Evening Star Newspaper, November 8, 1924, Page 25

HEAPER POULTRY AND MEATS HERE Eggs End Week Higher. Good Supply of Vegetables | From Nearby Farms. ats, higher Cheaper poultry and h for fruits ®ggs and reasonable price: yorted of the market this week. It is thought by dealers that buying ©onditions probably will not improve wntil there is a dectded change in fhe weather. The meat market reported as ®eing especially dragsy. Meat sup- ies were more than ample to sup- nds. Pork prices have not two weeks, stated, » the continued warm ed killing of hogs on farms ity of vegetables has been reported wlers say the continued warm weather, despite the absence of rain, has resulted in nearby truck- ers being able to continue to supply much of the trade. Fruit and Vegetable Review. Today's et report on fruits and vegetables (compiled by the Mar- ket New . Rureau of Agricul- demand land, Vir inches, 50: box, arge siz nanas and mostly 2.00; small Potato Market Potatoes—Supplies New York, 150-1b. ack Round Whites U. § N 2.00 per sack. Michigar Rus- set Rurals ( .00 pe nd Californ A too few Tomatoe mand good steady. Home hampers, No. 1 hothouse Ohio, 1 size. 3.0 5 Light Demand for Grapes, s mode eady °; demand Concord, 15 —Suppli ., market brights and gold 6.00a6. other BRAIN VALUES JOIN i BROAD ADVANCE Election and Better Exports Demand Chief Factors in Week’s Trading. Florida, By the Associated Pross CHICAGO. November S.—Lively up- turns in the value of grain have taken place this week, based more | or less on optimistic views of the’ after-election busin outlook and on greatly improved export demand for wheat and rye. Wheat this morn- ing, compared with a week ago, showed 51 to 8% bulge. with corn 2 to 2% up. oats at 2 to 2%a2l ad- vance, and provisions varying from 42 decline to a rise of 72, Turn After Election. Prior to the election wheat was is Awving a downward tendency fluenced by selling preparatory the election holiday and S0 owin, to the fact that the United State visible supply of wheat had increased to a total of nearly 90,000,000 bushels. Besides, there was something of a lull in export business, European buyers apparently holding off for the time being. After the election, how- ever, a general broadening of activ- ity on the buying side of the market set in, and before the lowed the national ballot was ended the climbing of values had already Zone beyong average limits. Inoreased demand for flour ‘was one of the notable circumstances ascribed to removal of election uncertainty. Meanwhile adverse crop conditions in the southern hemisphere, particular- ly Argentina and Australia, gave a declded stimulus to export buying. Falling off in the volume of domestic recelpts west and southwest also was noted, with the Northwest movement predicted- to dwindle within a fort- uight. Curtailed unofficial estimates of the 1924 yield of corn helped to lift the price of corn and oats. The main factor, however, in strengthening the market for feed grains was the accelerated buying of <the bread- stuffs, wheat and rye. Indications of a shortage of hogs during the Winter unsettled the pro- vision market. SUGAR CLOSES QUIET. NEW YORK, November 8.—Sugar futures closed quiet. Approximate sales, 8,000 tons. December, 3.64; January, 8.20; March, 2.98; May, 3.05 July 3.15. _ Query the Promoter. Determine how much of his own money the promoter is putting into his scheme before you decide to risk yours. Don't take his word for it— make him prove it. WEEKLY BANK REPORT. | NEW YORK, November 8—The actual condition of Clearing House banks and trust companies for the week show an excess in reserve of $111,624,480. This is an increase of $59,609,770 compared with last week. ¢ FINANCIAL. #nd vegetables were conditions re-| w York, 2-| demand | | | i { i | . i | | day which fol- | BY WILLIAM F. HEFFERNAN. NEW YORK, November 8.—The volume of business transacted in to- day's half holiday session on the curb exchange was without exception the largest of any Saturday since tae organization moved indooss. Orders which had not been expected, coupled with an accumulation of overnight buying orders, resulted in the most active two-hour ion today that has been witnessed in years. Ad vances, which ranged anywhere from % point to 7 points, occurred, and no ass of stocks was neglected. The heavy demand was purely sympa- thetic with the great buoyaney on the stock exc! . where the upward movement was st pronounced in the railway se The new Nickel Plate es moved forward briskly with related stocks NEW YORK, November 8.—Follow- ing is an official list of bonds and stocks traded in on the New York Curb Market today 2 Sales in thousand High. Low. Close, | n Sumat Tob 13Am Roll Mills Gu:. 1 Am Thread (v 6s Tty |13 Anacondu 6y 104 At W I NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office 10 Gult 0Nl Corp 2 Hov. R & Co T Hood I oderate; dd- mand light. market steady. New York, bu per ton, Danish type. ! 18.00a2 | Onions—Supplics moderate; demand | lizht, market New York and Ohio, 1001lb. sacks Yellow Varieties U. No. 1. medium Motor b S * Minn FOREIGN RONDS. 10 Fin Gu M 6is wi B 81 0 B n M b 14 Ind Mtg 033, A Kk Find 7s e am 0il heriand 1 L. e O 100 Southern T L Indinna K. i | | 408 0 Ohio | 430 Vacuum OIl | Sales INDEPEN | in hundreds. i 11 Carib o33 | 130 Hodson 2 Lago Pet 1 Monnt 1 | atual Oil vot ofs 1 nd | 3 t as 25 4 “nion Oil of Cal... 13133 1 1313 Investors Again | Dividend | BY STUART P. WEST. i Special Dispatch to The Star. . NEW YORK, November 8.—Antici- pations of what would happen after the elections have been pretty well borne out in the past week's opera- tions on the stock exchange. ‘Although the election results were no different,from what had been look- ed for a month ahead. it was found |that the outside public had really been waiting and had not been ac- cepting, like professional ‘Wall street, the very strong forecasts. The- as- surance that the present transporta- tion law was not likely to be inter- ferea with, and that its safeguards for investors In railway securities were to remain intact, has had an im- mense significance. It has made the old-time dividend-paying railway shares attractive again to invest- ment capital. It has opened up tol Speculative imagination a vista of Hreat rallway consolidations being pushed through to conclusion, and of the inauguration of @ividends in many instances where nothing has been dis- tributed hitherto. | Almost Unprecedented Demand. Barring the brief period of a few | weeks after the armistice, there has | been no such market for railway stocks since 1909. That year was a vear of great railway consolidations, but, as it turned out subsequently, these were outside the law. The pres- ent situation is quite the reverse in that the Government, instead of op- posing combinations among the car- riers, is doing all in its power to en- courage them. But there is this essential point to consider, namely, that the privately conceived mergers of 15 years ago were worked out on terms involving large profits to the promoters and to their speculative following who were avise enough or fortunate enough to diagnose what was going on. The rallway mergers now In prospect are of a very different sort. They will not allow any fictitious increase of capitalization or the putting together of the stocks of the combining prop- erties at inflated prices. More Dividends for Shareholders. Hence there are nothing like the same speculative possibilities in pres- THE on the big board. The demand for Standard Oil shares carried Prairie Oll and Gas across 211 as against the previous close of 207%, New York Transit from 63 to 70, the Indi- aha stock above 59 and Humble Oil up a point to 29%. Reports of a pending merger of the largest baking companies were defi- nitely confirmed by the announce- ment that a $450,000,000 combine had boen formed with United Bakeries as the nucleus. hares fluctuated violently today, the common selling at 167, then dropping only to rally subsequently to ain. Radio stocks took on anywhere from fractions to ‘a full point, the coppers continued active and strong, and special strength came into the market for Glen Alden Coal, and Lehigh Valley Coal sales. 9 Union Oil of Cal D. 143 Venezuelan Pet ... 31 Vu il & 4 Woodiey et .....] 8 INDU Ilied Pack new. 1 Gas & T TD L& W Coal Dubilier C & Ladio A . lette 8 R nw wi en Alden Coal .. 1 Grennan Bak ... Hazeltine Corp al Vil Coal N ¢ © MeN'& L onw W Wi 80 ew pt wi K4 Tne A 1 Butte Tud Mason V Natlonal ixon Nevada.. Leud Mus Wenden Copper RBOSTON STOCK MARKET. BOSTON, November 8.—Following s a list of today's highe v and closing prices for the most ac stocks dealt in here High. Low. Tel 1 1 & Maine Ariz 7 014_Dominion Pacific Mills & Co Int a4 Shoe Ma U8 Bmelt pfd Utah Metal Yentura Oil Waldorf ... Warren Hros . STEEL SALE COMPLETED. W YORK, November 8.-—Ne- ions for the purchase of the a Company by the Sloss Shef- 4 Steel and Iron Company for §3.- i fi 00,000 have been completed and only approval of the stockholders at a meeting November 15 {s now awaited. Notes for the amount of the pur- ha have been sold to Goldman, achs & Company by the Alabama Company, of ~which $1,200,000 ma- turé in installments of $400,000 from two to four years and $2,500,000 in five years. Rush to Buy H igh-Grade Railroad Stocks {With One Exception Market Is Strongesfl ! Since 1909—Merger Talk Factor. | Outlook. ent day railway mergers that there were in former times. The main im- pulse back of the railway share mar- ket is not the prospective consolida- tions so much as it is the belief that | railway managements, With a record- breaking tonnage to support them and with three years where undivided surpluses have been piling up, will feel at liberty, now that political con- ditions are settled, to do more for their shareholders. The election results were inter- preted in the business world as a mandate to the political powers to keep things as they are, to go ahead with the tax reduction program, but 0 do nothing in the shape of new legislation concerning the railroads or any other industry that would upset existing conditions. Only a week before, the . British electorate had rendered a similarly overwhelm- ing verdict in favor of consServatism. At the time the English Labor party went into power last winter there was much talk about the nations of the world turning toward radicalism. More was heard on the subject later when the - Socialist regime came into power in France. Many thought that what was happening in Europe would have its reaction here, and when the third party was launched under La Follette predictions were made that it would poll a surprising vote. Busincss Men Reassured. This line of prophecy has turned out to be wrong. The two leading countries in the trade of the world have struck a blow at the radical cause greater than any it has re- ceived since beford the war. The re- | ssurance thus given to business men and to investment capital is difficult to overrate. Still the idea prevailing ‘in some quarters that we are on the verge of a general boom does not appear log- ical. There are certain problems, con- fronting some lines of trade more than others, which the electioh results of themselves cannot solve. One is the high cost of labor and materials as compared with the prices of many finished products. Another is the pros- pect of increasingly formidable com- petition from abroad, now that the United Bakeries | EVENING STAR, WASHINGTON, D. C. lcurrency systems of Central Europe have been stabilized, and it becomes feasible once more to'do business with the countries, Problems to Be Solvea. The party has been re-elected which favors a tarifft wall high enough to) keep cheaply produced foreign goods | | from the American market. The wis- ||| dom of this pollcy is not a question proper to discuss in this place. But there can be no doubt that conti- nental Europe, on its feet again, with a depreciated cugrency, with very low | wages as compared with ours, and with low standards of living, has an | | | advantage in the competitive markets || outside of our own, which it will be | very hard to overcome. The menace of German competition, about which such a stir was made four years ago, did not at that time | turn out as expected because the vio- | | lent fluctuations in the mark made it almost impossible for outside coun- ! tries to trade with Germany. But it| is a very rcal menace, now that the | currency of Germany is to be reor- | ganized on a basis which will make | it safe to deal with her again. Profit Margin Vital. . The other question is as to wheth- er, even under the protective system, prices of manufactured goods can be raised sufficiently to offset the greatly increased labor and other costs and| re-establish a satisfactory margin of profit. In these two Qquestions—namely, | that of threatened foreign competi- tion and adequacy of home profits | in certain manufacturing lines—1li the difficulty of taking an unquali- fledly optimistic view of the present situation, while giving full eredit to the favorable points in the railway outlook, to the turn in oil, and to the satistactory position of the distribu- tive trade. MONEY TO LOAN On Improved Property in D. C. and Md. ANY AMOUNT—THREE, FIVE and TEN YEAR TEEMS Lowest Rates BUILDING PROJECTS FINANCED | FRED T. NESBIT | _Investment Blar. _ Main 9398 | TO THE POLICYHOLDERS OF TE PRUD i AL | assura AMERICA | I ~NoT1 ' T, 1 purpose of for by the the Board of jon of Directors | of the Company to be held on the 12th day | of Junuary, 1 At xuch m TELD, Preside FIRST TRUST LOANS ON IMPROVED D. C. PROPERTY NEGOTIATED Current Rats of Interest Prompt Service N. L. Sansbury Co., Inc. 1418 Eye Street N.W. | OUND investments are in greatest demand in Jan- uary. Because of this de- i mand investors often find it difficult to get the most at- tractive interest rates. | By planning now you can | guard against the possi- bility of being unable to get the issue, the maturity and the interest rate you want. | | Our strong safeguarded | 7% First Mortgage Bonds | may be reserved now and payment arranged in Jan- | uary, either autright or i under our Investment Sav- ings Plan. Call, write or phone Main 6464 for circular describing current offerings that pay | ' The F. H. Smith Co. Founded 1873 FIRST MORTGAGE BONDS Smith Building 815 Fifteenth Street NICE GILT EDGES After a speculator had been “trimmed” recently by a prom ter who involved him to the point of bank- ruptcy he philoso- phized as follows: “Bulls, bears and wild- cats are too danger- ous company for my cash; henceforth my money will associate only with government bonds and FIRST MORTGAGES with NICE GILT EDGES.” What sage could have uttered wiser advice, except there is no need for any investor to sacrifice the differ- ence in interest rates between the bonds and OUR FIRST MORTGAGE NOTES? Let us sub- mit details about these securities yield- ing at least 61%. NEVER A LOSS. Mortgage Investment Dept. i { 713 and 715 14th St. N.W. Main 2345 Becured by first deed Dfltr unr-I estate. ’ Trust Joseph I. Weller 315,755 T # . Money to Loan. Prevailing interest Second Trust Notes f| Bought [ Our clients are ready to payl||| cash for SECOND TRUSTS infl| any -amount. The rates will i please you if the security is sat- 1 | isfactory. | MORTGAGE DEPARTNENT [SHARNON_& LUCHY) | 713 and 715 14th Street N.W. “ annum, nually. “When Buymg" Our 7% First Mortgage Notes f 13 investment fs secured on carefully || selected improved properties and placed on a wou ervative valuation. in amounts of $100 up. Apply Loan Dept., | | Mr. O’Donnell, Mgr. Notes 924 14th St. N'W. AT New Issue To be dated November 1, 1924 each six months’ period. follows: Amount applicable to interest about November 20, 1924. Janney & Co. SATURDAY, NOVEMBER 8, 1924 TO 'FEDERAL EMPLOYEES AND ALL OTHER PEOPLE WE _WANT YOU As ONE OF 50,000 NEW INVESTORS IN THE SAVINGS DEPARTMENT “YOUR BANK” To get your investment we will loan you ONE HUNDRED DOL- LARS WITHOUT INTEREST OR ENDORSEMENT, The only condition is that you will leave it on deposit in a sav- Ings account for one year and pay us. back ten dollars a month. Your one-hundred-dollar invest- ment will bear interest at 4% per compounded At the end of one year your $100 investment’ will be worth $104.04. Under the usual 4% savings plan, if you save $10 a month for ten months, your $100 at the end of one year would be worth $102.52. Come in and talk with us about {| this new investment pian. || Banking Hours—8:30 a.m. to 3 || p:m., except 1st, 2nd, 15th, 16th, | 17th and last day of each month, 8:30 a.m. to 5:30 p.m. 8:30 a.m. to 1 p.m. —_— THE DEPARTMENTAL BANK “YOUR BANK" 1714 PENNSYLVANIA AVENUE N.W, Under United States Government Bupervision MONEY TO LOAN ON FIRST MORTGAGES CURRENT RATES OF INTEREST Randall H Hagnes ¥ C. 7327 Conneclicut Hsenue Principal and interest payable in New York. Interest payable May 1 and November 1. $500and$100. Registerableasto principal only. Callable as a whole, or in part by lot, on any interest date: at 105% and interest on or before Novernber 1, 1928, with successive reductions in the call price of 1% during each four-year period thereafter. Pennsylvania Four-Mill Tax, Massachusetts Income Tax up to 6% and Maryland Four and One-Half Mill Securitics Tax refundable. Interest payable without deduction for Federal Normal Income Tax not exceeding 2% per annum. Central Union Trust Company of New York, Trustee. A semi-annual Sinking Fund is to be provided, beginning May 1, 1925, to retire each year 2%% of Series A Bonds issued, by purchase if obtainable at or below 102 and interest, to and including November 1, 1940, and thereafter at or below 101 and interest, unexpended balances reverting to the company at expiration of The Company agrees to make application in due course to li Proportion of above balance applicable to common stocks t Service Power & Light Company Other Income of Cities Service Power & Light Company* Federal Securities Corporation Biddle & Henry Apartm semi.an- Fact Saturdays, $20,000,000 SERIES A BUSINESS AND TERRITORY SECURITY EARNINGS Combined earnings and income of subsidiaries for the 12 months ended June 30, 1924, Net carnings after operating expenses, maintenance and all taxes Fixed charges and preferred stock dividends of subsidiaries. . . .. Depreciation (assumed at rates in mortgages of larger subsidiaries) . Annual interest requirements’on these bonds. . . ... e i Car INDENTURE PROVISIONS CITIES SERVICE COMPANY Dillon, Read & Co. WE FINANCE it Houses Business Property Residenee Proj Hotels, Ete. Higbie & Richardson, Inc. 816 15th St. N. FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13000.000 1315 F ST Joun PooLe setsmem Interesting SWARTZELL. R o be owned by Cities FINANCIAL JUST as you may purchase the Safurday | | | All of These Bonds Have Been Sold—This Advertisement Appears Only as a Matter of Record Cities Service Power & Light Company 20-Year 6% Secured Sinking Fund Gold Bonds Coupon bonds in interchangeable denominations of $1,000, t these bonds on the New York Stock Exchange. The following information has been summarized by Mr. Henry L. Doherty, President of Cities Service Power & Light Company and of Cities Service Company, from his letter: Cities Service Power & Light Company will acquire from Cities Service Company its entire holdings of common stocks of electric power and light companies and substantially all its holdings of common stocks of gas distributing and street railway companies. These companies comprise a diversified group of public utility operations in fifteen states, serving a population of more than 2,800,000 in over 330 communities. Among the larger cities served are Toledo, Sandusky, War- ren, Massillon, Elyria, Lorain, Alliance and Mansfield, Ohio; Denver, Boulder, Pueblo and Fort Collins, Colorado; Kansas City, Joplin, Sedalia and St. Joseph, Missouri; and Kansas City and Topeka, Kansas. These localities represent a wide diversity of industrial and agricultural activities which tends to stabilize the earning power of the group as a whole. These bonds upon issue will constitute the only funded debt of the company and will be secured by pledge with the Trustee of an amount of preferred stocks of certain companies and of more than 95% of the common stocks of the follow- ing companies (with the exception of common stocks of Kansas City Gas Company and Wyandotte County Gas Company of which more than 60% of each is to be pledged): The Ohio Public Service Company; Toledo Traction, Light & Power Company (The Toledo Edison Company, subsidiary); Public Service Company of Colorado; Kansas City (Mo.) Gas Company; Wyandotte County Gas Company (Kansas City, Kansas); The Empire District Electric Company (southwestern Missouri); St. Joseph (Mo.) Railway, Light, Heat & Power Company. These companies will comprise the six major operating groups of Cities Service Power & Light Company. The latest reported gross and net operating earnings of these companies represent over 80% of the like earnings of all the subsidi- aries presently to be-acquired by the company. Upon sale of any pledged collateral the proceeds, to the extent and in the manner provided in the Indenture, will be utilized for the retirement of bonds. Based on the results of subsidiaries’ operations for the twelve months ended June 30, 1924, as certified by Price, Waterhouse & Co., adjusted to give effect to subsequent financing, the combined income applicable to interest is as ©.$10,016,703 1,620,769 Total income applicable to common stocks to be owned by Cities Service Power & Light Company and other income, as shown above, were 4.8 times annual interest requirements on these $20,000,000 Series A bonds, and for the two and one-half years ended June 30, 1924, such income, including other income on basis indicated above, was at the annual rate of $5,721,936, or over 4.7 times annual interest requirements on such bonds. Net income, after depreciation as above, applicable to dividends on the preferred and common stocks to be pledged as security for thess bonds, was $4,830,905 for the twelve months ended June 30, 1924, or 4 times annual interest requirements on the present issue, and for the two and one-half years ended that date was at the annual rate of $4,690,491, or 3.9 times such interest requirements. Additional Series A bonds, not exceeding $5,000,000, may be issued without pledge of additional collateral on compliance with restrictions as to earnings, and as to cash income from the pledged collateral. Other series of bonds, ranking equally with the Series A bonds, may be issued, under conservative restrictions, upon the pledge of additional collateral. Cities Service Company will acquire substantially all of the stocks of Cities Service Power & Light Company to be ' presently issued. Cities Service Company, which owns diversified interests in oil and natural gas and other properties, has a present outstanding capitalization of $25,966,715 Debentures, $85,522,856 Preferred Stocks and $46,032,818 Common Stock, with aggregate present market value over $175,000,000. We offer these bonds for delivery if, when and as issued and accepted by us, subject to approval of legal proceedings by counsel. It is expected that delivery in the form of temporary bonds of the company or interim receipts of Dillon, Read & Co. will be made on or Price 942 and Interest. To yield about 6.50% Further information is contained in a circular which may be had upon request. A. B. Leach & Co., Inc. Brooke, Stokes & Co. ‘The statements herein have been accepted by us as accurate but are In no event to be construed as representations by us. ¥ '2% Prompt Action First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. 738 16th treet 2z FIRST MORTGAGES FOR SALE 6Y2% THE TYPE OF SECURITY CONSERVATIVE INVESTORS BUY DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. Evening Post on Thursday, whether you are in Washington or San Francisco, so we arrange that you shall receive the interest on your investment in our First Mortgages on the day it is due, whether your stopping place is in Bangor or New Orleans. A service such as this may mean A great deal to You at some Time in the Future EEM &HENSLY Co. ~57Sireel. AW, @ashindton D.C. 55 Years Without Loss to An Investor. November 7, 1924 Due November 1, 1944 Twelve Months Ended June 30,1924 $49,100,222 16,780,610 $4,898,632 862,289 $5,760,921 e 1,200,000 * Annual income derivable from other investments in subsidiaries presently to be acquired by Cities Service Power ¢+ Light Company