Evening Star Newspaper, November 1, 1924, Page 15

FXPENSES ABROAD | SHOCK FOURISTS Many Americans Decide to Send Money Instead of Gifts to Kin in Europe. BY WILLIAM F. HEFFERNAN NEW YORK, November 1.—The rise in baking company shanes on the curb exchange today bordered on the spectacular. For some time the financial commurity has been aware of an Impending consolidation of sev- oral leaders of this industry and word reached the street today thatan announcement of such a merger could be looked for within the next few days. The terms of the proposed con- solidation, however, have not as yet been made public, or is it definitely BY J. C. ROYLF. Enecial Dispateh to The Star. W YORK. November 1.—The foreign-born citizens of America are than willing to come to the ncial ald of Furopean countries— provided the money they loan, through bond issues, is spent largely ar in part in this country or under proper supervision. None, however, more bitter than foreign-born imericans over the way visitors to Turope are mulcted. Nothing has done more to sever the bonds between those Americans born in Europe with their native lands than recent visits which some of them have made to the places of their birth. They have been vie- timized in their own home towns becauso they were a part of the American army of tourists which nt $5,000,000 a day in Europe the vast Summer. One prosperous Hun- garian restaurant proprietor who came to this country 15 years ago urned tod from a visit to his former home. Hefore a traveler could get his baggage handledion the Bremerhaven ks, he said, he was compelled to i a porter £1 American money more, when translated into for exchange, than many skilled mechan- ies are making for a day's labor in Europe. At every turn si ar de-, mands wel mads He carried with im scores of presents for relatives and friends in the region around Budapest, but before he could deliver them, the cost of handling them had tripled their cost to him. Owed 35 Cents; Lot $300. Another arrival on a liner docking at New York today who has made an enviable reputation as an insurance broker in New York told how he had been held up over baggage regula- tions for seven hours and forced to miss a steamer at a cost of over $200, before he was allowed to pay the extra charge sed, which amount- ed to ss than 35 cents in American Currency Both these men declared that if in future they should go to Europe they would carry no more baggage than | vould suffice them for the steamer trip over. They said they could buy 1l clothing and other articles cheaper than they could have their handbags and trunks transported from town to town. Will Give American Money. residents who hding or carry- America to Hurope their intention of custom. They sy | t is much mor factory to make; their gifts in American money and let the recipients buy their presents in the shops in their own towns. where they can take advantage of exchange. These facts undoubtedly refloction in the Christmas buying done in the next month by foreign- | born residents. Not only will Amer?| ican manu turers find their usual | sales curtailed to some extent, \»u" there promises to be a decided flow | of American moneyv to Kurope, with, consequent unsettiement of foreign | exchange, which still Is in a thor-| unstabilized condition else- | than in Great Britain. Tt is also likely that the parcel post busi- | ness prior to the holidays will fall | off. Foreign-born took dolight formerly ing gifts from have announced discontinuing il find a| DIVIDENDS il.ESUiIED. | PORTLAND, Mc.. November 1.—The | Maine C‘entral Railroad directors have | declared a quarterly cash dividend of | $1.25 per sharc on the preferred stock. | This is the first lividend declared sinece ptember 1, 1020, EVERYMAN'S INVESTMENT BY GEORGE T. HUGHES. LOW-PRICED $TOCKS. : Ninetieth Article. Have you ever sold a perfectly good | bond to buy a low-priced stock? If | 50, you probably acted on information | that the st was 5o low it couldn't ! o lower. The turn was in sight and | ou might make a large profit. | For some strange reason people | like tq follow that sort of advie rather' than to obtain information from some one who can actually analyze the company and reach a de- pendable conclusion with neither an | excess of optimism nor prejudice. Only the other day a customer went | into a bond house with this query: | T want to know if this company as a chance to get back on its feet? ho said. “I'm thinking of buying same of the stock, but T can’t get any Information, except the meager, periodical statements the company | puts out.” Plenty of Information. Now tho statements put out by that company wers in no sense meager, as tho bond man, quickly demonstrated. They consisted of quarterly Income statements and semi-annual balance sheets that were amply sufficient for any one to form a pretty“fair esti- mate of the company’s condition and tho stock’s worth, if he would but carefully compare and analyze them vear by vear. The bond man read. and explained, the company's record year by year, from its own statements, which showed that for four or five years the company had lost money steadily. Yet it had actually invested more money in this losing business by ex- panding its plant. It had been able to do this by selling more and more stock. The record indicated that the stock ‘was worth vety little and there was no evidence to show that it “was ®oing to double in price next week,” as the grape vine information had it. Rixe Would Be Accidental, “Why don't you fellows who under- stand these things,” the customer de- manded indignantly, “come out and say this stock can’t possibly double next week?” “No one can say that” the bond man replied. “Here's the past rec- ord of the company, but no one knows what lucky chance or accident might turn up in the immediate future.” It is almost always exceedingly dangerous to buy low-priced stocks because ‘“you can't lose much,” or in grapevine information that the stock will “double next week.” 1If balanoce sheets and income state- ments mean anything to vou, and they should mean a lot to every man ‘who has acoumulated and invested a dollar, give them a little considera- tion or go to a dependable person who can quickly interpret them to you. Then, if you wish to gamble, you can judge what the odds are against you and whether or not you wish to swap safety for a 1,000-to-1 chance. (Coprright, 1924, by Cousolidated Press.) S e Query the Promoter. Determine how much of his own meney the promoter is putting into his scheme before you decide to risk yours. Don't take his word for t.— make him prove it | i | 1 known cluded, Baking and General been mentioned. stocks ‘traded which companies are in- but United Bakeries, Ward Baking have United Bakeries upward led the NEW YORK CURB MARKET Recoived by Private Wire Direct to The Star Ofice movemént with an overnight jump of 9 points to 150 and Ward issues were 2 to 5 points higher. Grennan Baker- fes was carrled along sympathetically, as were a numver of the baking shares on the stock exchange. After closing Friday at 157%, Cities Service common opened today at 176 and was actively taken on reports that Cities Service will segregate its electric light and gas companies from its oll properties, featur®d the radio shares, 12 again, while operations for' the rise appeared to be getting under way in Jones Radlo around and just above 10. American Power and Light new and Commonwealth Power were outstanding strong spots among public utilitios, ——— NEW YORK, November 1.—Follow- ing is an official list of bonds and in on the New York Curb Market today: L 2 Am Thread Co 6s 19 Amslo’ Am_ o1t Ty 1015 10 AtG & WIS 8bs Dby 1 Beaverboard Bs 3 Beth Steel 78 ‘udahy Gls Deere ‘& C ‘ederal Sugar 6s ‘33 isher Body 6 Hoe R & Co 6lss A 2 Hood Kubber 7x . Inter Mateh 6. 43 Max Motor 7s € Nat Leather s 10 Nor Cent Ry 5 4 North St Pow 61s.. 9% 10 No St Pw M 6lys C 10815 5 Ohlo Power os B... 90ig 4 Penn P& 1 on 3 Penn R R Co 58 7 Phila Elec 3145 * 2 Pb Sr E & G U 11 Pub Sery of Pure 0il Co 6%s . Stand G & SON Y7y 650N Y 7430 . 18 United Drug Co 6s. 21 Vacuum Ol 7s FOREIGN BONDg 2 Ind Mtge Bk Fin 78 04 3% Sales STANDARD OIL 1SSUES. ye Pipe A Signal umble OIl & K... 10 Tilinois 1 290 Imp « 300 1ot M 990 Prairie Oil I Pena M 100 Southern Pipe 3900 S O India 200 Sales in huodreds. 12 Cities 1 Citties Cities Cities Serview B cfs 1 Citiex Nervice B pf Cities Sers ¢ seript 000 Citfes Nervice scrip 11 Euclid 0l Co # Gulf Ol of Fa 7% Hudson OIl... 13 Lago Pet. 80 Mount Prod o Mutual 0 vot Nobie 01l & ¢ Penn Beaver Oil... Penook Oii .. Red HBauk Oil... 3 Nult Ch Pro Venezuelan Pet Wilcox Oil & G INDUSTRIALS. ¢ Allied Pack pr pfd 6814 01 Am Pow & Lt ne ¥ 3 oreixn 4 Am Tob Co new wi 4 Am T Co I new wi 2 Chatterton & Son 3 Col & & ) nw pf A 1033, 10 Commonwealth Pow 10314 1 Commonwealth pfd. 78% { Tondon. pound ... | Paris, | Brussets 1D L& W Coal ... 104 3 Dubilier C & Radio. & Durant Notor ... > 103% I 535, 1 1w 1 Gillette X R nw wi Freed Eise Bak wi ., Greonan Bax ... ‘22 X Hazeltine_Gorp Heyden Chem ... Int Ocean Rad Corp Jones Radio . Tehigh Power ser 8 Leh Val Coal N C 3 Meeabl Iron ... 2% Uig.. A% Plate aw vwi *78 4 Pitts_Ter Coal Co 5a% 14 Pitt Ter C'1 (o pf 81% 25 Rova Rad Co tr cf 13% 90 S0 C & T new .... .14 Stand Motor 25 Switt lnu . 1 11 Tho Radio Cor v t ¢ 1 Todd Ship . 11 Tower Mfg 27 United Bake, 3 United Bakefies pid 5 United PIt Shar . 1 Warg Bak Cor A. 815 Ward Dak Cor .. 21 Ward Bak Cor pfl. 2 Ware ‘Radio Corp. 10 Wayne Coal ... 1 Western Power ... MIN rio Copper ... 20 Diamondfield BI' Bu .12 > Fog Gold M Lt In 18 First Thought Geld 10 Forty- Nine Min Harmill Div . 40 Jib Cobs ... 85 Kay Copper dbr. a0 Lor 8il Synd Ltd 30 National Tin . 3 Ohto Cop . & Plymonth 1. 5 Premier Gold M 190 Silverdale 70 Spearhead Goid . 30U & Contl . 11 Wenden Copper —— FOREIGN EXCHANGE. | (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks Zoid value. todes. $4.6645 | Nontreal. dollar frane franc mark .. tira Rerlin, Rome. Zurich. Budapest, Prague, crown . Warsaw, zloty en, crown . Christiania,” crown . Stockbolm, crown e TREASURY CERTIFICATES. (Quotations furnished by Redmond & Ce.) ~Close.-—— i} Offer. December December 15, March 13, SNCEC Sy SN T WEEKLY BANK REPORT. NEW YORK, November 1.-—The actual condition of clearing house banks and trust companies for the week show an cxcess in reserve of ,914,710. Reserve increased $27,- 730,920, compared with last week. Ante-Election Moves in Stocks Bring Out Divided Opinions Prices Usually Have Not Risen Rapidly When There Had Been Advance During Campaign. BY STUART P. pecial Dispatch to The Star. W YORK. November 1.—Wall street wound up the week keen over the election prospect and with favor- able anticipations as to what would happen afterward. Nevertheless, the question was debated. with equally £00d_judges on opposing sides, as to whether the forecast of a period of xpanding business and stock market buoyancy to follow in the wake of next Tuesday's voting would be borne out Reviewing the experience of other presidential campaigns, the result in a large majority of instances has been that where prices have gone up pre- ceding the election they have not subsequently continued the advance. There have been numerous times where Wall Street came down to busi- ness with high hopes the morning after and rushed in to buy, only to encounter a flood of offerings. 1In other words, it was a case of “good news discounted.” 01d Pre-Election Rise Lacking. Whether or not this will be the sequél on the present occasion will be interesting to see. One point in favor of the optimistic is that between the middle of September and up to al- most the end of October prices had very little advance. In other words, during all this time there was noth- ing like an old-fashioned pre-election rise. The market was quite indiffer- ent to the straw votes and the bet- ting odds. Only within the last day or two were these conditions changed. Therefore, it is falr to say that there has been no anticipatory upward movement of such proportions as would call for a corresponding reac- tion when the stimulating cause was out of the way, Election Results and Business. On the other hand, there is the doubt of just how much business is to be helped, assuming a conservative victory at the polls. The immediate effect would be to release, in many lines, orders which had been held up pending the elections. One would ex- pect to read in the steel reviews, the weekend reports of the mercantile agencies and other similar authorities that business meri had thrown off their hesitation and had begun to go ahead. But what this would mean for in- dustrial profits is another matter. Steel prices were so low during the third quarter that most of the in- dependents lost money, while the United States Steel Corporation had to draw slightly on surplus to meet its regular and extra dividends. On top of this camé the statement by the Tron Age last Wednesday that the average of steel prices in the fourth quarter was likely to be several dol- lars & ton less than during the third quarter. Nothing was said about the election results possibly making a change. The steel industry simply was of the opinion that competition had grown so lively that there was no prospect of any betterment in the price situation for. some time to come. Similar conditions apply, not by any WEST. means in all, but in many other lines. After the bitter lessons of 1920-21, and the brief. but emphatic, reminder of April to October, 1923, merchants and manufacturers are schooled against readily accepting increased prices. When the commercial mar- kets point upward they fall back on the policy of buying for immediate requirements only. This attitude makes it difficult for the sellers of finished goods to put up pgices enough to take care of larger costs and at the same time provide a suitable profit margin. This is the main prob- lem confronting American industry today, and it is going to persist, despite anything that happens in politics. The high prices reached during the last few days in investment bonds and preferred stocks of the highest rating’ raised some question as to whether this might not have been a sign of timidity on the part of capital, whether it might not have meant the desire to confine operatigns of an in- vestment character to securities whose value would be assured regard- less of political or economic changes. But these misgivings were disposed of when the more speculative end of the market also picked up. It was then realized that the high invest- ment prices were still a reflection of money conditions and nothing else. Sterling Exchange Center of Interest. In view of the return of Great Britain, by an overwhelming vote, to a conservative government, the ster- ling exchange market has become de- cidedly more interesting again, There are many who predict that now there is no longer any obstacle te the grad- ual getting back of the British pound to pre-war parity. On the other hand, the French franc has rallied very little despite assurances that the next budget is going to be balanced out of ordinary revenues, The rea- son lies in the inflated paper cur- rency which has so far resisted all attempts at correction. Commodity Markets Suffer Setback. ‘The principal commodity markets, especially wheat and cotton, have suffered at times during the last week some rather sharp check#. The ex- port demand for wheat, which was the basis for the big rise a month ago, has fallen off, the high prices having exerted their inevitable effect. In the case of cotton the statisti- cal position has been in favor of lower prices. The wonderful weather at the close of the season brought an upward revision of estimates. The Government between October 1 and October 15 raised its calculation by over 100,000 bales. Private authori- ties now place the gain much larger, some of them even talking about a final total of 13,000,000. At all events, taking the carry- over of 2,000,000 bales from the old ‘vance of 2 cents during the week, and EGGS CLOSE WEEK AT HIGHER PRICES| Fifty-two cents for selected stock and 46 and 47 for average receipts were egg prices at the close of the week's market. There was an ad- additional slight advances are expect- ed before Thanksgiving. Close of the week found the poul- try market in good shape, with am- ple supplies to meet demands. Live chickens were quoted at 27 and 28, while dressed stock brought 32 to 35. Dealers have learned from nearby turkey raisers that there are fewer turkeys within a radius of 75 miles of the city than usual. They expect shipments enough from a distance, however. to make it possible for everybody to get a turkey during the holiday season. Veal prices remain high, while prices of other meats have under- gone but slight ch.anges. Fruit and Vegetable Review. Today's market report on fruits and vegetables (compiled by the Market News Service, Bureau of Ag- ricultural Economics), say Apples—Supplies liberal; moderate, market Maryland, Virginia A 21 inches up, Grimes, 5.00a5. fancy, 6.00; some fair qualit 4.50 Stayman Winesaps, few A 2% inches, fine quality, 6.50: Delicious. 5.50a6.00; few, 2% inches up, 00a8.00; New Yor A 3 inches up, Wolf Rivers, 4.50a5.00. Boxes: Washington, medium to large siges, extra fancy Delicious, 4.25a4.5 imes, Jonathans, Spitzenburgs and Winter Bananas, 3.00a3 licious, mostly ‘4.00. Bushels: Jand and Virginia, various 75a1.25 Cabbage—Supplies moderate; _de- demand We Have Funds Available at 6% For Loans on Approved Real Estate in the District of Columbia and Mary- land. | Let Us Have Your FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13000.000 - BISFST Jonn Poois fusmen Prompt Action First Mortgage Loans Lowest Bates of Interest and Commisaion mand light, market dull; New York, bulk, per ton, Danish type, 25.00; do- mestic round type, 14.00216.00. Grapes—Supplies heavy: demand moderate, market about steady; New York, 2-quart Climax baskets, Con- cords, mostly 1§; Delawares and Ni- agaras, 18a20; Michigan, 12 Climax_baskets, Concords, 70a quart Climax, basket, mostly 30. Onions — Supplies light; demand light, market steady; New York and Ohio, 100-pound sacks, yellow va- rieties, U. S. No. 1, mostly around 2.00. Pears—Supplies light; demand light, market steadv: New York, bushel hasket, Bartletts, No. 1, 2.00a! kels, mostly 2 Washington, Anjous, ext 0. Potatoex in Good Demand. Potatoes—Supplies liberal; demand £ood. market steady: New York. pound sacks, round whites, U States No. 1, 2.00a2.25 per sack; Mi -pound sacks. russet rurals, tates No. 1, 2. per suck Lettuce—Supplies light; _demand moderate, market steady: California crates, iceberg type California and 1daho, 5.00a5.50; homegrown. 2 dozen crates best al.50; leafy, 50a1.00. Celery—Supplies moderate: demand moderate, market steady; New York. crates, golden self blanching in the rough, 2.00a2.50. Money to Loan Becured by first deed of trust on resl estats. Prevailing_interest and_commisaion. Joseph I. Weller i Wek T f;’;f WE FINANCE Apartment Houses Business Property Residence Property Hotels, Ete. Higbie & Ri 816 15th St. N.W. boxes, Inc. ;lilen Yo; fie Tl.oan, ;'llink of WELCH, Loan Speciakist Money to Loan At 6 and 612 % Interest Before Placing or Bemoving Your Tst or 34 Trust Consult WELCH, Realtor 15th and N. Y. Loan Specialist —of the DUTCH reads: “At the bottom of the bag one finds the bill” This is a homely saying of this simple folk, but it contains a world of sig- nificance when applied to financial operations, as well as elsewhere. “Topping - the barrel” has all too often tempted the purchaser, who has later discovered his loss upon reaching the bottom of the container. This practice is fre- quently the chief “stock in trade” of the scheming promoter and the sales- man of doubtful securi- ties. . When the “bottom of the bag” is reached “one finds the bill” has to be liquidated, not alone in cash, but in many heart- aches and regrets. FREE YOURSELF TODAY —of all financial worry about your funds, whether large or small, by placing them in our FIRST MORTGAGE NOTES with calm assurance that the money is FIRST and ALL THE TIME SAFE, and also will yield a lib- eral rate of interest. No investor here has ever had to “foot the bill” here. Just Ask Us How It’s Done Mortgage Investment Dept. harvest and adding it on to the indi- cations for-the new, and making the liberal allowance for combined ex- ports and domestic consumption of 12,500,000 ‘bales, a large surplus of cotton is indicated for the coming season. Application TINIEE N See Mr. Kelley With McKeever & Goss Realtors 1415 K St. NW. M. 4752 at 547 In Sums of $25,000 and Up Immediate Reply Reasonable Commission See WELCH, Loan Specialist +15th and New York Avenue Main 4316 Have Over 20 Colored Applicants for Flats. and Houses Who Will Pay Approximately $50 Per Month . Herman Schmidt Main 2611 Speculation is often allur- ing. Arnold Guaranteed Cer- tificates appeal especially to mvestors who must seek not only safety of principal, but also continuous interest re- turn. First Mortgages on tmprov- ed real estate and homes have been placed with a Trust Com- paay to insure the safety ot these certificates which are also guaranteed by Armold and Company. Consult us regardiag our partial paymeat plan. Igsued, In, amounts et and $1.000, te run erm of 2 to 10 years. When You Hne Fun ' to Invest, See WELCH, Loan Specialist Established 1590 Notes | | ih - Consult Welch, Realtor Loan Specialist 15th & N. Y. Ave. Main 4346 Reference: Any Bank, Trust Co. or Title Co. in the District. No 1oas (0 an fhvestor In 25 yearw. ARNOLD AND COMPANY | Incerperated R 1 Ak el Wasbingten, D. C. ! Telephone Main 3434 National Mortgage & Investment Corporation| : 811 Vermont Avenue N.W. Deals in the Best Real Estate Securities First and Second Trust Notes and Ware- house Receipts are purchased at fair rates . Its 7% First-Mortgage Notes, SECURED by Im District of Columbia Real Estate, Are a G INVESTMENT. Offered in denominations from $250.00 UP. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Rl K Hogen ¥ % 7827 Conneclivut Hocnae = = Dean, Onativia & Co. Stock Exchange Building New York STOCKS COTTON and COPFEE BONDS SUGAR MEMBERS NEW YORK STOCK EXCHANGE CHICAGO STOCK EXCHANGE NEW YORK CURB MARKET ASSOCIATION NEW YORK COTTON EXCHANGE CHICAGO BOARD OF TRADE NEW YORK PRODUCE EXCHANGE MINNEAPQOLIS CHAMBER OF COMMERCE ~ WASHINGTON OFFICE Main Floor, Woodward Building Phone Main 2040 JOMN CALLAN O'LAUGHLIN MWanager AR O OO RS A s e ey mlmnmnunnnnumm TR RO Thomas J. Fisher & Company, lnc.| Special Fund | !.le_ONEY TO LOAN Preperty in D. C. and Md, ANY AMOUNT—THREE, FIVE and TEN “ YEAR TERMS Lowest Rates BUILDING PROJECTS FINANCED FRED T. NESBIT Iavestment Bldg. Main 9303 “When Buying” Our 7‘70 First Mortgage Notes efour Investment s secured on carefally seiected improved properties and placed a_sound Are You Interestedin Florida Real Estate? _We inust have seme help to pst into.d g @eveiopment. “For_triry 30e00 e oty you large divi t a stock “progosit Iain investment. We court insestigh JINO. W. FELDMAN _ Hegorstowy, Md. Secod rust Notes Bought Our clients are ready to pay cash for SECOND TRUSTS in any amount. The rates will conservative val " able in amousts of $100 uj Apply Loan Dept.. Mr. O'Doanell, Mgr. Chas. D. Sager Realtor 924 14th St. N\W. o il please you if the security is sat- isfactory. MORTGAGE DEPARTHEINT CHARNGN & Tiehy) 713 and 715 14th Streez N.W. Mais 8365 Our Dusizess 13 REAL r) wE H ESTATE LOAN! :Vl‘ll adequate supply nd, e loan offered if the security is satisfactery. We are loaniog our money at 5%%. E. Quincy Smith, Inc. 909 15th Street N.W. Washington, D.C. 1 LOANS ON IMPROVED D, C. PROPERTY NEGOTIATED Curreat Rate of Intarsst Prompt Service N. L. Sansbury Co., Inc. 148 Eye Street N.W. Main 5904 WOMEN INTERESTED IN INVESTMENTS Will find our. organization of service in all matters pertain- ing to the safe investment of Jver a For sound in- Quarter surplus funds. of a : information Century vestments or or Without a advice on them consult us. Loss. B. F. SAUL CO.. Main 2100 1412 Eye St. N.W. Increasing Values Insures the Principal HIS 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 614 per cent— and more—the increasing value insures the principal. SWARTZELL. RHEEM &HENSEY SWARTZELL Creel, NW, Claningin e 55 Years Without Loss to An Investor. McKeever and Goss Announce The Reorganization of Their ‘Loan Department in Charge of Mr. William R. Kell Mr. Kelley, a civil engineer and appraiser (qualified as an expert under court order), has had many years’ experi- ence in appraisals of real estate and the handling of mort- gage loans in Washington and other localities. When In Need of Money In Large or Small Amounts or ‘When You Desire to Invest Your Funds in First Mortgage Loans Consult This Department: FOR MAXIMUM SERVICE 1415 K St. N.W. g Main 4752,