Evening Star Newspaper, September 20, 1929, Page 13

FINANCIAL. TRADING IS HEAVY ON CURB EXCHANGE Ticker Again Behind as Vol- ume of Orders Gains. Trend Upward. Bpecial Dispatch to The Star. NEW YORK, September 20.— The volume of trading on the curb today again taxed ticker facilities and left traders at sea carly in the session, as the tape was more than 30 minutes behind dealings on the floor. Although the bulk of transactions converged around relatively new stocks and groups, dealings were sufficiently scattered throughout the list to main- tain interest in the entire market. The newly-formed investment com- panies, such as Lehman Corporation and Burco; some of the higher-priced specialties, such as Crocker Wheeler and Commercial Solvents, and such power and light favorites as Electric Bond & Share and Middle West Utili- ties, piled up the greatest volume of transactions. Cities Service, responding to its rec- ord earning statement, sold up to & new high price. Standard Oil of Ken- tucky was a favorite in the Standard group. United Gas, which is planning several mergers and contemplates a huge building program, led the natural gas stocks as it reached a new high level. Consolidated Automatic Merchandis- ing was prominent among the indus- trials, appearing in huge blocks at fractionally lower quotations. Some of the recent popular industrials, such as General Theaters Equipment and Fox Theaters A, encountered profit-taking Eisler Radlo, in which a large pool is Teported at work, scored a new peak. Newmont Mining was a leader in the mining group. Buying followed a Te- port that directors mijht take some constructive action at their December dividend meeting. Motor shares were little changed, while a few aviation stocks, like Aviation Corporation of America, Fokker and Douglas, were active. Lehman Corporation again piled up numerous sales, but its price trend was reactionary. Southern Corporation for a time met firmer bids. American In- vestors B, which has benefitted from the recent rise of Commercial Solvents, attained a new maximum. Other investment companies that figured in early trading included Tri- Continental, Transamerica, Goldman Sachs, Blue Ridge, Shenandoah, Re- lance Management and Haygart Corporation. Some of these shares. compared with their movements of the last serveral sessions, were weak. ‘National Investors Corporation, new, was active, but irregular, as was also true of the old shares and the preferred. Fourth National moved in comparatively narrow range. Baltimore Markets Special Dispatch to The 8tar. BALTIMORE, Md., September 20.— Poultry, alive—Spring chickens, pound, 25a31; Leghorns, 24a28; poor and thin, 18a20; old hens, 25a31; 23: old roosters, 18a20; ducks, 20a23; guinea fowls, each, 40a65; pigeons, pair, 5 5 Eggs—Receipts, 706 cases; native and nearby firsts, 40a41; current receipts, 35a36: hennery whites, 48a50. Butter — Good to fancy creamery, ound, 42a47; (}"d, 30a31; rolls, 31a32; process, 40a4l. Vegetable Prices. Potatoes. white, barrel, 1.50a4.50; 100 pounds. 2.75a3.25; sweet potatoes, bar- Tel, 1.00a2.75; yams, barrel, 2.2582.50; beets, 100, 3.00a4.00; beans, bushel, 60a 1.10; cabbage, hamper, 50a75: carrots, 100,’ 4.0085.00; celery, crate, 1.2582.25; corn, dozen, 20a30; cucumbers, hamper, 75a1.00; eggplant, hamper, 25a35; let- tuce, crate, 2.50a4.25; lima beans, ham- per, 75a1.00; onions, 100 pounds, 1.75a 210; peppers, hamper, 25a35; peas, crate, 5.50a6.00; squash, hamper. 152 35; tomatoes, hamper, 30850; canners stock, bushel, 75a1.00; apples, bushel, 1.00a2.00; crab apples, basket, 60a85; damsons, bushel, 2.00a2.50; cantaloupes, hamper, 60a1.50; grapes. basket, 30a50; ‘peaches, bushel, 1.50a3.50; pears, bushel, 3.00a3.25. Hay and Grain Prices. Wheat—No. 2, red Winter, spot, 1.30%; No. 2 red Winter, garlicky, spot, 1.2515; September delivery, 1.2512; No. 3, October delivery, 1.26%; red Winter, garlicky, spot, 122, Bag lots of nearby, none. Cargoes_on grade. none. Corn—No. 2, export, September de- livery, no quotations; No. 2, domestic, yellow, 1.20a1.21; cob corn, 6.00. Oats—No. 2, white, domestic, spot, 57; No. 3, white aomestic, spot, 56. Rye—Neerby, 1.00a1.1! Hay—Receipts, non eneral hay market is quiet. A little new hay is arriving, but hardly enough upon which to establish quotations by grades. Where in good order, new hay sells at from $13 to $16 per ton according to its quality and condition. Receipts by truck supply most requirements. Straw—Demand for straw limited; receipts light, but generally ample for all trade wants, Wheat straw, No. 1, per ton, 9.00a10.00; oat straw, No. 1, per ton, 9.00a10.00. Live Stock Market. Cattle—Receipts, 2,200 head; good supply, market steady. Steers, choice, 13.50a214.00; good, 12.50a13.25; medium, 11.50a12.25; common, 9.50a11.00. Helf- ers, cholce, 11.50a12.00; good, 10.50a 11.00; medium, 9.00a11.00. ~ Bulls, choice stable, 9.50a10.00; fair to good. 8.0029.00; common to medium, 7.00a 775. Cows, choice stable, 9.00a9.70; fair to good, 8.00a8.75; common to medium, 5.00a7.50. Sheep and lambs—Receipts, 600 head; moderate supply, market steady. Sheep, 2.0026.50; Jambs, 8.00a14.50. Hogs—Receipts, 500 head: fair sup- P & ng:ght"l.'l&-m'la: “light pigs, 10.00; pigs, .25, 0 aives—Receipts, 100 hcad; light sup- ply, market steady. Calves, 6.00a16.00. GRAIN MARKET CHICAGO, September 20 P).— Faced by the renewed enlargement of domestic wheat arrivals at primary centers, wheat prices today went de- cidely lower, especially in the late dealings. Talk was current that re- ceipts were amounting daily to at ieast 200 cars more at various large terminals than could be readily absorbed. Steps are being taken to curtail receipts, but pending progress in that direction the wheat market Lere finished at the day’s bottom level. adles, 35a36; store pack- | Leghorns, 21a | Wheat closed heavy, 1% to 1% under |’ yesterday's close. Corn closed % to k3 off, oats % to 3 down and provisions unchanged to a setback of 5. WHEAT— High, September . ¢ 5 shmesz EReS sguz 53t Raas 83333 & S8 AN S 3 January 2 & October NEW YORK CURB MARKE Special Dispatch to The Btar. NEW YORK, September ing is a list of stocks and 20.—Follow= bonds traded in on the New York Curb Market today, with the volume of sales and prices up to and including the close of the market: Sales in INDUSTRIALS. um s lum Indust 220> BE t 1Am C P opt! w; 41 Am Cyansmid 2 Am Dept Btore: 1 Brill Corp B.. "\ 3 Brit-Celanese Lid. 1Budd Edw ... 1 Bu: 12 Bulova Watch 1 Bulova Watch pid 1Burma Cor 1 Butler Bros 4Burco wi i 2 Cable Rad Tube vic. 15 Burco cv pf wi 1Cable & Wireles: 1Cent 8 onv 2Cen Sta El conv pf n 1Cen Sta Ed pfd ww 2 Chain Store Stock 396 197 831 2 Cleve Elec T 8Cleve Tract 1 Colg Palmol P.. 8 Columbia Pictures 5 17 Commerctal Inv Tf b Ed. 124 Commonw & S opt W 9 252 Commercial Solv wi.. 873 4 Cons Alrcraft. 201 606 Cons Auto Me: Cons Auto Mer pfd. ir: 41; Crocker Wheeler & Black p 1De n 15 Detroit Alr .. 2 Dictograph Brod. A Wi & TNl 25% Cruciblé. 175 Die C C.... 36% a1l a7 e 85 o BB e o e o - Besns B e B NS e ey e d. iec Sharehold pId . ‘mployers Reinsur .. o PRRReE gy ed Metals ed Screw 3.50 erro Enamel A X at Deb rts . u. 51 g 5 523! P 21 Fox Theaters A .... 27 13 Fourth Nat Inv ur 95 2Garlock Pke . 8Gen Am Inv n | 1Gen Laun Ma . 13 Gen Real & Util Gen Re & U Co pf 4 Gen U Co pf 123 GenTheatre Equip. .. Gen Thea Eq vic s 1 Goldman Sachs s § Gotham Knitbac M 1Grand Rapid_Var 8 Great Lakes Steel 11 Graymur . Ya Gr A&P T r A&PT C n vic Pi% 1o 10 hoe A 52,88 BENEEE Beagusesay, 88 ERERicgor g 33% wi 9% 38424 3 R L E R T Lo 3 3% ! a9y % 115% 118! o FEE S F J!S!Etgg!;!:‘.‘-.‘fl: FEE R FIF Low. Close. i TP 174 200! 5SS S5 R20N: IS s cemestis AR F S 2ESaBTR8BLRES: FES THE EVENING STAR, WASHINGTON, D. hundreds. Wi ] r F i ** 99> >>: 9 Nat Fuel Gas. 33 Pac_Western Me! & Min 19! 1 Midvale Co.. s 33 11 Mid "West sis We Ut 13 W e st 19 3 1 Wo 't o nbnc Mid W Ut new pid 129 Bros. 13! unray ... 1 Venezuelan Pt Thits" poRbeR WHReRBiA R s . 19% g% aa‘/l A 1 i 4 3 4 6 9 308 7 % 88 s 42 1 4 86 1 108 ¥ 4 96 11 6 7% 4 40 108 9! T 99 i%,. s 98 06%8 4 % 2 M 2M 2 Murphy G C. 1 Nathan Straus’. 10 Nat Am Co. 10 Nat Aviation 2 Natl Containes Vacuum Ol Sales in thousands. 1 Allied Pk 88 R 3 Am Roll 2 Al 3 A% P % % ld P ‘w' A 3 & E d Cit Se: 5 Cit Ser G 14 Cit Serv Pow 6! Bats, res.... 90 5 Peop Lt & Po Corp A 5113 Y Pepperell Mfs........ 103 }3 Penn Salt. 22 Ground Grip 8 Gulf Ofl Pa 88 a2uSessy oD e K 10 Rockiand L Rich 1 Rolls 2 Root R 1 Ryersos 188 Regts Ba 160 s Paper X 18t Regis Pa . 3 Benitr o oo DM 108 oic: oyce ‘Lid. e Cv pr pid ggozggzzzz 55333 S s nunB S g 333royEs 2 S58 =3 = s Baluaiab! ;! 59855850 e % ] 2 22T wuss 228, » S », 35 3 53 25 3 0,553 &3, aZo Safoo: e 0 afoetlis @00 22 5 82 F: o3 s R 2 2! X - onBmutnbelEtoE ! nd Pow & Lt 28tand Steel Prop. rrett Corp ;g’il"dl“‘;larll . 43 an 18tein & Co..r‘fl' co‘; 31 §Stein Cosmetics 4 Third Natl Tnv. 1 in ll’;ous-ndl. gou Al B 7Tr Lux DL P 8 A 13% 13 l;:%r{ Ccofl:l‘ c:’ll units 101% 101 3 Tri Cont Ooll? b Utilities ai i 09 108" Sov 138 1w Finl Res Mt 1 Prankfort 9 Free St P 3072 230 330 TN Ba_ ua2.88 0 s s Suadun R B85S TR FES SRS fi lis-Chalmers Amer 1i Armour & Co e Balto & Ohilo 4%s B Ft g:lllolnll Petrol inad! at] R PR, 258 SRR S5 st 1 B ansns i i3, caaadadadadadadadadal Ei T E et ik ARG SRS IT R Sw e FESFIESET, 2,585 SYssees 2358EEE greagsranNEagsatage. FESNNS ESSREES e {RCHBRICT JONIROR gt Btand OIl'ef W 7 8¢ L ‘oumn-fiazl 8. Co. 8 1933 d_ it Daion o1 o onsmaSanminmm Po 2 Grand Trunk 6! 2 Ground Grippr Gag® U Pure Sinclair Crude Oll Co o [ s FARAES &h u W S2RR252AEN IR IZIIRLSAS 5k = 22888288883 - n—New. ww—With warrants. Co 55 1937. luminm Co of Amer 8 i faa 138 Corp 828322382883332 T 7, it Lt r 108 1 68 '44105% 37... 98 3 IS - EE & 8383383 O FEF g: 29828 Received by Private Wire Direct to The Star Office Sales in INDEPENDENT OIL STOCKS. AND STOCKS. gt S 2RER2R-ANZ B2 2! 2883283 2aaRn 2333 =§§_E§Ess_§sgszs=sas SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) HUGE BANK MERGER SURPRISES. STREET National City Gains 270 Millions in Resources Through Combine. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, September 20.— The fifth merger of big New York banks occurred yesterday when the Corn Ex- change Bank & Trust Co. announced, subject to ratification by its stockhold- ‘ers, that it would merge with the powerful National City Bank to push that bank far in the lead as the world’s largest, with total resources of about $2,450,000,000. ‘The announcement, & distinct sur- prise in Wall Street, was held extremely close. Few insiders knew of the ne- gotiations. The Corn Exchange, headed by Wal- adds resources of approxi- 0,000 to those of the Na- tional City. The Corn Exchange Bank has 605,000 shares of the par value of $20. Shares traded in increased from $300 to $400 yesterday. The National City Bank stock was advanced to $500 a share, an increase of about $100 a share in 10 days. The exchange of stock will be on the basis of four-fifths of a share ot National stock for one share of Corn Exchange. The real reason for the merger seems to be the expansion of the National City branches in New York City to more than 100. The first major bank merger in New York occurred in May between the Guaranty Trust and the National Bank of Commerce, combining resources of $1,800,000,000. ‘The Hanover National Bank and the Central Union Trust were next, merg- ing resources of $732,000,000, while the Chase National Bank, which already had consolidated with the Mechanics and Metals National Bank in 1926, took over the National Park Bank to com- bine resources of about $1,400,000,000. The fourth was the Bank of America and nmr”&“ Co., o:gmmnm Tesources of about ,000,000. : Charles E. Mitchell, 51, who became head of the National City Bank in 1921, will continue to direct its policies as chairman of its board of directors, while Walter E. Prew will retire from active banking when the merger legally completed. e months ago, talking with one olB:t'l: n:;re hnpfl;“:lnl officials of the American Telephone & Tel:&nph Co., 1 asked him whether, in opinion, the stock of his company was worth the price it was then selling for. At the time the stock was quoted at about $190. He lied that the stock was worth Iub!ett;?iflly what it was selling for, and that, in hl;‘:vhflon. it would hold t that re. "l:bc(;uoud today at 304—an increase of 114 points. The market value of its 13,161,761 shares today is & little over X Next to General Motors, e is the h(l}ghmflo!uloll rican corporations. ener: - m‘ at its high of 913}, preferred stock issues included, was worth $4,159,- ”%333& time the American 1‘;5:?0::‘ ‘Tel h stock gains one i.he :x:gr ple‘ $13,000,000 is added to its market value. cult to accoun! in the common stock months. Public sentiment for the old-age pen- slon in industry is growing. Ten Amer- ican States and Alasks have already adopted old-i pension laws, largely upon legislation now existing Canadian provinces. mwlnl‘fi:ew York !t.lph follow suit? An official New York commission, tinder the chairmanship o'bl Senator Mastick, is tud. the lem. s lfil{;' 8. Wpll;xon is chairman of the British Columbia_Compensation and Pension Board, which administers the Canadian old-age pension act. The act has been in effect two years in Brilish Columbia. Economists, statisticians and repre- sentatives of charitable and relief sgen- cies insist that the old-age pension is the only method of dealing with the problem’ satisfactorily. The transition from independence to dependence seems inevitable for a iarge part of the population. Most men and women approaching 70 face a real prob- lem. Many of them are trained for oc- cupations which no longer exist, and, of course, their adaptability has decreased. That is why Mr. Winn feels that “old- age pensions remove, in part, at least, the munung fear of want from the minds of those who are passing into the twilight of their lives.” J. H. Thomas, British minister of un- employment, has returned to England after & month in Canada looking over the pi ts of increasing trade rela- tions between Canada and the mother country. It g’lmderswod that a principal rea- sonfor his visit was to effect & working arrangement by which the Cdnadian National Raflroad would buy its coal from Great Britain rather than from the United States. Mr. Thomas was in conference several times with Sir Henry Thornton, president of the Ca- nadian National Raflway, and with E. W. Beatty, president of the Canadian Pacific. No announcement was made, however, of the result. I talked with this British minister in Ottaws, and he said his primary in- terest was flo: in temporary, but per- rellef measures. ey ncreased demand for British cx- port , which in turn will increase the number of workers in the factories of England, seems to me the only per- manent cure for our unemployment,” he observed. ‘When 1 asked him if. as minister of ‘Britain’s 1,500,000 unemployed, he con- fempiated ‘an eflort to send any con siderable number of them to Canada, au answer was decidedly in the nega- ve. 3 “Every dominion is the judge of its own citizens,” he said. ‘Making a na- tion prosperous in & fundamental way is the unemployment solution. Send- ing the unempl%ed out of Britain might alleviate the problem, but it would not solve it.” (Copyright, 1929, by North American News- ‘paper Alliance.) = NEW YORK COTTON. NEW YORK, 'mber 20.—The cotton market developed considerable activity today, and under the heaviest concentrated buying since the Govern- ment nfirt prices advanced $1 a bale at one time. The rise met heavy Southern hedge selling, and with co-operative market- ing associations taking advantage of the improvement to release contracts, most of the improvement was lost, with final prices unchanged to 10 points higher on the day. Spots were un- changed at 18.65. gos Setover: Senuary” March k-4 ] X 18.¢47 i i B BN Firm Has Expansion Plan. tember 20 (A)— Directors ted Electrical Coal Co., at a meeting on September 24, it today, will consider a pro- | week Electric Shovels m&{m“}mm Corporation and afliated com- 0, FRIDAY, SEPTEMBER 20, 1929. MARINE PRODUCTS INLIVELY DEMAND Fish, Oysters and- Clams Meet Ready Sales at D. C. Market. ‘There was the usual heavy Friday déemand for marine products registered at Municipal Pish Market and whole- sale houses in other sections this morn- ing. Dealers had large quantities of fish, oysters, crabs, scallops, shrimp and other products of the water in this and other sections. Dealers sald their offerings never showed to & better advantage than this morning. Receipts of all varieties of products were absolutely fresh, present- ing an attractive appearance, which resulted in increased demands. Clams Aid Oysters. An increased demand for clams for chowder and to prepare in other ways, according to dealers, and hard crabs also are being sold for the preparation of chowders and soups. Clams were offered this morning around $2 per 100, while the crabs were $4 a barrel or 75 cents a dozen. In the commission house district and along the country line this morning dealers had immense quantities of at- tractive fruits and vegetables to offer the retail trade, prices of most com- modities being substantially the same as_prices quoted yesterday. Early morning trading was reported fairly brisk, buying later in the day not being so brisk. Several varieties of grapes npgeuud very much in demand, the fruit being very attractive. Receipt of peaches and apples continue fairly heavy and there were plenty honeydews, honeyballs, Persian melons and canta- loum to offer the trade. re were not many cantaloupes from nearby to offer the trade this morning, and, it was stated, the quality of the light receipts was not so good. California Bartlett pears were offered around $4.50 and $4.75 a box, Oregon stock selling at slightly lower prices. ‘White potatoes were slightly cheaper this morning, 150-pound sacks selling at $4.60 and $4.75. Sweet potatoes con- tinued plentiful at $2.50 and $2.75 a barrel, or §1 a bushel. Toda, ‘Wholesale Prices — Jobbers’ Prices” Slightly Higher. Butter—One-pound prints, 48!2a497%; tub, 4772a48; store packed, 30a32. Egi -Hennery, 45a46; fresh selected, 40a42; current receipts, 37a38. Poultry, alive—Turkeys, hens, 35; toms, 33; Spring chickens, large, 31a32; medium, 28a30: small, 28a30; Leghorns, 27a28; fowls, 28; Leghorn fowls, 22a23; roosters, 22; ducks, 15a20; keats, young, 60a70; old, 35a40. Dressed—Turkeys, 38a40; Spring chickens, large, 38a40; medium, 37a38; small, 35a36; Leghorns, 34a35; fowls, 34a35; roosters, 26; ducks, 28a30; keats, 80a1.00. Meats—Beef, 22'5225; veal, 27a28; lamb, 25a28; pork loins, 35; fresh hams, 26; fresh shoulders, 22; smoked hams, 28a30; smoked shoulders, 20; bacon, 28a 32; lard, in bulk, 13}2; in packages, 143, Live stock—Calves, 1515%; lambs, 12a13. Fruit and Vegetable Review. The daily market report on fruits and vegetables, compiled by the Market News Service, Bureau of Agricultural Economics, says (sales to jobbers ex- cept where otherwise noted): Apples—Supplies moderate; demand moderate, market firm; bushel baskets, Virginia, U. 8. No. 1, 2! inches up, Grimes, 1.75a2.00; fair condition, 1.50; Delicious, 2.25a2.50; unclassified Deli~ clous, 25 inches up, 1.2581.50; unclassi- fled, various varieties, some fair quality 0. and condition, 75a1.50. moderate; demand Cabbage—Sup] light, market feldy; New York, 90- based | pound sacks, Danish type, 2.00a2.25. Cantaloupes—Supplies moderate; de- mand moderate, market slightly stron er account cool weather, market stes Colorado, jumbo flats, 12s, pink meats, mostly 1.50, 8s and 9s, 1.15a1.40, mostly around 1.25; standard flats, 12s and 15s, pink meats, 125a1.35; miscellaneous melons, supplied liberal; demand light, market steady; California, Turlock Sec- tion; standard crates, Honey Dews, all sizes, 1.50a1.75, mostly 1.50; Honey f:‘;lshnjumbt:, :;I l;goifil, 4.00; stand- s an s, 3.50; pony 45s and 54s, 2.75a3.00, few higher. Y Celery—Supplies moderate; demand light, market about steady; New York, 2-3 crates, early varieties, 2.00a2.25, mostly 2.25. Lettuce—Supplies light; demand mod- erate, market steady; Colorado, crates, Iceberg type, 4-5 dozen, 4.2524.50, most- ly 4.25; California, crates, Iceberg type, :-550 dozen, 4.25a4.65, mostly around Onions—sSupplies light; demand light, market about steady; New York, 100 pound sacks, yellows, U. S. No. 1, me- dium to large size, 2.00a2.25. Peaches—Supplies moderate; demand light, market dull; Pennsylvania, bushel baskets, E'beitas, U, S. No. 1, medium to large size, fair quality and condition, pale, 2.25a2.75; few very large size, good quality and condition, 3.50a4.00; New York, bushel baskets, Elbertas, U. 8. No. 1, large size, 3.00a3.50; fair quality, pale, 2.25a2.75; Virginia, bushel baskets, Salways, U. S. No. 1, all to medium size, pale, 2.00a2.25, few higher. Pears—Supplies moderate; demand light. market steady; Oregon, boxes, Bartletts, fancy, medium to large size, 3.75a4.00; California, mountain section, boxes, Bartletts, fancy, medium to large size, 4.252450; New York, bushel baskets.” Sheldons, No. 1, medium to large size No. 1, medium to large size, 3.00a3.50; Bartletts, No. 1, medium to large size, ripe, 2.50. Potatoes—Supplies moderate: de- mn&d! l}g‘t,m m:rknc k:bou%mmnd%: 3 -pound sacks, ct z 5.'No. 1, 4.654.15. S Sweet potatoes—Supplies moderate; demand light, market dull; East Shore Virginia, cloth-top barrels, yellows, U. 8. No, 1, 3.00a3.25; East Shore Mary- land, bushel hampers, yellows, No, 1, 1.00a1.25. String beans—Supplies moderate: de- mand Tight, market steady; NoTfolk sec- tion Virginia, bushel hampers, green, 1258150, few higher. Lima beans—Supplies moderate; de- mand moderate, market firm; East Shore Maryland, bushel hampers, best, mostly 2.58; poorer, low as 2.00. Peas—Supplies very light; no sales mm—mppxm moderate; de- mand moderate, market firm; nearby Maryland, }5-bushel hampers, 50a60. Grapes—Supplies moderate; demand modcrate, market steady: East Shore Maryland and Delaware, 12-quart, cli- max baskets, Concords, mostly around 50; California, lugs, Thompson seed- less, 1.60al.75, mostly around 1.60; lugs, Malagas, 1.75. INTEREST RATES. By the Associated Press, Collateral interest rates, as reported for last week by Census Bureau aver- ages, held unchanged from levels of the preceding week, but were substantlally above figures for a year ago. Aver: rates for the week and comparabl periods follow: Time loans. Call money. ° Per cent. Per cent. Week end. Sept.14. 9 8% Preceding week.. 9 8% Same week lastyr. 7 % HEAVY CONSTRUCTION. NEW YORK, September 20 (P).— Marked by a 68 per cent rise in the value of contract I in ial buildings, Te) me the value of past crease of approxi- mately ,000 over the previous week’s figures, Engineering News-Record states in its current issue. —r—— [SMALL BANKS FEAR GROWTH OF CHAINS Special Dispatch to The Star. NEW' YORK, September 20.—The | position of the country banker in the midst of economic conditions that are compelling the ereation of huge com- binations of capital to buy &'fi chlfis of banks, is not an enviable one. He is seriously alarmed over the gruent trend, which may mean that e will lose control of his institution as well as a part of the local constit- uency which _he had been years in establishing. In some instances he and his friends have a majority interestin the stock of the bank, which gives him the opportunity to refuse offers from the outside that may be too tempting for the body of his shareholders to Tesist. In most instances, however, local bank stocks are quite widely dis- tributed and the owners of them have relan'vely little pride or interest in the bank’s affairs. They are mainly con- :::‘l;t'd :It.wfllng ll)od1 t::vldendl and ly appreciatio """M 5"‘-!’ 2 pp! n in their ready bankers in small cities and towns in the East, in the Northwest and on the Pacific Coast have been forced out of their enviable local busi- ness stations by the sweep of banking combinations centered in some metro- politan district. It is a movement which they.and their local depositors and borrowers oppose, but with not much success, The situation resembles on 8 small scale the change in com- munity life that has followed the pass- ing of the old tradesman under the :'r;uure of competition from the chain re. has been disturbed in no little degree by the formation this week of a $1,000,000,000 holding and management company in New York for the purpose of buying control of banks and trust companies in the western part of the State. It is understood that another corporation with a similar purpose and Suits and suits and topcoats! latest style, and is ever bought! FINANCIAL. The outlook of the country bauker A Stop in now for the e topcoat that $17.50 ®x% 13 with a capital of $50,000,000 is under- consideration and also will seek to ob- : tain a chain of benks in the up-State . territory and possibly in e States, ~ Already a m;—uum York ‘nvestment firm is said to!bhve chain of purchased control of a | banks throughout the United Etates.. - The voice of the country banker' is likely to be raised in his own defense at the San Prancisco convention of the American Bankers’ Association _next month. At that time branch and chain banking will be actively discussed. The convention is expected to adopt a policy regarding these tendencies. There is a strong move- ment among members of the associe- tion for a change in the national bauk- ing laws to permit branch banking sim- ilar to that in Canada. The propenent - of this movemeni is the controller of the currency, who is understood to . take a more advanced attitude tham =~ does Secretary of the Treasury Melion .’ and some members of the Federal Re- - serve Board. 14 GERMAN BONDS AND STOCKS. Special Dispatch to The Star. ol NEW YORK, September 20.— Bid. Asked. Ger Gost Red Loan with draw- Ing ctfs attached per 100 R M 50.00 61 00" Ger Govt Red Loan without 1,000 R M. 24.00 i t 55588858 B2 ou! s Ge Elec) Ger Ge Eiec) pfd B Commerz ‘and Privat Bank ] 83833 T eBeSRSRERTEES 58 Darmst d‘z"“s. K armstaedter Ba) Heyden Chem . Mercur Bank Vienn: North German Lioyd. Austrian A E G (Generai Eiec $323838833338 Luu3331L3! 250025 All- American Values in These Wonder-of-America All-Wool Topcoats! F experts picked an All-American Clothing Team, Wonder-of-America suits and topcoats would be first choice! They pass over all values, bucking the usual price line-up, dash through the field of competition, and score the goal they set out to make—the greatest value that America can offer in clothes! It took plenty of training to make such record breaking values. Only experts can buy their own materials, make their own clothes and sell them in their own stores on one tiny profit! And only experts with tremendous nerve would dare to take the small profit that Won- der-of-America makes on their $17.50 At $17.50 Wonder-of-America scores the winner in clothing values. And no trick plays were needed—for every suit and topcoat is all-wool, tailored in the durable as an All- $1 7.50 no more—no less American center. TWO STORES IN WASHINGTON 1003 Pennsylvania Ave. N.W.d 611 . Seventh St. N.W.