Evening Star Newspaper, May 17, 1925, Page 37

FURTHER REDUEIG OF STEEL QUTPT Mills Keep Within Trade Re- quirements—Review of Other_Metals. By the Associated Pre: NEW YORK, May 16-=A further downward readjustment of production toward consumptive requirements took place in the steel industry during the past week, and the market ‘was more or less unsettled and irregular. In some lines the demand was falr, but, generally speaking, huyers were con- servative, and small dealers were drawing some of their requirements oncerned, but there s of some improvement in the demand at present levels. While no general demand has de- veloped for copper, prices have been firmly held, with sellers evidently en- couraged by stics indicating that the world's gs for consumption last year eded production by about” 1.3 per the production being placed at 1,373,600 tons and the deliveries into consumption at 1,394,200 ton Tin has ruled fairly steady. Con- suming demand has been light, al- though it is expected to increase in the near future, as stocks in dealers’ hands are not heavy. | d shows less activity as current needs bave been ly supplied | through recent purchases. Although prompt ‘and May shipment are scarce, | fupplies for Jume promise to be ampl lightly owing to con. | ings, but demand continued for both export and | domestic acc Antimony was a shade lower and de- mand le tive. BALTIMORE PRODUGE. BALTIMORE, May 16 (Speciall— The local egg market has ruled fairly steady all the week, with prices fluc- very little for this time of the . and_the market closed firm at % and 31 cents a dozen for native and nearby firsts in free cases, an| advance of 1 to 1% cents a dozen over on Monday. While re and boat have been ivals by trucks have been 1. and this has prevented | ther advance in values. Shi 114 let their eggs come for- would realize best resu als are sold on the exch e and must measure up to grade or be registered and sold at buyers are critical as olds fairly firm the demand h 1 off to some extent and prices, ble Spring chickens, | 1yers’ favor and slight- Trade wants centered on chickens 112 pounds and over, 1 such are not only slow sale at ready sale at full quotations, but most | of the arrivals are of small poor fowl, and all such is not only slow sale at Irregular valves, but tend to lower | the market on the better stock. Ch ens should be fattened before shipphhg | to bring top prices of 50 to 55 cents a | pound for springers and 40 to 45 for le Leghorn springers, 11 11 43 to 45, and| r Choice Winter chickens in good de- | 1 at 40 .~ but rough, poor | Demand | s eased off to some ex- | . and it takes fat stock 31 to 4% | pounds and over to bring .top values of | 26 to 29 a pound, while ¥mal} and poor | =horns-§ell mrosthr24 and 25. | ters in ample-supply-and mar- | ket rules easy 4f.16.and 17. Not much demandis prevailing for | old ducks and. it takes fat stock, 4| pounds and over:to'bring full market | value of 22 to 25, 45 small and poor ducks are slow sale at 18 to 20. Guinea fowl and pigeons in ample supply and | only fair demand.for the former, at | 50 to 75 each and 20 to 50 a pair for| the latter. 2 i Demand for white petatoes has | shown an improvement the past week | and coupled with light receipts the | market has a firmer tone and values | rule a shadé “higher. No. 1, well| graded stock will bring 1.00 to 1 100 pourds and 2.00 to- 2.25 fe | of the v. THE SUNDAY STAR, *WASHINGTON, D. €, BOOK AND REAL MARKET VALUES OF BANK SHARES ARE REVIEWED Wide Differences Noted—Trader and Broker Ris- cuss Habits—More Speculation on Traction Merger Probabilities. BY 1. A. FLEMING. Book valtes of bank shares are gen- erally supposed to represent the quick assets of the Institution, although the realization on some of the assets which represent employment of cap- ital, in part at least, might frequently require some little time. Looking over the book values of local bank shares gives the impression that realization at the given value would be very easy for the great ma- jority of the national, savings and trust institutions. Book values are especially deceptive when applied to shares in banks, as they do not represent actual worth, this fact being due to the presence of S0 many assets that do not show, that are not scheduled, and are frequently referred to “hidden,” ““concealed,” etc. In reality, they are nefther. They simply do not show in statements so long as there I8 no necessity for liquidation. Values Closely Studied. “Good will” has no place in the statements of a bank, and vet no one could fail to see actual value in the big going Institutions with tens of thousands of depositors; realty values, as stated before, shown on published reports of banks show actual values in but few instances; investments in bonds and in other securities are fre. quently carried at quotetions far be- low market prices. In the actual market there are evi- dences that investors take close note us things that go to make bank shares more valuable. That the layman may be able to note these market pointers as to values in excess of actual book values, there are reproduced here- with actual book values per each $100 of capital stock of the banks of the city, together with the bid and last sale prices. Big Difference in Values. In instances where there are no quotations given, the stock of the bank indicated is not on the official ading list of the local stock ex- | change, hence there are mo quota- tions to make public. It is interesting in considering the quotations presented to note the dif- ference between book value and actual prices. The Riggs Natlonal reports 169.43 book value and the stock is up around 3341, and but re- cently, before the unloading of a block of stock, was up in_the 340s.! | Likewise the Washington Loan and Trust Co., with a book value of 296.25 is quoted at 400. There are a num- ber of national banks that have an actual value far above book figures. All the savings institutions listed are among the leaders in their group, although here, as elsewhere, there are some very fine Institutions where the stock of the company is held very closely and no effort has been made to obtain exchange listing. Figures presented are up to and including the business of Friday last. Banks are shown in groups, as they are usually classified. RN Book and Actual Values Compared. ats anks: Mar. ¢ Bank of Washington $18 Columbia .. Commercial District Sl Farmers & Mec'ni Federal-American Frankhn . Liberty . Lincoln °.".." Metropolitan Capital .. Riggs Second ..llll. Trust companies American _Security. § Continental . Merchants . Munsey Nationat Tnion Tru Washington Lé Savings banks Anacostia .. htwood " Chevy Citizens Commereial Departmental " East Washington. Industrial ... Internatlondl “Exch pound sacks. Maryland and Virginia | McCormicks, however, will not bring | over 1.00 to 1.10 per 100 pounds. graded and No. 2. potat to move at irregular values, while | wanted at any price. weet potatoes and yams but stock showing good | v meets with fairly good sale at | 5.00 to 6.00 a barrel and 3,00, to. 3.50 for No. 2s. Mother stock not wanted | at_any price. 3 Eastern Shore, Maryland and ginia strawberries are increasthg receipt but a good demand prev: and all fancy stock meets with read sale at 12 to 20 a box, while Rappa- hannock and Norfolk berries gell 10 t r v berries | are not wanted and all such have to be sold to the packers at discounts under the lower values quoted. Seasonable native and nearby vegetables increas. | ing in receipts but under a good and | constant demand all stock showing good quality meets with ready *sale at the following quotations: Asparagus, to 4.80 a dozen | and 1.50 to 2.50 r No. 2; beans, 5 to 3.0 b 10 to 25 bushel; | lettuce bushel; Spring | onfons, 1.50 per hundred; | radishes, 1.00 to 2.50 per hundred: | rhubarh, 2.00 and 3.00 per hundred and spinich, 20 to bushel. BALTIMORE LIVE STOCK. BALTIMORE, M 16 (Spectal).— The live cattl ket rules steady to firm on most lines under generally light receipts and a good and con-| stant demand for first quality cattle, of which sort there is no surplus in the daily vals. Demand is es- pecially good for Spring lambs weigh- ing 40 to 45 pounds, and handy weight veal calves. hut heavy rough calves are in ample supnly and slow sale at irregular values. Quotations today at Light street wharf: Beef cattle, first medium, 1b., 3 to 5. 4 to 6: ¢ to fair, 2 10 3. "Oxen as to qu: . 4 to 6. MIIK ‘cows, | choice to fancy, head, 50.00 to 75.00:| common to fair. head, 30.00 to 50.00 Calves, veal, choice, 1b., 10% to 11; ordinary to medi and 5 to fair to good, 15 to 16; Fall, as to size and quality, 1b., 10 to 15. > 10 1214 sows, ; stags and boars, Ib., 5 to . 1b, 14 to 15; shoats, Ib., BUTTER PRICES HIGHER. Chicago, May 16.—Butter. high- ; creamery extras, 41%; standards, extra firsts, 40a40%; firsts, 38%a seconds, ligher; receipts, 26,124 cases; g : ordinary firsts, 30%; stor- ck extras, 3 firsts, WEEKLY BANK REPORT. NEW YORK The actual condition of clearing house banks and trust companies for the week shows an excess reserve of $65.676,640. This + an increase of $42,373, over last wedk's fisuress g ey “Why is it,” said the old trader to his broker, “that the general public, | so often referred to as ‘in’ or ‘out’ of the market, i8 on the buying side of the trade nine times out of ten, and cannot be talked over to the short side, no matter how powerful the arguments advanced, or the evident trend of value to a lower scale?” “That's eas replied the broker; “the public is generally optimistic on the market. It stays out until there are radical and unmistakable signs of an advance, generally until theé market has scored a big gain, when traders finally decide to take a chance, | not infrequently waiting - until there | are inside hints of the end of the bull movement. “They fool themselves with the belief that they are investors and not speculators, and assure themselves that they will wait only for a few points advance. The short side never appeals to them for the reason that they could not take the chance of | selling something they have not got. | They might be caught in & corner or some other calamity happen.” “Now you tell me.” continued the broker, “why is it that the average occasional trader will take a few points profit and hang on desperately on a declining market for many Ppoints loss?" ‘Give it up,” said the old trader, though I'll admit that it is true, for I have had recent experience myself in the same habit, for it is pronounced enough to be called a habit. “Right here in Washington I've had Railway common at 30 and taken a 4-point profit, and the preferred at 64, and taken the same gain—and look | at the quotations today. There are many traders In the city who will recail, with anger in three letters, Columbia Graphophone. 1 had the common at 47, sold it to take loss for income tax report at 10, and bought it back a day or two later at 11, Ao sell finally at 8 and today there are enough worthless Graphophone _cer- tificates in the strong boxes of the city today to paper the Auditorium. “There are exceptions tg all rules, said the broker. “I have known men, and women, too, for that matter, to look with scorn on a blg handsome profit, and declare intent to await fur- ther gain, and have also seen them take losses on the same transactions.” “It is a great game,” continued the old trader, “and a hard one to beat, but there are lots of excitement in trying to beat it. Old-time bulls used to declare that many mansions on Fifth avenue were built by the bulls, and were occasionally quieted with the assurance that, while true, as a general proposition, here are some mighty fine homes on the side streets owned by bears.” Talk on Merger Possibilities. Gossip around brokers' offices these days is largely directed to the prob- able merger of the street raflway com- panies of Washington, and the com- piete change in control that is likely to follow the large accumulation of thelr securities by the North Amer- ican Co. There is some speculation as to whether or not a new corporation will be formed, and on the possible treatment of old securities. There is also some suggestion that the pre. ferred stock of the Washington Rall- way Co. may be retired and but one kind of stock remain outstanding; also that there may be a retirement of the 6 per cent bonds due in 1933, leaving but one class of bonds—the 4 per cent mortgage issue. There are outstanding bonds of sub- sidiary companies for which the Washington Railway and Electric is sponsor. The 6s are callable at 104, with 10134 the best bid at this time. It is probable that the North Amer- ican Co. is the largest sthgle holder of these bonds today. Thelr retire- ment may not be even remotely con- sidered, as the rate is not high for a bond that is not a first mortgage is- sue, and yet it should Be possible for the big $376,000,000 corporation to get |cash at a lower rate—considerably right now. 0 ° Other Points Discussed. There is just as much speculation over the probable distribution that will be made of the escraw cash of the Potomac Electric Co. to the common shareholders of Rallway and Electric, with perhaps a little more basis for any estimates that may be made as a result of the knowledge that four years' dividends were passed during | the lean period, when the shareholders recelved nothing. The last dividend paid prior to the stopping was on a 6 per cent basis. Railway common's dividend never was cumulative, however, and but for the very general bellef that one will be paid and the rapid advance in price it would not be anticipated—this and the fact that the big escrow fund has accumulated. If unpaid dividends are made up, a distribution of 26% per cent would be made, the ex on the stock at 116 would be 893 However, it will be necessary to await &ction, actual and final, béfore the real facts in this intaresting ‘situ- ation are brought to a conclugion. Large. Orders Booked. Inauguration of 'service o a million-dollar transmission line to one of the largest industrial power users in the country was announced Friday by the North American Co. The contract involves the purchase of $6.000.000 of electric power during the | mext 10 vears by the Pittsburgh Plate Glass Co. from a North American subsidiary, the Union Electric Light and Power Co. of St. Louis. More than 50,000,000 k. w. h. of electric_energy will be delivered an- nually from the new Cahokia station on the Mississippi River to the plant of the Pittsburgh Plate Glass Co. at Crystal City, Mo., over a newly com- pleted high voltage transmission line 35 miles long. “This new customer of ours will use almost as much power each year as all the 135,000 residence consumers in the city of St. Louis,” said Presi- dent Frank L. Dame of the. North American Co. “Wholly aside from the interests of the North American. system, in- auguration of this gigantic power service may be regarded as another triumph of central station service over the isolated industrial plant. Before Charles W. Brown signed this contract as president of the Pitts- burgh Plate Glass Co. he engaged an internationally known consulting en- gineering firm to make an exhaustive investigation as to the ' respective merits of central station service and the service obtalnable from an in- dividual power plant. They found it would be more advantageous to use Canhokia power than to build a new plant of their own.” CAR MEN GET RAISE. ATLANTA, Ga., May 16 (Special).— The street railway employes of the Georgia Railway and Power €o. have been awarded an increase of 3 cents an hour, retroactive to May 1. Motor- men and conductors will receive 54 cents, adding $150,000 monthly to the pay voll. A GAS BONDS CALLED IN. NEW-.YORK, May 16 (®).—The Standard Gas and* Electric Co. has called for redemption, on June 18, at 105 and accrued interest, all of its con- vertfble 61, per cent gold debenture bonds maturing March 1; 1933. The amount outstanding on May 15 was $1,447,700. Financial Highlights of Past Week Brought Out in Nutshell by Statistics Special Dispatch to The Star. NEW YORK, May 16— Stocks (average of 50 issues) Bonds (average of 40 issues) Foreign bonds (average of 10 issues) . Federal reserve ratio . Money rates in New York call .. z 4 Time Unfilled steel orders Pig _Iron production Building permits: Number of cities . Amount . Commercial failures: Number Liabilities Revenue car loadings: All commodities .. Grain and products . Joal and coke . Forest products . Miscellaneous products . Ore ... Live stocl o 365 . $467,169,969 $37,188,622 Week of May 2, '25. Previous week. = Year ago. This week. High. Low. High. - Low. 109,63 10838 109.21 - 107.98 This week. Last week. . 8430 84.13 : 102.54 101.99 This week. Last week. Year ago, 7.2 76.3 83 This week. Last week. 35 to4 3% to4 Month ot Apr.. 1924 868,564 3,333,535 114,975 107,781 Last week. 356 365 $398,534,306 $345,096,925 1,939 1,859 1,707 $34,004,731 $48,904,452 959,225 893,551 43,368 137,191 75,578 332,335 43,248 22,067 MAY. 17, 1925—PART 1. Hammocks In many types —and good grades up to $65. Feumring: Denim-covered mat- tress of Khaki color, with cotton duck back and e hds: magazine pocket at one end. lchcx? l:ugpcnsion: and ink fabric spring. .... 51350 Similar Hammock to the fsnbov]:e,l. budt with a comfortable ad- justable head.. $15 Metal Frames and Awningu at little extra. KA o Thé House & Herrmann ' Furnished Home Porch Swings Nacural inish Porch is Well Furnished Swing, with slat seat and back: 42 inches B OTH from the point of taste—and practicability—and also with consideration of quality—for you cannot go wrong in this long; Atrongly con- structed; chain hang- ings ‘and upright brace in back. SPE- 52.95 critically assembled stock of ours. You'll feel perfecdy sure the prices are right. too., Modern Type Dining- Suite Combination Walnut—the Buffet of convenient size, Ob- long Dining Table, China Ca‘[)inet with glaaa door, t(‘)pped with fretwork ; Serving Table, with inclosed cupboard—and the five $ 1 9 8-50 Straight Chairs and Armchair are upholsfier:d in g‘cnuine leather. Well made and excellent design. SPECIAL Excellent Real Reed Suite Of three pieces—in Brown finish with Cretonne cushions and backs toned to match. Settee, Armchair and Rocker comprise the Suite: very attractive design and well made. Spring upholstered frames, with $5 6-25 tufted cushions. Complete; SPECIAL...... : Sefiarately—-Ch;z;r or Rocker, $14.75; Secttee, $26.75 R % - & " | e Juaiait gy Effectively Designed Bédrbpm Suite - A very pleasin% design, consisting 6f four pieces in combi- nation walnut, of French tone. The construction. is very good in every detail and the finish quite superior. SPECIAL...... $198.59 Porch Rocl:er H.igb back and stuor- dy maple frame: nicely finished ; double woven seat. Very comfortable 3. deehie: SECiAL < 3475 Lawn Swing Faur-plssenger Lawn Swin; eat and platform of Natural Finish; supports of Red. Strongly built. SPE- > i Children's Lawn wing—seat and plat- supports in Green. SPE- .. ‘with ice capacity of from 50 “Challenge“ Refrigerators Superior to Any— Best of Al You have only to go into a detailed inspection of all Refrigerators to come surely to the conclusion that the “Challenge™ pos- sesses many exceptional features—that summed up insure perfection in the problem of home refrigera- tion. In our variety you will find a size and a style ex- actly suiting your particu- lar needs. Top-lid Style—with ice ca- pacity of from 20 to 100 lbs. 13.50 to $60.00 Apartment House Style— to 100 Ibs. $19.50 to $70.00 Side-icer Style—with ice ca- ity of from 35 to 150 lbs. $22.75 to $100.00 Ice Chests—of varied ice capacities. $11.50 to $30.00 Our Special Side Icer—One-piece porce- lain lining; 35 1bs. ice capacity.. Handsome hardwood box; attractive mount- $ 397 5 The “Challenge™ de Luxe The All-porcelain “Chal- Tenge” is a model of the highest ‘type of refrigerator construction: All Porcelain, inside and out—the ice cham- ber is protected by heavy wire lattice—and the outside corners rounded gracefully. Nickel-plated mountings of ornamental design, According to size— $145.00 to $200.00