Evening Star Newspaper, April 4, 1925, Page 15

FINANCIAL, gl EASTEREGG PRCE TOBEUPTHS YEAR Dealers Announce Rate Will Be 35 Cents at Least. Pork Bit Lower. Egg-rolling the approaching Faster holiday season will prove rather ex- pensive, according to dealers familiar with the condition of the egg mar- It Is belleved wholesale prices will be such that consumers will be unable to get them at anything un- der 35 cents, and the price may §o even higher. ‘'here has been an active demand during the Lenten season, and the <EES that are being stored here have lessened the receipts for the current \trade, making it almost impossible for prices to go downward. Dealers say the supply this season has been less than the average, re- ceipts falling below normal. White eggs will be in greatest demand for dveing purposes, and they command prices slightly in advance of average receipts. arly morning buyers found prices of ‘most commodities substantially tha same as they paid early in the week. Thers was a slight decline in pork products during the week, and of the ve bles from the were more plentiful and ke South eaper. Today's Wholesale Prices. Rutter ney, tat 54 55a57 packed. 20823 Bggs—Fancy, selected, R32; average receipts, 2913a30. Poultry—Alive—Roosters, 19; young nter chickens, 35a38; fowls, ks, 15 keats. young. 60: each: geese, 15a20. Dressed—Fresh- killed Winter chickens ; roost- ers, 19 50: ducks, 40 a4s Live stock—Calves. choice dium, 10ail: thin, $a9; lambs 13; live 1321334 Meats—Beef, 17; veal, 17 . 203:a21; loins, 2 shoulders, 16a18. Weed End Market Report. Today’'s market report on fruits and ables, compiled by the Market News Service, Bureau of Agricultural Economics, says: Apples market Virginia prints. 31 candled, w d capons. 13; me- Spring. 20; lamb, 8a30: hams, Supplies steady; and We K nches up Winesap A2l inches up, 6.00a6.50; A233-fnch Een Davis, 4.50a5.5 2 _Inches up Yellow Newtowns, 6.00a8.50. Boxes, Northwestern, medium to large sizes, extra fancy Winesaps, mostly 3.50; Yellow Newtowns, 2.75a3.00, few 3.25. Asparagus—Supplies liberal: de- mand light, market steady; South Carolina, dozen-bunch crates, very large sizes, 5.00a5.50; few, 6.00; large size, 4.0025.00; small size, 3.00a3.50. Cabbage—Supplies moderate; de- mand light, market steady; South Carolfna, 113-bushel hampers, pointed type, 1251 barrels, crates, 2.25a Celery—Supplies demand Mary- Virginia 7.00a8.00; light barrels, liberal: demand light, market steady; Florida, 10- inch crates, % dozen, 2.50a3.00 Spinnch Market Dall. Lettuce—Supplies liberal; demand light, market steady; California, Im- 1 Valley, crates, Iceberg type, doz., 3.50a4.00; Nogpth Carolina, 6-peck hampers, Big Boston type, or- dinary quality, 1.00a1.50; South Caro- lina, 2-dozen crates, Big Boston type, 1.00a1.50. Onions—Supplies light: demand light, market steady; New York, 100- pound sacks, yellows, U. 8. No, 1, me- dium to large sizes, 3.50a3.75 Potatoes—Supplies moderate; de- mand light; old stock: market steady: New York, 150-pound sacks, round * whites, U. S. No. 1, 1.75a2.00; new stock; market dull; Florida, double- head barrels, Spaulding Ross, U. S Yo 1, 8.50a9.00; U. S. No. 2, 6.00a6.5 Ko. 3, very few sales, 3.00a3.50. Spinach—Supplies moderate; demand moderate, market dull; Texas, bushel baskets, 75290; few 1.00. Strawberries Are Higher. Strawberries—Supplies cleaned up; demand active, market stronger: ¥lorida, pony refrigerators, 50a55 per quart. Tomatoss — Supplies very light; good stock scarce. demand moderate, Jnarket steady; Florida sixes, ripes and turning, wrapped, best, 6.0026.50; choice, 5.00a5.50. Cauliflower—Supplies light; demand moderate, market steady: Calffornia, crates, mostly around 3.00. String beans—Receipts light; sup- plies cleaned up, demand good, mar- ‘ket stronger; Florida %-bushel hampers, green, 6.00a7.00. Peppers—Recelpts very light, sup- piies cleaned up, demand moderate, market stronger; Florida, crates fancy, mostly around 6.00. Squash—Supplies very light; de- mand light, market steady; Florida, pepper crates, 5.00a5.50. Peas — Southern; Supplies very light; Western supplies moderate, de- mand light, market steady:; Cali- tornta, 45-pound crates, 4.50a5.00. Cucumbers—Sipplies very light; demand moderate, market steady: bushel hampers, 5.6026.00. Supplies moderate; demand slow, market dull; Virginla, barrels, 1.00. FIRM REPORTS DEFICIT. NEW YORK, April 4—Surplus of $2.298,024 for 1924 in contrast to a @Aeficit of $2,564,366 in 1923 1s reported by the Atlantic Refining Co., which increased its gross revenues to $134,- 283,374 from $117,624,931. Net profits was $4,695,374, equal after preferred dividens to $6.59 a share on the com- mon stock, against $535634, or $4.17 a share on tha preferred the year be- fore. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PHILADELPHIA, April 4.—Exports of wheat from this port fn March were 3,736,147 bushels, of oats 95,- 263 bushels, and of rye 151,212 bush- els, an increase of nearly 1,200,000 hushels as compared with March, 1924, ¥lour exports were 38,000 barrsls, an increase of nearly 12,000 CRYSTAL SPRINGS, Miss, April The first carload of vegetables this point was shipped this three weeks earlier than the of shipments last Spring. Crop conditions are good and heavy ship- ments are expected to be under way Within a week or two. SAN FRANCISCO, April 4.—The local demand for rice is active, owing to short stocks. Kighty per cent of the old crop already has been sold, aix months before the new crop is due. Prices range from $7.15 to $1.30 Per 100 pounds and are expected to ®o higher. CHICAGO, April 4—Cheese exports for March totaled 1,846,000 pounds, as compared with 350,472 pound March, 1924. Egg exports 1,904,000 dozen, as compared with 2. i; butter, 488,238 pounds. against 396,- 00, and oleomargarine, 75,600 pounds, gainst 123,000, ‘HOUSTON, April 4.—Recent rains Ihsve improved the Texas cotton sit- iztlep and a 6 per cent increase in BY WILLIAM F. HEFFERNAY. a moderate display of strength on the curb exchange in today’s brief trad- ing. The oll stocks were again the companying the better market for the oils on the big board Standard Oil of Indiana was bid up well across 63 as compared with the Friday final just below that figure. Standary Oil of New York was higher, and Creole Syndicate reached & new high on the present movement at 128 It was :'l(hin a short distance of the 1925 op. NEW YORK, April 4.—Following Is sn officlal list of bonds and stocks traded in on the New York Curb Market today itigh 3 Allied Puckers 1Am Heet S 11 Am 11 Am loe 7s...... 10 Am Pow & Lt & I Am Pow & Lt s n 938 258 & 0 R SW 5s wi 98 4 Beaverboard 8s ... 1% M. AT 113 938, 102 fal 82 . 108% 026y 10473 1141, 101 10115 96 10135 10215 100 1021 9815 108 9215 a0ty 100 1007, 2% L g 9815 104 100% 9910 aney 1 Cudahy Sigs ... 1 Deere & Co Tign... 1 Detroit” Edison 6 10214 100 10215 981, at Distill 6 Nat Leatber 8s 8 New Or Pub Serv 21 Nor & P Minn 8138 € 2 Ohlo Power. iy Pub G & ity 100 1001 P43, 11815 081 104 10015 w014 e Rub #lzs '30 wi TS Rub 6138 '32 wi ebster Mills 635 FOREIC 10 City of Graz 8 41EsC R R of Fr 7 15 French National 5 In Mtg B of Fin 7 Krupp Fried Ltd 19 Mtg BK of Den 6 8 Russian Govt 30 Siemens & HI 1 Siemens & Hl 7 wiss Govt 5l Sales in STANDARD OIL I8 uaits. 1800 Anglo-Am Ofl . 10 Eureka P L.... 100 Humble Oil 500 Tmp Oil of ¢ 800 Interl Pet Co Ltd.. 7 Magnolia Pet . 200 Ohjo Ol ... 100 Penn Mex Fuel E €00 Prairie O & G new 34 40 Prairie P L. 1 30 Sonth Penn 011 168 600 8 O Indl 8% 8008 O N Y . 427 20 8 O Ohio ... 248 240 8wan & Finch 18 700 Vacoum OL 88 Sales in INDEPENDENT OIL STOCKS. bundreds. 1 Carib Synd . 115 Oit Serv = 3 3% Continental E Contin Oil rts wi.. Oreole Synd Derby O & Re ... Gibson 011 Cor ... Gilliland Ofl v € o0 Gulf Oil of Pa Latin_Amer Oil Mex Panuco . Mount Prod . New Bradford 01l New Mex Laud Peer 01l Cor . Pro & Ref cf de Red Bank- Oil Royal Can O & R.. Ryan Con ...... Salt Ok Cons Ralt Ck Prod ... Tidal Osage OIL... Unitea Central Oil Venezuelan Pet..... Wilcox Ofl & Gan.. INDUSTRIALS 43 9 58588 £uu B ebronnen - Py 43 L Adirondack Power.. Adirond Pow pfd.. Allied Pack pr pf.. 0% Am Gas & Flec... 69 Am L & Tract..... 147% Am Fow & Lt new. 527 Am Power & L ptd 86 Am_Superpower 'B. 28 Ao wwaa Artloom Corp ptd.. Atlantie Fruit .... .98 Bolssonnault G Borden Co . Borden Co pfd FoadZommnomt Cleveland Anto ... Com Power Corp Frran 115 2 BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, April 4—In financial situation of the past there have been four particular points of interest: First, the continued de- cline in farm prices; second, the easier tendency of money rates and the consequent firming up of invest- ment values; third, the fresh crisis which has arisen in French finances, and fourth, the increasing resistance which the New York stock market | has shown to disappointing news. Wheat, corn and other grains have now lost all and more than they gained during the Winter. The grain trade, in place of its ideas of a short- age, is facing the probability that supplies during the coming season will be normal and that farmers have no right to look ahead to big profits. Effect Is Widespread. This s & very importent change as compared with three and four months ago. It affects the prognosis of the whole business situation, for the {dea that there Is to be an unusual buying power from the agricultural regions, stimulating the general volume of trade, must be abandoned. The picture has to be drawn with re- gard to wheat off 50 to 65 cents a bushel from the high points early in the year, with corn off 45 cents, and with other grains down correspond- ingly. It is not only to the markets for foodstuffs that the change is confined. Prices elsewhere have been going down, In iron and steel, in copper, in rubber, In textiles, in cotton, in leath- er and in refined sugar. Dun's index number of wholesale quotations for April 1 shows a reduction of 3.7 per cent from the season's high and brings the average back to the lowest in five months. This is the sequel to the predictions made after the elec- tions in November and repeated in December and January, that the coun- try wae facing a period of great trade prosperity. Prephets Go Astray. The simple explanation for the de- cline on the atock exchange lies in the upset of these predictions. Peo- ple in high places, not excluding offi- cial Washington, have not proved a more tr ¢ guide than people the week most prominent, fractional gains ac- | NEW YORK, April 4—There was | | Federal 3 THE EVENING STAR, WASHINGTON, D. NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office T The radio stocks were mixed, Hazeitine doing better than any of them, as it held up above 22. Glen Alden Coal recovered part of its loss. Continental Baking “A" indicated that special buying was going on in its case and the "B” stock was also strong. . Among the public utilities Tennes- see Electric Power was the feature and Commonwealth Power advanced out a point. The new 8. & O. Western division 5 per cent bonds, which were offered by the syndicate al 98, were dealt in on & when-lssued basis around that figure today. 4 Conu Balt new 4% 4 Cout Bakiog A.... 21 Cont Baking B 1 Cont Baking pfid 4 De Foreat Rad vic. LD L & W Coal.... 2 Dociler D ¢ Col . Dubiller ¢ & Radio 18 Durant Mofor. ... 1 Dupon’ Motors Duz o A. Elec Bond & Goodyear Tire. . © Happ Candy Stor A Corp Lehigh Vi 4 Len val 5L R Mesabl Tron 8 Middle West Tril Moore Drop Forg A Motor Wheel Cor n Coal Ch_ Stores Nat Tea Nick Pl new wi 3 Nor St P C wts Omnibus _Cor vte Pathe Exch Inc A Rem Nolseless T A Reo Mot ... 2 Rova R Ctr cfs. Neagrave Corp So C & I new. Spear & Co...... 6 Stand Pub (o A.. 7 Stuts Motor 1 Swife Tntl 15 Teon Elec Power. . 1 Tenn El Pow 2d pf Thermiodyne R _© Tobacco Prod Expt U'S Gypsum Co... ctor Talk Mach. . Warner Bros Pic A Westera Power. Wh Rk Mn 8p new Wick-Spencer Steel MINT nario Copper. Chino Ext Mioe Comstock Tubnel.. . 2 Cons Cop Mines. Iuamfd Blk Butte. ng Gold M Lt ind Eureka Croel Gold Zoue 1 tawthorne Mises Ine Hecla Mine 3 3 Howe Sound n vic Tndependence Lead Jerome V. Devel Jib_ Cons Kay Copper McKin Dar New Cornel New Jersey Zine Ohio Cop_ - 27 Plym _Lead Mines 110 San Toy Co. 7 1 Y 2 1 2 1 Corp. 3 Tonopah Extens 2 Unity Gold 11 Wenden Copper - : EARNS $19 PER SHARE. W YORK, April 4.— wick-Balke-Collender C $19.97 a share on the common stock in 1924 after preferred dividends, compared with $17.63 a share in 1923. Net profits .after expenses, (nteres taxes and depreciation fin- creased to 32,801,723 from $2,613,949. Profit and loss surplus was $3,675,219 after_payment of a stock dividend of $6,157,000, against $3,839,676 the year before. AT OIL PRICES REDUCED. FINDLAY, Ohio, April 4—A drop of 10 cents a barrel on Lodi, Cleve- land and Wooster grades of crude oil is reported by the Ohio Oil Co. A cut of 15 cents a barrel for Corning crude was reported yesterday. Corn- ing is now quoted at $2.10, Lodi at $2.15, Cleveland at $2.25 and Wooster at $2.15 per barrel. THINK OUTLOOK GOOD. NEW YORK, April 4—C. H. Mark- ham, president of the Illinois Cen- tral, expects the railroads in the Mid- dle.West to carry at least as much business in 1925 as the vear before. “The railroad outlook is not dark- ened by lower carloadings,” he said “It is better to have slight flunctua- tions from time to time than to have a perfod of climbing totals and then long periods of decreased holdings.” 'Decline in Grain Prices Sure To Affect All Lines of Industry Farmers’ Purchasing Power Greatly Cut Down—Money Lower—Fresh Crisis in France—Stocks Stronger. dous overspeculation in stocks and in grain during the Winter, brought about by rich men who had made a great deal of money pushing their operations altogether to exc In the last few weeks the customary penalty has been exacted. Reaction Seems at End. As things now appear, this reaction has pretty well run its course. The public, as usual, has been more or less hurt, but not so much by this de- cline in listed stocks as by the col- lapse in recent promotions, chief of which are the shares of radio com- panies. These radio promotions do not make up a particularly agreeable chapter to end into Wall Street his- tory. Tt is time that outsiders realized the difference between a real distri- ibution of newly issued stocks into the hands of investors and a transac- tlon loudly advertized as a huge over- subscription, which only means that the greater percentage are petty si scribers whose only motive is to turn a quick profit. French Troubles Inevitabl The French financial troubles ought to surprise nobody who has followed the situation carefully during the last two years and who has taken note of the way in which officlal promises and assurances have failed to square with the outcome. The present French government got into power becauss it opposed the 20 per cent tax increase of the Polncare ministry, which was absolutely nece: sary to balance the budget. Since then it has been pretending that everything was all right, that the budget was actually balanced and that there was no reason for alarm over the constant inflation of paper note issue. Now it has had to face the facts. Either there must be new taxes or a capi- tal levy. Such a big export of French capital has occurred that the present legel volume of 41,000,000,- 000 francs note ocirculation is not sufficient for business needs. To pre- tend that an increase in the pre- scribed maximum, even although covered by prime commercial paper, dpes not ‘constitute inflation is of a plece with all the other misleading statements about the French finan- cial situation which have been mad W DA . e ORI DAL A EARAL S - JaBl it BODLIE RAILROAD LIFTS | GRA'N ENBARGO |ASKED Heavy Shipments of Rye to Russia End Congestion in Baltimore. Bpecial Dispatch to The Star. BALTIMORE, April ¢—Due to large shipments of rye from Baltimore to Russia, which it Is expected will be completed before April 25, the West- ern Maryland Raflway has lifted the embargo on grain directed for stor- age here, it was announced. The embargo on grain has been in effect since last December, when the elevators of the Western Maryland, the Baltimore and Ohio and the Penn- sylvania were filled to capacity. The latter two raflroads said they did mot know when their embargoes would be lifted, The capacity of the elevators here is about 12,000,000 bushels. Of this about 7,000,000 bushels are of rye. Practically all of this is expected to be shipped to Russia, so that space for additional shipments of grain to this city will be made The shipment will require 28 full cargo ships. Three of these now are loading. DELAWARE & HUDSON TO DIVIDE PROPERTY Railroad and Coal Business to Be Separated if Stock- holders Agree. By the Associated Press. NEW YORK, April 4.—Segregation of the anthracite coal holdings of the Delaware and Hudson Co. Was proe posed today by the rallroad’s board of managers. Stockholders of the common at their annual meeting on May 12 will be asked to approve the transfer of the coal properties to a new corporation, all the stocks of which will be owned by the Delaware and Hudson Co. The Delaware and Hudson is one of the few rallroads which has been allowed to retain possession of its coal holdings while other roads in the East were forced to segregate their properties. The exception, it is understood, was based on the fact that the company under its original charter, granted in 1823, was not organized as a railroad, but as a canal and coal company. The road is primarily a coal car- rier and owns extensive properties in the anthracite districts. FUEL SAVINGS TOTAL ~ $4,000,000 A MONTH The savings to class I raliroads on locomotive fuel coal last January over the cost during the preceding January amounted to nearly $4,000,000, accord- ing to the bureau of coa} economics of the National Coal Association. These savings in the course of a year would amount to $50,000,000. DAIRY PRODUCTS. BALTIMORE, Md., April 4 (Special) —Live poultry—Young _ chickens, pound, 25a38; leghorns, 26a32; Winter chickens, 45a50; springers, 55260; old hens. 25a32; leghorns, a26; old roosters, 18; young turkeys, 30a40; old, 30: poor and crooked breasts, 25 ducks, 23a30; pigeons, pair, 50; guine fowl, each, 50a1.00. Dressed poultry— Turkeys, pound, 30a40; poor and crooked breasts, 25; chickens, 30a40 old roosters, 18; ducks, 28a32; capon 33a45. Eggs—Receipts, and nearby firsts, eggs, dozen, 48a 85 0. Butter—Good to fancy, pound, 43a 47; prints, 47a49; ladles, 28a29; store packed, 23; dairy prints, 23a2s; rolls, 23a28; process butter, 31a32. GRAIN AND PROVISIONS. BALTIMORE, Md., April 4 (Special). —Potatoes, per 100 pounds, 1.00a1.35; sweet potatoes. barrel, 2.50a5.50; yams, barrel, 5.00a5.60; asparagus, dozen, 2.5026.50; new potatoes, barrel, 6.50a8.50; beans, hamper, 3.0025.00; beets, basket, 1.75a2.75; cabbage, ton, 16.00a18.00; Kale, bushel, 50a60; car- rots, bushel, 1.50al. caulifiower, crate, 2.00a2.75; celery, orate, 1.50a 250; cucumbers, hamver, 5.00a6.00; eggplants, crate, 3.0025.00; lettuce, basket, 1.00a2.00; onions, 100 pounds, 3.00a325; oyvster plants, 100, 4.00a 6.00; parsnips, basket, 10a35; peas, hamper, 1.50a3.00; peppers, orate, 3.0026.00; radishes, hamper, 1.5022.36; spinach, bushel, 50a60; squash, crate, €.0025.00; tomatoes, crate, 3.00a6.50; turnips, basket, 50a75. Apples, packed, barrel, 3.0087.25; bushel, 1.00a2.25; grapefruit, box, 2.0023.00; oranges, box, 6.00a7.00; strawberries, quart, 37%a56. Selling Prices at Noon. ‘Wheat—No. 2 red Winter, spot, ex- port, no quotations; No. 2 red Win- ter, spot, domestic, 1.59; No. 2 red ‘Winter, garlicky, domestic, 1.59; No. 3 red Winter, no quotations. Sales—None. 3 Corn—Cob, new, yellow, spot, 6.50a 6.76 per barrel; track corn, yello No. 2, 1.20. Sales—None, Oats—No. 1, 61; No. 2, 49. Rye—Nearby, 1.00a1.10; No. 2 rye, spot, 1.15%. Hay—Receipts, *15 tons. There is no life whatever to the demand for hay, and current receipts are more than ample for trade requirements. The bulk of ordera for hay are being supplied by truck from mnearby points. low grades and unsound hay are hard to move at any price. Quotations today—No 2 timothy, 19.00a19.50; No. 3 timothy, 16.00a17.5! No. 1 light clover, mixed, 18.00a18.5 No. 1 clover, mixed, 17.50a18.00; No. 2 clover, mixed, 16.00217.00. Btraw—No. 1 wheat, 15.00215.50 per ton; No. 1 oat, 15.50816.50; No 1 straight rye, 18.00a19.00. 1,016 cases; native dozen, 39; duck goose eggs, dozen, 1.60 July 1 1.66 July 1 75 July 1 May 1 * 8883y g 88 ad U 8 Rubber pit Unfon Oil of Calif. Determine how much of his own money the promoter is putting into his scheme before you decide to risk yours. Don't take his word for it— make him prove it. GRANT SALES INCREASE. NEW YORK, April 4.—Sales of the W. T. Grant Co. for 1924 aggregated $25316,334, an’ increase df 22.7 per cent over 1923. Profit before depre- ciatlon, Federal taxes and bonuses c, LUNBER RATEUT OF RALWAYS Direct Dealing Method to Be Given New Test in Southern States. Special Dispateh to The Star. ATLANTA, April 4.—The railroads of the Southeast and Mississipp! Val- ley territory have just been given an opportunity to show to what extent they desire the co-operation of ship- pers in the fixing of rates. The car- riers repeatedly have expressed a wish that shippers deal direct with them in rate disputes rather than through a Federal agency, such as the Interstate Commerce Commission, but many shippers have charged that such conferences had proved effective only when rates were increased and not when they were decreased. Seek Lumber Rate Cut. The directors of the Southern Pine Assoclation, members of which are large shippers of revenue freight, have just notified the Southeastern and Mississippi Valley carriers, that, in their opinion lumber rates are now disproportionately high, and that the carriers are burdening the indus- try unjustly with increases. They ask the railroads what relief can be had through conference. This communication was made in a letter to Vice President C. T. Airey of the Central of Georgia Rallroad, who was authorized by the carriers to select a committee of railroad men to mct for the roads in such confer- ences. The reply is being awaited with keen Interest, not only by ship- pers in this territory, but all over the ocountry, as indicating whether the protestations of the railroads for co- operation with shippers in adjustment of trafio problems will be backed by performance. Causes of Failures. Shippers have freely assured the writer that they do not doubt the sin- cerity of the desire for conferences, rather than appeal to a Federal agency, as expressed by railroad presidents. They blame the failure of such negotiations on the attitude of subordinates in whose hands the negotiations are placed, who, In their desire to “deliver the goods” to their employers, are likely to be careless as to means, to be bad losers or to at- tempt to evade the result. Shippers claim that when they “placed their cards on the table” the only result was to have the railroad conferees use the Knowledge 80 ex- posed to nullify by ulterior means in- fluences tending to lower rates. This, they assert, has forced the shippers in self-defense to appeal 10 the Inter- state Commerce Commission Board Members Resign. Some large associations of shippers in this territory, among them those handling cotton, cotton seed produots and heavy clay products, have re- signed from the Southeastern Ship- pers’ Regional Advisory Board as & result of such experiences The shippers’ regional advisory boards throughout the country have adrhittedly been of tremendous value to the railroads in settling questions of transportation involving the mov. ment of freight, loading and unload- ing of cars and other problems. This has resulted in unprecedented -per- formances by the transportation de- partinents of the carriers. Highly satisfactory relations have been established between shippers and the transportation departments of the roads. In discussing the communication a member of the pine association made it plain today that his industry fully appreciates the necessity of railroad prosperity, and that when combat with the carriers had occurred it Wa8 not through efforts of the asso- clation to decrease railroad revenu but to prevent unwarranted in . in lumber rates. S BUTTER PRICES TUMBLE. Extra Heavy Receipts Are Re- ported During Week. CHICAGO, April 4—Exceptionally heavy receipts at Chicago, resulting in liberal offerings, caused a sharp break in butter prices here during the week and caused a general weak and unsettled condition, Arrival of much Canadian butter at Chicago ag- gTevated the situation. Production reports indicated in- creased make and the out-of-storage movement continued heavy for the season. During March net reductions in storage holdings at the four mar- kets were nearly ten and one-half million pounds, compared to less than haif a milllon for the same period last year. Indications polnted to an early and heavy Increase in pro- duction. Closing wholesale prices and ‘range, $2-score but follow: Chicago, 2 lower at 43%; New York, unchanged at 45; Boston, unchanged at 45, and Philadelphia, % lower at 46. Prompt Action First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. 738 15th Stret FEDERAL - AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President | REDUCED RENTALS [ For SELECT OFFICE SUITES In the Splendid EDMONDS BUILDING 917 15th St. N.W. Oppostte McPherson Square Thru our scientific methods of building management, we have been able to effect a lower scale of rents in this choice building. They are, in fact, the LOWEST IN THE CITY. Location, size of rooms, service and equipment considered. IT WILL PAY YOU TO INVESTIGATE Suites of Two to Six Rooms ‘Exolusive Agents 713 14th St Main 2345 SATURDAY, APRIL 4, 1925. $20,000,000 IN MARCH FOR NEW EQUIPMENT Orders for rallway equipment for the month.of March, according to comptlations of the Railway Age, have totaled 106 locomotives, 4,679 freight cars and 111 passen, cars, estimated to have a total value of about $20,000,000. The orders in March exceeded those of February this year, but were much less than those of March last year. S S One of the oldest of European superstitions that animals as- sume the power of speech at Christ- Loans for One Year With Monthly Depos on Account Morris Plan Bank 13th and Eye Sts. “Character and Earning Power Is the Basis of Credit.” A Way to Keep Free of Investment = z Worries Buy our First Mort- gage Notes, which yield 6/4% and are secured upon at least a two-for-one basis— and be free from all concern about the Safety of your money Try us in any amount from $100 up—we've never lost a dollar for an investor. Send for details to our Mortgage Investment Dept. [SHANNON: & LUCHS)| 713 &'715 14th St. N.W. Main 2345 Invest Your April Funds at 7% RRANGE today for the prompt investment at 7% of funds you will have available during April. Let us send you descrip- tions of several attractive issues of 7% First Mort- gage Bonds that are now available. SmithBonds are sold in de- nominations of $100, $500 and $1,000 outright or under our Investment Sav- ings Plan. Mail the Coupon new. The F. H. Smith Co. Founded 1873 Ne Lous to Any Investor in 32 Years Smith Building, 815 Fifteenth St. THE F. H. SMITH COMPANY 1 Bmith Building, Washiagton, D. C. Please send me information about Smith Bonds paying 7%. fety In Washington and clsewhere investors in First Mortgage Notes offered by are daily gainin, vative policy. FINANCIAL. PIGGLY WIGGLY SOON TO PAY DIVIDEND By the Associated Press. MIAMI, Fla, April 4—That a $16 dividend will be declared April 15 on preferred stock of the Piggly Wiggly Corporation s the announcement made by President C. D. Smith of Memphis, Tenn., here. This amount has accrued as of April 1, without in- terfering with the agreement entered into with creditors for the repayment of previous indebtedness, he said. Mr. Smith sald that there are now 1,760 Piggly Wiggly stores in operation. The Prudence Long-Term FRED T. WE FINANCE —all elauses of Income-producing property. Large Loans a Specialty Current Int. rate and commission Higbie & Richardson, Inc. 816 15tk St. N.W. Money to Loan Secured by first deed of trust on real estats Prevailing interest and commission Joseph I. Weller 420 Wasa. L & Trust Bldg., 9th & F N.W. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Rondall H Hognen ¥ G 1321 Connecticat Huenue Company, Inc. of New York Invites Applications for Construction Loans Refinancing Amounts of $50,000 and over NESBIT Loan Correspondent Investment Bldg. Main 9392 APROFBS]ON that re- quires years of ex- perience, a knowledge of people and places and an exercise of tact. oV 781, X Main 2100 Management of Apartment Houses —enables us to render owners an efficient service. Personal service and individual attention is given to the business of our clients and our tenants. B. F. SAUL CO. Property - Management Thirty-two years’ experience coming in contact with all phases of this business, specializing in the 925 15th St. N.W. nized standing. Enduring Safety q-oNowza-» 56 Years Swartzell, Rheem & Hensey Company has established 2 most enviable safety record. Founded in 1869, upon a policy of complete for investors, this institution has given to its clients the very greatest degree of pro- tection. During all these years, and under all busimess conditions, no investor has ever suffered a loss in principal or interest on First Mortgages purchased through ws, our enduring safety for 56 years. SWARTZELL. RHEEM & HENSEY Co SFVEW TWENTY SEVEN. FIFTEENTH STRE 56 Years Without Loss to An Investor %’ulglom@ C this house the benefits of our conser- ou, too, can invest in these sound securities and obtain the advantages of VERY business house treasures its repu- tation as one of its most valuzble assets. The continued growth of any institution de- pends to a very great extent upon its recog- In no other business is the record of a concern of such great importance as in the investment field.