Evening Star Newspaper, June 16, 1924, Page 23

BUTTER AND EGGS IN SLIGHT ADVANCE Local Wholesale Meat Prices Are Bit Lower Today Due to ‘Wearm Weather. MONDAY BUYING IS GOOD Receipts of Country Produce Light as Week Begiu.. A hut slight advance in the price of or and eggs with jobbers. and a weakening tendency in the meat due to hot weather, were the out- anding features of the Washington wholesale today for meats and market ry products Butter ranged in price from 44 50 cents for the various grades, while rEgs, candled, selects were quoted as high 31 cents. Business in these lines was reported good. The beef market stood at 16 and 7 cents for good beef: veal, 12 to 14 for western and 16 for local; lambs, to 30; pork, 21 to 23; fresh hams, to 18, and fresh shoulders, 11 to to as Receipts on the commission market for poultry products were light and this market will not get under way until tomorrow. Produce from the country was coming more rapidly this afternoon artment of Agriculture's re- port of the vegetable market follows: Apple Supplies Moderate. Apples—Supplies moderate. demand light, market steady. Barrels, Mary- land, Virginia and West Virginia, No. 1, 21 inches up; Winesaps best, 4.50 ? Yellow Newtons, 4.00a5.00% 3% inches Winesaps, 3.50a4.00; Winesaps No. 2, 2.50a3.00. Boxes, Northwestern, medium to large sizes, extra !a_nr)‘ Winesaps, 2.75a3.00. Cabbage—Sup- vlies moderate; demand light, market steady; Virginia Norfolk section, bar- rel crates pointed type, 1.23a1:50; mostly 1.50. Cantaloupes—Supplies Jiberal; demand moderate, market steady; California, Imperial Valley salmon tints, standards 45s, 3.40a3.50; few 5a4.50;_pon 5ds, ;! and 165, 1.35 al.50. Peaches—Supplies moderate; demand limited, market fairly steady: Georgia and South Carolina, sixes needas, medium and small size, 1.50 a2.00; few large size, 00; north Caro- Jina, ‘sixes Red Birds and Mayflowe! some decayed, ; overripe, low as 1.00 bu. ; Mayflowers, 3.00. Pot pplies mod- e. Old stock demand limited, market steady; Michigan, 150-1b. sacks Russet Rurals No. 1, 3.00 a3.25 per sack; new demand moderate, market steady; North and South Carolina, cloth top slat barrels | Irish Cobblers, N. S. No. 1, mostly 3.00; U. S. No. 2, mostly 1.50. Strawberry Recelpts Fair. Strawberries—Homegrown receipts moderate; demand moderate, market ady; homegrown, 32-qt. crat see, mostly 3.00a3.50: large vi 00, mostly 4.50. upplies light, de- market dull; _Fiorida, 0 melong, Tom Watsons. TAL 75.00a100.00. To- toes—Supp moderate, demand moderate, market steady: Florida, ripes and turning, wrapped, best 0a choice count, 45, turning. mostly 1.35a1.40 pplies moderate, de. ate, market slightly »rth and South Carolin: hampers. green, mostly 1.3 Norfolk section, five-peck stly 2.50. Cucum- oderate, demand South Carolin 1.50a1.75; Virgini bushel hamper: 2.50. Dewberri y emand moderat v 'North Carolina, 3 wide range in condit . mostly around 4.00. Cars on Track at 8 A.M. Today. Bananas—3 unknown freight. Beets —17 crates and 121 baskets Virginia Cabbage—368 crates Virginia ntaloupes—10 California ht, crates Florida express; broken and 7 unbroken cars on | Carrots—165 _ crates North | 25 crates South Carolina 249 crates Virginia l'"‘“i ¢ Florida. 10 barrels | Cucumbers—1 i 112 crates | Carolina_express, 141 crates | irginia boat. Eggplant-—116 crates | Florida express. Grapefruit—1 Florida | freight; 1 unbroken car on track. 39 crates Virginia boat. North Carolina sn cars on track Mixed fruit—1 broken car on track. | Le ns—2 broken cars n track. | Texas freight, 3 unbrok track. Oranges—1 Florida freight. 3 broken and 1 unbroken car on track. Peppers—120 crates Florida cxpres: Potatoes—1 Michigan, 7 North ‘Carolina, 4 South Carolina freight, 1,144 barrels North Carolina | boat, & broken and- 7 unbroken cars | Squash—55 crates Miss crates North Carolina, outh Carolina express. St es—275 crates North Carolina, crates South Carolina express. ring beans—522 baskets North olina, 50 baskets South Carolina press, 339 baskets Virginia boat Tomatoes -4 Florida. 2 Mississippi freight, crates Florida, 2 crates Georgia express; 3 broken and 1 un- broken car on track. Watermelons. ! Florida freight, 1 broken car on track. P Georgia_freight, 16 crates South Carolina, 25 North Carolina expr. Broken and 3 Pineapples | atermelon nd light, bulk. per 28-1b. a T | ight sippi. crates har } unbroken cars on track. —1 nnknown freight, 1 broken car on track. Lima beans—45 crates Florida Blackberries—200 crates ‘arolina express. e 40 STOCKS QUOTED EX-DIVIDEND TODAY Wall Street Briefs Also Include Earnings Reports by Several Big Corporations. Br the Associated Press. More than 40 stocks were quoted ex-dividend on the New York Stock Exchange today, the more important including American Car and Foundry preferred and common, *Fa- mous Players, American Steel Foun- dries, Mack Trucks, Kresge, Crucible | Steel preferred and Tobacce Produects. Lehigh Valley railroad rights to sub- seribe to the new Lehigh Valley Coal shares expired today. Earnings of the American Water Works and Electric Company for the ar ended April 30 totaled $3,305.- equivalent after first preferred dividends to $13.35 a share on both the common and participating pre- ferred stock outstanding. This com- pares with §2.333,839, or $9.40 a share in the preceding twelve months. Net income of $4.115717 was re- ported by the Consumers’ Power Com- pany for 1923. equal after preferred dividends to $19.77 a share on_ the common stock, against $3,196,838, or $13.75 a share in 1822, and gave sur- plus of $630,033, compared with a deficit of $179,134 the year before. (Gross earnings were $16,877,422, a gain of more than $2,500,000. 4, The Southwestern Bell Telephone Mompany reports net income of 3$2.- 249,533 for the first quarter qf 1924, | 832 COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CLEVELAND, June 16.—The Peer- less Company shipped 607 cars in May against 565 in May last year and fn April this year. The Jordan Company reports May shipments ahead of May, 1923. Stearns ship- ments were 10 per cent better than May, 1923, and § per cent ahead of April sales this year. The Cleveland Automobile Company states May bus- iness compared favorably with that of May last year. DETROIT, June 16.—The May ship- ments of the Ford Company of Cana- da totaled 8,177 trucks and 335 trac- compared with 10,021 and 119 a year ago. The Canadian ship- ments for the first five months of the year, however, totaled 41,393 cars as against 39,048 in 1923 ST. LOUIS, June 16.—Automobile licenses registered in this city the last four months of this year totaled 103,152, or only 44 less than were licensed during the entire preceding license year. SHREVEPOR’ La.. June 16.-The peak of production in the Louisiana and Aicansas fields seems to have passed. the daily av ge having dropped 437 to 206,088 barrels in the last wee mackover operators are considering an agreement to cur- tail production until next fall AKRON, June 16.—The tir utput Is being reduced, although forces are being kept intact by switching work- ers from small to large size tires FORT WORTH, June 16—Harvest- ing of wheat has started in the Pan- handle and various sections are ap- pealing for laborers. The yield is bet- ter than any time since 1920 on the plains and marketing will start at once, as prices seem strong. EXPRESS AND PARCEL POST ARE SWAMPED Retailers Adopt New Method of Frequent Buying in Small Quantities. BY J. C. ROYLE, Special Dispatch to The St NEW YORK, June 16.—The volume of goods being moved by express and parcel post in this country is increas- ing by leaps and bounds. This un- doubtedly is due to the new system of buying frequently and in small quantities, which has taken such firm hold on tho merchants of the United States Opinions differ as to whether this system has come to stay. Some man- ufacturers and wholesalers call it it will pass with establishment of greater business confidence and price ity. Others declare that the old custom of ordering in advance has gone many lines of busines: rate the system is now. forever from But at any in effect right Some Surprising Figures. One conservative manufacturer es- timated today that 60 per cent of the total shipments of his factory now were sent by parcel post and ex- press, which represented 33 per cent of their dollar value. Formerly 95 per cent of the goods of this factory vere shipped by freight. This con- cern sells direct to consumers. A manufacturer of clothing, who does most of his business with job bers, asserts that 40 per cent of h shipments now are handled by post office and the expre and that these shipmen 38 per cent of the wlLol output. This trend of goods movements un- doubtedly ~was given considerable consideration in the recent decision of the Interstate Commerce Commis- sion raising express rates in_eastern territory about 8 per cent. This in- crease in business in the east has sitated additional terminal anc very service, express companies claim. ‘Tt is to be noted that the bulk of goods which can be handled by express and parcel post is manufac- tured in eastern territory. System Bitterly Oppowed. Many manufacturers are bitterly opposing the tendency toward small and frequent orders. Formerly. they they were accustomed to receive advance orders for about 75 per cent of their customers’ seasonal require- ments. The remaining 25 per cent would be ordered as needed, but even these additional shipments were usu- ally hanrdied by freight. This system, it is contended. per- mitted cheap handling of goods and allowed cheaner manufacturing costs. The manufacturer, it is argued, could buy raw materials cheaper and in large quanti < if his production re sold ahead, and could reduce costs of each article by running at high rate of production during his busy season. These manufacturers estimate the additional cost of han- dling goods by parcel post and ex- press at 4 per cent of their cost to the retailer. In the case of goods sold thus to jobbers and resold on a nilar basis to retailers the addi- tional cost would be doubled. Retailers Like New Method. On the other hand, the retailers who follow the short-order plan, and some of the manufacturers, state that it permits them to dispense with ex- pensive storage space, that it pro- tects them against drops in price, changes in style and falling off in demand, that it cuts down their in- surance charges and that it minimizes the gambling risk. These men contend that it is of benefit to the factories in that it tends to give a steady, all-the-year- round production, instead of periods of extreme activity and extreme dull- ness, that it allows working forces to be kept intact and that by quick turnover the retailers are able to discount their bills instead of de- manding long periods of credit. These factors, they feel, outwelgh the ad- ditional costs of ‘transportation and the difference in price entailed by buying in small rather than large quantities. At all events, the system is firmly established as a fixed policy in many retail and jobbing lines for the present at least. .BOND MARKET DRY. Baltimore Financiers Holding On to High-Grade Issues. Special Dispateh to The Star. BALTIMORE, June 16.—Dally trans- actions in bonds on the Baltimore Stock Exchange and “over the coun- ter” do not begin to measure the de. mand. Dealers declare the floating supply of high-grade bonds has been practically exhausted. Even bids higher than current market quota- tions fail to tempt holders to sell their bonds. It is estimated that the Baltimore and Ohio railroad, which recently sold $35,000.000 6 per cent bonds at par, or half a point below the cur- rent quotation. may supplement that oftering in the near future.. . The $35.000.000 provided the Baitimore and Ohio with funds to take care of its earliest maturities and to reim- burse its treasury to the extent of the companie: represer lue of the -| $20,000,000 for advances. The company must still provide for over $115,000,000 bonds which fall due in a little over a yéar. rqual after preferred dividends to $2.49 a share on the common stock. Plg fron in the Chicago district was nuoted today at $21.50 a ton, a reduc- man of 50 cents below laal week. ] LIVE POULTRY HIGHER. CHICAGO, June 16.—Poultry, alive, higher: fowls, 21a23; broilers, 32a40: roosters; 14 s | acreage show a “hand-to-mouth buying” and feel that | large amounts | THE DECREASED ACREAGE LIFTS WHEAT PRICES Agriculture Department Sums Up Changes in Grain Market During Past Week. CORN ALSO GOES HIGHER Poor Crop Pn;lpectu Cause—Rye Has Sharp Advance. Reviscd government estimates showing serious deterioration in the winter wheat crop and reports in- dicating 10 per cent reduction In the spring wheat acreage caused sharp advances in wheat prices during the week ending June 14, aocording to the weekly review of the United States Department of Agriculture. The June 1 estimate of the winter Wheat crop was about 44,000,000 bushels less than the May 1 estimate and the total wheat crop in the United States was estimated at 93,- 000,000 bushels less than last year. Reports from the Canadian spring wheat area show a large reduction in the prospective crop for that coun- try. Private reports estimate the spring wheat crop in Canada al around 100,000.000 bushels less than last year. Reports from twenty-onc important wheat-producing countrie. in the northern hemisphere repre- senting about 70 per cent of th decrease of about 4 per cent, little over 6.000,- 000 acres. Better Weather Aids Crop. During the week more favorable weather overspread the spring wheat belt, but the prospective reduction the crop was the leading feature in the market and prices were advancec 6 to 8 cents per bushel. In the spring wheat markets there was a very uctive demand for the best grades and cash prices advancec more rapidly than future prices. Thi: was also true in th hard winter wheat markets. Receipts continued light and reports from country shit pers indicate that country suppl are being well cleaned up. Comm cial stocks were also materially duced during the week. The higl stricted export sales, very little ex- port business was transacted. Some port sales of new wheat from southern Oklahoma were reported at around $1.16-$1.17 on track at the Bulf for twenty-day shipment. Corn Prices Advanee. Continued unfavorable weather, which has given the corn crop a very poor start in many sections, was the strengthening factor in the corn mar- ket. Prices continued their upward trend and advanced about 2 cents per bushel for the week Commercial stocks are more than twice as large as last year and re- ports indicats that stocks on farms are also materially larger than at this time last year, Weather and crop conditions will continue to be determining factors in .the market for some time. The oats market continued firm but the price level was but little anged during the week. The offer- ing of new oats from the southwest restricted the tributary to that territory. Rye Market Very Strong. The rye market turned very strong with wheat. Mills and shippers were active buyers and_prices were ad vanced 5 cents to 7 cents per bushel at the principal market: Foreign buying of good volume was reported and the market at the close of the week was in a very firm position Commercial stocks were materiallly decreased. The barley market prices tending or a re upward, but no ma- terial advance in price was reported There was a good malting demand at Milwaukeg, but buyers were rather in different at Minneapolis ALL THRIFTY PEOPLE REAL CAPITALISTS Banker Urges Far More Education Regarding Nation’s Vital Eco- nomic Problems. Special Dispatch to The Star. BOISE, Idaho, June 16.—The efforts of the bankers of the country remedy the lack of public informa- tion on economic subjects were re- vealed here today by Frank W. Sim- monds, deputy manager of the Amer- ican Bankers' Association in an ad- dress before the 1daho Bankers' Asso- ciation. “There never was a time when wrong economic thinking was more prevalent than it is today, or when right thinking was more needed.” Mr. Simmonds sald. “We are again ex- periencing a wave of mob psycholo; led by selfish bloes, political char! tans and economic fakirs, the core of whose propaganda is a confusion of the meaning of money, credit and capital. More than half of our radical propaganda would be spiked if there were a general understanding that capital has a far broader meaning than mers money. Capital consists of factories, farms, railroads, buildings, machinery, tools and brains, and evervthing that is used to produce things. Defines Real Capitalists. “The real capitalists of America are the hundreds of thousands of frugal, thrifty people throughout the length and breath of our land, owning their own homes, holding small units of stocks and bonds in railroads, indus- tries and public utilities. and repre- senting 30,000,000 savings accounts. When people understand that radical attacks are attacke upon their own interests and property, they will elim- inate the services of the political charlaton who preaches a belief that business is bad because it is big, when, as a matter of fact, business usually grows big because it is ren- dering a needed public service and is being conducted along fair lines. More Education Needed. Sconomic problems in recent years have outrun the ability of the ma- jority to understand them. Economic education has been neglected, and has fallen twenty-five vears behind our industrial development, and this to- day constitutes a peril unless correct- ed. The need for better public un- derstanding, through economic educa- tion, is a ringing challenge for active leadership and co-operation in culti- vating & sound, intelligent public opinion regarding business and gov- ernmental processes. With this goal in view, the American Bankers' As- sociation has mapped out and is con ducting_ effective educational pro- grams through the American Institute of Banking, the public relations com- mission and the public education com- mission. EXTRA DIVIDEND VOTED. NEW YORK, June 16.—Directors of the Woodley Petroleum Company to- demand from markets | was firm, with | EVENING STAR, WASHINGTON, D. C, MONDAY, EVERYMAN’S INVESTMENTS By George T. Hughes THIRTY-FIRST ARTICLE, Rallroad Bonds. ¥or many years raffroad bonds have held a high place in the es- timation of investors. For a long time they ranked next to government issues and far ahead of industrials. They still rank high, but recently the credit standing of the railroads has been not a little impaired. For one thing, investors are not sure of the attitude to be taken by the gov- ernment. It is recognized that reg- ulation in the interest of the public is essentlal, but there is always the fear that this regulation will go so far as to imperil the position of the investor. For the most part, this af- fects stocks, but it is not without its Influence upon bonds as well. Canal Serious Competitor. Secondly, there has been some rad- ical shifting of trafic lanes. For in- stance, the Panama Canal has proven itself ‘a serious competitor of the transcontinental raflroads. The motor ar has cut into passenger receipts id has taken a good deal of t short-haul” business from the rail- oads. Meanwhile the carriers are taxed to meet the costs of building improved highways for the motor ars to use. All these things must e kept in mind when appraising callroad investments. It is tru however, that the railroad is a n. tonal necessity, that it must be ulowed to carn a living and a living sutficiently good to attract new cap- ital to its support. The two points on which railroad sonds are to be judged are the value ) the property on which they are sccured, how essential this property s to the system as a whole and he earning power. There s no par- icular mystery about these matters. Ihe railroads are required by law to make monthly reports of their earn- ngs and these reports are published m the financial pages of the news- rapers. Easy to Learn Facts. Any investor can easily follow the inancial fortunes of the road in which he is interested. It requires . little more effort to ascertain just vhat property security is back of iny particular railroad bond, and here bably some expert advice such as investment banker can furnish is idvisable. In a general way the icarer the bond is “to the rails,” as he saying is, the better the inves ment. Put no reliance upon the term used Lo describe any particular bond, such s refunding, general, prior llen. The nly safe way is to know what bond, if any, comes ahead of yours (Copyright, 1921, by Consolidated Press As sociation.) REPUBLLICANS SPENT MONEY VERY FREELY Cleveland Merchants Think Women at Big Convention Boosted Retail Trade. ! Dispatch to The Star. CLI LAND, June yublican convention vention. and Cleveland merchants reported today that they transacted a most satisfactory volume of busi- ness last week. Ac ding to W. H Gray, secrotary of the Retail Mer- hants' Association, few convent here have meant &0 much to retailers One of the best,” he said, “was the teachers’ convention, to which most delegates were women. Now that omen have equal representation in politics, large numbe of women tend political conventions, and may explain the i ‘eage here.” 16.—The was a buying that | BIG ADVANCE NOTED IN FRUIT SHIPMENTS Movement of Vegetables in South | Also Establishes New Record for All Time. Special Dispateh to The Star. ATLANTA, June 16— t and vegetable movements from the south- ern states are one-third heavier than wver before. More than 609,000 car- loads have been shipped to date, with about one-half of production still to be marketed, according to the At- lanta bureau of agricultural eco- nomics. Prices have been uniformly good. President Markham of the Tilinoi. Central, now on a trip in this terri- tory, said today that the magnitude of the fruit and vegétable interests had astonished him and given him a new idea of the possibilities of this section from the point of view of di- versified farming. Strawberries and cantaloupes have formed the larger part of the eouth- ern fruit shipments in the last week. Florida melons are late and only a few cars have been shipped as com- pared with the 1,200 sent last, year at this time. The Georgia crop’ will be large as a result’of an increase in acreage. BALTIMORE EXCHANGE MAY RAISE COMMISSION Proposed Higher Rates in New York Pave Way for Advance, Members Say. Special Dispateh to The Star. BALTIMORE, June 16.—Commis- slon rates on' sales of stocks and bonds on the Baltimore Stock Ex- change probably will be raised in the not distant future. Many members have believed for several months that rates were too low, and recently no little agitation has’ been developed in favor of in- creasing commissions. Action of a committee of the New York Stock ExchApge recommending an_increase in its rates paves the way for simi- lar action by the Baltimore Exchange, it is stated. Local commission rates for selling bonds are at the rate of $1.50 a $1,000 bond. At one time the rate was $3.50, This was cut to $1.25 and later in- creased to the present amount. It is pointed out that on a sale of $10,000 worth of bonds a Baltimore brokerage firm received only $15 ns its remuneration, and that this was far out of line with commissions in other business enterprises, despite the fact that costly statistical serv- ices are conducted for the benefit of day announced the declaration of an ['bond buyers. extra dividend of 20 cents in addition to the regular quarterly dividend of 30 cents, the former payable August 15 and the latter July 15. Daily pro- duction of the company now averages 3,000 barrels, with two new wells drilling and likely to be completed this weel i 'WOOL PRICES SHADED. PORTLAND, Ore., June 16 (Spe- cal).—The latest sales of wool In this section have been at prices about 5 to 10 per cent under those of a weeok ‘ago. The largest drops were in coarse wools some sales being made as low as 35 cents a pound. For bet- ter grades 34% to 36 cents seem the ltop Bgures Rates on stock sales are also held to be low. $40,699,592 IN OIL DIVIDENDS DUE SOON By the Associated Press. NEW YORK, June 16.—The Standard Oil group of corporations will pay $40,699,592 in dividends for the second quarter of 1924, of which $4,319,592 rep- resents preferred dividends, it is cal- culated by Carl H. Pforzheimer & Co. specialists in Standard Oil securiti This amount was exceeded only in two previous quarters. The Standard Ofl Company of New Jersey leads in dis- bursements with $8520,525 Re- | at- | JUNE 16, 1924 WIDESPREAD ~ MERCHANDISING entails large scale buying, which in turn means lower prices—we pass the saving on to you. “The Life of the Party’” PIEL’S or ARROW SPECIAL | LIGHT OR DARK 4 bottles 25¢ Diamond Double-Tipped Matches For Perfection in Salad Dressings WESSON OIL Lea & Perrin’s Sauce..................25¢ Mcllhenny’s Tabasco Sauce...........33 Kitchen Bouqyet.................... 37 Fine and Mealy—Excellent for Baking, Boiling, Mashing—No. 1 Michigan | POTATOES reci...... | GINGER ALE $ ¢ G&G...............bottle, 10c P & Clicquot Club. ....... bottle, 13c (Contents) Perfection . .........2 bottles, 25¢ (Contents) | CanadaDry...........bottle, 19c | Wrage Delight . ure Fruit Juices—Make Beve ? Simply Add Water 39cis Del Monte Sliced Pineapple, No. 2, 29¢ A &P Sliced Pineapple. . . .. ....28¢c Del Monte Sliced Peaches, No. 1, 17¢ Del Monte Cherries. ..........29¢c Del Monte Melba Pears. . ......32¢c Del Monte Yellow Cling Peaches, 25¢ Del Monte Fruit Salad. ........25¢ Pretty Baby Grapefruit Hearts. . 173c | sheets double 5¢ Seven Flavors Shredded Wheat. . . . Post Toasties. . . . . Kellogg’s Cornflakes. . 12¢ 8¢ 8c 11c Window Screens Kellogg’s Krumbles. . Grape Nuts....... Puffed Wheat. . . .. Puffed Rice....... Liquid death to in- . sects — harmless to These are typical of the savings in our complete and carefully selected stock of nationally known canned goods. Sprayer Attached Full of Juice and Sweetness Oranges STORES WILL BE CLOSED at 1.00 P.M. Wednesdays during June, July and August. This is done for the benefit of our managers and clerks, whose every effort is bent to make your shopping easy and pleasant. Will you assist them by doing your Wednesday shopping early? Fine Eating Fit for the Table FRESH FRUITS & VEGETABLES A Complete Line, Carefully Selected