Evening Star Newspaper, June 21, 1925, Page 31

FINANCIAL. THE SUNDAY STAR, WASHINGTON, D. C, JUNE 21, 1925—PART 1. FINANCIAL. 31 e oFONANCIAL, . oo o0 THEISUNDAX ! STAN, WASHINGTON D0 O JUNT el | 19292 A RAILROAD AFFAIRS | GRIP ATTENTION Nickel Plate Merger Ruling Vital to Huge Sums in Rail Securities. BY GEORGE T. HUGHES. ¢ Bpecial Dispatch to The Star, NEW YORK, June 20— Railroad | affairs have taken a large part in the davelopment of the investment situ ation during the week just closed. Mainly this has been due to the in. terest taken in the Nickel Plate merger situation before the Inter- Atate Commerce Commission. It Is hard to exaggerate the importance which the financial community as- cribes to the outcome of this pro- Posed combination. In the first place, rajlroad securities still form the bulk of the investments of the financlal| institutions. Enormous Rail Holdings. ! Life insurance companies have enormous holdings in railway bonds and anything pertaining to the future of the transportation companies is vital not only to the institution but 10 the policy holders. More or lesa. it is the same with the savings banks. They, too, are heavy investors tn railway obligations and through them the average depositor has a! great deal at stake Now it is the settled policy Government under the encourage conolidations. vears the idex was thai competition unrestricted and universal was the | one desirable end from the public| standpoint as far as the railways were concerned. The iransportation et changed all that and the Inter- ~t2te Commerce Commission was in siructed (o draw up u scheme which, while preserving a certain amouni of competition, would insure the econo- mies incident to combining the rail- 10ads of the country into a certain number of large systems. of the present law io For many Ruling Forms Precedent. The decision in the Nickel Plate case will form o precedent and is be- ing_watched closely on that account. The feeling in Wall street this week has been very doubtful as to the com- mission indorsing the merger in its present torm. ‘The minority stock-| holders of the Chesapeake & Ohio have put up such a determined fight that the belief has been gaining &round that some revision must be accepted by the Van Sweringens be- fore the commission’s consent can be obtained. This has had upon speculation in and has even been disturbing to in vestment interesis Logically this is unsound reasoning. Speculation based upon benefits anticipated from mergers, carried 1o excess as it wa: durihg the Winter, has no bearin upon the investment problem effect stocks Points for Investors. | Whether any particular alignment is allowed or not, what the Investor has to consider is still the funda- mentals of property values and earn- ings. Ultimately combinations are sure to come and when they do it is| safe 1o assume that the holder of the most desirable oblizations under present conditions will fare the best. | Buyers of railway stocks and bonds | who give their first attention to demonstrated valu not going to suffer in any merger Aarransement and those who proceed upon any other theory grave risks. Fully as important s the matier is the guestion ot rates for the Northwesicrn Curiously enough. while spec Wall Street has been pessim about the merger situation. it been optimistic about the rate look. There is no doubt that the N#rthwestern road to b the increase in rates, it would put a different aspect upon ihe whole rail- road situation { Rates out- were | Extremel Vi Here, again, howev investors will do well not to be swayed by | speculative sentiment. Nobody knows in advance what the commission will do on the subject of raies any more than they do on the subject of mergers. Probably the St. Paul will be held up as a horrible example of | what an inadequate rate structure f will bring about, but how far this will influence the action of the com- mission remains to he seen. Meanwhile genuine investors should hes guided by what the road. the ob- ligation of which they are consider- ing, is able to show in the w of earnings under zdverse condi s. | This is the real tesi. Minor matter include the prospect of demand higher wages of raflrozd emp and the experiment now heing made by the New England roads in zoing into the bus busin General Market Strong. The zeneral inv stment markel has been just as strong as ever all the week. At times trading has quieted down, but never did prices show any signs of weakening. Money rates have been unchanged, but Liberty honds have been working steadily higher until now all the four active issnes are selling ut the high points of the vear, and one of them at the high of last Summer when money w at its extreme low. Similar sirength has been shown in the Treasury 4s. All this points one way, namely, to # continuance of the present abun- dant mowey supply. (Copyright, 1 WALL STREET NOTES. NEW YORK, June 20 (#).—Expan- sion of finished steel operations in the Youngstown district is forecast for next week, manufacturers generally | predicting fair to good business in inly and August, with a substantial improvement in the Fall. Republic Iron and Steel will er g&e its mer- chant steel bar production next week. Eetter demand for steel pipe «nd piz iron also is reported. ssex Cotton Mills h; declared a dividend of $1.75 a share on he first preferred stock. pavable August | to holders of record July 20. Quotations on steel plaies in Pittsburgh district bave declined a ton. Sales above $1.90 : weight are now rare. ‘irginia Railway and Power in- creased its earnings in May, Lalance of $102,707 after taxes, charges and depreciations comparing with $78,881 in May, 1924. Gross for five months of 1925 ‘was $4.427,747, against $4.410.- . "and balance $5°0,813, a gain of about $3,000. Gasoline sales by subsidiaries of Cities Service Co. for the first four months this year amounted to 107, 544,171 gallons, an increase of 82 per cent over the same period of 1924. The week’s bank clearings through- sut the country compiled by the Financial and Commercial Chronicle reached $10,329.161,318, in comparison with $8,926,003,245 a year ago, an in- crease of 15.7 per cent. New York City gained 15.6 per cent. NEW YORK DAIRY PRICES. NEW YORK, June 20 (£).—Butter— : receipts, 6,276 tubs. Kgas—Irregular: _receip snes; fresh-gathered extr: 36: Pacific ( s the sz hundred 15,461 boxes. Other Financial News on Page 32. l { | 104% BOND SUMMARY FOR THE WEEK High, 10128 10221 102 10223 103 98-8 10708 99.8 — 1 High. Low. 96 891 103 100% 85% 6% a7 T1% 91 9914 100% 1024 101 101 394 8715 85 934 107 928, 928 89%; 9214 Tow. 965 98-4 99-8 o 109 81 9915 104% 10413 10915 108 474 96% 101% 101% 111% 997 99% 105 109 o extras, 43a43. 1)“‘,‘ 96% 65% B8 93% 19% W% 82% 9822 Tigh 97 1034 100 881y 110% 108% 10014 104% o® £43; R41% 1005 8614 86 107 1134 80 105% 112% S 1000 e High, 101-29 102-26 101-19 102-1 103-1 107-20 1925 Loy T. S. BONDS, 100-28 Liberty 3ws 1982-47. . 10i-14 Liberty lst 4)s 1932-47.. 100-20 Liberty 2d 43 s 1927-42 101-1 Liberty 3d 4345 1928..... 101-20" Liberty 4th 41 1933-38 104-13 Treasury 445 1947-62. . Low. 95 101% 931n £38 106% 106% £0 95 1013% 102 102 1064 106 a1% S414 FOREIGN Argentina 65 A 1957 Argentina 7s 1927. Austriasf7s 1943 Belgium 63 19! Belglum 7%8s 1945 Belgium 88 1941. . Bordeaux 6s 1934. Brazil 8s 1941 Canada 658 1953. .. Canada 6%s 1929, Chile 85 1926. . Chile 88 1841. . Chile 83 1946. . Chinese Govt Ry 5s 1951. . Copenhagen 5145 1944. Czechoslovakia 8s 1951 Denmark $s 1942. Denmark t Indies 68 1962. French Govt 7% 1941...... « French Govt 8s 1945 German 7s 1943.. . Holland-Amerlean s f 63 1347. Japanese 4s 1931 Japanese 6%5 1954, ... Jergens Utd Margarine 65 Lyon: Marsellles 6w 1934. etherlands 6s 1972 i Norway,8s 1940. .. i Paris-Lyons-Med 6s 1958 Quecnsland 6 1947..... Queensland 7s 1941. Rio de Janeiro 8s 194 Sao Paulo, State of, 21, Seine, Dept of, 7s. : Serbs Crotes Slovenes ll 1’6” . Sweden 61939 . Swiss 5lis 1946.. 115'5 United Kingdom §iix 1 1047 United Kingdom 5%= 1937 INDUSTRIAL AND MISCF: 947 Amer Agri Chemical 7158 1841, 9515 Amer Smelt & Ref 1st 58 1947 Am. Smelt 1<t e 1042, .. Amer Sugar Refining 6s l!fl'l Amer Tel & Tel ¢l tr4s 1929 Amer Tel & Tel cl tr 52 1946 Anaconda Copper 6s 1953 Anaconda Copper cv deb Armour & Co 41581939 Atlantic Refining deb 55 1937 < Bell Tel (Pa) ref 55 1948. .. Bcthlehem Steel p m bs 1936 Bethlehem Steel s f 63 1943. Chlle Copper 651932 Cons Coal (Md) 1s re i Cuba Cane Sug cv ~eb 85 1930. Detroit Edison ref os 1840. . #% Du Pont de Nem 738 1931. 7% Empire Fuel & Gas 7%81937. General Elecetric deb 5s 1952 Goodrich (B F) 6153 1947 4 Goodyear Tire 8s 1931 Goodyear Tire 8= 1941. Humble Oil & Ref Indiana Steel 58 1952. . Inter Mer Marin2 6s 1941 Inter Paper 5s B3 1947...... Kelly-Springfield 85 1931. Lackawanna Steel bx 1950 Liggett & Myers 58 1951.. Manati Sugar s f 7is 1942 Midvale Steel 53 1936 ew England Tel 5= 19£ Edison 18t 6% l!ll LM & P 5s 1948 New York Tel 4155 1939 aw York Tal 63 1941 orth American !u)n €s l’!S“ Pacific Gas & 194 2 4 Pacific Tel & Tel 531952, . . 4 Philadelphia Co ref 6s 1944. Poblic Servies fs 1044 Sinclair Ol 7= 1937, Skellv_§'%s 192 1536. South Porto Rico Sugar 75 1941 I'nion Bag & Paper 63 D. & United Drus 63 1944. .. 7 € Rubber 1st & ret s 1947 U S Rubber 715831930, ... i USSteel s f5s 1953, Utah Power & Light 55 1944. .. Va-Carolina Chem s f 7s 1947. a-Carolina Chem 7155 '37 war. Western Unton Tel 6155 1936. Wilson & Co 1st 6x 1941 Wilson & Co cv 7%s 1931 RAILROA Atehizon gen 48 1990 Atlantic Coast Line 1 s Balto & Ohio gold 43 1843 . Balto & Ohlo cv 4 %= 1933 Balto & Ohio'ref 5= 1395 Balto & Ohio 6319 B&OPitta LE & W Va 4s 1941, Brooklyn-Manhat s f 6s A 196: High. 101-7 1021 108-1 Low. 100-29 10226 102-17 101-19 101-10 101-26 102226 107-20 107-2 ANEOL Canadian Northern 6% x 1945. . .. Canadian Pacific deb 4s Central Pacific 4s 1948 Chesapeake & Ohio cv 4 Chesapeake & Ohio gn 4335 1992, Chesapeake & Ohio cv 58 1946 Chicago & Alton 3155 1950. : Chi B & Quincy 1st ref 5s 1 Chi & Eastern Ill gen 58 1951, Chi Great Western 4s 1959. ChiM & St Paul cv 418 1932 Chi M & St Paul gen 435 198 Chi M & St Paul ref 415 2014. ChiM & St Paul cv §5 2014. Chi & Northwestern 618 1936. Chicago Rallways bs 1927. ChiR I & Pacific ref 4s 1934. . Chi Unfon Station 41s 1964 Chi Union Station 635 1963. . Chi & Western Ind con 48 1952 CCC&StLref 6sA1929. .. Cleveland Term 5%s 19 Colorado & Southern 4 %s 1935, Cuba R R 55 1952 Delaware & Huds 1% Den & Rio Grande con 45 19 Detroit United 4155 1932 Erle 15t con 4s 1996, Erie gen lien 45 1996 Erle cv 48 A 1953 Erie cv 48 D 1953 Grand Trunk s f deb 62 1936 Grand Trunk 78 1940. Great Northern gen b Hudson & Manhattan adj Illinois Central 5%s 1934 Inter Rapid Transit 55 1966 Inter Rapid Transit cv 78 1932. Inter & Great Nor adj 631952, . Kan C Ft Scott & M 48 1936 Kansas City Southern 3s 195 Kansas City Southern 5s 1950 4 Lake Shore 4s 1928 : Lake Shore 45 1931. . 4+ Louls & Nfsh unified 45 1940 4 Louls & Nash st ref 53s 2003 Mil Elec Ry & Lt 1st ref 5a'61 MStP&SSM6%s1931.. Mo Kan & Tex 1st 431990, Mo Kan & Tex adj 68 1967 Mo Kan & Tex pr In 5s A 1962 Missouri Paclfic gen ¢s 1875 Missouri Pacific 65 19849. ... N O Tex & Mex inc 53 1935 New York Cent deb 48 1934. New York Cent ref imp 5s 2 New York Central deb 65 1935... New Haven deb 48 1957 8 NYNH&H cvdeb 631348, N Y West & Boston 4% s 1946. . Norfolk & Western con 4x 1985, Norfolk & Western cv 65 1929 Northedn Paclfic 3s 1947 Northern Pacific 4s 1997.. Northern Paclfic ref imp 6s Ore Short Line ref 431929 . Ore Short Line gtd 55 1946 Ore-Wash 1st ref 45 1961. . Pennsylvania gen 4%s 1965 4 Pennsylvania gen 5s 1965, . % Pennsylvania 6%s 193¢ 4 Peorla & Eastern inc 4s 4 Pere Marquette 1st 65 1950. Reading gen 4s 1997 Rio Grande Western clt 43 1343 RIArk&L 4%81934... StLIM&SR &G 451933.. St L &San Fran pr In 4s A 195 St L & San Fran pr In 5 1950. StL & San Fran 6%s B 1942 St L & San Fran adj 6s 1956. St L & San Fran inc 6s 1960, . Seaboard Air Line ret 4s 1959 Seaboard Air Line adj 5s 1949 Seaboard Air Line con §s 1945 Southern Pacific cv 4s 1929. . Scuthern Pacific col 4s 1949 Southern Pacific ref 4s 1955. Southern Ry gen 48 1956, Southern Ry 1st 5s 1984. Southern Ry dev 6%s 1956 Third Ave adj 65 1960. . Union Pacific 1st 4s 1947 Unlon Pacific cv 4s 1927, Virginian Ry 1st 58 1262 ‘Wabash 1st 5s 1939, ‘Wabash 51 " Western Maryland 4s 1952 ‘Western Pacific 5 1946, ‘West Shore 1st 4s 2361, , Prev. week's Close. 964 102% 98% 86% 109% 107% 854 9T% 104 . 102% . 102% 1084 108 4T% 98% L 100% . 103% 110% 102% 102% 98l " 1024 964 83 84t 94% 999, 8514 8hly 1061 110% 78% High. 964% 103% 99% 8% 109 107% 85% 98 104% 103% 103 108% Last. Tield. 1015 331 102.24 3 80 101- 7 360 101-30 3 56 102-31 384 107 18 375 Low. 96% 102% 954 86 108 107% 84% 971 103% 1024 102% 108 108 2% Last 96 103 984 86 1084 107% 84N 97% 104% 103 108 108% 1084 4214 98% 100 108% 110% 101% 101% 97% 102% 96% 87 84 944 100% 85 85 106 110% 6% 104% 1 6% 102% 884 38% 104% 4 102' 116% 106% 1020 o81e Street Railway Probably Fares Here at Their Zenith e . Any Advance Would Increase Bus Com- petition—Bankers Ready for Con- vention—Full Program. BY 1. A. FLEMI An increase in the physical tion of the Capital Traction Co of some $10,500,000 might at first glance be constried as an Indication that higher fares in the near future ‘were among the possibilitie: However, conditions in street rail- way trafic are such that there fis every probability that the present rates mark the peak and that they will be more or less standard from this_time on. What the increase in physical val- uation- did do was to remove all fear of intarference with the affairs of the Capital Traction Co. in an effort to bring about equality in earnings be- tween the two utility companies. It will readily be recalled that Congress did consider the matter of a tax im- post on traction earnings. Now, however, Capital Traction earnings, after operating expenses and fixed charges, are running @ close race with the present dividend rate on the stock of the company. Rates Believed Stabilized. It is within the possibilities that an application and presentation of the case by the Capital Traction Co. might valua |resuit 'in the granting of higher fares. There is small chance, however, that there will be nyv such movement. This belief is based on the theory that neither of the street railway com- pantes will take any chance of forcing further bus and cheap automobile cém. petition, a competition that has already greatly reduced the revenues of both the Washington Rallway and Capital Traction companies. Bus lines are offering serious com- petition to street cars and making efforts to break in on regular routes with more persistency. In the matter of comfort personal opinfon would favor the street car in competition with bus traffic. but there are condi- tions under which the bus is a favor- ite. The fight of the bus lines for the franchise for the propos~d Chevy Chase line. down Connecticut avenue, indicated the trend of bus competition. Not a Monopoly. An increase in the physical ua- tion of the Potomac Elecfric Co.. such as was made at the time of the set- tlement for disposal of the escrow fund. or in the valuation of the Wash infton Gas Light Company, or of the Chesapeake and Potomac Telephone Co. would be an entirely different mat- tep and would be followed sconer or | later by a request for higher service rates, on the generally admitted theory that corporations are entitled to 7 per cent on their valuations. And these companies have th> situ ation so well in hand that they dare inflate cost without risk of loslng a customer. There are those who look for the Potomac Electric Co. to renew in- quiry for a return to higher rates for, current during the coming Winter, based on their greatly recently in- creased valuation. The new valuation of the Washing- ton Gas Light Company is also await ed with interest. Bankers' ("on\onlion On Wednesday evening of this week | a special traln provided by the Dis. trict Bankers' Association will take delegates, officials and guests aboard en route to Hot Springs, Va., for the third visit and the seventh annual convention of the organization. Al ready the number of reservations ax ceeds 225. by far the largest for any convention yet held It is evident that Hot Springs is the most available and desirable loc: tion for the annual conventions of local bankers, no less than for Vir- ginla bankers. The first convention was held at Deer Park. Md., the second on the il fated Midland, the third st White Sulphur, the fourth and fifth at Hot Springs and the sixth at White Sulphur. This year an effort was made to vary the program and an earnest attempt made to secure needed accom- modations elsewhere, with especial attention {o Asheville, but the com- mittee was unable to secure the accommodations at the time desired. Each annual convention has been replete with interesting and instruc- tive features appropos to the banking business Former Sessions Helpful. Each session has advanced harmony and co-operation among th men in the same line of business, reaching its highest degree in the pasl vear under the presidency of Victor B. Deyber, an earnest, capable worker, a diplomat. holding the con- fidence and respect of his associates. It has indeed been a period of in- creasing usefulness and added impor- tance to the District Bankers' Asso- clation. The executives who have managed the affairs of the organiza- tion, Mesers. Thom, Rosenberg, La ner. Harper, Evans, Haynes and De ber have all worked faithfully, each developing closer unity between the bankers, while programs of rare ex- cellence have been rendered for the edification of the fraternity with new methods of doing business resultant. The social and amusement features of the convention have grown in im- portance with each gathering of the clan. Golf, tennis, bridge and swim- ming tourneys are held for the ladie: golf and tennis for the men and the family dinner, a joint affair, held ‘on the evening of the final day of the convention proper, has been a matter of keen enjoyment to all. Splendid Reports Given. Appointment of committees by the presiding official has always brought the best possible work out of com- mitteemen, indeed, some of the reports have been marvels of thorowghness and research. The method of rotation in office in vogue in the association has resulted in making men familiar with the work of the organization: has especially fitted them for each stage of eleva tion from secretary, through to vice presidencies and into the chief execu tive's chair ready to succeed, pre.| pared fully for the work ahead. Victor B. Deyber steps down and out after this convention, while Frank G. Addison. a capable min, succeeds. and Howard Moran, a splendid work- er. steps into the vice presidency-. ‘Will Spaid. well liked and deeply ad mired, assumes the vice presidential duties. while a new secretary will be elected. Thus the trainirig of officials is continuous. Full Convention Program. The_ business sessions of the con- vention, all of which will be held in the forenoon, follow, in order, in their entirety: First session, June am., Victor B. Deyber P Idhl —*The Star Spangled Banner,” fnvocation by Father Washington, appointment and report .of committee on credentlals, roll_call, opening address by Victor B. Deyber, greetings from American Bankers' Association, address by Hon. Louis T. McFadden on “Banking Legislation ~Before Congress,” dis- cussion, led by Robert V. Fleming: appointment of committee on resolu’ tions. presentation of resolutions with- out debate. appointment of nominat ing committee, announcements, ad journment. Immediately afrer adjournment the vice president« for the District sof Columbia of the various sections of ithe American Bankers' Association will convene their respective sections, namely: Trust company, savings bank national bank, State bank. Second sessiol June 26, 9:3 Francis G. Addison, jir., Invocation by Rev Dr Ward, call, annual resume of the activities of 'Washington Chapter, American Institute of Banking, by Harold W. Burnside, assistant cashier, Farmers and Mechanics National Bank (past president, Washington Chapter, Amer ican Institute of Banking); address by | George 1. Seav. governor, Federal Reserve Bank, yiichmond, Va.: essay contest, conductdd by James C. Dulin, Jr., assistant tr rer Amer n Se- | curity and Trust Co., subject: “Oppor. | tunities for Emplovers to Gain New Business and Creatc Good Will for the Bank", discussion, led by Victor | B. Deyber. report of protective com mittee, presentation of resolutions without debate, announcements, ad. | journment. Third seasion, June . 9:30 Howard Moran. presiding: invoca tion by Father Washington, roil call. Committee reports. discussion to fol- low each: Auditing committee, com- mittee on standardized banking in surance, committee on law and legis lation, committee on commercial trade activitles, committee on relations with the Treasury Department, com mittee on unprofitable business. Recess—convening of Bankers' Assoctation members, Wil mer J. Waller, vice president for the District of Columbla of the Ameri can Bankers' Assoclation, presiding. Election of American -Bankers' As soclation—A vice president of the American Bankers' Assoclation, 1o | serve one vear, to succeed Wilmer J. Waller; a member to serve on the | nominating committee; an alternate member of the nominating committee; vice presidents for the District of Columbia, to serve for one vear, for the following divisions: Trust com- pany division. savings bank division, national bank division. State bank division. Adjournment, American Bankers' Association meeting. Reconvening of District association Victor B. Devber, presiding: roll call. reading of the minutes of the last meeting, report of the secretary, re. port of the treasurer, report of the council of administration, unfininshed business, election of officers of the District of Columbia Hankers' Asso. ciation installation of officers, ad- journment. Rallway Dividends. The 20 per cent declaration on the common stock of the Washington Railway and Electric Co., was dis- appointing to the few stockholders other than the North American Co. contingent. which of course was sat- isfied—and probably dictated the distribution. Some holders of pre- terred stock anticipated something from the escrow fund, but their chances were always decidedly slim. It looks more and more as the days 20 by as if the North American Co a.m. with it the Potomag Elecrtic Light and Power Co., owned by the forme by the acquisition of nearly all majority at least, of the $6,500,000 common stock of the former corpo- ration. Not an expensive purchase by any means, considering the fact that 750,000 face value was purchased around $61.50 a share and the rest on the road up to the present high point. Time alone will develop whether or not the recent investigation of street railway conditions here will further the street rallway merger proposition so much desired by the Commissioners and by all Washing- tonians. It all depends on whether the North American Co. wants it. MOTOR MOVE IS DENIED. General Motors Not After Knight Engine Rights. NEW YORK, June 20 (#).—Charles Y. Knight, inventor of the Knight motor, said, on his departure for Eu- rope 'today, that Willys-Overland plants were turning out 330 cars a day, and were having difficulty to catch up with orders. General Motors Corporation had made no ap- plication for a license for Knight Motor as was reported, he said. Yellow Cab Co. of Chicago and the Chicago Motor Coach Co.. however, were turning out all of their products under the Knight Motor, which are being manufactured on patents of the Moline Knight Co. Financial Highlights of Past Week Brought Out in Nutshell by Statistics Special Dispatch to The Star. NEW YORK, June 20.— Stocks (average of 50 issues) Bonds (average of 40 issues) Foreign bonds (average of 10 issues) Federal reserve ratio. Money rates in New Yo Call Time Unfilled steel orders. Pig iron production Building permits: Number of cities Amount Commercial failure Number . Liabilitles Revenue car I All commodities Grain and grain products Coal and coke ¥orest products uucenanenu- products Ore Month of May, 1925 $393,923,45] Il $37,0265562 Week of June 6, | bacco | American had acquired control of the Washing- | Ihe(mn Railway and Electric Co., and | This week. High. Low High. "~ Low. 11228 111.2 11133 110.27 This week. Last week. .. 84.80 84.33 .. 102.66 102.82 This week. Last week. Year ago. 76.3 76.3 82.1 This week. Last week. 3% 3% to4 3% to4 3% to 4 Month of Month of Apr., 1925 May, 1924. 4,446,568 3,628,089 108,632 84,358 365 365 $457,169,969 $340,124,492 1,939 1,816 $37.188,622 $36,590,905 . Previous week. Year ago. 910,793 39,145 151,266 69.423 417,950 (13 30,877 Last week, 4,049,500 94,542 365 1,767 338.043 60,056 25,161 TOBACCO MENACED BY LONG DROUGHT Growth Seriously Retarded in Maryland—Crop May Be Two-Thirds Smaller. Speeial Dispateh to The Star BALTIMORE, June 20. The Mary land tobacco crop I& being retarded by the dry spell, which has continued almost uninterruptedly since last Feb. ruary 1 Letters received by James H. Spencer. head of the local Weather Bureau, indicate_that unless there is rain soon in St. Marys County, in the heart of the tobacco-growing section, this vear's crop will be scarcely one- third of the county’s usual crop. At the same time reports received from Anne Arundel, Prince Georges, Calvert and Charles Counties by the Maryland Tobacco Growers' Associa- tion indis e that planters in those districts have refrained from setting out most of their plants because of the arid spell. Ripening Will Be Late. This will delay the ripening of the weed, according to George Saches, jr.. of the association, who was inclined to take an optimistic view of the sit- uation. not been held back long enough to affect its production materially. He pointed.out at the sume time that this year's production will not reach the market until next Summer and thut « shortage would not he felt until that time if the crop falle below normal Heavy Shipments Abroad. Mr. Spencer, in calling attention to the communications from St. Maryvs County, stated that a shortage in 10 production in Maryvland would be felt greatly abroad, inasmuch as tobacco grown in this State jx great demand among English French consumers and with the ted Money to Loan Joseph Wash. L. & Trost 'weue 9th & ¥ N. WE FINANCE Ii —sll classes of income-producing property. | Large Loans a Specialty | 1 Current int. rate and commission. Higbie & Richardson, Inc. 816 15tk St. N.W. When You eedl ou Think of WELCH Loan Specialist Money to Loan At 51,% and 6% INTEREST First Trust Note For Sale Amply secured by fine home on Bryant St. N We can't think of a safer or better investment. paying 61 %.. than a first lien on this desirable property. Other First amounts from $25 iired by The same hizho G properties Chas. D. Sager 924 14th i HOME OWNERS Can Secure LOANS Up to $500 In THREE DAYS Fidelity Guannky Co. little uil de type When You Have Funds to Invest, Consult WELCH, Loan Specialist Established 1890 637 and 77 Real Estate Notes for Sale in Amounts from $250 up to $1,000 or More. Consult Welch, Realtor Loan Specialist 15th & N. Y. Ave. Main 4347 Reference: Bank, Trust Co. or Title Co. in the District. ' No loss 16 an investor In 25 years. Avoid loss of interest B reservingyour July invest- ments in advance you can arrange to have the interest on your new investment start the day yourold investment matures. You may make your selection now from current offerings of 7% Smith Bonds, and no deposit will be required toreserve the invest- mentyouchoose for July: delivery. 7% First Mortgage Bonds are available in denominations of $100, $500 and $1,000 and in maturities from 2 to 15 years. Mail the coupon for descriptive circulars. Neo Loss to Any Investor in 32 Years The F. H. Smith Co. Founded 1873 818 Fifteenth Gtreet--Main 6464 York Washington, D. C. Pituburgh Philadelphia lis So far, he said, the crop has | in| $50,000,000 Morgan Credit Is Now Said ToHave Aided Lira By the Associated Press. NEW YORK, June 20—The collapse of the Italian lira during the week to the lowest price in four years at 3.55 cents, and its subsequent rally of about 30 points toward the close of the week, attracted widespread com- ment, Unfavorable trade opera- tions, including heavy purchases of Argentine wheat by Italy, un- doubtedly contributed to the de- cline. Coincident with the announce- ment that Ttaly would begin debt funding negotiations with the United States there were indica- tions that the recovery in the cur- rency was helped along by judi- cious employment of the $50,000,- 000 Morgan protective credit. BUTTER PRICES HIGKEB CHICAGO, June (#).—Butter— Higher; receipts, 19,392 tubs; cream- ery extras, 421.a42%; standards, 42 r : firsts, 38a39; se . Eggs—Higher; receipts, firsts, 29a29%; ordinary storage pack extras, 31%; Cafrits First Mortgage And Are Isswed Mortgage CAFRITZ MPLE 735 15th Street N.W. The New York Life ;lerland, otes ! Amonnts of 5100 te 55000 Phone Service Ui WHEAT PRICES DECLINE. Speculators Throw Contracts on Saturday Market. CHICAGO, June 20 UP.—Specu- lative selling brought about a decline in wheat prices today during the last hour. To a large extent, the selling was based on the fact that the market showed a bulge of 9 cents from the low point of the week. Closing prices on wheat were heavy, % to 2% net Jower, July 155 to 1.55% and Sep- tember 1.53%3 to 1.53%. The corn market turned downzrade with wheat. Weather conditions were generally favorable for the new corn crop. Corn closed weak. % (o 13, net lower, September 1.08% 1o 1,087, . FOREIGN EXCHANGE. NEW YORK, June 20 (®).—Foreizn exchanges steady; quotations, in cents Great Britain, demand, 485%; cables, 4861;; 60-day bills on banks, 4833 France, demand, 4.71%%; cables, Ttaly, demand, 3.84; cables, | Demand: Belgium, 4 |23.81; Holland, Sweden, 26.7 19.42; Poland, 19%: Czechoslovakia, Jugoslavia, 1.73%; Austria, 143, mania, 1461;; Argentina, 40.25 11.10; Tokio, 40%; Shanghai, Montreal, 100 1-64. WHY not choose your mortgage broker with the same degree of care that you exercise in selecting the family doctor? Wise and prudent investing of your savings is next in importance to the comforts of good health. Are Paying ;% C. L. O'DONNELL, MGR. Department COMPANY il 9:00 P.M. We Have FUNDS For Large Loans 51/2% On Improved Property in the District of Columbia WEAVER BROS. Main 1821 Insurance Company Offers 10 Make First Mortgage Loans Houses Business Properties MoRTGAGE Lean oN+1321 Gommecticut Hoe nue, on Improved Real Estate the District of Columbia and Suburbs for 3. 5 or 10 Year Periods Apartments Office Buildings 5%% ON APPROVED SECURITY Apply RANDALL H. HAGNER & GOMPANY GORRESPOND TelyphomeSzin 9700, T Qwer a 612% Ouarter of a Century Without a Loss B. Main 2100 For conservative We shall be glad to make recommendations. investment place vour surplus funds in our FIRST MORTGAGES CO. 15th St. N.W.