Evening Star Newspaper, June 7, 1924, Page 23

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., SATURDAY, JUNE 7, 1924.: D. C. PRODUCE MARKET NEW YORK CURB MARKET MEXICAN REVOLT MAY REPORTS FAIR TRADE ‘Wholesalers Report the Best Show- ing Made Tcday Is in Fresh Meats. BUTTER AND EGGS NORMAL Review of Vegetables Made by De- partment Bureau. The Washington wholesale market for meats, dairy products and live stock closed fair to good today, the best showing having been made in the fresh meat line. Dealers’ hooks were virtually clean. the sawdust was off the floor and they were ready for Monday's business. Prices in this line held firm throughout the week. The commission men who had re- ported fair business and sometimes none at all during the week were engaged partly in retailing and wholesaling their commodities. The market _experienced some ivity warly today, but there were still some goods on hand that refused to move, the trend of buying being against them. Jobbers in eggs and butter re- ported no change in price, but again indicated that a slight advance in butter Monday would be felt. Vegetable Market Review. ‘The Department of Agreiulture's wvegetable market follows: Cabbage—Supplies moderate: de- mand slow: market steady: Virginia. Norfolk section, barrel crates, pointed type, 1.50a2.00. Cantaloupes—Sup- plies moderate; demand H market steady; California, Valley, Salmo; tint. 5.50a6.00: ponys bés, moderate steady: mod- demand homegrown, dozen bix Boston type. well lieaded, leafy, 75al.00. Onions—Supplies light; demand light; market steady: Texas, standard crates S No. 1, 2.00a light; North 3.00 Mayflours Carolina, Mayflowers, e 2.2822.50. Potatoes— upplies moderate; demand good: market steady; new stock. South Carolina, cloth_fop. slat barrels, Irish cobblers, U. 8. No. 1, 4.00a4.50; Fiorida, double-head barrels. Spaulding Rose. U. S. No. 1, 5.5085. orth Carolina, cloth-top slat barrels, Irish cobblers, U. S. No. 1, fairly well graded, 4.00. trawberries—Supplies liberal, de- mand moderate, market fairly steady Virginia, Norfolk section, 32 and 80 quart _crates, Gandys, 10a15, mostly 10 cents per quart, various varieties, condition variable, 5al10 per quart Virginia, eastern shore, 32-quart crates, various varieties, fair condi- tion, 3.00a3.50 per crate. Tomatoes— Supplies ~liberal, demand moderate, market fairly steady: Florida, sixes, ripes and turning, wrapped, best fancy count, 3.00a3.50; choice count, 2.00a2.50; some ordinary condition, fancy and choice count, 1.00a2.00. String beans— Supplies heavy, demand light, market weak: North and South Carolina. bushel hampers, green mostly, 1.50: some poor_condition, 50a1.00. ' North Carolina, 5-peck hampers, 1.5081.75. Virginia, Norfolk section, - 5-peck hampers, fine quality, 2.0022350. Peas —Supplies iiberal, demand light, mar- Ket dull: North Carolina and Virginia, Norfolk_section, 5-peck hampers, best mostly 2.00; ordinary qual- nd condition, wide range in prices, : some condemned. ~Cucumbers —Suppiies iiberal, demand light, mar- ket dull: Florida and Georgia, Square bushel crates, No. 1, 1.00a1.50. Vir- ginia, %-bushel hampers, hotbed stock, 2.00a2.50. Dewberries—Supplies mod- erate. demand moderate, market about steady: ~_North Carolina, 32-quart crates, 5.50a6.00; some ordinary qual- 1ty and condition, 3.50a4.00. Cary on Track at § A.M. Today. Apples—1 unbroken car on track. Beets—120 crates South Carolina _ex: Dress, 8 crates Virginia boat. Cab. bage—160 crates Virginia boat. Car- rots—s6 crates South Carolina ex- press, 37 baskets Virginia boat. Cel- ery—1 broken car on track. Cucum. bers—135 crates South Carolina, 2 crates Alabama express, 1 broken car on track. Eggplant—65 crates Flor- ida express. Grapefruit—1 Florida freight, 1 broken and 1 unbroken cars on track. Lettuce—56 crates Virginia, boat Mixed vegetables—1 North Car- ofina freight, 3 broken and 1 un- broken cars on track. Mixed fruit 1 broken car on track. Lemons—! broken and 1 unbroken cars on track. Onions—3 Texas freight, 2 broken and 2 unbroken cars on track. Oranges— 3 California freight, 4 broken and 4 unbroken cars on track. Parsley—71 barrels Loulsiana express. Peas—265 baskets North Carolina express, 383 baskets Virginia boat. Peppers—s Dbaskets Florida expr: Potatoes—1 Florida, 1 Michigan, 2 South Carolina freight, 219 barrels North Carolina boat, 11 broken and 6 unbroken cars on track. Squash—I2 baskets South Carolina_express. Strawberries—125 crates North Carolina express, 158 crates Virginia boat, 1 broken car on track. String beans—315 baskets South Carolina, 409 baskets North Carolina express, 75 baskets Virginia boat, 4 broken cars on track. To- matoes—1 Florida freight, 125 crates Florida. 20 baskets Georgia express, 5 broken and 1_unbroken cars on track. Turnips—75 crates North Car- oline express. Peaches—i8 crates South Carolina express. Blackberries -—400° crates North Carolina express. Huckleberries—1 crates North Caro- lina express. Cherries—10 baskets ‘Tennessee express. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETROIT, June 7.—The extent to which the recent curtailment of sales has struck the automobile industry was shown today by figures issued by General Motors, showing that sales in May were approximately 45,000 cars, as compared with 75,393 in May, 1923, and 46,736 in May, 1922, ATLANTA, June 7.—The first of the dewberry crop is now being moved to market. Mayflower peaches have practically all been shipped, more than 100 cars of this early vdriety bringing prices ranging from $2.50 to $5 a crate. It will be a fortnight be- fore the next variety ripens. KANSAS CITY, June 7.—Retailers expected a big trade from the 100,000 out-of-town visitors here for the Shriners' convention here this week. Unseasonable weather is checking trade. Straw hata and light suits are moving especially slow. SEATTLE, June 7.—Following the stiffening of wheat quotations in the northwest, best patent family flour has been raised to 37 a barrel, the first advance recorded since last No- vember. In spite of this, many Puget sound mills are running at half ca- pacity. SHREVEPORT, June 7.—Oil output of the Louisiana fields fell off about 2,000 barrels a day in the last week, but Smackover output brouxht the dally average of the two to 219,623 barrels, a gain of 8,097 for the week. Fifty-two new. wells added 17,285 barrels. ST. LOUIS, June 7.—The board of public service has approved an ap- propriation of $2,350,000 for a& line from the new water plant on the Missouri River to this city. ST. PAUL, June 7.—Heavy rains throughout this district have im. proved crop conditions. Farmers, ex- cept those growing corn, are more encouraged over the general outlook than for many year: AUBURN, Me., June 7.—Shoe fac- tories here have increased their out- puts from 10 to 20 per cent on i proved bookings of new buaine: The plants are working at about 64 per cent of capacity, 2 g olina, sixes, South small, Received by Private Wire BY WILLIAM F. HEFFERNAN, | Special Dispatch to The Star. A NEW YORK, June 7.—Today's brief session of the curb exchange con- sisted of a mixture of price move- ments in various groups. Selling made itself felt in the industrial quarter, some of the oils went into new low ground on the present move, while public utilities and radio issues, on the other hand, continued in de- mand. It was stated in reliable quarters that there was little likelihood of other leading oil companies following the action of cnolia Petroleum Company Friday in reducing crude il quotations at this time. This, however, failed to entire eck the NEW YORK, June 7.—Following is an official list of bonds and stbcks traded in on the New York Curb Mar- ket today: BONDS 12 Allied Packers 6s... 8 Am Gay & Kiec .. 3 Anaconda 6s........ 12 Antilla_Sugar Tia 14 Asso Sim Hdw 6 AAG&WISSSH 308 & 0 1gBelzo Can 1 Beth Steel 7s 4 Chi Conn Gas Halto s re & ¢ s Detroit city 't 6a 10213 3 Detroit Edison fs... 1037 Donlop Tr & Rub 7s % Dug Lt Pt 5%s B wi 102 Fisher Rody s 1011 Fisher Body 65 '28.. 100% 2 Gair, Robt Ts...... General Pet 85.... Gulf Oil 8. Tntrn Match 6%s wi 4t Kennecott Cop 75... 1Ly Lehigh Power C 100 Lh Vi Har Ry bs wi 994 2 Libby, MeN & L 0ty Lig Win Lig ¢ e 75 104% Munitobe Power a0 Morris & €o. Tis.. 3 Nat Leather Bu.... 264 New Orl Pub Ser 35 Si% Northern 8 P 6las M 1013 Ohlo Power 56 B ... 1% Park & Tilford 6s .. Phila Elec 5ts - Pub Serv of N I Ts. Pure Ol Co 6136 . Yo -8 Food P Co 78 wi %5 Vacuum Ofl Ts ..... 107% Virginta Ry s wi... 1021 FOREIGN BOND! 1 King of Nether 6. 1% 5 King of Neth te ‘54 05y 13 Bolvay & Co 64 ‘34 B 003 Swiss Govt Sias .... 091 4 Swiss Govt s - i | Sales STANDARD OIL ISSUES. in units. 400 Anglo-Am Oil... 1414 Imp Ol of Cap. Ind P L.... Int Pet Co Ltd. Magnolia Pet. Northern P L Obio 0il new Prairie Oll & Prairie P L South Penn Oil. 2000 Standard Oil Ind Stand Oil Kan_new Standard Ofl Ky... 1 Stavdard Oil Neb.. 234 Stand Oil N Y new 38y Standard Oil Oblo.. 285 10 8 W Penn P L.... 88 200 Swan & Finch 2 42 300 Vacuum Oil pew... 50% 59% Sales INDEPENDENT OIL STOCKS. in hundreds. 2 Bosten Wyo Ofl. 14 Carib_8Synd 2 Cit Serv.... 2 City Serv B 10 Creole Synd 1 Darby Pet 5 1 Gulf Oil of Pa il 3 Guif St 0il & R wi 8 Hudson Oil 35 Lago Pet.. 15 Livingston Pet . 2 Mount Prod ...... 19 Mutual OIl'yat’ efs. e~Bafeunnun % 30 0414 w oble Ol & 10 Penn Reaver 8 Penoock Oil . 11 Red Bank Ol new. 50 Royal Cana O & Re 6 Salt Ck Prod : 3 Wilex Ol & Gas - 1 Superior Ofl B war & Woodley Pet ...... 40 “Y" 0l .. INDUSTRIALS. 2 Adirondack Pow .. 32% 2 Allied Pack pr ptd 13 4Am G & B new wi. 6 1Am L & Tract.. 3 Appalac Pow & Lt 1Atk Lt & Pow pf. 2 Candy Prod Corp wi 4 Car Light ... o Ra 5 East Pa_Elec. 1 Earl Motor 3815 1 El Bond & Star pfd 100 3 F & W Grand St wi 1 Gleasonite Prod Co. 26515 1 Goodyear Tire ..... 4 28 Haseltine Corp wi. 4 Hud & Mano R R, 2 Hud & M 18 Lehigh 17 Leb V1 €1 new wi. 2 Mesabl Iron . 1 Nat Tea Co u 1 No Sta_Pow 7 Radio Cerp.. 3 3 Radio Corp pfd.... 4 1 Rosenbaum Gr Corp 47% 38GPuewvtteswi 107y dlo EVERYMAN’S INVESTMENTS By George T. Hughes TWENTY-SEVENTH ARTICLE. ‘What Tax-Exempt Securities Really Mean. ‘We hear a good deal of talk about tax-exempt securities and tax exemp- tion. Many people, however, do not know just what is meant in either case. A tax-exempt security is one the income from which—that is to say, the Interest—is not subject to federal or state income taxes. All state and municipal bonds, Federal Land Bank and Joint Stock Land Bank and the 3% per cent liberty bonds come within this classification. Tax Exemption of Value. Now this tax exemption is of value to the investor in direct proportion to the size of his Income. The larger a man’s income the more he can afford to pay for tax exemption. It follows that these bonds are in demand by very wealthy persons. Some of them £o 0 far as to put their entire capi- tal into this class of security. The result is that they pay no income taxes at all. It has been argued that further issue of tax-exempt securities should be prohibited and this source of refuge for large tax payers should be eliminated. So far Congress has declined to take th States and oltl bonds on much more favorable terms because they are tax exempt than they could if this privilege were taken away. However that may be, tax ex- emption is of no importance to the small investor. He can get a larger return for his money in a taxable bond even when the amount of taxes he has to is deducted from the return. me large investors buy more tax exemption than they really need. In- vestment houses have carefully ed out tables showing for inv varying incomes “the difference between the prices to be paid for tax- able and for non-taxable bonds in or- der that the net return may be the same, Surtax Ouly Comslderation. Unless you are subject to surtixes it is unnecessary to pay any atten- ¢ion to tax exemption. This, however, is not to reflect in any way upon the rating of tax-exempt securities, which as a rule is very high. In the matter of safety they come at the head of the list.” The point ls that investors of large means must have this kind of investment and so the price is out of proportion to that asked for tax- able bonds. E (Copyright, 1934, by Comsolidated Press As- ‘Y - eociation.) Direct to The Star Office selling movement in the oil stocks. and some of the leaders reached slightly lower levels. Prairie Oil and Gas, the dominating tactor in the Mid-Cantinent groubd. changed hands most of the time un- der Friday’s final, and Red Bank lost overa point o 17%. An exception to the general tendency was Royal Ca- nadian, which ran up a half point or so0 shortly after the opening on rather heavy demand. Both Dubilier Condenser and Hazel- tine were favored in what little buy- ing took place. The former sold within a point of its high for all time, while the latter crossed 19 to a new top. Appalachian Power. which was such a feature Friday, rallied 4 points, but was held in check by profit-tak- ing. East Penn Electric, one of the newcomers, changed hands between 38% and 36, 1 Singer fy 10 8o C & I new. 1 Tenn Elec P 24 4 Thomp R vte...... 11% 1 United Bakeries pfd 897 1 Uni Retail Candy.. 4% 1 Ward Ba Cor B wi 16% MINING. 11 Black Oak G M . 5L Canario_Copper 30 Cortes Silver 40 50 Diamond Rik Rutte .11 4 Engineer G M L In 17% 10 Goldfield Deep M. 20 Harmill Div . @ Hawthorne M 10 Jib_Cons 3 Kay Coppe 4 Plymouth Lead 1 Premier Gold M 10 Reorganized Div An .1 11 Rocky MtS & R... 1 8 Rocky M S & R ptd 1 10 Silver Horn Min... .02 30 Superstition Mines. - 30 US Cont new wi. 7 Wenden Copper. 10 West Utab.. 138 05 138 a8 13 1 14 & =R EE0E > & ——————— SHORT-TERM SECURITIES. (Quotatiens furaished by Redmoad & Co.) ~——Close.-— Oter: Aluminem Co. of Amer. 7s 1925, Aluminum Co. of Amer. 7 1833, American Sugar f 19977, American Tel. & Tel. s 105 Anaconda Copper Ge. 11 AvgioAmeria Oil Ts 1025 Astociated 01l s 1980 . Rell Tel. of Canadn Canadiag Northern Central of Georgia 8s 1920, - Central Leather e 1025... Chi.. Ml & St Paul 0 1084 Chi: M. L& Pac. 5%s 18 Coliimbla G & E lst 5a 1 Du Pont 7is 1081 ... . Yederal Sugir Ref. 6 1938 Fisher Hody Corp. 6a 1921 Fisher Doty Corp. Ba 1928 Goodyear T. & . 8 1031 Great Nortliern s 1966....0 0" 1 GElf Oil Corp. of Pa. Stys 1078, Humble 011 514 1852, : Kennecott Copper Ta 1630 MSC P S BUS M 614 103 Morria_& Co, Tis 1830, New York Central 8 i Oregon Suort Line da 1920 Peana, R. R. 75 1030... Pare 0il 3%4s 1925 (Aug. 1) Swift & Co. fe 132, Tidewater OIl 6 1931 “nion Tank Car s 1930 US" Rubber Ths 1030.° Weatern Union $14s 1926 Westinghouse E. & M. 7s 10 Wheelitg Steel Gu 1036... . e U.S. TREASURY CERTIFICATES (Quotations furnished by Redmond & Co.) —~——Close.—— Bid. Ofter. . 100 = L 100132 . 1 1002132 1002332 1008 -~ 100 2332 100 1532 100 -18 101 1-16 1013y 101132 101% 101 1013 £ 101 2132 101 10013-16 100 1516 102 10 101132 101% 4s June 18, 1724 53 June 192400 53 September 15, 182 4%s December 10, 1024. 4s' March 15, 1925 4%s March 15, 192 hsuis June 13,1925 "43{s December 1 435 March 15 BOSTON STOCK MARKET. BOSTON, June 7—Following is & list of today's highest, lowest and closing prices for the most active stocks dealt in here: Close. American Wool 121 Amotkeag . Boston & Al Roston i Calu & Ari Calu & Hecla Congor ¥ Copper Rang Dubilier . Edison Blec Hardy Coal Isle Rovale Mass Mohawk Nat Leather ew Cornelia New England T New York N H North Tout Pacific Mil Park City Switt & C Taited Shoel " Aaéle s 5 & &H - 2an:8.8 PR I 345, HITS U. S. “TAMPERING.” J. H. Barnes Sees Excessive Gov- ernment Activity in Business. NEW YORK, June 6—Julius . Barnes, president of the United States Chamber of Commerce, denounced what he termed “too great a tendency on the part of the government to tamper with national progress” in an address today before the National Association of Mutual Savings Banks. He attacked the efforts of legislators to involve the government in busi- ness enterprises. Mr. Barnes gave newspapers much credit for the prosperity and secur- ity of the country and said they had done more in establishing an in- formed public opinion during the last eighty vears than had been accom- plished in this direction in forty cen- turies. An appeal for more investments by bankers in public utilities was made by M. 8. Sloan, president of the Brookiyn Edison 'Company. Officers elected _are: James M. Wilcox, Phil president, A. E. Richards, City; executive vice president. M. W. Harrison; treasurer, H. BANK OF GERMANY REPORT. BERLIN, June 7.—The statement of the Bank of Germany as of May 31 shows an increase in gold holdings of 41,000 marks to 441,913,000. Silver coin reserve decreased 678,502,000 marks. The report also showed the following _changes, in trilllons of marks: Treasury and loan associa- tion notes decrease 101,000, Renten- bank notes decreased 66,689,925, notes of other banks deareased 718, bills of exchange and cheques 224,737, Renten mark bills and cheques increased 6,006,390, ad- vances increased 4,304,820, Renten mark discounts and advances in- creased 6,386,700, investments in- creased 91,581, other assets increased 51,465,531, notes n circulation in- creased 177,535,743, deposits increased 188,681,482, ' Liabilfties resulting from discounted bills payable {n “Berlin unchanged. Other _labilities in- creased 10,065,402 Rentenbank loans unchanged. J——— CHICAGO GRAIN MARKET. CHICAGO, June 7.—Corn teok the leadership in the grain markets to- day during the early gransactions and values tended upward all around. Fu- ture delivery trading in corn showed decided broadening of volume, with unseasonably cool weather and fore- casts of rain the chief price-making factor. Some enlargement of cash demand for corn was alsp noted. Opening quotations, whicl varied from unchanged figures to % higher, July, 77%a77%, were followed by a general upturn. Soarcity of offerings and talk of better export inguiry for United States hy helped give early firmness to the wheat market. After opening un- changed to % higher, July, 1.04%, and September, 1.05%al. market for a while held within the initial range, but then eased down somewhat. ats traders took their cue from the action of corn. Start. ing at L) l-hl‘“‘lswe:l to 4a n“- vance, July, , .prices ually Bardened. P Provisions were dull, but steady. 38iy President, elphia; vice "HIT THE U. S. FARMER iy Uprising ‘st End, But Resulting Economio Depression Likely to Halt Twine Production. YUCATAN LABOR SHORTAGE e Americans Hope to Procure Sub- stitute Binding Fiber. BY J. C. ROYLE. Special Disiiateh to The Star. NEW YORK, June 7.—The Ameri- can farmer may be wounded in the pocketbook thls summer by & shot fired in the Tecent Mexican revolution. That revolution now _is over, but there are stray bullets in the form of economic) depression still flying about. Moraover, the danger o the American faimer will increase in di- rect proportion to the size of his crops of wheit, rye, oats and barley. That danger censists of a possible shortage of binder twine. Raw ma- térial for twine consists largely of sisal hemp oit henequin, grown in Yucatan, Mexico. Shipments were de- layed and intexrupted for some time by the revolutipn and the labor con- ditlons now existing in Yucatan are not conducive to the production of the largest poswilble amount before the 1924 harvest in America is over, even if the plamtiitions were in the best possible shage to furnish sup- plies. Substitute W iber Sought. It is possible, lrowever, that other fibers may be received in this coun- try in time to make up any shortage in the harvest fiel 5. The Philippines will furnish consiclerable Manila fiber, but only the volupie already shipped or now in transit. will be of use in 1924. Some fibers also are coming in from Africa, New Zealand, Java and Cuba, but the use Of these on account of freight chargas hus & tendency to increase costs. The Mexican ship- ments will be supiplemented by ixtle and maguay fibers, but none of these substitutes really takes the place of sisal. Officers of the Intirnational Harvester Company, one of the largest producers of binder twine in the world, do not anticipate a seriovs shortage this year. “Now that the M xican revolution over,” said Vice Progident H. F. Perkins, “shipments of sisal from Yucatan have been resumed. While the further supply of fiber from this soiirce for this year's requirements may not be as definitely assured as spinners could wish, fibers arei coming into the market from other sources, and we do not anticipate a serious ' binder twine sbortage for the 1924 harvest” Higher Extimate af Defieit. Other men in the trade, however, place the possible deficft as high as 50,000,000 pounds of twims. They admit this estimate depends on the extent 1o | which carry-over is reduced, on the | grain situation in the Canadian fields | and the size of the Americin crops On the other hagd, sorpe seqtions of the country fear an excess of grain bags. In the northwest large deabers have con- cluded orders for immediate delivery and are watching the market closely. They expect reduction in prices as & re- sult of shrinkage in graim crops. es- pecially in California. They estimate that California’s requiremenis will not exceed 20,000 bugs, and fear that a sur- plus may be released on the northern holders. The market has been steadied, how- ever, by the fact that sales in the northwest by Calcutta, the center of the jute and burlap bag industry, have been lighter than usual. The number of bags used by fertilizer companies has not -been up Lo expec- tations, bmt Cuba seems likely to have a record sugar crop, and s a result Calcutta dealers are very firm in_their price ideas. Paper manufacturers, aspecially those making newsprint, now are de- bating the relative valwe of quantity production and lower prices and tailed production and high price Production so far this vear has been heavy and the capacity af a number of plants has been increased, whereas since the slight to business through- out the couniry, wh been no- ticeable recently. demand hms dropped off and the market has softened. The Canadian mills seem in beiter posi- tion than the American planis to meet this situation. The book paper mills are fairly well supplied with forward orders, but wrapping paper and paper board factories are facimg a period when the dull season of the year will force keen and active competition. WEEK SEES SETBACK IN PRICE OF WHEAT Big Drop Day House of Congress Voted to Adjourn-—Producers Expected Relief Measures. CHICAGO, June 7.—Sharp setbacks in the price of wheat this week have closely followed congressional steps toward adjournmwent without enact- ing farm legislazion. Wheat this morning, compared with a week ago, was 2% to 3% a bumhel lower, with corn showing % to I advance; oats, %ay to 1%al% up, and provisions varying from unchanged figures to 30 cents gain. The biggest drop in \rheat prices came on the day when the House def- initely voted to cease wark at the end of the week. Numerous traders construed this vote as po\nting to defeat of farm measures. General selling ensued, and the nesulting downward swing of the markel brought into operation many Auto- matic orders to sell out and thus stop losses to holders who had been ex- pecting the market to advance if various farm measures were SUGCeSS- ful, the McNary-Haugen bill in ticular. Subsequent temporary ' re- newal of speculative demand aas eased more or less on hopes that a substitute farm bjll would be agresl | after all Wall Street for BY STUART P. WEST. dpecial Dispatch td"The Star. NEW YORK, June 7.—In the week just over, Wall street has passed through contrary moods. Temporar- ily it felt cheerful when the Presi- dent signed the tax-reduction bill, even though this was far below the hopes of six months ago. Then the depressing character of the trade reports commenced to weigh upon sentiment, and stocks representing the large industrial corporations de- clined. Two impressions have been gained trom recent happenings. One is that the markets are looking upon the soming presidential campaign with more assurance than they were a while ago. The other is that the com- mon ideg of the extent of the trade reactioy has been falling consider- ably short of the actual facts as shown in current data. Raliway lssue Campalgn Faetor, Everybody knows that the rail- way issue is to be & live one ber Yors the voters. The candidate who will have the largest support, at least on the first ballots at the Democratic convention, 1 known to be unfriend- ly to the present transportation act, and would be in favor of its amend- ment or repeal, regardless of how this would affect the interests of rail- way security owners. Should La Fol- letie carry enough of the north- western states to throw the election into the Iouse of Representatives and obtain the balance of power, one of the conditions upon which he would give his ald in the choice of President undoubtedly would be that the successful candidate favor & radi- cal railroad policy. Confident Radicals Will Lose. Under these circumstances the strength of railway stocks and bonds while the industrial section of the market has been unsettled must be regarded as significant. It must be ken as a quiet expression of conu- fidence that such things are not com- ing to pass, that what the stree: would call anti-railroad candidates and anti-railroad policies are not go- ing to succeed at this election. Had there been uneasiness on this score, railway securities, instead of beinz the stropgest, would logically have been the weakest in the market Naturally much stress was laid upon the discomfiture of the radical bloc in ite effort to bring about an extra session of Congress. Also a £ood deal was made of the defeat of the MoNary farm relief bill. These were indications that, from a financial point of view, were very agreeable that has been said about power of the radical element in national legislature, and after the demonstration of the ability of the Republicans of the Left and the Democrats in combination, to reject administration measures. Huge Business Slump Revealed. Revelations as to the rapidity the business slump have, on the other hand, not been pleasant, Wall street was not prepared for the statement made in the midweek steel reviews that the decline in pig iron produc- tion during May was unprecedented Its idea of the falling off in the automobile industry was not up to the estimate given by the National Automobile Chamber of Commerce that productien last month had dropped 19 per cent as compared with the month before The figures put out by the Depart- ment of the Interior, showing tha the April output of gasoline bad broken all records and indicating o Turther piling up of unsold supplies. were decidedly not in agreement with the forecasts made from high quar- ters last autumn and winter. Then, a , the drop in Faw suger to the t in three years—to a level which admittedly “would not allow business to be done except at a loss— was upsetting. It was quite opposite to the view held about the sugar trade at the start of the year. Sound Conditions Are Seen. These occurrences have told against |the stock market. They created a | feeling that perhaps, after all, the importance of the business recessio: |during the last two months and a half had been underrated, and that not enough discount done in stock exchange prices. This however, only tends to explain the more immediate price movement. The longer range judgment is that bus ness §s essentially sound beesuse sup- plies of materials in manufacturers hands and supplies of goods in mer chants' hands are small, while price averages, according to the Dun index, Entire Week Manifests Contrary Moods Market Leaders Apparently Hampered by Conflicting Developments—Trade Drop Believed Underestimated. had been | the new party coming into power in France, it was not a cheerful week in the foreign naarkets. French france were down over half the entire ground gained Prom the March low to the April high. Sterling was off nourly 9 cents from the top of the April recovery, despite the fact that preparations for meciing the June in- stallment on the American war debt were presumably completed —and therefore could 1o longer be alleked | as a reason for selling Fnglish pounds to obtain American dollars ividently French capital j& as hard to convince of the safety of a & clalist ministry as English capital was when the Labor party was com- ng into power. ——————’ OFFERS SHARE EXCHANGE. NEW YORK, Jume 7.—Official an- nouncement was made yesterday of the offer to exchunge three shares of Pan-Amegican Petroleum and Trans- port Company “B” stock for one of Mexican Petroleum Company com- mon, and two shares of Pan-gmerican “B"’ for oue of Mexican Petroleum preferred. An original exchange of- fer on a 2-to-1 basis was made for the commom stock. The latest step in the long effort of the Pan-American to absorb Mex- un Fetroleum is expected to be the na) chapter in the colorful bistory of the latter stock, so far as Wall street is concerned. Before the ex- change offer expires August 1, Mexi- zan Petroleum stock will probably be strickes Established 1899 Real Estate Notes For Sale In amounts from $250 up to $1,000 or more consuit . WELCH mearior Loan Specialixt 15th and N. Y. Ave. Main 4346 Referemces: Any Bank, Trust Co. or Title Co. in the District No loss to an investor in 25 years WE FINANCE Apartment Houxes Business Property Residence Property FINANCIAL. SHOWS FINANCIAL GAIN. Cuba to Retire $18,352,400 Loan of 1917 June 30. NEW YORK, June 7.—Cuba's im- proved financial condition was em- phasized In &.n announcement that t ? ; GEO. W. LIPSCOMB Vice-President wH, With Offices 516517, in the Mr. iia-tor siime high standard of work o Lipacomb established himself in business in the dity of conducting it along for twenty-five ye stablishod by him will be continued by this company. Telephone Main 3922 ment on June 30 its entire issue of $18.352.400 6 per cent treasury loan of 1917, an obligation assumed dur- ing the war with Germany, Charles E. Mitchell, president of the = tional City Ban a close observer Cuban fnancial affairs, said quiet and steady progress was being made, and .| that the government had been living within its income and amortizing its island republic had called for retir:-'debts out of each year's surplus. P. LIPSCOMB Presideat JOS. L. PARKHILL Secretary.Trensurer MR. WM. P. LIPSCOMB Announces That the Corporate Nome of The Lipscomb Building Corporation Organized May 21, 1923, Has Been Changed to Wm. P. Lipscomb Co. Building Construction District National Bank Building ‘Washington, D. C. Washington und the ] H ent tomorrow. systematic plan can build up future nest-egg. vestor should this Company. detailed 727 15th [EQUITABLE Co-Operative Building Association Orgz=fved 1879 44th YEAR COMPLETED -$4,755,170.52 -$1,248,320.96 Axsets Surplus The Time to Save is now. while you have s steady iu- ome. Then you will be prepared for auy emergency tiet mey arise later. Subscription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Sec’y. “WHEN” buying our FIRST MORTGAGE % INVESTMENTS have been coming down for fourteer weeks in succession. These are con ditions which could well underlie substantial election probabilities right to business interests Foreign Markets Lose Ground. Although the German Reichstag ap- proved the Dawes reforms, and so did GOLDSMITH & (0. Wants First and Second Trusts With Conservative Values recovery later om, if th | appeared ull | You are assured due precaution has been taken to safeguard your interest. A personal inspection and conservative valuation are two of our strict requiyements. Prompt and courteous service fol- low the purchase of our sgcurities. Notes now on hand in amounts of $100 up. Send for Booklet CHLAS. DI? SAGER 924 14th St. N.W. Mr. O’Donnell, Manager Mr. Hughes, Assist. “Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. GOLDSMITH BUILDING 1405-07 Eye St. N.W. Main 9670 Money At 6 and 629 Interest Before Placing or Renewing Your upon. Timely rellef from dry weathe effects in the spring wheat belt did a good deal to weaken prices further during the last of the week, and so- too, did chances that hoiidays at Liverpool would tend to curtail ex-: port businees on this side of the At lantic. Germany’s acceptance of the Dawes’ plan, however, was some- thing of an offset to pessimism about exports. Corn moved up as a consequence of adverse weather, the Iowa corn outlook being officially reported as the worst in many years. Scareity of oats supplies here lifted the oats market. Improved shipping call for meats was noted, but heavy stocks held down the price of lard. Ask Your Banker. How much real value stands back of the stock you are asked to buy? Are you sure that the nice, honest- looking stranger is telling you the truth? Ask your banker to look into ‘what he claims. Sees Record 0il Consumption. NEW YORK, June 7.—A record- breaking consumption of ofl this year was foreca today by Edward L. Doheny, head of the Pan-American Petroleum and Transport Company, who said an increasingly vast quan- tity of gasoline would be needed. He dased his optimism on the available crude oll supplies and thé¢ growing demand. Instead of a large of oil being letriment, such a con- dition, he stated, was the base on which expansion of the industry was founded and the faotor which al- ways led to successful operationa. 1nt or 2nd Trust Consult WELCH, Realtor 1 o A5t and New York Ave. Main 4345 Wanted Second Trust Notes \We have clients with funds to . purchase good SECOND TRO\ST NOTES in denomina- tions of from $500 to $10,000. Lous rates if security is good A\ wly at Once to Our MORT\*AGE DEPARTMENT SHANTLE UGy * 14th Street N.W. 713 end 7!.\. L_”“ First Morty7age Loans Lowest Rates of Intey st and Commiasion. Prompt ) ctien Thomas J. Fisher & Company, lac. 738 15th Bty et Mortyages $250 and Up William S. Phillips I5TH ST. AT K N. M.pda) 4800 Joseph I. Weller 2 Wass. L. & Teont | | A few FIRST MORT- GAGE NOTES out of an excellently secured loan upon improved D. C. business property. Inter- est to yield 7%. Phone at Once for a Reservation as This Offer Will Be Taken' Up Quickly— Mortgage Investment Dept. HANNON & L0CHS) 713 and 715 14¢h St. Main 2345 Mombers Nat’l Ass'n of Beal Estote Bogrse Be Thrifty Today- Financially Independent Tomorrow OSE who are thrifty toda will be financially independ- It is only through a of saving—putting aside so much each month—that you a comfortable sum; one that will be the foundation of a Swartzell, Rheem & Hensey Com- pany First Mortgage Notes offer an excellent opportunity to realize just such a sum quickly and safely. Our long and unquestionable rec- ord of 55 years without loss to an in- satisfy you of the safety of the Mortgages offered by Write, call or telephone for information. Swartzell, Rheem & Hensey Co. Street N. W. 55 Years Without Loss to an Investor. YOUR SAVINGS In Our FIRST MORTGAGES “The Safest Security on Earth” % Interest Denominations $100 to $10,000 Northwest Rezidential and Business Property Only JMORRIS CALRITZ €O 1416 K Street N.W. MONEY ON FIRST TO LOAN MORTGAGES AT CURRENT RATES OF INTEREST Randall H Hagner ¥ Co. 7207 %mwfiba/ Huenue ance Quarter of a Century Without a Loss only Cost of building, proper con- struction, value of land, legal matters, are all of vital import- Properties are accepted as se- curity for our First Mortgages B. F. SAUL CO. Main 2100 in the making of a FIRST MORTGAGE after rigid investigation. 1412 Eye St. NW.