Evening Star Newspaper, July 25, 1925, Page 13

FINANCIAL. VEGETABLES SELL AT LOWER PRICES Shippers Lose Money on p Some Consignments— Very Heavy Receipts Reported. Probably the mo; tonishing fea- ture of the week’s market was the re- ceipt of cantaloupes, tomatoes, squash- es and cucumbers in such large quan- tities that prices were forced to a point that meant losses to shippers. It has been a long time since top quality cucumbers sold at the rate of «50 cents a basket. approximately 1 cent apiece, according to di , and it is thought the decreased price may mean cheaper pickles the coming Win- son. Dealers repor making purchases ply. Tom for canning Georgia we tities than u prices they cor Receipt of suc fruits and_vegetable: deale was drought all early plants qu the appea many housewives for the Winter sup- es from er quan- quoted p receive 1, and des red low. rge quantities of surprised loc the long ruined crops of S kiy started g e of the first Today's Wholesale Prices. Butter—Fancy, tub, 48; prints, re packed, 28a30 51; candled, 32a dressed Spi small, 40 geese, 15, Live stock—Calves, Spring, 13al4; hoy Meats—Beef, 17als; mbs, 30a32; hogs ; shoulders, 20 30a32; smoked s| turkey Fruit and Vegetable Review Today’s market report on fruits and vegetables (compiled by the Market « News Service Bureau of Agricultural Economics), say Cantaloupe mand slow California standard: pplies liberal; de- market dull and weak; and Arizona, Salmon Tint 2.00a: sections and 45s, 1.00al1.5! Peach Market Stead, Onions—Supplies light; sales reportec Peaches—Supplies liberal; limited, market steady North and South Caroli; Belles, la baskets, selle lats, 158 very no S demand Georgi: and bushel baskets, 1.75; few bushel green, 2.752 moder: Caroli Hales, large siz Potatoes—Supp) mand light, market firm; e shore, h-top stave barrels, Irish cobblers, U No. 1, mostl; 46.50. Watermelons—S demand lig 4 direct to re Carolina, average, 6 6 xcells each. Lettuce—Supplies light; market steady doz. crates, Big Bos moderate; iy; sales nd South 30-32 age, light; demand New Yor! type, 1.00al. Sweet Corn Cheaper. Apples—Supp liberal; moderate; 1 steady; and Maryland Virginia, baskets Wealth 22.00;, few best Wealthy 3; various varietie: s et and Delaware bushel burg, T5al v Lima beans—Supplies mand moderate, Maryland and pers, 2.50a2.75; shelled, 60 per quart. Peas—Supplies light; demand mod- erate, market steady; New York, bushel baskets; Telephones, 2.00a2.50. corn—Homegrown; receipts nd _moderate, market aker, 30a45 per doz. — Homegrown; receipts + light; demand moderate, market steady; lp-bushel baskets, 60. ALEXANDRIA. DRIA, Va., July 25 (Spe- en three speeding motor cycles left Fort Humphrey road on a sharp turn at Snake Hill last night, Jack Meeks and Catharine Hope, Washington, were slightly injured. Each of the motor cycles carried a girl passenger, it is said. Constable F. J. Wease of Fairfax County is holding two of the machines. A man giving e name of Fred Speevack of 1 walked into the station hou t night and rgt. Henry or, who was on duty, to send him home. He is being held pending investigation of his record as a former inmate of the Jewish Hospital at Lou C. C. Kent, for two 3 of the local Y. M. C. 3 Connellsville, Pa.. where he will take charge of the Kailroad " of the Baltimore and Ohio Rallroad. The band of the 13th E from Fort Humphrey gav ast night in the on Seuth Washing reet. Richard W. Trichel, conductor, was in charge. About 2,000 persons attended. ¥ According to L. P. Whitestone plans for the Moose stampede at ngton Beach are progressing. The Southern, C. & O. and Richmond, edericksburg and Potomac Railroad companies have announced excursions will be given the week end of August 22. Nationally prominent speakers will attend. The local lodge is receiving co-operation of the lodges in Washington and Balti- more, and it is expected to make the gathering more tha one. Accompanied by about 50 club mem- ‘bers, the crew of the Old Dominion Boat Club left vesterday morning for Richmond, where they will row in the regatta of the S rn Rowing As- sociation. The local crew, coached by Walter Thrall, veteran carsman of the Potomac Boat Club, with the Po. wmacs, is expected to have its own way with the events in which it is scheduled The Potomac Boat. Club d the Washington Canoe Club have come to the rescue of the Old Do minion whenever their help has been requested. small size, libes secretary , has gone to gineers concert n-air bandstand ' GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) Al Bic Ser Gt (Win) Bs 191418 600.00 g 4% 1018 185.00 Ger Gt 458 (forced loan] 1 Ger Gt 8-16s ‘23 (sm: D) (Quoted in dollars per thousa Ger Gen Elec 4148 prew 19.00 Gor Gen Elec 4% 1019. Berlin_dw pre-war .. .. Ham 8s. 3% & 48 Drew mbure Amer Line 415 North German Lioyd 4138 Horth Gergan Lioyd, . russian Gonsols 3 %s. 1921. .. usseldor! 4s pre-wai Frankfort a-M 4% D funich 4s pre-war. Badische Anilin - r e Elec) | :‘véfi’,rlaina Privat Bk nto Gfll\»{;‘hufl . guan-r an Jsutsche gll\k. ) Darmstagdier Ban! ercur Bauk Vieana. 1b. demand | 1d Rambos, 1.75 | Olden- | , SATURDAY, JULY 1925. 25, THE EVENING STAR, WASHINGTON, D. C FINANCIAL.' NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, July 24—It was a usual week end market on the Curb Exchange today, with prices backing and filling in a disorderly fashion. Johns Manville featured the high- priced specialties, advancing to 183 as against the previous final of 169, but subsequently lost a good part of the gain. It was difficult to account for the strength in Cuba Co., which was again taken above 50. Southeastern Power stood out strongly among pub- lic utilities. NEW_ YORK, July 25.—Following is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in BONDS. thousands, Hich llfi:\:‘ 1008 10 083 “O8% L 978 9 L1038 Nat Cor 85120 at C 68 wi. 99 2At G&W 1SS b8 74 4 Beaverb'd s 1 Beaver Prod 8 Bell T Can 5 2 Beth St 15 Cent_Pac 17 G 3 Alum, 7s '25.. 38 Am Gas 120 fil &1°8a 041 5ls E1053 105% 1 Cuban Tel 7358 .. 110 © 110 12 Cudahy 5% 20 Deere & Co 8 Detroit Ci 1 2Git Ser P 1 Cons G Ba 10378 s & Co 7% Rub 613 '/ acuum Oil 78 FOREIG 1Cit Berlin 8%s wi BONDS, 89 a8 Prov San Fe 5 Prov Up Aus 5 Siem & Hal 7 36 Swiss Govt Tono EI Pow Sales in STANDARD OIL ISSUE: unite. 100 Anglo-, 400 At L 800 At 30 Born 1000 Contin Amer Oil . P i Signal Oil e 0 & R 10 Tllinois Pipe Liné 1 40 Magnolia Pet 1300 o O&G Serv mew it Serv pfd mbian ISTRIALS. % Adirgn Po 7s ptd 1sm Leather pla. . Am Gt 6Am Gas & Elec 3% Am Lt & Trac. . Am Pow & Lt n 3Am Rayon Prod. St 1Am pow B Armour Co B vt 11 Ao Gas & Elec Wild Rise in Industrial Stocks Brings Up Market Averages Rail Rates Grip Attention — Money| Market Confused—Commodity Prices Stop Going Down—The Outlook. BY STUART P. WEST. Special Dispatch to The Star. SW YORK, July —During the t week the stock market did not advance as much as it did the week | before. There was more irregularity. d a part of the list either stood still or went down a bit. But on account of the extraordinary rise in high- priced industrials, the general aver- age was up 46 cents a share and stood at another new maximum. The steel company reports for the second quarter were better than ex- pected. It was, however, disappoint- ing to holders of these shares that they were not more responsive to the good news. 0ils and Coppers Lag. Also holders of the oils have again had cause to be displeased with the action of their stocks in view of the statistics indlcating production on the decline and the lowest crude output since April. The coppers have done nothing further despite the more re- munerative basis upon which the copper metal is_quoted. Sugar stocks had a test when the Punta Alegre dividend was passed, and the stock broke badly. On the whole, they met this test fairly well, and those who"take a long-range view of the sugar situation are not discour- aged. They believe that the natural law is bound to assert itself—namely, that where prices are down to cost production is sure to fall. Moreover, they are counting upon the low prices stimuiating consumption, and the figures for the first six months of the vear show that this is what has been happening. Rait Earnings Better. The current market has to be examined thus by groups because each group is looking for its cue, not so much in developments in the general situation, but in the course of the individual industries. The first of the June railway statements have suggested that June was a better month than May, while decidely better than the same period a year ago. There has been much talk about the improvement in the railway position in the Northwest owing to the bet- ter crop outlook and the high prices which have prevailed for the last YeBut so far as the future of these roads are concerned, much depends upon the decision of the Interstate Commerce Commission on the appli- cation which has been made for a rate indrease. Such an incregse, if granted, would go far to offset the un- favorable effects of the Panama Canal competition and of the competition between the roads in the section them- selves. Some of the low-priced railway | stotks have been the objects of active buying, but taking this class on the whole, there is a disposition to await the judgment in the Nickel Plate case. N (& T Direct to The Star Office Franklin Manufacturing was an- other strong spot, responding to the report of operations for the first six months. After deducting preferred dividends, there was a surplus of $1,166,649, equivalent to $3.89 a share. Stocks ' that reached new high records included the new Southern Cities Utilities, which at 66 was up almost 4 points; Southeastern Power and Light, up 5 points; Nizer Corpora- tion B, up over a half and the A up a small fraction; Cuba Co., up one, and National Tea at its former top. 1 Atlantic Fruit Atlas B C new. 4 Beldine Brog, 1B Schwartz Cig A 1% Bucsrus C b Car 1 A o plbetc 19 Chapin Sac & C 36 Chatterton & Son 4 Chi Nip A v 2 Chi Nip B T, 34 Commonw PC_Dt 8 Commonw PC n 5 Comm_PC rts wi Cons G Balt new SER5E, TE FRREE FERE Im_Inspec M.. H H Mg C el Snb M rimes R&C Hall Swit T Cor AL er Corp B . 5 6 Pow ¢, Ont 1t & B Stv p'c%hia or Sta P C war R Nor ni Lt & P A rts Profit Shar n Pirt C Lid I Gesus 6™ If the commerce commission lets this plan go through it will undoubt- edly be the signal for a revival of in- terest in merger prospects generally. If there is a hitch, it will not be good thing for stocks which owe their present market selling prices more to merger talk than to earnings Money Market Confused. { { Ideas of the money market are still | a good deal confused. Some who have maintained that the increased commercial demands plus the Autumn crop-moving will put rates up have perforce to admit that this is not likely to be an_immediate occurrence. The_latest Federal reserve state. ment_revealed that note circulation was down to the lowest of the year. This, with the dwindling of gold ex- ports, means that expectations of higher money must at least be post- poned. The bond market tuken this view, and prices, while they have not gone up on the week, have hard- ened during the last day or two. Nothing much has happened in Eu- ropean finances. Both French francs and Ttalian lire have for the present become stabilized at the existing level. This implies the removal of the speculative incentive, which has fig- ured so prominently in the fluctua- tions of recent years: On the one hand, speculators are afraid to sell these currencies, realiz- ing that there are American funds available for supporting purposes. On the other hand, they are not keen about buying until the financial out: look in France becomes clearer than it is and untl there is more assur- ance about the political outlook in Italy. England Piles Up Gold. The latest Bank of England state- ment showed continuance of the re- markable recuperation which has been in progress since the restoration of the Igoxd basis in the last week of April. |acreage, however, is below the jand Tube and Gulf j corresponding Prunes $10 Lower Per Ton Than Last Year at This Time SACRAMENTO, Calif., July Twenty dollars a’ ton green is be- ing offered for prunes in the Visalla district, as compared with $30 last year. First crop figs in Fresno County have been sold recently as high as $4 a crate. MARYLAND CROPS ARE IMPROVING Corn Doing Well—Tomatoes Also Gain—Potatoes Fair. Early Apples Poor. Special Dispatch to The Star. BALTIMORE, July improvement in crops and the State is not —General tures of 1 in the monthly re- port of the local Bureau of the De- partment of Agriculture just issued. Corn continues mostly good to ex- cellent and is growing well, but it rain badly in some localities. corn is tasseling in Western ) nd, while it is earing and silk- ing in other divisions. Thrashing Far Advanced. Thrashing of wheat and erally in the sot it is in pro s of oat shington, Montgomery and elsewhere thr ing is in progress, although fin many localitie Digging of tended into We: are poor bloomin Counties; elsewhere they are coming up. Planting is still in prog southern Maryland and on the Shore. Sweet potatoes are doing well and are being cultivated. Tomato Crop Improving. The tomato crop i Early tomatoes are rip ing picked, except fru County. Late tc or frui except planted. Tobacco cc improving. ing and be. g in Garrett atoes are blooming the latest trans- tinues to improve; the aver- | NEW HIGH RECORDS | IN COTTON MARKET Valués Within 40 Points of Season’s Highest Mark. Drought Big Factor. YORK, July New high s for the movement were estab- lished in the cotton market early to- Ay ‘when December sold at 2! anuary 24.7 an_overnight advance of 35 points and within about 40 points of the highest of the season. The market influenced by con tinued dr: ling to numer crop com nts from at State; firmer cables, coupled with ter reports from Manchester and| ed activity in domestic goods trade, as )n houses were good bt well Liverpool and spot interests, at the opening here. On all sides, in view of the absence of rellef to drought conditions in Texas, there appeared to be a gr ing disposition to accept the low C ernment crop report es with more confidence than the time they re issued on Thursday closed firm at | Doce NEW ORLEANS aps s 58; Decemb March, 24.88 cotton futures July w FIRST BALE OF COTTON IS SOLD FOR CHARITY New Crop Shipment From Georgia Earliest Ever Received New York. By the Associated Press. Ju a pound was estab. when the first bale | in K, cents rly Apples Poor. apples are being 7y Picking has ended in some loc in the central portion of the E: Shore. The crop is poor gen Early peaches are beginning ripen. CONFIDENCE HOLDS UP to V YORK, July 25 (#).—General during the week in the was inspired by a state- sident Charles E. Mitchell confide { trade outloc ment of Pre of t! rez uring conditions which the revival of business ear were still present h expansion a; marked arly in the and that a ared to be under ostly {ing. Second-quarter ear reports f the Bethlehem, Young own_Sheet teel com- with the year and the steel compared favorably period last trading in all panie; stimulated shares. WEEK SEES SENSATIONAL JUMPS IN STOCK PRICES NEW YORK, July 25 (#).—Principal speculative int during the week centered in the gyrations of the vola- tile industrial stocks, some of which moved up 10 to points. Mack list of stocks selling above $200 share, while American Can, which ri cently ~ attained that distinction, crossed 210. Aided by rumors of a stock split-up, rs Roebuck led a pirited advance in the merchandising ues, which included Montgomery rd, Woolworth, Kresge De rtment Stores and a variety of other depart- ment and chain store issues, most of which sold at new top prices. Other demonstrations of group strength were given by the tobacco, baking and motor stocks. HUPP MOTOR TREBLES PROFITS IN HALF YEAR NEW YORK, July P).—Hupp Motor Car Corporation more than trebled its net profit in the first half of 1925 compared with the me period last vear, the total of $2,137,- 720 being equal to $2.33 a share on the common stock, in contrast to $690- 206 or 74 cents a share in the first half of 1924, The second quarter’s net profit of $1,284,757 included $374,- 519 profit from the sale of plant assets. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Why Savings Banks Are Safe. It is genepally admitted that the degree of security afforded to deposits in savings banks is as high as can be had anywhere else except in United States Government bonds. It may be instructive to consider how this has come about. Perhaps the investor can learn some lessons from the study of savings bank procedure. Leaving out of consideration the vitally important factor of conserva- tive management and rigid State su- pervision, the first thing to be noted is that when savings banks invest the money you have intrusted to them they do not look for a high return. The bonds that the law allows the sav- ings bank to buy are the kind that the get-rich-quick promoter sneers at. Just now such bonds nearly all sell to yield less than 5 per cent and some of them only 43¢ per cent. When safety is essential, as it is with these institu- tions, there is never a reaching out for any unusual return. That is one Gold holdings have risen $37,000,000 in the last three months as the re- sult of the endeavors of the English bank to attract arriving gold supples and to discourage exports. These holdings are the largest on record. The reserve ratio of 31.35 is the high- est in recent vears. Commodity Prices Steady. More evidence has accumulated dur- ing the last week that commodity prices, which declined steadily from the middle of March to the middle of June, have stopped going down. 'This has been due in part to efforts made to curtail production and in part to increased consumption, the two sides now having been brught together pretty closely in most lines of indus- he general business situation, both as regards the relation of output to demand and as regards prices, is bet- ter than it has been since the early part of the vear. - reason why savings banks are safe. In the second place, because of the large amounts these banks have avail- able for investment, they are able to lessen the risk, and there is risk in all forms of money-representing obli- gatlons by diversification. The reason that the small saver cannot get the half per cent or so that the savings bank receives'with equal security is that he is unable to buy as many dif- ferent issues of bonds. If by any chance something should happen to one particular security, the loss is negligible to the savings bank, where. as it might be disastrous to the indi- vidual. Diversification Is then an- other point of superiority. Finally the men who have the re- sponsibility of investing savings bank funds are trained in their business. They are in close touch with the se- curity markets, in closer touch than is possible for any individual who is necessarily absorbed in his.own busl- IN TRADE QUTLOOK | > National City Bank that all the | Trucks for the first time entered the | on crop was auctioned | on the of the| otton Exchs new crop cotton from t {recefved, in New Yc muel | Hubbard, of the | irst produc W oned off uchamp for two bales were on e |of the Cotton Exc {fore the auction D The Georgia |immediately to the | Association, where it will |auctioned off for charity n in front buil ere vi SHORTAGE IMPROBABLE World’s Needs Appear Supplied But There Will Be No Large Extra Stock. By the Associated Press. NEW YORK, July ber production for 1926 630,000 tons by the Crude Rubber & Foreign Produce Corporation, which includes 3. tons from ritish { Malaya and Ceylon; 230,000 tons from | Ithe Dutch East.Indies; 30,000 from | other eastern ted ar nd 10,000 ton: | —Crude rub- estimated at | from his amount it Is calculated will be | ample for the world’s requirements, | but while it will not tend to create a | comfortable stock either in London or the United States, there is no indica- {tion of a serious 'shortage of supply. BUTTER MARKET FIRMER. Light Receipts and Good Demand | | Aid Wholesale Prices. CHICAGO, Ju week the butter m worked to a_firmer position having opened barely steady. S {ment early in the week was in of lower prices, and to some extent that was true at the close. However, as the week progressed and arrivals of butter in markets were found to be considerably lighter than for the | weelk previous and the corresponding week - in 1924, the easier undertone which prevailed at the opening almost entirely disappeared. Supplies of fancy butter on all mar- kets were rather light, and this, coupled with a more active demand | from consumptive buyers, had much to do with the development of the firmer feeling and resultant price ad- vances. RADIO EA}:NINGS SLUMP. NEW YORK, July 25 (#).—A deficit of $391.053 for the second quarter, | after depreciation, patent amortiza- tion, Federal tax and accrued reserves for year-end adjustment, is reported by the Radio Corporation of America compared with net profits of $1,928,329 or $1.36 a share on the common stock in the preceding quarter. Net profit| for the half vear was $1,537,276, equal to $1.33 a share on the common. i P).—During the | rkets gradually | SHIP RETURNS IMPROVE. SW YORK, July 25 (P).—Sur- plus of the Atlantic, Gulf and West Indies Steamship Lines for thd first five months this year increased to| $920,253, after taxes and charges,| compared with $469,490 a vear ago.| This is equal after preferred divi- dends to $4.23 a share on the com- mon, against $1.22 in the same period of 1924, AN A R Query the Promoter. 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 Money to Loan Secured by first deed of trust on real estate. Prevailing interest and_commission, jaslon 420 Wush. L. & Trust Joseph L. Weller §79 Wush. L. § Tre :MQQOO WANTED! s I\ SECOND TRUST NOTES Funds "“xl.:g‘ho[l" lha pur trust Dotes, secured on D. . or mearby Prompt action Washington Investment and Transactions Co. 715 14th St. N.W, Main 3662 | loccupied jtractive Your Opportunity 7% First Mortgage Notes We offer a limited amount of 7% notes secured by a First Deed of Trust on first-class northeast residential property. This is an exceptional oppor- tunity for investment. See Mr. Kelly—Loan Dept. McKeever & Goss Realtors M. 4752 1415 K St. 14th & K Offers a Limited Number of 7% First Mortgage Notes —secured on brick dwellings owners. These are unusually at- by mvestments ally to the real conservative investor. 6% First Mortgages by these high-grade ...$1,000 ...$2,000 -..$4,250 ...$7,250 ate del espe —for sale, secured carefully selected residence properties: Quincy St N.| Bryant St. N.E. 16th Street N.W. S Street N.W. Ready f ery, subject to prior sale. terest collections made yith- out charge Chas. D. Sager 924 14th St. Main 36 We Specialize in the Management of Apartments B.F.SAULCO. M. 2100 925 15th St. FEDERAL AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President When You Have Funds to Invest, Consult WELCH, Loan Specialist Established 1890 6Y2% and 79, Real Estate Notes for Sale in Amounts from $250 up to $1,000 or More. Consult Welch, Realtor » Loan Specialist 15th & N.Y. Ave. Main 4347 Reference: Any Bank, Trust Co. or Title Co. in the District. No loss to an investor in 25 vears. Notes— - Secured by Improved Real Estate In Washington Worth Double The Amount Of the Loan— Interest Rates Today 62 Per Cent Denominations of $100 to $5,000— Partial Payments Received— Mortgage Investment Dept. |SHANNON & LUCH Sl 713 and 715 14th St. N.W. Main 2345 Prompt Action First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. 738 15th Street When You Need a Loan Think of WELCH, Loan Specialist Money to Loan At 5%9, and 69, INTEREST Before Placing or Renewing Your 1st or 2d Trust Consult WELCH, Realtor Loan Special Quick Replies Reasonable Charges + Ave. M. 4346-4347 Business Properties % WE FINANCE —all classes of income-producing property Large Loans a Specialty Current int. rate and commission, Higbie & Richardson, Inc. 816 15th St. N.W. 637 First Trust $100—$250—$500—S1,000 W. H. WEST COMPANY 916 15th St. Main 9900 The New York Life Insurance Company Offers to Make | First Mortgage Loans on Improved Real Estate Houses In the District of Columbia and Suburbs for 3, 5 or 10 Year Periods Apartments Office Buildings 5%% ON APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY MORTGAGE LoAN GORRESPONDENT DeliphoneNain 3700, The Prudence Company of New York Investment Bldg. Invites Applications for Construction Loans Long-Term Refinancing Amounts of $50,000 and over FRED T. Loan Correspondent NESBIT Main 9392 § % RIS PRRRRRRERRREE U URRRIRIE U Over a Quarter of a Century Without a Loss B Main 2100 “WHAT AM I WORTH TODAY?” If you invest your money in OUR FIRST MORTGAGES you will have an investment that will not fluctuate, that will be just as good three years from now and you will always know what your assets are and what your income is to be. F. SAUL CO. 925 15th St. N.W. T non-fluctuating. price or value. Steady‘ Safety HE First Mortgage Notes offered by us are There is no decline in They do not belong to that class of securities which move up and down like mercury in a thermometer. Every purchaser of our Notes has the com- fortable assurance that he will never be caused the worry of seeing them quoted at one hundred cents on the dollar today and ninety-five cents six months or a year later. If you are interested in an investment that is safe and worry-proof, you can do no better than to consider these Notes, now yielding 6%2% EEM&HENSEY Co. Srreet, NN\W. . ([hshing‘tcn.l).c 56 Years Without Loss to An Investor. .