Evening Star Newspaper, August 20, 1924, Page 23

TINANCIAL. PORK PRCES ~ INLOGAL Beef, Veal, Lamb, Eggs and * Butter Firm—Review by Agriculture Experts. was th th andition eaper prices in t future u A a har and and 50; lcef, b Th sally no changes in the nd lamb mar have for the past three ket is reported and Prae veal ot roted da with but Fruits and Vegetables. The daily mark nd veget Market News icultural Eo aloupes—Suppl Hmited: mar Laster M tandard, and sias moderat crates, B ir quali < demar ; market varrel , round typ. Apple Pric Supp! market < Lower. moderate; ma two-third ¢ inz. the \pples moderat nd and rious early va 10 Home-grown moderate 3-dozc few 3 Virginia kets, v ietie few 2 Corn nand rown a strong EVERYMAN’S NVESTME ADVICE TO AN AMATEUR. Fifty-ninth Article; The writer met a professio fn a broker's office the other looking for inve t ad owned mall block of the stock of certain indu soration which had d faith at th e it w vidends bught at ce, a happens. afterward depre set in, this particular com sed its divider price suffercd brealk common rial cor- the top hecame ased advancir Shares ciated until the showed him only five points nd had appre vestor's hold loss of Mow Stock May is professional opinion as to what he told him the stc he was highly speculative, t no sense an investment sooner or later he ought of it, inasmuch as he admitted he was in no position to t risks with his small capital. He thought this advic good, but objected he could not afford until the quotation to the pr Aet. man asked my should do I Kk was holding and_ that dispose to sell vanee paid. earnings are is picking up, as apy dividend w sumed and the price will go up and I will have a profit instead of a los ed to explain that t arily follow he that the dividend was restored would not of i the stock Ack in the investme Jt was more doubtful him, that the ktock would keep up its advance after favorable dividend action had been aken. What was happening in this particular instance is wha goes on m Wall street continually. Specula- tows had been buying this stock inthe espeetation that the sharcholders would eventually receive return But when that time came, if it did come, the speculators who had been buying would be ready to in order to realize the profit due 1o the foresight. The result would more likely to be a decl v a further advance as soon as the dividend had actually been declared. nd Lusiness rently it is Two Moves Possible. The amateur speculator persuades himself that in cases like these bona Gde imvestors will spring up over vight to take hix holdings off his lands. That rarely happens. In vestors are more cautious. If th are wise the not buying com- mon stocks just becau divide is being paid. They look back over the record of the They want some assurance of continuity of ment in bad times ax well as good. My friend’s stock was a speculation Swhen he bought it. Tt i tion now. It will still be a specula- tion when and if the dividend is re- stored. He must make up his mina to do one of two things. He must sell out now, accept his loss and re- invest in some sound security. Or be must go on speculating. (Copyright, 1024, by Consolidated Press.) Sl d ey 2 Query the Promoter. Determine how much of his own mongy the: promoter is putting into Liis scheme before you decide to risk Yours. Don't take his word for inake him prove it - it— day | He | at it was in | even | NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM K. HEFF NEW YORK, August 20 ( With nothing in the outside win in speculative in the m, in today | | | 1 time du {'e Numcrous ind Did up sharply New at lof | Con weakness, Z up Commonwe ount; up more th i General Motors new, up another Ith news to 1 favorites were to the highest price £9 far reached while in no quarter Power | Foundation | at!sequently . and Film Inspection Machine, up nore than a point, across 9%, were only a few of the features of the day The new General Motors shares | were merely adjusting their selling . | price to the higher level for the old ¢ | shares on the stock exchange, which ere being bought with motor stocks generally on the better outlook for these mpanies for the second half year. Cleveland Motors sold a point | under the Jast previous sale, quickly retraced the lo Red Bank featured the deal ings quarter, breaking points further at the outsed but sub- rallying. _— NEW YORK. August 20.- 1 ofticial Tist of bond traded in on the New rket today York LONDS K Finland S 0 Nebra SONY S 0 Onio ‘Washington | SALES Metropo at 10y, F1.000 At S1000 at & Tov. pfd 4 100 at 9. at at 3014 lwr. & Elec. 455,000 of Washington—1 at 210, 1 at 4 ana v per cent Capital ion Co. Mozey—Call loans, Bid and Asked Prices. BONDS. PUBLIC UTILITY Telephone Telephone of Traction City & Suburbun Georgetown Gas 18 Mo fitan 1. R | Po T Pot Potom: 3 ot Tow. g m. & ref. | x. & Mt. Ver. x. & ME Vo & Aunap. then | hern Mit TOCKS. > UTILITY. al Traction Washington ¢ NATIONAL B | National Capit Columbia S0 | Farmers & M ederal- Amer ual Tank of Was T COMPANY. rust T can Security and Merchants® ational Union Trust.. P Washington Loau & Trust... SAVINGS BANK. United e Washington M ‘olumbia_ Title. Sl Estate il MISCELLANEOUS. -, Paper pfd.. % o ranster & Storag nthaler Linotype. 0 Mtge. & Tov. pd. { Old Duteh Market” com. ol b Lanston Monoty Yeilow Cab.o. .. *Lx dividend. Following nd stocks ‘Curb | i hndreds 000 5t 100, £1.000 1001, 1003 W Tac INT um 01 new rEN w65 T OIL STOCKS 1 Ark Nat G Pennock 01l 2 Red Bank O new oy Can 0il & R alt Ck 1 Torma 1 U 0l of Cal D S Woodley Pt INDU Adirondack Pack new Pack propt & E nwowi L& Tract Trac b & Lt Lt pfd Armour & 12 Atlanti L Borden & Co B Bure Add Mach 1, Bur Ad Mch ow pf 4o S Co pf Feuit wi i Centrifug 1 1 Ch Chatterton pid Chie Nip nw wi Ch Nip B tronw wi ‘hilds Co new wi eveland Anto Pow Co pid 1 1 1 Dubilier ¢ & Tadio i Duraut Motor....... 1 Dupont Motor. Penn Bond & S i Railway Se 69 Film Inspect Mach. 4 Ford Motor Co Ca 3 Co azeltine Corp wi.. feyden Chem Nat Tea Co ..... Ombs Crp A pfd wi ot SpovEE er wt elps Dodge s nes Wnte Fr Co A 1 Thread Co pf 16 United Bakeries 1 Unit Bakerie: United G & F : Unit Lt & Pow 5 Ward Bak Co B wi 3 Ware Rad C : Western Power . RMS new wi vl xploration wid 41 Con Cop Mines new ) Cop Canyon...... ) Cortez Nilver. ar| | . R EeEE 10 Goldfield Deep M. | Zonets . ) Hardshell Miu 1% Harmill Diy 20 Hawthorne 50 Hill Top Ne cia Mine ... | | ul b, EiEE ) Tove & Lor Plymouth 14 Premier Gold Mi 30 Red Hill Florence 50 Reorg'ized Div Anx . 10 Rogd Kewanas ... . 7 Rky Mt Sm & Ref 3 Rky Mt S & R 100 Sitver Pk ) Spearbead Gold 4 Teck Hughes .. iskaming Mines . Belmont pah Extens mButler 76 1 West End Cons 20 West End Ext (CURB STOCK DOUBLES IN PRICE IN WEEK Dispateh to The Star. | NEW YORK, August 20.—The cam- * | paign on the Curb Exchange in Film | Inspection ~ Machine, according to Saah 11 {a name well known in Wall street, | the beginning of whose career has received considerable advertisement [in the press.: It will be recalled that this stock only last week was selling as low as 4. Today it had more than doubled this !figure and there were no signs of let-up -in the demand. e A Fool and His Money. The fact that a stock certificate is printed in faney green scroll work is no proof that it is worth any more than ordinary wallpaper. ‘Thousands of people in Washington would have saved their money if they simply had asked their banker to tell them what he knew of some supposedly wonder- ful investment. TODAY’S METAL MARKET. NEW YORK, August 20.—Copper, easy; electrolytic spot and future: 13%a13%. Tin, steady; spot and fu tures, 52.62. Iron, steady; No. 1 Northern, 20.50a21.50; No. 2 Northern, 20.00220.50; No. 2 Southern, 18.00a 18.50. Lead, steady; spot, .00a8.25. Zinc, firm; East St. Louis, spot, 6.25; futuzes, «6.27. Antimony, spot, 095, We should not pass from the earth without leaving traces to carry our wemory to posterity,—Napoleon, but | le | makers | where | been vigorously : | the i tax gossip in financial circles, is the first | venture of a young operator bearing | BIG FIRMS MOVE 10 SMALL TOWNS Closer Contact Being Sought Between Producing and Distributing Ends. BY J. C. ROYT. Special Dispateh to The Star. NEW YORK, August 20.— White collar workers as well as soft shirt men who come to the large cities to work nowadays are likely to be com- pelled to turn around and go back to the smaller towns. There is a distinct movement under way toward « closer contact between the produc- i administrative and distribut- s of many basic industries. as desire to concentrate a. close to the center This trend strengthened by One of these h erease of prope in the larg in policy has heen a number of factors. Leen the rapid in- ty values and rents cities. A concern which moved its executive and sales depart- ments recently from New York to the Middle West ‘was able to buy prop- erty and build its offices there at a cost cqual to about one year's rent for its former quarters in this city. t of living for employes also b been taken into deep considerat in an effort to avoid a higher sc of wages without lowering person: efficiency or standards of livin among the workers, Labor Alxo Changes. Moves of industrial plants and fa torics to smaller centers has been in spired by similar motives and by the search for cheap and dependable power facilities. Many sites have been changed also by the transforma- tion in the foreign-born engaged in certain industries. The piano industry for many years was almoxt entirely in the hands of ierman workm The piano work- ers, wood carve picture frame and pipe makers formerly were of German origin. Their p now have been taken to a large ex- tent by Russians, Poles and Italians. The manufacture of canes and um- brellas, formerly in the hands of the Trish, has now passed to Jews of for- eign birth. Many of these industries have moved in order to get closer to a suitable supply of labor. Truck transportation also has enabled manufacturers to utilize sites land values are cheaper and where the cost of storage faciliti for raw matgrials and finished stocks are not so high. mployes Oppose Moves. These moves to smaller towns havs opposed LY many ot employes. “The chief disadvan is the difficulty of attracting skilled labor,” says a finding of the ommittee on the regional plan of w York and environs. “Workers and their families do 1ot want to leave behind them the shopping and amusement advantages of Manhattan and the foreign colonies, where many find their chief social life.” Many who have moved from Broad way o Main street, however, are thorough tisfied with the change cials of the Indian Refining Com- pany, which moved its executive and sales force of 300 people from New York to Lawrenceville, 1L, where its refineries are loca declare the policy marks & new movement for the redistribution of the working popu- lation, as well as an improvement in efficiency in selling and manufactur- ing, a cut in overhead and a saving of time in communication. “The experiment is proving suc- cessful,” said J. H. Graham, president of the company We asked white ar workers to make a six months' trial of living in the small community in Ilinois, and guaran- teed return expenses for themselves. their families and goods if th found their urban instincts too strong. Only 19 have returned—17 in the accounting department and 2 mem- bers of the sales force. Personal Touch Helps. “The personal element in industry may be restored through removal to smaller centers. Closer assoclation brings better business and more bus néss. High executives become aware of the human qualities of those un- der them and are able to base ad- vancement of their men on a broader understanding of their abilities. A return to truer industrial democracy is evident as a further development through the breaking down of arti- ficial barriers between the ranks of the workers.” Among other c organizations who {are taking similar steps is the Amer- jcan Woolen Company, which s gradually transferring its executive departments from Boston and other cities to Shawsheen Village. PRINT CLOTHS CHEAPER. lSlighc Declines Recorded in Cot- ton Goods Prices. teh to The Star. = PV R ORE, Augusi 20—The raw NEW { silk markets ehowed a strong trend today, with prices moving upward on a good volume of business. The XXA 20- 22 denier advanced 25 cents to $6.30, XXB 20 cents to $6.20, extra 20 cents to $6.10, and Best No. IX 20 cents to $6.00. Cantons were unchanged. The cotton goods market was again quiet, with further slight declines. Print cloths were off another 1 cent at 9l cents for 64 by 60 and 1013 for 68 by 72. TAKE UP MERGER OFFER. 5W YORK, August 20.—Executive committee of the Erie and Pere Mar- quette Railways met here today to con- sider the offer of the Van Sweringen interests of Cleveland to merge these roads into the proposed new “Nickel Plate” system. Action of the Erie Railroad committee will be reported back to the board of directors, Which will then make a recommendation to stockholders. ~ The Pere Marquette executive took no definite action. POTATOES CHEAPER. CHICAGO, August 20.—Potatoes slightly weaker: receipts, 35 cars; total TUnited States shipments, 648: Kansas sacked Irish cobblers, 1.20a1.35; Mis- souri sacked lrish_cobblers, 1.15a1.30; poor stock Kansas“and Missouri sacked Irish cobblers low as 1.00; Minnesota sacked early Ohios, 1.15a1.25; Ne- braska sacked Irish cobblers and early Ohios, few sales, 1.50;. New _Jersey sacked Irish cobblers, 1.80; Virginia barrel _cobblers, 5a2.75; eacked, 1.65a1.75. NEW YORK EGG PRICES. NEW YORK, August 20.—Eggs, steady; receipts, 19,197 cases. Nearby hennery, whites, closely selected, ex- tras, 54a56; nearby and nearby West- ern hennery, whites, firsts to average, extras, 40a53; Pacific Coast, whites, extras, 49a50; do., firsts to extra firsts, 40a48. RAW WOOL STRONGER. BOSTON, August 20.—The raw wool market showed marked strength today. Dealers took the position that the goods prices named by the American Woolen Company fof spring fabries were in line with current raw wool prices. Trading was fairly quiet, but predictions were heard that it would pick up nest week, with price tenden- ajes still upward, 2 | population | our | | | WOULD PUT COTTON ON CHICAGO EXCHANGE By the Associated Press. CHICAGO, August 20.—Directors of the Chicago Board of Trade have or- dered posted for ballot by the mem- bership a series. of new rules which would provide for the trading in con- tracts for the future delivery of cotton. Creation of a cotton futures market on the floor of the exchange has been under consideration for nearly a year. Recently a serics of conferences was held in Texas znd with Department of Agriculture officials in Washing- ton. It was determined that Houston and Galveston should be made the joint port of delivery of contract: Trading contracts, according to officers of the exchange will coincide with those of the New York and New Orleans cotton exchanges. DAWES PLAN HELP SHPPING SHARES Coppers Also Aided—-Other Groups Strengthened by Special Factors. | By the Associated Press. | ket sessions. | | | | | | 1 { which Edward L. | of the compuny {order that the NEW YORK, August Group movements have been one of the in- teresting features of recent stock n Sp shifted from one group to anothes frequently some and groups would be ad- vancing while others were reacting. but rarely have there been opposing movements on important the same groun. A notable exception however, is the pan-American issues, which have displayed strength, while other oils were heavy, but this ably due to rumors of important velopments affecting the Doheny terests. Copper and shippings have he first to discount the expe from the adoption of the 1 Mail order and farm in have advanced in refle grain pr whith power for the farmer. de- in- 1 the wes plan. jlement stocks ion of higher mean increased Textiles, leath- rubbers have responded to :ommodity prices. Public util- s have been strong on reports of increased earnings and superpower development plans. Oil Rumors Fill Street. Wall concern troleum street is filled with ng the Pan-Ameri and Transport Comp Doleny is the Reports that Mr. 1 w tire and that control of 1 as to pass to the Standard Oil Con pany of California were denied by Mr. Doheny. The latest report is Royal Dutch interests are seek obfain a large inter in American, Cosden, Phillips Petrole and Sinclgls Recent Wetivity of the Pan-Ameri- can tocks and th, n Los Angeles of Elisha W a director and firm Blair & Co., widely construed as an indication that important developments are pendi but to date Wall street has be. in the dark concerning them. Pe- head as to re- resenc, Iker, of bankers, is Call for Wilkon Bonds. A comm Harold Guaranty ittee of bankers heuded by Stanley, president of Company of New has ealicd upon holders of Wi Co. 10-year convertible ‘sinkir 6 per cent and 7' per cent g to deposit their bonds naranty Trust Company and ase National Bank e s deposit groement now in colree of prepmrn. tion. It is important that this one, the announcen comm sent the bondholders e 1 negotiations with other creditors ang with stockholder with a view adjusting the company's structure. . ) York, & tund bonds the with be in financi New Issue The North American Company, or, October 1), is one of the oldest, larg lative interest has | __ CONDiITIONS OF THE stocks within | 1 kept | AUGUS | < prob- ted benefit | | | mors | that | partner in the | the | | to re- | Chancellor city, and a do: 1924, RECEIVER IS ASKED FOR ELECTRIC FIRM By the Associated Press. TRENTON 20 ., August 20.—Vice ackes today ordered the Splitdorf Electrical Company %o show cause why a receiver should not be appointed to take charge of the com- pany's affairs, and why officers of the company should ‘not be restrained from disposing of or morigaging any of the property of the company. The order was signed, following the | — court clerk proceed filing with the of involuntary ings, brought by Newark, a stockholder, who alleged that the company in its present state cannot be o d safely. The company has a big plant in this n subsidiary nd West. Changes in the ignition systems of automobiles were blamed for the alleged fallen fortunes of the manufacturers. chancery bankrupte in the South NS = N Statisticians find that the avergge woman has a chance of living lofger than th |First Mortgage Loans Lowest Liates of Interest and Commission Prompt Action Thomas J. Fisher & Company, Inc. 8 15th Strect _ FOR SALE FIRST MORTGAGE NOTES Consult Us It you lave funds for investments THOS. E. JARRELL Member Washington Keal Estale Board. Woodward Bldg. Main 766-3370. GERMAN MARKET TODAY Make it imperative that you protect your interests by REGISTERING Youn STOCK AND BOND CERTIFICATE NUMBERS. Addrens: FOREIGN BANKING 203 Investment Bldg. FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13.000.000 1315 F ST. Jonw PooLe Paeswent Arnold Guaranteed Certificates Arnold Guaranteed Certificates afford a safe and profitable in- extment for surplus fonds. They are secured by first mort- ®xages on improved income real estate and homes. and are a di- rect obligation of Armold and Company. Issued in amounts of $100, $500 and $1.000, to run for term of 2 to 10 vears. Send for Booklet K-1 ARNOLD AND COMPANY Capital -ndn‘:'::;.l::. #1.250,000 1418 Eye Stree ‘Telephone Ma Tarry D. Halsey of | mpanies | [ | | | | Money on Hand To Loan on First Deed of Trust Improved Property Only JAMES F. SHEA 643 Louisiana Ave. N.W. When Buying Cur 7% First Mortgage Notes You Can Be Assured and has First.—A very careful servative appraisal made. Second.—The loan we recommend i8 less than 50% of the market price, Third—After you have purchased one of our mnotes you get a service that assues you inter- est the day due. Notes on hand in $100 up. Chas. D. Sager 924 14th St. N.W. Main i Loan Dep: con- been mounts ot tment A Public Utility Security to yield 7% . The 6% Gold Debentures, of Pennsylvania_ Electric Corpora- tion, due in 1954, offer an attrac- tive investment at the offering price of 933, and interest. Pennsylvani controls Penn Public which_serves a popalat about 700,000 in a territory ing over onewsixth of the entire area of the State of Pennsylvania. Electric Corporation We recommend for investment these Debentures, which are se- cured by pledges controlling stocks of subsidiary compani 933, and interest to yield 77, escriptive circular upon request E. H. Rollins & Sons Founded 1876 416 Woodward Bldg., Washington Boston New York Philadelphia Chicago Denver San Francisco Money to Loan Secured hy first deed of trust on real estate Presailing interest and commission oseph I. Weller 428 Weih, % & Toust EQUITABLE Co-Operative Building Association Organized 1879 41th ¥ Ansets . Surplus It’s Easy to Save Through Our Systematic Plan. —and you will eventually be financ strong. Let us tell you more Subscription for the 87th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JONN JOV ENSON. Prestdent ANK P. REESIDE, Sec'y, —_— It’s Too Bad About Poor Bill— He paid the penalty of his own folly by taking had ad- vice coucerning his specula- tions. RESULT : Depreciated values and loss of income, together with the mental anguish of dis appointment. Let us show vou how avoid this_ mistake by m ing safe investments whic will yield a liberal income. First Mortgage Notes at 6, ¢ Denominations of $100 Up Mortgage Investment Dept. HANNON & LUCH 713 and 715 14th Street N.W, Main 2345 Don’t Lose Interest which you might be earni FIRST MORTGAGE Ni ng on your money. We have OTES paying as high as SIX AND A HALF PER CENT. No investment is safe nor does any security incl Your money is secures ing property which secure: ude so many solid advantage: d by the same income-produc- s our original investment, with the added feature of our guarantee to you of prompt pay- ment of both principal an all details. Inquiri d interest. We relieve you of es invited. Real Estate Mortgage & Guaranty Corp. (Resources Over One gnd a Half Million Dollars) L. E. Breuninger, Pres $10,000,000 ‘The North American Company Six Per Cent Cumulative Preferred Stock (Par Value $50) (Preferred as to Assets and Dividends) principal controlled operating subsidiaries are: The Cleveland Electric Illuminating Company, Union Electric Light & Power Company (St. Louis, Mo.), and The Milwaukee Electric Railway & Light Company. The company also owns a substantial stock interest in The Detroit Edison Company. Operating subsidiaries of the com 1921 1922 1923 1924 est and most succes: EARNINGS Consolidated earnings of The North American Company and its subsidiaries have been as follows: $38,853,190 55,234,492 75,465,267 717,768,195 2 months ended June 30, 1924. Earnings of $8,833,543 before preferred dividends and after all operating charges including depreciation, dur- ing the twelve months ended June 30, 1924, as shown above, were in excess of 715 times the actual dividend re- quirement on preferred stock outstanding during that period, and more than five times the annual dividend requirement on the total amount of preferred stock to be outstanding after this additional issue. JUNIOR MARKET EQUITY $74,000,000 The Nox:th American Company itself has no funded debt. The $29,085,750 of preferred stock to be outstand- ing after this issue will be followed by common stock which, on the basis of present quotations, represents a market equity junior to the preferred stock of over $74,000,000. The as of June 30, 1924, was $27,829,160. Quarterly dividends have been paid continuously on the company’s preferred stock since its issuance and on the common stock for a period of more than fifteen years, the present common dividend rate being 10% annum payable in common stock at par. The outstanding preferred and common stocks are listed on the New York Stock Exchange, and application has been made to list this additional issue of Six Per Cent Cumulative Preferred Stock. $6,711,142 11,303,731 16,253,454 16,371,747 $3,239,832 5,209,882 6,867,996 7,538,204 ident 26 Jackson Place ganized in 1890 (dividends payable quarterly, January, April, July and sful of public utility holding companies. Among the T ipany have been conspicuously successful in the public utili‘y field and have been notable for consistent growth in both volume of business and net earnin operate are among the most important industrial centers in the United Stat an area of more than 11,000 square miles, gs. The cities in which they t in th es and the territory served comprises with a population in excess of 3,600,000. $3,471,310 6,093,849 9,385,458 8,833,543 par amount of common stock outstanding per W-e offer a limited amount of Preferred Stock for delivery if, when and as issued and received by us, subject to approval of legal matters by counsel. Price $48 Per Share. To Yield 61/%. Further information is contained in our circular which may be had upon request CRANE, PARRIS & -COMPANY . 823 Fifteenth St."N.W. The statements herein have been accepted by us INVESTMENT SECURITIES Washington, D. C. s accurate, but are in no event to be construed as representations by us. E