Evening Star Newspaper, May 18, 1924, Page 40

40 FINANCIATL Midweek Luncheons Helpful . To Banks in Checking Frauds Also Aid in Solving Business Problems. Samples of Easy Money Attempts. Local Financial Review. BY I A. FLEMING. TLuncheon clubs, where the guests are engaged in the same line of business and the weekly meetings are made the vehicle for tho ex- change of information on topics and cvents of direct and special interest, have come to be a factor of con- siderable importance in modern busi- ness activities. These gatherings are also, in a measure, very helpful to the organi- zations in the interest of the busi- ness or profession of which the at- tendants are usually members. A little over a year ago a few of the leading spirits of the District Bankers' A: ciation decided to meet, break bread together and talk over trade matters of direct and positive interest to each attendant at a mid- week luncheon. Gatherings Occur Weekly. These gatherings have been con- tinued weekl: on Wednesdays, at the City Club, with exactly one hour given to eating and discussions. The attendance has largely in- creased from the original gathering. Indeed, there is no such thing as membership, no by-laws, constitu- tion, dues or other red tape in con- nection with the meeting, other than a charge for the luncheon itself. The one and only requisite for ad- mittance is that the guest shall be a banker. Occasional exceptions have been made. £ Practically all the executive officers of the District Bankers' Association are regular attendants, and one pre- ides at the weekly meetings—Har Tiaynes, president, if he is presen f not, then one of the vice presi- dents. Occasionally Secretary How- ard Moran does the honors. Tor the Good of Order. Immediately after luncheon has erved the presiding official at one end of the semi-circu nd makes the complete cir- cuit. calling on each guest to reply ta the query, “Have vou anything of importance to discuss today?” At every meeting some banking prob- Jem develops of mutual interest. It may be an ange of information regard- ing one of the numerous attempts that are made almost dal to get something or nothing that _has been discovered, nd thus cut it off in its incipienc that in the spreading of the story other < will be prepared to put a crimp in_efforts to tap their tills. Time was when the relationship be- tween local bankers was not so cordial when information of this character was not passed around and the fraud en- larged his operations with indifferent sucress until brought up with one too many attempts ver since Isau traded his birthrate for a mess of pottage.” thtre have been attempts without number to get the better of the other man. with par- ticular attention directed toward the Tanks dealing directly in cash, the one commodity most desired by the mem- Lers of the “get-it-no-matter-how" so- clety. At times several cases of this charac- ter have been reported at the midweek Juncheon of the bankers, the signatures wused and the particular method employ- ed being made public and at once en- tered on the memoranda of the guests. A Tempting Offer of Record. The president of a national bank, having the privilege given by the Fed- eral Reserve Board, of performing the functions of a trust company, was ap- proached one afternoon just before the close of business by three gentlemen, apparently, one of whom requested an audience. When the three were seated in the private office the spokesman expressed 2 desire to transfer a trust, assets, ete., from a large western city to Washing- ton Asked as to the nature of the trust and its provisions, he informed the lo- cal banker that it was a “long term nning into very large money :lrluds‘th‘:‘l lhrgassels included cash, real ate, business properties nad valua- e securities. He furthermore gave a plausible rea- won for moving the trust to Washing- Ton and expressed the belief that the entire matter could be consummated he llowing week. T eahy Jooked kood to the banker —that is, good enough to go further Tith it. An engagement was made for the next week, and the conference clos- P ost—but not quite. “oma" ot the trio looked at his watch #nd was surprised to discover that it \is after banking hours, then turn- g to the bank president he remarked casually, “Oh, Mr. I see that s after banking hours, will you ;(;:1; v raft for $100 for me, please? 1 AR e Gut the rules of this estab- lishment are to accept checks and drafts from strangers only for col- tion." 1o il the proposed transfer of trust was never accomplished—nor would it have been had the $100 been forth- coming on request. i the bank would have had for its pains and its “hundred” would Tiave been a dishonored draft. There are thousands of them turned loose in this city annually. Tells Tale That “Seunds Good.” © With intent to swindle, seeking fair-sized game, a Suave person en- tered one of the active savings in- stitutions of the city and asked for the cashier. “I wish to open a checking ac- count,” he said to that official, add- ing: “I have here checks aggregat- ing about $4,000.” “Glad to do business with you"” said the cashier, “but we can only taka these checks for collection, and we would prefer that you were in- treduced by some of our ocustomers or_friends.” “Do you give a book with the entry of the $4,000 checks when you take them for collection?” “No, sir.” “Well, T can open a savings ac- count with a dollar cash?’ “Certainly.” The savings account was opened for 31 cash and the man received his bank book with this credit. A little later, after banking hours, the dollar depositor was attracted by a watch in a jeweler's window and cntered for closer inspection of the timepiece. The watch was purchased, but im- mediate payment was impossible “as T deposited all the money I had with me today in the —— bank, $100, and vou could not get the cash on crkeck without having the book also. After a moment's thought he added, “but I can make a check for the watch, $40, and leave the book with vou so that you can get the cash to- morrow morning. I'm going up to Bluemont this afternoon and will be in day after tomorrow and get the book again.” “Sound's good,” said the jeweler; “guess that would be all right” So the trade was consummated. Séquel Revealed Next Morning. But the next morning payment on the check was refused as the de- posit back of it was for but $1 and one dealer in watches and jewelry is now doing business on cash basis. Tf the $4,000 deposit had been enter- edion a bank book, the swindler would probably have walked off with a more valuable purchase, but he should make good use of the last dollar. And so the tales are told around the.. “round table,” each ome being of a'different scheme, each by one in- dividual, and each closing the door for further working of the same Zame 22 o local venture, with & bank as dhe victim. Banks Represented at Funetion. Senior or junior officials of the fol- b banks are regular attendants at the midweek luncheon: Farmers and Mechanics' National, Eecond ’huanl!. Federal-American, s so | Security Saving and Commercial, American Security and Trust Com- pany, Munsey Trust Company, Bank of Commerce and Savings, Commer- cial National Bank: National Metro- politan, Riges National, McLachlen Banking Corporation, Lincoln ~Na- tional, Washington Savings Bank and Hibbs & Co. Occasioanlly representatives ' of other banks' attend the luncheons, when possible, but there are many who are prevented from regular at- tendance by the demands of business. Average of Seventeen to Twenty Present. Frequently installations are repre- sented by more than one of its offi- cers. The average attendance is from seventeen to twenty. It should be really understood that a gathering of this character might readily play an important part in the District Bankers' Association, | making very valuable and broadly discussed suggestions and advancing plans for changes that the group might consider advisable. Any subject brought up is thor- oughly discussed, for there are vet- eran bankers at the midweek meet- ings who are fully qualified to give opinions. It should also be readily seen that the banker desiring to keep pace with conditions as they exist, with the various fraudulent schemes of the day should be represented at this midweek lungheon. It is an hour and $1 devoted to the interests of the banks. City Club, any usher will lead you to it. Wednesday, 1 o'clock, sharp, rain or shine. Do Not Expect Trouble. Time was when there were a very few bankers in Washington who were suspected of accepting cash as an inducement to make questionable loans, which usually turned out badly for their banks—but not now. Bankers' methods of making real estate loans are different. They will accept none other than their own assessments of value, and when they decide on this question they insist a loan of but 50 to 80 per cent of valu- ation. As for taking second or additional trusts on the same property there is nothing doing—nothing. The big profits to be made in handling second trusts is left to other corporations |and persons willing to take chances for the sake of the big returns. The larger the number prefixing a trust, the greater the degree of speculation, the less the chance of final payment in full and the greater the expected profit from the transaction. Examiner's Methods Approved. Washington bankers express them- ;&nl\’(‘s a thoroughly satisfied with | the present national bank examiner |of this city. They claim he is very |thorough in examinations, yet not {offensive in any manner, and that in | the fitness shown in recent elimina- | tions of irritated spots he has been | especially effective in his work—that |of disturbance or loss. At the same time he has been different. In this, it is said, he has been as successful as any of his predecessors and much more diplomatic than some. Continental Wins Suit. The Continental Trust Company has won the suit against it for $1,000,000 | brought by the Mertens in connection | with the Virginia apple orchards. This suit has hung fire for years. 1t has been a thorn in the side of the | Continental Trust Company; probably | has prevented important negotiations and caused much trouble. Counsel for the company advised that the plaintiffs did not “have a leg to stand on.” but it was a bone of contention hat would not down. | S Fegreted by the officials that |the verdict was not returned before | the death of Senator Scott WEEK’S BUTTER MARKET UNSETTLED, SENSITIVE Indication That Prices Were Near- ing Bottom Level, Federal Bu- reau of Economics Reports, By the Associated Press. CHICAGO, May 17.—Although the butter markets were unsettled and sensitive during the last week, some butter was stored on all markets ex- cept New York, and there was some indication that prices were nearing bottom, according to the weekly re- view of the federal bureau of agri- cultural economics, issued today. Production and receipts showed a de- cided increase, but receivers, while pressing goods for sale on arrival, wero unwilling as a rule to shade prices and were inclined to put goods of_merit in storage. ‘While the trade was rather quiet, grass butter began to make its ap- pearance, which generally means but- ter suitable for storage. The monthly cold_sto report of May 15 showed 8,977,000 pounds of holdings in May, compared to 3,248,000 a year ago and against a five-vear average of 6,401,000. Up to Friday receipts at the four markets were 130,902 tubs, compared ith 116,117 tubs the previous week. Fhe American Creamery Butter Manu- facturers’ Association report for the week ending May 10 indicated an in- crease of 5.7 per cent ovr th cor- responding week last year and 9.5 over last week, and the Minnesota Co-operative Creameries’ on reported an increase of 1.8 per cent over the previous week. ‘Wholesale prices of 92 score butter on May 9 and 15, at Chicago, were 36 and 37%, respectively; at New York, 383 and 39%; at Boston, 39 and 40, and at Philadelphia, 39% and 40%. e BALTIMORE PRODUCE. BALTIMORE, Md, May 17 (Spe- cial).—The tone of the local egg market has been somewhat firmer the past few days under a fairly con- stant demand for choice strictly fresh eggs, which have been in only moderate receipt, and the market closed strong at 24 cents a dozen for native and nearby firsts in free cases. Eggs sold in cases to be re- turned are from 3% to 1 cent per dozen less. Packers are taking hold more freely, but are rather critical as to quality and prompt and fre- quent shipments are advisable; com- mand top quotations. The general live poultry markat has ruled easier the past few days under increasing receipts on all lines and demand centered principally on large fat stock. Spring one and one- half pounds and over are selling 45 to 50 a pound and 40 to 45 for smaller, while leghorns bring 32 to 40. Winter chickens two and a half pounds and under continue in good demand at 40 to 45. Demand for old has eased off and the market is lower at 25 to 27 for medium to large and 22 to 24 for poor and leghorns, Old roosters in ample supply and slow sale at 16 and 17, but young stags are in fair demand at 25. Old ducks continue to show poor condi- tion and meet with slow sale at 18 to 22 for large fat and 156 and 16 for small and poor. Pigeons and guinea fowl in lighter supply and falr demand at 40 and 50 a pair for the former and 40 to 60 each as to quality and condition for the latter. The white .potatoe market rules easy with_receipts running ample for de- mand which is fairly good and general movement_centered on No. 1 well = ed stock which sells at 1.25 to 1.75 per 100 pounds and 2.40 to 2.75 for 150 pound sacks. No. 2 stock potatos bring a little over half price, while culls are not wanted. Maryland and Virginia McCormick’s are plentiful and will not bring over 1.50. Native and nearby garden truck in- creasing in receipt as the season ad- vances, and demand continues good where of gool quality, at the following quotations: As 2.5 to 4.50 per , 236 THE SUNDAY STAR, WASHINGTON, CUT TAXES, ECONOMY |Surprises Noted Past Week T0 BE G.0.P. SLOGAN Coolidge’s Message, Vetoing Bonus, Indicates Platform for Carpaign. ACTION IS DECLARED WISE Managers Believe President Will Gain by Course. BY FREDERIC WILLIAM WILE, Calvin Coolidge has written his own paramount issue for 1924—tax reduc- tlon with economy. 1t is plainly to be read between the lines of his bonus veto message. Ft may be dif- ferently framed in the Cleveland Dplatform, but it will be the plank on which he will take his stand in the coming campaign. It will be con- spicuous in the President’s antici- pated veto of the tax bill. There, as he did in the bonus veto, Coolidge will insist that the country’s most urgent need is reduction of tax bur- dens. He will insist that it cannot be met without drastic economies. He will declare that pension “grabs® and bonus “grabs” are not cconomies any more than tax reductions which re- sult in Treasury deficits. Those are the notes on which the President will harp incessantly from now until elec- tion da They will be struck in the Republican platform, in Cool- idge's speech of acceptance, and in his successive campaign speeches. Managers Support Veto. As to the immediate issue of the bonus veto, the President's political managers believe he has done the wise, as well as the right thing. While Secretary Mellon and the Treasuary actuaries were counting the cost of the bonus in dollars, Butler, Stearns, Reynolds et al. were counting the cost of a veto in votes. They came to the conclusion that Coolidge would almost certainly be the gainer by dis- approving the bonus. Their calcula- tions are based roughly on the ob- vious fact that there are more tax- payers than ex-service men, even if i which is by no certain—could mobilize the ‘soldier vote” against Coolidge. There are about 6,000,000 payers of federal taxes. The highest estimate of ex-service men runs between 3,- 500.000 and_4,000,000. The Ex-Service Men's Anti-Bonus League has asserted that only 400,000 former soldiers are Legionnaires, and that not all of these are pro-bonus men. In addition to the service men who might vote against the President on the bonus issue, there are, of course, their womenfolk, friends and | sympathizers. But putting the bonus | service vote at 2,500,000, which is| probably a generous figure, and reck oning that it mizht be swollen by | sympathizers to 10,000,000, that total | is admittedly inconsiderable measured against the “taxpayer vote” of 25, 000,000 or 30,000,000. Veterans Not of One Mind. Another factor that the Coolidge | managers weighed carefully, when analyzing the political effect of a bonus veto, is that the service men's vote cannot be “delivered.” It is widely divided. Tt has never been unanimous on the bonus. Party lines have not been maintained. Senator David A. Reed, Republican, of Penn- sylvania_ is strongly anti-bonus. Rep- resentative A. Piatt Andrew, Repub- lican, of Massachusetts is strongly pro-bonus. Both were active fighting men in France. Within the Democratic party there are just as wide divergences on the bonus. William G. McAdoo is for it. Rival presidential “candidates, like Senator Underwood and Senator Glass, are against it. If Underwood or Glass is the Democratic presiden- tial nominee the bonus issue would not be a bone of contention in the campaign. But if McAdoo or Ralston is the Coolidge opponent the bonus will provide a clean-cut issue. Ral- ston, like McAdoo. favors “adjusted compensation.” John W. Davis is not definitely on record, but his afflia- tions suggest that he, like Coolidge, would “not favor the granting of a bonus.” Expect Fight by Legion. The American Legion, politicians expect, will go to the mat with Cool- idge on the bonus and leave no stone unturned to encompass his overthrow on that issue. In the 1922 congres- sional elections, a few weeks after President Harding had vetoed the first bonus bill passed by Congress, the Legion mobilized its full strength against candidates who opposed “ad- justed compensation.” Several of them were overthrown. Among them were Senators du Pont of Delaware, Calder of New York, France of Maryland and Frelinghuy- sen of New Jerscy. Postmaster Gen- eral Harry New of Indiana encoun- tered the 'legion’s hostility in his unsuccessful primary campalgn for senatorial renomination against Al- bert J. Beveridge in May, 1922, The Coolidge high command looks upon Senator William E. Borah as its chief oratorical support during the campaign on the bonus issue. If it needs to be defended at Cleveland, Borah will be thrown into the breach. During the bonus fight in Congress in 1922 the Idahoan’s speech in the Senate was one of the masterpieces of the session. “Our men in France,” he said, in a brilliant peroration, “demonstrated that there is something more masterful than sheer force; that behind the guns is character; that behind the weapon is, unbought and unpurchasable, love of country. “That is the only security a republic ever knew, and that service, in my humble opinion, spurns the idea of com- pensation, challenges all estimates, and defies the sordid rules of arithmetic. Let those who care to trifle with the future undertake to write across that record ‘Adjusted compensation’ A nation whose citizenship has been drug- ged and debauched by bonuses, gratui- ties and subsidies has entered upon a road over which no nation yet has ever beaten a successful retreat.” ‘That's the high “moral tone” that President Coolidge and his supporters will adopt henceforward, when defend- ing the bonus veto, linking it up, of course, with the cold practical aspect of the immense cost of adjusted com- pensation. (Copyright, 1924) TWO DROWNED IN FLOOD. Boat Capsizes and Men Are Swept to Death. By the Associated Press. HARRISONBURG, Va, May 17.— As an aftermath of the flood which has raged in the valley sections of Virginia two men were drowned near here yesterday afternoon. The drowning occurred at the city hydro-electric plant, nineteen miles from here, and in full view of Mayor John W. Morrison, members of the city council and other city officials who were making a survey of the damage done by high waters. The dead are Walter McGalls, su- perintendent of the plant since its erection, twenty years ago, and Montgomery Brown, thirty, assistant at the plant. The two men had been removing drift wood from the head gates on top of the concrete dam and were re- turning to the bank in a skiff when the boat capsized and they were swept through the head gates and | bonds. Special Dispatch to The Star. BY GEORGE T. HUGHES. NEW YORK, May 17.—Seldom has there been a week with more devel- opments than might have been ex- pected to influence the investment market and security prices than the past week shows. It opened with traders digesting the significance of the unexpectedly large falling off in unfilled orders of the United States Steel Corporation, generally regarded as an index of ‘trade conditions. At the same time came the news of the surprising overturn in the French election. About midweek there were the declaration of an ex- tra dividend of 1 per cent on the stock of the Atlantic Coast Line and the raising of the rate on Louisville and Nashville to a 6 per cent basis. The week closed with the veto of the bonus bill by the President, and ani- mated discussion of the chances for this veto being upheld or overridden by Congress. Each of theso developments has its own significance with regard to the long range outlook, but of more pre: ent effect than any of them was th cumulative evidence of ease in the money market. During the weck rates for call money fell to the lo of the year and there w a corres- ponding softening of the charges for time funds. Under this stimulus there was active buying of United States government bLonds, carrying prices up to the high of the year and in at least one case to the high for all time. Buying Mainly fer Banks. This buying was practically all for the actount of banks and financial institutions. Savings banks in par- ticular were large purchasers of liberty bonds, the return on these, even ‘at the advanced prices, com- paring favorably with the income to be had from short-term paper. In the case of the savings banks there was another factor that entered into the situation, more or less, namely, that many banks were up nearly to the limit for money allowed by law to_be put into real estate mortagages. The resulting demand for securities with which to employ surplus funds was not confined to government bonds. Railroad equipment certifi- cates were bought in large volume, especially the shorter maturities. Equipment certificates are considered investments of the highest grade, ments upon them taking prece- dence over those on first mortgage The security is the equip- ment _itself. absolutely essential to operation, and when this is backed by the guarantees of strong roads, the combination is very attractive. Just now from 5 to 5% per cent is obtainable on such equipments, and the supply is not equal to the de- mand. ~ Other short-term securities have been eagerly inquired for, but nothing was wanted unless the rat- | report Developments Influencing Situation In- clude Drop in Unfilled Steel Orders and Overturn of French Policy. ing was high. Bonds of states and municipalities of unquestioned credit went up along with government se- curities. Slowing Up of Business Indieated. Going_back to the happenings of the week, the trade news indicated a progressive slowing up, the duration of which was a matter on which opinion differed widely. It was ad- mitted, however, that any sudden in- crease in the demand for money for cemmercial purposes was improbable and that the investment market was not likely to have much competition from this source for some time to come. In fact it was stated that many industrial corporations them- selves had been buying high-grade investment securities. The uncertainty about forelgn af- fairs was evidenced mostly in the market for foreign bonds. The first effect of the news about the French election was a softening in the quo- tations for French bonds along with that for franc exchange. Second thought was more reassuring, it be- ing the general opinion that the new French cabinet would be more favorably disposed toward the Dawes than the Pointare govern- ment. There was more doubt about the French internal fiscal polic: Any attempt to undo the work al- ready accomplished toward balancing the French budget could not but re- act on French securities, It was also recognized that much time must elapse before these questions could bo decisively answered and that meantime speculative buying of French_dollar bonds in this market would halt. Notwithstanding all this uncertainty, the net loss in market price of Fremch bonds was very small. Complieateda by Polities. The outlook of the railroads at home is complicated by politics. Not until Congress has adjourned Will the threat of adverse legislation be removed. Another consideration s the showing to be made by the April and May earnings statements. Results for April will be made public be- gioning next week, and they are ex- pected to make a disappointing show- ing in comparison with a year ago. The peak of business came during April and May last year, but in June there was a falling off. Comparisons, therefore, of earnings this year with those of a year ago may more than offset the favorable impression created by the recent raising of dividends. This will affect stocks more than bonds, but it does have a certain amount of influence even upon bonds, except those in the very highest clase sification. As to the bonus and tax reduction, the defeat of the former and the ac- complishment of the latter would have an immediate and stimulating effect upon the entire investment market. If, on the contrary, the bonus bill is finally enacted as a law and tax reduction fails, a temporary reaction is to be expected. But even then, easy money will still be a_steadying in- fluence. . Furnished by W. B. Hil Sales. BONDS. $16.000—C. and P. Tel. of Va. 5s. . 46,300—Pot. Elec. Power 6s, 1953. 6,000—Ana. and Pot. River R. R. 55 39,000—C. and P. Tel. 1st 5s...... 108,000—Capital Traction 1st 5s 8,000—City and Suburban Ry. 1s 44,500—Georgetown Gas Lt. ist bs.. 10,000—Metropolitan R. R. Ist 23,000—Pot. Elec. Power 1st 5s 120,000—Pot. Elec. Power cons. 5.000—Pot. Elec. Power deb. 6s. 106,500—Wash. Gas Light gen. 5s... 143,800—Wash. Gas 6s..... 16,500—Pot. Elec. Power ref. Ts.. 7,000—Dist. of Col. Paper Mfg. 6s. 16,200—Riggs Realty (long) 5s..... 10,000—Wash. Market Culd Storage 5.900—Wardman Park 6s... 15,600—Southern Building 6%s. Bharea. STOCKS, 2,335—Capital Traction . 1,9 ‘Washington Gas ..... 42—N. and_W. Steamboat 2,493—Wash. Ry. and Elec. com. 5,092—Wash. Ry. and Elec. pfd. 3—Terminal Taxicab_com 17—Capital National Bank... 20—Columbla_National Bank. 422—Commercial National Bank $4—District National Bank 2 _Federal-American Nation: 10—Lincoln Nationa! Bank 25—National Bank of Washingto 1—National Metropolitan Bank 270—Riges National Bank.... 59—Second National Bank. 428—Amer. Security and Trust 192—Continental Trust & National Savings and Trust. 141—Union Trust wie 7—Wash. Loan and Trus 315—Merchants’ Bank and Trust. 20—Washington Mechanics' 24—Firemen’s Fire Insurance 7—Natjonal Union Fire Insu 4—Colambia Title Insuranc 55—Real Estate Title Insurance. The Year 1924 to Date on the Washington | Stock Excl’lange. bba & Co., Hibbs Bldg. TUp to and including Saturday, May 17. Open. . 833 101% 88 a6 High. 95 103 88 97% a8 9% 593, 2,000—Wash., Balt. and Annap. 1st 5s.. 150,000—Wash. Ry. and Elec. cons. 4s 5s. 1,000—Wash., Alex. and Mt. Ver. ctfs. n. . 41—Merchants’ Trans. and Storage. weceees 405—Mergenthaler Linotype . 469—Lanston Monotype . 383—Washington Market 6,913—Nat. Mort. and Inv. pfd UNLISTED D! 1—Departmental Bank ... 5—Franklin National Bank 150—Standard National Bank 33—District Title Insurance. 66—Chapin-Sacks 8s pfd 5—Chapin-Sacks_7s Dfd..eeo.. 100—Washington Base Ball.... 135—Wassh. Title Insurance LIVE STOCK MARKETS. BALTIMORE, Md., May 17 (Spe- clal).—The_genéral live cattle market rules steady to firm under only mod- erate receipts of top-grade stock. ‘While there is a steady demand for the better grade of cattle, all under- grades move slow at the lower values quoted. Cattle arriving on the wharves are mostly of ordinary quality and have to be sold at a dis- count under stockyard prices. Quo- tations today at Light Street wharf: Beef cufl&flrfsu;lflgil:::ntd, 8a9; medium, pound, 6a7. o quality, pound, 4a6. Cows—Cholcs to fancy, pound, 4%a5%; common to fair, pound, 2a4. Oxen, as to quality, pound, 4%a6l%. Milk cows—Choice to fancy, head, 50.00a75.00; common to fair, head, 30.00a50.00. Calves, veal—Choice, pound, 10%; ordinary to medium, pound, 9a10; rough heavy, common, pound, 6a8. . Sheep—Choice, _pound, 7a8; old bucks, pound, ba§; common, pound, 3a4. Lambs—Fall, choice, pound, 15al6; fair to good, pound, 12al4; common, thin, pound, 9a10; spring, choice, und, 18. Hoga—swualgh(, pound, 7a8; sows, pound, 5a6; stags and boars, pound, 3a4; live pigs, as to size and quality, pound, 10a12; shoats, as to size and quality, pound, 8a9. CHI May 17 (United States Dep.rtc:g?'uf ericulture).—Hogs— Receipts, 4,000 head, steady to 5 cents higher; light weight show mqut ad- vance; good shipping demand; bulk down through the torrents of -the dam: dozen. Beets, 5.00 to 8.00 per hundred. Cabbage, 1.75 to 2.15 per basket. Car- rots, 5.00 to 7.00 per hundred. Kale and spinach, 25 to.40 sushel. Sprnig onions 50 to 1.00 per hundred. Radishes, 5.00 to 6.00 per hundred® for long white, 2.75 o 3.50° for long red and 3.00 to 4.00 for button, - Rhubarb plentiful and will not bring over 1.00 to 2.00 per 100 bunches. Apples continue in ample supply and movement_only - fair with market easy and no change in values from last n?. ] a_choice, 170 to 325 pound 5%?:]1:.‘“7.5057.66; top, 7.65; bulk pack- ing sows, 6.8086.95: killing = pigs steady to strong:; bulk good and choice strong welght, 6.40a6.60; esti- mated holdover, 4,500; heavywelght hogs, 7.45a7.65; medium, 7.40a7.55; light, 7.20a7.65; light light, 6.25a7.55; packing sows, smooth, 6.80a7.10 packing sows, rough, 6.75a6.90; slaughter pigs, 5.6026.75. Cattle—Reoceipts, 1,000 head; re- gaining early decline, better grades fed steers and yearlings generally steady with olose week heull.r: bm‘n demasd lower grades fat steers, she stock, stockers and feeders, 15 to 25 e 22—Security Storage Co.eemeeemeceecose EPARTMENT. 144 12 18% 94% 40 30 5 e STEE 30 8 higher; latter classes highest of the season; bulls, 25 up; veal calves, 50 to 75 higher; "extreme top matured steers, 11.9 best yearlings, 11.50; week's bulk prices follow: Beef steers and yearlings, 8.50a10.50: beef cows, 5.75a8.25; beef heifers, 6.85a9.00; canners and outters, 2.50a4.00; veal calves, 9.25a10.50; stockers and feed- ers, 6.50a8.50. Sheep—Receipts, 2,000 head; re- ceipts practically all direct. For week, around 19,000 direct; 104 cars fed lots; compared week ago fat lambs and yearlings steady to shade higher; sheep steady to weak, closing shade lower; top fat lambs for week, 15.60; few handyweight wooled lambs, 17.25; best springers, 17.75: bulk prices follow: Fat lambs, 14.50a15.35; spring lambs, 16.25a17.50; fat wethers, 9.25a10.00; ewes, 7.50a8.50; .6ld crop wooled lambs, 16.75a17.25. FREED IN MANN ACT CASE. PITTSBURGH, Pa, May 17.—Helon B. Allen was acquitted by a federal court jury here yesterday on a Mann act indictment, which grew out of a trip he made from Washington, D. C., to Pittsb@rgh with Gladith Allen, aged sixteen years, one of his fifty-seven adopted children. The government's _witnesses in- cluded A. L. Moore, & Pullman porter, Wno told of “peeping” into the draw- ing room occupled by Allen and Gladith, The defense contended that the girl had threatened to “get even” with Allen after he punished her for run- ning away from a school, conducted by Allen at Sabot, Va. Masons Get Iroquois Site. CHICAGO, May 17—The Colonial Theater, known by that name since December, 1903, when it was the scene of the Iroquois Theater fire, in which more than 600 lives were lost, out of existence after to- D. C, MAY 18 1924_PART 1. DEMAND FOR STEEL In the Investment Markets| WAKES LITTLE GAIN Some Price Concessions Expe- rienced, But Producers Strive to Hold Market. By the Associated Press. NEW YORK, May 17.—Very little, if any, improvement was noted in the demand for steel this week, and further reductions in production oc- curred to conform with the indiffer- ence of buyers. Price concessions were experienced in a number of di- rections, although producers on the whole were making some efforts to hold the market by not pressing les. Stoocks have not accumulated and the statistical position was con- sidered firm. New business in pig iron was also small, with buyers operating on a hand-to-mouth basis, while prices remained about steady. No improvement was reported in the demand for copper and prices were shaded by both second hands and producers without attracting anything more than a very small vol- ume of business. The declines abroad have been attributed partly to fur- ther liquidation or reselling by Ger- man interests due in some measure 1o ungettled financial conditions. Buy- ers for domestic consumption have been holding off. Electrolytic was quoted today at 12% for prompt and second-quarter delivery. with some producers asking 13 for later posi- ons. Tin continued easy. Consumers ap- pear to lack confidence in the situa- tion, partly due to the weakness abroad, which has resulted from fur- ther liguidation. Lead was quiet at further declines. Domestic consumption is small, and as production has continued fairly full, stocks are accumulating. Zinc ruled quiet and easier, with domestio and foreign interest small. Firmness in antimony was pro- moted by strength in China, where diminished output has encouraged holders. Quarter Cent Rise in Gasoline. NEW YORK, May 17.—Navy gaso- Iine was advanced one-quarter cent a gallon in the mid-continent yester- day. Gasoline has been heavy in that section of late, due to unfavora- ble weather, which interfered with the movement of the product. Sev- eral of the larger eastern companies, however, contracted for about 20,- 000,000 gallons last week. Warmer weather also is stimulating local con- sumption and refiners are again drawing on surplus stocks. NEW YORK DRY GOODS. NEW YORK, May 17.—Cotton goods were quiet today, with a slightly easier tone developing in the gray cloth market. Slightly better inquiry held the raw silk market firm. In the highly competitive linen market there was a good movement of customs linens, with cancellations re- ported on a limited scale. Revised lists of rug prices will be issued fol- lowing the week's actions. St ‘WOMAN BANKERS MEET. NEW YORK, May 17.—Thirty wom- an delegates from banks in the mid- dle Atlantic states attended a meet- ing of the Association of Bank Women here. The meeting was held in the office of Miss Minna Breure, assistant secretary of the Central Union Trust Company. The delegates later visited various banks through- out the city. Money to Loan At 6 and 6l per cent interest. Before or remewing yeur or 24 trust conmuit WELCH Reatter Loan Specialist 15th & New Yok Ave. Main 4386 B. F. SAUL CO. 1412 Eye St. N.W. Desirable Offices —in our Bank Building, facing New York Avenue, available June 1. Reasonable rent. Ap- ply main floor— CITIZENS’ SAVING BANK 1336 New York Avenue FINANCIAL. We Loan Money on Apartment Houses, Office Bulldings, Hotels. 816 15th St. N. Secared by first deed of trust on real estate. Prevalling interest and commission. Joseph I. Weller 20 Waah. L. & Tront Bldg., 9th & ¥ N.W Established 1899 Real Estate Notes For Sale In amounts from $250 up to $1,000 or more consute WELCH reattor Loan Specialist 15th and N. Y. Ave. Main 4346 References: Any Bank, Trust Co. or Title Co. in the District. No loss to an investor in 25 years “WHEN” buying our FIRST MORTGAGE 7% INVESTMENTS You are assured due pre- caution has been taken to safe- guard your interest. A per- sonal inspection, a conserva- tive valuation are two of our strict requirements. Prompt and courteous service follow the purchase of our securities Notes now on hand in amounts of $100 up. Bearing 7% Interest CHAS. D. SAGER Loan Department Main 38, 37, 38 924 14th St. N.W. Mr. O'Domnell, Manager Mr. Hughes, Assistant Applications Invited for Loans on Improved Property In District of Columbia and Chevy Chase, Md. INTEREST, 5% Apply to H. L. Rust Company Loan Correspondent The Prudential Insurance Company of America 912 15th Street N.W. Main 6888 CONFIDENCE —was the keynote of the thoughtful and comprehensive observations about world conditions made by the great statesman, LLOYD GEORGE, when he was in America a short time ago. Now here in the world of business is such a virtue more in demand than in the realm of finance. Our appeal for public confidence in our mortgage investments is based upon Our Record —as has been evidenced by the practical conserva- tism of our operations. SAFETY—EQUITY AND FAIRNESS —have been paramount considerations upon which we have endeavored to construct our business in every department. These three words summarize the essential requirements of a high-class mortgage investment and real estate business. Our Mortgage Investment Department will be happy to demonstrate this claim with reference to our First Mortgage Notes paying 6%, and 7% SHANNON - & LUCHS 713 and 715 14th Street N.W. Main 2345 Choose Your Investments With Care First Mortgages Exclusively The F. H. Smith Company’s record—no loss to any investor in 51 years—is the direct result of a fixed policy of specializa- tion. Our offerings are confined to investments secured by first mortgages on real estate; our time and attention are devoted to the study of factors which make for the utmost safety in this one form of security. ‘We believe that properly safeguarded first mortgages, com- bining as they do exceptional safety with a generous interest return, are best adapted to the needs of conservative investors. Current offerings of our First Mortgage Coupon Bonds, pay- ing 6%4% and 7%, are available in any amount, in denominations of $100, $500°$1,000 or $5,000 outright or under our investment savings plan. Maturities range from one year to 15 years. Call, write or phone Main 6464. ke F.-H.SMITH COMPANY SHounded 1873, NO LOSS TO ANY INVESTOR IN 51 YEARS. 815 Fifteenth Street N.W.