Evening Star Newspaper, December 1, 1928, Page 24

24 ¢ STARKEY 40 YEARS WITH SAME BANK President Started “on Trial” as Messenger—Latest Re- ports on Retail Sales. BY EDWARD C. STONE. George L. Starkey, president of the National Bank of Washington, is being congratulated today by his fellow offi- cers and directors and scores of other {riends on the completion of 40 years of continu- ous service in the of the bank. It was December 1, 1888 that Mr. Starkey, a boy of 19, started on his banking career in the humblest posi- tion the bank had to offer, that of messenger. During that 40-year pe- riod which he is rounding out today, Mr. Starkey has filled virtually George L. starkey. every position in the bank, having worked his way up the ladder to the highest office, that of president. He was elevated to this post about five years ago when his life- long friend and business associate, Clarence F. Norment, relinquished the active duties of president, which posi- tion he had held for 30 years, and be- came chairman of the board of di- rectors. f Mr. Starkey has in his possession his original letter of application, written November 13, 1888 and also a time- worn letter signed by J. A. Ruff, cash- ier, notifying him of his appointment “on trial,” effective December 1, 1888. In his letter of application the then youthful Starkey promised to put forth his best efforts “to give satisfaction in any kind of employment you may see fit to give me.” Apparently he made good his promise, for today he is proudly exhibiting to his frisnds an exceptionally handsome gold watch re- cently presented to him, which bears the following inscriptios “Presented to George L. Starkey by | the officers and directors of the Na- tional Bank of Washington, 1888-1923.’ An cloquent tribute was paid Mr. Starkey by Mr. Norment, who made . the presentation of the watch. In a voice trembling with emotion he re- viewed Mr. Starkey's long record of Joval, unselfish service and told his fellow members of the board that they could always feel sure of the welfare of the bank and the careful safeguarding of its good name so long as George Starkey remained at the helm. Mr, Starkey is a native of the Dis- trict of Columbia. His father was George L. Starkey and his mother, who enjoys excellent health and makes her home with him and his wife at 519 Michigan avenue northeast, was Miss Augusta Charity Lowney of Belfast, Me. She is over 80 years old. Board Reports on Retail Sales. Department store sales in October showed less than the usual seasonal in- crease over the high level of September, according to reports received by the Federal Reserve system from about 500 stores, and were in about the same vol- ume as those reported for October, 1927. Sales of mail order houses and of all but one of the reporting lines of chain stores showed increases for Oc- tober over the corresponding month of Grocery, apparel and dry! RO drug chains showed ths larg- est, percentage of increase for the pe. riod. The pereentage of increase (+) or decrease (—) in sales by reporting re- tail firms in October, 1928, rommred’ with October, 1927, was as follows: INCREASE OR DECREASE. Department stores hain storcs: groce: ve and ten ... Appere]l and dry goods . Druss R 1929 Christmas Clubs Launched. First steps were taken today toward launching ths 19290 Christmas savings clubs by 30 Washington banks. FINANCIAL, Abitibl Pow (4). Aoitibi Po pf(8) Abrahm&Straus Adams Exp(6). Adv Rumley. ... Ahumada Lt Alr Redctn ( Ajax Rubber. Alaska Junea. .. Albany Papr(2), Oven. High. Low. Close. 80 51 50 51 8614 86% 86 86 110 110 110 110 400 393 1% Allied Chem. ... 2 Allis-Chalm(7). Amal! Leather Amerada(2).... Am Agricul Chm Am AgriCh pf.. Am Bank N(73). Am Bk N pf(3).. Am Beet Sug pf. Am Bosch...... Am Br $h(J1.60) Am Brown Bov. Am Brown Bo pf AmCan (+4).... Am Canpfei)... AmCar&KFdy6). AmC&F pf(7). Am Chicle (2).. Am Drug(sve).. Am EncauTil(3) Am & For Pow. . Am&ForP pf(1) Am&For P2d 17 Am Hide & L pf. Am Home Pri3) Am lce(t24). .. Am Iurernati(2 Am LaFr&Foam Am Linseed Am Linsd pf(7). Am Locomot($) Am Loco pf(7).. Am Metals(3) . Am Metals pf(6) Am Fiano. .. Am Fianopf.... AmP&L 1, Am Pow pf(sta) AmPo&Lt pt(6)) Am Radiator(5) Am Ry Ex(6)... Am Republi*, Am Saf Raz.ra) Am Seating(3).. Am Ship & Com, Am Shipbldg(8). Am Smelting¥) Am S& Rpf(7). Am St Fdys(3). Am Stl Fy pf(7) Am Sugar. Am Sumat ) AmTel & Telt9) Am Tobacco(8), Am Tobac B(8). Am Tob pf(6)... Am TypeFo(3). AmWW&EIl(cl). AmWWist pf6) Am Woolen..... Am Woolen pf Am WrPa pf cf Am Zine. ... Am Zine p Anacondai4) Andes Copr 3¢, Archer-Dan(i). Armour Del pf 7 Armour 111(A).. Armour 111(B) Armour 1l pfi7) Arnoid Con & Co Artloom % AssoDryG(2ig). Asso O11(2). . Achison( 10 Atch T&S Ferts Alchison ptis). Atl Coast L(110) AU GYIf pt(3). . Atlantic Ref(1). AilasPowder(4) Austin-Nichols. AusCred(4.49).. Auto Sales..... Auto Sules pf(3) Autostrap A(3). Bald Loco pf(7). Ballo & V18) | Bambzr prs Barker Bros(z). Baruet Leather. Barnsdall A (2). Bayuk 15U pE(T) seacon VI Beeen-Nut (3)., elding-Hemwy &N Rpfors) Bast & Cots). .. e hichem Steel eth Steel pfe7) Liwooniingdale. .. Bon Ami At4) Bouti Fisheries, Borden Milk§ Boston & Maine, Briggs MIxFCo. British Bmpire. British Emp 2d. Brockwy Mot(4) BKiyn-Man(4). . BLklynUnGas(3). Biunswick RB(3) ries of advertisements have been start- ed in the local newspapers which are intended to draw more than this year's 83.000 members into the new clubs. The new campaign is under the di- rect charge of the -Avemsin( tnmmlb-' tee of the District Bankers' Associa- tion, of which Eliot H. Thomson of the Washington Loan & Trust Co. has for szveral years been chairman. Among the other members are Claude H. Wood- ward, Mount Vernon Savings Bank; ! Robert L. Flather, American Security & Trust Co.. Thomas J. Groom. Wash- ington Mechanics’ Savings Bank; John | Poole, Federal-American National; J. Frank Rice, Lincoln National: George O. Vass, Riggs National, and C. W. | Shoemaker, Potomac Savings. Deposits_for next year's clubs start Monday. The hearts of this year’s club members were gladdened this morning whon they received their checks in the mails. Most of the members stuck to their original declarations and made every deposit for the fifty weeks. That meant that they got the full amount back today. Those who fell by the wav- side received what they had paid in, and expressed the wish they had kept up their payments. Association Expansion Pushed. Plans for ecompleting the organiza- tion of the new fiduciary, auditors and safe deposit sections of the District Bankers’ Association, for waich provi- sicn was made in recent constitutional | amendments, were drafted at the recent meeting of the council of administra- tion. Representatives of the various bank- ing institutions of the city having trust departments will meet Friday, Decem- ber 7, at association headquarters, to complete the organization of the fidu- ciary section under the plan adopted. Delcgates from all member banks seck- ing representation in the auditors’ sec- tion will meet December 14, while the #afe deposit group will become formally -organized on December 21. i Besides President Robert V. Fleming, those present were Wilmer J. Waller, Federal-American National; A. 8. Gat- ley, Lincoln National: L. P. McLachlen, McLachlen Banking Corporation: ‘Charles H. Doing, Washington Loan & Trust Co.; John M. Riorden, Bank of -Commerce & Savings; J. Frank White, "National Bank of Washington, and C. H. Pope. Munsey Trust Co. City Stores Co. Profit. NEW YORK, December 1 (#).—Profit of City Stores Co. of New York in the nine months ended October 31 was £613,494 before deduction for Fesderal ~taxes, against $867.329 in the corre- ~&sponding 1927 period. . itnilrold Earnings. ¢ NEW YORK, December 1 (#).—Net operating income of the Kansas City BSouthern Railroad for the past ten|, months was $4,039,283, against $4,108,- 498 in the corresponding 1927 period. Colorado & Southern System’s net op- erating income was $4,593,370, com- cpared to $4.044,834 in the first ten months of 1927. Ka;\;o-rd t-o Be Director. NEW YORX, December 1 (#).—Maj. Gen. James G. Harbord, president of the Radio Corporation of America, has received authorization from the Inter- sate Commerce Commission to sit on Bruuswick Ter, Bucyrusil).... Bucyrus evizig) Buff R&P pf(6). Burns BrosA(8) BurnsBros pf(7) Burroughs(14). Bush Term(g2). Butte Cop & Zine Butte & Sup(2). Butterick Co. ... Byer & (o Calit Packi4y Callahan Zin Calu & Ariz(17). Calu & Hecla(4) Can Dry (14%2). Canon Mjlls 2.30 Case Threshg(8) Cent Alloy:3) Century Ril Cerro da Pas(5). ertain-Teed(4) ‘ertain-teed pf. erto (14) . Chandler-Clev. . Chandler-Ci pf. . Cles & Ohio(10) C & O Corpn(d). Chi& Alton...... Chi & Alton pf.. Chi & Kast 11l pf Chi Great West. Cot Gt West pf. Chi Mil & St P.. Chi Mil & StP pt Chi & Nwn4).. hi E'ne Tocl(6) hi RI&PRE(S). RI&PDI(S). CRI&PpI(T). Chickasha(3)... *hilds(2.40). . hile Copper(3) hrysler(3). ... City St B 5% stk Cluett-Peab(5). Coca-Cola(6),.. Collias & Atkmn Col Kuel & lron. Col Gus & El5) . Col GEE pfA(6) Columbia Graph Col Catbon(4).. Com Cred(1). . Com Ci1stpf 615 Com Inv Tr(34). Com Invst(rt Com Inv (war). Comm Solv (j8), m Power(13). nde Nast(2).. ‘ongoleum-Nair Cong Cars (5).. Conley Tinfoil .. nsul Cgrse?). ¥ilm pt nsol Gas( Cont Baking A. Cont Bakinz B. nt Bak pfiR). Contl Can (n). . Cont Insure), Coutl Mot(80e). Corn rocTaig) Coty, Ine (12%) Crown Zelrbek 1 Cruc:ble Stita) CubaCaneSugar Cuba Cane Su pf Cuba Company . Cuban Am §¢1) the board of dirsctors of the Atchison, . 'Tepeka & Santa Fe Rallway and sub- i sliiary lines, Cudahy Pk2(4) s A Cishmann pt(8) Cutir-Ham(3'4) oes By-Prod (131). Can Pacifie(10). 2 Cont Can pf(7).. Cuban Dom Suz. 12 12868 1 4 15% 501 1070 i+ 1411y 154% | 9 180 %0 | 1004 12 587 | b1 710! 125 100 70 | THE EVENING Cuyamel Fruit.. Davison Chem. . Debenhms(2.91) Detroit Ed (rts) Devoe A (13.20) Diamond M(19). Dodge Bros A. . Dome Mines(1). Drug Ine(4). . . | DulSs & Atipf. | bunhill in) Dupont, (7181 ). Du Pont deb(6). Eastman(t8). Saton Axle(2 Sisenlohr pf(7). Litngon 2z )., Bitingn pf6%). Elec Auto Li4). Electric Boat. . . Erecllow&Lt(1). Blec P&Lt pf(7) E'ec Stor Hat(5) End-John(s). .. ng Pub Serd1), Eng Pu S pf(3). + kquit Bldg(2 Erie R R. Er »t. Lureka V(t3).. Fairbanks Co pf. Falrbanksis). .. KedLizht(h1.40) Ked MotT (f80e). K1delity-Phoenx Furst Na1Sc1%) sk Rubber. ... Fisk R 15t pf av. Fieischmanni) Florsheim pf(8) Folansbee (2).. Koundation Co. , ox Film Ac4).. Freeport (1613). briel Snub A, rdner Motor.. Gen Am Tnk(4). tirn Asphalt. . Gen Cable Gen Cable Geunlkilec sp(6ue) Gen GasA(ollg) Gen lee Crm(3). Gen Mills (3)... Gen Motors 19% 2 Gen Mot (New). Gen Mot pfi7) GenUutdrAdiz Gen Ly S15(5). Gen Refrac(s tiillette 8 R(es). G mbel Bro-. ... Gunbl Brpf(7) Glidden (+13). ., Gobel (Adolph). Gold Dust (5) Goodyr 18t pf(7) Gotham(2g). . Gothamn v 3% Gould C Graham-Paige. Grhm-Paize cfs Granby Mini4). Grand F&W (1) Grand Unon. ... Grand Un pf(3). Grand Un (rts). Grant W T (1).. Grt Noith pt(5) Gt Nor pf e Greene Cana(6) Gunntanamo Su. Gulf Mo & Not .. Gu M &N ptes). Hacknsk W(113) Har & Walkr(2) Hart an B ’ HavEl Ry pfi6). HawanPinap t dershey Corp Hershey pfi4). Hershey pr pf(6) HockinzVal(19 Hollnd Kur 1 Hollander & Son Household: 11) | Howe Sound4). Hud Man(21g). . Hudson Mot(5). Hupp Motir2). . Ilunois Cen(7y. Ind O & Gas (2). Ind Oil&Gas rts. Indtan Mot (1). Indian Refining. Indian Refy cifs Indust itayon Ingersoli-R(16). Lilanu S(kvow ) Inspiratjon((3). luterboroRapTr lnwerconRubber. Internat Agri. .. It Ag Ch pf(7). Int Cement(4).. Int Com Enge2), Int Harv pf(7) Int Mtch pr 3 0. ! Int Mer Marine. Int Mer Mar pf. Lt Papeiz o), Int Paper pf(7). Int Paper (A).. Inter Paper B. Int Prig Ink 215, Int Ry CA pL(3). Intl Salt(5). & Tel Intr Dep S pt7., Intertype(r13), lsland Creek(4). Johns-Manv(3). Johns-Man pf(7) Jones & Lau(7). Jordan Motor. .. K C Po&LtB(6). Kan City South. Kaufmn DS 14. Kayser J(a Keith-Albe | Kerth-Al pr(7).. Kelly-Spring.... iKelly Lire 6 %pf Kelly 'l ive 8% pt Ineis Hayes(2). Kelvinator Kennecott(6) Kinney (G R)... Kolster Radin. Kraft Pho(132). KiesserTl60) Kresge Dept .. Isreuger & Toll. Kroger Grotcl) Laclede G pf(5). 167 9% To% 1340 107 82 103 59% 1007 135 9% 3078 Sl N | McAndiew. Leh Por Cmt 2% LehighValis') Lehn & Fink($). Life Sav(160) Lig Myers(73). . Liz & Myrs B th Lima Lucomive. Lig Carb (t4%). Loew's Ine (13). Loew's pf(61z ) W1.60) Loose-W 15t(7). Lornlard Co Louistina Ol Louis (asA 1.75 Louts & Nush(7) Ludlum Stle2). 60° MeCall Corp(3) McCrory A2 MeKeenpt Mack Truck §) Macy Co (2).. Mad 8y Gar(2) Magma Copt3). Maltison & Co. .. Maun Elec Suply. Man El Sup rts. Marlan Ol 1520, 1321, 148 110 110% 110% 6dla 644 64ls 110 84y Marhin-R(r3%) Martin-Parry. .. Muthieson(8) av Dent 8(4). Maytag (1%4)... Mavtag pfid) Melviile Shoe(1) Mengel Co...... Oven. Hish. 57 57 65% 65'3 39 123% 192% 118% 186 63% 68l B8t Low. 87 64% 3813 Close. 57 64% STAR, WASHINGTON, D. . R B e — NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Miami Copt1). | Mid-Continent. o5 30 | Midale States. 16y 8214 81 2 196 1015 83% 13213 B5In 98 1015% 87w &1 T 470 42 X3 884 % 118 1104 109ty 1n 36 158 6 55 103% 25% 55 KERY 141 3% 1 33 34l 31l » 132% 597n 10578 1787 20y 35n 33 190% Kt 26 3% 184% 20%2 121% 127 112 92 30 861 AT 143% 1437 1 9T 94 467 170w 191 216 187 169% 25% 118% 185 63 683 88% 41 17 119% 14'% 44y 107 16% 231y 14 90 8213 61 197 132 101% 38 831 Bon | i 38 % 118'y 110'y 109’y 5513 103% 25 55 80% 1424 34ia 1y 38% ddla 3l 132% 6% 95 - 26% 13! . bty 803, 373 M1 T 6 53% 185 1200 2114 120 112 92 30 87 474 2 97 943 46 18% Mid States ct Midland pf(112 Miller Rubber. . Minn & St Louis Mo Kan & Tex. . Mo K&Tex pf(7) Missouri Pacific Missouri Pac pf Mohwk Car 21 . Montgmry W 76 Moon Motor . .. Mother Lo(s0e) . Motor Meter A. Motor Prod Motor Whi(72 Mullins Mfg.... Munsingwi (3) Murray Corp Murray Corp rts Nash Motrs(76) Nash & Chat(7) Nat Acmesta) Nat Bellas Hess Natl Biscuit(f7) NatCash R A(3) Nat Dairy ($3). Nat Dept Stores, Nat D St 1st(7). Nat Distillers. . | Nat Distillers pt Nat kinamel &S Nat Leadis) Nat Lead pfA(7) t Pow&Lt(l). Nat Radiator. .. | Nat Ladiator pt, { Nat Ry Mex zd. NatSupply (16, Nat Surety (5). SAleaid). Nevada C(1%)." N Y Air Br(3). . N Y Central(8) N YU &StLes). N Y CStLpf(§) m(5) NYNH&Hart (1) NY NH&H pfa7) N Y unté&Westn N Y Stm pf(6). Nort & Wner10) NorAm b1u% stk North Am pf(3). No Germn Lloyd Nortn Pacis). .. Nor Pac efs(5). Norwalk Tite. .., Ol Well Supply. Omnibus. e OvpmCollins(£4) Orpheum pf(8). Otis Steel...... Pacific Gas(2).. Pac O1i Stubs Packard M 15%. I'an-Am Petroim Pan-Anier Pet B Panhandle Paramount-F-L Park & Til33). . Park Utah(3ve). Pathe Ex....... Pathe Ex(A) ... Patiro M¢ ).. Peerless Motor. | Penick & KFord. . Penn C&Coke. .. Penn Dixie Cmt, Penn R Redd).. Pere Marq(i8). Philx Co (1614). Phila & RC& 1, Phil Morrisc1).. Phillips Pet (2). Phoenix Hosiery Pierce- Arrow Plerce Uil Pierce Petrolm. . Pillsbury(2.10) Pillsbry pf(64) Pitts Coal. ..., PurtoR1coTobA , PortoRicoTobB, Postal T&C pf 7. Postum(3)..... Pressed Stl Car. Produ & Refinr; Prophylactic ¥4. Pub Serv N (2). Pub Serv pr(8). Pullman Cot4). . | Pure uil (1). Pure Oil pf(3).. Purity Bak(3).. Radin Corp. . Radjo-Keith(A) RSCefs(4).... | Reading Ry (4). Real Silk Hos. Reis(R)& Co... Reis 1st pf(7). Remingtn-Raud. Rem-Rd 1st(7).. Reo Mot (1133), Rep 1& S(4). Reynolds Spna: Reynld=TobB(5) RhineWE(1.92). Richtield O1 Poyal Dia3 Royal Dutch rts St Jos Leaa. 13). SIL & SanF(18). StL&SanF pf(6) | StL&Southwest | Savaze Arms(2) | Schulte (3314).. Schulte pf(8) Seazravege Sears-Roe | Seneca Copper. . | Shattuck FG(2) Shell Un(1.40). | Shubert Thes). Simmions Co(3). | Simms Pere. ... Sinclair 011 Sinelair pf(s). Skelly Oi1(2). . . Snider Packz Co So Po Ric § 1214 Soutir Por pf(8). South Calif Ed. . South Dairies B South Pac:§ South Ry(8). { Spang Chaltnt. Spicer Mfg. . | Spiexel Co (3). | Std Com To(f1), SUG& K (3%). | Std G & K pri1). Std Miiling (3). Sta O of Cal(13) SdOINJ(T113)., SUAOINY (1.60) 1 51d Plate Glass. Std P Glass pf. . 14205 143% | StdSank'ro1.68) 50 1% 39%y 145 852 106 5% 487 59 103% 1784 20 69% 340y 1681y 105 25% 450 18 50 » B 174 FIUN 145 56 72 106 5% 19 59 104 178% 20% 0% 189% 1030 2% 457 L) Stewurt-W 1 Strom Car(2) .. | Studetaker(5). . | Subniarine Boat. Sun Ofl (g1). Super:or U1l | Superior Steel. { Sweets of Amer. {Symington. ... jSvmington Cl A. Tenn Copper(1), Texas Corpn(3) 1| Texas Corpn rts LexasGulfSulid) Lex Pac C& 01, Tex Ld Tr(new) Thatchr pt 3.60, The Fair(2.40).. ;'I‘mrd Avenue. ., Tidewater AsOil 1 THWASOIIDI(E: Tidewatr(80c) Pide W Ol ple5) Timken R B(6). 8) ‘Tobac Prod A7) Twin City RaTr, Cwin City pf(7). Undwd-£1 F (4) Un Bug & Paper Uniton Carb(§) Un Oil Cal.2), Union Fac(10). . Un Pacific pf(4) Union Tank(5). Utd Blscuit 1.60. Utd Cigar St(1). Utd Cgr St pt(6) Utd Elec Coal.. Utd Fruititsi) Utd Paperboard. U S Cast #r Pipe USCIP st 1 US CIP 2d G S nstributing 'S Hoffman (4) U'S Aleohol (5). U S Alchohol rts 'S Leather 33 434 U S LeatherA.. Oven. Hith, N BT 109% 187% 207 166 187 9% 127 29 128% 140y 45)y 18% 193% 9648 8674 20% 13 130'a 384 494 807a 1047 32% 5% Low Close. 67 68% STOCK PRIGES DROP AT SHORT SESSION Market Works Lower—Mo-! tors and Coppers Are Under Pressure. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 1.—Prices worked lower in today's short Stock Ex- change session. The pressure was great- ‘est on the motors and coppers, but with the exception of a few specialties, one | or two rails and a tew oils, the declines | were uniform. ‘The selling increased as noon ap- proached, when the stocks, which had resisted earlier weakened. Montgomery Ward, down over 10 points; Packard, off more than 5; Wright Aeronautical, | down 7, and General Electric, off more | than 3, were a few among the many losses. The coliapse of Canadian Marconi Co. on the curb still had a depressing effect lon sentiment. The showing by the Federal Reserve statement and the in- crease in brokers' loans to still another new high were also sobering influences. Probably short selling was a factor too, but a desire on the part of the longs to close out commitments was more important. ‘The volume was not up to vesterday's, which thess committed to the rise took as a favarable omen. From 10 to 10:30 o'clock sales today were 775,600 shares, anmplrcd with 1,300,800 shares yester- | ay. Motor stocks were lower, with one notable exception, Hudson. General Motors dipped below 211 to a new low on the current reaction, Hupp was heavily sold, and at 80 it had canceled half of Friday's gain. Packard came down nearly 5 points. Timken Roller | Bearing was off 2 points. Yellow Truck and Coach opened on a block of 5,000 shares at 47, down 3'. Against these declines was a gain in Hudson of over 3 points in the first hour. | Kroger Grocery was the outstanding | feature in the chain store list. It ad- | vanced over 6 points as it crossed 130. | Sears Roebuck sold off, while Montgom- ery Ward was little changed. The copper stocks were uniformly reactionary. Andes, below 50, was down n 6 points from its recent high. Greene Cananea, Chile, Anaconda and Kennecott all sagged. International Nickel jumped nearly 14 points at the start, then came down 6. The stecls moved sympathetically. United States Steel was off almost 2 points at the opening, recovering a part of the loss | afterward. In the railroad list Pennsylvania stood out strong at a new high since 1909, selling at 74. New York Central dropped back after Friday's sharp rise. Standard Oil stocks were heavily bought. Standard of New York went to & new high for the year. Standard of New Jersey came down in the second half of the session under realizing sales. More interest was taken in Tidewater | Associated and in Tidewater, the old stock. The latter was particularly strong. Markets at a Glance NEW YORK, December 1 (P).— Stocks lower; Montgomery Ward breaks 141, points. Bonds dull: St. Paul 5s h improvement in rail group. For- eign exchanges, easy: Canadian dollar |at a discount. Cotton easy: Southern | selling. Sugar quiet and steady. Cof- fee dull BAY BRIDGE PROJECT. | BALTIMORE, Décember 1 (Spe- cial).—The financial plans in the Ches- | apeake Bay Bridge project are expected | to be laid before the Public Service Commiszion in about three weekg. Ap- | proval by that body is considered by the promoters as the last major step toward beginning actual censtruction work on the span that will give Bal- timore a_direct connection with the Eastern Shore, The Public Service Commission’s main concern, it is said, is to see that there is ample value behind the securi- ties the promoters propose issuing for the bridge. Bond and stock issues a; gragating approximately $11,000,000 are anticipated, | POTATO MARKET DULL. | CHICAGO, Dscember 1 (#).—Pota- | toes—Receipts, 83 cars: on track, 354 cars; total United States shipments, | 344 cars: trading verv slow, market dull: Wisconsin s 'd round white, | 8021.00; fancy shade higher: Minnasota {and Scuth Dakota sacked round white, { 80%90: sacked Red River Ohios, 90a 1.05; Idaho sacked russets, 1.40a1.60. | i . |NEW YORK BANK CLEARINGS. New York bank clearings, $2.251.00f 000: New York bank balances, $198.- 000.000: New York Federal Reserve credit balences, $171,000,000. U S Realty(4).. U S Rubber. . U'S Rub st pf. USSmelt(3l). USSmpf(3ip). 1 S Steel(7). ... 1pt(7). Cni Leaf Toh(3) Univ Pipe & Rad Util P&L Ace2). Vanadium (14). I Viek Chem4). . Victor Talkg(4) . Va-Caro Chem. . Vir-CarCh nf(6) Vivaudou Co Vulcan Detin. .. Wabash Waldorf(1%) Walgreen pf 614 Walworthi1.20) Ward Baking B, Ward Bak pf(7). Warner Bros Pic Warner-Qu(2). . Warren Bros(4 Warren F&Pj) Web & Hell. .. Web&Heil pf(7) Wesson Ofl (4). W Penn Kl pf(6) West DairyA (4) West Dairy B .. West Marvland. West Pacific. ... West Pacific pf. West Union(8). . Westhse A B(2). Westinghse4). Weston Electric White Eagle(2). Witite Mot(1) WhitRek ef White Sew White SM p Willys Ovil Wilson & Co. ... Wilson Co pf A Wilson & Co pf. Woolworth(s). . Worthn Pump. . Worth Pump(A) Worrh Pump: B) Wright Aero(2). Yale&Twne:15). Yellow Truck. .. Yel Tr & Co pf. . Young Spring. . Younzstn Sh(s) 98% 99 984 Dividend rates Blven In the abuve tadie are the annu: %I,!mfll based on the latsst auarterly or half-yearly declarations. * Univ of ? u + fyranily ektra® 3 Huu g '3,"! oreferrea stock 52% { Plus_10% tn _stoc! tock, _h Partly stock ek k Plus 1/120 share g & Paveble 1410 ted Cigar Stores eommon | ranged sale of a Stock Exchange seat ) output of Oklahoma fields. | NEW YORK. December 1 (Spacial).— ! ' | weldor Lianid Carbonic. n | fSubiect to ¢, SATURDAY, DECEMBER 1, 1928 EXCHANGE REGORDS ARE BROKEN DALY Sales of Seats at Mounting Prices Keep Pace With Market. BY LEMUEL F. PARTON. Special Dispatch to The Star. NEW YORK, December 1.—Today's consummation of the previously ar for $580,000 and the sale of a curb seat | for $170,000 is routine daily news on this flood-tide market, smashing some kind of record or other. America today has no computation of its wealth and no possible segrega- tion of basic and speculative value. Rounding out another week of the im- possible, the stock market continues to scoff at the laws of economics, and to- day no staff of economists, not cven a whole college faculty, could draw the line between paper values and those which may be negotiated without some- body getting hurt. Former Days Recalled. In the days of Lamar, the “Wolf of Wall Strect,” there were critical en- counters in the pit between raiders and defenders, with a dash of melo~ drama which has since associated boom markets with a wild frenzy, in Whlcl’lj disheveled men tear off their collars | and fight for their millions. This mar- ket, which has broken all records for sustained flight and altitude. is less personalized and dramatic, as it repre- sents the incessant pressure of surplus money, rather than the savage attack and defense of a few manipulators. For this reason, the scenes on the floor of the Exchange, while exciting enough, are rather tame compared to the rough milling of the old days. There are swirls and eddies around the trading posts. as different stocks begin to boil, plenty of clamor and gesticulation, and a generally diffused excitement all over the floor, due to the spread of speculative interest over almost the entire list. The old market might have been controlled by police authority. This one would respond to nothing less than a commission on flood control. Levees have been over- flowed and new channels have been cut. Tributaries from the far water- sheds of public money reserves flow in endlessly. 5 Not only in sales volume and prices | has this market smashed all past rec- | ords. It has galvanized groups of stocks | which thror~" all big and little flurries | of the past “~v2 been immune to the speculative fever. It started with motor stocks. Then it awakened the coppers.l like the sleeping princess suddenly | aroused after a hundred years by the caress of the prince. Then it moved through a host of industrial specialties, including chain stores, chemical com- panies, motion picture and amusement | enterprises, food products and mer- chandising issues. It did nct. however, | mave steadily by groups. In a single| day there would be drives in a dozen directions. Progress of Market. Utilities next hit the upgrade, fol- lowed by the oils and rails. In this| two precedents were broken. | In the past the copper stocks always ! began to taper off, after the usual cam- | ign for a rise, before the boom reached oils, rails and utilities, leaving | the outsiders—the so-called "pubnc"—‘ high and dry. This time the COppers | stayed up and the wave rolled right | on into oils and utilities. | The last sale of an exchange seat, | for $580,000, is interesting in view of | former prices and illustrates the incal- | | culable accumulation of wealth of the | last few decades—real or visionary. In 1869 the highest price paid for a seat was $7,500; in 1893, $30,000; in 1900, $47,500, and in 1918, $60,000. The boom | market of 1919 brought the price to | $110,0000. In 1926 the $150.000 paid for a seat was regarded as sensational. And now this has been nearly quad- | rupled in two years. Pig Iron Price Advanced. NEW YORK, December 1 (#).— Southern pig iron, No. 2 foundry, has | been advanced to $17 a ton, Birming: ham, from $16.50. Northeastern Ohio steel industry enters the last month of the year with average operation of plants at 80 per cent of capacity. 0il Output Record. The highest monthly output of petro- leum ever recorded in the United States, 179.662,000 barrels, was obtained in Oc- tober. ber output represented an increase of 23,000 barrels over September 69,000 barrels over October, 1927. of the increase was due to the enlarged | Though consumption of all forms of refined petroleum increased in October, fotal stocks showed an increase of 226,000 barrels for the month. Gasoline production was reduced slightly and thers was a fall in ex- ports of this product, stocks at refiner- les being 26,453,000 barrels, an increase over the previous month. Commercial Failures. NEW YORK, December 1 (#).—Com- mercial failures in the past week num- bered 417, or a daily average of 83. compared to 450, or a daily average of 75 in the corresponding 1927 week. R. G. Dun & Co. reports. There w-re only five husiness days last week due to the Thenksgiving holidav, while a vear ago there were six business days. | Insolvencies in Canada numbered 48, | compared to 45 a year ago. " DIVIDENDS. Rezular. Pav-Hldrs. af . _able. record | Ji 2 Dec. Dec 5 Dec Company Tate Am Taobacco pf.....11:7% 00 PO © © £3 A Bancroft (Joseph) fous, s Bell Tel of Fain Brazilian Trac Ll“f' 70“1 )‘J’l’l $1.50 Continental Mofsrs., Crown Willametts Fiata PID!‘Y. 1st pf. 2tc $1.6215 Elec Pow & El Pub Sve 37 Insur Shares Corp. Inter Silver pf King Rovalty pi. Liquid Carbonie Mvers (FE) & Bros. 0. pf... -31.3 New Enz Pub’ Bve... .45 Do. 38 pf ) Do. $7 pt Do. pr lien pf. Do. _adi. pf.. Otis Steel o en & Fd L n L 8333800 FER323220553353 1°Le Vulcan Deting 0. pf A S 2332 33 00000 | 00000000020000] POODD LHOZ! Gurtly Publizhin Det Clev Nat Duke Power. Fleischmann * Co. Licuid Carbonic. Initial. Pationo Mincs & Enter- prises ‘Con. .4 shiilings eliance “MI¥. ae ich Tool Co Ac Vulcan Deting pf. Hanover Nat Bk. Income Producing. 1 Feb. 21 6% al ¢ siockhalders *Pa e in D!'!"!l’!1 'el‘i"bé Il; the ;:;;fl 7 one sha-e o e referie: or @ “hares 'of ‘common stock held. f ) 1 The Buréau of Mines said the Octo- | FINA NCTIAEL. STRENGTH OF STOCK MARKET HAS HELD UP DURING MONTH Special Dispatch to The Star. NEW YORK, December 1.—The month ending yesterday has witnessed the most consistent strength in the stock market of any similar period in the long course of rising prices. It is estimated that the appreciation in the values of listed stocks will be as great. if not greater, than in August, when it amounted to $1,800,000,000. On this basis the total appreciation since the market turned after the Jus break will approximate $3,000,000,000. This does not take into account the relatively great expansion in values that has occurred in the long list of stocks quoted in the New York curb market or in that of bank, insurance, and investment trust securities which have also been buoyant, with some of them outdistancing the quotations made last Spring. The November market has been con- spicuous for its breadth as well as for its size. Practically every group of listed stocks has at some time taken part in the upward movement under the influence of a nation-wide specula- tion. 1In October, for instance, the pub- lic utilities and the rails were depress- ed. Motors were also lower than in the month previous. Last month the rail- road shares enjoyed participation in general movement and the public utilities have been features in the trad- ing of the last two weeks. On account of the large number of shares outstanding the advance this month in the oils, and particularly those in the Standard group, adds a substan- tial item to the total valuation. The mining and smelting stocks have con- tinued to gain ground. shares had sensational gains with Montgomery Ward alone tacking 80 points to its October price. In October the iron and steel issues exhibited only a moderate advance, but in November they have taken a prominent part, particularly some of the independents, Mail order | which are from 15 to 20 points above the range of the previous month. Not only have the leading groups of stocks rushed upward last month, but scores of specialties have been advanc- ed, some for the first time entering the $200 class, others going to $300 and $400 a share and a few getting into the seiect $500 xrou% Altogether it has been a month of uniform participation of securities in the rise and with only one day of re- action in the 24 market sessions pre- ceding and following the election. COTTON MILLS SOLD. TROY. N. C.. December 1 (#)—Sale of the Troy Cotton Mills, Inc, located near here, to the Wilbur Cotion Mills, | Inc., of New York, has been officially “announcrdA A considerable tract of land was conveyed to the New York | company in the deal and it is expected that the capacity of the plant will be | materially increased in a short time. | The new company, the announcement said, plans to add a 10,000-spindle unit in the next few months. The amount involved in the deal was not an- nounced. Officers of the Troy Cotton Mills were B. A. Anderson, Cnarlotte, president; J. L. Stafford, Charlotts, vice president, and Milton Ensor, Troy, sec- retary and treasurer. Mr. Ensor will remain with the New York company as its Southern representative, it was an- nounced. || Mortgage Money Loaned | At Low Interest Rates | Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the Disi and adj: nt suburbs in Montgomery and Prince Georges Counties, Md. 512% INTEREST A 1_1/ to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIL AL INSURANCE CCGMPANY OF AMERICA 1001 15th St. N.W, Main 8100 SAFE RIS T Y our 6% A Third 2’/ a Century Without a Loss sures directl, B. Main 2100 THERE WHAT WILL BE You can tell to the exact dol- lar when your investment is in Conservative appraisement in- tion and the interest is paid IS NO SUBS MORTGAGES OUR INCOME? FIRST MORTGAGES a wide margin of protec- y from this office on its due date. In amounts of $250 up. F. SAUL CO. 925 15th St. N.W. TITUTE FOR SAFETY The Final Coant Dozens of issues every political campaign. are brought up in But when the final count of votes is taken, it often is found that the result is due to but one factor paign. in the whole cam- We, too, might list a dozen reasons why the First Mortgaze Notes issued by Swartzell, Rheem & Hensey Com- pany are so ofte n preferred to all other securities by conservative in- vestors in Washinzton. But we believe w hen the final count is taken, all these reasons can b2 summed up in “Fifty-nire years investor.” a single phrase: without loss to an Your investment funds can have the protection of a house with such a record. The next time you start to make your investment, cail in and talk to us first. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET ~.w./ WASHIN GTON D.C.