Evening Star Newspaper, August 31, 1929, Page 7

THE EVENING STAR, WASHINGTO. D. C. SATURDAY, AUGUST 31, | ATON WILL HEAR Labor Day Speech of Secre- tary Will Be Broadcast by Columbia Network. The Tebor day message of Secretary i Labor Davis will be brondcast to th=1 Tation tonight over a_transcontinental ! neiwork of Columbia Broadeasting Sys- | {=m stations, in which WMAL is to be | the Washington link. Seerctary Davis will appear before the microphone in the weekly National Radfo Forum arranged by The Star and sponsored by the Columbia system. He will discuss not only the vital labor problems of the eountry but the steps bring taken by his department to solve them. In conjunction with the Columbia network WMAL also will broadcast the weekly Nit Wit hour, the Sorrento | serenade featuring Italian folk songs, a | half hour organ recital by Jesse Craw: ford and a late dance program by Roy ingraham’s Paramount Orchestra. In addition it has scheduled a variety of features of local origin, which include a brief talk by Dr. Frank E. Gibson on the annual Labor day firemen's parade and the firemen’s and policemen’s base ball game. Favorite Numbers Scheduled. Michael Zito, director of the Sorrento Serenaders, has included two favorite tenor solos in his program to be broad- cast at 7 o'clock. These are “Santa Lucia® and “Siente Marfa,” to be sung by Guiseppl de Vita. Two Washington newspaper corre- spondents, Lyle G. Wilson and John M. Morris, will go before the microphone of WRC this evening to discuss the Chinese-Russian _situation. The sta- tion’s musical features include the Gen- eral Electric_hour, with Nat Shilkret’s Orchestra, the Calvacade, a revue by popular radio artists and an_hour's dance program by the Lucky Strike Or- chestra. Debussy’s “Danse.” in the arrang>. ment of Ravel, and Honegger's thrill- | ing musical picture of a locomative, “Pacific 231" are the featured selec- P tions in the General Electric concert. The orchestra also will play a move- ment from Sibelius’ “Third Symphony and “The Sorcerer’s Apprentice,” by Dukes. The Cavalcade will present Mme. Lo- Jita Cabrera Gainsborg. pianist, and the Salon Singers, & group of 16 picked vocalists, under the direction of George Dilworth. Novel Features Over WISV. WISV has scheduled another one of its special Saturday night broadeasts tonight. which is composed of a variety | of novel features. One hour of the broadeast. which begins at 6 o'clock | and continues to midnight, will be re- served for new talent. Bran Hughes and his Rhythm Boys will open with a | dance program. Following will be a re- cital by Miss Margaret Raggo. soprano: a political talk by Charles 1. Stengle ! and a joint recital by Wentworth W. Nalls. baritone, and Jimmie Walter. pianist. The D. C. Trio, the Merry-| makers, A new orchestra, and the| Alaskans Orchestra also will take a| prominent part in the program. Jeanette Leipziger, 13-year-old pian- fst. will give another recital tonight as | a feature of ‘the WOL program. Other | outstanding attractions scheduled by ! this station include a concert by Mul- lane's Capital Trio and mandolin and | guitar solos by Walter T. Holt. NEW RADIO TUBE COMPANY PLANNED Coneern 1 Comprise Four of | Largest Independent Manu- facturers. ormation of a new company in the tube ficld, destined from the beginning to become a powerful | factor in the industry, is announced by | its_sponsors. The company, carrying the name “National Unjon Radio Corporation,” as a nucleus will comprise four of the Jarge independent. tube manufacturers, Sonatron, Marathon, Televocal and Magnatron. Its creation is based upon ') cross-licensing contracts with the Radio / Corporation of America and among themselves, thus pooling the individual vacuum tube patent holdings of RCA with these independents. Organization of the new company has been rumored for some time. It i expected that other tube manufac- turers Jater will be drawn into the cor- poration, with their exclusive patents thrown into the pool. That the com- pany will be expanded into a position of first rank in tube manufacturing seems unquestioned. Joseph E. Davies, who was chairman of the Federal Trade Commission dur- ing the Wilson administration, will ead the new enterprise as chairman of | the board of directors. Lehman Bros., ‘prominent banking house, is backing it, with two of its officers, Paul M. Mazur and Sylvester W. Muldowny, as mem- bers of the new corporation’s board. The initial capitalization of the com- pany is $16,000,000. An announcement by the new cor- poration states that the daily produc- tion capacity of the combined com- panies is from 75,000 to 100,000 tubes, which are made in five plants located at. Chicago and Newark, Hoboken and Union City, N. J. “The creation of the National Union is based upon reciprocal licensing con- tracts with the Radio Corporation of America, under which each is author- ized to make tubes covered by the other's patents,” the announcement states. “This means that radio users will be able to buy dependable tubes of additional brands at reasonable prices without any uncertainty as to the tube performance in their sets and without any question of the reliability of the tubes’ producers.” The new corporation proposes to ini- tiate a national expansion program immediately, accordipg to its spon- sors. With their tube patents and sales interests pooled, they enter the field well bolstered to compete with other tube manufacturers. NEW BUILDING CONTRACTS. A iarge increase in the avcrage daily Jetting of contracts for new buildings m the United States east of the Rocky Mountains was reported during the week ending August 24. As compiled by the Census Bureau the avel daily bullding contracts for that weefi,l the preceding one and the correspond- ing period a year ago were: Week anding August 24 Preceding week . Eame week, 1928, 2 ““ 299 Major “Chain” Features TONIGHT. 7:00—The Cavalcade; revue by popular Tadio artists—WRC and N. B. C. network. 8:00—"The Cub Reporter”; comic skit—WJZ, KDKA, WBZ, WHAM and KWK. 8:00—Nit Wit hour—WMAL and C. B. S. network. 8:00—General Electric hour: modern classics by Shilkret Or- chestra—WRC and N. B. C. net- work. $20.502.000 16.779.000 18,536,000 Today_ on otherwise 315.6—~WRC—950. (National Broadcasting Co.) 12:30—Play-by-play _account of the Washington-New York double- header. « 4:30—Jolly Bill and Jane. ¢ 5:00—Black and Gold Orchestra. 5:55—Motion picture guide. 6:00—Phil Spitalny’s music. 6:25—Base ball scores and correct time. 6:31—Bible talk—"Ezra’s Return to Jerusalem,” by Prof. Elmer Louis Kayser of George Washington Universit; 6:45—"Facts About the Chinese-Rus- sfan_ Situation Today,” by Lyle C. Wilson and John' M. Morris, Washington newspaper corre- spondents. 7:00—The Cavalcade. 8:00—General Electric hour. ) dance hour. 10:00—*"Amos Andy,” black-face b comedians, 1 —Weather forecast, 1 1 0:16—Slumber music. 1:00 to 12:00—Bill Scott's Orchestra. 434.5—NAA—690. (Washington Navy Yard.) 8:45—Weather Bureau reports, 5—Time signals. 10:45—Weather Bureau reports. 205.4—WISV—1.460. (Independent Publishing Co.) 3:00 to 5:00—Midafternoon musicale. 6:00—Bran Hughes® Orchestra. 6:30—Margaret. RAggo, SOPrano, 6:45—Studio program. 7:00—"What's Doing on Capitol Hill," by Charles I. Stengle. 7:15—Wentworth V. Nalls, baritone, and Jimmie Walters, pianist. 8:00—Special presentation. 9:00—Ray Fuge, ukulele entertainer. 9:15—Big Ed Murdock, harmonica playe 9:30—D. C. Trio. 10:00—Merrymakers' Orchestra. 10:30—Ed Souder and Ellsworth Bam- hart, music saw players, and The Alaskans, :15—Catskill Trio. ot 348.6—WABC New York—860. 7:00—Sorrento Serenade. 7:30—Finance period. in charge. 8:30—Romany Patteron, 9:00—National Forum. 9:30—Jesse Crawford. 454.3—WEAF New York—660. 5:00—Dinner orchestra. 6:00—Phil Spitalny’s half hour of dance music. radio stars. chestra hour, violin solos. 9:00—B. A. Rolfe and his dance or- chestra. 10:00—Lew White, organ recital. { 10:30—Charles Strickland’s dance or- chestra (1 hour). 394.5—WJZ New York—760. 5:00—The Gossipers, comic skit of metropolitan life. 5:30—Hans Barth Orchestra, and quartet. 6:00—Soldiers of Fortune; scores; ho- tel orchestra. 7:00—Chicago celebrities. 7:30—Musicians. 8:00—The Cub Reporter; Bergren, contralto. 8:30—E] Tango Romantics. 9:00—When Good Fellows Get To- gether, male quartet. 9:30—Two Troupers, comic sketch. 10:00—Amos 'n’ Andy. 10:15—Slumber music by string en- semble. 422.3—WOR Newark—710. 5:15—Songs: banjo and piano. 6:00—Grill ensemble. M X tenor Gertrude 9 2 5 8:00—WOR Little Theater. 8:30—The Midshipmen. 9:00—Organ recital. of other days. 10:00—News; dance hour. 272.6—WPG Atlantic City—1,100. 7:00—News; concert orchestra, 7:45—Night club entertainers. 8:15—Musical programs. 9:00—Dance music (2 hours). 282.8—WBAL Baltimore—1,060. 7:00—Staff cameo concert. :30—WJZ (30 minutes); WBAL en- mble. (30 minutes); Patterson’s hour. 10:00—Hour from WJZ. 11:00—The Marylanders hour. 282.8—WTIC Hartford—1,060. :00—WEAF (30 minutes); news. 0—Hotel Trio; scores. 0—Joint recital; Revelers. 256.3—WCAU Philadelphia—1,170. 0—Scores; concert; feature. 0—Sportsiants; Lopez Orchestra, 0—WABC programs (2 hours). 9:00—Plantation Four; ensemble. 0—Same as WABC. :00—Hour of dance music. 305.9—KDKA Pittsburgh—980. 0—Same as WJZ. 0—Scores; studio program. 0—Same as WJZ (3% hours). 5—Scores; messages to Byrd. 79.5—WGY Schenectady—790. 5—Scores; dinner music. 0—Hour and half from WEAF. 0—Rochester musical program. 0—Two hours from WEAF, :00—Dance music program. 302.8—WBZ Springfield—990. :00—News; Daile and Don. 0—WJZ (30 minutes); scores; trio. 0—New England's gateway. 7:30—WJZ (30 min.); Dusk in Dixle. 8:30—WJZ (30 min.); sports; orches- tra. 9:30—Scores; Relsman's Orchestra. 10:00—WJZ (15 minutes); news. CENTRAL AND SOUTHERN. 428.3—WLW Cincinnati—700. 6:00—Orchestra memory tunes; scores, 6:45—WJZ (15 min.); saging school. 7:30—Same as WJZ. 8:00—Feature program. 9:00—Historical highlights. 9:30—Mansfield and Lee. 10:00—Hour of dance music, 11:00—Hawaiians; orchestra. _ 12:00—Hamp's Orchestra. 12:30a—Gene, Ford & Glenn (30 min.). 280.2—WTAM-WEAR Cleveland—1,070. 6:00—Hotel orchestra; scores. 7:00—Same as WEAF (2 hours). 9:00—Feature program. 10:00—Variety hour. 11:00—Dance and weekenders (2 hours). 398.8—WCX-WJR Detroit—750. 6:00—Variety program; scores. 6:30—Popularity contest. 7:00—Hour from WJZ. 8:00—Concert band. 9:00—To be announced. dance music. 11:00—Dance and revery. 12:00—Songs; dance (1 hour). 405.2—WSB Atlanta—740. 7:00—Harry Pomar’s Orchestra, 7:30—Sunday school lesson. 8:00—Same as WEAF (2 hours). 10:00—Concert, program. 11:45—WSB skylark. 277.6—WBT Charlotte—1,080. 9:00—National Radio Forum; Secretary of Labor Davis—WMAL and Nation-wide C. B. S. net- work. 10:00—“Amos 'n' Andy"—WRC and N. B. C. network. 6:00—Organ; studio; Mr. Isaacs. , 7:00—Studio program hour. 5 8:00—Same as WEAF (2 hours). PROGRAM FOR SATURDAY, AUGUST 31, 1929. (Meters on lejt of call letters, kilocycles on right. All time p.m. unless LOCAL STATIONS. Mrs. Ellsworth Barnhart, pianist. | -OF-TOWN Programs prepared by the Associated Press 8:00—The Nit Wits, Bradford Brown | 7:00—Cavalcade, 60-minute review by 8:00—Nathaniel Shilkret Concert Or-‘ the Radio indicated.) 475.9~WMAL—630. (Washington Radio Forum.) 12:30—Play-by-play description by Den- man _Thompson, sports _editor | ‘The Evening Star, of Washing- ton-New York double-header. 5:00—International boat races at De- troit, 6:00—Correct time. 1—Flashes from The Evening Star. 15—Piano syncopation. 6:25—"The Police and Firemen's 1929 . Base Ball Game and the Fire- men’s Parade in_Washington,” | by Dr. Frank E. Gibson. 6:30—Yeomans and McClure, popular entertainers. 6:45—"The Building Industries Or- ganization and What It Means to Washington,” by Ross Johnson, 7:00—Sorrento Serenade—Folk songs of the Bay of Naples, 7:30—Babson financial period. 8:00—Nit-Wit hour. 8:30—Romany Patteran—Gypsy |ram. 9:30—National Radio Forum. Speaker, Secretary of Labor James J. Da- vis. Subject: “Labor Problems.” 9:30—Jesse Crawford's melody of or- gan music. 10:00—Ingraham’s Paramount Orches- pro- tra. 11:00 to 12:00—Midnight reveries. 228.9—WOL—1310, (American Broadcasting Co.) 12:30—Ball game, Washington vs. New York. ! 5:45—The Town Crie) 6:00—The Public Service Man. What's on the air tonight. ~Walter ‘T, Holt program of banjo and guitar. :45-Jeanette Leipziger, pianist, 7:00-—Dance program. 30—News flashes, 40—Capital Trio. STATIONS. Scheduled for Eastern standard time, 365.6—WHAS Louisville—820. :00—Hour from WEAF, :00—Rich's Orchestra. :00—Two hours from WEAF. 00—Greater Louisville ensemble, :00—News: Barrett's Orchestra, :00—WHAS dance band hour. 461.3—WSM Nashville—650. :00—WEAF Program: Sunday school. :00—WJZ and WEAF (2 hours). :00—Bulletins; barn dance (4 hours). 270.1—WRVA Richmond—1,110. 6:00—Hotel orchestra hour. 7:00—The Troubadours, 7:30—WJZ and WEAF (1'; hours). 10: | 112 105 00—Orchestra hour. 00—Hour by fiddlers. RADIO MAKESNEW -~ PLANS FOR FALL |Extensive Features Are Being | Developed to Hold Na- | | tion’s Audience. BY MARTIN CODEL. Having scored an unusual Summer hit for the feat of reporting the various | arrivals and departures of the Graf Zeppelin this month, network broad- casters are turning their attention to the framing of new program features | designed to maintain a hold on the nation-wide radio audiences. Both of the national chains have launched into plans for auspicious late | Summer and early Autumn offerings. To stimulate artistry in broadcast pres-| entations the Joseph D. R. Freed Foun- dation has announced its intention of offering six prize awards to program IARKET MEN PLAN FOR HEAVY TRADE Brisk Buying Is Expected by Merchants in Advance of Holiday. An unsually heavy demand in both staple and fancy goods was expected in the local market today due to Labor day when the retail and commission houses will be closed. With many Washingtonians planning extra meals or lunches to take on au- tomobile trips on the National holiday, the merchants at Center Market laid in ample supplies and anticipate that much of their commodities will be sold. ‘The commission houses are particularly well stocked with fresh eggs, butter, {ruits, vegetables and cheeses. It is though that frying chickens will be in demand. There was no appreciable change in price today in any of the principal com- modities. Eggs and fish continued to be slightly high with supplies of both moderate and the demand light. Food Supplies Plentiful. Carloads of cantaloupes, lettuce, onions, peaches, pears and potatoes are on the tracks unbroken, as the demand in these articles of food lagged during the week. No_ railroad shipments of beans, apples, lima beans, peas, sweet potatoes or watermelons arrived here during the latter part of the week, but a moderate supply was maintained by truck and water transportation. Almost any kind of sea food desircd has been for sale in the market throughout the weck. Of the fish caught locally, small trout was selling for 5 cents, large trou fish, 10 cents; fish, 28 cen cents; 100, $1.50; per nd hard . $3.5 barrel. From Boston the following species of sea food were shipped here: Fillet of haddock. 15 cents: whole haddock, 8 whole cod, 8 cents; flounder, 10 mackerel, 16 cents, and sword- fish, 30 cents. From New York Washington received scallops at $3 per gallon, tile fish at 15 cents, sea bass, 15 cents; large blue- fish, 15 cents, and large flukes, 12/, cents. North Carolina sent cooked shrimp at $3 per gallon, Today's Wholesale Prices. Butter—One-pound _prints, 441;a45; tub, 431:a44},; store packed, 29a30. Eggs—Hennery, 43a45; fresh selccted, 38a40; current reeeipts, 34a35. Poultry, _alive—Turkeys, hens, toms, 33; Spring chicke! large, 31a32: medium, 30; small, 30; Leghorns, 26a27 28; Leghorn fowls, 21a22: roost- keats, young, 60a 38a 28a30; keats, 90a1.00. Meats, fresh killed—Beef, 241;: veal, 24a26; Jamb, 30a32: pork loin, 34; fresh hams, 28a30; fresh shoulders, 22; smoked hams, 30a32; smoked shoulders, 20a22: bacon, 28a30. Lard, in bulk, 14 in_packages, 16. Live stock—Calves, 14!2al5; lambs, 3. By the Associated Press. ‘The acceptance of the Young plan for the revision of Germany's reparations payments by The Hague Conference may influence substantial increases of for- eign financing by the allied nations and Germany in the United States, in the opinion of American Government offi- cials, during the remainder of this year. The adoption of the new scheme of payments not only will settle this most important problem, inherited from the World War, but will induce undoubt- edly a notable improvement of economic conditions in Europe, both of which have been barriers in the smooth course of the international money market. This view was taken today by Com- merce, State and Treasury Department officials, who have been closely follow- ing the progress of The Hague Confer- ence. They would make no predictions as to the extent of the increase of offer- ings of foreign capital issues in the official reports cited a greater activity in this field during the second quarter of this year because of confidence en- directors, artists and stations whose performances are outstanding during | the year, beginning September 1. In addition, the National Academy of Arts: and Letters is again offering its annual | award to the radio announcer adjudged | worthy of honor for his English diction. | Perhaps the biggest national radio news events in view are the major foot ball games and the world base ball | series. ‘The Columbia Broadcasting ! System reports that Ted Husing, sports | announcer, will broadcast about a dozen | foot ball games, beginning with the Army-Boston game at West Point sep-i tember 28 and ending with the Army- Stanford contest at Palo Alto December 28. The National Broadcasting Co. has a network foot ball schedule of 19 in- tercollegiate contests, beginning _with the Navy-Notre Dame contest at Balti- more and the Yale-Georgia game at Athens, Ga., October 12. Both Report World Series. Both chains, of course, will report the world base ball series early in October in every detail and with their star an- nouncers. Columbia is preparing for the defec- tion of WOR, Newark, as one of its “key” stations. Effective Sunday, Sep- tember 1, station WABC, New York, be- comes the point of origin of all routine Columbia programs, WOR becoming an independent station. Moreover, the new Western stations that have not already joined their lines into the Columbia System will be definitely affillated by September 1, giving that chain new out- lets into the Rocky Mountain and Pa- cific Coast regions. An outstanding program in immediate prospect is Sir Harry Lauder’s American radio debut over a National Broadcast- ing Co. coast-to-coast network Sunday evening. He will make his appearance in Winnipeg, and several Canadian sta- tions are to be joined for the broadcast by the Scotch comedian. More active participation by vaude- ville and motion picture stars in broad- casting was presaged by the return last Tuesday night of the weekly Radio- Keith-Orpheum hour on the National Broadcasting Co. chain. On September 27 the much-heralded series of pro- grams by Paramount-Publix Theater stars, promised when Paramount pur- chased half interest in the Columbia System, will begin as a weekly feature offering of Columbia. More Time for Aviation. Broadcasts of programs devoted to aeronautical activities held popular in- terest when the Graf was landing or taking off and when the first women's air derby ended at the scene of the national air races at Cleveland last Monday. More aviation features are proposed on the National Broadcasting Co.’s network through an extension of the “Roads of the Sky” serles, spon- sored by the Aeronautical Chamber of Commerce, every Tuesday night. Eric Nelson, who the around-the-world fiyers, is the speaker scheduled next ‘Tuesday night, which is the fifth anni- versary of the flight. The National Broadcasting Co. will carry the Labor day address of William Green, president of the American Fed- eration of Labor, and the annual mes- sage of Frank Morrison, secretary of the federation, from Baltimore next Mon- day night. A new feature the same chain will next Friday night is & series of by William Hard of Washington on “Back of the News in Wumn{wnf' b th American News- (Copyright, 1929, y et n gendered by the agreement of the Paris Conference experts on the Young plan. In last June, aided by the latter fac- tor as well as by the temporary easing of the New York money market, a total flotation of foreign loans reached $144,000,000, the third largest for the month ever recorded. For the second quarter of 1929 the foreign financing amounted to $262,000,000, of which $202,000,000 was new nominal capital. This was a considerable drop from the corresponding period in 1928, which was $645,184,000. One of the offerings last June was a $50,000,000 credit to the German Republic. ‘The belief is held in Washington that the betterment of Europe’s economic outlook will ease the industrial situa- tion there so credits for enlargement of activities or improvement of producing processes will be desired more readily than under unsettled conditions. This may mean that flotations of foreign in- dustrial issues will occupy a position of more importance in American financial ml:keu than in the past, officials sug- gest. Meanwhile, an easier route for the foreign capital issue to travel to reach the American mandet is being prepared by the State Department through a simplification of the requirements of foreign loans to receive the sanction of this Government. In the past, the department has stip- ulated as a condition that foreign debtor nations from which the proposed issues emanate should have entered into debt funding arrangements with the United States. This is deemed unnecessary now, and the two principal stipulations, the department has indicaled, will be whether the loans are for constructive purposes and whether-the foreign gov- ernments have balanced budgets. The procedure of obtaining governmental approval of the State, Treasury and Commerce Departments—as a means of protecting American investors—also is to be rid of considerable routine to speed up this process. ‘The Far East hps become a market of increasing importance for American goods, Commerce Department figures showing a gain of 10.3 per cent in the value of exports to the Oriental nations during the first half of this year, as compared to the corresponding period in 1928. The value of the exports for the 1929 period was $411,071,000 and for last year’s first half $372,501,000. At the same time the United States called upon the Far East for increased imports of raw materials. The value of goods brought into this country dur- ing the 1929 period was increased by 9.3 per cent, amounting to $685412,- 000, compared to $626,550,000 last year. ‘The outlook: for increased sales of American goods in the Far East “seems hopeful,” it was forecast by the de- partment. Japan’s broadening commer- cial interests will continue to interest American traders, it added, while India and China are undergoing considerable activity both in industry and agricul- ture, the Chinese especially expanding their farming enterprises. Australia and New Zealand are de- veloping as markets along certain lines, especially in the purchase of American automobiles and gasoline, while the Netherland East Indies, uritil recently of minor commercial importance, has become the fifth leading American cus- tomer in the Far East. The Philippine Islands ranked rding a 20.4 gain during the ¥ .._The consumption of¥gool by Ameri- ‘can mills increased sul itially during dozen, | ' an increase in Federal Reserve broker: r 1 were all at record high levels. United States, but they pointed out that | Special Dispatch to The Star. BALTIMORE, Md., August 31. — Poultry, alive—Spring chickens, pound, 25a32; Leghorns, 23a27; poor and thin, 18a20: old hens, 23a30; Leghorns, 20a 23; old roosters, 18a20; ducks, 20a22; ggmcn fowl, each, 40a65; pigeons, pair, Eggs—Receipts, 1,233 cases; native and nearby firsts, 37a38; current re- ceipts, 34a35; hennery whites, 43. Butter—Good to fancy creamer: ladles, 33a35; stol i rolls, 31a32; process butter, 40a41. Vegetable Prices. Potatoes, white, barrel, 1.50a4.50; 100 pounds, 2.50a3.00; sweet. potatoes, barrel, 1.50a4.25; yams, barrel, 3.25a3.50; beets, 100, 3.0024.00; beans, bushel, 90al.10; cabbage, hamper, 50a90; carrots, 100, 3.0024.00; celery, crate, 1.25a2.25; corn, dozen, 10a20; cucumbers, hamper, 65a 1.00; eggplants, hamper, 25a35; lettuce, crate, 2.50a4.60; lima beans, hampe: 40a65; onions, 100 pounds, 2.00a2.25; peppers, hamper, 20a25; peas, basket, . INPRESSIVE GAN INSTOCK MARKET Trading During Week Runs Counter to Tradition—New Highs Recorded. BY STANLEY W. PRENOSIL, Aszociated Press Financtal Editor. NEW YORK, August 31.—The tradi- tion of Midsummer marketls being dull and irregular was broken again this week when pressive advance high records in the face of a tight credit situation loans to a new hign record and a three- day_holiday. The violent rise in many of the high- priced rails, industrials and public utilities was attributed to the unusually favorable character of the current earn- ings statements, coupled with a scarcity in the floating supply as a result of the huge absorption of these issues by the large investment trusts organized in the past few months. At the close of the market last night the Indices of 50 ieading industrials, 20 leading rails and 20 leading public utilities, compiled for the Associated Press by the Standard Statistics Co., ‘The in- dustrials gained 3.4 points during the week, the rails 124 points and the public utilities 8.3 points. While there has been a moderate amount of so-called public participation in the last week, the rise has received its chief impetus from the buying opera- tions of large professional traders and powerful financial corporations, who have taken large blocks of stocks out of the market. Occasional flurries of selling have swept through the market during the past week, but most of the | offerings have been” readily absorbed and acute weak spots have been few and far between. Nearly all of the leading rails have sold at new high prices for the year with buying influenced by the July earnings statements, which show an average gain of more than 25 per cent in net operating income over the same month last year. Wall Street Briefs By the Associnted Press. The New York Stock Exchange, New York Curb Exchange and stock e changes in Boston, Philadelphia, Chi- cago, Buffalo, Pittsburgh, Cleveland, | Cincinnati, Los Angeles, San Francisco | and Montreal were closed today as a | special holiday and Monday, Labor day. | Banks were open as usual, but will be ! closed Monday. Reversing last week’s trend, the num- | ber of business failures in the United | States declined this week, totaling 365, R. G. Dun & Co. reports. The decrease | from last week's figure is 34, while there was a reduction of 24 from the 389 de- faults reported for the week a year ago. Changes in domestic consumption | since the war, resulting from higher standards of living, have been of marked influence in the development of Ameri- can industry, it is stated in the Index, business review of the New York Trust Co. An increase of 60 per cent in real earnings, now higher than in any other country, has led to an annual expense of more than $21.000,000 for luxury and diversion, in addition to greatly in- creased appropriatiqns in State expendi- tures, Inquiries for a large amount of pig iron are reported before the Eastern market, said to total 20,000 tons. Sales this week amounted to about 7,500 tons. The Briggs Manufacturing Co. has leased additional lands and buildings adjoining its Cleveland plant. George W. Hill, president of the American Tobacco Co., admitted today that directors are considering splitting the stock and increasing the dividend rate. It had been reported that the stock would split in two for one and the new stock placed on a $5 annual | basis, compared with $8 for the present stock. The New York Stock Exchange com- mittee on securities has ruled that transactions in new Packard Motor Co. no par common stock, which has been | traded in on a “when issued” basis, must be settled on Tuesday, September 10. Sales of copper for export yesterday totaled 9,750,000 pounds, which, to- gether with the previous day’s sales of 11,000,000 pounds, constituted the two | best consecutive days of foreign sales since February. New Travel Service. BALTIMORE, August 31 (Special).— An_agency for travel by air has been added to the services offered by the Maryland Trust Co. Through co-opera- tion” with the Curtiss. Flying Servicz, whose_operations are conducted at Lo- gan Field, the Maryland Trust will furnish information and make full ar- rangements for aerial travel to any point in this country or Canada. ‘This can be done by chartered plane or by connection with the regular scheduled air lines. SILVER QUOTATIONS. NEW YORK, August 31 (#).—Bar sil- ver, 521. Mexican_dollars, 30%. last month. Reports from 469 manu- facturers for July showed a total con- sumption of 42,147,720 pounds, com- pared to 38,539,178 in June and 32,797,- 335.in July a year ago. ‘Turn wooden boxes and crates into builders of boys’ abilities is the advice of the national committee on wood utilization. ‘The committee informs grocery stores, department stores and other merchandising establishments that instead of burning or throwing away these receptacles small boys should be given the wooden boxes for manual training and carpentering ac- tivities. A phlet containing 100 suggestions on what to make out of the boxes has been distributed by the com- mittee to the youngsters. ‘Wholesale sales during the last month, reported to the Federal reserve system, increased more than is usual at To"Save made & 5.0 per oent gaia over o have a 6. over those in June; ol 1929 FINANCIAL. CONERTBLEBOND APPEALSTOPUBLE Other Types of Securities Are Dull—Foreign Dollar Issues Decline. Special Dispatch to The Star. NEW YORK, August 31.—A Wall Street house that has long specialized in investment securities announced a few days ago that its regular run of clients was no longer interested in strictly mortgage bonds, but preferred issues with a “kick” in them or con- taining what in more modern street language is known as “sex appeal.” Consequently this firm, like many others, is digging into the merits of bonds or preferred stocks that may be convertible into common stocks or which carry warrants giving certain speculative privileges. Only occasion- ally does it find it necessary to ana- lyze the position of some mortgage lien of a railroad or public utility, while the enthusiasm that prevailed two years | ago for foreign dollar bonds has about died out. Heavy Transactions. i Due to the heavy transactions in less than a dozen convertible bond issues, some of the stock exchange and invest- ment houses that speclalize in bonds | have done more business this Summer than ever in spite of the drying up of the orthodox investment market, Fre- quently transactions in convertibles have ! | represented from 40 to 50 per cent of the total day’s bond business on the | New York Stock Exchange. Such is- sues as American Telephone and Inter- national Telephone 4125 have advanced over 100 points in the last few months and have bettered the gains made earlier by such popular stock option is- sues s the Anaconda Copper 7s, now retired, and Public Service of New Jer- 41,5, Banks have been the large | buyers of these bonds and have found || them profitable as a means of over- | | coming some of the depreciation that || has occurred in their lists of mortgage: and foreign dollar loans. HARE Not all of the apparent boyeott of the bond market is due to high rates for money or to the greater possibili- ties in common stocks and in bonds. There are other factors that have played a prominent part in creating an unfavorable public attitude toward this branch of Wall street business. Among them are the overcrowding of the bond market with new issues | from time to time, which results in a _period of congestion that is not relieved until prices have been ma- terially reduced, so that the original buyers have to take a considerable loss on bonds purchased. Another bad feature both in domes- | tic and foreign bonds has been the | tendency to overprice new issues and to bid up old issues in order to es- tablish a high selling basis for new ones of the same quality and bearing a similar rate of interest. This has in the majority of cases in the last year and a half resulted in a bad break in the price of the bonds after the syndicate closed and the issue was al- lowed to have a free market. Here again the original buyer has been the sufferer from the artificial conditions | set up and surrounding new issues, Forelgn Tssues. | Probably the most serious situation from the standpoint of future market- | ing of bonds is that which exists today in the list of foreign dollar issues. | The shrinkage in_foreign bonds that | have been brought out since the sec-' - ond half of 1927 runs up into the hundreds of millions of dollars. Many | of these bonds are off from 10 to 15| points from the prices at which thev | were sold to the public a little more | than a year ago. A case in point that of the Bolivian 7 per eent issue | brought out September 1, 1928, at 97! | and quoted today around 80. CHARLES REIMER RETIRES. BALTIMORE, August 31 (Special) — | Charles Reimer, who for the past 50 | years has been in charge of the Penn- | sylvania Railroad's elevators and who | is widely known in Atlantic Coast grain | circles, retired today after 54 years of | continuous service. { He was presented with a silver tray by members of the local grain exchange on which was engraved a resolution of | esteem passed by the association. The presentation speech was made by Blanchard Randall, jr., president of the exchange, in the organization's board room. More than 100 persons were present, among them being officials of the Pennsylvania Railroad, including George M. Smith, general manager; N. Jackson Elliott, special agent, and Sam- uel R. Walker, manager of the West- ern Stevedore Co., a subsidiary. Mr. Reimer, who is 70, entered the service of the railroad August 31, 1875, as & messenger, and rose through the ranks to the position he held at his| retirement. | - MONEY TO LOAN At 3'3% and 6% Interest Before Placing or Renewing Your Ist and 2nd Trast Consult WELCH Realtors Loan Specialists National Savings 15th & Y. Ave. In Nearby igiia 1/ ‘7 1 Prudenti::l Commonwealth Investment Co. 917 15th St. N.W. at 6% interest for sale at par accrued Interest Tyler and Rutherford, Inc. 1520 K Street National 0475 Invest in First Trust Notes Yielding 6% Interest Money to Loan on Real Estate J. LEO KOLB 3 NEW YORK AVENUE CoMPLETE FINANCING Ist & 2nd TRUST MONEY Real Estate Mortgage & Guaranty Corp. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. INVEST YOUR FUNDS In 6% and 6'%% First Trust Notes National Savings 15th & N. ~ OFFICE EXECUTIVE Young manager. ington, d mtion o FIDENTIA] Address, Box 305-M, Star Oilice. 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Same Rate of Interest Paid . on Large and Small Accounts Deposits Invited in Any Amount Open Until 5:30 P.M.—Tuesday September 3d OFFICERS: DIRECTORS: JAMES J. BECKLR . Pres. ' LAMBORN, Treasurer PERCIVAL WILSON, Secretary FRANK R. ULLMER, Asst. Treas. BAIRD. Asst. Tr. Officer Tr. Offic TELER. ' b M SAVAG HARLEY P. WILS National Savings & rixst Co. Oldest Savings Institution in the District of Columbia Cor. 15th and New York Ave. J‘