Evening Star Newspaper, June 27, 1925, Page 23

. for consum $50,581,000; partly manufactured goods, F WEEK SEES SAVIG FNEARBY CROPS Fruit and Vegetable Supplies Now Assured—Meat Prices Very Steady. Rains the past few days were of more interest to fruit and vegetable dealers than anything that has hap- pened in recent years. The long spell of dry weather had virtually ruined the strawberry crop and retarded the progress of other varieties of small fruits. Practically every variety of green vegetables suffered from the heat and dry whather, making it necessary for dealers to handle vegetables from a distance later than usual. This week’s wet weather came to the res- cue of corn, potatoes. tomatoes and other vegetables, and growers are correspondingly happy. In the meat market an increase in the price of pork products was the principal change. Veal was cheaper, while beef and lamb prices remained practically stationary. A slight decrease in poultry prices was' the interesting feature of that branch of the market. Butter and egg prices remained unchanged. Today's Wholesale Prices. Butter—Fancy, tub, 51; prints, store packed, 28a30. Eggs—Fancy, selected, candled, 33; average receipts, 31. Poultry — Alive: Spring chickens, large, 45; small, 40: Leghorns, heavy fowl: 15; to 175; turkeys, 25; geese, Dressed: Spring chickens, large, medium, 48a50; small, 45; turkeys, 30; ducks, 20; geese, 15. Live stock—Calves, 814; Spring, 1612; hogs, 12 Meats—Beef, 17a18; veal, 15; Spring lambs, 30a3 1% loins, 31a 32; hams, shoulders, 18a20: smoked ham: smoked shoul- ders, 1520 Fruit and Vegetable Review. Today's market report on fruit vegetables (compiled by the Ma News Service, Bureau of Agricultural conomics)” said: Cantaloupes—Supplies liberal; de- mand moderate, market about steady; California, Imperfal Valley, Salmon Tints, standards, 45s, best, 4.25a4.50; some soft, overripe, 3.00a4.00; stand- s, 3.0024.00, according to condi- tion; jumbos, 52; lambs, ; overripe. Honey . 47s, 5.50a6.00; ponys, 128 and 15s, 2.00. Cucumbers—Supplies moderate; de- mand light, market dull; Virginia, Norfolk section, hotbed stock, hold overs, bushel hampers, 2.00: North and South Carolina, bushel hampers. No. 1. 1.50a1.75; No. 2, 1.00al. Lettuce—New York, supplies mod: erate; demand light, market dull; New York, 2-dozen crates, Big Boston type, wide range quality and condition, best, 1.50a2.00; poorer, 25a1.25; Wash- ington, supplies light; demand mod- erate, market steady: crates, Iceberg type, 315-41 dozen, 6.50, few higher. Peaches Are Cheaper. Peaches—Supplies moderate; de- mand moderate, market slightly weak- er; Georgia, Hileys, medium size, mostly 3.25; small size, 2.25: 4 North Carolina, 6s, Early Rose, large size, 3.00a3 medium size, mostly 2.50; small 1.75: Arps, trading slow, medium size, 1.50a2 Carmens, medium 00a2.50. Potatoes—Supplies ' moderat: mand light, market fairly s 3 North Carolina and Virginia, Norfolk section, cloth-top stave barrels, Irish Cobblers, U. S. No. 1, 4.7525.00. Tomatoes—Supplies moderate; de- mand moderate, market firm; Missis- sippi, 4s, turning, wrapped, No. 1, fair condition, 1.65al. turning. wrapped, No. 1, 1.90; Florida, 6s, ripes, wrapped, fancy count, 5.00; choice count, 3.50a4.00. Lima Beans Sell Lower. ‘Watermelons—Supplies liberal: de- mand moderate, market fairly steady; sales direct to retailers, Georgia and Florida, Tom Watsons, 34-36-pound average, mostly 1.00; 30-32-pound aver- age, 90; 26-28-pound average, 60a75 String beans—Supplies light; demand moderate, market steady; Virginia, Norfolk section and North Carolina, bushel hampers, green, 2.00a2.50. Green corn—Supplies liberal; demand light, market dull; North Carolina, 2 124 crates, ordinary quality, 1.50; poorer, | 50a1.00. Lima beans—Supplies moderate; de- mand light, market slightly weaker; Florida, wide range in prices, best mostly 3.50, ordinary condition low as 2.00. RAW PRODUCTS LEAD U. S. IMPORTS IN MAY Totaled $104,164,000 for Same Month of Last Year, Report Shows. Raw materials for use in manufac turing constituted the largest item of the country’s imports for May, while on the export side manufactured zoods made up the largest total and accoun ed for 45 per cent of the entire May export. Commerce Department May with comparisons with M; follow Imports: figures for 1924, Raw materials for use in manufacturing, $135,737,000, against $104,164,000: raw foodstuffs, $34,168, 000, against $37,484.000: foods ready tion, 896,000, against 00: fin- 892,000, $56,206,000, against $48, ished manufactures, against $61,677,000. Exports: Raw materials for use in swenfacturing, $65,640,000, against $77,-| $35,626,000, | 047,000; raw foodstuffs, against $10.638,000; foods ready for consumption, $41,161,000, against $37,- 452,000; finished manufactures, $16; 057,000, against $147,348,000; partly manufactured goods, against $53,103,000 FINE CHANCE TO SELL MOTORS IN EUROPE SEEN NEW YORK, June 27 (P).—W. R. Angell, executive vice president of the Continental Motor Corporation, sees excellent opportunities for increased business in rope. Negotiations have Been opened with makers of sev- eral of Europe's best known cars, the fleld there being particularly good with bus manufacturers as new lines are being instituted in England, ¥rance and Germany. e believes the company would largely from this business, re is no duty on gasoline motors +o. industrial purpose: CLOTH MARKET STRONG. NEW YORK. June 27 (Special).— The market for cotton cloths was strong and active today although standard print cloth showed little change in quotations. Raw sflk con- tinued its upward trend on firmness Iocally and in the Orfent. A general advance of 5 cents a pound was re- corded In all grades. {ther curtailment. $135,737,000, Against| $58.938,000, | INANCIAL. BY WILLIAM F. HEFFERNAN. NEW YORK, June 27.—The forces working for higher prices held the upper hand in the closing session of the week on the curb exchange. Gen- aral Gas and Electric {ssues, how- ever, were exceptions to the tendency, but this was wholly due to the fact that the stocks had advanced rather sharply during the last few days. One of the outstanding features was the persistent demand for stocks of NEW YORK, June 27.—Following is an official list of bonds and stocks traded in on the New York Curb Market today: Sales In thousands. 1 Am Roll Mi 10 Anaconda s . 6 Asso Sim H 6 TAUGEW IS 8 1 Beaver Prod 7T%s1068% 5Bell T Can Bs A 99% 10 Beth Stecl 79 '35 103% 1Cit Serv 78 C . 123 10 Cit Serv 7s D. . 101% 14 Git Serv P & 1 s, 0314 Cons G Bal 58 F. 1001 11Cuba Co N J 6s.. 905 3 Detroit Cit Gas 2Dunlop T & R 5 Fed Sug 6s ' 1Gen Pet 68 OS2 o B BEROSBEBBIN LD SBIBAN DO DDBE BEAR PF FR SRS rEeR F 250000095 woonsnEeSDSBERSS! PR R DO BES B IARD S BIR ARSI FALIEE Sooooo95wsoDI0E0D 500N DS! = e o Webster Mil 6%s 98% FOREIG) 2 Alpine M S 1King Neth 6 10 Krupp Fried L 7s 91% H1% 8 Muni Medellin' 8s 98 * 08 1 Siemens-Hal 78 28 961 083 1 Siemens-Hal 7s 35 95 " 95 5 Solvay Co Gs 34 B103% 103% 18 Toho Elec Pow 78 0% 90% STANDARD OIL ISSUES. 45% 45% Sales in units. z 100 Atl Lobos ptd. . 60 Buckese P L 1000 Contl Oil new.. 20 Cumberland P L 141 10 Eureka P L. 1400 Humble D & SOMT P~ o 1700 Intl_ Pet Co " Li 20 Magnolia Pet 700 Prairie O & 170 Prairie P L 10 Solar ‘Refin 30870 1nd... 2008 0 Ky 0l sp0s o X ¥ 08 400 Vacaum OLl . Sales INDEPENDENT OIL STOCKS. in hdrds 30 Am Maracaibo C '10% 5 Ark Nat Gas . 84 5 Canily Synd 3% BCit Serv new 4 Cit Serv pt B 10 Columbian _Synd. 4 Creole Synd i Crown C P " 8 Euclid Ol Co 17 Gibson Oil Cor. 3'Gulf Ol of Pa 10 Lago Pet 3 Mount_Prod 1. . PROSPEROUS ASHALF YEAR ENDS Auto Output Slows Up—Oit Trade Gaining Every Day. Retail Sales Fair. w o Py BodunilnaBuas Benbtead 3 o FEH F R AR N 8 9 BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, June 27.—Preparations ! for winding up the fiscal year and for the Independence day break in com- merce and industry have been in evi- dence during the last week. This has been a thoroughly normal develop- ment and does not reflect any lessen- ing of business enterprise or pros- perity. As one big contractor put ft, “It is the breather which gives a man a chance to spit on his hnads before he tackles the last half of the year.” Steel production in Pennsylvania and Birmingham continued at a steady rate, but mills irf the northern Ohio and Chicago districts, showed a fur- Steel men declare their difficulty s not in volume of business booked, but in the low level of prices. Auto Makers Cut Output. Some automobile factories are com- mencing to reduce output, as is cus- tomary at this season, but others are | pressing production and are behind in | deliveries. | tion is indicated by the fact that in- The firmness of the situa- dustrial employment in Detroit in the last week rose 1,072 to a remarkable total of 240,927 workers. This {8 & | gain of 43,000 since January 1, and mpares with 200,000 a year ago. he mnon-ferrous metals gained no ground. Copper was affected by sales {abroad by German dealers at figures below the American level. Automobile tire production in the Akron districts continues well over 100,000 casings a day. With crude rub- ber up around 85 cents a pound, there is every indication that there will be | another advance in tire prices, rang- ing from 5 to 10 per cent. Demand continues heavy, with no sign of slack- ening. 0il Conditions Improve. Oil has bettered its condition dally. Production is showing a decided drop and consumptidn of gasoline is ex- tremely heavy. The drop in produc- tion is due primarily to the slackening of the flow of the Smatkover wells, the peak in that fleld apparently hav- ing been definitely passed. The coal situation shows little signs of betterment. Appeals by dealers in both anthracite and bituminous, urg- ing householders to put in Winter sup- plies, have brought out little response. ‘Wool Market Much Stronger. One of the most striking develop- ments of the week has been the ‘im- provement in wool sales and prices. There has been a_decided advance in quotations in the Boston, Philadelphia and Chicago markets, and sales on the range have been at substantial in- creases over recent bids. The mills are taking more wool, and there is anticipation in trade circles of a betterment in demand for worsteds. Early Wheat Brings $1.65. The weather has not been particu- larly favorable for the grain harvests, but the threshers are following the cutting crews steaedily northward. Farmers in some sections are getting around $1.65 for their wheat at the thresher, or 35 to 40 cents more than they received last year at this time. The political disturbances in the Orient and along the Mediterranean have not proved potent factors in the markets. Improved reports have been coming from Texas as to the nrospects of the cotton crop, which some experts now v THE EVENING NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office electric retrigerator companies, nota- bly Niser Corporation, which was quoted above $53 a share, and Kel- vinator. So much has been said about the expansion which has been going on in the industry that it was not surprising that this class of stocks should have continued in demand even at prevalling prices. The ofl shares were not particularly responsive to the announcement that the Texas Co. had advanced quota- tions 25 cents a barrel on most grades of crude ofl. 20 Noble Oil Gas.. .11 1Peer Oil Corp. ) 2 pennok 01l Corn, 2 Reiter Foster Ol Bank Oil... 36 Sun Off . 3 Tide W O We TS RE ¥ FEELD Venezuelan Pe ‘ent States Oil.. .20 Wilcox O & G nw 30% INDUSTRIALS. irond Pow ... 8 ed Pack new. 0% T, & Teae 171 Fow &'Lt 0 apz Bayon Prod, 4’2;‘ m Superpow B riz Power & Lt 31 Co is 1 1 1. 1 s comesears E8L.EREER.E ho oo taeon E3. 2051 1 B ] 2 3 0 3 u’ A1 T e E DD M ABOD 388 it eht Sk tort i chteto e st P b o FFETER 3303 mm s ar s E S oS Rmo » & 3 Cuba C Curti 3 oD i T LAt JHTFS R IR 3 - 25 P 5 1 Tnvest Inc.. Fureka _ Vacuum Frang Mfx Co.. Frang M 'Cpf Freed Ewe R C. Gen Gas & Elec.. 1 o) ezt Hiefitte T3 mte: [ s SR 163 Goodyear 42 Happiness C 2 Happiness 4 Hazeltine 8 Imperial Tobacco 1 Int Contl” Rub. Intern Util B... janes Radio. elvinator C_ . b R Ch Stra . ek SHIaEE e & geEr o i oo o v EERRE ety FELTEE oA D pasanomorEoLn S & TEIFENSR K222 = s Motion Pic Cap € c, Master C. B2 S oniomt o SRR B. 5] 3erv El Corp A, 3 Sicon Raa'V e 3 Southeast P & L 0N 6 South Calif Ed.. 1 14 St. Reg_Pap £ St "o 2 & Homass e obo i Pft Shar .. Ul P & L C'A Cniver Pic C Vic Talk Mach Warner Bros P A West_Pc o NY ow Yel Taxi C MIN 3 Canario_Cop 3 Chino Ext M 0 Cortez Silver 0 Eng GId M Led T 0 Eureka Croesus_. . 30 First Thou G M § Hecla Ming . . or Rt TR PRt ek By NS 7 Kerr Lake . 43 New Mont Min 10 Parme Por M Ltd 10 Piymouth Lead M 2 S0 Am Gold & P 20 Spearhead Gold . 10 Tono_Extens ... 4 Uni Verde Ext.. 7 Unity Gold o 15 Wenden Cop {COTTON PRICES FINISH WEEK AT HIGHER LEVEL | Liverpool Cables and Texas Dry Weather Are Chief Sat- urday Factors. By the Associated Press. NEW YORK, June 27.—The cotton market opened firm today at an ad- vance of 15 to 22 points on renewed Il:rnernl buying, inspired by higher iLl\'?rpOol cables, apprehensions of continued dry weather in central Texas and rather more encouraging | reports from the domestic goods trade. October contracts sold up to 24.00 before the end of the first half hour, |a net advance of 25 points and a re. covery of $3 points from the low level {of Thursday. Realizing checked the | upturn at this figure, but prices held steady. New York cotton futures closed steady at net advance of 3 to 14 points. o R4-R7 94-96 January .. 30 March Opening—July. ~ 23.05: Decgmber. 24.05: January. New Orleans Quotations. NEW ORLEANS, June 27.—Good Liverpool cables and news of no over- night rains in the belt were respon- sible for an active and firm opening of the cotton market today. First trades were 13 to 22 points higher, and later in the morning October ad: vanced to 23.46 and December 23.62, or 23 to 25 points above the previous close. . The market then quieted down and eased off slightly on reports of rain in central and southern Texas." New Orleans cotton_ futures clo, at et 5 points up o 1 down, cl0%ed steads i SEw) July .. October Decemter January March Opening- December, 23.70. $1,000,000 CONTRACT CLOSED NEW YORK, June 27 (®)—Int.r- national . Combustion Engineering Corporation is understood to have virtually closed a $1,000,000 contract with the New York Edison Co. for furnishing, and installing furnaces and fuel equipment for the new Edi- son plant in New York City. The contract is said to be the largest of its {kind ever awarded. —_— expect to exceed that of 1924 by a big margin despite early drought. Some of the New England cotton mills are preparing to extend the July Fourth vacation owing to lack of orders. Raw silk prices have shown firm. ness both here and In Yokahama. The shoe industry did little more than maintain its pace. Rallroad Travel Heavy. ‘The volume of vacation and tourist travel is getting into full swing, and reports from tourist centers in the west indicate the number of visitors will be well above that for last year. Movement of revenue freight also is heavy and the carrfers apparently have their equipment in excellent shape. Retail Sales Fair. Pre-inventory sales held during the j week were thoroughly satisfactory, laccording to- reports from scattered sections, but the volume of retail trade in general has been only fair. Some of the most encouraging re- ports of conditions eome from the Northwest, where a prosperous out- look is reported all the way from Michigan to the Pacific. Many High Records Feature Week’s Advance in Stocks| Market Reaches “Risky Stage” as Public Joins Buying Side—Trade Reports Vary Widely. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, June 27.—The stock market has had the best week since the close of the Winter. It has shown increasing interest on the buying side, larger and more numerous advances in selected stocks and many high rec- ords. All this points to an expanding outside participation in what is going on in Wall street. The forward movement has per- sisted In_face of the rise in money rates to 5 per cent, which represents, not a new top, but a return to the highest of the year. Probably the money advance is simply incident to the collection of funds needed for mid- vear disbursements; therefore s only a temporary factor. Still it ealls more attention to the enormous volume of present Wall street loans, a volume estimated to be greater even than that of 1920, and certainly greater than that of the big speculation in the war vears. 4 The upward turn in money, whether or mot it proves transitory, has a dampening effect upen the {nvestment market. United States Government securities came down at the close of the week, after having reached in some instances new high figures at the outset. In proportion as the foroe of the investment background is taken away the stock market position assumes a less secure appearance. Market More Speculative. There was nothing at the close of the week to indicate that operations for higher prices were nearing an immediate conclusion. Still they aid assume a more artificial, a more highly speculative aspect. Of course, even a very speculative market can g0 ahead far beyond the bounds which conservative sentiment would sanction. The point which good Judges are making about present conditions is that they have not reached the stage whers suspension of activities on the buying side is predicated at once, but that they have entered the risky stage. Motor Mergers Expected. So far, rumors of consolidations in the automobile fleld have been de- nied. But there are many who think competition, the ultimate sequel will be a concentration of motor produc- tion into larger units after the same fashion that the mergers in the steel trade were put through in the first few years of the twentieth century and again in 1922-23. In the mean- time, the automobile producers as a rule are far better situated tham the steel producers were 25 years ago, because they hawve no excessive capi- tal to live up to and are able to do business at comparatively high prices, provided they can keep their produc- tion going the way it is now. The general business situation con- tinues a good deal mixed. New orders MAY PHONE INCOME LOWER THAN APRIL Operating Earnings, However, Are Above Same Month Year Ago, Report Shows. Net operating income of the Chesa- peake and Potomac Telephone Co. for the month of May, according to fts report filed today with the Publio Util- ities Commission, was $121,402, a drop from the previous month, which show- ed $149,152 for the same item. It was an increase, however, over the same month of May last vear, when the company’s net operating income was $118,136. Net_income for.May was given as $119.436, as compared with $146,584 for April and $119,134 for May, 1924. Net operating revenue for May was §162,155, as compared with $193.070 for April.and $156,623 for May, 1924, Plant and equipment added during the first five months of 1925, the com- pany said, totaled $1,026,073.80, while there were retirements of $351,674.41. Total operating revenue for the month of May was $535,665, as com- pared with $541,305 for April and $502,934 for May of last year. Total operating_expense was $376,310 for May, 1925, as compared with $348,- 235 for April, 1925, and $346,311 for May, 1924. LABOR GREATLY NEEDED. MIAMI, Fla., June 27 (Special).—An acute shortage of common labor in the building trades is evident here and in other large Florida cities where con- struction is now extremely heavy. High wages are attracting considera- ble labor from Georgia and Louisiana. et OTIS STEEL'S NET PROFITS. NEW YORK, June 27 UP).—Otis Steel reports net profit of $959.964 after taxes and charges, but before depreciation, for the first five months of 1925, against a deficit of $121,785 in the same period of 1924. Net profit for May was $328,564. FOREIGN EXCHANGE. (Quotatiors furnished by W.B. Hibbs & Co.) Nominal checks cola Fatne, Skt London. pound 8 Montreal. dollar. Paris, franc . Bruasels. franc. Berlin, mark. Rome. lira Zurich. franc: Atheng. drachma Madrid; peseta Vienna. crown Budapest. crown.. Prague. crown. Warsaw. zloty. Copenhagen, crow Christiania, . Stockbolm. crown TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ————=Close. Ofter. 81-3% g iE: 4 3 101 i 1 S 145 Mhion %5 3 4135 Dec. 15, 1927, 16 GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) Bid. " Axked. GerGt (win) s 1014-18 926.00 I ambu s R S8 o MHorced ioan) 11 (Quoted in dollars per thoussn Ger Gen Elec 4348 pre-w 20.00 Ger Gen Elec 438 1919. 2, Berlin_4s_pre-war...... Ham 3s. 3%8 & 48 pre'w Hamburg Amer Line 4348 North German Lioyd 413 North German Lioyd. ... Prussian Consols 3% Krupp 58 1921......... Dusseldort 4s pre-war... . Frankfort a-M 4s pre-war Munich 4s pre-wi = Badische Anilin AEG (Ger Ge Commerz and Privat Bk Discouto Gellachatt. .... . Dreadner Baok. % Deutsche Bank Darmetaedter G Mercar Bank Vienn: ‘o ™ 050! o SRS ena S8 BBRE323338k333kE 80 L3101 s P R ] fma HERBELNE, o & The sum of $45.000 has been by a motion picture concern fe exclusive privilege of talking a the famous casino at Monte oy that under the pressure of | 338282558882~ 848! are increasing at the steel mills, but prices remain unsatisfactory. With copper, the fact that the price ad- vance of a week ago did not keep on has not been encouraging to owners of copper securities. The oil trade has seen some further advances and 1s hopetul of more. Another raise in tire schedules is indicated for the first of next month. The grain markets are waiting for de- velopments In the crop situation. Where cotton has improved, it has been on the weather news rather than on ‘the picking up of the demand. Speaking of the cotton goods Industry. Dun's review refers to the additional declines which have occurred in some branches of the trade as “further nar- rowing manufacturers’ profit mar- gins.” Sugar Prices Sagging. The sugar industry is another doubtful spot, with fresh sagging of prices toward the end of the week. The market is confronted with the huge crop from Cuba,” estimated at over 5,000,000 tons. The stadement is also made that the low prices are ap parently not discouraging production and that preparations are goiwg for- ward for another big harvest next season. The main consideration which keeps the market steady i» the wsual economic rule that low selrmg prives stimulate consumption, and tie sog- sestion is that the prospective zreat output of sugar this year will bs at least in part offset by a larger de- mand. ‘Why Franc Is Declining. ‘What is to be sald on the subject of French finances more than has been sald very many times during the last three and a half years? Part of the world recognized as long ago as 1922 that a state of inflation existed which was constantly getting worse. An- other part of the world refused to see this, and every time the franc went down attributed the decline to “‘manip- ulation.” Now no pretense is made that this fresh downward plunge in the franc i8 due to artificial pressure brought about by the enemies of France, or else by selfish commercial interests. The franc is going down, first, because of the great inflation which has finally been admitted in the government's account with the bank and in the paper note circulation and, second, be- cause of the candid assertion from the highest sources that the budget has not really been balanced. Italian Situation Different. The Italian situation is different from the French, although it is true that the lire has falien to minimum figures. In Italy’s case there are some adverse economic causes at work such as the faflure to fund the foreign war loans. But the suspicion is that, joined to these, are certain political con- siderations which are at present some- what obscure. (Copyright. 1925 EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. EMPLOYE INVESTORS. The number of large railway sys- tems which are now encouraging and alding their emploves to become se- curity owners in the, companies for which they work is 14. Some of them help their employes to acquire com- mon stock, some of them to buy pre- ferred stock and some of them to take bonds. The Lehigh Valley was the first to inaugurate a stock ownership plan for their employ The Penn- sylvania at this writing has the larg. est number of employes registered as stockholders. The advantages of this method of interesting railway employes in rail- way securities are obvious. The pub- dic utilities have been doing the same thing a long time along with their scheme of selling stock to their cus- tomers. In the industrial field the suc- cess of the United States Steel Cor- poration’s plan toward atding its workers to become partners in the business is well known. So far the railroads have not extended this idea to their customers except when the New Haven financed a bond refund- ing operation by selling new securities to manufacturers and business men located along its lines. One point, however, should be made clear, and that fs that the employe, whether of a railroad, a utility or an industrial organization, who purchases securities of the company by which he is employed takes exactly the same kind of {nvestment risk, no more and no less, as does the outside investor. The employe has the advantage of be. ing in closer touch with the operations of his company, but sometimes that closer touch obscures his view as to the investment setting of his security. In other words, the emplove ought to understand when he buys stiock, for instance, that he is on the same foot- ing with the outsider as far as ghe re. turn from his investment goes. The same rules apply to his investments :V.rllrio wl u:; outsider. This {s not en to discourage buying of se- curities by employes, but merely to make clear the nature of the invest ment. (Copvright, 1925.) MINING EXCHANGE DOOMED. COLORADO SPRINGS, June 27 (Special).—The Colorado Springs Min- ing Exchange, established in the boom days of Cripple Creek, is considering discontinuance. The directors feel that business does not warrant the continuation of operations. TIRE MERGER COMPLETED. NEW YORK, June 27 (#).—Lee Tire and Rubber Co. having completed its consolidation with the Republic Rub- ber Co. of Youngstown, whereby larger economics were effected, is now operating on a profitable basis, Vice President Garthwaite said today. Current sales are the largest in the last two years. ROAD TO SPEND $1,260,000. NEW YORK, June 27 (®).—The Missour! Pacific will spend $§1,260,000 to install block signals on the Arkan- sas division and construct a double track between Cypress Junction and Benton. Ark. Exceptional opportunity with estaplished firm for experienced securities desire permanent connec- tion need apply. Address Box 227-C, Star Office STAR, WASHINGTON, D. C, SATURDAY, JUNE 27, { 1825, Query the Promoter. | Determine how mucn of his own money the promoter is putting inte his scheme before you decide to risk yours. Don't take his word for it— make him prove it Prompt Action First Mortgage Loans| Lowest Rates of Interest and Commilsslen Thomas J. Fisher & Company, Inc. WE_FINANCE —all classes income-producing property. Large Loans a Specialty Ourrent int. rate and commission. Higbie & Richardson, Inc. 816 15tk St. N.W. Money to Loan Secured by first deed of trust on real estats. Prevaling interest and_commission, Joseph . Weller 587550 % § Trigt BO06500800600000 WANTED! SECOND TRUST NOTES Funds available for the pur- chase of all kinds of second trust notes. secured on D. C. or mearby real estate. Prompt action in every case. ‘Washington Investment and Transactions Co. b4 § Better Be Safe Than Sorry How often people tell us—"If I had invested all of my money in your First Mortgage Notes instead of plac. ing a large part of it in that ground floor proposition, T would be 2 dollars ahead today.” Write for booklet . L. O'DONNELL, Mgr. Mortgage Department [CAFRITZ COMPANY I Realtors 14th & K Main 9080 ; THE FINANCING OF A REAL ESTATE DEAL Peaaddad 00000 Is Beally = Vitally Important Considerution We are in a position to make unlimited loans on first and second trusts on Residences Apartment Houses Business Property Consult Our Loan Dept. N. L. Sansbury Co., Inc. 1418 Eye St. N.W. Main 5904 3 AL EFAREALEEERERERRRERE = AR LA R LR TEAR N RN NN ARANREN ¢ ] 2 | & Most Important Consideration When plaming to in- vest funds, whether for one's self or as trustee, is to be assured that the PRINCIPAL IS T H QRO UG HIL Y SAFEGUARDED. This characteristic is a_prime factor in all of our FIRST MORTGAGE INVEST- MENTS—and still they earn the liberal rate of 6%% in- terest. Denominations $100 up. Partial Payments May Be Armanged Mortgage Investment Dept. S 713-15 14th St. N.W. Main 2345 iih HOTWHE Svalein Inchudes the Electric Light Power Companies serving Cleveland St. Louis & Milwaukee and adjecent territories. The North American Company is one of the oldest, I most successfill Utllity Companies in the couatry. Statement just issued sho Record Earnings Descriptive bookiet on request. We recommend purchass of the common etock. CRANE, PARRIS & CO. 823 15th St. N.W. FINANCIAL. Continental Trust Company Capital One Million Dollars 14th & H Streets FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President When in Doubt— We Say "No" o == We reject more loan applications than we accept. - Purchasers of our First Trust Notes MUST have the BEST, Some unusually at- tractive investments on hand now—con- venient amounts. Chas. D. Sager 924 14th Main 36 We Write Insurance of All Kinds We are in a position to cover you againet loss from any source what- ever. Tornado, Fire. Burglary, Ele- vator Liability, Automobile. ~ Botler Explosion, Loas of Rents and even Death. . Old reliable companies. Quick service and prompt settlement HY WORRY? Phone ‘us and representative will lad to call and quote rates and our contracts. Insurance Department N. L. SANSBURY (0., INC. 1418 Eye St. N.W. Main 5904, of claims. be exi “The Prudence Company, Inc. of New York Invites Applications for Construction Loans Long-Term Refinancing Amounts of $50,000 and over FRED T. NESBIT Loan Correspondent Investment Bldg. Main 9392 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 Apartments Office Buildings S12% ON APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY MORTGAGE Lmn.: GORRESPONDENT Telsphonahzin 3700, E‘ 614% First Mortgages for JULY INVESTMENT NVESTORS are fortunate in that we are still able to obtain 635 % on our First Mort- gages and can offer that return for the invest- ment of July funds. If you will have money available in July, it would be wise to make your reservation now. . SRR WU SRR RIRIRIRRIWRIRTT UL ) The same sort of security we have offered for the past 56 years and which has enabled us to maintain a record unique in investment cir- cles can be had with an interest rate of 615 %. We unhesitatingly recommend each Note as an investment, of the highest type. Sw LL.RHEEM © Qashington D C. 56 Years Without Loss to An Investor INCOME RETURN Helps to fix the value of an in- vestment—but only after the complete safety of the principal has been assured. Over a OUR FIRST MORTGAGES Quarter of a Century Without a Loss pay 6% interest, and their safety is assured. They are based upon Washington real estate which has been con- servatively appraised. " B. F. Main 2100 SAUL CO. 925 15th St. N.W.