Evening Star Newspaper, June 9, 1924, Page 23

FINANCIAL PRICE OF BUTTER UP CENT PER POUND Meats Show Slight Drop as Local Market Opens Week's Sales. IAMB AND VEAL LOWER Agriculture Department Reports on Vegetables. ngton wholesale market and dairy products opened unobtrusivel today and dealers spent a quiet morning. The price of butter with jobbers was reported up cent over Saturday and the «uotations were understood to range from 43 to 43 cents for the various Zrades of the products Eggs with jobbers were firm, highest price being reported at for selects and 27 for straight run The meat market was well sup- vlied and about the only change over last week was in lambs and veal, which were reported slightly _ off Spring lambs had a range of 28 to 32, it ‘was declared. Veal was about L 17 to 18. Department of Agriculture’s vegetable market report follows: Apple Supplies Moderate. Apples—Supplies moderate, demand moderate, market dull. Barreis: Mary- Jand. Virginia and West Virginia, No. 1, # up, Winesaps, 4.75a Ben 2.50a3.00; 2% inches up, Wine- 3.75a4.00. 'Boxes: Northwestern medium to large sizes, extra fanc Winesaps mostly, 2.75. Cabbage—Sup- plies moderate, demand slow. market dull: Virginia, Norfolk section, barrel crates, pointed type, $1.50a2.00; home- 2rown, uncovered barrels, pointed type mostly, 2.00. Cantaloupes—Supplies liberal, demand moderate, market tteady: California imperial valley, salmon tints, jumbos, 36s and 45s, 5.00a 30, standards, 4.50, ETAOINETAOIN s. 455, 4.5025.00; ponys, s, 3. Lettuce—Supplies mod- ¢rate. demand limited. market steads Homegrown, 2-dozen crates, Big Bos ton type. well headed, 2.00; leafy, 1 1.30. " Peaches—sSupplies very light, de. mand lizht, market steady: North lina, sizes, Mayflowers, 3.00a3.30, most- iv 200, Potatae £ood: mar Michigan, rals, U v the 30 Supplies liberal: demand Ket steady: old stock, 50-pound sacks russet ru- S. No. 1. mostly 3.00 per sack : stock. outh Carolina, cloth Irish cobblers, U. some field run, 3.50; ca uth Carolina, cloth top Irish cobblers, U. S. No. 2 cars, 4.00. Strawberries—Supplies oderate: demand moderate: market ady; Virginia Norfolk section, 32 and 60 quart crates various varietie Sal2'y per quart; astern Shore, GUATt crates various varieties vondition, 2.00a3.00 per crate; #rown, 32-quart crates various varie- 1ies, 4.00a6.00, mostly 4.50. Tomatoes Supplies liberal: demand moderate: mirket steady; Florida, sixes, ripes and turning wrapped, beSt = fancy : few higher; choice count, ¥ ripes, some decayed, faney and choice count, 1.00a2.50. Cars on Track at 8 A.M. Teday. unbroken car on track. crates South Carolina, North (arolina ex exs; 8 crates and 45 b hoat. | Cabbage—509 crates Virginia hoat Cantaloupes—S California freight, broken and 3 unbroken cars rack. Carrots—1a6 erates Carolina_express: $1 baskets Virginia hoat South Carolina freight, 260 uth Carolina, £ crates Georgia, ates Alabama, ex- press; 114 crates Virginia boat, 1 un- hroken car on track. Eggplant— crates Florida express. Grape- (ruit—1 Florida freight, 1 broken car 'n track. Lettuce crates Vir- cinia boat Mixed ~ vegetables—2 North Carolina freight, 4 broken cars s track. Mixed fruit—I ireight. Lemons—1 2 broken and 1 unbroken cars on track nions—4 Texas freight, 5 unbroken ars on track String beans—Supplies heavy, de- mand moderate for good stock, slow for ordinary quality, market about ateady. North and South Carolina ashel hampers, green. 1. Virginia, Norfolk _section, 5-pec hampers, best, 2.00a2.25 Cucumbers—Supplies mand light, market dull. South Car- olina, bushel hampers. No. 1, 1.00a1 many’ refused: Virginia Norfolk sec- tion, %-bushel hampers, hot-bed atock. fancy 2.50: choice, 1.50. Dewberries—Supplies ' moderate. Demand limited. market weaker. North Carolina. 32-quart crates, 3.50a £.00, mostly 4.00a4.50. Oranges. 4 California freight, troken and 3 unbroken cars on track parsley. 86 barrels Louisiana expre peas, 200 baskets South Carolina, 26 baskets North Carolina express, 39: baskets Virginia boat; 3 haskets and 152 _crates ress: potatoes, 5 Michigan, 4 Carolina, 3 New Jersey, 1 Florida freight, 616 barrels North Carolina hoat, 9 broken and 10 unbroken cars on track; baskets South <arolina express; strawherries, ‘arolina, 1 Vir- eight, 175 crates North Caro- crates South Carolina ex- press,” 301 crates Virginia boat, 1 troken and 1 unbroken cars on track; siring beans, §49 baskets North Caro- Jina, 765 baskets South Carolina, 350 laskets Georgia express, 350 baskets Virginia boat, 2 broken and 1 un- troken cars on track; tomatoes, 3 ‘iorida freight, 325 crates Florida, baskets Georgia express. 5 broken #nd 1 unbroken cars on track; turnips, 160 crates North Carolina express: peaches, 48>crates South Carolina ex- press: blackberries, 750 crates North Carolina express; huckelberries, 125 ¢rates North Carolina express; cherres, 10 baskets Tennessce ex- presse liberal. De- —_—— U. S. BONDS SOAR. Highest Prices of Year Reached Today in New York. NEW YORK, June 9.—The decline in_the call-money rate’ to 24 per cent, the lowest in five years, and further ease in time money, the Treasury’s offering of $150,000,000 certificates on an unexpected dow Lasis of 2% per cent caused heavy Guying of United States government londs today, sending them to new high prices for the year. Active bidding for liberty "bonds developed on the stock exchange, where a large block changed hands at advances ranging from 6 to 14- Transactions in outside trading *aiso were reported on a large scale. ‘The Treasury 4%s, popularly known as the “Melons” sold as high as 103%, & record high level. SHORT-TERM SECURITIES. i., Mil. & St. Paul s i., B. 1. & Pacific 53 1926, olumhia Gas & EL 1st bs 1927. ;‘- Pont_7%s 1931. ‘ederal Sugar Ref. ¥ <« Siambie OFF Tigs um 5 Kennecott Copper 78 1930...... M. St. B & 8. 8. M. 6l 1631, it iy 100 > swift & R Tidewater Oil 6lgs 1081.... 1 nion Tank Car 7s 1830....... 1" §. Rubber ilas I Western Union 618 1836. Westinghouse F. & M. 7s 1931 Wheeling Steel 8s 1026 Wlorida | California_freight, | Received by Private Wire BY WMLLIAM F. HEFFERNAN. NEW YORK, June 9.—The move- ment qu the curb exchange today was not pronounced, but higher prices were the rule. The buying centered chiefly in public utilities and radio stocks, 1t was not surprising that some of the public utilities that had enjoyed sharp advances recently should have felt the effect of realizing sales at the start. However, these were casily absorbed and the upward movement was resumed. Appalachian Power gained 3 points before the rise was checked, Adirondack Power moved into new high ground and the new East Penn Electric common gained a point to 37. The action of the first named stock bears out belief that the common will play an important NEW _YORK. June 9.—Following is an official list of bonds and stecks traded in on the New York Curb Market today: N Sales in thousands. Allied Alum Alum BONDS. Righ. Packers 65, b s 25...... 1023 Ts new '33.. 101% Cot OIl Bs.... 1008 Gas & Elec 62 d47y Sumat Tob 7lis 088 Rolling Mills &s 100 Thread Co 6s.. 1034 Ausconda 6s ... 1015 Autilla’ Nugar ‘Tital. 06% Asso Nim Hwd 61es 747 AUG & W T Bu o4 B & I 6 C 100% Beaverboard 8s . Y G Heth Steel 7s "35.. 1034 Can Nat Ry Equ 7s 109% Childs Co Be........ 102% 6 Cities Serv Ts D. Low. i) 102% Close. 50 1027% 10315 109 101% 913, 101 Cons Gas Balto 7 5 Cont Mills 8lgx A wi 3 Deere & Co T4K..a § Detrolt’ City « Detroit E Dunlop Tr . & R. 7 ug Lt Pt 6 Fisher Body Fisher Body fs air. Robt 7 Hood Rubbar Intrn Match 6las wi 9410 Kennecott Copper 7 105 Lehigh Power 6s.... 1004 Ih V1 Har Ry 55 wi & Libby, MeN & L 7s. Morris & Co Tias 10515 1005 Pow 6lis 971 w & Lt Os.. 35, s 1074 B4 011y 10312 105 ¥ - Webs Mills 6128 wi FOREIGN BONDS. King of Neth s King of Neth 6e 51k 18 Swiss Govt 5las. 4 Swiss Govt ANDARD OIL 18 9535 M 0% SUES. aniy Sales in units. 400 Atlantic 120 Gal Sig Oil. 100 Humble 0 & 50 Tmp Oil of Cen. 00 Intern Pet Co Lid. Magnolin_Pet N Y Transit Ohio 0l new’. Prairie 0l & Peun Mex Fuel Prairie P L. uthern P L. 0 Indiana O Kansas ne Lobos 1300 i 120 20 8 0 Ohic 2 1400 Vacuum 01l new. 601 20 Washington Oil 28 Sales In INDEPENDENT OIL STOCKS. hundreds. 1 Brit-Am_0il rib Nynd plal ptd B, ofs. Sers sery Serv 1 Gil 0il 10 Gulf 0il 10 fudson _0il 2 Kirby _Pet 4% Lago Pet of Pa.. Washington Stock Exchange. SALES. Capital Traction 5%—$2,000 at 96: at D%, $1.000 at 96%. $500 at 96%, $1,000 t 96%. Y aekington Gas G5—$500 at 5% Capital Traction Co.—10 at 84, 5 Washington Gas Light—10 at 48%, 10 at a8, 10 at 480 Washington Rwy. American Security and Trust Co.—1 rgenthaler Linotype—b at 151. National Mortgage and Investment pfd.— 30 at 8i at AFTER CALL. | National Mortgage and Investment pfd.— 200 at 5. Potomac Eleetric Cons. G5—$1.000 at 97%. Foion “Truxt Co—10 at 166, 10 at 168, 10 166, 10 at 166. 2! apital Traction Co.—10 at 9414, 10 at 9414, 10 at 943 A ‘Money—Call loans, § and 6 per cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid, Asked. American Tel. & Telga. 4 American Tel. & Teiga. 4% & Tel. etl. tr. 58. & Tel. conv. Bs.. tia & Potomac Ss...... ‘Anacostia & Potomac_guar. 5. ©. & P. Telephone o . & P. Telephone of Va. 5s. pital Traction B. K. 5e..... corgetown Gas 1st 5 Metropolitan R. R. 5 Potomac Elec. 1st 5s. Potomac Elec. cons. bs.. Potomac . deb. 6. Potomac Elec. 6s 1953..... Pot. Elec. Pow. g m. & re Wash.. Alex. & Mt. Ver. ba. wash., Alex. & Mt. Ver. ctf. Wash.. Balt. & Annap. 5 Washington Gas o8... Washington Gas 6s. Wash. Bwy. & Elec. MISCELLANEOUS. Wardman Park Hotel 6s.. STOCKS. PUBLIO TTILITY. Tel. HghtEeenaee - A Tol. & Telfi..o. Wash. Rwy. & Elec. com. Waih: Bwy. & Blec. pra... NATIONAL BANK. g‘l’"‘l:ll. i um Commercial e Federal-American o e National Metropolitan. --.. C AR Natlonal Bank of Washington.. 205 TRUST COMPANTES. American Security and ‘Trust.. 1 Trust.. hant Nationa] S viass & Union Trust.. Washington Loan & Trust. SAVINGS BANK. Commerce & Savings. Fast Washington. Security Savings Seventh Strect. 205 150 340 275 287 158 sBiBed $38E=3 5% Coreoral e Fireme! - National Tnion.. E TITLE INSURANCE. Columbia Title. Real Estate.. MISCELLANBOUS, ere < £ gm Dutch Market pfd. Lanston Monotype... Security Storage Washington Markel Yellow Cab.. *Ez. dividend. 5. 3200 | THE EVE NEW YORK CURB MARKET Direct tq The Star Office par® in the consolidation of the large utility companies. Hazeltine Corporation favored the radio group making a new high above 19. Operations for the rise were again in progress in Dubilier, but the stock sold most of the time at its previous top of 25%. It was not until the afternoon that the oil shares did any thing. Reas- suring staten ents concerning the out- look, made by officials of some of the larger ofl companies, finally induced short covering, but improvement was mostly small. Pennock and Roval Canadian were exceptions, and heavy demand for both carrying them to new high re ords. The former appeared to be making belated response to the decla- ration of an extra stock dividend of 20 per cent. Buying of Royal Cana- dian was based on expectations of a favorable announcement regarding development work. Livingston Tet 1 Mount. Prod Mount Gulf.... 1 01l Vot cf w Bradf Oil wi. Noble 0l & ¢ Peer 0Nl Corp. . PennReaver Oil Pennock Oil ... Red Bank Ol new. Royal Can O & & Sait Ck Prod 4 Wileox 0il & 5% Woodley Pat 1z NDUSTRIALS. Adirondack Power.. &4 & Fl pfd. 43% F1 new wi. it Am L & Tract.... 3 Am I, & Tract pY.. 91 Appalac Pow & Lt. X4 Armour & Co pfd.. Tt Rarden & Co. 120 Borden & Co rt % Borden & Co pfd.. 102 14 1 Candy Prod Cor wi Car Light... Cent Teresa Cent Teresa pfd Centrif Tron Pipe... Com'w'th Pow Cor . Comw'th Pow pfd.. Cuba 2 DL & Dubitier € & B t Mot nt Motors. .. eel ¢ t Pa Ele « Rond & Sh pf 100 Motor Co Can 420 Nette 8 R....... 200 en_Alden Coal feh D W I Sw & Hazeltine 2 Hoyden Chem Hud & Mann Hudson Co ofd Inter Contl Rubher Kresge Dept Store Leh Pow se. % Teh Val Coal nw wi Met Bo0c Stor A Met st pfd Mesabi Iron S Midvale Co .. 21 Na Tea Co new wi 181 N Y Tele Co pfd. 1091 Radio Corp G Radio_Corp pfd. ' Mot ........ 16% fety Car Tit Li 103 & 1 new & Ra T nited Bakeries n Pft Slar new Tn Shoe Mach € pt or B wi OISk 8%, 47% wat nom Yel Taxi Corp N MININ Rlack Oak ¢ lumet & Jeromg. Cortes Sitver .. Diamondtia BIK e G M Ltd In Ka Croesus . Franea Gold Mines Hardshell . Min Harmill Div Hawih Min Howe Sound pen, Cons Ky Copper Mammoth Div... National Tin.. York Porcopine. 3 Ohio Copper.. Plymouth Lead Min o1 it Divide stens Tonopah Min Trinits Cop ... . United Verde Bxt. T S Contin new wi Wenden Copper ... West Utah 20 Wilbert DROP IN DRY GOODS. NEW YORK, June 4 (Special)— The Worth street cotton goods mar- ket started oft the new week today with slight slump in prices and with light buying. Print cloths were quoted down an eighth cent for the 64 by 60 and a quarter cent for the 68 by 72, which were offered respec- tively at 9% and 10% cents. The raw silk mark which ended last week in_a slump, started off today ith a jump of 13 to 20 cents on Japanese grades. Business was fairly active — WOOL MARKET DRAGS. June 98 (Special).—New arriving the Summer street over the week end were offered by some dealers today, but the prices at which they were quoted stimulated little activity among mill buy. Agents in the west are gradually cutting down on their offers to growers., and little business is being done EVERYMAN’S INVESTMENTS By George T. Hughes TWENTY-EIGHTH ARTICLE. “Business Man's Investment.” A term consténtly used by financial writers and advisers is “business man's investment.” Generally this phrase is applied to securities carry- ing a certain degree of risk. The theory seems to be that a business man is able because of his presum- ably greater resources and of his knowledge of affairs to take greater chances than one who is entirely de- Dpendent for a living upon the income from his investments and who is not in touch with changing conditions in the business world. Such a business man by diversifving his holdings is able substantially to increase the average return. It is taken for granted that the business man in- vestor will be able to recognize the development of adverse conditions in the industries represented by his se- curities and will dispose of the same at a loss if necessary. Doubtless there are such business men, but my experience has been that the ‘average business man is little better qualified to protect his inter- ests in this way than is the veriest tyro in financial affairs. The trouble is that too often the business man's investment develops into a business man’'s speculation and the rules for successful speculation, admitting that there is sucha thing as successful speculation, are direct contradictions of those for investing. Successful speculation involves the willingness and the ability to take losses, small losses before they become large ones. The investor who is lured into tak- ing the so-called business man’s in- vestment is seldom temperamentally fitted to practice this rule. He holds his “business man’s investment” long after it has become a speculation and then sells out at a heavy loss just when the real speculator is ready to buy. The theory fails in another respect. The successful business man must of necessity devote most of his time to his own business. He cannot afford to occupy his mind about his securities. This is even more true of professional men. The moral is that unless you are exceptionlly qualified yourself or can rely implicitly upon Some one else it iz better to leave the business man's investment to others and confine your own holdings to securities of a higher grade. (Copyright, 1924, by Consolidated Press As- sociation.) ———— CLOSE OF CONGRESS AID TO BUSINESS Removal of Uncertainty Over Legislation Is Expected to Steady Indus:ry. RATLROAD MEN Manufacturers to Attend Two Big “ Conventions. PLEASED BY J. C. ROYLE. Special Dispatch o The Star. NEW YORK, June 9-—Business started the week today with a gen- eral feeling of relief over the ad- journment of Congress. The opinion has been vigorously voiced for weeks that the uncertainty which possible congressional action entailed has been acting as a check on commerce and industry and that addournment would be followed by an immediate quickening of the business pace. The satisfaction expressed by busi- ness men, irrespective of party, could not be said to extend to the results of the legislative session just ended. Few interests could be found thor- oughly satisfled with the results of the deliberations at the Capital. The stimulus to industry, it is felt, will consist rather in the fact that cer- tain measures were not acted upon favorably, for “government inter- ference” is a bugbear always ready to rise at a moment’s notjce before the eyes of business men. Farmers Disappointed. Perhaps the greatest disappoint- ment over the results attained by the congressional session is to be found among the farmers, since all pending farm relicf measures failed of pass: age. FEven that, however, was less felt than would have been the case earlier in the year, for agriculturists now are approaching harvest and the period of the year when the money lnr_thelr products comes flowing in. Theoretically every business man wants to help the farmer; that is, he wants the farmer prosperous enough to buy freely of manufactured prod- vets. ~ Nevertheless, the opposition to some of the farm relief measures was intense in some business circles, and what displeased the farmers was music to the ears of this opposition. Merchants and manufacturers feel that the period of the year is now approaching in which the farmer has ready cash and that he is bound to spend it; whereas, the hope of relief legislation acted as a check on buy- ing in the ru districts as long as it was an immediate possibility. Railroad Men Pleased. Railroads are rejoicing over fact that their affairs have not subjected to additional regula and feel free to make the most their busiest period of the revenue- producing year. * the s out of the way, of the two great politi- re not cxpected to exer- cise any great amount of stimulation or depression on business. Irrespec- tive of who is nominated or what planks are written into the plat- forms, merchants and manufacturers feel that at least they have until late in the fall to “make hay.” Delegations of manufacturers will attend both conventions to urge on the platform makers the program pre- parcd and indorsed by the Nationa Association of Manufacturers in this city recently. This program favors reduction of taxes and the limiting of taxing power, indorses the budget system and demands preservation of the privacy of the affairs of tax- payers and of trade secrets of busi- ness concerns. New Tariff Law Opposed. Members of the manufacturers’ sociation of both the as- parties have made it plain that they do not want a new tariff law. although many individ- ual lines of manufacture are urgent for revision upward or downward Many of the delegates to Cleveland are business men and some of them expressed today more interest in meeting representative leaders from | other sections and obtaining their views of the trade outlook than in purely political problems. STORE SALES PASS RECORDS FOR 1923 Business for Five Months in South Shows Steady Expan- H sion. | Special Dispateh to The Star. ATLANTA, June 9—Six of At- |lanta’s largest department stores, analyzing business for the five | months of the year. declared today | their sales had exceeded those of 1923 | and that prospects for the remainder of the were, ‘“conservatively speaking. optimistic.” One store has moved into a new $1,500,000 building and three others have leased addi- tional floor space to care for expand- ing business. Jobbing houses are be- Zinning to feel the influence of freer money, resulting from splendid prices 'to growers of fruit and vege- tables. A survey of the counties hardest hit by boll weevil shows that the farmers are in a much better finan- cial condition as a result of diversi- fied crops. s Before You Invest—Investigate. It's queer how careful a man can be after he's lost his money. Abe Mar- tin says that a man who is not satis- fied with 6 per cent and his money are soon parted. e ——— BUSINESS PICKING UP. Baltimore Cotton Merchants See Turn for Better. Special Dispatch to The Star. BALTIMORE, June 9.—Although wholesalers in cotton and textiles re- port that business is still quiet, a slight improvement has been noticed by a number of Baltimore firms. The increase has not een of sufficient size to be of greatfaid to profits, but is significant, inasmuch as it is be- lieved by a number to mark the up- turn in this business. It should be remembered, also, that this is the dull season in this line. April business was better than March and showed an improvement over April, 1923, according to state- ments of the head of one of the largest houses in Baltimore. In view the fact that buying is still of a and-to-mouth” character, it is pre- dicted that if any sizable demand develops a notable stiffening of prices will follow. vear NEW YORK EGG PRICES. NEW YORK, June 9.—Eggs—Firm; receipts, 15,250 cases; fresh gathered, extra firsts, regular packed, 27%a2s: do, storage packed, 28%4a29; fresh gathered, firsts, regular packed, 264 a2%: do, storage packed, 27a28; fresh gathered, seconds and poorer, 25a26; nearby hennery whites, closely se- lected extras, 33a35; mearby and nearby western hennery whites, firsts to average extras, 27%a32; nearby hennery browns, extras, 31a33; Pa- cific Coast whités, extras, 36a3 firsts, 30a31. METAL MARKETS, NEW YORK, June 9.—Copper easy; electrolytic, spot and futures. 12% Tin easy: 2 " northern. 19.50a 20.50; No. 2 southern, 21.00. Lead steady; spot, 7.00a7.12. Zinc quiet; Emst St Louis, spot and mearby, 5.82a5,85. Antimony, spot, 8.48, COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETROIT, June 9.—May sales of Reo cars exceeded factory shipments by a large number, and dealers’ stocks are being swiftly reduced. There is a good demand for motor busses. Between 12,000 and 13,000 Buick cars were pro- duced in May, and the June scnedule calls for 15,000, SAN FRANCISCO, June 9.—Crude oil price reductions in the east are not ex- pected to be followed in California, as the California output is diminishing and big reserves are being whittied down. ST. LOUIS, June 9.—Iron and steel mills, foundries and machine shops are worki; on reduced schedules as un- certainty of demand has caused cautious buying of both raw materials and fin- ished goods. ATLANTA, June 9.—The cotton crop of this state is being cultivated more intensively than ever. Shipments of cal- clum arsenate to fight weevil are nearly twice as heavy as in 1923. The northern part of the southeastern belt has suf- fered from cold nights and the southern part from labor shortage. WILKES-BARRE, Pa, June 9.—The demand for anthracite now is such that mgst of the mines in the field are able to run at or near capacity. This condi- tion is expected by many experts to con- tinue throughout the summer. COTTON DEPRESSIO CALLED WORLD-WIDE The depression in the cotton manu- facturing industry has been found by the tariff commission to be practically world wide in scope and that body sees no indlcations for immediate im- provement. The commission's views were embodied in a reply to a Senate resolution by Senator Walsh of Man- achusetts, just made public. Discussing the low volume of world sales of cotton products, the commis- sion said there had been great reduc- tions in the purchasing powers of consumers in the several cotton using natlons and this had curtailed sales from the looms and factories of the United States as well as of foreign manufacturers. P i WALL STREET BRIEFS. By the Associated Press. NEW YORK, June 9 —Sales of ca and trucks by the Ford Motor Com- pany in May are reported to have totaled 209,601. the third consecutive month in which the figures have ex- ceeded 200,000 Tractor sales aver- aged more than 300 daily, while sales of Lincoln cars established a new record of 868, an Increase of 106 over April. Fisher Body Corporation in the year ended April 30 reports net profit of $22,102.008, equivalent after pre- ferred dividends to $35.73 a share on the on stock, compared with or $32.44 a share in the preceding vear. Net earnings after expenses and depreciation amounted to $26.607.162, un increase of more than $5,000.000. Surplus totaled $15, ,S11,° against $11,223,658 in the Vious corresponding period. Eighty per cent of the world's finished =ilk products is being made in the United States, according to Hiram R. Mallinso! resident of the H. R, Mallinfon & Co., who stated that country report May last year. The hand-to-mouth bu. ing, of which so much is heard today, would be regulated in the near f ture, | and ‘demand. federal reserve district despite the reduction in rate from 412 to 4 per cent on May 1 and open market working to lower levels, another prospective cut already are gaining currency. change | public scored brisk advances exchanges and outside been ascribed partly in favor by financial institution: Many banks which several vears ago hesitated to add them to their hold- ings are now buying them in large quantity. SUGAR FIRM BOOMING. Maryland Corporation Best Year in History. Special Dispateh to The Star. BALTIMORE, June 9.—Production of the Sugar Estate of the Oriente, Inc., during 1923-24 season was the largest in the company’s history. The output of this year's crop was 863,578 bags, as compared with an estimate of 860,000 bags and 844,643 bags last year. Up to May 1 a total of 419,000 bags had been sold at an average price of over 5 cents a_pound. The Sugar Estates of the Oriente is a Maryland corporation. e STEEL OUTPUT CUT. Strike in 1919. YOUNGSTOWN, June 9.—Steel mill operations in the Youngstown district this week wil! fall to lowest levels since the steei strike of 1919, it is revealed by operation schedules an- nounced by manufacturers today. Independent steel production will be less than 25 per cent of capacity. with only fifteen of the fifty-two open-héarth furnaces operating the week opens, and four of the: shutting _down in midweek. production_will be unchanged, with fitteen of the forty-five blast furnaces workin buyers from all sections of the sales ahead of he said, by the law of supply | With rediscounts in the New York falling_oft the bank rates for money reports of in the rate There has béen no indications from official sources, however, of a contemplated The recent outburst of interest in utility securities which have in both stock trading has o their growth Reports Iron | OFFERS LOAN ISSUE AT PRE-WAR RATES | Government Will Pay Only 2 3-4 Per Cent for June Financing. WILL REhUCE PUBLIC DEBT| Two Sets of Securities Must Be Retired This Month. An issue of 2% per cent six months certificates of indebtedness, dated June 15, in the amount of “$150. 000,000 or thereabouts,” is the govern- ment's offering for June financing. The issue, announced last night by the Treasury, carries the lowest rate of interest since before the world war. The June operations will re- duce the public debt by $350.000,000. Maturing securities and interest on the public debt due June 16 require an outlay of $521,000,000 in the mid- dle of June. With the issue of new securities of $150,000,000, lng!fl’mr with tax payments due June 15 and balances on hand, the Treasury will meet its obligations and carry on to September 15, the nemt taxpaying date, when additional financing will have to be undertaken. To Retire Securities. Two issues of securities must be retired this month. One is an i sue of certificates of indebtednes amounting to $134,000,000 and the other an Issue of Treasury notes ag- gregating $311,000,000. Thus, despite an expected lower tax return on ac- count of operation of the new tax law, the Treasury is cutting the pubiic debt by $280.000,000. Interest on the public debt due this month amounts to about $76,000,000. This will be paid as a part of the general operation for June. _ The British government on June 15 is scheduled to make a payment of $69,000,000 as an installment of its wartime borrowings from the United States. However, this payment must be used in retiring wartime securi- ties of this government that as a result of the June operation the gross debt of the United ates gov- «rnment will be reduced by $350.- 000.000, if not more B It is evident that the Treasury will finish the year with a surplus larger than was originally calculated, and this will enable use of a greater share of the tax payments in current ex- penditures during July and August Officials declined today to give def- inite figures on the amount of the surplus with which they expect to end the fiscal year, June 30, but rough calculations placed the figure around $400,000,000. Original est mates by the Treasury upon which the tax reduction program was based | b) Secretary Mellon showed a sur- | lus of $323,000,000. With the 25 per cent reduction in taxes made opera- tive by the new tax law, receipts in the June 15, September 15 and De- cember 15 installments will be lower than was calculated, but only theé] first date will affect this present fig- cal year. Mr. Mellon’s announcement of the une offering and program said the \Treasury will accept maturing cer- tificates and notes in payment for the new certificates. Maturing securi- ties which may be exchange identified as Series T. ries A-1924. EQUITABLE Co-Operative Building Association Organized 187 44th YEAR COMPLETED Assets . .$4.755,170.53 Surplus . .$1,248,320.98 Save Now Mske up your mind to save a_part of Jour income and iz the Equi- table. L] ltrl..!l m for the 86th Issue of Stock Deing Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, See'y. “WHEN” buying our FIRST MORTGAGE You'are assured due precaution has been taken to safeguard your interest. A personal inspection and conservative valuation are two of our strict requirements. Prompt and courteous service fol- low the purchase of our securities. Notes now on hand in amounts of $100 up. Send for Booklet CHAS. D. SAGER Loan Department 30 37 n. 37 924 14th St. N.W. | Mr. O'Donnell, Manager Mr. Hughes, Asaist. NCIAL irst Mortgage Loans Lowest Rates of Interest and Commission Prompt Action Thomas J. Fisher & Company, Inc. /38 15th Street We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street o n. Money to Loan Secured by first dead of trnst on real estats Prevajling faterest and_commission. Joseph I Weller 53,758 & 7 4% 5%% Money to Loan on Business Property W. H. Saunders Co., Inc. 1433 K St. NW. The Property Security— back of these 6'2% First Mortgage Investment Notes is always a full 809 higher appraised value than the amount of Notes it safeguards. This ab- solutely precludes any possibility of loss to holders of these Notes. Denominations as low as $100 WA Constructio INC. MAN ompany Main 3830 Denominations JMORRIS.C incom 1416 K Street N.W. YOUR SAVINGS In Our FIRST MORTGAGES “The Safest Security on Earth” 7 % Interest $100 to $10,000 [RITZ CO SoaTESs Northwest Residential and Business Property Only Special Dept. for Ladies 3% Paid on Savings Accounts Completely equipped Trust Dept. Safe Deposit Dept. Traveler's Checks for Vacationists Foreign Drafts and Exchange National Metropolitan Bank Capital, Surplus & Undivided Profits, Over $1,700,000 15th St. opposite U. S. Treasury can b intere Over a Quarter of a Century Without a Loss you v loans, Main 2100 $250 OR MORE where it will bring 7 per cent secured cn improved Washing- ton' real B. F. SAUL CO. e no more safely invested st, than in FIRST MORTGAGES estate. Let us give our choice of many such which we have for sale. 1412 Eye St. N.W. , 6% or 7% ° How Much Longer? E still have on hand some first-class First Mortgages which are paying the above return, but conditions are changing, and we cannot say how much longer we will be able to obtain it : If you have no money for invest~ ment now, we suggest that you make a reservation for your future funds, before you leave for your summer vacation, to insure receiving this high interest rate. Swartzell, Rheem & Hensey Co. 727 15th Street N. W. 55 Years Without Loss to an Investor