Evening Star Newspaper, July 31, 1927, Page 95

' JULY DROP NOTED INBANK CLEARINGS Total for Seven Months Ahead of 1926—IJune Phone Earnings Fall Off. BY EDWARD C. STO) Business in the Natlonal Capital during the first seven months of the present year was better than for the same period in 1928, accordivg to the figures of the Washington Clearing | House Association made public yester- day, showing the number of checks canceled in July * By including the July totals, which became available on the last busine: day of the month, the bank clearings for the seven months amounted to $823,040,510.03, compared with the seven months total in 1926 of §& 97,964.66, an increase of $5.842,5 sing the July figures as a business eter, however, commercial ac- in Washington slowed up when compared with the previous month | and with the corresponding month of last year. The July bank clearings . totaled $108.600,949.19 in comparison with clearings of $121511314.96 in July. 1926, or a decline of $12.910.- 565.19. The clearings in the previous month June were also much heavier, being $127.516.336.66. The largest July clearings ever recorded by the local clearing house were in 10 en they reached the sum of $1 468. It is believed that the record July clearings of two years ago were largely due to much more hot weather du part of the month which boosted sea- sonal Summer trade Total clearings by months for with com ive fizures for the period in 1926 follow of Totals. . $823.040.510.0 5 g Increase for 1927 of $5,842.545.37. Telephone Earnings Fall Off. The statement of the Chesapeake & Potomac Telephone Co., filed_yester- day with the Public Util:ties Commis- sion, covering operations for June, shows telephone operating revenues of $416,882, expenses, $431,240, and a nct operating loss of $34.442. This shows a decrease of $185,876 compared with May. The refund to subscribers on ac- count of rate reductions agreed upon by the Public Utilities Commission of the District of Columbia and the tele- phone company, effective June 10, 1925, caused a reductlon in June, 1927, of $194,762 in operating revenues and $169,551 in net income. Eliminating the effect of the refund, the normal June business produced’ $115,109 net income, which is a net decrease of $16,325 compared with My. Refunds, including interest, amount- ing to $189,087, have been made to subscribers to date by credits on their current aceéounts. This is 90 per cent 1 of the entire amount due to subscrib- ers. The balance of approximately $22.000 represents amounts due to 13,494 former subscribers, all of whom have been mailed revised statements of their accounts, together with forms to be used in claiming refunds. Fifty-three hundred have responded to the notice to date by sending in their claims, and checks are being forwarded to them from day to day. A number of former subscribers to Whom statements of accounts and . High, 1032 1015 11010 108 ~—1026 | High. Low 111% 105 1081 105% 93% 814 90 88 105 100% 105% 1020 11027 101% 109 107% 109' 107 1878 234 100': 984 105% 99% 104% 102 10612 103 106% 103% 1100 “sew | 105% 9214 1945 00% 116 109% 106% 99y 95 874% 3% 41y 824 106 104 114% 110 119% 95'4 104 974 1061 102% 98% 84 98y 87 106% 108 106 102% 119 117% 106% 103% 105 101% 99 109 107 105% 10 987 9 102% 97% 104% 101% 109% 102% 92% 90% 103%% 102% 108% 108% 107% 97% 924 104% 101% 105% 101% a7 3 112% 1094 122 119% 103% 1014 105% 102% 98 84% 98 91Y% 116% 1074 108 102% 100 964 105 102% 103% 99% 110% 100% 100% 97% 102 98% S12% 103% Tos% 1031 104% 100 99% 93% 101% 100% 1073 108% 9512 91% 108% 105% 108% 105% 99% 95 %0 56 113% 110% 1024 95% forms for claiming refunds were mailed have not responded. The com- pany expects that many of these will be heard from within the near future. Owing to changed addresses there is necessarily some delay in delivering the statements, and Dostmaster } Mooney is making a special effort to locate the addresses of these former subscribers. New equipment added during the first six months of 1927 amounted to $1,688,346.13, retirements for the same period to $499,136.08, making net ad- ditions to equipment for the six months’ period $1,189,210.05. Net ad- ditions to equipment for the twelve months’ period ending June 30, 1927, amounted to $3,198,165.61. No Decline Near, Says Moody. Moody's Weekly Review says in / art: P Although stock prices are again up to their theotrical ceiling, there are many evidences that the time is not ripe for any real decline. Mere price aititude will not provoke such a de- cline, since people do not sell unless they ‘are under pressure. 5 , “Brokers' loans are pretty likely to " expand aggressively during Septem- ber or perhaps earlier. Such expan- sion almost never fails to occur except in years of serious financial trouble or trade depression. “The greater may be this prosper- ity, the larger should be the expansion of brokers' loans, the flow of capital from New York to the interior and the shortage of funds in New York gome time later in the Autumn. Vo general business inflation, has made its appearance and none is lkely this year.” Business Outlook Good. While conditions are varied and profits in some lines very small, the general outlook for business continues favorable, The Brookmire Economic Service, states. The stability of prices, o employment and money rates together * with a free movement of goods to con- sumers are all favorable to business progress. The economists _expect gtronger prices in many lines and some increase in output probably in the current quarter of the year. Con- tinued keen competition and the es- 1ablished policy of operating on low inventorles should prevent anything in the nature of inflation. $12,000,000 for Virginia Roads. More miles of highway will be con- structed in Virginia this vear tha ever before in the hist f the the State highway department Approximately $12,500,000 of on the State highway system already has been authorized. ~ The greatest single undertaking this year js extension of the Richmond-Wash- ington highway to the North Carolina lne. . — COTTON GOODS FIRM. Trading Is Light for Half Day. Raw Silk Prices Unchanged. NEW YORK, July 30 (®).—Cotton goods markets firm, with trading light for the half day. Raw silk was un- changed. Trading is more active at Yokohama on the lowest levels re- ported in three years. Burlaps con- tinue very strong, advances for the week ranging from 50 to 60 points Moderate improvement con- goods division, the oming more active. NEW YORK MARKETS. NEW YORK, July 30 (). —Barley malting, 87% c.lf. New York rail. Wheat, spot, irregular dark Northern Spring e.if., New Jake and rail, 1.62% 2 hard er f.0.h. New York lake and Jo. 2 mixed durum do, nomin Manitoba Jake and rail to arrive 173, 'in bond. Corn, spot, firm; No. 2 1y, e.if. track New York lake and 120%; No. 3 yellow do, &ete ot ma& o ) firm; m lewest, Ot ariicles UDCHANEOG . 93% 89% 95 92 92% 88% 99% 9% 9% 92 51% 107% 102% 81% 73w 0% 64% 57% 47% 96% 90% 58% 484 57% 4T% 114% 111% 81 65% 921 8Th 98% 94% 119% 115% 87% 81 103% 101% 97T 95% 122% 108% 105% 102% 109% 102% 115% 110% 98% 924 B4% 5% 3 96% 110% 105% 98% 89% 104 101% 88 Ba 97 9% | 108 | 109 0% 106 36'% 0 93% 66% 61% 91% 86k 114% 108% 984 96% 8 B3% 100 94% 108% 102% 118% 111% 104% 101% 94% T4k 101% 106% b8 97% 22 69 90% 89 9% T 103% 99% 104 101% 105 984 7% 66% %soo'/. 95% K 1026 Low 10125 99 19 101 21 100 13 10117 100 25 10318 101 29 - ' FINANCIAL BOND SU —1027- High. Low. 101 21 100 23 103 30 102 28 1014 1008 101 21 100 23 104 12 103 13 9 11431 110 5 ——1027— Aigh Low. 100 9% 101 974 98% 9T4 1054 101% 981y 92% 14 111 109% 107% 99 93% 96 89 1081 104 106t2 104 102% 1015 109% 106% 109% 106'% 0% 24 1011 9 110 1054 1057 103% 101% 1024 104% 102% 10514 99% 1137 103 111% 108% 109's 105% 101 91% 97 92% 102 98% 111 101% 108% 105% 101% 98% 95% 874 99% 93y 106% 104 114 111 126% 1134 106% 102% 92% K94 107 104% 108'4 97% 102% 97% 105 1034 106% 102% 119% 116% 0. 8. BONDS, Liberty 3158 1932-47. Liberty 1st 4148 193 Liberty 2d 4148 1927 Liberty 2d 4148 1928 Liberty 4th 4% s 1933.38. Treasury 4%s 1947-53... FOREIGN. Argentine, June 53 1959, Argentina 63 A- Australian Govt Austria 751943 Brazi] 8s 1941 Canada 5s 1952. Canada 5%s 1929 Chile 8s1941.,. Chile 85 19486... Chinese Govt Ry bs Copenhagen 638 1944... Czechoslovakla 8s 1951.. Denmark 65 1942.... Dutch East Indies 6s 194 Duteh East Indles 6s 1 French Government 78 1949.... French Govt 718 1941.40000 French Govt 8s 1945, German 7s 1949.. Norway §¥%s. . Paris-Lyon Med 63 1958. Poland 8s 1950... Queensland 6s 1947 Queensland 7s 1941 Rhinelbe 7s. ... Rio de Janeiro 83 1946, Rome 6158 52. United Kingdom §34s 1927, Yokohama 65 61....... o7 NDUSTRIAL AND MISCELLANFOUS. 1st 53 1947, 109% 107% Amer Smelt 18t 63 1947.... 105% 104% Amer Sugar Refining 6s 1937 99% 98% Amer Tel & Tel cl tr 481929, 103% 101 American Tel & Tel s f 58 1047 103% Anaconda Copper 6s 1953 109t2 106% Anaconda Copper ev deb 7s 1938. 93% 88'a Armour & Co 4148 193! 96 8T Armour of Del 5343 43 102% 100% Atlantic Refining deb 106% 96% Barnsdall Corporation 105% 102'; Bell Tel (Pa) ref §s 194 101 984 hlehem Steel p m 53 1936. 104'4 101% Bethlehem Steel s f §s 1948 834 75 102 95% Cuba Cane Sug av deb 8s 1930... 108% 1 Detroit Edison ref 6s 1940. 891y 8T's Dodge 6s1940.... 108 105! Kastern Cuban Sug 7%s1937 110% 105! 108 111% 110 Goodyear Tire 122% 120% Goodyear Tire 102% 101% Humble Oil & Liggett & Myers 63 1951 108% 102% Manat! Sugarsf7%s1 99% 97% Midvale St 1938, 104% 103 New England Tel s 116% 114% N Y Edison Ist 6148 1941. 108 106 NYGasELHG&P5s1948, 100% 98% N Y Tel 4%s 1939, 109 107% N Y Tel 63 1941. 102% 100 Northern States Power 5 102 99% Pacific Gas & Elec 55 1942 103% 101% Pacific Tel & Tel 55 1952, 106% 102'4 Pan-American 65 31. . 104% 103 Philadelphia Co ref 65 1944, 107% 103% Public Service 83 1944 102% 97% Sinclair O11 7s 1937 101 - 99% Sinclair Crude Oll 108% 106% United Drug 6s 1944, 96% 88 U S Rubber 1st & rof 63 1947, 106% 103 U S Rubber 745 193 108% 106% U S Steel s £ 531963 .. 100% 97% Utah Power & Light 55 1944, 99 77 Warner Sugar 15 1939......, 113% 1114 Western Unlon Tel 63451936 1027% 97% Wilson & Co ist 65 1941, RAILROAD. 97% 92% Atchison T& S Fo gen 48 199 984 93% Atlantio Coast Line 1st 48 1953 97% 93% Balto & O 1at gold 48 1948 99% 97 Balto& Ohloov 4%s 1933 104% 100% Balto & Ohio ref 55 199§ 101% 96 Brooklyn Manhatsf6s A 196! 119% 117% Canadian Northern 6%s 3946 86% 83% Canadlan Pacific deb 4s. 93% 91% Central Pacifio 45 1949. 97% 95 Chesapeake Corpn ssw 1. 100% 99% Chesapeake & Ohlocv 4%81930. 99% 974 Chesapeake & Ohio gen 4%s 1993, 69 99% 107% 105% Chi B & Quinoy 1st ref 5 1971 88 80% Chi & Eastern [l gen 951 T4% 69% ChiGreat Western 4s 1959, 64% 56% Chi M & St Pdeb 4%s 1932 98 94% Chl M & St Paul gen 4%s 19§ 66% 57% ChiM & St Paulref 4%s 2014, 64% b65% Chl M & St Paulcv 65 2014..... 113% 111% Chi & Northwestern 6%s 1936, 85% 74% Chicago Rallways 58 1927. 94% 92% Chi R 1& Pacific ref 45 1934, 100% 97% Chi Union Station 4% 8 1963... 118% 116% Chi Union Station 6%s 1963, 90 103% 102% CCC&St Lref 98 96% Colorado & Sout! 98% 94 CubaRR 681952, 154 114% Del & Hudson cv 58 193! 61% Chicago & Alton 3%s 1950... 89% 73% Den & R G West 55 1956, 81% Erle 1st con 4s 1996. 100% 94% Fla EC5s74. 108% 106% Grand Trunk 116 114% Grand Trunk 7s 1940, 9814 94% Great Northern 4348 1 112 Great Norther: 115 84 Hudson & Manhattan adj 53 1957 96% Illinols Central 4%s 66. 75% Inter Rapid Transit 58 1966. 96% Inter Rapid Transit cv 7s 1932, 4 Inter & Great Nor adj 6s 1953 99% 110 101% 98 96% Do Kan & Tex adj 6s 1967. 103% 101 Mo Kan & Tex pr in 5s A 1962, 79% 175% Missourl Paclfic gen 48 1975. . 98% 96% New York Cent deb 4s 1934 108 105% New York Cent ref imp 5s 2 106% New York Central deb 6s1935. 106% 92% Norfolk & Western con 4s 1998, 69% 65% Northern Pacific 35 2047, 97 91% Northern Pacifio 4s 1997, 116 99% 98% Ore Short Line ref 4s 1929, 91% 86% Ore-Wash 1st ref 4s 1961 102% 99% Pennsylvania gen 4348 19 111 106% Pennsylvania gen §s 1! 113% 111% Pennsylvania 6%s 19. 105% 103% Pere Marquette 1st 5s 1956 100 98 Reading 4148 1997... Rio Grande Western clt 48 1949, 92% StLIM&SR&G 431933 §8% B84% StL & San Fran pr In 48 A 1950. 102 99% St L & San Fran pr In 5s 1950, 103% 101% St L & San Fran5%s D 1943 2 99 StL & San Franad) 6s 1955, 95% St L & Ban Fran inc 65 196 92% St PK CS Line 4181941 €9% Seaboard Alr Line ref 195! 834 Seaboard Alr Li 94% Seaboard Alr Line con 6s 1945, 98 Southern Pacific cv 48 1929, 88 Southern Pacific col 4s 1949. 934 Southern Pacific ref 45 1956. 86 Southern Ry gen 4s 1956 109% 108% South Ry 15t 55 1994....... 123 119% Southern Ry dev 6%s 1956 66 564 Third Avead)5s1960.... 99% 94% Unlon Pacific 15t 4a 1947 107% 102% Virginian Ry Ist bs 1962 Wabash 1st 6s 1939 105% 103% Wabash 538 1976 76% Wegtern Mary 100% 99 Webern Pacific 53 19 9 High. 100 30 100 25 100 23 .. 103 4 100 12 100 10 100 11 101 1 103 23 108 23 103 26 11319 113 11 118 13 Prov week's . 107% Cons Coal (Md) 1st ref 58 1950... 112% Northern Pacifio ret imp 6a 047, 86 West Store 14t s 300. 0sss0s0sas THE SUNDAY STAR, WASHINGTON, D. €. MMARY FOR THE WEEK Low. Last. 102 28 103 1 100 30 101 1 Low. 99 Closo. Hteh. 99% 99’ 997 1004 99% o 9R% 9T 4 1031 102% 98 977 113% 113's 109 108% 99% 98% 9i% 1061 1054 105% 105 1017 101% 108'% 108 108% 10834 281 2T% 1004 100% 107% 107% 105 104% 104% 104% 104% 104% 105% 1047 113 112% 11 110% 107% 106% 100% 100 94% 94t 101 100% 102% 101% 105% 104% 113 113% 118 116% 106 104% 90 89% i 106 105 102 101' 98% 98! 104% 103% 104 103% 101 101 101 1087 10. 102 109 104% 9918 103% 103% 104% 103% 108 107% 90% 89% 89% 88 101% 100% 98% 97 105 103% 100% 99% 104 103% 80's 79'% 98% 984 108% 107% 88Y% K7l 4 1064 105% 110% 110% 1074 107 110 110 1207 120% 102% 102% 104's 104% 100% 100 101 99% 112% 111 107% 105% 101% 101% 104% 104% 103% 103% 8% 104% 103% 115% 115% 107% 107% 99% 99% 108% 108% 101 101% 100% 101% 101% 101% 103% 103% 103 101 103 102% 104 104% 104 106% 107 106 99% 994 100% 100% 107 107% 92 91 104% 104 108l 108% 100% 994 894 89 112 111% 100% 99% 107% 99 5% 108% 26 95% 98% 96% 94% 94'% 99 984 103 102% 103% 103 974 Chicago Bur & Quincy 4158 17 B.. bt 1% TU% 63% 62% 97 961 Gak% 63 624 62% 112% 1124 834 52 94% 944 100% 59% 117T5% 117 8B% 8T% 102% 102% 9% 9T 965 96% 142% 139 105% 104% 9% 914 870 86% 84% 4% M 77 84 R2% 127% 120% 96% 96 107% 107% 115 114% 974 96% 4 109% 109% 114% 114% 9% 9% 0% 8y 994 987 % 75k 98 97 97 96% 931 93% 5 744 100% 9% 99% 99 98% 98% 9% 96% 107% 107% 100 995 1004 99% 89 wTH 106% 106 103% 103 97 s 98% 97% 106% 106% 108'% 10774 2% 72% 110% 110% 21% 21 Y 82% 8l1% 96% 964 67% 66% 94l 93% 114 113% 99% H9% 90% 89% 101% 100% 4 109% 109 11245 112 105 99% 1634 102% 10112 101 94 621y 9T% 97 Yield. Last. 99% 9974 97 109 104% 99% 103% 104 107% 984 89 100% 984% 100 111% 107 101% 104% 103% 1033 99 104 115% 107% 99% 108% 101 1014% 103% 108 104% 108% 99t 100% 107% 914 104% 108% 99% 891 12 100 98 9814 4% 29 103 103% 515 106'4 105% 1 103% 103% 105% 105 83% 824y 5 83% 9% 99% 99U 99K 88% 83% 8% 88% % | Such a reduction has already occurred STOCKS AT HIGHEST LEVELS OF THE YEAR “Country Has More Money, Than Business,” Banker Aptly Sums Situation. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, July 30.—“The coun- try has more money than business, sald a banker at the end of a week that has witnessed the lowest interest rates and the highest average price for stocks this year. This aptly describes a situation that has been rendered more con- fused by the brilliant reports of earnings of a few large corporations for the June quarter and the first half of 1927, but against which there has been fresh evidence that general volume of the country's trade is decr ing. The stock market has been moved more by the abundance of money and the steady day-to-day decline in rates, culminating in a reduction on Thursday in the discount rate of the Kansas City Federal Reserve Bank, than by any other factor. A few stocks have been bid up to extravagant heights on rumors that e interests were buving for control.” The majority of them, how- ever, have moved in harmony with the money market and have enjoyed the advantage -of a satisfled public which so far has not been induced to liquidate any considerable portion of its holdings in spite of the fact that they are today at such high prices. Commodity Demand Increasing. There i the sympton in the busi- ness world of a reviving demand for goods and commodities. It probably Will bo found at the end of the year that June and the first halt of July were the periods when production was at its Jowest and the profits of busi- ness smallest. ‘Aside from the General Motors Cor- poration and the Chrysler Corpora- tion, the first half year in the auto- mobile industry was much less satis- factory than in the recent past. The profits of the United States Steel Cor- poration in the June quarter were better than might have been expected after the repetition, week after week, of the statement that he iron and steel trades were scraping along the bot- tom with prices for pig iron at the lowest in five years and lower by a considerable percentage for finished products than a year ago. On the other hand, independent steel manufacturers, such as Republic Iron & Steel, Bethlehem Steel, Youngstown Sheet & Tube and Gulf States Steel, did not do at all well in the second quarter. Oll Output Still High. At the end of two months of effort to control production of crude ofl in the Seminole area, it was found that no progress in this direction had been made and that the output in this dis- trict, as well as in nearly every other one in the United States, had estab- lished a_new high record in the his- tory of the industry. The Federal Reserve Board's June review indicated a decline in indus- trial output to about the level of June, 1926. While wholesale trade slightly increased and wholesale prices re- mained the same as during the Spring, there were a great many cross-cur- rents in retail trade as well as in man- ufacturing lines. Rail Earnings Decline. The shrinkage in industry as well as | in the movements of mine products has had its effects on railroad earn- ings along with the slump in the South, due to the cotton situation and the collapse in Florida and the flood in the Mississippi Valley. About 45 important railroad lines have so far published their statements for June. Of these over 50 per cent show decreases both in gross and net. For the six months to June 30 be- tween 75 and 80 per cent have a smaller net than a year ago. Only a comparatively few, with Pennsylvania leading with an in- crease of over 17 per cent, indicated a larger surplus for interest and divi- dends than in the same period of 1926. Some of the others were Atchi- son, Baltimore & Ohio, Rock Island, Chesapeake & Ohio, Western Mary- land and Chicago & Eastern Illinofs. It is an interesting commentary on the current stock market that a large number of railroad stocks which sold this week at higher prices than for the past 10 or 15 years did so follow- ing earnings statements of the poor- est character of any month of the year. | Grain Outlook Improving. Although the grain crops were very unsatisfactory in the Spring, they have all improved tremendously aince July 1, and this fact has been given a great deal of prominence in the marking up of railroad shares recent- ly. Winter wheat will be short and corn also. Although in some States, as Kansas, the improvement in corn in the last fow days has been very great, the best prospects this season are in the Northwest. The Minneapolis Federal Reserve Bank is authority for the statement that all of the Northwest erop this year, with the exception of corn, will exceed the 10-year average, realizing a larger cash value for growers than any since 1924 and exceeding that of 1926 by $160,000,000. The professional grain experts have been trying this week to ereate a black rust scare, but without much success. The evidence of good crops in Minnesota, the Da- kotas and in Montana ebtained from banking reports and the activities of the railroads in accumulating cars is much more to be relied on than that which s distributed from the Chicago Board of Trade, Discount Rate Unchanged. Twice this week call money has loaned as low as 3 per cent. It has renewed several times at 3% per cent. Time funds have dropped down to 4% per cent, commercial paper to about 4 per cent and bankers' aceept- ances to 3% and 3% per cent. These rates are all % per cent lower than at this season in 1926 when the Fed- eral Reserve rate was 3% per cent, as against 4 per cent today. On the basis of current money con- ditions, therefore, the governors of the Federal Reserve Bank of New York would seem to have justification for a reduction in their discount to the equivalent of that of last July. in Kansas City for the benefit which it is beljeved will be given to business in that district during the crop-mov- ing season. Bankers Fear a Cut Here. ‘There are other considerations, how- ever, than that of the present differ- ential between the discount rate and the open market rate to be taken intq account in determining the immediate poliey i the New York bank toward its discount rate. Industry in the East is not demanding cheaper money. There is an abundance of it at very low rates for all borrowers. The only groups who would benefit from a 3% per t discount rate would be the speculat who would undoubtedly take advantage of it to bid prices of stocks to even more dangerous levels than at present. The one fear that bankers entertain today is a topheavy stock market, suddenly collapsing and disturbing business just as it is begin. ning to show a moderate degres of courage. : Another effort of a lower discount rate would be that of sending funds abroad and possibly causing large sold shipments to London. The Bank of England Is again considering an In crease in its discount rate in order te maintain_control of its gold holdings against the steady pull on these from France. The existing rate does not protect London either in her home market or internationally. At the same time there is a general tenden: toward higher rates in centinental! markes. WHEAT IN TUNBLE IN LATE DEALINGS Early Rise Due to Black Rust Fears—Drop Caused by Heavy Offerings. By the Assoclated Press. CHICAGO, July 30.—Last minute sellers of July delivery of wheat and rye met with sudden scarcity of bid- ders today and a simultaneous tumble in values. July wheat fell to 5 cents under the day's high point and July delivery of rye, 612 cents. Most of the day, however, the wheat market showed a decided trend toward higher levels owing to increased reports of black rust. Closing guollllcnl on wheat wel irregular 1% net lower to % advance; corn % off to 33 up; oats at % decline to an equal gain and provisions vary- ing from 2-cent setback to a rise of 10 cents. Reports that black rust was cutting down South Dakota’s wheat crop as compared with recent high estimates ot yield led to sharp upturns in price soon after trading began. Late fields in the Northern part of that State were described as badly damaged and the news attracted particular notice on account of coming from a widely known expert who heretofore has minimized black rust as a cause for anxiety this season. He telegraphed today from Bristol, 8. Dak., that stems In late flelds were covered with rust and that the plant would not develop further. Canadian_and European crop ad- vices were also a stimulus to specula- tive buyers of wheat. One report said that from Calgary north for 40 miles it would be six weeks before wheat would mature, and that the grain appeared to have no chance to outdis- tance frost. Meanwhile Liverpool quotations showed less weakness than expected and talk was heard that the French wheat crop had been gravely impaired In quality if not quantity. Officlal crop estimates from every Luropean country except France, Russia and Rumania indicate a harvest of 839,000,000 byshels of wheat against 851,000,000 bushels last year. Corn and oats today kept within narrow limits. Evening up of ac- counts so as to prepare for any sur- prise in expected private crop esti- mates on Monday constituted most of the trade. Weather reports wel tavorable. Provisions averaged higher, with previous sellers buying. e EARNINGS ARE SMALLER. NEW YORK, July 30 (#).—The first 70 railroads to report June earnings had net operating income aggregating $81,362,000, against $97,167,000 in June, 1926, a decrease of about 16 per cent. The same 70 roads in May reported gross operating income of $76.972,000. Money to Loan Secqrdeal 08 firat deed of trust on & interest and ror :Ilurv.“" Weller 439,W: First Mortgage Notes Secured by Improved Real Estate in the D. C. Assured Annual Return HANNON_& LUCHY] 1435 K Street N.W. LOANS—— on RESIDENCES APARTMENT HOUSES BUSINESS PROPERTIES In Washington or Nearby Maryland, in Large or Amall Amounts at 5%:% WM. H. SAUNDERS C0., INC. 1433 K St. N.W. Main 1016-17 Loan Oorrespondent Provident Mutual Life Insyrance Company pends est Our 6% JULY 31, A PROVEN SUCCESS Successful to select securities safe as to principal and earning the high- interest return commen- surate with absolute safety. —have met these requirements for over a third of a century. That is why they are preferred by many successful investors. B. F. SAUL CO. 1927—-PART_6. NEMAND FOR STEEL Copper Market Improvement | Reflected by Further Ad- | vance in Prices. { By the Associated Press. NEW YORK, July 30.—Steel mills | were repor as receiving larger | specifications against contracts and | also booking an increase gregate | tonnage during the week. There was | a better demand for steel sheets from | automobile manufacturers. Structural steel demand continued good. Ton- nage contracted by railroads for| the current month was estimated | at approximately 225,000 tons. Pig iron demand subsided after a fair local buying flurry early in the week; { prices displayed an earlier trend. The Improvement recently reported in the copper market has been re- flected by a further advance in prices. A falr business has been reported since the buying movement started | and it Is estimated that bookings dur- ing July have aggregated in the neigh- borhood of 100,000 tons. Small sales were reported at 1314 level for electro- Iytic delivered at Connecticut Valley points toward the end of the week, and in some cases producers were said to be asking a further advance of %; domestic buyers, however, have shown a disposition to resist the ad- vance of above 13 cents. Tin turned firm and the demand was more active. London advanced sharply and reports were of a reduced output in parts of the straits district. | Lead was advanced again by pro- | ducers and the demand. while not as keen as recently, was still considered good. Zinc remained firm and consuming inquiry was fair. Stocks in producers’ hands were reported to have decreased the first half of Jul Antimony slightly easier. Consum- ing demand expected to gain with the activity in the market for lead. —_— INCOME INCREASES. NEW YORK, July 30 (#).—Net in- come of the St. Louis, Rocky Moun- tain & Pacific Co. for the first half of 1927 was $95.672, against $93.717 in the first six months of last year. In Nearby Virgini 5 1 /2 % Prudential Insurance Co. Loans Commonwealth [nvestment Co. 817 15th 8t. NNW Phone Main 2623 WE FINANCE classes ot income-nroducing Large Loans a Specialty Current tnt rate and commission "Higbie & Richardson, Inc. 816 15th St. N —all FIRST MORTGAGE 7% BONDS Secured by Comoleted Building Denominations $1,000, $500, $100 Call or Write for Circular Marlow-Besch Corporation 3 1615 Conn. Ave. Pot. 6167 WE PAY MORE INTEREST | ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain | | Commercial Naf'l Bank | 14th and G Streets | Resources, $17,000,000 R. GOLDEN DONALDSON, PRESIDENT First Mortgage Loans Applications Invited at 5%% On Improved Property Construction Loans at Minimum Rates Glover & Flather 1508 H St. N.W. investment de- entirely upon being able FIRST MORTGAGES | th FTINANCIAL.® BUTTER BAREI.—Y STEADY. | Supplies Are Liberal and Rather i SREPORTED COOD. Freely Offered by Traders. CHICAGO, July 30 (#).—Butter to day was barely steady at unchanged es with trade slow. Supplies were al and were rather freely with the und were liberal and but trade was dull. Fresh 92 score,’ 40; 01 score, 39: 90 3%; 89 score, 37; 8§ score, Supplies freely of i omobiles in he world, according to a census just completed. OWN YOUR OWN BUSINESS! For a_man under 40, a “self starter,” with sales ability and $1,000 capital there is a special opportunity now developing to make $4,000 to $10,000 per year within a short time and possibly much more. Interviews by ap- pointment only. Telephone Mr. Cheate, Main 3310. ‘ears the 2 Mutual Benefit Life Insurance Co. “The leading annual dividend company" FIRST and SECOND MORTGAGE LOANS On Washington Residences Business Properties PHILIP MILSTONE 1305 D St. N.W. A Truism mlME is money, and one should be saved as well as the other. ONEY saved — when invested in McKeever & Goss First Trust Notes— is saving time for you also —you accumu- late a safe investment fund faster. By s 1415 K St Main 4752 1321 Connecticut Ave. PAID ON | SAVINGS ACCOUNTS OUR SAVINGS DEPT. | | REAL ESTATE LOANS 5Y, % FRED T. NESBIT 1010 Vermont Ave. Maim 0 Ample Funds for st Mortgage Loans Current Interest Rates, Fair Is, Prompt Service. THE COMMERCIAL NATIONAL COMPANY Incorporated Pcid-up Capital, $700,000 Commercizel National Bank Bldg. 14th and G Sts. N.W. G. M.-P. MURPHY & CO. Members New York Stock Exchange Sugcessors to JOHN L. EDWARDS & COMPANY A copy of our Fortnightly Review sent on request 1416 H Street Northwest 52 Broadway, New York Richmond, Va. OFFICE SPACE SAUL BUILDING 925-15th St. N.W. Abundant light and air. Ex- cellent service. Several desir- ‘able rooms or sultes. Unex- celled location. Modern eleva- tor building. Rents Recently Adjusted B. F. Saul Co. 925 15th St. N.W. Main 2100 The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbis and Nearby Suburbs in Montgomery County, Md., for 3, 5 or 10 year terms on your = 9% RANDALL H, HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT Office Building Business Property Telepone Main 9700 MAKES YOU A SAVINGS DEPOSITOR Fully Qualified to Give Your Payday Deposits Protection VER a solid century of successful banking testifies to the strength and stability of The Metropolitan—emphasizes the wis- dom of making this bank custodian of your PAYDAY and other cash. 1 As little as One Dollar will make you a customer of Safe Deposit Boxes—Trust Dept.—Travelers’ Checks COpcn Until 5:30 P.M. Tomorrow, Aug. 1 925 15th St. N.W.. Organized in 1814 National Metropolitan Bank 113 Years Old 15th St., Opposite U. S. Treasury Capital, Surplus & Undivided Profits Over $2,000,000.00 A