Evening Star Newspaper, June 21, 1924, Page 24

FINANCTAL NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office WEAKNESS IN FOWL AT CENTER MARKET Wholesale Dealers Report Slight Falling Off in Price as Week Nears Close. MEAT MARKET IS QUIET Butter and Eggs Are Unchanged. Review of Vegetables. The Washington wholesale market for meats and poultry products was about to close today without any &dvance in prices and a slight weak- ness In fowl. Young chickens, al- though size plays a prominent part in the price per pound, generally averaged from 40 to 45 cents, it was understood. Hens were slipping to about 23 for lowest for top grades. The meat market was fairly cleaned up. although not as strongly as in colder weather. The butter and egg trade with job- bers remained the same in price as for several days past. Lggs with com- unts were reported ut vents a dozen Following is the Department of Agriculture’'s report of the vegetable market Cabbage Supplies Liberal. Cabbuge—Homegrown supplies lib- eral, demand light, market weak: homegrown, uncovered barrels, 1.00a 1.25. Cantaloupes—Supplies liberal, demand good, market steady; Califor- nia, Salmon 455 mostly 2.75: thostl 2.50; jumbos, pon 545, mostly es—Supplies oderate, demand moderate, market stead, North Carolina, sixes, Alexan- 00; few, §3 i Red Birds, 3.00a350; few decaved low as 2.00 Georgiu, sixes, Dixie Queens, 1 1.75; Carmens, mostly 2.00. Potato Market Stronger. Potatoes—New stoc supplies mod- erate; demand. moderate: market slightly stronger; North and South Carolina and Virginia Norfolk sec- tion, cloth-top sta and slat barrel Irish cobblers, U. Xo. 1, best, 3.30; some slightly heated. 2.90a3.00. | Tomatoes Supplies liberal: de- mand good, market slizhtly weaker: Mississippi. fours, turning wrapped, No. 1, %5a1.00. mostly #3a%0; South Carolina. sixes, turning wrapped, fancy count, mostly 2.50; choice count, 1.7542.00. Watermelons—Supplies light: _de- mand moderate, market steady: Flor- 1da, bulk. per 100 melons. Tom Wat- sons, 27428-1b average, $0.00a90.00, Today's String Bean Prices. Btring beans—Supplies moderate; | demand moderate. market steady: | Virginia, Norfolk section, 5-peck hampers, green, 250a2.60: North Ca olina, bu. hampers, green, 1.50a homegrowns arriving. Cucumbers—Supplies moderat mand moderate. market steady Carolina, bu hampers. N 1.75; Virginia, Norfolk section. hampers. hotbed stock. fa Lettuce—Supplies, liberal moderate, market fairly eady; New Jersey, New York crates. big Boston type, mostly, 2.00: homegrown, 2-doz. crates, big Boston type, 1.50al.75, few, 2.00. Dewberries — Supplies moderate: demand moderate, market % North Carolina, 32-qt. crate: 3.50a4.00, few 4.50; ordinary and condition, 00a3.00, Cars on Track at 8 A.M. Today. Beets—125 crates North Carolina, express. Cabbage—1 crate Virginia, boat. Cantaloupes —3 California. | freight; 11 broken and 4 unbroken cars on track. Carrots—7 crates North Carolina. 1S crates Virginia, express 3 baskets Virginia, boat. Sweet Corn—1 Florida freight, 120 crates Florida. 100 crates Georgia, express: 1 broken and 1 unbroken car: on track. Cucumbers—1 South Car: hi: 2 crates South Carolina, express: 42 crates Virginia, boat: 1| unbroken car on track Eggplant— | 70 crates Florida. express. Grapefruit —1 Florida, freight; 1 unbroken car on track. Lettue New Jersey. freight. Mixed vegetables—2 broken cars on track Onions—1 unbroken | car on track. Oranges—2 California, | and demand best, quality BY WILLIAM F. HEFFERNAN. NEW YORK, June 21--The firm tone that has characterized dealings throughout the week in the curb market, prevailed in today's closing session. Realizing sales came into some recent specialty favorites, but were readily absorbed and no weak- ness was apparent. The new Ware Radio “common stock continued to attract consider- able interest and was taken at frac- tionally better prices. The issue was admitted to trading Friday and sold well above 14 on a large turnover. Around 15 today, it compared with the subscription price of 12, and there were no signs of abatement to the buying. Hazeltine Corpora- tion and Dubilicr Radio changed hands around FKriday's final, but it was noticeable that the new issue had taken away speculajive Interest from these two stocks, fbr the time being at least. The oll shares ignored the latest statistics on_crude oil in storage at the end of May, and while changes were for the most part small, higher prices were the rule. These disclosed the fact that crude oil in storage at the end of that period was larger than at any other time. Standard of Indiana crossed 57, Prairie Oil and Gas gained 3 points, but only frac- tional improvements occurred else- where. The sharp advance in Appalachian Power Friday encouraged profit- taking, but the decline was compari- tively slight. The new United Gas Improvement common was an out- standing point of strength among public utilities, getting up over 3 points to 79 before the rise was checked. % NEW YORK, June 21.—Following is an official lift of bonds and stocks traded in on the New York Curb Market today: ales in thousands 5 Allied Packers 6s.. 5 Allied Packen S 5 Alum s new 33 10 Am Gas & Elec 6s 3 Am Rolling Mills 6% Am Thread Co 6s Anaconda 6s ... Anglo-Am 01l Tiga! A« Sim Hardw '6l5% Reaver Products 7is Can Nat Ry Eq 7a. Cit Serv T4 B Cit Sery 7a ¢ Cit Serv 78 D Cons Gas Ral 6iss Cons Textiles S CF & B Mi 615 a Deere & Co 713x Detroit City Detroit Edis Dun Tire & Dug Lt Pt sher Body fis ir, Robt s o Asphalt S Pet RONDS High 0 e R wi 8. Rubber "5 Intern Match & Keanecott Cop el V1 Hr Ry Libby Me Nor St Pow 6138 Elec 6s. ab Sers of N J Ta 0il Co_& heen 75 Cal_Ei SONYTs SO0N Y1 S 0N Y 65 Swift & Co 3s Un El L & P oiys A FOR! BONDS. vt 9% 10 Sales ARD OIL ISSUEBS. in_unirs. 100 Anglo Am Ol . 30 Cumberland P 1. 300 Hum Ol & Ref nw 120 Imp Oil of Can 400 Inter']l Pet Co Lid N Y Transit ... Ohio_0il_new Prairie 0il & Ga: Prairie P L 3 South Penn 0il o Swiss € Swiss G STAY Sales INDE in hundreds. 1 Rarrington Oil oston’ Wyo O t Sery Cit_Sery p Derby 0 & R wi Derby 0 & R pf wi Glen” Rock 0l ennock Oil . Red Bank Oil Roy Can Ol & Rer yan Con .. Ck Prod . 30 Sunstar il 2 Wileox Oil & I Woodley 10% 10y 20 Y 0il 06 .06 " INDU'STRIALS. Adirondack Power 35 Am G & B ow owi T1% Am L & Teaet ... 182 Appalac Pow & Lt 2 341 715 Bivn Shoes Inc. Cand Prod Corp wi Centrifug ron Pipe Cleeland Auto - Com' Power Cor Cont Tob Inc . Cuba (o .. DL & W Coai Doe Die Cax Co wi ¢ Dubilier C & Radio ont’ Motors Tond & Sh pfd F&w St wi Gillette 8'R ... Glen Alden Coal tazeltine Corp ‘i & Mann B R Keystone Solether Kupp B & Co pfd Lehigh Power sec. al Coal aw wi Stores 1 tores nw eo Motor & 1 new 4 ! Pow 24 pf Hakeries Bakeries pf L e K & E new United Gas Imp pf U S Lt & Heat Ward Ba Corp B wi Wark Iia Corp B wi ‘o pfd 0 wi MINING Eng 3 Goldfield Develop Hawthorne M Ine lependence Lead 60 Jib Conn.......... s Tmy Copper Corp. : Nipisitin 2 Copper iy Lead Mines. ) ked 1011 Florence Red Warrior Leck Mt Sm & itef Kocks MUS & R pf Ruby Rand Mines. Spearhead Gold uperstition Mines. Exten ... tin new ‘wi End_Ext The Very Idea! From London Opinion of “Desirable this is the bedroom. Hunter of Same—Rather isn't it? You. could really swing a cat That | cannot say; my previous tenants have not been the sort of— persons who swung cats'™ Flat"—Er, small, hardly FOREIGN SECURITIES GAIN FAVOR WITH LARGE INVESTORS IN U. S. Idea of Financial Gravity Shifting From London to New York Becomes More Plausible—Mar- | fix | sions of COMPETITION MORE KEEN FROM ABROAD Manufacturers in U. S. Anxious to Get Greater Results From Eight-Hour Workday. ALSO SEEK HIGHER TARIFF Any Marked Wage Reductions at Present Are Called Unlikely. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, June 21.—Manufac- turers are velling frantically in f. VOr of the elght-hour day. 7They do not advocate, in some cases, the mere employment of workers eight hours in twenty-four instead of nine, ten or twelve. What they want is to get workers to work eight hours. Fac- tory heads claim there are few indus- tries in which this is actually done. Economists, bankers and producers have maintained strenuously that real prosperity for the manufacturers of the United States depended on the recovery of European and other for- cign nations from their post-war de- pression. Now they contend that in many lines Great Britain, at least, has staged a partial recovery. As a result the English manufacturers and producers are making it exceedingly warm for their American compet- itors. The cause, it is claimed, is that the British and KEuropean workers really work at least eight hours. Higher Tariffs Sought. In the last week there have been a score of complairits arising from va- rious industries demanding addi- tional tariff protection. Among these are the cotton and woolen manufac- turers, the producers and dealers in vegetable oils, onion growers, steel makers, the leather industry, paper and a half dozen others. These are demanding that the tariff commission examine into the cost of producing such goods abroad as compared with their cost in the United States and a tariff under the flexible provi- the present law which will enable the American manufacturers to compete and _still retain the “American standard of living” for workers. Raps “Standard of Working.” One manufacturer who is more out- spoken than his associates declares that it is not the American standard of living which is responsible for the hizh production costs which now are troubling distributors in this coun- try. but the “American standard of working” He asserts that few Americans work eight hours, al- though their pay may be based on that hourly » schedule.” In confirma- tion he points to one big manufac- turer who has cut his office force and factory force to a five-day-a- week basiy and who still is produc- ing nearly as gnany goolls as on a 2 factory managers and even bankers take the viewpoint that it is extremely unlikely that wage reductions can be put into effect or that it would be advisable to try to make such a move. Labor leaders, including international presidents of basic trades, have given warning that it must not be tried. and have done So in unmistakable terms. Wage Changes Unlikely. New England textile plants admit- tedly are in a difficult situation. Yet even the most “hard-boiled” of the factory superintendents there assert that general wage reductions are un- likely, in view of the decision voiced by the head of the American Woolen Company not to alter wage scales at the present time. Movement of la- borers from the New England farms to the cities is manifestly exerting a pressure for lower wages in that sec- tion, but attempts at horizontal wage cuts have been met %o persistently by strikes or threats of strike that manufacturers are determined to reach the same objective by rear- ranging and reclassifying work in order to get more done in less time by the same number of workers. It is unlikely that the tariff com- mission will recommend any changes at present. | dedmuit. SATURDAY, ~ EVERYMAN’S INVESTMENTS By George T. Hughes THIRTY-THIRD ARTICLE. Industrial Bonds. The rating of.industrial bonds de- Pends upon considerations quite dif- férent from those essential to the appraisal of railroad or public utility Issues. We know that a railroad and a public utility furnish essential sery- Ice. Industrial corporations, on the other hand, cover a wider field. Some of them supply fundamental wants. Others cater to the demand for luxuries. Now a bondholder is or ©oughj to be a conservative investor. The man who is willing to take some chances for the sake of a larger return can afford to buy stock. Factors Deciding Ratingn. It follows then that from an invest- ment standpoint the bonds of corpo- rations whose business fis funda- mental such as, for instance, iron and steel manufacturing, command u higher rating than do those of com- panies whose activity is not abso- lutely essential, such as, for instance, motion picture and theatrical enter- prises. As a matter of fact, corpora- tions coming in the latter classifica- tlon ought to do their financing prac- tically all by stock issues. The stockholder is entitled to the larger profits possible in these enter- prises in return for the larger risk. whereas a bondholder must of nece: sity content himself with the rate of return stipulated in the coupon. The prospective investor then in industrial bonds should first of all study the nature of the business in which the borrowing company is engaged. As has been said iron and steel is one of the fundamental industries and it is not without significance that among the industrial bonds which bring the highest price oh the New York Stock Exchange are those of the iron and steel corporations. It is this same condition which gives real estate mortgages and real estate bonds such a reservedly high place among conservative investments. Stability in Earnings V 1t is not enough, however, to con- sider the nature of the business in which the corporation is engaged You must take up the specific prop- erty upon which the bond is a lien, must then examine the nature and amount of prior liens, if any. and finally and most important of ail the earning power back of the hond True, a bondholder has the right to foreclose his mortgage and possession of and sell the security pledzed for his bond the case of but this is an expensive brocess which no one willingly re- sorts to. In the matter of carnings the important thing is the average over a period of years rather than the result for any one single vear. What the bond buver wants is sta- bility in earnings. Finally, he should examine the question of marketa- bility. As to that, however. 1 shall have more to say in a subsequent article. (Copyright, 1024. by the Consolidated Press Knsociation.) SHARP GAINS NOTED. NEW YORK., June 21.—Republic Railway and Light Company and sub- sidiarics, operating throughout th Mahoning and Shenango valleys eastern Ohio and western vania, report an increase of 12 cent in gross and 22.64 per cent net for May, 1924, over the responding month of 19 For the five months of 1 gross income totals $4.604.659, an increase of $534.- 304 over the corresponding period of 1923, while net earnings show a gain_of 9.437. per in Established 1899 Real Estate Notes For Sale In amounts from $250 up_to $1,000 or more at 6!% and 7%. Consult WELCH Reatter Loan Specialist 15th and N. Y. Ave. M. 4346 take | of | Pennsyl- | cor- | JUNE 21, 1924 ONLY AN BY ROGER W. BABSON. Special Dispatch to The Star. WELLESLEY HILLS, Mass., June 21.—Does the recent slowing up of activity mean that business is on the toboggan, or will the present lull give way to another boom? The Question is uppermost in the minds of nine out of ten business men and not a few who are not in business for themselves. Whether we are having a business depression’ or not depends a great deal upon your point of view and upon what you mean by depression. The Johnstown flood probably would not have impressed Noah, but it was plenty serious enough for those who were involved in it. Technically busineds is below the normal zone. Depreasion Varies in Degree. In some lines the depression is se- vere, in others but a slight slackening in trade is being felt. Perhaps the easiest way to get at the present position of general business is to compare it with the depressions of the past that we have had an oppor- tunity to view in retrospect. We look back, for instance, on 1907 as a panic year—we still carry some of the scars inflicted by the black months of 1920 and 1921. " Will we look back on 1924 as a year of serious depression or merely 4s a year when things were a bit slow? During the year 1907 general busi- ness activity fell from a point 16 per cent above normal to 24 per cent be- low normal, a most precipitous de- cline, making a total loss of 40 points in twelve months. So far in 1924 gen- eral activity as reflected on the Bab- son chart has declined from about 4 per cent above normal in January to its present position—11 per cent below normal. Commodity prices lost about 21 points in the panic of 1907, and com- modity prices today are higher than they were at the first of the year. The index of stock prices in 1907 fell from 105 in January to a low of 55 in December—one of “the sharpest de- clines in recent stock market history. Stock Pricex Hold Steady. There is relatively little change be- tween stock prices today and those of { January 1. Money was scarce in 1907 and real panic conditions prevailed. | We have nothing similar to this sit- uation today nor is there any pros- pect of such a deyelopment at the present time. The difficuit vears of 1920 and 1921, which stood the brunt of post-war ireadjustment, are fresher in our minds. In January, 1920, general uc- tivity was 21 per cent above normal. By the spring of 1921 it was running at 25 per cent below normal, a loss of 46 points in about fifteen months. Our t_situ in_which we Wanted Second Trust Notey We have clients with funds to purchase good SECOND TRUST NOTES in denomina- tions of from $500 to $10,000 Low rates if security is good Apply at Once to Our MORTGAGE DEPARTMENT [SHARNON & TUCHY) 713 and 715 14th Street N.W. Main 2345 Money to Loan At 6 and 629, Interest Befors Placing or Renswing Your 1t of 24 Trust Consult WELCH, Realtor Loan Specialist 15th and N. Y. Ave. Main 4346 FINANCIAL BABSON FINDS BUSINESS DECLINE ORDERLY READJUSTMENT Economist Presents Panic Figures to Show Depres- sion Is Most Moderate—Some Industries Are : Well Ahead of Last Year. have suffered a loss of approximate- Iy 15 points during the first half of this year, does not look so serious by comparison. There Was no money panic in 1920 and 1921, due largely to the operation of the federal reserve system, but commodity prices suffered the most drastic decline in history, dropping from the high point of 297 to a low point \of 130 in less than twelve months. Stocks dropped from 93 to 66 and heavy inventory losses forced many reputable concerns into the hands of the banks and too many of them eventually into the hands of the receiver. Setback Comparatively Small. The present more or less uncertain business weather, then, can hardly be classed with some of the storms we have experienced during the past few years. The most recent figures on industrial activities show that the forty-two leading industries now average about 10 per cent less busy than they were a vear ago. In spite of this fact we find that fourteen of these forty-two classifications are producing as much or more than they were at this same period in 1923. Bakery products are running about 6 per cent ahead of last year: the beverage business is leading by prac- tically that same margin. Brick manufacturing is about 10 per cent ahead of a year ago. Cement shows just a 5 per cent increase. Women's clothing, jewelry and printing and publishing are running about the same as last year. Meat packing is 2 per cent ahead of last years fig- ures, while petroleum products show an § per cent gain, and piano manu- facturing is running 10 per cent ahead of last year. Far From Panic Dimensions. The slowing up of business has surely not develdped panic dimen- sions. As a matter of fact, its down swing which has developed was clearly indicated by fundamental conditions a year ago. It is a natural normal completion of the period of readjustment, which was interrupt- ed by a sudden spurt in business in late 1922 and early 1923 For five years, between 1915 and 1920, business ran _continuously above normal and developed a great period of inflation. During 1920 and 1921 and early 1322 we suffered a BUTTER PRICES RISE -10 PER CENT IN WEEK ' Enormous Amounts Also Placed in Storage—12,000,000-Pound Surplus Over Last Year. By the Associated Press. CHICAGO, June 21.—Heavier re- ceipts, which did not clean up readily and an increased movement into stor- age were responsible for the weak condition of the butter market dur ing the week. Production is increas ing and with continued warm weath- er, pastures in excellent condition and an increased flow of milk, is ex pected to affect receipts during the next few wl‘gks. At the four principal markets prices during the week increased per cent over the previous period and 2.5 per cent over the corresponding week last year. At the same time two and a half million pounds more moved into storage over the preiny week. The June monthly storage for the United States made pu during the week showed on ha June 1, 23,328,000 pounds, a surply of over 12,000,000 over last vear an four million pounds heavier than t five-ycar average. Foreign markets were slightly firmer with arrivals of + 100 casks unsalted Holland and 1,004 boxes Argentine. Closing wholesale prices and range 92 score butter, follows Chicago, % lower at 35; New York % lower at 41%: Boston, unchange at 42; Philadelphia, % lower, at 12 report RATES ON BAR SILVER. LONDON, June 21.—Bar silver, 347 pence per ounce. Money. 11 per cent. Discount rates. short bills and three months, 3 1-16 per cent —_— rather drastic readjustment. It not entirely offset the inflation o previous area, however and the premature boom of early 1823 could not last under such conditions Apparently we are now going 1 complete the readjustment in an derly fashion and prepare for anoth.r real” period of prosperity Mr. Babeon's next article on busine. economic_conditions will appear in ner! S urday’s Star. MONEY TO LOAN * ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Hhandall H. Hagner ¥ Co, 7207 %mm:&dd yenae JULY INVESTMENTS First Mortgage Notes Make Reservations Now! JULY 5 TO BE HOLIDAY. References: Any Bank, Trust Co. or Title Co. in the District. No Loss to An Investor freight: 1 broken and 5 unbroken cars on track. Peas—75 baskets South | Carolina. express, Peppers — 132 5 s E are particularly glad to be able to Fkets in Waiting Mood. V‘/ offer a list of desirable First Mort- gage Notes for immediate purchase First Mortgage Loans crates Florida. express. Potatoes—1 | North Caroli; 1 Michigan, freight: 02 barrel Virginia, 246 barrels orth Carolina, boat: 4 broken and 2 unbroken cars on track ash—2 crates North Caroli Virginia _boat. baskeis North Caro basket Virgin Mississippi. freight; S broken and 5 unbroken cars on track. Water- melons Florida freight; 2 cars on track. including broken. Peaches— 50 crates Geor-ia, 263 crates North Carolina. express: 1 broken car on track Okra—: crates Florid; ex- press. Blackberries—50 crates South Carolina, 150 crates North Carolina, express.' Dewberries—l1 broken car on track express: Tomatoes—7 AND PROVISIONS. BALTIMORE, June 21 (Special).— Potatoes, white. 100 Ibs., 50al 150 1bs., 1.00a3.00: new potatoes, barrel, 1.2523.00: asparagus, dozen, 1.00a4.0! beans. basket, 1.50a2.50; beets, 200, 8.00a6.00; cabbage, basket, 1.40a1.50; carrots, hundred. 3.00a5.00; cucumber: crate, 50a1.25; eggplants, crate, 2.00; 3.50; kale. bushel, 40 lettuce, i spring oniong. hun- .75; parsnips. bushél. 1.25a peppers, crate. 1.50a3.00; hundred, 1.00a1.50; spinach, § 1.00; squash. crate, 1. 3.00; tomatoes. \crate, 1.00a2.25 (packvd), barrel, 00a 5.0 box _apples, 2.50a3.00; grapefruit, box, 1.75a3.00; strawber- ~ies. quart, 6al4: bla berries. quart, 5a13; cantaloupes, crate, 1.00a2 cherries, pound, 4al13; gooseberries, pound, 5a6; huckleberries, quart, $a 15: peaches, crate, 1.00a2.00; pineap- ples, crate, 2.50a3.75; watermelons, hun- dred, 00a735.00. Settling Prices on Grain, Wheat—No. 2 red winter. spot, 1.16%: No. 2 red winter, garlicky, do- mestic, 1.16%: no quotations on No. 1 or No.'5 red winter, garlicky. Sales—None. Corn—Cob, new, 4.50 per barrel for yellow and 4.35 per_barrel for white; No. 2 corn, <pot. $91;; No. 3, 86%4; track corn. yellow. No.'2, at 98. Sales—None. 5912a60. Oats—No. 2 white, No. white, new, 58%a Rye—Nearby, 10a75; No 83. Hay—Receipts, 103 tons. Most of the hay on sale here now is of an undesirable quality of clover mixed and heavy clover, the demand for which is indifferent. Very few straight cars of No. 1 and No. 2 tim- othy are offered, and for such hay there is a fair demand for full quo- tations. Quotations—No. 1 timothy. 29.00; No. 2. 28.00a28.50; No. 3, 26.00a27.0¢ No. 1 light clover mixed, 27.00a27.5( No. 2 No. 1 rye, spot, clover, mixed, 26.50a27.00; No. light clover mixed, 25.00a26.00;" BY STUART P. WEST. Special Dispateh 1o The Star. | NEW YORK, June 21.—During the| week just past the disposition in most of the markets has been to await developments. In no similar period 50 far this vear has there been such litle variation in prices. Evidence has been supplied that the effects of the business recession of the last three months ‘have been pretty well discounted in Wall street values. On the other hand, the stock market has become reconciled to the prospect of relative inactivity in trade through- out the summer, partly seasonal, partly due to the uncertainties in the business position itself, and partly the result of the feeling of caution which ordinarily characterizes a pmsidential vear. Wall Street Not Worried. The coming Democratic convention as been discussed us a restraining P and permaps this is so. But looking at the matter in practical fashion, the worst that the Dt‘l!\n- crats could do would be to nominate an anti-railroad candidate on an anti-railroad platform. So far as caxation is concerned, the Democrats have already had their way. A rad- ical change in fiscal policies 1s, there. . inconceivable. e foeiy 16 e a political overturn the ilroads would be the ones to suffer. {s;n' is it, then, that railroad. !to."}:! have stood out in the market of the week more strongly than any other group? The answer must be tha either Wall stre=t does not belle:l)ci that an anti-railroad Democrat W(_ be nominated or else that, if nomi- nated, he would stand no chance o success. Low Money Rates Contlame. = v hol ¢ rates have continued to h ‘whieh means the lowest in seven years. Much has been made of lhi; feature in current discussion an people who ought to have known better have tried to represent tha the abundance of credit on such easy terms wiH-promote a revival in trade activity. All experience, and par- ficularly what has happened in the last two years, is against this con- clusion. The whole period of the last three months of receding pro- duction and declining prices has been 2 period also of falling money rates. When the steel mills were operat- ing at 90 per cent of capacity in March the federal reserve banks were charging 4% per cent on rediscounts and in the outside market money was lending at 4 per cent and above. With steel operations down to 45 per cent, the federal reserve rate at New to ago. The stock of gold in the United States amounts now to about $4.400,000,000, This compared with $3,000,000,000 in 18 and with less than $2,000,000,000 in 1915. Gold imports, moreover, are not only not letting up, but have been materially increasing. What has happened during the last twelve months is that the net gold receipts of some $350.000.000 huve gone into the institutions belonging to the federul reserve system and not in the federal reserve banks themselves. The holdings of the latter are about the me as they were a vear ago. This £0ld has been used as the basis for taking care of credit demands, while the member banks have continued to pay off obligations at the federal re- serve. The result is that the present total of rediscounts has shrunk to $351,- 380,000 against 31,101,000 fast year at "this time and 'comparing with the peak of over $3,000,000,000 at the height of the inflationary era of 1920, One has to go b to the early Stages of the new banking regime to discover such a small use of the re- discount privilege as now obtains. Forelgn Securities Popular. The interesting developments from the unusual money likely to lie in the investment por- tion of the market. The highest grade bonds like the libertys and the treas- loans have already pretty well adjusted themselves to the lowered interest rates. But there has been during the last week a remarkable dem- onstration in the sccurities of foreign governments and this has fitted in with the opinion expressed in well in- formed circles that one of the phe- nomena of the next six months will be a renewed dpplication on a large scale for fresh loans in America on the part of forelgn government and private foreign enterprises. Negotia- tions of the sort are under way at the present time. The idea of the cen- ter of financial gravity shifting from London to New York becomes con- stantly more plausible, The question is how the American investing_public will treat these of- ferings. Persumably they will be at- tractive on account of their high re- turn in a market where sound home investments are approaching prohibi- tive prices. Our Own Money_ _ 1F B Stearns.. situation appear | X Gov. Ritchie’s Action Means Three Days’ Rest in Maryland. Special Dispateh to The Star. BALTIMORE, June 21.—Gov. Ritchie will declare Saturday, July 5, a legal holiday, thus making a three-day holiday, from the 4th to the 6th, ac- cording to a letter received from the governor by A. S. Goldsborough, ex- ecutive secretary of the Baltimore Association of Commerce. Recently Mr. Goldsborough has re- ceived many letters from merchants asking if July 5 will be a legal holi- day. Several days ago he wrote to the governor uring him to make the day a holiday. He pointed out that Saturday was a half day in most bus- iness firms, and that by eliminating this half day of work thousands of persons will be given a three-day rest. American Screw. Cudahy Pac Gulf M &N pf. Ind Alcohol pf. Jones B T pf. 3B Stetson...... I B Stetson 1a..S.A. Nipissing M € Orpheum Cir.. Orpheum Gir. Pub Sery E P. Ricken Motor... Westhse El 5 Westhse Elec pfd. Q July 13 $1.00 July 31 $1.00 July 15 After Many Years. From the Loulsville Courier-Journal. “Well, well, Tom, we haven't met for twenty years. If you remember, at our last meeting we ate half a young turkey. Let's try the same Qish tonight.” They gave the order and the waiter filled it. The old chum wielded & knife vigorously for a time and then broke the silence. “Jim,” asked he, 1 think?" “No.' 5 “1 trink this is that turkey.” 'do you know what the other half of in 25 Years EQUITABLE Co-Operative Building Association Organized 1879. 44th YEAR COMPLETED Assets . + . $4,755,170.53 Surpius .. Ils1248320.98 Save Systematically Through the Equitable Make up your mind to save some- thing each pay day. Subseription for the 87th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, See’y. Received That Dividend Check Yet? Don’t Carelessly Spend or Invest It— Buy a First Mortgage Note This Time— Denominations $100 Up. Lowest Rates of Interest and Commission. Prompt Action Thomas J. Fisher & Company, Inc. 1 38 15th Street WE FINANCE Apartment Hounes Business Property Residence Property Hotels, Ete. Higbie & Richardson, Inc, 816 15th St. N.W. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. Joseph I Weller 0745 % & Tt ‘Wash., D. C., June 10, '24. Pay to the order of Mrs. Thrift $35.00 for months’ interest due June 10, 1924, on first mortgage note purchased through our Mortgage Department. 6 This is a facsimile of the many Checks leaving our office daily to investors in our 7% First Mortgage Notes (23 Note the date due and time sent.) Once you invest in first mort- gages no other form of investment will appeal to you. Send for com- plete details. Notes mow on hand $100 up. Chas. D. Sager 924 14th St. Loan Dept. 30 Main 37 38 Invest Your Savings In Our .. First or July reservation. Many investors have been quick to recog- nize the investment opportunity in Swartzell, Rheem & Hensey Company 615 % Notes that will, perhaps, never again be equaled. The same class of security we have offered for the past 55 years and which has enabled us to maintain a record unique in finandal circles can be had for a limited time only with an interest rate of 6% %, with tax refund feature to bring the return to 7%. Those having funds available for July in- vestment NOwW. Call, Write or should make their reservations Telephone Today For Detailed Information Swartzell, Rheem & Hensey Co. 727 15th Street N. W. . 55 Years Without Loss to an Investor We Over a Quarter HOW TO INVEST $250 BEST Many great started on an initial investment of less than $250. wishes to invest $250 or more with absolute safety. $250 will buy one of fortunes were welcome any one who has purchased the lands and constructed the buildings which so adequately secure these ex- ceptionally desirable k is 3% per cent and call funds e New York Stock Exchange are going begging at 2 per cent. “Gold Infiation” Fallacy. The fact is, of course, that easy money can only be a help to business vhen other conditions are right—that rl when there is a sound relation between consumption and output. There is nothing also in the notion, so often propounded in recent yeai of a “gold inflation” leading to ex- travagant speculation and rising price. The markets of the last vear have exposed the fallacy of this view. Interest Rates 6% and 7%. Absolutely Safe. No Depreciation. 2 clover, 24.00a25.00. Straw—No. 1 straight .rye, 23.00a 24.00 per ton: No. 1 tangled rye, 18.00 a20.00: No. 1 wheat, 17.00a17.50; No. 1 oat. 16.50a1.00. = WALL STREET By the Associated Press. Life insurance policies in May ag- xregated $638.768,000, an increase of 2 per cent over May. 1923, and a de- crease of 4 per cent from April, 1924. The Life Insurance Sales Research Bureau reports. of a Century Without - a Loss "OUR FIRST MORTGAGES Mortgages “The Safest Security . on Earth” 7% s Denominations $100 to $10,000 JMORRSCALRITZ: CO 1416 K Street N.W. Main 617 Northwest Resldential and Business Property Only i 6Y5 % First Mortgage Investments yielding 7 per cent. Denominations as low as $100 WARDMAN Constructio mpany 1430 KStreet 'NC. Main 38350 Mortgage Investment Dept ISENNON & LUCHSJ Ine. SAUL CO. 1412 Eye St. N'W. B. F. Main 2100 Approximately 7,500 empolyes of the public service corporation of New Jersey subscribed for an aggregate of $1,107,800 preferred stock in a recent offer on the partial payment plan. R. G. Dun & Co. reports 412 commer- o an, STUDEBAKER week before and 320 for the corre- Just Drive It; That’s All sponding week last year. = 713 and 715 14th St.