Evening Star Newspaper, April 21, 1924, Page 19

FIN FAIR DEMAND NOTED IN LOCAL MARKETS Eggs and Cther Products st Week Openiflg Show Few Price Changes. WAITING FOR SHIPMENTS Commission Merchants Clean-Up Supplies Saturday. Rusiness in eggs was quite active among jobbers this morning, while vther dairy products and meats tarted the week with fair demand. Prices did not change over Saturday 5, as far as could be learned, top price being reported at 25. Butter had a slightly weaker tendency, 46 and 42 being the top bottom, according to grade. Uheese continued to remain steady. Light receipts were experienced by ¢ Western packers today, but the zeneral price for good beef was said » be around 18. Medium was priced t 16 and 17. Demand was light. ing lambs, not many of which vre in evidence, brought to 40 n nd fall 30 to Pork was quiet, at about 18 cents. were between 17 and 18 oulders 11. Smoked meats w her tendency. alth much change in price was no Commission merchants were for shipments, thi toeks the d T 2 market was $i. heing the highest nch would b repor . price up bun arkets. 1 by the T follows Virginia ineh Vo thieste ne nd_fancy Aspar. demand Suppiies lifor- fairly n bunches, | : Ohio and New 3 W vari ©ld Stoek Demand Light. Pota Strawherries— ¥lorida demand light; market uth _ Carclina. | 1.30. Lettuc : moderate firm: type Sup Golden rough, & dozen koAt 8 AL Today. York, 1 Oregon unbroken cars fr8izht 5 L2 F freight rs on track Mlichigan, 1 North Carolina, 7 VYork fre barrels, Virgi toat, 10 b 2 unbroken c track: . ‘ ; Grapefruit, 1 broken cars on onios New York, 1 30 crates reshipped Pennsyl- expre I _unbroken car on t Florida freight Florida cxpress, 3 broken unbroken cars on trac 520 haskets. Florida, and reshipped Pennsylvani peas. 121 baskets, Flo baskets South Carolina express; vadishes, 98 crates. North Caroljna cxpress, 83 barrels, Virginia bo: vegplant, . Florida expre: yeppers “lorida_expre: ~pinach, Virginia_boat, Lyoken ki mixed vege tables, 2 ht, 2 broken an 2 unbroken cars on track; mixed iruit, 1 Florida freight, 1 broken car on_track: strawberries, 95 crate 5 refrigerators, Florida_ exp Tirussel sprouts, 30 crates, New York ~xpress; asparagus, 1 South Carolina treight,” 289 crates, South Carolina, 100 crates reshipped New York ex- press, 1 broken on track: squash, express; cuc exm s5; turni, Carolina expre freight ack 5 crite nd_one ——— RAILWAY’S BIG ADVANCE. Seaboard Air Line Held Stronger Than at Any Prior Period. BALTIMORE, April 21 (Special).— | The forthcoming annual report of the Seaboard Air Line railway, it is s those who have made a close study of the road, will show it \e stronger than at any time in its tory. ble showing which it is expected 0 mage for 1923, loadings and other preliminary statements which have heen made during the first quarter this vear indicate that the pros- pects for 1924 are most encouraging. Not only will its net income show vell for. the first qurater of this vear, s said, but the road's equipme at “maximum of efliciency, while s rentals of equipment were ma- crially reduced during 1923. Comparing the record of operations for March with former months, would appear that gr income sht reach $5.250,000, which would mean _approximately = $600,000 net nrofit before payment of interest on he adjustment mortgage bond: his ‘proves true, March will set a iew record in monthly net earnings. FEAR OF EPIDEMIC. ' Transportation Curtailed. Due to Foot-and-Mouth Disease. SEATTLE, April 21 (Special).— Curtailment of both passenger travel nd freight shipments between gali- fornia_and the North Pacific coast ities is_in _immediate prospect as a ult of the foot-and-mouth disease \ the southern state. One steam- «<hip company has reduced t lings, :nd passenger Jists now are ) Apark- Ably light. It is predicted that horough rearrangement of travel sutes for passengers and freight will nave to be undertaken especially on hipments of early vegetables and nall fruits. The blockade against e plague is affecting tourist travel, .&pecially motor travel. Texas will e called on for strawberries, new otatoes and cabbage for this sec- ion, while Arizona will furnish,head ttnce until local supplies enter the | market, na | ANCIAT ‘ 1 THE EVENINC + NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. BY WILLIAM §¥. HEFFERNAN. Special Dispatch to The Star. NEW YORK, April 21.—Professional operators working for the decline had the upper hand in today's dealings in the curb market. Heavy selling mgde itself felt in'the oil stocks, the active Standard leaders breaking a point to over two points, while higher priced members gave way more easily. Standard of Indiana was especially pressed for sale and lost a point to around 57. Prairie Oil and Gas at 218 was at the lowest for the year, and Standard of Obio under 229 made a new low. Red Band lost a good part of the recent improvement, and profit- taking made itself feit in the South American shares which were more or less in demand recently. NEW YORK, April 21.—Following is an official list of bonds and stochs traded in on the New York Cuio Market today: Sales in thousands. Allied Puckers . BONDS High. Low. Close. I8 Am Sumat Tob | 14m Rolling Sim Hardw & W W I SS 5 Reaverboard_ 8s dison Gs Ohio | a. | to | In addition to the remark- | it | & Rub Daques Lt Pi isher Hody 104 106 1067 1 104 10635 e s Sun 0il 1 85wift & Co's 2 To ELU& P i Uait 0il Frod acuum Oil 7 FOREIGN Netherlds siz 01l 1m0l & R new INDEPENDBENT 011 STOCRS i (i 18 1 1 « = Fuel Ol afd Oil wi Mex Land Ranger 2 New En | Washington Stock Exchange. | SALES Rwy. & Elec, pfd.—10 at 4%, Ini s Light—3 at 493, 5 at 491, | Washington ¢ Capital Traction Co_—10 at 933, 2 at 93% Money—Cail loans, 5 and 6 per cent BONDS. Bid and Asked Prices. PUBLIC UTILITY. Tel. and Telza. 4s n Tel. & Tel, 4Y Am. Tel. & Tel. Am Tel. & Tel. con. & Potomac & Potomac & P. Telephone & P Telephone of V Capital Traction R. R. City & Suburbau 7. Georgetown Gas 1st Metropolitan | Potomac Elec. | Potomac | Potomac Potomac Elec. 6s 1 Pow. £ m. & ref. Alex. & Mt. Ver Alex. & Mt. Ver. cifs Gas 6s. Rwy. & Eiee. 4s. MISCELLANEOTS. hington Washington Riggs Realty 5s (short Wasii. Mkt, Cold Storag: vardman Park Hotel 6. STOCKS. PUBLIC UTILITY. n_Tel. & Telga Traction Washington Ga: Norfoik & Wash. § ash. Rwy. & Pl Wash. Rwy. & El Terminal Taxi com...... NATIONAL BANK Capital Columbia Commercial District “Bank of Washington. TRUST COMPANY. American Secarity & Trust.. Cantinental Trust. hants’ Bagk. e avites & Trust National H Commerce & S Fast Washington. Becurity Savings Seventh _Street.. United States Savings. Washiogton Mechanics' FIRE INSURANCE. - 5 8 American Corroran Firemen's National Un Columbia _ Title. Real Estate T MISCELLANEOUS. D. C. Paper pfd. ¥ Lanston Monotspe.... Merchants’ Transfer & Storage. Mergenthaler Linotype. Natiooal Mort. & Inv 0id Duteli Market com Old Dutch Market pfd. Reeurity Storage. Wanhington Mark 1 1 | dicate are | stantly and frequently and the com- | Ainancial Direct to The Star Office Driving down the oils naturally had its effect upon other parts of the list, but_elsewhere declines were more mod¥rate. Colorado Power and Ame can Gas and Electric (new) lost frac- tionally, while other public utilities were neglected. Following the nine point break last | week in Yellow Taxi of New York the | stock Jost another three points today. At the low prices short covering set in, carrying it back over the ground lost. Weakness in this stock has been sympathetic, with lower prices for taxi shares on the stock exchange. A feature on the side of advance was the further rise to a new high for the vear in Hudson and Maahat- | tan common. The buying of both Iudson and Manhattan and Hudson Company preferred has been in re- sponse to the favorable showing in operations during March and the bet- ter financial position of the former company. Pennock 0l Red Bank Ol uew pulpa Refin ©.. . board Oil g 0il & Gas. Pet i s, o INDUSTRIALS. L & Tract.... Multigraph Co. Co prd.; Froit w i Mach 2 Am Tob Bklsn City R I andy Prod Cor wi entrif Tron P ew Wi Auto. & Kadio Tne Alden Coal Goodsear T Tud & M; Hudson ¢ andard Motor rp pld P Glass | ru |and received STAR, INDUSTRIES SHOW PRODUCTION SLUMP Major Opentibns in Widely Sep- arated Areas Indicating Slight- ly Less Activity. MERCHANTS' BUYINGS SMALL Decrease in Employment in Sec- tions Noted. BY J. C. ROYLE. | Dispatch to The Star. W YORK, April 21.—Reports from widely separated sections of this country indicate that peak production in several major industries has been passed for the time being at least. Coal, automobiles, lumper, cement, sugar and textiles have shown a slump recently, although in each case the failing off has beex slight in com- parison with production in other good years. The fint indication of the trend has been the slackening in car loadings. Forward buying in large quantities has become almost obso- lete in some lines of business. Mer- chants buy in small lots and depend on the common ecarriers to land their purchases promptly at'the freight ele- vators. Consequently a drop in pur- chases is immediately reflected in the freight cars loaded. The latest rcports on in Detroit, the su the automobile indust ther drop of 65 This compare time Jas high mark r The ich nandles I for the 1 as the finished machines. from conr ions from April 1 to April 15, Thiss compares with 20.0. for the corresponding period of r 2nd with 000 for the corr ,‘ ng period of last month. Auto Sales Notable Exception. In spite of these cts, automobile showing 1 increase, with | ¢ all the larger producing com- mprovement | month. TI Spee cmnployment | rometer v a fur- of | 2 wor ed this yea re Marquett ansiderable utomabile factories. loaded only | | Swift & Co mken Axi N 15 MINING \iin Emma S| ~ el vid Vion Fiarmiil Viorenec % | ret | prod 000 by May nd Dodge week sed the 6,000 mark for the | the history of the com- | ded April { on and steel ment in bi colitmns 19,000 cus mines to produce i norn are hundreds more n duce coal than are for emergenct Lumber Production Suffers. Lumber prod suffered lig it neith en nd miliers of the west coast, the cot- sn men of the south or the manu- factu of th st take the danger that Jaran will ¢ iation for exelusio refusal to buy American It there o more work than requir PplE and there e prepared to necded except tember. Th, need of lumb woolen textiles | moods INVESTMEN By George T. Hughes | The Seventh Article. What a “Syndicate” Is and How Keen Competition Pervades Bond Selling. Anvestment bankers are merchants who buy and sell the securities they kandle. They are unlike brokers, who | for a commission execute an order | to tuy or sell something they do not own. Many investment banking “iouses handle only bonds. A smaller number also handle preferred stocks. | and still a smaller number handie mmon and preferred stocks as well as bon, Some of the larger house do chiefly a wholesale business and | distribute through local bankers, who sell at retail to investors. Some in- vestment companies originate issues and some simply sell issues origi- nated by other houses. Syndicates Often Formed. When there is a large issue of state, municipal or other public tonds, such as soldier bonus or road bonds, one house may not have enough capital or may not wish to tie its eapital up in one huge issue. It therefore joirs with several other houses what is called a “svndi- cate,” e house agreeing to take S0 many of the bonds if their bid is successful. Usually several of these “syndicates” are represented at a public bicding. The same thing takes place when a large industry, railway or utility foats » bond issue. A “syndicate” is formed, both to combine resources of the different houscs and to obtain wide distribution. Thus no one part of the country is drained of invest- ment capital, as the offerings are spread from coast to coast and in- vestors everywhere have the same opportunity to buy good securities. A syndicate is nothing but a group of keer competitors going into tempo- 1ary partnership. The syndicate selects 2 manager and is to exist for a certain duration. The bonds are to be offered at a certain time at a certain price. As soon as the bo: e offered these partners in the out after customers, their 'n_and vbody else’s. It's clean competition, but the sharpest and hardest kind of fighting. Competition Sharp. These syndicates change =0 con- petition within them is so sharp that, to any one knowing the truth, the popular hoax about “Wall ~street domination” is ridiculous. If a bond house or group of houses tried to hold up or gouge any sound and justifiable financing, the enter- prise’ seeking capital could go to a dozen other houses and _another syndicate would be formed within a very short time to handle the issue. Look at the bond offerings adver- tised in any responsible paper and note that the larger issues frequently have the names of six or seven or more bond houses at the bottom of the advertisement. Note in other ad- vertisements how these names change i . and you will quickly ap- preciate how keen and untrammeled is competition in finance. (Copyright, 1924, by Consolidated Press As- sociation. ) NEW YORK DRY GOODS. NEW YORK, April 21 (Special).— The raw silk markets registered an- other 5-cent a pound reduction in Japanese grades today, but there was more activity and better fecling. Cot- ton goods markets were quiet and unchanged. Print cloths were quoted Yellow Cab.. dividend at 9 cents for 64x60s and 10% cents for 68x72s, { can la drep of about $17 that the | ton will te could 1 which | ton Cotton men d d today ental 1 textile mills busy the finished product of those facto is sold largely he United States, Japanese Silk Sitmation. The silk lucers are depen silk manufac product of the Ja ik houses in th of New York have uction | materially. it is estimated that for the first half of this month there were_only 7. bales _shipped from the e ports. Silk manufae- turer. ated today their disbe that Japan would take any ac which would cramp this market e more severely. on en | 'DROP OF $17,500,000 « NET OIL EARNINGS Sinclair Corporation Blames Un-| settled Conditions in Industry for Sharp Decline. April 21.—U conditions in the ofl industr vear were blamed today by the S clair Consolidated Oil Corporation for | 00,000 in net earnings to $13,436,504 from 1923 op- erations. With dividends and re- | serves deducted these was an actual deficit from the year's operations of | $11,831,220, contrasted with a surplus | of $10,228,266 in the preceding vear. Gross earnings totaled $10 approximately $23,500,000 less than in 1922, but the company reported that despite demoralized market it sold a larger volume of products. - Large expenditures for increasing refining and marketing facilities made in 1922 and 1923, but not productive in those vears, offéred promise for profit | in 1924, Chairman Harry F. Sinclair re- ported to stockholders. The disturbance | in the oil industry, he said, has not en- tirely subsided, but much more fa- vorable conditions exist and present indications are for continuing im- provement. In referring to the government suit to cancel the Teapot lease, he as- | erted that the company awaited the result with entire confidence. Mr. Sinclair announced that only new development in the the | com- | foreign ecxplorations was an | ase in its holdings in the Angola | enterprise, on which prelimindary re- ports were encouraging. GROUP BUYS CONTROL. Seneca Camera Manufacturing Company Changes Hands. ROCHESTER, N. Y., April 21.—Cos trol of the Seneca Camera. Manufactur- ing Company has been obtained by a group of Western business men, ao- cording to an announcement made last night. Most of the manufacturing depart- ments of the Seneca Company will be moved to the Conley factories, in Min- nesota, it was declared, but the Seneca =ales organization and shipping ware- houses will be maintained in this cf FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN- VESTORS BUY DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. NW. ™ IN WASIHINGTON, | 1ST TRUST NOTES D. SAFETY FIRST Last and All the Time and 2 INTEREST —on our First Mortgage Notes secured on improved real estate in the District of Columbia. Convenient Amounts $100, $250, $500, $1,000 Particulars Upon Request GEO. W. LINKINS 1719 K Street Established 1588 . APRIL 1924, SRR NOTICE £ We have money to loan in large denomi- nations on business properties and apart- ment houses at— 5%% & 6% ‘Loan Department BOSS & PHELPS Realtors M. 9300 1417 K St. 21 MONDAY, 2 AT Eight Per Cent Interest ! Monthly payment of interest and curtailment of principal. Amounts ranging from $1,900.00 to $10,500.00. Secured on Dist of Columbia homes. All notes from one to two years old and endorsed by old and Well established D. C. Corporation. JOHN H. WRIGHT 1116 Vermont Ave. Main 3397 We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street Interests— demand that your sav- ings be placed where they will earn the maxi- mum consistent with absolute safety. These counditions are ideally fulfilled in our First Mortgage Investments $100—$500—$1,000 JORRS CAFRIEZ: Ca 1416 K Street Main 617 Money to Loan Secured by first decd of trust on rea Prevailing interest and commission. ‘eller 420 Wash. L. & Trust | Joseph I Weller 4 Wash. L & T EQUITABLE Co-Operative Building Associaticn Organized 1879 44tk YEAR COMPLETED . .$4,755,170.53 $1.245320.98 MONEY TO LOAN IN ANY AMOUNTS UPON FIRST MORTGAGE ON IMPROVED PROPERTIES IN THE DISTRICT— CURRENT RATES— PROMPT SERVICE [SHANNON & LUCHY) REALTORS and Mortgage Investments 713 & 715 14th St. N\W. Main 2345.6-7-8-9 Asnets Surplus Systematic Savings —Each pay day lay aside of your salary at the E It i® 2 method of will prove most effectiv: Subscription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOY EDSON. President REESIDE, See’y. JORN FRANK ». First Mortgage Loa.na[ Lowest Hates of Interest and Commission Prompt Action T Thomas J. —phase of our mortgage in- vestments most gratifyving to us is the ever fiicreasing de- site on the part of our clients to recomniend them to their friends. Our Investments Yielding 7% —cannot be too highly recom- mended. 1Write for Booklet Chas. D. Sager Mortgage Investments 924 14th St. N.W. Main 36 Comfortable Investments “7 HEN you invest your funds in Swartzell, Rheem & Hensey Company First Mortgage Notes, you realize the comfort which is brought you by our record of 55 years without loss to an investor ; you will be gertain of 100 per cent protec- tion of principal; you will be receiving the highest rate of interest consistent with our *policy of efficiently serving both borrower and investor—and, in addition, you will be entircly free of all thoughts of care or worry. At the present time you can secure 6% per cent interest on your money invested in the securest type of First Mortgages. And the borrowers’ agreement to refund the District of Columbia Intangible Tax of 5 of 1 per cent brings the yield to practically 7% Would not an investment of this character be a great satis- faction to you? . . Swartzell, Rheem & Hensey Co. 727 15th Street N. W. 55 Years Without Loss to an Investor FINANCIAL TRUST DEPT. SPECIAL DEPT. FOR LADIES This is the OLD- EST National Bank in the District, and the FIRST in the whole United States empowered to offer Fiduciary Service, under the Federal Re- serve Act. fGlad to confer with you about YOUR WILL and other Trust Service. FOREIGN EXCHANGE LETTERS OF CREDIT & TRAVELERS" CHECKS —— e —— Our Savings Dept. Pays % —110 Years Old National Metropolitan Bank 15th St., Opposite U. S. Treasury 13 WHAT EVERY INVESTOR IS LOOKING FOR Safety of principal. certainty of yield, an adequate return and a complete investment ser- vice that relieves them of all detail and worry. Over a 3 Quarter OUR 7% FIRST MORTGAGES ofie —meet cvery test Century Without In amounts of $230 and up. a Loss 'F. SAUL CO. 1412 Eye St. NV, Experience-- 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 67% per cent First Mortgage Invest- ment Notes, Added to the property security ss the unqualified recommendation WA MAN ConstructionCompany e, Main 4190 61/2% and 7% From 1 to 15 Years You have a wide range of maturities from which to choose when you make an investment in our current first mort- gage offerings. Every investment is strongly secured by improved, income-producing real estate, Every investment is protected by the safeguards responsible for our record of no loss to any investor in 51 years. NO LOSS TO ANY INVESTOR ™ % You may buy these First Mortgage In- vestments in any amount, in denomina- tions of $100, $500, $1,000 and $5,000, outright for cash or under our invest- ment savings plan. Call, write or phone Main 6464 today for full information. e F.H.SMITH COMPANY, CHounded 1873 THE P. H. SMITK COMPANY Smith Building, 815 Fifteenth St. Without obligation on my part please send me descrip- tiems of your current oferings of First Kertgago Coupon onds. MAIL THIS COUPON TODAY