Evening Star Newspaper, October 27, 1928, Page 28

BANKERS PRESSING EXPANSION PLANS Association Council Holds Session—Gas Earnings Up. New Suburban Bank. BY EDWARD C. STONE. Further plans for expansion of the work of the District Bankers' Associ- ation were developed yesterday after- noon at the monthly meeting of the couneil of administration. With Presi- dent Robert V. Fleming presiding, it was voted to send out letters at once asking member banks to delegate rep- resentatives to attend meetings rela- tive 1o the forming of the safe deposit and fiduciary sections. At the last meet- ing of the entire association it was voted to add these two sections, to- gether with an auditing section to the association’s activities. The repre- sentatives from the different banks will meet in the near future and each new section will be formed. The meetings will be held on different dates. The auditing section has already been or- ganized, as it was brought into exist- ence last year under the guidance of the American Bankers' Association. Gas Earnings Show Improvement. Net earnings of the Washington Gas Light Co. for the nine months ended | September reached $530,582.98, an in- crease of $103,211.22 over the corre- sponding period of 1927, according to the monthly statement filed with the Public Utilities Commission yesterday. September earnings were reported at $17,631.56, a falling off of $16,691.24 under totals for the same month last year. Operating revenues for the month likewise showed a decline. The Sep- tember total of $393,819.76, compared with $405,521.14 a year ago. Operating expenses for September climbed $7,281.21 to a total of $286,- 206.87. the report stated, and taxes ‘were $34,323.70, as compared with $37,- 192.13 a year ago. Operating income was $70,244.54, a decrease of $16,824.45, and gross corporate income reached $75,085.46, as against $88,371.14 in Sep- tember, 1927, Operating revenues for the nine months ended September 30 were re- ported at $4,072,782.86, a gain of $126,- 949.20 over the same period of last year, whereas operating expenses were $2.718,712.57, an increéase of $19,843.58. Gross corporate income reached $1,041,- 302.83, as compared with $909,722.10 a year ago. The Citizens' Bank of Riverdale has ‘been organized under a Maryland char- ter and will open for business on Mad- ison avenue on November 15. The new bank will have a capital of $25.000 and $25.000 surplus and will serve Riverdale, East Riverdale. University Park, College Heights, College Park, Lakeland, Ber- wyn, Berwyn Heights, Branchville, Dan- fels Park, Hollywood and Beltsville. William P. Magruder, vice president of the First National Bank of Hyatts- ville, is chairman of the board of direc- tors, and C. A: M. Wells, president of the First National Bank of Marlboro, is president. Other officers include Harry C. Byrd, vice pred%gltl lcge ‘::_::‘“un:- versity of Maryland, vi ent; Dr. S. M. McMillan, second vice presi- dent; E. W. Reibetanz president of the Riverdale Park Co., third vice president. G. Sherman James, for 20 years con-. nected with the National "Bank of Was] , is cashier. The First Na- tional of Hyattsville has been designated clearing agent. Georgetown Gas Report Filed. The Georgetown Gas Light Co. has filed its statement with the Public Util- ities co‘g“mhum ;nhnwln(l ne:ml.nwme aggregating $81,950.89 for nine months ended September 30, an in- crease of $2,795.22 over figures for the corresponding period of 1927. The company decreased. earnings for the month of September, the total of $7,143.91 for the month, comparing ‘with $7,231.74 in September a year ago. Operating revenues in September ‘were $64,335.41, as compared with $60,- 672.65 at the same time last year, and operating e: ‘were $49,652.63, as against $46,679.06 a year ago. Operat- ing income reached $10.224.70, falling $746.65 below the total for September, 1927, and gross corporate income was $12,187.49, climbing $240.84¢ above the total a year ago. Operating revenues of the George- town Gas Light Co. for the nine months ended September 30, were $636,579.19, 2n. increase of $81,051.61 above figures for the corresponding period of last! 8514032, o gain of s5300058. O .746.22, & of ,060.56. Op- erating income for the nine months was Teported at $112,514.68, an increase of $9,984.65. Acacia Mutual Reports Gains. With business aggregat more than $42,000,000 for the flntut';l'ree quarters of 1928, and its total business in force increased to $290,000,000, Mutual Life Association has set an en viable record. President William Mont- gomery reported. to the directors that, in addition to these increases, assets of the association were raised more than $3,500,000 during the first nine months of the current year. With this increase Acacia’s assets now stand at more than $27,000,000. President Montgomery said that it was evident: that this year the “elec~ tion bugaboo” was having virtually no effect. Acacia’s branches in all sections are reporting steady gains, and business filflum the line was improved over ‘The local insurance executive further asserted that life insurance as a whole was unaffected by the election, showing that for September, for instance, record- breaking business was written for the companies as a whole. B. & 0. Reports on Revenues. ‘The Baltimore & Ohio Railroad to- day reported on earmings for September and the first nine months of the present year. September ne: railway operating income was $5,825,868, compared with $4.885,458 in September of last year, a gain of $940,410. Net railway operating income for the nine months amounted to $34,342,586, in comparison with $36,305,584 in *he same period a year ago, or a decrease this year of $1,962998. During the nine months of this year revenue freight traffic fell off $11,367.- 700 compared with last year and pas- senger traffic was also lighter by a total of $1,780,008. Charles D. Boyer, cashier of the Fed- eral-American National Bank, is pass- ing the week end at Afton and Natural Bridge, Va. The Interstate Commerce Commis- sion has authorized Walter P. Chrysler of Chrysler Corporation to sit as di- rector on board of the Erie Railroad. The volume of business during the week ended October 20, as seen from data on check payments, was greater than in the previous week, but showed a small decline from the same period of last year, according to the wekly state- ment of the Department of Commerce. Raymond Lewis has been chosen president of the Security Club of the American Security & Trust Co., at an- nual elections held at the bank. Other officers named were Appleton Cady, first vice president: Miss Helen Kuy- kendall, second vice president; Miss Margaret Cuddy, secretary; Miss Clara Gainor, treasurer: Frank M. Perley, main branch; Miss Frances Carrick, southwest branch: Alfred Harmon, cen- tral branch; Leonard Clark, northeast branch, members of the board of gov- ernors. Gov. Roy O. Young and G. R. James of the Federal Reserve Board returned to Washington after a week's inspection trip in the South, during which they visited Dallas, San Antonio, Houston, New Orleans and Memphis. With their return every member of the Reserve Board except Charles S. Hamlin is in Washington. FINANCIAT, l Abltibl Power (4 Abitibi Po pfi6) Abrahma&Straus Abr&Stras?% of Abr & Straus rts Adams Exp ($) Adv Rumley. Adv Rumley pt. Air Redetn (13). Ajax Rubbi Alaska Junea... Albany Papri2) Alliance Rity (i3 Allied Chem. ... Allis-Chaim (7). Amal Leather. . Amerada2).... Am Agricul Chm Am Bk Note (2). Am Beet Sug pf Am Bosch Am Brown Am Can(3). Am Can pr(7 Am Chicle(3)... Am Drugt80c). . Am Encau T(3). Am Express(6). Am & For Pow.. Am&ForP pf(7) Am&For Pr 2d 7 Am Home Pr(3) Am Ice(t2%)... Am lce pf(6)... Am internati«2) Am LaFr&Foam ) Am P & Li12) Am Po&L pf(6). Am Radiator(5) Am Repubtic. .. Am Saf Raz(15) Am Seating3).. Am Ship & Com.. Am Smelting (3) Am Snuff pf(6). Am S & R pf(7). Am St Fdys(3). Am Sugar. . Am Tel & Tel(9) Am Tobacco($). Am TobaccoB($ Am Tob pfi6).. Am TypeFo(8). AmWWist pf(6) AmWW&El(cl) Am Whise pf(7) Am Woolen. Am Woolen p Am Writ Pa cifs Ar: sinc. Anaconda Andes Copr Tsc. Archer-Dant3). Arch-Dan pf(7). Armour, 1I(A). Armour, 11I(B). Arnold Con & Co Art Metal(1%). Asso Lry Gi2% Asso D G 1st(6) Asso UIl(2). Atchisont10). Atchison pf(5). Atl Coast L(710) Atl Gulf & W1., Atlan Ref (n)... Atlas Pow pf( Al pr(3) Autostrap A(3). Bald Loco pt(7) Barnsdall A (2). Barnet Leather. Bayuk Cgrs (2). Bayuk 1st pf(7) Beacon Ol .... Beachfut(13).. Belding-Hemwy Best & Cot3)... Bethlehem Steel Beth Steel pf(7) Bloomingdal, Bimingdle pf(7) Blumenthal pf.. Booth Fisheries. Booth Fish 1st., Borden Milk§). Boston & Maine. Botany Mils(A) Brixgs MfgFCo. Brockwy Mot(4) Bkiyn-Man(4).. BklynUnGas( Brunswick B(3) Brunswick Ter. Brun Term rts. Bucyrus(l).... Bucyruscv(zi) Bueyrus pt(7).. Buff R&P pf(6). Burroughs(14). Bush Term(g2) Bush Ter de(7). Butte Cop & Z Byer&Co...... Calif Packgt4).. Caliahun Zinc. Calumet&Ar ). Calu & Hecla (4) Can Dry (14%). Can Pacific 1), Canon MIls 2.80. Case Threshi 6) Cent Alioy(2).. entury Rib M. Century R pf(7) erro de Fas(5) ertain-Teed (4) Certo Corpni74) Chandier-Clev Chandler-C} pf. Ches & Uhio(10) Chi & Alton, ..., Chi & Alton Chi Great West. Chi Gt West pf, Chi Mi1 & 81 P.. Chi Mil & SLP pf Chi & Nwn4).. Chi Pne Tool(§) Chi Ri&Faci6), Chickasha 3) Childsi2.40) Shrysie: ) City St B 5% sik Coca-Cola6)... Collins & Atkmn Col K'uel & Lron. Col & Southn(3) Col Gus & Kith) Col Carboni4). Columb Carb rts Cow Credu)). Com Cristpf 6 Cominvird tu) Com lov (war).. Com Lni Tr pt 614 Com In Tr pf(7) m Powr(13)., nde Nast(2).. Congoleum-Nair CousolGas pf(5) ConRRCuba pf 6 Consol Textile. . Container B 6Ve. Cont Baking A Cont Baking B.. Col & t Mot (80c). Corn Procviie ). Corn Prod pf(7) Crucibie St (8). Cuba Company. Cuba R Rt4.80). Cuban Dom Sug. Cudany Pkgte). Curtiss Aero(1) Cushmann pf(7) Cutir-Ham31) Cuyame! Fruit.. Den RG Wn pf . Detroit Ed (rts) Devoe A ( Diamond Mi19) Dodge Bros A Drug Ine(4). Dunhiil tnted). . Dupont (113 50) Du Pont debi6). tastman18)... Knton Axle(2).. Kinenlohr& Bro Eitingon (2%) .0 bl Com Solventsi¥) zi Coty Inc (8).... THE EVENING Received by Private Wire Direct to The Star Office. Open. High. Low Close. | A2 424 4% 420 86 36 K6 86 113% 113% 113 113 109 109 109 109 3 3 3 3 324 324 324 524 4 118% 182 HRW 6 354 Elec Auto L(4). Etectric Boat. .. ElecPowaLi(1) Elec P&Lt pf(T) Klec Stor Bat(s) End John(5) Eng Pub Ser( Eng PuSpfs). Euwit Bldg (2) EreRR. Erie Istpf..... Bureka Vit1). Fairbanks(3i. .. Fed MotT (f80c) Fidelity-Phoenx First Nat8(1%) Fisk Rubber.. . K15k Rub 1st pf creischmannid) #oundation Co. Fox Kilm At4)., Freeport (16%). Gabriel Snub A, Gardner Motor. . Gen Am Tnk4) Gen Am TCrt Gen Asphalt. Gen Cab Gen Cable A(4). Gen Cigars4).. Gen Elec(15)... GenEleoc sp(60c) Gen GasA(olp) Gen Ice Crm¢3). Gen Motors(v7) Gen Mot pf(17).. GenOutdrAd(2). Gen Ry Sig(5).. Gen Refrac(3).. Gillette S Kic3). Gimbel Bros. Gimbl Br pf(7). Glidden Co..... Gold Dust (5). Goudrich(4). Good T & R (rts; Gothami3zi). . Gothamn v $214 Graham-Paige. . Grhm-Paige cfs Granby Min4). Grand Stores(1) Grand Unton... Grant W T rts. . Graselli (2.68).. Grt North pf(5) Gt Nor pfefs(s) Grt Nor O(1%). Grt Wn Sug 2.30 Greene Cana(4). Guantanamo Su. Guan Sug pf(8). Gult Mo & Nor... Guif Stat Sti(4), Hanna Lstpf. .. Hartmn B(1.20). HavEl Ry pf(§) Helme G W(5)., Hershey pfi4). Holland Furn Houshold(14).. Houston Oil. ... Howe Sound (4). Hud Man(2%). Hudson Mot(5) Hupp Mot (£2). 11linots Cen(7), 111 Cent pt(§) In10il (1%). Indian Mot(1%) indian Refining. indian Refg ctf; Indust Rayon Inland S(k16%). inspiration Cop. InterboroRapTr interconRubber Internat Agri int Bus Ma(5).. int Cement(4).. Int Com Eng(2). Int Harv(j6)... Int Mtch pf 3.20 lut Mer Marine Int Mer Mar pf. Iut Nickel (3)... Int Paper(24v). Int Prig ink 23. int Ry Cent Am. Intl Salt(5).... Inti Stiver pf(7) | int Tel & Tel(§) Inter Dept Store Isiand Creek:4) Jewel Tea (13). Jonus-Munv (8) Jones Tea...... Jones & Lau(7). Jordan Motor.., K C Po&LtB(6). Kan City South, Kaufmn D 8(1). Kelly-Spring. .. Kelly-Sp’g (rts) Kelly Tire § % pt Ha; Kennecott (6). . Kinney (G R). Kinney pf (8). Kolster Radio. . Kraftgli Kresge( 11.60). Kresge Dept S.. Kress SH(h1%) Kreuger & Toll. Kroger Groel ). Kuppenheim (2). Lago 0. ... Lambert (16% ) Lee tire & Rub. Leh Por Cmt 21 Lehigh PC pf(7) LehighVal(3i) Lehn & Fink(3). Lite Sav(1.60).. Lig & Myra B v6 Lima Locomtve. Lig Carb (1434 ). Lioose-W1.60) Lorillard Co. McCrory A(2).. McKeespt Tin P) Mack Trucki$), Macy Co (2): Mad Sq Gar ( ma Cop(3). lison & Co. .. M Man Elec Suply. nShirtz). .. racaibo Oil.. Marland Ofl.... Marlin-R(13%). Martn-Parry. .. Mathieson:$). . Mathleson pf(7) May Dept Sc4).. Maytage3). tag ot (3), el Co ‘e MetroG pt(139) Mexican Seab. .. AMiami Copi )., Mid Continent .. Mid-Cont pf(7). Middie Stat Mo Kan & X Mo K&Tex uf(7) Missourt Pacifie Missourt Puc pt Mohwk Car 2%. Mobtgmey W15 Moon Motor Mother Lo Motor Meier A.. Motor Prod (2). Motor Whiiz). Mullins Mfg Murray Corp n Motrs(16) Ma M NatCash R A(3) at Duiryd). .. at Dept Stores Nat Knamel & § Nat Leud pfA(7) Nat Lid pf B(6). Open. 118% 1 6% 106 13w % 176 . High. Low. Close. 1185 1120 112 142% 14135 363 175 1724 LT 497 4w 4% 4% 6 56 120 120 180% 180% 65 64l 50 50 155 155 168 165 39 39 121 121 19% 17% 109% 109% 69% 69 19% 165 89 891 112% 92 2314 1424 1623% 93% 116% B e 1 fdln 12 NY & Lack(T).. N Y Stm pfA«T) Norfolk South. . Nort & Wnit10) NorAm b10% st} orth Cent(4) orth Pac (5) Nor Pacefsi5). Norwalk Tire... O11 Well Supply. Otl Well S of... OppmCollins(f4 Otis Elev(17)... 36ty 106ta Facine Coast. .. Pac Lights (rts) Pac VIl Stubs. .. Packard Mo t4) Pan-Am Petrolm m k & Ti) (33). Pathe Bx(A). Putino M(2.92). Peeriess Motor. Penick & Ford Penn C&Cok: Penn Dixie Cmt. Penn RR (3%). Peopi »s Gas rts. Pere Mara(i3).. Phila Co f (3).. Phila& RC& I.. Phil Morris(1).. PnillipsPet(114) Phoeniz Hosiery Plerce-Arrow. .. Pierce UIl. Pierce Ol pf. Pietce Petrolm. Pillsbury (12.10) Pillsbry pf(6%) Pitts Coa Pitte Ct pf.... Pitts&WVa(6).. PortoRicoTobA . PortoRicoTobR. Postal T&C pf 7. Postum (3)..... Pressed Sti Car. Produ & Refinrs Producers&R pf Prophylac( 33 ) Pub Serv N.J2) Pub § NJ pf(7). Puliman Co(4). Pure Oil (50e) Pure Oil pf(3) Purity Bak(3) Radio Corp. RadioCo pf(3%) Reading Ry (4). Real Silk Hos... Reis (R) & Co. . Remingtn-Rand Rem-Rd 1st(7). Reo Mot (t135). Rep 1 & S(4) ... ReynldsTobB(5) RhineWstphalia Richfield Oil(2). Rossia Ins(5). . Royal D(a3.222) St Jos Lead(t3) StL & SenF'(8) StL&SF 2d pd (6) StL&Southwest. StL Swn pf(5) Savage Arms.2) Schulte (j3%) Seab Alr Lin Seab Air L pf Seagrave(el.2n) Sears-Roe($2%) Seneca Copper. . Shattuck FG(2) Shell Un(1.40)., Shubert The(5). Simmons Co(3). 3614 | Skelly Ol1¢2 3o | Snider Pack 60 | S0 Po Sug( 49% | South Calif 474 | South Dairies A. 56 | Soutb Dairles B. 120 |South Pacts). 150% | South Ry (8).... 65 | SOURyM&Ocfs 4 50 |Svang Chaifat.. . | Spicer Mfg. 155 | Spiegel Co (3).. 167 |Std Com To(f1). 39 |SWG&B(3%). 121 1S1d G & Epfi4). 18% [ Std O Cal(2%) .. 109% | StAOINJ (1135) . StdOIINY (160). Std Plate Glass, Std PGlass pf.. StdSanPro(1.68) Staaley Co..... Stewart-War(§) Strom Car(2)... Studehaker(5). Sun 011 (m1) Superior Ofl.... Sweets of Amer. Symington. Tenn Copper(1). Texas Corpn(3). Texas Guif Sul(+ Ty & Pac(5). Tex Pac C & Ofl. Tex Ld Trinew) Thatcher Mfg. The Fair(2 40), The Fair pf(7).. Third Avenue. . Tidewater AsOil Tidewater Oil 80 Tide W Oil pf(5) Timken(¥5). ... Tobac Prod (8). Transcont O1) Trico Prod(2% ia { TWin City RaTr. Udwd E Fi4) Un Bag&Paper. Union Carb(§).. Un 01l Cal(2)... 11% § Unton Pac(10).. 30% | Utd Biscuit 1.60. 71 i Utd Cigar St(1). 27 | Utd. Etec. Coal.. 16% | Utd Fruiti1o%4) U 8 Distributing US Express.... U 8 Alcohol(5). U S Leather. Realty(4).. Rubber. Rub 18t pf.. Smeit (3%) Sm pf(3%). zwLBAE U 8 Tobaceo(3). U S Tobpf(7).. Uni Leuf Tob(3) ni Pic Ist pf(8) Unjv Pipe & Rad ULl P&L Ave). Vanadium (14) Van Raalte pt. Vick Chem(4).. Vietor Talkg(4) Va (‘aro Chem.. Vir-CarCh pf(6) Va-Car Ch pfe7) Va Iron Coal&C. v Waldoiful ). Walworth(1.20) Ward Baking B Warner Bros Pie Warner PicA... Warner Qui2).. Warren Bros(4) Warren F&Pipe W Penn EI A(7) W Fenn €1 pf(6) W Penn £l vf(7) West P Fo(6).. West P Po pf(7) West DairyA (4) West Dairy B t Maryiand. West Pacific. ... West Pacifio pf. West Unioni8) . Westhae A Bi(2) Wastinghse(4). Westhse Ist(4). on Blectrie Weston A(2). White Eagle(2) White Motors] White Roek(2). White Sew Mach Wilcox Oil & G. . Willys Ovi) 200 Willys-Ovd pf 7 Wilson & Co.... Wilson Co bf A. Wilson & Co pf. Wonlworth(5).. Warthn Pump. . Worth Pump(A) 6474 2% Open. 107 112Y% 40 1814 T3% B7in High. Low. Close. 107 107 107 112 24 10 182 % ty 97 % 287 5 100 101% 8% 394 38 % B8 BT 104% | with the STAR. - WASHINGTON,- D - C.. SATURDAY.. OCTOBER NEW YORK STOCK EXCHANGE STOCKS RECOVER | FROM BEAR ATTACK General Motors, Radio and| 0il Stocks Figure in Advances. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK. October 27.—Substantial recovery was staged by the Stock Mar- ket today. Some of the gains were quite large, espécially in stocks which had been under the severest pressure in the sudden selling wave that de- veloped a half hour before the close yesterday. Not all the loss was regained and some stocks failed to participate in the improvement. There was also an un- dercurrent of nervousness, with the haunting suspicion that what had been tried once in the way of a bear raid was pretty sure to be tried again, and perhaps with equal, if not greater, success. Opening Prices Higher. Opening prices were nearly all high- er. General Motors, which had lost 4 points in the preceding session, had re- gained 3 of them when it sold at 219. Chrysler, which was one of the hardest hit motors in the slump, having gone down more than 5 points, was up 2 at 129. United Steel, which was pressed below 160, got back to 162 in the early trading today. More remarkable was the come back in Radlo. That stock had closed at 225'; yesterday. It opened today on a block of 300 shares at 230 and ran rap- idly up above 235, for a net advance of over 10 points. Montgomery-Ward was strong. although it did not do quite as well as Radio. In all of these stocks it was evident there was a good deal of hasty short covering, and the action of the market left doubt as to what would be its course after these repurchases had been completed. Buying was resumed in a few special issues where it had been interrupted yesterday. Western Union was an out- standing feature, selling up more than 10 points to 195, the highest in history. St. Louis-Southwestern had a sharp run-up and above 122 was higher than ever before by a fraction. There was a large turn-over in Jordan Motors at a new high for the year. seeming to sub- stantiate the report that new interests were buying into the company. Oil stocks acted well. They had not been much disturbed by yesterday's liquidation and they were firm or higher today. Simms Petroleum was prominent at a gain of over a point. Shell Union was in good demand. Atlantic Refining advanced 7 points, Copper Stocks Gain. Copper stocks were generally higher, largest gains in Greene Cananea, Calumet & Arizona and American Smelting & Refining. The buying movement gained mo- mentum toward the end and closing prices were the best of the day. West- inghouse Electric was in urgent de- | mand, crossing 114 to the highest of the year. A quarter of an hour be- fore the close a block of 10,000 shares of General Motors sold at 220 and then another block of 2,500 shares at the same price, after which the quotation made further fractional gains. SILVER QUOTATIONS. NEW YORK, October 27 (#).—Bar silver, 58)4; Mexican dollars, 441, POTATO MARKET STEADY. CHICAGO, October 27 (#) (United States Lepartment of Agriculture).— Potatoes—Receipts, 134 cars; on track, 443 cars; total United States shipments, 1,079 cars; trading slow, market weak on russets, about steady on other stock. Wisconsin, sacked round whites, 70a85; sacked Red River Ohios, 90a95; South Dakota, sacked early Ohios, 80a90; ldoasha. sacked russets, 1.50a1.60, few 1.65. NEW YORK BANK CLEARINGS. NEW YORK, October 27 (Special),.— New York bank clearings, $1,306,000,000; New York Federal Reserve balances, $111,000,000; New York bank balances, $122,000,000. Plans Mine Reopening. NEW YORK, October 27 (#).—Ana- conda Copper Mining Co. of Anaconda, Mont., is planning to reopen its Badger State mine at Butte, Mont., with full operations scheduled to commence No- vember 1. The mine was closed March 1 last on account of fire. About 600 men will be employed. The mine has a production of 1,000 tons of ore a day. Praises U. S. Optimism. STOCKHOLM, October 27 (#)— American optimism is a greater asset than cash, states Dr. Karl Petander, Swedish economist, who has just re- turned from a year's visit to the United States. He says he saw signs of opti- mism on all sides, coupled with friend- liness and a desire to help. He was impressed with the way large indust concerns stress the idea of “service. Wright Aeroc2) | Yellow Truck. .. Younzstn Sh(5) 164 a 92 163% 164 36 36% 92 92 in stock. & Plus o7 v stock | Plus 20z in 17120 share auarterly in k. m Payable 1710 chare auarterly in United Cigar Stores common stoek. n Plus 115 in stoek 27, 1928, | Commodity Notes Fruit. SACRAMENTO, Calif., October 27.— An excellent crop of navel oranges is in prospect in California. The move- ment of the new fruit is not expected to get well under way until the sec- ond week in November. Lumber. PORTLAND, Oreg.—Unfilled orders at the lumber mills of the West Coast now total approximately 636,564,500 feet. Production was 11 per cent higher than new business in the last week. Aireraft Engines. DETROIT. — Automobile manufac- tuters are breaking into the airplane engine fleld. It is repeatedly suggested that General Motors is to establish an aircraft division, competing with Continental Motors, Velie and Lycoming, as well as with the makers more defi- nitely affiliated with the aviation in- dustry. Jewelry. PHILADELPHIA.—The demand for jewelry has been well sustained for the | last eight weeks, according to manufac- turing jewelers here. The volume of business has been the best for any sea- son for a long time with special demand manifesting itself for diamonds. Plati- num settings are popular and emeralds and sapphires are being freely bought. INVESTMENT TRUST | FINANCING RESUMED Market for Such Issues Has Now Been Placed on Sounder Basis. | Special Dispatch to The Star. NEW YORK, October 26—One of | the significant trends in recent financ- ing has been the resumption of offerings of investment trust securities. In nearly all cases these represent the common or preferred shares of trusts newly or- ganized and making their first bid to the American market for financial sup- Tt po.!ust a year ago the popularity of in- vestment trusts with the general public was at its height. Because of abuses of public confidence in the management of some of these trusts, since deceased, supervision of their affairs was de- manded by various State authorities. The soeculation in investment trust shares was carried to an extreme during the Winter and Spring along with the boom that occurred in bank and in- surance company stocks. For the past six months the investment trust move- ment and the market for investment trust securities has become stabilized and is today on a sounder basis than ever. Nearly all of the large trusts are in a very liquid position, having not only converted a considerable portion of their holdings of American stocks into cash, but placed these, along with new capital secured from bond and stock sales, in the call money market where they have had the advantage of the high rates prevailing since July. Profits in numerous instances have been from one to three times greater than income derived from interest and dividends on investments held. While many of the investment trusts have been out of the American market for some time they have been increas- ing their holdings of foreign securities. Markets abroad still offer attractive bargains for those who know the real worth of these securities. The return on various German internal bonds, for instance, has been much higher than on similar dollar bonds. A case in point was mentioned today by the president of the investment trust whose company recently bought on a 12 per cent basis an underlying bond of a company which | brought out a junior issue in New York in dollars on a 7 per cent basis. Other profitable markets have been those of Fran Great Britain, Italy, Greece, Turkey and Japan. It is expected that for the time being part of the funds now raised on new investment trust shares will go into tne call money market, which offers a high rate with no risk. All of the investment trusts are looking forward to the day when they can get back into the Ameri- -~ - FINANCTATL. IRELAND SEEING SIGNS | OF PROSPERITY AHEAD | By the Assoclated Press. DUBLIN, October 27.—The Irish Free State regards the decline in its adverse balance of trade as a sign of returning | prosperity. A vear or two ago the gap between | imports and exports was nearly $100.- 000,000. Now it is only $66,000,000, with exports rising and imports falling. The change is ascribed largely to construc- tive agricuitural legislation and a de- cided improvement in Irish marketing methods. For instance, Ireland has been im- porting bacon. The country has a taste for American bacon, so it has been | customary for the farmers to sell off | their own pigs and buy American ba- | con for the home table. But bacon im- ports now are being reduced, the decline | $0 tar reaching nearly 20 per cent. With a view to favoring home manu- facture, the Free State put heavy im- parel. The unexpected result was that imports of such goods showed a sub- stantial increase. The home producers have increased their output and the in- crease is believed now to be due to a general improvement in the purchasing power of the people. SEABOARD INCOME REPORT. BALTIMORE, October 27 (Special) — September brought a decline of $35.618 in net income of Seaboard Air Line which totaled $16.811 after all fixed charges with the exception of the ad- justment bonds. Gross operating re enue for the month declined $517.377 to a total of $3,969.267 Net income for the adjustment bonds in the first nine months was $652.443. This represented a decrease of $710.640 compared with the same period in 1927 Gross operating revenue for the period was $4.676.113 below last vear and totaled $42339.872. September net in- ome fell considerably below the montn- Iy proportion of adjustment bond in- port duties on boots and wearing ap. for LOANS on Located in the Di INTE H. The PRUDENTI. 1001 15th St. N.W, COMPANY OF AMERICA terest, amounting to approximately $104.,000 APPLICATIONS INVITED IMPROVED PROPERTY isitict of Columbia and adjacent suburbs in Montzomery and Prince Georges Counties, Md. 5%2% REST Apply to L. RUST COMPANY LOAN CORRESPONDENT AL INSURANCE Main 8100 STAFE EERS.T —h ,our =4 Over a Third of a Century not prir retu Without a Loss Main 2100 THERE servative 6% FIRST MORTGAGE producing real estate offers A Partial Payment Plan puts these mortgages within reach of all. B. F. SAUL CO. IS NO SUBSTITUTE FOR SAFETY MORKT EXPERIENCE as proved to thousands of investors that the con- pon improved, income- only absolute safety of 1cipal, but also the highest irn consistent with safety Available in Ambunts of $250 -and Upward 925 15th St. N.W. can stock market at a reasonable level and raise their proportion of American stocks, now very low, to a better bal- ance with the stocks of foreign corpo- rations. The latest trust to make an offering of shares expects to have a portfolio in which the common stocks of 45 American public utility companies and of 15 foreign electric light and power corporations will be the basis of investment. BALTIMORE BANK DEPOSITS. BALTIMORE, October 27 (Special). — Deposits of Baltimore’s national and State banks, exclusive of savi in- stitutions, totaled $393.580,897.35 on September 29 and October 3, the dates of the latest Federal and State calls, according to figures compiled by the Baltimore clearing house. This repre- sents an increase of $2,645.395.75. com- pared with June 30, when the last bank calls were made. The latest compilation of bank state- ments shows that the First National Bank holds first place among these banks, with deposits of $67,450,874. Baltimore Trust came second, with $52,797,319, and Union Trust, third, with $33,310,456. Chemical Merger Planned. BALTIMORE, October 27 (Special).— Merger of the Seaboard Chemical Co. of New York into other company producing industrial alcohol, the name of which was not given, was announced here yesterday by the Industrial Alcohol Institute. All details of the combina- tion, however, were withheld. AS STATE B8y GOVERNMENTAL DIVISIONS GROSS TOTAL 2,673,23/, 000 S TATES 1.9% COUN PU DISTRI MUNICIPALITIES 59 .3 %o By the Arsociated Press. NEW YORK, October 27.—While the national debt has been shrinking from $25,500,000,000 in 1919 to $17,600,000,000 this year, the total State and local debts has tripled since 1913, and now exceeds $10,700,000,000, the National In- dustrial Conference Board reports. Both trends are regarded as normal, for the national debt usually swells enormously in times of war and dimin- ishes rapidly thereafter. Bebts of States and municipalities, however, are said to be subject to continuous growth. Cities have taken t} new debt recently contracted. the board NATIONAL DEBT SHRINKING BONDS ISSUED, 1924-1927 16.3% UTILITIES & IMPROVEMENT 29.2 % SCHOOL 12.8 %% SOLDIER'S larger share of | EXPENSES GROW BY PURPOSE OF ISSUE NET TOTAL 35,550,238, 000 MISCELLANEQ ELIES BLIC ICTS BONUS 1.7 Yo adds., due to their rapid growth and larger needs for capital outlays. States, | however, are assuming a larger portion | because of increased State activities, particularly in highway construction. A chart prepared shows the share and purpose of State and local debts, as represented by bond issues from 1924 to 1927, and the purposes for which the debts were incurred. Market conditions this year have tended to restrict new offerings by States and municipalities, and the total for the first nine months is estimated OF THE Cop or 7000 B. C. kind. For centuries it in coinage. But no mi conceived the widespre: metal was destined to copper. duct electri coast to coast, to set Co. serve only two. promptly and unerring services, and through that you may read of B . . or correspons o riod of 1827, iy Tle STORY ATING back to prehistorie times—6000 the first metals ever used by man- For today this nation truly has nerves of For copper wires are used to con- ity from power plants to homes, to carry voices and telegraph signals from help build your automobile; even to help manufacture the gold ring on your finger. Copper serves a thousand purposes—but the First Mortgage Notes which may be pur- chased through Swartzell, Rheem & Hensey One is to provide a safe means of investing your money; the other is to pay you a steady 6 per cent return, vestors have received the benefit of these two " they have found that these notes have faith- fully served them in these two capacities. If you are looking for such service, let us tell you all about it, or send you our booklet, so SWARTZELL, RHEEM & HENSEY CO MORTGAGE BANKERS 727 15 STREET N.W. WASHINGTON METALS per ~copper was one of has been a basic metal ind of early man ever ad uses to which this be put. up your rado set, to ly. Thousands of in- over fifty-nine years it in your home. s +Co