Evening Star Newspaper, July 30, 1924, Page 27

_FINANCIAL. FURTHERDECLINE INPOULTRYPRCES Heavy Receipts, Moderate Demand — Meats Drag. Fruit, Vegetable Review. A further decrease in poultry prices was indicated this morning, due to heavy shipments and moderate de- to; mands. Top quality were quoted at bottc,a price being 30. Dressed stock <as quoted at 38 and 42, Live hens were gftered at 24 and 25, dressed stcck bringing 28. Tur- keys, froze ; were in fairly good de- mand 2, 32 and 35. Stufetly fresh eges are hard to get 2%:any price because of the continued @ot weather. Prices range from 2o and 26 for average receipts to 30 for nearby fresh stock. The meat market continues slow and draggy, dealers report, and an im- proved condition is not expected until there is a decided change in. weather conditions. Top beef was quoted at 16; lamb at 26 and veal at 14 and 15. Butter and ‘cheese prices remain unchanged. Frults and Vegetablex. The daily market report on fruits and vegetables, compiled by the Mar- ket News Service Bureau of Agricul- tural Economics, says: Cantaloupes—Supplies liberal; mand moderate; market steady. zona, Salmon 'tints standard 3.50a3.75; jumbos 45s, mostly pink meats flats 126 and 15 Jumbo flats §s and 9s, most 75. California, Turlock s mon tints standards 4 few 4.00: flats 12s an Arkansas, Salem tints flats 125 and Nortolk_ section, Norfolk, 50 live sprivgers de- Ari- 45s, 4.00¢ demand North Caro- sixes Belles, large bertas and Hileys, 1. . Georgla, bu. baskets Elbertas, large size. 2.25a 250. Virginia, sixes Carmans, medium sizes, 1.25a1 Potatoes—Supplies moderate; de- mand light; market steady: Virginia, Norfolk _section and North Carolina, cloth top stave and slat barrels, Irish Cobblers, U. S, No. 1, 2.50. ‘Watermelon Market Firm. Watermelons — Supplies moderate; demand moderate; market firm on &ood stock: earlot sales, Georgla and South Carolina, bulk, per car, Tom Wat: 24-26 pound averaze, 225.00 4 pound agerage, poor quality, some decayed, 125.00a150.00: bulk, per car. Irish Gray average, 1 car, 500.00. B, grown—Supplies light; demand limit. ed: market firm: homegrown, 4.00a 5.00 per 100 bunches. Cabbage—Sup- lies liberal: demand moderate: mar- et steady; Virginia, barrel crates. round type, 1.75a2.0 mostly 2.00; some fair condition, 1.50: Ohio, barrel crates, Tound type. : home- Erown. uncovered barrels, round type, 1.25a1.50. Carrots—Home grown supplies light; demand limited; market steady; homegrown, 3.00a5.00 ner one hundred bunches. String Beans—Home grown and boat receipts light; demand limited; mar- home grown, uncovered slat barrels, mostly around 6.00. Apple Priees Weak. Supplies liberal: .demand market weak:; Maryvland. Virginia and West Virginia, bu. bas- kets, No. 1, Yellow Transparents, 1.00a1.25; No. 2, 50a75. Pears—Supplies liberal; moderate; market steady; California, standard ‘boxes, Bartletts. 4.00. Corn—Home grown supplies light; demand 1imitéd: markét steady; home grown, 5 doz.. bags, Ideals, 1.75a2.50. Lettuce—Supplies liberal: demand moderate: market steady; New York crates: Big Boston type, 75al.15. Tomatoes—Home grown: supplies moderate; demand moderate; market firm; home grown, half bu., hampers, No. 1, 1.60a1.50. demand 1., FOREGN TRADE " UNDERLAST N Commerce Department Gives . Qut Export and Import Figures for Month. America's forelgn trade continued In June to be larger with Europe than with any other grand division of the world, although the imports from countries making, up North America ran a close second to those of Europe. g The imports from both Europe and North America declined substantfally during the month, but exports to Europe increased. There was a drop of about $15.000.000 in exports to North Amegrican countries. Total imports in June, according to Department of Commerce figures made public today, were 014,523, compared with $320,233,799 for June last vear. E: were $306,47 against $319,956,95. The distribution by grand divisions follows: IMPORTS. Grand divisions Grand divi Purope : North Americ; ath America. Asia . Oceania . Africa COMMODITY NEWS . WIRED STAR FROM ENTIRE COUNTRY- ATLANTA, * July 30.—Twenty-tive million pounds of bright leaf to- bacco, valued at $6,500.900. will be auctioned at South Georgla ware- houses beginning August 6. ‘The acreage this .year is estimated at 34,000, or double that of 19z3. HARTFORD, July 30.—Drouth in the Connecticut Valley has' already caused $1,000,000 damage t6 ‘tobacco crops and if rain does rot fall the damage may reach $10,000,000:> NEW ORLEANS, July 30.~Orders at Southern pine milis 1ncréased 3.8 per cent to 84.500,000 feot -last week. Shipments fell off 1.1 per cent to 75,000,000 feet and production ‘drop- ped 1.8 per cent to 67,000,000 feet. PITTSBURGH, July 30.—Demand for flat glass has been such that orders are being filled from .four to ten weeks behind -their recel Glass specialties are moving - well. There has been no change in Window glass production scheduies. JOPLIN, Mo, July $0.—Beigian smelters have been heavy buyers of lead and zinc ores in this district re- cently. This is due to the fact that England is utilizing practically all production of her colonies. A Received by Private Wire BY WILLIAM F. HEFFERNAN, NEW YORK, July 30 (Special).— The volume of business transacted in the curb exchange was again large and the buying movement broadened out, including stocke which had been ™MOF8 oF less neglected recently. How- ever, ali changes were not on the side ©of udvance and realizing sales had the effect of reducing gaims In recent tavorit, These bécame heavy at times {n various members of the ra- d‘lo.x-ronp. notably in Dubilier and Veate, where losses extended to 2 ints before offerings were absorbed. Coal_stocks mainiained the leader- ship, Lehigh Vallcy Coal sales ad- vancing to 87 as against the previous close of 81%. Delaware, Lackawanna NEW YORK, ‘July 30.—Following s an official list of bonds and stocks traded in on the New York Curb Market today: Sales in BONDS. thousands. 3 Allied Packers 6x 20 Allied P 2 Anglo-Am Ol 71 5 Beth Steel 7x '35 33 Can Nat R equip 3 K1 & 1 ¢ 0 Tl Detrolt Edison “fis. . 4 Dun Tire & Rub Ia 5 Fisher Bods 6a '28. 1 6 Fisher Body Gs 'R.. 2 Gair, Robt 7s...... Gult 01 Corp 1 Guif Ol Corp 83500 5 Hood Rubber 7s. Intrn Match Gy w 3 Kans City Term 5% 1 Kennecot: Cop 27 Lehigh Power MeN & L 8e. 0il Co 5 Shawsheen 78 3T & Wostr Ry of Hy T Ry 5e wi A 284 Mills 6i4s wi 102 FOREIGN BONDS, GtCns EPTs A wi 91 Kgdm of Nthrlds 6s 96 R Pern Ss .... 991 Ru 0 Un Un Un - 2 t lep of ona it 8 ims Gve. 6 8ivy & Co 4 Bwiss Govt 545 1 8wiss Govt B6...... STANDARD OIL . 1300 Anglo-Am Ol 300 Atlantic Lobos 10 Borne Scrymser 3 1 2 5. 2 s Mt ofn 1 345 30 Buckeye P L.. 100 Chesebh Mt new wi 100 Cortinent Oil new.. 10 14! 495 20 1 3 Gulf 01l of Pa 20 Hudson Ofl 35 Lago Pet EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. “CALLABLE” PROVISIONS IN CERTAIN BONDS. Fiftieth Article. One of the provisions to which in- vestors should glve attention is the price at which a bond is callable or a preferred stock may be redeemed. Bonds are divided into two classes. non-callable and callable. The. first named needs no particular comment. The buyer knows just what he is get- ting. He is sure that his investment will be undisturbed until the bond matures if he cares to hold it that long. Most corporations, however, insert in the .agreement a clause giving them the right to retire the issue before its maturity at a certain pre- mium. This is nearly always the case with high coupon rate bonds put out at a time when money is dear. This was the rule in 1920 and 1921, when 80 many § per cent bond issues were marketed. The borrower at that time had to pay a high price for his money, but looking forward to a time like the present when money is cheap, provision was made for retiring t issue before maturity, so that might be refunded at a lower rate. For example, in October, 1920, the Bell Telephone Company of Pennsyl- vania sold about $25,000,000 in 7 per cent bonds, due 1915 at 93, but with the provision that the bonds should be redeemable at 107% on any interest date. Less than three years later this issue was called at 107% and a new 5 per cent bond put out to take its place, affecting a substan- tial saving to the company in interest charg Investors’ View. From the standpoint of the inves- tor these callable provisions are of importance, in that they sutomatic- ally limit the market price of the bond. No one is willing to pay much above a callable price unless the security is so very high grade as to compensate in part for the risk of having the issue paid off at less than the price paid: ©“In the same way with preferred stock, a provision that the stock may be retired at a certain figure holds down the markat price. "It should not be inferred that either bonds or preferred stock selling at or just above the prices at which they may e called or redeemed are undesir- able investments. They may be very desirable to any one to whom the ne. .| cessity of reinvesting is not an objec- , béecause a_higher return can fien be had from fhege caliable securities than from the same grade which are non- le. 5 Larger Yield for Taking Risk. The point can be illustrated by two preterred stocks, United States Steel 2na Standard Oil of New Jersey, fairly comparable in investment quality, but with United States Steel preferred selling_higher than Standard Ofl of New Jersey preferred, simply because the former cannot ‘be. retired while the latter is callable at 115, The investor then gets a lapger yisld on the Standard Oil issus for taking the risk that some day he.-may be compelled to replace his invest- t men ‘(WM'WM THE EVENING STAR, WASHINGTON, D, C, 'WEDNESDXY, JULY 50, 192 NEW YORK CURB MARKET | Direct to The Star Office and Western Coal changed hands just under the top price, and Lehigh Val- tey certificates wére unusually active between 44 and 45, as a result of the improved- situation in the anthracite fndustry, Swift International moved forward 2% points on belief that the rise in packing company products would re- sult in increased business. Noteworthy improvement occurred in oll shares despite reductions in orude and gasoline quotations an- nounced again today. Prairie Oil and Gas at 216 gained 4 points. Standard of Indlana and New England Fuel Oil rose a point. The improved situation in the mar- ket for the copper metal had a favor- able effect. United Verde Extension rose aoross 30, Canarlo moved up ubstantially and Walker & Wenden in for considerable attention. Latin Amer Of1 . Livingston Pet v Tirad Ol wi Eng Fuel Oil 43 Mex Land .. 6% Y28 4% TUnion Oil of Calif.. 133% Unfon Ofl of C D wi 132% Went States Oil... .15 Wileox Oil & Gas.. 4% Woodley Pet. 1% INDURTRIALS. Adirondack Power.. 34 Allied Pack new 3 Allied Pack pr pfd Am Cynamid pfd .. Am G & Fi new wi Tt Am L & Tract 1 w3 aFay B s osm Appalac Pow & Lt Armour & Co ptd.. Atlantic Fruit wi.. Torden & Co ...... % bAt-Am Tob Cou 3 Ror Ad Mch wi Bur Ad Mch nw SHE 2 T Dictograph Prod .. Doe Die Cast Co wi publiier © & Radio s 1B R F Elec Rwy Secur Co Fed Metals . te 8 R . 25 wioer MINING. 17 Rlack Oak Gid Mns | B 5 Howe Sound. 4 Independence 12 Jerome V Devel 887 Jib Cons. 18 Kay Copper Corp. BELERE. 230.-BERE3] {Fedid -l g - 5 Obio Cop 18 Plymouth Lead Mns 10 Red Hill Fl * ¥ SERREBw - BRBal 2w 73 a=, GRAIN AND PROVISIONS, BALIMORE, Md., July 30 (Special). —Potatoes, new barrel, 75a2.25; bushel, 65a75; beans, bushel, 75a1.35; Deets, per 100, 3.00a4.00; cabbage, per 100, 3.0026.00; carrots, per 100, 3.00a 5. orn, dozen, 15a35; celery, bunch, 50a1/00: cucumbers, _basket, 7530 eggplant, crate. 1.50a3.00; Lima bean bushel, 3.50a5.00; lettuce, bushel, 50a 1. 75a1.0f bushel, 1.50a2.0i spinac] basket, 1.00a1.25; squash, basket, 65a 90; tomatoes, basket, 1.00a1.50. Apples, barrel, 1.00a3.50; 50a1.50; blackberries, quart, huckleberries, quart, 12315; plums, basket, 40a85; peaches, bushel, 1.50a 2.25; melo: per 100, 10.00235.0 cantaloupes, ‘crate, 75a3.75; pineap- ples, crate,” 2.50a3.75. Settling Prices on Grain. ‘Wheat—No. 2 red Winter, 140%; No. 2 red Winter, garlicky, vy 3 red Winter, garlicky, Sales—Cargoes on grade No. 2 red Whniter, garlicky, at 133%; No: 1.29%; No. 4, 1.25%; No. 5, 1.21%. Bag lots of néarby sold at range of 1.10a1.25. % Corn—Cob, new, 5.50 per barrel for yellow. and 5.35 per barrel for white; No. 2 corn, spot, 1.09; No. 3, no quo- tations; track corn, yellow, No. 2, 1.37 and 1.28. ‘Sales—None. Oats—No. 2 white, 651 asked; No. 3 white, new, 64% asked. Rye—Nearby, 90a1.01; No. 2 rye, apot, 1.01%. Hay—Receipts, 11 tons. The de- mand is fair for top grades of old timothy hay. This class of hay re- ceéipts are only moderate, medfum and poorer es ‘are in free supply and prices are.irregular for poor un- desirable stock. New hay is -begin- ning to arrive but in irregular con- dition. ‘ Quotations—No. 1 timothy, 37.00; No. 2, 25.00a26.00; No. 3, 32.00a2 No. 1'light clover, mixed, 24.50235.00 No. 2 light clover, mixed, 3: No. 1 clover, mixed, 23.50a34.90; No. 3 clover, 30.00432.00; sample grade, 13.00 Straw—No atraight: 7% l‘n: 0. 1 2600; No. 1 wheat, 17.0081 oats, 16.50a17. iar S ne Lo R Nearly one-fourth of the ta of the United ‘women, sy spot, cticing are peppers, basket, 1.00a1.25; peas, | G, |CE GREAM TRADE MAKES UP LOSSES Hot Weather Boosts Demand All Over Country—Sugar Men Split on Tariff. BY J. C. ROYLE, Special Dispatch to The Star. NEW YORK, July 30.—Whatever American politfes may owe to her husband, American pusiness owes a blg debt to Dolly Madison. She made ice cream popular and fashionable in the United States, and was the spons therefore, of a business which gives employment to thousands wnd consumes millions of tons of nilk, sugar, ice, salt and fruit an- 1ually. S0 far as the records can be traced, «ce cream first was made by an Eng- lish confectioner in London during ‘he American Revolution. It was in- iroduced into the United States by a Philadelphia caterer named Boslo, In 1800, but never became really pop- ular until Mrs. Madison, as mistress of the White House, had It served it state dinners over which she pre- sided in 1817. g Consumption Now Enormous. Since that time consumption of this dainty has risen until now 2.66 gal- ons of ice cream are made annually or each Inhabitant of this country -n 1923, 294,000,000 gallons of ice :ream were manufactured, and while he number of ice cream cones has 0t been compiled by Government au- <horities, production s conservatively stimated “by confectioners at over 300,000,000. There were 441,000,000 quarts of ‘ream consumed’ and 176,400,000 pounds of butter fat Six milifon sounds of gelatin were used and 05,800,000 pounds of sugar. These igures include only the consumption >f materials by ice cream manufac- urers. In addition, housewives froze ¢ large amount, requiring approxi- nately a proportionate purchase of materials. _From a production of a gallon at a ime, concocted in the cellar of the /mall shop run by Boslo opposite the ipread Eagle Hotel in Philadelphla. ihe output of the city which saw the ntroduction of this article of almost aniversal diet has risen to 12,019,891 sallons a_year. While all the year round production n this country now is fairly steady, he cold spring curtailed sales to jome extent this year. The trade. “owever, has fully recovered with the idvent of warm days and there s very reason to belleve, confectioners say. that the annual output of 1924 will exceed that of last year. Domestic Sugars Stabilize Prices. Forage crops, which have cxperi- nced advances in price. may have ome effect on the cost of materials, ut these fluctuations, in all prob- hiiity, will be neutralized by the stability of sugar prices. One of the nost interesting features in the pres- ‘nt sugar situation is a statement by the refiners who import their raw sugar from Cuba that the domestic heet sugars are responsible for the present low prices of this commodity. This has been the contention of the {omestic producers all along. The latter claim that the efforts of “efiners to have the tariff on sugar educed or removed was intended as 1 blow to the domestic industry and ‘hat If the beet sugar factories could e wiped out by the removal of the nresent tariff protection, the Cuban nroducers and eastern refiners would 7e in a position to dictate the price of sugar at all times, as they did in 191 9and again in 1923, at times when shere was mno domestic sugar on he market. Big Crop Increase Seen. A circular issusd by the United State Sugar Association, composed of most of the Jarge refiners, states that continued pressure from .the duty ‘ree or domestic sugars have caused declines in raw sugar to 3% cents 1 pound as compared with 5% cents 1\ year ago. The statement goes on ‘0 speak of the “extent of the pres- sure” exerted by the domestic sugar: ‘at the expense of the Cuban holders. and points out that the estimate of the domestic beet crop this year, placed at 838,000 long tons, means an increase of 49,000 long tons or 6 per cent as compared with 1923, while stocks in Cuba are 438,424 long tons in excess of those of last year, with returns atill to come from two cen- trals ‘which have not entirely com- pleted grinding. Split Over Sugar Tariff. The statement of Senator La Fol- lette complaining of the delay in sub- mitting the report of the tariff com- missfon on sugar costs of production, with recommendaton for tariff act’on by the President occasioned both com- ment and surprise in some sections of the sugar trade today. It was noted that Senator La Follette's statement declared “sugar interests’ have been active in delaying the report, but dif- ferentiation was not made as to which “interests.” The sugar trade is sharply divided on the subject of tar- iff revision on sugar, the eastern re- finers advocating such a reduction strongly, while the growers of sugar beets and cane in the continental Onited States, Porto Rico, Hawaii and the Philippines oppose it. ‘The surprise to the trade, however, lay, according to sugare men, in the fact that Senator La Folletts in his statement seemed to align himself with interests he was belteved to o pose and against agricultural pro- ducers of the Middle and Far Wes! whose special advocate his friends claim him to be. CENSUS REPORTS GAINS IN UNSOLD TOBACCO Leaf tobacco held by manufacturers and dealers on July 1 aggregated 1,843,736,896 pounds, compared with 1,697,844,445 pounds a year ago, the ‘ensus Bureau announced today. Chewing, smoking, snuff and export types total 1,327,851,727 pounds, compared with 1,196,445, ot year ago; cigar types totaled 442,69 052 pounds, compared with 425,000,271 pounds, and imported’ types totaled 73,189,077 pounds, compared with 98,290 pounds. ST e Present feminine styles seem to be one vast conspiracy to conceal a wolv‘nm age by making all ages look alike. B Office Spa A Feol and His Momey. The fact that & stock certificate is printed in fancy green scroll work is no proof that it is worth any more than ordinary wallpaper. Thousands of people in Washington would have saved thelr money if they simply had asked their banker to teil them what he knew of some supposedly wonder- ful investment. St. Regis Paper Company of Canada, Ltd. 4% Serial Gold Debentures Unconditionally guaran- teed principal and inter- est by St. Regis Paper Company. Earnings available to sup- port this guarantee, for the past five years, aver- aged over ten times re- quirements, and in no year less than five times. Available maturities June 1, 1929-1930-1933-1934 Prices to yield 6% to 6.60% | Fully described in our circular W-489 . Rollins & Sons Boston New York Philadeiphic Chicago Denver San Francisco Continental Trust Company Capital One Million Dollars 14th & H Streets Al FOR SALE FIRST MORTGAGE NOTES Consult Us 1f you have tunds for investment. THOS. E. JARRELL Member Washington Real Batate Boerd Woodward Bldg. Muin 766-3370. First Mortgage Notes Are the type of investments that appeal to conservative imvestors. Banks Recommend Them Insurance Companies Prefer Them i Courts Advise Them (the three most conservative institu- tions one can go to for adviee.) Buy them and the thought of worry can be dismissed from your mind. We have on hand a limited amount in denominations of $100 and up. 7% Interest Chas. D. Sager Lean Department 924 14th St. N'W. Bearin Don’t Forget To Start That First Mortgage Investment Out Of Tsmorrow’s Zay Check— 6% Per Cent HANNON 713 and 715 14th Street Main 2345 IEQUITAB Co-Operative Building aone Bt Assets Surplus The Time to Save Is Now —Each pay day resolve to eave part of yonr earnings. the Bquitable. Subscription for the 87th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING FINANCIAL. First Mortgage Loans Lowest Hates of Iaterest and Commissiea Prempt Actien TThomas J. Fisher & Company, Inc. 738 15tk Street Money to Loan Becared by first deed of trust on real estats. Prewailing interest and commission. Joseph I. Weller 42 Wash. L. & Trast Bldg., 9th & ¥ N.W. 915 F ST. N.W. JOHN JOY EDSON, Prestdent FRANK P. REESIDE, Sec’y. We offer to_the careful in- vestors a limited number of First Mortgage notes bearing 7% interest per annum, These notes are secured by first trust on approved north- west property easily worth 50% more than the amount of the loan. The income to be derived from an investment in this offering_is unusually good, considering the extraordinary margin of safety. Let us furnish you the full particulars Moore & Hill, Inc. 730 17th St. N.W. (24 years without a foreclosure) v (L = = = = =] Interest Paid on Small OFFICERS: WILLIAM D. HOOVER.. WOODBURY. RLAIR. ... 1 FRANK W. 8TO! 24 .Trost Treasurer " Pres. | E. PE F. R. ULLMER..Asst BRUCE BAIBD.....Asst. DAVID BORNET.. . Asst Trust Officer Trust Officer 57th Year National Metropolitan Bank ? ¢ Could ]Wnl!lnm A. H, Cbhurch Ofcer (Walter (. Frederick A. 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Building A nationally known builfling famed for the high character of its occu- pancy and rendering a service of unusually high degree— Available now, or for Fall occupancy, there are some very desirable suites as well as single offices, presenting to the high-class fiml or busi- ness a rare opportunity to locate its permanent home therein. 2 We invite inspection of the building, the available suites or offices and assure you that the rental charges are exceedingly moderate—in fact, lower in many instances than in buildings offering less in the way of location, general desirability and service. Apply. M@ager—Room 220 ABKER == TR ===