hibbs & Co. Heard in Financial District. | Eugene E. Thompson, president of | the Associated Stock Exchange, after a | meeting of the board of governors in | Detroit, reported that the annual meet- | ing in November, in Cleveland, will be | the largest yet held James A. Soper, president of Wash- | ington Chapter, A. I. B., states that | the chapter will offer a new course in | business English and letter writing in | the near future. It is believed this will | be_an unusually useful course. Bankers in the financial district were greatly pleased to see the work started | on tearing down the old Shoreham | Hotel. Renewal of business activity on that corner will mean much to the | financial houses in that vicinity. | dward J. Carver has been made | Washington representative of the Cen- | tury Trust Co. of Baltimore. He for- merly represented G. E. Barrett & Co., investment bankers, here. The Security Club of the American | Security & Trust Co. last night opened seasonal activities with a_card party and dance at the Columbia Country Club. Bank Dividend; Other Notes. At the recent regular monthly mee ing of the directors of the United States Savings Bank, Fourtcenth and U streets northwest, the regular quarterly di dend of 7Y per cent was ordered pay- able to stockholders of record Septem: ber 29. The Life Insurance Sales Research Bureau records August sales of ordinary life insurance totaling = $702,275,000, 2bout $21,000.000 better than produc- tion a vear ago. For the first eight months of this year, sales are 4 per cent above the 1927 record. The annual Halloween dance to be ven by the women's committee of ashington Chapter, American Insti- tute of Banking, will be held at the Beaver Dam Country Club on the eve- | hing of October 27, according to an- Calit Packg(4) Callahan Zinc. Calumet&Ar(6). 111 111% Can Dry (14%). Can Pacific(10). 214 Cannon Mills. .. Case Threshg(6) 360 Cent Alloy(2).. Cerro de Pas(5) 1024 10 Certain-Teed(4) Chandler-Cl pf. . | Consof Am&ForP pf(7) 106% Am&For Pr2d 7. 9615 Am Hide & L pf. 45 Am Home Pr(3) 171 Am Ice(123)... 43% Am Internatl(2) 112 Am LaFr&Foam 6% Am Linseed. ... 121% Am Locomot(8). Am Mac&Fy (4). ' Am Metals(3). . Am Metals pf(6) 113 AmP&L(11).. 8 Am Republic... 74 Am Saf Raz(15)" T1% Am Seating(3).. 31 Am Ship & Com. 4% Am Shipbldg(8) 84k Am Smelting(8) 250 Am S & R pf(7). 136 Am St Fdys(3). 591 Am Stl Fy pf(7) 111 Am Sugar. 76% Am Sumatra (3) 68 Am Tel & Tel(9) 180 Am TobaccoB(8 167 AmWW&EIl(el). 62% Am Woolen. 18% 45 15% 4T 96% Am Writ Pa ctfs Am Zine. Am Zinc p: Anaconda (4)... Sl Archer-Dan(3). 81 ArmourDel pf(7 94% Armour, 111(A). 20% Armour, I11(B). 10% Armour,Ill p£(7) 88 Arnold Con & Co 40% Artloom(3)..... 33l Asso Dry G(23% 48% Asso D G 1st(6) 103 Asso 0il(2). . 48 Atchison(10)... 1924 Atl Coast L(110) 162 At Gulf & WI.. 51% AtlGuif pf(3).. 554 Atl Refining(4). 184% Aus Cred(4.49).. 60 Austin-Nich pf. 30 Auto Sales...... 10% Balto & O(6)... 113% Bambgr pf(612) 110 Bang & Ar(3%) T1% Bang & Ar pf(7) 110 BankofMan(16) 821 Barker pf (612). 95% Barnsdall A. . B4 Beacon Oil 19% 6% Belding-Hemwy 137 Best & Co(3)... 83 Bethlehem Steel 6614 Beth Steel pf(7) 118 Bloomingdale.. 42% Bimingdie pf(7) 109% Blumenthal pf.. 105t Booth Fisheries. Booth Fish 1st.. 604 Borden Milk(6). 166 Boston & Maine. 73 Briggs MfgFCo. 55% Brockwy Mot(4) 64% Bklyn-Man(4).. 721 BklynUnGas(5) 171% BrownShoe(21%) 48y Brunswick B(3) 597 Brunswick Ter. 421 Bueyrus(1). 36% ) 46 Burns Bros(B). 37% Bush Ter de(7). 109 Bush Ter pf(7). 114 9 11% 44 116% 7% 50 % Butterick Co.... Byer &Co...... By-Prod(12.75). Calu & Hecla(2) 341 81% 47% 42% 420 11% 2315 Chi & Alton pf.. 16% Ches & Ohio(10) 184 C&O Corpn(3). 66% Chi Great West, 13% Chi Gt West pf. 32 Chi Mil & StP.. 36 Chi Mil & StPpf 52% Chi & Nwn(4).. Chi Pne Tool (6) 130 Chi RI&Pac(6). 123% CRI&PDI(T). 108 Chi Yel Cab(3). 3415 Chickasha (3) Childs(2.40). Chile Co(2%)... Chrysler(3). 1 City St B5% stk 93% Cluett-Peab(5). Coca-Cola(6)... Collins & Aikmn Col Fuel & Iron. 70% Col Gas & El(5) 129% Col G&E ptA(6) 107 Col Carbon (4) 98% Com Cred(1) 324 ComlnvTr(3 113 Com Inv (war).. 14 Com In Trpf 6% 95% Com Solvents(8) 20 Com Powr(t3).. Com Powr rt: Congoleum-Nair Cong Chandler-Clev. . 1% 26% % Con Film pf(2). Consol Gas(5).. ConsolGaspf(5) ConRRCuba pf 6 Consol Textlle. . Container A 1.20 Container B 60c. Cont Baking A.. Cont Baking B. Cont Bak pf(8). Cont Can(5) Cont Mont (8 Corn Pro(+3%). Coty Inc(g5). Crex Carpe! CubaCaneSugar. Cuba Company. Cuban Am S(1). Cudahy Pkg(4). 72% Curtiss Aero(1). 156% Cushmann pf(7) 135 Davison Chem.. 63% Debenhms(2.18) 41 De Beers (a97c). 247% Deere&Co pf(7) 12315 Datroit BA(8).. 215% Devoe A (13.20). % Diamond M(19) 161% Dodge Bros pf 7 111 Dome Mines(1). 9% Drug Inc(4).... 112% Dunhill Int(4).. 60% Dupont(113.50) 401% Eastman(18)... 180 Eaton Axle(2).. 61% | Eisenlohr&Bro. 29 Zitingon (23%).. 36% Eitingn pfi6%). 105% Elec Auto L(4). 114% Electric Boat... 104 ElecPow&Lt(1) 39% Elec Stor Bat(5) 86% End-John(5). .. Engineers Pub § Eng Pu S pf(5). Equit Bldg (2).. 32 EquitableTr(12) 485 Erie R R. 59% Erfe 1st pf..... Eureka V(1%). Exchange(1%). 87% 234 17% nouncement by Miss Mabel V. Royce, ehairman of the committee. Fairbanks(3) Fairbanks Co pf. % 12415 145 50% 108% 140 98Y% 86% 11% 77 2 45 107 97 45% 8 74 180% 167 62% 183 rt 15% 477 9715 82% 81 9444 20% 10% 88% 4015 834 49 103% 48 19244 162 51% 5518 1893 60 30 10% 113% 110 % 110 821 95% 831 661 s 42% 10915 110 10% 6213 167 74 55% 6474 2% 17154 49 60% 421y 87 11% 44 117% 8% 80% 4% 3419 Bl 214% i 427 11% 2374 16% 184 66% 14 130 123% 54% JEVEN 934 0% 1297 107% 3319 114% 17 877 233 23% 18 2% 158% 135 64% a1 T 1 215% Eren 162 111 9% 112% 60% 4011 180 614 0% 37 106% 114% 10% 39% 113 59 64% 397 180 13 59% 65 113% 110 1% 11015 821 95% 34y 18% 769 13% 83 65% 7813 80% | 4 111 4l 97% 311 484 59% 59 66 24% Fed MotT(f80c) First NatS(1%%) Fisk Rubber.... Fisk 18t pf(7).. Fleischmann (3) Foundation Co Fox Film A(4) Freepert (16%). Gabriel Snub A. Gardner Motor. . Gen Am Tnk(4). Gen Asphalt. Gen Asph pf(5 Gen Cabl Gen Cable . Gen Elec(15)... GenElec sp(60c) Gen GasA (o1%) Gen Ice Crm(3). Gen Motors(17). Gen Mot pf(7).. Gen Outdr Ad(4) GenOutdrAd(2). Gen Refrac(3) Gillette Raz(5) Gimbel Bros. Gimbl Br pf(7). Glidden Co..... Glidden pr pf(7) Glidden(rights) Gold Dust (5). Goodrich(4). Goodrich pf(7). Goodyear Tire. . Goodyr 1st pf(7) Gotham(323).. Gotham n(32%) Gothm pf exwar Grand Unfon. Grand Un of ( Grant WT (1).. Graselli (2.68).. Grt North pf(5) Gt Nor pf efs(5) Grt Nor O(1%). Grt Wn Sug 2.80 Greene Cana(4). Gulf States Stl,, Hanna 1st pf... Hartman A(2).. Hartmn B(1.20). Havana El Ry. . Helme GW pf(7) Hershey Corp... Hershey pf4).. Hershey prpf(6) Hoe & CoA..... Hoe & Co rights. Hollanger & Son Houshold(t4) Houston Oil.... Howe Sound (4). Hud Man(2%).. Hudson Mot(5). Hupp Mot (£2).. 1llinots Cen(7) Indep OMl(1). ... Indian Refining. Indian Refg ctfs Inland S(k16%). Inspiration Cop. InterboroRapTr Intercon Rubber Internat Agri. .. Int Ag Ch pt (7). Int Bus Ma(5).. Int Cement(4). Int Com Eng( nt Harv(j6). 1nt Mtch pf 3.20 Int Mer Marine. Int Mer Mar pf., Int Nickel (3) Int Paper(240). IntPap cfs(2.40) int Paper pr(7) In Pap pf cfs(7) Int Preg Ink 215, Int Ry CA pf( Int Tel & Tel(6) Island Creek(4) . Jewel Tea(4)... Johns-Manv (3). Jordan Motor. .. Kan City South. Kayser J(5).... Keith-Albee. ... Kelly-Spring. .. Kelly Tire 6%pf Kelly Tire 8% pf Kels Hayes(2).. Kelvinator Corp Kennecott (6).. Kinney pf ( Kolster Radio Kraft(gl%).... Kresge(11.60).. Kresge Dept S.. Kress (S H)(1). Kroger Gro(el). Lago Ofl....... Lee Tire & Rub. Leh Por Cmt 23 Lenn & Fink(3). Life Savi1.60).. Lig Myers(75).. Lig & Myrs B 15 Lig Carb(3.60).. Loew's(73)..... Loew's pf(63%). S Loose-W(1.60). LouisGasA(1.76; Louls & Nash (7) Ludlum $tl(2).. McAndrews 2.60 Mctall Corp(3). McCrory B8(2). . McKeespt Tin P) Mack Truck(6).. Macy Co (2).... Mad Sq Gar (2). Magma Cop(38).. Mallison & Co. Mallison pf(7).. Man Elec Suply. Man K1 m2gdd) Maracaibo Oil.. Marland Oil Marlin-R(13%). Marun-Parry Mathieson(6) May Dept S(4). Maytag(13).... Maytag pt (3).. Mengel Co...... MetroG pf(1.89) Mexican Seab. .. Miami Coptl).. Mid-Continent. , Middle States. .. Mid States ctfs. Midland pf(f12) Miller Rubber. . Minn & St Louls Mo Kan & Tex.. Missour: Pacific Missourt Pac pt. Mohwk Car 2%. Montgmry W (76 Moon Motor. ... Mother Lo(30¢c). Motion Pic Corp Motor Meter A.. Motor Prod (2). Motor Whi(2).. Mullins Mfg. Munsingwr(3 Murray Corp... Nash & Chat(7). Nasn Motrs(16) Nat Acme (Sta). Nat Bellas Hess Nat Dairy(3) Nat Dept Sto Nat Distillers. .. Nat Distillers pt Nat Kinamel & S Nat Ld pf B(6). Nat PowseLti1) Nat Ry Mex 2d. Nat Supply(16). Nat Surety(10). Nat Teat4).. Nevada C(1%). N Y Air Br(3). N Y Central(8). N Y C& StLt6). N Y & Harlm(5) NY NH & H (2). N Y Ont&Westn N Y Railways pt Norf & Wo(t10) NorAm b10% st} NorAm Ed pf(7) North Pac (5).. Norwalk Tire 011 Well Supply. Ot Well S pt... Omnibus. . Otis Elev(17). Otls Steel. ..., Owens Bot(ct4) Pac Coast 2d pf. Nat Cash R A(3) . 21% 463, Gen Ry Sig(5).. 105 10674 82% 110% 116% 120% 34% Lambert (161%). 1 McCrory A(z).. 1 1014 3314 5315 17% 401 176% 46% 88% 49% 89 1767 94ty 19% 103 91% 176% Y37% 4 300" 100% 99 30% 30% 100% 11 219% 30% 79 28 52 1% Tan 1% 304 33 30% 70 116% 119% B 27% 44% 170% 1007 99 5% 30 100% 11 218% 304 8 28 52 1% ' 46% Pan-Amer Pet B 4587 49 Pan-Am Wn B.. Panhandle, 481y 17% 17% 15% 15 15% Park & Til (13). Park Utah(80c) Pathe Ex(A)... Patino M(2.92). Peerless Motor. Penick & Ford. . Penn Dixie Cmt. Penn RR (3%). People’s Gas(8). Phila& RC&1.. Phil Morris(1).. PhillipsPet(1%) Pierce-Ar (A).. Pierce Oil . Pierce Petrolm. Pillsbury (12.10) Pitts Coal .. 50 Pitts&WVa(6).. 150 PortoR1coTobA. 6 PortoRIcoTobB. Postal T&C pt 7. Postum (3)..... Pressed Stl Car. Produ & Refinrs. Pub Serv NJ(2). Pullman Co(4) Pure Oil (50¢) Purity Bak(3).. Radio Corp..... Reading Ry (4).. Reading 2d(2).. Real Silk Hos. .. 133% 205 103 4814 874 Reo Mot (1132). Rep 1&S(4).... Reynolds Spngs. ReynldsTobB (5) Richfield Oil(2). Rossia Ins(5)... Royal D(a3.222) St Jos Lead(13). ' | StL & SanF(18). 141% 30% 33% StL&Southwest. Savage Arms 2 Schulte (j31%).. Schulte pf(s). Seab Air Line. .. Sears Roe(12%) Seneca Copper. . Shattuck FG(2). Shell Un(1.40).. Shubert The(5). Simmons Co(3 Simms Pety Sinclair Ofl. Skelly O11(2). ... Snider Packg Co Snider Pkg pt. .. So Por Ric $(£2) South Calif Ed.. South Dairies A. South Dairies B. South Pac(6). South Ry (8) South Ry pf(5). SouRyM&Ocfs 4 Spang Chalfnt.. Spear & Co. Spicer Mfg | Spiegel Co (3) Std Com Tob(3). SG&E (3%). Std G & B pf(4). Std Milling (5) Std O Cal(2%) StdOIINJ (1% StdOINY (1.60). Std Plate Glass. Std P Glass pf.. StdSanPro(1.68) Stanley Co..... Stewart-War(6) Strom Car(2)... Studebaker(5) Submarine Boat. Sun Oil(n1). Superior O Superior Stee Sweets of Amer. Symington Cl A. Tenn Copper(1). Texas Corpn(3). Texas Gulf Sul(¢ Tex Pac C & Ofl. Tex Ld Tr(new) Thatcher Mfg. The Fair(2.40). Third Avenue. . Tidewater AsOil TidWASO1Ipf (6) Tidewater Oil 80 Timken(15).... Tobac Prod (8). Tobac Prod A(7) Tob Prod cfs(A) ‘Transcont Oil. .. Trico Prod (2% ) Twin City RaTr. Udwd EI #(4).. Union Carb(6).. Un 01l Cal(2)... Union Pac(10).. Un Pacific pf(4) Utd Biscuit 1.60. Utd Cigar St(1). Utd Fruit(15%) USCIP&F(10) SCIPpI(7). JS CIPDE cfs(7) S Distributing S Hoffman(4). Aleohol(5) . IndAlf pe(7) S Leather.... S Leather A S Realty (4) S Rubber., S Rub 1st p! S Smelt (3%). U S Steel(7).... U S Steel pf(7). Uni Leaf Tob(3) Univ Pipe & Rad Utll PEL Ace2). vanadium(t4) Van Raalte. Van Raalte pf Vick Chem (4).. Victor Talkg(4) va-Caro Chem. . Vva-Car Ch pf(3) Vivaudou Co.... Vulcan Detin, Wabash. .. Waldorf(1%)... Walworth(1.20) ward Baking B. Warner Bros Pio Warner Pic A Warner-Qu (2 Warren F&Pipe. W Penn El pf(6) W Penn El pf(7) West P Po pf(7) West DalryA(4) West Dairy B... West Maryland. West Pacific. ... West Unlon(8). Westhse A B(2) Westinghse(4). Weston Electric White Eagle(2). White Motors(1 White Rock(2). White Sew Mach Willys-Ov(1.20) Woolworth (5).. Worthn Pump. . Worth Pump(B) Wright Aero(2) Wrigley(15%).. Yale&'I'wne(15) . Yellow Truck. .. Youngstn Sh(5). Diyidend rutes the annual c; ca s s 59 817 3T% 677% 54% 158 141% aecgacdace 4% 6514 6 39% 38% 93 93 93 93% 8s given In the anove table ments based on the ions. 4% 1n stock. Plus stock % Plus 1/35 in stock. a Fald this vear—no regular rate b Pay- aple in stock ¢ Plus 5% in stock d Pay- able when earned. e Payable in cash or f Plus_10% (n stock, g Plus 69 : Partly stock | Plus 207 in k Pius 1/120 share auarterly In stock. m Payable 1/10 share aquarterly in United Cigar Stores common stock. ©» Plus %% In stock. D. L. & W. Earnings Off. NEW YORK, September 22 (#).— August net operating income of the Delaware, Lackawanna & Western was $1,549,938, a decrease of $295,825 from August, 1927, and for eight months this year was $0,663,043, a drop of $1,278,436 from a year ago. Aircraft Co. Offers Stock. IN'STOCK TRADING: Is Stimulated by Demand Sloan’s Statement—Steel Stocks Bid Up. BY GEORGE T. HUGHES. Special Dispatch to The Star. WALL STREET, NEW YORK, Sep- tember 22.—Pronounced activity in the motor group was the outstanding inci- dent of the opening dealings on the Stock Exchange today. Stimulated by the intimations of President Stone ot General Motors as to what could be ex- pected at the next meeting of the cor- poration in the way of special consid- eration for stockholders, urgent demand came into the market for all of the motor stocks. In the case of General Motors itself | the price opened a point under ihe high record for all time established yes- terday, but the rise of the previous day had indicated that Wall Street had been anticipating a favorable announcement. In the meantime Packard, Studebaker, Hupp and many of the motor acces- sories opened on large blocks at im- proved prices. Steels in Demand. The steel stocks, notably United States Steel, continued in demand and the coppers, Cerro de Pasco, Kennecott and Greene Cananea, were bid up sharply. The irregularity of the price move-! ment was characteristic of the closing session of a week in which prices had been carried up sharply to a level where profit taking was warranted. Heavy Volume. Motors, coppers and oil stocks were turned over in heavy volume. General Motors was called upon to absorb heavy realizing sales, with the price ruling several points under Fri~ day’s final. {3 Chrysler Motors crossed 111 to its best for the present share capitalization, but subsequently dropped below Friday's final. Packard, Studebaker and Hupp after early strength receded from their best levels. Record exvort sales for the cupper metal during the present week and the upward revision of price schedules re- sulted in advances in the stocks. Cerro de Pasco, opening on a block of 6,800 shares at 102'5, was up 2% points, but subsequently lost part of the gain. The shorts in Green Cananea had to bid the price up in order to cover ir their commitments and Kennecott crossed 100 again. The oils were in active demand at_advancing prices. Elecrtic Auto and Coty were prominent among specialty favorites and National Dairy Products was taken at its former hign record. At intervals tae iape ran as much as 20 minutes behind transactions on the floor and the volume of business continued at an active pace up to the close. General Motors closed at 2133, a loss of 41, points on the day. Radio Cor- poration was pressed for sale and ended with a loss of 2!, points. The tape was 39 minhutes late at the close. LOREE IS BARRED FROM M.-K.-T. POST I. C. C. Withdraws Permission for Magnate to Sit as Di- rector for Road. Authority which L. F. Loree has been given by the Interstate Commerce Com- mission to hold a position as director of the Missouri-Kansas-Texas Railroad was withdrawn yesterday by the com- mission. In effect, the railroad magnate was ordered to withdraw from the di- rectorate in question. - In reviewing the reasons the commis- sion went into railroad stock transac- tions incident to the proposed merger. The commission concluded that Loree haq privately purchased considerable blocks of Missouri-Kansas-Texas stock upon which “the net profit to Loree was $144,708." The commission later refused to au- thorize the tentative combination of the three roads which Loree proposed, and opponents of the consolidation objected to his retaining the Missouri-Kansas- Texas directorate. Commissioner Brainerd dissented from the order in its entirety. Wall Street Briefs NEW YORK, September 22 (#).—The volume of new bond offerings for the week fell off to $65,240,000 from $101,- 425,000 the week before. A year ago the total was $101,196,000. Several railroads are reported from Chicago to have placed large orders for steel rails, among them the Chesapeake & Ohio for 45,000 tons, Union Pacific 40.000 tons and the Great Northern 15,- 000 tons. The New York Central is ex- pected to place orders for 200,000 tons. W. L. Mellon, president of Gulf Oil Corp., who attended conferences of oil executives in England, said on his re- turn yesterday that he was entirely in accord with the statement of Walter C. Teagle, president of the Standard Oil Co. of New Jersey, who had forecast improvement in world oil conditions. European oil consumption was increas- ing rapidly, he said, and while over- production would continue to be a fac- tor both here and abroad, prospects of improving the situation were better than in some time. Gulf Oil is exten- sively engaged in oil operations in Venezuela and Mr. Mellon hoped that country also would feel the benefit of the better understanding. E. N. Brown, chairman of the Pere Marquette Railway, expects the road’s share earnings for 1928 to approximate the $13.31 a share on the common for 1927, after 5 per cent preferred divi- dends. The road had a record year in 1926 when it earned $14.47 on the com- mon. ELECTRICAL TRADE SOUND, NEW YORK, September 22 (#).— Business in electrical equipment 8s a whole is on a satisfactory basis, with the trend upward in most sections -of the country, Electrical World reports. Central station business continues to show improvement. The call for rail- road apparatus during the week was moderate, but there was a gain in de- mand for marine equipment and sup- plies for industrial plants. Increasing demand for flood-lighting equipment for ulr;:gr% service was a feature of the market, BANK CLEARINGS. NEW YORK, September 22.— New York bank °0%% ‘A year ago. nEs . L$1,230,000,000 $1.506,000,000 120,000,000 127,000,000 106,000,000 99,000,000 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Cc.) Nominal gold Selling checks ay. value (or par). 348085 Federal Reserve balances London, pound. NEW YORK, September 22 (@).— |fin Keystone Aircraft Corporation is offer- ing stockholders of record October 1 rights to subscribe to 52,524 common shares at $20 a_share, one new share for each two held. . crow Stockholm, been moving in good volume. Some cattle have been arriving on the coast from the intermountain country, at- tracted by the prevailing good prices. Hardware. PHILADELPHIA, September 22.— Business in the retail hardware fleld the past six months has shown a gain of 6 per cent. Uncompleted contracts in the wholesale line are slightly above the average for this period of the year. Ore. CLEVELAND, September 22.—Ore September 1, totaled 35,802,565 tons, compared with 31,754,179 a year ago. Stocks of ore on Lake Erie docks and at the central furnaces totaled 18,169,- 393 tons a year ago. It is expected that the fleet will move a considerable quanitity of ore the balance of the sea- son, as the demand is likely to continue high through the fourth quarter. Chicago Live Stock CHICAGO, September 22 (#) (United States Department of Agriculture) — Hogs—Receipts, 3,000 head; market on choice hogs steady with Priday’s aver- age; lower grades, 10a20 lower; top, 1270 paid for a load of around 200 pounds weights; shippers took 1,000; estimated holdover, 1,000. ounds, 11.75a12.65; 200-250 pounds, ?1.70(;13.70; 160-200 pounds, 11.00a 1270; 130-160 pounds, 10.50a12.25: packing sows, 10.25a11.35; pigs, me- dium to choice, 90-130 pounds, 9.60a 11.25. Cattle—Receipts, 1,000 head; strictly choice fed steers and yearlings steady; others 50a1.00 lower; she stock sharing decline; cutter cows about steady: bulls 25250 lower; vealers 1.00a1.50 lower; supply in-between fed and Western grass steers’ excessive; about 16,000 Western grassers offered; stockers and feeders and range slaughter steers 25a75 lower; best fed yearlings, 18.60; heavies, 18.50; heifer yearlini 17.50 Western grass steers to killers, 14.70; Westerns on feeder account, 15.25. Sheep—Receipts, 1,000 head; no fresh supplies on sale; for the week 316 doubles from feeding stations, 9,000 | direct; fat lambs prices gained 25240, with the week’s highest price on late rounds; a few prime rangers to shippers late, 14.35. Best fat native lambs for the week, 14.10; fat ewes, 6.75; no yearlings to test market values; bulk fat range lambs for the week, 13.75a 14.15; natives 13.50a13.75; throwouts, 10.00a10.50; fat ewes, 6.0026.50; feeding lambs closing, 25250 lower; bulk for the week, 13.25a14.00. Baltimore Markets Potatoes—White, 1.15; barrel, 1.25al. bushel, 2.00a3.00; barrel, 3.00a3.50; beans, bushel, 1.50a2.00; beets, 100, 3.0025.00; cabbage, 100, 4.00a7.00; car- rots, 100, 5.00a7.00; celery, crate, 1.50a 2.50; corn, dozen, 25a35; cucumbers, bushel, 1.25a1.75; eggplants, basket, 50 al.00; lettuce, crate, 75a1.50; lima beans, bushel, 2.50a4.00; onions, 100 pounds, 2.75a3.25; peppers, basket, 25a 40; tomatoes, basket, 60a1.00; packing stock, bushel, 1.00a1.10; small yellow, basket, 35a40. Apples—Bushel, 75a2.50; crabapples, basket, 40a45; cantaloupes, crate, 1.25a 2.75; damsons, basket, 1.00a1.25; gr basket, 40a50; peaches, bushel, 2.50; pears, bushel, pears, basket, 40a75; 1.75a2.00. 100 pounds, 1.00a 90; sweet potatoes, plums, bushel, Poultry. Live—Spring chickens, pound, 30a34; Leghorns, 28a31; old hens, 24a30; Leg- horns, 22; small and poor, 18a20; old roosters, 16a18; ducks, 25a26; small, 18a20; old, 18a20; guinea fowl, each, 60a%0; pigeons, pair, 25a30. Eggs—Receipts, 1,141 cases; native and nearby, selected, white, free cases, dozen, 42; firsts, 37; current receipts, 35. Butter—Good to fancy creamery, pound, 44a49; prints, 49a51; blocks, 47a49; ladles, 35a38; store packed, 33; process butter, 41a42. Grain. ‘Wheat—No. 2 red Winter, export, no quotation; No. 2 red Winter, garlicky, spot, 1.34% ; September delivery, 1.34%; October delivery, 1.35%, bid. Cargoes on grade, no sale; bag lots, no sale. Corn—No. 2 yellow, domestic, 1.22a 1.23; cob corn, 5.75a6.00 per barrel. Oats—No. 2 while, domestic, new, spot, 5112a52; No. 3, 49a50. Rye—Nearby, 1.10a1.20. Hay—No receipts. New hay is arriv- ing in only limited quantity. It is, therefore, not being officially graded, and sells strictly on its merits, within range of 14.00a16.50 a ton, timothy and clover grades. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 2 oat, 12.00a13.00. \DUN’S SEES STORM AS BRAKE ON TRADE! Says Business Broadly Is on Up Trend, However, With Politics of Little Effect. By the Associated Press. NEW YORK, September 22.—Dun’s today says: The satisfaction derived from a further seasonal commercial expansion has been overshadowed by the recent destructive tropical hurricane, extending to the lower Ailantic Coast and fol- lowed by severe storms in some other sections. Although the work of recon- struction and rehabilitation ultimately will give impetus to certain branches of business, the immediate results in the affected regions, and to some ex- tent in outlying territory, naturally are deleterious. Broadly, however, trade has followed the upward course that invariably de- velops at this period, evidences of rain being more numerous in reports cov- ering the country, as a whole. The spreading of mercantile and ingustrial operations is not now, nor has it been for a iong time, evenly distributed, but the existing irregularities and contracts do not obscure the fact that the under- | lying conditions are favorable. Political influences are not acting as a brake 10n progress, and such retarding elements as prevail are outweighed by stimulating | forces. \ Weekly bank clearings, $11,595,903,000, an increase of 802 per cent over a year ago. v GERMAN BONDS AND STOCKS. Special Dispatch to The Star. NEW YORK, September 22— Ger Govt Red Loan with draw AN er Mo v OHOD Red Loan with Lo draw ctfs per 1.000 R M (Quoted in Hamburg 4135 1919, 35 (Quoted in dollars per thousand marks.) er Gen Elec 4'25 pre-war, 22.00 Ger Gen Elect 4155 1919 Berlin 4s pre-war..... Hamburg 3s. 3155 & 45 pre-war Hamburg ‘American Line 4145. North German Lloyd 41ss. Krupp 55 1921. .. .o Dusseldorf 4s Dre-war Frankfort a-M ds pre-wa Mnhlch‘n pre-war... A£G (Ger Ge Elec). . A E G (Ger Ge Elec) pfd Commerz and Privat Bank dollars, per 1919 50 31.00 31.00 125 50 e BE ot 38728 oA TPy Disconto Gelischaft. ... . Berliner Handels. stocks on docks and at all furnaces on | Butchers, medium to choice, 250-350 | 1.00a2.00; Seckle | ur | ting a new monthly record, makers of | | | President Says First Nine Months Will Exceed All of 1927—May Cut Melon. By the Associated Press. NEW YORK. September 22 —Earn- | ings of General Motors Corporation for | the first nine montks of 1928 will ex- ceed those of the entire year of 1927, | | and indications are that 1928 earnings | will be the largest in history, the presi- | ! dent of the corporation, Alfred P. Sloan, jr., said last night on sailing to visit | the corporation’s European subsidiaries. Readjustment of the corporation’s capital structure through a stock divi- dend and an increase in the dividend | rate may possibly be made at the direc- tors’ meeting in November, he suggested, | but added that nothing has yet been | determined. | Conditions in general with the cor- | poration now are satisfactory, he said, with earnings proceeding at an excel- | lent rate, operations abroad were said | to be increasing in importance each | year, and the corporation hopes for total shipments overseas for 1928 of | 290,000 cars and trucks, representing a wholesale business worth about $265,- 000,000. Discussing the corporation's position, | Mr. Sloan said that stocks of General | Motors cars in the field relatively are | the smallest they have been at this season for many years, with retail sales for the first eight months 26 per cent ahead of the first eight months of 1927. | Production of recently announced new | | serfes of cars is taxing the capacities of the Cadillac, La Salle and Buick plants, he added, and a new Oakland model is to be announced within three weeks. General Motors Corporation has no intention of entering the airplane field, Sloan said. COTTON PRIGES RISE " ON BUYING MOVE 'December' Contracts Ad- vance 37 Points and Close Near Day’s Top. Special Dispatch to The Star. NEW YORK, September 22—There was a further broadening of the buy- ing movement in the cotton market to- day and prices advanced to 18.61 for December contracts, or 37 points net higher, and closed practically at the top of the day. Spots were steady at 19.80. The market met considerable realiz- ing and a moderate amount of selling for Southern account, but the demand continued, and after momentary re- actions the market firmed up again. Cotton range: 18.48a! 13.48a51 1841243 MARYLAND FRUIT MEN OPPOSED TO QUARANTINE BALTIMORE, September 22.—Farm- ers and fruit growers from many parts: of the State held a conference here yesterday and formulated plans to op- pose the proposed quarantine for Mary- land, aimed to prevent spread of the Japanese beetle. The quarantine would forbid ship- ment out of the State of thousands of dollars worth of apples for which there is no market in Maryland. It also would affect other crops and in- flict a heavy loss on producers. The conference framed a formal pro- test to the United States Department of Agriculture, which will be presented at the hearing in Washington Monday. WESTERN MARYLAND LINE REPORTS EARNINGS SLUMP BALTIMORE, September 22.—The Western Maryland Railway reports esti- mated earnings for the first half of Seotember at $696,324, a decrease of $180,746, or 21 per cent, compared with the corresponding period in 1927. Re- ceipts from coal traffic were $287,787, a comparative shrinkage of $149,622, or 34 per cent. Mail was the only item to show a gain, increase from that source being $303. For the fiscal year to September 14, earnings are off some $2,922,990, or 19 ser cent, compared with the correspond- ing period last year. Slow coal traffic was responsible for $2,238,284 of the loss. AUTO PARTS SET RECORD. NEW YORK, September 22 (#).—The automotive parts and accessory business in August had the greatest month in its history, the Motor and Accessory Manu- facturers’ Association reports. While car and truck manufacturers were set- motors, bodies and other original equip- | ment naturally were operating at high levels. They fell a little short of their March record, but exceptionally large August volume in service parts, acces- sory and service equipment brought fac- tory shipments for the parts industry generally to a point never before reached. Nickel Plate Gains for Month. NEW YORK, September 22 (#).— August Surplus of the New York, Chi- cago and St. Louis (nickel plate) rose to $502,576, after charges, from $459.- 795 in August, 1927, but for eight months of 1928 showed a decline to $3,248,310 from $4.125.222 in the cor- responding 1927 period. LR 437 Failures in Week. NEW YORK, September 22 (#).— R. G. Dun & Co. reports 437 commercial failures in the United States this week against 405 the week before and 337 a year ago. Rubber Unchanged. NEW YORK, September 22 (Special). —Crude rubber, smoked ribbed sheets, was unchanged at today’s quotation of 18. This compares with,19 a month ago and 33, a year ago. Radio Firm Elects. Powel Crosley, jr. president, Crosley Radio, Cincinnati; Vincent Bendix, president, Bendix Co., South Bend, Ind., and P. Chauncey Anderson, New York, were elected directors of the De Forest Radio Co. —_— Schulte Reports Earnings. NEW YORK, September 22 (#)— Schulte Retail Stores Co tion re- gort.s profit of $2,607,375 for the first alf of 1928 before Federal taxes, :g;’ilmt $2,604,001 in the first half of Dresdner Bank Deutsche Bank Darmstaedter Bank. Heyden Chem ... 2EWESSE38BT ok 8333333323333 8 o moesaSe s 2FaBIEEIEREEE ! PR 2233388328883 3383383332 3 SILVER QUOTATIONS. NEW YORK, September 22 (®.— || 14¢ Prudential 5 /2 . Insurance Co. Loans Commonwealth Investment Co. 817 15th St. N.W. Phone Main 2023 — $15,000 for $25,000 3rd Deed of Trust Note secured on downtown commercial zone income-producing fireproof building. Property well financed and enhancing. Reason for selling—Owrier needs money. Address Box 196-D, Star Office WE FINANCE —all classes of income-producing oroperty Large Loans a Specialty Current Interest r: and commission Higbie & Ri<hardson, Inc. 816 15th St. N.W. Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representinz Mutual Benefit Life Ins. Co. 1520 K Street Main 475 Real Estate Loans Prevailing interest rates and com- missions. Prompt replies to all ap- plications. We can assist you in refinancing Thos. E. Jarrell Co. Realtors 721 10th St. N.W. Main 766, First Mortgage and Construction Loan Applications Invited at 5%% Glover & Flather 1508 H St. NW. Main 1753 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee The Commercial National Company Incorporated Pald up Cash Capi $900,000 Commercial National g o 1 Nationa1 Bank Blde — LOANS ’ Let us have your applications for ‘LOANS ON REAL ESTATE Immediate Action i Courteous Treatment | Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. NW Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMESF. SHEA 643 Louisiana Ave. N.W. FIRST MORTGAGE LOANS Ample resources, coupled with our long experience, permit us to make loans with promptness. Low Interest Rates and Commission B. F. SAUL CO0. Main 2100——— ——925 15th St. Money for Buying or Building 512% and 6% Come to us for Mortgage Loans on both business and residential property. Here you will find a staff of men who have spent their lives with real estate. Prompt decisions. Mortgage Loan Department SHANNON & LUCHS, Inc. 435 K St N.W. Phoue: Main 2345 NEW YORK, September 22 (#). silver, 57%; Mexican dollars, 43%. .