The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-08-11
.RATEs0N M0NEY
TO REMAIN
HIGH
Bs RICHARD HATT0N

stock market drama for several
weeks according to the current
United Business Service Report.
Furthermore. this situation OF
high money rates and generally re.
stricted credit for stock market
operations is likely to continue and
even become more severe, as tie
fall business demand for money
comes into the market.
a thorough study of the opinions
expressed by such well-known au.
thorfties as Babson. Brookmire,
Moody and others, reveals the fact
that there is practically complete
|. agreement that high money rates
will continue well into the fail sea-
son.
One such authority SAYS that the
recent marking lip of bankers ac-
S.A5garres to s per cent. the highest
rate since October. 1921, was prob
ably III preparation for heavier
business demands later and that
advancing rates for business loans
will rot be checked until funds are.
withdrawn from speculation mar
kets.
Another well-known commentator
expresses his views as follows: With
the Restrictions proposed on the
placing of call loans in the New
York market for the account Of cor-
poratipfls and Others and with
the recent firming up of accep-
tancn rates, there is little prospect
4 for ease In money. The money
factor 50 favorable in late 1926 ard
throughout 1927 has definitely
turned against the stock market.
From another reliable source
comes the opinion that the current
upward trend of acceptances doubt
less foreshadows the near future
course OF money rates. This upward
trend Of acceptances is likely TO be
followed by time money and COM
mercial paper through the early par
Of the last quarter, at least.
Check Payments
Measured BY check payments. the
dollar volume OF business during
the week ended August 4 was
greater than in either the previous
week or the same week ). 1927,
according to the weekly statement
Of the Department of Commerce.
Steel plant operations also showed
larger activity than IN either prior
period.
The yaiue Of new buiIdins con-
tracts awarded during the week
however was smaller than IN either
the previous week or the correspond
ing week OF 1927. The index of
wholesale prices showed a slight de-
cline from the previous week, but
was higher than q year ago.
Prices for cotton and iron and
steel averaged lower than n the,
previous week. hut cotton prices
We're higher than in the same WecA
OF last year.
The price of copper showed prac-
ficaliy no change from the proceed
ing week, but was higher than d
year ago.
Loans and discounts OF Federal
Reserve member banks were higher.
than III either prior period Loans
to brokers and dealers also reg
, istered an advance over both
periods. Stock prices averaged high
er than ia either the previous week
or the corresponding period Of last
year
Interest rates on time money
again showed no change from the
preceding week, but were higher
than iii the same week year ago
Bond prices averaged lower than
in either the previous week or the
same week Of 1927. Interest rates
on call leans averaged higher than
in the previous week.
sales of the IL leading chain
Alstore systems in the United States
Tor the month OF July, 1928, totaied
SOL .O34 SOB. compared with s56 oil Z
961 for the same month last year,
gain OF $5.O72.544, or 9.05 per
cent. according to compilation
Z issued by George II. Burr. & Co.,
specialists in chain store securities
sales for the first seven months
1928, totaled $423 ,709 ,03s, compared
with $376. 951, Az for the same period
last year, a gain Of s46,751 sos, Or
ia per cent
Book for Bankers
a revised edition Of security syn.
) dictate Operations" written by Ar
thur GaIston, formerly vice president
of Blair & Co, and a lecturer on
syndicate organization and account
ing at Columbia University. has been
published by the Ronald Press Com.
pany.
The book was written under the
auspices OF the Investment Bankers
Association OF America Publications
Committee.
Frank j. Kaufman was elected
acting vice president of the Intefna-
liDiihi GbAGudHE6 oaIllS at the IDeStfHS
!. or the board OF directors of the insti-
tuition yesterday. Mr. Kaufman has
been cashier of the bank since its or
ganization by Joseph Schiayone in
August, 1921, and has won the es-
TEEN and confidence OF the directors
ard present officers by conscientious
work in the interest of the bank.
The many friends of Mr.. Kaufman
In the financial world are congratu-
lifting him upon his deserved promo
tion. Mr.. Joseph Sehiayone, former
president of the international Tx.
change Bank. left for New York yes
tefday OH weekend trip.
The following committee has been
named TO handle the forum dinners
which will be given by washington
j Chapter. Americas Institute OF Bank
ing, during the coming fall and win
ter, according to announcement by
Chairman / J. Roberts OF the com
niittee: Miss Esther I4au, Riggs Ma
4ional Bank; H. w. Burnside, Farm
ers and Mechanics National Bank
r. H. Cox, Commercial National
Bank and r. II. I4eith, Security Say
Inas and Commercial Bank.
Assistant Treasurer James G. Du
lin, Of the American Security ant
Trust Company, has returned from
y q tWo-inonths' trip to Alaska.
Cashier Harry T.. Selby, Of tn,
, Farmers and Mechanics Nationa
bank, il on a short vacation
General Motors has declared tn,
regular quarterly dividend.
LIBERTY BONDS