Evening star., 1928-11-03

'0'''' period of 1927.
Prices for iron and steel continued to
show further slight recovery, exceeding
| for the first time this year the level
which prevailed year earlier.
Prices for copper were stronger than
in either the previous week or last year.
Cotton declined from both the previous
week and year ago.
Banker on Commerce Committee.
John G. Lonsdale, president Nation
al Bank of Commerce, in ST. Louis,
and one of the most active members
of the Chamber of Commerce of the
United States, was recently appointed
| a member of a special foreign COM
merce committee of the chamber, with
the work of the finance department
of the American committee of the IN
ternational Chamber of Commerce. Mr..
IonSdale is chairman of the finance
department advisory committee of the
national chamber, in addition to being
a director and eX-officio member OF
the foreign commerce committee. He
is also first vice president of the Amer
ican Bankers Association and one OF
the leaders in the organization.
Treasury's Next Financing.
Just what form the December financ-
ing of the Treasury will likely take will
depend in large measure upon the
money market. Officials are of the
opinion, says the Wall Street Journal,
that certificates are likely to be used
again unless there is a decided change
in the market. Present rates call for a
much higher rate of interest on Securi-
ties than Treasury officials care to put
on any long-term obligations, 1t is
pointed out.
The financing program by the Treas
ury can be anticipated for December 10
to care for maturitieS OF certlhcates OF
indebtedness maturing on that date
and for Treasury saving certltlcates
maturing in December and in January.
Aggregate probably will be in the neigh
borhood of $700,000,000.
Three series of certificates, with al
lotted total of $679, 900, mature on
December Is. These are certificates
TD-1928 at 3A per cent. issued Decem-
ber Is, 1927, with allotted total $751;
76l 900; certificates TD2-1928, issued
March is, 1928, at 34 per cent, with
allotted total of $201 $4,000 and GER
tificates TD3-1928, issued June Is, 1928.
at 4 per cent, with allotted total OF
S216, 1911 900.
In addition Treasury savings certifi-
Gates totaling approximately $25,000,0 600
will mature in December, and an addi-
tional $47,o00,000 will mature in jan
uary, 1928. This is a form of Treas
ury security which will become obsolete
on July is. 1929.
Used as postwar method of financ-
ing, the Treasury savings certificates
were finally discontinued from use
July IS, 1924, due to protest from many
banks that they were competitive, and
we're injuring the banks during diff
cult period. They were issued in
amounts of $25. 500, $500 and $1,000.
with maturity in five years.
Auto Exports Up $5,O0O,OOO.
Exports of automobiles in September
totaling $34,162,7l1, were $5,033, ,092
above shipments in September last year,
an increase of II per cent, although
$14, ,602 BAL under the exports in August,
1928, the Commerce Department re-
ports.
The high total was reached, the de-
partment says, notwithstanding the re-
duced output due to the necessary
manufacturing changes incidental to pro-
duction of new models and the inven-
tory period
Shipments for the July-September
I quarter totaled $129, sos, SAT and for the
first nine months $389. .440,329. Exports
! during first quarter totaled $1l8.861.-
397 and in second quarter $141 ,073,2 ,285.
New I. G. C. Ruling Requested.
The Pennsylvania Railroad has filed
further petition with the Interstate
Commerce Commission asking reopen
| ing for reargument and reconsidera-
| ton of the commissions decision au-
thorizing the Pittsburgh & West Vir-
| ginia Railroad to construct the 38-nile
Connellsville extension from Cochran's S
Mill, near Pittsburgh, to a connection
with the Western Maryland Railway at
Connellsville, Pa.
The petition is similar to one recent
| ly filed by the Baltimore & Ohio and
asks the I. G. c. to reconsider its earlier
refusal on petition of the Baltimore &
Ohio, Pennsylvania and Nickel Plate
to reopen the case. Construction OF
this line is now proceeding.
Open Investment Office Monday.
Colston, Heald & Trail, investment
bankers of New York and Baltimore,
announce that they will open a Wash
ington Office next Monday in the Wood
ward Building. The new office will be
under the management of Thomas Hop
ington Office of Harris, Forbes 81 Co.
For the past year and half Mr.. Hop
kins has been in Birmingham, Ala, but
before that time was an active figure in
the local financial district
Forum Speakers Being Secured.
/. j. Roberts, chairman of the forum
committee of Washington Chapter
American Institute of Banking, is ar
ranging for the speakers for the coming
dinner meetings.
Chairman Roberts expects to have
four meetings and is after four men as
speakers who hold national regulations
He proposes to have the first meeting
about the 21st of this month, the other:
to come in January, March and April
The other members of the forum com.
mittee are w. w. Burnside, Frederick
H Cox, T. Hunton Leith and Mis-
Esther Lau.
Bank Clearings Close to Record.
Following the announcement tina
bank clearings in Washington in Oc
tober smashed all former records fo
one month comes the report that clear
ings for the country as whole came
close to making new all-time recorC
also. Clearings fell just short of reach
ing the May figures, which were th'
highest ever known.
For 10 months the clearingS are NOR
than one months aggregate ahead o
the same period last year. One reasor
for the October figures may be fount
in the fact that stock speculation trad
ing on the New York Stock Exchange
| was almost double the total year age
/