Evening Star Newspaper, July 19, 1925, Page 76

FINANCIAL. CALIFORNIA EXPECTS IMMENSE GRAPE YEAR Special Dispatch to The Star, SAN FRANCISCO, July 18 (®).— is estimated that 92,000 cars of decidu- ous fruits will be moved from Calif- ornia this year, of which grapes will constitute about 75,000 cars. This would be the record fruit shipment and would be additional to the 30,000 FINANCIAL. THE SUNDAY STAR, WASHINGTON, D. €, JULY ‘19, 1925—PART 6. 'BOND SUMMARY FOR THE WEEK \fW {|FVF|S [Analyses of Local Banking GG T e e 10 BONDS SELL OFF AS STOCKS CLIMB Sagging Quotations Due to When You Need a Loan Think of WELCH, Loan Specialist Money to Loan At 51,9, and 69, INTEREST Low. Last. Tleld. 100-24 335 10213 3 85 101-2_ 8 80 101-17 371 102-21 3 89 107 16 875 Low. Last. 96% 964 “High. 101-29 102-50 101-19 10241 Tow. U. 8. BONDS. 100-19 Liberty Sws 1932-47. . 101-14 Liberty lst 438 1932-47. 100-20 Liberty 2d 43 1927-42. . 101-1 Liberty 3d 4%s 1928... 103-9 101-20 Liberty 4th 4% 1933-38 \ox';lso 104-13 Treasury 4%s 1947-62. fHigh. Low. 95 High. 10128 98-22 96-5 10221 102 S84 10223 99-8 108 98-8 10708 99.8 =1 High. Low. 96 8wy 101-10 101~ 101-23 101-16 102-31 102=16 . 107-29 107-6 Prov. week's High. Close. 96% Important Committees Report on Cost of FOREIGN. 97 Argentina Os A 1957. 96 Rates on Money, Bank Sales and Other Factors. BY GEORGE T. HUGHES Epecial Dispatch to The Star. W YORK, July 18.—While rising prices and increased activity have been the rule in stocks, the week in the investment market has been one of sagging quotations. There have been no important de- clines nor has there been any lqui- datlon to speak of, but there is no longer a bidding up of quotations stch €3, was characteristic of trading a month ago. Duving the first half of the year, as a general rule, stock and Lond markets moved together, one being strong when the other was strong and weak when the other was weak. This correspondence no longer holds. ¥ven the day to day fluctuations in| money rates as evidenced by the charges for call funds on the stock exchange have been without effect on the bond market. Big Banks Selling Bonds. Study of the quotations for typ | bonds does not tell the whole story. | When money was extremely low all| last ye: up to July 1 of this year | or thereabout, banks which had sur-} plus funds found it more profitable to biy bonds than to loan the money at the prevailing Interest rates. They yeasoned that they could afford to| take the chance of selling at a small Joss in return for the better yield on | their money in securities than any- where else. Acting on this theory, they accumu- | Jated large blocks of high-grade bonds. | Some of these bonds are beginning to] come back upon the market, but they | are not belng offered at any sacrifice. So far it is only the larger banks | which are sellers, and they have been conducting their operations very cau- tiously. 103% 98 141 109 91 994 1044 104% 1043 1091 108 47% 964 101% 101% 111% 9% 09% 105 109 414 85 100% 86% 96% 97 1% 91 99y 109% 102% 101 101 39% 8714 85 98% 107 92% 923 891 9214 78 6% 88t 73% 214 72% 893, 109% 65 9934 1044 87% 94 3% 6314 101% 1084 98% 82 92 101% 964 92% 974 9413 044 8334 103% 100 881y 110% 108% £€ 9915 104% 103% 108% 1094 109% 484 100 101% 104% sy 103% 1034 100 104% 98 £9% 844 93k 100% 8615 86 108% 118% 80% 106% 112% 9714 101% 9314 83% 106% 106% 80 o5 101% 102 102 106% 106 40% 9434 08Y 891y 109 98% 93 4 French Govt 8s 1945. Argentina 7s 1927 5 Austriasf 7s 1943 Belgium s 1955.. Belgium 73481946 Belgium 85 1941 Bordeaux 65 1984....... Brazil 8s 1941 102% 99 86% 108 107 8415 9814 108% . 102% Chile 85 1941 Chile 851948 AR Chinese Govt Ry 5s 1951 Copenhagen 5%s 1944 Czechoslovakia Ss 195! Denmark 6s 1942, Denmark 8s 1945. Dutch East Indles 6s 1947, . Dutch East Indies 631962 French Govt 7%s 1941. German T7s 1949.. Holland-American's Japanese 45 1931. ... Japanest 635 1954..... Jergens Utd Margarine 65 1947 Lyons 68 1934. . . - Marsellles 681934 Netherlands 6s 1972.... % Norway,8s 1940. . INDUSTRIAL AND WMISCE Paris-Lyons-Med 65 1958. Queensland 6s 1947 Queensland 7s 1941 Rio de Janelro 85 1946 Sao Paulo. State of, 85 1936. Seine, Dept of, 7s. Berbs Crotes Slovenes §s 1962 Sweden 651939, .. Swiss Bias 1946 United Kingdom 5% United Kingdom 5%s 1937. . Amer Agri Chemical 7368 1941... 4 Amer Smelt & Ref 1st 55 1947 Am. Smelt 1st s 1942, .. Amer Sugar Refining 6s 1937.. Amer Tel & Tel ci tr 4s 1929 Amer Tel & Tel ¢l tr bs 1946 Anaconda Copper 6s 1953. ‘Anaconda Copper cv deb 7 Armour & Co 4%81939. ..... Atlantic Reflning deb 53 1937, i Bell Tel (Pa) ref 5s 1948. Bethlehem Steel p m 58 1936.. Bethlehem Steel s f 651943 Chile Copper 6s 1932. Cons Coal (Md) 1s ref 5s 4 Cuba Cane Sug cv “eb 8s 1930 103 . 108% 108% 41% 984 99% . 102% 110% 10215 1024 2010 " 1024 96% 88 834 9% 94 8414 B4le 107 110% 75% " 101% 111 95 103 8T K814 104% 102% . 116% 1054 .LANEOUS. 1034 98% 107% 108% 97% D105 100% 1084 9915 86% 108% 107% 84% 98Y% 103% 108 103% 1084 1084 42% 98% 100 102% 110% 102% 102% 9% 102% 97 884 £3% 93% 984 8445 84t 108% 11y kx4 104% 1028 108 98% 95% 85% 864 108 108% 107% 107% B34 83% 9% 98K 108 108 102 102% 103 103 108 108 107% 107% 41% 0T% 99% American Can Leads Sparp Saturday Advances in Special Shares. By the Associated Pres NEW YORK, July 18.—Cumulative effects of such favorable trade devel- opments as increased half-year earn- ings by leading industrial companies and higher prices for a wide range of commodities lifted stock prices to new high ground today. The usual week énd profit taking was readily absorbed without any effect on the market’s upward trend. Standard rail and industrial shares maintained their leadership of the ad- vance today, setting the pace for the more volatile specialties and estab- lishing record high prices on gains of 1 to 4 points. American Can Leader. Trading interest was focused on the spectacular performance of American Can, Which soared to a new high for all time at 208%, in response to re- ports that plans were being worked out for the long-awaited recapitaliza- tion of the company. Under the pres- sure of realizing sales, the stock eased off at the close to 207%, & net gain of 3 points for the day At the same time buying operations made good headway in a diversified list of the more representative spe clalties. Among the score of nev high records marked up in the tw hour - trading session were M American Tobacco shares, General Railway Sig- nal common and preferrefl, Sears Roe- buck, Montgomery Ward, Coca-Cola, Otis ' Elevator, ~American ~ Water Works 6 per cent preferred, Amer- lcan Safety Razor, Fairbanks Morse, American Agricultural Chemical com mon and preferred, General American Tank Car preferred and Sloss Sheffield | Steel. Southern Railway Strong. Accumulation of Southern Railway common, in anticipation of a higher common | Handling Lar, Checking BY L. A. FLEMING. The problem of unprofitable deposit accounts has been before the bankers of Washington for many years, but it was never presented in quite the com- plete and drastlc manner in_which John Foole, president of the Federal- American Bank, laid it before the bankers In convention assembled at Hot Springs, Va. Mr. Poole has ploneered in the study and analysis of all departments of banking, and for many years has kept valuable statis- itics, making an Intensive and complete study of local conditions. Because of his familiarity with the problems of {unprofitable accounts he was the logi- cal chairman of the clearing house committee, bLeing ably assisted by Frank J. Stryker and Harry Haynes. This committee worked Joint- ly and in closest harmbny with @ simi- Jar committee appointed by the Bank- ers’ Assoctation. Favorable Results Expected. Co-operation and a desire to conduct the banking business on a better basis, so that each account shall pay its proper share of the cost and be credit- {ed with a proportion of the profit, has reached the stage where the prime | movers in the matter actually expect | results that will be agreed upon with more or_less unanimity The clearing house committee con- | sisted of John Pocle, Frank J. Stryker {and Harry V. Haynes. | The Bankere’ Associatlon committee included W. J. Waller, chairman; Boyd {Taylor, Avon M. Nevius, L. O. Slaughter, C. H. Pope, Victor B. Dey. {ber, F. G. Addison, jr.. Robert S. | Stunz, Maurice Otterbach and L. P. ! McLachlen. This joint committee wisely decided to begin at home, and its first ef- {fort was at seltexamination. Each member began gathering facts about | his own institution, and when satisfied V.| ge and Small Accounts. ! ~ i and summarized them as a basis for future consideration. Cost was figured on $14 overhead on each $1,000 of deposits. An aver- age cost of 6 cents was made for each item posted to the account of a de- positor. Just how these charges were agreed upon by the joint committee was not explained in the report to the bankers’ conventlon. Mr. Poole, chairman, when asked concerning the matter, ex- pressed a strong desire to explain the method dmployed to find the basic analysis figures at an early meeting of the District Bankers' Assoclation. Three elaborate tables of great value were prepared by Mr. Poole and coples | of these were freely circulated at the | recent convention and a few are still avallable for local bankers. Actual Results Valuable. This joint committee found that a deposit ‘account of $25, with but one ledger posting a month would return a profit of 2 cents, each additional posting turning the scale the other way at the average cost of 6 cents a posting. An average balance of $100 will support five check or deposit transactions a month. The second table is a monthly an- alyses for checking accounts on the basis of actual cost plus a suggested profit of 1.20 per cent per annum Under this table a $25 balance with one posting Is an actual loss, a $100 balance will support three postings a| | month, a $500 balance having 15 post- | ings a month shows a net profit to the | bank of 10 cents. Banks Must Have Profits. | Banking is no different from any | other form of business. There must | be profit. Not necessarily a profit on every transaction, but, generally speaking, a profit from all. Thirty- seven per cent of the checking ac- counts are found to average $30. They cars of vegetables patched during July and Aug WE FINANCE ~—all classes of income-producing property. Large Loans a Specialty Current int. rate and commission. Higbie & Richardson, 816 15th St. N.W. When Yu to Invest, Consult WELCH, Loan Specialist Established 1890 6Y,% and 79, Real Estate Notes Sale in Amounts from $250 up to $1,000 More. Consult Welch, Realtor Loan Speclalist 15th & N.Y. Ave. Main 4347 Referonce: Any Bank. Trust Co. o i No lows to Title Co. in the District. an Investor in 25 years. Money to Loan Becured by first deed of trust on real estate. and melo s dis- Before Placiog or Rene st or 2d Tri Consult WELCH, Realtor Loan Speecialist Quick Replies Reasonable Charges 15th and N. Y. Ase. M. 4346-4327 - 6% First Mortgages —{for sale, secured by these carefully selected high-gra residence properties 9th St. N.W. D St. N.E.. o Oakwood Ter. N.W. Brentwood Rd. N.E.. Ready for immediate ¢ ery, subject to prior sa terest collections made out charge. Chas. D. Sager 924 14th St. Main 36 ing Your st t Inc. .. %250 ..$1,000 -.$3,750 for with- or ‘We Buy or Sell Unlisted and Local | Stocks and Bonds Prevailing interest and commission, 420 Wash. L. & Bids.. 9th Little By Little Small systematic savings gently invested grow to a fortune. All persons agree that our | ||| Mehlman & Company Brokers International Bldg. | 1319 F Street Northwest | Phone Main 8847 intelli- | |} massive | First Mortgage Notes are good in- | e with analyses brought the facts before | the general committee and laid them | on the table for digestion. total about three-fourths of 1 per cent of all the money on deposit, and they | represent more than 15 per cent of all the work done. Obviously, this vestments. So why hesitate? Act | today while the matter is fresh in your mind. Write for booklet or cali Detrolt Edison ret ¢s 1940 | 108% 3 2 Du Pont de Nem T%s 1931.. 5 Empire Fuel & Gas 7%s 1937. General Electric deb 58 1953... jdividend, continued unabated to the end of the week, pushing the stock up to a new peak at 101%. Most of the other rails were neg- Dealers Heavily Stocksd. The selling has been done so grad- HOME OWNERS ually as to have little effect on prices. | If, however, the movement should be- come general, spreading to the coun try banks, naturally thers would be some price recession. “Dealers are in much the same situa- | tion. They, too, have bonds purchased chased at high levels which they are at high levels which they are holding actually to press them upon the mar- | ket. When they do that also will{ have a depressing effect. And, of course, the time will come when the dealers are ready to sell. Meanwhile these conditions make for stagnation. | Back of all this is the conviction that as business improves in the Au- tumn, as it s now confidently expect- ed to do, there will be a hardening in money rates, selling of bonds and a lower market level. It must not be understood from this that any one ex- pects any substantial decline, but only that prices normally should go lower in the next few months. U. S. Issues Show Trend. Government obligations are perhaps the best example of the trend. The high prices for Liberty bonds and United States Treasury issues were reached in the first ten days of July and the tendency has been downward since that time. There is nothing in this situation which should disturb the individual investor. It ls simply the usual sequence of events, follow- ing upon improvement in industry. Nor has it any bearing uporn the fu- ture of securities which depend for their investment rating upon the status-of the particular trade repre- mented. - Illustrative of this proposition the bonds of copper producing companies may be taken. For the first time in months it looks as though the price of the copper metal is headed upward, and confidence that such waa the case has been reflected in the quotations for the fixed interest-bearing obliga- tions of the copper companies. Prob- ably the same will be true of the bonds of corporations representing | other industries the outlook for which | is becoming brighter. As far as the| railroads are concerned, second grade | and speculative issues will move as sentiment changes toward the fortunes of the individual carriers. | Less “Merger” Bond Buylng. There has not been so much buying | this week of junior railroad bonds on | prospects of mergers and consolida- tions. Rather there has beeg more attention paid to actual earnings, which is a healthy sign. It may be quite proper for speculators to buy stocks because of expected benefits from consolidations, but investors ought to look to other considerations. it is very difficult to read the foreign bond market, for these securitjes’ prices seem indifferent to good and bad news alike. French and Belgian bonds scarcely move, notwithstanding the doubt about the finances of their respective countries. On the other hand, high ylelds are still obtainable on the obligations of governments the financial position of which is greatly improved. Some of the new foreign loans have not gone very well. Yet the seasoned lssues Lave not seemed to suffer. The fact is that the American in- vestor in foreign bonds has adopted an attitude of watchrul waiting. COMBED YARNS ADVANCE. North Carolina Mills Report Im- provement in Week. GASTONIA, N. July 18 (P).—| Combed yarn sales by Gaston Count: mills this week were light in volume &nd at a slight advance in prices, al- though inquiries the past two days indicated renewed activity on part of buyers. Spinners are as a rule not aecept- ing orders .except at better prices, because of scarcity of staple cotton and heavy June éonsumption, indicat- ing that this condition of scarcity will soon become greatly aggravated. DANISHVKRONER AT BEST- LEVEL IN THREE YEARS NEW YORK, July 18 (#).—Foreign exchange trading during the week s featured by the rise in the Scan- dinavian currencies, Danish kroner reaching the highest level in three vears, in_anticipation of an early sale in New York of a $30,000,000 refund- ing loan at a lower interest rate. Demand sterling, French and Belgian ;rancs and Italian lire held relatively firm. ,,,,, i FOREIGN EXCHANGE. NEW YORK, July 18 (®.—For- cign exchanges, steady. Quotations in_ cents: Great Britain, demand, 485 11-16; cables, 4861;; 60-day Dbills on banks, 481 11-16. France, demand, 4.70%; cables, . Italy, demand.a.'t(l;l cables, 3.70%. Danlnn\l——Belslum.l 462%. Germany, 23.80. Holland,| 40.10. Norway, 17.96. Sweden, 26.8. Denmark. 21.10. Switzerland, Spain, 14.50. Greece, 1.59% 19%. Czechoslovakia, 2.96. slavis, 1.75%. Austria, 14%. - wnania, 48%. Argentina, 40.37. Brazil, 11.50. Tokio, 41%. Shanghal, 78%. Montreal, 100 1-33, ) 89 20% 86 B4y £9% 9674 81 48 62% 62 K44 59 624 112% 89 Bo% 833 118% 78% 104 106% 91% 86% 108% 83% 9 4% 66 6% 77 107% 17% 101% 110% 8% 69% 104 80 9 70 82% % o1 99% 7 4% 107 88 103% B 9% 8T% 65 100 B6% 95% 100% 113% 65% 87 63 91% 188% 623 B6% 108% 98% 106% 844 95 104% ity 38% 88% 3% 874 86 73% 87T% 5% 86% 814 61% 1% 87 8% 86% 91 85% 102% 107% 5% =94 100 97% 101% bau [y 824 110% 121% 102% 104% oy 94 108 94%, 102 102 9314 102 115% 104% a9 108% 102% 99 1001 105 99% R 120% 108 293 104 20% 107% 106% £8% 99% 824% 12 109% 91% 53% E8Y £9 £64 894 E5% 102% B35 6% 82% 116 7 T4 94% 7% 102 44% 1004 744 59% a4 7% 43 44 107% 75 83% 914 116% 6% 103 104% 90%, 831 101 82 56 86 70 61% 63% 69% 106% 115% 100% 108% 86% 67% 102 59% 5 €6 80W 704 88% 97% Goodrich (B F) 6%s 1947. Goodyear Tire 8s 1931. Goodyear Tire B3 1941.... Humbie Of] & Ref 6145 1932 Indiana Steel s 1952. Inter Mer Marin2 63 1941. Inter Paper 5s B 1947..... Kelly-Springfield 8s 1931 Lackawanna Steel 5s 1950 Liggett & Myers s 1951. Manati Sugar s £ 74s 194 Midvale Steel 58 1936. . . New' England Tel 55 192..... New York Edison 1st 61s 1941 NYGasELH& P 551948 New York Tel 435 1939. New York Tel 65 1941 North American Edison 6s 1952 Pacific Gas & Elec 58 1942 Pacific Tel & Tel bs 1852 Philadelphia Co ref 6s 1944. Public Service 6 1944 Stnclalr Of1 78 1937.. Skelly 6%s 1927 South Porto Rico Sugar 78 1941.. Union Bag & Paper United Drug 6s 1944 U S Rubber 18t & ret U S Rubber 7338 1930 U S Steel s f 551963 Utah Power & Light 53 1944 Va-Carolina Chem s f 78 1947.. .. Va-Carolina Chem 7%s '37 war. . ‘Western Union Tel 63%s 193 Wilson & Co 1st 68 1941. Wilson & Co cv 7%s 1931, RAILROAD. Atchison gen 4s 199 ves Atlantic Coast Line 1s s 1952, Balto & Ohio gold 45 1943, Balto & Ohto cv 4348 193: Balto & Ohio ref 55 1995. Balto & Ohio 65 1929, BEOPittsLE& W Va 45 1841 B & O Southwestern DIv 5 cfs 50. Brooklyn-Manhat s f 65 A 1968. ., Canadian Northern 6%s 1946. ... Canadian Pacific deb 4s Central Pacific 4s 1949. i Chesapeake & Ohlo cv 30.. Chesapeake & Ohio gn 4%s 1992, Chesapeake & Ohio cv 58 1946. .. Chicago & Alton 3%s1950....... Chi B & Quincy 1st ref 55 1971. Chi & Eastern I11 gen 5s 1951. Chi Great Western 4s 1959 Chi M & St Paul cv 4% 19; ChiM & St Paul gen 4331 ChiM & St Paul ref 438 2014. Chi M & St Paul cv 68 2014. . Chi & Northwestern 6ls 193/ Chicago Railways 55 1927. Chi R I & Pacific ref 45 1934 Ghi Union Station 4%5 1964. Chi Union Station 6145 1963 Chi & Western Ind con 4s 1: CCC&StLref 63 A1929. Cleveland Term 5%s1972.. ... Colorado & Southern 4338 1935... Cuba R R bs 1952 Delaware & Hudson 5%s 1937 Den & Rio Grande con 4s 1936. D. & R. G. West 58 195 Detroit United 4155 19332 Erle 18t con 4s 1996 Erie gen lien 4s 1996. Erie cv 48 A 1953. Erle cv 43 D 1953. Grand Trunk s f deb 63 1936 Grand Trunk 7s 1940. . Great Northern gen 5% Great Northern gen 75 1936. ... . Hudson & Manhattan ref 5s 1957, Hudson & Manhattan adj 5s 1957 Illinois Central 5%s 1934.. Inter Rapld Transit bs 1966. Inter Rapid Transit cv 7s 1932, Inter & Great Nor adj 6s 1952, Kan C Ft Scott & M 43 1936, Kansas City Southern 3s 195/ Kansas City Southern 58 1950, Lake Shore 451928, Lake Shore 4s 1931....... Louls & Nash unified 4s 1940, Louis & Nash 1st ref 515 2008. Mil Elec Ry & Lt 18t ref 58 '61 MStP&SSMG6%s1931. Mo Kan & Tex 1st 4s 1990, Mo Kan & Tex adj bs 1967, Mo Kan & Tex pr In 65 A 1962 Missouri Paclfic gen 4s 1975. .. Missouri Pacific 6s 1949, N O Tex & Mex inc bs 1835 4 New York Cent deb 45 1934. . New York Cent ref imp 55 2013. New York Central deb 65 1935. * New Haven deb 4s 1957 NYNHG&H cvdeb6s 1948 N Y West & Boston 43%s 1946, Norfolk & Western con 4s 1996 Norfolk & Western cv 6s 1929 Northedn Pacific 3s 1947 Northern Pacific 4s 1957 Northern Pacific ref imp 6s 2047, % Ore Short Line ref 4s 1929 Ore Short Line gtd 58 1946 Ore-Wash 1stTef 45 1961. ... Pennsylvania gen 4%s 1965. Pennsylvania gen bs 1968 i Pennsylvania 6%s 1936 % Peoria & Eastern inc 45 1990. Pere Marquette 1st 55 1950. Rio Grande Western clt 4s 1949, s RIArk & L 4%s 1934, . 86% 93% 84% 76% L 59% 8% 8434 96% 84 8% 78% 100% 106% 4% 90% 8% 95 100% 94% 634 20% StLIM&SR&G 451933 StL&SanFranprinds A St L & San Fran pr In 65 1950. . StL & San Fran 6%s B 1942 St L & San Fran adj 68 1956 St L & San Fran inc 6s 1960 Seaooard ~lr Line ref 4s 1959, Seaboard Alr Line adj 5& 1949. Seaboard Air Line con 6s 1945. Southern Pacific cv 48 1929 Southern Pacific col 4s 1949 Southern Pacific ref 4s 1955 Southern Ry gen 4s 1956, Southern Ry 1st 5s 1994. . Southern Ry dev 6%s 1956. . », Third Ave adj 6s 1960 Union Pacific 1st 4s 1 Union Pacific cv 48 1927....00000 Virginian Ry 1st 5s 1962 Wabash 18t bs 1939 Wabash 5% ‘75........ Western Maryland 4s 1963. Western Pacific 5s 19 $64 81% West Shore lat 48 2361...... 97 91 U™ 804 B8% 97% 91 105% 50% 102 754 644 4815 854 48 4815 111% 6% 87% 934 17% 80% 103'% 106% 95% . 8T 103 BA% 59 88 714 62% 64 71 107% 116% 101% 110% 9% 6% 102 674% 89 734 86% 73% 92 98% 96% 948 1074 91% 102% 83% 86% 94% 661y 101 96% 94% 101% 108% 59% 90% 67 90 128% {and preferred, lected, although Northern Pacific, Ann Arbor issues and Frisco contin- ued to attract buying orders. Both Delaware and Hudson and Wheeling and Lake Erie issues reflected disap- | | pointment over the lack of any an- nouncement regarding the acquisition | of the smaller road for the proposed Loree trunk line. Wheeling and Lake Erfe preferred dropped 413 points to 391, as compared with a recent high of 47%. Isolated Weak Speis. Among the few isolated weak spots were Radlo, Chrysler Motor common eneral -Electric and Eastman Kodak, all of which ga: evidence of week end profit taking. Pierce-Arrow prior preferred sold 10 points below the last previous sale on a turnover of a 100-share block. Forelgn exchanges maintained a firm tone, with the Scandinavian cur- rencies holding around the year’ highest levels. Demand sterling was unchanged at $4.85% Italian lire sold at 3.71 cents and French francs slightly above 4.71 cents. WALL STREET BRIEFS. NEW YORK, July 18 &P). vance in Sears-Roebuck shares 181%, a gain of about 34 points from the year's low, reflects increased earn- ings and a probable split-up of the stock which was predicted by Jullus Rosenwald, chairman, when he left for Europe. He said it would not be considered before his return to Chica- go. He is expected to arrive from abroad September 1. June sales were $16,095,102. the highest for any June in the company’s history ,and about $2,000,000 more than June last year. Business for the half year totaled $118, 242,460, against $104,817,781 in the first half of 1924, The strong position of New York Alr Brake is reflected in its working capital of $7,219,864, and the increase in cash on hand to $3,700,000 in May. Orders on hand have shown a large gain since the first of the vear when unfilleg business jumped from $380, 000 to more than $1,000,000 in May. Earnings for the first four months of 1925 exceeded bv about $100,000 those of the same period last year. Edmunds and Jones declared an ex- tra dividend of 50 cents a_share on the common stock, payable July 25, to holders of record July 20. Assets of the Clayton Ofl and Re- fining Co. recently acquired by Simms Petroleum Co. have been transferred to Simms Oil Co., an operating sub- sidiary. The Clayton company will be dissolved. Eaton Axle and Spring Co.-reports net earnings of $405,679 for the first half of 1925 after all charges except Federal taxes. Two new pipe lines costing $2,000,- 000 will be laid in the mid-continent fleld this Summer by the Natural Gas subsidiaries of Citles Service Co. —_— COTTON PRICES ADVANCE. Losses of Friday Partly Made Up on Saturday. NEW YORK, July 18 (®).—An opening advance in the cotton market today met renewed liquidation, but offerings were lighter than yesterday and reactlons were partly recovered. October sold off from 24.12 to 238.87 and closed at 23.92, the general market closing steady at net advances of 4 to 10 points. Private cables sald the firmness of Litverpool was due to active trade calling and to call buying promoted by a decidedly better tone in Man- chester. Another pritate monthly crop re port estimated the conditlon at 74 and the indicated yleld at 14,300,000 bales, compared with yesterday’s private reports showing a condition of slightly less than 73. The amount of cotton on shipboard awaliting clearance at the end of the week was estimated at 37,000 bales, against 32,000 last year. Baltimore Live Stock Market. BALTIMORE, July 18 (Special).— The live cattle market rules steady, but quiet with current receipts run: ning ample for trade wants. Demand fairly good, but centered on top grade cattle, while common to ordinary stock is slow sale at the lower values quoted and additional discounts in some cases. Quotations today at Light street wharf. Beef Cattle—First quality, per pound, 9 to 10; medium, 5 to 8: bulls, as to quality, 3 to 5. Cows—Choice to fancy, per pound, 4 to 6; common to fair, 2 to 3; oxen, as to quality, per pound, 4 to 6 milk cows, choice to fancy, per head, $50 to $75; common to fair, $30 to $50; calves, veal, choice, per pound, 10; ordinary to medium, § to 9, rough and common, 6 to small culls, 6 to 7. Sheep—Cholce, per pound, 4 to §; old bucks, 3 to 4; common, 2 to 3; lambs, Spring, choice, per pound, 14 to 14%; fair to good, 12 to 13; common, thin, 8 to 10. 12 to Much Technical Study. When the facts were laid before the | joint committee it discussed pro {and con various methods, facts and | figures to be used in arriving at a basis for the calculation of expenses |and the distribution thereof. Banks have many sources of ex- penditures and but few of income. Interest on loans is naturally | chief source of income, but there is { money in selling bills of exchange on | foretgn countries. Investments fn {bonds and other securities give good returns on much of the money that cannot be employed {n legitimate loan channels and there is some little gain in domestic exchange when bills are bought by other than customers. ! The days of gain from collection charges on checks have long since been gathered to their fathers, al { though many small banks in the | South are still fighting for their fees | for this service. Banks have any number of expense jaccounts that must be met If a profit- {able business is to be conducted. Taxes form one item of large ex- pense, not only circulation and real estate taxes, but tax on gross profits running from a straight 6 per cent on the gross profits of national banks to 4 per cgent on gross earnings less interest pald on savings banks’ gains. Clerical help is one of the big items in a bank’s expense. Deciding Factors. The joint committee decided to ob- tain average daily halances of check- ing accounts; to credit a return of 5 lowing for the various legal and cash reserves as well as items in process of collection. The net result of carrying a check- ing account depends on its activity and average balances. Even a deposit will pay a very small return to the bank if there is but one entry against it during a month, while a much larger account may be unprofit- able when more checks are drawn than the size of dally balances will support. The joint committee had completed its calculations on cost of operations, {REORGANIZING PLANS Virginia - Carolina Receivership Considered to Be Very Nearly Concluded. By the Associated Press. NEW YORK, July 18.—The decision to pay first mortgage bondholders of the Virginla-Carolina Chemical Co. $400 cash on each $1.000 bohd, is re- garded as the near approach to the termination of the receivership, with announcement shortly of the terms of reorganization. The plan is sald to contemplate elimination of the funded debt by substitution of stock. ‘The $24,500,000 first mortgage bonds will receive about 50 per cent in cash and about 60 per cent in a 7 per cent [prior preferred stock, the additional 10 per cent being to provide for cou- pon accruals. The $12,500,000 7 per cent convert. fbles probably will recelve 6 per cent preferred stock. Common stockhold- ers may be permitted to subscribe to common stock at $10 a share. >R NEW STOCK ON CURB. General Gas and Electric Issues Listed for Trading. NEW YORK, July 18 () —General Gas and Electric Corporation of Dela- waré issues, consisting of 400,000 shares cumulative preferred stock, class A, of no par value, without divi- dend _ participations; 100,000 shares cumulative preferred, class B, of no par, without dividend participations: 800,000 &hares common stock, class A, of no par value, and 460,000 com- mon, class B, of no par vaiue, were admitted to trading privileges. All shares were when, as and if {ssued Sales were recorded in the new com- mon A ranging from 58% to 61 and the class B stock sold at 59%. CURB MARKET HIGHER. Many Sharp Advances in Briet Saturday Session. NEW YORK, July 18 (P).—Strength and activity in evidence on the curb market during the greater part of the weel attracted special interest in the large number of material ad- vances occurring in the operations in today’'s short session. Recent lead- ers came forward with sharp upturns of about 3 points, lifting quotations in many cases to the week's high levels. ~ Southern California Edison and United Light and Power scored the widest gains In the public utility divi- sfon. Pronounced strength also ap- in the industrial group, with International Match preferred and St. Regls Papér prominent on the ad- vance, > B | the | per cent on ledger halances, after al-| ARE EXPECTED SOON| volume of work cannot be supported out of the lending power of so small a percentage of money | This situation of unprofitable bust- | ness is not the fault of the customers of the banks, it is the fault of bank- {ers themselves. They have never | told the public what pays and what does not pay. Business has been sought, making no terms as to bal- ances and activity. The depositor, | therefore, assumes that his account | 1s desirable and that it pays. | The banks must first find the facts |and then determine a basis on which accounts can be handled, taking the public into their confidence and | frankly discussing the entire matter, | the committes belteves. § National Banks' Showing. | The big third sheet is a report of the national banks of Washington, 12 in number. Commenting of this, | the report said. in part: | “Money invested in stocks and | bonds should bring 6 per cent return. | Let us suppose you are now dealing with $16,000,000. You invest it In securities’ and it returns $950,000 a | vear. but If you invest it in business ’)’0\1 expect a larger. return. or there | would be no incentive to take worries |and risks 4 | Twelve national banks in this city | ald have $16.000.000 of shareholders’ money. Their total net profits’ from all sources before dividends was | $1,027,000. In percentages, these banks earned 7.84 per cent on their invested capital. Thelr total profit was 1.06 per cent on $117,000,000 of their own and their depositors’ money. | ““Again, if $16,000,000 shareholders money was figured as earning 6 per cent, then the balance of the earnings lof the national banks amounting to | $300,000 represents every penny earn- ed on $109,000,000 of depositors’ money. That is 29-100 of 1 per cent a year—29 cents a vear on every $100 | of deposit, 2 cents a month on aj| normal $100 account, 20 cents on a normal $1,000 account and $2 on & normal $10,000 account.” More than 37 per cent of checking accounts were found average about $30. local to | | { | BALTIMORE PRODUCE. BALTIMORE, July 18 (Special).— The demand for live poultry has eased | off to some extent during the past | {week, and coupled with more liberal | | receipts the market rules falirly easy and values a_shade lower. Demand for Spring chickens is centered on | large, fat stock, two pounds and over, which sells at 38 cents a pound, with medium bringing 33 to 37 and small | |and poor, 30 to 32. Large Leghorns and Minorcas sell 28 to 30, medium, {25 to 27, and small, 23 and 24. Most | of the shipments of Leghorns have | been of small to medium size, and this stock will not bring top values, but at the same time has a tendency to lower the values of other stock. | chickens are not advisable, as they even at sharp discounts. for large, fat, old hens continues | good, and market holds steady at 26 to 29, while small and poor and leg- horns sell mostly 21 and 22. Large young ducks of desirable weight and | condition, meet with ready sale at 25 but small and poor stock Are slow sale at 20. for old ducks at 15 to 20, but it takes | fat stock to bring top prices. Pigeons | in only fair demand at 25 and 30 a pair for both young and old. The local egg market has ruled steady the past week, although quiet and demand for native and nearby stock fair at full gquotations only when eggs show quality and are not held. Western eggs continue to show better quality than the nearby stock and are bringing a premium of a cent a_ dozen over quotations. Consider- able complaint is heard about quality of most arrivals from nearby points, and this has curtalled trading on the exchange. Careful grading and prompt shipments are necessary if shippers would realize best results. The mar- ket closed today at 32 cents a dozen jfor native and nearby firsts in free cases, an advance of half ¢ent a dozen over opening prices Monday. Receipt of new potatoes have been more liberal the past week, and as a consequence the market has a lower tendency, with demand centered on well graded round stock, which brings top values of 350 to 5.00 a barrel and | 2.00 to 2.25 for No. 2 stock. Culls are not wanted and hard to move at 1.25 to 1.50, bushel stock selling mostly 75 10 2.00 as to quality and condition. Native and nearby vegetables are increasing In receipt and demana holds good, and all desirable gtock showing quality meets with y sale at the following quotations: Green beans, 50 to 76 bushel; string- less, 90 to 1.10; lima beans, 2.00 and 3.00 bushel; beets, 3.00 and 4.00 hun- dred; cabbage, 6.00 to 12.00 hundred: carrots, 3.00 to 5.00 hundred; native corn, 20a30 dozen and 10 to 20 for Virginia; cucumbers, 40 and 50 bas. ket; eggplants. 1.50 basket; lettuce, 50 to 1.00 bushel; onions, 2.00 and 3.00 bushel; peppers, 90 and 1.10 basket; squash, 20 and 30 basket, and toma. toes, 1.00 to 1.50 hamper and 50.to 2.00 a crate. oL Capitalists from this country are establishing an artificial silk plant in Shipment of small, poor, undersized | & are not wanted, and hard to move |E Demand | Some demand noted | & C. L. O'DONNELL, MGR. Mortgage Department 14th &K Can Secure LOANS Up to $500 In THREE DAYS Fidelity Guaranty Co. G, An Announcement to Responsible Wa now offer you the businew fund for your child: The Continental Life I long.felt_want in the life in the father and mothe: The leading featires of 1. If the child liv rance Company of St. 1. rance field in extending it hut even down to the child this policy are. agrees io pay the face value of the policy 221D e’ Child Gics. betore ‘the end ‘of the proceeds of the policy to the bene: agrees 1o 3.1 e ‘eheniciary becomes totally nt the Compar Folley o the T the beneficiary Company agrees to waive all dies before th future pre: the child at the maturity of the contract o edur Ehiidhs Tt sears of ae. ® It is Bve’ hundred. dollars. ¥ Can be provided. applicable to irable in an n from infancy to ar nts of from one thousand to tw re approvable a large fund For further information call Main 9670 or write to GOLDSMITH & COMPANY General Agents Contlnental Life Insurance Co. of §t. Louis. Mo. GOLDSMITH BUILDING, 1465 Eye St. N.W., Washington, D. C. The New York RN RE RS LERRRERR Life Insurance Company Offers to Make First Morigage Loans on Improved Real Estate In the District of Columbia and Suburbs for 3, Houses Business Properties 5 or 10 Year Periods Apartments Office Buildings ) 0 RO 4 I TR -n’tfli‘fi! 5%% [)) APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY MORTGAGE LoaAN GORRESPONDENT No1321 Gommecticut Hoenue, 6 entury Without a Loss B k. Main 2100 CAREFREE INVESTMENTS No need to anxiously watch market reports, industrial con- over value ditions or worry fluctuations of your securities. OUR FIRST MORTGAGES Eliminate every speculative element, insure payment of both principal and interest and carry the highest rate for such absolutely safe investments. SAUL CO. 925 15th St. N.W.