Evening Star Newspaper, June 24, 1924, Page 25

FINANCIAL * BUSINESS IS SLACK AT CENTER MARKET Dealers Are Well Supplied With Produce in First-Class Condition. ' FRESE EGGS AT 27 CENTS Chickens Slightly Lower Than Last Week—Vegetable Review. With the arrival of moderate ship- Mments from nearby points, the Wash- ington commisison market for poul- try products and live stock got under Way today quietly and unobtrusively. Business was slack, although dealers were wel] supplied with good, fresh » commodities. The calf market <cents for top quality, selling from between 13 and 14 cents a pound Spring chickens had a top price of about 45 cents, or slightly lower than last week, and hens were still 24 and cents EEES, fresh nearby £6_and cents| The vegetable market as reported by the Department of Agriculture follows: was not over 8 were around Vegetable Review. Cabbage—Homegrown supplies light. Demand light, market stronge: homegrown, uncovered barrels, 1.758 2.00; few, 2.25. Cantaloupes—Sup- Dlies liberal; demand good, market firm. California. salmon tints, stand- ards, 45s, 3.00a3.25; few 8.50: jumbos. 0; i poaie lats, 125 and 1bs Peaches—Supplies moderat i few higher. Tight m market steady . Carman's. large size, 1 size. 1.00a1.25; Arps, 1 toes—Supplies, ~ moderate; moderate; market firm; new stock, North Carolina and Virginfa Norfolk section, cloth top stave barrels Irish Cobblers, U. S. No. 1, best, 3.503.75. fair quality and condition, 3.00a3.25. To- matoes—Supplies literal; demand £0od: market steady: Mis turning wrapped, No. 1, 7 1y 80a%; some ripe, some leaky. 75; South Carolina. 6s, turning wrap- ped. fair condition, fancy count, 1.50 a2.00; choice count, 1.25a1.50 Light Supply of Watermelons. Watermelons—Supplies 1light: de- mand moderate; market steady. Florida Lulk per 100 melons Tom Watsol 45a28-pound average. £500a90.80: pound “average. 60.00165.00. Lettuce— Supplies moderate. demand good for od stock; market steady; New York, 2 dozen c Big Boston type, fair quality 1.75a2.25. Homegrown, 2 dozen crates Big Boston type. 1.35a 1.50; few, 1 Strawberries—Home- £rown supplies liberal; demand mode- Tate; market steady; Homegrown, 32- at. crates various varieties. 2.00a4.00; mostly 3.00a3.50. Raspberries—Home- { 8rown supplies moderate: demand moderate; market steady; homegrown 32-qt. crates red varieties 25a30 per quart. Celery—Supplies light; _de- mand good: market steady. New York. 10 dozen crates, 12.00 String beans—Supplies moderate, de- mand moderate. market fairly steady: Virginia, Norfoik section, 5-peck ham. pers. green, 2.50; North Carolina, bushe hampers, green, 1.7522.25 : homegrown, uncovered burréls, green, 7.50a%.00. Cu- cumbers—Supplies liberal, demand mad- erate, market slightly weaker; Virginia, Norfolk section, %-bushel hampers, hot- bed stock. fancy, 3.00a2.25: cholce, 1.50 2175, North Carolina, bushel hampers. + No.1,1.502.00; cloth-top stave barrels, No. 1, 3.0024.00. Sweet corn—Supplies iiberal, demand moderate, market fairly steady: North Carolina, crates, 2.00a 275; mostly 2.25a2.50. Dewberries— Supplies moderate, demand moderate, market steady : North Carolina. 32-quart crates, best, 330a4.00 . mostly 4.00 ; poor conditio 0243.00. Cars on Track at 8 AM. Toda Bananas—1 unknown freight, 1 un- broken car on track. Beets—25 crates. Virginia boat. Cantaloupes—5 California freight, 14 beoken and 5 unbroken cars on track. Carrots—25 baskets, Virginia boat. Sweet corn—75 crates Florida, 700 crates North Carolina express, 1 broken car on track. Cucumbers—1 South Caro- lina freight, 52 crates Florida, 75 crates * South Carolina express, 53 crates Vir- iinia boat, 1 broken and 2 unbroken cars on track. 'Eggplant: crates. Florida express. Lettuce—255 cra ew York express, 13 crates Virginia boat. 1 un- broken car on track. M.xed vegetables— 2 broken cars on track. Onions—1 un- broken car on track. Oranges—1 Cali- fornia freight, 3 broken and 4 unbroken cars on track. Peppers—52 crates, Flor- ida express. Potatoes—1 North Carolina freight, 303 barrels Virginia boat, § broken and 6 unbroken cars on track Squash—72 crates North Carolina, ! crates New York express, 18 crates Vi ginia boat. String beans—250 crates and 9 baskets North Carolina, 9 baskets South Carolina express, 361 baskets Vir- ginia boat Mississipp} freight, 126 South Carol unbroken cars crates North Carolina express melons—2 Florida freight. 3 by 2 unbroken cars on track. F crate: a e on press, 1 unbroken \ berries—436 crates press. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ATLANTA, June 24—Farmers are making a valiant fight to make & cotton crop this year in the face of heavy obstacles. Stocks of boll weevil poison are stored in nearly levery community to be reapplied after rains have washed the insecti- cide from the plants. Scarcity of la- bor has been overcome to some ex- tent by utilizing children just re- leased from school. ST. LOUIS, June 24.—Hundreds of negro farmhands who came here to Work in the factories earlier in the year are departing for the Arkansas cotton fields PITTSBURGH. June 24.—The Joy Manufacturing Company of Franklin, one of the largest makers of auto- matic coal car loaders, has enough orders booked to keep the plant in operation for the remainder of the cummer, according to officers. Book- ings total $800,000. DENVER. June estimates of the cabbage yield Colorado indicate about 4,200 acres planted, a decrease of about 25 per cent from 1923. 4.—Preliminary TULSA, Okla., June 24.—There has been a good increase in gasoline de- mand and consumption, according to 140 refineries, and gasoline stocks have dropped four million gallons to 185,700,000 in the last week. NEW ORLEANS, June 24 —The sugar cane crbp, which was one of the most backward of this section, is beginning to show improvement with warmer weather. Wanted Second Trust Notes ‘We have clients with funds to purchgse good SECOND TRUST NOTES in denomina- tions of from $500 to $10,000. Low rates if secutity is good Apply at Once to Our MORTGAGE DEPARTMENT d lambs were | of | THE EVENING NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, June 24.—Professional operators en the curb exchange were not inclined fo commit themselves to any extent or either side of the market today. Public participation was again limited and the general disposition was to await further de- velopments in the political situation. These factors resulted in uncertain fluctuations and little change of im- portance was noted. A few active specialties, which have been favored in the recent buying, however, con- tinued in demand. Stocks of com- panies engaged in the manufacture of radio equipment were the active favorites. Dubilier when it crossed 3§ sur- passed any_previous record, and the new ‘Ware Radio, after reacting some- what, resumed the upward move- Direct to The Star Office ment. Hageltine‘ Corporation also canie in for attention. It is expected that another issue of this class of security will appear shortly. Commonwealth Power after declin- ing a half poini railied on publica- tion of earnings for the twelve months ended May 31. These were the equivalent to 13.19 on the com- mon after provision for deprecia~ tion, as against 6.44 in the previous twelve months. A drop of 3 points occurred in Ap- palachian Power following announce- ment that the company would do new financing in the shape of an offering of $4.000,000 of 6 per cent gold de- benture bonds. In the mining group, Canario Cop- per was rather actively taken just under the high on publication of the engineer’s report placing the com- pany’s ore reserve in the Lillie mine at approximately 20,000,000 tons, averaging 2 per cent of copper. Real- izing sales were felt for a time in Engineers Gold following the steady rise recently. ———————_C——p——— NEW _YORK, June 24.—Following is an official list of bonds and stock: traded in on the New York Curb Market today: Sales in BONDS. ¥ Close High &ty %6 1 Alum 11 Alum 4 Anglo Am OIl T 3 Asso Mim Hdw Reth Steel 7s ‘3! m R Is & P Sas y E . CP B M 6lx Detroit City Gas 2 Dun Tire © Rub Dun Tire & Rub Sugar 6 Gair, Robt Ts General _Tet 6s Grand Truok Ol Hood Rubber Inter Match it Kennecott Cop § Le Val H Ry Libby MeN & Morris & (o Nat Leather &, Nat Dist P'rod New Or Pub Ser North St Pw 61 Norih St Pow 8is. Ohio Power 5s It Penn Pow & Lt 5s... PRl Elec Slas Phil Elec Sl '3 Pub Serv of N J T8 Pare 01l (o Blas. Shawsheen_ 75 Soutbern _Cal < ¥ s 1071y 1014 ey 103% 100 104 s 93% 1017 FOREIGN BONDS. 8 Czecho Slovakia SB. 96% 1 Kgdm Netherl'ds s 02% Rep of Peru S& 9913 Hiss Gov Alas M cfs 12is olvay & Co B 343 B 10073 Swiss Govt b 100 7 Swiss Gost J5....... 100% es STANDARD OIL 1SSUES in units. 300 Anglo-Am Oil 300 Iatern Pet Co Ltd Nat_Transit 5 Y Transit Northern P L Ohio_ Ol _new. 240 Pruirie 0l & 00 Penn Mex Fuel 140 Prairie P L. 10 South Penn Oil 30 Southern P L. 3000 S° O Indiana 10 8 O Nebraska 1200 S O N Y new. . 20 8 0 Ohio prd... Sales INDEPENDENT OI in hundreds. rrington_Oil s Service Service pid 110 Engineers jeral 0il t 0il of Ta. 10 Lago Pet .. . 60 Latin Amer O3l '8 Mutual Ofl vot efs 2 Red Bank Oil new! 13 Roval Canad 0 & R 4 Sait Creck Prod... 10 Sunstar _0il 1 Wileox Oil & Gas.. 5 Woodley Pet. s i Bk 2 Allied 1 Amat Appal Pow & Lt... Ark P & P ptd. 20 Dorden & €0 rts. & Candy P Corp w i .0 3 Childs Co new w i ol I & Lt pfd.. 2 Doeh Die € Co W 64 Dubilier C & Radio 2 Dunhilt Intl Toe 3 Durant Motor 1 Du Pont 1; East Pa Elec 53 FI Rond & Shar pf 4 F & W Grand St wi illette Safety Ra { Hav Tov'ct dp wi 7 Haseltioe Corp W 1 Hudson & Man RR 1 Keystone Solether. 1 Kresge Dept Stores. Invest Your Savings In Our First Mortgages “The Safest Security on Earth” 7% Denominations $100 to $10,000 JMORIS CAFRITZ: Ca Tncom 1025 aT3 279% 18 11 4613 1416 K Street N.W. ' Main 617 Northwest Residential and - Business Property Only EQUITABLE Co-Operative Building Association Assets Surplus Save Systematically Through the Equitable Make up your mind to save some- thing each pay day. Subscription for the 87th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, Preaident FRANK P. REESIDE, Fee'y. 1 Land Hold Corp A.. 84 & Lehigh Pow Se TAR 180 Leh V1 Coal nw wi 3A% . 2 McCrory Stores BB. 783 % MeCrory Stwar et 41 1 2 1 Nat_Tea Co...... 3 N Y Tel Co pfd. 3 Nor Ohio El.. 19 Radio Corp 1 Radio Corp pfd & Reo Mot .. 3 il Gel Pr a vtc wi 3, Singer Mfg ... 20 80 C & 1 new. .11 13, Sonthern Cal Edi.. 1 Stuts Motor. 3 1o Rwift & Co.. 1 Phila “Elec 1 Thread ion_Carbide nited G_& E new nited Gas Imp new Co pfd 1t 40 41 1 United Prof S| 8 Ui v 10 10 nit_Shoe Ma pfd 8 Lt & Heat . 17 Canario Copper 3 Continental Mines. . ‘on Cop Mines new ) Cortez Silver....... . 10 Dismondfid B Buita ing G Min Ltd Ind ldfield Cons. foldfield Develop. ) Hawthorne Min lne 1 Hollinger o X Howe Sound.. ... 10 Tndependence Lead. s 3LR -7 iE 3 10 Ras < 10 Red Hill Florence. | cky Mt 8 & Ref SR M S & Ref pfd k Hughes .. Tonopab Extens 43 United Eastern 2018 Con new w i 10 West End Ext. | POWER EARNINGS UP. Commonwealth Reports Big Ad- vance During Year. Special Dispateh to The Star. NEW YORK, June 24 —Earnings of the Commonwealth Power Corpora- tion and subsidiaries for the twelve months ended May 31, 1924, applicable |to dividenas and depreciation amount- ed to $6.027.324, or 325.11 per share on the preferred stock and $22.94 a share on the common. After pro- vision for depreciation, earnings amounted to $16.99 a share on the preferred and $13.19 on the common This comparad with §11 37 and $6.44, respectively, for the same period last vear. STARTS DRI\;E ON RENTS. Special Dispatch to The Star. CHICAGO, June 24.—The University of Chicago is planning to build twenty-four apartment bufldings to house members of its faculty, in an effort to bring rentals within the reach of teachers. LIVE POULTRY HIGHER. CHICAGO, June 24.—Poultry, alive, higher; fowls, 20a23; broilers, 32a¢1; roosters, 14, 50% Increase During 1923 There are sound reasons for the strong public confidence in Cities Service Company. demonstrated by the increase in number of its security hold- ers from 100,000 to 150,000 within the past year. Safety, ready marketability and liberal yield, as well as convenient denominations and a monthly payment plan, give Cities Service securities an unusual appeal to both large and small investors. Mail the coupon for full partic- ulars about Cities Service Pre- ferred Stook, on which dividend requirements are being earned more than three times and which can be bought now to yield more than $9,. Thomas W. Brahany and Company Wilkins Building Telephone Washington, D. C. Main 6189 - - - - - Thomas W. Brahany & Co. Wilkins Bldg., Washington, D.C. Please send me full information about Citles Service Preferred Stock and about your monthly payment plan for buying " it. investment. bility, ca) WA STAR, WASHINGTO RADIO SALES MAY REACH $500,000,000 Year Expected to Surpass 1923 in Immense Totals—Cost of Broad- casting Is Puzzle. EXPENSE RUNS VERY HIGH Convention Air Operations Revive Much Disputed Question. BY J. C. ROYLE. Special Dispateh to The Star. NEW YORK, June 24.—Millions of radio fans in this country tuned in on WJZ and WEAF today, or tried to, to listen to the proceedings of the Democratic national convention At the same time, nearly all of the 3,000 radio equipment manufacturers, 1,000 distributors and 28,000 dealers throughout the country began ponder deeply just who ought to pay for broadcasting, whether they should be allowed or compelled to pay and how, in order to prevent the killing of the golden goose, which yielded sales of $350,000,000 last year and is expected to yield $500,000,000 in 1924 7,000,000 Crystal Sets in Une, It is estimated that there are now in this country between 3,500,000 | and 5,000,000 tube of various sizes and circuits and at least 7,000.- 000 crystal scts. The interest of the owners of this equipment in the radio game was built up gradually and with effort and expense. It is real- ized it can be Kkilled far easier than it was aroused, with consequent det- riment to the industry which pro- vides employment for som people, provided broadcasting properly systematized and regulated Secretary of Commerce Hoover, under whose Jurisdiction radio falls, does not favor a tax on rece 550 Broadcasting Stations. There are at present a few more | than 550 broadcasting stations in the United States, ranging in power f{rom 1.000 to 5,000 watts. Those operated by municipalities, educational and re- ligious institutions have their broad- casting expenses met by taxes and funds raised by members. Newspa- | pers operate about fifty stations | largely devoted to entertainment pro- grams. The viewpoint of the commercia! concerns which operate broadcasting | stations is the advertising viewpoint but so neither they nor the news: | papers have found it advisable to do | much more than announce their | names for fear of killing interest in the air entertainment Over $10 Per Minute Possible. Public service corporations, through inter agreements, have already solved | the broadeasting expense problem to | some extent and are making a charge of $10 a minute for time on the air. Should broadcasting of the New York | convention equal or exceed in suc- | cess that at Cleveland, it would in- dicate that entertaining programs of other sorts could be put over to a huge audience and time on the air might become worth far more than $10 a minute. Radio enthusiasts say. however. that a clear line must be drawn as to the amount and kind of advertis- ing and publicity or propaganda to be permitted as differentiated from | the purely entertainment part of the program. [ Radio equipment manufacturers are not_specifically worried as to who shall pay for their broadcasting sta- tions and expenses. for broadcasting is their form of salesmanship. | Seek Way to Pay Bills. Most of the smaller stations are operated by individuals who have no particular radio connection and are carrying the expense im the hope some way will be found of producing revenue which will make their plants profitable. The expense of most of these runs from $100 to $500 a week. It costs an owner. therefore, from about $3,000 to $50.000 a year to op- erate a broadcasting station, to say nothing of investment in equipment. Up to the present nearly all the entertainment talent given its services free. in view of the publicity and advertising ga.ned But this arrangement is becoming less satisfactory. The publicity lure is not sufficient to attract artists of the highest class and there is a general feeling that the performer to sets B. F. SAUL Co. 1412 Eye St. N.W. Diversified Investments We have prepared a special circular show- ing the attractive yield of Foreign Dollar Bonds. They will increase the average yield of your invest- ment holdings. Ask for circular on Foreign Dollar Bonds The National City Company ‘Washington—741 15th St. N.W. Telephone—Main 3176 Constructio 1430 KStreet. INC. Main 3§50 on the organization behind an It is their sta- integrity and known ity that constitute your protection. 6%% First Mortgage Investments Dmnhnebn'fl low as $100 MAN any employed has | is worthy of his hire as well as the laborer. The attitude of the American Tele- phone and Telegraph Company, one of the chief broadcasting und patent- holding eoncerns, is expressed as fol- lows by President Thayer: “The art of broadcasting is new and changing. Speculation as to the future is futile. Wo shall make it possible to mecurs broadcasting apparatus at moderate prices. Far from desiring the sole re- sponsibility for broadeasting, it s our strong belief that a monopoly cither of broadcasting for entertain- ment of the public or for hire is not desirable from any point of view.” Interest of delegates to the con- vention was enhanced by gifts of match box recelving sets to each. A lot of delegates heard the proceed- ings today by this means who never g0t near their seats In Madison Square Garden. —_— Have You Been Stung Yet? Some men have to get stung good and hard before they lcarn to be cau- tious in making investments. Before you invest—investigate! -— No matter what you want, ave you time and money Want Ads, it to will use National Savings & Trust Co. 57th Year Long Lease Reasonable Rents Oldest Savings Depository in Washington Cor. 15th and New York Ave. Money to Loan Becured by first deed of trust on real estate. Prevailiog interest and commission. | Joseph I Weller 420 Wash. L. & Trus. | FIRST MORTGAGES FOR SALE | THE TYPE OF SECURITY CONSERVATIVE IN« : VESTORS BUY N DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. Our 7% First Mortgage Notes Youm Can Be Assured Plrwt.—A servative made. Ridg.. 9th & ¥ N.W. very caseful and cen- 170tk Dividend appraisal has been || The rogular quarterly dividend of Dollass and Twenty-five Cemts per share : S A Second.—The loan we recommend ers of record at the close of busi- Js less than 50% of the market || 00% o8 Friday. Juze 30, 1 price. Third —After vou have purchased one of our notes you get a serv- ice that assures you interest the day due. Notes on kand in amounts of $100 up. Chas. D. Sager 924 14th St. Loan Dept. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST %M%.”Jfi,m VA 1207 Connectivat senae 36 Main 37 38 Clfl and Surplus, $2,000,000.00 Funds for Your Vacation Trip I To carry ready money with you on summer travels is to invite loss from numer- ous sources. 1l Vacation funds are safest and most convenient when in the form of Traveler’s Checks, Drafts or Letters of Credit. TThis bank issues “Tourist cur. rency” In the above forms and in- vites your inquiries regarding same. One Say And “- Three Pos What We Say \ We DO ¥e Do Do PERFORMANCE is PREFERABLE to mere PROMISE— When we SAY we can invest your funds with abso- lute assurance of SAFETY we substantiate the assertion with a “three-ply” record of DOS during the past 18 years. We are offering today excellent FIRST MORT- GAGES to yield 7% and fully safeguarded. Call our MORTGAGE INVESTMENT DE- PARTMENT for detailed information. —No Charge and No Obligation— 923-925 15th N.W. (Opposite McPherson Sq.) B. F. SAUL CO. New Issue Main 2345 NO LOSS TO ANY INVESTOR IN OUR 1412 Eye St. N.W. ye FIRST MORTGAGE NOTES IN EIGHTEEN YEARS $4,000,000 Appalachian Power Company _— E Dated July 1, 1924 The Company will agree to pay interest without deduction for the normal The Company will also agree to reimburse, upon application within six Six Per Cent. Gold Debentures Series A Non-callable for 25 years Due July 1, 2024 Federal Income Tax up to but not excesding 2 anmum. o - Tn:;nth after payment, debenture holders for m’?::;ylvm CENTRAL UNION TRUST COMPANY OF NEW YORK, TRUSTEE From a letter of Mr. C. N. Mason, Vice-President of the Company, we summarize as follows: Business Appahd'ngm Power Company furnishes electric light and communities in a rapidly growing industrial and coal mining having a population estimated at over 400,000. Five coal fields, hontas and Clinchfield districts, are supplied with power by power, directly or indirectly, to forty-three district in Virginia and West Virginia, among them the well known Poca- the Company, which also numbers among its customers diverse manufacturing enterprises, several municipalities, and various utilit: companies, mc!uc!ing that urying the City of Roanoke. The Coflxpnl)r"'p:l lixl::.‘s‘ funhermore:‘h-v{ the advantage of interconnection with the electrified section of the Norfolk & Western Railway. ‘The Appalachian Power Company, through a subsidiary, and the American Gas & Electric Com- pany have recently acquired over 90% of the common stock of American Electric Power Company. The proceeds of the sale of these Debentures will be used to interest (now over 43,000 shares) in this purchase, and for The above statement does not include any finance Appalachian Power Company’s other corporate purposes. For the 12 months ended May 31, 1922 1923 1924 Groas Eamnings. .. . $2,712,025 $3,169,915 $3,537,148 Operating Expenses, including Maintenance and Taxes. see 435,544 1,704,706 1,769,769 Net Earnings........ 276,481 $1, Pl » $1,465,209 $1,767,379 $11,890,000 First Mortgage Se. . . 2,500,000 Fifteen Year Secured 7. Balance. . $4,000,000 6% Debentures (this $ 594,500 175,000 769,500 $ 997,879 240,000 $757,879 of the earnings accruing to the Company through the issue). recent acquisition of over 43,000 shares of Common Stock of American Electric Power. Company. For the year ended April 30, 1924, including Depreciation, carnings available for dividends on these shares after all charges amounted to $7.04 per share, or a total in excess of $300,000. These Debentures will be followed by $6,481,200 par value of 7% Preferred Stocks, paying regular dividends, and 60,000 shares of Common Stock, which securities at present quotati i $10.000.W0. n wi es at p t quotations represent All legal matters in connection with the issuance of these Debentures will be passed New York, and for the Company by Messrs. Curtis, Mallet-Prevost & Colt of New Ymk"m . 5 by Messrs. Murray, Aldrich & Roberts of accounts of the Company are audited an- nually by Messrs. Niles & Niles, Certified Public Accountants. These Debentures are offered when, as and if issued and received by us and subject to approval of proceedings by counsel at 87' and accrued interest, to yield about 6.85%. Tucker, Anthony & Co. Bonbright & Company Jackson & Curtis The information contained in this advertisement has been obtained from sources which we consider reliable. ‘While not guaranteed, it is accepted by us as accurate.