Evening Star Newspaper, March 14, 1925, Page 15

ANCIAL Smash in Wheat Chief Event Of Week in Financial Circles| Stock Campaign Appears on Wane. Copper Trade Dull—W oolen Indus- try Still Disappointing. w Special Dispateh to The Star. NEW YORK. March lapse in the wheat market, correspondingly other grains. has heen the chief incident of the last week in the financial situation. There has been little Interest in cotton, in bonds or in the foreign exchanges. tocks have been interesting because f the more definite disclosure of what has been suspected for some time past—that speculation reached fts peak two months ago and that Fuch efforts as have been made since then on the buying side have been in the nature of attempts to bolster a waning cause. Two Factors in Stock Rise. It is admitted more freely now than 1t was a while ago that the cam- paign which started after election day and which reached its climax at various stages during the first half of January was overdone. In the first place, It took altogether too much for granted as to what was Tik to happen along the lines of business expansion and Increased profits. n T 14.—The col- affecting the second place, toward the of the period it became a mere peculative orgy, losing sight of real values and pushing ahead at a pace which was absurd. Certain individ- ual operators and pools, flushed with sucoess, were bidding up prices reck- Jassly, thelr only consideration being w far their operations could be arried before real offerings of stocks were encountered "his was the sort of thing which was going on a good part of Decem- ber, which became particularly ex- travagant in the first few days of January and which then began to taper off. Situation Now TImproved. The present situation {s healthier. There have been very extensive de- clines from top figures. The public 1s no longer rushing in to buy. Even the Wall Street professiomals have found during the past week that the favorite maneuver of putting up va- rious selected stocks in an attempt to start up speculation on a large scale has failed. As is alway circumstanc wonder wh down while the case under such there are many who it is that stocks can go business reports are orable and while authorities are sreed that the position is sound. ese are the same people who can- understand in a period of de- -ssion, -when no encouragement is d out for any improvement, how stock exchange prices, having had a prolonged break, do not go down farther still. Trade Agaln Below Expectations. It is, of course, the old case of the new stock market moving ahead of business and exaggerating its fluctu- ons in both directions. There has been a substantial gain in trade dur- 1z the last six months, and especial- PRICES HOLD FIRM AT GENTER MARKET Butter and Eggs Believed Near Low Mark—Meat Remains Unchanged. Increased receipts of early Spring vegetables, including spinach, kale, radishes and onions, give the market a Spring appearance. Surprise is ex- prossed by dealers that egg prices have not become lower. Recent In- creases in prices and early appear- ance of the season for storing eggs for next season probably means nothing lower than 30 cenfs for the Easter season, according to dealers. There is said to be little likelthood that butter prices will decline the next few weeks. Fresh stock is nything but plentiful, dealers say, i prices probably will not decline until there is plenty grass for cattle. Poultry prices continue high, the only recent decrease in the price of fowls. Today's Wholesale Prices. being Butter—Fancy, tub, 52a54; prints, ; store packed, 20a22. sggs—Fancy, selected, candled, 29 s, 16; young fowls, 26; young, 60a70 ‘resh- roost- 4550 capons, Winter ducks, keats, cach; geese, 15a20. killed Winter ch fowl 45, Live stock—Calve dium, 10a11; thin, 8 13: live hogs, 13al3 Meats—Beef, 16a hogs, 15al ; shoulders, 17 report on fruit and vege- jiled by the Market u of Agricultural choice, 12; me- ; lambs, Spring, veal, loins, Today tables (com Service Bure nomics) says Apples—Supplies limited; market Maryland, Virginia 13 inche: demand steady. _Barrels— and West Vir- up, Black Twigs, limited, 1 6.0046.50; Winesaps, 7.50a8.50. Boxes— Northwestern, medium to large siz stra fancy Winesaps mostly 4.00 s, mostly 3.25, a few 3.50. ge—New stock, supplies lib- and limited; market steady, \rida, 1%-bushel hampers, pointed pe, 1.75a1.85; round type, mostly 1.50; old stock, no sales reported. Celery—Supplies moderate, demand light; market steady. Florida, i0- inch crates, dozen 3.76. Lettuc upplies limited, demand moderate; market steady. California, Imperial Valle tes, iceberg type, 4 dozen, 4.50a4.75; 5 dozen, 4.00a4.50, few higher. Onion Market Dull. light; _demand Onions — Supplies limited, market dull; New York and Ohio, 100-1b. sacks, vellows, U. medium to large sizes best, mostly 08; Ohio, 100-1b. sack: ellows, 1". §. No. 1, medium size, fair quality, Potatoes—Supplies liberal; demand moderate, market steadyv: old stock, New York, 150-1b. sacks, round whites, U. S No. 1, 2. ; mew stock, ¥lorida, double-head bbl spaulding Rose, U. 8. No. 1, 12.50a 00. pinach—Supplies limited, market steady; Texas, bushel baskets, Savoy, 1.00al.15; few, 1.25; South Carolina, bbls., Savoy, 2.75a 00. Tomatoes—Supplies moderate; de- mand moderate for good stock, mar- ket steady; Florida, 6s, ripes and turning, wrapped originals, fancy count, best, 5.00a5.50; few, 6.00; cholee count, 4.00a5.00; gems, best, mostly 3.00; poorer, low as 2.00. Caulifiower—Supplies moderate; de- mand limited, market steady; Cali- liberal; demand led, 6.0087.00; Yorks, | Iy since the election results appeared to hold out a guarantee for four years to come that industrial inter- ests are not to be disturbed by hos- tile legislation. But the trade movement since De- cember 1 has not lived up to the more optimistic expectations. For most cor- porations earnings are on the mend, but it has to be remembered that a great deal must be made up to over come the losses of 1924. It is a qui tion whether steel production has not passed its top, and whether the higher prices which are to be attempted for the second quarter will be successful. Copper Trade Disappointing. The copper developments are cer- tainly disappointing with the drop in the metal from 15 to 143 cents, where- as six months ago much was being made of the prospective European set- tlement and what this would mean in the way of increased demand and high- er points. The cotton trade, after a long period of stagnation, is still banking more upon a falling off in next season's pro- duction than it is upon the sounder ground of larger world consumption The woolen Industry has failed to realize hopes sometimes expressed of betterment. $2 Wheat Dream Over. Then has come the blg break in the wheat market which has affected severely other grains. It is too early to estimate what this signifies for the agricultural outlook of 19 There was a huge overspeculation in the latter weeks of 1924, which meant little for the American farmer, be- cause he had sold nearly all of what he had to sell. The dream of “two- dollar wheat” is over. There was some reason why, working upon an unusual shortage, speculators should have rushed the price of the May op- tion to $2.05 & bushel. But there was no reason why the options represent- ing the new harvest season should have been drawn along the way they were. Farmers' Situation in Dou! Is the fortunate situation in which the American farmer found himself last year because the Canadian crop was almost cut in to likely to be repeated in the coming season? Are the agriculturists of this country likely to obtain any such prices as they did in 19247 These are questions which directly affect, not only the grain markets, not only the stock market, but the entire business po- sition in which the element of buying power in the agricultural States plays such a part. Wall Street has shown its misgiv- ings upon these subjects during the last few days. It is interesting to note that prices on the Stock Ex- change have gone down, despite the falling off in money rates. This has demonstrated that the money m ket is not the factor which it has been credited with being in the movement of stocks. (Copyright, 19 EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Bullding and Loan Associations. Since my last article on building and loan assoclations in this series there have become avallable some very interesting statistics as to the number of these assoclations and total resources. The figures coms on the authority of the New York State League of Savings and Loan Asso- ciations, which states that there are now 10,744 of these assoclations in the United States, with more than 8,000,000 members and with total re- sources of over $4,000,000,000. All this last-named vast sum has been accumulated by the savings of the members, and all of it {s invested in homes occupied by the owners. And all these operations have been conducted so conservatively and so successfully that since the year 1917 there have been only 21 fallures among all these more than 10,000 as- soclations, and the record of loss since 1921 to the members of these asso- clations Is less than five-one-thou- sandth per cent. This is a record comparable to that of the savings bank, and furnishes another argu- ment, if one were needed, to commend this building and lean savings plan to thrifty people everywhere. As long as the building and loan assoclation confines itself to loaning money in its own neighborhood, and as long as Its business is super- vised by business men who are them- selves ingerested in the development of their own home locality, the system will continue to grow to the profit not only of its members, but of the city or town in which it is situated. The building and loan association is in no sense a competitor either of the commercial bank or of the sav- ings bank. Rather it is the ally of both. (Copyright, 1925.) fornia, crates, best, nary to fair quality, 1.50a! Beets—Supplies limited; moderate, market steady; bushel basket, 2.25a2.50. Strawberries Higher. String Beans—Supplies light; de- mand good for good stock, market steady; Florida, 7-bushel hampers, green, best, 7.0028.00; ordinary to fair quality and condition, 4.00a6.00; wax, fair quality, 3.50a4.50. Carrots—Supplies light; demand limited, market steady; Texas, bushel baskets, 1.75. Eggplant—Supplies moderate; de- mand limited, market steady; Flor- ida and Cuba, crates, large sizes, 4.50 85.00; Florida, small sizes, 3.00a3.50. Squash—Supplies moderate, market : pepper crates, white, wrapped, 5.00a 5.50; unwrapped, mostly 5.00. Peppers—Supplies light; demand good for good stock, market steady; Cuba, crates, No. 1, 7.00. Strawberries — Supplies light; de- mand moderate, market slightly stronger; Florida, pony refrigerators, 50a65; mostly 55a60. ——— “demand Texas, Antares has the greatest diameter of Mars to a mere speck. FEDERAL-ARERICAN NATIONAL BANK RESOURCES, '$14,000,000 1315 F S JOHN POOLE, Prestdent ESTATE LOANS Small and Large Amounts Refinancing on Long-Term Basis LOW INTEREST RATES Unlimited Funds Available FRED T. NESBIT Invevtment Bldg. Main 9393 . 1 ) | | | any star ever measured, dwarfing STAR, WASHINGTON, D. C, SATURDAY, MARCH 14 NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM ¥. HEFFERNAN. NEW YORK, March 14.—Despite all that has been said about the highjy fuvorable market position of the oll stocks, this class of securities failed to accomplish anything on the side of adva as the week drew to a L xpectations are that crude oil quotations will be advanced at any time, and it was sxpected that higher prices in the market for the il stocks could be looked for. But whenever offerings made their ap- pearance bids were supplied at frac- tional recessions from last night's final quotations. Standard of New York, Indiana and Continetal Oil were NEW YORK, March 14—Following is an official list of bonds and stocks ‘raded in on the New York Curh Market today: Sales in thousands 6 Ailied Packers fis Am Beet Su C 6s wi Am Gas & Elec s Am s Am Am Am BONDS 1 Ao Sm Hdwe AU G & WIS Atl Fruit Ss Ine Heaverbourd Sw Coos Textiles S5 S ‘ub Co of N J 85 wi 98i . Ay L1041 2 Detrolt City Gas 0 i Galena Sig 0i Ts 5 4 Trunk 1 New Orl Pub States Pow Stand Gan & E1 G155 Swit &'Co 5 R Gise S It a1 78 R Gias '30. JER 0%8 3 5 R §i US R 64n '87...... 978 Webster Mills 8%s.. 1011 FORBIGN BONDS. Est R R Fran 7s wi 2 French Natl 3 Ind Mige Bk Fin i Krupp Rried Lt 7s wi 9415 1 Kusa Govt cfs Bigs. . 1313 1 Sie & Hals 78 ‘33 Wi 06% 7 wise ort alge T 2018 2 Tobo Eiec Po 15 wii. 0013 0045 Salesin STANDARD OIL 1SSUBS 1500 Anglo Am oil g3zozpzn FREE 60 111 2as 1000 Imp 01l Cana 300 Tpd P L...cve:oqe 2200 Intl Pet Co 'Lid.. 180 Magoolia Pet 100 Nat Transit 150 N Y Transit . 50 Northern P L Ohio_O1l Prairie 0 Prairie P 0 Rolar Refin 20 South Penn 00 8 0 Ind.... 900 § 0 Kansas 500 8 O Ky... P L L 1000 Vacuum 01l % Sales in INDEPENDENT OIL STOOKS. hundreds. 10 Ark Nat Gas 2 Carib Syndicate. Cities Service. Cities Sery new wi Cities Service pfd. Cities Serv pta B. Columblan Synd . Continental Oil Creole Synd . 5 Gibson Oil Corp. Gulf 01l of Pa Lago Pet ..... Latin Amer 0l Mex Ol ... Senze 3! nt Prod ... Bradford 0il. oble Ol & G Peer 0l Corp... Roral Canad 0 & Ryan C 5 1t ¢ 3 aaZtimann FEE Adirondack Pow pfd 2 Am Gas & E Pow & Lt ptd. Superpower A Am Superpower B. Associated G & B 3 Armour Co A vte. 50 Continen! 12 De For & 6 Dubili C & R new Durant Mot . Duz Co A . Bl Bo & Sh new Elec Inv Inc ...... Ford Mot Co Can .. Freed Eis Radio Cor Freshman Chas wi. Gen Outdoor A .... Gen Outdoor A v t ¢ Hazeltine Corp 3 Horn and Hard Art Intl Contl Rubber 2 Lehigh Power sec. Mongel Box .. Middle West Mot Wh Cor n w Motion Pict Corp. . Music Master Corp at Pow & Lt. ickel P1 new wi.. Oppenh & Col wi._ Power Corp N Y. Reo Mot - Reming Noiteless & Rova Rad Co tr cf Seagrave Corp Wi... Shattuck F G z So C & I new. Prompt Action First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. 738 _15th Street FROM $50 TO $100 Can Be Obtained by Using Our Certificate of Inventory, Appraisal and Title, CHATTEL TITLE COMPANY 805 Fifth St. N.W. oftered rather freely, while the inde- pendents followed closely the move- ment of Standard stocks. No change occurred in the market for radio shares, and it was notice- able that liguidation had not yet been completed. Hazeltine Corporation lost another 2 points when it sold at 20%, and others of the group were for the most part lower. National Power and Light changed hands dvance of a point, still reflecting expectations of a capital split-up. upward movement in Goodyear Tire common appeared to have been overdone, and the stock continued to lose ground. Swift Intl Thermiod Rag Thomp Rad Co vte Tower Mg ....... nion Carbide Tnit Lt & Pow B Unit I'ft Shar 308 Lt & Heat! U S Lt & He 2 Warner Tic 5 Western A Wh Rk Min 8 new 2 Wh Kk M 8 o vie 22 Wick-Spen Steel wi MINING. Arizona Globe Cop. CanarioCopper. . Siiver o 5 M Ltd Tad Eureka “Croesus, .. . First Thought G M Florence Goldfid M Goldfid Deep Mines . reen Monster Harmill Dis Indepen Iron Blossom Jib Cons 3 Kay Copper Corp.. McKin Dar ymouth Lead M Premier ¢ Lead 15 BOSTON STOCK MARK BOSTON, March 14—Follow a list of today's highest, lowest and closing prices for the most active stocks dealt in here: | Mg, Low. o7 Close. & Hecla pper Ran; Balsan Blec .. Mohawk . New Eng T & 0ld Domiaion . Pactfe Mills Quiney Ttah Metal Warren Bros Query the Promoter. Determine how much of his 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 Secured by Lrst deed of trust on real estats Prevalling interest and commission. | Joseph I. Weller 420 W L & Trust & F NW “WHEN” buying our FIRST MORTGAGE 614% INVESTMENTS You are assured dus precaution has been taken to safeguard your interest. A per. sonal inspection and conservative valuation are two of our strict requirements. Prompt and courteous service follows the purchase of our securities. Notes now on hand in amor of $100 up. C. L. 0'Donnell, Mgr. Morts. Dept. J. N. Hughes, Asst. CHAS. D. SAGER Realtor M. 36-37-38. 924 14th St. N. FIRST MORTGAGES FOR SALE Denominations of $250, $500, $750, $1,000 and upwards 6Y2% Made on Property in the District of Columbia JAMES F. SHEA 643 Louisiana Ave. N.W. 1t is the earnest purpose of this institution to offer sts clients the safest and best investments obtainable. Our Trust Department will be happy to furnish valuable information in reference to First Mort- gage Investments, In amounts of $30 up 7% investment yield “On the Plains DIED.” Our PARTIAL PAYMENT 6% per cent interest paid paid to us. booklets. Main bones of countless millions who, at the Dawn of Victory, sat down to wait—and, waiting, So will it be with those who are thoughtless or slow to plan a definite SAVINGS program through life. Mortgage Real Estate notes is adapted to any small incom if you will start NOW, there can be no regrets. i “Hesltate” no longer. Ask for our investment Mortgage Investment Dept. (DQHANNON 713 and 715 14th Street N.W. of Hesitation bleach the PLAN for the purchase of First upon each installment as it is & LUCH 2345 Continental Trust Company Capital One Millions Dollars 14th & H Streets nmlmmnlnnnmmmflé MONEY TO ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST 1827 Cormoctiont Lvenne Always Worth | the Price You MONG Mortgage, secured by and offered by a responsible company. For over fifty-five years our First Mortg- ages have always been cents on the dollar, and during that time no investor has lost a single penny in cither principal or interest. Our First Mortgages 614 % interest, paid semi-annually on the They may be purchased in day it is due. denominations of $100 SWARTZEIL shin 55 Years Without Loss New Issue All of These Bonds Have Been Sold. Apartment Houses Higbie & Richardson, Inc, the various forms of invest- ments, there is one wkich is outstand- ing for its safety of principal, fair interest return, and market value—it is the First EEM &HENSEY Co. 1925 AN WE FINANCE Capital and Surplus, $2,000,000.00 s Good Service | Our clientele of over 45,000 1s not the result of amalgamation with other banks. It is the reward of over half a century of SATISFACTORY SERV- ICE. and as Such Stands as the best of all indorse- ments of our policics and management. {| Start “growing” fiinan- cially with us THIS PAY- DAY. Practically any amount will open your account. Business Property Residence Property Hotels, Ete. 816 15th St. N.W. LOAN Deposits Invited in° Any Amount; Same Rate of Interest Paid-on Small and. Large Accounts Open Until 5:30 P.M. Monday, March 16 OFFIC WILLIAM D. HOOVE WOODBURY BLATR FRANK W. STON FRANK STETSC CHAN LAMBORN E. PERCIVAL WILSON FRANK R TLLAM BRUCE BAIRD, DAVID BORNF JOHN W. Al W HILES PA HERBERT 1i ALEXANDER 7 JOUN M. B sz DIRECTORS iam D. Hoaver Huidekoper Church Victor Ksuffmaon Charles Minshal Edmund D. Rbe Frank Stetson Frank W. Stone William H. W Hen W | wittiam A Ay | walter €. ¢ SMITH FANT.A KA. Fenning ott Gatley y K TELER Nationa 58th Paid Oldest Savings Depository in Washington Cor. 15th and New York Ave. OFFICE SPACE High- Class Offices in The Financial District of Washington improved property worth one hundred are now yielding Saul Building 925 15th St. N.W. and upward. Reasonable Rent B. F. SAUL CO. Main 2100 925 15th St. N C. to An Investor. March 14, 1925 This A dvertisement Appears as a Matter of Record. $8,975,000 Philadelphia Rapid Transit Company 6% Gold Bonds, Due March 1, 1962 Secured by direct mortgage lien on all the property of Market Street Elevated Passenger Railway Company as to principal and[57, interest. Union Traction Company of Philadelphia guarantces payment of principal and 5 per cent interest on these bonds by endorsement. Authorized issue, $10,000,000. Retired by sinking fund, $434,000. Outstanding as 5% and 6% bonds, $9,566,000. Coupon Bonds of $1,000, registerable as to prin- cipal. Interest payable March 1 and interest payable at Bank of North America and Trust Company, Philadelphia, Trustee, and at the office of Dillon, Read & Co. September 1, without deduction for Federal Normal Income Tax up to 2% per annum. Principal and ew York. Re- deemabie as a whole, or in part by lot for sinking fund, on March 1 in any year to maturity, at 105 and interest. Free'of Pennsylvania Four-Mill Tax A Sinking Fund is provided which it is estimated will redeem morethan one-half of the entire issue by maturity The following information is contained in a letter to us from Mr. W. C. Dunbar, President of Philadelphia Rapid Transit Company: ‘These bonds, as te principal, SECURITY sinking fund payments and interest at 6%, are the direct obligation of Philadelphia Rapid Transit Company. The principal, sinking fund payments and 5% interest are further secured by: (a) (b) (c) pany; Direct mortgage lien on all property of Market Street Elevated Passenger Railway Com- Pledge of the entire outstanding capital stock and lease for 997 years from 1903 of Market Street Elevated Passer Guarantee by endorse / r Railway Company; <nt of Union Traction Company of Philadelphia. Recent appraisals by engineers represénting the City of Philadelphia and Philadelphia Rapid Transit Company, re- spectively, show the present reproduction cost new of the mortgaged property to be not less than $45,000,000. The only prior lien on the property of Market Std:et Elevated Passenger Railway Company is the issue of $1¢,000,000 First (Closed) Mortgage 4% Bonds, due 1955, of that company. These bonds were originally authorized with interest at five per cent under Trust Indenture of March 1, 1912, and known as “Philadelphia Rapid Transit Company Fifty-Year Five Per Cent Sinking Fund Gold Bonds.” By supplemental indentures dated March 1, 1925, the above-mentioned direct mort- gage lien was given as additional security for these bonds, and Philadelphia Rapid Transit Company obligated itself to pay one per cent per annum additional interest thereon. Philadelphia Rapid Transit OPERATING COMPANY Company, incorporated in 1902 under the laws of Penpsylvania, leases and operates sub- stantially the entire street railway system of the City of Philadelphia and vicinity, amounting to about 695 miles of track, including approximately 39 miles of elevated and subway track. During the fourteen years, 1911-1924, under the present continuing management, the company earned a surplus of $16,896,967. Of this total $11,244,385 has been paid in dividends and $5,652,582 has been put back into the business. Philadelphia Rapid Transit property valuation has been found by the Public Service Commission of Pennsylvania to be substantially upwards of $200,000,000, and upon this amount the Com- mission has ruled the company is entitled to ea.n a return of not less than 7% per annum or at least $14,000,000. This finding and ruling have been affirmed by court decision. The total annual fixed charges, including rentals, of Philadelphia Rapid Transit Company amount to less than $9,800,000. GUARANTOR COMPANY Union Traction Company leases for a period of 999 years substantially all of the street railway system of Philadelphia. These leases are assigned to Philadelphia Rapid Transit Company in consideration of payment by that company of the rentals called for by the terms of said leases, and payment to Union Traction Company of an amount equivalent to its fixed charges and 6% per annum on its $30,000,000, par value, capital stock. This income available for dividends, amounting to $1,800,000, is equal to more than three times annual interest of 5% on these bonds guaranteed by Union Traction Company. AVAILABLE INCOME During the nine years ended December 31, 1924, available income has been as follows: 1924, . iiiriianninns 1923 1922 1921 1920. 1919. 1918. 1917. 10160.:5, . Income of Union Traction Co. (Guarantor) after ail charges, available for guarantee $1,800,000 1,800,000 1,800,000 1,800,000 1,800,000 1,800,000 1,800,000 1,800,000 1,800,000 Income of P. R. T. after taxes, rentals aod all fixed charges except on this issue . $3,206.771 3,523,445 4,010,907 2,355,811 874,446 2,194,684 2,010,422 3,270,554 2,783,349 Combined available incomes $5,006,771 5,323,445 5,810,907 4,155,811 2,674,446 3,994,684 3,810,422 5,070,554 4,583,349 M-ximum!int:relt requirements at 6% per annum on the $9,566,000 bonds of this issue outstanding are $573,960. We offer these bonds for delivery when, as and if issued and received by us, subject to the approval of legal proceedings by our counsel. It is expected that delivery will be made on or about March 23, 1925, in the form of temporary bonds or interim receipts Price 99 and Interest. To Yield over 6.06% Further information is contained in a circular, which may be had on request. of Dillon, Read & Co. Washington Representatives: LEON SHORE ELMER F. SAUTER Room 300-301 Edmonds Building Telephone Main 683-45-9-109 Dillon, Read & Co. Thelstatements herein have been accepted by us as accurate but are in no event to be construed as representations by uvs.