Evening Star Newspaper, June 8, 1924, Page 34

\ Self-Feeding! ‘| The NEW MOLBY ' House-Heating Boiler Burns Cheap Coal Write for Catalog Mobby Boiler Company 41 East 42nd st., New York City. Sce Exhibit J.MauryDoveCo. 1408 H St. N.W. _ " Cleveland Park 3403 Rodman St. To inspect go west on Porter from Ave ast from Wis. Ave.) 1h s then t(wo blocks morth. Detac ck honse, S rooms, baths, lot 100 feet wide: built-in For sale reduc W. D. Sterrett Phone Clev. 15 Conn. Construction in performance, safety and comfort are built brings to the Buick owner a atisfaction. | feeling of This satisfaction is the direct re- 1 sult of having thoroughly capable engineers build from the foundation s—the valve-in-head of Buick succe motor. We Suggest That You Order That Buick Now | Terms may be arranged so that 8 | pavments can be made out of instcad come STANLEY H. HORNER Retait Dealer 1615 14th Street [paper w 0DDLY NAMED COINS PUZZLE U. S. EXPERTS Zioty of Poland and the Tcher- yonetz of Russia Baffle Foreign Exchange Traders, LAT ARD LIT ALSO UNUSUAL Currency of Latvia and Lithuania Is Newly Adopted. By the Associated Press. NEW YORK, June 7.—Foreign ex- change brokers in New York, whose trading market hangs suspended on myriad telephone wires, are strug- gling with two new units of currency which recently have come into ex- istence, the Russian tchervonetz and the Polish zloty. Trading in these currencies, locally, has not yet reached extensive propor- tions, but dealers assert that before long the two odd-sounding exchanges will be quoted as freely as sterling or francs. In London, the tchervonetz already has virtually replaced the old Russian ruble a trading unit, The latter, however, despite its in- finitesimal 'value, is still preferred in the scattered dealings in this coun- ¥. = Zloty to Replace Mark. The Polish zloty officially will sup- ercede the mark that country’s unit of exchafige on July 1. It is now quoted slightly” below 15 _to the dolla s have take egal tender in Poland today with marks, which a their conv for e as her at 1,500,000 tempt July 1, to most wort <ion prvilieges will be extended for another year. emergency issue of zloty notes placed by coins after Januar. Introduction of the Russian and Polish newcomers into the foreign dire attention to road of many oth which endurance, | of principal. Main 5296 Delaware, Pennsylvania, of Columbia. Auto Route ‘ Distance Atlas Northern Virginia, Maryland, York, New Jersey and District New |is pa |ing of |or not, the fa THE new units. Some of them are merely old currencies masquerading under unfamiltar names, while others ac- tually represent new monetary stand- ards designed” to replace- exchanges whose value has shrunk to almost nothing in post-war inflation. Latvia Coln the “lat.” The Republic of Latvia, for in- stance, has adopted as Its standard unit the lat, equivalent in valae to the gold franc. Copper and nickel coins based on the lat have been is- sued and arrangements have been completed for the minting of silver lats, The Free State of Danzig also has established a new unit, the gulden, which is equal to a gold franc. Lithuania_on the other hand has abandoned European precedents and fixed the nominal value of its new unit, the litas or lit, at one-tenth of the American dollar. Austria has an- nounced the introduction of a new silver “shilling” coinage, and several German citi including Hamburg and.Bremen, have adopted emergency curren The “latter has issued notes which bear on their face the value in dollars and the equivalent in gold marks. Czechoslovakia has undertaken the coinage of gold ducats, which are not included in the regular monetary s: tem and not accepted as legal tend but are valued by weight in foreig trade transactions. —_— LAND BANKER CREDITED. Aid Uplift of Communities and Farmer, Official Says. F COLUMBIA, S. C., June 7.—“A gene eral upbuilding of the rural com- munities” has resulted and the farmer is being taught “a.muclrneed- ed lesson” in regulataing his business through operation of the federal land bank in th lumbia district, accord- sting president of e the farmer has tended drift from year to realizes that he is perative as- d that_he has obligations iation,” Mr. Guion eaid. amortization payments as only in this fellow farmers . but b er of a great c North Caro- ieorgin and Of _thi; principal South total Mr. Guion led amount, been canc and int of $1 130. “It is almost impossible to tell how many farmers have been able to buy farms since the federal land bank was established,” the speaker con- tinued. It been more of a ques tion of keeping the farmer on hi feet rather than helping the farmer buy a farm. “The standard of living would drop, in theeaverage case, for one or more years while the farmer ng for farm and purcha ing_machinery, but would rise e tually to above the level of the ten- ant the acting president stuted, d sing the standard of liv- he land-owning farmers. Mr. Guion expressed belief that while establishment of the bank has not decreased the number of farmer: who mortgage their crops in advance to buy supplies, he thinks the bank s, through extgnsion of Ty mmunity, beeh instrume effecting improvements which increased the tax valuations with resultant additional r hools. Thus, in better educational opportunitie been afforded farmers' children. LINES IN BRIDES’ FACES. License Official Studies Applicants, Says Age Is Fast. Special Dispateh to The Star. NEW YORK, June 7.—Night life is otching lines in the faces of this year's crop of June brides, according to James Cannon, clerk of the mar- riage license bureau, through whose hands prospective brides passed at the rate of one a minute vesterday morning. “Not F::fl good,” gaid Cannon of this June brides. 1 mind last ar, when the girls were as pretty as proverbial June roses. The girls' make-up is irreproachable—but this fast age we are living in.” the slightly shopworn nt brides is responsible remains that on June 1923, there were 500 more license: ssued than there have been so far this June. Ninety per cent of the women ap- plicants had bobbed hair. TRINKLE APPOINTS JUDGE. Edwin P. Cox Elevated to Circuit Court Bench. Special Dispatch to The Star. RICHMOND, Va., June 7.—Gov. Trinkle today announced the ap- pointment of Edwin P. Cox of Ches- terfield, to succeed the late Judge Robert G. Southall on the circuit court bench. The new judge is ex- pected to qualify and enter upon the discharge of his duties within the next two weeks. ——————— WALL STREET BRIEFS. By the Associated Press. NEW YORK, June 7.—Selling of total probably s a f Whether look of pres | tatoes The Foening Htar at the Motorist Wants to Know —how far it is to where he is going; what’s the best route and the character of the road. All this information is contained in this new Auto Route Distance Atlas-—covering the states you are likely to tour. Right up to date—and in handy form' for ready reference. (LIIL 1T LI LS F L L LT L LT 2 LA LT LA LTS LT LV LA L LI L IR This Coupon and 15¢ The Sundy Star Z LLLLIII L 1L LI I L L AL P77 77K Buys a Copy of The Star’s Auto- mobile Route and Distance Atlas —upon presentation at The Star Business Office —or at any of the newsstands in the leading hotels. Add 3c for postage. s (17777112770 EL LI LI L1072 122 stocks to establish tax losses was one of the developments lately attributed to the stock market, but the story has been received with mixed opinion. Sev- eral commission houses today were- in- clined to doubt such a procedure at this early date, being more impressed with the view that liquidation of long stocks under cover had been accom- plished in greater volume than generally had been realized. For the most part, it was indicated today, such liquidation chiefly has been in industrials, with oils particularly fig- uring in such transactions. The condi- tion of the petroleum industry, it was said, has been such as to furnish a basis for this selling, a condition still showing no slgns of improvement with overproduction a continued factor, Of the industrials lately under pressure one appears to have turned, at least temporarily, as sales of cop- per have been made at advancing prices over the late established 12%- conts-a-pound quotation which mark- ed the bottom of a forced drive. The trade still clings to Europe as its best potential customer, admitting, however, that until scttlement has been made of the German reparations problem there can be littlo-or no improvement over what has taken place. Mixed opinion was prevalent in the street today as to what might be shown in monthly statistics of the copper refiners, particularly as to the status of surpius stocks on the first of the month. Predictions made were about evenly divided as between in- crease and decrease in this item. The street also had in mind the fact that Tuesday next would reveal the status of the United States Steel Corporation’s books as to the volume of unfilled tonnage in hand. That an- other decrease was in order was de- clared to be a foregone conclusion, and current estimates hovered around 500,000 as the probable extent of the decline. ‘Wall street had forewarnings of pending cuts in crude oil prices and these have developed in the mid- continent field. Overproduction, it was hoped in the industry may mow be somewhat discouraged through the prevailing lower-price schedule. Attention was called_today to the fact that in instances where net earn- ings of railroads decreased substan- tially during April the reason was found to have been larger mainte- nance expenditures rather than fail- ure to pare down operating costs to correspond with decrease in gross roceipts. Reading Company is cited as an example of a road which has increased its maintenance outlay this year. In the first four months it spent approximately $1,500,000 more on that item than a year ago, al- though its gross earnings dropped SUNDAY STAR, 'WASHINGTON, 1. Week of Sustained Strength For Investment Securities Active Issues of Government Bonds Make New Highs—Public Utilities in Favor. QOutlook for. -BY GEORGE T. HUGHES. NEW YORK, June 7.—It has been @ week of sustained strength in the market for investment securities. Es- Pecially hag this been the case with United States government bonds, all the active issues of which have made new high records for the year and some of them new highs for all time. The buyers have been the banks, embarrassed by surplus of funds, for which they could find no other profit- able employment. Money market rates have been at the low of the vear. In fact, call money has been lower than in several years. The sup- ply of time funds has been greater than the demand. These factors com- bined make the foundation for a strong bond market. Favorable Omen for New Financidg. All ®his is a favorable omen for the large new financing to come. Rail- roads and utilities in need of new capital are finding this their oppor- tunity and the outlook is that their nds upon the market will stead- e. In nse low prices stimulate the demand the case of money as in that of any other com- modity. It is doubtful whether re- funding operations such as those the railroads must undertake within the next twelve months can be accom- plished without some increase of fixed charges, but these operations can be undertaken now on better terms than they could a year ago. The position of the industrials fs not so assumed in view of the doubt as to how far the frade reaction will 8o The brightest outlook is fos the utilities. Low prices for materials are a distinct advantage to them. They have no troublesome inventory problems to solve. History tells that they go unscatehed through all but the most serious depressions. More- over, the current earnings state- ments of the public utilities make cheerful reading. Market Takes Notice. The market has taken cognizance of this favorable outlook for the utility companies all this week and boththe stocks and the bonds of | these corporations h been in de- | mand at advancing prices. The price | gains have naturally been larger in | the stc than in the bonds and a good deal of the buying edly been for speculative Curiously enongh, _the stocks of these same corporations have been comparatively lected and the situation is in cases that a higher return is actually ob- tamabi present quotations and BALTIMORE PRODUCE. BALTIMORE, Md,, June 7 (Special). —With both packers and shippers competing for the offerings of the native and nearby strawberries, the market has been fai active the past week, but only choice sound ber- command top quotations. ries will The market closed firm today at 7 to 14 quart for Eastern Shore stock and 10 to 20 for Anne Arundel While receipts are fairly liberal, daily arrivals have been kept closely cleaned up during the week and a_good demand is looked for dur- ing the coming week. Asparagus, new beets and cabbage, peas and radishes and other early seasonable vegetables are in good demand and meet with ready sale when of zood quality at the fol- lowing quotations: berries, 4.00 a dozen and 1.00 to 1 50 hamper and for large telephones; 150 to 3.00 hundred, with long nging top pri rhubarb, 0 hundred, and #pinach 40 bushel. ew potatoes from Virginia made their first appearance this week and met with ready sale at 2.00 to 4.25 a barrel, while the market for old po- also rules firmer under light supplie: 00 per 100 pounds and half price for No. 2 stock. Mary- land and Virginia ) rmicks and reds, however, will not bring over to 1.50. he egg market is firm and values show an increase of 21; cents a doz- en over last week, the market closing strong today at 26 cents a dozen. and nearby firsts in free cases to 1 cent less for egws sold cases returned. With the warmer season at hand shippers are advised to exercise more care in grading and packing their egss as well as ship- ping promptly. Under rules of the local butter and egg exchange all offerings must grade as firsts to draw full quotations, ~ Buyers now are also very critical as to quality and all held small or dirty egss are slow sale even at sharp discounts. With the exception of old ducks which are in liberal receipt and not much demand the live poultry market rules firm under a good and active movement and receipt of desirable stock light. Spring_chickens especi- ally are wanted and those weighing 1% to 2 pounds apiece meet with ready sale at 40 to 45 cents a pound, while smaller and leghorns sell most- ly 35 to 40 cents, No surplus of fat 0ld hens in_the dafly arrivals and the market is firm.at 25 to 28 cents and 22 and 23 cents for rough stock and leghorns. Old roosters are in. liberal supply and not much demand at 15 and 16 cents. Pigeons fairly firm at 40 and 50 cents a pair for both young and old. 5 Industrials. present dividend rates on the pre- ferred than on the common stocks. ‘This represents, of coures, the specu- lative conviction that larger earn- ings will ‘mean larger returns for common stockholders. Thé fact, however, that these ad- vances have been brought about by speculative buying only means recog- nition on the part of this element of the inherent strength of the posi- tion of the utilities. There is rea- son to believe that the small capital- ist who buys primarily for invest- ment_is not blind to this situation. At any rate, confidence in the suc- cess of the distribution of the Ameri- can Telephone and Telegraph Com- pany’s new $150,000,000 stock issue is growing. The testimony is that the small holders are ready to avail them- selves of their “rights” under the new offering to a greater extent than the owners of large blocks. But the stock and the ‘rights” the latter traded in on a “when issued” basis, have been consistently strong, to the surprise of certain bankers and to he confusion of certain speculators. t is a rather convincing demonstra- tion of the merit of the principle of customer ownership. Forelgn Bonds Firm. Coming back to the bond market, it is interesting to note the way in which foreign, bonds have held up in the face of a#l the disturbing news as to_political conditions on the other side. Whether this is due to faith in the ultimate outcome or whether it is founded upon the high return these bonds give at current quota- tions is difficult to_say. Probably both influences are effective. Traders have discovered that they can buy French bonds, for instance, and, they hold them long enough, sell them for less than they paid and still make money. The explanation of this sceming paradox lies in the differ- ence between the rate at which money can be borrowed to carry the bonds and the rate expressed in the coupon. The national foreign trade con- vention, in session at Boston this week, has been discussing this mat- ter of the attitude of the American investor toward foreign loans. The convention was of the opinion that America must make foreign invest- | ments if she is to develop forelgn trade. The problem 1s to educate the individual investor to the advantage of such purchases from his stand- point and to teach him how to dis- tinguish the good from the bad. This is llkely to be a long process, and meanwhile it is suggested that manu- | facturers and bankers form corpora- | tions to investigate foreign projects, kgl i de- to make loans when the inquiry velops real merit and to issue the American corporation’s own deben- |tures against these foreign securl- ties. LIVE STOCK MARKETS. BALTIMORE, Md., June 7 (Special). —First quality cattle of all descrip- tions are in more or less constant demand, as most of the arrivals on the wharves are of common to ordi- nary stock. Recelpts of spring lambs increasing, and the market is easler. continue in £00d demand right along at full quo- tations, but heavy-weight calves have to be sold by the head on their merits. Old sheep in light receipt and fair demand. Quotations today at Light street wharf: Beef cattle, first quality, 8 to 9; medium, 6 to 7. Bulls, as to quality, 4 to 6. Cows, choice to fancy, 4% to 5%3; common to falr, 2 to 4. Oxen, as to'quality, 4% to 613. Milk cows, choice to fancy, per head, 50.00 to .00; common to fair, per head, 30.00 to 50.00. Calves, veal, choice, rdinary to medium, § to $; rough, common, 5 to 7. Sheep, choice, 7 to 8; old bucks, 5 to 6; common, 3 to 4. Lambs, fall choice, 14 to 15; fair to good, 12 to 13; common, thin, 9 to 10; spring, as to quality, 15 to_16. Hogs, straight, 7 to 8; sows, 5 to 6: stags and boars, 3 to 4. Live pigs as to size and quality, 10 to 12; shoats, 8 to 9. CHICAGO, June 7.—Hogs—Receipts, 6,000 head; uneven: mostly steady: few sales; lower grades weak: de- mand moderate; bulk good and choice 230 to 325 pound butchers, 7.30a7.40; top, 7.50; bulk better grades, 180 to 235" pourd welghts, 7.15a7.30; bulk packing sows, 6.40a6.55: bulk good and choice strong-weight killing pigs, 6.0026.25; estimated holdovers, 7,000. Cattie—Receipts, 1,000 head.” Com- pared week ago: Beef steers, most grades vearling and fat she stock, Strong; yearlings higher in spots; losses earlier in week regained; plain native grass steers and cows slow; canners and cutters acuve,“ux;n‘di to strong; bulls strong to gher; vealers mostly 50a75 higher; stockers and feeders 25 lower; extreme top matured steers, 11.35; best vearlings, 10.75; week's bulk prices follow: Beef steers, 8.00a10.50; stockers and feed- ers, 5.15a1.75; fat cows, 5.00a7.00; beef heifers, 6.85a8.00; canners and cut- ters, 3.00a4.00; veal calves, 8.2529.25. Sheep—Receipts 2,000 head; receipts mostly _direct; market nominally Steady: for week around 21,000 head Qirects; 114 cars feed lots. Compared week ago—Better grades spring lambs, mostly 40a50 lower; range offerings showing least declines; clip- ped lambs, 1.00a1.50 lower; spots more; in-between kinds down most; culls, native, 2.00a2.50 lower; fat sheep, 1.00a1.50 lower; top range springers, 17.40; top natives, 16.75; Dbest olip lambs, 14.50. Bulk prices follow: Fat lambs, 13.00a14.25; range springers, 16.50217.25; natives, 16.00a 16.50; yearling wethers, 11.50a12.00: aged ‘wethers, 6.25a6.50; fat ewes, 4.50 26.00. NEW YORK, June 7.—Wheat—Spot, < No. 1 dark northern spring. ;“td’r: New York, lake and rail NEW YORK BANK CLEARINGS. NEW YORK, June 7.—The actubl condition of clearing house banks and trust companies for the week shows an excess in reserve of $3%,- 190,530. This i3 an increase of $2- 727,860, Loans, discounts, etc., $4,820,799,000; increase, $38,860,000. Cash in own vaults, members Fed- eral Reserve Bank, $47,578,000; in- crease, $5,098,000. Reserve in Federal Reserve Bank of member banks, $573,721,000; increase, $22,640,000. Teservo in own vaults, state banks and trust companies, $8,599,000; in- crease, $524,000. Reserve in depositaries, state banks and trust companies, $10,238,000; de- crease, §709,000. Net demand deposits, $4,131,074,000; increase, $156,543,000. United States deposits deducted, $17,681,000. Time deposits, $479,047,000; de- crease, $14,700,000. 41,000, decreass, Circulation, $201,000. Aggregate reserve, $592,658,000, Excess reserve, ~$39,190,630; In- crease, $2,727,860. Summary of state banks and trust companies in Greater New York, not included In clearing house statement: Loans, discounts, etc., $853,091,500; decrease, $1,863.900.. Gpld, $4,359,900; increase, $398,900. Currency and bank notes, $21,798,~ 400; increase, $973,900. Deposits: with Federal Reserve Bank, $80,179,300; increase, $5,751,300. Total _deposits, - $929,684,500; in- crease, $32,840,500. Total deposits, eliminating amounts due from .reserve depositaries and other banks and trust companies in New York and United States—De- posits, $866,505,500; increase, $20.300,- 600. Banks' cash in vault, $34,227,400. Trust companies’ cash in vauit, §72,- 1.40% No. 2 hard winter, f. 0. b, lake and rail, 117%; 2“(! 5 3 Mn:ltnh.. g:.: 119%; and No. ‘.mlxflmflin‘:‘!k‘nfl;m’flw 2 white, & L [ew 200, N Gomestics &l by rall, 7% and ., 96; No. % mixed, do. 9% . cp Other articles unchanged. New York Stock and Bond Averages. Saturday, June 7. STOCKS. stock sates, Total 336,400 ‘shares. Twenty industrials averaged 90.97; net gain, .40. High, 1924, 101.24; low, 90.27. Twenty rallroads averaged 82.13; net gain, 18 High, 1924, §6.32; low, $1.00, BONDS. Total bond sales (par value), $5,770,000. = Ten first-grade rails aver: 87.68; net loss, .04. Ten secondary rails averaged 86.41; net gain, .14. Ten public utiliti $8.31; net gain, .10. Ten industrials 93.70; net gain, .14. Combined average, 89.03; net gain, .09, Combined average, month ago, 88.46;_year ago, 87.60. ed averaged averaged JUNE 8, '1924—PART BUTTER TRADE IS NOTED AS SLIGHTLY IMPROVED Week’s Showing Viewed as En- couraging—Buying for Storage Renewed in Chicago, Report. By the Associated Press. CHICAGO, June 7.—Trading in but- ter this week has shown some im- provement over the previous week and, In spite of the more or less un- settled and uncertain _ condition which prevalled at the opening, deal- ers have enjoyed a fair clearance of stock, and were expressing = little more confidence in the situation. At the close of the week, however, with the butter showing better stor- age quality, some buying for storage became manifest, especially in New York and Beston, where dealers found it possible to obtain slight premiums of the more desirable lots. The buy- ing interest at Chicago, however, continued to center on the medium and the lower scores which gave the market at the top grades the ap. | pearance of being a trifle strained. This lack of demand resulted in a decline of 3 cent on top scores at Chicago on Friday, but even at the decline the market appeared to be in a good. steady position. CONSIDER GERMAN LOAN. International Bankers Scan Out- look for U. S. Participation. NEW YORK, June today says: International bankers are keeping a close eve on Germany for - tions that would answer 3'-1‘(.'-3:2'?‘ the question as to whether a loan to Germany could be floated in the American market. Under the Dawes plan, an international loan of $200.- 00,000 S{:fl;&nnlemr‘-lnlvd. of which the Inited S €S WOl il o = Unite uld subscribe to one A canvass of the foreign situ has led to a belief amonk baniere that France would not interpose ob. stacles In the way of a reparation settlement, although France is not expected to subscribe liberally to the contemplated loan. In Germany, the situation was summed up as doubtful. The German chancellor and a strong Broup of Reichstag members were said to favor a prompt acceptance of the Dawes plan, but against them were said to be arrayed a powerful combinagon, in which monarchists and radicals were working hand in hand to defeat the Dawes plan. OUTLOOK FOR TOBACCO. NEW YORK, June 7.—Tobacco manufacturers say there is no rea- son why shares of manufacturing companies should sell off at this time excepting speculative operation: The margin of profit on cigars w declared to be larger than it was —The Times last year though the increase is not| a big one. Profits on cigarettes al- ways have been larger than on ci- gars and this vear is no exception | to the rule. The American Tobacco Company more than last year, over the plants of the Tobacco Prod- ucts Corporation on a long lease. —_————— NEW YORK DRY GOODS. NEW YORK, June 7.—Cotton goods were steadier but quiet today. Yarns showed little change. Burlaps were higher, and larger sales of raw silks were reported. Linens for household purposes continued quiet, but dress linens were in demand for retailing. Hesitation was increased in dress goods and cloakings by a strike vote in the garment industry COFFEE PRICE RANGES. NEW YORK., June 7.—The range of prices today for coffee is as follows: Open. High. Low. Last. September 12,01 1215 12.01 1215 ember . 1165 11.81 11.65 11.81 March 1155 1155 Money to Loan | Secured by first deed of trust on real estate. Prevailing interest and_commiseion. 420 Wash. L. & Trust Joseph 1. Weller £ Wb & 7AW | WE FINANCE 816 15th St. N.W. FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN- VESTORS BUY DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. IN Established 1899 Real Estate Notes For Sale In amounts from $250 up to $1,000 or more 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 Comsalt A few FIRST MORT- GAGE NOTES out of an excellently secured loan upon improved D. & business preperty. Imter- est to yleld 7%. 713 and 715 14th St. Main 2345 Members Nat’t Ass'n of Real Estete Beerds is_reported to be earning| when it took | FINANCIAL, UPSET IN SUGAR MARKET. Severe Price Cuts Bring Commodity to Lowest Level. NEW YORK, June 7.—Refined su- gar market is demoraiized and severe cuts have brought prices down to the lowest level since October, 1 e ports Federal Sugar Refining ( pany in its review o: the industry. As a result raw Sugar prices have declined to further low levels, but buyers continue most indifferent. Cuban conditions continue to assure the record sugar crop predicted. To date the nicrease of actual output, over tne original estimate is more than 6 per cent. Stocks of sugar at shipping ports of the island aggre- Kated 993,712 tons at the beginning of June, compared with 677,726 tons at the corresponding date of jast year. Exports to all countries to- taled 2,221,667 tons at the same date this year as compared with 2,351,312 tons last year. —— —— SURPLUS FREIGHT CARS. Total of 331,012 May 22, Railway Association Reports. NEW YORK, June irst-class railroads of the United States had on hand 331012 surplus freight cars on May 22, mecording to the car serv «division of the American’ Railw Association. Thi 11,906 compared with May 14. On account of the slack movement of coal the surplus coal ca totaled 170.333. Surplu; umbered 123,879; surplu: 17,314 and surplus srefrigerator cars 12,544, Three is no ear shortage any where in the United States. The report further discloses that the freight cars il need of repair on May 15 totaled 1 44, or 8 per cent of the total in use, while the loco- motives in need of repair numbered 11,866, or 18.4 per nt of the tot: Money to Loan At 6 and 649 Interest Before Placing or Renewing Your ist or 2ud Trust Consult WELCH, Realtor Loan Specialist ew York Ave. Main 4348 B. F. SAUL CO. 1412 Eye St. N.W. EQUITABLE Co-Operative Building Association Orgx=teed 1579 44th YEAR COMPLETED Awsets . -$4,735,170.52 Surplus -« .$1,248,320.98 The Time to Save —is now. while you have a steady in- come. Then yon will be prepared for 2y emergency that may arise later. Subscription for the 86th Issue of Stock Being Recetved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Sec’y. = vas an increase of STOCK OWNERS WARY. Hold Securities Under Lock and Key, Dealers Declare. NEW YORK, June 7.—Despite the heaviness of prices of many stocks brokers doing a commission business insist that accumulatibn is in prog- ress on a scale not hitherto seen in some time. The stocks thus pur- chased, they said, =% being taken out of the market A= locked up in strong boxes. Twa reason the marxer does not respond better to the buy- ing of that kind, according to houses executing the orders, is that th® buy- ers refuse to follow the market up. They withdraw on bylges, re-entering when prices slip off. “WHEN” buying our FIRST MORTGAGE % INVESTMENTS You are assured due precaution has been taken to safeguard your interest. A personal inspection and conservative valuation are two of our strict requirements. Prompt and courteous service fol- low the purchase of our.securities. Notes now on hand in amounts of $100 up. Send for Booklet CHAS. D. SAGER Loan Department 36 M. 37 38 24 14th St. N.W, T Pendleton-0’Bar wishes to announce that they are now located at their new offices— 1116 14th St. N.W. where they are ready to handle : Real Estate Sales, Rents, Loans and Insurance 5%2% Money to Loan on Business Property W. H. Saunders Co., Inc. GEO. W. LIPSCOMB Vice-President same high standard of work establ Denominations 1416 K Street N.W. WM. P. LIPSCOMB President . Lisoomb estallished himaslf in busimess in the dty of Wuskirgton more than forty years sgo, conducting it a: for twenty-five years, and t 7 ST ty-five years, Telephone Main 3922 1433 K St. N.W. J08. L. PARKHTLL Secretary-Treasarer MR. WM. P. LIPSCOMB Announces That the Corporate Name of The Lipscomb Building Corperation Organized May 21, 1923, Has Been Changed to Wm. P. Lipscomb Co. Building Construction With Offices 516-517, in the District National Bank Building ‘Washington, D. C. will be continued by this company. INVEST YOUR SAVINGS Our FIRST MORTGAGES “The Safest Security on Earth” % Interest $100 to $10,000 Northwest Residential and Business Property Only JMORRIS CALRITZ: CQ Applications Invited for Loans on < Improved Property ImDistrict of Columbia and Chevy Chase, Md. INTEREST, 51,% Apply to . H. L. Rust Company » - Loan Correspondent The Prudential Insurance Company 912 15th Street N.W. of America h’ m