Evening Star Newspaper, July 29, 1928, Page 21

FINANCIAL. BOND PRICES ARE EASIER ; THE SUNDAY STAR. WASHINGTON, D. 0. SUMMARY FOR THE WEEK |00ME NEW HIGHS 101 26 99 27 Liberty 34s 193 1003 4928 99 28 High UN I 103 30 103 15 100 Liberty 1st ¢\ e 193347, 101 5 100 100 31 Montgomery Ward Feature 101 21 101 8 99 31 Liberty fd 4 1938, 100 100 100 2 of Short Session—Motors JULY 1928—PART 1. CALL MONEY MOST IMPORTANT |CURB LIST IS QUIET; AND NECESSARY TO STOCK TRADE SPEEIALTIES RISE i Utilities and Several Industrials| Advance—Week End Profit- Taking Is Negligible. 29, FINANCIAL." WE FINANCE —all BIIIOI:'I m:-vmofimn Large Loans a Specialty Current interest ra nd commission \ Higbie & Richardson, Inc. 816 15ta St. N.W. 110 5 Bankers Direct Beneficiaries From Brokers' | Borrowings—Big Corporations Have Recently Become Lenders. igh Low High Lo Close Hixh Last | 100% 100% 49 Argentine, June o | 1011 101t 99 axy 44 106 102w %% UNTA 14 99% 100 100 100 WRY 164 L 103 103w 931 99 01101 1144 1145 10 110t 9 100 994 9L, LIETAN 102% 103 8% 100% e 1104 9% Money to Loan iecured by first deed of trust on real estate. Prevailing iInterest and ission. Joseph I. Weller s ";"i‘ Australia 68 195 Austria (s 1943, Bank of Chile 81s 195 Bagium 82 1965, . ... Belgium ilgs 1948, .. Heigium 88 1941. Hordeaux #s 193¢ — 10T s e | B R Prov week's voR Low Most of List Feels Pressure of Profit-Taking—Govern- ment Issues Firm. 1044 a0, 101 116 s 014 100 1148 1108 11004 By the Assoniated Press. NEW YORK, July 28—The Curb Market was quiet during today's short | NEW YORK. July were oasier some rails made s most of the list of week end pro! henslon felt king and the credit Gove! over ates mer. ~d_hands $4,000.000 ing the past ually moved lower a e made to prevailt narket obssrvers bel fMors sovers test will come ea compara- Total sales arapara 1 be o anding > rail- ore than r. The West ity over the f the pro- un of Jerser 4 tric t ice of New Gas & Elec- among the s and © 5e ong were sty spots “The cas steady General ‘r-—‘ sing {raction- 41,5 showed the widest o United States Government Markets 2 yellow dom: corn. 6.00a6.25 T o ¥ 1.10a1 20. e poultry market rules erally sy under more liberal receipt but vaiues show liitle cha sirabis ck, especially of Spring chick- ens cleans up fairly well from day to day. Demand continues good for Spring- ers. 21, pou size, poor look supply and g coicred Spring chicken: over are ng 38 pound. and smalier. 20 1o 36: whit» Leg- horns bring 25 to 32 as to size. Due to the warm weather de for old hens has eased off and is centered mostly on choice. smooth fat 2 pounds and over at 20 to 2 Leghorns will not 19 rnd 20. while all poor. is neglected at 17 and 18 Reosters Slow Sale, Iv slow sale at 14 ks con- for stock weigh- and over, with smalier 17 and 18, while old ducks at 15 to 18. Pigeons in le liy slow sale. th 40 cents a s 1 108 105 1054 1094 106 100 107 German | covered some lost | i Kingdom 5128 gen- | smaller | 21, pounds and | markst holds steady at| quiet from tock to cither grade | h a premium is rea pts on which 28 not bring | Receipts of new potatoes while derate are ample for the de- ily satisfied and mar- under a fair | on No. 1 stock, while No. | are not No 1.10 to 1.40 a barrel. But stock not bring over 75 to selling showing heat will 1.00. Truck Demand Good. Demand for native and nearby gar- den truck s good and all stock with rea quotations en and wax beans, 75 to bects. 200 and 3.00 100 cabbage. 50 to 75 hamper; carrots, 3.00 and 400 100: sugar ¢ 20 w0 30 dozen, and field corn, 10 to 20 dozer cucumbers, 25 to 50 basket; eggplants 1.00 ¢ basket; lima beans, 1.00 to 1.5 bushel: onions, 40 to 75 bushel pers, 25 to 40 basket D basket: tomatoes, 50 to 150 basket and 100 to 1 won of Sprin The 0 s, steady to change from WILL FREE 8,000 QUAIL. se Record s 10 Museum eventeent squash, 25 to | wanted at any | well graded potatoes are; sale | 110% 100% PN | 106% R shel. With the excep- | which are easy | 1001 1064 24 1054 1038 974 100t 1074 1044 U 101 103% 100% 192t Brazil 618 1926- Brazi S 1341, Sanada 5a 1962, Canada > lys 1933, Chile ¥s 1941 ... Chinese (jovt Ry 68 1961, Czechosiovakia §s 1961. .. Denmark s 14 Duteh Kast (ndies 88 1947 Duteh Kast Indies §s 1963 F'rench Governmes ‘rench Gove 14s 1941, rman is 1949 Holland-Anerican s ttaly is 1951 fananese nigs 1954 . Mexico 4s asst small Milan 68 (352 Netheriauos 8y Norway SWs.. ... Paris-Lyon Med 6s 1 ‘eru 6 1960, : 07 109 1061 100t 1095 301y 1080 10514 1047 101 107 vty 10874 106% 1004 1094 30ty 103 105 1973, 9% 100 100 105 115t 108 Foland 8a 1950 Queensiany 8s 1947 Queensiand is 1941 110 de Janeiro 8s 194 tome 68 T w0 Paulo State of, 83 1936 eine Lept o. (s Serbs. Croats. Siove Sweden 65 1939, SWiss 38 1948, . Lobo Elec Pwe 15 1955. Uniten Kinkaom > s 1939 Utd Kingdom o8 1937, Y okutiatie 63 51 : INDUCTRIAL AND MISC Alaer AKT1 ChewICRl Yy 1941, Amer Smelt & Ker 8t 58 1941 Ater Smelt 1st 68 1941, Anier Sugar Refluing 63 1987..... Amer Lel & Lol i tr 48 192¥ D Lol & leist Anaconda Copper 6s 1368 Auaconas Copper ov deb s 1938, Andes Copper is 1943...... : Acmiour & Co 4 4ys 1989 Armour of Dei g 43 . Atlantic Renning deb o8 1931 . sarusdali Corporation o8 1940, Bell el (Pa) rel o8 1948 ... ethienew Steel v m 38 1936 Sethlenein Steel 8 [ 68 1943 . Cons Coul « Ma) I8t ref 5s 1950, Cuba Cune Sux cv deb sa 1930 Delroit dison rel §s 1940, vodie 6> 1940 astern Cuban Sug s 1937, General Motors 65 1957 GOUTICN B B) 6 s 1947 Humble V1l & Kel o s (93; indiana Steel as 1952... International Match bs 194 tuter Mer Marine o3 1941, inter b 1184 104% 101 1074 04 oy 103% 1047 1 % W0y 100 1041 100 e 1 83 154 9 i TN 10714y JEN in2ny 8Tt 100% cavees IUB ¢ 100 i A0 Kayser Julius dbzs neity S Lackawanua Steel os 1950 Laciede s s Likgett & Mvers os 195 Manati 3 Midvale Stéel os 1988 . . New England Iei oy 196%. N Y Kdisou IstSias 1341 NYUas sl H &P os (948, N Y Lol shys 198y, o N Y Tel 8 1941, Northern States Power 3. ., Lacific Gas & Elec o8 1942, . Pacific I'el & I'el as 1963. Pan-Anierican 6s 34 H Philadeiphia Co rer #s 1944, Public Service 4% 194 Sinelan Ot bs 1930 M (s 1980 Sinciajr Crude Oil 5%s 19 Svuthern Bell Telephone Standard Ol N J 88 United Drus U'S tubher 18t & ref 5 U'S Rubber 74s 1980 U S Steel s 53 1983 5 Utan Power & Lixht 58 1944 Warner Sugar Is 193y, Western Union el 6%s 1936 Wiison % Co 1st 68 1961 ... 1024 Youngstown Steel s 1978 . “ 1 995 BAILKUAD Atchison I & S Fe z 1995 .. Atiantic Coas: Line (8t 48 1952, Baito & O it 20ld 48 1y4x. Balto & Ohiocv 448 1938, Bullo & Ohlo ret bs 1996 BEOPItts L. K& W Va B % O Southwestern LIv 5s Hrookiyn Mannat s € 68 A 19 Canadian National 4158 1957. . Canndian Nortnero ss 1346, anadian Pacific deb 4 Central Pacific 4s 194y, Chesapeake Corpn 58 w 1. L *hesaveake & UhI0 oV & 48 1930, Chesupeake & ONio zen § by s 1943 Chicago Bur & Quincy 4348 77 B Chi B & Quincy st ref 58 1971 Chi & Kasteru 1) gen >s 1961 . Chi Great Western 4 1959 Chi M & St Paul cen sy s 198 Chicago & Northwestn 4 135 20 Chicago Hatlwavs bs 192 Chi R | & Pacific rei 4s 1934, . Chicago Rock Island 4%s w.1. Chi Unlon Station 4 s 1983 .. 0 104 con 4s 1962 CCC&SELrefhs A I92y, Cleveland Terminal 5ls. 100 e 9 16 4 1,04 10, 104 10 1ha R K o8 1952 Cuba Northern 5 Delaware & Hudson 5 e 193 Den & Rio (3rande con 4a 193 Den & R (G Weast b 1956 . Detroit United ¢ 4s 1932, Erie st con 43 199 Krie gen lien s 1296 Kriecv4s A 1963....., Fls BChs7 Grand Trunk Grand Trunk 7s 1949, Great Northern ¢4 1976 (Great Norihern cen 5 s 1953, Great Northern gen 1s 1936, . . . Hudson & Maunatian cet on 1957 . Hudson & Manhattan ad1 5s 1967, 11inols Central 4 %s 66, inter Kapid Lransit os 19 luter Rapld Cransitov is 1933 Inter & Great Nor ad) b 1962 Int Rwys of Cent Am 655 1947 0Lt & M 48 1938 Kansas City Southern s 1960, Kansas City Southern 65 1960, , luake Shore 4 1928 Liake Shore 4 1981, 10 Y9 4 100 6 10, uot, Lt ref o %8 2003, Mil Klec Ky & Lt Lst ref bs 81, MSLF&SSMblhe 1931 310 Kan & Lex 1at 48 1990, Mo Kan & L'ex ud) Missouri F New Yurk Ceut deb s 1934 ew York Cent rot tmp 68 2018 New York Centrsi deb tn 1936, New Huven deb 4, N Y NH&Havaeb6e 14s. . N Y Ry #s 198b ey N Y West & 150ston 4 s 144 Norfolk & Wes Northern + | year Short Line rel 4s 1929, Wash st cel s 1981 Feunay VAGIs Ken ¢ Yu 1985, ‘eunsyivaiie gen bs |48y 2 Vivania e 193e 1 an 1947 1o 104, o 102 101 % K 4 i B o 1014 e T #r s 91l 104 0, [ a4 1040 1045 12 1o 104 101 B0 B 0T 47N 86 86 A b Port Y L& P& 1teading 4 s el Hio (irande Weatern WL AC & L4 s 1984 SILIMaGS &G SUL & San ¥ran or (D A8 A 1980 SUL & a0 ¥ruo pr in o8 1960, UL & Ban Kran inc 4s 1WAn, Boaboaco Alr Lige cof 190y, Seaboard Alr Line ad) os | S0aboara Alr Line 0on 4s | ¥4 douthern Pucific ov 48 192y, Southern Pacifio col 4s LWy hern Pucifio ref 4 1966, . uthern ity cen 4s 1964, 4t Ky L8t b 1998 ithern Ry dev diye 19l Inird Ave adios 1960 ... Union Pacing (st 48 1947 Viesinian iy st os 1982, Wahaah 18t ha 1949 .. bush b %8 1976, L1040 1044 tern Maryland v M 8L Wentern Pacifio bn 16 PR DR West Shore 1st 45 2381 87 8y v " . 104k 10254 1z | 20.86. N | Are Strong. NEW YORK, July 28 market, having broken out of the | narrow trading area within which | it has been fluctuating during the last | month, today made a further recover | which carried a number of the leader to new high ground. Professional oper- | ators continued to dominate the mar- ket and apparently succeeded in at- tracting an outside following:. Ex- treme gains ranged from 1 to nearly 7 points and were fairly well main- tained, despite the usual week end profit-taking Publication of record-breaking semi-annual report by the General | Motors Corporation was the principal | overnight news development. This was | | supplemented by favorable statements | of a number of smaller industrial cor- porations, many of which did better | | than expected in the first half of the | year. ‘The stock a Rail Reports Not Glowing. June railroad statements, which ap- peared during the week, were mot so | | faverable. the first 55 roads to report | showing net operating income of $740.- | 416.000. a decrease of 52 per cent as compared with the same month last | "Credit_conditions were not a fz ldn today’s market as the Friday ctor call | . [ Tate holds over the week end. and there | banks themselves, save that they have |big balance there was no change in other monetary ac- 'rnmmndn“ona A stiffening in call BY L A. FLEMING. “Call money” is one of the th)nxs! j(han the average layman knows 1:-<s‘ labout than almost any other financial subject. Many know all about “de- mand loans.” as made between borrow- | post, and naturally {ers and banks and yet are entirely ig- | stronger rates. ; | norant of the ins and outs of the great | lflm‘:“: !‘;“;'(";‘mlfl:;“m:;smw:t g’l: t o f t {at the “money post” on the New ank! hey are not far from their high point Stock Exchange. | right now. Wall street often has been blamed for | | mantpulating money. for controlling {monev, for rigging the stock market and for a_dozer and one things. And | yet Wall Street is & necessity, a money | likely to effect the stock market ad- market s a necessity to bu:lln . SU0CKS | versely. re necessary that corporations may be | 2 . financed—and the conduct of all 1y con- | How It Works Out. ducted without much friction and with| Here is a definite transaction that distinct. positive benefit to many and | will give in itself a story of how it works. losses o only those who seck for prof-| The American Security & Trust Co. |its_and go wrong in their guessing. of Washington, D. C., finds that it has | The direct beneficlaries of the so- |$250,000 more cash than it needs today. |called money nool. are bankers. who | Local clearings indicate that it has a find at ‘he “post” a market for their | credit balance. At 11 o'clock in the surplus reserves, where loans can be | morning the proper officers of the quickly made and ss speedily called and | American Security & Trust Co. notifies paid off where propcr and acceptible | the like official of the Riggs National collateral is available for security for |that it wishes to loan the amount their loans | named on call in New York. The Na- Interior banks have the same privi- | tional City Bank of New York is the leges at the call mart as the largest | correspondent of the Riggs National city institution and New York City |and the trust company also carries a An order is given to meet ~ small commission exacted by | to transfer $250,000 of this balance to the New York correspondent who makes | the credit of the Riggs and in turn it stock market is one of the chief reasons for a good call loan rate. the post when the crop movement is practically over its rush; heavy Lorrow. ing by chants and manufacturers at is reflected in Federal Reserve officials are continuous- | ly familiar with the size of the borrow- ings, and are ready, if necessary, to sound a warning, which would be most rates next week in connection with |the Ioan. examines the collateral. lists|is transferred to the credit of the New month end setlement is generally ex pected, but there is still widespread difference of opinion as to general trend | | of rates in the next three months. | |, Montgomery Ward was the feature in today's market, soaring 6% points to a new high record at 177%. This con- | trasts with the vear’s low of 117 and | with a price of 213 less than four years ago. 2 |" New peak prices for the year, or | longer, also were registered by East- | man Kodak, Electric Auto Lite, Gen- eral Ice Cream and a few others. Abitibi Power issues sank to new lows. Motors were mived. Chrysler and | Dodge Bros. issues lost ground on the | announcement that sufficient stock had | not _vet been received to make merger effective. Hudson ran up more than 4 points at overcrowded short interest. and Gen- eral Motors. Nash, Packard and Pierce | Arrow preferred advanced a point or | iwo Steel Common Lower. United States Steel common closed | fractionally lower at 144!, after having touched 145%. | brought- about recessions in American Can. American Smelting, International Nickel and International Harvester. Poor June railroad earnings report were offset by reports of large current car loadings, particularly on Western carriers. Chicago & Alton preferred stood out with a net gain of nearly | potnts Foreign exchanges displayed a slight- | ly improved undextone although trad- ing was quiet. Sterling cables were quoted a shade higher at $4.35 13-16 Time money and commercial paper rates held firm. COTTON SELLS DOWN. Week End Covering Lifts Prices, i but Se1ling Follows. NEW YORK. July 28 (#).—The offi- cial forecast for shows in the Eastern | belt where fair weathor had been ex- | pected over Sunday caused considerable | week end covering in the Cotton Market | today. After a decline of 9 to 11 points the | market railied 22 to 25 points, October | selling at 20.95. Private complaints of boll weevil also attracted attention, but | during the last few minutes selling ir | ereased in volume ai prices lost p | of the gains, October selling back to The general market closed easy net advances of 4 to 7 points. COTTON GOODS RISE. | Linens Being Cleaned Up Actively | at for Sale Purposes. NEW YORK, July 28 (#).—Cotton 50005 in th gray showed improvement today, more especially in fine goods where inquiries have increased for | broadcloths, shirtings and lines that have become scarce for spot shipment Linens are being cleaned up actively for £pecial sale purposes, buying of colored | luncheon sets and damasks being steady. | Costume linens were quiet. ~ Burlap | markets were steady, but inactive. Raw | silk advanced at Yokohama, where sales | were larger. Silk goods were in bot- ter demand for Fall cufting, Further lines of tropical suitings for men's wear were opened, showing advances over | last year ranging from 2 cents to 7' cents a yard. PRODUCE EXCHANGE. NEW YORK, July 28 (#).—Rye firm { No. 2 Western, 1.13, fob. New York d 1.1114scif. export. Barley barely steady: new, No. 2, 909, c.if. New York | per 46 pounds, August shipment. Wh spot. barely steady: No. 1, dark North- ern Spring cif. New York. lake and rail, 140%,: No. 2, hard Wintey f.ob New York, lake and rail, 1.32',; No amber durum, domestic, 1.241," No. mixed durum domestic, 1221, No | Manitoba, domestic, to arrive, 1.4214, i bond. Corn, spot. frregular; No. 1 yellow, ¢ Lf. 'New York, all rail, 1.9, | No. 3 yellow. domestic, 1.271% c.f. New | York, domestic. Oats, spot, steady; N6 white, nominal. Other articles un- changed PLAN STOCK CHANGE. NEW YORK, July 28 (4).—Erie Rail- | road directors are reported to be plan- I ning an exchange of two new shares |of 6 per cenv preferred stock and $3 | In cash, for three shares of 4 per cent | | Airst preferred, and two shares of new | preferred for each three shares of 4! per cent second preferred outstanding | A special meeting of directors may hs | called, 1t was said, before the next| | regular meeting, on August 24, to give | |ample time for approval by stockholders |and the 1. C. C. before the end of the | The cash distribution to preferred { holders would be about $479,000 STOCK SALE APPROVED. NEW YORK, July 28 (). Directors of South Coast Co. have aufhorized the sale of 27,500 shares of unissued com- | mon stock, which will be offered pro rata to stockholders, with the right to | purchase one-fth share for each share of preferred or common at $20. Pro- | ceeds will be used to enlarge grinding capacity of its four Loufsiana, TELEVISION FIRM FORMED. NEW YORK, July 28 (). —The Baird | Televiston Corporation has been incor porated in Delaware with capital of | 1,000,000 shares, no par value Cats Pop Out of Mail Box. MARYBVILLE, Callf. (Hpecial) Mailmen are getting all sorts of con- | tributions in mail boxes here lately. A | | box was opened at Fourth and D streeis and out came & couple of cats, which some practical joker had thrown in without nddress or stamps the | the expense of an ' Profit-taking sales also | he sugar | light, market about stead: mills in | 12-quart Climax basket it and notifies the correspondent whose | York bank. Then the money broker 1 oy o~ d. {money has been loane | 18 notified and pls\l‘*cs the loan o " Through the National City Co. in this £orpem Homs T M !c"_v. the Riggs and then th trust com- | Great industrial corporations. creat- v are informed as to the borrower |ures of this day and age, have long|and the list of collateral. Where there |since reached the stage where they, 100, | are no private wires, the list is mailed have more cash than they require in|in the afternoon of the same day and their business—that iS at certain sea- | is delivered the next morning, if sons of the yenr. ~General Motors, du- | possible. Font. United States Steel Corporation, | "It however, the broker desires to re- | Baldwin Locomotive and many other in- | pay the loan he may do 50 on the sec- | dustrial and railroad corporations. ond day, or, in the event of the lending | . A study of the situation in the in- | pank desiring to “call” the loan he | dustrinl corporations shows that 106 of | et de ta pefge | eloos i MO the leaders in this field have ceased to | joans can be called after that hour. be_borrowers and have become lenders.| It the loan is for a longer period Fortunately a circular on this sub- | than one day, the borrower may make ject of recent date on the authority of | substitutions of collateral and the lend- Stone, Webster & Blodget of New York [er will be given immediate notifica- is at hand and is reproduced herewith. | tion of the change. ‘That the great manufacturing and | S HEMIB industrial corporations have revolu- | tionized their financial policies since| Whether a‘bank has surplus funds the post-war deflation period. and are for the call money market depends {no longer dependent on the money | largely.on the requirements of its own market. is disclosed by a study just|clientele. Bank clearings invariably compieted by Stone, Webster & Blodget, | furnish information as to these de- mands. In every large city there are Inc. covering 106 leading companies d engaged in 18 major industries. The clearing house associations and clear- inference may be drawn from the an- INRSs, th® accumulation of checks on | alysis that a substantial proportion of | Other obanks in possession of another the funds formerly required to finance | bank, obtained in the conduct of busi- 5 ness, are exchanged with representa the current needs of industry have be- B i Z tive of the banks on which the checks come SYRIAI Ioc sck mATRES dperke | SU0 S e Wil 2t Gl o iz other banks return checks that they have accepted as cash from other mem- ber banks A Busy A. M. for the Bank. After this operation is over each bank knows just how conditions are, whether it will be necessary to draw on second- ary reserves, borrow from Foderal Re- erve sources or have surplus funds to loan If the latter, then New York is asked to place the loan on call. New York bankers do not guarantee the loans they make: they charge 5 per cent on the inter paid by the borrower to the lender; they carry on their own book three call loan accounts, first for thef own account: second, for their bank customers, and third. for others, the latter including corporations and som> very wealthy people who not infre- auently have sums for temporary loans. Call money makes the mare go—it furnishes the needful for completing by cash payments all transactions on the New York Exchange—the differenc between the margin put up by the bor- rower and the cost of the shares. Owed Much in 1921, “The 108 companies owed $586,627.- 000 at the close of 1921. On December 31 last the total had dropped to $148.- | 028.000. The majority of the com panies making raflway and electrical cquipment, fertilizer, industrial chem icals. apparel and automobiles entircly climinated the notes payable item in the six years. In the same period the 106 companies increased their cash and marketable _securities from $707,574.- 000 to $1.718.492,000, and their net working capital from $2.631,194,000 to $3.760.746,000. In addition the large | Industrial corporations have become | fmportant lenders of money in the market | Sales records, obtainable in full from v 40 of the 106 companies, show an se from $3,724,063.740 in 1921 to | 0,002,070 in 1927, coincident with | ncrease in inventories from $902. 066.440 to $1,141.494,200. In brief a| or cent greater sales volume was | with an inerease of only 26 | cent in inventories. | Naturally when call money rates are | more cash is seeking tempora LOCAL STOCKS & BONDS 't at the money post than | Bought, Sold or Exchanged when rates are weak and lower. Na- aurally a 5'. per cent rate will bring SMITH-HENDERSON & CO. Main 6 | out more offerings than a 3'. to 4 per cent, but many banks use the call loan market at all times, because they re- place the money in their vaults or use 1* to care for debit balances in the clearing house recalling it to their own needs when wanted almost instantly Prolonged activity in the New York In Nearby Virginia Prudential 51/2% Insurance Co. Loans Commonwealth Investment Co. 017 I15th St. N.W. Wholesale Markets Today's market report on fruits and vegetables, complled by the Mar ews Service Burcau of Agricult Economics, says Cantaloupes—Supplies liberal: de- mand good tor good stock; demand light for ordinary stock, market about steady: Arizona salmon tints, jumbos, 27s, 365 and 45¢, 1.75a2.00, mostly 2.00: stand- 5, 150, ponys. 45s and 1.25; flats, all sizes, 1.7502.00. Misc: lanccus melons, supplics liberal; de- | mand moderate, market about steacy California, standard crates, honey dews. 1.75a2.00; ripe, low as 1.25! honey dews, jumbos, 36s and 455, 2.9503.50: pony 455 and 54s, 1.50a2.25; best mostly 2.00 ———— Loans to Salaried People “Character Plus Earning Ability Our Basis of Credit” REASONABLE RATES FASY PAYMENTS WASHINGTON WIMSE COMPANY 903 N. Y. Ave., 2nd Floor. \ Lettuce Western stock: supplie: light: demand moderate, market stead: . California crat iceberg type. 4-5 | dozen, mostly 5.25; few higher: Eastern . stocks, supplies moderate; demand mod- erate, market steady: New York. dozen crates, big Boston type, 1.75a2.00. | Onlons—Supplies light; too few sales roported to quote Peaches—Supplies heavy moderate, market dull; and | North Carolina, sixes, U. S. No. | 1, small to medium size, 1.00a1:50: ripes, | soft, low as 75; Gieorgl, sixes Elbertas, medium o large size, 1.50; bush baskets Elbertas, medium to large size, | 1.60; bushel baskets Elbertas, large size, 17502 00; North Carolina, bushel bask- els Elbertas, large to very large size, U. 8. No. 1, 2.00; large size, 1.75a2.00 Potato Market Firm. | Potatoes—Supplies moderate; demand | moderate, market firm; Eastern Shore. || Vi, and Eastern Shore, Md., cloth-top | | stave barrels, Cobblers, U No. 1 branded, 1.60a1.7 Waterielons—Supplies liberal; d mand moderate, market steady; brokers' arlot sales delivered Washing South Carolina, 4 tlers, Excells pound average, 250, Tom Watsons, pound average. 175 String Beans—Supplies moderate; de- mand moderate, market steady; home- | own supplying the market, home- grown, bushel baskets, green stringl 1754200 Lima Be moderate Caroling, hampers Okra WHEN YOU WANT A REAL ESTATE LOAN ON YOUR PROPERTY Consult | demand PEIRE . i ! T'he Federal-American Company at 1352 G Street N.W. CAPITAL S EXCEED $1.230,000.00 ER. JOHN POOLE, President FIRST & SECOND TRUST MONEY Complete Financing of both FIRST and SECOND trusts on —~HOMES —APARTMENTS ~BUSINESS PROPERTY No Appraisal Fee Prompt Service hs—Bupplies liberal; mvm,md:‘ market about steady. North | Eastern Shore, Md., bu: 1.50a2.00 | Supplies demand Tennessee, moderate Real Estate Mortgage & Guaranty Corporation Main 1403 26 Jackson Place | 75, | Apples—Supplies moderate: m-umm| | light, markel dull; Virginia, bushel | baskets, Transparents, U. 8§ No. 1, 21, | | inches up, 1.26a1.50; ripe, soft and 25a1.00, according to size smaller sizes {and condition NAVAL STORES PRICES | | | SAVANNAH, Ga. July i | Turpentine firm, 481, sales ve- | | 712; shipments, none; stock, | | Rosin firm; sales, 1,750; re-| 2,585; shipments none. Stock Quote: B, D, B, F, (3, 8152, H, 8.20-25 1, 8.20-25: K, £.20-30: M. [} N, A50-58; W0, 0.55:60; WW, 9.85-10.00; X, 9.83-10,10, ceipts 5,405, celpts 108,03 ALLTREADS LEHMAN'S TIRE SHOP 12th & K NNW, Main 4 ain 140 Country banks offer surplus funds at | the banks lessens the ¢ flerings at the | The New York Stock Ex- | | change, the banks of New York and the | Phone Main 260 ||| session, but in tne restricted trading | | utilitles and several industrials ad- anced and week end profit-taking re- | cessions were small. Spanish and General extended its gain to a new high of 10'2 as buying continued strong. Fox Theater A and Warner Bros. Pictures were also active, but declined fractionally on profit-tak- | ing. Bancitaly gained fractionally. Glen Alden Coal, Dictograph Prod- ucts, Procter & Gamble, Van Camp pre- | ferred, Ford Motor of Canada and Niles | Bement Pond made gains of from 7 to 4 points, while Columbia Grapho- | | phone and Southern Asbestos were strong. Bliss & Co.. Mavis Bottling and Deer & Co. encountered profit-taking. Tubize Artificial Silk dropped 6 points in a few sales. Safeway Stores and Sanitary Grocers dropped 6 and 4 points, re- | spectively. Cities Service and Electric Bond & Share made fractional gains in the | utilities group. United Gas Improve- ment and United Light & Power made advances of about a point. but en- | countered profit-taking at the close | Newmont gained fractionally in the! | mine group. while Noranda declined | slightly. Ofls were neglected. FOR 2d MORTGAGE LOANS on IMPROVED REAL ESTATE Consult H The Federal-American Company at 1352 G Street N.W. CAPITAL FUNDS EXCEED $1.250,000.90 W. T. GALLIMER. JOHN POOLE. Chairman, . President. I WILL SELL £3.000 Arlington Apts.. 7%, 1933, @ 99, 300 Columbia * Countrs Clab " 8%, 10 Mort. & Guaranty & Guarants eom- [ AR 500 Natl. Mort.' & Investment com- 10 Units Internatl. Finanee @ 60. 10 Citizens Bank of Takoma. bid. 500 Miller Train Control. bid. 10 Units Vaseo Products @ 20. || THOMAS L. HUME 1412 G St.—Main 1346 | Louitiana Grades of Petroleum Ad- | vanced in Price. | _SHREVEPORT, La. July 28 (®).— | Coincident with the announcement | here today by the Texas Co. of an in- | | crease in the price of North Louisiana | i crude ofl ranging up to 22 cents a | barrel, Root Refineries posted notice of an advance of 6 cents a barrel for | | Rainbow City, Arkansas crude of 33 | gravity. w | The top price quoted on Louisiana | erude under the new schedule is $1.76 for 44 gravity and above and a lower | of 60 cents for 24 to 249 gravity, A -cent differential was announced in | the price of gravity including 32 to 1329 and a 5-cent differential for the | other grades. | Purchasers are expected to meet the I new schedule of prices posted by the | Root Co. Eldorado, Ark. advices | quoted the new schedule at 61.25 a barrel for 33 gravity or above and 1.15 for gravity of 30 to 329 Consult Us First If you need money for vour Real Estate financing let us have your application today. I Prompt Service No Appraisal Fee The Commerc?nl National C ompany f Experience Personnel Facilities | Location ‘ Prestige These features of service are offered to owners of apartment housc!. THOS. J. FISHER & CO., Inc. Real Estate Brokers | 738 Fifteenth St. N.W. 5 The SEAL of SAFETY | LEGAL FOR g NATIONAL BANKS | The 6147 Insured Mortgage Bonds of the Fed- | eral Security and Mortgage Company, in addition to | the safeguards surrounding principal and the liberal | vield of 614% net, assure the conservative investor of | their safety, as they are legal for National Banke. | Secured by mortgages on owner-occupied homes | in the District of Columbia, unconditionally guar- | anteed as to payment of principal and interest by the 1 Equitable Casualty and Surety Company of New York, with total resources of over $3,500,000, and deposited with a large National Bank as independent trustee, these bonds are the direct obligation of the company. h total resources of over $1,000,000. Maturities 2 to 10 vears, Descriptive Circular Sent on Request ~ Federal Security ¢ Mortgage Co. 1522 K Street N.W | CAPITAL & SURPLUS OVER %750.000.00 CAPITAL ¢ SURPLUS OVER $750.000.00 MORTGAGES A MAN AND HIS MONEY ——come to a sure parting of the ways when the man gives heed to the lure of “something for nothing™ or “too much for too little.” The attachmens between man and money is strengthened when he invests in our 6% FIRST MORTGAGES Principal safe. Interest earnings are sure and regular, and they are — morcover— fully adequate to conservative expectation. is Available in Amounts of $250 and Upward B. F. SAUL CO. Main 2100 925 15th St N.W. NO SUBSTITU TE FOR SAFETY