Evening Star Newspaper, July 18, 1925, Page 11

FINANCIAL. THE EVENI G STAR, WASHINGTON, D. €, SATURDAY, JULY 18, 1925. COMPLETE LOCA BANK REPORT QUT Deposits—~Other Finan- cial Notes. ex! cases with of six Building Bonds Offered Pi Poday an annual ind the pon bor nd $500 maki n of b ates e number over the an the sum later de- 1sual rtain of the ed cone st Au tions of n Cheap. slow demand for ‘sugar the heavy in large volume ming season. ‘Will ()pe-u Broker Office. . Mel city ¥ broke an ve and L. C. of ed & Co., Mehlman in the In. ON SHORTAGE TALK Possibility of U.'S. Importing| Breadstuffs Helps Week’s Quotations. of 'xwulmv ’{'~ i rket t rapidly upward. , the dom been redu shels owing sti eather vices telling me inde- rket, sight in line TODAY'S CHICAGO PRICES. HICAGO, J ar 1 and ¢ Lack of wed ¢ er ops ber 1.0¢ lerwent ine, Septe wer, near Sep to » to weak Witkowsk | 1 “trade in un-| and bonds. WHEAT PRICES RISE } LATEST DETAILED REPORT ON LOCAL BANKS. NATIONAL BANKS. ank of Washin, Columbla mmer | Distri Departmental | Bast Mo | Franklin | Liberty Beasonal Decreases Noted in | Lincoln v\mm,..,n' National Adpl(dl ightwood. . . Aving Chevy Chase mmercial and W Industri International MeLachlen nt Vernon National banks Savings banks Trust companies . Total s *Or, d May 1, tConsolidated with Riggs (Compiled by Audley A. P. avage, June 30, $10,083, /065,09 1.409.87 447.17 §22 ional Bank auditor, Decrease. 588,520.80 320,290.88 178,085.39 $31,613.49 911.48 . {the usul s 11,080 22,268.30 5 | according t ,583.50 1161 ,583.80 | . $3,044,919.88 National Savings and Trust Co.) NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM F NEW YORK, July for the rise were in the the week on the curt closed, but not make the yvv in the week. ords were )t as numerous. Public ut nent p est ed Power NEW YORK, J is an official list of traded in on the <et today Siem & Hal Solv & C s 100 Eom 61 Com P C rts Ba A & Shopf en G & B don Gan®er biad were | | aintained a perma- | 2 . and Electric reaching year. Buy- refrigerator in expecta- cases in earn st below 43, was fon of its high Corporation gained r of the oils were inclined ! toward lower le Verts 3 Wils 3 Con ¢ 20 Con N, 1 Power Co new wi MINING Co... .26 est.. . (1 ppe; v Utah... .0 Cresson Gold 4 M Ltd T 10 Croesus. -0 BOSTON STOCK MARKET. BOSTON, July 18.—F Zhest, 10 r the most lowing est and clos active stock! OIL EARNINGS REf(;kTED. NEW YC Petrole report shows penses, 01 nd §3,949 second net ent of net taxes iation qus JRK, July 18 (P).—Phillips first large oil company to ond guarter!, earnings, of $6.090.092 after ex- d interest, but before and depletion, against in the preceding quarter 053 after expenses in the irter of 1924. The half wWa $10,456,494 before ad- ventories, depreciation epletion. —_— Query the Promoter. Determine how much of his own money the promoter is putting Into his scheme before you decide to risk yours. Do make him n't take his word for it— prove ity JULY TRADE SHOWS MORE RAPID PAGE Steady Price Levels Help to Overcome Usual Lull Due to Season. BY J. C. ROYLE. Special Dispatch to The Star. W YORK, July 18.—The stability of prices in general is alding in main- taining manufacture and trade at a ! pace today which is counter-balancing sonal let down. Some man- ufacturing concerns have abandoned jusual vacation plans while others are !‘-mm:(-rh.p, e lay-offs throughout all their departments, so as not to check output in any one completely, v for a time here were some exceptions to the steadiness of price levels. The most notable was rubber, which, during the past week reached a point a full dol lar above the range of some seasons back. It is notable, however, that while there is a shortage of spot sup- plies the prices for next year's de liverles are nearly half a dollar be- low the spot level. re Situation Puzzling. Motor car manufacturers are divided as to what effect rising tire costs will have on future prices of automobiles. Some say profits large enough to «bsorb the difference, while others an item ranging from $4.50 to $2 tire size, must be added to the selling price of cars. Several {of the volume producers have con- tracted ahead for their tire require- ments for the last half of the year, {and others feel that it will be well into | Fall before the effect is generally felt. | As to the automobile business itself |1t is estimated now that the total in dustrial output of Detroit, of which the motor car business forms a large part, will exceed $2,500,000,000 this year. Industrial employment there is around 40,000 workers more than at this time last year, and some factorles are increasing their forces. The Hud son works have just put on 100 new | employes and some departments are working three shifts seven days a week. The threeshift, seven-day schedule is expected to be made ef- fective in all departments soon, and July production will exceed 30,000 cars. Plants of the Continental Motors Corporation are operating nearly at { capacity, and sales are holding up re- markably. Rumors of a price cut in the Packard lines are denied by off- clals. Building Programs Heavy. The strength in automobile produc- tion has been reflected in the tone of some steel products. The steel mills ure working at a pace well above the usual rate for J and, while prices still are low, the situation is by no means regarded as unsatisfactory. The heavy building program is ald- ing mategially. In 16 Southern States building construction for 130 cities so | far this vear aggregated $386,383,283, an increase of $30,000,000 as compared with the first half of 1924. Lee H. Miller, chief engineer of the American Institute of Steel Construction, says that the co-operation of steel fabri- cators with the plans of the institute have resulted in a saving of $30.000,000 r in the Nation's structural steel nsumption of copper and lead is ining at a high rate, alded by the activity in the electrical trade. It is it the makers of electrical ever have had les of the e last year totaled $147 Textile Trade Still Slow. There is undoubtedly some improve ment in the textile situation through- out the country, but it is an improve- ment of sentiment in many instances rather than in actual business. The silk manufacturers sull are going strong and the demand for rayon is h that a shortage in some grades s developed. The wool markets are active and prices firm, but it remains to be seen whether the workers of the American Woolen Co. will accept the 10 per cent wage cut scheduled for July 27 and whether other mills | will follow the example. ,670,000. | Crop News Favorable. The weather still is a dominant fac- tor in the agricultural situation, but corn is doing splendidly and the cotton | situation is fine in many sections. The Spring wheat output estimates are in- creasing. The thing which offers the greatest threat to wheat prices at present is the probable large yield in Furopean countries and the prospect of a Canadlan crop ranging from 365,000,000 to 400,000,000 bughels. Both crude oil and gasoline have registered price advances in: some districts and the technical position of the commodity has improved this | week. | e s |SEES CORNER TURNED IN COPPER INDUSTRY/” By the Associated Press SW YORK, July 18.—More stable conditions in the copper Industry and better prices are forecast by C. F. s, president of the Anaconda Cop: ining Co., who says his com- s doing a larger business than time, and except that the basic price of copper is low, its operations are being conducted satisfactorily. “Demand for metal products has leen very large, and business in cop- per and copper products in the first half of 1925 exceeds any like period in the history of the industry,” he said. $400 CASH DISTRIBUTION BY CHEMICAL COMPANY Virginia-Carolina Concern Has Funds From Sale of Southern Cotton Oil Company. By the Associated Press NEW YORK, July 18.—The_ Cen- tral Union Trust Co. trustee under the first mortgage of the Virginia-Carolina Chemical Co. has announced that a cash distribution of $400 on each $1,000 bond of the first mortgage 25-year 7 per cent sinking fund gold bonds, serfes A, would be made July 21 out f proceeds of the sale of stock of the Southern Cotton Ol Co. The bondholders’ committee an- nounced that $3.38 per $1,000 bonds would be deducted from the $400 for certificates of deposit bearing a nota- tion of advance installment of inter- est, June 1, 1924, and would be ap- plied to repayment of the advance, with interest of 6 per cent from June 3, 1924, to Jul)’ 1, 1925. MORE FLOUB EXPOB,TED BALTIMORE, July 18 (Special).— Exports of grain, as reported by the Maritime Exchange for the week end- ed yvesterday, show an increase in shipments of grain compared with the previous week. Altogether, 253,788 bushels of grain were exported, repre- sented by 185,866 of rye, 50,000 of bar- ley. 15,990 of Wheat and 1,932 of malt. Flour exports slightly advanced, there being 4362 barrels shipped, against 3,634 in the last report. Stock Market Averages Reach New High Point During Week Public More Active—Money May Go|l Higher—Better Profit Margins Predicted—The Outlook. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, July 18.—The past week ended with prices on the stock exchange at a new high average. They were up some 90 cents a share from a week ago und $8.35 a share from the first of the year. This was quite the largest rise which has occurred in any | week since the culmination of the mid- | Winter speculation. Accompanied as is was by a decidedly heavier daily turnover, it testified to an Increasing public interest ond to a vitality greater than July markets usuaily have. It has often been said that low money rates were one of the reasons back of the rise in stocks. This i hardly true. When call loan guota tions came down from a high of 5 per cent, a week ago, to a low of 3% per | cent, it probably exerted som senti- mental influence upon a market move- ment w| h was looking around for excuses for higher prices. But actuali for the last three years stock ex- change fluctuations have not been af fected by money changes. They have been governed solely by business changes. Higher Rates Expected. There are no immediate signs of money working higher, yet the belief is that this is what is going to hap- pen. This bellef is founded first upon the larger use of Federal Reserve facilities. Rediscounts for the system as a whole are up $150,000,000 from a year ago, and in the New York district are up from $40,691,000 to $121,742,000. The general reserve ratio is down from per cent to 76.1, and the New York ratio is down from 84.2 to 81.6. These are comparatively small differences, yet they denote more of tendency to appeal, under the urge o increasing business, to the rediscount privileges of the Federal reserve. Secondly, the expectation of higher money is based upon the idea that commercial prices struck bottom sometime ago and are now pointed higher, that the husiness volume wil! further expand, and finally that the season {s approaching when the usual requirements for the crop moving w have to be met. Bonds Slowing Down. The stock market is not reflecting this view as yet, but the bond market is doing so. Bond prices have not come down, but there are certainly a good many more sellers than buy ers around current prices. The stock market, however, looks at the difference betiween the present Federal Reserve ratio of 76.1 per cent and the 41 per cent of Novemb: 1919, and is not worrying about the sufficlency of the credit supply or| about the estimates made of the hue total of brokerage loans. It i cor cerned with trade developments, and these have been mostly favorable. Profit Margin Increasing. Steel prices have steadied after a prolonged decline, and incoming busi ness, while perhaps not quite up to shipments from the mills, is ap proaching an equation. The coppe metal is advancing as the result of an STRAW HAT FACTS BEFORE PRESIDENT Manufacturers Seek Higher Import Duties to Check Growing Competition. Special Dispateh to The Star. BALTIMORE, July 18.—Straw manufacturers are anxiously await- ing the President's decision regard- ing import duties on theif product. The Tariff Commission has com- pleted its deliberations upon com- petitive conditions in the men's sewed straw hat industry and will transmit its findings to the Presi- dent within the next few days. In hearings held before the com- mission it was contended that the present tariff of 60 per cent is in- sufficlent to equalize production costs on the cheaper grades of hats, which are now competing seriously with the products of American factories. One of the problems which the commission has been called upon to decide is where to draw the line be- tween the cheaper hats involved in the complaint and the foreign hats of high quality which do not compete here to the disadvantage of domestic producers. Should it be found that the Tariff Commission has met the requests of the domestic producers and the im- porters of the better grades of hats by recommending different duties on similar products of different value it will be the first time such action has been taken, it is said. MIDDLEWEST UTILITIES GETS MAINE CONCERN | By the Associated Pross. CHICAGO, July 18.—Acquisition of the controlling interest in the Central | Maine Power Co. was announced to- | day by the Middlewest Utilities Co The Maine organization has approxi- mately $30,000,000 invested in hydro- electric projects, serving 193 com- munities, about one-third of the State’s population. Through subsidiary operation com- panies, the Middlewest Utilities Co now furnish utility services to 1,268 communities in 18 States. SEEKS MARYLAND FIRM. Electric Power and Light Com- pany After Southern Firm. NEW YORK, July 18 (®.—The | Electric Power & Light Corporation | will use part of its recent increase in authorized caplital stock to acquire | control of the Southern Power & Light Co. of Maryland. Preferred-stock holders~of Southern Power will re ceive 16,181 shares of preferred and 8,000 one-half shares of common stock of Electric Power & Light for 16,181 shares of Southern Power outstanding. | Southern Power stockholders have un- til September 1 to deposit their stock. Electrlc Power & Light is a newly organized holding company for util- ities supervised by the Electric Bond & Share Co. in Idaho, Utah, Louisiana and other States. hat TOBACCO ACREAGE CUT. MADISON, Wis., July 18 (Special).— The smallest acreage of tobacco in 25 years, 16 per cent under a year ago, | has been planted in Wisconsin. Wis- consin tobacco, used for cigar binders, has met with serious crop reverses the past Ywo years, due to early frosts, so that only 33,000 acres were planted this season. | the } vestments. FINANCTIAT. improved domestic demand, following tent efforts to limit production. nk clearings set down as ex- cending 11 pre us records. Rall rond traffic 1s 10 per cent ahead of @ year ago, AAth the business sit- has not latn with with the profit BiSiEl: ha. (orbs Fag Deon oaiis factory, the latter has not. But now prices in important lines have either stopped going down or have begun to turn upward. If this drift continues it wiill mean a good deal for cor- porate earnings in the second half of the vear. The present Wall Street dealings are going ahead on the con- ception that this is the way the situ- ation will work out. Some Advances Very Sharp. all volume ration n why the current market | invite the suspicion which attached to the et of January ebruary is there have been milar excesses on the buying side. | Some of the public utility stocks and | L few of the ave been bid up rather ext But in the | main body of the forward movement has been orderly and involved no such wild speculation accompanied the r market d ing the Winter. July is normally a montt deterioration. It is a dr time, and it is & period w the inroads made by insect pests are ta dvantage | of by peculators in grain and in cot ton. The present year has so far been | no exception. Plenty of Cotton in Sight. But during the past week the cot ton trade h begun to realize that such drought as h; occurred would have to very serfous results in. ieed in order to offset the facts of the 1 position. A crop of 13,618,000 ba when domestic tion was curtailed, i ge carry over, and on top | s the Department of Agriculture | has estimated for 3 harvest of 14,339,000 bal which with one ex eption is the largest estimate at the same perfod in the lat eight years. Under such circumstances the condi. tions of the next two months would | have to be extraordinarily bad in| rder to produce much of & change in | he price outlook Foreign Exchange Stabilized. The foreign exchanges evidently ve come to rest around their pre In no week for a long of crop es last year, holding 3ank of England continues 1ulate gold and its reserve | ds much the highest since ng of the war. rench bank note vernment borrowin cord highs, but this has n because of the c the new regime, which has had | the courage to recognize the facts and propose to balance the bud only way through lation are both F irst Mortgége Loans! Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc.| 38 15th Street We Write Insurance of All Kinds We are in a position 10 o = vr “WHY WORRY us and representative will ld to call and quote rates and explaln our contracts. Insurance Department N. L. SANSBURY CO., INC. @rmmwuemm@fimmmmm;lmflmfl% Money to Loan Secured by first deed of trust on real estate. Prervailing interest and _commission. Joleph Weller 420 Wash. L & Trust lde.. Oth & F N. We0L000200000 WANTED! SECOND TRUST NOTES Funds available for the pur. chase of all kinds of second trust notes. secured on D. C. or nearby real estate. Prompt action in every case. Washington Investment and Transactions Co. 715 14th St. N'W, Main 3662 m’“f. “03 :3000000000“0 FIRST MORTGAGES FOR SALE Denominations of $250, $500 $750, $1,000 and Upwards 6Y2% All_Yoans Made on Property Located in the District of Columbia JAMESF. SHEA 643 Louisiana Ave. N.W. Little By Little Small systematic savings imrlh»’ invested grow gentl to a massive fortune. All persons agree that our First Mortgage Note good in- So why hesitate? Act | today while the matter is fresh in your mind. Write for booklet or call L. O'DONNELL, M Mortgage Department are Main 9080 When You Need a Loan Think of WELCH, Loan Specialist Money to Loan At 5%,%, and 69, INTEREST Before Placing or Renewing Your 1st or 24 Trust Consult WELCH, Realtor Loan Specalist Quick Replies Reasonable Charxes e T 0447 15th and FEDERAL-AMERICAN WE FINANCE —all clasaes of income-producing property Large Loans a Specialty Current int. rate and, commission. Higbie & Richardson, Inc. 816 15th St. N.W. QUICK LOANS HOME OWNERS $150 to $5,000 on Ist, 2nd and MONEY TO LOAN ON IM IN THE DISFRICT OF COLUMBIA AT Current Rate of Interest FLOYD E. DAVIS COMPANY 733 12th Street \nr(hwtht When You Have Funds to Invest, Consult WELCH, Loan Specialist Established 1890 614% and 79, Real Estate Notes for Sale in Amounts from $250 up to $1,000 or More. Consult Welch, Realtor Loan Specialist 15th & N.Y. Ave. Main 4347 Reference: Any B Title Co. in th NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President k. Trust Co. or No loss to The Prudence Company, Inc of New York Invites Applications for Construction Loans Long-Term Refinancing Amounts of $50,000 and over EREE D . N ESBilE Loan Correspondent Investment Bldg. lain 9392 EXPERT INVESTMENT ADVICE— If professional advice is desired along any line, an expert is, or should be, con- sulted. It is quite as importa be adopted in reference boldly claim to be “e ing to r a are in position to always thorough same time, vield Iit Whether small, it will MORTGAGE INVESTMENT DEPARTMENT ments l‘u‘t ar d and, at the tes ot interest. vour savings be large or pay vou to consult our 713 and 715 14th Street N.W. Main 2345 SRR R SRR U e SRRl R RRER 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 Apartments Office Buildings 5%% ON APPROVED SE Business Properties CURITY Apply RANDALL H. HAGNER & COMPANY MoRTGAGE LoaN GORRESPONDENT ANes321 Cenmecticed Voo nue, TellyihoneNain 3700, SRR LRI R SRR R Rl R R Financial Faith NVESTORS in our First Mortgage 615 % Notes are men and women who prefer to tread on solid ground financially. Such clients are interested predominantly in regularity and security of income. They appreciate, after repeated experience, that our Notes pay 615 per cent interest, plus 100 per cent safet; Maintenance of our relations with old clients is a vital element in our business. In this, our record of more than 56 years without loss to an investor is more weighty than any argument. Al{l‘ZELL HEEM & HENSEY Co. SW K&wa AW hashzng@flfl 56 Years Without Loss to An Investor. 2 RO 0 0 R R R R IR E}EJEIJ«\WE