Evening Star Newspaper, June 14, 1925, Page 95

b FINANCIAL. THE SUNDAY STAR, WASHINGTON, D. 0, TJUNE 14, 1925—PART 6. FINANCIAL. & o FRUIT CROPS UNDER | ST YEARS YELD Virginia Suffered Much Harm From Late Frosts, & New Reports Reveal. Onty fair crops of apples, peaches and pears are now expected in the United States this yvear, Department of Agriculture crop officials declared today. Frosts in late May reduced prospects in many scattered sections, particularly in some of the Central States, Virginia, Michigan and por- tlons of New York. The condition of apples on June 1 was nearly 10 per cent below the usual average on that date. The North western States expect more apples than were picked last yvear, but for the country a= a whole the crop seems Hkely to be lighter, although much depends on the rainfall during the next few months. Peach production shows a large in crease in California, where most of the crop is canned or dried. but in practically all other important States the crop is expected to be substantlal- 1y smaller than last vear. Even in Georgia, where n Ny VOung trees are coming into bearing. the crop is ex- pected to be less than 7,000,000 bushels, compared with 000 bushels last vear. The pear crop also is reported only fair this vear, California alone among the important producing States ex pecting materially larger crop than in the preceding season. MANY SHARP GAINS IN CURB MARKET Saturday Session Finds Popular Issues Advancing From One to Eight Points. By the Associated Press NEW YORK, June 13 the curb excha Business on nge today assumed ex- ceedingly large proportions for a half- holiday "session and substantial ad- vances were again registered in the industrial division. Prominence in the early dealings was attached to the overnight upswing in the Con-| tinental Baking < A, which opened at 1375, a gain of about 3 points and then reacted about 4 points with a subsequent rally In the last hour orous buying i appeared in the more popular issues and gains extending from 1 to 8 points were made. This movement was under the leadership of national power and Lehigh securities. Indus- trials {ncluded material spurts in moving picture and radio securities. The petroleum shares lacked uni- formity as a result of profit taking in some issues which attracted specula- tive interest on the sharp upturn, but renswed buying was also in evidence and several issues hettered their posi tions marketwise by about one point BALTIMORE PRODUCE. | RALTIMORE. June :3 (Special).— Trading on the local egg exchange has been very light and indifferent the | past week and values have had a ten-. dency 1o fluctuate from day to day, with general trading more active among the commission houses. While receipts this week have been more Hberal. they have not been in excess of trade wants, and offerings when o desirable quality have found a fair outlet on the street. The market closed today at 2815 cents a dozen for native and nearby firsts in free cases, a decline of 1l cents a dozen from opening prices this week. Small lot shipments are advisable in preference to holding stock, as buyers are critical | and heated eggs values. Outside of old hens the live poultry market rules steady, especially on Spring chickens, showing an average welght of 1% pounds and over, of which there has been no oversupply. Large springers, 2 pounds and over, bring 50 cents a pound, medium 40 to 45, but small chickens are in ample receipt and slow sale at 35 to 38. Leg- horn springers sell mostly 30 to 40, as 1o size and condition. Demand for old hens centered on choice stock of 00th quality. and easily satisfied at 5 to 28, while small fowl and Les horns move slowly at 23 and roosters, elow sale at 16 Good de. mand for young ducks, and all stock of good condition and weight meets with ready sale at 28 to 30. Some in- quiry stili noted for old ducks at 14 to 20, but it takes fat white Pekins to bring top values. Demand for pi- geons has eased off and market rules in buyer’s favor at 25 to 30 a pair for old and 20 to 30 for young. New potatoes from Virginia are in- creasing in receipts, but demand con- tinues good and all desirable stock meets with ready sale at 4.00 to 4.50 a barrel. No. 2 potatoes sell mostly 1.75 to 2.25, but small cull potatoes are not wanted and wili hardly bring freight will not bring top to 1.15 per 1006 pe not wanted and price. Market for berries continues good and prices are holding firm, although considerably higher than the average at this time of the year. Native and nearby strawberries are bringing 12 to 30 a quart, blackberries to 20 a quart and huckleberries 25 to 30 a quart. Cherries are in good demand at 12 to 18 a pound for large red and black sweets and 5 to 10 for small. YLarge wax cherries bring 7 to 10 cents a pound, but small to medium and sour sell mostly 4 to 6. With the exception of asparagus, which is running light. receipts of na- tive and nearby vegetables have been Jiberal, but under a good demand gen- erally the market rules steady to firm at the following quotations: Aspara- gus, 2.25 to 3.60 2 dozen and 1.25 to 1.80 for No. 2s: beets, 3.00 to 600 a hundred; cabbage, 1 to 175 a hamper; carrots, 3.00 to 5.00 a hun dred; lattuce, to 150 a hushel: Spring onions, 1.00 to 1.50 a hundred: peas, 1.00 to 1.75 a bushel; radishes, 1.00 to 2.00 a hundred; rhubarb, 3.00 and 4.00 a hundred, inds, with No. 2s d to move at any BALTIMORE LIVE STOCK. BALTIMORE, June 13 (Special).— With the exception of beef cattle the general live cattle market rules easy and receipts ample for all trade wants. Beef cattle of the better grades in good demand, but common to ordi- nary stock in ample supply and slow sale at the lower values gquoted. De- mand for Spring s s and calves has eased off, while old sheep are hard to move even at the low values pre- vailing. Quotations today at Light Street. Wharf: Beef cattle First quality, Ib., 9 to 10; medium, Ib., 5 to §; bulls, as to guality, 1b., 3 to 5; cows, choice to fanoy, ib., 4 to 6; common to fair, Ib., 4 to 6; milk cows, choice to fancy, head, 50.00 to 75.00; common to fair, 30.00 to 50.00; calves, veal, choice, Ib.. | 9 to 914; ordinary to medium, Ib., 7 to | & rough and common, 1b., 5 to 6; small | culls, 1h., 5 to 6 1 heep-—Choice, 1h., 4 to 5; Ih., 3 to 4: common, lb., Spring choice, 13 to 1316 fair to good, | 11 to 12; common thin, & to 10, Hogs—Straight, Ib.. 12 t0 1213 sows, Ih., 8 to 10; stags and boars, Ib., 5 to 6 1ive pigs, ib., 14 to 15; shoats, lb., 10 to 13, > to 3: lambs, | old bucks, | 5 107% 117% charges. Season for old potatoes | 10i% nearly over, and it takes well graded No. 1 stock to bring top values of 1.00 | | 110% 95 104% 1 38% 98% 95% T3 87% 86 ¥73% 8746 95% 86% 81% 614 7% 87 98% 8614 91 954 102% 10754 £68% 4 100 1 97% 101% BO| ND SUMMARY FOR THE WEEK e e “High. Lew. T. S. BONDS, High. low. last. Yied. 10128 98-22 100-28 Liberty 3%s 1933-47..... 101-7 100-81 101. 4 830 10221 96-5 10114 Liberty 1st 4%s 1932-47.. 102.25 102-31 10224 3 82 102 98¢ 100-20 Liberty 2d 4%s 1927-42.. 101-16 101-8 101-13 365 10228 99-8 102.1 101-1 Liberty 3d 43451928 102-3 101-80 102-1 853 103 98-8 108- 101-20 Liberty 4th 43¢ 1933-38.. 108- = 102-17 10239 184 10708 99-8 107-18 104-13 Treasury 4148 1947-62... 107-18 106-81 107 22 375 LT 1985 Prov. woek's High. Low. Low. FOREIGN. Close. ngh, Tow. Last 96 89y 95 Argentina 68 A 1957 96% 96K 96 96U 108% 100% 108 101% Argentina 7s 1927. 1024 102 102% 102% 98 85k 100 93 Austriasf7m1dd3...... . 99% 100 984 I8 S— —— 8S% B3% Belgium 68 1865...... 86% 88 8Bl 86N 111 964 110% 106% Belgium 7%8 1945 109 109% 108% 09% 109 97 108% 106% Belgium 88 1941.. 108% 107% 107 107% 91 71 86 80 Bordeaux 6s1934. 85 85l B84% 854 99% 91 99% 95 98K 98K 9% 9T 1044 99% 104% 101% 104 104% 108% 104 104% 100% 103% 102 103% 103% 102% 102% 1041 102% 108% 102 5 . 102% 102t 102~ 10234 109% 101 1094 106% Chile 8s 1941.. 107% 108t 1074 108% 108 101 109% 106 Chile 88 1946. . 109 108% 108 108 474 39% 48l 41% Chinese Govt Ry s 19| 474 48 47 474 96% 874 100 94 Copenhagen 5% s 1944. 98% 93% 984 OB%W 101% 85 101% 98 Czechoslovakia 8s 1951 . 99% 100k 99% 100k 101% 93K 104 99% Denmark 6s 1942. 103 104 103 108% 1114 107 111 109 Denmark 8s 1945 110% 110% 1104 110% 99% 924 1034 98% Dutch East Indles 65 1947. 102% 102% 1024 1024 99% 92% 103'4 98% Dutch East Indies 65 1962....... 102 102% 10214 1024 105 89% 100% 93 French Govt 7%s 1941, 98w 98 9TH 96N 109 92% 104% 98% French Govt 8s 1946 102% 103 1024 1024 2= 9% 91% German 7s 1949 - 971 974 9815 96% 84% 78 89% 79 Holland-American's £ 68 1947 884 8y B8 KS 85 764 84% 81 Japanese 431931 5 B3n 81l 83N R4 93 881 95 90 Japanese 6%s1964.... 94 95 93% 94% 914 73k 1004 88 Jergens Utd Margarine 6s 1 100 1001 ‘99 99% 91 74 864 80% Lyons 631934 3 E5w 8514 B84k 854 91 72w 86 80 Marsellles 681934, 84% 854 84k 85k 105% 89% 107 102% Netherlands 8s 1372 106% 1064 1064 1064 113% 109% 1134 1104 Norway,8s1940.... s 110% 110°% 1104 110% 84 65 . 80% 704 Parls-Lyons-Med 6s 1958 9% 794 8% A% 104 99% 105% 101% Queensland 68 1947..... 105 106% 104% lfll"a 110% 104% 112% 109 Quee and 7s 1941. . 1124 1125 111% 111% 99% B7% 974 934 Rlo deJanelro 8s1946. .. 97 98% 95K 96 3 893 Sao Paulo, State of, $5 1936. 4 103 102 102% 8215 Seine, Dept of, 78.. .. 9% 88% B9 i 843 Serbs Crotes Slovenes 881962 894 8KY 89h 106% 101% 1064 103 Sweden 6s1939. . 105% 104 1054 = — 105% 1004 Swiss 5l4s 1946.. 108 10214 102% 117% 106% 118% 1151 United Kingdom 5145 1929 174 117 117% 107 98% + 1047 United Kingdom 5%s 1937 107 106% 106% INDUSTRIAL AND MISCEL 943 Amer Agri Chemlcal Ths 1941, 102 102 9314 Amer Smelt & Ref 15t 5s 1947. 98w 98%4 Am. Smelt 1st fis 194 7 1074 107'a Amer Sugar Refining 6s 1937. 102~ 1024 984 Amer Tel & Tel cl tr4s 1939, 9T}M 97 2 Amer Tel & Tel cl tr 55 1946, 101% 102 99% 94la 101 994 Anaconda Coppel 6s 1953. 10014 100% 1031 94% 104 997 Anaconda Copper cv deb T: \UU,& 101% $7 83% 90 85 Armour & Co 4%s1939.. 59% 89% 99% 96' 100 97% Atlantic Refining deb 55 1 99% 100 101% 97} 103 100% Bell Tel (Pa) ref bs 1948.. 1023 102% 91% 87% 98% 90 Bethlehem Steel p m bs 1936 92% 93 100 93 97 93% Bethlehem Steel s f 63 1943. 94 9m 112 99 111% 105 Chile Copper 65 1932.... . 106 1067% “90% 86 20 81 Cons Coal (Md) 1s ref 65 1950.. 824 81 821 82! 101% 874 102 99% Cuba Cane Sug cvAeb $§51930.... 100% 1014 1004 101t 107% 104 108% 106% Detroit Edison ref ss 1940. . 107% 107% 109% 106% 108' 106% Du Pont de Nem 7%s 1931. 108 1084 98% 83 105 97% Empire Fuel & Gas 7% 1937. 104% 105 100 General Elcctric deb 5s 1952 106~ 1065 Goodrich (B F) 6%s 1947 105 105% Goodyear Tire 8a 1931 1091 10915 Goodyear Tire 8s 1941. 120% 120 Humble Ofl & Ref 6%s 1933, 101% 101 Indiana Steel 55 19532. 1034 104 Inter Mer Marine 68 1 864 87 Inter Paper bs B 194 924 93 Kelly-Springfield 88 19 101% 1014 Lackawanna Steel 55 19| 93% 9313 931, Liggett & Myers 58 1951. 100% 100 ~ 100 Manati Sugar s f 7345 1942 100% 100% 100% Midvale Steel 58 1936. . 926 91% 82w New England Tel 65 1962. 101% 100 101% New York Edison 18t 6% s 1154 115 115% NYGasELH& P 551348 104 1024 103% New York Tel 4%s 1939. 98y 98 98 New York Tel 65 1941. . 108% 1077 1084 North American Edison 65 1952.. 101% 10244 1011 1014 Pacific Gas & Elec 55 1942. 9 9 98ic 98k Pacific Tel & Tel 55 1952. 994 994 Philadeiphia Co ref 65 19 104% 1047 Public Service 6 1944, 9K 99 Sinclair Oil 78 1937, 9315 95 Skelly 6ls 1927 . 114% 119% South Porto Rico Sugar 75 1941 1054 1054 Union Bag & Paper 6s D 9 13 United Drug 6s 1944. ... .. 1034 103% U S Rubber 1st & ret 5s 1347 89 89 104% U S Rubber 7%51930.. 106% 108% 104% U S Steel s £ 55 1963. . 5% 105% 106% 91 Utah Power & Light § . 98K 93w 974 978 89% Va-Carolina Chem s f 7s 1947.. 9T%H 97% 954 96% 44 Va-Carolina Chem 7%s’37 war.. 8% 68% 66 66 109% Western Union Tel 638 1936 111% 111% 110% 110% 91% Wilson & Co 1st 68 1941... 9 994 98% - 9RY 63% Wilson & Co cv 7%s 1931 68 66% 67 RAILROAD. £8% Atchison gen 45 1998... .. 91% 92 1% 92 £9 Atlantic Coast Line 1s s 1953 944 93% 93% 93y 861 Balto & Ohio gold 451943, 91 91 90% 90% 89'4 Balto & Ohlo cv 4%s 1933 941% 94% U4 94 86% Balto & Ohio ref 55 1995. 90% 914k 90% 91 102% Balto & Ohlo 631929... . 103' 103% 103% 103% 83% B&OPIttsLE& W Vads 1941, K8% B84 87% 87w 99% B & O Southwn div 33%s 1925 997 997, 9974 9974 821 Brooklyn-Manhatsf6sA 1968... 89y 90% 894 90% 116 Canadian Northern 6%s 1946. 1184 118% 118% 118% 79 Canadian Pacific deb 4s 80% 81 80 B0% 87% Central Pacific 48 1949. . 89% B9% 894 89k 94% Chesapeake & Ohlocv 4%s . 984 98% 98 98 87% Chesapeake & Ohlo gn 4%s 1993, 92y 93 92% 938 102 Chesapeake & Ohio cv 531946... 107 107 105% 106% 44% Chicago & Alton 3%81950.... 52% 58 100% Chi B & Quincy 1st ref s 1971 103 1034 7414 Chi & Eastern Ill gen 53 1951, 744 16 59% Chi Great Western 4s 1959 65% 657 Chi M & St Paul cv 4%3 1932 484 49 Chi M & St Paul gen 43%4s 198 9 89wy Chi M & St Paul ref 415 2014. 5 48% 49 ChiM & St Paul cv 68 2014.. % GY% 49 5 Chi & Northwestern 63s 1936. 110' 110% 110% 110% % Chicago Rallways b8 1927. 17 6% 7164 765 ChiR1& Paclfic ref 4s1934.. BB B8l MR gsi, Chi Union Statlon 4%s 1964 944 94 834 93y Chi Unlon Station 6%s 1963. 1174 117% 117% 117% Chi & Western Ind con 4s 195 Bl B2 Rlk 814 CCC&StLref 65 A 1923 103% 1038 Clevcland Term 8%s 1972 1061 106% Colorado & Southern 4%s 1985 96 95% 954, Cuba RRG6s1952...... 87% 88 Delaware & Hudson §%s 1937 1024 1024 Den & Rio Grande con 4s 193 B4% 841 D. & R. G. West bs 1955, 57 57 Detrolt United 4145 1833, 89% 89y Erie 1st con 4s 1996 1% 72y Erle gen lien 4s 199 62% 2y Erie cv4s A 1953... 651 65 Erle cv 4s D 1953 70% 704 106% Grand Trunk s f deb 6s 1936. 107% 108 115% Grand Trunk 78 1940. 116% 118% 116% 1165 100% Great Northern gen 5% 1962... 101% 101% 101 = 1010 108% Great Northern gen 7s 1936 + 110 110% 109% 110 7 86% Hudson & Manhattan ref b 1. 91% 92 91y 9o 67% Hudson & Manhattan adi 68 1957 77% 77% 76% 7% 102 Illinois Central 53 s 1934 1024 1023 59% Inter Rapld Transit 65 1966. 68K 69% 67% 67% 85 Inter Rapid Transit cv 7s 1932 S0% 907 904 903 66 Inter & GreatNorad)6s1952.... 73w 3% 73 = 7ge 80% KanCFtScott & M4s1936...... 874 88 . 87% g7y 704 Kansas City Southern3s 1980... 74 75 733 75 884 KansasClty Southern5s1950..0. 92w 92% 91w o1y 97% Lake Shore 43 1928... 98% Rl 98Y, 95% Lake Shore 4s 1931. “eee 97 974 964 97 91% Louis & Nash unified 4s 1940. . . 954 954 1044 Louis & Nash 1st ref 5%s 2003 107% 1075 84% Mil Elec Ry & Lt 18t ref 5861 914 B1% 102 MStP & i S M 6%s1931. 10244 1023, 80 Mo Kan & Tex 1st 45 1990... 85 !g; 76% Mo Kan & Tex adj 967.... Ba% 85y, 86 Mo Kan & Tex prin bs A 1962, 9% 95 624 Missourl Pacific gen 4s 1975.. 65% 65% 99 Missouri Pacific 651949. ., 1024 26108 92% N O Tex & Mex inc 58 1935. . 7% 978 93% New York Cent deb 451934 S4%% 9514 99 New York Cent ret imp 58 2013. 101% lofh 106 New York Central deb 6s 1935 1084 108", 54 New Havendeb 45 1987.... 58% 69 » 87 NYNHG&H cvdeb 48.. .. 92 92 59% N Y West & Boston 4% 1948 66% 6ou 884 Norfolk & Western con 4s 19! 91%_ 91 125 Norfolk & Western ¢v 68 1929 128%=150" 59% Northedn Pacific 3s 1947. . 80 - 1% 837 Northern Pacific 45 1997, 88% 864 105% Northern Pacific ref imp 68 20: 1064 1068 96% Ore Short Line ref 481929, .. 9% 97K 108% Ore Short Line gtd 68 1946.. 106% 106 81% Ore-Wash 1st ref 45 1961. . 84 8414 93 Pennsylvania gen 4%s 1985.. 93% 934 101% Pennsylvania gen 58 1968 102 1023 109% Pennsylvania 6%s 1936. ... 110 1104 81% Peoria & Eastern inc 4s 1990 354 354 97% Pere Marquette 1st bs 100 100% 94% Reading gen 4s 1997.. 96 5% 71% Rio Grande Western clt 4s1949.. 75 T4 TAK 74% 84% RIArk &L 4%s1934... 89% 89y 88% 89u 8814 StLIM&SR & G 481933, 90 90 89K 90 71 StL&SanFranprindsA1980... 77% 7% 7714 773 86% St L & 8an Fran pr In 6s 1960 9y 92 93% StL & San Fran 6%s B 1942. . 99% 100 843 St L & San Fran adj 68 195 90% 91 76% St L & San Fran Inc 6s 1960 874 88K 59% Beaboard Air Line ref 4s 196 % 72 784 Seaboard Air Line adj bs 194 81K ~81% 79% 81 84% Seaboard Alr Linecon 68 1945.... 94% 94% 94 94k 96% Southern Pacific cv 4s 1929, 7% 84 Southern Pacific col 4s 1949 888 884 Southern Pacific ref 4s 1956. o1ih 78% Southern Ry gen 43 1956 79% 100% Southern Ry 1st 58 1994 108% 106% Southern Ry dev 638 196 1097 3414 Third Ave adj 65 1960. . 2 90% Union Pacific 1st 48 1947. a3% 98% Union Pacific cv 48 1927 99% 95 Virginian Ry 1st 551962, 100% 100% Wabash 18t 5s 1939, 101% 948 Wabas<h 5l "Ta... 97% 631 Western Maryland 4 %G8l 9014 Western Pacific 58 1 95 Debts—Conv BY I. A. FLEMING. Washington is one of the chief credit cities in the United States, that is In proportion its population, therefore it was appropos that the National Credit Assoclation should gather here last week for one of the| most important sessions of its career. Washington is without the great in dustries that require credit while the amount of commercial paper originat Ing here is practically nil. Whatever commercial paper our bankers pur- chase is bought from the offerings of outside paper brokers and Is usually made by Swift & Co., Armour & Co., and by other large manufacturers and Jobbers using large sums of money in their business and seeking credit | ‘whfire it is to be had at the lowest rate. Merchants Using Less Credit. | There was a time when our retail | merchants used credit to a liberal nx—1 tent but since the great liguidation days of 1919, they have adopted a new policy, frequent visits to market | replenishing stocks, rather than over- stocking to avoid severe losses in the final clean-up at the end of the sea- son. The resuit is that they gener- ally sell their goods before the time for payment rolls around Moreover Washington does very little business in loans secured by col lateral stocks apd bonds, for the rea son that this business like commercial paper seeks the open market, in this Instance the Wall Street call money market, where hundreds of millions of dollars, belonging to banks in all sections of the country, ment, pending their use in business. Most Loans on Real Estate. | Most of the loans of the trust com I|panies and savings banks are made to real estate buyers and builders, | and even In this employment of cash | our banke neet with the severest competition from life insurance com- | panies and large lenders of other cities. Philadelphia has placed many | millions of dollars on local realty while the New York Life and other | Gotham institutions have large moneys | invested here, usually at lower inter than prevails in this city. ational banks maintain their re- | serves with Richmond, that is, local | institutions do. They participate in trusts or mortgage loans of one vear | maturity, buy paper, meet some de- | mand from merchants and on collat eral loans and business interests general Of necessity they are very large investors in high-grade cor porate as well as of State and Gov- ernment bonds and notes Government Employes Use Credit. It may not be generally known, but | it is none the less a fact, that Govern- | ment employes are large users of | credit and that they stand well enough | to do business on an _accommodation | basis, that is, they do not have to | furnish security | This refers entirely to that perfentage of workers who have es- tablished a reputation that entitles them to favorable consideration, and women generally, who own their own homes or are paying for them. Because of thelr limited compensation, there are frequently times when these people need assistance. Sickness, life insurance payments, vacation money, traveling expenses, etc., bear hard on the workers and they use the credit that is at their disposal. Usually bankers are willing to grant it with proper endorsement. { Use of Credit Very General. Washington retail stores are among the largest grantors of credit, mer- chants being so anxious to open charge accounts that even a fair reputation will secure all accommodation needed Probably « larger percentage of retail business is done on credit in this city than in any other city of proportionate size. To one familiar with conditions else- where it iooks as if our merchan were taking too great r but they claim that the losses form such a small percentage of their credit busi- ness that it is unimportant. Here again is a large white mark due to the people of the National Cap- ital who pay their bills There are some delinquents, natu- |rally, and these, after being given ample opportunity to settle or explain |delays, are finally turned over to the various collecting agencies. Many of the younger of the Govern- ment. workers, not having established their reputation, find it necessary to make ends meet by borrowing from other than regular channels, endors- ing each other's notes and paying in- terest as high as 2 per cent monthly. Poole Discusses Conventions. Advantages derived by the bank- ing fraternity of Washington from the annual conventions ‘xere empha- sized vesterday by John Poole, president of the Federal American National Bank. in discussing the forthcoming gathering of Washing- ton bank officers and directors at Hot Springs, Va. “Each year shows a growing in- terest on the part of bank directors because of the great value and bene- fit which grows out of the discus- sions of timely banking matters— the frank exchange of knowledge and opinions—the ntermingling with men who direct iie affairs of our great financial institutions and the officers who execute their pol- icies,” Mr Poole declared. “The things so essential to suc- cess in all affairs—business, social and domestic—are sincere under- standing and loyal co-operation. These have been developed to their highest degree in the local banking fraternity, with resultant benefits to those who operate and to those who own the banks—and to the general public who look to the banks for service, good counsel and sympa- thetic assistance. Ve have come to learn through these conventions that it pays best to be co-operators rather than competi- tors. “Financial soundness in individual life, in business life, in national life is a_fundamential. Through careful FLORIDA REAL ESTATE. large find employ- | men | Washington Does Very Large Business on Credit_ Basis Retail Merchants Are Generous—Report Losses Small—City That Pays Its ention Near. development of the program of these conventions, the bankers frankly and velopment and enduring prosperity. ***For the past five years,’ continued Mr. Poole, the employes of banks both men and women, have been en couraged to write essays on banking topics. Prizes are awarded to the writers of the three best papers in the form of a free trip to the conven tion as guests of the banks, where these papers become a part of the offictal program, being read by the successful contestants. This has proven a great stimulus to those young men and women who are so conscienciously and loyally striving to fit themselves for banking eers Large Attendence Urged. “There is another striking feature about these conventions—the ladies, wives of officers and directors, have always been encouraged to attend the business sessions and also participate in_all the entertainment features Whenever the family can find mutual. ity in things, greater happiness pre. vails. And 'so we are physically, mentally and morally strengthened through active participation in all the Proceedings of ‘these annual conven ions. If you and your wife haven't here. | tofore enjoyed this thrill be sure to | come this Year, as I believe it will be the most productive of the seven in nstructive work, while the social | features will be maintained at a high standard.” Those Planning to Attend. Those who have already made res- ervations for the coming convention include. Clyde B. Asher, Mr. cis G. Addison, jr Earle M. Amick, R. H. Bagby, Mr. and Mrs. Dion S, Birney, Mr_ and Mrs. Alexander Brit ton, Mr. and Mrs. Charles D. Boyer, Mr. and Mrs. Powell Browning, Mr. and Mrs. Walter K. Bachrach and Mrs. Y and Mrs. Fran X E. Booker, Mr. and Mrs Thomas W. Brahany, Iulbert T. Bis selle, Albert H. Bedford, Miss Grace M. Bromley, H. W_ Burnside, Mr. and Mrs. William Clabaugh and Mr. Cla baugh's niece; William W. Crehore. jr.; Mrs. William V. Cox, Theodore Cox, Mr. and Mrs. Harry F. Clark, M. F. Calnan, B. L. Colton, Mr. and Mrs. G. Bowdoin Craighill, Mr. and Mrs Victor B. Devber, Charles H. Doing. jr.; James C. Dulin, jr. Mr. and Mrs. John L. Edwards. E. J erick, Atwood M. Fisher, Lu cius V. Friedli, Edwin D. Flather, I A. Fleming, Mis. R. S. Fleming. H. W. Fisher, Miss Elizabeth lisher, Mr. and Mrs. Robert V. Fleming, Ezra Gould, Mr. and Mrs. William Gude, Mrst Amelia Thomas, Miss Gude, Mr. and Mrs. William M. Hannay, Arthur B. Hatch- er and Richard Hatton. Harry V. Haynes, John D. Howard, Mr. and Mrs. Bynum E. Hinton, Mt nd M Hilleary G. Hoskinson, Fred W. Hanks, Hans W. Ireland Ralph W. Lee, Ralph W. Lee, jr.; Frederick Lee, J. D. Leonard, | Charles C. Lamborn. W. Reginald Lewlis, Capt. Joseph H. Lee, Mr. and Mrs. Lanier P. McLachlen, Hugh L. Murrell, Mr. and Mrs. Louis T. Mc | Fadden, Miss Barbara McFadden, Mr. and Mrs. William C. Miller, Fred Mec- Kee, Miss Ann L. McKee, Miss Louise I V. McKee, Mr. and Mrs. John F. | A ¥, Mr. and Mrs. Howard Moran |H Moore, Eliot Moran, . | C. Morgan, Mr. and Mrs. Fred W McKenzie. {__Mr. and Mrs. Maurice Otterback, Edson B. Olds, Judge Mary O'Toole, Hilleary L. Offutt, C. H. Pope, Miss Marjorie Pillson,” Capt. Julius I | Pevser, Mrs. Peyser, Master Philip |Pevser, Miss Peyser, Miss Peyser's governess, F W. Popkins, M nd | Mrs. Ross E. Pollock, Mr. and Mrs | Algernon Reeves, John M. Rior don, N . B. Richardson, Mr. and Mre. T. Baker Robingon Mr. and' Mrs. W. W. Spaid, Charles |P. Shaeffer, Mr. and Mrs. |Simon, Mr. and Mrs. B. A Mr. and Mrs. Luther E. Schreiner, 1. E. Shoemaker, J. Wilbur Sherwood, |Mr. and Mrs. John Lewis Smith, John Lewis Smith, Boyd Tavior, Oscar A. Shorup, Charles L. Taylor, Winslow B. Van Devanter, George O. Vass, Mr. and Mrs. John R. Wright, Miss Virginia G. Wright, J. Frank White, Wilmer J. Waller, E. Percival Wilson, Sewell S. Watts, Mr. agd Mrs. Sidney West. i Mr. and Mrs. Herbert Shannon, Mr. and Mrs. John H. Small, Mr. and Mrs, John Poole, Mr. and Mr: ewbold, William M. Smyth __FLORIDA REAL WHAT'S SOUTH OF MIAMI. FLORIDA® Homestead, with its 10.000 population_in 2 years. Gateway city to Key Largo, Royal Palm’ Park. Cape of famous Redland district. as realty prices are based on tlon, Write HODSON ble_and business center 0 boom here ANGE_AND GRAPEFRUIT ales. Fla., the “acenic high ing:'a bargain and N 2305, Apte 101 Mt WANTED Florida lands and lote. Mail descrip- price to Box 216- fhice. g e —to by tion an: A Florida Proposition that would deliver the right pieca of iand to the right man at the right price for the right kind of a home would g0 over big. We have a splendidly equipped office and sales organization for such work. We desire 1o make a contract with parties having a tract of Florida land that 1s 1007 right (located on water preferabiy) and - either subdivided or cold easily be subdivided. Address Box 196-A, Star office. . BANANA PLANTATIONS. Do you want to insure your family an |income_ for life? Invest now in a banana plantation. Have our representative call and explain our banana plantation proposition 1o Sou. Paim Beach Banang Flaptajions Inc’ 3T JOYCE. 823 S. Poinsettia 'St., West Palm Beach, Fia. 4001 Garrison st. n.w. Washington Representative. Cleveland 3628 . REAL ESTATE. FLORIDA FLORIDA 36 Hours From 60,000,000 People. No Inheritance Tax—No Income Tax. DAYTONA BEACH, FLORIDA. The finest beach in th e world, offering the finest piece of acreage property—ripe for subdivision or speculation—ironting more than 6,000 feet on this beach —running through to the H alifax River—4,800 feet deep and 6,000 feet on the river—a total of more than 500 acres at a remarkably low price. As trustee for the owners of this property I will sell part or all of it at a price for large profit. Quick action necessary. - quired, and given. Banking references re- 1. MATHER, Trustee, Hotel Raleigh, Washington, D, C. * ! |J. Sea earnestly discuss these things and thus come to know how to better serve the people whose lives they daily touch,” how better to manage that the community will enjoy the maximum of growth and sound de- | Gude | Morris | Mr. and Mrs. Willam W. Hoxton, Mr. and Mrs. George H. Kee- see, Mr. and Mrs. Ray L. Neuhauser, Mr. and Mra L. A. Slaughter, Mrs. L. Slaughter ¥ernand Pettit. Some Investment. How would you like to be the owner of a few shares of the stock of the National Bank of New York G George F. Baker institution? Why? Because it is worth $2,500 a share and it pays 100 per cent a year dividends. The par value is only $100 a share. The prospect is also encouraging for further jncrease in market value although it has dropped $400 a share recently. The Wall &treet Journal cites Mr. Baker and Mr. Gary of the Steel Cor- poration as “the last of the Morgan school,” and gives them credit for doing big things. sty T 0 o s, | BONDS FORGE AHEAD IN SATURDAY MARKET 0ils Lead List—Kellogg Warning Causes Some Selling in Mexican Issues. By the Asso od Press. NEW YORK, June 13.—Under the leadership of ofl company liens bond prices worked moderately higher in today’s quiet trading. Business was restricted by the usual Saturday let- up in activity, but the absence of sell- ing pressure enabled various railroad and industrial issues to forge ahead without resistanc Cumulative effects of a succession of favorable developments in the ofl in- dustry supplied the motive power for the forward movement of the petro- leum honds. With most competing companies meeting the latest advance in gasoline prices by the Standard Oil Co. of New York, additional buying of these issues was encouraged. Con- vertible liens followed closely the trend of stocks. railroad obligations improved in re- sponse to the partial relief promised |by a revision of freight rates. Union | Pacific hern Pacific, Great North ern and & tionally A few of the Mexican bonds were thrown on the market following Sec retary of State Kellogg's warning to Mexico to respect her obligations, but the declines were not large enough to disturb price mgvements of other for eign issues. Liberty bonds held firm around the vear's top prices. HOME OWNERS Can Secure LOANS Up to $500 In THREE DAYS lity Guaranty Co. PHILL ILDIN | Fid WE FINANCE | —all classes of income-producing property. | | Ourrent int. i Higbie & Richardsen, Inc. 816 15tk St. N.W. rate and commisei | Reserve These 7% Bonds Now 7% First Mortgage Bonds, in denominations of $1,000, $500 or $100 and maturities from 2 years to 15 years, now are available for immediate delivery or July reservation. No deposit is required on invest- ments reserved for 30 days. Let us send you descriptions of our current offerings now. Examine them at your leisure. Then reserve the investment you desire for delivery when your funds will be in hand. Mail the coupon now The F. H. Smith Co. Founded 1873 Ne Lous to Any Investor in 52 Years Smith Building, 815 Fifteenth 8¢t. THE F.H. SMITH COMPANY Smith Building, Washington, D. C. Please send descriptions of your current offerings of 7% Firet b o '% First Mortgage o | Address Oldest National Bank in the District of Columbia Until 5:30 P.M. Tomorrow One Dollar or more will open a savings account TRUST DEPT. | | [ite Qg i) Demand for some of the Western Paul liens advanced frac- | Large Loans a Specialty i LOANS PROCURED On 2nd and 3rd Trusts ced for ‘individual problem to us. District Loan Procureme: Company 219-223 Kellogg Bldg, 1422 F St N.W. ~ Telephone Main 8070° Quick Action We Are Offering 61,9, First Mortigage otes Secured on Brick Dwellings | | Just the kind of investments that ‘ will satisfy you. Thousands of persons iave purchased and are I Cnjoying tlic eimforts aud convent: | ences of Cafritz Lifetime Homes. Money Available for First Deed of Trust Loans 637 Interest Prompt Replies to Applications The superior qualities of construc- tion that appeal to home pur- | chasers are iikewise a factor in the minds of our First Mortgage invest- ors. i Let us show you the properties | ! €. O'Donnell, Mgr 643 Louisiana Ave. N.W. | Mortgage Department I CAFRITZ COMPANY. Money to Loan Secured by first deed of trust on real estats. & Brershing tmierest and commistions | L REALTORS Joseph I. Weler 420 Weub- L & Tr e i el i 14th and K Main 9080 P Tl [al———| Il MONEY TO LOAN ||| WANTED ReaLEstate @ ||| Second Trust @ Notes | | This company has funds o Refinancing a Specialty Consult Us At Any Time. o} N. L. Sansbury Co., Inc. _available for the purchase 1418 Eye St. N.W., Main 5904 of all kinds of second | { trust notes, secured on D=0 (] ctute n or dose 1 | D.C Want to Borrow —$1.500 to $3,000 on well secured First Trust. High grade residence property. Will pay 6% % interest but no commission. Address Box 368-A, Star Office Prompt Service ElW ashington Investment™ and Transactions Co. 713-15 14th St. N\W, Main 3662 O==n=——=n We Have MPLE FUNDS For Large Loans 51/2% - On Improved Property in the District of Columbia WEAVER BROS. 735 15th Street N.W. Main 1821 The New York Life Insurance Company Offers to Make First Mortgage Loans on Improved Real Estate In the District of Columbia and Suburbs for 3, 5 or 10 Year Periods Houses Business Properties V2% ON APPROVED SECURITY Apply RANDALL.H. HAGNER & COMPANY MORTGAGE LoaN GoRRESPONDENT 1921 Gommecticd Hoe nue, Apartments Office Buildings 2 & . | @ TelsphoneMain 5700, Over a Century in the Service of the People {Permanence means safety, stable manage- ment, satisfaction in banking—which fact em- phasizes the point that The Metropolitan has seen over a solid century in the service of the people. Qs not such a bank the best custodian for your PAY DAY and other funds? National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,800,000.00 15th St., Opposite U. S. Treasury 11 Years Old Organized in 1814