Evening Star Newspaper, May 27, 1922, Page 21

BY J. C. BOYLE. @pecial Dispatch to The Star. NEW YORK, May 27.—The best Bposters of business in the world are Peak on the job. The products of the ' Wuw of the United States have begun W pour their millions into the hopper #¢ business to be distributed through Pwery channel of commerclal life #rom the greatest corporation to the neighborhood candy store. Harvest- ing of grain will begin next week. From then on the whir and click of the reapers and binders will continue to sound through the country until checked by the frosts of another win- ter. Every click means the addition of wealth—real wealth—to business Jife, increased buying power and bet- ter busines: Other produc of the land are lend- ing their aid. The woods are yielding their full quota. The band saws are shrieking through the logs at a speed approached only under the urge of war time necessity. The mines are back in production after long idle- ness. Fourteen-cent copper has start- ed the drills to pounding and the smelter stacks to belching smoke day and night. Steel mills are clamoring for iron ore and getting it. T.ead and zine are in demand at prices. Sheep are turning shorn backs to the wind. but the wool warehouses are filling and so are the pockets of the growers. Distributers of Wealth. These and other products of the 1and are not only wealth in the truest sense of the word, but they are the greatest distributers of wealth, for they represent the necessities of ex- $stence—food, clothing and shelter— on which all business primarily is based. Their production will care for the itinerant workers of the country for months to come and the money recelved for them, flowing back im- mediately into the stream of com- merce in exchange for manufactured products, will stimulate all industry. The production and distribution of raw materials and of the finished products into which they enter will be stimulated and aided materially July 1, when the reduced freight Tates go into effect. Already the or- der of the Interstate Commerce Com- mission has had a beneficial effect, for buyers are contracting more free 1y for future deliveries in a score of lines. Harvest Wealth Needed. The money which the harvests bring into commerce and trade. is, of course, a seasonal influence to be counted on in some measure each year, but its effect this summer will be greater than at any time since the recent de- pression made its appearance, for the farmers in most cases have cleared themselves of old debts, have finished paying the piper and are ready for another tune. In anticipation of the increase in buying power which the harvests provide. merchants are buy- ing more freely. carrving larger stocks and contracting for their needs wwell in advance with consequent bene sit to the wholesaler and manufac- turer. Labor not only is employed: there is a scarcity of workers. pers of industrial centers are full of “help wanted” ads. This applies not only to skilled and semi-skilled men, but tn farm workers. Already in the south and west wages have been in- creased to induce workers to accept nt in the fields and orch s is reflected in the demand for work clothes. Overall and work shirt factories in some sections are working overtime. Demand Leads Output. Steei production is increasing, but demand is growing faster than out- put. Makers are loath to promise definite deliveries. Prices have not on!y held their own, but give pros- pects of advancing. The bugaboo of fuel shortage has ceased to check expansion in many centers. Evidence that the coal strike may have a more than temporary effect on the coal in- dustry is _found in the number of plants §n New England and the mid- west wh are equipping power plauts with oil burners, not only for any immediate contingency, but for permanent use. Leather markets are showing im- provement and shoe factories. al- though hampered by labor troubles fn some sections. are well supplied with orders. Cotton not only has ad- vanced, but has maintained its ad- vance, and the same is true of cot- ton goods. The oniy limit which re- cent sales indicate in the advance of raw wool prices is the point at which tariff regulations will make it ad- vantageous for manufacturers of woolens to import foreign wools. Commodity Reports From Various Sections Confectlonersy. ATLANTA, May 27 (Special).—Deal- ers of confectionery are expecting a r vival of old tim Some candy fa tories are running overtime, and or- ders for sweets are showing a con- stant increase, not only from Atlanta, but-from the entire southeast. Steel. PITTSBURGH, May 27 (Special).— Wire and nails demand has Shown a decided gain in volume this week. Mills are behind in deliveries in some cases, and prices are very firm. Mer- chanteable grades of steel pipe are more active. Automobilen. DETROIT, May 27 (Special).—Dodge dealers ull over the country are having to wait for closed-car deliveries, and this is true of nearly all makes. Woolens. NEW YORK., May American Woolen has announced in- Ccreases ranging from 2% to 55 cents a yard on some of its lines of woolens For fall which recently were withdrawn for repricing. Lumber. SAN FRANCISCO, May 27 (Special). —Lumber orders again exceeded output this week and give every indication that there will be no change in this situation the coming week. Fruit. FORT WORTH, May 27 (Special).— Peach, plum and apple crops in West Texas are expected to be very.large this year. The weather was most ad- vantageous for orchards. Dry Goods. PITTSBURGH, May 27 (Special).— A return of cold and rain has served 10 check dry goods buying to some ex- tent in this territory, but delay is merely temporary, as pay rolls are growing and buying power is increa ing. Buying public is not so liberal as formerly, but a larger volume of goods Is moving. Cotton. NEW ORLEANS, May 27 (Speclal). ~—Demand for spot cotton is growi better each day. Buyers who h been scouring the south for cotton are reporting to their principals that a sur. prisingly small amount is purchasable. Reports indicate that huge surplus the south was supposed to hold may have baev verestimated. % Shoes. VST PAUL, May 27 (Special).—Shoe manufacturers here report mail orders for immediate shipment have been very Bood, and orders for future delivery are increasing. NOTES. DETROIT, May 27 (Special).—Rising ‘thullding constiruction costs are causing moms anxiety in banking circles 80 far 2248 Soarad some puajecin pisnned fo5 | oani (Special).— ! advancing | 1 H i summer and fall will be abandoned unless something can be done to check what builders declare are un- reasonable increases in prices for ma- terials and labor. Lumber has jumped from $115 to $135 a thousand feet and cement and brick have advanced cor- respondingly. Bricklayers and plas- terers are receiving $9 a day, an ad- vance of $1 over the previous scale. . NEW YORK. May 26.—United States Realty’s report for year ended April 30 confirms preliminary figures. Net income was $2,704,661 after in- terest, depreciation and federal taxes, (-l_','i!G.AS a share earned on the $16, 162,800 of its capital stock, in con- trast to a net income of $2,487,803, or $15.39 a share, in the preceding year, Balance shegt shows reduction of 432!3.409 in acfounts payable, to $481,- 928." Current assets were 34,437,158 and current liabilities $1,365.681. During year the company purchased and canceled $1,541,000 par value of Ilfiq debenture bonds maturing July 1, 1924, thereby reducing the amount gylsland(ng from $10,795,000 to $9,- 254,000. Mortgages on company’'s real estate were decreased during vear by payments of $256,000, and now amount to $12.,706,000. SUGAR MARKET FIRM. NEW YORK, May 26.—The raw sugar market was firm and un- changed early today at 23% for Cuba: cost and freight, equal to 4.23 for centrifugal. There were sales of 5,000 bags of Cubas clearance this Week and 25,000 for June shipment to a local refiner at quoted prices. The raw sugar futures market was firm early on commission house buy- ing, but after showing advances of 1 (o 6 points prices cased off under selling by trade interests, with prices at midday 1 point lower to 3 higher. There was a continued good inquiry | for refined sugar, ana prices were un- ?::d:(‘ig(ld at 5.50a5.60 for fine granu- Refined futures were noginal. SUMMER CLOSING SCHEDULE. _NEW YORK, May 25.—The Ne York Coffee and Sugar Exchange will be closed on all Saturdays during yJune, July and August, except the first Saturday in July. This d. v ecision, the board of managers announced to‘- day, was made at th, T e request of mem- SOME STRAWBERRY. SALISBURY, Md., May 26—, gl'ens of Blue Cross strawberry rginsceld by Ernest M. Hurley of Dorchester county. brought here for shipment, measured six inches in circumfer- ence and were quite solid, being un- like other huge s like ot ge strawberries In this FINANCE AND TRADE NOTES. Word was received that th e deal fo the purchase of the Toledo. Angola & Western by Sandusky Ohio Cement Com- pany has been closed. The cement com- pany Is at w 3 5 Silicla, Ohla.“k on & $1,500,000 plant at The terms on which Rej S The public Steel, Midvale Steel and Inland Steel n?: .ilo £0 into a proposed steel merger are be- ng widely discussed in financial circles, :fi“f]&ls; 28 announced definite terms Yor on have ? on not yet been agreed Reading has declared regular (ne‘:g;rsi;‘idend %Y 1 _per (‘anuun lgg:nrd . payabie July 13 Rt J‘mg v July 13 1o stock of Colorado Fuel and Iron shows a i for first quarter of 1922 of ll;}f:flficfl’ This compares with earnings of 27 cents ?s_s,)lmre on common for first quarter of Towa crops have suffered greatly for lack of rain the past wi to reports recetved. Bl D Stewart Warner Speedometer s: ales for first week in May were double those ;r::-mgnrres‘pondlag period in 1921. The er of workers employ doubled since January S Daily crude oil production in * United States for week mflinlg N:‘l)'”;g av:x;nzed 1,429,700 barrels as against 1,422,400 for previous week. Denial has been made fi that recent buying In. stock -fi“:gg New Haven road has been in an effort by the New York Central or the Ca- nadian Pacific to secure control of New Haven. Curg exchange governors announce ;‘hn Eugene E. Cerf and James Gllligan ave been suspegded froi for thirty daye. ¥ et A jump of 5 points over night to 90 in American Ice preferred, noncumula- tive 6 per cent stock set Wall street to wondering what was up. There have been all sorts of rumors regarding ice stocks, but the latest is that the pre- ferred may be retired. There are 150,000 (shares of ice preferred and only 75,000 shares of common. New York, Chicago and St. Louis quarterly report for period ended March $1, amounted to $1,174,007, after charges and taxes, as compared with but $555,- 029 for same period 2 year ago. It has been officially denied th United Btates Alcohol has signed a con. tract with Standard Oil of New Jersey for its production of alcohol. v United States Steel has contracted for two ore-carrying steamers from Ameri- can Shipbuilding. The two ships will require 9,000 tons of shapes and plates. Colorado Fuel and Iron for first S ter of wgl Tevorts deficit of $451.268 against surplus of 898 in co £ ing period last year. metmond Stewart Warner Speedometer h called for retirement September 1 104 $1,850.000 of the $2,000,000 five- ;;:; 8 per cent notes due March 1, It is predicted Chicago market fo: pig iron will again be advanced within next three weeks. - Demand for east- ern district iron is less pronounced tflhln for weeks, although prices are rm. Increased production of B. F. - rich tire plants at Akron has brggzgt tire production there by all com- panies up to about 100,000 tire: and it is belleved the en(lrerh.ld:l‘t:g will line up in a aFemeit. general forward Hudson and Manhattan repor! April a surplus of $80,233 l:fl:: ‘ol: charg! including $137,925 in inter- est on its adjustment 5 per cent bonds, contrastéd with a surplus of only $3,819 in April, 1921, Hudson Motor Car has declared an initial dividend of 50 cents a share on its no par value common stock, payable July 1 to stock of record June 20, and a dividend of $2.50 a share, as of the same dates, on 100 shares of $10 par value stock. Humphreys Oil has declared an initial dividend of 5 per cent, DA‘Y' able June 15 to stock of record May 31. Net surplus for first year of operations was $5,300,000 and net current assets about §8,000,000. For April Nash Motor reports the larg: single month's sale of passen- ger cars In its history. Orders re- ceived up to May 15 showed a 31 per cent increase over April. ‘Wholesale clothing lllm,un. back from fall selling trips, report fair smount of success in booking orders for new. season. Majority of sales have been placed on over- net | U. S. REALTY EARNINGS GA'N | B ' THE EVENING STAR, WASHINGTON, D. C, SATURDAY, MAY 27, 1922.° LOCAL SECURITIES INGOOD REQUEST Bonds_at High Prices—Mel- lon and Meyer See Bet- ter Business. BY L A. FLEMING. Toppy prices prevailed on securities traded in on today’s session of the local stock exchange. There were quite a number of buying orders, while commissions slightly under current prices were numerous, but no shading of prices was In sight. Potomac General Improvement and Refunding 7s were active to the ex- tent of the offerings at 107. Traction 58 were firm at 98% and the bid prices were well maintained on all issues in which there were no transactions. Rallway common was decidedly firm 3t 40 to'40%. The preferred sold at 69 %. Washington Gas was strong at 56%. There is practically no chance for an increase in the dividend rate on Gas shares, especially during the perlod of uncertainty as to the cost of coal and other materials entering into the manufdcture of gas. The typesetters steady. were nominally G & P. Earnings. Chesapeake and Potomac Telephone Company reports net earnings for the month of April at $101,368, an in- crease of about $3,000 over the re- ceipts for the month of March. Better Business. “Judging from conditions at Wash- ington, business is righting itself.” This is what Secretary Mellon told his Pittsburgh friends. Pittsburgh bankers receive on re- deposit the tax money paid in by the people of the city until such time as needed. Washington bankers need the mon- ey as badly as do the iron bankers, but they are not fortunate enough to be treated with as much considera- tion. Nearing the Normal. Eugene Meyer, jr. managing di- rector of the War Finance Corpora- tion, in an’address just dellvered be- fore the Georgia Bankers' Associa- tion, declared that there was a “steady improvement in farm condi- tions, general business and in bank- ing condition As a helpful factor in recent prog- ress_he_mentioned loans, authorized by the War Finance Corporation, of $347,000.000 since the spring of 1921 which had “relleved banks. checked demoralization and supplied con- fidence.” He called attention to the fact that steel plants operating at 30 per cent 2 few months ago are now operating to 75 per cent, he further mentioned the fact that the interruption of the War Finance Corporation’s acitivities in 1920 was a factor In the distress caused by the collapse in May, 1920. “If it had been allowed to function cotton might have declined gradually to present levels instead of dropping to 8 cents.” “No longer ago than last August [ urged Congress to pass a bill to al- Jow the War Finance Corporation to buy securities from the director gen- eral of railroads that he might be in funds to make settlements with them. It did not seem possible to murket them on the general market. “At that time there was not one banker or one railroad man who did not consider the situation hopeless, but a few weeks later I sold $250,000.- 000 worth of the best equipment trusts. Today, after settling with railroads representing 40 per cent of the mileage of the United States, the director general has more money {o his credit than when he took office’ Baltimore Ohio Earatngs. Baltimore and Ohio earnings for April are made public this morning. The operating revenue of the system for the month totaled $16.318,711, of which $12.810.928 was from freight and but $2.269.832 from passenger revenue. The Increase in the net as compared with the same month last year is $365,432. Operating expenses were $12,477,671, & decrease of $327.- 962, as compared with April, 1921, Net reveaue from operation, $3,- 841,040, an increase over a Year ago. same month, of $693.395. Net railway operating Income fn- creased in the same comparison, $396,036. More generous treatment was given to maintenance of way and structure, $1,782,170 more being expended for this service. while equipment suffered a loss of $614,268 in expenditures for the first four months of the calendar year. For the four months the net operat-, ing income increased $3,785,594, with totals of $9,409.476. —_— WOOL TRADING LIGHT. With Boston Prices Are Firm, Trend Upward. BOSTON, May 27 (Special).—Trad- ing in the wool market was in less volume today, but prices are very firm. Sentiment has been still further influenced by announcement that as high as 52 cents a pound had been paid for Texas twelve months’ wools. The buying in Ohio of the finer grades has been active and at higher prices. In Michigan the range fis from 40 to 45 cents a pound. One clip in Wyoming sold for an average of 40 cents a pound. e DRY GOODS QUIET. Traders Are Affected by Holiday Next Week. NEW YORK, May 27 (Special).— Traders in the eotton goods market con- tinued today to prepare themselves for the holiday next week. Prices were well maintained, but business in print cloths was confined largely to narrow widths and odd constructions. Sheet- ings were quiet but firm, but drills and single filling duck were in fair de- mand. Some business was moved in fine goods. The tone of the oriental markets continued strong, and some houses here advanced prices, but buyers held oft, being willing to take only Imme- diate, requirements at present prices. FINANCE COTTON SALES. LITTLE ROCK, May 27. — Little Rock Clearing House Association an- nounces it extends a credit of $3,- 000,000 or more to Arkansas cotton rowers, to enable organization to Hnmcn marketing of members’ cot- ton next fall. Offcials of cotton growers' assoclations declare bank- ers have solved all the financial problems of the association, but add that their operations in the fall will $6,000,000 and $5,- FOREIGN EXCHANGE. (Quotations furnished by, W. B. Hibbs & Co, Belling checks—dollar values at noon today Paris ... Brussels ...... 848 Be By the Associated NEW YORK, May 27.—Foreign ex- charge steady. Great Britain—De- mand, 4.44%; cables, 4. sixty-day bills on banks, 4.42%. France—De- mand, 9.12; g:glu, 12%. ully_.m. mand, b.36; les, Demnndb' ll.a' c.,%l many—Demand, .35%; Holland—Demand, 22.“5. Norway—Demand, 18.22. 8 Demand, 25.80. Denmark—Demand, 21.74, Switserland—Demand, 18.12. Spain—Demand, 156.80. Greece—De- mand, 4.20. Poland—Demand, .02%: Csechoslovakia—Demand, Ar- -Demand, 26.37. | mandr43.16. Moptrealy “,!‘-IL -y 122 INVESTMENT MARKETS SHOW NO SIGN OF FORWARD MOVEMENT Definite Chcck‘ Is Seen in Week’s Trading, Reflecting Calculations of Higher Money Rates Later. BY STUART P. WHEST. Special Dispatch to The Star, NEW YORK, May 27.—It is fair to characterize the last week as one of the least eventful of the year SO far. The international .money mar- kets have naturally shown hesitation on the eve of two very important de- velopments—one the German reply due this coming week to the demands of the allled reparations commission, the other the result of the conference of bankers now going on at Parli which is considering the subject of & great joint_ loan to Germany. The strength of sterling exchange, around its high for 1922, reflects more than anything the improvement in Great Britain’s own finances and by conse- quence her lesser degree of depend- ence as compared With the cogtl nental nations, upon Gérmany's meet: ing her war obligations. ‘The French, Itallan and Belgian rates have remained steady during the period of suspense. That fact ar- gues an underlying confidence in} banking circles that the conferees will eventually hit upon a plan whereby the money will be loaned to Germany to meet the deficit now in- dicated in the extraordinary budget. It this happens the reparations pay- ments which are so vital to France and Belgium and upon which they are relying to cover an otherwise huge deficiency, wil] be safe and it will be- come possible for the German reichs bank to begin cutting down-Its paper nete issue and thereby graduallyl raise the value of the mark. Even if the impending German re- ply on the indemnity question is un- satisfactory, it is hardly llikely that France will impose the threatened penalties in advance of the conclu- slon of the bankers' gathering at Paris. Advance in Money Rates. Somewhat higher rates for both call and time funds in the New York market may be set dow nto a combi- nation of reasons. The first is th usual tendency of so low a level at the 3% per cent on time loans a week ago, to divert money from New York. The decline from 85.2 per cent in the ratio of the New York Fed- eral Reserve Bank indicated a move- ment of this sort under way. The second influence has been the con- and the third. the incre: jmposed by the speculative stock market. It does not appear, however, that for any one or all of these causes any serious change from the easy money situation is to be anticipated yet awhile. The time to look for DISPOSITION OF COTTON WEEK’S MARKET THEME NEW YORK, May 27.—Cotton mar- ket features during the past week have been the final evening up of May commitments and the covering by July shorts, which sent that posi- tion to an increased premium over new crop deliveries. Further notices were issued against May contracts, bringing the total for the month up to 177,700 bales, but May maintained a substantial premium over July right up to the end of trading in that position at noon on Wednesday, and it is supposed that practically all the May notices were taken up by three prominent firms of cotton merchants and exporters. There have been vari- ous conjectures as to the probable dlsposition of this cotton. Rumors that plans are being made to ship a large part of it out for ex- port and domgstic spinners have not been confirmed, nor have other rumors that there is a strong July long in- terest which may demand deliveries and take up_the cotton when it is re- tendered. Whatever may happen along these lines, July shorts have evidently found little comfort in the presence of such a large certificated stock here, and with July now the active month to mature the price tendency has been toward a parity with southern spot markets. Further rains were reported in southwest during the first part of the week, but weather conditions showed some improvement later, and local brokers say there has been little change in sentiment as to the probable showing of end-May con- dition figure: Government's report giving condi- tion as of May 25 is published July 2. Five private reports have been issued during the past few days, two of them making the condition 69.3, two others both making it 67, and the fifth placing it at 65. Figures on acreage have ranged from mean increase of 3 per cent up to 8 per cent increase, and the two reports giving figures on the indicated crop have placed it at from 10,243,000 to 10,470,000 bales. Rather a lull in the demand for cotton goods has been reported, but no weakening of prices in_the domestic markets. Liverpool cables have also reported a less active business at Manchester, and the spot business officially re- ported both in Liverpool and leading southern markets has been somewhat smaller as compared with the pre- vious week. —_— INDUSTRY PICK-UP SLOW. Survey of Sixty-Five Centers Shows Little Gain in April. CHICAGO, May 27.—Manufacturing Industries considered as a whole showed little further improvement during April, the total volume of em- ployment increasing by less than 1 per cent, according to the United States survey of sixty-five large ins dustrial centers, while for the seventh federal reserve district the gain as registered by firms reporting directly fo the Chicago bank ambunpted to slightly more than 1 per cent. This leaves out of consideration the un- employment within the coal mines caused by the strike. As yet, this has apparently had little effect on other industries or on employment within other industries, the report says. In the automobile Industry, the report ys, conditions during April were still improving. A high rate of labor turnover in Detroit accompanied the increase in activity there, it adds. TRADE REVIEWS. NEW YORE, May 27.—Bradstreet's review of trade say: “Improvement is the keyword of the reports received this week by Brad- street's regarding trade, industry and crops. This improvement is by no eans uniform, being affected by and dependent upon the varying conditions of weather, the progress of planting and of crop degelopments, and the slow but apparently steady gain in ac- fivity in most, if not all, industries to- Hard better conditions. Final distributive trade, that fe, ratail buying and jobbing distribution, is Dbetter’ with most pi , a8 for some time past, shown in the west- ern surplus grain-producing areas. Better weather and rather rnore active employment is reflected in the eastern States generally, while the south, owing larg to excessive rains in parts of Texa n 'exas and in the southeast, shows less otable progress, although the recent rise in cotton, the activity in and strength of lumber, and the subsidence of the flood waters in some séctions the h of the more optimis- :Iane‘,lanlln‘ recently observed in that jon.. sect Iy W 5,000.” | wm]_ higher interest rates is three or four months from now, when the money market, begides the customary sea- sonal requirements in the harvest re- glons, probably will be called upon to finance &n active autumn trade. Boads Show Little Action. The Investment market, if on occa- slons during the week it has seemed to grow more animated, has really shown no signs of resuming the main forward movement which was defl- nitely stopped a month and a half ago. Liberty bonds, to be sure, have sold again at par. New flotations, considerably smaller in the aggre- gate than they were early in the year, have continued to go off well. But, while the general average of bond prices holds pretty close to its top, it has not since the middle of April, pushed ahead. This may be attributed to the competition of the new securities with the old, or it may be set down as proof that bond values have fully adjusted themselves to the fall in the price of money. But at all events there has been a definite check, and it means that the invest- ment community beginning to make its calculations upon a higher money market later in the year. S8peculation, on the ether hand, is not 80 much concerned with the cost of money so long as it Is reasonably assured of the abundance of the credit supply. It Is more interested in the course of general trade, in the inereasing earnings of individual properties, in the possibility of larger dividends, These are the considera- tions which have shaped the specu- lative movements of the past week. Rate Cut Not Alarming. If the published statements of rail- way presidents were to be accepted as the only criteria, the 10 per cent rate reduction makes the outlook for many of the roads decidedly black. But this ig certainly not the view which the security market has taken. In financial and investment quarters the compensatory features are recog- nized, and what the rall executives have to say has had little effect upon the holders of rallway bonds and stocks. The rate cuts are not e- vere as they might seem on the face of things, because they have been partially anticipated by the reduc- tions aiready made in a number of important commodity tariffs. The feeling also is that in the wage decisions, expected this coming week, there will be at least a partial offset for the losa under the new freight schedules. Finally the authorities at Washington stand committed to the proposition that the railroads of the country be allowed a fair return on property value. (Copyright, 1022.) FAVORABLE CONDITIONS SUSTAIN WEEK’S STOCKS NEW YORK, May 27.—Prices of stocks and bonds this week were again largely sustained by favorable technlcal conditions, although deal- ings in both branches of the financial markets were more moderate and subjected to occasional setbacks. Economic factors continued to favor the constructive side. The 10 per cent reduction in freight rates or- dered by the Interstate Commerce Commission was in line with general forecasts and exerted little adverse effect upon the railway list. In point of fact, many minor or low-grade rails rose to highest prices of the vear. Conspicuous among the cheap- er issues of that division were New Haven, Erie, Chicago and_Alton, Chicago and Great Western, Wabash and several of the southwestern sys- tems, which only recently cmerged from their recelvership or reorgani- zation periods. Steels and equipments were hesi- tant, the halt in the merger plans, partly due te federal intervention, acting as a damper on speculative operations. Pools were less aggressive in oils and motors, but transferred their ac- tivities to sugars, tobaccos, meials and various miscellaneous shares, notably mail order and chain store issues. An Increase in clearing house loans and discounts to the year's largest total probably contributed (o the firmer tone of domestic monsy rates International currencies were re- sponsive to the more hopeful aspeats of the European situation. Nearly all the continental exchanges strength- eéned on advices which indicated an casing of the tension in Irauco- German_relations. LIBERTY BOND PRiCES FOR $100 BONDS TODAY 1t 4% .100.84 2d 4% - ..99.00 3d 4% lom.90 ath 4 . Lisvs0 Victory 4% 110111110 el.8e NO DEDUCTIONS MADE Bonds Bought in All Denominatiens, LIBERTY BOND EXCHANGE 604 14th St. N.W. Hours, § a.m. to 5 p.m. Main 3997, Money Makes Money One of the surest ways to save money is to_obligate one- self for a certain amount of money, the payments of which are to be made on regular dates. The surest way to make money is to place your funds in an absolutely safe security and one that yields an ade- quate return. Our First Mortgages, which can now be purchased on the partial payment plan, offer such an investment oppor- tunity. Write for booklet Over a Century B. F. SAUL CO. Mortgage Loans 1412 Eye St. N.W. BOUNTIFUL CROP PROSPECTS PROMISE TRADE QUICKENING Products of Land Awaited by Arteries of Industry to Increase Output to Meet Growing Demand. Stock of Pay. Albany, q., u:.‘-lwn June 30 Boston Bultalo June 20 July 1 Jaly 1 June 30 June 33 July 1 i July Lincoln National We will gladly make you a loan on approved collateral or endorsement whether you are a depositor here or not. LINCOLN National Bank 7th & D Streets N.W. Co-Operative Building Association Orgaaized 1879 424 YEAR CO™PLETED Assets . . .. .$4,408,629.00 Surplus -+ .. 91,144,464.60 Excellent Results From Systematic Savings It you make up your mind to save in a systematic manner and stick to it. you will accomplish more than ever in a finencial way. Subseriptions for the 83d Issue of Stock Being Reecelved Shares, $2.50 Per Month EQUITABLE BUILDING © 915FSt. NW. JOHN JOY EDSON. President FRANK P. REESIDE, Secy. FIRST MORTGAGE NOTES SECURED BY FIRST DEED OF TRUST ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE ROt Denominations MEMBERS: { NewYorkStockExchange 111 Broadway. New York. [ o) Washington Office COLORADO BUILDING Telephone Main 1603 G.B.Chipman Manager AN 27227 7, Yz 7270 OFFICE ROOMS FOR RENT International Building FORMERLY INTERSTATE BLDG, 1319-1321 F St. N.W. A Few Very Desirable Offices Left Reasonable Rents Main 2100 WITHOUT EFFORT AND WITHOUT RISK You Can Make More Money Earning Power of Your Dollar With Safety. Join With a Group of the Most Conservative Men of Washington —in the— NATIONAL MORTGAGE & INVESTMENT CORPORATION HUGHES FINANCE CORRORATION Invest So As to Get the Full 1418 Eye McKeever &m Goss Rental 1415 Eye St Main 4752 St. NW. GARAGES ARE EXCELLENT INVESTMENTS AND BUILD ALL TYPES, PRIVATE. June 30| M19 G ST. N.W. PROPERTY OWNERS WE ARE PREPARED TO ESTIMATE ON PEBLIC AND GENERAL GARAGE CO. CASH OR TERMS. i | MAIN 4481. i DAVID J. HOWELL ™. M. 80C. C. E. ™. wasH. SoC. €. MEMBER NEW ENGLAND AND AM. WATERWORKS ASSOC. BEAUDRIC L. HOWELL.C.E ASBOC. . AM. 80C. €. E. ™. WASH. 50C. €. €. ESTABLISHED 1887 DAVID J. HOWELL & SON ENGINEERS UNION TRUST BUILDING WASHINGTON, D. C. SUBURBAN DEVELOPMENT—-COUNTRY ESTATES REAL ESTATE ENGINEERING WATER SUPPLY AND PURIFICATION—SEWERAGE SYSTEMS ROADS—STREETS—PAVEMENTS APPRAISALS—REPORTS-MANAGEMENT SANITARY ENGINEERS. ARLINGTON COUNTY, VA, FIRST MORTGAGES The Safest Security on Eartl Every mortgage is less than 509 of the ready market value of the property. Absolute Safety. Reliable Security. Liberal Income. Insurance Against Loss. Protection Against Depreciation. Prompt Payment of Interest. Repayments of Principal in Full at Maturity. Choice First Mortgage Investments $100—$250—$500—$1,000 WILLIAM S. PHILLIPS - Realtor Second Trust Notes Are Purchased by The National Mortgage and Investment Corporation On A Fair Basis (Temporary Offices) Third Floor Sansbury Building 1418 Eye Street, N.W. MONEY TO© LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST L%a,l(/{'//'%‘(% 2T ({2 G). 7207 (g”rzcc/{'cu/(z‘.)kflae | Experience The men who make dictionaries tell us that experience is practical wisdom gained by personal knowledge or action. The men who have lost fortunes in get-rich-quick schemes tell us that the wisdom gained by their ex- perience forbids them to speculate, During our 53 years' experience in the financial world we have been investing the funds of wise and conserva- tive citizens in our First Mortgage Notes on improved Washington property. They are to be had in denomina- tions ranging from $100 to $100,000. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. ‘Washington, D. C—The Nation's Home Town 53 Years Without Loss to an Investor Shannon & Luchs First Trusts On Washington, D. C., Real Estate An Investment —that frees you from worry as to safety, annoyance as to collections or other details, and the necessity of follow-up of stock market or business conditions.