Evening Star Newspaper, May 17, 1924, Page 13

MARKET AT WEEK END " NOTES FEW CHANGES Scarcely Any Products Left Over and Business at Satis- factory Stage. '8 P DECLINE IN FO0OD PRICES . Department Bureau So Reports for Entire United States. The Washington wholesale market closed the week’s business todey in a satisfactory scarcely any prod The meat hooks were clean. and commission chants dealing in poultry sold fuwl they had left at retail prices An average decline of 2 per ¢ retail food prices in the United during the month ending April 15 was reported today by the Labor Dej nient's bureau of statistics. The trend ol wholesale commodity prices also continued downward during the month, the bureau's weighted index rumber, including 404 commodities. declining to 148, as compared with 150 for the month before. Decreases in retail foo i filty-one of the fifty-two cities for manner, cts being left. mer- what prices in | only | FINANCIAL, BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, May 17.—An opening advance of 11 points in Iilinois Pipe Line was the outstanding feature of today’s short session in the curb mar- ket. This was a direct response to the declaration of a dividend of $6 a share announced after the close of business Friday. It compared with only $3 declared last December. Strength in Ilinois Pipe Line im- parted a steady tone to other oils, but the majority of these shares were slightly changed and trading NEW YORK, May 17.—Following Is an official list of bonds and stocks traded in on the New York Curh Market today Sales in thonsands Low. 1028 108% Roiling M onda G . Antilla Sugar Asso Sim_ Hdw At G & W I % Beth Steel 6s Can Nat Ry Cons” Gas . Cos Textiles # . Con P&TE M Bix A wi 9215 Deere & Co Tigs .. 9% Detrolt ¢ Dug Lt Py ed Sugar 6e ena_ Sig 011 7. o Balto 75, % 10515 8417 which figures were reported ranged from 3 per cent at Buffalo, Minnewpo- i New Orleans, Providene 1 Scranton to less than 1| per cent at Atlanta, Los Angeles, Portland. Ors snd Sait Lake City. For the year ending April 15 th cragy dvere was given at | per cent Drop in Prices Analyzed. Decreares in foodstuffs and metals were chiefly responsible for the «verage drop in wholesale commod- ity prices during the month. Small- er decreases were reported in the groups of cloths and clothing, fuel and lighting and chemicals and drugs. Farm products. on the other hand, showed an increase, due to advances in cattle. hogs, sheep. poultry, cotton, hay, potatoes and peanuts. No change was reported in building materials, l'ouse furnishing goods and miscel- ineous commodities The general commodity price level for April was nearly 7 per cent lower than in the same month last year. Vegetable Market Report. The Department of Agriculture’ report of the vegetable market her tollows Apple very slow: —Supplies moderate: demand market dull: very few srles Maryland, Virginia and West Virginia. No. 1, Y1z inches up, Wine- saps, 4.50a5.50: Ben 5a3.00 boxes, Northwestern, Winesaps, extra rancy, medium o sizes, 250, Asparagus — receipts light; demand slow: steady: o ern shore Maryland, dozen bunch crates, all sizes. 2.30a5.00; South Carolina, dozen bunch crates, fancy, 2.00a2.50 choice, 1.00a1.50. Cabbage — Supplies light: demund 00d: market steady: South Carolina, rrel crates, Wakefields, 4.00a4.50 Virginia. barre! crates, pointed type, 4.00. O ns——New stock: supplies moderate; demand moderate: market steady: Texas, standard crates, yel- low Bermudas, U. S. No. 1. mostly 2.25 old _stock, no sales reported Potatoes—New stock: supplies liberal; mand good; marke teady; Florida, uble-head barrels. Spaulding Rose, N 1, 9.50: old stock. supplies liberal, demand good, market steady: Michigan, 150-1b. sacks, Russet Ru- U No. 1. mostly around 2 New York, 5 50-1b. sacks, round whites, U. S. No. 1, 3.00 per sack. Supplies Heavy., Demand Good. Strawberries—Supplies heavy: de- mand geod. market stronger: North Carolina, 22-quart crates. Klondikes and Missionarys. best, 1.00a4.50; poor, -00a3.50. some hold-over soft leaky low as bean moderate: steady: Ilorida, green. 4.0005.00." Peas- Reavy: demand slow: market dull and weak: North and South Carolina. bushel hampers. small, 1.00a1.2 telephones, 1.50a1.75, few 2.00. Egg- plant and peppers—No supplies on market. Tomatoes—Supplies of good stock light; demand good for good stock, slow for ordina; steady: Florida 68, ripes and turning. + wrapped, best fancy. count, 7. some ordinary condition. 4.00a6.00 poorer, low as 2.00: Mississippi. 4- basket earriers, ripes and turning, wrapped, 3.00. Squash — Supplies light: demand moderate: market steady; Florida. crates 400. Can- taloupes — Supplies light: demand moderate; market steady standards, 45s, Salmon 5.50. Arrivals for Past 24 Hours. Apples—1 Washington freight, broken and 1 unbroken cars on track. Asparagus—60 crates Georgia, and 17 crates South Carolina express. Black- berries—1 crate South Carolina ex- press. Beets—25 crates Virginia boat. Cabbage—2 South Carolina freight; 225 crates Virginia boat.; 1 broken and 1 unbroken cars on track. Car- rots—3 barrels, New Orleans, La.. ex- press; 14 crates Virginia boat, Cauli- flower—100 haskets Virginia boat. Celery—1 broken car on track. Cu- cumbers—165 crates Florida express ErEPlant—100 crates Florida express Grapefruit—l Fiorida freight, 4 Dbroken and 2 unbroken cars on tra Lettuee—57 baskets, Virginia boat, broken cars on track. Mixed Vege- tables—1 South Carolina freight, 2 broken and 1 unbroken cars on track Mixed Fruit—1 unbroken ecar on track. Lemons—1 unbroken car on | track. Onions—1 broken and 1 un broken cars on_ track. Orange: Florida freight. 5 broken and 3 un broken cars on track. Peas—1,700 | baskets, North Carolina express, and crales South Camolina express. | Pears—2,500 baskets South Carolina | express. Peppers—56 ates Florida | express. Potatoes—1 Michigan. 1 New . York, 3 Florida freight, 5 broken and 2 unbroken cars on track. Straw- | berrie—1.400 crates North Carolina | express, 10 crates Virginia boat, 1| broken car on irack. String Bean & crates Florida, 135 baskets. Flori 265 baskets, North Carolina, 55 crates + South Carolina express, Tomatoes—4 rid: Mississippi freight, broken and 3 unbroken cars on track. Turnips—135 baskets North Carolina | express. { arket pers, Tints, 5.00a SUGAR MARKET UNCHANGED. | EW YORK, May 17.—No changes occutred in the raw sugar market to- @ay as far as spot prices were con- cerned. which were quoted at 5.18 duty paid, but second half June ship- Mments were easier, at 5.71. There was a sale of 5,000 bags of Cubans for| second hglf June shipment to a re- |yearlings wteady (o shade er. | O fier opening 4 points higher to 3 jower, TaW sugar futures advanced on covering and scattered commission buying. Active months advanced 9 to 10 points, but. eased off partially near the close, and were finally 5 to § points net higher. May closed 3.9 HUly, 4.08: September. .15 und De: cember, 3.83. The refined market was unchanged at 7.25 to 7.50 for fine granulated. Refined futures were nominal Sugar futures closed steady: ap- proximate sales, 20,000 tons; May, 3.98: July, 1.08; September, 4.15: De- cember, 3.83. News Print Freight Rates Of. Proposed new schedules changing the differential basis of freight rates on newsprint and other paper from points in Michigan to Louisiana and Texas destinations today were suspended from May 20 until September 17 by the Interstate Commerce Commission. R e NEW YORK BANK STATEMENT. NEW' YORK, May 17.—The actual condition of clearing house banks and trust companies for the week § show &n excess in reserve of $25,310.- 220. This is a decrease of $12,004,870. Supplies very | Mexico, | 111.90; Inter Match 6ls wi Lehizgh Power . el VI Har 3 3 Libby, MeN 1 Morris' & (o K 907y 1015 1051, 0430 1011 7 D0 | ASONY B 1067, | LD 06 5 o7, 9% um Ol 7. 107 eb Mills 6ls wi.. 101 FOREIGN BONDS. ng of Neth 65 T2 91 61 10 King of Neth 6s "4 981 084 36 Swiks Govt 5lis 0% 981 21 Swiss Govt 55 ..... 99% 901, Sales STANDARD OIL, ISSTES 0 units. 20 Rorne Serymser ... 22 60 Ruckeve P L ... 10 Gal Sigmal Of1 200 Humbie 0 & R new 40 Tilinois P L A 180 Tmip Ol of Ca 110 Indiana P I, 4800 Inter Pet Co, | 25 Magnotia Pet 10 Northern 100 107 101 S0 Indinan 0 Kentucks 50N Y new | 10 Swan & Finch . 2000 Vacuum Oil new ales INDEPENDENT OIL STOCKS. in hundreds. 10 Allen O =8 1 Cities Serv L 139 3 Cities Service W efs 13% 1 Creole Syndicate 5 20 Engincers Pet .... .08 10 Eriel 00 . .28 COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY BOSTON, May 17.—Some mills here which have curtailed production of cloth are selling raw cotton for ex- port, getting spot prices and buying futures for fall delivery at around 25 cents. SHREVEPORT, May 17.—For the fourth consecutive week oil produc- tion in Louisiana and Arkansas has set a new record. In the last week daily average production was 203,857 barrels., an increase of 2.645. Sixty- four new wells added initial production PETALUMA, Calif. May 17.—Sev- eral big hatcheries here have closed temporarily because of the restric- tions on shipments imposed by foot and mouth disease quarantine. The ring shipments of poultry, which normally total around $5,000,000, will be greatly curtafled. PITTSBURGH, May 17.—The coal market remains exceedingly dull in | this district. Lake coal is moving | from interests that have their own boats and docks. but at the rate of 3.000 less carloads a weck than in the same period last season. | SEATTLE, May 17.—The slash in | log prices to Pacific northwest lum- ber mills has brought prices down to $17 a thousand feet, or a reduction of $5 a thousand from earlier in the year. NEW ORLEANS, May 17.—The busi- ness of the retail jewelers in this state in the last year has improved 4 per cent, according to large dealers, and an excellent business for next fail and winter is forecast. WINNIPEG, Manitoba. May 17.—A carload shipment, including one mil- lion honey bees, is expected to arrive here over the Northern Pacific in the y or s0. The bees were pur- Conway, N. C., by R. J. mitha, Canadian bee man. et CHICAGO LIVE STOCK MARKET. CHICAGO, May 17 (United States Department of Agriculture).—Hogs— Recelpts, 4,000 head, steady to 5 cents higher; light weight show most ad- vance: good shipping demand; bulk good and cholce, 170 to 325 pound weight 7.50a7.65; top, 7.65; bulk pack- ing sows, 6.80a6.95; Killing pigs steady to strong: bulk good and choice strong weight. 6.4086.60; esti- mated holdover, 4.500; heavyweight hogs, 5 medium, 7.40a7.55; light light, 6.25a7.55; packing sows, smooth, 6.90a7.10; pack- ing sows, rough, 6.75a6.90; slaughter pigs, 5.60a6.75 Cattle--Receipts, 1,000 head: regain- ing early decline, better grades fed steers and yearlings generall steady with close week earlier; broad demand lower grades fat steers, she stock, stockers and feeders, 15 to 25 higher: iatter classes highest of the season: bulls, 25 up: veal calves, 50 to 75 higher: extreme top matured steers, best yearlings, 11.50; week's bullk 'prices follow: Beef steers and earlings, 8.50a10.50; beef cows, 5.75a X.25: beef heifer: 6.85a9.00; canners and cutters, 2.50a4.00; veal calves, 9.25 #1050 stockers and feeders, 6.50a 8.50. Sheep-—Receipts, 2,000 head; receipts practically all direct. For - week, around 19,000 direct; 104 cars fed lots: compared” week ago fat lambs and higher; Sheep steady to weak; closing shade lower; top fat lambs for week, 15.60; few handyweight wooled lambs, 17.25 best springers, 17.75: bulk prices fol- {low: Kat lambs, 14.50a15.35: spring lambs, 16.25a17.50; fat wethers, 9.25a | 10.00; ‘ewes, 1 ; lambs, 16.75 BALTIMORE DAIRY PRICES. BALTIMORE, May 17 (Special).— Live poultry—Spring chickens, per pound, 40a50; leghorns, 32a40; winter, 40a45: young stags, 25; old hens, 22a 27; leghorns, old, 22a24; roosters, 16a 17; ducks, 15a22; pigeons, pair, 40a50; guinea fowls, each, 40260, Iggs: (108s off)—Native and nearby firsts, free cases, per dozen, 241:| southern, 23%. Butter—Creamery. good to fancy, 37ad1: nearby creamery, 35a36; prints, $1a43; ladles. 30a32; rolls, 29a3l} dairy prints, 28a31; process butter, 35. —_— BAR SILVER QUOTATIONS. NEW YORK, May 17.—Bar silver, %% : Mexican dollars, 50%. May 17.—Bar _silver, 6d per ounce. Money, 1% per cent. Discount rates—Short bills, 27:a3 per cent; three-month bills, 3a 5 1-16 -per cent. .__THE EVENING STAR, WASHINGTON, < SHOE MEN HAVE HOPE| Wall Street Still Reflects NEW YORK CURB MARKET Trend of Business Reaction R-:dvdby?flvneWInDlrecttonesurQflu small. The recent strength and ao- tivity in Penn Mex Fuel has been in expectation that directors would place the stock on a dividend basis in the near future. The company brought in a well a few days ago on its Alemo tract, In Mexico, with an initial flow of 20,000 barrels. Among industrials National Tea common was taken at advancing prices. Blectric Bond and Share pre- ferred did better than most other public utilities, but the. general price movement in this quarter was too slight to be of significance. The feature in the bond section was a drop of almost 2 points in Con- solidated Textile 8s. e Federal 0il . 3 Gl Oil of Pa 3 Lago Pet ... 0 Mex 0f Sin Mex Panuce ...l Mount_ Prod .. Mutual 0i] vot cfs Land. ... or O .. Sty 01l new Ck Prod pa Refin bourd Oil Sunstar Ol Wilcox 0l & Gas. . Woodles Pet INDUSTRIALS. Am L & Tract .... 128 2 Atlantic Froit wi.. 1% Borden & Co ... 111 Candy Prod Cor wi Chi Nip new w i... Cbi Nip B tr nw wi 1 Dochler Die Cas wi 1 Dubilier ¢ & Radio Durant Motor . Du Pont Motors Elec Bond & Sh pf Fairbanks Morse wi F & W Grant S Ford Motar to Hav Tub ne e dp wh Kresge Dept Stores Lehigh Powes see Leh V1 Conl nw wi Nat Tea (. N'Y Tel (o ptd Radio Corp . Radio_ Corp - Rosenbaum Grain 8o C & I mew ... .05 Swift & Co ....... 101 Tenn Elec Power.. 33% Tenn El Pow 24 pf 68 Tobacco Prod Expts 414 United Bakeries .. Unit Retail Candy. & Ward Bak Co B wi 178% Yeilow Tuxi Co NY 19% MINING. Black Onk Gold Mi Calumet & Jerome. Canario Copper . Cons Cop Mines nw Cortez Silver ... . Diamondfiels BI Ra Divide Extens .. Engineer Gd Mn LT Golafield Deep Mine Harmill Div .. Howe Sound Iib Cvoe : Kay Copper Corp. Mohican Cop National Tin 3 1 a0 16 PRI P w .38 o3 161 .03 0 Plymouth Tead Rocks Mt ¥ & R. ocky M S & R pf Silver Horn M Tono Relmont ... Tonopah Fxtens . Tri Builion United Bastern United Verde Pxt.. Wenden Copper West Ead Conso!.. Wilbert TRANSFER ROSS ESTATE. Stud Farms Company Takes Over Laurel Property. Iy the Assoclated Press. BALTIMORE, Md., May 17.—A deed transferring the Laurcl, Md., estate of Commander John K. L. Ross, well known race horse owner, to the Lau- rel Park Stud Farms Company, was filed yesterday in the circuit court of Howard County. It is understood that the property has not been en- tirely disposed of by Commander Ross but has merely bLeen transferred to the company. in which he is said to Le a part owner. The Ross farm is composed of two tracts, totaling 361% aci Its adap- tability a breeding m for race horses s sald to be as fine as any farm in this country. The consideration for which the property was transferred is said (o be in the neighborhood of $590,000. SHORT TERM SECURITIES. (Quotations furnished by Redmoud & Co.) —Clone B, Ofter. as Alaminum Co. of Amer. Ta 1925, Tt Aluminum Co. of Amer 75 185, 106t American Sugar 6a 1987 B American Tel. & Tel, ta 1925 Anaconda_Copper tis “1920. 1011, Aoglo-American 01l Ti4s 1923 D024 ral Leather Chi., Mil ChiLL I L & Pacific 5l 1 Columbia Gas & Fi. 1st bs 1627 Du_Poot Tt 1831....... .. Federal Sugar Ret. fs 1933, Fisher Body Corp. Gs 1927, Fisher Body Corp. fe 1928 Goodyear T. & K. & 1631.... Great Northern s 1636... Gulf Oil Corp. of Pa. St 1936 Humble Oil 5igs 1982, ... Kennecott Copper 7s 1630, Libby, McNefll & Liboy 7x 18310 M. St P& 85, M 8% 1531 Morris & Co. Ths 1920. New York Central 6a 1935 Oregon 8bort Line 48 1920 - Penoa.-Ohio Pow. & Lt. 6 102 Peana. R. R, 7s 1930, . Swift & Co. Gs 1932.. Tidewater Ol 61gs 193 U, S R Western Westinghouse Wheeling Stee! U. S. TREASURY CERTIFICATES (Quotations furnished by Redmond & Co.) Bid. Ofte: 100182 100332 100532 100 7.82 100 2332 100 36-32 100% 100 11-16 100982 100 1132 100 2922 100 31-32 100 13-16 100% 100 2732 100 101 918~ 1018 100 23-32 100 2532 bher 71 Union Glas 1935, & M. 48 Jume 16, 1924 s Jone 15, 192 138 Beptember 15 4is December 15, 19 4s Marcn 15, 1925.. 4%e March 15, 1925. 4138 June 15, 1925..... 358 December 15, 1925, 4%(s Mareh 15, 1926, 35 September 1926 4%s Marcn 15, 1927 102116 1023 4148 December 15, 1927... 101 25-32 101 27-82 ————— BOSTON STOCK MARKET. BOSTON, May 17.—Following is a list of today's highest, lowest and closing prices for the most active Stocks dealt in here: Low. 3 High. Cloee. Arizona Com . 5 Boston & Albany ala & Hecla Copper Range Bast Butte . Eastern § 8 Edison Elec . Isie Royale . Mexican Inves Mohawk New Corn. ‘New_ Hng! Pacific Milis .. Reece Bat H Swift & Co Tuolumne .. Utah Apex. Yentara 01 Waldorf Walworth CHICAGO STOCK MARKET. CHICAGO, May 17.—Following is a report of today’s sales, high, low and closing quotations af the Chicago Stock Exchange: Sales. High. Low. 700 Armour Leather pf 4% A2k 30 Armour of Del pfd 843 20 Commonw Fdison. . 330 Contivental Motors.. 20 Mid West prior lien. 50 Middle West Util.. 20 Montgomery Ward. 225 25 Montg Ward “A".. 106 10 Swift & Co L. 101 110 Swift Intl . 450 Union Car 550 Wrigley ... 1200 Yellow Mfg 425 Yellow Taxi . Total sales, 7,100 Close. a2l 843 1274 3 ook B0% 2214 1067, 10‘1“. 6% 56l a8 42 $15,000,000 BOND ISSUE 0. K.'D. The Great Northern Railway Com- pany received Interstate Commerce Commission authority today to sell $15,000,000 of general mortage 5 per cent gold bonds. OF BUSINESS UPLIFT Feeling Due in Large Measure to Wage Reductions Inaugurated at Factories. REVIEW OF GENERAL TRADE Pay Cut Not Followed by Reduc- tion of Prices. BY J. C. ROYLE. Special Dispatch to The Staf.’ NEW YORK, May 17.—The shoe business, like the leopard, is spotty, according to men engaged in it. But they are more hopeful than they have been for some time of being able to change the dark spots. Th feeling is due in large measure to wage * reductions ut Haverhill and Lynn. These have tended to improve manufacturing conditions in New England, but it is not yet apparent that they have served to stimulate sales. In spite of the betterment at Haver- hill, another manufacturer there has thrown up his hands. H. E. Leadis has withdrawn from the Haverhill Shoe Manufacturers’ Association, claiming that it is impossible to man- ufacture shoes there at 4 profit under present conditions. Membership In the association has dropped in the last year from fifty-three firms thirty-two. On_the. other hand. at least one million-pair order has been booked in the last fortnight, and fac- tories of the lucky bidder will be speeded up to the utmost. Stocks Carried Not Large. Shoe stocks in the hands of retail- ers and jobbers are not large. Never- theless, “the distributors in question seem undesirous of Increasing them materially. This is due largely to style complexes. The average retail dealer turns over his stock com- pletely about twice a year. The faster he makes it move as a whole, the more money he makes. The process is somewhat like that of a watch. Turning over of the small wheels of each style and model re- suits in the slow turning pver of the big wheel of total stock. Merchants are afraid of the check to total turn over exercised by a non-moving style and are stocking lightly in conse- quence. They seem to prefer to lose an occasional sale because they have not the size or model wanted rather than to have a volume of fancy sho. for which the acute demand has passed stuck on their shelves Prices Not Reduced. The cut in wages in the New Eng- land factories has not been followed as yet by a decrease in shoe prices. In “the midwest one of the largest manufacturers made a cut in Febru- ary and as a result stimulated sales sufficiently to keep output up nearly as high as in the spring of 1923. Some manufacturers hmve increased the length and scope of their salesmen's trips in the hope of garnering busi- ness checked by the cold weather of the late spring The effect of the turn toward out- door sports which has been a big feature of American national life since 1918, s already beginning to malke itself felt in the shoe busines Sport models are in demand and th buyinz of this kind of footwear is independent of the demand for the staple business and dress types. Warm weather fs encouraging sales of white shoes and of the rubber- soled varieties. Shoe manufacturers are not heavily stocked with leather. They have bought leather the same way dealers bought shoes—from hand to mouth If there is a distinct improvement in the sale of shoes. and it seems as though this might be counted on with reasonable certainty. the makers will have to go to the tanners for large supplies The latter have ample stocks on hand. but these stocks have improved decidedly in quality. A good portion of the heavy stocks of leather piled up during and just after the war, many of which were not of the high- est grade or quality, been moved. Hoxiery Sales Well Up. The =ales of hosiery are keeping up exceedingly well, especially in the full-fashioned type of women's stock- ings. Factories cngaged on these kinds of goods are the bright spots in an otherwise unsatisfactory tex- tile situation. The feature of the trade this spring has been the super- seding of white by the nude shades and the extension of the color range of women’s stockings usuaily kept in stock. The number of women who wear silk hose ix steadily increasing in this country, and recently the Jap- anese and Chinese raw silk markets have been in a condition thorough favorable for American manufactures, As with shoes, stockings for sports wear are in tremendous demand for both men and women, with the light wool and silk-and-wool materials es- pecially popular. STEEL PLANT PLANNING TO INCREASE FACILITIES Bethlehem Establishment at Spar- rows Point to Be Enlarged and Improved. BALTIMORE, May 17 (Special).— The Bethlehem Steel Corporation is planning extensive enlargements to its plant here at Sparrows Polnt. Eugene G. Grace, president of the corporation, was in the city this week and looked into the matter of the ex- tension being planned. The additlons and improvements to the main plant at Sparrows Point and the subsidiarfes in the Baltimore dis- trict will_involve many millions of dollars. The extensions under con- sideration pertain to the tin-plate mill, steel mills, shipbuilding plant and other departments. Owing to the large number of can- ning and packing enterprises concen- trated at this place, Baltimore is re- garded as one of the best locations in the country for tin-plate mills, and one of the first improvements which the Bethlehem management will com- plete will be the enlargement of the local tin-plate mill, the capacity of which will be doubled. The plan _announced by President Grace last February, whereby the thousands of employes of the local plants of the Bethlehem Steel Corpo- ration and the Bethlehem Shipbuild- ing Corporation would be offered the opportunity to buy, with the com- pany’s assistance, the 7 per cent pre- ferred stock of the parent corpora- tion on liberal partial-payment terms, is meeting with even a better re- sponse than the management expect- ed. The arrangement is having the effect of creating a closer relation- ship between the management and the employes. PREDICTS BUMPER CROPS. Federal Bureau Forecast for Mary- land Farmers Made Public. BALTIMORE, May 17 (Special).— Bumper crops of all kinds are pre- dicted for Maryland by John S. Den- nee, local agricultural statistiaian, division of crop estimates, United States Department of Agriculture, Wwho says a backward season, due to frequent and heavy rains, is the cause. Mr. Dennee has just returned from a tour of the Eastern Shore and Dela- ware. He also is in close touch with other sections of the state. With the exception of wheat and rye, he de- clared, the outlook for bumper crops of garden produce and fruits in this section is one of the best he ever has seen. There has been too much rain for winter crops, he said. Wheat he described as “irregular” and good.” while rye is only “fair. With all this, said Mr. Dennee. the farmer is not happy. He faced the gloomy prospect of a glutted market. D. C, SATURDAY, MAY 17, 1924 - . BY STUART Special Dispateh to The Sta (Copyright, 1824, by the Consolidated Press ‘Association.) NEW YORK. May 17.—The past week in Wall street began under the depressing influence of the oil price cuts of May 10 and of the surpris- ingly heavy shrinkage in unfilled orders of the United States Steel Corporation, announced the same day. It wound up with a recovery which was sufficient to bring about a distinetly better feeling. The best judgment at the present moment i# that outside conditions are too uncertain to warrant much of a forward movement, but that the market in its 15 to 20 point decline from the January highs did ample discounting of the business reaction which set in toward the end of March. Moreover, the impression is growing that this' reaction is draw- ing to a close. Present Situation Outlined. It is true that in certain indus- tries conditions are quite as depress- | ed as at any time. It is also true| that the general buying power has been curtailed by increase of unem- | ployment. by wage reductions in some cases and by what amounts to the same thing, decrease of working hours. But. however, this may show in certain sections, il has not shown in the business volume of the ocountry as a whole. Nothing reflects dis- tributive trade better than the traffic passing over the railroads, and the latest figures on car loadings were larger considerably than the weekly average for April and larger than in the corresponding week a year ago when trade was still unusually sctive: Bank clearing are Another accepted measure, but not as reliable a one, be- cause more influenced by speculative conditions. A week ago they were 14.6 per cent ahead of last year, while this ‘weck they have falien 3.4 per cent behind. The point is, however, that they certainly reveal no falling off in the general volume. Their de- crease can wholly be accounted for hy the average drop of 4.5 per cent in the wholesale price index. Market Still Marking Time. Of the stock market it may still be said, as it was a week ago, that it is a waiting market, and likely to re- main so until_after the nominating conventions. The strength shown in most of the railway shares belies the iqea of any serfous uneasiness about the adoption of a radical anti-railroad plank and the selection of a candidate by the Democratic party who would favor eliminating the so-called guar- antee clause from the present trans vortation act. But the Democratic nomination s so absolutely impossi- bie to forecast that the feeling is that it is just as weil to delay fresh Wall street enterprises, as far as possible, until the uncertainty Is dispelled Unloss the Esch-Cummins act were modified so that the roads would no lunger be able to claim an adequte return on the property investment, calling upon the Interstate Commerce Commission to reduce freight rates on farm products is futile, The Senato and the House must have known this quite wel when they passed resolutions to this effect dur- ing the weak But they had their ricultural constituents to think of. Sees Little Rellef in Tax BUL As for other pending developments Washington, their real influence brobably prove slight. Sustain: ing the presidential veto on the $01- dior bonus bill would he helpful from a market standpoint, bLut this is not | expected, and therefore its Tepass: wiil not be a di: appointment. street sees so little relief in the . WEST. INVESTMENTS By George T. Hughes EIGHTEENTH ARTICL Saving to Buy a Home, An investment problem frequently DUt UD to me is that of the young couple who wish to own their own home. Sometimes they have already saved a large part of the sum neces- sary to build. Sometimes they ask about a plan for systematic saving with the ultimate intention of buying or building. In the latter case the unswer Is easy. The best way to save money for this parpose is to take out shares in a good local building and loan association. Such assoctations operate udder the laws and generally under the supervision of the banking department of the particular state in which they are located The pringiple on which these asso- ciations are founded is thoroughly sound. The best one in each case is the one doing business in your own particular neighborhood or in the neighborhood in which you ex- peet to build. If you have any diffi- culty about finding an assoctation the person to consult is your banker, either in the savings bank or in the commercial bank in which you have an account. Viewed From Another Angle. When, however, for one reason or another it is not desired to build for some years the question of how the money shall be invested meanwhile requires a different answer. Of course. it is easy to say that the fund should be put in a savings bank until it is wanted and un- doubtedly _this is the su way. That is what savings banks are for. Money invested to their care is always available. But many are not satisfied with savings bank interest. They want a larger return than 4 per cent and that is & perfectly legitimate ambition. The trouble is too often they want to jump from the sure 4 per cent the savings bank pays to the uncertain 7 or 8, or even more, that some specu- lative or semi-speculative security promises. Always they say they want safety first. The two things are mot compatible. High returns and a high degree of safety do not go together. Even when they are content to take 0od bonds there is never any as- Sirance that they will be able to sell their bonds for the same price they paid when they are ready to build. That is, unless they buy bonds which mature about the time they expect to use the money. Bonds vary in price. Even libertys fluctuate as con- ditions in the money market cnange. Not Applied to All Bonds. This is not an argument against buying bonds in general. It is an ar- gument against buying anything but short term securities when you must have the return of your principal at a specified time. Just now there is a great demand for short term bonds and notes. The quality varies in in- verse ratio with the rate of return. Under present conditions 5 or 5% per cent is about all that the average small investor should demand. Copyright, 1824, by Coneolidated Press ¢ 5 Al-rd’l!‘m) Shows $8,070,656 Capital. DOVER, Del., May 17.—A certificate for the consolidation of the Metro Corporation and Goldwyn ‘tures Corporation, under the name of Metro-Goldwyn _Pictures Corporation of New York City, was filed yester- Past Week Opened Under Depressing In- fluences—Outside Conditions Too Un- certain to Admit Forward Movement. day at the state department. The capital stock was placed at §8,070,656. bill in the shape it is likely to come out of conference, that it does not much care if the measure is vetoed or not. A 25 per cent reduction in the 1923 taxes is the one thing now most hoped for. Regard Dawes Report ax Safe. French francs have only partially recovered from the tumble they took after the overturn at last Sunday's elections. There is no danger that the French socialists, now in power, will go back on the Dawes program. On the contrary, willing to go further than the present incumbents for the sake of peace, the whole Ruhr policy is likely to be softened and hence the way made easier for Germany to accept. But on the other hand the rench electorate have given a man- date against the recent tax increases. These have taken effect, but the new government heads might 'consider their modification or repeal. One report has had it that instead of the 20 per cent extra levy on the general public there would be a special tax on capital. This, however, seems quite improbable. French Economic Situation Shaken. But should the fiscal program be | altered and the French budget there- | by become unbalanced once more, |h-; value of the paper currency would be | rendered uncertain again Th tion of the franc during the last few | days has not indicated any te fear on this score, but it has taken into account some such possibility. The | principal trouble with the French economic situation—and what influ- enced the voters—is that the pur- chasing power of the franc did not go up with Its market valuation. The latest price index shows very little recession from the top and is five times higher than before the war. This is the main reason why the ex- tra tax burden has seemed 8o intol- erable. The same thing appears in the slowness with which paper note circulation is being deflated. Accord- ing to the statement of last Thursday, the total was 39,739,000,000 francs. This was a decrease of less than 600,000,000 from the extreme top in the first week of March and it was nearly 3,000,000,000 higher than the total of the third week of December. What is happening is that the main- tenance of such high-price levels, by | keeping up an abnormal demand for | paper money, is retarding the retire- | ment of note circulation. First 7 % Mortgages $250 and Up i William S. Phillips ISTH ST. AT K N.W. Main 4600 FIRST MORTGAGES | FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN- VESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. Established 1899 Real Estate Notes For Sale In amounts from $250 up to $1,000 or more conmit WELCH neattor Loan Specialist 15th and N. Y. Ave. Main 4346 References: Any Bank, Trust . or Title Co. in the District. No loss to an investor in 25 years First Mortgage Loans Rates of Interest and Commission. Prompt Action Th . Fisher & Company, Inc. -l 1 Lowest 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 = First Mortgage Investments $100—$500—$1,000 H 1416 K Street Main 617 “WHEN” buying our FIRST MORTGAGE % INVESTMENTS You arc assured duc pre- caution has been taken to safe- guard your interest. A per- sonal inspection, a conserva- tive valuation are two of our strict requirements. Prompt and courteous service follow the purchase of our securities. Notes now on hand in amounts of $100 up. Bearing 7% Interest CHAS. D. SAGER Loan Department Main 36, 37, 38 924 14th St. N.W. Mr. O’Donnell, Manager Mr. Hughes, Assistant FINANCIAL. We Loan Money on artment Houses, Office Bulldings, A Hoteln Sez Us About That Big Loan Higbie & Ri Inc. 816 15th St. N.W. Money to Loan At 6 and 6% per cent imterest. Befors placing or renewing your 1st or 24 trust Conmatt WELCH Reaitor Loan § st 15th & New York Ave. Main 46 Trust Notes We have clients with funds to purchase good SECOND TRUST NOTES in denomina- tions of from $500 to $10,000. Low rates if security is good Apply at Once to Our MORTGAGE DEPARTMENT HANNON 713 and 715 14th Strees NW. Main 2345 “" 13 Money to Loan Secured by first deed of trust on real estate. Prevailing iaterest and commission. Joseph L. Weller &5 Was. L. & Trast EQUITABLE Co-Operative Building Association Organized 1579 44th YEAR COMPLETED Ammets . ...........84755,170.52 Systematic Savings s the most profitable way of sav- ing. Join the Equitable, aad save In a systematic fashion. Sabacription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON. Premident FRANK P. REESIDE, Sec’y. FUNDS PLACED FOR INVESTORS I SELECTED FIRST MORTGAGES Conservative investors seeking turns plus safety of princi of $250 can place their fun liberal income re- al for amounts in multiples s profitably and conveniently through our mortgage department in sound first mort- gages on select Washington 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— 4 trustees and guardians. - i 912 15th Stree === f individuals, attorneys for estates, banks, corporations, . H. L. RUST COMPANY Loan Correspondent of the Prudential Insurance Company of America Main 6888 MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Randall H. Hagner ¥ G 7207 Connectivut Snenus I the old Nea- poistan _sign lai- gnage, the ezpres- est talk.” was oon- veved by placing the index finger of the Tight ‘hand_on the lips and then pointing it straight forward. In this way the Neopoli- tan soad: “That’s Honest Talk” This is what we are trying to give the investing public of Washington DAILY in these columns—and thus to protect the unwary from the trickster trying to put over his something for nothing, or to persuade investment in securities of doubtful margin of safety. Listen not to such tempting talk, but MORTGAGE with our get in touch INVESTMENT DEPART- MENT for information about our FIRST MORTGAGE NOTES on improved District property worth TWICE the amount of the loan. Interest 674 and 7 per cent per annum—with assured safety and no depreciation. MORTGAGE INVESTMENT DEPT. SHANNON - & LUCH 3 and 715 14th Street N.W. Main 2345 THE INDIVIDAUL INVESTOR —who buys mortgages must examine titles, make sure of m Over a Quarter of a Century 2 buys every Without a Loss spared routine. appraisals and watch over the details of maintenance and insurance. The investor who invests OUR 79, FIRST . MORTGAGES this essential The securities he are surrounded by safeguard and pro- duce the highest interest re- turn consistent with unques- tioned safety F. SAUL CO. 1412 Eye St. N.W.