Evening Star Newspaper, July 22, 1924, Page 19

FINANCTAL. NEW YORK CURB MARKET PRICES ARE LOWER /ON WATERMELONS Tomatoes Also Cheaper in Local Market—Large Sup- plies of Apples Arrive. _The daily market report on fruits and vegetables, compiled by the Mar- ket News Service Bureau of Agricul- tural Economics, follows: Cantaloupes—Supples libengl; mand moderate; market firm. Cali- fornia and Arizona, Salmon tints, standards, 45s, 3.25a3.75, mostly, 3.50; some soft, 2.50a3.00; jumbos 45s, mostly, 4.00: flats, 12s and 15s, 1.25a 1.40. Arizona, pink meats, standard flats, 12s and 1bs, 1.15a1.25; 9s and 6s, mostly 1.00. Peaches—Supplies 1ib- eral; demand moderate, market firm. Georgia and North Carolina, Hileys, 6s, small size, 1.25a1.50; medium to large size, 1.50a2.0 North Carolina, 6s, Slappeys, 1 mostly 2.00; some ripe, decayed, 1.00a1.50. Georgia +* 6s, Carmans, small gize, 1.00a1.25; ‘Belles, medium size, 1.50. Potatoes—Supplies liberal; demand limited, market fairly steady; Vir- ginia, Norfolk section and North Carolina, cloth top stave and slat barrels, Irish cobblers, United States No. 1, 2.00a2.50, some heated low as 1.00. Watermelons Cheaper. ‘Watermelons—sSupplies heavy; de- mand moderate, market weak; car- lot sales, Georgia and South Caro- lina, bulk, per car, Tom \Watsons, 24-26 pound average, 150.00a 00; Excells, pound average, 5.00 28-pound average, sunburnt, shghtly decayed, 1 10a150.00. Beets—Sup- plies liberal; demand moderate, market steady; homegrown. Z2.00a 3.00 per 100 bunches. Carrots—Sup- plies moderate; demand moderate, market steady: homegrown, Z.0Va )0 per 100 bunches. String beans— Supplies moderate: demand moderate, Tarket steady; homegrown, uncov- ered slat barrels, green, 6.00a7.00. Squash—Homegrown. supplies lib- eral; demand moderate, market steady; homegrown, bushel crates, white, 1.50a1.75; yellow, 2.25a2.50. Apple Receipts Liberal. Apples—Supplies liberal: demand moderate, market fairly ~steac Maryland, Virginia and_“‘oa( v Zinia, various varicties, No. I, bushel baskets, 1.25a1.50, Peas—Supplies light: demand mod- erate, market steady: New York, bushel hampers telephones, 2.50a2.75. Corn—Supplies moderate; demand moderate, market steady; rth Caro- lina, crates, 2.00a2.25; some ordinary condition, .75a1.00; homegrown, 5 dozen bags. 1.50a2.00. Tettuce—Supplies liberal: demand moderate, market fairly eady; New York, big Boston type crates, 1.00a 1.25, mostly 1.25. - ‘Tomatoes Homegrown supplies liberal and practically supplying the demand moderate, market homegrown, half bushel mpers, No. 1, 1.75a250, mostly 1. 0. de- HOG PRICES HIGHEST SINCE SEPTEMBER | Speeial Dispateh to The St CHICAGO, July 22.—Continued shrinkage of the suppplies of hogs offered throughout the east and west brought another sharp gain in swine values, Offerings at 11 principal | markets today showed a decrease of 50.000 as compared with a_week ago. Hogs sold up to $8.85, the highest price since September, 192 FLOUR UP $1 PER BARREL. MINNEAPOLIS, July 22 (Special).— Minneapolis mills are operating at only 35 per cent capacity., but flour prices have increased more that $1 a barrel for best family patents since June 15 on the strength of advancing grain prices. FOREIGN EXCHANGE. By the Associated Pres: NEW YORK. July 22.—Foréign ex- changes strong. Quotations in United States dollars. ~ Great Britain, de- mand, 4.413%; cables. 4.41%; 60-day bills on banks. 4.38 “rance, de: mand, .05 . Italy, demand, . .0434. Bel- gium, deman ables, 046632, Germany, demand, Holland, de- mand. .3827. demand, .1344. Sweden, demand. 63. Denmark, demand, .1612. Switzerland, demand, .1847. Spain, demand, .1314. Greece, demand, .01 Poland, demand, 001915 Czechoslovakia, demand, 5 Jugoslavia, demand, .0119. Austria, demand, .000014. Rumania, demand, .000014%. Argentina, demand, 7. Brazil, demand, .0962. ‘Tokio, demand, .41. 'Montreal, .99 7-32. STUDEBAKER Just Drive It; That’s All MOVING, PACKING & STORAGE NWATIONAL CAPITAL STORAGE & MOVING CO. Storage Household Goods, (00 Tooms Tocal and_ Long_Distance Movi EXPERT PACIERS & SHIPFERS Moderate Rates. Good Work, Free Estimates 1434-1442 U_N.W. Tel. North 8845. _ "‘.fl.“%““.fl‘flflflfl £ Who Moves Yo ; Is Just as Important as Where You Move Phone Maia 6800—Our padded vans and ";ermlem( and careful men are at your service. Storage in our fireproof furniture ware se at_reasona ants’ Transfer & Storage Co., 920-922 E Street N.W. Telephone Main 6909 7 e e W o e e e e N e e e e W AR AR A RN AN i [ Unioy, Stora g, DWMpany iz A —— REMOVE WORRY and RI by MOVING in our MOTOR VANS. Ex- cellent wervices at reasonable rates. STORAGE in ROOMS, $2 mo. up. Expert Packers and Cryters. 705-9 Florida ave. Nortl CLEAN, DRY STORAGE FOE FURNITURE and pisnos. Estimates cheerfully given. Con- venient location. WESCHLER'S, 920 Pa. ave. TRESRRRS lMP Recelved by Private Wire BY WILLIAM: F. HEFFERNAN. NEW YORK, July 22—The curb market today was active and stfong with a further spectacular advance in radio shares. This class of securi- ties has taken the place of public utilities as favorites among the speculative clement. Moreover their action in the market recently is con- clusive proof that they have become objects of special attention of the outside public. ? With the majority of these shares selling at their highést prices on rec- ord, there were no signs of slacken- ing’ in the demand today. Dubulier was bid up over 2 points, Ware Radio was_actively bought and Hazeltine, Rova, Radio Corporation new com- Direct te The Star Office mon ang¢ Thompson Radio sold at their best prices, + The report of the Brooklyn City Rallroad showing net after taxes for June of $238,952, as against $295,922, brought some offerings into the mar- ket, but they were easily absorbed and caused no material change in price. 2 Other public’ utilities held firm, while here and there slight advances were reported. Standard Ofl shares gained frot a half point te 7 points, with Standard of Nebrasks and Prairie O] and Gas showing the most improvement. Buying of Lago Petro- leum was resumed, carrying the price up fractionally. It is understood that. the Whitney- Cosden group are back of the buying. Copper stocks reflected the improve- ment jin the situation in that indus- try, although advances were small. _ NEW_ YORK, July 22—Following is an official list of bonds/and stocks traded in on the 'New York Curb Market today: Sales in BONDS. Hign. 3 80 103 Alum 75 nev ‘33. .. Am Gas & Elec 65 Am Tee Ts wi...... Anaconda 6s Anglo Am Oil 71 Close. 66 80 103 1071 954 [OPS-0 - FETe [ Bummmmestsmnnl Cit Serv 7s D. g Con Gas Balt 65 A.. Con Gas Balt 6%s D Con Textiles 8s..... Con P & B 6%s A wi Cuban Tel Tizs Cudahy Detroit City « Detroit Ediron 6s. Kan City Term Kennecott Cop 7, . Lehigh Power 6s.%. Le Val Ml Ry o5 w i Libby McN & L 1s. Manitoba Power Mo Pac 5s w z Morris & Co Thas. t Leather % w Orl Pub North St P Nrth St P M 6ias © Ohio Power 5x B... Park & Tilford 6s.. Penn Pow & L+ 5s.. Pub Srv of N J 7u. Pure Oil Co 6igs Virginia Ry o5 FORE] Kgdm NetWlands 6s. 963 Russ Garvt RS Ruxs Govt ofx Sigs . 13 Ruxs Gov 6lax M cf 13 Solvay & Co 6s 34s B 1003 in STANDARD OIL ISSUES. Anglo Am OI.... 13% Rorne Serymser Buckese P L. Cumberiand B 00 Gal Sig 01 Hum Oil & R new. Imp 0il of Can. Int Pet Co Itd... Magnolia Pet . 13 10015 30 3 £00 1670 100 & Prairie Oil & Gas. Tenn Mex Fuel.. Praitie P L. 40 South Penn Oil. 30 Southern I L. 12200 5 © Tnd... 20 Swan & Finch. .. 2800 Vacuum Oil new. Sales INDEPENDENT OIL STOCK: in hundrede 6 Carib_Synd. 3 City pfa.. . 1 City Serv pfd BIL 1 City Serv B cfs. 11 Creote Synd . 5 1 Derby 0 & R wi.. ngineers Pel 23 Livingston Pet Mex Panuco * 24 Mount Prod ...... 143 Mutual, ORl vl efs 1 Ne uel Corp 30 Penn Reaver Oil 6 Pennock Ofl ...... 8 Plerce Pet w g 48 Red Bank Oil new 20 Royal Can O & Prod..... 34 % 4 ‘I Wilcox Ol & Gas.. 11 Woodley Pet g INDUSTRIALS, 3 Adirondack Power.. 3% 1 Allied Pack new... 3% STOCKS. 2 Am G & E new wi. 1 Am Hawaiian § 3 Am L & Tract. 3% Am L & Tract pfd; %, Arkansas Light & P 4 Arizona Power.. 3 Armour & Co pid 3 Atiantic Frult w 1 Austrian Cen B wi. % Borden & Co % Bridgeport Ma 1 Burroughs A M . 6 Bklyn City R R Chatterton Son. Chatt Son pfd 1 Child Co mew wi.. 215 Commonwth Pw Co 11 Cuba Co 1 L & W 14 Durant Mot 5 Du Pont Motors. .. 3 Elec B & Share pfd FAWG 5:26c S w i illette 'S R...... 300 13 Gen Mot new w i 2 Glen Alden Coal 2 Gentry Co .. 2 Goodyear imh D W 34 Hazeltine wi. 11 Hud & Maon R R 28 Hudson Co ntd, 10 Imperial Tobac Can 37 Ipter Contl Rubber. 3% 4 Reystone Solether.. 1% e SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Pt 107 2,582 28! HFR F 3 101 8152, 288250 WE O OFEEEE et Aluminom Co. of Amer. Ts 1925, Rlimizm G0, of Amer. 76 1883 Amkerican Sugar . American Tel. & Tel. 6s 1925 ‘Anaconda Copper 6s 1929. ‘Anglo-American Oil 7% A&llm 0l 6s 1935. Bell Tel. of Canada 5 Canadian Northern 5lgs 1924, ‘entral of Georgla r 1929. Central -Leather Gs 1925. Chi., Mil. & St. Paul 6s 1934 Chics R 1. & Pac. G3uTe28. ] Colim. Gns & Elec. 1st 5s 1921, Do Pont T%8 1981 .05 Federal Sugar Ref. 1983 Fisher ==1 fuv : :fl. Fisher Uorp. T, & R, Bs 1931 U. 8. Rubber 7i4 1980, Westera Union 8%s 1536 ‘w?::uu'd, ‘Steel 6s 1926 TREASURY CERTIFICATES. {Quotations furnished by Redmond & Co.) ——Noon.——, Bid. Offer. 100% 100 9-16 100 3-16- 100 5-18 101 101 3%s September .15, 1924. L% Deeember 15, 107 45 March 13, 1 101 1053 1kl 13 Lehigh Power sec. 79% 270 Legh V Cl new wi 381, 8 McCr'y Sts war ofs 7 Mesabi Iron . Middlewest wi Nat Tea (o .:.... Y Tel Co pfd.. N Y Transporta. Omnibus V T C Omni A pfd wi Peerleas Mot Radio Corp Radio Corp pfd. .. Radio new A wi.,. Radio new A ptd wi Rova Radio tr cfs. 3 Tenn Elec Power. Tenn Elec P 24 t. T S Lt & Heat ptd Ward Bak Co B wi Ward Bak Cor pf. 1o Western _Power ... 5 Wh Rk M nw wi vic Tellow Taxi Co NY MININ Am Exploration ... Arizona (lobe Cop. . Tl Oak Gold Mines . Canario Copper - 5 Con Cop Mines new Cresson_ Gold Dia Black Bt Divide Extensio Eureka Croess..... France Gold Mines 10 Goldfield Deep M.. . 30 Hardshell Min._... | 250 Harmill Divide. 50 Hawthorne Min Inc 3 Hollinger . H 10 Kay Copper Corp.... = ke i 1 160 296 2 1 1 0 4 10 96 10 38 Spearhead Gold Superstition M Temiskaming Mi Tono Belmont ‘onopah Tonopah Min ..... TUnited Verde 'Bxt. S Cont'l new wt ted Zine Smelt 430 West End Ext 10 West CUtah COURT ACTION LIKELY. Brokers to Contest Exchange Rul- ing on “When Issued” Stock. NEW YORK. July 22—A recent ruling of the New York Stock Ex- nge voiding all transactions in en issued” securities of the Denver and Rio Grande Western Railroad Company may result in court actions to test the validity of contracts. Threats have been made by an inde- pendent brokerage house to compel the acceptance of such, securities, which it sold to an exchange firm. The ruling of the stock exchange was based on alteration of the reorganiza- tion plans, said to have changed the character of the security o WALL STREET NOTES. Utility Issues Neglected, But Firm—Tobacco Sales Up. NEW YORK, July 22.—Heavy profit taking in public utility issues after their recent sensational advance has resulted in comparative neglect of these issues in the stock market. Sound fundamental conditions, how- ever, prevail in the industry. The usual increasing trend of earnings for most companies continues and although seasonal recessions in con- sumption is noted in many parts of the country, a normal increase issre- ported. New capital investment in the past year continues to show sub- stantial_earning capacity. P. S. Hill, president of the Ameri- can Tobacce Company, estimates that 70,000,000,000 cigarettes will be con- sumed in’the United States this year. Sales were increasing not only this country, he sald, but in Europe, where the quantity consumed would be even greater if good tobacco could be obtained. Earnings of the com- pany were running more than 10 per cent ahead of last year, he asserted. —_— FEDERAL JOBS OFFERED. The Civil Service Commission has announced open competitive examina- tions to fill vacancies in the following positions: Junior metallurgist, Bureau of Mines, Department of the Interior, at $1,860 a year; associate mechanical en- gineer (gases), office of the chief of air service, War Department, at $3,000 & year; agricultural economist, at $3,800 a year; associate agricultural econo- mist, at $3,000 a year, Bureau of Agri- cultural ~ Economics,” Department of Agriculturefassociate marketing spe- cialist (live stock), Department of Agriculture, at $3,000 a year; matron, seamstress, Indian service, at $540 to $900 a year, with quarters, heat and light free of ~cost; junior telephone operator, departmental service, at $1,140 a year: clock repairman, office of the superintendent of the State, War and Navy Bulldings, at $1,500 a year. Full information and application blanks may be obtained at’the office of the Civil Service Commission, 1724 F street. PREPARE TO HAUL CROPS. Railroads Expect Enormous Freight Traffic This Fall. NEW YORK, July 22.—The railroads are expanding their plans to meet the season crop movements, owing to in- creased estimates of the prospective wheat crop giving a Winter yfeld. of 542,561,000 bushels, an_inctease of 33,232,000 bushels over June 1, and the Spring wheat. harvest estimate of 197,461,000 bushels, which is.13,630,000 bashels greater. Excessive traffic in eaches and watermelons from Geor- gla and also cantaloupes and lettuce is reported, owing to record yields of Date. Corporation. July 28—General Cigar Co., Inc. July 24—8hell Union OIl July 24—Washburn Crosby July 25—Ateh., Top. & 8. F. Ry. ¥ July 25—Com. ‘Solv Corp., eiass A. $1.00 July 25—Pacific Bank «-$12, 82 extra. e DECISION ON SUGA TARIFF DUE SOON Beet and Cane Growers ‘Deeply Concerned Over Move for Lower Rates. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, July 22.—The purchase this fall and winter of hundreds of thousands of dollars’ worth of manu- factured goods ranging from milli- nery to fiivvers is hanging in the bal- ance at present. , Growers of sugar beets and sugar cane in the continen- tal United States, Hawall and Porto Rico are holding back their purchases to see what the Tariff Commission will recommend with regard to the proposal to lower the duty on sugar and what action President Coolidge will take on-that recommendation un- der the flexible provisions of the tarift law, Very Heavy Acreage. The Department of Agricifiture esti- fhates that,917,000 acres have been planted to sugar beets this year, and that this acreage should yield 838, 393 long tons ef sugar. Both beet and cane sugar ‘men declare the latter figure is overconservative. Last year the acreage harvested yielded 1.075 long tons per acre with a total out- turn of 785,607 tons. If that rate is maintained this year the yield would be 985,775 tons. 3 Cuba had a tremendous crop this year, production there up to July 1 amounting to 4,043,179 tons, against an outturn last year of 3,601,605 tons for the entire crop. If the present duty of 1.76 cents a pound on foreign sugars should be lowered by the President, domestic beet and cane growgrs declare it would mean a ter- rific 2(0!! to them and practically would put control of the price of sugar in the hands of the cane sugar| refiners. Big Crop in Europe. Prospects are excellent for an 2qually large Cuban crop next year. In addition, the European beet crop is of tremendous proportions. It is estimated that the French plantings have been 30 per cent heavier than last year and the acreage in that country should produce 630,000 to 650,000 tons if the weather remains normal and 30,000 to 40,000 tons more if the weather is favorable for the next two months. Consumption in FEurope low, since many cannot afford to y as Inuch sugar as in former years. A total of at least 1,000,000 tons of Iu- ropean beet sugar will be available for export, and already some (!cnnnn offerings have been sold for Novem= ber-December shipment on a basis of 351 cents a pound London. The esti- mate of the Polish crop is for 410,000 tons. Domestic Growers Alarmed. : e present nominal quotation for beet shgar, which s always under the price of cane sugar, is under 6.50 cents a pound. Since the do- mestic crop, in order to compete in Atlantic Coast markets, —must be hauled long distances by rail, the menace of foreign SUEATS coming in Under a reduction of the present tanft of 1.16 cents a pound is fully realized by the domestic growers. Actual consumption and distribu- tion of sugar for the first half/of this ar totaled 2.684,972 tons. The amount to be cons med during Ehe Second part of 1924 is variously esti- mated. The American Sugar Associ- Ation figures place thhe total for the year at 5.369,944 tons. Some refiners, however, declare that the consump- tion for the next gix months will not exceed that of last year, which was 57156,993 tons, making the 1924 total only 4,871,965, Report Due This Week. The Tarlfft Commission is expected to submit its report regarding rela- tive costs of production of duty at home and abroad and its recommen- dations as to a reduction of duty to the President this week. For a time the trade expected the commission to recommend a reduction from 1.76 cents a pound to about' 1.35. Now, however, men in close touch with the situation are far less certain that Such a recommendation will be made. Domestic sugar CcOnsumers have pressed home vigorously the point that comparison of production costs made over a period of late years do not give an accurate picture of.pro- duction costs today, and say that while they are willing to rest their case on comparative farm costs in Cuba and this country they are un-| willing that our farm costs should b(\' |)Ingred against Cuban mill costs, which they declare include a profit to the producer. Decision Very Dificult. The political bearing of the mat- ter at the present time is likely to cause considerable deliberation on action one way or the other, since sugar beet production is a major fac- for in the prosperity of thousands of farmers in Michigan, Ohio, Indiana, Nebraska, Colorado, Wyoming, Utah, Montana, 1daho, Minnesota, Califor- nia and other western states. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ATLANTA, July 22.—Surplus fruit and vegetable production in Georgia is being canned to a greater extent than ever before. Small community plants are operating night and day. Early prices for fresh products were satisfactory, but the recenf heavy movement glutted '.56 market. . BOSTON, July 22.—The potato acre- age of New England is about 6.5 per cent higher this year than in 1923 and the prospects for a large crop are excellent. FORT WORTH, July 22.—Estimates of the cotton crop of this State are placed at about 5,000,000 bales barring disaster in the mnext 30 days. The crop is expected to bring to farmers at least $650,000,000, or 15 per cent more than the 1923 crop. PITTSBURGH, July 22.—Follansbee Bros., steel manufacturers have perfected the first all-lead roofing Taterial in the history of the indus- ity and are making large guantities of it at the Follansbee, W. Va., plant. SHREVEPORT, La., July 22.—Re- cent cuts in the price of Arkansas and fouisiana crude are reflected in a drop of 8,896 barrels in daily average production in those fields last week. Rhirty-five new wells, 25 of them in Smackover, added 5,225 barrels initial production. W* ORLEANS, July 22.—There ln‘:Ebeen a marked increase in de- Meana for Southern pine, and orders he highest point reached are o *Yanuary, exceeding production by 20-per cent. As & result of this improvement and the short stocks on hand, mills are expected to increase working time and the number of em- ployes-- RATES ON BAR SIL' LONDON, July 22.—Bar silver, 34 5-16d per ouncc. Money, 3% per cent. t rates, short bills, 3%a3s ?::“:e‘:n; three month bills, 3%a3 13-18 per cent. NEW YORK, July 22.—Bar silver, 67%; Mexican dollars, 51%. —_— GERMAN BANK REPORT. BERLIN, July 2.—The statement of the Bank of Germany as of July 15, shows an increase in gold holdings of 3,009,000 to 69,372,000 marks, whereof 34,493,000 is deposited abroad. Slver coin reserve increased 4,303,614,000 . WESTERN MARYLAND R. R. EARNINGS IN SHARP DROP Special Dispagch to The Star. BALTIMORE, July 22.—The West- ern Maryland Railway reports esti- mated earnfngs for the week ended July 14 as $300,568, against $461,773 for the corresponding week last year, a dectease of $161,206, or 35 per cent. For the first two weeks of the month earnings were $601,717.35, a decrease of $252,091.01, or 30 per cent, com- pared with the corresponding weeks 8 year ago. For the year to July 14/ estimated earnings totaled $10,203,- 790.80, a decrease of $2,387,881.60, or 19 per €ent. - Receipis from coal and coke traffic Were $1,817,793.70, or 30 per cent less than they were for the correspond- ing period a year ago, PICK-UP REPORTED INAUTO INDUSTRY Manufacturers Taking Back Men and Planning for Larg- er Outpat During Fall. Special Dispateh to The Star. DETROIT, July 22.—A pick-up in automobile manufacture is in evi- dence, according to trade reports. Summer inventory taking still is hold- ing up increases in employment, but several large plants have taken back workers temporarily laid off early this year. . The Studebaker Company has re- employed $5,000 and the Briggs Manu- facturing Company and Hudson Mo- tors also have increased their forces. The outgoing freight shipments on the Pgre Marquette road frém De- troit, Lansing and Flint also are on the increase. At Saginaw the Gen- eral Motors foundry has resumed with 450 men. The Chevrolet Company reduced its stock of finished cars by 17,000 in June and expects to make still fuf- ther reductions this month, with an increase to a schedule of 37,500 cars in prospect for August. A dealer who sells fruit and candy from trucks at most of the large manufacturing plants here has laid in heavy supplies after a careful sur- vey of the situation and has been as- sured by plant heads of heavier em- ployment in the factories after Au- gust 1. e WEST VIRGINIA LUMBER CONCERN REORGANIZES Special Dispatch to The S RICHWOOD, W. Va, July 22.—New articles of agreement and a certificate of reorganization have been filed in the office of the secretary of state by the Cherry River Boom and Lumber GRAIN DIRECTORS IN ORGANIZATION Tentative Heads of New Cor- poration Meet to Perfect Permanent Working Plan. By the Ascociated Press. CHICAGO, July Directors of the recently organizéd Grain Sales Corporation, which it is hoped will take over for eventual producer con- trol the grain marketing facilities of five large marketing houses in Chi- cago and Kansas City, met today to consider the problems of organiza- tion, adopt by-laws and elect a per- manent board to replace the tenta. tive board appointed last week, when the corporation came into being un- der the Illinois co-operative market- ing act. Another proposition scheduled _to come before the meeting is the offer yesterdiy of important Northwestern &rain interests to sell widespread marketing facilities through the Da- kotas, Montana, Minnesota and great primary market plants to the Ameri- can Farm Bureau Federation, which was the organization through which the Chicago and Kansas City .firms tendered their businesses for farm purchass. News of the Minneapolis offer having reached Farm Bureau officers only yesterday, it was con- sidered improbable that any definite actfon on the proposal could be taken today. It was believed, however, that notice of the offer would be at least informally served upon the directors of the lllinois corporation. 4 Leaders in the move to have the new corporation take oVer control of the marketing facilities point out that under the charter of the organization additional properties may be taken over at will—or, more properly, when they can be financed by the co-opera- tives. With only $4,000,000 now available in the coffers of the corporation, in the view of members of the direc- torate, Mt is doubtful if new obliga- tions can be successfully undertaken at_this time. The meeting was held in the offices of the Armour Grain Company, one of the largest marketing firms in the Chi- cago territory, which was a pacty to the original offer some weeks ago. STEWART-WARNER CUT MORE THAN EXPECTED Decline in Demand for Motor Car Accessories Cause of Lower Dividend Rate. By the Associated Pres CHICAGO, July 22.—A reduction in Company of Scranton. Pa., which oper—{ the Stewart-Warner Speedometer Cor- ates an extensive plant at Richwood. The new agreement shows the com- pany to have a capital stock of $4,000,000. SEABOARD HEAD EXPECTS HEAVY FALL TRAFFIC Special Dispatch to The Stay BALTIMOR! y 22.—The Florida, Western and Northern Raiiroad, now under construction, is expected to earn at least all charges during the first full-year of operation, according to S. Davies Warfield. This road, which will open up new territory in Florida. will be leased by the Sea- board Air Line, if authority to do so is obtained from the Interstate Com- merce Commission. In regard to the Seaboard. Mr. War- fleld expects heavy business to con tinue during the fall. Record earn- ings were reported during_the first five months of the current year. About 1,500 new and rebuilt care ordered last December will be de- livered by early fall to take care of the expected traffic. The recent order for 30 locomotives from the Baldwin Works probably will be delivered in October or November. 647 NEW FIRMS START BUSINESS IN MARYLAND Special Dispatch to The Star. BALTIMORE, July 21.—That the business depression has not dimin-| ished the organization ‘of new com- panies is shown by the total of 647 corporations that have filed their charters with the State Tax Com- mission from January 1 to July 15. This compares with 600 charters dur- ing the same period last year. Bonus taxes collected by the com- missioner amounted to $22.828, while last vear the total was $32,004. The bonus tax is based on the capitaliza- tion of the corporations, and the de crease in collections indicates t! the average capitalization was small: er than in 1923. O et MORE FERTILIZER URGED TO INCREASE CROPS National Association Says Farmers Could Greatly Add to Present Yields. In the eastern winter wheat belt, from Missouri and lowa to Pennsyl- vania and Maryland, wheat occupies an important place in the rotation with corn, oats and clover. It is the only cash crop grown on thousands of farms, it alds in the seasonal dis- tribution of labor and is an excel- lent “nurse” crop for clover. Wheat producers in this territory, says the Nattonal Fertilizer Association, have an excellent opportunity to increase yields and reduce production - costs by putting land that s poorly adapt- ed to wheat to other uses, by using only seed of high-yielding varieties and treating it to prevent disease and by 3 more generous use of the right sort of fertilizer. In this way from 20 to 30 bushels per acre can be grown instead of the 10 to 20 bushels that are grown at present. e — MORE SPINDLES IDLE. 1| Census Report Shows Severe Mill Reductions. Cotton epinning activity, which has shown continual decline ‘monthly since January, registered a further decrease in activity in June. ‘The Census Bureau's monthly re- port, issued today, recorded June with almost halt a biilion active spindle hours less than.in May, the - total number. having been 5,336,401,848, or an average of 141 per spindle in place, compared with 5,907,670,026, or an average of 156 per spindle in place in May this year, and 8,384,558,582, or an average of 224 per spindle in place in-June last year. . % R e I PARIS MARKET STRONG. PARIS, July 22.—Prices were strong on the Bourse foday; 3 per cnt rentes were 52 francs 95 centimes. Exchange on London, 85 francs 40 centimes. Five per cent loan; 67 francs 75 cen- times. The dollar was quoted at 19 francs 37% centimes. POTATOES ARE CHEAPER. . CHICAGO. July 22.—Potatoes weak, prices lower, trading slow; total United States / shipments, 517; re- ceipts to come; Kansas and ' Mis- souri choice Irish cobblers, 1,00a1.50, according to quality and condition; sacked early Ohios, 1.15a1.45; North Carolina barreled Irish cobblers, 1.50 2.35; Virginia bargeled Irish cob- ‘blers, 2.502.85. poration’s dividend rate from $10 to | 35 a share a year was ordered yester- day by the directors. A quarterly divi- dend of $1.25 a share was declared. The action is =aid to be the result of the decline in automobile output during the last few months and the consequent decrease in demand for motor car accessories. The corpora- tion's quarterly statement showed that after deducting Federal taxes the earnings were only $1.08 a share for the three months ended June 30. This was smaller than expected, comparing with $3.15 a share in the first quarter of 1924 and $4.44 a share in the second quarter of last year. GREAT NORTHERN NEARLY DOUBLES INCOME IN YEAR By the Associated Prest. NEW YORK, July 22.—The Great Northern Railway Company almost doubled its net income in 1923, which reached $18,067,947, a gai 02,275 over 1922 and equiv per cent on the outstanding ca- pacity stock, the annual report re- veals. Net railway operating income was $24,731,991, an increase of $7,- 455,393, For the first six months of 1924, total income was placed at $11,500, 000, which included $4,151.280 divi- dend from Chicago, Burlington and Quincy stock. The balance for the half year available for dividend was $2,600,000 after interest and other re- ductions. . FRANCE BUYS 700 AUTOS FROM U. S. IN MONTH Special Dispatch to The Star. NEW YORK, July 22.—France's imports of foreign automobiles last April reached a total value of 9,121,- 000 francs, as against 4 00 francs for April, 1923. The cars of all categories num- bered 857, according to the -Bankers' Trust Company. Out of this total 700 came from the United States. On_the other hand, France's ex- ports' of motor cars have also in- creased very considerably, totaling 4,111 vehicles for the same period, as against 2,526 during the same month in 1923. Taken as a whole, the French mo- tor trade showed a favorable balance of roughly 97,600,000 france during the past year. FOR SALE FIRST MORTGAGE NOTES Consult Us 1t you bave funds for investment. THOS. E. JARRELL Member Washington Real Estate Board ‘Woodward Bldg. ' Main 768-3370. Wanted Second Trust Notes 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 NW. Main $345. 3 Our First Mortgage Notes Are the type of investments that appeal to conservative investors. Banks Recommend Them Insurance Companies Prefer Them Courts Advise Them (the three most’ conservative institu- tions one can go. to for advice.) Buy them and the thought of wl‘)r;y can be dismissed from your mind. 3 We have on hand a limited amount in denominations of $100 and up. Beariag 7% Interest Chas. D. Sager , Loam Department 924 14th St. N.W.: -...2_? FINANCIAL. Our First . Trust Notes Are issued in denominations of $100, $250, $500, $1,000 The interest rate today is - 64% PARTIAL PAYMENTS May Be Arranged Mortgage Investment Dept. HANNON & LUCH 713-715 14th St. N.W. Main 2345 EQUITABLE Co-Operative Building Association Organized: 1879. 44th YEAR COMPLETED Ansets $4,755,170.52 Surplus -$1,248,320.08 Save Now —While you have a steady income the time to save. - The systematic saving plan of the Equitable is & most effective method of aceumulating money. Subscription 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 F. REESIDE, Sec'y. Money to Loan Becured by first deed of trust on real es Prevailing interest and commission. Joseph I. Weller 42 W Bld; Pennsylvania-Ohio Power & Light Co. 1st and Ref. Mtge. 5Y%% Gold Bonds Due 1954 Reported net earnings of the Company fur the year ended May 31, 1924, were more than 2% times in- terest charges on the total mortgage debt. Price to yield about 5.65% Circular with detailed information on request The National City Cos Washington 741 15th St. N.W. Telephone—Main 3176 FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13000.000 1315 F ST Jonu PooLE Pucsmew any Moody On Public Utilities ““The stability of the public utility business is due entirely to its essen- tial character. To this may be added considera- tion of the fact that the business is nearly on a cash basis, properly non-competitive and in- volves no extensive in- ventories.” You will be interested in reading our new book- let, “Public Utilities for Sound Investment,” con- taining a timely analysis of the public utility field, with further comment by “NOTICE” We Have Funds for Maryland and Virginia Loans No delays on mortgages that are wanted on completed prop- erties. Let us have your appli- cation; reasonable terms on five and ten year loans. CHAS. D. SAGER 924 14th St. N.W. Suburban Loan Dept. Mr. Kelley the Moody Investors' Service Bureau. Write for a copy now. Thomas W. Brahany and Company Wilkins Building, Telephone ‘Washington, D. Main 6189 Thomas W. Brahany & Co., Wilkinx Buildin, ‘Washington, D. C. Please send me a copy_of vour free booklet, “Public Util- cs for Sound Investment.” MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Rhandall H. Hagner ¥ G 7207 %mm:é'w/ yenue National Savings & Trust Co. 57th Year Capital & Surplus, $2,000,000.00 A Definite Point —in view helps you to save more zealously—urges you to persevere in fixed ways of thrift, { Those who are sincere in their efforts to advance themselves financially will always find welcome at this helpful old bank. 4 Deposits invited in any amount —eame _rate of interest paid on large and small accounts. Oldest Savings Depository in Washington Cor. 15th and New York Ave. Safeguarded by Expert Appraisals Half a century of experience in making First Mort- gage Loans on real estate, and expert knowledge of building costs, land values and rental incomes, are - behind the appraisals made by The F. H. Smith Company. Smith appraisals are con‘servative appraisals ; witness the fact that in 51 years no first mortgage invest- ment sold by this house has caused any investor. the loss of one cent in principal or interest. Smith Bonds Are Safe Bonds NO LOSS TO ANY INVESTOR IN 51 YHARS. " Clfe. F.H.SMITH COMPANY _ SMITH BUILDING 815 FIFTEENTH ST.