Evening Star Newspaper, May 23, 1926, Page 47

FINANCIAL. BOND SUMMARY FOR THE WEEK AT HIGH OF DECADE, BOND LIS IS FIRM General Price Level Above That of Past Few Years. Demand Is Good. BY GEORGE T. HUGH Special Dispatch to The Star. NEW YORK, May 22—The bond market gave another remarkable ac- count of itself this week. Prices are ow approsimately at the high of the past 10 vears. There are varia- tions in the caleulation according to sues are selected to make up The exact figures are not very important. The main thing is that the general level compared with anything recently is very high and that demand for desirable me- diums in which to invest surplus funds continues unsatisfled. ' Naturally enough, the spectacle of advancing prices makes for optimism among bond dealers and bond in- vestors. The tendency is as quota- “jons for the gilt-edge group go high- * to turn attention toward obliga- jons of lower rank. but with higher; veturn. The market has been look ing that way this week | Best Bonds Neglected. i which i the averase. Whil b s ok heen_con . avor of mid issues, which | weakened. it I paratively neglected in die and second grade have been bought with apparent con fidence all through the list. Of course. process of switching wealkens in- nd increases risk. sary the study rrent to see if they ify market prices, The fact is ‘hat honds have been going up, not much beca uities behind them tave been in sing, but because woney must be employed. Bonds innot afford to leave their funds Adle, and the call money market hds ot been remunerative. It behooves earnings {1048 1028 ;ll' . Low. 1 99-13 10230 101-1 10119 100-16 1021 10101 1089 10120 10810 10413 Highe Yo, v. 1019 102-26 101-21 Liberty 18t 4148 1932-47 100-31 100-17 Liberty 2d 4%8 1937-42. 101-14 100-25 Liverty 3d 4xs 1928 7 108-20 106-9 Treasury 414s 1947-52 . . BONDS. 0919 Liberty 3149 1932-47. . 101-29 Liberty 4th 4148 1933-38 a=1920— 1928 High. Low. " High. 100 102% 9y 215 877 110% 10814 874 104% 105t 1028 102% 109%; 2095 4874 . 174 107% 104 94 99 0] 106% individual investors, therefore, to make their selection with due regard o the merit of specific issues, and 1ot to invest indiscriminately simply 1ecause bond prices look so strong. Perhaps there are more reasons for e rise in the junior railroad issues «han elsewhere. The few roads which Yave reported April earnings so far ave made good showings in compari- ~on with the results of a ¥ 2 “Fhe probabilities are that those still make public their statements will w the same trend, and there are 1 statistics who ex: year will comparé 925. Further safe to go © e students of rai pect that May th fayorably with Ma 2 7 that it is not very intil the general business situation, on which traffic in the last analysis \fapends, becomes clearer. Good crops would, of course, heip. ! Public Utility Showings. ! Wit the situn dfmoe ost of them show I Niter fixed charges. With the utilities, vever. more attention is being d to the position of the bonds in ihe capital structure. This is some- thing often not easy to determine in the complexity of holding company formation. Analysis will show in ma instances that these utility holding ompany bonds are not as sound in- ire the preferred stock! ry company. which have | a4 prior claim on earnings. Institu- tional purchasers who are lln!‘ allowed to buy stocks take these holding com- pany bonds, but that is no reason why he individual should overlook the operating corporation preferred issue. which not uncommonly gives a higher vield. All this said and done, there is nothing in the outlook to indicate that the utility group as a whole is losing ground in deserved investment favor. Coming down to the indust ceek’s market has been n tive. It has recognized the differences in trade conditions. This has been notably so in the obligations of cor- jorations operating in lines where, de- ssion prevails, as for instance, sugar production and the textiles Bonds of these companies have had | no share in the improvement in other sections of the list. Few Motor Bonds. e ton few funded obliga- itomobile companies avail- e to test sentiment from the in estment standpoint. The motor anufucturers as a class have been ible to finance their needs for the 1ost part without resorting to bond ssues. Nearly ali the iron and steel ixed interest-hearing obligations are ~» well protected by property value that they h not been disturbed ! the indications of a slackening in | trade activity. In general, however, nvestors have been inclined to let| induftrial bonds drift. 1 Finally, allowing for the uncertain- s of the Kuropean situation, follow ing bonds—that t=, dollar issues held their ground remarkably it has been something of a 1 as to wheve the support for certain of these issues was coming and when | the average American investor observing a strictly non-committal | policy as to foreign investments. One ~xplanation her widely accepted this week was that the forelgners | 1hemselves were buying their dollar ligations in this market and taking them home. In this way they would | <till have an cbligation of their own | ountry, but payable in a stable monetary unit. Perhaps this theory was not altogether correct, but it was the occasion of a good deal of comment. It still remains true that among the foreign bonds the ones which ap- pear to be meeting a better demand trom home buyers are the South Americans. Exchange difficulties do not bulk so large in South America | as in_Lurope, and the floating sup- | ply of dollar bonds of the countries | in the continent to the south of us | i steadily diminishing. i NEW PLANTS EXEMPT. Georgia Counties and Towns Are Seeking Industries. ATLANTA, Ga., May Thirty-eight counties and cities of Georgin have voted to ex- empt from taxation for o five.year period all new industries and addi- tions to old industries, Hal M. Stan- ley, commissioner of commerce and iabor, announced today Ten other cities und six counties are to vote on the question soon. Macon and Columbus are among the larger cities of the State that huve voted to exempt new industries from raxation. Atlanta, Savannah and Au- gusta have not yet taken such action. so even, but larger surpluses There tions of ‘The Minneapolis, St. Paul and Sault ste. Marie also reported a deficit for April of $69,102 and for the four months this year a deficit of $800,377. Net operating income for April was $326,029 against $252,452 in April, 1925. A deficit of $164,172 for April, after Interest, is reported By the Wisconsin i'entral in contrast to surplus of $1,- 371 in April last year. There was a defloit of $23562 for the first four months of 1926. April net operating income fell to $13.818 from $176,582 < April last year. vegard to the public utilities, | 4 107% 6'4 915 991, 263 150% Low. FOREIGN. 9615 Argentina 6s'A-9| 100% Argentina 7s 1927, 96! Australfan Govtbs... 100 Austria 75 1943 81% Belgium 68 1955. 106 Belgium 7158 1945. 103% Belgium 8s 1941. 814 Bordeaux 6s 1934 100% Brazil 8a 1941 102% Canada b8 195 101% Canada b5%s 1929 100% Chile 85 1926. 107% Chile 85 1941. ., 107 Chile 8s1946. . 41% Chinese Govt Ry bs 98% Copenhagen 51ss 1944. 98% Czechoslovakia 8s 1951. 102 Denmark 63 1943..... 1034 Dutch Fast Indles 65 1947 103% Dutch East Indies 8s 1962 924 French Govt 7%s 1941 98% French Govt 8 1946. 101t German 7s 1949. 78% Holland-American s f 65 1947 8554 Japanese 4s 1931 92% Japanese 6% s 195: 100 Jergens Utd Marga: 814 Lycn £ 1034 814 Marseiile 924 1063 Netherlands 6s 19’ 7344 Paris-Lyon Med 88 1958. 1044 Queensiand 6= 1947 110% Queensland 79 1941 971 Rio de Janeiro 85 1946. 10214 Sao Paulo, State of, 85 1936. . 86 Setne, Deptof.7€......... . Serbes, Crotes, Slovenes 85 1962. s Swiss 5145 1948. . . United Kingdom 53| 103% United Kingdom 55 192 i INDUSTRIAL AND MISCELLANEOUS. 103% Amer Agri Chemical 73:8 1941, 99 Amer Smelt & Ref 1st 63 1947 107 Amer Smelt 15t 68 1942...... 102% Amer Sugar Refining 65 1987. 067 Amer Tel & Tel cl tr 45 1929 10075 Amer Tel & Tel cl tr 55 1946 1014 Anaconda Copper 68 1953 1021+ Anaconda Copper cv deb 78 9014 Armour & Co 4145 1939., 994, Atlantic Refining deb 58 193" 100% Bell Tel (Pa) ref 58 1948. . 92% Bethlehem Steel pm 58 1936 954 Bethlehemn Steel s f 65 1943. Chile Copper 65 1932....... 78% Cons Coal (Md) 1st ref 68 1950. 9214 Cuba Cane Sug cv deb 85 1930 Detroit Edison ref 63 1940 Dodge 6s 1941 Empire Fuel & Goodrich (B F) 6} % Goodyear Tire 8s 1931.. Goodyear Tire 85 1941. . Humble Oil & Ref %8 1932 Indiana Steel 55 1952. .. % Tnter Mer Marine 8s 1941. Inter Paper 68 B 1947. International Tel 63 Tots. oo Kelly-Springfield 85 1931... Lackawanna Steel 55 1950. 993 Liggett & Myers 53 1951 98 * Manati Sugar 8 7158 1942 93% Midvale Steel 5s 1938. 100% New England Tel o8 1952 115 N Y Edison 1st 615 1941. 104 NYGasELHG&Pbs1948. 97% N Y Tel 4155 1939 107% N Y Tel 63 1941. . . 1011 North American Edison 65 1952... 9714 Pacific Gas & Elec 55 1942 9874 Pacific Tel & Tel 68 1952 1081 Phiiadelphia Co ref 63 1944. 1083 ou 103 4 100 Public Service 68 1944 98% 1937 Skelly 6138 19! e 7 South Porto Rico Sugar 78 108% United Drug 6s 194 91% U S Rubber 1st & ref 68 1947. 106% 5 Rubber 738 1930, 1056 U SSteels?5s1963. 95 105 111 9% Western Union Tel 68 193 Wilson & Co 1st 65 1941.. RAILROAD, 897, Atchlson gen 45 1935 ik 92Y% Atlantic Coast Line 1st 48 1952. 8914 Balto & Ohio gold 48 1943, 94 Balto & Ohfocv 4%8 1933, 9314 Balto & Ohlo ref 58 199 102% Balto & Ohio 63 192 891 B&O Pitts LE& W Va ds1941.. 98 B & O Southwestern Div 5 cfs 50.. 9244 Brookiyn Manhat s £ ¢s A 1968. 117 Canadian Northern 814s 194! 80% Canadian Pacific deb 4s. 89% Central Pactfic 45 1949. . s Chesapeake & Ohlo cv 4358 1930 Chesapeake & Ohio gen 4148 1992 Chesapeake & Ohlo ev 53 1946 518 Chicago & Alton 3138 1950 102% Chi B & Quincy 1st ref 5s 1971 7315 Chi & Eastern 1l gen 63 1961. 6414 Chi Great Western 4s 1959. . 484 Chl M & St Paul ov 4145 1932. 90% Ch! M & St Paul gen 4135 1989 48% Chi M & St Paul ref 4155 201 474 Chi M & St.Paul cv 58 2014. . 111% Ch! & Notthwestern 61 s 108, 85% Chicago Railways 53 1927.. 87% Chi R 1& Pacific ref 4s 1934.. 94t Chi Unfon Station 4138 1964 o 92 124 ' 1167 Chi Union Station 614s 1963. . 81 Chi& Western Ind con 4s 1952 102% CCC& St Liref 68 A 1929, . 105% Cleveland Term %8 1972, . a5'4 Colorado & Southern 415s 1935, 88% Cuba R R bs 1952 5% 102% Delaware & Huds k) 85% Den & Rio Grande con 4s 1936 62 D&RG West 58 1955. 90 Detrolt United 4%s 1932 741 Firle 1st con 48 1996.., Erie gen lien 45 1996. 68 Erlecv4s A 195 734 Erie cv 48 D 1958, 9714 FlaB Cbs74... .o 106% Grand Trunk 8 £ deb 65 1936 114% Grand Trunk 7s 1940. . 102% Great Notthern gen 545 195 110%s Great Northern gen 7s 1936. 927 Hudson & Manhattan ref 58 = 75% Hudson & Manhattan adj 63 1957. ., 102% Illinofs Central 5%s 1934, i 62 Inter Rapid Transit 58 186 . 8564 Inter Rapid Transit ov 78 1982 66 Inter & Great Nor adj 6s 19, 8914 Kan C Ft Scott & M 4s 1936 74 Kansas City Southern 3e 1960. 93% Kansas City oSuthern 68 1950. 98% Lake Shore 48 1928. .. E g 8 $1931.. 9314 Louis & Nash unified 5! 4 106'¢ Louis & Nash 1st ref 100% 96'% | 10678 1084 644 895 Mil Elec Ry & Lt 18t re 102% MSt P& SS M 6148 1031 84% Mo Kan & Tex 18t 45 1990. 905 Mo Kan & Tex adj 6s 1967. 96'% Mo Kan & Tex prIn 58 A 1962, 65 Missour! Paocific gen 45 1975 964 N O Tex & Mex inc 5s 1935 94% New York Cent deb 45 1934 1018 New York Cent ref imp 68 106ts New York Central deb 6s 1935 58 Netv Haven deb 4s 1957, 97% N Y N H & H cv deb és 194! 69 NY West & Boston 41,5 1846, 90'% Norfolk & Western con 491996, » 138% Norfolk & Western cv 6s 1029 61 87 3 108% 104% 98 96% 107 102's 8 81 2, Northern Pacific Js 1947 8615 Northern Pacific 4s 199 108t Northern Pacific ref imp 68 2 967 Ore Short Line ref 481929 105% Ore Short Line gtd 5s 1946 82% Ore-Wash 1st ref 4s 1961 94% Pennsylvanla gen 415 1965. 102% Pennsylvania gen 59 1968. 111% Pennsylvania 6%s 1926. 35 Peoria & Hastern inc 4s 1990 047 4 10114 Pere Marquette 1st 6s 1950. 90% Reading gen 45 1997, 94% Reading 4%s97... 7414 Rio Grande Western olt 45 1949.. 887 RIArk& L 41451934, 89% StLIMESR&G4s T 7% St L& San Franprin4s A 69% Seaboard Alr Line ref ¢s 1959 76 Seaboard Air Line adj 58 1949 91 Seaboard Alr Line con 6s 1 967% Southern Pacific cv 481929, 85% Southern Pacific col 45 1948, 90 Southern Pacific ref 4s 1956 811% Southern Ry gen 421956 104 ®outhern Ry 1st 5s 1994. * 101% Wabash 1st 58 1939. ... 112 Southern Ry dev 6%s 1956. 4115 Third Ave adj bs 1960... .. 921, Union Pacific 15t 45 1947 991 Union Pacific cv 4s 1927, 99% Virginian Ry 1st 551962 991 Wabash 5%8 75. . 668 Western Maryland 4s 1 9573 Western Paciflc 58 194 Shore 1st 45 2361 963, High. . 100-27 100 23 10228 102-1 100-28 100-: 101.9 108+14 108-3 108-8 - 108 THE SUNDAY STAR, WASHINGTON Low. 8 3 108+3 Lant. 3 100-26 Yield. 336 102422 8 76 100-25 3 3 101-4 108-3 h. Low, 102% 102% 103% -98 9944 1074 107% 80 80% 97 97 108 108% 94 94 101% 102 105% 106% 110% 1104 1214 121% 102% 102% 1041% 104% 4 11245 105 106% 9873 100 103 « 105% 105% 98% 084 1084 108% 1043 104% 100 100% 101% 101% 106 106 108% 103% 95% 97 136 138 107% 1074 « 106% 106% 94 108 107 944 108 1074 98 984 107 106% 112% 1124 994 99% 5915 105% 106% kid 79 6914 Bils 30'% 494 50 11314 118% N2 2 907 9% 96% 9T 8614 . 10844 1084 106% 106% 97 97'% 93% 94'a 106 106% 894 . 99% 99% 1074 107% 1014 101% 72's 78 1005 100% 9% 90 105% 105% 108% 64 Cdl 100 1014 74 16 921 028 128% 1404 66% 68 8774 9Bl 984 10616 100% 113 113% 38 o8 103% 103% 9% 97% 97% 83% 948, 93% 86% % 107% 107% 116% 118% o 99% . .102% 1027 . 103% 103y 108% 103% 103% 108 | busine: T 73 100% 100% 86 85% 9814 9 3 868 Last. 98t5 101% 16 | 1014 109 109% 100% 108% 106 156 974 102 104 % 7 108 86% 96 107% Y 108% 76 106 112% 100% 104% 87 89% 104% 108% 118% 104% 107% 108% 103 103% 108 o174 101 108 7% 107 80 8% 3% 102 )l 110% 121% 102% 104% 9314 vé% 5 1124 104% 103% 1% 108% 984 108% 101% s 104% 108% 97 107% 106% 984 107% 92% 244 28% 9846 1080 92 101% 96! 18% 854 9k 126 69% 106% 8% 6874 944 50 % 3 1134 107 64 108% 1 4 Ti% 914 7% 118% 103% 106% 8% 93 105% 89% 66 8% 804% 95% 109 90% 108 | 108% 6415 101% 9245 140 66 % 1134 98! 1074 1084% 1134 38 108% 9% 7% 83% 94% 93 844 9% e 1024 116% 89 94 9915 102'5 10844 1% 29% % 8 107% 7% 92 3% 8% 94 84 904 924 3 7 99% 10274 103% 72 90% 5% s | Washington, il I BUSINESS IN SOUTH PROVES REVELATION Stockholders: in Southern Railway Study Industry. Other Financial Notes. BY EDWARD C. STO “Industrial growth in the South is simply astonishing,” said G. B. Chip- man, resident partner of Harriman & Co., who returned to Washington yesterday after a tour with a party of stockholders over all the lines of the Southern Raflway. ‘“There are literally hundreds of cotton mills all through the South, in fact, they are 80 numerous that the South has now come to look llke New England,” he edded. “Everywhere we went we were shown throtigh plants of every de- scription that are doing a splendid business. Owing to the climate, these 1 concerns c¢an operate 12 months hll the year instead of 9, as is the case with shipping firms that do business on the Great Lakes, for example. ‘“We went through one of the steel plants in Birmingham that s a mile in length. We watched the entire process of manufacturing steel rails, got first-hand information and views of some of the best water power in the world, and, of course, looked over most of the Southern Railw: finest. freight yards, car shops and repair plants, as well as being shown very highly developed freight distribution methods. We walked through so many big industrial plants every morning and afternoon that we were practically exhausted when night came, but we got little rest in the evening, we were given banquets by State, city and trade board official: everywhere we went. Furniture Plant Booming. Mr. Chipman says that in propor- tion to {its size Atlanta is now as lively a city as New York. There is far more traffic in the streets than in He and his assoclates toured one furniture plant that s manufacturing cheap as well as very high-class furniture of all discriptions, and even bids fair some day to rival Grand Rapids. Scores of other indu tries are enjoying the same prosperity He was especially impressed with the amount of freight which the Rey nolds Tobacco Co. ships over the Southern lines. They make oig arettes so fast that they fly around that plant like snow, he said. During every working day in the year a 22- car train is started westward with to- bacco shipments from this one plant. Dr. Davis Friday, an economist with the Interstate Commerce Com- mission, and formerly president of Michigan Agricultural College, was a member of the party and made some of the best speeches heard at any of the banquets during the week. FHe had data to show how much more rapidly railroad traffic in the South has grown in recent years than has been the case in the Northwest and in some other sections of the country. His figures caused considerable sur- Five Editors Offer Services. Tive former editors of Dollars and Sense, the publication brought out by the local chapter, American In- stitute of Banking, have agreed to re- turn to the harness and help make the 1926 year book the best one ever pub. lished, according to announcement by Hunton Leith, new head of the institute. Norman E. Towson of the Washing- ton Loan & Trust Co., was editor from 1920 to 1 Willlam M. Rankin of the Riggs National Bank followed him and Miss Lois A. White of the Federal National Bank's staff has been the editor during the past year. Two assoclate editors, George Shisler, now in Miami, Fla., and H. M. Tu ner, at present with a trust company in Newark, N. J., also have volun- teered their services. F. P. H. 8id-| dons, conncted with the American curity & Trust Co., is businss man ager and 1. H. Darneille, emploved by the National Metropolitan, is the cis culation manager. Mr. Leith says the 1926 book will come out on July 1 and is high in his praise of the former editors loyal to the work of the institute. Local Securities Prices. i Following are theé bid and asked prices of local securities which are not listed under Washington Stock Exchange rule City Club 7a 2 Metropolitan ‘Club 415 STOCK: ngfon Title 1e. Co: Ball Ciut) “‘ru’c‘l"‘x‘ ':“&Bfll’“\:llun Sh\":l Bk. How Value Is Computed. Considerable numbers of individual shareholders have requested informa- tion about the manner in which the worth of American Telephone d Télegraph rights, listed the other day on the Washington Stock Exchange, are figured. This is arrived at as fol- Take the closing price of the stock —which on the day the directors met was $147.25—multiply it by the num- ber of rights required for one new share—in this case six. The result will be $883.50. . Add to this the price of one new share—$100. .Divide the total of $983.50 by séven shares—the amount the holders of six shares will have if he exercises his rights—which will give $140.50. Subtract the latter figure from Wednesday's _closing price—that is $140.50 from $147.25 and the remainder, or $6.75, is the current value of the rights. . DRY GOODS STEADIER. Buying Is Light—Raw Silk Prices 5 Ease Off. NEW YORK, May 22 #).—Per- cales. sheets and pillowcases and colorode cottons were bought in fair amounts today for Fall wholesaling. Prices on cotton goods in the gray were steadier. Business was light. Burlaps remained nominally u changed here, but irregular and low at Calcutta. Raw silk eased off. Silk goods -buying continued in moderate proportions. More sampling was re- ported in dress goods lines for Fall and there has been a moderate filling in business for light-weight men'’s wear. Linens were steady in mill centers and moving slowly here. = e =4 The new 10.story store Sears. Roe- buck & co. is building in Atlanta on a. plot covering 16 acres will be open for u on August 1, says C. M. Kittle, president of the company. The bullding alone will represent an in- vestment of £3.500.000. and stocked will be increased to $8,000,000, r 1926— PART -1 was only moderate, offerings were light and prices were well maintained Antin MAY WHEAT TAKES 'JUMP OF FIVE CENTS Risk of Big Swings Next Week Causes Rise—Other Months Share Advance. M Sectired by first deed of trust B WE FINANCE «~—al! classes of income-producing property Large Loans a Specialty Current Int. rate and commission Higbie & Richardson, Inc. 816 16th St. N.W. .COND TRUSTS By the Assoclated Press. CHICAGO, May 2z —Risk of hig swings in wheat prices next week | forced a Gcent advance today in margins required to maintain out-) standing accounts in the May delivery. Largely as a result, wheat values tightened up all around. Closing quotations on wheat were nervous, 1% cent to 11) cents net higher, with corn 1; cent to 1 cent down, oats un changed to %a'% cent advance and provisions varying from 7 cents de- Notico” from" the ‘Board ot Trade (M G WE PAY MORE INTEREST ON SAVINGS ACCOUNTS clearing house gave warning to all Than Any Other National Bank is are ample with minimum of risk n8 and all other details are louked my office, which 18 bonded IN whington. D. ( ST. N.W. concerned that § cents & bushel de- posit would hereafter be required on every trade kept unsettied in the May delivery of wheat. A margin of b cents on spread tramsaction between May and July was also made impera- tive. This action was generally con- strued as meaning that the volume of unsettled May wheat accounts in Chicago 15 a good deal larger thail has been supposed and that no need- | || less chances were being taken as to ||| consequences of possible wide fluctua- ||| tions in the market before the end of i Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 R. GOLDEN DONALDSON, PRI [LOANS We will gladly reccive and give prompt attention to ap- || plications for Loans on Washington Real Estate Current rates of Should you have Money to Invest —we can also take care of vou. Our experience, extend- ing over a period of Thirty-Five Years —insures your protection. Percy H. Russell Co. " 926 15th St. N.W. UNION FINANCE CO. Wiil aell 120 shares whares common atock the current business month, which in the wheat market is noon a week from today. ¥ Adverse crop reports regarding Spring wheat in Minnesota and South Dakota tended also to strengthen the wheat market. and so likewise did suggestions that the defeat of the Taugen bill may bring about a more general foreign demand for wheat, A trade leader here said it was r¢ ported that Buropean purchase heen holding back hoping that the| United States would dump surplus grain cheap. Rains In Canada had only a temporary bearish influence In some quarters it was contended that there would have to be a decline of 80 cents or more in cash wheat prices before new crop deliveries would be on a safe basis for specu- lative sellers. Defeat of the Haugen bill had an evident depressing effect on the corn market. Selling on the part of coun- try houses was a feature. Oats dis- played stubborn resistance to selling. Provisions went lower with corn, but recovered. IDENT mterest. STEEL IS UNSETTLED; | PRODUCTION LARGE By the Associated Press NEW YORK, May 22.-Underlying conditions in the steel trade during the past week were somewhat unset tled with prices irregular and with a downward tepdency. ‘The demand was fair In some descriptions, but poor for others. Production was still large, but curtailment was considered probable, although heads of leading steel companies expressed very opti- mistic reviews relative to business conditions in general and the future of the industry. Pig iron was quiet and barely steady. Competition was keen at Eastern points, but counter- valling duty against German mill products expected to check some of the foreign competition. ‘Business in copper. which broadened out immediately following the general strike in England, has tapered off again. The British trade situation re- mains fore or less unsettled and in the absence of an improved export de- mand, buying for domestic consump- tion has been limited to immediate needs. Meanwhile no selling pressure of consequence has developed and pro- ducers are holding Electrolytic for 137 cents delivered. i | L 180 tate Gold Bonds Secured by First Mortgages Guaranteed By The United States Fidelity & Guaranty Company Resources. $46.000.000 | Plus tax refund up to 4 Descriptive circular upon request CHAS. D. SAGER “Since 1906.” 924 14th Street N.W. Main 36 Forward tIn has been in fair de mand, but prompt straits has lost much of its premium owing to the| resumption of English shipments and | the absence of huvers. 1 Lead has been lowered by the lead. | ing producers. Buying has been fair- | good with most of the major indu tries providing for nearby requ ment: Zinc was steady and while demand e | The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland FOR 3, 5 OR 10 YEAR PERIODS 512% ON APPROVED SECURITY Apply | RANDALL H. HAGNER & COMPANY MORTGAGE LOAN GORRESPONDENT 1321 Connecticut Avenge Telephone Main 9700 Apartments Office Buildings Houses Bnu’iness Properties DOUBLE SAFETY Belfore you invest yvour sur plus funds, know thoroughly the safety of our 6Y2% FIRST MORTGAGES Cenfury 1Vithout a Loss In these securiti®s of proved protection, and proved produc- tiveness, approximately - two ddllars in tangible real estate safeguards every dollar you in- vest. A third of a century’s ex- perience in investment man- agement—without a loss to any investor—is your assur- ance of interest payment in full, on time. i B. F. SAUL CO. Main 2100 . 925 15th St. N.W. ' To Yield 6% | FINANCIAL. 47 7% First Mortgage Notes Secured on Improved Property We Will Loan at 53% Allan E. Walker & Co., Inc. Economic Conditions stablished 1901 | Tyler & Rutherford b doms” Loan Correspondent of the ) 1 ) Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Ave. M. 475 Second Trust Notes Purchased Funds immediately availa d Srust notes on ’ nearby Maryla ocal Agent. at pronerty. dee Mr. Reid. L William K. Hartung & Company 1108 16ih Street N.W. Muin Salesmen Three ambitious, hard-worl(mg. intcllxgcm men over twenty-five. with enough common sense to appreciate our Business Ideals and Directional Help, can earn $5,000 or more this year. The posi- tion is permanent, with one of the finest institutions in Washington. A recent program of expansion creates this splendid opportunity. The merchandise—a high-grade Automobile—is permanently established in Washington, with more than four thousand satisfied owners. Write, giving detailed information as to present and paat connections. All replies strictly confidential. Acldress BOX 425'V. Star O%E(' This “ad" will not appear again . 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