Evening Star Newspaper, July 3, 1926, Page 24

* DECREASES SHOWN INBANK DEPOSITS Losses Not Serious and Have Been Practically Recovered on July Payments. BY EDWARD (. STONE. Controller MacIntosh sprung a Sat- urday surprise by ing for the con- dition of all District of Columbial banks as of June 30. Reports ob- tained in the very brief time show that nearly all the local banks had decreases, mostly of a minor nature, in comparison with the deposit fig- ures of the last previous call. Many of the small decreases in the deposit item are unquestionably due to the fact that returns on personal and int, ble property must be made as of July 1, and made to the col- lector of taxes before the end of the month. The tax on money is one-half of 1 per cent, and is applicable to all cash in pocket n bank. with the excep- tion of a 0 exemption on cash in savings banks. Some of our good people have prob- ably opened savings accounts in the last day or two and will veturn the funds to usual places o depesit with- in a few days. Bank deposits have alread very largely during the month through this source, and also from the deposit of probably a million of | dividend and interest disbursements. Bank Deposits as of June 30. gained Following are the deposit figures from as many Washington banks as could be obtained before going to press: fAmerican Security & Trust..® ank of Commerce & Sav Central Sa; : Columbia ! Commer: tonal 3 { avings 1 E: Federal-American National Fraoklin National o iberts National S Lincoln 1 A Nerchants ‘Bank & Trust 4 Yational Bank of Wash Natfonal Captal.......0 Metronolitan .0, & Trust Savings ional £ ational avings & Com.. Security, nion Trust 4 | ash. Loan & Trust anics ge Bank.. Potamac Savings.: ; “Penotes decreace since last cail Suburban Banks Prosperous. { Local suburban banks appear to] be enjoy in era of specia perity. Following the that the Takoma Pari to erect a fine new home co re- port from R. L. Schreiner, president of the Bank of Brightwood, that his fnstitution has reached the half mil-| lion mark in deposits. The bank open- | ed its doors only three and a half| vears ago with §10,000 in deposits. In-| cidentally hreiner is the y | ent in the Distr t much of the credit for the developing of his bank to his| directors and other a nts. He is not only the youngest bank president but the voungest worshipful master in | the Masonic lodges in this jurisdic-| tion, and the youngest patron in 1!"; Eastern Star Chapter. He also s president of the Brightwood Securi- tles Corporation. Year Book Ready for Press. “Dollars and Sense brought out by the loc Ican Institute of Banking, is practically ready for the press. This vear's num- ber is expected to be the Dest vet issued, as it will contain more expert editing than b v of the others, several former having Those in charge of the e the book are Norman Towson, ington Loan & Trust Co., editor Dollars and Sense” in 1920, the {nitial vear; Willlam M. Rankin, jr., Riggs National Bank, 1922; Miss Lois A. White, Fede; n National k , and George Shis- ler, 1 M. Turner, asso- ciate editors. The busine ment is in the hands of I dons, secretary, American Trust Co., and H. H. tional Metropolitan Bank, tion manager. Savings Bank Property Sold. Peter A. Drury, president of the Merchants Bank and Trust Co., an- nounces that he has sold the Citi- zens' Savings Bank Duilding, at 1336 New York avenue, to P. H. Pick- ford and A. D. Porter. When the Merchants took over the savings bank the New York avenue building was no longer needed. It was built especially for a bank and was first occupied in 1920. It is understood that the new owners bought the building as an investment. The for- mer bank located in the block where the garage intended to house 1,200 cars now is under comstruc- tion. Revenues Gain for 19 Months. The Seaboard Air Line's May gross revenues increased to 19 the num- ber of consecutive months in which increases over similar months previous vears have been made. The increase in surplus after charges over last year was the largest shown by any month this year, ex- wary. In the 12 months ended May 31 surplus after charges was $4,130.404, equal to 16.5 per cent on ¥25000,000 adjustment income b5 per cent bonds on which the interest accumulation is 121 per cent. This represented an earning rate of 5.19 per cent on the $37,019,100 common stock, which compares with 15.3 per cent on the adjustments or 4.39 per cent on common in 1925. On a seasonal basis with other income’ and fixed charges estimated the indicated earning rate for the current year is 18.3 per cent on the adjustment bonds, or 6.4 per cent on the common Farm Price Declines Amazing. Between 1920 and 1925 farm land “values” are reported to have fallen off some 31 per cent. This situation was thus dealt v recent speech in the United Si 5 tor McKinley of 11linoi “In a brief analysis of the situa- tion in my own State, 1 find that the 30,736,000 acres in farms, which were worth, land and buildings, $187.59 an acre in 1920, are worth today on an average of only §135.79. a depreciation in value of $50.80 an acre, or a total loss to the ‘mers of 1llinols of more N circula- FINANCIA “Cotton Hoppers” Cause Uneasiness In Southern Belt By the Associated Press. A, Ga., July 3.—The A or cotton hopper is ing general unleasiness over State,” says a statement issued ¢ the Georgia Co-operative Crop Service. = The report it ceems that most of the cotton fields in the Pied- rea are infested, resulting 1o of practically all as fast as they are formed. WHEAT IS FIRMER THAN A WEEK AGD Reports of Drought and Ex- cessive Heat in North- west Are Factors. By the Associated Press. CHICAGO, July 3.—Facing the tical time for the new Spring crop, wheat values show a decided tighten- ing-up of late, except trifing declines in quotations on July delivery. Re- ports of drought and evcessive heat in the Northwest have been a good deal responsible for shifting specula- | tive interest largely away from the harvest fields in the Southwest and West. Compared with a week ago Chicago prices vary from % off to 2% ad- vance, with corn ranging from half. cent decline to 7s cent gain; oats, a 213 cents down and pro- cents lower to a rise of Pessimism in Outlook. Pessimistic reports this season as to the outlook for Spring wheat have put in an appearance earlier than usual, and have been accompanied by 2 stronger backing of evidence than is often the case. Competent ohservers of field conditions report severe damage over many sections west, Nouth Dakota and the lo er If of North Dakota in particu- lar. Throughout this region, according to trade advices here, much of the planted area will apparently fall to vield s more than a return of seed. Unofficlal estimates by the foremost Chicago experts indicate that, judged by present information, 1926 domes- tic Spring wheat crop will total about 100,000 bushels, 2 minimum seldom hed in a long series of years. TUnder such circumstances and with the annual race yet to come again in January from black rust prices for deferred deliveries of wheat have shown a tendency to soar, the most distant active month, December, rais- ing the highest. Rushing to Market. Contrasting with the backwardness of Spring wheat, the large Winter wheat crop being harvested in the Southwest and West is being rushed to market with surprising rapidity. As a result, primary receipts in the last week have been nearly double those of a year ago. Mills and ex- porters, though, have taken the grain about as offered, and less than the ultimate amount of hedging sales in the speculative market has de- veloped. Influenced more or less by defeat of the bulk of farm legislation at Wash- ington, -corn and oats have touched new low price records for the season. Lateness of the growing crop of corn, however, has tended at times to rally the corn market. Provisions have reflected improve- ment in cash demand, both for meats and lard. U S REPORT WILTS VALUEOF OTTON Yield Above That Estimated in Private Advices Is Indicated. By the Associated Press. W YORK, July 3.—The feature of the cotton market during the past week was the publication of the first government crop report of the season vesterday. As usual this official state- ment as to end June crop prospects was preceded by a number of private reports, and trading was pretty much confined to the evening-up of old com- mitments after the first of these re- ports made their appearance. As a result fluctuations were rather nervous and irregular. Rallies on cov- ering by people who had sold on the declines earlier in the month were held in check by the continued favor- able character of the daily weather and crop advices, and the market broke rather sharply after the publi- cation of the government crop figures. The private reports on the average had pointed to a condition of about 76.2 and acreage of about 47,334,000 and a crop indication in the neighbor- hood of 15,406,000 bales. The government report placed the condition at 75.4, or slightly below tha average of the private figures, but esti. mated the acreage under cultivation as of June 25, at 48,898,000 acres, which naturally pulled up the crop indication. The latter pointed to a yield of 15,- 635,000 bales or about 200,000 bales above the average of the private re- ports, and evidently inspired consider- able selling. All the new crop months made new low records for the season shortly after the report was published, and while the decline was checked by covering for over the three-day ad- journment, the market was nervous and unsettled at the close of the week. There have been further complaints of insect activities and reports that while rains had favored growth, the plant was not putting on much fruit In Some sections, but the most gen- erally expressed opinion was that the rop had made falr progress since the date of the government report. July than $1500000. * * * The land alone, leaving out of conslderation the buildings and _improvements, was valued in 1920 at $164.20 an acre. To- day is value is $11.53.” Perhaps the remedy for the decline in farm products, of which thé shrink. age of land “valies” is an index, con- sists in bringing down other prices to a level where farming will be profit- able. After all, the important thing. the Bankers' Magazine comments, is that farm production should be put on a paying basis rather than that the prices of lands be stabilized. . FAILURES FEWER. NEW YORK, July 3 (#).—Com- mercial failures in the United States this week decreased to 378 from 400 last week and compared with 371 year ago, R. G. Dun & Co. reports. Of the current week's defaults. 203 involved 1 les of more than and August, however, are regarded as the critical months in the develop- ment of the plant and it is during these months that deterioration is con- sidered most likely. BAR SILVER PRICE. NEW YORK, July 3 (®).—Bar sil- ver, 65%; Mexican dollars, 50%. BIGGEST CLEARINGS. BALTIMORE, July 3 (Special).— Clearings of $49,056,031, reported by the Baltimore Clearing House Asso- ciation yesterday, were the largest for a single day since the clearing house was established, exceeding the $31,228,- 391 for the corresponding day in 1925 by $17,827,640. Payment to the city of Baltimore of more than $18,000,000 for the bonds and registered stock sold to bankers was the most important factor contributing to the record clear- THE EVEN STEEL LEADS STOCK VALUES UPWARD Rail Price Averages Set New Tops—Belgian and French Francs Drop. By the Associated Press. NEW YORK, July 3.—A progressive but orderly upward movement in stock prices took place this week under the leadership of United States Steel com- mon, which soared to a new Ligh rec- ord for all time, at 14412, approxi- imately & points above the best price | previously attained and 27 points above the low level reached on the Spring reaction. Other outstanding financial develop- ments of the week were the successive establshment of new high records by the rallroad price averages on each day of the week and the collapse of French and Belglan francs to the low- est levels in history, slightly above 2.60 cents. Selling of these currencies reflected growing distrust over the ability of these governments to stalfilize thelr finances. . Buying in U. 8. Steel. The remarkable buying movement in United States Steel, which was ex- tended to the other steel shares as well, was based partly on revised esti- mates of larger second-quarter earn- ings and partly on prospects of a more liberal return to stockholders either |through a distribution of surplus, an increased dividend or a split-up of shares, indicative of the industry’s prosperity, was the announcement that the steel output in the first half of the vear had broken all records for this period and that operations showed no signs of immedi Bethlehem, Republic, Sloss Gult States, Youngstown, Inland and United Alloy issues all recorded fm- provement during the week. Interest in the rail shares was quickened by the outline of an amend. ed Nickel Plate merger plan which the Van Sweringens are preparing to lay before the Interstate Commerce Commission as soon as directors of all |the constituent roads have signified !'their approval. Action was taken by the Erie directors last week but their decision was not made public. Virtually all the Van Sweringeh stocks, Including the Nickel Plate, Chesapeake and Ohlo, Erle and Pere Marquette issues, reached the high- est levels of the year in response to reports of more favorable terms for most of the stockholders. A steady demand was noted for Unjon Pacific, and other investment rall issues. General Motors Leader. General Motors shared for a time | the leadership of the market with | United States Steel, crossing 149, to | the highest level of the vear, but the | motor group as a whole displayed only moderate strength. Allied Chem |ical, Texas Gulf Sulphur and United tates Cast Iron Pipe were among | the best ground gainers of the week. | Only a temporary money stringency was expericnced in the face of a record breaking distribution of divi dend and interest payment exceeding | $600,000,000 around the first of the | month. ~Call money at one time rose to 5 per cent, but the rate was later reduced to 4. Grain and other commodity markets were generally firmer, although a sharp break of $1.50 to $2 a bale in cotton prices followed the publication |of the first government |of the season. Part of this loss was recovered hefore the market closed for the week. | | WALL STREET BRIEFS NEW YORK. July 3 (#).—Independ ence day is being observed in financial district for a_three-day pe- riod beginning today. The New York Stock Exchange, the curb market, the cotton exchange and commodity mar- kets will be closed until Tuesday. The hanks are open for the usual half day today, and dealings in foreign exchange ate being carried on as usual. Farnings of steel companies gen- erally for the second quarter are ex pected to exceed earlier estimates, many producers having maintained a higher rate than was anticipated. United States Steel probably will show a net of between $47,000,000 and $48.- 000,000, or more than $4 a share, on the common, against $45,061.285, or $3.8% a share, in the first quarter. Bethlehem Steel's net for the common is now placed above $1.80 a share, against $2.32 a share in the first quar- ter and $1.31 in the second quarter last year. Republic Iron and Steel is likely to approach its first-quarter earnings of $2.94 a share on its junior stock, and Youngstown Sheet and Tube probubly will show better than the $3.60 a share on the common for the first quarter. June sales of Sears Roebuck ac- count advanced to $18,274,895 from $16.059.102 in June last year, making the total for the half vear $126.621.823, compared with $118,242,460 in the first half of 1925. Progress for a reorganizaticn plan for the Chicago and Alton Railroad Co., now in receivership, has been temporarily halted by the absence from New York of representatives of groups of security holders and the re- ported inability of others to reach sat- isfactory terms. Informal confer- ences on a possible plan probably will be held in a few weeks. but nothing definite 18 expected before September. The road’s earnings have improved since February. The report of Standard Gas & Elec- tric and subsidiaries for the year end- ed May 31 shows gross earnings of $143,426,055, against $132,981,401 .in the preceding 12 months. Net after taxes but before depreciation was $60,427,618, against $52,724,796. BIG ORE CARGO. BALTIMORE, July 3 (Speciall— Carrying a record cargo of 22,000 tons of ore from Chile, the steamer Ameri- kaland is docked at the Bethlehem Steel Works, at Sparrows Point. With this great cargo the big ship nego- tinted the whole length of the bay and the Baltimore channels, drawing 34 feet 11 inches. It was the record for any vessel coming to this port. hwosiin et ol EARNINGS INCREASE. BALTIMORE, July 3 (Special).— Earnings of the Merchants and Min- ers' Transportation Co., which early in the year compared unfavorably with 1925, are picking up in an encouraging manner. Although figures for the first half of the year are not available, it s understood that the company in this period earned the dividend of $2.50 a share on its no-par-value com- mon stock for the entire year. CHANGES IN PERSONNEL. NEW YORK, July 3 (®.—Amer- ican Linseed Co. has consolidated the duties of certain executives and created the new office of executive vice president, which was given to Arthur Roeder, formerly president of the United States Radium Co. The changes were necessitated by prog- ress markets and in merchandising the| Cucumbers—Supplies marke ucts, as well as tire m] y's prod fhereast in which the Increasing activities company is engageds - |large quantities, crop report | the | G STAR, Baker Gives Year’s Pay to Employes Of New York Bank ] By the Asso: NEW YORK, July 3 salary to virtually every employe of the first National Bank was the gift of George F. Baker as he salled for Burope. This followed reported gifts of the same Kind the first of the year. The gifts were made uncondi- tionally to each employe up to the rank of si. hier, in the bank’s service two years or more, and were accompanied by a per: sonal note to each, signed “Affec- | tionatly, George F. Baker. The sentations were not made, however, until after Mr. Baker's ship had left, this modesty being a_characteristic of the “Father of vall 'Street,” who has given up- ward of $15,000,000 to charity. FRUIT PLENTIFUL INGENTER MARKET Cheaper Fish Move in Large Quantities—Blackberries Are Appearing. Cheaper price of fish this week has resulted in increased sales, consumers, it is stated, using fish to a greater extent because of the high cost of meats. Boston mackerel, always a good seller, were received here in catches off the Mas- sachusetts coast the past two or three weeks being greater than usual. The wholesale price of the fish went down to 8 cents. Homegrown bla ing in fairly ckberries are appear- large quantities, and | growers say the early berries are much better size and flavor than usual. Virginia and North Carolina growers are still sending supplies of the berrfes, however, and so much of | the fruit is in market that prices have materially decreased. Strawberries have hecome so scarce | | that prices no longer are quoted. There will be a few coming from time to time until Fall, growers report, but | | the quantity will be so small that all | |sales will be made direct by growers to consumers, Raspberries From Nearby. Many of the respherries offered in the local markets are from the moun- tain sections of Maryland and Vir: jEinia. Tt is reported t growers in the two States, as well as nearby growe have bumper e of the berries this season. Red berries, top . brought §9 a crate this morn- the black product selling at $6.40. Georgla watermelons appeared in the local market this week. Florida jgrowers are also continuing ship {ments, and supplies have become so | | plentiful that prices have dropped to less than one-half what they were {the openini of the season. Today prices dropped to 50, 60 and 75 cents. A moderate demand for moderate | supplies of peaches has resulted in a steady market on the popular fruit. Georgia peaches of several varleties, | various sizes and qualities, were quoted at from $1.50 to Only a moderate demand for a| { lineral supply of cantaloupes made the market slightly Imperfal Valley i ards, were quoted at to around $4. Jumbos und §4.50, flats selling Corn From | Texas and North Carolina growers {are still furnishing large shipments lof corn to local dealers, and small quantities are coming from the i folk section of Virginia. The Tex: and North Carolina stock is quoted at $1 to §2.50. Liberal supplies of cahbba string beans and moderate of potatoes and cucumbers re- | {ported. Liberal supplies of tomatoes also are ported, and the market is much weaker. Home-grown tomatoes are being sold mostly Saturday early closing of the Gov- ernment departments is reflected in the market, retallers getting out early in the morning to obtain supplies in time for their morning’s trade, many consumers leaving the city early in the afternoon. E Market Prices Today. Carolina. Butter—Fancy, 1-pound prints, 46; 47; tub, 45a46. 4 & Eggs—Fresh, selected, 31a32; hen- nery, 33a34; current receipts, 28a29. Poultry, alive—Turkeys, 35; Spring broflers, 40a45; Plymouth Rock broil- ers, 115 to 2 pounds, 45: smaller, 38a 40; White Leghorns, 35a36; fowls, 30; 22; oung, 20; old, 16; 3 ducks, rkeys, 35a3! broilers, 48a50; keats, young, 90a1.0 1d, 40a50. Live stock—Calves, choice, 11; me- dium, 9a10; thin, 6a7; hogs, heavy and WASHINGTON, D. C., 1 000-share days, SATURDAY, PUBLIC INTEREST BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, July 3.—Prices con- tinued to work higher on the stock exchange this week. But while there have been some notable advances and while some new high records have been made for the year, no in- crease to speak of has occurred in the volume of trading. In this sense, it s still proper to say that the market is not in the position it was efght or nine months ago. There are no strings of 2,000 with a total occa- sionally exceeding the 3,000,000 m: as was the case last Autumn. Huge turnovers indicate the pres- ence of the public on a large scale. Many in Wall Street still think that the outside following will not much longer be able to resist the lure ot rising prices. But so far the mil- lion-and-a-quarter-share totals, which are about the average in the recent trading, have suggested little more than a somewhat expanded pro- fessional market, one in which the buying originates mainly in ‘pro- fessional quarters and in which fresh outside participation is not large. Bonds and Commodities Dull. Bond men complain that their busi- ness has fallen off and attributed it to the superior attraction of the stock market. It seems impossible Other to rekindle interest in cotton. arkets, like sugar and eopper, are very dull and in con parison with the big fluctuatior which are so often seen at this s son in the grain trade, the present| fluctuations in wheat and corn are narrow. In a word, most of the| activity in the financial markets has centered in stocks. There is one notable exception, how- ever, and this is the movement in French francs. The break to the low- est for all time has been accompanied y some activity. But still the deal- ings in the franc are small in cont with the great international specula- tion of March, 1924. One of the fea tures about the fall in the franc is that there is no charge, the way there | was two years ago, about outside| manipulation playing a part. It seems commodity 2 to be recognized that the weakness is a due to actual selling in a market which has no officfal support and from | which private capital s standing | aside. As it looks from an American stand point, the recent changes in the Paris hank personnel, despite all assurance | to the contrary, are paving the way | for use of the Bank of France gold re- apport the franc in case other il. And the international community has no faith, financial after the experience of the last three years, that the French people will sub- mit to a program.of tax increases suf- about ficlently ~ dr: to bring an equilibrium. Belgian Frane Suffers, Too. | It is all very well to talk about dip ping into the gold reserve only with | the greatest care, but experience ha shown that where this expedient is tried further dilution of the paper cur- rency is probable. The gold founda- tion upon which the paper circulation Is supposed to rest cannot stand any weakening under circumstances in which France is in at present. In the | meantime each decline in the franc im plies a larger demand for new notes, ause on account of the depreciated due it takes some increasing | amount to do the busines of the coun- | t ry. The Belgian franc is in the same CHICAGO LIVE STOCK MARKET CHICAGO, July 3 (United Stats Department of Agriculture).—Hogs Receipts, 2.000 head: very uneve; steady to 15 lower than yester average; lower grades declining mos top, 14.90 on 190-pound kind: bulk, 1 to 210 pound averages, 4. 14,8 sorted, to 240 pound averages, | 14.20a14.50; desirable 250 to 325 pound butchers, 13.50a14.10; bulk packing | sows, 11.25a11.90; slaughter pizs up to 14.90; hippers, 15.00; 1,000 heavyweight hogs, 1 medium, 14.00a14.90: light, 14.00a14.90 light light not quoted; packing sows, 11.25a12.30; slaughter pigs, 14.. . Cattle—Receipts, 2,000 head: toc 's run largely Southwesterns, arriving | direct; compared week ago vearlings | and medium-weight steers, 25a40 | higher; yearlings, including practically all grades of light heifers up most; all grades scaling 1,150 pounds dow ward taking price lead over heavie 1,120-pound steers topped at 10.65; best heavies, 10.55; numerous loads light | steers, 10.50210.60; typical long vearlings at inside figure: all weights numerous at 10.00 and above; com- paratively little grassy kind, scant at 754850 to Killers, and 8.00 down to | feeder dealers; stockers steady to weak; feeders in meager supply; grain- fed cows, weighty heifers and bulls strong; grassy cows, 25a35 lower; veal- ers strong to 25 higher. medium, 13%; light, cholce, 15; lambs, Meats—Beef, 17a18; lamb, 30: veal, 18a20; dressed pork, heavy. 19 pork loins, 35a36; Western, 30a32; hams, 36; shoulders, 24a25; fresh hams, 32a 34; fresh shoulders, 25. Fruit and Vegetable Record. Today’s market report on fruits and vegetables, campiled by the Market News Service Bureau of Agricultu- ral Economics, says: Cantaloupes—Supplies liberal, de- mand moderate, market steady; Cal fornia, Imperial Valley, salmon tints, standards, 45s, best, 3.50a4.00: fair quality and condition, 2.75a3.00; jumbos, 45s, best, 4.00a4.50; poorer low as 3.50; ponys, 54s, 2.75a3.50, mostly around 3.00 Lettuce — Supplies moderate, de- mand moderate, market steady; Cali- fornia, Watsonville section, crates, iceberg type, 4-5 dozen, 2.75; New York, 2-dozen crates Big Boston type, 75a1.00. Onions — Supplies light, demand Hight, market steady: Texas, standard crates yellow Bermudas, U. S. No. 1, best mostly 2.00, poorer low as 1.25; Egypt, no sales reported; South Car- lina, standard crates Australian browns, no sales reported. Peaches—Supplies moderate, de- mand limited, market steady; Geor- gla, sixes, Carmans, medium to large sizes, 2.50a2.75; small sizes, 2.00; bushel baskets, medium size, 2.50: North Carolina, sixes, Early Rose and Arp, medium sizes, 2.50a2.76; few Early Rose high as 3.00; Virginia, bushel baskets Mayflowers, small size, Potatoes—New stock, supplies mod- erate; demand moderate, market steady; North Carolina and Virginia, Norfolk section, cloth top stave bar- rels, coblers, U. S. No. 1, 4.50a5.00, few fancy higher. Tomato Market Steady. ‘Tomatoes—Supplies liberal, demand moderate, market steady; Mississippi, 4s, ripes and turning, wrapped, 75a90; fair condition, some leaky, 50a60. South Carolina, 6s, ripes and turning, wrapped, fancy count, 1.15a1.75; choice count, 1.25a1.40. ‘Watermelons—Supplies moderate; demand moderate, market steady; Florida and Georgia, Tom Watsons, 26-28 1bs., average, 60a65; 30-32 Ibs in the development .of new |average mostly around 75, few higher. liberal; de- mand_slow, t weak; Virginia, Norfolk section, hotbed .stock, %- bushel hampers, fancy, 1.50a2.0 Sheep—Receipts, 1,000 head: none on sale today; for week, 14,000 head direct, and 139 doubles from feeding stations; fat native and Western lambs, 50 to 75 lower: cull natives, yearlings and natives steady; fat sheép strong to 25 higher: week's top fed Westerns, 15.60; native, 15.15; culls, 11.50; fat yearling wethers, 13.75; fat ewes, 7.00; feeding lambs, 14.5 fat range lambs, 15.10a15.50; native: 14.50215.00; cull natives, 11.00all yearlings, 12.00a13.00; fat ewes, 5.00a 6.50; feeders, 14.25a14.50. o Your Banker, Knows. When in doubt about a security consult your banker. It is equally as much his interest as your to protect your savings. You trust him with your deposits—why not trust him with your investment problems? FOREIGN EXCHANGE. NEW YORK, July 3 (#).—Foreign exchanges firm. Quotations (in cents): Great Britain, demand, 486; cables, 4861%; 50-day bills on banks, 48 France, demand, 2.69; cables, 2 Italy, demand, 3.50; cables, 3.51. Demand—Belgium, 2.64; Germany, 23.80; Holland, 40.13; Norway, 21.94; eden, 26.79; Denmark, 26.51; Switz- erland, 19.35; Spain, 15.88; Greece, 1.23; Poland, = 9.00; Czechoslovakia, 2.96; Jugoslavia, 1.77%: Austria, 14.12%; Rumania, .48%; Argentina, 40.37%: Brazil, 15.81%; Toklo, 46.87%; Shang- hai, 72.50; Montreal, 100.125. POTATO TRADING SLOW. CHICAGO July 3 (P).—Potatoes— Receipts, 58 cars; total United States shipments, 1,041 cars; on track, 91 cars; trading very slow; market weak. North Carolina barrels Irish cobblers, 5.25a5.40; ordinary stock, 5.00; Oklahoma sacked cobblers, 2.75 a2.90; ordinary stock, 2.40. S . BANK CLEARINGS GAIN. NEW YORK, July 3 (#).—Total bank clearings at 125 cities for the calendar month of June, as reported to Bradstreet's, aggregated $43,129,- 315,000, a zain of 3.7 per cent over May, but only 1.7 per cent over June last year. New York'City bank clear- ings in June were $24,194,989,000, a gain of 3.4 per cent over May, but only :;;';n-tem)n of 1 per cent over June, IN NEW YORK STOCK EXCHANGE Prices Are Working Higher and Shortly Outsiders Will Follow the Lure of Rising Values—Bonds and Commodities Dull—Francs Break. JULY 3. 1926. STILL LAGGING plight as the French fran been smashing all low still there is not the sl support. Belgium is ¢ tra tax question and it is not able to obtain new credits from abroad. Con- sequently it has not sufficient re- sourcés. to check the decline in the franc. A s a matter of practical economics, as distinguished from mere theory, it is still open to doubt whether big crops after a period of low prices are a good thing not. The mercantile reviews make the point that large harvests involve continued heavy volume of the railroads. They do not qual by any statement that where modity like where the indications the latest burcau reports he hope for improvement, the buving power of the cotton growers cannot be large. Therefore, aguinst the prospec- tive big money in agricultural freight must be set the possibility of reduced money in the articles of merchandise which the cotton fa buy. d out no rme: Steel Business Surprisingly Good. Another week has gone by without any signs of a picking up in wholesale commodity prices. According to Dun's Review, out of the list of quotations collected by it there were 39 declines wlvances, These low price in a weak feature in the situation. The best development of the week has been the reports of a larger busi- ness in iron and at a time when ordinarily the in approaches its dullest period reports have been duly reficcted in the steel stock with United States Steel common mal ng a new high record for all time, and with almost all of the independent steels distinetly better than they have been. At the same time, it is quite well 4 that the main re the rise in United States a trade reason, sion of popu fore long tk of treasur REAL ESTATE LOANS ANY AMOUNT 1 APARTMENT HOUSES 2 0 RESIDENCE LOANS AT 1OW RATES BUSINESS PROPERTY FRED T. NESBIT RanpDALL H. HAGNER & CoM FINANCIAL. Savings? Make your funds work for you by investing them in doubly protected First Mortgage Notes sponsored 6112% Convenient wnoun’s of 0 and up by 51 A Saunders Co< Founded 1887 1433 K Street—Main 1016 The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the Dis- trict of Columbia and Nearby Suburbs i Montgomery County, Maryland FOR 3, 5 OR 10 YEAR PERIODS S5Y>% ON APPROVED SECURITY Apply Apartments Ofiice Buildings Houses Business Properties PANY MORTGAGE LOAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 4 Your Money 6% 1010 Vermont Avenue N.W. Main 93 e s Can Earn--- : Money to Loan M‘;‘r;vb.ylh’v‘u"“ deec of trust on —and still be entirely safe. Ezvery dollar placed in our First Mor WE FINANCE : g i —aT! clasees of income-producing property gage Notes is secured by two dol- lc-:rrrge‘ ‘L‘oans adSpecia::ny | lars in selected W ashington real ent int. rate and commis Higbie & Richardson, Inc. estate! 816 15th St. N.W. y Prompt Action e First Mortgage Loans BOSS AND PHELPS T T S rorsoep 1001 - MONE”‘Y',I‘,G'"I'JOAN— 1417 K Street—Main 9770 Any Amount ard_morten year period. Lo « auick service. application is 3 | ) Realty Loan Ce. || | 1417 F St. N.W. M. 9411 |f| | s |l NOT A SINGLE LOSS FIRST MORTGAGES ||| | IS DOUBLE PROOF FOR SALE | 6149 P "““’r{_o””"" ‘; In the over a third of a cen- CONSERVATIVE I tury that we have been co | VESTORS BUY hoi . . . . i e e e U S A operating with conservative in- | o $750, 1,000 and upwards, secured || vestors not a single one of our | o mprared real et Jutuatedy )| clients has ever lost a dollar | intrusted to our securities. T JAMES F. SHEA | day our safe | i 643 Louisiana Ave. N.W. | We Are | Prepared to Accommodate the ||| Most Conservative Investor i with First Mortgage Real Estate Gold Bond Coupon . | Certificates | Payable at Any Bank Guaranteed by United States Fidelity & Guaranty Company (Resources, $16,000.000) Yielding 6% Interest Plus Tax refund up to 4% mills Call or Write for Circular CHAS. D. SAGER Ower a Third of a Century Without a 6%2% FIRST MORTGAGES —give vou the same features of protection, plus the same man- agement policies, strengthened by these many years’ success- ful experience. Loss 925 15th St. N.W. Main 2100 ; B. F. SAUL CO. | 1 Since 1906 924 14th St. N.W. Main 36 Ample funds Lower interest Lower charges Prompt approvals Repayment privileges Expert advice No bothersome details H.L.Rust Co. ESTABUSHED 1809 -~ \ 1001-15% St. N.W. / We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of inter- est. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of Thirty-Five Years —insures your - protection. Percy H. Russell Co. 926 15th St. N.W. . . Associations | “A Man Is Known By the Company He Keeps.” HERE conservative * securities, Govern- ment Bonds and a stead- ily growing Bank Book are found, there also are found— First Mortgage Notes on Washington Real Estate. They pay an annual in- come on the investment of 62 % MORTGAGE INVESTMENT DEPARTMENT 4th St. N,W. Main 2345