Evening Star Newspaper, September 4, 1924, Page 29

» FINANCIAL. LIBERAL RECEIPTS [EXCPIGGLY WIEGLY [ePeaTest suome - oo ). Money to Loan | AT CENTER MARKET Cantaloupe Prices Weaker. Peaches Also Dull—Corn Market Steady. The daily market report on fruits and vegetables compiled by the market news service, Bureau of Agri- cultural conomics, today said: Cantaloupes — Shipped-in supplies Yight nearby supplies liberal: de mand very slow: market weaker; Irelaware practically no demand; too few sales reported to quote Cali- fornia. andard crates, mostly ound Onio |)\|‘|h\ and trading light Massachusetts and New sacks, vellow varieties Peaches—Supplies lib and trading moderate: Virginia bu. baskets, size, good color, few medium & ripe, 1.2 poorer. 1.00; bu. hampe medium size. fair quali land 6s, Elbe s, best A0: mediun B some 1.00a1.25; medium 1.00. liberal: market york, No. 1, 3.00. al; demand market dull. demand weaker. 100-1b. 40. Mary- Belles, size, ripe Potate Demand Good. Potatoes—Supplies liberal: Zood. market steady: New 150-1b. Irish Cobblers, States per sack Tnited sack; land. « Cobl demand United Giants per Mary - Iris 1cks, . Ntates he barrels, s market moderate, steady various 4 Virginia, bushel varieties, 1.00a1 mand m, baskets w130 Lioes de- Sales cloth varieties. Supplies light rket steady st Shore. Virginia barrels. vellow demand w rer 1.00 V'zht, steady und type, 2 Corn Prices Steady. < es liberal steady hushel hampers demand Home half No. ull. Virginia. bushel Cucumbers mand very and Supplies moderate. de- ow. New York. bushel bushel crates, 15 ex moderate sdy. New York, two- P ge quality and . poorer 10w ineral, steady Supni Nearby. mand light, T[] AII] BU°|NESS Chicago WNI Have Double- Decked Boulevard as New Way to Sneed Un Traffic. BY J. Spocial Dispatel to The Star. NEW YORK. September been no trick for change a ph prosperity of the b But as a result of Just been complexion greatest busi er try will be altered failure of the vx practically the United of trafic and prope ROYL auty shops work wh ed. the bus n of one of the ers of the coun- The succ or will affect sted city in 1 the trend of industries th 1y \,m. B ) -5 the double- a 5 ter street. Chi- for 80 vears the terminal and market for all fruit. poultry and dairy products which hs ome to that city for distribution. The problem to be solved grows out of traffic conge: tion, due to the speeding up of bus ness through use of motor vehicle That same problem exists in pract cally every husiness center in the country today Change (o Coxt $24,000,000. South Water street, colorful and most antiquated parts of | the country, has been on its last legs for years. The problem has been to make it grow new legs. that this problem will be solved n innovation—the first doub decked boulevard ever laid out Anerica, the of which will approximately $24.600. About October 1 worke mence to wreck the first Ustrict, which has be- passable as a thor- which hundreds of dealers do about §500.000,000 worth of business annually. Out of the wreck- age will emerge a boulevard built on a new principle to meet modern traffic problems. Iis top deck will be a broad highway for fast light passen- ger automobile and foot passengers. Its lower deck will consist of three roadways for trucks and horse-drawn vehicular traflic. On the upper deck thousands of cars, now practically blocked by piled produce and chaotic truck and wagon traffic, will have a highway 80 feet wide, giving easy access to the south- west side of the city. Below, beside the three roadways, will be $-foot Joading platforms_abutting on new buildings and a 27-foot esplanade on the river front to handle the traffic coming in from Lake Michigan. This thoroughfare will extend for over a mile from Michigan avenue, tie city's main north and south traffic artery, to Market street. Investigators ex- pect that the change will save $5,- 000,000 annually by eliminating con- gektion. The entire district will be razed and replaced by a modern business section. The new roadway will have its upper deck on the same level as Michigan avenue, while the lower deck will consist of a vehicular sub- way below street level. words, Water street grow its new legs downward instead of adopt- ing stilts. Ramps will connect the lower and upper decks and three large ventilating plants will clear the lower levels of dangerous gases. Funds to complete the project were woted last June. About $10,000,000 will be spent at once by the city and the remainder of the needed funds will be supplied by assessments on property owners along the street. Court proceedings for condemnation of the buildings and property in- volved have practically been com- one of the most in oSt be = 1 com- ion of RATES ON BAR SILVEB LONDO: plember 4.—Bar silver, 34%d per ounce. Money, 2% per cent. Discount rates, short bills, 3%a 3 11-16 per cent; three months, 3 13-18 per cent. Honey Dews, | Jersey. | demand § demand | demand | Engineers | In other|U BY W M F. HEFFERNAN, NEW YORK, September 4.—Offer- ings came in sufficient volume in the first hour of trading in the curb ex- change today to give the market an appearance of heaviness. and reac- | tions of a half point to & point were {common. But as the session pro- gressed a number of specialties were jselected for leadership by those work- ing on the side of higher prices, and were bid up in some instances rather sharply. One of the outstanding features was the active demand accompany- ing the initial dealings in the new Prophylatic Brush common. 1t opened at 401 and was bid up sharp- Iy for a gain of 5 points. Listing of both preferred and common stocks followed the offering today of $1.000,000 of the 6 per cent cumu- NEW YORK, September 4.—Fol- lowing is an official list of bonds and stocks traded in on the New York Curb Market tod Sales in thousands 47 Alli 31 Alli BONDS, High. Low. Close. ackers 6y, 7 Packers Ne Elec 6x. R & 05 wi 6 Beaverboard N 1 er Product Steel 7% Nat Ry Eq Rock 1 & I i i .06 1018, S 10a0 1015 10470 7 Cudaby 5 2 Deere & Co & Detroit 1 Gen Asphuit S Morris & Co Nt Leather % A New Orl Pub Nery 1 Nor Cent | North |30 Nth N { | | and | w 1015 Lo ialena Signal Ofl ble 07 & R.. i 1 3 W0 I 0 Tadisna 100 intl Per Co ltd.. 10 Magnolin W XY T 100 Ohio Oil. Ohia. 900 Vacunm Ol Sales INDEI | in hundre Washmgton Stock Exchange! 2l SALI [ Metropolitan R. R. 3s—$£.000 at 1001, | Washington 65 1933—$1.000 at 1t jat 100%. S300 at 100%, i Capitai Traciion ( 10 a1 913, at 915 | ational 5200 10 at 917, 5 u 10 at 91 at k—5 at & Inv. prd fon. AFTER CALL. onotspe—10 at 7 nk—1 Lanston National ngton Rwy. ar_2 & 5—S1.000 Mones—Call loans, 5 and 6 per cent BONDS. Bid and Asked Prices. | PUBLIC UTILITY. Ao &1 | Snacostia & 1o : | Anacostia_& Potomac guar 5 ! Telephone Sceatio Metropol Potoms. Potomac Potomne Wash. Wash: Riggs Reaity Js (long| Riggs Realty 5s (short). Sonthern Bldg 6%x. Wash. Mkt. Cold Storage x. | Wardman Park Hotel 6 STOCKS. PUBLIC UTILITY. Washington | Norfolk & W | Wash. Wash. 2 c. Termipal Taxi com. Commercial District . Farmers & Mechanics' Federal-American Liberty Lin National Riggs Second National TRUST COMPAY American Security & Trust. Continental Trus Merchants' Bank.. ional avings & Trust jon Trust . Loan & Trust SAVINGS BANK. Commerce & Savin w Securlty Seventh Street United State Washington )!ev.‘hllkn Auerican . Corcora ireme: National Union Columbla Tith Real Estate Title. MISCELLANEOUS. Merchanis: Tramter & Storage nthaler Linotype. Mot iger e fav. pd. 0ld initch Market’ com. Qid Dutch Market pfd Lanstbn Monotype. Is«nmy Storage . Washington Marke 917, | fa | THE EVENING STAR, WASHINGTON, D. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office lative sinking fund preferred stock at $100 a share. Interest centered in the common. Another new-comer which came in for considerable attention was Franklin Simon & Co. 7 per cent pre- ferred. The issue was offered for public subscription Wednesday at 103% to vield over 6% per cent. First sales were at a premium of three points and the itock was actively dealt in between 106 and 105% thereafter. : Appalachian Power advanced 7 points to Both Western Power preferred and common resumed the upward move- ment and got within a fraction of the top prices for the year. Profit taking sales were felt in the new Nickel Plate preferred and common and resulted in slight recessions from the high prices. A break of 4 points in New gland Fuel was an outstanding incident of the dealings in the independent oils. ‘arib Synd it 3 Cit Sery "R $1.000 Cit Sery serip. 30 Creole Rynd 1 berby 0 & Federal Oil ...... . IOl vig tr efs ulf Ol of Pa Hudson 0il Lago Pet . of . al Can O & Kef all Ck Cons avoy Oil unstar on 011 ot Cal 1% 16 13 it [N n INDUSTRIALS Adirondack Power.. 331 Alled Pack new 1 STOC 2 Woudiey P& L opfd & Co. ow Cor Aero Mot Cstnz i1 nt'i Io it Mot Pont” Motor < lec Co. e pfd i Coal NC s Tron Middle West Midvale Co Nat Po vl Wint Ft Co A ylac Brush w Ratta Cp_new A | Repetti Candy Tnion Carbid 'nited Rakeri Uni Bakeries “nited Pft Uni Reta'l 3 TS Lt & Heat 3 Ward Bak Co A"Ll 1031 Western Power..... Westinz Airbrake | Yel Taxi Co N Y. 3314 835 Rlnck Hawk Rlack Ouk Calumet & Canario Copper. Gous Cop Mine ldfield Deep M Hawthorne Min Ine Independence Lead. Jerome V. Devel... b Cons .. - v, Copper ‘Corp. Kerr Lake . 2 Lone Star ... Ohio Parmac Por Min itd s Mt Shasta... . ymouth Lead M. 1d Min. . Florence.. Red Warrior..... Reorgan Div Annu .“I\ ide. Tonopah Extens Am P Serv pf. Associated Ofl. . Bewch Crk It & Brazilian Trac L &P opf.. oni’ Nipple A Devoe - Resnolis. Devoe 000 cococo)! ) i 1st i f. Dinham & Co. Doxiasd & Co. 1st =ccz9cc o co o Homentake M Imp Tob Imp 0l ordinary shares GEeRnRS Pere Marquette. Fere Marquette pr e Pere Marquette pt 8 0 Kentucky Sterling 0 De Strombery UniL&TP Uni L & P stock . Uni L & Uni I, & P stock . Uni L& PUAY pf Uni L & P B' pf 1 S Tobueco pI.. tinghouse ... Westinghonse 0. West Penn. 5855 OLLLop CRLLLLOrlD ouccco_ &l Measuring eight feet and four inches in length, an elephant tusk recently unearthed in a gravel pit near Dallas, Tex., is believed to be the largest in existence. HEAD RAPS JUDGE Saunders Asks Ross to Withdraw From Receivership Case Awaiting Decision. By the Associated Press. MEMPHIS, Tenn., September 4.—An afMdavit of personal blas and preju- dice and petition for the recusal of Judge J. W. Ross, before whom his receivership sult against the Piggly Wiggly Corporation iy pending in United States District Court here, was filed late yesterday by Clarence Saun- ders, former president of the corpora- tion, through his attorrfeys. The petition alleged that Judge Ross had “gratultously and without warrant expressed himself in con- demnatory terms of the affant” Saunders and had attributed to Saun- ders “unlawful and base motives.” It is further charged that the receiver- ship suit now pending before Judge Ross “Involves the financial interest of parties opposed to afant's inter- est” and that Judge Ross is “obligat- ed” to those parties “for financial fa- vor. Judge Urged to Withdraw. The petition asked that Judge Ross recuse himself in the matter of pass- ing upon the report of a Federal mas- ter in chancery who conducted the hearings in the receivership proceed- ings, and that another judge be des- ignated to render judgment in the | case. In support of the charge that Judge Ross was disqualified because of an alleged personal bias and prejudice against Saunders, the petition as- serted that the judge had been in- volved “in various deals for money gain” and that he was connected with a number of banks and loan com- pani The petition alleged further that Judge Ross had approved the use of bankruptey funds as deposits with certain banks as a means of securing personal loans. Saunders receivership suit against ihe Piggly Wiggly more than a year ago when he re- <igned the presidency of the corpora- tion under fire from its board of di- rectors, was submitted to Judge Ross three weeks axo for final adjudica- tion. Up to that time it had been before C. arsilliott, Federal mas- ter chancery, who conducted lengthy hearings and recommended to the ourt that the application for a re- viver be dismissed In his report to Judge Ross, Marsil- liott asserted that he found the cor- poration solvent; cted without authority of the corpo- tion in marginal stock operations ) the Chicago and New York ex- ‘hanges, which attracted nation-wile ittention two years ago, and that saunders wag indebted to the corpo- ration for more than haif a million dollars VIRGINI APPLES Growers Seek Lost Markets by Packing Only First- Ciass Fruit. B the Associated Press. | _ RICHMOND, Va, September 4.— Marked enthusiasm among both pro- ducers and the larger buyers of Vir- ginla apples is widespread over gov- ernmental inspection and standard packing of the fruit. according to a statement issued here through Car- ter W. Wormeley, State publicity chief. Matters of fruit inspection and of standardized grading for ship- ment were discussed at length at a recent meeting of the trades commit- tee of the Virginia Horticultural So- ciety at Staunton and were heartily approved M Wormeley's statement contin- “At the Staunton meeting a resolution was adopted and e formal forwarded culture Wallace, asking that his de- partment revise its estimates on the Virginia apple crop. These govern- mental estimates were, as of July 1, 3,000,000 barrels, and, as of August 1, 2,300,000 barrels. The Virginia grow- ers estimate the crop at not above 1,500,000, which they regard as ap- proximately correct.” Getting Back Former Markets. The meeting of the apple growers at Staunton was characterized by en- thusiasm over receipt of reports that the markets of the South, as well as of other sections, were being won back rapldly to Virginia apple grow- ers through the regulation of inspec- tion and of standardizing. At one time the Southern markets traded heavily in the Virginia fruit. This trade, however, was greatly im- paired through dishonest packing on the part of certain people, whereby undesirable shipments were dumped into these markets. Standardizing of the pack has al- ready started the recovery on a large scale of all markets lost, besides win- ning new markets in new fields. The movement to standardize the pack is said to have attracted the attention of large foreign buyers as well as that of domestic dealers throughout the nation. Inapection Stamps Now Used. Large New York buyers are said to be now purchasing here on the basis of the state inspection stamp, instead of, as formerly, sending pri- vate inspectors to Virginia orchards and storehouses. The officlal stamp reads—"Inspected 'as packed, 1924, State of Virginia, Division of Mar- kets.” This stamp, sald J H. Meek today, director of the Virginia divi- sion of markets, will be placed on such apples as meet with the re- quirements of the United States Grade No. 1, or what is known as United States Fancy, which is a grade really superior to grade No. 1. The stamps may also be used by growers selling their second-grade frult, but such stamp will be accompanied by the words “Grade No. Corporation, filed | that Saunders had | INBETTER DEMAND on to Secretary of Agri-| C., THURSDAY; SEP YEAR.IN HISTORY Latest Construction Figures Show Prediction Will Surely B Come True. By the Associated Pre CHICAGO, Septémber 4.—Building construction for the first eight months of this year has reached a total of $3,429,000,000, according to a review made public today by the Indiana Limestone Quarrymen's As- soclation baxed on reports from a thousand cities and towns. “This heavy volume,” says the re- port, “virtually confirms predictions that 1924 will be the greatest build- ing year in the history of the Nation. The 10 per cent Increase over last year's big total, shown at the end of the first six months, has been maintained “Preliminary returns for August bring the total building up to approx- | imately $3,429,000,000. Demand for building s still widespread. The labor situation Is free of turmoil Farm recovery is reflected through business generally.” TREASURY CERTIFICATES. 1 & Co.) Noon.—— Ofter. To yield. (Quotations furnished by Redm mber 1. 102720 10218 ORDERS 10,000 CARS. Pennsy Lets One of Largest Equip- ment Contracts Since First of Year. NEW YORK, September 4.—One of | the largest railroad equipment orders since the first of the year has b l‘n‘ placed by the Pennsylvania tem | for 10,000 new all-steel box cars for | delivery at an early date. The pur- chase price was not announced. but it | was estimated at more than SCHD,UIV\.-}I 1000, American Car and Foundry Co. | and Pressed Steel Car Compan reported in the trade to have rec a large part of the contra American Refrigerator Transit subsidiary of the Missouri also has ordered 2,000 refri | cars and 1,000 automobile cars ived The | Public Service Corporation | of New Jersey Dividend No. 69 on Commeon Stock 1 Dividend No. 23 on 8% Cumulative ! Preferred Stock Dividend No. 7 on 7% Cumulative Preferred Stock. The Board of Directors of Public Serv tion of New Jeracy has declared di the rate of 8¢ per annum on the 8% Cumu- lative Preferred Siock, being $2 per share;at the rate of 7% per annum on the ;% Cumulative | Preferred Stock. being $1.75 per_sharc.and 31 | per share on the non par value Common Stock | Cor- for the quarter ending “September 30. 1924. Dividends are payable September 30, 1924, to stock holders of record September 12, 1024, T.W. Van Middiesworth. Traasur Wanted Second Trust Notes | We have clients with funds to purchase good SECOND TRUST NOTES in denomina- tions of from $500 to $10,000. Low rates if security is gocd Apply at Once to Our | MORTGAGE DEPARTMENT SHANNON & LUCHS] 715 14th Street N.W. | | | We offer a limited number of First Trust Mortgage Notes secured on high-class northwest property close to Sixteenth Street. These notes, in de- nominations of $250, $500 and $1,000 bear 7% interest per annum. 1f you are seeking a sound conservative investment for your surplus funds. yielding an unusually good return, investigate this offering. Moore & Hill lme. 730 17th St. N.W. (Member Washington Real Estate Board) First Mortgage Notes Are the type of investments that appeal to conservative investors. Banks Recommend Them Insurance Companies Prefer Them Courts Advise Them (the three most comservative instita- tions one can g0 to for advice.) Buy them and the thought of worry can be dismissed from your mind. ‘We have on hand a limitea amount in denominations of 100 and up. Bearing 7% Interest Chas. D. Sager Loan Department 924 14th St. N.W. 36 Main 37 a8 FIRST MORTGAGE NOTES FOR SALE IN DENOMINATIONS OF 500 DOLLARS AND UPWARDS g(mfir// % j@m# /4 (g 1207 Conneclioat Snenas | | | i i | were TEMBER 4, 1924. FINANCIAL. * 29 FIRST MORTGAGE NOTES o o o s THOS. E. JARRELL Membor Washington &cal Estate Board, Woodward Bldg. Maia 764-3370. Secured hy first deed of trnst on real estate Prevailiog_ interest commission Josfph I. Weller ,,,z_-gl; s FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13.000.000 1315 F ST. Jonm PooLe Puimenm The Offer To Pay Too Much Interest To the Investor Is Generally The Evidence 0f Doubtful Security— When We Seil You Our 649/, Real Estate First Mortgage Notes No Such Risk Is Run— VER A LOSS NO DEPRECIATION PROMPT SERVICE Amenun Telephone & Telegraph 3 Company 140th Dividend r lllllr(!rl' dividend of Two Dol- ‘ents per share will be d October 15, 1924, to stock- Lolders. of ‘secard st the cioke’ of business on Katurday, September 0. 1024 H. BLAIR-SMITH, Treasurer. EQUITABLE Co-Operative Building Association Organized 1 41th YEAR COMPLETE Annets -$4,755,170.52 Surpla: 1 I81,248,320.98 The T'me To Save Is Right Now Set_aside part of your earnings in the Fquitable. A method of saving that will sccomplish most. Subseription for the 87th Issue of Stock Belng Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, President Earned in Two Months Cities Service Company earned in the first two months of 1924 sufficient to pay interest charges for the entire year on all its Dehenture Bonds now outstand- ing. Interest charges on these bonds, which have always been carned at_least O times over, are met prier to the payment of divi- dends on outstanding Preferred and Common Stocks which have a present market value of about $120,000,000. At the present market usually safe Bond, S may he purchased to v ! A Year’s Bond Interest We Solicit Full Investigation Mortgage Investment Dept. [SHARNON & TUCH 713 & 715 14th St. N'W. Main 2345 this un- cries D, 1d about Mail the Coupon today Thomas W. Brahany & Company Wilkins Bldg., Washington. D. Opposite New Walker Hotel FOR RENT Dentists o- Physicians This building is especially adapted for their Hitz Bldg. Thomas W. Brahany & Co. C A t L St onn. Ave. at L. St. Wilkins Bldg., Washingion, ). C. Please send me tion about fuil informa * Debenture Bonds use. Located in the heart of Washington's fastest growing uptown business section—within walk- ing distance of most of the Government depart- ments and banks—accessible to car iines. For Particulars Apply Randall H. Hagner & Co. 1207 Connecticut Ave. R T E 7T 777022 u n n) 1} L5 L1 (L2222 072 17770 I LTI L DL LI T LTI L LI T AT E LTI I LI LA in 1814 Standard Through Years N a world of changing values, cer- tain names have come to repre- sent authority—standard through years. During over 55 years of commercial activity in the mortgage investment field, this institution has placed mill- ions of dollars in First Mortgages for thousands of discriminating investors whose first thought is safety of prin- cipal and not one of these investors has ever lost a dollar of principal or interest. Today, our First Mortgages, amply secured by high-class, improved Washington real estate, will yield the investor 6145%—and more. How may we serve you? Organized I’s Doubtful If Any One Could Tell —off hand, just how many banks there have been in Washington—even in re- cent years. Three “disap- peared” through amalga- mation, or other causes, within the past few weeks. f In which connection it is interesting to note that The Metropolitan has a service record of over a century ’s duration, to its credit,and is constantly ex- panding its facilities and circle of customers, T YOUR account is invited. 3% Paid On Savings National Metropolitan 110 15th St. opp. U. S. Trcunry Swartzell, Rheem & Hensey Co. 727 15th Street N. W. Washington, D. C. 55 Years Without Loss to An Investor 6]/2 0 and 7% Backed by 51 Years of Proven Safety O loss to any investor in 51 years—the record of N 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 634% and 7% on investments outright or under our Investment Savings Plan. Conservative investors have always been attracted to our First Mortgage 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 614% and 7%, are available in denominations of $100, $500, $1,000 and $5,000, 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 Company Founded 1873 SMITH BUILDING 815 FIFTEENTH ST.