Evening Star Newspaper, July 6, 1931, Page 13

FINANCIAL, GAININ D. C. BANK FUNDS INDICATED Controller’s ‘Call Finds In- crease in Deposits of Some institutions. BY EDWARD C. STONE. Controller of the Currency John W.| Pole issued § call today asking for the condition of all the banks in Washing- ton at the close of business June 30. The call finds the aggregate deposits | of the local banks somewhat larger than they were on the last call, March | 25, although quite a number of lcl‘n\‘ institutions have fewer deposits than | they had three months ago As many banks as could be reached before press time reported the follow- ing deposits on June 30, in comparison with the last previcus call Jun . | T M £0.950.53 Crenes | 16273192 9.385.446 19,149,660 4,995,745 3.609.014 7.288,544 18.603.754 1,886,894 50.371.166 6.928.530 2.048.266 2.284.802 4.226.451 Bank Bank of Washington 39.198.271 Columbia 4.791.738 Commercial " . 15.611.108 Distriet £ 9,005.693 Federsl-American ... 18.847.001 Prankin ........0 5.113,265 Liberty 3.680.455 Lincoln Metropolitan National Capital R Becond National Commerce & Savings McLachlen 2 Mount Vernon ... Park Savins Potomae Savings Sec. 8ev & Com Seventh St. Savings United States Wash. Mechanies American _Security Munses Trust National Sav Union Trust Wash. Loan & Tru Anacostia Bank 2.430.928 4276162 3.707.365 3.648.261 3. 30 | 6215432 5.959.001 1,054.567 3,560,903 2,050,104 33.535 33.362.223 5003194 8 & Tr. 14304531 9.208.027 . 16,831,070 1.568.700 1.307.029 17,982,918 1,474,647 1.049.117 1.325.127 Northe: 1 1,698,285 20 Banks Gain in Deposits. Of the first 30 banks reached, 20 showed gains in total deposits, while 10 reported decreases since the last quarterly statement. It was stated today by ficials that within a few days prac- tically all the local banks will have deposits equal to or above those on the March call This forecast is based on the fact that funds drawn out to avoid the per- sonal tax due July 1 will be back in the banks in a few days. Much switching of funds takes place around the last of June, many _investors placing their money in Liberty bonds or_other investments temporarily. The fact that total deposits in some banks are lower than three months 2go is not causing the least worr: Many banks still have more money than they know what to do with under present interest rate conditions. In a few days The Star will publish the deposit figures for every bank in the city, the tabulation showing ex- actly what changes have taken place in_the last three months. The June | call practically always comes on the last day of the month, as that is the end cf the Government fiscal year. Business Outlook Impreving. Although no definite improvement has become visible, there is some basis for the growing belief that t lowest level of depression has seen or will be seen within the very near future. says the Guaranty Trus Co. and that some degree of tangiblc recovery should manifest itself during the second half of the year The very fact that six months have passed without bringing further sig- | nifieant recession can reasonably be re- garded as a sign that the process of readjustment s nearing completion. Moreover the general level of activity | appears to have reached approximately as low a point, in comparison With | what is generally regarded as normal. as | it ever did in the course of past de- pressions. The recent behavior of security and | commodity markets has also been con- | siderably more reassuring than it was during the earlier part of the year. s Trading on Exchange. ‘Business was rather quiet on the Washington Stock Exchenge today after | the double holiday. | The opening transaction was in Po- | tomac Electric Power consolidated 5s, $2.000 selling at 105. Washington Rallway & Electric pre- ferred stock sold today to the extent, of 20 shares at 100. { Federal-American National Bank &, “Trust Co. stock appeared on the board, | three 10-share and one 5-share lots selling at 50. practically the same price | at which this stock has sold all the| year. | Real Estate Mortgage & Guaranty| preferred changed hands to the extent, of 25 shares at 6'5 i After call Potomac Electric Power Bly rr cent preferred figured in two small sales at 1117 ! The market cloged with Peoples Drug : Stores preferred stock moving at 101 in two 10-share lots. l bank of- i Buying for Profit BY GEORGE T. HUGHES. l | In times of business depression and | subnormal corporation earnings those companies which have no bonded in- | debtedness are obviously in the best po- | altion. They may omit the dividend on their common or cn their preferred stocks and yet remain entirely solvent. The shareholders go without returns on their investments, but bankruptcy is not | involved. If, however, there are heavy fixed ' charges ahead cf the stocks the situa- tion is quite different. Interesi on bonds must be p:id regardless of earnings or receivership is threatened. The market price of the bend then is a more accu- Tate guice to the credit of a corporation | than is the price cf its stock. Also the | market price of the bond with the | shorter terms is more informative than the price of a long>r maturity. The reason for this is, of course, that the short term iscue must be met as to princip>] cn maturity and not simply as to interest as is the case with the leng term one It is sometimes difficult to refund when the bond market is as demoralized as jt was during the first half of this vear. Inveitment bankers will not un- dertake public distribution of any se- curit es unless they are of the highest grade and for these extra.rdinary prices are paid, but most corporations are not abls to measure up to the high stand- ards demanded at such a time. Generally temporary bank loans are resorted to when bonds cannct be sold. Traders then watch closely the market quotations for short term obligations of any corgpany. the positi:n of which is in question. They are not so much coneerned about the price and the yield on the long term issue even though that e in other respects as under in- vestment, secured by mortgage for instance, whereas the short term bond may be a debenture merely. This situation has resulted in recent months in certain corporations buying their own bonds with nearby maturities ‘while leaving the distant ones to shift for themselves. The spread between the return on the two kinds of security sometimes is almost fantastic. It pre- sents an opportunity for the informed investor courageous enough to buy long-term bond selling at a large dis- count, because he observed the reassur- m-(“x-num appraisal of the short term Copyright, 10313 THE EVEN NG _STAR NEW YORK STOCK EXCHAN Recelved by Private Wire Direct to The Star Office, Note.—All stocks are sold in one hundred share lets . excepting those designated by the letter s (80s) (250s). ~Prev. 1831~ Stock and Bales— High. Low. Dividend Rate, Add 00. High. 144 3% Abitibi Pow & Paper 3 5 2315 114 Adams Express (1).. 10 109% 70% Atr Reduction (t4%) 1 10% Alr Way Elec Appl. . Alaska Juneau (40¢) Alleg Corp. . Alleg Cp $40 . Prev. Low. Close. Close. 4% 5 164 17% 5% 5 12% 1% 324 Allied Ch & Dye (n6) 129 Allis Chalmbers (2) .. Gl 26% Alpha Port Cemt (1). u Amerada Corp (2)... Am Agri Ch of Del.. Am Br Shoe (3 40).. Am Brown Bov Blec. AmCan (15)........ Am Car & Fdy pf (7) Am Chicle (13)...... Am Comel Aleohol. . Am European Secur. Am & For Power. Am & For Pw pf (7). Am & For Pow 2d nf. Am Haw St'ship (1). Am Hide & Leath pf. Am Home Pr (4.20).. Am Ice (3) Am International Am La Fr & Foamite Am Locomotive (1).. Am Locomot pf (7). Am Mch & Fdy 1.40 Am Metal Co.. . Am Pow & Lt ($1). Am Ra&Std San 60c.. Am Rolling Mills. .. Am Safety Razor (5) Am Ship & Com . Am Shipbullding (5) Am Smelt Ref (2)... Am Sm & R 2d pf (§) Am St Foundries(1) Am Steel Fdy pf (1). Am Sugar Ref (6)... Am Sugar Ref pf (7) Am Tel & Tel Am Tobacco (16 Am Tobacco B (16) Am Water Wks (3) Am Wat Wks cfs (3) Am Woolen. ... Anaconda Cop (1%). Archer Daniels Mid. Armour of 11l A Armour of Il B Armour of 111 pt. Arnold Constabl Associated Appar: Ass0 Dry G (2%).... Atch To & B Fe (10). Atlantic Refining (1) Atlas Powder pf (6). 108 Auburn Auto (f4) 3 Autosales. Autosales pf. .. Aviation Corp af Baldwin Locomotiv Balto & Ohlo (5). Balto & Ohio pf (4) Barnsdall (A) (1) Beatrice Cream (4) Bendix Aviation (1). Best &Co (2)....... Bethlehem Steel (4). Rlaw-Knox (1%)... Bohn Alum & Br 1%. Borden Co (k3)..... Borg. Warner (1)... Briggs Mfg (11%).. Bklyn-Man Tr (4) Bklyn Man Tr pf ( Brown Shoe (3) Bruns-Balk-Col Bucyrusev pf (234). Rulova Watch (134). Burroughs A M +1%. Butte Copyer & Zine. R A M) Case (J 1) (8). 3 Caterpillar Trac (3). Celanese Corp...... Celotex Co p: Cent Aguirre As1%. ertain-teed Prod. .. Certain-teed Prod pf. Checker Cab Mfg.... Ches & Ohfo (2%)... Chesapeake Corp (3) Chi Great Western. . Chi Great West pf. Chi M1l 8t P & Pac. Chi MiI St P& P pt Chi Pneu Tocl Chi Pneu Tool ChiRT & Pac(m2 Chi Yellow Cab (3).. Chickasha Cotton O} C'hilds Co (2.40) Chrysler Corp (1) City Ice&Fuel (2 60) City Ice & F pt (6%) City Stores. ..... Coca-Cola (17%) a-Cola A (3) Colgate-Pal-P (214). Colg-Palm P pf (6).. Colline & Atkman Colonial Beacon. .. Colo Fuel & Iron. Col Gas & EI (2). Col Gas & El pf A (§) Columbla Graph 5ée. Col Grapho ctfs 56e. Columb Carbon () Comcl Credit (2) Comel Cred 18t Comel Cred pf B (2). Consol Film pf (2).. Comel Inv Tr pf 6%. ‘omm Solvents (1).. mwith&Sou (40c) . with & Sou pf () Congolsum-Nairn... Congress Cigars. Consolidated Film. Consol Gas N Y (4). Con Gas of NY pf(§) Consol Textile. Contl Baking B.... Contl Can (2%) Contl Insur (2.40). Corn Products (+4) Cotv Inc.. Crex Carpet Crown C&S pf ( Crown Zellerback Crucible Steel. . Crucible Steel pf (1) 40 Cuba Cane Prod. 1 Cuban Am Sugar pf, Cudahy Packing (4 Curtis Publish pf (1) Curtiss Wright Corp 22 Curtiss Wr Corp A Cutler H: Tavison Chemica Deere & Copf (1.40). 1 Devoe & R 1st pf (7) 308 Diamond Mateh 13 Olamond Mtch b Dome Mines (1). . Domn Stores (1.20). Drug Corp (4). Dunont da Nem (4). Eastnan Kodak (1 1484 ton Axle (1 60). 16% Eitington-Schild pf.. 55% dicott-Tohn (3). .. g Pub v pf (53). Ea OfMce BlAg (3%). Erie RR. . d LU& I (11%) Fed Mot Truck (40c Federal Screw Wks. . Fed WatSv A (2.40). Filene's pt (6%) First Nat Strs (2%). Fisk Rubber, ... Fisk Rubher 18t pf. Food Machinery 1%. Foster Wheeler (2). Fourth Nat Inv mbsc Fox Film (A) (2%). Frank Simon pf (7). Freeport-Texas (3).. Gen Am'Tank Car(4) Gen Asphalt (3).. Gen Baking (2). General Cabie pf. Gen Clgar pf (1) Gen Elec (1.60) Gen Elec spec (80¢) . Gen Focd Corp (3).. Gen G & EI A (e300). Gen Mills (3) Gen Mills pf (8) Gen Motors (3) Gen Motors pf (5)... Gen Outdoor Ady. Gen Out AdV A (4) ~Prev. 1031 5% 4% Stock and Dividend I\aul Glidden C». Gliaden pr pf (7)., Gobel (Adolf) Gold Dust (2%) Goodrich (R F Goodyear Tire&R(3) Gotham Silk Hoslery Grabam-Paige...... Granby Con Min (1). Grand 811 8trs (h1) Grant (W T) (1). eat Northn pf (4) Grt Nor Ore (2)... Grt 'n Sugar Grt West Sug pf (7 Grigshv Grunow. Hacken Wat pf A 1% Hahn Dept Stores... Hall (WF) Pr Co (2) Hawalian Pineap (2) Hercules Pow pf (7) 1008 Houdaille Hershey Household Fin pt (4) Houston Ofl. Houston Of] (new) Howe Sound (2). Hudson & Man (3%). Hudson Motor (1)... Hunn Motor: nd Motor Cyele pf Inspiration Copper.. Interb Rap Transit. . Int Bus Mach (n¢) Int Coment (4) Int Combustion. Int Harvester (3%).. Int Hydro E1 A (e2). Int Match pf (4 Int Mer Marine (1).. int Nickel (80e). 1 Int Paverpf. .. Int Paper & Pow A.. Int Paper & Pwr pf.. Int 8hoe (3). Int Silver pf (1). Int Tel & Tel (2) Soamnwanmim~ S = e poShwa s 5714 36l Jewel Tea (4)....... RO%, 126 694 40% 105 43 1 3% 6l 30 Johns-Manville (3).. 67 Johns-Manv pf (7).. 108 Karstadt (Rudolph) ., K . Krozer Grocd B: 0 tCo (8. Leh Port Cement Lehman Corp (3) Lib Ow Ford Glass. . Li~r & Myers B (15) Lig & Myer pf (1)... Lily Tulip Cup (1%) Lima Locomot (m2). Liquld Carbonie (3). Loew's Inc (3)...... Toft Inc. . Loose-Wiles (12.90). T.orillard (F) Co. ... McGraw-HIll (2).... Mclintyre Pore M (1) McKeesport T P t5% McKesson & Rob 1) McLellan Stores. ... . McLellan St pf A (6) Mack Trucks (3).... Macy (RH) & Co(n3) Magma Copper (1).. Mallison & Co. 5 Manhat Shirt ( Manati Sugar. Marshall Field ) hieson Alkall (3) Dept Strs (2%) Mavtag Co..... oo Mengel Copt (T).... Mexican Seaboard. .. Miami Copper ...... Mid Continent Petm. Minn Mcline Pow. Mo Kan & Texas Missouri Pacific. Missour! Pac nf (6). Montromery Ward.. Mother Lode. ....... Motor Meter G & El. Mullins Mfe. ... Murray Corp.. Nash Motors (4). Nat Pow & Lt (1)... Nat Ry Mex 1st pf Nat Steel (2).. Nat Supply (4). Nat Supplv of (1) at Surety (2) evada Copper ewport Co (1). Newton St. N Y Central (¢ - N Y Ch! & St L pf (8) N Y Investors. N Y N H & Hart (6).. NYNH&H of (1).. N Y Ont & Western. Noranda Mines...... North Am Aviation. Nor Am (b109, stk). North Amer pf (3).. Northern Pacifio (5) Northwest Tel (3). Ohio Ofl...... Omnibus Corp OuisSteel.........o 1 Otis Steel prpf (T).. 108 39% 264 Owens 11l Glass (2). 1 5474 6914 181% 1% 38 484% 116 5% 19% 1 2% 1 Pacific Gas & Ei (2). & ing (3). 1fic Tel & Tel (7) 1308 Packard Motor (48c) 237 Paramount-Pub 23. 54 Park Utah Pathe Exchange A. . ino Mines. . . Penick & Ford (1)... Penney (J C) (2.40). Penn Rallroad (3)... Peop Gas Ch (8).... Petrolm Cp of Am (1) Phila Co pf new (6). Phil Read C& I..... Phillips Petroleu Pierce-Arrow pf ( Pierce Oll. .. Plerce Petroleum. .. Pillsbury Flour 12). Pitts Serew&B(70¢). Pitts Unit Cp pf (7). Porto Ric-Am To(2). PRAMTobB...... Prairie Oll & Gas. Prairie Pipe L (3) Pressed Steel Car. . .. Proct & Gamb (2.40) Prod & Refiner: Pub Sv N J (3.40) Pub Sv N J pf () Pub Sv N J pf () Pub Sve G&E ot (5 Pullman Corp (4)... Punta Alegre Sugar. PureOll.....convane Pure O1] pf (8) . Purity Bake: Hadio Corp Radio-Kelth-Orpl Radio Corp B (5). Real Silk Hoslery Rels (Robt) & Co... Rels (R) & Co 1st pf. Remington-Rand. Rem-Rand 2d pf (8). Reo Motor Car (40¢). Republie Ste Reynolds Metals (2) Reynolds Tob A (3). Reynolds Tob B (3). 4 Rio Gr: St Joseph Lead (1).. St Louls & San Fran. St L-San Fran pf (8. Second Nat Inv pf. Seneca Copper. ISTOCKS ARE LOWER ONLIGHT TRADING Market Closes Heavy—Op- erators Mark Time, Awaiting News From Paris. BY GEORGE T. HUGHES. Special Dispateh to The Star. JNEW YORK, July 6.—Compared with the preceding close, the stock market today maintained consistently a lower range of values. Losses at the opening were in general the lows of the session, although there was a secondary reaction in the last hour. From start to finish, however, volume was s0 low as to give the trading no significance whatever. It was a walting market, dominated by professionals. Cable dizpatches relative to the situ- ation abrocad were closely scanned all day, but they threw little new light on the difficulties confronting the negoti- ators. The businéss news was mostly favorable. The rubber and tire indus- tries reported substantial improvements. Woolworth sales for June were 6.1 per cent over the same month & year ago. ‘The market took scant “nterest in in- dustrial developments. Selling at the start was based pre- sumably on disappointment over the new difficulties in the way of a Franco- American agreement on the interna- tional debt moratorium proposal. Lead- ing stocks were off 2 to 3 points dur- ing the first hour, but they soon reached a resistance level and thereafter, up to noon, slowly hardened, regaining a part of the lost ground The smalP volume on the decline in- dicated reluctance of operators to put out short eommitments pending a clearing up of the situation at Paris. Professionals claimed to believe that a substantial reaction was overdue, but they hesitated to act on this theory because of the possibility of & sharp advance, when and if announcement came that an agreement had been reached on the other side. At the morning lows Eastman Kodak was off over 3 points, United States Steel over 2 points, American Telephone nearly 3 points, Baltimore & Ohio 2 points and Southern Pacific 2 points. These declines were not extended. In- stead support appeared and the market dragg=d along, with few features. tors and the utilities. a point lower, but sponsors for the stock put in buying orders and it came back to sell at an advance on the day, Gen- eral Moters also made a good showing, cancelling its early loss. CHICAGO LIVE STOCK MARKET CHICAGO, July 6 (#) (United States Department of Agriculture).— Hogs — Receipts, 30,000 head, including 8,000 direct; slow, around steady with Pri- day's average; bulk, 170-220 pounds, 7.3087.40; practical top, 7.45; few lots, 7.50a7.55; 230-330 pounds, 5.75a7.25; pligs. 25-50 lower, at 6.00a6.50; packing sows, 4.5085.00; light light, good and choice, 140-160 pounds, 6.5087.00; light weight, 160-200 250 pounds, 7.00a7.45; heavy 250-350 pounds, 56087.25; packing sows, medium and good, 275-500 pounds, 4.25 100-130 pounds, 6.00a6.65. Cattie—Receipts, 19,000 head: calves, 2,000; largely fed steer and yearling run; weighty bullocks, about 25 off: light e stock scarce and ; bulls and vealers firmer; early top vearling steers, 8.50; heavies, 7 bulk fed steers and yearlings, 6.2 Slaughter cattle and good and choice, 600-800 poun 8.75; 900-1,100 pounds. 7.0028.75: 1,100~ 1,300 pounds, 6.75a850: 1300-1.500 pounds, 6.50a8.00; common and medi- um, 600-1300 pounds, 5.00a7.00 Heifers, good and choice, 550-850 pounds, 650a7.75; common and medi- Among groups that stood out be-| cause of thelr resistance were the mo- | Chrysler opened | WASHINGTON, D. C., MONDAY, JULY 6, 1931.° STOCK YIELD FELL | 2 PER CENT IN JUNE Broad Priqpy Advance Cut Average Return on All Issues in List. The vigorous price advance in 'June resulted in & decline of more than 2 per cent in the average yield on all cash dividend paying common stocks | General Motors Corp. isted on the New York Stock Exchange, P it was reported today by Moody's In- | = vestors Service. From the peak of 9.71 per cent recorded by 340 issues on June 1, the average yield dropped to 7.63 per cent at the end of the monti: This represents the largest yield de- crease during a single month since the | beginning of the bear market, the sur- vey states. “The broad character of the ad- vance,” Moody's adds, “is shown by the fact that there was a decrease in aver- age yield of every individual group of stocks, In the case of the copper and railroad equipment groups the change was particularly striking and ‘was due to dividend cuts as well as to rising prices. “Dividend casualties continued heavy. Of the 340 companies in the early June compilation, six passed their dividends during the month, 31 reduced the rate and there were no.increases. Five out of nine copper companies reduced divi- dends, while among 23 rails three re- duced the rate and one company passed its dividend.” G S MARYLAND TOBACCb i’BICES. BALTIMORE, July 6 (Special).— Receipts of Maryland leaf tobacco last week set a record for the new crop FINANCIAL, 7777 . saw K38 PARIS BOURSE PRICES. PARIS, July 6 (#).—Trading was dull on the Bourse today. Three per cent rentes, 87 francs 60 centimes, Five per cent loan, 103 francs 85 centimes. Exchange on London, 124 francs 25 centimes. The dollar was quoted at 25 francs 534 centimes. Note Issue Planned. NEW YORK, July 6 (#).—The Lib- bey-Owens-Ford Glass Co. plans to is- | sue $9,000,000 5 per cent convertible | notes to finance acquisition of the Na- | tional Plate Glass Co., a subsidiary of ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. NW. 1 LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Series of Stock Now Openm For Subscription James E. Connelly James F. Shea President Secretary —— (A g N * ] 9 LY v ¥ ) k] 2 3 3 = ) S S 2 3 o 3 = ? 5 Py 5 H IS I~ ) = = =) FTEN it is consideration and treatment of the ‘minor points in connection with property management that lead to important results. The ability to discern them and the experience to cope with them give our office deserved reputation as successful managers of apartment houses, office buildings, residence and business properties. Prompt remittance is the invariable rule of this office. RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CorrEsponpEwT ¥ 1321 Connecticut Ave. season with 599 hogsheads, while sales totalad 188 hogsheads, leaving a stock in State tobacco warehouses of 4,602 hogsheads. Seconds and cigarette grades of leaf continue selling at top prices, but some of the common grades are accu- mulating in sellers’ hands Last week's thunderstorms through- out most of the tobacco section helped the growing crop, whicn 1s doing very | well, it i1s reported | Quotations today for Maryland leaf tobacco, per 100 pounds: Frosted and inferior, 3.00a6.50; sound to good com mon, 17.00a20.00; medium to good, || 20.00a35.00; good to fine red. 36.00a | 52.00; fancy, 52.00a53.00. Seconds, || common to medium, 6.00230.00; good | to fine, 31.00a41.00. Upper country, | burley, nominal. | , * ! | | | | | | | U. 8. TREASURY BALANCE. | The United States Treasury balance, | announced today as of close of business | July 2, was $457.479.971.78. Customs receipts for the month to date were | £1,773,813.66. Total ordinary expendi- tures, $15,100,542.49. First Mortgage Loans | I i - REAL _ESTATE LOANS | As Mortgage Loan Correspondent of the Metropolitan Life Insurance Company we are prepared to assist you. | Construction Loans in Any Amount | \WEAVER BRO REALTORS Washington Building District 9486 Loans made in the District of Columbia and nearby Maryland and Virginia Lowest Rates of Interest and Coramission Thom. REAL ESTATE LOANS | J. Fisher & Company, Inc.| smooth sorts to 550. | pounds, 6.85a7.45. medium weight, 200~ | weight, | 5.00; er pigs, good hoice, | a el -9 e ] PRy i Mg = | Joseph I. Weller 50 "8 % & W light steers, steady to 25 lower: | ——== = — heifers and mixed yearlings slso tending | ‘mostly | Made at Low Interest Rates TYLER & RUTHERFORD Applications invited properties. sired. for 3.5 or s0 g 1520 K St. NNW. National 0475 Money to Loan Prevailing_interest and comm i S SEERaE { Equitable Co-Operative Bldg. Ass'n’ 1 Organized 1879 51st YEAR COMPLETED f JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Subscription for the 101st Issue of Stock Being Received ' Do You Wish A Loan i s Sl on Real Estate borrow money to pur- refinance indebtedness or who chase a home, present improve property, should Applications will Take Up a receive prompt and zour- 1 ? teous attention. First MOrtgage. Loans Repayable Monthly or to see us. um, 3.25a6.50; cows, good and choice, 3.75a5.00; common and medium. 3.00a | 3.75; low cutter and cutter, 150a3.00; ! bulls (yearlings excluded), good and | choice ~(beef). 4.25a4.75; cutter to medium, 3.50a4.50; vealers (milk fed), good and choice, 6.00a7.00; medium, | 5.0016.00; cull and common. 3.0024.50. | Stocker and feeder cattle: Steers, good | and choice, 500-1,050 pounds, 5.50a7.00; | common and medium, 4.0085.50. | Sheep—Receipts, 18,000 head: about steady early; good and choice native lambs, 7.00a7.35 to packers: few 7.50 to | yard traders: best rangers held above | E have adequate funds for loans on improved Real Estate in nearby Montgomery County, Md, and the District of Columbia for periods of 3, 5 or 10 yecars. Prompt deci- sions given applications. 513 % INTEREST BOSS and PHELPS No Brokerage . No Commissions $2,000,000 CONTRACT. BALTIMORE. July 6 The Arundel Corporation has awarded a $2,000,000 contract in con- nection with the electrification of the Pennsylvania Rafiroad's lines between here and Washington. The contract has to do with laying of conduits for underground electric wires and placing of concrete poles for overhead trans- mission of the current necessary for the electrification program, it i un- derstood. This will be only a part of the work that the Arundel Corporation evidently has in prospect in reference to the Pennsylvania Railroad’s $175.000,000 plan for electrification and improve- ment of the line from New York City to Washington, it was believed. The improvement program calls for the expenditure of about $22,000,000 in Baltimore alone, under agreement with the ecity, including the removal of numerous grade crossings and the bu{ldln( of two new double-track tun- nels. Dogs are #5ing great damage to sheep in the Irish Free State. WE HAVE MONEY TO LOAN On First Mortgages —For Buying —For Building —For Refinancing completed properties. TE Jares resources of i n 2 on first morlgages prompily and at Peasonable Tates: it s to ive ¥ rmation withowt obll MORTGAGE & GUARARTY CORPDRATION 1610 K St. N.W. - National 1403 7.50; choice yearlings, 5.50a5.75. L (8pecfal) — | been | Realtors Correspondent Loan John Hancock Mutual Life Insurance Co. Easy Terms on D. C. Property LOANS 6% Interest No commissions charged ard no renewals ever necessery. We will gladly explain our Loan Plan in detail at your convenience. Open Daily 9 to § Saturdays Until Noon NAtional 1381 [NATIONAL | PERMANENT 949 NINTH ST. NW. VISION OF U. UNDER SUP! REASURY| We Have Orders TO BUY $10,000 Mayflower Hotel 1st 68 $10,000 Alroy Apartments 1st 7s Sreeiman & Birkins | 60 Broad St., New York HAnover 2-7500-5973 Traveler's Interest Paid Checks Every Man Looks Forward —to the time when active business pursuits can be laid aside, and more leisure enjoyed. A Voluntary Trust arrangement, with this veteran bank, permits retirement whenever desired. © Consult Our Trust Officer at your com- venience—without obligation on your part. 15th Street. Opposite U. S. Treasury OLDEST National Bank in the District of Columbia IR ST MORTGAGES AN EARNED RECORD gives the deserved reputation as a safe and sound investment to our 69, FIRST MORTGAGES They have been bought by the investing public for more than a third of a century, without loss to a purchaser. That's because they are so safely secured by conservatively appraised improved Washington real estate: and the interest, liberal as it is, doesn’t change throughout the term of the mortgage. It is continu- ously 6%. Over a Third of a Century Without Loss May be purchased in amounts from $25Q up. B. F. SAUL CO. National 2100 92551 5th St W. THERE 1S.*NO~ SUBSTITUTE FOR. SAFEXY