Evening Star Newspaper, June 18, 1922, Page 31

ECHOES OF THE FINANCIAL. CONVENTION: IT WAS A COMPLETE SUCCESS ‘Addresses Delivered Far Above Average From Banking Standpoint—Assures Continuation—Location Ideal. BY L A. FLE The fourth annual convention of the District Bankers' Association has passed into history. It holds the rec- ord as the greatest of the’four an- nuals that have been held. From the standpoint of the banking topics con- sidered, it was far and away beyond anything that the organization has heretofore attempted. . From the standpoint of a social success it was in a class all its own. As a sport special the meeting was par excellence the best. The chosen location, the Hot Springs, . wa¢ made the most beautiful spot in America by nature, brightened and polished by a century of civilization and an enormous ex- penditure of money and manual labor. i It is more convenient from many points of view than other convention sites: ; The management of the whole affair reflects credit on the commit- tees having charge of the program events scheduled. V' delivered on the convention program was _warmly ised hy the bankers. John B. Lar- s review of his presidential year on the brought th When former Comni ciscussed, with practically member on the floor, income problems, he ve out first-h news to man ankers, and W, roundly applauded for turning a tir some subject into @ gem of an ad- in tor B. the History of Deyber delved deeply tate Banking, 4 of the local Automotiv ciation, handled motor topics thout gloves. SS0- with pleading for the integrity as a eral Reserve Board's asainst political efforts, made srand effort that was effective his auditors were concerne listed their support to save system from political ruin. Every member of the new execu- tive council wa apparently imbued with one des when ate namely, to make good for the ciation and its president, Evans, jr., during the ensuing ¥ Mr. Evans himself spoke feelingly, and his address was full of promise. And the men of Washington Chap- ter read their efforts, Knowing that they had made good, and were en- couraged to further work by the sight of so many in seats of honor In fact, many chapter delegates presidents and presidents of mngton banks chapter graduates Iso tie cashiers of today are the presidents of tomorrow Virginia bankers assembling for the annual convention of their own a sociation, which opened on Wednes- day at the Hot Springs. remarked more than once on the degree of en- thusiasm manifested and the excel- lence of the attendance at the daily Vil sessions. There was a larger representation of senior offic at the convention— presidents, vice presidents and cash- icrs—than’ ever before. Sporting events, golf. tennis and putting contests were played off amid the most delightful surroundings. The Family Dinner. The family dinner on Monday even- ing was held under ideal conditior an exclusive dinner attended only b the convention guests W. W. Spaid. chairman. furnished a splendid_ program. His _endmen. Tommy Braheny and Julius I. Pey: won high praise. The former did “Dooley” article, in which he d cussed” banking from y stand- points and selected a fine bunch of non-banking experts from among creditors present for the formation of « new institution, where there would he no call loans nor any fixed time for the payment of interest, borrow- | s being aceredited with being un- able either to “curtail, renew or vay up.” Se= Mr. Peyser discussed “Spiritualism from the reverse of the Conan Doyle theory. with special reference to demonstrations via radio by the use of a corkscrew as a A wonderful orchestra—Mrs. son, Mrs. Gawler and one or two other artists from Washington—com- pleted the program. the evening one of the waiters _ostentatiously paged Mr. cond Trust Note, sober faced and unquestionably expecting to find the big discounted chap available at some table. One speech—a_short talk on "Ap- preciation and Sympathy” as moving forces—was permitted, Mr. L A Fleming speaking. 1t will be months and perhaps years before the attendants at the fourth annual convention will cease to re- fer to It. One fact stands out dom rantly—the conventions will be contin- ued and will increase in interest. at- tendance and usefulness. and will be supported with a larger attendance vear after vear, and the proceedings will be maintained perpetually to the making of a great financial library. Honor John M. Riordan. The convention honored John M. Riordan, cashier and manager of the Bank of Commerce and Savings, in electing him vice president of the American Bankers' Association for the savings bank section. Mr. Riordan has been a long-time and faithful member of the District Bankers' Association. A successful manager, an earnest worker, an at- tendant on every convention from the invocation to the close. a graduate of the National Capital Bank with Maurice Otterback, George O. Walson, Ernest Herrill, and H. H. McKee, its president, he has alwavs held his alma mater in high respect, and his recognition at this convention should be followed by further honors at the next. Maurice Otterback, of whom much the same could be 'said—practically every word of it—was made vice pres- jdent of the A. B. A, for the state hank section and E. J. McQuade, vice president of the Liberty National, was made vice president of the A. B. A. from, the national bank section with E. B. Olds of the Union Trust Com- pany from the trust company section. George O. Walson, head of the Lib- erty National Bank. serving the third vear of his term as member of the executive council of” the American Bankers' Association, was made a member of the administrative council and on taking office, looked over the ofticers of the association, and ex- pressed this opinion: “I was glad to be one of them—all of whom I have known for years and with Some of whom 1 have been associated with for thirty years.” John Joy Edson, chairman of the board of directors of the Washington Loan and Trust Company sat through the convention from start to finish and expressed himself as many-fold re- paid, giving much approwal to the work of the chapter men who read papers, eaying: “These young men will make bankers. they gre progres- sive. It has been a great conven- tion.” The T. L. Dolling Company. During *This corporation has found a place | for its efforts in aiding corporations that have not grown to such pro- portions that great combinations of Papital are needed, but where moderate financing, under the con- Servative leadership of the company named, may be accomplished with good results to the corporations aid- ed and to the investors who are assured the services and the reputa- tion of a great, reliable house. One frequently pays a premium for buying investments salable on the moment, perhaps with uneasiness of mind during the period of fluctua- tions. financed over thirty large industrial tions to success and have - The T. L. Dollings Company has | distributed the securities of the corporations among 50,000 clients. its plan of operation being con- fined largely to preferred stocks. The company supervises the indus- trial corporation financed, through the life of a security Issue, before any new financing is undertaken. ‘This in addition to deep investigation of the merits of all propositions. The T. L. Dollings Company claims all have been paid pfomptly, through de- pression and prosperity, and that no client of the company has sustained a loss. One ot its most recent financing been the Commercial Company of Phila- Why the Falluret pihe Dache Review this week has his to sav on the failure to make a loan to Germany ny one reading th (;H‘ly must be convinced that it was the Ereat burden of the interallicd flebts. hanging over the credit mar- ot unadjusted. that made it impos- e report care- sible to even hegin to ascertain how an international loan of this char- acter could be made s It is the! the kevnot, st the allies) ngement of the ¥ for anv bankers' com- to arrange an international The allied debts Process to be cance tive must ro nolitic and even awed into silence. “There enters Ltion of a loan to 10 into the ques- ermany the con- dition of her internal affairs and of fide her bona intentions. Mr. Mor- as the second of th 'S (the first being th ion of the allied interest) 1 Which are v s of the loan. He he techni- v German “Through t o be ziven b abilitation of its interna! uation. Germany should arly show a desire to meet its oh- in the hope the f these ations it lish its credit as one of ! nations of the world.’ he . that “the credit St be established.’ Be to France. various matters three months, bility that out, ‘as we ‘iew last week overcome the bad and disputes regard- the nited e an amount n Should ¥ owill suggested nd the t for recon the loan to be r. fiom reparation nd when they are re- t mortgage against rmany is behind the tion payments would bhecome of the urity of this new it would further bear the obligation to pay. with France alert to collect of Germany but relieved of pressure from enormous obligations which red for r of beimz incur nstruction. Fra all the natio t in need of the repa is ation because of her » her of This for re the enormous out {mtions for whic sponsible. Repayments by have not been forthcoming, in fractional amounts. France's need and her upon the payments, an endeavor was made, through the bankers' commit- tee. to suggest a plan for a loan to ermany. "~ The bankers' committee reports this as impossible under the circumstance: But eve object would be obtained and e noint covered by a loan to France, as out- }lined “On this subject, a gorrespondent in whose judgment. we have the greatest confidence and who agrees perfectly with the proposal for a French loan instead of a German outlined in the review, Tt is absurd to lend to Ger- many, a debtor concealing assets. The right way is to lend to France, a Mistressed creditor, and to keep alive the reparations as a bond that Ger- many Il keep the peace until she proves that she deserves cancellation of her debt to civilization. No single- name paper is as good as indorsed ipaper. and no national paper can be created as good as the reparations with the indorsement France and with at least the moral indorsement of the league of nations, whatever it may be called.’" ) LIVE STOCK MARKETS. BALTIMORE, Md., June 17 (Spec- ial)—The live cattle market con- { tinues firm on good quality stock with | trade wants being supplied largely at stock yards, owing to light receipts on the wharves. Receipts of spring lambs ample and common thin lambs are not wanted. Quotations to. Light street wharf: Mzl Beef—First quality, um, 5abc: bulls, Ci oxen, as to qualit; . choice to good. —Veal choice, pound heavy, 9 Tasc; ality, 3ase; milch fat 53za6c; veals, 7a8c: ¥ common thin, 5a5%c. Sheep—. pound, 6a7e; bucks, 4%asc: common, 2%a3lc. Lambs—Choice, pound. spring 33 and 40 pounds. choice, 12a123ec; fair to good 1lall¥c: poor, v lambs, 9aloe. i H FSueheavy Hogs—Straight, pound. .10c; sows, s_to quality, 7a8c; stags and boars, 5as¥c. CHICAGO; June 17 (United_States bureau of markets)—Cattle—Re- ceipts, 500 head; compared with week ago. strictly good and choice Steers, 10a15 higher: others, 15a40 lower with uneven decline of 50 to 75 on common arlings; week's top beef best long yearlings, 9.65; dry lot beef cows and heifers, 15 to 25 lower; others, mostly grassy, 35 to 75 lowe: ome plain kind off more; can- ners, cutters. stockers and feeders, largely 25 off; bulls about steady; veal calves, 1.75a2.25 lower; week bulk prices beef steers, 8.35 to 9.15: stockers and feeders. 6.75a7.50; cows and heifers, 5.25a7.25: canners and cutters, 3.10a4.00; Veal calves, 9.00a old .75 Hogs—Receipts, 6,000 head; market opened firm on better grades, fully ady, at Friday's best time; top, 10.75; bulk, 10.00a10.75; holdover, light heavy mixed packing grades, slow to lower: pigs, about steady: 9.50a10.25; heavyweight, 10,40a10. medium, 10.60a10.75: light, 10.70a10.75 light lights, 10.25a10.70; packing sows, smooth, 9.35a10.00; packing = sows, rough,” 8.0029.40; Killing pigs, 9.25a Sheep—Receipts, 5,000 head; practi- cally all direct to packers; market nominal; compared with week ago. killing classes lambs mostly 2.00a2. );Den{S"nl‘.. 50a75 lower; closing bul fat lambs, 12.00a12.28: cuile. GA)llLa'leflislblol ¥earlings, 9.50a wethers, 6.00a7.00; fat 2.5086.00. =5 NEW YORK, June 17.—Cattle—Re- ceipts, 590 head, no trading. Calves—Receipts, 440 head, steady; veals, 7.00a11.00: culls, 6.00a6.50. Sheep and Lambs—Receipts, 4,750 | head: lower; sheep, 3.00a5.00; culls, 11.5022.50; lambs, 7.50a13.50; culls, 6.0 27.00. Hogs—Receipts, 3.440 head, stead: light to medium welght, 11.35a11. pigs and__heav: hogs, 10.75a11 roughs, §.25a9.25. _—— is _adopting motor lowe: Poland *“tank" l cars for plowing. I3 7/ 7 per eent dividends on all.its issues | e | i i of | ! I THE SUNDAY ASTAR} WASHINGTON, D. C., JUNE 18, 1922—PART- 1. ' Week’s Price Range New York Stock Exchange High. Low. Div. ~—1022— Rate. High. Low. 69 48 — Adams Express. 63 613 2% 104 — Adv Rumley.. 8y 1154 5015 315 3 Advance R pf. 195 *48 57% 45'5 4 Air Reduction. 5315 53 133§ — Ajax Rubber.. 16 1434 55§ 4 Allied Chemical. 69 66'% 373{ 4 Allis-Chalmers 49 464 293{ — Am AgriChemical. 41 37% 53 — Am AgChemicalpt. 67% 63 313{ — Am Beet Sugar..... 47% 41} 311{ — Am Bosch Magneto. 44 40% 51 4-Am Brake Shoe. 61 39 21§ — AmCan..... . AT 4y 9 141 12 AmCar & Fdy. *165% 157}% 30'; 191§ — Am Cotton OIl. g 25 61 41 — amcCottonolipt... 5 544 14315 1273 8 Am Express... 133138 17 12 — AmHide & Lea 1415 13% 7 58 — AmHide&Leapf.. 6 67§ 43 78 7 Amlce 1064 103 503 3815 — AmInternational.. 4615 40} 1313 91{ 1 AmLaTrance..... 13 14 404§ 203§ — Am Linseed. 3% 83 11755 102 6 Am Locomotive. 115 1054 103%{ 82 4 Am Radlator...... 98 ¥ 25 514 — Am Ship & Com. 2134 673 435; — Am Smelting.. 6124 4015 303 3 Am Steel Foundry.. 373 811{ 5415 — Am Sugar (] 231 — Am Sumatra. 401§ — AmSumatrapf..... 69 9 Am Tel & Tel.. 12314 12 Am Tobacco. .. 12 Am Tobacco (B) 7 Am Woolen — Am Writing Ppr pf. Am Zine e Ann Arbor p Anaconda. Asso Dry Goods. ... Associated Oil Atchison... Atchison pf : Atlantie Cst Line... 102"5 l(l; c F! e 8 Atlantic Fruit Proid 1 Atlantic Gulf.. Atlantic Gulf pf. Austin Nichols. Baldwin Loco. Balto & Ohlo Balto & Ohio pt. Parnesdall (A) Barnsdall B. Beth Steel. Beth Steel (B) Beth Steel 8% pf Booth Fisheries. ... British Emp Stl 2d Bklyn Rapid Tran.. Brooklyn R Tctfs 119 70 8 BklynUnionGas. 523{ 42 — Brown Shoe. 1395 115 10 Burns Bros A 30 283 2 BurnsBrosB... 81 5{ — Butte Copper&Z. { 3313 2035 — Butte & Superior 34 — Butterick... 1314 10}{ — Caddo Central. 8073 68 6 Calif Packing.... % 431 — 145 119} 10 Canadian Pacific s 3 — CasePlow Work 415; 203 — Central Leather. 7 635 — Central Lea pf. 323{ — Cerro de Pasco. 48 6 Chandler Motors 54 4 Ches & Ohio.... 13§ — Chi& Alton. 313 — Chi & Alton pf. 12!{ — Chi& EastnTll... 31} — Chi East&n Il pf. 54 — ChiGt Western.... 1414 — Chi Gt Western pf.. 16!3 — Chi Mil & St Paul. 20 — ChiMil&StPpt 5 5 Chi& Northwn 59 4 ChiPneuTool..... 303 — ChiRI& Pacific 70% 6 ChiRI&P6%pL. &1 7 ChiRI&P7%pf. 51 5 ChiStPM&Om 15! — Chile Copper. 253§ — Chino Copper. 54 4 CleveCC&StL, 43 — Cluett Peabody. 41 4 Coca-Cola.... 24 — Colo Fuel &Iron 38 3 Colo & Southern 6435 6 Columbia Gas. 14 — Columbla Graph.... 5 — Columbla Graph pt. 793 55)4 4 Comp Tabulator 33 18% — Consol Cigar 123Y & 7 Consol Gat 115 5% — ConsInter Callahan 15% 113 — Consol Textile.....: ki 453 — ContCan........es 10814 91} 6 CornProducts. 5314 3134250 Cosden & Co. 77 523 — Crucible Steel. 274 1444 — Cuban Am Sugar. 19%; 8% — CubaCaneSugar. 403 15% — CubaCaneSugpt 6556 43 — Davidson Chem. 2414 1515 —_ De Beers Mines. {55 106% 9 Del & Hudson. 12014 110 6 Del Lack & West. 30 184 2 Dome Mines.... 47 15 7 DuPont (ED).. 43 40% 12 Elec StorageBat.. 93% 14} — Elk Horn Coal.. ‘7% 764 5 EndicottJohnson. ‘I3 7 ~— ErleRailroad.. o073 11% — Erlelstpf. *ai 7% — Erlezndpf §7 75% 8 FamousPlayers 53 31 5 FedMines&Spf... 12714 75 10 FisherBody.... 103% 76 8 Fisher Body of Opf 1915 11% — Fisk Rubber. 2% 124 — Freeport Texas. 68 5% — 781 65 6 168 136 12 Gen Electric. 15 814 — GenMotors...... §3 673 _6 GenMot 6% deb. 4437 344 — Goodrich (BF). 35 25 — Granby Consol 197% 12 — Gray&Davis. 8035 704 7 Great Northern pf. 455 31% 4 Great Northn Ore. 345 25% — Greene Cananea 145 6% — Guantanamo Sug. 19 5 — Guif Mob & Nor. 40 16 — GuifMob&Npf 9014 44% — Guif States Steel... 26%% 15 — Hemdee Mtg. g5 70 — HoustonOil. 2134 10% 1 Hupp Motor... 143 35 — Hydraulic Steel. 1097 97 7 linols Central. 45 3714 — Inspiration... 3% 33 — Inter AgriChmpf. 383; 26 250 Inter Cement. 106} 79% 5 Inter Harvester.. 273 13% — Inter Marine.. 873 62 6 Inter Marine pf. 193{ 114 — Inter Nickel. 544 4314 — Inter Paper. 204 12% — Invincible Oil. 35% 24 — Iron Products 23% 10 — JewelTea... 73% 38% — Jewel TeaDf.. 46 344 = o 2 - 5915 52% 4 4113 34 — Kayser Juliu 53 34% — Kelly-Springfleld 111, 61 6 Kelsey Wheel % 742 6414 58 13715 13474 2114 2 41 76 6714 4114 % 108 ) 14% 2155 57 2% 161 13 2 38 2784 J6% 5% 38 304 1% 15 3614 6814 213 724 19 9 108% 394 33 32 10135 17% 703 16 114 ‘Woek ending Jume 17, 1928, Net. Close. Cbge. 62% — % 7Y% — 1% 8 —1% 2 —3 14% — 1 6135 — 1% 7 - 1% 8- % 6 — 14 2 — 5% 2 -2 5% — % 433 — 13 19— 3% 25 — 2% 5435 — 314 13315 — 2% 1B%— % 6734 — 1% 103 — 244 4175 — 4% 12— 7 B —2 1 — 2 95 —1u n -1% 514 — 2% 3% — 7 1223¢ 138 136 33 16 42 51 50 9735 9l'y 1034 35 - 24 5035 — .||/2 13315 — 114 A B 32 11514 8% — uy% - 6 102 4614 705 237 165 34 — 2% 4336 —10% 214 — 134 123 +1 122 —2 28 130 40— 3 21 —1 85 — 2 13% — 134 2134 — 134 153§ — 135 8% — 2% 45— a4y 8% - % 102 +1 15— 1% 225~ 17 5835 — 2% B — 1§ 1645 + 114 18— % 81 —1 383 — 134 2815 — 1% 1615 — 115 753 — 1 383§ — 13¢ 306 — 2% 103 — 1% 151 — 3% 35— % 7335 — 5% 21 — 2% 3% — 5% 19% — 15 1046 — 3% 18 — 1 304 — 2% 3935+ 3% 32 —2% 102 — % 17% — 4% 3 714 —10% 16 46 % ~—1922— Rate. Qigh. Low. Div. Hich. 39% 2534 — Kennecott Copper.. 35% 243§ 14 — Keystone Tire..... 19§ 174 110 6 Kresge (S8) 138 813 44 — LackawannaSteel. 73)§ 82 43 — LacledeGas.... 80 397§ 10 — LakeErle&W.. 37 6l 26!4 — Lake Erle& Wpf... 6l 354 2635 2 Lee Rubber. 31K 6735 5635350 Lehigh Valley. 643§ urg 91 7 Lima Locomotiv 116 18% 11 — LoewsInc. 155 W4 9 1 Loft Inc... 13'% 15935 1474 12 Lorillard (P)... 155% 5134 36 — Loose Wiles. 4 12135 108 7 Louis & Nash 1187 5734 254 — Mack Trucks 55 234 15% — Mallinson . 25% 5575 35 7 Manhattan Elev.... 49% 434 32 2 Manhattan Shirt... 38% 67 35 6 MarketStRypfior. 6l 4514 225 — Marland Oil...... . Y% 35} 20} 2 Martin-Parry...... 32% 30 22— Mathieson Alkall... 407§ 744 46 — Maxwell Motors A.. 71 27§ 11— Maxwell Motors B.. 25 12274 8 May Dept Stores... 11575 148 12 Mexican Pete. *143 3134 2 Miami Copper. 2974 16 1154120 Middle States Oil. 14%% 451 21! — Midvale Steel...... 36% 4% 5 — Minn&StL(n). 113 1993 74 — MoKan& Texw!. I73 4333 2414 — MoKan&Tptwi.. 3843 2! 16— Mo Pacific... 225 503{ 43); — Mo Pacific pf. 5434 ke 63 3 Montana Power. 70'% 243 12— Montgry Ward 2 E — Mullins Body 201 Natl Acme. 17 Natl Biscult........ 146 Natl Cloak & Suit.. 43 3034 Natl Enameling. 51 8 Natl Lead 94y Nevada Copper..... 17} N O Tex & Mex - 65! NYAirBrake..... 75 N Y Central. 9174 NYC&StL. 7613 N Y Dock.. 43 N Y New Haven. 203 N Y Ontario & W 2615 Norfolk Southern.. 20 Norfolk & Westrn.. 10644 North American.... 63 Northern Pacific 7614 Nova Scotia Steel.. 32!} Orpheum Circuit. Otis Elevator. Otis Steel.... Owens Bottle. .. 3634 Pacific Gas & Elec.. 70)2 Pacific Oil... 6514 Pan Am Petrol *70 Pan Am Petrol (B). Panhandle. ... Parrish & Bing. Pennsylvania... Penn Seabd Steel. Peoples Gas. Peoria & Eastern.. 19 Pere Marquette. ... 311 Philadelphia Co.... 2815 Phillips Petroleum. 54}{ 13! — Pierce Arrow. 205 2775 — Plerce Arrow pf. 403§ 7 Pierce Oi1 9y 39 Pierce Oil pf. 51 587§ Pitts Coal. €5 3 Pitts & West Va 38 141{150 Pond Creek Coal 23 66!4 5 Tostum Cereal. 8015 63 Pressed Steel Car... 8% 24}% Producers & Refin.. 4335 66 Public Service NJ.. 861§ 105} 8 PullmanCo........ 1193 303 — Punta Allegre Sug. 51'z 3235 Ry Steel Springs 102 Ray Consol 17 Reading... i) Reading 1stpf..... 513{ Reading 2nd pf.... 52 Remington Typr. 33 Replogle Steel. . 34 Rep Iron & Steel 2y Rep Motor Trk. 13 3 ReynoldsR J (B). 157 — Reynolds Spring B0 520 Royal Dutch. . [ — StL& SanFran 2035 4 — StLSouthwestern. 27)3 323 — StLSouthwnpf.... 4635 505 — Sears Roebuck 5% 107 — Seneca Copper. 13%% T3 — Shattuck Ariz Cop. 1013 59 8314 Shell Trans & Trad. 43! 18% — Sipclair Consol.... 363 344 — Sloss-Sheffield..... 44 43 — South Porto R Sug. 52 8% 6 Southern Pacific... 89 17% — Southern Railway. 45}{ — Southern Ry pf... 913{ 4 Standard Oil of Cal. 110}4 169 5 Standard OiINJ 1834 113% 7 Stand Oilof NJ.. 1151 2414 2 Stewart Warner...., 437§ 35){ — Stromberg Carb 5044 79%% 7 Studebaker. 3% — SuBmarine Boat % 43{ — Superlor Oil.. 874 26 — Superior Steel 3415 93, — Tennessee Cop 1155 42 3 TexasCo. 8% 38/ 4 TexasGulf Sulphur 47 24 — Texas& Pacific.... 3034 23 1 TexasPacC&OIl.. 2% 14 — Third Avenue... 57%¢ 6 Tobacco Products 14 — TolStL& Wn 2214 — Tol StL& WnpfB. 503 74 — Transcontinental 163 17% — UnlonOfl....... 23 125 10 Union Pacific... 13713 25 2 United Alloy Stl 607§ — United Drug. 119%{ 8 United Fruit. 43% — United Retail Strs.. 6414 16% — USCastIronPipe. 33 2% — USFoodProd...... 9% 37 — USIndAlcohol. 5415 55% — USRealty. 51% — U S Rubber 2% - 82 5 14K 7 605 2 38 = Vanadium Corp. 48% 2734 — Va-Carolina Chem. 323 67 = Va-CarChem pf. 6} — ‘Vivaudou 6 — Wabash.. 19%4 — WabashpfA.. 103{ 1 Wtber & Heilbr. 14 84 — Western Maryland. 113 13 — WesternMd2dpf.. 20 13% — Western Pacific. 2% 8 7 Western Union. 981% 49% 4 Westinghouse Elec. 60% 6 — Wheel & Lake Erle. 143 12%{ — Wheel & LEriepf.. 26% 35 4 White Motor.. 50 T4 — WhiteOfl... 10 19 4 8% ‘Willys Ovland pf. 415 137 8 Woolworth... 157 43% 4 Worthington Pump 51}¢ * Ex dividend. ‘Week ending Junme 17, Low. 320 et *134 614 1105 1454 1284 *151 4215 u7 493 36 6313 2214 111 133 274 133 3012 10% 161 653 2004 2 1634 L] *o, 0 4613 57 255 253§ 41 234 1 a5 BEsEes 525 1035 1801 115 11 4515 11655 5% kA 334 103 4515 4434 24 2513 20 i 50 483 1314 2034 134 34 7215 13674 613 27 74 4915 42 15634 0% 1922, Net. Close. Chge. 3B -3 143 — 434 B4 - % Y% — 2% 8 — 1% 333 — 134 6l + 5% 2854 — 25 612 — 14 m —a 145 — 1% 1274 — 2% 151 —1 2)5 = 2% 17 -2 52 —2 224 8 -1 3B — 3% 8 —4 4935 + 1% 31 —2 » + Y4 6315 — V% 28— 1% 1n2 - 3% 14334 —10% W — 14 13% — 335 — 108 — 122 7 7 34 n 4574 443, 243, 261, 2H5 — 4 < 4 814 51 4913 1475 213, 1355 — 35% 137 635 — 28 4 ] % 7% -2 45— 1% - % %% — 5% 9% + 124 514 — 3% 6435 — 3361 59 - 2% 404 — 135 983 — 2'5 1925 + % 6215 — 315 4415 — 4 302 — 6736 — % % 2%+ ¥ 134 — 15 2835 — 214 e £ 1% — 14 184 — 13 19 =1 974 — 134 59% — % 13 24 = - 1% 8% — 3% 85 — 134 145+ % 41 81 — — 3% 3 425 — 4% 157 s Z -4 June 17, 1922: Liberty 3%s ... Liberty 1st 4s. | Liberty 2d 4s Liberty 1st 41 Liberty 2d 4% Liberty 3d 43 Liberty 4th 41 Victory 4%s .. i FOREIGN {Argentine Ts Chinese Govt. Ty {City of Bordeaux 6s City of Copenhagen « of Lyons 6s. : City of Rio de Janeiro_ ss, 46 Department of Seine 7 Dom. of Can. 5%% notes, Dom_ of Canada 1931 Duteh East Indies 6 Dutch t Indi French Tiepubl French Republic 71 Kingdom of Relgium 7% of Belgium 6s. fi Baltimore and Ohio Baltiniore and Oh Bell Tel. of Penna. hem St cony Leather ntral of Georgia ntral Leather X 2 ke and Ohio ¢ | Great N Hudson linois {Indiana per r Tire 1 3s, al | Kelly-Sprinzfie | Lackawan Louisville a Mex Midvale i _adj, . inc, 6s. . prior licn 4s A |Seaboard Air 1 rd ir 1 B Air L Sinclair Oil cv. Sinclair Oil eol Southern i {Southern Pa Southern Southern thern R: ¥ wen idewater Ol 6is ctfs Products . is T T “nion ‘nion “nion cific Pacific ref Tank Car d Drug Ss Realty Rubber 7 Rubber NEW YORK BANK STATEMENT NEW YORK, June 17.—The actual condition of the clearing house banks and trust companies for the week shows sthat they hold $63.931.060 in lexcess of legal requirements. This is fan increase of §32,422,460 from last week. The statement follows: Loans, discounts, etc., $4,803.745,000; lincrease, $25.693,000. Cash in own vaults, eral reserve bank, crease, $3,276.000. Reserve in federal reserve bank of member banks, $626,554,000; increase, £47,379,000. Reserve in own vaults, state banks and trust companies, $7.391,000; de- ease. $48,000. Reserve in depositaries, state banks nd trust companies, $10,296,000; de- crease, §124,000. Net dcmand deposits, $4.373.545,000. United States deposits deducted, $57, 946,000, Time deposits, $319,928,000; decrease, $39,707.000. I Circulation, $34,687,000; $89,000. Aggregate reserve. §644.241,00 ¥ reserve, $63,931,060; in 422,460. Summary of state banks and trust companies in Greater New York mnot included in clearing house statement: Loans, discounts.” etc., $664,227.800; increase, $3.733.200. Gold, :sfsz increase, $14.000. Currency and_bank notes, $15,860.- 200; decrease. $583.600. Deposits with Federal Reserve Bank of New York, $55,935,600; increase, $2,008,000. il Total _deposits, $697.377,000; croase, $6,218,100. Total deposits, eliminating amounts due from reserve depositaries and other banks and_trust companies in New York and United States: Deposits, $652,936,100; increase, $6,- 543,000. Banks' cash in vault, $26,615,100. Trust companies' cash in vault, $50,806,900. COTTONSEED OIL STEADY. NEW YORK, June 17.—Cottonseed oil was steady for spot and nearby delivery, but new crop months were lower under liquidation for outside account and on comtinued good eather south. Closing bids were 4 points higher to 6 net lower on ac- five months. Sales, 4000 barrels. ime crude, nominal; prime summer Triow. Spot, 11:50a12,00: July, 11.60: September, 11.67; December, 9.57, all bid. members fed- 58.584,000; de- increase, rease, in- —_— An elephant takes up the collection in some of the Hindu temples. It goes round with = basket extended m its trunk. S 4 T UNITED STATES 30NDS. Presious week's close. High. Lo . 100.02 100.30 100. 99.90 99.80 99, 99.84 99.94 99 99.96 100.40 99, 99.94 *100.06 99. 1 100,02 100.08 99! . 9995 100.14 99 Z 100,66 100.68 100.: AND MUNICIPAL. ..102% D03y 1 100% L 114k 90 90 a0 89 103 100 "FINANCIAL. THE WEEK'S BOND MARKET. Below is shown a summary of the fluctuations of prices of active bonds on the New York Stock Exchange for the week ended yesterday, 3 s 1 2 Established 1899 MONEY TO LOAN In sfllllAl of $500 to $500,000 t 6 and 6% Before Placing or Kenewing Your 1st or 2nd Trust Specialist (HARRY 8.) 15th and N. Y. Ave. Lowest Rates Quick Replies w. Close. | .00 100.08 80 99.80 4 .96 10014 92 99.95 | @ 96 100.06 N 98 10008 | 54 100.54 | SECURED BY FIRST DEED OF TRUST ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE e e Denominations James M. Carter & Co., Inc. 1311 H St. N.W. DR R i Money to | Becured by first deed of trust on real estats. Prevalling foterest and commission. .. & Trost | .Iose[-h L Weller 420 Wash. bldg.. Stb and ¥ n.w. PIGGLY WIGGLY INVESTORS TAKE NOTICE We offer for quic le a small block of Piggly Wig- gly Common Stock. CAHILL & COMPANY Room 1008 1319 F Street N.W. ! LIBERTY BOND PRICES For $100 Bonds Monday Int 4%,n . 2d 4% 3d 474x 3 Ath 4%~ PINS Victory 4%~ L. wed NO DEDUCTIONS MADE. Bonds Bought in All Denominations. LIBERTY BOND EXCHANGE 604 14th St. N.W. Hours, § am. to 5 pm. Main 2087, © Established 1899 Real Estate Notes for Sale nte from $230 up or more. Consult WE“]":C (HARRY S.) 15th and N. Y. Ave. Main 4346 Reference: Any Bank, Trust Co. or Title Co. in the District. _ PARTIAL PAYMENTS The Best Way to Buy Good Securities On Convenient Terms Loa; 1001 1073 108 Send for frec Booklet NB-1 which ex- plains our plan and terms. JAMES M. LEOPOLD & CO. Established 1884 Nembers New York Stock Exchange Wall Street New York |um Mergers On the New York Curb Exchange, mergers completed and impend- ing have played a big part in the recent ad- wvances. You have probably wondered what was causing these advances. It is fully discussed and explained in this week's issue of “Investor & Trader” You can get a copy at our Customers’ Room, Main 4346 MILLER TRAIN CONTROL STOCK bougl t, sold_and_traded. mail. A. L. DEIBEL. Boatmen's Baok Bldg., St._Louis, Mo. 210 by telephoning or by ‘The Star has vertising on this page for the protection of its readers. ever, if there should be any for complaint we will full and impartial inves- cal make & tigation. The Star strongly recommends that yon consult an officer of or some member of stock exchange before auy investment at any some the I time. FIRST MORTGAGES Indications are that interest rates will be lower, therefore we recommend you take ad- vantage of present opportun- OVER A q'vnm OF A CENTURY B. F. SAUL CO. I Main 2100 A Profitable Suggestion Many are selling their Liberty and Victory Bonds and invest- ing in ities. JoNEs & BAKER Members New York Curb Exchange How- Direct Private Wires New York Chicago Boston Phil Pitsburgh Detroit Balti i BALTIMORE OFFICE 433 Equitable Building Telephone - Plaza 8451 our— WITHOUT A LOSS Mortgage Loans 1412 Eye St. N.W.