Evening Star Newspaper, March 24, 1924, Page 21

FINA WHOLESALE BEEF IN GOOD SUPPLY Local Dealers; However, Note NCIAL. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. EW YORK, March 2 A sharp rise to new high prices for the year in American Gas and Electric, new and an equally shurp decline in Amer- Diminished Demand—Review of General Market. Wholesale beef today was plentiful, #0od supplies being noted everywhere. It was generaly conceded, however, that the demand for the meat was not very good. There was no notic- ble change in price, Few lambs Jiung from the hooks, but those pres- ent brought between 25 and 30 cents; # pound. Pork stood pat over last veels in some quarters, while it was | reported at 18 cents in other nlnres.§ Shoulders and ribs brought 11 cents vieh. There was a medium de- mand for this meat. Smoked meats started out a little higher. top hams elling for 21 and top grade bacon 21 cents. This bacon, sliced, was priced at 32 cents. A lesser grade of bacon was sold for 16 cents. Smoked callies were 11 cents Eggs and Poultry Light. Light receipts in eggs and poultry Wwere reported by commission mer- ants this morning, this being due 10 the shippers’ determination not to send out their products on Saturday. *d active market is looked for ng the week. morning were | cents, while | ranged fro. [t which includes wholesale and all lots. Al grade ere reported down price, but this throughout th »d demand r for spring lambs of the st gaade for which the price of 5 cents Wi quoted. Undergrade and | Thin lamhs were said to be not want- «d, as it ¥as explained, only the be: of this add other product ©n the Washington whol *hoice calves still were quoted at 13 cents The banana market was dragg: cording to reports. A good ply wwas on hand and the price, according 1o the condition of the bunche Fanged from 3.00 to 4.00. Department Report Features. Following Tle market, as reported by sartment of Agriculture Apples—S mand mod ac- ican Sumatra Tobacco T3 per cent bonds furnished the features in to- day's dealings on the curb market. Buying in American Gas reflected the entrance of this company into the combine of ten of the larger electric companies into one large superpow- er unit. The unloading of American Sumatra Tobacco 7lis was heavier than at any other time, carrying them down 7 points to a new low for the year at 78. The selling reflected the uncertain_feeling prevalent regard- ing the affairs of the company. Tennessee Electric Light and Pow- er second preferred was another of the public utilities in better demand and reached a new top at 68. Depart- ment store stocks. were somewhat higher, notably Kresge breferred, which 'sold close to par. The com an, roposes to increase i Danathe preforred . 1o §3,000,000 through public offering of new stock at $100 a share. Subscribers for each two shares of preferred have the right to subscribe for one share of common at 50, Redbank Oil moved up another point to 20 before the rise was check- ed. Realizing . sales, however, mors than offset the early improvement. Renewed activity in Lago Petroleum was based on reports of important de- Yelopments upon its property in the Maracaibo Basin. Engineers Gold reached a new top above 10, and Hollinger/and New Do- ; minion Copper were actively taken around recent prevalling quotations. —_— NEW YORK, March 24—Following is an official list of bonds and stocks the New York Curb BONDS. m Sumat Tob 714 Am Roll Mills 2 Anaconda 6s ty H Kenneco(t Cop 2 Leh V. L ket St R 5 MSP S8 M R 5%s Morris & Co 7 New Orl Pub S 3 North St Pow 6 Ohio Power yel- w . fancy Romes, 175 to 2.00; few low as 1.60 Asparagus—Supplies light. De- mand light, market fairly steady. | California, ‘crates, green bunched, Jarse sizes, mostly' 9.00; medium size, 7.50 to liberal; demand T t F d type, 25; fair quality, 1.75 as, bulk per ton, flat type, 65.002 Supplies moderate; démand ; market firm. Florida, 10- , golden self-blanching, in 46 s 4.00a4. *200stly 4. stalks, 4.00. Lettuce—Supplies _moderate; anand good; market firm. Californi: crates iceberg type, 4 doz., 5.50a5.7! 6 doz., 5.00a5.50. Onions—Supplies light: light; market steady. New York, Chio and Michigan, 160-1b. sacks, yel- Jow varieties, No. 1, 2.5022.60; medium 1o small size, 2.00a2.25. Potato Supply Moderate. Potatoes—Supplies moderate; mand moderate; market steady. Michigan, 1b, * sacks Russet Ru- .50a2.65 per sack. -1b. _sacks, round whites, , 2.75a2.90 per sack. Spinach—Supplies moderate. De- nd moderate, market about stead. bu. bask. 3.50a deo- de- lofida, pepper crates, No. 5.00; No. 2, 3.00; . plies moderat. Market fairly stead. Ylorida, sixes, ripes and i best 'fancy count, : ordinary quality, rberries — Supplies teady. Florida, re- irigerators mostly 60 per qt. Beets— Fupplies moderate. 9'exas, bu. baskets 25, Supplies moderate. Market Texas, bu. baskets, mostly 2.75. Cars on Track at S A.M. Today. Apples—3 New York, 2 Washington freight, 2 broken and 3 unbroken cars ©n track. Cabbage—5 Florida freight, crates Florida express, 12 broken #nd 3 unbroken cars on track. Celery | +-2 Florida freight, 3 broken and 1| unbroken car on track. Michigan ew York rels Vi L 9 unbroken c california freight, ates Florida «xpres 5 broken d unbroken car on track. Grapefruit—2 Florida freight, 4 broken and 1 unbroken car on track. Oranges—3 Florida fre 3 broken and 3 unbroken ez irack. Onions—1 Michi freight, 2 unbroken Tomatoes—2 Florida freight, 70 crates Iviorida express, 5 broken and 1 un- Tiroken car_on . Carrots—1 Cauliflower—1 Tomatoes—Sup. firm. Potatoes— freight, 138 oroken’ and roken car on track. String beans— baskets Florida express. Straw- rrries—20 refrigerators Florida ex- yress. _ Brussels sprouts—30 crates New York _express. Eggplant—8s0 crates Florida express. Peppers—I132 crates Florida express. Spinach—2 Wexas freight, 25 crates South Caro- Yina express, 52 barrels Virginia boat, unbroken car on track. Aixed tables—2 Texas freight, 1 broken unbroken cars on track. Mixed uit—1 Florida freight. Kale—175 arrels Banznas—3 Wknown freight. Peas—50 baskets lorida express. Radishes—25 crates Juth Carolina express. Cucumbers— crates Florida express. Lemons—1 Lroken car on track. P PETITION IN BANERUPTCY. BOSTON, March 24.—An involun- tary petition in bankruptcy was filed today against Gecrge F. Redmond, t Blas 18 7 UE of Mex 4o 'cid BN Bah Sales STANDARD OIL ISSUES. in units, 500 Anglo-Am 0il 20 Ruckeye P L. Imp Oil of Can, nd 1300 Interl Pet Co Lid. y':‘) Magnolia Pet 240 453 it iy OIL STOCKS. 2 Carib Syndicate. %A% % Cit Serv.. e M i 2 Teer Oil Corp . 2D Penn Beaver Oi Pennock 01} As 10 West States Oil .. .2 23 Wilcox Oil & Gas.. 7% INDUSTRIALS. 1 Amal Leather pfd [0% 6 Am Cot Fabric nfd 97 1Am Gas & El ptd.. 9% 6 Am Gas & B nw 3% Am L cf 10 Atl Fruit w 12000 1 Bridgep Mach w i. 25 Candy Prod Corp wi 4 Centrif Iron Pipe.. 2 Charcoal Co of Am Colorado Pow & Lt % Commonw Pow Heyden Chem Hud & Man RE... Hud & Man R pid ¢ Hudson Co pfd Imperial Toba Int Cone Ind Kresge Dept Stores Kresse Dept St pfd 2 La r Boat ... Lebigh Val Coal .. Le Val Coal nw wi PR O 15 RN s1em o Exploration .. . a Globe Cop. .03 treasurer; James S. Lamont, presi-{ ‘éent, and Arthur A. Diggins, cashier | with Naims totaling $5,554, alleged yreferential payments to other cred- fters and the removal, concealment or transfer of a portion of the prop- erty of the Redmond eoncern. FIRST MORTGAGES ‘' FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN- VESTORS BUY DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. We Have For Sale Excellent First Mortgage Notes 675 % Interest Secured on the “nvy best of residential property LET US TELL YOU ABOUT IT L. E. Breuninger & Sons 706 OOLORATO BLDG. M. 6140 Min new 2 Rl o 240 Fureka Croesus ... Developi o 30 Gold Zome . 40 Hardshell Mi 10 Harmill Div 20 Lone Star .. 1 Mason Valley . 10 Marsh Mines ixt BRIEF BUSINESS NOTES. GRAND RAPIDS, March 24 (Spe- cial) —Employment here is on the in- crease, Kight industries, which employes 500 or more men, re- port a decided increase in the num- ber on the pay rolls since February 1. Demand for farm labor is good, but the supply is very limited. farch 24 (Special) — 1413 Eye St. N.W, We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street cnd Mines .. Gold - Min Warrior . ... EQUITABLE | T T NE of the chief points of merit in a_ First Mort- gage Investment is the assured stabil- i of your se- curity. Nowhere is this quality more pro- nounced than in the Nation’s Capital, the seat of Govern- ment and enduring center of the coun- try’s civic life. Conservatively Chosen E 7% i First Mortgage % Investments $100—$500—$1,000 1416 K Street Main 617 Mortgage Notes— Secured by Improved Real Estate In Washington Worth Double The Amount 0f The Loan— Interest Rates Today 62 and 79— Denominations of $100 to $1,000— Partial Payments Received— Mortgage Investment Dept. I~ 713 and 715 l.flh St. N.W. MORRIS CAFRITZCQ. || Co-Operative Building Association Organized 1879 44th YEAR COMPLETED Surplus . 1248,320.98 The Systematic Way —of saving accomplishes most. Start an account with us mow " for the future. Subscription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE EUILDING 915F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Sec’y. Organized in 1814 Seven Years Before Napoleon Died This bank was organized in 1814—seven years before death terminated the exile -of Na- poleon on lonely St. Helena. § Bonaparte’s actual reign last- ed only eleven years, from 1804 to 1815, but a full century does not encompass the period of service The Metropolitan has rendered. {For over one hundred and ten years, the premier National Bank of the Capital. National Metropolitan 2 Bank £ 3% on Savings Old Capital, Surplus and Undivided Profits Over $1,700,000.00 15th St. opposite U.S.Tre Tax Free Features Increase Your Income N investment of $1,000 at 6%%, without tax free features, brings you a gross return of $65 a year. An investment of $1,000 at 6%%, plus the tax-free features of our First Mortgage Coupon Bonds, brings you a gross return of $71.30. - You may buy these bonds in apy amount in denominations of $100, $500, $1,000 and $5,000, outright or under our investment savings plan. Maturities range from 2 years to 15 years. Call, write or phone Main 6464 today for full particulars -She F.H.SMITH CO. %mdedlamr % SMITH BUILDING » 815 FIFTEENTH ST. \Vor | | | every publlc his n vious year, according to official fig- each of ures just compiled by the state pu- lic ytilitles commission. CITY, March 24 (Special).— The main offices of the, Natio delity Life Insurance Company are ‘from Sioux City, Iowa, to this city. I\' ing zone, makes these buildings particularly attractive to those desiring a convenient and permanent location. utilities tate showed higher 1923 thai Shops — Stores — Offices FOR RENT Near Conn. Avé. and L St. N.W. ; RDAN & CO. 1027 176h St. N.W. n in the pre- al ¥i- Office Space for Rent Ready About July 1, 1924 Long Leases, Reasonable Rents 923.925 15TH ST. N.W. Facing McPherson Square the center of the Financial District and just a block from the unrestricted park- Entire floors containing 2,550 square jeet and 1,300 square feet. Arrangements of the floors can be made First Mortgage Loans Lowest Bates of Interest and Commission Prompt Action Thomas J. lesh‘e‘r‘. & Company, lu. Joseph 1. Weller 6% Interest ° and - 100% Safety pRUDENT investors will gain the hex_‘lefits of the present limited op- portunity to earn 614% on their money. And the agreement of the borrowers to refund the District of Columbia Intarg- ible Tax of 14 of 1% brings the yield to practically 1% By investing your funds NOW in our First Mortgage Notes you: will assure yourself the very highest interest re- turn possible with maximum safety for Money to Loan Secured by first deed of trust on real estate ailing interest and commission. 420 Wash. L. & Trus: Bldg., 9th & F N.W. several years to come. In Denominations of $100 and Upward. to suit the individual requirements of the tenants. B. F. SAUL CO. i - Swartzell, Rheem & Hensey Co. Main 2100 1412 Eye St. N\W. == 727 15th Street N. W. 54 Years Without Loss to An Investor Kresge Department Stores, Inc (Incorporated in Delaware 1923) 8% Cumulative Common Stock Preferred Stock of no Par Value Mr. S. S. Kresge, President of the Corporation, summarizes his letter to the Bankers as follows: In my letter to you dated July 31, 1923, just prior to the organization of this Corporation, it was stated that for some years I had believed that many of the principles of merchandising which had made for success in the “Five and Ten Cent Store” field, could and should be applied to the Depart- ment Store business. The present corporation was, therefore, organized for the purpose of acquiring by direct ownership or through subsidiary companies, from time to time, well established and advan- tageously located department stores, such stores to be operated under the direct management and control of this Corporation, of which 1 am President and active head. \When the announcement made of the formation of the Corporation, an’extraordinary amount of interest was aroused in finan- cial and merchandising circles, all over the country. i Stores The Corporation commenced operations by acquiring the Department Store for many years conducted by L. S. Plaut & Co., at Nos. 711-721 Broad Street, Newark, N. J. This store had been under practically the same management and at the same location sinee its organization in 1870. The Corporation has just acquired The Palais Royal in Washington, D. C. This business was established some 45 years ago. From small beginnings the business devel- oped to one of the largest department stores in Washing- ton, now located at 11th and G Streets, N.W., with 125,000 square feet of floor space. The volume of business in 1923 amounted to approximately $5,000,000. Capitalization Authorized Outstanding Preferred Stock—8%, Cumula- tive, non-voting, par $100.. $25,000,000 $3,060,000 Common Stock, no par value..200,000Shares 110,000Shares Earnings Both the Plaut Store and The Palais Royal have had a long record of profitable operations. The combined accounts of the two stores for the past five fiscal years show net profits, after giving effect to Federal income taxes at the present rate, averaging $560,479.34. I estimate that after the completion of improvements now in progress or being planned, the gross business of both stores—now averaging $10,000,000—should amount to $15,000,000 per year, with a corresponding increase in net profits. Management I own and control a large amount of the Common Stock of the Corporation and its management and busi- ness is under my supervision and control. The Directors of the Corporation are as follows: . KRESGE. ..... «...President of the Corporation (President, S. S. Kresge Co.) Lours Kaxas. «+.Vice-President of the Corporation Crarves B. Vax Duse.. . Vice-President of the Corporation (Vice-President and General Manager, S. S. Kresge Co.) L. Sraos Pravt. Treasurer of the Corporation P. T. Evaxs (Vice-President, S. S. Kresge Co.) Caarees E. Mersun (Merrill, Lynch & Co., New York) Future By use of the large purchasing power which the Cor- poration will have and develop and the purchasing facilities at its disposal, I am convinced that the public will be afforded an opportunity of buying standard merchandise at lower prices than heretofore possible, with very sub- stantial profits resulting therefrom to the Corporation. After a careful study of the merchandising situation, it is my firm belief that the Corporation has every pros- pect of a successful future and that the development and growth of the business will more than satisiy our expectations. Legal details by Messrs. Beckman, Menken & Griscom, New York. o We offer the above Seccurities for subscription, when, as end if issued and accepted by ws, subject to approval of cowr!. These securities are being offered on the basis of 10 shares of Prejerved Stock and 5 shares of Common Stock for $1,250. Full particulars may be obtained through your own banker or imvestment broker, or jrom the undersigned. The statements presented in this advertisement, while not guaraniced by seurces whick we belicve reliable and on whick we lave acted in the undery Merrill, Lyrich & Company Members New York Stock Exchange 120 Broadway New York Chicago Detroit Milwaukee Denver Los Angeles s, are oblained from iting of these securities. : Subscriptions for— ‘Kresge Department Stores, Inc. Preferred and Common will be received by— ' Dean, Onativia & Co, MEMBERS NEW YORK STOCK EXCHANGE Telephone Main 2040 JOHN CALLAN O’LAUQHLIN“.