Evening Star Newspaper, June 29, 1930, Page 64

& FINANCIAL ~ BUSINESS OUTLOOK " DIFFERS CREATLY Some Lines Improving, While Others Remain Far Be- hind 1929. Status. Bpecial Dispatch to The Star. NEW YORK, June 28.—Current indi- cations of the trend in various divisions of industry and trade are summarized by the Standard Statistics Co. from its HIGH-GRADE BOND PRIGES RULE FIRM Convertibles Irregular, Sec- ondary and Specufative fssues Are Easier, UNITED STATES GOVERNMENT. i h. Low. Close. Siike. 10030 98.26 Lib3%s1932-47.....101.1 100.25 1011 .1, 102.1 100.10 Lib 1st 43 s 1932-47. 1029 1021 1022 -.7 102.29 100.28 Lib 4th 41 s 1933-38, 102,29 102.23 102.26 +.1 101.25 98.30 U S 3%s 19404 +101.26 101.22 101.25 101.29 \99.1 U S3%s1043-47.....101.29 101.24 101.29 106.17 103, US3% .106.6 105.29 105.29 109.4 701.16 U S 4 54, +108.30 108.18 108.19 usaée UB43%s1947-52.....112.31 112,22 112.2% —1930— Low. Stocks and Dividend. 5% United Dyewood. . 7% United Elec Coal. 83 United Fruit (4) 31% Utd Gas & Improv (1.20) 97 - United Gas Imp pf (5).. 1 5 United Paperboard. Hien, Low. Close, Sitbe. 961 96% 8215 81 THieh, 100K 100% 2 ss-Shefeld Steel. .. . Power & 101 1004 413 Sloss-SheMeld 8l pf(1) Gtilitles P& L 6% 80% 89 ,§ Saider Packing Co lor Ing pf.. btk i 96% Bolvay Am Inv w w 109% 108%: Wilson & Co 100 9% : - =2 +.4 ¥ -1 -6 = ++ I+ 9' FEREEE F¥ 55 102% 101% 99% 98% 98% 98% 98y 85% 84 85 104% 108% 104% + % 92y 92 -2 4% 9% .1 102% 102% 108% 109 + 1 62 63% 9% wa + W % 100% 100% - % 104% 106 —-% ; - Atch T4 8 Feady s gy 87 Sou Ry M & Ohlo cfa(4). 33 Spalding (AG) (3)...... 108 Spalding A G 1st pf (7). 19% Spang Chalfant & Co. 92 Spang Chalfant pf (6). .. 13% Sparks Withington (1).. Il|+|+l+'+’+9. F Fe o2 g FEFe"sBe¥aist? BY DONALD C. BOLLES, Associated Press Pinancial Writes, NEW YORK, June 28.—Irregularity ruled the movement of bond prices on the New York Stock Exchange today. Trading was on a moderate scale for the half-day session, with buying largely of a selective character. High-grade bonds held their ground except in a few in- stances, but an easier tone was appar- ent in secondary and speculative issues, which have declined most of the week. The inquiry for legal rails issues was small, with some of the most active is- sues absent from the dealings. Con- vertible issues of Rock Island and Atchisan rose sharply, but the down- ward course of Baltimore & Ohio 4155 d several other issues gave an irregu- to the stock priviege group. Utllity issues were steady under mod- erate accumulation. U Power 55 gained ' point, and rising tendencies Were displayed by American Telephone ), 53, International Telephone 5s and Pa- cific Gas & Electric 5s. Forelgn bonds were quiet and moved within “narrow limits;- United States Government's steadied::Liberty 1st 41 | rose fractionally; Treas + 53 9% 99 95 94 100% 99% 103% 102% 108% 108% 104% 104% 109% 109% 94lin 94 104 103% 88 87% T AL, ’ 7T% U S Leather pr pf (7)... 18% U S Plpe & Fdy (2). 48% U S Realty & 1mp (5). 20 US Ruhbher..... 41% U S Rubber 1st of 17% U S Smelting & Ref (1), 47 US Smelt & Ref pf(3%) % 151% U S Steel (7).......... 141 U S Steel Corp pf (7). 49% U 8 Tobacco (4).. 122% U 8 Tobacco pf (7) . 26 Universal Leaf Tob (3),. 103% Univ Leaf Tob pt (8). 30 Univ Plctures 1st pf (8). 2% Univ Pipe & Rad Util Pwr&Lt A (e3) 41, Bolivia 78 ct .69 Bordeaux 6s ‘34 Brazil 6155192657, Brazil 8541, . 1024 Canada 5s 62. 88 Chile Republi, first-of-the-month resume of the out- look for important lines, as follows: Agricultural implements—Net income for the entire first half of the year will make fair comparison with the like 1929 pericd. Aircraft—All indicdtions point to the ¢ fulk year 1930 as a fundamentally poor 21 Chiness Govt Ry 58°6 period for, the industry. Flying opera~ 67t Colombia 68 1961 Jan tions, however, continue to incre 95% Copenhagen bs ‘62, brightening the longer term outlook. 109% Czechoslovakia §s Apparel—There is little prospect for 99% Denmark 638 195 & marked improvement in prices or in 1031 Denmark 6s ‘42, earnings of companies during the re- 101% mainder of the year. 101% Automobiles—For the year as a whole, 995, seems reasonable to estimate an ag- 97 gregate outturn at least 20 per cent 1124 French s 1175 117% hvxer';hllmof :;:"vi.— & B 118 French 73%s'41... 122 122% \utomobile i g prof for the parts group in the full current el oy ey Bankesiiis S year will be materially below stmilar 81 GresLissT06s sy 85} Teturns last yea i Automobile tires—Second half-year % 96 -Irish Free State 5= 60 98 earnings, while promising to exceed ¢4k Daly 78 'al. .. those of the like period last year, will Japanese 61 not raise results for the full 12 months Kreug&Toll s ct w1 69 to 1929 levels. + Mexico 45 1004-54 1y Building—During the final six months, Milan 6%s 52, .. 915" X8 especially after July, this year's results Nethasinnae ta e, 105 should provide a favorable comparison New South Wal Norway 5%48s. .. with those of 1929. Coal—Earnings of both anthracite Orient Dev 5% s '67. _ Paris-Lyons-Med 6s 68 2= RE T INENERE 2 Balto & Ohilo 6s 5 Splegel-Ma Stand Brand, B& OS W Div 65 1410 Boston & Maine bs Broadwy & Tth Av Brooklyn Manh 1st s A. Canada National 4%s'64 Canadian Natl ¢ %8 ‘67 Canadian Pacific Central Pacific 48 *49 Central Pacific 65 1960. .. 10. Chesapeake Corp 68 °47... Ches & Oh gen 48 Ches & Ohlo 4%s 98 ChiB&Q4%s B 17, Chi B & Q ref 68'71 Ch & East 11l gen 58 ‘51 Chi Great West 48 ‘59 ChiNMStI&P6s'T6 Chi M 81 1I"& P ad) 5s. Chi& N W 6%s'36 Chicago Rys bs 127, Chi R 1 & Pac ref 4534 Chi Union Station 4 IV I++ ++ FEFFEE F FREF REREE FE 108% 110 101% 101% 104% 108 101% 101% 101% 101% 99% 99% 100 100 1++ Stand Gas& Elec pf (6).. Stand Gas & Elec pf (1), Stand Inveat Corp. . Stand O of Cal (23) Stand Oil Export pf (5). Stand Oil of Kansas (3). Stand Ofl of NJ(12). nd . Stand Piate G =ik 1 Virginia-Caro Chem Stand Plate Glass pf. 3 Y Stanley Co of America. ? Starrett (18) (+23) Nteriing See A .. 4 Sterling Secur pf (120). Sicrling Sec ev pf(3). Stewart-Warner (1), Stone & Webster (4).. - Van Raalte pf... 11+ 4+ e PP i+++1 L0+ - - 105% Vitgzinia 1 & F pf (7)., 6 Vulcan Detinning (4) ' bl 30 Wabusn 71 Wabash pt (A) (6)... 24% Waldorf System (1%) SILVER QUOTATIONS. 3AEW YORK, June 28 (#).~Bar slver, 5. 106 80 8O 101% 101% 89% 89% 103% 108% 102% 104 er Co pf (7). ... % Submarine Boat. Sun OIl (11). Sun Oll pf (6). Superheater (13%). Superior Oil Chi & West Ind 6% Cleveland Term 68 B 7 Cleveland Terminal 6 % Colo & Bou ref 445 '35 Cuba R R 68 '62 Cuba North b % Del & Hudson 6%s Den & Rio Grande en and bituminous producers for the next six months will fail to equal results of the similar 1929 months. Cotton—Average price in the next six months will not be materially higher, except possibly toward the end of the year. Electrical equipment—Results dufln’ the second half of 1930 are likely to fal moderately below those for tne corre- sponding 1929 period. Farm products (grain)—There is lit- tle reason for any sharp recovery in Wwheat prices during the near future. The outlook for corn is clouded by in- dications of a larger yield for the com- ing crop. Office equipment—Earnings of most manufacturers should register improve- ment during the final half of the cur- Zent year. Paper—Profits of leading companies for the full year will no doubt exceed ;ls;gwenerllly disappointing returns of Petroleum—Aggregate results in the coming months should at least equal - those for the same interval in 1929. Radio—The outlook for the second half is uncertain, although involving fewer difficulties than were encountered during the past few months. Railroads—The second half of this year will show much smaller losses than those reported for the first six months. Railroad equipment—Orders recently Teceived and current requisitions point to sluggish operations in the Septem- ber quarter. Retail trade—The appearance of any marked expansion in trade before turn of the year cannot be considered & distinct possibility at this time. Steel—Full 1930 returns of the steel group as a whole cannot hope to ap- proach 1929 results. Sugar—No material betterment in the statistical position of this market is in early prospect. ‘Theaters—Full-year profits in the ag- gregate will reach unattained heights. Tobacco—The year should be one of the most profitable for the snuff in- dustry. Utilities—Longer-term prospects re- main favorable for electric light and pes power companies. The long-term out- T80 look for gas companies is conspicuously 106 favorable. Prospects for telephone and 20% telegraph companies during the coming six months are closely dependent on the extent to which general trade re- covers, EMPLOYES SUPPORT STOCK SALES PLANS Practice of Placing Securities With Workers Has Proved Successful. I+ 38% Warner Bros Ple (4). 12% Warner-Quinlan (1) 404 Warren Bros (3). 28% Warren Fdy & Pipe (3. 5 Webster-Eisenlohr. 51% Webster-Eisenlohr pf. .. 2244 Wesson Oil & Snow (3).. 50% Wesson Ofl & Sn pf (4).. 99 West Penn Elec A (7)... 97% West Penn Elec pt (§) 105% West Penn Eleo pf (1) 104% West Penn Power pf(6). 113's West Penn Power pf(7). 43 Western Dairy A (4) wt ++4++1 Feex Poland 8s'50. Queensland 22 sgre s V444 | First Mortgage Loan Applications Invited at 5)5% Construction Loans Glover & Flather 1508 H St. N.W. National 1753 Symington Telautograph (1.35) T Copper &Ch (1)... s 22828 ¥ resre"s 104 104% 102% 102% 88y 8% Ji 1] 95y Rio Grande Do Sul 65 670 148 '52 89 Sao Paulo Sta . 99 995 Seine Dept of Is 107% 107 Serbs.Croats&Sia 824 84 Serbs Croats Slov8s'62.. 95 93 941 4 Swiss 6348’46, ...... 103% 104% Toho Elec Pwr 7s'65. 99 9% Utd Kingdom 5%s '87 103% 1044 Uruguay 6s 1960. 9% 95% - Vienna 6s 1952. 86% 87 Warsaw 7s 19! 0% 72 Yokohama 6s 96n 96'% MISCELLANEOUS. Abram & Straus 5% s'43. . 991 Alleghany Cocv §s "44. 97 9T% 4 Am Agri Chem 7%s 41 103% 104 Am Beet Sugar 6s '35 0% 70 70 % Am Chain 65 1933. . 101% 101% Am 1'G Chm 548 1949, 1011y 10245 Am Internation 5%s ‘49 93 94 Am Natural G 6%s 2% 801 2 41y Am Sm & Rtef 1st bs 1010 101% + Am Sugar Ref 6s ‘37, 10215 103 Am Tel&Tel cv 41 160 160 Am Tel & Telsf5 1041 105% Am Writ Pap 6347 81 Armour & Co 43s°39. .. 90 Armour of Del 6% '43. B0 Atlantic Ref deb 53 '37. 101% Bell Tel (Pa) ref bs ‘48 Beth Steel pm s Certain-teed 5%s 1948, Chile Copper b5 *47., Colon Oil 6338, . % Columb G & E deb 58 '62.. Comm Invest 5%s 49, .. 931 Comm Invest deb 68 '48 995 Con Coal (Md) 1st ref & 6 Detroft Edison ref 6540 % 107 107T% 91'y Dodge 6s'40 .o 9% 92 96% Duquesne 41431967 1004 100% 66 East Cuba Sug 7%s'37. 68 68 General Cable 55 1947 99 .99 Gen Motors 6s 37 101% 101% A Goodrich (B F) 6155 47 1051x 106 o e e Boa e % . k orfolk & W en 4 Goodyear Itub 55 1957 9ty w2 bbb Humble O & R §%s 32 4 101% 101% e North Pacific 4597, . Inland Steel 4%s 197 9474 North Pacific 58 D 2047 Inter Cement 58’48, 991 Intar Comant bed » North Pacific r 1 68 2047 .. nter Matcl . " 9914 Vi . Inter Mer Marine 63 100% 100% OfvenTat st s e Inter Paper 53 A 47 811 8214 Int Tel&Tel cv 4% 106 108% Kendall 5%s 48 (war 82 82 . Lackawanna Steel 61 '50. . 108% 103% Lacledes %s D '60. . 102% 103 t& Myers b8 '51. 103 103% uz 12 s Inc 65 ex war'd1 97 97 Lorillard 6%s "37. . 9% 91k Manat! Sug s £ %3 '42. 37 40 i Midvale Steel 55 36 i 100% 100% Montana Power 63 1943 102% 102% Nat Dairy Prod 6348 48 9% 95% Nat Radiator 61681947, 281, 2215 2214 New England Tel 58 5: 10614 106% N Y Edison 15t 6148 '4 s 114% 4% NYTel4tyn 1004 101 N Y Tel 6341, 106% 106% North Amer Ed &5 101% 102 Northern States Pow 1013 1017 Pacific Gas & Ei 101% 102 4 Pacific Tel & Tel b, 106% 106% 214 Pan-American 6 102%, 10214 Para-Fam-Lasky 100% 100% % Philadelphia Co 58’67 995, 10014 Phil&Read C&1 68 wi ° 95% 97 Philips Petrolm 6% 9214 Postal Tel & Cab b % 91 Reming-Rand 6%s'47... 974 96 i Sinclair Ofl 100% 100% Sinclair Ol 78'37, 103% 103% Sinelair Crude OIl 614 s. 100% 100% Sinclair Pipe Line o 98 o8M Southwes Rell Tel 6554 105 105% Stand OII N J 65 102% 103% Stand Ol N ¥ 4 98 99 Sugar Est Orie; 39 . 39 97% Tenn Copper 6 ; 100 97 Transcon OIl 635 '38. 107 (BENNEE L N AR RN} 3 Erie con 75 30 .o Flor East Coast 68 '74. Fonda J &G 4%s '52. Grand Trunk s £ deb 6s. % Grand Trunk 7s *40 Great North 4148 T Greut Nor gen 538 Great North gen 183 Havana Elec Ry 5%s 4 Hudson & Man adj 65’67 Hud & Man ref 65 67.. Illinots Cent ref 48 65. ... Illinois Central 4% s '66. . Inter Rapid Tran 58 '66 Inter Rap Tr b5 sta 66. .. Inter Rapid Tran 68 '32... Inter Rapid Tran cv 7s... Inter Ry Cent Am 6%s. 4 Kan City South 3 1950 an City South 5: IKan City Ter 1st 43 '60 Lake Shore 45 ‘31 Lehigh Val cn 48 2003 . Louis & Nash unl 45 40. . Market St Ry 78 A *40, Mil EI R & L 18t Minn & St L ref 43 3. MStP&SSM6k%s ' 4 Mo Kan & Tex 1at 45 ‘9 Mo Kan & Tex adj 55 '67. . Mo Kan & Tex pr In §sA. . Mo Pacific gen 48°7 4 Mo Pacific 5s A '65.... Mo Pacific b8 ... Mo Pacific s G Mobile & Ohlo 4%8'77..., Nassau Elec 4551, N 4 N Y Centdeb 4s°34 N Y Cen ref imp bs N Y Cent deb 65 '35 ¢ NYChé& S Lrefs NYCh&SLrefsk New Iaven deb 48 NYNHG&Hart 4%s NYNH&Hecydeb 6s NYNH&Heclt 68°40. NY Ry 65°85. . ¥ T++ 1 +141 +HEUILE L+ FEE ¥ FEFEF Thompson Prod (2. Thompson Starrett Co Tide Water Asso (6! Tide Water Az O pf (6 Timken Det Axle 180c) ‘Timken Roller Bg (3) Tobaeco Product Tobae Prod(A) ( ‘Tobacco Prod dv etf. Transcontl Ofl (30c) Transue & Willlams Westinghse E&M pf (5) 29% Weston Elec inst (1)... 83 Weston Eles Inst A (2), 30 West Vaco Chlorine(2). 274 White Motors (2)...... 86% White Rock M S (1434). 5 White Sewing Machine. . 23% White Sewing M ptf (4).. 11'% Wiicox Ol & Gas. 5% Willys-Overland . 62 Willys-Overland of (7). 3% Wilson & Co.... 7% Wilson & Co (A) 42 Wilson & Copt.. 5 Pol v+t 4+ [ereToree FEFE T4+ 4+ Vi) ) ° Frefefefisfsf sef 9915 e+ L4 The Commercial National Bank Savings Deposits Bear Interest on Daily Balances from Day of Deposit to Day of Withdrawal. Com- pare this method with Trico Products (2% Truax-Tra Coal (1.6 Truscon Stl (g1.20). Twin City Rap Tr (§4).. Underwood-Ell-Fish(5) . Underwd-EIl-F pf (1)... % Union Bag & Paper. Union Carb & C (2.60).. Union Oil of Cal ($2).. Union Pacifie (10). . Usion Pacific of (4)... Union Tank Car (1.60).. United Afreraft........ United Afreraft pf (3).. United Biscuit (1.60), United Biseuit pt (1) Utd Carbon (2). United Cigar Store: United Cigar pf. United Corp. Pitd+0 00400 % Worthington Pump. 67% Wrigley Wm (4).. 41% Yale&Towne Mfg(4). 12% Yellow Truck & Coach 3:% Young Spring (3). 108 Youngston Sheet & 5% Zenith Radlo.......... RIGHTS—EXPIRE. 16 American T& T...Augl 17% 7% Ches & Ohi WJuly 23 18% O Dinontaey . as e usual method of computa- 1% Hackens: uly 1 1% tion. Call and let us ex- Dividend rates as given In ti 1 eash H 4 [paymen's based st quarte rifons. plain, n_the lates ividend. - { Partly extra 4% In stock. § Pa: Other Departments R:ID. 1 Plus lidlrli‘ lock & Paid last year—no regular rate. -are equipped to serve aou ry n earned. 'Pl{lbll in cash or 5 i stogk. 'n Flia 35 " siock: in all banking and fiduci matters. ock. n Plus 8% in ‘stocl The Bank of Personal Service 14th & G Sts. N.W. Resources Over $20,000,000 WADE B COOPER- President [EEEES 2| # 101% 101% b Pay. 105% tock. Plus [EEEEIRESEE IR 2 @ H % 48% in stock CAN PLANT TO BUILD NEAR DEMAND SOURCE Speclal Dispatch to The Star. CAMDEN, N. J., June 28.—The Con- tinental Can Co. will erect a factory adjoining the Campbell Soup Co.’s main plant at Camden to supply the latter company’s entire container require- ments there as well as those of other canners in that vicinity, is an- nounced by Mayor Price of Camden. ‘The Camden plant will be of five or six stories, Mayor Price said, and will employ between 500 and 600’ emploves, | wi | F SR E ER FPEEP FIRST WHEAT ARRIVES AT KANSAS CITY MART Bpecial Dispateh to The Star. KANSAS CITY, Mo., June 28.—The first shipments of wheat are coming into this market and soon the flood will be on, despite reports that in the South- west belt there is a movement to hold grain for higher prices. Lack of storage facilities and obliga- tions will send a great portion of the crop to market. Yields are generally er early predictions, but the har< vest is only well under way and favor- able weather is conducive to high qual- ity. The combine cutting started this week. The binder-cut grain may be stacked for later threshing. In the meanwhile the price has shocked the producer. At interior mar- kets this week the top price was 65 cents, the lowest since 1914, with con- siderable grain penalited a few cents | because of moisture. The producer has cut wages of harvest hands and is doing all ible of his own work, but except in the high plains, where mass produc- tion 1s claimed to produce wheat at 60 cents a bushel on cheap land, he cannot meet cost of production. (Copyright, 1930.) 4-Hour Parking ment of Investment BI 3 601 1+ rEy Money to Loan Secured by first deed of Prevailing ters P4+ FREEL “ Reading 4%s'97. Rio Grand West col 4 RIArk& L ¢%s'3 St L Iron Mt gen SLIM&SR&G¢8'33,, StL&SFprindsA'0., StL&SF ¢%s" an annual pay roll of more than $1,500,000. +4 1 P OFFEF Arrangements have been made where- |- by the Philadelphia Electric Co. and the Public Service Electric & Gas Co. | will . co-operate in supplying electric | power for the operation of the electri- fled section of the Pennsylvania Rail- road between New York and the Dela- ware River. ‘ Experienced Salesman APABLE of earning $5000 per year to act as assistant manager of local office, selling preferred and common stocks. Representing one of the largest and best knowh public utility systems. Must have clientele and experience. Territory— srzesifres Bpecial Dispatch to The Star. NEW YORK, June 28.—Employe stock subscription plans, under which employes may purchase the stock of the company for which they work not only did not suffer any setback as a result of the stock market crisis of 1929, but emerged from that severe test strengthened and enjoying in- creased confidence on the part of em- ploye stock owners. This is the conclusion of the National Industrial Conference Board, 247 Park avenue, New York, following a sys- tematic check-up of employe stock pur- chase plans. In 1927, it may be noted, 2s a result of a comprehensive study by the Conference Board, it was found that 315 such plans were maintained by American industrial concerns. As tan- gible evidence that the above conclusioa is correct, the Conference Board cites many instances of new offerings of stock to employes since the market crash, which have met with a ready Tesponse, in some cases resulting'in a heavy oversubscription of the issue. In one case, in March of this year, an StPKCS Line 4% Seaboard A L ref Seaboard A L con 6 South Pacific col 48 South Pacific ref Washington, District of Columbia and Baltimore 4 South Paclfic 4% First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 8308 15tk Phone N nal 2623 Mortgage Correspondent for The Prudential Insur Cc. of America R E SR ) Southern Ry 1st b Southern Ry gen South Ry dev 6% Thira Ave 1st ref Third Ave adj Unilon Pacific Union Pacific 4s '68 Un Pacific ref 4s 2008 & Virginia Ry 1st 5, Va Ry & Power 68 '34. ' Wabash ¢%s 1978, Wabash 1st 6s '39 Wabash 58 B 1976 Wabash 5%%°75. ..., 1 West Maryland 4s'63..., 1 Werst Maryland 5%s '77.. 100 W 107% + %! 91 86% Inquiries will be held in confidence. Utility Securities Corporation 917 15th Street N.W. 4@ Washington, D. C, 1 Fl PESETA AT NEW LOW. MADRID, June 28 (#).—Widespread reports of labor troubles in the large Spanish cities, coupled with rumors of general political unrest, today sent the « |Peseta t0 a new low level for recent years. At closing the peseta was quoted 8t 9.11 to the dollar and 44.30 to the pound, which is sald (0 be the lowest since the Spanish-American war. SR Half a million people attended the international fair at Budapest, Hungary, this year. e sd bl OLDEST National Bank in District of Columbia rn Pacific 6a'46.... West Shore 1st 45 2361.., offering of 75,000 shares by ‘a large company was oversubscribed by more than 50 per cent. Only 4 of the 150 employe stock subscription plans included in the re- :?nt“;surifey, ‘which wmlf:eg:n“d mnlhfi of the larger compan: ving sucl ?hm. have been discontinued since 927, and in none of these cases was the cause of discontinuance attributa- ?}l‘e to the ‘1“5‘",""““ cr::l: Fur. ermore, only companies report- ed that changes in their plans were be- inally formulated these plans were ing considered, indicating that, as orig- wunqu conceived and had withstood the collapse in the stock market with- out showing the need for substantial Tevision. An importart element of strength in and steel, second-quarter activity was in usual relation to first-quarter activ- ity, el being only seasonal. The quantitative statisties show that the year has not been changing its color as the passed. As trade senci- ment has greatly changed, it is a I cal conclusion that there was too opti- mistic & feeling early in the year and lately too imistic a feeling. Per- haps, therefore, the time is get ripe for another swing of the sentiment pendulum. As to trade itself, no one seems to doubt that steel will increase in activity after its Summer dullness. & The price situation in steel hds not wn any clearer. While this week largest steel trade paper marked down its published quotations on bars, shapes and plates, that represented its effort to depict the matket by fig- ures rather than m{ decline in mar- ket values that be ed to the week or even to a considerably certain "prices have market,” issio carloads be bought at the and them been 'lhld oln':l:l.t'.e' trrewular character, some of the cuts Rl —————y The Japanese government is actively conducting its campaign for the use of home vro&lm in preference to imported There is no market condition that can exercise any influence over our MORTGAGES SHOCK-PROOF INVESTMENT New Business Friends Find a Ready Welcome —at this veteran bank, which is almost as o'id as the city itself, and is the dean of the Capital’s national banking institutions. {Our facilities are seasoned by over a century’s continuous service, and are at your disposal, these plans, it was found, was the fact that in many cases stock been - soXd to employes nnhunfinrl’lge I:-Iaw & 2 Transportation Engineers market price or that the set before the final rapie prices which preceded the crash, Just “Selling trucks” doesn’t make any money for any one any more—salesman or branch. ou have ability and experience to really “sell INCREASE IN STEEL ACTIVITY EXPECTED [ profickie renspereaion” come sk sver e 193 com: plete line MODERN GENERAL MOTORS TRUCKS then if you wish to file an application we will arrange an interview. whatever the size of your bank balance. Open Uniil 5:30 P.M. _June 30th & July 1 DIRECTORS: Arthur A. O’'Brien C. F. R. Ogilby Hugh Reilly, Jr. E. Francis R Herbert T. Shannon H. C. Sheridan Thos. Somerville Merle Thorpe " uckerman 6% FIRST MORTGAGES Compm\md Interest They keep right along, un- 2 P St Paid on Savings changing in yield and unim- paired in security. No matter what is happening in the finan- Without a cial market you can count on the A.A. HOEHLING, Vice Pr Loss stipulated interest definitely. ENCOBSEN, Caghier ‘ /._P. HOLLINGSWORTH, Asst. . May be purchased in amounts c.TE‘.‘"-vflgf-c';. Asst. Cashier, from $250.up. 0 B & 1 DERIORE: Aust Cashier ‘":a B. F. SAUL CO. OBT. E. BRIG Cashier HILDEB MAINTENANCE 925 15th St. N.W. Over a Third of a Century OFFICERS: GEORGE W. WHITE, President O. H, P. JOHNSON, Vice Arthur T. Brice Fredk. De C. Faust Wm. F. Gude Chas. B. Hawley A. A. Hoehling Chas. Jacobsen 0. H. P. Johnson R. M. Kautfmann Summer Dullness Affects Industry " Earlier This Year—Price Jutlook Clouded. Special Dispatch to The Star. RA%.fl.i Cashier Maj. Henry Leonard F. F. V. N. COOK; Auditor A. Lllnt‘l' National Metropolitan Ban ' » - Capital, Surplus and Undivided Profits, Over $2,300,000.00 15th St., Opposite U. S, Treasury—116 Years Old BA| LEASES WWM Motorss Truck Company 30-38 M ST. N.E.