Evening Star Newspaper, June 10, 1930, Page 13

¥ ing Tree Club next Priday afternoon . < and L. M. Proctor, secreta ,Clon < district, THEVY CHASE BANK FINANCIAL. Notice—All stocks are sold in ene hundred-share lots excepting those designated by the letter s (65s) (285s) which shows those stocks to be sold in odd lots only. ~Prev 1930.~ 8tock and Sales— High. Low. Dividen Add 00, High. Low 424 22 Abitibi Pwr & Paper 3L 30 647 AbILIbI P& Pt (6), 80 541 27 26 LY ~ 138% ELECTS WALKER New President Succéeds’ Late Frederic E. Farrington. | Dividend Is Declared. BY EDWARD C. STONE. John C. Walker, a retired business “ man, who was long prominent in Wash- | ington business circles, has been elected | g:‘esident of the Chevy Chase Savings: ank, to fill the vacancy caused by the sudden death of Frederic E. Farring ton, which occurred a few days Ago. Mr. Walker is returning by motor from the District of Columbia Bankers' As- sociation convention at Asheville, N. C., and will assume his new duties at once, having already been notified by wire of his election. Mr. Walker has been connected with the Chevy Chase Savings Bank since shortly after the bank was organized in 1922, serving as a director of the institution and as a member of the! executive board. The bank has grown ' rapidly during that time and no di-| rector has been more pleaséd or active in endeavoring to keep up the steady expansion. For 35 years, Mr. Walker, who is a | native of Washington, was engaged in the grocery business, after which he Prev. Olose Close. 31 30% 81 80% 55 58 ) 29% 274 Advance Rumley pf. 26 18 % Ahumada Lead. % % 145 189% 25% 25 1% 1% 6% b% 28% 224 100 100 22% Allegheny Corp. 951 Alleg Cp w $30 w B34 89% Alleg Cpx$30 w 5% . 9315 Alles Cp w340 w 6% 57 Alleg Steel(2.30).... 255% Allled Ch & Dyené) 49% Allis-Chalmers (3).. 107 18 Amerada Corp (2) 54 5% Am Agricul Chem... 1 26 Am AgriculChof... 6 77 Am Bank Note (#3). 8 61 Am Bank Note pf (3) 108 64 Am Beet Sugar...... 8 25 Am Beet Sugar pf 1 44's Am Brake Shoe(2. 2 118% Am Br Sh & F pf (7). 208 85 Am Brown Bov Elec. 50 60'¢ Am Brewn B B pf(7) 208 128 21% 80, Am Car & Kd) 951 Am Car & Fdy pf 52'x Am Chain Co 13). 757 Am Chain pf (7)., « Am Chicle (12%). 1213 Am Comm Alcohol..., 18% Am Encaustic (1)... 36 Am European Secur. 65 Am & Forn Power... 45! 7 3 10 2 entered the real estate business as an investor. He decided about 10 years 220 to Tetire from active business. His willingness to enter the business harness again, this time as a banker, pleased the other directors very much. He is a former president of the Co- lumbia Country Club serving in that of- fice four years, and is & member of the | ‘board of governors of the Racquet Club. | The other officers associated with him | in the bank are Thomas W. Perry, first | vice president: Joseph A. Burkart, sec- ond vice president; J. E. Troth, third vice president and cashier, and W. A. ‘Weaver, assistant cashier. At the directors’ meeting held last might the board declared the regular semi-annual dividend of 2 per cent. Dividends and Earnings Reports. The board of directors of the Bank of Commerce & Savings has declared the regular semi-annual dividend of 5 per cent, payable July 1 to stockholders of Tecord June 20. At_the meeting of the directors of the Federal Storage Co., held late yes- terday, the regular quarterly dividend ©f 2 per cent was declared on the pre- ferred stock. The disbursement is pay- able July 15 to stockholders of record June 30, E. K. Morris, the president, announced today. Peoples Drug Stores, Inc. report sales for May of $1445,175, compared with $1,226.404 in May, 1929, an in- crease of $178,771, or 14.1 per cent. For the five months ended on May 31 sales were $6,887,385, compared with $5,855,276, an increase of $1,032,082, or ~ 17.8 per cent. The David Pender Grocery Co. re- ports sales for May of $1,428,080, com- pared with §1.318088 in May, 103 | crease of $110,024, or 8.3 per cent. For the five months ended on May 31 sales were $6,631,267, compared with 293,625, an increase of $337,642, or | 8.3 per cent. American Stores sales for four weeks ended May 31, $10,927,956, a decrease of $809 from like 1929 period: for 22 | wfl'llp ended May 31, increase of 1 per | «ent. Bond Men to Elect Officers. i The annual meeting and election of officers will be one of the features of | the Washington Bond Club's annual outing which takes place at the Burn- and evening. More than 100 high- pressure bond experts and their friends | are expecting to attend. Delegations from Baltimore and from . J., it being the intention of some of these visitors to take some | golf prizes back with them. Local members have been asked to play early in order to be ready for the dinner, election and several entertainment fea- sures to follow. Pranklin Ellis is president of the club, Sidney Thomas, vice president, -treasurer. 4 The club reports an unusually success- ful year. Member Banks' Loans Increase. The Federal Reserve Board's condi~ statement of weekly reporting member banks ig leading cities on June 4 shows increases for the week of $231,- 000,000 in loans and investments, and $245,000,000 in net demand deposits, and a decrease of $23,000,000 in Gov- ernment deposits. - Loans on securities, which at all re- | porting banks were $184,000,000 abows the preceding week's total, increased $187,000,000 in the New York district, $13,000,000 in the Chicago district, and | $11,000,000 in the Cleveland district, and declined $11,000,000 in the Boston | 000,000 in the San Francisco | district and $7,000,000 in the St. Louis district. “All ‘other” loans increased . $8,000,000 in the Philadelphia district, $7,000,000 in the New York district, $5.000,000 in the Boston district and $18,000,000 at all reporting banks. Gleaned in Financial District. The dean of Washington stock brok- ers, W. B. Hibbs, of W. B. Hibbs & Co., returned to Washington yesterday after spending the past month on trip to the Far West. During his tou the Washington broker spent some time | visiting his old friend, Samuel J. Blythe, | at his home at Monterey and also | visited San Prancisco and other Pacific | Coast_cities. Eliot H. Thomson of the Washington Loan & Trust Co. will be the principal | speaker at the regular monthly lunch- | eon of Baltimore bankers today. M. Thomson has been asked to speak on | the subject of “Co-operative Advertis- ing_and Its Advantages. 4 The offering of Treasury certificates in the amount of $400.000,000 has been three times oversubscribed. ‘e Heavy Trading on Exchange. The Washington Stock Exchange en- joyed a busy session today, the mar- ket, leader being Mergenthaler Linotype. This stock opened at 1007 and closed at 100 on a turnover of 144 shares in about 12 different transactions. Capital Traction closed at 663, on s very small turnover. It is believed among members of the Stock Exchange that the court ruling in the Capital Traction case will be handed down in the near future. perhaps within the next fey days. The cas has been pend- a fong time and holders of the intenscly interested in the decision Washington Gas Light stock appeared on the board today, five shares selling at 125. Potomac Electric Power 5'; r cent preferred moved at 107 and 07%. In the bank stock division 20 shares of Security Savings & Commer- # cial sold at 482 and 10 shares of Riggs National registered 485, and three shares of Merchants Bank & Trust sold at 125. < Pifty shares of Real Estate Mortgege & Guaranty preferred sold at 7, 50 shaves of Carpel Corporation at 241y and two 100-share blocks of Naticnal Morigage & Investment preferred changed hands at 47;. Washington Gas 58 and Railway & Electric 4s were in good demand at recent levels. It was reported among financiers *+ here today that there is much local In- | terest being shown in the coming repar- ation bonds. The issue is expected this | week. | MERGER PLANNED. | INDIANAPOLIS, June 10 (#).—Nego- iations for a merger of the Van Camp Packing Co. of Indianapolis and the | Jewel Tea Co. of Barrington, Ill, were under way here today. The Van Camp + company with $2,000,000 assets, is en- iaged in packing focd products. The Sem Tea Co. imports tea, coffee and Officers of the Van Camp com- 47 said they were not yet prepared 199 128l S, | e popered low: o 105 118 1 2847 2 b1 95 95 19% 4 55% 35 35% 5%y 02 10 314 65 6314 Am&Forn Pwr 2d pf. Am Hawailun 8S (2) Am Hide & Leather. . Am Home Prod(4.20) Am Ice (14).. Am Internatl (2). Am La Fr & Foamite Am Locomative (4), Am Locomot pf (7). Am Mach & Fay (7). Am Metal 13). Am Nat Gas pf Am Plano. Am Pwr & Lt ( Am P&Lt pf A st(5). Am Pwr & Lt pf (6). n1%. 213 £6% 10214 AR Am Rolling Mill(n2) 147 67% 59 Am Safety Razor(§). 2 35, 7918 141 2214 334 524 116 56% 697 110 1 26% 274% 2 2641 197 14 651 9% 24% 40% 46 60 04 124 16 s 120 141% 1 Bty 534 51% 115% 1 29% 25 881y 991y % 19% 5 ® 56 523 340 35 05 21% 221y Am Ship & Com. Am Sm & Ref (4)... 133'% AmSm & Ref pf (7) Am Solv & Chem. ... Am Sol&Ch ev pf(3). Am Steel Fdy (3)... 19 110'4 Am Steel Fdy pf (7). 10s . 58 Am Stores (2).. Am Sugar Ref (5)... Am Sugar Ref pf (1) Am Sumatra Tob. 'm Tobacco (8) Am Tobacco B ¢ Am Tobacco pf (4).. Am Ty Am Ty Am W Am Wat W 1st pf(6) Am Woolen. Am Woolen pt Am Writ Paper ctfs. AmZinc Ld & Sm. Am Zine pf (6). Anaconda Cap (1) Anaconda W&C (3) Z Anchor Cap (3.40).., 10 Anchor Cap pf (6%). 2 Andes Copper (3),.. 12 Archer-Dan-M (2).. 3 122% 126% 1121 961 82% 744 Armour of Del pf(7 Bl 4% 65 13% 461 501y 2421 2. 107 1 1754 1 B0% 51%, 106 5% 2% 55 6% 33% 28 16 02% 61 59% 75 106 101 37 30 263% 1 58% 9 38 161 1 122 1 841y 110 1 B4ve 116% 1 34 56% 1104 1834 1 a1 69 5 90% 50t 12 2414 354 4 84 224 85 8% 9 16% 66'5 178% 1 2 30% 330 31% 43 16% 14% 89% 74 4 110% 35 | 100 51% 481 4% 5% 29% 112% 114 1 297n 33% 30 5% 2265 1 524 34 28% 3624 1 9% 52 10 981y ATh 28'4 26 36 37 4% 24% 09 10% T8% 07 63 09 31 901 224 34 46 3% 60! 32 95 13 21 1o 4 € 68 63 8474 10 53 31 40 13% 144 224 334 9% 8la 7 297 26 984 17 09 5% 1 L0% 16% 19 5714 87% 49% 24 18% 92 54 | 191% 1334 481y 59 14% 68% [ 1041 91 20% Armour of 111 (A) Armour of 111 ¢B) Atch To & S Fe (10), Atch To & SF pf (5). Atl Coast Line (110) Atl Gulf & W Ind(1). Stores (n1)... _ 6f Austin Nichpr A (3) ™ 1 Auburn Auto (34)... 46 Auto-Strop Sat R(3) 7 Aviation Corp of Del 139 Baldwin Loco (1%). 55 Baldwin Loco pf (7) 50s Balto & Ohlo (7). 13 Balto & Ohlopf (4). 5 Bamberger pf (634). 100» Bang & Aroos (3% ). Bang & Aroos pf (1). Barnsdai, A (2).... Bayuk Cgr 1st pf(7). Heatrice Cream (4). B'trice Cream pf (7). Beech-Nut Pkg (3).. Belding-Hemingway Belg N Ry pt pf 6.49. Bendix Aviation (3). Best&Co (2)......0 Bethlehem Steel (6). Bethlehem Stl pf (T) Blaw-Knox (1%)... Bohn Al & Brass (3). Borden Co (k3 Borg Warne Yritish Empire St British Em Stl 2 pt. Brockway Motor Trk Brockway Mot pf(7). Bklyn-Manhat (4).. Bklyn Man Tr pf (6). Brooklyn & Queens. . Bklyn&Queens pf (4) Bklyn Union Gas (5) Brown Shoe (3) Bruns-Balk-Col Bruna Ter & Ry § Bucyrus (1)....... Bueyrus cv pt (2%) Budd (E G) (1) 6. 63% 145'% 148% 40t 40 164 161 184 . 2 26% . 3 EXes 10 124 89 Burna Bros (B). . Burns Bros pf (7). Burr Add Mcb (1), Bush Termnl (2%) Butte Cop & Z (50¢) . Caulif Packing 14) Callaahan Zine & Ld. Calumet & Ariz (2).. Calumet&Hec(al%). Campbell Wyant (2) Cannon Mills (1.60) Capital Adm (A) Caxe (J 1) 16). . Caterpillar Trac t31% Cavanagh-D pf 6% ) tex (3) Cen' Aguirre Ax 1% Century Rib Mills... Cerro de Pasco (8 Certain-teed Prod. Checker Cab (4.30).. Ches & Ohio (10).... Ches & Ohio Corp (3) Chi & Alton. . Chi & Aiton pf. Ch) & Eastern Il pf. Chi Grear Western. . Chi Great Westn pf. Chi M1l S1P & Pae €hi MII §'P & Pac of ‘hicazo & N W (8) ©ht Pneu Tool. ‘hi Pneu T of (314). Cni R & Pae ) Chi R 1 & Pae pf . Chi Yellow Cab (3).. Chickasah Cotton Ofl 4 107% 106 27 20 63 5 Clark Equipment (3) Cluett-Peabody (5).. Coca-Cola (6) . Coca-Cola A (3) Colzate-Pal-P (3%), Collins & Afkman. .. Colonlat Beacon..... Col Fuel & Iron (2} Colo & Sou 18t pf (4) ol tenn & K1 12) ol Gas & El of A(§) Col Gax & El pf B(5) Colum Graph (a2c) Columbian Car} Comm Credit &. - 9% 587 23 204 39 146% 138 329 21 2K 29 THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 1930.— Low 31% Comm Credit A (3).. 22 Stock and Dividend Rate. Bales— Add 00. High. 5 37w Comm Cred pf B (2).100s Comm Inv Trig1.60) 10 Comm Solvents (31) 324 Comwith & Sout60c) 538 Cmwith & Sou pf (6) 10 Conde Nast Pub (2). 1 Congoleum-Nairn. .. -100 Congress Cigars (4). 1 Consol Cgr pr pf 6% . 140s 17 Consol Fiim pf (2) 11 Consol Gas N ¥ (4). 980 Consol Gas NY of(§) 2 Con RR Cub pf (6) Consol Textil ContainertA) ¢« Container(B). 161% 1194 60 195% Contl BAkIng (A). Contl Dia Fibre (3).. Contl Insur (3.40). Contl Shares (1) Corn Prod (13%) Corn Prod pf (7) Coty. Inc 1k2). Cream of Wht(12%) Crex Carpet. .... Crosley Radlo (1). Crown Zellerbach(1) Cructble Steel (k5). . 408 3 D Curtiss Wright Corp 427 Curt ht Corp A. 70 Cutler-Hammer(3%4) 9 Davison Chemical ... Deere & Co pt (1.40) . Delaware & Hud ($). Del Lack & Wn (17) Denver & RG W pf.. Detrolt KKdison (8). . B Devoe& It tA) (% 40). 1 Devoe & R 1st pf (7). 108 Diamond Match (8) 4 Dom Stores (31.20).. Drug Corporatn (4). Dunhill Intl (34) Du Pont de N (14, 152 Dupont deN db pf(§) 8 Durham Hos p£($).. 2308 Eastman Kodak (1) 140 Eaton Axle &8 (3).. 18 Eitington-Schild. . 1 Eitington-Schild pf.. 4 129 El Pwr & Lt (1). €1 Pwr & Lt pf (1 Blec Storage Bat ( Emerson Brant (A. Endicott-John (b)... Eng Pub Serv (2.40), Eng Pub Sve of 15).. Equit Office Bldg (3) Erie R R. a Erie R R 18t pf (4) 4 Eureka Carp Cl (4).. Evans Auto Ldg 23%. 8 Exchange Buf (1%). 10s Fairbanks Co pf. Fairbanks Mor: Fash Park Asso. Fed Lt & Tre (31%). Fed Lt & Trac pf (6) 10s Fed Min & Smpt (1) 1 Fed Wat 8. A (e3.40) 11 Fedurated Dept Strs, 3 #id Pho Fire 1(2.60), 6 Fifta Ave Bus (64e). 50s Filene i Filine Firestone T&R(1 Firestone T&R pt(§) 1 First Nat Stra (3%). 27 Flsk Rubber. .34 Fisk Rubber 1st pf..1390s Fisk Rub 1st pf ev.. 1008 4 Follansbee Bros (3). 2 Foster W Foundation Co Fourth Natl In Fox Film (A) (4)... 425 Freeport, Tex (15).. 16 Gabriel Snub(A)new 3 Gamewell Co (5) . 1 Gardner Motor 3 ler (2), 149 S 12 Gen Am Tnk Car(34) Gen Asphalt (4) Gen Bronze (2). 21 154 Gen G&Elev pf(6).. Ital Eds (a2.62). Motors pf (1)... t Out Adv (2).... Gen Out Adv(A) (4). Gen Printg Ink(23%). Gen PublicSve e Gen Ry Signal (8)... 21 Gen Realty & Otl... 26 Gen Real & Ut pt(8). 2 Gen Refractor(14%) 31 Gen Steel Castpf (8) 2 4 Gen Theat Equip vte. 157 Gillette Saf Raz(ns) Gimbel Bros Glidden Co (2 Gobel (Adolf). Gold Dust (234).,... 12 Goodrich (BF) (4)., Goodrich (BF) pf (7) Goodyear Tire (5) Goodyear 1st Df (7 Gotham Silk Ho: Granam-Paige. . Granby Copper (8).. Grand Silver 8 (m1). Grand Union. ... Grand Union pf (3). Granite City Stl (¢). Grant (WT) (1).... Grt North pf (5)..., Grt North pf ct (8).. Gr Nor ctfs Ore (a%. Grt West Sug(1.40). Grt West Sug pf (7). 60s Grigsby Grunow.... 3i Gulf Mobile & North Guif Mo & N f (6).. Steel (4) pL(7). 408 ck W (13%) 90s Hackensk pt A(1%). 20s Hahn Dept Stores. .. 19 Hahn Dept S pf(6%) 1 Hall (W F) PrCo(2) 4 Hamilton W pf (6).. 205 Hanna pf (new) (7). 2108 Har Wkr Ref (12%). Hartman (B) (1.30). Hayes Body. . . Hercules Mot (1.80). Hercules Powder (3) Hercules Pow pf (7). Hershey Choe (6). .. Hershey Choc pf(16) Hershey Ch pr pf($). Hoe (R) & Co Holland Fur Hollander Son: Houdaille Her . Househld Fi pf 13%. Houston O}l (b10%) Howae Sound (143).. Hud&Man Ry (3.60). 1 58 15 4 Hudson Motor (§) 4 Intl Carrie Hupp Motor Car (21, Illinols Central ()., Independ O1l & G(3). Ind Motor Cycle. Indian Refinin; . Indian Refining rets (b6 % stk) Ingersoli-Rand (16) Inspiration Cop (2) insurance Sh (45¢) Interlake Lron (1) Intl Agricultural. Intl Agricul pt (1).. Intl Bus Mach (n6).. Litd %. Intl Harvester (334) Int] Harvester pf(7) Intl Hydro E1 A (e3) Intl Mateh pf (4)... (ntl Mer Marine (1). intl Nieki of Can(1). intl Nick Can p£(7). (ntl Pap & P (A)2.40. Intl Pap&Pwr.| ki (Continued on Page e ™% 883 38U 45% 45% | 945 1274 13 | Moreover, there are signs of a change | Department of Agriculture) —Potatoes— | SHANNON & LUCHS | STAR, WASHINGTON, D. C, TUESDAY, JUNE 10, STOGKS N RALLY AFTER DOWNTURN Short Covering and Support- ing Orders Check Decline of Last Few Days. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, June 10.—The stock mar- ket appeared stunned today from the severe blow received late yesterday. Price trends fluctuated uncertainly. A mild rally in the morning attracted re- newed selling around midday, but the list again firmed up in the early after- noon. Trading was in large volume, with the ticker substantially behind the market. The action of the market was in the main confusing and unsatisfactory to all interests, save perhaps shorts, who were willing to cover at these levels. The market did not show sufficient re- cuperative power to encourage any drive against the bear factions, and traders Who bought at the low levels in expecta~ tion of & sharp technical rally met with only limited success. Bears, on the other hand, were not very successful in depressing the list further. Margin Calls Heavy. Traders were inclined to fear that considerable distress liquidation may still be hanging over the market, al- though the fact that public participa- tion has been almost negligible during the past several weeks and profession- al operations have been rather 1eeble, tended to minimize this danger. It was said in brokerage circles, however, that margin calling was in substantial e. VO fication of U. . Steel's unfilled tonnage figures for May at midday prompted considerable short covering. A decline of about 245,000 tons during May was about in keeping with esti- mates and the seasonal trend. The figures were not interpreted bullishly, but they failed to cause any further unsettlement, and shorts, who had been waiting for lower levels, decided to cover. Corporate and business news, how- ever, was unsatisfactory. Houdaille Hershey cut its dividend rate from $2 annually to $1.20, and Tubize Chatillon and Durham Duplex omitted the pay- ments due at_this time. American Radiator and United States Radiator reduced their price schedules and the recent advance from 4.50 to 4.60 cents| a pound made by several sugar re- finers was canceled. The American Bankers’ Association Journal, however, is & survey of business, stated that the ground was being laid for substantial Tecovery. Price Trend Shifts. | Gains of 2 to 6 points in a fairly| wide assortment of shares were record- ed during the morning, lost arcund midday, only to be replaced by other gains of like extent in the early after- noon. Several of the high-priced shares, | popular among _professional _traders, | such as Case, Worthington and Va- nadium, shot up several points. Rail Stocks BY GEORGE T. HUGHES. (This is the first of a series of brief analyses by Mr. Hughes on rallroad securities. The intent is not to recommend the purchase or sale of any particuiar stock, but to give the investor such information as may enable him intelligently to rt his own course.) c;‘e‘lore beginning & detailed analysis of specific raflway stocks it is well to take a survey of the general situation. Railway shares are unpopular just now, both for long-term inyestment and for short-term holding. THe reason for the reluctance to make commitments over a period of years is the doubt about the effects of competition from other forms of transportation, ahd the reason for the neglect of the stocks speculatively is the slump in earnings which has continued throughout the first half of 1930. Of these two objections the lormtr.l provided it is well founded, is the more important. It is true that for a decade past_ the railroads have lost passenger traffic to the motor car, privately op- erated or in the form of the bus, and that there is no sign of any turn for the better. Some roads have succeeded in recapturing & part of this lost trafc for the long haul, but the great ma- Jjority of them are still losing. When it comes to freight, we find a similar situation, but in much less de- gree, although the truck has made se- rious inroads on railroad business. Then, too, the era of railroad expan- sion in the United States is definitely closed. There is some new construction in the Far West, but it is offset by abandonment of unprofitable brunch lines, and there is no growth in rail- road mileage in any way corresponding to the increase in output of our great industrial corporations. The argument in favor of industrial common stocks as against bonds is that holders of the former participate in a steady growth which parallels that of the “country generally, while the bondholder has a fixed and limited claim on earnings. If the railroads e at a standstill in the matter of the service they have to sell, it is a sericus point against ratlroad stocks. It is ad- mitted that the traffic slump is tempo- rary, but, on the other hand, it is argued that, pending recovery, there is no reason to buy railroad stocks. Finally, the carriers are subject to the strictest of public regulation. They are controlled by the Interstate Com- merce Commission in the matter of rates, in the matter of financing, as to merger and In numerous other ways. in the political situation. The trans- portation act of 1920 was hailed by the friends of the railroads as a great con- structive step; but the present, temper of Congress is not as favorable as it was. Witness the Couzens resolution on consolidation that passed the Sen- ate. In brief, the foregoing are the main contents in the indictment against railroad stocks as investments or as speculations. o POTATO MARKET. CHICAGO, June 10 (#) (United States Receipts, 185 cars (new), 2 cars (old on track, 472 cars (new), 15 cars (old. total United States shipments, 534 cars; old stock too few sales to qoute; new stock, steady, trading fair; Southern sacked Bliss Triumphs, 3.25a3.40; few fancy higher; North Carolina, barrels, Irish_cobblers, 5.25a5.40; few 5.50. Money to Loan on Real Estate District of Columbia or Maryland 517 & ¢ Prompt Decision on All Applications 1435 K St. N.W. National 2348 | to be considerably less than at this | | and of relatively low corn prices next | 1930. CATTLE PRICES ARE AFFECTED 1 BY RECEIPTS AND HOT SPELL| Recent Sharp Upturn in Market May Bc\ . Fouowed by Small Range of Values ‘ for Several Months. BY FRANK I. WELLER. Associated Préss Farm Editor. Dipping in sympathy with accumu- lated receipis and hot weather, cattle prices may have reached the end of their sharp upturn, and for the next several days may idle along until the character of supplies becomes better established. ‘There have been few times when of- ferings ran so contrary to precedent. Only about 10 per cent as many fin- ished steers came to market this week as for the same period a year ago. At Chicago cholce steers numbered 164 head, as compared with 2,000 in 1929, and good steers dropped from 12,000 head to 5000. On the other hand, common steers totaled 5700, whereas there were but 481 offered last year during the same time. Despite the shift in make-up, steer receipts were about the same—21,966 last week and 21,949 a year ago. " High Prices Last Summer, The change is explained in part by | the fact that lower grades of beef cat- tle sold unusuall - high last Summer, reaching a top of $12.50 on June 21, and feeders were encouraged to schedule the same kind for slaughter this Sum- mer. The scarcity of corn was & con- tributing factor. Prices now are around $9.90, as compared with $11.80 for the same time last year. Too many cattle have not been in feed lots for sufficient time to carry a nor- | mal finish. A larger proportion of | light-weight low-grade cattle was fed | this season and there has been a tend- | ency to utilize more roughage and a| lighter grain ration. There has been a | marked effort to liquidate holdings and:| in some cases to advance the marketing | date. Frequently cattle could not be re- financed, a condition which has forced many cattle on the market which origi- nally had been started for late Sum- mer or Fall markets. Although grass-fed stock soon will be- come abundant, finished cattle are ex- pected to be well represented at least until Fall. An eight-year average show: that 17 per cent of Chicago steer r ceipts during June are made up of fin- ished animals. They totaled 22,000 head in June, 1929 July has been the best month of the year for finished cattle receipts and the | poorest for common stock. Numbering | 26,000 head at Chicego last July, the | former usually run around 21 per cent of steer receipts there and hold a strong_but slightly lower percentage on until November, | The fact that fewer grass-fed cattle| are expected from the Southwest this year may tend to strengthen the mar- | ket for medium-grade cattle. Grazing Cattle. ‘With the continued poor demand for feeding cattle and the relatively low | Jevel of stocker and feeder steer prices| for this season, some economists believe | the situation during the next few months may be quite favorable for the| purchase of cattle for grazing or fin- ishing out on a corn ration for the late Fall and early Winter markets. ‘The supply o fsuch cattle is expected time last year, and with the possibility of improved consumer demand for beefl Fall, fat cattle that be marketed durir- e next month | or two might oly be replaced | by correspondi: 'y lower price feeder | animals for Feli and Winter slaughter. | A weaker wholesale beef trade had a part in halting the two weeks’ steady rise in live prices. Compared with a week ago, steer beef was 50 cents lower to 50 cents higher at New York, cow beef 50 cents lower and veal $3 to $4 lower. Early demand at Chicago was | followed later in the week by a hot- | weather slump and failure of the kosher beef trade to rally after the holidays. Many sharp price donces- sions were made to close out cars, As a result of combined factors, cat- tle prices stopped their almost per- | pendicular climb when they had risen | from 30 cents to $1 above the new low | levels of the season which came sud- | nacessarily must Mt;ney to Loan TRUSTEED SHARES the IDEAL INVESTMENT for Y demand — 8. L) OROWTH of principal Specially suited to long-term in- vestments for individ trust funds and funds of organizations Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation 'ood: Bullding. !I. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Your Money Back-- Plus $2,500I ET aside $32.50 per month for 120 months, under the In- vestors Syndicate Plan. The Syndicate will then pay YOU $33.33 a month for the fol- lowing ten years, which is more than you have paid In —and atthe of that “'“l(lh addition, pay ayment plans are shown In fre oklet, Enjoy Money.” Send for it toda —175,000 INVESTORS — INVESTORS SYNDICATE FOUNDED - 1894 BARR BUILDING 'WASHINGTON, D. €. Telephone: Metropolitan 1879 ormcrs in W PRINCIPAL CrTies | before | denly during the week ending May 17. | With the exception of choice steers, | most classes and grades were back to the point at which prices broke in May. Hog prices, as usual recently, fluctu- ated within very narrow price ranges, there being about as much strength | as weakness because buyers were active | on every slight break. Enough strength | developed to force the top at Chicago | iw $10.55, & new high for the season. | The market was strong to 10 to 15 cents higher than a week ago, although New York wholesale pork loin prices were quoted at $1 to $4 lower. Hog Receipts Fall Off. | As compared with last year hog | | receipts on 11 terminal markets are falling off. The first three days of | | the week showed more cattle, sheep | and lambs than for the correspond- | ing period a year ago, but hogs were | | fewer. Cattle receipts are increasing | | on all the 11 markets and sheep de- | creasing. | Although dressed lamb was 50 cents | to $1 higher and the bright spot of | the New York wholesale meat trade, | fat lambs have fallen off 50 to 75 | cents in the last week. Common grades, $2 to $3 and fat ewes, $1. First of the season's shipment of Spring lambs from Washington are reaching the market and California lambs have reached a new top of $13.25. It probably will be the middle of June Southern and Northwestern lambs begin to move in considerable volume. Considering the present demand situ- | | ation and prospective supplies of lambs, | any material recovery in prices may be difficult to hold. Supplies as a whole continue rather large, and while they are slightly below those of a year ago there are many lambs in the corn belt ready to take advantage of any material advance in prices. SILVER QUOTATIONS. NEW YORK, June 10 (#).—Bar sil- ver, 36%. On improved Real Es! and n Home Apartment MORTGAGE LOAN 1321 Connecticut Ave. Large and small loans Also money for sound 2nd Trusts Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. S4th Issue of Stock Now Open for Subscription Money loaned to members on easy monthly payments Jll'nfil F. Shea James E. Connelly President ecretary First Mortgage Loans e in the District of Columbia rby Maryland and Virginia for 3, 8 er 10 year terms on your 5%% Apply RaspaLL H. HIAGNER & COMPANY NEW YORK LIFE INSURANCE COMPANY —_—— First Mortgage Loan Applications Invited at I 5% Construction Loans Glover & Flather 1508 H St. N.W. National 1753 Office Building Business Property CORRESFPONDENT Decatur 3600 G.M.-P. MURPHY & CO. New York Richmond WASHINGTON Philadelphia London New York Stock Exchange Washington Stock Exchange Richmond Stock Exchang New York Produce Exchange New York Curb Exchange Copy of our “Fortnioh 1510 H Street tly Review™ on Request Connecticut at K National 9600 F. B. KEECH Members of New York Stock Exch: Washington Stock Exch New York Curb l;m New York Cotton Exchange Bremen Cotton Exchange N. Y, Coffes & Sugar Rxchange, Inc. New York Ce change, I Minneapolls Chamber of Commerca Assoc. Members) & COMPANY Bk Koy Cotten Association, Ltd. H'm-hhl- Rubber Excl New York Hide Exchenge, Inc. National Metal Ezchange, Inc. — DIRECT PRIVATE WIRES H CORNER 17TH ST., N. W.. WASHINGTON NATIONAL 0245 www voms enicase moosL T SEASONAL BRANCH OFFICES PRIQP'E RTY Apartment House MANAGEMENT MANAGEMENT UR management car- ries with it judgment gained by experience so that your best interests are constantly studied, result- ing in greater profit from your investment. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100