Evening Star Newspaper, April 28, 1924, Page 21

FINANCIAL D. C. MARKET PRICES ON UPWARD TREND Better Quotations on Fresh Meats and Eggs Noted by Whole- sale Dealers. GOOD BEEF SUPPLY LIMITED Review of Vegetable Supplies by Tederal Bureau. prices in fresh eggs were noted among dealers on the Washington whole- le market today. od beef moder: meats and fobbers’ was scarce and yet in te supply, local packers seem- ing to be well taken care of, while western packers experienced a short- e. Th would be ade by TIOFrow, it was pre ted. al Prices for good beef—17 & pound —although ehanged over last we up Gen un- . were looking maining be about offer until cattle, in bo’ as st the d. appearance Pork wi as 4 ¢ of grass 5 reported hig s over last Quotations on Eggs. auality most voi me e average s ning of the wee , although this fig ation wh were considered. Their were running bel d A quantity receipts due, it was ned, to the farmers' attention being diverted to crops, Vegetable Supplies. The Department of Agriculture’ TePOrt of the vegetable market fol- Apples—Supplies light r products their “scheduled New York. Baldwir boxes, rorthwestern, medi extra fanc tion ‘ext ewtow mand m old Heavy Sappi rand Florid mostl, pint 3.2 moderate: Fior: oderate . crates, icel st, 6.00a Arrivaly Apples, 1 1 2 Washington, 3 u i giit, 4 bro- Florida, freight North Ca 2 boat, 8 broken a on track: Carolina freigh freight, T lina and , 1 broken ; grape. unbroken cars I'lorida, Lroken an onions, 1 broken rates Flori Texas frei squash, reight trac 1ifoy ken on t lorida expry 1 askets Virginia boat string be 1 Florida ex yress; peas, rolina freight, baskets and 91 crates South Caro s, 1 unbroker on track: radishes, 22 baskets Carolina express: eggplant, 120 crates Florida express; Peppers, 70 crates Florida express; a 1 broken car on track; m vegetables, 1 Florida freight, cars on track; erators Tlo- Carolina 12 barrels Touistana express; , 1 Califor- nia, freight; . 221 crates South_Carolina, §9 crates reshipped New York express. $12,000,000 BOND OFFER. ‘Wall Street Bankers and Others to Handle Hearst Securities. NEW YORK, April 28.—Following wpon the recent consolidation of a number of Willidm Randolph Hearst's newspaper and magazine enterprises into the Hearst ZFublications, Inc., Wall Street bankers, together with the Anglo-London-Paris Company, will offer for public subscription to- morrow $12,000,000 of the company’s first mortgage and collateral trust 6% per cent bonds. The securities, maturing over a twelve-year period, are priced at par. Security for the issue is provided partly by capital stocks of com- panies publishing the San Francisco Yixaminer, San Francisco Call and Post, Los Angeles Examiner, Los Angeles Evening Herald, Oakland Post-Enquirer, and the Good House- Jeeping, Cosmopolitan, Harper's Ba- zar, Motor and Motor Boating maga- zines. Net earnings of these proper- ties last year totaled, $6,474,133. Proceeds from the sale of the bonds will be used for refunding purposes and for retirement of current liabili- ties and other corporate purposes. NEW YORK DATRY PRODUCTS. 28.—Butter— NEW YORK, April Bleady; receipts, 5,799 tubs; cream- ory, higher than extras, '37%a38; creamery, extras (92 score), 37; do. jirsts (3% to 91 score). 35%a36%; packing stock, current make, No. 2, 37a27%. . " Eggs—Unsettled; _receipts, 24,546 cases; fresh gathered, extra firsts, Yegular packed, 25a25%;: do., storage packed, 26a26%; fresh gathered, firsts $egular packed, 24a24%; do., storage packed, 25%: fresh gathered, seconds d poorer, 23%a23% ; nearby hennery I'hites closely selected, extras, 32a33; learby and nearby western hennery I hites, firsts to average extras, 27a 21; nearby hennery browns, extras, 9a31; Pacific coast whites, extras, unquoted; dae firsts to extra firsts, 20233, to 18 cents | California | 3 brolken and | BY WILLIAM F. HEFFERNAN, Special Dispatch to The Star. NEW YORK, April 28.—A decline quite as pronounced s the recovery last Friday occurred in the ofl group in the curb market today. The data contained in the weekly trade reviews was of a nature to cause suspension of any further efforts at recovery in industrial stocks which were for the most part lower or neglected alto- sether. However, it was the oils which were the most active throughout, with losses running from a half point to 7 points before support was en- countered. The largest losses nat- EW YORK, April 28.—Foilowing is un official 1ist of bonds and stocks traded in on the New York Curb Market today: 99%, 10114 1021 3 m Hdwe 85 HAIG&WISS 2 Reaserboard_ s, 1011 B8 it 20 Cit ol ‘ons Textiles .. 18 € P&B M 8ix A 1 Deere & Co Tiax 19 Detroit City Gas 6 Detroit Edison 6s. Dunlop T & R Tx. q L&D 5w B her Match 618 wi 1 Kan City Term 53s 1 Kennecott Cop 7s.. 10 Lehigh Pawer 6 5 Le Val H By o wi Menitoha Fo % Morris & Co Thy Leather S Ohio Power Hs B... Park & Tilford s 5 Penn Pawer & Lt 5s 1 Southern Cal Bd BONDS. 0% o3 TS or M 48 STANDARD OIL ISSUES Anelo Am 0f i Washington stqck Exchange. | at 4%, g Mergenthaler Linotype—4 at 15315, onal Mortgage and Investment pfd.—30 50 at 8%. AFTER CALL. Gs '33—$1,000 at 101% 101%, Hiniton Rwy. & Elec. com.—10 at T1%. Trust Co.—10 at B4, 10 at 83, LISTED DEPT. néard National Bank—50 at 12. BONDS. Bid and Asked Prices. PUBLIC CUTILITY. Bid. Asked. & Telga. 4 9414 jcan Tel American Tel a8 American Tel. & Telgu. 4 Am. Tel. & Tel. ctl. tr. 5s. Am; Tel. & Tel. conv €. Anacostia and Potomac Anacostia & Potomac guar. 5. C. & P. Telephone 0s. C. & P. Telephone of Va. Bs.. Capital Traction R. R. s Potomac Potomac Potomac . Bs. Potomne Elee. 65 1953, Pot. Elec. Pow. g m. & ref. 7a. Wash., Alex. & Mt. Ver. 5 MISCELLANEOTUS. D. C. Paper Mfg. 6s.. Riggs Realty 55 (loog). Riggs Realty 56 (short).. wash., Mkt. Cold Storage Gs. Wardman Park Hotel 6s.. STOCKS. PUBLIC UTILITY. ican Tel. & Telg: 1245 American Te s T 73% % ington _Gas. Nortoli & Wash. Steambost.. . Rwy. & Elec. com, . Rwy. & Elec. pfd. Terminal Taxl com. NATIONAL BANK. Capital Columbla Commercial District .. Parmers & Mechanics Federal-American Liberty Nationsl ‘ot Washington. TRUST COMPANY. American Security & Trust. Continental Trust. Bank. soadel gfyay MISCELLANEOUS, D. C. Psper pfd.. Merchants' Transfer & Storag Linotype. *Mortgage & Iavest. prd. 0ld Dutch Market com. 0ld Duteh Market pfd Tanston Monotype Security Storage [3’-1:. b, R 2 ergenthaler urally occurred in the high-priced Standard issues, Prairie Oil and Gas getting down 7 to 220. Standard of Indiana lost a good part of the recent improvement when it dropped to around the 58 level against Sat- urday's close of 60%. South American oils were the only exception to the downward tendency and were taken most of the time slightly above last week's final prices. Traders who had accumulated profits in Dubiller Radlo last week were disposed to take them, with the result that the stock was offered freely and lost over a point. Mining stocks continued to find it difficuit to attract a following and there appeared to be little Incentive in the trade news to come into the market at this time. ,000 CitSorv werip, 30 Creole Synd . 10 Engineers F 20 Federal OIl . § a1t Oil of Pa. . ulf Sts 0 & R wi Lago Pet ... 5 3 Margay Oil 10 Mex ON . 18 Monnt Prod 55 Mutus! 5 1 New Bradtd Oil wi 25 New Mex Lan r o0 & Gasl. 1 peer 011 Corp UR 30 Penn _Beaver 011 Bridgeport Mch Prod_Corp wi ent Teresa pfd .. 1 Centrifug Iron Pipe h Nip B tr ow wi io TPower & Lt fus Aero nxsets bilier ¢ & Radio purant Motor .... u Pont Mators ht i Hudson Inter Contl It Intl Coner Ind Corp *1 108 Ka; 1E8 ey s, 3 3t 28%. | in much more plentiful supply and | | | | |satisfied wtih 6 per cent and his M1 12 Bl Oak Gold Miges Canario Coprer 10 Tnde; 4 Jero: 10 Jib Copper als Pro Co. alker Mining. enden_Copper. West End Consol. 20 West End Ext 10 Yukon Gold . - Before Yon Invest—Investigate. It's queer how careful a man can be after he's lost his money. Abe Martin says that a man who is not money are soon parted. —_— NEW YORK PRODUCE. NEW YORK, April 28 (Special).— New York upstate old crop white potatoes were in liberal receipt and trading was light, but prices showed no material changes for best offer- ings. Florida new crop potatoes wete prices declined, State No. 1, sold from 32.50 to $2.85 per 150-pound sack while Florida No. 1, spaulding rose brought from $8 to $9.50 per double | headed barrel. Old onions continued practically without demand. Few sales of either state red or yeilow onions exceeded $1 per 100-pound sack. A few Texas new crop onions sold around $1.75 per_crate. ‘Western New York old crop carrots were in comparatively light supply and the markct held steady but de- mand was moderate. Best muck-land carrots realized $5.50 per double headed barrel for No. 1, stock, Texas new crop carrots sold at $3.50 per bushel basket. State barrelled apples were in lib- eral fresh receipt, but owing to ir- regular quality an dcondition prices showed wide range. A grade 2%-inch baldwins ranged from $2.25 to 3$2.75 per barrel. Several carloads of green- ings in bushel baskets sold at 1 per basket. e CHICAGO LIVE STOCK. CHICAGO, April 28 (United States Department of Agriculture). —Hogs— Receipts, 56,000 head; moderately active, 5 to 10 lower than Saturday’s best time, or around § lower than the average; mixed offerings show most decline; bulk good and choice 250 to 325 pound butohers, 7.30a7.40; top, 7.40; bulk desirable 160 to 210 pound, 7.20a7.30; better grades, 140 to 150 pound averages, mostly 6.70a7.10; packing sows, largely 6.60a6.80; kill- ings pigs, unchapged; bulk good and oholce, 120 to 130 pounds, 6.00a6.40. Cattie—Receipts, 19,000 head; bet- ter grades beef steers and fat she stock, weak to 25 lower; mostly 15 to 25 lower; trade very siow; killing quality medium to good: shipping demand comparatively narrow: early top matured steers, 11.50; bulk early sales, §.50a10.25; most grades year- lings' 'sharing = down-turn; lower grades youngsters and fed steers and stockers and feeders about steady; latter class scarce; strong in spots; weighty bologna bulls moderately active, strong; others steady; veal calves, mostly 7.00a7.50 for light kind; ' upward to 8.50 for good to choice handyweight to packers; bull stockers and feeders, 6.75a8.25. Sheep—Receipts, 16,000 head: slow; very little early businegs: few me- dium fat olipped lambs, 13.50a14.00: around steady; talking lower on fat sheep. —_—— BAR SILVER QUOTATIONS. NEW YORK, April 28.—Bar silver, 643%; Mexican dollars, 49%. LONDON, April 28.—Bar silver, 33d per ounce. ' Money, 2% per cent. Dis- count rates—Short bills, 2 15-16a3 per cent; three-month biils, 31-16a3% per cent. —_— PITTSBURGH, April 28 —The job- bing hardware trade is draggy be- cause farmers are indifferent buyers. Builder’s hardware has been moving in a dull way, but is expected to show improvement now that the car- penters’ strike is settled. Mill and mine supplies are spotty. SEATTLE, April 28.—Surplus pro- duction of ‘lumber by Pacifie coast milis has been cut to’ half, according to the West Coast Lumbermen’s A OIL DRILLS NOW DOWN IN UNTRIED AREAS “Wild Cat” Operations in All Fields Feature of Present Operations. DY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, April 28.—In every oil field from Pennsylvania to Call- fornia and from Montana to the Isth- mus of Tehuantepec, the wild cat is running wild. That simply means that the drills are biting down toward the oil sands in untried territory all over this continent with renewed vigor. Ol prices have bettered and produc; tion for a time slackened off. The industry has not fully recov- ered from the tremendous flow of oil which had to be stored in 1923, but the betterment of conditlons giv- en encouragement to owners and leasers of lands and since Col. Drake completed the first well in Pennsy vania in 1858, oil men have n been content {o let their liquid gold remain below the surfice. Meavy Dop in Crude. There has been a heavy decline in production of crude in California since last September, when the great flush fields of Santa Fe Springs. Huntington Beach and Long Beach commenced to decline. Production there this month probably will be 1,500,000 barrels under that of Jan- uary. Some of this loss has been offset by the opening up of shut-in | wells. The large companies are en- deavoring to offset it further by the drilling of new wells in untried fields. At present. fifty-nine wild-cat wells are being drilled in various parts | of the state. At the same time 116 | new weils been started in the Kern River fields, while drilling has been inactive since last September. The new Torrance field has 153 under | way and those completed are turning | out something under 50,000 barrels | a day. The Dominguez field twenty new wells and is gushin out about 24,000 barrels a day. The are 553 new wells altogether buing drilled in the state. The California produ shipped their oil through ‘anal at the rate of 200,000 barrels | daily and sold it in direct competition ith the midcontinent and fields, keeping 195 tankers in sion.” They loath to this’ busine ew fields. oming, | and for new supplies to keep pac Opens Headquarters in Denver “ll Union Oil Corporation yal Dutch € dguarters 11 Company sount of t of the surve Production v increase since llne from the & Oklahom: and hasten are: K has been the discovery of sand in the Tonkawa field | ing sunds at lower levels being probed in the proven 1d: Texa and the southwest and old producer: once abandoned, are being mad flow again. Similar experiments being made below the level in the Santa and wells may be driven there. Fields at Peak Production. The Louisiana and Arkansas fields reached the peak production of the last three years last week with an| average daily flow of 190,302 barrels. ou | Thirty-four new wells added 9.560 to | daily production. A 600-barrel gusher in Cotton valley, Webster parish, Louisiana, is belleved to have assured the future of that district Although there are stocks on hand still, consumption has grown to enormous proportions. The | amount used in 1923 was 20 per cent | above that of the previous year, and the rate of increase this year bids fair to be even greater, taking into consideration the speed at which motor vehicles are being made and sold. The new explorations, while they added materially to productio have not uncovered any ‘'bonanza fields and well informed oil men feel that the clouds are clearing over the tuture of the industry. ERYMAN’S INVESTMENTS By George T. Hughes tremendous | TENTH ARTICLE. Who Should Pat Money Into ofl Stocks. In the previous article on oil pro-| duction securities I detailed a few of | the hazards in oll production which account for the enormous losses of inexperienced speculators. Undoub- tedly misrepresentation is at the bot- tom of most of these losses. The risk has not been fully presented or has been misrepresented. If buyers of ol stocks had been correctly in- formed of the danger, incompetent or dishonest enterprises would not have obtained their money. The in- vestor or speculator must deal with persons who will truthfully present | the complete picture if he is to invest or to speculate sanely in oil securities. All Common Stock Proposition. Oll production is essentially a com- mon stock proposition. There is nothing of certain and commensurate value that may be mortgaged as basis for a bond issue. Likewise the uncertainties of production and the certainty of ultimate exhaustion of a field’s desposits forbid a preferred stock issue. Buyers of preferred stock naturally anticipate a sound liquidating value of their stock and there is no assurance that such stock could be taken up by future returns from ofl wells. But oil production has become such an essential to modern life that it must be financed. The very nature of the business calls for common stock financing, with purchasers of stock knowingly assuming the risks and depending on large profits to pay for them. Obviously the person of moderate means and with virtually no way of obtaining dependable, ex- pert information, has no business dabbing in oil. The money should come from professional operators, from large oil companies or from well-to-do business men and bankers who can and will employ honest, ex- perienced oifl men to conduct opera- tions, and who thereby expect a fair chance to obtain the possible large returns. Small Investor at Disadvantage. But the small investor, who goes out after the large returns, cannot afford the loss, which is always pos- sible even in the most expert and honest operation. More than that, he usually®is unabie to know whether he is putting his money into a thoroughly_honest and competent en- terprise. “He is_in no position to judge as to the efficiency of the oper- ators or to determine whether they are honest or of the large army of professional oil stock swindlers. Established, oil companies do a good deal of exploring and develop- ing and employ the most dependable known methods. They can afford the certain losses that occur because their other developments will pay. Stock in such sound, established enterprises is well worthy of consideration, if the investor is able to assume the risk. The fact that an oil operator is a big league base ball player, a minister, or the son of a governor, & senator, a general or a dry goods prince doesn’t mean anything. The ofl busi- ness requires ofl experts, not profes- sional athletes and family trees, if it is to be conducted profitably, 4 t, 1924, by Consolidated Press (‘Oowflth 0 C., MONDAY, RANCHES FARTHER WEST. Texas Owners of Big Areas Mov- ing Base of Operations. FORT WORTH, April 28 (Special).— The big ranches are being shoved westward in Texas. An illustration of this is seen in_the fact that A. L. Wasson of Big Springs began today to ship 4.000 cattle from the Big Springs aistrict to Vanhorn, where they will be ranged on a new 43,000-acre tract. The old on_ranch has been sold to settlers for farming. Since the out- break of hoof and mouth disease in California, receipts of hogs on the Fort Worth market have increased. Ship- pers in the panhandle who have been accustomed to market thefr hogs in California have diverted them to this market. ey RAILLAY REVENUES DROP. BALTIMORE, April 28 (Special).— Operating revenues of the Western Maryland Railway Company showed o de of § 74.57 in March, as compared with the corresponding month of 19; according to the monthly report just issued, the reve- nues totaling § 110, On the other hand operating _expenses showed of $299,433.01, amountin o with §1 come W $34.14 Money to Loan Secured by first Geed of trust on real estate. Prevaillog interest and commission. Joseph L. Weller #20 Wash. L. & Trust 12 Oth & ¥ N.W. EQUITABLE Co-Operative Building Association Organized 1579 44th YEAR COMPLETED Assets - $4.755,170. Surplus $1,245,320.98 Systematic Savings ay day lay cide part ry at the Equitable rod of saving that tive: of your It is a will prove most effe Subscription for the 86th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY . President FRANK DE, Sec'y. rs st Lates of Interest and Commission Prompt Action isher & Company. 758 loeh Breet D BOND SALESMAN Investment banking house desires experienced bond sales- man to sell first mortgages. “xcellent opportunity for an energetic man. State experi- ence and references. Replies confidential. Address Box 163-D, Star Office Inc. Every Property On Which We Place a First Mortgage Loan 1 . —carefully selected: conserva- tively appraised; followed by our’ established policy of tak- ing every possible precaution- ary step to safeguard our clients. This fully justifies our valued record of mever having a client lose as much as a single penny in either principal or_interest. Notes Now on Hand $100 Up, Bearing 7% CHAS. D. SAGER 924 14th St. N.W. Main 36 We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street EXPERIENCED TELLER WANTED Northwest Savings Bank Interests-— demand that your sav- ings be placed where they will earn the maxi- mum consistent with absolute safety. These conditions are ideally fulfilled in our £ = First Mortgage Investments $100—$500—$1,000 1416 K Street Matn 617 e e THE EVENING STAR, WASHINGTON, D. , APRIL | NEW YORK CURB MARKET «Received by Private Wire Direct to The Star Office 28, 1924, FINANCIAL. SAUL CO. ye St. N.W. SUCCESS-- 12 Success in life is fully as de- pendent upop the quality as upon the quantity of one’s efforts. And in taking such an impor- tant step as the making of an in- vestment, the undeniable high character of these 6%4% First Mortgage Investment Notes is a comfortable assurance of contin- ued safety and enhancing value. YOUR CONVENIENCE Our Hirst Trust Nates Are issued in dem>minations of $100, $250, $300, $1,000 61 and 7% Interest. PARTIAL PAYMENTS May Be Arrangad Added to the property security is the unqualificd recommendation WA MAN ConstructionCompany e Main 4190 Mortgage Investment Dept. SHANNON & Luc\T 713-715 14th St. \.W. Main 2345 Your Estate and Our Experiencce YOU want the property you have spent years accumulating distributed among your heirs as you intend and helil intact for their lasting benefit. WE want to act as the Executor and Trustee of vour estate because of over thirty-five years of ex- perience in handling such problems and because our continuous existence, experience and efficient organ- ization make us desirable in that capacity. MERICAN SECURITY o AND TEUST COMPANY o 15th and Penna. Ave. Capital, Swrplus and Undivided Profits Ower $6,000,000.00. BRANCHES 7th & Mass. Ave. N.W. 8th & H Sts. N.E. 436 7th St. SSW. 1140 15th St. N.W. Central: Northeast: Southwest : Northwest: Don’t Overlook the Possibilities of $10 a Month EN DOLLARS is not a large amount. Even for a man or woman of moderate means, saving that much each month involves but little self-denial. Yet with $10 a month you can accomplish much. At 6%9 $10 a month will grow to By following a proven profitable plan that is now being used by hundreds of men and women in Washington you can, during your productive years, build up a comfortable for- tune. Let us send you our free booklet, “How to $1,661.07 in 10 years $4,803.07 0 “H in 20 years Build an [ndependel.tt Income, deSCl’.lb‘lng the simple details of this plan and explaining our special method of compounding interest from our 6149 and 7% First Mortgage Coupon $10,761.76 Bonds. in 30 years $22,060.64 in 40 years THEE F. X. SMITE COMPANY, Smith Building, 815 Pifteenth Street N.W. ‘Without obligation on my part, plesse send me your free booklst, “Tow G Beiid aa Tadependent Income ‘With larger monthly sav- ings you.can accomplish proportionately greater results. Name ...