Evening Star Newspaper, September 23, 1928, Page 83

. . ! little or no ! FINANCIAL." [ &P NETINCONE UNDERALELST, 92 Bark Farm Aid Ample, Says | Meyer—Financiers Await A. B. A. Convention. BY EDWARD C. STONE. ‘The report of operations of the Chesapeake & Potomac Telephone Co. Just filed with the Public Utilities Com: mission, shows that telephone operat- ing revenues for the month of Au- gust were $623,05 Operating expens: were $464,500, mak ing net operating revenues for t.e month $158,557. Telephone operat- ing revenues the eight ending August 31 were $5.240920. were making net rev enues for the eight month period $1 585.211. Taxes signable to opera- fions for the month _ Fusene Meser. of August were $42.206. Taxes for the first e;ght months of 1928 amounted to $300.321, an increase of 10.50 per cent over the same period in 1927. At the close of business August 31, | there were 145,414 telephones connected with the 12 central offices serving the District of Columbia, an increase of 1,820 since January During _the month of August telephone users made 444,168 out-oi-town calls, an increase | of 11.8 per cent over the same month of last year. Plant’ and equipment added to the telephone system in Washington during the first eight months of 1928 involved expenditures of $1465,828. Retirements during this period were $996,618, mak- ing net additions for the period ending August 31, $469,210. The total net ad- ditions to plant for the 12 months end- ing August 31, were $1,359,564. | After all deduction the company had a total net income for August of $83,552, in comparison with a net of $88,985 in July and $94.388 in August, 1927. Bankers Ready to Aid Farmer. Chairman Eugene Meyer of the| Federal Farm Loan Board, who has Just returned from a tour of the Mid- dle Western and Northwestern States, asserts that the agricultural situation in the United States is better this year than in several years. Virtually | ail crops are better than last year, he says. There is an immense corn crop in the West and the live stock situa- tion is particularly favorable, the chairman asserts. The couniry banks are in their best position of years and are more able to | care for the farmer's needs than they have been for some time and are doing 50, according to Mr. Meyer. This is being done at reasonable interest rates. The wheat crop is very good and there is greater disposition among the farmers to_hold it for better prices, he reports. The farmers are able to do this, together with the aid of the banks. Nearly all of the smaller crops also are good and command good prices. Potatoes and barley were noted as two exceptions. Land prices are improving and there is a better market for land than| " in some time, Mr. Meyer says. Banks fo Close Saturday Night. Employes of local banks in the Ninth and Seventh street areas will be delighted to learn that final action has been taken and an agreement reached - to continue Saturday night closing throughout the year. The banks in the agreement include the Southwest and Central branches of the American Security & Trust Co., Bank of Commerce & Savings, District National's Ninth street branch, Frank- lin National, Mount Vernon Savings, National Bank of Washington, Riggs Seventh and I streets branch, Security Savings & Commercial and the Wash- ington Loan & Trust Co. The Security Savings & Commercial and the Mount Vernon had already taken independent action in the mat- ter but afixed their signatures to the latest agreement. The Saturday closing question has been agitated for some years. In the old days when many of the largest stores in the city were open | Saturday evenings the need of the banks keeping open was clear. Officials say that conditions have now changed until they believe the closing will cause inconvenience. In other sections of the city the banks will con- ) tinue their present schedules on Sat- urdays. Cotton Cloth Demand Improves. Cottons have returned to fashion prominence with indications of a still greater demand for smartly styled cot- ton dresses and piece goods in 1929, ac- cording to a survey just completed by the new uses section of the Cotton- ‘Textile Institute, Inc. Results of the study were made public today by Walker D. Hines, president of the institute. Four conclusions were included in the report, as follows: | More cotton dresses are being worn; | more cotton dresses were made and sold during the Summer of 1928 than in 1927; retail sales of cotton picces goods this Summer were larger in volume than in 1927; retail stores have been adver- tising cotton goods more extensively. | Will Attend A. B. A. Convention. Among the Washington financiers who are planning to attend the coming | American Bankers' Association conven- tion in Philadelphia are Controller J. W. McIntosh, Robert V. Fleming, presi- dent of the Riggs National Bank; Rob- ert N. Harper, president of the District National; R. G. Donaldson, president of the Commercial National; Victor B. Deyber, president of the Second Na- tional; Harry V. Haynes, president of the Farmers & Mechanics National; John B. Larner, president of the Wash- ington Loan & Trust Co.; Representa- tive Louis T. McFadden of the House banking and currency committee; Howard Moran, vice president of the American Security & Trust Co.; E. E. Mountjoy, Washington representative of the B. A.; Maurice Otterback, president of the Anacostia Bank, and Mrs. M. I Tucker and party, with Mary Jane Winfree, secretary of the Continental Trust Co. Woman Bankers to Meeet. The Association of Bank Women, a national organization of woman bank executives, will hold its sixth annual convention_at_Philadelphia, Pa.. on September 30-October 4, simultaneously with the American Bankers' Asso- ciation. It is not, however, a division of that | organization, but holds tis convention at the same time in order to give its members, who may also be delegates to the larger convention, an oppor- tunity to attend those sessions and to have the benefit of contacts and dis- cussions of such gatherings. National Bank Conditions. A decline of 105 in the number of national banks over a period of 12 months was revealed in the reports of conditions made in_response to the June 30 call issued by the Controller of the Currency. At the same time ecord total resources were reported, ©On June 30 there were 7,691 national hanks with total resources’ of $28,508,~ 239,000 which was $1926,206,000 more than was reported by 7.796 national banks on June 30, 1927. Victor Foreign Sales Active. NEW YORK, September 22 (#).— Business of the Victor Talking Machine Co is satisfactory, its foreign business being exceptionally active, says E. E. Bhumaker, president. Sales in South America and Japan have been good. THE SUNDAY STAR, WASHINGTON, D. €, SEPTEMBER o 23, 1928—PART 6. #h Low High. Low u. 8. BONDS. Aih Low 10214 100 23 101 26 98 13 wiberty 3%4s 1933-47 9330 9813 10330 102 28 103 15 100 Liberty 18t 4% s 1932 1019 100 28 10412 10313 104 100 4 T.iherty ¢th 4381933 1019 101 4 —— —— 9914 98 US33%s1940- 98 26 08 12 1032 1008 10510 ¢89 US3Hs194 . 996 22 116 1105 1166 109 30 US 4%51947-52. . 1117 110 28 ——1927 Prev week's High Low 3 FOREIGN. Close High 100% Argentine. June ds 1959, 9% 99% 101% 97% Argentina 68 A-1957 997 08% % Australla 68 1956 $T% 4 106 Anstria 78 1948... ... .+ 1021 1031 e = 99% 95% Bank of Chile 615 1957. . 9Tle 93 100 92% 101' 9K% Haiglum 68 1956. . 1004 100'a 114% 111 116 114% Belglum T%s 1945 . 115 115 110% 107% 111% 109 Belgium 88 1941. o 10w 10 100% 93% 1011y 99 Hordeans 8s 1934 100 109 96 §9 99% 934 Brazil 61s 1926-57 . 98 108% 104 1l4% 107 Brazil 8s 1941, 1054 108 11091 104 10813 10414 Canada 68 1952 10413 10474 102k 100% 1024 100 Canada 5ls 1929, 100% 100t 50% 24 34% 254 “hinese Govt Ry 58 1951, oss 28% 3 96% 95% 101 95% Copenhagen 5s 19 . 105% 112 10¢ Caechosiovakia ¥s 1961 . . 109 10 105% 103% 106% 103% Denmark s 1942......... L 104% 104% 5% 102% 105% 103 Duteh Kast Indies 8s 1947 103% 104 105% 102% 105's 103 Dutch Kast indles s 1963, 104 104 1072 99% 109% 105% French GGovernment 18 1949 116% 105 119% 113 ¥rench Govt 1%s 1941..... 1034 105 1077 104% (erman s 1949, 96 96 97% 95 Irish Free State5s . 100 46 1y 181951, 105% 100% Japanese ks 1954 .. . 307 22% Mexico 45 asst small 1904...euuen 95% Y1ty Milan 6168 1952... 108% 105' 109 104% Netherlauds 6s 1972 . 104% 104% 102% 98% 102% 9813 Norway 54s.... 1007 101 97 8T'y 100%s Y6 Paris-Lvon Med 6s 1968 9.5 9% 9 94 €0 Peru6s 1960, T 104% 98's 10474 100 Peruls 1024 1034 101 $3% 1013 8% L 100 100 10815 104 108%s 104 nd 68 E 106 105% 116 111 115% 112% Queensiand 7s 1941. 126% 106'4 113% 103's Rhinelbe 78 106% 102% 1104 105 Rlo de Janel: . 94 B9 96% O91% Rome6k%s €8 934 107 104% 108% 105 Sao Paulo State of, &s 193 . 107% 1062 105 97w 106% 103% Seine Deptot. is + 105% 105 102% 97 101 96% Serbs, Croats. Sioven . U8k 105 103% 104% 102's Sweden 83 193y 1024 1035 106% 1025 105% L0U7x Swiss 5148 1946 § % 104% 4 94% 100% 9s Toho Llec Pwr 7s 1956 oK% 99 1197 116 119 116% United hingdom = 1929 . 118% 118G 1074 1031 106% 1071 Utd Kingdom 5%s 1937. o 104 104% 97 924 100 93 Yokohama 6s 8l . e (OB INDISTRIAL AND MISCELLANE 105 97% 106% 101 _Awmer Axri Chemical i %s 1941 105 __ 1031 1004 102 Y54 Amer Smelt & Kef Ist 58 1947.7..7 101 109% 107 109% 106% Amer Smelt Lst 68 1947 . 100t 10T 106 1044 106 102! Amer Sugar Refining 6 « 1044 1045 100 98% 100 9814 Amer Tel & Telc . 98 9% 107 101 109 103% Americun Tel & Tel s f 5 o 10 105% 1057 103% 1064 104 Anaconda Copper s 1953, 106'% 105!y 116% 106% 133% 110% Anaconda Copper ov deb 7s 1938.. 1334 133% 128% 108% 153 120 Andes Copper 7s 1943. 93% 88% Y1t 0% Armour & Co 4143 1939 95 86% 94 B7% Armourof Del 51443 1035 100% 103% 9% Atlantic Retining deb 6s o 10 106% 96% 115% 99% Barnsdall Corporation 68 1940... 114t 115% 107 102% 109% 104 Bell Tel (Pa) ref 68 1948, seee 106 106'% 102% 98% 103 99 Bethlehem Steel p m 63 193 100 102V 105% 101% 105% 1021 Bethlehem Steel s € 68 1948, 104% 1 86% 76 83% 76 ConsCoal (Md) Istref 58 1960... 78% 79 102 95% 97 70% Cuba Cane Sug cv deb 88 1930.... 84 73% 109% 107% 108% 106'4 Detroit Kdison ref 6s 1940 e 108 1084 96 821 Y9 86% Dodge fs 1940. 98% 98 108 102% 105% 94 Mastern Cuban 95 34 104 £94% 104 101% General Motors 6s 1937. o 102'% 104 108% 104% 108' 105% Goodrich (B ) 6 s 1947, o 1077 107% 103 101% 103% 100% Humble Oil & Ref 5%8 1933...... 101% 101 106% 103% 106% 102% Indiana Steel 68 1952..... + 103% 103% —— —— 100% 96% International Match 5s 1947 . 95l 98 108 5% 10t% 102% inter Mer Marine 6s 1941. 103% 103% 102% 7 102% 97l Inter Paper 58 A 1947, 9 96% 92 98w 921 International Teland Tel 4% 107% 95% 1224 105'¢ Kayser Julius5igs 1947 % 109% 99% 109% 105% Kelly-Springteld ¥s 1931. 108 1088 103% 9% 105% 100% Lackawanna Steel 102 102 106 103% 106 102% Lacledeb's 105 105 106% 102 105% 99% Liggett& Myers5s . 101% 102 109% 102% 109% 101% Manati Sugars f7%s 1942....000 103'% 104 102 97% 102% 98% Midvale Steel 5s 1936. .. o 99% 99% 167% 103 111% 105 New kngland Tel bs 1952, 106% 107w 117% 114% 119 113% N Y Edison 1st 6%s 194 1145 115% 110 106 111% 105% N YGas KL H & P 58 1948, 106% 106 102% 98% 103% 99% N Y Tel 41%s1939... 100% 100% 110 107% 109 106 N Y Tel 6s 1941. o 106% 107'% 103 100 104 100% Northern States Power §s. 101 101% 104% 99% 104% 100% Pacific Gas & Elec 68 1942 . 101 I0l% 106% 101% 108 102 Pacific Tel & Tel 6s 1952 10u% 103% 106% 102 105 102% Pan-American 6s 34. 102% 103% 98% 98 1011 97 Philadelphia Company 5s . 98% 99 —— 154% 116 Public Service 4145 1948 . 99% 96 49% 97% Sinclair Oli 6s 1930 . 102% 7% 104% 100 Sinclair Ol 78 1937 " % 101 99% 9% u6% Sinclair Crude Oil 6%s 1938..... 9 106% 102% 106% 102% Southern Beil Telephone b « 103% 103% 104% 101% 104 1024 Standard Oil NJ 58, . 10205% 103 —— ~——— 100% 95 United Drug 5s1953. . .« 9T 96% 88 96% 85 U S Rubber 18t & ref 68 194! 814 8y 106% 103 105% 100% U 8 Rubber 74%s 1930. 101% 101% 109% 106% 109% 106 U S Steels f6s1963. 107% 108% 102% 97% 100% 100% 99 17 *6w 90 114 111% . 110% 110% 102% 97% 105% 100 Wiison & Co 1st . 101% 102 101% 101 101k 99% Youngstown Steel 5s1978. . 99% 100% BAILROAD. 981 92% . 94y o4 00 98% . 95 93% 99 934 .9 w3 100% 97 101 96% Balto&Ohlocv 4181933, . 98% 994 105% 100% 105 100 Balto & Oblo ref 5s 1996 102 1624% 981y 92% 97% 91 B&OPIsLE& W Vads 1941 93% Y3 107% 101% 107% 101% B % O Southwestern Div 6s cfs 50 102%: 105% 101% 95% 100% 96% rooklyn Blannat st 6s A 198 98% 9 101 99% 102% 96% Canadian National 4 %s 1957 ™ UT% 122% 117% 123 115% Canadian Nortnern 6igs 1946, 117 92 83% 92 ¥5w Canadian Pacific di v =8 06% 91% 96'a BJ% Ceutral Pacitic 1 100% 95 100% 964 Chesapeake Corpnss w1 $9% 101% 99% 101 97 Chesapeake & Ohio v 4 %48 1930 994 1084 97% 105 97% Chesapeanc ¢ Ihio gen 4l 1943, 997 103 97% 103% 96% Chicugo Bur & Quincy 4% 77 B.. Y84 94y 110 105% 110% 104's Chi B & Quincy lstref 68 1971.... 106 105% ud% 80% 93 #3% Chi & astern 11l gen 58 1961..... 5 4% 69% 724 6% Chi Great Western 4s 1959 6% 102% 94% 104% 94% Cht M & St Paul gen 448 | 105% 97'% 104% 95% Chicago & Northwestn 414 114 111% 114% 107% Chi & Northw. 89 74% 8 78% Chicago Raliwa. 96 82% 964 Y3% Chi R 1& Pacific ret 4s 1934, 9% 95 97% 91 Chicago Rock Island 4%s w. . 102% 97% 103% 97% Chi Union Station 4 % s 1963 - 100% 101 93% 86% 93% 84% Chl& Western Ind con 8 1953,,.. 584 884 106% 102% 105% 100 Clev Cin Chi & St Louls 6s D. 101% 1024 108% 102% 103 100 CCC&St Lret 6s A 192y, 100% 101 110% 108 110% 105 Cleveland Terminal 5%s. 103 107% 100% 96% 100 954 Col 1do & Southern ¢ % 7 9% 98% 94% 100% 6% Cuba R R 681962..... T 9T% _ ——— 98w 94 Cuba Northern 5%s 194 96 95 106% 103 106% 103% Delaware & Hudsun b%s 1937,... 104 5 94 90% 94 ¥4 Den & Rio Grande con ¢s 1936, 20 91Y% ¥9% 3% 97 57 Den & RU West 56 9L 9% uly Sl 91 83% krie Lst con s 1998 B5% 854 ¥o% T3% 86% 7% Lrie gen lien 48 199 s1 81 100% 87 91t 83 FlaKCbs 4. ¥5 8o 109% 106% 109% 106 Grand Trunk s f deb 6s 1936 106% ‘lubh 116% 114% 117 110 Grand Trunk 78 1940 1125 113% 101% 94w 101% 95l Great Northern 4% u8% 98% 114 108 113% 105% Great Northern gen 6 % 1075 10s% 115% 113% 115%s 111% Great Northern gen Is 1936. 112 113 91% 79 78% 40 Havana Electric Railway 5%4s... 0 1% 93 ¥4 95n 86% Hudson & Mannatian adi 68 1967, K9% 894 102% 98 103% 9% Hudson & Munhatian ref 58 1951, 99 9% 102% 96% 102% 98 Lllinots Central 4 %s 66. 100% vl 97% 5% 86 74% inter Hapid Lransit 68 LY6 ST 99% ub% 103% 964 Luter Kapid Transitcv is 1982, L9% 100 gBly ¥3% 9% B85 Luter & Great Nor ad) 6s 1963 93 93% 925 90 100 vl Int RwysofCentAm 6158 1947... 9l 97% g6k Y2 YT% 9% KanCbUScolt & M 48 193 93 Y3m %0 3% 79w 73 iKansas City Southern § % Tol 103 99% Kansas City Southern 100% 100% vo% YT 9% 98 99% 92% 95 5% 110 106% 106% 1073 104 98 103% 99% Mil iSlec Ry & Lt Istref 68 61,000 101% 1019 103 7% 108 99% MSLP&SSM6ys 1vsl. 100% io1% 93 86% 2% ®5 Mo Kan & Tex ist 45 1990, 8Ty 8Tn 109% 96w 109% 101% Mo Kan & L'ex ad) 68 1967 .+ 104% 105 106% 101 1056% 99 Mo Kan & Tex prin 6s A 1962 100% 101% 83 74% 83% 76% Missourl Pacitic gen 48 1976 9% 19w 108% 97% 102% 98 Blissouri Pacific 68 F 99% HY% wou 96 9% 9414 New York Cent deb 4i 9T YT 111% 106% 110% 104's New York Cent ref tmp 106 106% 109 106% 109% 105% New York Centraldeb 106% 1074 116% 105% 118% 112 N X N H & Hcvdeb 6s 1948 112 114 50% 1l 82 ¥ 265 :(1‘\: 781 92 b3% N Y West & Buston 4 %s 1948 Yyl Y2% U8 BoTh Norfolk & Western con 4s 199 3% 65% T2% 64% Northern Pacitic 3s 2047 98 91% YTm BY Northern Pacitic 48 1997 . 116% 111 116% 11t Nortnern Pacitic ref imp 6s 2047, . 100 8% 100 98 OreShort Line ref 4s 192, P ) Y4% ®6% 94% 86' Ore-Wash Lstrer ¢s 1961. o BUN B9 106 9% 104% 7% Peunsylvania gen 4 s 19 1014 102 114% 106% 114% 104% nia gen 63 196 107% 108% 113% 1119 113% 108% f 110% 110% 105 103% 105% 100% Pere Marquette ist 68 LV 10274 104 104 98 104% 95 Heading ¢is 199l Y9N 59 84 90% »3% Kio Grande Western cit 48 194 K3 99 94% Y9 Y4 RLArk& L 4%hs 1934 . 85 91 92% 9T% Y4 SILIMESHR&G481933....... Y4% 5 93% 84% 93% bl St L & Sap Franorin 4saA 1950.. B8 Exy 104% 99% 104k $87% StL % Sun K'ran pr in 68 1950 100% 1014 99% 95k 102 Y94 St L & San E'ran ino 88 1960 « 101k 101% 98 92% u8 9l SUPKCSLineslns sl . 9% 5 6% 69% T72% 572 Seaboara Alr Line rer 1959. 88% 78% B2's 40 Seaboard Alr Line ad) 58 1949, 99% Y4% 95% 73 Senbourd Alr Line con 6 100% 98 100 Y8% 3outhern Pacitic ov és 1929 95% ¥8 96 Southern Pacific col 98K 98% 98 vl Southern Pucific 2 93% 86 93 85% Southern Ry 8Y 9y 114 106% 117% 108 South Ry st 10% 111 126 119% 127 117% Southern Ry d 1204 121% 166 56% 72% 55% Chird Aveadibs 100 94% 99 93% Union Pacific 1st 48 1947, 110 102% 108% 104 Virginian Ry 1st 6s 1963, ess 105% 105% 105% 103 108% 101% Wabash 18t 681939....00 o 102% 102 107% 103% 107% 1)2% Wabash 8%s 1975, 103% 108% 88 764 874 78% Western Maryland ¢s 1963, 80 80 101 98% 101% 97 Western Pacific 5s 1946 97% 98% o4 964 934 844 West Shore 1st ¢s2361. 87 88 » Last 98 156 104'% 1054 991y 1064 114% 106% 100 106% 100% 100% 102% 084 _1014 Yield 105% 105% 1374 6 100% 1004 B T4 Y8l 99k 7 YT 106 106% 106 dubh 113 26% 5914 100% 107 110% 98 87% TO D. C. BANKS BOND SUMMARY FOR THE WEEK |FEDERAL PAY DAYS MEAN LESS 7 UNDER CASH PLAN Thousands No Longer Maintain Accounts. Employes’ Credit Strengthened Through Trusts BY I A. FLEMING. Government pay day in Washington, the 15 and 30 of each months, when millions of dollars are dis- tributed to thousands of employes, do not mean as much to the banks of the city as for- merly. The change is due to the fact that payments are made in cash now instead of by check, as formerly. Many employes do not go near the banks now, where it was their former habit to rush to the bank windows in a body almost to get their checks de- posited that they might start paying bills or make good John Poole. anticipated checks. Some of the deposits were usually allowed to remain, but the real savers generally made their regular deposits in the savings departments. These still frequent the banks soon after pay days, in pessuance of a well planned thrift move against the proverbial “bad day to come. In war-time thousands of temporarily employed yeomen and yeo- women were so numerous and in such need of identfication that some savings panks made money cashing checks at 10 cents per check. Government Employes’ Credit. One hears good reports these days concerning the credit of government employcs, not only in stories of their ility to obtain d\sfoun(s of their not,;s t banks and trust companies on one indbw:o name paper, but of their thrift average and of the large number, who are paying for their h&mcs in monthly and quarterly payments. "I“h?)s’: \\'hoyscpcredit is established at banks and trust companies are thus enabled to avold the sharks who col- lect high interest, and in advance, at that. From Cleveland comes a wail of pro- | test from lawyers against trust com- | panics drawing wills for the general public. This would seem like a most useless wail over a lost source of income that will not come back. The trust com- panies of today engage the very best legal talent to look after their affairs {and the best is none too good to guide an important company, charged with the care of millions, tens and hundreds !of millions, of moneybin estates and | otherwise, through the varled laws of 48 States and the District of Columbia. Then, too, there are questions of law coming up every day in a bank or trust company. The trust officer of a bank must either be a lawyer or well versed in law. Very many bank officers, from presi- dent down, have fitted themselves by graduation’ from law schools to meet any question at law that may come up. The subject of taxation, laws of sur- vivorship, mortgage and title laws, give bankers the greatest troubles. One must also know the laws of every State on wills, Clearly, the trust companies I“lare the proper ones to draw wills. John Poole on Advertising. “Practically every person of integrity and thrift in your community and mine wants or needs one or more of the commodities we deal in. They don't always know they nced it, but they need it just the same and it's up to us to show them that they do. “Qur prospects are in every nook and corner of our towns—in every line of business activity from bundle wrapper to boss—they are in the home from the child to the head of the famliy— from the cradle to the grave, and even beyond, people need our financial in- stitutions. “Over and above the routine of bank- ing—and far more important—are the | things the banker can do for his clients in addition to the ordinary banking transactions. Whatever it is we have, let it be advertised and sold on its merits—which is the basis of its value to_the user. The business of banking covers a broad field in these modern times— practically everything financial and fi- duciary. Big balances come from big stores and corporations. In the average bani about 90 per cent of the demand deposits are carried by approximately 5 per cent of the customers. These are the people who need lines of credit —these are the people who need inter- ested and competent counsel. It 1s the most natural thing in the world that a bank customer should deal where he feles he is well and favorably known—where he enjoys the confidence and goodwill of the execu- tives—where someone takes an interest in and understands his business prob- lems—where he gets what he wants when he wants it or a thoroughly sat- isfactory explanation as to why he doesn't when he doesn’t. Don't let’s stop to list our various services because we are all familiar with our stock in trade—if not, Mr. President—you could spend a profitable and highly beneficial session or two in bringing your officers and directors up o date. It Pays to Advertise. It pays to advertise when one has the right product, the right message and the right media! ‘The soul of every business shines out through advertising Humanity is quick to sense the spirit that is honest, frank, clear and kindly. I think it is better that each advertisement dwell upon a single point—using a series—bristling with variety and interest. This kind of thing makes people watch to see what is coming next and keeps the in- stitution in their minds. Now, gentlemen, to be specific—let me tell you a few other things we do in our bank. I can't begin to do the matter Jjustice because the time is altogether too_brief. Nothing, In my opinion, is more im- portant than having your entire per- sonnel thoroughly sold on the institution and its policies. Some one must put spirit and enthusiasm into their hearts —make them thankful for the health and intelligence which enables them to pursue so noble a calling as banking— fire them with ambition to learn all the intricacies of banking—point out to them the glory of gaining on life's path- way instead of always trying to catch up with the crowd. We impose a heavy trust in these em- ployes with the funds, securities and records of the bank, but what is per- haps more important to think about is whethor or not we can afford to trust their tact, judgment and diplomacy to the extent we do, remembering that practically all our customer contacts are with them. The bell rings every time a customer is served—some impression is made—it may be good—it may be other- wise. Thess men and women, therefore, must be personalities—not automatons. They must have “that something” which makes them winners. Otherwise they lose andJ so does the bank. Losses grow- ing out of overdrafts, bad loans, tellers’ settlements, are plainly visible, Losses growing out of indifferent and tactless employes are not so easy to detect, but they can do terrible damage. Talking It Over. I suggest frequent meetings with em- ployees—talking them about your advertising plans and the institution’s policies—telling them the things they should know about all departments— talking about their own plans and am- bitions. How can we expect our em- ployes to be salesmen unless they are L and Real Estate. both interested in their work and thor- oughly familiar with the stock in trade? 1t looks to me as though 2n awful lot of banks deliberately lock their front doors when they advertise so that no one inside shall know what they are talking to the public about. Get your employes so thoroughly sold that they know how to pelase the cus- tomers you have and know what to do when a new customer comes along. Men who have initiative and enthus- iasm are worth more money than human machines. Any man who comes to work when you want him to come—who stays until you let him go—who honestly does a good day's work, is worth a certain compensation just for the time he gives and the work he does, but the man who gives you his time and his effort plus salesmanship, initiative and enthusiasm —who works fairly with his fellows, and who helps to put things over big, is worth a lot more money than the other man who is a human overdraft. That's where T spend my first advertis- ing money—on personalitics; on men who fight for the opportunities of busi- ness life, Every day new customers come— mostly of their own volition. They open accounts—some one hands each one a pass book, a small check book-—thanks him—and out he goes—cultivate the new customer. Nothing. He may stay and he may not. He comes to the bank again. What will be his impression of this next contact? Furthermore, what does he know about all the other services of the institution? Very little if anything. Hence the bank should find a way to let him know. The very fact that he comes’to your bank or mine when he could have gone to so many others gives us the inside track to cultivate him. Do it, by all means, for you can make more out of him than out of some one you haven't got. In our bank we write him a series of persona! letfers—cultivation letters— trying to get better acquainted—trying to make him feel more and more at home and incidentally drawing attention to this department and that—more as a matter of education then solicitation. Develop all the boosters you can for they wield a tremendous influence for good. (Note—Address delivered before the Financial Advertisers’ Association Con- vention at Utica, N. Y., September 19, 1923.) TIN MERGER RUMORED. NEW YORK, September 22 (#).— The Anglo-Oriental Mining Corpora- tion is understood to be directing a merger of several Malayan tin produc- ing companies which will control 12 per cent of the world's output. The names of the companies have not yet been disclosed. Earlier in the year several Nigerian companies controlling 65 per cent of the Nigerian output were absorbed into the Associated Tin Mines of Nigeria. Since then the Anglo-Ori- ental group has been drawing together concerns in Burma, Siam and Malaya ll?lg the Anglo-Oriental (Malaya) Lim- ed. BONDS HOLD FIRM, REFLEGTING STOCKS Price Movements Narrow, Although Volume of Trad- ing Is Good. NEW YORK, September 22 (#).— The bond market reflected the firmness of the early stock market, but on a much smaller scale today. Trading again centered on a comparatively few issues and price movements were nar- Tow. Andes Copper Ts again were a fea- ture as regards volume of trading, but showed only a fractional gain. Anaconda Copper 7s advanced 2 points to the year's high and other coppers shfw;dbunlzller galr}n on buying in- spired by vance of copper prices to the highest levels since nm.p Olls were strong in sympathy with oil stocks, Barnsdall 6s with warrants, General Asphalt 6s, Shell Pipe Line 53| and Simms Petroleum 6s recording sub- stantial gains. American Telephone & Telegmyh 58, Consolidated Gas of New York 5138 and International Telephone & Telegraph 4158 were outstanding among utilities to make small advances. Bethlehem Steel 6s, Cespedes Sugar 7Y2s, Lorillard 538 lmipe Dry Goods 7s were among industrials promi- nent in the upward movement. Rails, except for New York traction issues, which generally were strong, dis_xl?:‘uy!’d ll&lle l:sctlvltyA e foreign list was irregular. Trad- ing in United States Government obli- gnltloals was light and price movements mixed. Wall Street Briefs NEW YORK, September 22 (#).— Contracts for 200,000 tons of rails placed with steel mills the last week by var- lous railroads and estimated require- ments of others indicate that general buying for 1929 delivery will exceed 1928 purchases by 250,000 tons. The two largest buyers, the Pennsylvania and New York Central, have not an- nounced their requirements, but the Central is expected to want 200,000 tons and the Pennsylvania a larger amount. Cleveland dispatches say the Ohio Match Co. at Wadsworth, Ohio, has been sold to banking interests, who will continue to operate the plant. E. J. Young, president, will retire and Don goutng. vice president, will become presi- ent. Heavy construction and engineering awards announced throughout the coun- try the past week showed a substantial increase compared with the preceding week’s figures and those of a year ago. The sums involved were about equally divided between private and public proj- ects. A total of $92536,000, against $61,120,000 the week before, Engineering News-Record reports. U. S. Rubber Profits Up. NEW YORK, September 22 (#).— Profits of United States Rubber Co. are reported to be running at the rate of $1,000,000 monthly. Sales continue ahead of 1927, with propects of exceed- ing $200,000,000 for the full year 1928, ag,inst $193,442,945 in 1927. THE YEAR 1928 TO DATE ON THE WASH- INGTON STOCX EXCHANGE. (Reported by W. B Hibbs & Co., Hibbs Butlding. Washington. D. C.) SALES OCCURRING ON TELE WASHINGTON STOCK EXCHANGE FOR 1028 UP TO AND | INCLUDING FRIDAY, SEPTEMBER 21. BONDS. pprox. Sales. PUBLIC UTILITIES Open. High. Zow. Close. maturity. $33.000 Anacostia & Potomac River R. R. Ist 55, 1940 100 101 97 97 283.0( Capital Traction 1st 5s, 1947. ceee 104 108 101 101% 25,000 C. & P. Telephone 1st 5s. 1929 . 100% 101% 100 100 11500 C. & P Telephone of Virginia 5, 1043 . 10455 1041 103% 104 49.000 City & Suburban Railway 1st 8s, 104 9 1004 96 96 26500 Georgetown Gas Light Ist 5s, 1961, 104 105 103 103% 50,000 Potomac Flectric Power 1st 5s, 1929 .... 101% 101% 100 100 98.000 Potomac Electric Power cons. 5s, 1936 1037 104 101% 101% 46,100 Potomac Electric Power gen. 6s. 1953 . 108%s 109 107% 107 161,000 Washington Gas Light gen. 5s, 1060 . 105 106% 102% 102% 207.200 Washington Gas Light series A 6s, 1033 . 103% 1061z 102 108 108.900 Washington Gas Light series B 6s, 1936 L1017 109'z 108 108 254000 Washinzton Railway & Electric cons. 4s. 1951, 01% 04% 1% 92% 58,000 Washington Railway & Electric gen. 6s, 1933 103% 104% 102'z 103 MISCELLANEOUS 73.000 Barber & Ross 6%s, 1937...... 5 8.000 Chestnut Farms 6%s. 1941 108 4,000 Chevy Chase Club 1st 5's. 1976... . 101% 2.500 District of Columbia Paper M?g. 6s. 1937 9% 36.500 Wardman Park Hotel 5':s. 1941 95 3.500 Washington Arcade 6':s. 1942 ... . 100 100 100 100 9,000 Washington Consoljdated Title 6s, 1951 100 100 100 100 3,500 Washington Market Cold Storage 5s. 1938 96% 91 96k 97 STOCKS. x. PUBLIC UTILITIES, Telue fate. Open. High. Low. Close.maturity. 4,973 Capital Traction $100 $7.00 109'; 116% Yo 106% 235 N. & W. Steamboat 100 1200 308 310 300% 304% 1,150 Potomac Electric Power pfd. 6.00 111% 114 110 112% 4,067 Potomac Electric Power pfd. 550 108% 109% 106 108% 8346 Washington Gas 360 8¢ 909% 84 90% 221% Washington Railway & Elec. com. 100 7.00 457 485 450 433 16% 3,248 Washington Railway & Elec. pfd.. 100 500 101% 104 99 100% 5% NATIONAL BANKS. 143 Commercial .. 100 800 260 3265 287 257 3% 82 District s 100 800 246% 246% 242 243 3.3% 3 Parmers & Mecl 100 12.00 325 330 328 330 3.0% 525 Federal-American 100 1000 338 343 338 336% 2.8% 40 Liberty % 100 700 245 253 248 353 25% 87 Metropolitan . 100 1200 402 406 401 403 29% 593 Rigrs 100 15.00 498 540 498 528 2.8% 129 Second 100 900 265 270 365 210 3.3% 160 Washington 100 13.00 310 318 305 12 1% TRUST COMPANIES. 561 American Security & Trust ... 100 1500 450 457 450 456 3.1% 5 Continental Trust ... L. 100 600 135 135 135 135 558 Merchants' Bank & Trust 100 600 181 158 150 158 65 Natlonal Savings & Trust 100 1200 515 821 815 520 391 Union Trust . EERRRTErE 100 9.50 310 338 310 335 54 Washington Loan & Trust . 100 1400 508 5073 508 s08 SAVINGS BANKS. 27 Bank of Bethesda . Geevesr SN0 TEOL T8 00 G S 10 Commerce & Savings L. 100 1000 330 330 330 330 3% 100 East Washington Savings .. 10 130 38 35 3B B 348 30 Potomac ... 00 335 325 325 328 31% 30 Security Savings & Commercial.. 100 17.00 480 480 480 480 3.5% FIRE INSURANCE. 55 Firemen's ....... 20 160 27% 29 512 National Union 5 50 z:v/: 8% :}5‘. ::v. g TITLE INSURANCE. 50 Columbia § 0 1y 20 Real Estate . 3 10 60 e a0 P H Y 60 Title & Inv. Co. of Md. com. o . 56 53 53 25 Washington Cons. Title Ins. pfd.. 50 35 80 50 50 50 1% MISCELLANEOUS. 1,039 Barber & Ross, Inc.. com.. 1,374 Chestnut Farms Dairy pfd. . 520 - Chestnut Farms Dairy com. 303 Chevy Chase Dairy pfd. ........ 1,721 Columbia Sand & Gravel pfd.... 169 Commercial National pfd. 112 D. C. Paper Mfg. Co. pfd. 207 District National Sec. pfd. 562 Federal-American Co. com. 167 Federal-American Co. pfd. 25 Pederal Storage Co. pfd. 2,260 Lanston Monotype ... . 147 Merchants’ Transfer & Stg. com. 918 Merchants’ Transfer & Stg. pfd. 4,662 Mergenthaler 13470 National Mtg. Inv. Co. pfd 914 Peoples Drug Stores pid. 2,350 Peoples Drug Stores pfd. 1904 Sanitary Grocery pfd. 143 Security Storage .......... 125 Terminal Ref. Whg. Corp. . 10 Washington Convention Hall pfd. 15 Washington Medic: Bldg. Corp. 100 ... 137 137 138 135 208 Washington Mech Mtge Co com. 10 0 11 11 11 11 85 Woodward & Lothrop pfd. ...... 100 700 110 112 109% 110 UNLISTED DEPARTMENT. BONDS. 2,000 Army & Navy Club Ss, 108 ........ . 3 03 / 2,000 Cosmos Club 4%s (retired annuaily) 0% 8 2,000 Metropolitan Club 4'as 1936 .......... ” o STOCKS. 669 Chapin-Sacks Ist pfd. 100 103 20 Miller Train Control 5 1 1 3 Ralelgh Hotel 100 100 100 13 Departmental Bank 10 O, 8 23 Munsey Trust Co. . 100 18 15 18 Park Savines .... 10 [ FINANC CURB IRREGULAR IN PROFIT-TAKIN 0Oils Display Group Strength and Few Specialties Reach High Ground. By the Associated Press. NEW YORK, September 22—The curb market turned frregular in to- day’s short session as week end profit- taking carried a number of issues lower. Olls displayed group strength in sym- pathy with the upturn in that group on the “big board” and a few indus- trials and specialties were pushed into new high territory. Safeway Stores sold up 20 points to a new peak at 730, and Sanitary Grocery mounted 7'2 points to a new top at 425%;. Oakes Products A and B shares mounted 5 and 6 points to new highs and Checker Cab touched a new top at 5714, up 215 points Deere increased its gain by 8 points, while Campbell Wyant, Doehler Die Casting. Hall Lamp, A. C. Horn and Marconi “B” reached new high levels. Industrial Rayon went to a new high at 143, but later sagged to 137 on lrenllz!ng. Crocker-Wheeler dropped 4 and Swedish-American Investment 5 points on profit-taking, and Atlas Portland Cement, Bliss & Co., Lakey Foundry, Newton Steel and Bancitaly were in supply. In the oils, Imperial of Canada went to a new high at 801, in buying in- spired by rumors of a stock split up. then sagged on realizing. Gulf, Creole. Prairie and Standard of Indiana were strong, while Humble fell more than a 3 In the mines, Noranda rallied fra tionally and New Cornelia was firm. Utilities were irregular, Electric Bond & Share, Electric Investors and United Light & Power issues easing, while Empire jumped more than 2 points, and Penn-Ohio Edison issues were strong. TURKISH GIRL SEEKS CAREER AS AVIATOR SMYRNA (#).—The first Turkish girl to choose aviation for a career is about to leave for France to study for her pilot’s license, after being refused admission at the sole aviation school in Turkey. She is Sureya Hanem, daughter of a wealthy Smyrna merchant, who with five ot! Turkish girls applied for ad- mission to the Constantinople Aviation of the school from its original civil status into a purely military institution caused the government to turn down the girls’ applications. I WILL SELL $10.000 Fairfax Avt. G. M. 6%%, 1943 Frrs Mortsage & el Morlssze & Tav. ptd. 3 Erondan 3% b lllll’l‘llllhl.ll hlll THOMAS L. HUME 1412 G St—Main 1346 You May Lose Your (15) Serious title de PANY is the only company Maryland with an Insuranc The only company in Octo The Capitol Title & School this year. The transformation TRE. 11 Twenty Engines Ordered. NEW YORK. September 22 (P).— American Locomotive, through its sub- sidiary, Montreal Locomotive Works, has an order for 20 Northern type pas- senger engines, weighing 195 tons each, from the Canadian National Railways, which is still in the market for 35 engines. Money to Loan Secured Pro Joseph 1. Weller} . Wash. L. & Trust oth & F_N.W. In Nearby Virginia Commonwealth Investment Co. 917 15th St. N.W. Phone Main 2623 $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—Owner needs money. Address Box 196-D, Star Office WE FINANCE ~alt ciasses of income-produding oroperty | 1 Large Loans a Specialty Current interest rate and commission Higbie & Ri~hardson, Inc. 816 15ty St. N.W. First Mortgage and Construction Loan Applications Invited at 5% Glover & Flather 1508 H St. N.W. Main 1753 Loans to Salaried People “Character Plus Earning Ability Qur Basis of Credit” REASONABLE RATES EASY PAYMENTS WASHINGTON WIMSETT COMPANY 903 N. Y. Ave,, 2nd Floor. ALLTREADS LEHMAN'S TIRE SHOP 12th & K NW. i3l 1 Main 1430 Home or Investment! fects are not covered by the ordinary title certificate. Is Your Title Insured? THE CAPITOL TITLE & GUARANTEE COM- in Washington, Virginia and e Fund of $45,000,000.00. Exclusive representatives of the New York Title & Mortgage Company, the “strongest” National Title Insurance Company in America. Washington that uses real estate notes that are “forgery and duplication” proof. WATCH FOR THE OPENING AD 6 to 10 days’ service—Will be open for business ber 1 Guarantee Company Chandler Building, Ground Floor 1425-27-29 Eye St. N.W. “Insure That Title! Then You Know You Own It” S AFE FTRST vest at 1 Main 2100 THERE SOME INVESTORS —put safety first in deciding upon ahead of everything else. And everybody should have money cannot possibly touch it. With this in mind, we sug- Over a Third gest our of a 4 6% FIRST MORTGAGES Century Withowt & Both safety and income- s earning power are beyond all question assured. B. F. SAUL CO. IS NO SUBSTITUTE FOR SAFETY MORTGAGES investments. All in- ors ought to put safety east a good part of his invested where loss Available in Amounts of $250 and Upward 925 15th St. NW.