Evening Star Newspaper, May 2, 1924, Page 31

FINANCIAL.” "FRESH MEAT DEMAND BRISK IN D. C. MARKET Jcbbers in Dairy Products Con- tinue to Record Steady Trade at Current Prices. REVIEW OF GENERAL TRADE | Department of Agriculture Reports on Vegetables. o fresh meat market was in the | Process of heing cleaned up teday ! under pressure of @ good demand. | The beef, lamb and veal prices were | about sathe, 18, 18 and 32 spectively, but pork varied from cents. Pork during the week fluctuated more than the other prod- icts in the same class and it was un- trmined just where it would settle for the week. Jobbers in dairy products con to sell at steady prices. Commission merchants did not have very many receipts, but of those that came in springers seemed to be the leaders. The market on the broiler: Was around the half doilar mark and | Zoing perhups litte higher, according ¥ grages. 7 Some banagus high as $5 w bunch, despite asser- tions that there was a “fiood” of the product on hand. The zeneral price, however as understood to be around § Vegetable Supplles Noted. ®he Department of Agricuiture's Teport on vegetables follows Avples—Suppli light: market dull; Virginia and W inches up, W Newtons, 4.5 3.00; boxes, Northwester large extra fan mbination the re- | to 25 inue today brought w 56. 3 firm; South en-bunch crate: large medium size, 550a6.00 4.00. Cabbage —Supplies ; demand light; market fair. Texas, bulk, per ton, round type. 50.00a$5.00: South Car- nel hampers, pointed Onions — Supplies | demand light; market : new stock Texas, stan- Yellow Bermudas, U. S, ; old stock Ohio, 100- ellow varieties, No. 1 oderat dy moderats about s dard ¢ No. Supplies Moderate. s—Supplies moderate; de- erate; market fairly steady; gl stock, Michigan, 150-pound sacks usset Rurals, U. 5. No. 1, 2.60a2.65 per sack; new stock, Florida, double- head barrels Spaulding Rose, U. 8. No. 1, mostly 8.50 Spinach—Supplies moderate; ‘demand light; market steady: 2inia, Norfolk _sectlon, eloth’ top. veneer barrels, 2.00a2.25. gtrawberrics—Supplies light; demand Mmoderate; market steady; Florida | pony refrigerators. 30a35, mostly 35 | por a: tring beans—Supplies modera id moderate; market firm; “-bushel hampers, best v qualit libora slightly bushel Potatoe mand mo Vi dem demand 3 weaker, S Carolina, ampers, telephones, 2.50a tly 3.00; small variet'es, Peppers—Supplies light; demand good for good sto n Tomatoes— nand moderate: ripes -and count. 5.00a5.50; poorer. 4.60. Arrivals for Past 24 Hours, Apple Virginia freigh CArs on ck. Cabbage—1 uth Car- olina fre 5 broken and 1 rs " on °track Celery and 1 unbroken cars on t. c! Potatoes—1 Michigan, unknown frelght, 69 barrels Virginta boat, broken and unbroken cars on track. Lettuce—1 South arolina fr ht, 3 crates and baskets rolina ates South Caroli pri 4 l‘x(rnk;,h and 1 unbroke on trac Grapefruit—1 Florida freight, § brokn and 2 unbroken cars on track. Oranges—3 Florida freight, ® broken and 5 unbroken cars on track. Onjons—3 broken cars on track. Tomatoes—1 Florida freight, 1 broken and 1 unbroken cars on track. North Carolina barrel Louisiana Virginia boat String beans—225 baskets Florida ex- press. Peas—208 baskets South Caro- lina, 66 baskets Florida express, plant—60 Florida express. Peppers—46 crates Florida express, Spinach—101 barrels Virgina boat. Mixed vegetables—1 South Carolina freight, 1 South ¢ broken and 1 unbroken -cars on track. Asparagu crates South Carolina and 25 crates reshipped New York ex- press. Parsle barrels Louisiana Lemon 1 unbroken car on Bananas—1 unknown freight, | 1 broken car on track. Cucumbers— 85 crates Florida express. Strawber- ries—15 refrigerators and 56 crates Florida, 17 crates & Carolina, North Carolina express. - == choic range t, in pr expres: express, 25 Before You Invest—Investigate, Ever notice that the fellows who try to get rich quick are always broke? RAILWAY BUYS SURVEY. El Paso and Southwestern Pur- chases Tidewater Company Rights. NEW YORK, May 2.—Thomas M.| humacher, president of the El Paso suthwestern railroad, has an- d the purchase by the road of 120-mile survey from Tucson to z., owned by the Tucson, x and Tidewater company. This s the first official announcement of he transaction completed thirty days go. About a million dollars was in- olved, Mr. Schumacher said. Through this purchase the El Paso nd Southwestern, provided it can ob- [Ain a permit from the Interstate Com- erce Commission, is in a position to xtend its line from Tucson, its west- rn terminal, to Phoenix, a distance ¢ 120 miles, Work will begin as oon as the -permit 1s granted, ap- proximately six months, Mr. SUGAR MARKET QUIET. NEW YORK, May 2—Raw sugar as quieter early today with Cuban fered at 6.15 duty paid without heeting buying. Raw sugar futures were not af. scted by the disquieting Cuban polit- al news and ruled generally easier a vesult of the more liberal offer- gs in the spot market and absence t buyers. Prices at midday were 3 b 6 points net lower. Continued dullness was noted in the fined market, where fine granulated vas quoted unchanged at 7.80 to 8.10: Refined futures were nominal. GERMAN BANK STA._TEMENT. BERLIN, May 2.—The statement of he Bank of Germany as of April 28 increase in silver coin ri 322,000 marks. Gold holdings 17,991,000 to 441,815,000 arks, and coin and bullion decreased 3,069,000, ‘The report also shows the following anges in triflions of marks: Treasury nd loan association notes decreased 17.000, rentenbank notes increased 3,810,128, notes of other banks de- ressed {95, bills of exchange: afid pques ‘increased 20,853,600, renten- ri bills'and cheques decreased 14,- .;.l'l!. advances increased 1,539,550, mtenmark discounts and advances in eased 10,746,030, investments reased 91,350,395, other assets reased 3,476,622, notes in cireulation d' 4,214,207, deposits increased rolina express, 1| NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, May 2.—Public util- Ities came to the front in today's curb market dealings and were stronger than at any time since the termination of . the recent upward movement in this class of securities. Although numerous of these coms panies-have not ms yet Inaugurated dividends on the junior stocks, the balances, available for the commeon, according to latest earningy .state- ments, fully justify buying at pres- ent prioces. Tennessee Tlectric Power second preferred, at 63, established a new high record, and was 3 _points .above the ‘previous close. The common reached the best prices of the year, but the advance was not as pro- nounced. Earning $4.79 a share, the common was selling today around 33. Commonwealth Power common jump- ed more than 2 points between sales, when it sold at 79 and was actively taken at and above this fgure. Le- high Power securities around 63 was Direct to The Star Office up almost § points and American Gas and Electric new gained substantial- ly. Increased activity at the best prices for the year in Radio equip- ment shares refiflected increased earnings of these companies during the first quarter of 1924. Dubllier was in demand around 35% and Hazeltine crossed 18%. The upward movement started Thursday In Universal Pipe common was resumed. Application has been made to list the shares on the New York Stock Exchange. — Tranafer, however, will be withheld until re- moval of Iron Products stoek from the big board. It is expected Uni- versal Pipe holders will acquire own- ership of the minority stock of Iron Products now outstanding. Speculative interest was taken away from the oll shares in favor of industrials and little of conse- quence happened in this quarter. There was no abatement to the buy- ing _movement in the independents of the type of Itoyal Canadian and Lago Petroleum. But no effort was made to bid prices up. Among the domestic ofls Mid-Continent shares wore in better demand than most others, especially Salt Creek Pro- ducers and Mountain Producers. —_— prices. NEW YORK, May 2 an official list traded in on Market today: —Following Is of honds and stocks the New York Curh BONDS, itten Am Snmat Toh Tiis Am Rlling Mills 85 Anacnnda 6 5 Anglo-Am 0l W Steel Tx R pii 8s prt_efs Waito 7a Detroit Bdoson Gs... Dunlop Tr & Rub 75, Dug Lt Pt SommnsanSun % 2 g ol b FhwsaSoaluulo B Tn BT & 3% Tnited Gl Prod Su. - Web Mills Gras. wi; FOREIGN RONDS. o8, 3 STANDARD OIL ISSURS. atie Lohos Sales 105 Tmp Ol of Can . 1400 Tnter'l Pet Co Lid 2.0 Magnoifa Pet 600 Ohio Ol new . #0 Prairie 0il & G 16400 S 0 Indiama 400 8 0 Kentue 10 8 0 Nehrasi 1300 S 0 N ¥ new | 58y 1054 28 40 i 44 : Y 80y Sale INDEPENDENT OIL STOCKS. in bundred; 1 Cic Rery 1 Cit Serv BE pfd 1700 Vacwum' Oil pe 44 143 671 674 43 T3 Washington Stock Exchange. SALPS. Gas 55—§2.000 at 95. Rwy. & Elec. pfd.—8 at 73%, AFTER CALL. hington Rwy. & Elee. pfd.— 7 whington Rwy. & Elec. pd.—10 at 73%, Gas 65—200 at 100%, 300 at 558300 at 95 n Gh—$500 at 98 Money—~Call loans, 5% and 0%, BONDS. Bid and Asked Prices. PUBLIC UTILITY. : P Wiy 1 B ol 1"'11” Bt a8 88 American Tel. & Telga American Tel. & Telga. Am. Tel. & Tel. cti. tr Am. Tel. & Tel. conv. 6 Anacostia & Potom Anacostia & Potom: 4 W FF Fatomac Elee Potomac Klec. Potomac Eiec. deb, 0. Potomac Elec. 6 * Pot. Elee. Pow. g. m. Vi Alex. & Mt. Ver. & lex. & Mt. Ver. ctfs. Sash., Balt. & Annap. 5. Washington Gas 5s. g nus?ég:sa:zsssss 32 Sonthern Tldg. 6Ys. Washington Mkt. Cold Storage. Wardman Park Hotel 6s . STOCKS. PUBLIC GTILITY. American Tel. & Telga. Capital_Traction. Washington _Gus. folk & Wash. Steamiboat.. NATIONAL BANK. Capital . Columbia Commerel District Farmers Pederal-American Liberty Lincola . 255 -8 140 162! 239 5 % $3,000 Cit Sery serip. 0 Creole Sypd ... 2 Derby 0 & R w) Engineers Pot Gulf 00l of Lago Pet Latin Amer aad 85, T ) S i = New Read? Ol wl.. ew Mex land, hio Ranger . FRIFEE FF FF FSFLF: a SHE2BR o mBRARRa P23 Savey OUl .. Seaboard Off Suntar Off . Wilcax 01l & ¢ Woodley et Y ol .. 5B a R RR 3. FE FEEER [eu® & INDUSTRIALS, Allied_Pack pr pt 21 Am cot ‘Fawie 3¢ 1B Am G & E new wi 67! Am Hawailan 85.. 9% Am L & Trae 127 Armour & Co Torden & T Rrit-Am Tob Cou Candy Prod Corp wi Car Light - o FEOEEr C « « e 33 Com'w'th Pow pi Contl Tob Ine. 1 Curtise_Assets 33D L & W Coal... 42 Doehler Die Caxt 46 Dubilier C & Radlo. s e SFF s y Tt dzuszzuzn iilette Sutets Rat 260 leasonite Prod (o 10 ien Alden Coal ... 93 1 Hava Tob cf dp wi 4 98 Hageltine Co w | 18% 3 Hudwn & Maa R R 13 4 Hudson Co pfd . 4 Kroage Dept Stores 18 Lehigh Vower see .. 20 Leb Va Coal new wi 1 Lapton F M A, STOCKS. sH28E F#EF P LI RESPEL IE "orp. Radlo Corp pfd. ... Richmond RAdl6 G0 14 Reo Motors........ 16 KGPoewvireswl 24% R0 C & 1 . .08 @ Tenn Elec P 24 pfd Tobaces Prod Expts United Hakeries . Retail Candy Shoe Mach Cot 8 Lt & Ileat r Pipe w i Ward Bk Cor B Warner Rras Ple Wh Rk Min Spr nw Woodward Iren Co. Yel Taxi Co N Y.. MINING Am Exploration ... . Rk OAK Gold mines 67 Calumet & Jerome. Caledopia Min ..... | Canario Copper . Cent Amer Mine Cons Cop Mi ne: Corter_ Silver . Cresson Gold ... 3 Diamondfd D1 Bat .13 Divide Extension.. .0 Emma_Silver e Eng G M It Ind.. Goldfield Comn ... .04 Goldfield Deep ©0 Gold Zene . 10 Harmill_ Div 2 Hecla Mine 4% iy i s L% Tos b4l 10 et 2 201 2 e R FREEE LEER LT IO ‘a—:;;'a‘a'i'z- 3 233 B B, w Dominion ‘Cop. New Jersey Zine... 1 evade Hilla i K g o X opal opah Min . "nited Pastern . "nity Gold 1 Walker Mining 14 Wenden Copper 50 Wett Ler B EFY BuwanbBB.558,83.5828.8 PEF FE¥EY FEE FIPEF B0 Fomn BbEEE oo R BOSTON STOCK MARKET. BOSTON, May 2-—Following is a list of today's highest, lowest and closing prices for the most active stacks dealt in here: Am Tel & Tel. Am Wool . Amovkeag Roston & Albany. Roeton & Maine. Bosten-Elevated Calu & Arix. Calu & Hecla. Cannor J T. Copper Ra: Dubitier . Loew's Theater . Mass Gas ... Mayfiower 0 6. New Eng T & T.... NY.NH&H orth ‘Butte e Mills Park City . Swift & Co . Bwitt Tnternat United Shoe Ms: ited Shoe Natjonal ‘Metropolitan . D840 . 218 289 158 tion: & s TRUST COMPAN' American Security & Trust: Continental Merchants' Bank National Savings & Trust. Unlon Trust ....... Washington Loan & Trust. 'SAVINGS BANK. *® East Washingte -Security Savings Beveath Street Hel Sl American Corcoran B Firemen's . ational Unfom....- : TITLE INSURANCE. Columbis Title... Heal Estate Title., raper ptd.. # Diesianty Transter & Storage. ii0 Me-genthaler Linotype T 154 National Mtg. & Invest pid. 01" Dutch. Murket com. 0ld Dutch Market pd. 576, -other:’liabilitics increased NEW YORK, May 2.—Copper quiet; electrolytic spot and futures, 13%a 13%. Tin firmer; spot and nearby, 43.62; futures, 48.00. Iron steady; prices unchanged. Lead steady; spot, 7.75a8.| Zine quiet; East St. Louis, spot and nearby, 5.80a5.85. Antimony, spot, 9.12. NEW YORK MONEY RATES. NEW YORK, May 2.—Call money eagler; high, 3%; low, rate, 3%; closing bid, 3%; last loan, 3%; call loans against 3 time loans ~ easy: ixed collateral, sixty to ninetydays, C\QM%: four te six months, 4%; prime commereial paper, 434, - Some Speed. From the Kansas CY TinA. Customer U er long wait) — ‘Waliter, have you ever been to t field and stream show? (v:v-.nen—‘m,wn 3 ¥ - Customer—We! ht te and ook 1k thé aguarieie. Fou Sods enjoy seeing tha snalls mhis past, 33 offered at & | both 3%;. ruling | 4 WASHINGTON, D. C. FIND RENTAL RATES " SHOW NO INFLATION Reports From Varions Sections of Country on Moderate and High-Priced Dwellings. SLIGHT DECREASES NOTED Scores of Apartments in Cities Not Ocoupied. BY J. C. ROYLE. Speeial Dispateh to The Star. NEW YORK, May 2—Sufficient re- ports have come from various sec- tions of the country since the semi- Annual moving day Thursday to in- dicate definitely that the rentals for the moderate and higher priced dwellings have not gone up. On the contrary, in some sections they have shown slight decrcases, This fact has not slowed down bullding construction throughout the l’.:::: to/any gPpreciable degree. How- 3 as focus o aven i Naa sed that construction pecti: "!:’ll(l!"l:trrl;p‘ dwellings with la- erial at present prices, when the placing of rentais above & gertain level encounters immediate resistance from tenants. Money is Oil‘i', but even the reduction in the re-discount rate by the New York eral Reserve Bank is not expect- Iend'to stimulate some classes of bufld- Sc"llv Apartments Te tlens. Ores of apartments in New York Chicago and other large eities oo "‘,P‘h" not because people do not want the quarters, hut because they Wil not pay the rents demanded for those quarters. Then, too, the surge of inhabitants to the clties, 8o ape parent during and after the war, 1s sradually correcting italf 3 e advance in the value of land and real property in the larger clttes has been sa greut that city property 4 becoming foo valuable to uae for factory and industrial uses. Indus- trial Dlants, therefore, are moving into the suburbs and the locations ad- {;:'Q:I"lfl’(’;)rulhe Citles and are taking 3 Vo v i Xhem.’ the workers engaged o Property Valued Higher. e extent of the appreciatibn of city property may be estimated from the fact that the value of real prop- &rty and improvementa in the United States Increased $67,177.918,000 be- tween 1912 and 1922 to ‘a total of $176.- 414,444,000 and that the rate of in- prease in the last year has been even metal trades formerly em- the largest number of work- ers of any industry in New York city. There are 250,000 people en- Enged in the metal trades in this vi- s:,lfinl ' today, and it {s estimated that T50.000 are dependent on the indus- Y et Ereat numbers of the plants migrated to New Jersey, Lo, and Connecticut. There are now only five iron foundries in Manhattan There formerly there were sixty-five. Large heavy metal plants in Jower Manhattan have decreased in num- ber from thirty-five to twelve in {wenty years and the number of men employed mouth of 53th strest is only halt the number employed in 1500, Plants Seleet Cheaper Siten, Plants have moved to large of cheaper land which Stil] e aroce. sible to rail lines. shipping faellities and dumping spaces. This movement has been materially aided by the use of pautomobile “trucks in handling light and short hauls, heavy products for Similar conditions other side of the conti Hollywood has that’ moving pi, contemplating ployed ng Is exist nent. on the ,I‘nglm n v l;‘1"urebvr3duuer- are aban, studio aites which cover large wero: axe:jol:e:e zlnd Dreparing for a mi- gra; o loca Fration ities where land is “Double Crossing” Charged. In some sections of the co v OWners of flats and apartment honery complain bitterly of what they call double cross” from the realty deal- ers. About a year and a half ago landlords in many sections began boosting rents. This, they say, was done on the advice of real estate dealers, who, in many instances, ad- vised owners to allow their apart- ments to remain empty rather than cut below the high rental level. The landlords assert now that while they were thus broadcasting advice, the realty men dashed for the outlying districts and erected thousands of five and six room houses, which they S0l on small payments down and monthly instaliments on about the same level as the apartment house rents. In the vicinity of San Francisco alone about 15,000 such houses have been built, and there are 5000 or more empty apartments in that city. S‘ll:l"lr conditions exist in other citles. B. & 0. ORDERS STEEL RAILS. BALTIMORE, May 2 (Special).—The Baitimore and Ohio raflroad has ordered 5,000 tons of 100-pound steel ralls and the necessary track equip- ment in connection with the electrifica- tion of the Staten Island railroad. The company's equipment program this year will call for comparatively little outlay, in view of the fact that more than $32,000,000 was spent last year on the purchase of cars, locomotives, etc. Some of this-equipment is still being delivered. Raliroads generally, it is said, will hold down equipment purchases during 1924, SHORT TERM SECURITIES. (Quotations foraished by Redmond & Co.) —Noon.. Bid. 3 Alumisum Co. of Amer, 7s 1935, 1024, 102 Alumioum Co. of Amer. 74 1933, 1 American’ Sugar 6 1387 American Tel. & Tel. Os Anaconda Copper 6s 1920 Anglo-American Oil 7%s Associated Oil 6s 1335, Bell Tel. of Canada Canadian Northern 53 1024... Central Leatber bs 1925, 2 Chi., Mil. & St. Paul 6s 1904.. R. 1. & Pac. 5%s 1926... Columbia Gas & El. 1st 5s 1827, Du_Pent 7%s 1981, 3 :flmlu‘m?m."'- 1927 oy y Fisher & 1928 1 Gulf Ol Cor. of Pa. Bl 1928.. 100 1%a2. . Westin; Whreeling U. 8. TREASURY CERTIFICATES (Quetations furaished by Redmond & Co.) T ome 10338 10% 4 it BaS 10 R0 1002133 3 100 2132 100 101516 101 7-16 100 100 19-32 101 13-16 101 2933 101 11-32 101 716 | been BORROWING BY FARMERS SHOWING CURTAILMENT Pederal Land Bank President Re- ports Applications Cover $2,000,- 000 Less Than Year Ago. BALTIMORE, May 2 (Special).— Farmers of Maryland and other di tricts who finance the major part of their needs through the Federal Land Bank of Baltimore and its auxillary, the Intermediate Credit Bank, are not borrowing as much money as they did a year ago, according to V. Vaiden, president of the institutions. Applications for loans for the first quarter of the current year were about $2,000,000 less than they were for the corresponding period a vear ago. One reason assigned for the falling Off In borrowing is that farmers as a whole are not making preparations for expansion. High cost of labo; taxes and freight rates are the pri clpal causes affecting adversely the agricultural industry, President Vai- den. commenting upon the situation: said: n comparing the business of the Federal Land Bank of Baltimore for January, February and March, 1924, with a like period of 1923 we find that applications for loans have been about $2,000,000 less than the pre- vious year. “The total loans as of January 1, 1923, were $30,034,467. The total loa; as of January 1,'1924, were $41,39 716 Although our total loans out- standing on January 1, 1924, were ap- proximately $12,000,000 more than January 1,°1923,'yet' the total delin- guent ‘amortization payments were less, which is exceedingly gratifying to the officers and directors of this bank. “The total loans outstanding as of March 31, 1924, are $44,971,216.50. “The general farming conditions in our district for the past year have only fair, owing to the high price of labor, exorbitant taxes and freight rates.” The crop yield was very good with the exception of hay. Very little money is being borrowed for expansion. Foreclosures have been more frequent and the prices obtained have not been as high as farms sold for during the war period. The to- bacco and cotton farmers in our dis- trict have fared exceedingly well, due principally to co-operative associa- tions which hade been formed by the farmers themeelves.” WOOL TRADE IN EAST STILL IS IRREGULAR Goods Market Described by Com- mercial Bulletin as Mere “Will- ©o’-the-Wisp.” By the Associated Press. BOSTON, May 2.—The Commercial Bulletin will say tomorrow: “The demand for wool in the east. ern markets still irregular and prices are barely steady. The goods market might well be described as & will-0'-the-wisp, although there seems to be a little more light shining through the fogs of the manufactur- ing situation. Meanwhile, exports continue moderately. “The foreign markets are ail firm, Liverpool colonial sales opening with prices against the buyer, although the East India sales have been ir- regular. Australia s firm. “In the west contracting proceeds moderately. It is estimated that rather more than 25,000.000 pounds have been contracted to date. have changed hardly at all during the past week. “Mohalr is firm on fair request. The season is opening at full recent rates in South Africa.” The Bulletin will print the follow- ing wool quotations fomorrow: Domestic, Ohio and Pennsylvania flceces—Delaine, unwashed, 54; half blood combing, 54a55; three-eighths blood combing, 53a5 Michigan and New York fleeces—De- laine, unwashed, 52a53; half blood, un- washed, 54; three-eighths blood, un- washed, 53; one-quarter blood, un- washed, 51a52, Wisconsin. Missouri New England—Half three-cighths blood, ter blood, 51a52. . Scoured’ basis: Texas—Fine twelve months, 1.30; fine eight months, 1.15. California—Northern, 1.30; middle county, 115al.20; southern, '1.05a1.10. Oregon—FEastern, No. 1 staple, 1.32 al33; fine and f.m. combing. 1.20a 1.8, eastern clothing, 1.15a1.20; No. 1, 1.20 Territory: Montana—Fine staple, choice, 1.35; half blood, combing, 1.23 21.25; three-eighths blood combing, 1.05 al.10; one-quarter blood combing, 92 a9%. Pulled—Delaine, 1.30a1.32; AA, 1.25 75a80; and average blood, 52a53 2a53; one-quar- al.28; A superiors, 1.10a1.15 Mohair best combing. carding, 65a30. best LINE FOR MEXICAN PORTS. New Shipping Company in View, Consul Zarcia Reports. BALTIMORE, May 2 (Special).—Re- ports of & new sbipping company to be established in Baltimore are cur- rent in local shipping circles. A state- ment by Roberto Garcia, Mexican con- sul. that a ship line booking cargoes for Mexican ports would be & fact in Baltimore within two months lent strength to the rumors. Mr. Garcla sald the matter had not progressed sufficiently to permit him to make announcements. - The incorporation of the Consoli- dated Navigation Company in Mary- land to handle Shipping Board serv- ices to the United Kingdom, the es- tahlishment of G. Schieffino & Co. as agents for the new Florio Navigation Company, with regular sailings to Italy, and the announcement that the French line contemplates a passenger service from Baltimore are indications of one of the most active spring shi; ping movements In years, shipping men say. PRSI e ‘WALL STREET BRIEFS. DBy the Amociated Press. ‘The Chesapeake and Ohio railroad had a prosperous year in 1923, net income amounting to $8,979,430 after taxes and eharges, @ gain of $2,455,760 over 1932, This was equivalent after preferred divi- dends to $12.47 a share of $65,425,725 common stock, compared with $10.06 a share $62,729,600 the year before. Sur- plus after dividends was 36,572,096, against $3,808,336 in 1932, Operating revenue reached $101,975,798, compared with $83,511,561 the previous year. Net fncome of the American Repub- lics Corporation in the first quarter of 1924 was $816,714, equal, after pre- forred dividends, to $3.20 a share on the common stock, agminst $391,594, or $1.08 a share, in the corresponding period of 1923, Sales totaled $§, 198. A total of 801 new enterprises, with l‘a.m, through- out the Unietd States in April. Since the first of the year 3,153 new com- panies have been organized, with an authorized capital of $2,877,543,000. France's foreign trade for the first two months of 1924 shows a favor- able. balance of 16,391,000 franos, while the value of both imports and exports is considerably above that of January and February, 1923, ao- cording to the Bankers' Trust Com- pany of New York. Sales of United States merchandise to the orient are showing remarkadle gains, especially when compared with those to other parts of the world, the National ty Bank of New Yotk states. Exporis from the United States to Asia and Oceania in the ¢ight months ended: February, 1924, show an {ncrease of about 44 per cent over the same period of last zr“;icwuunn-molul! about 7 per cent in the same period. Prices | val- | while those.to.the remainder| Ratio of total reserves - FRIDAY, MAY 2, 1924, TOBACCO MEN TO SEEK MARKETS IN EUROPE Commission Representing Co-Op- erative Associations of U. 8. to Leave New York Tomorrow. SAN FRANCISCO, May 2.—A. com- mission representing the three largest tobacco co-operative marketing asso- clations in the United States is to leave New York tomorrow for Europe to seek better markets for their out- put and to establish a more direct contact between the American and European tobacco farmers, it was an- nounced at the office of Aaron Sapiro, general counsel for the three organi- zations. The assoclations, which are the Burley Tobacco Growers' Co-opera- tive Assoclation of Kentucky, Ohlo, Indiana, Tennessee and West Vir- ginia; ‘the Tobacco Growers' Co- operative Association of North Caro- lina, South Carolina and Virginia, and the Dark Tobacco Growers’ Co-opera- tive Assoclation of Kentucky and Tennessee, comprise approximately a quarter of a millfon farmers, Sapiro said. Members of the commission are Aaron Sapiro, San Francisco; Judge Robert W. Bingham, publisher of the Louisville Courler-Journal, Louisville, Ky.; Oliver J. Sands, president of the American National Bank of Rich- mond, Va.; James C. Stone and R. E. Cooper, general managers of the Bur- ley and the Dark Tobacco assoecia- tions, respectively. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PITTSBURGH, May 2 — Standard Plate Glass has absorbed the Watson Paint and Glass Corporation, paying stockholders of the latter concern more than $1,000,000. Standard Plate Glass, by the additlon of the Watsbn and subsidiary companies, will more than doudle its production KANSAS CITY, May 2.—Ten new Mallet-type locomotives have been delivered to the Kansas City South- ern. While the engines have a speed of little more than twenty miles an hour, officials say their pulling capac- ity is limited only by the strength of coupler drawbars. SEATTLE, May 2.— Loggers of western Washington have curtailed production’ sharply. There is an over- supply of logs in the water, and one of the largest districts in the north- west, In Snohomish county, closed down entirely owing to lessening out- put of lumber by the mills and & fall- ing off in demand from the Atlantic coast. CROCKETT, if, May 2.—-The Hawalian Sugar Company is prepar- ing to spend $1,500,000 in eniarging its refinery here to a capacity 2,350 tons of refined sugar daily. BOSTON, May 2.—The plants of the Amoskeag mills now are officially on a_ four-day-a-week schedule. This applies to 14,500 employes. SPRINGFIELD, I, May Night riders are offering strong opposition to the importation of negroes to work ln'lne cotton fields of southern Tili- | nols. 2 W ORLEA) 1y 2.—The movement of belated winter vegeta- bles from this district is over and shipment of spring vegetables will | start in fair volume next week. LOS ANGELES, Calif.. May 2.—New drilling in the California oil fields | In the last week has centered largely in the Torrence field, where seven | new operations were started. Since January 1 517 new wells have been begun in various parts of the state. ST. LOUIS. May Z—The St. Louis and San Franeisco railroad has con- tracted with the Merchants’ Dispateh for refrigerator cars sufficient to | transport the fruit of the Missouri and Arkansas Ozarks. As a result strawberry and grape acreage has been increased. Favorable Showing Made | Two Months of Year. NEW YORK, May 2—France's for- eign trade for the first two months of this year shows a favorable bal- ance of 16,391,000 francs, while the value of both imports and exports is considerably above that of January and February, 1923, as can be seen from the official figures received by the Bankers' Trust Company of New York from fits French information service, The statistics show that the in- crease in value of trade has been gen- eral both for imports and exports, the former having risen by 4 per cent, while the latter rose as mueh as 58 per cent. The category of ex- ports which increased most is that of manufactyred articles. The rise in this item amounted to 1,666,000,000 francs, or nearly 77 per cent. e HALTS WHEAT IMPORTS. Effect of Higher Duty Ordered on Canadian Product. Increase of 12 cents in duty on wheat imports from Canada, placed in effect April 6 by presidential order, has practically stopped such imports, according to firures made available yesterday at. the Commerce Depart- ment. The duty was increased by President Coolidge from 30 to 42 cents a bushel under the flexible pro- visions of the tarift law. The figures show that wheat im-. pofts from Canada for the week pre- ceding April 6 were 2.260.000 bushels, while only 37,000 bushels were im- ported during the week after the or- der became effective. Reports for last week show an almost negligible amount of wheat imported. Wheat imports from Canada into bonded mills for grinding, to be ex« ported again, are not affected by the increased duty and are not included in the import figures. URGE HIGHER TARIFF. Cotton Goods Manufacturers Make Plea for Increase. BOSTON, May 2 (Special).—In dis- cussing needs for a higher tariff on cotton goeds, cotton goods manufac- turers gathered here today declared that the present depreciation in the pound sterling was equivalent to a cash _ discount to consumers who bought English goods here. There were 56,000,000 yards of cotton cloth imported the first part of the year, more than was brought in in' the whole year of 1819. The duty for- merly was 42 per cent, but was re- duced to 20 per cent under the Un- derwood tariff. It has been increased only slightly since. First W YORK, May 2.—The statement ct"fl. condition of the Federal Re- serve Bank of New York at the clope of business, April 30, show. Total gold reserves, $1.018,932,000, Total reserves, $1.043,385,000. Bills discounted secured by govern- nt war obligations, $31,366,000. 11 other, $16,495,000. % BgfS bought in open market, $27,- 165,000. . Total earning assets, $140,573,000, Uncollectéd items, $137.430,000. Due to members’ reserve account; $763,368,000. % Total deposits, $790,965,000. Federal reserve notes in actual eir- culation, $352.005,000. and federal reserve motes combined, 91.3 per cent. FRANCE’S TRADE BALANCE[ FINANCIAL, INCREASE OF $7,721,327 IN PURE OIL NET INCOME Gross Earnings of Corporation, Past Year, Higher by $18,278,- 608, Report SBhows. COLUMBUS, Ohio, May 2.—Gross earnings of the Pure Oil Company for the fiscal year ended March 31 increased $13,278,698, and net oper- ating earnings increased §$7,721,- 337.48 over the previous year, &ac- cording to advance sheets today of the company’s forthcoming annual report. ‘The report will show earnings available Tor the common stock equal to more than double the present div- idend rate, it was announced. Af. ter deducting all interest, deprecia- tion and depletion charges and the payment of preferred dividends, the report will show $3.21 per share surplus for common stock as com- pared with the present annual divi- dend rate of §1.50 a share. During the last fiscal year the company paid $162% on its common stock. The preferred dividend require- ments of the company, it wiil be shown, said the advance sheets, wege earned six and a half times after all deducions were made. After deducting interest and dis- count on notes and depreciation amounting to $3,730,987.46, the report will show net income available for dividends, depletion and other re- serves was §15,450,878.24. _Dividends paid during the last fiscal year amounted to $1,667.693 on the prefer- red, and $4,544.885.01 on the com- mon &tock. and reserves for deple- tion and surplus adjustments amount- ed to $4.764,370, leaving a balanee of $4,473.430.22 to add to surplus. Current assets of the company were shown as $39.399,166.27, as compared :32 !c‘urrem liabilitles of $10,373,- SEES PLETHORA OF MONEY Trust Official’s Comment on Re- discount Rate Reduction. AUGUSTA, Ga. May 2—“Reduction of the rediscount rate from 4% per cent to 4 per cent by the Federal Reserve Bank of New York simply indicates the condition of the money market, in which money is easy and credit ample,” Francls H. Sisson, vice president of the Guaranty Trust Company of New York and chairman of the public relations committes of the executive council of the American Bankers' Association, de- clared here today. Mr. Bisson pointed out that the action of the New York Federal Reserve Bank is a “direct reflection of general busi- ness conditions and a logical step which has for eome tims been anticipated. Easier money conditions are measures that are the most reassuring factors in the general business situation.” BELL COMPAKY DEFICIT. | NEW YORK. May 2—The Bell Tele.- | phone Company of Pennsylvania re-. ports a deficit of $173,592 after pay- ment of preferred and common divi- dends for the quarter ended March | 31 Net income after charges was $1,246,588. Gross business amounted | to $10, 07. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. 9th & F N.W Joseph I Weller 4 wesh. 1. & T | To Pay Too Much Interest To the Investor Is Generally The Evidence First Mortgage Notes Your Own 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 e (=3 = First Mortgage Investments $100—$500—$1,000 1005 CAYROIZ: Ca 1416 K Street Main 617 Wilkins Bldg. 1512-14 H St 3 Desirable Offices Light and sunshine—high. quiet—above the noise—in the very Center of Washing- ton’s busy financial center. FOR PARTICULARS APPLY Randall H. Hagner & Co. 1207 Conn. Ave. Phome Main 9700 [EQUITABLE Co-Operative Building Association 44tk YEAR COMPLETED $4,755,170.52 $1,248,320.98 Amnetn . Surplus Systematic Savings -—Each pay day lay aside part of your salary at the Equitable. It 18 a method of saving that will prove most effective. Subscription for the 86th Issue of Stock Being Reeelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President ¥FRANK P. REESIDE, Sec’y. No Such Risk Is Run— NEVER A LOSS NO DEPRECIATION PROMPT SERVICE We Solicit Full Investigation Mortgage Investment Dept. [SHANNON_& LUCHY)] 713& 71514th St. N.W. We Loan Money on Apartment Houses, Ofice Buildings, Hotelx. See Us About That Big Loan Higbie & Richardson, Inc. 816 13th St. N.W. “NOTICE” ‘We have available, subject to prior sale, some very choice first mortgages—secured on nicely selected northwest properties. Bearing 7 0 Interest in amounts of $4,000 up; de- nominations of $100 up can be secured on & partial payment plan. end for Rooklet rst Mortgage Buying CHAS. D. SAGER Loan Dept. M. 924 14th St. NW. 6 7 38 Foresight-- Living in the present is pleas- urable—for a while. But what of the years to come, when your degree of comfort and happi- ness in life is largely measured by your . years? foresight in earlier A smail amount laid away each month NOW in these 6%4% First Mortgage Investment Notes will do much to make your declining days more care- free and enjoyable. Added to the property security is the unmqualified recommendation of the WA Constructio INC. 1430 K Street. “abiftios| MA mpany Main 3550