Evening Star Newspaper, September 29, 1928, Page 14

FINANCIAL.® In Nearby Virginia 5129 tnesrance Co. Loans Commonwealth Investment Co. Phone Main 2623 917 15tb St. N.W. We Write All Kinds of INSURANCE WILSON REALTY CO., INC. 1036-38 National Press Bldx. Main 7432 and 7413 WE FINANCE —all classes of Income-producing roperty Large Loans a Specialty Current interest rate and commissior Higbie & Richardson, Inc. 816 15tw St. N.W. THE EVENING STAR, WASHINGTON, 0. €. SATURDAY. SEPTEMBER 29, 1 0 EW STOCK OFFER IN SANITARY MOVE | Basis of Exchange for Safe- way Common Announced. Banks Again Protest Tax. BY EDWARD C. STONE. Keen interest is being manifested lo- cally in the announcement that the | sanitary Grocery Co. is to be consoli- | dated with Safeway Stores, the largest organization of the kind West of the Mississippi __River. Edward G. Yonker, president of Sani- tary, has come to Consult Us First ¥ you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee The Commercial National Company Incorporated Paid up Cash Capital, $900,000 Commercial National Bank Bldg. 14th and G in the merger. Ac- cording to an- nouncement he will remain president of the Sanitary system and be vice president of the larger organization. Merrill, Lynch & Co., bankers for both firms, report that negotiations | for the exchange of common stock of the Sanitary Gro- cery Co., Inc, for Safeway Stores com- mon stock have been completed. Under the plan the stockholders of Sanitary Grocery Co. will be asked to consider the exchange of five shares of Sanitary | common stock for three shares of Safc- way common stock. | Edward G. Yonker. FIRST & SECON TRUST MONEY Complete Financing —of both FIRST and SECOND trusts on —HOMES —APARTMENTS —BUSINESS PROPERTY No Appraisal Fee Prompt Service Real Estate Mortgage & Guaranty Corporation Main 1403 26 Jackson Place 1t is expected that before this propo- sition can be consummated Safeway common stock will be increased either by a stock dividend of 400 per cent or |{by a 5 to 1 split, in which event one share of Sanitary common stock will | receive in exchange three shares of new | Safeway stock. The preferred stock, recently so active on the Washington Stock Exchange, is | | redeemable at 110. However, it can be | | exchanged for the company’s common | | stock, three for one. The common is | | | selling on the New York Curb between 430 and 435. And incidentally, the Safe- way Stores stock is aiso dealt in on the New York Curb Market, recent sales | | having been made at 725 and 730. It pays 12 per cent. || Mr. Yonker, now president of Sani- tary, was manager of the system under the former management. He is a di- | | rector in the District National Bank and i one of the city’s leading business men. { One of the main reasons why he is pushing the merger is that the larger 5%% and 6% Real Estate Loans Save your time and energy by coming first where you know the money can be found. Prompt decisions. Mortgage Loan Department SHANNON & LUCHS, Inc. 1435 K 5t N.W. Phone: Main 2345 || tary. concern could buy at wholesale to so much better advantage. Business Situation Favorable. General business conditions are very satisfactory at present, in the opinion of Secretary of Commerce Whiting. A great deal of new construction ac- tivity was pointed out as an outstand- ing factor 1n the situation. Reports to the department from 37 States for the first three weeks of September showed a record volume of new contracts, daily average being about $32,000,000, against previous high last July of $31,700,000. Construction activity is breaking all records in New York and New Jersey particularly, although there has been a { | slight falling off in the Chicago and St. ' Louis area as well as in the Southeast. Prospects for future business are very good, according to the Commerce Secre- Check payments are running , | about $6,500,000,000, and in the face of high interest rates. l Extensive new construction work at this season is regarded as exceptional, and indicative of a trend toward an all- year-round stabilization of this work. Partnership Announcement Made. Formal announcement is made by W. B. Hibbs & Co. that Thilman Hendrick and Karl W. Corby are to become mem- bers of the firm on October 1, the final details having been arranged yesterday. The present members of the firm are W. B. Hibbs, the founder, and W. W. Spaid. Mr. Corby will join the brokerage ABitibl Power(4 5d's Abitibi Po pf(6) _89% Abrahmé&Straus 109 Adams Exp (6). 339% Adv Rumley.... 594 Adv Rumley pf. 65 Ahumada Lead. Air Redetn (13). Ajax Rubber. Alaska Junea. Allied Chem. . 95 Allis-Chalm (7). 133% Amal Leather. 100 Amerada(2).... 31% Am Agricul Chm Am Agri Ch pt.. Am Beet Sugar. Am Bosch...... Am Br Sh(j1.60) Am Brown Bov. 131 Am Brown Bopf 50 Am Can(2)..... 108% Am Can pf 140 AmCar&Fdy(6) 95% Am Chicle(3)... 83 AmChic pr pf(7) 110 Am Drug(80c).. 11% Am Express(8)., 218 Am & For Pow.. 44% Am&For Pr2d7 96 Am&ForP pf(7) 107 Am Home Pr(3) 17 Am Jce(i214)... 4% Am Internati(2) 106% Am LaFr&Foam 6 Am Linseed. 116 Am Locomot 97 Am Mac&Fy (4). 150% Am Metals(3) 51 Am P & L(11 Am Po&L pf(6). Am Radiator(5) Am Republic. .. Am Saf Raz(15) Am Seating(3).. 30% Am Shipbldg(8) &0 Am Smelting (8) 244% Am Stl Fdys(3). 57i Am Stl Fy pf(7) 111 Am Sugar...... 7% Am Sugar pf (7) 108 Am Sumatra (3) 65% Am Tel & Ca(5) 20% Am Tel & Tel(9) 179% Am Tobacco(8). 165 Am TobaccoB(8: 16413 Am Tob pf(6).. 116 Am TypeFo(8). 119% Am Type pf(7). 109% AmWW&EI(cl). 604 Am Woolen. . 18% Am Woolen pf.. 41% Am Wr Papfefs 48 AmZInc........ 44% Anaconda (4) . Archer-Dan(3). Armour, 111(A). Armour, I11(B). Armour, 111 pt(7) Arnold Con & Co Asso Dry G(2% AsS0 0il(2)... Atchison(10) Atchison pf(5). 4 Atl Coast L(710) 162 AtlGulf & WI.. 4815 AtlGulf pf(3).. 55 Atl Refining(4). 185% Austin-Nichols. 6% Bald Loco pf(7) 116% Balto & U(6)... 113 Bambgr pf(61%) 109 Bang & Ar(3%). 70% BankofMan(16). 843 Barnsdall (A)... 33% Barnsdall B. Beacon Oil. . Beachnut(13).. Best & Co(3)... Bethlehem Steel Bloomingdale.. 104 Blmingdle pf(7) 109% Blumenthal pt.. 110 Bon AmiA(4).. 724 Booth Fisheries. 9 Borden Milk(6). 161% Boston & Maine. 171 Briggs MfgFCo. 54% Brockwy Mot(4) 63 Brockway pf(7) 129 Bklyn Edisn(8).: 270 Bklyn-Man(4).. 721 Bklyn-Man pf(6) BrownShoe (2% ) Brunswick B(3) Brunswick Ter. Bucyrus(1).... Bueyruscv(2%) 44% BurnsBrospf(7) 104 Burroughs(t4). 175 Bush Term(g2). 58 0% 82 80 19% 9 86% 381 Butte Cop & Z.. Butte & Sup(2). 10% Open. Received by Private Wire Direct to The Star Office. High. Low. Close. | 554 b4% 89% 109 4 339 5914 64 3% B9% 109 3 895 109 915 35 80 10 1 10% 3% 101 311 52 108% 107% 140 140 957% 8315 110 1% 218 447 9649 107 106% 76 43 1 0% T0% B0% 30% 80% 80 245 243% 2 577 5HTH 1118 1 3% 108 1 66 5 20% 20% 180% 1791y 165 165 16415 1644 116 116 120 119% 110 109 6L 60% 18% 18% al% 49 45 B2% 80 19% 10 8615 38% et 8 1037% 162 48 55 10: 16: 484 55 185% 1 6% i 1165 116% 114% 113 109 109 0% 70 890 843 34% 33% s 18% 18% 6% 76% 821 824 Bas 635 404 400 109%2 1093 110 110 7215 T2 116% 114 109 70 9 9 161% 161 W 270 73 90 52% 5T 425 33% 445 104 103% 176% 175 59% 658 Bush Ter de(7). 107% 107'% 106% Bush Ter pf(7). 114 115 114% 8% 8 10% 10% 55% { Eng Pu S pf(5). 100% Euuit Bldg (2) | Exchange(113). FedLight(h1.40) Fed Light pf(6) Fed MotT f80c) Fidelity-Phoenx First NatS(11%) Fisk Rubber. ... Flelschmann (3) #oundation Co.. Fox Film A(4) Freeport (1612). Gabriel Snub A. Gardner Motor. . Gen Am Tnk(4) Gen Asphalt. Gen Cable. Gen Cable A(4). Gen Cable pf(7). Gen Cigars(4) Gen Elec(t5). .. GenElec sp(60c) Gen GasBellz) Gen Ice Crm(3). Gen Mot pf(7).. GenOutdrAd(2). Gen Ry Sig(5).. Gen Refrac(3).. 1 | Gillette Raz(5). Gimbel Bros. Glidden Co Glidden pr pf(7) Gold Dust (5)... Gold Dust (rts). Goodrich(4) Goodyear Tire. Gotham(12%).. Gotham n($21) Graham-Paige. . Grhm-Paige cfs Granby Min(4). Grand Un of (3) Grant WT (1).. aselli (2.68).. Grt North pf(5) Gt Nor pf efs(5) Grt Nor O(1%). Grt Wn Sug 2.80 Grt Wn Su pf(7) Greene Cana(4). Gulf Mo & Nor.. Gulf States Stl. Hack W pf(1%) Harb& WIkr(16) Hartmn B(1.20) HavEl Ry pf(6) Helme G W (5).. Hershey pf(4).. Hershey prpf (6) HockingVal(10) Hoe & Co A Hoe & Co righ Hollander & Sol Houshold(14).. Houston Ofl.... Howe Sound(4). Hud Man(2%).. Hudson Mot(5). Hupp Mot (f2).. Lilinots Cen(7) . 111 Cen Isd li(4). 111 Cent pf (6) Ind Oil (1%2). Indian Mot(1%) Indian Refining. Indian Refg ctfs Inzersoll R(15). Inland S(kt6% ) Inspiration Cop. InterboroRapTr InterconRubber Int Bus Ma(5).. Int Cement(4).. Int Com Eng(2). Int Harv(j6). .. Int Harv p£(7). Int Mtch pf 3.20 Int Mer Marine. Int Mer Mar pf.. Int Nickel (3)., Int Paper(240).. Int Paper pf(7) IntPap cfs(2.40) In Pap pf efs(7) Int Prtg Ink 214 Int Ry Cent Am. Int Ry CA pf(5) Intl Salt(5).... Int Tel & Tel(6) Island Creek(4). Jewel Tea(4)... Jewel Tea pf(7). Johns-Manv (3 Jones & Lau(7). Jordan Mot rts. . Kan City South. KayserJ(5).... Keith-Albee. . 156% Close. 101 Open. Hizh. Low. 101 100% 3% 31k Gen Motors(17). 2 4« 37 106% 611y 119% 79 10215 360 18% % 2674 81% 290% 1401, 179% 51 131 124 178% 51 130% 124 154% 121 121 “ % % 63% 0% 3019 63 | Otis Elev pf(6). Open. N Y Stm pf(6).. NorAm b10% st] NorAm Ed pf(7) North Pac (5).. 101% Nor Pacefs(5). 9815 Norwalk Tire 5% 01l Wel' Supply. 28 01l Well S pf... 103 Omnibus....... Orpheum pf(8). Otis Elevit7) . 100% 10015 84 2 1 Otis Steel. ..., Otis Stl pr pf(7) Owens Bot(ct4) Pacific Gas(2).. P Lighting ¢ Lightg (rts) Pac U1l Stubs. .. Packard Mo(t4) Pan-Am Petrolmr Pan-Amer Pet B Parmt-Fm(j8).. Paramount (n). . Park & Til (13). Park Utah(80c). Pathe Ex.. Pathe Ex(A)... Patino M(2.92). Peerless Motor. Penick & Ford. . Penn Dixie Cmt. Penn RR (3%4). People’s Gas(8). Fhila & RC& I.. Phil Morris(1).. PhillipsPet(1%) Pierce Oll. .o oss Pierce Oil pf.... Pierce Petrolm. Pillsbury (12.10) Pitts Coal...... Pitts St pf(7).. Pitts Term Coal Pitts&WVa(6). . Postal T&C vt 7. Postum (3)..... sed Stl Car. 29% 1584 Pr | Pr Su Car pt(7) Produ & Refinrs Pub Serv NJ (2) Pub S NJ pf(7). Puliman Co(4).. | Punta Aleg Sug. Pure Oil (50¢).. Purity Bak(3).. Radlo Corp..... RadioCo pf ( RS 11l Cefs(4). Reading Ry (4). Real Silk Hos. . Real Silk pf(7). Remingtn-Rand Reo Mot (f113). Rep 1 & S(4).... Rep 1 & S pf(7). Reynolds Spngs. ReynldsTobB(5) Richfield O11(2). Royal D(a3.222) St Jos Lead(13) StL & SanF(18) StL&SF 2d pd (6) StL&Southwest. Savage Arms:2) Schulte (j33).. Seab Air Line. Seab Air L pf... Seagrave(el.20) Sears Roe(32%) Seneca Copper. . Shattuck FG(2) Shell Un(1.40).. Shubert The(5). Simmons Co(3) Simms Pete. ... Sinclair Oil. . Skelly Oil(2)... Snider Packg Co So Por Ric S(f2) South Calif Ed.. South Dairies A. South Dairies B. South Pac(6) South Ry(8). Spang Chalfnt.. Spicer Mfg..... Spiegel Co (3).. Std Com Tob(3). SdG&E(3%). Std G & E pf4). Std Milling(5).. Std O Cal(2%).. StdOiNJ (T134). StdOINY (1.60). Std Plate Glass. Std P Glass pf.. StdSanPro(1.68) Stauley Co..... Stewart-war(6) Strom Car(2)... Studebaker(5).. Studebak pf(7). Submarine Boat. Superior Ofl.... NEW YORK_ STOCK EXCHANGE High 100% 74 10015 102 99 Low. Close. 100% 100% 73 1001 95 9815 5% 21% 103 104 1001 2 | majority of the independent motor is- ™ | another of its characteristic sharp un- | + | Ing tendency of car loadings. HIGH PRICES RULE IN STOCK TRADING. | Yesterday’s Money Advance Fails to Show in Specu- lative Sentiment. BY GEORGE T. HUGHES. | Special Dispatch to The Star. | NEW YORK, September 29.—High- er prices were the rule on the Stock Exchange in the closing session of the | week, notwithstanding that sales for | the purpose of evening up accounts, were rather urgent at intervals. The | fact that call money had advanced yesterday from 6 to 8 per cent failed to bring about any material change | in_sentiment. | U. S. Industrial Alcohol, selling above 129 just before the close, was up some 5 points to a new high record. Na-| tional Bellas Hess, advancing points be- | twaen sales, changed hands at a new peak of 114, as compared with the pre- vious final of 977%. U. S. Steel reach- ed its highest of the day just before trading ended and above 159 was up from the previous final of 1577. Prices left off at their best in most instances. Motors Lead. Chrysler and General Motors were | the outstanding favorites, the former selling up sharply to the highest under the present share capitalization and the latter, after opening unchanged at 211 on a block of 3,500 shares, exceeding this price by more than 2 points. In both instances the demand reflected the | highly prosperous conditions of the motor industry and the technically strong position’ of the market for both | issues. | Along with these favorites went the | sues, although profit-taking in the last hour carried prices down from the early highs. Murray Corporation experienced i turns, advancing close to its previous peak of 9415, Leadership of the railway group was | assumed by Union Pacific, which was carried to its highest for the present movement at 201, up 2': points. Other old line dividend payers were in better | favor, responding to the satisfactory August traffic reports and the improv- | Montgomery Ward Up. Montgomery Ward moved up some 7 points following publication of esti- mates that September sales had ex- ceeded those of September, 1927, by some $20,000,000. At the same time Sears-Roebuck went along sympathet- ically, although the advance was not as pronounced late in the session. An- nouncement that a special meeting of Coty, Inc., directors had been called for Monday was thought to foreshadow a proposal to split up the stock. Around 260 the price was up almost 15 points and at its highest in_history. The new top for Universal Pipe & Radiator was established following the report that Blaw-Knox was contemplat- ing acquisition of a substantial interest in the company. The oil shares as a group did little and the same was true of the coppers, although Calumet & Arizona, Cerro de Pasco and Kennecott felt the effect of renewed buying. Wall Street Briefs NEW YORK, September 29 (#)—- Copper exported in manufactured form from the United States in August amounted to 36,205 metric tons, against 40,087 in July and 54,536 in June, tge American Bureau of Metal Statistics reports. ‘The Wayne Pump Co. will announce in November an entirely new line of gasoline pumps, covering the field from the cheapest hand-operated, visible pump to the elaborate power-operated, meter-measuring pump, W. M. Griffin, president, announced. ‘The Canadian Pacific had net earn- | | motor bus business, according to James 1 01d Belt Expects to Market 60 to FINANCI Commodity Notes Furs. FORT WORTH, September 20— Trappers, operating in the hills of west and southeast Texas, report fur-bearing | animals more plentiful than last year Dealers in furs and pelts are prepar- ing for the best shipping season in 10 years. | Automobiles. | COLUMBUS, Ohio, September 29.— | Ohio is second only to California in the | A. Cahill, chief of the motor bus de- partment of the Public Utilities Com- mission. “Five years ago seven-pas- | senger busses were the rule, but now | they are the exception,” said Cahill. Most busses now carry 20 to 30 pas- | sengers. | Wool. MERCER. Pa., September 29.—The | sum of $30,000 realized from the sale of 65.000 pounds of wool in 1928 has been distributed this week to the 300 mem- bers of the Mercer County Wool Grow ers'’ Association. The growers have pooled their wool here for 10 years and | they have broken two State records for collection. Textiles. PHILADELPHIA, September 29.—Im- provement in the textile trade is in-, dicated by a better demand for fine | combed yarns, in which business this week has been larger than for any pre- vious week in the last six months. Lower prices have stimulated buying. The undertone of the market is much firmer, RAINS AND FLOODS HIT TUBACCO CROP 75 Million Pounds in Season Opening Tuesday. Special Dispatch to The Star, DANVILLE, Va. September 29.—On Tuesday morning the bells of the to- AL.” EASY MONEY FAILS TOBOLSTERTORKS Reaction Described as Nat- ural Correction of Top- Heavy Condition. By the Associated Pres- NEW YORK, September 29.—Despi several vigorous attempts to bring about a geveral rally in prices, the stock market lost ground this week for the first time since Midsummer. Curiously, the decline took place in the face of relatively low call money renewal rates. which heretofore had been considered an important “bull” factor. Trading was in large volume, the daily average of sales running well over 4,000,000 shares. In the absence of any adverse trade developments, the reaction this week was described in brokerage circles as a natural correction of the top-heavy speculative position created by the | recent rapid advance in prices. In general, the decline was an orderly one. There were frequent rallies which car- ried several of the motors, steels, oils coppers, foods and specialtics to new high records. Speculators Worried. With time money loaning at 7% to [ 712 per cent and some of the large banks reported as disinclined to rencw expiring loans, the credit situation was | again a source of worriment to the | speculative element. Brokers' loans showed a further increase of $54,000.- 000, which was less than generally ex-~ pected, but which brought the total to within $40,000,000 of the record high established just prior to the June break. Sterling hovered around the “goid import” point, but no further ship- ments were reported from Great Britain, where Germany has been a heavy buyer of gold in the last fev weeks. Wall Street received some en- | couragement, however, from reports bacco warehouses in the old belt of Vir- ginia and North Carolina will usher in another selling season. Danville expects to sell between 60 and 75 million pounds of tobacco between that time and next March, when the market will close. The crop is below the quality of that marketed last year on account of the heavy rains which created flood condi- tions within three weeks. The rains caused much tobacco to rot and ~drought spot” a disease peculiar to to- baceo, is evidenced this year, according to Harry S. Moore, county demonstra- tion agent. who believes that farmers in this belt will not be able to sell more | than 75 per cent of the crop. Some of the tobacco is so inferior that the planters are leaving it in the fields and intend to plow it into the ground, as it will be worth more to them as fertilizer than it would be as salable tobacco. WESTERN MARYLAND COAL EARNINGS LAG Special Dispatch to The Star. BALTIMORE, September 29.—Due chiefly to reduced coal business, West- ern Maryland Railway's gross revenue for the first three weeks of September continues to lag behind last year. Total earnings for that period were $1067,736 compared with $1,315.605. This represented a 19 per cent decline, This followed a 14 per cent decrease in gross revenue for August, but as a re- sult of sharp economies in operation, net income for that month, reported yesterday, was not far below the 1927 figures, amounting to $226,574, com- pared with $292,975 that Argentina was shipping gold to {New York. The Argentine government | paid off a $12.000.000 loan in New York | this week, failure to renew it being attributed to the high interest rates prevailing here. | | Weekly steel trade reviews reported | that production and consumption were | being maintained at high levels, and | stressed the possibility of heavy rail- | road buying in the near future. United States Steel common crossed 161 to a new high record. but fell back later on profit taking. - Other steels were slug- gish, | Motors Fluctuate. Coppers ran into profit-taking after several issues, including Anaconda, Cerro de Pasco and Howe Sound, had been carried into new high ground on buying influenced by the recent stiffen- ing in commodity prices. Oils also pre- sented several points of strength, par- ticularly the refinery issues which are expected to make a splendid showing in the last half of the year, but the gains were not maintained. Motors fluctuated in rather erratic fashion. General Motors failed to cross the peak established last week, but Chrysler, Packard, Graham-Paige, Hupp and the Chandler-Cleveland issues moved into new high ground before the advance was checked by realizing. Rails showed a much firmer under- tone on buying, presumably influenced by the announcement that freight car traffic in the week ended September 15 had set a new high record for the vear, and was 10,000 cars above the same week in 1927. The figures con- tinued to fall below those of 1926, when there was a heavy movement of coal to seaboard for export to Eng- land, which was then in the midst of a miners’ strike. APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Keith-Al pf(7).. Kelly-Spring... Kelly Tire 6%pf Kelly Tire 8% pt Kels Hayes(2).. Kelvinator Corp Kennecott (6).. Kinney pt (7)... Kolster Radio. . Kraft(gl%). Kresge(11.60). . Kresge SS pf(8) Kresge Dept S.. Kroger Gro(e1). Lago 011, Lambert (1613). Lee Tire & Rub. Lehigh PC pf(7) LehighVal(3%) Lehn & Fink(3). Lite Sav(1.60).. Lig Myers(5).. Lig & Myrs B 16 Liq Carbonic(4) . Loew's(13)..... Loew's pf(6%). ings of $4,775789 for August after | taxes, against $3862,148 in August, 1927. Net for eight months this year | . o & was $24,927,084, against $20,001,224 a Located in the District of Columbia Jear sgo: i and adjacent Suburbs of Montgomery Stockholders of American Sumatra and Prince Georges Counties, Md. Tobacco Co. will be asked at the an- | & /2 () | | i | | i house as an active partner and Mr. Hendrick will be a special partner. Both are prominent Washington business men. Mr. Hibbs said l;gai{]lmwduyt‘thldt he 3% 8 had no intention of selling out and re- - tiring from the business. He will con- ‘é:‘l‘";’;i&‘l"“;' lég"' 1;:“ 1:’;%:” tinue to take an active part in the man- | Chlu & Hecla(2) 33 3% 33 agement, although he will naturally | Can D“Y“‘.‘ 1,2)). 2”"" e e shift some of the burdens to other | Can Facifictlul, 217 218 216 shoulders. His friends state that a man | Case hresbe(6) 360 364 - who has been as active as Mr. Hibbs, | Gont AMOYEE): 4% 195 who is in splendid health, would never | SERtUTY 3 £ Cerro de Pas(5). W 99 961y tb‘erecnnunted a minute if he should re- Certain-Teed(4) 40 20% 40 Chandler-Clev.. 12% 124 12 D. C. Bankers’ Council in Session. Chandlg-Cl Df.. 24% 24% 234 Ches & Ohio(10) 183t 183 182! The September meeting of the Coun- | Gx & Sormacsy. "sor ‘oo 'Sii cll of Administration of the District | Cni & Alton..... 11% 11% 111 Bankers’ Association met yemrdnlyqan- Chi & Alton pf.. 17% 18% 175 ernoon at headquarters, President Flem- | cny & gast 11l pf 63% 63% 63% ing presiding. It was voted to hold the | Chi Great West. 141 14l 14 regular meeting of the association in|Chi Gt West pf. 34% 54t 3 October in the evening. This was done | Chi M1l & St P.. 35% 37% last year with splendid results. The|Chi Mil & StPpf 52% b55% bankers have much more time for dis- | Ch: & Nwn(¢).. 85 86 cussing and acting on important | Chi Pne Tool(6) 130 134 matters. Chi RI&Pac(6). 127 128 The next few days will see many |CR1& P pf(6). 100% 100% 100% leading local bankers out of town at- [CR1& P pf(7). 107% 107% 107% tending the American Bankers' Associa- | Chickasha (3)... 514 53 513 tion convention. In addition to those ! Childs(z.40). 50% b51% 504 mentioned yesterday it is expected that | Chile Co(2%). 2% b2% John B. Larner, Harry V. Haynes, Rob- | Chrysler(3). 119% 1174 ert N. Harper, Joshua Evans, jr.; James | City St B 6% 881 881 884 A. Soper, 1. J. Roberts, T. Hunton Leith | Cluett-Peab(5). 72% and Richard Norris will visit Phila-|Coca-Cola(6)... 167 delphia during the session. E. E.|Collins& Aikmn 62 by Mountjoy, Washington representative of | Col Fuel & Iron. 70% T0% 69% the American Bankers' Association, left | Col Gas & E1(5) 12545 125% 124% here this noon for the convention. Con- | Col G&E pfA(6) 107 107 107 troller McIntoch will be one of the|Col Carbon(4).. ~97% 97w 96% speakers as will Representative McFad- | Com Cred( 1).... 33% 33% 33% {den. E. J. McQuade and M. F. Calnan | Com Cristpf 613 87 = 87 = 87 | will also attend the sessions. ComlInvTr(3.60) 116% 116% 114 Com InTrpf 6% 95% Heard in Financial District. Com Solvents(8) 21 i Washington banks are making an- gl‘j':‘l‘,’g:r”rg)-- 841 other tax instalmat payment under | (ot ST - protest pending the ruling by the courts | core?, AR - on paying taxes on ‘the interest from A tax-exempt Liberty bonds. Cong Cgrs (16). Secretary Mellon states that the com- | Conley Tinfonl ing Treasury issue will take the form Consol CgracT). of Treasury certificates. Con (i (5..). Today is the last day of daylight sav- | Consol Gas(b). . ing and the local broker houses will Q“":DI cfl!bl) f)s open Monday on the Winter schedule. (éun ‘I‘T“ ?”D Nearly 350 students are already regis- 0""" "A 102-0- tered in Washington Chapter, American gomfl ner B Institute of Banking, the number indi- | (ontainer . cating new attendance records. Cont Baking A.. Cont Baking B. American Ice Earnings Compared. | Cont Bak 2;" 2 For the first eight months of the | Cont Cant present year the earnings of the Ameri- | Cont lnsur;g;) can Ice Co. ran about 27 per cent|Cont Mot (80¢).. | ahead of the same period last year. L“'“f’m”é“"' g0 208 s July and August were most favorable [ COtY sl % 1T i 1o the ice business, but in only one CGrucible 8¢ (8). T4 T T7 month this year, March, were earnings [ Crucible p! R | lower than in 1927. Cubsiene SmIT L o A% Following table shows profits, after | Cuba Company.. 23 et |interest, but. before depreciation and Federal taxes, for each of the first eight Cuban Am 8(1). 17% 17% Cudahy Pkg(4). 69% 69% ||| months of 1928 and 1927. 1928. Curtiss Aero(1). 139% 142% 139 Curtiss Aerorts. 8% 94 8% Cushmann pf(7) 135% 135% 135 $95.468 Cutir-Ham(3%) 58 58 58 109529 Davison Chem.. 61% 6% 61 217,664 De Beers (a7c). 24% 24% 244 404111 701,402 Del L& W(t7).. 130% 130% 130% Devoe A (13.20). HaY ’.'M 1,112,954 Pilots—New Equipment . 1,112 —Safe Landing Field. | L eveeness 1,151,463 Diamond M(19). 16 Dodge Bros A... 23% Travel- |8 months’ total...$3,871,998 Also fast air service to *Loss. Dome Mines(1). 874 Drug Inc(4).. 112 | New York, Philadel- | phia, Chicago, Rich- l Byer&Co...... 136 138% 1354 Byer & Co pf(7) 112% 112% 1124 By-Prod(12.75). 176 % k Calif Packg(4).. 78% 78% 787% Callahan Zinc... 34 Superior Steel. Sweets of Amer. Tenn Copper(1). Texas Corpn(3). Texas Gulf Sul(¢ Tex Pac C & Oil. Tex Ld Tr(new) Thatcher Mfg. The Fair(2.40). Third Avenue. . Tidewater AsOil Tid WASO1Ipt(6) Tidewater Oil 80 Tide W Oil pf(5) Timken(15).... Tobac Prod (8). Tobac Prod A(7) ‘“T'ranscont Oil Trico Prod (2% Udwd El F'(4).. Un Bag&Paper. Union Carb(§).. Un 01l Cal(2)... Union Pac(10). Utd Biscuit 1.60. Utd Cigar St(1). U S Distributing U S Hoftman(4). U S Alcohol(5). S Leather..., S Leather A.. S Realty(4).. Rubber..... Rub 1st pf.. Smelt (3%). Sm pf(3%) U S Steel(7).... U S Steel pf(7). U S Tobacco(3). Uni Leaf Tob(3) Uni Pic 1st pf(8) Univ Pipe & Rad Uni Pipe pt(7).. Uul P&L A(e2). Vanadium(t4).. Van Raalte..... Vick Chem(4).. Victor Talkg(4) Va-Caro Chem.. Va-Car Ch pf(3) Vivaudou Co.... Vulean Detin.,, Wabash..... Waldorf (1%) Walworth(1.20) Ward ClA(8)... ward Baking B. Ward Bak pf(7) Warner Bros Pic Warrenlst pf(3) Warner PicA... Warner-Qu(2).. Warren Bros(4) Warren F&Pipe. Web & Hell..... W Penn El pf(6) W Penn El pf(7) West P Po pf(7) First Mortgage and Construction Loan increase in authorized common stock to 225000 no par shares from 175,000. Additional stock will be used to pay the 3 per cent stock dividend recently declared and for future corporate pur- poses. August net operating income of the Detroit, Toledo & Ironton, Henry Ford's railroad, rose to $338,170 from $63,431 in August last year and to $1,210,819 | for eight months of 1928, from $588,120 in the same period of 1927. E. J. Kulas, president of Otis Steecl Co. and Midland Steel Products Co., sald on his departure for Europe that steel prices were clearly headed for higher levels. Consolidated income account of American & Foreign Power Co. for the year ended June 30 shows gross earn- ings of $24,177,970, which includes earnings of subsidiaries from acquisi- tion dates only, and net earnings of $12,806,158, before depreciation. Applications Invited at 5Y2% Glover & Flather 1508 H St. NW. Main 1753 115 21% 117% nual meeting October 17 to approve an INTEREST 96 Aéfiy to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA 1001 15th St. N.W. 35% b52% Main 8100 85 Local Unlisted Stocks and Bonds Bought, Sold and Exchanged BOND DEPARTMENT WILSON REALTY CO., INC. 1036-38 National Press Blds. Maln 7472 avd 7413 120 29% 15 3T 68 4 100 108 Lorillard Co. ... Louisiana Ol LoulsGasA (1.75 Ludlum St1(2).. McCrory A(2).. McCrory B(2).. McKeespt Tin P} Mack Truck(6). Mackay pf(4)... Mad Sq Gar (2). Magma Cop(3).. allison & Co. Mallison pr(7).. Man Elec Suply. Man El m2g(d5) Maracaibo Oil.. Marland Oil... . Marlin-R(13%). Martin-Parry Mathieson(6) May Dept S(4).. Maytag(13).... Maytag pf (3).. Maytag 1st pf(6) Melville Shoe. ... Mengel Co. Mexican Se: Miami Cop(1). Mid-Continent.., Mid-Cont pf(7). Middle States. .. Mid States ctfs. Midland pf(t12) Miller Rubber. . Mo Kan & Tex.. Mo K&Tex pf(7) Missouri Pacific Missour! Pac pf. Mohwk Car 215 . Montgmry W (75 Moon Motor. ... Mother Lo(30¢). Motion Pic Corp Motor Meter A.. Motor Prod (2). Motor Whl(2).. Mullins Mfg. Murray Corp. Nash Motrs(16) Nat Acme (sta). Nat Bellas Hess NatBHess pf(7) Natl Biscuit(7) Nat Cash R A(3) Nat Dairy(3) Nat Dept Sto: Nat Distillers. Nat Distillers p Nat Enamel & S Nat Lead(5).... Nat Pow&Lt(1) Nat Radlater Nat Radiator pf. Nat Supply(t6). Nat Surety(10). Nat Tea(4)... Nevada C(1%).. N Y Alr Br(3) N Y Central(8). N Y C & StL(6). N Y CStL nf(6) NY NH & H (2). N Y NH&H pf(7 &N X Oat&Westa Capital and Surplus $3.000,000.00 u u u us us us us $3,000,000 OIL MERGER RUMORED IN WALL ST. By the Associated Press. NEW YORK, September 29.—Wall street heard today that five indepen- dent oil companies having properties in California, Arkansas and Texas have been merged to form a $3,000,000 com- pany, known as the MacMillan Petro- leum Corporation, with headquarters in Los Angeles. The merger is believed to have been brought about by R. S. MacMillan, president of the MacMillan Refining Co. of Los Angeles, which, with the | MacMillan _ Petroleum Products Co., | Borger-Texas Co., Boner-Heldon Co. and Independent Oil Co. of California is included in the consolidation. | It is understood the corporation will | operate refineries at Signal Hill, Calif.; Borger, Tex', and El Dorado, Ark., in ad- dition to ofi fleld workings. % ~ INVEST SURPLUS FUNDS IN OUR First Mortgage Notes —yielding an unusual return to the investor. Secured by first trust on the usual high-standard residential properties handled by EVERw+GO [(REALTORS] 1415 K St. N.W. Telephone ) Ask for Mr. Dean. Money Crises “No one is free from occasion- al money crises. They just hap- pen, that's all. A sudden ill- ness—medical attention, maybe with hospital expenses, de- mands ready cash. TScores of other po such nature make bank. “Start building it THIS VERY PAYDAY. Almost any amount will begin an account at this old interest-paying bank. We've a pass book awaiting you. Open Until 5:30 P.M. Qct. 1st and 2d OFFICERS WILLIAM D. HOOVER. WOODBURY_ BLAIR Money to Loan Becured by first deed of trust on real estate. | Prevailing interest and e ission. Joseph 1. We“: 420 Wash. L. & T";:I’ DIVIDENDS. Boxes at Moderate Rentals B & F Pay- Hldrs. of 17 n 100% 815 843 84y, 112 116 31% Company. Alliance Realty. . Am Coal of Alles Bancroft(J.) &S, N Bell Tel of Pa. . Q Sep. gy:xl;l fpe.Bd/L)RCxo L. 31535 Q anvv West Md 2d pf.. e bl 3 West Pacific. ... West Union(8). Westhse A B(2) Westinghse(4). Westhse 1st(4), Weston Electrie White Eagle(2). White Motors(l White Rock(2). White Sew Mach Willys-Ov(1.20) Willys-Ovd pf 7. Wilson Co pf A, 28'% Wilson & Co pt. 674 Woolworth(5).. 192% Wright Aero(2) 163% 1674 163'% Yellow Truck... 39 39% 39 39% Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half-yearly declarations. * Unit of tradirg :: 2 100 shares. t Partly extra. % Plus 4 stock. # Plus $3 in preferred stock. ¥ Plus 1/25 in stock. & Paid this year—no regular rate. ay- Plus 5je in stock. Same Rate of Interest Paid on Large and Small Accounts Trust Officer 1927. Asst. Treas. *$42 Asst. T 29,940 117,905 171,754 354,073 621,134 955,733 804,566 $3,035,063 See— Great Falls, Mt Ver- non, Arlington and Getigsburg. These His- i toric Points of interest from the Sky-Cabin or Open Ship. Experienced ||| J2nuary . i | February 4 . 2T% March . i 87% 40 87 2915 993, 284 6705 1943 Phil & C Ferry Phillips-Jones pf Plymouth Cordage. Rich Radlat 993 28% 679 1920 s. DEKOPER VICTOR KAUFFMANN EDMUND D. RHEEM M. A H. CHURCH ALTER C. CLEPHANE ZIER DULANY, Jr. FRANK STETSON % 12 112% 58% 400 118% 178% 59 33a WILLIAM WILLIAM Dupont (113.50) 389 400% 389 HARLEY Du Pont deb(6). 118% 118% 118% Bastman(t8). 178 178% 178 Eaton Axle(2).. 59% b9% 59 Eisenlohr&Bro. 33% 34 & Litingn pr(6's). 108% 108% 108 Eleo Auto L(4). 112 113 111% Electric Boat... 10% 10% 10% ElecPow&Lt( 391 39% 39% Elec P&Lt pf(7) 108 108 108 Elec Stor Bat(5) 90% * 90% 891 Em Brantgm(A) 8% 814 1nd-John(5)... TR T TR doglagwa PubS 47 Sk &7 B. WILLARD P. WILSON National Savings & Trust Co. Oldest Savings Institution in the District of Columbia 62nd Cor. 15th and New York Ave. Year Rail Orders Listed. NEW YORK, September 29 (#).— 1|| The Chesapeake & Ohio’s recent, order for 45,000 tons of rails was distributed among_Illinois Steel, Bethlehem Steel and Inland Steel. The Union Pacific's order for 40,000 tons went to Colorado Fuel & Iron, Illinois Steel and Inland | Sicel. The Great Northern's for 15,0« was given in Tnland Steel, Beth- lebem Steel and 1hinois Stegh ... . 16% 45 107% 104% 00 300 279 278% 3 27 26% 2 43% 43 176 174% 124% 123% 106% 106% 1 66% G4l 125 112% 28 . 4l 28 Dunhill Int(4).. 58% 58% H8% mond and other cities. Hartford Elec 3 ianhattan’ Rubber. . ..50c Merch N Bk (N Bed) 3% Initial. A .10c In Nov. ot 23y g 1206 - Oec. 2 Vorclone Corp pf.....70c @ Nov. Increase. Banco DI Sicilia Tr.2'2% Q Oct. Omitted. Tariff Reasonable. Potomac Flying Service Hoover Field South Washington, Va. Main 2331 for Reservatio; engers Called for ond Ret 106% 64k . h Partly sgock. s share _quarterly Pavable 1/{0 share auarterly in stock. m e Stores common stock., N Plus v = T80 4 United Ci ar Cons Lead & Z A4 % a siocls 1 2o, B.