Evening Star Newspaper, February 21, 1924, Page 27

FINANCIAL, RADIO CALLED AD TONUSITRADE Instrument Sales Stimulated by Air Programs—Some Lines Are Suffering. BY J. €. ROY Special Dispateh to The NEW YORK, February tremendous spread of radio development, 21, shed to Je of music ems hoth makers It is ad- some sections been affected development. in these producers are not instrume Q conclusion s 10 be concurred in by and deaicrs in instr ents. mitted 1 that certa by ters in have by radio son for this -is that been cducation s about music them » familiar ifferent kinds sieal trade renroduce they persenal a tre wved with and the. music is fun chog: a mu ion, stimulus. Instrument Sates Plek Up. “We think that tf v sale of hand uments.” said ident of the iy today. “We find t cldom get to hear now ments orche ood more int in and preciatin 1hras Iso to spre roally band and. ore has unquest of the lower-pric i into some of Lhe Struments ding to Chries ch & ule the fa ruus -y Tative ture oceurred Re ! T one for « o Sates Hluori. n matura nd N, )t cut into ur and l\\]l with cextras and fans yer-piano Leen hardest Kindred i uffered to the cquipt mpete With 1 J-upward, piane. < without o in it extent of nd sfime of the turning the 1 unds Eraph people o more clo contemplat into that not ithough strange d, it interest which is keeping he manufacturers of wireless equip- anacity to fill orders, the # tremendous factor of people all Folk who knew lit- have tio programs and en- the public becomes with Tiu- desire o whien- nd te branch out will chestra | jonably cut | d plan- | other musi- | oger | Tes repre: manufac- | Phiis had the long hun- he best ddi- attach them- my of busine the phono- tten- o radio and some : tine greatly at first that | NEW YORK CURB MARKET Received by Private Wire BY WiLLiAM NEW YORK, February theory advanced by some of th fessional clement that the Dome investigation would unfavorable. effact upon sentiment was exploded to sharp rally on #he curb Buying was unusually he ©oil shares, and resulted in advances of from 1 to 4 points in the prom- | irent Standard stocks. Both Stand- ard of New York and Ohio Oil, sell- Ing “ex” the quarterly dividend. had no difficulty in more than regaining the amount which came off their prices. Covering operations were especiall, acti in the Indian: shares, Vacuum and Humble Ol The pro- Teapot have an investment hy the rkot. 110 NEW YORK. February 21, —Fol- 1 lowing is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in BOSDS. A Sum 1 Anacon 30 Fsso S 10 AU 4 Heth' Ste 2 loston & M Chi & Northw s wi hi Tnion_Sta B 5 T ph 8x ar cfx s T I to A 103 Dunlop T & Iinb Fed Sugac oy o has helped ew York Conn Com- At people who bands nd | ) imb Eer of Pare 0l ¢ Sloss: ol &2 16N BONDS STANDARD OIL 188U ) Anzlo Am_ Ol 10 3 Chesebrough Mg, ) Cumberiand Pipe that ul- 1 it will b S0 many ar pi and per fted swithin the < séleetions at will on th iments Plo nirmier will best thus raph Trade Hit. I music showed - of musi ds were hij that al ¢ than in others said they temand abie ation of radio boen fully equaled by r broad noted oniy ams. been abl = hi I of not broadeasting nd hat did worked cd 1o amuse Yon n Sucker? people put their and wake up \re Neve s unti! you have in_vour bank ‘what bout stock iscue fered 1o you privately. i e that RITES FOR NOTED CELIgST. —Funeral ryices were-held here today for Elsa n. well known cellist, Known world as Bl- DETROIT, Eebruary negger Lichte ho died Tu ouzhout the mu + fzuegger, Mrs, Lichtens Detroit in ‘1908 as Detroit String Quart toured Anierica three time hushand, Bdmund Lichten i<t They were returning tr L Pacific eoast tour whe or heeame il following a 1 Chicago Saturday. sty at Chicago. and cort EXPECT CLOTHING BOOM. CHICAGO, February 21 sales to the conventi thicrs now in mous in declaring the com- = season will be the bigge: * has known in many years. re- the convention to order " 1e of the after summer stoc! merchants plan to SHORT TERM SECURITIES. Julf Oil Corp. of P * Humble OIl 5iés 1 orel to pi ir own instruments improvement mads ots has the betterment W been back- not * Comnens d and pro- out and tadlo fans as po mone roke. ne on the dotted | inquired of som knows is of- ein came to {day was the largest since the offer- member ufx ('lln!lng of the $150,000,000 Japanese loan ater | with her in, violin- sales piano sale ) S W00 5 (6 1of Pa.. .. 3 Gl St 0 & I W 10 Hudsen O . Pet «light | e e e e | REDISCOUNT RATE LEFT UNCHANGED New York Bank Not to Act for| Month at Least—Heavy New Financing. By thie Associated Press. NEW YORK; February 2. No action to lower the rediscount rate of the Federal \Reserve Bank of New York will be considered for at least a month, it was indichited after a meeting of the dircctors terday. | A majority of the city's large banks jare said to oppose any reduction from the 412 per cent rate on the ground that the money supply is ample and that industries have no difficulty in borrowing funds on present terms. The volume of new financing to- last week. In addition to the § ,000 Burlin which was ings included | Light and three-ve es at Biltmore-Commodore 7 ing fund honds and $ Plate 5 per cent equip- | certif arnings o 0,000 1 servie totaled ¥1 9 ith $14. in the pr cal period. Net income | d to $8,5636,761, cquivalent to are earned on the common stock. In the preceding vear the net carnings of $7,032,612 were equivalent to $18.28 a share on the common. 98, as com | SEEKS 1. C. C. PERMIT TO PURCHASE RAILROAD The New Orleans, Texas and Mex- ico railroad sought’ permission today from the Interstate Commerce Com- mission_to purchase the International Great Northern Railroad_of “Texas, 1t proposes to take over 75,000 shares of the common stock at $31 per share land to guarantee payment of 4 per | cent interest on the International ad- Jjustment bond issu A previous propo: the St. Louis-San Fran iroad to pur- chase the International was rejected ! by the commission. The Portland Terminal Company asked the commission today to au- thorize an issue of $1,800,000 in new bonds, to be guaranteed by the Mune‘ Central railroad and used in paying off indebtedness. . HEFFERNAN., | in the | HE EVENING STAR, WASHINGTON, D. C, THURSDAY, FEBRUARY 21, 1924, Direct to The Star Office Recent holders of high priced oils, who had become uneasy and preferred to be out of the market for the pres- ent, -d_to buy back their stod r Refining rose 23 points o Chesebrough reached 400 and Prairie Oil and ¢ at 2 compared | with the Wednesday final of 230. | " One of the features of the indus- [ trial group was the persistent buy- {ing at new hizh prices of American Light and Trzction. Just under 129, it was almost 4 points higher, while the 6 per cent bonds also were strong. ©ther publie utilities failed to share in the improvement. Commonwealth Power and Light came off sharply, gettinx down 6 points. | * Buying continued in Grand Stores and Kresge Department Stores. Re- ports are current that a deal with { the latter company and an important |unit in the chain stores industry is to be announced. \ neston Pet 18 Mount Frod | 111 Mutnal 01 Vot efs i Rreadf 0l w Mex La Oil & mar Oil & Candy Prod Co w - Ind Corp 115 Jdordan Mot Car o 305, Dept Stores $973 Val new wi... 2 <V Tel Co Motor' . Lt & Heat pfd Ward 1_Ward T Ward ik Cor el " Wayne Coal ...... MINING 1 Florence Warrior . MARKED INCREASE IN BELGIAN DUTIES 21. - Franco- Belgian customs receipts in the oc- cupied territory sinee February 1 have averaged approximately $4,000.- 000 francs daily, which is 20 per cent above the January receipts Raden dniline works has renewsd for threc months the general agree- ment which it signed last fall with the Rhincland high commission. The agreement calls for delivery during the three-month period of 3,600 tons of nitrogenous fats for reparation ac- mlllull. of which 600 tons go to Bel- sium, WAR PEAK IS PASSED. Detroit Making Autos Far Ahead of Demand. DETROIT. February 21.—Employ- ment ip industry in Detroit is at the highest mark ever reached, exceeding even the war period. This gives some indication of the extent to which anufacturers in this dis- ing in the matter of pro- Admittedly, production at this time much in cxcess of demand. The re- ult is* that motorcar manufacturer: nd dealers are storing cars, That the program they have laid out, be- ing satisfied that the spring will see @ demand for cars which cannot be nin.-d from the then current produc- tion. 5 BROKERS’ LOANS DECLINE. Reduction Reported for First Time Since October. | NEW YORK, February 21.—For the first time since the volume of Wall street brokers' loans began to in- crease last October a redtiction in borrowings has been reported. The decline, which has been in_progress for about a week, has carried the loan total down approximately $20,- 000,000 to $1,380,000,000. At present Wall street 'loans are more. than $600,000,000 below the peak of a year when the total reached 10,000,000, —— SUGAR PRICES HIGHER. NEW YORK, February 21.—There was an advance of 3 in the local raw , 1 took a loss of something like $100 The | BOARD OF TRADE | IN CHICAGD “DEAD" Trading So Duli flrokers Are Foreed to Sell Insurance | as Side Issue. Special Dispatch to The Star. CHICAGO, February 21.—Not, since some years before the war has the Chicago Board of Trade been In the doldrums so much as it is today. Busi- ness has been getting duller and dulter, laccording to old timers, until, compared with the free-for-all, riotous and money- |making times' during the wur period, “‘the place looks like a funéral,” as one prominent broker expressed the situa- tion, Cash gales of grain are gratifying, but the speculative trading, wherein Iles the fat profits that heretofore have furnished furs and , automobiles for traders and their families, has fallen Off to mere chicken feed. Brokers and { La Salle street speculators biame the Capper-Tincher act and the tax on trading as the two principal causes. Price on Séats Drops. By reason of this situation the latest move on the part of board of trade officials to inaugurate trading in cotton is believed by many to be assured of success. There have been simlilar move. ments every year since 1921, but un. til the present agzitation there was I jtle hope of its stccess. Board of trade officials frankly say that something must be done to put “pep” into the broker- ge business here. These men point to the fact that seats which were searre ack in 1918-19 at $11,000 and $12.000 are today not 8o very easy to seil at around $4,000. i The reason is not hard to find. One day a broker did a gross business which netted him what would have been a piker's profit during the war. The following day hix loss equaled the profit of the preceding day. Did he break He did not. even? He for the two days, that smount being the tax he had to pay the govern- ment for his trading. Sell Insurance on Side. It is an actual fact that quite a number of brokers who formerly con- fined their entire time and thought to trading are selling insurance on the side, or rather, as it was point- edly put to the writer, they are sell- ing insurance and trading on the A dozen or more brokers have one more or less serfously into the radio business. It is in the hope that other brokers of standing who are doing small trad- ing business and whose time hangs jheavily on their hands will be given {more business on the Board of Trade t its officials have practically de- |cided on bringing in trading in cot- jton. They realize that only a little business can be taken away from New York, but they say that even that little will help. | TOBACCO FOURTH CROP. | Maryland Had $4.182,000 Yleld‘ | During 1923. BALTIMORE. Md. February 21— {Maryland's tobacco crop took fourth k as a money crop in 1 The total farm value was at $4,152,000. Production was 19,00 1000 pounas, inst 20,02 The average vield per. pounds. Quality was 85 per cent of | i high medium grade, as compared with 78 the preceding year. The per acre return (gross) was $174.24—the highest of the staple crops. Planting _was in general late. Twenty-four thousand acres were set out. In 1822, 26,000 acres were plant- ed. . Retrenchment in 1923 was im- perative in not a few localities by reason of the shortage of plants. The consensus of opinion among the growers appears to be that the yields of 1923 averaged better than for a number of years. On the whole, yields were twenty-two pounds above the per acre vield of 1922, which was pounds. » Maryland's tobacco Is for the most part grown in five counties of south- ern Maryland—Anne Arundel, Prince Georges, Charles, Calvert and St. Mary Washington Stock Exchange. | il ) te Insurance Co.—10 at 134. AFTER CALL. inglon Itws. & Blee. 45-$1,000 8 ' 5 Light—10 at 49%, ppraised Washington 1.000 8 . & n't‘_(mn.un' Rask and Teust c. 0"at 166, 10°at 108 5 and 6 per cent. BONDS. and Asked Prices. PUBLIC UTILITY. jers e s g Tel. & Tel. ctl. tr. du. AR Tel. & Tei, ‘con. on. Union Trost C Money—Call 1 City & Suburban Ge. Georgetown Gas lst Gs. Metropelitan B. D. C. Paper Mfg. 6s. Riggs Realty 58 (long) Riges Realty 5s (short). Weth. Market Cold Btorage Wardman Park Hotel 8s... STOCKS. PUBLIC UTILITY. Capital Columbi Commercial .. Pissstet i atmel Fegeral-American Liverty at, Bank of Washiagton. St T4 TRUST COMPANY. tal e havines & rasi j organization COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY KANSAS CITY, February 21.—A| large manufacturer of work clothing | here reported today sales now were 20 per cent above those of last year at this time. There has been a re-| markable increase In demand for chil- dren’s play clothing. HOUSTON, February 21.—Rains over Texes in the last few days have still further delayed plowing for spring planting of cotton and con- siderable anxiety is expressed in cot- ton circles over the loss of time. PITTSBURGH, February 21.—Local | glass factories have enough orders on their books to keep plants op- erating at capacity well into the summer. Improved demand is due to buying for spring and summer build- ng. FORT WORTH, _ February 21— Wheat buying by Texas millers b been light for the last month. C‘ro conditions, however, are bright for the grain farmer. CHICAGO, February 21.—Industrial | consumers of coal are laying in con- siderable quantities of fuecl for stor- age purposes. PITTSBURGH. _ Fobruary Plants of the United States Corporation in the Shenango valley are on a 100 per cent basis. The| Standard Tank Car Company is pre- paring for increased production soon. It has orders approximating $2,000,- 000 on its books. SAN FRANCISCO, February 21— The fifty-two dealers participating In the automobile show now in progress ! here have sold an average of more than twenty cars each, 2nd expect to double these sales before the show closes Saturday. teel les at oW in progress week have doubled those for the corresponding period last year. GASOLINE STOCKS | GAIN IN MONTH - Supplies Increased 1,536,503 Bar-| rels During January, Reports Now Reveal. By the Associated Press. NEW yonr February stocks increased to the %03 barrels during Januar. cording to reports received American Petroleum Tnstitute, cover- ing nmyruxilunl;l,\ 3 per cent of the ! operating refinery capacity of the United Sta Pipe lines and tank farm crude oil stocks cast of the Rockies decreased 1,111,000 barrels in January. The daily averaze gr production of the United rreased barrels for the week February 16, totaling 1,915,900 the summary said. The daily average produc f the Rock mountains w: barrels, ifornia produr a decrease of by crude oil tates in- verage imports of petr at principal ports for c February 16 were compared with vious week. Daily average re »f California oil af Atlantic and coast ports were 201,143 barrcls, o pared with for the priv weel LAND BANK HEAD QUITS. D. A. Houston President of New Mortgage Corporation. RALEIGH. N. February Apnouncement is rmad, of the ¢ here of the olina Mort- gage and Indemnity Corporation. o two-million-dollar farm mortgage and commercial paper concern, which will begin business in Raleigh on March 1. . At the same time it was announc that D. A. Houston. formerly onroe banker, now president of th, deral Farm Land Bank of Columb’a, C., will assume the presidency of the new corporation shortly after his resignation at Columbia, effective on February 29. i d e WESTERN UNION EARNINGS. | NEW YORK, February 21— Net operating Income of the Westarn Tnion Telegraph Comp: for 1923 was $1 16,392, an increase over 192 of $160.971, it was revealed. American Telephone & Telegraph Co.| 138th Dividend 1 T quarterly dividénd of Two | Doilars and Twenty-five Cents per share will | be pald on Tuesdas, April 15, 1924, to stock- | Dolders of record at the close of Lusiness on Friday, March 14, 1924, ccount of the Anuual Meeting of the | Stockholders, the transfer books will be closcd 38, tbe close of business on Friday, March 11, 1 and reopened at 10 A.M. on March 25, 1924, H. BLAIR-SMITH, Treasurer. FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN- VESTORS BUY DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. " Money to Loan Secursd by first deedl of trust on real eatate Frevafling intrest and commission. Joseph 1. Weller 42, 'Il.lt‘l.. & Trusy MONEY TO LOAN On Improved D. C. Property at Prevailing Raten of Interest See Mr. Field Hedges & Middleton, Inc. REALTORS We Buy and Sell DENIES RAILROAD STOCKS WATERED { Banker Also Declares Wall, Street Does Not Own Corporations. By the Associated Press, KANSAS CITY, February -21.—Po- ically minded men have misled the ic with three prime fallacles, I . Shepherd of New York, executive manager of the American Banlers' dtion, declaréd here last night ddressing thé forum of the seso clation. Thesa fallacies, he said, are “1. That Wall street owns the cor- porations. That the Federal Reserve Bank discriminated against agri- culture and deflated the farmers; and “3. That there are $7,000,000,000 of | ater in the railroads, and that rates : should be reduced dingly.” ! ‘Taking up the first proposition, Shepherd quoted figures to show t securities of American corporatior Mr. far (idely distributed. capitalists aker said, “are the b holders, represented by 30,000,000 sav ings accounts, and the owners of over | 71,000,000 and industrial insur- ance ed Farmer. pherd declared that the fed v system instead of having discrimin inst the farmer had been his During th ciine in the d of greatest de- of agricultural ediscounts with anks in ts actually per cent, but in agricul- where we have heard ed charze of adverse dis- imination. redisconnts were actual- Increased by 66 per cent,” he con- 1 value tural disf th : sooner we understand it the instead of suffering from too little credit, the real difficuity from which we are now slowly emerging Was too much credit unwisely u; Denlex Stock Is Watered, Taking up railroad v Mr. Shepherd related how of valuation f the Interstate | © Commixsion had placed the | railroad prop- | o, The figur: i upon a unit bureau is not wa-{ g poss tion proves worth one to two than their capit (2RI Prominent Real Estate Firm Wants A Young Man Between 20 and 30 Years Old —to specialize in the sale of first trust (mortgage) notes. he good lent oppor who well educated and ppearance—excel- hity for a you reaily wants to fer one who is mow ew ployed in a bond ofiice, bank o veal estate office Address Box 243K Star Office il e R O EQUITABLE Co-Operative Building Association Organized 1878 44th YEAR COMPLETED Amsets -$4,755,170.52 Snrplus ‘$L2483%0.0% ccomplishes Most tin 54 save Subscription for the 86th Issue of Stock Belng Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, “Prexident FRANK P. REESIDE, Seey, SECURED SAVINGS-- Is Your Money Always Safe When It’s In a “Safe?” Surely, It Is Not— If That “Safe” Consists of a “Hiding Place” About Your Home— Bring Forth Those Saving and Secure Them Beyond Possibility ‘Of Any Loss— - 2 FINANCIAL. pA BISHOP SUFFERS STROKE. MIAMI, - Fla; February 21.—The conditfon of Bishop Homef C. Stuntz of Omaha, who was stricken with a paralytiestroke in his hotel here sev- eral days ago, Is unichanged, the hos- pital where he was taken, nnorzed.l His condition has been serious sincs | the attack, attending physicians said. Banking Trust & Mortgage Co. We want good First and = Second Trusts in Washington and Vicinity— Reasonable Terms—Prompt _investiga- tions. Call or write. Banking Trust & Mortgage Co. Rooms 20-21 1410 G St. Phone Franklin 5794 FIRST MORTGAGE NOTES FOR SaALE IN DENOMINATIONS OF 500 DOLLARS AND UPWARDS 4807 Cownootias Sonws Was}u‘ngtcn's O’Je‘st National Bani Women in Business —are not the only women who need bank service. Houschold bills are best paid by check and every house- wife should have a bank account. T We maintain a Special Dept. for Women, and are always glad to extend them every merited courtesy. Organized in 1814 Our Savings Dept. Pays 3%, Compound Interest National Metropolitan Bank Capital, Surplus and Undivided Profits Over $1,700,000 Washington’s OLDEST National Bank THE WISDOM OF AGE Youth sa ys: “Take a chance.” Age says. “Play safe.” Age knows the misery that fol- lows unsound investments and empty pockets. Is there any investment ab- solutely safe? Ye Ozera Quarter of a FIRST MORTGAGES offered by this company: no one has ever lost dollar through one of them. Century W ithout a a Loss B. F. SAUL CO. Main 2100 1412 Eye St. N.W., of Independent Means Get Their Money UBSTANTIAL, dependable incomes are not acquired by chance. In the majority of cases they are built up by thrift and economy, and by carefully thought out plans. Our Investment Savings Plan is a safe, simple, sure way for you to build an independent income. You can follow it with profit by saving and in- vesting $10, $20, $50 or more a month.' Every dollar you save earns 64% and 7%—the interest rates paid on our First Mort- gage, Coupon Bonds. Our free. booklet, “How to Build an In- i d:pendenth Income,” ‘They are sold in any I tells you how to get a":‘:.“‘sx"u%%'.“’“é’uf || into {he coupon-clip- e s e ping class of bond in- vestors. Write for a copy of this booklet today. 61% and 7% Our Pirst Mortgage Coupon Bonuds are strongly secured by improved, income-pro- duc property in Waal 5, D. C. |sugar market early today, with Cubas | Usien Trast..\--c - selling at 7.28, duty paid. Thers were | Wilb sales of 31,000 bags of Cubas for prompt shipment to an opérator. bt m?“ o1} 1081 Morris & Orogan Short Penna. R. B. Swirt & T SWIFT FAMILY OBJECTS. No loss to any investor in 51 years Our First Mortgage Liberty Bonds estern Union Woestinghouse 12 & A Wisconsin Edison Co. s 1 ¥ . U. 8. TREASURY (Quotaticus Turnished by Bedmond & Co.) ——Noon.——\ Offer, Bid. . 100 2100 T 100 100 8-16. 100932 100 100%, 90 1516 100 1-16 101 1 0114 100 1532 100 19-32 ; Sl 114 | Wilson Explains Plan to Issue New 100% CERTIFICATES | come largely from members of th 100 833 100 21-32 100 1316 100 29.32 100582 1001 100 17:2 100% 100% 100 %5-32 100 27-32 Packing Stock. NEW YORK, February 21.—00;’0-{ sition of Wilson & Co. stockholders to the company”s plan for the issu- | ance of -prior preferred stocks has} Swift “family, according to Thomas | E. Wlison, president. In a letter to stockholders he points out that the choice prerented is “betwéen acting, on_ the opinion of & Eroup of stock- holders headed by interests . in charge of one of your company’s largest competifors or. accepting the recommendations of your own di- rectors and officers, who are inter- ested primarily In the welfare of your company and its nockholdere,‘ and. you know its need far bette than any outside interest.” reports that Europe was again pur- chasing in Cuba led to active covering and renewed buyving for botn trade and outside account in raw sugar fu- tures. Prices at midday were nine to twelve points net higher. g ‘WOOL OUTLOOK BETTER. BOSTON, February 21 (Special).—— The First National Bank, which handles the bulk of the raw wool trade accounts in Boston, drew a bullish picture of the situation in its report today, declaring unsold Wwool stocks were small and that Ameérican buying in foreign markets has not been 25 per cent of normal this year. Prices remained about uhchanged. Receipts Wednesday were 337 bags of dlomeiflfl and 148 bales of foreign wool. i The advance in the spot market and Seventh _Stree United Sta Washington FIRE INSURANCE. P TITLE INSGRANCE, bia_ Title. Sy Sl Estate Title Dis MISCELLANEOUS, Treasury Notes Ete. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street Notes Will Do lt-.— 61% and 7%— Main 2345 ke F.H.SMITH. CO. SMITH BUILDING 815 FIFTEENTH ST. Please send me your free booklet, “How to Build an Independent Ircome.