Evening Star Newspaper, August 15, 1925, Page 21

FINANCIAL. NEW YORK CURB MARKET | Received by Private Wire Direct te The Star Office ~ POULTRY REGEIPTS EXCEED DEMANDS Market Today Described as Draggy—Vegetables and Fruits at Low Prices. There has been no pep to thé poul- try market this week. Dealers at. tribute the Araggy condition of the market to the fact that 5o many per- sons are out of the city on vacations at the seashore and in the mountains. Anot reason urged for slow trad. ing vesterday was the fact that the date preceded the 15th, when Govern. ment emploves receive their semi. monthly pay. Receipts of chickens duting the week were much greater than de mands, and unless busineas picks up during the morning hours today, dealers think prices will drop to 30 cents for choicest young chickens. There was a slight show of weak. mess {n current receipts of eggs, due, it is thought, to light tradirg and less demand. Last week's demand was much greater than this week's. The weakness was not great enough to bring prices down, however, and deal- ers hardly expect there will be alump enough to decrease prices. Vegetable and fruit prices continue cheap, dealers report, and there has been very little change in meat and butter prices during the week. Most prices this morning were the same as those reported at the close of market yesterday. Today's Wholesale Prices. Butter—Fancy. tub, 44: prints, 63; store packed, 2 Eggs—Fancy, selected, candled, 35a 37; average receipts, 34. Poultry — Alive 22a23; ducks, 20a25; 3 urkevs, 11a12; geese, 5. Dressed, Rpring chickens, !ug 3 turkeys, 30; ducks, 20; Live stock—Calves, 14815; hogs, 15. Meat—Baef, 17218; veal, 15: Spring lambs, 30a32: hogs, 21%22; loins, 86a 3§B smoked shoulder, 20a22; hams, 30 a lambs, Spring, Fruits and Vegetables. Cantaloupes—Supplies light; demand Hght, market steady; North Carolina, Ridgeway section, Salmon Tints, standards 36s and 45s, 1.50a2.25. most- 1y around 2.00, few soft low as 1.00; Maryvland. FEastern ®hore, Salmon Tints, jumbos 363, 1.76a2.00; Califor- ck section, Salmon Tints, s, few sales, 85. Supplies liberal: demand light, market fairly steady: New York, 2-dozen crates: big Boston type, fair quality, 1.00; few higher. Onlons—Supplies moderate; demand slow, market stendv: Massachusetts, New York a vestern States, 100-pound U. 8. No. 1, fair condition. 3.50a3.75; California, 100-pound sacks yellows, U. 8. No. 1, 4.25. Peaches—Supplies moderate; de. mand moderate, market steady: North Carolina, sixes and bushel baskets, Hales, large size, 3.25; Elbertas, large size, 3.00a3.25; medium size, 2.50a2.75; fair quality: some ripe, soft, 2.00a2.50; Virginia. sixes. Belles. medium size, 2.00 large size, 2.25a2.50. Suplies and Demand Moderate, Potatoes—Supplies moderate; de- mand- moderate, market slightly weaker; New Jerey, 150-pound sacks Irish Cobblers, United States, No. 1, 8.25a5.40; machine graded, 5.00, Watermelons — Supplies moderate; demand light, market steady; sales di. rect to retailers, Georgia, Thurmond Qrays, 34-pound average, 75 each; North Carolina, Excells, 28-pound average, 40a50 each, Apples—Supplies moderate; demand light, market steady: Maryland and Virginia, bushel baskets, various va- rieties, medium to large siza, 1.00a1.50; Rambos, 1.50a1.75. Lima beans—Supplies liberal; de- mand moderate, market steady; Mary- land, bushel hampers, unshelled, fair condition, 7521.00; homegrown, 32- quart crates, 25a35 per quart. Green corn—Homegrown supplies moderate; demand slow, market about steady: homegrown, 5-dozen bags, 10a 15 per dozen. Tomatoes — Homegrown supplies moderate; demand moderate, market firm; homegrown, 3%-bushel hampers, B021.00, mostly around 75. FIND ANCIENT RESERVOIR. Workmen Uncover Ruins of Famed Potsdam Water Works. Correspondence of the Associated Phess POTSDAM. July 27.—Ruins of what s thought to be the foundation of famous water works constructed in 1683 to supply Potsdam Castle with water were recently accldentally dis- covered during somé excavation work. The foundation is extremely mas. eive and built of sandstone and an- clent bricks. Several archeologists declared the ruins represented the wa- ter works foundation built during the reign of Leopold L An additional force of workmen has been employed to lay bate as speedily as possible what may be an interesting historical find COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETROIT, August 15.—The Chrys- ler Co. sold more cars in July than in any single month of its history. Sales exceeded June shipments by 40 per cent. SHREVEPORT. August Shreveport Grain and_ Elevator Co., today opened a $500,000 electrically operated mill and elevator here with 2 capacity of 1,600 barrels of corn 15.—The meal daily. BEATTLE—Awugust 16.—Returning vessels report the Alaska salmon catch and pack almost a fallure ex- cept in spots. Seme of the salmon flet have only enomgh fish to use as bal last. There is 4 record demand. BOSTON, Apgust —S8pinners in the Clinton mills at Webster, Mass., have received an increase of 12 per cent in wages. HOUSTON, August 15.—The condi- tion of cotton in Texas rangés from 30 to 78 per cent, with an average of 49. This points to a crop around 3, 500,000 bales. SACRAMENTO, August 15.—The Prune and Apricot Growers' Associa- tion will shortly pay members an ag- gregate of apout $6.000,000 for their fruit already .handled. The asséciation declares the industry now is on the threshold of prosperity. PHILADELPHIA, August 15.—The L. H. Gilmer Co., manufacturers of automobile fan belts, brake linings and webbing products, reports that fts entire plant; has gone on night work to handle & large increase in orders placed by automobile manufacturers who have just put new medels on the market. Quiery the Premsoter. Determime how much of his ewn money the promoter is putting into his scheme before you decide to risk yours. Don't take his word for ft— ) e himj prove it, BY WILLIAM F. HEFFERNA! Speclal Dispatch to The Star. NEW YORK, August 15.—The ac- tion of ofl shares at the close of the week showed they had discounted, at least for the present, price reductions resulting from severe competition be- tween Eastern and Western marke Buying was not pronounced, but was sufficient to hold the market firm, and in a number of instances brought about slight improvement. Humble Ol and Standard of Indlana advanced fractionally, and a rise of almost 2 points occurred in Vacuum Ofl. Thore working for the rise in Motios Picture shares maintained their advan- tage of earliér in the week, but little or no effort was made to continue the advance. Pathe Exchange held firm above 82 an Fox Film changed hands between 64% and 66. ‘Western Power had another run-ur but other public utilities merely held around previous prevalling quotations. Durant Lumr retraced part of the loss of the previous day and Reo Motor ‘was more acti it and just above 22. ¢ market as a wholé gave a good acoount of itself, but the ususl week end profit-taking acted as a check to the upward movement. NEW YORK, August 16.—Follow- ing is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in BONDS lhfll;\'lflnfll. Hl’h F' Close. 2 Allled Pack _6s. 34 4m ou ¥ Elon f7 87 4§ A% v &t 5% 5 Amaconda "8 ' 108 103y 108 3 AN T ¢ 3’3 [ 1B ERR 188 een B 5 88 i, 3 3Gt Sfih: 3% 1 l ’?E:{ g 8 ’é ¥ E: % 4 104 1 He it ; ] S 3 1 § Eur SP % g A ennol w 33 Pure : ha %X 1308 28 gk\c i g foR. i,r hog FOREIGN BONDS gonmaAl g B AR O | T BIE A Tie 7 80w 80 a8 stlflllll STANDARD OIL issUk~ e : 1000 Continent Dl . g‘fi g % . 1600 fmp 0 'of Can nw 0% LIREE 20 ln Pl oo %& 0 | 1100 Ipter Per Lea 27 §fl“ B § fala g i ‘31 g 8 '8Q Prasrie P L . % 12 # % 10 Solar Refin % 5 80 South Penn Oil. 185% !ig e R T S i%i& 35 % o108 Doms o ciabyt ol af) 500 Vacuum Oil ngn 3”. ti Sllba INDEPENDENT OIL STOCKS. in hdrda g 1 an Samutee By By § 1 Ark Nat Gas... 51 x% 3 18 Gt ndt 0 81 g Fel s o MY OHR oMY 27 Columbian Syn 5 } 3 Creote 18 iy 1 1 é')fihd g‘j iy 2 L6t 4 28 Gult 7 72 7% % iy B iy i 1§ fase : § ox Pan a% L3N 3% Rew Mex Land 2 IR 3 Ohl: uel \;gn . 33‘ \I“ a3 tonok Off Cor g%\. ait o sHOTERI R ag A3 PRI 04 a8 2 R M M1 i LR NA A P PR INDUSTRIALS TART B D0 10y 10 g Am Gas & El ptd 00% 00 i 10 Am & Trs .. 22 2!3 22 Am Pow nw B 14 8 % 4 %12 ! iéfi % B ;één RO e Ligh 3 m:y” m Cr z ' 2 'o;.;‘"o' S ‘;3\ 138 Y % % e s ol 14 - 8o uebon cus aebegaber =4 £ NS o et = B SRR F TR * - ™ B3 T SO~ . B H B SREELES 2 B FF IR FFLTEEIERISE & MRS FEFE P £ P 1o [ e e Bracar - 8 o o 3! 253, Bewoe RS " FEE ok & Saneanen | whossdilu waeil e e <cecoa S CSaapae EEE-ECH el 4 4 F ELEEFE CFRE R BAEE F SEE ko Smsguue, chesoficte waelS O IO DIIARD A haGA st ~d00 s ORI D A AR £ b3 e E F FISFFETrE 8§ WSS W..:ln e “Il Wils, Yel 1 b, 1 19 ans. 1one ¥ By g‘:’.’}' IS iy Emmp et o8’ 9 7 B P w4 s d W o a8 1 2 Z'g"’ ,i" one » 2 Fons R, % % D 2 b t BAR SILVER PRICES. NEW YORK, August 16 (®).~Bar silver, 70%; Mexican dollars, 54. LONDON, August 15 (#).—Bar sil- ver, 32% pencé per ounce. Money, 2% per cent. Discount rates, short bills, 3%a3 1516 per cent. Three- month bills. 3 15-16 per cent. MIXED SITUATION FOR STOCKS IS NOTABLE MARKET FEATURE BY STUART P. WEST. Special Dispatch to The Star NEW YORK, August 15.—The share list, like the trade situation during the last week, was mixed. Stocks went through a series of fluctuations, some of thém violent, while the news of important Indus- tries and of commodities was varia- ble. The news was more cheerful in re- spect to the steel business; a de- cidedly optimistic tone was evident in the distributive trades, and con- sidering the fact that this is the sea- son of the year when motor salex normally fall off. the reports from the automobile centers were unusu- ally favorable. In addition, the weekly railway tonnage figures were again well in excess of the million- car mark, and a strong statement for the week was made by the Federal Reserve system. The Darker Side. On the other hand, plenty of proot was afforded of the unstable condi- tions in the ofl trade, where prices for crude petroleum and refined prod- ucts were slashed: little encourage- ment was given in the way of imme- diate improvement n sugar, and thére were plain signs of distress in certain branches of the coal indus- try. The decline in wheat and the losses in cotton werd not of enough consequence to be reflected In the stock market. In the Wall street dealings the be- lief was expressed that, taken as a whole, trade conditions were sound and that further improvement in many lines, could be reasonably ex- pected. Even the more conservative elément found nothing in the outside situation to warrant serfous concern. They were cautious about making new commitments in stocks chiefly be- cause they considered prices too high and for tachnical reasons thought the market should sell off. Weak Places Offset. As Dun's Review at the week end described things, “there is a more general recognition now of the fact that the strong points outnumber the adverse phases, and confidence has largely replaced the uncertainty and hesitation that developed during the second quarter of the year." The course of stock exghange prices 2s a rule followed the trade advices. To that extent it was a discriminating market. When the large ofl com- panies announced reductlons of a cent to 4 cents in gasoline prices, and érude petroleum in the Pennsyivania district was cut 25 cents a barrel, 6fl shares turned downward and their weakness was disturbing to the industrials gen- erally. Befors support was encoun- tered the ofls lost 3 points or more on the average. As pointed out a week ago, there has been a succession of in- creases in the weekly output of erude ofl and the gasoline price structure had beén very unmflafur“(ory.| The robability is that when the price re- zuoumu are over and the market has fully exploited them, the ofl shares will have been found t6 huve passed into strong hands. The steel stocks were paying more attention to the assurances contained in the midweek reports of increasing business. The Iron Trade Review said that “a moderate expansion of incom- ing tonnage already experienced by producers, with {mproving prospects for tuture months, sums up the situ- ation.” The common intérpretation of the extra dividend announcement by the General Metor Corporation was two- fold. In the first place, it was récog- nized that one of the ‘arnn produc- ers of automobiles viewed conditions favorably and was in such a strong financial position that it could afford to pass on additional benefits to its shareholders. 8econdly, the General Motors action was received in specu- lative quartérs as an indication that the strongest Wall Street interests with which thé corporation is afliat- ed were satisfied with the outlook and felt that the present optimism was Justified. Stocks at New High Average. A new high average of stock ex- change pricés was established. In spite of three days of reaction the subse. quent recovery was sufficient to bri the figutes for the entire list towar the closs of the week to 72.32, as com- pared with 72.12, the final average of the week preceding. The increase from January 1 to date was thereby raised to 9.85. There was scarcely any change in thé money market. Rates for call funds, which had been quoted at 4% per cent since the end of July, fel) back to 4 per cent. The Federal Re- serve Bank showed a small reduction {n rediscounts and holdings of Govern- ment securities, while the ratio of & ve to labilities remained at the high level which has prevailad re- cently. Thé bond market responded moderatély to the slight drop in the call rate, while in stocks its influence was hardly perceptible. Export-Import Spread Narrows. The narfowing spread between the merchandise export and import to- tals was an interesting disclosure in the statement of foreign trade for July. Although the value 6t exports last month exceeded that for any July since 1920, the increase in the import total was correspondingly large. In fact, it was enough to bring the ex- port excess down to the smallest since 1914, with the exception of last yedr. In Jtine, revised figures have shown, imports were about $2,000,000 higher than exports, but this was ex- ceptional. The unsettlement in the n market was due to the publication of the Government crop report, which indicated a smaller decrease in the to- tal yield than had been anticipated. Despite this reduction, the forecast for the smallest output in several vears exerted an influence, however, and the uncertainty with which the grain trade viewed conditions wis reflected in the daily fluctuation: BAD WHEAT TUMBLE IN CHICAGO MARKET Drop Shown by Review for Week Held Due to Huge Crop Estimates. By the Associated Press. CHICAGO, August 15.—Rough tum- bling down of prices this week has come about largely through simul- taneous government crop reports in Canada and the United States. Each of the two reports took the wheat trade by surprise, and both indicated that unofficial estimates of 1925 pro- duction had been miillons of bushels below the probable harvest yield. Compared with a week ago, wheat this morning was §% to 6% cents a bushel lower; corn, unchanged to 14 off; oats, 1% 16 1% cents down, and provisions, varying from S0-cent decline to 25- cent advance. Wild fluctuations in wheat values took place as soon as trading began after the two government reports were out. Prices smashed downward nearly € cents a bushel in the very first rush to sell, and despite rebounds a further Joss of about 2 cents ensued before the day was at an end. One of the heavi- est sellers on this occasion and at other times throughout the week was a widely known Eastern speculator who has often figured in heavy deal- ings in stocks and cotton as well as in eat. Abnormally light movement of do- mestic wheat to primary centers, to- gother with an active demand from millers did a good deal to rally the wheat market later from the depress- ing effects which the government re- ports exercised on wheat prices. In this connection, talk was current that farmers had to a great extent adopted 2 holding policy for the time being, and it was pointed olt that on one day the receipts of wheat at Chicago were only 84, something without precedent in the midst of the crop-moving sea. son. Com prices were upheld both by the government crop report and by the fact that for the first time in many weeks the visible supply is smaller than was the case last year. Oats onsive to big receipts. in the provision market followed the passage of the new Ger- man tariff bill 1925 SUPPLY‘OF COTTON TOTALS 15,635,674 BALES Census Bureau’s Report of Output and Distribution Includes an Ex- planatory Statement By the Associated Press The total supply of cotton for the cotton year 192425, ending July 31, was announced today by the Census Bureau to have been 15,635,674 bales and the distribution was 15,824,304 bales, or 198,630 more than suppl. e to the inclusion in all distribution items of the ‘“city eérop,” which con- sists of rebaled samples and picking trom cotton damaged by fire and weather. The supply was made up as follows: On hand August 1, 1924, total 1,555, 814 bales, of which 721,589 bales were in consuming establishments, 673,925 bales in public storage and at com- presses and 180,000 bales located else- where, including cotton for export on shipboard but not cleared, cotton coastwise, cotton in transit to ports, interior towns and mills, cotton on farms, etc. Net imports totaled 303.- 183 bales, and nnings for the months were 13,776,977. The distribution was as follows Net exports, 7,996,500 bales; con- sumed, 6,191,349 bales; burned, 26,000 stablishments, 514,196 in pub. lic storage and at compresses 000 bales located elsewhers. The year 1923-24 was 12,726,286 bales, and the distribution 12,903,176 bales, with an excess of 177,390 bales in distribu. tion over supply. BUTTER MARKET WEAKER, TRADE UNSATISFACTORY Decline in Prices During Week in Chicago Shows Lack of Confidence. By the Associated Press CHICAGO, August 15.—The weaker feeling which prevailed on the butter markets during the week ending August 8§ was carried over into the week under réview and trade was very unsatisfactory throughout the week. Although thére were occasional spots where a fair amount of buying was in, evidence, taking the week as a whole trade was dull and at the close the tendency on all markets was toward lower prices. The greatest lack of confidence ap- peared to localize in Chicago, where prices declined a half cent from Satur. day's close with another half cent de- cline on Thursday. While trade on Eastern markets was at no time brisk, a fair clearance of receipts prevented any sharp declines, although the mar. ket tones and trend indicated a lean- ing towards lower prices. Last week there was evidence of a changing sentiment from the “bull’’ to the “bear” side of the market, and during the week under review this was even mofe apparent. There ap- pears to be a large number of oper- ators who have been on the buying side of the market that are now switching their positfons to the sell- ing side. This was especially in evi- dence on the December future deal at Chicago during the week ending Au- gust 15. These options opened on Monday at 45%, and broke sharply on ‘Wednesday and Thursday to 44, but showed a slight recovery to 44% on Friday. Much of the weakness on the future as well as the spot markets may be attributed to the production outlook for the month of August and the likelihood of a good Winter make. Weather and pasture conditions ap- pear quite favorable over the majority of the producing sections for a con- tinuation of & good make of butter. DAIRY PRODUCTS. BALTIMORE, August 15 (Special).— Poultry—Live Spring chickens, pound, 24a32; Leghorns, 20a25; old hens, 18a 27; Leghorns, 18a20; roosters, 15a16; ducks, 15a20; young ducks, 20a25; pig- eons, pair, 25a30; guinea fowl, each, 60a70. Eggs—Reéceips, 142 cases; firats, dozen, offered at 33. Butter—Good to fancy creamery, ound, 40a44; prints, 44a46; ladles, 34a 5; store packed, 33; prints, 32a34; rolls, 32a34; process butter, 37,38. nearby “‘Queen Mary Reservoir” is the name officially bestowed upon the great arti- ficial lake just completed as a part of the London watérworks system. The reservoir i8 one of the largest artificial bodles of water in the world. It took 11 vears to build and cost $10,000,000. FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOMN POOLE, Presidens 12 Aggregate supply for the cotton || WE FINANCE I —all classes of income-producing property || Large Loans a Specialty Curreat tnt. rate snd commission. - First Mortgage Loans Lowest Rates of Interest and Commission ‘Thomas J. Fisher & Company, Inc. 738 15th Street Transactions 715 14th 8t. N'W. Main 36639 QUICK LOANS HOME OWNERS $150 to $5,000 on 1st, 2nd and 3rd Trusts In ree ays e Wfln co. Oven Evenings . Main o438, Real Estate Loans First and Second Trusts Construction Loans Reasonable Rates N. L. SANSBURY CO. INC. 1418 Eye St. N.W. Main 5904 AUGUST 15 1925, ‘When You Have Funds to 3 S el 3iarest a5 com Invest, Consult WELCH, Loan Specialist Established 1890 6v,% and 79, Real Estate Notes for Sale in Amounts from $250 Up to $1,000 or More. Consult WELCH, Realtor Loan Speclalist 15th & N. Y. Ave. M. 4346 o I T R g loss to an ivestor In 25 years. oney to Loan trust on seion. 1. Weller $20 Wash. L. First and second trust real “mprodncmg real i come-| i estate in Washingten, D. C. Construction Loans Made L ol Real Estate Mortgage & Guaranty Corporation 26 Jackson Place N.W. Resources—3$2,500,000 L. E. BREUNINGER, President An 643 For Investors 7% First_Mortgage otes of $100 and Up— All Details Given Prompt Attention See Mr. O’Donnell, Mgr., Mortgage Department AFRITZ COM 14th & K Deno: ions Main 9080 When You Need a Loan Think of WELCH, Loan Specialist Money to Loan At 514% and 6% INTEREST Before Placing or Menewing Your st or 24 Trust Consult WELCH, Realtor Loan Spectalist Quick Replies Reasonable Charges 15th and N. Y. Ave. Main 43464347 Florida Properties WANTED! Acreage—Business Properties or Lots Anywhere in the State of Florida Our Miami and West Palm Beach Offices Have Immediate Purchasers Submit Your Properties to Qur Washington Offices Immediately GOLDSMITH BUILDING 1405 Eye Street N.W. WHEN THE ‘“GHOST” WALKS TODAY Take a part of your 1t aside to start the FIRST MORTGAGE NOTE ~which will pay you interest at step in the right direction toward ! No Risk No Delay No Depreciation 713 14th St Call in or telephone for further information Mortgage Investment Dept. NNON & LUCH salary and set purchase of 1 the rate of 8% % and be a ater financia’ independence Main 2345 bl the safes: and they return. Quarter of ¢ ments. Century Without & Bass of about B. Main 2100 They are recognized as one of of all worry and detail. We shall be glad to submit the property. SAUL CO. FIRST MORTGAGES ON HOMES IN WASHINGTON FIRST MORTGAGES Denominations of $250, $500 $750, $1,000 and Upwards Loans Located CI:"M District of JAMESF. SHEA Investment Bldg. Bruce Ba David Bo John Jobn H st udley A.P. Savage. % FINANCIAL. FOR SALE 6%27 Made on Property lumbia Louisiana Ave. NW. of New York First Mortgage Notes For Sale In Denominations of $100, 5250, $500, $1,000 617 Interest Secured on D. C. Real Estate Wm. H. Saunders Co., Inc., Pistiened {oa7 1433 K St. NNW. The Prudence Company, Inec. Invites Applications for Construction Loans Long-Term Refinancing Amounts of $50,000 and over Loan Correspondent Offers to Make FRED T. NESBIT Main 9392 First Mortgage Loans on Improved Real Estate In the Houses Business Properties 5%2% District of Columbia and Suburbe for 3, 5 or 10 Year Periods Apartments Office Buildings ON APPROVED SECURITY Apply Tiyes Pardor” A oteler in exc DAY. STON ALKER WILEAR ational t forms of investment, vield investors a good They relieve investors investments to suit your require- Our loans are made on a basis one-half of the value of 925 15th St. N'W. —that a house —that 634 % is a particuarly attractive return on First Mortgages offered through such a house; ZELL.RHEFM & HENSEY Co. vafiflmgflw'— “ Cashington.D.C. It Stands to Reason which has dealt Mortgages for 56 years without loss to an in- vestor is a house of proved integrity; —that if you have money to invest—even as little as $100.00—you could do no better than take advantage of such a rate and such a record. 56 Years Without Loss to An Investor. | RANDALL H. HAGNER & COMPANY MonTGAGE LoaAN GORRESPONDENT I Monday, August 17 Your Payday Depository —should be with care. be a bank that has withstood the tests of time — that is ably managed —that is convenient and con- siderate. chosen It should “National Savings” is such a bank. That’s why it now serves a clientele of 45,000. fLet us begin paying you interest THIS PAY- Same Rate of Interest Paid on Large and Small Accounts | “Savings & Trust Co. Capital and Surplus, $2,000,000.00 58th Oldest Savings Depository in Washington Year Cor. 15th and New York Ave. in First & al