Evening Star Newspaper, September 3, 1924, Page 23

FINANCIAL. PRICES ARE LOWER Apple Market Dull and Sales Light—Today’s Special Review. The daily market report on fruits Jand vegetables compiled by the Mar- kot News Bureau of Agricultural Eco- homics, today «—Supplies, liberal; de- market weak, very 3 mon _ tints, wide range quality and al.50; California, stand- Honey Dews, 2.25. Supplies he demand k. Virginia, 6s E medium size, good color, best, ; bushel bas: condition, rd crate half bushel hampers, Maryland, 6s Elbertas, ripe, 1.50. Potato Prices Steady. Supplies liberal; demand arket steady; New Jersey, bblers, Unit- 2.50 per sack United States per and, cloth-top stave bar- No. 1, few sales, Potato bod nd sacks Gian few sale [Shore Mary 1s, Irish Cobblers, liberal; demand dull; very few s : Virginia, b hel basket various varieties, 1.00a1 Sweet potatoc ipplies light; de- mand light, market steady; Shore Maryland; cloth-top 2 low varieti few 7.00. Lettuce—Supplies libera market steady New »ston best, demand York, 1.50a Supplies light; demand steady; Virginia bar- , round type, mostly around Tomato Supplies Liberal. upplies liberal; demand arket steady; Home- & bushel few fancy, high, and Damsons Virginia bushel no demand. —Spplies moderate; prac- moderat York, bushel baskets, far Dills few sales, 1.50a2.00. \ SUGAR CUSTOMS CASE UP TO HIGH COURT Product Raised in Cuba But Partly Refined in Canada; Causes Complications. The Supreme Court v day to decide whether sus in Cuba and partly refined in Canada ‘ to be the product of Cuba | meaning of the Cuban treaty of 1902, grant 'r a 20 per cent reduction ar American Wuty. In a petition for a writ of certiorarl, asked to- ar produced at Chicago fro NICKEL PLATE SH'\'RES ADVANCE IN TRADING Assor W YO 1 interest Prey < changed from $31 Tue! the common stock made nt over vester- | day's Consult Your Hanker. 1f you a inexperienced in invest- mon very unwise to plunge into unfimiliar ventur You will | profit by consulting some one who familiar with such affairs. Consu vour banker as to the requirements s to bank investments; what are fe for their funds are very certain to safe for yours. It is always well, moreover, to seek his advice and ‘counsel. e The most convenient word in the | vocabulary of the weather-man is “Probably.” It saves him a multitude of knocks. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. CONSTRUCTION LO. Sixty-fifth Article. Tn a pieceding article T pointed out that more care was needed in invest- ing in the securities of a new enter- prise than in one which had demon- strated its ning power. That article considered only stocks from this standpoint. To a less degrees however, the same applies to bonds. For instance, only the other day an investor wrote me that he was the owner of the bonds of a railroad com- pany - outside continental United States which had just defaulted their interest. He said that he had bought the bonds in good faith as an invest- ment and not as a speculation, and that they were recommended by & reliable banking house. Probably at the time he made his investment he did not notice that these bonds were issued on'a road to be bullt. In other words, it was a so-called “construction lcan,” There is no record of earnings, only estimates of what the property would earn after the road had been built and had been put into operation. These estimates were never realized, the project failed and the bonds de- fauited. B There are many of these construc- tion loans offered to investors and some of them are entirely sound, Jbut as a class they do not grade as high us bonds which are a lien on prop- erty already income paying. When You are asked to buy a security based on future prospects rather than upon accomplished results it is necessary to examine the sitaution with con- siderable care. You have no income statements over a period of years to g0 by. You can only judge the offering first by the investment bank- ing house that underwrites it, and second by the record of the manage- ment of the corporation in similar enterprise: In any case you must take a little more risk than if you were buying a bond the record of which is avall- able for examination. In return for this slightly greater risk which varies with the security you are entitled to a little higher return. You will find too that the open market appraises bonds in this way making the same distinction that I have tried to make. (Coprright, 1924, by Consolidated Press.) BY WILLIAM F. HEFFERNAN., NEW YORK, September 3.—The in- cident most worthy of note in today's curb market operations was the at- tention given to the new Nickel Plate issues. Both preferred and common, which were admiited to trading Tuesday, were actively taken at ad- vancing prices. The belief prevailed in some quarters that these stocks had made their appearance at a level too low in accordance with the Van Sweringen preposals. Another outstanding feature was the demand for Creole Syndicate, which carried the price to a new high for the year well above 9. The sudden buying movement was coin- cident with the report that a sub- THE -EVENING STAR, WASHINGTON, D. C., WEDNESDAY, SEPTEMBER 3, 1924 MELON AND PEACH |[ NEW YORK CURE MARKET Recetved by Private Wire Direct to The Star Office sidiary of the Gulf Oil Corporation, which is developing the Creole con- cession, had brought in a well on the Superior tract with an estimated flow of 1,600 barrels. Despite declaration of the regular quarterly dividend of $1 on Standard of Kentucky, the stock sold lower. The offerings, however, represented liquidation following the failure of the stock to respond to the dividend actton. The market as a whole made little OF no response to attempts to resume the main upward movement. An out- standing exception was Western Power common, which gained 3 points. The buying was sympathstic, with strength in some of the public utilitles on the stock exchange. —————————— NEW YORK, September 3.—Fol- lowing is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in thousands, & Allied 15 Allied BONDS. Liigh. iy Low. Am Roll Mills 6s. Anaconda 6 . 7 Asso Nim Hdw 1 Atlantic_Fruit 8s. B & 0 0s wi Beaverboard 85 . 13 Bth Steel 78 35 4 Can Nat Ry By 5. 2Ch KT & P Sl 1 Citles Nerv 75 D Cities Serv Ts Cities Sery 7s D. 2 Con Gas Balto 65 A 11 Cons Tegtiles 85 5 Cudaby bus 10 Deere & €0 7 8 Detiolt. City & Detroit Edison 6 3 Dunlop T & Rub Ts ederal Sug Gs_‘33. 1 Federal Metal 78 Fisher Body 6s Fisher Ro if 0il Corp Hood Rubber 1 Lebigh Power 6s... 11 Lehigh V1 Hr Ry 3% Lehigh Val R R 5s ther 8 . Orl Pub . re Oil Co Gias. 1y Ol Gs wi. South Cal Ed 5. 10 Uni B L & P & Vacuum Oil 7s. 5 Virginia Rwy b 4 Webster Milis 6igs. FOREIGN BONDS. 300 Chesebrough M mble 01l & Ref. 5 Imp OiF of Can ... Indisna P L ..o Inter Pet Co, Lid.. | Magnolia Pet 1 i3 N Y Transit Northern I L auth Peng Southern P L INDEPENDENT OIL STOCKS. in hundreds. i E 1 Boston Wyo Oil... .85 .83 Washington Stock Exchange SALES. Capital Traction 55—$1,000 at 98, $1,000 65 33900 at 100%. (it of g oy Ty~ S S, $L000 at 05, $5.000 nt 99, 000, at 99, $25.000 at 90, H 15w a Fashington Gas Light—10 at 50%, 10 at o iws. & Flec. com.—10 at TT. o5 at 77, & Inv. pfd.—50 at 9%, 50 AFTER CALL. Washington Gas 6s '33—$1,000 at 102. Washington Kwy. & lec. g. & r. b3 "B— 54000 at o, B otropolitan R. It Gs—$1,000 at 100%;. Money—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Asked. n Tel. & Telga. 4s. n Tel. & Telga. 4 . 58, Ameri Ameri Am. Tel. & Tel. etl. Am, Tel, & Tel. conv. Anscostia & Potomac be. vtomac Potomac Potomac Potomac Elec. Pot. Elec. Pow. g. m. 3 Wash., Alex. & Mt. Ver. bs. Alex. & Mt. Ver. ctf. MISCELLANEOUS. D. C. Paper Mfg. 68 Riggs Realty 5s (long) Riggs Realty 5e_(short). Southern Bidg_ 6%s. Washington Mkt. Cold Storage.. 92 Wardman Park Hotel 6s....... 100 STOCKS. PUBLIC UTILITY. American Tel. & Telga. Gapital Traction Washington Gan - Nortolk & Wash, Sicamboat. Wash. Rwy. & Elec. com. Wash, Rwy. & Elec. pfd. Termioal Taxl com. NATIONAL BANK. National Capital. Columbia - Commerciai District Farmers Federal-American tincola National Metropoiitan. Biges seco ational Baik ‘of Washington TRUST COMPANY. American Security & Trust. Continental Trust. Merchants' Bank. - H58Ee8 SAVINGS BANE. Qommerce & Saving st Wasl ;s Security Savings & Com. Seventh Bewat ... United Sta Washington Mechanics FIBB INSURANCE. LBausB 2 American ou5¥ TITLE INSURANCE. lumbia Title. Sea Estate Titte. MISCELLAN] D. 0. Paper Mfg. Co. !enh-nt’: Tracsfer & Mergenthaler Linotype. Natl. Mtge. & Inv. pi 3t puck b nd et prd... Monotype & o * Blgn o Fiie I . 5 Carib Synd . 3% % Cities Service . 2 Oltles Service pf 000 Cit Serv C serip. . ,000 Cit Serv scrip.... 1 Columbian Synd... . 802 Creole Synd 30 Engineers Pet 50 Federal OIl . 19 Lago Pet . 100 Latin Amer 16 Mount Prod 10 Mount Gulf !“‘J Matual Ol vot cfs 1 30 20 Pennock Oil 1 Plerce Pet .. 9 Red Bank Oi 23 Rov Can Ol & 13 Salt Creek Prod. 10 Sunstar Oil. . Wilcox Oil & Gas, 3 Woodley Pet. INDUSTRI Gas & Elec nw Hawaiian S 8 L & Tract ... P & Lt nw ‘wi Power & Lt % Am Type Fdrs 3 Am Fga Power Borden & (o . Bkiyn City R Burr Add Mach nw 2 Centrifug Iron Pipe Chic ) Chic 3 Childs Co new Com Power Corp. Com Pow Corp ptd Cont Tob Inc Curtls_Aero Doeh Die Cast Co. 3 Dubilier C & Radio Durant Motor ... Du Pont Motors. East Penn Elec Co e e | Goodyear Tire Hazeltine _Corp Heyden Chem . Jones Ladio Keystone Sole Lehigh P Lehigh Va Leh Va C i West Util . ale Co ... t Power & Light Heamen T kI Plate new wi Nkl Plate new pfd wi io Corp ne Radio C new A pfd 2 Sl Gel P new v.tc. Rova Ra Cor tr cfs rra Pac Elec nger Mfg 5 & 1 new. Southern Cal Standard Pub Co A Thomp Ra Cor . Timken Axle. United Bakeries United Pft S EY NPT Bars Ware Radio Corp Western Power . Westingh Airbrak MINING. 10 Rlack Hawk Cons.. HF e Cons Cop 180 Cortez_Silver 2 Cresson Gold 50 Diamondtield 10 Divide Extens .... 4 Engineer G M Lt In Eureka Croesus ... Florence Gold Min. a Div Mine ¢ 0 d oldfield Deep Mine Hawthorne Min Inc Hollinger . Howe Sound Tndependence Jib Cons . Kay Copper Corp. . Lorrain Sil Syn Lt . ERE = e mara Cres Div . Fest 2328 EMSEY: 10 Plymouth Leaed M. Red Warrior ..... Reorg Div_Annex.. Reors Kewanas M.. . Rocky Mt Sm & B R Mt Sm & R pfd Silver Horn Min. Teck Hughes . Temiskaming Tonopah Min Trinitp Coppe Unity Gold . 2 Walker Mining 38 Wenden Copper 3 West Consol 310 West End Ext STOCK ISSUE CLOSED. Franklin Simon Preferred Shares Quickly Subscribed. Special Dispatch to The Star. NEW YORK, September 3.—Bank- erg handling subscription to the new issue of Franklin Simon & Co. 7 per cent cumulative preferred stock, an- nounced today that books had been closed and the entire issue sold. The issue totaled $4,000,000, and was of- fered at 10314 and interest, to yield over 6% per cent. el SaLgEY *E b B9 * | CHICAGO LIVE STOCK MARKET CHICAGO, September 3.—Hogs, re- ceipts, 29,000 head; glow, 10 to 15 lower; killing pigs, unchanged; top, 10.20; ‘better, 160 to 325 pound aver- agés, largely 9.75 to 10.15; bulk good and choice 140 to 150 pound kinds, 8.60a9.25; majority packing size, 8.60 a9,00; bulk desirable strong weight slaughter pigs, 7.40a7.75. Cattle—Receipts, 10,000 head; trade active; most killing classes unevenly higher; beef steers, yearlings and fancy stock largely 25 up; all interests buying; desirable light yearlings, very 'scarce; best long yearlings, 11.25; numerous loads 10.00a11.00; well fin- ished bullocks averaging 1,450 pounds at 10.90; relatively few weighty steers here; last week’s decline regained; light beef heifers in broad demand yearling heifers upward to 10.25; bulk fat cows, 4.506.50; grain fed heifers largely, 8.00a9.00; strong- weight canners upward to 3.00; veal- ers uneven; good choice kinds steady at 13.00a14.00; outsiders paying lat- ter price; medium grade veal calves and heavy kinds unevenly lower; run includes few Western grass offerings; some to feeder dealers at 7.00. Sheep—Receipts, 81,000 head; dull; few early sales. native lamb steady at 13.00; culls, 9.00a9.75; bid- ding weak to 25 lower on Western. no early sales; sheep weak to 25 lower; odd lots fat éwes, 4.00a4.75; feeding lambs weak to 25 lower; choice 51-pound lamb, 12.75; best held around 13.00. ROEBUCK SALES OFF. NEW YORK, September 3.—Sears Roebuck sales. declined in August to $13,476,326 compared with 313,909,300 in August, 1923. The total for the eight months of 1924 was $131,810,544, a decrease of 'rk 6,952 under the cor- | vesponding period last year, AUGUST DIVIDEND TOTAL §73870.000 Interest Payments Also Above Last Year—26 New 0il Companies Started. By the Associated Press. NEW YORK, September 3.—August dividend and Interest payments ag- gregated $198,370,000 in comparison with $187,650,000 in the same month last year. Diyidends totaled $79,- 870,000 against $77,550,000. Interest payments amounted to $118,500,000 compared with $110,000,000 a year ago, new corporate bond and note issues representing the increase. Dis- bursements of the Federal Govern- ment were small. 26 More Oil Concerns. Twenty-six new oll companies were organized in August with capital ag- greate of $67,475,000, the largest being the American Maracalbo Company, Delaware, with capltalization of $50,- 000,000. Thirty-one companies were formed in July with total capital of 357,135,000 and 33 in June with 4, | aBEregate capitalization of $20,574,000. Gulf Coast Line’s Income. Net operating income of the Gulf Coast Line in July fell to $228,353 from $313,148 in July, 1923, although Eross revenue increased to $1,012, from $955.115 a year ago. Surplus for the month dropped to $7,338, com- pared with $206,078 in July last year. A large gain, however, was shown for the seven months of 1924. Net oper- ating income reached $2,569,578 against $1,672,332 in the same period of 1923. Gross totaled $8,270,965 com- pared with 36,674,951, while surplus after charges was $1,726,984 against $978,594 in the previous correspond- ing perfod. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PORTLAND, Ore.,, September 3.—So heavy has been the European demand for Pacific Northwestern apples that chances are regarded as favorable for the greatest movement ever known. PHILADELPHIA, September 3.— Salesmen for local wholesale jewelers report orders fully up to last year with the main demand centered in watches, diamond rings with single or three stones, platinum ornaments set with small diamonds and wedding rings. PITTSBURGH, export September 2.—Job- bers here state the recent cuts in the prices of machine-made gla: ware will stabilize the market and manufacturers expect slzable orders this month, since retail stocks are very low. ST. PAUL, September 3.—Heavy house buying by country merchants attending the annual Minnesota State fair is reported by Twin Cities whole- salers and manufacturers this week. Mail order sales also are running heavy. GRAND RAPIDS, September 3.— The Michigan white bean crop is beginning to come to market in lim- ited volume. Prices are running about $5.25 a bushel. Total prod: tion will be 20 per cent under last year. DEL RIO. Tex.. September 3.—Beg- gar lice are reported to be infesting Texas sheep this year to a larger e: tent than for the last two decades This will probably delay shearing this Fall. Shearing of goats has already begun. Goats are reported in good condition. SEATTLE, September 3.—The ad- vance of §2 and $4 per 1.000 feet on dimension and the upper grades of lumber by Pacific Coast mills indi- cates the strength of the lumber market here. Mills and brokers re- port increasingly large inquiries from the Middle and Northwestern line yards. PROVIDENCE. R. I, September 3. —The United Electric Railways of Providence will replace trolley cars with busses on three lines, thereby cut- ting down expenses. FINANCIAL NOTES. Through an exchange of stock the National Dairy Products Corporation has acquired the J. T. Castles Ice Cream Company of Irvington, N. J., and Castles Ice Cream Company of Perth Amboy, N. J. The two com- panies are the largest ice cream manufacturers in New Jersey, with an_annual output of 2,250,000 gallons. Postum Cereal Company has called for retirement of 10,000 shares of its preferred stock at $115 a share. extremely | PlG IRON OUTPUT GAINS 6 PER CENT Iron Age Reports Predicted Up- turn Came During Month of August. By the Amociated Press. NEW YORK, September 3.—“August pig iron statistics carried by wire on September 2 show the predicted up- turn in production after four months of drastic curtailment,” Iron Age says. “The month’s total was 1,891, 145 tons, or 61,005 tons a day, against 1,784,899 tons in July, or 57,575 tons a day. The gain is about 6 per cent. For steel ingots the August figures to be. published next week are ex- pected to show a varger gain in view of the reduction made last month in steel company stocks of pig iron. o COTTON EXPORTS SLUMP. HOUSTON, September 3 (Special). —Texas ports so far this season have received 140,000 bales of cotton for export. This compares with 230,000 ®n the corresponding date of 1923. The latenesg of the crop caused the decline. (UL Continental Trust Company Capital One Million Dollars 14th & H Streets 5 I FOR SALE FIRST MORTGAGE NOTES Consult Us If you have fopas for investments THOS. E. JARRELL Membor Washington Real Estate Board. ‘Voodward Bids. o Private Fund of $50,000.00 Available Immediately for FIRST TRUST LOANS 0a D. C. Property C. F. WARING 1416 F St. N.W. Main 9172 Arnold Guaranteed Certificates Arnold Guaranteed Certificates profitable in- funds. igation of Armold amd Company. Issued in amounts of $100, $500 and $1,000, to run for term of 2 to 10 years. Bend for Mooklet K-1 ARNOLD AND COMPANY Incorporated Capital and Surp When Buying Ouwr 7% First Mortgage Notes Yoeu Cam Be Assured First—A very careful and con- servative appraisal Nas been made. Second.—The loan we recommend 18 less than 50% of the market price. Third—After you have purchased one of our notes you get a service that assues you inter- est the day due. Notes on hand in ameusts of $100 up. Chas. D. Sager 36 924 14th St. NW, Mats 37 a8 Loan Department Co-Operative Building Association Organised 1879 44th YEAR COMPLETED Assets $4,755,170.52 $1.248,320.95 The Time To Save Is Right Now 8et_aside part of your earnings in the Equitable. A method of saving that will accomplish most. Subscription for the 87th Issue of Stock Being Recefved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Sec’y First Mortgage and Refund- ing 6%2% Bonds, due Dec. 1, 1943 This company, directly or thru subsidiaries, serves 117 cities and towns in Missouri, Oklahoma, Kansas and Ohio— a field offering excellent op- portunity for expansion. Extensions are being made in all of the territories served to meet demands for services rendered, particularly clectric power and light. Price 981 and interest Yielding over 6.60%, Descriptive Circular W-494 upon request E. H. Rollins & Sons Founded 1876 416 Woodward Bldg., Washington Boston, New York, Philadelphia, Chicago, Denver, San Francisco 1417 K Street N. W. the removal of our offices from 1417 K STREET N. W. to The Investment Building ) ROOM 202 Frazier &« Co. INCORPORATED ‘Washington, D. C. Telephones—Main 5786-7-8 Backed by 51 Years of Proven Safety NO loss to any investor in 51 years—the record of the F. H. Smith Company—is your assurance of safety when you invest in our First Mortgage Coupon Bonds. Consider with this record the fact. that—in a day of un- usually low money rates—you can obtain 6}5% and 7% on investments outright or under our Investment Savings Plan. Conservative investors have always been attracted to our First Mortgag e Investments. The strong safeguards thrown about our First Mortgage Bonds have established a safety standard by which the investor may be guided. Current offerings, paying 6% % and 7%, are available in denominations of 100, $500, $1,000 and $5, , and in maturities from 2 years to 15 years. Call, write or tele- phone Main 6464 today for descriptive circulars, NO LOSS TO ANY INVESTOR IN 51 YEARS The F. H. Smith éomnany SMITH BUILDING Founded 1873 815 FIFTEENTH ST. FINANCIAL First M:;?g:;e Loans| Money to Loan Lowest Rates of Interest and Commission | 86€OTd By & 4sad of trout on real estate Thomas J. Fisher & Company, Inc. | Joseph lm W \.ur:;".::;"“é:":? Truss FEDERAL-AVERICAN NATIONAL BANK RESOURCES $13000.000 131 F ST Reasonable Rents FOR Suites or Single Rooms High Ceflings—Ample Light Day and Night Elevator Service IN MODERNIZED Federal-American National Bank Bldg. 1317 F Street N.W. Apply Room 505 M. 256—PHONES—M. 700 Desirable Offices —in our bank building, fac- ing New York Avenue, now available. Reasonable rent. Apply main floor. CITIZENS’ SAVINGS BANK 1336 New York Avenue Money Available for First Deed of Trust Loans 617 Interest Prompt Replies to Appfications JAMES F. SHEA 643 Louisiana Ave. N.W. Don’t Lose Interest which you might be earning on your money. We have FIRST MORTGAGE NOTES paying as high as SIX AND A HALF PER CENT. No investment is safer, nor does any security include so many solid advantages. Your money is secured by the same income-produc- ing property which secures our original investment, with the added feature of our guarantee to you of prompt payment of both principal and interest. We relieve you of all details. Inquiries invited. Real Estate Mortgage & Guaranty Corp. (Resources Over One and a Half Million Dollars) L. E. Breuninger, President 26 Jackson Place CONSERVATIVE INVESTORS —have ALWAYS been consistent owners of FIRST MORT- GAGES on improved rcal estate as the sure foundation of security for their funds. This is cqually true of the great insurance companies of the world, as well as the leading financial institutions. WHY NOT JOIN THIS SELECT COMPANY and ar- range to “play safe” in the futuge We can supply your needs whether you have $100 or $100,000 to invest. MORTGAGE INVESTMENT DEPARTMENT HANNON - & LUCHY 713 and 715 14th St. N.W. Main 2345 LOANS of Either 100 or *500,000 —are made by this Bank with equal facility because of its great resources and its policy of being prepared to meet all ordinary or extraordinary demands of its depositors or borrowers. Interest rates charged are always low, because loans are only made on real estate or approved collateral. Every aid is offered the legitimate bor- rower by The Washington Loan & Trust Co. JOHN B. LARNER, President Corner Ninth and F Sts. Corner Seventeenth and G Sts. | L RESOURCES OVER $14,000,000.00 THE FINAL TEST OF FIRST MORTGAGE INVESTMENTS Not all first mortgage in- vestments are alike in safety. The final test of safety is the security of the loan and the character of the company back of the investment. The FIRST MORTGAGES —of this company are based on conservatively appraised im- proved Washington real estate. They have stood the test of time. B. F. SAUL CO. Main 2100 1412 Eye St. N.W.