Evening Star Newspaper, May 31, 1924, Page 22

FINANCIAL. PROVISIONS MARKET NOTES FAIR DEMAND Light Receipts in Live Stock and Dairy Products Reported by Commission Merchants. ADVARCE IN PRICES SLIGHT Vegetable Supplies Reviewed by Department Bureau. and a fair demand had a strengthening effect on the products of the commission market in live stock and dairy products, al- though very little advance in prices was noted. Fggs with commission merchants sold at a quarter in wholesale lots, it was reported, while jobbers had fresh nearby selects, candled on the market for one cent under thirty. They quoted the straight run, can- dled, at 27 cents. The hen price quarter. Meats did not clean up as rapidly as was expected, but dealers did not have much, if any, Lo CArTY over in their refrigerators until Monday Vegetable Supplies Noted. vegetable market here as re- by the Department of AgTi- folloy Cab upplies liberal; demand zood; market strong; South Carolina nd Virginia Norfolk section, barrel crates, pointed type, mostly around 2.00; South Carolina, 1%z-bushel ham- pers, pointed typ Cantaloupes—Supplies gt slow: market stead mon 1 4 pony 45s @ 5.0025.50; Mexican, almon tints, pony 458 und 5is, 4.00 25.00. Onions—supplies moderate: de- nand slow: market stronger; Texas, tandard crates, yellow Bermudas, U. No. 1, 2.00a Potatoes—Supplies Tiberal: new stock, demand moderate: market steady: Florida, double-head s, Spaulding Rose. S, N ostly around 7.50; fair qualit outh Carolinacloth-top slat Trish Cobblers, U. S No. 1. old stock, demand light: Michigan. 150-pound U. S, No. 1. 3.00 Light receip still was about a The ported cultur, demand mosti market os—Supplies liberal: demand riket steady: Florida 6s, turning, wrapped, best mostly . some over- 3.00a4.00; choice. count, hest 0ati.00: ordinary condition, overripe. wasty, 75a2.00. Good Supply. Market Stronger. Strawberries—Supplies liberal: de- market stronger: North _quart crates Missionarys, and condition, higher; wasty. ordinary condition, low as crate: Virginia, Norfolk 1d 60 quart crates Mis- tly around 15 per quart. Lettuce—Supplies light: demand light; market steady: North S-peck hampers Big Bos 1.50a2.00; some ord String beans light; 00, ripes fanc: ripe count, sty - condition. 5 Supplics market bushel mpers. Ereen. s—Supplies liberal: deman Trirket steady; Virginia, Norfolk tion, 5-peck _ small, ! poor condition. Ezgplant—supplies Yight, market steads rates, medium size, mostly around 4o0: fair quality, 2.50a3.00. Peppers ZfSupplies moderate, demand mode ate, market steady: Florida, crates, wide ran 0a4.00. Cu- cumber: liberal, demand Yight, market dull; Florida, square bushel crates, No. 1, best, 2.00a2.50; ordinary quality, low as 1.00 Arrivals Past 24 Hours. 1 Virginia freight, 2 brok- unbroken cars on_track. Baltimore, Md., freight, on track. Beets—256 Carolina expre boat. Cabbage—9 baskets Virginia boat, 6 broken cars on track. Carrots—342 baskets South Carolina express. § baskets Virginia boat. 1 unbroken car on track. Cauli- fowir—1 broken car on track. Cu- imbers—1 Florida freight, 227 crates South Carolina, 113 _crates Florida express, 21 crates Virginia boat, 1 broken and 1_unbroken car on track. Eggplant—105 crates Florida express. Grapefruit—1 _ Florida freight, 4 broken and unbroken cars on track. Lettuce—2 South Carolina freight, 135 crates Virginia boat, 2 brok and 2 unbroken cars on__ tra Mixed 2" North Carolina_freight Cars on track. Mixed fruit—1 Florida freight, 1 broken car on track. Lem- ons—1 broken and 1 unbroken car on Vrack. Onions—1 California, 4 Texas freight, 2 broken and 7 unbroken cars on track. Oranges—3 California, 2 Florida freight, 4 broken and 3 u broken cars on track. Parsley—73 barrels Louisiana express. Peas—365 baskets South Carolina express, 700 haskets Virzinia boat. Peppers—86 ida_express. Potatoes—1 outh Carolina, 1 Michigan barrels Virginia boat, 11 and 13 unbroken cars on frack. Squash—308 baskets South Carolina express. Strawberries—2 North Carolina freight, 800 crates North Carolina express, 186 crates Virginia boat, 4 broken cars on track. String _beans—1 South Carolina freight, 350 baskets Florida, 698 bas. Jets South Carolina, 350 baskets North Carolina_express, 2 broken cars on Tomatoes—2 = Flotida ht. § broken and 2 unbroken el <. Turnips—85 baskets North Carolina express. Way 30—Lettuce—313 crates Vir- zinia boat. Beets—60 crates Virginia boat. Cabbage—87 baskets Virginia hoat. Peas— baskets Virginia hoat, Strawberries—277 crates Vir- oinia boat. Cucumbers—60 crates Virginia boat. 2.25a light, demand ¥lorida, pepper upplies Apple; en and 1 Bananas—1 1 broken car crates North erat Virginia ¥iorida, freight, hroken - CHICAGO LIVE, STOCK MARKET. CHICAGO, May 31 (United States Department of Agrcuiture).—Hogs— Reteipts, 13,000 head: desirable kind Song 'to & higher: others slow, Steady to 10 lower; strong demand: hulk good and choice 250 to 310 pound butchers, 7.40a7.45: top, 7.50: desirable’ 160 to ‘pound bulk packing sows. §50a6.60; bulk good —and choice strongweight killing pigs, 5.80a6.10; estimated holdover, 9,000 head: heavy- 25 ; medium, 7.15 6. .40; light light, 5.76 T, ing SowE, smooth, 6.55a 6.70: packing sows, rough, 6.40a6.55; slaughter pigs, 5.2586.15. Cattle—Receipts, 3,000 head; com- pared week ago, all grades weighty Yed steers, active,- 15 to 25 higher; light kind and yearlings sluggish; weak to 25 lower: extreme top ma. tured steers, 11.50; best yearlings, 11.00; few above, 10.00: fat cows, 50 to 1.00 lower: cutters, 25 off; canners and bulls about steady; vealers, 1.25 a1.50 lower; stockers and feeders, 25 to 30 lower; week's bulk prices fol- low: Fed steers, 8.25a10.50; stockers and feeders, 6.00a8.00; beef cows, 5.25 47.00; beer heifers, 6.50a8.00; canners and cutters, 3.00a4.25; veal £.50a9.50, Sheep—Receipts, 5,000 head: today, around 3,000, direct: market gen- crally steady: eleven doubles, 173- pound ldaho springers, 17.45; few na- live springers, 16.75; for week, around 14,000 direct; 72 cars feed Jote; compared week ago, lambs, strong to shade higher; sheep, 25 to 50 lower, heavy fat ewes, showing most declines; top fat lambs, for week, 15.00; best springers, 17.45; bulk prices follow: Fat lambs, 14.00a 14.75; spring lambs, 16.00a16.75; western springers, 17.15a17.45; year- 1ing _wethers, 12.00a12.25; fat ewes, §.00a7.00. calves, GAIN IN SAVINGS SMALL, PHILADELPHIA, May 31 (Special). The gain in savings deposits in the Jast month in this district has been less than half of 1 per cent, although Philadelphia, York., Reading, Wil- iiamsport and Chester averaged higher than that. The anthraci mining towns showed only small &ains. poor quality, 1.00. ¢ Reviews Emphasize THE EVENING STAR, WASHINGTON, D. C. SATURDAY, MAY 31, 1924. Week End Trade Conditions Indicate Serious Recession Extraordinary Weather as Factor in Halting New Business—Politics Also of Concern. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK. May 31.—The week end trade reviews emphasize the im- portance of the extraordinary weath- er conditions in holding back new business. Undoubtedly this is, and has been, a factor of much weight. Decided difference of opinion is ex- pressed as to whether the reaction of the last two months is nearing its end, but all authorities agree that it has slowed up very considerably in comparison with April and the early part of May If one went back and examined the flood of first-of-the-year forecasts, coming from leading financiers and business men, it would make diverting reading. Few of them were right; almost all have proved far too opti- mistic. The explanation is that most of these observers were counting too confidently upon the outcome of the presidential campaign, and were not allowing for the caution which buy- ers of goods are accustomed to show in the months preceding an important election. Consequently output, which was already running heavy at the turn of the year, became excessive during the first two months of 1924, and the result was the recession which we have been seeing since the third week of March. Politics of Concern in Business. It has been remarked more than once that a financial article is no place for discussion of politics. Yet there is no question about politics be- ing at the moment the supreme con- cern both in Wall street and in busi- ness circles outside. Hence. the sub- ject has to be taken up, purely with a View to setting forth the feeling of the financial community and the ef- fect foreseen upon the stock market. Keener interest than ever is taken in tion. now that out his plan street is in- for a_third party. s a threat, clined to look upon this designed to force one of the other parties into _injecting a certain amount_of radicalism into its plat- form. However. the possibility of a third party in the field has now to be considered more seriously, also the chance that it would resuit in throw- ing the election into the House of Representatives. 1f_this were done the radical bloc would hold the balance of power and IMPROVED OUTLOOK HALTS RISE IN WHEAT Pause in European Buying Adds to Depression—Weekly Review of Grains. By the Associated Press. CHICAGO, May 31.—Improvement of the crop outlook southwest and west, together with a pause in Euro- pean buying, has put a curb this week on the upward tendency of the wheat market here. Largely as a result, wheat this morning stood exactly the same as a week ago to % higher, with corn ranging from }% decline to 1,a% advance, oats at 'z off to % up, and provisions at 12al5 lower to 5 gain. It was only after widespread per- sistent rains benefiting crops in Kansas, Oklahoma and Nebraska that the slant toward higher prices for wheat showed a noticeable change and that evidence of big European buying of Canadian wheat begun to abate. Meanwhile, a close adjustment of values between Winnipeg and Chi- cago made the prospect for export business in United States wheat be- come better than for months past. At this juncture, however, complaints that the domestic crop was going backward were left out, and atten- tion was shifted a good deal to month-end settlement of accounts. ‘Wheat selling in_Chicago against buying in Liverpool, as well as the reverse_operation, attained consider- able volume at times, mainly Chicago September _delivery and Liverpool October. Opinions about likelihood of lessened production of wheat this year the world over were a factor in fuch trading. On the other hand, new crop hedging sales here were light, cash interests holding off while Washington uncertainty as to farm legislation continued. Corn and oats as well as wheat were chiefly ruled by the variable weather and by month-end evening-up of trades. Enlarging stocks of lard acted as a weight on the provision market. CHICAGO GRAIN MARKET. CHICAGO, May 31.—Despite con- siderable evening up on the part of shorts in the May delivery wheat prices averaged lower today during the early transactions. The selling side was favored on account of further rains in the southwest. Pros- pects regarding farm legislation at bearish. figures, ranged from % decline to %% ad- vance, with July 1.07%al07% to 1.07% and September, 1.08% to 1.08%, were followed by a general decline to below Thursday’s finish. Corn and oats were relatively firm, weather conditions for corn belng unfavorable. After opening at % off to % up, July, 76% to 78%, the corn market steadied at a slight advance all around. Oats started at % de- cline to % advance, July. 44%, and later showed but little change. Provisions reflected firmness of hog values. Wheat. weak in sympathy with weakness at Winnipeg. Corn, easy: better weather. BAR SILVER QUOTATIONS. NEW YORK, May 31.—Bar silver, 67. Mexican dollars, 51%. LONDON, May 31.—Bar Silver, 35%d per ounce. Money, 1% per cent. Dis- Count rates, short bills, 3 per cent. Three-month bills, 3 1-16 per cent. BANK OF GERMANY REPORT. BERLIN, May 31.—The statement of the Bank of Germany as of May 23 shows an increase in gold holdings of 21,000 marks to 441,872,000 Silver coin reserve increased 2,438,114,000 marks. The report showed the fol- lowing changes in trillions of marks, treasury and loan association notes decreased 35,000. Rentenbank notes increased 40,- 190,458; notes of other banks increas- ed 206 bills of exchange and cheques increased 7,083,914; rentenmark bills and cheques decreased 9,022,921; ad- Yances increased 1,377,950; renten- mark discounts and advances increas- ed 4,688,850; investments ‘increased 7,493,252; other assets increased 104,- 694,120; notes _in circulation de- creased 14,587,463; deposits increased $5,467,752; ' liabilities resulting trom dlscounted bills payable in Berlin un- changed; other liabilities increased 108,650,956; rentenbank loans un- changed. Markets at a Glance NEW YORK, May 31.—Exchanges closed; foreign exchanges quiet; ¥rench franc lower. CHICAGO, May 31.—Cattle lag; hogs irregular; strong demand. o &5 would demand that the successful can- didate adopt some part of their pro- gram. Ono demand, it is believed, would certainly be the repeal or the amendment of the Esch-Cummins act, with its safeguards for investors in railway securities. Another would be the adoption of & farm relief meas- ure—in case one does not pass at the present session of Congress—entail- ing a heavy draft upon the Treasury and helping the bonus bill hold up tax reduction. Naying Only for Barest Needs. These considerations have added to the perplexities of business men, in- creasing their determination to’ buy on for the barest wants. They have also led to a further shrinkage in stock exchange transactions which have fallen to the lowest of the year. Wall strect has not expected much to happen until after the conventions, and it is more sure of this now than at any time. A atter of some surprise, how- ever, Is that investment securities of a sufficiently high grade not to be af- fected by the election results should have made so little response to the fall in money rates to a_new low for the vear. The reason for the bond market losing its buoyancy is the old story of too many new and competing issues holding back the old. The: s much question as to how some of the new railway offerings have been go- ing, how - largely they have been taken by the final investor and how largely by speculators hoping to sell at a profit to the investor later on. Decline in Sterling Analyzed. In view of the recent decline in British merchandise imports, the in- crease in gold shipments to this coun- nd the heavy demand for foreign dits Ly the stream of American tourists to Kurope, the fall in ster- ling cxchange has been somewhat of a surprise. The explanation no long- er lies in political uncertainties at home, for England ha ot used to the labor government, and has seen that while in power it cannot put through any of its bigger measures The suggestion that the weakness in sterling has been connected with doubt about the adoption of the Dawes program tenable, for in that case d Belgian currenci being re deeply concerned. than steriing been. The main cause undoubtedly lies in preparation for the next in- stallment of interest and sinking fund on the American war debt. which has %o be met in & little more than a fort- night. much COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY SEATTLE, May 31.—The volume of furniture sales in this district has held up remarkably w in spite of an anticipated decline. Dealers look for an expanding demand and a quicker turnover as fall approaches. ATLANTA, May 31.— Cantaloupes from this state now are moving in i and the watermelon crop, in years. is just a few week: from maturity. The May flower peac] movement now is in full swing. CHICAGO, May 31.—The corn belt this year is to have a crop of about the same acreage as that of 1923 Winter wheat acreage in the mid district is below normal by several million bushels, according to present estimates FORT WORTH, May 31.—There is a heavy demand in this section for threshing machines as a result of good prospects for grain yield. AKRON, May 31. tories in the district are carrving heavy inventories, and the majority are in a position to take advantage of present low raw material prices. Bankers in close touch with the in- dustry say it is in better shape than the automobile business. SAN FRANCISCO, May 31.—There has been a check to demand for lum- ber and mills in California are reduc- ing output. Prices on white pine, fir and redwood are slightly lower than this spring. Canal shipments to the Atlantic coast and exports to Japan continue brisk o1l ew tire fac- SHREVEPORT, May —The re- cent heavy production of Smackover heavy has forced the Texas Pipe Line Company to discontinue running crude from the new Cotton Valley Field through its Smackover Shreve- port pipe line. Standard Oil is plan- ning a pipe line to Cotton Valley from a tank farm near Haynesville, La. ST. LOUIS, May 31.—The St. Louis Coke and Iron Company will erect a $2,500,000 blast furnace here, which will increase the pig iron capacity of the company 100 per cent to 1,200 tons a day. COTTON MARKETS. NEW ORLEANS, May 31.—The cot- ton market had a firm opening, buying being stimulated by the continued bad- weather reports from the interior and a rather good Liverpool. First trades showed gains of 14 to 27 points over yesterday's close. Prices continued to advance after the opening until July traded up to 20.15, October to 26.38 and December to 26.12, or 31 to 39 points above the previ Poris showed taine I the smater and western parts of the belt. Another pri- vate report made the condi the increase in acreage 13, o" ©¢-3 and Cotton futures closed steady at net advances of 24 to 29 points. i Close. 30.08-11 2628 25.98.26.02 July . October " December’ . January D250 2390 2500 Opening—July, 20.98: October. 26.20: De- cember, 26.00; 'January, 25. DM | cymber. - ¥, 25.88 bid; March, LIVERPOOL, May 31.—Spot cot quiet: prices steady. Gnodswmlddu‘n‘zl 19.16; fully middling, 18.66; middling, 18.16; low middling, 17.31; ‘good ordi- nary, 16.31 ; ordinary, 15.81." Sales, 3,000 bales, including 1,600 American. Re- ceipts, 3,000 bales, including 2,900 Amer- ican. Futures closed steady. June, 1811: July, 175¢; September, 16.41: ) 74 ; December, 15.59 ; o ary. 15.18; Maren. 1501 000 ¢ Janu Official noon closing : 1831 value. —_—— FOREIGN EXCHANGE. By the Associated Press. NEW YORK, May 31.—Foreign ex- changes quiet. Quotations in United States dollars: Great Britain, demand, 4.30%; cables, 4.31: sixty-day banks, 4283, France demsna. usees cables, .0510. Italy, demand, .0433% Belgium, demand, .044 Germany, demand, per i .~ Holland, demand, .3736. Norway, demand, .1369. Sweden, demand, .2648. Denmark, demand, .1677. 'Switzerland, demand, .1762. Spain, demand, .1363. Greece, demand, .0188. Poland, demand, 00000012, Crechoslovakia, demand, .0298%. Jugo- slavia, demand, .0123%. Rumania, demand, .0044. ' Argentina, demand .3275. Brazil, demand, .1105. Tokio, demand, .40%. Montreal, ‘98%. 2 R ey COTTONSEED OIL FIRM. NEW' YORK, May 31.—Cotto ofl closed firm. Prime Summer yelo low, 9.95a10.00; prime crude, $.00a 8.25;: June, 9.90; July, 9.90; Aug: May (1924), irregu- | 10.00; September. 10.10; Oc: November, 8.95; December, D. C. BANK CLEARINGS SHOWING INCREASE Checks Handled During May Ag- gregate $98,587,918, Indicating a Material Gain. $2,000,000 MORE THAN APRIL Federal Reserve District Report on Seasonal Conditions. BY CHAS. P. SHAEFFER. The consistent monthly gains evi- denced in Washington vank clearings during the present calendar year over the corresponding periods of last year were terminated with the month ending today, according to announce- ment this morning by Charles E. Bright, manager of the local clearing association. Checks passing through the Dis- trict clearing body aggregated $95,- 587,918 during May, 1924, a decline of about $3,000,000 from the $101,408,- 088 reported for the same month of :;“M vear. The expiring month's gures, however, are slightly abov ‘:..000,00‘\ in excess of Ta.«lymnnlk: hen clearings amounted to $96,340, Checks the aggregate cashed d"f‘""',”‘ resent year total approx- imately $£15,000,000 in excess of the srresponding five ths of last ar, which would indicate last year's new high record will be smashed by many millions in 1924, if the present pace can be maintained. Uncertainty of Fature Prospects. Seasonal conditions and uncertainty over future prospects were responsi- ble for further slackening in bu: ness activities of the fifth reserve district, according to the monthly review of the Richmond Federal Re- serve Bank, issued for publication to- day. in Assoclated Press report. “The comparative prosperity of the district during the past eighteen months has rested largely upon the great activity in construction enter- prises and on the improved financial condition of our agricultural popu- latton.” said t hank. yut fears have been expressed that the build- ing boom has passed its crest and there is, of course. no certainty that 1924 will prove as satisfactory a year for fifth district farmers as 192: Reviewing business statistic for April, the bank stated that regularly reporting member banks showed reduc- | tions in outstanding loans and in redis- counts at the Richmond federal institu- tions, both of these being contrary to uverage seasonal demands for credit. Demand deposits declined, but time savings increased, it was stated. Fallures More Numerous. Business failures were more nu- merous in the district than in either March this year or April last year. but the liability total in April was smaller than in March, 1924, when a single corporation failed for approxi- | mately $40.000,000, the bank con- tinued. Referring to labor conditions. the| bank said the situation, on the whole, | with the exception of farm hel sat ctory. Textile mills, it tinued, have curtailed running time very materially in the absence of forward orders, and are marking time until it becomes possible to judge the prospects of the 1924 cotton crop. Owing to unfavorable weather con- ditions, agricultu is getting away to a late start, the bank said. but added that experts have an optimistic out- | look. New construction work in the | district “is holding up in remarkable volum it was stated. An improve- ment in retail and wholesale trade was noted. | Buxiness Before 1. €. C. The Erie railroad applied to the In- terstate Commerce Commission toda for permission to pledge $ its first consolidated mortgag cent bonds and $1,692,000 of its funding and improvement mort § per cent gold bonds, to the S = tary of the Treasury as additional col- lateral for loans to the company nd to issue $8200.000 of refunding and improvement mortgage 6 per cent gold bonds as collateral for various outstanding notes of the company. | The Pere Marquette railroad received permission today from the Interstate Commerce Commission to abandon its twenty-five-mile branch line from Ben- ton Harbor to Buchanan. Mich. The Glenmora and Western Railroad Company was authorized to abandon a seventeen-mile stretch of its line from Holdup to McNary, La. S GRAIN AND PROVISION BALTIMORE, May 31 (Special) — pounds. Asparagus i bushel, 50a1 dred, 5.00. Cabbage, crate, 1.00al. dred, 5.00a7.00. Corn, crate, 2.00a4.00. Cucumbers, crate, 1.00a2.50. Eggplants. crate, 2.50a4.50. Lima beans, bushel, 4.00a5.00. Lettuce, bushel, ~50al Spring onions, bundred, 1.25a1.50. Peas. bushel, 1.25a1.50. Peppers, crate, 4.50. 'Spinach, bushel, 50a75. Squash, crate, 1.50a3.00. Tomatoes, crate, 1.50a 4.00. Radishes, hundred, 2.00a3.00. Apples, packed, barrel, 3.00a6.0 bushel, 1.00a2.00; box appies, 2.00a3.00. Grapefruit, box. 2.25a3.25. Oranges, box, 2.50a4.25. Strawberries, quart, 8a 12. Pineapples, crate, 3.00a4.00. Settling Prices on Grain. ‘Wheat—No. 2 red winter. spot, 1.12% No. 2 red winter, garlicky, domestic, 1.13; no quotations on No. 4 or No. 5 red winter, garlicky. No sales. Corn—Cob, new, 4.25a4.30 per bbl. for yellow and 4.10a4.15 per bbl. for white; No. 2 corn, spot, 84%; No. 3, 81%; track corn, yellow, No. 3, 89 asked. No sales. Oats—No. 2 white, 57%a58 asked; No. 3 white, new, 56%a57 asked. e—Nearby, 70a75; No. 2 rye, spot, 17%. Zly—R!cflpls, 143 tons. The tone of the local hay market is firm on good hay, especially on the better grades of timothy and light clover mixed, of which class hay supplies are light. Unsound, low-grade and damaged hay slow sale and irregu- lar in price. Quotations—No. 1 _timothy, 29.50a 30.00; No. 2. 28.50a29.00; No. 3 tim- othy, 26.00a37.00; No. 1 light clover, mixed, 27.50a28.00; No. 2 light clover, mixed, 25.00a26.00; No. 1 clover mix- ed, 27.00a27.50 clover, 24.00a 25.00. Straw — No. 1 straight rye, 23.00a 24.00 per ton; No. 1 tangled rye, 18.00220.00; No. 1 wheat, 17.00a17.50; No. 1 oat, 16.50a17.00. Gasoline Drops 3 Cents. ST. PAUL, Minn.,, May 31.—Gasoline prices dropped approximately 3 cents a gallon at all filling stations §n St Paul and Minneapolis yesterday. Low-test gasoline sold for 18, against the previous price of 20.9 cents, and high-test sold for 21 cents, against 23.9. The reduction followed action of the St. Paul Automobile Club in selling gasoline to its members in an attempt to force reduction by the filling stations. Motors Corporation Profits. DETROIT, May 31—Barnings of $2,365,287.23 for the first six months of the current fiscal year, an increase of $1,12,622.21 over the same period fast year, will be shown in the finan- olal statement of the Continental Sotors Corporation, Ross W. Jud- son, president of the corporation, said Jast night. Profits for the six months Jamount to $1,163,744.05, and the ratio of assets to ilabilities has increased from two to one to five to one since last year, according to Judson. S s Ask Your Banker. How much real value stands back of the stock you are asked to buy? Are you sure that the mice, honest- looking =tranger is tellin ou n3° Auk your bankor t8 10k Ihio SR ik SUMMARY FOR MONTH OF BRITAIN’S TRADE American Chamber of Commerce in London Issues Statement Re- viewing Business Situation. By the Associated Press, mw:mox. May 31.—The official 1unz 1y summary of British trade Cuued by the American Chamber of ommerce in London says that al- though unemployment decreased slightly during May the chamber finds the labor unrest universal, with more than 3,000,000 worl ‘ l"c\z:s‘e"l’lal'oflkllonl.o Kersituvolnag ons in the coal i Present a vivid contrast to n&?‘;{:fi ylous month. Acute depression has been experienced and the south Wales ecided to revive th Broup committees for 1 . 3 stabi of the moi German strike having Sheckaa soms . 8 men U1 States Totaled 957 tone (¢ United e report finds that the u fainty in the American raw cotton B"r1‘z’ifll‘;ymli?|1”flws‘y affecting the ] ng and disi = the operatives is growing. The trade. '&\.&nez\'r‘r,.,ho“{vro?lnn-runl and prices are i e ne spi J ol LK“’:‘" I('Ollnh pinning side f ool prices sagged, but the line demand reached remarkable propor. tions, particularly from America and the dominions. Artificial silk was halved in price, Pig iron production totaled 618,000 tons as against £68,000 tons in March The steel output was 711,500 tons, a decrease of 105,400 tons. " The report finds the agitation against the repeal of the McKenna wartime duties reaching enormous proportions in the motor and piano industries The docks are heavily stocked with building woods and prices are weak- ening. A slight improvement is noted in general chemicals, but pharmaceu- tical chemical show a downward tendenc First Mortgage Loans Lowest Rates of Interest and Commission. Prompt Action Thomas J. Fisher & Company, Inc. 738 15th Street Money to Loan | Secured by first deed of trust on real estate. Prevailing interest and commission. Joseph 1. Weller (20 Wesb. L. & Trat | You---The House- I is the house w dinnmnninme We Loan Money on . Awl-ntflm&l—lm See Us About That Big Loan Higbie & Richardson, Inc. 816 15th St. N.W. FINANCIA First 7% Mortgages $250 and Up William S. Phillips 15TH ST. A" K N I o Continental Trust Company Capital One Million Dollars 14th & H Streets i ) FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN- VESTORS BUY IN- DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. EQUITABLE Co-Operative Building Association Orgz= 1879 44th YEAR COMPLETED Ansetn Surplus .. The Best Way to Save is in a systematic fashion. Let us tell you how . LTI [ITITTITES Subscription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, Presidest FRANK P. REESIDE, Sec’y. Your Mortgage hich is the con- necting link between you and your investment, and a chain is only as strong as its weakest part. There- fore, it is important that you con- sider that connecting link. The house which be one which speci gages, whose past you select should alizes in Mort- cxperience has been thorough, whose record un- sullied, and whose integrity and management beyond criticism. If the company you choose meets these requisites, you need have no further apprehensio investment. Swartzell, Rheem 727 15th Stree n regarding your & Hensey Co. t Northwest 55 Years Without Loss to An Investor THIS INVESTMENT IS OFF YOUR MIND UNTIL MATURITY IMAG which ca: Overa forgotten Quarier about or of a nothing t Century Without a Loss —are tha ment. B. Main 2100 that you don’t have to worry INE an investment n be put away and —an Investment trouble with—an Investment that gives you o do except cash in the interest checks. OUR FIRST MORTGAGES t type of an Invest- F. SAUL CO. 1412 Eye St. N.W. mgr— Will be changed June 1, 1 418 District Natio ‘Wm. P. Lipscomb retired as a subsequently purchased the one-qu: comb, will continue the same person. The corporate name of Wm. P. Lipscomb Co., Inc. Contractors and Builders of State Charter to Davis, Wick, Rosengarten Co. Incorporated Contractors and Bailders 924, by an amendment HHWHIHWHWHHIIMIWHWWWH& == nal Bank Bldg. member of this corporation in March, 1923. The other three members of the firm, E. W. Davi E. H. Rosengarten, J. H. Wick, together with E. L. Davis, :zvl:sa arter interest of Wm. P. Lips- al service as heretofore. J. H. Wick E. L. Davis 6832 Wanted Second Trjust Notes towen hnv:q. cllenudwnh funds urchase goo SECOND TRUST NOTES in denomina- tions of from $500 to $10,000. Low rates if security is good Apply at Once to Our MORTGAGE\ DEPARTMENT ANN 713 und 715 14tk Street N.W. Main 0345 L. “WHEN” buying our FIRST MORTGAGE You % INVESTMENTS are assured due precaution has been taken’to safeguard your interest. and two Prom) low A personal inspection onservative valuation are of our strict requircments pt and courteous service o} he purchase of our securitic Notes now on hand in amounts of $100 up. Send for Booklet CHAS. D. SAGER Loan Department £ 7 a8 24 14th St. N.W. Mr. O’Donnell, Manager Mr. Hughes, Amsist. M. The Force That Produces Good Will 1s Integrity— to Which Must Be Added Satisfactory Service— We have earnestly striven through all the vears of our operations to make these essential characteristics the bone and sinew of our busi- ness in every department. That we have suaceeded is attested by the GOOD WILL of thousands wf patrons who have plac:d all their investments through us. You may join thii noble army of satisfied clients in full assurance that we have never lost a dollar for an investor. Consult our Mortgage Investment Dept. for details about our 61/2 and 7% Notes [SHANNON: & LUCHY)] e 713 and 715 14th Street N.W. Main 2345 TR— MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Randall H Hagner ¢ . 7207 %mdiu/ Foonsee INVEST YOUR SAVINGS In Our FIRST MORTGAGES “The Safest Security on Earth” 7% Denominations $100 to $10,000 Northwest Residential and Business Property Only . JMORRIS CAFRITZ CO bonaTio. 1416 K Street N.W. ik A B Capital and Surplus $2,000,000.00 Confidence in Yourself —is perhaps the one attri- bute most essential to per- sonal achievement, and MONEY IN BANK helps you cultivate it. 4 Begin building a bank reserve THIS PAY DAY, and let us help. Big as we are, deposits in any amount are welcomed here, and Depaaitecs depositors. Same Rate of Interest Paid on Large and FRANK W. DIRECTORS: Woodbury Blair every encouragement is offered small Open Until 5:30 P.M. June 2 OFFICERS: James A. Buchanan William A. H. Church Waliter C. Clephane H. Rozier Dulany, Jr. Wm, E. Edmonds Franklin H. Ellis ton Frederick A. Fenning H. Prescott Gatley s & Trust Co. Oldest Savings Cor. 15th nDn:lD WILLIAM D. HOOVER. WOODBURY BLAIR. .. 2d V. Pres rust Officer Treasurer Asst. Trust Officer sst. Trust Officer Wilkam D. Hoover Reginald Huidekoper Victor Kauffmann Charles Minshall Edmund D. Rheem Frank Stetson Frank W. Stone William H. Walker Henry K. Willard ositor in Washington New ork Ave.