Evening Star Newspaper, July 27, 1924, Page 27

FINANCIAL. MANY BANKS GET BACK ONTO FEET President’s Credit Plan of Last Spring Proves of Great Benefit. BUMPER CROPS HELP Other Institutions Expected to Re- turn to Prosperity Column .in Near Future. With the number of bank failures decreas| rapidly from month to month in the States west of the Mis- sissippi River, where stringent credit conditions obtained last winter, high Treasury officials expressed the be- lief yesterday that the reported bumper wheat crop in many of those States hiad placed the financial institutions of those districts on their feet again. Treasury records show that banks were forced to close their doors between January 1 and July 1. These include 267 state and 75 national in: stitutions, and while a few more have | zone out of business since, the records =how that the failures in May were 30 per cent fewer than in April in States west of the Mississippi and per | cent less in June compared with May Banks Much Better O, the long list of failures. the ¢ believes that any tightening of credit that may come next winter Will have little effect on the banks They have been able to fortify them- ! selves in various ways and are now prepared to withstand any calls that may come to them except, of course, in isolated cases where the strain may be too great. The Agricultural Credit Corporation orzanized last spring at the direction of President Coolidge has been able 10 reopen some 20 of the banks that failed. and advices to the Treasury indicate several score more in the Northwestern States are now receiving | ‘Many Traction Companies Are Babson Asserts aid which will enable them to weather any new crises Most of the banks to which the corporation has extended aid are small institutions and require only a small amount of money to put them on a firm foundation. officials declared. | “hey cxplained that the corporation, | therefore, would be able to help many more banks than was originally ex- yected Banks to Get Back Loans. Commenting further on the reported iz crops in many of the wheat-grow- | inz sections, als declared this meant that millions of doliars in credit extended to farmers would be liqui- dated or the loans reduced this fall, and paper which some of the banks had been forced to charge off as un- collectable would now become obliga- tons ‘upen which the banks would tealize. BALTIidRE PRODUCE. Bpecial Dispateh o The Star. | BALTIMORE, Md., July —The general produce market i firm on practically all of lines of native and garden truck and fruit, which mects with ready sale top values when of first class quality. but con- siderable of the arri here, espe- cially of carly Juwe apples, are too small and have to be sold at the lower values quoted. Maryland and Vir- ginia corn is in good demand. and has cleaned up rapidly at 30a40 a dozen for the former and 20a30 a dozen for the latter. Tomatoes are also wanted, and are displacing the Southern va- riety. Sound ripe tomatoes bring top prices of 1 2.75 per 4-8 basket, but must be large and firm stock, while green tomatoes sell mostly 60al1.25. Other lines continue in fairly good demand at the following quotation Stringless green and wax beans, 1.40 a1.50 bushel, while strings-on variety will not bring over 1.00al.25 bushel: beets, 3.0045.00 hundred; cabbage, 3.00 a6.00" hundred: carro 4.00a6.00 hundre cucumbers, 8 53 Norfolk = eggplants, 5 strawberry crate: ' letiuce. b el: onions, 1.00a1.25 bushel 1 .25 bushel, and 1.50a 0 bushel for “Telephones; peppers, 1.00a1.25 basket; spinach. 2.00a2.50 bushel, and . 80a1.00 ba: crries generally are in good de- mand where arriving in good condi- tion, but watery and wasty stock ha to be sold to the packers at discount under quotations. Blackberries and huckleberries bring 10 and a quart and black raspberries 12 to 1, while reds sell 12 to 15 a pint. Plums are in tairly good demand at 50 to 1.00 per $ basket. Early June apples must be large to command top values of 3.00 to 3.50 a barrel and 1.00 and 1.25 a bushel. as No. 2 stock sells half price and under: 4-8 baskets bring | 13 to 40, as to quality and condition. | Shipments of small apples not advis able, as such stock is not wanted and will not bring freight charges. - new potato market has ruled «nsy this week under fairly liberal receipts, with consumptive demand easily eatisfied, and a fair shipping ouslet which is centered entirely on well graded No. 1 stock at 150 and 2.00 a barrel, 1.25_and 150 per 100 vounds and 60 to 75 a bushel, while N 2 stock brings about half price. The local egg market has been rather irregular this week on native and nearby stock, and while the of- ferings have . been only moderate there has been no snap to the demand, the trade in general apparently pre- ferring Western eggs, which are showing better quality, and in some instances bringing a premium over nearby stock. Shippers are advised to forward their eggs more promptly to realize better results, as offerings of doubtful quality are neglected and prices must be shaded to move them The market closed today at 27 cents a dozen for native and nearby firsts in free cases and % to 1 cent a dozen less for those sold in cases re- turned., Y The 'general peas, live poultry market rules steady under only ~moderate receipts of desirable stock. Spring chickens two pounds and over in good demand at 40 and 42 cents a pound, but_medium will not bring over 33 to 38, while small fowl is slow sale at 30 and 32 Leghorn springers sell mostly 28 to 33 cents, as to qual- ity and condition. Old hens firm at 23 to 26 cents for medium to large, hut small and Leghorns will not bring over 18 to 20 cents. Spring ducks iw fair demand at 20 to 23 cents, but old ducks move low at 15 to 18 cents. Pigeons in ample supply and not much wanted at 30 and 35 cents a pair for both young and old. BALTIMORE LIVE STOCK. Special Dispatch to The Star. BALTIMORE, Md., July 2. the exccption of good fat which are in good demand, the live cattle market rules easy. which is natural under present weather con- ditions. Demand is centered on top grade stock and all common to ordi- nary cattle must be sold on its merits at the lower values quoted and in some instances at still further dis- counts. Very few of the arrivals on_the wharves show much quality and the trade is being supplied mostly from the stock vards. Quotations today at Light Street Wharf: Beef cattle, first quality, per Ib., 8 to 9; medium, 6 to 7. Bulls, as to quality, 4 to 6. Cows, choice to fancy, 41 to 53%. Common to fair, 2 to 4. Oxen, as to quality, 4% to 6%. Milk cows, choice to fancy, per head, 50.00 to’ 75.00. Common to_fair, 30.00 to 50.00. Calves, veal, cholce, per Ib., 0. Ordinary to medium, 7 to 9. Rough, heavy, common. 5 to 6. Sheep, choice, 4 to 5. Old bucks, 3 to 4. Common. 1% to 2. Lambs, spring, cholce, 13 to 14. Fair to good, 11 to 12. Common, thin, 8 to 10. Hogs, With lambs, Sales. BONDS. 51,000—C. and P. Telephone Ist 5s. 16.000—C. and P. Tel. of Va. bs.... 209,500—Capital Traction +1st bs.. 8,000—City and Suburban Ry. 21,000—Metropolitan R. R. 1st 5s.... 22,500—Pot. Elec. Power 7s... 24,000—Pot. Elec. Power 1st 5s 151,000—Pot. Elec. Power cons. 11,500—Pot. Elec. Power deb. 6 2,000—Wash., Alex. and Mt. Ver. 5: 2,000—Warh., 162,500—Wash. Gas Light ger. 213,000—Wash. Ry. and Elec. cons. 4 74,000—Wash. Ry. and Elec. gen. 6s 201.200—Wash. Gas 6s, 1933. = 1,000—Wash, Gas 6s, reg..... 7.000—Dist. of Col. Paper Mfg. 18,400—Riggs Realty (long) 5: 10,000—Wash. Market Cold Stora 6.900—Wardman Park 6s 15,500—Southern Bldg. 6%s Shares. STOCKS 75—Amer. Tel. and Tel. rights —Capital Traction..... ... 049—Washington Ga and W. Steamboat. . Ry. and Elec. com. sh. Ry. and Elec. pfd 1,000—Wash.. Alex. and Mt. Vernon 3—Terminal com. o 110—C; Bank 176, National tional Bank..... 68 pital 112—District ) Federal-American —Lincoln Nation —National Bank —-Nat, opolitan Bank ional Bank 59—Second tional Bank Amer. Sec. and Trust ntinentzl Trust ... ational Savings and 298—Union Trust = 7—Wash. Loan and Trust.. 95—>Mer. Banking and Trust 75—East Wash. Sav. Bank 61—Wash. Mechanics e 25—Firemen’s Fire Insurance National Union Fire In: 404—Columbia Title Insurar 100—Real Istate Title Insu 104—Mcr. Transfer and Storage —Mergenthaler Linotype.... sanston Monotype. ... 66—Security Storage Co.... 12—Washington Market ... .593—Nat. Mort. and Invest. pfd. UNLISTED DI 70—Chapin-Sacks 8s pfd...... 5—Chapin-Sacks 7s pfd.. 1—Departmental Bank 40—District Title Insurance. —Franklin National Bank. 150—Standard National Bank.. 100—W Base Ball.. ‘Washington Title Insurance. “Trust. Coming Back, Bring Prosperity, Predict ‘ BY ROGER W. BABSON. Special Dispateh to The i WELLESLEY HILLS, Ma; All tractions were Supp be good,a few years ago. Bankers and investors bought thed Ieadily because they were tractions, us all tax-exempt issues have been gobbled up recently just because they are tax exempt. The automobile came in and the tractions began to lose passen- ger business. High operating costs during the war added to their diffi- culties, and many of them went info receivership. The investing public promptly went sour on them, and tractions became so unpopular as a class they were considered worth- less. They are selling today at ex- tremely low levels. and many good ones have suffereq unduly as a result. Many Tractions Still Sound. Many tractions were financed and built during the traction boom, but many others were sound and are still sound, because they render a neces sary public service. Fortunes will be lost and made on tracticns during the next few years. g In many of our cities congestion in automobile traffic is already a se- rious problem. This congestion will increase, and the electrics will b come more necessary than ever. 1 know many business men who de- serted the electrics years ago to drive to work by motor who today are go- ing back to the electrics as the most convenient transportation offered in our congested centers. The city elee- tric lines are a necessity and will prosper more and more as the con- gestion increases. - Busses Divide Business. The problem of the suburban roads is different. Automobiles have come to stay, and as long as highways will allow comfortable transportation the most people will ride in automobiles rather than in streets cars. The fact, however, remains that the electric car line offers transportation at the lowest cost, and the cars will always handle the mass transportation in large cities and between large cen- ters. This passenger traffic must, however, be shared with the busses, which will make it necessary for the electric lines to develop a freight business as well. : The salvation of these properties lies in the opportunity to develop such a profitable freight business. I have recently studied several of the better suburban lines and find that they can carry freight cheaper than it can be carried in any other way. Nor will the development of electric freight hurt the steam roads. In fact, it will prove a blessing to them. The problem of handling steam freight is one of terminal facilities, and a shipment that goes but 50 miles requires as much switching, terminal space, loading and unload- ing as one that goes a thousand miles. It costs the steam road almost as much to handle it, vet the tariffs on short hauls are small and do not cover this cost. Trolley freight of- fers better service to the shipper. and this business can be handled at much less expense. Motor Truck Also in Field. The motor truck has &ome into this field and has gone after the business much more actively than the electric lines. but the fact remains that the electrics can handle this_business more economically than the truck. So far these two have been compet- ing. In the future they will have to co-operate to their mutual advan- tage. Instead of the trucker hauling a load for a_hundred miles over the highways, he will call for it, trans- fer to the eleatric line, then have his partner or correspondent take it out ang deliver it at the other end. The money will be divided between these two, and both will make more money than they are making today and render better service to the ship- per. It will require fewer trucks. It will employ the lectric lines and pay dividends to those who have invested in them. Furthermore, it will take the trucks off our highways ang're- lieve motor congestion. Hence every owner of a passenger car will work to have such freight hauled by the electrics, since the steam roads will not take it with any reasonable dispatch. Some Roads Will Be Junked. The truckers are already aware of these facts. I have discussed the matter with one man who has been in the hauling business for twenty vears. He is now operating over fifty trucks in haif a dozen states, He has kept accurate cost records, and he says that he is ready to turn over all his longer hauls to the electric lines—in fact, has approacheq one straight, 7 to 8. Sows, 5 to 6. Stags and s, 3 to 4. Live pigs, as to size and quality, 8 to 10. Shoats, as to size and-quality, § to 9 or two of them in his territory to arrange a co-operative basis. All tractions, of course, are not situated so that they can take ad- $11,000—Ana. and Pot. River R. R. 5s, Lat Ga.... 65.000_Georgetown Gas Light Ist 3s. 61,800—Pot. Elec. Power 6s, 1953..... Balto. and Annap. 1st 5s. Bank. .. National Bank Carrying Freight by Trolley Lines Will| THE SUNDAY STAR The Year 1924 to Date on the Washington Stock Exchange. Furnished by W. B. Hibbs & Co., Hibbs Bldg. Up to and including Friday, July 25 Open. ~ High. = 8 88 96 991 931 95 . ) 981, 9% 791 z ! 893, DN esy 100% 1011 1033 106 107 9% 9T 97 71 997% 10035 30 30 71 71 9 91y 0% Tek% 99 991, D100 1023 101% 101% 8 93 93 Close. 86 99% 95 98 9% 871 100% 108% 107% 974 97 100% 30 68 98 T4 9874 1003 1013% Low. 86 96 941y 9% 8 991 10115 1061 971 9614 99% 30 8 93 01 987 100 101% = ctfs 160 203 320 20313 | | | | 4| EPART! Says Economist. this new development. ‘With business somewhat depressed— general activity as reflected on the Bubson chart is now 11 per cent be- low normal—many of them will have to close up and junk their properties. I am firmly convinced, however, that others, suffering now with the group, will find a larger and more profitable field in electric freight than they have ever enjoyed as pas- senger- lines. vantage of GLEN ALDEN COAL UP | OVER 11 POINTS IN WEEK Many Other Shares Go Higher in Lively Trading on Curb Exchange. By the Associated Press. NEW YORK, July 26.—Broadening of the security trading market progressed to a substantial degree on the Curb Ex- change all through the week, and in that period a number of important stocks moved up to new high records on a heavy volume of business. Glen Alden Coal held a prominent position, 1; in the late transa showed a gain of 1114 Lehigh Valles Coal traded in, advancing 3 points to 39% Public ‘utilities failed to maintain their dieplay of activity and strength which had made them prominent until a recent period. Ward Corporation A rose 6 points to 10112 and United Bak- eries B advanced 3 points to $1. Busi- ne: in the radio issues was on a large scale. Radio Corporation A when is- sued advanced 7 points to above 27, and the 'nt common stock was heavily traded_and made a substantial gain The group of radio issues, including Dubilier, Ware and Hazeltine, after vigorous advances, reacted sharply at the end of the week. Durant Motor, after selling at 24, yielded to 18, but recovered a good part of this loss. | Petroleum issues ewung over a WidflJ range during the week. Prairie Oil ad. vanced from 202 to 217 and Standard Oil of Indiana sold ‘at 55% to 58% Standard Oil of Nebraska ranged from | 2351 to 247. There was heavy trading | in Lago Oil from 4% to 5. KNIT UNDERWEAR STOCKS REPORTED VERY LOW Special Dispatch to The Star. . NEW YORK. July 26—Supplies of knit underwear held by ‘wholesale and re- | tail distributors and by mills are at a | minimum, according to the current | market report of the Associated Knit Underwear Manufacturers of America. Merchandise covered by contract for the coming Fall season is also considerably below normal and mills, having for several months pro- duced only on order, have no stocks of any magnitude available-for prompt de- livery. Buying for tile coming Fall season is progressing nroderately but steadily. Most jobbers have covered only about 25 per cent of their Fall requirements, although a few have contracted for as much as 60 per cent. However, much of the Fall buying still remains to be completed. As mills have little if any stock on hand, practically all orders from now on will involve new produc- tion, precluding the possibility of prompt shipment later~in the season. RATE CHANGES HALTED. | 1 I. C. C. Acts on New Schedules for 0il and 0il Products. Proposed new echedules revising rates on petroleum and peroleum prod- ucts from points in Missour, Kaneas and Oklahoma to stations in Illinois on the Mobile and Ohlo Railroad were found not justified by the Interstate Commerce Commission yesterday. The proposed revision would have made both increases and reductions in present rates. The commission, in ordering _the schedules canceled, gave the carriers the right to file new schedules in con- formity with restrictions named in the opinion. CLOTH MORE ACTIVE. Much Better Buying Reported in New York Market. NEW YORK, July 26.—Cotton goods markets were more active this week than for several months past, the last two days having ehown an expansion in the call for finished goods for domestic use, It was estimated that a million pleces of gray cloths and sheetings had been sold, the fine-combed cori- tracts running to the end of the yea: Silks were more active. Wool goods showed moderate improvement. Burlaps were firmer and higher, but trading has been very moderate. Linens show some improvement in demand. 110. | so was heavily | recognition of | this Passeniger Travel Will Grow. | WHEAT HITS §1.42 IN GHIGAGO PIT Winnepeg Report of $1.50 Per Bushel Starts Wild Rush of Buying Orders. By the Associated Press, CHICAGO, July 26.—The highest price reached by any future wheat delivery in Chicago today was 1.421% for May, which closed at 1.41% to 1.42, Huge profit-taking sales and large hedging operations led to only tran- ent setbacks, fresh demand here be- ing based on the fact that Winnipeg had got above 1.50 a bushel for July delivery and was leading the Chicago marke( by about 2 cents for October. After a rise here of more than 61 cents in some cases, the market closed extremely nervous and unsettled at 3% to 4% net advan September, 135 to 1.35%, and December, 137% to 138 Tradimg today, especially in the last hour, was on such an immense scale that "individual operations were lost sight of and counted for little. Com- mission houses were persistent buy- ers. According to some Chicago authori- ties, the advance at Winnepeg and Liverpool was lurgely due to belated the magnitude of crop damage in Canada. i Hox prices also soared today in cago. Choice hogs brought $9.50, topmost figures since October, | 1922, when $10.45 was paid. WHEAT CARRY-OVER HEAVY. e Agriculture Reports It About Same as Last Year. The carry-over United States on June 30 was placed at 102,000,000 Lushels, about the same amount as last year's, by an estimate yesterday of the Department of Agri- of wheat in the | culture. The estimate includes stocks in in- terior mills and elevators, which were placed at 54.000,000 bush amount on farms, and the visible supply in terminal markets. The estimated distribution erop differs materially from last year, th nent announced. The total P was estimated at 786,000,000 mports, including flour, 28,000,000 bushels, and the total was 102,000,000 bushels, a total available supply of 000 bLushels. Seed cquire were estimated at 87.000,0 bushels, while about 568,000,000 by s were needed for milling purpos Xports of wheat, were 79,000,000 bushels, and 79,000,000 bushels were fod o “With carry-over of bushels and an estimated vear of 00,000 indicated domestic supply £42,000,000 bushels, o 888000000 b of the s. farms produ hushels, this yéar is wpared with s last ve the ¢ partment states. “The ount wheat that will be imported is, course, problematical. but with increased duty it is doubtful whether much wheat will be imported for mili- ing purposes.” Caxh Wheat Follows F Cash prices generally follos trend of the future marke movement of new wheat continued of large volume, but local showers in some sections’ of the West stopped threshing, The higher prices have out as much wheat as was expected and farmers were reported to be stor ing wheat and holding for about $1.2 per bushel net. Mills were aetiv buyers and all offerings were readily absorbed at the various markets. I port sales totaling dbout 1,000,0 bushels were reported, but export bids generally were below a working basis, as foreign buvers were re. luctant to follow the sharp advance in prices. tion the of of the not brought Farmers Sell Corn Freely. The corn future market held firm throughout the week, but the higher prices’ brought out larger offerings from country points and receipts were larger at several of the central western markets, While there was sufficient demand to absorb the larger offerings, the cash market developed a slightly weak - More favoral proved crop pre and farmers w s their corn more freely e BUYING IN STEEL IMPROVES IN WEEK Increase Very Slight, However, Re- view Shows—Copper Market Does Better. By the Associated Press. NEW YORK, Jul of buying in the steel market has increased a trifle during the week with some disposition to replenish supplies encouraged by some reces- sions in value. The general situation has not improved materialy, how- ever, and the passing of its dividend for ‘the last quarter by a leading producer, was tdken as a good illus- tration of the unsatisfactory con. tion of the industry. Pig iron was quiet anrd prevailing low prices failed to bring in much new busi- ness. The copper market experienced fur- ther gains during the week and Elec trolytic was held at 13 to 13% c The advance brought in a libe number of small orders, and while consumers were not buying heavily for forward delivery an optimistic view of the trade outlook and the financial situation abroad resulied in some large purchases of mefal by Wall street operators who were antic- ipating further advances. Tin has displayed an advancing tendency, but the improvement was more in response to gains in «London than to any great activity among local consumers and forward bookings have been light. Lead prices advanced on more gen- eral buying both of spots and fututes. Producers have limited quantities to offer for nearby delivery. Zinc ruled strong owing to a bet- ter export demand and buying by domestic consumers, especially by brass mannufacturers. Antimony continues quiet, but the tone was firm on the action of other metals and on a little more interest for future deliver. BANKS HARD PRESSED TO KEEP FUNDS ACTIVE Supply of Money Larger and Rates Lower in Baltimore Than at Any Time Since 1914. Special Dispatch to The Star. BALTIMORE, July 26.—Local banks are hard pressed to find profitable em- ployment for thei funds. The sup- ply of loanable funds is larger than it 'has been for years and rates are lower than they have been at any time since 1914, Some authorities contend that the present extreme ease in money is due less to actual decline in business and more to hesitancy in embarking into new undertakings .until the political atmosphere is clearer. Ordinary Fall agricultural require- ments should .begin in _August. Should manufacturers and other com- mercial requirements not await the outcome of the elections it is con- celvable that money could firm up by September. There is still a large volume of money available for the bond market, but the most desirable issues .for bank investment have been pretty well absorbed, so that any evidence of increased demand for business money is cagerly looked for. ] syr ther caused im- in the corn belt »d to market 26.—The volume excluding flour. | about | 102,000,600 | WASHINGTON, D. €, JULY 2 70,000 Clerks’ Money Steadies Banks and Business in Capital Uncle Sam’s Army of Workers Gets About $13,000,000 Per Month—130 Per Cent Gain in Deposits in Ten Years. | have {tar re {of these | fair proportions, BY I A. FLEMING. Have you been in one of the up- town banks, say in the neighborhood of the Treasury, State, War and Navy and the War Risk Buildings arpund the noon hour on the 1st or 15th of the mohth? If you have you have seen them by the hundreds, almost thousands, drop- ping into the various banks in the vicipity depositing their pay check sometimes receiving part pay in cash, not infrequently depositing the tire check They” in this case refers to the army of young women enrolled in the service of your Uncle Sam. ‘They” blow into the banks singly, in twos, threes and troups, laughing, gay, sedate and serious, the styles of the day and the gay colors making a very picturesque scene. Occasionally a young man will work his way through the crush. 76,000 Rush to Banks. Uncle Sam has a civilian army em- ployed in Washington of some 70,000 boys, girls, men and women of all ages. The younger girls generally rush to the banks at the noon hour to mak their deposits while their elders gen- erally await the after closing hour to attend to their business with banks. And the great civilian army is made up of serious- minded, earnest capable workers, in- cluding the “butterflies” no less than their elders who have been much longer in the service. Fathers and ons, husbands wives and mothers and daught not infrequently famil work side by side, for it generally requires more than.one salary to maintain an estab- lishment in the National Capital Th civilian _army is the stabilizer of Washington. cities sometimes find money Washington never. Other cities, in times of stress find trade always dull, Washington mer- chants always do a fair seasonable en- majority of t Other scaree, an unusual disturb- s attended by wild excitement and severe deprec tion in_pric before th of the Federal reserve act, these dis- ances amounted to panics. Dur- panie, Washington securities displayed a steadiness as to that was very remarkable. there is Wall Street it e ing have prices ined Famous Buyers® . notable cxception fo the non-refiection conditions clscwherc tended the buyers' strike of @ vears ago, and that affected the tire country from one end to the It was the serving of notice that the era of inflation must end—w in fact, ended. and that fror time on silk shirts at §10 each furniture at $700 per set was taboo. That strike was, as stated before ching and long-time “reacn- ing.” too, for it is stll working and Jromises to continue 1or many year: to come. The lessons of that strike are responsible for the fact that the merchants carry but one stock of goods, that they do not need as much money assistance from banks as they did the days when they carried three stocks, one on the sheives, one in their basements or in warenouses and the third out on credit or ordered for speedy delivery. ‘They had to three stocks, for the on top of them. ince that strike money continuously retary Melion has reduced inte on Government borrowings from the 5% to 6 per cent rate to 23 per cent, thereby EIVINE new life and stability to the various Gov- ernment issues of short-ume paper and Liberty bonds, which now com- mand a good premium. Pay Rolls Total Millions. But to return to the civilian ar It is not the army that s Washington but the pay month that keeps our ample funds and makes trade for the butcher. the baker and gas company Your guess as Government mont good as any one “insiders” who know. 1f pay checks for the 70,000 average $1a0 a montn that would give a total of §10,500.000 a month, and it would not be mucn stretching to make it $11,000,000, which estimate may be further swell- €d by the salaries of the Army and ¥, or that part of it that is quar- tered in _and around Washington— say to $13.000,000 & month, to the may: voll of several lar industrial corporations. It also requires another civilian army to care for the 0y Govern- ment employes, and this assisting population will add greatly to the monthly pay roll. These are the stabilizers of Washington. Some Valuable, Others Bookkeeping. While the deposits of the workers of Washington are accepted at all banks with thanks, some of the bankers find_that gany of tne de- posits are received pay days and drawn out almost immediately. In other words, that the banks were assisting the Government workers in keeping their books for them. Other bank neads claim that many accounts gradually krow to but remark on the speedy transfer to the savings sec- tion. Still others remark on the steady growth of some accounts and the fact that many of the depositors are not infrequently introducing friends in other lines of endeavor, whose accounts are more than satis- factory. 9 With the high cost of living in Washington it is not to be wondered at if some of the government em- ploves and others, for that matter, are unable to build up large deposits. If they happen to be paying for homes it would be impossible. But the deposits in the banks of Wash- ington have shown the most remark- able gain in the last few vears and some part of it must be credited to the government workers. A bank official remarked the other day that the population of Washing- tonn had increased 100 per cent in the last ten years and if this statement was true then the bank deposits should also have increased 100 per cent. Deposits Gain 135 Per Cent. They have said they have even bet- tered the 100 per cent ratio. Novem- ber 10, 1915, the nearest 10-year com- parison at hand, showed bank de- posits of $85,519,000 and all the real estate people in the city howling over the scant supply of mortgage money. The national banks then held $41,- 446,000; state banks and savings institutions, $12,268,000 and the trust companies, $31,805,000 in round amounts. On June 30, 1924, the total deposits were $201,251,000, with national banks showing a total of $102,227,000; state and savings institutions, $28.- 455,000 and trust compenies, $67,- 861,000. The gain in the intervening years, therefore, has been about 135 per cent. The totals for June 30 are also the largest in the banking record of the city. This seems rather peculiar, con- sidering the large decrease in the population since the days of the “war workers,” largely recovered perhaps, but giving the ‘impression that the war workers did not take very much cash away from the city. “War Workers” Still Here. It is also a fact that the govern- ment worker loves his or her position, as do his or her sisters. cousins, aunts, brothers, fathers and mothers. a strike. m ot at- Tew en- The only Washington unfavorable has been that Sec- good the aggresate cheek 15 as else’s, outside © to the Iy pay the | and and | great | other. | that | and | banks witn | | mithons 7, 1924—PART 1 Many of these workers, who have been separated from his or her posi- tion, holding Washington in the higl est regard and not wanting to leave here, feeling in this matter just as as all good Washingtonians do, are constantly seeking other positions in this city, using up their savings the while they seek reappointment or contest as best they may the ruling that cost them their position. This is one of the unfortunate phases of the situation—as there is no great number of ncies in general busi- ness. The salary is not always desirable, but the position seems to be. Ac The local ion in Local Market. stock and bond market seems to be making preparations for the dog days and weather indications are that these slow days are here or near at hand Washington Gas shares, which have enjoyed good support and high prices, are sagging; the common and prefer- red shares of the Washington Rail- way and tric Company are not far from the high and it would not Le surprising if they should go off somewhat The common dropped | speedily from the high of 82 to 76, de- } spite the fact that there were numer- | ous 82 orders from out of the city. It is generally recognized that there | can be no settlement of the escrow money case for many moons. The ! District Commis: ners will n com- promise and the ashington Railway and Elect Company probably would not : | The valuation reproduction | | bases of the company’s property may | have to be made before there can be a | scttlement. But in the meantime the | are accumulating fast asing principle bunch of in-| n see how the | possibly lose | with e and no one company out in the long run. It is not within the probabilitie | that the common stock would be giv en’ the entire “melon” that has been s0 long ripening and there is small question that it will Lenefit the pre- | ferred as well-—not directly, but prob- | ably through the retirement of some | of ihe outstanding bonds of the com- pany | The election of Grzoce W. White, the National Metropolitan Band head, | to the dircctory of the Lanston Mono- | typ ny was a distinet_surprise | to interests. Mr. White is | known ax one of the most conserva- | tive financiers, with a wonderful rec- ord back of him, and his addition to | any corporate board cannot but be | corporation | beneficial to the The stock of the corporation | responded to the zood news of Mr. | White's selection, with that of H. D. | Eest, the new president of the com- | | pany, who has been the practical man | company for vears. Mr. | le to give the company | time | an has Bank Shares Doing Well. lank shares are holding their own cliently. Bonds are acting fair. In sutside bond market strength has | |developed and recent figures show quite an advan Washington Railway's | dragking along with a good demand | below or about the issue price to| | banks, 95 less 15 of a point. There | | no disposition on the part of operat- | ors to advance the price for the bene- | { | the 1 new 6s are | fit_of ‘the speculators who bought considerable quantities of the issue, but once they have taken their | medicine, the chances favor higher stember there will mature, | much to th ust of their present wners, $3 100 per cent 1 Treasury notes, series B. It repre- sents about high mark, and the reports are that the refunding oper-'| ation will Le on a 2 per cent basis, | which would be a low rate on a pre- | war basis to the Government. i Sed TEBE e I {HOGS HIT $10 MARK | . INEAST ST. LOUIS Ry the Associated Dress EAST ST. LOUIS, N, July — l!«\p_ sold above $10 a hundred at the | National Stock Yards today for the | | first time e October 2, 1922, A | top of $10.15 was recorded. The price | has been steadily advancing since last | July- 14, when the top was § | The ris was tributed corn prices, coupled marketing of the 19 Supplies have b SENSATIONAL UPTURN IN COTTON MARKET Advance of 155 Points Made in | Saturday Trading in New | York. By the Associated Press, | NEW YORK, July 26.—The absence of rain in the Southwest, notably in | Texas, with its threat’ of serious deterioration, furnished the basis for another sensational upturn in cotton prices today that elevated ctober contracts to 29.41 and | December to 23.30, a net advance of | 154 to 155 points. | Buying was on a big scale, and, after the liquidation of the past two s, found the market in a very much healthier technical position. Not only were most of the big bull interests prominent in the market, but there was a good deal of out- side buying and local covering on the probability of continued dry weather in the Southwest over the week end, as indicated by the West- ern belt forecast. Although some authorities declared that Texas could still stand considerable dry weather without serious damage, the impres- sion in market circles was that the crop had already deteriorated exten- sively and that if the drought con- tinued much Jonger it would seriously impair crop prospects in that section. ._Although cotton goods were still lagging behind raw cotton in the ad- vance, there has becn a decided im- provement in business. Some of the estimates placed the week's sales of unfinished cloths here at fully 1,000.000 pieces. At the highest levels today the market was only about 15 points un- { der the top for the week ‘RAIL WORKERS INCREASE; STILL BELOW LAST YEAR There were 26,949 more employes on the Class 1 railroads in April than in March, an increase of 1.5 per cent. The April total was 1,787,217 employes. These figures have just been an- nounced by the Interstate Commerce Commission, which says that owing to =easonal requirements an increase of 49,849 employes appears in the main- tenance of way group, but that this number was offset somewhat by re- duction in the maintenance of equip- ment and transportation groups. Compared with last year the April employment figures show a decrease of 56,435 or 3.6 per cent. In dollars and cents this amounted to a saving of $8,964,888. RAILROAD CUTS DEFICIT; OIL FIRM CUTS PRICES By the Associated Press. NEW YORK, July 26.—The Boston and Maine Railroad reduced its deficit to $167,029 in the half year ended June 30 from $4,01,216 in the same period of 1923, Magnolla Petroleum Compan; reduoed Mexia and Corsicana-! crude of! 25 cents a barrel. o higher | with premature | 4 spring pig crop. | en light recently. I has owell FINANCIAL WORLD COMPETITION LOWERS U. S. EXPORTS Agriculture Department Finds Consumption Has Not Been Reduced Abroad. Competition from other countries rather than a reduction in consump- tion is given by the Department of Agriculture as the explanation of the decline during the last few years in exports of American farm products to the United Kingdom. Once the chief source of supply of the United Kingdom for cotton, meats, wheat and tobacco, says a de- partment analysis of the situation, the United States now retatns su- premacy in that market only with tobacco, lard and hams. American agricultural exports to the kingdom were less in volume and value in 1923 than in 1913, and improved economic conditions there are expect- ed to increase the demand for staple products from other countries rather than the United States, the statement adds, unless American producers un- derbid their competitors or Improve the quality of their offerings. NEW ORLEANS, July 26.—Cotton futures closed very steady at net ad- vances of 149 to 155 points. Close: October 28.49; December 28.25; Ja uary 28.22; March 28.30; May 28.30. Spot quiet and unchanged; middling 09. Money to Loan Becured by first deed of trust on real estate. WE FINANCE Apartment Houses Business Property Residence Property FOR SALE FIRST HOR'NA‘?E NO 1f you have funds for isvestment. THOS. E. JARRELL Member Washington Real Esisie Board Weodward Bldg. Main 766-3370. Money on Hand: To Loan on First Deed of Trust Improved Property Only JAMES F. SHEA 643 Louisiana Ave. N.W. 2] When Buying Our 7% First Mortgage Notes You Can Be Aswured and has Firat.—A very careful servative appraisal made. Secend.—The loan we recommend is less than 50% of the market price. Third—After you have purchased one of our notes you get a Service that assues you inter- est the day due. con- been Notes on hand in amounts of $100 up. Chas. D. Sager 92414th St. N.W. Loan Department Main ? Have You First and Second TRUST NOTES TO SELL? We have ample funds for the purchase of First and Second TRUST NOTES, as well as COLLATERAL NOTES, secured by improved real estate. We Also Have Funds for Construction Loans Real Estate Mortgage & Guaranty Corp. (Resources Over Ome and A Half Million Dollars) L. E. BREUNINGER, President 26 Jackson Place Applications Invited for Loans on Improved Property In District of Columbia and Chevy Chase, Md INTEREST, 5%% Apply to Rust Company Loan Correspondent The Prudential Insurance Company of America 912 15th Street N.W. BETTER BE SAF THAN SORRY This is a popular phrase in the automobile world. BUT where can it mcan more than in the realm of investments? OU ARE ALWAYS SAFE from loss when vou place your money in our FIRST MORTGAGE NOTES. They are secured by first liens upon improved Washington real estate worth double and over the full amount of the first trust. Do not snvite sorrow snto your home by iclding to temptation to énvest your savings in doubtful securitics. Call Main 2345 for Special Literature MORTGAGE INVESTMENT DEPARTMENT 713 and 715 14th Street N.W. Main 2345 -Over a Quarter of a Century Without a Loss A BETTER INVESTMENT YIELD Experience has proved to a great many individuals, trus- tees, banks and insurance com- panies that conservative— FIRST MORTGAGES —yield the highest interest re- turn over a period of years. Profit by their experience and invest your funds in our— 6%% FIRST MORTGAGES SAUL CO. 1412 Eye St. N.W.