Evening Star Newspaper, March 31, 1925, Page 27

FINANCIAL, OLD POTATOES ARE CHEAPER TODAY Liberal Supplies of New Peas Arriving—Butter, Eggs and Meat Firm. Encouraging news has been re- oeived by dealers from nearby truck- ers, the growers reporting the cold eather Gaturday and Sunday not having had any serious effects upon early vegetables and fruits. Only the smaller green vegetables are being received from nearby farms, but growers in the South are supplving more than enough of numerous other varieties to supply demands. Liberal supplles of old potatoes are being received from nearby and distant growers, and the market is weak. New potatoes are coming in small quantities and the demand is limited Moderate supplies of tomatoes are belng received from Florida. The market is steady, with only a limited demand. Prices range from $3 to $.50. Liberal supplies of new peas e arriving from South Carolina and «hlifornia. South Carolina peas are received in bushel hampers, while California products are in crates. Prices of most commodities today were about the same as those re- ported yesterday. Today's Wholesale Prices, Butter—Fancy, tub, 52a54; prints, ; store packed, 20a23. Eggs selected, candled. 1a32; average receipts, 29%:a30. Poultry—Alive—Roosters, 16; young Winter chickens, ducks, young, each; gees Dressed—Fresh- killed Winter chickens. T ers, 19a20; fowls, 28 4550; ducks, 25a28; geese, 40a45. Live stock—Calves, choice, 12; me- dfum, 10al1; thin, 8a9; lambs, Spring, 13; live hogs, 13a13% Meats—Beef, veal, 28; hogs, 26a28; shoulde Fruit and Vegetable Review. Today's market report fruits and vegetables, compiled the Market News Service Bureau of Agricultural Economics, says Apples — Supplie light; demand limited, market steady: barrels, Mary- land, Virginia and West Virginia, A2 inches up, Winesaps, 7.50a8.00; Pomes, 6.00a6.60; A2% inches up, Romes, 6.50a7.00, few inches up, Winesaps, Northwestern, medi extra fancy ost- 17a20; lamb, 30a32; hamse, on by rge sizes, Yellow Asparagus—Supplies moderate; de- mand limited, market steady; Georgia and South Carolina, dozen-bunch crates, very large size, 5.50a6.00; large size, 4.50a5.50; small to medium sizes, 3.00a4 Cabbage—New stock, supplies mod- erate; demand moderate, market steady; South Carolina, pointed type, 11%-bushel hampers, 1.40a1.50; bar- rels, crates, 2.50a2.75, few 3.00. Celery—Supplies liberal; demand ltmited, market about steady; Florida, 10-inch crates, 4-6 doven, 2.50a2.7 Potato Market Dull. —Supplies moderate; demand steady ; California, Im- perial Valley, crates Iceberg type, 4 dozen, 3.50a4.00, mostly 3.75; North Caroli 5-peck hampers, Big Boston type, 1.00a1 few best, 2.00. Onions—Supplies light; demand light, market steady: New York a Ohio, 100-pound sacks, yellows, U. S, No. 1, medium to large size, 3.50a3.75. Potatoes—Supplies moderate 8tock ; demand light, market dul ew York, 150-pound sacks, round whites, U. S. No. 1, mostly 1.90 per sack ; Michi: gan, 150-pound sacks, Russet Rurals, U. S. No. 1, brarded, 2.30 per sack; new stock ; demand limited. market slightly weaker; Florida double-head barrels, Spaulding Rose, U. S. No. 1, 10.00a 10.50, mostly 10.50. Spinach—Supplies moderate; de- mand light, market steady; Texas, bushel baskets, 90al1.00; few, poor condition, low as Virginia, Nor- folk section, barrels, savoy, ordinary quality and condition, 1.50a2.00 Strawberries—Supplies light; de- mand light, market steady; Florida pony refrigerators 5a40 per quart Tomatoes—Supplies light; demand £ood for good stock, market steady; Florida, sixes, ripes and turning. wrapped, originals, faney count, 5.00a 5.50: few 6.00; choice count, 4.00a5.00; mostly 4.50. Cauliflower—Supplies moderate; de- mand moderate, market steady; Cali- fornia, crates, 2.75a3.00; mostly 3.00. Receipts Rather Light. String beans—Supplies moderate; demand moderate, market steady; Florida, 7%-bushel hampers,- green, Dbest, 5.00a6.00; some fair quality, 4.00a5.00. Peppers—Supplies light; demand light, market steady; Florida, crates, fancy, 5.00a6.00, Eggplant—Supplies light; demand moderate, market firm; Florida, pep- per crates, best, 5.00 Squash—Supplies moderate, marke: Depper crates, best, 4.5025.00; some ordinary quality low as 2.50. Peas—Supplies moderate; moderate, market stea mostly 5.00. Cucumbers—Supplies liberal; mand modera market Florida, 7%-bushel hampers, 6.00; choice, 4.00a4.50. Beets—Supplies light; demand light market stead South Carolina, drums, thostly 6 cents per punch; Texas, Bushel baskets, 2.00a2.25. } Carrots—Supplies light; oderate, market steady; Yushel baskets Lettuc Itmited, market old light: demand steadv: Florlda, demand California de- weaker; fancy, demand Texas, 1.75: iUSSIA INCREASES PLANTING. : Russla will plant larger areas to :llnn and sugar beets this year, the ternational Institute of Agricuitura Rome has advised the Department if Agriculture. The institute report- also that Argentina's cotton area his vear totals 259,000 acres, an in- rease of 67 per cent over that of 43-24, ! PORT BUSINESS GROWS. BALTIMORE, March 31 (Special).— Bnports and exports through the et of Baltimore last week both Wwed an increase as compared with {# previous week, according to the ekly report of Charles H. Holtz- 'fi: collector of customs. Exports unted to $2,447,126, an increase of 1461,101, while imports totaled 11989,605, of which $1,454,593 was o and $535,012 dutiable, TREASURY CERTIFICATES. fouotations furahhed by Redmond & Co.) i ———Noon—— Bid. Offer . 100932 10011 997, 99 31.3: 100 29.32 101 101 9-82 101% 101 101 332 102 102332 102 1023-32 September & December 15, March 15, September 15, "fs March 15, A Word to Speculators. I¢ you must speculate, select a rep- @table broker who holds membership in a recognized stock exchange. Ex- change requirements, in themselves, are some protection, as its members must comply with business ethics as provided by rules and regulations. 1 a member violates these rules, he hazards his membership, which 1is usually his greatest asset, | American BY WILLIAM F. HEFFERNA) NEW YORK, March 31.—Heavy sell- ing in Royal Canadian OIl Syndicate to well below $2 a share as compared with Monday’s final of $7 continued the most conspicuous happening in the curb market today. The sharp de- clive in this quarter was directly due to the suspension of a prominent member house today and was coin- cident with a break of 8 to 12 points in American Hide and Leather pre- ferred and Pittsburgh Terminal Coal on the New York Stock Exchange. Trading in the list generally was NEW YORK, March 31.—Followinz Is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in thousands. 3 Allied Packers 8s.. 10 Alpine Steel s wi. Alum_7a Am Gas Am Pow & Lt 6s.. o BONDS, iigh. Elec 8s. & & Am Pow & Lt 6s n Am Sumat Tob Tige Am Rolling Mills 6s A G & WISSSs Atlan Fruit s Beaverboard Ss Bell Tel Canad Beth Steel Ts Can Nat Ry Ts.. Chi R T & P 5%s Citles Service Ts Cities Service 7s Cities Serv P & L Cons Gas Bal 6s A.. Cons Gas Bal 6% Cons Textiles &. . 5 Cuba Co of Cuban Tel 734 Cudaby 5% Deere & Co 108% n 101% 18 100% Dt 10613 109% &1 98 100t 923 10475 10278 W Biss Minn 6138 C. Okla G E 8 Peon P 2 Pennoc Phila Phila_Rap POC & S L 3s B w Pub G & Stand G & E 8%s. Thys Ir & St 78 wi Tidal Osage 7s..... Union Oil of Cal 3s. Union Ofl Prod Ss.. Unit Ry of Hay 744 Vaeunm Ofl Ts...... U S Rubber fiss 2 T 8 Rubber #1;s '31 Rubber 813s ‘33 Rubber Rubb Rubber bher ¥ Graz Est R R France French National Ind Mte Bk Fuld Krupp-Fried Ltd 9 Mty Bk Deomark Russ Govt s Gost Toho Sales in units 7700 Anglo Am Oil.. 5 Gal §ig Oil pf new 101 Humble Oil & .. 43% m P L.. . 141 Imp 0il of Can new 27 Intern Pet Co Ltd Magnolia Fet ... OERMOIL =2 Prairie 011 & G new Prairie P L Solar Refin Elec 7s. 1100 10 1100 Swan & Finch Vacuum Ol UR Sales in INDEPENDE! hundreds 3, Ark Nat Gas pf.. $ Carib” Synd UR .. 19 T OIL STOCKS. new’ 1 Cit Serv pfd B 48 Columbian Synd. Contl RO . o5 5o Col 0il Rts wi UR ‘reole Synd UR.. 11t ibson Ol Corp.. 2% 8 Gulf Ol of Pa... 64ly Washington Stock Exchange. SALES. Capital Traction 5s—$1.000 at 95%, $1,500 at 98y Washiogton Gus 55—$1.500 at 93%, $1,000 at 983, $500 at B8% $2.000 at 8% Washington Gas 6s '33—$600 at 102, $200 at 1017 Washington Rws. & Elec. g & r. $1,000 at 1017, '$3.000 at 101%, 1011, $5,000 at 101%. Washington Gas Light Co.—10 at 08, 3 at 08, 10 at 58, Washington Rwy. & Elec. pfd.—20 at 80, 3 at 80, 1 at %0, Lanston Monotype—3 at 803, 5 at 80%, § at 80%, 10 at 50%. AFTER CALL. Capital Traction Co.—10 at 91%. Money—Call loans, 5 and 6 per ceat. BONDS. Bid and Asked Prices. PUBLIO UTILITY. American Tel. American Tel. g Am. Tel. & Tel. ctl. tr. 5 Am. Tel. & conv. 6s.. Anacostia & Potomac Anacostia & Potomac guar. 0s. ©. & P. Telephone 55 C. & P! Telephone of Capital Traction R. R. City & Suburban Bs....... Georgetown Gas 15t 6. Potomac Elec. 1xt 5 Potomac Elec. Potomac Elec. & e Pot. Elec. Pow g m. & Tef. T Wasn., Alex. & Mt. Ver. is Wasii, Alex. & Mt Ver. ctfe. .. Wash., Balt. & Anpap. s, Washington Gas os Washington Gas 6s.. Wash., Rws. & El Wash, Bws. & Ele MISCELLANEOUS, D. C. Paper 6s... Tot. Joint Stock Ld i Riggs Realty os (long ezs Realty S Gk Southern Bidg. 8las.... 8s 33— $1,000 at STOCKS. PUBLIC UTILITY, & Telga. i Amer. Tel. * Capital Tra Wasbingt Norfolk & Wi Wash. Rwy, & El wasn, Rwy. & Elec. Terminal Taxi com. ptd. Nationsl Capital .. Columbia Commercial District ... Farmers & Mi American Riggs Secoud sreens National Ban TRUST COMPANY. American Security & Trust. Continental ~.---- Merchants’ National a3 Waoh. Toan & rust. SAVINGS BANK. ce & Savings. ot Washington. i Becurity Savings & Co. Seventhr Street. “mited Statex 3 Wathington Mechunics o FIRE INSURANCE. s iReiE 150 24 i3 ings & Trust. Corcoran Firemen's .. ... tional Union. TITLE INSURANCE. Columbia Title.. Real Estate..... MISCELLANEOUS, D. C. PAper Pfde..sceseoeeeass Merchants' Trans. & torage. Mergenthaler Linotype... Natl Mtge. & Invest. pfd. 0ld Dutch Market com..... ©01d Dutch Market pfd Lanston Monotype. Security Storage Washington Market Yellow Cab..... S “Ex div. {i% catra. $1K% extra, 13 THE EVENING STAR, WASHINGTON, D.. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office uninteresting in comparison with the Royal Canadian episode. The talk in Curb Exchange circles centered, of course, on the effect of the failure of the firm in question to meet its obligations. Glen Alden Coal was a weak feature, responding to tha less favorable news regarding the coal trade, where additional price cuts were reported. The oil shares, as a group, did little. Standard of 4ndiana galned a bif, while Standard of Kansas sold lower. The new Electric Bond and Share broke fractionally. Mengle rallied after falling back a few points. Lago Pet ........ Tatin Amer 0fl UR Mex Ol Mex Panuco Mount P Mount G Sty New Bradford Oil.. New Mex Land. & N oS Oliio Fuel Co’ ex div Peer 0l Corp Penn: n Con U Salt Ck Prod. Savoy Ol Venezuelan Wilcox 01l & G Woodley Pet ex div 4% ROl S 2208 INDUSTRIALS. Am Am Am Am Am Am Am & E & Trac ultigrap P& L new UR Pow & Lt pfd B8y Superpower ‘A, 27 Superpow pr pf Art Loom U R... Art Loom pfa U R 10013 Atlagtic Fruit.. 1 Roissonnault G Co. .90 Borden Co......... 14115 Borden Co new wi. 71 Borden Co rts wi.. Borden Co B wi... ot Con Mills U Tt Bridgeport A1 British-Am Tob con Brooklvn Boro Gas Brooklyn City It Rt car Light Cent Centrit Pipe Corp.. Chapin Sacks & o 20 4 Com Pow Cor U R 10815 4 Com Power Cor ptd 8 Con Gas Balt new 2 (ntl Bak A... Contl Bak B.oil Contl Bak pfd Contl Ton Taed® Coty Tnc wi.. Qubei o~ e Cuban Tob Co ‘vic DeFor RO vte UR DL & W Coal.. Dubilier C&R 'UR Durant Mot UR. Dup C&R vte UR Du t Motors.. &0 2Dz Co A 26 clec Bd & §h pfd. 10 El Bd & Sh n corp Elec Invest Inc wi. Elec R & L U R ¢ Sec Coll reka Vac .. re-Eise Ru Co TRt Freshman Chas neral Outd Ad A 481 ieneral Outd Ad B 207 Gillette 8'R ilen Alden Coal.. 215 120 13% 18% 4% o1 Haee Gnazecoca of zeltine Corp. 9 Heyden Chem .... 2 Imperial Tobacco.. 2214 Intl Conti Rubber. 6 Iutl Match Cor pf 40% Intl Ttil B < 20 Kelrinator g Leh val Coal...l Teh Val Coal NC.. Lib Rad Ch Store Mare Wirel Tel Co Meagel Box ....... Mesabi Iron Mid West U Mid West Util pr in 102 Moore Drop Forg A 643 Motor Wh Corp new 167y Music Mas Co U R 913 Nut Pow & Lt U R 23 N Y Tel Co pfd.... 1 o Pow. .. Plo wii’ Plate UR . 1s Cor A pfd Exch Ine A 46% wer Corp of N Y 41% Procter & Gamble 1121y Purity Bi Purity Reid” Ice Cream.. Reo_ Motor. Row'b'm Grn C pfd. Rova Rad Cor U R. 2 meswos Balte BB p B 383 815 10 " e B 3 South Culit Ed 6s pr South Cal Edi B.. Stand Pub ex div. Swift Intl...... Switt & Co... Tenn EI Pow U Ten El Pow 2d 17T H Ind & E Tr pf Them Rad Co u r Thomp_Rad (o vte Todd Ship ....... Tower Mfg u 't Union Carbide United G & E new Un Lt & Pow A.. Tnited Pfe Shar .. Ttil Pow & Lt Co A Univ_Plc Co .... 8t Gypsum' Co 1 Lt & Heat . Lt & Heat pfd B. Weatern Power ... Western Power pid Wh R Min Sp nw W RMS nw vte Wick Spen Steel Co 574 Yel TCoN Yur 15% MINING. Ariz_Globe Copper Black "Hawk Cons Canario Copper .. Chino Ext Mines . Cons Cop Mines. Cresson Gold ... Diamondtd Bl ‘Bt Eng G M Ltd Ind “roesus. ... Forty Nige Mines, . Goldfield Deep M.... Hawthorne Mns In¢ Hollinger: ... Hecla Mine. .. 0] Howe Sound 1 ¥ic. Independence Lead. LEEREEES 15 838 ew Cornelia Nipissing _ex Mo Copper. Plymouth 1. Premier (ol Red Warrior U §. ilverdale wecess Min Teck Hughes. Tonopah Extens...... United Eastern Mi ited” Verde Ext. S Continental. .. ity Gold Utah Apex . ... Wenden' Copper West End Ext..... . West Utah 18 10 160 a9 EXTRA DIVIDEND VOTED. NEW YORK, March 31.—An extra dividend of 3 per cent was declared today on the common stock of the United Gas Improvement Co. of Phila- delphia, payable July 15, to stock of record June 30. PEAS SELL RAPIDLY. NEW YORK, March 31 (Special).— Eargy peas from South Carolina were in good supply today, and met ready sale at $2.50 to $2.75 per bushel. Cali- fornia admiral peas brought $3.50 to $5.50 per crate of 50 pounds, and Mex- ico telephone brought $5.25 to $5.50. . o IRON PRODUCTS’ NET OFF. NEW YORK, March 31.—Net earn- ings of the Iron Products Corporation in 1924 fell to $880,346, equal after preferred dividends to $5.66 a share on the common stock, against $1,149,- 446, or $7.59 a share, in 1923, WESTERN PACIFIC'S NET. NEW YORK. March 31.—February net operating income of the Western Pacific increased to $127,480, com- pared with $84,304 in February, 1923. Net for the two months this year was $321,641, against $198,116 a year ago. Eme MINING INCOME JUMPS. NEW YORK, March 31.—Income ot the Consolidated Mining and Smelt- ing Co. of Canada for 1924 jumped to $3,278,904 from $1,681,163 the year Dofegg. . SHOALSPOWERWILL BE READY IN JULY Revocable Contracts Make Sales Problem Most Puz- zling Question. BY J. C. ROYLE. Special Dispatch to The Star, MUSCLE SHOALS, Ala, March 31. —Decislon of Secretary of War Weeks to ask bids for the temporary use of power developed by the great Wilson dam and power plant here will do little toward determining finally to whom that power will be sold. The plant will commence to produce current in July, but since contracts arc to be revocable on 30 days' notice, the use of the current commercially seems restricted to companies which have transmission lines already connecting directly with Muscle Shoals. Revocable Contracts Cause Stir. This will narrow the list to the Alabama Power Co. and a few other minor consumers. Officlals of the Alabama company today declined to forecast what their action would be when bids formally are asked. If other companies should bid success- fully they would be under necessity of heavy expense for erection of transmission lines. The nine Southern companies, of which Alabama Power was chief, who joined in bidding for the current out- put previously, now are in a position to furnish adequate current to their patrons without output. It {s doubtful if they would desire to go deep into new construc- tion If their contracts might be re- voked on short notice. Three Poswible Moves. Three possible answers as to ulti- mate disposition are outlined by men who have watched the progress from its inception. The first of these s that the cur- rent shall be leased over a long term by the Government to some power company operating in this section or a combination of such corporations. The second {s that it should be turned over to some big producing or manu- facturing concern which would utilize the power at or near the source. The third is that the project be operated by the Federal Government. Many Objections Made. The moment that any of the three is mentioned objections are raised. The first procedure would make Muscle Shoals a link in the great superpower zone of the South. There the Muscle Shoals | are nine companies already inter- connected and there can be no doubt that the assured and cheap power so furnished has drawn many manufac- turing plants to Tennessee, Alabama, Georgia and the Carolinas. Charges of monopoly have been in conjunction with the operation of this interchange of power. These are vigorously denled by the companies in question, who say that the ar- rangement simply means paying for power from another source than their own when streams are low in ons sec- tion, and furnishing excess power at an equivalent rate to other sectlons when they need it. For example, the Alabama Power. Company now {s operating a steam plant at Muscle Shoals with a 90,000 horsepower capacity, which was put In to supply deficiencies in North and South Carolina, the current being transmitted 600 miles. Through this line the power from the Wilson dam could be turned into the superpower system now. Nitrate Plants Complicating. But any proposal for a lease to power companies at once encounters the difficulty of operating the nitrate plants, which are a part of the Mus- cle Shoals project. Some large producers of manufac- tured articles might well utilize the power at the source. This section s in possession of natural advantages v ‘~h Include nearly every necessary raw .. ¢erfal. But now that Henry Ford has ~ithdrawn his offer, the field of prosp. ‘lve operators is an extremely narrow -~né. All pros- pects ralse objections . ane sort or another, Millions Already Spent Government operation would ne- cessitate the building of transmission lines and substitutions. It is an ac- cepted principle among hydro-elec- tric engineers that the building of such lines involves the expenditure of double the sum spent on the de- velopment of the power which is to pass over them. The wartime investment of the Government here was $107,000,000. This would bring the estimate for transmission lines to over $300,000,- 000. The full 18 units at the Wilson dam have a possibility ot producing about 600,000 horsepower. But the fluctuations in the flow of the Ten- nesses River make some engineers say that at certaln seasons only 100,- 000 horsepower can be produced. It becomes evident therefore that to be fully utilized the power de- veloped at the Wilson dam must be sold at the source or through dis- tribution. The present transmission lines need Muscle Shoals power. The Muscle Shoals plant needs theé trans- mission lines. But a plan to get them together still is the future, to be suggested by the Coolidge com- mission. MACY’S SALES INCREASE; NET PROFITS ARE LOWER By the Associated Press. NEW YORK, March 31.—Net sales of R. H. Maoy & Co. for the year ended February 2, 1925, increased to $56,369,795 from $51,232,360 the pre- vious corresponding 12 months, but increased costs and expenses reduced net profits to $3,005,698 in comparison with $3,337,887. This was equal after preferred dividends to $6.70 a share on the common stock against $7.568 a share the year before, Surplus de- creased about $307,000 to $2,346,368. o FOREIGN EXCHANGE. y . Hib! o, (Quotations furnished by W. T Hibbe & Co) gold valne. _ today. $4.8065 $4.TT% Montreal, dollai 1.00 3 Paris, franc.. 183 , franc. 183 ‘mark. . 238 lira. fTranc..o--.. drachma. .. London, pound. (6339 Copenhagen, crown. . Christiania,” erown Stockholm,” crown. . By the Associated Press. NEW YORK, March 31.—Foreign exchanges irregular. Quotations (in u. dollars): Great Britain—De- mand, 4.77%; . cables, 4.77%; 60-day bills on banks, 4.73%. France—De- mand, .0527; cables, .0527%. Italy Demand, .0412; cables, .412%. Bel- gium, demand,..0511%; Germany, de- 2380; Holland, demand, .3980; v, demand, .1573; Sweden, de- maa, .2693; Denmark, demand, .1827 Switzerland, demand, .1928; Spain, de- mand, .1427; Greece, demand, .0158% ; Poland, demand, .19%; Czechoslo- vakia, demand, .0296%; Jugoslavia, demand, .0162; Austria, demand, 0000143 ; Rumania, demand, .0046%; Argentina, demand, .3862; Brazil, de- mand,. .1085; Toklo, demand, -Al%; _Shanghai, demand, .74%: -Montreal, .09 15-16, N “HOW TO INVEST YOUR MONEY” By Bayard Dominick, Prosident the Better Business Bureau of New York Oity. THE IRRESPONSIBLE GUARAN- TEE.—Irresponsible sellers of se- curities often “guarantee” that cer- tain profits will be made, dividends pald, or even that they will buy back or resell shares when the purchaser wants his money. Such guarantees never mean anything unless they are made In writing, and even then they are limited to the financial responsi- bility of the maker of the guarantee. Promises of this nature are made to create confidence and to lull suspi- cion. They should Indicate to the prospective purchaser a special need to investigate not only the securities offered but also the responsibility of the proposed guarentor. $600,000,000 LOSSES IN. 14 ISSUES ALONE Shrinkage in Market Values Since First of Year Shown by Table. By the Associated Press. NHW YORK, March 31.—The fol- lowing table, which glyes vesterday's low prices, the extreme decline from the year's highs' and. .the deprecia- tion'In market value of a small list of selected stooks, shows that the shrinkage in the market value of 14 popular issues alone is in excess of $600,000,000. Tndustrials Yes- decilne ter day's Depre- Stock. :lvuud Oll of N, J. General Motors . 8hell Union Ofl.... Ansconda Copper.. 30% T . 1327 Fipe. 102 . 6 RAILS. Canadian Pacific... 136 125 BIG COPPER DIVIDEND PAYMENTS NOW DUE Five Utah Companies Will Mail Over $2,000,000 in Checks Tomorrow. By the Associated Press. . SALT LAKE CITY, Utah, March 31. —Stockholders in five of Utah's large mining companies will recelve a total of $2,249.166 In ‘dividends on April 1, Tepresenting the first quarterly divi- dends disbursement of 1925. Utah Copper will dlstribute $1,625,000, equal to $1 per share: Tintic Standard, $461,166, or 40 cents per-share; Silver King ‘Coalition, $238,000, or 20 cents per share: Park City Mining and Smelting, $136,000, or 15 cents per share, and Bingham Mines, $35,000, or 50 cents per share, . CUT-IN OIL PRICES FAILS TO SLOW UP DRILLING By the Assoclated Press. NEW YORK, March 31.—Despite recent price reductions in crude oil and gasoline, drilling activities are being extended by many of the petroleum companies. New wells were reported today by the Gulf Production Co. in the Blue Ridge field, by the Houston Production Co. in the Hull field, the Lion Oil Re- fining Co. in the Smackover Pool and the Mexican Petroleum Co. in its Mexican flelds. The Barnsdall Cor- poration reported an extenslon of its operations in the Rosecrans field in California. e NEW STOCK ON SALE. Public Utility Concern Puts Out 120,000 Shares of Common. NEW YORK, March 31.—The first junior financing fn connection with a $30,000,000 reorganization program of the A. E. Fitkin public utility properties takes place today with an offering of 120,000 shares of class A common stock of the National Public Service Corporation dt $21 a share. The cor- poration was recently organized as a holding company of the Jersey Cen- tral Power and Light Co. the Key- stone Public Service Corporation, Tidewater Power Co. and the St. Pe- tersburg and Florida Power Co., op- erating in New Jersey, Pennsylvania, North Carolina and Florida. P NEW MOVE TO AID TRAFFIC. ATLANTA, Ga., March 31 (Special). —City officlals, business men and rafiroad men have agreed on a'plan for construoting two. more central viaducts over the downtown railway tracks as part of a $20,000,000 traflic reltef plan. ATl CROPS-GREATLY DAMAGED. AUSTIN, Tex., March 31 (Special).— The wheat ard oats crops in Texas this year: will be the smallest in five years,.owjng to the continued drought, even If conditions from.mow on are 'COMMODITY NEWS - WIRED STAR FROM ENTIRE COUNTRY SHREVEPORT, March 31.—The 12 state co-operative marketing associa- tions composing the American Cotton Growers’ Exchange last year handled 1,000,000 bales of cotton, as compared with 600,000 bales handled two years ago. A large amount of cotton was sold through state assoclations to Japan. SAN FRANCISCO, March 31.—New oil well operations during the past week show 36 wells started as com- pared with 24 the week before, but drilling activities for the year to date are considerably behind last year's. The total started up to March 27 this year is 261, compared with 355 last year. PHILADELPHIA, March 81— Wholesale jewelers report business for February was 11.1 per cent above that for January, but 8.6 per cent less than for February 1924. Buyers are cautious and confine purchases to im- mediate needs. DETROIT, March 31.—The motor industry ‘enters the second quarter with an amazingly changed outlook from that which appeared at the first of the year. Five factories, Ford, Dodge, Hudson, Chevrolet and Overland are turning _out more than 1,000 cars a day. Export as well as domestic orders are pouring in. CHICAGO, March 31.—Meat trade during the past week is described by packers as having been vary dull, especially for beef, of which the stor- age supply is 8 or 9 per.cent above jast year's. - Pork prices continued sgeady fesplte the decline in hogs, C., TUESDAY, MARCH 31, MONTREAL LEADS |NEW RECORD LOOMS {like cavalry horses. 1925. IN'WHEAT EXPORTS Staff of Life Has Proved Magic Wand for Canada’s Great Metropolis. For the fourth successive year Montreal announces its supremacy as the greatest wheat exporting city in North America. So great is the yellow flow through Montreal that its ship- ments abroad exceeded the combined exports of its seven chief rivals in the United States—New York, Galves- ton, New Orleans, Philadelphia, Baltl- more, Norfolk and Boston—up to September of last year. “The staff of life has been a magi wand for the Canadian_ metropoli says a bulletin of the National Geo- graphic Soclety from its headquarters at Washington. Panorama of Wheat. ‘Waving it, Montreal raises another skyscraper on her water front. Take an elevator to the fifteonth floor of No. 1, St. Lawrence River, Montreal's chief wheat ‘office,’ look out of a win- dow to the west, and the story of Montreal and its part in supplying that grain lles revealed. t one’s feet an ocean liner rests snugly agalnst a wharf, beside a long gallery which sprouts below like a root of the skyscraper itself. Within that gallery huge, wide, running belts lare man-made creck beds for a stream bank full of wheat. The liner is receiving in its hold the product of more than 10 acres of wheat land every minute. ‘lose under the protecting shadow of the liner lles a smaller steamship. It has lines like a German dachshund. Much open deck lies between the su- perstructures fore and aft. Beneath the hatches which cut the deck into a gridiron is more yellow wheat from Port Colborne, Ontarlo, waiting to be stored in the grain elevator. In the open water of this harbor sector fret- ting tugs line up at appointed places Now and then, with & snort of white steam and a puff of black smoke, they dart from their ‘company front’ on double-quick to push some ocean leviathan in or out of its berth. Neck of Grain Bottle. “At the right of the tug line is the main neck of North America’s wheat bottle, the end of the Lachine Canal. Montreal is the queen of wheat ports, and more than 60 per cent ‘of her ‘yellow gold’ comes down the St. Law- rence by water. Over to the left the sun catches the glint of white water on the Lachine Rapids, head of navi- gatlon of the 1,000-mile nature-made canal which s this bottle’s mouth. Braving the rapids is the spidery black line of the Victoria Bridge, with trains shunting acrose it almost con- stantly. To the right, under wooded Mount Royal, is the city, founded by Chevalier Maisonneuve, but built as much as anything by wheat. “Westward the canal and railroad blend with the smoky mist through which one seems to see the winding miles of river, the blue of the Great Lakes and the breadth of the valleys of the Red River and Mississippi FINANCIAL. INMANUFACTURING American Mill Men Buying Very Heavily in Foreign Materials Markets. By the Associated Press NEW YORK, March 31.—Increased Importations of foreign materials quired by American a Indicate that the outturn of the cur- | rent year may materially exceed in value that of any earlier year, accord- | ing to the National City Bank of New | York. Wool, silk, cotton, rubber and other factory requirements are arriv- | Ing in quantities greater than last year. In the seven months ended January 31, 1925, the total value of raw man- ufacturing ‘materials imported stood | at $756,000.000, against $679,000,000 | In the same months last year. Im- ports of cigarette tobacco from South- ern Burope increased 20,000,000 pounds Steel Company Rail Factor. The United States Steel Corporation as a factor in the railroad field, is re- flected in its operation of enough trackage to stretch from New York to San Francisco. The total comprises 1,125 miles of lines leased and owned 440 miles of second tracks, 392 miles operated under trackage rights, 55 miles of industrial track and 1,3 miles of yard track and sidings New Woolen Preaident. The resignation of Cornelius Wood as a director of the Americ Woolen Co. is reported from and he has been succeeded by Frank | H. Carpemter, first vice president. | Mr. Wood also has resigned as a di- rector of the American Woolen Co. of | New York, a selling company. Can Declares Dividend. Directors of the American Can Co. today declared only the regular dividond of $1.25 a share on the com- mon stock, upsetting expectations in the financial district that a split-up would authorized on the basls of five shares for one. i | i | | A an Boston | PACKARD EARNINGS SHOW | GAIN IN SIX MONTHS DETROIT, March 31—Earnings of the Packard Motor Car Co, for the first six months of its fiscal year ending Feb- ruary 28 were $2,954,745, compared with $2,431419 for the similar period a year agu, the financlal report for the pericd made public here last night disclosed. In commenting upon the six months' report, Pres: dent Alvan MacAulay predirted a favorable outlook for the years earn- ings as based on current demand. { ALLOY STEEL 7B.EPV_OBTS. NEW YORK, March 31.—A sharp drop in 1924 earnings Is reported by United Alloy Steel, mnet profit of $713,839, equal after preferred div dends to 6) cents a share on the com- mon, contrasting with $3,072,365 in 1 or $3.55 a share. Operating profit fell 1o $3,084,316 from $5,893,108 flat plains where the sky is a cover pressed_to earth at the horizon and wheat Ts filling between the crusts. Montreal's life springs are in Mani- ‘oba, Saskatchewan, Minnesota and the Dakotas, where Winter white gives way to green in Spring, golden in Summer, brown stubble in Fall and back to white again. “Assume out there afarm where nothing but wheat grows, Where there were no houses, no trees, no waste land—just wheat. If it pro- duced on an average of 15 bushels to the acre, that farm would have to be half as large as Indiana to raise enough wheat to satisfy Montreal's shipping demands for the past year. Works from the Top. “Most things must be viewed from the bottom up, but not a Montreal grain elevator.” It works from the top down. As soon as & boat or train is emptied, the wheat goes by con- vevors to the top, finding lodging in huge bins. On the next floor below it is weighed. Stationed at a battery of |huge containers, dusty workmen let in a flood of wheat from above. They can estimate a ton to a fraction of a pound. Released by a lever, the grain falls a floor to a five-foot mov- ing belt. Almost before it can settle down to a pleasant ride it reaches a big &teel cart on rails, which pre- cipitately dumps it into what looke like a bottomless pit, but isn’t. Later the wheat will emerge from the pit for another belt ride, through gal- leries stretching a mile and a quarter along the water front, to be dumped summarily into an ocean liner or tramp. “Recelving grain is more compli- cated than dispatching it. At Du- luth or Port Arthur or Fort Willlam big lake freighters take wheat from box cars and_bring it to Port Col- borne, at the head of the Wellington Canal, or to Buffalo or Cleveland if it goes out through the United States. At Port Colborne steamers that can just squeeze through the locks of the St. Lawrence canals take on the wheat. At Montreal, finally, huge bucket conveyors are lowered from the elevator through the hatches and start the grain to the skyscraper's top. As grain in the ship's hold gets low men with huge steel scoops go in. A rope is attached to each scoop and when the workman has dug it into a pile of graln a winch on sig- nal pulls it up to the conveyor snout, filling the buckets with grain. Four lake steamer loads, or a train of 116 cars of grain, are required to flll an average ocean tramp. Toying With Frelght Cars. “Automatio car dumpers have been installed in some Montreal elevators. Picking up a ioaded car like a toy, they push in the door, tip the car on its side, empting the wheat into & pit and set it back on its wheels at the rate of one box car in a little less than 10 minutes. “Farmers should never go to grain elevators. Confidence that one's ef- forts are doing something for the world is a handmaiden to happiness. Back in Minnesota 200 acres of wav- ing wheat inspire pride in a fa#rmer's heart but they do not cut much of a figure in Montreal. If the farmer came to the Canadian metropolis he could view the arrival of his year's effort and worry in one box car and one-half of another, or in a small corner of a lake steamer. It would he unloaded from either conveyance in less than 20 minutes. “In the top of the grain ‘skyscrap- er’ he would see his 200 acres of wheat dumped into a bin which would still be nine-tenths empty. Yet thers may be a hundred more bins in this honey- comb called a grain elevator. Could he still stand the strain he might watch: his, Wheat drop into the hold of a liner in about 12 minutes. Wheat must move' fast_at the neck of the bottle and faster ‘yet when ice corks the neck between December and May, and so Mentreal Is capital of wheat —and of agrarian humility.” — POWER EARNINGS SLUMP. NEW YORK, March 31.—Surplus of the Commonwealth Power Cor- poration for ‘the year ended Febru- ary 28 declined to $2,076,418 after in- terest, taxes, depreciation and pre- ferred dividends equ;l to $9.88 a share on the gommon stock, compared with $2,511,355, or $12.55 a share in the previous corrtspending period. Money to Loan Secured by first deed of trust on real estate Prevalling interest and commission Joseph I. Weller 420 Wash. L. & Trust ¥ B 5 '/2 % APARTMENT HOUSES | BUSINESS PROPERTY RESIDENCE LOANS AT LOW RATES FRED T. NESBIT VESTMENT BLDG. Main 9392 - FEDERAL- AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President “WHEN” buying our FIRST MORTGAGE | &% You are sssured due precaution hes been taken to safeguard your interest. A personal inspection and conse vaiuation are two of our strict requi ments. Prompt and courteous serv follows the purchase of our securities. Notes now on hand in amounts of $100 up. C. L. 0'Donnell, Mgr.Mortg.Dept. J. N. Hughes, Asst. CHAS. D. SAGER Realtor M. 36-37-38 924 14th St. N Our April Circular, listing over 85 dif- ferent issues, offers something which will be attractive to you regardless of what your re- quirements may be. The National City Company Washington—741 15th St. N.W. Telephone—Main 3176 STATEMENT OF THE CONDITION Of the International Life Insurance Company St. Louls, Mo. . 1924, an re. ode 18, 1 Capital stock Capital ‘stock, paid up. cash .30 Cash in office Cash in bank te te mortgages ( ASSETS, 1.050.821.3. 1,719,151.16 st Stocks and bonds (marke value) Inter All other assets collnteral loans All other assets.. Total assets. $33,575,558 6% LIAF Net unpaid elain Reserve as required by law Salaries, re taxes, et Commissions, broks Cash_dividends remaining un paid Capital ‘stock All oer liab dgnds and _coupons clmpany' and accrued st ther AL Ather liaNil Total liebilities. 33 Character of businew transacted r 1024—Life bus! ordidary life hasi LITIES. lities: Divi with inter. ties. 785 88 Quring ess modified on during the yes Losses wustalned d year 1924..... geceived durt uring the 1,007.683.70 16, 26,245.00 Expended during the 1924 . W. F_GRANTGES, V J. B. NOTTELMANN, Subscribed and sw 28th day of Februa (Seal:) 928.34 sident tars My commission expires May 1 EDWARD STROHECKER, Inc. General Agent 1023 15th St. N.W. Main 354-355 MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST MORTGAGE Without a Loss. Main 2100 erty we offer our FIRST MORTGAGES These mortgages are made by us with our own funds. step, from the first apprais the signing of the mortgage, is under the supervision of capable men backed by long experience in the mortgage field. B. F. SAUL CO,, ARE YOU A FIRST INVESTOR? To the many conservative in- vestors who prefer small first mortgages on improved prop- | Every [to 925 15th St. N.\W.,