Evening Star Newspaper, January 31, 1925, Page 19

FINANCIAL. PRICES HOLD FIRM AT CENTER MARKET Only Changes in Week Are Higher Charges for Eggs and Fowl. Miserable conditior of the streets about the market and the country roads mtinue to make it difficult products and re- commodities are of weather conditions, week because while price of live fowls experienced an almost unprecedented advance be £ demands in New York, : an embargo has been placed fowls from five States because This morning’s prices of most com- modities were about the same as early in the week. prices of live fowls and eggs being the notable excep- tions. Todny's Wholesale Prices. Butter—Fancy, tub, 47a50: prints, 1 ked g selected, candled, 58a 60; average receipts, 56a57; storage, 1850 Poultry, alive chickens, resh killed Spring chick- roosters, 30a32; fowls, 40a45; ducks, : capons, 40a4 tock—Calves, chols 13a14 10a11 live thin, BUTTER PRICES HAVE ADVANCED IN WEEK Severe Weather Over Greater Part of Country Factor in Causing Rise. By the & CHIC, weather country ociated Press AGO, January 1. —Severe over a greater part of tha was a factor in bringing in- ses in butter prices and a firmer rosition to the market during the wee hough at the four princiyp arkets w about 3,000 ubs heavier than the previous week, stocks on dealers’ floors were reduced slightly, and there was a better con- sur de o ts indicated in- ver the previous w y low price of butter pared with cheese, however oved conditions in the cond Ik market have caused the f a considerable volume 1 butter factories over to ¢ es and cheese fa Wisconsin in Closing lesale prices, 92 score hutter, ge, follows: Chicago, 1 higher 35; New York, 13 nigher, Boston, 1 1 at 3912, and . at 40, CRUDE OIL PRICES ARE GIVEN ANOTHER BOOST Pittsburgh Reports Third Advance in Month and Lists New Rates. By the Associated P BURGH, hin a month in the third increase wi price of crude quoted here, was announced tod: the principal | purchas agenc The leading grades were up ents. The new prices were: Pennsylvania grade in New Yo 1 and Bradford | district E transit lines, | Pennsy des in cents, Ragland was quoted a ‘umberland lines crease of 15 | in Buckeye | $1.50 cents a ba Cornin was unchanged at YOUR INCOME TAX Expert Advice Given by United States Internal Revenue Burean | | Based on Latest Changes | in Legislation. | ARTICLE NO. 20. Bad debts may be deducted from gross income in computing net « 1c only for the year in which the are ascertained to be worthless and charged off the books of the taxpayver. | ‘The cessity for s provisic of | th w is obvious. If a bad debt| were allowed as a deduction without | requirement that it be charged off | the books, the certainty of its worth- lessness would be left open to que: tion. If a bad debt were allowed as & deduction the year in which charged off, without re to when | t was ascertained to be worthless, such charges could be unduly ac- | cumulated The taxpayer should attach to his| return a statement showing the pro- ction claimed for a pr ¥ of any dedu bad debt. Where the surrounding | mstances show that a debt is uncollectible and that in all probability, would not avail, proof of these facts is suffi- cient evidence of its worthlessn The difference between the face va a note and the amount re- c compromise is an allowable deduction, provided the debtor has no assets out of which the entire amount may be collected by suit. However, where the debt is compromised, the lebtor having assets out of which entire amo could have been through legal action, the between the amount re- in compromise and the amount whether admitted or dis- is not an allowable deduction ad debt paid loans made to necdy rela- with little or no expectation of their return are not deductible, but are regarded as gifts. Where a credi- tor continues to extend credit to a debtor, a debt may not be charged oft as worthless. If a debt is forgiven it can not be claimed, as it is then regarded as a gift, which is not an allowable deduction. A valid debt proved to be worthless 15 not always a proper deduction. For example, amounts representing wages, als, or similar items of e are not allowed as de- s included in the credi- unpaid salaries, taxable ine ductions unl tor's return for the yvear in which such deduction is sought or in a pre- vious y The fact that expected fncome was not received does not de- crease the amount of taxable income (The next article in this series will appear Lomorrow.) | utative BY WILLiawm . nig ™. YORK, January 31.—At the shares JoInts today Standard ol onares were selling 5 to 25, and in Tows Matance 35, polnts above - their thewy Of, Jast week. The market for toduy plocks was ‘further stimulated .y T:olher advance of 25 cents And miew 0, Pennsylvania Crude Oil Were'war MEh records for the year Solar Refinin ‘ 38 points above " lnst week'as Jon Prairie Ofl and Gas 29 points, Soutn Penn 24, Vacuum OI1 10, Standard of Ohio 13 and the more popular priced HEFFERNAN, NEW YORK, January 31.—Follow- ing is an official list of-bonds and stocks traded in on the New York Curb market today: Sales in BONDS. thonsands High “lose. WA Packers s, "5 Kt 2 Am Gax & Elec 6v.. 967 4 13 A ieeeSag oaw pa o 20 Am Pow & Lt 6x old 05% 953 Am Rolling 2 Anaconda s, 1 Avglo-Am 01 Aills 8s 2LACG & WIS S5y Beaver Prod Tigs... 2 Can Nat Rty 7e..... 40 Gent Leather 6. 0 Chic Rk 1 & P o 6 Chic Tnjon Sta 05 #1 6 Cit Serv i3 B 2 Cit Serv T8 C 15 Cit Serv 7a D1 11 Cit Ser P & L 65 wi ons Gas Bal 8l3s D onx Textiles Ks. Cudahy 5 Deere & 'Co Tl Detroit City Gas 65 Detroit Edison & Dunlop T & R Freid Krupp Federal Sngar 6s 5 3 [ 1 1 salena Sig 01l Ts. Gen Pot e : ulf Oil Cor 3s ... Lehigh Pow 6s ... Lig Win Lig r ¢ 7 Mld_Cont s wi at Leather & ... or States Pow 815% No Sta P M 63 O Phila Elec 6s & 9 Pub G & B Co 3133 8 Pure 0l al Osage 25TnEL&DUS 10 Un 0il of 8 Vacuum 0il 15 Webster Mills 61 FOREIG 18 City of Bogota 8s wi . 96 o6 32 French Nat 7s wi 201, O g 1 King of Neth 6s ‘44 1051, 5 Nat Rys M cd 6s "17 13%; Russ Govt 6 na of 15 5 olvay & Co 63 '34 B 101 101 wiss Govt Slgs.... 101 101 wiss Govt Os. - 1007 100% 9% 19% 60 1471 94 149 94 & 45t 1500 Humble 9 11 P L 1160 Imp 0 4100 Im 0il 10068 PTiii o 11300 Inter Pet Co Lid.. 130 Magnolia Pet E 100 Naf Transit 10 N Y Transit 10 Northern P L 1700 Ohio 011 E 100 Penn Mex Fuel 470 Prairie 01l & 3800 Prai 0 & G ne Prairie P solar 24300 1200 00 S 10000 50N Y o.n 40 5 0 Oblo. Swan & Finch. 00 Vacuum 0il i 801% Sales in INDEPENDENT OIL STOCKS bundreds. 14 Ark N 3 Carib 20 Cities, 8 it ers Serv pfd Serv pfd Serv B Serv ( smbian Sy Contl 0l wi. Creole Derby E B wi 2 Cit cit cit 3 £1000 55000 B s 50 Engineers Pet Are Proving B BY STUART P. WEST. Special Dispateh to The Star. / YORK. Januery 31.—It was stated a week ago that the Wall street position had been greatly im- proved by the sharp fall in a large part of the share list occurring be- tween the first week of January and the end of the third week. The truth of this statement has been manifested in the course of prices since Saturday last. The investment element has ued a minor factor, but the spec- forces have gained fresh energy and courage and have made a rathe pressive display in the va- rious stocks picked out for leadership. Outside the stock exchange the chief features have been the rise in the May wheat option above $2.05 a bushel, the heavy exports of gold and the more uneven course of the trade movement. Bumper Wheat Crop Is Expected. In the wheat market the distinc- tion has been drawn between futures representing the old crop and those representing the new. While the May option has been soaring, the Sep- | tember option has been coming down. This reflects the opinion that there is not enough wheat left over from 1923, and produced for surplus in 1924, to accommodate the requirements of the world during the next six months. But at the same time it reflects the feeling hat, under the stimulus of abnormally high prices, the produc- ing area of the world will be in- creased in the coming season and that consuming nations will be forced to curtail their buying orders. Flight of Gold Continues. Between $90,000,000 and $100,000,000 gold has gone out to India, Aus- tralia_and Burope in the month of January; that is at the annual rate of over $1,000,000,000. We are thus witnessing the beginning of the equili- zation of the world's gold stock which has so often been predicted during the |last two years, and has been wel- comed as the remedy against a possi- ble gold inflation. It is quite out of reason to consider a gold exodus keeping on at the pace of the last month. Still, even if the United States in 1926 were to lose $1,000,000,- 000 in gold, it would still have $3,200,- 000,000 left, in comparison with $1,800,000,000 in 1914, Period of Low Money Rates Past., From this the conclusion seems proper that if the gold export move- ment is to assume proportions suffi- | clent to affect money and investment | conditions, this result is some dis- tance off. Nevertheless, the gold ship- ments are another factor supporting the contention that the period of ex- tremely low money rates, lasting through the Summer and Autumn of 1924, and which were the incentive back of the big investment demand, is over. Investment securities are not going down, but neither are they going up—that is, with the exception NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office ——————— | parea with $160,000,000 in 1923. Reports on January Business Commercial Buyers Appear to Have Filled Present Needs—Stocks Do Well—Grain Is Feature. THE EVENING shares 5 Gulf oil to 10 points. of Pennsylvania went Into new high ground ahove 70!, Continental Oil above 301, while heavy buying was taking place in Wilcox, Arkansas Natural Gas and Royal Canadian. Taking up of the Motors on the Stock Exchange was communicated to the Curb Market and Durant and Goodyear Tire common were espe- cially favored. Radio shares recovered part of the losses recorded earlier in the week, but those working for higher prices failed to accomplish much in today's brief session. 11 Mex Panuc Mount Prod z New Bradford 01i.. New Mex Land.... r Ol Corp.... Penn Beaver 01 Pennok Oil........ al Can 0 & R.. n Con, Creed Cons Creek Prod. E Fr 18 Boissonault ... 1 Campbell Soup’ pfd. 11 2 Car Light i2 3 car Light pfd.... 3 Com Pow Cor wis Contl Bak A wi.. Contl Buk B wi Contl Bak pfe DeFor RC ¥ DL & W Coal 5 Doehler Die Ca S Dubilier new 2 Dunhill Totl S Durant Mot 4 Duplex _vte uz Co A.. 2 1 b0ty asiy 11138 1 1 B & S new wi. lec Tav & W G5 Mot (o s 3 1 Ford 20 Freshn 3 Freed llette 8 R... Goodyear Tire nes Rac Hazeltine Corp .. Intern Utilities Lehigh _Power se Lehigh Val Coal NC 5 Libby McN & L n berty Rad Ch St dle West U ise " Ra'Cor Master Power & Lt Y Tele Co pfd. . 2 Nick o new wi Power Corp of N Y Pratt & Lamb't wi Rova Radio tr cfs. Sleeper Radio vte o C d& 1 new Sou Calif Edison. . So Calif Ed 6s ptd Standard Btutz Motor. . wift Tntl... wift & Co. Thermiodyne Ra wi Thompson Rad vt Union Carbide..... Ward Bak Cor B Wes Pow ... Sp St Co_wi 3 Yel Taxi Cor N Y MINING. 194 nario Copper ‘ 3 mstock Tunnel Cop M irekn Croesus .. Florence Goldteld M Gold State Harmill Howe 1 10 08 11 3 and Tndependence Lead 3ib_ Con: o ay Copper Corp « Divide 4 Nipissing . Cop " Por 22 Ohlo 10 Parmac o8 Pl M TLtd 8 Utah Apex ... 2t Wenden Copper NEW ORLEANS, January 31 Acreage planted to Spring vegetables in this section has been increased considerably and much new land is being broken for those crops. The | | value of the total farm crops of the State in 1924 was $162,000,000, com- it Disappointing of some bonds of the second grade which offer an attractive interest re- turn, and some of the industrial pre- ferred shares which are in the same position. The mercantile reviews at the week end continue to speak of the main business situation in favorable terms. But the Dun's summary qualifies by saying that the results for the open- ing month of the year have not met the most optimistic forecasts. The fact seems to be that a great many commercial buyers have filled their requirements well ahead and have partially withdrawn from the market There has been no overbuying as there was two vears ago. But the picture which was commonly drawn after the national elections, of a steadily expanding business volume, 1o0ks to have been exaggerated. Interest in Steel Less Keen. An advance of $2 a ton has been reported in certain steel lines. On the other hand, scrap iron—often an important indication of the market —has gone lower, and more is heard about the competition of forelgn products in the pig iron trade. This, along with the United States Steel statement for the final quarter of last year, which was none too favorable, has maue sentiment less keen than it was o -er the prospects for the steel industry. The question arises again whether, in the case of some of the independent companies, prices can be increased enough to offset ad- ditional costs and leave an adequate profit margin. 0Oils Have Their Innings. 1f, on the other hand, Wall street has lost some of its interest in steel, it has made up for it in the enthusi- asm displayed over oil. The oil shares have dominated the week market from first to last, for three very good reasons. First, this was the quarter which took the least part in the speculative campaign last Spring and Summer, and hence in which there was the least element inflation. _Second, position in the oil slowly but surely month or more past. Third, oil prices have been going up, and this ad- vance finds the principal oil com- panies with unusually large reserves on hand, accumulated at a low av- erage. Just what this means for inventories is hard to say, but it cer- talnly means a great deal, and the market for the oil shares has had this in mind more than anything else. Year of Consolidations Scen. One prophecy which certain good judges are venturing is that 1525 will be stamped as a year for consolida- tions, not only in the railway fleld, but in the industrial field as well. We have had the formation of the the statistical trade has been improving for a of IN HEAVY PROFITS Swift Sheds New Light on Cattle Industry in Year- ly Report. BY J. C. ROYLE. teh to The Star. 5W YORK, January 31.—Beef still is the backbone of the cattle indus- try, but by-products yield the profit to the buyers of cattle. That fact, according to some authorities, should be given deep conslderation in work- ing out legislative plans for the bet- terment of the stock grower. The origin of some of the profits from live stock is shown in the figures for the past year issued by Swift & Co. These show that an average of $60.08 a head was paid for live cattle and $12.63 per head for expenses, includ- Ing freight, a total of $72.71. On the other hand, an average of $63.11 was received for beef and $11.55 for by- products, leaving a profit of $1.9 head. By-Products Big Factor. From every steer's hide comes leather for various uses, hair for up- holstery, curled r, brushes, felt and plaster retardent, glue, fertilizer and tallow. The fats, both edible and inedible, furnish oleo oil and stearine for oleomargerine, cremol for confectionery, glycerin, tallow for soaps and other purposes, fer- tilizer, tankage and red bone marrow. The head of the animal yields glue, animal feed, bone meal, buttons, combs and other mnovelties, knife handles and fertilizer. From the feet come glue, tankage, tallow, meats, foot oil, bone articles, animal feed and ossein for gelatin Every drop of blood is utilized to| produce albumen, serum, textile sizing, waterproof glue, blood meal and flour, animal feed and pharma- ceuticals. The weasand, bladder and intestines form containers for sau; , lard, cheese, snuff and putty and are used to make gold beaters skins. Even the gall bag and gall stones yield incense, charms used in the orient, perfumes and medicines, Cattle More Valuable. The development of new uses for the by-products of cattle is making cattle themselves more valuable, ac- cording to the packers. They say the price of steers depends primarily upon the price which can be obtained for the various products. They hope to be able shortly to sell meat for less than Is paid for live cattle, de- pending on the by-products to cover expenses and yleld a profit The United States now comparatively litle beef. up of the old ranges into farms has heightened the cost of production as compared with the Argentine meats. and the increasing requirements of | the American population leaves little | curplus for export. This country, however, continues to | ship large quantities of by products which with pork and lard maintain it as the leading meat exporter of the world. Of these by products the larg- est are beef fats and oils used in oleomargerine manufactured in Eu- rope where Holland is the main cus- tomer. exports Recent Sales Heavy. Cattle marketings recently have been heavy in proportion to the cat- tle population of the feeder States since corn and forage are high and | many growers and feeders desire: to [ get rid of their stock to save feed- ing expense. The price trend has been | relatively firm, but there must be still further advance in the price of | cattle and heavier demand for by- products before the situation of the grower will become satisfactory WHEAT AT WINNIPEG ; REACHES $2.16 A BUSHEL By the Associated Press. WINNIPEG, January 30.—While the market today continued to reflect symptoms of nervousness, from yester- day’s drastic break, wheat prices ad- vanced from 1 to 2 cents under the in- fluence of liberal buying. May was quot- ed at $2.16 and July § 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. Money to Loan Bocures oy drst deed of trust om real estate Prevailing interest and commission Joseph l e“" ‘ll”d_.w.“. L. & Trust FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F St. JOHN POOLE, Pro: FINANCIN Business Unlimited Funds Available FRED T. NESBIT 8392 Investment Building . WE FINANCE Apartment Houses Business Property Resldence Property Hotels, Ete. Higbie & Richardson, Inc. S18 15th St. N.W. 1 have FOR SALE a limited amount of FIRST TRUST (Mortgage) 5% D. C. REAL ESTATE secured notes. The amount loaned is ouly G7%% of the sale price of the property. Don't fail to avail yourself of this opportunity. 22 years experience in investing money on D."C. real estate without any loss to any investor. D. H. ROLAND DRURY Phone M. 33. Room 403—1410 H K ortgage Notes Apply Loan Dept. C. L. O'Donuell, Mgr. Chas. D. Sager new Nickel Plate system, following the important consolidation of the Gulf coast lines. Other similar com- | binations are looked for in the com- ing months, 36 Realtor M. 37 STAR, WASHINGTON, D. C, SATURDAY, JANUARY 31, IBY-PRODUCTS BRING CHAS, D. SAGER itor 924 14th St. 1925. FINANCIAL. First Mortgage Loan Applications Wanted Interest Rate 6% and 6'2% A Loxn Dept. o. L7 TDONNELL, gt Meney to Loan on Real Estate il 36 Main 37 SecurityCarefullySelected sold without loss to an in Wm. H. Saunders Co., H & 6% Interest { No commissions. Moderate charge for appraisal, title, etc. Let us refinance your maturing trusts. MORTGAGE NOTES In Any Amount Paying 637 and 79 Interest Quick Action Columbia Building Association 716 11th Street N.W. Under Government Supervision MONEYTO LOAN in any amount om FIRST MORTGAGE 2 Distriot of Columbia Real Estate Thos. J. Fisher & Co., Inc. 738 15th Street Phone Main 6830 | EIEEIEEI" For thirty-seven years we have stor. Inc. Realtors 433 K St. N.w. M. 1016-7 Breaking | | 1405-7 Eye StN.W, M 9670 ||/ FIRST MORTGAGES |/ FOR SALE 612% ||| THE TYPE OF sECURITY f CONS ERVATIVE INVESTORS BUY IN DI MINATIONS TO SUIT PURCHASERS JAMES F. SHEA of Mteorily In Union Lics Strength Our 7% gage Note First Mort- , in denomi- nations of $50 up are a part of large mort- 643 Louisiana Ave. N. gages in which many < well informed investofs hold a share. Interest is | payable the day due. Second Trust Notes Bought Our clients are ready cash for SECOND TRUSTS in any amount. The rates will please you if the security is sat- isfactory. MORTGAGE DEPARTMENT [SHANNGN & LUCHS 713 and 715 14th Street N.WW. Main 2345 Monthly payments ac- | cepted by our Trust Dept. Send for Valuable Book- It let. | I o pay = Goldsmith Building $1 Will Open a Savings Account Open at 8:30 A.M. Dally The Columbia National Bank 911 F Street $300,000.00 You'll Be the Gainer | —in every way, by pursuing a steadfast course | in ways of thrift. Materially speaking, you create a reserve for opportunities and emergen- cies, while from the other angle you're the | gainer in character, self-confidence, peace of | mind. l ‘T As little as a single dollar makes you a “Columbia” Savings Dept. patron. Pay day’s here again—that's a good time to make your start. Open Until 5 P.M. Monday, February 2d 3% Capital, $250,000.00 Our Savings Dept. Pays Compound Interest 924 14th St. N.W. 38 MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATESOF INTEREST Randall I Hagnes % Go. fafi%mm Government Stability Behind the Safety of These 64% Investments OU can now carn 6)2% on your money—with posi- tive safety! Behind our 612% First Mortgage Real Estate Notes on selected properties in the City of Washington are permanent values which give investors absolute protection. No city in the entire world enjoys the stability in real estate values that our National Capital does. Un- affected by strikes, crops or other economic variables, their constancy is dependent upon the stability of our Government itself. Our new Free Booklet, “Safety Supreme,” explains thoroughly the unusual opportunities for safe invest- ments in notes on Washington properties. No obliga- tion. Send post card or letter for your copy now. Mortgage Investment Department HANNON: & LUCH — 713 and 715 14th Street N.W. Main 2345 | ’ Over 42000 Depositors. | | ' Office Rentals Before selecting your offices inspect the space in our new “SAUL BUILDING”— 925 15th Street N.W. Excellent location, plenty of light and air; elevator and good service. B. F. SAUL CO. in 2100 925 15th St. N.W. Capital and Surplus $2.000.000.00 An Inexhaustible Purse | There are people whose ideas of economics never grow, Their salary is mortgaged, month after month before it's earned; an inexhaustible purse would scarcely better them. ¢ Master YOUR desire to eep up with the Jonese if you want peace of mind, contentment, ultimate fmancial freedom. { Become one of our de- positors now, and put a few dollars in bank Every Pay Day, hereafter. | Deposits Invited in Any Amount; Same Rate of | Interest Paid on Small and Large Accounts l Open Until 5:30 P.M. Monday, February 2d OFFICERS: DIRECTORS: WILLIAM D. HOOVER WOODBURY BLAIR € V. Woodbury Biair William D. Hoover FEANK W. STONE d v e rtiais Aot FRANK STETSON.. Trust 0 & = Reeisald |6 Hokleko CHAS. C. LAMBORN .. Trea B.Victor Kauffmann PERCIVAL WILSON . Se Charles Minshall JOHN W GALVERT. . Asst as Edmund D. Rbeem W. HILES PARDOE. Asst. Treas Frank Stetson FREERT M. SMITIL " Awe. Secy pin g | NDER 3. FANT, Awst. Sec'y , val | 5 BAIRD. . Asst. Trust Officer Fenning William H. Walker DAVID BORNET..Asst. Trust Officer | H. Prescott Gatley Henry K. Willard National Savings & Trust Co. 58th Year Oldest Savings Depository in Washington Cor. 15th and New York Ave. CONSERVATIVE INVESTORS —are interested in interest re- turn, but they always look first at the security behind the loan. So does this company. The FIRST MORTGAGES Over a —we offer are based on improv- ed and income-producing real estate shown by conservative appraisal tp be worth about the amount of the loan. Quarter of a Century Without a Loss. Let us tell you about them. BT Main 2100 SAUL CO. 925 15th St. N.W. You May Have Supreme Faith In Haman Nature BUT--- you would not be willing to lend your wallet to a stranger, however sincere his promises to repay you might ring. Consider Then--- before you invest your savings in fluctua- ing securities. They are strangers—as likely to prove losses as gains. With Money to Invest consult your banker. He will tell you that you can find no safer securities than the 67:% First Mortgages handled by this company. SWARTZELL. RHEEM & HENSEY (0. AL ~15]§l&hrt. T shiqgtm.D.C- 55 Years Without Loss to An Investor.