Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-21

Chestnut Farms
Dairy c m m n
again remained in wilbur A. Wilbur.
the spotlight. clos
inr the week with 100 shares selling
at 100. the new high mark reached
few days ago This issue has had
a most remarkable rise so far this
wear, the low for the period being 85.
Chestnut Farms preferred reached
new peak Yesterday when It advanced
quarter of a point and closed at l09'
This stock opened the year at 1O4os.
Capital Traction stock, one OF the
oldtinoe favorites. which has been quite
largely neglected for several months,
seems to be coming into its own once
more Trading in the issue has been
steadily expanding. 1t gained an eighth
Of a. point Yesterday when 48 shares
changed hands at los and Is more at
IO5la. In the bond division Capital
Fraction SIS we're also strong. $4,000
turnover taking place up half a point
10 10134.
of points from the last sale. Gas
stock maintained it's new high of 10l:
Railway preferred moved at 1O01s, and
Potomac Electric sig per cent stock
sold at lO87s. Thirty shares of Mer-
chants Transfer e. Storage preferred
registered 108. Peoples Drug again sold
of It9 and six shares of Sanitary Gro
cery preferred sold at 1859. On the
bond side Gas SIS sold at 1922, Gas 6s.
series A. at 1852, and Barber & Ross
s12s at 931a.
Weeks Clearings Above Last Year.
Bank clearings in washington for the
week ending October Is totaled SOL
$4,000, an increase of ia per cent
over the corresponding week in october,
1927. The clearings, however, were
lower than the previous week when they
were $32,308 000 No doubt the differ
ence is partially due to the fact that
Columbus day came in the week under
review and all the brokerage houses in
Washington we're closed on that date.
Baltimore also showed decline IN
clearings. the total on October 10 be-
ing S101 $4,000, against sos, 718,000 on
October H. This was likewise a de-
cline of Is per cent below the same
week last year Richmond recorded
a good gain, the figures being S55,711,-
600. against $50 285, 900 for the previous
week. Norfolk was slightly behind the
previous week, but practically the same
IS a year ago.
The country as a whole reported
clearings ahead of the previous week
and the corresponding week last year.
an active stock market and the OCTOBER
IS Liberty Loan payments being
Assigned as the chief reasons for the
Improvement.
Bankers Convention Echoes.
A resolution was adopted by the
Investment Bankers Association in
which opposition was registered to the
use of any form of title for an issue OF
bonds or notes which carry any mis-
leading inference or suggestion as TO
the character or lien priority OF the
issue involved.
In his report on Government and
farm loan bonds. Arthur H. Gilbert of
Spencer Trask g. Co., Chicago. as
chairman of the Investment Bankers
Association, stated that recent offerings
of Treasury certificates bearing interest
at 434 per cent are examples OF the
Treasury DEPARTMENTS policy OF accept
ing the money rate as dictated by the
condition of the country.
1T seems undoubtedly wiser to have
the Treasury adapt itself to the going
rates for money" he declared, rather
than to encourage operations by which
money rates are kept low in ORDER TO
permit Treasury financing at cheaper
interest rates"
In his report to the association,
Lewis B. Williams of Cleveland, as
chairman of the railroad securities COM
nittee. stated there is no clear line OF
ienarcation between the powers OF the
Government to regulate railroads and
the powers of corporations which own
railroads to operate and manage their
own property.
His report concludes that general
conditions in the railroad field continue
satisfactory from the viewpoint OF the
4nY~ iV1aF1
ness this Fall are good and 1t Is pos
sible that some increase in earnings
over the similar 1927 period will result:
Rollin A. Wilbur of Cleveland, elected
president of the association, Is a per-
sonal friend of several local investment
bankers.
HazIewood Sees New Competition.
1.-The United States has passed
through a wonderful pioneer period IN
business and finance, and is now sud-
denlv confronted with a new epoch IN
which pioneering rules no longer apply,
said Craig B Lakewood. president OF
the American Bankers Association, in
an address before the Nebraska Bank
ers' Association.
In the banking business we nave
too frequently succeeded out OF the
richness of our environment and then
good MANAGEMENT" said Mr.. Lakewood,
BUT l believe that we are passing out
of this pioneer period and are coming
into an epoch of intensive competition
and of expert management"
LET us often repeat to ourselves, "
Mr.. Lakewood urged that the job OF
bank MANAGEMENT is to conduct safe
and liquid bank at profit. Unless 1t
is safe and profitable, a bank cannot
be of maximum service to its COM
fnunity.'
Il believe the time is ripe to begin
TO crystalline more definitely than ever
before the principles of bank manage
ment, the standards of income. invest
ment expense and employment. in or
der that those who manage our f1nan-
cial institutions may have rough aver
ages at once to guide them, which
eventually, l trust, will lead to COM
plete and scientific grasp of the whole
problem of bank operation"
Pennsy Stockholders Increase.
With a further increase of 410 dur
ing September. stockholders of the
Pennsylvania Railroad Co reached a
new high record on October /, 1928, at
154,415. against 154 005 on September l,
1928. The October / total also COM
pares with 141 1888 on October /, 1927,
increase 12,477.
Average holding on October I. 1928,
was 1856 shares. which compares with
1910 shares on September l. 1928 and
with 1885 shares on October /, 1927.
Increase of 410 stockholders in Septem-
her follows gain of I'll in August.
Geographical distribution of stock
holders compares as follows: Pennsyl-
vania, 72.525, decrease 2071: New York,
24,841, increase 1857: New England,
2o,396. increase 1880; foreign. 1902.
increase 1873. and scattering, 1855, in
crease 6.343