Evening Star Newspaper, August 9, 1924, Page 21

FINANCIAL - BUTTER AND EGGS ARE HIGHER TODAY Turkeys Also Rise in Local Market—Vegetable and Fruit Review. Large shipmants of small chickens find slow sale. Dealers say the per- centage of the small and less desir- able stock has been greater this sea- son thaa usual. Such chickens were Quoted at 30, the larger and more salable stock being quoted at 36 and 38. Dressed stock was quoted today ~at 36 and 38 Egg prices are gradually increasing. The natural decrease in receipts, coupled with losses in candling, has materially affected the supply, and prices have advanced another cent. Turkey prices also are higher. The ¢ cold-storage turkeys is get- prices quoted today rket on live calves Butteg prices are in line with prices of most other commodities—increas- 2. An increase of half a cent a pound the past two days was report- (& Meat prices continue about the same. Fruits and Vegetables. The daily market report on fruits and vegetables compiled by the Mar- ket News Service Bureau of Agricul- \ur..LI Economics says Cantaloupes—supplies of ordinary 'k moderate; light of good stock. Demand, good, market steady. North tarolina, Ridgeway section, Green Meats standards, 4os, best, 4.00a4.50; erdinary quality, 2.00a3.00% Virginia, Norfolk section, green meats, wide range qualit 1.503.00 izona, Slandard crates, Honey Dews, mosty, Peaches—Supplies liberal; demand Rood, market steady Norih Caro- lina, bushel baske 2.2 V; bushel baske etles, Georgia Selles and 042,25 medium and North Carolma Elbertas, large size, Virginia and West Vir- Zinia, bushel baskets, Carmans, best, L Joal.50, some poor condition low Potatoes Slightly Cheaper. Potatoes—Supplies liberal; demand market siightly weaker; Vir- Norfolk section. cloth-top siat barrels Irish cobblers, U. S. No. 1, 2.0042.25; Bast Shore Maryiand, cloth- tave barrels Irish cobblers, U. No. 1, branded, 2.50; New Jersey, 150-pound sacks Irish Cobblers, U. 8. No. 1. few sale 0a2.50 per sack. Watermelons—Supplies * moderate; demand moderate, market firm; car- lot sules, North Carolina, bulk, per car, Tom Watsons, 1 . 23-pound average, 300.00; sales direct to retailers, South Carolina, Thurmond Grays, 32- S5-pound average, 75.00a100.00; Tom Watsons -32-pound _average, 60.00a 30.00. Beets—Homegrown, receipts light; demand moderate, market firm; home- Erown, 4.00a6.00 per 100 bunches. Cab- bage—Supplics liberal; demand limit- ed, market firm; Virginia, bulk, per tom, round type, 40.00a45.00; barrel crates, round type, 2.00a2. Carrots Homegrown, Teceipts moderate; de- mand moderate, market steady; home- grown, §.00a1.00 per 100 bunches. Corn Market Firm, Corn—Home-grown receipts mod- crate; demand moderate; market firm. Home-grown, 5 dozen bags, sugar de- New 1.50; and Supplies mand moderate; York crates, Big Boston type, some fair to ordinary quality wndition, 1.00a1.25, Peas—Supplies loderate; York, Z.y0a Sweet potatoes—Supplies light; de- miand limited; market fairly steady. cloth-top stave bar- i . 1, 7.508.50. s — Home-grown receipts moderate; demand moderate; market tirm. Homegrown, half-bushel ham- pers, No. 1, 2.00a2.25; few higher. moderate; market stead liberal; demand market fairly steady. New bushel baskets, Telephones, rels, yellow v: ‘Tomato Ask Your Banker. How much real value stands back of the stock vou are asked to buy? Are you sure that the nice, honest- looking stranger is telling you the truth? Ask vour banker to look into what he claims. SHORT TERM SECURITIES. (Quotations furnished ty Redmond & Co.) —Close.— Bia. Ofter. 08 108y 1075 1143 10315 1021 1001 993 1003 10815 W% 1001, - 10 L 1001 1084 100 12y 102 10455 1003 Aluminum Co. of Amer. Aluminum Co. of American Tel conda Copper Bs American Oil sxociated Oil Gs ell Tel. of Canada anadian Northern Columbia Du_ Pont ¥isher Bods Corp. 6 Fisier Body Corp. 6 1 oodyear T. & R. Ss 19 at Northern 7s 193 Gulf 0il Corp. of Pa. Humble 01l 5 AN, St P. & S_S. M. 815 Morris_ & Co. 7i; Oregon Nhort Line 4 1 Penna. K. R Fias September December 1 5 101 918 1 1019.18 101 11-16 + 101 11-16 101 13-16 71021932 102 2332 L. 1012933 102 4 11033168 1035.16 108732 108 1132 s December March 15, September March 15, FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Ca.) Nominal Sellin gold valve. checks today. 4.51%; ~051 o408+ L2390 trill'y Tondon, Paris, ‘franc Tirussels, fran Tierlin, mark sme, 'Tira Zurich, franc Athens, drachma Madrid, peseta . \ienna, erown idupest, crown. gue, crown Warsaw, mark Copenbagen, croy Christiania,’ crown ... Stockholm, crown By the Associated Press. W YORK, August 9.—Foreign exchanges steady; quotations (in U. &. dollars): Great Britain—Demand, 4.52%; cables, 4.52%; sixty-day bills on banks, 4.49%. France—Demand, 05481%; cables, .0549%. De- mand, .0447%; cables, —Demand, .0503; cables, .0504. many—Demand (per_ trillion), .23%. Holland—Demand, .3884. Norway— Demand, _.1387. Sweden—Demand, .2652. Denmark — Demand, _ .1619. Switzerland—Demand, .1890. Spain— Demand, .1344. Greece — Demand, [0177. Poland—Demand, .19%. Cze- “hoslovakia—Demand, .0295. Jugo- slavia—Demand, .0125. Austria—De- jnand, .000014%. Rumania—Demand, [10457;. Argentina—Demand, .3375. Brazil—Demand, .1010. Tokio—De amand, .41%. Montreal, 99. 11-16. - WEEKLY BANK REPORT. % NEW YORK, August 5.—The actual condition of clearing house banks Znd trust companies for the week s an excess in reserve of $21,666,- This is & decreasc of $4,294,080. pound THE NEW YORK CURB MARKET Received by Private Wire Direct to The Star Offico BY WILLIAM F. HEFFERNAN. NEW YORK, August 9. —The fea- tures in the closing session of the week in the curb market were a sharp run-up in the preferred stock of the Foundation Company and re- purchasing of various radio stocks so0ld out earller in the week. In the case of the former, the heavy demand which carried the price to 100 as against the previous close of 95!z, was sympathetic with the rather sharp upturn in Foundation Company common on the Stock Ex- change. The company's business in 1923 ran far ahead of that in the previous year, and it is known that earings so far in 1924 have improved substantially. ol As for the radio stocks, the market gave no indication that the recent upward movement, which culminated last week, was about to be resumed. However, those who had availed themselves of profits appeared anx- ious to get their stock back around prevailing prices and the buying to- day brought about higher prices for ‘Ware Radio, Rova and Dubilier. ‘The oil group was without feature and operations in this quarter rep- resented cleaning up of accounts for over the week end. ———————————— W _YORK, August 9.—Following is an official list of bonds and stocks traded in on the New York Curb Market today Sales in thousands. 5 Allied Packers 8s.. 16 Am Gas & Elec 6s.. 10 Am Roll Mills 6s 1 Anaconda 66 1 Asso Sim_Haw 8 Cit Serv T8 D ... 2 Con Gas Bal 55 E 5 Cuban Tel Tizs ... 14 Cudahy 5is 2 Detroit City Gas 65 Detroit Edison 6s. . ¥ed Sugar 6s '33 .. Fisher Body 6s '27. i, Robt 7s . lena Sig 0l Gen Asphalt Ss nd Trunk 6 3 Food Tupber 7o Inter Mateh 61y wi Lebigh Power 6. Le Co R R 38 w 5 Mo Pac Ry Ss wi New Or Pub Ser b5 5 Mo Cent on A . North St Pow ik 5 No St I Min 6las No St P Min 65 € 3 Park & Tilford 6s.. Penn Pow & Lt 5n.. BONDS. High Close. 80 95 1001 10378 9% 953, 1011, 106 Tow. 80 1001, 1037, 9% 051y 101 105 o 1023, i 100% 1021 = 163 105% 10455 Sec Bank of Fin is 3 Rep of Peru &s Russian Govt 5las. Rus Gvt ofs Dlas Russian Govt 6iys 30 Rus Gvt Bls nat cf 11 Swiss Gove 5is 20 Swiss Govt bs Sales STANDARD OIL 1SS in_units. 0 Anglo Am_ Oil . 5 Gal Sig B 0 Inter'] Pet Co Li 100 Ohio Oil new Prairie 0l & Prairie P L lar Refin Southern P L 5 0 Indiaca . 400 § O Kansas new 400 8 0 Kentucky 208 O Ohio ... 200 Vacuum Oil new.. 69% 6% Sales INDEPENDENT OIL STOCKS. in hundreds. Carib Sgnd ... Citles Nervice 2 Citels Eervice pf.. 1,000 Oit Sery C_serip. . 1,000 Cit Serv scrip.... 23 Crecle Synd 1 Gult 0il" of 2 Kirby Pet 5 Lago Pet 4 100 Latin_Amer Oi .. . Mex Pabuco .. Mount Prod ... Mutual 0N vot cfs New Mex Land ... Noble Oil & Gas.. ' Ohlo Ranger Lo Pennock Oil Pierce Pet Pet new 10 700 1 £3: Besnn Woodley Pet. Y oil COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PITTSBURGH, August 9.—Resump- tion of building operations on a large scale in the Pittsburgh district was predicted today by E. M. Tate, head of the local builders’ exchange. De- pression has reached the bottom, he says. S80UTH HANOVER, August 9.—The Joseph F. Corcoran Shoe Company has announced a general wage reduction as an alternative to closing the fac- tory. The cut varies according to oc- cupation. Places of lasters who quit have been filled promptly. It is a non- union factory. CLEVELAND, August 9.—Slightly heavier steel operations are expected in _the Mahoning Valley, where 59 of 119 independent sheet mills are in operation, The demand for ore has quickened moderately with a recent order for 300,000 tons, but three lake freighters have been added to the idle fleet, making 93 out of service. TULSA, August 9.—Production in the Tonkawa fleld seems destined to show an increase in production when more than 40 wells now drilling for the 4,000-foot sand reach that depth. ST. LOUIS, August 9.—Reports here indicate a severe drought in Arkansas and Texas peach belts, with fruit withering on the trees. The prospect for a large crop has been materially reduced. SKILL IN MONEY MAKING IS DEVELOPED IN CHINA By the Associated Press. ANKING, China, August 9.—The magistrate of Chinyanghsien recently confiscated large stores of opium in his bailiwick, and his praises were sung far and wide by the people of the province. They had been com- pelled by force to cultivate the poppy and subjected to heavy fines and tax ation, and they believed the magis trate' was seeking their welfare. Subsequently the magistrate put on the market some pills, which he ad- vertised as a sure cure for the oplum habit. For this he received renewed plaudits and his pill business pros- ered. " ‘Then it was discovered that all the fines collected for trafficking in opium went into the magistrate's pocket and that he used the confiscated drug to make his “anti-opium” pills. As-pun- ishment, when the authorities learned of his double dealing, he was warned to take his pills off the market. MISSIONS ARE FACTOR IN LUTHERAN PROGRAM By the Associated Press. > FARGO, N. D, August 9.—Efforts to create a more extensive interest in the establishment of missions in China and Madagascar, and the sub- sequent intensive religious and moral training of 10,000,000 heathen, will constitute the main work and aim of the General Mission Conference of the Norwegian Lutheran Church of America at its fall national conven- tion here. Fifteen internationally prominent missonaries and religious workers will speak. The convention is ex- pected to launch a drive throughout the nation . for more and better uipped Lutheran missions. P meetings will be held under the auspices of the Foreign Mission Board of which the Rev. Gullixson of Minot, N. Dak., is chairman. The Lutherans, according to the Rev. J. D. Runsvold of secre- tal of the mission bo: expend n;{ 000, each year alone fqr mis- One hundred and fifty mission- are already in the field, he and are accomplishing excep- tional results. * slon N INDUSTRIALS. Am G & E nw wi 5% Apalac ‘Pow & Lt 74 Atlantic Frult wi. 1% Borden & Co ..... 128 Chic_Nip ow wi A 36 Ch Nip B tr aw wi 14 Bur new ptd .... 101 Chatterton 5 Chatterton Durant Motor .... El Bond & Sh pf.. Foundation Co pf. Gen Motors new wi Glen Alden Coal .. Hazeltine Corp wi. Hud & Mamn R R Hudson Co pfd ... Landov Hold Cor A Lebigh Power sec. e Val Coal nw wi McCrory St new... Nat_Tea Co nw ‘wi N Y Tel Co ptd.. Elec - Radio Corp 2 Radio Co nw pf Wi Radio Co new ptd Rova Rad Co tr cf uth Cal Edison.. Star Pub A ... Thomp Rad vot ‘wi 2 Bakeries. . . Ware Radio Co wi MINING. Rl Oak Gold Mines Capario Copper Cresson_Goll A Crown Reserve ... Diam Black Butte. Harmill Div ..... Hawth Mines Inc.. Hecla Mine l Jib Cons ....0.... Kay Copper Corp. Kerr Lake ........ Lid Holi¥Eo0wl * Lot Silv Syi Tly Lead "Mines Prem Gold Min Red Hill Florence Red Warrior ..... .63 Rek Mt Sm & Ref Rek Mt § & R pf Ruby Rand Mines. 5 So Am Gold & P. Tonopah Min Walker Mining Wenden Copper 130 West End Ext BILIONS CUT OFF VALUES OF FARMS Removal of Inflation, Due to War, Reveals, Startling Valuation Declines. 3,820 BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, August 9.—Farmers' profits will be computed on a more sane and safe basis this year than since the war. For farm-land values, undoubtedly greatly inflated in 1920, have dropped more than $18,000,- 000,000 since that time. In Wall street parlance, the water has be squeezed out of the farmers' capi- talization and instead of reckoning on a small percentagé of profit on an overhauled property, the agricul- turist in 1924 will probably find him- self with a fair profit on a conserva- tively estimated capitalization. The slump in farm values, accord- ing to the Sears, Roebuck Agricul- tural Foundation, which has con- ducted an investigation recently, in- volved all the States except three. Western irrigated lands have almost held their own in the matter of values, due to the completion of large new projects, while Texas and Oklahoma lands have shown a slight increase. New Jersey land values also have improved, but the cotton felds of many of the Southern States have declined in value, despite the high price of that staple. Midwest Decline Largest. The Midwest decline was the larg- est. Good Iowa plow lands which av- eraged $257 an acre for the entire State five years ago are now valued at $169 an acre. Plow lands in Ohio have shrunk from $132 an acre to $96. The figures for Illinois were $213 in 1920 and are $148 at present and the valuation of lands in South Dakota has dropped nearly 60 per cent. The average California farm con- sists of 249.6 acres and the value is placed at $9.77 an acre for the 29, 365,667 acres classed as farm lands by 'Federal and State reports. Last year the farms returmed nearly $50 an acre for every acre tilled. In some sections orchard lands are val- ued at $1,000 to $1,500 for the richest tracts and fair returns have been earned on a basls of $3,000 an acre, but when lands sell for these high prices a large home or “site” value usually is included in the price. Many Farms Being Cut. Farm lands in California, Texas and Oklahoma are constantly being ot into smaller tracts. As farms become smaller, values of land increase be- cause of more intensive cultivation. This is shown conclusively in Califor- nia, where in 1850 there were only 852" farms against 120,000 today. Sev- enty years ago the average size of a farm ‘there was 4,465 atres and the total farm land value was less than $4,000,000, as compared with nearly four billion at present. The $18,000,000,000 shrinkage in values in the United States is fisured on the basis of the 1920 census valua- tion, in which year the total value of farm lands and buildings was $66,316,- 000,000. The 1924 value, as estimated from reports of the Department of Agriculture and other sources, is about 72.5 per cent of the 1920 total, giving a shrinkage of $18,837,000,000. The decline brings farm land values back to about the 1916 level. Bank- ers assert that this is a decided ad- vantage both to farmers and to busi- ness in general, and point to the nu- merous bank fallures in the Middle and North West in 1923 and 1924, due to extension of credits on farm lands the values of which were inflated. 'fll’lhme‘y ecl:re the ri;le in 1919-20 bene- no farmer unless he sol ceased to be a farmer. 4 ana Argentine Corn Menace, Whether Argentina can ship enough corn to this country to check the rise m corn pri is a question, accord- ing to fai perts. The South American country has a bumper crop this vear and will export approxi- mately 185,000,000 bushels. It is pos- sible that corn may be sold in Buenos Aires at a price sufficiently low to cover the Argentine export tax of 3 cents a bushel, transportation charges of 10 to 156 cents a bushel and the duty of 15 cents a bushel and still be landed in New York at a cost below the American quotations. Any effect of such shipments, how- ever, would be felt only at seaboard points, as the amount which could thus be brought in would not pene- trate far into the interior and would be small compared with the annual American consumption of 2,500,000,000 bushels, L EVENING STAR, WASHINGTON, D. C., SATURDAY, AUGUST 9 Buying Power of Farmers Has Increased by About $960,000,000 Roger W. Babson Estimates Effect of Recent Shqrp Advances in Corn, Cotton, Wheat and Hog Prices. BY ROGER W. BABSON. Special Dispatch to The Star. - WELLESLEY HILLS, Mass., August 9.—Recent rises in the prices of farm products have been discussed much as to their economic and political effect. Many have wondered just haw much of this increase would actually get to the farmers who produce these crops. It is difficult to get exact figures because of differences in locality, freight rates, and time of acutal mar- keting. A reliable estimate can, how- ever, be made by applying the recent increases to the actual prices being paid to farmers this last spring. Corn for instance was netting the farmer around 74 cents a bushel in January of this year. Cotton brought the grower about 28 cents per pound in March, while wheat was selling from 95 to 96 cents in the middle of April. These dates represent approximate lows since the beginning of 1924, Purchasing Power up $960,000,000. Corn has since seen a rise of 48 per cent, cotton an increase of 27 per cent and’ wheat has advanced approxi- mately 30 per cent. The latest crop estimates by the government fore- cast a corn crop of 2,515,000,000 bush- els. a cotton crop of 11,934,000 bales and a wheat production of 740,000,000 bushels. Corn growers are now re- ceiving over $1 instead of the 74 cent a bushel prevailing earlier in the year and on this expected production their purchasing power is thereby increas- ed over $650,000,000. Much corn is of course fed to hogs and not marketed directly. Hog prices have also risen about 40 per cent, 50 that the advan- tage holds either way Cotton planters are getting around 30 cents instead of 27.7 cents per pound, and thereby profit to the ex- tent of more than $135,000,000. The wheat farmer, who has certainly had his troubles these last few vears, is receiving $1.20 instead of 96 cents, and on the basis of Government esti- mate his political purchasing power is increased by $175,000. On these three crops alone the recent strength- ening in prices has added $960.000,000 to the purchasing power of tme farmers. If we compare these crop estimates with the actual crop harvested last year, we find a decrease of 17 per cent in the probable production of corn, despite larger acreage. The price rise offsets this shrinkage, however, and leaves:the corn farmer with an income at least equal to a year ago. Present forecasts on the cotton crop meantime indicate a yield 18 per cent ahead of last year. The South will not only receive a high price per pound, if present prices continue, but will have almost one-fifth again as much cotton to sell. 7 Wheat estimates at present indi- cate a shrinkage of 5 per cent in pro- duction as compared with 1923, but the present rate of price increase should rapidly offset this discrepancy. The total income of the wheat farmer should be between 25 per cent and b0 per cent greater than last yeat. Con- tinued drought and the possibilities of early frost may cut into these ex- pected vields, but such losses in vol- ume should be compensated for by Increased prices. g g The political significance of this increase in prosperity has already been commented upon. If the trend holds until election, then the third party should fare poorly. Unrest and radicalism have a way of evaporating in the sunshine of increased pros- perity. Farmers Increase Buying. The agricultural sections them- selves are already benefiting mate- rially. Frozen credits carried by country banks are being liquidated and farm buying is increasing both with local merchants and with mail- order houses. Great permanent bene- fit will result if the farmer continues to follow his present policy, which serves to tend toward paying his debts, buying much needed equip- ment and improving his working equipment instead of the reckless spending and land speculation that characterized his last seuson of pros- perity. " This welcome readjustment in farm prices has been long overdue, and it is hoped that the general level of ag- ricultural prices and industrial com- modity prices may come into even closer relationship. It is only on the basis of equitable purchasing power for all sections and classes that any real or lasting prosperity can be built. neral business as reflected on the Babson chart has not yet felt the advantage of this more even adjust- ment. Activity is now 12 per cent below normal,” the same as a week ago. Advance in Commodity Prices Certain to Revive Business Present Upward Trend Held Most Vital. British Pound May Soon Go Back to Par—The Outlook. BY STUART P.' WEST. Speeial Dispateh to The Star. NEW YORK, August 9.—The past week has been distinguished for a number of important happenings in the financial and industrial situation. Of first importance was the accept- ance by the German representatives of the terms of the London agree- ment under which the Dawes plan is to be put into effect, and thus, so it is hoped, the first great step taken toward the reconstruction of Europe. Second, there was the reduction of the New York Federal Reserve re- discount rate to 3 per cent, the lowest in the history of the new American banking regime. Third was the Au- gust report on the grain crops, show- ing a considerably larger probable yield, especially for wheat, than had been looked for, and thereby giving a_stronger, impression than ever of the turn for the better in the agri- cultural outlook. Advance in Commodity Prices. Commodity prices, which went down steadily for nearly four months, have been turning upward. The rise of 20 to 25 cents a bushel in wheat since the end of May and of 30 to 35 cents a bushel in corn, and the ad- vance in hogs, from around 37 to over $11 a hundred pounds, are facts of extreme significance. They have revolutionized the whole position on the farms. They have involved a very great addition to the buying power in the grain States, which is bound to make itself felt upon the general business volume. At the Same time advances have occurred in other commodities, such as rubber, copper and leather. It is fair to infer from this that the recession which began in the third week of March culminated in the middle of July and that the change since then has been 2 real and lasting one. Trade Improvement Discounted. chen it comes to fifhting these onnkfi:d:hdavelovmentu in _with the movement on the stock exchange the View point is different. Under the stimulus of cheap money, and look- ing forward to business recovery, stocks went up continuously for two Tonths, beginning with the first of June. There was an advance of any where from 10 to 15 points in this short interval, and it carried with it Undoubtedly a good deal of specula- tive excess. The way the market has halted during the last week, has r; fused to respond to the favorable jtems in the news, and in a good part of the list has times shown pro-l Sounced symptoms of reaction, is al very nmoticeable. It suggests that Wall street had let itself get too far ahead of the outside business move- ment in the same manner as on other occasions in the last two and a hal orne 1922 riod since the Spring o h;:hebe%:l characterizsed by four ufl; ward and three downward swings o considerable violence, following or;: another without any intervening re: term. There was first the .ulvu.nce trom June to September, 1922, suc- ceeded by & downward movement of equal proportions lasting to the end of November. Then came an abrup! reversal, culmirating in Y.ha; ort- lived boom of MA;?J”& L elen- suing reaction kept on. with on! yhl brief interruption, until late In the following October, when the declara- tion of the extra dividend by the United States Steel Corporation start- ed the market on an upward turr, which was not checked until the fol- lowing Spring. We thereafter had (he decline, accompanied by 8 sharp industrial slump from the third week of March until the fizst of June, which passed directly into the recent quite extraordinary advance. Tendency in Stock Market. int in rehearsing these fluc- tu.:lhl.onl:,ll to show the tendency of all street in the movements of the last two years to g0 to extremes and to allow itself to become alter- nately too much elated and too much depressed over conditions outside. The question raised during the week just passed is whether the upward swing of the early Summer has not implied too enthusiastio a view of actual conditions. The federal reserve rediscount sction had little effect because it had been too well anticipated in the course of the money market. It simply laid emphasis upon the fact Siready sufclently well known, that never before in this country has' thers been such an accumulation of unuesed supplies. , Now that there is of &_settlement in been placed on a thoroughly sound footing, the natural law has begun to operate for the first time since the great upset of 10 vears ago. This law calls for capital to leave the less for the more remunerative mar- ket, and the trapsfer of funds from New York to London is the basis for the rise in sterling, which has been one of the main features of the week. There is certainly better ground for the talk of the British pound getting back to old-time parity than there was_in January, 1923, when it reached $4 At that time there was much discussion of a readjust- ment of the international gold supply, to result from an outward flow from the United States. These predictions went wrong, then the same as those regarding a “gold inflation.” But it will not be surprising if gold export talk is revived, for it would be more warranted than it was under the cir- cumstances of a year and a half ago. The effect of a full recovery in the pound sterling and of a gold move- ment from this country upon money and investment conditions is one of the interesting conjectures ahead. 1924, CORN UP 13 GENTS PER BU. IN WEEK Government Report Causes Wild Rush of Buying in Grain Markets. By the Associated Press. CHICAGO, August 9.—Corn has fur- nished the surprise of the week in the grain trade, with Government figures pointing to 40,000,000 bushels less pro- duction of corn® in the United States this_year than the average of private estimates of late had oindicated. corn market has continued its record- breaking advance in the face of set- backs for wheat. Compared with a week ago corn prices this morning were 2% to 5% higher, with wheat 1% to 1% down, oats % to 1%up and provisions show- ing 15 to 27 gain. G 13 Cents Per Bush It had been assumed in many quar- ters that with better weather the im- provement of the corn crop condition during July was pronounced as to imply fully 120,000,000 bushels in- creased yield over the total which at the beginning of July was looked for. Nevertheless, demand for corn ap- peared at times to be Insatiable, and the market rose to 13c a_bushel above last week's low point. Extreme late- ness of the crop and consequent dan- ger from frost were among the incen- tives to buyers, and so, too, were Ppros- pects of an’intensive feeding demand. Announcement from Washington that the condition of the corn crop is the lowest since 1911 and relatively worse instead of better than a month ago, led to new sharp upturns in the price of corn as the week drew to an end. Meanwhile rains, delaying the oats harvest, gave strength to the oats markl‘! despite Government figures showing that the probable yield of oats had been much in- creased. Wheat Weak: Oats Strong. Wheat eased down owing largely to anticipation of the favorable showing of the Government report as to a big domestic crop of wheat. Evidence that the Winter crop was being rap- idly moved tended also to weaken prices and so, too, did breaking of the drought in Argentina. Provisions derived their strength chiefly from the action chlanys on the corn GOOD NEWS IS 0UT; MANY STOCKS SOLD By the Asmciated Press. NEW YORK, August 9.—While Wall Street had been expecting that the stock market was due for a technical reaction after several weeks of stead- ily rising prices, it was rather dis. turbed that the decline should come in the face of a large budget of &00d news. Favorable developments, including the reduction of the re- discount rate, progress of the inter- allied conference and _semi-official announcement- of the Nickel Plate merger terms, seemed to inapire sell- ing on the theory that the good news ou Wanted Second Trust Notes w\\'e hn;r clients with funds _purchase good SECON; TRUST NOTES. in denominec tions of from $500 to $10,000. Low rates if security is good Apply at Once to Our MORTGAGE DEPARTMENT HANNON 713 and 715 14th Street N.W. Main 2345, Money to Loan Secured by first deed of trust on real cstate Prevailing icterest and commission __lcseph 1. Weller 420 Wash. L. & Trust UNFILLED U. S. STEEL ORDERS DECREASE Associated Press. W YORK, August 9.—Unfilled orders of the United States Steel Corporation on July 31, made public today totaled 3,187,072, a decrease of 75,433 tons under the total at the end of the preceding month. CHICAGO GRAIN PRICES. CHICAGO, August 9.—With reports at hand indicating that no frost dam- age had yet occurred in Canada and that the North Dakota crop was es- caping any serious harm from black rust, the wheat market averagei lower in price today during the early Gealings. The fact, however, that August 10 is a danger date for frost in Canada tended to induce consider- able buying, and to rally the market from declines. On the other hand hedging sales here against newly harvested wheat were of liberal vol- ume. Opening prices, which ranged from 3% lower to % advance, Septem- ber 1.28% to 129 and December 132% to 1.33%, were followed by light gains all around and then by 1numerous fluctuations mostly below yesterday's finish. Corn and oats were firmer, owing to widespread stormy weather. After opening unchanged to % higher, De- cember 1.05 to 1.05%,’ corn made a moderate general advance. Oats started % to % up; September 49% to 503, and later continued to ascend. Provisions were steady in line with hog values. {1 DB FER F § FEE & 88% & September .. May September - P a5 &8 MORE OIL MERGER TALK. NEW YORK, August 9.—To the crop of ofl merger reparts persisting in the financial district have been added the rumor that the Marland and Mutual companies y form the nucleus of a consoligation in the mid- continent fleld. e the report lacked official confirmation interests closely identified with the ofl indus- try asserted that considerable dis- cussion had been devoted to all mer- ger possibilities in view of the need of measures to cut down operating costs. < BREAD PRICES SOAR. PARIS, August 9.—The cost of flour continues to rise and it is understood the price of bread in Paris will be in- creased sou per kilogram next “Well, H my wife —London Answers; Bldg., 9th & F N.W. WE FINANCE Apartment Houses Business Property Residence Property Hotels, Ete, Higbie & Richardson, Inc. 816 15th St. N.W. EQUITABLE Co-Operative Building Association Organtsed 1879 44th YEAR COMPLETED Asets .. ... BATE5,170.52 Surplus . oe..81,248,32098 Great Accomplishments Through Systematic Saving —Join the Equitable and save in a sys- tematic manver and sou will grow stronger and stronger in a financial 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 P. REESIDE, Sec’y. A Way to Keep Free of Investment Worries Buy our First Mort- gage Notes which yield 6% and are secured upon at least a two-for-one basis— and be free from all concern about the Safety of your money. Try us in any amount from $100 up—we've never lost a dollar for an investor. Send for details to our Tortgage Investment Department (SHANNGN & TUCHY) 713 & 715 14th St. N.W, Main 2345 - The | First Mortgage Loans Lowest Rates of Interest and Commission Prompt Actien Thomas J. Fisher & Company, Inc. 738 15th Street FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13.000.000 1315 F ST Jown PooLe Paesivent FOR SALE FIRST MORTGAGE NOTES Consult Us It you have funds for investments THOS. E. JARRELL Member Washington Real Estale Board. Woodward Bldg. Main 766-33 We offer to the careful investors a limited number of First Mortgage notes bearing 7% interest per annum. These notes are secured by first trust on approved Northwest 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 extraordi- nary margin of safety. Let Us Furnish You the Full Particulars | Moore & Hill, Inc. 730 17th St. NW. (24 years without a foreclosure) A equivalent of 7% 7 hand return through the next few vears. have a few choice investments-on hand. Avoid disappointment NOW in these Mortgages. denominations of $100 and upward. Reser- vations may be made if your funds will be available in the near future. Continental Trust Company Capital One Million Dollars GRANITE BANK FRONT FOR SALE AT A BARGAIN H4I4F St.NW. See us tear it down. Admire its beauty. Then ask us the price. Sidney L. Hechinger Co. First Mortgage Notes Are the type of investments that zppeal to conservative investo 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 worry can be dismissed from your mind. We have on hand a limited amount in denominations of $100 and up. Chas. D. Sager Loan Department 924 14th St. N.W. i 38 Main MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST 1207 Conneclicut Dnenus Disappointment— RE you one of those who have not profited by failing to invest in our First Mortgage Notes now vielding the Anticipating a decline in the interest rate in the near future, investors have been pur- chasing the Mortgages we now have on order to assure themselves this high We still by investing They are in Swartzell, Rheem & Hensey Co., 727 15th Street, N.W. | 55 Years Without Loss to An Investor tive, Quarter of a Century Without a Loss make Main 2100 EITHER AN INVESTMENT IS SAFE OR UN- SAFE—THERE IS NO HALF-WAY GROUND For over thirty-one years we have specialized in conserva- FIRST MORTGAGES —without a loss in either prin- cipal or interest to any client. If safety of principal and an interest yield consistent there- with appeal to you, you can ne better investment than to put your funds in our First L.\'Tortgages. B. F. SAUL CO. 1412 Eye St. N.W.