Evening Star Newspaper, July 12, 1925, Page 74

10 TALK WIDESPREAD FIN OF HIGHER MONEY Situation, However, Appears Against Rise—Week Sees No Real Weakness. BY GEORGE T. HUGHES. Special Dispatch to The Star. NE® YORK, July 11.—The develop- ment of importance in the invest- ment market of the week was the gaining ground of a belief in higher money in banking and bond trading circles. Of tangible facts to support this opinion there was a notable lack. Certainly nothing of the kind could be deduced from the weekly statement of the Faderal Reserve banks show- ing as they did a drop in rediscounts and a rise in the reserve ratio. There may have been a slight hardening in the time money market, but it was slight. Call money went above 4 per cent at the close of the week, but the call money market is subject to such wide fluctuations as to be of little use as a guide for longer periods. Naovertheless expectation of an inc sed charge for credit accom: modation was widespread No Real Weakness Noted. Probably it was this uncertainty about money which caused the sudden outbreak of selling Government bonds in the latter half of the week. The report of a resignation by the Secretary of the Treasury, which was given as a reason for this selling, is Rardly convincing. There was no real weakness any where, but some of the new issues, principally foreign, which have not been permanently placed, were offered over the counter in trading between dealers at substantial _concessions trom prices. More doubt ut this class of hout any other v a little conservation in this od. In the end it may unate to have a let-up in ace set by these forelgn loans for a time at least. As far as the general market was concerned, there was an increase of offerings prevailing prices, but hold not inclined to sacri fice. were Worry Over China. In the search for unfavorable con ditions abroad a good deal of emphasis put on the Chinese situation. It seem far fetched to drag s a disturbing element in the investment market when so many other problen world politicians. but the my which envelopes Chinese affairs not liked. Now that American ors have so much at stake, a sis or fear of a crisis in any qus ter of the world does not pass un noticed Nor was there any particular optim- fsm as to French finances. The ex periment of the French financial min ster with an internal loan guaranteed sgainst depreciation in the franc is being closely followed, and while French dolla honds dealt side e rged fresh ing w nee pend outcome the circumst talk at French loan pears premat On the othe exhibited over developments in Ger. many. The dispute over the revalu- ation of the German mark bonds w: only of academic interest on side tery wa. buy g the nces ap British Large Investors. As bearing on investment condi tlons in Great Britain the figures of holdings of United States Steel com. mon stock had an unusual interest. On March 31, 1 over 100,000 Brit ish investors were stockholders of record in United States Steel. On June 30 this number had dropved to below 31.000. Between June, 1924, and March, 1825, there was practically no change in the number of British investors in the premier industrial cor- poration of America. It is a little hard to understand why n such a sudd e months as statistics reveal that the selling rt to sustain ste drop in th past t liquidation by more rem: of steel com 1y increased domestic buving acting the selling side. This. too. took market price of the stock w. £zing, being another fllus- tration of the fact that holdings of Steel common increase as the price goes down. (Consright HUGE PASSENGER ENGINE from the other place while the UNDER SPECIAL TESTS| RALTIMORE, July 11.—Preliminary are being made at the Mount < of the Baltimore and Ohic Railre n the largest passenger Tocomot > world. The purpose is to 1 the ngs and note the working of the thousands of parts | before the supreme test is made with one of the de luxe trains of the Chi- cago. St. Louis and Detroit service. Nothing so far has occurred to shake the confidence that this locomotive miake a record for itself. The fain idea has been to produce a loco- motive that will maintain higher speeds on the severe mountain grades and eliminate the necessity two engine COTTON MARKET LOWER. Reports of Rains in Texas Send Values Downward. (#).—The cot- today owing to general ins in ntracts w\! off to > trading or 2 points 23.60, the gen- dy at net de- points. The open: ing was a decline of 17 points, active months showing net Josses ¢ to 19 points in the first few minutes in response to lower Liv- erpool cables and reports of showers on the Texas coast Rallies of 9 to 10 points followed on week end covering, promoted by ap- prehensions that the Texas showers again would prove inadequate so far as droughty sections were concerned. Demand failed to broaden, however, and the market weakened again on continued reports of rain or showers, some of which came from South Cen: tral Texas YARN TRADE QUIET; HIGHER PRICES ASKED ASTONIA, N. C., July 11 (P) quiries received by Gaston yarn spinners the past week comparatively light owimg to unset- tled market conditions. With deliv- eries extending on an average of a month ahead and increasing scarcity of staple cotton, inclination to accept new except at a substantial advance in price. YORK, July as low re County In on this | as there should | investment | of using | at some of these points. | 10 4| were | spinners show no| business | ANCIAL, BY I. A. FLEMING. The automobile trade is in much bet- ter condition as to financing than it has ever been. The lesson learned has been acquired by bitter experience to manufacturer, dealer and banker as well as to finance corporations. Moreover, the years that have pass- ed have eliminated many scores of finance corporations, either not sound- 1y grounded or that attempted to do oo great a business for their capital, or whose methods wére not backed b sound principles. They have also w nessed a change in methods and the upbullding of strong companies. The Ford Motor Co. spiked a losing zame when they refused to permit dealers in the products of the Ford Co. to continue their practice of giv- ng thelr indorsements to customers' notes. Licensing of Ford agencies was an- her boom to the company. The adual elimination of weakness and the entrance of strength in its place, vith ability to finance in enormous amounts and with more assurance of safety, and at more reasonable rates, drove many of the earlier interests engaged in financing operations out of the business, Last fall there was a most interest- ing convention in Chicago, at which representatives of finance corpora. tions, acceptance companles, banks and trust companles from every State east of the Rockies and from the Dis- trict of Columbla considered the au tomobile financing situation from overy possible standpoint. They de. bated various problems as they were brought up and then ‘“resoluted’ briefly as follows. To insist on 12 months as the limit of time payments; that the amount be payable in monthly installments, that on new cars onethird of the amount of cash price or 30 per cent of the sale price on time be pald, and on used cars not less than 40 per cent of cash and 37 per cent on time sales. | On the new cars the payments in- clude cost at factory and in each case in computing payments acces- | sories are to be considered as part | of the total on which percentage payvments are to be pald. The reso- lutions also included a formula of a report of condition, which, when cor- rectly answered, would put the financing agent in perfect under- standing of the condition of affairs of the auto agency. | Used-Car Situation Improved. { | The used-car problem, the true ‘rux of the automobile industry, has | also solved itself, or the agents have | o handled it that it has ceased to he a menace to the trade. If it still annoys, it is an evidence of the lack | of backbone on the part of the agent | himself or of the agency. Time and practice have demon- strated the number of used cars that | may be handled with safety; at least | | this has been demonstrated to capa- |ble agents, and they do not permit their salesmen to increase the maxi- | mum. If a salesman has worked up | sale with a used car to be con- idered, he is simply told to "get out |and sell a used car to make room for | the one he desires to add to the| tock | Rumor Credits Mr. Ford Again. The Edson Co., undertaking the re- sponsibility for the financing of the {sale of Ford cars, is a Philadelphia | | corporation doing business in very | |many of the larger cities, including Washington. This company has the | agency for a number of insurance | companies and controls the insurarmce | lon all cars the sale of which it | finances. | "This in itselt furnishes a very fat | commission. It also maintains satis factory balances through the banks ! with which it places its loans. There | is a current rumor, whether true or otherwise remains to develop, that as | a bank’s loans to the Edson Co. in- | { crease, the Ford balance in the same | institution apparently fluctuates with | the credit line extended | The Ldson Co. also follows ac- | | cepted lines of custom, furnishes statements as desired by its creditors follows strict rules as to first pay-| ments and subsequent periodical dis. | tribution. With each car financed for the Ed- . goes to the bank taking the loan a commission of $3, although I not so termed. This, with the Inter- and the compensating balances, | makes the ISdson Co., as stated above, a most desirable customer for any bank. =01 Other Strong Companies. There are other strong corporations | largely epgaged in financing automo- | bile sales. | One is the Commercial Credit Co. of | Baltimore, a concern with some $13,- | 000,000 capital and much larger re- sources. | It does a large business in this city and elsewhere, and recently acquired | control of the Real Estate, Mortgage and Trust Co. of this city. The General Motors Acceptance Co., | organized to finance sale of the cars | made by the General Motors Co., has | ramifications sufficient to care for the | immense business of this great cor-| poration. There are thousands of automobile finance corporations that contribute | to the needed resources for the sales | ! department ‘of one of the very largest | industries of the United States, aside | from local agents, in every large | city which are financially strong | enough in their own resources and | banking credit to take care of this| great business. ’ " There is no question but what these strong organizations have driven the early variety of stock selling finance | corporations out of the field. Situation in Washington. This is evidenced from the fact that | there are but five finance corporations | doing business in Washington. Even these, other than the ones indicated above, are out of the automobile financing field almost entirely. port of the committee on general busi- ness before the recent bankers ‘con | vention says, “The number of finance companies in the District of local per. sonnel has been reduced to five, the outstanding ones affording conspicu- ous assistance in making the partial payment plan a reality.” Continuing, the reports says: “Exhaustive inquiry has revealed about 25-odd so-called mortgage and | finance companies. However, the com- | bined paid:in capital and the surplus | accounts - of anv one of the ‘%“ree largest companies are equal to the combined total paid-in capital surplus accounts of nearly 20 other companies. | How Companies Are Classified. “Finance companies, based on their activities and volume of business, may be classed as follows: “1. Discounting or buying of com- mercial receivables, i. accounts, notes or acceptances. “2. Advancing funds on real estate and bullding operations. 3. Advancing funds to automobile dealers to purchase automobiles and to sell automobiles on the instaliment Financing of Auto Sales Calls for Very Large Funds How Great Producing Companies Aid Business—Some Important Factors Brought Out—Banks Great Help. | loaning to automobile dealers who lack |about 16,000,000 automobiles in run- ’Muny Funds Being Held for Com- | In referring to this condition. the re-| and | noticeable, no company undertaking to enter all flelds. | “Here we have found but one local | company specializing in ‘open ac-| counts.’ Its operations were at its inception rather unfortunate. How ever, it Is worthy of note that a re- organization of fts personnel has shown marked improvement, and the company s making rapid strides for- ward, having regained the confidence of the banking fraternity. ““The field of endeavor of the prom- inent District of Columbia companies has in the main been directed to the purchasing of first-and second trust notes and the making of construction loans. Great Help in Building. “The companies are certainly lend- ing a valuable help toward the de- velopment of building operations in the District of Columbia, and have made it possible for the builder to make a turnover, thereby aiding in a continuity of operations. “A survey of the principal finance and mortgage companies' present bor- rowings would indicate that they are at this time obtaining additional capi- tal through the medium of bank loans, which means of obtaining additional capital to meet their needs is un- doubtedly more profitable, it being pos sible for them to hypothecate their real estate notes and borrow against the same on a basis of 6 per cent. “However, upon careful inquiry we were agreeably surprised to learn that none of the companies were extending their borrowing beyond their reason- able requirements, and this far below the _credit limit allowed ““The collateral trust note offers an attractive short-term loan with self- liquidating collateral. This form of ob taining credif is highly recommended however, provided ail elements are contained looking to the quality, kind and self-liquidating obligations held as security back of the certificates registered with a bank or trust com pany sufficiently equipped and ex- perienced to act as trustee.” So much to the credit of the finance companies of today. Maintain Close Contact. Bankers maintain close contact with the actual conditions of finance cor- porations with which they do business They want to know that bad and doubtful accounts have been charged off; if any of the assets of the com pany have been pledged or discount ed and, if so, when and why: maxi mum liabilities on loans, discounts, acceptances, etc.; what part of assets are represented by unpaid installments or second-trust notes more than 60 days past due, according to original terms of contract, and many other highly important queries in forming an opinion as to solvency. Some Agents Handle Own Credit. | Returning again to the question of ! automobile financing, it must be re-| membered that some~ of the larger | agents of the manufacturing com panies are strong enough in their financial and credit resources to care for their installment trans These companies must keep credit on a high basis. New cars in warehouses or on the floor of a sales room are accredited as good security for 80 per cent of factory price cost, f.0.b. If you had a_trust note secured by a new automobile, vou would natu rally want to be sure that it remained unused and safe. Therefore, as a bank examiner walks into a bank and in- vestigates, 50 representatives of banks walk Into agencies of this or that make of auto and ask to be shown car No., sav, 236,974. This and other numbers on the bank list. If they are not immediately available, immediate | payment of account is insisted upon accompanied with explanation in delay in making returns. Over 17,000,000 Autos in Use. There are 17,740,000 autos in use. When properly secured auto financ ing is profitable to banks. It is also ' true that while the finance corporation has improved the situation, the gen eral automobile agency is much stronger the agencies of last decad, An automobile dealer to succeed.’ the report to the bankers concluded, | “must be a good business man as w ell | as a good salesman, and the better business man he is the better chanci he has of succeeding. He must, of course, have the agency for a car of merit and have sufficient liquid capital in his business to operate. The lack | of sufficient capital is the greatest handicap of the automobile dealer to- day. Unquestionably the banks in Washington, and. in fact, all over the country, are using greater care in than enough capital in their business to take care of their current needs. Car for Every Seven People. “In a recent fssue of the Business Conditions Weekly of the Alexander Hamilton Institute, it is stated that | the automobile output in March, 192 probably exceed 300,000 cars, as com pared with 287,000 in February, 241, 000 in January and 209,000 in Decem- ber, and the total output for 1924 was 3,638,000 vehicles. This same weekly further estimates that there were ning order in the United States at the ‘beginning of 1925, or the equiva- lent of one car to every seven people. Figures indicate a greater number of automobliles per capita in the District of Columbia than in any State except California.” BOND TRADING QUIET. ing New Financing. _NEW YORK, July 11 (®).—Reten- tion of stiffer money rates over the week end and the usual absence, of many traders from Wall street dulled the edge of bond trading today. Un- able to find high yields in any but speculative quarters, potential inves ors displayed a tendency to withhold funds for employment in new offer- ings which promise to continue on a fairly heavy scale. A large share of this demand was satisfied by this week's new offerings, which exceeded $100,000,000 and inciuded an attrac- tive assortment of railroad, industrial am® foreign obligations. In sympathy with the firmer tone of the foreign exchanges, European government bonds were steadier to- day and a number of fractional ad- vances were recorded. Mexican bonds continued a recovery which was started recently. Execution of buy- ing orders for several high-grade rail issues, including Union Pacific first 4s. Southern Railway general 4s and Chesapeake & Ohfo convertible Gs brought about moderate advances in these issues, but the rail group gen- erally failed to follow a definite trend. 0il, copper and independent steel liens showed moderate strength. NEW YORK, July 11 (®).—The actual condition of clearing house banks and trust companies for the week shows an excess reserve of lan. v “In surveying the fields entered by finance companies -specialization is $24.353,200. This is a decrease in re- serve of $16,917,650, compared with last week. 101+29 100-28 Liberty 3% s 1932-47. 102-80 101-14 Liberty 1t 4% s 1932-47.. 101-19 100-20 Liberty 3d 42 1927-42 108-9 108-10 104-18 Treasury 41%4s 1947-52: 1985 Tigh. 97 1034 100 881y 110% 108% 86 9914 104% 10315 108% 109y 1091 484 100 1013 104% m 103% 1034 1003 1044 98 89% 8dk 3% 100% 861 86 107 113% 804, 1051 112% 9T% 62 87 977 107 86 95 108% 111% 36% 100% 6% 89% 90 8 93% 101 92% 89% 73% 83% 95% 9T 88 92 80% 104, 111% 51% 94% 99% 101% 102% 97% 674 96% 6% D. C., W' U.S.BONDS. 101-1 Liberty 3d 4%s 1928 101-20 Liberty 4th 41 1983, Low. 93 101% 934 835, FOREIGN. Argentina 6s 2 1957 Argentina 7s 1927... Austria s f 7s 1943 Belgium 6s 1955 Belgium 7%8 1945 Belgium 85 1941. Bordeaux 65 1934. Drazil 8s 1941. Canafta bs 1952 Canada 5%s 19: Chile 85 1926. Chile 85 1941. Chile 85 1946 Copenhagen 535 1944. Czechoslovakia 8s 1951 Denmark Denmark 8s Dutch East Indies 65 1947. Dutch East Indies 6s 1962. French Govt 7%s 1941.. French Govt 8s 1945 German 7s 1549.... Holland-American s f 65 1947 Japanese 48 1931. Japanese 6145 1954. ‘gens Utd Murgar! Lyons 651934, ... Marseilles 651934 Netherlands 6s 1972 Norway,8s 1940. Parls-Lyons-Med 65 1958. Quecnsland 65 1947. Queensland 7s 1941. Rio de Janeiro §s 1 Sao Paulo, State of, 85 1 Seine, Dept of, 7s. Serbs Crotes Slovenes 85 1962.... Sweden 65 1939. . . Swins Glas 1945... United Kingdom 514 s 1929 7 104% United Kingdom 5%s 1937 i INDUSTRIAL AND MISCELLANEO 94% Amer Agri Chemical Ts 1941, 954 Amer Smelt & Ref 1st 55 1947. 108% Am. Smelt Ixt fis 1942, ... 99% Amer Sugar Refining 65 1937.... 96% Amer Tel & Tel cl tr 4s 1929 100 Amer Tel & Tel cl tr 55 194 99% Anaconda Copper 6s 1953 100 Anaconda Copper cv deb 7s ‘38. 85 Armour & Co 4381939, . 5 97% Atlantic Refining deb 58 1937. 100% Bell Tei (Pa) ref 55 1948... .. 90 Bethlehem Steel p m 68 1936 93% Bethlehem Steel s £ 65 1943. 106 Chile Copper 65 1932. 81 Cons Coal (Md) 1s ref 55 1 94% Cuba Cane Sug cv Aeb 85 1930, 106% Detroit Edison ref o8 1940. 1064 Du Pont de Nem 7%s 1931.. 97% Empire Fuel & Gas 7%8 1937, 1014 General Elcctric deb 55 1952 100 Goodrich (B F) 635 1947. 108% Goodyear Tire 8s 1931. 119 Goodyear Tire Ss 1941. 99 Humble Oil & Ref 515 1932 101% Indiana Steel 55 1952. ... £4% Inter Mer Marine 65 1941. 73 Inter Paper bs B 1947.. 90 Kelly-Springfield 8s 1931 Lackawanna Steel 65 1951 Liggett & Myers 58 1951. Manati Sugar s f 7%s 1942 Midvale Steel 551936. ... New England Tel 55 1962.. ... New York Edison 18t 63%s 1941 NYGasELHG& P 5s1343... New York Tel 4%s 1939.. New York Tel 65 1941. North American Edison 68 Pacific Gas & Elec 58 1942 Pacific Tel & Tel 65 195 Philadelphia Co ref 68 1944. . Public Service fix 1944. Sinclair Ofl 7s 1937, Skelly 6%s 1 3 Union Bag & Iaper United Drug 6 1944 U S Rubber 1st & ret U S Rubber 718 1930.... U SSteel s f551963... Utah Power & Light 55 1944, “arolina Chem s f 75 1947.. .. 37 war.. . Western Union Tel 615 1935. Wilson & Co 1st 68 1941. Wilson & Co cv 38 1931, RAILROAD, Atchison gen 45 1999, .. Atlantic Coast Line 1s +s 1. Balto & Ohlo gold 45 1943. . Balto & Ohio cv 4145 1933, Balto & Ohlo ref 55 1995. Balto & Ohio 65 1929. . B&OPittsLE & W Va 4s 1941 Brooklyn-Manhat s f 65 A 1968 Canadian Northern 6%s 1946, Canadian Pacific deb 4 Central Pacific 4s 1949, Chesapeake & Ohlo cv Chesapeake & Ohlo gn ¢ Chesapeake & Ohio cv 58 1946 Chicago & Alton 3%s 1950. .. Chi B & Quincy lst ref 5s 1971, Chj & Eastern 11l gen 6 1951. Chi Great Western 4s 1359 Chi M & St Paul cv 43%s 1932 Chi M & StPaul gen 4%s 198: Chi M & St Paul ref 4%s 2014. Chi M & StPaul cv 58 2014. ... 5 Chi & Northwestern §l4s 193 Chicago Rallways bs 1927. . ChiR I & Pacific ref 4s 1934 Chi Union Statlon 4ys 1964. Chi Union Station 6%s 1963 Chi & Western Ind con 4s 19! CCC&StLref 65 A 1929. Cleveland Term 6%s1972.. ... Colorgdo & Southern 433 1938 Cuba R REs1962....... Delaware & Hudson 6%s 1937.... Den & Rio Grande con 4s 1936 D. & R. G. West bs 1956, Detroit United 4%s 1932 Erie 1st con 4s 1996, Erie gen lien 4s 1996. Erle cv 48 A 1953, Erie cv 48 D 1953, ¥ Grand Trunk s { deb 65 1936 Grand Trunk 78 1940. i Great Northern gcn 5%s 1952 Great Northern gen 7s 1936 Hudson & Manhattan ref Hudson & Manhattan adj 65 1957 Illinois Central 5%s 1934. . Inter Rapid Transit 5s 1966 Inter Rapid Transit cv 7s 1932, Inter & Great Nor adj 6s 1952 Kan C Ft Scott & M 48 1936. , . Kansas City Southern 35 1860 Kansas City Southern 6s 1950 Lake Shore 4s 192 Lake Shore 4s 1931 ... Louis & Nash unified 45 1940, Louts & Nash Ist ref 53s 20 Mil Elcc Ry & Lt 18t ref 55 '61. MStP &SSM6%s 1981 Mo Kan & Tex 1at 45 1990, Mo Kan & Tex adj 55 1967. . ... MoiKan & Tex pr In 55 A 1962 Missouri Pacific gen 4s 1975 Missouri Pacific 65 1949. N O Tex & Mex inc 65 1935 New York Cent deb 45 1934. New York Cent ref imp 63 2013 New York Central deb 6s 1935, New Haven deb 4s 1957. NYNHG&H cvdeb 68 1948 N Y West & Boston 43%s 1946 Norfolk & Western con 45 1996, 60 Northedn Pacific 3s 1947 83% Northern Pacific 43 1957 S50 105% Northern Pacific ref Imp 65 2047. 96% Ore Short Line ref 4s 1929 108% Ore Short Line gtd s 1946. 81% Ore-Wash 1st ref s 1961, 93 Pennsylvania gen 4%s 196 101% Pennsylvania gen bs 1968 109% Pennsylvania 634s 1936. . 31% Peorla & Eastern inc 4s 19 97% Pere Marquette 1st 5s 1960 . 71% Rio Grande Western clt 4s 1949 . 84% RIATk & L 4%31934 83% StLIM&SR&G 451933 71 St L &San Fran prin 4s A 1960 86% St L & San Fran pr In 6s 1950 93% St L & San Fran 5%s B 1942. 84% 5t L & San Fran adj 68 1956 76% St L & San Fran inc 63 196/ 591 Seaboard Air Line ref 4s 1969 78% Seaboard Alr Line adj 5s 1949, 84% Seaboard Air Line con 6s 1945. 96% Southern Pacific cv 4s 1929 84 Southern Pacific col 4s 1949 884 Southern Pacific ref 4s 1955 73% Southcrn Ry gen 48 1956. 100% Southern Ry 1st s 1994 106% Southern Ry dev 63%s 195 34% Third Ave ad) 551960. ... 90% Union Pacific 1st 4s 1947, $8% Union Pacific cv 4s 1927 95 Virginian Ry 1st 551962, 100% Wabash 1st 65 1939, 94% Wabash 515 *75.. . 63% 90% 81% West Shore 1st 4s 3361, 102% 110% 70% 101% 109 94 100 824 8% 103 100% 115% 84% 80 86 99 99 54 87 High .. 101-3 103-6 101-15 102-27 1039 . 10812 Prev. week's. H JULY 12, 1925—PART 6. Low. 100-20 102-16 101-5 101-18 102-28 107-16 High 96% 103 9914 87 109 107% 84% 9814 104 103 108 10814 Close. 9644 1027% 99% 86 108% 107% 841y 98 1037 102% 102% 108 108 42 98% 99% . 102% . 110% 102 102 98% " 102 96% 87 834 102% 988 107% 102% 9T% L 101% 100% . 101% 90% 99% . 102% 924 93% 107 81% 100% 108 106% . 104 108% - 105% 109% 120% . 102 1034 884 9l 102% 93% 101 101% 914 101 1144% . 103% 98% 1084 . 101% 97% 98l 1044 9944 94% 116% 9514 103% 10 10221 3 81 101 Low. 93 102% 99 86 1084 1067% 83% 7% 103% 102% 1024 107% 107% 101% 105% 594 90% 66% 90 61% 86 106% 974 105% 833%, 934, 101% 110% 344 99y T5% 87% 88% 164 9% 99% 9% 584 % 81 944 9744 86% 8944 9% 1034 110% 39 91% 991y 99 101% 97 66 9% 844 4 363 102-29 3 &6 107 29 373 374 Last. | 96 102% 99 8614 108% 107% 8414 9814 103% 102% 108 108% 108% 411y 98 9974 102% 110%: 102% 1024 99% 102% 96% #8 834 93% 98 B4k By 1079 110% 5% 1044, 111 95 103 87% 88U 104% 102% 1168, 105% 108% 98% 107% 103% 97% 101% 100% 101% 90% 100% | 102% 92 94 107% | 818 100% 107% 106% 103% 107% 105 TI% | | 90 | 9234 | 90 | 934 91k 1034 so% | 10314 | 106% sols | 57% | 108 84% | 59 88 | 71 | 83% 86% 943 654 | 101 | 96% 94% | 101% 1085 594 90% 67 90 61% 5% 106% 973 105% 83% 93% 101% 1104 34% 99% | 5% | 884 89 764 | 91% 99'y 91% 88% TL& | 81% | 94y | 9% 86% 893 9% 108% 110% 39 825 95% 99% 101% 974 €6% 9434 |integrated had little apparent effect | BUSIESS SHOWS FASTER TRIES Department Store Sales Are | Heavy As Last Half Year Gets Start. BY J. C. ROYLJ Special Dispatch to The Star. NEW YORK, July 11.—Business has commenced to catch its stride again after the Fourth of July holl day, but has not yet attained full speed, owing to the check imposed by mid-year inventorles, adjustments and vacations. New elements in the bus- iness situation, however, make it probable that the third quarter will be both active and profitable for those Who take advantage of them. Prospects have grown decidedly brighter for the textile men, owing to their entry into the fleld of cotton novelties and rayon fabrics. Stlk de- mand is practically unchecked, al though some slight falling off in pro- duction is noticeable. Trend of Fall styles for both men and women still are uncertain and the clothing manu facturing situation in some centers has been complicated by minor labor disputes. Bargains Boom Sales. The ‘“clean-up” period in the de partment stores has scarcely pussed. but bargain offerings are keeping | sales at a_fair level. The mail order | houses, however, are prospering mightily, and their adventures into the direct selling fleld are showing considerable success. Building in the last month has shown a gain of nearly 33% per cent in 307 cities in the country, according to one authority, and the jurisdic tional dispute between the plasterers and bricklayers has been smoothed out to the extent of a return to work by members of the former union throughout the United States and Canada. The gains as compared with 1924 were especlally noticeable in Florida and along the Gulf Coast. Miam! led all the cities reporting with an advance of 520 per cent. Bumper Crops Expected. ‘The announcement that the Grain Marketing Company, the most ambi tious co-operative wheat marketing project ever attempted, would be di on agricultural sentiment. More im portant from the farmer buying angle was the gain of 15,714,000 bushels of wheat in the Government crop estimate, compared with the fig ures of June 1. Indications of an enormous corn crop taken in co junction with the falling off in population indicated additional profits to the farmer both from direct mar- keting of corn and in the form of fattened livestock STEEL MARKET QUIET. Only Moderate Number of New Or- ders During Week. NEW YORK, July 11 (#).—New business in the steel market during the past week was of only moderate proportions and the decrease of 339. 342 tons in the unfilied orders on the books of the Steel Corporation at the close of June was disappo; Sales compared with last year considered satisfactory, however. the evidence of continued tion along fairly liberal lines g values a firm tone, and in some quarters there was a tendency to harden. Pig iron was quiet and barely steady with little concern ex pressed over the talk of a coal strike were an consum INVEST IN FIRST TRUST SECURITY ON THE BANKERS’ PLAN It increases your income and still gives you first trust security as a guarantee of eafety. ~ Details by “appoiniment only Address Box 489-D, Star office. WE FINANCE —all classes of income-producing property Large Loans a Specialty Current int. rate and commission. Higbie & Richardson, Inc. 816 15th St. N.W. WP - g Continental Trust Cos 2 Capital One Million Dollars 14th & H Streets G Y T T HOME OWNERS | Can Secure LOANS Up to In THREE DAYS Fidelity Guaranty Co. 202 PHILLIPS BUILDING, 927 FIFTEENTH ST. HOME OWNERS | $150 to $5,000 on 1st, 2nd and 3rd Trusts In _Three Days DISTRICT TOAN PROCUREMENT (0., 1317 F St N.W to 9. Tel. Main 4438. _ MONEY TO LOAN ON IMPROVED REAL ESTATE IN THE DISTRICT OF COLUMBIA AT Current Rate of Interest FLOYD E. DAVIS COMPANY 733 12th Street Northwest Main 352 501 7th Street Southwest Main 353 Save and Serve Hundreds of happy homes have been made possible be- cause of the savings in- vested in our 1st Mortgage Notes. 65 % Interest Absolute safety _of investment and the chance to serve a fellow man—what greater return could one ask? Some excellent ‘‘home’ loans on hand right now—convenient amounte —why not start -eert- ing" today 4% Chas. D. Sager | 924 140 Main this week ranging from 50 to 70 poi; FINANCIAL. CLOTH MARKETS FIRMER. E Tire Fabrics Bought in Very Large Quantities. SW YORK, goods markets New percale pricy were "firmer today. | at for July, Septem* | ber delivery, show declines of |1 cent only on some few of the fine counts, but sustained prices on most | other lines, the slight revision being due to the lower values-on fine count | gray cloths recently. - Print cloths | sales for the week reached 100,000 | pleces in this market and 125,000 at Fall River. About 3,000,000 pounds of tire fab rics were bought in the past few day and other large inquirles are pending. Sales of light-weight tropical worsteds have been very active. Wool mar kets were firmer here and abroad. Burlaps continued firm, advanc July 11 Linens generally were quiet, with handkerchlef and sheer goods doing better than dress linens. REPORT OF CONDITION PRUDENTIAL BANK in the District of Colum! the close of business om June 30. 1925, RESOURCES 1. aLoans and discounts, in cluding " rediscounts, e ceptances of other banks and foreign bills of ex change or drafte. sold with indorsement of this bank. Overdrafts. unsecured . U.'S. Government sectrities owned (including pre miums, if any) 5. Other bonds. stocks. ties, ete. .. i 2 Banking house. $57.751 60 forniture “and fixtures, S10.815.60 ... Cash “in " vault and amount due from national hanks. . 1 . Amount due from . State banks, bankers and_trust companies in the United States (other than includ- ed in item 10) Exchanges for clearing house Total of items 10, 11 and 12 $50. 882 78 b Miscellancoiis caeh items Other assets—Ancrued inter- At Washington at £06.520.00 836.24 31.296.87 securi- 121,586, #8.567.20 806.20 Total LIABILITIES Capital stock paid in Surplus “fund checks outsianding checks outatanding Demand deposite (other thar hank_deposita) subiect to reserve (deposita payable within 30 days) Individual deposits %o check . Total of demand deposits (other than bank depoxits) subject to subject 135.847 87 27 $11 Time deposits subject serve (pavable d or sub or more tal eavings) ates of deposit er than for money rowed ) Other time depo Total of time de ‘notice. e T than rediscounts) Total Washineton. Tistrict of o] I. EDWARD BAKER. cac named bank. do solemniy above statement ie true knowledge and belief. EDWARD BAKER. Cashier Subseribed and sworn to before me. this | 10th day of July. 1925 (Seal’) VICTOR R. DALY Notary Public ear t » the best Correct—Attest G A. ROBINS €. W. BANTON JOHN R HAWKINS irectors REPORT OF CONDITION WOODRIDGE ANGDON SAV. INGS AND COM- | MERCIAL BANK | At Washington, fn the District at the close of busin pri RESOURCES 1. aLoans and discounts 2! Overdrafts 5. Other bonds. wi de! stoek ties. ete. REPORT OF CONDITION WASHINGTON MECHANICS’ SAVINGS BANK Washington, the close of bus on June ding_ redisconnts, eptances of ¢ and foreign h - change or d sold with indorsement 0f this, bank G Overdrafts. unsecured . U S. Government securities owned b All other United States Government securities (including premiums, bonds. siocks, securi Banking houses, $80.200 furniture ‘and “fixtures. $31.704.69 = estate owned other han banking house . Cash in vault and amount ue from national banks Amount due’ from State banks, bankers and_trust companies in the United States (other. than .cluded in item 10) Checks on other banks in the same city or town as reporting bank Total of items 10. 11 13 $238.01 and on (in. cluding Fed eral reserve bank) Jocat ed outside of city or town of reporting banik b Miscellaneous cash items. in- a Checks $854.60 116 2 Other assets .. Total LIABILITIES Capital stock paid 1 Surpius Tund a Undivided profits Amount due to Danics Cortified check tal of Demand than national 16,105 deposits deposits’ subject to che Dividends Total of de (other ite) inpaid z nd deposits bank_ depos. deposits reserve (payable a days, or subje pogit (oth er than for money bor. rowed) : in the District of Columbia, 30, 192 $1.243 28 77.504,94 10.3 111.904 .69 574 54 83 22.023.02 11140 03 30.00 10.349 $1.781.516.0 184 S1781.5 Washington. Py treasurer of ue 1o the bes LTAMS. to before Notas me t ¢ ROBINSON FIRST MORTGAGES FOR SALE Denominations of $250, $500 $750, $1,000 and Upw 62% ards All_Loans Made on Property Located in the District Columbia of JAMESF. SHEA 643 Lo (éfiiikno; safely You want incipal is CAFRITZ na Ave. N. w. First Mortgage Notes ill satisfy your wants tail. We invite your ing that the invested, that your interest payments will be made the day due? and in every uiry e s s ey lamrl iivas tants ek k furniture an S 4.72 41.103.35 | Cash in_vauli and ‘amount due from national banke Amount due from - State banks, bankers and_trust companies in the United States (other than includ- ed in item 10} Total of items i0 $40.0 13 b Miscelianeous cash it ABILITIES paid in 0.000 00 0:000.00 profits 018 65 due to nationa 23 24 and 26 ...... $33.670.6 Demand deposits (other than bank deposits) subject to reperve (deposits pavable within 30 days) . Individual deposits subject " Total of demand deposits {other - than bank . depo fin) “eubject o reserv items 31 an 8Bt .$181.801 51 Time deposits subject to re serve (pavable after 30 d: or subject to 30 days' or more notice, and postal savings) ¢ . Certificates of deposit (other than for money borrowed) Gther time deposits ... Total of time den ject to reserve, it and 35 ......$148.7 O e S441 Washington, Disirict ‘of Columbia, ss.: | I EPPA L. NORRIS, vice president-cash- | fer ‘of the above-named bank, do solemnly swear that the above statemént is true to the best of my knowledee and beliet EPPA L. NORRIS. Vice President-Cashier. Subgcribed and sworn to before me this | 10th day of July, 1925 | (Seal.) DGAR R. ALLABAND. | Notary Public. The New York Life Insurance Company Offers to First Moriga are now paying 6% %. booklet. €. L. 0'Donnell, Mcr. Mortgage Department Money to Loan st deed of Years’ Experience Property Management Make ge Loans on Improved Real Estate In the District of Columbi a and Suburbs for 3, 5 or 10 Year Periods Houses Business Properties 5% ON APPROVED Apply RANDALL H. HAGNER & COMPANY Apartments Office Buildings % SECURITY MORTGAGE LoaN GORRESPONDENT TaliphomeNizin Write for CAFRITZ COMPANY 14th & K Main 9080 B.F.SAULCO. M. 2100 925 15th St. 5700. st on real estate. % | <l 4 & . L‘ : g : % a . |