Evening Star Newspaper, June 13, 1926, Page 45

46 MODERATE RALLIES ON COTTON CHANG Staple Recovers Part of Loss Encountered Thursday and Friday. B the Assoviated Press NEW YORK. June 12.—A further Adecline of 15 to 20 points in the cot 1o market today was followed Dy moderate rallies on covering re- cent sellers. October contracts, W hiel had sold off to 16.16 on the avl break, rallied to 16.38 and closed < 16.24. compared with 16.3% at close ve The general ma closed barely steady at net dec of 2 to 16 points. The opening was steady at an ad- wvance of 2 to T points in respons 1 reiatively steady Liverpool cables. Active month: © to 9 points after the call on cover. ing combined with a little trade buy- ing of July. This early demand w <oon supplied, however, and the for noon market weakened under a newal of the recent selling mov 3 which was encouraged by reports of good weather favorad. nes ngly South broke from 17.74 to 17 Tecember from 16.41 to 16.16. clines of 15 to 19 points and low records for the s tions. | These prices appe: to bring in stive covering realizing by | new rried the | 3 or 4 points above 3 closing figures. but ther in the al character of the news and part of the | improvement was lost in luter trading. | Closing prices were within 7 or 10| points of the lowest on new crop posi- | tions A private ation said the acr a decrease of over I per cent, while the erop was about 10 late. it might make up for lost time | with another three or four weeks of | good weather Private cables reported and short selling had been absorbed by trade calling covering at the eciine in the Liverpool market, and . ester cloth market with business re veview of the crop situ-| would not s liquidation | stricted. Mhe amount of cotton on shiphoard | “until September awaiting clearance at the end of the| week was estimated at 67.000 bales. against 58,000 last year. NEW ISSUE' FORECAST. Bankers Look for Federal Land Bank Oifering Soon. houses are looking for an week of a new issue md Bank bonds, prob This wi Banking offering this of Federal 1 ably $60.000.000 3145 first such issue this ve The last fssue was $35.000 t Decem- her. Althouzh the e three offerings last v 3 3 $01.- | 500.000. Tn Jant 000 4las were « vield 130 per date in were br cent to redesmable in December, was il cent to redeemable cent redeemable | . to vield the third | 1013 dnte i : HAS RECORD ORDERS. George A. Fuller Company Reports Business Net earnings of the United States Realty and Improvement Co. for the vear ended April 30 were the larg wy. and it a sury in excess of $9.000.000 after havir istributed a stock dividend of 10 pe cent during the vear in addition cash dividends at_the rate of $4 pe share on its 666,357 shares of outstand ing no-par-value stock The George A. Fuller Co.. pal subsidiary. which maintains 2 Washington office unfinished hus on i at April 30 e repres contracts in e of $51.000.0 which is the I volume of unfin ished husiness at the end of any year in the history of the company The company’s powerful financial and ns. such as the United States Steel standard Oil ¢ nd ‘oundation for the ment of Teaching BUTTER DECLINES. on Year's industrial in National Ciiy Corpor: the Car Advance Literal Offerings Down in Chigggo Market. June 12 (P).—Liberal of- butter market today 1;-cent decline on 9 E the close the market ap. peared steady. but the undertone was unsettled ing. however. later in o day was siow with sellers asking remiums, which buyers were unwill- ing 1o p centralized eady at the decline. Ming slow. Offering with 8% score cars in fair demand. Fresh, 92 score, 40; 91 score. a0 score, 38: 89 ve. 88 score 87 scou 86 score, 34 Centralized, 90 score, 39%: 88¢ 8% score, 36. CHICAGO, erings in the resulted in seores. At car market w with 89 score: were liberal 89 score, showed net gains of { \with hon arop prozvess in | tonal in con on all posi- | conversion of - | ing_ref its princi- | rectors represent | Send Values| with banks IN BA | gGivell Diploma at Na | E tional University Last | Evening. Old Citizens’ Savings Institution. J. McQuade, vice president Liberty National ‘Bank, | among the graduates from the | tional University Law School, were awarded their degrees last eve ning at the commencement exercises | held In Continental Memorial Hall. Mr. McQuade was the only Washing- ton banker in the large c Before entering the Law School he graduated trom Washington Chap- Institute of Banking, | % |of the | ter. American | Alexander Hamifton Institute, New McQuade w of the s as well 1 old Citizens' nd corre |iis consolidation with the District N 1913, He then became with s identitied the Liberty S: 1d | Bank, and upon its reorganization by | i net de- | G »-ge O. Walson, in October, 1817, elected treasur Then upon the Liberty ving | Bank into a national bank, in Marcl, | w as One of Organizers of THE SUNDAY E. J. McQUADE, ALREADY SUCCESS KING, TAKES LAW DEGREE | Buying Is STAR, BOND TRADING CLOSES| AT HIGHEST OF 1926 Well Distributed Among Representative Obligations. By the Associated Press. NEW YORK, June 12.—Trading in the bond market closed today with prices standing at the highest level of the yvear. The two-hour Saturday | market session brought in only z | moderate amount of new buying, but the orders were well distributed among representative railroad and in- who ELIAS J. McQUADE, | and he also holds a degree from the | Washington banker, who received a | ihe year. | law degree from the National Uni- versity Law School at the graduating exercises last evening. 920, he was made cashler, afterward | being elected vice president. His graduation places Mr. McQuade mong/the comparatively few active | Washihgton bankers who also hold | 1aw degrees, although at least three :sidents in the city are also 'POSTPONING OF U. S. BORROWING IS DISAPPOINTING TO BANKERS F. G. Addison, Jr., Honored by Bank Officials at| Last Session of “Lunch Bunch”—A. J. Waller Slated for Secretary BY I. A. FLEMING. Mellon, able financier orely disappointed a large contingent of bankers and financial | men generally when he retired $333.- 000,000 of matured 3s and 3%s the | other day without refunding opera | tions. and postponed further i following his an- nouncement made last March that further financing would be postponed { “until June There has heen no safer, more cer- tain way of making profits, alw Sired, than by participating in Fe cral refunding financing, so surely e gains resulted from each succe: | sive sale of certificates or notes that bankers' orders have increased with i cach flotation—with the gain mor the ultimate end than the current rate of te: it. reta Mellon has formed the through lifelong practice of when they were necessar, the refunding operation amounts somewhat under tificates be- Secretary | that he is, ) onomies ks iwavs fo the amount of notes or 4. It's sound polic Througi sinking fund and par vetirement of certificates and note: i ither of notes, certifi . maturing be scaled down mor less import Por the cu fiscal vea the! | have been sufficient retirements to in- { dicate a_reduction of practically 3500, {000 in the publig debt The economy of the White House is echoed in a_most encouraging man | ner from the Treasury Buildine Coming Maturities. September $414,922300 47, reasury notes will mature. These It be paid while March 15, 1927 | £608,201.400 4% per cent will be due. December 15, 1927, 00 Treasury 4%s will be due with no i issue maturing until the 8. Then the third Liberty he redeemed. There nding $2,724.413.600 of the ue of $4.175.650.050 of these bonds and then a 10 { perfod passes without | nther than possible temporary finan | ing in the Interim It is pointed out must | now outs: | original that Secretary . | Mellon. in the settlements of foreign others.of the com- providing the given an offi- nnual paymen aid in future obligations wit | mittee, has arranged, French settiement 1 O.K., for large which will be a great | financinz. Easy Money Period. some vears money has been | of the time. Some effort « made during the recent extend- | ed bull market to charge the bis | bear reaction to an advance here lor there in some Federal Reserve | bank rate, but every one connected posted on _financial | matters understood that | no actual stringency. It is equally true that there is at the present time not a sizn o cation of stringency anywhere in the near future. The cry of tight money was used as a scare for the effect it might have in checking the big bull market. Prices had advanced to a | point where the big men of Wall Street did not care to follow further on the bull side so they turned to the bear side, working it to the limit and finding it extremely profit- able. During_their Reserve banks were so well supplied with assets not otherwise employed that they were buying paper and Government securities in the market freely while showing reserves around BALTIMORE MARKETS. 170 per. cent or better. BALTIMORE, June 12.—Trading on | the local egg exchange has been quiet and rather indifferent the past week and althuogh values have had a tend ency to fluctuate from day to day and the market has an easier tone, prices have been well maintained. the market closing today at 301 and 307 dozen for strictly fresh native and nearby firsts, a drop of only 1 of a cent from opening prices this week. Receipts have been more liberal, but the general trading is more ac: tive among the trade on the street, which has helped to hold up prices. With the hot weather prevailing eggs should be shipped promptly and in smaller lots, Thereby avoiding un- necessary loss and complaint on held or heated stock. The general live poultry market continues steady under a fairly good demand generally, but centered on large fat stock on all lines of chickens and ducks. Receipts of Spring chic ens has shown an incr E week. but many shipment of undersized birds, especially White Leghorns. which are not desirable. Fat springers 1% to 2 pounds and over, will sell at 35 to 45 a pound, but smaller stock will not bring over 30 to 32, while Leghorns sell mostly 25 to 36 as to quality, size and condi- tion. The market for old hens has been quiet, although the demand is fairly good for large fat stock at 30 and 31, but light fowl and Leghorns will not bring over 25. Receipts of voung ducks continue light and® stock of fat quality finds ready sale at 30 to 32, but old ducks are not wamted and neglected at 18 to 23. Market for pigeons continues ac each for voung and old of the 1ormer, ¢ 5 to 8 each for guinea fowl and | Bonds Hold Firmly. In periods of easy money bonds are always more readily marketed and at better prices, while the usual normal movement in the frice range rarely shows very material fluctuations. Our larger banks generally carry Jarge amounts of bonds, of which a large percentage are of Government issues, which have proved profitable. High-grade industrials, municipals, ublic utilities and rail issues are fa- lored. The market is watched dail not as to each separate issue, but the general market. When anything special is noted as to any issue attention s called there- to in market letters, but a checking up of the list twice a month is ample able and these investment furnish an excellent reserve in the event of a bank being heavily drawn upon for any purpose. 3 Government bonds ‘and Treasury notes or certificates are just the same as cash, being preferred collateral wWith the Federal Reserve banks for | discounts immediately available. Honoring Addison. Last Wednesday at the City Club some 30 bankers, presidents and vice presidents of Washington banks, at- tended the Jast session of the “Lunch Bunch” during the presidential admin- istration of F. G. Addison, jr., who will retire at the close of the present week, when Howard Moran, president of the American Security and Trust Co. will succeed to the presidency of the District Bankers' Assoctation. There will be no gathering this | week, as many of the bankers will be en route to their convention at | Spring: 3 ‘v Wednesday at noon for the some 20-0dd junior ues | | grossed, bound in Ri there was | operations Federal | Bond investments are readily realiz- | vice | Hot | ship of Association. and discussed subjects of general banking interest pro and con. With the exception of a few occ sions during the last year, when ab sent from the city. Mr. Addison has ably presided at these gatherings and I'has been the leader in debate, the [legal talent in offering solutions to the hundred and one_ knotty prob lems that have been offered, and has ably and patiently. Resolutions setting forth the: acts were adop handsomely en ian leather and ned by the bank officials at the last luncheo The att |larger than endance was somewhat usual m_Anacostin came Maurice Otterback, Brother B. Bowles from Georgetown, Freder Farrington, president of the Chevy Chase Bank was there; C. C Lamberton came over from the Na | tional Savings, Schriner from the Merchants' Trust, Dupont branch John R. Wallef from the Internation |al. R. Lewis from the Northeast Sav- | ings, John Poole from the Federal- n and all the “regulars” who Wednesday attendants sent President Moran read the res- olutions and after their adoption pre- sented the brochure to President Addison, who, wholly taken by sur- rise, forgot .for the moment ining and was able to say but a few appropriate words in r | Mr. Moran made a very fine presenta | tion address, and his motion to adopt | was seconded in short complimentary speeches by Victor B. Devber, Robert V. Fleming, Harry V. Havnes and others. Mr. Haynes also tribute to Howard Moran, vice prsei | dent of the American Security and Trust Co.. who will become president |of the association next Saturday, re. calling_his numerous efforts for the 0od of the organization prior to and during his climb from the secretary- ship to the front door steps of the | presidency, and predicted for him a successful official term, pledging the paid a beautiful v { support and loyalty of the gathering. The affair took on the nature of a love feast, disclos s around the bo the r rd just how friend- ations are between the bank- of Washington and something of | the fellowship engendered and | community of interest fostered by the District Bankers' Association | The wisdom of the official lidder by which officers of the association ad- {vance has been demonstrated as well 5 of the Wednesday lunch gather. ings. Choosing a secretary of promfsing iber he advanced the second rear to the s |2nd the third vear to the first vice | presidency and then to the head of the organization, a three-vear course |of training being invaluable_ | Tt is no violation of confidence to say that W. J. Waller, the genial, gentle and able vice president of the Federal National Bank will start after |the next convention on the journ | from secretary to president, following Howard Moran, W. W. Spaid and R. V. Fleming, higher offices. McFadden Bill in Danger. | John W. O'Leary, president of the Chamber of Commerce of the United ‘Sl:xlos. has sent the foilowing letter to members of the House of Repre- tatives: The provision giving indeterminate charters to the Federal Reserve banks, | which is embodied in the McFadden- | Pepper bill, H. R. 2, now in con- ference, is the most important piece of leglslation for the welfare of the country now before Congress. The | progperity of this country, its ability ito finance the war and post-war re { construction, without disastrous dis- {location of our economic and social llife, was principally due to the Fed- {eral Reserve System. This & | which, almost immediately after its {inauguration, was able to stand the [test to which it was subjected should who rotate to ,at once be placed on a permanent | ibasis. Its continuance should not be subject to trading on details of its structure or modification of its poli- cles and practices, ““Continued confidence is necessary for continued prosperity and national well being. Should any question arisd in the minds of the American public over the renewal of the Federal Re- serve charters it would be a. disas- trous blow to this confidence. The defeat of this provision in the Mec- Fadden-Pepper bill cannot help but place in the minds of the American public and the American business man such a question, “On behalf of American business 1 earnestly and respectifully urge that you give vour support toward the immediate enactment of this provision for the renewal of the Fed- |eral Reserve charters. I firmly be. | lieve that, if it is passed, the adop- tion of this proposal will go down in history as one of the outstand- ing achievements of the Sixty-ninth Congress.” Hull Amendments the Nub. The House and Senate conferees have not been able to reach any agreement, the expected deadlock having developed over the Hull amendments which the Senate struck out. At this time it 1ooks very much as impasse was not likely to be lation, to remove all question as to Lihe future of-ihe Fede: | guided the trend of discussion most | his | sponse. | the | cond vice presidency. | v | tomorrow of the nine weeks’ | dustrial issues. | Semi-speculative obligations con- tinued to hold the center of the stage. !In the raflroad group Internationai Great Northern Adjustment 6s, Frisco 14 “A,” New York, Susquehanni and Western second 41zs, Chesapeake and Ohlo_convertible 4%s and Wheeling and Lake Erle consolidated 4s led the field in activity. A revival of interest in oil company ‘ligations carried Pan-American 0s, Sinclair 65 and Unfon Oil of Call | fornia_6s fractionally higher. the last | named reaching a new top price for Bethlehem Steel refunding , Central Steel 8s and other inde- pendent steel issues were firm. Na tional Dairy_Products 6s and Liggett and Myers 78 developed independent strengt 3 Strength of German corporation ues, several of which reached new high prices, featured trading in the foreign group. Mexican 5s of 1945 advanced 7 points to a new high | record at 50 on a few sales. Interest in new financing centered in the announcement that a $60,000.- 000 fssue of Federal Land Bank 4% | per cent bonds would be placed on the | market next week at a price slightly | above par. The Public Service Cor- | poration of New Jersey is expected to join the growing group of public utllities which are ‘taking advantage of favorable market conditions to sell additional securities. WALL STREET BRIEFS | | NEW YORK, June 12 (#r—A de- cline of nearly 4 per cent in new build- ing and engineering projects through- out the country in May compared with the month before, is reported by F. W. | Dodge Corporation. whose compilation for 37 States east of the Rocky Moun- | tains, comprising about 91 per cent | of the countr total, places the lamount at $349.814,800. ‘This. how ever, was an increase of 8 per cent | over May 1 last vear reported from ving the largest | Truscon Steel Co. i | Youngstown to be enjc business in its history, with progres. sive improvement each month. The first quarter was the best it ever had. Bank clearings throughout the coun- -v for the week are calculated at 75,257,958 by the Commercial and nancial Chronicle, an increase of 4.8 | per cent over the corresponding period | last vear, which totaled $9,120.207,437 | New’ York City gained 2.8 per cent. | Members of the New York Cotton change are circulating a _petition {to close the exchange on Saturday, July 3, for a three-day recess over Indapendence da T Wall Street hears that Vacuum Oil is negotiating for the purchase of shares of the Lower Austrian Coal Company, carrying special voting power, with the reported intention of | drilling’ for oil and gas. The company has extenstve coal field holdings. May sales of National Tea amounted to $4,402,874, making the total for the five months this year, , compared with $18971.278 1 gain of 16.7 per cent. Co. | ROAD’S EARNINGS GAIN. Norfolk Southern Makes Record for Four Months. Net earnings of Norfolk Southern ilroad for the first four months of were at a record rate. Sur- plus ‘after charges at $248,810, equal | to $1.55 a share on $16,000,000 stock, compared with $132,775, or 8 a share last r and $186,666, $1.16 a share ‘in 1924, For months ended April 30 equaled per cent on the stock compared with 3.2 per cent in 19 per cent in 1924 and 2.3 per cent | 23. since 1922 has shown record earning power for the | road since its banner vear, 1913, when it earned $5. 1f there is a fairly normal seasonal variation in | earnings, the road may this year ex- ceed its 1913 record. CAMPAIGN IS RESUMED. Chat by Financiers Tells Who Real- 1y Own the Washington Banks. New WASHINGTON, Under the title “Who Owns the Banks?" the District Bankers' As. | sociation starts off the second week infor- mative campaign, carried on through newspaper advertising, to give the | public new light about the city’s financial _institutions, showing the service they render, how they are operated and what it costs to run them. - ‘This second chat, which will appear in tomorrow’s Star. will have some very interesting things to say about bank dividends. Some people think banks pay enormous dividends. This is a mistaken idea and the talk ex- plains why. In many banks the de- positors receive more in interest than the stockholders receive in dividends. The second installment is well worth reading. In fact, it is one of the best of the serfes. " DIVIDENDS. Stock of Period. Rate. Payable. pf. Q $1.50 nit Q Stock. Am. P. & L Associated L, A Aupurn M. “C Do. 7% . Edmds & Jones. De. B% Gosd (H.W.) o’ Mo 3. Do. Mo Mo e 2sszan Haverhill Gas L. Int. Tel. & Tel. % Kelg. S. & S. nw.Init .;/% De. nf. new..Init §’ Ky, Sec. Corp. Do. nf. bank: to make available for mort- gage loans the surplus funds of na- tional banks; to permit national banks to operate branches under conditions in States that permit branch banking and to remove all handicaps in favor of State banks over national banks, would gladly ac- cept the Hull amendments, realiz- ing the benefits of the reserve sys- tem, and being content with the great changes for the better rather than 1o see the measure go over. The bill passed the House and Senate readily and should become a law, amended or otherwise. Otherwise many national banks wjll give up their charters. refusing | to be further handicapped In mel world of . business, h3 D. C, JUNE 13, Special “Excel” Electric Cookers -These- roast even better than the old-fashioned range. Cook quicker, cook better, and the whole cooker oc cupies no more space than a bread box. Boils. Stews Bakes. No stones to head. no attachments to puzzle you. Merely turn on the electricity and switch it off as soon as food is hot. Mill Hose; Standard 20c to Foot remnants Garden the corrugated kind. couplings. Reg. Pure Aluminum Covered Saucepan Set, three in set and 3 quart @ () Three for.. Corrugated Garbage Cans with tight-fitting cov- i riny i 9Ye other sizes 49¢, 19¢, $1.00, -Regular Iridescent Cholce —Dayton Hot or Cold Food Carriers. Keep liquids hot or cold for 12 hour: Shecial at $1 ——Regular 60c Fine Corn Parlor Brooms. The five- stitched kind, with long smooth handles. 9Qgq Each sturdily $1 —Regular $1.49 built 4-ft. Step Ladders with bucket rest. Each _piece Old English silver- plated Ware—6 each knives, forks, table and tea spoons. 1 butter knife and 32.69 1 sugar shell; set, .--Sanitas Table Covers in several choice designs. Specially priced ... 39¢ — $8.49 Lown Mowers $6.98 —Kann's Ecotomy Ball Bearing Lawn Mowers - with 3 self- sharpening blades. Kann's—Third Floor. 1926—PART 1. THE .BUSY CORNER—KANN'S — PENN. AV Sth Let the Beautiful Free Westinghouse Electrie Machine Make Your Summer Frocks —This is one of the ning. —We make vou a liberal allow- ance for your foot-power ma- chine, no matter “World's finest machines” and when not in use as a sewing machine, is a beautiful console table. Westinghouse motor built in the head, and is a marvel of smoothness and quietness when run- This $68.50 Portable Electric Sewing Machine $39 machine that is expertiy Gives the most accurate service, and saves the wearisome toil of pedal pushing. Has the Westinghous built-in-the-head motor. and is complete with carrying case cord, rheostat control and all necessary accessories. Only a fimited number left. Kann's—#ourth Flaor Sewing — sewv constructed. ing ¢t has the how old. When You Take Your Vacation Take a Good Trunk Whether you are headed for the mountains or the sea- shore. you will want a trunk that will carry your clothes there in perfect condi best of trunks at prices ) —Very Fine Standard Size with rounded edges, hard fiber covered, open loop drawbolts and spring lock. bulge raised top. Protected at corners Fully eauipped. with Fiber-covered Dress bound with fiber and steel complete with tray. Trunks Neatly lined and two-compartment Sizes 32, 34 and 36 inches. jon. And here vou will find the very rou will not mind paying. This $30 Wardrobe Trunk $22 Regulation Size Wardrobe Trunk, with open top. eight garment hangers, laundry bag. shoe box. clothes retainer, hat compartment. drawer section and bar that locks all drawers. This $50 Wardrobe Trunk, Special at $37 $9.85 Wardrobe Trunk, brassed hardware. with edges covered Each...... Two Special Luggage Groups $5.00 Values —Black $3 Enameled 99 Touring Cases, double lock Dupont Overnight Cases. Hat Boxes and Traveling Bags, in various sizes are included in this lot. $3.95 Values $2.69 —In this lot are Round Hat Boxes, Traveling Bags, Black Enamel Visiting Cases and Dupont Overnight Cases. in various s Kann’s—Third Floor. The Pressure Cooker Does All Your Cooking and Baking! A Special Demon- stration and Sale Is Offering the 12-Qt. Size for Onmly $18.98 —When you use a National Pressure Cooker vou can put dinner on the stove at 5:30 and have.it ready at 6. Have more time for recreation. cool and save.two-thirds : c Keep vour kitchen time, one-half the fuel and 25 per cent of the meat bill—for it cooks the cheaper cuts of meat deliciously tender. It steams, bakes, stews, roasts and cans. “The Busy Corner” —10 Quart size for $15.98. —12 Quart size for $18.98. 17 Quart size for $23.98. —25 Quart size for $30.98. $1 Down—Convenient Terms Kann’s—Street and Third Floors. 9 Penna. Ave., 8th and D