Evening Star Newspaper, July 4, 1926, Page 15

ANCIAL 15 1 We Will Loan at 5% Economic Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Ave. D. C, JULY 4, 1926—PART 1 WALL STREET DESERTED. Banks Open, But Little Business Is Carried On. NEW YORK, July 3 (#).—The finan- cial district was virtually deserted to- day with the closing of the New York Stock Exchange and other securities and commodities markets for a three- day suspension of busines over Inde- pendence day. Banks and their for- eign exchange departments were open for the usual half day, but little ac- tivity was expected owing to the vast exaodus from the district, which be- gan yesterday. ——— ‘Water from botled onions will re- move dirt from white paint most suc- cessfully, leaving the surface glossy and white, FINANCIAL. THE SUNDAY STAR, WASHINGTON, Announcement Last. Yield. B[]NB ”SI PRIEE_S BOND SUMMARY FOR THE WEEK |Financial Highlights of Past Week o2 0z T Brought Out in Nutshell by Statistics WELL MAINTAINED : Low. High. U. 8. BONDS, 100-27 8 67 ’ 1 99-15 101+16 99e19 Liberty 314s 1932-47. . 10230 101-1 102-26 101-21 Liberty 1st 4% 1932-47 i 10119 100-16 100-31 100-17 Liberty 2d 4145 1927-42. 101-14 Efll| NEW YORK, July 3, 1926. 102-80 580 This Week. 1WE-10 365 High. L Stocks (average of 50 issues)............ 126.635 Activity in Investment Mar- ket Falls Off as Stocks Draw Interest. Low. 101 10 102-13 100-26 101-12 102-27 1085 Prev. week's Close. High. Yo% 99 101% 98% 102% 84% 109 High. 15 e. ipecial site containing 15.000 ft. with two street fronts. Jos. A. Herbert & Sons 1013 15th St. N.W. Last Week. High. Low. 5 12610 125.61 This Week. Last Week. oo 8151 87.66 ...104.235 104.26 This Week. Last Week. Year Ago. Gea 5 76.0 74.9 76. 4. This Week. Last Week. 4% to 5 4 to 41 4% t0 4% 414 to 4% Month of Month of April, 1926, May, 1925. 3,867,976 4,049,800 115,004 94,542 1021 101-1 101-15 100-25 Liberty 3d 4%s 192 3 1039 101-20 108-7 101-29 Liberty 4th 4% s 1933-38 10810 104-13 108-20 106-9 Treasury 4148 1947-52.. Low. Last. 98% 99 101% 101% 1925 £ High, PR T ey FOREIG 974 9, 100 964 Argentina 6s A-954... 103% 101 102% 1004 Argentina 7s 1927. 97% 96 964 Australian Govt 58 985 98% RuLY Austria 75 1943 101% 102' S8 Belgium 65 1955. 84 84w 110% Belgium 715 194 108% 108% 108% Belgium 8s 1941. 107 107% 894 Bordeaux 6s 1934 84% 84% aus Brazil 82 1941. 104% 104% 1043 Canada 5s 1952 104% 104% 1037% Canada 535 1929 102% 102% 108% 4 Chile 65 1926 100% 100% 110 Chile 85 1941. 107% 107% 110% Chile 85 1946. 4 108 108% Chinese Govt Ry 58 1951 40 40% 99% 99% 101% 101% 104 104k 105% 105% | Revenue car Copenhagen 535 1944. Czechoslovakia 85 1951. Denmark 65 1942. . . 105% 106%| All commoditi L 96 96 Grain and grain products 101% 101% | Coal and coke.. Dutch East Indies 6s 1947 Dutch East Indies 6s 1962 104% 104% | Forest products. . Miscellaneous products French Govt 7%s 1941 Ore Bonds (average of 40 issues).. Foreign bonds (average of 10 issues). M. 4718 Federal Reserve ratio. Money rates in New York: Call Time Over a Third CUETe of a Century's N 2 N, 192, Experience 3,640,250 ° 112,304 BY GEORGE ES. &pecial Disp T. HUG ch to The Star NEW YORK, July 3.-Activity in the investment market during the week just passed was limited by the renewed interest in tlons fell off as attention centrated on the rise in speculative . ®ecurities. The however, did not involve any weakness. Prices were well all througn the list. It was simply that thers was a lack of the normal inand- out business which even in the bond market goes up to make a large share of the dealings. Prices of the highest grade of in vestment bonds are off a point or two from the year's best. Fven the gen e i& down a shade from f three weeks The Unfilled steel orders. Pig iron production. Bullding permits Number of cities. Amount Commercial failures: Number .. Liabilities Make the Most of Your Apartments 484 484 $440,376,537 $408,723,090 1,730 1,957 1,761 $33,543,318 $38,487,321 $37,036,552 Week of June 19, '26. Previous week. Year Ago. 1,043,720 1,060,214 39,272 40,690 186,6 74, 484 $394,159,606 Money to Loan Souh LW et L § WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain stocks —through having us manage their leasing, up- keep and rent collections. ‘As specialists, with over a third of a century’s ex- perience to guide us, we give you service that gives you profits. pause, French Govt 85 1945 German 7s 1949. .. . Holland-American s £ 6s 1947 Japanese 4s 1931 5 Japanese 6135 1954 . Jergens Utd Margarine 65 1947 Lyon 68 1934. . Marseille 63 1934 Netherlands 8s 1972. Paris-Lyon Med 68 1958 Queensland 6s 1947. Queensland 7s 1941 Live stock. DEPOSIT DECLINES 110 110 Bd% B854 Bdw 84% 108% 108% 4% 4% 105 108% 113% 114 a down payment of 33% per cent in cash on all new cars, and 40 per cent on used cars, the balance in both cases to be pald in not more than 12 months. The Washington Bankers ding descriptions, bonds speculative quality, . and this is true in and foreign fields alike. higher which have have done 1 the domestic Buyers Shopping Around. 7% Rio de Janeiro 8s 1946 : sao Paulo, State of, 88 1936. Seine, Dept of, 7s Serbes, Crotes, Slovenes 8s 1962. . 10314 Sweden 6s 1939 % 1025% Swiss 518 1946 103% 108% 104% 106 >T% 87% 91% 92% 104% 105 103% 104% 118% 118% ONLY MODERATE Association took the ground that the local member banks should adhere to this policy before automobile notes of local dealers are accepted for discount. Piggly Wiggly Seeks Listing. ‘The report from Memphis that an Commercial Nat'l Bank 14th and G BStreets Resources $17,000,000 R. GOLDEN DONALDSON, PRESIDENT e B. F. SAUL CO. Main 2100 925 15th St. N.W. 117% United Kingdom 53s 1929, 103% United Kingdom 5las 1927. DUSTRIAL AND MISCELL. 103% Amer Agri Chemical T%s 99 Amer Smelt & Ref 1st 58 1947 107 Amer Smelt 18t 65 1942... . 106% 102% Amer Sugar Refining 65 1937.. 98% 967 Amer Tel & Tel cl tr 45 1929 103% 1007 Amer Tel & Tel cl tr 63 1946 104% 101% Anaconda Copper 6s 1953. . : 107% 102 Anaconda Copper cv deb 7s 1938. . 927 90% Armour & Co 4%s5 1939.... s 102% 99% Atlantic Refining deb 6s 1937 103% 100% Bell Tel (Pa) ref 5s 1948. .. 984 92% Bethlehem Steel p m 55 19 100 95% Bethlehem Steel s f 65 1943. 109% 105% Chile Copper 6s 1932 86 784 Cons Coal (Md) 1st ref 55 1950. 100 92t Cuba Cane Sug cv deb 8s 1930 108% 1073% Detrolt Edison ref 65 1940 974 92% Dodge 68 1941 103% 101% Empire Fuel & Gas 7%s 1937. 107 104 Goodrich (B F) 6148 1947.. - 112% 109% Goodyear Tire 8s 1931 122 120 Goodyear Tire 8s 1941 103 101% Humble Ol & Ref 515 1932 105% 102% Indiana Steel 5s 1952. 84% Inter Mer Marine 6s 1941. 914 Inter Paper 58 B 1947.... 108% International Tel s rets. 1027 Kelly-Springfield 8s 1981. 96% Lackawanna Steel 58 1350 99% Liggett & Myers 58 1951 96% Manati Sugar sf 735 1942. 93% Midvale Steel 68 1936...... s 1007 New England Tel bs 1952... 115 N Y Edison 18t 6135 1941. 104 NYGasELHG&P5s1948. 97% N Y Tel 43538 1939, 107% N Y Tel 65 1941.. 5 101% North American Edison 6s 1 971 Pacific Gas & Elec 5s 1942 9874 Pacific Tei & Tel 5s 1952 103% Philadelphia Co ref 6s 194 100 Public Service 68 1944 93% Sinclair Oil 78 1937 131 Skelly 6155 1927. 107 South Porto Rico Sugar 7s 1941 1033 United Drug 6s 1944. . 91% U S Rubber 1st & ref 5s 1 U S Rubber 7138 1930. U S Steel s £ 55 1963. Utah Power & Light 58 Va-Carolina Chem s f 7s 1947. ‘Western Unlon Tel 6%s 1936. . Wilson & Co 1st 63 1941. . RAILROAD. 891 Atchison gen 4s 1935 924 Atlantic Coast Line 1st 45 1952. 89% Balto & Ohto gold 45 1943. 94 Balto & Ohiocv 4%49 1933, 9314 Balto & Ohio ref 5s 1995. 102% Balto & Ohlo 6s1929. . 89l B&O Pitts LE& W Va 45 1941 98 B & O Southwestern Div § cfs 5l 924 Brooklyn Manhat s £ 65 A 1968 117 Canadian Northern 6% 1946. 803 Canadian Pacific deb 4s. 89% Central Pacific 48 1949. . Chesapeake & Ohio cv 435 1930 Chesapeake & Ohlo gen 4138 1992 Chesapeake & Ohio cv 5s 1946. 51% Chicago & Alton 3%5 1950....... 102% Chi B & Quincy 1st ref 68 1971.... 781 Chi & Eastern 111 gen 6s 1951. 643 Chi Great Western 4s 1959 484 Chi M & St Paulcv 4%s 1932, . 90% Chi M & St Paul gen 43%s 1989 484 Chi M & St Paul ref 438 2014, 1, 47% ChiM & St.Paulcv 58 2014..... 111% Chi & Northwestern 63%s 1936 65% Chicazo Railways 5s 1927.. £74 Chi R I & Pacific ref 4s 1934 944 Chi Union Station 4148 1964 115% Chi Union Station 6138 1963. ... 81 Chi& Western Ind con 4s 1962. 102 C C C & St Liref 6s A 1929, 105% Cleveland Term 5% s 1972.. 954 Colorado & Southern 4%s 19 88% Cuba RR681952.......... 102% Delaware & Hudson 53%s 1937 85% Den & Rio Grande con 48 1936 62 D&RG West 5s 1955. 90 Detroit United 43%s 1932 74% Erie 1st con 4s 1996. 64 Erie gen lien 43 1996. 68 Eriecv4s A 1958. 73% Erlecv 4s D 1953. 97% Fla EC b8 74. 106% Grand Trunk s f d 114% Grand Trunk 7s 1940..... 102% Great Northern gen 5%s 1952. 110% Great Northern gen 7s 1936. 92% Hudson & Manhattan ref 5s 1957. . 75% Hudson & Manhattan adj 68 19567. . 102% lllinois Central 54 1934. .1 62 Inter Rapld Transit 5s 1966. . 85% Inter Rapid Transitcv 7s 1932, ..., The fact is that bond prices now are 80 high and y are so low com pared with what they have been at v time since the World War that institutional 3 dividual, und trying to find something selling out of line. When their ideas are not met they step aside for a a reaction which does . enter once effort will be made soon to have Piggly Wiggly stock listed on the New York Stock Exchange, or on the curb, aroused considerable interest in Washington, where quite a little of the stock is held. C. D. Smith, presi dent of the corporation, said that his efforts to the stock listed were ||| in confromity with the desires of || many shareholders. Piggly Wiggly has advanced since the company was refinanced several months ago and the new holding corporation formed. Clarence Saunders, former prasident of the Plggly Wiggly Corporation and the Piggly Wiggly Stores, is out of the organization, being busily engag.d of April 12, many of the withdrawals | in” yjiding up a competitive clfin ‘ Real Estate Mortgage & being report as made for tax r store system. Mr. Saunders will be * B T rmteen of the twenty-four |Sore system. Mr. Saunders will be ||| Guaranty Corporation 26 Jackson Place banks reached before closing tim eat EBoUE. twWo! Soare. i 3 eache 0 . § b ) 0, when all terday showed decreases in their attempts to corner the market in the ‘Washington, D. C. E. Breuninger, President 104% 104% Comparisons Made With April Call—Banking Bill Dies. Farm Bonds Sold. 1ds 103% 104 100% 101% 107% 107% 1027 104 98K 98Y 103 103 108% 104 106% 106% 91k 9% 100 101% 102% 102% 9Tk 9T% 99% 100 106% 107 8% 82% 95% 95% 107% 107% 94%n 96 102% 103 105% 106 110 110% 120% 120% 1024 102% 104% 106 92 93% 94l 9B 108 108 104 104% Protective Responsibility BEFORE we present any of our securities to our clients our appraisal experts in- spect the property on which the loan is to be made. They insist that the loan be not more than one-half of the entire value of the prop erty; a precaution that further insures the AR Available for Real Estate BY EDWARD C. STONE. ol Kago Asasanes Yesterday's call sent out by Con troller of the Currency MacIntosh asking for the condition of local banks on June 30 revealed only compara- tively small decreases since the call Reasonable Rates and Prompt way. Surplus funds i > and eventuully are forced AR S A out into the market. Undoubtedly this is what i1 _happen with the enormous distribution of half-yearly interests and dividends. At any rate | bankers continue to o new securi- ties with every confidence that they be quickly sold and holders of ned bonds a ntent to wa until buyers are willing to meet thelr views, The mid-year ma of di day- change did not go above Time money Dependable Safety o of posits. Just a few comparisons Will | Geock brov SR G ’ e ock proved such a complete fallure. | Labor Enters Mortgage Field. Riggs National on April 12 reported had $30.77.601 on April 12 and | interests in entering the first mortgage ‘on' June 30; the Commer- estate bond field and expects to ational reported follow an aggressive program in this $15,426,454 on April 12 and $14.8 industry, which has assumed such fm- on Tuna 30+ the National Metropolitan [ POrtance during the last few years. Paad 316,147,400 April 12 and $15,390,| The first step toward the acquiaition : i 4 of the control of G. L. Miller & Co. of New Yi Ly a combination of 051 on June 30; the Federal-A an Eeyonied Blase st pn “nd | jabor and banking interests has just '.r.h(‘ tional b been nnxmun:-ml.‘ Negotiations have e e been completed, it is stated, whereby e an initial group of labor bankers, STHoRgadl e labor union executives and business | soa R L men will take fmmediate control of the | 12 and $13.705.39 R ; company, which has branch offi mos e et 20 cities throughout the countr: : & 4 on' June 30 propose to form a holding corpo: Rank_of \”";5““:‘1";'2 ;{""‘.‘q:'m Tune | Which will be dominated and operated 649 on April 12 and $8.375.2 {Jointly by banking and labor execu tives, especially thuse representing the 30, i building trades union: First Mortgage Notes Annual Return 62% Investment Department demands on the money tisfied with a minimum Even the rate for stock ex- ) per cent. Gilt-Edge First Mortgage Notes Available In Amounts of $100 Up Secured On Improved City Property Mostly Medium Priced Homes ca<. any hardening of commodit at leas other words the change the op money and comm cerned the lon bonds and other f securi trend n but In to Co. and hington Iy upward reason 105% 106% 934 98l 108% 108% 103% 108% 99% 100 101% 101% 104% 104% 103% 103% 98y 99 144 145 107% 108 107 107% 93% 94W 106% 106% 106 106 98 98 107% 107% 111% 112% 9% 9% 1% 91% 92% 234 9w % 164 96%W YB% YB% 102% 102% 91% 914 100% 100% Y14 vT4% UTh 117TH 105% 994, ¢ 109% - | 104 675 105 100% 1024 105% 1041 99y 148% 109% Main 2345 ion lity 1 nee ed interest-bearing es is favorable Foreign Bonds In Demand. The three « securities in the best demand this week have been: First, the . some of the junior rails where vield is | combined with the nc tion in mar s of Safety and Service Our Motto —with never a loss to a client of as much as a single penny, in either principal or interest. Send for Booklet "CHAS. D. SAGER Since 1006 924 14th M. 36 While some of the figures are only approximate, they ghow that the total bank deposits for the National Cap-| ital will be smaller on this call. The complete figures, covering all the; banks in the District, together with | further comparisons, soon will b available. McFadden Bill Again Expires. Local bankers deeply regret the ad- journment of Congress without Lh»’ passage of the McFadden banking bill. | This measure has been considered the | & most important banking matter before Congress since the founding of the Federal Reserve system, and definite action was hoped for during the ses- sion just closed. While there was bitter opposition on the part of some Washington bankers to the measure, investigation revealed that the ma. Jority of the leading financial men of the city were in vor of its passage. The amendment relatie to the re- newal of the charters of the Federal e Bank was one of the chicf obstacles which delayed action upon it until the bill died a natural death. Secretary Mellon was anxious for Congress to vote the renewal of the Federal Reserve charters at this time. While they have eight years to run, Mr. Mellon declared that the renewal of the charters now would definitely settle a very important is vent any uncertainty from later interfering with b Many Washington banker: anxlous for definite action on measure even if it should be defeated, as they wished to see the branch banking phase of the bill settled onc and for all. As the McFadden bill now stands, two Congresses have strug- gled with it without avail and much of the time given to discussions of its merits and defects has been lost. ‘Whether the bill will be reintroduced at the next session of Congress re- mains to be seen. Judge Bundy Okdest Director. udge Charles S. Bundy, who cele- bl:’ate; his 95th birthday on Friday, is thought to be the oldest active bank director in the United States. He is a director in the Park Savings Bank, and attends every meeting of the board. While there are a number of other bank directors in other cities who are well over 90, they are mot, according to reports in banking pub- lications, regular in their attendance at the directors’ meetings. He takes as much interest in_the meetings of the directors of the Park Savings Bank as does any member of the board. Keeping right up with the times on all financial matters, Judge Bundy is always ready with excellent advice. His associates on the bank's board, who presented him with a cane at their meeting Friday, are hoping that his health will continue to permit him sessions. Bond Issue Oversubscribed. The forthcoming issue of $50,000 Farm Loan Bonds of the Potomac 284 sy |Joint Stock Land Bank had been over- 77% 1% | subscribed before a public offering or 52 9oy | advertisement of the bonds was made. 166% 156 | George A. Harris, president of the 65% 65% | bank, ‘announced there would not like- 8% ggs |1y be any more of the bonds available 11234 1125 | until about September 1. 98 98| This bank paid its regular 3 per 107% 107¢ | cent semi-annual dividend on July 1. 864 84y | The total resources of the bank are 9714 78 | now in excess of $5.000,000. e C. & P. Stock Drive Booming. 4% 1126 During May most of the Chesapeake 100 1814 & Potomac_telephone localities made % | s5ome headway in the campaign to make more of subscribers sharehold- ers in the business, and during the first five months of the year 47.6 per cent of the year's quota of purchasers was obtained. Salisbury, Md., continues the only city to have completed its quota, and even though the 100 per cent mark was passed some time ago, stock is still being sold there. Lynchburg, Va., last year's leader, is close to the goal, while Martinsburg and. Parkersburg also are going strong. Several cities made considerable s |headway during May, among them 6% | Newport News, Norfoik, Clarksburg, 117% 1171 | Morgantown, Bel Air, Annapolis and 57% 67 | Charleston. 92% 827 | Local Bankers Back Caution Move. 99% 99%| One of the most important resolu- 102 102y | tions passed by the local bankers at 108 1034 |the Hot Springs convention related 103% 103% | to the selling of automobiles on the 74 74% |installment - plan. The convention 99% 99y | went on record as favoring the rule 85% 85y |adopted by the National Automobile Dealers’ n, which requires WE FINANCE _ ~—al! classes of income-producing property Large Loans a Specialty - Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. REAL ESTATE LOANS |, —for the SMALL or LARGE bor- rower — the METROPOLITAN LIFE INSURANCE COMPANY LOAN PRESENTS something which you must not overlook. pals ng but wrticipated to a It is not so in tlw{ wers to | German indus were the leaders in other foreign loans greater or lesser des 96% ability of these fulfill the gaining gr wny is in the position of on which has | been 1 with probably the worst Wall street | phra red the corner. or the momen about the working of the I difficulties over lem have heen se point of interest is th: turn can be had on dollar bonds than the warrants. Fully as interesting as th fmprovement in German loa fact that the French and Belglan bonds, especially the former, have held so well in the face of the slump of the franc to a record lo rench and Belgian al is resistance | on the part loans of | these countr explanabl have been | me time perma- s wouldq has | 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 in Montgomery County, Maryland FOR 3, 5§ OR 10 YEAR PERIODS ON APPROVED SECURITY Apply RANDALL H. HAGNER & GOMP:. MORTGAGE LOAN GORRESPONDENT 1321 Connecticut Avenue Germany hi Consult us about your problems whether your property is located in the District of Columbia, nearby Maryland or Virginia. E WEAVER_BRO REALTORS Phone Main 9486 1124 112 72% 13 90% 90% T4 uTh 1184 118% 86 87 102% 102% 108% 108% 964 U6 95 95% 1034 106% 89% 90 67 61% 92% 93 9% 9% % 1% 4% T5% 827 83y 99% 994 107% 107% 116% 115% 106% 108% b 112% 113K 8% 9744 8l 81w 1034 1084 74 14 96% 97 2% 781 924 924 3% 134 98% 58% 59 Loy 9T% 9714 94% 9% 107% 107% 954% 96 102% 102% 87 87 924 924 101% 101% 3 3% 99% 100 5% Y5Y% 104 104% 108% 108% 69 69 102 1024 they’ nent holders of these have been understandabl not appe: 809 15th St. N.W. Future Hard to Read. Conceivably, investors in French bonds of the dollar variety are going on the theory that even if the franc goes the way of the mark, France will have to have outside help to establish a new currency, and that help could not he obtalned if there were any default on outstanding French external obligations. There 18 much to be sald for this theory, and it ma that way, though the futy difficult to read in th chanzes <o r: that the in on thig market close of this week high points of 1926 CAPITAL, SURPLUS and UNDIVIDED PROFITS, $6,696,510.25 MERICAN SECURIT ° D TRUST COMPANY o dealt : 66 Inter & Great Nor adj 6s 1952. 89% Kan C Ft Scott & M 45 1936. 74 Kansas City Southern 3s 196 98% Kansas City oSuthern 53 1950. . 98% Lake Shore 48 1928 . 96% Lake Shore 48 1931. 98% Louls & Nash unified 4s 1940, 106% Louis & Nash 1st ref 5%s 2003. £9% Mil Elec Ry & Lt 1st ref 5s 6. 102% MStP &S S M 6%s 1931 84% Mo Kan & Tex 1st 4s 1990, 90% Mo Kan & Tex adj 5s 1967. 96% Mo Kan & Tex pr In 55 A 19 65 Missouri Pacific gen 4s 1975 96% N O Tex & Mex inc 5s 1935 ¥ 94% New York Centdeb 4s 1934. 101% New York Cent ref imp 6s 2013. 106% New York Central deb 65 1835. . . . 68 New Haven deb 4s 1957, .. . 97% N Y N H & Hcv deb 65 1948 20% N Y Ry 6s 1965 . 69 NY West & Boston 4%s 1946 90% Norfolk & Western con 4s 19 > o 4+ 138% Norfolk & Western cv 6s 1929 —_——- - b q 61% Northern Pacific 3s 1947 e 6% Northern Pacific 45 1997 BIG SALES APPROVED. 108% Northern Paclfic ref imp 6s 2047. . NEW YORK. July 3 (P).—Sale of DufeiOx s BOr LS Ear (5 1029 the Susquehanna County Light and 405 Ore Bhort Linegvd 6a 1348 Power Co. of Susquehanna, Pa., and B Ore YN Matierinion ... the Sayre FElectric Co. of Sayre, Pa., ST STy Vs alumeritiee 1985 to the Northern Penn nia Power JOB B exuAVIVATIS WAD S8 1088, Co. of Towanda_a subsidiary of Gen- 111% Pennsylvania 6%s 1936. . . . eral Gas and FElectric Corporation, 85 Peoria & Eastern inc 4s 1990 has been approved by the Public . . Service Commission of Pennsylvania. 94% §wgnzl%-91.....‘.... The transaction will result in a 74% Rio Grande Western clt 4s 1949 merger of the two purchased proper- 88% '&lexfl‘“‘ 4%51934.... tles with the Northern Pennsylvania E?[“ e Ly Power Co., which recently acquired TT% SlL&Sm Fru\ prin 4s A 1950 the North Penn Power Co. of Bloss- 93 o ey gt burg, Pa. With the merger completed 99% St L & San Fran 535 B 1942 Northern Pennsylvania Power will 924% St L & San Fran adj 6s 1956. operate in Potter, Tioga, Bradford 82% St L & San Fran inc 6s 1960. and Susquehanna Counties in Penn- O bt A ey sylvania. 76 Seaboard Air Lineadj 68 1949. . 91 Seaboard Air Line con 6s 1945. . 967% Southern Pacific cv 4s 1929 85% Southern Pacific col 4s 1949 90 Southern Pacific ref 4s 1956 % 81% Southern Ry gen 4s 1956 104 Southern Ry 1st 65 1994 . 112 Southern Ry dev 6%s 1956 41% Third Ave adj 5s 1960. 92% Union Pacific 1st 4s 1947 99% Union Pacific cv 4s 1927. 99% Virginian Ry 1st 5s 1962 101% Wabash 1st 5s 1939. 99Y% Wabash 5%s 75. 66% Western Marylan 96% Western Pacific 5 8% West Shore 1st s were selling near to the than to the lows As far as the junior railrond issues are concerned. buving has shifted about from the obligations of one m™ad to another. It cannot he said that this movement has run parallel to the rise in railroad stocks on the exchange because the interest on the #atock market has been centered ahout the shares of the seasoned dividend he honds of these roads avings bank | aditional be- a this week vertheless. they CONDENSED STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS, JUNE 30, .1920 RESOURCES Cash on Hand and Due From Bank U. S. Government Bonds and Note State and Municipal Bonds. ..... Other Securiti . $5,079,.830.20 . .$4,392.96 467,682.29 6,870,701.39 advance in these i Member American coming fewer have heen small. have heen one of the features of trad- ing. The noint about the ne: 1s the ready way in which oversubscribed, sometime: the anticipation of the banke Bankers’ Association 3% ON SAVINGS 11,731,353.18 17,995,29.61 50,000.00 274934.70 1,866.74 260,940.84 Loans and Discounts. . Clerks’ Pension Fund Investment Customers’ Liability Under Letters of Credit Customers’ Liability Under Acceptances Accrued Interest Receivable % Banking Houses, Vaults, Furniture and Fixtures and Real Estate Owned.............. Other Resources ........ 1,745911.27 32,309.5 Total RESOUTCEs . ...icevvraorsnevesness SI717Z343.56 MAIN OFFICE 15th St. and Penn. Ave. LIABILITIES. 2,700,000.00 596,510.25 136,000.00 29,868,887.58 54,839.56 139,404.73 274934.70 1,866.74 ..$37,172,443.56 Capital Stock .. Surplus ..... Undivided Profits e IR Reserved for Dividends Payable July 10, 1926 Clerks’ Pension Fund and Interest Thereon........ Reserved for Interest, Taxes, Expenses, etc. . Letters of Credit Outstanding. Acceptances Outstanding ..... Total Liabilities .......... 9b% 98% 101% 101% 9C% 974 2% BRANCHES: 1140 15th St. N.W. 7th and Mass. Ave. 8th and H Sts. N.E. 7th and E Sts. S.W. BUILDING BIG MOTORS. NEW YORK, July 3 (P.—Two of the new type motor generator electric locomotives, similar_to those being built_for the New York, New Haven and Hartford Railroad, but larger, are being constructed by the American Tocomotive and General Electric Co.s for the Great Northern Railway. They will weigh 280 tons each and will be used in connection with the extension of the railwey electrification from Skykomish g Wanatchee, about 80 wiles, 824 104% 18 b1% 4% 9% 101% 103% 98% 69 96% 86%