Evening Star Newspaper, October 30, 1924, Page 29

FINANCIAL. » PRICE OF EGGS (P 2 015 PER DOZEN Scarcity Causes Advance in Lozal Market—Meat Prices Hold Steady. crease in the price of ting feature of increase brousht nd 48, while increu Ipts hs o due to | e grad- | NEW YORK CURB MARKET Received by Private Wire Direct to Theé Star Office BY WILLIAM F, HEFFERNAN. NEW YORK, October 30.—A sudden “dvmand for baking company stocks, | heavy seiling of Prairle Uil and Gas, | offerings from so-called joy-riders of | the new~ issue of Freed-Eisemann Kadio stocks, und persistent strength | in the new American Tobacco stocks w outstanding incidents in today's L market. | Buving of bakery shares carried United Bakeries common up 5 points from the previous closing and the preferred up over 2 points. The new Gren Bakeries and Ward Bakin clas shared in the improvement. Holders of Prairie Uil and Gas paid more attention to reports concerning the future dividend policy of the com- pany than they Gid to the announ ment of the proposed recapitalization past few days, it | @n early in- bly will go | i sultry market is in good con- ! ample to smain meet un- continue high. while meats have under! pust few days. Fruit and Vezctabie Review. e | Today's market report on fruit and mpiled by the Market sureau of et News Service Economics, says Apples—Supplies liberal: d light, market dull. Barrel ¥ Virgin West V. Nes mand and varieties Cabbagze- fes nd bulk, per ton, Danish type. moderate; de- market dull, Danish type 15.00213.00, demand moderite weake New York yris \ ard Delawares, ); mostly 18a19: Michigan and New Vork quart climax baskets Concords, 7 @ few poor condi- tion, low as 60 Market 1 Supplies. 1 dull; Onton demand York and ellow varietie mostly arou Onions light, market Ohio. 100-1h U. 8. No. 1, 1.758 bushel Pot mand Lettuce £ood folk Boston t doz, \ crates Idaho, 5.50a5.75. v ‘eléry—Supplies moderate; demand moderate, market steady: New York full crates golden self blanching, in the rough, 3.00a3.50, % crates, 2.00a Suppli rket steady; Virginia, sect w York crates 22.00; homegrown )a2.00: Californi type, California and Cauliflower—Supplies light; mand light. marke tead York, Long Island crate COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY October 30.—Lead and stro and ad- vancing. Lead ore is quoted at $115 n ton and zine ore is selling at $44. Many holders are waiitng for $45 for zine and believe $1256 will be marked up for lead ore soon. SEAT ober from Kennecott, Alaska, copper production at the & mines, checked by buraing power house last Summer, has ad- vanced to 4,000,000 pounds in Sep- tember and will be at capacity of 10,000 tons a month by December 15. SANTA ROSA, October - 30.—Vine- rdists in this section are planning reased acreage as a result of high prices received for this yvear's grape crop. Some varieties netted growers as high as $170 a ton $ BOSTON, October 30.—Forty of the fifty printing machines of the Pacific Mills have been put on a five-day-a- week schedule. A month ago they werc increased to a four-day sched- ule, and operations are now at the rate of about 80 per cent of capacity. PITTSBURGH, October 30.—Recent duliness has brought pipe mill oper- ations down to 60 per cent of ca- acity. A fair run of business is be- ng taken in wire products at un- changed prices, while sheets are slow. JOPLIN, gine ore Mo., prices ar 30.—Reports »w that snnecott of the YORK. Pu, October workmanship is being stressed in the York cigar factories specializing in low-priced cigars. This has been deemed essential to sustain the in- cheased demand for nt cigars, which has been strongly in cviacnce in the last two months. 30.—Better LASALLE, 111, October 30—The Red Star Cement Company is planning the erection of a )00.000 plant aere as a result recent heavy de- mand for cement for highway use. What Experts Buy. ned investors always buy se- curities that have a substantial loan value. One of the surest methods of determining the value of any stock is to scek a loan on it. If your banker declines to consider it as collateral you can rest assured its marketability does not amount to much. .5 ADOPT TENANT SYSTEM. Farmers Change Methods Because of Labor Shortage. in the farm labor supply has compelled Southern planters to rely more than ever on the tenant system of plantation operation, a re- port by the United States Depart- ment of Agriculture shows. In 93 typical plantation counties specially studied by the department, about half of the improved farm land in 1920 was worked by tenants, while the other half was about evenly divided between wage hands and cropper: The labor problem on the plnta. tlon is not entirely solved, howeve by the substitution of tenants for wage laborers or croppers, owing to the increasing tendency of plantation workers to shift from tarm to farm. TRADING RATES RAISED. Minority Members of Stock Ex- change Bring About Revision. NEW_YORK, October 30.—Members of the New York Stock Exchange by a minority vote late yesterday ap- proved an upward revision in com- mission rates effective tomorrow on the sale of stocks traded in on the floor. While 341 members voted in favor of the change and 448 against, the new rates go into effect by a constitutional rule of the exchange which provides that amendments and alterations agproved by the board of governors automatically go “into ef- fect unless disapproved by a major- ity vote of the entire membership of 1,100, Shorta Agricultural | | | . October 30.—F an al list of traded on the irket today BONDS. High low- bonds_and New York ing is ocks Cut Low, Ty, Han 5k e M & LNt Buulop T & 1t 5 i Suga E PRSP i Drugs G cuum 0N T P tnuish Blas A Mtz BK of I' lan Power f L Aus Hy B I 1011, 100% 161 601} 180 Ind P L 1900 Tater]l Pet Co Litd.. W0 Prairie o 0 South Penn Oil 10 Southern P I, 0 Ind © Kansas . At uum_ 0il 707 ington 0 30 Sales INDEPENDENT OIL STOC! in hundre 1Cit Serv pfd Washington Stock Exchange SALES. Washington Rwy. & Elec, g. & ref. 65 1933 | —$1.000 e o3 Washington Rws. & Elec. pfd.—3 at 9%. Second National Bank—1 a: 186, AFTER CALL. nzton Gas 6x 1933—$400 at 100%. I Traction Co—10 at 9 nal Mtge. & luvest. pfd.—30 at 9. —Call loans, 5 and G per cent. BONDS. Bid and Asked Prices. POUBLIC UTILITY, Asked. imerican Tel: ARCrel & Tel. ctl. Atner, Tel.. & Tel. conv. Aacostia & Fotoinac 3% & Potomac £ "relepbone de. & V. Telephone of al Traction 1. K. Gi. City & Suburban 0. Gergetonn. Gas 15t 5a.. Sivirepolitan It R, s, botimas riee’ B Bt saint 815, Lana . o . Alex. & Mt. i Wasii, Alex. & Mt Waslr Bait. & Waslingin 5 D. €. 'l'm:or .\lffl, B ‘Wash., Mkt. Cold Stor Wardman Park Hotel 6 STOCKS. PUBLIC UTILITY. American Tel. & Telga. Capital Traction Liberty Lincoln Natlonal SAVINGS BANK. merce & Savings. o gt Becurity Saviogs & Com. Sosurty Stneet United States TITLE INSURANGa. bia Title.. B NarF Mtge. & Tnvest b 0ld Dutch Market _ H 0id Dutch Market pi 8 Lanston Monoty] Siouriy Stoage ‘Washington Market. low Cab,....... Yo.l.‘w 400 B i3 ! in ‘-"“ eign THE EVENING STAR, WASHINGTON, D. C, THURSDAY, OC The stock opened at 212, as against WednesCay's final of 2155, and sub- sequently got be ow 208. Selling ac- companied the statement, attributed to the management that it may be- come necessary to reduce dividends temporarily or discontinue them until the oil industry recovers trom the existing depression. Sympathetic selling came into other Standard Otls, carrying them ldown a haif point to a point despite the favorable production figures showing another deciine during the woeek ended October 35. led Bank had the sharpest break among Inde- pendents, getting down 3 points to ' idfie d Development established 2 new high for the’year. The buy- ing in the latter stock is said to be Ithe work of a recently formed pool. T Euchd U 08 ot T 1 Rirby el ... Miex Land beer I Corp. . an Keaver Ol Lo k 0 ... 1 Bank Of I Cavad 0°& | 2 Xalt Ck Pood . 200 04 of Cal D, [ Acme 2 Ao Am A Am new It 1 Daniels ) P b & Had A wi Grevnan Tk Ine. Hazeltine Co Imperial Tolacco.. Lehigh Val Coxl Lehigh V. Laize Motor Pitts Term € ries pf 108 Candy A 3% U S Gypaum.. 12 ! Wanl luk 3 Ward itak Radio Corp. Warner Brow Pic Western Fower MINING. Hills M, Nipising ... Oliio Cop . Plymouth Lead Min .7 5 Premier Gold Min 0 U 10 Wenden Copper WORLD SUGAR CROP LARGEST IN HISTORY Cane Sugar Countries Win Sea- son’s Highest Honors—Gain of Million Tons. Special Dispateh to The Star. . NEW_YORK, October 30.—The Na- | tional Bank of Commerce, reviewings the sugar crop of 1923-24 in the November issue of Commerce Month- 1y, says: “The sugar year, 1923-24, which closed at the end of September, brought forth some notable crop out- turns. A new record has been made for the world crop; the total of 19,- 650,000 long tons is more than a mililon tons greater than the total | for 1914-15, which hitherto consti- | tuted the high mark for production. ““The seamon's honors go to the cane | sugar countries. For the first time the annals of the trade, Cuban factories have made over 4,000,000 tons of raw sugar, or more than one- fifth of the entire world supply. All {but a small fraction of the Cuban | crop enters world trade. British In- aia, the second largest sugar-pro- ducing country, made a crop esti- mated at 3,266,000 tons. STERLING EXCHANGE IN SHARP ADVANCE By the Assoc'ated Press. NEW YORK, October 30.— Heavy buying of sterling exchange in the London and local markets followed the news of the big Conservative vie- tory in the British elections; the lo- cal demand rate moving up 1% cents to $4.51%. the highest in sev- eral months. In view of the unus- ually heavy grain and cotton exports, the advance was regarded by for- eign exchange dealers as particu- larly impressive. HIGH LOAN FIGURES. NEW YORK, October 30.—For- loans floated in the United Foreign loans floated in the United States the 10 months of this ycar, axclusive of Canadian borrowin approximated $660,750,000. The lary est {ssues were the .Japanese loan of | back { by | failed in over a |rush begins about 10:30 p.m. and runs {CRUDE OIL OUTPUT | i Off Since Previous Week's TAXI FIRMS STRIVE T0 BETTER SERVICE Increase Revenues Through Schools Teaching Safety to Their Drivers. BY J. C. ROY Special Dispateh to The Star, EW YORK, October 30.—The con- cern with one of the heaviest labor turnovers In the country never has to smy to an employe, “You're dis- charged.” They make the undesir- able employe fire himself. That is the system followed by the Yellow Taxi Corporatior of New York and by scores of other taxi companies In citiex from the Canadian line to Buenos Alres. Tho policy of the company men- tloned provides that no driver, ir- respective of previous experience, may be employed without going through the traffic school operated by the concern. For example, a re- cent applicant who had driven a Fifth avenue bus for 19 months was recommended to go back and get ex- perfence. Nothing 1s taken for grant- ed %o far as abllity to handle a taxi in lrnnd under all’ condlitions is con- cerned. Demerits Given Drivers. When a prospective driver has assed through the schools he 18 pro- with a cab and a certain of “credit.” ery mistake he makes from that time on is a draft on that credit. Every accident whether it results in damage or los: or not, must be reported and investi- gated. If the driver is at fault he Is charged with a certain number of demerits. When these demerits equal or exceed the amount of his credit he is out. Nobody has to tell him. He knows himself his margin of afety. Once out he never comes ed wmount This system has been as a result of pany to sell transportation, not only worked out n effort by the com- ervice” as well as It is put into effect in New York but in prac- tically every city which establishes a new Yellow service. When a fleet of cabs is s0ld to n prospective opera- tor. the cab manufacturing company in most Instances aids the customer sending him a corps of trained men who put into effect the latest | developments in garage pri ce and in catering to the tr: nsportation needs of the community These men remain until a local force is trainea Beat Driver Ex-London Cabby. _Th" champion taxi driver of New York is an ex-London cabby, whose cab has never replaced his horse in his affections. This man has not vear to turn in at least $20 a day to the company for which he works from the operation of his taxi for 8 hours. His come missions amount to more than $6 a day without tips, while his share of the distribution of the profits of the concern and - gratuities brings his earnings well above $50 a week on the average. But he sells a grin on an accent and a personality as well as_transportation i | There are now 19,000 taxicabs in the city of w York So numerous have they become that even in the residence districts it is unusual for patrons to telephone for a cab. They KO to the curb and wait for one. This is a distinct departure from the pro- cedure in other cities. Telephone calls for taxis in Philadelphia, for example, are over 100 per cent more numerous than In New York although the number of cabs is far less. This fs true also of Brooklyn, Boston, Washington and other cities. Three Trafic Peaks. The taxi day in practically every city is divided into three trafic peaks. The first of these occurs between § and 9:30 am., when the rush to the heaviest traffic of the day comes be- tween 5 and 7 p.m. This is succeeded by a lull until 8 p.m.. when the thea- ter crowds gather. The after-theater until midnight. IN FURTHER DECLINE| Imports Also Show Marked Falling Report. | | Dy the Associated Press | NEW YORK, October 30.—The daily average gross crude oil production of the United States decreased 13,650 barrels for the week ended October 25, totaling 1,957,700 barrels, according | to the weekly summary of the Ameri- can Petroleum Institute. The daily average production east of Califor- nia was 1,356,950 barrels, a decrease business districts {s at its height. The + STANDARD HOLDERS FOR FRUITS URGED) Department of Agriculture | Finds Amazing Differences in Shipping Utensils. There is a serious lack of uniformity in the capacity, shape and strength of hampers, round stave baskets and market baskets used in shipping fruits and vegetables, declares the United States Department of Agri- culture following extensive investiga- tions in all parts of the country. Almost 30,000,000 hampers are used annually, but because of the different shapes and sizes of these hampers it is practically impossible for a pur- chaser to know just how much he is getting when he buys a hamper of produce, the department says. It is estimated, for example, that one-third of the so-called half-bushel hampers manufactured today are short measure. 20 Different Sizes Uned. Twenty different sizes of stave baskets are in general use,| whereas xlx would be sufficient. Ap- proximately 20,000,000 of these round | stave baskets are manufacturcd un- nually. A similar situation prevails with regard to so-called market bas- Kets or splint baskets, of which many styles now in use are regarded a unnecessary and deceptive. The peck size has dwindled to one-fifth or one- Aixth of a bushel, and the half bushel | to 12 or 14 quarts, the standard sizs | seldom appearing on the markets, the | nvestigations showed. | Annual Losses of $10,000,000. The carriers in the United States | e of $10.000,000 annuaily ling of perishables. Among round | the many & rough handling, faflure to stow ship- ments properly in cars, delay in trun- sit, lack of proper refrigeration an frail containers. To protect hims and his shipments, the buyer of ba kets shouid require t the manu of the specifications on w’ kets are made, the department Many basket manufacturers are ing to put out an article whiel stand up under heavy use, b are al=o many baskets of poor qua on the market Startling Variations Shown. The investigations brought out the | fact that 15 styles and sizes of round Stave baskets, varying in size from 1 quart to 24 quaris, are in common use; about 40 sizes of cabbage crates, about 20 styles of ery crates, lettuce crates or boxes and 50 sty and sizes of hampers, although a rek 1d sat- all the demands of the trade. Federal standards are now in force regarding the sizes of bLarrels used ! for fruits and vegetables and for cranberries, and “deral standards are fixed for grape baskels, berry boxes and small till baskets. Adop tion of Federal standards for hamp- | ers, round-stave baskets and market baskets which have been prepared b the department is being urged. The results of the department's investiga- tions may be obtained frec upon re- quest to the Department of Agricul- ture. BUILD 1,100 NEW HOMES. ST. LOUIS, October 30 (Special).— In the vear ended October 15 therc were 1,100 dwellings erccted in this city and county, valued at more than $6.150,000. o — —E PARIS MARKET FIRM. PARIS, October 30. firm on the bourse today. Three per cent rentes, 49 francs 5 centime ixchange on London, 86 francs centimes. Five per cent loan, 61] francs 70 centimes. The dollar was| quoted at 19 francs 9% centimes Prices were Money to Loan Becured by first deed of trust on real estate. e e e Joseph 1. Weller 52, %58 ¢ #_',",’_‘;;f. HY be content with 3% or 4% on your money when you can get 7% with proven safety by of 9,900 barrels. California produc- 3,750. | Daily average imports of petroleum | at principal ports for the week end- | ed October 25, were 78,571 barrels, | compared with 210,000 for the pre- vious week. D: average receipts of California oll at Atlantic and Gulf coast ports for week ended October | 25, were 130,286, compared with 73,- | 143 for the week before. - PACKARD EARNINGS UP. Motor Company Earns Over 15 Per | Cent on Common Stock. DETROIT, Mich, October 30.—Net earnings of $4,805,175, after setting aside $1,000,000 additional for re- serves, are shown in the annual re- port of the Packard Motor Car_Co. for the year ending August 31. This is equivalent to 15.43 per cent on the company's $23,770,200 worth of shares of common stock. The total set aside for plant depreciation was $4,790,834, or $1,865,117 more than during the previous year. tion was 600,750 barrels, a decrease of | |i investing your savings in our strongly safeguarded First Mortgage Bonds Interest at 7% is as- sured and your invested funds are secure—behind both is our record of no foss to any investor in 51 years. y You may ‘invest outright in $100, $500 and $1,000 denominations, or by easy payments under our In- vestment Savings Plan. Call, write or telephone Main 6464 for descriptions of current offerings that ray 7%. SMITH BONDS ARE SAFE BONDS The F. H. Smith Co. Pounded 1873 FIRST MORTGAGE BONDS SMITH BUILDING 815 FIFTERNTH ST. Southern ington’s premier. office rates are moderate. $150,000,000 and America’s $110,000,000 75 |portion of the German loan. Other countries which borrowed included Sweden, Switzerland, Argentina and +e=e L poliand In the Heart of the Financial District Most Desirable Offices In the Nationally Known Don’t fail to take advantage of this rare op- portunity to locate your office home in Wash- Apply Mn_nager—First Floor Building building. The rental “When' Buying”_ Olll' 7‘70 First Mortgage Notes —your investment in secured on carefully nd placed conservative valustion. Nots able in amounts of $100 up. Apply Loan Dept.. Mr. O'Doniell, Mgr. Chas. D. Sager Realtor 924 14th St. N.W. Main 37 FEDERAL-AMERICAN | NATIONAL BANK | RESOURCES $13.000.000 1215 F ST Jonn POOLE Paesmew the E LOANS. have an adequate supply of_money on band. We make every loan offered if the security is satisfactory. We #ro loaning our money at 5%%. | 'E. Quincy Smith, Inc. 909 15th Street N.W. Washington, D. C. making of MONEY TO LOAN On Improved Property in D. C. and Md. ANY AMOUNT—THREE. FIVE and TEN YEAR TERMS Lowest Rates BUILDIXG PROJECTS FINANCED FRED T. NESBIT Investment Bldg. Main 9392 Second Trust Notes Bought I Our clients are ready to pay cach for SECOND TRUSTS in any amount The rates will please vou security is sat- "y th MORTGAGE DEPARTMENT HANNON 713 and 715 14th. Street N.W. Main 2845, For the Maximum Income Buy LIFE ANNUITIES Actna Life Insurance Co. S01-G Woodward Bldg. Pay Day Will Be Here Tomorrow Start the Foundation for Your Financial Independence With Buying First Mortgage Notes— You Can Do So With $10.00— They Pay 61%— No Risks— No Losses— No Depreciations — No Delays Morigage Investment Dept. SHANNO’\I 713 & 715 14th St. N.W. Main 2345 LUCH FINANCIAL. FIRST MORTGAGE NOTES FOR SALE IN BENOMINATIONS OF 500 DOLLARS AND UPWARDS Rhondill K Hopren ¥ 6. 1821 Cormecliont Svenns Increasing Values Insures the Principal THIS house has engaged exclusively in real estate first mortgages for over half a century. Such a long experience enables us to visualize increasing values of Washing- ton real estate which correspondingly in- creases the value of our First Mortgage Notes. So, in addition to yielding 6% per cent— and more—the increasing value insures the principal. Sw LL.RHEEM &HENSEY (0. %fi et AW Dashington.D.C. Years Without Loss to An Imvestor. Capital and Surplus More Confidence in Yourself —is an important result of having money in bank With something on whic! to fall back. your initiative i not stifled; opportunities ca be seized, business ventures made. ¢ Start a financial reserve with us THIS PAY DAY and keep it growinz. We accept de- posits in any amount. Open Until 5:30 P.M. Tomorrow I * and Monday, November 3 Depositors Same Rate of Interest Paid on Large and Small Accounts Safe Deposit Boxes at £ . E. Eamonston Noarak Frederick X, Fenning Rentals 1 Prescott Gatley President DAVID BORY Trust Offcer DIRECTORS Woodhury Blair William 1. Hoover James A Buchanan K it William A. H. Church X . Clephane Dulans. Jr. ekoper Henry K. Willard National Savings & Trust Co. Oldest Savings Depository in Washington Cor. 15th and New York Ave. Oldest National Bank in the District of Columbia A Solid Century of Service { It's worth something, worth a good deal, in fact, to be able to feel that your Payday savings and other funds are 100% se- cure. {l Therein lies the great satisfaction of banking with the Metropolitan. Back of the facilities and protection offered our depositors reaches a solid century and more of unbroken service to the public.. \ 3% Compound Interest Paid on Savings. Initial deposits of One Dollar or more invited Open Until 5:30 P.M. Tomorrow - National Metropolitan - Bank Capital, Surplus & Undivided Profits Over $1,700,000.00 15th St.,, Opposite U. S. Treasury Organized in 1814 110 Years Old