Evening Star Newspaper, February 21, 1925, Page 15

FINANCIAL., ‘ EGGS AND BUTTER " END WEEK LOWER Both Fancy and Candled Re- ceipts Bit Cheaper—Veal Also Down. Eggs and butter at wholesale were once more lower at Center Market today. Veal was also cheaper, but other prices were little changed. Today's Wholexale Price Butter—Fancy, tub, 47a50; 52a54; store-packed, 20a22 Eggs—Fancy selected, candled, 38a prints, 40: average receipts, 35a36. Poultry—Alive, roostersj 16; Spring chickens, 32a35; fowls, 27a28; ducks, 15a20; keats, young, 50a70 each; seese, 95020, Dressed—Fresh-killed Spring chickens, 32a3 rosters, 30a fowls, turkeys, 40a45; ducks, capons, 40a45. choice, 13; me- dium, 10a11; thin, 8$a9; lambs, Spring, 13; live hogs, 913all% Meats—Beef, 10a15; veal, 18; lamb, 26a30; hogs, 14al6; loins, 24; hams, 20a22; shoulders, 14a15. Frult d Vegetable Review. Today's market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics): Apples—Supplies limited; demand light, market steady; barrels, Mary- land, ginia d West Virgin nches up, black twigs, 6.50a higher; Yorks, 6.00a7.00; Joxes, Northwestern, medium to large sizes extra fancy Wwinesaps, mostly 4.00; delicious, mostly 4.75. ba pplies moderate; de- mand light, market dull; old stock, New York bulk, per ton, Danish type, 00; new stock, Florida, 113-bushel apers pointed and round type, .75; Texas, bulk, per ton, flat type, 60.00 Celery—Supplies very 1giht; de- mand moderate, market strong; orida, 10-inch crate 3 dozen, Zhad. ; 8 dozen, 4.00. Lettuce—Supplies moderate; de- mand moderate, market steady; crates lceberg type, California, Imperia Nalley, 6 dozen, 3.50a3.75; 5 dozen, mostly 4.50; 4 dozen, 5.00; Arizona, 5 dozen, fair quality, 4.00; Florida. no sales reported. Onions—supplies light; demand moderate, market steady: New York and Ohio, 100-pound sacks, yellows, 0. 1, medium to, large sizesy m Potato Market Steady. Potatoes—Supplies moderate; de- mand moderate, market steady; Mich- 150-pound sacks, Russet Rurals, No. 1, 2.35a2.40 per sack; New 50-pound sacks, round whites, No. 1, 2.30a2.40 per sack. Spinach—Supplies liberal; demand moderate, market dull and weak; Texas, bushel baskets, Savoy, 1.25a 1.35, few 1.40; South Carolina, bar- rels, Savoy, few sales direct to retail- ers. 4.00. Tomatoes—Supplies light; demand moderate, market steady; Florida, 68 ripe and turning, wrapped orig- inals, fancy count, 5.00a6.00, few low as cholce count, no sales re- ¥ auliffower—Supplies limited; de- mand moderate, market steady: Cali- fornia, crates, fair quality, 2.00a2.25, few best, 2.50. String beans—Supplies light; de- mand good, market strong; Florida, %-bu. hampers, green, 6.00a8.00, few £.00. Peas—No supplies on early market; express receipts late; no es re- ported. Eggplant, peppers, squash and cu- cumbers—Supplies very light; too few sales reported to quote. Strawberries—Supplies liberal; de- mand good, market steady; Florida, pony refrigerators, 35a40, mostly 40a 45; some ordinary quality and condi- tion low as 2ic per qt Carrots—Supplies moderate; de- t steady; Texas, 90. moderate; eady; mand moderate, ma bushel baskets, 1.7 Beets pplies moderate, market bushel baskets, demand Texas, COPPER OUTPUT FIGURED. NEW YORK, February 21.—Survey by the Copper and Brass Research Association show that the automobile industry consumed 165,000,000 pounds of copper and its alloys in 1924; the American sugar industry took 35,600,- * 000 pounds for tubing and more than 5,000,000 pounds were used in the manufacture of bronze and copper insect sereen cloth, S aaaTe OIL DIVIDEND RAISED. NEW YORK, February 21.—Di- rectors of the Pan-American Pe- troleum and Transport Co. have placed the class A and class B shares on a $6 annual dividend basis, declar- ing a quarterly dividend of $1.50 a share, payable April 20 to stock of record March 31. The previous rate had been $4 annually. GERMAN BONDS AND STOCKS. (Quoted in dolla per million marks.) Bid. Asked. 1800.00 1650.00 Ger Gt (war loan) 5s 1914-18. Hamburg 413s 19! r Gt 4-5s (forced loan). r Gt 8158 1923 (sm pieces) £ 80 (Quoted in dollars per thousand marks.) «Ger ien Elec 4348 pre-war... 23.00 00 r Ge Elec 4158 1910 00 rlin 45 pre-war & 45 pre-war. bz 35, 3 Line 415 D North Ger Lloyd 41as. %0 North German Lloyd. ... 00 P'russian Consols 31,8 00 Krupp 5 1821.... 2.00 Duseeldorf 48 pr 1 Frankfort a-M 4 16.00 Munich 48 pre-war. 3 3 Radische Anilin A E G (Ger G Commerz and Pri Disconto GellschaZt. . Dresdner Bank. Deuteche Bank Darmstacdter Bank Mercur Bunk Vienn 33833 P COMMODITY NEWS "| WIRED STAR FROM ENTIRE COUNTRY PHILADELPHIA, February 21— Shipments of American wheat to Med- jterranean ports have been heavy this week. The steamship Trump carried 153,630 bushels to Trapani and Torre Annunziato and the steamer Brynaawe loaded 300,000 bushels for Gibraltar. PITTSBURGH, February 21.—The Pittsburgh Steel Products, a subsidiary of Pittsburgh Steel, has awarded the steel contract for its new mills at Allenport to a local company, calling for 2,100 tons at a price to exceed $400,000. KANSAS CITY, February 21.—The Welch Sandler Cement Co. has been awarded a contract for 130,000 barrels of cement to be used in construction of the new plant of the Sears-Roebuck mail_order chain at a price of $2.47 a barrel. OHATTANOOGA, February 2 Work is being pressed on the hydro- electric plant and reservoirs under construction by the Toccoa Power Co., a subsidiary of the Tennessee Electric Co. The work will cost $4,000,006 and the reservoir will be one of the larg- est in the country “SEATTLE, Februa 21.—Indica- tions point to a_decrease in export lumber prices in March of $2 a thou- sand feet. This is counted on to put Japan in the market again, offsetting the shrinkage in the exchange value of the yen, BY WILLIAM F. HEFFERNAN, NEW YORK, February 21.—Publi- cation of 1924 earnings of the pro- posed new Nickel Plate, had the syrtem been in operation during that period, caused & heavy demand today for the new Nickel Plate common stock dealt in on a “when issued” basis on the curb exchange. Indi- cated net income was placed at $33,- 175,000, the equivalent of $16.756 a share. It sold at 88 today, a new high record, where it compared with the previous closing of 86% Another feature in today's brief session was the further advance to new high prices in Kelvinator and NEW YORK, February 21.—Follow- ing is an officfal list of bonds and stocks traded in on the New York Curb market today Sales in BONDS. thonsands, High, Low. Close. Il Allled Packers 8s... 94 031 94 4 Alum 7072500 1005 101h 101% 0 78 new '33.10 107l . 30 Am'Gas & Blec 8h. b en 3 Am Beet Sugar 6s. . 24 Am Pow & Lt 6s oid 2 Am Sumat Tob Tiys 2 Am Rolling Mills 85 4 Anacouda Gs. 1 Anglo-Am Oil ‘7iga. . BALG & WSS o 7 Beaverboard 8s..... 6 1 Bell Tel of Ca Beth Sreel 7y Can Nat Ry 7s... Cent Leather s wi N Chic R 1 & P 3% 28 Childs 0o s Cons Textiles 8 . n Tel Tihs 2 Cudahy Stgs Deere & Co 734 ... Detroit Edison 5% A Dunlop Tire & It s 1 Fed Bugar 8s '3 1 General ‘Pet 6% 1 Grant Trunk 6138 1 Kan Oity Term 5%s 1 Lib Med . 4 i 3 Morrin & Co T34 Nat Dist Pro 7a At Leather 8y ew Orl Pub Ser orthern Sta Po 64 Nor Sta I M 8ts B Ohlo Pow Peun Fow & Lt buvo 4 & 53 5 Pu S o 5iks. Fure 0ff Co 1¢s U Shawslieen 7s Southern cal £d and G & E 848 3 8un 01l 354n, .o 20 Switt & Co G 10 Thyssen Iron Wi 4 Tidal Osage 7u 5UnEL&P S 8 Unlon Oil 6s B 26, 2 Vacuum Oil 7s. T Webster Mills 8% FOREIGN City of Bogota, Est Ry of Fr French National 7. Italian Power 63 King of Neth 6 * Krupp-Fried Ts. Itep of Peru & “ Solvay & Co 65 '34 B 102 9314 1004 102 [UPTRN - Y Salesin ‘STANDARD OIL ISSUES, 500 Angl nglo Am OIL 19% 10 Oumberland P 136" 100 Gal' Sig 01t Bty 700 Humble 0 Pii 10 P L D aamy 200 Tmp 1l Can new wi 8175 8000 Intl Pet Co Ltd 300 Ohlo Oil . 900 Prai 0 & G new wi 270 Prairie P L 50 Bouth Penn Oil 8400 8 0 Indiana 100 8 0 Kansas. 200 8 0 Kentucky 30 8 O Nebraska 1BOS O N Y .. 600 Vacuum 011 2 Am Maracaibo Sales in INDEPENDENT OIL STOCKS. bundreds, 27% LY 4 Carib Synd . 3% 8 Cities Serv 413 4 it Berv 00 31000 Cit Serr Cit Serv seri 384 Columbla Svad 48 Conti Oil wi .. 1 Derby Oi] & e 33 Gibson Ol Cor . 1 Gulf Oil of 1 Kirby Pet . lago FPet Latin Ame; 0 Lance Creek 1 Marine Oil . 14 Mount Prod 2 Mount Gulf.. )l New Mex Land Noble 0l & N'Y oil 2 Peer Ol ‘Corp. ... 1 Can 0 & R, 4 1 Venezuelan Pet 1 West States Oil. 1 Woodley Pet.. INDUSTRIA) 1 Adiron 1 Allied P 2 Am G 3 Am 3 Am 1Am 7 Am 1Am Pow & Lt ptd. 1Am Superpower A. 3 2 Am_Superpower B 3 B A P00 Kes.hers 28, A6 36 it Arizona Pow & I 6 Armour A vt wi 1 Armour B vte wi Armour & Co pf¢ 3 Bolssonault . 3 o 2 Z Biyn City R'E.. 9° 8° 9" i Brown & Willam B 10 10 10 4 Car Light ........ 3% 81 9% BY STUART P. Special Dispatch to The Star. NEW YORK, February 21.—Prices for the most part have gone higher on the stock exchange during the past week, and some of the individual advances have been rather striking. In this accomplishment those Who have been favorably disposed to the Wall street outlook all along natu- rally take a good deal of satisfactlon. On the other hand, those who think that the upward movement of Novem- ber and December was overdone, that it went too far ahead of business improvement, simply claim that cer- tain stocks in a favorable position, either technically or as regards earn- ings, have been bid up to condeal selling in other directions. It will be interesting to see how this market condition works out. Practically never in the past has it happened that sensational rises of 5, 10 and 15 points a day in selected shares have been anything but harm- ful to the list as a whole. This occasion may prove an exception, but if so it will be most surprising. There are, of course, certain railway stocks which are legitimately entitled %o higher valuations, not so much be- cause of consolidation plans as be- causa of increased earning power, permitting of a distribution of divi dends where this has Dot occurred before, or an increase in dividends where payments are now being made More Split-Ups Due. There are certain industrlals which unquestionably are planning larger payments to thelr shareholders, but which do not like to do so under the present form of capitalization. They would like to raise rates from $6, $8 and $10 a share to $20, but this would attrac too much notoriety. ‘The alterntive is a capital split-up of the now familiar kind, under which present holders would receive four or five shares of new stock for one of the old and get $4 to $5 dividends on the new security. This is the modern way of doing business. It quite ex- plains why Inside holders of high- priced industrials are not selling their present stock and therefore why pro- fesslonals are able to enter the mar- ket and bid these up successfully. The important holders, of course, are | walting for a recapitalization which WEST. ’ THE EVENING STAR, WASHINGTON, D. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office The former Car Light and Power. reached 21, where it was up a point, and the heavy demand for the latter brought the price across 3%. It was noteworthy that Engineers Gold, which had kad such a spectac- ular upturn during the past week, should have been held so close to top prices at the week end. At 42, it was within & half point of the extreme high, and had more than doubled its low price of last week. Glen Alden Coal was Strong on re- ports of an impending 50 per cent stock distribution and rumors that negotiations are under way for a merger with the Delaware, Lacka- wanna and Western Coal. 4 Centrit Pipe Corp. 19% 19 4 Childs Co ne a7 ¢ Cons Gas Bait Continental Bak A Continental Bak B Continental Bak pfd De For Rad vte wi DL & W Cor 1 Dubilier C & Radio Dunhill Intl Ine 10 E1 B & 8h new O wi 4 Elec Inv Inc 18 Freed Els Rac 7 Gillette 8 R . 10 Glen Alden 0o 11 Goodyear Tire . Grennan Bakerles & Haseltine Cor 4 Intl Util B 6 Joues Radio” " 4 Keystone Solether 2 Kelvinator wi. 3 Lehigh Pow se 1 Lehigh Val Cos 14 Leh Val Coal N 12 Liberty Radio Ch St 2 Mesabl Iron . 8 Mid West Util 13 Music Master 1 G305 Plate new wi 81 88 i Plate new pt wi 8013 88 86% Paige Motor . 175 17% Rosenb Gr Cor pf 48 48Y Rova Radio Co t of 2877 18 Bluger Mty 205 208 Shattuck F C B4l B4y 3 Sleeper Ra co 1 114 8o C & 1 new. 08" o1 South Cal_Edu ioe 04y South Cal Ed ptd B 90 90 90 Standard Motor 4 4n 4x 2 Stand Pub Co A.. Swift Intl . Swift & Co. enn Elec Powe: Thermiod Rad Corp Thomp Rad Co vtc United Pft Bha; 2 Util Pow & Lt Warner Hros Pict. Wh Rk Min 8pr n 17 = 17 17 Wickw 8p 8t Co wi Yel Taxi Corp N Y MINING. 40 Arizona Globe Cop. .24 .28 .28 20 Canario Copper. 4 %4 40 Diamondfield B B.. .07 .07 8.07 100 Emma_Silver. 05 o5 .03 16 Eng Gold M L 2 4 40 90 Harmill Dir. 13 a3 a3 6 Hecla Mine. 14 14 T4k 15 Howe Sound 4 3% 3% 40 Independence fedsl .28 3T .18 33 Kay Copper Corp. 40 Nevada Hilis 5 31" .83 18 Ohio Cop 1 14 23 Piymouth Lead a9 .88 13 Premier Gold M 2 24 20 Silverdale o2 12 Unity Gold w5 60 38 Wenden Cop % ey WALDORF LUNCH SYSTEM REPORTS 1924 EARNINGS By the Associated Press. NEW YORK, February 21.—The Waldort System, Inc, had net profits of $1,103,009 in 1924, equal after pre- ferred dividends to $2.24 a share on the common stock, compared with $1,150,643, or $2.33 a share, in 1923. Total sales of $13,552,400 were about $357,000 less than the year before. Seven new stores were opened during- the year and five were closed. A charge of $70,000 was made against abandoned store equipment and aban- doned leases. G ® DAIRY PRODUCTS. BALTIMORE, February 21 (Spe- cial).—Live poultry—Young chicken pound, 22a32; Leghorns, 22a28; Win- ter chickens, 35. Old hens, 23a29; Leghorns, 23a25. Old roosters, 17218 32a38. Young turkeys, 40a45; , poor and crooked breasts, 25. Ducks, 24a32; geese, 22a26; pigeons, pair, 35a40; Guinea fowl, each, 40a85. Dressed poultry—Turkeys, pound, 5; poor and crooked breasts, 25. Chickens, 28a32; old roosters, 17a18; ducks, 25a30; geese, 20a25; capons, 32a43. Eggs—Receipts, 573 cases. Native and nearby firsts, dozen, 37%a37%. Butter—Good to fancy, pound, 3% 215; prints, 4252443 ; ladles, 27a29; store packed, 20; process butter, 33; dairy prints, 20a25; rolls, 20a25. PRIVATE NOTE SALE. NEW YORK, February 21.—Kuhn} Loeb & Co. have bought and placed privately $1,410,000 Central of Georgia railroad 42 per cent equipment trust certificates, serles “P,” matuting in annual installments from March, 1926, to March, 1940, which will defray 75 per cent of the cost of new equipment, the other 25 per cent being paid in cash by the raflway company. PRICES OF STOCKS WORK HIGHER; HEAVY SELLING IN SOME ISSUES Larger Payments Likely on Several Industrials. Split-Ups Likely—French Position Stronger. The Outlook. will give them a big increase in dividends, yet which, on account of the lower valuation of the new shares, will not stir up too much comment. Reason for Strength. The desire to put these recapitaliza- tion plans through probably goes farther than anything else to explain the continued strength of the market. The public will not buy, except reluctantly, stocks selling around $150 to 3250 a share. But if these are split-up into four or five parts, where they are made out as medium-priced issues of successful compani, dividends which involve an attractive return, then outsiders will buy. This is the great scheme back of present- day Wall Street operations. Distribu- tion is certainly not accomplished by wild bidding up of old-time stocks. But it is accomplished when these stocks are presented to the public in a dividend form, yet attractive be- cause of the high interest yield. French Position Stromger. The most Interesting episode of the week was the expert handling of the market for French francs and French government bonds. No positive infor- mation has been obtainable along this line. But the supposition is that the Bank of France, working with the French government, intervened on Monday, when it looked as if the franc was again going to pleces, and offered efféctive support. At the same time the French dollar bonds recov- ered from their artificial sustainig orders the majority of the Street be- lieved that such orders wers in the market. Money rates for the longer period have hardened slightly as compared with a week ago, but the movement has been too slight to affect invest- ment values. It looks as if the ex: treme low of the money market was reached last Summer and that, at the same time, prices of investment se- curities got to their top. But this is a very different thing from predicting any big change in the near future. Gold is going out of the country in large volume. More credit is needed in commercial lines. The speculation in stocks and in wheat has been an- other source for tying up banking capital. (Copyright, 1028.) EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. - THE TIME TO INVEST. One question often asked is wheth- er this is a good time to invest. What the Inquirer means, of course, is Whether the securities the purchase of which he has in mind are going to advance. Ordinarily he does not phrase it this way but that is what is in the back of his mind. Probably the best answer {s simllar to that given by the horticultural authority who was asked when was the best time to prune your orchard. The answer was when your Kknife is sharp. So the best time to invest is when one has the money. That may Or may not be the best time to specu- late, uming there is any best time for, that generally expensive recrea- tion. There is some choice about the grade of security in which one should put funds at any partioular time, but there is always opportunity in one line or another. Certainly this Is true of investment bonds. The case is somewhat different with common stocks, even those of investment quality. Here it is true that one must exercise a good deal of discrimination as to the time to buy and more still as to the time to sell. In fact, it is this matter of plcking a time to sell which troubles the average holder of common stock. I am not speaking of those who trade fn the market, buying and selling on margin from day to day, but of those who actually take up their stocks, have them registered in their own names and put them away In their safe deposit boxes. Sooner or later thers comes a period of stock market activity ac- companied by rapidly rising prices, sometimes the good, bad and indiffer- ent all going up together. Then the investor who has purchased his shares at a much lower level is contronted with the problem as to whether he should dispose of his holdings at a profit and reinvest in something else. No matter what the decision, the chances are it will be regretted. Every one wants to pick the top and only one in a thousand succeeds. If you insist on buying common stocks for investment you will have to wrestle with this prob- lem unalded as well as to take your chances in a falling market. (Copyright, 1925, by Consolidated Press.) _— ACTIVE COVERING IN COTTON MARKET Continuance of Drought in South- western Belt Keeps Prices Up. By the Associated Press. NEW YORK, February 21.—Failure of the early weather news to show any relief from droughty conditions in the Southwest led to active cover- ing and rebuying by some of yester- day’s sellers at the opening of the cotton market today. Demand also was encouraged by relatively steady Liverpool cables, prospects for con- tinued full exports and reports that comparatively few March notices were being stopped by trade Interests in_New Orleans. First prices were 2 to 7 points higher, and active months soon showed net advance of 14 to 18 points, May selling up to 2474 and October to 24.82. Further March liquidation in preparation for possi- ble notices next Tuesday was ub- sorbed by trade interests against sales of later dellveries, but there was & good deal of realizing for over the holiday and prices sagged oft a few points after the early demand had been supplied. New York cotton futures closed steady at net advance of 2 to 4 points. High Range. March . a7 24.26-25 May .. 2474 July 24.97 October 2482 Decembe: Opening : May, 24.88; October, 24.68: December, New Orleans Price: NEW ORLEANS, February 21.—The cotton market opened with a drop of 11 points for the March positign in anticipation of heavy notices, but other months opened 2 to 6 points higher, in sympathy with better Liverpool cables than due and ab- sence of rain in the West. When it was ascertained that notices for only 43,000 bales had been issued here March promptly shot up 28 points and other active months rallied sharply. March advanced to 24.25, May, 24.76; July, 24.99, and October, 24.53, or 16 to 19 points above yes- terday's close. It was reported iMat all the March notices issued were promptly stopped. Fall River sales for the week have been increased to 100,000 pleces of print cloths. New Orleans cotton futures closed steady at net advance of 6 to 11 points. d High. March . 4 May . July October 2 December .. 2450 ming: March, 24.20; May, 24.61: July, 24.87; October, 24.39; December, 24.37 bid. GRAIN AND PROVISIONS. BALTIMORE, February 21 (Special). —Potatoes, per 100 pounds, 1.20a1.65; sweet potatoes, barrel, 2.50a6.00; yams, barrel, 4.00a5.00; beans, ham: per, 5.00a6.00; beets, crate, 2.26a2.75 broccoll and kale, bushel, 50a60; brussels sprouts, quart, 10a25; cab- bage, ton, 15.00220,00; savoy, bushel, 50al75; ocarrots, 10 00a7.00; cauli- flower, crate, 1.50a2.50; celery, crate, 2.76a3.75; eggplants, crate, 3.50a5.50; lettuce, baskef, 2.00a23.00; onlons, 100 pounds, 2.75a3.25; oysterplants, 100, 8.00210.00; parsnips, basket, 35a50; peas, hamper, 4.00a5.00; peppers, crate, 3.00a5.50; spinach, bushel, 75a1.40; squash, crate, 3.0024.00; tomatoes, crate, 2.5025.00; turnips, basket, 50a76. Apples, packed, barrel, 3.50a7.50; bushel, 1.00a2.25; grapefruit, box, 2.00a 3.00; oranges, box, 3.50a4.50; straw- berries, quart, 35a52%. Selling Prices at Noos ‘Wheat—No. 2 red Winter, .spot, ex- port, no quotations; No. 2 red Winter, spot, domestic, 1.87% nominal; No. 2 red Winter, garlicky, domestic, 1.87% nominal; No. 3 red Winter, no quota- tions. Sales—None. Corn—Cobb, n 75 per barrel; No. 2, 1.36. Sales—None. Oats—No. 2, 62; No. 3, 61. Rye—Nearby, 1.40a1.50; No. 2 rye, spot, 1.61%. Hay—Receipts, 61 tons. Receipts of good hay of both timothy and light clover mixed are light, and prices are ‘well sustained under a fairly good de- mand. Low grade, inferior and dam- aged hay has no settled market value and is dull. Quotations today—No. 2 timothy' 20.50a21.50; No. 2 timothy, 17.00219.00; No. 1 light clover, mixeéd, 19.50a20.00; No. 2 clover, mixed, 17.00a18.00. Straw—No. 1 wheat, 16.00217.00 per ton; No. 1 oat, 16.00217.0 straight rye, 18.00219.00. . MORE GOLD FOR INDIA. NEW YORK, February 21.—India took $1,350,000 more gold from the United States yesterday, shipments of $1,000,000 going forward from the Equitable Eastern Banking Corpora- tion, $266000 from the Chartered Bank of India, Australia and China @ $100,000 from Handy & Harman. [2 yellow, spot, 6.50a track corn, yellow, FLOATING “PLANT" AFTER CHEMIGALS Du Ponts Buy Shipping Board Vessel for Far-Reach- ing Tests on Ocean. BY J. C. ROYLE, Special Dispateh to The Star. WILMINGTON, Del., February 21. —An entirely new development In the industrial world has been brought about by the E. I. du Pont des Nemours Co. The executives of this great concern may have found nothing new under the sun but they have discovered something new un- der the water. They have just pur- chased & new factory and instead of bringing the raw materlals to the plant they have taken the plant to the raw materials. The du Pont Co. has just acquired from the United States Shipping Board the steamer Lake Harminia, and, it became known today, will use the vessel as a floating manufactur- ing plant for the extraction of chemlicals from the sea water. The use of a vessel for such manufactur- ing purposes has no precedent in business and industrial history, if exception be made to ‘the trying out of blubber on board a whaler. Great Commercial Test. Every schoolboy knows that many chemicals are present in sea water, carried :by fresh water ‘streams that have absorbed them from the exrth and rocks over which they flow. They may be recovered in any laboratory but fhie du Pont iInterests have been attempting to discover whether they may be recovered in sufficlent quantities and cheaply enough to be commersially profitable. The company has already performed many such experiments at a plant located on the New Jersey coast, but it determined instead of pIDing the water to land laboratories, which was sure to be expensive, it would take the laboratories and factory to the deep sea. The equipment to be in- stalled in the Lake Harminia will be virtually the same as if the plant were located on land. The power for both manufacturing and_delivering the products evolved will be provided in the ship's engine room. The under- taking is a commercial one pure and simple. It is not being conducted to add to scientific knowledge, although it will surely do so, but to produce chemicals cheaply. Since that is-the case, the details of the products to be made and the methods employed are being kept a close secret by the Du- pont interests. Hope for Big Results. Since 1918 special attentlon has been paid to the production of chem- icals. Remarkable progress has been made In the manufacture of coal tar products, dyes and artificial silk. It fs hoped this new venture will Yyield equally valuable results. It is understood that the Lake Harminia was purchased for about $33,000, and It is not likely that a site and factory could have been secured in an advantageous spot for any- thing like that sum. The vessel is now docked at the Harlan shipyards at Wilmington to be reconditioned and put into first-class shape to stay at sea for long periods. Vessel Built During War. The vessel was built as one of a fleet turned out on the Great Lakes during the war, but was never put into the Government service. She is an oil burner of 4,000 tons burden and 290 feet Jong. For many months she has been laid up with scores of other Government vessels at Hog Island, Philadelphia. Industrial chemicals are moving into consumers’ hands in great quan- tities, and manufacturers’ order books are filled to capacity for the next three months. Factories are being speeded up, and the price trend is upward. In some important depart- ments manufacturers are sold up to capacity for a year in advance. In addition there {s every indication that the heavy consuming interests, such a3 leather, fertilizer and textile trades, will have a big vear. These conditions undoubtedly have had their influence in determining the Du- pont Co. to undertake its new venture. (Copyright, 1925.) BUTTER TRADE DULL. Storage Withdrawals Are Much Greater Than in 1924. CHICAGO, February 21—Lack of confidence on the part of operators resulted in unsatisfactory trade on all butter markets during the week, advances being maintained with aiffi culty. Dealers reported very unsat- isfactory business. Production was reported to be lighter than last year, and storage withdrawals so far during February have been about 180 per cent greater than 1924, indicating that the carry- over on May 1 will not be as exces- sive as was generally expected earlier in the year, If the same ratio con- tinues, High feed costs, low condensed milk stocks and favorable cheese prices were glven as causes for the lighter butter make. Closing wholesale prices, 92-score butter, and range, follow: Chicago, 35 higher, at 40%; New York, % higher, at 41; Philadelphia, % higher, at 42, and Boston, 1 higher at 41%;. Query the Promoter. Determine how much of his own money the promoter is putting into his scheme before you decide to ris¥ yours. Don’'t take his word for it— make him prove it UTILITY EARNINGS UP. NEW YORK, February 21.—Better business of public utilities companies generally last year was shared by the Commonwealth Edison Co., net income of $9,107,919 being equal to $10.53 a share on $86,457,900 capital stock, in comparison with $7,652,117, or $10.48 a share, on $72,000,000 capital stock in 1923. Operating revenues jumped to $53,672,442 from $49,136,000. Wouldn’t You Like To Own This One? C., SATURDAY, .FEBRUARY 21, 1925. FAILURES INCREASE. NEW YORK, February 21.—R. G. Dun & Co., reports 522 commercial failures in the United States for six days this week, compared with 408 for five days last week. LEAD OUTPUT INCREASES. NEW YORK, February 21.—The world’s output of pig lead in January is estimated at 103,675 short tons, an increase of more than 3,000 tons over December. The average monthly output in 1924 was 95,042 tons, whnn You nve Fu to Invest, Consult WELCH, Loan Specialist Ewtablished 1809 61,% and 7% Real Estate Notes for Sale in Amounts from $250 Up to $1,000 or More. Consult Welch, Realtor Lonn Specialist 15th & N. Y. Ave. M. 4346 Reference: Any Bank, Trust Co. or Title Co. in the District. loss to an investor First Mortgage Real Estate Bonds Booklet on Request Bay Crest Hotel Co., Inc. 912 15th St. NW. WE FINANCE Apartment Houses Business Property Reatdence Property Hotels, Etc. Higbie & Richardson, Inc. 816 15tk St. N.W. Mdhey to Loan Secured by first deed of trust on real estate Prevailing interest and_commission. 24 . L. & Trust Joseph I Weller 352 "4 & 17! When You Need a Loan Think of WELCH, Loan Specialist Money to Loan At 57,9, and 6% TEREST Before Placing or Renewing Your Tit or 34 Trust Consult WELCH, Realtor i Loan Specialist Quick Replies ble Charges “WHEN” our FIRST MORTGAGE 6% INVESTMENTS You are assured due precaution has been en o safeguard your interest. A per- al inspection and conservative valuation e two of our atrict requirements. rompt and courteous serivce follow the purchase of our securities. Notes now on hand in amounts of $100 up. Send for Booklet CHAS. D. SAGER Loan Department 38 M a8 924 14th St. N.W. Mr. 0'Donnell, Manager Mr. Hughes, First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. 738 15th Street ¥hs Fymbo of Mfaprily A 79 snterest yicld on the day due. Protected by con- servative appraisements. First Mortgage Notes in amounts of $50 up. These Notes may be purchased by monthly payments. Consult Our Trust Dept. or send for Valuable Booklet. " Goldsmith Building” ~ 14057 Eye StN.W,, M 9670 FINANCIAL. 15 FINANCING FEDERAL-AMERICAN || sperccats 10 oo hine NATIORAL BANK || oD /270 Eov RESOURCES, $14,000,000 Unlimited Funds Avaflable FRED T. NESBIT Investment Building M. 9392 1315 F St JOHN POOLE, Pruatdent at 537 In Sums of $10,000 and Up Immediate Reply Reasonable Commission . See WELCH, Loan Specialist 15th and New York Avenue Main 4346 LOANS FROM $50 TO $100 Can Be Obtained by Using Our of Inventory, 1 and Title. CHATTEL TITLE COMPANY 06 Fifth 8t. N.W. Roger Williams Apartment Providence, Rhode Island First (Closed) Mortgage 6149 Sinking Fund Gold Bonds Due January 1, 1945 Security: Land and building conservatively appraised at $1,300,000, or 170% of the principal amount of the loan. Earnings: Estimated net, 234 times interest requirements Sinking Fund: $20,000 par value, to be retired annually from January 1, 1927. % Denominations $100, $500 and $1,000 At Par Plus Accrued Interest Union Discount Company, Inc. OF NEW YORK BOSTON WASHINGTON NEWARK HARTFORD gton Office, Room 300, Southern Building PHILADELPHIA ALBANY Was| IF SO, you'll have to hurry, because we have only one— It is a complete first deed of trust for $6,500, just placed upon a fine detached residence in 14th Street High- lands. The property sold for $14,000, and is worth more today. The rate of Interest is 6%% and the term three years, This is typical of the character of FIRST MORTGAGE INVESTMENTS we are dally offering to the public at the face value of the securities. We put our own money into all these loans and always stand back of every sale to the in- or. Telephone, or come in, not be here long. Consequently, we have never lost a dollar for a patron. about this at once for it will Mortgage Investment Dept. SHANNON.: & LUCH 713 and 715 14th Street N.W. ; Main 2345 MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST A Home of Your Own is a dream worth stfiving to realize— worth working for—worth saving for. Through Wise Investment you can increase your capital and make your dream come true. But be sure that your choice of security is carefully made. In First Mortgages on improved Washington properties you will find a way to make your capital grow as rapidly as is consistent with absolute safety. Consult your banker about in- vestment in our First Mortgage Notes! Sw LL.RHFEM& (Co. shingion.D.C. 55 Years Without Loss to An Investor. SAFETY AND 631% YOUR CONCERN— Highest interest yield con- sistent WITH SAFETY, plus a complete investment service, are your only concern . . . and Quarter of a Century Without a Loss, it is these qualities that are abso- lutely fixed, first to last, in our 6% FIRST MORTGAGES It is the end of investment Worry, B. F. SAUL CO. Main 2100 925 15th St. N'W.