THE WASHINGTON TIMES SUNDAY JUNE 5 1910

I-

Jfif

19

Investors Await Adjustment ofMarket Troubles Effedof Injunction Heightened by Bear Pressure Cotton Outlook Googf

I THE STOCK MARKET LAST WEEKT-

he following table shows the weeks highest lowest and closing prices Indi-

vidual sales and net changes o allsecurities sold on the New York Stock Ex-

change last week High and low for the full year 1S09 and 1910 to date1S09 1910 Week eftdinc June 4

High nigh EalMHtch ClocN eh173 164 260 100 Adams Express 100 260 360 260 11

16 li S AlllsCbalmers Co SOO S S 1

67 38 64 31 AlllsChalmera Co pr 800 X 31 31

96 Wi 629 Amalgamated Copper 338600 62 64 5

9V

6 70V

50 33 48 40 Am Agr Chemical 100 424D 30 47 31 Am Beet Sugar 4880 Xt

788 Am Beet Sugar pr 300 98-

S American Can 4600 8

488 4Vi939

f Sl 89 American Can pfd 4SOO 72 08

76 44 72 61 American Car Foundry 12000 51 53 8

124 17 1 liz American Car Fo pfd SOO 11S 113 113 2

300 385 361 268 American Express10 6 S 6 American H L51 34 47 2fl American H L pfd

29 20 American Ice Sec17 12 American Linseed

47i 28 46 32 American Linseed68 49 S2 40 American Locomotive

122 M8U 115 104 American Locomotive pfd11 6 8 5 American Malt58 38 4S 33 American Malt pfd

105 77 101 72 American Smelting116 161 113 162 American Smelting pfdft 98 90 86 Am Smelt pfd B

105 96 161 95 American Snuff pfd66 34 86 49 American Steel Fdry

1368 W5 127 11SV American Sugar131 IIS 124 119 American Sugar pfd145 125 143 132 Am Tel Tel104 0 U 91 American Tobacco pfd

48 26 39 31 Am Woolen107 96 104 97 American Woolen pfd

54 37 SI 3S AnacondaNo sale 52 Associated OH125 97 124 161 Atchison100 110 104 100 Atchison pr143 107 137 117 Atlantic Coast Line122 l l 119 106 Baltimore Ohio

96 91 94 90 Baltimore

100 258 260 2601000 6 6 67000 U 33 34 41800 24 21 1

8 M 1S 12SOO 35 32 35S4

12100 4S 40 41300 105 104 1046100 5 6 S300 36 34 34 2

125810 79 72 78 762900 184 102 102

300 8 85 35 11000 101 100 100

54 49 491900 122 119 119 1

200 122 122 12216870 336 133 3

200 95 95 95

1000 34 31 32 21200 9SH 98 9S 1

12700 4J Stti 4t254369 52 52 52

136109 109V 1W 10262300 101 100 1003300 121 117 11S 4

47600 114 103 111 3

5 2 3 2 Batopilas 280 2 21 34 26 Bethlehem Steel

8 i 7 S2 6S Brooklyn Rapid Transit164 IIS 164 133 Brooklyn Union

21 13 1S 10138 133 Buff Rich Pitts pr23 33 28 Butterick Co

1R9 KJS 185 176 Canada Pacific215 31 2CO Central of New

rli 25 4S K Central Leather111 9 KOVi 105Vi Central Leather pr91 55 77 Chesapeake Ohio74i 57 68 41 Chlcato Alton37 31 S 23 Chic Great Western new64 K 64 43i Chic Great Western pr new

ir5 141 158 125 Chic Mil St P11 15 172 151 Chic Mil St P pr1 S 173W 182 142 Chicago Northwest

7 3 2 Chic Union Tract ctf13 7i 12 5 Chic Union Tract cits prS3 8 92 77 C C C SL Louis

105 100 104 MO C C C St Louis pr53 29 56 32 Colorado Fuel Iron

115 C7 12 1W Colorado Fuel A Iron pr6X 51 85 54 Colo Southern

6 76 S3 75 Col So 1st prR4 7 SI 75 Col So 3d pr

1 21 82 6 Col Hock Coal I165 114 160 1 Consol Gas

Vfe 23 14 Corn Products3 73 S 73 Corn Products pr

MO 17 186 16 Delaware Hudson6SO 535 8 MO D L WSI 37 52 33 Denver Rio Grande90 7 S4 76 Denver A Rio Grande pr41 32 36 27 Distilling Securities21 14 13 13 D S S A

1264 28 25 25 3620 Wi 7 77 4

3W 146 1 IX 12Ml 11 16 161-H JtS 12S 12

300 30 29 38 124090 197 1K i 4 3

3W 276 20 2 1517660 39 35 S 4

SfiO 186 166 NO 28JOOO 87 88 8l 6-

S06 41 41 5-

i0 28 23 25 2900 4 48 43 9-

1276W 13 12S 136 12096 155 151

9056 16 J142 4X 42W 2 238 7 7

1909 84 7 7

10 K0 MXJ 1W-

6SW 37 32 6-

3M 114 112 11Z 32396 64 58 59 2

256 77 76 76308 7 75 7 1

ItO 64QW6 142 136 132 9

2 X 14 14 IS586 7S 7 73 6-

S100 18Sfi 182 181 6

9164 44 33 34 6-

7i 77 77 2270 31

34 23 D S S A pr39 2 6 34 25 Erie5G 3fi W 41 1st fd46 2SV 42 32 Erie 2d ofd95 55 GO 3 Federal Mining Smelt

193 1 160 94 Gen Chemical Co pfd173 i 15 W x 140 General Electric Co157 h IStfr 14T 127 Great Northern ofd

38616 2S

368 14 18 13 1

HO 24 21 24525 25i 2

4400 46 48 43 1SOO 86 54 3530 33 38 36 1-1w 101 m A 1

39CH 148 140 J14t l-

97 SS Havana Electric Railway 500-18S W Hocking Valley 50 117

93 73 SS 81 W 6-

13SK 1W 147 Illinois Central 3KO 1S3

25 11 25 17 Interboro Metropolitan 14S08 26J 62 y8 Interboro Metropolitan ofd 19900 54

118 82 125 S3 International HarvestEr 37K 161-

12S UBS 12S 126 International pfd 366 122

19 fc1 W V Paper 1800 is-68Ti 47 Sl 47 International Paper pfd 600-

MVi 3He MY 42 International Pump 4-791i 9OTi Interrational Punp pfd S25 Sa36 3B 36 Wi Iowa Centrf1 2349 21

IS 4 34 Iowa Ccntdal ofd 39 3S

74 80 7 Kansas Ft S M pfd 109 755 Vi 37 44 31 Kansas City Southern 4 X 4

7 71 e TCansag City South pr MM 67

113 364 118 97 Laclede Gas liKK 166

No sale 46 44 Lackawanna Steel 260 4525 18 25 15 Lake Erie Western 300 1871 58 76 82 Long Island 7 4

16 121 166 139 Louisville Nashville 11609 147

95 78 91 S5 Mackay Company 610 S8-

15S 1S7 139 132 Manhattan Elevated 510 184

9 5 7 5 Merchant Marine 400 521 18 24 16 Merchant Marine pfd lSW 1865 51 53 32 Minn St Louis 300 32

182 145 136 M S P S Ste M 3000 128164 147 165 144 M S P S S M pfd 360 14894 88 93 S6 M S P S S M L L 200 S850 35 51 37 Mo Kan Texas 24S09 41

7S 71 74 S Mo Ran Texas pfd 1000 7677 85 73 61 Missouri Pacific 16308 71

142 127 138 136 Nashville Chattanooga 100 136120 9C 115 Ml National Biscuit SCO 167

3 12 2S 1S Nat Enam Stpd 40 1994 71 Sfc 78 National Lead KO 77

162 116 166 National Lead pr 316

95 9i112 117 7

6 S6138 ltt0317 fi 2

4S 4S93 f 4

121 125 111 Til 1H

86 244 4S 2Sl St 4

67 National R R of Mex 1st pr 100 642 SI 26 24 National R R of Mex 3d pr 5608 27

No sale 21 1S Nevada Con S900 2697 SO 6 61 N Y Air Brake 6CO 72Jfc

147 138 12S 111 New York Central 73916 11939 48V1 67 58 N Y C St L 2900 66

174 1S4 162 148 N Y N H H 100 16355 42 50 41 N Y O W 13 00 47

102 v4i M6 S6 Nor West 11 JW J101-S7 72 67 North American S 73

1SS 188 145 122 North Pacific 48506 1315 2 3 2 Ontario Silver 16W 2

64 46 4 31 Pac Tel Tel 209 334S 2 43 23 Pacific Mail 1860 36

161 136 188 12 P R R M8389 134120 161 116 168 Peo Gas Coke 7SW 10689 86 1W SS P C C St L 23W 1W

No sale 2 50 Pere Marquette 1st pfd 360 828 10 27 17 Plttburg Coal lSOD 19S7 40 S5 61 PHtsburg Coal pfd 140 SS

38 51 31 Pressed Steel Car 5680 3S111 X 167 95 Pressed Steel Car pfd 509 96200 188 200 Pullman palace Car 30 J 16110 3 5 3 Quicksilver i 100 454 22 51 30 Steel Spring 35 0 39-

1W 87 107 MS Ry Steel Spring pfd 3tO 100173 IIS 172 14S Reading SW900 16296 8 88 99 Reading 1st pfd 100 91

117 M 116 87 Reading 2d pfd 17W 9049 18 45 27 Republic Iron Steel 6968 33

111 67 1W 90 Rep Iron Steel pfd 1400 97SI 28 67 38 Rock Island 75300 4394 57 93 SI Rock Island pfd 4400 974 S 73 63 St L S F 1st pfd 800 6566 36 60 41 St L S F 2d 7100 4S36 20 34 24 St Louts Southwest 2800 32-

S2H 47 77 80 SL Louis Southwest pfd 2SOO 76No Sale 16 160 Sears Roehuck 30 155

91 8S S 85 SlomShcff Steel Iron 1060 72139 114 18W4 116 Southern Pacific 294400 1G

66 386 6

Vft 16764 64 Vi2 2S 1

1S 161 61 13

111 114 50 60 5

159 160 443 4 1

JW J9627 67 6122 1235

2 231 51 1

3 23 31 1S 4168 1W 4

96 Hi5 5 517 IS 261 S-

Sl 32695 95 4

188 160 14

30 32 7100 100 214S 151 6

91 9197 9S 4

27 27790 94 33S 3984 SS363 88 441 41 723 29 273 733159 160 7

116 HSU S24 24 234 a 39 24 Southern Railway s000 26

75 75 58 Southern 5200 SlVi 28 2S1 3Vi40 3 46 24 Tennessee Coppc 1SOO 2 34 24Jt 24A X 3fl i 36 Texas Pacific 3700 31 2S 25 393 J8 96 S3 Texas Pac Ld Tr 260 90 9 98 542 IZtf M 5 Third Avenue R 11 5W 6 i 515 7 15 S Toledo Railways Light 100 SV S-

W 42 4 2a Toledo St Louis A West 2SOO 37 25 2S S74 4 WU 78 81 Toledo St Louis West pr 600 3 61 61 2

IKM 97 117 16 Twin City Rapid Tranrtt 200 11113 9Vi tt 7 Union Bag 200 8

219 17S16 364ti 166 Union 608000 1S3HSU 94 16MI 91V Union Pacific pr 3300 95125 115 122 164 United Dry 310 107114 109 113 168 United Dry 554 105

47 8 42 28 United Ry Investment 100 3435 4 32 19 U S Cast Iron Pipe Fo 2187 76 54 68 U S Cast Iron Fo pr SOO 707 96 S4 71 U S Realty Imp 73

17 10 11 5 V s Reduc R JW g57 27 52 36 V S Rubber 5100 41

128 W 116 167 U S Rubber 1st pr 1390 112-S 67 S4 75 U S Rubber 2d pr 300 7794 41 91 75 U S Steel I IIOISTO 82

131 VK 126 115 U S Steel pr 26100 11S67 48 88 46 Utah X 16900 4656 48 t 47 Va Car Chemical 41500 62-

12S 114 129 121 Va Car Chemical pr 205 12327 15 27 IS Wabash 7100 2661 41 91 38 Wabash pr 42900 46

658 36 JaG 152 Wells Fargo Ex MO 16556 8C 5i s 42 Western Maryland 3 60 47

No Sale 71 CS West Maryland pr 560 76Si 84 7S 65 Western Union Talegrapn 126 6S98 74 SS 50 Westinghouse Mfg 7600 64

146 116 186 116 Westinghouse Mfg 1st pr 160 11126 28 SU 1st pr 300 915 6 18 4 Wheeling L E 2d pr 360 463 86 66 45 Wisconsin Central 1300 50

Exdividend Total sales for the week 4953600

108 ios 27 7

1185 JieSVi 12i91 91 3

106 IOC 110G 16634 3419 19 368 60 171 71 3

5 636 37 3

76 6115 2

5S 3123 U18 1

413165 7

44 376 166 253 4

1119 24 1

48JS 4

I

Low Low Low

14

U 4 4I 2ms S15 9S6 71 711f n

GOY

79 6t 57 American Cotton Oil 61 iSlh iJ 4

Y4 g 1

0 l ½ ½ 1

½1 iy

a

1

½

5 14

oOhio pro 6th to 9J y

364

OtiS 1It

1zz 1

3i ½ vvJ3

I

I

9

i½

7 1y

JaYi

Ih I II 1

i1M Me ra i

28 1

ifiYI

f Erie

134 1 7

iI Great Northern subs iOO fi1k is126 T

Hometake130

Yt 4ft t 1

Harvester

7500SIlk S J I

2 34

2 Cat 76 Iil3I It st jst i H8 ½

Ii 15

It4 62

6S S5

m 13t1kil4 5

s 17 1iri1f11511 i144 IH 4

I88 88Z 3S J

130 118 iHI HI15 1S 1i11

SI 2S

JI y Ii

I

4

54

1h

lilt

fA-

G

1Y R 1f

1f

Yz

4

419 4

I

tit

Paelllc

oodsGoods pr s

9r 1 SIt

110O

1l18 lQS 1iG 772usr 4 4034 42 35i1h1231839

16543706i59

inli

2i9iZTi

42 3300

12

3

2

SO

2

Jersey

1Wt4

r 5 2r

434

34

3344 S

28

69O 127

5534 Sl34 31-

itti 934

3 34

434

InternationalI3 1

4

L4 I 5ti

7I4 14 2

15 Iii6254 2

1434 1413k

2

1m9 114

4434

434

7iS34

111

34

ISM43f

34

l

cc

34

Piper

74V

Z

934434

¬

¬

+

=

<

<

<

+

=

>

>

>

>

+

+

+

+

+

+

½

½

½ ½

½½ ½

½ ½½ ½½

½ ½

½½ ½ ½ ½

½ ½½

½ ½½ ½

½ ½ ½ ½

½

½ ½ ½ ½½ ½

½

½½

½ ½

½½

½ ½

½½

½½ ½

½½ ½

½

½½ ½

½

½

½½

½

½½ ¼

½

¼

½½

½

½

½

¼

½½

¼

½

½ ¼

½

½

¼

½

¼

¼

¼½ ½

RATE INJUNCTION OVERSHADOWS-ALL OTHER MARKET INFLUENCES

How It Is Looked Upon in Financial Securities Decision ShouldHave Been Warning to Happenings Lost

Sight of in the Gloom-

By JOHN GRANTSpecial Financial Representative Munsey Publications

CirclesNorthernRailroadsFavorable

I

DATER-S

NEW YORK June overshad-owing event of Wall Streets businessweek the controversy between thoGovernment and the railways of theWestern trunk line committee overfreight rifce Advances is of epochmaking importance It is difficult toplace an accurate appraisal upon a de-

velopment of this nature at the time ofits immediate occurrence but whilethe outcome of the issue remains unde-termined no one who realizes what Isinvolved the action of the Department oi Ji tice in suing out awrit ofinjunction against the corporationswhich iIsed their rates can doubt thegrave and serious import and firreaching effect of the proceeding

In the heavy liquidation and violentprice declines which characterized dealings on the stock exchange from Tues-day to Saturday security markettook a preliminary measurement of thedisturbing developmenl The total deal-Ings of the week ran up to 4S 24W

shares as against aggregate sales of2Q8S2SO shares In the preceding weekPrices all but collapsed The active Itetat Saturdays close showed such lossesduring the interval as points inReading 12 in Union Pacific St In

Southern Pacific 12 In SI Paul 5 inCopper and S in United

States Steel common The bear partyassuredly active in working for

lover prices but such decline as oc-

curred reflect a serious shock to con-

fidence That is the worst feature ofthe entire performance Wall Streets isprobably not the Anal appraisal of theevent however for thus far nothingcan be determined of the vast Influencethe Governments action must exert ongeneral trade and Industry and upon

sentiment here and abroadMarket Opinions Revised

So far as Wall Street is concernednew and powerful factor hasbeen In

into the situation one whichovershadows in Importance for the timehelm at least all other problems whichthe financial market has been cons d rins serious as some of these problemsare Naturally the introduction of anew force disturbing in itself andfraught with possibilitIes of still sroater-isturbane has a revision of

opinion upon the very manypersons Men who throughout

oil the recent oerlod of depression inWall Streel remained hopeful confi-

dent In their belief that dyeR rood cropsthere was enough that was favorable

situation to turn the market up-

ward seemed to abandon all hope of abull market in the near future a a resuIt of the Governments interfere in

railway rate matterthe present attitude of the security

market it would serve no very goodpurpose to attempt to minimize theand effect of the iniunctionthe Department of JusticeWestern railways which tied theirschedules of uniform freight rate advances simultaneously through a com-

mon medium and thus rendered them-selves liable to proceedings under theSupreme Courts interpretation of theSherman antitrust act as laid down bythat body in the famous TransMissouricase

As is now well understood the ques-tion of the reasonableness or the unreasonahlencae of the rate advancesdoes not at this time enter Into thecase at all It is not necessarythey to constitute a primacase Government for as the Su-

preme Court interpreted the conspiracyclause of the Sherman act In the North-ern Securities case it practically upheldAttorney General Knots contention inhis bill of complaint that even It thecompany did not establish common ratesin the Great Northern Northern Pacificand Burlington territory yet possessedthe power to do so that fact alone ren-

dered it a combination in restraint oftradeWhy Railways Piled Uniform Schedules

How it has come about that witha full knowledge of the SupremeCourts decisions in the transMIs

and the Northern Securitiescases the railroads in the WesternTrunk line territory and later on therailroads in the Central Freight As-

sociation territory flied uniformschedules of advances through a

medium and thus invited pro-ceedings from the Government themoment some disgruntled shippercarried his complaint to the Attorney

as was done in the case oftrunk line roads and

as it is feared may be done withthe other combinations remains verymuch a mystery Immediately following the court decision In the transMissouri case the great railway traf-fic associations of the country changedtheir character entirely and whereasbefore the decision they were dominant factors In promulgating ratechanges not until the present instancefrom that date have any of them figured In a ratemaking or rateadvising capacity

Possibly as is suggested In somequarters the argued that Ifthey proceeded in the matter In com-bination the force of numbersdeter action by the Government inthe same way that Mr Hill arguedwith his associates who himagainst forming tre Northern Securities Company thit the combinationwas so big that the Government wouldnot care to Interfere with II Possi-bly the railroads felt that they couldproceed safely in the matter in viewof the sentiments favorable to poolingagreements expressed PresidentRoosevelt and President Taft andwhich found expression In the Repub-lican party platform and In PresidentTuffs messages and which wasdrafted as one of the sections of theAdmlnistratlms railway bill Butthese express cons of opinion by Presi-dents these enunciations of a prin-ciple In t s party platform or thesection dpted for the railroad billdo cjstltute a law and thetrust liTi cs interpreted bypreme Court prohibits united action

IncreasePrice 91 At all druggistshand at Drug Store004 V St nw Mail orders solicited

4The

the

4

was

A

fore

lit-

he

thE

foreser

tatsoul

com-mon

GEneral

no ant

RICORDS VITALMen twaye

t

i6

934

amsted

Jeeted

in-

fluential

noun

on

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬¬

on the part of railways Inrates It may be a very foolish

law and In Its application to railway

stands Possibly as is suggested Instill another quarter the railwaysseeing no hope of relief In the matter-of pooling agreements in the railwayhill In Congress thought Itadvisable to make a test of the wholematter at this time hoping thereby-to change an Intolerable situation

Their Day In Court Will ComeThe railways will their day in

courl When It the real testtho question of the reasonableness orthe unreasonableness of the rateslished by them will be consideredsibly the railroads have too farin their campaign to educate the publicIn favor of higher rates in depleting thedire results including bankruptcieswhich would follow If were notadvanced for it is the solv-ency of any Important road la Involved-in the matter on the other

railways have tothe wages of andother employee and this will cost themupward of 3X 000000and it Is quite evident that thecost or operation is seriously reducinggross earnings leaving little for net

and the present rate ttdividends is not assured unless tiecompanies can obtain more for the services they render

The Theory apparently held in manyquarters that commodities and services that enter into the operations of theraHways may advance in price yet thatgreat arteries of industry may

the cost of byadvancing their freight and passengerrates is monstrous When the shipperswho have lodged the complaints againstthe railways are compelled to pay morefor their merchandise they simply coverthe cost advancing theirselling prices ana de-mands the same treatment for the rail-ways

chief industry of the countrywhich In the present eontroversy the of opposition totheir rate advances so maniin the injunction proceedings

to along the linethe railways

which flied separate schedules thecourse of to determine thereasonableness ant the justice of theadvances will in more orderlyand less disturbing than thatof writs of InjunctionUntil the outcome of the controversycan be determined of rigid seenomy will be railways

There has been an extensivecancellation of equipment orders and reports of laying off men Certain deopment work will be abandoned fur hersales of American railway bond toEurope are unlikely and then there lathe shock to confidence which over-shadows everything Cash purchases of

will proceed of course butso tansy disturbing elements in themen will proceed

cautiously an1 It is Impossible to avoidthe conclusion that the incident wiltsomewhat accentuate the seasonal re-action in

FactorsWan Street was so deeply concerned

with the collapse In security pricewhich followed the Governments actionover the freight rate advances that Ittook little or no heed of certain favor-able developments chief of which wasthe highly favorable report of the Agrl-cQltural Department on the condition o5the cotton crop and the distinct

In the money both of thiscountry and the securitymarket regains its equanimity these

REAL ESTATE IN

Operators Will Attendthe Convention of

ExchangesL-

ocal real estate men are interested inthe approaching convention of the Na-tional Association of Real Estate

to be held in Minneapolis andon June li 16 and 17 and In

Duluth June ISThere will be several Washington op-

erators attending the convention andRichard B Watrous secretary of theAmerican Civic Association with headquarters In this city will address theYour City Beautiful

Other men of national repute willspeak on subjects pertaining to

taxation listingsand such other topics as are dear to the

of the dealer in realtyIts organization in Chicago two

years ago the national association hasshown remarkable vitality and its hIghpurpose has resulted in a strong steadygrowth The membership now Includesabout 2000 real estate men throughout-the country

an there It

have

eta

rate

hanben force

annual

s

this

b

tit

teeIn

curforeel

wit

ones

market

MEET IN

I

PAULI-

Local

Ex-change

convention his subject being

ej

her

establish-Ing

companies

goal

buttie

more

It Is

and

though the case of other

relax-ation

ST

Making

adver-tising

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

¬

features wilt receive due con-sideration but with Wall Interest entirely uponrate together with

favorable developments were voidof influence

The Governments report as to cottonshowed a condition a of May 25 f S3Pot cent against a ten years average-of 899 per cent The planted acreagewas shown to be the second largest inany year in the history of the countrynamely 3Z19 acres As to condi

the Government was muchthan any of the unofficial estirecently in the cotton inand acreage and con-

dition the tradr uitistlcian figured outan indicated harvest of betweenand 14009090 bales Of there teno assurance of a mag-nitude a the cotton crop te one of slowmaturity and weather conditions ofJune July and August have to be reck-oned with However the fact remainsthat promises of the cotton harvestare brilliant wfcn compared with theexaggerated reports of crop dam-age In the Government

cotton broke violently and it hassince recovered somewhat but this teprobably due r speculative maneuver-ings and the fact remains that the Gov-ernment cotton crop report was a highlyfavorable development of the week

Unquestionably the most favorabledevelopmei t in the money market wasthe reduction in the Bank of Englandsminimum discount rate from 4 3Vs

per cent The bank in its weeklystatement on Thursday showed a verystrong position in seenUs1 itemsof sold holdings and the percentage ofreserve to liability which amply josti-Hd the action of the fa re-ducing the

in eased off in responseaction which reflected here in a

sharp decline in demand sterling billswhich Ml from 4S74S on Saturday to4J 5 today This decline of coursebrings sterling to a fteure far below thegold export point and when one rei our adverse international tradebalance and the serious disturbances

the shipments of 33400QL0W ingold during April the altered condition-of the London money ntorket must Maccounted as a highly satisfactory fea-ture

Streetscenter an-other

tonmate mae

1

cure

the

ely

o

governsraterate

tiC

re-port

the

dlK

caused

¬¬

¬

¬

¬¬

¬

¬

¬

¬

¬

Improving Money Conditions-It te of course to fore-

shadow the future the ex-

change market but while the touristdemand which always falls heavy atthis of Din year may work forsome in Merlins exchangerates it te not well to lose sight of thcfact that heavy purchases of securities-by Europe on the recent demoralizingbreak in stock prices and the declineIn the of leading exportable com-modities particularly in wheat and cot-ton te likely to exchange billsIn our faw r and offset la soonmeasure the other features and keep

rates on an even keelNothing so eases a money market as

liquidation in the stock market and thatliquidation played a very Important partin the security sales of the week cannotbe questioned Aside from that alsovery considerable purchases of odd lotsof stock for cash were in WallStreel purchases have the ten-dency to ease he money markets forsecurities so bought are removed fromthe market and do rot as a rule fIgureas a basis for Call money ruledeasy at per cent and time

collateral carrying overwere negotiated with increas-

ing freedom at 4 a per cent It should-be noted in this connection that theheavy disbursements of the June period-in interest and dividends amounting laupward of 5PftCOaC09 were attended byno disturbance in the money marketWestern banks wore again reported asremitting quite extensively but lesscommercial paper held by Westernbanks was offered for rediscount in NewYork this week than

While it is true fall demandfor crop moving purposes may placesome strain on the money markets thereis assuredly much less reason to fearstringency now before the devel-opments of for It the WallStreet of the influence of thefreight trade controversy te correct allindustry is likely to feel a further iceai-Mre of contraction and this though un-pleasant will assuredly minimize the

which falls upon the moneyat the the

harvest movements

FOR THE WEEK-

NetHteh Low Last ohsre

Amer Tobacco W 4

Boston Copper IS ISBritish Copper 5Butte Coalition 30 ISChic Subway 2 2 2GoWHeW Cons tjU SA SAGreene Cananea 7i 7 4-

La Rose 4A 4 4

Miami Copper 2 2-

Niptssiac 11 tttl 11Ray Consol HK Mt sStandard Oil 6 63t fr MWest Pacift rs Ji 94

United Copper 7 S 5Yukon 4 4 4

Interest

SALARY GRAB IN CUBAHAVANA Cuba June 5 Because the

Cuban house of representatives hasraised the salaries of its SMO

a month Speaker an-nounces his resignation and calls themeasure a salary grab The affairthreatens to renew disturbed conditionsin the Cuban administration

Imptie

crete

losfroJon

lat

tanthE

dean tim

CUR

If

o4

And

member

Such

420 12

34IS 2

II 3

9434 34

¬

¬

¬

¬

¬

¬

¬

¬

±

¬

+

FINANCIAL FINANCIAL

THE OLDESTNATIONAL BANKIN THE DISTRICTOF COLUMBIAORGAATZJZJD I3 4

CAPITAL-S SOO OOOOOSURPLUS BROFIXSS 58OOOOOORE-SOURCESOVERs 506000000

INSURANCE POLICIEST-he average individual does not appreciate the value and

importance of his Insurance Policies lost life insurancepolicy can be duplicated only after a great deal of trouble andpossibly at heavy expense Why not therefore rent a Safe De

in our fire and burglar proof vault which will costyou nominal fee of S3QO per annum Vaults open

to 5 p m Saturdays 9 a m to 2 p m

SAFE DEPOSIT VAULTS OPEN 9AM2 YMVI Oft SATURDAYS

j i

1

I

I METROPOLITAN BANKI CPeITKut EU-

C

merely

cTO

I

J

c

r

I

I

NATIONALit

cL-

5PJik

¬

=

YEAR TO DATE IN LOCAL MARKETPUBLIC UTILITIES

Shares Stocks Openlm capital Trachea 13S a3tB4 Ry Riec corn WtkSm Wufc Zinc pfd ft

2 Georgetown G f-

1A3S7 Washington T60 Wash Alex Mt Vernon gy

BANKS AND TRUST CDMPAXIBS

l I

l rde 14 IIR I f t5

Gaslit liS i1

High

Wash

S6 American National m-4il American Security Tra t i 9BI

26 Capital National 3tt3-4S Commercial National K

N 0 Dime Bank 12135 District National I3g-

IK East Washington UK35 Farmers and Mechanics NatteMh M Wt35 Lincoln NatkNtal 148

221 Merchants and Meehaalcs CS94 National Metropolitan 3W74 National Bank of 3tt

365 National City IiI30 National Savings and Trust 29CK11 Riggs

1S Second National 1 M22 Union

1O2 United States Tr t HM905 Union Trust Ml-K 6 Waehlarton Loan Trust I a

STOCKSl Arlington Ineunuwe 33

347 Colombia Title 4-

MX Commercial 536 Firemens Insurance 38

138 Franklin e147 Potomac Insurance 34

M Real tate Title M-

MieCELLANBOCS STOCKSM A TeL Tel IK-

2W Emerson Steam PuMP12S Grapnoohoee corn lifjCM pCd 32H

1 71 Canancal T J i-

11S6 MerK Mtnaler Linotype 3M174 Norfolk and WasMngtoa S S S4

S Security Storage 21BONDS

5W U S registered ya1 Mf2 9 U S registered s-

7W U S couponU S Reg 4s iw2-

3M1SK Ss uw888 Columbia R R rs ir-

KM Columbia Railway Fs 38BKUM City and Suburban rs Ml-

XJW9 C A P Telephone 5 tD of C 3es M 1 US

5801 Emerson Steam Pump rs S-

M7048 Gas 4s 1st11560 Metropolitan 5s M-S iW Norfolk and Wash Steamboat M-

S4009 Potomac Electric 5 s a m-372WW Potomac Electric Gene is HH2-STU89 Railway Electric 4 Mg

389 Security Storage Warrants 95-

70M Washington Market Cold Storage 281-4OCK Wash Mt Alex 5s J7

Savt

SavIngs

ci

Insurance

e

JItir-IM

u

Gas

Washington

INSURANCE

Greens i

42144 Certificates 4s

Vernon

>

>

>

F C Fockelmann Complet-

ing Suburban Home in

Virginia Highlands

C Peckeimana is Just completingan attractive home of the bungalow

In Mount Vernon avenue VirginiaHighlands It Is situated to a grove ofoM oake and commands a wonderfulpanoramic view of Washington and thePotomac river

Two residences of handsome design

in this suburb and a number of personswho have purchased lots in VirginiaHighlands within the past three or fourweek have announced their intention tobuild home within the near futureVirginia Highlands is considered tohave An exceptional location being situated on the hills Just south of Arlington With the improvements planned inthat section it is expected to become oneof the most densely populated suburbsof the National Capital

FINANCIAL

j Under Government Supervision

COOPERATIVE BUILDING

ASSOCIATION-

Weve Taught Many to SaveSystematically

Your intention to save a littleeach month may be the very bestyets theres always something

up to cause the money to bespent Join the Equitable and youllsave systematically and be on theroad to financial independence

59th Issue of StockOpen for Subscription

Shares 250 Per Month4 Interest

Further information will be fur-nished upon applicationEQUITABLE BUILDING XX F st Nw

John J y Bdcoa PresidentFlits Vice rreetteacPerry B Turpta 3d PresidentFrank P Re Me

DIRECTORSJob Barnard JM A HamiltonFredk V Coville GeaI G H MarriesJ J Edsen Jr Jno B LamerGilbert H Gzvrveaer A M Lotbrop

Fredk B Pyte

The Safest InvestmentsA-re those that Oo net Httctuate during dlturbed conditions of money or stock mar-kets First deed of trust note first monogages well secured en real estate InDistrict or Columbia constitute gUt dM

do not depend thefinancial responsibility of Individuals or cor-porations tot their stability and are exemytrOm as personal property cansopply such Investments In amounts from 331upward Send for booklet CencenUag

and Investments

Swartzell RheemHensey Co

727 St N W

Ready Reference and

Business GuideLERCHS CS 12th st X

cLOTS CIiEAHSD PKESSH JACOBSON 131 B st N W

HAVENS LUNCH 135 N T ave N

BUNGALOW

ABOVE THE POTOMAC

F

typeI

and modern type are soon to be started

EQUITABLE

com-ing

ViceSecretary

the

theTb Y

LoansBe

15th

GLE2fEG AND DYEmGW

aZZSTUTL

W-

t

BU1LDG

Spear

1

ThI-

SitASHINGTONS

¬¬

>

¬

>

111III

111It

Iii

4tt-

at

11ItItM

lit

IIIIII

1K

W5nt

J

Si

3134

144

1

14

34

1114-

14l34

>

=

II1

1532

344

1ftI

1JiI1M

301

4-4ii

3laC

14i

s

31f

Jitt

Si1tI

39344

34

4

34

44

4495

>

4

mII

3ID

1iIIIf

IIt

314tf

3150

5II

SC1Iar

MIt2-

iH4

1III

340354

44

I34

344

344

14494

95

>

=

FINANCIAL

Capital and Surplus 522WOOJ

Absolute Safety for Silverwaref-amily plate et is secured brstoring such belongings in the modern vaults company Wag

UNION TRUST COMPANY15th and H Sts N WEdward J SteUwagen Pre ld t

WE ARE ALWAYSWILLING TO HELPOUR DEPOSITORS

los no opportunity to maketneu connection with the bankpleasant and profitableOUr the subjectof soirjnj zz isThoroughly SellableTSpeclal Dept rOB lAJJIES

NationalBank

Capital and Surplus

For the SpecialConvenience-of Travelers

This company issues TRAV-ELERS CHECKS and LETTERS OF CREDIT in variousconvenient denominationsavailable in all parts of theworld

The Washington Loanand Trust Company-

Cor 9th and F StsJOHN JOY EDSON President

14th St Savings BankOpen 9AM to 9 PM

Interest on SavingsAccounts

14th and U Sts N WVortbeast Cents

The Citizens Savings BankIS New Tori Are N

DEPARTMENTAL BANECAPITAL noaooo-

85e Jtair t on Saving8 Interest on Corunerelal

Accounts4 Interest on Tim Oeposlta

p m Saturdays S3 a m t Um and from 6 p m to 8 jx j

Capital 3UXMGOX

Draw 3 Interest-on your minimum

balances in our banking deptDeposits TJ

S Government supervisionCSTSafe Deposit Boxes 3 year up

U S Trust Co1405 G Street

mv5tuths tf

I

ong tApon request Free cartagePhone Main aO

way nd

on

Lv Opposite v s

SliIoetsCOottM

Ii

li-THE

Open dally from 8 m to 531

I

I

1I

callI

ITt every Igitimate

D I CI 1Pa Tresanry

pePota Oer

a

833

¬

<>

>

¼