Evening Star Newspaper, August 8, 1925, Page 21

" BUTTER AND EGGS i - . L FINANCIAL. AT HGHER PRCES Week’s Review of Local Mar- ket Shows Fluctuation in ‘Poultry Quotations. Butter and egg prices took a jump this week. The change in eggs was due to scarcity and heavy candling losses that sent prices up 2 or 8 cents, according to dealers, but no explana- tion was offered for increase in the Pprice of butter So far as dealers have been advised, it is stated, there is little or no likeli- hood of cheaper prices in the egg market, though lutter prices may take a drop. Poultry prices have fluctuated dur- ing the week. Large Spring chickens, more in demand than smaller ones, did not show the same proportionate decrease as that for the smaller stock Meat prices underwent practically no change, according to dealers, and prices of watermelons, cantaloupes peaches and numerous vegetables mained low. Today's prices were sub- stantiall~ tte same as those reported Vvesterday Today Butter—Fan stere packea, 29a31 Eggs—Fancy, selected. candled, 358 37; average receipts, 34 Poultry—Alive large, 33a34 s ducks, 25 geese. large, 35 30: ducks. 20: geese, 15. Live stock—Calves, §15210%; lambs, Spri 14a15: hogs. 15 Meats—Beef, 17a18; veal, 15; Spring l.t:lm\v.« 30a32: hogs. 211ga28; loms, 35a : smoked shoulders, 20a22; X T X 0a22; hams, Apples—Supplies liberal; demand light. market dull: Maryland and Vir- ginia, bushel baskets, various varie- lium size, 1.00a1.50; few Wolf Rambos Maiden Blush, good e size, 2.0, pplies 1ight: demand mod- erate, market steady: New York, bushel baskets, Telephones best, 2.50a 2.75; some fair quality a i 2000300 nd condition, Sweet potatoes—Supplies light; de- mand good for zood stock, market firm; North Carolina, cloth top stave barrels, yvellow varieties, No. 1, few sales, 7.008.00. Watermelons- mand limited, Bales t to South Carolina, Thurmond G mostly 50. 20 dition, mostly 2 Potatoes—Supply light moderate, market firm 150-1b. sacks, Irish Cobble: 1, 5.90a6.00 Peach Supply Liberal. Peaches—Supplies liberal; demand moderate and market steady for good stock; demand slow, market weak for soft, ripe stock; North Carolina, 68 and bushels Elber large size, good condition, mostly 2.75; ripe, soft, low as 1.00; 68 and bushels Belles, large size, 2.25a2.50; ripe stock low as 1 few bushel Hales, 3.25; Maryland, 6 and bushels Champlons, lar 1.50a1.75; Virginia, 6s Belles, medium to large size, 2.25a2 Onions—Supplies moderate; demand moderate, market weaker: Massachu- setts, 100-1b. sacks Yeliows, large size, 4.50a4.75; medium size, 4.2524.50 Letture—Supplies limited: demand light, market barely steady; New York, 2-dozen crates Big Boston type, 1.25a2.00. Cantaloupes — Supplies moderate; demand moderate. market firm for good stock; North Carolina, Ridgeway section, Salmon Tines standard 38s and. 453, best, 2.002.25; some fair con- ditfon, 1.5022.00; California and Ari- zona, Honey Dews, standard crate large size. 1.25a1.75; medium size, a2.00; Casabas, 1.00a1.25 Wholesale Prices. tub, 49: printe, 52; chickens, 27: heavy fowls, keats, 40a75 Supplies liberal; de- market about steady. retailers; North' and Tom Watsons and S-1b. average, . average, fair con- demana Vew Jersey, U. 8. No. SHORT-TERM SEbl{BTITIES. (Quotations furnished by Redmond 101 1061 10012 Adirond, P. & L. C Alum. Co. of Anier Amer, Beet Sugar fs 1033 Am. Tel & Tel Co. 4s 1020 Anaconda “Conper 65 1920 Associated 0i] fs 19 Baltimore & Ohio 6s 1020 Bethleher Steel 3 0 53 3 &P Biss 1008 Gotumn. 686" ofamh. Continental G I 5323353E32E22352! e BOSTON a list of today’s highest, closing pric the stocks dealt in her most active Conno: Copper Edison iworth none London. po Montrea Paris. {ran: Bruseels. 1. Berlin. mark Rome. lir Zurich. 1 Athens. Madrid. 7 Vienna, erown Budapest. crown Stockholm. crown By the Associated Press NEW YORK. August exchanges steady cents): Great Britain cables 60-day 481%. T . dem 4.87. Italy, demand Demand: Belgium 23.80: Holland, 40.18: Sweden, 26.86: Denmark. - Switzer: land, 19.42: Spain, 14.44; Greece, 1.561; Poland. 18%: Czechoslovakia, 2.96; lavia, 1.79%; Austria. 14%: Ru. < Argentina, 40.37: Brazil, 11.85: Tokio. 41%; Shanghal, 781.7; Montreal, 100 1-32, 8.-—Foreign Quotations (in demand, 485%; Germany, 18.35 CLEARING HOUSE STATEMENT NEW YORK. August 8 (#).~The actual condition of clearing house banks and trust companies for the week shows exces: ve of $19.- 757,420. Thiy ase in re- sérve of $14,710,450 compared with last week. large size, | | | { 1 Received by Private Wire BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, August 8.—With the exception of the ofl shares, which were heavy in company with the ol stocks on the big board, the Curb Ex- inge st wis generally strong to- Nizer {ssues were particular fa- Vorites, both the A and B shares rising 2 points or more. White Rock Min- eral Spring, new, was in demand around its vest, and Reo Motor was firm. United Light and Power, which had closed at 130 on Friday, broke 2 points, then more than recovered the loss, getting up around 135. In the radio group, Thermiodyne fluctuated rather freely. United Gas NEW YORK, ing is an officlal stocks traded in on the Curb Market today: Sales in BONDS. thousands. 1'Allied Pack 8o 13 Am Gas & El 10Am Teo 7. .. 15 Am Pow & 2 Am Sum Tob 7 August $.—Follow- st of bonds and New York 131;' 4 o8 15 SEESEIREERE: P23 o Douor: & P R 1 STOPRPINIS TP P4 IO -~ Mot OO = FEETE FEFL FEEEE 520! PO S S RIS SR B S PIFRETEFLLEFEL & FF FEE Se5s5E50enc anoD: RRe32R2EE3IRRR SRR RRRERRERRER RN S35 Rt SN =222 222eRR3332R528; DRODOCOS DOSAS DDV 220000050000 E AoDRED! 2% ® FF DRILLIEEE FOFE E $358228355250237 0093250250 SR IBBRS! 50 7s.. 105% 105 FOREIGN BONDS. ty Berlin Ai4s.. 89 iy 9 82y 8 i qt sooDRDBmOR o 302322222202 2 Siemens-Hal 1Thyssen I & 8 Ts 10 Toho Elec PLd 7s Sales in STANDARD OIL 1§ units. 200 Anglo Am Oil 300 Atl' Lobos 2700 Continent _Oil. .. 100 Crescent P L. . 50 Eurcka P L 60 Gal S O pf rew 1 700 Humble O & R 400 Imp Oil Can new 2300 Intl Pet Co Ltd 10 Northern , P L. G'n a i gegs T PR FESF & BesmmaBsaamseadam 13 420 South Penn Oil. B0 Southern . W Penn P L = B FFE FREEE B BEE FLPEEF £ F cS FP FE D RERE 230032 B L DS NI BITBE DI 19 E B FaTF o RBEEEREICIEREIEZ a8 REERERESIEIEREEZRI 08 RBELEZS w F FEE ] = @ >33 xea Siors o2 S, es - mes e B ik 35 SIS EFE FIFHE, F2 ot © 3 Eeston 1 1 s © 1 New Bradford ‘0 10 Novle Oft & Gas 8 Peer O Corp. 8 Pennock 0il Cor Bank Oil Reiter-Foster Oil Salt Ck Cons. 3 8alt Ck_Prod. i Shreve El Do PL 18 Sun Ol ....... 2or PO 3 2, o Siotonidion P e 5 F O OF SRS REFIEE SPEE 25548803 B0l P PR RO {358 INDUSTRIALS, 10 Adlm’r‘!’ ':h’ D{d 101 ather 7y i ol G & E pfd. 00% 208 0 e & Trac: ow &L 5 Bavon Prod Uperpow 80 Gas & Elec i Prae eld Bros & ¢ Sissonnault G C rden & Co niew orden & Co 8- an Drs Gin A f ar Light. . aroling P& Cellulold_ Co. . nirit Pipe Cor Sabin Sacke Co o : hik Nip B T leveland ‘Auto.: ‘om’ Power bi Gom 1 1 imewaSeINS PRRRRSEE T 2o DD 4 & 00w, [ - - S Bia e bt ton Ses D acaomis s - B e B S B I m S S SUa LGS Sk S Re BB E I 5t ¥ 28 295 ) P REEER B E e PR F Soae 3eomioncommeat: FRAE # & B 3 D e DB DBO B I A SR BB T I oL E rant Mot . g Sh new Cor Invest Inc « Pub Ser ... g )(g} Cor.. ot Trucks.. WGBs 1038 El e M . & EE 3SSErEnEE L SRRRsl - 35BEES2EER. # D DI SR W DD I INS O e ,__ FEISESS 22 F EXCT & ctures A ank HH Mtx C reshman Chas. abl Snub Mf A arod Corp ... n Ice Cream.. 33 H wrwm we Fa g me Py [ SER2aBE W EIBE3ECE 0! COO R M M R i Fo858228E 58 FI BERER @ @ @ COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY MINNEAPOLIS, August 8—Sales of lumber in this district were over 50 per cent larger during the past month than for the same time a year ago. For the first six months of this vear retall value of lumber sold was 30 per cent greater than a year ago. CLEVELAND, August 8.—The Van Sweringens have filed an application to build a 200-foot bridge across the Cuyahoga River, which will play an important part in the completion of the new Union Station, since it will be part of a great railroad viaduct across the flats to be built by the Van Sweringens. SACRAMENTO, August 8.—Pro- duction of peachés in this State this year is estimated at 148,000 tons. Growers expect to profit materially owing to the fact the marketing of the crop has ben undertaken by the Sun- land Sales Corporation, which has handled raisins so successfully. HARRISBURG, Pa., August 8.— Reéent rains, although they did some damage to the Pennsylvania oat crop, aided corn and saved the late potato crop. Tobacco {s making good growth. PORTLAND, Oreg., August 8.—The arygoods business on the Pacific Coast is on the up trend according to merchants here from eight States and Alaskd to Portland’s annual buying week. Purchases recorded at the meeting exceed those for any previous season. LUDLOW, Mass., August 8.—Mills of the Ludiow Manufacturing Asso. clates here, manufacturers of jute, have been placed on part time sched- ule, three days a week in some depart- ments and four in others. JOPLIN, August 8.—The strength in zinc and lead ore prices is stimu- lating production in the tri-State flelds, although output still is under good restraint. THE EVENING NEW YORK CURB MARKET Direct te The Star Office Improvement lost ground, while Chap- in Sacks was practically unchanged. American Rayon Prolucts went lower. The suspension of trading in Chat- terton & Sons., which had had a blg rise in the recent trading, was sald to be due to the nervousness of short sellers. It was intimated that trading would be resumed in the stock soon. The compagy was said to be in strong financial position and handling an in- creased volume of business. Gibson Ol Corporation announced it had acquired three new leases in Texas surrounded by the properties of several of the larger oil producing companies, and that it would begin drilling immediately. The stock held firm while the general run of oil shares was sagging. G G&E ¢ 14 226 Gen Car D1e"A 1 i 78 s = b T gttt 4 Ou vie illette S Gouid B rennan 31300 REFIGE | BoR8R35228 Boaor S Dpine appiness azeltine Intt 4 Int nt o o B ohns ManV elvinator C. h Pow sec vie .1 high Val Coal b g-..u s GI .1 b R Ch M rI Brang), ?N g. A WU br lien iller Rubbe: " gm River S, S PEETFE W"N&’c""i‘i ® FRESITEEE S SEPEEEE F & FEE T T T T e P A SN PR et e S e SR RS 1avaia Co otion Pic € ot M , usis Master at Pub Ser A Ay Pub Ser A t 1 Co ptd. 1 tok Pl new wi o P new bfdewi izer Corp A. izer Corp B, i ey Nor On Vorwale 1 & & il Co bt A Wil Fathe Ex Inc 4 enn Wat Pw C.1 ow Corp N Y .. 4 8 %7 PEEERS 222! P 2 ooz S ais 222 - OB DG | e i1 I I B D RO B 4= L0 3 IO DS et P e e e e et e R e ez 097: BB E B OB BSOS o & e E3r B mcp At o Coio, Omswoes Gmgus B PO aamr e s RS,y Sl 10er06s NS B AR D e o O 533D B e e, FLE FFFAE P [ S X N A A SREAE FEEAEE ¢ R EE Chat HCiamait S O S e e 10 e i 1 SEEEE GELAE scIcaicc) 2a s #5% * O p Sp nw tle &€ o Wi MIN Globe Cop lumet & Jer. nario. Copper. ino Ext Mines resson Goid aly Min ng GId M L 1 EUfelca Croesis | olden, nter M acla Mine. . a3 Copper Cor gerr, Lake. ipiwain, armac 282858 m: FOR R bz & oy b s % & &5 riz al Do i i 1508 R-Elans SESEE 39 e i iy 2 e o = om TR i A O T o =SS omounoo: g i 55 et So2 580005 sty iogo Srots > F H 0 Am Goid & B arhead ~Gold. onopah Ext... oty Eoa - Ciah Apex Wenden ' Cop 'COTTON SHOWS DROP AT MARKET OPENING Decline Ascribed to Pre-Bureau Liquidation, Influenced by Liver- pool Cable Advices, e comsenfso > F ono. > waBenRe » e By the Associated Pres NEW YORK, August §.—The cotton market opened steady today at a de- cline of 6 to 15 points under pre-bureau liquidation, influenced by relatively easy Liverpooi cables and reports of showers insthe Southwest. The rains were not considered important, how- ever, and initial offerings were ab. sorbed at the decline to 24.08 for De- cember, prices later showing rallies of several points on covering apparently for Western account. Private cables said that some trade callings and continental buying had been more than oftset by liquidation in Liverpool and that the demand from spinners was quiet pending to- day’s Government crop report. A New Orleans authority published a report estimating crop prospects as of August 1 at 14,373,000 bales. NEW YORK. Aucust 8-—Cotton futures closed easy at net declines of § o 16 points, October 3.&‘3-’36 i :, December, . 24.00; May, New Orleans Irregular. NEW ORLEANS, August § (#).— The cotton market had an easier and irregular opening. Liverpool was low- er than due, and October promptly sold off here 17 points on the first trades. As New York came in com- paratively steady by the time Decem- ber and later months were reached on the call they showed initial losses of only 10 points. October railled 10 points after the call. but other months did not improve. At the end of the firet half hour all months were 10 points net lower, with October at 28.35 and December atg 23.52. The market here will close at 9:45 a.m. and the Government report will be fssued at 10 o'clock. NEW O] tures clo points. October . December January March . May EANS, August 8. —Cotton fu- stéady ‘a¢ net decline of 6 fo 15 23 Qpeming " ey e Liverpool Prices Steady. LIVERPOOL, August 8 —Cotton, spot, fair demand; prices steady; Amer- ican strictly good middling, 14.24; good middling, 13.94; strictly middling, 13.69; middling, 13.44; stricfly low mid- dling, 13.14; low middling, 12.79; atrict- ly good ordinary, 12.39; good ordinary, 11.79; sales, 3,000 bales, including 1,600 American; receipts, 5,000 including 800 American. Futures closed easy: August, October, 12.66; December, 12.5! ary, 12.59; March, 12.64; July, 12.66. Salupersasiat oo COTTONSEED OIL CLOSING. NEW YORK, August 8 (#).—Cot- tonseed ofl closed easy. Prime Sum. mer yellow, 11.60a11.85; prime crude nominal. August, 11.68; September, 11.68; October, 11.52; November, 11, December, 10.76; January, 10.78; Feb. ruary, 10.83; March, 10.90. Sales; 4,600 barrels. TREASURY CERTIFICATES. (Quotations turnished ~ . & & e e 3 . 'm: ;. ‘.f, m ST. STEEL BRIGHTSPOT INTHEWDLSTRES Prices Remain Low, But Activities Continue, Due to Cut in Costs. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, August 8.—The in- ereased blaze of the steel stacks furnished the brightest spot in the industrial situation of the country this week. New furnaces were lighted, additional tonnages of fron ore were handled and production schedules were increased. The tin plate end of the industry was stimulated by de- mand for food containers. Ofl well supplies continued .active, and struct- ural steel was in good inquiry. Prices continue relatively low, but the determination of companies to cut costs was fully exampled by the absorption of $100,000 annually in salaries by the Bethlehem Steel Co., which dispensed with three high exe- cutives. Equipment Orders of Record. Several large equipment orders dur- ing the week alded sentiment. The trade undoubtedly was helped also by the activity In automobile manufac- ture. In the last/ week the volume of industrial employment in Detroit, the automobile trade center, rose to 243, 671 workers, a new high for the year, and representing an increase of 45.337 since January 1. Tt is the more sur- prising that it should be made now when usually things are at a slack point in motor car manufacture. How- ever, reports are coming in from many sections of the country indlcat- ing new models and prices offered the first of this month are bringing out a tremendous volume of sales. The hnthracite coal situation showed little improvement as the week closed. Business men of Scanton and Wilkes- whose profits depend on whether the mines work or not, are preparing for a strike, beginning Sep- from four to five weeks. The soft answer returned President Lewis of the Mine Workers by Chairman War- riner of the operators falled to impress them as aftecting the situation. They say they are accustomed to all sorts of gestures from both sides. Oil Strength Slightly Weaker. Statistical strength of ofl and its products weakened somewhat during the week, but alarmists apparently have falled for a time to remember the tremendous increase in consump- tion which has taken place this vear and which is likely to continue. The main worry seems to be as to just how much praduction is being held back in Smackover and some other flelds. ‘The woolen industry has shown im- provement, but 8o far it has been con- fined to buying for immediate dellv- erfes, and is sentimental rather than actual lines have been qulescent owing to the fact that another of the seemingly interminable Government crop reports became due today. Moves for increases in the wage scales of textile workers in Neéw England were declared inop- portune by mill men. Harvesting s progressing at a goodly pace. cannerfes are working at high speed and rail shipments are tremendous. These factors all indi- cate the farmer's Fall position will be an enviable one in view of present crop prices. Lumber demand showed a nice increase. and other bullding materials moved briskly, with pro- ducers wise enough not to shove |prices to a point where they would tend to check construction. Metals Satisfactory. Strength of an undeniable character was shown in copper, and the position of lead and zinc is satisfactory to most producers. In fact, some fancy prices have been paid for small special lots. Some excellent authorities predict 15- cent copper in the near future. Rub- ber showed a decline in price during turers or representations by this Gov- ernment, official or otherwise, but to arrival of heavy stocks and normal economic adjustment. Examination of the postal receipts of 50 large cities in the country shows an advance in the last month of 13.11 per cent,'with not a single city falling below a gain of 2.89 per cent. Real estate transactions took on new im- petus, and the Florida East Coast is suffering the greatest trafic and popu- lation congestion in history, with every agency working feverishly to increase housing facilities. There promises to be a shortage of Spring pack chinook salmon on the | Pacific Coast, with the greatest de- imand ever known in evidence. WHEAT TRADERS’ NERVES HELD AT HIGH TENSION In Review of Week Chicago Notes Renewal of Talk That Specu- lators Corner Market. By the Associated Press CHICAGO, August 8. —Runaway ad- vances in price have kept wheat trad- ers’ nerves at high tension this week and brought about renewed talking that speculators have cornered the market. Less questionable factors tending to give wheat values a radical upturn included sensational crop damage reports from Canada, cur- tailed estimates of production in the United States and adwices of a wet harvest in Europe. Compared with a week ago, wheat this morning was 183% to 167 higher, with corn %a2 up: oats advanced ial%, and -provi- sions showed 2 to 45 gain. Heat and drought in Canada were represented as having made it doubt- ful whether that country would yield 325,000,000 bushels this season as compared with 365,000,000 bushels forecast by the Government a month ago. Unofficial estimates of the United States 1925 output of wheat indicated meanwhile that there had been a re- duction of about 17,000,000 bushels from the figures current last month. ides, the market effect of such de- opments was added to dally by transatlantic reports of widespread stormy weather spoiling to a more or less serious extent the final efforts of wheat growers, especially in Hun- gary, Russia and France. Expected big shipments of wheat out of Chicago by lake vessels next week added to the prospect that trad- ers who have contracted to deliver wheat here might meet with unusual difficulties before the end of Septem- ber in particular. This likelihood was increased by evidence of a de- mand from domestic millers and by remarkable smallness of arrivals of wheat at primary centers, the total frequently running below half the amount reached at the corresponding time last year. Under these circum- stances wheat selling was for the most part confined to profit taking and the setbacks in price that were wit. nessed all turned out to be transient. Corn and oats were in sympathy ‘with the action of wheat despite rains beneficial to corn growth. Some enlargement of export demand helped to lift the provision market. Query the Premeter. Determine how much of his own money the promoter is putting into bis scheme before you decide to risk gours. Don't take his word for it— make him prove it tember 1. which they figure will last | ‘The cotton and cotton cloths | the week, due, according to importers, | not to any complaints of manufac-| WASHINGTON, D. C, SATURDAY, AUGUST 8, 1925. LONDON INTEREST REDUCTION MINIMIZED BY U. S. FINANCIERS Effect on U. S. Securities “Purely Sentimental,” Is View in Wall Street—Share List in Market Resumes Upward Swing. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, August 8.—Interest in the financial situation during the past week has been divided between the happenings on the Stock Exchange, where the price averages established & high level for the year, and the un- expected reduction of e English bank rate from 5 to 4% per cent. The effect of the action of the Brit- ish authorities upon our own securi- tles markets was purely sentimental, for money rates on this side were unchanged. On the other hand, what- ever fear Wall Street had professed over the posasibility of an increase at this time in the New York Federal Reserve rediscount rate was aban- doned following the Bank of Eng- land cut. Stocks Move Upward. Accordingly the share list, which for months past has been influenced by the abundant gupply of money, re- sumed {ts upward swin, Vigorous upbidding of United States Steel com- mon, together with many other stand- ard industrial and rallway issues, en- couraged speculative operations and the market broadened out. Short covering and new buying struck a lively pace. The average gain for the entire Stock Exchange list exceeded $1 as compared with the week before and was pretty close to $10 higher on the year. “Good News" Not Registering. Prior tc_the anouncement of the Bank of England the feeling had spread that the market was not re- sponding to “good news” as readily as had been expected. There had ! been advances in ofl and metal prices, the steel company reports for the second quarter had surpassed the highest estimates, and the general run of trade news had been encour- aging. Yet these as a rule had fallen flat. The speculative community evi- dently had been concerned with the money situation and when it saw that nothing extraordinary was to occur, it was reassured. The argument that bonds had been held in check on ac- count of the uncertainty over the New York Federal Reserve redis- count rates was shown tg have been a poor one. While stocks were mov- ing forward toward the close of the week, the bond market was scarcely affected by the monev market de- velopments. Reserve Ratio Drops. The weekly statement of the Fed- eral Reserve Bank of New York dis- closed an increase of $70,000,000 in Tediscounts for the period and a re- duction in the reserve ratio on the week from 855 to 79.5. This was a sharp decline, vet it failed to exert any unfavorable influence. The big demands on the New York bank’s reserves because of the record- breaking stock market activities and the approach of the time when crops will have to be financed and more money will be needed with the season- al expansion of trade, were over. looked. . Rails Prove a Feature. The railway shares, notably the| stocks of companies constituting the proposed Nickel Plate system, were a feature. When it became known early {in the week that the President in- {terded to make raflway consolidations one of his most important domestic policies, the carrier stocks came to the |front again. Then it was rumored that the In- }lersm(e Commerce Commission soon would render a decision in the Nickel Plate case, and from the action of the Nizkel Plate group and of other rail- way issues of the class of the New York Central it appeared that financial interests were expecting that decision to be favorable. In the last fortnight rallway car- lordings have been sbove the million mark again, and this has contributed itc the budget of encouraging news concerning the transportation indus- try. | Lagging Seen in Oil Shares. ‘The ofl trade data were conflicting and held back the ofl shares. In fact, the greater part of the week they were distinctly reactionary. Statistics fanowed socrsases infoutut afi cends ofl, and there were misgivings over itha accuracy of officlal figures on gas- oline in storage. Crude ofl price reductions were an- | nounced in various sections of the country and the beliéf was that gaso- line quotations would be cut. These | views were not generally held, how- ever, but it was significant that with otner important industrials swelling the price average the oils with which the public is well supplied were the noteworthy exceptions. Industrial Shares Active. An incident of the week has been | the spectacular rise in a number of high-priced_industrial shares of the type of General Electric. General Rallway Signal and Mack Trucks. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Patent Rights. One of the largest and most suc-, cessful corporations which is known in almost every place in the world where electricity is used owns a num- ber of valuable patents on various. inventions. It carries those patents on its balance sheet at exactly $1. A balance sheet, as every man and woman unfortunately does not know, is a statement wherein is set| down’ in dollars and CETts the value of everything an organization or an individual owns and the amount he | owes. On the face of it, this great corporation values its patents at $1, although the ownership of those pat- ents enables the corporation to manu- facture profitably scores of articles and devices it could not manufacture if it did not own the patents. Is that $1 valuation, then, a misstatement? In all probability those patents could not be bought for some millions of dollars. Why value them at $1? That valuation' is not a misstate- ment. It means simply that the con- scientious officers of that corporation cannot place an_ accurate valuation on its patents that would be even semi-permanent. A patent may be worth millions of dollars today and worth half of that or less next month or next year. New inventions may 'make previously highly valuable pat- ents obsolete. Changes in economic conditions and the public's demands for commodities and goods may great- 1y reduce the value of a patented processor device. Fortunes are made in new inven- tfons, the successful ones. Thousands of inventions are unsuccessful. Those who put money into them lose. In the last 10 years miore than 300,000 new Inventions and designs have been | National | advance. ‘Where these stocks and others of the same class have been selling, they have been out of reach of the small investor or speculator. Only wealthy individuals can afford to trade in them now. The assump- tion is that they will eventually be split up into smaller units, which will make them more attractive and natur- ally facilitate distribution. If the sur- taxes are cut in two, as many expect, there will be an incentive, moreover, for people with large paper profits to take them. Steel News Optimistic. The week end trade reviews call attention to the increase in operations in the steel industry, which is now on a 70 per cent of capacity basis, and to the steady advance in commodity prices. Dun's review states that there “is solid reason for expecting a good Autumn trade. TRADE “FULLY FAIR,” BRADSTREET'S VIEW Review of Business for Week Notes “Quickening in Whole- sale and Jobbing.” By the Associsted Pross Bradstreet’s characterized the busi- ness situation as “fully fair,” report- ing “a moderate but none the less perceptible quickening in wholesale and jobbing trade.” Dun's stated that “except for the threatened coal strike, the present indications are en- couraging, and the greater activity in the formation of new enterprises reflects confidence in the future.” High-priced industrials again dis- played a buoyant tone. Midland Steel Products preferred soared 11 points to a new peak price at 143 on reports that approximately $16 a share was earned on that stock in the first six months of the year. General Railway Signal, which recently received a large order from New York Central, jumped 10 points to a record high at 247%, or more than 100 points above the initial transaction on the “big board” a few months ago. Gains Are Noted. General Electric closed 8% points higher at 310 after selling as high as $113%. Mack Trucks jumped 6 points to 198 and net gains of 4 to § points were recorded by Burroughs Adding Machine, the Commercial Solvents issues and United States Cast Iron | Pipe. International Combustion Engineer- ing. which recently closed some im- portant contracts, crossed 48 to a new high level for the year for a net galn of over 3 points on the day. American Can also moved up over 3| points to the highest price in its his- | tory. Other outstanding industrial strong spots included Air Reduction, General Baking, Glidden Co. Great| Western Sugar, Gulf States Steel, Canners, National Dairy Products, New York Dock, Pullman, Republic Steel, South Porto Rican Sugar, United Cigar and Virginia Rallway and Power, all up 2% to 4 points, and several at their best prices of the yvear. Other Stocks Decline. International Shoe coXapsed 15 points to 165 on selling inspired by the Federal Trade Commission order- ing that company to dispose of its tock of a rival concern, but it re- gained half of its loss before the close. Heavy selling of Mallinson just before the close sent that stock down more than 4 points to 25%. Heaviness also was shown by Coca Cola, Frank G. Shattuck and Inter- national Telephone, which yielded to ! profit-taking sales. | Van Sweringen issues all recorded sharp gains. “Nickel Plate” common | jumped 7 points to 133 and the pre- | ferred moved up 2 to a new 1325 high | at 96, Chesapeake and Ohio closed | 3% points higher at 100%, after at- taining a new maximum at 100%. Pere Marquette showed a net gain of 3 points at 68%. Erie common and | first and second preferred each showed net gains of about 1% ;mlnts.] Revival of activity and strength lnl New York, Ontario and Western, which was run up 4 points to a new top at 29%, was noted e WEEK’S BUTTER MARKET NERVOUS, UNSETTLED Lack of Confidence Current Prices Noted in Chicago Trade. By the Associated Press. CHICAGO, August 8. —The Dutter markets for the week were marked | with a nervous and unsettlel condi- tion and a general lack of confidence in present prices was not:d. At Chicago trading was sluggich and at | times the market tone was weak. | Jcbbers on all markets as a rule bought for current needs, at they felt | there was no danger of any sharp| Recelvers were willing | sellers in an effort to keep stocks | moving. Very little speculative buy-| ing wa® apparent during the week | and trade was far from being satis. | factory. The rate at which butter is going into storage is considered by some operators as having a bullish effoct on the markets. Despite the falling off of the net increase of storage hold- | ings at the four markets, however, there were many operators which | were changing opinions regarding the firmness and the justifiability of the present markets and price. The unsettled condition of the mar- ket may to some extent be attributed to the production outlook for the com- ing Fall season. Although there is little definite information regarding it, the fear of a heavy Fall production caused many operators to feel that current prices were too high. | General in - SEES BUSINESS GAINS. Dun’s Gives Encouraging View of Trade Situation. NEW YORK, August 8 (#).—Dun's today will say: It is the more common report now that business is gaining, something being added each week to the progress recently made. The advance is gradual, yet this is more to be de- sired than a rapid expansion that might lead to excesses and Incrsase the possibilities of a sudden reactirn. Except for the threatened coal strike, the present indications are encourr.g- ing and the greater activity in the formation of new enterprises reffects confidence in the future. The pros- pect of further tax reduction is among the factors that have tended to patented in the United States. There is a good chance for wealth in some of them and a larger chance for loss in more of them. Putting money into new inventions is a thing for long and careful thought, not a venture to be gone into after a few days or weeks' consideration at the suggestion of a new acquaintance, peddling the tock, or-an enthusiastic friend. (Copyright, 1928.) strengthen sentiment, while there re- mains the constructive influence of the improved financial - position and enhanced purchasing power of farm- ers in the West and the South. The latter phase is highly significant, for FINANCIAL. MERGER IS ANNCUNCED. CINCINNATI, August 8 (®).—An- nouncement of the consolidation of the Weir Frog and Swiich Co. of Nor- wood and the Kilby Frog and Switch Co. of Birmingham, Ala., was made yesterday by J. X. Landsdowne, vice president of the Weir Frog Co. Mr. Lansdowne said that for the present both companies would be operated ~ - | Real Estate Financing Money to Loan O 1st and 2nd Trusts And separately under the same manage-{ ment as formerly. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. || —all classes of income-producing property Construction Loans Prompt Action Call Loan Dept.. Main 5604 N. L. Sansbury Co., Inc. 1418 Eye St. N.W. Main 5904 Prompt Action 1222222222224 0002000000000 ¢% 738 15th Street . $e0000000000000d Money to Loan Secured by first deed of trust on real sstate Prevailing interedt and commission 420 Wash. L. & Trust 4 FN WE FINANCE Large Loans a Specialty Current int. rate and commission. Higbie & Richardson, Inc. 816 I5th St. N.W. FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President WANTED! SECOND TRUST NOTES Funds available for the pur. chase of all kindr of gecond trust notes, secured on D. C. or nearby real estate. Prompt action in every case. Washington Investment and Transactions Co. 715 14th St. N.W. | Main 3662 national prosperity largely depends upon favorable conditions in agricul- tural sections. Weekly bank $8,763,- clearings, $21,000. | | Securely Secured Real Estate Notes —on D. C. and Maryland property for sale. $100 upward. Loan Department Gardiner & Dent, Inc. 1409 L St. N.W. Main 4884 There is no time like the present to foundation for your Financial Independence. buying one of our FIRST MORTGAGE 61,% NOTES You can do this by our special plan with as little as TEN DOLLARS, if you wish. Our check for the interest will arrive promptly on the day due, and best of all you are posis tively assured that there are NO LOSSES NO RISKS NO DELAYS NO DEPKECIATIONS Consult Our Mortgage Investment Dept. First Trust Notes Absolute Safety—Amply Secured on Corner Business Property Denominations $100—$250—$500—$1,000 start laying the Begin today by The Prudence Company, Inc. of New York Invites Applications for Construction Loans Long-Term Refinancing Amounts of $50,000 and over FRED T. NESBIT Loan Correspondent Investment Bldg. Main 9392 TO INVESTORS In order to keep pace with the local business activities, we are required to give some time and study to the recal estate market. We are interested not only in the situation as it pre- sents itseli today, but also in future possibilities. The ques- tion often asked is “Will my property and mortgage notes in- crease or decrcase in value:™ The value of the property may fluctnate, but it safe to say that the First Mortgage not will’ remain constant. Tt interesting to note the wide margin of safety en- d by investors in our First Mortgages, when we consider that all of the cash cquity and the trusts above the first lien must be entirely exhausted before any part of their security could be touched. Otherwise stated—our First Mortgages are based on 50% appraisal We have, some very desirable First Mortgage Notes now available that mature in three years and bear interest at the rate of 7% per annum, payable semi-annually, which we would be pleased to submit to you. These notes are secured on brick dwellings located in the northwest section, and due to their desirability, it is not likely that they will remain long on the market, so suggest that yvou call or write us today. We are at your service. CAFRITZ COMPANY 14th & K Offers to Make First Mortgage Loans on Improved Real Estate In the District of Columbia and Suburbs for 3, 5 or 10 Year Periods Apartments Office Buildings Houses Business Properties 5Y%% ON APPROVED SECURITY L apply RANDALL H. HAGNER & COMPANY MORTGAGE LoanN Qonnasposnm'r o> 1321 Conmecticut Hoenas;