Evening Star Newspaper, May 14, 1924, Page 29

FINANCIAL "WEAKER TENDENCY SHOWN IN LIVE FOWL Local Provisions Market Other- " wise Undergoes No Muterial Change From Yesterday. _REPORT ON DAIRY PRICES| Review of Vegetables by Depart- ment Burean Inspectors. increase in poultry re- over yesterday, coupled demand. had a weakening the prices A slight Ceipts today with little tendency market about the sume Other prod- ucts of commission merchants in the dairy line steady in Dpric: Jobbors in butter and eggs had no ange in their market to report and dealers in meats also declared the market was about the same as vesterday. on but remained sterday also remained Report on Vegetablem Following is the Department of Agriculture’s report of the wholesale ' Vegetable market here Apples—Supplies moderate; demand very slow; market dull; barrels, Maryland, Virginia and West Vir- nia, No. 1, inches up, Winesap 450a5.50; Ben Dav northwestern, medium to Xtra fancy, Winesaps, mostly around 2.50; Yellow Newtowns, around 2.50. Asparagus—Supplies moderate; de- mand very slow v : dull; Bastern dozen-bunch o ».0086.00; others, ' 2.f Carolina, dozen-bunch few sales, all sizes. :'nxe~ upplies mode JEht: market steady; South Carolina, ! -bushel hampers, mostly uround barrel crates, mostly 4.50. On- —New stock: supplies moderate; mand good; murket steady; Texas, standard Yellow Bermudas, ostly 2.25; old supplies light; demand slow; market dull; Ohio, 100-pound sacks. e de range in qual- ited States No. 1, : poor condition, best, South crates, very 84.00. Cab- ate: demand Demand Good, Market Steady. Potatoes, new stock: supplies mod- erate; demand good, market stead Florida. double-head barrels Spaul- ding Rose, U. S. No, 50: old stock, supplics liberal fight, mar- ket ady; 150-pound ¥o. 1, most- . poor condition, 2. ew York, 150-pound sacks Round Whites, U 1 8 00 per sack. Strawberrics, supplies heavy; express receipts late: demand g00d, market weaker; North Carolina, quart crates Klondikes and Mis slonaries best, 4.00a5.00; some soft. 3.20a3.50; Virginia, Norfolk section. 3 and 60 ' quart crates Missionar: ymostly 15 per quart ing hea ‘express receipts late; supplies light: dsmand light. market steady: Florida. Z-bushel hampers green, 4.50a500° South Carolina, bushel hampers, 3.50n 4.00; few, 4.50. Pes receipts late: supplies ; demand mod- erate, market North Carolina, bushel hamper I size, 2.00a2.25 Eggplant, supplies very ligh light, market steady; Floridd, pepper crates, 4.00a4.50. Tomatoes, supplies of gaood licht; many over- ripe, spott lemand light, mar. ket 'steady: &, sixes, ripes and turning, wrapped, hest. fancy count, v, 5.00a few best high. er; choice, '4.00a1.50; some ordina: condition, 3.00. 2 Arrivals Past Twenty-four Hours. Apples, 1 Washington freight, 2 broken and 1 unbroken cars on track: sparagus, 208 crates South Carolina press: bananas, 1 Baltimore, Md, reshipped freight, 1 broken ca track; beets, 28 baskets Virgin boat: cabbage, 1 South Carolina freight, 27 crates Virginia boat, broken'and 2 unbroken cars on trac carrots, 20 barrels Louisiana express: celery, 1 unbroken car on track: cu cumbers, 20 crates Florida express; eggplant, 25 crates Florida expre grapefruit, 2 Florida freight, 3 b and 2 unbroken cars on_trac tuce, 100 crates North Carolina e press, 119 crates Vir sbroken and 2 unbroken cars on t mixed fruit, 1 unbroken car on t; onions, 1 broken and 2 unbroken on _track; Oranges, 1 Florida freight, 5 broken and 3 unbroken cars on track; peas, 500 baskets North Caro- lina, 142 baskets South Caroli press, 18 baskets Virzinia boat sers, 20_crates Florida expres: toes, 1 New York freight. 35 barrels Virginia boat, 5 br nd 4 un- broken cars on trac S crates Loulslana express, Virginia boat; strawherrie: Carolina freight, 1,600 crates North Carolina_expr 62 crates Virginia hoat: 3 broken beans, 100 baskets Florida, 210 bas- kets South Carolina express: toma- toes, 2 Florida freight, ¢ broken and 1 unbroken cars on track: turnip salad, 15 crates Virginia boat. Michiga Rural Atlantic Cotton Association's Rec- ommendation for Warehouses, GREENVILLE, S. C., May 14—The Atlantic Cotton Association adopted resolutions here recommending that all warehouses be required to render weekly reports as to cotton on hand and expressing opposition to the Federal Trade Commission's proposal 1o set all future contracts in mult of less thar 100 bales; chose F. Inman of Atlanta to succeed him- self as president; voted to hold the next vearly meeting in Savannah, and adjourned its first annual convention delegates, numbering more shan 100 cotton’ brokers and mer- , “hants of the southeastern states, With other visitors, were guests af a barbecue on Paris Mountain, con- “luding feature of the two-day Zathering. President Inman and Fred Cock- rell, also of Atlanta, were chosen as delegates to the convention, at Memphis late this_month, of the S\ aefican Cotton Shippers' Associ- ation, With which organization the associationt in convention here voted to ally itself. 1+ ROAD BACK TO COMPANY. Gourt Discharges Receivers Texas and Pacific Railway. DALLAS, Texas, May 13.—An order has been entered by the United States court for the western district of na, effective at midnight to- x[r;‘)o‘;sr:‘:, discharging the receivers of O exas and Pacific Railway Com- pany and again vesting the adminis- tration of the property in the board e rectors and officers of the com- any. J. L Lancaster, president of the | road announced tonight. action marks the termination of the receivership, under which, it is Of to3. the road has- been completely St fiitated, its roadbed and equip- rena P brought to a high standard and e of expansion and develop- inaugurated. of ment BI-WEEKLY SAILINGS. Shipping Board Steamers Between Baltimore and Germany. BALTIMORE, May 14 (Special).— 'The steamship Deucl of the United States Shipping Board, arrived here Vesterday and will inaugurate bi- Weekly sailings of vessels between Baltimore and Germany on May 17. Five vessels, averaging 7,300 tons, \will be placed in this service, which Will pe under the direction of the Export_Transportation Company. "he Deuel arrived here from Bos- ton. The others are the Westpool, | West Campgaw, Seattle Spirit and Sinasta. wholesale live fowl | Received by Private Wire Spectal Dispateh to The Star. BY WILLIAM F. HEFFERNAN, NEW. YORK, May 14—Today's dealings on the curb market consisted of weakness in motor and tire shares, steadiness in ofl stocks generally and a mixed movement of prices through- out the industrial section. Heavy offerings of Durant Motors brought the stock to new low prices around 12, while Yellow Taxl was freely sold under 20%. Weakness in the motors caused further selling in Goodyear Tire common, although the decline here was not pronounced. Selling of these stocks reflected un- rtainty regarding future earnnigs and the Wall street belief that busi- ness in the later months of the year will show g falllng off from opera- tions in the first quarter. Declaration of a dividend of only $3 on Northern I'ipe Line was fol- lowed by a decline of over 5 points in the stock, but thls was an excep- tion among ‘the oils. Prairie Oil and Gas crossed 216 for & gain of more than 5 points and Magnolia Petrole- um at 130 was up four points. Bu NEW YORK, May 14.—Following is an official list of bonds and stocks traded in on the New York, Curb Market today: Sales in BONDS. Am Sumat Tob Tias. 2 oliing Mills 85 Am Thread Co 6 Anacondu 6 3 Anglo-Amer Oil 101 T 08 91% 100t s iy lenn Sig Ol 75! ral Dot 0s.. and Trunk 813% it Hood Rubber Iutl Match 6 Leather 8. r States Pow 6 Obio Power o3 B Park & Tilford Penn Power & Phila .. 102 Wa 100 7s 10815 o0 v of N J B % oty United R of Ta Vacuum Ol 7. 3 Webster M 6lus w FOREIGN BONDS. 6s cf de. 50% Goyt Amier 0l c Lobos .. 10 Cumberiand P 200 linmble 0 & R new Northern P Tt Ohie Oil_new - 10134 15 10 Solar Refin outh 1831 120 South Penn 0Oii Washington Stock Exchange- $1,000 at 95%. & Elec. pfd.—2 at T4%. Light—10 at 47%, 10 at onsl Bank—10 at 140. 1 at 302. 152, 7 Commercial > American_ Seenrity & Trost € Tanston Monotype—10 at T3%. fcrgenthaler Linotype—10 at Securits t_ 345 National M. 200 at 100%, $100 at £.000 at 101%. rzefown Gas Ds—$500 at 873, $1,500 at Mones—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. & Telga. 4s American frel. & Telgs. 4 Am. Tel. ‘& Tel. ctl, tr. 8. Am, Tel. & Tel. con ‘Ansicostin & Potomac Bid. 84 apital Traction R. R. Georgetown Gas 15t B Metropolitan R. R. Bs. Potomae Kectric 14t 58 Potomac cons. 5s. Potomac Elec. deb. 6s. Potomae e, 6e 1025 Pot. Elec. Pow. g m. & ref. Wash., Alex. & Mt. Ver. 5s. Wash,, Alex. & Mt. Ver. cti Wash., Ralt. & Annap. Washington Washinzton Gas Gs.. Wash, Tiwy. & Blec. 4 MISCELLANEOUS, D. C. Paper Mfz. 6s... Riges Realty 58 (long). Riggs Realty s (short Southern, Blag. @i, STOCKS. PUBLIC UTILITY. . & Telga. Columbia . Commercial . District Farmer: Federal-American Liberty . Lineoln TRUST COMPANY. American Becurity & Trust. Tru Mercha: National Union_Trust ‘Washington Loan & SAVINGS BANI erce and Bavings. tted States. ashingion Mechanics'. FIRE INSURANCE. American Coreoran jen' Nutional Usios. . TITLE lombia _ Title. Soar Betate it D. C. Paper pfd, Merchants’ Transi Mergenthaler Linotype. National Mt & Im ©ld Dutch ket com. 0ld Dutch Market pfd. Lanston )iscfloln-e Becurity Etorage... ‘Whashington Market Yellow Cab....... NEW YORK CURB MARKET Direct to The Star Office ing of these two stock appeared to be the Tesult of short covering by those who had sold on last weei’s midcon- tinent crude ofl price cut. Standard of Indiana, sell'ng ex the quarterly div- idend was dealt in most of the time around 56, compared with the previ- ous close of 56%. Lehigh Valley Coal certificates were taken above 30 where they were up more than a point in sympathy with strength in Philadelphia & Reading Coal on the stock exchange. The newly listed Thompson Radio voting trust certificates sold at 12, compared with the subscription price of 1214, The business of this sompany is sinilar to that of Dubilier Con- denser. Shares of the last pamed company were also under pressure. The feature in the mining group was a rise of almost three points in New Jersey, Zinc. Trading in_New Do- minion Copper, class A, and in Metals Production capital stock was sus pended until further notice. The de- pressing conditions existing in the textile industry were responsible for the drop of two points to 77 in Con- solidated Textile 8 per cent bonds. | The rapid decline in Durant Motors spent itself and midway through the afternoon covering orders Set in carry- ing it up substantially from the low figure A= 10 Southern P 1. 11800 8 O Indiana 100 8 0 Kansa 300 8 O Kentucky ehraska . 1100 § 0N ¥ uew . 10 8 W Penn P L. 20 Bwan & Fineh 1300 Vacuum Ol new INDEPENDENT OIL STOCKS. eds. ton Wyo OIl Sales crvice serip. . 10 Columbian Synd 48 Creole Synd 200 Engineers Pet . It Oil of Pa. Lago Fet Livingston Pet w Rradford 0 wi 50 New Mex Land.. 10 Northwest Oil 1IN Y 10 Penn Beaver Oil 9 Pennock Ol ... ted Bank Oil new.. Royal Cana O & R Rvan Con < 1 Savoy Oil ... 50 Seaboard Ofl Lo INDUSTRIALS. 3 Am Cot Fabric pfd 1 Am Gas & EI pfd 3 Am Lt & Trac.. % Horden & Co. 2 % Rrookiyn City R’ R 12 18 Candy Prod Cor wi 1 1 Centritugal Iron P p new wi... B tr new wi 28 Dubilier 58 Durant i 1 1 Heyden Chem . 2 Intl Contl Rubbor. 2 Kresge Dept Stores Lehigih 2 Leb val ( 1 Pyrene Mfg . 20 Radio Corp ... 6 Radio Corp pf.. Repetti Candy Roval Typewrit' Co. 2 Sal Geln v tef wi £0 80 C & T new. So Cal Edison 65 andard Motor . t & Co.... 1 Elee Power. .. un El Pow 2d pf. omp Radio Ts wi shrc Prod EXports “nited Bakeries ... J $ Lt & Heat Ward Bak Cor A § Ward Buk Cor B wi 17% Yellow Taxi Co N Y 20% 831 12 na_Globe Cop .04 k Onk_Gold M iedonin Min K ‘unario Copper. . Central Amer Mi Cons Cop Mines new Cortes Silver ..... . Cresson Gold . ... " #% 110 Diamondfield Bl Ru .12 6 Bogineer Goid M 70 Goidield Deen Mine | 500 Hardshell Mining.. . 30 Harmill Div 08 10 Hill Top Ne 1 Hollinger 6 Howe ound. 30 Independence 10 Iron Blossom. 76 Kay 1 Kerr Lake 20 Lone Sta Mason Vailey. 10 Mohiean (op Za5 F FEr ECTR Tt ] 3! ) Neyads Hills Mi 19 Ohijo Oop . 11 Rocky Mt i 1 Rocky Mt S & R pf 10 i1 Kiog Div M ... .08’ 1 Tonopah Es 14 Tonopah Min . 1 United Eastern . & United Verde 1 Unity Gold . 1 Walker Min 15 Wenden Copper . 10 White Caps . 10 Wilbert . 8 Yukon Goid . Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. Joseph I Weller A2 Wesh L. & Trust FPE BRR w8 BE R HY S do the owners of these 6%2% First Mortgage Investment Notes feel entire confidence in their safety and stability 2+ Simply because they know each Note is adequately secured by selected Washington realty of un- questioned appraised value! Denonlnnu!n as low as $100 WA Constructio INC. BANKS URGED TO AID IN WORLD’S UPLIFT Co-Operation Under Dawes Plan for Economic Stability Suggested to U. S. Reserve Board. PROGRAM GIVEN IN DETAIL Establishing German Bank of Is- sue Is Held Important. Co-operation as far as possible, in the program of establishing world economic stability through operation of the Dawes recommendations, par- ticularly in establishment of a Ger- man bank of lssue, has been urged upon the Federal Reserve Board by its advisory council. Admitting that neither the board nor federal reserve system could co- operate in fidtation and distribution of the new German loan, the council yesterday proposed the board could render “important services in regard to the operations of the new note-is- suing bank.” Study of Situation Urged. It urged “the Federad Reserve Board to examine very closely into the powers vested in this respect in the federal reserve banks and to study the question how far it may be desirable to amend existing rulings and regulations in order to approach the problem of Europe's financial and economie reconstruction in the most helpful spirit. “Unless America finds ways and means to permit her excessive bank- ing strength to benefit other coun- tries, particularly those riving to bring their house in order.” it added, “the dollar cannot maintain its pos tion as a world standard of exchange and foreign _countries—and even American banking and commerct will, once more, in the larger degree become dependent upon and tributary to the pound sterling, to the greater exclusion of the dollar. * * * “It is obvious that our credit power cannot continue to grow indefinitely without the danger of oversatura- tion. If the stream of gold that floods our shores is not stemmed in time it is to be feared that, ultimately, we will not be able to ward off is in- flationary effects. And inflation would | only aggravate the economic malad- | Justment already existing within our | own boundaries; a maladjustment which not only ' disturbs and en- dangers our trade with othgr coun- ut which makes our agricul- situation particular difficat and distressing. Important Angle of Problem. “But, irrespective of the danger of inflation, the problem ought to be weighed from a more important angle. It is the question of whether the world is more likely to regain the blessings of economic stability | under the sway of several fluctuating standards of exchange or by a gen- eral return, as speedy as circum- stances may permit, to definite rela- tlons of exchanes to gold as the ulti- mate measure and regulat “The Dawes report leads the world to the crossroads in this re- gard. It provides for a German note- issuing bank on a gold basis, but| leaves the door open to place it on a| sterling basis, and it cannot be de- nied that thera is no smail probability | of the latter basis being chosen. In| the opinion of the council the sooner Germany can be placed on & gold or gold exchange basis the sooner can | England and other countries also re- turn to an unrestricted gold stand- ard, while, if Germany were placed on a sterling basis, England—in re- turning to an unrestricted gold )la_ul:“ —would have to pull not only her own iweight, but that of Germany also. It is obvious, therefore. that \f‘ the new German bank placed on the sterling exchange basis the world must prepare itself to remain on | basis of exchange instability for a| prolonged period, the end of which | Cannot be foreseen, while the adop- tion of the gold (that is. the dollar) basis would accelerate the return to world-wide stability. Councll's Recommendation. The council recommended that when | the new German note-issuing bank provided in the Dawes plan, fs or- ganized, “the federal reserve banks take the steps necessary, in order to facilitate the rediscounting in thi country of properly protected Ger- man gold bills, be it through the intermediary of American banking institutions, or through so-called agency agreements, or such other ar- rangements as have been concluded | by federal reserve banks with cen- | tral banks of other countries. The council announced that Charles A. Morss of Boston had been de: Boston Federal Reserve to succeed Alfred | L. Aiken of the Boston district, whose | resignation as a member and vice | president of the council was present- ed at today’s meeting. Mr. Morss was Clected a member and vice chairman of the executive committee and E. F. Swinney of Kansas City was elected vice president of the council, ‘Write or Call for “Booklet” William S. Phillips 1STH 8T. AT K N, MAN MAY 14, 1924 A Monthly Income from Safe Bonds By investing now in -Cities Service Company “D" Deben- ture Bonds you can obtain a monthly income at the rate of .7% per cent per annum. These monthly income bonds are sold in denominations of $100, $500, $1,000 and $5,000, outright or on our convenient monthly payment plan. The bonds are the direct ob- ligation of Cities Service Company, and are protected by cguilics of more than 6 to 1 and earnings of more than 6Y2 timi interest require- ments. Cities Service Com- pany has resources of more than $400,000,000. Mail the coupon today for full information. Thomas W. Brahany and Company Wilkins Building Telephone ‘Washington, D.C. Main 81580 Southern tnlifornin Edison Company 6% Preferred Steck Price 80 and Dividend To Yield 6.679, The Southern California Edison Company is one of the most com- prehensive electric light and power systems in the world and has more stockholders than any other electric light and power company in the United States. For detailed information concern- ing the earnings and aecomplish- ments of this Company send for circular W-476. E. H. Rollins & Sons Founded 1876 416 Woodward Bidg., Washington || Boston, New York, Philadelphia, Chicago, Denver, San Francisco Thomas W. Brahany & Co., Wilkins Bldg. ‘Washington, D. C. Please xend me full particulars out Clties Service Company “D” Debenture Bonds. First Mortgage Loans Lowest Rates of Interest and Commission. Presapt Action 5 h y Inc. Thomn.ll.—; ebrhg:'&?mpany nc, “NOTICE” We have available, subject to prior sale, some very choice first - mortgages—secured on nicely selected northwest properties. Bearing 7% Interest in amounts of $4.000 up; de- nominations of $100 up can be secured on a partial payment plan. ket ge Buying" CHAS. D. SAGER Loan Dept. 924 14th St. NW. Send for on “'First Mortg Over a quarter of a Century Experience B. F. SAUL CO. 1412 Eye St. N.W. 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 s = First Mortgage Investments $100—$500—$1,000 19.CALRITZ: Ca| 1416 K Street Mala 6 Where H Street Crosses at 17th Street Store and Shop Leases Being Made A Big FaCts_Transfer Corner All car lines and busses —more than 12 largest G Buildings within 5 minutes’ ernment workers pass th point twice d: convenient at this point sovernment and Public walk—nearly 60% Gov- ly. We want you to make your own survey as to the possibilities of this locat plans and reservation for spa ion—Then see us—as to ce—dt once! FOR PARTICULARS APPLY Randall H. Hagner & Co. 1207 Conn. Ave. Phone Main 9700 396 Desirable Capital and Surplus $2,000,000.00 How You Can Best Insure a {1 Become a dep Steady Income f An interest-earning ac- count in a strong old bank, such as this, represents one of the surest sources of income available to the salaried man or woman. ositor THIS PAY DAY, and see to it that your account is kept growing. Deposits in any amount invited—Same Rate of Interest paid Open Depositors Same Rate of Interest Paid on Large and Small Accounts ‘E. F. R. ULLMER. BRUCE BAIRD ‘Woodbury Blair James A. Buchanan William A. H. Church Walter C. Clephane H. Rozler Dulan Wm. E. Edmond Franklin H. Elli Frederick A. Fenning H. Prescott Gatl WILLIAM D. HOOVER WOODBURY BLAIR. FRANK W. STONE. FRANK STETSON CHAS. C. LAMBOR] PERCIVAL WILSON DAVID BORNET on large and small accounts. Until 5:30 P.M. Tomorrow and Friday OFFICERS: 3 .President ist V. Pres. .2d V. Pres. .Trust Officer Treasurer S Secretary Asst. Sec. & Asst. Tr. ....Asst. Trust Officer ....Asst. Trust Officer DIRECTORS: Willlam D. Hoover. Reginald S. Huldekoper Victor Kauffmann Charles Minshall y, Jr. Edmund D. Rheem ston Frank Stetson s Frank W. Stone Willlam H. Walker ey Henry K. Willard National Savings & Trust Co Oldest Savings Deposito: < Cor. 15th nnJ in Washington New York Ave. FINANCIAL EQUITABLE Co-Operative Building ' Association Organized 1879 44th YEAR COMPLETED Axnets ... -$4,755,170.52 Surplus . . $1,248,320.98 Systematic Savings ~is the most profitable way of sav ing. Join the Equitable, and save in a systematic fashion. Subscription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, Prexident FRANK P. REESIDE, Seey. Wilkins Bldg. 1512-14 H St 5 - Room Suite Private Corridor and Toilet Light the very center of V ton's busy financial FOR PARTICULARS APPLY Randall H. Hagner & Co. 1207 Conn. Ave. Phone Main 9700 FUNDS PLACED FOR INVESTORS IN SELECTED FIRST MORTGAGES Conservative investors seeking liberal income re- turns lus safety of principal for amounts in multiples of $25(gcan place their funds profitably and conveniently through our mortgage department in sound first mort- gages on select W 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 constantly serving its regular client-investors— individuals, attorneys for estates, banks, corporations. trustees and guardians. H. L. RUST COMPANY Loan Correspondent of the Prudential Insurance Company of America 912 lSthu'eet ‘Main 6888 APPRAISED— but how and by whom? VALUE in real estate is not always obvious, but must be determined by evi- dence that justifies and proves the value. CONSERVATISM AND CARE always mark our expert loan appraisals to the extent of irresponsible guesses to subordinating conjecture j and established facts. OUR POLICY has made it possible for us to claim, with excusable pride. that not a single dollar has ever been lost by any in- vestor in our FIRST MORTGAGE NOTES. The current rates are 0! and 7%. Let us submit details. MORTGAGE INVESTMENT DEPARTMENT HANNON - 713 and 715 14th MAIN 2345 OLDEST _National Bank & LUCHS Street N. Give Your Savings the Protection of Washington’s Oldest National Bank 1| Your Payday deposits may be small, but _that is no reason why they need lack the highest degree of protection. | Washington’s Oldest National Bank main- tains a flourishing Savings Dept.—invites initial deposits of One Dollar, or more, therein —pays 3% Compound Interest Trust Dept., Safe Deposit Boxes, Travelers' Checks Opeén Until 5:30 P.M. Tomorrow National Metropolitan Bank Capital, Surplus and Undivided Profits, Qver $1,700,000.00 110 YEARS OLD 15th Street, opposite U. S. Treasury