Evening Star Newspaper, August 27, 1924, Page 25

FINANCIAL. PRICES HOLD FIRM AT CENTER MARKET Lamb, Poultry and Pork Trifle Easier—Eggs Are Unchanged. Steady was reported of the condi- tion of the beef market. Good cattle are scarce and bringing good prices. Medium stock is scarcely moving and there is practically no demand for cow meat. X Dealers reported a weakening in the lamb market, with probable lower prices, but the calf market continues strong. There has been but little change in the pork market the past few days. The demand is slow and the market on loins weaker. Dealers reported the poultry mar- ket as a trifie casier. There has been no material change in prices, how- ever, but lower prices are expected later in the week. The ess market continues firm. Fruits and Vegetables. The daily market report on fruits and vegetables (compiled by the Market News Servi Bureau Agricultural Econom Cantaloupes — Supplie dcmand light, market ware, salmon tints jumbo 2.50. some ordinary condition low as 1.00; Maryland. salmon tints stand- ards, ort 36s, mostly around 1.50; California. Turlock ~ section, standard crates Honey Dews, mostly, Onions—Supplies moderate; demand Yight, market steady: Massachusetts, 100-1b. sacks yellow varieties, No. 1, 3.25a3.50. Peach Supplies Light. Peach Supplies of good light, ordinary stock liberal: demand light, market dull; Virginia, 6= Belles, small size, 0: Hileys, zood color, 1.7%; Sbertas, 2504 3.00; bushel baskets Hileys, small size, 1.30; Elbertas, poor color, 1.00a 2.00% few, : Reeves. zood color 3.00a3.50; Maryland, 6s, and bushel baskets, Champions, good color, 1.25a 1.75; Ra: small size, 1.00a1.25; bushel baskets Belles, poor quality best, 2.00a2.25; ordinary quality, 1.00. Watermelons—Supplies light; de- mand slow, market dull; carlot sales, North Carolina and Georgia, bulk per car, Thurmond Grays, small fair quality, 135a150. Potatoes—Supplies liberal moderate, market steady New Jer- sey, 150-1b. sacks, Irish Cobblers, U 8. No. 1, mostly around 2.50 per sack upplies light. demand market steady. New York Big Boston type, 2.50a2.75: poorer, 1.50. Cabbage—Supplies mand light, market steady barrel crates, Round type, best, poorer, 1.50. New York. bulk, ton, round type. mostly 30.00. Tomatoes — Homegrown, receipts moredate, demand moderate, market dull. Homegrown, half bushel ham- pers, No. 1, 50al.00. Pear Market Dull. Pears—Supplies libera Hght, market dull. Or Bartletts, fancy, 3 Sweet potatoes—Supplies moderate, demand ow, market dull East Shore, Virginia, cloth-top stave bar- rels, yellow varieties, No. 1, 8.00a8.50; fair quality, 7.00a7.50. Apples—Supplies light, market dull. Virginia, bushel baskets, various varie- ties, 1.25a1.50. California, boxes Gravensteins, fancy, small 3.00a .25, demand moderate, de- Virginia, 1.76; per demand zon, boxes liberal, demand Maryland and e, IRON AGE REPORTSfi SY3QYO0 T3ILS HIHVT August Buying Shows TUniform Increases For Leading Manufacturers. By the Associated Press NEW YORK, August company estimates of August order: which have been coming out th week, quite uniformly show increases over the new orders of July,” Iron Age savs. “The steel corporation's report of 10 per cent higher bookings in the first 22 days of August is con- siderably eded by the percentage figures of several independent cd panies. But percentages are not all- convincing, in view of hte restricted tonnages which were common in the first half of July. There is a gen- eral agreement, however, the re- port that August brought improve- ment in the steel trade, whether measured by new buying or by op- crations at the plants of the leading companies.” BIDS IN PROTESTED SALE RECEIVED HERE TODAY Acting Secretary Davis of the War Department received today from the board of directors of the Hoboken Shore Line Railroad a report of the opening by them yesterday of bids for the sale of water front property and the railroad, concerning which Gov. Silzer of New Jerse has pro- tested to Pre: ent Coolidg Mr. Davis said he had re word from President Coolidge, but understood the Chief Ixecutive had communicated with Secretary Weeks, who is_at his home in New Hamp. shire. Pending the return of the War Secretary to Washington, no decision regarding the acceptability of the bids received will be arranged. BUTTER LOWER TODAY. CHICAGO, August 27.—Butter lower; creamery extras, 36%; standards, ¥6%; extra firsts, 353%ad6; firsts, 34a 84%; seconds, 32a33. Lggs lower; receipts 10,259 cases; firsts, 34a35; ordinary firsts 27.—"Steel in ceived no COAL MAGNATE DEAD. BALTIMORE, August 27.—Bushrod M. Watts, for 15 yvears president of the Baltimore Coal Exchange, died at his home here yesterday. He had * Leen identified with the coal business practically all his life, and resigned from office in 1920. Mr. Watts was 63 years old and a native of this city. RATES ON BAR SILVER. LONDON, August 27.—Tar silver, 34%d per ounce. Money, 3% per cent. Discount rates, short, 3% per cent; three months, 3%a3 13-16. NEW YORK, August 27.—Bar sil- wer, 68%; Mexican dollars, 52% NEW HAVEN'S NET UP. NEW YORK, August 27.—The New York, New Haven and Hartford Rall- road reports net income of $48,328 for July and $521,842 for the first seven months of 1924, which §s an increase of $4,815,8! over the same period of 1923, last year's defi- cit for the first seven months having been $4,294,015. Railway operating expenses were reduced $5,609,111 since the first of the year. PARIS PRICES HEAVY. PARIS, August 27.—Prices were heavy on the Bourse today. Three per cent rentes, 53 francs 80 centimes. XExchange on London, 82 francs 82 centimes. Five per cent loan, francs 76 centimes. The dollar was oted at 18 francs 44 centimes. stock | | NG__STAR, NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, August A note- worthy incident in today's curb mar- ket trading was the continued rather heavy offering of Commonwealth Power common and the break of 2 points to 77 in the preferred. ~ Selling of Commonwealth Tuesday and today was coincident with the announce- ment that the compamy proposes to offer new stock in the shape of 60,000 shares of preferred and 100,000 of common _"he annual meeting is to be held September 5, when stockholders will be asked to authorize the increase. If approved, the company will offer blocks of 3 shares of preferred and 1 of common at not less than $315 for each unit. The procceds will be used to ac- quire additional stock of subsidiary companies. American Power and Light, old, got back to around the 390 level, as against the previous NEW YORK, August 27.—Following is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in thousands. 2 Alum 164 Am 4 Am Am Am Am i BONDS, High. Low. 10315 Close. : 1031 5 & Elec 6 % Tee 75 wi Power & Roll L 6 Mills s 100 1 015y i 6B &O S 3 Beth Steel 7s ‘53 at Rty Eq 60 1 can Pac 45 1 Ch Rock 1& 1 4 Con Gas Bal 5las Cons Textiles' 8¢ Gus 65 103 2 Gair, Roby T Gulena Ni Gt ol Corp S Inter Mateh 61 T Kennecott Co 6 Lehizh Power N Leh V1O eh V1 Hr Ry Libby. MeN & Manitoba Power 17 Morris & Co 7'us 1 Nat Leather s~ 5 New Or Pub 16 Northern Cen - e 1 Oliio” Powe % 5 Penn Power & Lt 5% 1 Phila_El Pub Ses Pure 0il Shiawshe 10617 101 RR 995 023 tandard SONY 280Ny un il 7 Wit & o Nl Osage Un EI LUK P 5ss A % United Oil Prod w 1 Vacuum Ol 6 Virg By ox A wil FOREIGN 11 Gt Cons B in Ing Bauk ¥ 80 Tnd Bk Japar BONDS 5 Ln Au Hy : luss Govt T Russ G Mex o Pipe Line Sauth T 40 Southern Pipe Lin 00 8 0 Tndi 300 8 O Kansas new... 300 8 O Kentucky 50 8 0 180 8 0 50 S 0 Ohio.... 10 Swan & Fing 1000 Vacuum Oil Sales INDEPENDENT OIL STOCKS in hundreds. new. . 61 15 Cit icit 2 Cit Washington Stock Exchange SALES Capital Traction Co.—10 at - 10 at 021, 10 at 9244, Light & E ton s o Twy 2at 7 Tans National at’v, 30 at Capital Traction Co.—10 at 92t 10 at 91% Mones—Call loans, 5 and 8 per cent. BONDS. Bid and Asked Prices. PUBLIC UT]LITY,BM 45 4 Asked. merican Tel. & Telga. Amerian Tol. & Telg Am. Tel. & Tel. etl. A Tel, & Tel. con. Anacostia & Potomac Abacotia & Potomac g PP, Telephone 5. . & v Telephone of Caphtal Traction R. R Suburban s corgetown Gas 1st 35. Aetropolitan K. K. Votomac Elee. 15t deb. 88, . Blectric oy 1938, 5. Pow, x. m. & ref. & My 1 o M. Cer " & Annap. 5 Eion Gas os hington Gas | Wash. Rwy. & Hlee. 4s. Wach, Rwy. & Elec. gen. MISCELLANEOUS, . Paper Mfg. 6s Souttiern Bldg. 8% ash. Market Watdman Park Hotel 8s.... STOCKS. PUBLIC UTILITY. [ Capital Washington, Norfolk & Wash, Wash. Ruy. & NATIONAL National Capital Columbi Comme Parmers & Sied Federal-American Liverty coln L1 tional Metropolitan.. Riggs ---- Second Washington ... TRUST COMPA American Security & Trust. Naticnal Mavings & Trust. jon Trust. . Loan & Trust. SAVINGS BAN k‘nlsh[n:(on Mechanics. BANK. w American Corcoran Fireme: National Union. TITLE INSURANCE. Columb Real Ei MISCELLANEOUS, D. C. Paper 17d... Lanston Monotype ... Merchants' Transfer & Btora Mergenthaler Linotype Nat'l Mtge. & Inv. pfd. 014 Duteh Market com 0ld Dutch Market ptd. 67 | Security Storage... Washington Marke! Yellow Cab. *Ex divid Direct to The Star Office close of 378. The new stock, which is to be issued on the basis of 10 shares for each of the old, merely adjusted its selling price to that ot the present stock. Although trade reports concerning the outlook for the future continue for the most part favorable, no at- tempt was made to renew the main forward movement. Price changes generally were mixed, with gains and losses about evenly divided. Pool operations in Heyden Chemical and Film Inspection Machine, which were pronounced all during last week, were suspended. The element working for higher prices in the oil shares still found it difficult to attract an outside tol- Jlowing and changes in this quarter were inconsequential. Aside trom an advance of 5 points between sales in the high-priced Standard of Ne- braska, quotations for the oils varied Jittle from those prevailing at ‘Tues- Qay's clos @ Columbian Synd . 7 Creole Syad 10 Federal Oil 10 Hudson Oil 11 Lago Pet . Amer Ofi . Creek . n Ol & Ref k Prod 20 Sunstar Ol 1 Wilcox 0fl & 12 Womlley Pet Cynamid_ptd Gas & Elec GO&E nw wi L & Tract ... I & Trac pfd 027 1, Am Power & Lt.. 300 P Am P & Lt nw wi 7 Am Fgn Pow wi.. 4 Atlantic Fruit wi orden’ & Co ... Brit-Am Tob cou f Bur Add M new 5 Bkiyn City R K 1 Cent Teresa 1 Centri lron Pipe 1 Checker Cab Mfd A 1 Chic Nip new wi . 1 Chi Nip I8P new wi 1 Clevelund _Auto « Colorado Po & Common Pow Cor % Com Pow Cor pfd P i PNy 1 Am wos 12 Am i Am 3534 1% 13 36 Elec Co. Bond & Sh pf 10114 rated Metals. . 343, ilm Inspection Ma 11, Foundation Co pfd 112 15 Gillette Safety Kaz 293 3 Ginter Co . .o..... 13 Gen Mot new ‘will 1 Goodgear Tire 4 Hazeltine Corp wi. 1 Hud & n R 1 Hudson Co pfd 18 Jones Radio Mfg Kesstons Solether Leh 11, Lehigh 53 Leh V1 Coal new wi T Mack Tr Ist pf wi 1 Mesabi Iron ... 1 Midvale 11 Omb Co vt tr of wi 1 Peerless Mot & Radio Corp ... Rudio Corte pfd 1 Radio new A 2 Radio_new A pfd T keo Motor 5 Rosenb Gr pfd Kova Radio Cor € of Safety Car Heut Lt i P onew v t e wi 50 So C & 1 new 1 8td Pub A wift Intl 1 Tenn Elec Power .. i Tean El P 2 % Th Ra % Todd Ship . 1 United Bakeries . ni Retail Candy Lt & Heat pf. rd Bak Cor B wi re Radio C MININ lack Oak Gold M 10 Copper 63 Con Cop Mines new R (rown King Cons.. 0 Diamondfield Bl Bu . 2 Engineer ) Florida 4 Flu Div C 0 Goldield Deep Min - 20 Gold Zone ... 110 Hardshell Min . 10 Hawth Mines Inc 60 Hill Top Neva 1 Hecla Mine 10 Independence ‘Lead. Jerome V. Develop « 11 Nev H S Ohio Copper 12 Pls Lead Mines 10 Red Hill Florence 2 Rted W 00 Reorg . 6 Rek Mt Sm & Ref 4 Rek Mt Sm & B pf 10 Silverdale 50 Spesrhead 12 Teck Hughes 21 Tonopah 10 Tonopah North Star 83 Trinity Cop . 3 United Verde Ext.. 10 Unity Gold . 140 White Caps BOSTON STOCK BOSTON, August 27.—Following is a list of today's highest, lowest and Closing prices for the most active stocks dealt in here Tie, Close, 1277 Taw, Am Tel & Tel. Toston and Albany. Boston Elevated New Dominion New Eng T & T. NY. NH&H North Batte ... 0ld Colony Pacific Mills' .0 teece But H... St Mary's Land... Superior & Boston. ... Swift & Co. Swift Internat United Shoe L United Shoe Mach Utah Apex . PORT BUSINESS TURNS. Exports far Exceed Exports in Week at Baltimore. Special Dispatch to The Star. BALTIMORE, August 27.—Almost unprecedented changes took place last week in the business transacted through the port, according to the weekly statement of the collector of the port. Imports, which normally to tal more than double the export last week were only half as large as exports. Arrival of nine tankers bringing approximately 600,000 bar- rels of oil, saved the import list from being considerably smaller. Imports reached a total valuattom of $1,048,923 divided about equally be- tween the free and dutiable lists. Exports reached a total of $2,066,046. Unusually heavy shipments of grain, steel, copper, lumber, manufactured oils, coal and glucoses swelled the list. ptd. . DIVIDEND REDUCED. NEW YORK, August 27.—Directors of the Youngstown Sheet and Tube Company today reduced the quarterly dividend on the common stock from $1.25 to $1 a share. . FLOOD OF WHEAT ALARMS MONTREAL Poor Foreign Buying Means Heavy Losses to Shipping Interests in Canada. BY J. C. ROYL Special Dispatch to The Star. NEW YORK, August port of Montreal is bursting with Canadian wheat and shippers thereof are bursting with rage as demurrage bills and warehouse, elevator and other costs are piling up. Montreal's ocean-going traffic has increased so extensively of late years that port and terminal facilities have not been able to keep pace. Vessels coming in from Port Arthur and Fort William, the Canadian head of the lakes, frequent- Iy are long delayed in discharging cargo while their daily costs for crew and other expenses continue without a return, The present congestion, however, is the greatest ever experienced in the history of the port. There are tod over 900,000 bushels of wheat in the three elevators there, while load- ed grain boats are lying as thick as they can find berths. There are be- tween 50 and 60 boats unable to un- load owing to the congestion. Some of them have been in port since August 13. Vessel owners say that continuation of this situation means either a serious financial loss to them or an advance in the transportation rate of grain to Montreal Port Blocked With Grain, The problem of clearing the port has been complicated by the fact that European demand for Canadian grain has fallen to small proportions. When the price on wheat went up in the United States and in Canada as result of the extimates for dominion crop und a reduced can production, growers rushed their wheat to market But buyers on the other side seemilngly ceased to purchase in the hope that more favo able weather would increase th vield in the Canadian prairie provine and cause lower prices “The port is just block with grain,” said T. F. Trihey, retary to the board of Montreal harbor com- missioners. “The grain is here and it is not being moved. At have 8,900.000 hushels have handled so far of 71,797,000 bushels. They are not buying on the other side. The full reasons why they are not, we do not know."” a present we stored and this vear a tota Farmers Anxious to Sell. Harvest is now on in the Canadian Northwest. New crop grain is moy- ing to the elevators with farmers anxious to sell at present high prices. So far, the volume of Canadian grain moving through American lake ports to New York and Philadelphia by rail and barge canal not large, but unless Montreal is unblocked (he overflow probably will be dirceted to those outlets. This will not be particularly easy of accomplishment, for with Canad hoats tied up in the St. Lawrence the bottoms available to handle grain from Port Arthur and Fort Williams to Buf- falo and other ports on the American side will be limited. have been fighting shy of this trade because of their disinclination to meet American vessels | WASHINGTON, D. €. _The ! possibly she n) the requirements imposed by the Cana- | dian shipping regulations. The effect of the congestion at Montreal has been | felt by American shipping men who are interested in vessels under Cana- dian registry operating in Canadian coastwise trade. Better Demand Must Come. ‘The European demand. however, is bound to be strengthened sooner or later by the fact that in 10 European countries wheat harvests are reported 16 per cent below those of last vear. The wheat crop of Kngland and Wales will amount to only about 503,000 bushels or 4,000,000 less than last year. The latest estimate of the Hun- garian wheat harvest is 14,000,000 bushels below the yield of 1 the Polish crop has fallen off bushels. Indications from and France point to yields above the average, but there has been curtail- ment of acreage in France and heavy abandonment in Germany, so the out- turn may be no larger than last year's As to world supply, the 1 in the northern have reported (not China, Germany probable countrics hemisphers which including Russia and France) repor production of 2,099,000.000 bushels, compared with 84,000,600 for 1923. This reduction is made the more important as a factor in Euro- pean demand by the decline in the rve crops, which last year weakened the market for wheat in Germany and Central European territories. Recent U. S. Shipments. Cessation of European demand therefore is regarded as temporary, but it is probable the Montreal con- gestion will not be cleared for some time after buying is removed. In the meantime the export busi- ness in grain of all kinds from the United States reached the highest point in its history one day this week according to Julius H. Barnes, pres dent of the Barnes Amers Company and former president of the United States Grain Corporation Driver Given Heavy Penalties. Special Dispatch to The Star. BALTIMORE, August 27 What is believed to be a record for’fines and jail sentences imposed upon any one man for violation of the automobile laws was meted out yesterday by Magistrate E. E. Hatch at Laurel, Md. to Elmer Johnson, colored, of Wash- ington. For unauthorized use of an automobile belonging to Thomas . Kenyon of Washington, Johnson was sentenced to two years in jail. He was given 50 days for failing to stop after an accident. For having improper markers and having no registration card he was fined a total of $150. Guards at Rifle Practice. Special Dispatch to The Star. HYATTSVILLE, Md., August Intensive practice on the indoor range in the armory here in preparation for the annual matches of the State guard to be held next month at Saunder’s range, Anne Arundel County, has been begun by members of Company F, Hyattsvile unit. Sergt. Charles Hutch- inson, a former member of Company F, is directing the practice. TWO WOMEN DROWN. NEW CUMBERLAND, W. Va., Au- gust 27.—A futile attempt by Mrs. Raymond Taylor of New Cumberland, to rescue her niece, Mrs. Edna Mc- Sherry of Sharon, Pa., when the lat- ter falled to come to the surface after diving into the Ohio River, where both women were bathing late yes- terday, cost Mrs. Taylor her life. The bodies were recovered. POTATO MARKET FAIR. CHICAGO, August 27.—Potatoes trading fair; market little stronger on good stock; no change on poor; re- ceipts 46 cars; total United States shipments, 458 cars; Kansas sacked Irish cobble: 1.25a1.35; some as low ag 1.10; Missouri sacked Irish cob- blers, 1.00a1.20; New Jersey bulk Irish cobblers, 1.65: Minnesota sacked early Ohios, 1.00a1.20; Nebraska sack- ed Irish cobblers and early Ohlos, i | | EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Sixty-Fourth Article. PROMOTION STOCK: A woman wrote me the other day she was the owner of ten shares of a promotion stock bought a year or so ago. As generally happens in such cases the promises of the stock ped- dler had never been kept. No divi- dends had cver been paid and there | was no market for the stock. She wanted to know if she could not force the company to return her money. w if she had been able to prove fraud in any part of the transaction, could recover, provided | the company had any assets or the promoter any financial responsibility. But fraud in such matters is very difficult to prove and generally en- tirely impossible. Failing this, she had no recourse. Simply because a com- pany is unable to do business at a profit and so cannot pay divi- dends on its stock is no reason for demanding a return of the price the unfortunate stockholders paid for their holdings. That was part of the risk they took. a risk common to all stock partnership, even when the enterprise Is organized In good faith and the stock selling campaign is honestly carried on. Incidentally pro- motions of this kind are as scarce as the traditional hen's teeth. The only way a stockholder can real- ize upon his investment is to sell the stock to some one else at the market price, whatever that price happens to be. Sometimes stock i sold at a profit, sometimes at a loss. The com- pany has nothing to do with it and ha no responsibility in the matter what- ever. You have to take the bitter with the sweet, and when you buy shares in any new enterprise of some stock selling agent it is more apt to be bitter than sweet This matter of a market for stock is the rock on which so many people wreck their investment craft. You cannot even make the profits which the stock peddler so glibly promises uniess you have some one to buy the Stock of you at a higher price than the one you paid. One of the com- monest tricks in trade of these gentry i8 1o assure their victims that on and after such a date the price of the stock will be raised. That is very easy for | the man who has the stock 1o sell. He | can raise the asking price and so can | vou if you happen to have any, but | finding ‘a buyer is another matter And that problem is up to you 'I')u—’ company is under no legal obligation | to take back the stock or the promoter. | either, for that matter. unless as was said before, fraud can be proved, (Copyrigbt,’ 1624, by Consolidated Press.) PENNSY’S EARNINGS IN SHARP DECLINES| July and Reports for First Seven | Months Show Smaller Returns. B the Associated Press NEW YORK, Ausust 27.—Sharp de- | es in Peunsylvania railroad carn- | are shown in the report for Juiy operating income of $5.427.42% having dropped more than £2.000.000 compared with July last year. Gross | nues fell more than $10.000,000, rom $62 to $53.04 Fig- ures for the first seven months of the | put net operating income at 683, against $38.973.035 in the | same perigd of 1923 Grose was $368,- 986,360, compared with $119.901.728 New $9,000,000 Offering. An additional offering of $9,000.000 American Gas & Electric Co. 6 per cent gold debentures at 831z and interest, to yield about 6.20 per cent featured new bond issues today. This brings the total issue outstanding to 29.544.000, making the company’s total bonded debt $38.836.000. includ- ing the $6.282,000 collateral trust Another large offering was $4,000,000 State of Missouri 4 per cent road bonds at 1001z and accrued interest B. & O. Revenues Lower. July railway operating revenues of the Baltimore and Ohio declined $3,955,183 to $17.503,623, compared | with July, 1923, Net operating in- come was $3.480.654. a decrease of $395.957. Net for the first months of the year fell $7.454. £19.248.131, and operating revenues declined $23,059,305 26,540, Operating expenses in July were re duced $3.539,405 and in the seven | months also were cut $14.808, ing RAW SILK ADVANCES. IW YORK, August 27 (Special).— | The raw silk markets took on more activity today and prices advanced from o to 7% cents a pound through- out the Japanese list. Cantons were unchanged, though more in demand. The cotton goods markets also show ed more activity though price levels were mostly unchanged. Print cloths were quoted again at 9 cents for 64 by 60 and 10 cents for 68 by 72 COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CHICAGO, August 27.—Heavy pro- duction of butter has resulted in a surplus which the Department of Agriculture estimates will _amount to between 48,000,000 and 53.000,000 pounds by September 1. Storage holdings at the four principal mar- kets during the last week increased nearly 2,000,000 pounds. KANSAS CITY, August 27—Fur- (her expansion of the local whole- sale dry goods trade is reported, with buying on the broadest scale since 1920. All houses report an excellent demand for standard grades, but lit- tle call for goods of low quality and price. WARSAW, Ind, August 27.—Keen competition for the handling of the Indiana onion crop is going on be- tween the Indiana Onion Growers aad the American Fruit Growers' As- sociation. Both organizations have men in the fleld contracting with producers. NEW ORLEANS, August 27.—Or- ders to Southern Pine Association mills fell off 19.3 per cent last week from those of the previous week to 71,800,000 feet. Shipments at 85, 300,000 feet were about the same, While production declined 7.6 per cent to 70,500,000 feet. Unfilled orders to- taled 249,100,000 feet. DETROIT, August 27.—Fifty per cent of the bean crop of lower Mich- igan has been ruined by recent heavy rains, according to the estimate of one buyer returning from the bean district today. Many fields, he says, were entirely drowned out. YOUNGSTOWN, Ohio, August 27.— The Carnegle Steel Company has ex- panded its operations here to nearly normal capacity. There Is a heavy demand for merchant steel bars, strips and other rolled products. PITTSBURGH, August 27.—Coal mines of this district are operating at about 30 per cent of capacity and improvement is proceeding very gradually. Gas and steam slack have firmed up about 5 cents a ton on each grade, the former being quoted at $1.30 to $1.40 and the lat- ter $1.20 to $1.25. WEDNESDAY, AUGUST 27, 1924. LVESTOCK BUYIG REVNED INCHIARD Fear of Serious Glut Ends as Wilson Firm Joins Others in Market. By the Associuted Press CHICAGO, August packers, after 27.--Wilson & ppointment of deral reccivers yesterday in New York. were back in the live stock market in the stockyards today. This was indicated by former Judge Julius Maver, receiv in his statement in New York last night that uninter- rupted service of Wilson & Co. would be followed The company had been out of the live stock market for 24 hours as a result of the appointment of a tem- porary receiver at Trenton, Jo without notice to the company Pending some order by the receiver or action to supersede that at Tren- ton, the company could do nothing. The Federal receivership in New York and former Judge Mayer's announce- ment that the company would resume business as usual released the con cern Officials of the Chicago Live Exchange, when the cattle market went stagnant by the withdrawal from buying of the Wilson concern yesterday notified shippers to hold back all goods and choice cattle. The return to buying freed the market of any fear of a great glut The lack of Wilson buying and the dullness gave rise to reports vester aay that other packers had virtually stopped buying. Representatives of the other big packers declared toduy that they had been buying yesterday as usual. . HUGE RAIL MERGER Stock | it was said. | 5 NOW ASSURED Pere Marquette to Accept Offer of Van Sweringens at Meeting Tomorrow. By the Associated Press NEW YORK ratification of railrond mers igineered by Van Sweringen interests of Cleve land will be voted tomorrow by di- rectors of the Pere Marquette Rail- way Company. the last of the roads which will enter the new tem to signify approval of the Chairman Brown of the Pere Marquette, a conference with 0. P va n and bankers for ihe road. called a special meet the board to wct upon recomme tion of the exeeutive committee. Acceptance of the offer by the Marquette virtually will complete the proposed consolidation, which will bring more than 14,066 miles of rail- way in the eastern section of the country under unified operation control. Di prese ickel Plat 1d Ohio. E and Hocking Valley railroads already have approved the terms Stockholders of the five roads be asked simultaneously to ratify merger, and following their “Nickel = after Swer the will the Commission will be sought. 'RECEIVERS CONTROL WILSON & COMPANY Immense Packing Firm to Carry On Business During Reor- ganization. | By the Associated Press. YORK. August ~Three re- ceivers, appointed in a frendly suit, today sumed control the im- mense properties of the Wilson Com- pany. packers. The receivers, ap- pointed by United State District Judge Bondy, are Thomas E. Wilson, president of the company, former Circuit Judge Julius M. Mayer and Robert Lee Morrell, an attorney. The federal action, according to statement issued late last night by Frank O. Wetmore, chairman of the committee representing the bank creditors of Wilson & Company, was taken with the consent of the com- pany, the committee of creditors, rep- resenting over per cent of the ompany’s bank debts, and the com- mittee representing the company debenture debts “The receivers were appointed with full powers to continue the opera- tions of the company and to preserve its business,” statement. “Under the receivership,” the state- ment concluded, “the domestic and in- ternational business of the company will be continued without interrup- tion and the work on the plan of reorganization will go forward to u conclusion as rapidly as possible.” WILL_ENLARGE Prl;ANT. NEW fr Congoleum Company to Expend $800.000 in Maryland. Special Dispatch to The Star. BALTIMORE, August bestos plant in Carroll County acquired some time ago by the Con- goleum Company of Philadelphia, is to be greatly enlarged, and when additions are completed facilities will be increased from 35 to 40 per cent. Additional mills will be erected and present structures extended. The improvements will call for an ex- penditure of about $800.000. Construction will begin short and it is planned to have the new mills ready for operation by February 1, 1925, LEHIGH'S EARNINGS UP. NEW YORK. August 27.—The Le- high Valley Railroad already has earned nearly as large a net operat- ing income as it was able to show for the entire year of 1 The im- provement has been effected entirely through savings in operating ex- penses. Gross results for July were smaller than a year ago. Yet the net operating income last month was 50 per cent larger than in 1923. Gross for the first seven months was $43,- 822,538, against $43,105,725 a year ago, a difference of only $717,000. But net for the first seven months was $6,38 230, against only $1.450,380 a vear CROMWELL CHANGES FIRMS. NEW YORK, August 27.—Seymour L. Cromwell, former president of the New York Stock Exchange, will leave the firm of Strong, Sturgis & Co. in which he has been a partner 28 years, to become & member of Carlisle, Mellick & Co., one of the largest odd- lot houses, on the first of the year. ction approval of the Interstate Commerce | asserted Mr. Wetmore's | | | | [ FINANCIAL. Consalt Your Banker. If you are inexperienced in invest- ing money, it is very unwise to plunge into unfamiliar ventures. You will profit by consulting some one who is familiar with such affairs. Consult your banker as to the requirements @as to bank investments: what are safe for their funds are very certain to be safe for yours. It is always well, moreover, to seek his advice and_counsel. ] & = Money to Loan | Prevailing interest and commission Joseph 1. Weller 423 Waih. L. & Trust T Fompt Acton { First Mortgage Loans/ Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. | 738 15th Street | FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13000.000 1315 F ST Jonn PooLe Peesmew Bond Salesman Wanted We have an opening in our organization for a grade securities salesman— man who desi to ectab- lish permanent connection on liberal commission basis. State experience fully. Re- plies confidential. Address Box 155-W Star Office EQUITABLE Co-Operative Building Association Organized 1879 44th YEAR COMPLETED Awnets .............84755,17052 Surplus ...........$1,4832098 It’s Easy to Save Through Our Systematic Plan. —and you will eventually be financislly stroug. 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. JOHN JOY EDSO! FRANE P. REE MORTGAGE NOTES— Secured by Improved Real Estate in Washington Worth Double the Loan- Yield 615 Denominations of $100 Up Partial Payments Arranged Mortgage Investment Dept. (AN & TCHy 713 and 715 14th St. N.W Main 2345 £2322222200020202222022200220223 20202232 2203222210200000002220222042222 4] Radziasiziad FOR SALE FIRST MORTGAGE NOTES Consult Us If you have funds for investments THOS. E. JARRELL Member Washington itzal Estate Board. Woodward Bldg. Main 766-3370. First Mortgage Notes Are the type of zppeal investments that to conservative investors. Banks Recommend Them Insurance Companies Prefer Them Courts Advise Them (the three most conservative fmstitu- tions ove cun g0 to for adrice.) 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. Bearing 7% Interest Chas. D. Sager Loan Departmen 924 14th St. N'W. 38 Main 37 Arnold Guaranteed Certificates Arnold Gaaranteed Certifh afford a safe and profitable vestment for sarplus fun They are secured by first mort- gages on imgroved income re extate and homes, and are a rect obligation of Arnold amd Company. Issued in amounts of $100, $500 and $1,000. to run for term of 2 to 10 vears. Bend for Mooklet K-1 ARNOLD AND COMPANY Incorporated Capital and Surplux, $1,250,000 1416 Eye Street ‘Telephone Main 2434 A Bond Selected By Experts Savings banks, insurance com- panies, trust companies and other institutions own 20, of the outstanding amount of Cities Service Debenture Bonds. is a feature of these bonds: riy interest charges have always been earned at least six times over. Earnings are derived from the production and sale of neceesi- ties. Unusual safe: The present vield on Cities Dy Service Company Deben- ture bonds is about T4 Denominations of $10, $50, $100, $500, $1,000 Mail the Coupon today Thomas W. Brahany & Company Wilkins Bldg. ‘Washington, D. C. Thomas W. Brahany & Co.. Wilkins Bldg,, Washington, D. C. Please send me full informa- tion about “D” Debenture Bonds. 6'2% First Mortgage Notes Secured by Improved D. C. Real Estate. Written Guarantee Backed by More Than $1,500,000 Resources as to: 1st. Security of Principal All the Time. 2d. Attractive Normal Income. 3d. Prompt Consecutive Interest Payments. 4th. Full Return of Principal When Due. 5th. Freedom From All Care and Management. Real Estate Mortgage & Guaranty Corp. | (Resources Over One and a Half Million Dollars) L. E. BREUNINGER, President. 26 Jackson Place QOuer a Quarter of a Century Without a Loss Main 2100 Safety of principal, certainty of vield, an adequate return and a complete investment service that relieve them of all detail and worry. OUR 6Y%% FIRST MORTGAGES —meet every test. In amounts of $250 and up. B. F. SAUL CO. 1412 Eye St. 1