Evening Star Newspaper, July 5, 1925, Page 71

~CROUT’S HOTEL FINANCIAL. RP SORTS. SPRINGS, PA. IIIDGE Buena Vista Spr gs, Franklin Co., Pa. A strictly modern hotel with excel- lent table and service. 100 private baths; capacity 500. Altitude 2,000 feet. Splendid roads, golf, tennis, ete. Open June 12 to October 1 Far rates Buena V \l(l s e EDGEWOOD HOTEL All euaide, rooms. Homo cgolginc,, Fycies smelik rk. home cooking. Booklet on re A. D The Mt. Vernon ™ ifully situated: homelike Running water in roc Modern venient tG ¥ TOWERS, Pttt cuisine un. Booklet modern, rge raoms, water_in_rooms. Mra. B. F. Diehl. Large, airy rooms: hot and cold water. Porchea overlooking Swings and hammocks on lawn. Bath. MRS. C. MIDDLEKAUFF. HIGH ATION nal supervision of Mr. and Mrs. CROUT. Write forrates and circul Mt Forrest Inn Fic, mingtes trom ation. Large. airy rooms, with hot and ater. Garage accom. Mrs. BEL VIRGINIA. Comfortable homelik ala ot Park View vark. Per old STOL . Woodberr Forest In Forthehe of Biue Ricer Mownsars AN IDEAL SPOT FOR THE PARRLY THHS SUMMER \sleygmnd for the Lurle chidren. Summer-achool for the older enes Chidren's dint @ spucly. Mik from rober. culimtucted heed Vagetables frem ro-scre iy Tonen, Stming. Do Ry P for Chdn i+ ) g Golf Conrm. L . WOODBERRY FOREST INN Werdbary P, Vg ORKNEY SPRINGS HOTELS Orkney Springs, Va. Open June 15th Washington's Nearest, Large, Moderate Price Mountain Hotel De the great Valley g mineral 1. swimming, Riding, bowling. 0. Cockrell The Call of the Mountains who ks Super Pres. “Nerves" that wish > Bryce s Hill Free per Cottages Mr. and Mrs. William E. Bryce, Owners. NORTH HILL Boats, 3 $15 ana'sis ville, COLONIAL BEACH. VA. HUDSON HOU Va. 1 ISS M. CHERRY E. onial Beach. One block from the bath- | Terms. | ing heach lite. $8 10 S10 pe country’ = BLUENORE, “THE HEIGHTS” ¢ vegetahles. BYRD, REDGATE COi'TAGE o p‘ ughly moc THE WAVERLEY VIRGINIA BEACH, VA. Privaie bath. evers comfort, moderate rains. Bookiet on reauest THE AVALON Vlrglnla Beach, Va. ed, overlookiug ocean. Con- old water in Ownership Hotel Princess Axmc every room. management. Virginia B Good Food “The Hygela "% Centrally located on « Mt. Eliiott Sprmgs Hotel Mz. Elliott, Va. ine C. & O. Ry. New swimming pool, elegtric lights, Hftn private bt saddle horses: cte. Climate cool and dry. Write ATE, WITH showbrs and n accommodate ;, Copresponding Qmu-un Willou, bathing. Golent cuisine cight persons: Mrs. 1 comio; fsbing: ex four fo age solicited, Ocean _Vie Valley Vlew Ton south of Winchester. Room: and : Tourists. P. H. WAKEMAN. Mid- HILL TOP ou§1-: 35th Year—Now Excellent meals DHERt “Teoms T. 8 Lovett, prop. THE LOCKWOOD, Mrs. A. P. DANIEL. Pro) rlm Gpen for the season May B o CAMP HlAWATHA LODGE Eishing. boating, £00d cats. Berkeley Springs, a. . i ASSACONAWAY INN =l 4 150 Rooms. _Golf, Tenn! Maoring” and Booklet. Ogunquit Hotel Co., L. Horses, Modernte Rates R. Williams, Mgr. ot o | { as 2nd being pak of 1o | |as illustrating this point by | BRICK BUILDIN Fxcitement of { orti GONIODITY PRICE | TREND DOWNWARD Move May Mean Higher Prices for Bonds—U. S. Issues Most in Limelight. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, July 4.—In one respect the midyear investment market has been more remarkable than any other in the past six months—that is, in the strength of United States Government bonds, with prices up to record high levels, while corporation bonds were comparatively neglected. The reinvestment demand, if it can be called that, seems to have centered almost exclusivel upon Liberties and upon the two Treasury issues. This is not to say that there has been any weakness elsewhere in bonds, for that is not true. Prices have been firm, but business has been at low ebb. Bonds Holding Up Well. It is not easy to explain this dis crepancy. Yields on Government se- curities at prevailing prices are low compared with the standards of the past few vears. On the other hand the floating supply s being steadily reduced through the Government re funding operations and the bank have become so accustomed to turn ing to Liberties when they have sur plus funds to employ that %o far the price advance has been no deterrent With regard to the general market there is no indication of lower prices for bonds and there are many reasons to believe that the trend is still up- ward. Ratio Drop Not Serious. The flurry in money rates occa- sioned by the midyear requirements was without effect on bonds. At the close of the week rates for call funds had got back to 4 per cent from & high of 6 per cent and time money, which had also hardened slightly, be- came easier again. Neither was there any concern shown over the drop in the reserve ratio revealed in the weekly statement of the reserve bank That, too, may be expected to rectif; itself in another week. It seems fair to conclude that the difference so apparent in the bond market to the week's fluctuations in money points to continued ease over the longer pe riod. Two Important Factors. In discussing the future of the money market upon which bond prices so much depend there are two factors too little emphasized. One is the improvement in transportation fa- cilities and the other is the sagging in commodity quotations. Every one knows how much more efficient the railroads are at present than at the time they were returned to private ownership from Govern- ment control. A member of the Inter- state Commerce Commission is quoted the ex- a large copper company ing up on several hun- ound_that_the perience of which, chec! CH WILL %% deatsabie aitas ‘Tampa and St. Petersburs Lawy resge Blds.. give you good return: near Clear Water. QRIN - s "\A\TED*!LOR!D\ ACREAGE. grarge, tracts. “any art ‘ot Florita: full “description and price 95-D, Sttice OUT-OF-TOWN Rlu AL Efl SHADY LAW conveniences. Folder on application, | Drawer T, Orange. Va | SEW JERSEY LOT BARGAIN—§ | Price. | 8 rooms. | (medicinal) i i 35 monthly buys 20 lots near $160: onl ach Broadway. New TO CLOS ATE 10 or 30 acres in health-giving climate. Bius Ridge Mts.. especially suitable for invahds Bath. furnace. large garret. spring £as pump: magnificent view Loudoun Valles: 10 minutes station: 50 miles Washingion: make good orchard or chicken farm. - Apply Mes. "WILLTAM PUR- Atlant rmir Fhoon M STREET among the “of “Columbla, at the request of the party secured | Heredy. ‘the undercigned trusiess’ witl s | j at publlc auction. i front of the promisss; HURSDAY. THE NiTi SAY ‘vu_\' AD gd UB Pr. the ol i in"the District of Cqmmbh. and g in Ei (b !l‘fll‘ed Travers ok ot 1oy are fag recoried x&. { oo 104, S the stkves ops gthce 8¢ Cojumpia. described an Sollows: e same ‘Doin B of . sireet 24 50" oot wemt i"r%sx"“{ne | ettt comer G ot et Sabdivision. Thronch Ghe_danter u"'f"'fi Seall be: tween premises 23 )! street northwest a fill.lfl(! 0’ 45 11 feet: thence west 14.50 klin thence south 45.11 feet to the north e of M street: thence Wl suid e 01 Said sirect 14'80 Soe =’ o1 "beginning. toreiher o i plpCaet. aor par deseri bed 1o said deed o B i e rust " for =* Jarticuiars o Which will ‘b ounced at "me of sale: ot The Burciase” piton st 0 be aia i cash daflu'h oF"$205 l'eqmrad . reco S varascing and revenus Sampy R Within thirty days. o with i | Bt ey s vty e m"':ra'mm a T g | k- SAMUEL Y GUS ‘somnon STRRN at purchasers cost. ie3 MOVING ya KRIEGS smnAGl XPRESS PACKING SHIPPING 616 EYE ST.N.W. MAIN 2010 . MOVING (AND STORING ~ - Get_our rates. 1 re space f less mones. ton invitedVeank. 4 LONG DISTANCE MOVERS MITH'S TORAGE CRATE AND PACK BY EXPERTS 1313 YOU STREET, N.W. PHONE NORTH 3343 Best_ap- CLEAN. DRY. STORAGE FOR FURNITURE and pianos. Estimates cheerfull venient location. WESCHL! ave. n.w. NATI o Household Goods, 500 Rooms. SIOreg ot i Bintance Moving EXPERE B oderate Rates. KEES & SHIPPERS. Good Work. Free Estima‘e. | { | | | | situate ! “Hotel Tader | Nahant, Mass. Athantic, Fine Right on the Ocean. only ten miles trom Boston vathing. boating fishinz. drmners. Rates the most reasonabl o the Xew England Coast. September 1st to 20th, | placed. Reduerd rates| THE SUNDAY S jPREDICTS $2 WHEAT BEFORE 1925 CROP SOLD Special Dispatch to The Sta CHICAGO, July 4+—A prediction of $2 wheat before the 1925 crop is all sold was made today by P. V. Ewing, director of the research division of the Sears-Roebuck Agricultural Foundation. This prediction of high- er wheat prices is based on reports from 3,640 fleld observers for the foundation and a study of the avail- able statistical {nformation. “If a man has good dry wheat and can hold it right on his farm,” says the report, “‘we belleve that it will be wanted later at considerably higher prices. In fact, we would not be sur- prised to see $2 wheat before the marketing of the 1926 crop is com- pleted.” The foundation's index for July is optimistic as to practically all farm produc erage time required in transit had been reduced from 27 to 13 days. Less Forward Buying. When this experience is multiplied by that of other industrial corpora- tions, the saving in interest charges becomes evident. This bettered trans- portation service explains in part the lack of forward buying which has been so much commented upon, State- ments of unfilled orders for this rea- son have no longer the significance they had in other times. And it all goes to decrease the amount of money needed for carrying on the routine business of the country. Turning to the matter of commodity prices, the best opinion is that the tendency for the long term is down- ward. It is not contended that there will be any sudden decline, but sim- ply that the trend is in that direction, subject, of course, to minor upward reactions. Joy Abead for Consumers. However hard this may be upon the manufacturer, it is a pleasant out- look for the consumer and is a very important consideration in the bond market, for falling prices for com modities point to higher prices for bonds. Finally, there is the prospect of tax reduction—only a prospect so far, but one’that seems likely to be reailzed. Here is another force working for improvement in bond quotations. Theoretically, foreign bonds ought to_share in the prospective improve- ment in domestic obligations for one reason, if no other, that the return possible on these foreign obligations is so much higher than can be had from domestic securities Undoubtedly there will be a turning toward the better grade of foreign loans as the price level for the rest of the market goes higher, but there are disturbing conditions abroad which must be taken into account. Baflling Problems Abroad. ‘While prices for the Yoreign dollar bonds have not materially been af- fected, the extreme weakness in French francs and Italian lire is omi nous. The truth of the matter is that there is no confidence that either France or Italy is finding any solu tion to its financial problems and- it is this uncertainty that casts a shadow over the whole foreign bond market. Talk about funding the war debts of these countries to the United ates is not convincing until some acceptable proposal has been officially made and how any such proposal can be put forward under present condi- tions is something which no well in- formed authority can_ see. (Copyright, 1925.) AMERICANS PLEDGE AID TO MACHADO Whole-Hearted Support for Cuban President Promised at Celebration. By the Associated Press. HAVANA, Cuba, July 4.—Whole- hearted support of President Gerardo Machado by all Americans resident in Cuba was pledged at the annual Fourth of July luncheon of the Amer- }ican Club today by its president, John Bruton. Gen. Machado and his cabinet, with Gov. Ruiz of Havana Province and many Cuban officials, were guests at the * luncheon. Secretary Jordan, charge d'affaires of the American em- bassy in the absence of Ambassador Crowder, and many of the embassy and consular staff Were also present. Mr. Bruton, in’introducing the prin- speaker of the day, Secretary State Carlos Manuel de Cespedes, said that Gen. Machado had promised an honest and efficient government with no special ta%.rs ‘Phe President Cespedes said particalarly fnstructed him to say that he had learned much during his trip to the United States prior to his inauguration, and that he sincerely appreciated the hearty welcome ex tended him. it TEXAS CHAMBERS T0 GO TO MEXICAN CONVENTION Tariff and Cost of Living Will Be Chief Problems Discussed at Meeting. By the Associated Pro CHIHUAHUA CITY, Mexico, July 4. —FEL Paso and San Antonjo, Tex., Chambers of Commerce will send reprwngflves to a convention of the Mexico mbers in Mexico City, to be held July to 30. President Calles and the governors of the 27 states of the republic are scheduled to attend. Tariffs which the government has placed on articles of first necessity and ways to lower the cost of living will be of first consideration. Poor people are protesting to the govern- ment with beans. selling at 40 cents a pound. = RECORD EXECUTION FEES. Sing Sing Official Has Banner Year for Returns, OSSINING, N. Y. July 4 John Hulbert, executioner in Sing Sing prison, completed today a ban- ner year in’ the collection of fees for putting to death convicted murder- ers.. Hulbert received a total of $2,100 for 14 executions, in addition to his salary as electrician of Auburn prison. | In the previous fiscal year he received but $750, for nmime executions. PLANS LUXURY DUTIES. Japan Considering Further Levies on Foreign Goods. Correspondence of the Associated Press. TOKIO, June 3.—In view of the ex- cellent returns from the luxury taxes ‘which went into effect last August, the department of commerce and industry is reported to be considering the en- forcement of further duties. It is said that an increased import duty on wutehes is being contemplated, owing the fact that the Japanese manufac- turers are now turning qut watches of a quality comparable with the best foreign malkes. Graphophone records aded in the list on which, ed duties are expected to be LB One-half of the cotton lace manu- factured in the United States is pro- duced in Pennsylvania, HALF YEAR RECORD IN BUILDINGBROKEN Lumber Production Totals Are Revelation—Lull Now Due—Road Work Heavy. BY HARDEN COLFAX. Another high record has fallen— that of the volume of building con- struction. Measured by the gauge of lumber production, the almost unbe- lievable record volume of building last year has been topped, month for month, during the first half of 1925. Lumber production for the first 26 weeks of 1925, says the National Lum- ber Manufacturers’ Association, as the result of a survey undertaken for this writer, shows a 2 per cent increase over production during the first 26 weeks of 1924 and a 4.1 per cent in- crease over the similar period of 1923. Orders Up With Production. Orders have more than kept step with production. Cumulative orders recelved during the first half of 1925, the assoclation finds, were more than 5.6 per cent greater than orders re- ceived during the first half" of 1924, but less than 1 per cent greater than orders received during the same pe- ried of 1923. In other words, the lumber industry of the United States has never in its history before enjoved a period of such ‘great activity as that which ended with the passing of June. As to the immediate future, the prospect is for continued activity on an un- paralleled seasonal scale. Such is the view of Wilson Compton, secretary and manager of the association, who has just concluded a Nation-wide sur- vey of conditions. Ahead of Last Year. Lumber sentiment .in the East, South and North,” Mr. Compton as- serts, “‘is distinctly hopeful. I have just returned from a trip through those sections. The volume of soft- wood consumption in the Atlantic coast territory 1is tremendous, and outside of New York is greater than it was last year. “Building ~ contracts awarded for the first five months of 1925 are 19 per cent ahead of last year, and show greater construction activity in all sections east of the Rockles except in the Northeastern States. “Retail vards and industrial buy ers are reported as almost universally demanding immediate delivery. This manifestly means unusually small stocks at consuming points and com plete dependence upon speedy and regular deliveries from sawmills. Building Costs Steady. “Fundamental conditions are just as sound as they were eight months ago. Speculative building is falling off somewhat, which is a good symp- tom. Construction costs are generally as low as they have been at any month during the past two years, and are 10 per cent higher than they were three years ago and 20 per cent lower than they were five vears ago. which is another evidence of increasing sta bilit “Reports received by me from 300 credit men show general business prospects during the next six months as follows: Better business, 76 per cent; stationary business, 20 per cent; poorer business, 4 per cent.” Consumption Passes Peak. Mr. Compton asserts that as a re- ult of his survey he is convinced that onsumption of building materials has passed its peak for the year.” He also finds that, due largely to the fact that railroads generally are speeding up shipments of all commodities, re- tallers and consumers are no longer under the necessity of carrying large stocks. A retailer now can get what he wants in from one-half to two thirds of the time required for de- ivery three years ago. New Highway Record Looms. To compensate for the expected abatement in building construction during its seasonal period of quieter business, the construction of new highways is reaching its highest levels and will attain its maximum activity during the next six weeks or two months, reports to Government of- ficlals here indicate. It is believed that the volume of road construction in 1925 will sweep away all existing records, the highest of which stands at a handful of millions above $1,000,- 000,000 for the year. (Copyright. AMERICAN CLEARED OF PIRACY CHARGE Case in French Court Which Start- ed Drive on Rum Raiders Is Dropped. 1925.) By the Associated Press, BREST, France, July 4.—All the charges have been dismissed against Max Jerome Phaff, an American, now on bail, who was arrested in 1924 charged with piracy raid on the steamer Mulhous: ‘The vessel’'s owners lost their suit for insurance on the Mulhouse's cargo. and the crew has filed a suit for damages against the owners. Phaff was arrested in Paris in Sep tember, 1924, and taken to Brest for trial on the piracy charge, the penalty for which is death by hang- ing. Phaff is an American citizen, born in Germany. He refused to plead to the charge. This case started a hunt for rum raiders in New York and other American cities, and involved the names of numerous persons alleged to be identified with the smuggling of liquor. After a preliminary examination Phaff was released in 5,000 franes bail. He arrived in New York from Europe last November. Mellon Reviews Parade. SOUTHAMPTON, N. Y., July 4 (®. —Secretary of the Treasury Mellon, who is passing the Summer in, South- ampton, occupied a seat in the judges’ stand for the Fourth of July parade today. War Veterans, the Fire De- partment and patriotic societies took part in the purade KUILDING SHOWS GAINS. PHILADELPHIA, July 4 (Speeial). —The number of new building opera- | tions in Philadelphia for the last six months increased 1,146, as compared with 1924, and the expenditure en- tailed rose $13,441,000 to $86,014,515. —_————— Enormous Crop Predicted. F. G. J. Comeau, general freight and passenger agent of the Dominion At- lantic Railway, Nova Scotia, says his section will produce an enormous apple crop this year “*Blossom_Sunday,” an outdoor festi val, which has no exact parallel an: where in the world, was observed in June, and Mr. Comeau says that 10,000 persons, coming from every part of the province, visited Annapolis and Cornwallis Valleys to see the hundred| miles of fragrant bloom. —_—— Most popular colors for decorating houses of Greece are black, whke and Llue, | T — High. 101 28 10221 102 102 23 103 10708 o mzn -?.T 103 10008 u 854 L e 108 gr 91 1 9915 Dl“ 1044 104% ek 104% 100 1093 1or% 101 108 101 47% 3ay 964 8714 101% 85 101% 93y 111% 107 9% 92% 99% 9 105 o 893 109 923 841 78 8 7614 93 8y 73 91 a2y 91 72y 89% 84 9%, 101% l&% M -h m 81} Weat Shore 1at 4a 2381..... 4 T o, 101-29 100-28 Liberty 335 1932-47. . 102-30 101-14 Liberty 1st 4% s 1932-47 }s;~:' 100-20 Liberty 2d 4% 108:9 101-20 Liberty 4th 4% 1933- 108-10 104-13 Treasury 418 1947-63. 1925, High. 97 103% 100 884 110% 1084 86 894 104% 103 103% 109% 109% 484 100 101% 1045 111 1034 1034 100% 104% 98 £9% 8444 954 1008 864 86 V. S. BONDS. 1927- 101-1 Liberty 3d 4%s 1928. Tow: 95% 101% 934 838, 106% FOREIGN. Austriasf7s1943....... Belgium 6s 1955 Belgium 7% e 194 106% Belgium 83 1941. 80 Bordeaux 6s 1934 96 Brazll 3s 1941 101% Canada bs 102 Canada 6%s 102 106% 106 40% 944 984 991y 109 Govt Ry bs 1 Copenhagen %3 1944 Czechoslovakia 8s 1951. Denmark 6s 1942 Denmark 85 1945 98% Dutch East Indles 98% Dutch East Indies 6s lll) 93 - French Govt 7%s 1941 98% French Govt 8s 1945. 91% German 7s 194 Netherlands 6s 1972, Norway,8s 1940. Paris-Lyons-Med §s 1368 Queensland 65 1947. Sao Paulo, State of, 85 1336 Seine, Dept of, 78 Serbs Crotes Slovenes 83 1362, Bweden 65 1939. Swiss 5las 1946.. 115% United Kingdom 514 % 1929, 104% United Kingdom 5% 5 1937. INDUSTRIAL 94% Amer Agri Chemical 7345 1941 95% Amer Smelt & Ref 15t 55 1947. 103% Am. Smelt 1st 6s 1942 99% Amer Sugar Refining 6s 1937 96% Amer Tel & Tel cl tr4s 1929, 100 ~ Amer Tel & Tel cl tr 55 1346 99% Anaconda Copper 6s 1953 100 Anaconda Copper cv deh 7s 85 Armour & Co 4%81939. .. 97% Atlantic Refining deb 65 1937 100% Bell Tel (Pa) ref 63 1943. 90 Bethlehom Steel p m 58 193 93% Bethlehem Steel s £ 63 1943 105 Chile Copper 65 1932 g 81 Cons Coal (M) 1sre 94% Cuba Cane Sug cv @ 106% Detrolt Edison ref ds 1940. 106% Du Pont de Nem 7%s 1931 97% Empire Fuel & Gas 7%s 1937 101'y General Elcctric deb bs 1952 100 Goodrich (B F) 6%s 1947 108% Goodyear Tire 8 1931 119 * Goodyear Tire $s 1941 99% Humble Ol & Ref 5%s 101% Indiana Steel 65 1952 84% Inter Mer Marine 6s 1941 7% Inter Paper bs B 1947. Kelly-Springfield 831931, Lackawanna Steel 65 195¢ Liggett & Myera5s 1951. Manati Sugar s f 7348 1942. 4 Midvale Steel 55 1936. . New England Tel 55 19£2. New York Edison 18t 6% NYGasELH& P 53134 Now York Tel 43451939 New York Tel 65 1941. North American Edison 63 195 Pacific Gas & Elec 55 1942. Pacific Tel & Tel b5 1952. Philadelphla Co ref 6s 1944 Public Service 6s 1944 Stnclalr 011 7s 1927 Skelly 6l3s 1927.... South Porto Rico Sugar 7s 1841 Union Bag & Paper 6s D United Drug 6s 1944. U S Rubber 1st & ret 5y U S Rubber 71481330 U S Steel s f 55 1963. . Utah Power & Light 53 1344, Va-Carolina Chem s f 75 1947. Va-Carolina Chem 7%s ‘37 wa ‘Western Unlon Tel 6%s 1936 Wilson & Co 1st 65 1941 Wilson & Co cv T35 193 RAILROAB. 4 Atchison gen 4s 1993, & Atlantic Coast Line 13«3 1952, 4 Balto & Ohio gold 4s 1943 Balto & Ohio ev 4343 1933 Balto & Ohlo ref bs 1995. Balto & Ohlo 63 1929, . W B&OPItta LE& W Va 4s 1941, Brooklyn-Manhat s f 63 A 1968. Capadian Northern §3%s 1946. Canadian Pacific deb 4s. A Central Pacific 4s 1943. Chesapeake & Ohlo cv 4% 1930, Chesapeake & Ohio gn 4345 1992, Chesapeake & Ohio cv 58 1946. Chicago & Alton 3% s 1950. Chl B & Quincy 1st ref 53 1971 Cbi & Eastern lil gen 53 1951 Chi Great Western 4s 1959. ChiM & St Paul cv 435 1932, ChiM & St Paul gen 43%s 1989, Chi M & St Paul ref 4345 2014. ChiM & St Paul cv 53 2014. 4 Chi & Northwestern 6l4s 1936. Chicago Rallways 53 1927 s & ChiR I & Pacific ref 41 1934. Chi Union Station 415s 1964 ChiUnion Station 6345 1963. Chi & Western Ind con 431952 CCC&StLref 6s A 1929, - Cleveland Term 5%s 1972 Colorado & Southern 4%s 1935 Cuba R R 53 1952. Delaware & Hudson § Den & Rio Grande con 4s 1936, D, & R. G. West Detroit United 4%s 1932, Erie 1st con 4s 1996 Erie gen lien 4s 199§ Erie cv 4s A 1953, Erie cv 43 D 1953. Grand Trunk s f deb és 1936, Grand Trunk 7s 1940, Great Northern gen 533 1952, Great Northern gen 7s 1936, Hudson & Manhattan ref 5s 1957. Hudson & Manhattan adj 58 1967 Tllinois Central 5%s 1934.. Inter Rapid Transit 55 1966 Inter Rapid Transit cv 7s 1 ,Inter & Great Nor adj 6s 1952 Kan C Ft Scott & M 491336 Kansas City Southern 3s 1950. Kansas City Southern §s. nso Lake Shore 451328, Lake Shore 4s 1931 Louis & Nash unified 4s 1940 Mil Elec Ry & Lt 1st ref 5s MStP&SSM6%s1931. Mo Kan & Tex 1st 4s 1990 Mo Kan & Tex adj 5s 1967 Mo Kan & Tex prln 55 A 1962. Missourl Pacific gen 4s 1975. Missouri Pacific 63 1949, N O Tox & Mex inc bs 1935 New York Cent deb 45 1934 1941.. 80 76% £6 99 92% 98% 99 b4 87 59% 8844 60 New York Central deb 6s 1935. New Haven deb 45 1957. ... . NYNHG&H cvdeb 6s1943. NY West & Boston 4%s 1946. . . . Norfolk & Western con 4s 1995. Norfolk & Western ev 651929 .. Northedn Pacific 3s 1947. Northern Pacific 4s 1997 Northern Pacific ref imp 6s 2047 Ore Short Line ref 4s 19: Ore Short Lins gtd 55 1946. . « Ore-Wash 1st ref 43 1961. . Pennsylvania gen 43%s 1965. Pennsylvania gen 5s 1968 lvania 6%s 1936 Peoria & Eastern inc 4s 1990 Pere Marquette 1st 5s 1950, Reading gep 4s 1997 RIArk &L 43451934 96% 93 109% 94% B4k 834 71 863 93% 84K 76% 59% 3% 84%. 96% 84 88%, 3% 100% 106% 31% Seaboard Afr Line ref 4s 1969 Seaboard Air Line adj 55 1943. .. Seaboard Alr Line con 8s 1945 Southern Pacific cv 4s 1929. .. Southern Pacific col 4s 1949. Southern Pacific ref 4s 1955. Southern Ry gen 4s 1956. Southern Ry 1st 63 1994 Southern Ry dev 635 1956. Third Ave adj 55 1960. . 99% Union Pacific st 4s 1347 $8% Union Pacific cv 4s 1927 45 Virginian Ry lat §s 1962, 1004 Wabash 1t §s 1939, 94% Wabash 5% 75. . 2 6314 Western Maryland 4s 1952 0% Western Pagific 53 1946. .. TAR, WASHINGTON, D. @, JULY 5, 1925—PART 6. BOND SUMMARY FOR THE WEEK Close. 96- . 102% 98 864 108% 107% 844 97% 104 102% 102% 107% 107% 40% 28 99% 108 110% 101% 101% 8% 110% 6% 104% 111 95% 103% 83% w84 104 101% 116% 104% AND MISCELLANEOUS. 102% 98% 107% 102% 97% 101% 100% 101% 90 9915 10245 93 94% 107% 8115 10044 107% 106% 104% 108% 108 102 1034 86 92 101% 94 100% 100% 92 100% 114% 103% 98% 107% 101'% 984% 982, 104% 99% 9412 117% 105 964% 102% 89 106% 106% 96% 9 87 1% 99 71 0% 934 9015 3% 91 103% 88 914 118 $0% 8914 97% 91 106% 504 102 T4% 65, 4812 904 40y 4944 11 8T 92 118 80% 10345 107% 17 101% 110 92 76% 108 6 10244 845 854 94% Gan 101 9% 95% 101% 10845 59 92 66% 91% 128 624 867% 107 9754 106% 84 934, 1024 110% 134 100 _9% 8%~ 89 7674 9L 9% 901 87% % 80% 93% 9% 86% 90% 9% 108% 110 421 94 9915 100% High' Tow. 101-5 102-30 101-16 101-30 108-9 108-10 Prov. wesk's 100-31 102-18 101-12 101-24 102-30 107-22 m"m % 133 994 BoY 108% 107% 844 98 104 103 102% 108% 108 42 98% 99% 103% 110% 102 102 98% 110% % 104% 111% 95% 103% 88% 8814 104% 102% 116% 105 103 9945 107% 102% 97% 102 100% 101% 90% 104 1 93 9% 107% 814 101 108 106% 105 106% 106 103% 86% 921 102% 94 102 101% 93% 101% 115 104 99 108% 101% 98 98% 104% 991 94% 118 105% 9615 103% 90 107% 1063 8% 9774 70 112 9914 70 2074 937 91% 103 885, 91% 18 8034 894 977 91% 106% 504 1024 5% 65t 494, 90'5 494 9% 111 87% 934 1174 *0% 1034 108 116% 102% 1104 92 6% 102% 102% 84% 85'% 4% 6574 101% 974 95% o1y 109 5914 92 67 91% 129 62 86% 1074 978, 105'% 54 9314 102 1104 34 100 9% 88 894 17% S1% 9% 92 88% T% 814 95 9% 8% 907y 50Y 1031 110% 2% 934 995 100 102% Last. Yield. 101-2 333 102280 879 101-13 3 64 101-27 359 103-7 383 1084 872 Tow. Last. 93% 964 102% 102% 95% 99% 85% 86 108 108% 107% 107% 83% 84% 97 98 108% 103% 102% 102% 102% 102% 107% 108 107% 108 a4z 98 98% 99% 99% 102% 102% 110% 110% 101% 102 101% 102 97% 98% 100% 102 96% 96% 86 87 834 83% 93% 94 97% 83% 84% 83% 844 105% 106% 110% 110% 7 5% 104 104% 111 111 94y 94% 102% 103% 874 87% 87% 88% 104% 104% 101% 1024 1168 116% 104% 104% 1024 102% 984 98% 107% 107% 102% 102% | 7% 9% 101% 101% 100% 100% 101 101% 89% 90% 99% 99% 102 102% 921 92% 93% 983% 107 107 81 81% 100% 100% 107% 108 106% 106% 103 104 106% 1064 105% 105% 109% 109% 120 120% 102 102 1031 103% 86% 86% 91% 91% 101% 1024% 9313 93% 1014 101% 100% 101% 914 91w 100% 101 114% 114% 103% 103% 98ls 98% 107'% 1084 100% 101% 974 9T% 98 981y 104% 1044 98% 994, 94% 94% 116% 116'% 104% 104% 954 95% 102% 103% B8% §9%, 106% 1074 105% 106 »‘"'4 9644 1034 1037% 87% 3% 9% 91 117% 117% 103% 103% 105% 108% 95% ub% 5% 581 102 102% 8% 845 56 561 8715 90 T4 724 | 6218 623 | 6dls €5 | 70 70 107% 107% 116% 1165 1015 101% | 109% 110 91K 92 5% 76% 10254 mml 66% 677 | 102t 1024 83% 834 Rk 85 94 94y 644 b4 101 101% 964 97y 54% 95k 101 101 1084 1085 A9 59% 9% 9% 65 67 90% 914 128% 128% 615% 61% 85% 86l 106% 1074% 9% 97y 105% 105% 83% "84 93 934 | 101% 101% 110% 110% 34 34 %% o 87‘5 88!& 884 88% 64 T 90 9% | RAILROAD TAXES EXCEED FINANC IAL. DIVIDEND PAYMENTS Bpecial Dispatch to The Star. NEW YORK, July 4—For three successive years now, and in four years out of the last five, tne amount of taxes pald by the railways to the State and Federal Governments has exceeded the amount which they have distributed to their stockholders in dividends, savs the Raflway Age in its current issue. The taxes paid in 1924 by the class T railroads, $340,342,067, not only ex- | ceeded those of any previous vear, but represented an increase of 187 per cent as compared with 1913, while the dividends paid amounted to less than in 1913. As compared with 1923 there was an increase of §8,426,- 608, or 2.5 25 per cent. WESTERN RAILROADS PUSH CONSTRUCTION DENVER, July 4 (Specfal)—Rail- roads embraced in the district cov- ered by New Mexico, Arizona, Utah, Wyoming, Nevada, Idaho, Montana and Colorado are Jeading all other lines of industry in construction ac- tivity. Projects now in progress, in Arizona and Montana alone call for expendllure ot ;15 500,000. SOUTHER.N BANKS PROSPER. ATLANTA, July 4 (Special).—The | seven Atlania clearing house banks have credited savings with more than $500,000 in interest at the midyear period. Savings accounts have in-| creased in number by 20,000 in the | t year and in dollars by $30,000,000. | STOE]ZS EX-DIVIDEND. rporation é—Corn Prod Reflaing Co a0t i oy St Sielt, Ref & Min Co. . [ Date July Per share. 5050 g &7 2L, i ¥ o o 2007 F—Genera l]!;!nln{wn! : 7 Internat Paper Co p Now York A Brake Co T Cloak & it o o, Detinning Co ot y 9—da : 10K B *5¢ & Pag Co. Lia | 10—Alliance Realty Co. . 10—American Beet Sugar’ Col. 10—American Ico Co. . 10—do bt 19—Ama Smelt & et Co: 10—Assoc Dry G Corp, no 10—Balt & Ohio R R Co 10—duPont (E 1) ‘de Nemours & Co debenture 4 July 10—Harb-Walker Refac Co pt’ i July 10—Pitts, Cin, C&StL RR Co ¥ 10—Pitts Coal Co pt Aot il uly 10_Southern Ratlway Co { Money to Loan Secuszd by frat decd of trust on real cstate. n interest and- commiamion, | oh L. Wi 420 Waab. T.. & Trust | Blde.. 9th & F N.W. MPLE i WE FINANCE —all cJasees of income-producing property Large Loans a Specialty Current int. rate and commission. Higbie & Richardson, Inc. 816 15th St. N.W. Our experience in conducting a general mortgage business ex- tends over a number of years. We are not as old as some of the local mortgage houses, but we operate under the same con- servative plans. CAFRITZ First Mortgage Notes are written for three years based on 50% appraisal and are now paying 61,% interest. Write for booklet. C. L. O’'Donnell, Mgr. Mortgage Department BEALTORS 14th & K Main 9080 HOME OWNERS Can Secure DAYS deellty Guaranty Co. DING, %7 FIFTEENTH ST N.W. [ol———=|no] EEI U Applications Invited U B Real Estate Loans Improved Property Unlimited Funds Available For Refinancing and 1st & 2nd Trust Loans [ N.L.SANSBURY CO., INc. & 1418 Eye St. N.W. m Ie=——p===1n FUNDS For Large Loans = 51/2% On Improved Property in the District of Columbia WEAVER BROS. 735 15th Street N.W. w York Life Main 1821 Insurance Company Offers to Make First Mortgage Loans on Improved In the Distriet of Colum for 3,5 or 10 Houses Business Properties %% ON APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY MoRrTGAGE LoaN AHos52/ Real Estate bia and Suburbs Year Periods Apartments Office Buildings IRRRRYRNRR SRR GCoRRESPONDENT czxm Aain 3700, DR R RRRRRIR) | that it cipal t bility Quarter cipal. —are Main 2100 SPECULATING VS. INVESTING Buyi and not inve proves that it is not profitable to hav. ings w higher income with the possi- FIRST MORTGAGES properly placed and cared for and give absolute security of principal with a good rate of return. SAUL CO. ing anything in the hope will go up is speculating esting. Experience e steady and sure earn- ith no variation of prin- han to get for a time a of depreciation of prin- sound investments when 925 15th St. N.\W.