Evening Star Newspaper, September 22, 1924, Page 23

L FINANCIAL. PRICES HOLD FIRM AT GENTER MARKET Corn Strongest in Vegetable Division—Pears Slightly Lower as Week Opens. fruits. Service, onomics, Today's market report of compiled by the Market New Burcau of Agriculture F says Apples—Supplies moderate, market steady. Bushel baskets, Michizan, No. 1 Oldenburgs, oal Virginia and Maryland various varieties, 1.00a1.50. and Northwestern Greenings 5; Delicious, 2.00a2.50. Barrels Virginia, No. 1, Delicious inches up. 7.00a8.00; few, 9.00. Grimes, 2% inches up, 5.50; few. 6.00. Cabbage—Supplies liberal; demand limited, market steady. New York bulk, per ton, round type, 5.00a 50.00) liberal; demand Melon Market Firm. Cantalo upplies moderate ; de- mand moderate Colorado, Saimon Ti 2.50a3.00 ¢ Pink Meats and Salmon Tints, flats 12: and 15s, 1.00a1.10: jumbo 125, 1.1 5 Pink Meats, $s and 9s mostly 1.00; standard crates Honey Dews, 1.75a2.00, few higher. Onions—Supplies moderate; demand limited; market steady. New York, vellow varieties, No. 1 12.40. Peaches — Supplies erate : market firm. baskgts Elbertas, New York, esters, 3.15a lenty of Potatoes. Potatoes—sSupplics liberal : moderate: market steady United States No. 1, 130-Ib, Cobblers, Green light; demand Virginia, bushel fair condition, 2.30a bushel baskets Roch- sac Mountains 52240 per sack. Supplies light; de rket firm; Eastern Shore, Va., op stave barrels, yellow var No. 1, 5.75a6.00, Supplies libera market slightl bushel baskets, : Clap Favorites, most 3.00a3.25; Oregon, boxes, An- ly 5.00. Supplies market stead den self-t Sweet po mund mode Jous, light: crates, ( rough, Tomate Receiptx Light. Lettuce—supplies moderate; demand moderate; market steady; New York, crates, big Boston type. 1.50a2.00. Dimsons=Siprlies icderott e mand moderate: market steady; New York, half-bushel baskets, 1.25a1.40. Tomatoes — Homegrown receipts light; demand moderate: market steady: homegzrown, half-bushel ham- | pers, No. 1, 75a1.00. Corn—Supplies light: demand mod- crate: market strong; homegrown, 5- dozen bags, 10a5 per dozen BIGGER EARNINGS SEEN. Heads of Three Railroads Talk of 1924 Incomes. YORK, September 22 and Hudson Co. probably larger surplus in 1924 than t vears $4.711, cording to Li| F. Loree, president stated earn- ings were picking comparison with a yvear ago, a steady in- crease in net operating income | Net earnings of the Pere Marquette | and St. Louis, San Francisco Rail- roa ds will be better than for the cor- respondin onths last year, I. N Brown, chairman of both companies, predicted today. Higher net operat-| ing income in both cases, he said, will be shown despite declines in gro earnings. mos moderate New anching, in demand York, 2-3 the i NEW Delaware will earn who up with EARNINGS SHOW GAINS. Western Maryland Railway Makes Better Weekly Report. Special Dispatch to The Star. BALTIMORE, Sept mated gross earnings of the Western Maryland Railway during the second week in September continued their long decline under last year, but the percentage of the decrease was much than has been the case recently. The total last week as $400, against $441,224, a de- ¥ 9 per cent, compared week last vear over the preceding | in b al and coke passenger revenue freight was per while in the preced- ing week it was 42 per cent Total carnings of the road from lanuary to tember 14 were $13.- 85,704, against $16,653,621, a decline | for that period of 20 per cent mber 22 —Esti- Last week cent under Georgia Growers Are Rushing Product to Market. Kpecial Dispatch to ATLANT. Georgia Association is receiving ments of cotton from south Georgia where early ginning was brought about by hot dry weather. Receipts are five times as large as at this time last year and on one day in tha last week receipts by the associa- tion totaled 2,770 bales, the largest day's receipts in the history of the organization. 22.—The Co-operative heavy ship- EGYPT BUYS COTTON. LONDON, September 22.—An agency dispatch from Cairo states that cot- ton prices advanced 80 points Satur- day in consequence of purchases on account of the Egyptian government. FOREIGN EXCHANGE. {Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks gold valve. today. Tmndon, pound Taris, franc Rrursels, franc .. Berlin, mark .. Rome. ' lira .. Zarich, {ranc . .eee.. Athens, drachma .. Mudrid, peseta +.0 3 2 Vienna, crown {00014 Budapest, crown .. 0001334, Prague, crown 02001 Warsaw, zloty . Copenbagen, crown .. Christiania, crown . Stockbolm, crown .. By the Associated Press, NEW YORK, September 22—For- eign exchanges easy; quotations (in United States dollars): Great Britain, demand, 4.45%; cables, 4.46; 60-day bills on banks, 4.43. France, demand, .0528%; cables, .0529. Italy, demand, 0437%; cables, .0438%. Belgium, de- Tand, .0493%; cables, .0494. Germany, demand (per trillion), 23%. Holland, .3850. Norway, .1379. Sweden, .2661. Denmark, .1705. Switzerland, .1890. Spain, .1321. Greece, .0177. Poland, .19%. Czechoslovakia, .0300. Jugo- slavia, .0141%. Austria, .000014%. Ru- mania, .0051. Argentina, .3562. Bra- zil, .1020. Tokio, .40%. Montreal, 2993-32 —— Protect Your Money. Life’s drama, in a major sense, is a conflict between man and his envi- ronment. Savings and wise invest- ments are forces which validate the human will, making it possible/for an individual to determine the future economic status of his family., THE EVENING STAR, WASHINGTON, D. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, September 2.—On the curb exchange today, as on the big board, the leaders were the public utility stocks. The particular lead- c¢rs were Consolidated Gas and Elec- tric of Baltimore and American Pow- er & Light. The old stock of the latter company, which had shot up last week nearly 60 points, had a further jump of over 30 points. The new shares above 50 compared with a quotation of 39% only a week ago. Consolidated Gas of Baltimore, new, above 36, was up 2 points. Here the incentive was the prospect of in- creased dividends. Some profit-tak- ing came into Commonwealth Power, but it was well absorbed, and the stock rallied in the afternoon. United Gas | Electric, new, was bid up nearly 2 points to around 30. The baking stocks did nothing in the early market, but when General Baking on the stock exchange began to jump again, fresh buying came into both United Bakeries and Ward Bak- ery. Realizing sales were felt moderately in D. L. & W. Coal and Swift Inter- national. e NEW YORK, September 22.—Fol- lowing is an official list of bonds and stocks traded in on the New York Curb Market today: les in thousands. Elec 6 Am Pw & Lt 0ld 63 Am Pow & Lt 6 A Mills 65 Asso Nim_ [id; At G & W LS SO B&O . SEE Teaverboard 8 Beth Nteel 7s Childs Co 1081 1035, Cudahy 5ia Deere & 'Co 1033 DetroitEdison 6 .. 1081y Dun Tire & Rub 75 95 vd Land BK_4%s 1025 5 Fed 23 Fisher Body 63 GairRobt 78 ... Galena Sig 0l T8 6 Gen Asphalt 8% Gult il Corp Be.l Toter Match 6133 Kennecott ¢ chigh Fower 6x... Lehigh V H Ry Lebigh Val RR Libby MeN & L Ts. ower s, Morrix Nat Leather 5 New oOrl Pub Nor ( North Sty Nth Sts P M 61 C Ohio Power s B... Pub Sers N J 6.l Pub Sery of N J 7. ure Ol C. Webster Mills 615 10313 BONDS. Cns EI Pw 7s A 92 Ind Mtg Rnk Fin 7s Ina Bk Jap o Kgdm Nthrids Pra-Orlas RR Rep of Pern Rux Gyt Kus Gyt Blus Sliy & Co b Swiss Gyt STANDARD OIL ISSUES 14% 101 101% Ies in 00 Anzlo Am_ Ol 50 Rorne Scrymser 110 Buckese 1' L 20 Cumberland P 1 2% Humble D & R.. 1000 P L i §20 Imp 0il of Can 0lud P L Pet Co o1l 600 Intl Lid. S0 Obio 136 P 10 Solar 2 South Pen Ol 10 Southern P L. 2400 8 0 Ind.. S0 8 0 Kanwaso ool 200 S 0 Kentucky Onio 0 Ohio pfd.. 3000 Vacuum Ol 1 Cit Serv pfdio 10 R e Creole Syndicate Hudson_ 0il 4 Rirby Pet...... 0 Lago Pet.. 230 Latin Amer Oil. 0 Mount Prod .... 6 Motual Ol vot efs ew Bradford Oil. . England Fuel Oil Peer Oil Corp ... 30 Penn_ Reaver Oil 3 Pennock Oil 13 Pierce Pet . i Washington Stock Exchange SALES. Eon ot Metropolitan R. K. 5s—$1,000 at 100%. _ Fashington Rwy. & Elec. 45 -31.000 at 75. Capital Traction Co. at 917, o at 92, 10 AFTER CALL. Washington Gas 6s 1933—$1.000 at 102 A nElon Iiwy. & Elec. g. ref. 6 1933— 000 ut 99 N B ital Traction 54—$3.000 at 9715, $2,000 at 9715, $500 at 97 Money—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices. 51 JLITY. PUBLIC UT! S 9744 10515 Asked. American Tel. & Telga. ds.. American Tel. & Telga. 413 Am. Tel. & Tel. ctl. tr. os... 101% Am. Tel. & Tel. conv. 6s. 11933 Anacostia & Potomac G 59 Anacostia & Potomac gua 89 C. & . Telephone of ¥ Capital Traction R. B. 05 City & Suburban & Georgetown G Metropolitan K. Potomae Elec. Cons. s Potomac Elec. Cons. 5. Potomac Elec. deb. 6s.... Potomac Elec. 8s 1953... . Pot. Elec. Pow. g m. & ref. T ‘ash., Alex. & Mt. Ver. 5s. b, Alex. & Mt Ver. ctf. b, Balt. & Annap. bs. MISCELLANEOUS. D. C. Paper Mfg. 68....... Riggs Realty 5s (long).. Riges Realty 5s (sbort) uthern BIdg. 6%8......... ‘ash. Mkt. Cold Storage e. Wardman Park Hotel 6s....... STOCKS. PUBLIC UTILITY. American Tel. & Telg: Capital Traction.. ‘ashington % rfolk & Wash. Steamboal ash. Rwy. & Flec. com. Wash. Rwy. & Blec. pfd..... Terminal Taxi com % NATIONAL BANK. National Capital. Columbia Commercial District ....... g Farmers & Mechanics' Federal-American Liberty Lincoln National Riggs Second ... Ex National Bank of W TRUST COMPANY. American Security & Trust.. Continental Trus : onts Netional Savings & Trust. Union Trust....... Wash. Loan & Trust. SAVINGS BANK. Commerce & Savings. Fast Washington... . Security Savings & Com. Seventh _Street. United States. Washington Mech FIRE INSURANCE. Metropotitan American Corcoran Firemen's National Union. TITLE INSURANCE. Columbia _Title.. ll:ll state Title. MISCELLANEOUS. Merchants’ Transfer & Storage.. 110 Mergenthaler Linotype.........*159 Natl_Mtge. & Inv. pfd. 0ld Dutch Market com. 0ld Dutch Market pfd. Lanston Monotzpe... Securit rage. . Washington Market. Yellow Cab..... *Ex dividend, 15 Red Bank Oil .... 7 Koy Can 0 & Ret. 1 Salt Ck Cons 11 Salt Ck Prod 50 Sunstar Oil TR T 1 Un Ol of Califi). i3z t States Oil .. .11 rox Ol & Gas.. 47 7 Woodley Pet . 1% INDUSTRIALS. 1 Allied Pack pr pfd. 41 T Am Gas & El new 1 Am Hawaiian & 4 Am L & Tract ... Am L & Tract pfd Am Pow & Lt e Am Power & Lt.. Am & Fgn Pow wi Appalac_Pow & Lt Br-am Tob Cou... BrAm Tob (v Reg Bkisn City R R.. Bure Add Mach nw Bur Ad Mch nw pf Car Light ........ atrifug 1ron Pipe Centrifug Ir Pip Co Chie Nip A s Chie Nip B Trust.. ds (b new Power Corp Pow Corp bt Pow (o rtx tinentl Tob Inc Cons Gax Balt wi D, L& W Coal.. Doehler Die Cas Co Dubilier C & Itadio Durant Mot Duz - East Penn Elee Co, Elec Bond & Sh pf FAW Grand Stores Film Inspect Mach Ford Motor Co Can Foundation Co pfd. Eriin X liette 1S Raz, 44 [ T 50% 500 Com Com 2 e Hazeltine Corp.. Hevden Chem...... Hudson & Man RE. s Hudson Co pfd Inter Ocean' Radio.. Inter Contl Rub.... Radio Pow Val Coal Val ¢l NC N & L pew West Util Lebigh Plate new wi Pathe Exg A Peerless Mot Pitts Furn pfd Prophy Brush Radio Corp Corp pfd Corp new Reo Motors Kova Rad Co tr cfs b Co Stutz Motor it lot . il Pow 24 pt f2 wi o rhide United Bukeri Un Raheries pfd . United E aw Un Lt & Pow A.. United Bre Shar Candy Western Power . Wh Rk Mn Yellow Tx Cp MINING Canario Copper Cop Mines. .. or Silver Cresson Gold Diwmondfid 11 But I Min It tnd Croesus.. Goldfield Developmt Goldficld Deep Min Gold Zone.......... Hardshell Min_. Harmill _Div Hawth Mines Io Hill Top Neva Hollinger Hecla Mine. . Howe Sound..... Independence Lead. Jerume Verde De Jib_ Cons.. : Kay Copper_ Corp. 8 Lorrain Sil Lid - New Jersey Zinc R e ¢ Pore Mns 1td .33 Premier Red Hill Florence. Reorgnzd Dix Annx Reorgnzd _Kewanas | Ry Sm & Ret RK; & R ptd Sily = S0 Am_Gold & Tono Jim Butle “rinity Cop U S Continental Tnity G 5 Walker M Wenden Copper ... CHICAGO, September 22.—Fowls 1% cent higher at 18a24; others un- changed; Springs, 22; roosters, 15. LIST YOUR RENTED AND VACANT REAL ESTATE WITH J. LEO KOLB 923 N.Y. Ave. 1237 Wis. Ave. Main 5027 BIG GERVAN LOAN APPEARS ASSURED Some Bankers Oppose Plan, as They Are Anxious to Sell Many Local Issues. BY J. C. ROYLE. Special Dispatch to The Star. CLEVELAND, Ohio, September 22— The German loan today was upper- most in the minds of the Investment Bankers of America, gathered here for their annual convention. This was evident in spite of the divisions into which this group of financiers are divided. There seems no question that at least §100,000,000 of the $200.- 000,000 loan will be placed in this country The German loan wAll serve to sound out thoroughly the investment apabilities of the Nation at present and give a line on the probable progress of business and industry throughout the coming Winter. Th. investment bankers here are looking at this from two angle fellows” confidently expect to handle this loan and to have the bonds snapped up, since indications are that these securities will bear interest the rate of 8 per cent or more. The “small fellows,” if one may allude to an investment bankers in that way, are equally sure this is true, but are not so sure they want it to be true. Two Viewpolnts in Sale. Some of them point out that the big bond houses are in the position of wholesalers. That is, they under- write the big and important issues of investment sccurities and parcel them out among the bond houses ttered throughout the country, hich in turn pass them on to their individual clientele of investors. Whether these offerings sponsored by the big houses have been attra tive or unattractive, the other deal- ers have had to take their quota or | be in the position of having shelve “without the goods.” As a result of the prosperous conditions which have | existed in the last year, most of these seller dealers have secured goods of their own. These have taken the form of municipal, industrial, public utility and other issues which ap- pealed particularly to capital located in_their own radius of operations. The principle of “you scratch my back and I'll scrateh your's” dealers felt, should apply in the placing of these issues. They thought the big houses, whose underwritings they had helped to place, should, in all fairness, help place these local i tments. Some Dodge Foreign Loans. Therefore, they are going to help place the German loan and are go- ing to watch closely what they can expect in the of reciprocity from the large houses of New York, Phi delphia. Boston, Hartford, Chicago, St Louis, Denver and the Pacif coast. Some investment bankers frankly are going to be “out to lunch” when | underwriters suggest taking a_quota of the foreign loans. Nevertheles: the latter will be placed and readi absorbed, in the opinion of some of the best judges of investment condi- tions. These objectors have not been pleased with the evident anxiety of big public men in France to secure a canceling of war debts owed this country. Reasons for Opposition. They say they and their clients are not going to be in the position of the winner in a poker game who has to camp all night on the bank steps in order to cash the check for his win- nings before payment can be stopped They admit that there is little, if any, doubt that obligations such as the proposed German loan, which in its effects has a bearing on every Amer- ican industry, will be paid, but they EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. BUILDING AND LOAN ASSOCIA- TIONS. Seventy-third Article. So many of my readers have in- quired about building and loan asso- ciations and their method of opera- tion that a few words of explanation on this subject seem highly desirable. | The objects of a building and loan association, or a savings and loan association, as it is officially termed in some States, are twofold. One of these objects is the promotion of thrift through regular and systematic saving and the other is to encourage home ownership. These assoclations are strictly reg- ulated by law and in many States come under the supervision of the ate banking department. The mon- v that the members save is used to make loans on improved real estate and loans are extended to members only. Borrowers are obliged to pay off their mortgages, principal as well as interest, according to a regular schedule. At the same time a bor- rowing member participates in the profits of the association. The strength of these associations, aside from the strict supervision un- der which they operate, lies in the | fact that the loans are made on prop- | erty located in the immediate neigh- borhood of their home offices and the | value of which the responsible offi- cials of the association are in a po- sition accurately to appraise. The comparatively high earnings usually aceruing to the shares are due to the low overhcad and to the fact that all the profits belong to the members. In other words, the building and loan association is a mutual co-operative institution surrounded by the safe- guards of law. This is not to say that opportuni- ties for mismanagement do not exist nor that all associations are equally successful. One should use the same precautions in selecting a building and loan association one wishes to join as one uses in picking out a bank with which to do business. The record of the building and loan idea, however, justifies confidence in its essential Soundness. Theé first of these asso- ations was organized in Philadel- phia in 1831, and now there are more than 10,000 associations in the United ites with over 7,000,000 members nd $3.500,000,000 total assets. (Copyright, 1924, by Consolidated Press.) out not Nonetheless, most of the objectors are going to stand behind the foreign loans, not for the money they will make out of them, but for the prestige and advertising which will result from association in this financ- ing, which affects not only the United States but the world. of Germany's hide” if it should See Value of Advertising. For bankers are convinced now of the value of advertising. The results of the simple announcement of issues, made for legal purposes in the daily papers, have been so astonishing, when taken in connection with the campaigns conducted by some papers for the instruction and protection of investors, that newspmper advertising on well selected financial pages has come to be regarded as a necessity rather than a mere legal requirement. O’CONNOR SCHOOL OF EXPRESSION ieneral Development Pablic Speaking Dramatic Art MONEY TO LOAN On Improved Property in D. C. and Md. ANY AMOUNT—THREE. FIVE aad TEN YEAR TERMS. Lowest Rates. BUILDING PROJECTS FINANCED. FRED T. NESBIT do not relish the job of “taking it Oldest National Bank in the City Centralization —of your financial affairs cannot but work to your advantage, saving you, as it will other matters. {Our facilities include General Bank- ing, Savings, Trust Business, Safe Deposit, —all under one roof for your con- venience. National —1ovew 0 Metropolitan Bank 15th St., Opposite U. S. Treasury A Safety Standard for First Mortgage Investors SMITH Bonds set a definite safety standard by which you may be guided when making a First Mortgage Investment. Here are investments that in more than half a century have never caused any investor the loss of one cent of principal or interest. Current offerings of Smith Bonds, paying 7%, are protected by safeguards that for 51 years have proven 100% efficient in protecting investors against loss. Yqu may buy these bonds in $100, $500 or $1,000 denominations, outright or under an Invest- ment Saving Plan that pays 7% on every payment of $10 or more. Telephone Main 6464 The F. H. Smith Co. Founded 1873 First Mortgage Bonds. SMITH BUILDING 815 FIFTEENTH ST. Investment Blig. Main 9393 , both time and energy for Exchange and Investments How may we serve YOU? SMITH BUILDING MONDAY, SEPTEMBER 22, 1924. (PRI Nearly Ready for Occupancy Saul Building 925 15th St. N.W. B. F. SAUL CO. 1412 Eye St. NW. 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Regular preferred .dividends applicable to amount paidsn. 1 Share 8%+«Camulative J_ Preferred. e e 1 Share Common e e HUGHES & COMPANY (AINCORPORATED) INVESTMENTS 1418 Eye Street. N.W.