Evening Star Newspaper, October 20, 1928, Page 26

Money to Loan Becured by first deed of trust on real estate. Prevailing interest and commission. # 420 Wash. L. & Trust Joseph 1. Welley 420 wash. 1. k3 Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Kepresentins Mutnal Benefit Lite Ins. Co 1520 K Street Main 475 Consult Us First If vou need monev for vour Real Estate financing Tet us have vour application today. Prompt Service No Appratal Fee The Commercial National Company Tneornorated Paid np Cash Capital. £000.000 Commereial National Bank Blde. T ath and 6 Money Available for FIRST DEED OF TRUST LOANS On Cempleted Properties and for Construction Use Reasonable Interest and Commizsion Rates JAMES F. SHEA 643 Lowsiana Ave. N.W. Let us have your apphc “LOANS ON REAL ESTATE Immediate Action Courteous Treatment for itselt Percy H. Russell Co. 1731 K St. N.W. The Mutual Seriai Building Association p Organized October. 1392 Under Government Supervision Subscribe NOW for stock in the 37th Series Shares $1 Each, Payable Monthly 5%, Interest paid on your savings John Finn President Thomas E. Petty Seeretars 1421 You Street N.W. J. Walter Stephenson Treasurer 306 3th Street S.W. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. { First Mortgage a!\d 1 Construction Loan ] Applications Invited at 5%% Glover & Flather 1508 H St. N.W. Main 1753 STRENGTHEN YOUR BOND ACCOUNT Buy MUNICIPAL 4 % 6% Interest Income Exempt from Income and District Taxes Mortgaze Notes, guaranteed by t insurance companies, ists in these securities, our Le auines ( courteous attent We Loan on Above BANKERS BOND & INVESTMENT COMPANY Specialists in Municipal Bond: § 734 Sonthern Buildinz ~ Main 1 Wachington, N. ( Over a Third of o Century'’s Ezxperience Apartments ——and their successful, in- come-increasing manage- ment have been among our specialized activities for over a Third-of-a-Century. Bring your renting operating trouble to We b service to you, and us. eve we can be of 7 B. F. SAU! Maimn 2100 923 5.6 H Sth St l “ $1,739.15. || 58,821.87 in Scptember, 1927. (CAPITAL TRAGTION NET INCOME DROPS | Septemher Report Shows Decline From Same Period Last Year. RY EDWARD €. STONF According fn th> September report of the Capital Traction Gn.. filed with the Public Utili ] income for 533.036.11 pared with a net income of $51.- 865.93 in the corre- spondinz period in Net income Auguet of this vear was §20,159.20 The fai net income com- pared with Se tember. {927, aoparentiy largely due to the differ- ence 1 tne number of revenue passe: gers carried on the companys lines. In September of t vear 4.519.715 pa: sengers peid_fares. 48iS.557 pascengers Arthar Foraker. the | i | used | Operatina revenu amounted fn 3 income of & with a net operating return last 264.664.36. Nine Months Tncome Reported. The Capital Traction Co. alzo report- cd carnings for the f.rst nine months of ar. Operating revenue | 8€. against $3,516,314.60 | d last vear. Operat- 31, com- 20. e: . ageinst 8274.646.24 for the first nine months of 1927 After the deduction of operating | expanses and taxes the company re- | ported a gross return from operations| of $691.574.21. in comparison with $719.833.03 in the corresponding period | last vear | The ccmpany reported a non-operat- {ing income for the nine months of §21,- 032.03. compared with a similar return of $33.937.97 a year 2go. So far this car 43.712.502 revenue passengers have uzed the Capital Traction lines, while in the same period last year 43,255,216 rev- enue passengers availed themsclves of the sarvice. pared with Taxi Transit Cempany Reperts Loss. The Washington Rapid Transit Co. made its September repert to the Pub- | lic Utilities Commission today. The bus lines reduced ‘the earnings deficit com- pared with September of last year by | ross revenues in September of this year amounted to $40,904.59, compared | with $37,732.98 in the same month a !year ago. This was an operating gain of $3.171.56. Operating expenses ware $42 heavier this vear, being $44,2382.02, against $44,- 230.86 in 1927. The deduction of ex- penses showed an operating deficit for the month of $4,188.74, compared with 57153.72 last year, a cut of $2.964.98. The company's income balance at the cnd of September showed the net deficit | for the month to have been $7.092.72. | compared with the higher figure of | Young Broker Advances Rapidly. Arthur Foraker, manager of the Washington office of Eastman, Dillon & Co., is one of the youngest brokers in | the country to be in charge of an im- portant branch of a New York Stock Exchange firm. He has held his pres- ent position for nearly four years. Mr. Foraker is the son of the late J. B. Foraker of Ohio, who served in | the upper house in Congress for 12 years. His father was one of the most | prominent Senators of his time and| whan he came to Washington had al- ready served two terms as governor of | the Buckeye State. / | ‘While thz son was born in Cincinnati, i he came here when very young, his; father entering the Senate in 1897. Six years ago the appeal of ths brokerage business took him out of the automo- bile field, in which he started his busi- ness caree H2 is a member of the Washington Stock Exchange and of | i scveral clubs and is about 36 years old. Suggests Way to Higher Profits, ing the fact that “one of our rv's greatest needs at t! is profitable agriculture,” 8. J. High, president of Peoples' Bank & Trust Co., Topeka, Miss., told the State | bank division of American Bankers' As- | socjation that the farmer must be put | more on a cash basis. ‘ “Large crops are not the solution for the farmers' problem” Mr. High said, “because large crops usually lower the price. Diversified crops and live stock | are his need; in other words, a supple- | mental crop, or produce that will bring him a monthly income. In most tions this can be accomplished through | the pig, chicken and cow. They utilize the rough feeds grown on the farm { and e'iminate having to prepare and | grade them for market. Gleaned in Financial District. Sacretary Mellon sent a floral tribute, as did several other Treasury officials, | to the funeral of Benjamin Strong, gov- rner of the New York Federal Reserve Bank, services being held in the Brick | Presbyterian Church in New York | Thursdav, ‘The American Stores Co., which re- cently took over the Old Dutch Market chain in this city, has declared an extra dividend cf 50 cents, payable Decem- ber 1 to stock of record November 15, ond the reguler quarterly dividend of 50 cents pavable January 1 to stock of record December 15. { Plans for improving the monthly bulletin of the District Bankers' Asso- ciation have been laid before the pub- licity committece by Chairman George O. Vass. Assisting Chairman Vass in the publicatron of the periodical are James A. Soper. vice chairma; Baird. J. T. Exnicios, T. Huntc eit! Lanier P. McLachlen. C. H. Pope, F. P. | H. Siddons and Laurence A. Slaughter. Advertising Committee Meets. Eliot H. Thomson, chairman of the | advertising committee of the District | Bankers' Association, held a meeting of | his n sterday afternoon to | plan for the co-operative advertising of | + maz clubs again this year. method. which has met with such iant success in the past. will expanded this vear still further. Other members of the committee at vester- day's meetinz were Claude H. Wood- | &3 gine. | Certain.' NEW YORK STOCK EXCHANGE Reccived by Private Wire Direct to The Star Office. Abitibl Power (4 Abitibi Po pf6) Abr & Straus rts Adams Exp (6). Adv Rumley. ... Adv Rumley pf. Ahumada Lead. Air Redetn (13). Ajax Rubber. Alaska Junea. Allled Chem. . A'lled Cm pf(7). | Am BK N pf Am Beet Sugar. Am Bosch. .. Am Erown Bov. Am Can(2) Am Can pf(7 | AmCar&Fdy (6) Am Chain pf(7). Am Chicle(3). .. AmChie pr pf(7) Am Druzisie) . . Am Encau T(3). Am Express(6 Am & For Pow. Am&For Pr 24 7 Am Hide & Lea. Am Hide & L pf. Am Home Pr(3) Am lceit214), Am lce pf(6). Am Internatl(2) Am Lakr&Foam Am Linseed. Am Locomot Am P & L(g! Am Radiator(s) Ar Ry Exe6). Am Republic Am Raz( Am Ship & Com. Am Smelting(8) AmS&Rpl7). Am Snuff(12),, Am Stl Fdys(3). Am Sugzar Am Sumatra (3) Am Tel & Tel9) Am Tobacco(8) . Am TobaccoB(8§ Am TypeFo(8). Am Type pf(7). AmMWW&ISIel) Am Whise pf(7) Am Woolen. | Am Woolen pi Am Wi Pa pf cfe Am Zine pf Anaconda (4). Archer-Dan(3). Arch-Dan pf(7) ArmourDel pf(7 Armour. 11I(A). Armour, 111(B). Armour. 111 pt(7) Arnold Con & Co Art Metal(13%). Asso Lry Gizly Asso D G 1st(6) Atchison(10). .. At Coast L(110) AU Gulf & W1, AUGUIf pf(3).. Atl Refining 4) . Atlan Ref pf(7). AtlasPowder(4) Austin-Nichols., Austin-Nich pf. Auto Sales pr(3) Bald Loco pf(7) Ballo & Ui6)... Bambgr pf(61) Bang & Ar pt(7) Barker Bros(2). Barnet Leather. Barnsdall A (2). Bayuk 1St pf(7) Beacon O Beachnut. Belding-Hemwy Best & Co(3)... Bethlehem Steel Bloomingdale. . Blmingdle pf(7) Blumenthal pf.. Booth Fisheries Borden Miik(§). Botany Mills(A) Briggs MIgFCo. Brockwy Mot(4) Brockway pf(7) Bklyn-Man(4).. Bklyn-Man pf(6) BklynUnGas(5) | Brunswick B(3) Brunswick Ter. Bucyrus(1).... Bucyrus cv(zi) Buff R&P pf(6). Buff & Susq. ... Buff&Sus pf(4). Burns 5rosa (8) Burns Bros(B). BurnsBros pf (7) Burroughs(t4). Bush Term (g2) Bush Ter de(7). Butte Cop & 2., Butte & Sup(2), Butterick Co. .. | Byer&Co .. Open, 434 87 1% 410 b8% 6% A% 83% 9 6% 231 12:% 10% 3% 1 By-Prod(12.75). Calif Packg(4). Callahan Zinc. . Calumet&Ar6). Calu & Hecla(4) Can Dry (14%). n Pacific(10). Canon Mlis 2.80. Case Threshy Cent Alloy(2). Cen Ry NJ (712 Century Rib M. Cerro de Pas(5) ed(4) Chandler-Clev. . Chandler-CJ pf. Ches & Ohio(10) C&O Corpn(3). Chi & Alton. Chi Great West., Chi Gt West pf. Chi Mil & St P., Chi Mil & StP pt Chi & Nwn(4).. Chi Pne Tool (6) Chi RI&Pac(6). ickasha (3). Childs(2.40) Chile Co(214}. Chrysler(3). City Inv Co(10 o City St B69% stk Coca-Cola(6). .. Collins & Aikmn Col & Aik pf(7). Col Fuel & Iron. Col & Southn(3) Col Sou 1st(4).. Col Gas & El1(5) Col Carbon4). Columb Carb rts tom Crede1). .. Com Cr pfi1%). Com Cristpf 614 CominvTi s 60) Com Inv (war).. Com In It pf 614 tom Solvents(8) Com Powr(13), . Conde Nast(2). . ‘ongoleum-Nair Cong Cgrs (16). | werd. Robert L. Flather and C. W, Shoe- | . Retail Food Prices Ilizher. Retail prices of food in_the United States increased nearly 2% per cent | from August 15 to September 15 and nearly 2% per cent since September 15 | a year 2go, according to the Bureau of Statistics of the Labor Department. During the month ended September 15 prices' of 27 articles increased, 6 de- creased and 9 showed no change. All cities showad increases for the year en September 15, advances ranging from 5 per cent in Cincinnati, Scran- Vork, Atlanta, Houston and Jack- sonville, Refrigerated Ships. 1pz will D! g B, Cont Bak pf(8) Cont Canis).... Cout Can pf (7). Cont lusur6) Cont Mot (80¢). ‘orn Procralg ). Coty Inc (8).... Tucibie St (b) . SubaCaneSugar uba Cane Su pt uba Company Cuban Am S(1). Cudahy Pkgi4) Curtiss Aerot1) Curtiss Aerorts Cushmann pf(8) Cutir- Ham (g ) Cuyamel Frui. Davisan Chem . Debenhms 8) Del & Hud(9) ., : rda 2nd Tngland in Noven bor for transportation of citrus fruils, Del L& WitT) Detroit Ed (rts) Devoe A (13.202. " 136% 1704 55by 6% 607 150 172% 172% 1321y 110 6114 110 19 484 5219 5lia 1093 &7 987 113 924 18% 8% 8514 41 28 47% 102 192y 163 48% 56 195% 115 53 . Low Close. ! 43 1704 170% 128 110 61 110 19% 46% 504 485 109y, 1394 129 15 b53% L Open. Hi Diamond M(19). 166 16 2 Dodge Bros A... Dome Mines(1). Drug Inc(4) Dul $S & Atlan. Dunhill Int(4).. Dupont(113.60) Du Pont deb(6) . Bastman(18). .. Eaton Axle(2).. Eisenlohr&Bro. Eitingon (2%) .. Eitingn pf(6%) . Blec Auto L(4). Electric Boat. .. ElecPow& Lt (1) Klee Stor Ratih) Eng Pub Ser(1). Eag Pu S pf(5). Buwit Bldg (2) Erie R R. Erfe 1st of. . Eureka V(11). Fairbanks(3). .. FedLizht (h140) Federal M & Sm ed Min pf(7).. ed MotT (f80c) Fidelity-Phoenx First NatS(1%) Fisk Rubber. ... Fisk R 1st pf cv. ielschmanni3) Florsheim (A).. Florsheim pf(6) Fox Fiim A(4).. Fox Filmrts. ... Freeport (16%). Gabriel Snub A. Gardner Motor. . Gen Am Tnk(4). Gen Asphalt. n Cable. ..... n Cable A(4). Gen GasA (01%) Gen GasBiell;) Gen G & E1 A(8) Gen Ice Crm(3). Gen Motors(7). Gen Mot deb(6) . Gen Mot pf(7).. Gen Qutdr Ad(4) GenOutdrAd(2). Gen Ry Sig(5).. ien Ry 8 pf(6). ven Refrac(3) .. | Gillette S R(c5) Gimbel Bros Glidden Co. .. .. Glidden pr pf(7) Gold Dust (5)... s00drich(4). Goodyear Tire. . Goodyr 1St pf(7) Gotham(323). . Gothamn v §2% Gotham (rts)... Gothm pf exwar Graham-Paig Granby Min(4). Grand Stores(1) Grand Unton. ., Grand Un pf (3) Grant WT (1).., Grant W T rts.. Graselli (2.68).. Grt North pf(5) Gt Nor pf efs(5) Grt Nor O(1%). Grt Wn Sug 2.80 Greene Cana(4). Guantanamo Su. Gult Mo & Nor. . Hacknsk W (1) Hartmn B(1.20) Hershey Corp. Hershey pf(4 Hoe& CoA..... Hollanger & Son Houshold(14).. Houston Oil. ... Howe Sound (1), Hud Man(23).. Hud Man pf(5). Hudson Mot (5). Hupp Mot (£2).. 1llinots Cen(17). Ind Oil (1%5)... Indian Mot(134) Indian Refining. Indlan Refg ctfs Indust Rayon. .. Inland S(k16% ) Inspiration Cop. InterboroRapTr InterconRubber Internat Agri Lt Ag Ch pf ( Int Bus Ma(5).. Int Cement(4).. Int Com Eng(2) Int Harv(j6)... Int Mer Marine. Int Mer Mar pf. Int Mtch pf 3.20 Int Nickel (3)... Int Paper(240). Int Prig Ink 2. Intl Silver pf(7) Int Tel & Tel(6) Intertype (11%) Jewel Tea(4)... Johns-Manv (3) Jones Tea. . s Jordan Motor. .. Kan City South. Kan C So pf(4). Kayser J(5).... Keith-Albee. ... Keth-Al pf(7). | Kelly-Spring. .. Kelly-Spring (n) Kelly-Sp'g (rts) Kels Hayes(2)., Kelvinator Corp Kennecott (), Kinney pf (8) Kolster Radlo., . Kraftigly). Kresge(r1.60). . Kresge Dept 8. . Kress SH(h11;) | Kroger Grocel). Kreuger & Toll. LagoOti....... Lambert (16%). Lee Tire & Rub. Lehn & Fink(3). Leh Por Cmt 23 LehlghVal(3%) Lima Locomtve. Lig Carb (14%). Loew's(13)..... Loew’s pf(615). Loft ceieee Loose-W(1.60). Lorillard Co. Louisiana O11 La Oil pf(6%).. LoulsGasA(1.75 Ludlum Sti(2).. McAndrews 2.60 MeCrory A(2).. McCrory 8(2).. McKeespt Tin P} Mack Truck(6). Macy Co (2).... Mad Sq Gar (2). Magma Cop(3) Mallison & Co. Man Elec Suply. Man E) m2g(d3) Man Shirt(2)... Maracatbo Oil. . Market St prior. Marland Oil. . .. Marlin-R(13%). Mathieson(6) .. May Dept S(4) Maytagird) ... faytag pf (3. . felville Shoe(1) lenzel Co Mexican Seab. Miam Cop(1).. Mid-Continent. . Middle States. .. Mid States ctfs. Miller Rubber. . Minn & St Louls Mo Kan & Tex. . Mo K&Tex pf(7) Missour! Pacific Missour! Pac pt Mohwk Car 215 . Montgmry W (16 Moon Motor.... Mother Lot30c) Motor Meter A .. Motor Prod (2). Motor Whi2).. Mullins Mfg. Munsingwr(3) Murray Corp... Nasn Motrsci6) Nat Acme 1sta) Nat Relias Hes < Natl Biscuit(7) Nat Cash R A(3; 28 120 183% 270 138% 172 37% 12 igl 7 Low. Close. 166 28 118% 1771% 61% 55 36 1095 13 167% 28 s Nat Distillers. Nat Enamel &S__ Nat Pow&Lt(1) Nat Radiator... Nat Radiator pf. Nat Supply (16). Nat Surety(10). Nat Tea(4)..... Nevada C(1%). N Y Air Br(3) N ¥ Central(8 NYC&StL(6). Y NH&H (2). Y NH&H pf(7 Y Ont&Westn Y State Rys pf N Y Stm pf(6). . N Y Stm pfA(7) Norf & Wn(110) orAm b10% st} North Cent(4) North Pac (5) Nor Pac cfs(5). Norwalk Tire. .. Ofl Well Supply. Ofl Well S pf. N N N N Otis Elev(17).. Otis Steel...... Otis Stl pr pf(7) Pac Coast 2d pf. tacific Gasi2). . Packard Mot t4) Pac Lightg (3).. Pacific Mills. ... Pac Ol Stubs. . . Pan-Am Petrolm Pan-Amer Pet B Pan-Am Wn B.. Panhandle. . Paramount. Park & T1l (13). Park Utah(80c). Pathe Bx... Pathe Ex(A). Patino M(2.92). Peerless Motor. Penick & Ford. . Penn C&Coke. .. Penn Dixie Cmt. Penn RR (3%). People’'s Gasi(8). Peoples Gas rts. Pere Marqg(i8) Phila& RC&1.. Phil Morris(1). . PhillipsPet(1%) Plerce-Arrow. .. Pierce OIl. . Plerce Petrolm. Pillsbury (12.10) Pitts Coal. Pitts Coal pf. Postum (3). . Pressed Stl Car. Produ & Refinrs Pub Serv NJ(2) Pub Serv pf(6). Pub S NJ pf(7). Pub SE&G pf(6) Pullman Co(4). Punta Aleg Sug. Pure Oil (50¢).. Pure O1l pf(8).. Purity Bak(3).. Radio Corp..... Reading Ry (4). Real Silk Hos. .. Reis (R) & Co. . Remingtn-Rand Rem-Rd 2d(8).. Reo Mot (t115). Rep 1 & S(4).... Reynolds Spngs. ReynldsTobB(5) RhineWstphalia Richfleld Oil(2). Rossia Ins(5). . Royal D(a3.222) St Jos Lead(t3) " | StL & SFr p£(6). StL&Southwest. Savage Arms(2) Schulte (3%).. Schulte pe(8). .. Sears-Roe($2%) Seneca Copper. . Shattuck FG(2) Shell Un(1.40).. Shubert The(5). Simmons Co(3). Simms Pet Sinclair Ofl. Sinclair pf(8) Skelly O11(2). Snider Packg Snider Pkg pf.. So Po Sug(12%) South Calif Ed.. South Dairtes A. South Dairies B. South Pac(6)... SouRyM&Ocfs 4 Spang Chalfnt. Spang Chal pf Spear & Co Spicer Mfg..... Spiegel Co (3).. Std Com To(f1 SWUG&E (3%). Std G & B pf(4). Std Milling(5).. Std O Cal(2%).. StOINI (113) . StdOINY (1 60) . StdSanPro(1.68) Stanley Co..... Stewart-War(6) Strom Car(2)... Studebaker (5). . Submarine Boat Sun Oil (m1)... Superior Ofl Superior Ste Tenn Copper(1). Texas Corpn(3). Texas Gulf Sul(+ ‘Tex Pac C & Uil. Tex Ld Tr(new) ‘The Fair(2.40). Thomp J R(3.60) Tidewater AsOil Tidewater O1l 80 Tide W Oil pf(5) Timken(16).... Tobac Prod (8). Tob Prod ctfs B. Transcont OIl. . Trico Prod(2%) Twin City RaTr. Udwd EI F(4).. Un Bag&Paper. . Unionr Carb(6).. Un Ofl Cal(2)... Union Pac(10).. Utd Biscuit 1.60. Utd Cigar St(1). Utd. Elec. Coal. . Utd Fruit(16%) U 8 Distributing U S alcohol(5) 0 S Leather S Leather A.. Lea pr pf(7) Realty(4) Rubber. Rub 1st pf.. Smelt (3%). Sm of(3%). S Steel(7)..-. U S Tobacco(3). Uni Leaf Tob(3) Uni Pic 1st pf(8) Univ Pipe & Rad Unt Pipe pf(7).. Uil P&L Ace2). Vanadium (14). Van Raalte. ... Van Raalte pf.. Vick Chem (4). . Victor Talkg(4) Va-Caro Chem.. Vir-CarCh pf(6) Vivaudou Co Vulcan Detin... Waldorf(1%). . Walworth(1.20) ward Bak:ng B Ward Bak pf(7) Warner Bros Pic 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 Union(8) Westhse A B(2) Westinghse(4) Weston Electrie Weston A(2)... Wheel & LL E pf. White Eagle(2). s ] s s s s 0. o U u u u o u White Sew Mact Willys Ov(1.20) Willys-Ovd pf 7 Wilson & Co. . \Wilson Co pf A Wilson & Co pf. Woolworth(5).. SATURDAY, OCTOBER Open. High. Low. Close. < 114 L14% 113 28% 29% 284 113% 28% 424 42% 40% 40% 46 39% 19 1324 237 102% 38% 30% 9% 11% 26 65% 204% 487 _46 _ T 397 T 39 19% 19 49% 49% 111 306 303 28% 4014 1747 124 644k 1124 26 2813 100 112 181% 3 8474 A 1025 98 6% 2614 100% s 104 814 2359 33 93 30 49% 9614 77 30 1 48 49% 17% 144 48% 90 10% T 26% 34% 4674 39% 19 49% 111 308% 310 29% 40 174% 126 64 112% 27% 28% 100 12 181% 3 8% 1027 98 6% 26'% 100% 11% 8% 235% 33 98 30 1, | have moved in the same direction, fol- 20, 1928. STOCKS IRREGULAR IN SHORT SESSION Heavy Realizing Sales Follow | Price Rise—Trading Is Heavy. BY GEORGE T. HUGHES. Epecial Dispatch to The Star. NEW YORK, October 20.—Heavy week end realizing accompanied new buying on the Stock Exchange today and brought about a highly irregular price movement. Some stocks sold off substantially while others pushed ahead into new high ground. The turnover was large, more than 1,000,000 shares changing hands in the first hour, and the tone was nervous. On the side of advance were several Industrial specialties, most of which had | figured prominently earlier in the week. Montgomery Ward crossed 350 in the first hour to a new peak, an astonishing performance considering the rise that stock has already had. May Depart- ment Stores, National Tea, Woolworth | and other merchandising stocks were strong. The first two named set new 1928 tops. | Against these advances were reactions | in the motor stocks. Apparently the quarterly statement of Hudson Motor stimulated selling in athers of the group. | Hudson _itself lost from one to two| points. Studebaker, below 83, was down 5 points from the top of the day be- fore. General Motors was under pres- sure and at 218%; wasmufl & pl;‘u'ncs.i - Copper stocks were strong. Americ Sme‘fl;\'eg and Refining sold above 270 for the first time in its history. Anacon- da made a new top on the movement, the best since the war years. There was some basis for the advance in the trade news. Domestic copper was reported to have sold at 15% cents, the highest in time. s !Xa:tzmnuonsl Nickel moved erratically. | first up and then down as previous sellers for the decline attempting to extricate themselves from their danger- ous position collided with “longs” taking profits. ‘There were other strong spots, among them Consolidated Gas in the utility list and Barnsdall in the oils. Both| were actually bought. The general run | of industrials was much mixed. Mathie- son Alkali, Johns-Manville and Murray Corporation all made new highs early in the session. Radio sold off and General Electric did the same. Rails were quiet but generally firm. The September earnings statement be- gan to_come out including Erie and Nickel Plate. Each made a good show- ing, particularly the latter. BROKERS’ LOAN TOTAL INCREASES $470,000,000 Snecial Dispatch to The Star. NEW YORK, October striking tendencies are exhibited in the latest report of brokers’ loans, which have reached another new higher record have increased $470,000,000. One of these is that not only have the loans of private bankers, foreign bankers, investment trusts, insurance companies and individuals gone up as money rates have been more profitable than other forms of capital investment, but the loans in the call market of both New York banks and out-of-town banks «lowing the tendency to contract such +loans during the Summer, or after the first efforts of the Federal Reserve to check the bank loaning movements. Since July 25 loans of “others” have expanded $232,000,000. Those of out- of-town banks have, in th2 same period, risen $182,000,000, and of New York banks $67,000,000. For a while the de- crease in the loans of the banks here and elsewhore nearly offset the increase | of those lenders who, for the first time, | were taking advantage of average rates for money higher than any since 1921. Now all of the elements in this situation appear to be forcing as much of their funds into the open market as they can safely employ there. Following the break in stocks early in July there was a decrease in loans in three weeks of $404,000,000. At the present time loans are $100,000.000 above those of July 27. They are $1,230,000,000 greater than on this date in 1927. This represents a 12 months’ expansion in accommodations to the stock market of 35 per cent. In contrast with this situation is the gradual reduction in the borrowings of the banks at thz Federal Reserve. For a while these ran well above $1,000,- 000.000. Today they are down to about $936,000,000. Gov. Young of the Federal Reserve Board stated three weeks ago that he would b: gratified if these bor- rowings were no higher than $1,000,000,- 000 on January 1. They will be rising toward the end of the year under the influence of a large withdrawal of cur- rency for holiday purposes, but it is doubtful if they will again reach the peak of August and September. There are three districts in the Fed- cral Reserve system. namely, Boston, Richmond znd Kansas City. whose re- serve ratio at present is higher than that of a year ago. All of the others are considerably lower. notably New York, Philadelphia, Atlanta, Minneapolis and San Francisco. The total for the entire system is 67.3 psr cent, compared with 75.1 per cent in the middle of October, 1927. | Sl BRAB;TREET'S REVIEW. NEW YORK, Octobar 20 (4).—Brad- street's review for this week says: The continuance with a wider rangs of warm weather has tended to slow up retail trade further, with a slightly more marked effect upon jobbing trade in Fall and Winter goods, but espe- clally upon clothing, shoes and other lines of apparel. Hence, the rather general statement that the impetus given wholesale and retail distribution | in September by cool weather has been slowed down. Industry has not greatly changed, but there seems a trifle less snap to some metal consuming activ | ties, such as automobile manufacturing, which is thought to have reachad a seasonal peak in September. Iron and steel prices, however, are if anything stronger, with some curious fluctua- tions noted in rates of operations, some eastern Pennsylvania and eastern Ohio mills sending relatively the highest per- centages of active operation, but all of them well ahead of a year ago. Col- lections are rather slower if anything, which is credited partially to some holding of grain by farmers for a bet- ter price. Weekly bank clearings, $12,062,900,- 000, an increase of 5.5 per cent over a year ago. New Stock Oflefi;g. NEW YORK, October 20 (#).—An offering of 40,000 shares convertible no- par preferred, $2.20 cumulative divi-| dends, of the National Battery Co. is being made. This stock is convertible into common on a share for share basis, The company operates plants at Chi. c¢ago Heights, St. Paul, Kansas Ciiy, Los Angeles and North Bergen, N. 41 171 Worthn Pump. . Wright Aero(3) Wrigley (15%). ., Yale&Twne(15) Yellow Truck... 37w 374 371 7 Youngstn Sh(5) 931 931 9is 13 Dividend rates as gt 1 are’the annual cash vayments pasog o g Iatest quarterly or halts SUnit of trading rss. tan 41 169% KUY 6815 40 166% % T4l 69 681 stock v stock 1 Plus 2 s 1/120 share auarterly stock. Payable 1/10 share quarterly United Cigar Stores common stock. B Ph 1% % in’ stock. 20.—Some | Ge, Cord R: level and, in the past three months, L WAR EXPLOSIVES USED AS AIDS TO INDUSTRY By the Associated Press. TNT, the terrifically destructive ex- plosive used in the World War, has been domesticated. The Department of Commerce reports that more than 126,000,000 pounds of TNT and other explosives manufactured for military use have been successfully used for industrial purposes, such as the construction of dams and reservoirs, draining swamps and clearing land. The suggestion of the Bureau of Mines that the great stocks of explo- sives left over after the war be used | for peace-time projects at first met with adverse criticism, and the bureau was | forced to demonstrate the practicability | of such use. Destruction or continued storage of the explosives would have in- volved heavy expense COTTON PRICES STEADY. Market Closes One Point Lower to Six Higher. NEW YORK, October 20 (#).—The cot- | ton Market opened steady at a decline | of 3 to 8 points, and soon showed net | loses of 6 to 12 points under a re- newal of Southern selling and week end realizing, accompanied by reports of generally good weather in the South! and continued talk of an easier spot basis. December sold oft to 19.46 and | March to 19.40, but the decline was | checked at these figures by trade buy- | ing or covering and prices showed rallies of 4 or 5 points from the lowest | by the end of the first half hour. Futures closed steady, 1 point lower to 6 higher; October, 19.78; December, 19.57219.58: January, 19.54a19.57: March, 19.50219.52: May, 19.36a19.38. Spot steady; middling, 20.05. Cae NEW INVESTMENT TRUST. BALTIMORE, October 20 (Special). —Formation of a new investment trust, to be known as Capital Administration Co., Ltd., incorporated under the laws of Maryland, is announced by banking interests sponsoring the organization. The new company, which will have au- thorized securities in excess of $20.- | 000,000, a substantial portion of which will be issued in the near future, will conduct a general investment trust busi- ness and will have the co-operation and advice of prominent English bankers. The management of the assets of the company will be in the hands of the Security Management Co. of New York, subject to the control of a board of ¢irectors, which, under present plans, will include Irving Fisher, Ambrose | Ber.kert, Boston; Lindsay Bradford, | Artemus L. Gates, William S. Gray, jr.; | Reg Halladay, Edward P. Maynard and Melvin E. Sawin of New York. DIVIDENDS. REGULAR. Pay- Hldrs. of al Pe. Rate. riod. _able. record. 3 ‘11”';5 Feb. . 20 Company. Am. Chatillon pt. Do pf.... tal ‘Wi Bank of Montreal Blauners * (Phil ... Bond & Mort, G 3 Emporium_Capwell._ 50c Gen. Reinsurance.$1.25 e & Rub. .1 Brtrs Mttt s G RRRR ap P. Sec. Pac PU& Lt ol 19 'ac. P. ), L 1%% Radio . of A, A OFig.” pf. Shev. Stores, Tn Skelly Ofl. > p02p 09000 0O2pPOOOLDp; Art Metal Wks.22%ic Ex Nov. Manches. Cot. M'15.10% Ex Nov. BONDS. Bank of Montreal..2% ACCUMULATED. Wheeling &L. Erie.17% Acc Nov. INTERIM. Dibenhams Sec.. 8hj..*mc .. Ltd. (Am. Fruit. PORTLAND, Oreg., October 20.—The largest fruit cargo in months is now on its way to Great Britain on the steam- ship Royal Star, which is carrying 106,000 boxes of Pacific Coast apples to England. The exports of apples from this port are expected to reach 600,000 boxes. Steel. YOUNGSTOWN, Ohio.—Orders for fabricated steel and steel shapes con- tinue to come in, despite vague rumors that there is a slump in building oper- ations. All local fafricators are well employed. Coal. UNIONTOWN, Pa.—The Oliver No. 2 mine, a bituminous producer, has re- sumed after a long shutdown. It will produce 1,200 tons daily for a by- product plant at Troy, N. Y. Chemicals. NEW ORLEANS.—Manufacturers of industrial alcohol are in a strong posi- tion and the demand for this product for anti-freeze mixtures for automobile radiators is counted on to spur con- sumption all Winter. RAIL PURCHASE COMPLETED. KANSAS CITY, October 20 (#).— Purchase of the Kansas City, Mexico & Orient Railroad by the Atchison, To- peka & Santa Fe Railway was com- pleted here yesterday with the pay- ment of a check for $3.600,000 to W. T. Kemper of Kansas City, president of the Orient, and associates. Officials of the Santa Fe were elected to fill the places vacated by members of the Orient management. Yesterday's payment concluded the entire purchase of the property for $14,- 507,500, with the Santa Fe assuming a mortgage to the Government of $2,500,- 000. The balance of the purchase price was paid English note holders a month ago. In Nearby Virginia Prudential 51/2% lmll;‘:a::el::o. Loans Commonwealth Investment Co. 917 15th St. N.W. Phone Main 2623 WE FINANCE —all classes of income-producins oroperty Large Loans a Specialty Current interest rate and commissior Higbie & Richardson, * - 816 15ty St. N.W 5 COMPLETE FINANCING ~Ist & 2nd TRUST MONEY On homes, apartment properties. No apprai- sal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jacksor Pince Ma'n 1403 APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the Di sitict of Columbia and adjacent suburbs in Moutgomery and Prince Georges Counties, Md. 512% INTEREST Apply to _H. L. RUST COMPANY LOAN CORRCSPONDENT The PRUDENTIAL INSURANCE COMPANY O 1001 15th St. N.W, F AMERICA % Main 8100 100% Meat A veteran explorer of the Arctic made the claim that a human being could live indefiritely on a diet consisting of 1009 meat. To prove it he is now submitting to a thr ee-months’ tost— under medical supervision—of abe staining from all other foods. ® Whether or not a person's food diet should be limited to meat, his finan- cial diet is usually better off if it “is 100% meat—100% sound securie ties of the non-fluctuating type. Swartzell, Rheem & Hensey Company has dealt in non-fluctuating securi. ties exclusively for In all that time no fifty-nine years, investor in the sound First Mortgaze Note offerines of this timo-tested ever suffered loss. organization hzs Our currant of- ferings yield 6%. List on request. SWARTZELL, RHEEM & H MORTTAGE 727 15 STR ENSey Co. BANKERS EET N. W, / WASHINGTON D.C.