Evening Star Newspaper, June 29, 1921, Page 21

DERAL DEPOSIT ~ ANAIDTO BANKS Secretary Mellon Leaves $454,000,000 in National Institutions. BY L A. FLEMING. Secretary Mellon has extended a real favor to the national banks of the country in permitting them to retain Practically 70 per cent of the proceeds of the big note and certificate issue of June 15. In this way he has enabled the banks to conserve their ressurces over the Jduly 1 period, when the enormous semi-annual interest and dividend Payments are made. “ The total amount of the June 15 sale was $625.575,400, and after the with- drawals there remains over $454,000,- 000 on deposit with the banks. Bankers are further strong In the opinion that there will be no federal financing with July 15, unless per- adventure there is need of providing largely for the railroads of the coun- try” through some legislation to this end or through executive action. But a small amount of Treasury certificates will mature July 15, and the Treasury is prepared to care for these now. Moreover the maturities in August. which the government will have to provide for. are small. so that no_ big financing will be necessary until Sep- tember. at which time there will prob- ably be'a note issue of considerable size and a smaller issue of Treasury certificates. There seems to be a good demand for time money with 6 per cent freely bid, but banks are holding for 6% per cent. Call loans are going at about 5 per eent. stiffening to 51 per cent on gov- ernment withdrawals of certificate funds. Had the entire proceeds of the last Joan been withdrawn from banks rates would, in all probability, have advanced sharply. During the last year bank loans have dropped about $5.000,000,000, while re- discount operations secured by gov- ernment paper have fallen $620,000,000. There has also been a_decrease in acceptances held by federal reserve banks of $359.867.000. While the country has been going through {ts greatest business depres- sion the banks have heen putting their affairs in good order. through con- stant insistance on moderate liquida- tion of customers’ obligations. ” Bank Dividends Declared. Directors of the Continental Trust Company have ordered the regular quarterly dividend of 174 per cent to be paid to shareholders of record June 29 on July 1. Washington _ Mechanics' Savings Bank will pay its usual quarterly dis- tribution of 21; per cent July 1. Capital Traction Leader. Capital Traction shares were the leaders on today's session of the local stock exchange. Discussion re- garding the probability of lower fares and a falling off in the receipts of the company. probably due to many peo- ple leaving the city, brought con- siderable selling, in a small w. most of the sales being of modera Jots, with a fair aggregate total. The opening at 8413 was followed by a Tecovery to S4l;. dropped to 84 again with the final transaction at S4%4. There were no transactions in other public utility shares, which were NEW YORK STOCK EXCHANGE. Received b Private Wire Direct to The Star Office. Adv Rumley pf. Ajax Rubber. Allied Chem, Allis Chalmers. Am Agr Chem. Am Agr Chem pf.. Am Beet Sugar... Am Boach. .. Am Can. Am Can pf. Am Cotton Ofl. Am Hide & Lea. Am Hide & Lea pf. 48% AmIce........ .ee BT% Am International. 84% Am Linseed. 2% Am Locomotive... 8% Am Safety Razor.. 4% Am Ship & Com... 7 Am Smelting. Am Steel Fdy. Am Sugar... Am Sugar pf. Am Sumatra. Am Tel & Teleg. Am Tobacco. . . 119 Am Tobacco (B).. 117T% Am Woolen. . 68% Am Woolen pf.... 95% Am Writing Prpf. 27 Anaconda..l...... 3% Asgo Dry Goods. .. 30% Atchison. Atchison pf. . TI% Atlantic Cst Line.. 8§ Atlantic Fruit Co.. 5% AtlanticGulf..... 2 Atlantic Gulf pf... 21 Baldwin Loco..... ‘Balto & Ohlo. Barnsdall (B). Beth Steel (B) 15 5% Bklyn Rapid T' 10 Bklyn Rap Tr ct! 7 Butte Copper. % Butterick 2 Caddo Oil. .. .1 California Pckg... 56 California Petrol.. 38% Calumet & Ariz... 46% Canadian Pacific. . 108% Central Leather... 35 Centrai Leath pf.. 0% Cerro de Pasco. Chandler Motor. Ches & Ohio. Chi Great Westn.. Chi Great W pf. Chi Mil & St P. Chl Mil &St Ppt.. Chi & Northwn. Chi Pneu Tool . Chi R 1 & Pacific.. 30% ChiRI& P 6%pf.. 61% Chile Copper 10% Chino Copper. 2% Coca-Cola. Colo & Southern.. Col Ga: . Col Graphophon Col Graph pt. Cons Cigar. .. Cons Distribut Cons Intl Cal Min. Cons Textile Cont Can. Cont Candy. Corn Products. Cagden & Co. Crucible Steel. Cuban-Am Sugar. W% Cuban-Am Sug pf. 8 Cuba Cane Sugar.. 9% Cuba Cane Su pf Denv & Rio G pf L Dome Mines. ..... 17% Endicott-Johnson. Erie.. Erle st pf. Erie 2d pf | Famous Piay: “isher Body isher Body pf. Fisk Rubber. i Gaston Williams.. 1% Gen Am Tank Car. % 17% . Low. Closa 3% 38% 2 2 n% 8% % 3% 6% 87 2% 2% » B 2% U% % %% e TH 2 13 ™ 1T 0% 104 8% 5% 5 5 U % = % 81 % b 1 T 8% 36% % 2% 2% BR 0 9 k3% BI% % 102% w1 n 2% 1% Open. High. Low. Close. Texas & PC&Oll. 19% 0% 19% 20 Third Avenue. 5 1% 15 1% Tobacco Prod..... 64 b4% 63% B4 Trans Contl Oil... 8 8% 1% 8% Transue & Wilms. 2% 82% 2% 32% Union Oll. . 18% 19 18% 18% Union Pacific..... 116% 116 115% 115% Union Pacificpf... 61% 6% 64 64 gn::e: Alloy Steel. 22 2 nited Drug. . 8% B4 United Fruit. " mt l# United Ry InvDf.. 19% 19% 19% 19% United Retail Strs. 5% 5% 63% 54 GSCastIrPipe... 13% 1% 18% % USFoodProd.... 17 1% 18% 17 USIndus Alcohol. 53 5% 53 b4% U S Realty. 49 4T 8% U S Rubber. . B2% B3% 61% 53 US Rubber1st pf. %% %% 2% %% U S Steel. 7 ™% T U S Steel pf. 107 w07 107 Utah Copper. 6% 1% 8 Vanadium Corp... 2% 8% 29% Va-Car Chem. A% 2% U% 29 Va-Car Chem pf... 69% 63% 69% 69% Webash... ™ TH TH Wabash pf A 201 204 204 Wabash pt B. 18K 1% 1% Western Md. 9% 9% 9% Western Md 2d 8% 1% 18% Weatern Pacific. % Y% % Western Union. 86, 8% 8 Westhouse E & M. LI LY Wheeling & LE.. 8% 8% 8% 8% White Motor A% 32 3% s White Oll.......... 0% 8% B84 8% Willys-Overland.. 6% 7% 6% 7 Willys-Ovid pf.... 29% 31% 29% 8i% Woolworth....... 1104 110% 110% 110% Worthington (B). 664 b6% 56% 6% Wright Aero....... T% 7% % 1% High. Low. Last. Call Money..... 6 5% &6 HOURLY SALES OF STOCKS. Hlam 11200 12M.... 201 200 . 1pm..... 280 60 2p.m... 81200 SOUTHERN PACIFIC - REVENUES GROW NEW YORK, June 29.—Total rail- way operating revenues of the Southern Pacific Company and its subsidiaries for 1920 aggregated $282,269,504, an increase of $42.612,- 232, or 17.78 per cent over the pre- | vious year, accordmg to the det: report of the system issued today. Total railway operating _expenses of $242,113,790 increased $53,728,618, led or 2 per cent, leavnig net railway operating income of 312,344, a de- crease of $18,36: or '46.28 per cent. The constant growth of expenses is disclosed in the operating ratio. This amounted to 85.77 per cent in 192 against 78.61 per cent in 1919, 73 per cent in 1918 and only 62.18 per cent in 1917. Heavy Trafic Expenses. Maintenance of equipment alone in- creased slightly over 24 per cent and the heavy increase’of traffic expenses resuited “chiefly from the regaining of traffic diverted while the road was under federal control. Current assets of the Southern Pa- cific system, including cash approx mating $16.500.000, show a large crease ower the previous year. In cluded in this account are materials and_supplies of the company’s oil properties, which are listed at $10, 268,359, against $1.535.151 in 1919 Current liabilities include loans and bills payable of $5.000.000 and an in- crease of $24,416.500 in the compan. MONEY 1S FIRM; STOCKS STRONGER Good Demand for Industrial ,E% Leaders—Rails Make Some Gains—Notes. BY STUART P. WEST, NEW YORK, June 29.—An advance in the call money renewal to 5% per cent, a somewhat sharp reaction in sterling exchange and highly irregu- lar fluctuations in stocks and com- modity prices made up today's rec- ord in the markets. There was noth- ing, of course, at all significant about the slight rise in the money rates. The banks have been called upon to meet large government withdrawals, while at the same time providing the funds to finance the 1st of July divi- dend and interest payments. This has temporarily reduced the supply of funds for Wall street purposes, but inasmuch as the Wall street demand is at an absolute minimum—the low- est, in fact, in recent years—the ef- fect upon quotations for money 1is comparatively trifling. The decline in sterling carried rates back over half the ground gained since the start of the week. The first German indemnity payments, made in dollars and arranged in_a great hurry, put the market down 30 cents in the pound in less than a fortnight. It would have certainly been ex- pected that with this operation over and with the assurance that the sec- ond instalment of the reparations money was to be accepted in foreign currencies, thege would llllve beell: a very much more expansive reaction in the value” of the dollar than has actually occurred. As it stands the sterling has made up barely 5 cents out of its 30-cent de- cline, and this would seem to indi- cate that the routine factors in the exchange market are not the same as they were a month and a half The exchange market then was ago. getting the support of the heavy gold transfers, whereas now this movement has fallen off. At the same time the demand for exchange drafts to cover purchases of our grain and cotton Is much larger than it was. Stocks Stronger. in the stock list, starting !slowly., made small progress until {midway in the second hour of the session, when strength developed here and there throughout the industrial list, with large trading in General Motors, and sharp advances in Steel common and indcpendent steels = as well. Steel common sold up to 74%. iwith the indications rather favoring a_firmer closing. i Many of the industrials gained % to % of a point. Columbia Graphophone, one of the low-priced specialties, gained a point on _the common and 2 points on the preferred, with large transactions. Some of the rails showed better tone in the early trading, but the advance was checked and the rail group as a whole was slow. Rails Gain Strenxth. n the second hour of the afternoon the rails became firmer. influenced by the display of streneth elsewhere. Chesapeake and Ohlo was exception. lally strong following the May report | published yesterday. which “showed the remarkable gain over lest year ! of $1.340,000 in the gross, with a net operating income of $1,587,000, as | The net Action TODAY’S BOND PRICES. Sinelair Cons. Ol Corp. 714s 1925 Noon prices reported to The Star over direct New York-Washington wire by Bedmond & Co. City of Paris 6s 1921 ...9911-16 French Government 85 8% Government of Switerland 8s. - 104% Kingdom of Belglum 7Ti%s. 08 U. K. of G. B. and Ireland 5is 192 9% U. K of G. B. and Ireland 5 973 U K of G. nd u Am Armour & Co. 4%s Atchison, Topeka an Atlantic’ Coant Line 7s. Aunstic Relsiog Co. 64 e < o (Reported by Redmond & Co.) Baltimore ‘and _Ohio 6s. T ssy P ot . Haltimore and Ohio 8. W. 78" | American Tel. q Tethichem "Steel refdg. 58..... 50 | American Tel. & Tel. ; nadian Nor. 7e. 140, 1301 ‘Amerienn Thread Co. 2 "81% | Americun Tobmeco Co. . Ty | American Tobacro Co. Chesapeake and Ohlo conv. 4 = 73" | American Tobacco Co Chesapeake and Ohlo xen. 4% 713 | Anacondn_Copper 6 1 Chesapeake and Obio conv. 5 701 | Angio-American Oil 7is 16 Burlington and Quincy 99,96 | Armour & Co. Tx 1030 Chl., Mil. and St. Paul refd. 4%: 4! Chi., Mil. and 8t. Paul con! 633 Chicago Northweatern 7¢ 1930, 101% Chi., R. I. and Pacific refdg. 45 Chicago Unfon Btation 6 Consolidated Gan 7s . Delaware and Hudeon 7 1930. Erie general lien 4 General Electric 6s . Goodyear Tire and Rubber Co. 88 1041, Grand Trunk s, ret, IHinoin Central 5is . International Mercantil Inter. Rapid Transit 1st_and ref. 5 St. Jonis and San Francisco inc. 6s. Reaboard Air Line refdg. 4s. Seaboard Air Line ad). Grain, Produce GRAIN AND PROVISIONS. | BALTIMORE, June 29 (Special).—Po- | tatoes—New, bbl., 1.75a2.50; No. 2, 1.00 a1.25; per bushel, 75a85; Beans, per bushel, 90a1.00; stringles: 1.25a1.40. Corn, per dozen. 30a40. Beets, per bunch, 3a5. Asparagus. per dozen, 1.20a3.00. Cabbage, per head, 4a8; box, 2.50a4.50. Eggplant, per crate, 2.00a3.50. Peas, per bush !, 2.00a4.00." Peppers, per crate, 2.00a 3.00. Spring onions, per 100 buncies, j75a1.00. Spinach, per bushel, 1.50a L75. Radishes, per 100 bunche a 3.00. Rhubarb, per 100 bunche: 14.00.- Tomatoes, per basket, 2. green, 2.00. Appl: per barrel, 2.00a5.00. Can- taloupes, per crate, 1.00a3.75. Peaches, i per crate, 2.00a3.00. Grapefruit, per { box, 3.00a6.00. a6.00. Blackberries, per quart, 1%a. Raspberries, per quart, 28. Cher- ries, per pound. 10a20.” Watermelons, each, 30a80. Pineapples, per crate, 4.00a8.50. Selling Prices at Noon: L 144 0. 2, Oranges, per box, 3.50 | August, no bid. bu. of No. 2 red winter, garlicky, at 1.21 per bu.; 1,808 bu. of No. 3 red winter, garlicky, at 1.15 per bu.: 1,300 bu. of No. 4 rcd winter. gar- licky, at 1.10 per bu.; 1300 bu. of No. 5 red winter, garlicky, at 1.05 per bu. Bulk of new wheat at 78, 95, 1.00, 1.05, | 1.10, 1.15 and 1.17 per bu. There was a reduction of 25¢ per bbl. on all grades of western flour. Corn—Cob, new, yvellow. 3.70a3.75 per bbl.; for white, 15 to 20 per bbl. lower. in carload lots: contract corn, spot, 65 No. 4, 65; track corn, yellow, No. 3 or better domestic, 74. No. 2 white. 451 ; No. 3 white, {quality, 1.20a1.30 per bushel 2| Routhern Pacific conv. 4s. URited States Steel 8. F Wilson & Bethlchem Steel 7s Canadian Pacific s « Louisville and Nashville 75 1930. I J. Heinz ¢ n nd Texas 1st Hocking Valley 15, | Humble Oi Ts Kennecott Copper Swift & Co. 65 1 NEW YORK. June 28.—Relatively casy cables from Liverpool led to an | opening decline of 2 to 5 points in jthe cotton market here today and Southern Pacific 1st and re . Railway__gen. v 0il Corp. Tx 1931 Irginta urol m(‘hl‘m{ SHORT-TERM SFECURITIES. Rethlehem Kteel 7s Liggett & M. Procter & ¢ Southwestern T E and i:ivemsitock LOCAL WHOLESALE MARKET. Eggs—Strictly fresh, per doz., 29a30; average receipts, 27a2 Live poultry: turkey per i per b, . winter. per ih., Dressed poultry—F Sh-killed spring chickens, per b 3 o 53438; hens, per Ib. | 32, roosters, per Ib., 22; turkeys, 38a 40: keats, young, each, 60a75; chick- ens. winter, per Ib,, 35a40. {orl(~brnsskd small, per 1b, 15; Ives, choice, per lb. 10: Jambs, choice, per 1b., 11. Green fruits—Apples, per bbl 10.00; western, per box, California_lemons, per box, 9.50a10.00 California oranges, per crate, 6.00a £.30; Florida oranges, per crate, 6.00a 6.50; grapefruit, per erate, 5.00a650; strawberries, per quart. 20a35: peach- 00a 24.50; ¢s. per crate, 3.0021.00; blackberries, per quart, 0a23; raspberfics, per quart. 40a45, Vegetables—Potatoes, new, per barrel, » : lettuce, neark Wlings. per crate, 1. spinach. er barrcl, 4.0025.00; kale, per barrel. Sal. per - crate, 4.00a6.00; Is L per barrel, 6.00a12.00; onions, 00, new cabbage, per crate, ucumbers, 1.50a2 exupla 3 3.00a3.50: to toes, per box, asparagus, er ' doz. 100as.00; corn, “Adamd Early,” 2.00a3.00. _——— COTTON MARKETS. $30.000—7% interest, in sums of $1.000 to 55 000, secnred by it deed of trust on real catat. Joseph I. Weller FINANCIAL The Connecticut Mutual Life Insurance Company —has returned to its policy- holders more money than it has reccived from them in premiums, a record unique among Life Insurance com- panies. It offers a thorough Edu- cational Course to its Repre- sentatives. E. D. Sampson, Gen. Agt. 1125 Woodward. Building EQUITABLE Co-Operative Building Association Organized 1579 41st YEAR COMPLETED Assets ... +e .. . 83,272,060.57 Surplas $1,065,322.80 Systematic Saving g Leads to Great Accomplishments —Save as you ear: d you will begin 10 get ahead in & fuancial way and be prepured for emergencies lhat may arise later. Subscriptions for the 815t Issue of Stock Being Recefved Shares, $2.50 per Month 4 Per Cent Interext EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON, President K P. REESIDE, Sec'y. 420 Wash. L. & True bldg . Oth 10d F o.W, Over a Quarter of a Century Without a Loss Put Your Money to Work in a Safe Investment Of all times—this is the time one should not only invest his money in legiti- mate investments, but should, so far as possible, buy home securities, so that the wheels of business and industry may be kept go- ing full time. When you nvest your money mn our First Mortgages it goes to help build homes and helps “Gilt Edge” 1% First Mortgage Notes Now on Hand In Amounts ¢ $250 Up to $5,600 e dook after ull detuis wud guaranteed titles with ail notes Goly absolutely safe frm of invest- meat. $5,000 Life Policy, $57.35 Send date of hirth for ulustratios ars At sour age « “odward Tl FF, Insurance Adviser M 310 A.A.Housman&Co. 20 Broad Street, New York Members of All Leading Exchanges Orders executed on ctrictly commission 1 in stocks, honds, cott grain, sugar. cotfee, cott 7{ Orders al=o acc give-up basis te ber of an exct which we are members. Washington Cffice Main Floor Corridor Woodward Building Telephone Main 2040 CHARLES R. ALLEY, Mgr. G HEQUE: 3 zainst $1,158,000 last year. net | western export, spot. 1.35 per bush-|October sold off to 12.31 right after || the city in general 3 L steady at quotations. den Anpraie. capital stock. Total corporate sur- for the five months was still behind lel: No. 3. 1.32 per bushei. | the call or 9 points net lower. There | - e St Continental Trust shares sold at 100 | Gen Electric. plus of $287,617,068 shows an increase Pover $1.100.000, But the buving nr| Hay—No. I timothy. nominal; stand-|_'* % i o seclic ex-dividend, while National Savings|Gen Motors. o 1% | OS2, The stacit represehted the feeling that |ard timothy. 22,0023 50, No. 2 timo- | Was some southern selling as well In all deno and Trust shares brought 255. Gen Mot 6% deb... 624 2% s U N continuance of the improvement as |thy, 20.00a20.30; No. 3 timothy, 14.00a |4s scattcred realizing. but the early . F. 0. A sale of Security Storage stock was | Goodrich. . D 2% 31 29% 30 . Shown in last month's returns would | 19:00: No. 1 light clover mixed, 19.50a | offerings were taken by renewed cov- 1336 N Y Ave reported at 212. Great Northern pf. 65 66% ffi €6 lead to the resumption of dividend: 26.00; No. 2 light clover mixed, 15.00a ering and scattered buying with . . . Mergenthaler shares, 119 to 119%.| Great Nor Ore. 7 1 g« . Uncertainty as to whether the rail- | 19:00: No. 1 clover mixed. 19.50220.00; | £To rond 8 dhfl(l‘! ¥ ”‘l- “; ac- Mortgage Loans Lanston, 72% bid, stock offered at 7.| Greene-Cananea.. 0% 20% 20% 20% way brotherhoods would side With the | No. 2 clover mixed, 14.00a17.00: No. 3| [i¥e Mopthe holding within 4 or o Personal Mention. GuantanamoSug.. 8 8 8 8 y shopmen and refuse the 12 per cent |1100a13.00; No. 1 clover, 18.00a18.50: | Points of last nix closing during 934 N. Y. Ave. N.W. John B. Larner, president of the GUILMo&Nor.... 74 74 7% 7% wage reduction kept down new buy. | No. 2 clover, 12.00a13.00: 'No. '3, 10.00a | Futures opencd st < Ne e SRS Washington Loan and Trust Company, | CUll States Steel.. 3215 334 85 3844 { ink_in the rail shares generally. but 11150; sample hay, 10.00a14.09. " o apened stend has gone to his summer home in |Haskell & Barker. 62% 624 624 624 there was no seling on this accou Straw—No. 1. weal 0. 1 straight |,y Mach, unquoted e — Pennsylvania. He will not return for | Houston Oil....... 54 8 6 5 Steel Comm e pominal: No. 1 tangled rye; 17.00i| NEW ORLEANS, June 29:~Reailz Same Woeke. Hapu Motors o2 iR People who have been buying Steel | o, 2 tangled rye, 1600; No. 1 wheat | 0™ 00 ‘(4" Sone side and a lower Morning “Flash” News. LllinolsCentral... 8% W% &% 8% common at the low prices of the last | \%,0001230; Bo. & whetl, 150021830 Tiverpnol ‘than due causedy & lower | || ESTABLISHED v S C Indiahoma. .3 3 ot o week have shut their eyes absolutely | NO- . , 15 3 | i L e 3 b Northern States Power Company de. | (1080000 m% s s 2 | VEW YORK, June 20.—The bond | FEC JONE SUC G conditions. They | CHICAGO, June 20.—Wheat prices | Qhy 1n tha fess momarket here to- 1889 glared resular preferred dividend of {jpierboro Metro... 4 4 4 4 |market continued to follow the im-|have been buying on the ground of |developed moderate strength today | prices lost 16 to 22 points. July sinke F R aivia Interboro Met pf.. 10% 11 10% 11 |provement in stocks, but in a very |asset value—namely, that the Steel|after a weak starl. Good expOrt |ing to 11.14, and October to 11.70. T Sh-:rf:.-fnhdw\rxa“:;l tvigendt on. Hartl g, Agr Chem.... 17 7 1 7 lleisurely way. Rail bonds of the spec- Cornorauo;h with its ‘):uz‘e cas{t su:- g‘u;igg:krfi‘!:l;li‘:li h!:l';,r:d {;srt‘elrlf)hlyhg some extent selling was held in check 2 nd Marx. | 21 . : ? lus and large Security investments < ly by the rning fr the w . dend from 33 to $2 for the three 1Nt AT he. " 10% 10% 10% 10%|New York, Westchester and Boston |has ap intrinsic value that would fig- | drought and heat in the northwest. |was northeast of Vera Cruz. aroasing HE Rock of Gibraitar and impreg- General Mot h Intl Mor Marine pf 48 48% 48 8% |4%S jumped another point today to|ure out well above the present selling | Drought news also was received from, the fear that the disturbance was nability are practically synony= fheeperar Motors, skiaréholders: havells Hadnt .. 63 83" 88 58 |35 and was up nearly two points from |Price. even if not a single furnace |France, Russla. Rumania and Great |skirting the coast and headed for mous—such is the strength of Gibral- Dereased jmore than 300" pet ‘centiintl Truck 2a.3 — R — la 5 2 PY were in blast or a single mill work- | Britain. Opening quotations, Which | the western cotton helt. S ‘i‘ffi"fii‘:fif{ 5. 13.0(.‘ Sa N m;}?_mkex. :i:_ur;lm_"—s:n last week's low. Chicago and Great |, }!afled (mn;‘ugc?am‘ze& fl‘:ur(l‘sl;o “fi Futures opened quict. July, 11.20; tar. 4 May e gs of Central ° New | Intl Paper. - Western 4s, at 48%, were up a half | Moreover, there is always in the case | lower. with July 1.18 to 1195 and|OQctober, 11.86: Decomber, : Jan- Our First Mortgage lLoans repre- Jersey showed net operating income Intl Paper (8ta) - 0 T~ 11— 11 |Point on the day and compared with |of Steel common (he technical argu- e L TS woli ek Mireb, 1310, sent the strength of Gibraltar e QD Fed, A ceeee _ 4 ; 5 ment that the stock is fa: - 3 VE —8i B 5 z Philadelphia and Reading for May | Island Oil 3 a3 __ 3| their recent low of 47%. Erie con-1Ment (ORI S ORE S T (hat with | above yesterday's finish. fore Tha e dune hSnaticotten investment ficld. Stocks and bords net income increased $269.222, Jewel Tea. 9% 9% 9 9 | vertible Bs, at 37, and the generalis,.' annual purchases for employes| Corn rallied wuhl whea‘L I/:,f_ler middling. x4%: Taliy. middiing ;0{;“ fluctuate daily. Thousands of dearly KansasCity Sou.. 2% :8% 2% 2% |4s, at 40%, were fractionally higher.|going on at the rate they have been, | ODening M to B3 iower. WNCUQOS: niddlink. 7.43: lower middling, 643 paid for “sccurities” become “scraps DIVIDENDS DECLARED Kelly-Spring Tire. 37% 8% 3% 3% St. Louis and San Francisco incomes |it will not be many years before it be- [ September at 5934 to 59%., the | Kood ordinary R e of paper” over night. . i Kelly-Spr8% pf... 78% 8% 78% 78%|were up a half point and u large;comes a strictly investment stock and | 8COPES SUORATIA BCIETE STRE o | Sales, 6,000 including 5,600 s aixx - Stock of Py | Kelsey Wheel. . 55% 57 5% 67 |Dblock of the prior licn As changedirctires from the speculative arena al-| OO VOl q1s” starting % to 33 | American. Receipts, 14.000 bales. in- The question, 'What is the American Tee Co. a. 1% Sy kS | lennecole. - « 1% 1 da K| Bande el Sa D e at | toxether, . oft, September, 37% to 373, and then | cluding 10.300 Ameri Future: strength of First Mortgage Loans Amer. Tee Co. Bf. 4 3130, 0wy & Jubb 3 | Keystone Tire.... 10 10 10 10% | Which were 96% yesterday, crossed| In keeping with this view were the | 00 HEBMID Ty 0" = closed quiet. % ; July, 7.76; secured by Washington Real Art Metal €on. Co. July 8 i | Lackawanna Steel 38 9% 38 38%|97. The new Burlington lis were |jatest figures of stockholders publish- it hogs gave | October. January, 8.41; March, " s £ i Art M o an 8 Aol A firmer at 96%. but the Greal North- v Higher quotations on hogs &a S g Estate?” is answered with a counter i Met, Con. Co. q., ex.. 10c.July 8 Aus. 31| Lee Tire & Rubber 26% 7% 26% 21 |frmer af v Bl Toei, Orth-{ed today. When the books closed for| gqrmpess to provisions. 8.52; May, 5.60. £ S P Dwight Mfz. Co. . a. $3....June 27 July 1) % roort & Myers.. I47% 7% MT% W7% |€TR 78 were unchanged at 9613 the June dividend the total registered o High. Low. Close PR S question — Could you budze —_— Lo siine. L 1% 10w _ton] g Rall bomde o the o e i rnament {list was 105310, a new high record T 1 18 Lo PoREiGS BOkDE braltar? Their value holds firm—100 - = 8 - —— 3 16% 1 S¥s = . Washington Stock Exchange. | ¢t 1= T e% 1o 1o 1o | pe York Central debenture 64 S Quotations farnisbed by W. B. Hibbs & Co. cents on the dollar. . o Loriliard. ... - 165 LSk W% | reached the best price tney have in CURB STOCKS. ST e 5T Pris i madks Could any investment be stronger? LES, LCouis e 109% some time when they sold at 89. is | Quotat furnished by W. B. Hibbs 591 K=t 50 i N Potomae Flectric deb. 6s—$L000 at 9¢,]yannattan Elev... 44 40% & 4% | was an advance of half a point on e v pe it s e B Our First Mortgage Loans, secured Traction—25 at 84%, 10 at 84y, | Market StRy...... 4 4 4 4 |theday. Bid. Asked. By X% By T P by Washington real estate, are the 10 at 841, t 8417, 1 at S4d;. 16 at 841,, | Market SLRY prpf. 34% 34% 4% 4% Rock Island 4s Strong. Aetna Explosives - 1% 12 : T, - 16% 5 %, acme of safety, and pay 7% interest. B at 8410 18 at B4%, 3 at 841, 5 Marland Oil P TR TR 1Y Rock Taland pefanding 48w Altied ofF ry s NEW YORK, June 29.—Lard firm; | Cologne 4 D157 AL EL Ges. dis 17% They are in convenient denomina- Bat 841,\ 25 ar 84, 1 at 81, 4 at 84 1B 20 10 10 10 [ goc T e of 355 060 | Arkansas 16 11 | middle weat, 10.75a10.85. Other ar- |Dresden 4s .71 13 Mein'ger Bank 4. ey Contintntal Treet Com io as 1. Maxwe % 110y | tive and strong, one block of $25.000 | Arkapian 18 24 | ticles unchanged. Dresden 4335 Nord. L. Bank 45 tions. National Savings and Trust (o.—10 at 275, | Mexican Pete..... 113% 114% 111% 112% | changing hands at 65%, an advance of | hi¥ Ledt % 1 Duesseldorf 4s. e Mergenthaler Linotype—9 at 119, 3 at 119. | Miami Copper. 20% 21 20% 20%| % of a point from yesterday. There | Boston and Montans L s e | ———— Brsen da. oo oo0o Secarity Sturage o 75 o€ 212 Middle States Oil.. 11% 1% 1ls 1% were fow features in the industrial | nowan tea Wyoming - e & DAIRY MARKETS. Frankfort 45 = ° silo by A 2 Midvale Steel..... 2% 4 4 vision. Goodyear Ss were up near- |« aiedonia ... ... . BALTIMORE, June 28 (Special).—| jimburg 3x.. PHONI i A k! ittt MimpaStL @i e e e e by s halt poing ot i, The upward | Gyt s B, B, |guickens e sbringc fnis iR T MAIN- 6888 912-15TSTNW. and Asked Prices o X1l 1% @ 1% 3 | Eroub. Hudson and Manhattan in. | Carlb Syudicate . S I e e ers, 13a1t. Ducks. 234 | Hiambore 31 BONDS Mo PEcific pf 88 38% 38 8% | COMeS were again very Strong around ; car Light and Pawe 1% 1% |28; spring ducks, 30a36. Pigeons, per | leibizic i1, § g Montana Power... 41 41 41 & |3%%. anu_the” Interboro 55 advanced | Cities Sersice (new) 13% 145 | pair, 35a40. Jual PUBLIC UTILITY. onta! nearly a point to 54%. Cities Service (old). 127 130 Ei (loss: off)—Strictly fresh near- 21180 no 0 . Bid. Askeq. | Mullins Body..... 18% 18% 18% 18%| "% 0 Thind 41,< were a shade lower, | Cities Service pfd. it iy gES s = iR Telzinn Best. 5. 704 American Tel. and Telga. 78% | Montgomry Ward. 174 18% 1T 18 [ o pipeTiy UG s werc shatt oRet | Columbian Emerald H %4 | by, doz. 25; southern. 26. i i5e o Nelgiun Prom. 35 755 Amer. Tel. and Telex. 424 5 87| Natl Acme 1B% 1% 1% 16% xie i ial etterdayg | Commonwealth . 42 4™| Butter—Creamery, - fancy, Ib., Amer. Tel_and Tel. ctl. tr. Rl & | Nat oy n w7 |Mexican bonds/mantained yestera Consolidated Coppe 1% 1y |and 37: prints. 36ais: nearby cream- ‘American Tel. and Tel. cons. te. 97 n-m,{n\all Cloik&fi'v k] gain, and did somewhat better, the | goitt TRy {ors. 15 51 | ery, 32a33: ladles, :2a24; rolls, 20; €. amt'L Telephone a i 5‘“ .a“f'c:;:ir'd" 1::: l:‘v‘- ‘: l: 5s getting across 47 again. Cressen, tiold 1% 14| sto -p‘:ked‘ 20 d,,lsiry prints, 20a2 i % - T Neva . Y uvis-] . ess butter, a26. . City and Subnurban & .. y ©% 50 Dominion Ol 78 | Proc Metropolitan K. o NewOrTex & M... G4 0 REFINED 2 NEW YORK., June 29.—Rutter. o Potomae Eleetri o NYAlrBrake.... 5 6 5 & SUGAR STEADY. | burant Metors ; % |aem: " reccipts, 22196 _ packages. e 0 d thle Your Potomac El 84 N Y Central. 68% 69 68% 69 NEW YORK, June 29.—There was 195, 19% | Creamery. higher than extrus, zsa' Founded 1876 Fotomac 94 NYChi&StL.... 45 45 45 45 |no change in the local raw sugar mar- 36%; creamery, extras (92 score), 416 Woodward Bldg. fl:, NYNH&Hart... 1% 17% 17% 17% | ket, with Porto Ricos still available | Ei 351%; firsts (88 to 91 score), 3212a35; 15th & H Streets . Northern Pacific.. 68% 69% 6% 69 |at 4 cents for centrifugal. No sales of | Farrell Coal - packing stock, current make, No. 2, Whshinaton, B, €. unas are 61 Oklahoma Prod... 1% 1% 1% 1% |Porto Ricos were reported, but some | &SR %0 21. 5 Phone Franklin 3163 921 Orpheum Circuit.. 2% 2% 2% 2% 6,000 bags of San Domingoes were Eggs, firm; recelpls.n .‘:5131&;'?’&’!: Boston New York Philadelphia Sl Pac Development. 10% 10% 10% 10% | Sold to local refiners at 29-16 c.if. Fresh gathered, extra firsts. 31a321;; Chicago Denver San Francisco Waltl" Riems Realiy Ts bacGas & Elec.... 51% 5% 5% &% | This price, on its face, is equal to firsts, 27%a30; state, Pennsylvania ‘anington Market Washington Market STOCKS PUBLIC UTILITY. Capital _Traction ) 8% Washington i 431y orfolk_and Wash. ‘Steambost.*177 ..., Wash. Rwy. and 30 Wash. Rwy. and E 0 Ameriean Capital Columbia - Commercial District - Farmers and Mechanics’ . Federal Liberty ional nd abington TRUST COMPAY American Security and Trus Continental Trust National Savings and Trust Tnfon Trust ... ‘Washington Loan and Trust SAVINGS BA! Commerce and Savings East Washiogton Merchants’ ... Becurity Savings and Commer. Reventh Street Savings. Thnion Savings . " S. Savings . Washiogton Mechanics’ FIRE INSURANCE. Arlington . 2 Corcoran 110 Firemen's =193 German American National Union TITLE INSURANCE. Columbia Title . Real Estate Titl M1 Cotumbla Graphoplone com D. C. Paper Mfg. Co... % Merchants' Transter and Storage, Mergenthaler Linotype o old Dutch Market ~co 014 Dutch Market pfd Janston Mopotrpe Security Storage . Washington Marki Ex-dividend. Pacific Oil. Pan-Am Pete Pan-Am Pete (B). Pennsylvania.. | Penn Seabd Stee . 49 . % BH UK UK 4% 4% 8% 8% 8% 48w e 3% 8% 3}/ 8% 3% 8% People’sGas...... 60% 50% b50% 60'% Pere Marquette... 19% Phillips Petroleum 17% 1% 17% Pierce-Arrow .... 18% Plerce-Ariuw pf.. 39% Pitts Coal.. 5 Pitts & W Va..... 264 Pressed Steel Car. PullmanCo........ % 1% 18% 18% 17% 19% 18% 19 41 3% 40 5% 55 6% 267 26% 26% 6% 67% 65% 67% Punta Alegre Sug. 28% 2% 2% 2% Pure Oil. Railway Stl Spr. Ray Con Copper. Reading. Reading 2d pf. . ked k) Ed 12v 1% 12% 6% _67%__65% _66 88% 33% 38% 38 Rep Iron & Steel.. 45% 4% & Royal Dutch 26% 26% 28% 26% ki 12% 6% 83% B4% b51% 53% St Joseph Lead. 12 12 12 15 St L & Sar Fran 2% 2% 2% 28 St Louis Southwn. 2:5 284 22 2% St Louis Sown pf.. 31 82 81 3% Sa=on Motors. 3% 4 3% 4 Sears Roebuck. 6% 68 6 6% Seneca Copper. Shell Trad & Tran. Sinclair Oil. Sloss-Sheffield Sloss-Sheffield pf. Southern Pacific. . A1% 20% a% 21 4% 20 . MW BY% UM% DK A% 20% 2% }% RN% 3B% 68% 68% 68% 684 2% 8% T 3% Southern Rallway. 18% 19% 18% 1% Southern Ry pf... Stand Oilof NJ Stand Oil N J pf. Stewart-Warner. Stromberg Carb. “ zn 31% “% A% “ 4% 136% 136% 138% 136% 106's 106% 106% 106% U% 3% 3% 8% Studebaker......e 75 % Submarine Boat... 6% 6% 6% Superior Oil. % 5 % Superior Steel 29 29 2 Superior Stl 18 Tenn Copper. ‘Texas Company. Texas & Pacific % T% % % % 5 2) . 924 K NK N2% 7% 33 8% 38 3% 24 2% 25-3- about 4.56 duty paid, but the sugar was taken to be refined for export, and consequently receives a drawback, which brings the actual cost to the re- finer below the Porto Rican quotation. Raw sugar futures were steadier, and at midday were unchanged to 1 point net higher. Business was light. In refined prices were unchanged at 5.20 to 5.30 for fine granulated, with a moderate inquiry reported... Business in refined futures consisted of two lots of September at 5.65. an advance of 5 points over the previous night's closing. . —_— CHICAGO LIVE STOCK MARKET. CHICAGO, June 29 (United States bureau of ~marketc). — Cattle — Re- ceipts, 7,000 head: generally steady. Spots strong on yearlings and heavy- weight steers; top yearling steers, 8.85; bulk beef steers, 6.75a8.25; bulk fat she stock, 4.00a6.00: canners and cutters largely, 1.50a3.00; bulk bo- lognas, 3.50a3.75; butcher grades mostly. 4.25a5.50; veal calves largely. 8.25a8.75. Hogs-+-Receipts, 24,000 head; slow, mostly 10 to 15 higher than yester- day's average; big packers buying sparingly; top, 9.15; one load out of line; very few more than 9.05: bulk, 8.5029.00: pigs, 10 to 15 higher; bulk desirable, 8.75. Sheep—Receipts, 14,000 head: sheep steady; lambs and yearlings mostly 25 lower; choice Idaho lambs, 10.50; sorted, early top natives, J.75: bulk natives, 8.00a9.50; culls, 5.00 down; best light native ewes, 4.50; heavies around 2.50. _ DAR SILVER QUOTATIONS. NEW YORK, June 29.—Bar silver— Domestic, 99%; foreign, 69%. Mexi- can dollars, 16%. LONDON, June 29.—Bar silver, 35%d per ounce. Money, 3% per cent. Dis- count rates—Short bills, 5% per cent; ghree-month bills, 5% per cent. Tes Granada Hecla ... Hercules Paper Intercontinental Ruhber . International Petroleum (new). oil . Jerome Verde 13 Kay County Gas 3 1 Lake Torped 1 fma Conp B B gma_Copper Maracaibo 0il %% R Mason Valley 1% 1 Merrit_0il 7 7 Midwest Oil’ com’ H 3 Midwest Oil pfd. 2 3 Midwest Refining . 124 128 Mountain Producers’ . % 8y vada Ophir . 24 28 w Cornelia 1By 13 Issing Mines Co. 3% 3% Noble 0l and Gas . s 20 North Amer. P. and P. 3% 4 Northwestern _0il 12 18 Omar Oil (new) v 1w Pennok Ofl 3% 3 Pertecticn 88 2 Producers and Refiners’ 3% 3y Radio com. 1% 2 Radio pfd. 2 N Ray Hercules % - Ryan Consolidated . 5 51 it Creek Producing 22 82 9% 10 3 3 8 8 Skelly Oil . 3 Southern_Coal 2 & Sweets Co. of America 3 3 Swift International =3 = Tonopah Divide is16 ‘1 Tonopah_Extensi i 1 United_Eastern . 2 2 U. 8. Light and Heat com. 1 1 U. 8. Light and Heat pfd.. 1 1 Uhited_Profit Sharing. 1 1 U. 8. Ship Corporation 25 29 T. S. Steamship . 33 38 United Retail Candy 8% 814 United Texas . -1 2 1% 12y 8 8 50 ...... 7 6 o1 “ and nearby western hennery whites, firsts to extras, 33a42; state, Pennsyl- vania and nearby western hennery browns, extras, 35a36; do.. gathered: browns amlw’mlxad colors, firsts to tras. 28a32%. X Cheese, firm; receipts, 6241 boxes. State, whole milk, flats, fresh, spe Clals, 16a16%; do. average run, 15a 151. State, whole milk. twins, spe- cials, 16a16%; do.. average run, 15a 15%. ICAGO. June 29.—Butter, lower croimeny. axtras, 34; standards, 33% firsts, 28a33: seconds, 27a27. Efgs, higher; receipt8, 10,357 cases; firsts, 23a24: at mark cases included. 24a2; Poultry. alive, lower; fowls, 23; broilers, 36a42. e e MONEY AND EXCHANGE. VEW YORK, June 29.—Prime mer- c:;n%lle paper, 6%a6 exchange. heavy: sterling sixty-day bills and commercial sixty-day bills on banks, 3.69; commercial sixty-day bills, 3.68%. Demand, 3.73 cables, | 3.74%; francs, demand, 8.01; cables, $.03; Belgian francs, demand, 7.97: cables, 7.99; guilders, demand, 32.80: cables, 32.90; lire, demand, 4.89; cables. 4.91; marks demand 1.32; cables, 1.33; Greece, demand, 5.80; Sweden, demand. 22.22; Norway, demand, 14.32; Argen- tine, demand, 30.25; Brazilian demand. | 19.50; Montreal, 121-16 per cent dis-| count. Government bonds irregular. | Railroad bonds firm. Time loans steady; sixty and ninety days at six- months, 6 per cent. —_— FOREIGN EXCHANGE. Selling checks—Dollar valnes at noon today: g Budapest i Stockholm . Amsterdam Relgrade 19% Montreal City of Chicago 49, Gold Bonds Due January 1, 1923 and 1924 at prices to yield y 6% Send for descriptive circular I_You Never Charge Off l Depreciation on an Investment in First Mortgages They Mean Absolute ' Safety, earn 7% and require no attention Shannon & Luchs 713 14th Street Main 2345 ShorT term bonds are desir- able investments for funds which are being held for use at a definite time. ‘We shall be glad to suggest conservative issues with pa- turities suitable to your requirements. Attractive yields may be obtained at present prices. ‘Washington Office Guaranty Company of New York 811 Fifteenth Streei, N. W. Telephone, Main 5815