Evening Star Newspaper, June 20, 1928, Page 15

Money to Loan Becured by first deed of trust on real estate. Prevailing interest and commission. N S ST Mne_v Availc for FIRST DEED OF TRUST LOANS and Reasonable Interest and Commission Rates JAMES F. SHEA 643 Lo na Ave.'N.W. Money to Loan On District of Columbia Real Estate] 6% Interest. No Commission. Columbia Permanent Building Association 733 12th Street N.W. Main 352 and 353 Let us have your applications eE_OANS ON REAL ESTATE i Immediate Action Courteous Treatment Our record of 35 years spe®s for itself. Percy H. Russell Co. esrz?mm St. N.W. ‘ FIRST & SECOND TRUST MONEY Complete Financing —of both FIRST and SECOND trusts on —HOMES —APARTMENTS —BUSINESS PROPERTY No Appraisal Fee Prompt Service Real Estate Mortgage & Guaranty Corporation Main 1403 26 Jatkson Place ESTATE LOANS 5% & 5'%% Homes, Apartments and Busi- . mess Properties In District of Columbia and Nearby 4 Maryland-Virginia 3-5-10-Year Terms Prompt Replies Randall H. Hagner & Co., Inc. Main 9700 1321 Connecticut Avenue Mortgage Loan Correspondent New York Life Insurance Co. is property that is well man- aged. Successful manage- ment is the product of knowledge, experience and specialized managing facili- ties. These we offer to all who would like to see tacir properties paying better. - aasg ey $25.20 a month for 120 months will GUARANTEE four yesrs of university traime ing for that son —or —you love so well! Make 51 RE that no finaneial handicsp impored by yoR obstruct smbition’s of the life that TODAY is in your keeping. Send Coupon WS-23 for details of how Investurs Syndicate In- | stallment Plaw paves the way 1o college degreas | INVESTORS SYNDICATE Eetsblished 1894 Barr Bldg., Washingion Telepbone Fraubisn 1879 ADDKESS THE POWEK %Wuhlnflon Gas 6sB—$100 at 105. { Money—Call loans, § and 6 per cent. RECOVERY CHECKED ON BOND MARKET Soft Spots Found in the In- dustrial List—Rail Issues Irregular. BY CHARLES F. SPEARE. | Special Dispatch to The Star. ‘i NEW YORK, June 20.—The advance | in call money rates to 6 per cent and {a firmer tone to both time money and | bank acceptances had a tendency to | check the recovery in some of the high- | grade issues today. There were a num- ber of soft spots in the industrial list. ‘The market was quiet, with a small | volume of trading both on the board and over the counter. Some improve- ment has taken place in the demand for tax-exempt issues following the | decline of nearly ! in State and muni- cipal bonds that were in favor two | months ago. Insurance companies ard | savings banks have been buyers of them. { Now that the public is again pretty well out of the stock market, it is ex- pected that savings bank deposits will overbalance withdrawals and that these institutions may have the normal amount of funds to invest Disbursement to Be Heavy. So far there is little evidence of an- tictpation the July 1 dividend and inter- est disbursements, although there will be greater than ever before. This is due feeling that bonds may slip off still her before the middle of August and that there will be higher rates for money in the next two weeks, which | would affect bond prices. New low prices for the year were reached today on U. S. Rubber and Lorillard 5s. Both were off sharply, the | former 10 points under the high of the year and the latter over 7 points. These | movements follow the weakness in the stocks of these companies which are, |in turn, affected by poor trade con- | ditions. Andes Copper 7s advanced a | point, Bethlehem ~Steel 6s. Hudson | Coal 5s, Dodge 6s and Brooklyn-Man- | hattan 6s each half. There was a stronger tone than for some time in, Phillips Petroleum 5!}s. Public Service Electric and Gas Convertible 415s were introduced on the exchange and had an opening rise of 4 points, most of which they afterward lost. Rail List Irregular. ‘The railroad list was irregular. Atchi- son and Northern Pacific 4s were b3 to 3 higher. Pennsylvania 4l5s declined and Kansas City Southern 5s about duplicated their previous low which was 413 points under the high of last Win- ter. U. S. Government issues were un- certain and fluctuated over a narrow range. In anticipation of stabilization of the franc at the end of this week both French and Belgian issues were higher. There was not much doing in the rest of the foreign group. though the tone of this department was steady. Washington Stock Exchange SALES. Capital Traction Co.—10 at 107%. Potomac Elec. 6% pfd.—10 at 11135, Potomac 512% pfd.—10 at 107%, American Security & Trust—3 at 453%, Union Trust Co.—6 at 319, 10 at 320, 10 at 32115, 10 at 322, 10 at 328. Natl. M. Inv. pfd—60 at 5%. Peoples Drug Store pfd.—10 at 108%;. 10 at 10815, Security Storage Co.—10 at 134. APTER CALL. Washington Gas Light—2 at 9515, 10 :;l’fil,, 3 at 9572, 2 at 95%, 10 at 5. Mergenthaler Linotype—10 at 101%. Peoples Drug Store pfd.—20 at 1083, 20 at 10875, 40 at 10815, Electric pld—5 at 1113, 6% 5 at 1113. at 10215, 53-—$500 ‘Washington Gas 6s B—$100 at 105. National Union Fire Ins. Co.—10 at 25. Bid and Asked Prices. BONDS. PUBLIC UTILITY. American Tel. & Telgs Amer_ Tel. & Telega. 4" . Tel & Tel. cil. tr. 5s Anacostia & Pot. R, Ans. & Pot. guar. 5s . C. & P. Telephone 5s C. & P.'Tel. of Va 5s Capital Traction B | City & Subu 85! Elec. 6s 1953 Alex & Mt V. §s. . & Mt V. ctfi LI Mkt Cnld Storage 5s sh_Cons Title €s Wardman Park Hotel ‘5'ss STOCKS. PUBLIC UTILITY. Amer. & Teign,. Amer. Tci' & Tel ris. Capital Traction Washington Gas | Norfolk & Wash Steambo Potomac Flec 6% o) Potomae Elec. 5'.s pfd Wash. Rwy, & Elec. com. Wash. Rwy. & Elec. nfd. . NATIONAL BANK. Rigar . o = Pecond ... | Wat. Batik of Wiskington: | TRUST COMPANY. | Ameriean Becurity & Trust Co. 450 Continental Trust . s ! re Hatio | co ie. , Co. 6f Md. com Title ota MIBCELLANEQUS, Wash, Barber Chevi sestnut Farms D, Chestiul ¥i Deiry o Gommereia Waiional I Poper Mfe ot National Bec o 1d | | | | urities fd *) y Grocery € & Whre Corp vd & extra TIN AT LOW LEVEL. YORK, June 20 P —Bpot tin sold toduy at 467 cents a New York, lowest stnee Seplem - sor 1924 Large sules in the Far Fast and absence of consumer buylng nere and in London are glven as prime causes, v Lothron bfd d sound UNITED STATE! 41 100 8 3 10117 86 100 1 132 101 8L 74 10127 64 10820 411318 FOREIGN. Lib 3% Lib1st4is Lib3d ¢%s Lib4atheYs US3%s 43 US4s1944. US4usb3. 9% 99% Ar, Argentine és B. Australia 418 '56..103 Australia 58 1956.. 12 Australia 63 1957.. Austria 7s. Bank of Chile 634s. 6 1008 105% 108% 106% 15 9 111 105 100% 9614 96t 10045 109 100% 1015 105% 1007 1021 110% Bordeaux Brazll 614s 1926, Brazil 8148 1027,,, Canada 6s 1931 Canada 658 1952 Danish Munto 8s A Danish Munio 8= B DET5%s Mch 63. Dutch East 1 68 4T Dutch East 1 Finland s £ Finland 7 Framerican 738 French 7s. Ttalv Pub Ts. Japanese 63 102% 1001 100% % . Netherlands s 54. Netherlands 6s 72, New So Wales 57 Norway 6s 2 Orient Dev deb Parts-Ly-Med 6 l Rio de Janeiro 6245 !R‘lod..lln 38 1946, Selne 78 42. Serbs Crot Slo 8; Shinyetsu 638 '52. Solssons 6s. Utd Steam Copen 6: 12 Uruguay 8s. . 3 Yokohama 6swi.. 9 984 MISCELLANEOU Ajax Rubbe: 1105 Am AgriChem 7 AmT&Teltrés.. AmT&Tsfbs.... Am Tel & Tel 6%s. Am Water Wks b Am Writ Paper 6 Anaconda 1st 6: Anaconda cv ab 7s, 35 Andes Copper 7. Armour&Co 4 %839 Armour Del § % Atlantio Refin 6s. . Barnsdali 68 1940. . Bkiyp Edison b Certaln-Td 5% srcts Col Gas&E] deb b Con Coal Md 1st 68 Con Gas N Y 64s. Consumers Pow 68 Dery (DG . Detroit£dison 5. Detroit Edison Dodge Fisk Rubber | Goodyear 58 rets. i Humble O1l bw. ., Humble O & R § 1linois Bell 1 indians Steel 6 Intl Cement 68 | iUl Match 68 ‘¢ lot Mer Marine | int Paper 6 41 ! tnter Paper td 1nt Tel&Teiex ¢ %8 | ) Kayser & Co bl | ian G & E1 68 62 | iKelly -Bpring #s. | Lackawanna Stl 68 | Laciede G 58 63. | Lortilard 6s . | Louiav G & B 68 52 | Mia Con 6148 40 | stidvale Steel b | Mont Power deb b Mont Power 68 43. Mor's&Co Lt | N Y Edison b N Y k41500 6% INYGBLH&PY NYlel¢ign. N Y Tel 6341 NY Qe Gady North Am Kdls b Nor Ohlo Tr & L Pucific Uas & KI bs [ Pac L &) . rac 't & | Pan-Amer Pete aramont o 1947 | Pathe Gxchange 18 L ihiihps Petm 100% 1015 104% 104% PN 981y 1035 100 103 109% 106 1065 1004 100% 103 7 10 4% Yove 190% 10k 1100 101 106 102% 103 104t 102% s | PhilakHendCal Plerce Arrow § Por Ko Am Tob 68 Punts Alekre 18 e tnd 6% s war Sinciair VI o8 Sinelsir U164 | Sinelair O11 T . Sinolatr Crude 6%e 410 Piye Live b8, | dkelly O1 Hige . Southwest Liell b Stand U1 N J 6e 48 | Lennislenlow 6s 47 initea Drug be 63 U8 Rub 180 ot ba U Hub iks ] N Stee) af o8 B h Pow & 11K 2 artiantes Sy in. G5 100% 1w 13 106 16 13 24 bl Warne ik (a A9 Varner Bug indl, | N NEW, YORK 100 . High, 8. (Sales are o $1.000.) Sales. High. Low. 1008 10117 10117 100 101 28 101 30 101 22 101 27 10815 108 20 11317 11317 Low. 89 99 9% 99% 9914 834 974 96ty 1034 961y 100% 105 108 106% 114% 100 105 100 95 9514 105 100% 101% 1o a9 96% 1024 10814 110% 110% 93ty 994 108 103 110% 80% 91% e 118% 104% 974 108 98 vty 1094 105 109 1004 1004 it 110% 101 106 1013 103 1040 102% Iy TN 99 ik 1051 1080 [ i Close. 1008 Close. 98 99% 995 1004 100% 104% 101 107% 10.% 98% 104% 105 107m 99 85 104 1015 1045 1047 96% 984 108 99% 1 109% 106 109 100% 104 91 104% 1064 100 100 1025 »7 104 1141 9ot 100% 107 110% 101 106 102 104 10414 1025 99% )8 105 Yl I8t 99 100% uln | 9% UEES 103k 105% Yoty w 0% 107 iy 1004, BONDS % s Received by Private Wire Direct to The Star Ofes Low, Close. 103% 110% 103t 100% 1074 100 Hieh, 103% 110t West Eleo 5s. Westn Union WinRepeatAr 7% B Yngstn S&T 6s wi.. 22 RAILRO. Atchison adj 4s.... AESF cvt 45 05-35 Atchison gen 48 AtlantioC Lel 4 Atl & Dan 2d 4s 48. B&O Gold 4 B&Ocv 4% B&Oref bs. . B & O b 2000 B&Orf imp 6s. B & O PLEWY 4s. B&OSW 6850.... BkiynElevated 6%8 Bkivn Manhat 6s. . Buff R & Pitt 4348, Canada South 5s. .. Can Nat 4% 30 Can Nat 438 67.. . Can Nor 4148 1935. Canad North 7s. Canad Pac deb 4 Can Pao 4%s 46 Central of Ga 6s Centra) Paciflo 43 Cent Pao 1st 68 90, Chesa Corpbs wi.. Ches& Ocv 4% Ches & O gn 4% Cht B&Q zen 4568 CB&Q4%s77B. Chi B&Q 1strtb: CB&Q-Il13%s CB & Q-1 div s. Chi&B 111 gD 68 61. Chi Gt West 41 69, CM&StP gn 8. CM&StPgn4ls CMA&StP 53 (new). CM&StP ad) (new) 89% 891y 95% 995 1054% ST 9114 56 68 884 93 Chi&NW 43 Chi & NW 7s. ChiR1&Prfds., 10 C Rl Pac %8s ChiTH&SE Cht T H inc 68 60. . Chi Un Sta 448 Chi Unfon Sta bs Chi & W Ind cn 4s. 993, 96 94 105 Cuba Nor 5%8 2 Del & Hud 1st rf 48 Erie 1st cons 4i Ei en 4i .. Erfecvt 5367 w1, Great North 5% Great Nor gen 7s. . Green B & W db B. Hav El Ry 6%s51. Hocking Val 4 11l Cent ref 4s Il Cent 4s 62. 9 5 100% 98 111.C-C StL&NO 58 IntRapTr 6sstpd. . Int Rapid Tran 6s. Int Rap Trans 7 Int & Norad . Int RysC A G872, Int Ry C A 6%s rct Iowa Cent rf 4 Towa Cent 1st 5s... Kan City Ft S4s.. Kansas City 8 3s.. Kan City Term 4s. Kansas City 8 6 Lake Shore 48 Lake Shore 48 31. LehighVal con 4348 Long Isrf 4s 49. Louis&Nash unt 48 2 L& N 4%s 2003 Louls & Nash §%s. Man Ry 1st Market St 78 40. .. Mich Cen deb 4s 29. Mil B Ry & L 58 61 Minn & StL ref 4s. Minn & StL cn §s.. M St P&SSM ¢n 48, a5 2 100% 100% 106% 70 991, 100 100% 99 58 9% 1001 99 58 a1y N N N O Tex & M 68 A NOTex&Mbos B NOT&MS5Y N Y Cen gen $%4s.. Crfim4%s 1024 54 100 (] o NO 4 NY NYCentriba.... NYChI&StL 6%A. . NYChi&StL 5143B. NYC&StL6saA. New Haven 3%s 64 100% 6 1075 105 1035 53 94% 654 N 100 " 9% 90% 1014 104 110 710 2 107% w7 100 Norfolk & W cn 48 Nor Pac ¥» 2047 Northern Pacific Nor Pac 4148 2047 Northern Puc r 1 68 | Ure Snort L et Ore Wash 15t 49, Ponnsyl gen 4% | Pennsy) o8 6 Pennsyl 6% | Pennsyl zold Ts. .. PCC&SIL5sA.. Port IR L & P 68 43. Port RL&P 745 46 Reading xen +%4s. K10 G Westcl 45.. ATk & Lst StL IM&S 48 29 Sth | M&S ko o8 StL IM&S R&! IStL&SF LI A StL &S Frélas'Ts StL&SF prinbs IStL&S KO D StL&SFadl StL&S K incke.. {StLS W lstes. . 101 110t 0% 84t 100% e E8ix 90l 102 1021 1084 101 Nity 14 13 1 161 St P & KCShL Seaboard AL 4s st Seab A L cop 6s. SH AL Fla 6386 A, Sou Pao 48 29.. Sou Paccit 4s. . Sou Pacinie ref 4 Sou Pac 4 e rels.. | Son ity R1en < | Son Ity Mo & O 4u | voxark K8 01 00, | Poxus & Pacitic 15t Lox & Pao by 17 rts Ihird Ave ad) 68 Tol Tr L&P 6a 30 Union Puo Ist Union ©uo 18t Un Pac e %» 87.... Viekinia Ky 18t bs. Va Rv & P ba. Wabush 1at bs Wabash &0 b3 . Wabash 0y 16 | Wabasn 63 (0 8 West Marylana 48 | Went Md b1%m17.. Wantarn Pavitio by Whee! & L K cn 43 Wis Cen en 48 49, LIFE INSURANéE SALES. NEW YORK, June 20 (&) —Ordinary Iife insurance sold In May amounted (o $834,607,000, an exceptional volume tor @ single month, exceeded only by the record production of December, 1026, s oW 1004 61% 1927, the Life Insurance Sales Research Bureau report whole May sl were $60.000,000 abiead of May. 1927 month's total for Canada was $10.470.- 000, a gain of 12 per cent over a yeal ago and the largesl volume ever wiitten in w single month, & thin The m: 1 % lincreased demand. ; | Spring broiles < | jumbos, 36s, * | higher: jumbos, 45s. 4.50, few higher; 984 | 981y | 994 | 106% | | 0% 1015 | iy 'S | scoured wools and and the siightly higher total for March, | For the country as o | BROILERS CHEAPER IN LOCAL MARKET Eggs Are Firmer—Fruit and Vegetable Supplies Are Attractive Today. Closing of Center Market at 1 o'clock today, first early Wednesday closing of the season, had no appreciable effect upon the wholesale trade, wholesale {houses _keeping open throughout the day. It did mean earlier retail trading in the market, however, and similar trading in the stores that started the early closing today Cheaper prices of poultry was the in- teresting feature of the morning'’s whole- ale business, the drop resutling from | increased receipts with a corresponding The decrease af- fected only Spring broilers, according to reports of dealers. Dealers reported a slightly firmer condition of the egg market, due, it was reported, to decreased receipts. Haulers from nearby Maryland and Virginia re- port a decided dropping off in receipts compared with last week’s hauling. Fruit and vegetable displays this morning were as attractive as during the past two or three weeks, prices be- ing about the sam. as prices reported the past several days. A slight de- creasc in cantaloupe supplies was re- ported, supplies of watermelons con- tinuing limited. Today's Wholesale Prices. Butter—One-pound _prints, tub, 45a46: store packed, 28 FEggs—Fresh selected, 30a31; hennery, 30a31; current receipts, 29. Poultry, alive—Turkeys, 25; fowls, large, small, 25, Leghorns, 20; , large, 40; medium, 37a Leghorns, 30a32; jters, 16; keats, young, 75; oid, 30. Dressed—Térkeys. 30; Spring broilers, large, 42a45: medium, 40a42: small, 40 Leghorns, 38: fowls, large, 27a28; small, 125a26: capons, large, 44a45; small, 30a 35; ducks, 20a25; keats, 1.00a1.10. Meats, fresh killed—Beef, 23; s, 26 24; s 14a15; 46a47; 38; small, 3. hams, 23¢ ; | bacon, 20a21} lard, 13a13!y; calves 1415 {al5; Spring lambs, 13al4. Fruit and Vegetable Review. | 'Today's daily market reports on fruits and vegetables, compiled by the Mar- ket News Service Bureau of Agricultural Economics, says: Cantaloupes—Supplies moderate; de- | mand moderate, market firm; California salmon tints, 4.00, few ponys, all s 1.50a1.60, mo Lettuce—Western stock supplies mod- erate; demand moderate, market about :_ Washington and California, s, Iceberg type, 4-5 dozen. 4.0024.25. Onions—Supplies moderate; demand light, market dull; California and Texas, standard crates, Yellow Bermudas and Crystal White Wax, N 8. No. 1, 1.50. Potatoes—Supplies liberal; demand moderate, market about steady: North and South Carolina and Virginia, all sections, cloth-top stave barrels, Cob- blers, U. S. No. 1, mostly 2.00: few wasty low as 1.50: old stock, no sales reported. ‘Tomatoes—Supplies liberal: demand moderate, market about steady. Mis- sissippi. fours, green, ripes and turn- { ing, wrapped, No. 1, 1.00a1.10; few 1.15. Melon Market Steady. Watermelons—Supplies moderate; de- mand moderate, market steady. Bro- kers’ carlot sales delivered Washington, Florida, bulk, per car, Tom Watson's, 26-28 pounds average, 600.00 String beans — Supplies moderate; demand moderate, market slightly stronger; Norfolk section Virginia and North Carolina, 5-peck hampers green, flat, stringless, 2.50; Valentines, 2.00. Cabbage—Supplies liberal: ~demand light, market dull; East Shore Virginia, barrel crates, approximately 100 pounds net, pointed type, some fair condition, 1.00a1.25. Asparagus—Supplies moderate: de- mand moderate, market steady: Mary- land, East Shore, dozen and 18-bunch crates green, long, 2.50a3.50. mostly around 3.00; few fine quality and con- dition, 4.0024.50; Delaware, dozen and { 18 bunch crates green, 2.00a2.50. Peas—Supplies moderate: demand moderate, market steady; homegrown, | bushel baskets, 1.50a2.00. Cucumbers About Steady. Cucumbers—Supplies moderate; de- { mand light, market about steady: South Carolina, bushel hampers, fancy, 1.508 2.00; North Carolina, bushel hampers, !'L\a)oc,\‘. best, mostly 2.50; fair condition, , 3.00a3.25; flats, all sizes, y 1.50. quote. Squash—Supplies moderate; demand | light, market steady: North Carolina, bushel hampers, white, 1.25; yellow, 1.50. Peaches—No early sales reported. Corn—Supplies liberal; demand mod- erate, market dull; Texas, bushel baskets, 2.50: few 2.75. Blackberries- mand moderate, market steady: North Carolina, 32-quart crates, 3.0023.50; holdovers low as 2.00; few fancy, high | as 4.00 WOOL PRICES VFI’RVM. BOSTON. June 26 (Special).—The ton wool market continued quiet to- | rices remained firm. Woolen were inquiring for lot of Ohio short | Wools sold at 41a42 in the grease, 1.05a1.10 scoured ba Fine territory was quoted at 1.18a1.20, clean vasis: French combing at 1.10a1.12, half blood at 1.12al15, three-elghths blood at Fine Ohio fleeces were quoted at 49a50, grease basis; half blood at 51a52, three- | elghths blood at 46 and quarter blood |at 55. | STEEL SCRAP LOWER. NEW YORK, June 20 (#) steel serap in the Pittsburgh district show a further decline. Heavy melt- ing No. 1 is quoted at $14 to $14.50, off 25 cents a ton. $400,000 ADDED TO BOOKS. NEW YORK, June 20 (®).—A. E. Duncan, chairman of Commereial Credit Co., which has retired from the management of Checker Cab Manu- facturing Corporation, sald the com- pany would receive more than $400,000. which previously had not been carrled on its books. Of this amount $275,- 000 would be credited direct to surplus :\nml virtually all balance would be held in wreserve for contingencies. PLANS PHOJOPHONE USE. NEW YORK, June 20 (4. —Pathe Exchange. Inc., plans to use the Radio Corporation’s talking movie photophone i several of its films now being made, » | which will include accompaniment and spoken 1ines BUY MILLER BRYANT PIERCE. NEW YORK, June 20 () -L Smith & Corona Typewriter Co. has purchased all outstanding _bonds and stock of the Miller Bryant Plerce Co. of | Aurora, M1, manufacturers of type- | writer ribbons and carbon paper, whieh L will add than §1,000,000 to the {company’s annual sales. Directors of L€ Smith will be increased to 17 trom 15, 8. ene Miller. president of Bryant Pleice, and L. Smith, | Miller jyrucuse, will be added to the board % RUBBLR ADVANCES. NEW Y( June 20 (Speetah Ciuder ubber. smoked ribbed shoets, nd- ameed a gquatter of a esnt at today Joon quotation of 199, This compares with 185 month wgo wnd $1% your ago, Eggplant—Too few sales reported to | Supplies moderate: de- | or | 1.05a1.10 and quarter blood at 1.00a1.05. | Prices of | C.| | tn connection with the recent vefunding LUNBER INDLST STATU 1 S10AD Present-Day Policy Is to In- sure Future Supply of Tim- ber in U. S. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, June 20.—The lumber industry has seldom been in so favor- able a statistical position as it is at present. ‘This has been brought about unquestionably by the adequate bal- ancing of supply and demand, which has made all the difference between a profitable industry and a non-profitable one, and this lesson is being taken ;l'.!l;ongly to heart by executives in other es. A review of the situation, according to Wilson Compton, secretary and man- ager of the National Lumber Manu- facturers' Association, shows that the favorable balance between lumber sup- ply and demand has been the result of developments extending over several months. Statistics on lumber are woe- fully weak and the formal statements issued by the manufacturers themselves and the Department of Commerce ex- tend to only about 40 per cent of the firms engagéd in the industry, repre- senting about 65 per cent of the total Jumber production. Demand Exceeds Output. In spite of this fact, however, the figures as compiled to date, as the end of the first half year approaches, indi- cate that the lumber industry as a whole, including hard woods and soft woods, reported new business for the first six months that exceeded produc- tion by at least 10 per cent. The im- provement was more striking in the soft woods than in the hardwood. More- over, the aggregate production of soft wood lumber, at least in the early months of the year, was 1 per cent greater than average production for the previous three years. Production has dropped off in_ the last few months somewhat, but the figures serve to show that consumption and requirements | have been stimulated and production has been held well within bounds. Moreover, new business booked this | year has exceeded even shipments by | from 3 to 5 per cent according to the grade of lumber. This pre-supposes a condition in which the stocks on hand | are being reduced, and there is noth- ing to indicate a drop in the sustained high level of lumber consumption due to the activity in the building industry. Hand-to-Mouth Buying. The lumber industry has recognized at last the fact that so-called hand-to-| mouth buying has come to stay, and | that forward buying for month$ in ad- vance is a thing of the past. The in- dustry has adjusted itself to the new policy and has saved in producing and marketing costs in consequence. Mr. Compton declared today that men in the trade had reconized that production. intelligently controlled and adapted to the change in current demand, could make short-range buying much more of a blessing than a curse. y It is extraordinary that l:hflr it is known that the larger mills of the country have shipped far more lumber this year than last, car loadings indicate a reduction in the number of cars ship- | ped of approximately 5 per cent. This is accounted for by the heavier mq more scientific loadings of cars and by the fact that less lumber is being pro- duced and shipped by the smaller mills, Which do not operate continuously and from which no reliable statistics are obtainable. Larger Units Trend. | There is no question that the lum- per industry is working its way toward larger units, the ownership of larger timber lands and the operation of larger mills. 'Erhzre has never been a time in re- cent years,” said Mr. Compton, “when the control of lumber supply was so Jargely in the hands of manufacturers | having substantial financial invest- ments in timber, as distinguished from COTTON PRICE STEADY IN TODAY’S TRADING Trade Range Narrow—Unfavor- able Private Crop Advices Off- set Cables and Weather. By the Assoclated Press. NEW YORK, June 20.—The cotton market opened steady today at un- changed prices, to a decline of 6 points, under selling influenced by indifferent Liverpool cables and favorable early Weather reports. Comparatively smail offerings were quickly absorbed by trade buying or covering, and prices soon showed net advances of 3 to 6 points, October selling up from 20.80 to 20.91. Buying was attributed to unfavorable private crop advices, but the market met somewhat larger offerings at the advance and prices sagged off 5 or 6 points from the best by the end of the first hour. Private cables reported Bombay buy- ing offset by local selling in Liverpool, owing to favorable weather reports from the South, but said cloth demand from India was well sustained, and that it was not expected the short-time pro- posal in Lancashire mills would be adopted. 'CHANGE SEAT SOLD. NEW YORK, June 20 (P).—The New York Cotton Exchange membership of Robert G. Wheeler has been sold for $37,500 to Edward E. Bartlett, jr., for another, a drop of $1,500 under the previous transaction. PRODUCE EXCHANGE. NEW YORK, June 20 (#).—Rye weak; No. 2 Western, 1.28% f.o.b. and 1.26% c.Af. export. Lard firmer; Middle West, 12.10a12.20. Other articles unchanged. Commodity News ATLANTA, June 20 (Special).—The first Georgla watermelons are now go- ing to Eastern markets. The crop is ripening rapidly under hot weather conditions and the movement will at- tain volume within 10 days. NEW ORLEANS.—Reports from mills of the Southern Pine Association show that in the last week orders increased 3 per cent, shipments rose 9 per cent and production dropped 4 per cent. Unfilled orders on hand total 158, 065,000 feet. SAN FRANCISCO.—Six of the seven larger oil companies operating in this State have declared in favor of the six- day week instead of the 7-day week now general in the industry. The change, if effected, will affect 20,000 workers. ALBA, Mich.—One hundred and seventy potato growers in this section will produce inspected gmd certified russet rural potatoes this year. This is double the number which went in for quality production last year. WINDSOR, Ont.—The Desoto Motor Corporation of Canada, organized as the Canadian division of the Chrysler Corporation, will manufacture a new motor car in the light six-cylinder class. When obtainable, only materials made in Canada will be used in production. YOUNGSTOWN. — Youngstown dis- trict plants of the A. M. Byers Co. are | on a 100 per cent capacity schedule | this week. This compares with a schedule of 50 per cent at the opening of the yvear. The expansion of opera- tions is due to the increased demand for wrought iron pipe, in which these plants specialize. COMPENSATION INSURANCE WRIGHT, SLADE & CO. Members New York Stock Exchange Chicago Board of Trade Stocks and Bonds Bought and Sold for Cash or CARRIED ON 1ARGIN THE MAYFLOWER HOTEL Connecticut Avenue at De Sales St. Telephone Main 370 Resident Partner M. Le Roy Goff ALL BRANCHES TRANSACTED 613 Woodward Bldg. Main 340 Mortgage Money Loaned At Low Interest Rates the saw mills having relatively small | investments and engaged in the man- | ufacture of lumber as a seasonal or | secondary operation. There has not | been for many years such widely di- versified outlets for finished lumber, both at home and for export.” 1t is a notable fact that present-day lumbering operations are being con- ducted almost entirely on & selective plan which will assure the main- tenance of the productivity of the for- est cutover. States Forest Service has recently ac- cepted a bid from the Edward Hines Associated Lumber interests of Chicago | | for lumbering 890,000,000 feet of com- | mercial timber in northwest Oregon. | This timber will be taken out within 20 vears, and during that time the growth of the trees allowed to remain | will offset this cutting. Baltimore Markets BALTIMORE, June 20 Spring chickens, 1l 32a38; Leghorns, a27; poor and thin, 14a17; ducks, 23a25; ; old, 15 pigeons, (Special) — pound, 40a a32: old 7a18; old | poor and pair, | 1462 ca native Receipts, in free and nearby current receipt cases 1 firsts, dozen, Butter—Good to fancy pound, 43':ad6: prints. 46 45047 ladles, 36a38; store packed, 31; process butter, 40a4l. .‘ Hay and Grain Prices. | Wheat—No. 2 red Winter, domestic, [ no”quotations; No. 2 red Winter, gar- | | licky, domestic, August delivery, 1441 | | bid; July delivery, 145 bid | Corn—No. 2 yellow, domestic, 118, nominal: No. 2 contract, export, no| quotations: corn on cob, new, 5.75a6.00, nominal, per barrel No. 2 white, domestic, 77a78; v is ar-| riving here in ample qu but the demand for local hay is very limited, and not enough actual business is pass ing to estal h quotations on the vari- {ous kinds of grades. Range of prices about 14.00a16.00 per ton for good | ¢ in timothy and clover mixed | Straw—No. 1 wheat, 13.00a14.00 { ton; No. 2. 13.00a14.00; No. 1 oat, 13.00a 14.00. Country Produce. white, 100 pounds. 1008 potatoes, barrel, 1.75a2.00; doz 1.00a3.50; beans, 5; beets, 100, 2.0044.00 cabbage, hamper, 50a75; carrots, 100, 3.0025.00; cucumbers, bushel, 50al.50: celery, crate, 2.50a3.50; corn, bushel, eggplant, crate, 2.00a3.00; 5a75; peas. bushel, 134 te, 1.5003.50; radishes, 50: rhubarb, 100, 2.00a3.00; , 100, 1.00a1 2 spinach, bushel, 50a76; squash, basket, 75a1.00; tomatoes, crate, 1.00a3 | ‘Apples. bushel, 1.50a3,25; barrel, 3.50a 850° blackberries, quart, 8al3; can- taloupes, crate, 1.25a3.50; cherrles, pound, 4al1s; grapefruit, box, 3.00a5.00: peach erate, 00a4.00; strawberries, ‘ quart, 4a12; watermelons, 2043, YOUNGSTOWN OFFERING. | NEW YORK, June 20 (. ~Youngs- | | town, dispatches to Wall Street say an | iTering 1s about to be made of $3,000,000 of 8. per cent preferred stock of Youngstown Sheet & ‘Tube Co., issued | Potatoes, | 1 1.25; ne ASPATAGUS, bushel, 1.00a2 of $14.241,000 of 7 per eent stoek called on July 1at 105 1 will represent the wubscribed portion of $15.000,000 of W stock not taken by old stookholders and will be offered at par by Cleveland and Youngstown banking housos, For example; the United | | per| - Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 “We close at 4:30 p.m. until Sept. 4th.” YOU MORE HAVE DAYS In Which to Consult Our Experts About Your COMPENSATION INSURANCE Howard W, Phillips & Co. Edmonds Bldg. Main 61 f 1 I 1 [ | f 1 | i i 1 “MR. FORD,” —said one of our guests a day or two ago, in the world can you afford to take care us so bountifully in the di room on the little ¥ X pay®” Well. appreciation s that question implies xoes far toward settling the score. at the Colonial. 15th & M n.w. Single rooms. {wo meals. per menth, $63; two in a reom. 113 Dire JEFFERSON L. FORD, JR. o Gentlemen Generations s e Tuil vs, For s ~r Breeze - catching Scotch Woolens in soft grays make ideal vacation suits, Recommend Nat'l Bk, of Commerce Chase National Guaranty Trust Nat'l Bk, of Washington Riggs National Merchants Bk, & Tr, Baltimore Am. Ins, sreat American lus. Maryland Casualty UL S Fidelity & G antee Harvis, Mooney & Co. Investment Bankers Southern Bllg, Washington, D, €. New York Baliimore Compensation Insurance Rates and Information without obligation. WEAV.EBLRO REALTORS Main 9486 80915th N.W. The proper selection of bonds requires a degree of skill and experience which the average investor sel- dom has the time or opportunity to acquire. Before you invest make use of THE EQUITABLE INVESTMENT MEMORANDUM Your use of our memorandum will enable us to offer investment sug- gestions based upon a knowledge of your needs as an individual investor. THE EQUITABLE SECURITIES COMPANY ING 4 subsidiary of le Trust Company of New York 917 Fifteenth Sgfeet, N. WASHINGTON, D. C.- A Life Insurance Specialist Can Save You Time + and Money . . . ONSIDER the satisfac- tion of having an perienced, competent life underwriter arrange and handle your complete life insurance plan to carry out vour wishes and provide for every estate need. One who treats your interests as par- amount and earns his com- missions by better serving those interests. For such service consult any mem- ber of The LIFE INSURANCE CLUB of Washington JAMES R. LUPTON JAMES A. MALONEY CHARLES B. SINCLAIR GUY WITHERS —Equitable Life N. Y. LAURENCE H. RIGGLES —Phoenix Mutual FRANK D. ROACH —Mutuai Benefit RUSSELL SHELK —Reliance Life PHILIP L. BALDWIN HOWARD J. JACKSON —Northwestern Mutual GEO. R. FARQUHAR —Penn Mutual C. DADE GRIFFITH L. C. LLOYD JOHN P. LYNCH G. LEA STABLER ~—New York Life DAN J. HARRISON —Massachusetts Mutual Mort age B g onds A Surety Company Guaranty EHIND each 61;% IN SURED MORTGAGE BOND is the unconditional guarantee as to paymemt of principal and interest, of the Equitable Casualty and Surety Company, with capital and surplus of over $2,000,000.00, under the supervision of the New York State Insurance De- partment. Secured by mortgages on owner-occupied homes in the District of Columbia, deposited with ap inde pendent trustee, these bonds are the direct obli- gation of a company with capital and surplus of maore than $750,000.00. Mturities, 2 to 10 Years Lo SMau @ »_TODA € 0 M¥P ANY 1412 K Street NW. WASNHNINOTON . CAPITAL & SURMUS OVIR $750.00000 “Prowse send me your circular o Tasured Mortgage Bonc. eName edddress