Evening Star Newspaper, April 19, 1924, Page 15

e S gk FINANCIAL. ) THE EVENING STAR, WASHINGTON, D. C., SATURDAY, APRIL 19, 1924. NEW YORK CURB MARKET FEW CHANGES NOTED IN LOCAL PRODUCE Usual Saturday Conditions Prevail in Wholesale Market, Deal- ers Report. MEAT SUPPLY EXHAUSTED Department Reports on Vegetables at Week End. The usual Saturday trend of busi- ness prevailed along the wholesale | narket today with little or no change prices. Eggs were reported to ave been slightly firmer, but no artling jump was recorded. Com- 1ission merchants were said to have :ked about 23 for them, and jobbers, confirming this, wanted around 24| nd 25 for their products. | The hen market was declared to be | about cleaned up—that is, the flood that came in during the week. There was no surplus on hand, however. Meats about took care of them- wlves yesterday, and today the hooks Were ready to roceive a fresh supply by Monday morning. Maryland Farm Work Delayed. Maryland's actlve farming season is about two weeks behind time, ac- ording to the report of the local Kents of the United States Depart- ment of Agriculture, in co-operation With the M land state weather service, A period of warm, sunshiny Wweather is needed. the report said. Peach and plum trees are blooming n southern Maryland and on the castern shore and are coming into Llgom in north-central Maryland, the rYeport continued. Wheat, rye and grasses are green- in western Maryland and are doing fal well in other sections o the ‘stats. Grains were damaged somewhat during the winter, but are in a fair to good condition generally Peas are coming up in southers ounties on the eastern shore, bu ecarly Ppotatoes planted during the| ccond half of March have not ap-| neared above the soil. Except in isolated and ined areas the <round is reported too wet for plow- ing and farming operations are more or less at a standstill. Report on Vegetable Supplies. The condition of the vegetable mar- | ket, as reported Ly the Department f Agriculture, follows Apples—Supplies moderate; demand light: market dull Virginia and W izes, extra | "4 combina- tion” extra d faney Yellow Newton. 2, 2, C grade Wine- saps, Asparagus—supplies liberal; d moderate: muarket weaker: California, crates. dozen liunches, large size,’ 6.00a8.50; South arolina, cf . dozen bunches, colos- 6. mostly choice, | —Supplies light; | market firm: Flor- da, 1%-bushel hampers Copenhagens and pointed type, 2.75a3.00; mostly 00; Texas, bulk, per ton: round and fat type, 100.00a110.00, Onions—sSup- plies ve ltght; demand light; mar- ket steady hio and New York; 100- pound sacks vellow varleties, No. 1, fair condition, 2. demand moderat, Old Stock, Supplies Meoderate. Potatoes—Old stock-—supplies mod- erate; demand moderate, market igan 150-1b. sacke Rus- No. 1, .75a2.85 per 50-1b. sacks round mostly 3.00 per upplies light: de- nand moderate, market firm: Florida, uble-head barrels Spaulding Rese, S. No. 1. 11.00a12.00. Spinach—Supplies moderat mand moderate, market stea minia, Norfolk _section, veneer harr mostly 2.00. Strawberries—Supplies moderate: demand -good, market firm; Florida, nony refrigerators, 45a50, mostly 50 per quart. String beans market steady ampers, green, .00. Tomatoes. de- : Vir- cloth-top supplies Florida, fair quali moderate: “u-bushel 4.00a Supplies liberal; de- mand moderate, market steady; Florida, ripes and turning, | vrapped, fancy coynt, 4.50a4. . | 5.00 punt, 3.50a4.00, moderate: market | s »uth Carolina, bushel | hamper: , few 7.00. Lettuce— Supplics _light; demand mood, market firm: California, crates Jeeberg type, best, mostly North Carolina, :k hampers, ton type, 4.60; Arrivals for Past Twenty-Four Hours. Apples—3 broken cars on track. Cabbage—2 broken cars on track. Celery—1 FKlorida freight, 2 broken cars on track. Potatoes— ew \'ork‘ freight, 14 barrels Virginia, _boat; | 5 broken and 10 unbroken cars on | rack. Lettuce—200 crates North | Carolina, expre: 2 brokep cars on track. Grapefruit—1 Florida, freight i broken cars on_track. Oranges i“lorid freight; broken and 3 un- broken cars on track. Onions—I New York, freight: 1 unbroken car on | track. Tomatoes—1 Florida, frelght; | 25 crates Florida, express; 6 broken | snd 1 unbroken car on track. Carrots "1 broken car on_tra String eans—260 baskets Florida, express. Peas—65 baskets Florida' and 41 baskets South Carolina. Radishe; 53 crates North express. Bggplant—65 crates Florida. xpress. Peppers—120 crates Florida, | “XPI spinach: broken and hroken car on track. Mixed veget; hies—2 broken and 1 unbroken car on track. Strawberries—46 crates | and 35 refrigerators Florida, express. Brussel sprouts—15 crates New 5 oxpress. Asparagus—264 crates South Carolina and 100 crates reshipped New York, express. 'ucumbers—8§3 crates Florida, express. il CHICAGO LIVE STOCK MARKE CHICAGO, April 19 (United States Department_of Agriculture).—Cattle ~Receipts, 500 head; for week choice beef steers and most grades she stock steady: other beef steers and light heef heifers, 25 to 40 lower; in-be- tween grades weighty steers and light vearlings showing most decline: ex- treme top steers, 12.60, highest of the ueason; best yearlings, 1150; bulls, 10 to 15 lower, vealers, off; stock- ers and feeders, 25 higher. Bulk prices follow: Beef steers and year lings, 8:50: .75; stockers and feed ers, 6.25a7.75; fat she stock, 5.50a8.25 canners and cutters, 2.85a3.90; veal: ers, §.00a9.50. Sheep-Receipts, 200 head; receipts mostly direct; few sales good clipped lambs, 14.3. ateady; for week around | ,000 direc 176 cars fed lots. Com- pared week ago: Fat lambs around 50 Tower; sheep, 50 to 75 lower: top fat wooled lambs for week, 16.50. Hulk.prices follow: Fat lambs, 15.50a 16.35: spring lambs, 17.00a21.00: fat wethers, 10.50a12.00; fat ewes, 10.50a 11.75; elipped lambs. 14.00214.65; clip- p . 9.75a10.25. P e Recelpts, 5000 head; slow; mostly steady; bulk, good and choice, 240 to 310 pound butchers, 7.50a7.60: ulk, better grades, 160 t6 210 pound weights, 7.25a7.65; few choice 200 to 300 pound averages topped at 7.65; bulk, packing sows, 6.80a6.90; killing pigs slow; mo: eady: bulk, de- Sirable strongweight. 6.00a6.35; esti- mated holdover, 6,000. BALTIMORE DAIRY PRICE! MORE, April 19 (Special). ‘BaA';::llry-—Snfln( chickens, pound, 5; young winters, 40a45; chickens, 23a25; legharns, 25a30; old hens, 23a leghorus, 23a24; old roosters, 16a ducks, 24a80; pigeons, pair, 45850 suinea fowl, eash, 30260, Eggs—Loss off, native and nearby firnts, domen, 23; southern, 23; duck cggs, 30. ‘Butter—Creamery, good to fancy, s i o8, ;i rolls, l"..‘."'“’I"' packed, 24a25; dairy : process bubter, Received by Private Wire BY WILLIAM ¥. HEFFERNAN. Special Dispateh to The Star. NEW YORK, April 18,—The most noteworthy happenings in today's short session on the curb exchange were a renewed demand for Hudson and Manhattan common, continued weakness in Yellow Taxl of New York and the bidding up of a few independent ofls. The break of another 2% points in Yellow Taxi shares, carrying them to a new low under 21, was sympathetic with the further sharp decline in Yellow Cab on the stock exchang NEW_ YORK, April 18.—Following is an official list of bonds and stooks traded in on the New York Curb Market today: Sales in BONDS. thousands. Low. 1 Aliled Packers 8. i 1 Am Light 8s .. 1 Ang.o-Amer Oi Tiis 101% 38 Aso Bim Hdw 64%s 90 2 Heth S P e {1 i 3 [ .\’l‘; E382LRB22 BEBBRIRB2R 3 & & Cons Textiles 86 & 5 Cont P&B 6w A Wi 8215 1 Deere & To 758 ... 100 34 Detroft Bdison 6. .. 104 44 Dua Lt Pts 5ts B wi 99% 1 Fed Sugar 6s '33... 98 1 Fisher Body 8 '8 Robt, r Match 6s 8 Kennecott Cop 7s.. 2 Leh VI Hr Ry S8 wi ® Libby. MeN & L Ts. 1 Mznitoba Tewer 8355 FE s $28358 F F 255 FF 83 108 22 - 4 King of Neth 6 . 1 N I of M ef de 6 5 Swiss Govt Slze 8 Swis Govt o8 ... 7U S of Mex 4s of de Sales STANDARD OIL ISSUES. Anglo-Amer O1) .. 18 Atiant - Lobos 33 Ruckeye P L . L34 Chesebrough ow i 1% 52 3 Humble 0 & I new t Imn Oil of Can Indiana P 1. Inter Pet C Magnolin Nat Tragsit Ohio 01l gew Prairie 0 & G 5 Prairie P L .. South Penn 0il 8 0 Ohio .. n & Finch .. um Oil new.. INDEPENDENT OIL STOCKS. in hundreds. 3 Carib Synd $1,000 Cities Serv 170 Engineers Pet 20 Federal Oil ... 1 Guif Oll of Pa 4 Gulf Bt O & Rel 15 Lago Pet ... 37 Livingston Pet 10 Mex 01l . 12 Mount Prod . 20 Mount Guif . 62 Mutual Ol) vot cfs, 2 New Bmdf Oil wi 20 New Mex Land X ... 80 Ohio Ranger S 1 Okla Natural Gas. Omar 0il & Gas. S Peer Ol Corp. .. 10 Penn Reaser 011 10 Pennock 01 ... 1R Red Runk e 5 Salt (% Cons 33 Salt Ck Prod 20 Sapulpa Refin 3 Resboard Of ..... .70 0 Sunstar 041 DR 20 West States O1... .21 . 1 Wilcox 0l & Gas. 6% 4 Woodley Pet ... s INDUSTRIALS, 2 Am G & B new wi % Am L & Tract.. % Armour Leather pfd B Biyn Shoes Ine. ZanZaERanad & FREFE F & i Dubilier ¢ & Radio 4 Durant Mot ...... ¥ h pid. 108 wi 1 Gillette 8 R ... 1 Tatl Conc lnd Corp 1 Kresge Dept Stores Leh Power sec Leh Va Coal new 1; Middle West Util . | bur Direct to The Star Office Around this figure the stock was more than 11 points below the high i last week Buying of Hudson and Manhattan common, which carried it cross 14 to a new high for the year, was in be- lated response to the favorable re- port published a few days ago. Red Bank Oil, Salt Creek Producers, Mountain Producers and Pennok were the features of the independent oils, all reaching higher levels. Buying of the first named followed the report that tbe company had brought in its No. 1 well in Nowata county Okla., at 1,200 feet, but others of the oils moved uncertainly, a number of ! them continuing under pressure, 3 FF; Swift Internati . Teon Elec Power Tobacco Prod Expts United Prof Sh new Unit Retail Candy U8 Lt & Heat . 2 Ward Bak (o A ‘Wi ard Bak Co B wi £ F3 ayne Cosl .. Yellow Taxi Go NY MINING. amo Gold Mining k Oak Goid M. io Copper 20 Comstock Tunnel. . . 2 Cons (up Mia new © Cortes Silver ... . 530 Dismondfield Bi Bu 28532800858 b Cons Copper_ Corp. 5 Kelly Ext Mines. Dominion Cop da Hills Min T 4 10 Plymouth Lrad Min 10 Ray Hercales Ine 10 Red Warrior ... 40 Siiver Hor Min 2 8o Am Gold & I 60 Bpearhead Gold. i Toropali Min . = el - YORK BANEKS. NEW YORK, April 15.—The actual | condition of clearing house banks and | trust companies for the week show an excess in reserve of $32,172,900; this is an Increase of $40,755.: | | | COMMODITY NEWS | | WIRED STAR FROM I ENTIRE COUNTRY SAN FRANCISCO, April 19.—An in- | crease of 13.75 per cent in gas and | electric power consumption in this jdislricl has forced the Pacific Gas and Electric Company to outline a | program of expansion which will in- | volve expenditure of $400,000 for add- " ed equipment and line extensions. | HOUSTON, April 15.—The daily av- “ | erage oil production in the gulf &nd south coast oil fields now has reached 99,900 barrels a day, with 2,900 wells | lowing. BOSTON, April 1 wage cut of 15 per c Boylston Manufacturing Compan speclalizing in tire fabrics and yarn | has been able to increase operating schedules from a three-day-a-week | basis to five days, with prospects of | continuous employment | Y ORLEANS. April 19.—Distri- n of rice guring the last month totaled 818,000 pockets of 100 pounds | each, while stacks on hand total ap- | proximately 1,118,000 pockets; which will constitute the main source of supply for the next five months. Rest grades of biue rose now are quoted | for best Honduras. KANSAS CITY, April 19.—Local tire | dealers report that their sales this week have been 10 per cent above those of a year ago. tire. HAMMOND, La., April 19.—Ship- ments of strawberries so far have fallen short of expectations and have aggregaied only about 100 car loads, but the weather has turned warm and shipments are expected to in- crease from now on. Prices have been good, ranging around $6 a crate, and demand has been steady. CRIPPLE CREEK, Col., April 19.— The Cripple Creek Mine Owners' Association has sent out a call for la- borers to overcome the shortage in this district. ~ Production at local mines is at the heaviest point in 51 years. Stocks Past Week Show Gain Despite Current Pessimism Experts Not Agreed as to Cause, But Some Hold Needed Adjustments Have ‘Been BY STUART P. WEST. Epecial Dispateh to The Star. NEW YORK, April 19.—The signifi- cant part about the stock market dur- ing the last week was thal in face of widespread pessimism in speculative circles it gained ground. Going against the surface current in_ this manner denotes one of two things, either that the market had become oversold or that it had completed the adjustment called for by the falling off in outside business. At the close of the week professional sentiment was still inclined toward the former view. but the latter “interpre- tation was gaining more adherents. As was pointed out in these dispatches a week ago, the elements of a serious trade decline are not present. The po- sition i distinctly better than it was last year at this time, because there has been no rush of mercantile buying resulting in an overaccumulation of high-priced goods. Feared Runaway Market. In the spring of 1923 consumers of steel were s0 afraid of & runaway mar- ket that they loaded up with their re- quirements for six and nine months ahead. As a result, the steel mills in the summer and early autumn were still working on old contracts almost entirely and it was not until the end of the year that new orders came in suffi- ciently to overtake output. In the present season, there has been no forward buying to speak of and no rige in prices demanding the sharp downward revision which occurred last year. The principal trouble has been that in certain important lines produc- tion was speeded up in the early part of this year to accord with exaggerated calculations of what the future demand would be. It would appear from the fact that steel operations have dropped from an average of 90 to an average of 86 per cent and that for two weeks nerr steel prices have stopped going down that the process of correction is pretty well along. Sharp Automebile Curtaliment. In the automobile industry the sit- uation s more obscure. Apparently expansion was carried even further in this case than in the case of steel, The ensning curtaiiment has been sharper, according to all accounts, than commonly realized. The Iro: in its midweek review, referred Completed. [to the *cutting down of automobile output, which proves greater than at first reported.” Here, too, then readjustment is well under way, although it is by no means clear that it Is nearing completion, Outside these two leading lines the weak spots are to be found in in- dustries where producers have been unable to raise their. own suf- ficiently to balance increased costs of labor and raw materials. The conspicuous cases in point are the textile trades, coal and leather. Reaction Held Not Serfous. Summing up the situation, it is irregular in the sense that certain trades are depressed, while others are still cutting down. This has in- volved a moderate recession in the general volume throughout the coun- try. The reaction is not at all seri- ous, nor is it likely to be, unless the presidential campaign unexpectedly develops features alarming from a business viewpoint. In the meantime stocks at their lows early in the week had not only lost all their 1924 gain, but a good part also of the November-December recovery. This was certainly gen- erous discounting of any trade re- action which bas occurred or is likely to occur. Wall Street's Speeial Interest. The market movement has proved' conclusively that it is the trade sit- uation in which Wall street is mainly interested. Other matters have fre- Qquently been referred to in the com- ment of the week, but analysis shows that they have had little to do with the fluctuations on the stock ex- change. The market was weakest last Monday after both Germany and the allied representatives had accept- €d the Dawes report and it was per- fectly well realized that the respec- tive governments would follow suit. Therefore, it is not logical to give European developments the credit for the Subsequent recovery on the stock exchange. In the same way, the sensational Senate vote on the Japanese exclusion bill was reflected in new low records for Japanese exchange and to some extent in the decline in Japanese bonds. But the stock market went up in the face of this news. As for the Washington _investigations, Wall street has become so inured to what happens there that they are scarcely suggested as an influence, even in the curbstone gossip. |at 5% to 5%, with 6% cents a pound | There is an in- | ; | creased inquiry for the balloon type GRAIN ON UP SWING IN CHICAGO MARKET Weekly Summary Shows Wheat 1 3-8 Cents Up, With Corn and Oats Points Higher. By the Associated Press. CHICAGO, April 19.—Increased likelihood that the reparation prob- lem might soon be settled and the ‘McNary-Haugen bill perhaps become a law have given the grain markets an upward swing this week. Com- pared with seven days back, wheat this morning was 1% to 1% higher, with corn showing. %a% to 1% gain, oats % to %al up and provisions at 25 to 35a37 advance. Assertions that if the McNary- Haugen bill were enacted an attempt would likely be made to establish $1.25 or $1.50 as the wheat ratio price per bushel were accorded wide notice because sponsored by a for- here. An immediate effect was to in- her. An immediate effect was to in- crease the disposition to avold the selling side in wheat and to purchase a+g0ood deal more freely. Besides, crop damage reports from Illinol: Indiana and Ohio received greate attention, and so, too, did unfavar- able conditions for 'spring wheat both north and south of the Cana- dian line. Corn and oats reflected scarcity of supplies arriving from the country. Stocks of provisions here were shown to be of less bulk than ex- pected, T — Ask Your Basker How much real value stands back of the stock you are asked to buy? Are you sure that the nice, honest- looking stranger is telling you the truth? Ask your banker to look into what he claims. 1 Money to Loan Secured by first deed of trust on real estate. Prevalling interest and commission. | 420 Wash. L. & Trust (Joseph I Weller £5,735 ; ¢ T3 | We_have money to properties and apart- | Loan Department | 1417 K St. § NOTICE H ment houses at— 15%% & 6% ' BOSS & PHELPS 2 Moos0 ! § | g % | Systematic Savings —ZEach pay day lay aside part of your saiary at the Equitable. 1t is a method of saving that will prove most effective. Subicription fer the 86th Issue of Stock Belsg Received Shares, $2.50 Per Month EQUITABLE BUILDING 9I5F St. N.W. JOFIN JOY EDRON. President FRANK P. REESIDE. See'y, We Loan Money o Apartment Houses, Ofice Bulldings, Hotelx. See Us About That Big Loan Higbie & Richardson, Inc. 816 15th St. N.W. Eight Per Cent Interest Monthly payment of Interest and curtailment of principal. Amounts ranging from $1,900.00 to $10,500.00. Secured on District of Columbia homes. All uo’es from one to two vears old and endorsed by old and well established D. C. Corporation. JOHN H. WRIGHT 1116 Vermont Ave. Main 3397 | Wanted Second | Trust Notes ||l _ We have cilenis with funds to purchase good SECOND TRUST NOTES in denomina- tions of frem $500 to $10,000. Low rates if security is good Apply at Once to Our MORTGAGE DEPARTMENT INON 713 and 715 14th Street N.W. Maln 2345 FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN- VESTORS BUY DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. A —phase of our morl?age in- vestments most gratifying to us is ‘the ‘ever increasing de- sire on the part of our clients to recommend them to their friends. Our Investments Yielding 7% ;:-'::m be too highly recom- Write for Booklet Chas. D. Sager Mortgage Investments 924 14th St. N.W. Main 36 % g i g i g H EQUITABLE First Mortgage Loans Lowest BEates of Isterest sod Commissies Prempt Acties n-—-.l.fi‘g— Lc-y.lu Your Own Interests—— demand that your sav- ings be placed where they will earn the maxi- muam consistent with absolute safety. These conditions are ideally fulfilled in our i A —— First Mortgage Investments $100—$500—$1,000 1416 K Street MORTGAGE ON IMPROVED PROPERTIES PERPETUAL BUILDING ASSOCIATION Pays 6 Per Cent on shares maturing in 45 or 83 months. It Pays 4 Per Cent on shares withdrawn be- fore maturity Assets More Than $9,000,000 Surplus More Than $950,000 Corner 11th and E Sts. N.W. JAMES BERRY......President JOSHUA W. CARR... Seeretary [SHANNON & TUCHY) REALTORS and Mortgage Investments Main 2345-6-7-8-9 713 & 715 14th St. N.W. TO HOLDERS OF SPECULATIVE SECURITIES OUR FIRST MORTGAGES —are an anchor to windward in financial storms.e They pay a Over good return, mature at short Quarter intervals and are always worth of a Century Hithout a Loss par. In amounts of $250 and B. F. SAUL CO. Main 2100 1412 Eye St. N.W, Exp erience~~ At the head of the Wardman Con- struction Company are men whose entire lives have been given to the extensive and successful handling of large real estate and building opera- tions, The full benefit of this unusual ex- perience is passed on to you in these 6% per cent First Mortgage Invest- ment Notes, WA Constructio INC. MAN rany. FINANCIAL. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST an.%fmfl ¥ % 7207 Connecliont Hvenue FUNDS PLACED FOR INVESTORS SELECTED FIRST MORTGAGES Conservative investors seeking liberal income re- turns plus safety of principal for amounts in multiples of S‘ngcan place their funds profitably and conveniently through our mor\?i;age department in sound first mort- gages on select ashington properties. _ The officers of this company, without obligation, will gladly confer with any prospective investor and dis- cuss loans on specific dwellings, apartment or business properties. If so instructed, they will place the investor’s funds in first mortgages on the same agent basis that the com- pany is econstantly serving its regular client-investors— individuals, attorneys for estates, banks, corporations, trustees and guardians. H. L. RUST COMPANY Loen Correspondent of the Prudential Insurance Company of America 912 15th Street Main 6888 Substartial Interest Return 55 Years’ and Proven Safety “OR 55 years Swartzell, Rheem & Hensey Company has furnished safe First Mort- gages to the most conservative investors. This record speaks for itself. Safety and Income always go together when you invest in our Notes. At this time you can secure 6315 % interest on your money invested in the securest type of First Mortgages. And the borrowers’ agreement to refund the Dis- trict of Columbia Intangible Tax of 3 of 1% brings the yield to practically 7% As many of these Notes are sold and many more of them held on reservation, we advise that you communicate with us at once so that you may take advantage of this opportunity for the safe investment of your funds and get the present yield. Swartzell, Rheem & Hensey Co. 727 15th Street N. W. 55 Years Without Loss to an Investor When Will Some Folks Learn— Where and how to invest their money ? Listen to This! Why Keep Chance?” There has just come to our desk the 1923 statement of one of the great life insurance com- panies of America. Here’s what THEY report: Assets, about $190,000,000, OF WHICH more than $130,000,000 is invested in FIRST MORT- GAGES, upon which the yield is 6.56%. On “Taking a Play SAFE by buying some of the same character of securities that ALL of the insurance com- panies carry to the limit of the law, Let Our Mortgage Investment Department —show you how to save your money in sums of from $100 up. The Interest Rates Are 6% and 7% Arrangements may be made to purchase the notes on our PAR- TIAL PAYMENT PLAN. Stop Your Income Leaks! SHANNON - & LUCH 713 and 715 14th St. N.W.